id	sid	tid	token	lemma	pos
fsr-3787	1	1	pii	pii	PROPN
fsr-3787	1	2	:	:	PUNCT
fsr-3787	1	3	s1057	s1057	NOUN
fsr-3787	1	4	-	-	PUNCT
fsr-3787	1	5	0810(96)90024	0810(96)90024	NUM
fsr-3787	1	6	-	-	PUNCT
fsr-3787	1	7	4	4	NUM
fsr-3787	1	8	financial	financial	ADJ
fsr-3787	1	9	services	service	NOUN
fsr-3787	1	10	review	review	NOUN
fsr-3787	1	11	,	,	PUNCT
fsr-3787	1	12	5(l	5(l	NUM
fsr-3787	1	13	):	):	PUNCT
fsr-3787	1	14	13	13	NUM
fsr-3787	1	15	-	-	SYM
fsr-3787	1	16	29	29	NUM
fsr-3787	1	17	copyright	copyright	NOUN
fsr-3787	1	18	q	q	X
fsr-3787	1	19	1996	1996	NUM
fsr-3787	1	20	by	by	ADP
fsr-3787	1	21	jai	jai	PROPN
fsr-3787	1	22	press	press	PROPN
fsr-3787	1	23	inc	inc	PROPN
fsr-3787	1	24	.	.	PROPN
fsr-3787	1	25	issn	issn	PROPN
fsr-3787	1	26	:	:	PUNCT
fsr-3787	1	27	1057	1057	NUM
fsr-3787	1	28	-	-	SYM
fsr-3787	1	29	08	08	NUM
fsr-3787	1	30	10	10	NUM
fsr-3787	1	31	all	all	DET
fsr-3787	1	32	rights	right	NOUN
fsr-3787	1	33	of	of	ADP
fsr-3787	1	34	reproduction	reproduction	NOUN
fsr-3787	1	35	in	in	ADP
fsr-3787	1	36	any	any	DET
fsr-3787	1	37	form	form	NOUN
fsr-3787	1	38	reserved	reserve	VERB
fsr-3787	1	39	.	.	PUNCT
fsr-3787	2	1	professional	professional	ADJ
fsr-3787	2	2	stock	stock	NOUN
fsr-3787	2	3	analysts	analyst	NOUN
fsr-3787	2	4	’	’	PART
fsr-3787	2	5	recommendations	recommendation	NOUN
fsr-3787	2	6	:	:	PUNCT
fsr-3787	2	7	implications	implication	NOUN
fsr-3787	2	8	for	for	ADP
fsr-3787	2	9	individual	individual	ADJ
fsr-3787	2	10	investors	investor	NOUN
fsr-3787	2	11	m.	m.	PROPN
fsr-3787	2	12	mark	mark	PROPN
fsr-3787	2	13	walker	walker	PROPN
fsr-3787	2	14	gay	gay	PROPN
fsr-3787	2	15	b.	b.	PROPN
fsr-3787	2	16	hatfield	hatfield	PROPN
fsr-3787	2	17	conclusions	conclusion	NOUN
fsr-3787	2	18	regarding	regard	VERB
fsr-3787	2	19	analyst	analyst	NOUN
fsr-3787	2	20	performance	performance	NOUN
fsr-3787	2	21	often	often	ADV
fsr-3787	2	22	depend	depend	VERB
fsr-3787	2	23	on	on	ADP
fsr-3787	2	24	the	the	DET
fsr-3787	2	25	evaluation	evaluation	NOUN
fsr-3787	2	26	technique	technique	NOUN
fsr-3787	2	27	employed	employ	VERB
fsr-3787	2	28	.	.	PUNCT
fsr-3787	3	1	using	use	VERB
fsr-3787	3	2	a	a	DET
fsr-3787	3	3	wide	wide	ADJ
fsr-3787	3	4	variety	variety	NOUN
fsr-3787	3	5	of	of	ADP
fsr-3787	3	6	techniques	technique	NOUN
fsr-3787	3	7	,	,	PUNCT
fsr-3787	3	8	wefind	wefind	ADP
fsr-3787	3	9	that	that	SCONJ
fsr-3787	3	10	although	although	SCONJ
fsr-3787	3	11	there	there	PRON
fsr-3787	3	12	is	be	VERB
fsr-3787	3	13	some	some	DET
fsr-3787	3	14	evi	evi	NOUN
fsr-3787	3	15	dence	dence	NOUN
fsr-3787	3	16	that	that	PRON
fsr-3787	3	17	analysts	analyst	NOUN
fsr-3787	3	18	do	do	AUX
fsr-3787	3	19	have	have	AUX
fsr-3787	3	20	the	the	DET
fsr-3787	3	21	ability	ability	NOUN
fsr-3787	3	22	to	to	PART
fsr-3787	3	23	identify	identify	VERB
fsr-3787	3	24	undervalued	undervalue	VERB
fsr-3787	3	25	and	and	CCONJ
fsr-3787	3	26	overvalued	overvalue	VERB
fsr-3787	3	27	securities	security	NOUN
fsr-3787	3	28	,	,	PUNCT
fsr-3787	3	29	individual	individual	ADJ
fsr-3787	3	30	investors	investor	NOUN
fsr-3787	3	31	generally	generally	ADV
fsr-3787	3	32	experience	experience	VERB
fsr-3787	3	33	inferior	inferior	ADJ
fsr-3787	3	34	portfolio	portfolio	NOUN
fsr-3787	3	35	performance	performance	NOUN
fsr-3787	3	36	by	by	ADP
fsr-3787	3	37	following	follow	VERB
fsr-3787	3	38	analyst	analyst	NOUN
fsr-3787	3	39	recommendations	recommendation	NOUN
fsr-3787	3	40	published	publish	VERB
fsr-3787	3	41	in	in	ADP
fsr-3787	3	42	the	the	DET
fsr-3787	3	43	‘	'	PUNCT
fsr-3787	3	44	market	market	NOUN
fsr-3787	3	45	highlights	highlight	NOUN
fsr-3787	3	46	”	"	PUNCT
fsr-3787	3	47	section	section	NOUN
fsr-3787	3	48	of	of	ADP
fsr-3787	3	49	usa	usa	PROPN
fsr-3787	3	50	today	today	NOUN
fsr-3787	3	51	(	(	PUNCT
fsr-3787	3	52	even	even	ADV
fsr-3787	3	53	before	before	SCONJ
fsr-3787	3	54	transaction	transaction	NOUN
fsr-3787	3	55	costs	cost	NOUN
fsr-3787	3	56	are	be	AUX
fsr-3787	3	57	inch&d	inch&d	ADJ
fsr-3787	3	58	)	)	PUNCT
fsr-3787	3	59	.	.	PUNCT
fsr-3787	4	1	as	as	ADP
fsr-3787	4	2	a	a	DET
fsr-3787	4	3	result	result	NOUN
fsr-3787	4	4	,	,	PUNCT
fsr-3787	4	5	individual	individual	ADJ
fsr-3787	4	6	investors	investor	NOUN
fsr-3787	4	7	should	should	AUX
fsr-3787	4	8	view	view	VERB
fsr-3787	4	9	studies	study	NOUN
fsr-3787	4	10	that	that	PRON
fsr-3787	4	11	purport	purport	VERB
fsr-3787	4	12	to	to	PART
fsr-3787	4	13	show	show	VERB
fsr-3787	4	14	superior	superior	ADJ
fsr-3787	4	15	performance	performance	NOUN
fsr-3787	4	16	with	with	ADP
fsr-3787	4	17	skepticism	skepticism	NOUN
fsr-3787	4	18	.	.	PUNCT
fsr-3787	5	1	this	this	DET
fsr-3787	5	2	statement	statement	NOUN
fsr-3787	5	3	ispar	ispar	NOUN
fsr-3787	5	4	titularly	titularly	ADV
fsr-3787	5	5	true	true	ADJ
fsr-3787	5	6	when	when	SCONJ
fsr-3787	5	7	the	the	DET
fsr-3787	5	8	assertions	assertion	NOUN
fsr-3787	5	9	are	be	AUX
fsr-3787	5	10	based	base	VERB
fsr-3787	5	11	on	on	ADP
fsr-3787	5	12	stock	stock	NOUN
fsr-3787	5	13	index	index	NOUN
fsr-3787	5	14	comparisons	comparison	NOUN
fsr-3787	5	15	.	.	PUNCT
fsr-3787	6	1	an	an	DET
fsr-3787	6	2	individual	individual	ADJ
fsr-3787	6	3	investor	investor	NOUN
fsr-3787	6	4	’s	’s	PART
fsr-3787	6	5	search	search	NOUN
fsr-3787	6	6	for	for	ADP
fsr-3787	6	7	an	an	DET
fsr-3787	6	8	optimal	optimal	ADJ
fsr-3787	6	9	portfolio	portfolio	NOUN
fsr-3787	6	10	typically	typically	ADV
fsr-3787	6	11	consists	consist	VERB
fsr-3787	6	12	of	of	ADP
fsr-3787	6	13	two	two	NUM
fsr-3787	6	14	key	key	ADJ
fsr-3787	6	15	deci	deci	PROPN
fsr-3787	6	16	sions	sion	NOUN
fsr-3787	6	17	:	:	PUNCT
fsr-3787	6	18	(	(	PUNCT
fsr-3787	6	19	a	a	X
fsr-3787	6	20	)	)	PUNCT
fsr-3787	6	21	how	how	SCONJ
fsr-3787	6	22	to	to	PART
fsr-3787	6	23	allocate	allocate	VERB
fsr-3787	6	24	funds	fund	NOUN
fsr-3787	6	25	across	across	ADP
fsr-3787	6	26	asset	asset	NOUN
fsr-3787	6	27	classes	class	NOUN
fsr-3787	6	28	,	,	PUNCT
fsr-3787	6	29	and	and	CCONJ
fsr-3787	6	30	(	(	PUNCT
fsr-3787	6	31	b	b	NOUN
fsr-3787	6	32	)	)	PUNCT
fsr-3787	6	33	which	which	PRON
fsr-3787	6	34	securities	security	NOUN
fsr-3787	6	35	to	to	PART
fsr-3787	6	36	purchase	purchase	VERB
fsr-3787	6	37	within	within	ADP
fsr-3787	6	38	each	each	DET
fsr-3787	6	39	class	class	NOUN
fsr-3787	6	40	.	.	PUNCT
fsr-3787	7	1	to	to	PART
fsr-3787	7	2	aid	aid	VERB
fsr-3787	7	3	investors	investor	NOUN
fsr-3787	7	4	with	with	ADP
fsr-3787	7	5	the	the	DET
fsr-3787	7	6	security	security	NOUN
fsr-3787	7	7	selection	selection	NOUN
fsr-3787	7	8	decision	decision	NOUN
fsr-3787	7	9	,	,	PUNCT
fsr-3787	7	10	many	many	ADJ
fsr-3787	7	11	brokerage	brokerage	NOUN
fsr-3787	7	12	firms	firm	NOUN
fsr-3787	7	13	offer	offer	VERB
fsr-3787	7	14	investment	investment	NOUN
fsr-3787	7	15	advice	advice	NOUN
fsr-3787	7	16	.	.	PUNCT
fsr-3787	8	1	professional	professional	ADJ
fsr-3787	8	2	stock	stock	NOUN
fsr-3787	8	3	analysts	analyst	NOUN
fsr-3787	8	4	,	,	PUNCT
fsr-3787	8	5	for	for	ADP
fsr-3787	8	6	example	example	NOUN
fsr-3787	8	7	,	,	PUNCT
fsr-3787	8	8	regularly	regularly	ADV
fsr-3787	8	9	issue	issue	NOUN
fsr-3787	8	10	buy	buy	VERB
fsr-3787	8	11	,	,	PUNCT
fsr-3787	8	12	sell	sell	VERB
fsr-3787	8	13	,	,	PUNCT
fsr-3787	8	14	and	and	CCONJ
fsr-3787	8	15	hold	hold	VERB
fsr-3787	8	16	recommendations	recommendation	NOUN
fsr-3787	8	17	.	.	PUNCT
fsr-3787	9	1	the	the	DET
fsr-3787	9	2	interesting	interesting	ADJ
fsr-3787	9	3	question	question	NOUN
fsr-3787	9	4	that	that	PRON
fsr-3787	9	5	arises	arise	VERB
fsr-3787	9	6	is	be	AUX
fsr-3787	9	7	as	as	SCONJ
fsr-3787	9	8	follows	follow	VERB
fsr-3787	9	9	:	:	PUNCT
fsr-3787	9	10	if	if	SCONJ
fsr-3787	9	11	an	an	DET
fsr-3787	9	12	investor	investor	NOUN
fsr-3787	9	13	had	have	AUX
fsr-3787	9	14	acted	act	VERB
fsr-3787	9	15	on	on	ADP
fsr-3787	9	16	a	a	DET
fsr-3787	9	17	particular	particular	ADJ
fsr-3787	9	18	recommendation	recommendation	NOUN
fsr-3787	9	19	,	,	PUNCT
fsr-3787	9	20	how	how	SCONJ
fsr-3787	9	21	would	would	AUX
fsr-3787	9	22	his	his	PRON
fsr-3787	9	23	investment	investment	NOUN
fsr-3787	9	24	have	have	AUX
fsr-3787	9	25	per	per	ADP
fsr-3787	9	26	formed	form	VERB
fsr-3787	9	27	over	over	ADP
fsr-3787	9	28	the	the	DET
fsr-3787	9	29	following	follow	VERB
fsr-3787	9	30	calendar	calendar	NOUN
fsr-3787	9	31	year	year	NOUN
fsr-3787	9	32	?	?	PUNCT
fsr-3787	10	1	would	would	AUX
fsr-3787	10	2	a	a	DET
fsr-3787	10	3	recommended	recommend	VERB
fsr-3787	10	4	buy	buy	NOUN
fsr-3787	10	5	have	have	AUX
fsr-3787	10	6	provided	provide	VERB
fsr-3787	10	7	excess	excess	ADJ
fsr-3787	10	8	returns	return	NOUN
fsr-3787	10	9	?	?	PUNCT
fsr-3787	11	1	would	would	AUX
fsr-3787	11	2	a	a	DET
fsr-3787	11	3	recommended	recommend	VERB
fsr-3787	11	4	sell	sell	NOUN
fsr-3787	11	5	have	have	AUX
fsr-3787	11	6	resulted	result	VERB
fsr-3787	11	7	in	in	ADP
fsr-3787	11	8	a	a	DET
fsr-3787	11	9	loss	loss	NOUN
fsr-3787	11	10	if	if	SCONJ
fsr-3787	11	11	the	the	DET
fsr-3787	11	12	investor	investor	NOUN
fsr-3787	11	13	had	have	AUX
fsr-3787	11	14	not	not	PART
fsr-3787	11	15	acted	act	VERB
fsr-3787	11	16	on	on	ADP
fsr-3787	11	17	the	the	DET
fsr-3787	11	18	negative	negative	ADJ
fsr-3787	11	19	recommendation	recommendation	NOUN
fsr-3787	11	20	?	?	PUNCT
fsr-3787	12	1	despite	despite	SCONJ
fsr-3787	12	2	the	the	DET
fsr-3787	12	3	considerable	considerable	ADJ
fsr-3787	12	4	amount	amount	NOUN
fsr-3787	12	5	of	of	ADP
fsr-3787	12	6	time	time	NOUN
fsr-3787	12	7	and	and	CCONJ
fsr-3787	12	8	effort	effort	NOUN
fsr-3787	12	9	that	that	PRON
fsr-3787	12	10	brokerage	brokerage	NOUN
fsr-3787	12	11	fums	fum	NOUN
fsr-3787	12	12	devote	devote	VERB
fsr-3787	12	13	to	to	ADP
fsr-3787	12	14	fun	fun	NOUN
fsr-3787	12	15	damental	damental	ADJ
fsr-3787	12	16	and	and	CCONJ
fsr-3787	12	17	technical	technical	ADJ
fsr-3787	12	18	analysis	analysis	NOUN
fsr-3787	12	19	,	,	PUNCT
fsr-3787	12	20	many	many	ADJ
fsr-3787	12	21	academicians	academician	NOUN
fsr-3787	12	22	and	and	CCONJ
fsr-3787	12	23	investment	investment	NOUN
fsr-3787	12	24	practitioners	practitioner	NOUN
fsr-3787	12	25	question	question	VERB
fsr-3787	12	26	the	the	DET
fsr-3787	12	27	notion	notion	NOUN
fsr-3787	12	28	that	that	SCONJ
fsr-3787	12	29	“	"	PUNCT
fsr-3787	12	30	wall	wall	PROPN
fsr-3787	12	31	street	street	PROPN
fsr-3787	12	32	”	"	PUNCT
fsr-3787	12	33	research	research	NOUN
fsr-3787	12	34	can	can	AUX
fsr-3787	12	35	be	be	AUX
fsr-3787	12	36	used	use	VERB
fsr-3787	12	37	to	to	PART
fsr-3787	12	38	enhance	enhance	VERB
fsr-3787	12	39	portfolio	portfolio	NOUN
fsr-3787	12	40	performance	performance	NOUN
fsr-3787	12	41	.	.	PUNCT
fsr-3787	13	1	in	in	ADP
fsr-3787	13	2	one	one	NUM
fsr-3787	13	3	up	up	ADP
fsr-3787	13	4	on	on	ADP
fsr-3787	13	5	wall	wall	PROPN
fsr-3787	13	6	street	street	PROPN
fsr-3787	13	7	,	,	PUNCT
fsr-3787	13	8	for	for	ADP
fsr-3787	13	9	example	example	NOUN
fsr-3787	13	10	,	,	PUNCT
fsr-3787	13	11	peter	peter	PROPN
fsr-3787	13	12	lynch	lynch	PROPN
fsr-3787	13	13	(	(	PUNCT
fsr-3787	13	14	1989	1989	NUM
fsr-3787	13	15	)	)	PUNCT
fsr-3787	13	16	argues	argue	VERB
fsr-3787	13	17	that	that	SCONJ
fsr-3787	13	18	professional	professional	ADJ
fsr-3787	13	19	analysts	analyst	NOUN
fsr-3787	13	20	generally	generally	ADV
fsr-3787	13	21	miss	miss	VERB
fsr-3787	13	22	the	the	DET
fsr-3787	13	23	best	good	ADJ
fsr-3787	13	24	investment	investment	NOUN
fsr-3787	13	25	opportunities	opportunity	NOUN
fsr-3787	13	26	because	because	SCONJ
fsr-3787	13	27	they	they	PRON
fsr-3787	13	28	tend	tend	VERB
fsr-3787	13	29	to	to	PART
fsr-3787	13	30	issue	issue	VERB
fsr-3787	13	31	buy	buy	VERB
fsr-3787	13	32	recommen	recommen	PROPN
fsr-3787	13	33	dations	dation	NOUN
fsr-3787	13	34	after	after	SCONJ
fsr-3787	13	35	a	a	DET
fsr-3787	13	36	firm	firm	NOUN
fsr-3787	13	37	’s	’s	PART
fsr-3787	13	38	stock	stock	NOUN
fsr-3787	13	39	price	price	NOUN
fsr-3787	13	40	has	have	AUX
fsr-3787	13	41	risen	rise	VERB
fsr-3787	13	42	dramatically	dramatically	ADV
fsr-3787	13	43	(	(	PUNCT
fsr-3787	13	44	lynch	lynch	PROPN
fsr-3787	13	45	refers	refer	VERB
fsr-3787	13	46	to	to	ADP
fsr-3787	13	47	this	this	DET
fsr-3787	13	48	situation	situation	NOUN
fsr-3787	13	49	as	as	ADP
fsr-3787	13	50	“	"	PUNCT
fsr-3787	13	51	street	street	NOUN
fsr-3787	13	52	lag	lag	NOUN
fsr-3787	13	53	.	.	PUNCT
fsr-3787	13	54	“	"	PUNCT
fsr-3787	13	55	)	)	PUNCT
fsr-3787	13	56	lynch	lynch	PROPN
fsr-3787	13	57	believes	believe	VERB
fsr-3787	13	58	that	that	SCONJ
fsr-3787	13	59	street	street	NOUN
fsr-3787	13	60	lag	lag	NOUN
fsr-3787	13	61	occurs	occur	VERB
fsr-3787	13	62	because	because	SCONJ
fsr-3787	13	63	many	many	ADJ
fsr-3787	13	64	analysts	analyst	NOUN
fsr-3787	13	65	follow	follow	VERB
fsr-3787	13	66	only	only	ADV
fsr-3787	13	67	those	those	DET
fsr-3787	13	68	stocks	stock	NOUN
fsr-3787	13	69	which	which	PRON
fsr-3787	13	70	have	have	AUX
fsr-3787	13	71	attracted	attract	VERB
fsr-3787	13	72	the	the	DET
fsr-3787	13	73	attention	attention	NOUN
fsr-3787	13	74	d	d	X
fsr-3787	13	75	large	large	ADJ
fsr-3787	13	76	institutional	institutional	ADJ
fsr-3787	13	77	investors	investor	NOUN
fsr-3787	13	78	.	.	PUNCT
fsr-3787	14	1	by	by	ADP
fsr-3787	14	2	that	that	DET
fsr-3787	14	3	time	time	NOUN
fsr-3787	14	4	,	,	PUNCT
fsr-3787	14	5	how	how	SCONJ
fsr-3787	14	6	m.	m.	NOUN
fsr-3787	14	7	mark	mark	PROPN
fsr-3787	14	8	walker	walker	PROPN
fsr-3787	14	9	and	and	CCONJ
fsr-3787	14	10	gay	gay	PROPN
fsr-3787	14	11	b.	b.	PROPN
fsr-3787	14	12	hatfield	hatfield	PROPN
fsr-3787	14	13	l	l	PROPN
fsr-3787	14	14	department	department	PROPN
fsr-3787	14	15	of	of	ADP
fsr-3787	14	16	economics	economic	NOUN
fsr-3787	14	17	and	and	CCONJ
fsr-3787	14	18	finance	finance	NOUN
fsr-3787	14	19	,	,	PUNCT
fsr-3787	14	20	301	301	NUM
fsr-3787	14	21	conner	conner	PROPN
fsr-3787	14	22	hall	hall	PROPN
fsr-3787	14	23	,	,	PUNCT
fsr-3787	14	24	university	university	PROPN
fsr-3787	14	25	of	of	ADP
fsr-3787	14	26	mississippi	mississippi	PROPN
fsr-3787	14	27	,	,	PUNCT
fsr-3787	14	28	university	university	NOUN
fsr-3787	14	29	,	,	PUNCT
fsr-3787	14	30	ms	ms	PROPN
fsr-3787	14	31	38677	38677	NUM
fsr-3787	14	32	.	.	PUNCT
fsr-3787	15	1	14	14	NUM
fsr-3787	15	2	financial	financial	ADJ
fsr-3787	15	3	services	service	NOUN
fsr-3787	15	4	review	review	VERB
fsr-3787	15	5	5	5	NUM
fsr-3787	15	6	(	(	PUNCT
fsr-3787	15	7	1	1	NUM
fsr-3787	15	8	)	)	PUNCT
fsr-3787	15	9	1996	1996	NUM
fsr-3787	15	10	ever	ever	ADV
fsr-3787	15	11	,	,	PUNCT
fsr-3787	15	12	lynch	lynch	PROPN
fsr-3787	15	13	generally	generally	ADV
fsr-3787	15	14	finds	find	VERB
fsr-3787	15	15	that	that	SCONJ
fsr-3787	15	16	a	a	DET
fsr-3787	15	17	firm	firm	NOUN
fsr-3787	15	18	’s	’s	PART
fsr-3787	15	19	stock	stock	NOUN
fsr-3787	15	20	price	price	NOUN
fsr-3787	15	21	already	already	ADV
fsr-3787	15	22	reflects	reflect	VERB
fsr-3787	15	23	most	most	ADJ
fsr-3787	15	24	of	of	ADP
fsr-3787	15	25	the	the	DET
fsr-3787	15	26	good	good	PROPN
fsr-3787	15	27	news	news	PROPN
fsr-3787	15	28	about	about	ADP
fsr-3787	15	29	the	the	DET
fsr-3787	15	30	company	company	NOUN
fsr-3787	15	31	.	.	PUNCT
fsr-3787	16	1	in	in	ADP
fsr-3787	16	2	fact	fact	NOUN
fsr-3787	16	3	,	,	PUNCT
fsr-3787	16	4	lynch	lynch	PROPN
fsr-3787	16	5	(	(	PUNCT
fsr-3787	16	6	1989	1989	NUM
fsr-3787	16	7	)	)	PUNCT
fsr-3787	16	8	believes	believe	VERB
fsr-3787	16	9	that	that	SCONJ
fsr-3787	16	10	a	a	DET
fsr-3787	16	11	large	large	ADJ
fsr-3787	16	12	increase	increase	NOUN
fsr-3787	16	13	in	in	ADP
fsr-3787	16	14	institutional	institutional	ADJ
fsr-3787	16	15	ownership	ownership	NOUN
fsr-3787	16	16	,	,	PUNCT
fsr-3787	16	17	coupled	couple	VERB
fsr-3787	16	18	with	with	ADP
fsr-3787	16	19	favorable	favorable	ADJ
fsr-3787	16	20	comments	comment	NOUN
fsr-3787	16	21	by	by	ADP
fsr-3787	16	22	professional	professional	ADJ
fsr-3787	16	23	analysts	analyst	NOUN
fsr-3787	16	24	,	,	PUNCT
fsr-3787	16	25	often	often	ADV
fsr-3787	16	26	represents	represent	VERB
fsr-3787	16	27	an	an	DET
fsr-3787	16	28	opportune	opportune	ADJ
fsr-3787	16	29	time	time	NOUN
fsr-3787	16	30	to	to	PART
fsr-3787	16	31	sell	sell	VERB
fsr-3787	16	32	.	.	PUNCT
fsr-3787	17	1	dorfman	dorfman	PROPN
fsr-3787	17	2	(	(	PUNCT
fsr-3787	17	3	1993	1993	NUM
fsr-3787	17	4	,	,	PUNCT
fsr-3787	17	5	april	april	PROPN
fsr-3787	17	6	)	)	PUNCT
fsr-3787	17	7	reaches	reach	VERB
fsr-3787	17	8	a	a	DET
fsr-3787	17	9	similar	similar	ADJ
fsr-3787	17	10	conclusion	conclusion	NOUN
fsr-3787	17	11	.	.	PUNCT
fsr-3787	18	1	he	he	PRON
fsr-3787	18	2	cites	cite	VERB
fsr-3787	18	3	evi	evi	NOUN
fsr-3787	18	4	dence	dence	NOUN
fsr-3787	18	5	that	that	SCONJ
fsr-3787	18	6	,	,	PUNCT
fsr-3787	18	7	of	of	ADP
fsr-3787	18	8	the	the	DET
fsr-3787	18	9	12	12	NUM
fsr-3787	18	10	stocks	stock	NOUN
fsr-3787	18	11	that	that	PRON
fsr-3787	18	12	were	be	AUX
fsr-3787	18	13	listed	list	VERB
fsr-3787	18	14	in	in	ADP
fsr-3787	18	15	a	a	DET
fsr-3787	18	16	wall	wall	PROPN
fsr-3787	18	17	street	street	PROPN
fsr-3787	18	18	joumaz	joumaz	PROPN
fsr-3787	18	19	article	article	NOUN
fsr-3787	18	20	(	(	PUNCT
fsr-3787	18	21	on	on	ADP
fsr-3787	18	22	march	march	PROPN
fsr-3787	18	23	6	6	NUM
fsr-3787	18	24	,	,	PUNCT
fsr-3787	18	25	1992	1992	NUM
fsr-3787	18	26	)	)	PUNCT
fsr-3787	18	27	as	as	ADP
fsr-3787	18	28	being	be	AUX
fsr-3787	18	29	the	the	DET
fsr-3787	18	30	most	most	ADV
fsr-3787	18	31	popular	popular	ADJ
fsr-3787	18	32	among	among	ADP
fsr-3787	18	33	200	200	NUM
fsr-3787	18	34	money	money	NOUN
fsr-3787	18	35	managers	manager	NOUN
fsr-3787	18	36	,	,	PUNCT
fsr-3787	18	37	9	9	NUM
fsr-3787	18	38	declined	decline	VERB
fsr-3787	18	39	in	in	ADP
fsr-3787	18	40	price	price	NOUN
fsr-3787	18	41	over	over	ADP
fsr-3787	18	42	the	the	DET
fsr-3787	18	43	next	next	ADJ
fsr-3787	18	44	12	12	NUM
fsr-3787	18	45	months	month	NOUN
fsr-3787	18	46	(	(	PUNCT
fsr-3787	18	47	the	the	DET
fsr-3787	18	48	s&p	s&p	PROPN
fsr-3787	18	49	500	500	NUM
fsr-3787	18	50	index	index	NOUN
fsr-3787	18	51	rose	rise	VERB
fsr-3787	18	52	approximately	approximately	ADV
fsr-3787	18	53	10	10	NUM
fsr-3787	18	54	%	%	NOUN
fsr-3787	18	55	during	during	ADP
fsr-3787	18	56	this	this	DET
fsr-3787	18	57	period	period	NOUN
fsr-3787	18	58	)	)	PUNCT
fsr-3787	18	59	.	.	PUNCT
fsr-3787	19	1	finally	finally	ADV
fsr-3787	19	2	,	,	PUNCT
fsr-3787	19	3	most	most	ADJ
fsr-3787	19	4	academicians	academician	NOUN
fsr-3787	19	5	seem	seem	VERB
fsr-3787	19	6	to	to	PART
fsr-3787	19	7	believe	believe	VERB
fsr-3787	19	8	that	that	SCONJ
fsr-3787	19	9	markets	market	NOUN
fsr-3787	19	10	are	be	AUX
fsr-3787	19	11	at	at	ADP
fsr-3787	19	12	least	least	ADJ
fsr-3787	19	13	semi	semi	ADJ
fsr-3787	19	14	-	-	ADJ
fsr-3787	19	15	strong	strong	ADJ
fsr-3787	19	16	form	form	NOUN
fsr-3787	19	17	efficient	efficient	ADJ
fsr-3787	19	18	,	,	PUNCT
fsr-3787	19	19	and	and	CCONJ
fsr-3787	19	20	that	that	SCONJ
fsr-3787	19	21	it	it	PRON
fsr-3787	19	22	is	be	AUX
fsr-3787	19	23	difficult	difficult	ADJ
fsr-3787	19	24	for	for	SCONJ
fsr-3787	19	25	investors	investor	NOUN
fsr-3787	19	26	(	(	PUNCT
fsr-3787	19	27	even	even	ADV
fsr-3787	19	28	professional	professional	ADJ
fsr-3787	19	29	stock	stock	NOUN
fsr-3787	19	30	analysts	analyst	NOUN
fsr-3787	19	31	)	)	PUNCT
fsr-3787	19	32	to	to	PART
fsr-3787	19	33	continually	continually	ADV
fsr-3787	19	34	identify	identify	VERB
fsr-3787	19	35	undervalued	undervalued	ADJ
fsr-3787	19	36	securities	security	NOUN
fsr-3787	19	37	(	(	PUNCT
fsr-3787	19	38	e.g.	e.g.	ADV
fsr-3787	19	39	,	,	PUNCT
fsr-3787	19	40	see	see	VERB
fsr-3787	19	41	roll	roll	NOUN
fsr-3787	19	42	,	,	PUNCT
fsr-3787	19	43	1994	1994	NUM
fsr-3787	19	44	)	)	PUNCT
fsr-3787	19	45	.	.	PUNCT
fsr-3787	20	1	to	to	PART
fsr-3787	20	2	test	test	VERB
fsr-3787	20	3	the	the	DET
fsr-3787	20	4	academicians	academician	NOUN
fsr-3787	20	5	’	’	PART
fsr-3787	20	6	hypothesis	hypothesis	NOUN
fsr-3787	20	7	,	,	PUNCT
fsr-3787	20	8	the	the	DET
fsr-3787	20	9	wall	wall	PROPN
fsr-3787	20	10	street	street	PROPN
fsr-3787	20	11	journal	journal	PROPN
fsr-3787	20	12	has	have	AUX
fsr-3787	20	13	been	be	AUX
fsr-3787	20	14	conducting	conduct	VERB
fsr-3787	20	15	a	a	DET
fsr-3787	20	16	series	series	NOUN
fsr-3787	20	17	of	of	ADP
fsr-3787	20	18	six	six	NUM
fsr-3787	20	19	-	-	PUNCT
fsr-3787	20	20	month	month	NOUN
fsr-3787	20	21	contests	contest	NOUN
fsr-3787	20	22	that	that	PRON
fsr-3787	20	23	compare	compare	VERB
fsr-3787	20	24	the	the	DET
fsr-3787	20	25	investment	investment	NOUN
fsr-3787	20	26	performance	performance	NOUN
fsr-3787	20	27	of	of	ADP
fsr-3787	20	28	professional	professional	ADJ
fsr-3787	20	29	stock	stock	NOUN
fsr-3787	20	30	analysts	analyst	NOUN
fsr-3787	20	31	to	to	ADP
fsr-3787	20	32	:	:	PUNCT
fsr-3787	20	33	(	(	PUNCT
fsr-3787	20	34	a	a	X
fsr-3787	20	35	)	)	PUNCT
fsr-3787	20	36	the	the	DET
fsr-3787	20	37	dow	dow	PROPN
fsr-3787	20	38	jones	jones	PROPN
fsr-3787	20	39	industrial	industrial	PROPN
fsr-3787	20	40	average	average	PROPN
fsr-3787	20	41	(	(	PUNCT
fsr-3787	20	42	djia	djia	PROPN
fsr-3787	20	43	)	)	PUNCT
fsr-3787	20	44	and	and	CCONJ
fsr-3787	20	45	(	(	PUNCT
fsr-3787	20	46	b	b	X
fsr-3787	20	47	)	)	PUNCT
fsr-3787	20	48	a	a	DET
fsr-3787	20	49	group	group	NOUN
fsr-3787	20	50	of	of	ADP
fsr-3787	20	51	randomly	randomly	ADV
fsr-3787	20	52	selected	select	VERB
fsr-3787	20	53	stocks	stock	NOUN
fsr-3787	20	54	(	(	PUNCT
fsr-3787	20	55	the	the	DET
fsr-3787	20	56	dartboard	dartboard	NOUN
fsr-3787	20	57	portfolio	portfolio	NOUN
fsr-3787	20	58	)	)	PUNCT
fsr-3787	20	59	.	.	PUNCT
fsr-3787	21	1	the	the	DET
fsr-3787	21	2	results	result	NOUN
fsr-3787	21	3	for	for	ADP
fsr-3787	21	4	all	all	DET
fsr-3787	21	5	contests	contest	NOUN
fsr-3787	21	6	show	show	VERB
fsr-3787	21	7	the	the	DET
fsr-3787	21	8	professional	professional	ADJ
fsr-3787	21	9	analysts	analyst	NOUN
fsr-3787	21	10	winning	win	VERB
fsr-3787	21	11	3	3	NUM
fsr-3787	21	12	1	1	NUM
fsr-3787	21	13	times	time	NOUN
fsr-3787	21	14	while	while	SCONJ
fsr-3787	21	15	the	the	DET
fsr-3787	21	16	djia	djia	PROPN
fsr-3787	21	17	has	have	AUX
fsr-3787	21	18	won	win	VERB
fsr-3787	21	19	26	26	NUM
fsr-3787	21	20	times	time	NOUN
fsr-3787	21	21	.	.	PUNCT
fsr-3787	21	22	’	'	PUNCT
fsr-3787	22	1	the	the	DET
fsr-3787	22	2	average	average	ADJ
fsr-3787	22	3	six	six	NUM
fsr-3787	22	4	-	-	PUNCT
fsr-3787	22	5	month	month	NOUN
fsr-3787	22	6	gain	gain	NOUN
fsr-3787	22	7	is	be	AUX
fsr-3787	22	8	8.1	8.1	NUM
fsr-3787	22	9	%	%	NOUN
fsr-3787	22	10	for	for	ADP
fsr-3787	22	11	the	the	DET
fsr-3787	22	12	professional	professional	ADJ
fsr-3787	22	13	analysts	analyst	NOUN
fsr-3787	22	14	and	and	CCONJ
fsr-3787	22	15	3.8	3.8	NUM
fsr-3787	22	16	%	%	NOUN
fsr-3787	22	17	for	for	ADP
fsr-3787	22	18	the	the	DET
fsr-3787	22	19	djia	djia	PROPN
fsr-3787	22	20	,	,	PUNCT
fsr-3787	22	21	but	but	CCONJ
fsr-3787	22	22	the	the	DET
fsr-3787	22	23	test	test	NOUN
fsr-3787	22	24	does	do	AUX
fsr-3787	22	25	not	not	PART
fsr-3787	22	26	examine	examine	VERB
fsr-3787	22	27	risk	risk	NOUN
fsr-3787	22	28	-	-	PUNCT
fsr-3787	22	29	adjusted	adjust	VERB
fsr-3787	22	30	returns	return	NOUN
fsr-3787	22	31	.	.	PUNCT
fsr-3787	23	1	moreover	moreover	ADV
fsr-3787	23	2	,	,	PUNCT
fsr-3787	23	3	each	each	DET
fsr-3787	23	4	analyst	analyst	NOUN
fsr-3787	23	5	is	be	AUX
fsr-3787	23	6	limited	limit	VERB
fsr-3787	23	7	to	to	ADP
fsr-3787	23	8	one	one	NUM
fsr-3787	23	9	stock	stock	NOUN
fsr-3787	23	10	,	,	PUNCT
fsr-3787	23	11	and	and	CCONJ
fsr-3787	23	12	returns	return	NOUN
fsr-3787	23	13	include	include	VERB
fsr-3787	23	14	capital	capital	NOUN
fsr-3787	23	15	gains	gain	NOUN
fsr-3787	23	16	and	and	CCONJ
fsr-3787	23	17	losses	loss	NOUN
fsr-3787	23	18	but	but	CCONJ
fsr-3787	23	19	not	not	PART
fsr-3787	23	20	dividends	dividend	NOUN
fsr-3787	23	21	.	.	PUNCT
fsr-3787	24	1	the	the	DET
fsr-3787	24	2	purpose	purpose	NOUN
fsr-3787	24	3	of	of	ADP
fsr-3787	24	4	this	this	DET
fsr-3787	24	5	study	study	NOUN
fsr-3787	24	6	is	be	AUX
fsr-3787	24	7	two	two	NUM
fsr-3787	24	8	-	-	NUM
fsr-3787	24	9	fold	fold	ADJ
fsr-3787	24	10	.	.	PUNCT
fsr-3787	25	1	first	first	ADV
fsr-3787	25	2	,	,	PUNCT
fsr-3787	25	3	this	this	DET
fsr-3787	25	4	study	study	NOUN
fsr-3787	25	5	reviews	review	VERB
fsr-3787	25	6	the	the	DET
fsr-3787	25	7	techniques	technique	NOUN
fsr-3787	25	8	that	that	PRON
fsr-3787	25	9	are	be	AUX
fsr-3787	25	10	commonly	commonly	ADV
fsr-3787	25	11	used	use	VERB
fsr-3787	25	12	to	to	PART
fsr-3787	25	13	evaluate	evaluate	VERB
fsr-3787	25	14	investment	investment	NOUN
fsr-3787	25	15	performance	performance	NOUN
fsr-3787	25	16	:	:	PUNCT
fsr-3787	25	17	stock	stock	NOUN
fsr-3787	25	18	index	index	NOUN
fsr-3787	25	19	comparisons	comparison	NOUN
fsr-3787	25	20	,	,	PUNCT
fsr-3787	25	21	event	event	NOUN
fsr-3787	25	22	study	study	NOUN
fsr-3787	25	23	methodologies	methodology	NOUN
fsr-3787	25	24	,	,	PUNCT
fsr-3787	25	25	and	and	CCONJ
fsr-3787	25	26	the	the	DET
fsr-3787	25	27	sharpe	sharpe	NOUN
fsr-3787	25	28	,	,	PUNCT
fsr-3787	25	29	treynor	treynor	NOUN
fsr-3787	25	30	,	,	PUNCT
fsr-3787	25	31	and	and	CCONJ
fsr-3787	25	32	jensen	jensen	PROPN
fsr-3787	25	33	measures	measure	NOUN
fsr-3787	25	34	.	.	PUNCT
fsr-3787	26	1	second	second	ADJ
fsr-3787	26	2	,	,	PUNCT
fsr-3787	26	3	this	this	DET
fsr-3787	26	4	study	study	NOUN
fsr-3787	26	5	exam	exam	NOUN
fsr-3787	26	6	ines	ine	VERB
fsr-3787	26	7	the	the	DET
fsr-3787	26	8	question	question	NOUN
fsr-3787	26	9	raised	raise	VERB
fsr-3787	26	10	earlier	early	ADV
fsr-3787	26	11	;	;	PUNCT
fsr-3787	26	12	that	that	PRON
fsr-3787	26	13	is	is	ADV
fsr-3787	26	14	,	,	PUNCT
fsr-3787	26	15	if	if	SCONJ
fsr-3787	26	16	an	an	DET
fsr-3787	26	17	investor	investor	NOUN
fsr-3787	26	18	followed	follow	VERB
fsr-3787	26	19	the	the	DET
fsr-3787	26	20	professional	professional	ADJ
fsr-3787	26	21	analysts	analyst	NOUN
fsr-3787	26	22	’	’	PART
fsr-3787	26	23	recommendations	recommendation	NOUN
fsr-3787	26	24	,	,	PUNCT
fsr-3787	26	25	what	what	PRON
fsr-3787	26	26	would	would	AUX
fsr-3787	26	27	the	the	DET
fsr-3787	26	28	result	result	NOUN
fsr-3787	26	29	have	have	AUX
fsr-3787	26	30	been	be	AUX
fsr-3787	26	31	over	over	ADP
fsr-3787	26	32	a	a	DET
fsr-3787	26	33	period	period	NOUN
fsr-3787	26	34	of	of	ADP
fsr-3787	26	35	time	time	NOUN
fsr-3787	26	36	?	?	PUNCT
fsr-3787	27	1	when	when	SCONJ
fsr-3787	27	2	a	a	DET
fsr-3787	27	3	profes	profes	ADJ
fsr-3787	27	4	sional	sional	ADJ
fsr-3787	27	5	analyst	analyst	NOUN
fsr-3787	27	6	makes	make	VERB
fsr-3787	27	7	a	a	DET
fsr-3787	27	8	buy	buy	NOUN
fsr-3787	27	9	or	or	CCONJ
fsr-3787	27	10	sell	sell	VERB
fsr-3787	27	11	recommendation	recommendation	NOUN
fsr-3787	27	12	,	,	PUNCT
fsr-3787	27	13	his	his	PRON
fsr-3787	27	14	standard	standard	ADJ
fsr-3787	27	15	time	time	NOUN
fsr-3787	27	16	horizon	horizon	NOUN
fsr-3787	27	17	for	for	ADP
fsr-3787	27	18	perfor	perfor	PROPN
fsr-3787	27	19	mance	mance	NOUN
fsr-3787	27	20	is	be	AUX
fsr-3787	27	21	six	six	NUM
fsr-3787	27	22	months	month	NOUN
fsr-3787	27	23	to	to	ADP
fsr-3787	27	24	a	a	DET
fsr-3787	27	25	year	year	NOUN
fsr-3787	27	26	;	;	PUNCT
fsr-3787	27	27	therefore	therefore	ADV
fsr-3787	27	28	,	,	PUNCT
fsr-3787	27	29	this	this	DET
fsr-3787	27	30	time	time	NOUN
fsr-3787	27	31	frame	frame	NOUN
fsr-3787	27	32	has	have	AUX
fsr-3787	27	33	been	be	AUX
fsr-3787	27	34	adopted	adopt	VERB
fsr-3787	27	35	in	in	ADP
fsr-3787	27	36	this	this	DET
fsr-3787	27	37	study	study	NOUN
fsr-3787	27	38	.	.	PUNCT
fsr-3787	28	1	the	the	DET
fsr-3787	28	2	results	result	NOUN
fsr-3787	28	3	of	of	ADP
fsr-3787	28	4	this	this	DET
fsr-3787	28	5	study	study	NOUN
fsr-3787	28	6	indicate	indicate	VERB
fsr-3787	28	7	that	that	SCONJ
fsr-3787	28	8	the	the	DET
fsr-3787	28	9	conclusion	conclusion	NOUN
fsr-3787	28	10	one	one	NUM
fsr-3787	28	11	draws	draw	VERB
fsr-3787	28	12	regarding	regard	VERB
fsr-3787	28	13	analyst	analyst	NOUN
fsr-3787	28	14	per	per	ADP
fsr-3787	28	15	formance	formance	NOUN
fsr-3787	28	16	depends	depend	VERB
fsr-3787	28	17	critically	critically	ADV
fsr-3787	28	18	on	on	ADP
fsr-3787	28	19	the	the	DET
