id	sid	tid	token	lemma	pos
fsr-3712	1	1	pii	pii	PROPN
fsr-3712	1	2	:	:	PUNCT
fsr-3712	1	3	1057	1057	NUM
fsr-3712	1	4	-	-	SYM
fsr-3712	1	5	0810(92)90005	0810(92)90005	NUM
fsr-3712	1	6	-	-	PUNCT
fsr-3712	1	7	w	w	NOUN
fsr-3712	1	8	financial	financial	ADJ
fsr-3712	1	9	services	service	NOUN
fsr-3712	1	10	review	review	NOUN
fsr-3712	1	11	,	,	PUNCT
fsr-3712	1	12	2(2	2(2	NUM
fsr-3712	1	13	):	):	PUNCT
fsr-3712	1	14	97	97	NUM
fsr-3712	1	15	-	-	PUNCT
fsr-3712	1	16	l	l	NOUN
fsr-3712	1	17	10	10	NUM
fsr-3712	1	18	.	.	PUNCT
fsr-3712	2	1	copyright	copyright	NOUN
fsr-3712	2	2	0	0	NUM
fsr-3712	2	3	1993	1993	NUM
fsr-3712	2	4	by	by	ADP
fsr-3712	2	5	jai	jai	PROPN
fsr-3712	2	6	press	press	PROPN
fsr-3712	2	7	inc	inc	PROPN
fsr-3712	2	8	.	.	PROPN
fsr-3712	2	9	issn	issn	PROPN
fsr-3712	2	10	:	:	PUNCT
fsr-3712	2	11	1057	1057	NUM
fsr-3712	2	12	-	-	SYM
fsr-3712	2	13	0810	0810	NUM
fsr-3712	2	14	all	all	DET
fsr-3712	2	15	rights	right	NOUN
fsr-3712	2	16	of	of	ADP
fsr-3712	2	17	reproduction	reproduction	NOUN
fsr-3712	2	18	in	in	ADP
fsr-3712	2	19	any	any	DET
fsr-3712	2	20	form	form	NOUN
fsr-3712	2	21	reserved	reserve	VERB
fsr-3712	2	22	.	.	PUNCT
fsr-3712	3	1	performance	performance	NOUN
fsr-3712	3	2	and	and	CCONJ
fsr-3712	3	3	risk	risk	NOUN
fsr-3712	3	4	exposure	exposure	NOUN
fsr-3712	3	5	of	of	ADP
fsr-3712	3	6	international	international	ADJ
fsr-3712	3	7	mutual	mutual	ADJ
fsr-3712	3	8	funds	fund	NOUN
fsr-3712	3	9	larry	larry	PROPN
fsr-3712	3	10	r.	r.	PROPN
fsr-3712	3	11	lang	lang	PROPN
fsr-3712	3	12	robert	robert	PROPN
fsr-3712	3	13	m.	m.	PROPN
fsr-3712	3	14	niendorf	niendorf	PROPN
fsr-3712	3	15	this	this	DET
fsr-3712	3	16	study	study	NOUN
fsr-3712	3	17	examined	examine	VERB
fsr-3712	3	18	whether	whether	SCONJ
fsr-3712	3	19	internationally	internationally	ADV
fsr-3712	3	20	diversified	diversify	VERB
fsr-3712	3	21	mutualfinds	mutualfind	NOUN
fsr-3712	3	22	increase	increase	VERB
fsr-3712	3	23	a	a	DET
fsr-3712	3	24	u.s	u.s	PROPN
fsr-3712	3	25	.	.	PROPN
fsr-3712	3	26	investor	investor	NOUN
fsr-3712	3	27	’s	’s	PART
fsr-3712	3	28	risk	risk	NOUN
fsr-3712	3	29	-	-	PUNCT
fsr-3712	3	30	adjusted	adjust	VERB
fsr-3712	3	31	return	return	NOUN
fsr-3712	3	32	above	above	ADP
fsr-3712	3	33	that	that	PRON
fsr-3712	3	34	on	on	ADP
fsr-3712	3	35	a	a	DET
fsr-3712	3	36	domestic	domestic	ADJ
fsr-3712	3	37	benchmarkmutualfund	benchmarkmutualfund	NOUN
fsr-3712	3	38	.	.	PUNCT
fsr-3712	4	1	average	average	ADJ
fsr-3712	4	2	returns	return	NOUN
fsr-3712	4	3	on	on	ADP
fsr-3712	4	4	about	about	ADV
fsr-3712	4	5	one	one	NUM
fsr-3712	4	6	-	-	PUNCT
fsr-3712	4	7	half	half	NOUN
fsr-3712	4	8	of	of	ADP
fsr-3712	4	9	the	the	DET
fsr-3712	4	10	international	international	ADJ
fsr-3712	4	11	funds	fund	NOUN
fsr-3712	4	12	exceeded	exceed	VERB
fsr-3712	4	13	the	the	DET
fsr-3712	4	14	domestic	domestic	ADJ
fsr-3712	4	15	benchmark	benchmark	NOUN
fsr-3712	4	16	fund	fund	NOUN
fsr-3712	4	17	’s	’s	PART
fsr-3712	4	18	return	return	NOUN
fsr-3712	4	19	.	.	PUNCT
fsr-3712	5	1	the	the	DET
fsr-3712	5	2	risk	risk	NOUN
fsr-3712	5	3	-	-	PUNCT
fsr-3712	5	4	adjusted	adjust	VERB
fsr-3712	5	5	returns	return	NOUN
fsr-3712	5	6	on	on	ADP
fsr-3712	5	7	the	the	DET
fsr-3712	5	8	international	international	ADJ
fsr-3712	5	9	mutual	mutual	ADJ
fsr-3712	5	10	funds	fund	NOUN
fsr-3712	5	11	were	be	AUX
fsr-3712	5	12	not	not	PART
fsr-3712	5	13	significantly	significantly	ADV
fsr-3712	5	14	dtrerentji	dtrerentji	NOUN
fsr-3712	5	15	-	-	PUNCT
fsr-3712	5	16	om	om	NOUN
fsr-3712	5	17	that	that	DET
fsr-3712	5	18	on	on	ADP
fsr-3712	5	19	the	the	DET
fsr-3712	5	20	domestic	domestic	ADJ
fsr-3712	5	21	benchmark	benchmark	NOUN
fsr-3712	5	22	fund	fund	NOUN
fsr-3712	5	23	.	.	PUNCT
fsr-3712	6	1	these	these	DET
fsr-3712	6	2	results	result	NOUN
fsr-3712	6	3	dtrerfiom	dtrerfiom	VERB
fsr-3712	6	4	earlier	early	ADJ
fsr-3712	6	5	studies	study	NOUN
fsr-3712	6	6	which	which	PRON
fsr-3712	6	7	generally	generally	ADV
fsr-3712	6	8	found	find	VERB
fsr-3712	6	9	superior	superior	ADJ
fsr-3712	6	10	returns	return	NOUN
fsr-3712	6	11	on	on	ADP
fsr-3712	6	12	international	international	ADJ
fsr-3712	6	13	mutual	mutual	ADJ
fsr-3712	6	14	funds	fund	NOUN
fsr-3712	6	15	.	.	PUNCT
fsr-3712	7	1	the	the	DET
fsr-3712	7	2	benefits	benefit	NOUN
fsr-3712	7	3	for	for	ADP
fsr-3712	7	4	the	the	DET
fsr-3712	7	5	u.s	u.s	PROPN
fsr-3712	7	6	.	.	PROPN
fsr-3712	7	7	investor	investor	NOUN
fsr-3712	7	8	of	of	ADP
fsr-3712	7	9	holding	hold	VERB
fsr-3712	7	10	an	an	DET
fsr-3712	7	11	internationally	internationally	ADV
fsr-3712	7	12	diversijied	diversijie	VERB
fsr-3712	7	13	mutual	mutual	ADJ
fsr-3712	7	14	fund	fund	NOUN
fsr-3712	7	15	appear	appear	VERB
fsr-3712	7	16	to	to	PART
fsr-3712	7	17	be	be	AUX
fsr-3712	7	18	limited	limit	VERB
fsr-3712	7	19	for	for	ADP
fsr-3712	7	20	the	the	DET
fsr-3712	7	21	period	period	NOUN
fsr-3712	7	22	studied	study	VERB
fsr-3712	7	23	.	.	PUNCT
fsr-3712	8	1	i.	i.	PROPN
fsr-3712	8	2	intr	intr	PROPN
fsr-3712	8	3	~	~	PUNCT
fsr-3712	8	4	duc~~n	duc~~n	VERB
fsr-3712	8	5	over	over	ADP
fsr-3712	8	6	the	the	DET
fsr-3712	8	7	past	past	ADJ
fsr-3712	8	8	several	several	ADJ
fsr-3712	8	9	years	year	NOUN
fsr-3712	8	10	both	both	DET
fsr-3712	8	11	business	business	NOUN
fsr-3712	8	12	periodicals	periodical	NOUN
fsr-3712	8	13	and	and	CCONJ
fsr-3712	8	14	the	the	DET
fsr-3712	8	15	popular	popular	ADJ
fsr-3712	8	16	press	press	NOUN
fsr-3712	8	17	have	have	AUX
fsr-3712	8	18	carried	carry	VERB
fsr-3712	8	19	articles	article	NOUN
fsr-3712	8	20	extolling	extoll	VERB
fsr-3712	8	21	the	the	DET
fsr-3712	8	22	virtues	virtue	NOUN
fsr-3712	8	23	of	of	ADP
fsr-3712	8	24	investing	invest	VERB
fsr-3712	8	25	outside	outside	ADP
fsr-3712	8	26	the	the	DET
fsr-3712	8	27	united	united	PROPN
fsr-3712	8	28	states	states	PROPN
fsr-3712	8	29	.	.	PUNCT
fsr-3712	9	1	not	not	PART
fsr-3712	9	2	only	only	ADV
fsr-3712	9	3	has	have	AUX
fsr-3712	9	4	the	the	DET
fsr-3712	9	5	number	number	NOUN
fsr-3712	9	6	of	of	ADP
fsr-3712	9	7	articles	article	NOUN
fsr-3712	9	8	increased	increase	VERB
fsr-3712	9	9	,	,	PUNCT
fsr-3712	9	10	but	but	CCONJ
fsr-3712	9	11	the	the	DET
fsr-3712	9	12	target	target	NOUN
fsr-3712	9	13	audience	audience	NOUN
fsr-3712	9	14	also	also	ADV
fsr-3712	9	15	has	have	AUX
fsr-3712	9	16	expanded	expand	VERB
fsr-3712	9	17	.	.	PUNCT
fsr-3712	10	1	the	the	DET
fsr-3712	10	2	typical	typical	ADJ
fsr-3712	10	3	article	article	NOUN
fsr-3712	10	4	often	often	ADV
fsr-3712	10	5	concludes	conclude	VERB
fsr-3712	10	6	that	that	SCONJ
fsr-3712	10	7	there	there	PRON
fsr-3712	10	8	are	be	VERB
fsr-3712	10	9	likely	likely	ADJ
fsr-3712	10	10	to	to	PART
fsr-3712	10	11	be	be	AUX
fsr-3712	10	12	potential	potential	ADJ
fsr-3712	10	13	benefits	benefit	NOUN
fsr-3712	10	14	from	from	ADP
fsr-3712	10	15	investing	invest	VERB
fsr-3712	10	16	in	in	ADP
fsr-3712	10	17	firms	firm	NOUN
fsr-3712	10	18	that	that	PRON
fsr-3712	10	19	have	have	VERB
fsr-3712	10	20	the	the	DET
fsr-3712	10	21	majority	majority	NOUN
fsr-3712	10	22	of	of	ADP
fsr-3712	10	23	their	their	PRON
fsr-3712	10	24	operations	operation	NOUN
fsr-3712	10	25	outside	outside	ADP
fsr-3712	10	26	the	the	DET
fsr-3712	10	27	united	united	PROPN
fsr-3712	10	28	states	states	PROPN
fsr-3712	10	29	.	.	PUNCT
fsr-3712	11	1	many	many	ADJ
fsr-3712	11	2	articles	article	NOUN
fsr-3712	11	3	urge	urge	VERB
fsr-3712	11	4	investors	investor	NOUN
fsr-3712	11	5	to	to	PART
fsr-3712	11	6	consider	consider	VERB
fsr-3712	11	7	the	the	DET
fsr-3712	11	8	possible	possible	ADJ
fsr-3712	11	9	gains	gain	NOUN
fsr-3712	11	10	that	that	PRON
fsr-3712	11	11	might	might	AUX
fsr-3712	11	12	come	come	VERB
fsr-3712	11	13	from	from	ADP
fsr-3712	11	14	investing	invest	VERB
fsr-3712	11	15	outside	outside	ADP
fsr-3712	11	16	the	the	DET
fsr-3712	11	17	domestic	domestic	ADJ
fsr-3712	11	18	market	market	NOUN
fsr-3712	11	19	.	.	PUNCT
fsr-3712	12	1	while	while	SCONJ
fsr-3712	12	2	both	both	DET
fsr-3712	12	3	fixed	fix	VERB
fsr-3712	12	4	return	return	NOUN
fsr-3712	12	5	investments	investment	NOUN
fsr-3712	12	6	and	and	CCONJ
fsr-3712	12	7	common	common	ADJ
fsr-3712	12	8	stocks	stock	NOUN
fsr-3712	12	9	are	be	AUX
fsr-3712	12	10	covered	cover	VERB
fsr-3712	12	11	in	in	ADP
fsr-3712	12	12	the	the	DET
fsr-3712	12	13	literature	literature	NOUN
fsr-3712	12	14	,	,	PUNCT
fsr-3712	12	15	the	the	DET
fsr-3712	12	16	latter	latter	ADJ
fsr-3712	12	17	receive	receive	VERB
fsr-3712	12	18	much	much	ADV
fsr-3712	12	19	more	more	ADJ
fsr-3712	12	20	coverage	coverage	NOUN
fsr-3712	12	21	and	and	CCONJ
fsr-3712	12	22	emphasis	emphasis	NOUN
fsr-3712	12	23	.	.	PUNCT
fsr-3712	13	1	with	with	ADP
fsr-3712	13	2	the	the	DET
fsr-3712	13	3	proposed	propose	VERB
fsr-3712	13	4	increased	increase	VERB
fsr-3712	13	5	integration	integration	NOUN
fsr-3712	13	6	of	of	ADP
fsr-3712	13	7	the	the	DET
fsr-3712	13	8	major	major	ADJ
fsr-3712	13	9	economies	economy	NOUN
fsr-3712	13	10	of	of	ADP
fsr-3712	13	11	europe	europe	PROPN
fsr-3712	13	12	at	at	ADP
fsr-3712	13	13	the	the	DET
fsr-3712	13	14	end	end	NOUN
fsr-3712	13	15	of	of	ADP
fsr-3712	13	16	1992	1992	NUM
fsr-3712	13	17	,	,	PUNCT
fsr-3712	13	18	integration	integration	NOUN
fsr-3712	13	19	of	of	ADP
fsr-3712	13	20	financial	financial	ADJ
fsr-3712	13	21	markets	market	NOUN
fsr-3712	13	22	also	also	ADV
fsr-3712	13	23	will	will	AUX
fsr-3712	13	24	likely	likely	ADV
fsr-3712	13	25	increase	increase	VERB
fsr-3712	13	26	.	.	PUNCT
fsr-3712	14	1	freer	free	ADJ
fsr-3712	14	2	capital	capital	NOUN
fsr-3712	14	3	flows	flow	NOUN
fsr-3712	14	4	among	among	ADP
fsr-3712	14	5	the	the	DET
fsr-3712	14	6	markets	market	NOUN
fsr-3712	14	7	of	of	ADP
fsr-3712	14	8	the	the	DET
fsr-3712	14	9	world	world	NOUN
fsr-3712	14	10	is	be	AUX
fsr-3712	14	11	likely	likely	ADJ
fsr-3712	14	12	to	to	PART
fsr-3712	14	13	be	be	AUX
fsr-3712	14	14	one	one	NUM
fsr-3712	14	15	outcome	outcome	NOUN
fsr-3712	14	16	.	.	PUNCT
fsr-3712	15	1	even	even	ADV
fsr-3712	15	2	before	before	SCONJ
fsr-3712	15	3	europe	europe	PROPN
fsr-3712	15	4	1992	1992	NUM
fsr-3712	15	5	was	be	AUX
fsr-3712	15	6	proposed	propose	VERB
fsr-3712	15	7	,	,	PUNCT
fsr-3712	15	8	european	european	ADJ
fsr-3712	15	9	investors	investor	NOUN
fsr-3712	15	10	considered	consider	VERB
fsr-3712	15	11	external	external	ADJ
fsr-3712	15	12	invest	invest	VERB
fsr-3712	15	13	ing	e	VERB
fsr-3712	15	14	the	the	DET
fsr-3712	15	15	norm	norm	NOUN
fsr-3712	15	16	rather	rather	ADV
fsr-3712	15	17	than	than	ADP
fsr-3712	15	18	the	the	DET
fsr-3712	15	19	exception	exception	NOUN
fsr-3712	15	20	.	.	PUNCT
fsr-3712	16	1	more	more	ADJ
fsr-3712	16	2	limited	limited	ADJ
fsr-3712	16	3	domestic	domestic	ADJ
fsr-3712	16	4	financial	financial	ADJ
fsr-3712	16	5	markets	market	NOUN
fsr-3712	16	6	,	,	PUNCT
fsr-3712	16	7	coupled	couple	VERB
fsr-3712	16	8	with	with	ADP
fsr-3712	16	9	a	a	DET
fsr-3712	16	10	willingness	willingness	NOUN
fsr-3712	16	11	to	to	PART
fsr-3712	16	12	consider	consider	VERB
fsr-3712	16	13	external	external	ADJ
fsr-3712	16	14	financial	financial	ADJ
fsr-3712	16	15	markets	market	NOUN
fsr-3712	16	16	,	,	PUNCT
fsr-3712	16	17	may	may	AUX
fsr-3712	16	18	explain	explain	VERB
fsr-3712	16	19	part	part	NOUN
fsr-3712	16	20	larry	larry	PROPN
fsr-3712	16	21	r.	r.	PROPN
fsr-3712	16	22	lang	lang	PROPN
fsr-3712	16	23	and	and	CCONJ
fsr-3712	16	24	robert	robert	PROPN
fsr-3712	16	25	m.	m.	PROPN
fsr-3712	16	26	niendorf	niendorf	PROPN
fsr-3712	16	27	l	l	PROPN
fsr-3712	16	28	college	college	PROPN
fsr-3712	16	29	of	of	ADP
fsr-3712	16	30	business	business	PROPN
fsr-3712	16	31	administration	administration	PROPN
fsr-3712	16	32	,	,	PUNCT
fsr-3712	16	33	university	university	PROPN
fsr-3712	16	34	of	of	ADP
fsr-3712	16	35	wisconsin	wisconsin	PROPN
fsr-3712	16	36	,	,	PUNCT
fsr-3712	16	37	oshkosh	oshkosh	PROPN
fsr-3712	16	38	,	,	PUNCT
fsr-3712	16	39	wisconsin	wisconsin	PROPN
fsr-3712	16	40	54901	54901	NUM
fsr-3712	16	41	98	98	NUM
fsr-3712	16	42	financial	financial	ADJ
fsr-3712	16	43	services	service	NOUN
fsr-3712	16	44	review	review	NOUN
fsr-3712	16	45	,	,	PUNCT
fsr-3712	16	46	2(2	2(2	NUM
fsr-3712	16	47	)	)	PUNCT
fsr-3712	16	48	1993	1993	NUM
fsr-3712	16	49	of	of	ADP
fsr-3712	16	50	this	this	DET
fsr-3712	16	51	more	more	ADV
fsr-3712	16	52	global	global	ADJ
fsr-3712	16	53	investment	investment	NOUN
fsr-3712	16	54	horizon	horizon	NOUN
fsr-3712	16	55	.	.	PUNCT
fsr-3712	17	1	until	until	ADP
fsr-3712	17	2	recently	recently	ADV
fsr-3712	17	3	,	,	PUNCT
fsr-3712	17	4	however	however	ADV
fsr-3712	17	5	,	,	PUNCT
fsr-3712	17	6	such	such	DET
fsr-3712	17	7	a	a	DET
fsr-3712	17	8	trend	trend	NOUN
fsr-3712	17	9	has	have	AUX
fsr-3712	17	10	been	be	AUX
fsr-3712	17	11	much	much	ADV
fsr-3712	17	12	less	less	ADV
fsr-3712	17	13	evident	evident	ADJ
fsr-3712	17	14	in	in	ADP
fsr-3712	17	15	the	the	DET
fsr-3712	17	16	united	united	PROPN
fsr-3712	17	17	states	states	PROPN
fsr-3712	17	18	.	.	PUNCT
fsr-3712	18	1	only	only	ADV
fsr-3712	18	2	in	in	ADP
fsr-3712	18	3	the	the	DET
fsr-3712	18	4	past	past	ADJ
fsr-3712	18	5	several	several	ADJ
fsr-3712	18	6	years	year	NOUN
fsr-3712	18	7	have	have	AUX
fsr-3712	18	8	small	small	ADJ
fsr-3712	18	9	investors	investor	NOUN
fsr-3712	18	10	expanded	expand	VERB
fsr-3712	18	11	their	their	PRON
fsr-3712	18	12	investment	investment	NOUN
fsr-3712	18	13	horizon	horizon	NOUN
fsr-3712	18	14	beyond	beyond	ADP
fsr-3712	18	15	the	the	DET
fsr-3712	18	16	domestic	domestic	ADJ
fsr-3712	18	17	area	area	NOUN
fsr-3712	18	18	to	to	PART
fsr-3712	18	19	channel	channel	VERB
fsr-3712	18	20	funds	fund	NOUN
fsr-3712	18	21	into	into	ADP
fsr-3712	18	22	external	external	ADJ
fsr-3712	18	23	markets	market	NOUN
fsr-3712	18	24	.	.	PUNCT
fsr-3712	19	1	domestic	domestic	ADJ
fsr-3712	19	2	markets	market	NOUN
fsr-3712	19	3	that	that	PRON
fsr-3712	19	4	not	not	PART
fsr-3712	19	5	only	only	ADV
fsr-3712	19	6	are	be	AUX
fsr-3712	19	7	large	large	ADJ
fsr-3712	19	8	,	,	PUNCT
fsr-3712	19	9	but	but	CCONJ
fsr-3712	19	10	also	also	ADV
fsr-3712	19	11	offer	offer	VERB
fsr-3712	19	12	a	a	DET
fsr-3712	19	13	wide	wide	ADJ
fsr-3712	19	14	array	array	NOUN
fsr-3712	19	15	of	of	ADP
fsr-3712	19	16	options	option	NOUN
fsr-3712	19	17	,	,	PUNCT
fsr-3712	19	18	have	have	AUX
fsr-3712	19	19	likely	likely	ADV
fsr-3712	19	20	discouraged	discourage	VERB
fsr-3712	19	21	some	some	DET
fsr-3712	19	22	small	small	ADJ
fsr-3712	19	23	investors	investor	NOUN
fsr-3712	19	24	in	in	ADP
fsr-3712	19	25	the	the	DET
fsr-3712	19	26	united	united	PROPN
fsr-3712	19	27	states	states	PROPN
fsr-3712	19	28	from	from	ADP
fsr-3712	19	29	seeking	seek	VERB
fsr-3712	19	30	international	international	ADJ
fsr-3712	19	31	investment	investment	NOUN
fsr-3712	19	32	options	option	NOUN
fsr-3712	19	33	.	.	PUNCT
fsr-3712	20	1	at	at	ADP
fsr-3712	20	2	the	the	DET
fsr-3712	20	3	same	same	ADJ
fsr-3712	20	4	time	time	NOUN
fsr-3712	20	5	,	,	PUNCT
fsr-3712	20	6	until	until	ADP
fsr-3712	20	7	recently	recently	ADV
fsr-3712	20	8	the	the	DET
fsr-3712	20	9	range	range	NOUN
fsr-3712	20	10	of	of	ADP
fsr-3712	20	11	investment	investment	NOUN
fsr-3712	20	12	options	option	NOUN
fsr-3712	20	13	that	that	PRON
fsr-3712	20	14	would	would	AUX
fsr-3712	20	15	allow	allow	VERB
fsr-3712	20	16	small	small	ADJ
fsr-3712	20	17	investors	investor	NOUN
fsr-3712	20	18	to	to	PART
fsr-3712	20	19	participate	participate	VERB
fsr-3712	20	20	in	in	ADP
fsr-3712	20	21	foreign	foreign	ADJ
fsr-3712	20	22	markets	market	NOUN
fsr-3712	20	23	has	have	AUX
fsr-3712	20	24	been	be	AUX
fsr-3712	20	25	somewhat	somewhat	ADV
fsr-3712	20	26	limited	limited	ADJ
fsr-3712	20	27	.	.	PUNCT
fsr-3712	21	1	but	but	CCONJ
fsr-3712	21	2	the	the	DET
fsr-3712	21	3	past	past	ADJ
fsr-3712	21	4	several	several	ADJ
fsr-3712	21	5	years	year	NOUN
fsr-3712	21	6	have	have	AUX
fsr-3712	21	7	brought	bring	VERB
fsr-3712	21	8	a	a	DET
fsr-3712	21	9	rapid	rapid	ADJ
fsr-3712	21	10	expansion	expansion	NOUN
fsr-3712	21	11	in	in	ADP
fsr-3712	21	12	available	available	ADJ
fsr-3712	21	13	international	international	ADJ
fsr-3712	21	14	investment	investment	NOUN
fsr-3712	21	15	vehicles	vehicle	NOUN
fsr-3712	21	16	.	.	PUNCT
fsr-3712	22	1	current	current	ADJ
fsr-3712	22	2	indications	indication	NOUN
fsr-3712	22	3	are	be	AUX
fsr-3712	22	4	that	that	SCONJ
fsr-3712	22	5	this	this	DET
fsr-3712	22	6	growth	growth	NOUN
fsr-3712	22	7	will	will	AUX
fsr-3712	22	8	continue	continue	VERB
fsr-3712	22	9	.	.	PUNCT
fsr-3712	23	1	the	the	DET
fsr-3712	23	2	combination	combination	NOUN
fsr-3712	23	3	of	of	ADP
fsr-3712	23	4	the	the	DET
fsr-3712	23	5	broadened	broaden	VERB
fsr-3712	23	6	array	array	NOUN
fsr-3712	23	7	of	of	ADP
fsr-3712	23	8	international	international	ADJ
fsr-3712	23	9	choices	choice	NOUN
fsr-3712	23	10	,	,	PUNCT
fsr-3712	23	11	and	and	CCONJ
fsr-3712	23	12	the	the	DET
fsr-3712	23	13	increased	increase	VERB
fsr-3712	23	14	awareness	awareness	NOUN
fsr-3712	23	15	of	of	ADP
fsr-3712	23	16	the	the	DET
fsr-3712	23	17	potential	potential	ADJ
fsr-3712	23	18	benefits	benefit	NOUN
fsr-3712	23	19	from	from	ADP
fsr-3712	23	20	investing	invest	VERB
fsr-3712	23	21	on	on	ADP
fsr-3712	23	22	an	an	DET
fsr-3712	23	23	international	international	ADJ
fsr-3712	23	24	scale	scale	NOUN
fsr-3712	23	25	,	,	PUNCT
fsr-3712	23	26	has	have	AUX
fsr-3712	23	27	encouraged	encourage	VERB
fsr-3712	23	28	small	small	ADJ
fsr-3712	23	29	investors	investor	NOUN
fsr-3712	23	30	to	to	PART
fsr-3712	23	31	expand	expand	VERB
fsr-3712	23	32	beyond	beyond	ADP
fsr-3712	23	33	the	the	DET
fsr-3712	23	34	domestic	domestic	ADJ
fsr-3712	23	35	area	area	NOUN
fsr-3712	23	36	into	into	ADP
fsr-3712	23	37	the	the	DET
fsr-3712	23	38	broader	broad	ADJ
fsr-3712	23	39	international	international	ADJ
fsr-3712	23	40	financial	financial	ADJ
fsr-3712	23	41	markets	market	NOUN
fsr-3712	23	42	.	.	PUNCT
fsr-3712	24	1	at	at	ADP
fsr-3712	24	2	the	the	DET
fsr-3712	24	3	same	same	ADJ
fsr-3712	24	4	time	time	NOUN
fsr-3712	24	5	the	the	DET
fsr-3712	24	6	willingness	willingness	NOUN
fsr-3712	24	7	of	of	ADP
fsr-3712	24	8	small	small	ADJ
fsr-3712	24	9	investors	investor	NOUN
fsr-3712	24	10	to	to	PART
fsr-3712	24	11	do	do	AUX
fsr-3712	24	12	this	this	PRON
fsr-3712	24	13	has	have	AUX
fsr-3712	24	14	encouraged	encourage	VERB
fsr-3712	24	15	financial	financial	ADJ
fsr-3712	24	16	intermediaries	intermediary	NOUN
fsr-3712	24	17	and	and	CCONJ
fsr-3712	24	18	service	service	NOUN
fsr-3712	24	19	firms	firm	NOUN
fsr-3712	24	20	to	to	PART
fsr-3712	24	21	develop	develop	VERB
fsr-3712	24	22	still	still	ADV
fsr-3712	24	23	more	more	ADV
fsr-3712	24	24	intema	intema	ADJ
fsr-3712	24	25	tional	tional	ADJ
fsr-3712	24	26	investment	investment	NOUN
fsr-3712	24	27	vehicles	vehicle	NOUN
fsr-3712	24	28	.	.	PUNCT
fsr-3712	25	1	benefits	benefit	NOUN
fsr-3712	25	2	from	from	ADP
fsr-3712	25	3	investing	invest	VERB
fsr-3712	25	4	in	in	ADP
fsr-3712	25	5	financial	financial	ADJ
fsr-3712	25	6	markets	market	NOUN
fsr-3712	25	7	other	other	ADJ
fsr-3712	25	8	than	than	ADP
fsr-3712	25	9	the	the	DET
fsr-3712	25	10	united	united	PROPN
fsr-3712	25	11	states	states	PROPN
fsr-3712	25	12	some	some	DET
fsr-3712	25	13	earlier	early	ADJ
fsr-3712	25	14	work	work	NOUN
fsr-3712	25	15	(	(	PUNCT
fsr-3712	25	16	grubel	grubel	NOUN
fsr-3712	25	17	,	,	PUNCT
fsr-3712	25	18	1968	1968	NUM
fsr-3712	25	19	;	;	PUNCT
fsr-3712	25	20	levy	levy	NOUN
fsr-3712	25	21	,	,	PUNCT
fsr-3712	25	22	1970	1970	NUM
fsr-3712	25	23	;	;	PUNCT
fsr-3712	25	24	swanson	swanson	PROPN
fsr-3712	25	25	,	,	PUNCT
fsr-3712	25	26	1979	1979	NUM
fsr-3712	25	27	;	;	PUNCT
fsr-3712	25	28	eun	eun	PROPN
fsr-3712	25	29	,	,	PUNCT
fsr-3712	25	30	1985	1985	NUM
fsr-3712	25	31	,	,	PUNCT
fsr-3712	25	32	1987	1987	NUM
fsr-3712	25	33	;	;	PUNCT
fsr-3712	25	34	grauer	grauer	NOUN
fsr-3712	25	35	,	,	PUNCT
fsr-3712	25	36	1987	1987	NUM
fsr-3712	25	37	)	)	PUNCT
fsr-3712	25	38	found	find	VERB
fsr-3712	25	39	that	that	SCONJ
fsr-3712	25	40	the	the	DET
fsr-3712	25	41	rates	rate	NOUN
fsr-3712	25	42	of	of	ADP
fsr-3712	25	43	return	return	NOUN
fsr-3712	25	44	on	on	ADP
fsr-3712	25	45	selected	select	VERB
fsr-3712	25	46	major	major	ADJ
fsr-3712	25	47	equity	equity	NOUN
fsr-3712	25	48	markets	market	NOUN
fsr-3712	25	49	outside	outside	ADP
fsr-3712	25	50	the	the	DET
fsr-3712	25	51	united	united	PROPN
fsr-3712	25	52	states	states	PROPN
fsr-3712	25	53	often	often	ADV
fsr-3712	25	54	were	be	AUX
fsr-3712	25	55	greater	great	ADJ
fsr-3712	25	56	than	than	ADP
fsr-3712	25	57	the	the	DET
fsr-3712	25	58	return	return	NOUN
fsr-3712	25	59	on	on	ADP
fsr-3712	25	60	the	the	DET
fsr-3712	25	61	united	united	PROPN
fsr-3712	25	62	states	states	PROPN
fsr-3712	25	63	’	'	PUNCT
fsr-3712	25	64	market	market	NOUN
fsr-3712	25	65	.	.	PUNCT
fsr-3712	26	1	during	during	ADP
fsr-3712	26	2	periods	period	NOUN
fsr-3712	26	3	in	in	ADP
fsr-3712	26	4	the	the	DET
fsr-3712	26	5	late	late	ADJ
fsr-3712	26	6	1970s	1970	NOUN
fsr-3712	26	7	and	and	CCONJ
fsr-3712	26	8	early	early	ADJ
fsr-3712	26	9	1980s	1980	NOUN
fsr-3712	26	10	the	the	DET
fsr-3712	26	11	returns	return	NOUN
fsr-3712	26	12	in	in	ADP
fsr-3712	26	13	major	major	ADJ
fsr-3712	26	14	foreign	foreign	ADJ
fsr-3712	26	15	markets	market	NOUN
fsr-3712	26	16	often	often	ADV
fsr-3712	26	17	were	be	AUX
fsr-3712	26	18	higher	high	ADJ
fsr-3712	26	19	than	than	ADP
fsr-3712	26	20	those	those	PRON
fsr-3712	26	21	in	in	ADP
fsr-3712	26	22	the	the	DET
fsr-3712	26	23	domestic	domestic	ADJ
fsr-3712	26	24	market	market	NOUN
fsr-3712	26	25	.	.	PUNCT
fsr-3712	27	1	risk	risk	NOUN
fsr-3712	27	2	exposure	exposure	NOUN
fsr-3712	27	3	results	result	NOUN
fsr-3712	27	4	from	from	ADP
fsr-3712	27	5	those	those	DET
fsr-3712	27	6	same	same	ADJ
fsr-3712	27	7	studies	study	NOUN
fsr-3712	27	8	tended	tend	VERB
fsr-3712	27	9	to	to	PART
fsr-3712	27	10	be	be	AUX
fsr-3712	27	11	more	more	ADV
fsr-3712	27	12	mixed	mixed	ADJ
fsr-3712	27	13	.	.	PUNCT
fsr-3712	28	1	while	while	SCONJ
fsr-3712	28	2	risk	risk	NOUN
fsr-3712	28	3	in	in	ADP
fsr-3712	28	4	some	some	DET
fsr-3712	28	5	markets	market	NOUN
fsr-3712	28	6	was	be	AUX
fsr-3712	28	7	lower	low	ADJ
fsr-3712	28	8	than	than	ADP
fsr-3712	28	9	in	in	ADP
fsr-3712	28	10	the	the	DET
fsr-3712	28	11	united	united	PROPN
fsr-3712	28	12	states	states	PROPN
fsr-3712	28	13	’	’	PART
fsr-3712	28	14	domestic	domestic	ADJ
fsr-3712	28	15	market	market	NOUN
fsr-3712	28	16	,	,	PUNCT
fsr-3712	28	17	in	in	ADP
fsr-3712	28	18	a	a	DET
fsr-3712	28	19	considerable	considerable	ADJ
fsr-3712	28	20	number	number	NOUN
fsr-3712	28	21	it	it	PRON
fsr-3712	28	22	was	be	AUX
fsr-3712	28	23	higher	high	ADJ
fsr-3712	28	24	.	.	PUNCT
fsr-3712	29	1	the	the	DET
fsr-3712	29	2	findings	finding	NOUN
fsr-3712	29	3	suggest	suggest	VERB
fsr-3712	29	4	that	that	SCONJ
fsr-3712	29	5	investors	investor	NOUN
fsr-3712	29	6	might	might	AUX
fsr-3712	29	7	be	be	AUX
fsr-3712	29	8	able	able	ADJ
fsr-3712	29	9	both	both	PRON
fsr-3712	29	10	to	to	PART
fsr-3712	29	11	enhance	enhance	VERB
fsr-3712	29	12	their	their	PRON
fsr-3712	29	13	returns	return	NOUN
fsr-3712	29	14	and	and	CCONJ
fsr-3712	29	15	to	to	PART
fsr-3712	29	16	lower	lower	VERB
fsr-3712	29	17	risk	risk	NOUN
fsr-3712	29	18	by	by	ADP
fsr-3712	29	19	investing	invest	VERB
fsr-3712	29	20	outside	outside	ADP
fsr-3712	29	21	the	the	DET
fsr-3712	29	22	united	united	PROPN
fsr-3712	29	23	states	states	PROPN
fsr-3712	29	24	.	.	PUNCT
fsr-3712	30	1	international	international	ADJ
fsr-3712	30	2	mutual	mutual	ADJ
fsr-3712	30	3	funds	fund	NOUN
fsr-3712	30	4	:	:	PUNCT
fsr-3712	30	5	an	an	DET
fsr-3712	30	6	ideal	ideal	ADJ
fsr-3712	30	7	vehicle	vehicle	NOUN
fsr-3712	30	8	for	for	ADP
fsr-3712	30	9	small	small	ADJ
fsr-3712	30	10	investors	investor	NOUN
fsr-3712	30	11	investors	investor	NOUN
fsr-3712	30	12	with	with	ADP
fsr-3712	30	13	modest	modest	ADJ
fsr-3712	30	14	resources	resource	NOUN
fsr-3712	30	15	are	be	AUX
fsr-3712	30	16	likely	likely	ADJ
fsr-3712	30	17	to	to	PART
fsr-3712	30	18	find	find	VERB
fsr-3712	30	19	that	that	SCONJ
fsr-3712	30	20	a	a	DET
fsr-3712	30	21	mutual	mutual	ADJ
fsr-3712	30	22	fund	fund	NOUN
fsr-3712	30	23	is	be	AUX
fsr-3712	30	24	the	the	DET
fsr-3712	30	25	ideal	ideal	ADJ
fsr-3712	30	26	vehicle	vehicle	NOUN
fsr-3712	30	27	for	for	ADP
fsr-3712	30	28	accessing	access	VERB
fsr-3712	30	29	the	the	DET
fsr-3712	30	30	world	world	NOUN
fsr-3712	30	31	’s	’s	PART
fsr-3712	30	32	major	major	ADJ
fsr-3712	30	33	equity	equity	NOUN
fsr-3712	30	34	markets	market	NOUN
fsr-3712	30	35	.	.	PUNCT
fsr-3712	31	1	first	first	ADV
fsr-3712	31	2	,	,	PUNCT
fsr-3712	31	3	the	the	DET
fsr-3712	31	4	mutual	mutual	ADJ
fsr-3712	31	5	fund	fund	NOUN
fsr-3712	31	6	should	should	AUX
fsr-3712	31	7	have	have	VERB
fsr-3712	31	8	better	well	ADJ
fsr-3712	31	9	access	access	NOUN
fsr-3712	31	10	to	to	ADP
fsr-3712	31	11	essential	essential	ADJ
fsr-3712	31	12	financial	financial	ADJ
fsr-3712	31	13	and	and	CCONJ
fsr-3712	31	14	economic	economic	ADJ
fsr-3712	31	15	data	datum	NOUN
fsr-3712	31	16	on	on	ADP
fsr-3712	31	17	individual	individual	ADJ
fsr-3712	31	18	firms	firm	NOUN
fsr-3712	31	19	,	,	PUNCT
fsr-3712	31	20	on	on	ADP
fsr-3712	31	21	the	the	DET
fsr-3712	31	22	industries	industry	NOUN
fsr-3712	31	23	where	where	SCONJ
fsr-3712	31	24	those	those	DET
fsr-3712	31	25	firms	firm	NOUN
fsr-3712	31	26	operate	operate	VERB
fsr-3712	31	27	,	,	PUNCT
fsr-3712	31	28	and	and	CCONJ
fsr-3712	31	29	on	on	ADP
fsr-3712	31	30	those	those	DET
fsr-3712	31	31	economies	economy	NOUN
fsr-3712	31	32	that	that	PRON
fsr-3712	31	33	have	have	VERB
fsr-3712	31	34	a	a	DET
fsr-3712	31	35	pivotal	pivotal	ADJ
fsr-3712	31	36	role	role	NOUN
fsr-3712	31	37	in	in	ADP
fsr-3712	31	38	the	the	DET
fsr-3712	31	39	firm	firm	NOUN
fsr-3712	31	40	’s	’s	PART
fsr-3712	31	41	operations	operation	NOUN
fsr-3712	31	42	.	.	PUNCT
fsr-3712	32	1	further	far	ADV
fsr-3712	32	2	,	,	PUNCT
fsr-3712	32	3	the	the	DET
fsr-3712	32	4	fund	fund	NOUN
fsr-3712	32	5	’s	’s	PART
fsr-3712	32	6	professional	professional	PROPN
fsr-3712	32	7	management	management	NOUN
fsr-3712	32	8	group	group	NOUN
fsr-3712	32	9	is	be	AUX
fsr-3712	32	10	more	more	ADV
fsr-3712	32	11	likely	likely	ADJ
fsr-3712	32	12	to	to	PART
fsr-3712	32	13	have	have	VERB
fsr-3712	32	14	the	the	DET
fsr-3712	32	15	expertise	expertise	NOUN
fsr-3712	32	16	to	to	PART
fsr-3712	32	17	interpret	interpret	VERB
fsr-3712	32	18	that	that	DET
fsr-3712	32	19	data	data	NOUN
fsr-3712	32	20	.	.	PUNCT
fsr-3712	33	1	at	at	ADP
fsr-3712	33	2	the	the	DET
fsr-3712	33	3	same	same	ADJ
fsr-3712	33	4	time	time	NOUN
fsr-3712	33	5	,	,	PUNCT
fsr-3712	33	6	a	a	DET
fsr-3712	33	7	moderate	moderate	ADJ
fsr-3712	33	8	to	to	PART
fsr-3712	33	9	large	large	ADJ
fsr-3712	33	10	fund	fund	NOUN
fsr-3712	33	11	will	will	AUX
fsr-3712	33	12	be	be	AUX
fsr-3712	33	13	able	able	ADJ
fsr-3712	33	14	to	to	PART
fsr-3712	33	15	spread	spread	VERB
fsr-3712	33	16	the	the	DET
fsr-3712	33	17	costs	cost	NOUN
fsr-3712	33	18	of	of	ADP
fsr-3712	33	19	acquiring	acquire	VERB
fsr-3712	33	20	this	this	DET
fsr-3712	33	21	data	datum	NOUN
fsr-3712	33	22	over	over	ADP
fsr-3712	33	23	its	its	PRON
fsr-3712	33	24	sizable	sizable	ADJ
fsr-3712	33	25	investor	investor	NOUN
fsr-3712	33	26	base	base	NOUN
fsr-3712	33	27	.	.	PUNCT
fsr-3712	34	1	combined	combine	VERB
fsr-3712	34	2	,	,	PUNCT
fsr-3712	34	3	these	these	DET
fsr-3712	34	4	factors	factor	NOUN
fsr-3712	34	5	should	should	AUX
fsr-3712	34	6	help	help	VERB
fsr-3712	34	7	to	to	PART
fsr-3712	34	8	overcome	overcome	VERB
fsr-3712	34	9	one	one	NUM
