id	sid	tid	token	lemma	pos
fsr-3711	1	1	pii	pii	PROPN
fsr-3711	1	2	:	:	PUNCT
fsr-3711	1	3	1057	1057	NUM
fsr-3711	1	4	-	-	SYM
fsr-3711	1	5	0810(92)90004	0810(92)90004	NOUN
fsr-3711	1	6	-	-	PUNCT
fsr-3711	1	7	v	v	NOUN
fsr-3711	1	8	financial	financial	ADJ
fsr-3711	1	9	services	service	NOUN
fsr-3711	1	10	review	review	NOUN
fsr-3711	1	11	,	,	PUNCT
fsr-3711	1	12	2(2	2(2	NUM
fsr-3711	1	13	):	):	PUNCT
fsr-3711	1	14	87	87	NUM
fsr-3711	1	15	-	-	SYM
fsr-3711	1	16	96	96	NUM
fsr-3711	1	17	copyright	copyright	NOUN
fsr-3711	1	18	0	0	NUM
fsr-3711	1	19	1993	1993	NUM
fsr-3711	1	20	by	by	ADP
fsr-3711	1	21	jai	jai	PROPN
fsr-3711	1	22	press	press	PROPN
fsr-3711	1	23	inc	inc	PROPN
fsr-3711	1	24	.	.	PROPN
fsr-3711	1	25	issn	issn	PROPN
fsr-3711	1	26	:	:	PUNCT
fsr-3711	1	27	1057	1057	NUM
fsr-3711	1	28	-	-	SYM
fsr-3711	1	29	0810	0810	NUM
fsr-3711	1	30	all	all	DET
fsr-3711	1	31	rights	right	NOUN
fsr-3711	1	32	of	of	ADP
fsr-3711	1	33	reproduction	reproduction	NOUN
fsr-3711	1	34	in	in	ADP
fsr-3711	1	35	any	any	DET
fsr-3711	1	36	form	form	NOUN
fsr-3711	1	37	reserved	reserve	VERB
fsr-3711	1	38	.	.	PUNCT
fsr-3711	2	1	the	the	DET
fsr-3711	2	2	individual	individual	ADJ
fsr-3711	2	3	investor	investor	NOUN
fsr-3711	2	4	in	in	ADP
fsr-3711	2	5	the	the	DET
fsr-3711	2	6	market	market	NOUN
fsr-3711	2	7	:	:	PUNCT
fsr-3711	2	8	forming	form	VERB
fsr-3711	2	9	a	a	DET
fsr-3711	2	10	belief	belief	NOUN
fsr-3711	2	11	regarding	regard	VERB
fsr-3711	2	12	market	market	NOUN
fsr-3711	2	13	efficiency	efficiency	NOUN
fsr-3711	2	14	robert	robert	PROPN
fsr-3711	2	15	m.	m.	PROPN
fsr-3711	2	16	peevey	peevey	PROPN
fsr-3711	2	17	gene	gene	NOUN
fsr-3711	2	18	c.	c.	PROPN
fsr-3711	2	19	uselton	uselton	PROPN
fsr-3711	2	20	john	john	PROPN
fsr-3711	2	21	r.	r.	PROPN
fsr-3711	2	22	moroney	moroney	PROPN
fsr-3711	2	23	do	do	VERB
fsr-3711	2	24	the	the	DET
fsr-3711	2	25	actions	action	NOUN
fsr-3711	2	26	of	of	ADP
fsr-3711	2	27	investors	investor	NOUN
fsr-3711	2	28	drive	drive	VERB
fsr-3711	2	29	the	the	DET
fsr-3711	2	30	market	market	NOUN
fsr-3711	2	31	toward	toward	ADP
fsr-3711	2	32	efficiency	efficiency	NOUN
fsr-3711	2	33	or	or	CCONJ
fsr-3711	2	34	do	do	AUX
fsr-3711	2	35	investors	investor	NOUN
fsr-3711	2	36	utilize	utilize	VERB
fsr-3711	2	37	fads	fad	NOUN
fsr-3711	2	38	and	and	CCONJ
fsr-3711	2	39	other	other	ADJ
fsr-3711	2	40	information	information	NOUN
fsr-3711	2	41	unrelated	unrelated	ADJ
fsr-3711	2	42	to	to	ADP
fsr-3711	2	43	the	the	DET
fsr-3711	2	44	true	true	ADJ
fsr-3711	2	45	value	value	NOUN
fsr-3711	2	46	of	of	ADP
fsr-3711	2	47	the	the	DET
fsr-3711	2	48	security	security	NOUN
fsr-3711	2	49	to	to	PART
fsr-3711	2	50	drive	drive	VERB
fsr-3711	2	51	the	the	DET
fsr-3711	2	52	market	market	NOUN
fsr-3711	2	53	away	away	ADV
fsr-3711	2	54	from	from	ADP
fsr-3711	2	55	eficiency	eficiency	NOUN
fsr-3711	2	56	?	?	PUNCT
fsr-3711	3	1	investors	investor	NOUN
fsr-3711	3	2	have	have	AUX
fsr-3711	3	3	been	be	AUX
fsr-3711	3	4	forced	force	VERB
fsr-3711	3	5	to	to	PART
fsr-3711	3	6	examine	examine	VERB
fsr-3711	3	7	a	a	DET
fsr-3711	3	8	multitude	multitude	NOUN
fsr-3711	3	9	of	of	ADP
fsr-3711	3	10	challenges	challenge	NOUN
fsr-3711	3	11	to	to	ADP
fsr-3711	3	12	the	the	DET
fsr-3711	3	13	eficient	eficient	ADJ
fsr-3711	3	14	markets	market	NOUN
fsr-3711	3	15	hypothesis	hypothesis	NOUN
fsr-3711	3	16	in	in	ADP
fsr-3711	3	17	recent	recent	ADJ
fsr-3711	3	18	years	year	NOUN
fsr-3711	3	19	.	.	PUNCT
fsr-3711	4	1	one	one	NUM
fsr-3711	4	2	of	of	ADP
fsr-3711	4	3	the	the	DET
fsr-3711	4	4	most	most	ADV
fsr-3711	4	5	formidable	formidable	ADJ
fsr-3711	4	6	of	of	ADP
fsr-3711	4	7	the	the	DET
fsr-3711	4	8	challenges	challenge	NOUN
fsr-3711	4	9	is	be	AUX
fsr-3711	4	10	the	the	DET
fsr-3711	4	11	“	"	PUNCT
fsr-3711	4	12	excessive	excessive	ADJ
fsr-3711	4	13	market	market	NOUN
fsr-3711	4	14	price	price	NOUN
fsr-3711	4	15	volatility	volatility	NOUN
fsr-3711	4	16	”	"	PUNCT
fsr-3711	4	17	argument	argument	NOUN
fsr-3711	4	18	.	.	PUNCT
fsr-3711	5	1	we	we	PRON
fsr-3711	5	2	examine	examine	VERB
fsr-3711	5	3	this	this	DET
fsr-3711	5	4	argument	argument	NOUN
fsr-3711	5	5	,	,	PUNCT
fsr-3711	5	6	as	as	SCONJ
fsr-3711	5	7	presented	present	VERB
fsr-3711	5	8	in	in	ADP
fsr-3711	5	9	the	the	DET
fsr-3711	5	10	“	"	PUNCT
fsr-3711	5	11	variance	variance	NOUN
fsr-3711	5	12	bounds	bound	NOUN
fsr-3711	5	13	”	"	PUNCT
fsr-3711	5	14	literature	literature	NOUN
fsr-3711	5	15	,	,	PUNCT
fsr-3711	5	16	and	and	CCONJ
fsr-3711	5	17	conclude	conclude	VERB
fsr-3711	5	18	that	that	SCONJ
fsr-3711	5	19	,	,	PUNCT
fsr-3711	5	20	although	although	SCONJ
fsr-3711	5	21	markets	market	NOUN
fsr-3711	5	22	may	may	AUX
fsr-3711	5	23	be	be	AUX
fsr-3711	5	24	ineficient	ineficient	ADJ
fsr-3711	5	25	,	,	PUNCT
fsr-3711	5	26	the	the	DET
fsr-3711	5	27	“	"	PUNCT
fsr-3711	5	28	variance	variance	NOUN
fsr-3711	5	29	bounds	bound	NOUN
fsr-3711	5	30	”	"	PUNCT
fsr-3711	5	31	literature	literature	NOUN
fsr-3711	5	32	has	have	AUX
fsr-3711	5	33	not	not	PART
fsr-3711	5	34	proved	prove	VERB
fsr-3711	5	35	the	the	DET
fsr-3711	5	36	case	case	NOUN
fsr-3711	5	37	conclusively	conclusively	ADV
fsr-3711	5	38	.	.	PUNCT
fsr-3711	6	1	i.	i.	NOUN
fsr-3711	6	2	introduction	introduction	NOUN
fsr-3711	6	3	for	for	ADP
fsr-3711	6	4	investors	investor	NOUN
fsr-3711	6	5	who	who	PRON
fsr-3711	6	6	want	want	VERB
fsr-3711	6	7	to	to	PART
fsr-3711	6	8	“	"	PUNCT
fsr-3711	6	9	beat	beat	VERB
fsr-3711	6	10	the	the	DET
fsr-3711	6	11	market	market	NOUN
fsr-3711	6	12	,	,	PUNCT
fsr-3711	6	13	”	"	PUNCT
fsr-3711	6	14	there	there	PRON
fsr-3711	6	15	is	be	VERB
fsr-3711	6	16	a	a	DET
fsr-3711	6	17	shortage	shortage	NOUN
fsr-3711	6	18	neither	neither	PRON
fsr-3711	6	19	of	of	ADP
fsr-3711	6	20	data	datum	NOUN
fsr-3711	6	21	nor	nor	CCONJ
fsr-3711	6	22	of	of	ADP
fsr-3711	6	23	advice	advice	NOUN
fsr-3711	6	24	.	.	PUNCT
fsr-3711	7	1	readily	readily	ADV
fsr-3711	7	2	available	available	ADJ
fsr-3711	7	3	are	be	AUX
fsr-3711	7	4	such	such	ADJ
fsr-3711	7	5	primary	primary	ADJ
fsr-3711	7	6	data	datum	NOUN
fsr-3711	7	7	as	as	ADP
fsr-3711	7	8	annual	annual	ADJ
fsr-3711	7	9	reports	report	NOUN
fsr-3711	7	10	,	,	PUNCT
fsr-3711	7	11	loks	lok	NOUN
fsr-3711	7	12	,	,	PUNCT
fsr-3711	7	13	and	and	CCONJ
fsr-3711	7	14	1oqs	1oqs	NUM
fsr-3711	7	15	.	.	PUNCT
fsr-3711	8	1	secondary	secondary	ADJ
fsr-3711	8	2	data	datum	NOUN
fsr-3711	8	3	sources	source	NOUN
fsr-3711	8	4	include	include	VERB
fsr-3711	8	5	the	the	DET
fsr-3711	8	6	financial	financial	ADJ
fsr-3711	8	7	press	press	NOUN
fsr-3711	8	8	(	(	PUNCT
fsr-3711	8	9	e.g.	e.g.	ADV
fsr-3711	8	10	,	,	PUNCT
fsr-3711	8	11	the	the	DET
fsr-3711	8	12	wall	wall	PROPN
fsr-3711	8	13	street	street	PROPN
fsr-3711	8	14	journal	journal	PROPN
fsr-3711	8	15	and	and	CCONJ
fsr-3711	8	16	investors	investor	NOUN
fsr-3711	8	17	daily	daily	ADV
fsr-3711	8	18	)	)	PUNCT
fsr-3711	8	19	;	;	PUNCT
fsr-3711	8	20	investor	investor	NOUN
fsr-3711	8	21	’s	’s	PART
fsr-3711	8	22	services	service	NOUN
fsr-3711	8	23	such	such	ADJ
fsr-3711	8	24	as	as	ADP
fsr-3711	8	25	the	the	DET
fsr-3711	8	26	value	value	NOUN
fsr-3711	8	27	line	line	NOUN
fsr-3711	8	28	investment	investment	NOUN
fsr-3711	8	29	survey	survey	NOUN
fsr-3711	8	30	,	,	PUNCT
fsr-3711	8	31	standard	standard	PROPN
fsr-3711	8	32	&	&	CCONJ
fsr-3711	8	33	poor	poor	PROPN
fsr-3711	8	34	’s	’s	PART
fsr-3711	8	35	,	,	PUNCT
fsr-3711	8	36	and	and	CCONJ
fsr-3711	8	37	moody	moody	NOUN
fsr-3711	8	38	’s	’s	PART
fsr-3711	8	39	;	;	PUNCT
fsr-3711	8	40	and	and	CCONJ
fsr-3711	8	41	computer	computer	NOUN
fsr-3711	8	42	data	datum	NOUN
fsr-3711	8	43	bases	basis	NOUN
fsr-3711	8	44	that	that	PRON
fsr-3711	8	45	can	can	AUX
fsr-3711	8	46	be	be	AUX
fsr-3711	8	47	obtained	obtain	VERB
fsr-3711	8	48	on	on	ADP
fsr-3711	8	49	floppy	floppy	ADJ
fsr-3711	8	50	disks	disk	NOUN
fsr-3711	8	51	.	.	PUNCT
fsr-3711	9	1	for	for	ADP
fsr-3711	9	2	advice	advice	NOUN
fsr-3711	9	3	investors	investor	NOUN
fsr-3711	9	4	can	can	AUX
fsr-3711	9	5	turn	turn	VERB
fsr-3711	9	6	to	to	ADP
fsr-3711	9	7	wull	wull	NOUN
fsr-3711	9	8	street	street	NOUN
fsr-3711	9	9	week	week	NOUN
fsr-3711	9	10	or	or	CCONJ
fsr-3711	9	11	any	any	DET
fsr-3711	9	12	number	number	NOUN
fsr-3711	9	13	of	of	ADP
fsr-3711	9	14	newsletters	newsletter	NOUN
fsr-3711	9	15	published	publish	VERB
fsr-3711	9	16	by	by	ADP
fsr-3711	9	17	advisors	advisor	NOUN
fsr-3711	9	18	who	who	PRON
fsr-3711	9	19	claim	claim	VERB
fsr-3711	9	20	to	to	PART
fsr-3711	9	21	know	know	VERB
fsr-3711	9	22	what	what	PRON
fsr-3711	9	23	stock	stock	NOUN
fsr-3711	9	24	to	to	PART
fsr-3711	9	25	buy	buy	VERB
fsr-3711	9	26	and/or	and/or	INTJ
fsr-3711	9	27	when	when	SCONJ
fsr-3711	9	28	to	to	PART
fsr-3711	9	29	buy	buy	VERB
fsr-3711	9	30	it	it	PRON
fsr-3711	9	31	.	.	PUNCT
fsr-3711	10	1	can	can	AUX
fsr-3711	10	2	investors	investor	NOUN
fsr-3711	10	3	reasonably	reasonably	ADV
fsr-3711	10	4	expect	expect	VERB
fsr-3711	10	5	to	to	PART
fsr-3711	10	6	“	"	PUNCT
fsr-3711	10	7	beat	beat	VERB
fsr-3711	10	8	the	the	DET
fsr-3711	10	9	market	market	NOUN
fsr-3711	10	10	”	"	PUNCT
fsr-3711	10	11	by	by	ADP
fsr-3711	10	12	superior	superior	ADJ
fsr-3711	10	13	application	application	NOUN
fsr-3711	10	14	of	of	ADP
fsr-3711	10	15	this	this	DET
fsr-3711	10	16	information	information	NOUN
fsr-3711	10	17	?	?	PUNCT
fsr-3711	11	1	many	many	ADJ
fsr-3711	11	2	,	,	PUNCT
fsr-3711	11	3	if	if	SCONJ
fsr-3711	11	4	not	not	PART
fsr-3711	11	5	most	most	ADJ
fsr-3711	11	6	,	,	PUNCT
fsr-3711	11	7	financial	financial	ADJ
fsr-3711	11	8	economists	economist	NOUN
fsr-3711	11	9	in	in	ADP
fsr-3711	11	10	academia	academia	NOUN
fsr-3711	11	11	believe	believe	VERB
fsr-3711	11	12	that	that	SCONJ
fsr-3711	11	13	individuals	individual	NOUN
fsr-3711	11	14	should	should	AUX
fsr-3711	11	15	simply	simply	ADV
fsr-3711	11	16	purchase	purchase	VERB
fsr-3711	11	17	a	a	DET
fsr-3711	11	18	diversified	diversified	ADJ
fsr-3711	11	19	portfolio	portfolio	NOUN
fsr-3711	11	20	of	of	ADP
fsr-3711	11	21	securities	security	NOUN
fsr-3711	11	22	(	(	PUNCT
fsr-3711	11	23	or	or	CCONJ
fsr-3711	11	24	,	,	PUNCT
fsr-3711	11	25	perhaps	perhaps	ADV
fsr-3711	11	26	,	,	PUNCT
fsr-3711	11	27	a	a	DET
fsr-3711	11	28	well	well	ADV
fsr-3711	11	29	-	-	PUNCT
fsr-3711	11	30	managed	manage	VERB
fsr-3711	11	31	,	,	PUNCT
fsr-3711	11	32	diversified	diversified	ADJ
fsr-3711	11	33	mutual	mutual	ADJ
fsr-3711	11	34	fund	fund	NOUN
fsr-3711	11	35	)	)	PUNCT
fsr-3711	11	36	.	.	PUNCT
fsr-3711	12	1	they	they	PRON
fsr-3711	12	2	insist	insist	VERB
fsr-3711	12	3	that	that	SCONJ
fsr-3711	12	4	efforts	effort	NOUN
fsr-3711	12	5	to	to	PART
fsr-3711	12	6	“	"	PUNCT
fsr-3711	12	7	beat	beat	VERB
fsr-3711	12	8	the	the	DET
fsr-3711	12	9	market	market	NOUN
fsr-3711	12	10	”	"	PUNCT
fsr-3711	12	11	robert	robert	PROPN
fsr-3711	12	12	m.	m.	PROPN
fsr-3711	12	13	peevey	peevey	PROPN
fsr-3711	12	14	l	l	PROPN
fsr-3711	12	15	department	department	PROPN
fsr-3711	12	16	of	of	ADP
fsr-3711	12	17	finance	finance	NOUN
fsr-3711	12	18	,	,	PUNCT
fsr-3711	12	19	university	university	PROPN
fsr-3711	12	20	of	of	ADP
fsr-3711	12	21	houston	houston	PROPN
fsr-3711	12	22	,	,	PUNCT
fsr-3711	12	23	houston	houston	PROPN
fsr-3711	12	24	,	,	PUNCT
fsr-3711	12	25	tx	tx	PROPN
fsr-3711	12	26	,	,	PUNCT
fsr-3711	12	27	77204	77204	NUM
fsr-3711	12	28	-	-	SYM
fsr-3711	12	29	6282	6282	NUM
fsr-3711	12	30	;	;	PUNCT
fsr-3711	12	31	gene	gene	NOUN
fsr-3711	12	32	c.	c.	PROPN
fsr-3711	12	33	uselton	uselton	PROPN
fsr-3711	12	34	l	l	PROPN
fsr-3711	12	35	department	department	PROPN
fsr-3711	12	36	of	of	ADP
fsr-3711	12	37	finance	finance	PROPN
fsr-3711	12	38	,	,	PUNCT
fsr-3711	12	39	texas	texas	PROPN
fsr-3711	12	40	a&m	a&m	PROPN
fsr-3711	12	41	university	university	PROPN
fsr-3711	12	42	,	,	PUNCT
fsr-3711	12	43	college	college	NOUN
fsr-3711	12	44	station	station	NOUN
fsr-3711	12	45	,	,	PUNCT
fsr-3711	12	46	tx	tx	PROPN
fsr-3711	12	47	,	,	PUNCT
fsr-3711	12	48	77843	77843	NUM
fsr-3711	12	49	-	-	SYM
fsr-3711	12	50	4218	4218	NUM
fsr-3711	12	51	;	;	PUNCT
fsr-3711	12	52	john	john	PROPN
fsr-3711	12	53	r.	r.	PROPN
fsr-3711	12	54	moroney	moroney	PROPN
fsr-3711	12	55	l	l	PROPN
fsr-3711	12	56	department	department	PROPN
fsr-3711	12	57	of	of	ADP
fsr-3711	12	58	economics	economics	PROPN
fsr-3711	12	59	,	,	PUNCT
fsr-3711	12	60	texas	texas	PROPN
fsr-3711	12	61	a&m	a&m	PROPN
fsr-3711	12	62	university	university	PROPN
fsr-3711	12	63	,	,	PUNCT
fsr-3711	12	64	college	college	NOUN
fsr-3711	12	65	station	station	NOUN
fsr-3711	12	66	,	,	PUNCT
fsr-3711	12	67	tx	tx	PROPN
fsr-3711	12	68	,	,	PUNCT
fsr-3711	12	69	77843	77843	NUM
fsr-3711	12	70	-	-	SYM
fsr-3711	12	71	4218	4218	NUM
fsr-3711	12	72	.	.	PUNCT
fsr-3711	12	73	88	88	NUM
fsr-3711	12	74	financial	financial	ADJ
fsr-3711	12	75	services	service	NOUN
fsr-3711	12	76	review	review	NOUN
fsr-3711	12	77	,	,	PUNCT
fsr-3711	12	78	2(2	2(2	NUM
fsr-3711	12	79	)	)	PUNCT
fsr-3711	12	80	1993	1993	NUM
fsr-3711	12	81	are	be	AUX
fsr-3711	12	82	destined	destine	VERB
fsr-3711	12	83	to	to	ADP
fsr-3711	12	84	failure	failure	NOUN
fsr-3711	12	85	.	.	PUNCT
fsr-3711	13	1	their	their	PRON
fsr-3711	13	2	argument	argument	NOUN
fsr-3711	13	3	proceeds	proceed	VERB
fsr-3711	13	4	from	from	ADP
fsr-3711	13	5	the	the	DET
fsr-3711	13	6	“	"	PUNCT
fsr-3711	13	7	efficient	efficient	ADJ
fsr-3711	13	8	markets	market	NOUN
fsr-3711	13	9	hypothesis	hypothesis	NOUN
fsr-3711	13	10	”	"	PUNCT
fsr-3711	13	11	(	(	PUNCT
fsr-3711	13	12	emh	emh	PROPN
fsr-3711	13	13	)	)	PUNCT
fsr-3711	13	14	.	.	PUNCT
fsr-3711	14	1	according	accord	VERB
fsr-3711	14	2	to	to	ADP
fsr-3711	14	3	the	the	DET
fsr-3711	14	4	emh	emh	NOUN
fsr-3711	14	5	,	,	PUNCT
fsr-3711	14	6	the	the	DET
fsr-3711	14	7	prices	price	NOUN
fsr-3711	14	8	of	of	ADP
fsr-3711	14	9	securities	security	NOUN
fsr-3711	14	10	,	,	PUNCT
fsr-3711	14	11	at	at	ADP
fsr-3711	14	12	any	any	DET
fsr-3711	14	13	given	give	VERB
fsr-3711	14	14	moment	moment	NOUN
fsr-3711	14	15	,	,	PUNCT
fsr-3711	14	16	reflect	reflect	VERB
fsr-3711	14	17	all	all	PRON
fsr-3711	14	18	of	of	ADP
fsr-3711	14	19	the	the	DET
fsr-3711	14	20	information	information	NOUN
fsr-3711	14	21	available	available	ADJ
fsr-3711	14	22	to	to	ADP
fsr-3711	14	23	investors	investor	NOUN
fsr-3711	14	24	.	.	PUNCT
fsr-3711	15	1	suppose	suppose	VERB
fsr-3711	15	2	that	that	SCONJ
fsr-3711	15	3	information	information	NOUN
fsr-3711	15	4	about	about	ADP
fsr-3711	15	5	a	a	DET
fsr-3711	15	6	common	common	ADJ
fsr-3711	15	7	stock	stock	NOUN
fsr-3711	15	8	were	be	AUX
fsr-3711	15	9	available	available	ADJ
fsr-3711	15	10	which	which	PRON
fsr-3711	15	11	would	would	AUX
fsr-3711	15	12	justify	justify	VERB
fsr-3711	15	13	paying	pay	VERB
fsr-3711	15	14	a	a	DET
fsr-3711	15	15	higher	high	ADJ
fsr-3711	15	16	(	(	PUNCT
fsr-3711	15	17	or	or	CCONJ
fsr-3711	15	18	lower	low	ADJ
fsr-3711	15	19	)	)	PUNCT
fsr-3711	15	20	price	price	NOUN
fsr-3711	15	21	than	than	ADP
fsr-3711	15	22	the	the	DET
fsr-3711	15	23	market	market	NOUN
fsr-3711	15	24	price	price	NOUN
fsr-3711	15	25	.	.	PUNCT
fsr-3711	16	1	what	what	PRON
fsr-3711	16	2	would	would	AUX
fsr-3711	16	3	happen	happen	VERB
fsr-3711	16	4	?	?	PUNCT
fsr-3711	17	1	investors	investor	NOUN
fsr-3711	17	2	,	,	PUNCT
fsr-3711	17	3	eager	eager	ADJ
fsr-3711	17	4	to	to	PART
fsr-3711	17	5	profit	profit	VERB
fsr-3711	17	6	from	from	ADP
fsr-3711	17	7	the	the	DET
fsr-3711	17	8	pricing	pricing	NOUN
fsr-3711	17	9	error	error	NOUN
fsr-3711	17	10	,	,	PUNCT
fsr-3711	17	11	would	would	AUX
fsr-3711	17	12	immediately	immediately	ADV
fsr-3711	17	13	purchase	purchase	VERB
fsr-3711	17	14	(	(	PUNCT
fsr-3711	17	15	sell	sell	NOUN
fsr-3711	17	16	)	)	PUNCT
fsr-3711	17	17	the	the	DET
fsr-3711	17	18	mispriced	misprice	VERB
fsr-3711	17	19	security	security	NOUN
fsr-3711	17	20	,	,	PUNCT
fsr-3711	17	21	thus	thus	ADV
fsr-3711	17	22	driving	drive	VERB
fsr-3711	17	23	its	its	PRON
fsr-3711	17	24	price	price	NOUN
fsr-3711	17	25	up	up	ADP
fsr-3711	17	26	(	(	PUNCT
fsr-3711	17	27	down	down	ADV
fsr-3711	17	28	)	)	PUNCT
fsr-3711	17	29	to	to	ADP
fsr-3711	17	30	the	the	DET
fsr-3711	17	31	price	price	NOUN
fsr-3711	17	32	justified	justify	VERB
fsr-3711	17	33	by	by	ADP
fsr-3711	17	34	the	the	DET
fsr-3711	17	35	information	information	NOUN
fsr-3711	17	36	available	available	ADJ
fsr-3711	17	37	.	.	PUNCT
fsr-3711	18	1	numerous	numerous	ADJ
fsr-3711	18	2	attempts	attempt	NOUN
fsr-3711	18	3	over	over	ADP
fsr-3711	18	4	the	the	DET
fsr-3711	18	5	past	past	ADJ
fsr-3711	18	6	25	25	NUM
fsr-3711	18	7	years	year	NOUN
fsr-3711	18	8	to	to	PART
fsr-3711	18	9	test	test	VERB
fsr-3711	18	10	the	the	DET
fsr-3711	18	11	emh	emh	PROPN
fsr-3711	18	12	have	have	AUX
fsr-3711	18	13	led	lead	VERB
fsr-3711	18	14	to	to	ADP
fsr-3711	18	15	refinements	refinement	NOUN
fsr-3711	18	16	.	.	PUNCT
fsr-3711	19	1	the	the	DET
fsr-3711	19	2	emh	emh	PROPN
fsr-3711	19	3	now	now	ADV
fsr-3711	19	4	comes	come	VERB
fsr-3711	19	5	in	in	ADP
fsr-3711	19	6	three	three	NUM
fsr-3711	19	7	different	different	ADJ
fsr-3711	19	8	forms	form	NOUN
fsr-3711	19	9	:	:	PUNCT
fsr-3711	19	10	the	the	DET
fsr-3711	19	11	weak	weak	ADJ
fsr-3711	19	12	form	form	NOUN
fsr-3711	19	13	,	,	PUNCT
fsr-3711	19	14	the	the	DET
fsr-3711	19	15	semi	semi	ADJ
fsr-3711	19	16	-	-	ADJ
fsr-3711	19	17	strong	strong	ADJ
fsr-3711	19	18	form	form	NOUN
fsr-3711	19	19	,	,	PUNCT
fsr-3711	19	20	and	and	CCONJ
fsr-3711	19	21	the	the	DET
fsr-3711	19	22	strong	strong	ADJ
fsr-3711	19	23	form	form	NOUN
fsr-3711	19	24	.	.	PUNCT
fsr-3711	20	1	it	it	PRON
fsr-3711	20	2	is	be	AUX
fsr-3711	20	3	important	important	ADJ
fsr-3711	20	4	for	for	SCONJ
fsr-3711	20	5	investors	investor	NOUN
fsr-3711	20	6	to	to	PART
fsr-3711	20	7	distinguish	distinguish	VERB
fsr-3711	20	8	between	between	ADP
fsr-3711	20	9	these	these	DET
fsr-3711	20	10	three	three	NUM
fsr-3711	20	11	forms	form	NOUN
fsr-3711	20	12	.	.	PUNCT
fsr-3711	21	1	the	the	DET
fsr-3711	21	2	weak	weak	ADJ
fsr-3711	21	3	form	form	NOUN
fsr-3711	21	4	of	of	ADP
fsr-3711	21	5	the	the	DET
fsr-3711	21	6	emh	emh	PROPN
fsr-3711	21	7	holds	hold	VERB
fsr-3711	21	8	that	that	SCONJ
fsr-3711	21	9	the	the	DET
fsr-3711	21	10	current	current	ADJ
fsr-3711	21	11	price	price	NOUN
fsr-3711	21	12	of	of	ADP
fsr-3711	21	13	any	any	DET
fsr-3711	21	14	security	security	NOUN
fsr-3711	21	15	is	be	AUX
fsr-3711	21	16	independent	independent	ADJ
fsr-3711	21	17	of	of	ADP
fsr-3711	21	18	the	the	DET
fsr-3711	21	19	security	security	NOUN
fsr-3711	21	20	’s	’s	PART
fsr-3711	21	21	price	price	NOUN
fsr-3711	21	22	history	history	NOUN
fsr-3711	21	23	.	.	PUNCT
fsr-3711	22	1	that	that	PRON
fsr-3711	22	2	is	be	AUX
fsr-3711	22	3	,	,	PUNCT
fsr-3711	22	4	knowing	know	VERB