fsr-3787	28	20	evaluation	evaluation	NOUN
fsr-3787	28	21	technique	technique	NOUN
fsr-3787	28	22	employed	employ	VERB
fsr-3787	28	23	.	.	PUNCT
fsr-3787	29	1	stock	stock	NOUN
fsr-3787	29	2	index	index	NOUN
fsr-3787	29	3	compari	compari	NOUN
fsr-3787	29	4	sons	son	NOUN
fsr-3787	29	5	,	,	PUNCT
fsr-3787	29	6	for	for	ADP
fsr-3787	29	7	example	example	NOUN
fsr-3787	29	8	,	,	PUNCT
fsr-3787	29	9	often	often	ADV
fsr-3787	29	10	produce	produce	VERB
fsr-3787	29	11	biased	biased	ADJ
fsr-3787	29	12	results	result	NOUN
fsr-3787	29	13	because	because	SCONJ
fsr-3787	29	14	the	the	DET
fsr-3787	29	15	recommended	recommend	VERB
fsr-3787	29	16	securities	security	NOUN
fsr-3787	29	17	exhibit	exhibit	VERB
fsr-3787	29	18	different	different	ADJ
fsr-3787	29	19	risk	risk	NOUN
fsr-3787	29	20	than	than	ADP
fsr-3787	29	21	the	the	DET
fsr-3787	29	22	benchmark	benchmark	NOUN
fsr-3787	29	23	selected	select	VERB
fsr-3787	29	24	.	.	PUNCT
fsr-3787	30	1	similarly	similarly	ADV
fsr-3787	30	2	,	,	PUNCT
fsr-3787	30	3	event	event	NOUN
fsr-3787	30	4	study	study	NOUN
fsr-3787	30	5	methodologies	methodology	NOUN
fsr-3787	30	6	often	often	ADV
fsr-3787	30	7	produce	produce	VERB
fsr-3787	30	8	biased	biased	ADJ
fsr-3787	30	9	results	result	NOUN
fsr-3787	30	10	because	because	SCONJ
fsr-3787	30	11	the	the	DET
fsr-3787	30	12	recommended	recommend	VERB
fsr-3787	30	13	securities	security	NOUN
fsr-3787	30	14	exhibit	exhibit	VERB
fsr-3787	30	15	abnormal	abnormal	ADJ
fsr-3787	30	16	perfor	perfor	NOUN
fsr-3787	30	17	mance	mance	NOUN
fsr-3787	30	18	during	during	ADP
fsr-3787	30	19	the	the	DET
fsr-3787	30	20	estimation	estimation	NOUN
fsr-3787	30	21	period	period	NOUN
fsr-3787	30	22	selected	select	VERB
fsr-3787	30	23	.	.	PUNCT
fsr-3787	31	1	based	base	VERB
fsr-3787	31	2	on	on	ADP
fsr-3787	31	3	an	an	DET
fsr-3787	31	4	analysis	analysis	NOUN
fsr-3787	31	5	of	of	ADP
fsr-3787	31	6	each	each	DET
fsr-3787	31	7	technique	technique	NOUN
fsr-3787	31	8	,	,	PUNCT
fsr-3787	31	9	we	we	PRON
fsr-3787	31	10	believe	believe	VERB
fsr-3787	31	11	that	that	SCONJ
fsr-3787	31	12	the	the	DET
fsr-3787	31	13	sharpe	sharpe	PROPN
fsr-3787	31	14	,	,	PUNCT
fsr-3787	31	15	treynor	treynor	NOUN
fsr-3787	31	16	,	,	PUNCT
fsr-3787	31	17	and	and	CCONJ
fsr-3787	31	18	jensen	jensen	PROPN
fsr-3787	31	19	methodologies	methodology	NOUN
fsr-3787	31	20	provide	provide	VERB
fsr-3787	31	21	the	the	DET
fsr-3787	31	22	most	most	ADV
fsr-3787	31	23	defensible	defensible	ADJ
fsr-3787	31	24	results	result	NOUN
fsr-3787	31	25	.	.	PUNCT
fsr-3787	32	1	while	while	SCONJ
fsr-3787	32	2	these	these	DET
fsr-3787	32	3	methodologies	methodology	NOUN
fsr-3787	32	4	generally	generally	ADV
fsr-3787	32	5	have	have	AUX
fsr-3787	32	6	not	not	PART
fsr-3787	32	7	been	be	AUX
fsr-3787	32	8	used	use	VERB
fsr-3787	32	9	to	to	PART
fsr-3787	32	10	test	test	VERB
fsr-3787	32	11	analyst	analyst	NOUN
fsr-3787	32	12	perfor	perfor	PROPN
fsr-3787	32	13	mance	mance	PROPN
fsr-3787	32	14	,	,	PUNCT
fsr-3787	32	15	they	they	PRON
fsr-3787	32	16	have	have	AUX
fsr-3787	32	17	been	be	AUX
fsr-3787	32	18	used	use	VERB
fsr-3787	32	19	to	to	PART
fsr-3787	32	20	evaluate	evaluate	VERB
fsr-3787	32	21	portfolio	portfolio	NOUN
fsr-3787	32	22	managers	manager	NOUN
fsr-3787	32	23	.	.	PUNCT
fsr-3787	33	1	the	the	DET
fsr-3787	33	2	results	result	NOUN
fsr-3787	33	3	of	of	ADP
fsr-3787	33	4	this	this	DET
fsr-3787	33	5	study	study	NOUN
fsr-3787	33	6	also	also	ADV
fsr-3787	33	7	indicate	indicate	VERB
fsr-3787	33	8	that	that	SCONJ
fsr-3787	33	9	while	while	SCONJ
fsr-3787	33	10	analysts	analyst	NOUN
fsr-3787	33	11	do	do	AUX
fsr-3787	33	12	identify	identify	VERB
fsr-3787	33	13	mispriced	misprice	VERB
fsr-3787	33	14	securities	security	NOUN
fsr-3787	33	15	,	,	PUNCT
fsr-3787	33	16	it	it	PRON
fsr-3787	33	17	is	be	AUX
fsr-3787	33	18	difficult	difficult	ADJ
fsr-3787	33	19	for	for	SCONJ
fsr-3787	33	20	individual	individual	ADJ
fsr-3787	33	21	investors	investor	NOUN
fsr-3787	33	22	to	to	PART
fsr-3787	33	23	capitalize	capitalize	VERB
fsr-3787	33	24	on	on	ADP
fsr-3787	33	25	investment	investment	NOUN
fsr-3787	33	26	recommendations	recommendation	NOUN
fsr-3787	33	27	.	.	PUNCT
fsr-3787	34	1	when	when	SCONJ
fsr-3787	34	2	transaction	transaction	NOUN
fsr-3787	34	3	costs	cost	NOUN
fsr-3787	34	4	are	be	AUX
fsr-3787	34	5	included	include	VERB
fsr-3787	34	6	,	,	PUNCT
fsr-3787	34	7	investors	investor	NOUN
fsr-3787	34	8	generally	generally	ADV
fsr-3787	34	9	earn	earn	VERB
fsr-3787	34	10	normal	normal	ADJ
fsr-3787	34	11	returns	return	NOUN
fsr-3787	34	12	even	even	ADV
fsr-3787	34	13	when	when	SCONJ
fsr-3787	34	14	trades	trade	NOUN
fsr-3787	34	15	are	be	AUX
fsr-3787	34	16	assumed	assume	VERB
fsr-3787	34	17	to	to	PART
fsr-3787	34	18	occur	occur	VERB
fsr-3787	34	19	at	at	ADP
fsr-3787	34	20	pre	pre	ADJ
fsr-3787	34	21	-	-	ADJ
fsr-3787	34	22	recommendation	recommendation	ADJ
fsr-3787	34	23	prices	price	NOUN
fsr-3787	34	24	.	.	PUNCT
fsr-3787	35	1	investors	investor	NOUN
fsr-3787	35	2	who	who	PRON
fsr-3787	35	3	purchase	purchase	VERB
fsr-3787	35	4	securities	security	NOUN
fsr-3787	35	5	following	follow	VERB
fsr-3787	35	6	recommendation	recommendation	NOUN
fsr-3787	35	7	announcements	announcement	NOUN
fsr-3787	35	8	generally	generally	ADV
fsr-3787	35	9	earn	earn	VERB
fsr-3787	35	10	lower	low	ADJ
fsr-3787	35	11	returns	return	NOUN
fsr-3787	35	12	than	than	ADP
fsr-3787	35	13	investors	investor	NOUN
fsr-3787	35	14	who	who	PRON
fsr-3787	35	15	trade	trade	VERB
fsr-3787	35	16	at	at	ADP
fsr-3787	35	17	pre	pre	ADJ
fsr-3787	35	18	-	-	ADJ
fsr-3787	35	19	recommendation	recommendation	ADJ
fsr-3787	35	20	prices	price	NOUN
fsr-3787	35	21	.	.	PUNCT
fsr-3787	36	1	this	this	DET
fsr-3787	36	2	result	result	NOUN
fsr-3787	36	3	is	be	AUX
fsr-3787	36	4	consistent	consistent	ADJ
fsr-3787	36	5	not	not	PART
fsr-3787	36	6	only	only	ADV
fsr-3787	36	7	with	with	ADP
fsr-3787	36	8	the	the	DET
fsr-3787	36	9	announcement	announcement	NOUN
fsr-3787	36	10	effect	effect	NOUN
fsr-3787	36	11	documented	document	VERB
fsr-3787	36	12	in	in	ADP
fsr-3787	36	13	previous	previous	ADJ
fsr-3787	36	14	studies	study	NOUN
fsr-3787	36	15	,	,	PUNCT
fsr-3787	36	16	but	but	CCONJ
fsr-3787	36	17	also	also	ADV
fsr-3787	36	18	with	with	ADP
fsr-3787	36	19	market	market	NOUN
fsr-3787	36	20	efficiency	efficiency	NOUN
fsr-3787	36	21	in	in	ADP
fsr-3787	36	22	the	the	DET
fsr-3787	36	23	semi	semi	ADJ
fsr-3787	36	24	-	-	ADJ
fsr-3787	36	25	strong	strong	ADJ
fsr-3787	36	26	form	form	NOUN
fsr-3787	36	27	.	.	PUNCT
fsr-3787	37	1	ii	ii	PROPN
fsr-3787	37	2	.	.	PUNCT
fsr-3787	37	3	background	background	PROPN
fsr-3787	37	4	a	a	DET
fsr-3787	37	5	market	market	NOUN
fsr-3787	37	6	is	be	AUX
fsr-3787	37	7	said	say	VERB
fsr-3787	37	8	to	to	PART
fsr-3787	37	9	be	be	AUX
fsr-3787	37	10	efficient	efficient	ADJ
fsr-3787	37	11	if	if	SCONJ
fsr-3787	37	12	security	security	NOUN
fsr-3787	37	13	prices	price	NOUN
fsr-3787	37	14	reflect	reflect	VERB
fsr-3787	37	15	all	all	DET
fsr-3787	37	16	available	available	ADJ
fsr-3787	37	17	information	information	NOUN
fsr-3787	37	18	,	,	PUNCT
fsr-3787	37	19	and	and	CCONJ
fsr-3787	37	20	infor	infor	PROPN
fsr-3787	37	21	mation	mation	PROPN
fsr-3787	37	22	is	be	AUX
fsr-3787	37	23	freely	freely	ADV
fsr-3787	37	24	and	and	CCONJ
fsr-3787	37	25	quickly	quickly	ADV
fsr-3787	37	26	disseminated	disseminate	VERB
fsr-3787	37	27	in	in	ADP
fsr-3787	37	28	an	an	DET
fsr-3787	37	29	unbiased	unbiased	ADJ
fsr-3787	37	30	manner	manner	NOUN
fsr-3787	37	31	(	(	PUNCT
fsr-3787	37	32	fama	fama	NOUN
fsr-3787	37	33	,	,	PUNCT
fsr-3787	37	34	1970	1970	NUM
fsr-3787	37	35	)	)	PUNCT
fsr-3787	37	36	.	.	PUNCT
fsr-3787	38	1	financial	financial	ADJ
fsr-3787	38	2	hfessional	hfessional	ADJ
fsr-3787	38	3	stock	stock	NOUN
fsr-3787	38	4	anazysts	anazyst	NOUN
fsr-3787	38	5	’	'	PUNCT
fsr-3787	38	6	recommendations	recommendation	VERB
fsr-3787	38	7	15	15	NUM
fsr-3787	38	8	theorists	theorist	NOUN
fsr-3787	38	9	have	have	AUX
fsr-3787	38	10	identified	identify	VERB
fsr-3787	38	11	three	three	NUM
fsr-3787	38	12	conditions	condition	NOUN
fsr-3787	38	13	that	that	PRON
fsr-3787	38	14	make	make	VERB
fsr-3787	38	15	a	a	DET
fsr-3787	38	16	market	market	NOUN
fsr-3787	38	17	efficient	efficient	ADJ
fsr-3787	38	18	:	:	PUNCT
fsr-3787	38	19	(	(	PUNCT
fsr-3787	38	20	a	a	X
fsr-3787	38	21	)	)	PUNCT
fsr-3787	38	22	there	there	PRON
fsr-3787	38	23	are	be	VERB
fsr-3787	38	24	a	a	DET
fsr-3787	38	25	large	large	ADJ
fsr-3787	38	26	number	number	NOUN
fsr-3787	38	27	of	of	ADP
fsr-3787	38	28	profit	profit	NOUN
fsr-3787	38	29	-	-	PUNCT
fsr-3787	38	30	maximizing	maximize	VERB
fsr-3787	38	31	investors	investor	NOUN
fsr-3787	38	32	;	;	PUNCT
fsr-3787	38	33	(	(	PUNCT
fsr-3787	38	34	b	b	X
fsr-3787	38	35	)	)	PUNCT
fsr-3787	38	36	transaction	transaction	NOUN
fsr-3787	38	37	costs	cost	NOUN
fsr-3787	38	38	are	be	AUX
fsr-3787	38	39	insignificant	insignificant	ADJ
fsr-3787	38	40	;	;	PUNCT
fsr-3787	38	41	and	and	CCONJ
fsr-3787	38	42	(	(	PUNCT
fsr-3787	38	43	c	c	X
fsr-3787	38	44	)	)	PUNCT
fsr-3787	38	45	investors	investor	NOUN
fsr-3787	38	46	have	have	VERB
fsr-3787	38	47	free	free	ADJ
fsr-3787	38	48	and	and	CCONJ
fsr-3787	38	49	equal	equal	ADJ
fsr-3787	38	50	access	access	NOUN
fsr-3787	38	51	to	to	ADP
fsr-3787	38	52	all	all	DET
fsr-3787	38	53	relevant	relevant	ADJ
fsr-3787	38	54	information	information	NOUN
fsr-3787	38	55	.	.	PUNCT
fsr-3787	39	1	while	while	SCONJ
fsr-3787	39	2	most	most	ADJ
fsr-3787	39	3	observers	observer	NOUN
fsr-3787	39	4	believe	believe	VERB
fsr-3787	39	5	that	that	SCONJ
fsr-3787	39	6	the	the	DET
fsr-3787	39	7	u.s	u.s	PROPN
fsr-3787	39	8	.	.	PROPN
fsr-3787	39	9	stock	stock	NOUN
fsr-3787	39	10	markets	market	NOUN
fsr-3787	39	11	are	be	AUX
fsr-3787	39	12	semi	semi	ADJ
fsr-3787	39	13	-	-	ADJ
fsr-3787	39	14	strong	strong	ADJ
fsr-3787	39	15	form	form	NOUN
fsr-3787	39	16	efficient	efficient	ADJ
fsr-3787	39	17	(	(	PUNCT
fsr-3787	39	18	i.e.	i.e.	X
fsr-3787	39	19	,	,	PUNCT
fsr-3787	39	20	security	security	NOUN
fsr-3787	39	21	prices	price	NOUN
fsr-3787	39	22	adjust	adjust	VERB
fsr-3787	39	23	rapidly	rapidly	ADV
fsr-3787	39	24	to	to	PART
fsr-3787	39	25	reflect	reflect	VERB
fsr-3787	39	26	publicly	publicly	ADV
fsr-3787	39	27	-	-	PUNCT
fsr-3787	39	28	available	available	ADJ
fsr-3787	39	29	information	information	NOUN
fsr-3787	39	30	)	)	PUNCT
fsr-3787	39	31	,	,	PUNCT
fsr-3787	39	32	financial	financial	ADJ
fsr-3787	39	33	research	research	NOUN
fsr-3787	39	34	indicates	indicate	VERB
fsr-3787	39	35	that	that	SCONJ
fsr-3787	39	36	security	security	NOUN
fsr-3787	39	37	prices	price	NOUN
fsr-3787	39	38	do	do	AUX
fsr-3787	39	39	not	not	PART
fsr-3787	39	40	reflect	reflect	VERB
fsr-3787	39	41	private	private	ADJ
fsr-3787	39	42	information	information	NOUN
fsr-3787	39	43	.	.	PUNCT
fsr-3787	40	1	*	*	PUNCT
fsr-3787	40	2	as	as	ADP
fsr-3787	40	3	a	a	DET
fsr-3787	40	4	result	result	NOUN
fsr-3787	40	5	,	,	PUNCT
fsr-3787	40	6	fundamental	fundamental	ADJ
fsr-3787	40	7	and	and	CCONJ
fsr-3787	40	8	technical	technical	ADJ
fsr-3787	40	9	analysis	analysis	NOUN
fsr-3787	40	10	may	may	AUX
fsr-3787	40	11	be	be	AUX
fsr-3787	40	12	a	a	DET
fsr-3787	40	13	worthwhile	worthwhile	ADJ
fsr-3787	40	14	endeavor	endeavor	NOUN
fsr-3787	40	15	.	.	PUNCT
fsr-3787	41	1	investors	investor	NOUN
fsr-3787	41	2	who	who	PRON
fsr-3787	41	3	are	be	AUX
fsr-3787	41	4	more	more	ADV
fsr-3787	41	5	adept	adept	ADJ
fsr-3787	41	6	at	at	ADP
fsr-3787	41	7	analyzing	analyze	VERB
fsr-3787	41	8	and	and	CCONJ
fsr-3787	41	9	interpreting	interpret	VERB
fsr-3787	41	10	publicly	publicly	ADV
fsr-3787	41	11	-	-	PUNCT
fsr-3787	41	12	available	available	ADJ
fsr-3787	41	13	information	information	NOUN
fsr-3787	41	14	,	,	PUNCT
fsr-3787	41	15	and	and	CCONJ
fsr-3787	41	16	investors	investor	NOUN
fsr-3787	41	17	who	who	PRON
fsr-3787	41	18	can	can	AUX
fsr-3787	41	19	uncover	uncover	VERB
fsr-3787	41	20	nonpublic	nonpublic	ADJ
fsr-3787	41	21	information	information	NOUN
fsr-3787	41	22	,	,	PUNCT
fsr-3787	41	23	should	should	AUX
fsr-3787	41	24	earn	earn	VERB
fsr-3787	41	25	positive	positive	ADJ
fsr-3787	41	26	risk	risk	NOUN
fsr-3787	41	27	-	-	PUNCT
fsr-3787	41	28	adjusted	adjust	VERB
fsr-3787	41	29	returns	return	NOUN
fsr-3787	41	30	.	.	PUNCT
fsr-3787	42	1	grossman	grossman	PROPN
fsr-3787	42	2	and	and	CCONJ
fsr-3787	42	3	stiglitz	stiglitz	PROPN
fsr-3787	42	4	(	(	PUNCT
fsr-3787	42	5	1980	1980	NUM
fsr-3787	42	6	)	)	PUNCT
fsr-3787	42	7	point	point	VERB
fsr-3787	42	8	out	out	ADP
fsr-3787	42	9	,	,	PUNCT
fsr-3787	42	10	however	however	ADV
fsr-3787	42	11	,	,	PUNCT
fsr-3787	42	12	that	that	SCONJ
fsr-3787	42	13	investors	investor	NOUN
fsr-3787	42	14	will	will	AUX
fsr-3787	42	15	search	search	VERB
fsr-3787	42	16	for	for	ADP
fsr-3787	42	17	new	new	ADJ
fsr-3787	42	18	information	information	NOUN
fsr-3787	42	19	only	only	ADV
fsr-3787	42	20	if	if	SCONJ
fsr-3787	42	21	the	the	DET
fsr-3787	42	22	cost	cost	NOUN
fsr-3787	42	23	and	and	CCONJ
fsr-3787	42	24	effort	effort	VERB
fsr-3787	42	25	pro	pro	ADJ
fsr-3787	42	26	duces	duce	NOUN
fsr-3787	42	27	higher	high	ADJ
fsr-3787	42	28	investment	investment	NOUN
fsr-3787	42	29	retums.3	retums.3	PROPN
fsr-3787	42	30	previous	previous	ADJ
fsr-3787	42	31	studies	study	NOUN
fsr-3787	42	32	that	that	PRON
fsr-3787	42	33	examine	examine	VERB
fsr-3787	42	34	analyst	analyst	NOUN
fsr-3787	42	35	recommendations	recommendation	NOUN
fsr-3787	42	36	generally	generally	ADV
fsr-3787	42	37	fall	fall	VERB
fsr-3787	42	38	into	into	ADP
fsr-3787	42	39	one	one	NUM
fsr-3787	42	40	of	of	ADP
fsr-3787	42	41	two	two	NUM
fsr-3787	42	42	categories	category	NOUN
fsr-3787	42	43	:	:	PUNCT
fsr-3787	42	44	(	(	PUNCT
fsr-3787	42	45	a	a	X
fsr-3787	42	46	)	)	PUNCT
fsr-3787	42	47	studies	study	NOUN
fsr-3787	42	48	that	that	PRON
fsr-3787	42	49	test	test	NOUN
fsr-3787	42	50	accuracy	accuracy	NOUN
fsr-3787	42	51	,	,	PUNCT
fsr-3787	42	52	and	and	CCONJ
fsr-3787	42	53	(	(	PUNCT
fsr-3787	42	54	b	b	X
fsr-3787	42	55	)	)	PUNCT
fsr-3787	42	56	studies	study	NOUN
fsr-3787	42	57	that	that	PRON
fsr-3787	42	58	test	test	VERB
fsr-3787	42	59	information	information	NOUN
fsr-3787	42	60	content	content	NOUN
fsr-3787	42	61	.	.	PUNCT
fsr-3787	43	1	in	in	ADP
fsr-3787	43	2	the	the	DET
fsr-3787	43	3	early	early	ADJ
fsr-3787	43	4	1980s	1980	NOUN
fsr-3787	43	5	several	several	ADJ
fsr-3787	43	6	researchers	researcher	NOUN
fsr-3787	43	7	tested	test	VERB
fsr-3787	43	8	the	the	DET
fsr-3787	43	9	accuracy	accuracy	NOUN
fsr-3787	43	10	of	of	ADP
fsr-3787	43	11	value	value	NOUN
fsr-3787	43	12	line	line	NOUN
fsr-3787	43	13	investment	investment	NOUN
fsr-3787	43	14	survey	survey	NOUN
fsr-3787	43	15	time	time	NOUN
fsr-3787	43	16	liness	liness	ADJ
fsr-3787	43	17	rankings	ranking	NOUN
fsr-3787	43	18	(	(	PUNCT
fsr-3787	43	19	value	value	NOUN
fsr-3787	43	20	line	line	NOUN
fsr-3787	43	21	analysts	analyst	NOUN
fsr-3787	43	22	forecast	forecast	VERB
fsr-3787	43	23	stock	stock	NOUN
fsr-3787	43	24	price	price	NOUN
fsr-3787	43	25	performance	performance	NOUN
fsr-3787	43	26	over	over	ADP
fsr-3787	43	27	a	a	DET
fsr-3787	43	28	twelve	twelve	NUM
fsr-3787	43	29	-	-	PUNCT
fsr-3787	43	30	month	month	NOUN
fsr-3787	43	31	period	period	NOUN
fsr-3787	43	32	and	and	CCONJ
fsr-3787	43	33	rank	rank	NOUN
fsr-3787	43	34	stocks	stock	NOUN
fsr-3787	43	35	from	from	ADP
fsr-3787	43	36	1	1	NUM
fsr-3787	43	37	(	(	PUNCT
fsr-3787	43	38	outperform	outperform	NOUN
fsr-3787	43	39	)	)	PUNCT
fsr-3787	43	40	to	to	ADP
fsr-3787	43	41	5	5	NUM
fsr-3787	43	42	(	(	PUNCT
fsr-3787	43	43	underperform	underperform	NOUN
fsr-3787	43	44	)	)	PUNCT
fsr-3787	43	45	)	)	PUNCT
fsr-3787	43	46	.	.	PUNCT
fsr-3787	44	1	the	the	DET
fsr-3787	44	2	results	result	NOUN
fsr-3787	44	3	of	of	ADP
fsr-3787	44	4	these	these	DET
fsr-3787	44	5	stud	stud	NOUN
fsr-3787	44	6	ies	ie	NOUN
fsr-3787	44	7	were	be	AUX
fsr-3787	44	8	mixed	mixed	ADJ
fsr-3787	44	9	.	.	PUNCT
fsr-3787	45	1	copeland	copeland	PROPN
fsr-3787	45	2	and	and	CCONJ
fsr-3787	45	3	mayers	mayers	PROPN
fsr-3787	45	4	(	(	PUNCT
fsr-3787	45	5	1982	1982	NUM
fsr-3787	45	6	)	)	PUNCT
fsr-3787	45	7	,	,	PUNCT
fsr-3787	45	8	for	for	ADP
fsr-3787	45	9	example	example	NOUN
fsr-3787	45	10	,	,	PUNCT
fsr-3787	45	11	found	find	VERB
fsr-3787	45	12	no	no	DET
fsr-3787	45	13	evidence	evidence	NOUN
fsr-3787	45	14	that	that	PRON
fsr-3787	45	15	inves	inve	VERB
fsr-3787	45	16	tors	tor	NOUN
fsr-3787	45	17	who	who	PRON
fsr-3787	45	18	followed	follow	VERB
fsr-3787	45	19	an	an	DET
fsr-3787	45	20	active	active	ADJ
fsr-3787	45	21	trading	trading	NOUN
fsr-3787	45	22	strategy	strategy	NOUN
fsr-3787	45	23	earned	earn	VERB
fsr-3787	45	24	positive	positive	ADJ
fsr-3787	45	25	abnormal	abnormal	ADJ
fsr-3787	45	26	returns	return	NOUN
fsr-3787	45	27	by	by	ADP
fsr-3787	45	28	investing	invest	VERB
fsr-3787	45	29	in	in	ADP
fsr-3787	45	30	stocks	stock	NOUN
fsr-3787	45	31	with	with	ADP
fsr-3787	45	32	a	a	DET
fsr-3787	45	33	particular	particular	ADJ
fsr-3787	45	34	value	value	NOUN
fsr-3787	45	35	line	line	NOUN
fsr-3787	45	36	ranking	ranking	NOUN
fsr-3787	45	37	.	.	PUNCT
fsr-3787	46	1	while	while	SCONJ
fsr-3787	46	2	a	a	DET
fsr-3787	46	3	portfolio	portfolio	NOUN
fsr-3787	46	4	of	of	ADP
fsr-3787	46	5	rank	rank	NOUN
fsr-3787	46	6	5	5	NUM
fsr-3787	46	7	stocks	stock	NOUN
fsr-3787	46	8	did	do	VERB
fsr-3787	46	9	expe	expe	ADJ
fsr-3787	46	10	rience	rience	VERB
fsr-3787	46	11	statistically	statistically	ADV
fsr-3787	46	12	significant	significant	ADJ
fsr-3787	46	13	abnormal	abnormal	ADJ
fsr-3787	46	14	returns	return	NOUN
fsr-3787	46	15	of	of	ADP
fsr-3787	46	16	approximately	approximately	ADV
fsr-3787	46	17	-3	-3	ADJ
fsr-3787	46	18	%	%	NOUN
fsr-3787	46	19	(	(	PUNCT
fsr-3787	46	20	based	base	VERB
fsr-3787	46	21	on	on	ADP
fsr-3787	46	22	a	a	DET
fsr-3787	46	23	26week	26week	NUM
fsr-3787	46	24	holding	hold	VERB
fsr-3787	46	25	period	period	NOUN
fsr-3787	46	26	)	)	PUNCT
fsr-3787	46	27	,	,	PUNCT
fsr-3787	46	28	copeland	copeland	PROPN
fsr-3787	46	29	and	and	CCONJ
fsr-3787	46	30	mayers	mayers	PROPN
fsr-3787	46	31	(	(	PUNCT
fsr-3787	46	32	1982	1982	NUM
fsr-3787	46	33	)	)	PUNCT
fsr-3787	46	34	argued	argue	VERB
fsr-3787	46	35	that	that	SCONJ
fsr-3787	46	36	the	the	DET
fsr-3787	46	37	cost	cost	NOUN
fsr-3787	46	38	of	of	ADP
fsr-3787	46	39	implementing	implement	VERB
fsr-3787	46	40	a	a	DET
fsr-3787	46	41	short	short	ADJ
fsr-3787	46	42	sale	sale	NOUN
fsr-3787	46	43	trading	trading	NOUN
fsr-3787	46	44	rule	rule	NOUN
fsr-3787	46	45	would	would	AUX
fsr-3787	46	46	offset	offset	VERB
fsr-3787	46	47	the	the	DET
fsr-3787	46	48	gain	gain	NOUN
fsr-3787	46	49	.	.	PUNCT
fsr-3787	47	1	holloway	holloway	PROPN
fsr-3787	47	2	(	(	PUNCT
fsr-3787	47	3	1981	1981	NUM
fsr-3787	47	4	)	)	PUNCT
fsr-3787	47	5	,	,	PUNCT
fsr-3787	47	6	on	on	ADP
fsr-3787	47	7	the	the	DET
fsr-3787	47	8	other	other	ADJ
fsr-3787	47	9	hand	hand	NOUN
fsr-3787	47	10	,	,	PUNCT
fsr-3787	47	11	concluded	conclude	VERB
fsr-3787	47	12	that	that	SCONJ
fsr-3787	47	13	investors	investor	NOUN
fsr-3787	47	14	who	who	PRON
fsr-3787	47	15	bought	buy	VERB
fsr-3787	47	16	and	and	CCONJ
fsr-3787	47	17	held	hold	VERB
fsr-3787	47	18	value	value	NOUN
fsr-3787	47	19	line	line	NOUN
fsr-3787	47	20	rank	rank	NOUN
fsr-3787	47	21	1	1	NUM
fsr-3787	47	22	stocks	stock	NOUN
fsr-3787	47	23	did	do	AUX
fsr-3787	47	24	outperform	outperform	VERB
fsr-3787	47	25	the	the	DET
fsr-3787	47	26	market	market	NOUN
fsr-3787	47	27	.	.	PUNCT
fsr-3787	48	1	holloway	holloway	PROPN
fsr-3787	48	2	(	(	PUNCT
fsr-3787	48	3	1981	1981	NUM
fsr-3787	48	4	)	)	PUNCT
fsr-3787	48	5	also	also	ADV
fsr-3787	48	6	tested	test	VERB
fsr-3787	48	7	an	an	DET
fsr-3787	48	8	active	active	ADJ
fsr-3787	48	9	trading	trading	NOUN
fsr-3787	48	10	strategy	strategy	NOUN
fsr-3787	48	11	that	that	PRON
fsr-3787	48	12	involved	involve	VERB
fsr-3787	48	13	rebalancing	rebalance	VERB
fsr-3787	48	14	the	the	DET
fsr-3787	48	15	portfolio	portfolio	NOUN
fsr-3787	48	16	weekly	weekly	NOUN
fsr-3787	48	17	to	to	PART
fsr-3787	48	18	reflect	reflect	VERB
fsr-3787	48	19	ranking	ranking	ADJ
fsr-3787	48	20	changes	change	NOUN
fsr-3787	48	21	,	,	PUNCT
fsr-3787	48	22	but	but	CCONJ
fsr-3787	48	23	the	the	DET
fsr-3787	48	24	results	result	NOUN
fsr-3787	48	25	were	be	AUX
fsr-3787	48	26	significant	significant	ADJ
fsr-3787	48	27	only	only	ADV
fsr-3787	48	28	when	when	SCONJ
fsr-3787	48	29	transaction	transaction	NOUN
fsr-3787	48	30	costs	cost	NOUN
fsr-3787	48	31	were	be	AUX
fsr-3787	48	32	ignored	ignore	VERB
fsr-3787	48	33	.	.	PUNCT
fsr-3787	49	1	in	in	ADP
fsr-3787	49	2	a	a	DET
fsr-3787	49	3	later	later	ADJ
fsr-3787	49	4	study	study	NOUN
fsr-3787	49	5	holloway	holloway	PROPN
fsr-3787	49	6	(	(	PUNCT
fsr-3787	49	7	1983	1983	NUM
fsr-3787	49	8	)	)	PUNCT
fsr-3787	49	9	found	find	VERB
fsr-3787	49	10	that	that	SCONJ
fsr-3787	49	11	an	an	DET
fsr-3787	49	12	active	active	ADJ
fsr-3787	49	13	trading	trading	NOUN
fsr-3787	49	14	strategy	strategy	NOUN
fsr-3787	49	15	did	do	AUX
fsr-3787	49	16	result	result	VERB
fsr-3787	49	17	in	in	ADP
fsr-3787	49	18	significant	significant	ADJ
fsr-3787	49	19	abnormal	abnormal	ADJ
fsr-3787	49	20	returns	return	NOUN
fsr-3787	49	21	even	even	ADV
fsr-3787	49	22	when	when	SCONJ
fsr-3787	49	23	transaction	transaction	NOUN
fsr-3787	49	24	costs	cost	NOUN
fsr-3787	49	25	were	be	AUX
fsr-3787	49	26	included	include	VERB
fsr-3787	49	27	.	.	PUNCT
fsr-3787	50	1	while	while	SCONJ
fsr-3787	50	2	holloway	holloway	PROPN
fsr-3787	50	3	(	(	PUNCT
fsr-3787	50	4	1983	1983	NUM
fsr-3787	50	5	)	)	PUNCT
fsr-3787	50	6	used	use	VERB
fsr-3787	50	7	friday	friday	PROPN
fsr-3787	50	8	’s	’s	PART
fsr-3787	50	9	closing	closing	NOUN
fsr-3787	50	10	prices	price	NOUN
fsr-3787	50	11	to	to	PART
fsr-3787	50	12	calculate	calculate	VERB
fsr-3787	50	13	returns	return	NOUN
fsr-3787	50	14	(	(	PUNCT
fsr-3787	50	15	value	value	NOUN
fsr-3787	50	16	line	line	NOUN
fsr-3787	50	17	recommendations	recommendation	NOUN
fsr-3787	50	18	were	be	AUX
fsr-3787	50	19	published	publish	VERB
fsr-3787	50	20	on	on	ADP
fsr-3787	50	21	fri	fri	ADJ
fsr-3787	50	22	day	day	NOUN
fsr-3787	50	23	)	)	PUNCT
fsr-3787	50	24	,	,	PUNCT
fsr-3787	50	25	he	he	PRON
fsr-3787	50	26	indicated	indicate	VERB
fsr-3787	50	27	that	that	SCONJ
fsr-3787	50	28	timing	timing	NOUN
fsr-3787	50	29	was	be	AUX
fsr-3787	50	30	critical	critical	ADJ
fsr-3787	50	31	.	.	PUNCT
fsr-3787	51	1	when	when	SCONJ
fsr-3787	51	2	returns	return	NOUN
fsr-3787	51	3	were	be	AUX
fsr-3787	51	4	calculated	calculate	VERB
fsr-3787	51	5	using	use	VERB
fsr-3787	51	6	prices	price	NOUN
fsr-3787	51	7	for	for	ADP
fsr-3787	51	8	the	the	DET
fsr-3787	51	9	following	follow	VERB
fsr-3787	51	10	monday	monday	PROPN
fsr-3787	51	11	,	,	PUNCT
fsr-3787	51	12	the	the	DET
fsr-3787	51	13	returns	return	NOUN
fsr-3787	51	14	for	for	ADP
fsr-3787	51	15	the	the	DET
fsr-3787	51	16	rank	rank	NOUN
fsr-3787	51	17	1	1	NUM
fsr-3787	51	18	portfolio	portfolio	NOUN
fsr-3787	51	19	were	be	AUX
fsr-3787	51	20	significantly	significantly	ADV
fsr-3787	51	21	lower	low	ADJ
fsr-3787	51	22	.	.	PUNCT
fsr-3787	52	1	more	more	ADV
fsr-3787	52	2	recently	recently	ADV
fsr-3787	52	3	,	,	PUNCT
fsr-3787	52	4	financial	financial	ADJ
fsr-3787	52	5	researchers	researcher	NOUN
fsr-3787	52	6	have	have	AUX
fsr-3787	52	7	used	use	VERB
fsr-3787	52	8	an	an	DET
fsr-3787	52	9	event	event	NOUN
fsr-3787	52	10	study	study	NOUN
fsr-3787	52	11	methodology	methodology	NOUN
fsr-3787	52	12	to	to	PART
fsr-3787	52	13	test	test	VERB
fsr-3787	52	14	the	the	DET
fsr-3787	52	15	information	information	NOUN
fsr-3787	52	16	content	content	NOUN
fsr-3787	52	17	of	of	ADP
fsr-3787	52	18	analysts	analyst	NOUN
fsr-3787	52	19	’	’	PART
fsr-3787	52	20	recommendations	recommendation	NOUN
fsr-3787	52	21	.	.	PUNCT
fsr-3787	53	1	numerous	numerous	ADJ
fsr-3787	53	2	studies	study	NOUN
fsr-3787	53	3	(	(	PUNCT
fsr-3787	53	4	givoly	givoly	PROPN
fsr-3787	53	5	&	&	CCONJ
fsr-3787	53	6	lakon	lakon	PROPN
fsr-3787	53	7	ishok	ishok	PROPN
fsr-3787	53	8	,	,	PUNCT
fsr-3787	53	9	1979	1979	NUM
fsr-3787	53	10	;	;	PUNCT
fsr-3787	53	11	groth	groth	PROPN
fsr-3787	53	12	,	,	PUNCT
fsr-3787	53	13	lewellen	lewellen	NOUN
fsr-3787	53	14	,	,	PUNCT
fsr-3787	53	15	schlarbaum	schlarbaum	PROPN
fsr-3787	53	16	,	,	PUNCT
fsr-3787	53	17	&	&	CCONJ
fsr-3787	53	18	lease	lease	PROPN
fsr-3787	53	19	,	,	PUNCT
fsr-3787	53	20	1979	1979	NUM
fsr-3787	53	21	;	;	PUNCT
fsr-3787	53	22	bjerring	bjerre	VERB
fsr-3787	53	23	,	,	PUNCT
fsr-3787	53	24	lakonishok	lakonishok	NOUN
fsr-3787	53	25	,	,	PUNCT
fsr-3787	53	26	&	&	CCONJ
fsr-3787	53	27	ver	ver	PROPN
fsr-3787	53	28	maelen	maelen	PROPN
fsr-3787	53	29	,	,	PUNCT
fsr-3787	53	30	1983	1983	NUM
fsr-3787	53	31	;	;	PUNCT
fsr-3787	53	32	liu	liu	PROPN
fsr-3787	53	33	,	,	PUNCT
fsr-3787	53	34	smith	smith	PROPN
fsr-3787	53	35	,	,	PUNCT
fsr-3787	53	36	&	&	CCONJ
fsr-3787	53	37	syed	syed	ADJ
fsr-3787	53	38	,	,	PUNCT
fsr-3787	53	39	1990	1990	NUM
fsr-3787	53	40	;	;	PUNCT
fsr-3787	53	41	barber	barber	PROPN
fsr-3787	53	42	&	&	CCONJ
fsr-3787	53	43	loeffler	loeffler	PROPN
fsr-3787	53	44	,	,	PUNCT
fsr-3787	53	45	1993	1993	NUM
fsr-3787	53	46	)	)	PUNCT
fsr-3787	53	47	have	have	AUX
fsr-3787	53	48	documented	document	VERB
fsr-3787	53	49	positive	positive	ADJ
fsr-3787	53	50	abnormal	abnormal	ADJ
fsr-3787	53	51	returns	return	NOUN
fsr-3787	53	52	around	around	ADP
fsr-3787	53	53	the	the	DET
fsr-3787	53	54	announcement	announcement	NOUN
fsr-3787	53	55	of	of	ADP
fsr-3787	53	56	analysts	analyst	NOUN
fsr-3787	53	57	’	'	PUNCT
fsr-3787	53	58	recommendations.4	recommendations.4	PROPN
fsr-3787	53	59	liu	liu	PROPN
fsr-3787	53	60	et	et	PROPN
fsr-3787	53	61	al	al	PROPN
fsr-3787	53	62	.	.	PROPN
fsr-3787	54	1	(	(	PUNCT
fsr-3787	54	2	1990	1990	NUM
fsr-3787	54	3	)	)	PUNCT
fsr-3787	54	4	.	.	PUNCT
fsr-3787	55	1	for	for	ADP
fsr-3787	55	2	example	example	NOUN
fsr-3787	55	3	,	,	PUNCT
fsr-3787	55	4	analyzed	analyze	VERB
fsr-3787	55	5	the	the	DET
fsr-3787	55	6	reaction	reaction	NOUN
fsr-3787	55	7	of	of	ADP
fsr-3787	55	8	stock	stock	NOUN
fsr-3787	55	9	prices	price	NOUN
fsr-3787	55	10	to	to	ADP
fsr-3787	55	11	security	security	NOUN
fsr-3787	55	12	recommendations	recommendation	NOUN
fsr-3787	55	13	listed	list	VERB
fsr-3787	55	14	in	in	ADP
fsr-3787	55	15	the	the	DET
fsr-3787	55	16	“	"	PUNCT
fsr-3787	55	17	heard	hear	VERB
fsr-3787	55	18	on	on	ADP
fsr-3787	55	19	the	the	DET
fsr-3787	55	20	street	street	NOUN
fsr-3787	55	21	”	"	PUNCT
fsr-3787	55	22	column	column	NOUN
fsr-3787	55	23	in	in	ADP
fsr-3787	55	24	the	the	DET
fsr-3787	55	25	wall	wall	PROPN
fsr-3787	55	26	street	street	PROPN
fsr-3787	55	27	journul	journul	PROPN
fsr-3787	55	28	.	.	PUNCT
fsr-3787	56	1	based	base	VERB
fsr-3787	56	2	on	on	ADP
fsr-3787	56	3	the	the	DET
fsr-3787	56	4	finding	finding	NOUN
fsr-3787	56	5	that	that	SCONJ
fsr-3787	56	6	investors	investor	NOUN
fsr-3787	56	7	earned	earn	VERB
fsr-3787	56	8	positive	positive	ADJ
fsr-3787	56	9	cumulative	cumulative	ADJ
fsr-3787	56	10	abnormal	abnormal	ADJ
fsr-3787	56	11	returns	return	NOUN
fsr-3787	56	12	(	(	PUNCT
fsr-3787	56	13	cars	car	NOUN
fsr-3787	56	14	)	)	PUNCT
fsr-3787	56	15	of	of	ADP
fsr-3787	56	16	approximately	approximately	ADV
fsr-3787	56	17	3.4	3.4	NUM
fsr-3787	56	18	%	%	NOUN
fsr-3787	56	19	over	over	ADP
fsr-3787	56	20	a	a	DET
fsr-3787	56	21	21	21	NUM
fsr-3787	56	22	-	-	PUNCT
fsr-3787	56	23	trading	trading	NOUN
fsr-3787	56	24	day	day	NOUN
fsr-3787	56	25	period	period	NOUN
fsr-3787	56	26	centered	center	VERB
fsr-3787	56	27	around	around	ADP
fsr-3787	56	28	the	the	DET
fsr-3787	56	29	announcement	announcement	NOUN
fsr-3787	56	30	date	date	NOUN
fsr-3787	56	31	,	,	PUNCT
fsr-3787	56	32	they	they	PRON
fsr-3787	56	33	concluded	conclude	VERB
fsr-3787	56	34	that	that	SCONJ
fsr-3787	56	35	analyst	analyst	NOUN
fsr-3787	56	36	recommendations	recommendation	NOUN
fsr-3787	56	37	convey	convey	VERB