fsr-3712	34	10	challenge	challenge	NOUN
fsr-3712	34	11	to	to	ADP
fsr-3712	34	12	investing	invest	VERB
fsr-3712	34	13	in	in	ADP
fsr-3712	34	14	international	international	ADJ
fsr-3712	34	15	markets	market	NOUN
fsr-3712	34	16	-	-	PUNCT
fsr-3712	34	17	obtaining	obtain	VERB
fsr-3712	34	18	and	and	CCONJ
fsr-3712	34	19	interpreting	interpret	VERB
fsr-3712	34	20	financial	financial	ADJ
fsr-3712	34	21	data	datum	NOUN
fsr-3712	34	22	.	.	PUNCT
fsr-3712	35	1	clearly	clearly	ADV
fsr-3712	35	2	,	,	PUNCT
fsr-3712	35	3	most	most	ADJ
fsr-3712	35	4	small	small	ADJ
fsr-3712	35	5	investors	investor	NOUN
fsr-3712	35	6	would	would	AUX
fsr-3712	35	7	be	be	AUX
fsr-3712	35	8	hard	hard	ADV
fsr-3712	35	9	pressed	press	VERB
fsr-3712	35	10	to	to	PART
fsr-3712	35	11	duplicate	duplicate	VERB
fsr-3712	35	12	the	the	DET
fsr-3712	35	13	fund	fund	NOUN
fsr-3712	35	14	’s	’s	PART
fsr-3712	35	15	access	access	NOUN
fsr-3712	35	16	and	and	CCONJ
fsr-3712	35	17	interpretation	interpretation	NOUN
fsr-3712	35	18	expertise	expertise	NOUN
fsr-3712	35	19	.	.	PUNCT
fsr-3712	36	1	performance	performance	NOUN
fsr-3712	36	2	&	&	CCONJ
fsr-3712	36	3	risk	risk	NOUN
fsr-3712	36	4	exposure	exposure	NOUN
fsr-3712	36	5	of	of	ADP
fsr-3712	36	6	international	international	ADJ
fsr-3712	36	7	mutual	mutual	ADJ
fsr-3712	36	8	funds	fund	NOUN
fsr-3712	36	9	99	99	NUM
fsr-3712	36	10	second	second	ADJ
fsr-3712	36	11	,	,	PUNCT
fsr-3712	36	12	because	because	SCONJ
fsr-3712	36	13	the	the	DET
fsr-3712	36	14	mutual	mutual	ADJ
fsr-3712	36	15	fund	fund	NOUN
fsr-3712	36	16	’s	’s	PART
fsr-3712	36	17	typical	typical	ADJ
fsr-3712	36	18	transaction	transaction	NOUN
fsr-3712	36	19	will	will	AUX
fsr-3712	36	20	entail	entail	VERB
fsr-3712	36	21	a	a	DET
fsr-3712	36	22	much	much	ADV
fsr-3712	36	23	larger	large	ADJ
fsr-3712	36	24	amount	amount	NOUN
fsr-3712	36	25	,	,	PUNCT
fsr-3712	36	26	economies	economy	NOUN
fsr-3712	36	27	of	of	ADP
fsr-3712	36	28	scale	scale	NOUN
fsr-3712	36	29	may	may	AUX
fsr-3712	36	30	allow	allow	VERB
fsr-3712	36	31	it	it	PRON
fsr-3712	36	32	to	to	PART
fsr-3712	36	33	reduce	reduce	VERB
fsr-3712	36	34	transaction	transaction	NOUN
fsr-3712	36	35	costs	cost	NOUN
fsr-3712	36	36	.	.	PUNCT
fsr-3712	37	1	at	at	ADP
fsr-3712	37	2	the	the	DET
fsr-3712	37	3	same	same	ADJ
fsr-3712	37	4	time	time	NOUN
fsr-3712	37	5	,	,	PUNCT
fsr-3712	37	6	volume	volume	NOUN
fsr-3712	37	7	purchases	purchase	NOUN
fsr-3712	37	8	and	and	CCONJ
fsr-3712	37	9	sales	sale	NOUN
fsr-3712	37	10	may	may	AUX
fsr-3712	37	11	allow	allow	VERB
fsr-3712	37	12	it	it	PRON
fsr-3712	37	13	to	to	PART
fsr-3712	37	14	access	access	VERB
fsr-3712	37	15	some	some	DET
fsr-3712	37	16	wholesale	wholesale	ADJ
fsr-3712	37	17	markets	market	NOUN
fsr-3712	37	18	to	to	PART
fsr-3712	37	19	further	far	ADV
fsr-3712	37	20	lower	low	ADJ
fsr-3712	37	21	costs	cost	NOUN
fsr-3712	37	22	.	.	PUNCT
fsr-3712	38	1	one	one	NUM
fsr-3712	38	2	or	or	CCONJ
fsr-3712	38	3	both	both	PRON
fsr-3712	38	4	should	should	AUX
fsr-3712	38	5	drop	drop	VERB
fsr-3712	38	6	a	a	DET
fsr-3712	38	7	fund	fund	NOUN
fsr-3712	38	8	’s	’s	PART
fsr-3712	38	9	transaction	transaction	NOUN
fsr-3712	38	10	costs	cost	NOUN
fsr-3712	38	11	below	below	ADP
fsr-3712	38	12	what	what	PRON
fsr-3712	38	13	small	small	ADJ
fsr-3712	38	14	investors	investor	NOUN
fsr-3712	38	15	would	would	AUX
fsr-3712	38	16	pay	pay	VERB
fsr-3712	38	17	to	to	PART
fsr-3712	38	18	invest	invest	VERB
fsr-3712	38	19	a	a	DET
fsr-3712	38	20	modest	modest	ADJ
fsr-3712	38	21	amount	amount	NOUN
fsr-3712	38	22	directly	directly	ADV
fsr-3712	38	23	in	in	ADP
fsr-3712	38	24	the	the	DET
fsr-3712	38	25	foreign	foreign	ADJ
fsr-3712	38	26	equity	equity	NOUN
fsr-3712	38	27	market	market	NOUN
fsr-3712	38	28	.	.	PUNCT
fsr-3712	39	1	these	these	DET
fsr-3712	39	2	cost	cost	NOUN
fsr-3712	39	3	savings	saving	NOUN
fsr-3712	39	4	can	can	AUX
fsr-3712	39	5	help	help	VERB
fsr-3712	39	6	to	to	PART
fsr-3712	39	7	overcome	overcome	VERB
fsr-3712	39	8	a	a	DET
fsr-3712	39	9	second	second	ADJ
fsr-3712	39	10	challenge	challenge	NOUN
fsr-3712	39	11	to	to	ADP
fsr-3712	39	12	investing	invest	VERB
fsr-3712	39	13	in	in	ADP
fsr-3712	39	14	international	international	ADJ
fsr-3712	39	15	markets	market	NOUN
fsr-3712	39	16	-	-	PUNCT
fsr-3712	39	17	high	high	ADJ
fsr-3712	39	18	transaction	transaction	NOUN
fsr-3712	39	19	costs	cost	NOUN
fsr-3712	39	20	.	.	PUNCT
fsr-3712	40	1	finally	finally	ADV
fsr-3712	40	2	,	,	PUNCT
fsr-3712	40	3	the	the	DET
fsr-3712	40	4	mutual	mutual	ADJ
fsr-3712	40	5	fund	fund	NOUN
fsr-3712	40	6	may	may	AUX
fsr-3712	40	7	be	be	AUX
fsr-3712	40	8	better	well	ADV
fsr-3712	40	9	able	able	ADJ
fsr-3712	40	10	to	to	PART
fsr-3712	40	11	offset	offset	VERB
fsr-3712	40	12	the	the	DET
fsr-3712	40	13	reduced	reduce	VERB
fsr-3712	40	14	liquidity	liquidity	NOUN
fsr-3712	40	15	that	that	PRON
fsr-3712	40	16	characterizes	characterize	VERB
fsr-3712	40	17	some	some	DET
fsr-3712	40	18	foreign	foreign	ADJ
fsr-3712	40	19	equity	equity	NOUN
fsr-3712	40	20	markets	market	NOUN
fsr-3712	40	21	.	.	PUNCT
fsr-3712	41	1	with	with	ADP
fsr-3712	41	2	its	its	PRON
fsr-3712	41	3	diversified	diversified	ADJ
fsr-3712	41	4	list	list	NOUN
fsr-3712	41	5	of	of	ADP
fsr-3712	41	6	holdings	holding	NOUN
fsr-3712	41	7	,	,	PUNCT
fsr-3712	41	8	it	it	PRON
fsr-3712	41	9	will	will	AUX
fsr-3712	41	10	have	have	VERB
fsr-3712	41	11	a	a	DET
fsr-3712	41	12	wide	wide	ADJ
fsr-3712	41	13	range	range	NOUN
fsr-3712	41	14	of	of	ADP
fsr-3712	41	15	financial	financial	ADJ
fsr-3712	41	16	assets	asset	NOUN
fsr-3712	41	17	that	that	PRON
fsr-3712	41	18	might	might	AUX
fsr-3712	41	19	be	be	AUX
fsr-3712	41	20	liquidated	liquidate	VERB
fsr-3712	41	21	to	to	PART
fsr-3712	41	22	raise	raise	VERB
fsr-3712	41	23	needed	needed	ADJ
fsr-3712	41	24	cash	cash	NOUN
fsr-3712	41	25	.	.	PUNCT
fsr-3712	42	1	also	also	ADV
fsr-3712	42	2	,	,	PUNCT
fsr-3712	42	3	assuming	assume	VERB
fsr-3712	42	4	that	that	SCONJ
fsr-3712	42	5	investors	investor	NOUN
fsr-3712	42	6	continue	continue	VERB
fsr-3712	42	7	an	an	DET
fsr-3712	42	8	ongoing	ongoing	ADJ
fsr-3712	42	9	series	series	NOUN
fsr-3712	42	10	of	of	ADP
fsr-3712	42	11	deposits	deposit	NOUN
fsr-3712	42	12	,	,	PUNCT
fsr-3712	42	13	that	that	SCONJ
fsr-3712	42	14	cash	cash	NOUN
fsr-3712	42	15	inflow	inflow	NOUN
fsr-3712	42	16	could	could	AUX
fsr-3712	42	17	meet	meet	VERB
fsr-3712	42	18	ordinary	ordinary	ADJ
fsr-3712	42	19	redemption	redemption	NOUN
fsr-3712	42	20	requests	request	NOUN
fsr-3712	42	21	.	.	PUNCT
fsr-3712	43	1	overall	overall	ADJ
fsr-3712	43	2	,	,	PUNCT
fsr-3712	43	3	mutual	mutual	ADJ
fsr-3712	43	4	funds	fund	NOUN
fsr-3712	43	5	appear	appear	VERB
fsr-3712	43	6	to	to	PART
fsr-3712	43	7	be	be	AUX
fsr-3712	43	8	an	an	DET
fsr-3712	43	9	attractive	attractive	ADJ
fsr-3712	43	10	way	way	NOUN
fsr-3712	43	11	for	for	SCONJ
fsr-3712	43	12	small	small	ADJ
fsr-3712	43	13	investors	investor	NOUN
fsr-3712	43	14	to	to	PART
fsr-3712	43	15	access	access	VERB
fsr-3712	43	16	foreign	foreign	ADJ
fsr-3712	43	17	equity	equity	NOUN
fsr-3712	43	18	markets	market	NOUN
fsr-3712	43	19	.	.	PUNCT
fsr-3712	44	1	growth	growth	NOUN
fsr-3712	44	2	in	in	ADP
fsr-3712	44	3	the	the	DET
fsr-3712	44	4	number	number	NOUN
fsr-3712	44	5	of	of	ADP
fsr-3712	44	6	internationally	internationally	ADV
fsr-3712	44	7	diversified	diversify	VERB
fsr-3712	44	8	mutual	mutual	ADJ
fsr-3712	44	9	funds	fund	NOUN
fsr-3712	44	10	over	over	ADP
fsr-3712	44	11	the	the	DET
fsr-3712	44	12	past	past	ADJ
fsr-3712	44	13	five	five	NUM
fsr-3712	44	14	years	year	NOUN
fsr-3712	44	15	the	the	DET
fsr-3712	44	16	number	number	NOUN
fsr-3712	44	17	of	of	ADP
fsr-3712	44	18	internationally	internationally	ADV
fsr-3712	44	19	diversified	diversify	VERB
fsr-3712	44	20	mutual	mutual	ADJ
fsr-3712	44	21	funds	fund	NOUN
fsr-3712	44	22	offered	offer	VERB
fsr-3712	44	23	by	by	ADP
fsr-3712	44	24	united	united	PROPN
fsr-3712	44	25	states	states	PROPN
fsr-3712	44	26	based	base	VERB
fsr-3712	44	27	fund	fund	NOUN
fsr-3712	44	28	groups	group	NOUN
fsr-3712	44	29	has	have	AUX
fsr-3712	44	30	expanded	expand	VERB
fsr-3712	44	31	by	by	ADP
fsr-3712	44	32	nearly	nearly	ADV
fsr-3712	44	33	50	50	NUM
fsr-3712	44	34	percent	percent	NOUN
fsr-3712	44	35	.	.	PUNCT
fsr-3712	45	1	clearly	clearly	ADV
fsr-3712	45	2	,	,	PUNCT
fsr-3712	45	3	small	small	ADJ
fsr-3712	45	4	investors	investor	NOUN
fsr-3712	45	5	now	now	ADV
fsr-3712	45	6	have	have	VERB
fsr-3712	45	7	many	many	ADJ
fsr-3712	45	8	more	more	ADJ
fsr-3712	45	9	options	option	NOUN
fsr-3712	45	10	to	to	PART
fsr-3712	45	11	expand	expand	VERB
fsr-3712	45	12	their	their	PRON
fsr-3712	45	13	investment	investment	NOUN
fsr-3712	45	14	horizon	horizon	NOUN
fsr-3712	45	15	beyond	beyond	ADP
fsr-3712	45	16	the	the	DET
fsr-3712	45	17	united	united	PROPN
fsr-3712	45	18	states	states	PROPN
fsr-3712	45	19	.	.	PUNCT
fsr-3712	46	1	recent	recent	ADJ
fsr-3712	46	2	developments	development	NOUN
fsr-3712	46	3	suggest	suggest	VERB
fsr-3712	46	4	that	that	SCONJ
fsr-3712	46	5	while	while	SCONJ
fsr-3712	46	6	the	the	DET
fsr-3712	46	7	introduction	introduction	NOUN
fsr-3712	46	8	rate	rate	NOUN
fsr-3712	46	9	for	for	ADP
fsr-3712	46	10	new	new	ADJ
fsr-3712	46	11	funds	fund	NOUN
fsr-3712	46	12	has	have	AUX
fsr-3712	46	13	slowed	slow	VERB
fsr-3712	46	14	,	,	PUNCT
fsr-3712	46	15	an	an	DET
fsr-3712	46	16	investor	investor	NOUN
fsr-3712	46	17	’s	’s	PART
fsr-3712	46	18	choice	choice	NOUN
fsr-3712	46	19	is	be	AUX
fsr-3712	46	20	continuing	continue	VERB
fsr-3712	46	21	to	to	PART
fsr-3712	46	22	expand	expand	VERB
fsr-3712	46	23	.	.	PUNCT
fsr-3712	47	1	since	since	SCONJ
fsr-3712	47	2	a	a	DET
fsr-3712	47	3	broad	broad	ADJ
fsr-3712	47	4	international	international	ADJ
fsr-3712	47	5	perspective	perspective	NOUN
fsr-3712	47	6	is	be	AUX
fsr-3712	47	7	our	our	PRON
fsr-3712	47	8	concern	concern	NOUN
fsr-3712	47	9	,	,	PUNCT
fsr-3712	47	10	we	we	PRON
fsr-3712	47	11	exclude	exclude	VERB
fsr-3712	47	12	the	the	DET
fsr-3712	47	13	rapid	rapid	ADJ
fsr-3712	47	14	growth	growth	NOUN
fsr-3712	47	15	in	in	ADP
fsr-3712	47	16	highly	highly	ADV
fsr-3712	47	17	specialized	specialized	ADJ
fsr-3712	47	18	international	international	ADJ
fsr-3712	47	19	funds	fund	NOUN
fsr-3712	47	20	such	such	ADJ
fsr-3712	47	21	as	as	ADP
fsr-3712	47	22	those	those	PRON
fsr-3712	47	23	that	that	PRON
fsr-3712	47	24	concentrate	concentrate	VERB
fsr-3712	47	25	either	either	CCONJ
fsr-3712	47	26	on	on	ADP
fsr-3712	47	27	a	a	DET
fsr-3712	47	28	limited	limited	ADJ
fsr-3712	47	29	geographic	geographic	ADJ
fsr-3712	47	30	area	area	NOUN
fsr-3712	47	31	or	or	CCONJ
fsr-3712	47	32	on	on	ADP
fsr-3712	47	33	a	a	DET
fsr-3712	47	34	single	single	ADJ
fsr-3712	47	35	industry	industry	NOUN
fsr-3712	47	36	.	.	PUNCT
fsr-3712	48	1	performance	performance	NOUN
fsr-3712	48	2	of	of	ADP
fsr-3712	48	3	international	international	ADJ
fsr-3712	48	4	mutual	mutual	ADJ
fsr-3712	48	5	funds	fund	NOUN
fsr-3712	48	6	:	:	PUNCT
fsr-3712	48	7	earlier	early	ADJ
fsr-3712	48	8	studies	study	NOUN
fsr-3712	48	9	in	in	ADP
fsr-3712	48	10	an	an	DET
fsr-3712	48	11	earlier	early	ADJ
fsr-3712	48	12	study	study	NOUN
fsr-3712	48	13	,	,	PUNCT
fsr-3712	48	14	mcdonald	mcdonald	PROPN
fsr-3712	48	15	(	(	PUNCT
fsr-3712	48	16	1973	1973	NUM
fsr-3712	48	17	)	)	PUNCT
fsr-3712	48	18	examined	examine	VERB
fsr-3712	48	19	the	the	DET
fsr-3712	48	20	performance	performance	NOUN
fsr-3712	48	21	of	of	ADP
fsr-3712	48	22	french	french	ADJ
fsr-3712	48	23	mutual	mutual	ADJ
fsr-3712	48	24	funds	fund	NOUN
fsr-3712	48	25	to	to	PART
fsr-3712	48	26	determine	determine	VERB
fsr-3712	48	27	if	if	SCONJ
fsr-3712	48	28	investing	invest	VERB
fsr-3712	48	29	on	on	ADP
fsr-3712	48	30	an	an	DET
fsr-3712	48	31	international	international	ADJ
fsr-3712	48	32	scale	scale	NOUN
fsr-3712	48	33	was	be	AUX
fsr-3712	48	34	beneficial	beneficial	ADJ
fsr-3712	48	35	.	.	PUNCT
fsr-3712	49	1	for	for	ADP
fsr-3712	49	2	the	the	DET
fsr-3712	49	3	period	period	NOUN
fsr-3712	49	4	studied	study	VERB
fsr-3712	49	5	,	,	PUNCT
fsr-3712	49	6	he	he	PRON
fsr-3712	49	7	concluded	conclude	VERB
fsr-3712	49	8	that	that	SCONJ
fsr-3712	49	9	investing	invest	VERB
fsr-3712	49	10	in	in	ADP
fsr-3712	49	11	financial	financial	ADJ
fsr-3712	49	12	markets	market	NOUN
fsr-3712	49	13	other	other	ADJ
fsr-3712	49	14	than	than	ADP
fsr-3712	49	15	the	the	DET
fsr-3712	49	16	domestic	domestic	ADJ
fsr-3712	49	17	one	one	NOUN
fsr-3712	49	18	did	do	AUX
fsr-3712	49	19	offer	offer	VERB
fsr-3712	49	20	definite	definite	ADJ
fsr-3712	49	21	benefits	benefit	NOUN
fsr-3712	49	22	to	to	ADP
fsr-3712	49	23	a	a	DET
fsr-3712	49	24	fund	fund	NOUN
fsr-3712	49	25	’s	’s	PART
fsr-3712	49	26	shareholders	shareholder	NOUN
fsr-3712	49	27	.	.	PUNCT
fsr-3712	50	1	not	not	PART
fsr-3712	50	2	only	only	ADV
fsr-3712	50	3	was	be	AUX
fsr-3712	50	4	performance	performance	NOUN
fsr-3712	50	5	lowest	low	ADJ
fsr-3712	50	6	for	for	ADP
fsr-3712	50	7	funds	fund	NOUN
fsr-3712	50	8	concentrating	concentrate	VERB
fsr-3712	50	9	exclusively	exclusively	ADV
fsr-3712	50	10	on	on	ADP
fsr-3712	50	11	french	french	ADJ
fsr-3712	50	12	firms	firm	NOUN
fsr-3712	50	13	,	,	PUNCT
fsr-3712	50	14	but	but	CCONJ
fsr-3712	50	15	performance	performance	NOUN
fsr-3712	50	16	also	also	ADV
fsr-3712	50	17	rose	rise	VERB
fsr-3712	50	18	with	with	ADP
fsr-3712	50	19	the	the	DET
fsr-3712	50	20	level	level	NOUN
fsr-3712	50	21	of	of	ADP
fsr-3712	50	22	investment	investment	NOUN
fsr-3712	50	23	in	in	ADP
fsr-3712	50	24	non	non	ADJ
fsr-3712	50	25	-	-	ADJ
fsr-3712	50	26	domestic	domestic	ADJ
fsr-3712	50	27	markets	market	NOUN
fsr-3712	50	28	.	.	PUNCT
fsr-3712	51	1	a	a	DET
fsr-3712	51	2	later	later	ADJ
fsr-3712	51	3	study	study	NOUN
fsr-3712	51	4	by	by	ADP
fsr-3712	51	5	proffitt	proffitt	PROPN
fsr-3712	51	6	and	and	CCONJ
fsr-3712	51	7	seitz	seitz	PROPN
fsr-3712	51	8	(	(	PUNCT
fsr-3712	51	9	1983	1983	NUM
fsr-3712	51	10	)	)	PUNCT
fsr-3712	51	11	concentrated	concentrate	VERB
fsr-3712	51	12	on	on	ADP
fsr-3712	51	13	internationally	internationally	ADV
fsr-3712	51	14	diversified	diversify	VERB
fsr-3712	51	15	mutual	mutual	ADJ
fsr-3712	51	16	funds	fund	NOUN
fsr-3712	51	17	based	base	VERB
fsr-3712	51	18	in	in	ADP
fsr-3712	51	19	the	the	DET
fsr-3712	51	20	united	united	PROPN
fsr-3712	51	21	states	states	PROPN
fsr-3712	51	22	.	.	PUNCT
fsr-3712	52	1	their	their	PRON
fsr-3712	52	2	results	result	NOUN
fsr-3712	52	3	suggest	suggest	VERB
fsr-3712	52	4	that	that	SCONJ
fsr-3712	52	5	from	from	ADP
fsr-3712	52	6	1974	1974	NUM
fsr-3712	52	7	to	to	ADP
fsr-3712	52	8	1982	1982	NUM
fsr-3712	52	9	,	,	PUNCT
fsr-3712	52	10	each	each	DET
fsr-3712	52	11	international	international	ADJ
fsr-3712	52	12	mutual	mutual	ADJ
fsr-3712	52	13	fund	fund	NOUN
fsr-3712	52	14	in	in	ADP
fsr-3712	52	15	the	the	DET
fsr-3712	52	16	sample	sample	NOUN
fsr-3712	52	17	outperformed	outperform	VERB
fsr-3712	52	18	the	the	DET
fsr-3712	52	19	standard	standard	PROPN
fsr-3712	52	20	&	&	CCONJ
fsr-3712	52	21	poor	poor	PROPN
fsr-3712	52	22	’s	’s	PART
fsr-3712	52	23	500	500	NUM
fsr-3712	52	24	index	index	NOUN
fsr-3712	52	25	during	during	ADP
fsr-3712	52	26	the	the	DET
fsr-3712	52	27	period	period	NOUN
fsr-3712	52	28	1974	1974	NUM
fsr-3712	52	29	to	to	ADP
fsr-3712	52	30	1982	1982	NUM
fsr-3712	52	31	.	.	PUNCT
fsr-3712	53	1	furthermore	furthermore	ADV
fsr-3712	53	2	,	,	PUNCT
fsr-3712	53	3	when	when	SCONJ
fsr-3712	53	4	those	those	DET
fsr-3712	53	5	returns	return	NOUN
fsr-3712	53	6	were	be	AUX
fsr-3712	53	7	adjusted	adjust	VERB
fsr-3712	53	8	for	for	ADP
fsr-3712	53	9	risk	risk	NOUN
fsr-3712	53	10	,	,	PUNCT
fsr-3712	53	11	the	the	DET
fsr-3712	53	12	differences	difference	NOUN
fsr-3712	53	13	were	be	AUX
fsr-3712	53	14	statistically	statistically	ADV
fsr-3712	53	15	significant	significant	ADJ
fsr-3712	53	16	at	at	ADP
fsr-3712	53	17	a	a	DET
fsr-3712	53	18	reasonable	reasonable	ADJ
fsr-3712	53	19	level	level	NOUN
fsr-3712	53	20	of	of	ADP
fsr-3712	53	21	confidence	confidence	NOUN
fsr-3712	53	22	.	.	PUNCT
fsr-3712	54	1	both	both	DET
fsr-3712	54	2	studies	study	NOUN
fsr-3712	54	3	suggest	suggest	VERB
fsr-3712	54	4	that	that	SCONJ
fsr-3712	54	5	investors	investor	NOUN
fsr-3712	54	6	would	would	AUX
fsr-3712	54	7	do	do	VERB
fsr-3712	54	8	well	well	ADV
fsr-3712	54	9	to	to	PART
fsr-3712	54	10	consider	consider	VERB
fsr-3712	54	11	internationally	internationally	ADV
fsr-3712	54	12	diversified	diversify	VERB
fsr-3712	54	13	mutual	mutual	ADJ
fsr-3712	54	14	funds	fund	NOUN
fsr-3712	54	15	because	because	SCONJ
fsr-3712	54	16	their	their	PRON
fsr-3712	54	17	past	past	ADJ
fsr-3712	54	18	superior	superior	ADJ
fsr-3712	54	19	risk	risk	NOUN
fsr-3712	54	20	-	-	PUNCT
fsr-3712	54	21	adjusted	adjust	VERB
fsr-3712	54	22	return	return	NOUN
fsr-3712	54	23	may	may	AUX
fsr-3712	54	24	continue	continue	VERB
fsr-3712	54	25	in	in	ADP
fsr-3712	54	26	the	the	DET
fsr-3712	54	27	future	future	NOUN
fsr-3712	54	28	.	.	PUNCT
fsr-3712	55	1	100	100	NUM
fsr-3712	55	2	financial	financial	ADJ
fsr-3712	55	3	services	service	NOUN
fsr-3712	55	4	review	review	NOUN
fsr-3712	55	5	,	,	PUNCT
fsr-3712	55	6	z(2	z(2	PROPN
fsr-3712	55	7	)	)	PUNCT
fsr-3712	55	8	1993	1993	NUM
fsr-3712	55	9	ii	ii	NOUN
fsr-3712	55	10	.	.	PUNCT
fsr-3712	56	1	purpose	purpose	NOUN
fsr-3712	56	2	of	of	ADP
fsr-3712	56	3	this	this	DET
fsr-3712	56	4	study	study	NOUN
fsr-3712	56	5	this	this	DET
fsr-3712	56	6	study	study	NOUN
fsr-3712	56	7	examines	examine	VERB
fsr-3712	56	8	whether	whether	SCONJ
fsr-3712	56	9	u.s	u.s	PROPN
fsr-3712	56	10	.	.	PROPN
fsr-3712	56	11	investors	investor	NOUN
fsr-3712	56	12	could	could	AUX
fsr-3712	56	13	have	have	AUX
fsr-3712	56	14	improved	improve	VERB
fsr-3712	56	15	their	their	PRON
fsr-3712	56	16	rate	rate	NOUN
fsr-3712	56	17	of	of	ADP
fsr-3712	56	18	return	return	NOUN
fsr-3712	56	19	by	by	ADP
fsr-3712	56	20	purchasing	purchase	VERB
fsr-3712	56	21	an	an	DET
fsr-3712	56	22	internationally	internationally	ADV
fsr-3712	56	23	diversified	diversify	VERB
fsr-3712	56	24	mutual	mutual	ADJ
fsr-3712	56	25	fund	fund	NOUN
fsr-3712	56	26	to	to	PART
fsr-3712	56	27	expand	expand	VERB
fsr-3712	56	28	outside	outside	ADP
fsr-3712	56	29	the	the	DET
fsr-3712	56	30	domestic	domestic	ADJ
fsr-3712	56	31	market	market	NOUN
fsr-3712	56	32	.	.	PUNCT
fsr-3712	57	1	the	the	DET
fsr-3712	57	2	study	study	NOUN
fsr-3712	57	3	expands	expand	VERB
fsr-3712	57	4	and	and	CCONJ
fsr-3712	57	5	extends	extend	VERB
fsr-3712	57	6	on	on	ADP
fsr-3712	57	7	the	the	DET
fsr-3712	57	8	earlier	early	ADJ
fsr-3712	57	9	works	work	NOUN
fsr-3712	57	10	by	by	ADP
fsr-3712	57	11	mcdonald	mcdonald	PROPN
fsr-3712	57	12	(	(	PUNCT
fsr-3712	57	13	1973	1973	NUM
fsr-3712	57	14	)	)	PUNCT
fsr-3712	57	15	and	and	CCONJ
fsr-3712	57	16	proffitt	proffitt	PROPN
fsr-3712	57	17	and	and	CCONJ
fsr-3712	57	18	seitz	seitz	PROPN
fsr-3712	57	19	(	(	PUNCT
fsr-3712	57	20	1983	1983	NUM
fsr-3712	57	21	)	)	PUNCT
fsr-3712	57	22	.	.	PUNCT
fsr-3712	58	1	first	first	ADV
fsr-3712	58	2	,	,	PUNCT
fsr-3712	58	3	it	it	PRON
fsr-3712	58	4	covers	cover	VERB
fsr-3712	58	5	an	an	DET
fsr-3712	58	6	expanded	expand	VERB
fsr-3712	58	7	and	and	CCONJ
fsr-3712	58	8	refined	refined	ADJ
fsr-3712	58	9	sample	sample	NOUN
fsr-3712	58	10	of	of	ADP
fsr-3712	58	11	international	international	ADJ
fsr-3712	58	12	mutual	mutual	ADJ
fsr-3712	58	13	funds	fund	NOUN
fsr-3712	58	14	.	.	PUNCT
fsr-3712	59	1	second	second	ADJ
fsr-3712	59	2	,	,	PUNCT
fsr-3712	59	3	it	it	PRON
fsr-3712	59	4	extends	extend	VERB
fsr-3712	59	5	the	the	DET
fsr-3712	59	6	earlier	early	ADJ
fsr-3712	59	7	works	work	NOUN
fsr-3712	59	8	by	by	ADP
fsr-3712	59	9	examining	examine	VERB
fsr-3712	59	10	the	the	DET
fsr-3712	59	11	investment	investment	NOUN
fsr-3712	59	12	performance	performance	NOUN
fsr-3712	59	13	during	during	ADP
fsr-3712	59	14	the	the	DET
fsr-3712	59	15	period	period	NOUN
fsr-3712	59	16	of	of	ADP
fsr-3712	59	17	1986	1986	NUM
fsr-3712	59	18	to	to	ADP
fsr-3712	59	19	1990	1990	NUM
fsr-3712	59	20	.	.	PUNCT
fsr-3712	60	1	if	if	SCONJ
fsr-3712	60	2	,	,	PUNCT
fsr-3712	60	3	indeed	indeed	ADV
fsr-3712	60	4	,	,	PUNCT
fsr-3712	60	5	financial	financial	ADJ
fsr-3712	60	6	markets	market	NOUN
fsr-3712	60	7	are	be	AUX
fsr-3712	60	8	becoming	become	VERB
fsr-3712	60	9	more	more	ADV
fsr-3712	60	10	integrated	integrate	VERB
fsr-3712	60	11	,	,	PUNCT
fsr-3712	60	12	this	this	DET
fsr-3712	60	13	recent	recent	ADJ
fsr-3712	60	14	period	period	NOUN
fsr-3712	60	15	may	may	AUX
fsr-3712	60	16	reflect	reflect	VERB
fsr-3712	60	17	that	that	PRON
fsr-3712	60	18	.	.	PUNCT
fsr-3712	61	1	third	third	ADV
fsr-3712	61	2	,	,	PUNCT
fsr-3712	61	3	it	it	PRON
fsr-3712	61	4	overcomes	overcome	VERB
fsr-3712	61	5	a	a	DET
fsr-3712	61	6	limitation	limitation	NOUN
fsr-3712	61	7	of	of	ADP
fsr-3712	61	8	the	the	DET
fsr-3712	61	9	earlier	early	ADJ
fsr-3712	61	10	studies	study	NOUN
fsr-3712	61	11	that	that	PRON
fsr-3712	61	12	forced	force	VERB
fsr-3712	61	13	the	the	DET
fsr-3712	61	14	inclusion	inclusion	NOUN
fsr-3712	61	15	of	of	ADP
fsr-3712	61	16	some	some	DET
fsr-3712	61	17	international	international	ADJ
fsr-3712	61	18	funds	fund	NOUN
fsr-3712	61	19	that	that	PRON
fsr-3712	61	20	concentrated	concentrate	VERB
fsr-3712	61	21	on	on	ADP
fsr-3712	61	22	a	a	DET
fsr-3712	61	23	limited	limited	ADJ
fsr-3712	61	24	geographical	geographical	ADJ
fsr-3712	61	25	area	area	NOUN
fsr-3712	61	26	or	or	CCONJ
fsr-3712	61	27	on	on	ADP
fsr-3712	61	28	a	a	DET
fsr-3712	61	29	single	single	ADJ
fsr-3712	61	30	industry	industry	NOUN
fsr-3712	61	31	or	or	CCONJ
fsr-3712	61	32	product	product	NOUN
fsr-3712	61	33	.	.	PUNCT
fsr-3712	62	1	fourth	fourth	ADJ
fsr-3712	62	2	,	,	PUNCT
fsr-3712	62	3	the	the	DET
fsr-3712	62	4	study	study	NOUN
fsr-3712	62	5	uses	use	VERB
fsr-3712	62	6	a	a	DET
fsr-3712	62	7	benchmark	benchmark	NOUN
fsr-3712	62	8	that	that	PRON
fsr-3712	62	9	is	be	AUX
fsr-3712	62	10	far	far	ADV
fsr-3712	62	11	more	more	ADV
fsr-3712	62	12	repre	repre	ADJ
fsr-3712	62	13	sentative	sentative	NOUN
fsr-3712	62	14	of	of	ADP
fsr-3712	62	15	domestic	domestic	ADJ
fsr-3712	62	16	equity	equity	NOUN
fsr-3712	62	17	mutual	mutual	ADJ
fsr-3712	62	18	funds	fund	NOUN
fsr-3712	62	19	to	to	PART
fsr-3712	62	20	judge	judge	VERB
fsr-3712	62	21	the	the	DET
fsr-3712	62	22	performance	performance	NOUN
fsr-3712	62	23	of	of	ADP
fsr-3712	62	24	the	the	DET
fsr-3712	62	25	intema	intema	ADJ
fsr-3712	62	26	tional	tional	ADJ
fsr-3712	62	27	funds	fund	NOUN
fsr-3712	62	28	.	.	PUNCT
fsr-3712	63	1	the	the	DET
fsr-3712	63	2	results	result	NOUN
fsr-3712	63	3	will	will	AUX
fsr-3712	63	4	help	help	VERB
fsr-3712	63	5	answer	answer	VERB
fsr-3712	63	6	the	the	DET
fsr-3712	63	7	question	question	NOUN
fsr-3712	63	8	:	:	PUNCT
fsr-3712	63	9	have	have	AUX
fsr-3712	63	10	internationally	internationally	ADV
fsr-3712	63	11	diversified	diversify	VERB
fsr-3712	63	12	mutual	mutual	ADJ
fsr-3712	63	13	funds	fund	NOUN
fsr-3712	63	14	improved	improve	VERB
fsr-3712	63	15	the	the	DET
fsr-3712	63	16	returns	return	NOUN
fsr-3712	63	17	of	of	ADP
fsr-3712	63	18	small	small	ADJ
fsr-3712	63	19	u.s	u.s	PROPN
fsr-3712	63	20	.	.	PROPN
fsr-3712	63	21	investors	investor	NOUN
fsr-3712	63	22	by	by	ADP
fsr-3712	63	23	allowing	allow	VERB
fsr-3712	63	24	them	they	PRON
fsr-3712	63	25	to	to	PART
fsr-3712	63	26	expand	expand	VERB
fsr-3712	63	27	outside	outside	ADP
fsr-3712	63	28	the	the	DET
fsr-3712	63	29	domestic	domestic	ADJ
fsr-3712	63	30	market	market	NOUN
fsr-3712	63	31	?	?	PUNCT
fsr-3712	64	1	research	research	NOUN
fsr-3712	64	2	design	design	VERB
fsr-3712	64	3	the	the	DET
fsr-3712	64	4	empirical	empirical	ADJ
fsr-3712	64	5	portion	portion	NOUN
fsr-3712	64	6	of	of	ADP
fsr-3712	64	7	the	the	DET
fsr-3712	64	8	study	study	NOUN
fsr-3712	64	9	selected	select	VERB
fsr-3712	64	10	a	a	DET
fsr-3712	64	11	sample	sample	NOUN
fsr-3712	64	12	of	of	ADP
fsr-3712	64	13	united	united	PROPN
fsr-3712	64	14	states	states	PROPN
fsr-3712	64	15	based	base	VERB
fsr-3712	64	16	internationally	internationally	ADV
fsr-3712	64	17	diversified	diversify	VERB
fsr-3712	64	18	mutual	mutual	ADJ
fsr-3712	64	19	funds	fund	NOUN
fsr-3712	64	20	and	and	CCONJ
fsr-3712	64	21	compared	compare	VERB
fsr-3712	64	22	their	their	PRON
fsr-3712	64	23	performance	performance	NOUN
fsr-3712	64	24	to	to	ADP
fsr-3712	64	25	that	that	PRON
fsr-3712	64	26	of	of	ADP
fsr-3712	64	27	a	a	DET
fsr-3712	64	28	domestic	domestic	ADJ
fsr-3712	64	29	benchmark	benchmark	ADJ
fsr-3712	64	30	mutual	mutual	ADJ
fsr-3712	64	31	fund	fund	NOUN
fsr-3712	64	32	.	.	PUNCT
fsr-3712	65	1	the	the	DET
fsr-3712	65	2	sections	section	NOUN
fsr-3712	65	3	that	that	PRON
fsr-3712	65	4	follow	follow	VERB
fsr-3712	65	5	discuss	discuss	VERB
fsr-3712	65	6	the	the	DET
fsr-3712	65	7	sample	sample	NOUN
fsr-3712	65	8	criteria	criterion	NOUN
fsr-3712	65	9	,	,	PUNCT
fsr-3712	65	10	return	return	VERB
fsr-3712	65	11	measures	measure	NOUN
fsr-3712	65	12	,	,	PUNCT
fsr-3712	65	13	mutual	mutual	ADJ
fsr-3712	65	14	fund	fund	NOUN
fsr-3712	65	15	benchmark	benchmark	NOUN
fsr-3712	65	16	,	,	PUNCT
fsr-3712	65	17	overall	overall	ADJ
fsr-3712	65	18	market	market	NOUN
fsr-3712	65	19	benchmarks	benchmark	NOUN
fsr-3712	65	20	,	,	PUNCT
fsr-3712	65	21	time	time	NOUN
fsr-3712	65	22	period	period	NOUN
fsr-3712	65	23	,	,	PUNCT
fsr-3712	65	24	and	and	CCONJ
fsr-3712	65	25	performance	performance	NOUN
fsr-3712	65	26	measures	measure	NOUN
fsr-3712	65	27	.	.	PUNCT
fsr-3712	66	1	sample	sample	NOUN
fsr-3712	66	2	of	of	ADP
fsr-3712	66	3	internationally	internationally	ADV
fsr-3712	66	4	diversified	diversify	VERB
fsr-3712	66	5	mutual	mutual	ADJ
fsr-3712	66	6	funds	fund	NOUN
fsr-3712	66	7	used	use	VERB
fsr-3712	66	8	in	in	ADP
fsr-3712	66	9	study	study	NOUN
fsr-3712	66	10	to	to	PART
fsr-3712	66	11	be	be	AUX
fsr-3712	66	12	included	include	VERB
fsr-3712	66	13	in	in	ADP
fsr-3712	66	14	the	the	DET
fsr-3712	66	15	sample	sample	NOUN
fsr-3712	66	16	,	,	PUNCT
fsr-3712	66	17	a	a	DET
fsr-3712	66	18	mutual	mutual	ADJ
fsr-3712	66	19	fund	fund	NOUN
fsr-3712	66	20	’s	’s	PART
fsr-3712	66	21	investment	investment	NOUN
fsr-3712	66	22	objective	objective	NOUN
fsr-3712	66	23	had	have	VERB
fsr-3712	66	24	to	to	PART
fsr-3712	66	25	include	include	VERB
fsr-3712	66	26	a	a	DET
fsr-3712	66	27	commitment	commitment	NOUN
fsr-3712	66	28	to	to	PART
fsr-3712	66	29	invest	invest	VERB
fsr-3712	66	30	a	a	DET
fsr-3712	66	31	significant	significant	ADJ
fsr-3712	66	32	fraction	fraction	NOUN
fsr-3712	66	33	of	of	ADP
fsr-3712	66	34	its	its	PRON
fsr-3712	66	35	portfolio	portfolio	NOUN
fsr-3712	66	36	in	in	ADP
fsr-3712	66	37	the	the	DET
fsr-3712	66	38	market	market	NOUN
fsr-3712	66	39	able	able	ADJ
fsr-3712	66	40	securities	security	NOUN
fsr-3712	66	41	of	of	ADP
fsr-3712	66	42	foreign	foreign	NOUN
fsr-3712	66	43	-	-	PUNCT
fsr-3712	66	44	based	base	VERB
fsr-3712	66	45	firms	firm	NOUN
fsr-3712	66	46	.	.	PUNCT
fsr-3712	67	1	since	since	SCONJ
fsr-3712	67	2	the	the	DET
fsr-3712	67	3	emphasis	emphasis	NOUN
fsr-3712	67	4	was	be	AUX
fsr-3712	67	5	on	on	ADP
fsr-3712	67	6	funds	fund	NOUN
fsr-3712	67	7	that	that	PRON
fsr-3712	67	8	small	small	ADJ
fsr-3712	67	9	investors	investor	NOUN
fsr-3712	67	10	could	could	AUX
fsr-3712	67	11	readily	readily	ADV
fsr-3712	67	12	purchase	purchase	VERB
fsr-3712	67	13	,	,	PUNCT
fsr-3712	67	14	only	only	ADV
fsr-3712	67	15	funds	fund	NOUN
fsr-3712	67	16	offered	offer	VERB
fsr-3712	67	17	by	by	ADP
fsr-3712	67	18	u.s	u.s	PROPN