fsr-3711	22	5	all	all	PRON
fsr-3711	22	6	of	of	ADP
fsr-3711	22	7	the	the	DET
fsr-3711	22	8	prices	price	NOUN
fsr-3711	22	9	at	at	ADP
fsr-3711	22	10	which	which	PRON
fsr-3711	22	11	a	a	DET
fsr-3711	22	12	security	security	NOUN
fsr-3711	22	13	has	have	AUX
fsr-3711	22	14	traded	trade	VERB
fsr-3711	22	15	for	for	ADP
fsr-3711	22	16	every	every	DET
fsr-3711	22	17	trade	trade	NOUN
fsr-3711	22	18	in	in	ADP
fsr-3711	22	19	the	the	DET
fsr-3711	22	20	security	security	NOUN
fsr-3711	22	21	’s	’s	PART
fsr-3711	22	22	history	history	NOUN
fsr-3711	22	23	can	can	AUX
fsr-3711	22	24	not	not	PART
fsr-3711	22	25	help	help	VERB
fsr-3711	22	26	investors	investor	NOUN
fsr-3711	22	27	to	to	PART
fsr-3711	22	28	predict	predict	VERB
fsr-3711	22	29	any	any	DET
fsr-3711	22	30	future	future	ADJ
fsr-3711	22	31	price	price	NOUN
fsr-3711	22	32	.	.	PUNCT
fsr-3711	23	1	if	if	SCONJ
fsr-3711	23	2	the	the	DET
fsr-3711	23	3	weak	weak	ADJ
fsr-3711	23	4	form	form	NOUN
fsr-3711	23	5	of	of	ADP
fsr-3711	23	6	the	the	DET
fsr-3711	23	7	emh	emh	PROPN
fsr-3711	23	8	is	be	AUX
fsr-3711	23	9	correct	correct	ADJ
fsr-3711	23	10	,	,	PUNCT
fsr-3711	23	11	then	then	ADV
fsr-3711	23	12	technical	technical	ADJ
fsr-3711	23	13	analysis	analysis	NOUN
fsr-3711	23	14	can	can	AUX
fsr-3711	23	15	be	be	AUX
fsr-3711	23	16	of	of	ADP
fsr-3711	23	17	no	no	DET
fsr-3711	23	18	value	value	NOUN
fsr-3711	23	19	to	to	ADP
fsr-3711	23	20	investors	investor	NOUN
fsr-3711	23	21	.	.	PUNCT
fsr-3711	24	1	the	the	DET
fsr-3711	24	2	semi	semi	ADJ
fsr-3711	24	3	-	-	ADJ
fsr-3711	24	4	strong	strong	ADJ
fsr-3711	24	5	form	form	NOUN
fsr-3711	24	6	of	of	ADP
fsr-3711	24	7	the	the	DET
fsr-3711	24	8	emh	emh	PROPN
fsr-3711	24	9	incorporates	incorporate	VERB
fsr-3711	24	10	the	the	DET
fsr-3711	24	11	assumptions	assumption	NOUN
fsr-3711	24	12	of	of	ADP
fsr-3711	24	13	the	the	DET
fsr-3711	24	14	weak	weak	ADJ
fsr-3711	24	15	form	form	NOUN
fsr-3711	24	16	but	but	CCONJ
fsr-3711	24	17	adds	add	VERB
fsr-3711	24	18	more	more	ADJ
fsr-3711	24	19	.	.	PUNCT
fsr-3711	25	1	it	it	PRON
fsr-3711	25	2	holds	hold	VERB
fsr-3711	25	3	that	that	SCONJ
fsr-3711	25	4	all	all	DET
fsr-3711	25	5	public	public	ADJ
fsr-3711	25	6	information	information	NOUN
fsr-3711	25	7	(	(	PUNCT
fsr-3711	25	8	including	include	VERB
fsr-3711	25	9	the	the	DET
fsr-3711	25	10	series	series	NOUN
fsr-3711	25	11	of	of	ADP
fsr-3711	25	12	prices	price	NOUN
fsr-3711	25	13	at	at	ADP
fsr-3711	25	14	which	which	PRON
fsr-3711	25	15	a	a	DET
fsr-3711	25	16	security	security	NOUN
fsr-3711	25	17	has	have	AUX
fsr-3711	25	18	sold	sell	VERB
fsr-3711	25	19	)	)	PUNCT
fsr-3711	25	20	is	be	AUX
fsr-3711	25	21	impounded	impound	VERB
fsr-3711	25	22	in	in	ADP
fsr-3711	25	23	the	the	DET
fsr-3711	25	24	market	market	NOUN
fsr-3711	25	25	price	price	NOUN
fsr-3711	25	26	.	.	PUNCT
fsr-3711	26	1	if	if	SCONJ
fsr-3711	26	2	so	so	ADV
fsr-3711	26	3	,	,	PUNCT
fsr-3711	26	4	reading	read	VERB
fsr-3711	26	5	annual	annual	ADJ
fsr-3711	26	6	reports	report	NOUN
fsr-3711	26	7	,	,	PUNCT
fsr-3711	26	8	loks	lok	NOUN
fsr-3711	26	9	,	,	PUNCT
fsr-3711	26	10	loqs	loqs	NOUN
fsr-3711	26	11	,	,	PUNCT
fsr-3711	26	12	etc	etc	X
fsr-3711	26	13	.	.	X
fsr-3711	26	14	,	,	PUNCT
fsr-3711	26	15	is	be	AUX
fsr-3711	26	16	a	a	DET
fsr-3711	26	17	nonproductive	nonproductive	ADJ
fsr-3711	26	18	activity	activity	NOUN
fsr-3711	26	19	;	;	PUNCT
fsr-3711	26	20	security	security	NOUN
fsr-3711	26	21	analysis	analysis	NOUN
fsr-3711	26	22	can	can	AUX
fsr-3711	26	23	be	be	AUX
fsr-3711	26	24	of	of	ADP
fsr-3711	26	25	no	no	DET
fsr-3711	26	26	value	value	NOUN
fsr-3711	26	27	to	to	ADP
fsr-3711	26	28	investors	investor	NOUN
fsr-3711	26	29	.	.	PUNCT
fsr-3711	27	1	the	the	DET
fsr-3711	27	2	strong	strong	ADJ
fsr-3711	27	3	form	form	NOUN
fsr-3711	27	4	goes	go	VERB
fsr-3711	27	5	one	one	NUM
fsr-3711	27	6	step	step	NOUN
fsr-3711	27	7	further	far	ADV
fsr-3711	27	8	;	;	PUNCT
fsr-3711	27	9	it	it	PRON
fsr-3711	27	10	holds	hold	VERB
fsr-3711	27	11	that	that	SCONJ
fsr-3711	27	12	all	all	DET
fsr-3711	27	13	informdon	informdon	NOUN
fsr-3711	27	14	(	(	PUNCT
fsr-3711	27	15	including	include	VERB
fsr-3711	27	16	insider	insider	NOUN
fsr-3711	27	17	information	information	NOUN
fsr-3711	27	18	)	)	PUNCT
fsr-3711	27	19	is	be	AUX
fsr-3711	27	20	impounded	impound	VERB
fsr-3711	27	21	in	in	ADP
fsr-3711	27	22	the	the	DET
fsr-3711	27	23	prices	price	NOUN
fsr-3711	27	24	of	of	ADP
fsr-3711	27	25	securities	security	NOUN
fsr-3711	27	26	.	.	PUNCT
fsr-3711	28	1	under	under	ADP
fsr-3711	28	2	the	the	DET
fsr-3711	28	3	strong	strong	ADJ
fsr-3711	28	4	form	form	NOUN
fsr-3711	28	5	investors	investor	NOUN
fsr-3711	28	6	can	can	AUX
fsr-3711	28	7	not	not	PART
fsr-3711	28	8	obtain	obtain	VERB
fsr-3711	28	9	excessive	excessive	ADJ
fsr-3711	28	10	profits	profit	NOUN
fsr-3711	28	11	even	even	ADV
fsr-3711	28	12	if	if	SCONJ
fsr-3711	28	13	they	they	PRON
fsr-3711	28	14	know	know	VERB
fsr-3711	28	15	about	about	ADP
fsr-3711	28	16	a	a	DET
fsr-3711	28	17	buy	buy	NOUN
fsr-3711	28	18	-	-	PUNCT
fsr-3711	28	19	out	out	NOUN
fsr-3711	28	20	before	before	SCONJ
fsr-3711	28	21	it	it	PRON
fsr-3711	28	22	is	be	AUX
fsr-3711	28	23	announced	announce	VERB
fsr-3711	28	24	.	.	PUNCT
fsr-3711	29	1	a	a	DET
fsr-3711	29	2	belief	belief	NOUN
fsr-3711	29	3	regarding	regard	VERB
fsr-3711	29	4	the	the	DET
fsr-3711	29	5	efficient	efficient	ADJ
fsr-3711	29	6	markets	market	NOUN
fsr-3711	29	7	hypothesis	hypothesis	NOUN
fsr-3711	29	8	dictates	dictate	VERB
fsr-3711	29	9	investment	investment	PROPN
fsr-3711	29	10	prac	prac	PROPN
fsr-3711	29	11	tices	tice	NOUN
fsr-3711	29	12	.	.	PUNCT
fsr-3711	30	1	accepting	accept	VERB
fsr-3711	30	2	the	the	DET
fsr-3711	30	3	concept	concept	NOUN
fsr-3711	30	4	implies	imply	VERB
fsr-3711	30	5	that	that	SCONJ
fsr-3711	30	6	investors	investor	NOUN
fsr-3711	30	7	should	should	AUX
fsr-3711	30	8	(	(	PUNCT
fsr-3711	30	9	1	1	X
fsr-3711	30	10	)	)	PUNCT
fsr-3711	30	11	form	form	NOUN
fsr-3711	30	12	diversified	diversify	VERB
fsr-3711	30	13	portfolios	portfolio	NOUN
fsr-3711	30	14	of	of	ADP
fsr-3711	30	15	securities	security	NOUN
fsr-3711	30	16	meeting	meet	VERB
fsr-3711	30	17	their	their	PRON
fsr-3711	30	18	risk	risk	NOUN
fsr-3711	30	19	and	and	CCONJ
fsr-3711	30	20	income	income	NOUN
fsr-3711	30	21	objectives	objective	NOUN
fsr-3711	30	22	and	and	CCONJ
fsr-3711	30	23	(	(	PUNCT
fsr-3711	30	24	2	2	X
fsr-3711	30	25	)	)	PUNCT
fsr-3711	30	26	trade	trade	NOUN
fsr-3711	30	27	securities	security	NOUN
fsr-3711	30	28	only	only	ADV
fsr-3711	30	29	when	when	SCONJ
fsr-3711	30	30	objectives	objective	NOUN
fsr-3711	30	31	change	change	VERB
fsr-3711	30	32	,	,	PUNCT
fsr-3711	30	33	when	when	SCONJ
fsr-3711	30	34	excess	excess	ADJ
fsr-3711	30	35	funds	fund	NOUN
fsr-3711	30	36	are	be	AUX
fsr-3711	30	37	available	available	ADJ
fsr-3711	30	38	,	,	PUNCT
fsr-3711	30	39	or	or	CCONJ
fsr-3711	30	40	when	when	SCONJ
fsr-3711	30	41	funds	fund	NOUN
fsr-3711	30	42	are	be	AUX
fsr-3711	30	43	needed	need	VERB
fsr-3711	30	44	.	.	PUNCT
fsr-3711	31	1	investors	investor	NOUN
fsr-3711	31	2	who	who	PRON
fsr-3711	31	3	reject	reject	VERB
fsr-3711	31	4	the	the	DET
fsr-3711	31	5	emh	emh	PROPN
fsr-3711	31	6	might	might	AUX
fsr-3711	31	7	reasonably	reasonably	ADV
fsr-3711	31	8	attempt	attempt	VERB
fsr-3711	31	9	to	to	PART
fsr-3711	31	10	(	(	PUNCT
fsr-3711	31	11	1	1	X
fsr-3711	31	12	)	)	PUNCT
fsr-3711	31	13	identify	identify	VERB
fsr-3711	31	14	and	and	CCONJ
fsr-3711	31	15	purchase	purchase	VERB
fsr-3711	31	16	underpriced	underpriced	ADJ
fsr-3711	31	17	securities	security	NOUN
fsr-3711	31	18	,	,	PUNCT
fsr-3711	31	19	(	(	PUNCT
fsr-3711	31	20	2	2	X
fsr-3711	31	21	)	)	PUNCT
fsr-3711	31	22	identify	identify	VERB
fsr-3711	31	23	and	and	CCONJ
fsr-3711	31	24	sell	sell	VERB
fsr-3711	31	25	overpriced	overpriced	ADJ
fsr-3711	31	26	issues	issue	NOUN
fsr-3711	31	27	,	,	PUNCT
fsr-3711	31	28	and	and	CCONJ
fsr-3711	31	29	(	(	PUNCT
fsr-3711	31	30	3	3	X
fsr-3711	31	31	)	)	PUNCT
fsr-3711	31	32	trade	trade	NOUN
fsr-3711	31	33	securities	security	NOUN
fsr-3711	31	34	to	to	PART
fsr-3711	31	35	benefit	benefit	VERB
fsr-3711	31	36	from	from	ADP
fsr-3711	31	37	market	market	NOUN
fsr-3711	31	38	timing	timing	NOUN
fsr-3711	31	39	.	.	PUNCT
fsr-3711	32	1	it	it	PRON
fsr-3711	32	2	has	have	AUX
fsr-3711	32	3	long	long	ADV
fsr-3711	32	4	been	be	AUX
fsr-3711	32	5	held	hold	VERB
fsr-3711	32	6	that	that	SCONJ
fsr-3711	32	7	security	security	NOUN
fsr-3711	32	8	prices	price	NOUN
fsr-3711	32	9	change	change	VERB
fsr-3711	32	10	only	only	ADV
fsr-3711	32	11	in	in	ADP
fsr-3711	32	12	response	response	NOUN
fsr-3711	32	13	to	to	ADP
fsr-3711	32	14	new	new	ADJ
fsr-3711	32	15	information	information	NOUN
fsr-3711	32	16	.	.	PUNCT
fsr-3711	33	1	new	new	ADJ
fsr-3711	33	2	information	information	NOUN
fsr-3711	33	3	occurs	occur	VERB
fsr-3711	33	4	randomly	randomly	ADV
fsr-3711	33	5	since	since	SCONJ
fsr-3711	33	6	any	any	DET
fsr-3711	33	7	trend	trend	NOUN
fsr-3711	33	8	or	or	CCONJ
fsr-3711	33	9	prior	prior	ADJ
fsr-3711	33	10	knowledge	knowledge	NOUN
fsr-3711	33	11	would	would	AUX
fsr-3711	33	12	make	make	VERB
fsr-3711	33	13	the	the	DET
fsr-3711	33	14	information	information	NOUN
fsr-3711	33	15	predictable	predictable	ADJ
fsr-3711	33	16	;	;	PUNCT
fsr-3711	33	17	therefore	therefore	ADV
fsr-3711	33	18	,	,	PUNCT
fsr-3711	33	19	it	it	PRON
fsr-3711	33	20	would	would	AUX
fsr-3711	33	21	not	not	PART
fsr-3711	33	22	be	be	AUX
fsr-3711	33	23	new	new	ADJ
fsr-3711	33	24	information	information	NOUN
fsr-3711	33	25	.	.	PUNCT
fsr-3711	34	1	price	price	NOUN
fsr-3711	34	2	changes	change	NOUN
fsr-3711	34	3	therefore	therefore	ADV
fsr-3711	34	4	must	must	AUX
fsr-3711	34	5	be	be	AUX
fsr-3711	34	6	random	random	ADJ
fsr-3711	34	7	.	.	PUNCT
fsr-3711	35	1	however	however	ADV
fsr-3711	35	2	,	,	PUNCT
fsr-3711	35	3	early	early	ADJ
fsr-3711	35	4	tests	test	NOUN
fsr-3711	35	5	implying	imply	VERB
fsr-3711	35	6	a	a	DET
fsr-3711	35	7	random	random	ADJ
fsr-3711	35	8	walk	walk	NOUN
fsr-3711	35	9	in	in	ADP
fsr-3711	35	10	stock	stock	NOUN
fsr-3711	35	11	price	price	NOUN
fsr-3711	35	12	changes	change	NOUN
fsr-3711	35	13	(	(	PUNCT
fsr-3711	35	14	fama	fama	NOUN
fsr-3711	35	15	,	,	PUNCT
fsr-3711	35	16	1965	1965	NUM
fsr-3711	35	17	)	)	PUNCT
fsr-3711	35	18	have	have	AUX
fsr-3711	35	19	been	be	AUX
fsr-3711	35	20	modified	modify	VERB
fsr-3711	35	21	by	by	ADP
fsr-3711	35	22	evidence	evidence	NOUN
fsr-3711	35	23	of	of	ADP
fsr-3711	35	24	potential	potential	ADJ
fsr-3711	35	25	long	long	ADJ
fsr-3711	35	26	-	-	PUNCT
fsr-3711	35	27	term	term	NOUN
fsr-3711	35	28	price	price	NOUN
fsr-3711	35	29	reversion	reversion	NOUN
fsr-3711	35	30	(	(	PUNCT
fsr-3711	35	31	fama	fama	PROPN
fsr-3711	35	32	&	&	CCONJ
fsr-3711	35	33	french	french	PROPN
fsr-3711	35	34	,	,	PUNCT
fsr-3711	35	35	1988	1988	NUM
fsr-3711	35	36	)	)	PUNCT
fsr-3711	35	37	and	and	CCONJ
fsr-3711	35	38	short	short	ADJ
fsr-3711	35	39	-	-	PUNCT
fsr-3711	35	40	term	term	NOUN
fsr-3711	35	41	correla	correla	NOUN
fsr-3711	35	42	tions	tion	NOUN
fsr-3711	35	43	(	(	PUNCT
fsr-3711	35	44	lo	lo	PROPN
fsr-3711	35	45	&	&	CCONJ
fsr-3711	35	46	ma&inlay	ma&inlay	PROPN
fsr-3711	35	47	,	,	PUNCT
fsr-3711	35	48	1988	1988	NUM
fsr-3711	35	49	)	)	PUNCT
fsr-3711	35	50	.	.	PUNCT
fsr-3711	36	1	investors	investor	NOUN
fsr-3711	36	2	and	and	CCONJ
fsr-3711	36	3	security	security	NOUN
fsr-3711	36	4	analysts	analyst	NOUN
fsr-3711	36	5	gathering	gather	VERB
fsr-3711	36	6	and	and	CCONJ
fsr-3711	36	7	using	use	VERB
fsr-3711	36	8	information	information	NOUN
fsr-3711	36	9	in	in	ADP
fsr-3711	36	10	an	an	DET
fsr-3711	36	11	attempt	attempt	NOUN
fsr-3711	36	12	to	to	PART
fsr-3711	36	13	“	"	PUNCT
fsr-3711	36	14	beat	beat	VERB
fsr-3711	36	15	the	the	DET
fsr-3711	36	16	market	market	NOUN
fsr-3711	36	17	”	"	PUNCT
fsr-3711	36	18	would	would	AUX
fsr-3711	36	19	appear	appear	VERB
fsr-3711	36	20	to	to	PART
fsr-3711	36	21	drive	drive	VERB
fsr-3711	36	22	markets	market	NOUN
fsr-3711	36	23	toward	toward	ADP
fsr-3711	36	24	efficiency	efficiency	NOUN
fsr-3711	36	25	.	.	PUNCT
fsr-3711	37	1	however	however	ADV
fsr-3711	37	2	,	,	PUNCT
fsr-3711	37	3	market	market	NOUN
fsr-3711	37	4	efficiency	efficiency	NOUN
fsr-3711	37	5	anomalies	anomaly	NOUN
fsr-3711	37	6	,	,	PUNCT
fsr-3711	37	7	such	such	ADJ
fsr-3711	37	8	as	as	ADP
fsr-3711	37	9	the	the	DET
fsr-3711	37	10	p	p	NOUN
fsr-3711	37	11	/	/	SYM
fsr-3711	37	12	e	e	NOUN
fsr-3711	37	13	ratio	ratio	NOUN
fsr-3711	37	14	effect	effect	NOUN
fsr-3711	37	15	,	,	PUNCT
fsr-3711	37	16	january	january	PROPN
fsr-3711	37	17	effect	effect	NOUN
fsr-3711	37	18	,	,	PUNCT
fsr-3711	37	19	etc	etc	X
fsr-3711	37	20	.	.	X
fsr-3711	37	21	,	,	PUNCT
fsr-3711	37	22	focus	focus	VERB
fsr-3711	37	23	the	the	DET
fsr-3711	37	24	individual	individual	ADJ
fsr-3711	37	25	investor	investor	NOUN
fsr-3711	37	26	in	in	ADP
fsr-3711	37	27	the	the	DET
fsr-3711	37	28	market	market	NOUN
fsr-3711	37	29	89	89	NUM
fsr-3711	37	30	on	on	ADP
fsr-3711	37	31	specific	specific	ADJ
fsr-3711	37	32	“	"	PUNCT
fsr-3711	37	33	pockets	pocket	NOUN
fsr-3711	37	34	”	"	PUNCT
fsr-3711	37	35	of	of	ADP
fsr-3711	37	36	potential	potential	ADJ
fsr-3711	37	37	inefficiency	inefficiency	NOUN
fsr-3711	37	38	and	and	CCONJ
fsr-3711	37	39	provide	provide	VERB
fsr-3711	37	40	evidence	evidence	NOUN
fsr-3711	37	41	that	that	SCONJ
fsr-3711	37	42	markets	market	NOUN
fsr-3711	37	43	may	may	AUX
fsr-3711	37	44	not	not	PART
fsr-3711	37	45	be	be	AUX
fsr-3711	37	46	driven	drive	VERB
fsr-3711	37	47	all	all	DET
fsr-3711	37	48	the	the	DET
fsr-3711	37	49	way	way	NOUN
fsr-3711	37	50	to	to	ADP
fsr-3711	37	51	efficiency	efficiency	NOUN
fsr-3711	37	52	.	.	PUNCT
fsr-3711	38	1	in	in	ADP
fsr-3711	38	2	general	general	ADJ
fsr-3711	38	3	,	,	PUNCT
fsr-3711	38	4	empirical	empirical	ADJ
fsr-3711	38	5	tests	test	NOUN
fsr-3711	38	6	are	be	AUX
fsr-3711	38	7	inconclu	inconclu	ADJ
fsr-3711	38	8	sive	sive	ADV
fsr-3711	38	9	and	and	CCONJ
fsr-3711	38	10	,	,	PUNCT
fsr-3711	38	11	in	in	ADP
fsr-3711	38	12	some	some	DET
fsr-3711	38	13	degree	degree	NOUN
fsr-3711	38	14	,	,	PUNCT
fsr-3711	38	15	contradictory	contradictory	ADJ
fsr-3711	38	16	.	.	PUNCT
fsr-3711	38	17	’	'	PUNCT
fsr-3711	39	1	a	a	DET
fsr-3711	39	2	basic	basic	ADJ
fsr-3711	39	3	premise	premise	NOUN
fsr-3711	39	4	in	in	ADP
fsr-3711	39	5	asset	asset	NOUN
fsr-3711	39	6	valuation	valuation	NOUN
fsr-3711	39	7	is	be	AUX
fsr-3711	39	8	that	that	SCONJ
fsr-3711	39	9	an	an	DET
fsr-3711	39	10	asset	asset	NOUN
fsr-3711	39	11	is	be	AUX
fsr-3711	39	12	worth	worth	ADJ
fsr-3711	39	13	the	the	DET
fsr-3711	39	14	present	present	ADJ
fsr-3711	39	15	value	value	NOUN
fsr-3711	39	16	of	of	ADP
fsr-3711	39	17	its	its	PRON
fsr-3711	39	18	future	future	ADJ
fsr-3711	39	19	cash	cash	NOUN
fsr-3711	39	20	flows	flow	NOUN
fsr-3711	39	21	.	.	PUNCT
fsr-3711	40	1	we	we	PRON
fsr-3711	40	2	refer	refer	VERB
fsr-3711	40	3	to	to	ADP
fsr-3711	40	4	this	this	PRON
fsr-3711	40	5	as	as	ADP
fsr-3711	40	6	the	the	DET
fsr-3711	40	7	true	true	ADJ
fsr-3711	40	8	value	value	NOUN
fsr-3711	40	9	of	of	ADP
fsr-3711	40	10	the	the	DET
fsr-3711	40	11	asset	asset	NOUN
fsr-3711	40	12	.	.	PUNCT
fsr-3711	41	1	if	if	SCONJ
fsr-3711	41	2	the	the	DET
fsr-3711	41	3	market	market	NOUN
fsr-3711	41	4	price	price	NOUN
fsr-3711	41	5	of	of	ADP
fsr-3711	41	6	a	a	DET
fsr-3711	41	7	security	security	NOUN
fsr-3711	41	8	is	be	AUX
fsr-3711	41	9	not	not	PART
fsr-3711	41	10	consistent	consistent	ADJ
fsr-3711	41	11	with	with	ADP
fsr-3711	41	12	its	its	PRON
fsr-3711	41	13	true	true	ADJ
fsr-3711	41	14	value	value	NOUN
fsr-3711	41	15	,	,	PUNCT
fsr-3711	41	16	investors	investor	NOUN
fsr-3711	41	17	must	must	AUX
fsr-3711	41	18	be	be	AUX
fsr-3711	41	19	responding	respond	VERB
fsr-3711	41	20	to	to	ADP
fsr-3711	41	21	something	something	PRON
fsr-3711	41	22	other	other	ADJ
fsr-3711	41	23	than	than	ADP
fsr-3711	41	24	pertinent	pertinent	ADJ
fsr-3711	41	25	information	information	NOUN
fsr-3711	41	26	concerning	concern	VERB
fsr-3711	41	27	the	the	DET
fsr-3711	41	28	asset	asset	NOUN
fsr-3711	41	29	.	.	PUNCT
fsr-3711	42	1	fads	fad	NOUN
fsr-3711	42	2	(	(	PUNCT
fsr-3711	42	3	shiller	shiller	NOUN
fsr-3711	42	4	,	,	PUNCT
fsr-3711	42	5	1989	1989	NUM
fsr-3711	42	6	)	)	PUNCT
fsr-3711	42	7	,	,	PUNCT
fsr-3711	42	8	overreaction	overreaction	NOUN
fsr-3711	42	9	(	(	PUNCT
fsr-3711	42	10	debondt	debondt	PROPN
fsr-3711	42	11	&	&	CCONJ
fsr-3711	42	12	thaler	thaler	PROPN
fsr-3711	42	13	,	,	PUNCT
fsr-3711	42	14	1985	1985	NUM
fsr-3711	42	15	)	)	PUNCT
fsr-3711	42	16	,	,	PUNCT
fsr-3711	42	17	or	or	CCONJ
fsr-3711	42	18	speculative	speculative	ADJ
fsr-3711	42	19	bubbles	bubble	NOUN
fsr-3711	42	20	(	(	PUNCT
fsr-3711	42	21	west	west	NOUN
fsr-3711	42	22	,	,	PUNCT
fsr-3711	42	23	1988	1988	NUM
fsr-3711	42	24	)	)	PUNCT
fsr-3711	42	25	may	may	AUX
fsr-3711	42	26	explain	explain	VERB
fsr-3711	42	27	security	security	NOUN
fsr-3711	42	28	prices	price	NOUN
fsr-3711	42	29	.	.	PUNCT
fsr-3711	43	1	if	if	SCONJ
fsr-3711	43	2	so	so	ADV
fsr-3711	43	3	,	,	PUNCT
fsr-3711	43	4	markets	market	NOUN
fsr-3711	43	5	can	can	AUX
fsr-3711	43	6	not	not	PART
fsr-3711	43	7	be	be	AUX
fsr-3711	43	8	efficient	efficient	ADJ
fsr-3711	43	9	.	.	PUNCT
fsr-3711	44	1	a	a	DET
fsr-3711	44	2	test	test	NOUN
fsr-3711	44	3	which	which	PRON
fsr-3711	44	4	proves	prove	VERB
fsr-3711	44	5	that	that	SCONJ
fsr-3711	44	6	market	market	NOUN
fsr-3711	44	7	prices	price	NOUN
fsr-3711	44	8	are	be	AUX
fsr-3711	44	9	not	not	PART
fsr-3711	44	10	consistent	consistent	ADJ
fsr-3711	44	11	with	with	ADP
fsr-3711	44	12	the	the	DET
fsr-3711	44	13	present	present	ADJ
fsr-3711	44	14	value	value	NOUN
fsr-3711	44	15	of	of	ADP
fsr-3711	44	16	their	their	PRON
fsr-3711	44	17	future	future	ADJ
fsr-3711	44	18	cash	cash	NOUN
fsr-3711	44	19	flows	flow	NOUN
fsr-3711	44	20	would	would	AUX
fsr-3711	44	21	prove	prove	VERB
fsr-3711	44	22	that	that	SCONJ
fsr-3711	44	23	the	the	DET
fsr-3711	44	24	emh	emh	PROPN
fsr-3711	44	25	is	be	AUX
fsr-3711	44	26	false	false	ADJ
fsr-3711	44	27	and	and	CCONJ
fsr-3711	44	28	end	end	VERB
fsr-3711	44	29	the	the	DET
fsr-3711	44	30	market	market	NOUN
fsr-3711	44	31	efficiency	efficiency	NOUN
fsr-3711	44	32	question	question	NOUN
fsr-3711	44	33	once	once	ADV
fsr-3711	44	34	and	and	CCONJ
fsr-3711	44	35	for	for	ADP
fsr-3711	44	36	all	all	PRON
fsr-3711	44	37	.	.	PUNCT
fsr-3711	45	1	the	the	DET
fsr-3711	45	2	“	"	PUNCT
fsr-3711	45	3	variance	variance	NOUN
fsr-3711	45	4	bounds	bound	NOUN
fsr-3711	45	5	”	"	PUNCT
fsr-3711	45	6	test	test	NOUN
fsr-3711	45	7	is	be	AUX
fsr-3711	45	8	promoted	promote	VERB
fsr-3711	45	9	as	as	ADP
fsr-3711	45	10	such	such	DET
