id	sid	tid	token	lemma	pos
fsr-3720	1	1	pii	pii	PROPN
fsr-3720	1	2	:	:	PUNCT
fsr-3720	1	3	1057	1057	NUM
fsr-3720	1	4	-	-	SYM
fsr-3720	1	5	0810(93)90004	0810(93)90004	NOUN
fsr-3720	1	6	-	-	PUNCT
fsr-3720	1	7	a	a	DET
fsr-3720	1	8	financial	financial	ADJ
fsr-3720	1	9	services	service	NOUN
fsr-3720	1	10	review	review	NOUN
fsr-3720	1	11	,	,	PUNCT
fsr-3720	1	12	3(l	3(l	NUM
fsr-3720	1	13	):	):	PUNCT
fsr-3720	1	14	29	29	NUM
fsr-3720	1	15	-	-	SYM
fsr-3720	1	16	43	43	NUM
fsr-3720	1	17	copyright	copyright	NOUN
fsr-3720	1	18	(	(	PUNCT
fsr-3720	1	19	9	9	NUM
fsr-3720	1	20	1993	1993	NUM
fsr-3720	1	21	by	by	ADP
fsr-3720	1	22	jai	jai	PROPN
fsr-3720	1	23	press	press	PROPN
fsr-3720	1	24	inc	inc	PROPN
fsr-3720	1	25	.	.	PROPN
fsr-3720	1	26	issn	issn	PROPN
fsr-3720	1	27	:	:	PUNCT
fsr-3720	1	28	1057	1057	NUM
fsr-3720	1	29	-	-	SYM
fsr-3720	1	30	0810	0810	NUM
fsr-3720	1	31	all	all	DET
fsr-3720	1	32	rights	right	NOUN
fsr-3720	1	33	of	of	ADP
fsr-3720	1	34	reproduction	reproduction	NOUN
fsr-3720	1	35	in	in	ADP
fsr-3720	1	36	any	any	DET
fsr-3720	1	37	fom	fom	NOUN
fsr-3720	1	38	mserved	mserved	ADJ
fsr-3720	1	39	.	.	PUNCT
fsr-3720	2	1	market	market	NOUN
fsr-3720	2	2	timing	timing	NOUN
fsr-3720	2	3	for	for	ADP
fsr-3720	2	4	the	the	DET
fsr-3720	2	5	individual	individual	ADJ
fsr-3720	2	6	investor	investor	NOUN
fsr-3720	2	7	:	:	PUNCT
fsr-3720	2	8	using	use	VERB
fsr-3720	2	9	the	the	DET
fsr-3720	2	10	predictability	predictability	NOUN
fsr-3720	2	11	of	of	ADP
fsr-3720	2	12	long	long	ADJ
fsr-3720	2	13	-	-	PUNCT
fsr-3720	2	14	horizon	horizon	NOUN
fsr-3720	2	15	stock	stock	NOUN
fsr-3720	2	16	returns	return	NOUN
fsr-3720	2	17	to	to	PART
fsr-3720	2	18	enhance	enhance	VERB
fsr-3720	2	19	portfolio	portfolio	NOUN
fsr-3720	2	20	performance	performance	NOUN
fsr-3720	3	1	steven	steven	PROPN
fsr-3720	3	2	p.	p.	PROPN
fsr-3720	3	3	rich	rich	PROPN
fsr-3720	3	4	william	william	PROPN
fsr-3720	3	5	reichenstein	reichenstein	PROPN
fsr-3720	3	6	recent	recent	ADJ
fsr-3720	3	7	research	research	NOUN
fsr-3720	3	8	indicates	indicate	VERB
fsr-3720	3	9	that	that	SCONJ
fsr-3720	3	10	dividend	dividend	NOUN
fsr-3720	3	11	yield	yield	NOUN
fsr-3720	3	12	and	and	CCONJ
fsr-3720	3	13	earnings	earning	NOUN
fsr-3720	3	14	-	-	PUNCT
fsr-3720	3	15	price	price	NOUN
fsr-3720	3	16	ratio	ratio	NOUN
fsr-3720	3	17	can	can	AUX
fsr-3720	3	18	partially	partially	ADV
fsr-3720	3	19	predict	predict	VERB
fsr-3720	3	20	long	long	ADJ
fsr-3720	3	21	-	-	PUNCT
fsr-3720	3	22	horizon	horizon	NOUN
fsr-3720	3	23	stock	stock	NOUN
fsr-3720	3	24	returns	return	NOUN
fsr-3720	3	25	.	.	PUNCT
fsr-3720	4	1	we	we	PRON
fsr-3720	4	2	examine	examine	VERB
fsr-3720	4	3	whether	whether	SCONJ
fsr-3720	4	4	individual	individual	ADJ
fsr-3720	4	5	investors	investor	NOUN
fsr-3720	4	6	can	can	AUX
fsr-3720	4	7	successfidly	successfidly	ADV
fsr-3720	4	8	construct	construct	VERB
fsr-3720	4	9	timing	timing	NOUN
fsr-3720	4	10	portfolios	portfolio	NOUN
fsr-3720	4	11	based	base	VERB
fsr-3720	4	12	on	on	ADP
fsr-3720	4	13	either	either	PRON
fsr-3720	4	14	of	of	ADP
fsr-3720	4	15	these	these	DET
fsr-3720	4	16	variables	variable	NOUN
fsr-3720	4	17	or	or	CCONJ
fsr-3720	4	18	a	a	DET
fsr-3720	4	19	measure	measure	NOUN
fsr-3720	4	20	of	of	ADP
fsr-3720	4	21	the	the	DET
fsr-3720	4	22	expected	expect	VERB
fsr-3720	4	23	market	market	NOUN
fsr-3720	4	24	risk	risk	NOUN
fsr-3720	4	25	premium	premium	NOUN
fsr-3720	4	26	.	.	PUNCT
fsr-3720	5	1	the	the	DET
fsr-3720	5	2	out	out	ADV
fsr-3720	5	3	-	-	PUNCT
fsr-3720	5	4	of	of	ADP
fsr-3720	5	5	-	-	PUNCT
fsr-3720	5	6	sample	sample	NOUN
fsr-3720	5	7	tests	test	NOUN
fsr-3720	5	8	in	in	ADP
fsr-3720	5	9	this	this	DET
fsr-3720	5	10	study	study	NOUN
fsr-3720	5	11	require	require	VERB
fsr-3720	5	12	that	that	SCONJ
fsr-3720	5	13	investors	investor	NOUN
fsr-3720	5	14	rely	rely	VERB
fsr-3720	5	15	only	only	ADV
fsr-3720	5	16	on	on	ADP
fsr-3720	5	17	information	information	NOUN
fsr-3720	5	18	that	that	PRON
fsr-3720	5	19	was	be	AUX
fsr-3720	5	20	available	available	ADJ
fsr-3720	5	21	at	at	ADP
fsr-3720	5	22	the	the	DET
fsr-3720	5	23	time	time	NOUN
fsr-3720	5	24	of	of	ADP
fsr-3720	5	25	the	the	DET
fsr-3720	5	26	~r	~r	NUM
fsr-3720	5	27	~	~	SYM
fsr-3720	5	28	t	t	PROPN
fsr-3720	5	29	-	-	PUNCT
fsr-3720	5	30	t~~g	t~~g	NOUN
fsr-3720	5	31	decision	decision	NOUN
fsr-3720	5	32	.	.	PUNCT
fsr-3720	6	1	timing	time	VERB
fsr-3720	6	2	portfblios	portfblio	NOUN
fsr-3720	6	3	based	base	VERB
fsr-3720	6	4	on	on	ADP
fsr-3720	6	5	the	the	DET
fsr-3720	6	6	market	market	NOUN
fsr-3720	6	7	risk	risk	NOUN
fsr-3720	6	8	premix	premix	NOUN
fsr-3720	6	9	show	show	VERB
fsr-3720	6	10	the	the	DET
fsr-3720	6	11	strongest	strong	ADJ
fsr-3720	6	12	ab	ab	NOUN
fsr-3720	6	13	~	~	PROPN
fsr-3720	6	14	i~	i~	PROPN
fsr-3720	6	15	to	to	PART
fsr-3720	6	16	rime	rime	VERB
fsr-3720	6	17	the	the	DET
fsr-3720	6	18	market	market	NOUN
fsr-3720	6	19	.	.	PUNCT
fsr-3720	7	1	we	we	PRON
fsr-3720	7	2	present	present	VERB
fsr-3720	7	3	an	an	DET
fsr-3720	7	4	eco	eco	PROPN
fsr-3720	7	5	~	~	SYM
fsr-3720	7	6	mic	mic	ADJ
fsr-3720	7	7	ra	ra	PROPN
fsr-3720	7	8	~	~	NOUN
fsr-3720	7	9	o	o	NOUN
fsr-3720	7	10	~	~	NOUN
fsr-3720	7	11	e	e	NOUN
fsr-3720	7	12	for	for	ADP
fsr-3720	7	13	the	the	DET
fsr-3720	7	14	results	result	NOUN
fsr-3720	7	15	that	that	PRON
fsr-3720	7	16	is	be	AUX
fsr-3720	7	17	consistent	consistent	ADJ
fsr-3720	7	18	with	with	ADP
fsr-3720	7	19	@scent	@scent	PROPN
fsr-3720	7	20	~~~.	~~~.	NUM
fsr-3720	7	21	i.	i.	NOUN
fsr-3720	7	22	introduction	introduction	NOUN
fsr-3720	7	23	several	several	ADJ
fsr-3720	7	24	studies	study	NOUN
fsr-3720	7	25	by	by	ADP
fsr-3720	7	26	leading	lead	VERB
fsr-3720	7	27	financial	financial	ADJ
fsr-3720	7	28	economists	economist	NOUN
fsr-3720	7	29	conclude	conclude	VERB
fsr-3720	7	30	that	that	SCONJ
fsr-3720	7	31	long	long	ADJ
fsr-3720	7	32	-	-	PUNCT
fsr-3720	7	33	horizon	horizon	NOUN
fsr-3720	7	34	stock	stock	NOUN
fsr-3720	7	35	returns	return	NOUN
fsr-3720	7	36	are	be	AUX
fsr-3720	7	37	partially	partially	ADV
fsr-3720	7	38	predictable	predictable	ADJ
fsr-3720	7	39	(	(	PUNCT
fsr-3720	7	40	e.g.	e.g.	ADV
fsr-3720	7	41	,	,	PUNCT
fsr-3720	7	42	campbell	campbell	PROPN
fsr-3720	7	43	&	&	CCONJ
fsr-3720	7	44	shiller	shiller	PROPN
fsr-3720	7	45	,	,	PUNCT
fsr-3720	7	46	1988	1988	NUM
fsr-3720	7	47	;	;	PUNCT
fsr-3720	7	48	fama	fama	PROPN
fsr-3720	7	49	&	&	CCONJ
fsr-3720	7	50	french	french	PROPN
fsr-3720	7	51	,	,	PUNCT
fsr-3720	7	52	1988a	1988a	NUM
fsr-3720	7	53	,	,	PUNCT
fsr-3720	7	54	b	b	NOUN
fsr-3720	7	55	,	,	PUNCT
fsr-3720	7	56	1989	1989	NUM
fsr-3720	7	57	;	;	PUNCT
fsr-3720	7	58	and	and	CCONJ
fsr-3720	7	59	fama	fama	NOUN
fsr-3720	7	60	,	,	PUNCT
fsr-3720	7	61	1991	1991	NUM
fsr-3720	7	62	)	)	PUNCT
fsr-3720	7	63	.	.	PUNCT
fsr-3720	8	1	these	these	DET
fsr-3720	8	2	studies	study	NOUN
fsr-3720	8	3	suggest	suggest	VERB
fsr-3720	8	4	that	that	SCONJ
fsr-3720	8	5	up	up	ADP
fsr-3720	8	6	to	to	PART
fsr-3720	8	7	25	25	NUM
fsr-3720	8	8	%	%	NOUN
fsr-3720	8	9	of	of	ADP
fsr-3720	8	10	the	the	DET
fsr-3720	8	11	variation	variation	NOUN
fsr-3720	8	12	in	in	ADP
fsr-3720	8	13	long	long	ADJ
fsr-3720	8	14	-	-	PUNCT
fsr-3720	8	15	horizon	horizon	NOUN
fsr-3720	8	16	returns	return	NOUN
fsr-3720	8	17	on	on	ADP
fsr-3720	8	18	large	large	ADJ
fsr-3720	8	19	(	(	PUNCT
fsr-3720	8	20	e.g.	e.g.	ADJ
fsr-3720	8	21	,	,	PUNCT
fsr-3720	8	22	s&p	s&p	PROPN
fsr-3720	8	23	)	)	PUNCT
fsr-3720	8	24	stocks	stock	NOUN
fsr-3720	8	25	is	be	AUX
fsr-3720	8	26	predictable	predictable	ADJ
fsr-3720	8	27	.	.	PUNCT
fsr-3720	9	1	a	a	DET
fsr-3720	9	2	larger	large	ADJ
fsr-3720	9	3	portion	portion	NOUN
fsr-3720	9	4	of	of	ADP
fsr-3720	9	5	long	long	ADJ
fsr-3720	9	6	-	-	PUNCT
fsr-3720	9	7	horizon	horizon	NOUN
fsr-3720	9	8	small	small	ADJ
fsr-3720	9	9	stock	stock	NOUN
fsr-3720	9	10	returns	return	NOUN
fsr-3720	9	11	appears	appear	VERB
fsr-3720	9	12	predictable	predictable	ADJ
fsr-3720	9	13	.	.	PUNCT
fsr-3720	10	1	this	this	DET
fsr-3720	10	2	study	study	NOUN
fsr-3720	10	3	investigates	investigate	VERB
fsr-3720	10	4	the	the	DET
fsr-3720	10	5	impli	impli	PROPN
fsr-3720	10	6	~	~	SYM
fsr-3720	10	7	tions	tion	NOUN
fsr-3720	10	8	of	of	ADP
fsr-3720	10	9	the	the	DET
fsr-3720	10	10	market	market	NOUN
fsr-3720	10	11	~~ic	~~ic	PUNCT
fsr-3720	10	12	~	~	SYM
fsr-3720	10	13	bili~	bili~	NOUN
fsr-3720	10	14	literature	literature	NOUN
fsr-3720	10	15	for	for	ADP
fsr-3720	10	16	market	market	NOUN
fsr-3720	10	17	timing	timing	NOUN
fsr-3720	10	18	by	by	ADP
fsr-3720	10	19	individu~	individu~	PROPN
fsr-3720	10	20	investors	investor	NOUN
fsr-3720	10	21	.	.	PUNCT
fsr-3720	11	1	can	can	AUX
fsr-3720	11	2	the	the	DET
fsr-3720	11	3	individual	individual	ADJ
fsr-3720	11	4	investor	investor	NOUN
fsr-3720	11	5	construct	construct	VERB
fsr-3720	11	6	timing	time	VERB
fsr-3720	11	7	portfolios	portfolio	NOUN
fsr-3720	11	8	that	that	PRON
fsr-3720	11	9	outperform	outperform	VERB
fsr-3720	11	10	nontiming	nontime	VERB
fsr-3720	11	11	benchmark	benchmark	ADJ
fsr-3720	11	12	portfolios	portfolio	NOUN
fsr-3720	11	13	where	where	SCONJ
fsr-3720	11	14	the	the	DET
fsr-3720	11	15	timing	timing	NOUN
fsr-3720	11	16	portfolios	portfolio	NOUN
fsr-3720	11	17	are	be	AUX
fsr-3720	11	18	based	base	VERB
fsr-3720	11	19	on	on	ADP
fsr-3720	11	20	variables	variable	NOUN
fsr-3720	11	21	that	that	PRON
fsr-3720	11	22	show	show	VERB
fsr-3720	11	23	a	a	DET
fsr-3720	11	24	consistent	consistent	ADJ
fsr-3720	11	25	relation	relation	NOUN
fsr-3720	11	26	with	with	ADP
fsr-3720	11	27	long	long	ADJ
fsr-3720	11	28	-	-	PUNCT
fsr-3720	11	29	horizon	horizon	NOUN
fsr-3720	11	30	stock	stock	NOUN
fsr-3720	11	31	returns	return	NOUN
fsr-3720	11	32	?	?	PUNCT
fsr-3720	12	1	we	we	PRON
fsr-3720	12	2	address	address	VERB
fsr-3720	12	3	this	this	DET
fsr-3720	12	4	question	question	NOUN
fsr-3720	12	5	by	by	ADP
fsr-3720	12	6	constructing	construct	VERB
fsr-3720	12	7	timing	time	VERB
fsr-3720	12	8	portfolios	portfolio	NOUN
fsr-3720	12	9	that	that	PRON
fsr-3720	12	10	combine	combine	VERB
fsr-3720	12	11	the	the	DET
fsr-3720	12	12	s&p	s&p	PROPN
fsr-3720	12	13	index	index	NOUN
fsr-3720	12	14	and	and	CCONJ
fsr-3720	12	15	treasury	treasury	NOUN
fsr-3720	12	16	bills	bill	NOUN
fsr-3720	12	17	and	and	CCONJ
fsr-3720	12	18	,	,	PUNCT
fsr-3720	12	19	separately	separately	ADV
fsr-3720	12	20	,	,	PUNCT
fsr-3720	12	21	portfolios	portfolio	NOUN
fsr-3720	12	22	that	that	PRON
fsr-3720	12	23	combine	combine	VERB
fsr-3720	12	24	steven	steven	PROPN
fsr-3720	12	25	p.	p.	PROPN
fsr-3720	12	26	rieb	rieb	PROPN
fsr-3720	13	1	l	l	PROPN
fsr-3720	13	2	hankamer	hankamer	PROPN
fsr-3720	13	3	school	school	PROPN
fsr-3720	13	4	of	of	ADP
fsr-3720	13	5	business	business	NOUN
fsr-3720	13	6	,	,	PUNCT
fsr-3720	13	7	baylor	baylor	PROPN
fsr-3720	13	8	university	university	PROPN
fsr-3720	13	9	,	,	PUNCT
fsr-3720	13	10	waco	waco	PROPN
fsr-3720	13	11	,	,	PUNCT
fsr-3720	13	12	tx	tx	ADP
fsr-3720	13	13	76798	76798	NUM
fsr-3720	13	14	-	-	SYM
fsr-3720	13	15	8004	8004	NUM
fsr-3720	13	16	.	.	PUNCT
fsr-3720	14	1	william	william	PROPN
fsr-3720	14	2	reiekenstein	reiekenstein	PROPN
fsr-3720	14	3	l	l	PROPN
fsr-3720	14	4	baylor	baylor	PROPN
fsr-3720	14	5	university	university	PROPN
fsr-3720	14	6	,	,	PUNCT
fsr-3720	14	7	waco	waco	PROPN
fsr-3720	14	8	,	,	PUNCT
fsr-3720	14	9	tx	tx	ADP
fsr-3720	14	10	76798	76798	NUM
fsr-3720	14	11	-	-	SYM
fsr-3720	14	12	8~.	8~.	NUM
fsr-3720	14	13	30	30	NUM
fsr-3720	14	14	financial	financial	ADJ
fsr-3720	14	15	slmv1ces	slmv1ce	NOUN
fsr-3720	14	16	revijzw	revijzw	NOUN
fsr-3720	14	17	,	,	PUNCT
fsr-3720	14	18	3(l	3(l	NUM
fsr-3720	14	19	)	)	PUNCT
fsr-3720	14	20	1993	1993	NUM
fsr-3720	14	21	small	small	ADJ
fsr-3720	14	22	stocks	stock	NOUN
fsr-3720	14	23	and	and	CCONJ
fsr-3720	14	24	treasury	treasury	NOUN
fsr-3720	14	25	bills	bill	NOUN
fsr-3720	14	26	.	.	PUNCT
fsr-3720	15	1	we	we	PRON
fsr-3720	15	2	then	then	ADV
fsr-3720	15	3	calculate	calculate	VERB
fsr-3720	15	4	several	several	ADJ
fsr-3720	15	5	measures	measure	NOUN
fsr-3720	15	6	of	of	ADP
fsr-3720	15	7	portfolio	portfolio	NOUN
fsr-3720	15	8	performance	performance	NOUN
fsr-3720	15	9	,	,	PUNCT
fsr-3720	15	10	including	include	VERB
fsr-3720	15	11	raw	raw	ADJ
fsr-3720	15	12	return	return	NOUN
fsr-3720	15	13	and	and	CCONJ
fsr-3720	15	14	risk	risk	NOUN
fsr-3720	15	15	-	-	PUNCT
fsr-3720	15	16	adjusted	adjust	VERB
fsr-3720	15	17	return	return	NOUN
fsr-3720	15	18	.	.	PUNCT
fsr-3720	16	1	by	by	ADP
fsr-3720	16	2	every	every	DET
fsr-3720	16	3	criterion	criterion	NOUN
fsr-3720	16	4	,	,	PUNCT
fsr-3720	16	5	timing	time	VERB
fsr-3720	16	6	portfolios	portfolio	NOUN
fsr-3720	16	7	based	base	VERB
fsr-3720	16	8	on	on	ADP
fsr-3720	16	9	a	a	DET
fsr-3720	16	10	measure	measure	NOUN
fsr-3720	16	11	of	of	ADP
fsr-3720	16	12	the	the	DET
fsr-3720	16	13	expected	expect	VERB
fsr-3720	16	14	market	market	NOUN
fsr-3720	16	15	risk	risk	NOUN
fsr-3720	16	16	premium	premium	NOUN
fsr-3720	16	17	outperform	outperform	ADJ
fsr-3720	16	18	s&p	s&p	PROPN
fsr-3720	16	19	benchmark	benchmark	NOUN
fsr-3720	16	20	portfolios	portfolio	NOUN
fsr-3720	16	21	.	.	PUNCT
fsr-3720	17	1	of	of	ADP
fsr-3720	17	2	the	the	DET
fsr-3720	17	3	small	small	ADJ
fsr-3720	17	4	-	-	PUNCT
fsr-3720	17	5	stock	stock	NOUN
fsr-3720	17	6	timing	timing	NOUN
fsr-3720	17	7	portfolios	portfolio	NOUN
fsr-3720	17	8	,	,	PUNCT
fsr-3720	17	9	those	those	PRON
fsr-3720	17	10	based	base	VERB
fsr-3720	17	11	on	on	ADP
fsr-3720	17	12	the	the	DET
fsr-3720	17	13	expected	expect	VERB
fsr-3720	17	14	market	market	NOUN
fsr-3720	17	15	risk	risk	NOUN
fsr-3720	17	16	premium	premium	NOUN
fsr-3720	17	17	perform	perform	VERB
fsr-3720	17	18	best	good	ADJ
fsr-3720	17	19	,	,	PUNCT
fsr-3720	17	20	but	but	CCONJ
fsr-3720	17	21	portfolios	portfolio	NOUN
fsr-3720	17	22	based	base	VERB
fsr-3720	17	23	on	on	ADP
fsr-3720	17	24	dividend	dividend	NOUN
fsr-3720	17	25	yield	yield	NOUN
fsr-3720	17	26	and	and	CCONJ
fsr-3720	17	27	earning	earn	VERB
fsr-3720	17	28	-	-	PUNCT
fsr-3720	17	29	price	price	NOUN
fsr-3720	17	30	ratios	ratio	NOUN
fsr-3720	17	31	also	also	ADV
fsr-3720	17	32	show	show	VERB
fsr-3720	17	33	some	some	DET
fsr-3720	17	34	ability	ability	NOUN
fsr-3720	17	35	to	to	PART
fsr-3720	17	36	time	time	VERB
fsr-3720	17	37	small	small	ADJ
fsr-3720	17	38	stock	stock	NOUN
fsr-3720	17	39	returns	return	NOUN
fsr-3720	17	40	.	.	PUNCT
fsr-3720	18	1	finally	finally	ADV
fsr-3720	18	2	,	,	PUNCT
fsr-3720	18	3	we	we	PRON
fsr-3720	18	4	discuss	discuss	VERB
fsr-3720	18	5	the	the	DET
fsr-3720	18	6	limitations	limitation	NOUN
fsr-3720	18	7	of	of	ADP
fsr-3720	18	8	this	this	DET
fsr-3720	18	9	study	study	NOUN
fsr-3720	18	10	and	and	CCONJ
fsr-3720	18	11	their	their	PRON
fsr-3720	18	12	implica	implica	PROPN
fsr-3720	18	13	~	~	SYM
fsr-3720	18	14	ons	ons	PROPN
fsr-3720	18	15	for	for	ADP
fsr-3720	18	16	individ~	individ~	PROPN
fsr-3720	18	17	investors	investor	NOUN
fsr-3720	18	18	that	that	PRON
fsr-3720	18	19	plan	plan	VERB
fsr-3720	18	20	to	to	PART
fsr-3720	18	21	follow	follow	VERB
fsr-3720	18	22	a	a	DET
fsr-3720	18	23	market	market	NOUN
fsr-3720	18	24	timing	timing	NOUN
fsr-3720	18	25	strategy	strategy	NOUN
fsr-3720	18	26	.	.	PUNCT
fsr-3720	19	1	ii	ii	PROPN
fsr-3720	19	2	.	.	PUNCT
fsr-3720	20	1	review	review	PROPN
fsr-3720	20	2	of	of	ADP
fsr-3720	20	3	berature	berature	NOUN
fsr-3720	20	4	several	several	ADJ
fsr-3720	20	5	financial	financial	ADJ
fsr-3720	20	6	studies	study	NOUN
fsr-3720	20	7	indicate	indicate	VERB
fsr-3720	20	8	that	that	SCONJ
fsr-3720	20	9	long	long	ADJ
fsr-3720	20	10	-	-	PUNCT
fsr-3720	20	11	horizon	horizon	NOUN
fsr-3720	20	12	stock	stock	NOUN
fsr-3720	20	13	returns	return	NOUN
fsr-3720	20	14	are	be	AUX
fsr-3720	20	15	partially	partially	ADV
fsr-3720	20	16	predictable	predictable	ADJ
fsr-3720	20	17	.	.	PUNCT
fsr-3720	21	1	many	many	ADJ
fsr-3720	21	2	economists	economist	NOUN
fsr-3720	21	3	argue	argue	VERB
fsr-3720	21	4	that	that	SCONJ
fsr-3720	21	5	this	this	DET
fsr-3720	21	6	predictability	predictability	NOUN
fsr-3720	21	7	reflects	reflect	VERB
fsr-3720	21	8	the	the	DET
fsr-3720	21	9	action	action	NOUN
fsr-3720	21	10	of	of	ADP
fsr-3720	21	11	a	a	DET
fsr-3720	21	12	rationally	rationally	ADV
fsr-3720	21	13	priced	price	VERB
fsr-3720	21	14	stock	stock	NOUN
fsr-3720	21	15	market	market	NOUN
fsr-3720	21	16	with	with	ADP
fsr-3720	21	17	a	a	DET
fsr-3720	21	18	time	time	NOUN
fsr-3720	21	19	-	-	PUNCT
fsr-3720	21	20	varying	vary	VERB
fsr-3720	21	21	market	market	NOUN
fsr-3720	21	22	risk	risk	NOUN
fsr-3720	21	23	premium	premium	NOUN
fsr-3720	21	24	.	.	PUNCT
fsr-3720	22	1	simply	simply	ADV
fsr-3720	22	2	put	put	VERB
fsr-3720	22	3	,	,	PUNCT
fsr-3720	22	4	average	average	ADJ
fsr-3720	22	5	stock	stock	NOUN
fsr-3720	22	6	returns	return	NOUN
fsr-3720	22	7	tend	tend	VERB
fsr-3720	22	8	to	to	PART
fsr-3720	22	9	be	be	AUX
fsr-3720	22	10	generous	generous	ADJ
fsr-3720	22	11	when	when	SCONJ
fsr-3720	22	12	the	the	DET
fsr-3720	22	13	market	market	NOUN
fsr-3720	22	14	is	be	AUX
fsr-3720	22	15	priced	price	VERB
fsr-3720	22	16	to	to	PART
fsr-3720	22	17	offer	offer	VERB
fsr-3720	22	18	a	a	DET
fsr-3720	22	19	generous	generous	ADJ
fsr-3720	22	20	risk	risk	NOUN
fsr-3720	22	21	premium	premium	NOUN
fsr-3720	22	22	.	.	PUNCT
fsr-3720	23	1	nobel	nobel	PROPN
fsr-3720	23	2	-	-	PUNCT
fsr-3720	23	3	la~~tc	la~~tc	PROPN
fsr-3720	23	4	william	william	PROPN
fsr-3720	23	5	sharpe	sharpe	PROPN
fsr-3720	23	6	,	,	PUNCT
fsr-3720	23	7	who	who	PRON
fsr-3720	23	8	sells	sell	VERB
fsr-3720	23	9	market	market	NOUN
fsr-3720	23	10	timing	timing	NOUN
fsr-3720	23	11	advice	advice	NOUN
fsr-3720	23	12	based	base	VERB
fsr-3720	23	13	on	on	ADP
fsr-3720	23	14	a	a	DET
fsr-3720	23	15	relative	relative	ADJ
fsr-3720	23	16	market	market	NOUN
fsr-3720	23	17	risk	risk	NOUN
fsr-3720	23	18	premium	premium	NOUN
fsr-3720	23	19	,	,	PUNCT
fsr-3720	23	20	expresses	express	VERB
fsr-3720	23	21	this	this	DET
fsr-3720	23	22	view	view	NOUN
fsr-3720	23	23	,	,	PUNCT
fsr-3720	23	24	“	"	PUNCT
fsr-3720	23	25	this	this	PRON
fsr-3720	23	26	is	be	AUX
fsr-3720	23	27	not	not	PART
fsr-3720	23	28	a	a	DET
fsr-3720	23	29	story	story	NOUN
fsr-3720	23	30	that	that	PRON
fsr-3720	23	31	the	the	DET
fsr-3720	23	32	market	market	NOUN
fsr-3720	23	33	is	be	AUX
fsr-3720	23	34	screwed	screw	VERB
fsr-3720	23	35	up	up	ADP
fsr-3720	23	36	.	.	PUNCT
fsr-3720	24	1	this	this	PRON
fsr-3720	24	2	is	be	AUX
fsr-3720	24	3	a	a	DET
fsr-3720	24	4	story	story	NOUN
fsr-3720	24	5	of	of	ADP
fsr-3720	24	6	how	how	SCONJ
fsr-3720	24	7	investors	investor	NOUN
fsr-3720	24	8	behave	behave	VERB
fsr-3720	24	9	when	when	SCONJ
fsr-3720	24	10	their	their	PRON
fsr-3720	24	11	wealth	wealth	NOUN
fsr-3720	24	12	changes	change	NOUN
fsr-3720	24	13	.	.	PUNCT
fsr-3720	25	1	say	say	VERB
fsr-3720	25	2	i	i	PRON
fsr-3720	25	3	tell	tell	VERB
fsr-3720	25	4	you	you	PRON
fsr-3720	25	5	the	the	DET
fsr-3720	25	6	relative	relative	ADJ
fsr-3720	25	7	risk	risk	NOUN
fsr-3720	25	8	premium	premium	NOUN
fsr-3720	25	9	is	be	AUX
fsr-3720	25	10	120	120	NUM
fsr-3720	25	11	-	-	PUNCT
fsr-3720	25	12	you’ll	you’ll	NOUN
fsr-3720	25	13	get	get	VERB
fsr-3720	25	14	120	120	NUM
fsr-3720	25	15	%	%	NOUN
fsr-3720	25	16	of	of	ADP
fsr-3720	25	17	the	the	DET
fsr-3720	25	18	normal	normal	ADJ
fsr-3720	25	19	expected	expect	VERB
fsr-3720	25	20	return	return	NOUN
fsr-3720	25	21	for	for	ADP
fsr-3720	25	22	bearing	bear	VERB
fsr-3720	25	23	risk	risk	NOUN
fsr-3720	25	24	.	.	PUNCT
fsr-3720	26	1	if	if	SCONJ
fsr-3720	26	2	that	that	PRON
fsr-3720	26	3	was	be	AUX
fsr-3720	26	4	the	the	DET
fsr-3720	26	5	only	only	ADJ
fsr-3720	26	6	thing	thing	NOUN
fsr-3720	26	7	i	i	PRON
fsr-3720	26	8	told	tell	VERB
fsr-3720	26	9	you	you	PRON
fsr-3720	26	10	,	,	PUNCT
fsr-3720	26	11	you	you	PRON
fsr-3720	26	12	’d	’d	NOUN
fsr-3720	26	13	say	say	VERB
fsr-3720	26	14	,	,	PUNCT
fsr-3720	26	15	‘	'	PUNCT
fsr-3720	26	16	let	let	VERB
fsr-3720	26	17	’s	’s	PRON
fsr-3720	26	18	buy	buy	VERB
fsr-3720	26	19	stocks	stock	NOUN
fsr-3720	26	20	.	.	PUNCT
fsr-3720	26	21	’	'	PUNCT
fsr-3720	27	1	but	but	CCONJ
fsr-3720	27	2	what	what	PRON
fsr-3720	27	3	if	if	SCONJ
fsr-3720	27	4	i	i	PRON
fsr-3720	27	5	also	also	ADV
fsr-3720	27	6	told	tell	VERB
fsr-3720	27	7	you	you	PRON
fsr-3720	27	8	the	the	DET
fsr-3720	27	9	reason	reason	NOUN
fsr-3720	27	10	for	for	ADP
fsr-3720	27	11	that	that	PRON
fsr-3720	27	12	is	be	AUX
fsr-3720	27	13	we	we	PRON
fsr-3720	27	14	’re	’re	VERB
fsr-3720	27	15	in	in	ADP
fsr-3720	27	16	a	a	DET
fsr-3720	27	17	recession	recession	NOUN
fsr-3720	27	18	and	and	CCONJ
fsr-3720	27	19	someone	someone	PRON
fsr-3720	27	20	in	in	ADP
fsr-3720	27	21	your	your	PRON
fsr-3720	27	22	family	family	NOUN
fsr-3720	27	23	is	be	AUX
fsr-3720	27	24	out	out	ADP
fsr-3720	27	25	of	of	ADP
fsr-3720	27	26	work	work	NOUN
fsr-3720	27	27	.	.	PUNCT
fsr-3720	28	1	if	if	SCONJ
fsr-3720	28	2	you	you	PRON
fsr-3720	28	3	’re	’re	VERB
fsr-3720	28	4	average	average	ADJ
fsr-3720	28	5	,	,	PUNCT
fsr-3720	28	6	you	you	PRON
fsr-3720	28	7	’ll	’ll	AUX
fsr-3720	28	8	say	say	VERB
fsr-3720	28	9	,	,	PUNCT
fsr-3720	28	10	‘	'	PUNCT
fsr-3720	28	11	i	i	PRON
fsr-3720	28	12	guess	guess	VERB
fsr-3720	28	13	these	these	PRON
fsr-3720	28	14	are	be	AUX
fsr-3720	28	15	offsetting	offset	VERB
fsr-3720	28	16	.	.	PUNCT
fsr-3720	29	1	i	i	PRON
fsr-3720	29	2	’ll	’ll	AUX
fsr-3720	29	3	stay	stay	VERB
fsr-3720	29	4	with	with	ADP
fsr-3720	29	5	what	what	PRON
fsr-3720	29	6	i	i	PRON
fsr-3720	29	7	’ve	’ve	AUX
fsr-3720	29	8	got	get	VERB
fsr-3720	29	9	.	.	PUNCT
fsr-3720	29	10	’	'	PUNCT
fsr-3720	30	1	in	in	ADP
fsr-3720	30	2	fact	fact	NOUN
fsr-3720	30	3	,	,	PUNCT
fsr-3720	30	4	that	that	PRON
fsr-3720	30	5	’s	’	VERB
fsr-3720	30	6	what	what	PRON
fsr-3720	30	7	has	have	VERB
fsr-3720	30	8	to	to	PART
fsr-3720	30	9	happen	happen	VERB
fsr-3720	30	10	in	in	ADP
fsr-3720	30	11	an	an	DET
fsr-3720	30	12	efficient	efficient	ADJ
fsr-3720	30	13	market	market	NOUN
fsr-3720	30	14	.	.	PUNCT
fsr-3720	31	1	the	the	DET
fsr-3720	31	2	risk	risk	NOUN
fsr-3720	31	3	premium	premium	NOUN
fsr-3720	31	4	has	have	VERB
fsr-3720	31	5	to	to	PART
fsr-3720	31	6	adjust	adjust	VERB
fsr-3720	31	7	to	to	ADP
fsr-3720	31	8	where	where	SCONJ
fsr-3720	31	9	the	the	DET
fsr-3720	31	10	average	average	ADJ
fsr-3720	31	11	investor	investor	NOUN
fsr-3720	31	12	does	do	AUX
fsr-3720	31	13	n’t	not	PART
fsr-3720	31	14	want	want	VERB
fsr-3720	31	15	to	to	PART
fsr-3720	31	16	do	do	VERB
fsr-3720	31	17	anything	anything	PRON
fsr-3720	31	18	”	"	PUNCT
fsr-3720	31	19	(	(	PUNCT
fsr-3720	31	20	berss	berss	ADJ
fsr-3720	31	21	,	,	PUNCT
fsr-3720	31	22	1990	1990	NUM
fsr-3720	31	23	,	,	PUNCT
fsr-3720	31	24	p.	p.	NOUN
fsr-3720	31	25	78	78	NUM
fsr-3720	31	26	)	)	PUNCT
fsr-3720	31	27	.	.	PUNCT
fsr-3720	32	1	fama	fama	PROPN
fsr-3720	32	2	and	and	CCONJ
fsr-3720	32	3	french	french	NOUN
fsr-3720	32	4	also	also	ADV
fsr-3720	32	5	support	support	VERB
fsr-3720	32	6	this	this	DET
fsr-3720	32	7	view	view	NOUN
fsr-3720	32	8	.	.	PUNCT
fsr-3720	33	1	they	they	PRON
fsr-3720	33	2	conclude	conclude	VERB
fsr-3720	33	3	that	that	SCONJ
fsr-3720	33	4	the	the	DET
fsr-3720	33	5	market	market	NOUN
fsr-3720	33	6	risk	risk	NOUN
fsr-3720	33	7	p~~urn	p~~urn	NUM
fsr-3720	33	8	is	be	AUX
fsr-3720	33	9	highly	highly	ADV
fsr-3720	33	10	autocorrelated	autocorrelated	ADJ
fsr-3720	33	11	,	,	PUNCT
fsr-3720	33	12	but	but	CCONJ
fsr-3720	33	13	slowly	slowly	ADV
fsr-3720	33	14	mean	mean	VERB
fsr-3720	33	15	reverting	revert	VERB
fsr-3720	33	16	’	'	PUNCT
fsr-3720	33	17	;	;	PUNCT
fsr-3720	33	18	that	that	PRON
fsr-3720	33	19	is	is	ADV
fsr-3720	33	20	,	,	PUNCT
fsr-3720	33	21	when	when	SCONJ
fsr-3720	33	22	the	the	DET
fsr-3720	33	23	risk	risk	NOUN
fsr-3720	33	24	premium	premium	NOUN
fsr-3720	33	25	is	be	AUX
fsr-3720	33	26	large	large	ADJ
fsr-3720	33	27	it	it	PRON
fsr-3720	33	28	tends	tend	VERB
fsr-3720	33	29	to	to	PART
fsr-3720	33	30	remain	remain	VERB
fsr-3720	33	31	large	large	ADJ
fsr-3720	33	32	for	for	ADP
fsr-3720	33	33	several	several	ADJ
fsr-3720	33	34	quarters	quarter	NOUN
fsr-3720	33	35	while	while	SCONJ
fsr-3720	33	36	slowly	slowly	ADV
fsr-3720	33	37	reverting	revert	VERB
fsr-3720	33	38	to	to	ADP
fsr-3720	33	39	its	its	PRON
fsr-3720	33	40	historic	historic	ADJ
fsr-3720	33	41	mean	mean	NOUN
fsr-3720	33	42	,	,	PUNCT
fsr-3720	33	43	and	and	CCONJ
fsr-3720	33	44	vice	vice	NOUN
fsr-3720	33	45	-	-	NOUN
fsr-3720	33	46	versa	versa	ADJ
fsr-3720	33	47	.	.	PUNCT
fsr-3720	34	1	this	this	PRON
fsr-3720	34	2	produces	produce	VERB
fsr-3720	34	3	a	a	DET
fsr-3720	34	4	predictable	predictable	ADJ
fsr-3720	34	5	component	component	NOUN
fsr-3720	34	6	of	of	ADP
fsr-3720	34	7	stock	stock	NOUN
fsr-3720	34	8	returns	return	NOUN
fsr-3720	34	9	that	that	PRON
fsr-3720	34	10	increases	increase	VERB
fsr-3720	34	11	roughly	roughly	ADV
fsr-3720	34	12	proportionately	proportionately	ADV
fsr-3720	34	13	with	with	ADP
fsr-3720	34	14	the	the	DET
fsr-3720	34	15	return	return	NOUN
fsr-3720	34	16	horizon	horizon	NOUN
fsr-3720	34	17	out	out	ADP
fsr-3720	34	18	to	to	ADP
fsr-3720	34	19	one	one	NUM
fsr-3720	34	20	or	or	CCONJ
fsr-3720	34	21	two	two	NUM
fsr-3720	34	22	years	year	NOUN
fsr-3720	34	23	.	.	PUNCT
fsr-3720	35	1	we	we	PRON
fsr-3720	35	2	offer	offer	VERB
fsr-3720	35	3	the	the	DET
fsr-3720	35	4	following	follow	VERB
fsr-3720	35	5	illustration	illustration	NOUN
fsr-3720	35	6	of	of	ADP
fsr-3720	35	7	their	their	PRON
fsr-3720	35	8	story	story	NOUN
fsr-3720	35	9	.	.	PUNCT
fsr-3720	36	1	let	let	VERB
fsr-3720	36	2	p	p	PRON
fsr-3720	36	3	represent	represent	VERB
fsr-3720	36	4	the	the	DET
fsr-3720	36	5	price	price	NOUN
fsr-3720	36	6	of	of	ADP
fsr-3720	36	7	an	an	DET
fsr-3720	36	8	index	index	NOUN
fsr-3720	36	9	of	of	ADP
fsr-3720	36	10	stocks	stock	NOUN
fsr-3720	36	11	.	.	PUNCT
fsr-3720	37	1	for	for	ADP
fsr-3720	37	2	simplicity	simplicity	NOUN
fsr-3720	37	3	,	,	PUNCT
fsr-3720	37	4	we	we	PRON
fsr-3720	37	5	assume	assume	VERB
fsr-3720	37	6	the	the	DET
fsr-3720	37	7	zero	zero	NUM
fsr-3720	37	8	growth	growth	NOUN
fsr-3720	37	9	model	model	NOUN