fsr-3787	56	38	new	new	ADJ
fsr-3787	56	39	information	information	NOUN
fsr-3787	56	40	to	to	ADP
fsr-3787	56	41	the	the	DET
fsr-3787	56	42	market	market	NOUN
fsr-3787	56	43	(	(	PUNCT
fsr-3787	56	44	the	the	DET
fsr-3787	56	45	information	information	NOUN
fsr-3787	56	46	hypoth	hypoth	NOUN
fsr-3787	56	47	esis	esis	NOUN
fsr-3787	56	48	)	)	PUNCT
fsr-3787	56	49	.	.	PUNCT
fsr-3787	57	1	barber	barber	NOUN
fsr-3787	57	2	and	and	CCONJ
fsr-3787	57	3	loeffler	loeffler	PROPN
fsr-3787	57	4	(	(	PUNCT
fsr-3787	57	5	1993	1993	NUM
fsr-3787	57	6	)	)	PUNCT
fsr-3787	57	7	analyzed	analyze	VERB
fsr-3787	57	8	recommendations	recommendation	NOUN
fsr-3787	57	9	listed	list	VERB
fsr-3787	57	10	in	in	ADP
fsr-3787	57	11	the	the	DET
fsr-3787	57	12	monthly	monthly	ADJ
fsr-3787	57	13	“	"	PUNCT
fsr-3787	57	14	dart	dart	NOUN
fsr-3787	57	15	board	board	NOUN
fsr-3787	57	16	”	"	PUNCT
fsr-3787	57	17	column	column	NOUN
fsr-3787	57	18	of	of	ADP
fsr-3787	57	19	the	the	DET
fsr-3787	57	20	wall	wall	PROPN
fsr-3787	57	21	street	street	PROPN
fsr-3787	57	22	journuz	journuz	PROPN
fsr-3787	57	23	.	.	PUNCT
fsr-3787	58	1	while	while	SCONJ
fsr-3787	58	2	the	the	DET
fsr-3787	58	3	professional	professional	ADJ
fsr-3787	58	4	analyst	analyst	NOUN
fsr-3787	58	5	stock	stock	NOUN
fsr-3787	58	6	picks	pick	VERB
fsr-3787	58	7	earned	earn	VERB
fsr-3787	58	8	cars	car	NOUN
fsr-3787	58	9	of	of	ADP
fsr-3787	58	10	approximately	approximately	ADV
fsr-3787	58	11	4	4	NUM
fsr-3787	58	12	%	%	NOUN
fsr-3787	58	13	on	on	ADP
fsr-3787	58	14	the	the	DET
fsr-3787	58	15	publication	publication	NOUN
fsr-3787	58	16	date	date	NOUN
fsr-3787	58	17	,	,	PUNCT
fsr-3787	58	18	the	the	DET
fsr-3787	58	19	cars	car	NOUN
fsr-3787	58	20	were	be	AUX
fsr-3787	58	21	partially	partially	ADV
fsr-3787	58	22	reversed	reverse	VERB
fsr-3787	58	23	over	over	ADP
fsr-3787	58	24	the	the	DET
fsr-3787	58	25	next	next	ADJ
fsr-3787	58	26	25	25	NUM
fsr-3787	58	27	days	day	NOUN
fsr-3787	58	28	,	,	PUNCT
fsr-3787	58	29	which	which	PRON
fsr-3787	58	30	caused	cause	VERB
fsr-3787	58	31	barber	barber	NOUN
fsr-3787	58	32	and	and	CCONJ
fsr-3787	58	33	loeffler	loeffler	NOUN
fsr-3787	58	34	to	to	PART
fsr-3787	58	35	conclude	conclude	VERB
fsr-3787	58	36	that	that	PRON
fsr-3787	58	37	invest	invest	VERB
fsr-3787	58	38	ment	ment	ADJ
fsr-3787	58	39	recommendations	recommendation	NOUN
fsr-3787	58	40	have	have	VERB
fsr-3787	58	41	both	both	CCONJ
fsr-3787	58	42	an	an	DET
fsr-3787	58	43	information	information	NOUN
fsr-3787	58	44	and	and	CCONJ
fsr-3787	58	45	a	a	DET
fsr-3787	58	46	price	price	NOUN
fsr-3787	58	47	pressure	pressure	NOUN
fsr-3787	58	48	effect	effect	NOUN
fsr-3787	58	49	.	.	PUNCT
fsr-3787	59	1	the	the	DET
fsr-3787	59	2	price	price	NOUN
fsr-3787	59	3	16	16	NUM
fsr-3787	59	4	financial	financial	ADJ
fsr-3787	59	5	services	service	NOUN
fsr-3787	59	6	review	review	VERB
fsr-3787	59	7	5	5	NUM
fsr-3787	59	8	(	(	PUNCT
fsr-3787	59	9	1	1	NUM
fsr-3787	59	10	)	)	PUNCT
fsr-3787	59	11	1996	1996	NUM
fsr-3787	59	12	pressure	pressure	NOUN
fsr-3787	59	13	hypothesis	hypothesis	NOUN
fsr-3787	59	14	suggests	suggest	VERB
fsr-3787	59	15	that	that	SCONJ
fsr-3787	59	16	the	the	DET
fsr-3787	59	17	abnormal	abnormal	ADJ
fsr-3787	59	18	returns	return	NOUN
fsr-3787	59	19	associated	associate	VERB
fsr-3787	59	20	with	with	ADP
fsr-3787	59	21	investment	investment	NOUN
fsr-3787	59	22	recom	recom	NOUN
fsr-3787	59	23	mendations	mendation	NOUN
fsr-3787	59	24	are	be	AUX
fsr-3787	59	25	caused	cause	VERB
fsr-3787	59	26	primarily	primarily	ADV
fsr-3787	59	27	by	by	ADP
fsr-3787	59	28	the	the	DET
fsr-3787	59	29	actions	action	NOUN
fsr-3787	59	30	of	of	ADP
fsr-3787	59	31	naive	naive	ADJ
fsr-3787	59	32	investors	investor	NOUN
fsr-3787	59	33	.	.	PUNCT
fsr-3787	60	1	ijl	ijl	PROPN
fsr-3787	60	2	data	datum	NOUN
fsr-3787	60	3	this	this	DET
fsr-3787	60	4	study	study	NOUN
fsr-3787	60	5	examines	examine	VERB
fsr-3787	60	6	professional	professional	ADJ
fsr-3787	60	7	analysts	analyst	NOUN
fsr-3787	60	8	’	’	PART
fsr-3787	60	9	recommendations	recommendation	NOUN
fsr-3787	60	10	announced	announce	VERB
fsr-3787	60	11	in	in	ADP
fsr-3787	60	12	the	the	DET
fsr-3787	60	13	“	"	PUNCT
fsr-3787	60	14	market	market	NOUN
fsr-3787	60	15	highlights	highlight	NOUN
fsr-3787	60	16	”	"	PUNCT
fsr-3787	60	17	section	section	NOUN
fsr-3787	60	18	of	of	ADP
fsr-3787	60	19	usa	usa	PROPN
fsr-3787	60	20	today	today	NOUN
fsr-3787	60	21	’	'	PUNCT
fsr-3787	60	22	that	that	PRON
fsr-3787	60	23	pertain	pertain	VERB
fsr-3787	60	24	to	to	ADP
fsr-3787	60	25	firms	firm	NOUN
fsr-3787	60	26	listed	list	VERB
fsr-3787	60	27	on	on	ADP
fsr-3787	60	28	either	either	CCONJ
fsr-3787	60	29	the	the	DET
fsr-3787	60	30	new	new	PROPN
fsr-3787	60	31	york	york	PROPN
fsr-3787	60	32	stock	stock	PROPN
fsr-3787	60	33	exchange	exchange	PROPN
fsr-3787	60	34	or	or	CCONJ
fsr-3787	60	35	the	the	DET
fsr-3787	60	36	american	american	ADJ
fsr-3787	60	37	stock	stock	PROPN
fsr-3787	60	38	exchange	exchange	PROPN
fsr-3787	60	39	.	.	PUNCT
fsr-3787	61	1	the	the	DET
fsr-3787	61	2	study	study	NOUN
fsr-3787	61	3	period	period	NOUN
fsr-3787	61	4	is	be	AUX
fsr-3787	61	5	january	january	PROPN
fsr-3787	61	6	1988	1988	NUM
fsr-3787	61	7	to	to	ADP
fsr-3787	61	8	december	december	PROPN
fsr-3787	61	9	1990	1990	NUM
fsr-3787	61	10	.	.	PUNCT
fsr-3787	62	1	return	return	VERB
fsr-3787	62	2	data	datum	NOUN
fsr-3787	62	3	for	for	ADP
fsr-3787	62	4	individual	individual	ADJ
fsr-3787	62	5	securities	security	NOUN
fsr-3787	62	6	and	and	CCONJ
fsr-3787	62	7	the	the	DET
fsr-3787	62	8	market	market	NOUN
fsr-3787	62	9	were	be	AUX
fsr-3787	62	10	taken	take	VERB
fsr-3787	62	11	from	from	ADP
fsr-3787	62	12	the	the	DET
fsr-3787	62	13	crsp	crsp	NOUN
fsr-3787	62	14	(	(	PUNCT
fsr-3787	62	15	cen	cen	PROPN
fsr-3787	62	16	ter	ter	NOUN
fsr-3787	62	17	for	for	ADP
fsr-3787	62	18	research	research	NOUN
fsr-3787	62	19	in	in	ADP
fsr-3787	62	20	security	security	NOUN
fsr-3787	62	21	prices	price	NOUN
fsr-3787	62	22	)	)	PUNCT
fsr-3787	62	23	tapes	tape	NOUN
fsr-3787	62	24	.	.	PUNCT
fsr-3787	63	1	the	the	DET
fsr-3787	63	2	initial	initial	ADJ
fsr-3787	63	3	sample	sample	NOUN
fsr-3787	63	4	contained	contain	VERB
fsr-3787	63	5	374	374	NUM
fsr-3787	63	6	investment	investment	NOUN
fsr-3787	63	7	rec	rec	NOUN
fsr-3787	63	8	ommendations	ommendation	NOUN
fsr-3787	63	9	,	,	PUNCT
fsr-3787	63	10	but	but	CCONJ
fsr-3787	63	11	24	24	NUM
fsr-3787	63	12	recommendations	recommendation	NOUN
fsr-3787	63	13	were	be	AUX
fsr-3787	63	14	excluded	exclude	VERB
fsr-3787	63	15	due	due	ADP
fsr-3787	63	16	to	to	ADP
fsr-3787	63	17	insufficient	insufficient	ADJ
fsr-3787	63	18	price	price	NOUN
fsr-3787	63	19	data	datum	NOUN
fsr-3787	63	20	during	during	ADP
fsr-3787	63	21	the	the	DET
fsr-3787	63	22	estimation	estimation	NOUN
fsr-3787	63	23	periods	period	NOUN
fsr-3787	63	24	,	,	PUNCT
fsr-3787	63	25	and	and	CCONJ
fsr-3787	63	26	21	21	NUM
fsr-3787	63	27	observations	observation	NOUN
fsr-3787	63	28	were	be	AUX
fsr-3787	63	29	excluded	exclude	VERB
fsr-3787	63	30	because	because	SCONJ
fsr-3787	63	31	the	the	DET
fsr-3787	63	32	time	time	NOUN
fsr-3787	63	33	span	span	NOUN
fsr-3787	63	34	between	between	ADP
fsr-3787	63	35	conflicting	conflict	VERB
fsr-3787	63	36	recommendations	recommendation	NOUN
fsr-3787	63	37	was	be	AUX
fsr-3787	63	38	less	less	ADJ
fsr-3787	63	39	than	than	ADP
fsr-3787	63	40	125	125	NUM
fsr-3787	63	41	trading	trading	NOUN
fsr-3787	63	42	days	day	NOUN
fsr-3787	63	43	(	(	PUNCT
fsr-3787	63	44	approximately	approximately	ADV
fsr-3787	63	45	6	6	NUM
fsr-3787	63	46	months	month	NOUN
fsr-3787	63	47	)	)	PUNCT
fsr-3787	63	48	.	.	PUNCT
fsr-3787	64	1	as	as	ADP
fsr-3787	64	2	a	a	DET
fsr-3787	64	3	result	result	NOUN
fsr-3787	64	4	,	,	PUNCT
fsr-3787	64	5	the	the	DET
fsr-3787	64	6	final	final	ADJ
fsr-3787	64	7	sample	sample	NOUN
fsr-3787	64	8	contains	contain	VERB
fsr-3787	64	9	329	329	NUM
fsr-3787	64	10	recommendations.6	recommendations.6	PROPN
fsr-3787	64	11	the	the	DET
fsr-3787	64	12	following	follow	VERB
fsr-3787	64	13	example	example	NOUN
fsr-3787	64	14	illustrates	illustrate	VERB
fsr-3787	64	15	the	the	DET
fsr-3787	64	16	issues	issue	NOUN
fsr-3787	64	17	related	relate	VERB
fsr-3787	64	18	to	to	ADP
fsr-3787	64	19	conflicting	conflicting	ADJ
fsr-3787	64	20	recommendations	recommendation	NOUN
fsr-3787	64	21	.	.	PUNCT
fsr-3787	65	1	on	on	ADP
fsr-3787	65	2	october	october	PROPN
fsr-3787	65	3	30	30	NUM
fsr-3787	65	4	,	,	PUNCT
fsr-3787	65	5	1990	1990	NUM
fsr-3787	65	6	,	,	PUNCT
fsr-3787	65	7	prudential	prudential	PROPN
fsr-3787	65	8	bathe	bathe	VERB
fsr-3787	65	9	issued	issue	VERB
fsr-3787	65	10	a	a	DET
fsr-3787	65	11	sell	sell	NOUN
fsr-3787	65	12	recommendation	recommendation	NOUN
fsr-3787	65	13	for	for	ADP
fsr-3787	65	14	armstrong	armstrong	PROPN
fsr-3787	65	15	world	world	PROPN
fsr-3787	65	16	industries	industry	NOUN
fsr-3787	65	17	.	.	PUNCT
fsr-3787	66	1	ten	ten	NUM
fsr-3787	66	2	trading	trading	NOUN
fsr-3787	66	3	days	day	NOUN
fsr-3787	66	4	later	later	ADV
fsr-3787	66	5	(	(	PUNCT
fsr-3787	66	6	on	on	ADP
fsr-3787	66	7	november	november	PROPN
fsr-3787	66	8	13	13	NUM
fsr-3787	66	9	,	,	PUNCT
fsr-3787	66	10	1990	1990	NUM
fsr-3787	66	11	)	)	PUNCT
fsr-3787	67	1	smith	smith	PROPN
fsr-3787	67	2	barney	barney	PROPN
fsr-3787	67	3	issued	issue	VERB
fsr-3787	67	4	a	a	DET
fsr-3787	67	5	buy	buy	NOUN
fsr-3787	67	6	recommendation	recommendation	NOUN
fsr-3787	67	7	.	.	PUNCT
fsr-3787	68	1	if	if	SCONJ
fsr-3787	68	2	the	the	DET
fsr-3787	68	3	focus	focus	NOUN
fsr-3787	68	4	of	of	ADP
fsr-3787	68	5	this	this	DET
fsr-3787	68	6	study	study	NOUN
fsr-3787	68	7	were	be	AUX
fsr-3787	68	8	to	to	PART
fsr-3787	68	9	analyze	analyze	VERB
fsr-3787	68	10	the	the	DET
fsr-3787	68	11	recommendations	recommendation	NOUN
fsr-3787	68	12	of	of	ADP
fsr-3787	68	13	a	a	DET
fsr-3787	68	14	particular	particular	ADJ
fsr-3787	68	15	brokerage	brokerage	NOUN
fsr-3787	68	16	firm	firm	NOUN
fsr-3787	68	17	,	,	PUNCT
fsr-3787	68	18	then	then	ADV
fsr-3787	68	19	armstrong	armstrong	PROPN
fsr-3787	68	20	world	world	PROPN
fsr-3787	68	21	industries	industry	NOUN
fsr-3787	68	22	would	would	AUX
fsr-3787	68	23	remain	remain	VERB
fsr-3787	68	24	in	in	ADP
fsr-3787	68	25	the	the	DET
fsr-3787	68	26	“	"	PUNCT
fsr-3787	68	27	sell	sell	NOUN
fsr-3787	68	28	”	"	PUNCT
fsr-3787	68	29	subsample	subsample	NOUN
fsr-3787	68	30	until	until	SCONJ
fsr-3787	68	31	prudential	prudential	PROPN
fsr-3787	68	32	bathe	bathe	PROPN
fsr-3787	68	33	upgraded	upgrade	VERB
fsr-3787	68	34	its	its	PRON
fsr-3787	68	35	opinion	opinion	NOUN
fsr-3787	68	36	of	of	ADP
fsr-3787	68	37	the	the	DET
fsr-3787	68	38	stock.7	stock.7	PROPN
fsr-3787	68	39	instead	instead	ADV
fsr-3787	68	40	,	,	PUNCT
fsr-3787	68	41	this	this	DET
fsr-3787	68	42	study	study	NOUN
fsr-3787	68	43	assumes	assume	VERB
fsr-3787	68	44	that	that	SCONJ
fsr-3787	68	45	the	the	DET
fsr-3787	68	46	smith	smith	PROPN
fsr-3787	68	47	barney	barney	PROPN
fsr-3787	68	48	“	"	PUNCT
fsr-3787	68	49	buy	buy	VERB
fsr-3787	68	50	”	"	PUNCT
fsr-3787	68	51	recommendation	recommendation	NOUN
fsr-3787	68	52	negates	negate	VERB
fsr-3787	68	53	the	the	DET
fsr-3787	68	54	prudential	prudential	PROPN
fsr-3787	68	55	bathe	bathe	VERB
fsr-3787	68	56	“	"	PUNCT
fsr-3787	68	57	sell	sell	VERB
fsr-3787	68	58	”	"	PUNCT
fsr-3787	68	59	recommendation	recommendation	NOUN
fsr-3787	68	60	.	.	PUNCT
fsr-3787	69	1	moreover	moreover	ADV
fsr-3787	69	2	,	,	PUNCT
fsr-3787	69	3	because	because	SCONJ
fsr-3787	69	4	the	the	DET
fsr-3787	69	5	time	time	NOUN
fsr-3787	69	6	period	period	NOUN
fsr-3787	69	7	between	between	ADP
fsr-3787	69	8	the	the	DET
fsr-3787	69	9	two	two	NUM
fsr-3787	69	10	recommendations	recommendation	NOUN
fsr-3787	69	11	is	be	AUX
fsr-3787	69	12	short	short	ADJ
fsr-3787	69	13	(	(	PUNCT
fsr-3787	69	14	less	less	ADJ
fsr-3787	69	15	than	than	ADP
fsr-3787	69	16	125	125	NUM
fsr-3787	69	17	trading	trading	NOUN
fsr-3787	69	18	days	day	NOUN
fsr-3787	69	19	)	)	PUNCT
fsr-3787	69	20	,	,	PUNCT
fsr-3787	69	21	the	the	DET
fsr-3787	69	22	prudential	prudential	PROPN
fsr-3787	69	23	bathe	bathe	VERB
fsr-3787	69	24	observation	observation	NOUN
fsr-3787	69	25	is	be	AUX
fsr-3787	69	26	excluded	exclude	VERB
fsr-3787	69	27	from	from	ADP
fsr-3787	69	28	the	the	DET
fsr-3787	69	29	sample	sample	NOUN
fsr-3787	69	30	.	.	PUNCT
fsr-3787	70	1	the	the	DET
fsr-3787	70	2	focus	focus	NOUN
fsr-3787	70	3	of	of	ADP
fsr-3787	70	4	this	this	DET
fsr-3787	70	5	study	study	NOUN
fsr-3787	70	6	is	be	AUX
fsr-3787	70	7	to	to	PART
fsr-3787	70	8	test	test	VERB
fsr-3787	70	9	the	the	DET
fsr-3787	70	10	accuracy	accuracy	NOUN
fsr-3787	70	11	of	of	ADP
fsr-3787	70	12	“	"	PUNCT
fsr-3787	70	13	wall	wall	PROPN
fsr-3787	70	14	street	street	PROPN
fsr-3787	70	15	”	"	PUNCT
fsr-3787	70	16	research	research	NOUN
fsr-3787	70	17	over	over	ADP
fsr-3787	70	18	a	a	DET
fsr-3787	70	19	rel	rel	NOUN
fsr-3787	70	20	atively	atively	ADV
fsr-3787	70	21	long	long	ADJ
fsr-3787	70	22	time	time	NOUN
fsr-3787	70	23	horizon	horizon	NOUN
fsr-3787	70	24	rather	rather	ADV
fsr-3787	70	25	than	than	ADP
fsr-3787	70	26	to	to	PART
fsr-3787	70	27	isolate	isolate	VERB
fsr-3787	70	28	the	the	DET
fsr-3787	70	29	short	short	ADJ
fsr-3787	70	30	-	-	PUNCT
fsr-3787	70	31	term	term	NOUN
fsr-3787	70	32	impact	impact	NOUN
fsr-3787	70	33	of	of	ADP
fsr-3787	70	34	recommendation	recommendation	NOUN
fsr-3787	70	35	announcements	announcement	NOUN
fsr-3787	70	36	on	on	ADP
fsr-3787	70	37	stock	stock	NOUN
fsr-3787	70	38	prices	price	NOUN
fsr-3787	70	39	.	.	PUNCT
fsr-3787	71	1	during	during	ADP
fsr-3787	71	2	a	a	DET
fsr-3787	71	3	telephone	telephone	NOUN
fsr-3787	71	4	interview	interview	NOUN
fsr-3787	71	5	,	,	PUNCT
fsr-3787	71	6	a	a	DET
fsr-3787	71	7	usa	usa	PROPN
fsr-3787	71	8	today	today	NOUN
fsr-3787	71	9	employee	employee	NOUN
fsr-3787	71	10	indicated	indicate	VERB
fsr-3787	71	11	that	that	SCONJ
fsr-3787	71	12	only	only	ADV
fsr-3787	71	13	stocks	stock	NOUN
fsr-3787	71	14	whose	whose	DET
fsr-3787	71	15	price	price	NOUN
fsr-3787	71	16	had	have	AUX
fsr-3787	71	17	been	be	AUX
fsr-3787	71	18	affected	affect	VERB
fsr-3787	71	19	by	by	ADP
fsr-3787	71	20	the	the	DET
fsr-3787	71	21	recommendation	recommendation	NOUN
fsr-3787	71	22	would	would	AUX
fsr-3787	71	23	actually	actually	ADV
fsr-3787	71	24	be	be	AUX
fsr-3787	71	25	included	include	VERB
fsr-3787	71	26	in	in	ADP
fsr-3787	71	27	the	the	DET
fsr-3787	71	28	newspaper	newspaper	NOUN
fsr-3787	71	29	article	article	NOUN
fsr-3787	71	30	.	.	PUNCT
fsr-3787	72	1	*	*	PUNCT
fsr-3787	72	2	because	because	SCONJ
fsr-3787	72	3	the	the	DET
fsr-3787	72	4	objective	objective	NOUN
fsr-3787	72	5	of	of	ADP
fsr-3787	72	6	this	this	DET
fsr-3787	72	7	study	study	NOUN
fsr-3787	72	8	is	be	AUX
fsr-3787	72	9	to	to	PART
fsr-3787	72	10	evaluate	evaluate	VERB
fsr-3787	72	11	the	the	DET
fsr-3787	72	12	performance	performance	NOUN
fsr-3787	72	13	of	of	ADP
fsr-3787	72	14	brokerage	brokerage	NOUN
fsr-3787	72	15	house	house	NOUN
fsr-3787	72	16	investment	investment	NOUN
fsr-3787	72	17	recommendations	recommendation	NOUN
fsr-3787	72	18	,	,	PUNCT
fsr-3787	72	19	we	we	PRON
fsr-3787	72	20	want	want	VERB
fsr-3787	72	21	a	a	DET
fsr-3787	72	22	sample	sample	NOUN
fsr-3787	72	23	that	that	PRON
fsr-3787	72	24	contains	contain	VERB
fsr-3787	72	25	only	only	ADV
fsr-3787	72	26	those	those	DET
fsr-3787	72	27	recommendations	recommendation	NOUN
fsr-3787	72	28	that	that	PRON
fsr-3787	72	29	changed	change	VERB
fsr-3787	72	30	investors	investor	NOUN
fsr-3787	72	31	’	’	PART
fsr-3787	72	32	expectations	expectation	NOUN
fsr-3787	72	33	.	.	PUNCT
fsr-3787	73	1	we	we	PRON
fsr-3787	73	2	acknowledge	acknowledge	VERB
fsr-3787	73	3	,	,	PUNCT
fsr-3787	73	4	how	how	SCONJ
fsr-3787	73	5	ever	ever	ADV
fsr-3787	73	6	,	,	PUNCT
fsr-3787	73	7	that	that	SCONJ
fsr-3787	73	8	our	our	PRON
fsr-3787	73	9	results	result	NOUN
fsr-3787	73	10	and	and	CCONJ
fsr-3787	73	11	conclusions	conclusion	NOUN
fsr-3787	73	12	may	may	AUX
fsr-3787	73	13	apply	apply	VERB
fsr-3787	73	14	only	only	ADV
fsr-3787	73	15	to	to	ADP
fsr-3787	73	16	this	this	DET
fsr-3787	73	17	subset	subset	NOUN
fsr-3787	73	18	of	of	ADP
fsr-3787	73	19	analysts	analyst	NOUN
fsr-3787	73	20	’	’	PART
fsr-3787	73	21	recom	recom	NOUN
fsr-3787	73	22	mendations	mendation	NOUN
fsr-3787	73	23	.	.	PUNCT
fsr-3787	74	1	it	it	PRON
fsr-3787	74	2	it	it	PRON
fsr-3787	74	3	important	important	ADJ
fsr-3787	74	4	to	to	PART
fsr-3787	74	5	note	note	VERB
fsr-3787	74	6	that	that	SCONJ
fsr-3787	74	7	investment	investment	NOUN
fsr-3787	74	8	recommendations	recommendation	NOUN
fsr-3787	74	9	usually	usually	ADV
fsr-3787	74	10	are	be	AUX
fsr-3787	74	11	disclosed	disclose	VERB
fsr-3787	74	12	to	to	ADP
fsr-3787	74	13	the	the	DET
fsr-3787	74	14	brokerage	brokerage	NOUN
fsr-3787	74	15	firm	firm	NOUN
fsr-3787	74	16	’s	’s	PART
fsr-3787	74	17	institutional	institutional	ADJ
fsr-3787	74	18	and	and	CCONJ
fsr-3787	74	19	retail	retail	ADJ
fsr-3787	74	20	clients	client	NOUN
fsr-3787	74	21	prior	prior	ADV
fsr-3787	74	22	to	to	ADP
fsr-3787	74	23	publication	publication	NOUN
fsr-3787	74	24	in	in	ADP
fsr-3787	74	25	usa	usa	PROPN
fsr-3787	74	26	today	today	NOUN
fsr-3787	74	27	.	.	PUNCT
fsr-3787	75	1	a	a	DET
fsr-3787	75	2	usa	usa	PROPN
fsr-3787	75	3	today	today	NOUN
fsr-3787	75	4	employee	employee	NOUN
fsr-3787	75	5	indicated	indicate	VERB
fsr-3787	75	6	,	,	PUNCT
fsr-3787	75	7	however	however	ADV
fsr-3787	75	8	,	,	PUNCT
fsr-3787	75	9	that	that	SCONJ
fsr-3787	75	10	the	the	DET
fsr-3787	75	11	time	time	NOUN
fsr-3787	75	12	span	span	NOUN
fsr-3787	75	13	between	between	ADP
fsr-3787	75	14	disclosure	disclosure	NOUN
fsr-3787	75	15	to	to	ADP
fsr-3787	75	16	clients	client	NOUN
fsr-3787	75	17	and	and	CCONJ
fsr-3787	75	18	publication	publication	NOUN
fsr-3787	75	19	in	in	ADP
fsr-3787	75	20	usa	usa	PROPN
fsr-3787	75	21	today	today	NOUN
fsr-3787	75	22	is	be	AUX
fsr-3787	75	23	relatively	relatively	ADV
fsr-3787	75	24	short	short	ADJ
fsr-3787	75	25	(	(	PUNCT
fsr-3787	75	26	i.e.	i.e.	X
fsr-3787	75	27	,	,	PUNCT
fsr-3787	75	28	1	1	NUM
fsr-3787	75	29	to	to	PART
fsr-3787	75	30	3	3	NUM
fsr-3787	75	31	days	day	NOUN
fsr-3787	75	32	)	)	PUNCT
fsr-3787	75	33	.	.	PUNCT
fsr-3787	76	1	peter	peter	PROPN
fsr-3787	76	2	lynch	lynch	PROPN
fsr-3787	76	3	(	(	PUNCT
fsr-3787	76	4	1989	1989	NUM
fsr-3787	76	5	)	)	PUNCT
fsr-3787	76	6	argues	argue	VERB
fsr-3787	76	7	that	that	SCONJ
fsr-3787	76	8	investors	investor	NOUN
fsr-3787	76	9	are	be	AUX
fsr-3787	76	10	least	least	ADV
fsr-3787	76	11	likely	likely	ADJ
fsr-3787	76	12	to	to	PART
fsr-3787	76	13	earn	earn	VERB
fsr-3787	76	14	abnormal	abnormal	ADJ
fsr-3787	76	15	returns	return	NOUN
fsr-3787	76	16	by	by	ADP
fsr-3787	76	17	following	follow	VERB
fsr-3787	76	18	recommendations	recommendation	NOUN
fsr-3787	76	19	on	on	ADP
fsr-3787	76	20	stocks	stock	NOUN
fsr-3787	76	21	that	that	PRON
fsr-3787	76	22	have	have	AUX
fsr-3787	76	23	attracted	attract	VERB
fsr-3787	76	24	the	the	DET
fsr-3787	76	25	attention	attention	NOUN
fsr-3787	76	26	of	of	ADP
fsr-3787	76	27	large	large	ADJ
fsr-3787	76	28	institutional	institutional	ADJ
fsr-3787	76	29	investors	investor	NOUN
fsr-3787	76	30	.	.	PUNCT
fsr-3787	77	1	because	because	SCONJ
fsr-3787	77	2	238	238	NUM
fsr-3787	77	3	recommendations	recommendation	NOUN
fsr-3787	77	4	(	(	PUNCT
fsr-3787	77	5	70	70	NUM
fsr-3787	77	6	%	%	NOUN
fsr-3787	77	7	of	of	ADP
fsr-3787	77	8	the	the	DET
fsr-3787	77	9	total	total	ADJ
fsr-3787	77	10	sample	sample	NOUN
fsr-3787	77	11	)	)	PUNCT
fsr-3787	77	12	involve	involve	VERB
fsr-3787	77	13	firms	firm	NOUN
fsr-3787	77	14	that	that	PRON
fsr-3787	77	15	are	be	AUX
fsr-3787	77	16	included	include	VERB
fsr-3787	77	17	in	in	ADP
fsr-3787	77	18	the	the	DET
fsr-3787	77	19	s&p	s&p	PROPN
fsr-3787	77	20	500	500	NUM
fsr-3787	77	21	index	index	NOUN
fsr-3787	77	22	,	,	PUNCT
fsr-3787	77	23	one	one	PRON
fsr-3787	77	24	would	would	AUX
fsr-3787	77	25	expect	expect	VERB
fsr-3787	77	26	the	the	DET
fsr-3787	77	27	stock	stock	NOUN
fsr-3787	77	28	prices	price	NOUN
fsr-3787	77	29	of	of	ADP
fsr-3787	77	30	the	the	DET
fsr-3787	77	31	sample	sample	NOUN
fsr-3787	77	32	firms	firm	NOUN
fsr-3787	77	33	to	to	PART
fsr-3787	77	34	be	be	AUX
fsr-3787	77	35	particularly	particularly	ADV
fsr-3787	77	36	efficient	efficient	ADJ
fsr-3787	77	37	.	.	PUNCT
fsr-3787	78	1	table	table	NOUN
fsr-3787	78	2	1	1	NUM
fsr-3787	78	3	shows	show	VERB
fsr-3787	78	4	the	the	DET
fsr-3787	78	5	number	number	NOUN
fsr-3787	78	6	of	of	ADP
fsr-3787	78	7	analyst	analyst	NOUN
fsr-3787	78	8	recommendations	recommendation	NOUN
fsr-3787	78	9	by	by	ADP
fsr-3787	78	10	year	year	NOUN
fsr-3787	78	11	.	.	PUNCT
fsr-3787	79	1	two	two	NUM
fsr-3787	79	2	hundred	hundred	NUM
fsr-3787	79	3	and	and	CCONJ
fsr-3787	79	4	forty	forty	NUM
fsr-3787	79	5	-	-	PUNCT
fsr-3787	79	6	five	five	NUM
fsr-3787	79	7	recommendations	recommendation	NOUN
fsr-3787	79	8	(	(	PUNCT
fsr-3787	79	9	75	75	NUM
fsr-3787	79	10	%	%	NOUN
fsr-3787	79	11	)	)	PUNCT
fsr-3787	79	12	are	be	AUX
fsr-3787	79	13	positive	positive	ADJ
fsr-3787	79	14	(	(	PUNCT
fsr-3787	79	15	strong	strong	ADJ
fsr-3787	79	16	buy	buy	NOUN
fsr-3787	79	17	,	,	PUNCT
fsr-3787	79	18	buy	buy	VERB
fsr-3787	79	19	,	,	PUNCT
fsr-3787	79	20	or	or	CCONJ
fsr-3787	79	21	reiterate	reiterate	VERB
fsr-3787	79	22	buy	buy	NOUN
fsr-3787	79	23	)	)	PUNCT
fsr-3787	79	24	,	,	PUNCT
fsr-3787	79	25	and	and	CCONJ
fsr-3787	79	26	84	84	NUM
fsr-3787	79	27	recommendations	recommendation	NOUN
fsr-3787	79	28	(	(	PUNCT
fsr-3787	79	29	25	25	NUM
fsr-3787	79	30	%	%	NOUN
fsr-3787	79	31	)	)	PUNCT
fsr-3787	79	32	are	be	AUX
fsr-3787	79	33	negative	negative	ADJ
fsr-3787	79	34	(	(	PUNCT
fsr-3787	79	35	sell	sell	VERB
fsr-3787	79	36	or	or	CCONJ
fsr-3787	79	37	a	a	DET
fsr-3787	79	38	change	change	NOUN
fsr-3787	79	39	from	from	ADP
fsr-3787	79	40	buy	buy	VERB
fsr-3787	79	41	to	to	PART
fsr-3787	79	42	hold	hold	VERB
fsr-3787	79	43	)	)	PUNCT
fsr-3787	79	44	.	.	PUNCT
fsr-3787	80	1	the	the	DET
fsr-3787	80	2	data	datum	NOUN
fsr-3787	80	3	provide	provide	VERB
fsr-3787	80	4	rofessional	rofessional	ADJ
fsr-3787	80	5	stock	stock	NOUN
fsr-3787	80	6	analysts	analyst	NOUN
fsr-3787	80	7	’	’	PART
fsr-3787	80	8	recowmentiations	recowmentiation	NOUN
fsr-3787	80	9	17	17	NUM
fsr-3787	80	10	table	table	NOUN
fsr-3787	80	11	1	1	NUM
fsr-3787	80	12	brokerage	brokerage	NOUN
fsr-3787	80	13	firm	firm	NOUN
fsr-3787	80	14	investment	investment	NOUN
fsr-3787	80	15	recommendations	recommendation	NOUN
fsr-3787	80	16	announced	announce	VERB
fsr-3787	80	17	in	in	ADP
fsr-3787	80	18	usa	usa	PROPN
fsr-3787	80	19	to&y	to&y	PROPN
fsr-3787	80	20	(	(	PUNCT
fsr-3787	80	21	1988	1988	NUM
fsr-3787	80	22	-	-	SYM
fsr-3787	80	23	1990	1990	NUM
fsr-3787	80	24	)	)	PUNCT
fsr-3787	80	25	positive	positive	ADJ
fsr-3787	80	26	recommendations	recommendation	NOUN
fsr-3787	80	27	negative	negative	ADJ
fsr-3787	80	28	recommendations	recommendation	NOUN
fsr-3787	80	29	strong	strong	ADJ
fsr-3787	80	30	reiterate	reiterate	NOUN
fsr-3787	80	31	buy	buy	VERB
fsr-3787	80	32	to	to	ADP
fsr-3787	80	33	market	market	NOUN
fsr-3787	80	34	buy	buy	NOUN
fsr-3787	80	35	’	'	PUNCT
fsr-3787	80	36	buy+	buy+	NOUN
fsr-3787	80	37	buy	buy	VERB
fsr-3787	80	38	hold	hold	NOUN
fsr-3787	80	39	selp	selp	NOUN
fsr-3787	80	40	total	total	VERB
fsr-3787	80	41	retwd	retwd	NOUN
fsr-3787	80	42	1988	1988	NUM
fsr-3787	80	43	3	3	NUM
fsr-3787	80	44	20	20	NUM
fsr-3787	80	45	8	8	NUM
fsr-3787	80	46	7	7	NUM
fsr-3787	80	47	38	38	NUM
fsr-3787	80	48	12.4	12.4	NUM
fsr-3787	80	49	%	%	NOUN
fsr-3787	80	50	1989	1989	NUM
fsr-3787	80	51	8	8	NUM
fsr-3787	80	52	36	36	NUM
fsr-3787	80	53	37	37	NUM
fsr-3787	80	54	16	16	NUM
fsr-3787	80	55	9	9	NUM
fsr-3787	80	56	106	106	NUM
fsr-3787	80	57	21.2	21.2	NUM
fsr-3787	80	58	1990	1990	NUM
fsr-3787	80	59	i	i	PRON
fsr-3787	80	60	66	66	NUM
fsr-3787	80	61	70	70	NUM
fsr-3787	80	62	35	35	NUM
fsr-3787	80	63	20	20	NUM
fsr-3787	80	64	198	198	NUM
fsr-3787	80	65	-6.6	-6.6	NOUN
fsr-3787	80	66	total	total	NOUN
fsr-3787	80	67	18	18	NUM
fsr-3787	80	68	116	116	NUM
fsr-3787	80	69	111	111	NUM
fsr-3787	80	70	57	57	NUM
fsr-3787	80	71	27	27	NUM
fsr-3787	80	72	329	329	NUM
fsr-3787	80	73	%	%	NOUN
fsr-3787	80	74	of	of	ADP
fsr-3787	80	75	total	total	ADJ
fsr-3787	80	76	5.5	5.5	NUM
fsr-3787	80	77	%	%	NOUN
fsr-3787	80	78	35.3	35.3	NUM
fsr-3787	80	79	%	%	NOUN
fsr-3787	80	80	33.7	33.7	NUM
fsr-3787	80	81	%	%	NOUN
fsr-3787	80	82	17.3	17.3	NUM
fsr-3787	80	83	%	%	NOUN
fsr-3787	80	84	8.2	8.2	NUM
fsr-3787	80	85	%	%	NOUN
fsr-3787	80	86	100	100	NUM
fsr-3787	80	87	%	%	NOUN
fsr-3787	80	88	notes	note	NOUN
fsr-3787	80	89	:	:	PUNCT
fsr-3787	80	90	l	l	NOUN
fsr-3787	80	91	includes	include	VERB
fsr-3787	80	92	changes	change	NOUN
fsr-3787	80	93	from	from	ADP
fsr-3787	80	94	buy	buy	VERB
fsr-3787	80	95	to	to	ADP
fsr-3787	80	96	strong	strong	ADJ
fsr-3787	80	97	buy	buy	NOUN
fsr-3787	80	98	,	,	PUNCT
fsr-3787	80	99	moderately	moderately	ADV
fsr-3787	80	100	attractive	attractive	ADJ
fsr-3787	80	101	to	to	ADP
fsr-3787	80	102	very	very	ADV
fsr-3787	80	103	attractive	attractive	ADJ
fsr-3787	80	104	,	,	PUNCT
fsr-3787	80	105	and	and	CCONJ
fsr-3787	80	106	recommendations	recommendation	NOUN
fsr-3787	80	107	that	that	PRON
fsr-3787	80	108	reiterate	reiterate	VERB
fsr-3787	80	109	a	a	DET
fsr-3787	80	110	strong	strong	ADJ
fsr-3787	80	111	or	or	CCONJ
fsr-3787	80	112	aggressive	aggressive	ADJ
fsr-3787	80	113	buy	buy	NOUN
fsr-3787	80	114	.	.	PUNCT
fsr-3787	80	115	’	'	PUNCT
fsr-3787	81	1	includes	include	VERB
fsr-3787	81	2	changes	change	NOUN
fsr-3787	81	3	from	from	ADP
fsr-3787	81	4	neutral	neutral	ADJ
fsr-3787	81	5	to	to	ADP
fsr-3787	81	6	above	above	ADP
fsr-3787	81	7	average	average	ADJ
fsr-3787	81	8	,	,	PUNCT
fsr-3787	81	9	and	and	CCONJ
fsr-3787	81	10	stocks	stock	NOUN
fsr-3787	81	11	placed	place	VERB
fsr-3787	81	12	on	on	ADP
fsr-3787	81	13	the	the	DET
fsr-3787	81	14	firm	firm	NOUN
fsr-3787	81	15	’s	’s	PART
fsr-3787	81	16	&	&	CCONJ
fsr-3787	81	17	ommended	ommende	VERB
fsr-3787	81	18	list	list	NOUN
fsr-3787	81	19	.	.	PUNCT
fsr-3787	82	1	*	*	PUNCT
fsr-3787	82	2	includes	include	VERB
fsr-3787	82	3	changes	change	NOUN
fsr-3787	82	4	from	from	ADP
fsr-3787	82	5	above	above	ADP
fsr-3787	82	6	average	average	NOUN
fsr-3787	82	7	to	to	ADP
fsr-3787	82	8	average	average	ADJ
fsr-3787	82	9	,	,	PUNCT
fsr-3787	82	10	and	and	CCONJ
fsr-3787	82	11	stocks	stock	NOUN
fsr-3787	82	12	dropped	drop	VERB
fsr-3787	82	13	from	from	ADP
fsr-3787	82	14	the	the	DET
fsr-3787	82	15	firm	firm	NOUN
fsr-3787	82	16	’s	’s	PART
fsr-3787	82	17	recommended	recommend	VERB
fsr-3787	82	18	list	list	NOUN
fsr-3787	82	19	.	.	PUNCT
fsr-3787	83	1	o	o	NOUN
fsr-3787	83	2	includes	include	VERB
fsr-3787	83	3	recommendations	recommendation	NOUN
fsr-3787	83	4	that	that	PRON
fsr-3787	83	5	reiterate	reiterate	VERB
fsr-3787	83	6	a	a	DET
fsr-3787	83	7	sell	sell	NOUN
fsr-3787	83	8	.	.	PUNCT
fsr-3787	84	1	1	1	NUM
fsr-3787	85	1	the	the	DET
fsr-3787	85	2	1%month	1%month	NUM
fsr-3787	85	3	return	return	NOUN
fsr-3787	85	4	on	on	ADP
fsr-3787	85	5	the	the	DET
fsr-3787	85	6	s&p	s&p	PROPN
fsr-3787	85	7	500	500	NUM
fsr-3787	85	8	stock	stock	NOUN
fsr-3787	85	9	index	index	NOUN
fsr-3787	85	10	.	.	PUNCT
fsr-3787	86	1	support	support	NOUN
fsr-3787	86	2	for	for	ADP
fsr-3787	86	3	the	the	DET
fsr-3787	86	4	belief	belief	NOUN
fsr-3787	86	5	that	that	SCONJ
fsr-3787	86	6	analysts	analyst	NOUN
fsr-3787	86	7	have	have	AUX
fsr-3787	86	8	a	a	DET
fsr-3787	86	9	predilection	predilection	NOUN
fsr-3787	86	10	for	for	ADP
fsr-3787	86	11	making	make	VERB
fsr-3787	86	12	positive	positive	ADJ
fsr-3787	86	13	recommenda	recommenda	NOUN
fsr-3787	86	14	tions	tion	NOUN
fsr-3787	86	15	to	to	PART
fsr-3787	86	16	avoid	avoid	VERB
fsr-3787	86	17	offending	offend	VERB
fsr-3787	86	18	current	current	ADJ
fsr-3787	86	19	or	or	CCONJ