fsr-3711	45	11	a	a	DET
fsr-3711	45	12	test	test	NOUN
fsr-3711	45	13	.	.	PUNCT
fsr-3711	46	1	some	some	DET
fsr-3711	46	2	scholars	scholar	NOUN
fsr-3711	46	3	(	(	PUNCT
fsr-3711	46	4	e.g.	e.g.	ADV
fsr-3711	46	5	,	,	PUNCT
fsr-3711	46	6	shiller	shiller	PROPN
fsr-3711	46	7	,	,	PUNCT
fsr-3711	46	8	1989	1989	NUM
fsr-3711	46	9	)	)	PUNCT
fsr-3711	46	10	performing	perform	VERB
fsr-3711	46	11	the	the	DET
fsr-3711	46	12	test	test	NOUN
fsr-3711	46	13	find	find	VERB
fsr-3711	46	14	that	that	SCONJ
fsr-3711	46	15	the	the	DET
fsr-3711	46	16	volatility	volatility	NOUN
fsr-3711	46	17	of	of	ADP
fsr-3711	46	18	market	market	NOUN
fsr-3711	46	19	prices	price	NOUN
fsr-3711	46	20	is	be	AUX
fsr-3711	46	21	too	too	ADV
fsr-3711	46	22	great	great	ADJ
fsr-3711	46	23	for	for	SCONJ
fsr-3711	46	24	the	the	DET
fsr-3711	46	25	value	value	NOUN
fsr-3711	46	26	of	of	ADP
fsr-3711	46	27	a	a	DET
fsr-3711	46	28	security	security	NOUN
fsr-3711	46	29	to	to	PART
fsr-3711	46	30	equal	equal	VERB
fsr-3711	46	31	its	its	PRON
fsr-3711	46	32	true	true	ADJ
fsr-3711	46	33	value	value	NOUN
fsr-3711	46	34	and	and	CCONJ
fsr-3711	46	35	conclude	conclude	VERB
fsr-3711	46	36	that	that	SCONJ
fsr-3711	46	37	markets	market	NOUN
fsr-3711	46	38	are	be	AUX
fsr-3711	46	39	inefficient	inefficient	ADJ
fsr-3711	46	40	.	.	PUNCT
fsr-3711	47	1	do	do	AUX
fsr-3711	47	2	investors	investor	NOUN
fsr-3711	47	3	utilize	utilize	VERB
fsr-3711	47	4	“	"	PUNCT
fsr-3711	47	5	irrelevant	irrelevant	ADJ
fsr-3711	47	6	”	"	PUNCT
fsr-3711	47	7	information	information	NOUN
fsr-3711	47	8	to	to	PART
fsr-3711	47	9	drive	drive	VERB
fsr-3711	47	10	markets	market	NOUN
fsr-3711	47	11	away	away	ADV
fsr-3711	47	12	from	from	ADP
fsr-3711	47	13	efficiency	efficiency	NOUN
fsr-3711	47	14	?	?	PUNCT
fsr-3711	48	1	we	we	PRON
fsr-3711	48	2	offer	offer	VERB
fsr-3711	48	3	no	no	DET
fsr-3711	48	4	answer	answer	NOUN
fsr-3711	48	5	to	to	ADP
fsr-3711	48	6	this	this	DET
fsr-3711	48	7	question	question	NOUN
fsr-3711	48	8	and	and	CCONJ
fsr-3711	48	9	draw	draw	VERB
fsr-3711	48	10	no	no	DET
fsr-3711	48	11	conclusion	conclusion	NOUN
fsr-3711	48	12	about	about	ADP
fsr-3711	48	13	the	the	DET
fsr-3711	48	14	efficiency	efficiency	NOUN
fsr-3711	48	15	of	of	ADP
fsr-3711	48	16	financial	financial	ADJ
fsr-3711	48	17	markets	market	NOUN
fsr-3711	48	18	.	.	PUNCT
fsr-3711	49	1	however	however	ADV
fsr-3711	49	2	,	,	PUNCT
fsr-3711	49	3	an	an	DET
fsr-3711	49	4	examination	examination	NOUN
fsr-3711	49	5	of	of	ADP
fsr-3711	49	6	the	the	DET
fsr-3711	49	7	foundation	foundation	NOUN
fsr-3711	49	8	of	of	ADP
fsr-3711	49	9	the	the	DET
fsr-3711	49	10	variance	variance	NOUN
fsr-3711	49	11	bounds	bound	NOUN
fsr-3711	49	12	test	test	NOUN
fsr-3711	49	13	will	will	AUX
fsr-3711	49	14	prove	prove	VERB
fsr-3711	49	15	useful	useful	ADJ
fsr-3711	49	16	to	to	ADP
fsr-3711	49	17	investors	investor	NOUN
fsr-3711	49	18	who	who	PRON
fsr-3711	49	19	are	be	AUX
fsr-3711	49	20	concerned	concerned	ADJ
fsr-3711	49	21	about	about	ADP
fsr-3711	49	22	the	the	DET
fsr-3711	49	23	issue	issue	NOUN
fsr-3711	49	24	.	.	PUNCT
fsr-3711	50	1	this	this	DET
fsr-3711	50	2	paper	paper	NOUN
fsr-3711	50	3	focuses	focus	VERB
fsr-3711	50	4	on	on	ADP
fsr-3711	50	5	the	the	DET
fsr-3711	50	6	theory	theory	NOUN
fsr-3711	50	7	which	which	PRON
fsr-3711	50	8	asserts	assert	VERB
fsr-3711	50	9	that	that	SCONJ
fsr-3711	50	10	the	the	DET
fsr-3711	50	11	volatility	volatility	NOUN
fsr-3711	50	12	of	of	ADP
fsr-3711	50	13	market	market	NOUN
fsr-3711	50	14	prices	price	NOUN
fsr-3711	50	15	is	be	AUX
fsr-3711	50	16	too	too	ADV
fsr-3711	50	17	great	great	ADJ
fsr-3711	50	18	to	to	PART
fsr-3711	50	19	be	be	AUX
fsr-3711	50	20	consistent	consistent	ADJ
fsr-3711	50	21	with	with	ADP
fsr-3711	50	22	the	the	DET
fsr-3711	50	23	efficient	efficient	ADJ
fsr-3711	50	24	markets	market	NOUN
fsr-3711	50	25	hypothesis	hypothesis	NOUN
fsr-3711	50	26	.	.	PUNCT
fsr-3711	51	1	we	we	PRON
fsr-3711	51	2	briefly	briefly	ADV
fsr-3711	51	3	review	review	VERB
fsr-3711	51	4	the	the	DET
fsr-3711	51	5	theory	theory	NOUN
fsr-3711	51	6	and	and	CCONJ
fsr-3711	51	7	examine	examine	VERB
fsr-3711	51	8	its	its	PRON
fsr-3711	51	9	theoretical	theoretical	ADJ
fsr-3711	51	10	underpinnings	underpinning	NOUN
fsr-3711	51	11	.	.	PUNCT
fsr-3711	52	1	our	our	PRON
fsr-3711	52	2	objective	objective	NOUN
fsr-3711	52	3	is	be	AUX
fsr-3711	52	4	to	to	PART
fsr-3711	52	5	expose	expose	VERB
fsr-3711	52	6	weaknesses	weakness	NOUN
fsr-3711	52	7	in	in	ADP
fsr-3711	52	8	the	the	DET
fsr-3711	52	9	excessive	excessive	ADJ
fsr-3711	52	10	volatility	volatility	NOUN
fsr-3711	52	11	argument	argument	NOUN
fsr-3711	52	12	and	and	CCONJ
fsr-3711	52	13	to	to	PART
fsr-3711	52	14	show	show	VERB
fsr-3711	52	15	that	that	SCONJ
fsr-3711	52	16	the	the	DET
fsr-3711	52	17	variance	variance	NOUN
fsr-3711	52	18	bounds	bound	VERB
fsr-3711	52	19	tests	test	NOUN
fsr-3711	52	20	are	be	AUX
fsr-3711	52	21	not	not	PART
fsr-3711	52	22	valid	valid	ADJ
fsr-3711	52	23	when	when	SCONJ
fsr-3711	52	24	risk	risk	NOUN
fsr-3711	52	25	is	be	AUX
fsr-3711	52	26	considered	consider	VERB
fsr-3711	52	27	.	.	PUNCT
fsr-3711	53	1	we	we	PRON
fsr-3711	53	2	conclude	conclude	VERB
fsr-3711	53	3	that	that	SCONJ
fsr-3711	53	4	the	the	DET
fsr-3711	53	5	individual	individual	NOUN
fsr-3711	53	6	should	should	AUX
fsr-3711	53	7	look	look	VERB
fsr-3711	53	8	with	with	ADP
fsr-3711	53	9	skepticism	skepticism	NOUN
fsr-3711	53	10	upon	upon	SCONJ
fsr-3711	53	11	the	the	DET
fsr-3711	53	12	excessive	excessive	ADJ
fsr-3711	53	13	volatility	volatility	NOUN
fsr-3711	53	14	argument	argument	NOUN
fsr-3711	53	15	when	when	SCONJ
fsr-3711	53	16	forming	form	VERB
fsr-3711	53	17	a	a	DET
fsr-3711	53	18	belief	belief	NOUN
fsr-3711	53	19	concerning	concern	VERB
fsr-3711	53	20	market	market	NOUN
fsr-3711	53	21	efficiency	efficiency	NOUN
fsr-3711	53	22	.	.	PUNCT
fsr-3711	54	1	in	in	ADP
fsr-3711	54	2	section	section	NOUN
fsr-3711	54	3	ii	ii	NOUN
fsr-3711	54	4	we	we	PRON
fsr-3711	54	5	explain	explain	VERB
fsr-3711	54	6	the	the	DET
fsr-3711	54	7	traditional	traditional	ADJ
fsr-3711	54	8	variance	variance	NOUN
fsr-3711	54	9	bounds	bound	NOUN
fsr-3711	54	10	theory	theory	NOUN
fsr-3711	54	11	.	.	PUNCT
fsr-3711	55	1	section	section	NOUN
fsr-3711	55	2	iii	iii	PROPN
fsr-3711	55	3	examines	examine	VERB
fsr-3711	55	4	the	the	DET
fsr-3711	55	5	theory	theory	NOUN
fsr-3711	55	6	and	and	CCONJ
fsr-3711	55	7	uncovers	uncover	NOUN
fsr-3711	55	8	three	three	NUM
fsr-3711	55	9	flaws	flaw	NOUN
fsr-3711	55	10	in	in	ADP
fsr-3711	55	11	the	the	DET
fsr-3711	55	12	original	original	ADJ
fsr-3711	55	13	argument	argument	NOUN
fsr-3711	55	14	.	.	PUNCT
fsr-3711	56	1	our	our	PRON
fsr-3711	56	2	summary	summary	NOUN
fsr-3711	56	3	and	and	CCONJ
fsr-3711	56	4	conclusions	conclusion	NOUN
fsr-3711	56	5	are	be	AUX
fsr-3711	56	6	presented	present	VERB
fsr-3711	56	7	in	in	ADP
fsr-3711	56	8	section	section	NOUN
fsr-3711	56	9	iv	iv	NUM
fsr-3711	56	10	.	.	PUNCT
fsr-3711	56	11	ii	ii	PROPN
fsr-3711	56	12	.	.	PUNCT
fsr-3711	56	13	variance	variance	NOUN
fsr-3711	56	14	bounds	bound	NOUN
fsr-3711	56	15	theory	theory	PROPN
fsr-3711	56	16	leroy	leroy	PROPN
fsr-3711	56	17	(	(	PUNCT
fsr-3711	56	18	1989	1989	NUM
fsr-3711	56	19	)	)	PUNCT
fsr-3711	56	20	explains	explain	VERB
fsr-3711	56	21	that	that	SCONJ
fsr-3711	56	22	very	very	ADV
fsr-3711	56	23	low	low	ADJ
fsr-3711	56	24	market	market	NOUN
fsr-3711	56	25	prices	price	NOUN
fsr-3711	56	26	in	in	ADP
fsr-3711	56	27	the	the	DET
fsr-3711	56	28	mid-1970s	mid-1970	NOUN
fsr-3711	56	29	stimulated	stimulate	VERB
fsr-3711	56	30	researchers	researcher	NOUN
fsr-3711	56	31	to	to	PART
fsr-3711	56	32	reexamine	reexamine	VERB
fsr-3711	56	33	the	the	DET
fsr-3711	56	34	theory	theory	NOUN
fsr-3711	56	35	of	of	ADP
fsr-3711	56	36	asset	asset	NOUN
fsr-3711	56	37	pricing	pricing	NOUN
fsr-3711	56	38	.	.	PUNCT
fsr-3711	57	1	*	*	PUNCT
fsr-3711	57	2	they	they	PRON
fsr-3711	57	3	argue	argue	VERB
fsr-3711	57	4	that	that	SCONJ
fsr-3711	57	5	asset	asset	NOUN
fsr-3711	57	6	prices	price	NOUN
fsr-3711	57	7	should	should	AUX
fsr-3711	57	8	have	have	VERB
fsr-3711	57	9	low	low	ADJ
fsr-3711	57	10	volatility	volatility	NOUN
fsr-3711	57	11	relative	relative	ADJ
fsr-3711	57	12	to	to	ADP
fsr-3711	57	13	the	the	DET
fsr-3711	57	14	volatility	volatility	NOUN
fsr-3711	57	15	of	of	ADP
fsr-3711	57	16	dividends	dividend	NOUN
fsr-3711	57	17	;	;	PUNCT
fsr-3711	57	18	and	and	CCONJ
fsr-3711	57	19	,	,	PUNCT
fsr-3711	57	20	further	far	ADV
fsr-3711	57	21	,	,	PUNCT
fsr-3711	57	22	that	that	SCONJ
fsr-3711	57	23	these	these	DET
fsr-3711	57	24	volatility	volatility	NOUN
fsr-3711	57	25	implications	implication	NOUN
fsr-3711	57	26	apply	apply	VERB
fsr-3711	57	27	directly	directly	ADV
fsr-3711	57	28	to	to	ADP
fsr-3711	57	29	market	market	NOUN
fsr-3711	57	30	efficiency	efficiency	NOUN
fsr-3711	57	31	theory	theory	NOUN
fsr-3711	57	32	.	.	PUNCT
fsr-3711	58	1	leroy	leroy	PROPN
fsr-3711	58	2	and	and	CCONJ
fsr-3711	58	3	porter	porter	PROPN
fsr-3711	58	4	(	(	PUNCT
fsr-3711	58	5	1981	1981	NUM
fsr-3711	58	6	)	)	PUNCT
fsr-3711	58	7	,	,	PUNCT
fsr-3711	58	8	shiller	shiller	PROPN
fsr-3711	58	9	(	(	PUNCT
fsr-3711	58	10	1979	1979	NUM
fsr-3711	58	11	,	,	PUNCT
fsr-3711	58	12	1981a	1981a	NUM
fsr-3711	58	13	,	,	PUNCT
fsr-3711	58	14	1981b	1981b	NUM
fsr-3711	58	15	,	,	PUNCT
fsr-3711	58	16	1989	1989	NUM
fsr-3711	58	17	)	)	PUNCT
fsr-3711	58	18	,	,	PUNCT
fsr-3711	58	19	and	and	CCONJ
fsr-3711	58	20	singleton	singleton	PROPN
fsr-3711	58	21	(	(	PUNCT
fsr-3711	58	22	1980	1980	NUM
fsr-3711	58	23	)	)	PUNCT
fsr-3711	58	24	lay	lie	VERB
fsr-3711	58	25	the	the	DET
fsr-3711	58	26	foundation	foundation	NOUN
fsr-3711	58	27	for	for	ADP
fsr-3711	58	28	what	what	PRON
fsr-3711	58	29	is	be	AUX
fsr-3711	58	30	now	now	ADV
fsr-3711	58	31	known	know	VERB
fsr-3711	58	32	as	as	ADP
fsr-3711	58	33	variance	variance	NOUN
fsr-3711	58	34	bounds	bound	NOUN
fsr-3711	58	35	testing	test	VERB
fsr-3711	58	36	.	.	PUNCT
fsr-3711	59	1	their	their	PRON
fsr-3711	59	2	finding	finding	NOUN
fsr-3711	59	3	,	,	PUNCT
fsr-3711	59	4	that	that	SCONJ
fsr-3711	59	5	the	the	DET
fsr-3711	59	6	variance	variance	NOUN
fsr-3711	59	7	of	of	ADP
fsr-3711	59	8	market	market	NOUN
fsr-3711	59	9	prices	price	NOUN
fsr-3711	59	10	exceeds	exceed	VERB
fsr-3711	59	11	that	that	PRON
fsr-3711	59	12	of	of	ADP
fsr-3711	59	13	a	a	DET
fsr-3711	59	14	proxy	proxy	NOUN
fsr-3711	59	15	for	for	ADP
fsr-3711	59	16	fundamental	fundamental	ADJ
fsr-3711	59	17	value,3	value,3	NOUN
fsr-3711	59	18	introduces	introduce	NOUN
fsr-3711	59	19	a	a	DET
fsr-3711	59	20	new	new	ADJ
fsr-3711	59	21	challenge	challenge	NOUN
fsr-3711	59	22	to	to	ADP
fsr-3711	59	23	market	market	NOUN
fsr-3711	59	24	efficiency	efficiency	NOUN
fsr-3711	59	25	.	.	PUNCT
fsr-3711	60	1	90	90	NUM
fsr-3711	60	2	financial	financial	ADJ
fsr-3711	60	3	services	service	NOUN
fsr-3711	60	4	review	review	NOUN
fsr-3711	60	5	,	,	PUNCT
fsr-3711	60	6	2(2	2(2	NUM
fsr-3711	60	7	)	)	PUNCT
fsr-3711	60	8	1993	1993	NUM
fsr-3711	61	1	the	the	DET
fsr-3711	61	2	formal	formal	ADJ
fsr-3711	61	3	argument	argument	NOUN
fsr-3711	61	4	shiller	shiller	PROPN
fsr-3711	61	5	(	(	PUNCT
fsr-3711	61	6	1979	1979	NUM
fsr-3711	61	7	,	,	PUNCT
fsr-3711	61	8	1981a	1981a	NUM
fsr-3711	61	9	,	,	PUNCT
fsr-3711	61	10	1981b	1981b	NUM
fsr-3711	61	11	)	)	PUNCT
fsr-3711	61	12	,	,	PUNCT
fsr-3711	61	13	leroy	leroy	PROPN
fsr-3711	61	14	and	and	CCONJ
fsr-3711	61	15	porter	porter	PROPN
fsr-3711	61	16	(	(	PUNCT
fsr-3711	61	17	1981	1981	NUM
fsr-3711	61	18	)	)	PUNCT
fsr-3711	61	19	,	,	PUNCT
fsr-3711	61	20	and	and	CCONJ
fsr-3711	61	21	singleton	singleton	PROPN
fsr-3711	61	22	(	(	PUNCT
fsr-3711	61	23	1980	1980	NUM
fsr-3711	61	24	)	)	PUNCT
fsr-3711	61	25	introduce	introduce	VERB
fsr-3711	61	26	the	the	DET
fsr-3711	61	27	rationale	rationale	NOUN
fsr-3711	61	28	that	that	SCONJ
fsr-3711	61	29	the	the	DET
fsr-3711	61	30	fundamental	fundamental	ADJ
fsr-3711	61	31	value	value	NOUN
fsr-3711	61	32	of	of	ADP
fsr-3711	61	33	a	a	DET
fsr-3711	61	34	security	security	NOUN
fsr-3711	61	35	is	be	AUX
fsr-3711	61	36	equal	equal	ADJ
fsr-3711	61	37	to	to	ADP
fsr-3711	61	38	the	the	DET
fsr-3711	61	39	security	security	NOUN
fsr-3711	61	40	’s	’s	PART
fsr-3711	61	41	market	market	NOUN
fsr-3711	61	42	price	price	NOUN
fsr-3711	61	43	plus	plus	CCONJ
fsr-3711	61	44	a	a	DET
fsr-3711	61	45	random	random	ADJ
fsr-3711	61	46	error	error	NOUN
fsr-3711	61	47	.	.	PUNCT
fsr-3711	62	1	this	this	PRON
fsr-3711	62	2	implies	imply	VERB
fsr-3711	62	3	that	that	SCONJ
fsr-3711	62	4	the	the	DET
fsr-3711	62	5	fundamental	fundamental	ADJ
fsr-3711	62	6	value	value	NOUN
fsr-3711	62	7	of	of	ADP
fsr-3711	62	8	security	security	NOUN
fsr-3711	62	9	i	i	PRON
fsr-3711	62	10	at	at	ADP
fsr-3711	62	11	time	time	NOUN
fsr-3711	62	12	t	t	PROPN
fsr-3711	62	13	,	,	PUNCT
fsr-3711	62	14	~	~	NOUN
fsr-3711	62	15	,	,	PUNCT
fsr-3711	62	16	,	,	PUNCT
fsr-3711	62	17	may	may	AUX
fsr-3711	62	18	be	be	AUX
fsr-3711	62	19	linearly	linearly	ADV
fsr-3711	62	20	decomposed	decompose	VERB
fsr-3711	62	21	into	into	ADP
fsr-3711	62	22	an	an	DET
fsr-3711	62	23	expected	expect	VERB
fsr-3711	62	24	component	component	NOUN
fsr-3711	62	25	(	(	PUNCT
fsr-3711	62	26	i.e.	i.e.	X
fsr-3711	62	27	,	,	PUNCT
fsr-3711	62	28	market	market	NOUN
fsr-3711	62	29	price	price	NOUN
fsr-3711	62	30	)	)	PUNCT
fsr-3711	62	31	,	,	PUNCT
fsr-3711	62	32	j+	j+	NUM
fsr-3711	62	33	,	,	PUNCT
fsr-3711	62	34	,	,	PUNCT
fsr-3711	62	35	and	and	CCONJ
fsr-3711	62	36	an	an	DET
fsr-3711	62	37	unexpected	unexpected	ADJ
fsr-3711	62	38	component	component	NOUN
fsr-3711	62	39	,	,	PUNCT
fsr-3711	62	40	xi	xi	PROPN
fsr-3711	62	41	,	,	PUNCT
fsr-3711	62	42	.	.	PUNCT
fsr-3711	63	1	pt	pt	NOUN
fsr-3711	63	2	=	=	PUNCT
fsr-3711	63	3	pit	pit	NOUN
fsr-3711	63	4	+	+	CCONJ
fsr-3711	63	5	xit	xit	PROPN
fsr-3711	63	6	(	(	PUNCT
fsr-3711	63	7	1	1	NUM
fsr-3711	63	8	)	)	PUNCT
fsr-3711	63	9	equation	equation	NOUN
fsr-3711	63	10	(	(	PUNCT
fsr-3711	63	11	1	1	NUM
fsr-3711	63	12	)	)	PUNCT
fsr-3711	63	13	implies	imply	VERB
fsr-3711	63	14	that	that	SCONJ
fsr-3711	63	15	the	the	DET
fsr-3711	63	16	fundamental	fundamental	ADJ
fsr-3711	63	17	value	value	NOUN
fsr-3711	63	18	is	be	AUX
fsr-3711	63	19	predicted	predict	VERB
fsr-3711	63	20	by	by	ADP
fsr-3711	63	21	market	market	NOUN
fsr-3711	63	22	price	price	NOUN
fsr-3711	63	23	and	and	CCONJ
fsr-3711	63	24	disturbances	disturbance	NOUN
fsr-3711	63	25	.	.	PUNCT
fsr-3711	64	1	it	it	PRON
fsr-3711	64	2	necessarily	necessarily	ADV
fsr-3711	64	3	follows	follow	VERB
fsr-3711	64	4	that	that	PRON
fsr-3711	64	5	o;=cr;+0,+2cr	o;=cr;+0,+2cr	NOUN
fsr-3711	64	6	,	,	PUNCT
fsr-3711	64	7	,	,	PUNCT
fsr-3711	64	8	(	(	PUNCT
fsr-3711	64	9	2	2	X
fsr-3711	64	10	)	)	PUNCT
fsr-3711	64	11	the	the	DET
fsr-3711	64	12	market	market	NOUN
fsr-3711	64	13	price	price	NOUN
fsr-3711	64	14	must	must	AUX
fsr-3711	64	15	be	be	AUX
fsr-3711	64	16	uncorrelated	uncorrelate	VERB
fsr-3711	64	17	with	with	ADP
fsr-3711	64	18	the	the	DET
fsr-3711	64	19	random	random	ADJ
fsr-3711	64	20	component	component	NOUN
fsr-3711	64	21	as	as	ADP
fsr-3711	64	22	a	a	DET
fsr-3711	64	23	condition	condition	NOUN
fsr-3711	64	24	of	of	ADP
fsr-3711	64	25	market	market	NOUN
fsr-3711	64	26	efficiency	efficiency	NOUN
fsr-3711	64	27	.	.	PUNCT
fsr-3711	65	1	hence	hence	ADV
fsr-3711	65	2	the	the	DET
fsr-3711	65	3	variance	variance	NOUN
fsr-3711	65	4	of	of	ADP
fsr-3711	65	5	the	the	DET
fsr-3711	65	6	time	time	NOUN
fsr-3711	65	7	-	-	PUNCT
fsr-3711	65	8	series	series	NOUN
fsr-3711	65	9	of	of	ADP
fsr-3711	65	10	fundamental	fundamental	ADJ
fsr-3711	65	11	values	value	NOUN
fsr-3711	65	12	must	must	AUX
fsr-3711	65	13	be	be	AUX
fsr-3711	65	14	equal	equal	ADJ
fsr-3711	65	15	to	to	ADP
fsr-3711	65	16	the	the	DET
fsr-3711	65	17	sum	sum	NOUN
fsr-3711	65	18	of	of	ADP
fsr-3711	65	19	the	the	DET
fsr-3711	65	20	variances	variance	NOUN
fsr-3711	65	21	of	of	ADP
fsr-3711	65	22	the	the	DET
fsr-3711	65	23	price	price	NOUN
fsr-3711	65	24	series	series	NOUN
fsr-3711	65	25	and	and	CCONJ
fsr-3711	65	26	the	the	DET
fsr-3711	65	27	series	series	NOUN
fsr-3711	65	28	of	of	ADP
fsr-3711	65	29	random	random	ADJ
fsr-3711	65	30	errors	error	NOUN
fsr-3711	65	31	:	:	PUNCT
fsr-3711	65	32	0	0	NUM
fsr-3711	65	33	;	;	PUNCT
fsr-3711	65	34	=	=	SYM
fsr-3711	65	35	0	0	NUM
fsr-3711	65	36	;	;	PUNCT
fsr-3711	65	37	+	+	NUM
fsr-3711	65	38	0	0	NUM
fsr-3711	65	39	,	,	PUNCT
fsr-3711	65	40	(	(	PUNCT
fsr-3711	65	41	3	3	X
fsr-3711	65	42	)	)	PUNCT
fsr-3711	65	43	since	since	SCONJ
fsr-3711	65	44	variances	variance	NOUN
fsr-3711	65	45	are	be	AUX
fsr-3711	65	46	non	non	ADJ
fsr-3711	65	47	-	-	ADJ
fsr-3711	65	48	negative	negative	ADJ
fsr-3711	65	49	,	,	PUNCT
fsr-3711	65	50	the	the	DET
fsr-3711	65	51	variance	variance	NOUN
fsr-3711	65	52	of	of	ADP
fsr-3711	65	53	the	the	DET
fsr-3711	65	54	fundamental	fundamental	ADJ
fsr-3711	65	55	value	value	NOUN
fsr-3711	65	56	series	series	NOUN
fsr-3711	65	57	sets	set	VERB
fsr-3711	65	58	an	an	DET
fsr-3711	65	59	upper	upper	ADJ
fsr-3711	65	60	bound	bind	VERB
fsr-3711	65	61	on	on	ADP
fsr-3711	65	62	the	the	DET
fsr-3711	65	63	variance	variance	NOUN
fsr-3711	65	64	of	of	ADP
fsr-3711	65	65	the	the	DET
fsr-3711	65	66	price	price	NOUN
fsr-3711	65	67	series	series	NOUN
fsr-3711	65	68	.	.	PUNCT
fsr-3711	66	1	0	0	NUM
fsr-3711	66	2	;	;	PUNCT
fsr-3711	66	3	2	2	NUM
fsr-3711	66	4	0	0	NUM
fsr-3711	66	5	;	;	PUNCT
fsr-3711	66	6	(	(	PUNCT
fsr-3711	66	7	4	4	X
fsr-3711	66	8	)	)	PUNCT
fsr-3711	66	9	inequality	inequality	NOUN
fsr-3711	66	10	(	(	PUNCT
fsr-3711	66	11	4	4	NUM
fsr-3711	66	12	)	)	PUNCT
fsr-3711	66	13	is	be	AUX
fsr-3711	66	14	the	the	DET
fsr-3711	66	15	cornerstone	cornerstone	NOUN
fsr-3711	66	16	of	of	ADP
fsr-3711	66	17	first	first	ADJ
fsr-3711	66	18	generation	generation	NOUN
fsr-3711	66	19	variance	variance	NOUN
fsr-3711	66	20	bounds	bound	NOUN
fsr-3711	66	21	tests	test	NOUN
fsr-3711	66	22	.	.	PUNCT
fsr-3711	67	1	leroy	leroy	PROPN
fsr-3711	67	2	and	and	CCONJ
fsr-3711	67	3	porter	porter	PROPN
fsr-3711	67	4	(	(	PUNCT
fsr-3711	67	5	1981	1981	NUM
fsr-3711	67	6	)	)	PUNCT
fsr-3711	67	7	and	and	CCONJ
fsr-3711	67	8	shiller	shiller	PROPN
fsr-3711	67	9	(	(	PUNCT
fsr-3711	67	10	1979	1979	NUM
fsr-3711	67	11	,	,	PUNCT
fsr-3711	67	12	1981a	1981a	NUM
fsr-3711	67	13	,	,	PUNCT
fsr-3711	67	14	and	and	CCONJ
fsr-3711	67	15	1981b	1981b	NUM
fsr-3711	67	16	)	)	PUNCT
fsr-3711	67	17	find	find	VERB
fsr-3711	67	18	that	that	SCONJ
fsr-3711	67	19	the	the	DET
fsr-3711	67	20	variance	variance	NOUN
fsr-3711	67	21	of	of	ADP
fsr-3711	67	22	market	market	NOUN
fsr-3711	67	23	prices	price	NOUN