fsr-3720	37	10	with	with	ADP
fsr-3720	37	11	projected	project	VERB
fsr-3720	37	12	year	year	NOUN
fsr-3720	37	13	-	-	PUNCT
fsr-3720	37	14	ahead	ahead	NOUN
fsr-3720	37	15	dividends	dividend	NOUN
fsr-3720	37	16	d	d	NOUN
fsr-3720	37	17	,	,	PUNCT
fsr-3720	37	18	equal	equal	ADJ
fsr-3720	37	19	to	to	ADP
fsr-3720	37	20	projected	project	VERB
fsr-3720	37	21	earnings	earning	NOUN
fsr-3720	37	22	e	e	NOUN
fsr-3720	37	23	,	,	PUNCT
fsr-3720	37	24	.	.	PUNCT
fsr-3720	38	1	that	that	PRON
fsr-3720	38	2	is	be	AUX
fsr-3720	38	3	,	,	PUNCT
fsr-3720	38	4	d	d	PROPN
fsr-3720	38	5	,	,	PUNCT
fsr-3720	38	6	=	=	SYM
fsr-3720	38	7	e	e	NOUN
fsr-3720	38	8	,	,	PUNCT
fsr-3720	38	9	.	.	PUNCT
fsr-3720	39	1	in	in	ADP
fsr-3720	39	2	this	this	DET
fsr-3720	39	3	model	model	NOUN
fsr-3720	39	4	,	,	PUNCT
fsr-3720	40	1	where	where	SCONJ
fsr-3720	40	2	the	the	DET
fsr-3720	40	3	required	require	VERB
fsr-3720	40	4	rate	rate	NOUN
fsr-3720	40	5	of	of	ADP
fsr-3720	40	6	return	return	NOUN
fsr-3720	40	7	k	k	X
fsr-3720	40	8	=	=	PUNCT
fsr-3720	40	9	r	r	NOUN
fsr-3720	40	10	+	+	NUM
fsr-3720	40	11	mrp	mrp	NOUN
fsr-3720	40	12	,	,	PUNCT
fsr-3720	40	13	r	r	NOUN
fsr-3720	40	14	denotes	denote	VERB
fsr-3720	40	15	the	the	DET
fsr-3720	40	16	risk	risk	NOUN
fsr-3720	40	17	-	-	PUNCT
fsr-3720	40	18	free	free	ADJ
fsr-3720	40	19	interest	interest	NOUN
fsr-3720	40	20	rate	rate	NOUN
fsr-3720	40	21	,	,	PUNCT
fsr-3720	40	22	and	and	CCONJ
fsr-3720	40	23	mrp	mrp	NOUN
fsr-3720	40	24	denotes	denote	VERB
fsr-3720	40	25	the	the	DET
fsr-3720	40	26	unobservable	unobservable	ADJ
fsr-3720	40	27	market	market	NOUN
fsr-3720	40	28	risk	risk	NOUN
fsr-3720	40	29	premium	premium	NOUN
fsr-3720	40	30	.	.	PUNCT
fsr-3720	41	1	it	it	PRON
fsr-3720	41	2	follows	follow	VERB
fsr-3720	41	3	that	that	SCONJ
fsr-3720	41	4	market	market	NOUN
fsr-3720	41	5	timing	timing	NOUN
fsr-3720	41	6	for	for	ADP
fsr-3720	41	7	the	the	DET
fsr-3720	41	8	zndividual	zndividual	ADJ
fsr-3720	41	9	znvestor	znvestor	NOUN
fsr-3720	41	10	31	31	NUM
fsr-3720	41	11	d,/p	d,/p	NOUN
fsr-3720	41	12	=	=	SYM
fsr-3720	41	13	e	e	NOUN
fsr-3720	41	14	,	,	PUNCT
fsr-3720	41	15	ip	ip	NOUN
fsr-3720	41	16	=	=	SYM
fsr-3720	41	17	r	r	NOUN
fsr-3720	41	18	+	+	NUM
fsr-3720	41	19	mrp	mrp	PROPN
fsr-3720	41	20	.	.	PUNCT
fsr-3720	42	1	ub	ub	AUX
fsr-3720	42	2	)	)	PUNCT
fsr-3720	42	3	as	as	SCONJ
fsr-3720	42	4	equation	equation	NOUN
fsr-3720	42	5	1b	1b	NUM
fsr-3720	42	6	shows	show	VERB
fsr-3720	42	7	,	,	PUNCT
fsr-3720	42	8	both	both	DET
fsr-3720	42	9	dividend	dividend	NOUN
fsr-3720	42	10	-	-	PUNCT
fsr-3720	42	11	price	price	NOUN
fsr-3720	42	12	and	and	CCONJ
fsr-3720	42	13	earnings	earning	NOUN
fsr-3720	42	14	-	-	PUNCT
fsr-3720	42	15	price	price	NOUN
fsr-3720	42	16	ratios	ratio	NOUN
fsr-3720	42	17	perfectly	perfectly	ADV
fsr-3720	42	18	reflect	reflect	VERB
fsr-3720	42	19	shocks	shock	NOUN
fsr-3720	42	20	to	to	ADP
fsr-3720	42	21	the	the	DET
fsr-3720	42	22	market	market	NOUN
fsr-3720	42	23	risk	risk	NOUN
fsr-3720	42	24	premium	premium	NOUN
fsr-3720	42	25	that	that	PRON
fsr-3720	42	26	are	be	AUX
fsr-3720	42	27	independent	independent	ADJ
fsr-3720	42	28	of	of	ADP
fsr-3720	42	29	dividend	dividend	NOUN
fsr-3720	42	30	and	and	CCONJ
fsr-3720	42	31	earningsforecasts	earningsforecast	NOUN
fsr-3720	42	32	.	.	PUNCT
fsr-3720	43	1	these	these	DET
fsr-3720	43	2	ratios	ratio	NOUN
fsr-3720	43	3	are	be	AUX
fsr-3720	43	4	not	not	PART
fsr-3720	43	5	important	important	ADJ
fsr-3720	43	6	per	per	ADP
fsr-3720	43	7	se	se	ADV
fsr-3720	43	8	,	,	PUNCT
fsr-3720	43	9	but	but	CCONJ
fsr-3720	43	10	only	only	ADV
fsr-3720	43	11	to	to	ADP
fsr-3720	43	12	the	the	DET
fsr-3720	43	13	degree	degree	NOUN
fsr-3720	43	14	that	that	SCONJ
fsr-3720	43	15	they	they	PRON
fsr-3720	43	16	reflect	reflect	VERB
fsr-3720	43	17	movement	movement	NOUN
fsr-3720	43	18	in	in	ADP
fsr-3720	43	19	the	the	DET
fsr-3720	43	20	unobservable	unobservable	ADJ
fsr-3720	43	21	market	market	NOUN
fsr-3720	43	22	risk	risk	NOUN
fsr-3720	43	23	premium	premium	NOUN
fsr-3720	43	24	.	.	PUNCT
fsr-3720	44	1	thus	thus	ADV
fsr-3720	44	2	theory	theory	NOUN
fsr-3720	44	3	suggests	suggest	VERB
fsr-3720	44	4	that	that	SCONJ
fsr-3720	44	5	the	the	DET
fsr-3720	44	6	predictive	predictive	ADJ
fsr-3720	44	7	content	content	NOUN
fsr-3720	44	8	of	of	ADP
fsr-3720	44	9	historic	historic	ADJ
fsr-3720	44	10	dividend	dividend	NOUN
fsr-3720	44	11	-	-	PUNCT
fsr-3720	44	12	price	price	NOUN
fsr-3720	44	13	and	and	CCONJ
fsr-3720	44	14	earnings	earning	NOUN
fsr-3720	44	15	-	-	PUNCT
fsr-3720	44	16	price	price	NOUN
fsr-3720	44	17	ratios	ratio	NOUN
fsr-3720	44	18	reflects	reflect	VERB
fsr-3720	44	19	their	their	PRON
fsr-3720	44	20	tendency	tendency	NOUN
fsr-3720	44	21	to	to	PART
fsr-3720	44	22	proxy	proxy	VERB
fsr-3720	44	23	for	for	ADP
fsr-3720	44	24	the	the	DET
fsr-3720	44	25	unobservable	unobservable	ADJ
fsr-3720	44	26	market	market	NOUN
fsr-3720	44	27	risk	risk	NOUN
fsr-3720	44	28	premium	premium	NOUN
fsr-3720	44	29	.	.	PUNCT
fsr-3720	45	1	suppose	suppose	VERB
fsr-3720	45	2	the	the	DET
fsr-3720	45	3	risk	risk	NOUN
fsr-3720	45	4	-	-	PUNCT
fsr-3720	45	5	free	free	ADJ
fsr-3720	45	6	interest	interest	NOUN
fsr-3720	45	7	rate	rate	NOUN
fsr-3720	45	8	is	be	AUX
fsr-3720	45	9	5	5	NUM
fsr-3720	45	10	%	%	NOUN
fsr-3720	45	11	and	and	CCONJ
fsr-3720	45	12	the	the	DET
fsr-3720	45	13	market	market	NOUN
fsr-3720	45	14	risk	risk	NOUN
fsr-3720	45	15	premium	premium	NOUN
fsr-3720	45	16	is	be	AUX
fsr-3720	45	17	8	8	NUM
fsr-3720	45	18	%	%	NOUN
fsr-3720	45	19	,	,	PUNCT
fsr-3720	45	20	its	its	PRON
fsr-3720	45	21	historic	historic	ADJ
fsr-3720	45	22	average	average	NOUN
fsr-3720	45	23	.	.	PUNCT
fsr-3720	46	1	a	a	DET
fsr-3720	46	2	shock	shock	NOUN
fsr-3720	46	3	raises	raise	VERB
fsr-3720	46	4	the	the	DET
fsr-3720	46	5	premium	premium	NOUN
fsr-3720	46	6	to	to	ADP
fsr-3720	46	7	9.3	9.3	NUM
fsr-3720	46	8	%	%	NOUN
fsr-3720	46	9	.	.	PUNCT
fsr-3720	47	1	the	the	DET
fsr-3720	47	2	rise	rise	NOUN
fsr-3720	47	3	in	in	ADP
fsr-3720	47	4	the	the	DET
fsr-3720	47	5	market	market	NOUN
fsr-3720	47	6	premium	premium	NOUN
fsr-3720	47	7	drives	drive	VERB
fsr-3720	47	8	the	the	DET
fsr-3720	47	9	current	current	ADJ
fsr-3720	47	10	stock	stock	NOUN
fsr-3720	47	11	price	price	NOUN
fsr-3720	47	12	from	from	ADP
fsr-3720	47	13	$	$	SYM
fsr-3720	47	14	7.7d	7.7d	NUM
fsr-3720	47	15	to	to	ADP
fsr-3720	47	16	$	$	SYM
fsr-3720	47	17	7d	7d	NUM
fsr-3720	47	18	.	.	PUNCT
fsr-3720	48	1	if	if	SCONJ
fsr-3720	48	2	the	the	DET
fsr-3720	48	3	premium	premium	NOUN
fsr-3720	48	4	followed	follow	VERB
fsr-3720	48	5	a	a	DET
fsr-3720	48	6	random	random	ADJ
fsr-3720	48	7	walk	walk	NOUN
fsr-3720	48	8	then	then	ADV
fsr-3720	48	9	stocks	stock	NOUN
fsr-3720	48	10	would	would	AUX
fsr-3720	48	11	now	now	ADV
fsr-3720	48	12	offer	offer	VERB
fsr-3720	48	13	a	a	DET
fsr-3720	48	14	permanently	permanently	ADV
fsr-3720	48	15	higher	high	ADJ
fsr-3720	48	16	expected	expect	VERB
fsr-3720	48	17	return	return	NOUN
fsr-3720	48	18	.	.	PUNCT
fsr-3720	49	1	however	however	ADV
fsr-3720	49	2	,	,	PUNCT
fsr-3720	49	3	the	the	DET
fsr-3720	49	4	market	market	NOUN
fsr-3720	49	5	premium	premium	NOUN
fsr-3720	49	6	slowly	slowly	ADV
fsr-3720	49	7	reverts	revert	VERB
fsr-3720	49	8	to	to	ADP
fsr-3720	49	9	its	its	PRON
fsr-3720	49	10	mean	mean	NOUN
fsr-3720	49	11	.	.	PUNCT
fsr-3720	50	1	during	during	ADP
fsr-3720	50	2	the	the	DET
fsr-3720	50	3	reversion	reversion	NOUN
fsr-3720	50	4	,	,	PUNCT
fsr-3720	50	5	the	the	DET
fsr-3720	50	6	expected	expect	VERB
fsr-3720	50	7	risk	risk	NOUN
fsr-3720	50	8	premium	premium	NOUN
fsr-3720	50	9	exceeds	exceed	VERB
fsr-3720	50	10	its	its	PRON
fsr-3720	50	11	historic	historic	ADJ
fsr-3720	50	12	mean	mean	NOUN
fsr-3720	50	13	.	.	PUNCT
fsr-3720	51	1	after	after	ADP
fsr-3720	51	2	the	the	DET
fsr-3720	51	3	reversion	reversion	NOUN
fsr-3720	51	4	,	,	PUNCT
fsr-3720	51	5	the	the	DET
fsr-3720	51	6	market	market	NOUN
fsr-3720	51	7	risk	risk	NOUN
fsr-3720	51	8	premium	premium	NOUN
fsr-3720	51	9	is	be	AUX
fsr-3720	51	10	again	again	ADV
fsr-3720	51	11	8	8	NUM
fsr-3720	51	12	%	%	NOUN
fsr-3720	51	13	and	and	CCONJ
fsr-3720	51	14	the	the	DET
fsr-3720	51	15	stock	stock	NOUN
fsr-3720	51	16	price	price	NOUN
fsr-3720	51	17	$	$	SYM
fsr-3720	51	18	7.7d	7.7d	NUM
fsr-3720	51	19	.	.	PUNCT
fsr-3720	52	1	this	this	DET
fsr-3720	52	2	economic	economic	ADJ
fsr-3720	52	3	story	story	NOUN
fsr-3720	52	4	can	can	AUX
fsr-3720	52	5	explain	explain	VERB
fsr-3720	52	6	the	the	DET
fsr-3720	52	7	evidence	evidence	NOUN
fsr-3720	52	8	supporting	support	VERB
fsr-3720	52	9	the	the	DET
fsr-3720	52	10	predictability	predictability	NOUN
fsr-3720	52	11	of	of	ADP
fsr-3720	52	12	long	long	ADJ
fsr-3720	52	13	-	-	PUNCT
fsr-3720	52	14	horizon	horizon	NOUN
fsr-3720	52	15	stock	stock	NOUN
fsr-3720	52	16	returns	return	NOUN
fsr-3720	52	17	.	.	PUNCT
fsr-3720	53	1	1	1	X
fsr-3720	53	2	.	.	X
fsr-3720	53	3	model	model	NOUN
fsr-3720	53	4	1b	1b	PROPN
fsr-3720	53	5	explains	explain	VERB
fsr-3720	53	6	why	why	SCONJ
fsr-3720	53	7	dividend	dividend	NOUN
fsr-3720	53	8	yield	yield	NOUN
fsr-3720	53	9	and	and	CCONJ
fsr-3720	53	10	earnings	earning	NOUN
fsr-3720	53	11	-	-	PUNCT
fsr-3720	53	12	price	price	NOUN
fsr-3720	53	13	ratio	ratio	NOUN
fsr-3720	53	14	can	can	AUX
fsr-3720	53	15	predict	predict	VERB
fsr-3720	53	16	stock	stock	NOUN
fsr-3720	53	17	returns	return	NOUN
fsr-3720	53	18	.	.	PUNCT
fsr-3720	54	1	more	more	ADV
fsr-3720	54	2	generally	generally	ADV
fsr-3720	54	3	,	,	PUNCT
fsr-3720	54	4	any	any	DET
fsr-3720	54	5	variables	variable	NOUN
fsr-3720	54	6	that	that	PRON
fsr-3720	54	7	move	move	VERB
fsr-3720	54	8	with	with	ADP
fsr-3720	54	9	the	the	DET
fsr-3720	54	10	time	time	NOUN
fsr-3720	54	11	-	-	PUNCT
fsr-3720	54	12	vary	vary	VERB
fsr-3720	54	13	ing	ing	ADJ
fsr-3720	54	14	market	market	NOUN
fsr-3720	54	15	risk	risk	NOUN
fsr-3720	54	16	premium	premium	NOUN
fsr-3720	54	17	should	should	AUX
fsr-3720	54	18	be	be	AUX
fsr-3720	54	19	able	able	ADJ
fsr-3720	54	20	to	to	PART
fsr-3720	54	21	predict	predict	VERB
fsr-3720	54	22	long	long	ADJ
fsr-3720	54	23	-	-	PUNCT
fsr-3720	54	24	horizon	horizon	NOUN
fsr-3720	54	25	stock	stock	NOUN
fsr-3720	54	26	returns	return	NOUN
fsr-3720	54	27	.	.	PUNCT
fsr-3720	55	1	2	2	X
fsr-3720	55	2	.	.	X
fsr-3720	55	3	mcqueen	mcqueen	PROPN
fsr-3720	55	4	and	and	CCONJ
fsr-3720	55	5	thorley	thorley	PROPN
fsr-3720	55	6	(	(	PUNCT
fsr-3720	55	7	199	199	NUM
fsr-3720	55	8	1	1	NUM
fsr-3720	55	9	)	)	PUNCT
fsr-3720	55	10	found	find	VERB
fsr-3720	55	11	that	that	SCONJ
fsr-3720	55	12	a	a	DET
fsr-3720	55	13	bad	bad	ADJ
fsr-3720	55	14	year	year	NOUN
fsr-3720	55	15	in	in	ADP
fsr-3720	55	16	the	the	DET
fsr-3720	55	17	stock	stock	NOUN
fsr-3720	55	18	market	market	NOUN
fsr-3720	55	19	tends	tend	VERB
fsr-3720	55	20	to	to	PART
fsr-3720	55	21	follow	follow	VERB
fsr-3720	55	22	two	two	NUM
fsr-3720	55	23	good	good	ADJ
fsr-3720	55	24	calendar	calendar	NOUN
fsr-3720	55	25	years	year	NOUN
fsr-3720	55	26	and	and	CCONJ
fsr-3720	55	27	a	a	DET
fsr-3720	55	28	good	good	ADJ
fsr-3720	55	29	year	year	NOUN
fsr-3720	55	30	tends	tend	VERB
fsr-3720	55	31	to	to	PART
fsr-3720	55	32	follow	follow	VERB
fsr-3720	55	33	two	two	NUM
fsr-3720	55	34	bad	bad	ADJ
fsr-3720	55	35	years	year	NOUN
fsr-3720	55	36	.	.	PUNCT
fsr-3720	56	1	this	this	DET
fsr-3720	56	2	pattern	pattern	NOUN
fsr-3720	56	3	is	be	AUX
fsr-3720	56	4	expected	expect	VERB
fsr-3720	56	5	if	if	SCONJ
fsr-3720	56	6	movements	movement	NOUN
fsr-3720	56	7	in	in	ADP
fsr-3720	56	8	the	the	DET
fsr-3720	56	9	market	market	NOUN
fsr-3720	56	10	risk	risk	NOUN
fsr-3720	56	11	premium	premium	NOUN
fsr-3720	56	12	strongly	strongly	ADV
fsr-3720	56	13	influence	influence	VERB
fsr-3720	56	14	individual	individual	ADJ
fsr-3720	56	15	year	year	NOUN
fsr-3720	56	16	stock	stock	NOUN
fsr-3720	56	17	returns	return	NOUN
fsr-3720	56	18	.	.	PUNCT
fsr-3720	57	1	3	3	X
fsr-3720	57	2	.	.	X
fsr-3720	57	3	there	there	PRON
fsr-3720	57	4	appears	appear	VERB
fsr-3720	57	5	to	to	PART
fsr-3720	57	6	be	be	AUX
fsr-3720	57	7	a	a	DET
fsr-3720	57	8	transitory	transitory	ADJ
fsr-3720	57	9	,	,	PUNCT
fsr-3720	57	10	and	and	CCONJ
fsr-3720	57	11	thus	thus	ADV
fsr-3720	57	12	predictable	predictable	ADJ
fsr-3720	57	13	,	,	PUNCT
fsr-3720	57	14	component	component	NOUN
fsr-3720	57	15	of	of	ADP
fsr-3720	57	16	stock	stock	NOUN
fsr-3720	57	17	price	price	NOUN
fsr-3720	57	18	.	.	PUNCT
fsr-3720	58	1	in	in	ADP
fsr-3720	58	2	the	the	DET
fsr-3720	58	3	example	example	NOUN
fsr-3720	58	4	above	above	ADV
fsr-3720	58	5	,	,	PUNCT
fsr-3720	58	6	the	the	DET
fsr-3720	58	7	shock	shock	NOUN
fsr-3720	58	8	to	to	ADP
fsr-3720	58	9	the	the	DET
fsr-3720	58	10	market	market	NOUN
fsr-3720	58	11	risk	risk	NOUN
fsr-3720	58	12	premium	premium	NOUN
fsr-3720	58	13	produced	produce	VERB
fsr-3720	58	14	a	a	DET
fsr-3720	58	15	transitory	transitory	ADJ
fsr-3720	58	16	drop	drop	NOUN
fsr-3720	58	17	in	in	ADP
fsr-3720	58	18	stock	stock	NOUN
fsr-3720	58	19	price	price	NOUN
fsr-3720	58	20	that	that	PRON
fsr-3720	58	21	is	be	AUX
fsr-3720	58	22	eventually	eventually	ADV
fsr-3720	58	23	offset	offset	VERB
fsr-3720	58	24	by	by	ADP
fsr-3720	58	25	subsequent	subsequent	ADJ
fsr-3720	58	26	gains	gain	NOUN
fsr-3720	58	27	.	.	PUNCT
fsr-3720	59	1	equivalently	equivalently	ADV
fsr-3720	59	2	,	,	PUNCT
fsr-3720	59	3	the	the	DET
fsr-3720	59	4	mean	mean	ADJ
fsr-3720	59	5	-	-	PUNCT
fsr-3720	59	6	reverting	revert	VERB
fsr-3720	59	7	market	market	NOUN
fsr-3720	59	8	risk	risk	NOUN
fsr-3720	59	9	premium	premium	NOUN
fsr-3720	59	10	gives	give	VERB
fsr-3720	59	11	rise	rise	NOUN
fsr-3720	59	12	to	to	ADP
fsr-3720	59	13	negative	negative	ADJ
fsr-3720	59	14	autocorrelations	autocorrelation	NOUN
fsr-3720	59	15	in	in	ADP
fsr-3720	59	16	distant	distant	ADJ
fsr-3720	59	17	stock	stock	NOUN
fsr-3720	59	18	returns	return	NOUN
fsr-3720	59	19	;	;	PUNCT
fsr-3720	59	20	the	the	DET
fsr-3720	59	21	rise	rise	NOUN
fsr-3720	59	22	in	in	ADP
fsr-3720	59	23	the	the	DET
fsr-3720	59	24	market	market	NOUN
fsr-3720	59	25	risk	risk	NOUN
fsr-3720	59	26	premium	premium	NOUN
fsr-3720	59	27	produces	produce	VERB
fsr-3720	59	28	a	a	DET
fsr-3720	59	29	current	current	ADJ
fsr-3720	59	30	period	period	NOUN
fsr-3720	59	31	loss	loss	NOUN
fsr-3720	59	32	that	that	PRON
fsr-3720	59	33	is	be	AUX
fsr-3720	59	34	offset	offset	VERB
fsr-3720	59	35	by	by	ADP
fsr-3720	59	36	higher	high	ADJ
fsr-3720	59	37	subsequent	subsequent	ADJ
fsr-3720	59	38	returns	return	NOUN
fsr-3720	59	39	.	.	PUNCT
fsr-3720	60	1	iii	iii	X
fsr-3720	60	2	.	.	PUNCT
fsr-3720	61	1	construction	construction	NOUN
fsr-3720	61	2	of	of	ADP
fsr-3720	61	3	timing	time	VERB
fsr-3720	61	4	portfolios	portfolio	NOUN
fsr-3720	61	5	prediction	prediction	NOUN
fsr-3720	61	6	variables	variable	NOUN
fsr-3720	61	7	in	in	ADP
fsr-3720	61	8	this	this	DET
fsr-3720	61	9	study	study	NOUN
fsr-3720	61	10	,	,	PUNCT
fsr-3720	61	11	we	we	PRON
fsr-3720	61	12	examine	examine	VERB
fsr-3720	61	13	whether	whether	SCONJ
fsr-3720	61	14	individual	individual	ADJ
fsr-3720	61	15	investors	investor	NOUN
fsr-3720	61	16	can	can	AUX
fsr-3720	61	17	successfully	successfully	ADV
fsr-3720	61	18	construct	construct	VERB
fsr-3720	61	19	timing	timing	NOUN
fsr-3720	61	20	portfolios	portfolio	NOUN
fsr-3720	61	21	using	use	VERB
fsr-3720	61	22	three	three	NUM
fsr-3720	61	23	variables	variable	NOUN
fsr-3720	61	24	shown	show	VERB
fsr-3720	61	25	to	to	PART
fsr-3720	61	26	predict	predict	VERB
fsr-3720	61	27	stock	stock	NOUN
fsr-3720	61	28	returns	return	NOUN
fsr-3720	61	29	.	.	PUNCT
fsr-3720	62	1	the	the	DET
fsr-3720	62	2	first	first	ADJ
fsr-3720	62	3	of	of	ADP
fsr-3720	62	4	the	the	DET
fsr-3720	62	5	variables	variable	NOUN
fsr-3720	62	6	is	be	AUX
fsr-3720	62	7	the	the	DET
fsr-3720	62	8	end	end	VERB
fsr-3720	62	9	-	-	PUNCT
fsr-3720	62	10	of	of	ADP
fsr-3720	62	11	-	-	PUNCT
fsr-3720	62	12	quarter	quarter	NOUN
fsr-3720	62	13	earnings	earning	NOUN
fsr-3720	62	14	-	-	PUNCT
fsr-3720	62	15	price	price	NOUN
fsr-3720	62	16	ratio	ratio	NOUN
fsr-3720	62	17	on	on	ADP
fsr-3720	62	18	the	the	DET
fsr-3720	62	19	standard	standard	ADJ
fsr-3720	62	20	and	and	CCONJ
fsr-3720	62	21	poor	poor	ADJ
fsr-3720	62	22	’s	’s	PART
fsr-3720	62	23	composite	composite	ADJ
fsr-3720	62	24	index	index	NOUN
fsr-3720	62	25	,	,	PUNCT
fsr-3720	62	26	ep	ep	PROPN
fsr-3720	62	27	.	.	PUNCT
fsr-3720	63	1	the	the	DET
fsr-3720	63	2	second	second	ADJ
fsr-3720	63	3	is	be	AUX
fsr-3720	63	4	the	the	DET
fsr-3720	63	5	median	median	ADJ
fsr-3720	63	6	year	year	NOUN
fsr-3720	63	7	-	-	PUNCT
fsr-3720	63	8	ahead	ahead	NOUN
fsr-3720	63	9	dividend	dividend	NOUN
fsr-3720	63	10	yield	yield	NOUN
fsr-3720	63	11	as	as	SCONJ
fsr-3720	63	12	published	publish	VERB
fsr-3720	63	13	by	by	ADP
fsr-3720	63	14	value	value	NOUN
fsr-3720	63	15	line	line	NOUN
fsr-3720	63	16	,	,	PUNCT
fsr-3720	63	17	yield	yield	NOUN
fsr-3720	63	18	.	.	PUNCT
fsr-3720	64	1	32	32	NUM
fsr-3720	64	2	fecal	fecal	ADJ
fsr-3720	64	3	services	service	NOUN
fsr-3720	64	4	avow	avow	VERB
fsr-3720	64	5	,	,	PUNCT
fsr-3720	64	6	3(l	3(l	NUM
fsr-3720	64	7	)	)	PUNCT
fsr-3720	64	8	1993	1993	NUM
fsr-3720	65	1	rp	rp	NOUN
fsr-3720	65	2	s&p	s&p	PROPN
fsr-3720	65	3	0.4	0.4	NUM
fsr-3720	65	4	0.8	0.8	NUM
fsr-3720	65	5	0.35	0.35	NUM
fsr-3720	65	6	0.6	0.6	NUM
fsr-3720	65	7	0.3	0.3	NUM
fsr-3720	65	8	0.4	0.4	NUM
fsr-3720	65	9	025	025	NUM
fsr-3720	65	10	0.2	0.2	NUM
fsr-3720	65	11	02	02	NUM
fsr-3720	65	12	0	0	NUM
fsr-3720	65	13	0.15	0.15	NUM
fsr-3720	65	14	9.2	9.2	NUM
fsr-3720	65	15	0.1	0.1	NUM
fsr-3720	65	16	0.05	0.05	NUM
fsr-3720	65	17	9.4	9.4	NUM
fsr-3720	65	18	0	0	NUM
fsr-3720	65	19	-0.6	-0.6	X
fsr-3720	65	20	66	66	NUM
fsr-3720	65	21	6b	6b	NOUN
fsr-3720	65	22	70	70	NUM
fsr-3720	65	23	71	71	NUM
fsr-3720	65	24	72	72	NUM
fsr-3720	65	25	73	73	NUM
fsr-3720	65	26	74	74	NUM
fsr-3720	65	27	75	75	NUM
fsr-3720	65	28	76	76	NUM
fsr-3720	65	29	77	77	NUM
fsr-3720	65	30	78	78	NUM
fsr-3720	65	31	73	73	NUM
fsr-3720	65	32	80	80	NUM
fsr-3720	65	33	61	61	NUM
fsr-3720	65	34	62	62	NUM
fsr-3720	65	35	63	63	NUM
fsr-3720	65	36	84	84	NUM
fsr-3720	65	37	85	85	NUM
fsr-3720	65	38	86	86	NUM
fsr-3720	65	39	87	87	NUM
fsr-3720	65	40	8b	8b	NUM
fsr-3720	65	41	0.4	0.4	NUM
fsr-3720	65	42	0.35	0.35	NUM
fsr-3720	65	43	0.3	0.3	NUM
fsr-3720	65	44	0.25	0.25	NUM
fsr-3720	65	45	0.2	0.2	NUM
fsr-3720	65	46	0.15	0.15	NUM
fsr-3720	65	47	0.t	0.t	NUM
fsr-3720	65	48	0.05	0.05	NUM
fsr-3720	65	49	0	0	NUM
fsr-3720	66	1	rp	rp	NOUN
fsr-3720	67	1	i	i	PRON
fsr-3720	67	2	j	j	PROPN
fsr-3720	67	3	0.e	0.e	NUM
fsr-3720	67	4	0.6	0.6	NUM
fsr-3720	67	5	”	"	PUNCT
fsr-3720	67	6	0.4	0.4	NUM
fsr-3720	67	7	0.2	0.2	NUM
fsr-3720	67	8	0	0	NUM
fsr-3720	67	9	-0.2	-0.2	PROPN
fsr-3720	67	10	-0.4	-0.4	PROPN
fsr-3720	67	11	-0.6	-0.6	PROPN
fsr-3720	67	12	“	"	PUNCT
fsr-3720	67	13	.	.	PUNCT
fsr-3720	67	14	”	"	PUNCT
fsr-3720	68	1	66	66	NUM
fsr-3720	68	2	68	68	NUM
fsr-3720	68	3	70	70	NUM
fsr-3720	68	4	71	71	NUM
fsr-3720	68	5	72	72	NUM
fsr-3720	68	6	73	73	NUM
fsr-3720	68	7	74	74	NUM
fsr-3720	68	8	75	75	NUM
fsr-3720	68	9	76	76	NUM
fsr-3720	68	10	77	77	NUM
fsr-3720	68	11	76	76	NUM
fsr-3720	68	12	79	79	NUM
fsr-3720	68	13	80	80	NUM
fsr-3720	68	14	61	61	NUM
fsr-3720	68	15	62	62	NUM
fsr-3720	68	16	63	63	NUM
fsr-3720	68	17	64	64	NUM
fsr-3720	68	18	65	65	NUM
fsr-3720	68	19	86	86	NUM
fsr-3720	68	20	87	87	NUM
fsr-3720	68	21	69	69	NUM
fsr-3720	68	22	figure	figure	NOUN
fsr-3720	68	23	i.	i.	NOUN
fsr-3720	68	24	relationship	relationship	NOUN
fsr-3720	68	25	between	between	ADP
fsr-3720	68	26	rp	rp	NOUN
fsr-3720	68	27	and	and	CCONJ
fsr-3720	68	28	cumulative	cumulative	ADJ
fsr-3720	68	29	six	six	NUM
fsr-3720	68	30	-	-	PUNCT
fsr-3720	68	31	quarters	quarter	NOUN
fsr-3720	68	32	-	-	PUNCT
fsr-3720	68	33	ahead	ahead	NOUN
fsr-3720	68	34	excess	excess	ADJ
fsr-3720	68	35	returns	return	NOUN
fsr-3720	68	36	on	on	ADP
fsr-3720	68	37	s&p	s&p	PROPN
fsr-3720	68	38	and	and	CCONJ
fsr-3720	68	39	small	small	ADJ
fsr-3720	68	40	stock	stock	NOUN
fsr-3720	68	41	indexes	index	NOUN
fsr-3720	68	42	the	the	DET
fsr-3720	68	43	third	third	ADJ
fsr-3720	68	44	predictor	predictor	NOUN
fsr-3720	68	45	is	be	AUX
fsr-3720	68	46	a	a	DET
fsr-3720	68	47	direct	direct	ADJ
fsr-3720	68	48	measure	measure	NOUN
fsr-3720	68	49	of	of	ADP
fsr-3720	68	50	the	the	DET
fsr-3720	68	51	expected	expect	VERB
fsr-3720	68	52	market	market	NOUN
fsr-3720	68	53	risk	risk	NOUN
fsr-3720	68	54	premium	premium	NOUN
fsr-3720	68	55	:	:	PUNCT
fsr-3720	68	56	rp	rp	NOUN
fsr-3720	68	57	=	=	SYM
fsr-3720	68	58	(	(	PUNCT
fsr-3720	68	59	yzelz3	yzelz3	NOUN
fsr-3720	68	60	+	+	CCONJ
fsr-3720	68	61	capgains	capgain	NOUN
fsr-3720	68	62	)	)	PUNCT
fsr-3720	68	63	r.	r.	PROPN
fsr-3720	68	64	cap	cap	PROPN
fsr-3720	68	65	~	~	PUNCT
fsr-3720	69	1	i	i	PRON
fsr-3720	69	2	~	~	SYM
fsr-3720	69	3	s	s	PART
fsr-3720	69	4	denotes	denote	NOUN
fsr-3720	69	5	the	the	DET
fsr-3720	69	6	median	median	ADJ
fsr-3720	69	7	ammal	ammal	ADJ
fsr-3720	69	8	capital	capital	NOUN
fsr-3720	69	9	gain	gain	NOUN
fsr-3720	69	10	return	return	NOUN
fsr-3720	69	11	and	and	CCONJ
fsr-3720	69	12	is	be	AUX
fsr-3720	69	13	calculated	calculate	VERB
fsr-3720	69	14	(	(	PUNCT
fsr-3720	69	15	1	1	NUM
fsr-3720	69	16	+	+	NUM
fsr-3720	70	1	appr~~“.*5	appr~~“.*5	INTJ
fsr-3720	70	2	-1	-1	INTJ
fsr-3720	70	3	where	where	SCONJ
fsr-3720	70	4	apprec	apprec	PROPN
fsr-3720	70	5	is	be	AUX
fsr-3720	70	6	the	the	DET
fsr-3720	70	7	median	median	ADJ
fsr-3720	70	8	three	three	NUM
fsr-3720	70	9	-	-	PUNCT
fsr-3720	70	10	to	to	ADP
fsr-3720	70	11	-	-	PUNCT
fsr-3720	70	12	five	five	NUM
fsr-3720	70	13	year	year	NOUN
fsr-3720	70	14	price	price	NOUN
fsr-3720	70	15	appreciation	appreciation	NOUN
fsr-3720	70	16	potential	potential	NOUN
fsr-3720	70	17	as	as	SCONJ
fsr-3720	70	18	forecast	forecast	VERB
fsr-3720	70	19	by	by	ADP
fsr-3720	70	20	vazue	vazue	ADJ
fsr-3720	70	21	line	line	NOUN
fsr-3720	70	22	.	.	PUNCT
fsr-3720	71	1	the	the	DET
fsr-3720	71	2	variable	variable	ADJ
fsr-3720	71	3	r	r	NOUN
fsr-3720	71	4	denotes	denote	VERB
fsr-3720	71	5	the	the	DET
fsr-3720	71	6	bond	bond	NOUN
fsr-3720	71	7	-	-	PUNCT
fsr-3720	71	8	equivalent	equivalent	ADJ
fsr-3720	71	9	yield	yield	NOUN
fsr-3720	71	10	on	on	ADP
fsr-3720	71	11	three	three	NUM
fsr-3720	71	12	-	-	PUNCT
fsr-3720	71	13	month	month	NOUN
fsr-3720	71	14	treasury	treasury	NOUN
fsr-3720	71	15	bills	bill	NOUN
fsr-3720	71	16	.	.	PUNCT
fsr-3720	72	1	value	value	NOUN
fsr-3720	72	2	market	market	NOUN
fsr-3720	72	3	timing	timing	NOUN
fsr-3720	72	4	for	for	ADP
fsr-3720	72	5	the	the	DET
fsr-3720	72	6	individual	individual	ADJ
fsr-3720	72	7	investor	investor	NOUN
fsr-3720	72	8	33	33	NUM
fsr-3720	72	9	line	line	NOUN
fsr-3720	72	10	’s	’s	PART
fsr-3720	72	11	“	"	PUNCT
fsr-3720	72	12	summary	summary	NOUN
fsr-3720	72	13	and	and	CCONJ
fsr-3720	72	14	index	index	NOUN
fsr-3720	72	15	”	"	PUNCT
fsr-3720	72	16	highlights	highlight	NOUN
fsr-3720	72	17	yield	yield	VERB
fsr-3720	72	18	and	and	CCONJ
fsr-3720	72	19	apprec	apprec	NOUN
fsr-3720	72	20	weekly	weekly	ADV
fsr-3720	72	21	on	on	ADP
fsr-3720	72	22	the	the	DET
fsr-3720	72	23	cover	cover	NOUN
fsr-3720	72	24	page	page	NOUN
fsr-3720	72	25	.	.	PUNCT
fsr-3720	73	1	figure	figure	NOUN
fsr-3720	73	2	1	1	NUM
fsr-3720	73	3	shows	show	VERB
fsr-3720	73	4	the	the	DET
fsr-3720	73	5	close	close	ADJ
fsr-3720	73	6	relationships	relationship	NOUN
fsr-3720	73	7	between	between	ADP
fsr-3720	73	8	rp	rp	NOUN
fsr-3720	73	9	and	and	CCONJ
fsr-3720	73	10	cumulative	cumulative	ADJ
fsr-3720	73	11	six	six	NUM
fsr-3720	73	12	-	-	PUNCT
fsr-3720	73	13	quarters	quarter	NOUN
fsr-3720	73	14	-	-	PUNCT
fsr-3720	73	15	ahead	ahead	NOUN
fsr-3720	73	16	excess	excess	ADJ
fsr-3720	73	17	returns	return	NOUN
fsr-3720	73	18	on	on	ADP
fsr-3720	73	19	both	both	CCONJ
fsr-3720	73	20	the	the	DET
fsr-3720	73	21	s&p	s&p	PROPN
fsr-3720	73	22	and	and	CCONJ
fsr-3720	73	23	small	small	ADJ
fsr-3720	73	24	stock	stock	NOUN
fsr-3720	73	25	indexes	index	NOUN
fsr-3720	73	26	.	.	PUNCT
fsr-3720	74	1	the	the	DET
fsr-3720	74	2	rp	rp	NOUN
fsr-3720	74	3	frequently	frequently	ADV
fsr-3720	74	4	hit	hit	VERB
fsr-3720	74	5	a	a	DET
fsr-3720	74	6	peak	peak	NOUN
fsr-3720	74	7	immediately	immediately	ADV
fsr-3720	74	8	prior	prior	ADV
fsr-3720	74	9	to	to	ADP
fsr-3720	74	10	a	a	DET
fsr-3720	74	11	strong	strong	ADJ
fsr-3720	74	12	six	six	NUM
fsr-3720	74	13	-	-	PUNCT
fsr-3720	74	14	quarter	quarter	NOUN
fsr-3720	74	15	return	return	NOUN
fsr-3720	74	16	.	.	PUNCT
fsr-3720	75	1	for	for	ADP
fsr-3720	75	2	example	example	NOUN
fsr-3720	75	3	,	,	PUNCT
fsr-3720	75	4	rp	rp	NOUN
fsr-3720	75	5	reached	reach	VERB
fsr-3720	75	6	a	a	DET
fsr-3720	75	7	peak	peak	NOUN
fsr-3720	75	8	at	at	ADP
fsr-3720	75	9	the	the	DET
fsr-3720	75	10	end	end	NOUN
fsr-3720	75	11	-	-	PUNCT
fsr-3720	75	12	of	of	ADP
fsr-3720	75	13	-	-	PUNCT
fsr-3720	75	14	september	september	PROPN
fsr-3720	75	15	1974	1974	NUM
fsr-3720	75	16	.	.	PUNCT
fsr-3720	76	1	this	this	PRON
fsr-3720	76	2	correctly	correctly	ADV
fsr-3720	76	3	predicted	predict	VERB
fsr-3720	76	4	the	the	DET
fsr-3720	76	5	peak	peak	ADJ
fsr-3720	76	6	excess	excess	ADJ
fsr-3720	76	7	s&p	s&p	PROPN
fsr-3720	76	8	return	return	NOUN
fsr-3720	76	9	from	from	ADP
fsr-3720	76	10	october	october	PROPN
fsr-3720	76	11	1	1	NUM
fsr-3720	76	12	,	,	PUNCT
fsr-3720	76	13	1974	1974	NUM
fsr-3720	76	14	,	,	PUNCT
fsr-3720	76	15	through	through	ADP
fsr-3720	76	16	march	march	PROPN
fsr-3720	76	17	3	3	NUM
fsr-3720	76	18	1	1	NUM
fsr-3720	76	19	,	,	PUNCT
fsr-3720	76	20	1976	1976	NUM
fsr-3720	76	21	.	.	PUNCT
fsr-3720	77	1	the	the	DET
fsr-3720	77	2	rp	rp	NOUN
fsr-3720	77	3	offers	offer	VERB
fsr-3720	77	4	a	a	DET
fsr-3720	77	5	number	number	NOUN
fsr-3720	77	6	of	of	ADP
fsr-3720	77	7	important	important	ADJ
fsr-3720	77	8	advantages	advantage	NOUN
fsr-3720	77	9	compared	compare	VERB
fsr-3720	77	10	to	to	ADP
fsr-3720	77	11	the	the	DET
fsr-3720	77	12	ratio	ratio	NOUN
fsr-3720	77	13	of	of	ADP
fsr-3720	77	14	past	past	ADJ
fsr-3720	77	15	-	-	PUNCT
fsr-3720	77	16	four	four	NUM