fsr-3787	86	20	potential	potential	ADJ
fsr-3787	86	21	investment	investment	NOUN
fsr-3787	86	22	banking	banking	NOUN
fsr-3787	86	23	clients	client	NOUN
fsr-3787	86	24	.	.	PUNCT
fsr-3787	87	1	the	the	DET
fsr-3787	87	2	percentage	percentage	NOUN
fsr-3787	87	3	of	of	ADP
fsr-3787	87	4	negative	negative	ADJ
fsr-3787	87	5	recommendations	recommendation	NOUN
fsr-3787	87	6	,	,	PUNCT
fsr-3787	87	7	which	which	PRON
fsr-3787	87	8	increases	increase	VERB
fsr-3787	87	9	between	between	ADP
fsr-3787	87	10	1988	1988	NUM
fsr-3787	87	11	and	and	CCONJ
fsr-3787	87	12	1990	1990	NUM
fsr-3787	87	13	,	,	PUNCT
fsr-3787	87	14	coincides	coincide	VERB
fsr-3787	87	15	with	with	ADP
fsr-3787	87	16	the	the	DET
fsr-3787	87	17	decrease	decrease	NOUN
fsr-3787	87	18	in	in	ADP
fsr-3787	87	19	the	the	DET
fsr-3787	87	20	stock	stock	NOUN
fsr-3787	87	21	market	market	NOUN
fsr-3787	87	22	(	(	PUNCT
fsr-3787	87	23	as	as	SCONJ
fsr-3787	87	24	measured	measure	VERB
fsr-3787	87	25	by	by	ADP
fsr-3787	87	26	the	the	DET
fsr-3787	87	27	s&p	s&p	PROPN
fsr-3787	87	28	500	500	NUM
fsr-3787	87	29	index	index	NOUN
fsr-3787	87	30	)	)	PUNCT
fsr-3787	87	31	.	.	PUNCT
fsr-3787	88	1	in	in	ADP
fsr-3787	88	2	1988,18	1988,18	NUM
fsr-3787	88	3	%	%	NOUN
fsr-3787	88	4	of	of	ADP
fsr-3787	88	5	the	the	DET
fsr-3787	88	6	recommendations	recommendation	NOUN
fsr-3787	88	7	were	be	AUX
fsr-3787	88	8	negative	negative	ADJ
fsr-3787	88	9	,	,	PUNCT
fsr-3787	88	10	but	but	CCONJ
fsr-3787	88	11	in	in	ADP
fsr-3787	88	12	1990,28	1990,28	NUM
fsr-3787	88	13	%	%	NOUN
fsr-3787	88	14	of	of	ADP
fsr-3787	88	15	the	the	DET
fsr-3787	88	16	recommen	recommen	PROPN
fsr-3787	88	17	dations	dation	NOUN
fsr-3787	88	18	were	be	AUX
fsr-3787	88	19	negative	negative	ADJ
fsr-3787	88	20	.	.	PUNCT
fsr-3787	89	1	given	give	VERB
fsr-3787	89	2	the	the	DET
fsr-3787	89	3	industry	industry	NOUN
fsr-3787	89	4	’s	’s	PART
fsr-3787	89	5	aversion	aversion	NOUN
fsr-3787	89	6	to	to	ADP
fsr-3787	89	7	issuing	issue	VERB
fsr-3787	89	8	negative	negative	ADJ
fsr-3787	89	9	recommendations	recommendation	NOUN
fsr-3787	89	10	,	,	PUNCT
fsr-3787	89	11	one	one	PRON
fsr-3787	89	12	might	might	AUX
fsr-3787	89	13	expect	expect	VERB
fsr-3787	89	14	negative	negative	ADJ
fsr-3787	89	15	recommendations	recommendation	NOUN
fsr-3787	89	16	to	to	PART
fsr-3787	89	17	be	be	AUX
fsr-3787	89	18	more	more	ADV
fsr-3787	89	19	accurate	accurate	ADJ
fsr-3787	89	20	than	than	ADP
fsr-3787	89	21	positive	positive	ADJ
fsr-3787	89	22	recommen	recomman	NOUN
fsr-3787	89	23	dations	dation	NOUN
fsr-3787	89	24	.	.	PUNCT
fsr-3787	90	1	this	this	DET
fsr-3787	90	2	study	study	NOUN
fsr-3787	90	3	tests	test	VERB
fsr-3787	90	4	this	this	DET
fsr-3787	90	5	hypothesis	hypothesis	NOUN
fsr-3787	90	6	and	and	CCONJ
fsr-3787	90	7	examines	examine	VERB
fsr-3787	90	8	the	the	DET
fsr-3787	90	9	sensitivity	sensitivity	NOUN
fsr-3787	90	10	of	of	ADP
fsr-3787	90	11	the	the	DET
fsr-3787	90	12	results	result	NOUN
fsr-3787	90	13	to	to	PART
fsr-3787	90	14	dif	dif	VERB
fsr-3787	90	15	ferent	ferent	NOUN
fsr-3787	90	16	holding	hold	VERB
fsr-3787	90	17	periods	period	NOUN
fsr-3787	90	18	.	.	PUNCT
fsr-3787	91	1	academicians	academician	NOUN
fsr-3787	91	2	who	who	PRON
fsr-3787	91	3	analyze	analyze	VERB
fsr-3787	91	4	analyst	analyst	NOUN
fsr-3787	91	5	performance	performance	NOUN
fsr-3787	91	6	generally	generally	ADV
fsr-3787	91	7	use	use	VERB
fsr-3787	91	8	an	an	DET
fsr-3787	91	9	event	event	NOUN
fsr-3787	91	10	study	study	NOUN
fsr-3787	91	11	method	method	NOUN
fsr-3787	91	12	ology	ology	NOUN
fsr-3787	91	13	.	.	PUNCT
fsr-3787	92	1	studies	study	NOUN
fsr-3787	92	2	published	publish	VERB
fsr-3787	92	3	in	in	ADP
fsr-3787	92	4	the	the	DET
fsr-3787	92	5	popular	popular	ADJ
fsr-3787	92	6	press	press	NOUN
fsr-3787	92	7	,	,	PUNCT
fsr-3787	92	8	on	on	ADP
fsr-3787	92	9	the	the	DET
fsr-3787	92	10	other	other	ADJ
fsr-3787	92	11	hand	hand	NOUN
fsr-3787	92	12	,	,	PUNCT
fsr-3787	92	13	often	often	ADV
fsr-3787	92	14	utilize	utilize	VERB
fsr-3787	92	15	stock	stock	NOUN
fsr-3787	92	16	index	index	NOUN
fsr-3787	92	17	comparisons	comparison	NOUN
fsr-3787	92	18	.	.	PUNCT
fsr-3787	93	1	the	the	DET
fsr-3787	93	2	following	follow	VERB
fsr-3787	93	3	section	section	NOUN
fsr-3787	93	4	critiques	critique	VERB
fsr-3787	93	5	the	the	DET
fsr-3787	93	6	most	most	ADV
fsr-3787	93	7	commonly	commonly	ADV
fsr-3787	93	8	used	use	VERB
fsr-3787	93	9	methodologies	methodology	NOUN
fsr-3787	93	10	for	for	ADP
fsr-3787	93	11	evaluating	evaluate	VERB
fsr-3787	93	12	analyst	analyst	NOUN
fsr-3787	93	13	performance	performance	NOUN
fsr-3787	93	14	.	.	PUNCT
fsr-3787	94	1	iv	iv	X
fsr-3787	94	2	.	.	X
fsr-3787	95	1	evaluating	evaluate	VERB
fsr-3787	95	2	portfolio	portfolio	NOUN
fsr-3787	95	3	performance	performance	NOUN
fsr-3787	95	4	a.	a.	NOUN
fsr-3787	95	5	stock	stock	NOUN
fsr-3787	95	6	index	index	NOUN
fsr-3787	95	7	comparisons	comparison	NOUN
fsr-3787	95	8	while	while	SCONJ
fsr-3787	95	9	financial	financial	ADJ
fsr-3787	95	10	theory	theory	NOUN
fsr-3787	95	11	indicates	indicate	VERB
fsr-3787	95	12	that	that	SCONJ
fsr-3787	95	13	investment	investment	NOUN
fsr-3787	95	14	performance	performance	NOUN
fsr-3787	95	15	should	should	AUX
fsr-3787	95	16	be	be	AUX
fsr-3787	95	17	evaluated	evaluate	VERB
fsr-3787	95	18	using	use	VERB
fsr-3787	95	19	risk	risk	NOUN
fsr-3787	95	20	-	-	PUNCT
fsr-3787	95	21	adjusted	adjust	VERB
fsr-3787	95	22	returns	return	NOUN
fsr-3787	95	23	,	,	PUNCT
fsr-3787	95	24	numerous	numerous	ADJ
fsr-3787	95	25	benchmarks	benchmark	NOUN
fsr-3787	95	26	have	have	AUX
fsr-3787	95	27	been	be	AUX
fsr-3787	95	28	applied	apply	VERB
fsr-3787	95	29	in	in	ADP
fsr-3787	95	30	practice	practice	NOUN
fsr-3787	95	31	.	.	PUNCT
fsr-3787	96	1	dorfman	dorfman	PROPN
fsr-3787	96	2	(	(	PUNCT
fsr-3787	96	3	1994	1994	NUM
fsr-3787	96	4	)	)	PUNCT
fsr-3787	96	5	,	,	PUNCT
fsr-3787	96	6	for	for	ADP
fsr-3787	96	7	example	example	NOUN
fsr-3787	96	8	,	,	PUNCT
fsr-3787	96	9	reports	report	VERB
fsr-3787	96	10	the	the	DET
fsr-3787	96	11	results	result	NOUN
fsr-3787	96	12	of	of	ADP
fsr-3787	96	13	a	a	DET
fsr-3787	96	14	study	study	NOUN
fsr-3787	96	15	by	by	ADP
fsr-3787	96	16	zacks	zacks	PROPN
fsr-3787	96	17	investment	investment	NOUN
fsr-3787	96	18	research	research	PROPN
fsr-3787	96	19	,	,	PUNCT
fsr-3787	96	20	inc	inc	PROPN
fsr-3787	96	21	.	.	PROPN
fsr-3787	97	1	that	that	PRON
fsr-3787	97	2	examines	examine	VERB
fsr-3787	97	3	the	the	DET
fsr-3787	97	4	performance	performance	NOUN
fsr-3787	97	5	of	of	ADP
fsr-3787	97	6	stocks	stock	NOUN
fsr-3787	97	7	recommended	recommend	VERB
fsr-3787	97	8	by	by	ADP
fsr-3787	97	9	16	16	NUM
fsr-3787	97	10	major	major	ADJ
fsr-3787	97	11	brokerage	brokerage	NOUN
fsr-3787	97	12	firms	firm	NOUN
fsr-3787	97	13	during	during	ADP
fsr-3787	97	14	1993	1993	NUM
fsr-3787	97	15	.	.	PUNCT
fsr-3787	98	1	based	base	VERB
fsr-3787	98	2	on	on	ADP
fsr-3787	98	3	the	the	DET
fsr-3787	98	4	finding	finding	NOUN
fsr-3787	98	5	that	that	SCONJ
fsr-3787	98	6	12	12	NUM
fsr-3787	98	7	of	of	ADP
fsr-3787	98	8	the	the	DET
fsr-3787	98	9	16	16	NUM
fsr-3787	98	10	firms	firm	NOUN
fsr-3787	98	11	’	'	PUNCT
fsr-3787	98	12	stock	stock	NOUN
fsr-3787	98	13	picks	pick	NOUN
fsr-3787	98	14	outperformed	outperform	VERB
fsr-3787	98	15	the	the	DET
fsr-3787	98	16	s&p	s&p	PROPN
fsr-3787	98	17	500	500	NUM
fsr-3787	98	18	index	index	NOUN
fsr-3787	98	19	,	,	PUNCT
fsr-3787	98	20	and	and	CCONJ
fsr-3787	98	21	9	9	NUM
fsr-3787	98	22	of	of	ADP
fsr-3787	98	23	the	the	DET
fsr-3787	98	24	16	16	NUM
fsr-3787	98	25	firms	firm	NOUN
fsr-3787	98	26	stock	stock	NOUN
fsr-3787	98	27	picks	pick	NOUN
fsr-3787	98	28	outperformed	outperform	VERB
fsr-3787	98	29	the	the	DET
fsr-3787	98	30	wilshire	wilshire	PROPN
fsr-3787	98	31	5000	5000	NUM
fsr-3787	98	32	index	index	NOUN
fsr-3787	98	33	(	(	PUNCT
fsr-3787	98	34	which	which	PRON
fsr-3787	98	35	contains	contain	VERB
fsr-3787	98	36	non	non	ADJ
fsr-3787	98	37	-	-	ADJ
fsr-3787	98	38	s&p	s&p	ADJ
fsr-3787	98	39	500	500	NUM
fsr-3787	98	40	stocks	stock	NOUN
fsr-3787	98	41	)	)	PUNCT
fsr-3787	98	42	,	,	PUNCT
fsr-3787	98	43	dorfman	dorfman	PROPN
fsr-3787	98	44	concludes	conclude	VERB
fsr-3787	98	45	that	that	SCONJ
fsr-3787	98	46	the	the	DET
fsr-3787	98	47	analysts	analyst	NOUN
fsr-3787	98	48	performed	perform	VERB
fsr-3787	98	49	extremely	extremely	ADV
fsr-3787	98	50	well	well	ADV
fsr-3787	98	51	.	.	PUNCT
fsr-3787	99	1	a	a	DET
fsr-3787	99	2	more	more	ADV
fsr-3787	99	3	detailed	detailed	ADJ
fsr-3787	99	4	analysis	analysis	NOUN
fsr-3787	99	5	,	,	PUNCT
fsr-3787	99	6	however	however	ADV
fsr-3787	99	7	,	,	PUNCT
fsr-3787	99	8	indicates	indicate	VERB
fsr-3787	99	9	that	that	SCONJ
fsr-3787	99	10	the	the	DET
fsr-3787	99	11	choice	choice	NOUN
fsr-3787	99	12	of	of	ADP
fsr-3787	99	13	an	an	DET
fsr-3787	99	14	appropriate	appropriate	ADJ
fsr-3787	99	15	bench	bench	NOUN
fsr-3787	99	16	mark	mark	NOUN
fsr-3787	99	17	is	be	AUX
fsr-3787	99	18	crucial	crucial	ADJ
fsr-3787	99	19	.	.	PUNCT
fsr-3787	100	1	if	if	SCONJ
fsr-3787	100	2	one	one	PRON
fsr-3787	100	3	assumes	assume	VERB
fsr-3787	100	4	that	that	SCONJ
fsr-3787	100	5	there	there	PRON
fsr-3787	100	6	is	be	VERB
fsr-3787	100	7	a	a	DET
fsr-3787	100	8	50	50	NUM
fsr-3787	100	9	-	-	SYM
fsr-3787	100	10	50	50	NUM
fsr-3787	100	11	chance	chance	NOUN
fsr-3787	100	12	that	that	SCONJ
fsr-3787	100	13	a	a	DET
fsr-3787	100	14	brokerage	brokerage	NOUN
fsr-3787	100	15	firm	firm	NOUN
fsr-3787	100	16	’s	’s	PART
fsr-3787	100	17	stock	stock	NOUN
fsr-3787	100	18	recommenda	recommenda	PROPN
fsr-3787	100	19	tions	tion	NOUN
fsr-3787	100	20	will	will	AUX
fsr-3787	100	21	outperform	outperform	VERB
fsr-3787	100	22	the	the	DET
fsr-3787	100	23	market	market	NOUN
fsr-3787	100	24	in	in	ADP
fsr-3787	100	25	a	a	DET
fsr-3787	100	26	given	give	VERB
fsr-3787	100	27	year	year	NOUN
fsr-3787	100	28	(	(	PUNCT
fsr-3787	100	29	define	define	VERB
fsr-3787	100	30	this	this	DET
fsr-3787	100	31	occurrence	occurrence	NOUN
fsr-3787	100	32	as	as	ADP
fsr-3787	100	33	a	a	DET
fsr-3787	100	34	success	success	NOUN
fsr-3787	100	35	)	)	PUNCT
fsr-3787	100	36	,	,	PUNCT
fsr-3787	100	37	then	then	ADV
fsr-3787	100	38	18	18	NUM
fsr-3787	100	39	financial	financial	ADJ
fsr-3787	100	40	services	service	NOUN
fsr-3787	100	41	review	review	VERB
fsr-3787	100	42	5	5	NUM
fsr-3787	100	43	(	(	PUNCT
fsr-3787	100	44	1	1	NUM
fsr-3787	100	45	)	)	PUNCT
fsr-3787	100	46	1996	1996	NUM
fsr-3787	100	47	the	the	DET
fsr-3787	100	48	binomial	binomial	ADJ
fsr-3787	100	49	probability	probability	NOUN
fsr-3787	100	50	model	model	NOUN
fsr-3787	100	51	indicates	indicate	VERB
fsr-3787	100	52	that	that	SCONJ
fsr-3787	100	53	there	there	PRON
fsr-3787	100	54	is	be	VERB
fsr-3787	100	55	a	a	DET
fsr-3787	100	56	3.8	3.8	NUM
fsr-3787	100	57	%	%	NOUN
fsr-3787	100	58	chance	chance	NOUN
fsr-3787	100	59	of	of	ADP
fsr-3787	100	60	observing	observe	VERB
fsr-3787	100	61	12	12	NUM
fsr-3787	100	62	or	or	CCONJ
fsr-3787	100	63	more	more	ADJ
fsr-3787	100	64	successes	success	NOUN
fsr-3787	100	65	in	in	ADP
fsr-3787	100	66	16	16	NUM
fsr-3787	100	67	trials	trial	NOUN
fsr-3787	100	68	.	.	PUNCT
fsr-3787	101	1	the	the	DET
fsr-3787	101	2	low	low	ADJ
fsr-3787	101	3	probability	probability	NOUN
fsr-3787	101	4	strongly	strongly	ADV
fsr-3787	101	5	suggests	suggest	VERB
fsr-3787	101	6	that	that	SCONJ
fsr-3787	101	7	the	the	DET
fsr-3787	101	8	analysts	analyst	NOUN
fsr-3787	101	9	were	be	AUX
fsr-3787	101	10	able	able	ADJ
fsr-3787	101	11	to	to	PART
fsr-3787	101	12	identify	identify	VERB
fsr-3787	101	13	undervalued	undervalued	ADJ
fsr-3787	101	14	securities	security	NOUN
fsr-3787	101	15	.	.	PUNCT
fsr-3787	102	1	if	if	SCONJ
fsr-3787	102	2	the	the	DET
fsr-3787	102	3	wilshire	wilshire	PROPN
fsr-3787	102	4	index	index	NOUN
fsr-3787	102	5	is	be	AUX
fsr-3787	102	6	used	use	VERB
fsr-3787	102	7	,	,	PUNCT
fsr-3787	102	8	on	on	ADP
fsr-3787	102	9	the	the	DET
fsr-3787	102	10	other	other	ADJ
fsr-3787	102	11	hand	hand	NOUN
fsr-3787	102	12	,	,	PUNCT
fsr-3787	102	13	the	the	DET
fsr-3787	102	14	binomial	binomial	ADJ
fsr-3787	102	15	model	model	NOUN
fsr-3787	102	16	fails	fail	VERB
fsr-3787	102	17	to	to	PART
fsr-3787	102	18	reject	reject	VERB
fsr-3787	102	19	the	the	DET
fsr-3787	102	20	null	null	ADJ
fsr-3787	102	21	hypothesis	hypothesis	NOUN
fsr-3787	102	22	(	(	PUNCT
fsr-3787	102	23	i.e.	i.e.	X
fsr-3787	102	24	,	,	PUNCT
fsr-3787	102	25	the	the	DET
fsr-3787	102	26	probability	probability	NOUN
fsr-3787	102	27	of	of	ADP
fsr-3787	102	28	observing	observe	VERB
fsr-3787	102	29	9	9	NUM
fsr-3787	102	30	or	or	CCONJ
fsr-3787	102	31	more	more	ADJ
fsr-3787	102	32	successes	success	NOUN
fsr-3787	102	33	in	in	ADP
fsr-3787	102	34	16	16	NUM
fsr-3787	102	35	trials	trial	NOUN
fsr-3787	102	36	is	be	AUX
fsr-3787	102	37	40.4	40.4	NUM
fsr-3787	102	38	%	%	NOUN
fsr-3787	102	39	)	)	PUNCT
fsr-3787	102	40	.	.	PUNCT
fsr-3787	103	1	the	the	DET
fsr-3787	103	2	key	key	ADJ
fsr-3787	103	3	issue	issue	NOUN
fsr-3787	103	4	is	be	AUX
fsr-3787	103	5	whether	whether	SCONJ
fsr-3787	103	6	the	the	DET
fsr-3787	103	7	s&p	s&p	PROPN
fsr-3787	103	8	500	500	NUM
fsr-3787	103	9	index	index	NOUN
fsr-3787	103	10	or	or	CCONJ
fsr-3787	103	11	the	the	DET
fsr-3787	103	12	wilshire	wilshire	PROPN
fsr-3787	103	13	index	index	NOUN
fsr-3787	103	14	is	be	AUX
fsr-3787	103	15	the	the	DET
fsr-3787	103	16	appropriate	appropriate	ADJ
fsr-3787	103	17	benchmark	benchmark	NOUN
fsr-3787	103	18	.	.	PUNCT
fsr-3787	104	1	dorfman	dorfman	PROPN
fsr-3787	104	2	cites	cite	VERB
fsr-3787	104	3	evidence	evidence	NOUN
fsr-3787	104	4	that	that	SCONJ
fsr-3787	104	5	the	the	DET
fsr-3787	104	6	analysts	analyst	NOUN
fsr-3787	104	7	tend	tend	VERB
fsr-3787	104	8	to	to	PART
fsr-3787	104	9	recommend	recommend	VERB
fsr-3787	104	10	small	small	ADJ
fsr-3787	104	11	(	(	PUNCT
fsr-3787	104	12	i.e.	i.e.	X
fsr-3787	104	13	,	,	PUNCT
fsr-3787	104	14	non	non	ADJ
fsr-3787	104	15	-	-	ADJ
fsr-3787	104	16	s&p	s&p	ADJ
fsr-3787	104	17	500	500	NUM
fsr-3787	104	18	)	)	PUNCT
fsr-3787	104	19	stocks	stock	NOUN
fsr-3787	104	20	,	,	PUNCT
fsr-3787	104	21	but	but	CCONJ
fsr-3787	104	22	dorfman	dorfman	PROPN
fsr-3787	104	23	does	do	AUX
fsr-3787	104	24	not	not	PART
fsr-3787	104	25	conduct	conduct	VERB
fsr-3787	104	26	the	the	DET
fsr-3787	104	27	bino	bino	PROPN
fsr-3787	104	28	mial	mial	ADJ
fsr-3787	104	29	tests	test	NOUN
fsr-3787	104	30	.	.	PUNCT
fsr-3787	105	1	moreover	moreover	ADV
fsr-3787	105	2	,	,	PUNCT
fsr-3787	105	3	because	because	SCONJ
fsr-3787	105	4	risk	risk	NOUN
fsr-3787	105	5	-	-	PUNCT
fsr-3787	105	6	adjusted	adjust	VERB
fsr-3787	105	7	returns	return	NOUN
fsr-3787	105	8	are	be	AUX
fsr-3787	105	9	not	not	PART
fsr-3787	105	10	examined	examine	VERB
fsr-3787	105	11	,	,	PUNCT
fsr-3787	105	12	the	the	DET
fsr-3787	105	13	magnitude	magnitude	NOUN
fsr-3787	105	14	of	of	ADP
fsr-3787	105	15	the	the	DET
fsr-3787	105	16	analysts	analyst	NOUN
fsr-3787	105	17	’	’	PART
fsr-3787	105	18	relative	relative	ADJ
fsr-3787	105	19	performance	performance	NOUN
fsr-3787	105	20	can	can	AUX
fsr-3787	105	21	not	not	PART
fsr-3787	105	22	be	be	AUX
fsr-3787	105	23	evaluated	evaluate	VERB
fsr-3787	105	24	.	.	PUNCT
fsr-3787	106	1	b.	b.	PROPN
fsr-3787	106	2	event	event	PROPN
fsr-3787	106	3	study	study	NOUN
fsr-3787	106	4	methodologies	methodologie	VERB
fsr-3787	106	5	the	the	DET
fsr-3787	106	6	current	current	ADJ
fsr-3787	106	7	study	study	NOUN
fsr-3787	106	8	employs	employ	VERB
fsr-3787	106	9	the	the	DET
fsr-3787	106	10	following	follow	VERB
fsr-3787	106	11	market	market	NOUN
fsr-3787	106	12	model	model	NOUN
fsr-3787	106	13	to	to	PART
fsr-3787	106	14	calculate	calculate	VERB
fsr-3787	106	15	the	the	DET
fsr-3787	106	16	excess	excess	ADJ
fsr-3787	106	17	return	return	NOUN
fsr-3787	106	18	,	,	PUNCT
fsr-3787	106	19	or	or	CCONJ
fsr-3787	106	20	prediction	prediction	NOUN
fsr-3787	106	21	error	error	NOUN
fsr-3787	106	22	(	(	PUNCT
fsr-3787	106	23	fe+	fe+	NOUN
fsr-3787	106	24	for	for	ADP
fsr-3787	106	25	each	each	DET
fsr-3787	106	26	firm	firm	PROPN
fsr-3787	106	27	j	j	PROPN
fsr-3787	106	28	at	at	ADP
fsr-3787	106	29	event	event	NOUN
fsr-3787	106	30	day	day	PROPN
fsr-3787	107	1	t	t	PROPN
fsr-3787	107	2	:	:	PUNCT
fsr-3787	107	3	pe	pe	ADJ
fsr-3787	107	4	’	'	PUNCT
fsr-3787	107	5	,	,	PUNCT
fsr-3787	107	6	=	=	SYM
fsr-3787	107	7	rjt	rjt	NOUN
fsr-3787	107	8	c%	c%	VERB
fsr-3787	107	9	+	+	CCONJ
fsr-3787	107	10	pp	pp	ADJ
fsr-3787	107	11	,	,	PUNCT
fsr-3787	107	12	,	,	PUNCT
fsr-3787	107	13	)	)	PUNCT
fsr-3787	107	14	*	*	PUNCT
fsr-3787	108	1	(	(	PUNCT
fsr-3787	108	2	1	1	X
fsr-3787	108	3	)	)	PUNCT
fsr-3787	108	4	rjl	rjl	NOUN
fsr-3787	108	5	is	be	AUX
fsr-3787	108	6	the	the	DET
fsr-3787	108	7	rate	rate	NOUN
fsr-3787	108	8	of	of	ADP
fsr-3787	108	9	return	return	NOUN
fsr-3787	108	10	on	on	ADP
fsr-3787	108	11	security	security	NOUN
fsr-3787	108	12	j	j	PROPN
fsr-3787	108	13	for	for	ADP
fsr-3787	108	14	day	day	NOUN
fsr-3787	108	15	t	t	PROPN
fsr-3787	108	16	,	,	PUNCT
fsr-3787	108	17	and	and	CCONJ
fsr-3787	108	18	r	r	NOUN
fsr-3787	108	19	,	,	PUNCT
fsr-3787	108	20	t	t	PROPN
fsr-3787	108	21	is	be	AUX
fsr-3787	108	22	the	the	DET
fsr-3787	108	23	return	return	NOUN
fsr-3787	108	24	on	on	ADP
fsr-3787	108	25	the	the	DET
fsr-3787	108	26	crsp	crsp	PROPN
fsr-3787	108	27	value	value	NOUN
fsr-3787	108	28	weighted	weight	VERB
fsr-3787	108	29	index	index	NOUN
fsr-3787	108	30	on	on	ADP
fsr-3787	108	31	day	day	NOUN
fsr-3787	108	32	t.	t.	NOUN
fsr-3787	108	33	the	the	DET
fsr-3787	108	34	coefficients	coefficient	NOUN
fsr-3787	108	35	3	3	NUM
fsr-3787	108	36	and	and	CCONJ
fsr-3787	108	37	pj	pj	PROPN
fsr-3787	108	38	are	be	AUX
fsr-3787	108	39	ordinary	ordinary	ADJ
fsr-3787	108	40	least	least	ADJ
fsr-3787	108	41	squares	square	NOUN
fsr-3787	108	42	estimates	estimate	NOUN
fsr-3787	108	43	of	of	ADP
fsr-3787	108	44	the	the	DET
fsr-3787	108	45	intercept	intercept	NOUN
fsr-3787	108	46	and	and	CCONJ
fsr-3787	108	47	slope	slope	NOUN
fsr-3787	108	48	,	,	PUNCT
fsr-3787	108	49	respectively	respectively	ADV
fsr-3787	108	50	,	,	PUNCT
fsr-3787	108	51	from	from	ADP
fsr-3787	108	52	a	a	DET
fsr-3787	108	53	pre	pre	ADJ
fsr-3787	108	54	-	-	ADJ
fsr-3787	108	55	event	event	ADJ
fsr-3787	108	56	market	market	NOUN
fsr-3787	108	57	model	model	NOUN
fsr-3787	108	58	regression	regression	NOUN
fsr-3787	108	59	for	for	ADP
fsr-3787	108	60	days	day	NOUN
fsr-3787	108	61	-500	-500	PROPN
fsr-3787	108	62	to	to	PART
fsr-3787	108	63	-25	-25	PROPN
fsr-3787	108	64	1	1	NUM
fsr-3787	108	65	.	.	PUNCT
fsr-3787	108	66	’	'	PUNCT
fsr-3787	109	1	day	day	NOUN
fsr-3787	109	2	zero	zero	NUM
fsr-3787	109	3	(	(	PUNCT
fsr-3787	109	4	t	t	NOUN
fsr-3787	109	5	=	=	SYM
fsr-3787	109	6	0	0	NUM
fsr-3787	109	7	)	)	PUNCT
fsr-3787	109	8	is	be	AUX
fsr-3787	109	9	defined	define	VERB
fsr-3787	109	10	as	as	ADP
fsr-3787	109	11	the	the	DET
fsr-3787	109	12	last	last	ADJ
fsr-3787	109	13	trading	trading	NOUN
fsr-3787	109	14	day	day	NOUN
fsr-3787	109	15	before	before	SCONJ
fsr-3787	109	16	a	a	DET
fsr-3787	109	17	recommendation	recommendation	NOUN
fsr-3787	109	18	is	be	AUX
fsr-3787	109	19	reported	report	VERB
fsr-3787	109	20	in	in	ADP
fsr-3787	109	21	the	the	DET
fsr-3787	109	22	“	"	PUNCT
fsr-3787	109	23	market	market	NOUN
fsr-3787	109	24	highlights	highlight	NOUN
fsr-3787	109	25	”	"	PUNCT
fsr-3787	109	26	section	section	NOUN
fsr-3787	109	27	of	of	ADP
fsr-3787	109	28	usa	usa	PROPN
fsr-3787	109	29	today	today	NOUN
fsr-3787	109	30	.	.	PUNCT
fsr-3787	110	1	prediction	prediction	NOUN
fsr-3787	110	2	errors	error	NOUN
fsr-3787	110	3	are	be	AUX
fsr-3787	110	4	esti	esti	PROPN
fsr-3787	110	5	mated	mate	VERB
fsr-3787	110	6	over	over	ADP
fsr-3787	110	7	the	the	DET
fsr-3787	110	8	interval	interval	NOUN
fsr-3787	110	9	t	t	NOUN
fsr-3787	110	10	=	=	PUNCT
fsr-3787	110	11	-5	-5	NUM
fsr-3787	110	12	days	day	NOUN
fsr-3787	110	13	prior	prior	ADV
fsr-3787	110	14	to	to	ADP
fsr-3787	110	15	the	the	DET
fsr-3787	110	16	announcement	announcement	NOUN
fsr-3787	110	17	of	of	ADP
fsr-3787	110	18	the	the	DET
fsr-3787	110	19	brokerage	brokerage	NOUN
fsr-3787	110	20	house	house	NOUN
fsr-3787	110	21	invest	invest	VERB
fsr-3787	110	22	ment	ment	ADJ
fsr-3787	110	23	recommendation	recommendation	NOUN
fsr-3787	110	24	to	to	ADP
fsr-3787	110	25	t	t	NOUN
fsr-3787	110	26	=	=	SYM
fsr-3787	110	27	+250	+250	NUM
fsr-3787	110	28	days	day	NOUN
fsr-3787	110	29	after	after	ADP
fsr-3787	110	30	the	the	DET
fsr-3787	110	31	announcement	announcement	NOUN
fsr-3787	110	32	.	.	PUNCT
fsr-3787	111	1	the	the	DET
fsr-3787	111	2	cumulative	cumulative	ADJ
fsr-3787	111	3	prediction	prediction	NOUN
fsr-3787	111	4	error	error	NOUN
fsr-3787	111	5	(	(	PUNCT
fsr-3787	111	6	cpe	cpe	PROPN
fsr-3787	111	7	)	)	PUNCT
fsr-3787	111	8	from	from	ADP
fsr-3787	111	9	day	day	NOUN
fsr-3787	111	10	tl	tl	PROPN
fsr-3787	111	11	to	to	ADP
fsr-3787	111	12	day	day	PROPN
fsr-3787	111	13	t	t	PROPN
fsr-3787	111	14	,	,	PUNCT
fsr-3787	111	15	for	for	ADP
fsr-3787	111	16	each	each	DET
fsr-3787	111	17	recommendationj	recommendationj	NOUN
fsr-3787	111	18	is	be	AUX
fsr-3787	111	19	:	:	PUNCT
fsr-3787	111	20	t2	t2	NOUN
fsr-3787	111	21	cpej	cpej	PROPN
fsr-3787	111	22	=	=	SYM
fsr-3787	111	23	cpejt	cpejt	PROPN
fsr-3787	111	24	.	.	PUNCT
fsr-3787	112	1	tl	tl	PROPN
fsr-3787	112	2	(	(	PUNCT
fsr-3787	112	3	2	2	NUM
fsr-3787	112	4	)	)	PUNCT
fsr-3787	112	5	cumulative	cumulative	ADJ
fsr-3787	112	6	prediction	prediction	NOUN
fsr-3787	112	7	errors	error	NOUN
fsr-3787	112	8	are	be	AUX
fsr-3787	112	9	estimated	estimate	VERB
fsr-3787	112	10	over	over	ADP
fsr-3787	112	11	various	various	ADJ
fsr-3787	112	12	intervals	interval	NOUN
fsr-3787	112	13	.	.	PUNCT
fsr-3787	113	1	for	for	ADP
fsr-3787	113	2	a	a	DET
fsr-3787	113	3	sample	sample	NOUN
fsr-3787	113	4	of	of	ADP
fsr-3787	113	5	n	n	DET
fsr-3787	113	6	securities	security	NOUN
fsr-3787	113	7	,	,	PUNCT
fsr-3787	113	8	the	the	DET
fsr-3787	113	9	mean	mean	ADJ
fsr-3787	113	10	cumulative	cumulative	ADJ
fsr-3787	113	11	prediction	prediction	NOUN
fsr-3787	113	12	error	error	NOUN
fsr-3787	113	13	(	(	PUNCT
fsr-3787	113	14	mcpe	mcpe	NOUN
fsr-3787	113	15	)	)	PUNCT
fsr-3787	113	16	is	be	AUX
fsr-3787	113	17	defined	define	VERB
fsr-3787	113	18	as	as	ADP
fsr-3787	113	19	:	:	PUNCT
fsr-3787	113	20	mcpe	mcpe	NOUN
fsr-3787	113	21	=	=	SYM
fsr-3787	113	22	(	(	PUNCT
fsr-3787	113	23	l	l	NOUN
fsr-3787	113	24	/	/	SYM
fsr-3787	113	25	n	n	CCONJ
fsr-3787	113	26	)	)	PUNCT
fsr-3787	113	27	2	2	NUM
fsr-3787	113	28	cpej	cpej	NOUN
fsr-3787	113	29	.	.	PUNCT
fsr-3787	114	1	j=	j=	NOUN
fsr-3787	114	2	1	1	NUM
fsr-3787	114	3	(	(	PUNCT
fsr-3787	114	4	3	3	X
fsr-3787	114	5	)	)	PUNCT
fsr-3787	114	6	the	the	DET
fsr-3787	114	7	expected	expect	VERB
fsr-3787	114	8	value	value	NOUN
fsr-3787	114	9	of	of	ADP
fsr-3787	114	10	mcpe	mcpe	NOUN
fsr-3787	114	11	is	be	AUX
fsr-3787	114	12	zero	zero	NUM
fsr-3787	114	13	in	in	ADP
fsr-3787	114	14	the	the	DET
fsr-3787	114	15	absence	absence	NOUN
fsr-3787	114	16	of	of	ADP
fsr-3787	114	17	abnormal	abnormal	ADJ
fsr-3787	114	18	performance	performance	NOUN
fsr-3787	114	19	(	(	PUNCT
fsr-3787	114	20	i.e.	i.e.	X
fsr-3787	114	21	,	,	PUNCT
fsr-3787	114	22	if	if	SCONJ
fsr-3787	114	23	mcpe	mcpe	NOUN
fsr-3787	114	24	equals	equal	VERB
fsr-3787	114	25	zero	zero	NUM
fsr-3787	114	26	,	,	PUNCT
fsr-3787	114	27	then	then	ADV
fsr-3787	114	28	one	one	PRON
fsr-3787	114	29	can	can	AUX
fsr-3787	114	30	not	not	PART
fsr-3787	114	31	reject	reject	VERB
fsr-3787	114	32	the	the	DET
fsr-3787	114	33	null	null	ADJ
fsr-3787	114	34	hypothesis	hypothesis	NOUN
fsr-3787	114	35	that	that	PRON
fsr-3787	114	36	investors	investor	NOUN
fsr-3787	114	37	earned	earn	VERB
fsr-3787	114	38	normal	normal	ADJ
fsr-3787	114	39	returns	return	NOUN
fsr-3787	114	40	)	)	PUNCT
fsr-3787	114	41	.	.	PUNCT
fsr-3787	115	1	the	the	DET
fsr-3787	115	2	test	test	NOUN
fsr-3787	115	3	statistic	statistic	NOUN
fsr-3787	115	4	is	be	AUX
fsr-3787	115	5	based	base	VERB
fsr-3787	115	6	on	on	ADP
fsr-3787	115	7	an	an	DET
fsr-3787	115	8	aggregation	aggregation	NOUN
fsr-3787	115	9	of	of	ADP
fsr-3787	115	10	mean	mean	ADJ
fsr-3787	115	11	standardized	standardized	ADJ
fsr-3787	115	12	cumulative	cumulative	ADJ
fsr-3787	115	13	predic	predic	ADJ
fsr-3787	115	14	tion	tion	NOUN
fsr-3787	115	15	errors	error	NOUN
fsr-3787	115	16	(	(	PUNCT
fsr-3787	115	17	mscpe	mscpe	NOUN
fsr-3787	115	18	)	)	PUNCT
fsr-3787	115	19	(	(	PUNCT
fsr-3787	115	20	see	see	VERB
fsr-3787	115	21	appendix	appendix	NOUN
fsr-3787	115	22	)	)	PUNCT
fsr-3787	115	23	.	.	PUNCT
fsr-3787	116	1	the	the	DET
fsr-3787	116	2	test	test	NOUN
fsr-3787	116	3	statistic	statistic	NOUN
fsr-3787	116	4	for	for	ADP
fsr-3787	116	5	a	a	DET
fsr-3787	116	6	sample	sample	NOUN
fsr-3787	116	7	of	of	ADP
fsr-3787	116	8	n	n	PRON
fsr-3787	116	9	securities	security	NOUN
fsr-3787	116	10	is	be	AUX
fsr-3787	116	11	:	:	PUNCT
fsr-3787	116	12	z	z	X
fsr-3787	116	13	=	=	SYM
fsr-3787	116	14	i	i	PRON
fsr-3787	116	15	(	(	PUNCT
fsr-3787	116	16	mscpe,)/fi	mscpe,)/fi	VERB
fsr-3787	116	17	j=	j=	ADJ
fsr-3787	116	18	1	1	NUM
fsr-3787	116	19	(	(	PUNCT
fsr-3787	116	20	4	4	X
fsr-3787	116	21	)	)	PUNCT
fsr-3787	116	22	each	each	DET
fsr-3787	116	23	mscpej	mscpej	NOUN
fsr-3787	116	24	,	,	PUNCT
fsr-3787	116	25	is	be	AUX
fsr-3787	116	26	assumed	assume	VERB
fsr-3787	116	27	to	to	PART
fsr-3787	116	28	be	be	AUX
fsr-3787	116	29	distributed	distribute	VERB
fsr-3787	116	30	unit	unit	NOUN
fsr-3787	116	31	normal	normal	ADJ
fsr-3787	116	32	in	in	ADP
fsr-3787	116	33	the	the	DET
fsr-3787	116	34	absence	absence	NOUN
fsr-3787	116	35	of	of	ADP
fsr-3787	116	36	abnormal	abnormal	ADJ
fsr-3787	116	37	performance	performance	NOUN
fsr-3787	116	38	.	.	PUNCT
fsr-3787	117	1	under	under	ADP
fsr-3787	117	2	this	this	DET
fsr-3787	117	3	assumption	assumption	NOUN
fsr-3787	117	4	,	,	PUNCT
fsr-3787	117	5	z	z	PROPN
fsr-3787	117	6	is	be	AUX
fsr-3787	117	7	also	also	ADV
fsr-3787	117	8	unit	unit	NOUN
fsr-3787	117	9	normal	normal	ADJ
fsr-3787	117	10	.	.	PUNCT
fsr-3787	118	1	hfessional	hfessional	ADJ
fsr-3787	118	2	stock	stock	NOUN
fsr-3787	118	3	analysts	analyst	NOUN
fsr-3787	118	4	’	'	PUNCT
fsr-3787	118	5	recommcndalions	recommcndalion	NOUN
fsr-3787	118	6	19	19	NUM
fsr-3787	118	7	event	event	NOUN
fsr-3787	118	8	study	study	NOUN
fsr-3787	118	9	methodologies	methodology	NOUN
fsr-3787	118	10	evaluate	evaluate	VERB
fsr-3787	118	11	investment	investment	NOUN
fsr-3787	118	12	performance	performance	NOUN
fsr-3787	118	13	by	by	ADP
fsr-3787	118	14	subtracting	subtract	VERB
fsr-3787	118	15	a	a	DET
fsr-3787	118	16	secu	secu	PROPN
fsr-3787	118	17	rity	rity	NOUN
fsr-3787	118	18	’s	’s	PART
fsr-3787	118	19	expected	expect	VERB
fsr-3787	118	20	rate	rate	NOUN
fsr-3787	118	21	of	of	ADP
fsr-3787	118	22	return	return	NOUN
fsr-3787	118	23	from	from	ADP
fsr-3787	118	24	its	its	PRON
fsr-3787	118	25	actual	actual	ADJ
fsr-3787	118	26	rate	rate	NOUN
fsr-3787	118	27	of	of	ADP
fsr-3787	118	28	return	return	NOUN
fsr-3787	118	29	(	(	PUNCT
fsr-3787	118	30	see	see	VERB
fsr-3787	118	31	equation	equation	NOUN
fsr-3787	118	32	1	1	NUM
fsr-3787	118	33	)	)	PUNCT
fsr-3787	118	34	.	.	PUNCT
fsr-3787	119	1	when	when	SCONJ
fsr-3787	119	2	a	a	DET
fsr-3787	119	3	secu	secu	PROPN
fsr-3787	119	4	rity	rity	NOUN
fsr-3787	119	5	’s	’s	PART
fsr-3787	119	6	expected	expect	VERB
fsr-3787	119	7	rate	rate	NOUN
fsr-3787	119	8	of	of	ADP
fsr-3787	119	9	return	return	NOUN
fsr-3787	119	10	is	be	AUX
fsr-3787	119	11	estimated	estimate	VERB
fsr-3787	119	12	using	use	VERB
fsr-3787	119	13	parameters	parameter	NOUN
fsr-3787	119	14	calculated	calculate	VERB
fsr-3787	119	15	from	from	ADP
fsr-3787	119	16	a	a	DET
fsr-3787	119	17	preor	preor	NOUN
fsr-3787	119	18	post	post	NOUN
fsr-3787	119	19	event	event	NOUN
fsr-3787	119	20	estimation	estimation	NOUN
fsr-3787	119	21	period	period	NOUN
fsr-3787	119	22	,	,	PUNCT
fsr-3787	119	23	the	the	DET