fsr-3711	67	24	exceeds	exceed	VERB
fsr-3711	67	25	that	that	PRON
fsr-3711	67	26	of	of	ADP
fsr-3711	67	27	the	the	DET
fsr-3711	67	28	fundamental	fundamental	ADJ
fsr-3711	67	29	value	value	NOUN
fsr-3711	67	30	series	series	NOUN
fsr-3711	67	31	,	,	PUNCT
fsr-3711	67	32	thus	thus	ADV
fsr-3711	67	33	leading	lead	VERB
fsr-3711	67	34	them	they	PRON
fsr-3711	67	35	to	to	PART
fsr-3711	67	36	question	question	VERB
fsr-3711	67	37	the	the	DET
fsr-3711	67	38	validity	validity	NOUN
fsr-3711	67	39	of	of	ADP
fsr-3711	67	40	the	the	DET
fsr-3711	67	41	efficient	efficient	ADJ
fsr-3711	67	42	markets	market	NOUN
fsr-3711	67	43	hypothesis.4	hypothesis.4	NOUN
fsr-3711	67	44	many	many	ADJ
fsr-3711	67	45	subsequent	subsequent	ADJ
fsr-3711	67	46	tests	test	NOUN
fsr-3711	67	47	have	have	AUX
fsr-3711	67	48	been	be	AUX
fsr-3711	67	49	performed	perform	VERB
fsr-3711	67	50	and	and	CCONJ
fsr-3711	67	51	,	,	PUNCT
fsr-3711	67	52	although	although	SCONJ
fsr-3711	67	53	many	many	ADJ
fsr-3711	67	54	of	of	ADP
fsr-3711	67	55	the	the	DET
fsr-3711	67	56	problems	problem	NOUN
fsr-3711	67	57	of	of	ADP
fsr-3711	67	58	the	the	DET
fsr-3711	67	59	first	first	ADJ
fsr-3711	67	60	-	-	PUNCT
fsr-3711	67	61	generation	generation	NOUN
fsr-3711	67	62	variance	variance	NOUN
fsr-3711	67	63	bounds	bound	NOUN
fsr-3711	67	64	tests	test	NOUN
fsr-3711	67	65	have	have	AUX
fsr-3711	67	66	been	be	AUX
fsr-3711	67	67	overcome	overcome	VERB
fsr-3711	67	68	,	,	PUNCT
fsr-3711	67	69	primarily	primarily	ADV
fsr-3711	67	70	by	by	ADP
fsr-3711	67	71	improved	improve	VERB
fsr-3711	67	72	econometric	econometric	ADJ
fsr-3711	67	73	methods	method	NOUN
fsr-3711	67	74	,	,	PUNCT
fsr-3711	67	75	the	the	DET
fsr-3711	67	76	underlying	underlie	VERB
fsr-3711	67	77	theory	theory	NOUN
fsr-3711	67	78	has	have	AUX
fsr-3711	67	79	not	not	PART
fsr-3711	67	80	been	be	AUX
fsr-3711	67	81	changed	change	VERB
fsr-3711	67	82	.	.	PUNCT
fsr-3711	68	1	it	it	PRON
fsr-3711	68	2	is	be	AUX
fsr-3711	68	3	this	this	DET
fsr-3711	68	4	theoretical	theoretical	ADJ
fsr-3711	68	5	foundation	foundation	NOUN
fsr-3711	68	6	that	that	PRON
fsr-3711	68	7	is	be	AUX
fsr-3711	68	8	examined	examine	VERB
fsr-3711	68	9	here	here	ADV
fsr-3711	68	10	.	.	PUNCT
fsr-3711	69	1	iii	iii	X
fsr-3711	69	2	.	.	PUNCT
fsr-3711	70	1	three	three	NUM
fsr-3711	70	2	flaws	flaw	NOUN
fsr-3711	70	3	in	in	ADP
fsr-3711	70	4	the	the	DET
fsr-3711	70	5	traditional	traditional	ADJ
fsr-3711	70	6	variance	variance	NOUN
fsr-3711	70	7	bound	bind	VERB
fsr-3711	70	8	argument	argument	NOUN
fsr-3711	70	9	the	the	DET
fsr-3711	70	10	first	first	ADJ
fsr-3711	70	11	flaw	flaw	NOUN
fsr-3711	70	12	first	first	ADV
fsr-3711	70	13	,	,	PUNCT
fsr-3711	70	14	the	the	DET
fsr-3711	70	15	variance	variance	NOUN
fsr-3711	70	16	bounds	bound	VERB
fsr-3711	70	17	specification	specification	NOUN
fsr-3711	70	18	in	in	ADP
fsr-3711	70	19	(	(	PUNCT
fsr-3711	70	20	4	4	NUM
fsr-3711	70	21	)	)	PUNCT
fsr-3711	70	22	is	be	AUX
fsr-3711	70	23	less	less	ADV
fsr-3711	70	24	restrictive	restrictive	ADJ
fsr-3711	70	25	than	than	SCONJ
fsr-3711	70	26	it	it	PRON
fsr-3711	70	27	seems	seem	VERB
fsr-3711	70	28	.	.	PUNCT
fsr-3711	71	1	zero	zero	NUM
fsr-3711	71	2	correlation	correlation	NOUN
fsr-3711	71	3	between	between	ADP
fsr-3711	71	4	pit	pit	NOUN
fsr-3711	71	5	and	and	CCONJ
fsr-3711	71	6	xi	xi	CCONJ
fsr-3711	71	7	,	,	PUNCT
fsr-3711	71	8	clearly	clearly	ADV
fsr-3711	71	9	implies	imply	VERB
fsr-3711	71	10	the	the	DET
fsr-3711	71	11	relationship	relationship	NOUN
fsr-3711	71	12	expressed	express	VERB
fsr-3711	71	13	in	in	ADP
fsr-3711	71	14	(	(	PUNCT
fsr-3711	71	15	3	3	NUM
fsr-3711	71	16	)	)	PUNCT
fsr-3711	71	17	.	.	PUNCT
fsr-3711	72	1	equation	equation	NOUN
fsr-3711	72	2	(	(	PUNCT
fsr-3711	72	3	4	4	X
fsr-3711	72	4	)	)	PUNCT
fsr-3711	72	5	follows	follow	VERB
fsr-3711	72	6	from	from	ADP
fsr-3711	72	7	(	(	PUNCT
fsr-3711	72	8	3	3	NUM
fsr-3711	72	9	)	)	PUNCT
fsr-3711	72	10	,	,	PUNCT
fsr-3711	72	11	but	but	CCONJ
fsr-3711	72	12	the	the	DET
fsr-3711	72	13	converse	converse	NOUN
fsr-3711	72	14	is	be	AUX
fsr-3711	72	15	not	not	PART
fsr-3711	72	16	necessarily	necessarily	ADV
fsr-3711	72	17	true	true	ADJ
fsr-3711	72	18	.	.	PUNCT
fsr-3711	73	1	equation	equation	NOUN
fsr-3711	73	2	(	(	PUNCT
fsr-3711	73	3	4	4	X
fsr-3711	73	4	)	)	PUNCT
fsr-3711	73	5	does	do	AUX
fsr-3711	73	6	not	not	PART
fsr-3711	73	7	guarantee	guarantee	VERB
fsr-3711	73	8	zero	zero	NUM
fsr-3711	73	9	correlation	correlation	NOUN
fsr-3711	73	10	between	between	ADP
fsr-3711	73	11	pir	pir	PROPN
fsr-3711	73	12	and	and	CCONJ
fsr-3711	73	13	xi	xi	PROPN
fsr-3711	73	14	,	,	PUNCT
fsr-3711	73	15	.	.	PUNCT
fsr-3711	74	1	in	in	ADP
fsr-3711	74	2	fact	fact	NOUN
fsr-3711	74	3	,	,	PUNCT
fsr-3711	74	4	the	the	DET
fsr-3711	74	5	relation	relation	NOUN
fsr-3711	74	6	expressed	express	VERB
fsr-3711	74	7	the	the	DET
fsr-3711	74	8	individual	individual	ADJ
fsr-3711	74	9	investor	investor	NOUN
fsr-3711	74	10	in	in	ADP
fsr-3711	74	11	the	the	DET
fsr-3711	74	12	market	market	NOUN
fsr-3711	74	13	91	91	NUM
fsr-3711	74	14	in	in	ADP
fsr-3711	74	15	(	(	PUNCT
fsr-3711	74	16	4	4	NUM
fsr-3711	74	17	)	)	PUNCT
fsr-3711	74	18	implies	imply	VERB
fsr-3711	74	19	a	a	DET
fsr-3711	74	20	range	range	NOUN
fsr-3711	74	21	of	of	ADP
fsr-3711	74	22	correlation	correlation	NOUN
fsr-3711	74	23	between	between	ADP
fsr-3711	74	24	pit	pit	NOUN
fsr-3711	74	25	and	and	CCONJ
fsr-3711	74	26	xit	xit	PROPN
fsr-3711	74	27	,	,	PUNCT
fsr-3711	74	28	consider	consider	VERB
fsr-3711	74	29	(	(	PUNCT
fsr-3711	74	30	2	2	NUM
fsr-3711	74	31	)	)	PUNCT
fsr-3711	74	32	and	and	CCONJ
fsr-3711	74	33	note	note	VERB
fsr-3711	74	34	that	that	SCONJ
fsr-3711	74	35	the	the	DET
fsr-3711	74	36	variance	variance	NOUN
fsr-3711	74	37	bounds	bound	NOUN
fsr-3711	74	38	specified	specify	VERB
fsr-3711	74	39	in	in	ADP
fsr-3711	74	40	(	(	PUNCT
fsr-3711	74	41	4	4	X
fsr-3711	74	42	)	)	PUNCT
fsr-3711	74	43	imply	imply	VERB
fsr-3711	74	44	that	that	SCONJ
fsr-3711	74	45	o2	o2	PROPN
fsr-3711	74	46	>	>	X
fsr-3711	74	47	21	21	NUM
fsr-3711	74	48	ct2	ct2	PROPN
fsr-3711	74	49	p	p	PROPN
fsr-3711	74	50	and	and	CCONJ
fsr-3711	74	51	,	,	PUNCT
fsr-3711	74	52	therefore	therefore	ADV
fsr-3711	74	53	,	,	PUNCT
fsr-3711	74	54	that	that	SCONJ
fsr-3711	74	55	(	(	PUNCT
fsr-3711	74	56	5	5	NUM
fsr-3711	74	57	)	)	PUNCT
fsr-3711	74	58	(	(	PUNCT
fsr-3711	74	59	6	6	NUM
fsr-3711	74	60	)	)	PUNCT
fsr-3711	74	61	where	where	SCONJ
fsr-3711	74	62	ppr	ppr	NOUN
fsr-3711	74	63	is	be	AUX
fsr-3711	74	64	the	the	DET
fsr-3711	74	65	correlation	correlation	NOUN
fsr-3711	74	66	coefficient	coefficient	NOUN
fsr-3711	74	67	between	between	ADP
fsr-3711	74	68	pit	pit	NOUN
fsr-3711	74	69	and	and	CCONJ
fsr-3711	74	70	xi	xi	NOUN
fsr-3711	74	71	,	,	PUNCT
fsr-3711	74	72	.	.	PUNCT
fsr-3711	75	1	from	from	ADP
fsr-3711	75	2	(	(	PUNCT
fsr-3711	75	3	6	6	NUM
fsr-3711	75	4	)	)	PUNCT
fsr-3711	75	5	it	it	PRON
fsr-3711	75	6	follows	follow	VERB
fsr-3711	75	7	that	that	SCONJ
fsr-3711	75	8	(	(	PUNCT
fsr-3711	75	9	4	4	X
fsr-3711	75	10	)	)	PUNCT
fsr-3711	75	11	actually	actually	ADV
fsr-3711	75	12	identifies	identify	VERB
fsr-3711	75	13	a	a	DET
fsr-3711	75	14	range	range	NOUN
fsr-3711	75	15	of	of	ADP
fsr-3711	75	16	values	value	NOUN
fsr-3711	75	17	of	of	ADP
fsr-3711	75	18	correlation	correlation	NOUN
fsr-3711	75	19	between	between	ADP
fsr-3711	75	20	pit	pit	NOUN
fsr-3711	75	21	and	and	CCONJ
fsr-3711	75	22	xit	xit	PROPN
fsr-3711	75	23	(	(	PUNCT
fsr-3711	75	24	7	7	NUM
fsr-3711	75	25	)	)	PUNCT
fsr-3711	75	26	that	that	PRON
fsr-3711	75	27	is	be	AUX
fsr-3711	75	28	,	,	PUNCT
fsr-3711	75	29	the	the	DET
fsr-3711	75	30	variance	variance	NOUN
fsr-3711	75	31	of	of	ADP
fsr-3711	75	32	market	market	NOUN
fsr-3711	75	33	price	price	NOUN
fsr-3711	75	34	exceeds	exceed	VERB
fsr-3711	75	35	the	the	DET
fsr-3711	75	36	variance	variance	NOUN
fsr-3711	75	37	of	of	ADP
fsr-3711	75	38	fundamental	fundamental	ADJ
fsr-3711	75	39	value	value	NOUN
fsr-3711	75	40	if	if	SCONJ
fsr-3711	75	41	and	and	CCONJ
fsr-3711	75	42	only	only	ADV
fsr-3711	75	43	if	if	SCONJ
fsr-3711	75	44	(	(	PUNCT
fsr-3711	75	45	8)	8)	NUM
fsr-3711	75	46	states	state	VERB
fsr-3711	75	47	the	the	DET
fsr-3711	75	48	actual	actual	ADJ
fsr-3711	75	49	rejection	rejection	NOUN
fsr-3711	75	50	region	region	NOUN
fsr-3711	75	51	for	for	ADP
fsr-3711	75	52	market	market	NOUN
fsr-3711	75	53	efficiency	efficiency	NOUN
fsr-3711	75	54	under	under	ADP
fsr-3711	75	55	the	the	DET
fsr-3711	75	56	traditional	traditional	ADJ
fsr-3711	75	57	variance	variance	NOUN
fsr-3711	75	58	bounds	bound	VERB
fsr-3711	76	1	test5	test5	NOUN
fsr-3711	76	2	the	the	DET
fsr-3711	76	3	second	second	ADJ
fsr-3711	76	4	flaw	flaw	NOUN
fsr-3711	76	5	the	the	DET
fsr-3711	76	6	second	second	ADJ
fsr-3711	76	7	flaw	flaw	NOUN
fsr-3711	76	8	is	be	AUX
fsr-3711	76	9	that	that	SCONJ
fsr-3711	76	10	traditional	traditional	ADJ
fsr-3711	76	11	variance	variance	NOUN
fsr-3711	76	12	bounds	bound	NOUN
fsr-3711	76	13	testing	testing	NOUN
fsr-3711	76	14	is	be	AUX
fsr-3711	76	15	strongly	strongly	ADV
fsr-3711	76	16	influ	influ	ADJ
fsr-3711	76	17	enced	ence	VERB
fsr-3711	76	18	by	by	ADP
fsr-3711	76	19	the	the	DET
fsr-3711	76	20	empirical	empirical	ADJ
fsr-3711	76	21	relationship	relationship	NOUN
fsr-3711	76	22	between	between	ADP
fsr-3711	76	23	7c	7c	PROPN
fsr-3711	76	24	,	,	PUNCT
fsr-3711	76	25	andp	andp	NOUN
fsr-3711	76	26	,	,	PUNCT
fsr-3711	76	27	.	.	PUNCT
fsr-3711	77	1	scott	scott	PROPN
fsr-3711	77	2	(	(	PUNCT
fsr-3711	77	3	1985	1985	NUM
fsr-3711	77	4	,	,	PUNCT
fsr-3711	77	5	(	(	PUNCT
fsr-3711	77	6	2	2	NUM
fsr-3711	77	7	)	)	PUNCT
fsr-3711	77	8	,	,	PUNCT
fsr-3711	77	9	(	(	PUNCT
fsr-3711	77	10	4	4	NUM
fsr-3711	77	11	)	)	PUNCT
fsr-3711	77	12	,	,	PUNCT
fsr-3711	77	13	and	and	CCONJ
fsr-3711	77	14	(	(	PUNCT
fsr-3711	77	15	5	5	NUM
fsr-3711	77	16	)	)	PUNCT
fsr-3711	77	17	)	)	PUNCT
fsr-3711	77	18	and	and	CCONJ
fsr-3711	77	19	easton	easton	PROPN
fsr-3711	77	20	(	(	PUNCT
fsr-3711	77	21	1985	1985	NUM
fsr-3711	77	22	,	,	PUNCT
fsr-3711	77	23	(	(	PUNCT
fsr-3711	77	24	7	7	NUM
fsr-3711	77	25	)	)	PUNCT
fsr-3711	77	26	)	)	PUNCT
fsr-3711	77	27	generalize	generalize	VERB
fsr-3711	77	28	(	(	PUNCT
fsr-3711	77	29	1	1	NUM
fsr-3711	77	30	)	)	PUNCT
fsr-3711	77	31	as	as	ADP
fsr-3711	77	32	7c	7c	NUM
fsr-3711	77	33	,	,	PUNCT
fsr-3711	77	34	=	=	SYM
fsr-3711	77	35	u	u	PROPN
fsr-3711	77	36	+	+	X
fsr-3711	77	37	bpi	bpi	PROPN
fsr-3711	77	38	,	,	PUNCT
fsr-3711	77	39	+	+	PROPN
fsr-3711	77	40	uil	uil	PROPN
fsr-3711	77	41	(	(	PUNCT
fsr-3711	77	42	9	9	NUM
fsr-3711	77	43	)	)	PUNCT
fsr-3711	77	44	in	in	ADP
fsr-3711	77	45	performing	perform	VERB
fsr-3711	77	46	regression	regression	NOUN
fsr-3711	77	47	-	-	PUNCT
fsr-3711	77	48	based	base	VERB
fsr-3711	77	49	variance	variance	NOUN
fsr-3711	77	50	bounds	bound	VERB
fsr-3711	77	51	tests	test	NOUN
fsr-3711	77	52	.	.	PUNCT
fsr-3711	78	1	utilizing	utilize	VERB
fsr-3711	78	2	(	(	PUNCT
fsr-3711	78	3	9	9	NUM
fsr-3711	78	4	)	)	PUNCT
fsr-3711	78	5	,	,	PUNCT
fsr-3711	78	6	the	the	DET
fsr-3711	78	7	ratio	ratio	NOUN
fsr-3711	78	8	of	of	ADP
fsr-3711	78	9	variances	variance	NOUN
fsr-3711	78	10	is	be	AUX
fsr-3711	78	11	,	,	PUNCT
fsr-3711	78	12	where	where	SCONJ
fsr-3711	78	13	r2	r2	PROPN
fsr-3711	78	14	is	be	AUX
fsr-3711	78	15	the	the	DET
fsr-3711	78	16	coefficient	coefficient	NOUN
fsr-3711	78	17	of	of	ADP
fsr-3711	78	18	determination	determination	NOUN
fsr-3711	78	19	from	from	ADP
fsr-3711	78	20	the	the	DET
fsr-3711	78	21	regression	regression	NOUN
fsr-3711	78	22	of	of	ADP
fsr-3711	78	23	(	(	PUNCT
fsr-3711	78	24	9	9	NUM
fsr-3711	78	25	)	)	PUNCT
fsr-3711	78	26	.	.	PUNCT
fsr-3711	79	1	applying	apply	VERB
fsr-3711	79	2	the	the	DET
fsr-3711	79	3	traditional	traditional	ADJ
fsr-3711	79	4	variance	variance	NOUN
fsr-3711	79	5	bounds	bound	VERB
fsr-3711	79	6	criteria	criterion	NOUN
fsr-3711	79	7	for	for	ADP
fsr-3711	79	8	market	market	NOUN
fsr-3711	79	9	efficiency	efficiency	NOUN
fsr-3711	79	10	from	from	ADP
fsr-3711	79	11	(	(	PUNCT
fsr-3711	79	12	5	5	NUM
fsr-3711	79	13	)	)	PUNCT
fsr-3711	79	14	implies	imply	VERB
fsr-3711	79	15	that	that	SCONJ
fsr-3711	79	16	92	92	NUM
fsr-3711	79	17	financial	financial	ADJ
fsr-3711	79	18	services	service	NOUN
fsr-3711	79	19	review	review	NOUN
fsr-3711	79	20	,	,	PUNCT
fsr-3711	79	21	2(2	2(2	NUM
fsr-3711	79	22	)	)	PUNCT
fsr-3711	79	23	1993	1993	NUM
fsr-3711	79	24	r21b2	r21b2	NOUN
fsr-3711	79	25	(	(	PUNCT
fsr-3711	79	26	11	11	NUM
fsr-3711	79	27	)	)	PUNCT
fsr-3711	79	28	this	this	PRON
fsr-3711	79	29	has	have	VERB
fsr-3711	79	30	the	the	DET
fsr-3711	79	31	unsettling	unsettling	ADJ
fsr-3711	79	32	implication	implication	NOUN
fsr-3711	79	33	that	that	SCONJ
fsr-3711	79	34	the	the	DET
fsr-3711	79	35	proportion	proportion	NOUN
fsr-3711	79	36	of	of	ADP
fsr-3711	79	37	fundamental	fundamental	ADJ
fsr-3711	79	38	value	value	NOUN
fsr-3711	79	39	ex	ex	PRON
fsr-3711	79	40	plained	plain	VERB
fsr-3711	79	41	by	by	ADP
fsr-3711	79	42	market	market	NOUN
fsr-3711	79	43	price	price	NOUN
fsr-3711	79	44	must	must	AUX
fsr-3711	79	45	be	be	AUX
fsr-3711	79	46	smaller	small	ADJ
fsr-3711	79	47	than	than	ADP
fsr-3711	79	48	some	some	DET
fsr-3711	79	49	specific	specific	ADJ
fsr-3711	79	50	limit	limit	NOUN
fsr-3711	79	51	,	,	PUNCT
fsr-3711	79	52	otherwise	otherwise	ADV
fsr-3711	79	53	we	we	PRON
fsr-3711	79	54	reject	reject	VERB
fsr-3711	79	55	market	market	NOUN
fsr-3711	79	56	efficiency	efficiency	NOUN
fsr-3711	79	57	.	.	PUNCT
fsr-3711	80	1	for	for	ADP
fsr-3711	80	2	example	example	NOUN
fsr-3711	80	3	,	,	PUNCT
fsr-3711	80	4	if	if	SCONJ
fsr-3711	80	5	b2	b2	NOUN
fsr-3711	80	6	=	=	NOUN
fsr-3711	80	7	0.5	0.5	NUM
fsr-3711	80	8	markets	market	NOUN
fsr-3711	80	9	are	be	AUX
fsr-3711	80	10	tested	test	VERB
fsr-3711	80	11	to	to	PART
fsr-3711	80	12	be	be	AUX
fsr-3711	80	13	efficient	efficient	ADJ
fsr-3711	80	14	if	if	SCONJ
fsr-3711	80	15	market	market	NOUN
fsr-3711	80	16	price	price	NOUN
fsr-3711	80	17	explains	explain	VERB
fsr-3711	80	18	10	10	NUM
fsr-3711	80	19	%	%	NOUN
fsr-3711	80	20	of	of	ADP
fsr-3711	80	21	the	the	DET
fsr-3711	80	22	variation	variation	NOUN
fsr-3711	80	23	in	in	ADP
fsr-3711	80	24	fundamental	fundamental	ADJ
fsr-3711	80	25	value	value	NOUN
fsr-3711	80	26	and	and	CCONJ
fsr-3711	80	27	are	be	AUX
fsr-3711	80	28	tested	test	VERB
fsr-3711	80	29	to	to	PART
fsr-3711	80	30	be	be	AUX
fsr-3711	80	31	inefficient	inefficient	ADJ
fsr-3711	80	32	if	if	SCONJ
fsr-3711	80	33	market	market	NOUN
fsr-3711	80	34	price	price	NOUN
fsr-3711	80	35	explains	explain	VERB
fsr-3711	80	36	90	90	NUM
fsr-3711	80	37	%	%	NOUN
fsr-3711	80	38	of	of	ADP
fsr-3711	80	39	the	the	DET
fsr-3711	80	40	variation	variation	NOUN
fsr-3711	80	41	in	in	ADP
fsr-3711	80	42	fundamental	fundamental	ADJ
fsr-3711	80	43	value	value	NOUN
fsr-3711	80	44	.	.	PUNCT
fsr-3711	81	1	this	this	PRON
fsr-3711	81	2	is	be	AUX
fsr-3711	81	3	contrary	contrary	ADJ
fsr-3711	81	4	to	to	ADP
fsr-3711	81	5	the	the	DET
fsr-3711	81	6	intuitive	intuitive	ADJ
fsr-3711	81	7	concept	concept	NOUN
fsr-3711	81	8	that	that	SCONJ
fsr-3711	81	9	market	market	NOUN
fsr-3711	81	10	price	price	NOUN
fsr-3711	81	11	and	and	CCONJ
fsr-3711	81	12	fundamental	fundamental	ADJ
fsr-3711	81	13	value	value	NOUN
fsr-3711	81	14	should	should	AUX
fsr-3711	81	15	be	be	AUX
fsr-3711	81	16	closely	closely	ADV
fsr-3711	81	17	linked	link	VERB
fsr-3711	81	18	in	in	ADP
fsr-3711	81	19	an	an	DET
fsr-3711	81	20	efficient	efficient	ADJ
fsr-3711	81	21	market	market	NOUN
fsr-3711	81	22	.	.	PUNCT
fsr-3711	82	1	equation	equation	NOUN
fsr-3711	82	2	(	(	PUNCT
fsr-3711	82	3	11	11	NUM
fsr-3711	82	4	)	)	PUNCT
fsr-3711	82	5	presents	present	VERB
fsr-3711	82	6	no	no	DET
fsr-3711	82	7	problem	problem	NOUN
fsr-3711	82	8	if	if	SCONJ
fsr-3711	82	9	b	b	NOUN
fsr-3711	82	10	2	2	NUM
fsr-3711	82	11	1	1	NUM
fsr-3711	82	12	;	;	PUNCT
fsr-3711	82	13	however	however	ADV
fsr-3711	82	14	,	,	PUNCT
fsr-3711	82	15	scott	scott	PROPN
fsr-3711	82	16	(	(	PUNCT
fsr-3711	82	17	1985	1985	NUM
fsr-3711	82	18	,	,	PUNCT
fsr-3711	82	19	table	table	NOUN
fsr-3711	82	20	1	1	NUM
fsr-3711	82	21	,	,	PUNCT
fsr-3711	82	22	p.	p.	NOUN
fsr-3711	82	23	602	602	NUM
fsr-3711	82	24	)	)	PUNCT
fsr-3711	82	25	finds	find	VERB
fsr-3711	82	26	that	that	SCONJ
fsr-3711	82	27	b	b	NOUN
fsr-3711	82	28	is	be	AUX
fsr-3711	82	29	significantly	significantly	ADV
fsr-3711	82	30	less	less	ADJ
fsr-3711	82	31	than	than	ADP
fsr-3711	82	32	one	one	NUM
fsr-3711	82	33	;	;	PUNCT
fsr-3711	82	34	indeed	indeed	ADV
fsr-3711	82	35	,	,	PUNCT
fsr-3711	82	36	he	he	PRON
fsr-3711	82	37	finds	find	VERB
fsr-3711	82	38	b	b	X
fsr-3711	82	39	not	not	PART
fsr-3711	82	40	significantly	significantly	ADV
fsr-3711	82	41	different	different	ADJ
fsr-3711	82	42	from	from	ADP
fsr-3711	82	43	zero	zero	NUM
fsr-3711	82	44	.	.	PUNCT
fsr-3711	83	1	easton	easton	PROPN
fsr-3711	83	2	(	(	PUNCT
fsr-3711	83	3	1985	1985	NUM
fsr-3711	83	4	)	)	PUNCT
fsr-3711	83	5	finds	find	VERB
fsr-3711	83	6	that	that	SCONJ
fsr-3711	83	7	b	b	NOUN
fsr-3711	83	8	varies	vary	VERB
fsr-3711	83	9	with	with	ADP
fsr-3711	83	10	the	the	DET
fsr-3711	83	11	level	level	NOUN
fsr-3711	83	12	of	of	ADP
fsr-3711	83	13	the	the	DET
fsr-3711	83	14	discount	discount	NOUN
fsr-3711	83	15	rate	rate	NOUN
fsr-3711	83	16	used	use	VERB
fsr-3711	83	17	in	in	ADP
fsr-3711	83	18	calculating	calculate	VERB
fsr-3711	83	19	the	the	DET
fsr-3711	83	20	proxy	proxy	NOUN
fsr-3711	83	21	for	for	ADP
fsr-3711	83	22	fundamental	fundamental	ADJ
fsr-3711	83	23	value	value	NOUN
fsr-3711	83	24	.	.	PUNCT
fsr-3711	84	1	the	the	DET
fsr-3711	84	2	estimate	estimate	NOUN
fsr-3711	84	3	of	of	ADP
fsr-3711	84	4	b	b	NOUN
fsr-3711	84	5	is	be	AUX
fsr-3711	84	6	less	less	ADJ
fsr-3711	84	7	than	than	ADP
fsr-3711	84	8	unity	unity	NOUN
fsr-3711	84	9	for	for	ADP
fsr-3711	84	10	the	the	DET
fsr-3711	84	11	lower	low	ADJ
fsr-3711	84	12	range	range	NOUN
fsr-3711	84	13	of	of	ADP
fsr-3711	84	14	discount	discount	NOUN
fsr-3711	84	15	rates	rate	NOUN
fsr-3711	84	16	.	.	PUNCT
fsr-3711	85	1	scott	scott	PROPN
fsr-3711	85	2	’s	’s	PART
fsr-3711	85	3	and	and	CCONJ
fsr-3711	85	4	easton	easton	PROPN
fsr-3711	85	5	’s	’s	PART
fsr-3711	85	6	results	result	NOUN
fsr-3711	85	7	cast	cast	VERB
fsr-3711	85	8	serious	serious	ADJ
fsr-3711	85	9	doubt	doubt	NOUN
fsr-3711	85	10	upon	upon	SCONJ
fsr-3711	85	11	the	the	DET
fsr-3711	85	12	validity	validity	NOUN
fsr-3711	85	13	of	of	ADP
fsr-3711	85	14	the	the	DET
fsr-3711	85	15	linear	linear	ADJ
fsr-3711	85	16	assumption	assumption	NOUN
fsr-3711	85	17	in	in	ADP
fsr-3711	85	18	(	(	PUNCT
fsr-3711	85	19	1).6	1).6	NUM
fsr-3711	85	20	the	the	DET
fsr-3711	85	21	third	third	ADJ