fsr-3712	67	19	.	.	PROPN
fsr-3712	67	20	based	base	VERB
fsr-3712	67	21	mutual	mutual	ADJ
fsr-3712	67	22	fund	fund	NOUN
fsr-3712	67	23	groups	group	NOUN
fsr-3712	67	24	were	be	AUX
fsr-3712	67	25	candidates	candidate	NOUN
fsr-3712	67	26	.	.	PUNCT
fsr-3712	68	1	as	as	ADP
fsr-3712	68	2	a	a	DET
fsr-3712	68	3	further	further	ADJ
fsr-3712	68	4	restriction	restriction	NOUN
fsr-3712	68	5	,	,	PUNCT
fsr-3712	68	6	only	only	ADV
fsr-3712	68	7	mutual	mutual	ADJ
fsr-3712	68	8	funds	fund	NOUN
fsr-3712	68	9	with	with	ADP
fsr-3712	68	10	more	more	ADJ
fsr-3712	68	11	than	than	ADP
fsr-3712	68	12	50	50	NUM
fsr-3712	68	13	percent	percent	NOUN
fsr-3712	68	14	equities	equity	NOUN
fsr-3712	68	15	in	in	ADP
fsr-3712	68	16	their	their	PRON
fsr-3712	68	17	portfolio	portfolio	NOUN
fsr-3712	68	18	of	of	ADP
fsr-3712	68	19	securities	security	NOUN
fsr-3712	68	20	were	be	AUX
fsr-3712	68	21	included	include	VERB
fsr-3712	68	22	.	.	PUNCT
fsr-3712	69	1	a	a	DET
fsr-3712	69	2	qualifying	qualify	VERB
fsr-3712	69	3	fund	fund	NOUN
fsr-3712	69	4	had	have	VERB
fsr-3712	69	5	to	to	PART
fsr-3712	69	6	have	have	AUX
fsr-3712	69	7	been	be	AUX
fsr-3712	69	8	readily	readily	ADV
fsr-3712	69	9	available	available	ADJ
fsr-3712	69	10	to	to	ADP
fsr-3712	69	11	potential	potential	ADJ
fsr-3712	69	12	investors	investor	NOUN
fsr-3712	69	13	during	during	ADP
fsr-3712	69	14	the	the	DET
fsr-3712	69	15	entire	entire	ADJ
fsr-3712	69	16	study	study	NOUN
fsr-3712	69	17	period	period	NOUN
fsr-3712	69	18	from	from	ADP
fsr-3712	69	19	january	january	PROPN
fsr-3712	69	20	1986	1986	NUM
fsr-3712	69	21	through	through	ADP
fsr-3712	69	22	december	december	PROPN
fsr-3712	69	23	1990	1990	NUM
fsr-3712	69	24	.	.	PUNCT
fsr-3712	70	1	it	it	PRON
fsr-3712	70	2	also	also	ADV
fsr-3712	70	3	had	have	VERB
fsr-3712	70	4	to	to	PART
fsr-3712	70	5	have	have	AUX
fsr-3712	70	6	published	publish	VERB
fsr-3712	70	7	data	datum	NOUN
fsr-3712	70	8	on	on	ADP
fsr-3712	70	9	net	net	ADJ
fsr-3712	70	10	asset	asset	NOUN
fsr-3712	70	11	value	value	NOUN
fsr-3712	70	12	as	as	ADV
fsr-3712	70	13	well	well	ADV
fsr-3712	70	14	as	as	ADP
fsr-3712	70	15	dividend	dividend	NOUN
fsr-3712	70	16	and	and	CCONJ
fsr-3712	70	17	capital	capital	NOUN
fsr-3712	70	18	gains	gain	NOUN
fsr-3712	70	19	distributions	distribution	NOUN
fsr-3712	70	20	.	.	PUNCT
fsr-3712	71	1	several	several	ADJ
fsr-3712	71	2	groups	group	NOUN
fsr-3712	71	3	of	of	ADP
fsr-3712	71	4	funds	fund	NOUN
fsr-3712	71	5	were	be	AUX
fsr-3712	71	6	specifically	specifically	ADV
fsr-3712	71	7	excluded	exclude	VERB
fsr-3712	71	8	because	because	SCONJ
fsr-3712	71	9	they	they	PRON
fsr-3712	71	10	lacked	lack	VERB
fsr-3712	71	11	broad	broad	ADJ
fsr-3712	71	12	international	international	ADJ
fsr-3712	71	13	diversification	diversification	NOUN
fsr-3712	71	14	:	:	PUNCT
fsr-3712	71	15	1	1	NUM
fsr-3712	71	16	)	)	PUNCT
fsr-3712	71	17	single	single	ADJ
fsr-3712	71	18	country	country	NOUN
fsr-3712	71	19	funds	fund	NOUN
fsr-3712	71	20	(	(	PUNCT
fsr-3712	71	21	e.g.	e.g.	ADV
fsr-3712	71	22	,	,	PUNCT
fsr-3712	71	23	the	the	DET
fsr-3712	71	24	japan	japan	PROPN
fsr-3712	71	25	fund	fund	PROPN
fsr-3712	71	26	,	,	PUNCT
fsr-3712	71	27	the	the	DET
fsr-3712	71	28	united	united	PROPN
fsr-3712	71	29	kingdom	kingdom	PROPN
fsr-3712	71	30	fund	fund	PROPN
fsr-3712	71	31	)	)	PUNCT
fsr-3712	71	32	;	;	PUNCT
fsr-3712	71	33	2	2	X
fsr-3712	71	34	)	)	PUNCT
fsr-3712	71	35	funds	fund	NOUN
fsr-3712	71	36	that	that	PRON
fsr-3712	71	37	concentrated	concentrate	VERB
fsr-3712	71	38	on	on	ADP
fsr-3712	71	39	a	a	DET
fsr-3712	71	40	narrow	narrow	ADJ
fsr-3712	71	41	geographic	geographic	ADJ
fsr-3712	71	42	area	area	NOUN
fsr-3712	71	43	such	such	ADJ
fsr-3712	71	44	as	as	ADP
fsr-3712	71	45	europe	europe	PROPN
fsr-3712	71	46	,	,	PUNCT
fsr-3712	71	47	or	or	CCONJ
fsr-3712	71	48	the	the	DET
fsr-3712	71	49	pacific	pacific	PROPN
fsr-3712	71	50	basin	basin	NOUN
fsr-3712	71	51	;	;	PUNCT
fsr-3712	71	52	3	3	X
fsr-3712	71	53	)	)	PUNCT
fsr-3712	71	54	funds	fund	NOUN
fsr-3712	71	55	that	that	PRON
fsr-3712	71	56	limit	limit	VERB
fsr-3712	71	57	themselves	themselves	PRON
fsr-3712	71	58	to	to	ADP
fsr-3712	71	59	a	a	DET
fsr-3712	71	60	single	single	ADJ
fsr-3712	71	61	industry	industry	NOUN
fsr-3712	71	62	,	,	PUNCT
fsr-3712	71	63	product	product	NOUN
fsr-3712	71	64	,	,	PUNCT
fsr-3712	71	65	or	or	CCONJ
fsr-3712	71	66	service	service	NOUN
fsr-3712	71	67	(	(	PUNCT
fsr-3712	71	68	e.g.	e.g.	ADV
fsr-3712	71	69	,	,	PUNCT
fsr-3712	71	70	gold	gold	NOUN
fsr-3712	71	71	funds	fund	NOUN
fsr-3712	71	72	)	)	PUNCT
fsr-3712	71	73	;	;	PUNCT
fsr-3712	71	74	4	4	X
fsr-3712	71	75	)	)	PUNCT
fsr-3712	71	76	funds	fund	NOUN
fsr-3712	71	77	that	that	PRON
fsr-3712	71	78	held	hold	VERB
fsr-3712	71	79	primarily	primarily	ADV
fsr-3712	71	80	u.s	u.s	PROPN
fsr-3712	71	81	.	.	PROPN
fsr-3712	71	82	equities	equity	NOUN
fsr-3712	71	83	with	with	ADP
fsr-3712	71	84	only	only	ADV
fsr-3712	71	85	a	a	DET
fsr-3712	71	86	token	token	ADJ
fsr-3712	71	87	portfolio	portfolio	NOUN
fsr-3712	71	88	of	of	ADP
fsr-3712	71	89	foreign	foreign	NOUN
fsr-3712	71	90	-	-	PUNCT
fsr-3712	71	91	based	base	VERB
fsr-3712	71	92	firms	firm	NOUN
fsr-3712	71	93	.	.	PUNCT
fsr-3712	72	1	the	the	DET
fsr-3712	72	2	resulting	result	VERB
fsr-3712	72	3	sample	sample	NOUN
fsr-3712	72	4	included	include	VERB
fsr-3712	72	5	mutual	mutual	ADJ
fsr-3712	72	6	funds	fund	NOUN
fsr-3712	72	7	with	with	ADP
fsr-3712	72	8	an	an	DET
fsr-3712	72	9	investment	investment	NOUN
fsr-3712	72	10	objective	objective	NOUN
fsr-3712	72	11	that	that	PRON
fsr-3712	72	12	permitted	permit	VERB
fsr-3712	72	13	a	a	DET
fsr-3712	72	14	significant	significant	ADJ
fsr-3712	72	15	fraction	fraction	NOUN
fsr-3712	72	16	of	of	ADP
fsr-3712	72	17	the	the	DET
fsr-3712	72	18	fund	fund	NOUN
fsr-3712	72	19	’s	’s	PART
fsr-3712	72	20	portfolio	portfolio	NOUN
fsr-3712	72	21	to	to	PART
fsr-3712	72	22	be	be	AUX
fsr-3712	72	23	invested	invest	VERB
fsr-3712	72	24	in	in	ADP
fsr-3712	72	25	foreign	foreign	NOUN
fsr-3712	72	26	-	-	PUNCT
fsr-3712	72	27	based	base	VERB
fsr-3712	72	28	performance	performance	NOUN
fsr-3712	72	29	&	&	CCONJ
fsr-3712	72	30	risk	risk	NOUN
fsr-3712	72	31	exposure	exposure	NOUN
fsr-3712	72	32	of	of	ADP
fsr-3712	72	33	international	international	ADJ
fsr-3712	72	34	mutual	mutual	ADJ
fsr-3712	72	35	funds	fund	NOUN
fsr-3712	72	36	101	101	NUM
fsr-3712	72	37	exhibit	exhibit	NOUN
fsr-3712	72	38	1	1	NUM
fsr-3712	72	39	.	.	PUNCT
fsr-3712	72	40	internationally	internationally	ADV
fsr-3712	72	41	diversified	diversify	VERB
fsr-3712	72	42	mutual	mutual	ADJ
fsr-3712	72	43	funds	fund	NOUN
fsr-3712	72	44	global	global	ADJ
fsr-3712	72	45	mutual	mutual	ADJ
fsr-3712	72	46	funds	fund	NOUN
fsr-3712	72	47	in	in	ADP
fsr-3712	72	48	sample	sample	NOUN
fsr-3712	72	49	dean	dean	PROPN
fsr-3712	72	50	witter	witter	PROPN
fsr-3712	72	51	worldwide	worldwide	PROPN
fsr-3712	73	1	putnam	putnam	PROPN
fsr-3712	73	2	international	international	PROPN
fsr-3712	73	3	equities	equities	PROPN
fsr-3712	73	4	first	first	ADJ
fsr-3712	73	5	investors	investor	NOUN
fsr-3712	73	6	global	global	PROPN
fsr-3712	73	7	sogen	sogen	PROPN
fsr-3712	73	8	international	international	PROPN
fsr-3712	73	9	keystone	keystone	PROPN
fsr-3712	73	10	international	international	PROPN
fsr-3712	73	11	templeton	templeton	PROPN
fsr-3712	73	12	global	global	PROPN
fsr-3712	73	13	new	new	PROPN
fsr-3712	73	14	perspective	perspective	PROPN
fsr-3712	73	15	templeton	templeton	PROPN
fsr-3712	73	16	growth	growth	PROPN
fsr-3712	73	17	paine	paine	PROPN
fsr-3712	73	18	weber	weber	PROPN
fsr-3712	73	19	classic	classic	PROPN
fsr-3712	73	20	atlas	atlas	PROPN
fsr-3712	73	21	templeton	templeton	PROPN
fsr-3712	73	22	world	world	PROPN
fsr-3712	73	23	international	international	ADJ
fsr-3712	73	24	mutual	mutual	ADJ
fsr-3712	73	25	funds	fund	NOUN
fsr-3712	73	26	in	in	ADP
fsr-3712	73	27	sample	sample	NOUN
fsr-3712	73	28	alliance	alliance	NOUN
fsr-3712	73	29	international	international	PROPN
fsr-3712	73	30	scudder	scudder	PROPN
fsr-3712	73	31	international	international	PROPN
fsr-3712	73	32	europacific	europacific	PROPN
fsr-3712	73	33	growth	growth	PROPN
fsr-3712	73	34	templeton	templeton	PROPN
fsr-3712	73	35	foreign	foreign	PROPN
fsr-3712	73	36	kemper	kemper	PROPN
fsr-3712	73	37	international	international	PROPN
fsr-3712	73	38	trustees	trustees	PROPN
fsr-3712	73	39	’	'	PUNCT
fsr-3712	73	40	commingled	commingle	VERB
fsr-3712	73	41	kleinwort	kleinwort	NOUN
fsr-3712	73	42	benson	benson	PROPN
fsr-3712	73	43	international	international	PROPN
fsr-3712	73	44	united	united	PROPN
fsr-3712	73	45	international	international	PROPN
fsr-3712	73	46	growth	growth	PROPN
fsr-3712	73	47	t.	t.	PROPN
fsr-3712	73	48	rowe	rowe	PROPN
fsr-3712	73	49	price	price	PROPN
fsr-3712	73	50	international	international	ADJ
fsr-3712	73	51	stock	stock	NOUN
fsr-3712	73	52	marketable	marketable	ADJ
fsr-3712	73	53	securities	security	NOUN
fsr-3712	73	54	.	.	PUNCT
fsr-3712	74	1	the	the	DET
fsr-3712	74	2	sample	sample	NOUN
fsr-3712	74	3	funds	fund	NOUN
fsr-3712	74	4	did	do	AUX
fsr-3712	74	5	not	not	PART
fsr-3712	74	6	confine	confine	VERB
fsr-3712	74	7	themselves	themselves	PRON
fsr-3712	74	8	to	to	ADP
fsr-3712	74	9	a	a	DET
fsr-3712	74	10	narrow	narrow	ADJ
fsr-3712	74	11	spectrum	spectrum	NOUN
fsr-3712	74	12	of	of	ADP
fsr-3712	74	13	foreign	foreign	ADJ
fsr-3712	74	14	markets	market	NOUN
fsr-3712	74	15	or	or	CCONJ
fsr-3712	74	16	to	to	ADP
fsr-3712	74	17	a	a	DET
fsr-3712	74	18	specific	specific	ADJ
fsr-3712	74	19	industry	industry	NOUN
fsr-3712	74	20	.	.	PUNCT
fsr-3712	75	1	qualifying	qualify	VERB
fsr-3712	75	2	mutual	mutual	ADJ
fsr-3712	75	3	funds	fund	NOUN
fsr-3712	75	4	were	be	AUX
fsr-3712	75	5	stratified	stratify	VERB
fsr-3712	75	6	into	into	ADP
fsr-3712	75	7	two	two	NUM
fsr-3712	75	8	major	major	ADJ
fsr-3712	75	9	groups	group	NOUN
fsr-3712	75	10	:	:	PUNCT
fsr-3712	75	11	global	global	ADJ
fsr-3712	75	12	mutual	mutual	ADJ
fsr-3712	75	13	funds	fund	NOUN
fsr-3712	75	14	and	and	CCONJ
fsr-3712	75	15	international	international	ADJ
fsr-3712	75	16	mutual	mutual	ADJ
fsr-3712	75	17	funds	fund	NOUN
fsr-3712	75	18	.	.	PUNCT
fsr-3712	76	1	global	global	ADJ
fsr-3712	76	2	mutualfunds	mutualfund	NOUN
fsr-3712	76	3	.	.	PUNCT
fsr-3712	77	1	global	global	ADJ
fsr-3712	77	2	mutual	mutual	ADJ
fsr-3712	77	3	funds	fund	NOUN
fsr-3712	77	4	included	include	VERB
fsr-3712	77	5	those	those	PRON
fsr-3712	77	6	where	where	SCONJ
fsr-3712	77	7	the	the	DET
fsr-3712	77	8	invest	inv	ADJ
fsr-3712	77	9	ment	ment	PROPN
fsr-3712	77	10	objective	objective	NOUN
fsr-3712	77	11	permitted	permit	VERB
fsr-3712	77	12	them	they	PRON
fsr-3712	77	13	to	to	PART
fsr-3712	77	14	purchase	purchase	VERB
fsr-3712	77	15	securities	security	NOUN
fsr-3712	77	16	in	in	ADP
fsr-3712	77	17	any	any	PRON
fsr-3712	77	18	of	of	ADP
fsr-3712	77	19	the	the	DET
fsr-3712	77	20	major	major	ADJ
fsr-3712	77	21	world	world	NOUN
fsr-3712	77	22	markets	market	NOUN
fsr-3712	77	23	,	,	PUNCT
fsr-3712	77	24	including	include	VERB
fsr-3712	77	25	the	the	DET
fsr-3712	77	26	united	united	PROPN
fsr-3712	77	27	states	states	PROPN
fsr-3712	77	28	.	.	PUNCT
fsr-3712	78	1	funds	fund	NOUN
fsr-3712	78	2	were	be	AUX
fsr-3712	78	3	classified	classify	VERB
fsr-3712	78	4	based	base	VERB
fsr-3712	78	5	on	on	ADP
fsr-3712	78	6	the	the	DET
fsr-3712	78	7	summary	summary	NOUN
fsr-3712	78	8	of	of	ADP
fsr-3712	78	9	each	each	DET
fsr-3712	78	10	fund	fund	NOUN
fsr-3712	78	11	’s	’s	PART
fsr-3712	78	12	investment	investment	NOUN
fsr-3712	78	13	objective	objective	NOUN
fsr-3712	78	14	as	as	SCONJ
fsr-3712	78	15	published	publish	VERB
fsr-3712	78	16	in	in	ADP
fsr-3712	78	17	wiesenberger	wiesenberger	NOUN
fsr-3712	78	18	’s	’s	PART
fsr-3712	78	19	investment	investment	NOUN
fsr-3712	78	20	companies	company	NOUN
fsr-3712	78	21	service	service	VERB
fsr-3712	78	22	and	and	CCONJ
fsr-3712	78	23	in	in	ADP
fsr-3712	78	24	morningstar	morningstar	NOUN
fsr-3712	78	25	’s	’s	PART
fsr-3712	78	26	mutual	mutual	ADJ
fsr-3712	78	27	fund	fund	NOUN
fsr-3712	78	28	values	value	NOUN
fsr-3712	78	29	.	.	PUNCT
fsr-3712	79	1	to	to	PART
fsr-3712	79	2	qualify	qualify	VERB
fsr-3712	79	3	,	,	PUNCT
fsr-3712	79	4	it	it	PRON
fsr-3712	79	5	was	be	AUX
fsr-3712	79	6	not	not	PART
fsr-3712	79	7	necessary	necessary	ADJ
fsr-3712	79	8	for	for	SCONJ
fsr-3712	79	9	the	the	DET
fsr-3712	79	10	fund	fund	NOUN
fsr-3712	79	11	’s	’s	PART
fsr-3712	79	12	actual	actual	ADJ
fsr-3712	79	13	holdings	holding	NOUN
fsr-3712	79	14	of	of	ADP
fsr-3712	79	15	united	united	PROPN
fsr-3712	79	16	states	states	PROPN
fsr-3712	79	17	-	-	PUNCT
fsr-3712	79	18	issued	issue	VERB
fsr-3712	79	19	securities	security	NOUN
fsr-3712	79	20	to	to	PART
fsr-3712	79	21	have	have	AUX
fsr-3712	79	22	been	be	AUX
fsr-3712	79	23	any	any	DET
fsr-3712	79	24	prescribed	prescribed	ADJ
fsr-3712	79	25	fraction	fraction	NOUN
fsr-3712	79	26	of	of	ADP
fsr-3712	79	27	the	the	DET
fsr-3712	79	28	portfolio	portfolio	NOUN
fsr-3712	79	29	during	during	ADP
fsr-3712	79	30	the	the	DET
fsr-3712	79	31	study	study	NOUN
fsr-3712	79	32	period	period	NOUN
fsr-3712	79	33	.	.	PUNCT
fsr-3712	80	1	all	all	PRON
fsr-3712	80	2	that	that	PRON
fsr-3712	80	3	was	be	AUX
fsr-3712	80	4	needed	need	VERB
fsr-3712	80	5	was	be	AUX
fsr-3712	80	6	that	that	SCONJ
fsr-3712	80	7	the	the	DET
fsr-3712	80	8	fund	fund	NOUN
fsr-3712	80	9	’s	’s	PART
fsr-3712	80	10	investment	investment	NOUN
fsr-3712	80	11	objective	objective	NOUN
fsr-3712	80	12	permitted	permit	VERB
fsr-3712	80	13	a	a	DET
fsr-3712	80	14	significant	significant	ADJ
fsr-3712	80	15	fraction	fraction	NOUN
fsr-3712	80	16	of	of	ADP
fsr-3712	80	17	u.s.-based	u.s.-based	ADJ
fsr-3712	80	18	equities	equity	NOUN
fsr-3712	80	19	in	in	ADP
fsr-3712	80	20	the	the	DET
fsr-3712	80	21	portfolio	portfolio	NOUN
fsr-3712	80	22	.	.	PUNCT
fsr-3712	81	1	the	the	DET
fsr-3712	81	2	top	top	ADJ
fsr-3712	81	3	section	section	NOUN
fsr-3712	81	4	of	of	ADP
fsr-3712	81	5	exhibit	exhibit	NOUN
fsr-3712	81	6	1	1	NUM
fsr-3712	81	7	lists	list	VERB
fsr-3712	81	8	the	the	DET
fsr-3712	81	9	funds	fund	NOUN
fsr-3712	81	10	in	in	ADP
fsr-3712	81	11	the	the	DET
fsr-3712	81	12	global	global	ADJ
fsr-3712	81	13	sample	sample	NOUN
fsr-3712	81	14	.	.	PUNCT
fsr-3712	82	1	international	international	ADJ
fsr-3712	82	2	mutual	mutual	ADJ
fsr-3712	82	3	funds	fund	NOUN
fsr-3712	82	4	.	.	PUNCT
fsr-3712	83	1	international	international	ADJ
fsr-3712	83	2	mutual	mutual	ADJ
fsr-3712	83	3	funds	fund	NOUN
fsr-3712	83	4	included	include	VERB
fsr-3712	83	5	those	those	PRON
fsr-3712	83	6	where	where	SCONJ
fsr-3712	83	7	the	the	DET
fsr-3712	83	8	investment	investment	NOUN
fsr-3712	83	9	objective	objective	NOUN
fsr-3712	83	10	specifically	specifically	ADV
fsr-3712	83	11	restricted	restrict	VERB
fsr-3712	83	12	their	their	PRON
fsr-3712	83	13	holdings	holding	NOUN
fsr-3712	83	14	to	to	ADP
fsr-3712	83	15	marketable	marketable	ADJ
fsr-3712	83	16	securities	security	NOUN
fsr-3712	83	17	of	of	ADP
fsr-3712	83	18	non	non	ADJ
fsr-3712	83	19	-	-	ADJ
fsr-3712	83	20	united	united	ADJ
fsr-3712	83	21	states	states	PROPN
fsr-3712	83	22	issuers	issuer	NOUN
fsr-3712	83	23	.	.	PUNCT
fsr-3712	84	1	again	again	ADV
fsr-3712	84	2	,	,	PUNCT
fsr-3712	84	3	the	the	DET
fsr-3712	84	4	summary	summary	NOUN
fsr-3712	84	5	of	of	ADP
fsr-3712	84	6	each	each	DET
fsr-3712	84	7	fund	fund	NOUN
fsr-3712	84	8	’s	’s	PART
fsr-3712	84	9	invest	invest	VERB
fsr-3712	84	10	ment	ment	PROPN
fsr-3712	84	11	objective	objective	NOUN
fsr-3712	84	12	published	publish	VERB
fsr-3712	84	13	in	in	ADP
fsr-3712	84	14	wiesenberger	wiesenberger	NOUN
fsr-3712	84	15	and	and	CCONJ
fsr-3712	84	16	morningstar	morningstar	NOUN
fsr-3712	84	17	was	be	AUX
fsr-3712	84	18	used	use	VERB
fsr-3712	84	19	to	to	PART
fsr-3712	84	20	classify	classify	VERB
fsr-3712	84	21	it	it	PRON
fsr-3712	84	22	as	as	ADP
fsr-3712	84	23	part	part	NOUN
fsr-3712	84	24	of	of	ADP
fsr-3712	84	25	the	the	DET
fsr-3712	84	26	international	international	ADJ
fsr-3712	84	27	group	group	NOUN
fsr-3712	84	28	.	.	PUNCT
fsr-3712	85	1	while	while	SCONJ
fsr-3712	85	2	a	a	DET
fsr-3712	85	3	typical	typical	ADJ
fsr-3712	85	4	objective	objective	NOUN
fsr-3712	85	5	restricted	restrict	VERB
fsr-3712	85	6	the	the	DET
fsr-3712	85	7	holding	holding	NOUN
fsr-3712	85	8	of	of	ADP
fsr-3712	85	9	u.s	u.s	PROPN
fsr-3712	85	10	.	.	PROPN
fsr-3712	85	11	equities	equity	NOUN
fsr-3712	85	12	,	,	PUNCT
fsr-3712	85	13	most	most	ADV
fsr-3712	85	14	allowed	allow	VERB
fsr-3712	85	15	the	the	DET
fsr-3712	85	16	fund	fund	NOUN
fsr-3712	85	17	to	to	PART
fsr-3712	85	18	hold	hold	VERB
fsr-3712	85	19	its	its	PRON
fsr-3712	85	20	cash	cash	NOUN
fsr-3712	85	21	reserve	reserve	NOUN
fsr-3712	85	22	in	in	ADP
fsr-3712	85	23	domestic	domestic	ADJ
fsr-3712	85	24	money	money	NOUN
fsr-3712	85	25	market	market	NOUN
fsr-3712	85	26	instruments	instrument	NOUN
fsr-3712	85	27	.	.	PUNCT
fsr-3712	86	1	the	the	DET
fsr-3712	86	2	lower	low	ADJ
fsr-3712	86	3	section	section	NOUN
fsr-3712	86	4	of	of	ADP
fsr-3712	86	5	exhibit	exhibit	NOUN
fsr-3712	86	6	1	1	NUM
fsr-3712	86	7	lists	list	VERB
fsr-3712	86	8	the	the	DET
fsr-3712	86	9	funds	fund	NOUN
fsr-3712	86	10	in	in	ADP
fsr-3712	86	11	the	the	DET
fsr-3712	86	12	international	international	ADJ
fsr-3712	86	13	sample	sample	NOUN
fsr-3712	86	14	.	.	PUNCT
fsr-3712	87	1	none	none	NOUN
fsr-3712	87	2	of	of	ADP
fsr-3712	87	3	the	the	DET
fsr-3712	87	4	mutual	mutual	ADJ
fsr-3712	87	5	funds	fund	NOUN
fsr-3712	87	6	changed	change	VERB
fsr-3712	87	7	its	its	PRON
fsr-3712	87	8	investment	investment	NOUN
fsr-3712	87	9	objective	objective	NOUN
fsr-3712	87	10	during	during	ADP
fsr-3712	87	11	the	the	DET
fsr-3712	87	12	period	period	NOUN
fsr-3712	87	13	,	,	PUNCT
fsr-3712	87	14	so	so	SCONJ
fsr-3712	87	15	none	none	NOUN
fsr-3712	87	16	had	have	VERB
fsr-3712	87	17	to	to	PART
fsr-3712	87	18	be	be	AUX
fsr-3712	87	19	dropped	drop	VERB
fsr-3712	87	20	or	or	CCONJ
fsr-3712	87	21	reclassified	reclassify	VERB
fsr-3712	87	22	to	to	ADP
fsr-3712	87	23	a	a	DET
fsr-3712	87	24	different	different	ADJ
fsr-3712	87	25	group	group	NOUN
fsr-3712	87	26	.	.	PUNCT
fsr-3712	88	1	holding	hold	VERB
fsr-3712	88	2	period	period	NOUN
fsr-3712	88	3	returns	return	NOUN
fsr-3712	88	4	paralleling	parallel	VERB
fsr-3712	88	5	earlier	early	ADJ
fsr-3712	88	6	work	work	NOUN
fsr-3712	88	7	,	,	PUNCT
fsr-3712	88	8	the	the	DET
fsr-3712	88	9	study	study	NOUN
fsr-3712	88	10	computed	compute	VERB
fsr-3712	88	11	each	each	DET
fsr-3712	88	12	fund	fund	NOUN
fsr-3712	88	13	’s	’s	PART
fsr-3712	88	14	rate	rate	NOUN
fsr-3712	88	15	of	of	ADP
fsr-3712	88	16	return	return	NOUN
fsr-3712	88	17	using	use	VERB
fsr-3712	88	18	monthly	monthly	ADJ
fsr-3712	88	19	holding	hold	VERB
fsr-3712	88	20	periods	period	NOUN
fsr-3712	88	21	.	.	PUNCT
fsr-3712	89	1	holding	hold	VERB
fsr-3712	89	2	period	period	NOUN
fsr-3712	89	3	returns	return	NOUN
fsr-3712	89	4	(	(	PUNCT
fsr-3712	89	5	hpr	hpr	PROPN
fsr-3712	89	6	)	)	PUNCT
fsr-3712	89	7	were	be	AUX
fsr-3712	89	8	computed	compute	VERB
fsr-3712	89	9	using	use	VERB
fsr-3712	89	10	:	:	PUNCT
fsr-3712	89	11	hpr	hpr	PROPN
fsr-3712	89	12	=	=	NOUN
fsr-3712	89	13	wavend	wavend	VERB
fsr-3712	89	14	navtwg	navtwg	ADV
fsr-3712	89	15	)	)	PUNCT
fsr-3712	90	1	+	+	CCONJ
fsr-3712	90	2	dwdis	dwdi	NOUN
fsr-3712	90	3	+	+	CCONJ
fsr-3712	90	4	capgmdis	capgmdis	NOUN
fsr-3712	90	5	navtxg	navtxg	NOUN
fsr-3712	90	6	102	102	NUM
fsr-3712	90	7	financial	financial	ADJ
fsr-3712	90	8	services	service	NOUN
fsr-3712	90	9	review	review	NOUN
fsr-3712	90	10	,	,	PUNCT
fsr-3712	90	11	2(2	2(2	NUM
fsr-3712	90	12	)	)	PUNCT
fsr-3712	90	13	1993	1993	NUM
fsr-3712	91	1	where	where	SCONJ
fsr-3712	91	2	:	:	PUNCT
fsr-3712	91	3	navb	navb	NOUN
fsr-3712	91	4	,	,	PUNCT
fsr-3712	91	5	=	=	SYM
fsr-3712	91	6	the	the	DET
fsr-3712	91	7	net	net	ADJ
fsr-3712	91	8	asset	asset	NOUN
fsr-3712	91	9	value	value	NOUN
fsr-3712	91	10	of	of	ADP
fsr-3712	91	11	the	the	DET
fsr-3712	91	12	fund	fund	NOUN
fsr-3712	91	13	’s	’s	PART
fsr-3712	91	14	shares	share	NOUN
fsr-3712	91	15	at	at	ADP
fsr-3712	91	16	the	the	DET
fsr-3712	91	17	beginning	beginning	NOUN
fsr-3712	91	18	of	of	ADP
fsr-3712	91	19	the	the	DET
fsr-3712	91	20	period	period	NOUN
fsr-3712	91	21	;	;	PUNCT
fsr-3712	91	22	nav	nav	NOUN
fsr-3712	91	23	,	,	PUNCT
fsr-3712	91	24	,	,	PUNCT
fsr-3712	91	25	=	=	PUNCT
fsr-3712	91	26	the	the	DET
fsr-3712	91	27	net	net	ADJ
fsr-3712	91	28	asset	asset	NOUN
fsr-3712	91	29	value	value	NOUN
fsr-3712	91	30	of	of	ADP
fsr-3712	91	31	the	the	DET
fsr-3712	91	32	fund	fund	NOUN
fsr-3712	91	33	’s	’s	PART
fsr-3712	91	34	shares	share	NOUN
fsr-3712	91	35	at	at	ADP
fsr-3712	91	36	the	the	DET
fsr-3712	91	37	end	end	NOUN
fsr-3712	91	38	of	of	ADP
fsr-3712	91	39	the	the	DET
fsr-3712	91	40	period	period	NOUN
fsr-3712	91	41	;	;	PUNCT
fsr-3712	91	42	div	div	X
fsr-3712	91	43	,	,	PUNCT
fsr-3712	91	44	=	=	PUNCT
fsr-3712	91	45	dividend	dividend	NOUN
fsr-3712	91	46	distribution	distribution	NOUN
fsr-3712	91	47	on	on	ADP
fsr-3712	91	48	each	each	DET
fsr-3712	91	49	fund	fund	NOUN
fsr-3712	91	50	share	share	NOUN
fsr-3712	91	51	for	for	ADP
fsr-3712	91	52	the	the	DET
fsr-3712	91	53	period	period	NOUN
fsr-3712	91	54	;	;	PUNCT
fsr-3712	91	55	and	and	CCONJ
fsr-3712	91	56	capgan	capgan	VERB
fsr-3712	91	57	,	,	PUNCT
fsr-3712	91	58	,	,	PUNCT
fsr-3712	91	59	=	=	SYM
fsr-3712	91	60	capital	capital	NOUN
fsr-3712	91	61	gain	gain	VERB
fsr-3712	91	62	distribution	distribution	NOUN
fsr-3712	91	63	per	per	ADP
fsr-3712	91	64	period	period	NOUN
fsr-3712	91	65	for	for	ADP
fsr-3712	91	66	each	each	DET
fsr-3712	91	67	fund	fund	NOUN
fsr-3712	91	68	share	share	NOUN
fsr-3712	91	69	.	.	PUNCT
fsr-3712	92	1	a	a	DET
fsr-3712	92	2	similar	similar	ADJ
fsr-3712	92	3	measure	measure	NOUN
fsr-3712	92	4	has	have	AUX
fsr-3712	92	5	been	be	AUX
fsr-3712	92	6	widely	widely	ADV
fsr-3712	92	7	used	use	VERB
fsr-3712	92	8	in	in	ADP
fsr-3712	92	9	other	other	ADJ
fsr-3712	92	10	mutual	mutual	ADJ
fsr-3712	92	11	fund	fund	NOUN
fsr-3712	92	12	performance	performance	NOUN
fsr-3712	92	13	studies	study	NOUN
fsr-3712	92	14	.	.	PUNCT
fsr-3712	93	1	the	the	DET
fsr-3712	93	2	principal	principal	ADJ
fsr-3712	93	3	source	source	NOUN
fsr-3712	93	4	of	of	ADP
fsr-3712	93	5	nav	nav	PROPN
fsr-3712	93	6	’s	’s	PART
fsr-3712	93	7	was	be	AUX
fsr-3712	93	8	wiesenberger	wiesenberger	NOUN
fsr-3712	93	9	’s	’s	PART
fsr-3712	93	10	investment	investment	NOUN
fsr-3712	93	11	companies	company	NOUN
fsr-3712	93	12	service	service	NOUN
fsr-3712	93	13	;	;	PUNCT
fsr-3712	93	14	the	the	DET
fsr-3712	93	15	wall	wall	PROPN
fsr-3712	93	16	street	street	PROPN
fsr-3712	93	17	journal	journal	PROPN
fsr-3712	93	18	was	be	AUX
fsr-3712	93	19	a	a	DET
fsr-3712	93	20	secondary	secondary	ADJ
fsr-3712	93	21	source	source	NOUN
fsr-3712	93	22	for	for	ADP
fsr-3712	93	23	a	a	DET
fsr-3712	93	24	limited	limited	ADJ
fsr-3712	93	25	number	number	NOUN
fsr-3712	93	26	of	of	ADP
fsr-3712	93	27	situations	situation	NOUN
fsr-3712	93	28	.	.	PUNCT
fsr-3712	94	1	moody	moody	PROPN
fsr-3712	94	2	’s	’s	PART
fsr-3712	94	3	dividend	dividend	NOUN
fsr-3712	94	4	record	record	NOUN
fsr-3712	94	5	and	and	CCONJ
fsr-3712	94	6	standard	standard	ADJ
fsr-3712	94	7	and	and	CCONJ
fsr-3712	94	8	poor	poor	ADJ
fsr-3712	94	9	’s	’s	PART
fsr-3712	94	10	quarterly	quarterly	ADJ
fsr-3712	94	11	dividend	dividend	NOUN
fsr-3712	94	12	record	record	NOUN
fsr-3712	94	13	provided	provide	VERB
fsr-3712	94	14	data	datum	NOUN
fsr-3712	94	15	on	on	ADP
fsr-3712	94	16	each	each	DET
fsr-3712	94	17	fund	fund	NOUN
fsr-3712	94	18	’s	’s	PART
fsr-3712	94	19	dividend	dividend	NOUN
fsr-3712	94	20	and	and	CCONJ
fsr-3712	94	21	capital	capital	NOUN
fsr-3712	94	22	gains	gain	NOUN
fsr-3712	94	23	distributions	distribution	NOUN
fsr-3712	94	24	,	,	PUNCT
fsr-3712	94	25	with	with	ADP
fsr-3712	94	26	moody	moody	PROPN
fsr-3712	94	27	’s	’s	PART
fsr-3712	94	28	being	be	AUX
fsr-3712	94	29	the	the	DET
fsr-3712	94	30	primary	primary	ADJ
fsr-3712	94	31	source	source	NOUN
fsr-3712	94	32	.	.	PUNCT
fsr-3712	95	1	total	total	ADJ
fsr-3712	95	2	investment	investment	NOUN
fsr-3712	95	3	return	return	NOUN
fsr-3712	95	4	all	all	DET
fsr-3712	95	5	holding	hold	VERB
fsr-3712	95	6	period	period	NOUN
fsr-3712	95	7	returns	return	NOUN
fsr-3712	95	8	computed	compute	VERB
fsr-3712	95	9	in	in	ADP
fsr-3712	95	10	the	the	DET
fsr-3712	95	11	study	study	NOUN
fsr-3712	95	12	are	be	AUX
fsr-3712	95	13	expressed	express	VERB
fsr-3712	95	14	in	in	ADP
fsr-3712	95	15	dollars	dollar	NOUN
fsr-3712	95	16	,	,	PUNCT
fsr-3712	95	17	since	since	SCONJ
fsr-3712	95	18	u.s	u.s	PROPN
fsr-3712	95	19	.	.	PROPN
fsr-3712	95	20	based	base	VERB
fsr-3712	95	21	mutual	mutual	ADJ
fsr-3712	95	22	funds	fund	NOUN
fsr-3712	95	23	convert	convert	VERB
fsr-3712	95	24	all	all	DET
fsr-3712	95	25	results	result	NOUN
fsr-3712	95	26	to	to	ADP
fsr-3712	95	27	dollars	dollar	NOUN
fsr-3712	95	28	.	.	PUNCT
fsr-3712	96	1	those	those	DET
fsr-3712	96	2	returns	return	NOUN
fsr-3712	96	3	reflect	reflect	VERB
fsr-3712	96	4	not	not	PART
fsr-3712	96	5	only	only	ADV
fsr-3712	96	6	the	the	DET
fsr-3712	96	7	fund	fund	NOUN
fsr-3712	96	8	’s	’s	PART
fsr-3712	96	9	investment	investment	NOUN
fsr-3712	96	10	performance	performance	NOUN
fsr-3712	96	11	but	but	CCONJ
fsr-3712	96	12	also	also	ADV
fsr-3712	96	13	its	its	PRON
fsr-3712	96	14	currency	currency	NOUN
fsr-3712	96	15	exchange	exchange	NOUN
fsr-3712	96	16	gains	gain	NOUN
fsr-3712	96	17	and	and	CCONJ
fsr-3712	96	18	losses	loss	NOUN
fsr-3712	96	19	.	.	PUNCT
fsr-3712	97	1	when	when	SCONJ
fsr-3712	97	2	a	a	DET
fsr-3712	97	3	fund	fund	NOUN
fsr-3712	97	4	marks	mark	VERB
fsr-3712	97	5	its	its	PRON
fsr-3712	97	6	portfolio	portfolio	NOUN
fsr-3712	97	7	to	to	PART
fsr-3712	97	8	market	market	VERB
fsr-3712	97	9	each	each	DET
fsr-3712	97	10	day	day	NOUN
fsr-3712	97	11	its	its	PRON
fsr-3712	97	12	nav	nav	NOUN
fsr-3712	97	13	will	will	AUX
fsr-3712	97	14	include	include	VERB
fsr-3712	97	15	potential	potential	ADJ
fsr-3712	97	16	capital	capital	NOUN
fsr-3712	97	17	gains	gain	NOUN
fsr-3712	97	18	and	and	CCONJ
fsr-3712	97	19	losses	loss	NOUN
fsr-3712	97	20	on	on	ADP
fsr-3712	97	21	the	the	DET
fsr-3712	97	22	underlying	underlie	VERB
fsr-3712	97	23	securities	security	NOUN
fsr-3712	97	24	plus	plus	CCONJ
fsr-3712	97	25	currency	currency	NOUN
fsr-3712	97	26	gains	gain	NOUN
fsr-3712	97	27	and	and	CCONJ
fsr-3712	97	28	losses	loss	NOUN
fsr-3712	97	29	when	when	SCONJ
fsr-3712	97	30	the	the	DET
fsr-3712	97	31	value	value	NOUN
fsr-3712	97	32	of	of	ADP
fsr-3712	97	33	those	those	DET
fsr-3712	97	34	securities	security	NOUN
fsr-3712	97	35	is	be	AUX
fsr-3712	97	36	converted	convert	VERB
fsr-3712	97	37	to	to	ADP
fsr-3712	97	38	dollars	dollar	NOUN
fsr-3712	97	39	.	.	PUNCT
fsr-3712	98	1	since	since	SCONJ
fsr-3712	98	2	this	this	DET
fsr-3712	98	3	study	study	NOUN
fsr-3712	98	4	focused	focus	VERB
fsr-3712	98	5	on	on	ADP
fsr-3712	98	6	small	small	ADJ
fsr-3712	98	7	u.s	u.s	PROPN
fsr-3712	98	8	.	.	PROPN
fsr-3712	98	9	investors	investor	NOUN
fsr-3712	98	10	who	who	PRON
fsr-3712	98	11	would	would	AUX
fsr-3712	98	12	not	not	PART
fsr-3712	98	13	likely	likely	ADV
fsr-3712	98	14	be	be	AUX
fsr-3712	98	15	hedging	hedge	VERB
fsr-3712	98	16	in	in	ADP
fsr-3712	98	17	currency	currency	NOUN
fsr-3712	98	18	markets	market	NOUN
fsr-3712	98	19	,	,	PUNCT
fsr-3712	98	20	total	total	ADJ
fsr-3712	98	21	investment	investment	NOUN