fsr-3787	119	24	methodology	methodology	NOUN
fsr-3787	119	25	tests	test	VERB
fsr-3787	119	26	only	only	ADV
fsr-3787	119	27	whether	whether	SCONJ
fsr-3787	119	28	a	a	DET
fsr-3787	119	29	security	security	NOUN
fsr-3787	119	30	’s	’s	PART
fsr-3787	119	31	performance	performance	NOUN
fsr-3787	119	32	dur	dur	X
fsr-3787	119	33	ing	e	VERB
fsr-3787	119	34	the	the	DET
fsr-3787	119	35	event	event	NOUN
fsr-3787	119	36	period	period	NOUN
fsr-3787	119	37	differs	differ	VERB
fsr-3787	119	38	from	from	ADP
fsr-3787	119	39	its	its	PRON
fsr-3787	119	40	performance	performance	NOUN
fsr-3787	119	41	during	during	ADP
fsr-3787	119	42	the	the	DET
fsr-3787	119	43	estimation	estimation	NOUN
fsr-3787	119	44	period	period	NOUN
fsr-3787	119	45	.	.	PUNCT
fsr-3787	120	1	as	as	ADP
fsr-3787	120	2	a	a	DET
fsr-3787	120	3	result	result	NOUN
fsr-3787	120	4	,	,	PUNCT
fsr-3787	120	5	any	any	DET
fsr-3787	120	6	abnormal	abnormal	ADJ
fsr-3787	120	7	returns	return	NOUN
fsr-3787	120	8	measure	measure	VERB
fsr-3787	120	9	relative	relative	ADJ
fsr-3787	120	10	performance	performance	NOUN
fsr-3787	120	11	rather	rather	ADV
fsr-3787	120	12	than	than	ADP
fsr-3787	120	13	absolute	absolute	ADJ
fsr-3787	120	14	performance	performance	NOUN
fsr-3787	120	15	.	.	PUNCT
fsr-3787	121	1	if	if	SCONJ
fsr-3787	121	2	no	no	DET
fsr-3787	121	3	abnormal	abnormal	ADJ
fsr-3787	121	4	returns	return	NOUN
fsr-3787	121	5	are	be	AUX
fsr-3787	121	6	observed	observe	VERB
fsr-3787	121	7	during	during	ADP
fsr-3787	121	8	the	the	DET
fsr-3787	121	9	event	event	NOUN
fsr-3787	121	10	period	period	NOUN
fsr-3787	121	11	,	,	PUNCT
fsr-3787	121	12	the	the	DET
fsr-3787	121	13	researcher	researcher	NOUN
fsr-3787	121	14	can	can	AUX
fsr-3787	121	15	conclude	conclude	VERB
fsr-3787	121	16	only	only	ADV
fsr-3787	121	17	that	that	SCONJ
fsr-3787	121	18	the	the	DET
fsr-3787	121	19	security	security	NOUN
fsr-3787	121	20	’s	’s	PART
fsr-3787	121	21	performance	performance	NOUN
fsr-3787	121	22	did	do	AUX
fsr-3787	121	23	not	not	PART
fsr-3787	121	24	change	change	VERB
fsr-3787	121	25	relative	relative	ADJ
fsr-3787	121	26	to	to	ADP
fsr-3787	121	27	the	the	DET
fsr-3787	121	28	estimation	estimation	NOUN
fsr-3787	121	29	period	period	NOUN
fsr-3787	121	30	.	.	PUNCT
fsr-3787	122	1	it	it	PRON
fsr-3787	122	2	is	be	AUX
fsr-3787	122	3	not	not	PART
fsr-3787	122	4	possible	possible	ADJ
fsr-3787	122	5	to	to	PART
fsr-3787	122	6	rule	rule	VERB
fsr-3787	122	7	out	out	ADP
fsr-3787	122	8	,	,	PUNCT
fsr-3787	122	9	however	however	ADV
fsr-3787	122	10	,	,	PUNCT
fsr-3787	122	11	the	the	DET
fsr-3787	122	12	possibility	possibility	NOUN
fsr-3787	122	13	that	that	SCONJ
fsr-3787	122	14	the	the	DET
fsr-3787	122	15	security	security	NOUN
fsr-3787	122	16	was	be	AUX
fsr-3787	122	17	a	a	DET
fsr-3787	122	18	good	good	ADJ
fsr-3787	122	19	investment	investment	NOUN
fsr-3787	122	20	during	during	ADP
fsr-3787	122	21	both	both	DET
fsr-3787	122	22	periods	period	NOUN
fsr-3787	122	23	.	.	PUNCT
fsr-3787	123	1	lo	lo	VERB
fsr-3787	123	2	the	the	DET
fsr-3787	123	3	null	null	ADJ
fsr-3787	123	4	hypothesis	hypothesis	NOUN
fsr-3787	123	5	of	of	ADP
fsr-3787	123	6	no	no	DET
fsr-3787	123	7	abnormal	abnormal	ADJ
fsr-3787	123	8	performance	performance	NOUN
fsr-3787	123	9	during	during	ADP
fsr-3787	123	10	the	the	DET
fsr-3787	123	11	estimation	estimation	NOUN
fsr-3787	123	12	period	period	NOUN
fsr-3787	123	13	(	(	PUNCT
fsr-3787	123	14	i.e.	i.e.	X
fsr-3787	123	15	,	,	PUNCT
fsr-3787	123	16	$	$	SYM
fsr-3787	123	17	,	,	PUNCT
fsr-3787	123	18	=	=	NOUN
fsr-3787	123	19	0	0	X
fsr-3787	123	20	)	)	PUNCT
fsr-3787	123	21	is	be	AUX
fsr-3787	123	22	tested	test	VERB
fsr-3787	123	23	for	for	ADP
fsr-3787	123	24	each	each	DET
fsr-3787	123	25	category	category	NOUN
fsr-3787	123	26	p.	p.	PROPN
fsr-3787	123	27	c.	c.	PROPN
fsr-3787	123	28	sharpe	sharpe	PROPN
fsr-3787	123	29	,	,	PUNCT
fsr-3787	123	30	treynor	treynor	NOUN
fsr-3787	123	31	,	,	PUNCT
fsr-3787	123	32	and	and	CCONJ
fsr-3787	123	33	jensen	jensen	PROPN
fsr-3787	123	34	measures	measure	NOUN
fsr-3787	123	35	while	while	SCONJ
fsr-3787	123	36	the	the	DET
fsr-3787	123	37	sharpe	sharpe	NOUN
fsr-3787	123	38	,	,	PUNCT
fsr-3787	123	39	treynor	treynor	NOUN
fsr-3787	123	40	,	,	PUNCT
fsr-3787	123	41	and	and	CCONJ
fsr-3787	123	42	jensen	jensen	PROPN
fsr-3787	123	43	measures	measure	NOUN
fsr-3787	123	44	are	be	AUX
fsr-3787	123	45	commonly	commonly	ADV
fsr-3787	123	46	used	use	VERB
fsr-3787	123	47	to	to	PART
fsr-3787	123	48	evaluate	evaluate	VERB
fsr-3787	123	49	the	the	DET
fsr-3787	123	50	performance	performance	NOUN
fsr-3787	123	51	of	of	ADP
fsr-3787	123	52	portfolio	portfolio	NOUN
fsr-3787	123	53	managers	manager	NOUN
fsr-3787	123	54	,	,	PUNCT
fsr-3787	123	55	these	these	DET
fsr-3787	123	56	techniques	technique	NOUN
fsr-3787	123	57	generally	generally	ADV
fsr-3787	123	58	have	have	AUX
fsr-3787	123	59	not	not	PART
fsr-3787	123	60	been	be	AUX
fsr-3787	123	61	used	use	VERB
fsr-3787	123	62	to	to	AUX
fsr-3787	123	63	ana	ana	PROPN
fsr-3787	123	64	lyze	lyze	VERB
fsr-3787	123	65	the	the	DET
fsr-3787	123	66	performance	performance	NOUN
fsr-3787	123	67	of	of	ADP
fsr-3787	123	68	professional	professional	ADJ
fsr-3787	123	69	stock	stock	NOUN
fsr-3787	123	70	analysts	analyst	NOUN
fsr-3787	123	71	.	.	PUNCT
fsr-3787	124	1	shatpe	shatpe	PROPN
fsr-3787	124	2	’s	’s	PART
fsr-3787	124	3	measure	measure	NOUN
fsr-3787	124	4	examines	examine	VERB
fsr-3787	124	5	average	average	ADJ
fsr-3787	124	6	excess	excess	ADJ
fsr-3787	124	7	return	return	NOUN
fsr-3787	124	8	per	per	ADP
fsr-3787	124	9	unit	unit	NOUN
fsr-3787	124	10	of	of	ADP
fsr-3787	124	11	total	total	ADJ
fsr-3787	124	12	risk	risk	NOUN
fsr-3787	124	13	:	:	PUNCT
fsr-3787	125	1	sharpe	sharpe	PROPN
fsr-3787	125	2	=	=	PRON
fsr-3787	125	3	(	(	PUNCT
fsr-3787	125	4	rp	rp	NOUN
fsr-3787	125	5	rf	rf	NOUN
fsr-3787	125	6	)	)	PUNCT
fsr-3787	125	7	/	/	SYM
fsr-3787	125	8	cq	cq	NOUN
fsr-3787	125	9	,	,	PUNCT
fsr-3787	125	10	where	where	SCONJ
fsr-3787	125	11	rp	rp	NOUN
fsr-3787	125	12	rf	rf	NOUN
fsr-3787	125	13	=	=	PUNCT
fsr-3787	125	14	the	the	DET
fsr-3787	125	15	average	average	ADJ
fsr-3787	125	16	monthly	monthly	ADJ
fsr-3787	125	17	excess	excess	ADJ
fsr-3787	125	18	return	return	NOUN
fsr-3787	125	19	on	on	ADP
fsr-3787	125	20	a	a	DET
fsr-3787	125	21	portfolio	portfolio	NOUN
fsr-3787	125	22	of	of	ADP
fsr-3787	125	23	stocks	stock	NOUN
fsr-3787	125	24	with	with	ADP
fsr-3787	125	25	a	a	DET
fsr-3787	125	26	particu	particu	NOUN
fsr-3787	125	27	lar	lar	PROPN
fsr-3787	125	28	analyst	analyst	NOUN
fsr-3787	125	29	recommendation	recommendation	NOUN
fsr-3787	125	30	(	(	PUNCT
fsr-3787	125	31	where	where	SCONJ
fsr-3787	125	32	rf	rf	NOUN
fsr-3787	125	33	equals	equal	VERB
fsr-3787	125	34	the	the	DET
fsr-3787	125	35	one	one	NUM
fsr-3787	125	36	-	-	PUNCT
fsr-3787	125	37	month	month	NOUN
fsr-3787	125	38	return	return	NOUN
fsr-3787	125	39	on	on	ADP
fsr-3787	125	40	a	a	DET
fsr-3787	125	41	three	three	NUM
fsr-3787	125	42	-	-	PUNCT
fsr-3787	125	43	month	month	NOUN
fsr-3787	125	44	t	t	NOUN
fsr-3787	125	45	bill	bill	NOUN
fsr-3787	125	46	)	)	PUNCT
fsr-3787	125	47	,	,	PUNCT
fsr-3787	125	48	and	and	CCONJ
fsr-3787	125	49	crp	crp	PROPN
fsr-3787	125	50	=	=	PRON
fsr-3787	126	1	the	the	DET
fsr-3787	126	2	standard	standard	ADJ
fsr-3787	126	3	deviation	deviation	NOUN
fsr-3787	126	4	of	of	ADP
fsr-3787	126	5	returns	return	NOUN
fsr-3787	126	6	for	for	ADP
fsr-3787	126	7	portfolio	portfolio	NOUN
fsr-3787	126	8	p.	p.	PROPN
fsr-3787	126	9	treynor	treynor	NOUN
fsr-3787	126	10	’s	’s	PART
fsr-3787	126	11	measure	measure	NOUN
fsr-3787	126	12	,	,	PUNCT
fsr-3787	126	13	on	on	ADP
fsr-3787	126	14	the	the	DET
fsr-3787	126	15	other	other	ADJ
fsr-3787	126	16	hand	hand	NOUN
fsr-3787	126	17	,	,	PUNCT
fsr-3787	126	18	examines	examine	VERB
fsr-3787	126	19	average	average	ADJ
fsr-3787	126	20	excess	excess	ADJ
fsr-3787	126	21	return	return	NOUN
fsr-3787	126	22	per	per	ADP
fsr-3787	126	23	unit	unit	NOUN
fsr-3787	126	24	of	of	ADP
fsr-3787	126	25	sys	sys	VERB
fsr-3787	126	26	tematic	tematic	ADJ
fsr-3787	126	27	risk	risk	NOUN
fsr-3787	126	28	:	:	PUNCT
fsr-3787	126	29	treynor	treynor	NOUN
fsr-3787	126	30	=	=	SYM
fsr-3787	126	31	(	(	PUNCT
fsr-3787	126	32	rp	rp	NOUN
fsr-3787	126	33	rf	rf	NOUN
fsr-3787	126	34	)	)	PUNCT
fsr-3787	126	35	i	i	PROPN
fsr-3787	126	36	&	&	CCONJ
fsr-3787	126	37	,	,	PUNCT
fsr-3787	126	38	where	where	SCONJ
fsr-3787	126	39	&	&	CCONJ
fsr-3787	126	40	,	,	PUNCT
fsr-3787	126	41	=	=	PUNCT
fsr-3787	126	42	the	the	DET
fsr-3787	126	43	beta	beta	ADJ
fsr-3787	126	44	coefficient	coefficient	NOUN
fsr-3787	126	45	for	for	ADP
fsr-3787	126	46	portfolio	portfolio	NOUN
fsr-3787	126	47	p.	p.	NOUN
fsr-3787	126	48	‘	'	PUNCT
fsr-3787	126	49	lie	lie	VERB
fsr-3787	126	50	sharpe	sharpe	NOUN
fsr-3787	126	51	and	and	CCONJ
fsr-3787	126	52	treynor	treynor	NOUN
fsr-3787	126	53	measures	measure	NOUN
fsr-3787	126	54	for	for	ADP
fsr-3787	126	55	the	the	DET
fsr-3787	126	56	market	market	NOUN
fsr-3787	126	57	portfolio	portfolio	NOUN
fsr-3787	126	58	are	be	AUX
fsr-3787	126	59	calculated	calculate	VERB
fsr-3787	126	60	in	in	ADP
fsr-3787	126	61	a	a	DET
fsr-3787	126	62	similar	similar	ADJ
fsr-3787	126	63	fashion	fashion	NOUN
fsr-3787	126	64	using	use	VERB
fsr-3787	126	65	the	the	DET
fsr-3787	126	66	crsp	crsp	PROPN
fsr-3787	126	67	value	value	NOUN
fsr-3787	126	68	-	-	PUNCT
fsr-3787	126	69	weighted	weight	VERB
fsr-3787	126	70	index	index	NOUN
fsr-3787	126	71	(	(	PUNCT
fsr-3787	126	72	the	the	DET
fsr-3787	126	73	results	result	NOUN
fsr-3787	126	74	using	use	VERB
fsr-3787	126	75	the	the	DET
fsr-3787	126	76	crsp	crsp	ADJ
fsr-3787	126	77	equal	equal	ADJ
fsr-3787	126	78	-	-	PUNCT
fsr-3787	126	79	weighted	weight	VERB
fsr-3787	126	80	index	index	NOUN
fsr-3787	126	81	are	be	AUX
fsr-3787	126	82	essentially	essentially	ADV
fsr-3787	126	83	the	the	DET
fsr-3787	126	84	same	same	ADJ
fsr-3787	126	85	)	)	PUNCT
fsr-3787	126	86	.	.	PUNCT
fsr-3787	127	1	jensen	jensen	PROPN
fsr-3787	127	2	’s	’s	PART
fsr-3787	127	3	measure	measure	NOUN
fsr-3787	127	4	examines	examine	VERB
fsr-3787	127	5	excess	excess	ADJ
fsr-3787	127	6	return	return	NOUN
fsr-3787	127	7	as	as	ADP
fsr-3787	127	8	a	a	DET
fsr-3787	127	9	function	function	NOUN
fsr-3787	127	10	of	of	ADP
fsr-3787	127	11	systematic	systematic	ADJ
fsr-3787	127	12	risk	risk	NOUN
fsr-3787	127	13	.	.	PUNCT
fsr-3787	128	1	r	r	NOUN
fsr-3787	128	2	pr	pr	NOUN
fsr-3787	128	3	rjt	rjt	NOUN
fsr-3787	128	4	=	=	SYM
fsr-3787	128	5	ap	ap	PROPN
fsr-3787	129	1	+	+	CCONJ
fsr-3787	129	2	pp	pp	PROPN
fsr-3787	129	3	cr	cr	PROPN
fsr-3787	129	4	,	,	PUNCT
fsr-3787	129	5	,	,	PUNCT
fsr-3787	129	6	rft	rft	NOUN
fsr-3787	129	7	)	)	PUNCT
fsr-3787	129	8	,	,	PUNCT
fsr-3787	129	9	where	where	SCONJ
fsr-3787	129	10	rmt	rmt	NOUN
fsr-3787	129	11	=	=	VERB
fsr-3787	129	12	the	the	DET
fsr-3787	129	13	monthly	monthly	ADJ
fsr-3787	129	14	return	return	NOUN
fsr-3787	129	15	on	on	ADP
fsr-3787	129	16	the	the	DET
fsr-3787	129	17	crsp	crsp	PROPN
fsr-3787	129	18	value	value	NOUN
fsr-3787	129	19	-	-	PUNCT
fsr-3787	129	20	weighted	weight	VERB
fsr-3787	129	21	or	or	CCONJ
fsr-3787	129	22	equal	equal	ADV
fsr-3787	129	23	-	-	PUNCT
fsr-3787	129	24	weighted	weight	VERB
fsr-3787	129	25	index	index	NOUN
fsr-3787	129	26	.	.	PUNCT
fsr-3787	130	1	the	the	DET
fsr-3787	130	2	coefficients	coefficient	NOUN
fsr-3787	130	3	ap	ap	PROPN
fsr-3787	130	4	and	and	CCONJ
fsr-3787	130	5	fip	fip	PROPN
fsr-3787	130	6	are	be	AUX
fsr-3787	130	7	estimated	estimate	VERB
fsr-3787	130	8	using	use	VERB
fsr-3787	130	9	ols	ol	NOUN
fsr-3787	130	10	regression	regression	NOUN
fsr-3787	130	11	.	.	PUNCT
fsr-3787	131	1	if	if	SCONJ
fsr-3787	131	2	ap	ap	PROPN
fsr-3787	131	3	is	be	AUX
fsr-3787	131	4	statistically	statistically	ADV
fsr-3787	131	5	different	different	ADJ
fsr-3787	131	6	from	from	ADP
fsr-3787	131	7	zero	zero	NUM
fsr-3787	131	8	,	,	PUNCT
fsr-3787	131	9	then	then	ADV
fsr-3787	131	10	the	the	DET
fsr-3787	131	11	null	null	ADJ
fsr-3787	131	12	hypothesis	hypothesis	NOUN
fsr-3787	131	13	of	of	ADP
fsr-3787	131	14	no	no	DET
fsr-3787	131	15	abnormal	abnormal	ADJ
fsr-3787	131	16	performance	performance	NOUN
fsr-3787	131	17	is	be	AUX
fsr-3787	131	18	rejected	reject	VERB
fsr-3787	131	19	.	.	PUNCT
fsr-3787	132	1	this	this	DET
fsr-3787	132	2	study	study	NOUN
fsr-3787	132	3	calculates	calculate	VERB
fsr-3787	132	4	sharpe	sharpe	PROPN
fsr-3787	132	5	,	,	PUNCT
fsr-3787	132	6	treynor	treynor	NOUN
fsr-3787	132	7	,	,	PUNCT
fsr-3787	132	8	and	and	CCONJ
fsr-3787	132	9	jensen	jensen	PROPN
fsr-3787	132	10	measures	measure	NOUN
fsr-3787	132	11	for	for	ADP
fsr-3787	132	12	two	two	NUM
fsr-3787	132	13	trading	trading	NOUN
fsr-3787	132	14	strategies	strategy	NOUN
fsr-3787	132	15	.	.	PUNCT
fsr-3787	133	1	one	one	NUM
fsr-3787	133	2	strategy	strategy	NOUN
fsr-3787	133	3	assumes	assume	VERB
fsr-3787	133	4	that	that	SCONJ
fsr-3787	133	5	an	an	DET
fsr-3787	133	6	investor	investor	NOUN
fsr-3787	133	7	buys	buy	VERB
fsr-3787	133	8	a	a	DET
fsr-3787	133	9	recommended	recommend	VERB
fsr-3787	133	10	stock	stock	NOUN
fsr-3787	133	11	at	at	ADP
fsr-3787	133	12	the	the	DET
fsr-3787	133	13	beginning	beginning	NOUN
fsr-3787	133	14	of	of	ADP
fsr-3787	133	15	the	the	DET
fsr-3787	133	16	month	month	NOUN
fsr-3787	133	17	that	that	PRON
fsr-3787	133	18	contains	contain	VERB
fsr-3787	133	19	the	the	DET
fsr-3787	133	20	publication	publication	NOUN
fsr-3787	133	21	date	date	NOUN
fsr-3787	133	22	(	(	PUNCT
fsr-3787	133	23	t	t	NOUN
fsr-3787	133	24	=	=	SYM
fsr-3787	133	25	0	0	NUM
fsr-3787	133	26	)	)	PUNCT
fsr-3787	133	27	and	and	CCONJ
fsr-3787	133	28	holds	hold	VERB
fsr-3787	133	29	the	the	DET
fsr-3787	133	30	stock	stock	NOUN
fsr-3787	133	31	for	for	ADP
fsr-3787	133	32	13	13	NUM
fsr-3787	133	33	months	month	NOUN
fsr-3787	133	34	(	(	PUNCT
fsr-3787	133	35	i.e.	i.e.	X
fsr-3787	133	36	,	,	PUNCT
fsr-3787	133	37	the	the	DET
fsr-3787	133	38	holding	hold	VERB
fsr-3787	133	39	period	period	NOUN
fsr-3787	133	40	is	be	AUX
fsr-3787	133	41	t	t	NOUN
fsr-3787	133	42	=	=	SYM
fsr-3787	133	43	0	0	PROPN
fsr-3787	133	44	to	to	ADP
fsr-3787	133	45	t	t	NOUN
fsr-3787	133	46	=	=	SYM
fsr-3787	133	47	+12	+12	PROPN
fsr-3787	133	48	)	)	PUNCT
fsr-3787	133	49	.	.	PUNCT
fsr-3787	134	1	the	the	DET
fsr-3787	134	2	second	second	ADJ
fsr-3787	134	3	strategy	strategy	NOUN
fsr-3787	134	4	assumes	assume	VERB
fsr-3787	134	5	that	that	SCONJ
fsr-3787	134	6	an	an	DET
fsr-3787	134	7	investor	investor	NOUN
fsr-3787	134	8	buys	buy	VERB
fsr-3787	134	9	a	a	DET
fsr-3787	134	10	rec	rec	NOUN
fsr-3787	134	11	ommended	ommende	VERB
fsr-3787	134	12	stock	stock	NOUN
fsr-3787	134	13	at	at	ADP
fsr-3787	134	14	the	the	DET
fsr-3787	134	15	beginning	beginning	NOUN
fsr-3787	134	16	of	of	ADP
fsr-3787	134	17	the	the	DET
fsr-3787	134	18	monthfollowing	monthfollowing	NOUN
fsr-3787	134	19	the	the	DET
fsr-3787	134	20	publication	publication	NOUN
fsr-3787	134	21	date	date	NOUN
fsr-3787	134	22	and	and	CCONJ
fsr-3787	134	23	holds	hold	VERB
fsr-3787	134	24	the	the	DET
fsr-3787	134	25	stock	stock	NOUN
fsr-3787	134	26	for	for	ADP
fsr-3787	134	27	12	12	NUM
fsr-3787	134	28	months	month	NOUN
fsr-3787	134	29	(	(	PUNCT
fsr-3787	134	30	i.e.	i.e.	X
fsr-3787	134	31	,	,	PUNCT
fsr-3787	134	32	the	the	DET
fsr-3787	134	33	holding	hold	VERB
fsr-3787	134	34	period	period	NOUN
fsr-3787	134	35	is	be	AUX
fsr-3787	134	36	t	t	NOUN
fsr-3787	134	37	=	=	PUNCT
fsr-3787	134	38	+	+	ADJ
fsr-3787	134	39	l	l	NOUN
fsr-3787	134	40	to	to	ADP
fsr-3787	134	41	t	t	PROPN
fsr-3787	134	42	=	=	SYM
fsr-3787	134	43	+12	+12	PROPN
fsr-3787	134	44	)	)	PUNCT
fsr-3787	134	45	.	.	PUNCT
fsr-3787	135	1	as	as	ADP
fsr-3787	135	2	a	a	DET
fsr-3787	135	3	result	result	NOUN
fsr-3787	135	4	,	,	PUNCT
fsr-3787	135	5	each	each	DET
fsr-3787	135	6	perfor	perfor	PROPN
fsr-3787	135	7	mance	mance	NOUN
fsr-3787	135	8	measure	measure	NOUN
fsr-3787	135	9	is	be	AUX
fsr-3787	135	10	calculated	calculate	VERB
fsr-3787	135	11	using	use	VERB
fsr-3787	135	12	pre	pre	ADJ
fsr-3787	135	13	-	-	ADJ
fsr-3787	135	14	recommendation	recommendation	ADJ
fsr-3787	135	15	prices	price	NOUN
fsr-3787	135	16	(	(	PUNCT
fsr-3787	135	17	prices	price	NOUN
fsr-3787	135	18	on	on	ADP
fsr-3787	135	19	which	which	PRON
fsr-3787	135	20	the	the	DET
fsr-3787	135	21	ana	ana	PROPN
fsr-3787	135	22	20	20	NUM
fsr-3787	135	23	financial	financial	ADJ
fsr-3787	135	24	services	service	NOUN
fsr-3787	135	25	review	review	VERB
fsr-3787	135	26	5	5	NUM
fsr-3787	135	27	(	(	PUNCT
fsr-3787	135	28	1	1	NUM
fsr-3787	135	29	)	)	PUNCT
fsr-3787	135	30	1996	1996	NUM
fsr-3787	135	31	table	table	NOUN
fsr-3787	135	32	2	2	NUM
fsr-3787	135	33	portfolio	portfolio	NOUN
fsr-3787	135	34	construction	construction	NOUN
fsr-3787	135	35	for	for	ADP
fsr-3787	135	36	strong	strong	ADJ
fsr-3787	135	37	buy	buy	NOUN
fsr-3787	135	38	category	category	NOUN
fsr-3787	135	39	no	no	NOUN
fsr-3787	135	40	.	.	PUNCT
fsr-3787	136	1	company	company	NOUN
fsr-3787	136	2	announcement	announcement	NOUN
fsr-3787	136	3	month	month	NOUN
fsr-3787	136	4	holding	hold	VERB
fsr-3787	136	5	periods	period	NOUN
fsr-3787	136	6	strategy	strategy	NOUN
fsr-3787	136	7	i	i	PRON
fsr-3787	136	8	strategy	strategy	VERB
fsr-3787	136	9	2	2	NUM
fsr-3787	136	10	(	(	PUNCT
fsr-3787	136	11	t	t	PROPN
fsr-3787	136	12	=	=	SYM
fsr-3787	136	13	otot=+12	otot=+12	PROPN
fsr-3787	136	14	)	)	PUNCT
fsr-3787	136	15	(	(	PUNCT
fsr-3787	136	16	t	t	NOUN
fsr-3787	136	17	=	=	PUNCT
fsr-3787	137	1	+	+	PROPN
fsr-3787	137	2	i	i	PRON
fsr-3787	137	3	tot	tot	VERB
fsr-3787	137	4	=	=	SYM
fsr-3787	137	5	+12	+12	NUM
fsr-3787	137	6	)	)	PUNCT
fsr-3787	137	7	1	1	NUM
fsr-3787	137	8	walt	walt	PROPN
fsr-3787	137	9	disney	disney	PROPN
fsr-3787	137	10	mar	mar	PROPN
fsr-3787	137	11	1988	1988	NUM
fsr-3787	137	12	mar	mar	PROPN
fsr-3787	137	13	1988	1988	NUM
fsr-3787	137	14	-	-	PUNCT
fsr-3787	137	15	mar	mar	PROPN
fsr-3787	137	16	1989	1989	NUM
fsr-3787	137	17	apr	apr	PROPN
fsr-3787	137	18	1988	1988	NUM
fsr-3787	137	19	-	-	PUNCT
fsr-3787	137	20	mar	mar	PROPN
fsr-3787	137	21	1989	1989	NUM
fsr-3787	137	22	2	2	NUM
fsr-3787	137	23	clark	clark	NOUN
fsr-3787	137	24	equip	equip	NOUN
fsr-3787	137	25	apr	apr	PROPN
fsr-3787	137	26	1988	1988	NUM
fsr-3787	137	27	apr	apr	NOUN
fsr-3787	137	28	1988	1988	NUM
fsr-3787	137	29	-	-	PUNCT
fsr-3787	137	30	apr	apr	NOUN
fsr-3787	137	31	1989	1989	NUM
fsr-3787	137	32	may	may	PROPN
fsr-3787	137	33	1988	1988	NUM
fsr-3787	137	34	-	-	PUNCT
fsr-3787	137	35	apr	apr	NOUN
fsr-3787	137	36	1989	1989	NUM
fsr-3787	137	37	3	3	NUM
fsr-3787	137	38	ford	ford	NOUN
fsr-3787	137	39	nov	nov	PROPN
fsr-3787	137	40	1988	1988	NUM
fsr-3787	137	41	nov	nov	PROPN
fsr-3787	137	42	1988	1988	NUM
fsr-3787	137	43	-	-	PUNCT
fsr-3787	137	44	nov	nov	PROPN
fsr-3787	137	45	1989	1989	NUM
fsr-3787	137	46	dee	dee	PROPN
fsr-3787	137	47	1988	1988	NUM
fsr-3787	137	48	-	-	PUNCT
fsr-3787	137	49	nov	nov	PROPN
fsr-3787	137	50	1989	1989	NUM
fsr-3787	137	51	18	18	NUM
fsr-3787	137	52	georgia	georgia	PROPN
fsr-3787	137	53	gulf	gulf	PROPN
fsr-3787	137	54	dee	dee	PROPN
fsr-3787	137	55	1990	1990	NUM
fsr-3787	137	56	dee	dee	PROPN
fsr-3787	137	57	1990	1990	NUM
fsr-3787	137	58	-	-	PUNCT
fsr-3787	137	59	dee	dee	PROPN
fsr-3787	137	60	1991	1991	NUM
fsr-3787	137	61	jan	jan	PROPN
fsr-3787	137	62	1991	1991	NUM
fsr-3787	137	63	-	-	PUNCT
fsr-3787	137	64	dee	dee	PROPN
fsr-3787	137	65	1991	1991	NUM
fsr-3787	137	66	lysts	lyst	NOUN
fsr-3787	137	67	’	'	PUNCT
fsr-3787	137	68	recommendations	recommendation	NOUN
fsr-3787	137	69	are	be	AUX
fsr-3787	137	70	based	base	VERB
fsr-3787	137	71	)	)	PUNCT
fsr-3787	137	72	and	and	CCONJ
fsr-3787	137	73	post	post	ADJ
fsr-3787	137	74	-	-	ADJ
fsr-3787	137	75	recommendation	recommendation	ADJ
fsr-3787	137	76	prices	price	NOUN
fsr-3787	137	77	(	(	PUNCT
fsr-3787	137	78	prices	price	NOUN
fsr-3787	137	79	at	at	ADP
fsr-3787	137	80	which	which	PRON
fsr-3787	137	81	investors	investor	NOUN
fsr-3787	137	82	are	be	AUX
fsr-3787	137	83	likely	likely	ADJ
fsr-3787	137	84	to	to	PART
fsr-3787	137	85	trade	trade	VERB
fsr-3787	137	86	)	)	PUNCT
fsr-3787	137	87	.	.	PUNCT
fsr-3787	138	1	strong	strong	ADJ
fsr-3787	138	2	buy	buy	NOUN
fsr-3787	138	3	,	,	PUNCT
fsr-3787	138	4	buy	buy	VERB
fsr-3787	138	5	,	,	PUNCT
fsr-3787	138	6	reiterate	reiterate	VERB
fsr-3787	138	7	buy	buy	NOUN
fsr-3787	138	8	,	,	PUNCT
fsr-3787	138	9	downgrade	downgrade	VERB
fsr-3787	138	10	to	to	PART
fsr-3787	138	11	hold	hold	VERB
fsr-3787	138	12	,	,	PUNCT
fsr-3787	138	13	and	and	CCONJ
fsr-3787	138	14	sell	sell	VERB
fsr-3787	138	15	recommendations	recommendation	NOUN
fsr-3787	138	16	are	be	AUX
fsr-3787	138	17	examined	examine	VERB
fsr-3787	138	18	separately	separately	ADV
fsr-3787	138	19	.	.	PUNCT
fsr-3787	139	1	the	the	DET
fsr-3787	139	2	sharpe	sharpe	PROPN
fsr-3787	139	3	,	,	PUNCT
fsr-3787	139	4	treynor	treynor	NOUN
fsr-3787	139	5	,	,	PUNCT
fsr-3787	139	6	and	and	CCONJ
fsr-3787	139	7	jensen	jensen	PROPN
fsr-3787	139	8	measures	measure	NOUN
fsr-3787	139	9	for	for	ADP
fsr-3787	139	10	the	the	DET
fsr-3787	139	11	buy	buy	NOUN
fsr-3787	139	12	,	,	PUNCT
fsr-3787	139	13	reiterate	reiterate	VERB
fsr-3787	139	14	buy	buy	NOUN
fsr-3787	139	15	,	,	PUNCT
fsr-3787	139	16	and	and	CCONJ
fsr-3787	139	17	downgrade	downgrade	VERB
fsr-3787	139	18	to	to	PART
fsr-3787	139	19	hold	hold	VERB
fsr-3787	139	20	categories	category	NOUN
fsr-3787	139	21	are	be	AUX
fsr-3787	139	22	calculated	calculate	VERB
fsr-3787	139	23	using	use	VERB
fsr-3787	139	24	monthly	monthly	ADJ
fsr-3787	139	25	returns	return	NOUN
fsr-3787	139	26	from	from	ADP
fsr-3787	139	27	january	january	PROPN
fsr-3787	139	28	1988	1988	NUM
fsr-3787	139	29	to	to	ADP
fsr-3787	139	30	december	december	PROPN
fsr-3787	139	31	199	199	NUM
fsr-3787	139	32	1	1	NUM
fsr-3787	139	33	(	(	PUNCT
fsr-3787	139	34	48	48	NUM
fsr-3787	139	35	months	month	NOUN
fsr-3787	139	36	)	)	PUNCT
fsr-3787	139	37	.	.	PUNCT
fsr-3787	140	1	the	the	DET
fsr-3787	140	2	performance	performance	NOUN
fsr-3787	140	3	measures	measure	NOUN
fsr-3787	140	4	for	for	ADP
fsr-3787	140	5	the	the	DET
fsr-3787	140	6	strong	strong	ADJ
fsr-3787	140	7	buy	buy	NOUN
fsr-3787	140	8	and	and	CCONJ
fsr-3787	140	9	sell	sell	VERB
fsr-3787	140	10	categories	category	NOUN
fsr-3787	140	11	are	be	AUX
fsr-3787	140	12	cal	cal	ADV
fsr-3787	140	13	culated	culate	VERB
fsr-3787	140	14	using	use	VERB
fsr-3787	140	15	46	46	NUM
fsr-3787	140	16	and	and	CCONJ
fsr-3787	140	17	35	35	NUM
fsr-3787	140	18	monthly	monthly	ADJ
fsr-3787	140	19	returns	return	NOUN
fsr-3787	140	20	,	,	PUNCT
fsr-3787	140	21	respectively	respectively	ADV
fsr-3787	140	22	.	.	PUNCT
fsr-3787	141	1	the	the	DET
fsr-3787	141	2	first	first	ADJ
fsr-3787	141	3	strong	strong	ADJ
fsr-3787	141	4	buy	buy	NOUN
fsr-3787	141	5	recommenda	recommenda	NOUN
fsr-3787	141	6	tion	tion	NOUN
fsr-3787	141	7	is	be	AUX
fsr-3787	141	8	published	publish	VERB
fsr-3787	141	9	in	in	ADP
fsr-3787	141	10	march	march	PROPN
fsr-3787	141	11	1988	1988	NUM
fsr-3787	141	12	;	;	PUNCT
fsr-3787	141	13	the	the	DET
fsr-3787	141	14	first	first	ADJ
fsr-3787	141	15	sell	sell	NOUN
fsr-3787	141	16	recommendation	recommendation	NOUN
fsr-3787	141	17	is	be	AUX
fsr-3787	141	18	published	publish	VERB
fsr-3787	141	19	in	in	ADP
fsr-3787	141	20	february	february	PROPN
fsr-3787	141	21	1989	1989	NUM
fsr-3787	141	22	.	.	PUNCT
fsr-3787	142	1	portfolio	portfolio	NOUN
fsr-3787	142	2	construction	construction	NOUN
fsr-3787	142	3	for	for	ADP
fsr-3787	142	4	the	the	DET
fsr-3787	142	5	strong	strong	ADJ
fsr-3787	142	6	buy	buy	NOUN
fsr-3787	142	7	category	category	NOUN
fsr-3787	142	8	is	be	AUX
fsr-3787	142	9	illustrated	illustrate	VERB
fsr-3787	142	10	in	in	ADP
fsr-3787	142	11	table	table	NOUN
fsr-3787	142	12	2	2	NUM
fsr-3787	142	13	(	(	PUNCT
fsr-3787	142	14	n	n	NOUN
fsr-3787	142	15	=	=	SYM
fsr-3787	142	16	18	18	NUM
fsr-3787	142	17	rec	rec	NOUN
fsr-3787	142	18	ommendations	ommendation	NOUN
fsr-3787	142	19	)	)	PUNCT
fsr-3787	142	20	.	.	PUNCT
fsr-3787	143	1	on	on	ADP
fsr-3787	143	2	march	march	PROPN
fsr-3787	143	3	10	10	NUM
fsr-3787	143	4	,	,	PUNCT
fsr-3787	143	5	1988	1988	NUM
fsr-3787	143	6	,	,	PUNCT
fsr-3787	143	7	usa	usa	PROPN
fsr-3787	143	8	today	today	NOUN
fsr-3787	143	9	reported	report	VERB
fsr-3787	143	10	a	a	DET
fsr-3787	143	11	strong	strong	ADJ
fsr-3787	143	12	buy	buy	NOUN
fsr-3787	143	13	recommendation	recommendation	NOUN
fsr-3787	143	14	on	on	ADP
fsr-3787	143	15	walt	walt	PROPN
fsr-3787	143	16	disney	disney	PROPN
fsr-3787	143	17	.	.	PUNCT
fsr-3787	144	1	strategy	strategy	NOUN
fsr-3787	144	2	1	1	NUM
fsr-3787	144	3	assumes	assume	VERB
fsr-3787	144	4	that	that	SCONJ
fsr-3787	144	5	investors	investor	NOUN
fsr-3787	144	6	buy	buy	VERB
fsr-3787	144	7	walt	walt	PROPN
fsr-3787	144	8	disney	disney	PROPN
fsr-3787	144	9	on	on	ADP
fsr-3787	144	10	march	march	PROPN
fsr-3787	144	11	1	1	NUM
fsr-3787	144	12	,	,	PUNCT
fsr-3787	144	13	1988	1988	NUM
fsr-3787	144	14	and	and	CCONJ
fsr-3787	144	15	sell	sell	VERB
fsr-3787	144	16	the	the	DET
fsr-3787	144	17	stock	stock	NOUN
fsr-3787	144	18	on	on	ADP
fsr-3787	144	19	march	march	PROPN
fsr-3787	144	20	31	31	NUM
fsr-3787	144	21	,	,	PUNCT
fsr-3787	144	22	1989	1989	NUM
fsr-3787	144	23	.	.	PUNCT
fsr-3787	145	1	similarly	similarly	ADV
fsr-3787	145	2	,	,	PUNCT
fsr-3787	145	3	investors	investor	NOUN
fsr-3787	145	4	buy	buy	VERB
fsr-3787	145	5	clark	clark	NOUN
fsr-3787	145	6	equipment	equipment	NOUN
fsr-3787	145	7	on	on	ADP
fsr-3787	145	8	the	the	DET
fsr-3787	145	9	first	first	ADJ
fsr-3787	145	10	trading	trading	NOUN
fsr-3787	145	11	day	day	NOUN
fsr-3787	145	12	of	of	ADP
fsr-3787	145	13	april	april	PROPN
fsr-3787	145	14	1988	1988	NUM
fsr-3787	145	15	and	and	CCONJ
fsr-3787	145	16	sell	sell	VERB
fsr-3787	145	17	on	on	ADP
fsr-3787	145	18	the	the	DET
fsr-3787	145	19	last	last	ADJ
fsr-3787	145	20	trading	trading	NOUN
fsr-3787	145	21	day	day	NOUN
fsr-3787	145	22	of	of	ADP
fsr-3787	145	23	april	april	PROPN
fsr-3787	145	24	1989	1989	NUM
fsr-3787	145	25	.	.	PUNCT
fsr-3787	146	1	the	the	DET
fsr-3787	146	2	april	april	PROPN
fsr-3787	146	3	1988	1988	NUM
fsr-3787	146	4	return	return	NOUN
fsr-3787	146	5	for	for	ADP
fsr-3787	146	6	the	the	DET
fsr-3787	146	7	strong	strong	ADJ
fsr-3787	146	8	buy	buy	NOUN
fsr-3787	146	9	portfolio	portfolio	NOUN
fsr-3787	146	10	,	,	PUNCT
fsr-3787	146	11	rp	rp	NOUN
fsr-3787	146	12	,	,	PUNCT
fsr-3787	146	13	,	,	PUNCT
fsr-3787	146	14	is	be	AUX
fsr-3787	146	15	an	an	DET
fsr-3787	146	16	equal	equal	ADV
fsr-3787	146	17	-	-	PUNCT
fsr-3787	146	18	weighted	weight	VERB
fsr-3787	146	19	average	average	NOUN
fsr-3787	146	20	of	of	ADP
fsr-3787	146	21	the	the	DET
fsr-3787	146	22	monthly	monthly	ADJ
fsr-3787	146	23	returns	return	NOUN
fsr-3787	146	24	on	on	ADP
fsr-3787	146	25	walt	walt	PROPN
fsr-3787	146	26	disney	disney	PROPN
fsr-3787	146	27	and	and	CCONJ
fsr-3787	146	28	clark	clark	PROPN
fsr-3787	146	29	equipment	equipment	NOUN
fsr-3787	146	30	.	.	PUNCT
fsr-3787	147	1	there	there	PRON
fsr-3787	147	2	are	be	VERB
fsr-3787	147	3	46	46	NUM
fsr-3787	147	4	monthly	monthly	ADJ
fsr-3787	147	5	returns	return	NOUN
fsr-3787	147	6	for	for	ADP
fsr-3787	147	7	the	the	DET
fsr-3787	147	8	strong	strong	ADJ
fsr-3787	147	9	buy	buy	VERB
fsr-3787	147	10	cat	cat	NOUN
fsr-3787	147	11	egory	egory	NOUN
fsr-3787	147	12	(	(	PUNCT
fsr-3787	147	13	march	march	PROPN
fsr-3787	147	14	1988	1988	NUM
fsr-3787	147	15	-	-	PUNCT
fsr-3787	147	16	december	december	PROPN
fsr-3787	147	17	1991	1991	NUM
fsr-3787	147	18	)	)	PUNCT
fsr-3787	147	19	.	.	PUNCT
fsr-3787	148	1	these	these	DET
fsr-3787	148	2	46	46	NUM
fsr-3787	148	3	monthly	monthly	ADJ
fsr-3787	148	4	returns	return	NOUN
fsr-3787	148	5	are	be	AUX
fsr-3787	148	6	used	use	VERB
fsr-3787	148	7	to	to	PART
fsr-3787	148	8	calculate	calculate	VERB
fsr-3787	148	9	the	the	DET
fsr-3787	148	10	sharpe	sharpe	NOUN
fsr-3787	148	11	,	,	PUNCT