fsr-3711	85	22	flaw	flaw	NOUN
fsr-3711	85	23	the	the	DET
fsr-3711	85	24	third	third	ADJ
fsr-3711	85	25	flaw	flaw	NOUN
fsr-3711	85	26	in	in	ADP
fsr-3711	85	27	the	the	DET
fsr-3711	85	28	traditional	traditional	ADJ
fsr-3711	85	29	variance	variance	NOUN
fsr-3711	85	30	bounds	bound	NOUN
fsr-3711	85	31	argument	argument	NOUN
fsr-3711	85	32	is	be	AUX
fsr-3711	85	33	that	that	SCONJ
fsr-3711	85	34	(	(	PUNCT
fsr-3711	85	35	1	1	X
fsr-3711	85	36	)	)	PUNCT
fsr-3711	85	37	is	be	AUX
fsr-3711	85	38	an	an	DET
fsr-3711	85	39	inequality	inequality	NOUN
fsr-3711	85	40	for	for	ADP
fsr-3711	85	41	any	any	DET
fsr-3711	85	42	state	state	NOUN
fsr-3711	85	43	other	other	ADJ
fsr-3711	85	44	than	than	ADP
fsr-3711	85	45	risk	risk	NOUN
fsr-3711	85	46	neutrality	neutrality	NOUN
fsr-3711	85	47	.	.	PUNCT
fsr-3711	86	1	to	to	PART
fsr-3711	86	2	examine	examine	VERB
fsr-3711	86	3	this	this	DET
fsr-3711	86	4	claim	claim	NOUN
fsr-3711	86	5	,	,	PUNCT
fsr-3711	86	6	we	we	PRON
fsr-3711	86	7	reconstruct	reconstruct	VERB
fsr-3711	86	8	the	the	DET
fsr-3711	86	9	relationship	relationship	NOUN
fsr-3711	86	10	.	.	PUNCT
fsr-3711	87	1	the	the	DET
fsr-3711	87	2	relationship	relationship	NOUN
fsr-3711	87	3	between	between	ADP
fsr-3711	87	4	the	the	DET
fsr-3711	87	5	market	market	NOUN
fsr-3711	87	6	price	price	NOUN
fsr-3711	87	7	of	of	ADP
fsr-3711	87	8	a	a	DET
fsr-3711	87	9	security	security	NOUN
fsr-3711	87	10	and	and	CCONJ
fsr-3711	87	11	its	its	PRON
fsr-3711	87	12	fundamental	fundamental	ADJ
fsr-3711	87	13	value	value	NOUN
fsr-3711	87	14	begins	begin	VERB
fsr-3711	87	15	with	with	ADP
fsr-3711	87	16	the	the	DET
fsr-3711	87	17	decomposition	decomposition	NOUN
fsr-3711	87	18	of	of	ADP
fsr-3711	87	19	the	the	DET
fsr-3711	87	20	actual	actual	ADJ
fsr-3711	87	21	cash	cash	NOUN
fsr-3711	87	22	distributions	distribution	NOUN
fsr-3711	87	23	,	,	PUNCT
fsr-3711	87	24	acfi	acfi	NOUN
fsr-3711	87	25	,	,	PUNCT
fsr-3711	87	26	,	,	PUNCT
fsr-3711	87	27	into	into	ADP
fsr-3711	87	28	their	their	PRON
fsr-3711	87	29	components	component	NOUN
fsr-3711	87	30	:	:	PUNCT
fsr-3711	87	31	the	the	DET
fsr-3711	87	32	expected	expect	VERB
fsr-3711	87	33	dividends	dividend	NOUN
fsr-3711	87	34	,	,	PUNCT
fsr-3711	87	35	ec%	ec%	NOUN
fsr-3711	87	36	,	,	PUNCT
fsr-3711	87	37	and	and	CCONJ
fsr-3711	87	38	unexpected	unexpected	ADJ
fsr-3711	87	39	dividends	dividend	NOUN
fsr-3711	87	40	,	,	PUNCT
fsr-3711	87	41	ucfi	ucfi	NOUN
fsr-3711	87	42	,	,	PUNCT
fsr-3711	87	43	acfi	acfi	NOUN
fsr-3711	87	44	,	,	PUNCT
fsr-3711	87	45	=	=	SYM
fsr-3711	87	46	ecfi	ecfi	NOUN
fsr-3711	87	47	,	,	PUNCT
fsr-3711	87	48	+	+	NUM
fsr-3711	87	49	ucfi	ucfi	NOUN
fsr-3711	87	50	,	,	PUNCT
fsr-3711	87	51	(	(	PUNCT
fsr-3711	87	52	12	12	NUM
fsr-3711	87	53	)	)	PUNCT
fsr-3711	87	54	the	the	DET
fsr-3711	87	55	fundamental	fundamental	ADJ
fsr-3711	87	56	value	value	NOUN
fsr-3711	87	57	,	,	PUNCT
fsr-3711	87	58	7cil	7cil	NUM
fsr-3711	87	59	,	,	PUNCT
fsr-3711	87	60	can	can	AUX
fsr-3711	87	61	then	then	ADV
fsr-3711	87	62	be	be	AUX
fsr-3711	87	63	expressed	express	VERB
fsr-3711	87	64	as	as	ADP
fsr-3711	87	65	(	(	PUNCT
fsr-3711	87	66	13	13	NUM
fsr-3711	87	67	)	)	PUNCT
fsr-3711	87	68	where	where	SCONJ
fsr-3711	87	69	cpi	cpi	PROPN
fsr-3711	87	70	is	be	AUX
fsr-3711	87	71	the	the	DET
fsr-3711	87	72	consumer	consumer	NOUN
fsr-3711	87	73	price	price	NOUN
fsr-3711	87	74	index	index	NOUN
fsr-3711	87	75	at	at	ADP
fsr-3711	87	76	the	the	DET
fsr-3711	87	77	time	time	NOUN
fsr-3711	87	78	of	of	ADP
fsr-3711	87	79	the	the	DET
fsr-3711	87	80	distribution	distribution	NOUN
fsr-3711	87	81	(	(	PUNCT
fsr-3711	87	82	t+j	t+j	NOUN
fsr-3711	87	83	)	)	PUNCT
fsr-3711	87	84	and	and	CCONJ
fsr-3711	87	85	the	the	DET
fsr-3711	87	86	beginning	beginning	NOUN
fsr-3711	87	87	of	of	ADP
fsr-3711	87	88	the	the	DET
fsr-3711	87	89	time	time	NOUN
fsr-3711	87	90	period	period	NOUN
fsr-3711	87	91	(	(	PUNCT
fsr-3711	87	92	t	t	NOUN
fsr-3711	87	93	)	)	PUNCT
fsr-3711	87	94	and	and	CCONJ
fsr-3711	87	95	rr	rr	PROPN
fsr-3711	87	96	is	be	AUX
fsr-3711	87	97	the	the	DET
fsr-3711	87	98	real	real	ADJ
fsr-3711	87	99	rate	rate	NOUN
fsr-3711	87	100	of	of	ADP
fsr-3711	87	101	return	return	NOUN
fsr-3711	87	102	which	which	PRON
fsr-3711	87	103	is	be	AUX
fsr-3711	87	104	assumed	assume	VERB
fsr-3711	87	105	to	to	PART
fsr-3711	87	106	be	be	AUX
fsr-3711	87	107	the	the	DET
fsr-3711	87	108	constant	constant	ADJ
fsr-3711	87	109	(	(	PUNCT
fsr-3711	87	110	e.g.	e.g.	ADV
fsr-3711	87	111	,	,	PUNCT
fsr-3711	87	112	3	3	NUM
fsr-3711	87	113	%	%	NOUN
fsr-3711	87	114	)	)	PUNCT
fsr-3711	87	115	part	part	NOUN
fsr-3711	87	116	of	of	ADP
fsr-3711	87	117	the	the	DET
fsr-3711	87	118	time	time	NOUN
fsr-3711	87	119	varying	vary	VERB
fsr-3711	87	120	realized	realize	VERB
fsr-3711	87	121	return	return	NOUN
fsr-3711	87	122	.	.	PUNCT
fsr-3711	88	1	equation	equation	NOUN
fsr-3711	88	2	(	(	PUNCT
fsr-3711	88	3	13	13	NUM
fsr-3711	88	4	)	)	PUNCT
fsr-3711	88	5	presents	present	VERB
fsr-3711	88	6	the	the	DET
fsr-3711	88	7	price	price	NOUN
fsr-3711	88	8	that	that	PRON
fsr-3711	88	9	a	a	DET
fsr-3711	88	10	rational	rational	ADJ
fsr-3711	88	11	investor	investor	NOUN
fsr-3711	88	12	would	would	AUX
fsr-3711	88	13	pay	pay	VERB
fsr-3711	88	14	for	for	ADP
fsr-3711	88	15	a	a	DET
fsr-3711	88	16	security	security	NOUN
fsr-3711	88	17	with	with	ADP
fsr-3711	88	18	(	(	PUNCT
fsr-3711	88	19	1	1	X
fsr-3711	88	20	)	)	PUNCT
fsr-3711	88	21	full	full	ADJ
fsr-3711	88	22	knowledge	knowledge	NOUN
fsr-3711	88	23	of	of	ADP
fsr-3711	88	24	all	all	DET
fsr-3711	88	25	future	future	ADJ
fsr-3711	88	26	cash	cash	NOUN
fsr-3711	88	27	(	(	PUNCT
fsr-3711	88	28	or	or	CCONJ
fsr-3711	88	29	equivalent	equivalent	ADJ
fsr-3711	88	30	)	)	PUNCT
fsr-3711	88	31	distributions	distribution	NOUN
fsr-3711	88	32	,	,	PUNCT
fsr-3711	88	33	(	(	PUNCT
fsr-3711	88	34	2	2	X
fsr-3711	88	35	)	)	PUNCT
fsr-3711	88	36	perfect	perfect	ADJ
fsr-3711	88	37	information	information	NOUN
fsr-3711	88	38	concerning	concern	VERB
fsr-3711	88	39	future	future	ADJ
fsr-3711	88	40	inflation	inflation	NOUN
fsr-3711	88	41	as	as	SCONJ
fsr-3711	88	42	accounted	account	VERB
fsr-3711	88	43	for	for	ADP
fsr-3711	88	44	by	by	ADP
fsr-3711	88	45	the	the	DET
fsr-3711	88	46	cpi	cpi	NOUN
fsr-3711	88	47	,	,	PUNCT
fsr-3711	88	48	and	and	CCONJ
fsr-3711	88	49	(	(	PUNCT
fsr-3711	88	50	3	3	X
fsr-3711	88	51	)	)	PUNCT
fsr-3711	88	52	a	a	DET
fsr-3711	88	53	desire	desire	NOUN
fsr-3711	88	54	to	to	PART
fsr-3711	88	55	achieve	achieve	VERB
fsr-3711	88	56	a	a	DET
fsr-3711	88	57	realized	realize	VERB
fsr-3711	88	58	real	real	ADJ
fsr-3711	88	59	rate	rate	NOUN
fsr-3711	88	60	of	of	ADP
fsr-3711	88	61	return	return	NOUN
fsr-3711	88	62	of	of	ADP
fsr-3711	88	63	rr	rr	PROPN
fsr-3711	88	64	.	.	PUNCT
fsr-3711	89	1	note	note	VERB
fsr-3711	89	2	that	that	SCONJ
fsr-3711	89	3	the	the	DET
fsr-3711	89	4	certain	certain	ADJ
fsr-3711	89	5	cash	cash	NOUN
fsr-3711	89	6	flow	flow	NOUN
fsr-3711	89	7	is	be	AUX
fsr-3711	89	8	discounted	discount	VERB
fsr-3711	89	9	using	use	VERB
fsr-3711	89	10	a	a	DET
fsr-3711	89	11	rate	rate	NOUN
fsr-3711	89	12	having	have	VERB
fsr-3711	89	13	no	no	DET
fsr-3711	89	14	risk	risk	NOUN
fsr-3711	89	15	premium	premium	NOUN
fsr-3711	89	16	.	.	PUNCT
fsr-3711	90	1	since	since	SCONJ
fsr-3711	90	2	it	it	PRON
fsr-3711	90	3	involves	involve	VERB
fsr-3711	90	4	an	an	DET
fsr-3711	90	5	infinite	infinite	ADJ
fsr-3711	90	6	stream	stream	NOUN
fsr-3711	90	7	of	of	ADP
fsr-3711	90	8	distributions	distribution	NOUN
fsr-3711	90	9	,	,	PUNCT
fsr-3711	90	10	we	we	PRON
fsr-3711	90	11	use	use	VERB
fsr-3711	90	12	the	the	DET
fsr-3711	90	13	term	term	NOUN
fsr-3711	90	14	“	"	PUNCT
fsr-3711	90	15	fundamental	fundamental	ADJ
fsr-3711	90	16	value	value	NOUN
fsr-3711	90	17	.	.	PUNCT
fsr-3711	90	18	”	"	PUNCT
fsr-3711	91	1	we	we	PRON
fsr-3711	91	2	combine	combine	VERB
fsr-3711	91	3	the	the	DET
fsr-3711	91	4	inflation	inflation	NOUN
fsr-3711	91	5	and	and	CCONJ
fsr-3711	91	6	real	real	ADJ
fsr-3711	91	7	return	return	NOUN
fsr-3711	91	8	factors	factor	NOUN
fsr-3711	91	9	into	into	ADP
fsr-3711	91	10	a	a	DET
fsr-3711	91	11	time	time	NOUN
fsr-3711	91	12	varying	vary	VERB
fsr-3711	91	13	realized	realize	VERB
fsr-3711	91	14	return	return	NOUN
fsr-3711	91	15	,	,	PUNCT
fsr-3711	91	16	rt+j	rt+j	PROPN
fsr-3711	91	17	,	,	PUNCT
fsr-3711	91	18	which	which	PRON
fsr-3711	91	19	includes	include	VERB
fsr-3711	91	20	no	no	DET
fsr-3711	91	21	risk	risk	NOUN
fsr-3711	91	22	premium	premium	NOUN
fsr-3711	91	23	.	.	PUNCT
fsr-3711	92	1	the	the	DET
fsr-3711	92	2	individual	individual	ADJ
fsr-3711	92	3	investor	investor	NOUN
fsr-3711	92	4	in	in	ADP
fsr-3711	92	5	the	the	DET
fsr-3711	92	6	market	market	NOUN
fsr-3711	92	7	93	93	NUM
fsr-3711	92	8	(	(	PUNCT
fsr-3711	92	9	14	14	NUM
fsr-3711	92	10	)	)	PUNCT
fsr-3711	92	11	equations	equation	NOUN
fsr-3711	92	12	(	(	PUNCT
fsr-3711	92	13	12	12	NUM
fsr-3711	92	14	)	)	PUNCT
fsr-3711	92	15	,	,	PUNCT
fsr-3711	92	16	(	(	PUNCT
fsr-3711	92	17	13	13	NUM
fsr-3711	92	18	)	)	PUNCT
fsr-3711	92	19	,	,	PUNCT
fsr-3711	92	20	and	and	CCONJ
fsr-3711	92	21	(	(	PUNCT
fsr-3711	92	22	14	14	NUM
fsr-3711	92	23	)	)	PUNCT
fsr-3711	92	24	can	can	AUX
fsr-3711	92	25	be	be	AUX
fsr-3711	92	26	combined	combine	VERB
fsr-3711	92	27	if	if	SCONJ
fsr-3711	92	28	and	and	CCONJ
fsr-3711	92	29	only	only	ADV
fsr-3711	92	30	if	if	SCONJ
fsr-3711	92	31	the	the	DET
fsr-3711	92	32	assumption	assumption	NOUN
fsr-3711	92	33	of	of	ADP
fsr-3711	92	34	risk	risk	NOUN
fsr-3711	92	35	neutrality	neutrality	NOUN
fsr-3711	92	36	is	be	AUX
fsr-3711	92	37	imposed	impose	VERB
fsr-3711	92	38	.	.	PUNCT
fsr-3711	93	1	assuming	assume	VERB
fsr-3711	93	2	a	a	DET
fsr-3711	93	3	risk	risk	NOUN
fsr-3711	93	4	neutral	neutral	ADJ
fsr-3711	93	5	world	world	NOUN
fsr-3711	93	6	we	we	PRON
fsr-3711	93	7	have	have	VERB
fsr-3711	93	8	acf	acf	PROPN
fsr-3711	93	9	,	,	PUNCT
fsr-3711	93	10	,	,	PUNCT
fsr-3711	93	11	c	c	PROPN
fsr-3711	93	12	m	m	VERB
fsr-3711	93	13	ecf	ecf	PROPN
fsr-3711	93	14	,	,	PUNCT
fsr-3711	93	15	t+j	t+j	PROPN
fsr-3711	93	16	m	m	VERB
fsr-3711	93	17	ucf	ucf	PROPN
fsr-3711	93	18	,	,	PUNCT
fsr-3711	93	19	t+j	t+j	PROPN
fsr-3711	93	20	.=	.=	PROPN
fsr-3711	94	1	j	j	PROPN
fsr-3711	94	2	=	=	NOUN
fsr-3711	94	3	l	l	X
fsr-3711	94	4	(	(	PUNCT
fsr-3711	94	5	1	1	NUM
fsr-3711	94	6	+	+	NUM
fsr-3711	94	7	rt+j	rt+j	NUM
fsr-3711	94	8	)	)	PUNCT
fsr-3711	94	9	'	'	PUNCT
fsr-3711	95	1	c	c	NOUN
fsr-3711	96	1	-+c	-+c	NUM
fsr-3711	96	2	j	j	PROPN
fsr-3711	96	3	=	=	PROPN
fsr-3711	96	4	l	l	PROPN
fsr-3711	96	5	(	(	PUNCT
fsr-3711	96	6	1	1	NUM
fsr-3711	96	7	+	+	CCONJ
fsr-3711	96	8	rt+jy	rt+jy	PROPN
fsr-3711	96	9	j	j	PROPN
fsr-3711	96	10	=	=	PROPN
fsr-3711	96	11	l	l	X
fsr-3711	96	12	(	(	PUNCT
fsr-3711	96	13	1	1	NUM
fsr-3711	96	14	+	+	CCONJ
fsr-3711	96	15	rt+jy	rt+jy	PROPN
fsr-3711	96	16	(	(	PUNCT
fsr-3711	96	17	15	15	NUM
fsr-3711	96	18	)	)	PUNCT
fsr-3711	96	19	the	the	DET
fsr-3711	96	20	left	left	ADJ
fsr-3711	96	21	hand	hand	NOUN
fsr-3711	96	22	side	side	NOUN
fsr-3711	96	23	(	(	PUNCT
fsr-3711	96	24	lhs	lhs	PROPN
fsr-3711	96	25	)	)	PUNCT
fsr-3711	96	26	variable	variable	NOUN
fsr-3711	96	27	,	,	PUNCT
fsr-3711	96	28	acf	acf	PROPN
fsr-3711	96	29	,	,	PUNCT
fsr-3711	96	30	is	be	AUX
fsr-3711	96	31	a	a	DET
fsr-3711	96	32	certain	certain	ADJ
fsr-3711	96	33	cash	cash	NOUN
fsr-3711	96	34	flow	flow	NOUN
fsr-3711	96	35	and	and	CCONJ
fsr-3711	96	36	must	must	AUX
fsr-3711	96	37	be	be	AUX
fsr-3711	96	38	discounted	discount	VERB
fsr-3711	96	39	with	with	ADP
fsr-3711	96	40	no	no	DET
fsr-3711	96	41	risk	risk	NOUN
fsr-3711	96	42	premium	premium	NOUN
fsr-3711	96	43	.	.	PUNCT
fsr-3711	97	1	the	the	DET
fsr-3711	97	2	right	right	ADJ
fsr-3711	97	3	hand	hand	NOUN
fsr-3711	97	4	side	side	NOUN
fsr-3711	97	5	(	(	PUNCT
fsr-3711	97	6	rhs	rhs	PROPN
fsr-3711	97	7	)	)	PUNCT
fsr-3711	97	8	variables	variable	NOUN
fsr-3711	97	9	,	,	PUNCT
fsr-3711	97	10	ecf	ecf	PROPN
fsr-3711	97	11	and	and	CCONJ
fsr-3711	97	12	ucf	ucf	PROPN
fsr-3711	97	13	,	,	PUNCT
fsr-3711	97	14	are	be	AUX
fsr-3711	97	15	uncertain	uncertain	ADJ
fsr-3711	97	16	cash	cash	NOUN
fsr-3711	97	17	flows	flow	NOUN
fsr-3711	97	18	and	and	CCONJ
fsr-3711	97	19	can	can	AUX
fsr-3711	97	20	be	be	AUX
fsr-3711	97	21	discounted	discount	VERB
fsr-3711	97	22	with	with	ADP
fsr-3711	97	23	no	no	DET
fsr-3711	97	24	risk	risk	NOUN
fsr-3711	97	25	premium	premium	NOUN
fsr-3711	97	26	only	only	ADV
fsr-3711	97	27	under	under	ADP
fsr-3711	97	28	the	the	DET
fsr-3711	97	29	risk	risk	NOUN
fsr-3711	97	30	neutrality	neutrality	NOUN
fsr-3711	97	31	assumption	assumption	NOUN
fsr-3711	97	32	.	.	PUNCT
fsr-3711	98	1	however	however	ADV
fsr-3711	98	2	,	,	PUNCT
fsr-3711	98	3	the	the	DET
fsr-3711	98	4	risk	risk	NOUN
fsr-3711	98	5	neutrality	neutrality	NOUN
fsr-3711	98	6	assumption	assumption	NOUN
fsr-3711	98	7	is	be	AUX
fsr-3711	98	8	not	not	PART
fsr-3711	98	9	attractive	attractive	ADJ
fsr-3711	98	10	.	.	PUNCT
fsr-3711	99	1	the	the	DET
fsr-3711	99	2	first	first	ADJ
fsr-3711	99	3	term	term	NOUN
fsr-3711	99	4	on	on	ADP
fsr-3711	99	5	the	the	DET
fsr-3711	99	6	rhs	rhs	PROPN
fsr-3711	99	7	is	be	AUX
fsr-3711	99	8	the	the	DET
fsr-3711	99	9	discounted	discount	VERB
fsr-3711	99	10	expected	expect	VERB
fsr-3711	99	11	dividend	dividend	NOUN
fsr-3711	99	12	stream	stream	NOUN
fsr-3711	99	13	,	,	PUNCT
fsr-3711	99	14	the	the	DET
fsr-3711	99	15	market	market	NOUN
fsr-3711	99	16	price	price	NOUN
fsr-3711	99	17	.	.	PUNCT
fsr-3711	100	1	it	it	PRON
fsr-3711	100	2	is	be	AUX
fsr-3711	100	3	contrary	contrary	ADJ
fsr-3711	100	4	to	to	ADP
fsr-3711	100	5	basic	basic	ADJ
fsr-3711	100	6	concepts	concept	NOUN
fsr-3711	100	7	of	of	ADP
fsr-3711	100	8	stock	stock	NOUN
fsr-3711	100	9	valuation	valuation	NOUN
fsr-3711	100	10	to	to	PART
fsr-3711	100	11	assume	assume	VERB
fsr-3711	100	12	that	that	SCONJ
fsr-3711	100	13	there	there	PRON
fsr-3711	100	14	is	be	VERB
fsr-3711	100	15	no	no	DET
fsr-3711	100	16	risk	risk	NOUN
fsr-3711	100	17	premium	premium	NOUN
fsr-3711	100	18	associated	associate	VERB
fsr-3711	100	19	with	with	ADP
fsr-3711	100	20	this	this	DET
fsr-3711	100	21	term	term	NOUN
fsr-3711	100	22	.	.	PUNCT
fsr-3711	101	1	the	the	DET
fsr-3711	101	2	relationship	relationship	NOUN
fsr-3711	101	3	is	be	AUX
fsr-3711	101	4	a	a	DET
fsr-3711	101	5	decompo	decompo	VERB
fsr-3711	101	6	sition	sition	NOUN
fsr-3711	101	7	and	and	CCONJ
fsr-3711	101	8	both	both	DET
fsr-3711	101	9	sides	side	NOUN
fsr-3711	101	10	must	must	AUX
fsr-3711	101	11	be	be	AUX
fsr-3711	101	12	discounted	discount	VERB
fsr-3711	101	13	by	by	ADP
fsr-3711	101	14	the	the	DET
fsr-3711	101	15	same	same	ADJ
fsr-3711	101	16	factor	factor	NOUN
fsr-3711	101	17	to	to	PART
fsr-3711	101	18	maintain	maintain	VERB
fsr-3711	101	19	equality	equality	NOUN
fsr-3711	101	20	(	(	PUNCT
fsr-3711	101	21	shleifer	shleifer	NOUN
fsr-3711	101	22	&	&	CCONJ
fsr-3711	101	23	summers	summer	NOUN
fsr-3711	101	24	,	,	PUNCT
fsr-3711	101	25	1990	1990	NUM
fsr-3711	101	26	)	)	PUNCT
fsr-3711	101	27	.	.	PUNCT
fsr-3711	102	1	if	if	SCONJ
fsr-3711	102	2	we	we	PRON
fsr-3711	102	3	discount	discount	VERB
fsr-3711	102	4	the	the	DET
fsr-3711	102	5	rhs	rhs	PROPN
fsr-3711	102	6	by	by	ADP
fsr-3711	102	7	a	a	DET
fsr-3711	102	8	factor	factor	NOUN
fsr-3711	102	9	containing	contain	VERB
fsr-3711	102	10	a	a	DET
fsr-3711	102	11	risk	risk	NOUN
fsr-3711	102	12	premium	premium	NOUN
fsr-3711	102	13	,	,	PUNCT
fsr-3711	102	14	the	the	DET
fsr-3711	102	15	lhs	lhs	PROPN
fsr-3711	102	16	,	,	PUNCT
fsr-3711	102	17	the	the	DET
fsr-3711	102	18	certain	certain	ADJ
fsr-3711	102	19	cash	cash	NOUN
fsr-3711	102	20	flow	flow	NOUN
fsr-3711	102	21	,	,	PUNCT
fsr-3711	102	22	must	must	AUX
fsr-3711	102	23	also	also	ADV
fsr-3711	102	24	be	be	AUX
fsr-3711	102	25	discounted	discount	VERB
fsr-3711	102	26	using	use	VERB
fsr-3711	102	27	a	a	DET
fsr-3711	102	28	risk	risk	NOUN
fsr-3711	102	29	premium	premium	NOUN
fsr-3711	102	30	.	.	PUNCT
fsr-3711	103	1	this	this	DET
fsr-3711	103	2	practice	practice	NOUN
fsr-3711	103	3	is	be	AUX
fsr-3711	103	4	used	use	VERB
fsr-3711	103	5	in	in	ADP
fsr-3711	103	6	variance	variance	NOUN
fsr-3711	103	7	bounds	bound	NOUN
fsr-3711	103	8	theory	theory	NOUN
fsr-3711	103	9	and	and	CCONJ
fsr-3711	103	10	the	the	DET
fsr-3711	103	11	pseudo	pseudo	NOUN
fsr-3711	103	12	value	value	NOUN
fsr-3711	103	13	is	be	AUX
fsr-3711	103	14	called	call	VERB
fsr-3711	103	15	the	the	DET
fsr-3711	103	16	“	"	PUNCT
fsr-3711	103	17	ex	ex	ADJ
fsr-3711	103	18	post	post	ADJ
fsr-3711	103	19	rational	rational	ADJ
fsr-3711	103	20	”	"	PUNCT
fsr-3711	103	21	price	price	NOUN
fsr-3711	103	22	.	.	PUNCT
fsr-3711	104	1	but	but	CCONJ
fsr-3711	104	2	,	,	PUNCT
fsr-3711	104	3	this	this	PRON
fsr-3711	104	4	is	be	AUX
fsr-3711	104	5	not	not	PART
fsr-3711	104	6	theoretically	theoretically	ADV
fsr-3711	104	7	correct	correct	ADJ
fsr-3711	104	8	and	and	CCONJ
fsr-3711	104	9	there	there	PRON
fsr-3711	104	10	is	be	VERB
fsr-3711	104	11	no	no	DET
fsr-3711	104	12	assurance	assurance	NOUN
fsr-3711	104	13	that	that	SCONJ
fsr-3711	104	14	an	an	DET
fsr-3711	104	15	equality	equality	NOUN
fsr-3711	104	16	is	be	AUX
fsr-3711	104	17	established	establish	VERB
fsr-3711	104	18	by	by	ADP
fsr-3711	104	19	applying	apply	VERB
fsr-3711	104	20	some	some	DET
fsr-3711	104	21	arbitrary	arbitrary	ADJ
fsr-3711	104	22	risk	risk	NOUN
fsr-3711	104	23	premium	premium	NOUN
fsr-3711	104	24	to	to	ADP
fsr-3711	104	25	the	the	DET
fsr-3711	104	26	lhs	lhs	PROPN
fsr-3711	104	27	.	.	PUNCT
fsr-3711	105	1	for	for	ADP
fsr-3711	105	2	clarity	clarity	NOUN
fsr-3711	105	3	let	let	VERB
fsr-3711	105	4	us	we	PRON
fsr-3711	105	5	examine	examine	VERB
fsr-3711	105	6	the	the	DET
fsr-3711	105	7	conditions	condition	NOUN
fsr-3711	105	8	under	under	ADP
fsr-3711	105	9	which	which	PRON
fsr-3711	105	10	(	(	PUNCT
fsr-3711	105	11	15	15	NUM
fsr-3711	105	12	)	)	PUNCT
fsr-3711	105	13	reduces	reduce	VERB
fsr-3711	105	14	to	to	ADP
fsr-3711	105	15	(	(	PUNCT
fsr-3711	105	16	1	1	NUM
fsr-3711	105	17	)	)	PUNCT
fsr-3711	105	18	.	.	PUNCT
fsr-3711	106	1	investors	investor	NOUN
fsr-3711	106	2	price	price	VERB
fsr-3711	106	3	risky	risky	ADJ
fsr-3711	106	4	equities	equity	NOUN
fsr-3711	106	5	by	by	ADP
fsr-3711	106	6	discounting	discount	VERB
fsr-3711	106	7	expected	expect	VERB
fsr-3711	106	8	,	,	PUNCT
fsr-3711	106	9	but	but	CCONJ
fsr-3711	106	10	uncertain	uncertain	ADJ
fsr-3711	106	11	,	,	PUNCT
fsr-3711	106	12	cash	cash	NOUN
fsr-3711	106	13	distribu	distribu	NOUN
fsr-3711	106	14	tions	tion	NOUN
fsr-3711	106	15	by	by	ADP
fsr-3711	106	16	a	a	DET
fsr-3711	106	17	discount	discount	NOUN
fsr-3711	106	18	factor	factor	NOUN
fsr-3711	106	19	,	,	PUNCT