fsr-3712	98	22	return	return	NOUN
fsr-3712	98	23	was	be	AUX
fsr-3712	98	24	the	the	DET
fsr-3712	98	25	appropriate	appropriate	ADJ
fsr-3712	98	26	measure	measure	NOUN
fsr-3712	98	27	.	.	PUNCT
fsr-3712	99	1	benchmark	benchmark	NOUN
fsr-3712	99	2	for	for	ADP
fsr-3712	99	3	domestic	domestic	ADJ
fsr-3712	99	4	mutual	mutual	ADJ
fsr-3712	99	5	funds	fund	NOUN
fsr-3712	99	6	to	to	PART
fsr-3712	99	7	judge	judge	VERB
fsr-3712	99	8	the	the	DET
fsr-3712	99	9	performance	performance	NOUN
fsr-3712	99	10	of	of	ADP
fsr-3712	99	11	internationally	internationally	ADV
fsr-3712	99	12	diversified	diversify	VERB
fsr-3712	99	13	mutual	mutual	ADJ
fsr-3712	99	14	funds	fund	NOUN
fsr-3712	99	15	,	,	PUNCT
fsr-3712	99	16	the	the	DET
fsr-3712	99	17	study	study	NOUN
fsr-3712	99	18	required	require	VERB
fsr-3712	99	19	a	a	DET
fsr-3712	99	20	benchmark	benchmark	NOUN
fsr-3712	99	21	that	that	PRON
fsr-3712	99	22	was	be	AUX
fsr-3712	99	23	indicative	indicative	ADJ
fsr-3712	99	24	of	of	ADP
fsr-3712	99	25	a	a	DET
fsr-3712	99	26	mutual	mutual	ADJ
fsr-3712	99	27	fund	fund	NOUN
fsr-3712	99	28	operating	operate	VERB
fsr-3712	99	29	in	in	ADP
fsr-3712	99	30	the	the	DET
fsr-3712	99	31	domestic	domestic	ADJ
fsr-3712	99	32	market	market	NOUN
fsr-3712	99	33	.	.	PUNCT
fsr-3712	100	1	rather	rather	ADV
fsr-3712	100	2	than	than	ADP
fsr-3712	100	3	using	use	VERB
fsr-3712	100	4	a	a	DET
fsr-3712	100	5	domestic	domestic	ADJ
fsr-3712	100	6	market	market	NOUN
fsr-3712	100	7	index	index	NOUN
fsr-3712	100	8	such	such	ADJ
fsr-3712	100	9	as	as	ADP
fsr-3712	100	10	the	the	DET
fsr-3712	100	11	s&p	s&p	PROPN
fsr-3712	100	12	500	500	NUM
fsr-3712	100	13	as	as	SCONJ
fsr-3712	100	14	others	other	NOUN
fsr-3712	100	15	have	have	VERB
fsr-3712	100	16	,	,	PUNCT
fsr-3712	100	17	we	we	PRON
fsr-3712	100	18	wanted	want	VERB
fsr-3712	100	19	to	to	PART
fsr-3712	100	20	use	use	VERB
fsr-3712	100	21	a	a	DET
fsr-3712	100	22	benchmark	benchmark	NOUN
fsr-3712	100	23	that	that	PRON
fsr-3712	100	24	was	be	AUX
fsr-3712	100	25	representative	representative	ADJ
fsr-3712	100	26	of	of	ADP
fsr-3712	100	27	a	a	DET
fsr-3712	100	28	domestic	domestic	ADJ
fsr-3712	100	29	mutual	mutual	ADJ
fsr-3712	100	30	fund	fund	NOUN
fsr-3712	100	31	.	.	PUNCT
fsr-3712	101	1	this	this	PRON
fsr-3712	101	2	would	would	AUX
fsr-3712	101	3	show	show	VERB
fsr-3712	101	4	an	an	DET
fsr-3712	101	5	investor	investor	NOUN
fsr-3712	101	6	’s	’s	PART
fsr-3712	101	7	return	return	NOUN
fsr-3712	101	8	after	after	ADP
fsr-3712	101	9	deducting	deduct	VERB
fsr-3712	101	10	management	management	NOUN
fsr-3712	101	11	fees	fee	NOUN
fsr-3712	101	12	and	and	CCONJ
fsr-3712	101	13	other	other	ADJ
fsr-3712	101	14	administrative	administrative	ADJ
fsr-3712	101	15	costs	cost	NOUN
fsr-3712	101	16	.	.	PUNCT
fsr-3712	102	1	while	while	SCONJ
fsr-3712	102	2	an	an	DET
fsr-3712	102	3	index	index	NOUN
fsr-3712	102	4	like	like	ADP
fsr-3712	102	5	the	the	DET
fsr-3712	102	6	s&p	s&p	PROPN
fsr-3712	102	7	500	500	NUM
fsr-3712	102	8	may	may	AUX
fsr-3712	102	9	capture	capture	VERB
fsr-3712	102	10	the	the	DET
fsr-3712	102	11	performance	performance	NOUN
fsr-3712	102	12	of	of	ADP
fsr-3712	102	13	the	the	DET
fsr-3712	102	14	overall	overall	ADJ
fsr-3712	102	15	market	market	NOUN
fsr-3712	102	16	,	,	PUNCT
fsr-3712	102	17	it	it	PRON
fsr-3712	102	18	is	be	AUX
fsr-3712	102	19	likely	likely	ADJ
fsr-3712	102	20	to	to	PART
fsr-3712	102	21	overstate	overstate	VERB
fsr-3712	102	22	the	the	DET
fsr-3712	102	23	return	return	NOUN
fsr-3712	102	24	because	because	SCONJ
fsr-3712	102	25	the	the	DET
fsr-3712	102	26	fees	fee	NOUN
fsr-3712	102	27	and	and	CCONJ
fsr-3712	102	28	costs	cost	NOUN
fsr-3712	102	29	for	for	ADP
fsr-3712	102	30	operating	operate	VERB
fsr-3712	102	31	a	a	DET
fsr-3712	102	32	mutual	mutual	ADJ
fsr-3712	102	33	fund	fund	NOUN
fsr-3712	102	34	are	be	AUX
fsr-3712	102	35	not	not	PART
fsr-3712	102	36	considered	consider	VERB
fsr-3712	102	37	.	.	PUNCT
fsr-3712	103	1	rather	rather	ADV
fsr-3712	103	2	than	than	SCONJ
fsr-3712	103	3	adjust	adjust	VERB
fsr-3712	103	4	an	an	DET
fsr-3712	103	5	index	index	NOUN
fsr-3712	103	6	with	with	ADP
fsr-3712	103	7	some	some	DET
fsr-3712	103	8	“	"	PUNCT
fsr-3712	103	9	average	average	ADJ
fsr-3712	103	10	”	"	PUNCT
fsr-3712	103	11	or	or	CCONJ
fsr-3712	103	12	“	"	PUNCT
fsr-3712	103	13	typical	typical	ADJ
fsr-3712	103	14	”	"	PUNCT
fsr-3712	103	15	costs	cost	NOUN
fsr-3712	103	16	,	,	PUNCT
fsr-3712	103	17	the	the	DET
fsr-3712	103	18	study	study	NOUN
fsr-3712	103	19	selected	select	VERB
fsr-3712	103	20	the	the	DET
fsr-3712	103	21	vanguard	vanguard	PROPN
fsr-3712	103	22	index	index	NOUN
fsr-3712	103	23	500	500	NUM
fsr-3712	103	24	mutual	mutual	ADJ
fsr-3712	103	25	fund	fund	NOUN
fsr-3712	103	26	as	as	ADP
fsr-3712	103	27	the	the	DET
fsr-3712	103	28	representative	representative	ADJ
fsr-3712	103	29	benchmark	benchmark	NOUN
fsr-3712	103	30	for	for	ADP
fsr-3712	103	31	domestic	domestic	ADJ
fsr-3712	103	32	mutual	mutual	ADJ
fsr-3712	103	33	funds	fund	NOUN
fsr-3712	103	34	.	.	PUNCT
fsr-3712	104	1	that	that	DET
fsr-3712	104	2	fund	fund	NOUN
fsr-3712	104	3	’s	’s	PART
fsr-3712	104	4	investment	investment	NOUN
fsr-3712	104	5	objective	objective	NOUN
fsr-3712	104	6	specifically	specifically	ADV
fsr-3712	104	7	states	state	VERB
fsr-3712	104	8	that	that	SCONJ
fsr-3712	104	9	it	it	PRON
fsr-3712	104	10	seeks	seek	VERB
fsr-3712	104	11	performance	performance	NOUN
fsr-3712	104	12	that	that	SCONJ
fsr-3712	104	13	paral	paral	ADJ
fsr-3712	104	14	lels	lel	NOUN
fsr-3712	104	15	the	the	DET
fsr-3712	104	16	return	return	NOUN
fsr-3712	104	17	on	on	ADP
fsr-3712	104	18	the	the	DET
fsr-3712	104	19	s&p	s&p	PROPN
fsr-3712	104	20	500	500	NUM
fsr-3712	104	21	index	index	NOUN
fsr-3712	104	22	.	.	PUNCT
fsr-3712	105	1	a	a	DET
fsr-3712	105	2	review	review	NOUN
fsr-3712	105	3	of	of	ADP
fsr-3712	105	4	the	the	DET
fsr-3712	105	5	fund	fund	NOUN
fsr-3712	105	6	’s	’s	PART
fsr-3712	105	7	performance	performance	NOUN
fsr-3712	105	8	during	during	ADP
fsr-3712	105	9	the	the	DET
fsr-3712	105	10	study	study	NOUN
fsr-3712	105	11	period	period	NOUN
fsr-3712	105	12	suggests	suggest	VERB
fsr-3712	105	13	that	that	SCONJ
fsr-3712	105	14	after	after	ADP
fsr-3712	105	15	allowing	allow	VERB
fsr-3712	105	16	for	for	ADP
fsr-3712	105	17	the	the	DET
fsr-3712	105	18	fees	fee	NOUN
fsr-3712	105	19	and	and	CCONJ
fsr-3712	105	20	operating	operating	NOUN
fsr-3712	105	21	costs	cost	NOUN
fsr-3712	105	22	,	,	PUNCT
fsr-3712	105	23	the	the	DET
fsr-3712	105	24	fund	fund	NOUN
fsr-3712	105	25	was	be	AUX
fsr-3712	105	26	a	a	DET
fsr-3712	105	27	reasonable	reasonable	ADJ
fsr-3712	105	28	proxy	proxy	NOUN
fsr-3712	105	29	for	for	ADP
fsr-3712	105	30	an	an	DET
fsr-3712	105	31	“	"	PUNCT
fsr-3712	105	32	adjusted	adjusted	ADJ
fsr-3712	105	33	”	"	PUNCT
fsr-3712	105	34	s&p	s&p	PROPN
fsr-3712	105	35	500	500	NUM
fsr-3712	105	36	.	.	PUNCT
fsr-3712	106	1	since	since	SCONJ
fsr-3712	106	2	many	many	ADJ
fsr-3712	106	3	domestic	domestic	ADJ
fsr-3712	106	4	mutual	mutual	ADJ
fsr-3712	106	5	funds	fund	NOUN
fsr-3712	106	6	failed	fail	VERB
fsr-3712	106	7	to	to	PART
fsr-3712	106	8	match	match	VERB
fsr-3712	106	9	the	the	DET
fsr-3712	106	10	return	return	NOUN
fsr-3712	106	11	of	of	ADP
fsr-3712	106	12	the	the	DET
fsr-3712	106	13	vanguard	vanguard	PROPN
fsr-3712	106	14	index	index	PROPN
fsr-3712	106	15	500	500	NUM
fsr-3712	106	16	,	,	PUNCT
fsr-3712	106	17	its	its	PRON
fsr-3712	106	18	use	use	NOUN
fsr-3712	106	19	as	as	ADP
fsr-3712	106	20	the	the	DET
fsr-3712	106	21	performance	performance	NOUN
fsr-3712	106	22	&	&	CCONJ
fsr-3712	106	23	risk	risk	NOUN
fsr-3712	106	24	exposure	exposure	NOUN
fsr-3712	106	25	of	of	ADP
fsr-3712	106	26	internaiional	internaiional	ADJ
fsr-3712	106	27	mutual	mutual	ADJ
fsr-3712	106	28	funds	fund	NOUN
fsr-3712	106	29	103	103	NUM
fsr-3712	106	30	domestic	domestic	ADJ
fsr-3712	106	31	benchmark	benchmark	NOUN
fsr-3712	106	32	certainly	certainly	ADV
fsr-3712	106	33	does	do	AUX
fsr-3712	106	34	not	not	PART
fsr-3712	106	35	understate	understate	VERB
fsr-3712	106	36	the	the	DET
fsr-3712	106	37	performance	performance	NOUN
fsr-3712	106	38	achieved	achieve	VERB
fsr-3712	106	39	by	by	ADP
fsr-3712	106	40	domestic	domestic	ADJ
fsr-3712	106	41	funds	fund	NOUN
fsr-3712	106	42	.	.	PUNCT
fsr-3712	107	1	benchmarks	benchmark	NOUN
fsr-3712	107	2	for	for	ADP
fsr-3712	107	3	the	the	DET
fsr-3712	107	4	overall	overall	ADJ
fsr-3712	107	5	market	market	NOUN
fsr-3712	107	6	two	two	NUM
fsr-3712	107	7	different	different	ADJ
fsr-3712	107	8	indices	index	NOUN
fsr-3712	107	9	were	be	AUX
fsr-3712	107	10	used	use	VERB
fsr-3712	107	11	as	as	ADP
fsr-3712	107	12	performance	performance	NOUN
fsr-3712	107	13	benchmarks	benchmark	NOUN
fsr-3712	107	14	for	for	ADP
fsr-3712	107	15	the	the	DET
fsr-3712	107	16	major	major	ADJ
fsr-3712	107	17	international	international	ADJ
fsr-3712	107	18	equity	equity	NOUN
fsr-3712	107	19	markets	market	NOUN
fsr-3712	107	20	.	.	PUNCT
fsr-3712	108	1	for	for	ADP
fsr-3712	108	2	the	the	DET
fsr-3712	108	3	global	global	ADJ
fsr-3712	108	4	mutual	mutual	ADJ
fsr-3712	108	5	fund	fund	NOUN
fsr-3712	108	6	group	group	NOUN
fsr-3712	108	7	,	,	PUNCT
fsr-3712	108	8	the	the	DET
fsr-3712	108	9	study	study	NOUN
fsr-3712	108	10	used	use	VERB
fsr-3712	108	11	the	the	DET
fsr-3712	108	12	morgan	morgan	PROPN
fsr-3712	108	13	stanley	stanley	PROPN
fsr-3712	108	14	capital	capital	PROPN
fsr-3712	108	15	international	international	PROPN
fsr-3712	108	16	world	world	PROPN
fsr-3712	108	17	index	index	NOUN
fsr-3712	108	18	.	.	PUNCT
fsr-3712	109	1	this	this	DET
fsr-3712	109	2	index	index	NOUN
fsr-3712	109	3	is	be	AUX
fsr-3712	109	4	denominated	denominate	VERB
fsr-3712	109	5	in	in	ADP
fsr-3712	109	6	u.s	u.s	PROPN
fsr-3712	109	7	.	.	PROPN
fsr-3712	109	8	dollars	dollar	NOUN
fsr-3712	109	9	and	and	CCONJ
fsr-3712	109	10	includes	include	VERB
fsr-3712	109	11	equities	equity	NOUN
fsr-3712	109	12	traded	trade	VERB
fsr-3712	109	13	on	on	ADP
fsr-3712	109	14	stock	stock	NOUN
fsr-3712	109	15	exchanges	exchange	NOUN
fsr-3712	109	16	in	in	ADP
fsr-3712	109	17	21	21	NUM
fsr-3712	109	18	different	different	ADJ
fsr-3712	109	19	coun	coun	NOUN
fsr-3712	109	20	tries	try	VERB
fsr-3712	109	21	.	.	PUNCT
fsr-3712	110	1	this	this	DET
fsr-3712	110	2	market	market	NOUN
fsr-3712	110	3	weighted	weight	VERB
fsr-3712	110	4	index	index	NOUN
fsr-3712	110	5	includes	include	VERB
fsr-3712	110	6	companies	company	NOUN
fsr-3712	110	7	which	which	PRON
fsr-3712	110	8	encompass	encompass	VERB
fsr-3712	110	9	approxi	approxi	NOUN
fsr-3712	110	10	mately	mately	ADV
fsr-3712	110	11	60	60	NUM
fsr-3712	110	12	percent	percent	NOUN
fsr-3712	110	13	of	of	ADP
fsr-3712	110	14	the	the	DET
fsr-3712	110	15	market	market	NOUN
fsr-3712	110	16	value	value	NOUN
fsr-3712	110	17	of	of	ADP
fsr-3712	110	18	the	the	DET
fsr-3712	110	19	common	common	ADJ
fsr-3712	110	20	stocks	stock	NOUN
fsr-3712	110	21	traded	trade	VERB
fsr-3712	110	22	in	in	ADP
fsr-3712	110	23	those	those	DET
fsr-3712	110	24	21	21	NUM
fsr-3712	110	25	countries	country	NOUN
fsr-3712	110	26	.	.	PUNCT
fsr-3712	111	1	the	the	DET
fsr-3712	111	2	u.s	u.s	PROPN
fsr-3712	111	3	.	.	PROPN
fsr-3712	111	4	market	market	NOUN
fsr-3712	111	5	is	be	AUX
fsr-3712	111	6	included	include	VERB
fsr-3712	111	7	along	along	ADP
fsr-3712	111	8	with	with	ADP
fsr-3712	111	9	20	20	NUM
fsr-3712	111	10	others	other	NOUN
fsr-3712	111	11	.	.	PUNCT
fsr-3712	112	1	it	it	PRON
fsr-3712	112	2	was	be	AUX
fsr-3712	112	3	considered	consider	VERB
fsr-3712	112	4	the	the	DET
fsr-3712	112	5	appropriate	appropriate	ADJ
fsr-3712	112	6	benchmark	benchmark	NOUN
fsr-3712	112	7	because	because	SCONJ
fsr-3712	112	8	an	an	DET
fsr-3712	112	9	internationally	internationally	ADV
fsr-3712	112	10	diversified	diversify	VERB
fsr-3712	112	11	mutual	mutual	ADJ
fsr-3712	112	12	fund	fund	NOUN
fsr-3712	112	13	can	can	AUX
fsr-3712	112	14	invest	invest	VERB
fsr-3712	112	15	in	in	ADP
fsr-3712	112	16	both	both	CCONJ
fsr-3712	112	17	the	the	DET
fsr-3712	112	18	u.s	u.s	PROPN
fsr-3712	112	19	.	.	PROPN
fsr-3712	112	20	and	and	CCONJ
fsr-3712	112	21	foreign	foreign	ADJ
fsr-3712	112	22	markets	market	NOUN
fsr-3712	112	23	.	.	PUNCT
fsr-3712	113	1	a	a	DET
fsr-3712	113	2	recent	recent	ADJ
fsr-3712	113	3	study	study	NOUN
fsr-3712	113	4	by	by	ADP
fsr-3712	113	5	cumby	cumby	NOUN
fsr-3712	113	6	and	and	CCONJ
fsr-3712	113	7	glen	glen	PROPN
fsr-3712	113	8	(	(	PUNCT
fsr-3712	113	9	1990	1990	NUM
fsr-3712	113	10	)	)	PUNCT
fsr-3712	113	11	suggests	suggest	VERB
fsr-3712	113	12	that	that	SCONJ
fsr-3712	113	13	this	this	DET
fsr-3712	113	14	morgan	morgan	PROPN
fsr-3712	113	15	stanley	stanley	PROPN
fsr-3712	113	16	index	index	PROPN
fsr-3712	113	17	is	be	AUX
fsr-3712	113	18	a	a	DET
fsr-3712	113	19	reasonably	reasonably	ADV
fsr-3712	113	20	efficient	efficient	ADJ
fsr-3712	113	21	benchmark	benchmark	NOUN
fsr-3712	113	22	for	for	ADP
fsr-3712	113	23	the	the	DET
fsr-3712	113	24	world	world	NOUN
fsr-3712	113	25	portfolio	portfolio	NOUN
fsr-3712	113	26	of	of	ADP
fsr-3712	113	27	equities	equity	NOUN
fsr-3712	113	28	.	.	PUNCT
fsr-3712	114	1	because	because	SCONJ
fsr-3712	114	2	funds	fund	NOUN
fsr-3712	114	3	in	in	ADP
fsr-3712	114	4	the	the	DET
fsr-3712	114	5	international	international	ADJ
fsr-3712	114	6	category	category	NOUN
fsr-3712	114	7	can	can	AUX
fsr-3712	114	8	not	not	PART
fsr-3712	114	9	invest	invest	VERB
fsr-3712	114	10	in	in	ADP
fsr-3712	114	11	marketable	marketable	ADJ
fsr-3712	114	12	securities	security	NOUN
fsr-3712	114	13	,	,	PUNCT
fsr-3712	114	14	other	other	ADJ
fsr-3712	114	15	than	than	ADP
fsr-3712	114	16	money	money	NOUN
fsr-3712	114	17	market	market	NOUN
fsr-3712	114	18	instruments	instrument	NOUN
fsr-3712	114	19	,	,	PUNCT
fsr-3712	114	20	of	of	ADP
fsr-3712	114	21	united	united	PROPN
fsr-3712	114	22	states	states	PROPN
fsr-3712	114	23	issuers	issuer	NOUN
fsr-3712	114	24	,	,	PUNCT
fsr-3712	114	25	that	that	DET
fsr-3712	114	26	group	group	NOUN
fsr-3712	114	27	needed	need	VERB
fsr-3712	114	28	a	a	DET
fsr-3712	114	29	different	different	ADJ
fsr-3712	114	30	benchmark	benchmark	NOUN
fsr-3712	114	31	.	.	PUNCT
fsr-3712	115	1	the	the	DET
fsr-3712	115	2	widely	widely	ADV
fsr-3712	115	3	quoted	quote	VERB
fsr-3712	115	4	morgan	morgan	PROPN
fsr-3712	115	5	stanley	stanley	PROPN
fsr-3712	115	6	capital	capital	PROPN
fsr-3712	115	7	intema	intema	PROPN
fsr-3712	115	8	tional	tional	PROPN
fsr-3712	115	9	europe	europe	PROPN
fsr-3712	115	10	,	,	PUNCT
fsr-3712	115	11	australia	australia	PROPN
fsr-3712	115	12	,	,	PUNCT
fsr-3712	115	13	and	and	CCONJ
fsr-3712	115	14	the	the	DET
fsr-3712	115	15	far	far	ADV
fsr-3712	115	16	east	east	NOUN
fsr-3712	115	17	(	(	PUNCT
fsr-3712	115	18	eafe	eafe	PROPN
fsr-3712	115	19	)	)	PUNCT
fsr-3712	115	20	index	index	NOUN
fsr-3712	115	21	was	be	AUX
fsr-3712	115	22	chosen	choose	VERB
fsr-3712	115	23	.	.	PUNCT
fsr-3712	116	1	this	this	DET
fsr-3712	116	2	dollar	dollar	NOUN
fsr-3712	116	3	denominated	denominate	VERB
fsr-3712	116	4	index	index	NOUN
fsr-3712	116	5	includes	include	VERB
fsr-3712	116	6	common	common	ADJ
fsr-3712	116	7	stocks	stock	NOUN
fsr-3712	116	8	that	that	PRON
fsr-3712	116	9	are	be	AUX
fsr-3712	116	10	traded	trade	VERB
fsr-3712	116	11	on	on	ADP
fsr-3712	116	12	the	the	DET
fsr-3712	116	13	exchanges	exchange	NOUN
fsr-3712	116	14	of	of	ADP
fsr-3712	116	15	18	18	NUM
fsr-3712	116	16	different	different	ADJ
fsr-3712	116	17	countries	country	NOUN
fsr-3712	116	18	,	,	PUNCT
fsr-3712	116	19	excluding	exclude	VERB
fsr-3712	116	20	the	the	DET
fsr-3712	116	21	united	united	PROPN
fsr-3712	116	22	states	states	PROPN
fsr-3712	116	23	.	.	PUNCT
fsr-3712	117	1	again	again	ADV
fsr-3712	117	2	,	,	PUNCT
fsr-3712	117	3	this	this	DET
fsr-3712	117	4	market	market	NOUN
fsr-3712	117	5	value	value	NOUN
fsr-3712	117	6	weighted	weight	VERB
fsr-3712	117	7	index	index	NOUN
fsr-3712	117	8	includes	include	VERB
fsr-3712	117	9	companies	company	NOUN
fsr-3712	117	10	which	which	PRON
fsr-3712	117	11	encompass	encompass	VERB
fsr-3712	117	12	approximately	approximately	ADV
fsr-3712	117	13	60	60	NUM
fsr-3712	117	14	percent	percent	NOUN
fsr-3712	117	15	of	of	ADP
fsr-3712	117	16	the	the	DET
fsr-3712	117	17	total	total	ADJ
fsr-3712	117	18	market	market	NOUN
fsr-3712	117	19	value	value	NOUN
fsr-3712	117	20	of	of	ADP
fsr-3712	117	21	shares	share	NOUN
fsr-3712	117	22	for	for	ADP
fsr-3712	117	23	those	those	DET
fsr-3712	117	24	18	18	NUM
fsr-3712	117	25	countries	country	NOUN
fsr-3712	117	26	.	.	PUNCT
fsr-3712	118	1	based	base	VERB
fsr-3712	118	2	in	in	ADP
fsr-3712	118	3	part	part	NOUN
fsr-3712	118	4	on	on	ADP
fsr-3712	118	5	the	the	DET
fsr-3712	118	6	work	work	NOUN
fsr-3712	118	7	by	by	ADP
fsr-3712	118	8	adler	adler	PROPN
fsr-3712	118	9	and	and	CCONJ
fsr-3712	118	10	dumas	dumas	PROPN
fsr-3712	118	11	(	(	PUNCT
fsr-3712	118	12	1983	1983	NUM
fsr-3712	118	13	)	)	PUNCT
fsr-3712	118	14	,	,	PUNCT
fsr-3712	118	15	the	the	DET
fsr-3712	118	16	rate	rate	NOUN
fsr-3712	118	17	on	on	ADP
fsr-3712	118	18	go	go	ADJ
fsr-3712	118	19	-	-	PUNCT
fsr-3712	118	20	day	day	NOUN
fsr-3712	118	21	united	united	PROPN
fsr-3712	118	22	states	states	PROPN
fsr-3712	118	23	treasury	treasury	PROPN
fsr-3712	118	24	bills	bill	NOUN
fsr-3712	118	25	was	be	AUX
fsr-3712	118	26	used	use	VERB
fsr-3712	118	27	as	as	ADP
fsr-3712	118	28	the	the	DET
fsr-3712	118	29	riskless	riskless	NOUN
fsr-3712	118	30	rate	rate	NOUN
fsr-3712	118	31	for	for	ADP
fsr-3712	118	32	purchasers	purchaser	NOUN
fsr-3712	118	33	of	of	ADP
fsr-3712	118	34	the	the	DET
fsr-3712	118	35	internationally	internationally	ADV
fsr-3712	118	36	diversified	diversify	VERB
fsr-3712	118	37	mutual	mutual	ADJ
fsr-3712	118	38	funds	fund	NOUN
fsr-3712	118	39	.	.	PUNCT
fsr-3712	119	1	the	the	DET
fsr-3712	119	2	excess	excess	ADJ
fsr-3712	119	3	return	return	NOUN
fsr-3712	119	4	for	for	ADP
fsr-3712	119	5	each	each	PRON
fsr-3712	119	6	of	of	ADP
fsr-3712	119	7	the	the	DET
fsr-3712	119	8	funds	fund	NOUN
fsr-3712	119	9	was	be	AUX
fsr-3712	119	10	computed	compute	VERB
fsr-3712	119	11	using	use	VERB
fsr-3712	119	12	this	this	DET
fsr-3712	119	13	riskless	riskless	NOUN
fsr-3712	119	14	rate	rate	NOUN
fsr-3712	119	15	.	.	PUNCT
fsr-3712	119	16	time	time	NOUN
fsr-3712	119	17	period	period	NOUN
fsr-3712	119	18	of	of	ADP
fsr-3712	119	19	the	the	DET
fsr-3712	119	20	study	study	NOUN
fsr-3712	119	21	the	the	DET
fsr-3712	119	22	study	study	NOUN
fsr-3712	119	23	covered	cover	VERB
fsr-3712	119	24	the	the	DET
fsr-3712	119	25	period	period	NOUN
fsr-3712	119	26	from	from	ADP
fsr-3712	119	27	january	january	PROPN
fsr-3712	119	28	1986	1986	NUM
fsr-3712	119	29	through	through	ADP
fsr-3712	119	30	december	december	PROPN
fsr-3712	119	31	1990	1990	NUM
fsr-3712	119	32	.	.	PUNCT
fsr-3712	120	1	selecting	select	VERB
fsr-3712	120	2	the	the	DET
fsr-3712	120	3	period	period	NOUN
fsr-3712	120	4	required	require	VERB
fsr-3712	120	5	balancing	balance	VERB
fsr-3712	120	6	the	the	DET
fsr-3712	120	7	need	need	NOUN
fsr-3712	120	8	for	for	ADP
fsr-3712	120	9	acquiring	acquire	VERB
fsr-3712	120	10	a	a	DET
fsr-3712	120	11	reasonably	reasonably	ADV
fsr-3712	120	12	large	large	ADJ
fsr-3712	120	13	sample	sample	NOUN
fsr-3712	120	14	of	of	ADP
fsr-3712	120	15	internationally	internationally	ADV
fsr-3712	120	16	diversified	diversify	VERB
fsr-3712	120	17	funds	fund	NOUN
fsr-3712	120	18	and	and	CCONJ
fsr-3712	120	19	the	the	DET
fsr-3712	120	20	goal	goal	NOUN
fsr-3712	120	21	of	of	ADP
fsr-3712	120	22	covering	cover	VERB
fsr-3712	120	23	a	a	DET
fsr-3712	120	24	representative	representative	ADJ
fsr-3712	120	25	period	period	NOUN
fsr-3712	120	26	.	.	PUNCT
fsr-3712	121	1	because	because	SCONJ
fsr-3712	121	2	many	many	ADJ
fsr-3712	121	3	international	international	ADJ
fsr-3712	121	4	funds	fund	NOUN
fsr-3712	121	5	have	have	VERB
fsr-3712	121	6	a	a	DET
fsr-3712	121	7	relatively	relatively	ADV
fsr-3712	121	8	short	short	ADJ
fsr-3712	121	9	operating	operating	NOUN
fsr-3712	121	10	history	history	NOUN
fsr-3712	121	11	,	,	PUNCT
fsr-3712	121	12	launching	launch	VERB
fsr-3712	121	13	the	the	DET
fsr-3712	121	14	study	study	NOUN
fsr-3712	121	15	prior	prior	ADV
fsr-3712	121	16	to	to	ADP
fsr-3712	121	17	the	the	DET
fsr-3712	121	18	mid-1980	mid-1980	NOUN
fsr-3712	121	19	’s	’s	PART
fsr-3712	121	20	sharply	sharply	ADV
fsr-3712	121	21	reduced	reduce	VERB
fsr-3712	121	22	the	the	DET
fsr-3712	121	23	sample	sample	NOUN
fsr-3712	121	24	size	size	NOUN
fsr-3712	121	25	.	.	PUNCT
fsr-3712	122	1	one	one	NUM
fsr-3712	122	2	distinct	distinct	ADJ
fsr-3712	122	3	advantage	advantage	NOUN
fsr-3712	122	4	of	of	ADP
fsr-3712	122	5	the	the	DET
fsr-3712	122	6	five	five	NUM
fsr-3712	122	7	year	year	NOUN
fsr-3712	122	8	period	period	NOUN
fsr-3712	122	9	chosen	choose	VERB
fsr-3712	122	10	is	be	AUX
fsr-3712	122	11	that	that	SCONJ
fsr-3712	122	12	it	it	PRON
fsr-3712	122	13	includes	include	VERB
fsr-3712	122	14	considerable	considerable	ADJ
fsr-3712	122	15	volatility	volatility	NOUN
fsr-3712	122	16	in	in	ADP
fsr-3712	122	17	the	the	DET
fsr-3712	122	18	exchange	exchange	NOUN
fsr-3712	122	19	rate	rate	NOUN
fsr-3712	122	20	of	of	ADP
fsr-3712	122	21	the	the	DET
fsr-3712	122	22	u.s	u.s	PROPN
fsr-3712	122	23	.	.	PROPN
fsr-3712	122	24	dollar	dollar	NOUN
fsr-3712	122	25	.	.	PUNCT
fsr-3712	123	1	unfortunately	unfortunately	ADV
fsr-3712	123	2	,	,	PUNCT
fsr-3712	123	3	it	it	PRON
fsr-3712	123	4	was	be	AUX
fsr-3712	123	5	also	also	ADV
fsr-3712	123	6	a	a	DET
fsr-3712	123	7	period	period	NOUN
fsr-3712	123	8	of	of	ADP
fsr-3712	123	9	limited	limited	ADJ
fsr-3712	123	10	declines	decline	NOUN
fsr-3712	123	11	in	in	ADP
fsr-3712	123	12	the	the	DET
fsr-3712	123	13	united	united	PROPN
fsr-3712	123	14	states	states	PROPN
fsr-3712	123	15	equity	equity	NOUN
fsr-3712	123	16	market	market	NOUN
fsr-3712	123	17	.	.	PUNCT
fsr-3712	124	1	it	it	PRON
fsr-3712	124	2	does	do	AUX
fsr-3712	124	3	include	include	VERB
fsr-3712	124	4	the	the	DET
fsr-3712	124	5	sharp	sharp	ADJ
fsr-3712	124	6	reversals	reversal	NOUN
fsr-3712	124	7	of	of	ADP
fsr-3712	124	8	october	october	PROPN
fsr-3712	124	9	1987	1987	NUM
fsr-3712	124	10	,	,	PUNCT
fsr-3712	124	11	the	the	DET
fsr-3712	124	12	lesser	less	ADJ
fsr-3712	124	13	correction	correction	NOUN
fsr-3712	124	14	of	of	ADP
fsr-3712	124	15	october	october	PROPN
fsr-3712	124	16	1989	1989	NUM
fsr-3712	124	17	,	,	PUNCT
fsr-3712	124	18	and	and	CCONJ
fsr-3712	124	19	the	the	DET
fsr-3712	124	20	general	general	ADJ
fsr-3712	124	21	drop	drop	NOUN
fsr-3712	124	22	of	of	ADP
fsr-3712	124	23	late	late	ADJ
fsr-3712	124	24	1990	1990	NUM
fsr-3712	124	25	.	.	PUNCT
fsr-3712	125	1	overall	overall	ADJ
fsr-3712	125	2	,	,	PUNCT
fsr-3712	125	3	however	however	ADV
fsr-3712	125	4	,	,	PUNCT
fsr-3712	125	5	it	it	PRON
fsr-3712	125	6	was	be	AUX
fsr-3712	125	7	a	a	DET
fsr-3712	125	8	period	period	NOUN
fsr-3712	125	9	of	of	ADP
fsr-3712	125	10	generally	generally	ADV
fsr-3712	125	11	rising	rise	VERB
fsr-3712	125	12	prices	price	NOUN
fsr-3712	125	13	in	in	ADP
fsr-3712	125	14	the	the	DET
fsr-3712	125	15	united	united	PROPN
fsr-3712	125	16	states	states	PROPN
fsr-3712	125	17	’	’	PART
fsr-3712	125	18	equity	equity	NOUN
fsr-3712	125	19	market	market	NOUN
fsr-3712	125	20	.	.	PUNCT
fsr-3712	126	1	104	104	NUM
fsr-3712	126	2	financial	financial	ADJ
fsr-3712	126	3	services	service	NOUN
fsr-3712	126	4	review	review	NOUN
fsr-3712	126	5	,	,	PUNCT
fsr-3712	126	6	2(2	2(2	NUM
fsr-3712	126	7	)	)	PUNCT
fsr-3712	126	8	1993	1993	NUM
fsr-3712	126	9	returns	return	NOUN
fsr-3712	126	10	and	and	CCONJ
fsr-3712	126	11	performance	performance	NOUN
fsr-3712	126	12	measures	measure	NOUN
fsr-3712	126	13	the	the	DET
fsr-3712	126	14	main	main	ADJ
fsr-3712	126	15	question	question	NOUN
fsr-3712	126	16	examined	examine	VERB
fsr-3712	126	17	in	in	ADP
fsr-3712	126	18	this	this	DET
fsr-3712	126	19	paper	paper	NOUN
fsr-3712	126	20	is	be	AUX
fsr-3712	126	21	whether	whether	SCONJ
fsr-3712	126	22	recent	recent	ADJ
fsr-3712	126	23	performance	performance	NOUN
fsr-3712	126	24	results	result	NOUN
fsr-3712	126	25	suggest	suggest	VERB
fsr-3712	126	26	to	to	ADP
fsr-3712	126	27	a	a	DET
fsr-3712	126	28	u.s	u.s	PROPN
fsr-3712	126	29	.	.	PROPN
fsr-3712	126	30	investor	investor	NOUN
fsr-3712	126	31	that	that	PRON
fsr-3712	126	32	investing	invest	VERB
fsr-3712	126	33	in	in	ADP
fsr-3712	126	34	u.s	u.s	PROPN
fsr-3712	126	35	.	.	PROPN
fsr-3712	126	36	based	base	VERB
fsr-3712	126	37	international	international	ADJ
fsr-3712	126	38	mutual	mutual	ADJ
fsr-3712	126	39	funds	fund	NOUN
fsr-3712	126	40	can	can	AUX
fsr-3712	126	41	increase	increase	VERB
fsr-3712	126	42	risk	risk	NOUN
fsr-3712	126	43	-	-	PUNCT
fsr-3712	126	44	adjusted	adjust	VERB
fsr-3712	126	45	returns	return	NOUN
fsr-3712	126	46	.	.	PUNCT
fsr-3712	127	1	the	the	DET
fsr-3712	127	2	global	global	ADJ
fsr-3712	127	3	and	and	CCONJ
fsr-3712	127	4	international	international	ADJ
fsr-3712	127	5	mutual	mutual	ADJ
fsr-3712	127	6	funds	fund	NOUN
fsr-3712	127	7	included	include	VERB
fsr-3712	127	8	in	in	ADP
fsr-3712	127	9	this	this	DET
fsr-3712	127	10	study	study	NOUN
fsr-3712	127	11	were	be	AUX
fsr-3712	127	12	tested	test	VERB
fsr-3712	127	13	using	use	VERB
fsr-3712	127	14	both	both	CCONJ
fsr-3712	127	15	the	the	DET
fsr-3712	127	16	sharpe	sharpe	PROPN
fsr-3712	127	17	and	and	CCONJ
fsr-3712	127	18	treynor	treynor	NOUN
fsr-3712	127	19	measures	measure	NOUN
fsr-3712	127	20	to	to	PART
fsr-3712	127	21	rank	rank	VERB
fsr-3712	127	22	fund	fund	NOUN
fsr-3712	127	23	performance	performance	NOUN
fsr-3712	127	24	.	.	PUNCT
fsr-3712	128	1	performance	performance	NOUN
fsr-3712	128	2	of	of	ADP
fsr-3712	128	3	each	each	DET
fsr-3712	128	4	fund	fund	NOUN
fsr-3712	128	5	’s	’s	PART
fsr-3712	128	6	management	management	NOUN
fsr-3712	128	7	was	be	AUX
fsr-3712	128	8	also	also	ADV
fsr-3712	128	9	exam	exam	NOUN
fsr-3712	128	10	ined	ine	VERB
fsr-3712	128	11	using	use	VERB
fsr-3712	128	12	the	the	DET
fsr-3712	128	13	jensen	jensen	PROPN
fsr-3712	128	14	measure	measure	NOUN
fsr-3712	128	15	.	.	PUNCT
fsr-3712	129	1	sharpe	sharpe	PROPN
fsr-3712	129	2	measure	measure	NOUN
fsr-3712	129	3	.	.	PUNCT
fsr-3712	130	1	as	as	ADP
fsr-3712	130	2	its	its	PRON
fsr-3712	130	3	first	first	ADJ
fsr-3712	130	4	performance	performance	NOUN
fsr-3712	130	5	measure	measure	NOUN
fsr-3712	130	6	,	,	PUNCT
fsr-3712	130	7	the	the	DET
fsr-3712	130	8	study	study	NOUN
fsr-3712	130	9	used	use	VERB
fsr-3712	130	10	the	the	DET
fsr-3712	130	11	sharpe	sharpe	PROPN
fsr-3712	130	12	index	index	NOUN
fsr-3712	130	13	(	(	PUNCT
fsr-3712	130	14	1966	1966	NUM
fsr-3712	130	15	)	)	PUNCT
fsr-3712	130	16	to	to	PART
fsr-3712	130	17	rank	rank	VERB
fsr-3712	130	18	the	the	DET
fsr-3712	130	19	funds	fund	NOUN
fsr-3712	130	20	.	.	PUNCT
fsr-3712	131	1	that	that	DET
fsr-3712	131	2	measure	measure	NOUN
fsr-3712	131	3	uses	use	VERB
fsr-3712	131	4	each	each	DET
fsr-3712	131	5	fund	fund	NOUN
fsr-3712	131	6	’s	’s	PART
fsr-3712	131	7	total	total	ADJ
fsr-3712	131	8	risk	risk	NOUN
fsr-3712	131	9	,	,	PUNCT
fsr-3712	131	10	as	as	SCONJ
fsr-3712	131	11	measured	measure	VERB
fsr-3712	131	12	by	by	ADP
fsr-3712	131	13	the	the	DET
fsr-3712	131	14	standard	standard	ADJ
fsr-3712	131	15	deviation	deviation	NOUN
fsr-3712	131	16	of	of	ADP
fsr-3712	131	17	its	its	PRON
fsr-3712	131	18	returns	return	NOUN
fsr-3712	131	19	,	,	PUNCT
fsr-3712	131	20	to	to	PART
fsr-3712	131	21	adjust	adjust	VERB