fsr-3787	148	12	treynor	treynor	NOUN
fsr-3787	148	13	,	,	PUNCT
fsr-3787	148	14	and	and	CCONJ
fsr-3787	148	15	jensen	jensen	PROPN
fsr-3787	148	16	measures	measure	NOUN
fsr-3787	148	17	.	.	PUNCT
fsr-3787	149	1	the	the	DET
fsr-3787	149	2	portfolio	portfolio	NOUN
fsr-3787	149	3	construction	construction	NOUN
fsr-3787	149	4	for	for	ADP
fsr-3787	149	5	the	the	DET
fsr-3787	149	6	post	post	ADJ
fsr-3787	149	7	-	-	ADJ
fsr-3787	149	8	recommen	recommen	ADJ
fsr-3787	149	9	dation	dation	NOUN
fsr-3787	149	10	strategy	strategy	NOUN
fsr-3787	149	11	is	be	AUX
fsr-3787	149	12	similar	similar	ADJ
fsr-3787	149	13	except	except	SCONJ
fsr-3787	149	14	investors	investor	NOUN
fsr-3787	149	15	buy	buy	VERB
fsr-3787	149	16	walt	walt	PROPN
fsr-3787	149	17	disney	disney	PROPN
fsr-3787	149	18	stock	stock	NOUN
fsr-3787	149	19	on	on	ADP
fsr-3787	149	20	april	april	PROPN
fsr-3787	149	21	1	1	NUM
fsr-3787	149	22	,	,	PUNCT
fsr-3787	149	23	1988	1988	NUM
fsr-3787	149	24	and	and	CCONJ
fsr-3787	149	25	sell	sell	VERB
fsr-3787	149	26	on	on	ADP
fsr-3787	149	27	march	march	PROPN
fsr-3787	149	28	31,1989	31,1989	NUM
fsr-3787	149	29	.	.	PUNCT
fsr-3787	150	1	v.	v.	ADP
fsr-3787	150	2	results	result	NOUN
fsr-3787	150	3	a.	a.	NOUN
fsr-3787	150	4	event	event	NOUN
fsr-3787	150	5	study	study	NOUN
fsr-3787	150	6	results	result	NOUN
fsr-3787	150	7	to	to	PART
fsr-3787	150	8	evaluate	evaluate	VERB
fsr-3787	150	9	analyst	analyst	NOUN
fsr-3787	150	10	performance	performance	NOUN
fsr-3787	150	11	using	use	VERB
fsr-3787	150	12	an	an	DET
fsr-3787	150	13	event	event	NOUN
fsr-3787	150	14	study	study	NOUN
fsr-3787	150	15	methodology	methodology	NOUN
fsr-3787	150	16	,	,	PUNCT
fsr-3787	150	17	one	one	PRON
fsr-3787	150	18	should	should	AUX
fsr-3787	150	19	recall	recall	VERB
fsr-3787	150	20	that	that	PRON
fsr-3787	150	21	event	event	NOUN
fsr-3787	150	22	studies	study	NOUN
fsr-3787	150	23	measure	measure	VERB
fsr-3787	150	24	relative	relative	ADJ
fsr-3787	150	25	performance	performance	NOUN
fsr-3787	150	26	:	:	PUNCT
fsr-3787	150	27	the	the	DET
fsr-3787	150	28	techniques	technique	NOUN
fsr-3787	150	29	test	test	VERB
fsr-3787	150	30	only	only	ADV
fsr-3787	150	31	whether	whether	SCONJ
fsr-3787	150	32	stock	stock	NOUN
fsr-3787	150	33	performance	performance	NOUN
fsr-3787	150	34	during	during	ADP
fsr-3787	150	35	the	the	DET
fsr-3787	150	36	event	event	NOUN
fsr-3787	150	37	period	period	NOUN
fsr-3787	150	38	differs	differ	VERB
fsr-3787	150	39	from	from	ADP
fsr-3787	150	40	that	that	PRON
fsr-3787	150	41	observed	observe	VERB
fsr-3787	150	42	during	during	ADP
fsr-3787	150	43	the	the	DET
fsr-3787	150	44	estimation	estimation	NOUN
fsr-3787	150	45	period	period	NOUN
fsr-3787	150	46	.	.	PUNCT
fsr-3787	151	1	as	as	ADP
fsr-3787	151	2	a	a	DET
fsr-3787	151	3	result	result	NOUN
fsr-3787	151	4	,	,	PUNCT
fsr-3787	151	5	investors	investor	NOUN
fsr-3787	151	6	should	should	AUX
fsr-3787	151	7	consider	consider	VERB
fsr-3787	151	8	the	the	DET
fsr-3787	151	9	cumulative	cumulative	ADJ
fsr-3787	151	10	prediction	prediction	NOUN
fsr-3787	151	11	errors	error	NOUN
fsr-3787	151	12	earned	earn	VERB
fsr-3787	151	13	dur	dur	PROPN
fsr-3787	151	14	ing	e	VERB
fsr-3787	151	15	the	the	DET
fsr-3787	151	16	event	event	NOUN
fsr-3787	151	17	period	period	NOUN
fsr-3787	151	18	,	,	PUNCT
fsr-3787	151	19	and	and	CCONJ
fsr-3787	151	20	the	the	DET
fsr-3787	151	21	abnormal	abnormal	ADJ
fsr-3787	151	22	performance	performance	NOUN
fsr-3787	151	23	(	(	PUNCT
fsr-3787	151	24	if	if	SCONJ
fsr-3787	151	25	any	any	PRON
fsr-3787	151	26	)	)	PUNCT
fsr-3787	151	27	observed	observe	VERB
fsr-3787	151	28	during	during	ADP
fsr-3787	151	29	the	the	DET
fsr-3787	151	30	estimation	estimation	NOUN
fsr-3787	151	31	period	period	NOUN
fsr-3787	151	32	itself	itself	PRON
fsr-3787	151	33	.	.	PUNCT
fsr-3787	151	34	’	'	PUNCT
fsr-3787	151	35	’	'	PUNCT
fsr-3787	152	1	an	an	DET
fsr-3787	152	2	initial	initial	ADJ
fsr-3787	152	3	examination	examination	NOUN
fsr-3787	152	4	of	of	ADP
fsr-3787	152	5	the	the	DET
fsr-3787	152	6	strong	strong	ADJ
fsr-3787	152	7	buy	buy	NOUN
fsr-3787	152	8	category	category	NOUN
fsr-3787	152	9	,	,	PUNCT
fsr-3787	152	10	for	for	ADP
fsr-3787	152	11	example	example	NOUN
fsr-3787	152	12	,	,	PUNCT
fsr-3787	152	13	suggests	suggest	VERB
fsr-3787	152	14	inferior	inferior	ADJ
fsr-3787	152	15	per	per	ADP
fsr-3787	152	16	formance	formance	NOUN
fsr-3787	152	17	(	(	PUNCT
fsr-3787	152	18	see	see	VERB
fsr-3787	152	19	table	table	NOUN
fsr-3787	152	20	3	3	NUM
fsr-3787	152	21	)	)	PUNCT
fsr-3787	152	22	.	.	PUNCT
fsr-3787	153	1	based	base	VERB
fsr-3787	153	2	on	on	ADP
fsr-3787	153	3	a	a	DET
fsr-3787	153	4	pre	pre	ADJ
fsr-3787	153	5	-	-	ADJ
fsr-3787	153	6	event	event	ADJ
fsr-3787	153	7	estimation	estimation	NOUN
fsr-3787	153	8	period	period	NOUN
fsr-3787	153	9	,	,	PUNCT
fsr-3787	153	10	investors	investor	NOUN
fsr-3787	153	11	earned	earn	VERB
fsr-3787	153	12	cumula	cumula	PROPN
fsr-3787	153	13	t	t	PROPN
fsr-3787	153	14	a	a	DET
fsr-3787	153	15	b	b	PROPN
fsr-3787	153	16	l	l	NOUN
fsr-3787	153	17	e	e	NOUN
fsr-3787	153	18	3	3	NUM
fsr-3787	153	19	e	e	AUX
fsr-3787	153	20	ve	ve	AUX
fsr-3787	153	21	nt	not	PART
fsr-3787	153	22	s	s	PART
fsr-3787	153	23	tu	tu	PROPN
fsr-3787	153	24	dy	dy	PROPN
fsr-3787	153	25	m	m	PROPN
fsr-3787	153	26	et	et	PROPN
fsr-3787	153	27	ho	ho	PROPN
fsr-3787	154	1	do	do	VERB
fsr-3787	154	2	lo	lo	PROPN
fsr-3787	154	3	gy	gy	NOUN
fsr-3787	154	4	r	r	NOUN
fsr-3787	154	5	es	es	INTJ
fsr-3787	154	6	ul	ul	INTJ
fsr-3787	154	7	ts	ts	X
fsr-3787	154	8	:	:	PUNCT
fsr-3787	154	9	6	6	NUM
fsr-3787	154	10	a	a	DET
fsr-3787	154	11	nd	nd	NOUN
fsr-3787	154	12	1	1	NUM
fsr-3787	154	13	z	z	NOUN
fsr-3787	154	14	m	m	VERB
fsr-3787	154	15	on	on	ADP
fsr-3787	154	16	th	th	NUM
fsr-3787	154	17	h	h	NOUN
fsr-3787	154	18	ol	ol	PROPN
fsr-3787	154	19	di	di	PROPN
fsr-3787	154	20	ng	ng	PROPN
fsr-3787	154	21	p	p	PROPN
fsr-3787	154	22	er	er	INTJ
fsr-3787	154	23	io	io	X
fsr-3787	154	24	ds	ds	NOUN
fsr-3787	154	25	in	in	ADP
fsr-3787	154	26	te	te	PROPN
fsr-3787	154	27	rv	rv	PROPN
fsr-3787	154	28	al	al	PROPN
fsr-3787	154	29	st	st	PROPN
fsr-3787	155	1	ro	ro	PROPN
fsr-3787	155	2	ng	ng	PROPN
fsr-3787	155	3	b	b	PROPN
fsr-3787	155	4	uy	uy	PROPN
fsr-3787	155	5	b	b	PROPN
fsr-3787	155	6	u	u	NOUN
fsr-3787	155	7	y	y	PROPN
fsr-3787	155	8	r	r	NOUN
fsr-3787	155	9	ep	ep	PROPN
fsr-3787	155	10	ea	ea	PROPN
fsr-3787	155	11	t	t	PROPN
fsr-3787	155	12	b	b	PROPN
fsr-3787	155	13	uy	uy	PROPN
fsr-3787	155	14	b	b	PROPN
fsr-3787	156	1	uy	uy	INTJ
fsr-3787	156	2	t	t	NOUN
fsr-3787	156	3	o	o	NOUN
fsr-3787	157	1	h	h	NOUN
fsr-3787	157	2	ol	ol	PROPN
fsr-3787	157	3	d	d	X
fsr-3787	157	4	se	se	X
fsr-3787	157	5	ll	ll	PROPN
fsr-3787	157	6	(	(	PUNCT
fsr-3787	157	7	t	t	PROPN
fsr-3787	157	8	ra	ra	PROPN
fsr-3787	157	9	di	di	PROPN
fsr-3787	157	10	n	n	ADV
fsr-3787	157	11	g	g	PROPN
fsr-3787	158	1	d	d	X
fsr-3787	158	2	ay	ay	PROPN
fsr-3787	158	3	s	s	PROPN
fsr-3787	158	4	)	)	PUNCT
fsr-3787	158	5	m	m	VERB
fsr-3787	159	1	c	c	NOUN
fsr-3787	159	2	p	p	NOUN
fsr-3787	159	3	e	e	PROPN
fsr-3787	159	4	2	2	NUM
fsr-3787	159	5	m	m	NOUN
fsr-3787	159	6	c	c	NOUN
fsr-3787	159	7	p	p	NOUN
fsr-3787	159	8	e	e	PROPN
fsr-3787	159	9	2	2	NUM
fsr-3787	159	10	m	m	NOUN
fsr-3787	159	11	c	c	NOUN
fsr-3787	159	12	p	p	NOUN
fsr-3787	159	13	e	e	PROPN
fsr-3787	159	14	z	z	NOUN
fsr-3787	159	15	m	m	VERB
fsr-3787	159	16	c	c	NOUN
fsr-3787	159	17	p	p	NOUN
fsr-3787	159	18	e	e	PROPN
fsr-3787	159	19	z	z	NOUN
fsr-3787	159	20	m	m	VERB
fsr-3787	159	21	c	c	NOUN
fsr-3787	159	22	p	p	NOUN
fsr-3787	159	23	e	e	PROPN
fsr-3787	159	24	z	z	NOUN
fsr-3787	159	25	p	p	PROPN
fsr-3787	159	26	m	m	PROPN
fsr-3787	159	27	-e	-e	PROPN
fsr-3787	159	28	ve	ve	VERB
fsr-3787	159	29	nt	not	PART
fsr-3787	159	30	e	e	PROPN
fsr-3787	159	31	st	st	PROPN
fsr-3787	160	1	i	i	X
fsr-3787	160	2	m	m	VERB
fsr-3787	160	3	at	at	ADP
fsr-3787	160	4	io	io	PROPN
fsr-3787	161	1	n	n	PRON
fsr-3787	161	2	p	p	PROPN
fsr-3787	161	3	er	er	INTJ
fsr-3787	161	4	io	io	X
fsr-3787	161	5	d	d	X
fsr-3787	162	1	[	[	X
fsr-3787	162	2	5	5	NUM
fsr-3787	162	3	,	,	PUNCT
fsr-3787	162	4	12	12	NUM
fsr-3787	162	5	51	51	NUM
fsr-3787	162	6	-	-	PUNCT
fsr-3787	162	7	.	.	PUNCT
fsr-3787	163	1	04	04	NUM
fsr-3787	163	2	95	95	NUM
fsr-3787	164	1	[	[	X
fsr-3787	164	2	5	5	NUM
fsr-3787	164	3	.	.	SYM
fsr-3787	164	4	25	25	NUM
fsr-3787	164	5	01	01	NUM
fsr-3787	164	6	-	-	PUNCT
fsr-3787	164	7	.	.	PUNCT
fsr-3787	165	1	14	14	NUM
fsr-3787	165	2	10	10	NUM
fsr-3787	165	3	11	11	NUM
fsr-3787	165	4	,	,	PUNCT
fsr-3787	165	5	1	1	NUM
fsr-3787	165	6	25	25	NUM
fsr-3787	165	7	1	1	NUM
fsr-3787	165	8	-0	-0	SYM
fsr-3787	165	9	91	91	NUM
fsr-3787	165	10	9	9	NUM
fsr-3787	166	1	[	[	X
fsr-3787	166	2	l	l	NOUN
fsr-3787	166	3	,	,	PUNCT
fsr-3787	166	4	2	2	NUM
fsr-3787	166	5	.	.	NOUN
fsr-3787	166	6	50	50	NUM
fsr-3787	166	7	1	1	NUM
fsr-3787	166	8	-	-	PUNCT
fsr-3787	166	9	.	.	PUNCT
fsr-3787	167	1	18	18	NUM
fsr-3787	167	2	34	34	NUM
fsr-3787	167	3	e	e	PROPN
fsr-3787	167	4	st	st	PROPN
fsr-3787	167	5	i	i	X
fsr-3787	167	6	m	m	VERB
fsr-3787	167	7	at	at	ADP
fsr-3787	167	8	io	io	PROPN
fsr-3787	168	1	n	n	PRON
fsr-3787	168	2	p	p	PROPN
fsr-3787	168	3	er	er	INTJ
fsr-3787	168	4	io	io	X
fsr-3787	168	5	d	d	X
fsr-3787	168	6	p	p	PROPN
fsr-3787	168	7	ar	ar	PROPN
fsr-3787	168	8	am	be	AUX
fsr-3787	168	9	et	et	NOUN
fsr-3787	168	10	er	er	INTJ
fsr-3787	168	11	%	%	INTJ
fsr-3787	168	12	.m	.m	PUNCT
fsr-3787	169	1	o	o	NOUN
fsr-3787	169	2	66	66	NUM
fsr-3787	169	3	zst	zst	PROPN
fsr-3787	169	4	at	at	ADP
fsr-3787	169	5	4	4	NUM
fsr-3787	169	6	.	.	PUNCT
fsr-3787	169	7	40	40	NUM
fsr-3787	170	1	*	*	PUNCT
fsr-3787	170	2	*	*	PUNCT
fsr-3787	171	1	*	*	PUNCT
fsr-3787	171	2	p	p	X
fsr-3787	171	3	os	os	NOUN
fsr-3787	171	4	te	te	INTJ
fsr-3787	171	5	ve	ve	VERB
fsr-3787	171	6	n	n	ADP
fsr-3787	171	7	t	t	PROPN
fsr-3787	171	8	e	e	PROPN
fsr-3787	171	9	st	st	PROPN
fsr-3787	172	1	i	i	PRON
fsr-3787	172	2	m	m	VERB
fsr-3787	172	3	at	at	ADP
fsr-3787	172	4	io	io	PROPN
fsr-3787	173	1	n	n	PRON
fsr-3787	173	2	p	p	PROPN
fsr-3787	173	3	er	er	INTJ
fsr-3787	173	4	io	io	X
fsr-3787	173	5	d	d	X
fsr-3787	174	1	[	[	X
fsr-3787	174	2	5	5	NUM
fsr-3787	174	3	,	,	PUNCT
fsr-3787	174	4	12	12	NUM
fsr-3787	174	5	51	51	NUM
fsr-3787	174	6	.0	.0	NUM
fsr-3787	174	7	01	01	NUM
fsr-3787	174	8	6	6	NUM
fsr-3787	175	1	[	[	SYM
fsr-3787	175	2	5	5	NUM
fsr-3787	175	3	,	,	PUNCT
fsr-3787	175	4	25	25	NUM
fsr-3787	175	5	0	0	NUM
fsr-3787	175	6	]	]	X
fsr-3787	175	7	-	-	PUNCT
fsr-3787	175	8	.	.	PUNCT
fsr-3787	176	1	-b	-b	PUNCT
fsr-3787	176	2	42	42	NUM
fsr-3787	176	3	3	3	NUM
fsr-3787	176	4	r1	r1	NOUN
fsr-3787	176	5	,	,	PUNCT
fsr-3787	176	6	w	w	PROPN
fsr-3787	176	7	-	-	PUNCT
fsr-3787	176	8	.	.	PUNCT
fsr-3787	176	9	04	04	NUM
fsr-3787	177	1	36	36	NUM
fsr-3787	177	2	11	11	NUM
fsr-3787	177	3	.2	.2	NUM
fsr-3787	177	4	50	50	NUM
fsr-3787	177	5	1	1	NUM
fsr-3787	177	6	-	-	PUNCT
fsr-3787	177	7	.	.	PUNCT
fsr-3787	177	8	08	08	NUM
fsr-3787	178	1	75	75	NUM
fsr-3787	178	2	e	e	NOUN
fsr-3787	178	3	st	st	PROPN
fsr-3787	178	4	i	i	X
fsr-3787	178	5	m	m	VERB
fsr-3787	178	6	at	at	ADP
fsr-3787	178	7	io	io	PROPN
fsr-3787	179	1	n	n	PRON
fsr-3787	179	2	p	p	PROPN
fsr-3787	179	3	er	er	INTJ
fsr-3787	179	4	io	io	X
fsr-3787	179	5	d	d	X
fsr-3787	179	6	p	p	PROPN
fsr-3787	179	7	ar	ar	PROPN
fsr-3787	179	8	am	be	AUX
fsr-3787	179	9	et	et	NOUN
fsr-3787	179	10	er	er	INTJ
fsr-3787	179	11	%	%	INTJ
fsr-3787	180	1	j	j	PROPN
fsr-3787	180	2	d	d	NOUN
fsr-3787	180	3	o	o	PROPN
fsr-3787	180	4	01	01	NUM
fsr-3787	180	5	8	8	NUM
fsr-3787	180	6	tst	tst	NOUN
fsr-3787	180	7	at	at	ADP
fsr-3787	180	8	.6	.6	NUM
fsr-3787	180	9	9	9	NUM
fsr-3787	180	10	-1	-1	SYM
fsr-3787	180	11	.3	.3	NUM
fsr-3787	180	12	2	2	NUM
fsr-3787	180	13	.0	.0	NUM
fsr-3787	180	14	30	30	NUM
fsr-3787	180	15	4	4	NUM
fsr-3787	180	16	2	2	NUM
fsr-3787	180	17	.	.	NOUN
fsr-3787	180	18	22	22	NUM
fsr-3787	180	19	)	)	PUNCT
fsr-3787	180	20	‘	'	PUNCT
fsr-3787	180	21	.	.	PUNCT
fsr-3787	181	1	-2	-2	INTJ
fsr-3787	182	1	.4	.4	NUM
fsr-3787	182	2	0	0	PUNCT
fsr-3787	183	1	*	*	PUNCT
fsr-3787	183	2	*	*	PUNCT
fsr-3787	183	3	.0	.0	NUM
fsr-3787	183	4	28	28	NUM
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fsr-3787	183	7	.	.	NUM
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fsr-3787	190	6	.	.	PUNCT
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fsr-3787	198	4	.	.	PUNCT
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fsr-3787	199	6	.	.	PUNCT
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fsr-3787	200	4	.	.	X
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fsr-3787	200	6	-	-	PUNCT
fsr-3787	200	7	.	.	PUNCT
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fsr-3787	201	4	.	.	PUNCT
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fsr-3787	202	4	7	7	NUM
fsr-3787	202	5	.0	.0	NUM
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fsr-3787	202	7	1	1	NUM
fsr-3787	202	8	1	1	NUM
fsr-3787	202	9	.	.	X
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fsr-3787	202	11	-	-	SYM
fsr-3787	202	12	.	.	PUNCT
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fsr-3787	203	4	.	.	X
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fsr-3787	203	6	-	-	PUNCT
fsr-3787	203	7	.	.	PUNCT
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fsr-3787	205	3	.	.	PUNCT
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fsr-3787	205	5	-	-	PUNCT
fsr-3787	205	6	.	.	PUNCT
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fsr-3787	206	3	-	-	PUNCT
fsr-3787	206	4	.	.	PUNCT
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fsr-3787	209	2	.0	.0	NUM
fsr-3787	209	3	00	00	NUM
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fsr-3787	209	5	1	1	NUM
fsr-3787	209	6	.	.	PUNCT
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fsr-3787	213	4	.	.	PUNCT
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fsr-3787	214	3	.	.	PUNCT
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fsr-3787	217	5	.	.	PROPN
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fsr-3787	218	4	.	.	PUNCT
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fsr-3787	219	3	.	.	PROPN
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fsr-3787	221	6	.	.	PUNCT
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fsr-3787	221	13	.	.	PUNCT
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fsr-3787	223	8	.	.	PUNCT
fsr-3787	224	1	05	05	NUM
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fsr-3787	225	2	.	.	NUM
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fsr-3787	247	23	on	on	ADP
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fsr-3787	247	33	.	.	PUNCT
fsr-3787	248	1	r	r	NOUN
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fsr-3787	248	7	uy	uy	PROPN
fsr-3787	248	8	(	(	PUNCT
fsr-3787	248	9	il	il	PROPN
fsr-3787	248	10	l	l	PROPN
fsr-3787	248	11	)	)	PUNCT
fsr-3787	248	12	,	,	PUNCT
fsr-3787	248	13	bu	bu	VERB
fsr-3787	248	14	y	y	PROPN
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fsr-3787	248	16	h	h	NOUN
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fsr-3787	249	1	d	d	X
fsr-3787	249	2	(	(	PUNCT
fsr-3787	249	3	5	5	NUM
fsr-3787	249	4	7	7	NUM
fsr-3787	249	5	)	)	PUNCT
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fsr-3787	250	1	an	an	PRON
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fsr-3787	250	5	(	(	PUNCT
fsr-3787	250	6	27	27	NUM
fsr-3787	250	7	)	)	PUNCT
fsr-3787	250	8	.	.	PUNCT
fsr-3787	251	1	22	22	NUM
fsr-3787	251	2	financial	financial	ADJ
fsr-3787	251	3	services	service	NOUN
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fsr-3787	251	5	5	5	NUM
fsr-3787	251	6	(	(	PUNCT
fsr-3787	251	7	1	1	NUM
fsr-3787	251	8	)	)	PUNCT
fsr-3787	251	9	1996	1996	NUM
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fsr-3787	251	12	returns	return	NOUN
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fsr-3787	251	15	%	%	NOUN
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fsr-3787	251	18	12	12	NUM
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fsr-3787	251	21	period	period	NOUN
fsr-3787	251	22	following	follow	VERB
fsr-3787	251	23	recommendation	recommendation	NOUN
fsr-3787	251	24	announcements	announcement	NOUN
fsr-3787	251	25	.	.	PUNCT
fsr-3787	252	1	stocks	stock	NOUN
fsr-3787	252	2	that	that	PRON
fsr-3787	252	3	received	receive	VERB
fsr-3787	252	4	a	a	DET
fsr-3787	252	5	strong	strong	ADJ
fsr-3787	252	6	buy	buy	NOUN
fsr-3787	252	7	recommendation	recommendation	NOUN
fsr-3787	252	8	,	,	PUNCT
fsr-3787	252	9	however	however	ADV
fsr-3787	252	10	,	,	PUNCT
fsr-3787	252	11	performed	perform	VERB
fsr-3787	252	12	extremely	extremely	ADV
fsr-3787	252	13	well	well	ADV
fsr-3787	252	14	during	during	ADP
fsr-3787	252	15	the	the	DET
fsr-3787	252	16	estimation	estimation	NOUN
fsr-3787	252	17	period	period	NOUN
fsr-3787	252	18	.	.	PUNCT
fsr-3787	253	1	the	the	DET
fsr-3787	253	2	null	null	ADJ
fsr-3787	253	3	hypothesis	hypothesis	NOUN
fsr-3787	253	4	of	of	ADP
fsr-3787	253	5	no	no	DET
fsr-3787	253	6	abnormal	abnormal	ADJ
fsr-3787	253	7	perfor	perfor	NOUN
fsr-3787	253	8	mance	mance	NOUN
fsr-3787	253	9	is	be	AUX
fsr-3787	253	10	rejected	reject	VERB
fsr-3787	253	11	at	at	ADP
fsr-3787	253	12	the	the	DET
fsr-3787	253	13	1	1	NUM
fsr-3787	253	14	%	%	NOUN
fsr-3787	253	15	level	level	NOUN
fsr-3787	253	16	fip	fip	PROPN
fsr-3787	253	17	=	=	PROPN
fsr-3787	253	18	boo66	boo66	PROPN
fsr-3787	253	19	and	and	CCONJ
fsr-3787	253	20	f	f	NOUN
fsr-3787	253	21	=	=	PROPN
fsr-3787	253	22	4.40	4.40	NUM
fsr-3787	253	23	)	)	PUNCT
fsr-3787	253	24	.	.	PUNCT
fsr-3787	254	1	the	the	DET
fsr-3787	254	2	bias	bias	NOUN
fsr-3787	254	3	over	over	ADP
fsr-3787	254	4	a	a	DET
fsr-3787	254	5	250	250	NUM
fsr-3787	254	6	-	-	PUNCT
fsr-3787	254	7	day	day	NOUN
fsr-3787	254	8	inter	inter	ADJ
fsr-3787	254	9	val	val	NOUN
fsr-3787	254	10	is	be	AUX
fsr-3787	254	11	16.5	16.5	NUM
fsr-3787	254	12	%	%	NOUN
fsr-3787	254	13	(	(	PUNCT
fsr-3787	254	14	.00066	.00066	NOUN
fsr-3787	254	15	x	x	SYM
fsr-3787	254	16	250	250	NUM
fsr-3787	254	17	=	=	SYM
fsr-3787	254	18	.1650	.1650	PROPN
fsr-3787	254	19	)	)	PUNCT
fsr-3787	254	20	.	.	PUNCT
fsr-3787	255	1	together	together	ADV
fsr-3787	255	2	,	,	PUNCT
fsr-3787	255	3	these	these	DET
fsr-3787	255	4	results	result	NOUN
fsr-3787	255	5	indicate	indicate	VERB
fsr-3787	255	6	that	that	SCONJ
fsr-3787	255	7	(	(	PUNCT
fsr-3787	255	8	a	a	X
fsr-3787	255	9	)	)	PUNCT
fsr-3787	255	10	strong	strong	ADJ
fsr-3787	255	11	buy	buy	VERB
fsr-3787	255	12	recommendations	recommendation	NOUN
fsr-3787	255	13	typically	typically	ADV
fsr-3787	255	14	follow	follow	VERB
fsr-3787	255	15	a	a	DET
fsr-3787	255	16	period	period	NOUN
fsr-3787	255	17	of	of	ADP
fsr-3787	255	18	superlative	superlative	ADJ
fsr-3787	255	19	performance	performance	NOUN
fsr-3787	255	20	,	,	PUNCT
fsr-3787	255	21	and	and	CCONJ
fsr-3787	255	22	(	(	PUNCT
fsr-3787	255	23	b	b	X
fsr-3787	255	24	)	)	PUNCT
fsr-3787	255	25	the	the	DET
fsr-3787	255	26	supe	supe	PROPN
fsr-3787	255	27	rior	rior	PROPN
fsr-3787	255	28	performance	performance	NOUN
fsr-3787	255	29	does	do	VERB
fsr-3787	255	30	nor	nor	CCONJ
fsr-3787	255	31	continue	continue	VERB
fsr-3787	255	32	past	past	ADP
fsr-3787	255	33	the	the	DET
fsr-3787	255	34	recommendation	recommendation	NOUN
fsr-3787	255	35	announcement	announcement	NOUN
fsr-3787	255	36	date	date	NOUN
fsr-3787	255	37	.	.	PUNCT
fsr-3787	256	1	a	a	DET
fsr-3787	256	2	simi	simi	PROPN
fsr-3787	256	3	lar	lar	PROPN
fsr-3787	256	4	argument	argument	NOUN
fsr-3787	256	5	applies	apply	VERB
fsr-3787	256	6	to	to	ADP
fsr-3787	256	7	the	the	DET
fsr-3787	256	8	repeat	repeat	NOUN
fsr-3787	256	9	buy	buy	VERB
fsr-3787	256	10	category	category	NOUN
fsr-3787	256	11	.	.	PUNCT
fsr-3787	257	1	negative	negative	ADJ
fsr-3787	257	2	recommendations	recommendation	NOUN
fsr-3787	257	3	,	,	PUNCT
fsr-3787	257	4	on	on	ADP
fsr-3787	257	5	the	the	DET
fsr-3787	257	6	other	other	ADJ
fsr-3787	257	7	hand	hand	NOUN
fsr-3787	257	8	,	,	PUNCT
fsr-3787	257	9	tend	tend	VERB
fsr-3787	257	10	to	to	PART
fsr-3787	257	11	be	be	AUX
fsr-3787	257	12	the	the	DET
fsr-3787	257	13	most	most	ADV
fsr-3787	257	14	accurate	accurate	ADJ
fsr-3787	257	15	.	.	PUNCT
fsr-3787	258	1	investors	investor	NOUN
fsr-3787	258	2	lose	lose	VERB
fsr-3787	258	3	approximately	approximately	ADV
fsr-3787	258	4	8.5	8.5	NUM
fsr-3787	258	5	%	%	NOUN
fsr-3787	258	6	following	follow	VERB
fsr-3787	258	7	downgrades	downgrade	NOUN
fsr-3787	258	8	from	from	ADP
fsr-3787	258	9	buy	buy	NOUN
fsr-3787	258	10	to	to	PART
fsr-3787	258	11	hold	hold	VERB
fsr-3787	258	12	(	(	PUNCT
fsr-3787	258	13	t	t	NOUN
fsr-3787	258	14	=	=	SYM
fsr-3787	258	15	-2.57	-2.57	PROPN
fsr-3787	258	16	,	,	PUNCT
fsr-3787	258	17	which	which	PRON
fsr-3787	258	18	is	be	AUX
fsr-3787	258	19	sig	sig	NOUN
fsr-3787	258	20	nificant	nificant	ADJ
fsr-3787	258	21	at	at	ADP
fsr-3787	258	22	the	the	DET
fsr-3787	258	23	5	5	NUM
fsr-3787	258	24	%	%	NOUN
fsr-3787	258	25	level	level	NOUN
fsr-3787	258	26	)	)	PUNCT
fsr-3787	258	27	.	.	PUNCT
fsr-3787	259	1	stock	stock	NOUN
fsr-3787	259	2	price	price	NOUN
fsr-3787	259	3	performance	performance	NOUN
fsr-3787	259	4	during	during	ADP
fsr-3787	259	5	the	the	DET
fsr-3787	259	6	estimation	estimation	NOUN
fsr-3787	259	7	period	period	NOUN
fsr-3787	259	8	is	be	AUX
fsr-3787	259	9	not	not	PART
fsr-3787	259	10	sta	sta	ADV
fsr-3787	259	11	tistically	tistically	ADV
fsr-3787	259	12	significant	significant	ADJ
fsr-3787	259	13	(	(	PUNCT
fsr-3787	259	14	7	7	NUM
fsr-3787	259	15	,	,	PUNCT
fsr-3787	259	16	=	=	SYM
fsr-3787	259	17	.oooo8	.oooo8	PROPN
fsr-3787	259	18	and	and	CCONJ
fsr-3787	259	19	t	t	PROPN
fsr-3787	259	20	=	=	SYM
fsr-3787	259	21	.80	.80	NUM
fsr-3787	259	22	)	)	PUNCT
fsr-3787	259	23	.	.	PUNCT
fsr-3787	260	1	in	in	ADP
fsr-3787	260	2	addition	addition	NOUN
fsr-3787	260	3	,	,	PUNCT
fsr-3787	260	4	there	there	PRON
fsr-3787	260	5	is	be	VERB
fsr-3787	260	6	some	some	DET
fsr-3787	260	7	evidence	evidence	NOUN
fsr-3787	260	8	that	that	SCONJ
fsr-3787	260	9	investors	investor	NOUN
fsr-3787	260	10	earn	earn	VERB
fsr-3787	260	11	negative	negative	ADJ
fsr-3787	260	12	abnormal	abnormal	ADJ
fsr-3787	260	13	returns	return	NOUN
fsr-3787	260	14	following	follow	VERB
fsr-3787	260	15	sell	sell	NOUN
fsr-3787	260	16	recommendations	recommendation	NOUN
fsr-3787	260	17	.	.	PUNCT
fsr-3787	261	1	the	the	DET
fsr-3787	261	2	average	average	ADJ
fsr-3787	261	3	abnormal	abnormal	ADJ
fsr-3787	261	4	return	return	NOUN
fsr-3787	261	5	during	during	ADP
fsr-3787	261	6	the	the	DET
fsr-3787	261	7	estimation	estimation	NOUN
fsr-3787	261	8	period	period	NOUN
fsr-3787	261	9	is	be	AUX
fsr-3787	261	10	-xl0021	-xl0021	X
fsr-3787	261	11	per	per	ADP
fsr-3787	261	12	day	day	NOUN
fsr-3787	261	13	(	(	PUNCT
fsr-3787	261	14	t	t	NOUN
fsr-3787	261	15	=	=	SYM
fsr-3787	261	16	-1.66	-1.66	NOUN
fsr-3787	261	17	,	,	PUNCT
fsr-3787	261	18	which	which	PRON
fsr-3787	261	19	is	be	AUX
fsr-3787	261	20	signif	signif	NOUN
fsr-3787	261	21	icant	icant	ADJ
fsr-3787	261	22	at	at	ADP
fsr-3787	261	23	the	the	DET
fsr-3787	261	24	12	12	NUM
fsr-3787	261	25	%	%	NOUN
fsr-3787	261	26	level	level	NOUN
fsr-3787	261	27	)	)	PUNCT
fsr-3787	261	28	,	,	PUNCT
fsr-3787	261	29	and	and	CCONJ
fsr-3787	261	30	no	no	DET
fsr-3787	261	31	significant	significant	ADJ
fsr-3787	261	32	change	change	NOUN
fsr-3787	261	33	in	in	ADP
fsr-3787	261	34	this	this	DET
fsr-3787	261	35	performance	performance	NOUN
fsr-3787	261	36	is	be	AUX
fsr-3787	261	37	observed	observe	VERB
fsr-3787	261	38	following	follow	VERB
fsr-3787	261	39	sell	sell	VERB
fsr-3787	261	40	recommendations	recommendation	NOUN
fsr-3787	261	41	.	.	PUNCT
fsr-3787	262	1	the	the	DET
fsr-3787	262	2	results	result	NOUN
fsr-3787	262	3	for	for	ADP
fsr-3787	262	4	the	the	DET
fsr-3787	262	5	post	post	ADJ
fsr-3787	262	6	-	-	ADJ
fsr-3787	262	7	event	event	ADJ
fsr-3787	262	8	estimation	estimation	NOUN
fsr-3787	262	9	period	period	NOUN
fsr-3787	262	10	,	,	PUNCT
fsr-3787	262	11	which	which	PRON
fsr-3787	262	12	are	be	AUX
fsr-3787	262	13	reported	report	VERB
fsr-3787	262	14	in	in	ADP
fsr-3787	262	15	the	the	DET
fsr-3787	262	16	lower	low	ADJ
fsr-3787	262	17	panel	panel	NOUN
fsr-3787	262	18	of	of	ADP
fsr-3787	262	19	table	table	NOUN
fsr-3787	262	20	3	3	NUM
fsr-3787	262	21	,	,	PUNCT
fsr-3787	262	22	indicate	indicate	VERB
fsr-3787	262	23	that	that	SCONJ
fsr-3787	262	24	investors	investor	NOUN
fsr-3787	262	25	generally	generally	ADV
fsr-3787	262	26	earn	earn	VERB
fsr-3787	262	27	normal	normal	ADJ
fsr-3787	262	28	returns	return	NOUN
fsr-3787	262	29	by	by	ADP
fsr-3787	262	30	following	follow	VERB
fsr-3787	262	31	analyst	analyst	NOUN
fsr-3787	262	32	rec	rec	NOUN
fsr-3787	262	33	ommendations	ommendation	NOUN
fsr-3787	262	34	.	.	PUNCT
fsr-3787	263	1	only	only	ADV
fsr-3787	263	2	the	the	DET
fsr-3787	263	3	estimation	estimation	NOUN
fsr-3787	263	4	period	period	NOUN
fsr-3787	263	5	parameter	parameter	NOUN
fsr-3787	263	6	for	for	ADP
fsr-3787	263	7	the	the	DET
fsr-3787	263	8	repeat	repeat	NOUN
fsr-3787	263	9	buy	buy	NOUN
fsr-3787	263	10	category	category	NOUN
fsr-3787	263	11	is	be	AUX
fsr-3787	263	12	statis	statis	NOUN
fsr-3787	263	13	tically	tically	ADV
fsr-3787	263	14	significant	significant	ADJ
fsr-3787	263	15	@	@	ADP
fsr-3787	263	16	,	,	PUNCT
fsr-3787	263	17	=	=	PRON
fsr-3787	263	18	-.0002	-.0002	PUNCT
fsr-3787	263	19	and	and	CCONJ
fsr-3787	263	20	t	t	X
fsr-3787	263	21	=	=	PUNCT
fsr-3787	263	22	-1.80	-1.80	X
fsr-3787	263	23	,	,	PUNCT
fsr-3787	263	24	which	which	PRON
fsr-3787	263	25	is	be	AUX
fsr-3787	263	26	significant	significant	ADJ
fsr-3787	263	27	at	at	ADP
fsr-3787	263	28	the	the	DET
fsr-3787	263	29	10	10	NUM
fsr-3787	263	30	%	%	NOUN
fsr-3787	263	31	level	level	NOUN
fsr-3787	263	32	)	)	PUNCT
fsr-3787	263	33	.	.	PUNCT
fsr-3787	264	1	in	in	ADP
fsr-3787	264	2	sum	sum	NOUN
fsr-3787	264	3	,	,	PUNCT
fsr-3787	264	4	the	the	DET
fsr-3787	264	5	results	result	NOUN
fsr-3787	264	6	indicate	indicate	VERB
fsr-3787	264	7	that	that	SCONJ
fsr-3787	264	8	both	both	PRON
fsr-3787	264	9	preand	preand	VERB
fsr-3787	264	10	post	post	ADJ
fsr-3787	264	11	-	-	ADJ
fsr-3787	264	12	event	event	ADJ
fsr-3787	264	13	estimation	estimation	NOUN
fsr-3787	264	14	period	period	NOUN
fsr-3787	264	15	parameters	parameter	NOUN
fsr-3787	264	16	can	can	AUX
fsr-3787	264	17	be	be	AUX
fsr-3787	264	18	biased	bias	VERB
fsr-3787	264	19	(	(	PUNCT
fsr-3787	264	20	particularly	particularly	ADV
fsr-3787	264	21	for	for	ADP
fsr-3787	264	22	the	the	DET
fsr-3787	264	23	repeat	repeat	NOUN
fsr-3787	264	24	buy	buy	NOUN
fsr-3787	264	25	category	category	NOUN
fsr-3787	264	26	)	)	PUNCT
fsr-3787	264	27	.	.	PUNCT
fsr-3787	265	1	regardless	regardless	ADV
fsr-3787	265	2	of	of	ADP
fsr-3787	265	3	the	the	DET
fsr-3787	265	4	estimation	estimation	NOUN
fsr-3787	265	5	period	period	NOUN
fsr-3787	265	6	selected	select	VERB
fsr-3787	265	7	,	,	PUNCT
fsr-3787	265	8	as	as	SCONJ
fsr-3787	265	9	one	one	PRON
fsr-3787	265	10	would	would	AUX
fsr-3787	265	11	expect	expect	VERB
fsr-3787	265	12	investors	investor	NOUN
fsr-3787	265	13	generally	generally	ADV
fsr-3787	265	14	earn	earn	VERB
fsr-3787	265	15	higher	high	ADJ
fsr-3787	265	16	returns	return	NOUN
fsr-3787	265	17	by	by	ADP
fsr-3787	265	18	purchasing	purchase	VERB
fsr-3787	265	19	stocks	stock	NOUN
fsr-3787	265	20	at	at	ADP
fsr-3787	265	21	pre	pre	ADJ
fsr-3787	265	22	-	-	ADJ
fsr-3787	265	23	recommendation	recommendation	ADJ
fsr-3787	265	24	prices	price	NOUN
fsr-3787	265	25	(	(	PUNCT
fsr-3787	265	26	see	see	VERB
fsr-3787	265	27	,	,	PUNCT
fsr-3787	265	28	e.g.	e.g.	ADV
fsr-3787	265	29	,	,	PUNCT
fsr-3787	265	30	the	the	DET
fsr-3787	265	31	r	r	NOUN
fsr-3787	265	32	=	=	PUNCT
fsr-3787	265	33	-5	-5	ADJ
fsr-3787	265	34	to	to	PART
fsr-3787	265	35	t	t	PROPN
fsr-3787	265	36	=	=	SYM
fsr-3787	265	37	+250	+250	NUM
fsr-3787	265	38	interval	interval	NOUN
fsr-3787	265	39	)	)	PUNCT
fsr-3787	265	40	.	.	PUNCT