fsr-3720	77	17	-	-	PUNCT
fsr-3720	77	18	quarters	quarter	NOUN
fsr-3720	77	19	dividends	dividend	NOUN
fsr-3720	77	20	to	to	ADP
fsr-3720	77	21	current	current	ADJ
fsr-3720	77	22	stock	stock	NOUN
fsr-3720	77	23	price	price	NOUN
fsr-3720	77	24	,	,	PUNCT
fsr-3720	77	25	the	the	DET
fsr-3720	77	26	ratio	ratio	NOUN
fsr-3720	77	27	most	most	ADV
fsr-3720	77	28	prevalent	prevalent	ADJ
fsr-3720	77	29	in	in	ADP
fsr-3720	77	30	prior	prior	ADJ
fsr-3720	77	31	studies	study	NOUN
fsr-3720	77	32	of	of	ADP
fsr-3720	77	33	stock	stock	NOUN
fsr-3720	77	34	predictability	predictability	NOUN
fsr-3720	77	35	.	.	PUNCT
fsr-3720	78	1	1	1	X
fsr-3720	78	2	.	.	X
fsr-3720	79	1	it	it	PRON
fsr-3720	79	2	is	be	AUX
fsr-3720	79	3	a	a	DET
fsr-3720	79	4	direct	direct	ADJ
fsr-3720	79	5	measure	measure	NOUN
fsr-3720	79	6	of	of	ADP
fsr-3720	79	7	the	the	DET
fsr-3720	79	8	unobservable	unobservable	ADJ
fsr-3720	79	9	market	market	NOUN
fsr-3720	79	10	risk	risk	NOUN
fsr-3720	79	11	premium	premium	NOUN
fsr-3720	79	12	,	,	PUNCT
fsr-3720	79	13	the	the	DET
fsr-3720	79	14	alleged	alleged	ADJ
fsr-3720	79	15	source	source	NOUN
fsr-3720	79	16	of	of	ADP
fsr-3720	79	17	predictive	predictive	ADJ
fsr-3720	79	18	content	content	NOUN
fsr-3720	79	19	.	.	PUNCT
fsr-3720	80	1	2	2	X
fsr-3720	80	2	.	.	X
fsr-3720	80	3	it	it	PRON
fsr-3720	80	4	uses	use	VERB
fsr-3720	80	5	forecasts	forecast	NOUN
fsr-3720	80	6	of	of	ADP
fsr-3720	80	7	dividends	dividend	NOUN
fsr-3720	80	8	and	and	CCONJ
fsr-3720	80	9	returns	return	NOUN
fsr-3720	80	10	instead	instead	ADV
fsr-3720	80	11	of	of	ADP
fsr-3720	80	12	historic	historic	ADJ
fsr-3720	80	13	information	information	NOUN
fsr-3720	80	14	,	,	PUNCT
fsr-3720	80	15	and	and	CCONJ
fsr-3720	80	16	,	,	PUNCT
fsr-3720	80	17	not	not	PART
fsr-3720	80	18	surprisingly	surprisingly	ADV
fsr-3720	80	19	,	,	PUNCT
fsr-3720	80	20	forecasts	forecast	NOUN
fsr-3720	80	21	provide	provide	VERB
fsr-3720	80	22	a	a	DET
fsr-3720	80	23	better	well	ADJ
fsr-3720	80	24	measure	measure	NOUN
fsr-3720	80	25	of	of	ADP
fsr-3720	80	26	expectations	expectation	NOUN
fsr-3720	80	27	.	.	PUNCT
fsr-3720	81	1	3	3	X
fsr-3720	81	2	.	.	NOUN
fsr-3720	81	3	value	value	NOUN
fsr-3720	81	4	line	line	NOUN
fsr-3720	81	5	forecasts	forecast	NOUN
fsr-3720	81	6	are	be	AUX
fsr-3720	81	7	generally	generally	ADV
fsr-3720	81	8	accessible	accessible	ADJ
fsr-3720	81	9	to	to	ADP
fsr-3720	81	10	the	the	DET
fsr-3720	81	11	individual	individual	ADJ
fsr-3720	81	12	investor	investor	NOUN
fsr-3720	81	13	.	.	PUNCT
fsr-3720	82	1	in	in	ADP
fsr-3720	82	2	a	a	DET
fsr-3720	82	3	recent	recent	ADJ
fsr-3720	82	4	study	study	NOUN
fsr-3720	82	5	,	,	PUNCT
fsr-3720	82	6	reichenstein	reichenstein	NOUN
fsr-3720	82	7	and	and	CCONJ
fsr-3720	82	8	rich	rich	ADJ
fsr-3720	82	9	(	(	PUNCT
fsr-3720	82	10	1992	1992	NUM
fsr-3720	82	11	)	)	PUNCT
fsr-3720	82	12	examined	examine	VERB
fsr-3720	82	13	the	the	DET
fsr-3720	82	14	ability	ability	NOUN
fsr-3720	82	15	of	of	ADP
fsr-3720	82	16	ep	ep	PROPN
fsr-3720	82	17	,	,	PUNCT
fsr-3720	82	18	yield	yield	NOUN
fsr-3720	82	19	,	,	PUNCT
fsr-3720	82	20	and	and	CCONJ
fsr-3720	82	21	rp	rp	NOUN
fsr-3720	82	22	to	to	PART
fsr-3720	82	23	explain	explain	VERB
fsr-3720	82	24	s&p	s&p	PROPN
fsr-3720	82	25	and	and	CCONJ
fsr-3720	82	26	small	small	ADJ
fsr-3720	82	27	stock	stock	NOUN
fsr-3720	82	28	returns	return	NOUN
fsr-3720	82	29	for	for	ADP
fsr-3720	82	30	1968	1968	NUM
fsr-3720	82	31	-	-	SYM
fsr-3720	82	32	1988	1988	NUM
fsr-3720	82	33	and	and	CCONJ
fsr-3720	82	34	for	for	ADP
fsr-3720	82	35	two	two	NUM
fsr-3720	82	36	equal	equal	ADJ
fsr-3720	82	37	subperiods	subperiod	NOUN
fsr-3720	82	38	.	.	PUNCT
fsr-3720	83	1	the	the	DET
fsr-3720	83	2	market	market	NOUN
fsr-3720	83	3	risk	risk	NOUN
fsr-3720	83	4	premium	premium	NOUN
fsr-3720	83	5	rp	rp	NOUN
fsr-3720	83	6	is	be	AUX
fsr-3720	83	7	the	the	DET
fsr-3720	83	8	only	only	ADJ
fsr-3720	83	9	candidate	candidate	NOUN
fsr-3720	83	10	to	to	PART
fsr-3720	83	11	show	show	VERB
fsr-3720	83	12	a	a	DET
fsr-3720	83	13	consistent	consistent	ADJ
fsr-3720	83	14	in	in	ADP
fsr-3720	83	15	-	-	PUNCT
fsr-3720	83	16	sample	sample	NOUN
fsr-3720	83	17	relation	relation	NOUN
fsr-3720	83	18	with	with	ADP
fsr-3720	83	19	s&p	s&p	PROPN
fsr-3720	83	20	returns	return	NOUN
fsr-3720	83	21	.	.	PUNCT
fsr-3720	84	1	the	the	DET
fsr-3720	84	2	risk	risk	NOUN
fsr-3720	84	3	premium	premium	NOUN
fsr-3720	84	4	rp	rp	NOUN
fsr-3720	84	5	,	,	PUNCT
fsr-3720	84	6	earnings	earning	NOUN
fsr-3720	84	7	price	price	NOUN
fsr-3720	84	8	ratio	ratio	NOUN
fsr-3720	84	9	ep	ep	PROPN
fsr-3720	84	10	,	,	PUNCT
fsr-3720	84	11	and	and	CCONJ
fsr-3720	84	12	dividend	dividend	NOUN
fsr-3720	84	13	-	-	PUNCT
fsr-3720	84	14	price	price	NOUN
fsr-3720	84	15	ratio	ratio	NOUN
fsr-3720	84	16	yield	yield	NOUN
fsr-3720	84	17	all	all	PRON
fsr-3720	84	18	show	show	VERB
fsr-3720	84	19	consistent	consistent	ADJ
fsr-3720	84	20	in	in	ADP
fsr-3720	84	21	-	-	PUNCT
fsr-3720	84	22	sample	sample	NOUN
fsr-3720	84	23	relations	relation	NOUN
fsr-3720	84	24	with	with	ADP
fsr-3720	84	25	long	long	ADJ
fsr-3720	84	26	-	-	PUNCT
fsr-3720	84	27	horizon	horizon	NOUN
fsr-3720	84	28	small	small	ADJ
fsr-3720	84	29	stock	stock	NOUN
fsr-3720	84	30	returns	return	NOUN
fsr-3720	84	31	.	.	PUNCT
fsr-3720	85	1	the	the	DET
fsr-3720	85	2	next	next	ADJ
fsr-3720	85	3	section	section	NOUN
fsr-3720	85	4	describes	describe	VERB
fsr-3720	85	5	the	the	DET
fsr-3720	85	6	timing	timing	NOUN
fsr-3720	85	7	strategies	strategy	NOUN
fsr-3720	85	8	considered	consider	VERB
fsr-3720	85	9	in	in	ADP
fsr-3720	85	10	this	this	DET
fsr-3720	85	11	study	study	NOUN
fsr-3720	85	12	.	.	PUNCT
fsr-3720	86	1	market	market	NOUN
fsr-3720	86	2	timing	timing	NOUN
fsr-3720	86	3	strategies	strategy	NOUN
fsr-3720	86	4	each	each	DET
fsr-3720	86	5	quarter	quarter	NOUN
fsr-3720	86	6	from	from	ADP
fsr-3720	86	7	the	the	DET
fsr-3720	86	8	third	third	ADJ
fsr-3720	86	9	quarter	quarter	NOUN
fsr-3720	86	10	of	of	ADP
fsr-3720	86	11	1978	1978	NUM
fsr-3720	86	12	(	(	PUNCT
fsr-3720	86	13	1978.3	1978.3	NUM
fsr-3720	86	14	)	)	PUNCT
fsr-3720	86	15	through	through	ADP
fsr-3720	86	16	the	the	DET
fsr-3720	86	17	fourth	fourth	ADJ
fsr-3720	86	18	quarter	quarter	NOUN
fsr-3720	86	19	of	of	ADP
fsr-3720	86	20	1988	1988	NUM
fsr-3720	86	21	(	(	PUNCT
fsr-3720	86	22	1988.4	1988.4	NUM
fsr-3720	86	23	)	)	PUNCT
fsr-3720	86	24	we	we	PRON
fsr-3720	86	25	form	form	VERB
fsr-3720	86	26	out	out	ADP
fsr-3720	86	27	-	-	PUNCT
fsr-3720	86	28	of	of	ADP
fsr-3720	86	29	-	-	PUNCT
fsr-3720	86	30	sample	sample	NOUN
fsr-3720	86	31	timing	timing	NOUN
fsr-3720	86	32	portfolios	portfolio	NOUN
fsr-3720	86	33	based	base	VERB
fsr-3720	86	34	on	on	ADP
fsr-3720	86	35	the	the	DET
fsr-3720	86	36	three	three	NUM
fsr-3720	86	37	prediction	prediction	NOUN
fsr-3720	86	38	variables	variable	NOUN
fsr-3720	86	39	.	.	PUNCT
fsr-3720	87	1	since	since	SCONJ
fsr-3720	87	2	rp	rp	NOUN
fsr-3720	87	3	is	be	AUX
fsr-3720	87	4	the	the	DET
fsr-3720	87	5	only	only	ADJ
fsr-3720	87	6	candidate	candidate	NOUN
fsr-3720	87	7	to	to	PART
fsr-3720	87	8	show	show	VERB
fsr-3720	87	9	a	a	DET
fsr-3720	87	10	consistent	consistent	ADJ
fsr-3720	87	11	in	in	ADP
fsr-3720	87	12	-	-	PUNCT
fsr-3720	87	13	sample	sample	NOUN
fsr-3720	87	14	relation	relation	NOUN
fsr-3720	87	15	to	to	ADP
fsr-3720	87	16	s&p	s&p	PROPN
fsr-3720	87	17	stock	stock	NOUN
fsr-3720	87	18	returns	return	NOUN
fsr-3720	87	19	,	,	PUNCT
fsr-3720	87	20	we	we	PRON
fsr-3720	87	21	determine	determine	VERB
fsr-3720	87	22	whether	whether	SCONJ
fsr-3720	87	23	it	it	PRON
fsr-3720	87	24	can	can	AUX
fsr-3720	87	25	enhance	enhance	VERB
fsr-3720	87	26	large	large	ADJ
fsr-3720	87	27	(	(	PUNCT
fsr-3720	87	28	i.e.	i.e.	X
fsr-3720	87	29	,	,	PUNCT
fsr-3720	87	30	s&p	s&p	PROPN
fsr-3720	87	31	)	)	PUNCT
fsr-3720	87	32	stock	stock	NOUN
fsr-3720	87	33	returns	return	NOUN
fsr-3720	87	34	in	in	ADP
fsr-3720	87	35	out	out	ADP
fsr-3720	87	36	-	-	PUNCT
fsr-3720	87	37	of	of	ADP
fsr-3720	87	38	-	-	PUNCT
fsr-3720	87	39	sample	sample	NOUN
fsr-3720	87	40	tests	test	NOUN
fsr-3720	87	41	.	.	PUNCT
fsr-3720	88	1	since	since	SCONJ
fsr-3720	88	2	all	all	DET
fsr-3720	88	3	three	three	NUM
fsr-3720	88	4	show	show	VERB
fsr-3720	88	5	a	a	DET
fsr-3720	88	6	consistent	consistent	ADJ
fsr-3720	88	7	relation	relation	NOUN
fsr-3720	88	8	to	to	ADP
fsr-3720	88	9	in	in	ADP
fsr-3720	88	10	-	-	PUNCT
fsr-3720	88	11	sample	sample	NOUN
fsr-3720	88	12	small	small	ADJ
fsr-3720	88	13	stock	stock	NOUN
fsr-3720	88	14	returns	return	NOUN
fsr-3720	88	15	,	,	PUNCT
fsr-3720	88	16	we	we	PRON
fsr-3720	88	17	determine	determine	VERB
fsr-3720	88	18	whether	whether	SCONJ
fsr-3720	88	19	any	any	PRON
fsr-3720	88	20	of	of	ADP
fsr-3720	88	21	them	they	PRON
fsr-3720	88	22	can	can	AUX
fsr-3720	88	23	enhance	enhance	VERB
fsr-3720	88	24	small	small	ADJ
fsr-3720	88	25	stock	stock	NOUN
fsr-3720	88	26	returns	return	NOUN
fsr-3720	88	27	in	in	ADP
fsr-3720	88	28	out	out	ADP
fsr-3720	88	29	-	-	PUNCT
fsr-3720	88	30	of	of	ADP
fsr-3720	88	31	-	-	PUNCT
fsr-3720	88	32	sample	sample	NOUN
fsr-3720	88	33	tests	test	NOUN
fsr-3720	88	34	.	.	PUNCT
fsr-3720	89	1	we	we	PRON
fsr-3720	89	2	examine	examine	VERB
fsr-3720	89	3	two	two	NUM
fsr-3720	89	4	basic	basic	ADJ
fsr-3720	89	5	timing	timing	NOUN
fsr-3720	89	6	strategies	strategy	NOUN
fsr-3720	89	7	,	,	PUNCT
fsr-3720	89	8	the	the	DET
fsr-3720	89	9	first	first	ADJ
fsr-3720	89	10	,	,	PUNCT
fsr-3720	89	11	the	the	DET
fsr-3720	89	12	all	all	ADV
fsr-3720	89	13	-	-	PUNCT
fsr-3720	89	14	or	or	CCONJ
fsr-3720	89	15	-	-	PUNCT
fsr-3720	89	16	nothing	nothing	PRON
fsr-3720	89	17	strategy	strategy	NOUN
fsr-3720	89	18	,	,	PUNCT
fsr-3720	89	19	calls	call	VERB
fsr-3720	89	20	for	for	ADP
fsr-3720	89	21	a	a	DET
fsr-3720	89	22	portfolio	portfolio	NOUN
fsr-3720	89	23	that	that	PRON
fsr-3720	89	24	each	each	DET
fsr-3720	89	25	quarter	quarter	NOUN
fsr-3720	89	26	is	be	AUX
fsr-3720	89	27	either	either	CCONJ
fsr-3720	89	28	100	100	NUM
fsr-3720	89	29	%	%	NOUN
fsr-3720	89	30	in	in	ADP
fsr-3720	89	31	stocks	stock	NOUN
fsr-3720	89	32	or	or	CCONJ
fsr-3720	89	33	100	100	NUM
fsr-3720	89	34	%	%	NOUN
fsr-3720	89	35	in	in	ADP
fsr-3720	89	36	treasury	treasury	NOUN
fsr-3720	89	37	bills	bill	NOUN
fsr-3720	89	38	.	.	PUNCT
fsr-3720	90	1	each	each	DET
fsr-3720	90	2	quarter	quarter	NOUN
fsr-3720	90	3	a	a	DET
fsr-3720	90	4	regression	regression	NOUN
fsr-3720	90	5	of	of	ADP
fsr-3720	90	6	1968.2	1968.2	NUM
fsr-3720	90	7	-	-	PUNCT
fsr-3720	90	8	to	to	ADP
fsr-3720	90	9	-	-	PUNCT
fsr-3720	90	10	date	date	NOUN
fsr-3720	90	11	stock	stock	NOUN
fsr-3720	90	12	returns	return	NOUN
fsr-3720	90	13	on	on	ADP
fsr-3720	90	14	the	the	DET
fsr-3720	90	15	prediction	prediction	NOUN
fsr-3720	90	16	variable	variable	NOUN
fsr-3720	90	17	determines	determine	VERB
fsr-3720	90	18	whether	whether	SCONJ
fsr-3720	90	19	the	the	DET
fsr-3720	90	20	timing	timing	NOUN
fsr-3720	90	21	portfolio	portfolio	NOUN
fsr-3720	90	22	invests	invest	NOUN
fsr-3720	90	23	in	in	ADP
fsr-3720	90	24	stocks	stock	NOUN
fsr-3720	90	25	or	or	CCONJ
fsr-3720	90	26	bills.2	bills.2	PRON
fsr-3720	90	27	consider	consider	VERB
fsr-3720	90	28	the	the	DET
fsr-3720	90	29	general	general	ADJ
fsr-3720	90	30	regression	regression	NOUN
fsr-3720	90	31	:	:	PUNCT
fsr-3720	90	32	r(t	r(t	NOUN
fsr-3720	90	33	,	,	PUNCT
fsr-3720	90	34	t+n	t+n	NOUN
fsr-3720	90	35	-	-	SYM
fsr-3720	90	36	l)=a+b*x(t	l)=a+b*x(t	NOUN
fsr-3720	90	37	-	-	PUNCT
fsr-3720	90	38	l)+e(t	l)+e(t	NOUN
fsr-3720	90	39	)	)	PUNCT
fsr-3720	90	40	,	,	PUNCT
fsr-3720	90	41	(	(	PUNCT
fsr-3720	90	42	2	2	X
fsr-3720	90	43	)	)	PUNCT
fsr-3720	90	44	where	where	SCONJ
fsr-3720	90	45	r(t	r(t	NOUN
fsr-3720	90	46	,	,	PUNCT
fsr-3720	90	47	t	t	PROPN
fsr-3720	90	48	+	+	CCONJ
fsr-3720	90	49	it	it	PRON
fsr-3720	90	50	1	1	NUM
fsr-3720	90	51	)	)	PUNCT
fsr-3720	90	52	is	be	AUX
fsr-3720	90	53	the	the	DET
fsr-3720	90	54	n	n	NUM
fsr-3720	90	55	-	-	PUNCT
fsr-3720	90	56	quarters	quarter	NOUN
fsr-3720	90	57	-	-	PUNCT
fsr-3720	90	58	ahead	ahead	NOUN
fsr-3720	90	59	market	market	NOUN
fsr-3720	90	60	risk	risk	NOUN
fsr-3720	90	61	premium	premium	NOUN
fsr-3720	90	62	(	(	PUNCT
fsr-3720	90	63	market	market	NOUN
fsr-3720	90	64	return	return	VERB
fsr-3720	90	65	less	less	ADJ
fsr-3720	90	66	treasury	treasury	NOUN
fsr-3720	90	67	bill	bill	NOUN
fsr-3720	90	68	return	return	NOUN
fsr-3720	90	69	)	)	PUNCT
fsr-3720	90	70	,	,	PUNCT
fsr-3720	90	71	x(t	x(t	PROPN
fsr-3720	90	72	1	1	NUM
fsr-3720	90	73	)	)	PUNCT
fsr-3720	90	74	is	be	AUX
fsr-3720	90	75	the	the	DET
fsr-3720	90	76	time	time	NOUN
fsr-3720	90	77	t	t	PROPN
fsr-3720	90	78	-	-	PUNCT
fsr-3720	90	79	l	l	NOUN
fsr-3720	90	80	value	value	NOUN
fsr-3720	90	81	of	of	ADP
fsr-3720	90	82	the	the	DET
fsr-3720	90	83	prediction	prediction	NOUN
fsr-3720	90	84	variable	variable	NOUN
fsr-3720	90	85	,	,	PUNCT
fsr-3720	90	86	and	and	CCONJ
fsr-3720	90	87	34	34	NUM
fsr-3720	90	88	financial	financial	ADJ
fsr-3720	90	89	services	service	NOUN
fsr-3720	90	90	review	review	NOUN
fsr-3720	90	91	,	,	PUNCT
fsr-3720	90	92	3(l	3(l	NUM
fsr-3720	90	93	)	)	PUNCT
fsr-3720	90	94	1993	1993	NUM
fsr-3720	90	95	e(t	e(t	NOUN
fsr-3720	90	96	)	)	PUNCT
fsr-3720	90	97	is	be	AUX
fsr-3720	90	98	the	the	DET
fsr-3720	90	99	regression	regression	NOUN
fsr-3720	90	100	residual	residual	ADJ
fsr-3720	90	101	.	.	PUNCT
fsr-3720	91	1	if	if	SCONJ
fsr-3720	91	2	the	the	DET
fsr-3720	91	3	fitted	fit	VERB
fsr-3720	91	4	value	value	NOUN
fsr-3720	91	5	2	2	NUM
fsr-3720	91	6	+	+	CCONJ
fsr-3720	91	7	&	&	CCONJ
fsr-3720	91	8	x(t	x(t	PROPN
fsr-3720	91	9	1	1	NUM
fsr-3720	91	10	)	)	PUNCT
fsr-3720	91	11	is	be	AUX
fsr-3720	91	12	positive	positive	ADJ
fsr-3720	91	13	,	,	PUNCT
fsr-3720	91	14	the	the	DET
fsr-3720	91	15	all	all	ADV
fsr-3720	91	16	-	-	PUNCT
fsr-3720	91	17	or	or	CCONJ
fsr-3720	91	18	-	-	PUNCT
fsr-3720	91	19	nothing	nothing	PRON
fsr-3720	91	20	portfolio	portfolio	NOUN
fsr-3720	91	21	consists	consist	VERB
fsr-3720	91	22	of	of	ADP
fsr-3720	91	23	stocks	stock	NOUN
fsr-3720	91	24	;	;	PUNCT
fsr-3720	91	25	if	if	SCONJ
fsr-3720	91	26	negative	negative	ADJ
fsr-3720	91	27	,	,	PUNCT
fsr-3720	91	28	it	it	PRON
fsr-3720	91	29	consists	consist	VERB
fsr-3720	91	30	of	of	ADP
fsr-3720	91	31	treasury	treasury	NOUN
fsr-3720	91	32	bills	bill	NOUN
fsr-3720	91	33	.	.	PUNCT
fsr-3720	92	1	for	for	ADP
fsr-3720	92	2	example	example	NOUN
fsr-3720	92	3	,	,	PUNCT
fsr-3720	92	4	the	the	DET
fsr-3720	92	5	1968.2	1968.2	NUM
fsr-3720	92	6	-	-	SYM
fsr-3720	92	7	1977.1	1977.1	NUM
fsr-3720	92	8	regression	regression	NOUN
fsr-3720	92	9	of	of	ADP
fsr-3720	92	10	six	six	NUM
fsr-3720	92	11	-	-	PUNCT
fsr-3720	92	12	quarter	quarter	NOUN
fsr-3720	92	13	small	small	ADJ
fsr-3720	92	14	stock	stock	NOUN
fsr-3720	92	15	excess	excess	ADJ
fsr-3720	92	16	returns	return	NOUN
fsr-3720	92	17	on	on	ADP
fsr-3720	92	18	the	the	DET
fsr-3720	92	19	value	value	NOUN
fsr-3720	92	20	line	line	NOUN
fsr-3720	92	21	market	market	NOUN
fsr-3720	92	22	risk	risk	NOUN
fsr-3720	92	23	premium	premium	NOUN
fsr-3720	92	24	is:3	is:3	PROPN
fsr-3720	92	25	r(b	r(b	PROPN
fsr-3720	92	26	,	,	PUNCT
fsr-3720	92	27	t+5	t+5	NUM
fsr-3720	92	28	)	)	PUNCT
fsr-3720	92	29	=	=	NOUN
fsr-3720	92	30	-o-2717	-o-2717	NOUN
fsr-3720	92	31	+	+	NOUN
fsr-3720	92	32	1.83rp(b1	1.83rp(b1	NUM
fsr-3720	92	33	)	)	PUNCT
fsr-3720	92	34	.	.	PUNCT
fsr-3720	93	1	if	if	SCONJ
fsr-3720	93	2	the	the	DET
fsr-3720	93	3	end	end	NOUN
fsr-3720	93	4	-	-	PUNCT
fsr-3720	93	5	of	of	ADP
fsr-3720	93	6	-	-	PUNCT
fsr-3720	93	7	june	june	PROPN
fsr-3720	93	8	1978	1978	NUM
fsr-3720	93	9	value	value	NOUN
fsr-3720	93	10	of	of	ADP
fsr-3720	93	11	rp	rp	NOUN
fsr-3720	93	12	exceeds	exceed	NOUN
fsr-3720	93	13	0.148	0.148	NUM
fsr-3720	93	14	(	(	PUNCT
fsr-3720	93	15	0.2717/1.83	0.2717/1.83	PROPN
fsr-3720	93	16	)	)	PUNCT
fsr-3720	93	17	,	,	PUNCT
fsr-3720	93	18	then	then	ADV
fsr-3720	93	19	the	the	DET
fsr-3720	93	20	fitted	fit	VERB
fsr-3720	93	21	value	value	NOUN
fsr-3720	93	22	is	be	AUX
fsr-3720	93	23	positive	positive	ADJ
fsr-3720	93	24	and	and	CCONJ
fsr-3720	93	25	the	the	DET
fsr-3720	93	26	timing	timing	NOUN
fsr-3720	93	27	portfolio	portfolio	NOUN
fsr-3720	93	28	invests	invest	NOUN
fsr-3720	93	29	in	in	ADP
fsr-3720	93	30	small	small	ADJ
fsr-3720	93	31	stocks	stock	NOUN
fsr-3720	93	32	for	for	ADP
fsr-3720	93	33	the	the	DET
fsr-3720	93	34	1978.3	1978.3	NUM
fsr-3720	93	35	quarter	quarter	NOUN
fsr-3720	93	36	.	.	PUNCT
fsr-3720	94	1	if	if	SCONJ
fsr-3720	94	2	less	less	ADJ
fsr-3720	94	3	than	than	ADP
fsr-3720	94	4	0.134	0.134	NUM
fsr-3720	94	5	,	,	PUNCT
fsr-3720	94	6	then	then	ADV
fsr-3720	94	7	it	it	PRON
fsr-3720	94	8	invests	invest	VERB
fsr-3720	94	9	in	in	ADP
fsr-3720	94	10	bills	bill	NOUN
fsr-3720	94	11	.	.	PUNCT
fsr-3720	95	1	we	we	PRON
fsr-3720	95	2	update	update	VERB
fsr-3720	95	3	the	the	DET
fsr-3720	95	4	regressions	regression	NOUN
fsr-3720	95	5	every	every	DET
fsr-3720	95	6	four	four	NUM
fsr-3720	95	7	quarters.4	quarters.4	PROPN
fsr-3720	95	8	the	the	DET
fsr-3720	95	9	forecast	forecast	NOUN
fsr-3720	95	10	horizon	horizon	NOUN
fsr-3720	95	11	in	in	ADP
fsr-3720	95	12	(	(	PUNCT
fsr-3720	95	13	2	2	X
fsr-3720	95	14	)	)	PUNCT
fsr-3720	95	15	is	be	AUX
fsr-3720	95	16	set	set	VERB
fsr-3720	95	17	at	at	ADP
fsr-3720	95	18	six	six	NUM
fsr-3720	95	19	quarters	quarter	NOUN
fsr-3720	95	20	for	for	ADP
fsr-3720	95	21	rp	rp	NOUN
fsr-3720	95	22	and	and	CCONJ
fsr-3720	95	23	eight	eight	NUM
fsr-3720	95	24	quarters	quarter	NOUN
fsr-3720	95	25	for	for	ADP
fsr-3720	95	26	the	the	DET
fsr-3720	95	27	other	other	ADJ
fsr-3720	95	28	candidates.5	candidates.5	NOUN
fsr-3720	95	29	we	we	PRON
fsr-3720	95	30	compare	compare	VERB
fsr-3720	95	31	all	all	ADV
fsr-3720	95	32	-	-	PUNCT
fsr-3720	95	33	or	or	CCONJ
fsr-3720	95	34	-	-	PUNCT
fsr-3720	95	35	nothing	nothing	PRON
fsr-3720	95	36	portfolio	portfolio	NOUN
fsr-3720	95	37	returns	return	NOUN
fsr-3720	95	38	to	to	ADP
fsr-3720	95	39	that	that	PRON
fsr-3720	95	40	on	on	ADP
fsr-3720	95	41	a	a	DET
fsr-3720	95	42	buy	buy	VERB
fsr-3720	95	43	-	-	PUNCT
fsr-3720	95	44	and	and	CCONJ
fsr-3720	95	45	-	-	PUNCT
fsr-3720	95	46	hold	hold	VERB
fsr-3720	95	47	benchmark	benchmark	NOUN
fsr-3720	95	48	portfolio	portfolio	NOUN
fsr-3720	95	49	that	that	PRON
fsr-3720	95	50	always	always	ADV
fsr-3720	95	51	allocates	allocate	VERB
fsr-3720	95	52	100	100	NUM
fsr-3720	95	53	%	%	NOUN
fsr-3720	95	54	to	to	ADP
fsr-3720	95	55	stocks	stock	NOUN
fsr-3720	95	56	.	.	PUNCT
fsr-3720	96	1	the	the	DET
fsr-3720	96	2	second	second	ADJ
fsr-3720	96	3	timing	timing	NOUN
fsr-3720	96	4	strategy	strategy	NOUN
fsr-3720	96	5	,	,	PUNCT
fsr-3720	96	6	the	the	DET
fsr-3720	96	7	variable	variable	ADJ
fsr-3720	96	8	-	-	PUNCT
fsr-3720	96	9	weights	weight	NOUN
fsr-3720	96	10	strategy	strategy	NOUN
fsr-3720	96	11	,	,	PUNCT
fsr-3720	96	12	better	well	ADV
fsr-3720	96	13	reflects	reflect	VERB
fsr-3720	96	14	timing	timing	NOUN
fsr-3720	96	15	strategies	strategy	NOUN
fsr-3720	96	16	in	in	ADP
fsr-3720	96	17	practice	practice	NOUN
fsr-3720	96	18	in	in	ADP
fsr-3720	96	19	that	that	SCONJ
fsr-3720	96	20	it	it	PRON
fsr-3720	96	21	allows	allow	VERB
fsr-3720	96	22	portfolio	portfolio	NOUN
fsr-3720	96	23	weights	weight	NOUN
fsr-3720	96	24	of	of	ADP
fsr-3720	96	25	stocks	stock	NOUN
fsr-3720	96	26	and	and	CCONJ
fsr-3720	96	27	bills	bill	NOUN
fsr-3720	96	28	to	to	PART
fsr-3720	96	29	vary	vary	VERB
fsr-3720	96	30	according	accord	VERB
fsr-3720	96	31	to	to	ADP
fsr-3720	96	32	market	market	NOUN
fsr-3720	96	33	prospects	prospect	NOUN
fsr-3720	96	34	,	,	PUNCT
fsr-3720	96	35	but	but	CCONJ
fsr-3720	96	36	it	it	PRON
fsr-3720	96	37	does	do	AUX
fsr-3720	96	38	not	not	PART
fsr-3720	96	39	require	require	VERB
fsr-3720	96	40	either	either	CCONJ
fsr-3720	96	41	the	the	DET
fsr-3720	96	42	100	100	NUM
fsr-3720	96	43	%	%	NOUN
fsr-3720	96	44	stocks	stock	NOUN
fsr-3720	96	45	or	or	CCONJ
fsr-3720	96	46	100	100	NUM
fsr-3720	96	47	%	%	NOUN
fsr-3720	96	48	bills	bill	NOUN
fsr-3720	96	49	extremes	extreme	NOUN
fsr-3720	96	50	.	.	PUNCT
fsr-3720	97	1	this	this	DET
fsr-3720	97	2	strategy	strategy	NOUN
fsr-3720	97	3	calls	call	VERB
fsr-3720	97	4	for	for	SCONJ
fsr-3720	97	5	the	the	DET
fsr-3720	97	6	timing	timing	NOUN
fsr-3720	97	7	portfolio	portfolio	NOUN
fsr-3720	97	8	to	to	PART
fsr-3720	97	9	contain	contain	VERB
fsr-3720	97	10	25	25	NUM
fsr-3720	97	11	%	%	NOUN
fsr-3720	97	12	stock	stock	NOUN
fsr-3720	97	13	when	when	SCONJ
fsr-3720	97	14	the	the	DET
fsr-3720	97	15	market	market	NOUN
fsr-3720	97	16	predictor	predictor	NOUN
fsr-3720	97	17	signals	signal	VERB
fsr-3720	97	18	“	"	PUNCT
fsr-3720	97	19	poor	poor	ADJ
fsr-3720	97	20	”	"	PUNCT
fsr-3720	97	21	stock	stock	NOUN
fsr-3720	97	22	prospects	prospect	NOUN
fsr-3720	97	23	,	,	PUNCT
fsr-3720	97	24	50	50	NUM
fsr-3720	97	25	%	%	NOUN
fsr-3720	97	26	stock	stock	NOUN
fsr-3720	97	27	when	when	SCONJ
fsr-3720	97	28	it	it	PRON
fsr-3720	97	29	signals	signal	VERB
fsr-3720	97	30	“	"	PUNCT
fsr-3720	97	31	average	average	ADJ
fsr-3720	97	32	”	"	PUNCT
fsr-3720	97	33	prospects	prospect	NOUN
fsr-3720	97	34	,	,	PUNCT
fsr-3720	97	35	and	and	CCONJ
fsr-3720	97	36	75	75	NUM
fsr-3720	97	37	%	%	NOUN
fsr-3720	97	38	when	when	SCONJ
fsr-3720	97	39	it	it	PRON
fsr-3720	97	40	signals	signal	VERB
fsr-3720	97	41	“	"	PUNCT
fsr-3720	97	42	good	good	ADJ
fsr-3720	97	43	”	"	PUNCT
fsr-3720	97	44	prospects	prospect	NOUN
fsr-3720	97	45	.	.	PUNCT
fsr-3720	98	1	the	the	DET
fsr-3720	98	2	balance	balance	NOUN
fsr-3720	98	3	of	of	ADP
fsr-3720	98	4	the	the	DET
fsr-3720	98	5	portfolio	portfolio	NOUN
fsr-3720	98	6	is	be	AUX
fsr-3720	98	7	invested	invest	VERB
fsr-3720	98	8	in	in	ADP
fsr-3720	98	9	t	t	PROPN
fsr-3720	98	10	-	-	PUNCT
fsr-3720	98	11	bills	bill	NOUN
fsr-3720	98	12	.	.	PUNCT
fsr-3720	99	1	the	the	DET
fsr-3720	99	2	benchmark	benchmark	NOUN
fsr-3720	99	3	portfolio	portfolio	NOUN
fsr-3720	99	4	begins	begin	VERB
fsr-3720	99	5	each	each	DET
fsr-3720	99	6	quarter	quarter	NOUN
fsr-3720	99	7	with	with	ADP
fsr-3720	99	8	bill	bill	NOUN
fsr-3720	99	9	-	-	PUNCT
fsr-3720	99	10	stock	stock	NOUN
fsr-3720	99	11	weights	weight	NOUN
fsr-3720	99	12	of	of	ADP
fsr-3720	99	13	50	50	NUM
fsr-3720	99	14	%	%	NOUN
fsr-3720	99	15	each	each	PRON
fsr-3720	99	16	.	.	PUNCT
fsr-3720	100	1	stock	stock	NOUN
fsr-3720	100	2	prospects	prospect	NOUN
fsr-3720	100	3	depend	depend	VERB
fsr-3720	100	4	upon	upon	SCONJ
fsr-3720	100	5	whether	whether	SCONJ
fsr-3720	100	6	the	the	DET
fsr-3720	100	7	prediction	prediction	NOUN
fsr-3720	100	8	variable	variable	NOUN
fsr-3720	100	9	is	be	AUX
fsr-3720	100	10	high	high	ADJ
fsr-3720	100	11	,	,	PUNCT
fsr-3720	100	12	average	average	ADJ
fsr-3720	100	13	,	,	PUNCT
fsr-3720	100	14	or	or	CCONJ
fsr-3720	100	15	low	low	ADJ
fsr-3720	100	16	by	by	ADP
fsr-3720	100	17	historic	historic	ADJ
fsr-3720	100	18	standards	standard	NOUN
fsr-3720	100	19	.	.	PUNCT
fsr-3720	101	1	poor	poor	ADJ
fsr-3720	101	2	and	and	CCONJ
fsr-3720	101	3	good	good	ADJ
fsr-3720	101	4	stock	stock	NOUN
fsr-3720	101	5	prospects	prospect	NOUN
fsr-3720	101	6	occur	occur	VERB
fsr-3720	101	7	when	when	SCONJ
fsr-3720	101	8	the	the	DET
fsr-3720	101	9	variable	variable	NOUN
fsr-3720	101	10	falls	fall	VERB
fsr-3720	101	11	in	in	ADP
fsr-3720	101	12	,	,	PUNCT
fsr-3720	101	13	respectively	respectively	ADV
fsr-3720	101	14	,	,	PUNCT
fsr-3720	101	15	the	the	DET
fsr-3720	101	16	bottom	bottom	NOUN
fsr-3720	101	17	and	and	CCONJ
fsr-3720	101	18	top	top	ADJ
fsr-3720	101	19	fourth	fourth	ADJ
fsr-3720	101	20	of	of	ADP
fsr-3720	101	21	its	its	PRON
fsr-3720	101	22	1968.1”to	1968.1”to	NUM
fsr-3720	101	23	-	-	PUNCT
fsr-3720	101	24	date	date	NOUN
fsr-3720	101	25	distribution	distribution	NOUN
fsr-3720	101	26	.	.	PUNCT
fsr-3720	102	1	average	average	ADJ
fsr-3720	102	2	stock	stock	NOUN
fsr-3720	102	3	prospects	prospect	NOUN
fsr-3720	102	4	occur	occur	VERB
fsr-3720	102	5	when	when	SCONJ
fsr-3720	102	6	the	the	DET
fsr-3720	102	7	variable	variable	NOUN
fsr-3720	102	8	falls	fall	VERB
fsr-3720	102	9	in	in	ADP
fsr-3720	102	10	the	the	DET
fsr-3720	102	11	middle	middle	ADJ
fsr-3720	102	12	50	50	NUM
fsr-3720	102	13	%	%	NOUN
fsr-3720	102	14	of	of	ADP
fsr-3720	102	15	its	its	PRON
fsr-3720	102	16	distribution	distribution	NOUN
fsr-3720	102	17	.	.	PUNCT
fsr-3720	103	1	distributions	distribution	NOUN
fsr-3720	103	2	are	be	AUX
fsr-3720	103	3	updated	update	VERB
fsr-3720	103	4	every	every	DET
fsr-3720	103	5	four	four	NUM
fsr-3720	103	6	quarters	quarter	NOUN
fsr-3720	103	7	.	.	PUNCT
fsr-3720	104	1	table	table	NOUN
fsr-3720	104	2	1	1	NUM
fsr-3720	104	3	suites	suit	VERB
fsr-3720	104	4	the	the	DET
fsr-3720	104	5	1%8.1	1%8.1	NUM
fsr-3720	104	6	-	-	SYM
fsr-3720	104	7	1988.3	1988.3	NUM
fsr-3720	104	8	~st	~st	NOUN
fsr-3720	104	9	~	~	SYM
fsr-3720	104	10	butions	bution	NOUN
fsr-3720	104	11	of	of	ADP
fsr-3720	104	12	the	the	DET
fsr-3720	104	13	predictive	predictive	ADJ
fsr-3720	104	14	vari	vari	ADJ
fsr-3720	104	15	ables	able	NOUN
fsr-3720	104	16	and	and	CCONJ
fsr-3720	104	17	the	the	DET
fsr-3720	104	18	1968.2	1968.2	NUM
fsr-3720	104	19	-	-	SYM
fsr-3720	104	20	1988.4	1988.4	NUM
fsr-3720	104	21	(	(	PUNCT
fsr-3720	104	22	continuously	continuously	ADV
fsr-3720	104	23	compounded	compound	VERB
fsr-3720	104	24	)	)	PUNCT
fsr-3720	104	25	quarterly	quarterly	ADJ
fsr-3720	104	26	risk	risk	NOUN
fsr-3720	104	27	premiums	premium	NOUN
fsr-3720	104	28	on	on	ADP
fsr-3720	104	29	the	the	DET
fsr-3720	104	30	s&p	s&p	PROPN
fsr-3720	104	31	and	and	CCONJ
fsr-3720	104	32	small	small	ADJ
fsr-3720	104	33	stocks	stock	NOUN
fsr-3720	104	34	.	.	PUNCT
fsr-3720	105	1	it	it	PRON
fsr-3720	105	2	provides	provide	VERB
fsr-3720	105	3	historic	historic	ADJ
fsr-3720	105	4	perspective	perspective	NOUN
fsr-3720	105	5	for	for	ADP
fsr-3720	105	6	individual	individual	ADJ
fsr-3720	105	7	investors	investor	NOUN
fsr-3720	105	8	who	who	PRON
fsr-3720	105	9	wish	wish	VERB
fsr-3720	105	10	to	to	PART
fsr-3720	105	11	use	use	VERB
fsr-3720	105	12	the	the	DET
fsr-3720	105	13	variables	variable	NOUN
fsr-3720	105	14	.	.	PUNCT