fsr-3712	131	22	the	the	DET
fsr-3712	131	23	fund	fund	NOUN
fsr-3712	131	24	’s	’s	PART
fsr-3712	131	25	hpr	hpr	PROPN
fsr-3712	131	26	.	.	PUNCT
fsr-3712	132	1	values	value	NOUN
fsr-3712	132	2	for	for	ADP
fsr-3712	132	3	the	the	DET
fsr-3712	132	4	sharpe	sharpe	PROPN
fsr-3712	132	5	measure	measure	NOUN
fsr-3712	132	6	(	(	PUNCT
fsr-3712	132	7	s	s	X
fsr-3712	132	8	)	)	PUNCT
fsr-3712	132	9	were	be	AUX
fsr-3712	132	10	determined	determine	VERB
fsr-3712	132	11	for	for	ADP
fsr-3712	132	12	each	each	DET
fsr-3712	132	13	fund	fund	NOUN
fsr-3712	132	14	using	use	VERB
fsr-3712	132	15	s	s	PART
fsr-3712	132	16	=	=	PUNCT
fsr-3712	132	17	(	(	PUNCT
fsr-3712	132	18	hpri	hpri	NOUN
fsr-3712	132	19	rf)/sdi	rf)/sdi	ADP
fsr-3712	132	20	where	where	SCONJ
fsr-3712	132	21	:	:	PUNCT
fsr-3712	132	22	hpr	hpr	NOUN
fsr-3712	132	23	,	,	PUNCT
fsr-3712	132	24	=	=	PUNCT
fsr-3712	132	25	average	average	ADJ
fsr-3712	132	26	monthly	monthly	ADJ
fsr-3712	132	27	return	return	NOUN
fsr-3712	132	28	for	for	ADP
fsr-3712	132	29	fund	fund	NOUN
fsr-3712	132	30	i	i	PRON
fsr-3712	132	31	;	;	PUNCT
fsr-3712	132	32	rf	rf	NOUN
fsr-3712	132	33	=	=	VERB
fsr-3712	132	34	average	average	ADJ
fsr-3712	132	35	risk	risk	NOUN
fsr-3712	132	36	-	-	PUNCT
fsr-3712	132	37	free	free	ADJ
fsr-3712	132	38	return	return	NOUN
fsr-3712	132	39	;	;	PUNCT
fsr-3712	132	40	and	and	CCONJ
fsr-3712	132	41	sd	sd	NOUN
fsr-3712	132	42	,	,	PUNCT
fsr-3712	132	43	=	=	SYM
fsr-3712	132	44	standard	standard	ADJ
fsr-3712	132	45	deviation	deviation	NOUN
fsr-3712	132	46	of	of	ADP
fsr-3712	132	47	hpr	hpr	PROPN
fsr-3712	132	48	,	,	PUNCT
fsr-3712	132	49	.	.	PUNCT
fsr-3712	133	1	this	this	PRON
fsr-3712	133	2	is	be	AUX
fsr-3712	133	3	an	an	DET
fsr-3712	133	4	appropriate	appropriate	ADJ
fsr-3712	133	5	consideration	consideration	NOUN
fsr-3712	133	6	for	for	ADP
fsr-3712	133	7	an	an	DET
fsr-3712	133	8	investor	investor	NOUN
fsr-3712	133	9	whose	whose	DET
fsr-3712	133	10	holdings	holding	NOUN
fsr-3712	133	11	are	be	AUX
fsr-3712	133	12	limited	limit	VERB
fsr-3712	133	13	to	to	ADP
fsr-3712	133	14	a	a	DET
fsr-3712	133	15	single	single	ADJ
fsr-3712	133	16	fund	fund	NOUN
fsr-3712	133	17	or	or	CCONJ
fsr-3712	133	18	a	a	DET
fsr-3712	133	19	small	small	ADJ
fsr-3712	133	20	number	number	NOUN
fsr-3712	133	21	of	of	ADP
fsr-3712	133	22	funds	fund	NOUN
fsr-3712	133	23	.	.	PUNCT
fsr-3712	134	1	total	total	ADJ
fsr-3712	134	2	risk	risk	NOUN
fsr-3712	134	3	is	be	AUX
fsr-3712	134	4	the	the	DET
fsr-3712	134	5	appropriate	appropriate	ADJ
fsr-3712	134	6	emphasis	emphasis	NOUN
fsr-3712	134	7	.	.	PUNCT
fsr-3712	135	1	treynor	treynor	NOUN
fsr-3712	135	2	measure	measure	NOUN
fsr-3712	135	3	.	.	PUNCT
fsr-3712	136	1	the	the	DET
fsr-3712	136	2	treynor	treynor	NOUN
fsr-3712	136	3	(	(	PUNCT
fsr-3712	136	4	1965	1965	NUM
fsr-3712	136	5	)	)	PUNCT
fsr-3712	136	6	measure	measure	NOUN
fsr-3712	136	7	also	also	ADV
fsr-3712	136	8	was	be	AUX
fsr-3712	136	9	used	use	VERB
fsr-3712	136	10	to	to	PART
fsr-3712	136	11	rank	rank	VERB
fsr-3712	136	12	the	the	DET
fsr-3712	136	13	performance	performance	NOUN
fsr-3712	136	14	of	of	ADP
fsr-3712	136	15	each	each	PRON
fsr-3712	136	16	of	of	ADP
fsr-3712	136	17	the	the	DET
fsr-3712	136	18	global	global	ADJ
fsr-3712	136	19	and	and	CCONJ
fsr-3712	136	20	international	international	ADJ
fsr-3712	136	21	funds	fund	NOUN
fsr-3712	136	22	.	.	PUNCT
fsr-3712	137	1	treynor	treynor	PROPN
fsr-3712	137	2	’s	’s	PART
fsr-3712	137	3	measure	measure	NOUN
fsr-3712	137	4	assumes	assume	VERB
fsr-3712	137	5	an	an	DET
fsr-3712	137	6	investor	investor	NOUN
fsr-3712	137	7	holds	hold	VERB
fsr-3712	137	8	a	a	DET
fsr-3712	137	9	well	well	ADV
fsr-3712	137	10	-	-	PUNCT
fsr-3712	137	11	diversified	diversify	VERB
fsr-3712	137	12	portfolio	portfolio	NOUN
fsr-3712	137	13	which	which	PRON
fsr-3712	137	14	eliminates	eliminate	VERB
fsr-3712	137	15	unsystem	unsystem	ADJ
fsr-3712	137	16	atic	atic	ADJ
fsr-3712	137	17	risk	risk	NOUN
fsr-3712	137	18	and	and	CCONJ
fsr-3712	137	19	leaves	leave	VERB
fsr-3712	137	20	only	only	ADV
fsr-3712	137	21	systematic	systematic	ADJ
fsr-3712	137	22	risk	risk	NOUN
fsr-3712	137	23	.	.	PUNCT
fsr-3712	138	1	as	as	ADP
fsr-3712	138	2	such	such	ADJ
fsr-3712	138	3	,	,	PUNCT
fsr-3712	138	4	the	the	DET
fsr-3712	138	5	appropriate	appropriate	ADJ
fsr-3712	138	6	risk	risk	NOUN
fsr-3712	138	7	measure	measure	NOUN
fsr-3712	138	8	becomes	become	VERB
fsr-3712	138	9	the	the	DET
fsr-3712	138	10	fund	fund	NOUN
fsr-3712	138	11	’s	’s	PART
fsr-3712	138	12	beta	beta	NOUN
fsr-3712	138	13	.	.	PUNCT
fsr-3712	139	1	values	value	NOUN
fsr-3712	139	2	for	for	ADP
fsr-3712	139	3	the	the	DET
fsr-3712	139	4	treynor	treynor	NOUN
fsr-3712	139	5	measure	measure	NOUN
fsr-3712	139	6	(	(	PUNCT
fsr-3712	139	7	t	t	NOUN
fsr-3712	139	8	)	)	PUNCT
fsr-3712	139	9	were	be	AUX
fsr-3712	139	10	determined	determine	VERB
fsr-3712	139	11	using	use	VERB
fsr-3712	139	12	t	t	NOUN
fsr-3712	139	13	=	=	PUNCT
fsr-3712	139	14	(	(	PUNCT
fsr-3712	139	15	hpri	hpri	NOUN
fsr-3712	139	16	rf)/bi	rf)/bi	VERB
fsr-3712	139	17	where	where	SCONJ
fsr-3712	139	18	:	:	PUNCT
fsr-3712	139	19	hpr	hpr	NOUN
fsr-3712	139	20	,	,	PUNCT
fsr-3712	139	21	=	=	PUNCT
fsr-3712	139	22	average	average	ADJ
fsr-3712	139	23	monthly	monthly	ADJ
fsr-3712	139	24	return	return	NOUN
fsr-3712	139	25	for	for	ADP
fsr-3712	139	26	fund	fund	NOUN
fsr-3712	139	27	i	i	PRON
fsr-3712	139	28	;	;	PUNCT
fsr-3712	139	29	rf	rf	NOUN
fsr-3712	139	30	=	=	VERB
fsr-3712	139	31	average	average	ADJ
fsr-3712	139	32	risk	risk	NOUN
fsr-3712	139	33	-	-	PUNCT
fsr-3712	139	34	free	free	ADJ
fsr-3712	139	35	return	return	NOUN
fsr-3712	139	36	;	;	PUNCT
fsr-3712	139	37	and	and	CCONJ
fsr-3712	139	38	bi	bi	NOUN
fsr-3712	139	39	=	=	NOUN
fsr-3712	139	40	the	the	DET
fsr-3712	139	41	beta	beta	NOUN
fsr-3712	139	42	for	for	ADP
fsr-3712	139	43	fund	fund	NOUN
fsr-3712	139	44	i.	i.	PROPN
fsr-3712	139	45	jensen	jensen	PROPN
fsr-3712	139	46	measure	measure	PROPN
fsr-3712	139	47	.	.	PUNCT
fsr-3712	140	1	to	to	PART
fsr-3712	140	2	examine	examine	VERB
fsr-3712	140	3	the	the	DET
fsr-3712	140	4	performance	performance	NOUN
fsr-3712	140	5	of	of	ADP
fsr-3712	140	6	each	each	DET
fsr-3712	140	7	fund	fund	NOUN
fsr-3712	140	8	’s	’s	PART
fsr-3712	140	9	management	management	NOUN
fsr-3712	140	10	,	,	PUNCT
fsr-3712	140	11	the	the	DET
fsr-3712	140	12	study	study	NOUN
fsr-3712	140	13	used	use	VERB
fsr-3712	140	14	jensen	jensen	PROPN
fsr-3712	140	15	’s	’s	PART
fsr-3712	140	16	(	(	PUNCT
fsr-3712	140	17	1968	1968	NUM
fsr-3712	140	18	)	)	PUNCT
fsr-3712	140	19	alpha	alpha	NOUN
fsr-3712	140	20	measure	measure	NOUN
fsr-3712	140	21	.	.	PUNCT
fsr-3712	141	1	that	that	DET
fsr-3712	141	2	measure	measure	NOUN
fsr-3712	141	3	is	be	AUX
fsr-3712	141	4	used	use	VERB
fsr-3712	141	5	to	to	PART
fsr-3712	141	6	indicate	indicate	VERB
fsr-3712	141	7	whether	whether	SCONJ
fsr-3712	141	8	management	management	NOUN
fsr-3712	141	9	has	have	AUX
fsr-3712	141	10	earned	earn	VERB
fsr-3712	141	11	any	any	DET
fsr-3712	141	12	excess	excess	ADJ
fsr-3712	141	13	risk	risk	NOUN
fsr-3712	141	14	-	-	PUNCT
fsr-3712	141	15	adjusted	adjust	VERB
fsr-3712	141	16	return	return	NOUN
fsr-3712	141	17	for	for	ADP
fsr-3712	141	18	the	the	DET
fsr-3712	141	19	fund	fund	NOUN
fsr-3712	141	20	.	.	PUNCT
fsr-3712	142	1	jensen	jensen	PROPN
fsr-3712	142	2	’s	’s	PART
fsr-3712	142	3	measure	measure	NOUN
fsr-3712	142	4	of	of	ADP
fsr-3712	142	5	excess	excess	ADJ
fsr-3712	142	6	risk	risk	NOUN
fsr-3712	142	7	-	-	PUNCT
fsr-3712	142	8	adjusted	adjust	VERB
fsr-3712	142	9	return	return	NOUN
fsr-3712	142	10	assumes	assume	VERB
fsr-3712	142	11	a	a	DET
fsr-3712	142	12	well	well	ADV
fsr-3712	142	13	-	-	PUNCT
fsr-3712	142	14	diversified	diversify	VERB
fsr-3712	142	15	portfolio	portfolio	NOUN
fsr-3712	142	16	,	,	PUNCT
fsr-3712	142	17	and	and	CCONJ
fsr-3712	142	18	thus	thus	ADV
fsr-3712	142	19	considers	consider	VERB
fsr-3712	142	20	only	only	ADJ
fsr-3712	142	21	systematic	systematic	ADJ
fsr-3712	142	22	risk	risk	NOUN
fsr-3712	142	23	.	.	PUNCT
fsr-3712	143	1	a	a	DET
fsr-3712	143	2	significant	significant	ADJ
fsr-3712	143	3	positive	positive	ADJ
fsr-3712	143	4	excess	excess	ADJ
fsr-3712	143	5	risk	risk	NOUN
fsr-3712	143	6	-	-	PUNCT
fsr-3712	143	7	adjusted	adjust	VERB
fsr-3712	143	8	return	return	NOUN
fsr-3712	143	9	could	could	AUX
fsr-3712	143	10	be	be	AUX
fsr-3712	143	11	due	due	ADJ
fsr-3712	143	12	to	to	ADP
fsr-3712	143	13	management	management	NOUN
fsr-3712	143	14	’s	’s	PART
fsr-3712	143	15	ability	ability	NOUN
fsr-3712	143	16	to	to	PART
fsr-3712	143	17	take	take	VERB
fsr-3712	143	18	advantage	advantage	NOUN
fsr-3712	143	19	of	of	ADP
fsr-3712	143	20	favorable	favorable	ADJ
fsr-3712	143	21	timing	timing	NOUN
fsr-3712	143	22	decisions	decision	NOUN
fsr-3712	143	23	to	to	PART
fsr-3712	143	24	improve	improve	VERB
fsr-3712	143	25	the	the	DET
fsr-3712	143	26	fund	fund	NOUN
fsr-3712	143	27	’s	’s	PART
fsr-3712	143	28	return	return	NOUN
fsr-3712	143	29	or	or	CCONJ
fsr-3712	143	30	to	to	ADP
fsr-3712	143	31	management	management	NOUN
fsr-3712	143	32	’s	’s	PART
fsr-3712	143	33	ability	ability	NOUN
fsr-3712	143	34	to	to	PART
fsr-3712	143	35	select	select	VERB
fsr-3712	143	36	undervalued	undervalued	ADJ
fsr-3712	143	37	assets	asset	NOUN
fsr-3712	143	38	.	.	PUNCT
fsr-3712	144	1	therefore	therefore	ADV
fsr-3712	144	2	,	,	PUNCT
fsr-3712	144	3	either	either	CCONJ
fsr-3712	144	4	positive	positive	ADJ
fsr-3712	144	5	or	or	CCONJ
fsr-3712	144	6	negative	negative	ADJ
fsr-3712	144	7	excess	excess	ADJ
fsr-3712	144	8	risk	risk	NOUN
fsr-3712	144	9	performance	performance	NOUN
fsr-3712	144	10	&	&	CCONJ
fsr-3712	144	11	risk	risk	NOUN
fsr-3712	144	12	exposure	exposure	NOUN
fsr-3712	144	13	of	of	ADP
fsr-3712	144	14	international	international	ADJ
fsr-3712	144	15	mutual	mutual	ADJ
fsr-3712	144	16	funds	fund	NOUN
fsr-3712	144	17	105	105	NUM
fsr-3712	144	18	adjusted	adjust	VERB
fsr-3712	144	19	returns	return	NOUN
fsr-3712	144	20	can	can	AUX
fsr-3712	144	21	be	be	AUX
fsr-3712	144	22	used	use	VERB
fsr-3712	144	23	to	to	PART
fsr-3712	144	24	indicate	indicate	VERB
fsr-3712	144	25	the	the	DET
fsr-3712	144	26	superior	superior	ADJ
fsr-3712	144	27	or	or	CCONJ
fsr-3712	144	28	inferior	inferior	ADJ
fsr-3712	144	29	ability	ability	NOUN
fsr-3712	144	30	of	of	ADP
fsr-3712	144	31	fund	fund	NOUN
fsr-3712	144	32	management	management	NOUN
fsr-3712	144	33	.	.	PUNCT
fsr-3712	145	1	jensen	jensen	PROPN
fsr-3712	145	2	’s	’s	PART
fsr-3712	145	3	alpha	alpha	NOUN
fsr-3712	145	4	measure	measure	NOUN
fsr-3712	145	5	is	be	AUX
fsr-3712	145	6	computed	compute	VERB
fsr-3712	145	7	using	use	VERB
fsr-3712	145	8	a	a	DET
fsr-3712	145	9	regression	regression	NOUN
fsr-3712	145	10	equation	equation	NOUN
fsr-3712	145	11	which	which	PRON
fsr-3712	145	12	allows	allow	VERB
fsr-3712	145	13	for	for	ADP
fsr-3712	145	14	a	a	DET
fsr-3712	145	15	nonzero	nonzero	PROPN
fsr-3712	145	16	intercept	intercept	NOUN
fsr-3712	145	17	.	.	PUNCT
fsr-3712	146	1	the	the	DET
fsr-3712	146	2	equation	equation	NOUN
fsr-3712	146	3	used	use	VERB
fsr-3712	146	4	in	in	ADP
fsr-3712	146	5	this	this	DET
fsr-3712	146	6	study	study	NOUN
fsr-3712	146	7	is	be	AUX
fsr-3712	146	8	hpri	hpri	NOUN
fsr-3712	146	9	,	,	PUNCT
fsr-3712	146	10	rf	rf	ADJ
fsr-3712	146	11	,	,	PUNCT
fsr-3712	146	12	=	=	PRON
fsr-3712	146	13	ai	ai	VERB
fsr-3712	146	14	+	+	ADJ
fsr-3712	146	15	b,(hpr	b,(hpr	NUM
fsr-3712	146	16	,	,	PUNCT
fsr-3712	146	17	,	,	PUNCT
fsr-3712	146	18	rf	rf	NOUN
fsr-3712	146	19	,	,	PUNCT
fsr-3712	146	20	)	)	PUNCT
fsr-3712	147	1	+	+	CCONJ
fsr-3712	147	2	ui	ui	PROPN
fsr-3712	147	3	,	,	PUNCT
fsr-3712	147	4	where	where	SCONJ
fsr-3712	147	5	:	:	PUNCT
fsr-3712	147	6	hpr	hpr	PROPN
fsr-3712	147	7	,	,	PUNCT
fsr-3712	147	8	=	=	PUNCT
fsr-3712	147	9	monthly	monthly	ADJ
fsr-3712	147	10	return	return	NOUN
fsr-3712	147	11	for	for	ADP
fsr-3712	147	12	fund	fund	NOUN
fsr-3712	147	13	i	i	PRON
fsr-3712	147	14	in	in	ADP
fsr-3712	147	15	period	period	NOUN
fsr-3712	147	16	t	t	NOUN
fsr-3712	147	17	;	;	PUNCT
fsr-3712	147	18	rf	rf	NUM
fsr-3712	147	19	,	,	PUNCT
fsr-3712	147	20	=	=	SYM
fsr-3712	147	21	risk	risk	NOUN
fsr-3712	147	22	-	-	PUNCT
fsr-3712	147	23	free	free	ADJ
fsr-3712	147	24	return	return	NOUN
fsr-3712	147	25	in	in	ADP
fsr-3712	147	26	period	period	NOUN
fsr-3712	147	27	t	t	NOUN
fsr-3712	147	28	;	;	PUNCT
fsr-3712	147	29	a	a	DET
fsr-3712	147	30	,	,	PUNCT
fsr-3712	147	31	=	=	SYM
fsr-3712	147	32	intercept	intercept	NOUN
fsr-3712	147	33	measuring	measure	VERB
fsr-3712	147	34	abnormal	abnormal	ADJ
fsr-3712	147	35	return	return	NOUN
fsr-3712	147	36	for	for	ADP
fsr-3712	147	37	fund	fund	NOUN
fsr-3712	148	1	i	i	PRON
fsr-3712	148	2	;	;	PUNCT
fsr-3712	148	3	bi	bi	NOUN
fsr-3712	148	4	=	=	PROPN
fsr-3712	148	5	beta	beta	PROPN
fsr-3712	148	6	for	for	ADP
fsr-3712	148	7	fund	fund	NOUN
fsr-3712	148	8	i	i	PRON
fsr-3712	148	9	;	;	PUNCT
fsr-3712	148	10	hpr	hpr	PROPN
fsr-3712	148	11	,	,	PUNCT
fsr-3712	148	12	,	,	PUNCT
fsr-3712	148	13	=	=	PUNCT
fsr-3712	148	14	monthly	monthly	ADJ
fsr-3712	148	15	return	return	NOUN
fsr-3712	148	16	for	for	ADP
fsr-3712	148	17	the	the	DET
fsr-3712	148	18	market	market	NOUN
fsr-3712	148	19	index	index	NOUN
fsr-3712	148	20	in	in	ADP
fsr-3712	148	21	period	period	NOUN
fsr-3712	148	22	t	t	NOUN
fsr-3712	148	23	;	;	PUNCT
fsr-3712	148	24	and	and	CCONJ
fsr-3712	148	25	ui	ui	NOUN
fsr-3712	148	26	,	,	PUNCT
fsr-3712	148	27	=	=	SYM
fsr-3712	148	28	error	error	NOUN
fsr-3712	148	29	term	term	NOUN
fsr-3712	148	30	for	for	ADP
fsr-3712	148	31	fund	fund	NOUN
fsr-3712	149	1	i	i	PRON
fsr-3712	149	2	in	in	ADP
fsr-3712	149	3	period	period	NOUN
fsr-3712	149	4	f.	f.	PROPN
fsr-3712	149	5	iii	iii	PROPN
fsr-3712	149	6	.	.	PUNCT
fsr-3712	149	7	research	research	NOUN
fsr-3712	149	8	rmums	rmums	PROPN
fsr-3712	149	9	exhibit	exhibit	VERB
fsr-3712	149	10	2	2	NUM
fsr-3712	149	11	presents	present	VERB
fsr-3712	149	12	the	the	DET
fsr-3712	149	13	returns	return	NOUN
fsr-3712	149	14	,	,	PUNCT
fsr-3712	149	15	risk	risk	NOUN
fsr-3712	149	16	,	,	PUNCT
fsr-3712	149	17	and	and	CCONJ
fsr-3712	149	18	performance	performance	NOUN
fsr-3712	149	19	measures	measure	NOUN
fsr-3712	149	20	for	for	ADP
fsr-3712	149	21	the	the	DET
fsr-3712	149	22	global	global	ADJ
fsr-3712	149	23	funds	fund	NOUN
fsr-3712	149	24	included	include	VERB
fsr-3712	149	25	in	in	ADP
fsr-3712	149	26	this	this	DET
fsr-3712	149	27	study	study	NOUN
fsr-3712	149	28	.	.	PUNCT
fsr-3712	150	1	average	average	ADJ
fsr-3712	150	2	monthly	monthly	ADJ
fsr-3712	150	3	returns	return	NOUN
fsr-3712	150	4	for	for	ADP
fsr-3712	150	5	three	three	NUM
fsr-3712	150	6	of	of	ADP
fsr-3712	150	7	the	the	DET
fsr-3712	150	8	10	10	NUM
fsr-3712	150	9	global	global	ADJ
fsr-3712	150	10	funds	fund	NOUN
fsr-3712	150	11	were	be	AUX
fsr-3712	150	12	higher	high	ADJ
fsr-3712	150	13	than	than	ADP
fsr-3712	150	14	for	for	ADP
fsr-3712	150	15	the	the	DET
fsr-3712	150	16	domestic	domestic	ADJ
fsr-3712	150	17	benchmark	benchmark	ADJ
fsr-3712	150	18	mutual	mutual	ADJ
fsr-3712	150	19	fund	fund	NOUN
fsr-3712	150	20	,	,	PUNCT
fsr-3712	150	21	vanguard	vanguard	NOUN
fsr-3712	150	22	index	index	NOUN
fsr-3712	150	23	500	500	NUM
fsr-3712	150	24	.	.	PUNCT
fsr-3712	151	1	monthly	monthly	ADJ
fsr-3712	151	2	returns	return	NOUN
fsr-3712	151	3	for	for	ADP
fsr-3712	151	4	the	the	DET
fsr-3712	151	5	vanguard	vanguard	PROPN
fsr-3712	151	6	index	index	PROPN
fsr-3712	151	7	500	500	NUM
fsr-3712	151	8	fund	fund	NOUN
fsr-3712	151	9	and	and	CCONJ
fsr-3712	151	10	four	four	NUM
fsr-3712	151	11	of	of	ADP
fsr-3712	151	12	the	the	DET
fsr-3712	151	13	10	10	NUM
fsr-3712	151	14	global	global	ADJ
fsr-3712	151	15	funds	fund	NOUN
fsr-3712	151	16	exceeded	exceed	VERB
fsr-3712	151	17	that	that	PRON
fsr-3712	151	18	of	of	ADP
fsr-3712	151	19	the	the	DET
fsr-3712	151	20	market	market	NOUN
fsr-3712	151	21	index	index	NOUN
fsr-3712	151	22	,	,	PUNCT
fsr-3712	151	23	morgan	morgan	PROPN
fsr-3712	151	24	stanley	stanley	PROPN
fsr-3712	151	25	world	world	PROPN
fsr-3712	151	26	index	index	PROPN
fsr-3712	151	27	.	.	PUNCT
fsr-3712	152	1	on	on	ADP
fsr-3712	152	2	strictly	strictly	ADV
fsr-3712	152	3	monthly	monthly	ADJ
fsr-3712	152	4	returns	return	NOUN
fsr-3712	152	5	,	,	PUNCT
fsr-3712	152	6	the	the	DET
fsr-3712	152	7	global	global	ADJ
fsr-3712	152	8	funds	fund	NOUN
fsr-3712	152	9	present	present	VERB
fsr-3712	152	10	a	a	DET
fsr-3712	152	11	mixed	mixed	ADJ
fsr-3712	152	12	picture	picture	NOUN
fsr-3712	152	13	relative	relative	ADJ
fsr-3712	152	14	to	to	ADP
fsr-3712	152	15	the	the	DET
fsr-3712	152	16	domestic	domestic	ADJ
fsr-3712	152	17	benchmark	benchmark	NOUN
fsr-3712	152	18	fund	fund	NOUN
fsr-3712	152	19	.	.	PUNCT
fsr-3712	153	1	the	the	DET
fsr-3712	153	2	two	two	NUM
fsr-3712	153	3	risk	risk	NOUN
fsr-3712	153	4	measures	measure	NOUN
fsr-3712	153	5	,	,	PUNCT
fsr-3712	153	6	standard	standard	ADJ
fsr-3712	153	7	deviation	deviation	NOUN
fsr-3712	153	8	and	and	CCONJ
fsr-3712	153	9	beta	beta	NOUN
fsr-3712	153	10	,	,	PUNCT
fsr-3712	153	11	for	for	ADP
fsr-3712	153	12	the	the	DET
fsr-3712	153	13	global	global	ADJ
fsr-3712	153	14	funds	fund	NOUN
fsr-3712	153	15	cover	cover	VERB
fsr-3712	153	16	a	a	DET
fsr-3712	153	17	wide	wide	ADJ
fsr-3712	153	18	range	range	NOUN
fsr-3712	153	19	of	of	ADP
fsr-3712	153	20	values	value	NOUN
fsr-3712	153	21	.	.	PUNCT
fsr-3712	154	1	standard	standard	ADJ
fsr-3712	154	2	deviations	deviation	NOUN
fsr-3712	154	3	of	of	ADP
fsr-3712	154	4	average	average	ADJ
fsr-3712	154	5	monthly	monthly	ADJ
fsr-3712	154	6	returns	return	NOUN
fsr-3712	154	7	for	for	ADP
fsr-3712	154	8	six	six	NUM
fsr-3712	154	9	of	of	ADP
fsr-3712	154	10	the	the	DET
fsr-3712	154	11	10	10	NUM
fsr-3712	154	12	funds	fund	NOUN
fsr-3712	154	13	exceeded	exceed	VERB
fsr-3712	154	14	that	that	PRON
fsr-3712	154	15	for	for	ADP
fsr-3712	154	16	the	the	DET
fsr-3712	154	17	domestic	domestic	ADJ
fsr-3712	154	18	benchmark	benchmark	NOUN
fsr-3712	154	19	fund	fund	NOUN
fsr-3712	154	20	.	.	PUNCT
fsr-3712	155	1	global	global	ADJ
fsr-3712	155	2	fund	fund	PROPN
fsr-3712	155	3	standard	standard	ADJ
fsr-3712	155	4	deviations	deviation	NOUN
fsr-3712	155	5	ranged	range	VERB
fsr-3712	155	6	from	from	ADP
fsr-3712	155	7	4.796	4.796	NUM
fsr-3712	155	8	%	%	NOUN
fsr-3712	155	9	to	to	ADP
fsr-3712	155	10	10.870	10.870	NUM
fsr-3712	155	11	%	%	NOUN
fsr-3712	155	12	;	;	PUNCT
fsr-3712	155	13	the	the	DET
fsr-3712	155	14	domestic	domestic	ADJ
fsr-3712	155	15	benchmark	benchmark	NOUN
fsr-3712	155	16	fund	fund	NOUN
fsr-3712	155	17	standard	standard	PROPN
fsr-3712	155	18	exhibit	exhibit	VERB
fsr-3712	155	19	2	2	NUM
fsr-3712	155	20	.	.	NOUN
fsr-3712	155	21	monthly	monthly	ADJ
fsr-3712	155	22	performance	performance	NOUN
fsr-3712	155	23	measures	measure	NOUN
fsr-3712	155	24	for	for	ADP
fsr-3712	155	25	ten	ten	NUM
fsr-3712	155	26	global	global	ADJ
fsr-3712	155	27	mutual	mutual	ADJ
fsr-3712	155	28	funds	fund	NOUN
fsr-3712	155	29	1986	1986	NUM
fsr-3712	155	30	-	-	SYM
fsr-3712	155	31	1990	1990	NUM
fsr-3712	155	32	monthly	monthly	ADJ
fsr-3712	155	33	standard	standard	ADJ
fsr-3712	155	34	treynor	treynor	PROPN
fsr-3712	155	35	sharpe	sharpe	PROPN
fsr-3712	155	36	jensen	jensen	PROPN
fsr-3712	155	37	mutual	mutual	ADJ
fsr-3712	155	38	fund	fund	NOUN
fsr-3712	155	39	return	return	NOUN
fsr-3712	155	40	deviation	deviation	NOUN
fsr-3712	155	41	beta	beta	NOUN
fsr-3712	155	42	r2	r2	NOUN
fsr-3712	155	43	measure	measure	NOUN
fsr-3712	155	44	measure	measure	NOUN
fsr-3712	155	45	measure	measure	NOUN
fsr-3712	155	46	dean	dean	PROPN
fsr-3712	155	47	witter	witter	PROPN
fsr-3712	155	48	worldwide	worldwide	ADV
fsr-3712	155	49	0.689	0.689	NUM
fsr-3712	155	50	4.796	4.796	NUM
fsr-3712	155	51	0.827	0.827	NUM
fsr-3712	155	52	0.821	0.821	NUM
fsr-3712	155	53	0.158	0.158	NUM
fsr-3712	155	54	0.027	0.027	NUM
fsr-3712	155	55	-0.0002	-0.0002	NOUN
fsr-3712	155	56	first	first	ADV
fsr-3712	155	57	investors	investor	NOUN
fsr-3712	155	58	global	global	VERB
fsr-3712	155	59	1.564	1.564	NUM
fsr-3712	155	60	6.428	6.428	NUM
fsr-3712	155	61	1.009	1.009	NUM
fsr-3712	155	62	0.679	0.679	NUM
fsr-3712	155	63	0.997	0.997	NUM
fsr-3712	155	64	0.156	0.156	NUM
fsr-3712	155	65	0.0088	0.0088	NUM
fsr-3712	155	66	keystone	keystone	PROPN
fsr-3712	155	67	international	international	ADJ
fsr-3712	155	68	0.761	0.761	NUM
fsr-3712	155	69	5.737	5.737	NUM
fsr-3712	155	70	0.985	0.985	NUM
fsr-3712	155	71	0.814	0.814	NUM
fsr-3712	155	72	0.206	0.206	NUM
fsr-3712	155	73	0.035	0.035	NUM
fsr-3712	155	74	0.0019	0.0019	NUM
fsr-3712	155	75	new	new	ADJ
fsr-3712	155	76	perspective	perspective	NOUN
fsr-3712	155	77	1.126	1.126	NUM
fsr-3712	155	78	10.870	10.870	NUM
fsr-3712	155	79	0.944	0.944	NUM
fsr-3712	155	80	0.208	0.208	NUM
fsr-3712	155	81	0.602	0.602	NUM
fsr-3712	155	82	0.052	0.052	NUM
fsr-3712	155	83	0.0082	0.0082	NUM
fsr-3712	155	84	pain	pain	NOUN
fsr-3712	155	85	web	web	NOUN
fsr-3712	155	86	classic	classic	NOUN
fsr-3712	155	87	atlas	atlas	PROPN
fsr-3712	155	88	1.649	1.649	NUM
fsr-3712	155	89	6.154	6.154	NUM
fsr-3712	155	90	0.919	0.919	NUM
fsr-3712	155	91	0.616	0.616	NUM
fsr-3712	155	92	1.186	1.186	NUM
fsr-3712	155	93	0.177	0.177	NUM
fsr-3712	155	94	0.0098	0.0098	NUM
fsr-3712	155	95	putnam	putnam	PROPN
fsr-3712	155	96	intl	intl	PROPN
fsr-3712	155	97	.	.	PUNCT
fsr-3712	156	1	equities	equity	NOUN
fsr-3712	156	2	0.966	0.966	NUM
fsr-3712	156	3	6.885	6.885	NUM
fsr-3712	156	4	0.894	0.894	NUM
fsr-3712	156	5	0.465	0.465	NUM
fsr-3712	156	6	0.456	0.456	NUM
fsr-3712	156	7	0.059	0.059	NUM
fsr-3712	156	8	0.0027	0.0027	NUM
fsr-3712	156	9	sogen	sogen	PROPN
fsr-3712	156	10	international	international	PROPN
fsr-3712	156	11	1.052	1.052	NUM
fsr-3712	156	12	6.337	6.337	NUM
fsr-3712	156	13	0.547	0.547	NUM
fsr-3712	156	14	0.205	0.205	NUM
fsr-3712	156	15	0.902	0.902	NUM
fsr-3712	156	16	0.078	0.078	NUM
fsr-3712	156	17	0.0048	0.0048	NUM
fsr-3712	156	18	templeton	templeton	PROPN
fsr-3712	156	19	global	global	ADJ
fsr-3712	156	20	0.493	0.493	NUM
fsr-3712	156	21	5.544	5.544	NUM
fsr-3712	156	22	0.725	0.725	NUM
fsr-3712	156	23	0.47	0.47	NUM
fsr-3712	156	24	1	1	NUM
fsr-3712	156	25	-0.091	-0.091	NUM
fsr-3712	156	26	-0.012	-0.012	PROPN
fsr-3712	156	27	-0.0031	-0.0031	PROPN
fsr-3712	156	28	templeton	templeton	PROPN
fsr-3712	156	29	growth	growth	NOUN
fsr-3712	156	30	0.834	0.834	NUM
fsr-3712	156	31	5.025	5.025	NUM
fsr-3712	156	32	0.705	0.705	NUM
fsr-3712	156	33	0.543	0.543	NUM
fsr-3712	156	34	0.391	0.391	NUM
fsr-3712	156	35	0.055	0.055	NUM
fsr-3712	156	36	0.0010	0.0010	NUM
fsr-3712	156	37	templeton	templeton	PROPN
fsr-3712	156	38	world	world	NOUN
fsr-3712	156	39	0.691	0.691	NUM
fsr-3712	156	40	5.104	5.104	NUM
fsr-3712	156	41	0.724	0.724	NUM
fsr-3712	156	42	0.554	0.554	NUM
fsr-3712	156	43	0.183	0.183	NUM
fsr-3712	156	44	0.026	0.026	NUM
fsr-3712	156	45	-0.0001	-0.0001	NOUN
fsr-3712	156	46	vanguard	vanguard	PROPN
fsr-3712	156	47	index	index	NOUN
fsr-3712	156	48	500	500	NUM
fsr-3712	156	49	1.111	1.111	NUM
fsr-3712	156	50	5.618	5.618	NUM
fsr-3712	156	51	0.758	0.758	NUM
fsr-3712	156	52	0.502	0.502	NUM
fsr-3712	156	53	0.729	0.729	NUM
fsr-3712	156	54	0.098	0.098	NUM
fsr-3712	156	55	morg.stan.world	morg.stan.world	NOUN
fsr-3712	156	56	index	index	NOUN
fsr-3712	156	57	0.984	0.984	NUM
fsr-3712	156	58	5.252	5.252	NUM
fsr-3712	156	59	1.000	1.000	NUM
fsr-3712	156	60	1.000	1.000	NUM
fsr-3712	156	61	0.425	0.425	NUM
fsr-3712	156	62	0.081	0.081	NUM
fsr-3712	156	63	treasury	treasury	NOUN
fsr-3712	156	64	bills-90	bills-90	NOUN
fsr-3712	156	65	day	day	NOUN
fsr-3712	156	66	0.559	0.559	NUM
fsr-3712	156	67	0.102	0.102	NUM
fsr-3712	156	68	-0.006	-0.006	PROPN
fsr-3712	156	69	106	106	NUM
fsr-3712	156	70	financial	financial	ADJ
fsr-3712	156	71	services	service	NOUN
fsr-3712	156	72	review	review	NOUN
fsr-3712	156	73	,	,	PUNCT
fsr-3712	156	74	2(2	2(2	NUM
fsr-3712	156	75	)	)	PUNCT
fsr-3712	156	76	1993	1993	NUM
fsr-3712	156	77	exhibit	exhibit	VERB
fsr-3712	156	78	3	3	NUM
fsr-3712	156	79	.	.	NOUN
fsr-3712	156	80	monthly	monthly	ADJ
fsr-3712	156	81	performance	performance	NOUN
fsr-3712	156	82	measures	measure	NOUN
fsr-3712	156	83	for	for	ADP
fsr-3712	156	84	nine	nine	NUM
fsr-3712	156	85	international	international	ADJ
fsr-3712	156	86	mutual	mutual	ADJ
fsr-3712	156	87	funds	fund	NOUN
fsr-3712	156	88	1986	1986	NUM
fsr-3712	156	89	-	-	SYM
fsr-3712	156	90	1990	1990	NUM
fsr-3712	156	91	monthly	monthly	ADJ
fsr-3712	156	92	standard	standard	ADJ
fsr-3712	156	93	treynor	treynor	PROPN
fsr-3712	156	94	sharpe	sharpe	PROPN
fsr-3712	156	95	jensen	jensen	PROPN
fsr-3712	156	96	mutual	mutual	ADJ
fsr-3712	156	97	fund	fund	NOUN
fsr-3712	156	98	return	return	NOUN
fsr-3712	156	99	deviation	deviation	NOUN
fsr-3712	156	100	beta	beta	NOUN
fsr-3712	156	101	r2	r2	PROPN
fsr-3712	156	102	measure	measure	NOUN
fsr-3712	156	103	measure	measure	NOUN
fsr-3712	156	104	measure	measure	NOUN
fsr-3712	156	105	alliance	alliance	NOUN
fsr-3712	156	106	international	international	ADJ
fsr-3712	156	107	1.041	1.041	NUM
fsr-3712	156	108	6.048	6.048	NUM
fsr-3712	156	109	0.676	0.676	NUM
fsr-3712	156	110	0.506	0.506	NUM
fsr-3712	156	111	0.714	0.714	NUM
fsr-3712	156	112	0.080	0.080	NUM
fsr-3712	156	113	0.0008	0.0008	NUM
fsr-3712	156	114	europacific	europacific	ADJ
fsr-3712	156	115	growth	growth	NOUN
fsr-3712	156	116	1.353	1.353	NUM
fsr-3712	156	117	5.073	5.073	NUM
fsr-3712	156	118	0.581	0.581	NUM
fsr-3712	156	119	0.53	0.53	NUM
fsr-3712	156	120	1	1	NUM
fsr-3712	156	121	1.368	1.368	NUM
fsr-3712	156	122	0.157	0.157	NUM
fsr-3712	156	123	0.0022	0.0022	NUM
fsr-3712	156	124	kemper	kemper	PROPN
fsr-3712	156	125	international	international	PROPN
fsr-3712	156	126	1.140	1.140	NUM
fsr-3712	156	127	5.342	5.342	NUM
fsr-3712	156	128	0.669	0.669	NUM
fsr-3712	156	129	0.636	0.636	NUM
fsr-3712	156	130	0.869	0.869	NUM
fsr-3712	156	131	0.109	0.109	NUM
fsr-3712	156	132	0.0008	0.0008	NUM
fsr-3712	156	133	kleinwort	kleinwort	NOUN
fsr-3712	156	134	benson	benson	PROPN
fsr-3712	156	135	intl	intl	PROPN
fsr-3712	156	136	1.153	1.153	NUM
fsr-3712	156	137	12.784	12.784	NUM
fsr-3712	156	138	0.791	0.791	NUM
fsr-3712	156	139	0.155	0.155	NUM
fsr-3712	156	140	0.752	0.752	NUM
fsr-3712	156	141	0.046	0.046	NUM
fsr-3712	156	142	0.0035	0.0035	NUM
fsr-3712	156	143	t.	t.	PROPN
fsr-3712	156	144	rowe	rowe	PROPN
fsr-3712	156	145	price	price	PROPN
fsr-3712	156	146	intl	intl	PROPN
fsr-3712	156	147	stk	stk	PROPN
fsr-3712	156	148	1.265	1.265	NUM
fsr-3712	156	149	10.447	10.447	NUM
fsr-3712	156	150	0.752	0.752	NUM
fsr-3712	156	151	0.210	0.210	NUM
fsr-3712	156	152	0.939	0.939	NUM
fsr-3712	156	153	0.068	0.068	NUM
fsr-3712	156	154	0.0029	0.0029	NUM
fsr-3712	156	155	scudder	scudder	NOUN
fsr-3712	156	156	international	international	PROPN
fsr-3712	156	157	1.237	1.237	NUM
fsr-3712	156	158	6.000	6.000	NUM
fsr-3712	156	159	0.705	0.705	NUM
fsr-3712	156	160	0.559	0.559	NUM
fsr-3712	156	161	0.962	0.962	NUM
fsr-3712	156	162	0.113	0.113	NUM
fsr-3712	156	163	0.0002	0.0002	NUM
fsr-3712	156	164	templeton	templeton	PROPN
fsr-3712	156	165	foreign	foreign	ADJ
fsr-3712	156	166	1.661	1.661	NUM
fsr-3712	156	167	4.965	4.965	NUM
fsr-3712	156	168	0.522	0.522	NUM
fsr-3712	156	169	0.448	0.448	NUM
fsr-3712	156	170	2.111	2.111	NUM
fsr-3712	156	171	0.222	0.222	NUM
fsr-3712	156	172	0.0059	0.0059	NUM
fsr-3712	156	173	trustees	trustee	NOUN
fsr-3712	156	174	’	'	PUNCT
fsr-3712	156	175	commingled	commingle	VERB
fsr-3712	156	176	1.564	1.564	NUM