fsr-3787	266	1	announcement	announcement	NOUN
fsr-3787	266	2	day	day	NOUN
fsr-3787	266	3	effects	effect	NOUN
fsr-3787	266	4	are	be	AUX
fsr-3787	266	5	discussed	discuss	VERB
fsr-3787	266	6	in	in	ADP
fsr-3787	266	7	the	the	DET
fsr-3787	266	8	next	next	ADJ
fsr-3787	266	9	section	section	NOUN
fsr-3787	266	10	.	.	PUNCT
fsr-3787	267	1	b.	b.	PROPN
fsr-3787	267	2	announcement	announcement	PROPN
fsr-3787	267	3	day	day	NOUN
fsr-3787	267	4	effects	effect	NOUN
fsr-3787	267	5	while	while	SCONJ
fsr-3787	267	6	the	the	DET
fsr-3787	267	7	objective	objective	NOUN
fsr-3787	267	8	of	of	ADP
fsr-3787	267	9	this	this	DET
fsr-3787	267	10	study	study	NOUN
fsr-3787	267	11	is	be	AUX
fsr-3787	267	12	to	to	PART
fsr-3787	267	13	examine	examine	VERB
fsr-3787	267	14	a	a	DET
fsr-3787	267	15	long	long	ADJ
fsr-3787	267	16	-	-	PUNCT
fsr-3787	267	17	term	term	NOUN
fsr-3787	267	18	holding	hold	VERB
fsr-3787	267	19	period	period	NOUN
fsr-3787	267	20	following	follow	VERB
fsr-3787	267	21	analysts	analyst	NOUN
fsr-3787	267	22	’	’	PART
fsr-3787	267	23	recommendations	recommendation	NOUN
fsr-3787	267	24	,	,	PUNCT
fsr-3787	267	25	it	it	PRON
fsr-3787	267	26	is	be	AUX
fsr-3787	267	27	interesting	interesting	ADJ
fsr-3787	267	28	to	to	PART
fsr-3787	267	29	note	note	VERB
fsr-3787	267	30	the	the	DET
fsr-3787	267	31	returns	return	NOUN
fsr-3787	267	32	surrounding	surround	VERB
fsr-3787	267	33	the	the	DET
fsr-3787	267	34	announce	announce	NOUN
fsr-3787	267	35	ment	ment	NOUN
fsr-3787	267	36	date	date	NOUN
fsr-3787	267	37	.	.	PUNCT
fsr-3787	268	1	the	the	DET
fsr-3787	268	2	announcement	announcement	NOUN
fsr-3787	268	3	effect	effect	NOUN
fsr-3787	268	4	for	for	ADP
fsr-3787	268	5	positive	positive	ADJ
fsr-3787	268	6	recommendations	recommendation	NOUN
fsr-3787	268	7	(	(	PUNCT
fsr-3787	268	8	strong	strong	ADJ
fsr-3787	268	9	buy	buy	NOUN
fsr-3787	268	10	,	,	PUNCT
fsr-3787	268	11	buy	buy	VERB
fsr-3787	268	12	and	and	CCONJ
fsr-3787	268	13	repeat	repeat	NOUN
fsr-3787	268	14	buy	buy	NOUN
fsr-3787	268	15	)	)	PUNCT
fsr-3787	268	16	is	be	AUX
fsr-3787	268	17	approximately	approximately	ADV
fsr-3787	268	18	4	4	NUM
fsr-3787	268	19	%	%	NOUN
fsr-3787	268	20	(	(	PUNCT
fsr-3787	268	21	see	see	VERB
fsr-3787	268	22	table	table	NOUN
fsr-3787	268	23	4	4	NUM
fsr-3787	268	24	)	)	PUNCT
fsr-3787	268	25	.	.	PUNCT
fsr-3787	269	1	negative	negative	ADJ
fsr-3787	269	2	recommendations	recommendation	NOUN
fsr-3787	269	3	(	(	PUNCT
fsr-3787	269	4	buy	buy	VERB
fsr-3787	269	5	to	to	PART
fsr-3787	269	6	hold	hold	VERB
fsr-3787	269	7	and	and	CCONJ
fsr-3787	269	8	sell	sell	VERB
fsr-3787	269	9	)	)	PUNCT
fsr-3787	269	10	are	be	AUX
fsr-3787	269	11	associated	associate	VERB
fsr-3787	269	12	with	with	ADP
fsr-3787	269	13	mcpes	mcpe	NOUN
fsr-3787	269	14	of	of	ADP
fsr-3787	269	15	approximately	approximately	ADV
fsr-3787	269	16	-4	-4	PUNCT
fsr-3787	269	17	%	%	NOUN
fsr-3787	269	18	to	to	PART
fsr-3787	269	19	-6	-6	ADV
fsr-3787	269	20	%	%	INTJ
fsr-3787	269	21	.	.	PUNCT
fsr-3787	270	1	in	in	ADP
fsr-3787	270	2	general	general	ADJ
fsr-3787	270	3	,	,	PUNCT
fsr-3787	270	4	the	the	DET
fsr-3787	270	5	abnormal	abnormal	ADJ
fsr-3787	270	6	returns	return	NOUN
fsr-3787	270	7	are	be	AUX
fsr-3787	270	8	focused	focus	VERB
fsr-3787	270	9	on	on	ADP
fsr-3787	270	10	the	the	DET
fsr-3787	270	11	announcement	announcement	NOUN
fsr-3787	270	12	date	date	NOUN
fsr-3787	270	13	(	(	PUNCT
fsr-3787	270	14	t	t	NOUN
fsr-3787	270	15	=	=	SYM
fsr-3787	270	16	0	0	NUM
fsr-3787	270	17	)	)	PUNCT
fsr-3787	270	18	.	.	PUNCT
fsr-3787	271	1	for	for	ADP
fsr-3787	271	2	the	the	DET
fsr-3787	271	3	strong	strong	ADJ
fsr-3787	271	4	buy	buy	NOUN
fsr-3787	271	5	and	and	CCONJ
fsr-3787	271	6	buy	buy	VERB
fsr-3787	271	7	categories	category	NOUN
fsr-3787	271	8	,	,	PUNCT
fsr-3787	271	9	the	the	DET
fsr-3787	271	10	returns	return	NOUN
fsr-3787	271	11	over	over	ADP
fsr-3787	271	12	the	the	DET
fsr-3787	271	13	five	five	NUM
fsr-3787	271	14	-	-	PUNCT
fsr-3787	271	15	day	day	NOUN
fsr-3787	271	16	period	period	NOUN
fsr-3787	271	17	ending	end	VERB
fsr-3787	271	18	one	one	NUM
fsr-3787	271	19	day	day	NOUN
fsr-3787	271	20	before	before	ADP
fsr-3787	271	21	the	the	DET
fsr-3787	271	22	announcement	announcement	NOUN
fsr-3787	271	23	date	date	NOUN
fsr-3787	271	24	(	(	PUNCT
fsr-3787	271	25	r	r	NOUN
fsr-3787	271	26	=	=	PUNCT
fsr-3787	271	27	-5	-5	ADJ
fsr-3787	271	28	to	to	PART
fsr-3787	271	29	r	r	NOUN
fsr-3787	271	30	=	=	SYM
fsr-3787	271	31	-1	-1	ADJ
fsr-3787	271	32	)	)	PUNCT
fsr-3787	271	33	are	be	AUX
fsr-3787	271	34	not	not	PART
fsr-3787	271	35	statistically	statistically	ADV
fsr-3787	271	36	significant	significant	ADJ
fsr-3787	271	37	.	.	PUNCT
fsr-3787	272	1	the	the	DET
fsr-3787	272	2	cumulative	cumulative	ADJ
fsr-3787	272	3	abnormal	abnormal	ADJ
fsr-3787	272	4	return	return	NOUN
fsr-3787	272	5	for	for	ADP
fsr-3787	272	6	the	the	DET
fsr-3787	272	7	repeat	repeat	NOUN
fsr-3787	272	8	buy	buy	NOUN
fsr-3787	272	9	category	category	NOUN
fsr-3787	272	10	is	be	AUX
fsr-3787	272	11	.85	.85	NUM
fsr-3787	272	12	%	%	NOUN
fsr-3787	272	13	over	over	ADP
fsr-3787	272	14	this	this	DET
fsr-3787	272	15	interval	interval	NOUN
fsr-3787	272	16	(	(	PUNCT
fsr-3787	272	17	t	t	NOUN
fsr-3787	272	18	=	=	SYM
fsr-3787	272	19	2.28	2.28	NUM
fsr-3787	272	20	,	,	PUNCT
fsr-3787	272	21	which	which	PRON
fsr-3787	272	22	is	be	AUX
fsr-3787	272	23	significant	significant	ADJ
fsr-3787	272	24	at	at	ADP
fsr-3787	272	25	the	the	DET
fsr-3787	272	26	.05	.05	NUM
fsr-3787	272	27	level	level	NOUN
fsr-3787	272	28	)	)	PUNCT
fsr-3787	272	29	,	,	PUNCT
fsr-3787	272	30	but	but	CCONJ
fsr-3787	272	31	an	an	DET
fsr-3787	272	32	additional	additional	ADJ
fsr-3787	272	33	3	3	NUM
fsr-3787	272	34	%	%	NOUN
fsr-3787	272	35	is	be	AUX
fsr-3787	272	36	earned	earn	VERB
fsr-3787	272	37	on	on	ADP
fsr-3787	272	38	the	the	DET
fsr-3787	272	39	announcement	announcement	NOUN
fsr-3787	272	40	date	date	NOUN
fsr-3787	272	41	.	.	PUNCT
fsr-3787	273	1	for	for	ADP
fsr-3787	273	2	the	the	DET
fsr-3787	273	3	sell	sell	NOUN
fsr-3787	273	4	category	category	NOUN
fsr-3787	273	5	,	,	PUNCT
fsr-3787	273	6	67	67	NUM
fsr-3787	273	7	%	%	NOUN
fsr-3787	273	8	of	of	ADP
fsr-3787	273	9	the	the	DET
fsr-3787	273	10	cumulative	cumulative	ADJ
fsr-3787	273	11	abnormal	abnormal	ADJ
fsr-3787	273	12	return	return	NOUN
fsr-3787	273	13	observed	observe	VERB
fsr-3787	273	14	over	over	ADP
fsr-3787	273	15	the	the	DET
fsr-3787	273	16	t	t	NOUN
fsr-3787	273	17	=	=	PUNCT
fsr-3787	274	1	-5	-5	ADJ
fsr-3787	274	2	to	to	PART
fsr-3787	274	3	t	t	NOUN
fsr-3787	274	4	=	=	SYM
fsr-3787	274	5	0	0	NUM
fsr-3787	274	6	interval	interval	NOUN
fsr-3787	274	7	is	be	AUX
fsr-3787	274	8	earned	earn	VERB
fsr-3787	274	9	on	on	ADP
fsr-3787	274	10	the	the	DET
fsr-3787	274	11	announcement	announcement	NOUN
fsr-3787	274	12	date	date	NOUN
fsr-3787	274	13	.	.	PUNCT
fsr-3787	275	1	as	as	ADP
fsr-3787	275	2	a	a	DET
fsr-3787	275	3	result	result	NOUN
fsr-3787	275	4	,	,	PUNCT
fsr-3787	275	5	relatively	relatively	ADV
fsr-3787	275	6	small	small	ADJ
fsr-3787	275	7	price	price	NOUN
fsr-3787	275	8	changes	change	NOUN
fsr-3787	275	9	are	be	AUX
fsr-3787	275	10	observed	observe	VERB
fsr-3787	275	11	between	between	ADP
fsr-3787	275	12	the	the	DET
fsr-3787	275	13	date	date	NOUN
fsr-3787	275	14	recommendations	recommendation	NOUN
fsr-3787	275	15	are	be	AUX
fsr-3787	275	16	disclosed	disclose	VERB
fsr-3787	275	17	to	to	ADP
fsr-3787	275	18	clients	client	NOUN
fsr-3787	275	19	and	and	CCONJ
fsr-3787	275	20	the	the	DET
fsr-3787	275	21	date	date	NOUN
fsr-3787	275	22	recom	recom	NOUN
fsr-3787	275	23	mendations	mendation	NOUN
fsr-3787	275	24	are	be	AUX
fsr-3787	275	25	disclosed	disclose	VERB
fsr-3787	275	26	to	to	ADP
fsr-3787	275	27	the	the	DET
fsr-3787	275	28	general	general	ADJ
fsr-3787	275	29	public	public	NOUN
fsr-3787	275	30	(	(	PUNCT
fsr-3787	275	31	t	t	NOUN
fsr-3787	275	32	=	=	SYM
fsr-3787	275	33	0	0	NUM
fsr-3787	275	34	)	)	PUNCT
fsr-3787	275	35	.	.	PUNCT
fsr-3787	276	1	recall	recall	VERB
fsr-3787	276	2	that	that	SCONJ
fsr-3787	276	3	the	the	DET
fsr-3787	276	4	usa	usa	PROPN
fsr-3787	276	5	today	today	PROPN
fsr-3787	276	6	publica	publica	PROPN
fsr-3787	276	7	tion	tion	PROPN
fsr-3787	276	8	date	date	NOUN
fsr-3787	276	9	is	be	AUX
fsr-3787	276	10	t	t	NOUN
fsr-3787	276	11	=	=	PUNCT
fsr-3787	277	1	+	+	X
fsr-3787	277	2	l.	l.	ADJ
fsr-3787	277	3	relatively	relatively	ADV
fsr-3787	277	4	small	small	ADJ
fsr-3787	277	5	price	price	NOUN
fsr-3787	277	6	changes	change	NOUN
fsr-3787	277	7	are	be	AUX
fsr-3787	277	8	also	also	ADV
fsr-3787	277	9	observed	observe	VERB
fsr-3787	277	10	on	on	ADP
fsr-3787	277	11	or	or	CCONJ
fsr-3787	277	12	immediately	immediately	ADV
fsr-3787	277	13	following	follow	VERB
fsr-3787	277	14	the	the	DET
fsr-3787	277	15	usa	usa	PROPN
fsr-3787	277	16	today	today	NOUN
fsr-3787	277	17	publication	publication	NOUN
fsr-3787	277	18	date	date	NOUN
fsr-3787	277	19	.	.	PUNCT
fsr-3787	278	1	stocks	stock	NOUN
fsr-3787	278	2	that	that	PRON
fsr-3787	278	3	receive	receive	VERB
fsr-3787	278	4	a	a	DET
fsr-3787	278	5	strong	strong	ADJ
fsr-3787	278	6	buy	buy	NOUN
fsr-3787	278	7	recommendation	recommendation	NOUN
fsr-3787	278	8	earn	earn	VERB
fsr-3787	278	9	positive	positive	ADJ
fsr-3787	278	10	abnormal	abnormal	ADJ
fsr-3787	278	11	returns	return	NOUN
fsr-3787	278	12	of	of	ADP
fsr-3787	278	13	approximately	approximately	ADV
fsr-3787	278	14	1.77	1.77	NUM
fsr-3787	278	15	%	%	NOUN
fsr-3787	278	16	over	over	ADP
fsr-3787	278	17	the	the	DET
fsr-3787	278	18	t	t	NOUN
fsr-3787	278	19	=	=	PUNCT
fsr-3787	279	1	+	+	CCONJ
fsr-3787	279	2	1	1	NUM
fsr-3787	279	3	to	to	ADP
fsr-3787	279	4	t	t	NOUN
fsr-3787	279	5	=	=	SYM
fsr-3787	279	6	+5	+5	PROPN
fsr-3787	279	7	interval	interval	NOUN
fsr-3787	279	8	(	(	PUNCT
fsr-3787	279	9	t	t	NOUN
fsr-3787	279	10	=	=	SYM
fsr-3787	279	11	1.93	1.93	NUM
fsr-3787	279	12	,	,	PUNCT
fsr-3787	279	13	which	which	PRON
fsr-3787	279	14	t	t	VERB
fsr-3787	279	15	a	a	DET
fsr-3787	279	16	b	b	NOUN
fsr-3787	279	17	l	l	NOUN
fsr-3787	279	18	e	e	NOUN
fsr-3787	279	19	4	4	NUM
fsr-3787	279	20	e	e	AUX
fsr-3787	279	21	ve	ve	AUX
fsr-3787	279	22	nt	not	PART
fsr-3787	279	23	s	s	PART
fsr-3787	279	24	tu	tu	PROPN
fsr-3787	279	25	dy	dy	PROPN
fsr-3787	279	26	m	m	PROPN
fsr-3787	279	27	et	et	PROPN
fsr-3787	279	28	ho	ho	PROPN
fsr-3787	279	29	do	do	AUX
fsr-3787	279	30	lo	lo	PROPN
fsr-3787	279	31	gy	gy	NOUN
fsr-3787	279	32	r	r	NOUN
fsr-3787	279	33	es	es	X
fsr-3787	279	34	uj	uj	X
fsr-3787	279	35	ts	ts	ADP
fsr-3787	279	36	:	:	PUNCT
fsr-3787	279	37	a	a	DET
fsr-3787	279	38	nn	nn	INTJ
fsr-3787	279	39	ou	ou	ADP
fsr-3787	279	40	nc	nc	PROPN
fsr-3787	279	41	em	em	PROPN
fsr-3787	279	42	en	en	PROPN
fsr-3787	279	43	t	t	PROPN
fsr-3787	279	44	d	d	X
fsr-3787	279	45	ay	ay	PROPN
fsr-3787	279	46	e	e	X
fsr-3787	279	47	ff	ff	X
fsr-3787	279	48	ec	ec	PROPN
fsr-3787	279	49	ts	ts	X
fsr-3787	279	50	in	in	ADP
fsr-3787	279	51	te	te	PROPN
fsr-3787	279	52	n	n	X
fsr-3787	279	53	s	s	PART
fsr-3787	279	54	tr	tr	VERB
fsr-3787	279	55	on	on	ADP
fsr-3787	279	56	g	g	PROPN
fsr-3787	279	57	b	b	PROPN
fsr-3787	279	58	uy	uy	PROPN
fsr-3787	279	59	b	b	PROPN
fsr-3787	279	60	u	u	NOUN
fsr-3787	279	61	y	y	PROPN
fsr-3787	279	62	r	r	NOUN
fsr-3787	279	63	ep	ep	PROPN
fsr-3787	280	1	ea	ea	PROPN
fsr-3787	280	2	t	t	PROPN
fsr-3787	280	3	b	b	PROPN
fsr-3787	280	4	uy	uy	PROPN
fsr-3787	280	5	b	b	PROPN
fsr-3787	280	6	uy	uy	INTJ
fsr-3787	280	7	t	t	NOUN
fsr-3787	281	1	o	o	NOUN
fsr-3787	281	2	h	h	NOUN
fsr-3787	281	3	ol	ol	PROPN
fsr-3787	282	1	d	d	PROPN
fsr-3787	282	2	(	(	PUNCT
fsr-3787	282	3	t	t	PROPN
fsr-3787	282	4	ra	ra	PROPN
fsr-3787	282	5	di	di	INTJ
fsr-3787	282	6	ng	ng	PROPN
fsr-3787	282	7	d	d	PROPN
fsr-3787	282	8	ay	ay	PROPN
fsr-3787	282	9	s	s	PROPN
fsr-3787	282	10	)	)	PUNCT
fsr-3787	282	11	m	m	VERB
fsr-3787	282	12	c	c	NOUN
fsr-3787	282	13	p	p	X
fsr-3787	282	14	e	e	PROPN
fsr-3787	282	15	z	z	NOUN
fsr-3787	282	16	m	m	VERB
fsr-3787	282	17	c	c	NOUN
fsr-3787	282	18	p	p	NOUN
fsr-3787	282	19	e	e	PROPN
fsr-3787	282	20	z	z	NOUN
fsr-3787	282	21	m	m	VERB
fsr-3787	282	22	c	c	NOUN
fsr-3787	282	23	p	p	NOUN
fsr-3787	282	24	e	e	PROPN
fsr-3787	282	25	z	z	NOUN
fsr-3787	282	26	m	m	VERB
fsr-3787	282	27	c	c	NOUN
fsr-3787	282	28	p	p	NOUN
fsr-3787	282	29	e	e	PROPN
fsr-3787	282	30	z	z	NOUN
fsr-3787	282	31	l	l	NOUN
fsr-3787	282	32	-5	-5	INTJ
fsr-3787	282	33	,	,	PUNCT
fsr-3787	282	34	11	11	NUM
fsr-3787	282	35	a0	a0	NOUN
fsr-3787	282	36	34	34	NUM
fsr-3787	283	1	.2	.2	NUM
fsr-3787	283	2	0	0	NUM
fsr-3787	283	3	.o	.o	NOUN
fsr-3787	284	1	o	o	X
fsr-3787	285	1	lo	lo	NOUN
fsr-3787	285	2	.1	.1	NUM
fsr-3787	285	3	9	9	NUM
fsr-3787	285	4	.0	.0	NUM
fsr-3787	285	5	0	0	NUM
fsr-3787	285	6	8	8	NUM
fsr-3787	285	7	5	5	NUM
fsr-3787	285	8	2	2	NUM
fsr-3787	285	9	.2	.2	NUM
fsr-3787	285	10	8	8	NUM
fsr-3787	285	11	*	*	PUNCT
fsr-3787	285	12	*	*	PUNCT
fsr-3787	285	13	-	-	PUNCT
fsr-3787	285	14	.	.	PUNCT
fsr-3787	285	15	0	0	NUM
fsr-3787	285	16	0	0	NUM
fsr-3787	285	17	7	7	NUM
fsr-3787	285	18	8	8	NUM
fsr-3787	285	19	-1	-1	SYM
fsr-3787	285	20	.7	.7	PROPN
fsr-3787	285	21	4	4	NUM
fsr-3787	285	22	:	:	PUNCT
fsr-3787	285	23	r1	r1	PROPN
fsr-3787	285	24	,	,	PUNCT
fsr-3787	285	25	-1	-1	ADP
fsr-3787	285	26	1	1	NUM
fsr-3787	285	27	.o	.o	NOUN
fsr-3787	285	28	m	m	VERB
fsr-3787	285	29	2	2	NUM
fsr-3787	285	30	.8	.8	NUM
fsr-3787	285	31	0	0	NUM
fsr-3787	286	1	a0	a0	PROPN
fsr-3787	286	2	6	6	NUM
fsr-3787	286	3	2	2	NUM
fsr-3787	286	4	4	4	NUM
fsr-3787	286	5	.8	.8	NUM
fsr-3787	286	6	8	8	NUM
fsr-3787	286	7	’	'	PUNCT
fsr-3787	286	8	*	*	NUM
fsr-3787	286	9	’	'	PUNCT
fsr-3787	286	10	.0	.0	NUM
fsr-3787	286	11	0	0	NUM
fsr-3787	286	12	7	7	NUM
fsr-3787	286	13	0	0	NUM
fsr-3787	286	14	4	4	NUM
fsr-3787	286	15	.8	.8	NUM
fsr-3787	286	16	2	2	NUM
fsr-3787	286	17	”	"	PUNCT
fsr-3787	286	18	’	'	PUNCT
fsr-3787	286	19	-	-	PUNCT
fsr-3787	286	20	.	.	PUNCT
fsr-3787	287	1	cm	cm	NOUN
fsr-3787	287	2	6	6	NUM
fsr-3787	287	3	7	7	NUM
fsr-3787	287	4	-3	-3	SYM
fsr-3787	287	5	.7	.7	NUM
fsr-3787	287	6	1	1	NUM
fsr-3787	288	1	*	*	PUNCT
fsr-3787	288	2	*	*	PUNCT
fsr-3787	289	1	*	*	PUNCT
fsr-3787	289	2	10	10	NUM
fsr-3787	289	3	.	.	PUNCT
fsr-3787	290	1	0	0	NUM
fsr-3787	291	1	1	1	NUM
fsr-3787	291	2	.0	.0	NUM
fsr-3787	291	3	3	3	NUM
fsr-3787	291	4	9	9	NUM
fsr-3787	291	5	0	0	NUM
fsr-3787	291	6	8	8	NUM
fsr-3787	291	7	.8	.8	NUM
fsr-3787	291	8	8	8	NUM
fsr-3787	291	9	*	*	PUNCT
fsr-3787	291	10	*	*	PUNCT
fsr-3787	292	1	*	*	PUNCT
fsr-3787	292	2	.0	.0	NUM
fsr-3787	292	3	4	4	NUM
fsr-3787	292	4	1	1	NUM
fsr-3787	292	5	6	6	NUM
fsr-3787	292	6	2	2	NUM
fsr-3787	292	7	8	8	NUM
fsr-3787	292	8	.5	.5	NUM
fsr-3787	292	9	8	8	NUM
fsr-3787	292	10	*	*	PUNCT
fsr-3787	292	11	‘	'	PUNCT
fsr-3787	292	12	*	*	PUNCT
fsr-3787	292	13	.0	.0	NUM
fsr-3787	292	14	3	3	NUM
fsr-3787	292	15	0	0	NUM
fsr-3787	292	16	4	4	NUM
fsr-3787	292	17	2	2	NUM
fsr-3787	292	18	2	2	NUM
fsr-3787	292	19	.0	.0	NUM
fsr-3787	292	20	4	4	NUM
fsr-3787	292	21	*	*	PUNCT
fsr-3787	292	22	*	*	PUNCT
fsr-3787	292	23	*	*	PUNCT
fsr-3787	292	24	-	-	INTJ
fsr-3787	292	25	.	.	NOUN
fsr-3787	292	26	0	0	NUM
fsr-3787	292	27	3	3	NUM
fsr-3787	292	28	8	8	NUM
fsr-3787	292	29	5	5	NUM
fsr-3787	292	30	-2	-2	NOUN
fsr-3787	292	31	1	1	NUM
fsr-3787	292	32	.3	.3	NUM
fsr-3787	292	33	7	7	NUM
fsr-3787	292	34	”	"	PUNCT
fsr-3787	292	35	’	'	PUNCT
fsr-3787	293	1	[	[	X
fsr-3787	293	2	l	l	X
fsr-3787	293	3	.	.	PUNCT
fsr-3787	294	1	11	11	NUM
fsr-3787	294	2	.0	.0	NUM
fsr-3787	294	3	1	1	NUM
fsr-3787	294	4	6	6	NUM
fsr-3787	294	5	7	7	NUM
fsr-3787	294	6	3	3	NUM
fsr-3787	294	7	.4	.4	NUM
fsr-3787	294	8	6	6	NUM
fsr-3787	294	9	*	*	PUNCT
fsr-3787	294	10	*	*	PUNCT
fsr-3787	294	11	*	*	PUNCT
fsr-3787	294	12	a0	a0	PROPN
fsr-3787	294	13	4	4	NUM
fsr-3787	294	14	7	7	NUM
fsr-3787	294	15	3	3	NUM
fsr-3787	294	16	.9	.9	NUM
fsr-3787	294	17	4	4	NUM
fsr-3787	294	18	*	*	PUNCT
fsr-3787	294	19	*	*	PUNCT
fsr-3787	294	20	*	*	PUNCT
fsr-3787	294	21	a0	a0	NOUN
fsr-3787	294	22	1	1	NUM
fsr-3787	294	23	2	2	NUM
fsr-3787	294	24	9	9	NUM
fsr-3787	294	25	9	9	NUM
fsr-3787	294	26	-	-	PUNCT
fsr-3787	294	27	.	.	PUNCT
fsr-3787	294	28	0	0	NUM
fsr-3787	295	1	0	0	NUM
fsr-3787	295	2	2	2	NUM
fsr-3787	295	3	8	8	NUM
fsr-3787	295	4	-1	-1	SYM
fsr-3787	295	5	.8	.8	PROPN
fsr-3787	295	6	3	3	NUM
fsr-3787	295	7	’	'	PUNCT
fsr-3787	295	8	l	l	NOUN
fsr-3787	295	9	51	51	NUM
fsr-3787	295	10	.0	.0	NUM
fsr-3787	295	11	17	17	NUM
fsr-3787	295	12	7	7	NUM
fsr-3787	295	13	1	1	NUM
fsr-3787	295	14	.	.	PUNCT
fsr-3787	296	1	93	93	NUM
fsr-3787	296	2	’	’	SYM
fsr-3787	296	3	.0	.0	NUM
fsr-3787	296	4	10	10	NUM
fsr-3787	296	5	9	9	NUM
fsr-3787	296	6	3	3	NUM
fsr-3787	296	7	.	.	PUNCT
fsr-3787	296	8	63	63	NUM
fsr-3787	296	9	*	*	PUNCT
fsr-3787	296	10	*	*	PUNCT
fsr-3787	296	11	*	*	PUNCT
fsr-3787	296	12	a0	a0	PROPN
fsr-3787	296	13	54	54	NUM
fsr-3787	296	14	2	2	NUM
fsr-3787	296	15	.	.	X
fsr-3787	296	16	38	38	NUM
fsr-3787	296	17	”	"	PUNCT
fsr-3787	296	18	-	-	PUNCT
fsr-3787	296	19	.	.	PUNCT
fsr-3787	296	20	01	01	NUM
fsr-3787	296	21	19	19	NUM
fsr-3787	296	22	-3	-3	NUM
fsr-3787	296	23	.2	.2	NUM
fsr-3787	296	24	3	3	NUM
fsr-3787	296	25	*	*	NOUN
fsr-3787	296	26	”	"	PUNCT
fsr-3787	296	27	n	n	PROPN
fsr-3787	296	28	or	or	CCONJ
fsr-3787	296	29	cs	cs	X
fsr-3787	296	30	:	:	PUNCT
fsr-3787	296	31	8	8	NUM
fsr-3787	296	32	.	.	PUNCT
fsr-3787	296	33	=	=	PUNCT
fsr-3787	297	1	*	*	PUNCT
fsr-3787	297	2	,	,	PUNCT
fsr-3787	297	3	d	d	NOUN
fsr-3787	297	4	=	=	PUNCT
fsr-3787	298	1	*	*	PUNCT
fsr-3787	298	2	*	*	PUNCT
fsr-3787	298	3	m	m	VERB
fsr-3787	298	4	d	d	X
fsr-3787	298	5	ic	ic	PROPN
fsr-3787	298	6	at	at	ADP
fsr-3787	298	7	e	e	PROPN
fsr-3787	298	8	s	s	VERB
fsr-3787	298	9	ig	ig	PROPN
fsr-3787	299	1	n	n	PROPN
fsr-3787	299	2	it	it	PRON
fsr-3787	299	3	ic	ic	INTJ
fsr-3787	299	4	an	an	DET
fsr-3787	299	5	ce	ce	PROPN
fsr-3787	299	6	at	at	ADP
fsr-3787	299	7	th	th	X
fsr-3787	299	8	e	e	ADP
fsr-3787	299	9	10	10	NUM
fsr-3787	299	10	%	%	NOUN
fsr-3787	299	11	.	.	PUNCT
fsr-3787	300	1	5	5	NUM
fsr-3787	300	2	%	%	NOUN
fsr-3787	300	3	an	an	DET
fsr-3787	300	4	d	d	PROPN
fsr-3787	300	5	1	1	NUM
fsr-3787	300	6	%	%	NOUN
fsr-3787	300	7	l	l	NOUN
fsr-3787	300	8	ev	ev	INTJ
fsr-3787	300	9	el	el	PROPN
fsr-3787	300	10	,	,	PUNCT
fsr-3787	300	11	re	re	VERB
fsr-3787	300	12	sp	sp	ADP
fsr-3787	300	13	ec	ec	PROPN
fsr-3787	300	14	ti	ti	PROPN
fsr-3787	300	15	ve	ve	AUX
fsr-3787	300	16	ly	ly	X
fsr-3787	300	17	.	.	PUNCT
fsr-3787	301	1	‘	'	PUNCT
fsr-3787	301	2	t	t	X
fsr-3787	301	3	k	k	PROPN
fsr-3787	301	4	sa	sa	PROPN
fsr-3787	301	5	m	m	VERB
fsr-3787	301	6	pl	pl	PROPN
fsr-3787	301	7	e	e	X
fsr-3787	301	8	s	s	NOUN
fsr-3787	301	9	iz	iz	INTJ
fsr-3787	301	10	c	c	NOUN
fsr-3787	301	11	s	s	NOUN
fsr-3787	301	12	fo	fo	INTJ
fsr-3787	301	13	r	r	NOUN
fsr-3787	301	14	ea	ea	NOUN
fsr-3787	301	15	ch	ch	NOUN
fsr-3787	301	16	c	c	PROPN
fsr-3787	301	17	at	at	ADP
fsr-3787	301	18	eg	eg	NOUN
fsr-3787	301	19	or	or	CCONJ
fsr-3787	301	20	y	y	PROPN
fsr-3787	301	21	ar	ar	PROPN
fsr-3787	301	22	e	e	PROPN
fsr-3787	301	23	as	as	ADP
fsr-3787	301	24	f	f	PROPN
fsr-3787	301	25	ol	ol	PROPN
fsr-3787	301	26	lo	lo	PROPN
fsr-3787	301	27	w	w	PROPN
fsr-3787	301	28	s	s	PROPN
fsr-3787	301	29	:	:	PUNCT
fsr-3787	301	30	s	s	VERB
fsr-3787	301	31	tr	tr	VERB
fsr-3787	301	32	on	on	ADP
fsr-3787	301	33	g	g	PROPN
fsr-3787	301	34	bu	bu	PROPN
fsr-3787	301	35	y	y	PROPN
fsr-3787	301	36	(	(	PUNCT
fsr-3787	301	37	1	1	NUM
fsr-3787	301	38	8	8	NUM
fsr-3787	301	39	re	re	VERB
fsr-3787	301	40	co	co	PROPN
fsr-3787	301	41	m	m	PROPN
fsr-3787	301	42	m	m	VERB
fsr-3787	301	43	en	en	X
fsr-3787	301	44	da	da	X
fsr-3787	301	45	ti	ti	NOUN
fsr-3787	301	46	on	on	ADP
fsr-3787	301	47	s	s	NOUN
fsr-3787	301	48	)	)	PUNCT
fsr-3787	301	49	.	.	PUNCT
fsr-3787	302	1	bu	bu	INTJ
fsr-3787	302	2	y	y	PROPN
fsr-3787	302	3	(	(	PUNCT
fsr-3787	302	4	1	1	NUM
fsr-3787	302	5	16	16	NUM
fsr-3787	302	6	)	)	PUNCT
fsr-3787	302	7	.	.	PUNCT
fsr-3787	303	1	r	r	NOUN
fsr-3787	303	2	ei	ei	NOUN
fsr-3787	303	3	te	te	INTJ
fsr-3787	303	4	ra	ra	PROPN
fsr-3787	303	5	te	te	PROPN
fsr-3787	303	6	b	b	PROPN
fsr-3787	303	7	uy	uy	PROPN
fsr-3787	303	8	(	(	PUNCT
fsr-3787	303	9	11	11	NUM
fsr-3787	303	10	i	i	NOUN
fsr-3787	303	11	)	)	PUNCT
fsr-3787	303	12	.	.	PUNCT
fsr-3787	304	1	b	b	X
fsr-3787	305	1	uy	uy	INTJ
fsr-3787	305	2	t	t	PROPN
fsr-3787	305	3	o	o	PROPN
fsr-3787	305	4	ho	ho	PROPN
fsr-3787	305	5	ld	ld	PROPN
fsr-3787	305	6	(	(	PUNCT
fsr-3787	305	7	57	57	NUM
fsr-3787	305	8	)	)	PUNCT
fsr-3787	305	9	.	.	PUNCT
fsr-3787	306	1	a	a	DET
fsr-3787	306	2	nd	nd	NOUN
fsr-3787	306	3	s	s	NOUN
fsr-3787	306	4	.a	.a	NOUN
fsr-3787	307	1	i	i	PRON
fsr-3787	307	2	(	(	PUNCT
fsr-3787	307	3	2	2	NUM
fsr-3787	307	4	7	7	NUM
fsr-3787	307	5	)	)	PUNCT
fsr-3787	307	6	.	.	PUNCT
fsr-3787	308	1	s	s	PROPN
fsr-3787	309	1	el	el	PROPN
fsr-3787	309	2	l	l	PROPN
fsr-3787	309	3	m	m	VERB
fsr-3787	309	4	c	c	NOUN
fsr-3787	309	5	p	p	NOUN
fsr-3787	309	6	e	e	PROPN
fsr-3787	309	7	z	z	PROPN
fsr-3787	309	8	-	-	PUNCT
fsr-3787	309	9	.	.	PUNCT
fsr-3787	309	10	0	0	NUM
fsr-3787	309	11	3	3	NUM
fsr-3787	309	12	1	1	NUM
fsr-3787	309	13	0	0	NUM
fsr-3787	309	14	-5	-5	NUM
fsr-3787	309	15	.1	.1	NUM
fsr-3787	309	16	6	6	NUM
fsr-3787	309	17	”	"	PUNCT
fsr-3787	309	18	’	'	PUNCT
fsr-3787	309	19	-	-	PUNCT
fsr-3787	309	20	.	.	PUNCT
fsr-3787	310	1	o	o	NOUN
fsr-3787	311	1	lo	lo	NOUN
fsr-3787	311	2	o	o	INTJ
fsr-3787	311	3	-3	-3	INTJ
fsr-3787	311	4	.9	.9	NUM
fsr-3787	311	5	6	6	NUM
fsr-3787	312	1	*	*	PUNCT
fsr-3787	312	2	*	*	PUNCT
fsr-3787	312	3	*	*	PUNCT
fsr-3787	312	4	-	-	INTJ
fsr-3787	312	5	.	.	NOUN
fsr-3787	312	6	0	0	NUM
fsr-3787	312	7	6	6	NUM
fsr-3787	312	8	2	2	NUM
fsr-3787	312	9	3	3	NUM
fsr-3787	312	10	-2	-2	NOUN
fsr-3787	312	11	2	2	NUM
fsr-3787	312	12	.9	.9	NUM
fsr-3787	312	13	4	4	NUM
fsr-3787	312	14	”	"	PUNCT
fsr-3787	312	15	’	'	PUNCT
fsr-3787	312	16	.0	.0	NUM
fsr-3787	312	17	0	0	NUM
fsr-3787	312	18	2	2	NUM
fsr-3787	312	19	6	6	NUM
fsr-3787	312	20	.5	.5	NUM
fsr-3787	312	21	5	5	NUM
fsr-3787	312	22	.0	.0	NUM
fsr-3787	312	23	10	10	NUM
fsr-3787	312	24	2	2	NUM
fsr-3787	312	25	1	1	NUM
fsr-3787	312	26	.	.	PUNCT
fsr-3787	312	27	38	38	NUM
fsr-3787	312	28	24	24	NUM
fsr-3787	312	29	financial	financial	ADJ
fsr-3787	312	30	services	service	NOUN
fsr-3787	312	31	review	review	VERB
fsr-3787	312	32	5	5	NUM
fsr-3787	312	33	(	(	PUNCT
fsr-3787	312	34	1	1	NUM
fsr-3787	312	35	)	)	PUNCT
fsr-3787	312	36	1996	1996	NUM
fsr-3787	312	37	is	be	AUX
fsr-3787	312	38	significant	significant	ADJ
fsr-3787	312	39	at	at	ADP
fsr-3787	312	40	the	the	DET
fsr-3787	312	41	.10	.10	NUM
fsr-3787	312	42	level	level	NOUN
fsr-3787	312	43	)	)	PUNCT
fsr-3787	312	44	.	.	PUNCT
fsr-3787	313	1	buy	buy	VERB
fsr-3787	313	2	recommendations	recommendation	NOUN
fsr-3787	313	3	gain	gain	VERB
fsr-3787	313	4	1.09	1.09	NUM
fsr-3787	313	5	%	%	NOUN
fsr-3787	313	6	,	,	PUNCT
fsr-3787	313	7	repeat	repeat	NOUN
fsr-3787	313	8	buy	buy	VERB
fsr-3787	313	9	recommenda	recommenda	NOUN
fsr-3787	313	10	tions	tion	NOUN
fsr-3787	313	11	gain	gain	VERB
fsr-3787	313	12	.54	.54	NUM
fsr-3787	313	13	%	%	NOUN
fsr-3787	313	14	,	,	PUNCT
fsr-3787	313	15	downgrades	downgrade	VERB
fsr-3787	313	16	from	from	ADP
fsr-3787	313	17	buy	buy	NOUN
fsr-3787	313	18	to	to	PART
fsr-3787	313	19	hold	hold	VERB
fsr-3787	313	20	lose	lose	VERB
fsr-3787	313	21	1.19	1.19	NUM
fsr-3787	313	22	%	%	NOUN
fsr-3787	313	23	,	,	PUNCT
fsr-3787	313	24	and	and	CCONJ
fsr-3787	313	25	sell	sell	VERB
fsr-3787	313	26	recommendations	recommendation	NOUN
fsr-3787	313	27	experience	experience	VERB
fsr-3787	313	28	normal	normal	ADJ
fsr-3787	313	29	returns	return	NOUN
fsr-3787	313	30	.	.	PUNCT
fsr-3787	314	1	despite	despite	SCONJ
fsr-3787	314	2	the	the	DET
fsr-3787	314	3	price	price	NOUN
fsr-3787	314	4	change	change	NOUN
fsr-3787	314	5	requirement	requirement	NOUN
fsr-3787	314	6	for	for	ADP
fsr-3787	314	7	usa	usa	PROPN
fsr-3787	314	8	today	today	NOUN
fsr-3787	314	9	to	to	PART
fsr-3787	314	10	publish	publish	VERB
fsr-3787	314	11	recommendations	recommendation	NOUN
fsr-3787	314	12	,	,	PUNCT
fsr-3787	314	13	the	the	DET
fsr-3787	314	14	results	result	NOUN
fsr-3787	314	15	of	of	ADP
fsr-3787	314	16	this	this	DET
fsr-3787	314	17	study	study	NOUN
fsr-3787	314	18	are	be	AUX
fsr-3787	314	19	similar	similar	ADJ
fsr-3787	314	20	to	to	ADP
fsr-3787	314	21	the	the	DET
fsr-3787	314	22	findings	finding	NOUN
fsr-3787	314	23	of	of	ADP
fsr-3787	314	24	previous	previous	ADJ
fsr-3787	314	25	research	research	NOUN
fsr-3787	314	26	.	.	PUNCT
fsr-3787	315	1	liu	liu	PROPN
fsr-3787	315	2	et	et	PROPN
fsr-3787	315	3	al	al	PROPN
fsr-3787	315	4	.	.	PROPN
fsr-3787	316	1	(	(	PUNCT
fsr-3787	316	2	1990	1990	NUM
fsr-3787	316	3	)	)	PUNCT
fsr-3787	316	4	reported	report	VERB
fsr-3787	316	5	mcpes	mcpe	NOUN
fsr-3787	316	6	of	of	ADP
fsr-3787	316	7	3.0	3.0	NUM
fsr-3787	316	8	%	%	NOUN
fsr-3787	316	9	for	for	ADP
fsr-3787	316	10	buy	buy	VERB
fsr-3787	316	11	recommendations	recommendation	NOUN
fsr-3787	316	12	and	and	CCONJ
fsr-3787	316	13	-3.6	-3.6	NUM
fsr-3787	316	14	%	%	NOUN
fsr-3787	316	15	for	for	ADP
fsr-3787	316	16	sell	sell	NOUN
fsr-3787	316	17	recommendations	recommendation	NOUN
fsr-3787	316	18	over	over	ADP
fsr-3787	316	19	the	the	DET
fsr-3787	316	20	six	six	NUM
fsr-3787	316	21	-	-	PUNCT
fsr-3787	316	22	day	day	NOUN
fsr-3787	316	23	period	period	NOUN
fsr-3787	316	24	ending	end	VERB
fsr-3787	316	25	with	with	ADP
fsr-3787	316	26	t	t	NOUN
fsr-3787	316	27	=	=	SYM
fsr-3787	316	28	0	0	X
fsr-3787	316	29	.	.	PUNCT
fsr-3787	317	1	they	they	PRON
fsr-3787	317	2	concluded	conclude	VERB
fsr-3787	317	3	that	that	SCONJ
fsr-3787	317	4	the	the	DET
fsr-3787	317	5	publication	publication	NOUN
fsr-3787	317	6	of	of	ADP
fsr-3787	317	7	recom	recom	NOUN
fsr-3787	317	8	mendations	mendation	NOUN
fsr-3787	317	9	in	in	ADP
fsr-3787	317	10	the	the	DET
fsr-3787	317	11	wall	wall	PROPN
fsr-3787	317	12	street	street	PROPN
fsr-3787	317	13	journal	journal	PROPN
fsr-3787	317	14	’s	’s	PART
fsr-3787	317	15	“	"	PUNCT
fsr-3787	317	16	heard	hear	VERB
fsr-3787	317	17	-	-	PUNCT
fsr-3787	317	18	on	on	ADP
fsr-3787	317	19	-	-	PUNCT
fsr-3787	317	20	the	the	DET
fsr-3787	317	21	-	-	PUNCT
fsr-3787	317	22	street	street	NOUN
fsr-3787	317	23	”	"	PUNCT
fsr-3787	317	24	column	column	NOUN
fsr-3787	317	25	(	(	PUNCT
fsr-3787	317	26	which	which	PRON
fsr-3787	317	27	was	be	AUX
fsr-3787	317	28	the	the	DET
fsr-3787	317	29	source	source	NOUN
fsr-3787	317	30	of	of	ADP
fsr-3787	317	31	their	their	PRON
fsr-3787	317	32	recommendations	recommendation	NOUN
fsr-3787	317	33	)	)	PUNCT
fsr-3787	317	34	impacts	impact	VERB
fsr-3787	317	35	security	security	NOUN
fsr-3787	317	36	prices	price	NOUN
fsr-3787	317	37	.	.	PUNCT
fsr-3787	318	1	as	as	ADP
fsr-3787	318	2	their	their	PRON
fsr-3787	318	3	forecast	forecast	NOUN
fsr-3787	318	4	period	period	NOUN
fsr-3787	318	5	con	con	PROPN
fsr-3787	318	6	tained	taine	VERB
fsr-3787	318	7	only	only	ADV
fsr-3787	318	8	2	2	NUM
fsr-3787	318	9	1	1	NUM
fsr-3787	318	10	trading	trading	NOUN
fsr-3787	318	11	days	day	NOUN
fsr-3787	318	12	centered	center	VERB
fsr-3787	318	13	around	around	ADP
fsr-3787	318	14	the	the	DET
fsr-3787	318	15	publication	publication	NOUN
fsr-3787	318	16	date	date	NOUN
fsr-3787	318	17	,	,	PUNCT
fsr-3787	318	18	they	they	PRON
fsr-3787	318	19	did	do	AUX
fsr-3787	318	20	not	not	PART
fsr-3787	318	21	consider	consider	VERB
fsr-3787	318	22	the	the	DET
fsr-3787	318	23	long	long	ADJ
fsr-3787	318	24	-	-	PUNCT
fsr-3787	318	25	term	term	NOUN
fsr-3787	318	26	impact	impact	NOUN
fsr-3787	318	27	.	.	PUNCT
fsr-3787	319	1	our	our	PRON
fsr-3787	319	2	findings	finding	NOUN
fsr-3787	319	3	also	also	ADV
fsr-3787	319	4	support	support	VERB
fsr-3787	319	5	the	the	DET
fsr-3787	319	6	results	result	NOUN
fsr-3787	319	7	in	in	ADP
fsr-3787	319	8	barber	barber	NOUN
fsr-3787	319	9	and	and	CCONJ
fsr-3787	319	10	loeffler	loeffler	NOUN
fsr-3787	319	11	(	(	PUNCT
fsr-3787	319	12	1993	1993	NUM
fsr-3787	319	13	)	)	PUNCT
fsr-3787	319	14	,	,	PUNCT
fsr-3787	319	15	who	who	PRON