fsr-3720	106	1	table	table	NOUN
fsr-3720	106	2	1	1	NUM
fsr-3720	106	3	.	.	PUNCT
fsr-3720	107	1	summary	summary	NOUN
fsr-3720	107	2	statistics	statistic	NOUN
fsr-3720	107	3	:	:	PUNCT
fsr-3720	107	4	19684988	19684988	NUM
fsr-3720	107	5	variable	variable	NOUN
fsr-3720	107	6	mean	mean	VERB
fsr-3720	107	7	rp	rp	NOUN
fsr-3720	107	8	13.74	13.74	NUM
fsr-3720	107	9	%	%	NOUN
fsr-3720	107	10	ep	ep	NOUN
fsr-3720	107	11	8.77	8.77	NUM
fsr-3720	107	12	%	%	NOUN
fsr-3720	107	13	yield	yield	NOUN
fsr-3720	107	14	4.07	4.07	NUM
fsr-3720	107	15	%	%	NOUN
fsr-3720	107	16	s&p	s&p	PROPN
fsr-3720	107	17	2.40	2.40	NUM
fsr-3720	107	18	%	%	NOUN
fsr-3720	107	19	small	small	ADJ
fsr-3720	107	20	stock	stock	NOUN
fsr-3720	107	21	3.07	3.07	NUM
fsr-3720	107	22	%	%	NOUN
fsr-3720	107	23	st	st	PROPN
fsr-3720	107	24	.	.	PROPN
fsr-3720	107	25	dev	dev	PROPN
fsr-3720	107	26	6.34	6.34	NUM
fsr-3720	107	27	%	%	NOUN
fsr-3720	107	28	2.80	2.80	NUM
fsr-3720	107	29	%	%	NOUN
fsr-3720	107	30	1.04	1.04	NUM
fsr-3720	107	31	%	%	NOUN
fsr-3720	107	32	8.82	8.82	NUM
fsr-3720	107	33	%	%	NOUN
fsr-3720	107	34	13.62	13.62	NUM
fsr-3720	107	35	%	%	NOUN
fsr-3720	107	36	1st	1st	NOUN
fsr-3720	107	37	q	q	NOUN
fsr-3720	107	38	10.10	10.10	NUM
fsr-3720	107	39	%	%	NOUN
fsr-3720	107	40	6.08	6.08	NUM
fsr-3720	107	41	%	%	NOUN
fsr-3720	107	42	3.2	3.2	NUM
fsr-3720	107	43	%	%	NOUN
fsr-3720	107	44	-2.61	-2.61	NOUN
fsr-3720	107	45	%	%	NOUN
fsr-3720	107	46	-5.02	-5.02	NUM
fsr-3720	107	47	%	%	NOUN
fsr-3720	107	48	median	median	NOUN
fsr-3720	107	49	12.72	12.72	NUM
fsr-3720	107	50	%	%	NOUN
fsr-3720	107	51	8.37	8.37	NUM
fsr-3720	107	52	%	%	NOUN
fsr-3720	107	53	4.1	4.1	NUM
fsr-3720	107	54	%	%	NOUN
fsr-3720	107	55	3.05	3.05	NUM
fsr-3720	107	56	%	%	NOUN
fsr-3720	107	57	1.82	1.82	NUM
fsr-3720	107	58	%	%	NOUN
fsr-3720	107	59	3dq	3dq	NOUN
fsr-3720	107	60	16.91	16.91	NUM
fsr-3720	107	61	%	%	NOUN
fsr-3720	107	62	11.09	11.09	NUM
fsr-3720	107	63	%	%	NOUN
fsr-3720	107	64	4.9	4.9	NUM
fsr-3720	107	65	%	%	NOUN
fsr-3720	107	66	8.31	8.31	NUM
fsr-3720	107	67	%	%	NOUN
fsr-3720	107	68	12.19	12.19	NUM
fsr-3720	107	69	%	%	NOUN
fsr-3720	107	70	note	note	NOUN
fsr-3720	107	71	:	:	PUNCT
fsr-3720	107	72	rf	rf	ADJ
fsr-3720	107	73	’	'	PUNCT
fsr-3720	107	74	,	,	PUNCT
fsr-3720	107	75	ep	ep	PROPN
fsr-3720	107	76	,	,	PUNCT
fsr-3720	107	77	and	and	CCONJ
fsr-3720	107	78	yield	yield	VERB
fsr-3720	107	79	refer	refer	NOUN
fsr-3720	107	80	to	to	ADP
fsr-3720	107	81	the	the	DET
fsr-3720	107	82	value	value	NOUN
fsr-3720	107	83	line	line	NOUN
fsr-3720	107	84	estimates	estimate	NOUN
fsr-3720	107	85	of	of	ADP
fsr-3720	107	86	the	the	DET
fsr-3720	107	87	market	market	NOUN
fsr-3720	107	88	risk	risk	NOUN
fsr-3720	107	89	premium	premium	NOUN
fsr-3720	107	90	,	,	PUNCT
fsr-3720	107	91	earnings	earning	NOUN
fsr-3720	107	92	-	-	PUNCT
fsr-3720	107	93	price	price	NOUN
fsr-3720	107	94	ratio	ratio	NOUN
fsr-3720	107	95	on	on	ADP
fsr-3720	107	96	s&p	s&p	PROPN
fsr-3720	107	97	500	500	NUM
fsr-3720	107	98	,	,	PUNCT
fsr-3720	107	99	and	and	CCONJ
fsr-3720	107	100	value	value	NOUN
fsr-3720	107	101	line	line	NOUN
fsr-3720	107	102	estimate	estimate	NOUN
fsr-3720	107	103	of	of	ADP
fsr-3720	107	104	median	median	ADJ
fsr-3720	107	105	year	year	NOUN
fsr-3720	107	106	-	-	PUNCT
fsr-3720	107	107	ahead	ahead	NOUN
fsr-3720	107	108	dividend	dividend	NOUN
fsr-3720	107	109	yield	yield	NOUN
fsr-3720	107	110	.	.	PUNCT
fsr-3720	108	1	s&p	s&p	PROPN
fsr-3720	108	2	and	and	CCONJ
fsr-3720	108	3	small	small	ADJ
fsr-3720	108	4	stock	stock	NOUN
fsr-3720	108	5	show	show	VERB
fsr-3720	108	6	the	the	DET
fsr-3720	108	7	distribution	distribution	NOUN
fsr-3720	108	8	of	of	ADP
fsr-3720	108	9	quarterly	quarterly	ADJ
fsr-3720	108	10	risk	risk	NOUN
fsr-3720	108	11	pnxniuzn	pnxniuzn	ADJ
fsr-3720	108	12	-	-	PUNCT
fsr-3720	108	13	total	total	NOUN
fsr-3720	108	14	returns	return	NOUN
fsr-3720	108	15	less	less	ADJ
fsr-3720	108	16	treasury	treasury	NOUN
fsr-3720	108	17	bill	bill	NOUN
fsr-3720	108	18	returns	return	NOUN
fsr-3720	108	19	.	.	PUNCT
fsr-3720	109	1	market	market	NOUN
fsr-3720	109	2	timing	timing	NOUN
fsr-3720	109	3	for	for	ADP
fsr-3720	109	4	the	the	DET
fsr-3720	109	5	individual	individual	ADJ
fsr-3720	109	6	investor	investor	NOUN
fsr-3720	109	7	35	35	NUM
fsr-3720	109	8	s&p	s&p	PROPN
fsr-3720	109	9	index	index	NOUN
fsr-3720	109	10	rp	rp	NOUN
fsr-3720	109	11	benchmark	benchmark	NOUN
fsr-3720	109	12	equity	equity	NOUN
fsr-3720	109	13	weights	weight	NOUN
fsr-3720	109	14	of	of	ADP
fsr-3720	109	15	timing	time	VERB
fsr-3720	109	16	portjolios	portjolio	NOUN
fsr-3720	109	17	all	all	ADV
fsr-3720	109	18	-	-	PUNCT
fsr-3720	109	19	or	or	CCONJ
fsr-3720	109	20	-	-	PUNCT
fsr-3720	109	21	nothing	nothing	PRON
fsr-3720	109	22	variable	variable	ADJ
fsr-3720	109	23	weights	weight	NOUN
fsr-3720	109	24	0	0	NUM
fsr-3720	109	25	or	or	CCONJ
fsr-3720	109	26	100	100	NUM
fsr-3720	109	27	%	%	NOUN
fsr-3720	109	28	stock	stock	NOUN
fsr-3720	109	29	25,50	25,50	NUM
fsr-3720	109	30	or	or	CCONJ
fsr-3720	109	31	75	75	NUM
fsr-3720	109	32	%	%	NOUN
fsr-3720	109	33	stock	stock	NOUN
fsr-3720	109	34	100	100	NUM
fsr-3720	109	35	%	%	NOUN
fsr-3720	109	36	stock	stock	NOUN
fsr-3720	109	37	50	50	NUM
fsr-3720	109	38	%	%	NOUN
fsr-3720	109	39	stock	stock	NOUN
fsr-3720	109	40	small	small	ADJ
fsr-3720	109	41	stocks	stock	NOUN
fsr-3720	109	42	all	all	ADV
fsr-3720	109	43	-	-	PUNCT
fsr-3720	109	44	or	or	CCONJ
fsr-3720	109	45	-	-	PUNCT
fsr-3720	109	46	nothing	nothing	PRON
fsr-3720	109	47	variable	variable	ADJ
fsr-3720	109	48	weights	weight	NOUN
fsr-3720	109	49	rp	rp	NOUN
fsr-3720	109	50	0	0	NUM
fsr-3720	109	51	or	or	CCONJ
fsr-3720	109	52	100	100	NUM
fsr-3720	109	53	%	%	NOUN
fsr-3720	109	54	stock	stock	NOUN
fsr-3720	109	55	25,50	25,50	NOUN
fsr-3720	109	56	,	,	PUNCT
fsr-3720	109	57	or	or	CCONJ
fsr-3720	109	58	75	75	NUM
fsr-3720	109	59	%	%	NOUN
fsr-3720	109	60	stock	stock	NOUN
fsr-3720	109	61	ep	ep	PROPN
fsr-3720	109	62	0	0	NUM
fsr-3720	109	63	or	or	CCONJ
fsr-3720	109	64	100	100	NUM
fsr-3720	109	65	%	%	NOUN
fsr-3720	109	66	stock	stock	NOUN
fsr-3720	109	67	25,50	25,50	NOUN
fsr-3720	109	68	,	,	PUNCT
fsr-3720	109	69	or	or	CCONJ
fsr-3720	109	70	75	75	NUM
fsr-3720	109	71	%	%	NOUN
fsr-3720	109	72	stock	stock	NOUN
fsr-3720	109	73	yield	yield	NOUN
fsr-3720	109	74	0	0	NUM
fsr-3720	109	75	or	or	CCONJ
fsr-3720	109	76	100	100	NUM
fsr-3720	109	77	%	%	NOUN
fsr-3720	109	78	stock	stock	NOUN
fsr-3720	109	79	25,50	25,50	NOUN
fsr-3720	109	80	,	,	PUNCT
fsr-3720	109	81	or	or	CCONJ
fsr-3720	109	82	75	75	NUM
fsr-3720	109	83	%	%	NOUN
fsr-3720	109	84	stock	stock	NOUN
fsr-3720	109	85	benchmark	benchmark	NOUN
fsr-3720	109	86	100	100	NUM
fsr-3720	109	87	%	%	NOUN
fsr-3720	109	88	stock	stock	NOUN
fsr-3720	109	89	50	50	NUM
fsr-3720	109	90	%	%	NOUN
fsr-3720	109	91	stock	stock	NOUN
fsr-3720	109	92	each	each	DET
fsr-3720	109	93	portfolio	portfolio	NOUN
fsr-3720	109	94	contains	contain	VERB
fsr-3720	109	95	stocks	stock	NOUN
fsr-3720	109	96	and/or	and/or	CCONJ
fsr-3720	109	97	treasury	treasury	NOUN
fsr-3720	109	98	bills	bill	NOUN
fsr-3720	109	99	.	.	PUNCT
fsr-3720	110	1	the	the	DET
fsr-3720	110	2	figure	figure	NOUN
fsr-3720	110	3	shows	show	VERB
fsr-3720	110	4	the	the	DET
fsr-3720	110	5	equity	equity	NOUN
fsr-3720	110	6	weights	weight	NOUN
fsr-3720	110	7	.	.	PUNCT
fsr-3720	111	1	figure	figure	NOUN
fsr-3720	111	2	2	2	NUM
fsr-3720	111	3	.	.	NOUN
fsr-3720	111	4	outline	outline	NOUN
fsr-3720	111	5	of	of	ADP
fsr-3720	111	6	timing	timing	NOUN
fsr-3720	111	7	strategies	strategy	NOUN
fsr-3720	111	8	the	the	DET
fsr-3720	111	9	average	average	ADJ
fsr-3720	111	10	annual	annual	ADJ
fsr-3720	111	11	risk	risk	NOUN
fsr-3720	111	12	premium	premium	NOUN
fsr-3720	111	13	(	(	PUNCT
fsr-3720	111	14	rp	rp	NOUN
fsr-3720	111	15	)	)	PUNCT
fsr-3720	111	16	of	of	ADP
fsr-3720	111	17	13.74	13.74	NUM
fsr-3720	111	18	%	%	NOUN
fsr-3720	111	19	equals	equal	VERB
fsr-3720	111	20	a	a	DET
fsr-3720	111	21	continuously	continuously	ADV
fsr-3720	111	22	compounded	compound	VERB
fsr-3720	111	23	quarterly	quarterly	ADJ
fsr-3720	111	24	return	return	NOUN
fsr-3720	111	25	of	of	ADP
fsr-3720	111	26	3.22	3.22	NUM
fsr-3720	111	27	%	%	NOUN
fsr-3720	111	28	.	.	PUNCT
fsr-3720	112	1	this	this	PRON
fsr-3720	112	2	exceeds	exceed	VERB
fsr-3720	112	3	both	both	CCONJ
fsr-3720	112	4	the	the	DET
fsr-3720	112	5	average	average	ADJ
fsr-3720	112	6	small	small	ADJ
fsr-3720	112	7	stock	stock	NOUN
fsr-3720	112	8	premium	premium	NOUN
fsr-3720	112	9	3.07	3.07	NUM
fsr-3720	112	10	%	%	NOUN
fsr-3720	112	11	and	and	CCONJ
fsr-3720	112	12	average	average	ADJ
fsr-3720	112	13	large	large	ADJ
fsr-3720	112	14	stock	stock	NOUN
fsr-3720	112	15	premium	premium	NOUN
fsr-3720	112	16	2.40	2.40	NUM
fsr-3720	112	17	%	%	NOUN
fsr-3720	112	18	.	.	PUNCT
fsr-3720	113	1	we	we	PRON
fsr-3720	113	2	attribute	attribute	VERB
fsr-3720	113	3	this	this	DET
fsr-3720	113	4	upward	upward	ADJ
fsr-3720	113	5	bias	bias	NOUN
fsr-3720	113	6	to	to	ADP
fsr-3720	113	7	the	the	DET
fsr-3720	113	8	optimistic	optimistic	ADJ
fsr-3720	113	9	nature	nature	NOUN
fsr-3720	113	10	of	of	ADP
fsr-3720	113	11	investment	investment	NOUN
fsr-3720	113	12	advisory	advisory	ADJ
fsr-3720	113	13	services	service	NOUN
fsr-3720	113	14	.	.	PUNCT
fsr-3720	114	1	nevertheless	nevertheless	ADV
fsr-3720	114	2	,	,	PUNCT
fsr-3720	114	3	the	the	DET
fsr-3720	114	4	results	result	NOUN
fsr-3720	114	5	of	of	ADP
fsr-3720	114	6	this	this	DET
fsr-3720	114	7	study	study	NOUN
fsr-3720	114	8	suggest	suggest	VERB
fsr-3720	114	9	that	that	SCONJ
fsr-3720	114	10	movements	movement	NOUN
fsr-3720	114	11	in	in	ADP
fsr-3720	114	12	rp	rp	NOUN
fsr-3720	114	13	mirror	mirror	NOUN
fsr-3720	114	14	movements	movement	NOUN
fsr-3720	114	15	in	in	ADP
fsr-3720	114	16	the	the	DET
fsr-3720	114	17	unobservable	unobservable	ADJ
fsr-3720	114	18	expected	expect	VERB
fsr-3720	114	19	market	market	NOUN
fsr-3720	114	20	risk	risk	NOUN
fsr-3720	114	21	premium	premium	NOUN
fsr-3720	114	22	.	.	PUNCT
fsr-3720	115	1	figure	figure	NOUN
fsr-3720	115	2	2	2	NUM
fsr-3720	115	3	summarizes	summarize	NOUN
fsr-3720	115	4	the	the	DET
fsr-3720	115	5	market	market	NOUN
fsr-3720	115	6	timing	time	VERB
fsr-3720	115	7	andbenchmark	andbenchmark	NOUN
fsr-3720	115	8	portfolios	portfolio	NOUN
fsr-3720	115	9	.	.	PUNCT
fsr-3720	116	1	for	for	ADP
fsr-3720	116	2	the	the	DET
fsr-3720	116	3	s&p	s&p	PROPN
fsr-3720	116	4	index	index	NOUN
fsr-3720	116	5	,	,	PUNCT
fsr-3720	116	6	we	we	PRON
fsr-3720	116	7	compare	compare	VERB
fsr-3720	116	8	returns	return	NOUN
fsr-3720	116	9	on	on	ADP
fsr-3720	116	10	two	two	NUM
fsr-3720	116	11	rp	rp	ADV
fsr-3720	116	12	-	-	PUNCT
fsr-3720	116	13	based	base	VERB
fsr-3720	116	14	portfolios	portfolio	NOUN
fsr-3720	116	15	with	with	ADP
fsr-3720	116	16	returns	return	NOUN
fsr-3720	116	17	on	on	ADP
fsr-3720	116	18	their	their	PRON
fsr-3720	116	19	benchmark	benchmark	ADJ
fsr-3720	116	20	portfolios	portfolio	NOUN
fsr-3720	116	21	.	.	PUNCT
fsr-3720	117	1	the	the	DET
fsr-3720	117	2	all	all	ADV
fsr-3720	117	3	-	-	PUNCT
fsr-3720	117	4	or	or	CCONJ
fsr-3720	117	5	-	-	PUNCT
fsr-3720	117	6	nothing	nothing	PRON
fsr-3720	117	7	portfolio	portfolio	NOUN
fsr-3720	117	8	contains	contain	VERB
fsr-3720	117	9	either	either	PRON
fsr-3720	117	10	0	0	NUM
fsr-3720	117	11	%	%	NOUN
fsr-3720	117	12	or	or	CCONJ
fsr-3720	117	13	100	100	NUM
fsr-3720	117	14	%	%	NOUN
fsr-3720	117	15	stock	stock	NOUN
fsr-3720	117	16	.	.	PUNCT
fsr-3720	118	1	its	its	PRON
fsr-3720	118	2	returns	return	NOUN
fsr-3720	118	3	are	be	AUX
fsr-3720	118	4	compared	compare	VERB
fsr-3720	118	5	to	to	ADP
fsr-3720	118	6	the	the	DET
fsr-3720	118	7	returns	return	NOUN
fsr-3720	118	8	on	on	ADP
fsr-3720	118	9	a	a	DET
fsr-3720	118	10	buy	buy	VERB
fsr-3720	118	11	-	-	PUNCT
fsr-3720	118	12	and	and	CCONJ
fsr-3720	118	13	-	-	PUNCT
fsr-3720	118	14	hold	hold	VERB
fsr-3720	118	15	100	100	NUM
fsr-3720	118	16	%	%	NOUN
fsr-3720	118	17	stock	stock	NOUN
fsr-3720	118	18	portfolio	portfolio	NOUN
fsr-3720	118	19	.	.	PUNCT
fsr-3720	119	1	the	the	DET
fsr-3720	119	2	variable	variable	ADJ
fsr-3720	119	3	-	-	PUNCT
fsr-3720	119	4	weights	weight	NOUN
fsr-3720	119	5	timing	timing	NOUN
fsr-3720	119	6	portfolio	portfolio	NOUN
fsr-3720	119	7	contains	contain	VERB
fsr-3720	119	8	25	25	NUM
fsr-3720	119	9	%	%	NOUN
fsr-3720	119	10	,	,	PUNCT
fsr-3720	119	11	so%	so%	NOUN
fsr-3720	119	12	,	,	PUNCT
fsr-3720	119	13	or	or	CCONJ
fsr-3720	119	14	75	75	NUM
fsr-3720	119	15	%	%	NOUN
fsr-3720	119	16	stock	stock	NOUN
fsr-3720	119	17	.	.	PUNCT
fsr-3720	120	1	its	its	PRON
fsr-3720	120	2	returns	return	NOUN
fsr-3720	120	3	are	be	AUX
fsr-3720	120	4	compared	compare	VERB
fsr-3720	120	5	to	to	ADP
fsr-3720	120	6	the	the	DET
fsr-3720	120	7	returns	return	NOUN
fsr-3720	120	8	on	on	ADP
fsr-3720	120	9	a	a	DET
fsr-3720	120	10	constant	constant	ADJ
fsr-3720	120	11	-	-	PUNCT
fsr-3720	120	12	weights	weight	NOUN
fsr-3720	120	13	50	50	NUM
fsr-3720	120	14	%	%	NOUN
fsr-3720	120	15	debt-50	debt-50	PROPN
fsr-3720	120	16	%	%	NOUN
fsr-3720	120	17	stock	stock	NOUN
fsr-3720	120	18	portfolio	portfolio	NOUN
fsr-3720	120	19	.	.	PUNCT
fsr-3720	121	1	for	for	ADP
fsr-3720	121	2	small	small	ADJ
fsr-3720	121	3	stocks	stock	NOUN
fsr-3720	121	4	,	,	PUNCT
fsr-3720	121	5	we	we	PRON
fsr-3720	121	6	examine	examine	VERB
fsr-3720	121	7	separately	separately	ADV
fsr-3720	121	8	the	the	DET
fsr-3720	121	9	market	market	NOUN
fsr-3720	121	10	timing	timing	NOUN
fsr-3720	121	11	ability	ability	NOUN
fsr-3720	121	12	of	of	ADP
fsr-3720	121	13	rp	rp	NOUN
fsr-3720	121	14	,	,	PUNCT
fsr-3720	121	15	ep	ep	NOUN
fsr-3720	121	16	,	,	PUNCT
fsr-3720	121	17	and	and	CCONJ
fsr-3720	121	18	yield	yield	NOUN
fsr-3720	121	19	.	.	PUNCT
fsr-3720	122	1	iv	iv	X
fsr-3720	122	2	.	.	PUNCT
fsr-3720	122	3	overview	overview	NOUN
fsr-3720	122	4	of	of	ADP
fsr-3720	122	5	tests	test	NOUN
fsr-3720	122	6	in	in	ADP
fsr-3720	122	7	this	this	DET
fsr-3720	122	8	section	section	NOUN
fsr-3720	122	9	we	we	PRON
fsr-3720	122	10	examine	examine	VERB
fsr-3720	122	11	whether	whether	SCONJ
fsr-3720	122	12	rp	rp	NOUN
fsr-3720	122	13	can	can	AUX
fsr-3720	122	14	be	be	AUX
fsr-3720	122	15	used	use	VERB
fsr-3720	122	16	to	to	PART
fsr-3720	122	17	enhance	enhance	VERB
fsr-3720	122	18	portfolio	portfolio	NOUN
fsr-3720	122	19	returns	return	NOUN
fsr-3720	122	20	using	use	VERB
fsr-3720	122	21	large	large	ADJ
fsr-3720	122	22	(	(	PUNCT
fsr-3720	122	23	i.e.	i.e.	X
fsr-3720	122	24	,	,	PUNCT
fsr-3720	122	25	s&p	s&p	PROPN
fsr-3720	122	26	)	)	PUNCT
fsr-3720	122	27	stocks	stock	NOUN
fsr-3720	122	28	and	and	CCONJ
fsr-3720	122	29	whether	whether	SCONJ
fsr-3720	122	30	rp	rp	NOUN
fsr-3720	122	31	,	,	PUNCT
fsr-3720	122	32	ep	ep	NOUN
fsr-3720	122	33	,	,	PUNCT
fsr-3720	122	34	or	or	CCONJ
fsr-3720	122	35	yield	yield	NOUN
fsr-3720	122	36	can	can	AUX
fsr-3720	122	37	be	be	AUX
fsr-3720	122	38	used	use	VERB
fsr-3720	122	39	to	to	PART
fsr-3720	122	40	enhance	enhance	VERB
fsr-3720	122	41	portfolio	portfolio	NOUN
fsr-3720	122	42	returns	return	NOUN
fsr-3720	122	43	using	use	VERB
fsr-3720	122	44	small	small	ADJ
fsr-3720	122	45	stocks.6	stocks.6	PROPN
fsr-3720	122	46	the	the	DET
fsr-3720	122	47	1978.3	1978.3	NUM
fsr-3720	122	48	-	-	SYM
fsr-3720	122	49	1988.4	1988.4	NUM
fsr-3720	122	50	out	out	ADV
fsr-3720	122	51	-	-	PUNCT
fsr-3720	122	52	of	of	ADP
fsr-3720	122	53	-	-	PUNCT
fsr-3720	122	54	sample	sample	NOUN
fsr-3720	122	55	perform	perform	VERB
fsr-3720	122	56	ance	ance	NOUN
fsr-3720	122	57	of	of	ADP
fsr-3720	122	58	each	each	DET
fsr-3720	122	59	timing	timing	NOUN
fsr-3720	122	60	portfolio	portfolio	NOUN
fsr-3720	122	61	is	be	AUX
fsr-3720	122	62	compared	compare	VERB
fsr-3720	122	63	to	to	ADP
fsr-3720	122	64	the	the	DET
fsr-3720	122	65	performance	performance	NOUN
fsr-3720	122	66	of	of	ADP
fsr-3720	122	67	a	a	DET
fsr-3720	122	68	benchmark	benchmark	NOUN
fsr-3720	122	69	portfolio	portfolio	NOUN
fsr-3720	122	70	.	.	PUNCT
fsr-3720	123	1	we	we	PRON
fsr-3720	123	2	use	use	VERB
fsr-3720	123	3	five	five	NUM
fsr-3720	123	4	performance	performance	NOUN
fsr-3720	123	5	criteria	criterion	NOUN
fsr-3720	123	6	to	to	PART
fsr-3720	123	7	determine	determine	VERB
fsr-3720	123	8	whether	whether	SCONJ
fsr-3720	123	9	rp	rp	NOUN
fsr-3720	123	10	,	,	PUNCT
fsr-3720	123	11	ep	ep	NOUN
fsr-3720	123	12	,	,	PUNCT
fsr-3720	123	13	or	or	CCONJ
fsr-3720	123	14	yield	yield	NOUN
fsr-3720	123	15	can	can	AUX
fsr-3720	123	16	be	be	AUX
fsr-3720	123	17	used	use	VERB
fsr-3720	123	18	to	to	PART
fsr-3720	123	19	time	time	VERB
fsr-3720	123	20	the	the	DET
fsr-3720	123	21	market	market	NOUN
fsr-3720	123	22	.	.	PUNCT
fsr-3720	124	1	the	the	DET
fsr-3720	124	2	criteria	criterion	NOUN
fsr-3720	124	3	include	include	VERB
fsr-3720	124	4	raw	raw	ADJ
fsr-3720	124	5	return	return	NOUN
fsr-3720	124	6	,	,	PUNCT
fsr-3720	124	7	risk	risk	NOUN
fsr-3720	124	8	-	-	PUNCT
fsr-3720	124	9	adjusted	adjust	VERB
fsr-3720	124	10	return	return	NOUN
fsr-3720	124	11	,	,	PUNCT
fsr-3720	124	12	and	and	CCONJ
fsr-3720	124	13	three	three	NUM
fsr-3720	124	14	capm	capm	NOUN
fsr-3720	124	15	-	-	PUNCT
fsr-3720	124	16	based	base	VERB
fsr-3720	124	17	regressions	regression	NOUN
fsr-3720	124	18	of	of	ADP
fsr-3720	124	19	timing	timing	NOUN
fsr-3720	124	20	ability	ability	NOUN
fsr-3720	124	21	.	.	PUNCT
fsr-3720	125	1	36	36	NUM
fsr-3720	125	2	financial	financial	ADJ
fsr-3720	125	3	services	service	NOUN
fsr-3720	125	4	review	review	NOUN
fsr-3720	125	5	,	,	PUNCT
fsr-3720	125	6	3(l	3(l	NUM
fsr-3720	125	7	)	)	PUNCT
fsr-3720	125	8	1993	1993	NUM
fsr-3720	125	9	s&p	s&p	PROPN
fsr-3720	125	10	index	index	NOUN
fsr-3720	125	11	rp	rp	NOUN
fsr-3720	125	12	benchmark	benchmark	ADJ
fsr-3720	125	13	small	small	ADJ
fsr-3720	125	14	stock	stock	NOUN
fsr-3720	125	15	index	index	NOUN
fsr-3720	125	16	rp	rp	PROPN
fsr-3720	125	17	ep	ep	PROPN
fsr-3720	125	18	yield	yield	VERB
fsr-3720	125	19	benchmark	benchmark	NOUN
fsr-3720	125	20	an	an	PRON
fsr-3720	125	21	or	or	CCONJ
fsr-3720	125	22	nothing	nothing	PRON
fsr-3720	125	23	1.49	1.49	NUM
fsr-3720	125	24	%	%	NOUN
fsr-3720	125	25	38.1	38.1	NUM
fsr-3720	125	26	%	%	NOUN
fsr-3720	125	27	1.38	1.38	NUM
fsr-3720	125	28	%	%	NOUN
fsr-3720	125	29	100.0	100.0	NUM
fsr-3720	125	30	%	%	NOUN
fsr-3720	125	31	an	an	PRON
fsr-3720	125	32	or	or	CCONJ
fsr-3720	125	33	nothing	nothing	PRON
fsr-3720	125	34	2.22	2.22	NUM
fsr-3720	125	35	%	%	NOUN
fsr-3720	125	36	54.8	54.8	NUM
fsr-3720	125	37	%	%	NOUN
fsr-3720	125	38	1.63	1.63	NUM
fsr-3720	125	39	%	%	NOUN
fsr-3720	125	40	76.2	76.2	NUM
fsr-3720	125	41	%	%	NOUN
fsr-3720	125	42	1.62	1.62	NUM
fsr-3720	125	43	%	%	NOUN
fsr-3720	125	44	45.2	45.2	NUM
fsr-3720	125	45	%	%	NOUN
fsr-3720	125	46	1.74	1.74	NUM
fsr-3720	125	47	%	%	NOUN
fsr-3720	125	48	100.0	100.0	NUM
fsr-3720	125	49	%	%	NOUN
fsr-3720	125	50	variable	variable	ADJ
fsr-3720	125	51	weights	weight	VERB
fsr-3720	125	52	1.04	1.04	NUM
fsr-3720	125	53	%	%	NOUN
fsr-3720	125	54	47.0	47.0	NUM
fsr-3720	125	55	%	%	NOUN
fsr-3720	125	56	0.69	0.69	NUM
fsr-3720	125	57	%	%	NOUN
fsr-3720	125	58	50.0	50.0	NUM
fsr-3720	125	59	%	%	NOUN
fsr-3720	125	60	variable	variable	ADJ
fsr-3720	125	61	weights	weight	VERB
fsr-3720	125	62	1.43	1.43	NUM
fsr-3720	125	63	%	%	NOUN
fsr-3720	125	64	47.0	47.0	NUM
fsr-3720	125	65	%	%	NOUN
fsr-3720	125	66	1.12	1.12	NUM
fsr-3720	125	67	%	%	NOUN
fsr-3720	125	68	55.4	55.4	NUM
fsr-3720	125	69	%	%	NOUN
fsr-3720	125	70	1.35	1.35	NUM
fsr-3720	125	71	%	%	NOUN
fsr-3720	125	72	42.3	42.3	NUM
fsr-3720	125	73	%	%	NOUN
fsr-3720	125	74	0.87	0.87	NUM
fsr-3720	125	75	%	%	NOUN
fsr-3720	125	76	50.0	50.0	NUM
fsr-3720	125	77	%	%	NOUN
fsr-3720	125	78	note	note	NOUN
fsr-3720	125	79	:	:	PUNCT
fsr-3720	125	80	all	all	DET
fsr-3720	125	81	returns	return	NOUN
fsr-3720	125	82	are	be	AUX
fsr-3720	125	83	continuously	continuously	ADV
fsr-3720	125	84	compounded	compound	VERB
fsr-3720	125	85	.	.	PUNCT
fsr-3720	126	1	thus	thus	ADV
fsr-3720	126	2	mean	mean	VERB
fsr-3720	126	3	returns	return	NOUN
fsr-3720	126	4	are	be	AUX
fsr-3720	126	5	geometric	geometric	ADJ
fsr-3720	126	6	means	mean	NOUN
fsr-3720	126	7	.	.	PUNCT
fsr-3720	127	1	mean	mean	VERB
fsr-3720	127	2	quarterly	quarterly	ADJ
fsr-3720	127	3	risk	risk	NOUN
fsr-3720	127	4	premium	premium	NOUN
fsr-3720	127	5	equals	equal	VERB
fsr-3720	127	6	the	the	DET
fsr-3720	127	7	average	average	NOUN
fsr-3720	127	8	of	of	ADP
fsr-3720	127	9	portfolio	portfolio	NOUN
fsr-3720	127	10	returns	return	NOUN
fsr-3720	127	11	minus	minus	ADP
fsr-3720	127	12	the	the	DET
fsr-3720	127	13	return	return	NOUN
fsr-3720	127	14	on	on	ADP
fsr-3720	127	15	t	t	PROPN
fsr-3720	127	16	-	-	PUNCT
fsr-3720	127	17	bills	bill	NOUN
fsr-3720	127	18	.	.	PUNCT
fsr-3720	128	1	all	all	ADV
fsr-3720	128	2	-	-	PUNCT
fsr-3720	128	3	or	or	CCONJ
fsr-3720	128	4	-	-	PUNCT
fsr-3720	128	5	nothing	nothing	PRON
fsr-3720	128	6	timing	timing	NOUN
fsr-3720	128	7	portfolio	portfolio	NOUN
fsr-3720	128	8	has	have	VERB
fsr-3720	128	9	either	either	CCONJ
fsr-3720	128	10	100	100	NUM
fsr-3720	128	11	%	%	NOUN
fsr-3720	128	12	stock	stock	NOUN
fsr-3720	128	13	or	or	CCONJ
fsr-3720	128	14	100	100	NUM
fsr-3720	128	15	%	%	NOUN
fsr-3720	128	16	treasury	treasury	NOUN
fsr-3720	128	17	bills	bill	NOUN
fsr-3720	128	18	.	.	PUNCT
fsr-3720	129	1	its	its	PRON
fsr-3720	129	2	benchmark	benchmark	NOUN
fsr-3720	129	3	is	be	AUX
fsr-3720	129	4	a	a	DET
fsr-3720	129	5	buy	buy	VERB
fsr-3720	129	6	-	-	PUNCT
fsr-3720	129	7	and	and	CCONJ
fsr-3720	129	8	-	-	PUNCT
fsr-3720	129	9	hold	hold	VERB
fsr-3720	129	10	stock	stock	NOUN
fsr-3720	129	11	portfolio	portfolio	NOUN
fsr-3720	129	12	.	.	PUNCT
fsr-3720	130	1	variable	variable	ADJ
fsr-3720	130	2	weights	weight	NOUN
fsr-3720	130	3	timing	time	VERB
fsr-3720	130	4	portfolio	portfolio	NOUN
fsr-3720	130	5	has	have	VERB
fsr-3720	130	6	weights	weight	NOUN
fsr-3720	130	7	of	of	ADP
fsr-3720	130	8	75	75	NUM
fsr-3720	130	9	%	%	NOUN
fsr-3720	130	10	.	.	PUNCT
fsr-3720	131	1	50	50	NUM
fsr-3720	131	2	%	%	NOUN
fsr-3720	131	3	.	.	PUNCT
fsr-3720	132	1	or	or	CCONJ
fsr-3720	132	2	25	25	NUM
fsr-3720	132	3	%	%	NOUN
fsr-3720	132	4	on	on	ADP
fsr-3720	132	5	stocks	stock	NOUN
fsr-3720	132	6	and	and	CCONJ
fsr-3720	132	7	the	the	DET
fsr-3720	132	8	rest	rest	NOUN
fsr-3720	132	9	in	in	ADP
fsr-3720	132	10	treasury	treasury	NOUN
fsr-3720	132	11	bills	bill	NOUN
fsr-3720	132	12	.	.	PUNCT
fsr-3720	133	1	its	its	PRON
fsr-3720	133	2	benchmark	benchmark	NOUN
fsr-3720	133	3	portfolio	portfolio	NOUN
fsr-3720	133	4	always	always	ADV
fsr-3720	133	5	maintains	maintain	VERB
fsr-3720	133	6	a	a	DET
fsr-3720	133	7	5c50	5c50	NUM
fsr-3720	133	8	stock	stock	NOUN
fsr-3720	133	9	-	-	PUNCT
fsr-3720	133	10	bills	bill	NOUN
fsr-3720	133	11	mix	mix	NOUN
fsr-3720	133	12	.	.	PUNCT
fsr-3720	134	1	raw	raw	ADJ
fsr-3720	134	2	return	return	NOUN
fsr-3720	134	3	table	table	NOUN
fsr-3720	134	4	2	2	NUM
fsr-3720	134	5	presents	present	VERB
fsr-3720	134	6	the	the	DET
fsr-3720	134	7	raw	raw	ADJ
fsr-3720	134	8	(	(	PUNCT
fsr-3720	134	9	unadjusted	unadjuste	VERB
fsr-3720	134	10	for	for	ADP
fsr-3720	134	11	risk	risk	NOUN
fsr-3720	134	12	)	)	PUNCT
fsr-3720	134	13	returns	return	NOUN
fsr-3720	134	14	on	on	ADP
fsr-3720	134	15	timing	timing	NOUN
fsr-3720	134	16	and	and	CCONJ
fsr-3720	134	17	benchmark	benchmark	NOUN
fsr-3720	134	18	portfolios	portfolio	NOUN
fsr-3720	134	19	.	.	PUNCT
fsr-3720	135	1	the	the	DET
fsr-3720	135	2	mean	mean	ADJ
fsr-3720	135	3	quarterly	quarterly	ADJ
fsr-3720	135	4	risk	risk	NOUN
fsr-3720	135	5	premium	premium	NOUN
fsr-3720	135	6	denotes	denote	VERB
fsr-3720	135	7	the	the	DET
fsr-3720	135	8	average	average	NOUN
fsr-3720	135	9	of	of	ADP
fsr-3720	135	10	the	the	DET
fsr-3720	135	11	portfolio	portfolio	NOUN
fsr-3720	135	12	return	return	VERB
fsr-3720	135	13	less	less	ADV
fsr-3720	135	14	the	the	DET
fsr-3720	135	15	return	return	NOUN
fsr-3720	135	16	on	on	ADP
fsr-3720	135	17	treasury	treasury	NOUN
fsr-3720	135	18	bills	bill	NOUN
fsr-3720	135	19	.	.	PUNCT
fsr-3720	136	1	s&p	s&p	PROPN
fsr-3720	136	2	index	index	NOUN
fsr-3720	136	3	,	,	PUNCT
fsr-3720	136	4	both	both	CCONJ
fsr-3720	136	5	the	the	DET
fsr-3720	136	6	rp	rp	NOUN
fsr-3720	136	7	-	-	PUNCT
fsr-3720	136	8	based	base	VERB
fsr-3720	136	9	all	all	ADV
fsr-3720	136	10	-	-	PUNCT
fsr-3720	136	11	or	or	CCONJ
fsr-3720	136	12	-	-	PUNCT
fsr-3720	136	13	nothing	nothing	PRON
fsr-3720	136	14	and	and	CCONJ
fsr-3720	136	15	variable	variable	ADJ
fsr-3720	136	16	-	-	PUNCT
fsr-3720	136	17	weights	weight	NOUN
fsr-3720	136	18	timing	timing	NOUN
fsr-3720	136	19	port	port	NOUN
fsr-3720	136	20	folios	folio	NOUN
fsr-3720	136	21	earned	earn	VERB
fsr-3720	136	22	higher	high	ADJ
fsr-3720	136	23	raw	raw	ADJ
fsr-3720	136	24	returns	return	NOUN
fsr-3720	136	25	than	than	ADP
fsr-3720	136	26	their	their	PRON
fsr-3720	136	27	benchmark	benchmark	NOUN
fsr-3720	136	28	portfolios	portfolio	NOUN
fsr-3720	136	29	.	.	PUNCT
fsr-3720	137	1	the	the	DET
fsr-3720	137	2	mean	mean	ADJ
fsr-3720	137	3	risk	risk	NOUN
fsr-3720	137	4	premium	premium	NOUN
fsr-3720	137	5	for	for	ADP
fsr-3720	137	6	the	the	DET
fsr-3720	137	7	all	all	ADV
fsr-3720	137	8	-	-	PUNCT
fsr-3720	137	9	or	or	CCONJ
fsr-3720	137	10	-	-	PUNCT
fsr-3720	137	11	nothing	nothing	PRON
fsr-3720	137	12	timing	time	VERB
fsr-3720	137	13	portfolio	portfolio	NOUN
fsr-3720	137	14	was	be	AUX
fsr-3720	137	15	1.49	1.49	NUM
fsr-3720	137	16	%	%	NOUN
fsr-3720	137	17	.	.	PUNCT
fsr-3720	138	1	its	its	PRON
fsr-3720	138	2	benchmark	benchmark	NOUN
fsr-3720	138	3	portfolio	portfolio	NOUN
fsr-3720	138	4	earned	earn	VERB
fsr-3720	138	5	1.38	1.38	NUM
fsr-3720	138	6	%	%	NOUN
fsr-3720	138	7	.	.	PUNCT
fsr-3720	139	1	the	the	DET
fsr-3720	139	2	mean	mean	ADJ
fsr-3720	139	3	risk	risk	NOUN
fsr-3720	139	4	premium	premium	NOUN
fsr-3720	139	5	on	on	ADP
fsr-3720	139	6	the	the	DET
fsr-3720	139	7	variable	variable	ADJ
fsr-3720	139	8	-	-	PUNCT
fsr-3720	139	9	weights	weight	NOUN
fsr-3720	139	10	timing	timing	NOUN
fsr-3720	139	11	portfolio	portfolio	NOUN
fsr-3720	139	12	(	(	PUNCT
fsr-3720	139	13	1.04	1.04	NUM