fsr-3712	156	177	10.952	10.952	NUM
fsr-3712	156	178	0.666	0.666	NUM
fsr-3712	156	179	0.150	0.150	NUM
fsr-3712	156	180	1.509	1.509	NUM
fsr-3712	156	181	0.092	0.092	NUM
fsr-3712	156	182	0.0081	0.0081	NUM
fsr-3712	156	183	united	united	PROPN
fsr-3712	156	184	intl	intl	PROPN
fsr-3712	156	185	growth	growth	PROPN
fsr-3712	156	186	0.795	0.795	NUM
fsr-3712	156	187	4.613	4.613	NUM
fsr-3712	156	188	0.586	0.586	NUM
fsr-3712	156	189	0.654	0.654	NUM
fsr-3712	156	190	0.403	0.403	NUM
fsr-3712	156	191	0.05	0.05	NUM
fsr-3712	156	192	1	1	NUM
fsr-3712	156	193	-0.0025	-0.0025	NOUN
fsr-3712	156	194	vanguard	vanguard	NOUN
fsr-3712	156	195	index	index	NOUN
fsr-3712	156	196	500	500	NUM
fsr-3712	157	1	1.111	1.111	NUM
fsr-3712	157	2	5.618	5.618	NUM
fsr-3712	157	3	0.417	0.417	NUM
fsr-3712	157	4	0.223	0.223	NUM
fsr-3712	157	5	1.324	1.324	NUM
fsr-3712	157	6	0.098	0.098	NUM
fsr-3712	157	7	morgan	morgan	PROPN
fsr-3712	157	8	stanley	stanley	PROPN
fsr-3712	157	9	eafe	eafe	VERB
fsr-3712	157	10	1.296	1.296	NUM
fsr-3712	157	11	6.363	6.363	NUM
fsr-3712	157	12	1.000	1.000	NUM
fsr-3712	157	13	1	1	NUM
fsr-3712	157	14	.ooo	.ooo	ADP
fsr-3712	157	15	0.738	0.738	NUM
fsr-3712	157	16	0.116	0.116	NUM
fsr-3712	157	17	treasury	treasury	NOUN
fsr-3712	157	18	bills-90	bills-90	NOUN
fsr-3712	157	19	day	day	NOUN
fsr-3712	157	20	0.559	0.559	NUM
fsr-3712	157	21	0.102	0.102	NUM
fsr-3712	157	22	-0.002	-0.002	PUNCT
fsr-3712	157	23	deviation	deviation	NOUN
fsr-3712	157	24	was	be	AUX
fsr-3712	157	25	5.618	5.618	NUM
fsr-3712	157	26	%	%	NOUN
fsr-3712	157	27	;	;	PUNCT
fsr-3712	157	28	and	and	CCONJ
fsr-3712	157	29	the	the	DET
fsr-3712	157	30	morgan	morgan	PROPN
fsr-3712	157	31	stanley	stanley	PROPN
fsr-3712	157	32	world	world	PROPN
fsr-3712	157	33	index	index	PROPN
fsr-3712	157	34	standard	standard	ADJ
fsr-3712	157	35	deviation	deviation	NOUN
fsr-3712	157	36	was	be	AUX
fsr-3712	157	37	5.252	5.252	NUM
fsr-3712	157	38	%	%	NOUN
fsr-3712	157	39	,	,	PUNCT
fsr-3712	157	40	which	which	PRON
fsr-3712	157	41	was	be	AUX
fsr-3712	157	42	lower	low	ADJ
fsr-3712	157	43	than	than	ADP
fsr-3712	157	44	the	the	DET
fsr-3712	157	45	domestic	domestic	ADJ
fsr-3712	157	46	benchmark	benchmark	NOUN
fsr-3712	157	47	fund	fund	NOUN
fsr-3712	157	48	.	.	PUNCT
fsr-3712	158	1	global	global	ADJ
fsr-3712	158	2	fund	fund	NOUN
fsr-3712	158	3	betas	beta	NOUN
fsr-3712	158	4	ranged	range	VERB
fsr-3712	158	5	from	from	ADP
fsr-3712	158	6	.547	.547	NUM
fsr-3712	158	7	to	to	ADP
fsr-3712	158	8	1.009	1.009	NUM
fsr-3712	158	9	,	,	PUNCT
fsr-3712	158	10	with	with	ADP
fsr-3712	158	11	six	six	NUM
fsr-3712	158	12	of	of	ADP
fsr-3712	158	13	the	the	DET
fsr-3712	158	14	10	10	NUM
fsr-3712	158	15	funds	fund	NOUN
fsr-3712	158	16	having	have	VERB
fsr-3712	158	17	betas	beta	NOUN
fsr-3712	158	18	greater	great	ADJ
fsr-3712	158	19	than	than	ADP
fsr-3712	158	20	the	the	DET
fsr-3712	158	21	domestic	domestic	ADJ
fsr-3712	158	22	benchmark	benchmark	NOUN
fsr-3712	158	23	fund	fund	NOUN
fsr-3712	158	24	.	.	PUNCT
fsr-3712	159	1	only	only	ADV
fsr-3712	159	2	one	one	NUM
fsr-3712	159	3	global	global	ADJ
fsr-3712	159	4	fund	fund	NOUN
fsr-3712	159	5	had	have	VERB
fsr-3712	159	6	a	a	DET
fsr-3712	159	7	beta	beta	NOUN
fsr-3712	159	8	greater	great	ADJ
fsr-3712	159	9	than	than	ADP
fsr-3712	159	10	or	or	CCONJ
fsr-3712	159	11	equal	equal	ADJ
fsr-3712	159	12	to	to	ADP
fsr-3712	159	13	1.0	1.0	NUM
fsr-3712	159	14	.	.	PUNCT
fsr-3712	160	1	betas	beta	NOUN
fsr-3712	160	2	were	be	AUX
fsr-3712	160	3	determined	determine	VERB
fsr-3712	160	4	for	for	ADP
fsr-3712	160	5	global	global	ADJ
fsr-3712	160	6	funds	fund	NOUN
fsr-3712	160	7	by	by	ADP
fsr-3712	160	8	regressing	regress	VERB
fsr-3712	160	9	the	the	DET
fsr-3712	160	10	fund	fund	NOUN
fsr-3712	160	11	return	return	NOUN
fsr-3712	160	12	on	on	ADP
fsr-3712	160	13	the	the	DET
fsr-3712	160	14	morgan	morgan	PROPN
fsr-3712	160	15	stanley	stanley	PROPN
fsr-3712	160	16	world	world	PROPN
fsr-3712	160	17	index	index	PROPN
fsr-3712	160	18	.	.	PUNCT
fsr-3712	161	1	exhibit	exhibit	VERB
fsr-3712	161	2	3	3	NUM
fsr-3712	161	3	presents	present	VERB
fsr-3712	161	4	the	the	DET
fsr-3712	161	5	returns	return	NOUN
fsr-3712	161	6	,	,	PUNCT
fsr-3712	161	7	risk	risk	NOUN
fsr-3712	161	8	,	,	PUNCT
fsr-3712	161	9	and	and	CCONJ
fsr-3712	161	10	performance	performance	NOUN
fsr-3712	161	11	measures	measure	NOUN
fsr-3712	161	12	for	for	ADP
fsr-3712	161	13	the	the	DET
fsr-3712	161	14	intema	intema	NOUN
fsr-3712	161	15	tional	tional	ADJ
fsr-3712	161	16	mutual	mutual	ADJ
fsr-3712	161	17	funds	fund	NOUN
fsr-3712	161	18	included	include	VERB
fsr-3712	161	19	in	in	ADP
fsr-3712	161	20	this	this	DET
fsr-3712	161	21	study	study	NOUN
fsr-3712	161	22	.	.	PUNCT
fsr-3712	162	1	average	average	ADJ
fsr-3712	162	2	monthly	monthly	ADJ
fsr-3712	162	3	returns	return	NOUN
fsr-3712	162	4	for	for	ADP
fsr-3712	162	5	seven	seven	NUM
fsr-3712	162	6	of	of	ADP
fsr-3712	162	7	the	the	DET
fsr-3712	162	8	nine	nine	NUM
fsr-3712	162	9	international	international	ADJ
fsr-3712	162	10	funds	fund	NOUN
fsr-3712	162	11	were	be	AUX
fsr-3712	162	12	higher	high	ADJ
fsr-3712	162	13	than	than	ADP
fsr-3712	162	14	for	for	ADP
fsr-3712	162	15	the	the	DET
fsr-3712	162	16	domestic	domestic	ADJ
fsr-3712	162	17	benchmark	benchmark	NOUN
fsr-3712	162	18	fund	fund	NOUN
fsr-3712	162	19	.	.	PUNCT
fsr-3712	163	1	the	the	DET
fsr-3712	163	2	average	average	ADJ
fsr-3712	163	3	monthly	monthly	ADJ
fsr-3712	163	4	return	return	NOUN
fsr-3712	163	5	on	on	ADP
fsr-3712	163	6	the	the	DET
fsr-3712	163	7	market	market	NOUN
fsr-3712	163	8	index	index	NOUN
fsr-3712	163	9	used	use	VERB
fsr-3712	163	10	for	for	ADP
fsr-3712	163	11	international	international	ADJ
fsr-3712	163	12	funds	fund	NOUN
fsr-3712	163	13	,	,	PUNCT
fsr-3712	163	14	morgan	morgan	PROPN
fsr-3712	163	15	stanley	stanley	PROPN
fsr-3712	163	16	eafe	eafe	PROPN
fsr-3712	163	17	,	,	PUNCT
fsr-3712	163	18	also	also	ADV
fsr-3712	163	19	was	be	AUX
fsr-3712	163	20	greater	great	ADJ
fsr-3712	163	21	than	than	ADP
fsr-3712	163	22	the	the	DET
fsr-3712	163	23	return	return	NOUN
fsr-3712	163	24	on	on	ADP
fsr-3712	163	25	the	the	DET
fsr-3712	163	26	domestic	domestic	ADJ
fsr-3712	163	27	benchmark	benchmark	NOUN
fsr-3712	163	28	fund	fund	NOUN
fsr-3712	163	29	.	.	PUNCT
fsr-3712	164	1	three	three	NUM
fsr-3712	164	2	of	of	ADP
fsr-3712	164	3	the	the	DET
fsr-3712	164	4	international	international	ADJ
fsr-3712	164	5	funds	fund	NOUN
fsr-3712	164	6	had	have	VERB
fsr-3712	164	7	average	average	ADJ
fsr-3712	164	8	returns	return	NOUN
fsr-3712	164	9	greater	great	ADJ
fsr-3712	164	10	than	than	ADP
fsr-3712	164	11	that	that	PRON
fsr-3712	164	12	of	of	ADP
fsr-3712	164	13	the	the	DET
fsr-3712	164	14	eafe	eafe	PROPN
fsr-3712	164	15	index	index	NOUN
fsr-3712	164	16	.	.	PUNCT
fsr-3712	165	1	on	on	ADP
fsr-3712	165	2	a	a	DET
fsr-3712	165	3	straight	straight	ADJ
fsr-3712	165	4	return	return	NOUN
fsr-3712	165	5	basis	basis	NOUN
fsr-3712	165	6	,	,	PUNCT
fsr-3712	165	7	the	the	DET
fsr-3712	165	8	sample	sample	NOUN
fsr-3712	165	9	of	of	ADP
fsr-3712	165	10	international	international	ADJ
fsr-3712	165	11	mutual	mutual	ADJ
fsr-3712	165	12	funds	fund	NOUN
fsr-3712	165	13	appears	appear	VERB
fsr-3712	165	14	to	to	PART
fsr-3712	165	15	have	have	AUX
fsr-3712	165	16	outperformed	outperform	VERB
fsr-3712	165	17	the	the	DET
fsr-3712	165	18	domestic	domestic	ADJ
fsr-3712	165	19	benchmark	benchmark	NOUN
fsr-3712	165	20	.	.	PUNCT
fsr-3712	166	1	standard	standard	ADJ
fsr-3712	166	2	deviations	deviation	NOUN
fsr-3712	166	3	of	of	ADP
fsr-3712	166	4	returns	return	NOUN
fsr-3712	166	5	for	for	ADP
fsr-3712	166	6	the	the	DET
fsr-3712	166	7	nine	nine	NUM
fsr-3712	166	8	international	international	ADJ
fsr-3712	166	9	funds	fund	NOUN
fsr-3712	166	10	ranged	range	VERB
fsr-3712	166	11	from	from	ADP
fsr-3712	166	12	4.613	4.613	NUM
fsr-3712	166	13	%	%	NOUN
fsr-3712	166	14	to	to	ADP
fsr-3712	166	15	12.784	12.784	NUM
fsr-3712	166	16	%	%	NOUN
fsr-3712	166	17	.	.	PUNCT
fsr-3712	167	1	five	five	NUM
fsr-3712	167	2	of	of	ADP
fsr-3712	167	3	those	those	DET
fsr-3712	167	4	nine	nine	NUM
fsr-3712	167	5	funds	fund	NOUN
fsr-3712	167	6	had	have	VERB
fsr-3712	167	7	standard	standard	ADJ
fsr-3712	167	8	deviations	deviation	NOUN
fsr-3712	167	9	greater	great	ADJ
fsr-3712	167	10	than	than	ADP
fsr-3712	167	11	the	the	DET
fsr-3712	167	12	benchmark	benchmark	NOUN
fsr-3712	167	13	fund	fund	NOUN
fsr-3712	167	14	’s	’s	PART
fsr-3712	167	15	5.618	5.618	NUM
fsr-3712	167	16	%	%	NOUN
fsr-3712	167	17	.	.	PUNCT
fsr-3712	168	1	the	the	DET
fsr-3712	168	2	average	average	ADJ
fsr-3712	168	3	return	return	NOUN
fsr-3712	168	4	on	on	ADP
fsr-3712	168	5	the	the	DET
fsr-3712	168	6	morgan	morgan	PROPN
fsr-3712	168	7	stanley	stanley	PROPN
fsr-3712	168	8	eafe	eafe	PROPN
fsr-3712	168	9	index	index	PROPN
fsr-3712	168	10	had	have	VERB
fsr-3712	168	11	a	a	DET
fsr-3712	168	12	standard	standard	ADJ
fsr-3712	168	13	deviation	deviation	NOUN
fsr-3712	168	14	of	of	ADP
fsr-3712	168	15	6.363	6.363	NUM
fsr-3712	168	16	%	%	NOUN
fsr-3712	168	17	,	,	PUNCT
fsr-3712	168	18	which	which	PRON
fsr-3712	168	19	is	be	AUX
fsr-3712	168	20	greater	great	ADJ
fsr-3712	168	21	than	than	ADP
fsr-3712	168	22	that	that	PRON
fsr-3712	168	23	of	of	ADP
fsr-3712	168	24	the	the	DET
fsr-3712	168	25	domestic	domestic	ADJ
fsr-3712	168	26	benchmark	benchmark	NOUN
fsr-3712	168	27	fund	fund	NOUN
fsr-3712	168	28	.	.	PUNCT
fsr-3712	169	1	only	only	ADV
fsr-3712	169	2	three	three	NUM
fsr-3712	169	3	of	of	ADP
fsr-3712	169	4	the	the	DET
fsr-3712	169	5	nine	nine	NUM
fsr-3712	169	6	funds	fund	NOUN
fsr-3712	169	7	had	have	VERB
fsr-3712	169	8	standard	standard	ADJ
fsr-3712	169	9	deviations	deviation	NOUN
fsr-3712	169	10	greater	great	ADJ
fsr-3712	169	11	than	than	ADP
fsr-3712	169	12	that	that	PRON
fsr-3712	169	13	of	of	ADP
fsr-3712	169	14	eafe	eafe	PROPN
fsr-3712	169	15	.	.	PUNCT
fsr-3712	170	1	betas	beta	NOUN
fsr-3712	170	2	for	for	ADP
fsr-3712	170	3	the	the	DET
fsr-3712	170	4	international	international	ADJ
fsr-3712	170	5	funds	fund	NOUN
fsr-3712	170	6	were	be	AUX
fsr-3712	170	7	determined	determine	VERB
fsr-3712	170	8	using	use	VERB
fsr-3712	170	9	the	the	DET
fsr-3712	170	10	morgan	morgan	PROPN
fsr-3712	170	11	stanley	stanley	PROPN
fsr-3712	170	12	eafe	eafe	PROPN
fsr-3712	170	13	market	market	PROPN
fsr-3712	170	14	index	index	NOUN
fsr-3712	170	15	.	.	PUNCT
fsr-3712	171	1	international	international	ADJ
fsr-3712	171	2	fund	fund	NOUN
fsr-3712	171	3	betas	beta	NOUN
fsr-3712	171	4	ranged	range	VERB
fsr-3712	171	5	from	from	ADP
fsr-3712	171	6	.522	.522	NUM
fsr-3712	171	7	to	to	ADP
fsr-3712	171	8	.791	.791	NUM
fsr-3712	171	9	.	.	PUNCT
fsr-3712	172	1	all	all	DET
fsr-3712	172	2	nine	nine	NUM
fsr-3712	172	3	of	of	ADP
fsr-3712	172	4	the	the	DET
fsr-3712	172	5	intema	intema	NOUN
fsr-3712	172	6	tional	tional	ADJ
fsr-3712	172	7	funds	fund	NOUN
fsr-3712	172	8	had	have	VERB
fsr-3712	172	9	a	a	DET
fsr-3712	172	10	beta	beta	ADJ
fsr-3712	172	11	coefficient	coefficient	NOUN
fsr-3712	172	12	greater	great	ADJ
fsr-3712	172	13	than	than	ADP
fsr-3712	172	14	the	the	DET
fsr-3712	172	15	domestic	domestic	ADJ
fsr-3712	172	16	benchmark	benchmark	NOUN
fsr-3712	172	17	fund	fund	NOUN
fsr-3712	172	18	beta	beta	NOUN
fsr-3712	172	19	.	.	PUNCT
fsr-3712	173	1	risk	risk	NOUN
fsr-3712	173	2	-	-	PUNCT
fsr-3712	173	3	adjusted	adjust	VERB
fsr-3712	173	4	returns	return	NOUN
fsr-3712	173	5	on	on	ADP
fsr-3712	173	6	internationally	internationally	ADV
fsr-3712	173	7	diversified	diversify	VERB
fsr-3712	173	8	mutual	mutual	ADJ
fsr-3712	173	9	funds	fund	NOUN
fsr-3712	173	10	results	result	NOUN
fsr-3712	173	11	shown	show	VERB
fsr-3712	173	12	in	in	ADP
fsr-3712	173	13	exhibits	exhibit	NOUN
fsr-3712	173	14	2	2	NUM
fsr-3712	173	15	and	and	CCONJ
fsr-3712	173	16	3	3	NUM
fsr-3712	173	17	indicate	indicate	VERB
fsr-3712	173	18	that	that	SCONJ
fsr-3712	173	19	unadjusted	unadjusted	ADJ
fsr-3712	173	20	returns	return	NOUN
fsr-3712	173	21	on	on	ADP
fsr-3712	173	22	intema	intema	NOUN
fsr-3712	173	23	tionally	tionally	ADV
fsr-3712	173	24	diversified	diversify	VERB
fsr-3712	173	25	funds	fund	NOUN
fsr-3712	173	26	compare	compare	VERB
fsr-3712	173	27	favorably	favorably	ADV
fsr-3712	173	28	with	with	ADP
fsr-3712	173	29	the	the	DET
fsr-3712	173	30	return	return	NOUN
fsr-3712	173	31	on	on	ADP
fsr-3712	173	32	a	a	DET
fsr-3712	173	33	well	well	ADV
fsr-3712	173	34	-	-	PUNCT
fsr-3712	173	35	diversified	diversify	VERB
fsr-3712	173	36	pedormance	pedormance	NOUN
fsr-3712	173	37	&	&	CCONJ
fsr-3712	173	38	risk	risk	NOUN
fsr-3712	173	39	exposure	exposure	NOUN
fsr-3712	173	40	of	of	ADP
fsr-3712	173	41	international	international	ADJ
fsr-3712	173	42	mutual	mutual	ADJ
fsr-3712	173	43	funds	fund	NOUN
fsr-3712	173	44	107	107	NUM
fsr-3712	173	45	domestic	domestic	ADJ
fsr-3712	173	46	fund	fund	NOUN
fsr-3712	173	47	,	,	PUNCT
fsr-3712	173	48	the	the	DET
fsr-3712	173	49	vanguard	vanguard	PROPN
fsr-3712	173	50	index	index	NOUN
fsr-3712	173	51	500	500	NUM
fsr-3712	173	52	.	.	PUNCT
fsr-3712	174	1	the	the	DET
fsr-3712	174	2	risk	risk	NOUN
fsr-3712	174	3	level	level	NOUN
fsr-3712	174	4	of	of	ADP
fsr-3712	174	5	each	each	DET
fsr-3712	174	6	fund	fund	NOUN
fsr-3712	174	7	varies	vary	VERB
fsr-3712	174	8	widely	widely	ADV
fsr-3712	174	9	,	,	PUNCT
fsr-3712	174	10	with	with	ADP
fsr-3712	174	11	some	some	PRON
fsr-3712	174	12	below	below	ADP
fsr-3712	174	13	the	the	DET
fsr-3712	174	14	domestic	domestic	ADJ
fsr-3712	174	15	benchmark	benchmark	NOUN
fsr-3712	174	16	and	and	CCONJ
fsr-3712	174	17	some	some	PRON
fsr-3712	174	18	above	above	ADJ
fsr-3712	174	19	.	.	PUNCT
fsr-3712	175	1	the	the	DET
fsr-3712	175	2	study	study	NOUN
fsr-3712	175	3	then	then	ADV
fsr-3712	175	4	com	com	NOUN
fsr-3712	175	5	pared	pare	VERB
fsr-3712	175	6	the	the	DET
fsr-3712	175	7	risk	risk	NOUN
fsr-3712	175	8	-	-	PUNCT
fsr-3712	175	9	adjusted	adjust	VERB
fsr-3712	175	10	returns	return	NOUN
fsr-3712	175	11	for	for	ADP
fsr-3712	175	12	internationally	internationally	ADV
fsr-3712	175	13	diversified	diversify	VERB
fsr-3712	175	14	mutual	mutual	ADJ
fsr-3712	175	15	funds	fund	NOUN
fsr-3712	175	16	with	with	ADP
fsr-3712	175	17	the	the	DET
fsr-3712	175	18	risk	risk	NOUN
fsr-3712	175	19	-	-	PUNCT
fsr-3712	175	20	adjusted	adjust	VERB
fsr-3712	175	21	return	return	NOUN
fsr-3712	175	22	for	for	ADP
fsr-3712	175	23	a	a	DET
fsr-3712	175	24	well	well	ADV
fsr-3712	175	25	-	-	PUNCT
fsr-3712	175	26	diversified	diversify	VERB
fsr-3712	175	27	domestic	domestic	ADJ
fsr-3712	175	28	mutual	mutual	ADJ
fsr-3712	175	29	fund	fund	NOUN
fsr-3712	175	30	.	.	PUNCT
fsr-3712	176	1	the	the	DET
fsr-3712	176	2	following	follow	VERB
fsr-3712	176	3	hypothesis	hypothesis	NOUN
fsr-3712	176	4	was	be	AUX
fsr-3712	176	5	formed	form	VERB
fsr-3712	176	6	:	:	PUNCT
fsr-3712	176	7	h	h	NOUN
fsr-3712	176	8	,	,	PUNCT
fsr-3712	176	9	:	:	PUNCT
fsr-3712	176	10	the	the	DET
fsr-3712	176	11	risk	risk	NOUN
fsr-3712	176	12	-	-	PUNCT
fsr-3712	176	13	adjusted	adjust	VERB
fsr-3712	176	14	performance	performance	NOUN
fsr-3712	176	15	of	of	ADP
fsr-3712	176	16	internationally	internationally	ADV
fsr-3712	176	17	diversified	diversify	VERB
fsr-3712	176	18	mu	mu	PROPN
fsr-3712	176	19	tual	tual	PROPN
fsr-3712	176	20	funds	fund	NOUN
fsr-3712	176	21	is	be	AUX
fsr-3712	176	22	not	not	PART
fsr-3712	176	23	significantly	significantly	ADV
fsr-3712	176	24	different	different	ADJ
fsr-3712	176	25	from	from	ADP
fsr-3712	176	26	the	the	DET
fsr-3712	176	27	performance	performance	NOUN
fsr-3712	176	28	of	of	ADP
fsr-3712	176	29	well	well	ADV
fsr-3712	176	30	-	-	PUNCT
fsr-3712	176	31	diversified	diversify	VERB
fsr-3712	176	32	domestic	domestic	ADJ
fsr-3712	176	33	mutual	mutual	ADJ
fsr-3712	176	34	funds	fund	NOUN
fsr-3712	176	35	.	.	PUNCT
fsr-3712	177	1	h	h	NOUN
fsr-3712	177	2	,	,	PUNCT
fsr-3712	177	3	:	:	PUNCT
fsr-3712	177	4	the	the	DET
fsr-3712	177	5	risk	risk	NOUN
fsr-3712	177	6	-	-	PUNCT
fsr-3712	177	7	adjusted	adjust	VERB
fsr-3712	177	8	performance	performance	NOUN
fsr-3712	177	9	of	of	ADP
fsr-3712	177	10	internationally	internationally	ADV
fsr-3712	177	11	diversified	diversify	VERB
fsr-3712	177	12	mutual	mutual	ADJ
fsr-3712	177	13	funds	fund	NOUN
fsr-3712	177	14	varies	vary	VERB
fsr-3712	177	15	significantly	significantly	ADV
fsr-3712	177	16	from	from	ADP
fsr-3712	177	17	the	the	DET
fsr-3712	177	18	performance	performance	NOUN
fsr-3712	177	19	of	of	ADP
fsr-3712	177	20	well	well	ADV
fsr-3712	177	21	diversified	diversify	VERB
fsr-3712	177	22	domestic	domestic	ADJ
fsr-3712	177	23	mutual	mutual	ADJ
fsr-3712	177	24	funds	fund	NOUN
fsr-3712	177	25	.	.	PUNCT
fsr-3712	178	1	sharpe	sharpe	PROPN
fsr-3712	178	2	and	and	CCONJ
fsr-3712	178	3	treynor	treynor	NOUN
fsr-3712	178	4	performance	performance	NOUN
fsr-3712	178	5	measures	measure	NOUN
fsr-3712	178	6	are	be	AUX
fsr-3712	178	7	presented	present	VERB
fsr-3712	178	8	in	in	ADP
fsr-3712	178	9	columns	column	NOUN
fsr-3712	178	10	6	6	NUM
fsr-3712	178	11	and	and	CCONJ
fsr-3712	178	12	7	7	NUM
fsr-3712	178	13	of	of	ADP
fsr-3712	178	14	exhibits	exhibit	NOUN
fsr-3712	178	15	2	2	NUM
fsr-3712	178	16	and	and	CCONJ
fsr-3712	178	17	3	3	NUM
fsr-3712	178	18	for	for	ADP
fsr-3712	178	19	each	each	PRON
fsr-3712	178	20	of	of	ADP
fsr-3712	178	21	the	the	DET
fsr-3712	178	22	global	global	ADJ
fsr-3712	178	23	and	and	CCONJ
fsr-3712	178	24	international	international	ADJ
fsr-3712	178	25	mutual	mutual	ADJ
fsr-3712	178	26	funds	fund	NOUN
fsr-3712	178	27	in	in	ADP
fsr-3712	178	28	the	the	DET
fsr-3712	178	29	study	study	NOUN
fsr-3712	178	30	.	.	PUNCT
fsr-3712	179	1	globulfunds	globulfund	NOUN
fsr-3712	179	2	.	.	PUNCT
fsr-3712	180	1	values	value	NOUN
fsr-3712	180	2	of	of	ADP
fsr-3712	180	3	the	the	DET
fsr-3712	180	4	sharpe	sharpe	NOUN
fsr-3712	180	5	measure	measure	NOUN
fsr-3712	180	6	for	for	ADP
fsr-3712	180	7	the	the	DET
fsr-3712	180	8	global	global	ADJ
fsr-3712	180	9	funds	fund	NOUN
fsr-3712	180	10	ranged	range	VERB
fsr-3712	180	11	from	from	ADP
fsr-3712	180	12	-.012	-.012	PROPN
fsr-3712	180	13	to	to	ADP
fsr-3712	180	14	.177	.177	NUM
fsr-3712	180	15	(	(	PUNCT
fsr-3712	180	16	exhibit	exhibit	NOUN
fsr-3712	180	17	2	2	NUM
fsr-3712	180	18	)	)	PUNCT
fsr-3712	180	19	.	.	PUNCT
fsr-3712	181	1	only	only	ADV
fsr-3712	181	2	two	two	NUM
fsr-3712	181	3	of	of	ADP
fsr-3712	181	4	the	the	DET
fsr-3712	181	5	10	10	NUM
fsr-3712	181	6	global	global	ADJ
fsr-3712	181	7	funds	fund	NOUN
fsr-3712	181	8	had	have	VERB
fsr-3712	181	9	a	a	DET
fsr-3712	181	10	risk	risk	NOUN
fsr-3712	181	11	-	-	PUNCT
fsr-3712	181	12	adjusted	adjust	VERB
fsr-3712	181	13	measure	measure	NOUN
fsr-3712	181	14	greater	great	ADJ
fsr-3712	181	15	than	than	ADP
fsr-3712	181	16	that	that	PRON
fsr-3712	181	17	of	of	ADP
fsr-3712	181	18	the	the	DET
fsr-3712	181	19	domestic	domestic	ADJ
fsr-3712	181	20	benchmark	benchmark	NOUN
fsr-3712	181	21	fund	fund	NOUN
fsr-3712	181	22	.	.	PUNCT
fsr-3712	182	1	the	the	DET
fsr-3712	182	2	domestic	domestic	ADJ
fsr-3712	182	3	benchmark	benchmark	NOUN
fsr-3712	182	4	fund	fund	NOUN
fsr-3712	182	5	had	have	VERB
fsr-3712	182	6	a	a	DET
fsr-3712	182	7	sharpe	sharpe	NOUN
fsr-3712	182	8	measure	measure	NOUN
fsr-3712	182	9	greater	great	ADJ
fsr-3712	182	10	than	than	ADP
fsr-3712	182	11	that	that	PRON
fsr-3712	182	12	of	of	ADP
fsr-3712	182	13	the	the	DET
fsr-3712	182	14	morgan	morgan	PROPN
fsr-3712	182	15	stanley	stanley	PROPN
fsr-3712	182	16	world	world	PROPN
fsr-3712	182	17	index	index	PROPN
fsr-3712	182	18	.	.	PUNCT
fsr-3712	183	1	this	this	PRON
fsr-3712	183	2	indicates	indicate	VERB
fsr-3712	183	3	that	that	SCONJ
fsr-3712	183	4	the	the	DET
fsr-3712	183	5	domestic	domestic	ADJ
fsr-3712	183	6	benchmark	benchmark	NOUN
fsr-3712	183	7	fund	fund	NOUN
fsr-3712	183	8	provides	provide	VERB
fsr-3712	183	9	a	a	DET
fsr-3712	183	10	greater	great	ADJ
fsr-3712	183	11	premium	premium	NOUN
fsr-3712	183	12	per	per	ADP
fsr-3712	183	13	unit	unit	NOUN
fsr-3712	183	14	of	of	ADP
fsr-3712	183	15	risk	risk	NOUN
fsr-3712	183	16	than	than	SCONJ
fsr-3712	183	17	does	do	VERB
fsr-3712	183	18	the	the	DET
fsr-3712	183	19	market	market	NOUN
fsr-3712	183	20	index	index	NOUN
fsr-3712	183	21	.	.	PUNCT
fsr-3712	184	1	treynor	treynor	NOUN
fsr-3712	184	2	measures	measure	NOUN
fsr-3712	184	3	for	for	ADP
fsr-3712	184	4	the	the	DET
fsr-3712	184	5	global	global	ADJ
fsr-3712	184	6	funds	fund	NOUN
fsr-3712	184	7	ranged	range	VERB
fsr-3712	184	8	from	from	ADP
fsr-3712	184	9	-.09	-.09	PROPN
fsr-3712	184	10	1	1	NUM
fsr-3712	184	11	to	to	ADP
fsr-3712	184	12	1.186	1.186	NUM
fsr-3712	184	13	.	.	PUNCT
fsr-3712	185	1	only	only	ADV
fsr-3712	185	2	three	three	NUM
fsr-3712	185	3	of	of	ADP
fsr-3712	185	4	the	the	DET
fsr-3712	185	5	10	10	NUM
fsr-3712	185	6	global	global	ADJ
fsr-3712	185	7	funds	fund	NOUN
fsr-3712	185	8	had	have	VERB
fsr-3712	185	9	treynor	treynor	NOUN
fsr-3712	185	10	measures	measure	NOUN
fsr-3712	185	11	greater	great	ADJ
fsr-3712	185	12	than	than	ADP
fsr-3712	185	13	that	that	PRON
fsr-3712	185	14	of	of	ADP
fsr-3712	185	15	the	the	DET
fsr-3712	185	16	domestic	domestic	ADJ
fsr-3712	185	17	benchmark	benchmark	NOUN
fsr-3712	185	18	fund	fund	NOUN
fsr-3712	185	19	.	.	PUNCT
fsr-3712	186	1	as	as	ADP
fsr-3712	186	2	with	with	ADP
fsr-3712	186	3	the	the	DET
fsr-3712	186	4	sharpe	sharpe	PROPN
fsr-3712	186	5	measure	measure	NOUN
fsr-3712	186	6	,	,	PUNCT
fsr-3712	186	7	the	the	DET
fsr-3712	186	8	domestic	domestic	ADJ
fsr-3712	186	9	benchmark	benchmark	NOUN
fsr-3712	186	10	fund	fund	NOUN
fsr-3712	186	11	had	have	VERB
fsr-3712	186	12	a	a	DET
fsr-3712	186	13	treynor	treynor	NOUN
fsr-3712	186	14	measure	measure	NOUN
fsr-3712	186	15	greater	great	ADJ
fsr-3712	186	16	than	than	ADP
fsr-3712	186	17	that	that	PRON
fsr-3712	186	18	of	of	ADP
fsr-3712	186	19	the	the	DET
fsr-3712	186	20	market	market	NOUN
fsr-3712	186	21	index	index	NOUN
fsr-3712	186	22	.	.	PUNCT
fsr-3712	187	1	five	five	NUM
fsr-3712	187	2	of	of	ADP
fsr-3712	187	3	the	the	DET
fsr-3712	187	4	10	10	NUM
fsr-3712	187	5	global	global	ADJ
fsr-3712	187	6	funds	fund	NOUN
fsr-3712	187	7	had	have	VERB
fsr-3712	187	8	treynor	treynor	NOUN
fsr-3712	187	9	measures	measure	NOUN
fsr-3712	187	10	which	which	PRON
fsr-3712	187	11	exceeded	exceed	VERB
fsr-3712	187	12	that	that	PRON
fsr-3712	187	13	of	of	ADP
fsr-3712	187	14	the	the	DET
fsr-3712	187	15	market	market	NOUN
fsr-3712	187	16	index	index	NOUN
fsr-3712	187	17	.	.	PUNCT
fsr-3712	188	1	international	international	ADJ
fsr-3712	188	2	funds	fund	NOUN
fsr-3712	188	3	.	.	PUNCT
fsr-3712	189	1	values	value	NOUN
fsr-3712	189	2	of	of	ADP
fsr-3712	189	3	the	the	DET
fsr-3712	189	4	sharpe	sharpe	NOUN
fsr-3712	189	5	measure	measure	NOUN
fsr-3712	189	6	for	for	ADP
fsr-3712	189	7	the	the	DET
fsr-3712	189	8	international	international	ADJ
fsr-3712	189	9	funds	fund	NOUN
fsr-3712	189	10	ranged	range	VERB
fsr-3712	189	11	from	from	ADP
fsr-3712	189	12	.046	.046	NUM
fsr-3712	189	13	to	to	ADP
fsr-3712	189	14	.222	.222	NUM
fsr-3712	189	15	(	(	PUNCT
fsr-3712	189	16	exhibit	exhibit	NOUN
fsr-3712	189	17	3	3	NUM
fsr-3712	189	18	)	)	PUNCT
fsr-3712	189	19	.	.	PUNCT
fsr-3712	190	1	four	four	NUM
fsr-3712	190	2	of	of	ADP
fsr-3712	190	3	the	the	DET
fsr-3712	190	4	nine	nine	NUM
fsr-3712	190	5	international	international	ADJ
fsr-3712	190	6	funds	fund	NOUN
fsr-3712	190	7	had	have	VERB
fsr-3712	190	8	a	a	DET
fsr-3712	190	9	risk	risk	NOUN
fsr-3712	190	10	-	-	PUNCT
fsr-3712	190	11	adjusted	adjust	VERB
fsr-3712	190	12	measure	measure	NOUN
fsr-3712	190	13	greater	great	ADJ
fsr-3712	190	14	than	than	ADP
fsr-3712	190	15	that	that	PRON
fsr-3712	190	16	of	of	ADP
fsr-3712	190	17	the	the	DET
fsr-3712	190	18	domestic	domestic	ADJ
fsr-3712	190	19	benchmark	benchmark	NOUN
fsr-3712	190	20	fund	fund	NOUN
fsr-3712	190	21	.	.	PUNCT
fsr-3712	191	1	the	the	DET
fsr-3712	191	2	market	market	NOUN
fsr-3712	191	3	index	index	NOUN
fsr-3712	191	4	,	,	PUNCT
fsr-3712	191	5	eafe	eafe	PROPN
fsr-3712	191	6	,	,	PUNCT
fsr-3712	191	7	had	have	VERB
fsr-3712	191	8	a	a	DET
fsr-3712	191	9	sharpe	sharpe	NOUN
fsr-3712	191	10	measure	measure	NOUN
fsr-3712	191	11	greater	great	ADJ
fsr-3712	191	12	than	than	ADP
fsr-3712	191	13	that	that	PRON
fsr-3712	191	14	of	of	ADP
fsr-3712	191	15	the	the	DET
fsr-3712	191	16	domestic	domestic	ADJ
fsr-3712	191	17	benchmark	benchmark	NOUN
fsr-3712	191	18	fund	fund	NOUN
fsr-3712	191	19	.	.	PUNCT
fsr-3712	192	1	only	only	ADV
fsr-3712	192	2	two	two	NUM
fsr-3712	192	3	funds	fund	NOUN
fsr-3712	192	4	had	have	VERB
fsr-3712	192	5	sharpe	sharpe	NOUN
fsr-3712	192	6	measures	measure	NOUN
fsr-3712	192	7	which	which	PRON
fsr-3712	192	8	exceeded	exceed	VERB
fsr-3712	192	9	that	that	PRON
fsr-3712	192	10	of	of	ADP
fsr-3712	192	11	eafe	eafe	PROPN
fsr-3712	192	12	.	.	PUNCT
fsr-3712	193	1	three	three	NUM
fsr-3712	193	2	of	of	ADP
fsr-3712	193	3	the	the	DET
fsr-3712	193	4	nine	nine	NUM
fsr-3712	193	5	international	international	ADJ
fsr-3712	193	6	funds	fund	NOUN
fsr-3712	193	7	had	have	VERB
fsr-3712	193	8	treynor	treynor	NOUN
fsr-3712	193	9	measures	measure	NOUN
fsr-3712	193	10	greater	great	ADJ
fsr-3712	193	11	than	than	ADP
fsr-3712	193	12	that	that	PRON
fsr-3712	193	13	of	of	ADP
fsr-3712	193	14	the	the	DET
fsr-3712	193	15	benchmark	benchmark	ADJ
fsr-3712	193	16	mutual	mutual	ADJ
fsr-3712	193	17	fund	fund	NOUN
fsr-3712	193	18	.	.	PUNCT
fsr-3712	194	1	the	the	DET
fsr-3712	194	2	treynor	treynor	NOUN
fsr-3712	194	3	measure	measure	NOUN
fsr-3712	194	4	of	of	ADP
fsr-3712	194	5	the	the	DET
fsr-3712	194	6	domestic	domestic	ADJ
fsr-3712	194	7	benchmark	benchmark	NOUN
fsr-3712	194	8	fund	fund	NOUN
fsr-3712	194	9	was	be	AUX
fsr-3712	194	10	greater	great	ADJ
fsr-3712	194	11	than	than	ADP
fsr-3712	194	12	that	that	PRON
fsr-3712	194	13	of	of	ADP
fsr-3712	194	14	the	the	DET
fsr-3712	194	15	morgan	morgan	PROPN
fsr-3712	194	16	stanley	stanley	PROPN
fsr-3712	194	17	eafe	eafe	PROPN
fsr-3712	194	18	index	index	PROPN
fsr-3712	194	19	.	.	PUNCT
fsr-3712	195	1	wilcoxon	wilcoxon	PROPN
fsr-3712	195	2	matched	match	VERB
fsr-3712	195	3	pairs	pair	NOUN
fsr-3712	195	4	sign	sign	VERB
fsr-3712	195	5	test	test	NOUN
fsr-3712	195	6	assumptions	assumption	NOUN
fsr-3712	195	7	about	about	ADP
fsr-3712	195	8	the	the	DET
fsr-3712	195	9	distribution	distribution	NOUN
fsr-3712	195	10	of	of	ADP
fsr-3712	195	11	the	the	DET
fsr-3712	195	12	sharpe	sharpe	PROPN
fsr-3712	195	13	and	and	CCONJ
fsr-3712	195	14	treynor	treynor	NOUN
fsr-3712	195	15	measures	measure	NOUN
fsr-3712	195	16	can	can	AUX
fsr-3712	195	17	not	not	PART
fsr-3712	195	18	be	be	AUX
fsr-3712	195	19	made	make	VERB
fsr-3712	195	20	,	,	PUNCT
fsr-3712	195	21	thereby	thereby	ADV
fsr-3712	195	22	making	make	VERB
fsr-3712	195	23	it	it	PRON
fsr-3712	195	24	necessary	necessary	ADJ
fsr-3712	195	25	to	to	PART
fsr-3712	195	26	test	test	VERB
fsr-3712	195	27	the	the	DET
fsr-3712	195	28	null	null	ADJ
fsr-3712	195	29	hypothesis	hypothesis	NOUN
fsr-3712	195	30	using	use	VERB
fsr-3712	195	31	a	a	DET
fsr-3712	195	32	nonpara	nonpara	ADJ
fsr-3712	195	33	metric	metric	ADJ
fsr-3712	195	34	test	test	NOUN
fsr-3712	195	35	.	.	PUNCT
fsr-3712	196	1	the	the	DET
fsr-3712	196	2	wilcoxon	wilcoxon	ADJ
fsr-3712	196	3	matched	match	VERB
fsr-3712	196	4	pairs	pair	NOUN
fsr-3712	196	5	sign	sign	NOUN
fsr-3712	196	6	test	test	NOUN
fsr-3712	196	7	,	,	PUNCT
fsr-3712	196	8	a	a	DET
fsr-3712	196	9	nonparametric	nonparametric	NOUN