fsr-3711	106	20	ki	ki	PROPN
fsr-3711	106	21	.	.	PUNCT
fsr-3711	107	1	thus	thus	ADV
fsr-3711	107	2	,	,	PUNCT
fsr-3711	107	3	the	the	DET
fsr-3711	107	4	current	current	ADJ
fsr-3711	107	5	market	market	NOUN
fsr-3711	107	6	price	price	NOUN
fsr-3711	107	7	is	be	AUX
fsr-3711	107	8	pit	pit	NOUN
fsr-3711	107	9	=	=	PUNCT
fsr-3711	107	10	c	c	PROPN
fsr-3711	107	11	ecfij+j	ecfij+j	PROPN
fsr-3711	107	12	j	j	X
fsr-3711	108	1	=	=	NOUN
fsr-3711	108	2	l	l	PROPN
fsr-3711	108	3	(	(	PUNCT
fsr-3711	108	4	1	1	NUM
fsr-3711	108	5	+	+	CCONJ
fsr-3711	108	6	k	k	NOUN
fsr-3711	108	7	,	,	PUNCT
fsr-3711	108	8	t+j	t+j	NUM
fsr-3711	108	9	’	'	PUNCT
fsr-3711	108	10	(	(	PUNCT
fsr-3711	108	11	16	16	NUM
fsr-3711	108	12	)	)	PUNCT
fsr-3711	108	13	the	the	DET
fsr-3711	108	14	discount	discount	NOUN
fsr-3711	108	15	rate	rate	NOUN
fsr-3711	108	16	,	,	PUNCT
fsr-3711	108	17	kit	kit	NOUN
fsr-3711	108	18	,	,	PUNCT
fsr-3711	108	19	includes	include	VERB
fsr-3711	108	20	a	a	DET
fsr-3711	108	21	risk	risk	NOUN
fsr-3711	108	22	premium	premium	NOUN
fsr-3711	108	23	and	and	CCONJ
fsr-3711	108	24	varies	vary	VERB
fsr-3711	108	25	from	from	ADP
fsr-3711	108	26	firm	firm	ADJ
fsr-3711	108	27	to	to	PART
fsr-3711	108	28	firm	firm	VERB
fsr-3711	108	29	and	and	CCONJ
fsr-3711	108	30	over	over	ADP
fsr-3711	108	31	time	time	NOUN
fsr-3711	108	32	as	as	SCONJ
fsr-3711	108	33	implied	imply	VERB
fsr-3711	108	34	by	by	ADP
fsr-3711	108	35	the	the	DET
fsr-3711	108	36	subscripts	subscript	NOUN
fsr-3711	108	37	.	.	PUNCT
fsr-3711	109	1	under	under	ADP
fsr-3711	109	2	the	the	DET
fsr-3711	109	3	assumption	assumption	NOUN
fsr-3711	109	4	of	of	ADP
fsr-3711	109	5	risk	risk	NOUN
fsr-3711	109	6	neutrality	neutrality	NOUN
fsr-3711	109	7	,	,	PUNCT
fsr-3711	109	8	ki,,+j	ki,,+j	PROPN
fsr-3711	109	9	=	=	SYM
fsr-3711	109	10	r,+j	r,+j	PROPN
fsr-3711	109	11	and	and	CCONJ
fsr-3711	109	12	xit	xit	PROPN
fsr-3711	109	13	=	=	SYM
fsr-3711	109	14	ucfi	ucfi	PROPN
fsr-3711	109	15	,	,	PUNCT
fsr-3711	109	16	t+j	t+j	NUM
fsr-3711	109	17	c	c	NOUN
fsr-3711	109	18	j	j	PROPN
fsr-3711	109	19	=	=	PROPN
fsr-3711	109	20	l	l	X
fsr-3711	109	21	(	(	PUNCT
fsr-3711	109	22	1	1	NUM
fsr-3711	109	23	+	+	NUM
fsr-3711	109	24	rr+j)j	rr+j)j	NOUN
fsr-3711	109	25	’	'	PUNCT
fsr-3711	109	26	(	(	PUNCT
fsr-3711	109	27	17	17	NUM
fsr-3711	109	28	)	)	PUNCT
fsr-3711	109	29	then	then	ADV
fsr-3711	109	30	(	(	PUNCT
fsr-3711	109	31	15	15	X
fsr-3711	109	32	)	)	PUNCT
fsr-3711	109	33	reduces	reduce	VERB
fsr-3711	109	34	to	to	ADP
fsr-3711	109	35	(	(	PUNCT
fsr-3711	109	36	l	l	NOUN
fsr-3711	109	37	)	)	PUNCT
fsr-3711	109	38	,	,	PUNCT
fsr-3711	109	39	which	which	PRON
fsr-3711	109	40	implies	imply	VERB
fsr-3711	109	41	that	that	SCONJ
fsr-3711	109	42	the	the	DET
fsr-3711	109	43	fundamental	fundamental	ADJ
fsr-3711	109	44	value	value	NOUN
fsr-3711	109	45	is	be	AUX
fsr-3711	109	46	a	a	DET
fsr-3711	109	47	linear	linear	ADJ
fsr-3711	109	48	combination	combination	NOUN
fsr-3711	109	49	of	of	ADP
fsr-3711	109	50	the	the	DET
fsr-3711	109	51	expected	expect	VERB
fsr-3711	109	52	information	information	NOUN
fsr-3711	109	53	effects	effect	NOUN
fsr-3711	109	54	,	,	PUNCT
fsr-3711	109	55	pit	pit	NOUN
fsr-3711	109	56	,	,	PUNCT
fsr-3711	109	57	and	and	CCONJ
fsr-3711	109	58	the	the	DET
fsr-3711	109	59	unexpected	unexpected	ADJ
fsr-3711	109	60	effects	effect	NOUN
fsr-3711	109	61	,	,	PUNCT
fsr-3711	109	62	94	94	NUM
fsr-3711	109	63	f’inancial	f’inancial	PROPN
fsr-3711	109	64	services	service	NOUN
fsr-3711	109	65	review	review	NOUN
fsr-3711	109	66	,	,	PUNCT
fsr-3711	109	67	2(2	2(2	NUM
fsr-3711	109	68	)	)	PUNCT
fsr-3711	109	69	1993	1993	NUM
fsr-3711	109	70	xif	xif	NOUN
fsr-3711	109	71	in	in	ADP
fsr-3711	109	72	a	a	DET
fsr-3711	109	73	risk	risk	NOUN
fsr-3711	109	74	neutral	neutral	ADJ
fsr-3711	109	75	world	world	NOUN
fsr-3711	109	76	.	.	PUNCT
fsr-3711	110	1	but	but	CCONJ
fsr-3711	110	2	,	,	PUNCT
fsr-3711	110	3	there	there	PRON
fsr-3711	110	4	is	be	VERB
fsr-3711	110	5	no	no	DET
fsr-3711	110	6	reason	reason	NOUN
fsr-3711	110	7	to	to	PART
fsr-3711	110	8	believe	believe	VERB
fsr-3711	110	9	that	that	SCONJ
fsr-3711	110	10	the	the	DET
fsr-3711	110	11	same	same	ADJ
fsr-3711	110	12	relationship	relationship	NOUN
fsr-3711	110	13	holds	hold	VERB
fsr-3711	110	14	in	in	ADP
fsr-3711	110	15	a	a	DET
fsr-3711	110	16	risk	risk	NOUN
fsr-3711	110	17	averse	averse	ADJ
fsr-3711	110	18	world	world	NOUN
fsr-3711	110	19	.	.	PUNCT
fsr-3711	111	1	a	a	DET
fsr-3711	111	2	theoretically	theoretically	ADV
fsr-3711	111	3	correct	correct	ADJ
fsr-3711	111	4	relationship	relationship	NOUN
fsr-3711	111	5	under	under	ADP
fsr-3711	111	6	risk	risk	NOUN
fsr-3711	111	7	aversion	aversion	NOUN
fsr-3711	111	8	can	can	AUX
fsr-3711	111	9	be	be	AUX
fsr-3711	111	10	established	establish	VERB
fsr-3711	111	11	utilizing	utilizing	NOUN
fsr-3711	111	12	assumptions	assumption	NOUN
fsr-3711	111	13	normally	normally	ADV
fsr-3711	111	14	accepted	accept	VERB
fsr-3711	111	15	in	in	ADP
fsr-3711	111	16	security	security	NOUN
fsr-3711	111	17	valuation	valuation	NOUN
fsr-3711	111	18	.	.	PUNCT
fsr-3711	112	1	without	without	ADP
fsr-3711	112	2	loss	loss	NOUN
fsr-3711	112	3	of	of	ADP
fsr-3711	112	4	generality	generality	NOUN
fsr-3711	112	5	,	,	PUNCT
fsr-3711	112	6	we	we	PRON
fsr-3711	112	7	treat	treat	VERB
fsr-3711	112	8	both	both	CCONJ
fsr-3711	112	9	actual	actual	ADJ
fsr-3711	112	10	and	and	CCONJ
fsr-3711	112	11	expected	expect	VERB
fsr-3711	112	12	dividend	dividend	NOUN
fsr-3711	112	13	growth	growth	NOUN
fsr-3711	112	14	rates	rate	NOUN
fsr-3711	112	15	,	,	PUNCT
fsr-3711	112	16	(	(	PUNCT
fsr-3711	112	17	gj	gj	NOUN
fsr-3711	112	18	and	and	CCONJ
fsr-3711	112	19	(	(	PUNCT
fsr-3711	112	20	g	g	PROPN
fsr-3711	112	21	&	&	CCONJ
fsr-3711	112	22	,	,	PUNCT
fsr-3711	112	23	respectively	respectively	ADV
fsr-3711	112	24	,	,	PUNCT
fsr-3711	112	25	as	as	ADP
fsr-3711	112	26	constants	constant	NOUN
fsr-3711	112	27	over	over	ADP
fsr-3711	112	28	the	the	DET
fsr-3711	112	29	period	period	NOUN
fsr-3711	112	30	t	t	PROPN
fsr-3711	112	31	=	=	SYM
fsr-3711	112	32	l,	l,	PROPN
fsr-3711	112	33	...	...	PUNCT
fsr-3711	112	34	,~.	,~.	PUNCT
fsr-3711	112	35	thus	thus	ADV
fsr-3711	112	36	,	,	PUNCT
fsr-3711	112	37	ecf	ecf	PROPN
fsr-3711	112	38	,	,	PUNCT
fsr-3711	112	39	,	,	PUNCT
fsr-3711	112	40	=	=	SYM
fsr-3711	112	41	dit	dit	X
fsr-3711	112	42	(	(	PUNCT
fsr-3711	112	43	1	1	NUM
fsr-3711	112	44	+	+	CCONJ
fsr-3711	112	45	gei)j	gei)j	PROPN
fsr-3711	112	46	(	(	PUNCT
fsr-3711	112	47	18	18	NUM
fsr-3711	112	48	)	)	PUNCT
fsr-3711	112	49	and	and	CCONJ
fsr-3711	112	50	acfi	acfi	NOUN
fsr-3711	112	51	,	,	PUNCT
fsr-3711	112	52	t+j	t+j	NUM
fsr-3711	112	53	=	=	SYM
fsr-3711	112	54	di	di	NOUN
fsr-3711	112	55	,	,	PUNCT
fsr-3711	112	56	(	(	PUNCT
fsr-3711	112	57	1	1	NUM
fsr-3711	112	58	+	+	CCONJ
fsr-3711	112	59	g	g	NOUN
fsr-3711	112	60	,	,	PUNCT
fsr-3711	112	61	&	&	CCONJ
fsr-3711	112	62	similarly	similarly	ADV
fsr-3711	112	63	,	,	PUNCT
fsr-3711	112	64	ki	ki	PROPN
fsr-3711	112	65	,	,	PUNCT
fsr-3711	112	66	t+j	t+j	NUM
fsr-3711	112	67	and	and	CCONJ
fsr-3711	112	68	rt+j	rt+j	PROPN
fsr-3711	112	69	are	be	AUX
fsr-3711	112	70	treated	treat	VERB
fsr-3711	112	71	as	as	ADP
fsr-3711	112	72	their	their	PRON
fsr-3711	112	73	effective	effective	ADJ
fsr-3711	112	74	geometric	geometric	ADJ
fsr-3711	112	75	average	average	ADJ
fsr-3711	112	76	values	value	NOUN
fsr-3711	112	77	over	over	ADP
fsr-3711	112	78	time	time	NOUN
fsr-3711	112	79	and	and	CCONJ
fsr-3711	112	80	designated	designate	VERB
fsr-3711	112	81	henceforth	henceforth	ADV
fsr-3711	112	82	as	as	ADP
fsr-3711	112	83	ki	ki	PROPN
fsr-3711	112	84	and	and	CCONJ
fsr-3711	112	85	r	r	NOUN
fsr-3711	112	86	,	,	PUNCT
fsr-3711	112	87	.	.	PUNCT
fsr-3711	112	88	,	,	PUNCT
fsr-3711	112	89	respectively	respectively	ADV
fsr-3711	112	90	.	.	PUNCT
fsr-3711	113	1	the	the	DET
fsr-3711	113	2	sum	sum	NOUN
fsr-3711	113	3	of	of	ADP
fsr-3711	113	4	the	the	DET
fsr-3711	113	5	infinite	infinite	ADJ
fsr-3711	113	6	series	series	NOUN
fsr-3711	113	7	created	create	VERB
fsr-3711	113	8	by	by	ADP
fsr-3711	113	9	substituting	substitute	VERB
fsr-3711	113	10	(	(	PUNCT
fsr-3711	113	11	18	18	NUM
fsr-3711	113	12	)	)	PUNCT
fsr-3711	113	13	into	into	ADP
fsr-3711	113	14	(	(	PUNCT
fsr-3711	113	15	16	16	NUM
fsr-3711	113	16	)	)	PUNCT
fsr-3711	113	17	converges	converge	NOUN
fsr-3711	113	18	(	(	PUNCT
fsr-3711	113	19	see	see	VERB
fsr-3711	113	20	gordon	gordon	PROPN
fsr-3711	113	21	(	(	PUNCT
fsr-3711	113	22	1962	1962	NUM
fsr-3711	113	23	)	)	PUNCT
fsr-3711	113	24	)	)	PUNCT
fsr-3711	113	25	to	to	ADP
fsr-3711	113	26	:	:	PUNCT
fsr-3711	113	27	pir	pir	PROPN
fsr-3711	113	28	=	=	PUNCT
fsr-3711	113	29	da1	da1	PROPN
fsr-3711	114	1	+	+	CCONJ
fsr-3711	114	2	gd	gd	ADJ
fsr-3711	114	3	ki	ki	PROPN
fsr-3711	114	4	_	_	PUNCT
fsr-3711	115	1	gei	gei	PROPN
fsr-3711	115	2	where	where	SCONJ
fsr-3711	115	3	(	(	PUNCT
fsr-3711	115	4	ki	ki	PROPN
fsr-3711	115	5	g&is	g&is	X
fsr-3711	115	6	strictly	strictly	ADV
fsr-3711	115	7	positive	positive	ADJ
fsr-3711	115	8	for	for	ADP
fsr-3711	115	9	any	any	DET
fsr-3711	115	10	finite	finite	ADJ
fsr-3711	115	11	market	market	NOUN
fsr-3711	115	12	price	price	NOUN
fsr-3711	115	13	.	.	PUNCT
fsr-3711	116	1	in	in	ADP
fsr-3711	116	2	a	a	DET
fsr-3711	116	3	similar	similar	ADJ
fsr-3711	116	4	manner	manner	NOUN
fsr-3711	116	5	,	,	PUNCT
fsr-3711	116	6	substituting	substitute	VERB
fsr-3711	116	7	(	(	PUNCT
fsr-3711	116	8	19	19	NUM
fsr-3711	116	9	)	)	PUNCT
fsr-3711	116	10	into	into	ADP
fsr-3711	116	11	(	(	PUNCT
fsr-3711	116	12	13	13	NUM
fsr-3711	116	13	)	)	PUNCT
fsr-3711	116	14	(	(	PUNCT
fsr-3711	116	15	or	or	CCONJ
fsr-3711	116	16	the	the	DET
fsr-3711	116	17	equivalent	equivalent	ADJ
fsr-3711	116	18	lhs	lhs	PROPN
fsr-3711	116	19	of	of	ADP
fsr-3711	116	20	(	(	PUNCT
fsr-3711	116	21	15	15	NUM
fsr-3711	116	22	)	)	PUNCT
fsr-3711	116	23	)	)	PUNCT
fsr-3711	116	24	yields	yield	VERB
fsr-3711	116	25	the	the	DET
fsr-3711	116	26	theoretical	theoretical	ADJ
fsr-3711	116	27	true	true	ADJ
fsr-3711	116	28	(	(	PUNCT
fsr-3711	116	29	or	or	CCONJ
fsr-3711	116	30	fundamental	fundamental	ADJ
fsr-3711	116	31	)	)	PUNCT
fsr-3711	116	32	price	price	NOUN
fsr-3711	116	33	n	n	NOUN
fsr-3711	116	34	,	,	PUNCT
fsr-3711	116	35	=	=	SYM
fsr-3711	116	36	dixl	dixl	ADJ
fsr-3711	116	37	+	+	NUM
fsr-3711	116	38	gai	gai	NOUN
fsr-3711	116	39	)	)	PUNCT
fsr-3711	116	40	it	it	PRON
fsr-3711	116	41	rfhi	rfhi	ADJ
fsr-3711	116	42	(	(	PUNCT
fsr-3711	116	43	21	21	NUM
fsr-3711	116	44	)	)	PUNCT
fsr-3711	116	45	where	where	SCONJ
fsr-3711	116	46	(	(	PUNCT
fsr-3711	116	47	rrgai	rrgai	NOUN
fsr-3711	116	48	)	)	PUNCT
fsr-3711	116	49	is	be	AUX
fsr-3711	116	50	strictly	strictly	ADV
fsr-3711	116	51	positive	positive	ADJ
fsr-3711	116	52	for	for	ADP
fsr-3711	116	53	any	any	DET
fsr-3711	116	54	finite	finite	ADJ
fsr-3711	116	55	fundamental	fundamental	ADJ
fsr-3711	116	56	price	price	NOUN
fsr-3711	116	57	.	.	PUNCT
fsr-3711	116	58	’	'	PUNCT
fsr-3711	117	1	solving	solve	VERB
fsr-3711	117	2	for	for	ADP
fsr-3711	117	3	di	di	NOUN
fsr-3711	117	4	,	,	PUNCT
fsr-3711	117	5	,	,	PUNCT
fsr-3711	117	6	in	in	ADP
fsr-3711	117	7	(	(	PUNCT
fsr-3711	117	8	20	20	NUM
fsr-3711	117	9	)	)	PUNCT
fsr-3711	117	10	and	and	CCONJ
fsr-3711	117	11	substituting	substitute	VERB
fsr-3711	117	12	into	into	ADP
fsr-3711	117	13	(	(	PUNCT
fsr-3711	117	14	21	21	NUM
fsr-3711	117	15	)	)	PUNCT
fsr-3711	117	16	yields	yield	VERB
fsr-3711	117	17	the	the	DET
fsr-3711	117	18	relationship	relationship	NOUN
fsr-3711	118	1	%	%	NOUN
fsr-3711	119	1	=	=	PUNCT
fsr-3711	119	2	pir	pir	PROPN
fsr-3711	119	3	(	(	PUNCT
fsr-3711	119	4	i+	i+	NUM
fsr-3711	119	5	gaj(ki	gaj(ki	NOUN
fsr-3711	119	6	gd	gd	NOUN
fsr-3711	119	7	(	(	PUNCT
fsr-3711	119	8	1	1	NUM
fsr-3711	119	9	+	+	NUM
fsr-3711	119	10	gsj(rf	gsj(rf	X
fsr-3711	119	11	gai	gai	NOUN
fsr-3711	119	12	)	)	PUNCT
fsr-3711	119	13	1	1	NUM
fsr-3711	119	14	(	(	PUNCT
fsr-3711	119	15	22	22	NUM
fsr-3711	119	16	)	)	PUNCT
fsr-3711	119	17	the	the	DET
fsr-3711	119	18	ratio	ratio	NOUN
fsr-3711	119	19	in	in	ADP
fsr-3711	119	20	brackets	bracket	NOUN
fsr-3711	119	21	is	be	AUX
fsr-3711	119	22	a	a	DET
fsr-3711	119	23	certainty	certainty	ADJ
fsr-3711	119	24	equivalent	equivalent	ADJ
fsr-3711	119	25	factor	factor	NOUN
fsr-3711	119	26	between	between	ADP
fsr-3711	119	27	the	the	DET
fsr-3711	119	28	fundamental	fundamental	ADJ
fsr-3711	119	29	value	value	NOUN
fsr-3711	119	30	(	(	PUNCT
fsr-3711	119	31	the	the	DET
fsr-3711	119	32	discounted	discount	VERB
fsr-3711	119	33	value	value	NOUN
fsr-3711	119	34	of	of	ADP
fsr-3711	119	35	a	a	DET
fsr-3711	119	36	stream	stream	NOUN
fsr-3711	119	37	of	of	ADP
fsr-3711	119	38	certain	certain	ADJ
fsr-3711	119	39	real	real	ADJ
fsr-3711	119	40	cash	cash	NOUN
fsr-3711	119	41	distributions	distribution	NOUN
fsr-3711	119	42	)	)	PUNCT
fsr-3711	119	43	and	and	CCONJ
fsr-3711	119	44	the	the	DET
fsr-3711	119	45	market	market	NOUN
fsr-3711	119	46	price	price	NOUN
fsr-3711	119	47	(	(	PUNCT
fsr-3711	119	48	the	the	DET
fsr-3711	119	49	discounted	discount	VERB
fsr-3711	119	50	value	value	NOUN
fsr-3711	119	51	of	of	ADP
fsr-3711	119	52	a	a	DET
fsr-3711	119	53	stream	stream	NOUN
fsr-3711	119	54	of	of	ADP
fsr-3711	119	55	expected	expect	VERB
fsr-3711	119	56	but	but	CCONJ
fsr-3711	119	57	uncertain	uncertain	ADJ
fsr-3711	119	58	cash	cash	NOUN
fsr-3711	119	59	distribu	distribu	NOUN
fsr-3711	119	60	tions	tion	NOUN
fsr-3711	119	61	)	)	PUNCT
fsr-3711	119	62	.	.	PUNCT
fsr-3711	120	1	in	in	ADP
fsr-3711	120	2	a	a	DET
fsr-3711	120	3	risk	risk	NOUN
fsr-3711	120	4	averse	averse	ADJ
fsr-3711	120	5	world	world	NOUN
fsr-3711	120	6	the	the	DET
fsr-3711	120	7	relationship	relationship	NOUN
fsr-3711	120	8	is	be	AUX
fsr-3711	120	9	nonlinear	nonlinear	ADJ
fsr-3711	120	10	as	as	SCONJ
fsr-3711	120	11	shown	show	VERB
fsr-3711	120	12	by	by	ADP
fsr-3711	120	13	(	(	PUNCT
fsr-3711	120	14	22	22	NUM
fsr-3711	120	15	)	)	PUNCT
fsr-3711	120	16	.	.	PUNCT
fsr-3711	121	1	it	it	PRON
fsr-3711	121	2	is	be	AUX
fsr-3711	121	3	obvious	obvious	ADJ
fsr-3711	121	4	that	that	SCONJ
fsr-3711	121	5	this	this	DET
fsr-3711	121	6	relationship	relationship	NOUN
fsr-3711	121	7	does	do	AUX
fsr-3711	121	8	not	not	PART
fsr-3711	121	9	produce	produce	VERB
fsr-3711	121	10	the	the	DET
fsr-3711	121	11	variance	variance	NOUN
fsr-3711	121	12	boundary	boundary	NOUN
fsr-3711	121	13	that	that	PRON
fsr-3711	121	14	is	be	AUX
fsr-3711	121	15	produced	produce	VERB
fsr-3711	121	16	by	by	ADP
fsr-3711	121	17	(	(	PUNCT
fsr-3711	121	18	1	1	NUM
fsr-3711	121	19	)	)	PUNCT
fsr-3711	121	20	.	.	PUNCT
fsr-3711	122	1	we	we	PRON
fsr-3711	122	2	argue	argue	VERB
fsr-3711	122	3	that	that	SCONJ
fsr-3711	122	4	(	(	PUNCT
fsr-3711	122	5	1	1	X
fsr-3711	122	6	)	)	PUNCT
fsr-3711	122	7	is	be	AUX
fsr-3711	122	8	an	an	DET
fsr-3711	122	9	inequality	inequality	NOUN
fsr-3711	122	10	in	in	ADP
fsr-3711	122	11	a	a	DET
fsr-3711	122	12	risk	risk	NOUN
fsr-3711	122	13	averse	averse	ADJ
fsr-3711	122	14	world	world	NOUN
fsr-3711	122	15	;	;	PUNCT
fsr-3711	122	16	thus	thus	ADV
fsr-3711	122	17	,	,	PUNCT
fsr-3711	122	18	the	the	DET
fsr-3711	122	19	variances	variance	NOUN
fsr-3711	122	20	that	that	PRON
fsr-3711	122	21	are	be	AUX
fsr-3711	122	22	derived	derive	VERB
fsr-3711	122	23	from	from	ADP
fsr-3711	122	24	the	the	DET
fsr-3711	122	25	relationship	relationship	NOUN
fsr-3711	122	26	can	can	AUX
fsr-3711	122	27	not	not	PART
fsr-3711	122	28	be	be	AUX
fsr-3711	122	29	interpreted	interpret	VERB
fsr-3711	122	30	as	as	ADP
fsr-3711	122	31	valid	valid	ADJ
fsr-3711	122	32	bounds	bound	NOUN
fsr-3711	122	33	.	.	PUNCT
fsr-3711	123	1	the	the	DET
fsr-3711	123	2	individual	individual	ADJ
fsr-3711	123	3	investor	investor	NOUN
fsr-3711	123	4	in	in	ADP
fsr-3711	123	5	the	the	DET
fsr-3711	123	6	market	market	NOUN
fsr-3711	123	7	95	95	NUM
fsr-3711	123	8	iv	iv	NOUN
fsr-3711	123	9	.	.	PUNCT
fsr-3711	124	1	stjmmary	stjmmary	PROPN
fsr-3711	124	2	and	and	CCONJ
fsr-3711	124	3	conclusions	conclusion	NOUN
fsr-3711	124	4	this	this	DET
fsr-3711	124	5	study	study	NOUN
fsr-3711	124	6	shows	show	VERB
fsr-3711	124	7	that	that	SCONJ
fsr-3711	124	8	the	the	DET
fsr-3711	124	9	theory	theory	NOUN
fsr-3711	124	10	underlying	underlie	VERB
fsr-3711	124	11	the	the	DET
fsr-3711	124	12	excessive	excessive	ADJ
fsr-3711	124	13	price	price	NOUN
fsr-3711	124	14	volatility	volatility	NOUN
fsr-3711	124	15	challenge	challenge	NOUN
fsr-3711	124	16	to	to	ADP
fsr-3711	124	17	market	market	NOUN
fsr-3711	124	18	efficiency	efficiency	NOUN
fsr-3711	124	19	is	be	AUX
fsr-3711	124	20	flawed	flawed	ADJ
fsr-3711	124	21	.	.	PUNCT
fsr-3711	125	1	we	we	PRON
fsr-3711	125	2	have	have	AUX
fsr-3711	125	3	not	not	PART
fsr-3711	125	4	shown	show	VERB
fsr-3711	125	5	that	that	SCONJ
fsr-3711	125	6	markets	market	NOUN
fsr-3711	125	7	are	be	AUX
fsr-3711	125	8	efficient	efficient	ADJ
fsr-3711	125	9	;	;	PUNCT
fsr-3711	125	10	but	but	CCONJ
fsr-3711	125	11	we	we	PRON
fsr-3711	125	12	have	have	AUX
fsr-3711	125	13	given	give	VERB
fsr-3711	125	14	investors	investor	NOUN
fsr-3711	125	15	reason	reason	NOUN
fsr-3711	125	16	to	to	PART
fsr-3711	125	17	doubt	doubt	VERB
fsr-3711	125	18	the	the	DET
fsr-3711	125	19	argument	argument	NOUN
fsr-3711	125	20	for	for	ADP
fsr-3711	125	21	market	market	NOUN
fsr-3711	125	22	inefficiency	inefficiency	NOUN
fsr-3711	125	23	based	base	VERB
fsr-3711	125	24	on	on	ADP
fsr-3711	125	25	the	the	DET
fsr-3711	125	26	evidence	evidence	NOUN
fsr-3711	125	27	for	for	ADP
fsr-3711	125	28	excessive	excessive	ADJ
fsr-3711	125	29	price	price	NOUN
fsr-3711	125	30	volatility	volatility	NOUN
fsr-3711	125	31	.	.	PUNCT
fsr-3711	126	1	our	our	PRON
fsr-3711	126	2	conclusion	conclusion	NOUN
fsr-3711	126	3	is	be	AUX
fsr-3711	126	4	consistent	consistent	ADJ
fsr-3711	126	5	with	with	ADP
fsr-3711	126	6	a	a	DET
fsr-3711	126	7	statement	statement	NOUN
fsr-3711	126	8	by	by	ADP
fsr-3711	126	9	fama	fama	PROPN
fsr-3711	126	10	(	(	PUNCT
fsr-3711	126	11	1990	1990	NUM
fsr-3711	126	12	)	)	PUNCT
fsr-3711	126	13	,	,	PUNCT
fsr-3711	126	14	“	"	PUNCT
fsr-3711	126	15	as	as	ADP
fsr-3711	126	16	always	always	ADV
fsr-3711	126	17	,	,	PUNCT
fsr-3711	126	18	then	then	ADV
fsr-3711	126	19	,	,	PUNCT
fsr-3711	126	20	the	the	DET
fsr-3711	126	21	answer	answer	NOUN
fsr-3711	126	22	to	to	ADP
fsr-3711	126	23	the	the	DET
fsr-3711	126	24	basic	basic	ADJ
fsr-3711	126	25	market	market	NOUN
fsr-3711	126	26	rationality	rationality	NOUN
fsr-3711	126	27	question	question	NOUN
fsr-3711	126	28	must	must	AUX
fsr-3711	126	29	be	be	AUX
fsr-3711	126	30	left	leave	VERB
fsr-3711	126	31	to	to	ADP
fsr-3711	126	32	the	the	DET
fsr-3711	126	33	reader	reader	NOUN