fsr-3720	139	14	%	%	NOUN
fsr-3720	139	15	)	)	PUNCT
fsr-3720	139	16	also	also	ADV
fsr-3720	139	17	exceeds	exceed	VERB
fsr-3720	139	18	its	its	PRON
fsr-3720	139	19	benchmark	benchmark	NOUN
fsr-3720	139	20	portfolio	portfolio	NOUN
fsr-3720	139	21	(	(	PUNCT
fsr-3720	139	22	0.69	0.69	NUM
fsr-3720	139	23	%	%	NOUN
fsr-3720	139	24	)	)	PUNCT
fsr-3720	139	25	.	.	PUNCT
fsr-3720	140	1	the	the	DET
fsr-3720	140	2	all	all	ADV
fsr-3720	140	3	-	-	PUNCT
fsr-3720	140	4	or	or	CCONJ
fsr-3720	140	5	-	-	PUNCT
fsr-3720	140	6	nothing	nothing	PRON
fsr-3720	140	7	portfolio	portfolio	NOUN
fsr-3720	140	8	managed	manage	VERB
fsr-3720	140	9	to	to	PART
fsr-3720	140	10	earn	earn	VERB
fsr-3720	140	11	a	a	DET
fsr-3720	140	12	higher	high	ADJ
fsr-3720	140	13	raw	raw	ADJ
fsr-3720	140	14	return	return	NOUN
fsr-3720	140	15	than	than	ADP
fsr-3720	140	16	the	the	DET
fsr-3720	140	17	buy	buy	VERB
fsr-3720	140	18	-	-	PUNCT
fsr-3720	140	19	and	and	CCONJ
fsr-3720	140	20	-	-	PUNCT
fsr-3720	140	21	hold	hold	VERB
fsr-3720	140	22	benchmark	benchmark	NOUN
fsr-3720	140	23	,	,	PUNCT
fsr-3720	140	24	despite	despite	SCONJ
fsr-3720	140	25	being	be	AUX
fsr-3720	140	26	out	out	ADP
fsr-3720	140	27	of	of	ADP
fsr-3720	140	28	the	the	DET
fsr-3720	140	29	market	market	NOUN
fsr-3720	140	30	62	62	NUM
fsr-3720	140	31	%	%	NOUN
fsr-3720	140	32	of	of	ADP
fsr-3720	140	33	the	the	DET
fsr-3720	140	34	time	time	NOUN
fsr-3720	140	35	.	.	PUNCT
fsr-3720	141	1	small	small	ADJ
fsr-3720	141	2	stocks	stock	NOUN
fsr-3720	141	3	.	.	PUNCT
fsr-3720	142	1	among	among	ADP
fsr-3720	142	2	the	the	DET
fsr-3720	142	3	all	all	ADV
fsr-3720	142	4	-	-	PUNCT
fsr-3720	142	5	or	or	CCONJ
fsr-3720	142	6	-	-	PUNCT
fsr-3720	142	7	nothing	nothing	PRON
fsr-3720	142	8	timing	time	VERB
fsr-3720	142	9	portfolios	portfolio	NOUN
fsr-3720	142	10	,	,	PUNCT
fsr-3720	142	11	only	only	ADV
fsr-3720	142	12	the	the	DET
fsr-3720	142	13	rp	rp	NOUN
fsr-3720	142	14	-	-	PUNCT
fsr-3720	142	15	based	base	VERB
fsr-3720	142	16	portfolio	portfolio	NOUN
fsr-3720	142	17	earned	earn	VERB
fsr-3720	142	18	more	more	ADJ
fsr-3720	142	19	(	(	PUNCT
fsr-3720	142	20	2.22	2.22	NUM
fsr-3720	142	21	%	%	NOUN
fsr-3720	142	22	)	)	PUNCT
fsr-3720	142	23	than	than	ADP
fsr-3720	142	24	the	the	DET
fsr-3720	142	25	benchmark	benchmark	NOUN
fsr-3720	142	26	(	(	PUNCT
fsr-3720	142	27	1.74	1.74	NUM
fsr-3720	142	28	%	%	NOUN
fsr-3720	142	29	)	)	PUNCT
fsr-3720	142	30	.	.	PUNCT
fsr-3720	143	1	it	it	PRON
fsr-3720	143	2	earned	earn	VERB
fsr-3720	143	3	higher	high	ADJ
fsr-3720	143	4	returns	return	NOUN
fsr-3720	143	5	despite	despite	SCONJ
fsr-3720	143	6	being	be	AUX
fsr-3720	143	7	out	out	ADP
fsr-3720	143	8	of	of	ADP
fsr-3720	143	9	the	the	DET
fsr-3720	143	10	market	market	NOUN
fsr-3720	143	11	about	about	ADP
fsr-3720	143	12	half	half	NOUN
fsr-3720	143	13	of	of	ADP
fsr-3720	143	14	the	the	DET
fsr-3720	143	15	time	time	NOUN
fsr-3720	143	16	.	.	PUNCT
fsr-3720	144	1	the	the	DET
fsr-3720	144	2	ep	ep	PROPN
fsr-3720	144	3	-	-	PUNCT
fsr-3720	144	4	based	base	VERB
fsr-3720	144	5	(	(	PUNCT
fsr-3720	144	6	1.63	1.63	NUM
fsr-3720	144	7	%	%	NOUN
fsr-3720	144	8	)	)	PUNCT
fsr-3720	144	9	and	and	CCONJ
fsr-3720	144	10	yield	yield	NOUN
fsr-3720	144	11	-	-	PUNCT
fsr-3720	144	12	based	base	VERB
fsr-3720	144	13	(	(	PUNCT
fsr-3720	144	14	1.62	1.62	NUM
fsr-3720	144	15	%	%	NOUN
fsr-3720	144	16	)	)	PUNCT
fsr-3720	144	17	all	all	ADV
fsr-3720	144	18	-	-	PUNCT
fsr-3720	144	19	or	or	CCONJ
fsr-3720	144	20	-	-	PUNCT
fsr-3720	144	21	nothing	nothing	PRON
fsr-3720	144	22	portfolios	portfolio	NOUN
fsr-3720	144	23	failed	fail	VERB
fsr-3720	144	24	to	to	PART
fsr-3720	144	25	match	match	VERB
fsr-3720	144	26	the	the	DET
fsr-3720	144	27	benchmark	benchmark	NOUN
fsr-3720	144	28	.	.	PUNCT
fsr-3720	145	1	all	all	PRON
fsr-3720	145	2	of	of	ADP
fsr-3720	145	3	the	the	DET
fsr-3720	145	4	variable	variable	ADJ
fsr-3720	145	5	-	-	PUNCT
fsr-3720	145	6	weights	weight	NOUN
fsr-3720	145	7	timing	timing	NOUN
fsr-3720	145	8	portfolios	portfolio	NOUN
fsr-3720	145	9	earned	earn	VERB
fsr-3720	145	10	more	more	ADJ
fsr-3720	145	11	than	than	ADP
fsr-3720	145	12	the	the	DET
fsr-3720	145	13	benchmark	benchmark	NOUN
fsr-3720	145	14	.	.	PUNCT
fsr-3720	146	1	with	with	ADP
fsr-3720	146	2	the	the	DET
fsr-3720	146	3	exception	exception	NOUN
fsr-3720	146	4	of	of	ADP
fsr-3720	146	5	the	the	DET
fsr-3720	146	6	ep	ep	PROPN
fsr-3720	146	7	-	-	PUNCT
fsr-3720	146	8	based	base	VERB
fsr-3720	146	9	portfolio	portfolio	NOUN
fsr-3720	146	10	,	,	PUNCT
fsr-3720	146	11	the	the	DET
fsr-3720	146	12	timing	timing	NOUN
fsr-3720	146	13	portfolios	portfolio	NOUN
fsr-3720	146	14	earned	earn	VERB
fsr-3720	146	15	higher	high	ADJ
fsr-3720	146	16	return	return	NOUN
fsr-3720	146	17	despite	despite	SCONJ
fsr-3720	146	18	a	a	DET
fsr-3720	146	19	lower	low	ADJ
fsr-3720	146	20	average	average	ADJ
fsr-3720	146	21	exposure	exposure	NOUN
fsr-3720	146	22	to	to	ADP
fsr-3720	146	23	stocks	stock	NOUN
fsr-3720	146	24	.	.	PUNCT
fsr-3720	147	1	the	the	DET
fsr-3720	147	2	rp	rp	NOUN
fsr-3720	147	3	-	-	PUNCT
fsr-3720	147	4	based	base	VERB
fsr-3720	147	5	portfolio	portfolio	NOUN
fsr-3720	147	6	earned	earn	VERB
fsr-3720	147	7	the	the	DET
fsr-3720	147	8	highest	high	ADJ
fsr-3720	147	9	return	return	NOUN
fsr-3720	147	10	(	(	PUNCT
fsr-3720	147	11	1.43	1.43	NUM
fsr-3720	147	12	%	%	NOUN
fsr-3720	147	13	)	)	PUNCT
fsr-3720	147	14	.	.	PUNCT
fsr-3720	148	1	figure	figure	VERB
fsr-3720	148	2	3	3	NUM
fsr-3720	148	3	shows	show	VERB
fsr-3720	148	4	that	that	SCONJ
fsr-3720	148	5	the	the	DET
fsr-3720	148	6	higher	high	ADJ
fsr-3720	148	7	raw	raw	ADJ
fsr-3720	148	8	returns	return	NOUN
fsr-3720	148	9	on	on	ADP
fsr-3720	148	10	the	the	DET
fsr-3720	148	11	timing	timing	NOUN
fsr-3720	148	12	portfolios	portfolio	NOUN
fsr-3720	148	13	produce	produce	VERB
fsr-3720	148	14	substantial	substantial	ADJ
fsr-3720	148	15	long	long	ADJ
fsr-3720	148	16	-	-	PUNCT
fsr-3720	148	17	run	run	NOUN
fsr-3720	148	18	wealth	wealth	NOUN
fsr-3720	148	19	implications	implication	NOUN
fsr-3720	148	20	.	.	PUNCT
fsr-3720	149	1	for	for	ADP
fsr-3720	149	2	example	example	NOUN
fsr-3720	149	3	,	,	PUNCT
fsr-3720	149	4	$	$	SYM
fsr-3720	149	5	10,000	10,000	NUM
fsr-3720	149	6	invested	invest	VERB
fsr-3720	149	7	in	in	ADP
fsr-3720	149	8	the	the	DET
fsr-3720	149	9	variable	variable	ADJ
fsr-3720	149	10	-	-	PUNCT
fsr-3720	149	11	weights	weight	NOUN
fsr-3720	149	12	s&p	s&p	PROPN
fsr-3720	149	13	benchmark	benchmark	NOUN
fsr-3720	149	14	portfolio	portfolio	NOUN
fsr-3720	149	15	(	(	PUNCT
fsr-3720	149	16	i.e.	i.e.	X
fsr-3720	149	17	,	,	PUNCT
fsr-3720	149	18	50	50	NUM
fsr-3720	149	19	%	%	NOUN
fsr-3720	149	20	s&p	s&p	PROPN
fsr-3720	149	21	and	and	CCONJ
fsr-3720	149	22	50	50	NUM
fsr-3720	149	23	%	%	NOUN
fsr-3720	149	24	t	t	NOUN
fsr-3720	149	25	-	-	PUNCT
fsr-3720	149	26	bills	bill	NOUN
fsr-3720	149	27	)	)	PUNCT
fsr-3720	149	28	at	at	ADP
fsr-3720	149	29	the	the	DET
fsr-3720	149	30	beginning	beginning	NOUN
fsr-3720	149	31	of	of	ADP
fsr-3720	149	32	the	the	DET
fsr-3720	149	33	third	third	ADJ
fsr-3720	149	34	quarter	quarter	NOUN
fsr-3720	149	35	of	of	ADP
fsr-3720	149	36	1978	1978	NUM
fsr-3720	149	37	would	would	AUX
fsr-3720	149	38	have	have	AUX
fsr-3720	149	39	grown	grow	VERB
fsr-3720	149	40	to	to	ADP
fsr-3720	149	41	$	$	SYM
fsr-3720	149	42	33,303	33,303	NUM
fsr-3720	149	43	by	by	ADP
fsr-3720	149	44	the	the	DET
fsr-3720	149	45	end	end	NOUN
fsr-3720	149	46	of	of	ADP
fsr-3720	149	47	38	38	NUM
fsr-3720	149	48	financial	financial	ADJ
fsr-3720	149	49	services	service	NOUN
fsr-3720	149	50	review	review	NOUN
fsr-3720	149	51	,	,	PUNCT
fsr-3720	149	52	3(l	3(l	NUM
fsr-3720	149	53	)	)	PUNCT
fsr-3720	149	54	1993	1993	NUM
fsr-3720	149	55	1988	1988	NUM
fsr-3720	149	56	.	.	PUNCT
fsr-3720	150	1	however	however	ADV
fsr-3720	150	2	,	,	PUNCT
fsr-3720	150	3	had	have	VERB
fsr-3720	150	4	the	the	DET
fsr-3720	150	5	$	$	SYM
fsr-3720	150	6	10,000	10,000	NUM
fsr-3720	150	7	been	be	AUX
fsr-3720	150	8	invested	invest	VERB
fsr-3720	150	9	in	in	ADP
fsr-3720	150	10	the	the	DET
fsr-3720	150	11	rp	rp	NOUN
fsr-3720	150	12	-	-	PUNCT
fsr-3720	150	13	based	base	VERB
fsr-3720	150	14	variable	variable	ADJ
fsr-3720	150	15	-	-	PUNCT
fsr-3720	150	16	weights	weight	NOUN
fsr-3720	150	17	timing	timing	NOUN
fsr-3720	150	18	portfolio	portfolio	NOUN
fsr-3720	150	19	instead	instead	ADV
fsr-3720	150	20	,	,	PUNCT
fsr-3720	150	21	it	it	PRON
fsr-3720	150	22	would	would	AUX
fsr-3720	150	23	have	have	AUX
fsr-3720	150	24	grown	grow	VERB
fsr-3720	150	25	to	to	ADP
fsr-3720	150	26	$	$	SYM
fsr-3720	150	27	38,711	38,711	NUM
fsr-3720	150	28	.	.	PUNCT
fsr-3720	151	1	the	the	DET
fsr-3720	151	2	results	result	NOUN
fsr-3720	151	3	from	from	ADP
fsr-3720	151	4	timing	timing	NOUN
fsr-3720	151	5	with	with	ADP
fsr-3720	151	6	small	small	ADJ
fsr-3720	151	7	stocks	stock	NOUN
fsr-3720	151	8	are	be	AUX
fsr-3720	151	9	even	even	ADV
fsr-3720	151	10	more	more	ADV
fsr-3720	151	11	impressive	impressive	ADJ
fsr-3720	151	12	.	.	PUNCT
fsr-3720	152	1	the	the	DET
fsr-3720	152	2	benchmark	benchmark	NOUN
fsr-3720	152	3	portfolio	portfolio	NOUN
fsr-3720	152	4	would	would	AUX
fsr-3720	152	5	have	have	AUX
fsr-3720	152	6	grown	grow	VERB
fsr-3720	152	7	to	to	ADP
fsr-3720	152	8	$	$	SYM
fsr-3720	152	9	34,454	34,454	NUM
fsr-3720	152	10	while	while	SCONJ
fsr-3720	152	11	the	the	DET
fsr-3720	152	12	rp	rp	NOUN
fsr-3720	152	13	-	-	PUNCT
fsr-3720	152	14	based	base	VERB
fsr-3720	152	15	variable	variable	ADJ
fsr-3720	152	16	-	-	PUNCT
fsr-3720	152	17	weights	weight	NOUN
fsr-3720	152	18	portfolio	portfolio	NOUN
fsr-3720	152	19	would	would	AUX
fsr-3720	152	20	have	have	AUX
fsr-3720	152	21	grown	grow	VERB
fsr-3720	152	22	to	to	ADP
fsr-3720	152	23	$	$	SYM
fsr-3720	152	24	43,722	43,722	NUM
fsr-3720	152	25	.	.	PUNCT
fsr-3720	153	1	as	as	SCONJ
fsr-3720	153	2	figure	figure	NOUN
fsr-3720	153	3	3	3	NUM
fsr-3720	153	4	shows	show	NOUN
fsr-3720	153	5	,	,	PUNCT
fsr-3720	153	6	the	the	DET
fsr-3720	153	7	gains	gain	NOUN
fsr-3720	153	8	from	from	ADP
fsr-3720	153	9	timing	time	VERB
fsr-3720	153	10	accrued	accrue	VERB
fsr-3720	153	11	slowly	slowly	ADV
fsr-3720	153	12	but	but	CCONJ
fsr-3720	153	13	steadily	steadily	ADV
fsr-3720	153	14	over	over	ADP
fsr-3720	153	15	the	the	DET
fsr-3720	153	16	entire	entire	ADJ
fsr-3720	153	17	period	period	NOUN
fsr-3720	153	18	.	.	PUNCT
fsr-3720	154	1	risk	risk	NOUN
fsr-3720	154	2	-	-	PUNCT
fsr-3720	154	3	adjusted	adjust	VERB
fsr-3720	154	4	return	return	NOUN
fsr-3720	154	5	valid	valid	ADJ
fsr-3720	154	6	performance	performance	NOUN
fsr-3720	154	7	comparisons	comparison	NOUN
fsr-3720	154	8	across	across	ADP
fsr-3720	154	9	portfolios	portfolio	NOUN
fsr-3720	154	10	should	should	AUX
fsr-3720	154	11	consider	consider	VERB
fsr-3720	154	12	differences	difference	NOUN
fsr-3720	154	13	in	in	ADP
fsr-3720	154	14	portfolio	portfolio	NOUN
fsr-3720	154	15	risk	risk	NOUN
fsr-3720	154	16	.	.	PUNCT
fsr-3720	155	1	the	the	DET
fsr-3720	155	2	sharpe	sharpe	PROPN
fsr-3720	155	3	(	(	PUNCT
fsr-3720	155	4	1966	1966	NUM
fsr-3720	155	5	)	)	PUNCT
fsr-3720	155	6	ratio	ratio	NOUN
fsr-3720	155	7	incorporates	incorporate	VERB
fsr-3720	155	8	these	these	DET
fsr-3720	155	9	differences	difference	NOUN
fsr-3720	155	10	by	by	ADP
fsr-3720	155	11	dividing	divide	VERB
fsr-3720	155	12	the	the	DET
fsr-3720	155	13	mean	mean	ADJ
fsr-3720	155	14	quarterly	quarterly	ADJ
fsr-3720	155	15	risk	risk	NOUN
fsr-3720	155	16	premium	premium	NOUN
fsr-3720	155	17	by	by	ADP
fsr-3720	155	18	its	its	PRON
fsr-3720	155	19	standard	standard	ADJ
fsr-3720	155	20	deviation	deviation	NOUN
fsr-3720	155	21	,	,	PUNCT
fsr-3720	155	22	thus	thus	ADV
fsr-3720	155	23	providing	provide	VERB
fsr-3720	155	24	a	a	DET
fsr-3720	155	25	measure	measure	NOUN
fsr-3720	155	26	of	of	ADP
fsr-3720	155	27	return	return	NOUN
fsr-3720	155	28	per	per	ADP
fsr-3720	155	29	unit	unit	NOUN
fsr-3720	155	30	of	of	ADP
fsr-3720	155	31	risk	risk	NOUN
fsr-3720	155	32	.	.	PUNCT
fsr-3720	156	1	table	table	NOUN
fsr-3720	156	2	3	3	NUM
fsr-3720	156	3	presents	present	VERB
fsr-3720	156	4	the	the	DET
fsr-3720	156	5	sharpe	sharpe	PROPN
fsr-3720	156	6	ratios	ratio	NOUN
fsr-3720	156	7	for	for	ADP
fsr-3720	156	8	the	the	DET
fsr-3720	156	9	timing	timing	NOUN
fsr-3720	156	10	and	and	CCONJ
fsr-3720	156	11	benchmark	benchmark	NOUN
fsr-3720	156	12	portfolios	portfolio	NOUN
fsr-3720	156	13	.	.	PUNCT
fsr-3720	157	1	s&p	s&p	PROPN
fsr-3720	157	2	index	index	NOUN
fsr-3720	157	3	.	.	PUNCT
fsr-3720	158	1	both	both	DET
fsr-3720	158	2	rp	rp	NOUN
fsr-3720	158	3	-	-	PUNCT
fsr-3720	158	4	based	base	VERB
fsr-3720	158	5	timing	timing	NOUN
fsr-3720	158	6	portfolios	portfolio	NOUN
fsr-3720	158	7	outperform	outperform	VERB
fsr-3720	158	8	their	their	PRON
fsr-3720	158	9	benchmark	benchmark	NOUN
fsr-3720	158	10	.	.	PUNCT
fsr-3720	159	1	the	the	DET
fsr-3720	159	2	all	all	ADV
fsr-3720	159	3	-	-	PUNCT
fsr-3720	159	4	or	or	CCONJ
fsr-3720	159	5	-	-	PUNCT
fsr-3720	159	6	nothing	nothing	PRON
fsr-3720	159	7	portfolio	portfolio	NOUN
fsr-3720	159	8	earned	earn	VERB
fsr-3720	159	9	twice	twice	ADV
fsr-3720	159	10	as	as	ADV
fsr-3720	159	11	much	much	ADJ
fsr-3720	159	12	return	return	NOUN
fsr-3720	159	13	per	per	ADP
fsr-3720	159	14	unit	unit	NOUN
fsr-3720	159	15	of	of	ADP
fsr-3720	159	16	risk	risk	NOUN
fsr-3720	159	17	as	as	ADP
fsr-3720	159	18	the	the	DET
fsr-3720	159	19	bench	bench	NOUN
fsr-3720	159	20	mark	mark	NOUN
fsr-3720	159	21	,	,	PUNCT
fsr-3720	159	22	0.328	0.328	NUM
fsr-3720	159	23	versus	versus	ADP
fsr-3720	159	24	0.163	0.163	NUM
fsr-3720	159	25	.	.	PUNCT
fsr-3720	160	1	the	the	DET
fsr-3720	160	2	variable	variable	ADJ
fsr-3720	160	3	-	-	PUNCT
fsr-3720	160	4	weights	weight	NOUN
fsr-3720	160	5	portfolio	portfolio	NOUN
fsr-3720	160	6	earned	earn	VERB
fsr-3720	160	7	60	60	NUM
fsr-3720	160	8	%	%	NOUN
fsr-3720	160	9	more	more	ADJ
fsr-3720	160	10	return	return	NOUN
fsr-3720	160	11	per	per	ADP
fsr-3720	160	12	unit	unit	NOUN
fsr-3720	160	13	of	of	ADP
fsr-3720	160	14	risk	risk	NOUN
fsr-3720	160	15	,	,	PUNCT
fsr-3720	160	16	0.266	0.266	NUM
fsr-3720	160	17	versus	versus	ADP
fsr-3720	160	18	0.163	0.163	NUM
fsr-3720	160	19	.	.	PUNCT
fsr-3720	161	1	small	small	ADJ
fsr-3720	161	2	stock	stock	NOUN
fsr-3720	161	3	.	.	PUNCT
fsr-3720	162	1	all	all	PRON
fsr-3720	162	2	of	of	ADP
fsr-3720	162	3	the	the	DET
fsr-3720	162	4	timing	timing	NOUN
fsr-3720	162	5	portfolios	portfolio	NOUN
fsr-3720	162	6	earned	earn	VERB
fsr-3720	162	7	higher	high	ADJ
fsr-3720	162	8	risk	risk	NOUN
fsr-3720	162	9	-	-	PUNCT
fsr-3720	162	10	adjusted	adjust	VERB
fsr-3720	162	11	returns	return	NOUN
fsr-3720	162	12	than	than	ADP
fsr-3720	162	13	their	their	PRON
fsr-3720	162	14	benchmark	benchmark	NOUN
fsr-3720	162	15	portfolios	portfolio	NOUN
fsr-3720	162	16	.	.	PUNCT
fsr-3720	163	1	however	however	ADV
fsr-3720	163	2	,	,	PUNCT
fsr-3720	163	3	the	the	DET
fsr-3720	163	4	rp	rp	PROPN
fsr-3720	163	5	portfolio	portfolio	NOUN
fsr-3720	163	6	(	(	PUNCT
fsr-3720	163	7	0.3	0.3	NUM
fsr-3720	163	8	19	19	NUM
fsr-3720	163	9	)	)	PUNCT
fsr-3720	163	10	earned	earn	VERB
fsr-3720	163	11	much	much	ADV
fsr-3720	163	12	larger	large	ADJ
fsr-3720	163	13	risk	risk	NOUN
fsr-3720	163	14	-	-	PUNCT
fsr-3720	163	15	adjusted	adjust	VERB
fsr-3720	163	16	returns	return	NOUN
fsr-3720	163	17	than	than	ADP
fsr-3720	163	18	the	the	DET
fsr-3720	163	19	yield	yield	NOUN
fsr-3720	163	20	portfolio	portfolio	NOUN
fsr-3720	163	21	(	(	PUNCT
fsr-3720	163	22	0.180	0.180	NUM
fsr-3720	163	23	)	)	PUNCT
fsr-3720	163	24	,	,	PUNCT
fsr-3720	163	25	its	its	PRON
fsr-3720	163	26	nearest	near	ADJ
fsr-3720	163	27	competitor	competitor	NOUN
fsr-3720	163	28	.	.	PUNCT
fsr-3720	164	1	among	among	ADP
fsr-3720	164	2	the	the	DET
fsr-3720	164	3	variable	variable	ADJ
fsr-3720	164	4	-	-	PUNCT
fsr-3720	164	5	weights	weight	NOUN
fsr-3720	164	6	portfolios	portfolio	NOUN
fsr-3720	164	7	,	,	PUNCT
fsr-3720	164	8	rp	rp	NOUN
fsr-3720	164	9	again	again	ADV
fsr-3720	164	10	performed	perform	VERB
fsr-3720	164	11	best	well	ADV
fsr-3720	164	12	(	(	PUNCT
fsr-3720	164	13	0.244	0.244	NUM
fsr-3720	164	14	)	)	PUNCT
fsr-3720	164	15	followed	follow	VERB
fsr-3720	164	16	table	table	NOUN
fsr-3720	164	17	3	3	NUM
fsr-3720	164	18	.	.	PUNCT
fsr-3720	164	19	risk	risk	NOUN
fsr-3720	164	20	-	-	PUNCT
fsr-3720	164	21	adjusted	adjust	VERB
fsr-3720	164	22	returns	return	NOUN
fsr-3720	164	23	:	:	PUNCT
fsr-3720	164	24	sharpe	sharpe	PROPN
fsr-3720	164	25	ratios	ratios	PROPN
fsr-3720	164	26	portfolio	portfolio	PROPN
fsr-3720	165	1	an	an	PRON
fsr-3720	165	2	or	or	CCONJ
fsr-3720	165	3	nothing	nothing	PRON
fsr-3720	165	4	variable	variable	ADJ
fsr-3720	165	5	weights	weight	NOUN
fsr-3720	165	6	s&p	s&p	PROPN
fsr-3720	165	7	index	index	NOUN
fsr-3720	165	8	rp	rp	NOUN
fsr-3720	165	9	0.328	0.328	NUM
fsr-3720	165	10	0.266	0.266	NUM
fsr-3720	165	11	benchmark	benchmark	NOUN
fsr-3720	165	12	0.163	0.163	NUM
fsr-3720	165	13	0.163	0.163	NUM
fsr-3720	165	14	small	small	ADJ
fsr-3720	165	15	stock	stock	NOUN
fsr-3720	165	16	index	index	NOUN
fsr-3720	165	17	rp	rp	NOUN
fsr-3720	165	18	0.319	0.319	NUM
fsr-3720	165	19	0.244	0.244	NUM
fsr-3720	165	20	ep	ep	PROPN
fsr-3720	165	21	0.165	0.165	NUM
fsr-3720	165	22	0.160	0.160	NUM
fsr-3720	165	23	yield	yield	NOUN
fsr-3720	165	24	0.180	0.180	NUM
fsr-3720	165	25	0.234	0.234	NUM
fsr-3720	165	26	benchmark	benchmark	NOUN
fsr-3720	165	27	0.143	0.143	NUM
fsr-3720	165	28	0.143	0.143	NUM
fsr-3720	165	29	note	note	NOUN
fsr-3720	165	30	:	:	PUNCT
fsr-3720	165	31	all	all	DET
fsr-3720	165	32	returns	return	NOUN
fsr-3720	165	33	are	be	AUX
fsr-3720	165	34	continuously	continuously	ADV
fsr-3720	165	35	compounded	compound	VERB
fsr-3720	165	36	.	.	PUNCT
fsr-3720	166	1	thus	thus	ADV
fsr-3720	166	2	mean	mean	VERB
fsr-3720	166	3	returns	return	NOUN
fsr-3720	166	4	are	be	AUX
fsr-3720	166	5	geomet	geomet	ADJ
fsr-3720	166	6	ric	ric	ADJ
fsr-3720	166	7	means	mean	NOUN
fsr-3720	166	8	.	.	PUNCT
fsr-3720	167	1	the	the	DET
fsr-3720	167	2	sharpe	sharpe	PROPN
fsr-3720	167	3	ratio	ratio	PROPN
fsr-3720	167	4	reflects	reflect	VERB
fsr-3720	167	5	return	return	NOUN
fsr-3720	167	6	per	per	ADP
fsr-3720	167	7	unit	unit	NOUN
fsr-3720	167	8	of	of	ADP
fsr-3720	167	9	risk	risk	NOUN
fsr-3720	167	10	and	and	CCONJ
fsr-3720	167	11	is	be	AUX
fsr-3720	167	12	defined	define	VERB
fsr-3720	167	13	as	as	ADP
fsr-3720	167	14	the	the	DET
fsr-3720	167	15	ratio	ratio	NOUN
fsr-3720	167	16	of	of	ADP
fsr-3720	167	17	mean	mean	NOUN
fsr-3720	167	18	-	-	PUNCT
fsr-3720	167	19	to	to	ADP
fsr-3720	167	20	-	-	PUNCT
fsr-3720	167	21	standard	standard	ADJ
fsr-3720	167	22	deviation	deviation	NOUN
fsr-3720	167	23	of	of	ADP
fsr-3720	167	24	quarterly	quarterly	ADJ
fsr-3720	167	25	excess	excess	ADJ
fsr-3720	167	26	return	return	NOUN
fsr-3720	167	27	.	.	PUNCT
fsr-3720	168	1	all	all	ADV
fsr-3720	168	2	-	-	PUNCT
fsr-3720	168	3	or	or	CCONJ
fsr-3720	168	4	-	-	PUNCT
fsr-3720	168	5	nothing	nothing	PRON
fsr-3720	168	6	timing	timing	NOUN
fsr-3720	168	7	portfolio	portfolio	NOUN
fsr-3720	168	8	has	have	VERB
fsr-3720	168	9	either	either	CCONJ
fsr-3720	168	10	100	100	NUM
fsr-3720	168	11	%	%	NOUN
fsr-3720	168	12	stock	stock	NOUN
fsr-3720	168	13	or	or	CCONJ
fsr-3720	168	14	100	100	NUM
fsr-3720	168	15	%	%	NOUN
fsr-3720	168	16	treasury	treasury	NOUN
fsr-3720	168	17	bills	bill	NOUN
fsr-3720	168	18	.	.	PUNCT
fsr-3720	169	1	its	its	PRON
fsr-3720	169	2	benchmark	benchmark	NOUN
fsr-3720	169	3	is	be	AUX
fsr-3720	169	4	a	a	DET
fsr-3720	169	5	buy	buy	VERB
fsr-3720	169	6	-	-	PUNCT
fsr-3720	169	7	and	and	CCONJ
fsr-3720	169	8	-	-	PUNCT
fsr-3720	169	9	hold	hold	VERB
fsr-3720	169	10	stock	stock	NOUN
fsr-3720	169	11	portfolio	portfolio	NOUN
fsr-3720	169	12	.	.	PUNCT
fsr-3720	170	1	variable	variable	ADJ
fsr-3720	170	2	-	-	PUNCT
fsr-3720	170	3	weights	weight	NOUN
fsr-3720	170	4	timing	timing	NOUN
fsr-3720	170	5	portfolio	portfolio	NOUN
fsr-3720	170	6	has	have	VERB
fsr-3720	170	7	weights	weight	NOUN
fsr-3720	170	8	of	of	ADP
fsr-3720	170	9	75%,50	75%,50	NUM
fsr-3720	170	10	%	%	NOUN
fsr-3720	170	11	,	,	PUNCT
fsr-3720	170	12	or	or	CCONJ
fsr-3720	170	13	25	25	NUM
fsr-3720	170	14	%	%	NOUN
fsr-3720	170	15	on	on	ADP
fsr-3720	170	16	stocks	stock	NOUN
fsr-3720	170	17	and	and	CCONJ
fsr-3720	170	18	the	the	DET
fsr-3720	170	19	rest	rest	NOUN
fsr-3720	170	20	in	in	ADP
fsr-3720	170	21	treasury	treasury	NOUN
fsr-3720	170	22	bills	bill	NOUN
fsr-3720	170	23	.	.	PUNCT
fsr-3720	171	1	its	its	PRON
fsr-3720	171	2	benchmark	benchmark	NOUN
fsr-3720	171	3	portfolio	portfolio	NOUN
fsr-3720	171	4	always	always	ADV
fsr-3720	171	5	maintains	maintain	VERB
fsr-3720	171	6	a	a	DET
fsr-3720	171	7	s&50	s&50	ADJ
fsr-3720	171	8	stock	stock	NOUN
fsr-3720	171	9	-	-	PUNCT
fsr-3720	171	10	bills	bill	NOUN
fsr-3720	171	11	mix	mix	NOUN
fsr-3720	171	12	.	.	PUNCT
fsr-3720	172	1	market	market	NOUN
fsr-3720	172	2	isming	isme	VERB
fsr-3720	172	3	for	for	ADP
fsr-3720	172	4	the	the	DET
fsr-3720	172	5	individual	individual	ADJ
fsr-3720	172	6	investor	investor	NOUN
fsr-3720	172	7	39	39	NUM
fsr-3720	172	8	closely	closely	ADV
fsr-3720	172	9	by	by	ADP
fsr-3720	172	10	yield	yield	NOUN
fsr-3720	172	11	(	(	PUNCT
fsr-3720	172	12	0.234	0.234	NUM
fsr-3720	172	13	)	)	PUNCT
fsr-3720	172	14	.	.	PUNCT
fsr-3720	173	1	both	both	DET
fsr-3720	173	2	rp	rp	NOUN
fsr-3720	173	3	portfolios	portfolio	NOUN
fsr-3720	173	4	earned	earn	VERB
fsr-3720	173	5	at	at	ADP
fsr-3720	173	6	least	least	ADV
fsr-3720	173	7	70	70	NUM
fsr-3720	173	8	%	%	NOUN
fsr-3720	173	9	more	more	ADJ
fsr-3720	173	10	return	return	NOUN
fsr-3720	173	11	per	per	ADP
fsr-3720	173	12	unit	unit	NOUN
fsr-3720	173	13	of	of	ADP
fsr-3720	173	14	risk	risk	NOUN
fsr-3720	173	15	than	than	ADP
fsr-3720	173	16	the	the	DET
fsr-3720	173	17	benchmark	benchmark	NOUN
fsr-3720	173	18	portfolios	portfolio	NOUN
fsr-3720	173	19	.	.	PUNCT
fsr-3720	174	1	regression	regression	NOUN
fsr-3720	174	2	tests	test	NOUN
fsr-3720	174	3	of	of	ADP
fsr-3720	174	4	timing	timing	NOUN
fsr-3720	174	5	ability	ability	NOUN
fsr-3720	174	6	one	one	NUM
fsr-3720	174	7	weakness	weakness	NOUN
fsr-3720	174	8	of	of	ADP
fsr-3720	174	9	the	the	DET
fsr-3720	174	10	sharpe	sharpe	PROPN
fsr-3720	174	11	ratio	ratio	NOUN
fsr-3720	174	12	is	be	AUX
fsr-3720	174	13	that	that	SCONJ
fsr-3720	174	14	it	it	PRON
fsr-3720	174	15	can	can	AUX
fsr-3720	174	16	not	not	PART
fsr-3720	174	17	test	test	VERB
fsr-3720	174	18	the	the	DET
fsr-3720	174	19	statistical	statistical	ADJ
fsr-3720	174	20	signifi	signifi	NOUN
fsr-3720	174	21	cance	cance	NOUN
fsr-3720	174	22	of	of	ADP
fsr-3720	174	23	the	the	DET
fsr-3720	174	24	performance	performance	NOUN
fsr-3720	174	25	differences	difference	NOUN
fsr-3720	174	26	between	between	ADP
fsr-3720	174	27	timing	timing	NOUN
fsr-3720	174	28	and	and	CCONJ
fsr-3720	174	29	benchmark	benchmark	NOUN
fsr-3720	174	30	portfolios	portfolio	NOUN
fsr-3720	174	31	.	.	PUNCT
fsr-3720	175	1	the	the	DET
fsr-3720	175	2	three	three	NUM
fsr-3720	175	3	regressions	regression	NOUN
fsr-3720	175	4	presented	present	VERB
fsr-3720	175	5	here	here	ADV
fsr-3720	175	6	provide	provide	VERB
fsr-3720	175	7	such	such	ADJ
fsr-3720	175	8	tests	test	NOUN
fsr-3720	175	9	.	.	PUNCT
fsr-3720	176	1	estimates	estimate	NOUN
fsr-3720	176	2	of	of	ADP
fsr-3720	176	3	jensen	jensen	PROPN
fsr-3720	176	4	(	(	PUNCT
fsr-3720	176	5	1968	1968	NUM
fsr-3720	176	6	)	)	PUNCT
fsr-3720	176	7	regressions	regression	NOUN
fsr-3720	176	8	take	take	VERB
fsr-3720	176	9	the	the	DET
fsr-3720	176	10	following	follow	VERB
fsr-3720	176	11	form	form	NOUN
fsr-3720	176	12	:	:	PUNCT
fsr-3720	176	13	rpt	rpt	NOUN
fsr-3720	176	14	r	r	PROPN
fsr-3720	176	15	--	--	PUNCT
fsr-3720	176	16	t	t	NOUN
fsr-3720	176	17	=	=	PUNCT
fsr-3720	176	18	a	a	DET
fsr-3720	176	19	+	+	ADJ
fsr-3720	176	20	b(r	b(r	NOUN
fsr-3720	176	21	,	,	PUNCT
fsr-3720	176	22	,	,	PUNCT
fsr-3720	176	23	r	r	NOUN
fsr-3720	176	24	-	-	PUNCT
fsr-3720	176	25	ff	ff	NOUN
fsr-3720	176	26	)	)	PUNCT
fsr-3720	176	27	+	+	CCONJ
fsr-3720	177	1	e	e	NOUN
fsr-3720	177	2	,	,	PUNCT
fsr-3720	177	3	where	where	SCONJ
fsr-3720	177	4	rpt	rpt	NOUN
fsr-3720	177	5	denotes	denote	VERB
fsr-3720	177	6	the	the	DET
fsr-3720	177	7	portfolio	portfolio	NOUN
fsr-3720	177	8	return	return	VERB
fsr-3720	177	9	,	,	PUNCT
fsr-3720	177	10	and	and	CCONJ
fsr-3720	177	11	rpt	rpt	NOUN
fsr-3720	177	12	rrt	rrt	NOUN
fsr-3720	177	13	is	be	AUX
fsr-3720	177	14	the	the	DET
fsr-3720	177	15	quarterly	quarterly	ADJ
fsr-3720	177	16	risk	risk	NOUN
fsr-3720	177	17	premium	premium	NOUN
fsr-3720	177	18	earned	earn	VERB
fsr-3720	177	19	by	by	ADP
fsr-3720	177	20	the	the	DET
fsr-3720	177	21	timing	timing	NOUN
fsr-3720	177	22	portfolio	portfolio	NOUN
fsr-3720	177	23	,	,	PUNCT
fsr-3720	177	24	r	r	NOUN
fsr-3720	177	25	,	,	PUNCT
fsr-3720	177	26	,	,	PUNCT
fsr-3720	177	27	,	,	PUNCT
fsr-3720	177	28	,	,	PUNCT
fsr-3720	177	29	rfr	rfr	PROPN
fsr-3720	177	30	is	be	AUX
fsr-3720	177	31	the	the	DET
fsr-3720	177	32	market	market	NOUN
fsr-3720	177	33	risk	risk	NOUN
fsr-3720	177	34	premium	premium	NOUN
fsr-3720	177	35	,	,	PUNCT
fsr-3720	177	36	e	e	NOUN
fsr-3720	177	37	,	,	PUNCT
fsr-3720	177	38	is	be	AUX
fsr-3720	177	39	the	the	DET
fsr-3720	177	40	error	error	NOUN
fsr-3720	177	41	term	term	NOUN
fsr-3720	177	42	,	,	PUNCT
fsr-3720	177	43	and	and	CCONJ
fsr-3720	177	44	a	a	PRON
fsr-3720	177	45	and	and	CCONJ
fsr-3720	177	46	b	b	NOUN
fsr-3720	177	47	are	be	AUX
fsr-3720	177	48	regression	regression	NOUN
fsr-3720	177	49	coefficients	coefficient	NOUN
fsr-3720	177	50	.	.	PUNCT
fsr-3720	178	1	a	a	DET
fsr-3720	178	2	positive	positive	ADJ
fsr-3720	178	3	intercept	intercept	NOUN
fsr-3720	178	4	,	,	PUNCT
fsr-3720	178	5	a	a	PRON
fsr-3720	178	6	,	,	PUNCT
fsr-3720	178	7	indicates	indicate	VERB
fsr-3720	178	8	that	that	SCONJ
fsr-3720	178	9	the	the	DET
fsr-3720	178	10	timing	timing	NOUN
fsr-3720	178	11	portfolio	portfolio	NOUN
fsr-3720	178	12	beats	beat	VERB
fsr-3720	178	13	the	the	DET
fsr-3720	178	14	benchmark	benchmark	NOUN
fsr-3720	178	15	portfolio	portfolio	NOUN