fsr-3712	196	10	test	test	NOUN
fsr-3712	196	11	appropriate	appropriate	ADJ
fsr-3712	196	12	for	for	ADP
fsr-3712	196	13	testing	test	VERB
fsr-3712	196	14	differences	difference	NOUN
fsr-3712	196	15	in	in	ADP
fsr-3712	196	16	matched	match	VERB
fsr-3712	196	17	sample	sample	NOUN
fsr-3712	196	18	pairs	pair	NOUN
fsr-3712	196	19	,	,	PUNCT
fsr-3712	196	20	was	be	AUX
fsr-3712	196	21	applied	apply	VERB
fsr-3712	196	22	using	use	VERB
fsr-3712	196	23	a	a	DET
fsr-3712	196	24	.05	.05	NUM
fsr-3712	196	25	significance	significance	NOUN
fsr-3712	196	26	level	level	NOUN
fsr-3712	196	27	.	.	PUNCT
fsr-3712	197	1	results	result	NOUN
fsr-3712	197	2	of	of	ADP
fsr-3712	197	3	this	this	DET
fsr-3712	197	4	test	test	NOUN
fsr-3712	197	5	for	for	ADP
fsr-3712	197	6	the	the	DET
fsr-3712	197	7	sharpe	sharpe	PROPN
fsr-3712	197	8	and	and	CCONJ
fsr-3712	197	9	treynor	treynor	NOUN
fsr-3712	197	10	measures	measure	NOUN
fsr-3712	197	11	for	for	ADP
fsr-3712	197	12	both	both	CCONJ
fsr-3712	197	13	global	global	ADJ
fsr-3712	197	14	and	and	CCONJ
fsr-3712	197	15	international	international	ADJ
fsr-3712	197	16	mutual	mutual	ADJ
fsr-3712	197	17	funds	fund	NOUN
fsr-3712	197	18	are	be	AUX
fsr-3712	197	19	presented	present	VERB
fsr-3712	197	20	in	in	ADP
fsr-3712	197	21	exhibit	exhibit	NOUN
fsr-3712	197	22	4	4	NUM
fsr-3712	197	23	.	.	NOUN
fsr-3712	197	24	10s	10	NOUN
fsr-3712	197	25	financial	financial	PROPN
fsr-3712	197	26	services	service	NOUN
fsr-3712	197	27	review	review	NOUN
fsr-3712	197	28	,	,	PUNCT
fsr-3712	197	29	2(2	2(2	NUM
fsr-3712	197	30	)	)	PUNCT
fsr-3712	198	1	1993	1993	NUM
fsr-3712	198	2	exhibit	exhibit	VERB
fsr-3712	198	3	4	4	NUM
fsr-3712	198	4	.	.	NOUN
fsr-3712	198	5	comparison	comparison	NOUN
fsr-3712	198	6	of	of	ADP
fsr-3712	198	7	internationally	internationally	ADV
fsr-3712	198	8	diversified	diversify	VERB
fsr-3712	198	9	fund	fund	NOUN
fsr-3712	198	10	with	with	ADP
fsr-3712	198	11	domestic	domestic	ADJ
fsr-3712	198	12	benchmark	benchmark	ADJ
fsr-3712	198	13	mutual	mutual	ADJ
fsr-3712	198	14	fund	fund	NOUN
fsr-3712	198	15	:	:	PUNCT
fsr-3712	198	16	wilcoxon	wilcoxon	VERB
fsr-3712	198	17	matched	match	VERB
fsr-3712	198	18	pair	pair	NOUN
fsr-3712	198	19	sign	sign	NOUN
fsr-3712	198	20	test	test	NOUN
fsr-3712	198	21	treynor	treynor	PROPN
fsr-3712	198	22	sharpe	sharpe	PROPN
fsr-3712	198	23	wilcoxon	wilcoxon	PROPN
fsr-3712	198	24	statistic	statistic	PROPN
fsr-3712	198	25	p	p	NOUN
fsr-3712	198	26	-	-	PUNCT
fsr-3712	198	27	value	value	NOUN
fsr-3712	198	28	wilcoxon	wilcoxon	NOUN
fsr-3712	198	29	statistic	statistic	PROPN
fsr-3712	198	30	p	p	ADJ
fsr-3712	198	31	-	-	PUNCT
fsr-3712	198	32	value	value	NOUN
fsr-3712	198	33	global	global	ADJ
fsr-3712	198	34	funds	fund	NOUN
fsr-3712	198	35	-1.6004	-1.6004	NOUN
fsr-3712	198	36	0.1095	0.1095	NUM
fsr-3712	198	37	-1.6004	-1.6004	X
fsr-3712	198	38	0.1095	0.1095	NUM
fsr-3712	198	39	international	international	ADJ
fsr-3712	198	40	funds	fund	NOUN
fsr-3712	198	41	-1.3624	-1.3624	VERB
fsr-3712	198	42	0.1731	0.1731	NUM
fsr-3712	198	43	-0.0592	-0.0592	NOUN
fsr-3712	198	44	0.9528	0.9528	NUM
fsr-3712	198	45	the	the	DET
fsr-3712	198	46	wiicoxon	wiicoxon	ADV
fsr-3712	198	47	matched	match	VERB
fsr-3712	198	48	pairs	pair	NOUN
fsr-3712	198	49	sign	sign	NOUN
fsr-3712	198	50	test	test	NOUN
fsr-3712	198	51	does	do	AUX
fsr-3712	198	52	not	not	PART
fsr-3712	198	53	indicate	indicate	VERB
fsr-3712	198	54	a	a	DET
fsr-3712	198	55	significant	significant	ADJ
fsr-3712	198	56	difference	difference	NOUN
fsr-3712	198	57	at	at	ADP
fsr-3712	198	58	a	a	DET
fsr-3712	198	59	reasonable	reasonable	ADJ
fsr-3712	198	60	level	level	NOUN
fsr-3712	198	61	between	between	ADP
fsr-3712	198	62	the	the	DET
fsr-3712	198	63	risk	risk	NOUN
fsr-3712	198	64	-	-	PUNCT
fsr-3712	198	65	adjusted	adjust	VERB
fsr-3712	198	66	sharpe	sharpe	NOUN
fsr-3712	198	67	and	and	CCONJ
fsr-3712	198	68	tteynor	tteynor	NOUN
fsr-3712	198	69	performance	performance	NOUN
fsr-3712	198	70	measures	measure	NOUN
fsr-3712	198	71	of	of	ADP
fsr-3712	198	72	either	either	CCONJ
fsr-3712	198	73	the	the	DET
fsr-3712	198	74	global	global	ADJ
fsr-3712	198	75	or	or	CCONJ
fsr-3712	198	76	the	the	DET
fsr-3712	198	77	international	international	ADJ
fsr-3712	198	78	mutual	mutual	ADJ
fsr-3712	198	79	funds	fund	NOUN
fsr-3712	198	80	and	and	CCONJ
fsr-3712	198	81	the	the	DET
fsr-3712	198	82	domestic	domestic	ADJ
fsr-3712	198	83	benchmark	benchmark	ADJ
fsr-3712	198	84	mutual	mutual	ADJ
fsr-3712	198	85	fund	fund	NOUN
fsr-3712	198	86	measure	measure	NOUN
fsr-3712	198	87	.	.	PUNCT
fsr-3712	199	1	thus	thus	ADV
fsr-3712	199	2	,	,	PUNCT
fsr-3712	199	3	the	the	DET
fsr-3712	199	4	null	null	ADJ
fsr-3712	199	5	hypothesis	hypothesis	NOUN
fsr-3712	199	6	that	that	PRON
fsr-3712	199	7	the	the	DET
fsr-3712	199	8	risk	risk	NOUN
fsr-3712	199	9	-	-	PUNCT
fsr-3712	199	10	adjusted	adjust	VERB
fsr-3712	199	11	performance	performance	NOUN
fsr-3712	199	12	of	of	ADP
fsr-3712	199	13	intemation	intemation	NOUN
fsr-3712	199	14	ally	ally	NOUN
fsr-3712	199	15	diversified	diversify	VERB
fsr-3712	199	16	mutual	mutual	ADJ
fsr-3712	199	17	funds	fund	NOUN
fsr-3712	199	18	does	do	AUX
fsr-3712	199	19	not	not	PART
fsr-3712	199	20	differ	differ	VERB
fsr-3712	199	21	significantly	significantly	ADV
fsr-3712	199	22	from	from	ADP
fsr-3712	199	23	that	that	PRON
fsr-3712	199	24	of	of	ADP
fsr-3712	199	25	domestic	domestic	ADJ
fsr-3712	199	26	mutual	mutual	ADJ
fsr-3712	199	27	funds	fund	NOUN
fsr-3712	199	28	can	can	AUX
fsr-3712	199	29	not	not	PART
fsr-3712	199	30	be	be	AUX
fsr-3712	199	31	rejected	reject	VERB
fsr-3712	199	32	at	at	ADP
fsr-3712	199	33	any	any	DET
fsr-3712	199	34	reasonable	reasonable	ADJ
fsr-3712	199	35	level	level	NOUN
fsr-3712	199	36	of	of	ADP
fsr-3712	199	37	significance	significance	NOUN
fsr-3712	199	38	.	.	PUNCT
fsr-3712	200	1	abnormal	abnormal	ADJ
fsr-3712	200	2	fund	fund	NOUN
fsr-3712	200	3	returns	return	NOUN
fsr-3712	200	4	by	by	ADP
fsr-3712	200	5	management	management	NOUN
fsr-3712	200	6	the	the	DET
fsr-3712	200	7	existence	existence	NOUN
fsr-3712	200	8	of	of	ADP
fsr-3712	200	9	excess	excess	ADJ
fsr-3712	200	10	risk	risk	NOUN
fsr-3712	200	11	-	-	PUNCT
fsr-3712	200	12	adjusted	adjust	VERB
fsr-3712	200	13	returns	return	NOUN
fsr-3712	200	14	on	on	ADP
fsr-3712	200	15	each	each	PRON
fsr-3712	200	16	of	of	ADP
fsr-3712	200	17	the	the	DET
fsr-3712	200	18	global	global	ADJ
fsr-3712	200	19	and	and	CCONJ
fsr-3712	200	20	international	international	ADJ
fsr-3712	200	21	funds	fund	NOUN
fsr-3712	200	22	in	in	ADP
fsr-3712	200	23	this	this	DET
fsr-3712	200	24	study	study	NOUN
fsr-3712	200	25	was	be	AUX
fsr-3712	200	26	examined	examine	VERB
fsr-3712	200	27	using	use	VERB
fsr-3712	200	28	the	the	DET
fsr-3712	200	29	following	follow	VERB
fsr-3712	200	30	hypothesis	hypothesis	NOUN
fsr-3712	200	31	:	:	PUNCT
fsr-3712	200	32	h	h	NOUN
fsr-3712	200	33	,	,	PUNCT
fsr-3712	200	34	:	:	PUNCT
fsr-3712	200	35	the	the	DET
fsr-3712	200	36	excess	excess	ADJ
fsr-3712	200	37	risk	risk	NOUN
fsr-3712	200	38	-	-	PUNCT
fsr-3712	200	39	adjusted	adjust	VERB
fsr-3712	200	40	return	return	NOUN
fsr-3712	200	41	on	on	ADP
fsr-3712	200	42	the	the	DET
fsr-3712	200	43	internationally	internationally	ADV
fsr-3712	200	44	diversified	diversify	VERB
fsr-3712	200	45	mutual	mutual	ADJ
fsr-3712	200	46	funds	fund	NOUN
fsr-3712	200	47	is	be	AUX
fsr-3712	200	48	not	not	PART
fsr-3712	200	49	significantly	significantly	ADV
fsr-3712	200	50	different	different	ADJ
fsr-3712	200	51	from	from	ADP
fsr-3712	200	52	zero	zero	NUM
fsr-3712	200	53	.	.	PUNCT
fsr-3712	201	1	h	h	NOUN
fsr-3712	201	2	,	,	PUNCT
fsr-3712	201	3	:	:	PUNCT
fsr-3712	201	4	the	the	DET
fsr-3712	201	5	excess	excess	ADJ
fsr-3712	201	6	risk	risk	NOUN
fsr-3712	201	7	-	-	PUNCT
fsr-3712	201	8	adjusted	adjust	VERB
fsr-3712	201	9	return	return	NOUN
fsr-3712	201	10	on	on	ADP
fsr-3712	201	11	the	the	DET
fsr-3712	201	12	internationally	internationally	ADV
fsr-3712	201	13	diversified	diversify	VERB
fsr-3712	201	14	mutual	mutual	ADJ
fsr-3712	201	15	funds	fund	NOUN
fsr-3712	201	16	varies	vary	VERB
fsr-3712	201	17	significantly	significantly	ADV
fsr-3712	201	18	from	from	ADP
fsr-3712	201	19	zero	zero	NUM
fsr-3712	201	20	.	.	PUNCT
fsr-3712	202	1	jensen	jensen	PROPN
fsr-3712	202	2	’s	’s	PART
fsr-3712	202	3	measure	measure	NOUN
fsr-3712	202	4	was	be	AUX
fsr-3712	202	5	used	use	VERB
fsr-3712	202	6	to	to	PART
fsr-3712	202	7	test	test	VERB
fsr-3712	202	8	for	for	ADP
fsr-3712	202	9	the	the	DET
fsr-3712	202	10	existence	existence	NOUN
fsr-3712	202	11	of	of	ADP
fsr-3712	202	12	excess	excess	ADJ
fsr-3712	202	13	risk	risk	NOUN
fsr-3712	202	14	-	-	PUNCT
fsr-3712	202	15	adjusted	adjust	VERB
fsr-3712	202	16	returns	return	NOUN
fsr-3712	202	17	on	on	ADP
fsr-3712	202	18	internationally	internationally	ADV
fsr-3712	202	19	diversified	diversify	VERB
fsr-3712	202	20	mutual	mutual	ADJ
fsr-3712	202	21	funds	fund	NOUN
fsr-3712	202	22	.	.	PUNCT
fsr-3712	203	1	to	to	PART
fsr-3712	203	2	determine	determine	VERB
fsr-3712	203	3	whether	whether	SCONJ
fsr-3712	203	4	managers	manager	NOUN
fsr-3712	203	5	of	of	ADP
fsr-3712	203	6	these	these	DET
fsr-3712	203	7	internationally	internationally	ADV
fsr-3712	203	8	diversified	diversify	VERB
fsr-3712	203	9	funds	fund	NOUN
fsr-3712	203	10	are	be	AUX
fsr-3712	203	11	superior	superior	ADJ
fsr-3712	203	12	or	or	CCONJ
fsr-3712	203	13	inferior	inferior	ADJ
fsr-3712	203	14	in	in	ADP
fsr-3712	203	15	their	their	PRON
fsr-3712	203	16	perform	perform	NOUN
fsr-3712	203	17	ance	ance	NOUN
fsr-3712	203	18	,	,	PUNCT
fsr-3712	203	19	jensen	jensen	PROPN
fsr-3712	203	20	’s	’s	PART
fsr-3712	203	21	alpha	alpha	NOUN
fsr-3712	203	22	was	be	AUX
fsr-3712	203	23	computed	compute	VERB
fsr-3712	203	24	for	for	ADP
fsr-3712	203	25	each	each	DET
fsr-3712	203	26	fund	fund	NOUN
fsr-3712	203	27	.	.	PUNCT
fsr-3712	204	1	the	the	DET
fsr-3712	204	2	excess	excess	ADJ
fsr-3712	204	3	risk	risk	NOUN
fsr-3712	204	4	-	-	PUNCT
fsr-3712	204	5	adjusted	adjust	VERB
fsr-3712	204	6	fund	fund	NOUN
fsr-3712	204	7	returns	return	NOUN
fsr-3712	204	8	were	be	AUX
fsr-3712	204	9	regressed	regress	VERB
fsr-3712	204	10	on	on	ADP
fsr-3712	204	11	the	the	DET
fsr-3712	204	12	excess	excess	ADJ
fsr-3712	204	13	risk	risk	NOUN
fsr-3712	204	14	-	-	PUNCT
fsr-3712	204	15	adjusted	adjust	VERB
fsr-3712	204	16	benchmark	benchmark	NOUN
fsr-3712	204	17	return	return	NOUN
fsr-3712	204	18	.	.	PUNCT
fsr-3712	205	1	it	it	PRON
fsr-3712	205	2	was	be	AUX
fsr-3712	205	3	ex	ex	PRON
fsr-3712	205	4	pected	pecte	VERB
fsr-3712	205	5	that	that	SCONJ
fsr-3712	205	6	funds	fund	NOUN
fsr-3712	205	7	with	with	ADP
fsr-3712	205	8	superior	superior	ADJ
fsr-3712	205	9	managers	manager	NOUN
fsr-3712	205	10	would	would	AUX
fsr-3712	205	11	consistently	consistently	ADV
fsr-3712	205	12	have	have	VERB
fsr-3712	205	13	significantly	significantly	ADV
fsr-3712	205	14	positive	positive	ADJ
fsr-3712	205	15	alphas	alpha	NOUN
fsr-3712	205	16	.	.	PUNCT
fsr-3712	206	1	similarly	similarly	ADV
fsr-3712	206	2	,	,	PUNCT
fsr-3712	206	3	significantly	significantly	ADV
fsr-3712	206	4	negative	negative	ADJ
fsr-3712	206	5	alphas	alpha	NOUN
fsr-3712	206	6	would	would	AUX
fsr-3712	206	7	indicate	indicate	VERB
fsr-3712	206	8	inferior	inferior	ADJ
fsr-3712	206	9	fund	fund	NOUN
fsr-3712	206	10	management	management	NOUN
fsr-3712	206	11	performance	performance	NOUN
fsr-3712	206	12	.	.	PUNCT
fsr-3712	207	1	examination	examination	NOUN
fsr-3712	207	2	of	of	ADP
fsr-3712	207	3	the	the	DET
fsr-3712	207	4	jensen	jensen	PROPN
fsr-3712	207	5	measures	measure	NOUN
fsr-3712	207	6	shows	show	VERB
fsr-3712	207	7	that	that	SCONJ
fsr-3712	207	8	seven	seven	NUM
fsr-3712	207	9	of	of	ADP
fsr-3712	207	10	the	the	DET
fsr-3712	207	11	10	10	NUM
fsr-3712	207	12	global	global	ADJ
fsr-3712	207	13	funds	fund	NOUN
fsr-3712	207	14	had	have	VERB
fsr-3712	207	15	a	a	DET
fsr-3712	207	16	positive	positive	ADJ
fsr-3712	207	17	intercept	intercept	NOUN
fsr-3712	207	18	(	(	PUNCT
fsr-3712	207	19	exhibit	exhibit	NOUN
fsr-3712	207	20	2	2	NUM
fsr-3712	207	21	)	)	PUNCT
fsr-3712	207	22	while	while	SCONJ
fsr-3712	207	23	eight	eight	NUM
fsr-3712	207	24	of	of	ADP
fsr-3712	207	25	the	the	DET
fsr-3712	207	26	nine	nine	NUM
fsr-3712	207	27	international	international	ADJ
fsr-3712	207	28	funds	fund	NOUN
fsr-3712	207	29	had	have	VERB
fsr-3712	207	30	a	a	DET
fsr-3712	207	31	positive	positive	ADJ
fsr-3712	207	32	intercept	intercept	NOUN
fsr-3712	207	33	(	(	PUNCT
fsr-3712	207	34	exhibit	exhibit	NOUN
fsr-3712	207	35	3	3	NUM
fsr-3712	207	36	)	)	PUNCT
fsr-3712	207	37	.	.	PUNCT
fsr-3712	208	1	a	a	DET
fsr-3712	208	2	t	t	NOUN
fsr-3712	208	3	-	-	PUNCT
fsr-3712	208	4	ratio	ratio	NOUN
fsr-3712	208	5	was	be	AUX
fsr-3712	208	6	used	use	VERB
fsr-3712	208	7	to	to	PART
fsr-3712	208	8	test	test	VERB
fsr-3712	208	9	whether	whether	SCONJ
fsr-3712	208	10	the	the	DET
fsr-3712	208	11	computed	compute	VERB
fsr-3712	208	12	jensen	jensen	PROPN
fsr-3712	208	13	alphas	alpha	NOUN
fsr-3712	208	14	differed	differ	VERB
fsr-3712	208	15	significantly	significantly	ADV
fsr-3712	208	16	from	from	ADP
fsr-3712	208	17	zero	zero	NUM
fsr-3712	208	18	.	.	PUNCT
fsr-3712	209	1	the	the	DET
fsr-3712	209	2	t	t	PROPN
fsr-3712	209	3	-	-	PUNCT
fsr-3712	209	4	ratios	ratio	NOUN
fsr-3712	209	5	ranged	range	VERB
fsr-3712	209	6	from	from	ADP
fsr-3712	209	7	-.46	-.46	PROPN
fsr-3712	209	8	to	to	ADP
fsr-3712	209	9	1.30	1.30	NUM
fsr-3712	209	10	for	for	ADP
fsr-3712	209	11	the	the	DET
fsr-3712	209	12	global	global	ADJ
fsr-3712	209	13	funds	fund	NOUN
fsr-3712	209	14	,	,	PUNCT
fsr-3712	209	15	and	and	CCONJ
fsr-3712	209	16	from	from	ADP
fsr-3712	209	17	-.70	-.70	PUNCT
fsr-3712	209	18	to	to	ADP
fsr-3712	209	19	1.23	1.23	NUM
fsr-3712	209	20	for	for	ADP
fsr-3712	209	21	the	the	DET
fsr-3712	209	22	international	international	ADJ
fsr-3712	209	23	funds	fund	NOUN
fsr-3712	209	24	.	.	PUNCT
fsr-3712	210	1	however	however	ADV
fsr-3712	210	2	,	,	PUNCT
fsr-3712	210	3	none	none	NOUN
fsr-3712	210	4	of	of	ADP
fsr-3712	210	5	the	the	DET
fsr-3712	210	6	alphas	alpha	NOUN
fsr-3712	210	7	are	be	AUX
fsr-3712	210	8	statistically	statistically	ADV
fsr-3712	210	9	significant	significant	ADJ
fsr-3712	210	10	at	at	ADP
fsr-3712	210	11	a	a	DET
fsr-3712	210	12	reasonable	reasonable	ADJ
fsr-3712	210	13	level	level	NOUN
fsr-3712	210	14	.	.	PUNCT
fsr-3712	211	1	the	the	DET
fsr-3712	211	2	null	null	ADJ
fsr-3712	211	3	hypothesis	hypothesis	NOUN
fsr-3712	211	4	is	be	AUX
fsr-3712	211	5	not	not	PART
fsr-3712	211	6	rejected	reject	VERB
fsr-3712	211	7	,	,	PUNCT
fsr-3712	211	8	indicating	indicate	VERB
fsr-3712	211	9	that	that	SCONJ
fsr-3712	211	10	managers	manager	NOUN
fsr-3712	211	11	of	of	ADP
fsr-3712	211	12	internationally	internationally	ADV
fsr-3712	211	13	diversified	diversify	VERB
fsr-3712	211	14	mutual	mutual	ADJ
fsr-3712	211	15	funds	fund	NOUN
fsr-3712	211	16	do	do	AUX
fsr-3712	211	17	not	not	PART
fsr-3712	211	18	significantly	significantly	ADV
fsr-3712	211	19	outperform	outperform	VERB
fsr-3712	211	20	those	those	PRON
fsr-3712	211	21	of	of	ADP
fsr-3712	211	22	the	the	DET
fsr-3712	211	23	benchmark	benchmark	ADJ
fsr-3712	211	24	index	index	NOUN
fsr-3712	211	25	domestic	domestic	ADJ
fsr-3712	211	26	fund	fund	NOUN
fsr-3712	211	27	.	.	PUNCT
fsr-3712	212	1	performance	performance	NOUN
fsr-3712	212	2	&	&	CCONJ
fsr-3712	212	3	risk	risk	NOUN
fsr-3712	212	4	exposure	exposure	NOUN
fsr-3712	212	5	of	of	ADP
fsr-3712	212	6	international	international	ADJ
fsr-3712	212	7	mutual	mutual	ADJ
fsr-3712	212	8	funds	fund	NOUN
fsr-3712	212	9	109	109	NUM
fsr-3712	212	10	diversification	diversification	NOUN
fsr-3712	212	11	of	of	ADP
fsr-3712	212	12	funds	fund	NOUN
fsr-3712	212	13	the	the	DET
fsr-3712	212	14	efficiency	efficiency	NOUN
fsr-3712	212	15	with	with	ADP
fsr-3712	212	16	which	which	PRON
fsr-3712	212	17	a	a	DET
fsr-3712	212	18	portfolio	portfolio	NOUN
fsr-3712	212	19	is	be	AUX
fsr-3712	212	20	diversified	diversified	ADJ
fsr-3712	212	21	can	can	AUX
fsr-3712	212	22	be	be	AUX
fsr-3712	212	23	measured	measure	VERB
fsr-3712	212	24	by	by	ADP
fsr-3712	212	25	the	the	DET
fsr-3712	212	26	coefficient	coefficient	NOUN
fsr-3712	212	27	of	of	ADP
fsr-3712	212	28	determination	determination	NOUN
fsr-3712	212	29	,	,	PUNCT
fsr-3712	212	30	r	r	NOUN
fsr-3712	212	31	*	*	PUNCT
fsr-3712	212	32	,	,	PUNCT
fsr-3712	212	33	with	with	ADP
fsr-3712	212	34	the	the	DET
fsr-3712	212	35	market	market	NOUN
fsr-3712	212	36	fund	fund	NOUN
fsr-3712	212	37	.	.	PUNCT
fsr-3712	213	1	the	the	PRON
fsr-3712	213	2	closer	close	ADV
fsr-3712	213	3	this	this	DET
fsr-3712	213	4	measure	measure	NOUN
fsr-3712	213	5	is	be	AUX
fsr-3712	213	6	to	to	ADP
fsr-3712	213	7	1	1	NUM
fsr-3712	213	8	.oo	.oo	NUM
fsr-3712	213	9	,	,	PUNCT
fsr-3712	213	10	the	the	PRON
fsr-3712	213	11	closer	close	ADJ
fsr-3712	213	12	the	the	DET
fsr-3712	213	13	diversification	diversification	NOUN
fsr-3712	213	14	of	of	ADP
fsr-3712	213	15	the	the	DET
fsr-3712	213	16	portfolio	portfolio	NOUN
fsr-3712	213	17	is	be	AUX
fsr-3712	213	18	to	to	ADP
fsr-3712	213	19	the	the	DET
fsr-3712	213	20	market	market	NOUN
fsr-3712	213	21	index	index	NOUN
fsr-3712	213	22	.	.	PUNCT
fsr-3712	214	1	the	the	DET
fsr-3712	214	2	only	only	ADJ
fsr-3712	214	3	relevant	relevant	ADJ
fsr-3712	214	4	risk	risk	NOUN
fsr-3712	214	5	for	for	ADP
fsr-3712	214	6	a	a	DET
fsr-3712	214	7	well	well	ADV
fsr-3712	214	8	-	-	PUNCT
fsr-3712	214	9	diversified	diversify	VERB
fsr-3712	214	10	portfolio	portfolio	NOUN
fsr-3712	214	11	is	be	AUX
fsr-3712	214	12	the	the	DET
fsr-3712	214	13	systematic	systematic	ADJ
fsr-3712	214	14	risk	risk	NOUN
fsr-3712	214	15	which	which	PRON
fsr-3712	214	16	remains	remain	VERB
fsr-3712	214	17	.	.	PUNCT
fsr-3712	215	1	some	some	DET
fsr-3712	215	2	funds	fund	NOUN
fsr-3712	215	3	may	may	AUX
fsr-3712	215	4	decide	decide	VERB
fsr-3712	215	5	not	not	PART
fsr-3712	215	6	to	to	PART
fsr-3712	215	7	diversify	diversify	VERB
fsr-3712	215	8	completely	completely	ADV
fsr-3712	215	9	but	but	CCONJ
fsr-3712	215	10	instead	instead	ADV
fsr-3712	215	11	to	to	PART
fsr-3712	215	12	retain	retain	VERB
fsr-3712	215	13	a	a	DET
fsr-3712	215	14	portion	portion	NOUN
fsr-3712	215	15	of	of	ADP
fsr-3712	215	16	nonsystematic	nonsystematic	ADJ
fsr-3712	215	17	risk	risk	NOUN
fsr-3712	215	18	as	as	ADP
fsr-3712	215	19	part	part	NOUN
fsr-3712	215	20	of	of	ADP
fsr-3712	215	21	the	the	DET
fsr-3712	215	22	fund	fund	NOUN
fsr-3712	215	23	’s	’s	PART
fsr-3712	215	24	investment	investment	NOUN
fsr-3712	215	25	objective	objective	NOUN
fsr-3712	215	26	.	.	PUNCT
fsr-3712	216	1	because	because	SCONJ
fsr-3712	216	2	of	of	ADP
fsr-3712	216	3	these	these	DET
fsr-3712	216	4	differing	differ	VERB
fsr-3712	216	5	objectives	objective	NOUN
fsr-3712	216	6	,	,	PUNCT
fsr-3712	216	7	it	it	PRON
fsr-3712	216	8	could	could	AUX
fsr-3712	216	9	be	be	AUX
fsr-3712	216	10	expected	expect	VERB
fsr-3712	216	11	that	that	SCONJ
fsr-3712	216	12	the	the	DET
fsr-3712	216	13	funds	fund	NOUN
fsr-3712	216	14	might	might	AUX
fsr-3712	216	15	display	display	VERB
fsr-3712	216	16	a	a	DET
fsr-3712	216	17	range	range	NOUN
fsr-3712	216	18	of	of	ADP
fsr-3712	216	19	r	r	NOUN
fsr-3712	216	20	*	*	NOUN
fsr-3712	216	21	values	value	NOUN
fsr-3712	216	22	.	.	PUNCT
fsr-3712	217	1	low	low	ADJ
fsr-3712	217	2	r	r	NOUN
fsr-3712	217	3	*	*	NOUN
fsr-3712	217	4	values	value	NOUN
fsr-3712	217	5	would	would	AUX
fsr-3712	217	6	identify	identify	VERB
fsr-3712	217	7	funds	fund	NOUN
fsr-3712	217	8	which	which	PRON
fsr-3712	217	9	have	have	AUX
fsr-3712	217	10	elected	elect	VERB
fsr-3712	217	11	to	to	PART
fsr-3712	217	12	retain	retain	VERB
fsr-3712	217	13	nonsystematic	nonsystematic	ADJ
fsr-3712	217	14	risk	risk	NOUN
fsr-3712	217	15	.	.	PUNCT
fsr-3712	218	1	r	r	X
fsr-3712	218	2	*	*	PUNCT
fsr-3712	218	3	values	value	NOUN
fsr-3712	218	4	for	for	ADP
fsr-3712	218	5	the	the	DET
fsr-3712	218	6	global	global	ADJ
fsr-3712	218	7	mutual	mutual	ADJ
fsr-3712	218	8	funds	fund	NOUN
fsr-3712	218	9	(	(	PUNCT
fsr-3712	218	10	exhibit	exhibit	NOUN
fsr-3712	218	11	2	2	NUM
fsr-3712	218	12	)	)	PUNCT
fsr-3712	218	13	were	be	AUX
fsr-3712	218	14	based	base	VERB
fsr-3712	218	15	upon	upon	SCONJ
fsr-3712	218	16	the	the	DET
fsr-3712	218	17	morgan	morgan	PROPN
fsr-3712	218	18	stanley	stanley	PROPN
fsr-3712	218	19	world	world	PROPN
fsr-3712	218	20	index	index	NOUN
fsr-3712	218	21	as	as	ADP
fsr-3712	218	22	the	the	DET
fsr-3712	218	23	market	market	NOUN
fsr-3712	218	24	measure	measure	NOUN
fsr-3712	218	25	,	,	PUNCT
fsr-3712	218	26	and	and	CCONJ
fsr-3712	218	27	ranged	range	VERB
fsr-3712	218	28	from	from	ADP
fsr-3712	218	29	i321	i321	PROPN
fsr-3712	218	30	to	to	ADP
fsr-3712	218	31	.205	.205	NUM
fsr-3712	218	32	.	.	PUNCT
fsr-3712	219	1	low	low	ADJ
fsr-3712	219	2	r	r	PROPN
fsr-3712	219	3	*	*	NOUN
fsr-3712	219	4	values	value	NOUN
fsr-3712	219	5	suggests	suggest	VERB
fsr-3712	219	6	that	that	SCONJ
fsr-3712	219	7	some	some	DET
fsr-3712	219	8	funds	fund	NOUN
fsr-3712	219	9	elected	elect	VERB
fsr-3712	219	10	to	to	PART
fsr-3712	219	11	retain	retain	VERB
fsr-3712	219	12	a	a	DET
fsr-3712	219	13	sizable	sizable	ADJ
fsr-3712	219	14	unsystematic	unsystematic	ADJ
fsr-3712	219	15	risk	risk	NOUN
fsr-3712	219	16	component	component	NOUN
fsr-3712	219	17	.	.	PUNCT
fsr-3712	220	1	r	r	X
fsr-3712	220	2	*	*	PUNCT
fsr-3712	220	3	values	value	NOUN
fsr-3712	220	4	for	for	ADP
fsr-3712	220	5	the	the	DET
fsr-3712	220	6	international	international	ADJ
fsr-3712	220	7	funds	fund	NOUN
fsr-3712	220	8	(	(	PUNCT
fsr-3712	220	9	exhibit	exhibit	NOUN
fsr-3712	220	10	3	3	NUM
fsr-3712	220	11	)	)	PUNCT
fsr-3712	220	12	were	be	AUX
fsr-3712	220	13	computed	compute	VERB
fsr-3712	220	14	using	use	VERB
fsr-3712	220	15	the	the	DET
fsr-3712	220	16	morgan	morgan	PROPN
fsr-3712	220	17	stanley	stanley	PROPN
fsr-3712	220	18	eape	eape	PROPN
fsr-3712	220	19	index	index	NOUN
fsr-3712	220	20	,	,	PUNCT
fsr-3712	220	21	and	and	CCONJ
fsr-3712	220	22	ranged	range	VERB
fsr-3712	220	23	from	from	ADP
fsr-3712	220	24	.	.	PROPN
fsr-3712	220	25	150	150	NUM
fsr-3712	220	26	to	to	ADP
fsr-3712	220	27	.654	.654	NUM
fsr-3712	220	28	.	.	PUNCT
fsr-3712	221	1	again	again	ADV
fsr-3712	221	2	,	,	PUNCT
fsr-3712	221	3	the	the	DET
fsr-3712	221	4	low	low	ADJ
fsr-3712	221	5	r	r	NOUN
fsr-3712	221	6	*	*	NOUN
fsr-3712	221	7	values	value	NOUN
fsr-3712	221	8	and	and	CCONJ
fsr-3712	221	9	their	their	PRON
fsr-3712	221	10	wide	wide	ADJ
fsr-3712	221	11	range	range	NOUN
fsr-3712	221	12	suggests	suggest	VERB
fsr-3712	221	13	that	that	SCONJ
fsr-3712	221	14	some	some	DET
fsr-3712	221	15	funds	fund	NOUN
fsr-3712	221	16	elected	elect	VERB
fsr-3712	221	17	to	to	PART
fsr-3712	221	18	retain	retain	VERB
fsr-3712	221	19	a	a	DET
fsr-3712	221	20	sizable	sizable	ADJ
fsr-3712	221	21	unsystem	unsystem	ADJ
fsr-3712	221	22	atic	atic	ADJ
fsr-3712	221	23	risk	risk	NOUN
fsr-3712	221	24	component	component	NOUN
fsr-3712	221	25	.	.	PUNCT
fsr-3712	222	1	iv	iv	X
fsr-3712	222	2	.	.	PUNCT
fsr-3712	223	1	conclusions	conclusion	NOUN
fsr-3712	223	2	this	this	DET
fsr-3712	223	3	study	study	NOUN
fsr-3712	223	4	addressed	address	VERB
fsr-3712	223	5	whether	whether	SCONJ
fsr-3712	223	6	internationally	internationally	ADV
fsr-3712	223	7	diversified	diversify	VERB
fsr-3712	223	8	mutual	mutual	ADJ
fsr-3712	223	9	funds	fund	NOUN
fsr-3712	223	10	can	can	AUX
fsr-3712	223	11	be	be	AUX
fsr-3712	223	12	expected	expect	VERB
fsr-3712	223	13	to	to	PART
fsr-3712	223	14	increase	increase	VERB
fsr-3712	223	15	a	a	DET
fsr-3712	223	16	u.s	u.s	PROPN
fsr-3712	223	17	.	.	PROPN
fsr-3712	223	18	investor	investor	NOUN
fsr-3712	223	19	’s	’s	PART
fsr-3712	223	20	risk	risk	NOUN
fsr-3712	223	21	-	-	PUNCT
fsr-3712	223	22	adjusted	adjust	VERB
fsr-3712	223	23	return	return	NOUN
fsr-3712	223	24	above	above	ADP
fsr-3712	223	25	the	the	DET
fsr-3712	223	26	risk	risk	NOUN
fsr-3712	223	27	-	-	PUNCT
fsr-3712	223	28	adjusted	adjust	VERB
fsr-3712	223	29	return	return	NOUN
fsr-3712	223	30	available	available	ADJ
fsr-3712	223	31	on	on	ADP
fsr-3712	223	32	a	a	DET
fsr-3712	223	33	domestic	domestic	ADJ
fsr-3712	223	34	benchmark	benchmark	ADJ
fsr-3712	223	35	mutual	mutual	ADJ
fsr-3712	223	36	fund	fund	NOUN
fsr-3712	223	37	.	.	PUNCT
fsr-3712	224	1	an	an	DET
fsr-3712	224	2	inspection	inspection	NOUN
fsr-3712	224	3	of	of	ADP
fsr-3712	224	4	the	the	DET
fsr-3712	224	5	monthly	monthly	ADJ
fsr-3712	224	6	returns	return	NOUN
fsr-3712	224	7	presented	present	VERB
fsr-3712	224	8	in	in	ADP
fsr-3712	224	9	exhibits	exhibit	NOUN
fsr-3712	224	10	2	2	NUM
fsr-3712	224	11	and	and	CCONJ
fsr-3712	224	12	3	3	NUM
fsr-3712	224	13	shows	show	VERB
fsr-3712	224	14	that	that	SCONJ
fsr-3712	224	15	the	the	DET
fsr-3712	224	16	average	average	ADJ
fsr-3712	224	17	return	return	NOUN
fsr-3712	224	18	on	on	ADP
fsr-3712	224	19	about	about	ADV
fsr-3712	224	20	one	one	NUM
fsr-3712	224	21	-	-	PUNCT
fsr-3712	224	22	half	half	NOUN
fsr-3712	224	23	of	of	ADP
fsr-3712	224	24	the	the	DET
fsr-3712	224	25	internationally	internationally	ADV
fsr-3712	224	26	diversified	diversify	VERB
fsr-3712	224	27	funds	fund	NOUN
fsr-3712	224	28	does	do	AUX
fsr-3712	224	29	exceed	exceed	VERB
fsr-3712	224	30	the	the	DET
fsr-3712	224	31	average	average	ADJ
fsr-3712	224	32	return	return	NOUN
fsr-3712	224	33	on	on	ADP
fsr-3712	224	34	the	the	DET
fsr-3712	224	35	domestic	domestic	ADJ
fsr-3712	224	36	benchmark	benchmark	NOUN
fsr-3712	224	37	fund	fund	NOUN
fsr-3712	224	38	.	.	PUNCT
fsr-3712	225	1	when	when	SCONJ
fsr-3712	225	2	the	the	DET
fsr-3712	225	3	returns	return	NOUN
fsr-3712	225	4	are	be	AUX
fsr-3712	225	5	risk	risk	NOUN
fsr-3712	225	6	-	-	PUNCT
fsr-3712	225	7	adjusted	adjust	VERB
fsr-3712	225	8	using	use	VERB
fsr-3712	225	9	either	either	CCONJ
fsr-3712	225	10	the	the	DET
fsr-3712	225	11	sharpe	sharpe	NOUN
fsr-3712	225	12	or	or	CCONJ
fsr-3712	225	13	the	the	DET
fsr-3712	225	14	treynor	treynor	NOUN
fsr-3712	225	15	measure	measure	NOUN
fsr-3712	225	16	,	,	PUNCT
fsr-3712	225	17	the	the	DET
fsr-3712	225	18	internationally	internationally	ADV
fsr-3712	225	19	diversified	diversify	VERB
fsr-3712	225	20	mutual	mutual	ADJ
fsr-3712	225	21	funds	fund	NOUN
fsr-3712	225	22	do	do	AUX
fsr-3712	225	23	not	not	PART
fsr-3712	225	24	provide	provide	VERB
fsr-3712	225	25	a	a	DET
fsr-3712	225	26	risk	risk	NOUN
fsr-3712	225	27	-	-	PUNCT
fsr-3712	225	28	adjusted	adjust	VERB
fsr-3712	225	29	return	return	NOUN
fsr-3712	225	30	that	that	PRON
fsr-3712	225	31	is	be	AUX
fsr-3712	225	32	significantly	significantly	ADV
fsr-3712	225	33	different	different	ADJ
fsr-3712	225	34	at	at	ADP
fsr-3712	225	35	a	a	DET
fsr-3712	225	36	reasonable	reasonable	ADJ
fsr-3712	225	37	level	level	NOUN
fsr-3712	225	38	from	from	ADP
fsr-3712	225	39	the	the	DET
fsr-3712	225	40	domestic	domestic	ADJ
fsr-3712	225	41	benchmark	benchmark	ADJ
fsr-3712	225	42	mutual	mutual	ADJ
fsr-3712	225	43	fund	fund	NOUN
fsr-3712	225	44	.	.	PUNCT
fsr-3712	226	1	these	these	DET
fsr-3712	226	2	results	result	NOUN
fsr-3712	226	3	differ	differ	VERB
fsr-3712	226	4	from	from	ADP
fsr-3712	226	5	mcdonald	mcdonald	PROPN
fsr-3712	226	6	’s	’s	PART
fsr-3712	226	7	(	(	PUNCT
fsr-3712	226	8	1973	1973	NUM
fsr-3712	226	9	)	)	PUNCT
fsr-3712	226	10	conclusions	conclusion	NOUN
fsr-3712	226	11	that	that	SCONJ
fsr-3712	226	12	investing	invest	VERB
fsr-3712	226	13	in	in	ADP
fsr-3712	226	14	an	an	DET
fsr-3712	226	15	external	external	ADJ