fsr-3711	126	34	.	.	PUNCT
fsr-3711	126	35	”	"	PUNCT
fsr-3711	126	36	notes	note	VERB
fsr-3711	126	37	1	1	NUM
fsr-3711	126	38	.	.	PUNCT
fsr-3711	126	39	fama	fama	PROPN
fsr-3711	126	40	(	(	PUNCT
fsr-3711	126	41	1991	1991	NUM
fsr-3711	126	42	)	)	PUNCT
fsr-3711	126	43	provides	provide	VERB
fsr-3711	126	44	an	an	DET
fsr-3711	126	45	excellent	excellent	ADJ
fsr-3711	126	46	review	review	NOUN
fsr-3711	126	47	.	.	PUNCT
fsr-3711	127	1	2	2	X
fsr-3711	127	2	.	.	X
fsr-3711	127	3	the	the	DET
fsr-3711	127	4	dow	dow	PROPN
fsr-3711	127	5	jones	jones	PROPN
fsr-3711	127	6	industrial	industrial	PROPN
fsr-3711	127	7	average	average	PROPN
fsr-3711	127	8	reached	reach	VERB
fsr-3711	127	9	a	a	DET
fsr-3711	127	10	modem	modem	ADJ
fsr-3711	127	11	period	period	NOUN
fsr-3711	127	12	low	low	ADV
fsr-3711	127	13	in	in	ADP
fsr-3711	127	14	1974	1974	NUM
fsr-3711	127	15	.	.	PUNCT
fsr-3711	128	1	3	3	X
fsr-3711	128	2	.	.	X
fsr-3711	128	3	researchers	researcher	NOUN
fsr-3711	128	4	applying	apply	VERB
fsr-3711	128	5	ex	ex	PRON
fsr-3711	128	6	ante	ante	NOUN
fsr-3711	128	7	discount	discount	NOUN
fsr-3711	128	8	rates	rate	NOUN
fsr-3711	128	9	to	to	PART
fsr-3711	128	10	realized	realize	VERB
fsr-3711	128	11	prices	price	NOUN
fsr-3711	128	12	and	and	CCONJ
fsr-3711	128	13	dividends	dividend	NOUN
fsr-3711	128	14	refer	refer	VERB
fsr-3711	128	15	to	to	ADP
fsr-3711	128	16	this	this	DET
fsr-3711	128	17	proxy	proxy	NOUN
fsr-3711	128	18	for	for	ADP
fsr-3711	128	19	the	the	DET
fsr-3711	128	20	security	security	NOUN
fsr-3711	128	21	’s	’s	PART
fsr-3711	128	22	fundamental	fundamental	ADJ
fsr-3711	128	23	value	value	NOUN
fsr-3711	128	24	as	as	ADP
fsr-3711	128	25	the	the	DET
fsr-3711	128	26	‘	'	PUNCT
fsr-3711	128	27	&	&	CCONJ
fsr-3711	128	28	ex	ex	ADJ
fsr-3711	128	29	post	post	ADJ
fsr-3711	128	30	rational	rational	ADJ
fsr-3711	128	31	price	price	NOUN
fsr-3711	128	32	.	.	PUNCT
fsr-3711	128	33	”	"	PUNCT
fsr-3711	129	1	see	see	VERB
fsr-3711	129	2	kleidon	kleidon	ADJ
fsr-3711	129	3	(	(	PUNCT
fsr-3711	129	4	1986a	1986a	NUM
fsr-3711	129	5	)	)	PUNCT
fsr-3711	129	6	for	for	ADP
fsr-3711	129	7	a	a	DET
fsr-3711	129	8	discussion	discussion	NOUN
fsr-3711	129	9	of	of	ADP
fsr-3711	129	10	this	this	DET
fsr-3711	129	11	term	term	NOUN
fsr-3711	129	12	.	.	PUNCT
fsr-3711	130	1	4	4	X
fsr-3711	130	2	.	.	X
fsr-3711	130	3	critics	critic	NOUN
fsr-3711	130	4	(	(	PUNCT
fsr-3711	130	5	flavin	flavin	NOUN
fsr-3711	130	6	(	(	PUNCT
fsr-3711	130	7	1983	1983	NUM
fsr-3711	130	8	)	)	PUNCT
fsr-3711	130	9	,	,	PUNCT
fsr-3711	130	10	kleidon	kleidon	X
fsr-3711	130	11	(	(	PUNCT
fsr-3711	130	12	1986a	1986a	NUM
fsr-3711	130	13	,	,	PUNCT
fsr-3711	130	14	b	b	NOUN
fsr-3711	130	15	)	)	PUNCT
fsr-3711	130	16	,	,	PUNCT
fsr-3711	130	17	and	and	CCONJ
fsr-3711	130	18	marsh	marsh	PROPN
fsr-3711	130	19	and	and	CCONJ
fsr-3711	130	20	merton	merton	PROPN
fsr-3711	130	21	(	(	PUNCT
fsr-3711	130	22	1986	1986	NUM
fsr-3711	130	23	)	)	PUNCT
fsr-3711	130	24	)	)	PUNCT
fsr-3711	130	25	quickly	quickly	ADV
fsr-3711	130	26	find	find	VERB
fsr-3711	130	27	problems	problem	NOUN
fsr-3711	130	28	with	with	ADP
fsr-3711	130	29	the	the	DET
fsr-3711	130	30	early	early	ADJ
fsr-3711	130	31	analyses	analysis	NOUN
fsr-3711	130	32	.	.	PUNCT
fsr-3711	131	1	new	new	ADJ
fsr-3711	131	2	tests	test	NOUN
fsr-3711	131	3	intended	intend	VERB
fsr-3711	131	4	to	to	PART
fsr-3711	131	5	correct	correct	VERB
fsr-3711	131	6	these	these	DET
fsr-3711	131	7	problems	problem	NOUN
fsr-3711	131	8	are	be	AUX
fsr-3711	131	9	developed	develop	VERB
fsr-3711	131	10	by	by	ADP
fsr-3711	131	11	mankiw	mankiw	PROPN
fsr-3711	131	12	,	,	PUNCT
fsr-3711	131	13	romer	romer	NOUN
fsr-3711	131	14	,	,	PUNCT
fsr-3711	131	15	and	and	CCONJ
fsr-3711	131	16	shapiro	shapiro	PROPN
fsr-3711	131	17	(	(	PUNCT
fsr-3711	131	18	1985	1985	NUM
fsr-3711	131	19	)	)	PUNCT
fsr-3711	131	20	,	,	PUNCT
fsr-3711	131	21	scott	scott	PROPN
fsr-3711	131	22	(	(	PUNCT
fsr-3711	131	23	1985	1985	NUM
fsr-3711	131	24	)	)	PUNCT
fsr-3711	131	25	,	,	PUNCT
fsr-3711	131	26	campbell	campbell	PROPN
fsr-3711	131	27	and	and	CCONJ
fsr-3711	131	28	shiller	shiller	PROPN
fsr-3711	131	29	(	(	PUNCT
fsr-3711	131	30	1988a	1988a	NUM
fsr-3711	131	31	,	,	PUNCT
fsr-3711	131	32	b	b	NOUN
fsr-3711	131	33	)	)	PUNCT
fsr-3711	131	34	,	,	PUNCT
fsr-3711	131	35	and	and	CCONJ
fsr-3711	131	36	leroy	leroy	PROPN
fsr-3711	131	37	and	and	CCONJ
fsr-3711	131	38	parke	parke	PROPN
fsr-3711	131	39	(	(	PUNCT
fsr-3711	131	40	1990	1990	NUM
fsr-3711	131	41	)	)	PUNCT
fsr-3711	131	42	.	.	PUNCT
fsr-3711	132	1	these	these	DET
fsr-3711	132	2	second	second	ADJ
fsr-3711	132	3	-	-	PUNCT
fsr-3711	132	4	generation	generation	NOUN
fsr-3711	132	5	tests	test	NOUN
fsr-3711	132	6	are	be	AUX
fsr-3711	132	7	criticized	criticize	VERB
fsr-3711	132	8	by	by	ADP
fsr-3711	132	9	shea	shea	PROPN
fsr-3711	132	10	(	(	PUNCT
fsr-3711	132	11	1989	1989	NUM
fsr-3711	132	12	)	)	PUNCT
fsr-3711	132	13	.	.	PUNCT
fsr-3711	133	1	articles	article	NOUN
fsr-3711	133	2	by	by	ADP
fsr-3711	133	3	leroy	leroy	PROPN
fsr-3711	133	4	(	(	PUNCT
fsr-3711	133	5	1989	1989	NUM
fsr-3711	133	6	)	)	PUNCT
fsr-3711	133	7	.	.	PUNCT
fsr-3711	134	1	west	west	PROPN
fsr-3711	134	2	(	(	PUNCT
fsr-3711	134	3	1988	1988	NUM
fsr-3711	134	4	)	)	PUNCT
fsr-3711	134	5	,	,	PUNCT
fsr-3711	134	6	and	and	CCONJ
fsr-3711	134	7	gilles	gille	NOUN
fsr-3711	134	8	and	and	CCONJ
fsr-3711	134	9	leroy	leroy	PROPN
fsr-3711	134	10	(	(	PUNCT
fsr-3711	134	11	1990	1990	NUM
fsr-3711	134	12	)	)	PUNCT
fsr-3711	134	13	present	present	ADJ
fsr-3711	134	14	excellent	excellent	ADJ
fsr-3711	134	15	reviews	review	NOUN
fsr-3711	134	16	of	of	ADP
fsr-3711	134	17	the	the	DET
fsr-3711	134	18	variance	variance	NOUN
fsr-3711	134	19	bounds	bound	VERB
fsr-3711	134	20	literature	literature	NOUN
fsr-3711	134	21	.	.	PUNCT
fsr-3711	135	1	5	5	X
fsr-3711	135	2	.	.	X
fsr-3711	135	3	leroy	leroy	PROPN
fsr-3711	135	4	and	and	CCONJ
fsr-3711	135	5	porter	porter	PROPN
fsr-3711	135	6	(	(	PUNCT
fsr-3711	135	7	1981	1981	NUM
fsr-3711	135	8	,	,	PUNCT
fsr-3711	135	9	p.	p.	NOUN
fsr-3711	135	10	561	561	NUM
fsr-3711	135	11	)	)	PUNCT
fsr-3711	135	12	apparently	apparently	ADV
fsr-3711	135	13	recognize	recognize	VERB
fsr-3711	135	14	that	that	SCONJ
fsr-3711	135	15	their	their	PRON
fsr-3711	135	16	variance	variance	NOUN
fsr-3711	135	17	bound	bind	VERB
fsr-3711	135	18	specification	specification	NOUN
fsr-3711	135	19	implies	imply	VERB
fsr-3711	135	20	some	some	DET
fsr-3711	135	21	range	range	NOUN
fsr-3711	135	22	of	of	ADP
fsr-3711	135	23	correlation	correlation	NOUN
fsr-3711	135	24	between	between	ADP
fsr-3711	135	25	p	p	PROPN
fsr-3711	135	26	and	and	CCONJ
fsr-3711	135	27	x	x	NOUN
fsr-3711	135	28	,	,	PUNCT
fsr-3711	135	29	but	but	CCONJ
fsr-3711	135	30	they	they	PRON
fsr-3711	135	31	do	do	AUX
fsr-3711	135	32	not	not	PART
fsr-3711	135	33	elaborate	elaborate	VERB
fsr-3711	135	34	.	.	PUNCT
fsr-3711	136	1	their	their	PRON
fsr-3711	136	2	orthogonality	orthogonality	NOUN
fsr-3711	136	3	test	test	NOUN
fsr-3711	136	4	implicitly	implicitly	ADV
fsr-3711	136	5	assumes	assume	VERB
fsr-3711	136	6	a	a	DET
fsr-3711	136	7	correlation	correlation	NOUN
fsr-3711	136	8	of	of	ADP
fsr-3711	136	9	zero	zero	NUM
fsr-3711	136	10	.	.	PUNCT
fsr-3711	137	1	froot	froot	NOUN
fsr-3711	137	2	(	(	PUNCT
fsr-3711	137	3	1987	1987	NUM
fsr-3711	137	4	)	)	PUNCT
fsr-3711	137	5	,	,	PUNCT
fsr-3711	137	6	in	in	ADP
fsr-3711	137	7	an	an	DET
fsr-3711	137	8	unpublished	unpublished	ADJ
fsr-3711	137	9	paper	paper	NOUN
fsr-3711	137	10	,	,	PUNCT
fsr-3711	137	11	spells	spell	VERB
fsr-3711	137	12	out	out	ADP
fsr-3711	137	13	the	the	DET
fsr-3711	137	14	correlation	correlation	NOUN
fsr-3711	137	15	range	range	NOUN
fsr-3711	137	16	more	more	ADV
fsr-3711	137	17	clearly	clearly	ADV
fsr-3711	137	18	.	.	PUNCT
fsr-3711	138	1	frankel	frankel	NOUN
fsr-3711	138	2	and	and	CCONJ
fsr-3711	138	3	stock	stock	NOUN
fsr-3711	138	4	(	(	PUNCT
fsr-3711	138	5	1987	1987	NUM
fsr-3711	138	6	)	)	PUNCT
fsr-3711	138	7	,	,	PUNCT
fsr-3711	138	8	comparing	compare	VERB
fsr-3711	138	9	tests	test	NOUN
fsr-3711	138	10	of	of	ADP
fsr-3711	138	11	efficiency	efficiency	NOUN
fsr-3711	138	12	of	of	ADP
fsr-3711	138	13	foreign	foreign	ADJ
fsr-3711	138	14	exchange	exchange	NOUN
fsr-3711	138	15	markets	market	NOUN
fsr-3711	138	16	,	,	PUNCT
fsr-3711	138	17	make	make	VERB
fsr-3711	138	18	a	a	DET
fsr-3711	138	19	similar	similar	ADJ
fsr-3711	138	20	point	point	NOUN
fsr-3711	138	21	.	.	PUNCT
fsr-3711	139	1	our	our	PRON
fsr-3711	139	2	results	result	NOUN
fsr-3711	139	3	are	be	AUX
fsr-3711	139	4	derived	derive	VERB
fsr-3711	139	5	independently	independently	ADV
fsr-3711	139	6	and	and	CCONJ
fsr-3711	139	7	presented	present	VERB
fsr-3711	139	8	in	in	ADP
fsr-3711	139	9	a	a	DET
fsr-3711	139	10	different	different	ADJ
fsr-3711	139	11	form	form	NOUN
fsr-3711	139	12	.	.	PUNCT
fsr-3711	140	1	6	6	X
fsr-3711	140	2	.	.	X
fsr-3711	140	3	we	we	PRON
fsr-3711	140	4	abstain	abstain	VERB
fsr-3711	140	5	from	from	ADP
fsr-3711	140	6	lengthy	lengthy	ADJ
fsr-3711	140	7	review	review	NOUN
fsr-3711	140	8	of	of	ADP
fsr-3711	140	9	second	second	ADJ
fsr-3711	140	10	generation	generation	NOUN
fsr-3711	140	11	tests	test	NOUN
fsr-3711	140	12	because	because	SCONJ
fsr-3711	140	13	(	(	PUNCT
fsr-3711	140	14	a	a	X
fsr-3711	140	15	)	)	PUNCT
fsr-3711	140	16	that	that	SCONJ
fsr-3711	140	17	task	task	NOUN
fsr-3711	140	18	is	be	AUX
fsr-3711	140	19	accomplished	accomplish	VERB
fsr-3711	140	20	admirably	admirably	ADV
fsr-3711	140	21	by	by	ADP
fsr-3711	140	22	gilles	gille	NOUN
fsr-3711	140	23	and	and	CCONJ
fsr-3711	140	24	leroy	leroy	PROPN
fsr-3711	140	25	(	(	PUNCT
fsr-3711	140	26	1990	1990	NUM
fsr-3711	140	27	)	)	PUNCT
fsr-3711	140	28	and	and	CCONJ
fsr-3711	140	29	(	(	PUNCT
fsr-3711	140	30	b	b	X
fsr-3711	140	31	)	)	PUNCT
fsr-3711	140	32	those	those	DET
fsr-3711	140	33	tests	test	NOUN
fsr-3711	140	34	are	be	AUX
fsr-3711	140	35	not	not	PART
fsr-3711	140	36	pertinent	pertinent	ADJ
fsr-3711	140	37	to	to	ADP
fsr-3711	140	38	our	our	PRON
fsr-3711	140	39	examination	examination	NOUN
fsr-3711	140	40	of	of	ADP
fsr-3711	140	41	the	the	DET
fsr-3711	140	42	model	model	NOUN
fsr-3711	140	43	.	.	PUNCT
fsr-3711	141	1	7	7	X
fsr-3711	141	2	.	.	X
fsr-3711	141	3	economic	economic	ADJ
fsr-3711	141	4	rationality	rationality	NOUN
fsr-3711	141	5	is	be	AUX
fsr-3711	141	6	lost	lose	VERB
fsr-3711	141	7	if	if	SCONJ
fsr-3711	141	8	market	market	NOUN
fsr-3711	141	9	price	price	NOUN
fsr-3711	141	10	or	or	CCONJ
fsr-3711	141	11	fundamental	fundamental	ADJ
fsr-3711	141	12	price	price	NOUN
fsr-3711	141	13	is	be	AUX
fsr-3711	141	14	allowed	allow	VERB
fsr-3711	141	15	to	to	PART
fsr-3711	141	16	assume	assume	VERB
fsr-3711	141	17	an	an	DET
fsr-3711	141	18	infinite	infinite	ADJ
fsr-3711	141	19	value	value	NOUN
fsr-3711	141	20	.	.	PUNCT
fsr-3711	142	1	references	reference	NOUN
fsr-3711	142	2	campbell	campbell	PROPN
fsr-3711	142	3	,	,	PUNCT
fsr-3711	142	4	john	john	PROPN
fsr-3711	142	5	y.	y.	PROPN
fsr-3711	142	6	and	and	CCONJ
fsr-3711	142	7	shiller	shiller	PROPN
fsr-3711	142	8	,	,	PUNCT
fsr-3711	142	9	robert	robert	PROPN
fsr-3711	142	10	j.	j.	PROPN
fsr-3711	142	11	1988a	1988a	PROPN
fsr-3711	142	12	.	.	PUNCT
fsr-3711	143	1	‘	'	PUNCT
fsr-3711	143	2	the	the	DET
fsr-3711	143	3	dividend	dividend	NOUN
fsr-3711	143	4	-	-	PUNCT
fsr-3711	143	5	price	price	NOUN
fsr-3711	143	6	ratio	ratio	NOUN
fsr-3711	143	7	and	and	CCONJ
fsr-3711	143	8	expectations	expectation	NOUN
fsr-3711	143	9	of	of	ADP
fsr-3711	143	10	future	future	ADJ
fsr-3711	143	11	dividends	dividend	NOUN
fsr-3711	143	12	and	and	CCONJ
fsr-3711	143	13	discount	discount	NOUN
fsr-3711	143	14	factors	factor	NOUN
fsr-3711	143	15	,	,	PUNCT
fsr-3711	143	16	”	"	PUNCT
fsr-3711	143	17	review	review	NOUN
fsr-3711	143	18	of	of	ADP
fsr-3711	143	19	financial	financial	ADJ
fsr-3711	143	20	studies	study	NOUN
fsr-3711	143	21	,	,	PUNCT
fsr-3711	143	22	1	1	NUM
fsr-3711	143	23	:	:	SYM
fsr-3711	143	24	195	195	NUM
fsr-3711	143	25	-	-	SYM
fsr-3711	143	26	228	228	NUM
fsr-3711	143	27	.	.	PUNCT
fsr-3711	143	28	-	-	PUNCT
fsr-3711	143	29	.	.	NOUN
fsr-3711	143	30	1988b	1988b	NUM
fsr-3711	143	31	.	.	PUNCT
fsr-3711	144	1	“	"	PUNCT
fsr-3711	144	2	stock	stock	NOUN
fsr-3711	144	3	prices	price	NOUN
fsr-3711	144	4	,	,	PUNCT
fsr-3711	144	5	earnings	earning	NOUN
fsr-3711	144	6	,	,	PUNCT
fsr-3711	144	7	and	and	CCONJ
fsr-3711	144	8	expected	expect	VERB
fsr-3711	144	9	dividends,“journalof	dividends,“journalof	NOUN
fsr-3711	144	10	finance	finance	NOUN
fsr-3711	144	11	,	,	PUNCT
fsr-3711	144	12	43(3	43(3	NUM
fsr-3711	144	13	):	):	PUNCT
fsr-3711	144	14	661	661	NUM
fsr-3711	144	15	-	-	SYM
fsr-3711	144	16	76	76	NUM
fsr-3711	144	17	.	.	PUNCT
fsr-3711	145	1	debondt	debondt	PROPN
fsr-3711	145	2	,	,	PUNCT
fsr-3711	145	3	werner	werner	PROPN
fsr-3711	145	4	f.m	f.m	PROPN
fsr-3711	145	5	.	.	PROPN
fsr-3711	145	6	,	,	PUNCT
fsr-3711	145	7	and	and	CCONJ
fsr-3711	145	8	richard	richard	PROPN
fsr-3711	145	9	h.	h.	PROPN
fsr-3711	145	10	thaler	thaler	PROPN
fsr-3711	145	11	.	.	PUNCT
fsr-3711	146	1	1985	1985	NUM
fsr-3711	146	2	.	.	PUNCT
fsr-3711	147	1	“	"	PUNCT
fsr-3711	147	2	does	do	AUX
fsr-3711	147	3	the	the	DET
fsr-3711	147	4	stock	stock	NOUN
fsr-3711	147	5	market	market	NOUN
fsr-3711	147	6	overreact	overreact	NOUN
fsr-3711	147	7	,	,	PUNCT
fsr-3711	147	8	”	"	PUNCT
fsr-3711	147	9	journal	journal	NOUN
fsr-3711	147	10	of	of	ADP
fsr-3711	147	11	finance	finance	NOUN
fsr-3711	147	12	,	,	PUNCT
fsr-3711	147	13	40(3	40(3	NUM
fsr-3711	147	14	):	):	PUNCT
fsr-3711	147	15	793	793	NUM
fsr-3711	147	16	-	-	SYM
fsr-3711	147	17	805	805	NUM
fsr-3711	147	18	.	.	PUNCT
fsr-3711	148	1	easton	easton	PROPN
fsr-3711	148	2	,	,	PUNCT
fsr-3711	148	3	peter	peter	PROPN
fsr-3711	148	4	d.	d.	PROPN
fsr-3711	148	5	1985	1985	NUM
fsr-3711	148	6	.	.	PUNCT
fsr-3711	149	1	“	"	PUNCT
fsr-3711	149	2	accounting	account	VERB
fsr-3711	149	3	earnings	earning	NOUN
fsr-3711	149	4	and	and	CCONJ
fsr-3711	149	5	security	security	NOUN
fsr-3711	149	6	valuation	valuation	NOUN
fsr-3711	149	7	:	:	PUNCT
fsr-3711	149	8	empirical	empirical	ADJ
fsr-3711	149	9	evidence	evidence	NOUN
fsr-3711	149	10	of	of	ADP
fsr-3711	149	11	the	the	DET
fsr-3711	149	12	fundamental	fundamental	ADJ
fsr-3711	149	13	links	link	NOUN
fsr-3711	149	14	,	,	PUNCT
fsr-3711	149	15	”	"	PUNCT
fsr-3711	149	16	journal	journal	NOUN
fsr-3711	149	17	of	of	ADP
fsr-3711	149	18	accounting	accounting	NOUN
fsr-3711	149	19	research	research	NOUN
fsr-3711	149	20	,	,	PUNCT
fsr-3711	149	21	23	23	NUM
fsr-3711	149	22	supplt	supplt	NOUN
fsr-3711	149	23	.	.	PUNCT
fsr-3711	149	24	:	:	PUNCT
fsr-3711	150	1	54	54	NUM
fsr-3711	150	2	-	-	SYM
fsr-3711	150	3	77	77	NUM
fsr-3711	150	4	.	.	PUNCT
fsr-3711	151	1	fama	fama	PROPN
fsr-3711	151	2	,	,	PUNCT
fsr-3711	151	3	e.f	e.f	PROPN
fsr-3711	151	4	.	.	PROPN
fsr-3711	151	5	1970	1970	NUM
fsr-3711	151	6	.	.	PUNCT
fsr-3711	152	1	“	"	PUNCT
fsr-3711	152	2	efficient	efficient	ADJ
fsr-3711	152	3	capital	capital	NOUN
fsr-3711	152	4	markets	market	NOUN
fsr-3711	152	5	:	:	PUNCT
fsr-3711	152	6	a	a	DET
fsr-3711	152	7	review	review	NOUN
fsr-3711	152	8	of	of	ADP
fsr-3711	152	9	theory	theory	NOUN
fsr-3711	152	10	and	and	CCONJ
fsr-3711	152	11	empirical	empirical	ADJ
fsr-3711	152	12	work	work	NOUN
fsr-3711	152	13	,	,	PUNCT
fsr-3711	152	14	”	"	PUNCT
fsr-3711	152	15	journal	journal	NOUN
fsr-3711	152	16	of	of	ADP
fsr-3711	152	17	finance	finance	NOUN
fsr-3711	152	18	,	,	PUNCT
fsr-3711	152	19	25(2	25(2	NUM
fsr-3711	152	20	):	):	PUNCT
fsr-3711	152	21	383	383	NUM
fsr-3711	152	22	-	-	SYM
fsr-3711	152	23	416	416	NUM
fsr-3711	152	24	.	.	PUNCT
fsr-3711	153	1	96	96	NUM
fsr-3711	153	2	financial	financial	ADJ
fsr-3711	153	3	services	service	NOUN
fsr-3711	153	4	review	review	NOUN
fsr-3711	153	5	,	,	PUNCT
fsr-3711	153	6	2(2	2(2	NUM
fsr-3711	153	7	)	)	PUNCT
fsr-3711	153	8	1993	1993	NUM
fsr-3711	153	9	-	-	PUNCT
fsr-3711	153	10	.	.	NOUN
fsr-3711	153	11	1990	1990	NUM
fsr-3711	153	12	.	.	PUNCT
fsr-3711	154	1	“	"	PUNCT
fsr-3711	154	2	stock	stock	NOUN
fsr-3711	154	3	returns	return	NOUN
fsr-3711	154	4	,	,	PUNCT
fsr-3711	154	5	expected	expect	VERB
fsr-3711	154	6	returns	return	NOUN
fsr-3711	154	7	,	,	PUNCT
fsr-3711	154	8	and	and	CCONJ
fsr-3711	154	9	real	real	ADJ
fsr-3711	154	10	activity	activity	NOUN
fsr-3711	154	11	,	,	PUNCT
fsr-3711	154	12	”	"	PUNCT
fsr-3711	154	13	journal	journal	NOUN
fsr-3711	154	14	of	of	ADP
fsr-3711	154	15	finance	finance	NOUN
fsr-3711	154	16	,	,	PUNCT
fsr-3711	154	17	45(4	45(4	NUM
fsr-3711	154	18	):	):	PUNCT
fsr-3711	154	19	1089	1089	NUM
fsr-3711	154	20	-	-	SYM
fsr-3711	154	21	l	l	NOUN
fsr-3711	154	22	108	108	NUM
fsr-3711	154	23	.	.	PUNCT
fsr-3711	154	24	-	-	PUNCT
fsr-3711	154	25	.	.	NOUN
fsr-3711	154	26	1991	1991	NUM
fsr-3711	154	27	.	.	PUNCT
fsr-3711	155	1	“	"	PUNCT
fsr-3711	155	2	efficient	efficient	ADJ
fsr-3711	155	3	capital	capital	NOUN
fsr-3711	155	4	markets	market	NOUN
fsr-3711	155	5	:	:	PUNCT
fsr-3711	155	6	ii	ii	NOUN
fsr-3711	155	7	,	,	PUNCT
fsr-3711	155	8	”	"	PUNCT
fsr-3711	155	9	journal	journal	NOUN
fsr-3711	155	10	of	of	ADP
fsr-3711	155	11	finance	finance	NOUN
fsr-3711	155	12	,	,	PUNCT
fsr-3711	155	13	46(5	46(5	PROPN
fsr-3711	155	14	):	):	PUNCT
fsr-3711	155	15	1575	1575	NUM
fsr-3711	155	16	-	-	SYM
fsr-3711	155	17	1617	1617	NUM
fsr-3711	155	18	.	.	PUNCT
fsr-3711	156	1	and	and	CCONJ
fsr-3711	156	2	k.r	k.r	PROPN
fsr-3711	156	3	.	.	PROPN
fsr-3711	156	4	french	french	PROPN
fsr-3711	156	5	.	.	PUNCT
fsr-3711	157	1	1983	1983	NUM
fsr-3711	157	2	.	.	PUNCT
fsr-3711	158	1	“	"	PUNCT
fsr-3711	158	2	permanent	permanent	ADJ
fsr-3711	158	3	and	and	CCONJ
fsr-3711	158	4	temporary	temporary	ADJ
fsr-3711	158	5	components	component	NOUN
fsr-3711	158	6	of	of	ADP
fsr-3711	158	7	stock	stock	NOUN
fsr-3711	158	8	prices	price	NOUN
fsr-3711	158	9	,	,	PUNCT
fsr-3711	158	10	”	"	PUNCT
fsr-3711	158	11	journal	journal	NOUN
fsr-3711	158	12	if	if	SCONJ
fsr-3711	158	13	political	political	ADJ
fsr-3711	158	14	economy	economy	NOUN
fsr-3711	158	15	,	,	PUNCT
fsr-3711	158	16	9	9	NUM
fsr-3711	158	17	l(6	l(6	NOUN
fsr-3711	158	18	):	):	PUNCT
fsr-3711	158	19	929	929	NUM
fsr-3711	158	20	-	-	SYM
fsr-3711	158	21	56	56	NUM
fsr-3711	158	22	,	,	PUNCT
fsr-3711	158	23	frankel	frankel	NOUN
fsr-3711	158	24	,	,	PUNCT
fsr-3711	158	25	jeffrey	jeffrey	PROPN
fsr-3711	158	26	a.	a.	PROPN
fsr-3711	158	27	and	and	CCONJ
fsr-3711	158	28	james	james	PROPN
fsr-3711	158	29	a.	a.	PROPN
fsr-3711	158	30	stock	stock	PROPN
fsr-3711	158	31	.	.	PUNCT
fsr-3711	159	1	1987	1987	NUM
fsr-3711	159	2	.	.	PUNCT
fsr-3711	160	1	“	"	PUNCT
fsr-3711	160	2	regression	regression	NOUN