fsr-3720	178	16	on	on	ADP
fsr-3720	178	17	a	a	DET
fsr-3720	178	18	risk	risk	NOUN
fsr-3720	178	19	-	-	PUNCT
fsr-3720	178	20	adjusted	adjust	VERB
fsr-3720	178	21	basis	basis	NOUN
fsr-3720	178	22	.	.	PUNCT
fsr-3720	179	1	a	a	DET
fsr-3720	179	2	negative	negative	ADJ
fsr-3720	179	3	intercept	intercept	NOUN
fsr-3720	179	4	indicates	indicate	VERB
fsr-3720	179	5	inferior	inferior	ADJ
fsr-3720	179	6	performance	performance	NOUN
fsr-3720	179	7	.	.	PUNCT
fsr-3720	180	1	in	in	ADP
fsr-3720	180	2	general	general	ADJ
fsr-3720	180	3	,	,	PUNCT
fsr-3720	180	4	a	a	DET
fsr-3720	180	5	positive	positive	ADJ
fsr-3720	180	6	intercept	intercept	NOUN
fsr-3720	180	7	can	can	AUX
fsr-3720	180	8	result	result	VERB
fsr-3720	180	9	from	from	ADP
fsr-3720	180	10	consistent	consistent	ADJ
fsr-3720	180	11	selection	selection	NOUN
fsr-3720	180	12	of	of	ADP
fsr-3720	180	13	undervalued	undervalued	ADJ
fsr-3720	180	14	stocks	stock	NOUN
fsr-3720	180	15	,	,	PUNCT
fsr-3720	180	16	successful	successful	ADJ
fsr-3720	180	17	market	market	NOUN
fsr-3720	180	18	timing	timing	NOUN
fsr-3720	180	19	,	,	PUNCT
fsr-3720	180	20	or	or	CCONJ
fsr-3720	180	21	both	both	PRON
fsr-3720	180	22	.	.	PUNCT
fsr-3720	181	1	for	for	ADP
fsr-3720	181	2	the	the	DET
fsr-3720	181	3	portfolios	portfolio	NOUN
fsr-3720	181	4	considered	consider	VERB
fsr-3720	181	5	here	here	ADV
fsr-3720	181	6	,	,	PUNCT
fsr-3720	181	7	a	a	DET
fsr-3720	181	8	positive	positive	ADJ
fsr-3720	181	9	intercept	intercept	NOUN
fsr-3720	181	10	indicates	indicate	VERB
fsr-3720	181	11	successful	successful	ADJ
fsr-3720	181	12	market	market	NOUN
fsr-3720	181	13	timing	timing	NOUN
fsr-3720	181	14	since	since	SCONJ
fsr-3720	181	15	no	no	DET
fsr-3720	181	16	individual	individual	ADJ
fsr-3720	181	17	stocks	stock	NOUN
fsr-3720	181	18	are	be	AUX
fsr-3720	181	19	selected	select	VERB
fsr-3720	181	20	.	.	PUNCT
fsr-3720	182	1	estimation	estimation	NOUN
fsr-3720	182	2	of	of	ADP
fsr-3720	182	3	quadratic	quadratic	ADJ
fsr-3720	182	4	and	and	CCONJ
fsr-3720	182	5	dummy	dummy	ADJ
fsr-3720	182	6	regressions	regression	NOUN
fsr-3720	182	7	provide	provide	VERB
fsr-3720	182	8	direct	direct	ADJ
fsr-3720	182	9	tests	test	NOUN
fsr-3720	182	10	of	of	ADP
fsr-3720	182	11	timing	timing	NOUN
fsr-3720	182	12	ability	ability	NOUN
fsr-3720	182	13	.	.	PUNCT
fsr-3720	183	1	they	they	PRON
fsr-3720	183	2	take	take	VERB
fsr-3720	183	3	the	the	DET
fsr-3720	183	4	forms	form	NOUN
fsr-3720	183	5	:	:	PUNCT
fsr-3720	183	6	rpt	rpt	NOUN
fsr-3720	183	7	rrt	rrt	NOUN
fsr-3720	183	8	=	=	PUNCT
fsr-3720	183	9	a	a	DET
fsr-3720	183	10	+	+	ADJ
fsr-3720	183	11	b(r	b(r	NOUN
fsr-3720	183	12	,	,	PUNCT
fsr-3720	183	13	,	,	PUNCT
fsr-3720	183	14	rrt	rrt	NOUN
fsr-3720	183	15	>	>	X
fsr-3720	184	1	+	+	NUM
fsr-3720	184	2	c(rti	c(rti	PROPN
fsr-3720	184	3	r-,t	r-,t	PROPN
fsr-3720	184	4	)	)	PUNCT
fsr-3720	184	5	’	'	PUNCT
fsr-3720	185	1	+	+	CCONJ
fsr-3720	185	2	e	e	NOUN
fsr-3720	185	3	,	,	PUNCT
fsr-3720	185	4	(	(	PUNCT
fsr-3720	185	5	quadratic	quadratic	ADJ
fsr-3720	185	6	)	)	PUNCT
fsr-3720	185	7	and	and	CCONJ
fsr-3720	185	8	rp	rp	NOUN
fsr-3720	185	9	,	,	PUNCT
fsr-3720	185	10	r	r	NOUN
fsr-3720	185	11	-	-	PUNCT
fsr-3720	185	12	f	f	NOUN
fsr-3720	185	13	,	,	PUNCT
fsr-3720	185	14	=	=	PUNCT
fsr-3720	185	15	a	a	DET
fsr-3720	185	16	+	+	ADJ
fsr-3720	185	17	b(r	b(r	NOUN
fsr-3720	185	18	,	,	PUNCT
fsr-3720	185	19	,	,	PUNCT
fsr-3720	185	20	rfr	rfr	PROPN
fsr-3720	185	21	)	)	PUNCT
fsr-3720	185	22	+	+	PUNCT
fsr-3720	185	23	c[w	c[w	NOUN
fsr-3720	185	24	,	,	PUNCT
fsr-3720	185	25	rrt)l	rrt)l	NOUN
fsr-3720	185	26	+	+	CCONJ
fsr-3720	185	27	e	e	NOUN
fsr-3720	185	28	,	,	PUNCT
fsr-3720	185	29	(	(	PUNCT
fsr-3720	185	30	dummy	dummy	NOUN
fsr-3720	185	31	)	)	PUNCT
fsr-3720	185	32	where	where	SCONJ
fsr-3720	185	33	d	d	NOUN
fsr-3720	185	34	,	,	PUNCT
fsr-3720	185	35	=	=	NOUN
fsr-3720	185	36	0	0	PUNCT
fsr-3720	186	1	if	if	SCONJ
fsr-3720	186	2	r	r	NOUN
fsr-3720	186	3	,	,	PUNCT
fsr-3720	186	4	>	>	X
fsr-3720	186	5	rr	rr	NOUN
fsr-3720	186	6	,	,	PUNCT
fsr-3720	186	7	and	and	CCONJ
fsr-3720	186	8	-1	-1	X
fsr-3720	186	9	if	if	SCONJ
fsr-3720	186	10	r	r	NOUN
fsr-3720	186	11	,	,	PUNCT
fsr-3720	186	12	,	,	PUNCT
fsr-3720	186	13	,	,	PUNCT
fsr-3720	186	14	,	,	PUNCT
fsr-3720	186	15	<	<	X
fsr-3720	186	16	rrt	rrt	NOUN
fsr-3720	186	17	.	.	PUNCT
fsr-3720	187	1	in	in	ADP
fsr-3720	187	2	both	both	DET
fsr-3720	187	3	regressions	regression	NOUN
fsr-3720	187	4	a	a	DET
fsr-3720	187	5	positive	positive	ADJ
fsr-3720	187	6	“	"	PUNCT
fsr-3720	187	7	c	c	NOUN
fsr-3720	187	8	”	"	PUNCT
fsr-3720	187	9	coefficient	coefficient	NOUN
fsr-3720	187	10	indicates	indicate	VERB
fsr-3720	187	11	successful	successful	ADJ
fsr-3720	187	12	timing	timing	NOUN
fsr-3720	187	13	ability	ability	NOUN
fsr-3720	187	14	.	.	PUNCT
fsr-3720	187	15	’	'	PUNCT
fsr-3720	188	1	table	table	NOUN
fsr-3720	188	2	4	4	NUM
fsr-3720	188	3	presents	present	VERB
fsr-3720	188	4	the	the	DET
fsr-3720	188	5	results	result	NOUN
fsr-3720	188	6	.	.	PUNCT
fsr-3720	189	1	s&p	s&p	PROPN
fsr-3720	189	2	index	index	NOUN
fsr-3720	189	3	.	.	PUNCT
fsr-3720	190	1	the	the	DET
fsr-3720	190	2	regressions	regression	NOUN
fsr-3720	190	3	indicate	indicate	VERB
fsr-3720	190	4	superior	superior	ADJ
fsr-3720	190	5	timing	timing	NOUN
fsr-3720	190	6	for	for	ADP
fsr-3720	190	7	the	the	DET
fsr-3720	190	8	bp	bp	PROPN
fsr-3720	190	9	-	-	PUNCT
fsr-3720	190	10	based	base	VERB
fsr-3720	190	11	all	all	ADV
fsr-3720	190	12	-	-	PUNCT
fsr-3720	190	13	or	or	CCONJ
fsr-3720	190	14	-	-	PUNCT
fsr-3720	190	15	noth	noth	ADJ
fsr-3720	190	16	ing	ing	ADJ
fsr-3720	190	17	portfolio	portfolio	NOUN
fsr-3720	190	18	.	.	PUNCT
fsr-3720	191	1	the	the	DET
fsr-3720	191	2	jensen	jensen	PROPN
fsr-3720	191	3	intercept	intercept	PROPN
fsr-3720	191	4	of	of	ADP
fsr-3720	191	5	1.09	1.09	NUM
fsr-3720	191	6	%	%	NOUN
fsr-3720	191	7	(	(	PUNCT
fsr-3720	191	8	based	base	VERB
fsr-3720	191	9	on	on	ADP
fsr-3720	191	10	a	a	DET
fsr-3720	191	11	quarterly	quarterly	ADJ
fsr-3720	191	12	-	-	PUNCT
fsr-3720	191	13	returns	return	NOUN
fsr-3720	191	14	regres	regre	VERB
fsr-3720	191	15	sion	sion	PROPN
fsr-3720	191	16	)	)	PUNCT
fsr-3720	191	17	indicates	indicate	VERB
fsr-3720	191	18	a	a	DET
fsr-3720	191	19	compound	compound	NOUN
fsr-3720	191	20	annual	annual	ADJ
fsr-3720	191	21	return	return	NOUN
fsr-3720	191	22	advantage	advantage	NOUN
fsr-3720	191	23	of	of	ADP
fsr-3720	191	24	4.43	4.43	NUM
fsr-3720	191	25	%	%	NOUN
fsr-3720	191	26	.	.	PUNCT
fsr-3720	192	1	the	the	DET
fsr-3720	192	2	positive	positive	ADJ
fsr-3720	192	3	“	"	PUNCT
fsr-3720	192	4	c	c	NOUN
fsr-3720	192	5	”	"	PUNCT
fsr-3720	192	6	in	in	ADP
fsr-3720	192	7	the	the	DET
fsr-3720	192	8	quadratic	quadratic	ADJ
fsr-3720	192	9	regression	regression	NOUN
fsr-3720	192	10	indicates	indicate	VERB
fsr-3720	192	11	a	a	DET
fsr-3720	192	12	tendency	tendency	NOUN
fsr-3720	192	13	for	for	SCONJ
fsr-3720	192	14	the	the	DET
fsr-3720	192	15	timing	timing	NOUN
fsr-3720	192	16	portfolio	portfolio	NOUN
fsr-3720	192	17	’s	’s	PART
fsr-3720	192	18	beta	beta	NOUN
fsr-3720	192	19	to	to	PART
fsr-3720	192	20	rise	rise	VERB
fsr-3720	192	21	with	with	ADP
fsr-3720	192	22	the	the	DET
fsr-3720	192	23	market	market	NOUN
fsr-3720	192	24	return	return	NOUN
fsr-3720	192	25	.	.	PUNCT
fsr-3720	193	1	the	the	DET
fsr-3720	193	2	positive	positive	ADJ
fsr-3720	193	3	“	"	PUNCT
fsr-3720	193	4	c	c	NOUN
fsr-3720	193	5	”	"	PUNCT
fsr-3720	193	6	in	in	ADP
fsr-3720	193	7	the	the	DET
fsr-3720	193	8	dummy	dummy	ADJ
fsr-3720	193	9	regression	regression	NOUN
fsr-3720	193	10	indicates	indicate	VERB
fsr-3720	193	11	that	that	SCONJ
fsr-3720	193	12	the	the	DET
fsr-3720	193	13	average	average	ADJ
fsr-3720	193	14	beta	beta	NOUN
fsr-3720	193	15	in	in	ADP
fsr-3720	193	16	an	an	DET
fsr-3720	193	17	up	up	NOUN
fsr-3720	193	18	market	market	NOUN
fsr-3720	193	19	(	(	PUNCT
fsr-3720	193	20	i.e.	i.e.	X
fsr-3720	193	21	,	,	PUNCT
fsr-3720	193	22	r	r	NOUN
fsr-3720	193	23	,	,	PUNCT
fsr-3720	193	24	>	>	X
fsr-3720	193	25	rfr	rfr	PROPN
fsr-3720	193	26	)	)	PUNCT
fsr-3720	193	27	was	be	AUX
fsr-3720	193	28	0.46	0.46	NUM
fsr-3720	193	29	more	more	ADJ
fsr-3720	193	30	than	than	ADP
fsr-3720	193	31	the	the	DET
fsr-3720	193	32	average	average	ADJ
fsr-3720	193	33	beta	beta	NOUN
fsr-3720	193	34	in	in	ADP
fsr-3720	193	35	a	a	DET
fsr-3720	193	36	down	down	ADJ
fsr-3720	193	37	market	market	NOUN
fsr-3720	193	38	.	.	PUNCT
fsr-3720	194	1	this	this	PRON
fsr-3720	194	2	indicates	indicate	VERB
fsr-3720	194	3	that	that	SCONJ
fsr-3720	194	4	the	the	DET
fsr-3720	194	5	timing	timing	NOUN
fsr-3720	194	6	portfolio	portfolio	NOUN
fsr-3720	194	7	tended	tend	VERB
fsr-3720	194	8	to	to	PART
fsr-3720	194	9	invest	invest	VERB
fsr-3720	194	10	in	in	ADP
fsr-3720	194	11	stocks	stock	NOUN
fsr-3720	194	12	during	during	ADP
fsr-3720	194	13	an	an	DET
fsr-3720	194	14	up	up	ADJ
fsr-3720	194	15	market	market	NOUN
fsr-3720	194	16	and	and	CCONJ
fsr-3720	194	17	in	in	ADP
fsr-3720	194	18	bills	bill	NOUN
fsr-3720	194	19	during	during	ADP
fsr-3720	194	20	a	a	DET
fsr-3720	194	21	down	down	ADJ
fsr-3720	194	22	market	market	NOUN
fsr-3720	194	23	.	.	PUNCT
fsr-3720	195	1	both	both	DET
fsr-3720	195	2	“	"	PUNCT
fsr-3720	195	3	c	c	NOUN
fsr-3720	195	4	”	"	PUNCT
fsr-3720	195	5	coefficients	coefficient	NOUN
fsr-3720	195	6	imply	imply	VERB
fsr-3720	195	7	timing	time	VERB
fsr-3720	195	8	ability	ability	NOUN
fsr-3720	195	9	at	at	ADP
fsr-3720	195	10	significance	significance	NOUN
fsr-3720	195	11	levels	level	NOUN
fsr-3720	195	12	better	well	ADJ
fsr-3720	195	13	than	than	ADP
fsr-3720	195	14	10	10	NUM
fsr-3720	195	15	%	%	NOUN
fsr-3720	195	16	.	.	PUNCT
fsr-3720	196	1	the	the	DET
fsr-3720	196	2	regressions	regression	NOUN
fsr-3720	196	3	lend	lend	VERB
fsr-3720	196	4	even	even	ADV
fsr-3720	196	5	stronger	strong	ADJ
fsr-3720	196	6	support	support	NOUN
fsr-3720	196	7	to	to	ADP
fsr-3720	196	8	the	the	DET
fsr-3720	196	9	claim	claim	NOUN
fsr-3720	196	10	of	of	ADP
fsr-3720	196	11	timing	timing	NOUN
fsr-3720	196	12	ability	ability	NOUN
fsr-3720	196	13	in	in	ADP
fsr-3720	196	14	the	the	DET
fsr-3720	196	15	variable	variable	ADJ
fsr-3720	196	16	-	-	PUNCT
fsr-3720	196	17	weights	weight	NOUN
fsr-3720	196	18	portfolio	portfolio	NOUN
fsr-3720	196	19	.	.	PUNCT
fsr-3720	197	1	the	the	DET
fsr-3720	197	2	“	"	PUNCT
fsr-3720	197	3	c	c	NOUN
fsr-3720	197	4	”	"	PUNCT
fsr-3720	197	5	coefficients	coefficient	NOUN
fsr-3720	197	6	in	in	ADP
fsr-3720	197	7	the	the	DET
fsr-3720	197	8	quadratic	quadratic	ADJ
fsr-3720	197	9	and	and	CCONJ
fsr-3720	197	10	dummy	dummy	ADJ
fsr-3720	197	11	regressions	regression	NOUN
fsr-3720	197	12	show	show	VERB
fsr-3720	197	13	significance	significance	NOUN
fsr-3720	197	14	beyond	beyond	ADP
fsr-3720	197	15	the	the	DET
fsr-3720	197	16	1	1	NUM
fsr-3720	197	17	%	%	NOUN
fsr-3720	197	18	level	level	NOUN
fsr-3720	197	19	.	.	PUNCT
fsr-3720	198	1	the	the	DET
fsr-3720	198	2	jensen	jensen	PROPN
fsr-3720	198	3	intercept	intercept	PROPN
fsr-3720	198	4	of	of	ADP
fsr-3720	198	5	0.45	0.45	NUM
fsr-3720	198	6	%	%	NOUN
fsr-3720	198	7	indicates	indicate	VERB
fsr-3720	198	8	an	an	DET
fsr-3720	198	9	annual	annual	ADJ
fsr-3720	198	10	premium	premium	NOUN
fsr-3720	198	11	of	of	ADP
fsr-3720	198	12	1.8	1.8	NUM
fsr-3720	198	13	%	%	NOUN
fsr-3720	198	14	.	.	PUNCT
fsr-3720	199	1	flnancialservicesreview,3(1	flnancialservicesreview,3(1	X
fsr-3720	199	2	)	)	PUNCT
fsr-3720	199	3	1993	1993	NUM
fsr-3720	199	4	table4	table4	NOUN
fsr-3720	199	5	.	.	PUNCT
fsr-3720	200	1	regression	regression	NOUN
fsr-3720	200	2	tests	test	NOUN
fsr-3720	200	3	of	of	ADP
fsr-3720	200	4	timing	timing	NOUN
fsr-3720	200	5	strategies	strategy	NOUN
fsr-3720	200	6	all	all	PRON
fsr-3720	200	7	or	or	CCONJ
fsr-3720	200	8	nothing	nothing	PRON
fsr-3720	200	9	variable	variable	ADJ
fsr-3720	200	10	weights	weight	NOUN
fsr-3720	200	11	portjxo	portjxo	PROPN
fsr-3720	200	12	aorc	aorc	PROPN
fsr-3720	200	13	t	t	PROPN
fsr-3720	200	14	-	-	PUNCT
fsr-3720	200	15	statistic	statistic	NOUN
fsr-3720	200	16	aorc	aorc	PROPN
fsr-3720	200	17	t	t	PROPN
fsr-3720	200	18	-	-	PUNCT
fsr-3720	200	19	statistic	statistic	NOUN
fsr-3720	200	20	s&p	s&p	PROPN
fsr-3720	200	21	index	index	NOUN
fsr-3720	200	22	rp	rp	NOUN
fsr-3720	200	23	jensen	jensen	PROPN
fsr-3720	200	24	1.09	1.09	NUM
fsr-3720	200	25	%	%	NOUN
fsr-3720	200	26	1.80	1.80	NUM
fsr-3720	200	27	*	*	NOUN
fsr-3720	200	28	0.45	0.45	NUM
fsr-3720	200	29	%	%	NOUN
fsr-3720	200	30	1.93	1.93	NUM
fsr-3720	200	31	*	*	NOUN
fsr-3720	200	32	quad	quad	PROPN
fsr-3720	200	33	.	.	PUNCT
fsr-3720	201	1	1.01	1.01	NUM
fsr-3720	201	2	2.11	2.11	NUM
fsr-3720	201	3	*	*	PUNCT
fsr-3720	201	4	2.93	2.93	NUM
fsr-3720	201	5	4.65	4.65	NUM
fsr-3720	201	6	*	*	PUNCT
fsr-3720	201	7	*	*	PUNCT
fsr-3720	201	8	*	*	PUNCT
fsr-3720	201	9	dummy	dummy	ADJ
fsr-3720	201	10	0.46	0.46	NUM
fsr-3720	201	11	2.01	2.01	NUM
fsr-3720	201	12	*	*	NUM
fsr-3720	201	13	0.62	0.62	NUM
fsr-3720	201	14	3.94	3.94	NUM
fsr-3720	201	15	*	*	PUNCT
fsr-3720	201	16	*	*	PUNCT
fsr-3720	201	17	*	*	PUNCT
fsr-3720	201	18	small	small	ADJ
fsr-3720	201	19	stock	stock	NOUN
fsr-3720	201	20	in&x	in&x	PROPN
fsr-3720	201	21	rp	rp	PROPN
fsr-3720	201	22	jensen	jensen	PROPN
fsr-3720	201	23	1.65	1.65	NUM
fsr-3720	201	24	%	%	NOUN
fsr-3720	201	25	1.85	1.85	NUM
fsr-3720	201	26	*	*	SYM
fsr-3720	201	27	0.65	0.65	NUM
fsr-3720	201	28	%	%	NOUN
fsr-3720	201	29	1.97	1.97	NUM
fsr-3720	201	30	*	*	NOUN
fsr-3720	201	31	quad	quad	ADJ
fsr-3720	201	32	.	.	PUNCT
fsr-3720	202	1	1.44	1.44	NUM
fsr-3720	202	2	3.99	3.99	NUM
fsr-3720	202	3	*	*	PUNCT
fsr-3720	202	4	*	*	PUNCT
fsr-3720	202	5	*	*	PUNCT
fsr-3720	202	6	2.73	2.73	NUM
fsr-3720	202	7	5.93	5.93	NUM
fsr-3720	202	8	*	*	PUNCT
fsr-3720	202	9	*	*	PUNCT
fsr-3720	202	10	*	*	PUNCT
fsr-3720	202	11	dummy	dummy	ADJ
fsr-3720	202	12	0.77	0.77	NUM
fsr-3720	202	13	3.72	3.72	NUM
fsr-3720	202	14	*	*	PUNCT
fsr-3720	202	15	*	*	PUNCT
fsr-3720	202	16	*	*	PUNCT
fsr-3720	202	17	0.68	0.68	NUM
fsr-3720	202	18	4.80	4.80	NUM
fsr-3720	202	19	*	*	PUNCT
fsr-3720	202	20	*	*	PUNCT
fsr-3720	202	21	*	*	PUNCT
fsr-3720	202	22	ep	ep	PROPN
fsr-3720	202	23	jensen	jensen	PROPN
fsr-3720	202	24	0.48	0.48	NUM
fsr-3720	202	25	%	%	NOUN
fsr-3720	202	26	0.53	0.53	NUM
fsr-3720	202	27	0.19	0.19	NUM
fsr-3720	202	28	%	%	NOUN
fsr-3720	202	29	0.47	0.47	NUM
fsr-3720	202	30	quad	quad	NOUN
fsr-3720	202	31	.	.	PUNCT
fsr-3720	203	1	0.36	0.36	NUM
fsr-3720	203	2	3.29	3.29	NUM
fsr-3720	203	3	*	*	PUNCT
fsr-3720	203	4	*	*	PUNCT
fsr-3720	203	5	*	*	PUNCT
fsr-3720	203	6	1.73	1.73	NUM
fsr-3720	203	7	2.41	2.41	NUM
fsr-3720	203	8	*	*	PUNCT
fsr-3720	203	9	*	*	PUNCT
fsr-3720	203	10	dummy	dummy	NOUN
fsr-3720	203	11	0.50	0.50	NUM
fsr-3720	203	12	2.12	2.12	NUM
fsr-3720	203	13	*	*	PUNCT
fsr-3720	203	14	*	*	PUNCT
fsr-3720	203	15	0.27	0.27	NUM
fsr-3720	203	16	1.29	1.29	NUM
fsr-3720	203	17	yield	yield	NOUN
fsr-3720	203	18	jensen	jensen	PROPN
fsr-3720	203	19	0.68	0.68	NUM
fsr-3720	203	20	%	%	NOUN
fsr-3720	203	21	0.71	0.71	NUM
fsr-3720	203	22	0.59	0.59	NUM
fsr-3720	203	23	%	%	NOUN
fsr-3720	203	24	1.73	1.73	NUM
fsr-3720	203	25	*	*	PUNCT
fsr-3720	203	26	quad	quad	ADJ
fsr-3720	203	27	.	.	PUNCT
fsr-3720	204	1	0.50	0.50	NUM
fsr-3720	204	2	1.71	1.71	NUM
fsr-3720	204	3	;	;	PUNCT
fsr-3720	204	4	1.69	1.69	NUM
fsr-3720	204	5	2x5	2x5	NUM
fsr-3720	204	6	*	*	PUNCT
fsr-3720	204	7	*	*	PUNCT
fsr-3720	204	8	*	*	PUNCT
fsr-3720	204	9	dummy	dummy	ADJ
fsr-3720	204	10	0.22	0.22	NUM
fsr-3720	204	11	0.83	0.83	NUM
fsr-3720	204	12	0.37	0.37	NUM
fsr-3720	204	13	2.15	2.15	NUM
fsr-3720	204	14	*	*	PUNCT
fsr-3720	204	15	*	*	NOUN
fsr-3720	204	16	notes	note	NOUN
fsr-3720	204	17	:	:	PUNCT
fsr-3720	204	18	*	*	PUNCT
fsr-3720	204	19	significant	significant	ADJ
fsr-3720	204	20	at	at	ADP
fsr-3720	204	21	10	10	NUM
fsr-3720	204	22	%	%	NOUN
fsr-3720	204	23	level	level	NOUN
fsr-3720	204	24	.	.	PUNCT
fsr-3720	205	1	*	*	PUNCT
fsr-3720	205	2	*	*	PUNCT
fsr-3720	205	3	significant	significant	ADJ
fsr-3720	205	4	at	at	ADP
fsr-3720	205	5	5	5	NUM
fsr-3720	205	6	%	%	NOUN
fsr-3720	205	7	level	level	NOUN
fsr-3720	205	8	.	.	PUNCT
fsr-3720	206	1	*	*	PUNCT
fsr-3720	207	1	*	*	PUNCT
fsr-3720	207	2	*	*	PUNCT
fsr-3720	207	3	significant	significant	ADJ
fsr-3720	207	4	at	at	ADP
fsr-3720	207	5	1	1	NUM
fsr-3720	207	6	%	%	NOUN
fsr-3720	207	7	level	level	NOUN
fsr-3720	207	8	jensen	jensen	PROPN
fsr-3720	207	9	’s	’s	PART
fsr-3720	207	10	regression	regression	NOUN
fsr-3720	207	11	:	:	PUNCT
fsr-3720	207	12	rpl	rpl	PROPN
fsr-3720	207	13	rfr	rfr	PROPN
fsr-3720	207	14	=	=	PROPN
fsr-3720	207	15	a	a	DET
fsr-3720	207	16	+	+	PUNCT
fsr-3720	207	17	b(rm	b(rm	PROPN
fsr-3720	207	18	rfr	rfr	PROPN
fsr-3720	207	19	)	)	PUNCT
fsr-3720	207	20	+	+	CCONJ
fsr-3720	207	21	et	et	PRON
fsr-3720	207	22	quadratic	quadratic	ADJ
fsr-3720	207	23	regression	regression	NOUN
fsr-3720	207	24	:	:	PUNCT
fsr-3720	208	1	rpr	rpr	PROPN
fsr-3720	208	2	rfr	rfr	PROPN
fsr-3720	208	3	=	=	PROPN
fsr-3720	209	1	a	a	DET
fsr-3720	209	2	+	+	X
fsr-3720	209	3	b(r,,,t	b(r,,,t	NOUN
fsr-3720	209	4	r@	r@	NOUN
fsr-3720	209	5	+	+	CCONJ
fsr-3720	209	6	c(rmr	c(rmr	NOUN
fsr-3720	209	7	r@2	r@2	VERB
fsr-3720	209	8	+	+	CCONJ
fsr-3720	209	9	et	et	NOUN
fsr-3720	209	10	dummy	dummy	ADJ
fsr-3720	209	11	variable	variable	ADJ
fsr-3720	209	12	regression	regression	NOUN
fsr-3720	209	13	:	:	PUNCT
fsr-3720	209	14	rp	rp	PROPN
fsr-3720	209	15	rfr	rfr	PROPN
fsr-3720	209	16	=	=	PROPN
fsr-3720	209	17	a	a	DET
fsr-3720	209	18	+	+	NOUN
fsr-3720	209	19	b(rm	b(rm	PROPN
fsr-3720	209	20	ry	ry	NOUN
fsr-3720	209	21	)	)	PUNCT
fsr-3720	209	22	+	+	NUM
fsr-3720	209	23	c[dl(rm	c[dl(rm	NOUN
fsr-3720	209	24	r@	r@	NOUN
fsr-3720	209	25	]	]	X
fsr-3720	210	1	+	+	CCONJ
fsr-3720	210	2	e	e	X
fsr-3720	210	3	,	,	PUNCT
fsr-3720	210	4	all	all	DET
fsr-3720	210	5	returns	return	NOUN
fsr-3720	210	6	am	be	AUX
fsr-3720	210	7	continuously	continuously	ADV
fsr-3720	210	8	compounded	compound	VERB
fsr-3720	210	9	.	.	PUNCT
fsr-3720	211	1	thus	thus	ADV
fsr-3720	211	2	mean	mean	VERB
fsr-3720	211	3	returns	return	NOUN
fsr-3720	211	4	am	be	AUX
fsr-3720	211	5	geometric	geometric	ADJ
fsr-3720	211	6	means	mean	NOUN
fsr-3720	211	7	.	.	PUNCT
fsr-3720	212	1	all	all	ADV
fsr-3720	212	2	-	-	PUNCT
fsr-3720	212	3	or	or	CCONJ
fsr-3720	212	4	-	-	PUNCT
fsr-3720	212	5	nothing	nothing	PRON
fsr-3720	212	6	timing	timing	NOUN
fsr-3720	212	7	portfolio	portfolio	NOUN
fsr-3720	212	8	has	have	VERB
fsr-3720	212	9	either	either	CCONJ
fsr-3720	212	10	100	100	NUM
fsr-3720	212	11	%	%	NOUN
fsr-3720	212	12	stock	stock	NOUN
fsr-3720	212	13	or	or	CCONJ
fsr-3720	212	14	100	100	NUM
fsr-3720	212	15	%	%	NOUN
fsr-3720	212	16	treasury	treasury	NOUN
fsr-3720	212	17	bills	bill	NOUN
fsr-3720	212	18	.	.	PUNCT
fsr-3720	213	1	its	its	PRON
fsr-3720	213	2	benchmark	benchmark	NOUN
fsr-3720	213	3	is	be	AUX
fsr-3720	213	4	a	a	DET
fsr-3720	213	5	buy	buy	VERB
fsr-3720	213	6	-	-	PUNCT
fsr-3720	213	7	and	and	CCONJ
fsr-3720	213	8	-	-	PUNCT
fsr-3720	213	9	hold	hold	VERB
fsr-3720	213	10	stock	stock	NOUN
fsr-3720	213	11	portfolio	portfolio	NOUN
fsr-3720	213	12	.	.	PUNCT
fsr-3720	214	1	variable	variable	ADJ
fsr-3720	214	2	-	-	PUNCT
fsr-3720	214	3	weights	weight	NOUN
fsr-3720	214	4	timing	timing	NOUN
fsr-3720	214	5	portfolio	portfolio	NOUN
fsr-3720	214	6	has	have	VERB
fsr-3720	214	7	weights	weight	NOUN
fsr-3720	214	8	of	of	ADP
fsr-3720	214	9	7546	7546	NUM
fsr-3720	214	10	,	,	PUNCT
fsr-3720	214	11	5046	5046	NUM
fsr-3720	214	12	,	,	PUNCT
fsr-3720	214	13	or	or	CCONJ
fsr-3720	214	14	25	25	NUM
fsr-3720	214	15	%	%	NOUN
fsr-3720	214	16	on	on	ADP
fsr-3720	214	17	stocks	stock	NOUN
fsr-3720	214	18	and	and	CCONJ
fsr-3720	214	19	the	the	DET
fsr-3720	214	20	rest	rest	NOUN
fsr-3720	214	21	in	in	ADP
fsr-3720	214	22	treasury	treasury	NOUN
fsr-3720	214	23	bills	bill	NOUN
fsr-3720	214	24	.	.	PUNCT
fsr-3720	215	1	its	its	PRON
fsr-3720	215	2	benchmark	benchmark	NOUN
fsr-3720	215	3	portfolio	portfolio	NOUN
fsr-3720	215	4	always	always	ADV
fsr-3720	215	5	maintains	maintain	VERB
fsr-3720	215	6	a	a	DET
fsr-3720	215	7	50	50	NUM
fsr-3720	215	8	-	-	SYM
fsr-3720	215	9	50	50	NUM
fsr-3720	215	10	stock	stock	NOUN
fsr-3720	215	11	-	-	PUNCT
fsr-3720	215	12	bills	bill	NOUN
fsr-3720	215	13	mix	mix	NOUN
fsr-3720	215	14	.	.	PUNCT
fsr-3720	216	1	small	small	ADJ
fsr-3720	216	2	stock	stock	NOUN
fsr-3720	216	3	.	.	PUNCT
fsr-3720	217	1	each	each	PRON
fsr-3720	217	2	of	of	ADP
fsr-3720	217	3	the	the	DET
fsr-3720	217	4	all	all	ADV
fsr-3720	217	5	-	-	PUNCT
fsr-3720	217	6	or	or	CCONJ
fsr-3720	217	7	-	-	PUNCT
fsr-3720	217	8	nothing	nothing	PRON
fsr-3720	217	9	timing	timing	NOUN
fsr-3720	217	10	portfolios	portfolio	NOUN
fsr-3720	217	11	demonstrates	demonstrate	VERB
fsr-3720	217	12	statisti	statisti	NOUN
fsr-3720	217	13	cally	cally	ADV
fsr-3720	217	14	significant	significant	ADJ
fsr-3720	217	15	timing	timing	NOUN
fsr-3720	217	16	ability	ability	NOUN
fsr-3720	217	17	at	at	ADP
fsr-3720	217	18	the	the	DET
fsr-3720	217	19	10	10	NUM
fsr-3720	217	20	%	%	NOUN
fsr-3720	217	21	level	level	NOUN
fsr-3720	217	22	or	or	CCONJ
fsr-3720	217	23	better	well	ADJ
fsr-3720	217	24	at	at	ADP
fsr-3720	217	25	least	least	ADJ
fsr-3720	217	26	once	once	ADV
fsr-3720	217	27	.	.	PUNCT
fsr-3720	218	1	however	however	ADV
fsr-3720	218	2	,	,	PUNCT
fsr-3720	218	3	the	the	DET
fsr-3720	218	4	rp	rp	NOUN
fsr-3720	218	5	-	-	PUNCT
fsr-3720	218	6	based	base	VERB
fsr-3720	218	7	portfolio	portfolio	NOUN
fsr-3720	218	8	produced	produce	VERB
fsr-3720	218	9	the	the	DET
fsr-3720	218	10	strongest	strong	ADJ
fsr-3720	218	11	evidence	evidence	NOUN
fsr-3720	218	12	of	of	ADP
fsr-3720	218	13	timing	timing	NOUN
fsr-3720	218	14	ability	ability	NOUN
fsr-3720	218	15	for	for	ADP
fsr-3720	218	16	each	each	DET
fsr-3720	218	17	regression	regression	NOUN
fsr-3720	218	18	type	type	NOUN
fsr-3720	218	19	.	.	PUNCT
fsr-3720	219	1	it	it	PRON
fsr-3720	219	2	produced	produce	VERB
fsr-3720	219	3	a	a	DET
fsr-3720	219	4	jensen	jensen	PROPN
fsr-3720	219	5	intercept	intercept	NOUN
fsr-3720	219	6	of	of	ADP
fsr-3720	219	7	1.65	1.65	NUM
fsr-3720	219	8	%	%	NOUN
fsr-3720	219	9	(	(	PUNCT
fsr-3720	219	10	6.76	6.76	NUM
fsr-3720	219	11	%	%	NOUN
fsr-3720	219	12	annually	annually	ADV
fsr-3720	219	13	)	)	PUNCT
fsr-3720	219	14	and	and	CCONJ
fsr-3720	219	15	“	"	PUNCT
fsr-3720	219	16	c	c	NOUN
fsr-3720	219	17	”	"	PUNCT
fsr-3720	219	18	coefficients	coefficient	NOUN
fsr-3720	219	19	of	of	ADP
fsr-3720	219	20	1.44	1.44	NUM
fsr-3720	219	21	and	and	CCONJ
fsr-3720	219	22	0.77	0.77	NUM
fsr-3720	219	23	in	in	ADP
fsr-3720	219	24	the	the	DET
fsr-3720	219	25	quadratic	quadratic	ADJ
fsr-3720	219	26	and	and	CCONJ
fsr-3720	219	27	dummy	dummy	ADJ
fsr-3720	219	28	regressions	regression	NOUN
fsr-3720	219	29	.	.	PUNCT
fsr-3720	220	1	these	these	PRON
fsr-3720	220	2	are	be	AUX
fsr-3720	220	3	at	at	ADV
fsr-3720	220	4	least	least	ADV
fsr-3720	220	5	42	42	NUM
fsr-3720	220	6	%	%	NOUN
fsr-3720	220	7	larger	large	ADJ
fsr-3720	220	8	than	than	ADP
fsr-3720	220	9	the	the	DET
fsr-3720	220	10	nearest	near	ADJ
fsr-3720	220	11	competitor	competitor	NOUN
fsr-3720	220	12	.	.	PUNCT
fsr-3720	221	1	only	only	ADV
fsr-3720	221	2	the	the	DET
fsr-3720	221	3	rp	rp	NOUN
fsr-3720	221	4	portfolio	portfolio	NOUN
fsr-3720	221	5	shows	show	VERB
fsr-3720	221	6	significant	significant	ADJ
fsr-3720	221	7	timing	timing	NOUN
fsr-3720	221	8	ability	ability	NOUN
fsr-3720	221	9	at	at	ADP
fsr-3720	221	10	the	the	DET
fsr-3720	221	11	10	10	NUM
fsr-3720	221	12	%	%	NOUN
fsr-3720	221	13	level	level	NOUN
fsr-3720	221	14	or	or	CCONJ
fsr-3720	221	15	better	well	ADJ
fsr-3720	221	16	across	across	ADP
fsr-3720	221	17	all	all	DET
fsr-3720	221	18	regressions	regression	NOUN
fsr-3720	221	19	.	.	PUNCT
fsr-3720	222	1	a	a	DET
fsr-3720	222	2	similar	similar	ADJ
fsr-3720	222	3	story	story	NOUN
fsr-3720	222	4	prevails	prevail	VERB
fsr-3720	222	5	for	for	ADP
fsr-3720	222	6	the	the	DET
fsr-3720	222	7	variable	variable	ADJ
fsr-3720	222	8	-	-	PUNCT
fsr-3720	222	9	weights	weight	NOUN
fsr-3720	222	10	portfolios	portfolio	NOUN
fsr-3720	222	11	.	.	PUNCT
fsr-3720	223	1	all	all	PRON
fsr-3720	223	2	of	of	ADP
fsr-3720	223	3	these	these	DET
fsr-3720	223	4	portfolios	portfolio	NOUN
fsr-3720	223	5	show	show	VERB
fsr-3720	223	6	significant	significant	ADJ
fsr-3720	223	7	timing	timing	NOUN
fsr-3720	223	8	ability	ability	NOUN
fsr-3720	223	9	at	at	ADP
fsr-3720	223	10	the	the	DET
fsr-3720	223	11	10	10	NUM
fsr-3720	223	12	%	%	NOUN
fsr-3720	223	13	level	level	NOUN
fsr-3720	223	14	at	at	ADP
fsr-3720	223	15	least	least	ADJ
fsr-3720	223	16	once	once	ADV
fsr-3720	223	17	.	.	PUNCT
fsr-3720	224	1	both	both	PRON
fsr-3720	224	2	rp	rp	NOUN
fsr-3720	224	3	and	and	CCONJ
fsr-3720	224	4	yield	yield	NOUN
fsr-3720	224	5	show	show	VERB
fsr-3720	224	6	significant	significant	ADJ
fsr-3720	224	7	timing	timing	NOUN
fsr-3720	224	8	ability	ability	NOUN
fsr-3720	224	9	across	across	ADP
fsr-3720	224	10	all	all	DET
fsr-3720	224	11	regression	regression	NOUN
fsr-3720	224	12	types	type	NOUN
fsr-3720	224	13	.	.	PUNCT
fsr-3720	225	1	however	however	ADV
fsr-3720	225	2	,	,	PUNCT
fsr-3720	225	3	the	the	DET
fsr-3720	225	4	rp	rp	NOUN
fsr-3720	225	5	portfolio	portfolio	NOUN
fsr-3720	225	6	consistently	consistently	ADV
fsr-3720	225	7	produces	produce	VERB
fsr-3720	225	8	the	the	DET
fsr-3720	225	9	strongest	strong	ADJ
fsr-3720	225	10	results	result	NOUN
fsr-3720	225	11	.	.	PUNCT
fsr-3720	226	1	v.	v.	CCONJ
fsr-3720	226	2	summaryand	summaryand	NOUN
fsr-3720	226	3	~	~	NOUN
fsr-3720	226	4	mplications	mplication	NOUN
fsr-3720	226	5	long	long	ADJ
fsr-3720	226	6	-	-	PUNCT
fsr-3720	226	7	horizon	horizon	NOUN
fsr-3720	226	8	stock	stock	NOUN
fsr-3720	226	9	returns	return	NOUN
fsr-3720	226	10	are	be	AUX
fsr-3720	226	11	partially	partially	ADV
fsr-3720	226	12	predictable	predictable	ADJ
fsr-3720	226	13	.	.	PUNCT
fsr-3720	227	1	the	the	DET
fsr-3720	227	2	$	$	SYM
fsr-3720	227	3	100,000	100,000	NUM
fsr-3720	227	4	per	per	ADP
fsr-3720	227	5	year	year	NOUN
fsr-3720	227	6	charged	charge	VERB
fsr-3720	227	7	by	by	ADP