fsr-3712	226	16	market	market	NOUN
fsr-3712	226	17	provides	provide	VERB
fsr-3712	226	18	superior	superior	ADJ
fsr-3712	226	19	return	return	NOUN
fsr-3712	226	20	performance	performance	NOUN
fsr-3712	226	21	.	.	PUNCT
fsr-3712	227	1	the	the	DET
fsr-3712	227	2	results	result	NOUN
fsr-3712	227	3	of	of	ADP
fsr-3712	227	4	this	this	DET
fsr-3712	227	5	study	study	NOUN
fsr-3712	227	6	also	also	ADV
fsr-3712	227	7	differ	differ	VERB
fsr-3712	227	8	from	from	ADP
fsr-3712	227	9	those	those	PRON
fsr-3712	227	10	of	of	ADP
fsr-3712	227	11	proffitt	proffitt	PROPN
fsr-3712	227	12	and	and	CCONJ
fsr-3712	227	13	seitz	seitz	PROPN
fsr-3712	227	14	(	(	PUNCT
fsr-3712	227	15	1983	1983	NUM
fsr-3712	227	16	)	)	PUNCT
fsr-3712	227	17	who	who	PRON
fsr-3712	227	18	found	find	VERB
fsr-3712	227	19	universally	universally	ADV
fsr-3712	227	20	that	that	SCONJ
fsr-3712	227	21	international	international	ADJ
fsr-3712	227	22	funds	fund	NOUN
fsr-3712	227	23	significantly	significantly	ADV
fsr-3712	227	24	outperformed	outperform	VERB
fsr-3712	227	25	the	the	DET
fsr-3712	227	26	s&p	s&p	PROPN
fsr-3712	227	27	500	500	NUM
fsr-3712	227	28	,	,	PUNCT
fsr-3712	227	29	a	a	DET
fsr-3712	227	30	domestic	domestic	ADJ
fsr-3712	227	31	market	market	NOUN
fsr-3712	227	32	index	index	NOUN
fsr-3712	227	33	.	.	PUNCT
fsr-3712	228	1	at	at	ADP
fsr-3712	228	2	least	least	ADJ
fsr-3712	228	3	for	for	ADP
fsr-3712	228	4	the	the	DET
fsr-3712	228	5	time	time	NOUN
fsr-3712	228	6	period	period	NOUN
fsr-3712	228	7	of	of	ADP
fsr-3712	228	8	this	this	DET
fsr-3712	228	9	study	study	NOUN
fsr-3712	228	10	,	,	PUNCT
fsr-3712	228	11	the	the	DET
fsr-3712	228	12	benefits	benefit	NOUN
fsr-3712	228	13	for	for	ADP
fsr-3712	228	14	the	the	DET
fsr-3712	228	15	u.s	u.s	PROPN
fsr-3712	228	16	.	.	PROPN
fsr-3712	228	17	citizen	citizen	NOUN
fsr-3712	228	18	of	of	ADP
fsr-3712	228	19	investing	invest	VERB
fsr-3712	228	20	through	through	ADP
fsr-3712	228	21	an	an	DET
fsr-3712	228	22	international	international	ADJ
fsr-3712	228	23	or	or	CCONJ
fsr-3712	228	24	global	global	ADJ
fsr-3712	228	25	mutual	mutual	ADJ
fsr-3712	228	26	fund	fund	NOUN
fsr-3712	228	27	appear	appear	VERB
fsr-3712	228	28	to	to	PART
fsr-3712	228	29	be	be	AUX
fsr-3712	228	30	limited	limit	VERB
fsr-3712	228	31	.	.	PUNCT
fsr-3712	229	1	the	the	DET
fsr-3712	229	2	coefficients	coefficient	NOUN
fsr-3712	229	3	of	of	ADP
fsr-3712	229	4	determination	determination	NOUN
fsr-3712	229	5	for	for	ADP
fsr-3712	229	6	the	the	DET
fsr-3712	229	7	global	global	ADJ
fsr-3712	229	8	and	and	CCONJ
fsr-3712	229	9	international	international	ADJ
fsr-3712	229	10	mutual	mutual	ADJ
fsr-3712	229	11	funds	fund	NOUN
fsr-3712	229	12	in	in	ADP
fsr-3712	229	13	this	this	DET
fsr-3712	229	14	study	study	NOUN
fsr-3712	229	15	are	be	AUX
fsr-3712	229	16	generally	generally	ADV
fsr-3712	229	17	quite	quite	ADV
fsr-3712	229	18	low	low	ADJ
fsr-3712	229	19	,	,	PUNCT
fsr-3712	229	20	with	with	ADP
fsr-3712	229	21	r	r	NOUN
fsr-3712	229	22	*	*	NOUN
fsr-3712	229	23	values	value	NOUN
fsr-3712	229	24	for	for	ADP
fsr-3712	229	25	the	the	DET
fsr-3712	229	26	global	global	ADJ
fsr-3712	229	27	funds	fund	NOUN
fsr-3712	229	28	generally	generally	ADV
fsr-3712	229	29	greater	great	ADJ
fsr-3712	229	30	than	than	ADP
fsr-3712	229	31	those	those	PRON
fsr-3712	229	32	for	for	ADP
fsr-3712	229	33	the	the	DET
fsr-3712	229	34	international	international	ADJ
fsr-3712	229	35	funds	fund	NOUN
fsr-3712	229	36	.	.	PUNCT
fsr-3712	230	1	the	the	DET
fsr-3712	230	2	range	range	NOUN
fsr-3712	230	3	of	of	ADP
fsr-3712	230	4	values	value	NOUN
fsr-3712	230	5	among	among	ADP
fsr-3712	230	6	the	the	DET
fsr-3712	230	7	various	various	ADJ
fsr-3712	230	8	funds	fund	NOUN
fsr-3712	230	9	may	may	AUX
fsr-3712	230	10	be	be	AUX
fsr-3712	230	11	due	due	ADJ
fsr-3712	230	12	to	to	ADP
fsr-3712	230	13	each	each	DET
fsr-3712	230	14	fund	fund	NOUN
fsr-3712	230	15	’s	’s	AUX
fsr-3712	230	16	pursuing	pursue	VERB
fsr-3712	230	17	a	a	DET
fsr-3712	230	18	different	different	ADJ
fsr-3712	230	19	investment	investment	NOUN
fsr-3712	230	20	objective	objective	NOUN
fsr-3712	230	21	.	.	PUNCT
fsr-3712	231	1	given	give	VERB
fsr-3712	231	2	the	the	DET
fsr-3712	231	3	low	low	ADJ
fsr-3712	231	4	r	r	NOUN
fsr-3712	231	5	*	*	NOUN
fsr-3712	231	6	values	value	NOUN
fsr-3712	231	7	for	for	ADP
fsr-3712	231	8	the	the	DET
fsr-3712	231	9	internationally	internationally	ADV
fsr-3712	231	10	diversified	diversify	VERB
fsr-3712	231	11	mutual	mutual	ADJ
fsr-3712	231	12	funds	fund	NOUN
fsr-3712	231	13	,	,	PUNCT
fsr-3712	231	14	we	we	PRON
fsr-3712	231	15	believe	believe	VERB
fsr-3712	231	16	that	that	SCONJ
fsr-3712	231	17	funds	fund	NOUN
fsr-3712	231	18	do	do	AUX
fsr-3712	231	19	not	not	PART
fsr-3712	231	20	diversify	diversify	VERB
fsr-3712	231	21	away	away	ADV
fsr-3712	231	22	the	the	DET
fsr-3712	231	23	unsystematic	unsystematic	ADJ
fsr-3712	231	24	risk	risk	NOUN
fsr-3712	231	25	in	in	ADP
fsr-3712	231	26	their	their	PRON
fsr-3712	231	27	portfolios	portfolio	NOUN
fsr-3712	231	28	.	.	PUNCT
fsr-3712	232	1	investors	investor	NOUN
fsr-3712	232	2	in	in	ADP
fsr-3712	232	3	these	these	DET
fsr-3712	232	4	funds	fund	NOUN
fsr-3712	232	5	therefore	therefore	ADV
fsr-3712	232	6	must	must	AUX
fsr-3712	232	7	be	be	AUX
fsr-3712	232	8	concerned	concern	VERB
fsr-3712	232	9	with	with	ADP
fsr-3712	232	10	the	the	DET
fsr-3712	232	11	total	total	ADJ
fsr-3712	232	12	risk	risk	NOUN
fsr-3712	232	13	of	of	ADP
fsr-3712	232	14	the	the	DET
fsr-3712	232	15	fund	fund	NOUN
fsr-3712	232	16	,	,	PUNCT
fsr-3712	232	17	not	not	PART
fsr-3712	232	18	just	just	ADV
fsr-3712	232	19	the	the	DET
fsr-3712	232	20	110	110	NUM
fsr-3712	232	21	financial	financial	ADJ
fsr-3712	232	22	services	service	NOUN
fsr-3712	232	23	review	review	NOUN
fsr-3712	232	24	,	,	PUNCT
fsr-3712	232	25	2(2	2(2	NUM
fsr-3712	232	26	)	)	PUNCT
fsr-3712	232	27	1993	1993	NUM
fsr-3712	232	28	systematic	systematic	ADJ
fsr-3712	232	29	or	or	CCONJ
fsr-3712	232	30	market	market	NOUN
fsr-3712	232	31	risk	risk	NOUN
fsr-3712	232	32	,	,	PUNCT
fsr-3712	232	33	when	when	SCONJ
fsr-3712	232	34	selecting	select	VERB
fsr-3712	232	35	a	a	DET
fsr-3712	232	36	performance	performance	NOUN
fsr-3712	232	37	measure	measure	NOUN
fsr-3712	232	38	.	.	PUNCT
fsr-3712	233	1	consequently	consequently	ADV
fsr-3712	233	2	,	,	PUNCT
fsr-3712	233	3	using	use	VERB
fsr-3712	233	4	either	either	CCONJ
fsr-3712	233	5	the	the	DET
fsr-3712	233	6	treynor	treynor	NOUN
fsr-3712	233	7	or	or	CCONJ
fsr-3712	233	8	the	the	DET
fsr-3712	233	9	jensen	jensen	PROPN
fsr-3712	233	10	performance	performance	NOUN
fsr-3712	233	11	measure	measure	NOUN
fsr-3712	233	12	,	,	PUNCT
fsr-3712	233	13	which	which	PRON
fsr-3712	233	14	assume	assume	VERB
fsr-3712	233	15	that	that	SCONJ
fsr-3712	233	16	the	the	DET
fsr-3712	233	17	fund	fund	NOUN
fsr-3712	233	18	is	be	AUX
fsr-3712	233	19	well	well	ADV
fsr-3712	233	20	-	-	PUNCT
fsr-3712	233	21	diversified	diversify	VERB
fsr-3712	233	22	and	and	CCONJ
fsr-3712	233	23	that	that	SCONJ
fsr-3712	233	24	the	the	DET
fsr-3712	233	25	only	only	ADJ
fsr-3712	233	26	relevant	relevant	ADJ
fsr-3712	233	27	risk	risk	NOUN
fsr-3712	233	28	is	be	AUX
fsr-3712	233	29	the	the	DET
fsr-3712	233	30	market	market	NOUN
fsr-3712	233	31	risk	risk	NOUN
fsr-3712	233	32	as	as	SCONJ
fsr-3712	233	33	measured	measure	VERB
fsr-3712	233	34	by	by	ADP
fsr-3712	233	35	the	the	DET
fsr-3712	233	36	fund	fund	NOUN
fsr-3712	233	37	’s	’s	PART
fsr-3712	233	38	beta	beta	NOUN
fsr-3712	233	39	,	,	PUNCT
fsr-3712	233	40	may	may	AUX
fsr-3712	233	41	not	not	PART
fsr-3712	233	42	be	be	AUX
fsr-3712	233	43	appropriate	appropriate	ADJ
fsr-3712	233	44	for	for	ADP
fsr-3712	233	45	many	many	ADJ
fsr-3712	233	46	investors	investor	NOUN
fsr-3712	233	47	.	.	PUNCT
fsr-3712	234	1	we	we	PRON
fsr-3712	234	2	expect	expect	VERB
fsr-3712	234	3	that	that	SCONJ
fsr-3712	234	4	u.s	u.s	PROPN
fsr-3712	234	5	.	.	PROPN
fsr-3712	234	6	investors	investor	NOUN
fsr-3712	234	7	,	,	PUNCT
fsr-3712	234	8	many	many	ADJ
fsr-3712	234	9	of	of	ADP
fsr-3712	234	10	whom	whom	PRON
fsr-3712	234	11	have	have	AUX
fsr-3712	234	12	only	only	ADV
fsr-3712	234	13	recently	recently	ADV
fsr-3712	234	14	diversified	diversify	VERB
fsr-3712	234	15	on	on	ADP
fsr-3712	234	16	an	an	DET
fsr-3712	234	17	international	international	ADJ
fsr-3712	234	18	scale	scale	NOUN
fsr-3712	234	19	,	,	PUNCT
fsr-3712	234	20	are	be	AUX
fsr-3712	234	21	unlikely	unlikely	ADJ
fsr-3712	234	22	to	to	PART
fsr-3712	234	23	hold	hold	VERB
fsr-3712	234	24	a	a	DET
fsr-3712	234	25	large	large	ADJ
fsr-3712	234	26	number	number	NOUN
fsr-3712	234	27	of	of	ADP
fsr-3712	234	28	internationally	internationally	ADV
fsr-3712	234	29	diversified	diversify	VERB
fsr-3712	234	30	funds	fund	NOUN
fsr-3712	234	31	.	.	PUNCT
fsr-3712	235	1	as	as	SCONJ
fsr-3712	235	2	such	such	ADJ
fsr-3712	235	3	they	they	PRON
fsr-3712	235	4	are	be	AUX
fsr-3712	235	5	not	not	PART
fsr-3712	235	6	likely	likely	ADJ
fsr-3712	235	7	to	to	PART
fsr-3712	235	8	diversify	diversify	VERB
fsr-3712	235	9	away	away	ADV
fsr-3712	235	10	the	the	DET
fsr-3712	235	11	unsystematic	unsystematic	ADJ
fsr-3712	235	12	risk	risk	NOUN
fsr-3712	235	13	of	of	ADP
fsr-3712	235	14	their	their	PRON
fsr-3712	235	15	holdings	holding	NOUN
fsr-3712	235	16	.	.	PUNCT
fsr-3712	236	1	given	give	VERB
fsr-3712	236	2	this	this	DET
fsr-3712	236	3	retention	retention	NOUN
fsr-3712	236	4	of	of	ADP
fsr-3712	236	5	unsystematic	unsystematic	ADJ
fsr-3712	236	6	risk	risk	NOUN
fsr-3712	236	7	by	by	ADP
fsr-3712	236	8	the	the	DET
fsr-3712	236	9	fund	fund	NOUN
fsr-3712	236	10	and	and	CCONJ
fsr-3712	236	11	by	by	ADP
fsr-3712	236	12	the	the	DET
fsr-3712	236	13	investors	investor	NOUN
fsr-3712	236	14	,	,	PUNCT
fsr-3712	236	15	a	a	DET
fsr-3712	236	16	fund	fund	NOUN
fsr-3712	236	17	’s	’s	PART
fsr-3712	236	18	total	total	ADJ
fsr-3712	236	19	risk	risk	NOUN
fsr-3712	236	20	is	be	AUX
fsr-3712	236	21	likely	likely	ADJ
fsr-3712	236	22	to	to	PART
fsr-3712	236	23	be	be	AUX
fsr-3712	236	24	a	a	DET
fsr-3712	236	25	more	more	ADV
fsr-3712	236	26	appropriate	appropriate	ADJ
fsr-3712	236	27	risk	risk	NOUN
fsr-3712	236	28	adjustment	adjustment	NOUN
fsr-3712	236	29	measure	measure	NOUN
fsr-3712	236	30	.	.	PUNCT
fsr-3712	237	1	sharpe	sharpe	PROPN
fsr-3712	237	2	’s	’s	PART
fsr-3712	237	3	performance	performance	NOUN
fsr-3712	237	4	measure	measure	NOUN
fsr-3712	237	5	,	,	PUNCT
fsr-3712	237	6	which	which	PRON
fsr-3712	237	7	uses	use	VERB
fsr-3712	237	8	the	the	DET
fsr-3712	237	9	fund	fund	NOUN
fsr-3712	237	10	’s	’s	PART
fsr-3712	237	11	standard	standard	ADJ
fsr-3712	237	12	deviation	deviation	NOUN
fsr-3712	237	13	,	,	PUNCT
fsr-3712	237	14	would	would	AUX
fsr-3712	237	15	consider	consider	VERB
fsr-3712	237	16	total	total	ADJ
fsr-3712	237	17	risk	risk	NOUN
fsr-3712	237	18	rather	rather	ADV
fsr-3712	237	19	than	than	ADP
fsr-3712	237	20	just	just	ADV
fsr-3712	237	21	the	the	DET
fsr-3712	237	22	market	market	NOUN
fsr-3712	237	23	risk	risk	NOUN
fsr-3712	237	24	component	component	NOUN
fsr-3712	237	25	.	.	PUNCT
fsr-3712	238	1	in	in	ADP
fsr-3712	238	2	our	our	PRON
fsr-3712	238	3	opinion	opinion	NOUN
fsr-3712	238	4	,	,	PUNCT
fsr-3712	238	5	the	the	DET
fsr-3712	238	6	sharpe	sharpe	NOUN
fsr-3712	238	7	performance	performance	NOUN
fsr-3712	238	8	measure	measure	NOUN
fsr-3712	238	9	is	be	AUX
fsr-3712	238	10	appropriate	appropriate	ADJ
fsr-3712	238	11	for	for	ADP
fsr-3712	238	12	use	use	NOUN
fsr-3712	238	13	by	by	ADP
fsr-3712	238	14	the	the	DET
fsr-3712	238	15	typical	typical	ADJ
fsr-3712	238	16	small	small	ADJ
fsr-3712	238	17	investor	investor	NOUN
fsr-3712	238	18	.	.	PUNCT
fsr-3712	239	1	references	reference	NOUN
fsr-3712	239	2	1	1	NUM
fsr-3712	239	3	.	.	X
fsr-3712	239	4	adler	adler	PROPN
fsr-3712	239	5	,	,	PUNCT
fsr-3712	239	6	michael	michael	PROPN
fsr-3712	239	7	and	and	CCONJ
fsr-3712	239	8	bernard	bernard	PROPN
fsr-3712	239	9	dumas	dumas	PROPN
fsr-3712	239	10	.	.	PUNCT
fsr-3712	239	11	1983	1983	NUM
fsr-3712	239	12	.	.	PUNCT
fsr-3712	240	1	“	"	PUNCT
fsr-3712	240	2	international	international	ADJ
fsr-3712	240	3	portfolio	portfolio	NOUN
fsr-3712	240	4	choice	choice	NOUN
fsr-3712	240	5	and	and	CCONJ
fsr-3712	240	6	corporation	corporation	NOUN
fsr-3712	240	7	finance	finance	NOUN
fsr-3712	240	8	:	:	PUNCT
fsr-3712	240	9	a	a	DET
fsr-3712	240	10	synthesis	synthesis	NOUN
fsr-3712	240	11	,	,	PUNCT
fsr-3712	240	12	”	"	PUNCT
fsr-3712	240	13	journal	journal	NOUN
fsr-3712	240	14	of	of	ADP
fsr-3712	240	15	finance	finance	NOUN
fsr-3712	240	16	,	,	PUNCT
fsr-3712	240	17	(	(	PUNCT
fsr-3712	240	18	june	june	PROPN
fsr-3712	240	19	):	):	PUNCT
fsr-3712	240	20	925	925	NUM
fsr-3712	240	21	-	-	SYM
fsr-3712	240	22	984	984	NUM
fsr-3712	240	23	.	.	NOUN
fsr-3712	241	1	2	2	NUM
fsr-3712	241	2	.	.	X
fsr-3712	241	3	cumby	cumby	PROPN
fsr-3712	241	4	,	,	PUNCT
fsr-3712	241	5	robert	robert	PROPN
fsr-3712	241	6	e.	e.	PROPN
fsr-3712	241	7	and	and	CCONJ
fsr-3712	241	8	jack	jack	PROPN
fsr-3712	241	9	d.	d.	PROPN
fsr-3712	241	10	glen	glen	PROPN
fsr-3712	241	11	.	.	PUNCT
fsr-3712	241	12	1990	1990	NUM
fsr-3712	241	13	.	.	PUNCT
fsr-3712	242	1	“	"	PUNCT
fsr-3712	242	2	evaluating	evaluate	VERB
fsr-3712	242	3	the	the	DET
fsr-3712	242	4	performance	performance	NOUN
fsr-3712	242	5	of	of	ADP
fsr-3712	242	6	international	international	ADJ
fsr-3712	242	7	mutual	mutual	ADJ
fsr-3712	242	8	funds	fund	NOUN
fsr-3712	242	9	,	,	PUNCT
fsr-3712	242	10	”	"	PUNCT
fsr-3712	242	11	journal	journal	NOUN
fsr-3712	242	12	of	of	ADP
fsr-3712	242	13	finance	finance	NOUN
fsr-3712	242	14	,	,	PUNCT
fsr-3712	242	15	(	(	PUNCT
fsr-3712	242	16	june	june	PROPN
fsr-3712	242	17	):	):	PUNCT
fsr-3712	242	18	497	497	NUM
fsr-3712	242	19	-	-	SYM
fsr-3712	242	20	521	521	NUM
fsr-3712	242	21	.	.	NOUN
fsr-3712	242	22	3	3	NUM
fsr-3712	242	23	.	.	X
fsr-3712	242	24	eun	eun	PROPN
fsr-3712	242	25	,	,	PUNCT
fsr-3712	242	26	cheol	cheol	PROPN
fsr-3712	242	27	s.	s.	PROPN
fsr-3712	242	28	and	and	CCONJ
fsr-3712	242	29	bruce	bruce	PROPN
fsr-3712	242	30	g.	g.	PROPN
fsr-3712	242	31	resnick	resnick	PROPN
fsr-3712	242	32	.	.	PUNCT
fsr-3712	242	33	1985	1985	NUM
fsr-3712	242	34	.	.	PUNCT
fsr-3712	243	1	“	"	PUNCT
fsr-3712	243	2	currency	currency	NOUN
fsr-3712	243	3	factor	factor	NOUN
fsr-3712	243	4	in	in	ADP
fsr-3712	243	5	international	international	ADJ
fsr-3712	243	6	portfolio	portfolio	NOUN
fsr-3712	243	7	diversification	diversification	NOUN
fsr-3712	243	8	,	,	PUNCT
fsr-3712	243	9	”	"	PUNCT
fsr-3712	243	10	columbia	columbia	PROPN
fsr-3712	243	11	journal	journal	PROPN
fsr-3712	243	12	of	of	ADP
fsr-3712	243	13	world	world	PROPN
fsr-3712	243	14	business	business	NOUN
fsr-3712	243	15	,	,	PUNCT
fsr-3712	243	16	(	(	PUNCT
fsr-3712	243	17	summer	summer	NOUN
fsr-3712	243	18	):	):	PUNCT
fsr-3712	243	19	45	45	NUM
fsr-3712	243	20	-	-	SYM
fsr-3712	243	21	53	53	NUM
fsr-3712	243	22	.	.	PUNCT
fsr-3712	244	1	4	4	NUM
fsr-3712	244	2	.	.	X
fsr-3712	244	3	eun	eun	PROPN
fsr-3712	244	4	,	,	PUNCT
fsr-3712	244	5	cheol	cheol	PROPN
fsr-3712	244	6	s.	s.	PROPN
fsr-3712	244	7	and	and	CCONJ
fsr-3712	244	8	bruceg	bruceg	PROPN
fsr-3712	244	9	.	.	PROPN
fsr-3712	245	1	resnick	resnick	PROPN
fsr-3712	245	2	.	.	PUNCT
fsr-3712	246	1	1987	1987	NUM
fsr-3712	246	2	.	.	PUNCT
fsr-3712	247	1	international	international	ADJ
fsr-3712	247	2	diversification	diversification	NOUN
fsr-3712	247	3	under	under	ADP
fsr-3712	247	4	estimation	estimation	NOUN
fsr-3712	247	5	risk	risk	NOUN
fsr-3712	247	6	:	:	PUNCT
fsr-3712	247	7	actual	actual	ADJ
fsr-3712	247	8	vs.	vs.	ADP
fsr-3712	247	9	potential	potential	ADJ
fsr-3712	247	10	gains	gain	NOUN
fsr-3712	247	11	.	.	PUNCT
fsr-3712	248	1	in	in	ADP
fsr-3712	248	2	s.	s.	PROPN
fsr-3712	248	3	khoury	khoury	PROPN
fsr-3712	248	4	and	and	CCONJ
fsr-3712	248	5	a.	a.	NOUN
fsr-3712	248	6	gosh	gosh	PROPN
fsr-3712	248	7	,	,	PUNCT
fsr-3712	248	8	eds	eds	PROPN
fsr-3712	248	9	.	.	PROPN
fsr-3712	248	10	,	,	PUNCT
fsr-3712	248	11	recent	recent	ADJ
fsr-3712	248	12	developments	development	NOUN
fsr-3712	248	13	in	in	ADP
fsr-3712	248	14	interna	interna	PROPN
fsr-3712	248	15	tional	tional	PROPN
fsr-3712	248	16	banking	banking	PROPN
fsr-3712	248	17	and	and	CCONJ
fsr-3712	248	18	finance	finance	NOUN
fsr-3712	248	19	.	.	PUNCT
fsr-3712	249	1	lexington	lexington	PROPN
fsr-3712	249	2	,	,	PUNCT
fsr-3712	249	3	mass	mass	PROPN
fsr-3712	249	4	.	.	PUNCT
fsr-3712	249	5	:	:	PUNCT
fsr-3712	250	1	heath	heath	PROPN
fsr-3712	250	2	,	,	PUNCT
fsr-3712	250	3	135	135	NUM
fsr-3712	250	4	-	-	SYM
fsr-3712	250	5	147	147	NUM
fsr-3712	250	6	.	.	PUNCT
fsr-3712	251	1	5	5	NUM
fsr-3712	251	2	.	.	X
fsr-3712	251	3	grauer	grauer	PROPN
fsr-3712	251	4	,	,	PUNCT
fsr-3712	251	5	robert	robert	PROPN
fsr-3712	251	6	r.	r.	PROPN
fsr-3712	251	7	and	and	CCONJ
fsr-3712	251	8	nils	nils	PROPN
fsr-3712	251	9	h.	h.	PROPN
fsr-3712	251	10	hakansson	hakansson	PROPN
fsr-3712	251	11	.	.	PUNCT
fsr-3712	251	12	1987	1987	NUM
fsr-3712	251	13	.	.	PUNCT
fsr-3712	252	1	“	"	PUNCT
fsr-3712	252	2	gains	gain	NOUN
fsr-3712	252	3	from	from	ADP
fsr-3712	252	4	international	international	ADJ
fsr-3712	252	5	diversification	diversification	NOUN
fsr-3712	252	6	:	:	PUNCT
fsr-3712	252	7	1968	1968	NUM
fsr-3712	252	8	-	-	SYM
fsr-3712	252	9	85	85	NUM
fsr-3712	252	10	returns	return	NOUN
fsr-3712	252	11	on	on	ADP
fsr-3712	252	12	portfolios	portfolio	NOUN
fsr-3712	252	13	of	of	ADP
fsr-3712	252	14	stocks	stock	NOUN
fsr-3712	252	15	and	and	CCONJ
fsr-3712	252	16	bonds	bond	NOUN
fsr-3712	252	17	,	,	PUNCT
fsr-3712	252	18	”	"	PUNCT
fsr-3712	252	19	journal	journal	NOUN
fsr-3712	252	20	of	of	ADP
fsr-3712	252	21	finance	finance	NOUN
fsr-3712	252	22	,	,	PUNCT
fsr-3712	252	23	(	(	PUNCT
fsr-3712	252	24	july	july	NOUN
fsr-3712	252	25	):	):	PUNCT
fsr-3712	252	26	721	721	NUM
fsr-3712	252	27	-	-	SYM
fsr-3712	252	28	739	739	NUM
fsr-3712	252	29	.	.	NOUN
fsr-3712	252	30	6	6	NUM
fsr-3712	252	31	.	.	X
fsr-3712	253	1	grubel	grubel	NOUN
fsr-3712	253	2	,	,	PUNCT
fsr-3712	253	3	herbert	herbert	PROPN
fsr-3712	253	4	g.	g.	PROPN
fsr-3712	253	5	1968	1968	NUM
fsr-3712	253	6	.	.	PUNCT
fsr-3712	254	1	“	"	PUNCT
fsr-3712	254	2	internationally	internationally	ADV
fsr-3712	254	3	diversified	diversify	VERB
fsr-3712	254	4	portfolios	portfolio	NOUN
fsr-3712	254	5	:	:	PUNCT
fsr-3712	254	6	welfare	welfare	NOUN
fsr-3712	254	7	gains	gain	NOUN
fsr-3712	254	8	and	and	CCONJ
fsr-3712	254	9	capital	capital	NOUN
fsr-3712	254	10	flows	flow	NOUN
fsr-3712	254	11	,	,	PUNCT
fsr-3712	254	12	”	"	PUNCT
fsr-3712	254	13	american	american	PROPN
fsr-3712	254	14	economic	economic	PROPN
fsr-3712	254	15	review	review	PROPN
fsr-3712	254	16	,	,	PUNCT
fsr-3712	254	17	(	(	PUNCT
fsr-3712	254	18	december	december	PROPN
fsr-3712	254	19	):	):	PUNCT
fsr-3712	254	20	1299	1299	NUM
fsr-3712	254	21	-	-	SYM
fsr-3712	254	22	1314	1314	NUM
fsr-3712	254	23	.	.	PUNCT
fsr-3712	255	1	7	7	X
fsr-3712	255	2	.	.	X
fsr-3712	255	3	jensen	jensen	PROPN
fsr-3712	255	4	,	,	PUNCT
fsr-3712	255	5	michael	michael	PROPN
fsr-3712	255	6	c.	c.	PROPN
fsr-3712	255	7	1968	1968	NUM
fsr-3712	255	8	.	.	PUNCT
fsr-3712	256	1	“	"	PUNCT
fsr-3712	256	2	the	the	DET
fsr-3712	256	3	performance	performance	NOUN
fsr-3712	256	4	of	of	ADP
fsr-3712	256	5	mutual	mutual	ADJ
fsr-3712	256	6	funds	fund	NOUN
fsr-3712	256	7	in	in	ADP
fsr-3712	256	8	the	the	DET
fsr-3712	256	9	period	period	NOUN
fsr-3712	256	10	1945	1945	NUM
fsr-3712	256	11	-	-	SYM
fsr-3712	256	12	1963	1963	NUM
fsr-3712	256	13	,	,	PUNCT
fsr-3712	256	14	”	"	PUNCT
fsr-3712	256	15	journal	journal	NOUN
fsr-3712	256	16	of	of	ADP
fsr-3712	256	17	finance	finance	NOUN
fsr-3712	256	18	,	,	PUNCT
fsr-3712	256	19	(	(	PUNCT
fsr-3712	256	20	may	may	PROPN
fsr-3712	256	21	):	):	PUNCT
fsr-3712	256	22	389416	389416	NUM
fsr-3712	256	23	.	.	PUNCT
fsr-3712	257	1	8	8	NUM
fsr-3712	257	2	.	.	X
fsr-3712	257	3	joy	joy	PROPN
fsr-3712	257	4	,	,	PUNCT
fsr-3712	257	5	0	0	NUM
fsr-3712	257	6	.	.	X
fsr-3712	257	7	maurice	maurice	PROPN
fsr-3712	257	8	,	,	PUNCT
fsr-3712	257	9	don	don	PROPN
fsr-3712	257	10	b.	b.	PROPN
fsr-3712	257	11	panton	panton	PROPN
fsr-3712	257	12	,	,	PUNCT
fsr-3712	257	13	frank	frank	PROPN
fsr-3712	257	14	k.	k.	PROPN
fsr-3712	257	15	reilly	reilly	PROPN
fsr-3712	257	16	,	,	PUNCT
fsr-3712	257	17	and	and	CCONJ
fsr-3712	257	18	stanley	stanley	PROPN
fsr-3712	257	19	a.	a.	PROPN
fsr-3712	257	20	martin	martin	PROPN
fsr-3712	257	21	.	.	PUNCT
fsr-3712	257	22	1976	1976	NUM
fsr-3712	257	23	.	.	PUNCT
fsr-3712	258	1	“	"	PUNCT
fsr-3712	258	2	comovements	comovement	NOUN
fsr-3712	258	3	of	of	ADP
fsr-3712	258	4	international	international	ADJ
fsr-3712	258	5	equity	equity	NOUN
fsr-3712	258	6	markets	market	NOUN
fsr-3712	258	7	,	,	PUNCT
fsr-3712	258	8	”	"	PUNCT
fsr-3712	258	9	the	the	DET
fsr-3712	258	10	financial	financial	ADJ
fsr-3712	258	11	review	review	NOUN
fsr-3712	258	12	:	:	PUNCT
fsr-3712	258	13	l-20	l-20	ADJ
fsr-3712	258	14	.	.	PUNCT
fsr-3712	259	1	9	9	X
fsr-3712	259	2	.	.	X
fsr-3712	259	3	levy	levy	NOUN
fsr-3712	259	4	,	,	PUNCT
fsr-3712	259	5	hiam	hiam	PROPN
fsr-3712	259	6	and	and	CCONJ
fsr-3712	259	7	marshall	marshall	PROPN
fsr-3712	259	8	samat	samat	PROPN
fsr-3712	259	9	.	.	PUNCT
fsr-3712	260	1	1970	1970	NUM
fsr-3712	260	2	.	.	PUNCT
fsr-3712	261	1	“	"	PUNCT
fsr-3712	261	2	international	international	ADJ
fsr-3712	261	3	diversification	diversification	NOUN
fsr-3712	261	4	of	of	ADP
fsr-3712	261	5	investment	investment	NOUN
fsr-3712	261	6	portfo	portfo	VERB
fsr-3712	261	7	lios	lio	NOUN
fsr-3712	261	8	,	,	PUNCT
fsr-3712	261	9	”	"	PUNCT
fsr-3712	261	10	american	american	PROPN
fsr-3712	261	11	economic	economic	PROPN
fsr-3712	261	12	review	review	PROPN
fsr-3712	261	13	,	,	PUNCT
fsr-3712	261	14	(	(	PUNCT
fsr-3712	261	15	sepember	sepember	PROPN
fsr-3712	261	16	):	):	PUNCT
fsr-3712	261	17	668	668	NUM
fsr-3712	261	18	-	-	SYM
fsr-3712	261	19	675	675	NUM
fsr-3712	261	20	.	.	NOUN
fsr-3712	261	21	10	10	NUM
fsr-3712	261	22	.	.	PUNCT
fsr-3712	262	1	mcdonald	mcdonald	PROPN
fsr-3712	262	2	,	,	PUNCT
fsr-3712	262	3	j.	j.	PROPN
fsr-3712	262	4	1973	1973	NUM
fsr-3712	262	5	.	.	PUNCT
fsr-3712	263	1	“	"	PUNCT
fsr-3712	263	2	french	french	ADJ
fsr-3712	263	3	mutual	mutual	ADJ
fsr-3712	263	4	fund	fund	NOUN
fsr-3712	263	5	performance	performance	NOUN
fsr-3712	263	6	:	:	PUNCT
fsr-3712	263	7	evaluation	evaluation	NOUN
fsr-3712	263	8	of	of	ADP
fsr-3712	263	9	internationally	internationally	ADV
fsr-3712	263	10	diversified	diversify	VERB
fsr-3712	263	11	portfolios	portfolio	NOUN
fsr-3712	263	12	,	,	PUNCT
fsr-3712	263	13	”	"	PUNCT
fsr-3712	263	14	journal	journal	NOUN
fsr-3712	263	15	of	of	ADP
fsr-3712	263	16	finance	finance	NOUN
fsr-3712	263	17	,	,	PUNCT
fsr-3712	263	18	(	(	PUNCT
fsr-3712	263	19	december	december	PROPN
fsr-3712	263	20	):	):	PUNCT
fsr-3712	263	21	1161	1161	NUM
fsr-3712	263	22	-	-	SYM
fsr-3712	263	23	l	l	NOUN
fsr-3712	263	24	180	180	NUM
fsr-3712	263	25	.	.	NOUN
fsr-3712	263	26	11	11	NUM
fsr-3712	263	27	.	.	PUNCT
fsr-3712	264	1	proffitt	proffitt	VERB
fsr-3712	264	2	,	,	PUNCT
fsr-3712	264	3	dennis	dennis	PROPN
fsr-3712	264	4	and	and	CCONJ
fsr-3712	264	5	neil	neil	PROPN
fsr-3712	264	6	seitz	seitz	PROPN
fsr-3712	264	7	.	.	PUNCT
fsr-3712	264	8	1983	1983	NUM
fsr-3712	264	9	.	.	PUNCT
fsr-3712	265	1	“	"	PUNCT
fsr-3712	265	2	the	the	DET
fsr-3712	265	3	performance	performance	NOUN
fsr-3712	265	4	of	of	ADP
fsr-3712	265	5	internationally	internationally	ADV
fsr-3712	265	6	diversified	diversify	VERB
fsr-3712	265	7	mutual	mutual	ADJ
fsr-3712	265	8	funds	fund	NOUN
fsr-3712	265	9	,	,	PUNCT
fsr-3712	265	10	”	"	PUNCT
fsr-3712	265	11	journal	journal	NOUN
fsr-3712	265	12	of	of	ADP
fsr-3712	265	13	the	the	DET
fsr-3712	265	14	midwest	midwest	PROPN
fsr-3712	265	15	finance	finance	PROPN
fsr-3712	265	16	association	association	PROPN
fsr-3712	265	17	,	,	PUNCT
fsr-3712	265	18	(	(	PUNCT
fsr-3712	265	19	december	december	PROPN
fsr-3712	265	20	):	):	PUNCT
fsr-3712	265	21	39	39	NUM
fsr-3712	265	22	-	-	SYM
fsr-3712	265	23	53	53	NUM
fsr-3712	265	24	.	.	PUNCT
fsr-3712	265	25	12	12	NUM
fsr-3712	265	26	.	.	PUNCT
fsr-3712	266	1	sharpe	sharpe	PROPN
fsr-3712	266	2	,	,	PUNCT
fsr-3712	266	3	william	william	PROPN
fsr-3712	266	4	f.	f.	PROPN
fsr-3712	266	5	1966	1966	NUM
fsr-3712	266	6	.	.	PUNCT
fsr-3712	267	1	“	"	PUNCT
fsr-3712	267	2	mutual	mutual	ADJ
fsr-3712	267	3	fund	fund	NOUN
fsr-3712	267	4	performance	performance	NOUN
fsr-3712	267	5	,	,	PUNCT
fsr-3712	267	6	”	"	PUNCT
fsr-3712	267	7	journal	journal	NOUN
fsr-3712	267	8	of	of	ADP
fsr-3712	267	9	business	business	NOUN
fsr-3712	267	10	,	,	PUNCT
fsr-3712	267	11	(	(	PUNCT
fsr-3712	267	12	january	january	PROPN
fsr-3712	267	13	):	):	PUNCT
fsr-3712	267	14	119	119	NUM
fsr-3712	267	15	138	138	NUM
fsr-3712	267	16	.	.	PROPN
fsr-3712	268	1	13	13	NUM
fsr-3712	268	2	.	.	X
fsr-3712	269	1	solnik	solnik	PROPN
fsr-3712	269	2	,	,	PUNCT
fsr-3712	269	3	bruno	bruno	PROPN
fsr-3712	269	4	h.	h.	PROPN
fsr-3712	269	5	1974	1974	NUM
fsr-3712	269	6	.	.	PUNCT
fsr-3712	270	1	“	"	PUNCT
fsr-3712	270	2	why	why	SCONJ
fsr-3712	270	3	not	not	PART
fsr-3712	270	4	diversify	diversify	VERB
fsr-3712	270	5	internationally	internationally	ADV
fsr-3712	270	6	rather	rather	ADV
fsr-3712	270	7	than	than	ADP
fsr-3712	270	8	domestically	domestically	ADV
fsr-3712	270	9	?	?	PUNCT
fsr-3712	270	10	’	'	PUNCT
fsr-3712	271	1	financial	financial	ADJ
fsr-3712	271	2	analysts	analyst	NOUN
fsr-3712	271	3	journal	journal	NOUN
fsr-3712	271	4	,	,	PUNCT
fsr-3712	271	5	(	(	PUNCT
fsr-3712	271	6	july	july	PROPN
fsr-3712	271	7	/	/	SYM
fsr-3712	271	8	august	august	PROPN
fsr-3712	271	9	):	):	PUNCT
fsr-3712	271	10	48	48	NUM
fsr-3712	271	11	-	-	SYM
fsr-3712	271	12	54	54	NUM
fsr-3712	271	13	.	.	PUNCT
fsr-3712	271	14	14	14	NUM
fsr-3712	271	15	.	.	PUNCT
fsr-3712	272	1	swanson	swanson	PROPN
fsr-3712	272	2	,	,	PUNCT
fsr-3712	272	3	joel	joel	PROPN
fsr-3712	272	4	.	.	PROPN
fsr-3712	272	5	1979	1979	NUM
fsr-3712	272	6	.	.	PUNCT
fsr-3712	273	1	investing	invest	VERB
fsr-3712	273	2	internationally	internationally	ADV
fsr-3712	273	3	to	to	PART
fsr-3712	273	4	reduce	reduce	VERB
fsr-3712	273	5	riskand	riskand	NOUN
fsr-3712	273	6	enhance	enhance	NOUN
fsr-3712	273	7	return	return	NOUN
fsr-3712	273	8	,	,	PUNCT
fsr-3712	273	9	new	new	PROPN
fsr-3712	273	10	york	york	PROPN
fsr-3712	273	11	:	:	PUNCT
fsr-3712	273	12	morgan	morgan	PROPN
fsr-3712	273	13	guaranty	guaranty	PROPN
fsr-3712	273	14	trust	trust	PROPN
fsr-3712	273	15	company	company	NOUN
fsr-3712	273	16	.	.	PUNCT
fsr-3712	274	1	15	15	NUM
fsr-3712	274	2	.	.	X
fsr-3712	274	3	treynor	treynor	NOUN
fsr-3712	274	4	,	,	PUNCT
fsr-3712	274	5	jack	jack	PROPN
fsr-3712	274	6	.	.	PUNCT
fsr-3712	275	1	1965	1965	NUM
fsr-3712	275	2	.	.	PUNCT
fsr-3712	276	1	“	"	PUNCT
fsr-3712	276	2	how	how	SCONJ
fsr-3712	276	3	to	to	PART
fsr-3712	276	4	rate	rate	VERB
fsr-3712	276	5	the	the	DET
fsr-3712	276	6	performance	performance	NOUN
fsr-3712	276	7	of	of	ADP
fsr-3712	276	8	investment	investment	NOUN
fsr-3712	276	9	funds	fund	NOUN
fsr-3712	276	10	,	,	PUNCT
fsr-3712	276	11	”	"	PUNCT
fsr-3712	276	12	harvard	harvard	PROPN
fsr-3712	276	13	business	business	PROPN
fsr-3712	276	14	review	review	PROPN
fsr-3712	276	15	,	,	PUNCT
fsr-3712	276	16	(	(	PUNCT
fsr-3712	276	17	january	january	PROPN
fsr-3712	276	18	/	/	SYM
fsr-3712	276	19	february	february	PROPN
fsr-3712	276	20	):	):	PUNCT
fsr-3712	276	21	63	63	NUM
fsr-3712	276	22	-	-	SYM
fsr-3712	276	23	75	75	NUM
fsr-3712	276	24	.	.	PUNCT