fsr-3711	160	3	vs.	vs.	ADP
fsr-3711	160	4	volatility	volatility	NOUN
fsr-3711	160	5	tests	test	NOUN
fsr-3711	160	6	of	of	ADP
fsr-3711	160	7	the	the	DET
fsr-3711	160	8	efficiency	efficiency	NOUN
fsr-3711	160	9	of	of	ADP
fsr-3711	160	10	foreign	foreign	ADJ
fsr-3711	160	11	exchange	exchange	NOUN
fsr-3711	160	12	markets	market	NOUN
fsr-3711	160	13	,	,	PUNCT
fsr-3711	160	14	”	"	PUNCT
fsr-3711	160	15	journul	journul	NOUN
fsr-3711	160	16	of	of	ADP
fsr-3711	160	17	international	international	ADJ
fsr-3711	160	18	money	money	NOUN
fsr-3711	160	19	and	and	CCONJ
fsr-3711	160	20	finance	finance	NOUN
fsr-3711	160	21	,	,	PUNCT
fsr-3711	160	22	6	6	NUM
fsr-3711	160	23	:	:	SYM
fsr-3711	160	24	49	49	NUM
fsr-3711	160	25	-	-	SYM
fsr-3711	160	26	56	56	NUM
fsr-3711	160	27	.	.	PUNCT
fsr-3711	160	28	froot	froot	PROPN
fsr-3711	160	29	,	,	PUNCT
fsr-3711	160	30	kenneth	kenneth	PROPN
fsr-3711	160	31	a.	a.	PROPN
fsr-3711	160	32	1987	1987	NUM
fsr-3711	160	33	.	.	PUNCT
fsr-3711	161	1	tests	test	NOUN
fsr-3711	161	2	of	of	ADP
fsr-3711	161	3	excess	excess	ADJ
fsr-3711	161	4	forecast	forecast	NOUN
fsr-3711	161	5	volatility	volatility	NOUN
fsr-3711	161	6	in	in	ADP
fsr-3711	161	7	the	the	DET
fsr-3711	161	8	foreign	foreign	ADJ
fsr-3711	161	9	exchange	exchange	NOUN
fsr-3711	161	10	and	and	CCONJ
fsr-3711	161	11	stock	stock	NOUN
fsr-3711	161	12	markets	market	NOUN
fsr-3711	161	13	.	.	PUNCT
fsr-3711	162	1	national	national	ADJ
fsr-3711	162	2	bureau	bureau	PROPN
fsr-3711	162	3	of	of	ADP
fsr-3711	162	4	economic	economic	ADJ
fsr-3711	162	5	research	research	NOUN
fsr-3711	162	6	working	work	VERB
fsr-3711	162	7	paper	paper	NOUN
fsr-3711	162	8	#	#	SYM
fsr-3711	162	9	2362	2362	NUM
fsr-3711	162	10	.	.	PUNCT
fsr-3711	163	1	gordon	gordon	PROPN
fsr-3711	163	2	,	,	PUNCT
fsr-3711	163	3	marion	marion	PROPN
fsr-3711	163	4	j.	j.	PROPN
fsr-3711	163	5	1962	1962	NUM
fsr-3711	163	6	.	.	PUNCT
fsr-3711	164	1	the	the	DET
fsr-3711	164	2	investment	investment	NOUN
fsr-3711	164	3	,	,	PUNCT
fsr-3711	164	4	financing	financing	NOUN
fsr-3711	164	5	and	and	CCONJ
fsr-3711	164	6	valuation	valuation	NOUN
fsr-3711	164	7	of	of	ADP
fsr-3711	164	8	the	the	DET
fsr-3711	164	9	corporation	corporation	NOUN
fsr-3711	164	10	,	,	PUNCT
fsr-3711	164	11	homewood	homewood	PROPN
fsr-3711	164	12	,	,	PUNCT
fsr-3711	164	13	illinois	illinois	PROPN
fsr-3711	164	14	:	:	PUNCT
fsr-3711	164	15	irwin	irwin	PROPN
fsr-3711	164	16	.	.	PUNCT
fsr-3711	165	1	gilles	gille	NOUN
fsr-3711	165	2	,	,	PUNCT
fsr-3711	165	3	christian	christian	PROPN
fsr-3711	165	4	and	and	CCONJ
fsr-3711	165	5	stephen	stephen	PROPN
fsr-3711	165	6	f.	f.	PROPN
fsr-3711	165	7	leroy	leroy	PROPN
fsr-3711	165	8	.	.	PROPN
fsr-3711	165	9	1991	1991	NUM
fsr-3711	165	10	.	.	PUNCT
fsr-3711	166	1	“	"	PUNCT
fsr-3711	166	2	econometric	econometric	ADJ
fsr-3711	166	3	aspects	aspect	NOUN
fsr-3711	166	4	of	of	ADP
fsr-3711	166	5	the	the	DET
fsr-3711	166	6	variance	variance	NOUN
fsr-3711	166	7	-	-	PUNCT
fsr-3711	166	8	bound	bind	VERB
fsr-3711	166	9	tests	test	NOUN
fsr-3711	166	10	,	,	PUNCT
fsr-3711	166	11	”	"	PUNCT
fsr-3711	166	12	review	review	NOUN
fsr-3711	166	13	of	of	ADP
fsr-3711	166	14	financial	financial	ADJ
fsr-3711	166	15	studies	study	NOUN
fsr-3711	166	16	,	,	PUNCT
fsr-3711	166	17	4(4	4(4	NUM
fsr-3711	166	18	):	):	PUNCT
fsr-3711	166	19	753	753	NUM
fsr-3711	166	20	-	-	SYM
fsr-3711	166	21	92	92	NUM
fsr-3711	166	22	.	.	PUNCT
fsr-3711	167	1	kleidon	kleidon	PROPN
fsr-3711	167	2	,	,	PUNCT
fsr-3711	167	3	allan	allan	PROPN
fsr-3711	167	4	w.	w.	PROPN
fsr-3711	167	5	1986a	1986a	PROPN
fsr-3711	167	6	.	.	PUNCT
fsr-3711	168	1	“	"	PUNCT
fsr-3711	168	2	variance	variance	NOUN
fsr-3711	168	3	bounds	bound	VERB
fsr-3711	168	4	tests	test	NOUN
fsr-3711	168	5	and	and	CCONJ
fsr-3711	168	6	stock	stock	NOUN
fsr-3711	168	7	price	price	NOUN
fsr-3711	168	8	valuation	valuation	NOUN
fsr-3711	168	9	models	model	NOUN
fsr-3711	168	10	,	,	PUNCT
fsr-3711	168	11	”	"	PUNCT
fsr-3711	168	12	journal	journal	NOUN
fsr-3711	168	13	of	of	ADP
fsr-3711	168	14	political	political	ADJ
fsr-3711	168	15	economy	economy	NOUN
fsr-3711	168	16	,	,	PUNCT
fsr-3711	168	17	94(5	94(5	NOUN
fsr-3711	168	18	):	):	PUNCT
fsr-3711	168	19	953	953	NUM
fsr-3711	168	20	-	-	PUNCT
fsr-3711	168	21	1001	1001	NUM
fsr-3711	168	22	.	.	PUNCT
fsr-3711	168	23	-	-	PUNCT
fsr-3711	168	24	.	.	NUM
fsr-3711	168	25	1986b	1986b	NUM
fsr-3711	168	26	.	.	PUNCT
fsr-3711	169	1	“	"	PUNCT
fsr-3711	169	2	bias	bias	NOUN
fsr-3711	169	3	in	in	ADP
fsr-3711	169	4	small	small	ADJ
fsr-3711	169	5	sample	sample	NOUN
fsr-3711	169	6	tests	test	NOUN
fsr-3711	169	7	of	of	ADP
fsr-3711	169	8	stock	stock	NOUN
fsr-3711	169	9	price	price	NOUN
fsr-3711	169	10	rationality	rationality	NOUN
fsr-3711	169	11	,	,	PUNCT
fsr-3711	169	12	”	"	PUNCT
fsr-3711	169	13	journal	journal	NOUN
fsr-3711	169	14	of	of	ADP
fsr-3711	169	15	business	business	NOUN
fsr-3711	169	16	,	,	PUNCT
fsr-3711	169	17	59(2	59(2	NUM
fsr-3711	169	18	):	):	PUNCT
fsr-3711	169	19	237	237	NUM
fsr-3711	169	20	-	-	SYM
fsr-3711	169	21	61	61	NUM
fsr-3711	169	22	.	.	PUNCT
fsr-3711	170	1	leroy	leroy	PROPN
fsr-3711	170	2	,	,	PUNCT
fsr-3711	170	3	stephen	stephen	PROPN
fsr-3711	170	4	f.	f.	PROPN
fsr-3711	170	5	1989	1989	NUM
fsr-3711	170	6	.	.	PUNCT
fsr-3711	171	1	“	"	PUNCT
fsr-3711	171	2	eflicient	eflicient	ADJ
fsr-3711	171	3	capital	capital	NOUN
fsr-3711	171	4	markets	market	NOUN
fsr-3711	171	5	and	and	CCONJ
fsr-3711	171	6	martingales	martingale	NOUN
fsr-3711	171	7	,	,	PUNCT
fsr-3711	171	8	”	"	PUNCT
fsr-3711	171	9	journal	journal	NOUN
fsr-3711	171	10	of	of	ADP
fsr-3711	171	11	economic	economic	ADJ
fsr-3711	171	12	litera	litera	PROPN
fsr-3711	171	13	ture	ture	NOUN
fsr-3711	171	14	,	,	PUNCT
fsr-3711	171	15	27(4	27(4	PROPN
fsr-3711	171	16	):	):	PUNCT
fsr-3711	171	17	1583	1583	NUM
fsr-3711	171	18	-	-	SYM
fsr-3711	171	19	1621	1621	NUM
fsr-3711	171	20	.	.	PUNCT
fsr-3711	172	1	and	and	CCONJ
fsr-3711	172	2	richard	richard	PROPN
fsr-3711	172	3	d.	d.	PROPN
fsr-3711	172	4	porter	porter	PROPN
fsr-3711	172	5	.	.	PUNCT
fsr-3711	173	1	1981	1981	NUM
fsr-3711	173	2	.	.	PUNCT
fsr-3711	174	1	‘	'	PUNCT
fsr-3711	174	2	the	the	DET
fsr-3711	174	3	present	present	ADJ
fsr-3711	174	4	-	-	PUNCT
fsr-3711	174	5	value	value	NOUN
fsr-3711	174	6	relation	relation	NOUN
fsr-3711	174	7	:	:	PUNCT
fsr-3711	174	8	tests	test	NOUN
fsr-3711	174	9	based	base	VERB
fsr-3711	174	10	on	on	ADP
fsr-3711	174	11	implied	imply	VERB
fsr-3711	174	12	variance	variance	NOUN
fsr-3711	174	13	bounds	bound	NOUN
fsr-3711	174	14	,	,	PUNCT
fsr-3711	174	15	”	"	PUNCT
fsr-3711	174	16	econometrica	econometrica	PROPN
fsr-3711	174	17	,	,	PUNCT
fsr-3711	174	18	49(3	49(3	NUM
fsr-3711	174	19	):	):	PUNCT
fsr-3711	174	20	555	555	NUM
fsr-3711	174	21	-	-	SYM
fsr-3711	174	22	74	74	NUM
fsr-3711	174	23	.	.	PUNCT
fsr-3711	175	1	lo	lo	PROPN
fsr-3711	175	2	,	,	PUNCT
fsr-3711	175	3	andrew	andrew	PROPN
fsr-3711	175	4	w.	w.	PROPN
fsr-3711	175	5	and	and	CCONJ
fsr-3711	175	6	a.	a.	PROPN
fsr-3711	175	7	craig	craig	PROPN
fsr-3711	175	8	ma&inlay	ma&inlay	PROPN
fsr-3711	175	9	.	.	PUNCT
fsr-3711	175	10	1988	1988	NUM
fsr-3711	175	11	.	.	PUNCT
fsr-3711	176	1	“	"	PUNCT
fsr-3711	176	2	stock	stock	NOUN
fsr-3711	176	3	market	market	NOUN
fsr-3711	176	4	prices	price	NOUN
fsr-3711	176	5	do	do	AUX
fsr-3711	176	6	not	not	PART
fsr-3711	176	7	follow	follow	VERB
fsr-3711	176	8	random	random	ADJ
fsr-3711	176	9	walks	walk	NOUN
fsr-3711	176	10	:	:	PUNCT
fsr-3711	176	11	evidence	evidence	NOUN
fsr-3711	176	12	from	from	ADP
fsr-3711	176	13	a	a	DET
fsr-3711	176	14	simple	simple	ADJ
fsr-3711	176	15	specification	specification	NOUN
fsr-3711	176	16	test	test	NOUN
fsr-3711	176	17	,	,	PUNCT
fsr-3711	176	18	”	"	PUNCT
fsr-3711	176	19	review	review	NOUN
fsr-3711	176	20	of	of	ADP
fsr-3711	176	21	financial	financial	ADJ
fsr-3711	176	22	studies	study	NOUN
fsr-3711	176	23	,	,	PUNCT
fsr-3711	176	24	l	l	X
fsr-3711	176	25	(	(	PUNCT
fsr-3711	176	26	1	1	NUM
fsr-3711	176	27	):	):	PUNCT
fsr-3711	176	28	41	41	NUM
fsr-3711	176	29	-	-	SYM
fsr-3711	176	30	66	66	NUM
fsr-3711	176	31	.	.	PUNCT
fsr-3711	177	1	mankiw	mankiw	PROPN
fsr-3711	177	2	,	,	PUNCT
fsr-3711	177	3	n.g	n.g	PROPN
fsr-3711	177	4	.	.	PROPN
fsr-3711	177	5	,	,	PUNCT
fsr-3711	177	6	d.	d.	PROPN
fsr-3711	177	7	romer	romer	PROPN
fsr-3711	177	8	,	,	PUNCT
fsr-3711	177	9	and	and	CCONJ
fsr-3711	177	10	m.	m.	PROPN
fsr-3711	177	11	shapiro	shapiro	PROPN
fsr-3711	177	12	.	.	PUNCT
fsr-3711	177	13	1985	1985	NUM
fsr-3711	177	14	.	.	PUNCT
fsr-3711	178	1	“	"	PUNCT
fsr-3711	178	2	an	an	DET
fsr-3711	178	3	unbiased	unbiased	ADJ
fsr-3711	178	4	reexamination	reexamination	NOUN
fsr-3711	178	5	of	of	ADP
fsr-3711	178	6	stock	stock	NOUN
fsr-3711	178	7	price	price	NOUN
fsr-3711	178	8	volatility	volatility	NOUN
fsr-3711	178	9	,	,	PUNCT
fsr-3711	178	10	”	"	PUNCT
fsr-3711	178	11	journal	journal	NOUN
fsr-3711	178	12	of	of	ADP
fsr-3711	178	13	finance	finance	NOUN
fsr-3711	178	14	40(3	40(3	NOUN
fsr-3711	178	15	):	):	PUNCT
fsr-3711	178	16	677	677	NUM
fsr-3711	178	17	-	-	SYM
fsr-3711	178	18	687	687	NUM
fsr-3711	178	19	.	.	PUNCT
fsr-3711	179	1	marsh	marsh	PROPN
fsr-3711	179	2	,	,	PUNCT
fsr-3711	179	3	terry	terry	PROPN
fsr-3711	179	4	a.	a.	PROPN
fsr-3711	179	5	and	and	CCONJ
fsr-3711	179	6	robert	robert	PROPN
fsr-3711	179	7	c.	c.	PROPN
fsr-3711	179	8	merton	merton	PROPN
fsr-3711	179	9	.	.	PUNCT
fsr-3711	180	1	1986	1986	NUM
fsr-3711	180	2	.	.	PUNCT
fsr-3711	181	1	“	"	PUNCT
fsr-3711	181	2	dividend	dividend	NOUN
fsr-3711	181	3	variability	variability	NOUN
fsr-3711	181	4	and	and	CCONJ
fsr-3711	181	5	variance	variance	NOUN
fsr-3711	181	6	bounds	bound	NOUN
fsr-3711	181	7	tests	test	VERB
fsr-3711	181	8	for	for	ADP
fsr-3711	181	9	the	the	DET
fsr-3711	181	10	rationality	rationality	NOUN
fsr-3711	181	11	of	of	ADP
fsr-3711	181	12	stock	stock	NOUN
fsr-3711	181	13	market	market	NOUN
fsr-3711	181	14	prices	price	NOUN
fsr-3711	181	15	,	,	PUNCT
fsr-3711	181	16	”	"	PUNCT
fsr-3711	181	17	american	american	PROPN
fsr-3711	181	18	economic	economic	PROPN
fsr-3711	181	19	review	review	PROPN
fsr-3711	181	20	,	,	PUNCT
fsr-3711	181	21	76(3	76(3	PROPN
fsr-3711	181	22	):	):	PUNCT
fsr-3711	181	23	483	483	NUM
fsr-3711	181	24	-	-	SYM
fsr-3711	181	25	98	98	NUM
fsr-3711	181	26	.	.	PUNCT
fsr-3711	182	1	scott	scott	PROPN
fsr-3711	182	2	,	,	PUNCT
fsr-3711	182	3	louis	louis	PROPN
fsr-3711	182	4	0	0	NUM
fsr-3711	182	5	.	.	PROPN
fsr-3711	182	6	1985	1985	NUM
fsr-3711	182	7	.	.	PUNCT
fsr-3711	183	1	‘	'	PUNCT
fsr-3711	183	2	the	the	DET
fsr-3711	183	3	present	present	ADJ
fsr-3711	183	4	value	value	NOUN
fsr-3711	183	5	model	model	NOUN
fsr-3711	183	6	of	of	ADP
fsr-3711	183	7	stock	stock	NOUN
fsr-3711	183	8	prices	price	NOUN
fsr-3711	183	9	:	:	PUNCT
fsr-3711	183	10	regression	regression	NOUN
fsr-3711	183	11	tests	test	NOUN
fsr-3711	183	12	and	and	CCONJ
fsr-3711	183	13	monte	monte	PROPN
fsr-3711	183	14	carlo	carlo	PROPN
fsr-3711	183	15	results	result	NOUN
fsr-3711	183	16	,	,	PUNCT
fsr-3711	183	17	”	"	PUNCT
fsr-3711	183	18	review	review	NOUN
fsr-3711	183	19	of	of	ADP
fsr-3711	183	20	economics	economic	NOUN
fsr-3711	183	21	and	and	CCONJ
fsr-3711	183	22	statistics	statistic	NOUN
fsr-3711	183	23	,	,	PUNCT
fsr-3711	183	24	67	67	NUM
fsr-3711	183	25	:	:	SYM
fsr-3711	183	26	599	599	NUM
fsr-3711	183	27	-	-	SYM
fsr-3711	183	28	605	605	NUM
fsr-3711	183	29	.	.	PUNCT
fsr-3711	184	1	shea	shea	PROPN
fsr-3711	184	2	,	,	PUNCT
fsr-3711	184	3	gary	gary	PROPN
fsr-3711	184	4	s.	s.	PROPN
fsr-3711	184	5	1989	1989	NUM
fsr-3711	184	6	.	.	PUNCT
fsr-3711	185	1	“	"	PUNCT
fsr-3711	185	2	ex	ex	ADJ
fsr-3711	185	3	-	-	ADJ
fsr-3711	185	4	post	post	ADJ
fsr-3711	185	5	rational	rational	ADJ
fsr-3711	185	6	price	price	NOUN
fsr-3711	185	7	approximations	approximation	NOUN
fsr-3711	185	8	and	and	CCONJ
fsr-3711	185	9	the	the	DET
fsr-3711	185	10	empirical	empirical	ADJ
fsr-3711	185	11	reliability	reliability	NOUN
fsr-3711	185	12	of	of	ADP
fsr-3711	185	13	the	the	DET
fsr-3711	185	14	present	present	ADJ
fsr-3711	185	15	-	-	PUNCT
fsr-3711	185	16	value	value	NOUN
fsr-3711	185	17	relation	relation	NOUN
fsr-3711	185	18	,	,	PUNCT
fsr-3711	185	19	”	"	PUNCT
fsr-3711	185	20	journal	journal	NOUN
fsr-3711	185	21	of	of	ADP
fsr-3711	185	22	applied	apply	VERB
fsr-3711	185	23	economettics	economettic	NOUN
fsr-3711	185	24	,	,	PUNCT
fsr-3711	185	25	4	4	NUM
fsr-3711	185	26	:	:	SYM
fsr-3711	185	27	139	139	NUM
fsr-3711	185	28	-	-	SYM
fsr-3711	185	29	59	59	NUM
fsr-3711	185	30	.	.	PUNCT
fsr-3711	186	1	shiller	shiller	PROPN
fsr-3711	186	2	,	,	PUNCT
fsr-3711	186	3	robert	robert	PROPN
fsr-3711	186	4	j.	j.	PROPN
fsr-3711	186	5	1979	1979	NUM
fsr-3711	186	6	.	.	PUNCT
fsr-3711	187	1	“	"	PUNCT
fsr-3711	187	2	the	the	DET
fsr-3711	187	3	volatility	volatility	NOUN
fsr-3711	187	4	of	of	ADP
fsr-3711	187	5	long	long	ADJ
fsr-3711	187	6	-	-	PUNCT
fsr-3711	187	7	term	term	NOUN
fsr-3711	187	8	interest	interest	NOUN
fsr-3711	187	9	rates	rate	NOUN
fsr-3711	187	10	and	and	CCONJ
fsr-3711	187	11	expectations	expectation	NOUN
fsr-3711	187	12	models	model	NOUN
fsr-3711	187	13	of	of	ADP
fsr-3711	187	14	the	the	DET
fsr-3711	187	15	term	term	NOUN
fsr-3711	187	16	structure	structure	NOUN
fsr-3711	187	17	,	,	PUNCT
fsr-3711	187	18	”	"	PUNCT
fsr-3711	187	19	journal	journal	NOUN
fsr-3711	187	20	of	of	ADP
fsr-3711	187	21	political	political	ADJ
fsr-3711	187	22	economy	economy	NOUN
fsr-3711	187	23	,	,	PUNCT
fsr-3711	187	24	87(6	87(6	NUM
fsr-3711	187	25	):	):	PUNCT
fsr-3711	187	26	1190	1190	NUM
fsr-3711	187	27	-	-	SYM
fsr-3711	187	28	1219	1219	NUM
fsr-3711	187	29	.	.	PUNCT
fsr-3711	188	1	-	-	PUNCT
fsr-3711	188	2	.	.	PROPN
fsr-3711	188	3	1981	1981	NUM
fsr-3711	188	4	a.	a.	NOUN
fsr-3711	189	1	‘	'	PUNCT
fsr-3711	189	2	the	the	DET
fsr-3711	189	3	use	use	NOUN
fsr-3711	189	4	of	of	ADP
fsr-3711	189	5	volatility	volatility	NOUN
fsr-3711	189	6	measures	measure	NOUN
fsr-3711	189	7	in	in	ADP
fsr-3711	189	8	assessing	assess	VERB
fsr-3711	189	9	market	market	NOUN
fsr-3711	189	10	efficiency	efficiency	NOUN
fsr-3711	189	11	,	,	PUNCT
fsr-3711	189	12	”	"	PUNCT
fsr-3711	189	13	journal	journal	NOUN
fsr-3711	189	14	of	of	ADP
fsr-3711	189	15	finance	finance	NOUN
fsr-3711	189	16	,	,	PUNCT
fsr-3711	189	17	36(2	36(2	NUM
fsr-3711	189	18	):	):	PUNCT
fsr-3711	189	19	291	291	NUM
fsr-3711	189	20	-	-	SYM
fsr-3711	189	21	304	304	NUM
fsr-3711	189	22	.	.	PUNCT
fsr-3711	189	23	-	-	PUNCT
fsr-3711	189	24	.	.	NUM
fsr-3711	189	25	1981b	1981b	NUM
fsr-3711	189	26	.	.	PUNCT
fsr-3711	190	1	“	"	PUNCT
fsr-3711	190	2	do	do	AUX
fsr-3711	190	3	stock	stock	NOUN
fsr-3711	190	4	prices	price	NOUN
fsr-3711	190	5	move	move	VERB
fsr-3711	190	6	too	too	ADV
fsr-3711	190	7	much	much	ADV
fsr-3711	190	8	to	to	PART
fsr-3711	190	9	be	be	AUX
fsr-3711	190	10	justified	justify	VERB
fsr-3711	190	11	by	by	ADP
fsr-3711	190	12	subsequent	subsequent	ADJ
fsr-3711	190	13	changes	change	NOUN
fsr-3711	190	14	in	in	ADP
fsr-3711	190	15	dividends	dividend	NOUN
fsr-3711	190	16	?	?	PUNCT
fsr-3711	190	17	"	"	PUNCT
fsr-3711	190	18	american	american	PROPN
fsr-3711	190	19	economics	economics	PROPN
fsr-3711	190	20	review	review	PROPN
fsr-3711	190	21	,	,	PUNCT
fsr-3711	190	22	71(3	71(3	NUM
fsr-3711	190	23	):	):	PUNCT
fsr-3711	190	24	421	421	NUM
fsr-3711	190	25	-	-	SYM
fsr-3711	190	26	36	36	NUM
fsr-3711	190	27	.	.	PUNCT
fsr-3711	190	28	-	-	PUNCT
fsr-3711	190	29	.	.	NOUN
fsr-3711	190	30	1989	1989	NUM
fsr-3711	190	31	.	.	PUNCT
fsr-3711	191	1	market	market	NOUN
fsr-3711	191	2	volatility	volatility	NOUN
fsr-3711	191	3	,	,	PUNCT
fsr-3711	191	4	cambridge	cambridge	PROPN
fsr-3711	191	5	,	,	PUNCT
fsr-3711	191	6	massachusetts	massachusetts	PROPN
fsr-3711	191	7	:	:	PUNCT
fsr-3711	191	8	mit	mit	PROPN
fsr-3711	191	9	press	press	NOUN
fsr-3711	191	10	.	.	PUNCT
fsr-3711	192	1	shleifer	shleifer	PROPN
fsr-3711	192	2	,	,	PUNCT
fsr-3711	192	3	andrei	andrei	PROPN
fsr-3711	192	4	and	and	CCONJ
fsr-3711	192	5	lawrence	lawrence	PROPN
fsr-3711	192	6	h.	h.	PROPN
fsr-3711	192	7	summers	summers	PROPN
fsr-3711	192	8	.	.	PUNCT
fsr-3711	193	1	1990	1990	NUM
fsr-3711	193	2	.	.	PUNCT
fsr-3711	194	1	‘	'	PUNCT
fsr-3711	194	2	the	the	DET
fsr-3711	194	3	noise	noise	NOUN
fsr-3711	194	4	trader	trader	NOUN
fsr-3711	194	5	approach	approach	NOUN
fsr-3711	194	6	to	to	ADP
fsr-3711	194	7	finance	finance	NOUN
fsr-3711	194	8	,	,	PUNCT
fsr-3711	194	9	”	"	PUNCT
fsr-3711	194	10	journal	journal	NOUN
fsr-3711	194	11	of	of	ADP
fsr-3711	194	12	economic	economic	ADJ
fsr-3711	194	13	perspectives	perspective	NOUN
fsr-3711	194	14	,	,	PUNCT
fsr-3711	194	15	4(2	4(2	NUM
fsr-3711	194	16	):	):	PUNCT
fsr-3711	194	17	19	19	NUM
fsr-3711	194	18	-	-	SYM
fsr-3711	194	19	33	33	NUM
fsr-3711	194	20	.	.	PUNCT
fsr-3711	195	1	singleton	singleton	PROPN
fsr-3711	195	2	,	,	PUNCT
fsr-3711	195	3	kenneth	kenneth	PROPN
fsr-3711	195	4	j.	j.	PROPN
fsr-3711	195	5	1980	1980	NUM
fsr-3711	195	6	.	.	PUNCT
fsr-3711	196	1	“	"	PUNCT
fsr-3711	196	2	expectations	expectation	NOUN
fsr-3711	196	3	models	model	NOUN
fsr-3711	196	4	of	of	ADP
fsr-3711	196	5	the	the	DET
fsr-3711	196	6	term	term	NOUN
fsr-3711	196	7	structure	structure	NOUN
fsr-3711	196	8	and	and	CCONJ
fsr-3711	196	9	implied	imply	VERB
fsr-3711	196	10	variance	variance	NOUN
fsr-3711	196	11	bounds	bound	NOUN
fsr-3711	196	12	,	,	PUNCT
fsr-3711	196	13	”	"	PUNCT
fsr-3711	196	14	journal	journal	NOUN
fsr-3711	196	15	of	of	ADP
fsr-3711	196	16	political	political	ADJ
fsr-3711	196	17	economy	economy	NOUN
fsr-3711	196	18	,	,	PUNCT
fsr-3711	196	19	88(6	88(6	NUM
fsr-3711	196	20	):	):	PUNCT
fsr-3711	196	21	1159	1159	NUM
fsr-3711	196	22	-	-	SYM
fsr-3711	196	23	76	76	NUM
fsr-3711	196	24	.	.	PUNCT
fsr-3711	197	1	west	west	PROPN
fsr-3711	197	2	,	,	PUNCT
fsr-3711	197	3	kenneth	kenneth	PROPN
fsr-3711	197	4	d.	d.	PROPN
fsr-3711	197	5	1988	1988	NUM
fsr-3711	197	6	.	.	PUNCT
fsr-3711	198	1	“	"	PUNCT
fsr-3711	198	2	bubbles	bubble	NOUN
fsr-3711	198	3	,	,	PUNCT
fsr-3711	198	4	fads	fad	NOUN
fsr-3711	198	5	and	and	CCONJ
fsr-3711	198	6	stock	stock	NOUN
fsr-3711	198	7	price	price	NOUN
fsr-3711	198	8	volatility	volatility	NOUN
fsr-3711	198	9	tests	test	NOUN
fsr-3711	198	10	:	:	PUNCT
fsr-3711	198	11	a	a	DET
fsr-3711	198	12	partial	partial	ADJ
fsr-3711	198	13	evaluation	evaluation	NOUN
fsr-3711	198	14	,	,	PUNCT
fsr-3711	198	15	”	"	PUNCT
fsr-3711	198	16	journal	journal	NOUN
fsr-3711	198	17	of	of	ADP
fsr-3711	198	18	finance	finance	NOUN
fsr-3711	198	19	,	,	PUNCT
fsr-3711	198	20	43(3	43(3	NUM
fsr-3711	198	21	):	):	PUNCT
fsr-3711	198	22	639	639	NUM
fsr-3711	198	23	-	-	SYM
fsr-3711	198	24	60	60	NUM
fsr-3711	198	25	.	.	PUNCT