fsr-3720	227	8	william	william	PROPN
fsr-3720	227	9	sharpe	sharpe	PROPN
fsr-3720	227	10	for	for	ADP
fsr-3720	227	11	his	his	PRON
fsr-3720	227	12	asset	asset	NOUN
fsr-3720	227	13	allocation	allocation	NOUN
fsr-3720	227	14	advice	advice	NOUN
fsr-3720	227	15	suggests	suggest	VERB
fsr-3720	227	16	that	that	SCONJ
fsr-3720	227	17	pension	pension	NOUN
fsr-3720	227	18	funds	fund	NOUN
fsr-3720	227	19	can	can	AUX
fsr-3720	227	20	market	market	VERB
fsr-3720	227	21	timing	timing	NOUN
fsr-3720	227	22	for	for	ADP
fsr-3720	227	23	the	the	DET
fsr-3720	227	24	individual	individual	ADJ
fsr-3720	227	25	investor	investor	NOUN
fsr-3720	227	26	41	41	NUM
fsr-3720	227	27	exploit	exploit	VERB
fsr-3720	227	28	this	this	DET
fsr-3720	227	29	predictability	predictability	NOUN
fsr-3720	227	30	(	(	PUNCT
fsr-3720	227	31	berss	berss	ADJ
fsr-3720	227	32	,	,	PUNCT
fsr-3720	227	33	1990	1990	NUM
fsr-3720	227	34	)	)	PUNCT
fsr-3720	227	35	.	.	PUNCT
fsr-3720	228	1	but	but	CCONJ
fsr-3720	228	2	can	can	AUX
fsr-3720	228	3	the	the	DET
fsr-3720	228	4	individual	individual	ADJ
fsr-3720	228	5	investor	investor	NOUN
fsr-3720	228	6	use	use	VERB
fsr-3720	228	7	market	market	NOUN
fsr-3720	228	8	predictability	predictability	NOUN
fsr-3720	228	9	to	to	PART
fsr-3720	228	10	effectively	effectively	ADV
fsr-3720	228	11	time	time	VERB
fsr-3720	228	12	the	the	DET
fsr-3720	228	13	market	market	NOUN
fsr-3720	228	14	?	?	PUNCT
fsr-3720	229	1	the	the	DET
fsr-3720	229	2	evidence	evidence	NOUN
fsr-3720	229	3	presented	present	VERB
fsr-3720	229	4	here	here	ADV
fsr-3720	229	5	suggests	suggest	VERB
fsr-3720	229	6	that	that	SCONJ
fsr-3720	229	7	they	they	PRON
fsr-3720	229	8	can	can	AUX
fsr-3720	229	9	.	.	PUNCT
fsr-3720	230	1	the	the	DET
fsr-3720	230	2	results	result	NOUN
fsr-3720	230	3	imply	imply	VERB
fsr-3720	230	4	that	that	SCONJ
fsr-3720	230	5	individual	individual	ADJ
fsr-3720	230	6	investors	investor	NOUN
fsr-3720	230	7	who	who	PRON
fsr-3720	230	8	specialize	specialize	VERB
fsr-3720	230	9	in	in	ADP
fsr-3720	230	10	large	large	ADJ
fsr-3720	230	11	(	(	PUNCT
fsr-3720	230	12	i.e.	i.e.	X
fsr-3720	230	13	,	,	PUNCT
fsr-3720	230	14	s&p	s&p	PROPN
fsr-3720	230	15	)	)	PUNCT
fsr-3720	230	16	stocks	stock	NOUN
fsr-3720	230	17	can	can	AUX
fsr-3720	230	18	successfully	successfully	ADV
fsr-3720	230	19	time	time	VERB
fsr-3720	230	20	the	the	DET
fsr-3720	230	21	market	market	NOUN
fsr-3720	230	22	with	with	ADP
fsr-3720	230	23	rp	rp	NOUN
fsr-3720	230	24	-	-	PUNCT
fsr-3720	230	25	an	an	DET
fsr-3720	230	26	estimate	estimate	NOUN
fsr-3720	230	27	of	of	ADP
fsr-3720	230	28	the	the	DET
fsr-3720	230	29	expected	expect	VERB
fsr-3720	230	30	market	market	NOUN
fsr-3720	230	31	risk	risk	NOUN
fsr-3720	230	32	premium	premium	NOUN
fsr-3720	230	33	based	base	VERB
fsr-3720	230	34	on	on	ADP
fsr-3720	230	35	value	value	NOUN
fsr-3720	230	36	line	line	NOUN
fsr-3720	230	37	forecasts	forecast	NOUN
fsr-3720	230	38	.	.	PUNCT
fsr-3720	231	1	the	the	DET
fsr-3720	231	2	all	all	ADV
fsr-3720	231	3	-	-	PUNCT
fsr-3720	231	4	or	or	CCONJ
fsr-3720	231	5	-	-	PUNCT
fsr-3720	231	6	nothing	nothing	PRON
fsr-3720	231	7	timing	timing	NOUN
fsr-3720	231	8	portfolio	portfolio	NOUN
fsr-3720	231	9	beat	beat	VERB
fsr-3720	231	10	the	the	DET
fsr-3720	231	11	buy	buy	VERB
fsr-3720	231	12	-	-	PUNCT
fsr-3720	231	13	and	and	CCONJ
fsr-3720	231	14	-	-	PUNCT
fsr-3720	231	15	hold	hold	VERB
fsr-3720	231	16	s&p	s&p	PROPN
fsr-3720	231	17	benchmark	benchmark	NOUN
fsr-3720	231	18	by	by	ADP
fsr-3720	231	19	every	every	DET
fsr-3720	231	20	criterion	criterion	NOUN
fsr-3720	231	21	.	.	PUNCT
fsr-3720	232	1	it	it	PRON
fsr-3720	232	2	earned	earn	VERB
fsr-3720	232	3	higher	high	ADJ
fsr-3720	232	4	raw	raw	ADJ
fsr-3720	232	5	returns	return	NOUN
fsr-3720	232	6	,	,	PUNCT
fsr-3720	232	7	twice	twice	DET
fsr-3720	232	8	the	the	DET
fsr-3720	232	9	risk	risk	NOUN
fsr-3720	232	10	-	-	PUNCT
fsr-3720	232	11	adjusted	adjust	VERB
fsr-3720	232	12	return	return	NOUN
fsr-3720	232	13	,	,	PUNCT
fsr-3720	232	14	and	and	CCONJ
fsr-3720	232	15	it	it	PRON
fsr-3720	232	16	generated	generate	VERB
fsr-3720	232	17	evidence	evidence	NOUN
fsr-3720	232	18	of	of	ADP
fsr-3720	232	19	significant	significant	ADJ
fsr-3720	232	20	timing	timing	NOUN
fsr-3720	232	21	ability	ability	NOUN
fsr-3720	232	22	at	at	ADP
fsr-3720	232	23	the	the	DET
fsr-3720	232	24	10	10	NUM
fsr-3720	232	25	%	%	NOUN
fsr-3720	232	26	level	level	NOUN
fsr-3720	232	27	in	in	ADP
fsr-3720	232	28	all	all	DET
fsr-3720	232	29	three	three	NUM
fsr-3720	232	30	regression	regression	NOUN
fsr-3720	232	31	tests	test	NOUN
fsr-3720	232	32	.	.	PUNCT
fsr-3720	233	1	similarly	similarly	ADV
fsr-3720	233	2	,	,	PUNCT
fsr-3720	233	3	the	the	DET
fsr-3720	233	4	rp	rp	NOUN
fsr-3720	233	5	-	-	PUNCT
fsr-3720	233	6	based	base	VERB
fsr-3720	233	7	variables	variable	NOUN
fsr-3720	233	8	-	-	PUNCT
fsr-3720	233	9	weights	weight	NOUN
fsr-3720	233	10	portfolio	portfolio	NOUN
fsr-3720	233	11	beats	beat	VERB
fsr-3720	233	12	its	its	PRON
fsr-3720	233	13	s&p	s&p	PROPN
fsr-3720	233	14	benchmark	benchmark	NOUN
fsr-3720	233	15	by	by	ADP
fsr-3720	233	16	every	every	DET
fsr-3720	233	17	criterion	criterion	NOUN
fsr-3720	233	18	.	.	PUNCT
fsr-3720	234	1	all	all	PRON
fsr-3720	234	2	of	of	ADP
fsr-3720	234	3	the	the	DET
fsr-3720	234	4	regression	regression	NOUN
fsr-3720	234	5	tests	test	NOUN
fsr-3720	234	6	support	support	VERB
fsr-3720	234	7	the	the	DET
fsr-3720	234	8	claim	claim	NOUN
fsr-3720	234	9	of	of	ADP
fsr-3720	234	10	timing	timing	NOUN
fsr-3720	234	11	ability	ability	NOUN
fsr-3720	234	12	at	at	ADP
fsr-3720	234	13	the	the	DET
fsr-3720	234	14	10	10	NUM
fsr-3720	234	15	%	%	NOUN
fsr-3720	234	16	level	level	NOUN
fsr-3720	234	17	and	and	CCONJ
fsr-3720	234	18	two	two	NUM
fsr-3720	234	19	of	of	ADP
fsr-3720	234	20	the	the	DET
fsr-3720	234	21	three	three	NUM
fsr-3720	234	22	tests	test	NOUN
fsr-3720	234	23	were	be	AUX
fsr-3720	234	24	significant	significant	ADJ
fsr-3720	234	25	at	at	ADP
fsr-3720	234	26	the	the	DET
fsr-3720	234	27	1	1	NUM
fsr-3720	234	28	%	%	NOUN
fsr-3720	234	29	level	level	NOUN
fsr-3720	234	30	.	.	PUNCT
fsr-3720	235	1	the	the	DET
fsr-3720	235	2	results	result	NOUN
fsr-3720	235	3	also	also	ADV
fsr-3720	235	4	imply	imply	VERB
fsr-3720	235	5	that	that	SCONJ
fsr-3720	235	6	investors	investor	NOUN
fsr-3720	235	7	can	can	AUX
fsr-3720	235	8	use	use	VERB
fsr-3720	235	9	rp	rp	NOUN
fsr-3720	235	10	to	to	PART
fsr-3720	235	11	successfully	successfully	ADV
fsr-3720	235	12	time	time	VERB
fsr-3720	235	13	small	small	ADJ
fsr-3720	235	14	stock	stock	NOUN
fsr-3720	235	15	returns	return	NOUN
fsr-3720	235	16	.	.	PUNCT
fsr-3720	236	1	among	among	ADP
fsr-3720	236	2	the	the	DET
fsr-3720	236	3	all	all	ADV
fsr-3720	236	4	-	-	PUNCT
fsr-3720	236	5	or	or	CCONJ
fsr-3720	236	6	-	-	PUNCT
fsr-3720	236	7	nothing	nothing	PRON
fsr-3720	236	8	strategies	strategy	NOUN
fsr-3720	236	9	,	,	PUNCT
fsr-3720	236	10	the	the	DET
fsr-3720	236	11	rp	rp	NOUN
fsr-3720	236	12	portfolio	portfolio	NOUN
fsr-3720	236	13	outperformed	outperform	VERB
fsr-3720	236	14	by	by	ADP
fsr-3720	236	15	every	every	DET
fsr-3720	236	16	criterion	criterion	NOUN
fsr-3720	236	17	the	the	DET
fsr-3720	236	18	small	small	ADJ
fsr-3720	236	19	stock	stock	NOUN
fsr-3720	236	20	benchmark	benchmark	NOUN
fsr-3720	236	21	portfolio	portfolio	NOUN
fsr-3720	236	22	.	.	PUNCT
fsr-3720	237	1	it	it	PRON
fsr-3720	237	2	also	also	ADV
fsr-3720	237	3	outperformed	outperform	VERB
fsr-3720	237	4	timing	timing	NOUN
fsr-3720	237	5	portfolios	portfolio	NOUN
fsr-3720	237	6	based	base	VERB
fsr-3720	237	7	on	on	ADP
fsr-3720	237	8	dividend	dividend	NOUN
fsr-3720	237	9	yield	yield	NOUN
fsr-3720	237	10	(	(	PUNCT
fsr-3720	237	11	yield	yield	NOUN
fsr-3720	237	12	)	)	PUNCT
fsr-3720	237	13	and	and	CCONJ
fsr-3720	237	14	earnings	earning	NOUN
fsr-3720	237	15	-	-	PUNCT
fsr-3720	237	16	price	price	NOUN
fsr-3720	237	17	ratio	ratio	NOUN
fsr-3720	237	18	(	(	PUNCT
fsr-3720	237	19	ep	ep	PROPN
fsr-3720	237	20	)	)	PUNCT
fsr-3720	237	21	.	.	PUNCT
fsr-3720	238	1	among	among	ADP
fsr-3720	238	2	variable	variable	ADJ
fsr-3720	238	3	-	-	PUNCT
fsr-3720	238	4	weights	weight	NOUN
fsr-3720	238	5	strategies	strategy	NOUN
fsr-3720	238	6	,	,	PUNCT
fsr-3720	238	7	the	the	DET
fsr-3720	238	8	rp	rp	NOUN
fsr-3720	238	9	portfolio	portfolio	NOUN
fsr-3720	238	10	performed	perform	VERB
fsr-3720	238	11	best	well	ADV
fsr-3720	238	12	by	by	ADP
fsr-3720	238	13	every	every	DET
fsr-3720	238	14	criterion	criterion	NOUN
fsr-3720	238	15	.	.	PUNCT
fsr-3720	239	1	compared	compare	VERB
fsr-3720	239	2	to	to	ADP
fsr-3720	239	3	the	the	DET
fsr-3720	239	4	nontiming	nontime	VERB
fsr-3720	239	5	benchmark	benchmark	NOUN
fsr-3720	239	6	portfolio	portfolio	NOUN
fsr-3720	239	7	,	,	PUNCT
fsr-3720	239	8	it	it	PRON
fsr-3720	239	9	earned	earn	VERB
fsr-3720	239	10	a	a	DET
fsr-3720	239	11	2.3	2.3	NUM
fsr-3720	239	12	%	%	NOUN
fsr-3720	239	13	larger	large	ADJ
fsr-3720	239	14	annual	annual	ADJ
fsr-3720	239	15	raw	raw	ADJ
fsr-3720	239	16	return	return	NOUN
fsr-3720	239	17	and	and	CCONJ
fsr-3720	239	18	70	70	NUM
fsr-3720	239	19	%	%	NOUN
fsr-3720	239	20	larger	large	ADJ
fsr-3720	239	21	risk	risk	NOUN
fsr-3720	239	22	-	-	PUNCT
fsr-3720	239	23	adjusted	adjust	VERB
fsr-3720	239	24	return	return	NOUN
fsr-3720	239	25	.	.	PUNCT
fsr-3720	240	1	the	the	DET
fsr-3720	240	2	rp	rp	PROPN
fsr-3720	240	3	portfolio	portfolio	NOUN
fsr-3720	240	4	also	also	ADV
fsr-3720	240	5	showed	show	VERB
fsr-3720	240	6	significant	significant	ADJ
fsr-3720	240	7	timing	timing	NOUN
fsr-3720	240	8	ability	ability	NOUN
fsr-3720	240	9	at	at	ADP
fsr-3720	240	10	the	the	DET
fsr-3720	240	11	1	1	NUM
fsr-3720	240	12	%	%	NOUN
fsr-3720	240	13	level	level	NOUN
fsr-3720	240	14	in	in	ADP
fsr-3720	240	15	two	two	NUM
fsr-3720	240	16	of	of	ADP
fsr-3720	240	17	the	the	DET
fsr-3720	240	18	three	three	NUM
fsr-3720	240	19	tests	test	NOUN
fsr-3720	240	20	and	and	CCONJ
fsr-3720	240	21	at	at	ADP
fsr-3720	240	22	the	the	DET
fsr-3720	240	23	10	10	NUM
fsr-3720	240	24	%	%	NOUN
fsr-3720	240	25	level	level	NOUN
fsr-3720	240	26	on	on	ADP
fsr-3720	240	27	the	the	DET
fsr-3720	240	28	remaining	remain	VERB
fsr-3720	240	29	test	test	NOUN
fsr-3720	240	30	.	.	PUNCT
fsr-3720	241	1	yield	yield	NOUN
fsr-3720	241	2	beats	beat	VERB
fsr-3720	241	3	the	the	DET
fsr-3720	241	4	benchmark	benchmark	NOUN
fsr-3720	241	5	by	by	ADP
fsr-3720	241	6	every	every	DET
fsr-3720	241	7	criterion	criterion	NOUN
fsr-3720	241	8	,	,	PUNCT
fsr-3720	241	9	and	and	CCONJ
fsr-3720	241	10	ep	ep	PROPN
fsr-3720	241	11	beats	beat	VERB
fsr-3720	241	12	it	it	PRON
fsr-3720	241	13	by	by	ADP
fsr-3720	241	14	most	most	ADJ
fsr-3720	241	15	criteria	criterion	NOUN
fsr-3720	241	16	.	.	PUNCT
fsr-3720	242	1	they	they	PRON
fsr-3720	242	2	all	all	PRON
fsr-3720	242	3	demonstrate	demonstrate	VERB
fsr-3720	242	4	significant	significant	ADJ
fsr-3720	242	5	timing	timing	NOUN
fsr-3720	242	6	ability	ability	NOUN
fsr-3720	242	7	at	at	ADP
fsr-3720	242	8	the	the	DET
fsr-3720	242	9	5	5	NUM
fsr-3720	242	10	%	%	NOUN
fsr-3720	242	11	level	level	NOUN
fsr-3720	242	12	in	in	ADP
fsr-3720	242	13	at	at	ADV
fsr-3720	242	14	least	least	ADV
fsr-3720	242	15	one	one	NUM
fsr-3720	242	16	regression	regression	NOUN
fsr-3720	242	17	test	test	NOUN
fsr-3720	242	18	.	.	PUNCT
fsr-3720	243	1	why	why	SCONJ
fsr-3720	243	2	did	do	VERB
fsr-3720	243	3	rp	rp	NOUN
fsr-3720	243	4	,	,	PUNCT
fsr-3720	243	5	and	and	CCONJ
fsr-3720	243	6	to	to	ADP
fsr-3720	243	7	a	a	DET
fsr-3720	243	8	lesser	less	ADJ
fsr-3720	243	9	extent	extent	NOUN
fsr-3720	243	10	yield	yield	NOUN
fsr-3720	243	11	and	and	CCONJ
fsr-3720	243	12	ep	ep	NOUN
fsr-3720	243	13	,	,	PUNCT
fsr-3720	243	14	succeed	succeed	VERB
fsr-3720	243	15	in	in	ADP
fsr-3720	243	16	enhancing	enhance	VERB
fsr-3720	243	17	portfolio	portfolio	NOUN
fsr-3720	243	18	returns	return	NOUN
fsr-3720	243	19	?	?	PUNCT
fsr-3720	244	1	more	more	ADV
fsr-3720	244	2	important	important	ADJ
fsr-3720	244	3	,	,	PUNCT
fsr-3720	244	4	are	be	AUX
fsr-3720	244	5	they	they	PRON
fsr-3720	244	6	likely	likely	ADJ
fsr-3720	244	7	to	to	PART
fsr-3720	244	8	do	do	VERB
fsr-3720	244	9	so	so	ADV
fsr-3720	244	10	in	in	ADP
fsr-3720	244	11	the	the	DET
fsr-3720	244	12	future	future	NOUN
fsr-3720	244	13	?	?	PUNCT
fsr-3720	245	1	we	we	PRON
fsr-3720	245	2	believe	believe	VERB
fsr-3720	245	3	that	that	SCONJ
fsr-3720	245	4	the	the	DET
fsr-3720	245	5	literature	literature	NOUN
fsr-3720	245	6	review	review	NOUN
fsr-3720	245	7	on	on	ADP
fsr-3720	245	8	the	the	DET
fsr-3720	245	9	predictability	predictability	NOUN
fsr-3720	245	10	of	of	ADP
fsr-3720	245	11	long	long	ADJ
fsr-3720	245	12	-	-	PUNCT
fsr-3720	245	13	horizon	horizon	NOUN
fsr-3720	245	14	stock	stock	NOUN
fsr-3720	245	15	returns	return	NOUN
fsr-3720	245	16	provides	provide	VERB
fsr-3720	245	17	the	the	DET
fsr-3720	245	18	answer	answer	NOUN
fsr-3720	245	19	.	.	PUNCT
fsr-3720	246	1	if	if	SCONJ
fsr-3720	246	2	the	the	DET
fsr-3720	246	3	market	market	NOUN
fsr-3720	246	4	risk	risk	NOUN
fsr-3720	246	5	premium	premium	NOUN
fsr-3720	246	6	varies	vary	VERB
fsr-3720	246	7	through	through	ADP
fsr-3720	246	8	time	time	NOUN
fsr-3720	246	9	,	,	PUNCT
fsr-3720	246	10	long	long	ADJ
fsr-3720	246	11	-	-	PUNCT
fsr-3720	246	12	horizon	horizon	NOUN
fsr-3720	246	13	stock	stock	NOUN
fsr-3720	246	14	returns	return	NOUN
fsr-3720	246	15	should	should	AUX
fsr-3720	246	16	be	be	AUX
fsr-3720	246	17	predictable	predictable	ADJ
fsr-3720	246	18	.	.	PUNCT
fsr-3720	247	1	these	these	DET
fsr-3720	247	2	variables	variable	NOUN
fsr-3720	247	3	should	should	AUX
fsr-3720	247	4	move	move	VERB
fsr-3720	247	5	with	with	ADP
fsr-3720	247	6	the	the	DET
fsr-3720	247	7	unobservable	unobservable	ADJ
fsr-3720	247	8	market	market	NOUN
fsr-3720	247	9	risk	risk	NOUN
fsr-3720	247	10	premium	premium	NOUN
fsr-3720	247	11	and	and	CCONJ
fsr-3720	247	12	continue	continue	VERB
fsr-3720	247	13	to	to	PART
fsr-3720	247	14	predict	predict	VERB
fsr-3720	247	15	long	long	ADJ
fsr-3720	247	16	-	-	PUNCT
fsr-3720	247	17	horizon	horizon	NOUN
fsr-3720	247	18	stock	stock	NOUN
fsr-3720	247	19	returns	return	NOUN
fsr-3720	247	20	.	.	PUNCT
fsr-3720	248	1	will	will	AUX
fsr-3720	248	2	rp	rp	ADV
fsr-3720	248	3	continue	continue	VERB
fsr-3720	248	4	to	to	PART
fsr-3720	248	5	predict	predict	VERB
fsr-3720	248	6	as	as	ADV
fsr-3720	248	7	well	well	ADV
fsr-3720	248	8	in	in	ADP
fsr-3720	248	9	the	the	DET
fsr-3720	248	10	future	future	NOUN
fsr-3720	248	11	?	?	PUNCT
fsr-3720	249	1	possibly	possibly	ADV
fsr-3720	249	2	.	.	PUNCT
fsr-3720	250	1	in	in	ADP
fsr-3720	250	2	1990	1990	NUM
fsr-3720	250	3	,	,	PUNCT
fsr-3720	250	4	we	we	PRON
fsr-3720	250	5	noticed	notice	VERB
fsr-3720	250	6	that	that	SCONJ
fsr-3720	250	7	value	value	NOUN
fsr-3720	250	8	line	line	NOUN
fsr-3720	250	9	’s	’s	PART
fsr-3720	250	10	prediction	prediction	NOUN
fsr-3720	250	11	of	of	ADP
fsr-3720	250	12	median	median	PROPN
fsr-3720	250	13	three	three	NUM
fsr-3720	250	14	to	to	PART
fsr-3720	250	15	five	five	NUM
fsr-3720	250	16	year	year	NOUN
fsr-3720	250	17	appreciation	appreciation	NOUN
fsr-3720	250	18	potential	potential	NOUN
fsr-3720	250	19	hit	hit	VERB
fsr-3720	250	20	a	a	DET
fsr-3720	250	21	low	low	NOUN
fsr-3720	250	22	in	in	ADP
fsr-3720	250	23	august	august	PROPN
fsr-3720	250	24	,	,	PUNCT
fsr-3720	250	25	1987	1987	NUM
fsr-3720	250	26	,	,	PUNCT
fsr-3720	250	27	shortly	shortly	ADV
fsr-3720	250	28	before	before	ADP
fsr-3720	250	29	the	the	DET
fsr-3720	250	30	crash	crash	NOUN
fsr-3720	250	31	.	.	PUNCT
fsr-3720	251	1	this	this	PRON
fsr-3720	251	2	drew	draw	VERB
fsr-3720	251	3	our	our	PRON
fsr-3720	251	4	attention	attention	NOUN
fsr-3720	251	5	,	,	PUNCT
fsr-3720	251	6	encouraged	encourage	VERB
fsr-3720	251	7	the	the	DET
fsr-3720	251	8	development	development	NOUN
fsr-3720	251	9	of	of	ADP
fsr-3720	251	10	the	the	DET
fsr-3720	251	11	rp	rp	NOUN
fsr-3720	251	12	model	model	NOUN
fsr-3720	251	13	,	,	PUNCT
fsr-3720	251	14	and	and	CCONJ
fsr-3720	251	15	later	later	ADV
fsr-3720	251	16	we	we	PRON
fsr-3720	251	17	saw	see	VERB
fsr-3720	251	18	how	how	SCONJ
fsr-3720	251	19	the	the	DET
fsr-3720	251	20	model	model	NOUN
fsr-3720	251	21	fit	fit	VERB
fsr-3720	251	22	into	into	ADP
fsr-3720	251	23	the	the	DET
fsr-3720	251	24	stock	stock	NOUN
fsr-3720	251	25	predictability	predictability	NOUN
fsr-3720	251	26	literature	literature	NOUN
fsr-3720	251	27	.	.	PUNCT
fsr-3720	252	1	as	as	SCONJ
fsr-3720	252	2	we	we	PRON
fsr-3720	252	3	are	be	AUX
fsr-3720	252	4	all	all	ADV
fsr-3720	252	5	aware	aware	ADJ
fsr-3720	252	6	,	,	PUNCT
fsr-3720	252	7	a	a	DET
fsr-3720	252	8	model	model	NOUN
fsr-3720	252	9	usually	usually	ADV
fsr-3720	252	10	performs	perform	VERB
fsr-3720	252	11	better	well	ADV
fsr-3720	252	12	in	in	ADP
fsr-3720	252	13	the	the	DET
fsr-3720	252	14	period	period	NOUN
fsr-3720	252	15	in	in	ADP
fsr-3720	252	16	which	which	PRON
fsr-3720	252	17	its	its	PRON
fsr-3720	252	18	predictive	predictive	ADJ
fsr-3720	252	19	content	content	NOUN
fsr-3720	252	20	is	be	AUX
fsr-3720	252	21	“	"	PUNCT
fsr-3720	252	22	discovered	discover	VERB
fsr-3720	252	23	”	"	PUNCT
fsr-3720	252	24	than	than	ADP
fsr-3720	252	25	in	in	ADP
fsr-3720	252	26	later	later	ADJ
fsr-3720	252	27	periods	period	NOUN
fsr-3720	252	28	.	.	PUNCT
fsr-3720	253	1	however	however	ADV
fsr-3720	253	2	,	,	PUNCT
fsr-3720	253	3	we	we	PRON
fsr-3720	253	4	believe	believe	VERB
fsr-3720	253	5	,	,	PUNCT
fsr-3720	253	6	that	that	PRON
fsr-3720	253	7	rp	rp	NOUN
fsr-3720	253	8	will	will	AUX
fsr-3720	253	9	continue	continue	VERB
fsr-3720	253	10	to	to	PART
fsr-3720	253	11	predict	predict	VERB
fsr-3720	253	12	returns	return	NOUN
fsr-3720	253	13	better	well	ADV
fsr-3720	253	14	than	than	ADP
fsr-3720	253	15	dividend	dividend	NOUN
fsr-3720	253	16	yield	yield	NOUN
fsr-3720	253	17	and	and	CCONJ
fsr-3720	253	18	earnings	earning	NOUN
fsr-3720	253	19	-	-	PUNCT
fsr-3720	253	20	price	price	NOUN
fsr-3720	253	21	ratio	ratio	NOUN
fsr-3720	253	22	because	because	SCONJ
fsr-3720	253	23	it	it	PRON
fsr-3720	253	24	is	be	AUX
fsr-3720	253	25	a	a	DET
fsr-3720	253	26	direct	direct	ADJ
fsr-3720	253	27	measure	measure	NOUN
fsr-3720	253	28	(	(	PUNCT
fsr-3720	253	29	although	although	SCONJ
fsr-3720	253	30	possibly	possibly	ADV
fsr-3720	253	31	biased	bias	VERB
fsr-3720	253	32	)	)	PUNCT
fsr-3720	253	33	of	of	ADP
fsr-3720	253	34	the	the	DET
fsr-3720	253	35	unobservable	unobservable	ADJ
fsr-3720	253	36	market	market	NOUN
fsr-3720	253	37	risk	risk	NOUN
fsr-3720	253	38	premium	premium	NOUN
fsr-3720	253	39	.	.	PUNCT
fsr-3720	254	1	finally	finally	ADV
fsr-3720	254	2	,	,	PUNCT
fsr-3720	254	3	how	how	SCONJ
fsr-3720	254	4	could	could	AUX
fsr-3720	254	5	an	an	DET
fsr-3720	254	6	individual	individual	NOUN
fsr-3720	254	7	implement	implement	VERB
fsr-3720	254	8	an	an	DET
fsr-3720	254	9	rp	rp	NOUN
fsr-3720	254	10	-	-	PUNCT
fsr-3720	254	11	based	base	VERB
fsr-3720	254	12	strategy	strategy	NOUN
fsr-3720	254	13	?	?	PUNCT
fsr-3720	255	1	one	one	NUM
fsr-3720	255	2	approach	approach	NOUN
fsr-3720	255	3	would	would	AUX
fsr-3720	255	4	be	be	AUX
fsr-3720	255	5	to	to	PART
fsr-3720	255	6	calculate	calculate	VERB
fsr-3720	255	7	rp	rp	NOUN
fsr-3720	255	8	,	,	PUNCT
fsr-3720	255	9	perhaps	perhaps	ADV
fsr-3720	255	10	every	every	DET
fsr-3720	255	11	three	three	NUM
fsr-3720	255	12	months	month	NOUN
fsr-3720	255	13	,	,	PUNCT
fsr-3720	255	14	and	and	CCONJ
fsr-3720	255	15	to	to	PART
fsr-3720	255	16	compare	compare	VERB
fsr-3720	255	17	its	its	PRON
fsr-3720	255	18	current	current	ADJ
fsr-3720	255	19	value	value	NOUN
fsr-3720	255	20	to	to	ADP
fsr-3720	255	21	its	its	PRON
fsr-3720	255	22	historic	historic	ADJ
fsr-3720	255	23	distribution	distribution	NOUN
fsr-3720	255	24	as	as	SCONJ
fsr-3720	255	25	presented	present	VERB
fsr-3720	255	26	in	in	ADP
fsr-3720	255	27	table	table	NOUN
fsr-3720	255	28	1	1	NUM
fsr-3720	255	29	.	.	PUNCT
fsr-3720	256	1	if	if	SCONJ
fsr-3720	256	2	rp	rp	NOUN
fsr-3720	256	3	is	be	AUX
fsr-3720	256	4	well	well	ADV
fsr-3720	256	5	below	below	ADP
fsr-3720	256	6	average	average	ADJ
fsr-3720	256	7	,	,	PUNCT
fsr-3720	256	8	perhaps	perhaps	ADV
fsr-3720	256	9	below	below	ADP
fsr-3720	256	10	the	the	DET
fsr-3720	256	11	first	first	ADJ
fsr-3720	256	12	-	-	PUNCT
fsr-3720	256	13	quartile	quartile	NOUN
fsr-3720	256	14	value	value	NOUN
fsr-3720	256	15	of	of	ADP
fsr-3720	256	16	10.1	10.1	NUM
fsr-3720	256	17	%	%	NOUN
fsr-3720	256	18	,	,	PUNCT
fsr-3720	256	19	then	then	ADV
fsr-3720	256	20	the	the	DET
fsr-3720	256	21	portfolio	portfolio	NOUN
fsr-3720	256	22	’s	’s	PART
fsr-3720	256	23	equity	equity	NOUN
fsr-3720	256	24	42	42	NUM
fsr-3720	256	25	financial	financial	ADJ
fsr-3720	256	26	services	service	NOUN
fsr-3720	256	27	review	review	NOUN
fsr-3720	256	28	,	,	PUNCT
fsr-3720	256	29	3(l	3(l	NUM
fsr-3720	256	30	)	)	PUNCT
fsr-3720	256	31	1993	1993	NUM
fsr-3720	256	32	weight	weight	NOUN
fsr-3720	256	33	can	can	AUX
fsr-3720	256	34	be	be	AUX
fsr-3720	256	35	reduced	reduce	VERB
fsr-3720	256	36	below	below	ADP
fsr-3720	256	37	the	the	DET
fsr-3720	256	38	investor	investor	NOUN
fsr-3720	256	39	’s	’s	PART
fsr-3720	256	40	long	long	ADV
fsr-3720	256	41	-	-	PUNCT
fsr-3720	256	42	run	run	VERB
fsr-3720	256	43	target	target	NOUN
fsr-3720	256	44	equity	equity	NOUN
fsr-3720	256	45	weight	weight	NOUN
fsr-3720	256	46	.	.	PUNCT
fsr-3720	257	1	if	if	SCONJ
fsr-3720	257	2	rp	rp	NOUN
fsr-3720	257	3	is	be	AUX
fsr-3720	257	4	well	well	ADV
fsr-3720	257	5	above	above	ADV
fsr-3720	257	6	average	average	ADJ
fsr-3720	257	7	,	,	PUNCT
fsr-3720	257	8	perhaps	perhaps	ADV
fsr-3720	257	9	above	above	ADP
fsr-3720	257	10	the	the	DET
fsr-3720	257	11	third	third	ADJ
fsr-3720	257	12	-	-	PUNCT
fsr-3720	257	13	quartile	quartile	NOUN
fsr-3720	257	14	value	value	NOUN
fsr-3720	257	15	of	of	ADP
fsr-3720	257	16	16.9	16.9	NUM
fsr-3720	257	17	%	%	NOUN
fsr-3720	257	18	,	,	PUNCT
fsr-3720	257	19	then	then	ADV
fsr-3720	257	20	equity	equity	NOUN
fsr-3720	257	21	weight	weight	NOUN
fsr-3720	257	22	can	can	AUX
fsr-3720	257	23	be	be	AUX
fsr-3720	257	24	increased	increase	VERB
fsr-3720	257	25	.	.	PUNCT
fsr-3720	258	1	this	this	DET
fsr-3720	258	2	type	type	NOUN
fsr-3720	258	3	of	of	ADP
fsr-3720	258	4	strategy	strategy	NOUN
fsr-3720	258	5	would	would	AUX
fsr-3720	258	6	allow	allow	VERB
fsr-3720	258	7	an	an	DET
fsr-3720	258	8	individual	individual	NOUN
fsr-3720	258	9	to	to	PART
fsr-3720	258	10	increase	increase	VERB
fsr-3720	258	11	equity	equity	NOUN
fsr-3720	258	12	exposure	exposure	NOUN
fsr-3720	258	13	when	when	SCONJ
fsr-3720	258	14	the	the	DET
fsr-3720	258	15	rewards	reward	NOUN
fsr-3720	258	16	to	to	ADP
fsr-3720	258	17	bearing	bear	VERB
fsr-3720	258	18	stock	stock	NOUN
fsr-3720	258	19	market	market	NOUN
fsr-3720	258	20	risk	risk	NOUN
fsr-3720	258	21	appear	appear	VERB
fsr-3720	258	22	above	above	ADP
fsr-3720	258	23	average	average	ADJ
fsr-3720	258	24	and	and	CCONJ
fsr-3720	258	25	to	to	PART
fsr-3720	258	26	lower	low	ADJ
fsr-3720	258	27	exposure	exposure	NOUN
fsr-3720	258	28	when	when	SCONJ
fsr-3720	258	29	the	the	DET
fsr-3720	258	30	rewards	reward	NOUN
fsr-3720	258	31	appear	appear	VERB
fsr-3720	258	32	below	below	ADP
fsr-3720	258	33	average	average	ADJ
fsr-3720	258	34	.	.	PUNCT
fsr-3720	259	1	in	in	ADP
fsr-3720	259	2	so	so	ADV
fsr-3720	259	3	doing	do	VERB
fsr-3720	259	4	,	,	PUNCT
fsr-3720	259	5	we	we	PRON
fsr-3720	259	6	believe	believe	VERB
fsr-3720	259	7	that	that	SCONJ
fsr-3720	259	8	an	an	DET
fsr-3720	259	9	investor	investor	NOUN
fsr-3720	259	10	will	will	AUX
fsr-3720	259	11	likely	likely	ADV
fsr-3720	259	12	increase	increase	VERB
fsr-3720	259	13	the	the	DET
fsr-3720	259	14	portfolio	portfolio	NOUN
fsr-3720	259	15	’s	’s	PART
fsr-3720	259	16	long	long	ADV
fsr-3720	259	17	-	-	PUNCT
fsr-3720	259	18	run	run	VERB
fsr-3720	259	19	return	return	NOUN
fsr-3720	259	20	without	without	ADP
fsr-3720	259	21	increasing	increase	VERB
fsr-3720	259	22	the	the	DET
fsr-3720	259	23	average	average	ADJ
fsr-3720	259	24	risk	risk	NOUN
fsr-3720	259	25	exposure	exposure	NOUN
fsr-3720	259	26	.	.	PUNCT
fsr-3720	260	1	we	we	PRON
fsr-3720	260	2	caution	caution	VERB
fsr-3720	260	3	,	,	PUNCT
fsr-3720	260	4	however	however	ADV
fsr-3720	260	5	,	,	PUNCT
fsr-3720	260	6	against	against	ADP
fsr-3720	260	7	an	an	DET
fsr-3720	260	8	all	all	ADV
fsr-3720	260	9	-	-	PUNCT
fsr-3720	260	10	or	or	CCONJ
fsr-3720	260	11	-	-	PUNCT
fsr-3720	260	12	nothing	nothing	PRON
fsr-3720	260	13	timing	timing	NOUN
fsr-3720	260	14	strategy	strategy	NOUN
fsr-3720	260	15	and	and	CCONJ
fsr-3720	260	16	other	other	ADJ
fsr-3720	260	17	timing	timing	NOUN
fsr-3720	260	18	strategies	strategy	NOUN
fsr-3720	260	19	that	that	PRON
fsr-3720	260	20	require	require	VERB
fsr-3720	260	21	sharp	sharp	ADJ
fsr-3720	260	22	swings	swing	NOUN
fsr-3720	260	23	in	in	ADP
fsr-3720	260	24	the	the	DET
fsr-3720	260	25	portfolio	portfolio	NOUN
fsr-3720	260	26	’s	’s	PART
fsr-3720	260	27	equity	equity	NOUN
fsr-3720	260	28	position	position	NOUN
fsr-3720	260	29	.	.	PUNCT
fsr-3720	261	1	to	to	PART
fsr-3720	261	2	illustrate	illustrate	VERB
fsr-3720	261	3	why	why	SCONJ
fsr-3720	261	4	,	,	PUNCT
fsr-3720	261	5	suppose	suppose	VERB
fsr-3720	261	6	an	an	DET
fsr-3720	261	7	individual	individual	ADJ
fsr-3720	261	8	investor	investor	NOUN
fsr-3720	261	9	who	who	PRON
fsr-3720	261	10	maintains	maintain	VERB
fsr-3720	261	11	constant	constant	ADJ
fsr-3720	261	12	portfolio	portfolio	NOUN
fsr-3720	261	13	weights	weight	NOUN
fsr-3720	261	14	of	of	ADP
fsr-3720	261	15	50	50	NUM
fsr-3720	261	16	%	%	NOUN
fsr-3720	261	17	stock-50	stock-50	NOUN
fsr-3720	261	18	%	%	NOUN
fsr-3720	261	19	debt	debt	NOUN
fsr-3720	261	20	.	.	PUNCT
fsr-3720	262	1	the	the	DET
fsr-3720	262	2	stock	stock	NOUN
fsr-3720	262	3	predictability	predictability	PROPN
fsr-3720	262	4	literature	literature	NOUN
fsr-3720	262	5	encourages	encourage	VERB
fsr-3720	262	6	varying	vary	VERB
fsr-3720	262	7	the	the	DET
fsr-3720	262	8	equity	equity	NOUN
fsr-3720	262	9	weight	weight	NOUN
fsr-3720	262	10	around	around	ADP
fsr-3720	262	11	50	50	NUM
fsr-3720	262	12	%	%	NOUN
fsr-3720	262	13	.	.	PUNCT
fsr-3720	263	1	but	but	CCONJ
fsr-3720	263	2	how	how	SCONJ
fsr-3720	263	3	far	far	ADV
fsr-3720	263	4	should	should	AUX
fsr-3720	263	5	the	the	DET
fsr-3720	263	6	investor	investor	NOUN
fsr-3720	263	7	allow	allow	VERB
fsr-3720	263	8	the	the	DET
fsr-3720	263	9	weights	weight	NOUN
fsr-3720	263	10	to	to	PART
fsr-3720	263	11	vary	vary	VERB
fsr-3720	263	12	?	?	PUNCT
fsr-3720	264	1	the	the	DET
fsr-3720	264	2	answer	answer	NOUN
fsr-3720	264	3	requires	require	VERB
fsr-3720	264	4	balancing	balance	VERB
fsr-3720	264	5	the	the	DET
fsr-3720	264	6	benefits	benefit	NOUN
fsr-3720	264	7	of	of	ADP
fsr-3720	264	8	diversification	diversification	NOUN
fsr-3720	264	9	across	across	ADP
fsr-3720	264	10	assets	asset	NOUN
fsr-3720	264	11	against	against	ADP
fsr-3720	264	12	the	the	DET
fsr-3720	264	13	benefits	benefit	NOUN
fsr-3720	264	14	of	of	ADP
fsr-3720	264	15	market	market	NOUN
fsr-3720	264	16	timing	timing	NOUN
fsr-3720	264	17	.	.	PUNCT
fsr-3720	265	1	nobel	nobel	NOUN
fsr-3720	265	2	-	-	PUNCT
fsr-3720	265	3	laureate	laureate	NOUN
fsr-3720	265	4	paul	paul	PROPN
fsr-3720	265	5	samuelson	samuelson	PROPN
fsr-3720	265	6	(	(	PUNCT
fsr-3720	265	7	1990	1990	NUM
fsr-3720	265	8	)	)	PUNCT
fsr-3720	265	9	recommends	recommend	VERB
fsr-3720	265	10	a	a	DET
fsr-3720	265	11	modest	modest	ADJ
fsr-3720	265	12	range	range	NOUN
fsr-3720	265	13	for	for	ADP
fsr-3720	265	14	the	the	DET
fsr-3720	265	15	equity	equity	NOUN
fsr-3720	265	16	weights	weight	NOUN
fsr-3720	265	17	of	of	ADP
fsr-3720	265	18	perhaps	perhaps	ADV
fsr-3720	265	19	40	40	NUM
fsr-3720	265	20	%	%	NOUN
fsr-3720	265	21	to	to	PART
fsr-3720	265	22	60	60	NUM
fsr-3720	265	23	%	%	NOUN
fsr-3720	265	24	around	around	ADP
fsr-3720	265	25	the	the	DET
fsr-3720	265	26	50	50	NUM
fsr-3720	265	27	%	%	NOUN
fsr-3720	265	28	long	long	ADV
fsr-3720	265	29	-	-	PUNCT
fsr-3720	265	30	run	run	NOUN
fsr-3720	265	31	target	target	NOUN
fsr-3720	265	32	weight	weight	NOUN
fsr-3720	265	33	.	.	PUNCT
fsr-3720	266	1	in	in	ADP
fsr-3720	266	2	essence	essence	NOUN
fsr-3720	266	3	,	,	PUNCT
fsr-3720	266	4	he	he	PRON
fsr-3720	266	5	argues	argue	VERB
fsr-3720	266	6	that	that	SCONJ
fsr-3720	266	7	the	the	DET
fsr-3720	266	8	benefits	benefit	NOUN
fsr-3720	266	9	of	of	ADP
fsr-3720	266	10	diversifi	diversifi	PROPN
fsr-3720	266	11	cation	cation	NOUN
fsr-3720	266	12	across	across	ADP
fsr-3720	266	13	assets	asset	NOUN
fsr-3720	266	14	are	be	AUX
fsr-3720	266	15	more	more	ADV
fsr-3720	266	16	certain	certain	ADJ
fsr-3720	266	17	than	than	ADP
fsr-3720	266	18	the	the	DET
fsr-3720	266	19	benefits	benefit	NOUN
fsr-3720	266	20	of	of	ADP
fsr-3720	266	21	market	market	NOUN
fsr-3720	266	22	timing	timing	NOUN
fsr-3720	266	23	.	.	PUNCT
fsr-3720	267	1	other	other	ADJ
fsr-3720	267	2	economists	economist	NOUN
fsr-3720	267	3	would	would	AUX
fsr-3720	267	4	encourage	encourage	VERB
fsr-3720	267	5	a	a	DET
fsr-3720	267	6	wider	wide	ADJ
fsr-3720	267	7	range	range	NOUN
fsr-3720	267	8	.	.	PUNCT
fsr-3720	268	1	in	in	ADP
fsr-3720	268	2	summary	summary	NOUN
fsr-3720	268	3	,	,	PUNCT
fsr-3720	268	4	the	the	DET
fsr-3720	268	5	stock	stock	NOUN
fsr-3720	268	6	predictability	predictability	NOUN
fsr-3720	268	7	literature	literature	NOUN
fsr-3720	268	8	suggests	suggest	VERB
fsr-3720	268	9	that	that	SCONJ
fsr-3720	268	10	the	the	DET
fsr-3720	268	11	individual	individual	ADJ
fsr-3720	268	12	investor	investor	NOUN
fsr-3720	268	13	might	might	AUX
fsr-3720	268	14	benefit	benefit	VERB
fsr-3720	268	15	from	from	ADP
fsr-3720	268	16	varying	vary	VERB
fsr-3720	268	17	the	the	DET
fsr-3720	268	18	equity	equity	NOUN
fsr-3720	268	19	weight	weight	NOUN
fsr-3720	268	20	around	around	ADP
fsr-3720	268	21	the	the	DET
fsr-3720	268	22	long	long	ADV
fsr-3720	268	23	-	-	PUNCT
fsr-3720	268	24	run	run	NOUN
fsr-3720	268	25	target	target	NOUN
fsr-3720	268	26	weight	weight	NOUN
fsr-3720	268	27	based	base	VERB
fsr-3720	268	28	on	on	ADP
fsr-3720	268	29	market	market	NOUN
fsr-3720	268	30	conditions	condition	NOUN
fsr-3720	268	31	,	,	PUNCT
fsr-3720	268	32	but	but	CCONJ
fsr-3720	268	33	the	the	DET
fsr-3720	268	34	investor	investor	NOUN
fsr-3720	268	35	should	should	AUX
fsr-3720	268	36	probably	probably	ADV
fsr-3720	268	37	exercise	exercise	VERB
fsr-3720	268	38	moderation	moderation	NOUN
fsr-3720	268	39	in	in	ADP
fsr-3720	268	40	establishing	establish	VERB
fsr-3720	268	41	the	the	DET
fsr-3720	268	42	acceptable	acceptable	ADJ
fsr-3720	268	43	range	range	NOUN
fsr-3720	268	44	of	of	ADP
fsr-3720	268	45	equity	equity	NOUN
fsr-3720	268	46	weights	weight	NOUN
fsr-3720	268	47	.	.	PUNCT
fsr-3720	269	1	acknowledgments	acknowledgment	NOUN
fsr-3720	269	2	:	:	PUNCT
fsr-3720	270	1	we	we	PRON
fsr-3720	270	2	acknowledge	acknowledge	VERB
fsr-3720	270	3	the	the	DET
fsr-3720	270	4	helpful	helpful	ADJ
fsr-3720	270	5	comments	comment	NOUN
fsr-3720	270	6	of	of	ADP
fsr-3720	270	7	an	an	DET
fsr-3720	270	8	anonymous	anonymous	ADJ
fsr-3720	270	9	referee	referee	NOUN
fsr-3720	270	10	,	,	PUNCT
fsr-3720	270	11	frank	frank	PROPN
fsr-3720	270	12	l.	l.	PROPN
fsr-3720	270	13	page	page	PROPN
fsr-3720	270	14	,	,	PUNCT
fsr-3720	270	15	and	and	CCONJ
fsr-3720	270	16	other	other	ADJ
fsr-3720	270	17	participants	participant	NOUN
fsr-3720	270	18	at	at	ADP
fsr-3720	270	19	the	the	DET
fsr-3720	270	20	academy	academy	NOUN
fsr-3720	270	21	of	of	ADP
fsr-3720	270	22	financial	financial	ADJ
fsr-3720	270	23	services	service	NOUN
fsr-3720	270	24	1992	1992	NUM
fsr-3720	270	25	annual	annual	ADJ
fsr-3720	270	26	meeting	meeting	NOUN
fsr-3720	270	27	.	.	PUNCT
fsr-3720	271	1	notes	note	VERB
fsr-3720	271	2	1	1	NUM
fsr-3720	271	3	.	.	PUNCT
fsr-3720	272	1	they	they	PRON
fsr-3720	272	2	conclude	conclude	VERB
fsr-3720	272	3	that	that	PRON
fsr-3720	272	4	nominal	nominal	ADJ
fsr-3720	272	5	,	,	PUNCT
fsr-3720	272	6	real	real	ADJ
fsr-3720	272	7	,	,	PUNCT
fsr-3720	272	8	and	and	CCONJ
fsr-3720	272	9	excess	excess	ADJ
fsr-3720	272	10	stock	stock	NOUN
fsr-3720	272	11	returns	return	NOUN
fsr-3720	272	12	are	be	AUX
fsr-3720	272	13	highly	highly	ADV
fsr-3720	272	14	autocorrelated	autocorrelated	ADJ
fsr-3720	272	15	,	,	PUNCT
fsr-3720	272	16	but	but	CCONJ
fsr-3720	272	17	slowly	slowly	ADV
fsr-3720	272	18	mean	mean	VERB
fsr-3720	272	19	reverting	revert	VERB
fsr-3720	272	20	.	.	PUNCT
fsr-3720	273	1	excess	excess	ADJ
fsr-3720	273	2	returns	return	NOUN
fsr-3720	273	3	(	(	PUNCT
fsr-3720	273	4	returns	return	NOUN
fsr-3720	273	5	less	less	ADJ
fsr-3720	273	6	treasury	treasury	NOUN
fsr-3720	273	7	bill	bill	NOUN
fsr-3720	273	8	returns	return	NOUN
fsr-3720	273	9	)	)	PUNCT
fsr-3720	273	10	prove	prove	VERB
fsr-3720	273	11	most	most	ADV
fsr-3720	273	12	useful	useful	ADJ
fsr-3720	273	13	for	for	ADP
fsr-3720	273	14	market	market	NOUN
fsr-3720	273	15	timing	timing	NOUN
fsr-3720	273	16	purposes	purpose	NOUN
fsr-3720	273	17	.	.	PUNCT
fsr-3720	274	1	see	see	VERB
fsr-3720	274	2	fama	fama	NOUN
fsr-3720	274	3	and	and	CCONJ
fsr-3720	274	4	french	french	ADJ
fsr-3720	274	5	(	(	PUNCT
fsr-3720	274	6	1988a	1988a	NUM
fsr-3720	274	7	)	)	PUNCT
fsr-3720	274	8	.	.	PUNCT
fsr-3720	275	1	2	2	X
fsr-3720	275	2	.	.	NOUN
fsr-3720	275	3	value	value	NOUN
fsr-3720	275	4	line	line	NOUN
fsr-3720	275	5	forecasts	forecast	NOUN
fsr-3720	275	6	began	begin	VERB
fsr-3720	275	7	at	at	ADP
fsr-3720	275	8	the	the	DET
fsr-3720	275	9	end	end	NOUN
fsr-3720	275	10	-	-	PUNCT
fsr-3720	275	11	of	of	ADP
fsr-3720	275	12	-	-	PUNCT
fsr-3720	275	13	quarter	quarter	NOUN
fsr-3720	275	14	1968.1	1968.1	NUM
fsr-3720	275	15	.	.	PUNCT
fsr-3720	276	1	the	the	DET
fsr-3720	276	2	1968.1	1968.1	NUM
fsr-3720	276	3	value	value	NOUN
fsr-3720	276	4	of	of	ADP
fsr-3720	276	5	x	x	PUNCT
fsr-3720	276	6	forecasts	forecast	NOUN
fsr-3720	276	7	1968.2	1968.2	NUM
fsr-3720	276	8	and	and	CCONJ
fsr-3720	276	9	later	later	ADJ
fsr-3720	276	10	returns	return	NOUN
fsr-3720	276	11	.	.	PUNCT
fsr-3720	277	1	value	value	NOUN
fsr-3720	277	2	line	line	NOUN
fsr-3720	277	3	did	do	AUX
fsr-3720	277	4	not	not	PART
fsr-3720	277	5	publish	publish	VERB
fsr-3720	277	6	median	median	ADJ
fsr-3720	277	7	appreciation	appreciation	NOUN
fsr-3720	277	8	potential	potential	NOUN
fsr-3720	277	9	for	for	ADP
fsr-3720	277	10	a	a	DET
fsr-3720	277	11	few	few	ADJ
fsr-3720	277	12	weeks	week	NOUN
fsr-3720	277	13	surrounding	surround	VERB
fsr-3720	277	14	the	the	DET
fsr-3720	277	15	1972.3	1972.3	NUM
fsr-3720	277	16	quarter	quarter	NOUN
fsr-3720	277	17	.	.	PUNCT
fsr-3720	278	1	thus	thus	ADV
fsr-3720	278	2	rp	rp	NOUN
fsr-3720	278	3	has	have	VERB
fsr-3720	278	4	one	one	NUM
fsr-3720	278	5	missing	miss	VERB
fsr-3720	278	6	observation	observation	NOUN
fsr-3720	278	7	.	.	PUNCT
fsr-3720	279	1	3	3	X
fsr-3720	279	2	.	.	X
fsr-3720	279	3	the	the	DET
fsr-3720	279	4	last	last	ADJ
fsr-3720	279	5	observation	observation	NOUN
fsr-3720	279	6	for	for	ADP
fsr-3720	279	7	the	the	DET
fsr-3720	279	8	dependent	dependent	ADJ
fsr-3720	279	9	variable	variable	NOUN
fsr-3720	279	10	covers	cover	VERB
fsr-3720	279	11	1977.1	1977.1	NUM
fsr-3720	279	12	-	-	SYM
fsr-3720	279	13	1978.2	1978.2	NUM
fsr-3720	279	14	.	.	PUNCT
fsr-3720	280	1	the	the	DET
fsr-3720	280	2	last	last	ADJ
fsr-3720	280	3	observation	observation	NOUN
fsr-3720	280	4	for	for	ADP
fsr-3720	280	5	rp	rp	NOUN
fsr-3720	280	6	reflects	reflect	VERB
fsr-3720	280	7	the	the	DET
fsr-3720	280	8	end	end	NOUN
fsr-3720	280	9	-	-	PUNCT
fsr-3720	280	10	of	of	ADP
fsr-3720	280	11	-	-	PUNCT
fsr-3720	280	12	december	december	PROPN
fsr-3720	280	13	1976	1976	NUM
fsr-3720	280	14	value	value	NOUN
fsr-3720	280	15	.	.	PUNCT
fsr-3720	281	1	4	4	X
fsr-3720	281	2	.	.	X
fsr-3720	281	3	the	the	DET
fsr-3720	281	4	regression	regression	NOUN
fsr-3720	281	5	results	result	VERB
fsr-3720	281	6	for	for	ADP
fsr-3720	281	7	1968.2	1968.2	NUM
fsr-3720	281	8	-	-	SYM
fsr-3720	281	9	1987.1	1987.1	NUM
fsr-3720	281	10	yield	yield	NOUN
fsr-3720	281	11	a	a	DET
fsr-3720	281	12	critical	critical	ADJ
fsr-3720	281	13	value	value	NOUN
fsr-3720	281	14	of	of	ADP
fsr-3720	281	15	0.1037	0.1037	NUM
fsr-3720	281	16	(	(	PUNCT
fsr-3720	281	17	0.1819/1.7545	0.1819/1.7545	NUM
fsr-3720	281	18	)	)	PUNCT
fsr-3720	281	19	.	.	PUNCT
fsr-3720	282	1	5	5	X
fsr-3720	282	2	.	.	X
fsr-3720	282	3	these	these	DET
fsr-3720	282	4	forecast	forecast	NOUN
fsr-3720	282	5	horizons	horizon	NOUN
fsr-3720	282	6	are	be	AUX
fsr-3720	282	7	set	set	VERB
fsr-3720	282	8	to	to	PART
fsr-3720	282	9	maximize	maximize	VERB
fsr-3720	282	10	1968.2	1968.2	NUM
fsr-3720	282	11	-	-	SYM
fsr-3720	282	12	1978.2	1978.2	NUM
fsr-3720	282	13	predictive	predictive	ADJ
fsr-3720	282	14	content	content	NOUN
fsr-3720	282	15	.	.	PUNCT
fsr-3720	283	1	see	see	VERB
fsr-3720	283	2	reichenstein	reichenstein	NOUN
fsr-3720	283	3	and	and	CCONJ
fsr-3720	283	4	rich	rich	ADJ
fsr-3720	283	5	(	(	PUNCT
fsr-3720	283	6	1992	1992	NUM
fsr-3720	283	7	)	)	PUNCT
fsr-3720	283	8	.	.	PUNCT
fsr-3720	284	1	6	6	X
fsr-3720	284	2	.	.	X
fsr-3720	284	3	the	the	DET
fsr-3720	284	4	small	small	ADJ
fsr-3720	284	5	stock	stock	NOUN
fsr-3720	284	6	portfolio	portfolio	NOUN
fsr-3720	284	7	data	datum	NOUN
fsr-3720	284	8	came	come	VERB
fsr-3720	284	9	from	from	ADP
fsr-3720	284	10	ibbotson	ibbotson	PROPN
fsr-3720	284	11	associates	associates	PROPN
fsr-3720	284	12	(	(	PUNCT
fsr-3720	284	13	1992	1992	NUM
fsr-3720	284	14	)	)	PUNCT
fsr-3720	284	15	.	.	PUNCT
fsr-3720	285	1	7	7	X
fsr-3720	285	2	.	.	X
fsr-3720	285	3	for	for	ADP
fsr-3720	285	4	a	a	DET
fsr-3720	285	5	discussion	discussion	NOUN
fsr-3720	285	6	of	of	ADP
fsr-3720	285	7	the	the	DET
fsr-3720	285	8	quadratic	quadratic	ADJ
fsr-3720	285	9	regression	regression	NOUN
fsr-3720	285	10	methodology	methodology	NOUN
fsr-3720	285	11	see	see	VERB
fsr-3720	285	12	treynor	treynor	NOUN
fsr-3720	285	13	and	and	CCONJ
fsr-3720	285	14	mazuy	mazuy	PROPN
fsr-3720	285	15	(	(	PUNCT
fsr-3720	285	16	1966	1966	NUM
fsr-3720	285	17	)	)	PUNCT
fsr-3720	285	18	and	and	CCONJ
fsr-3720	285	19	admati	admati	PROPN
fsr-3720	285	20	,	,	PUNCT
fsr-3720	285	21	bhattacharya	bhattacharya	NOUN
fsr-3720	285	22	,	,	PUNCT
fsr-3720	285	23	pffeider	pffeider	NOUN
fsr-3720	285	24	,	,	PUNCT
fsr-3720	285	25	and	and	CCONJ
fsr-3720	285	26	ross	ross	PROPN
fsr-3720	285	27	(	(	PUNCT
fsr-3720	285	28	1986	1986	NUM
fsr-3720	285	29	)	)	PUNCT
fsr-3720	285	30	.	.	PUNCT
fsr-3720	286	1	for	for	ADP
fsr-3720	286	2	a	a	DET
fsr-3720	286	3	discussion	discussion	NOUN
fsr-3720	286	4	of	of	ADP
fsr-3720	286	5	the	the	DET
fsr-3720	286	6	dummy	dummy	ADJ
fsr-3720	286	7	variable	variable	ADJ
fsr-3720	286	8	regression	regression	NOUN
fsr-3720	286	9	methodology	methodology	NOUN
fsr-3720	286	10	see	see	VERB
fsr-3720	286	11	henriksson	henriksson	NOUN
fsr-3720	286	12	and	and	CCONJ
fsr-3720	286	13	merton	merton	PROPN
fsr-3720	286	14	(	(	PUNCT
fsr-3720	286	15	198	198	NUM
fsr-3720	286	16	1	1	NUM
fsr-3720	286	17	)	)	PUNCT
fsr-3720	286	18	.	.	PUNCT
fsr-3720	287	1	market	market	NOUN
fsr-3720	287	2	timing	timing	NOUN
fsr-3720	287	3	for	for	ADP
fsr-3720	287	4	the	the	DET
fsr-3720	287	5	individual	individual	ADJ
fsr-3720	287	6	investor	investor	NOUN
fsr-3720	287	7	43	43	NUM
fsr-3720	287	8	itjwjzrences	itjwjzrence	NOUN
fsr-3720	287	9	admati	admati	PROPN
fsr-3720	287	10	,	,	PUNCT
fsr-3720	287	11	anat	anat	PROPN
fsr-3720	287	12	r.	r.	PROPN
fsr-3720	287	13	,	,	PUNCT
fsr-3720	287	14	sudipto	sudipto	PROPN
fsr-3720	287	15	bhattacharya	bhattacharya	PROPN
fsr-3720	287	16	,	,	PUNCT
fsr-3720	287	17	paul	paul	PROPN
fsr-3720	287	18	pfleider	pfleider	PROPN
fsr-3720	287	19	,	,	PUNCT
fsr-3720	287	20	and	and	CCONJ
fsr-3720	287	21	stephen	stephen	PROPN
fsr-3720	287	22	a.	a.	PROPN
fsr-3720	287	23	ross	ross	PROPN
fsr-3720	287	24	.	.	PROPN
fsr-3720	287	25	1986	1986	NUM
fsr-3720	287	26	.	.	PUNCT
fsr-3720	288	1	“	"	PUNCT
fsr-3720	288	2	on	on	ADP
fsr-3720	288	3	timing	timing	NOUN
fsr-3720	288	4	and	and	CCONJ
fsr-3720	288	5	selectivity	selectivity	NOUN
fsr-3720	288	6	,	,	PUNCT
fsr-3720	288	7	”	"	PUNCT
fsr-3720	288	8	journal	journal	NOUN
fsr-3720	288	9	offinance	offinance	NOUN
fsr-3720	288	10	,	,	PUNCT
fsr-3720	288	11	41:715	41:715	NOUN
fsr-3720	288	12	-	-	SYM
fsr-3720	288	13	730	730	NUM
fsr-3720	288	14	.	.	PUNCT
fsr-3720	289	1	berss	berss	PROPN
fsr-3720	289	2	,	,	PUNCT
fsr-3720	289	3	m.	m.	PROPN
fsr-3720	289	4	r.	r.	PROPN
fsr-3720	289	5	1990	1990	NUM
fsr-3720	289	6	.	.	PUNCT
fsr-3720	290	1	“	"	PUNCT
fsr-3720	290	2	modem	modem	NOUN
fsr-3720	290	3	portfolio	portfolio	NOUN
fsr-3720	290	4	timing	timing	NOUN
fsr-3720	290	5	,	,	PUNCT
fsr-3720	290	6	”	"	PUNCT
fsr-3720	290	7	forbes	forbes	PROPN
fsr-3720	290	8	,	,	PUNCT
fsr-3720	290	9	december	december	PROPN
fsr-3720	290	10	2476	2476	NUM
fsr-3720	290	11	-	-	SYM
fsr-3720	290	12	78	78	NUM
fsr-3720	290	13	.	.	PUNCT
fsr-3720	291	1	campbell	campbell	PROPN
fsr-3720	291	2	,	,	PUNCT
fsr-3720	291	3	john	john	PROPN
fsr-3720	291	4	y.	y.	PROPN
fsr-3720	291	5	,	,	PUNCT
fsr-3720	291	6	and	and	CCONJ
fsr-3720	291	7	robert	robert	PROPN
fsr-3720	291	8	j.	j.	PROPN
fsr-3720	291	9	shiller	shiller	PROPN
fsr-3720	291	10	.	.	PUNCT
fsr-3720	291	11	1988	1988	NUM
fsr-3720	291	12	.	.	PUNCT
fsr-3720	292	1	“	"	PUNCT
fsr-3720	292	2	stock	stock	NOUN
fsr-3720	292	3	prices	price	NOUN
fsr-3720	292	4	,	,	PUNCT
fsr-3720	292	5	earnings	earning	NOUN
fsr-3720	292	6	and	and	CCONJ
fsr-3720	292	7	expected	expect	VERB
fsr-3720	292	8	dividends	dividend	NOUN
fsr-3720	292	9	,	,	PUNCT
fsr-3720	292	10	”	"	PUNCT
fsr-3720	292	11	journal	journal	NOUN
fsr-3720	292	12	of	of	ADP
fsr-3720	292	13	finance	finance	NOUN
fsr-3720	292	14	,	,	PUNCT
fsr-3720	292	15	43~661676	43~661676	NUM
fsr-3720	292	16	.	.	PUNCT
fsr-3720	292	17	fama	fama	PROPN
fsr-3720	292	18	,	,	PUNCT
fsr-3720	292	19	eugene	eugene	PROPN
fsr-3720	292	20	f.	f.	PROPN
fsr-3720	292	21	1991	1991	NUM
fsr-3720	292	22	.	.	PUNCT
fsr-3720	293	1	“	"	PUNCT
fsr-3720	293	2	efficient	efficient	ADJ
fsr-3720	293	3	capital	capital	NOUN
fsr-3720	293	4	markets	market	NOUN
fsr-3720	293	5	:	:	PUNCT
fsr-3720	293	6	ii	ii	NOUN
fsr-3720	293	7	,	,	PUNCT
fsr-3720	293	8	”	"	PUNCT
fsr-3720	293	9	journal	journal	NOUN
fsr-3720	293	10	of	of	ADP
fsr-3720	293	11	finance	finance	NOUN
fsr-3720	293	12	,	,	PUNCT
fsr-3720	293	13	46:1575	46:1575	PROPN
fsr-3720	293	14	-	-	SYM
fsr-3720	293	15	1617	1617	NUM
fsr-3720	293	16	.	.	PUNCT
fsr-3720	294	1	fama	fama	PROPN
fsr-3720	294	2	,	,	PUNCT
fsr-3720	294	3	eugene	eugene	PROPN
fsr-3720	294	4	f.	f.	PROPN
fsr-3720	294	5	,	,	PUNCT
fsr-3720	294	6	and	and	CCONJ
fsr-3720	294	7	kenneth	kenneth	PROPN
fsr-3720	294	8	r.	r.	PROPN
fsr-3720	294	9	french	french	PROPN
fsr-3720	294	10	.	.	PUNCT
fsr-3720	294	11	1989	1989	NUM
fsr-3720	294	12	.	.	PUNCT
fsr-3720	295	1	“	"	PUNCT
fsr-3720	295	2	business	business	NOUN
fsr-3720	295	3	conditions	condition	NOUN
fsr-3720	295	4	and	and	CCONJ
fsr-3720	295	5	expected	expect	VERB
fsr-3720	295	6	returns	return	NOUN
fsr-3720	295	7	on	on	ADP
fsr-3720	295	8	stocks	stock	NOUN
fsr-3720	295	9	and	and	CCONJ
fsr-3720	295	10	bonds	bond	NOUN
fsr-3720	295	11	,	,	PUNCT
fsr-3720	295	12	”	"	PUNCT
fsr-3720	295	13	journal	journal	NOUN
fsr-3720	295	14	of	of	ADP
fsr-3720	295	15	financial	financial	ADJ
fsr-3720	295	16	economics	economic	NOUN
fsr-3720	295	17	,	,	PUNCT
fsr-3720	295	18	25:3	25:3	NOUN
fsr-3720	295	19	-	-	SYM
fsr-3720	295	20	49	49	NUM
fsr-3720	295	21	.	.	PUNCT
fsr-3720	296	1	fama	fama	PROPN
fsr-3720	296	2	,	,	PUNCT
fsr-3720	296	3	eugene	eugene	PROPN
fsr-3720	296	4	f.	f.	PROPN
fsr-3720	296	5	,	,	PUNCT
fsr-3720	296	6	and	and	CCONJ
fsr-3720	296	7	kenneth	kenneth	PROPN
fsr-3720	296	8	r.	r.	PROPN
fsr-3720	296	9	french	french	PROPN
fsr-3720	296	10	.	.	PUNCT
fsr-3720	297	1	1988a	1988a	NUM
fsr-3720	297	2	.	.	PUNCT
fsr-3720	298	1	“	"	PUNCT
fsr-3720	298	2	dividend	dividend	NOUN
fsr-3720	298	3	yields	yield	NOUN
fsr-3720	298	4	and	and	CCONJ
fsr-3720	298	5	expected	expect	VERB
fsr-3720	298	6	stock	stock	NOUN
fsr-3720	298	7	returns	return	NOUN
fsr-3720	298	8	,	,	PUNCT
fsr-3720	298	9	”	"	PUNCT
fsr-3720	298	10	journal	journal	NOUN
fsr-3720	298	11	of	of	ADP
fsr-3720	298	12	financial	financial	ADJ
fsr-3720	298	13	economics	economic	NOUN
fsr-3720	298	14	,	,	PUNCT
fsr-3720	298	15	22:3	22:3	NUM
fsr-3720	298	16	-	-	SYM
fsr-3720	298	17	25	25	NUM
fsr-3720	298	18	.	.	PUNCT
fsr-3720	299	1	fama	fama	PROPN
fsr-3720	299	2	,	,	PUNCT
fsr-3720	299	3	eugene	eugene	PROPN
fsr-3720	299	4	f.	f.	PROPN
fsr-3720	299	5	,	,	PUNCT
fsr-3720	299	6	and	and	CCONJ
fsr-3720	299	7	kenneth	kenneth	PROPN
fsr-3720	299	8	r.	r.	PROPN
fsr-3720	299	9	french	french	PROPN
fsr-3720	299	10	.	.	PUNCT
fsr-3720	300	1	1988b	1988b	NUM
fsr-3720	300	2	.	.	PUNCT
fsr-3720	301	1	“	"	PUNCT
fsr-3720	301	2	permanent	permanent	ADJ
fsr-3720	301	3	and	and	CCONJ
fsr-3720	301	4	temporary	temporary	ADJ
fsr-3720	301	5	components	component	NOUN
fsr-3720	301	6	of	of	ADP
fsr-3720	301	7	stock	stock	NOUN
fsr-3720	301	8	prices	price	NOUN
fsr-3720	301	9	,	,	PUNCT
fsr-3720	301	10	”	"	PUNCT
fsr-3720	301	11	journal	journal	NOUN
fsr-3720	301	12	of	of	ADP
fsr-3720	301	13	political	political	ADJ
fsr-3720	301	14	economy	economy	NOUN
fsr-3720	301	15	,	,	PUNCT
fsr-3720	301	16	961246273	961246273	NUM
fsr-3720	301	17	.	.	PUNCT
fsr-3720	302	1	henriksson	henriksson	PROPN
fsr-3720	302	2	,	,	PUNCT
fsr-3720	302	3	roy	roy	PROPN
fsr-3720	302	4	d.	d.	PROPN
fsr-3720	302	5	,	,	PUNCT
fsr-3720	302	6	and	and	CCONJ
fsr-3720	302	7	robert	robert	PROPN
fsr-3720	302	8	c.	c.	PROPN
fsr-3720	302	9	merton	merton	PROPN
fsr-3720	302	10	.	.	PUNCT
fsr-3720	302	11	1981	1981	NUM
fsr-3720	302	12	.	.	PUNCT
fsr-3720	303	1	“	"	PUNCT
fsr-3720	303	2	on	on	ADP
fsr-3720	303	3	market	market	NOUN
fsr-3720	303	4	timing	timing	NOUN
fsr-3720	303	5	and	and	CCONJ
fsr-3720	303	6	investment	investment	NOUN
fsr-3720	303	7	performance	performance	NOUN
fsr-3720	303	8	ii	ii	PROPN
fsr-3720	303	9	.	.	PUNCT
fsr-3720	304	1	statistical	statistical	ADJ
fsr-3720	304	2	procedures	procedure	NOUN
fsr-3720	304	3	for	for	ADP
fsr-3720	304	4	evaluating	evaluate	VERB
fsr-3720	304	5	forecasting	forecasting	NOUN
fsr-3720	304	6	skills	skill	NOUN
fsr-3720	304	7	,	,	PUNCT
fsr-3720	304	8	”	"	PUNCT
fsr-3720	304	9	journal	journal	NOUN
fsr-3720	304	10	of	of	ADP
fsr-3720	304	11	business	business	NOUN
fsr-3720	304	12	,	,	PUNCT
fsr-3720	304	13	54513	54513	NUM
fsr-3720	304	14	-	-	SYM
fsr-3720	304	15	533	533	NUM
fsr-3720	304	16	.	.	PUNCT
fsr-3720	304	17	ibbotson	ibbotson	PROPN
fsr-3720	304	18	associates	associates	PROPN
fsr-3720	304	19	.	.	PUNCT
fsr-3720	305	1	srocks	srock	NOUN
fsr-3720	305	2	,	,	PUNCT
fsr-3720	305	3	bonds	bond	NOUN
fsr-3720	305	4	,	,	PUNCT
fsr-3720	305	5	bills	bill	NOUN
fsr-3720	305	6	,	,	PUNCT
fsr-3720	305	7	and	and	CCONJ
fsr-3720	305	8	in&?&on	in&?&on	PROPN
fsr-3720	305	9	1992	1992	NUM
fsr-3720	305	10	yearbook	yearbook	NOUN
fsr-3720	305	11	,	,	PUNCT
fsr-3720	305	12	chicago	chicago	PROPN
fsr-3720	305	13	,	,	PUNCT
fsr-3720	305	14	il	il	PROPN
fsr-3720	305	15	.	.	PROPN
fsr-3720	305	16	jensen	jensen	PROPN
fsr-3720	305	17	,	,	PUNCT
fsr-3720	305	18	michael	michael	PROPN
fsr-3720	305	19	c.	c.	PROPN
fsr-3720	305	20	1968	1968	NUM
fsr-3720	305	21	.	.	PUNCT
fsr-3720	306	1	“	"	PUNCT
fsr-3720	306	2	the	the	DET
fsr-3720	306	3	performance	performance	NOUN
fsr-3720	306	4	of	of	ADP
fsr-3720	306	5	mutual	mutual	ADJ
fsr-3720	306	6	funds	fund	NOUN
fsr-3720	306	7	in	in	ADP
fsr-3720	306	8	the	the	DET
fsr-3720	306	9	period	period	NOUN
fsr-3720	306	10	1945	1945	NUM
fsr-3720	306	11	-	-	SYM
fsr-3720	306	12	1965	1965	NUM
fsr-3720	306	13	,	,	PUNCT
fsr-3720	306	14	”	"	PUNCT
fsr-3720	306	15	journal	journal	NOUN
fsr-3720	306	16	of	of	ADP
fsr-3720	306	17	finance	finance	NOUN
fsr-3720	306	18	,	,	PUNCT
fsr-3720	306	19	23:389416	23:389416	NUM
fsr-3720	306	20	.	.	PUNCT
fsr-3720	307	1	mcqueen	mcqueen	PROPN
fsr-3720	307	2	,	,	PUNCT
fsr-3720	307	3	grant	grant	NOUN
fsr-3720	307	4	,	,	PUNCT
fsr-3720	307	5	and	and	CCONJ
fsr-3720	307	6	steven	steven	PROPN
fsr-3720	307	7	thorley	thorley	PROPN
fsr-3720	307	8	.	.	PUNCT
fsr-3720	307	9	1991	1991	NUM
fsr-3720	307	10	.	.	PUNCT
fsr-3720	308	1	“	"	PUNCT
fsr-3720	308	2	are	be	AUX
fsr-3720	308	3	stock	stock	NOUN
fsr-3720	308	4	returns	return	NOUN
fsr-3720	308	5	predictable	predictable	ADJ
fsr-3720	308	6	?	?	PUNCT
fsr-3720	309	1	a	a	DET
fsr-3720	309	2	test	test	NOUN
fsr-3720	309	3	using	use	VERB
fsr-3720	309	4	markov	markov	NOUN
fsr-3720	309	5	chains	chain	NOUN
fsr-3720	309	6	,	,	PUNCT
fsr-3720	309	7	”	"	PUNCT
fsr-3720	309	8	journal	journal	NOUN
fsr-3720	309	9	of	of	ADP
fsr-3720	309	10	finance	finance	NOUN
fsr-3720	309	11	,	,	PUNCT
fsr-3720	309	12	461239	461239	NUM
fsr-3720	309	13	-	-	SYM
fsr-3720	309	14	263	263	NUM
fsr-3720	309	15	.	.	PUNCT
fsr-3720	310	1	reichenstein	reichenstein	PROPN
fsr-3720	310	2	,	,	PUNCT
fsr-3720	310	3	william	william	PROPN
fsr-3720	310	4	,	,	PUNCT
fsr-3720	310	5	and	and	CCONJ
fsr-3720	310	6	steven	steven	PROPN
fsr-3720	310	7	p.	p.	PROPN
fsr-3720	310	8	rich	rich	ADJ
fsr-3720	310	9	.	.	PUNCT
fsr-3720	311	1	1992	1992	NUM
fsr-3720	311	2	.	.	PUNCT
fsr-3720	312	1	“	"	PUNCT
fsr-3720	312	2	predicting	predict	VERB
fsr-3720	312	3	long	long	ADJ
fsr-3720	312	4	-	-	PUNCT
fsr-3720	312	5	horizon	horizon	NOUN
fsr-3720	312	6	stock	stock	NOUN
fsr-3720	312	7	returns	return	NOUN
fsr-3720	312	8	:	:	PUNCT
fsr-3720	312	9	the	the	DET
fsr-3720	312	10	ex	ex	NOUN
fsr-3720	312	11	-	-	NOUN
fsr-3720	312	12	ante	ante	NOUN
fsr-3720	312	13	advantage	advantage	NOUN
fsr-3720	312	14	,	,	PUNCT
fsr-3720	312	15	”	"	PUNCT
fsr-3720	312	16	baylor	baylor	PROPN
fsr-3720	312	17	university	university	PROPN
fsr-3720	312	18	.	.	PUNCT
fsr-3720	313	1	samuelson	samuelson	PROPN
fsr-3720	313	2	,	,	PUNCT
fsr-3720	313	3	p.	p.	NOUN
fsr-3720	313	4	a.	a.	NOUN
fsr-3720	313	5	1990	1990	NUM
fsr-3720	313	6	.	.	PUNCT
fsr-3720	314	1	“	"	PUNCT
fsr-3720	314	2	asset	asset	NOUN
fsr-3720	314	3	allocation	allocation	NOUN
fsr-3720	314	4	could	could	AUX
fsr-3720	314	5	be	be	AUX
fsr-3720	314	6	dangerous	dangerous	ADJ
fsr-3720	314	7	to	to	ADP
fsr-3720	314	8	your	your	PRON
fsr-3720	314	9	health	health	NOUN
fsr-3720	314	10	,	,	PUNCT
fsr-3720	314	11	”	"	PUNCT
fsr-3720	314	12	journal	journal	NOUN
fsr-3720	314	13	of	of	ADP
fsr-3720	314	14	portfolio	portfolio	NOUN
fsr-3720	314	15	management	management	NOUN
fsr-3720	314	16	,	,	PUNCT
fsr-3720	314	17	16(3):5	16(3):5	PROPN
fsr-3720	314	18	-	-	PUNCT
fsr-3720	314	19	8	8	NUM
fsr-3720	314	20	.	.	PUNCT
fsr-3720	315	1	sharpe	sharpe	PROPN
fsr-3720	315	2	,	,	PUNCT
fsr-3720	315	3	william	william	PROPN
fsr-3720	315	4	f.	f.	PROPN
fsr-3720	315	5	1966	1966	NUM
fsr-3720	315	6	.	.	PUNCT
fsr-3720	316	1	“	"	PUNCT
fsr-3720	316	2	mutual	mutual	ADJ
fsr-3720	316	3	fund	fund	NOUN
fsr-3720	316	4	performance	performance	NOUN
fsr-3720	316	5	,	,	PUNCT
fsr-3720	316	6	”	"	PUNCT
fsr-3720	316	7	journal	journal	NOUN
fsr-3720	316	8	of	of	ADP
fsr-3720	316	9	business	business	NOUN
fsr-3720	316	10	,	,	PUNCT
fsr-3720	316	11	39	39	NUM
fsr-3720	316	12	:	:	PUNCT
fsr-3720	316	13	119	119	NUM
fsr-3720	316	14	-	-	SYM
fsr-3720	316	15	138	138	NUM
fsr-3720	316	16	.	.	PUNCT
fsr-3720	316	17	treynor	treynor	NOUN
fsr-3720	316	18	,	,	PUNCT
fsr-3720	316	19	jack	jack	PROPN
fsr-3720	316	20	l.	l.	PROPN
fsr-3720	316	21	,	,	PUNCT
fsr-3720	316	22	and	and	CCONJ
fsr-3720	316	23	kay	kay	PROPN
fsr-3720	316	24	k.	k.	PROPN
fsr-3720	316	25	mazuy	mazuy	PROPN
fsr-3720	316	26	.	.	PUNCT
fsr-3720	317	1	1966	1966	NUM
fsr-3720	317	2	.	.	PUNCT
fsr-3720	318	1	“	"	PUNCT
fsr-3720	318	2	can	can	AUX
fsr-3720	318	3	mutual	mutual	ADJ
fsr-3720	318	4	funds	fund	NOUN
fsr-3720	318	5	outguess	outguess	VERB
fsr-3720	318	6	the	the	DET
fsr-3720	318	7	market	market	NOUN
fsr-3720	318	8	?	?	PUNCT
fsr-3720	318	9	’	'	PUNCT
fsr-3720	319	1	harvard	harvard	PROPN
fsr-3720	319	2	business	business	PROPN
fsr-3720	319	3	review	review	PROPN
fsr-3720	319	4	,	,	PUNCT
fsr-3720	319	5	44(4):131	44(4):131	X
fsr-3720	319	6	-	-	SYM
fsr-3720	319	7	136	136	NUM
fsr-3720	319	8	.	.	PUNCT