fsr-3787	319	16	examined	examine	VERB
fsr-3787	319	17	the	the	DET
fsr-3787	319	18	recommendations	recommendation	NOUN
fsr-3787	319	19	in	in	ADP
fsr-3787	319	20	the	the	DET
fsr-3787	319	21	monthly	monthly	ADJ
fsr-3787	319	22	“	"	PUNCT
fsr-3787	319	23	dartboard	dartboard	NOUN
fsr-3787	319	24	”	"	PUNCT
fsr-3787	319	25	column	column	NOUN
fsr-3787	319	26	in	in	ADP
fsr-3787	319	27	the	the	DET
fsr-3787	319	28	wall	wall	PROPN
fsr-3787	319	29	street	street	PROPN
fsr-3787	319	30	joumaz	joumaz	PROPN
fsr-3787	319	31	.	.	PUNCT
fsr-3787	320	1	they	they	PRON
fsr-3787	320	2	found	find	VERB
fsr-3787	320	3	that	that	SCONJ
fsr-3787	320	4	analyst	analyst	NOUN
fsr-3787	320	5	buy	buy	VERB
fsr-3787	320	6	recommendations	recommendation	NOUN
fsr-3787	320	7	resulted	result	VERB
fsr-3787	320	8	in	in	ADP
fsr-3787	320	9	a	a	DET
fsr-3787	320	10	mcpe	mcpe	NOUN
fsr-3787	320	11	of	of	ADP
fsr-3787	320	12	3.53	3.53	NUM
fsr-3787	320	13	%	%	NOUN
fsr-3787	320	14	on	on	ADP
fsr-3787	320	15	the	the	DET
fsr-3787	320	16	publi	publi	PROPN
fsr-3787	320	17	cation	cation	NOUN
fsr-3787	320	18	date	date	NOUN
fsr-3787	320	19	(	(	PUNCT
fsr-3787	320	20	t	t	NOUN
fsr-3787	320	21	=	=	SYM
fsr-3787	320	22	12.19	12.19	NUM
fsr-3787	320	23	)	)	PUNCT
fsr-3787	320	24	.	.	PUNCT
fsr-3787	321	1	while	while	SCONJ
fsr-3787	321	2	they	they	PRON
fsr-3787	321	3	concluded	conclude	VERB
fsr-3787	321	4	that	that	SCONJ
fsr-3787	321	5	the	the	DET
fsr-3787	321	6	initial	initial	ADJ
fsr-3787	321	7	price	price	NOUN
fsr-3787	321	8	response	response	NOUN
fsr-3787	321	9	was	be	AUX
fsr-3787	321	10	partially	partially	ADV
fsr-3787	321	11	reversed	reverse	VERB
fsr-3787	321	12	over	over	ADP
fsr-3787	321	13	the	the	DET
fsr-3787	321	14	following	follow	VERB
fsr-3787	321	15	25day	25day	NOUN
fsr-3787	321	16	period	period	NOUN
fsr-3787	321	17	,	,	PUNCT
fsr-3787	321	18	they	they	PRON
fsr-3787	321	19	did	do	AUX
fsr-3787	321	20	not	not	PART
fsr-3787	321	21	test	test	VERB
fsr-3787	321	22	for	for	ADP
fsr-3787	321	23	bias	bias	NOUN
fsr-3787	321	24	in	in	ADP
fsr-3787	321	25	the	the	DET
fsr-3787	321	26	estimation	estimation	NOUN
fsr-3787	321	27	period	period	NOUN
fsr-3787	321	28	parameters	parameter	NOUN
fsr-3787	321	29	.	.	PUNCT
fsr-3787	322	1	because	because	SCONJ
fsr-3787	322	2	the	the	DET
fsr-3787	322	3	results	result	NOUN
fsr-3787	322	4	in	in	ADP
fsr-3787	322	5	tables	table	NOUN
fsr-3787	322	6	3	3	NUM
fsr-3787	322	7	and	and	CCONJ
fsr-3787	322	8	4	4	NUM
fsr-3787	322	9	do	do	AUX
fsr-3787	322	10	not	not	PART
fsr-3787	322	11	include	include	VERB
fsr-3787	322	12	brokerage	brokerage	NOUN
fsr-3787	322	13	commissions	commission	NOUN
fsr-3787	322	14	,	,	PUNCT
fsr-3787	322	15	the	the	DET
fsr-3787	322	16	actual	actual	ADJ
fsr-3787	322	17	returns	return	NOUN
fsr-3787	322	18	experienced	experience	VERB
fsr-3787	322	19	by	by	ADP
fsr-3787	322	20	most	most	ADJ
fsr-3787	322	21	investors	investor	NOUN
fsr-3787	322	22	would	would	AUX
fsr-3787	322	23	have	have	AUX
fsr-3787	322	24	been	be	AUX
fsr-3787	322	25	less	less	ADJ
fsr-3787	322	26	.	.	PUNCT
fsr-3787	323	1	bodie	bodie	PROPN
fsr-3787	323	2	,	,	PUNCT
fsr-3787	323	3	kane	kane	PROPN
fsr-3787	323	4	,	,	PUNCT
fsr-3787	323	5	and	and	CCONJ
fsr-3787	323	6	marcus	marcus	PROPN
fsr-3787	323	7	(	(	PUNCT
fsr-3787	323	8	1993	1993	NUM
fsr-3787	323	9	)	)	PUNCT
fsr-3787	323	10	indicate	indicate	VERB
fsr-3787	323	11	that	that	SCONJ
fsr-3787	323	12	the	the	DET
fsr-3787	323	13	commissions	commission	NOUN
fsr-3787	323	14	charged	charge	VERB
fsr-3787	323	15	by	by	ADP
fsr-3787	323	16	full	full	ADJ
fsr-3787	323	17	-	-	PUNCT
fsr-3787	323	18	service	service	NOUN
fsr-3787	323	19	brokerage	brokerage	NOUN
fsr-3787	323	20	firms	firm	NOUN
fsr-3787	323	21	often	often	ADV
fsr-3787	323	22	represent	represent	VERB
fsr-3787	323	23	about	about	ADV
fsr-3787	323	24	2	2	NUM
fsr-3787	323	25	%	%	NOUN
fsr-3787	323	26	of	of	ADP
fsr-3787	323	27	the	the	DET
fsr-3787	323	28	transaction	transaction	NOUN
fsr-3787	323	29	value	value	NOUN
fsr-3787	323	30	.	.	PUNCT
fsr-3787	324	1	based	base	VERB
fsr-3787	324	2	on	on	ADP
fsr-3787	324	3	a	a	DET
fsr-3787	324	4	hypothetical	hypothetical	ADJ
fsr-3787	324	5	purchase	purchase	NOUN
fsr-3787	324	6	of	of	ADP
fsr-3787	324	7	200	200	NUM
fsr-3787	324	8	shares	share	NOUN
fsr-3787	324	9	at	at	ADP
fsr-3787	324	10	$	$	SYM
fsr-3787	324	11	26	26	NUM
fsr-3787	324	12	per	per	ADP
fsr-3787	324	13	share	share	NOUN
fsr-3787	324	14	,	,	PUNCT
fsr-3787	324	15	for	for	ADP
fsr-3787	324	16	example	example	NOUN
fsr-3787	324	17	,	,	PUNCT
fsr-3787	324	18	bodie	bodie	PROPN
fsr-3787	324	19	,	,	PUNCT
fsr-3787	324	20	kane	kane	PROPN
fsr-3787	324	21	,	,	PUNCT
fsr-3787	324	22	and	and	CCONJ
fsr-3787	324	23	marcus	marcus	PROPN
fsr-3787	324	24	indicate	indicate	VERB
fsr-3787	324	25	that	that	SCONJ
fsr-3787	324	26	full	full	ADJ
fsr-3787	324	27	-	-	PUNCT
fsr-3787	324	28	ser	ser	NOUN
fsr-3787	324	29	vice	vice	NOUN
fsr-3787	324	30	brokers	broker	NOUN
fsr-3787	324	31	would	would	AUX
fsr-3787	324	32	charge	charge	VERB
fsr-3787	324	33	about	about	ADV
fsr-3787	324	34	$	$	SYM
fsr-3787	324	35	135	135	NUM
fsr-3787	324	36	while	while	SCONJ
fsr-3787	324	37	discount	discount	NOUN
fsr-3787	324	38	brokers	broker	NOUN
fsr-3787	324	39	would	would	AUX
fsr-3787	324	40	charge	charge	VERB
fsr-3787	324	41	approxi	approxi	VERB
fsr-3787	324	42	mately	mately	ADV
fsr-3787	324	43	$	$	SYM
fsr-3787	324	44	6	6	NUM
fsr-3787	324	45	1	1	NUM
fsr-3787	324	46	.	.	PUNCT
fsr-3787	325	1	c.	c.	PROPN
fsr-3787	325	2	sharpe	sharpe	PROPN
fsr-3787	325	3	,	,	PUNCT
fsr-3787	325	4	treynor	treynor	NOUN
fsr-3787	325	5	,	,	PUNCT
fsr-3787	325	6	and	and	CCONJ
fsr-3787	325	7	jensen	jensen	PROPN
fsr-3787	325	8	measures	measure	VERB
fsr-3787	325	9	the	the	DET
fsr-3787	325	10	sharpe	sharpe	NOUN
fsr-3787	325	11	,	,	PUNCT
fsr-3787	325	12	treynor	treynor	NOUN
fsr-3787	325	13	,	,	PUNCT
fsr-3787	325	14	and	and	CCONJ
fsr-3787	325	15	jensen	jensen	PROPN
fsr-3787	325	16	measures	measure	NOUN
fsr-3787	325	17	also	also	ADV
fsr-3787	325	18	provide	provide	VERB
fsr-3787	325	19	evidence	evidence	NOUN
fsr-3787	325	20	that	that	SCONJ
fsr-3787	325	21	professional	professional	ADJ
fsr-3787	325	22	ana	ana	PROPN
fsr-3787	325	23	lysts	lyst	NOUN
fsr-3787	325	24	do	do	AUX
fsr-3787	325	25	identify	identify	VERB
fsr-3787	325	26	mispriced	misprice	VERB
fsr-3787	325	27	securities	security	NOUN
fsr-3787	325	28	(	(	PUNCT
fsr-3787	325	29	see	see	VERB
fsr-3787	325	30	table	table	NOUN
fsr-3787	325	31	5	5	NUM
fsr-3787	325	32	)	)	PUNCT
fsr-3787	325	33	.	.	PUNCT
fsr-3787	326	1	the	the	DET
fsr-3787	326	2	results	result	NOUN
fsr-3787	326	3	in	in	ADP
fsr-3787	326	4	the	the	DET
fsr-3787	326	5	upper	upper	ADJ
fsr-3787	326	6	panel	panel	NOUN
fsr-3787	326	7	of	of	ADP
fsr-3787	326	8	table	table	NOUN
fsr-3787	326	9	5	5	NUM
fsr-3787	326	10	are	be	AUX
fsr-3787	326	11	based	base	VERB
fsr-3787	326	12	on	on	ADP
fsr-3787	326	13	pre	pre	ADJ
fsr-3787	326	14	-	-	ADJ
fsr-3787	326	15	recommendation	recommendation	ADJ
fsr-3787	326	16	prices	price	NOUN
fsr-3787	326	17	(	(	PUNCT
fsr-3787	326	18	i.e.	i.e.	X
fsr-3787	326	19	,	,	PUNCT
fsr-3787	326	20	the	the	DET
fsr-3787	326	21	holding	hold	VERB
fsr-3787	326	22	period	period	NOUN
fsr-3787	326	23	is	be	AUX
fsr-3787	326	24	13	13	NUM
fsr-3787	326	25	months	month	NOUN
fsr-3787	326	26	:	:	PUNCT
fsr-3787	326	27	t	t	NOUN
fsr-3787	326	28	=	=	SYM
fsr-3787	326	29	0	0	PROPN
fsr-3787	326	30	to	to	ADP
fsr-3787	326	31	t	t	NOUN
fsr-3787	326	32	=	=	PUNCT
fsr-3787	327	1	+	+	CCONJ
fsr-3787	327	2	12	12	NUM
fsr-3787	327	3	)	)	PUNCT
fsr-3787	327	4	.	.	PUNCT
fsr-3787	328	1	the	the	DET
fsr-3787	328	2	sharpe	sharpe	NOUN
fsr-3787	328	3	measures	measure	NOUN
fsr-3787	328	4	for	for	ADP
fsr-3787	328	5	the	the	DET
fsr-3787	328	6	strong	strong	ADJ
fsr-3787	328	7	buy	buy	NOUN
fsr-3787	328	8	,	,	PUNCT
fsr-3787	328	9	buy	buy	VERB
fsr-3787	328	10	,	,	PUNCT
fsr-3787	328	11	and	and	CCONJ
fsr-3787	328	12	reiterate	reiterate	VERB
fsr-3787	328	13	buy	buy	NOUN
fsr-3787	328	14	categories	category	NOUN
fsr-3787	328	15	do	do	AUX
fsr-3787	328	16	not	not	PART
fsr-3787	328	17	exhibit	exhibit	VERB
fsr-3787	328	18	a	a	DET
fsr-3787	328	19	consistent	consistent	ADJ
fsr-3787	328	20	pattern	pattern	NOUN
fsr-3787	328	21	,	,	PUNCT
fsr-3787	328	22	but	but	CCONJ
fsr-3787	328	23	the	the	DET
fsr-3787	328	24	treynor	treynor	NOUN
fsr-3787	328	25	measures	measure	NOUN
fsr-3787	328	26	exceed	exceed	VERB
fsr-3787	328	27	the	the	DET
fsr-3787	328	28	market	market	NOUN
fsr-3787	328	29	portfolio	portfolio	NOUN
fsr-3787	328	30	ratios	ratio	NOUN
fsr-3787	328	31	.	.	PUNCT
fsr-3787	329	1	the	the	DET
fsr-3787	329	2	jensen	jensen	PROPN
fsr-3787	329	3	alpha	alpha	NOUN
fsr-3787	329	4	measures	measure	NOUN
fsr-3787	329	5	are	be	AUX
fsr-3787	329	6	positive	positive	ADJ
fsr-3787	329	7	,	,	PUNCT
fsr-3787	329	8	but	but	CCONJ
fsr-3787	329	9	the	the	DET
fsr-3787	329	10	results	result	NOUN
fsr-3787	329	11	are	be	AUX
fsr-3787	329	12	not	not	PART
fsr-3787	329	13	statistically	statistically	ADV
fsr-3787	329	14	significant	significant	ADJ
fsr-3787	329	15	.	.	PUNCT
fsr-3787	330	1	l2	l2	VERB
fsr-3787	330	2	the	the	DET
fsr-3787	330	3	results	result	NOUN
fsr-3787	330	4	for	for	ADP
fsr-3787	330	5	negative	negative	ADJ
fsr-3787	330	6	recommendations	recommendation	NOUN
fsr-3787	330	7	(	(	PUNCT
fsr-3787	330	8	sell	sell	VERB
fsr-3787	330	9	and	and	CCONJ
fsr-3787	330	10	downgrades	downgrade	NOUN
fsr-3787	330	11	from	from	ADP
fsr-3787	330	12	buy	buy	NOUN
fsr-3787	330	13	to	to	PART
fsr-3787	330	14	hold	hold	VERB
fsr-3787	330	15	)	)	PUNCT
fsr-3787	330	16	are	be	AUX
fsr-3787	330	17	more	more	ADV
fsr-3787	330	18	pronounced	pronounced	ADJ
fsr-3787	330	19	.	.	PUNCT
fsr-3787	331	1	in	in	ADP
fsr-3787	331	2	each	each	DET
fsr-3787	331	3	case	case	NOUN
fsr-3787	331	4	the	the	DET
fsr-3787	331	5	sharpe	sharpe	NOUN
fsr-3787	331	6	and	and	CCONJ
fsr-3787	331	7	treynor	treynor	NOUN
fsr-3787	331	8	measures	measure	NOUN
fsr-3787	331	9	are	be	AUX
fsr-3787	331	10	less	less	ADJ
fsr-3787	331	11	than	than	ADP
fsr-3787	331	12	the	the	DET
fsr-3787	331	13	market	market	NOUN
fsr-3787	331	14	portfolio	portfolio	NOUN
fsr-3787	331	15	benchmarks	benchmark	NOUN
fsr-3787	331	16	.	.	PUNCT
fsr-3787	332	1	jensen	jensen	PROPN
fsr-3787	332	2	’s	’s	PART
fsr-3787	332	3	alpha	alpha	NOUN
fsr-3787	332	4	measures	measure	NOUN
fsr-3787	332	5	are	be	AUX
fsr-3787	332	6	negative	negative	ADJ
fsr-3787	332	7	,	,	PUNCT
fsr-3787	332	8	and	and	CCONJ
fsr-3787	332	9	the	the	DET
fsr-3787	332	10	results	result	NOUN
fsr-3787	332	11	for	for	ADP
fsr-3787	332	12	the	the	DET
fsr-3787	332	13	down	down	ADJ
fsr-3787	332	14	grade	grade	NOUN
fsr-3787	332	15	to	to	PART
fsr-3787	332	16	hold	hold	VERB
fsr-3787	332	17	category	category	NOUN
fsr-3787	332	18	are	be	AUX
fsr-3787	332	19	statistically	statistically	ADV
fsr-3787	332	20	significant	significant	ADJ
fsr-3787	332	21	at	at	ADP
fsr-3787	332	22	the	the	DET
fsr-3787	332	23	5	5	NUM
fsr-3787	332	24	%	%	NOUN
fsr-3787	332	25	level	level	NOUN
fsr-3787	332	26	(	(	PUNCT
fsr-3787	332	27	c+	c+	NOUN
fsr-3787	332	28	,	,	PUNCT
fsr-3787	332	29	=	=	SYM
fsr-3787	332	30	1	1	NUM
fsr-3787	332	31	.ol%	.ol%	ADJ
fsr-3787	332	32	per	per	ADP
fsr-3787	332	33	month	month	NOUN
fsr-3787	332	34	and	and	CCONJ
fsr-3787	332	35	t	t	NOUN
fsr-3787	332	36	=	=	SYM
fsr-3787	332	37	-2.28	-2.28	NOUN
fsr-3787	332	38	)	)	PUNCT
fsr-3787	332	39	.	.	PUNCT
fsr-3787	333	1	none	none	NOUN
fsr-3787	333	2	of	of	ADP
fsr-3787	333	3	the	the	DET
fsr-3787	333	4	results	result	NOUN
fsr-3787	333	5	in	in	ADP
fsr-3787	333	6	table	table	NOUN
fsr-3787	333	7	5	5	NUM
fsr-3787	333	8	reflect	reflect	VERB
fsr-3787	333	9	transaction	transaction	NOUN
fsr-3787	333	10	costs	cost	NOUN
fsr-3787	333	11	.	.	PUNCT
fsr-3787	334	1	whether	whether	SCONJ
fsr-3787	334	2	investors	investor	NOUN
fsr-3787	334	3	who	who	PRON
fsr-3787	334	4	act	act	VERB
fsr-3787	334	5	after	after	ADP
fsr-3787	334	6	the	the	DET
fsr-3787	334	7	publication	publication	NOUN
fsr-3787	334	8	in	in	ADP
fsr-3787	334	9	usa	usa	PROPN
fsr-3787	334	10	today	today	NOUN
fsr-3787	334	11	can	can	AUX
fsr-3787	334	12	benefit	benefit	VERB
fsr-3787	334	13	from	from	ADP
fsr-3787	334	14	analyst	analyst	NOUN
fsr-3787	334	15	recommendations	recommendation	NOUN
fsr-3787	334	16	is	be	AUX
fsr-3787	334	17	more	more	ADV
fsr-3787	334	18	problematic	problematic	ADJ
fsr-3787	334	19	(	(	PUNCT
fsr-3787	334	20	see	see	VERB
fsr-3787	334	21	the	the	DET
fsr-3787	334	22	lower	low	ADJ
fsr-3787	334	23	panel	panel	NOUN
fsr-3787	334	24	in	in	ADP
fsr-3787	334	25	table	table	NOUN
fsr-3787	334	26	5	5	NUM
fsr-3787	334	27	)	)	PUNCT
fsr-3787	334	28	.	.	PUNCT
fsr-3787	335	1	not	not	PART
fsr-3787	335	2	only	only	ADV
fsr-3787	335	3	do	do	AUX
fsr-3787	335	4	the	the	DET
fsr-3787	335	5	sharpe	sharpe	PROPN
fsr-3787	335	6	and	and	CCONJ
fsr-3787	335	7	treynor	treynor	NOUN
fsr-3787	335	8	measures	measure	NOUN
fsr-3787	335	9	indicate	indicate	VERB
fsr-3787	335	10	inferior	inferior	ADJ
fsr-3787	335	11	portfolio	portfolio	NOUN
fsr-3787	335	12	performance	performance	NOUN
fsr-3787	335	13	,	,	PUNCT
fsr-3787	335	14	but	but	CCONJ
fsr-3787	335	15	the	the	DET
fsr-3787	335	16	jensen	jensen	PROPN
fsr-3787	335	17	alpha	alpha	NOUN
fsr-3787	335	18	measures	measure	NOUN
fsr-3787	335	19	are	be	AUX
fsr-3787	335	20	negative	negative	ADJ
fsr-3787	335	21	(	(	PUNCT
fsr-3787	335	22	though	though	SCONJ
fsr-3787	335	23	not	not	PART
fsr-3787	335	24	statistically	statistically	ADV
fsr-3787	335	25	significant	significant	ADJ
fsr-3787	335	26	)	)	PUNCT
fsr-3787	335	27	.	.	PUNCT
fsr-3787	336	1	in	in	ADP
fsr-3787	336	2	general	general	ADJ
fsr-3787	336	3	,	,	PUNCT
fsr-3787	336	4	the	the	DET
fsr-3787	336	5	beta	beta	ADJ
fsr-3787	336	6	coefficients	coefficient	NOUN
fsr-3787	336	7	for	for	ADP
fsr-3787	336	8	each	each	DET
fsr-3787	336	9	category	category	NOUN
fsr-3787	336	10	are	be	AUX
fsr-3787	336	11	greater	great	ADJ
fsr-3787	336	12	than	than	ADP
fsr-3787	336	13	1	1	NUM
fsr-3787	336	14	,	,	PUNCT
fsr-3787	336	15	and	and	CCONJ
fsr-3787	336	16	the	the	DET
fsr-3787	336	17	null	null	ADJ
fsr-3787	336	18	hypothesis	hypothesis	NOUN
fsr-3787	336	19	that	that	PRON
fsr-3787	336	20	bp	bp	PROPN
fsr-3787	336	21	=	=	SYM
fsr-3787	336	22	1	1	NUM
fsr-3787	336	23	can	can	AUX
fsr-3787	336	24	be	be	AUX
fsr-3787	336	25	rejected	reject	VERB
fsr-3787	336	26	at	at	ADP
fsr-3787	336	27	the	the	DET
fsr-3787	336	28	10	10	NUM
fsr-3787	336	29	%	%	NOUN
fsr-3787	336	30	level	level	NOUN
fsr-3787	336	31	.	.	PUNCT
fsr-3787	337	1	as	as	ADP
fsr-3787	337	2	a	a	DET
fsr-3787	337	3	result	result	NOUN
fsr-3787	337	4	,	,	PUNCT
fsr-3787	337	5	professional	professional	ADJ
fsr-3787	337	6	analysts	analyst	NOUN
fsr-3787	337	7	tend	tend	VERB
fsr-3787	337	8	to	to	PART
fsr-3787	337	9	issue	issue	VERB
fsr-3787	337	10	recommendations	recommendation	NOUN
fsr-3787	337	11	on	on	ADP
fsr-3787	337	12	stocks	stock	NOUN
fsr-3787	337	13	that	that	PRON
fsr-3787	337	14	exhibit	exhibit	VERB
fsr-3787	337	15	above	above	ADP
fsr-3787	337	16	-	-	PUNCT
fsr-3787	337	17	average	average	ADJ
fsr-3787	337	18	risk	risk	NOUN
fsr-3787	337	19	.	.	PUNCT
fsr-3787	338	1	t	t	PROPN
fsr-3787	338	2	a	a	DET
fsr-3787	338	3	b	b	NOUN
fsr-3787	338	4	l	l	NOUN
fsr-3787	338	5	e	e	NOUN
fsr-3787	338	6	5	5	NUM
fsr-3787	338	7	a	a	PRON
fsr-3787	338	8	n	n	INTJ
fsr-3787	338	9	al	al	PROPN
fsr-3787	338	10	ys	ys	PROPN
fsr-3787	338	11	t	t	PROPN
fsr-3787	338	12	in	in	ADP
fsr-3787	338	13	ve	ve	PROPN
fsr-3787	338	14	st	st	PROPN
fsr-3787	338	15	m	m	PROPN
fsr-3787	338	16	en	en	ADP
fsr-3787	338	17	t	t	PROPN
fsr-3787	338	18	r	r	NOUN
fsr-3787	338	19	ec	ec	PROPN
fsr-3787	338	20	om	om	PROPN
fsr-3787	338	21	m	m	PROPN
fsr-3787	338	22	en	en	PROPN
fsr-3787	338	23	d	d	PROPN
fsr-3787	338	24	at	at	ADP
fsr-3787	338	25	io	io	PROPN
fsr-3787	338	26	n	n	PROPN
fsr-3787	338	27	s	s	PROPN
fsr-3787	338	28	:	:	PUNCT
fsr-3787	338	29	s	s	X
fsr-3787	338	30	h	h	PROPN
fsr-3787	338	31	ar	ar	PROPN
fsr-3787	338	32	p	p	PROPN
fsr-3787	338	33	,	,	PUNCT
fsr-3787	338	34	t	t	PROPN
fsr-3787	338	35	re	re	VERB
fsr-3787	338	36	yn	yn	PROPN
fsr-3787	338	37	or	or	CCONJ
fsr-3787	338	38	,	,	PUNCT
fsr-3787	338	39	an	an	DET
fsr-3787	338	40	d	d	X
fsr-3787	338	41	j	j	PROPN
fsr-3787	338	42	en	en	X
fsr-3787	338	43	se	se	X
fsr-3787	338	44	n	n	PROPN
fsr-3787	338	45	m	m	PROPN
fsr-3787	338	46	ea	ea	X
fsr-3787	338	47	su	su	PROPN
fsr-3787	338	48	re	re	ADP
fsr-3787	338	49	s	s	PROPN
fsr-3787	338	50	(	(	PUNCT
fsr-3787	338	51	1	1	NUM
fsr-3787	338	52	98	98	NUM
fsr-3787	338	53	819	819	NUM
fsr-3787	338	54	90	90	NUM
fsr-3787	338	55	)	)	PUNCT
fsr-3787	338	56	s	s	AUX
fsr-3787	338	57	ha	ha	INTJ
fsr-3787	338	58	ip	ip	NOUN
fsr-3787	338	59	e	e	NOUN
fsr-3787	338	60	’	'	PUNCT
fsr-3787	338	61	s	s	PART
fsr-3787	338	62	m	m	NOUN
fsr-3787	338	63	ea	ea	X
fsr-3787	338	64	su	su	PROPN
fsr-3787	338	65	re	re	PROPN
fsr-3787	338	66	t	t	PROPN
fsr-3787	338	67	re	re	VERB
fsr-3787	338	68	yn	yn	PROPN
fsr-3787	338	69	or	or	CCONJ
fsr-3787	338	70	’s	’s	NOUN
fsr-3787	338	71	m	m	PROPN
fsr-3787	338	72	ea	ea	PROPN
fsr-3787	338	73	su	su	PROPN
fsr-3787	338	74	re	re	ADP
fsr-3787	338	75	a	a	PRON
fsr-3787	338	76	na	na	X
fsr-3787	338	77	ly	ly	ADP
fsr-3787	338	78	st	st	PROPN
fsr-3787	338	79	m	m	PROPN
fsr-3787	338	80	ar	ar	PROPN
fsr-3787	338	81	ke	ke	PROPN
fsr-3787	338	82	t	t	PROPN
fsr-3787	338	83	a	a	DET
fsr-3787	338	84	na	na	NOUN
fsr-3787	338	85	ly	ly	PROPN
fsr-3787	338	86	st	st	PROPN
fsr-3787	338	87	m	m	PROPN
fsr-3787	338	88	ar	ar	PROPN
fsr-3787	338	89	ke	ke	PROPN
fsr-3787	338	90	t	t	PROPN
fsr-3787	338	91	je	je	PROPN
fsr-3787	338	92	m	m	PROPN
fsr-3787	338	93	en	en	PROPN
fsr-3787	338	94	’s	’s	PART
fsr-3787	338	95	m	m	PROPN
fsr-3787	338	96	ea	ea	PROPN
fsr-3787	338	97	su	su	PROPN
fsr-3787	338	98	re	re	ADP
fsr-3787	338	99	r	r	NOUN
fsr-3787	338	100	ec	ec	PROPN
fsr-3787	338	101	om	om	PROPN
fsr-3787	338	102	m	m	PROPN
fsr-3787	338	103	en	en	X
fsr-3787	338	104	da	da	X
fsr-3787	338	105	ti	ti	PROPN
fsr-3787	338	106	on	on	ADP
fsr-3787	338	107	p	p	NOUN
fsr-3787	338	108	or	or	CCONJ
fsr-3787	338	109	rf	rf	ADJ
fsr-3787	338	110	ol	ol	PROPN
fsr-3787	338	111	io	io	PROPN
fsr-3787	338	112	p	p	PROPN
fsr-3787	338	113	o	o	PROPN
fsr-3787	338	114	*	*	PUNCT
fsr-3787	338	115	ol	ol	PROPN
fsr-3787	338	116	io	io	PROPN
fsr-3787	338	117	p	p	PROPN
fsr-3787	338	118	or	or	CCONJ
fsr-3787	338	119	tf	tf	INTJ
fsr-3787	338	120	ho	ho	PROPN
fsr-3787	338	121	13	13	NUM
fsr-3787	338	122	-m	-m	PUNCT
fsr-3787	338	123	on	on	ADP
fsr-3787	338	124	th	th	X
fsr-3787	338	125	p	p	X
fsr-3787	338	126	er	er	INTJ
fsr-3787	338	127	io	io	X
fsr-3787	339	1	d	d	NOUN
fsr-3787	339	2	be	be	AUX
fsr-3787	339	3	gi	gi	INTJ
fsr-3787	339	4	n	n	ADV
fsr-3787	339	5	n	n	NOUN
fsr-3787	339	6	in	in	ADP
fsr-3787	339	7	g	g	PROPN
fsr-3787	339	8	w	w	ADP
fsr-3787	339	9	it	it	PRON
fsr-3787	339	10	h	h	NOUN
fsr-3787	339	11	a	a	DET
fsr-3787	339	12	n	n	CCONJ
fsr-3787	339	13	n	n	ADP
fsr-3787	339	14	ou	ou	NOUN
fsr-3787	339	15	n	n	CCONJ
fsr-3787	339	16	ce	ce	PROPN
fsr-3787	339	17	m	m	PROPN
fsr-3787	339	18	en	en	PROPN
fsr-3787	339	19	t	t	PROPN
fsr-3787	339	20	m	m	PROPN
fsr-3787	339	21	on	on	ADP
fsr-3787	339	22	th	th	X
fsr-3787	339	23	[	[	PUNCT
fsr-3787	339	24	t	t	NOUN
fsr-3787	339	25	=	=	SYM
fsr-3787	339	26	0	0	NUM
fsr-3787	339	27	;	;	PUNCT
fsr-3787	339	28	t	t	X
fsr-3787	339	29	=	=	PUNCT
fsr-3787	340	1	+	+	CCONJ
fsr-3787	340	2	1	1	NUM
fsr-3787	340	3	21	21	NUM
fsr-3787	340	4	1	1	NUM
fsr-3787	340	5	.	.	PUNCT
fsr-3787	341	1	s	s	VERB
fsr-3787	341	2	tr	tr	VERB
fsr-3787	341	3	on	on	ADP
fsr-3787	341	4	g	g	PROPN
fsr-3787	341	5	b	b	PROPN
fsr-3787	341	6	u	u	X
fsr-3787	341	7	y	y	PROPN
fsr-3787	341	8	.1	.1	NUM
fsr-3787	341	9	68	68	NUM
fsr-3787	341	10	.1	.1	NUM
fsr-3787	341	11	68	68	NUM
fsr-3787	341	12	.7	.7	NOUN
fsr-3787	341	13	6l	6l	NOUN
fsr-3787	342	1	.2	.2	NUM
fsr-3787	342	2	.	.	PUNCT
fsr-3787	343	1	b	b	X
fsr-3787	344	1	u	u	X
fsr-3787	344	2	y	y	PROPN
fsr-3787	344	3	.2	.2	NUM
fsr-3787	344	4	42	42	NUM
fsr-3787	344	5	.2	.2	NUM
fsr-3787	344	6	07	07	NUM
fsr-3787	344	7	1	1	NUM
fsr-3787	344	8	.	.	NOUN
fsr-3787	344	9	07	07	NUM
fsr-3787	344	10	6	6	NUM
fsr-3787	344	11	3	3	NUM
fsr-3787	344	12	.	.	PUNCT
fsr-3787	345	1	r	r	NOUN
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fsr-3787	345	4	ra	ra	PROPN
fsr-3787	345	5	te	te	PROPN
fsr-3787	345	6	b	b	PROPN
fsr-3787	345	7	u	u	X
fsr-3787	345	8	y	y	PROPN
fsr-3787	345	9	.1	.1	NUM
fsr-3787	345	10	78	78	NUM
fsr-3787	346	1	.2	.2	NUM
fsr-3787	346	2	07	07	NUM
fsr-3787	346	3	.8	.8	NUM
fsr-3787	346	4	29	29	NUM
fsr-3787	346	5	4	4	NUM
fsr-3787	346	6	.	.	PUNCT
fsr-3787	347	1	d	d	NOUN
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fsr-3787	347	3	n	n	CCONJ
fsr-3787	347	4	gr	gr	NOUN
fsr-3787	347	5	ad	ad	NOUN
fsr-3787	347	6	e	e	NOUN
fsr-3787	347	7	t	t	NOUN
fsr-3787	347	8	o	o	NOUN
fsr-3787	347	9	h	h	NOUN
fsr-3787	348	1	ol	ol	PROPN
fsr-3787	348	2	d	d	X
fsr-3787	348	3	.0	.0	NUM
fsr-3787	348	4	16	16	NUM
fsr-3787	348	5	20	20	NUM
fsr-3787	348	6	7	7	NUM
fsr-3787	348	7	.0	.0	NUM
fsr-3787	348	8	72	72	NUM
fsr-3787	348	9	5	5	NUM
fsr-3787	348	10	.	.	PUNCT
fsr-3787	349	1	s	s	PROPN
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fsr-3787	349	5	.	.	PUNCT
fsr-3787	350	1	05	05	NUM
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fsr-3787	351	1	.1	.1	NUM
fsr-3787	351	2	52	52	NUM
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fsr-3787	351	4	.	.	PUNCT
fsr-3787	352	1	28	28	NUM
fsr-3787	352	2	7	7	NUM
fsr-3787	352	3	12	12	NUM
fsr-3787	352	4	-m	-m	PUNCT
fsr-3787	352	5	on	on	ADP
fsr-3787	352	6	th	th	X
fsr-3787	352	7	p	p	X
fsr-3787	352	8	er	er	INTJ
fsr-3787	352	9	io	io	X
fsr-3787	353	1	d	d	NOUN
fsr-3787	353	2	fo	fo	INTJ
fsr-3787	353	3	ll	ll	AUX
fsr-3787	353	4	ow	ow	INTJ
fsr-3787	353	5	in	in	ADP
fsr-3787	353	6	g	g	PROPN
fsr-3787	353	7	an	an	DET
fsr-3787	353	8	n	n	ADV
fsr-3787	353	9	ou	ou	CCONJ
fsr-3787	353	10	n	n	NUM
fsr-3787	353	11	ce	ce	NOUN
fsr-3787	353	12	m	m	PROPN
fsr-3787	353	13	en	en	PROPN
fsr-3787	353	14	t	t	PROPN
fsr-3787	353	15	m	m	PROPN
fsr-3787	353	16	on	on	ADP
fsr-3787	353	17	th	th	PRON
fsr-3787	354	1	[	[	X
fsr-3787	354	2	t	t	X
fsr-3787	354	3	=	=	PUNCT
fsr-3787	355	1	+	+	NUM
fsr-3787	355	2	1	1	NUM
fsr-3787	355	3	;	;	PUNCT
fsr-3787	355	4	t	t	X
fsr-3787	355	5	=	=	PUNCT
fsr-3787	356	1	+	+	CCONJ
fsr-3787	356	2	1	1	NUM
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fsr-3787	356	4	1	1	NUM
fsr-3787	356	5	.	.	PUNCT
fsr-3787	357	1	s	s	VERB
fsr-3787	357	2	tr	tr	VERB
fsr-3787	357	3	on	on	ADP
fsr-3787	357	4	g	g	PROPN
fsr-3787	357	5	b	b	PROPN
fsr-3787	357	6	u	u	PROPN
fsr-3787	357	7	y	y	PROPN
fsr-3787	357	8	.0	.0	NUM
fsr-3787	357	9	98	98	NUM
fsr-3787	357	10	.1	.1	NUM
fsr-3787	357	11	87	87	NUM
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fsr-3787	357	14	2	2	NUM
fsr-3787	357	15	.	.	PUNCT
fsr-3787	357	16	b	b	X
fsr-3787	357	17	u	u	X
fsr-3787	357	18	y	y	PROPN
fsr-3787	357	19	.1	.1	NUM
fsr-3787	357	20	30	30	NUM
fsr-3787	357	21	.1	.1	NUM
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fsr-3787	357	26	.	.	PUNCT
fsr-3787	358	1	r	r	NOUN
fsr-3787	358	2	ei	ei	NOUN
fsr-3787	358	3	te	te	INTJ
fsr-3787	358	4	ra	ra	PROPN
fsr-3787	358	5	te	te	PROPN
fsr-3787	358	6	b	b	PROPN
fsr-3787	358	7	u	u	X
fsr-3787	358	8	y	y	PROPN
fsr-3787	358	9	.1	.1	NUM
fsr-3787	358	10	38	38	NUM
fsr-3787	358	11	.1	.1	NUM
fsr-3787	358	12	89	89	NUM
fsr-3787	358	13	.5	.5	NUM
fsr-3787	358	14	95	95	NUM
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fsr-3787	358	16	.	.	PUNCT
fsr-3787	359	1	l	l	NOUN
fsr-3787	359	2	h	h	NOUN
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fsr-3787	359	4	gr	gr	INTJ
fsr-3787	359	5	ad	ad	NOUN
fsr-3787	359	6	e	e	NOUN
fsr-3787	359	7	t	t	NOUN
fsr-3787	359	8	o	o	NOUN
fsr-3787	359	9	h	h	NOUN
fsr-3787	359	10	ol	ol	PROPN
fsr-3787	359	11	d	d	PROPN
fsr-3787	359	12	a9	a9	PROPN
fsr-3787	359	13	6	6	NUM
fsr-3787	359	14	.1	.1	NUM
fsr-3787	359	15	89	89	NUM
fsr-3787	359	16	.4	.4	NUM
fsr-3787	359	17	18	18	NUM
fsr-3787	359	18	5	5	NUM
fsr-3787	359	19	.	.	PUNCT
fsr-3787	359	20	s	s	PROPN
fsr-3787	360	1	el	el	PROPN
fsr-3787	360	2	l	l	PROPN
fsr-3787	360	3	.l	.l	PROPN
fsr-3787	361	1	o	o	X
fsr-3787	362	1	o	o	X
fsr-3787	362	2	.1	.1	NUM
fsr-3787	362	3	73	73	NUM
fsr-3787	363	1	.6	.6	NUM
fsr-3787	363	2	00	00	PUNCT
fsr-3787	364	1	p	p	NOUN
fsr-3787	364	2	or	or	CCONJ
fsr-3787	364	3	tf	tf	INTJ
fsr-3787	364	4	ol	ol	PROPN
fsr-3787	364	5	io	io	X
fsr-3787	364	6	.6	.6	NUM
fsr-3787	364	7	68	68	NUM
fsr-3787	364	8	.1	.1	NUM
fsr-3787	364	9	63	63	NUM
fsr-3787	364	10	.2	.2	NUM
fsr-3787	364	11	8	8	NUM
fsr-3787	364	12	1	1	NUM
fsr-3787	364	13	.	.	PUNCT
fsr-3787	364	14	65	65	NUM
fsr-3787	364	15	4	4	NUM
fsr-3787	364	16	.	.	X
fsr-3787	364	17	59	59	NUM
fsr-3787	365	1	*	*	PUNCT
fsr-3787	365	2	*	*	PUNCT
fsr-3787	365	3	*	*	PUNCT
fsr-3787	365	4	.8	.8	NUM
fsr-3787	365	5	18	18	NUM
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fsr-3787	365	7	18	18	NUM
fsr-3787	365	8	.8	.8	NUM
fsr-3787	365	9	3	3	NUM
fsr-3787	365	10	1	1	NUM
fsr-3787	365	11	.	.	PUNCT
fsr-3787	365	12	23	23	NUM
fsr-3787	365	13	2	2	NUM
fsr-3787	365	14	.	.	X
fsr-3787	366	1	51	51	NUM
fsr-3787	367	1	*	*	PUNCT
fsr-3787	367	2	*	*	PUNCT
fsr-3787	367	3	*	*	PUNCT
fsr-3787	367	4	.8	.8	NUM
fsr-3787	367	5	18	18	NUM
fsr-3787	367	6	.0	.0	NUM
fsr-3787	367	7	13	13	NUM
fsr-3787	367	8	.0	.0	NUM
fsr-3787	367	9	3	3	NUM
fsr-3787	367	10	1	1	NUM
fsr-3787	367	11	.	.	PUNCT
fsr-3787	367	12	18	18	NUM
fsr-3787	367	13	1	1	NUM
fsr-3787	367	14	.	.	PUNCT
fsr-3787	368	1	68	68	NUM
fsr-3787	368	2	*	*	SYM
fsr-3787	368	3	.8	.8	NUM
fsr-3787	368	4	18	18	NUM
fsr-3787	368	5	-1	-1	SYM
fsr-3787	368	6	.0	.0	NUM
fsr-3787	368	7	13	13	NUM
fsr-3787	368	8	-2	-2	NOUN
fsr-3787	368	9	.2	.2	NUM
fsr-3787	368	10	8	8	NUM
fsr-3787	368	11	*	*	PUNCT
fsr-3787	368	12	*	*	PUNCT
fsr-3787	368	13	1	1	NUM
fsr-3787	368	14	.	.	NUM
fsr-3787	368	15	36	36	NUM
fsr-3787	368	16	3	3	NUM
fsr-3787	368	17	.	.	NOUN
fsr-3787	368	18	26	26	NUM
fsr-3787	368	19	”	"	PUNCT
fsr-3787	368	20	’	'	PUNCT
fsr-3787	368	21	64	64	NUM
fsr-3787	368	22	8	8	NUM
fsr-3787	368	23	-1	-1	NOUN
fsr-3787	368	24	.2	.2	NUM
fsr-3787	368	25	67	67	NUM
fsr-3787	368	26	-1	-1	SYM
fsr-3787	368	27	.3	.3	NUM
fsr-3787	368	28	8	8	NUM
fsr-3787	368	29	1	1	NUM
fsr-3787	368	30	.	.	NOUN
fsr-3787	368	31	35	35	NUM
fsr-3787	368	32	1	1	NUM
fsr-3787	368	33	.	.	NOUN
fsr-3787	368	34	67	67	NUM
fsr-3787	368	35	’	’	SYM
fsr-3787	368	36	.7	.7	NUM
fsr-3787	368	37	43	43	NUM
fsr-3787	368	38	.7	.7	NUM
fsr-3787	368	39	49	49	NUM
fsr-3787	368	40	.7	.7	NUM
fsr-3787	368	41	49	49	NUM
fsr-3787	368	42	.7	.7	NUM
fsr-3787	368	43	49	49	NUM
fsr-3787	368	44	.7	.7	NUM
fsr-3787	368	45	40	40	NUM
fsr-3787	368	46	-	-	PUNCT
fsr-3787	368	47	.	.	PUNCT
fsr-3787	369	1	48	48	NUM
fsr-3787	369	2	9	9	NUM
fsr-3787	369	3	-	-	PUNCT
fsr-3787	369	4	.	.	PUNCT
fsr-3787	370	1	87	87	NUM
fsr-3787	370	2	1	1	NUM
fsr-3787	370	3	.	.	PUNCT
fsr-3787	370	4	65	65	NUM
fsr-3787	370	5	4	4	NUM
fsr-3787	370	6	.	.	X
fsr-3787	370	7	70	70	NUM
fsr-3787	370	8	”	"	PUNCT
fsr-3787	370	9	’	'	PUNCT
fsr-3787	370	10	-	-	PUNCT
fsr-3787	370	11	.	.	PUNCT
fsr-3787	371	1	22	22	NUM
fsr-3787	371	2	1	1	NUM
fsr-3787	371	3	7	7	NUM
fsr-3787	371	4	.	.	PUNCT
fsr-3787	371	5	60	60	NUM
fsr-3787	371	6	1	1	NUM
fsr-3787	371	7	.	.	PUNCT
fsr-3787	371	8	25	25	NUM
fsr-3787	371	9	2	2	NUM
fsr-3787	371	10	.	.	X
fsr-3787	372	1	79	79	NUM
fsr-3787	373	1	*	*	PUNCT
fsr-3787	373	2	*	*	PUNCT
fsr-3787	373	3	*	*	PUNCT
fsr-3787	373	4	-	-	PUNCT
fsr-3787	374	1	.	.	PUNCT
fsr-3787	374	2	2c	2c	NUM
fsr-3787	375	1	m	m	PROPN
fsr-3787	375	2	-x	-x	PROPN
fsr-3787	375	3	i0	i0	PROPN
fsr-3787	375	4	1	1	NUM
fsr-3787	375	5	.	.	PROPN
fsr-3787	375	6	29	29	NUM
fsr-3787	375	7	3	3	NUM
fsr-3787	375	8	.	.	X
fsr-3787	375	9	66	66	NUM
fsr-3787	375	10	”	"	PUNCT
fsr-3787	375	11	’	'	PUNCT
fsr-3787	375	12	-	-	PUNCT
fsr-3787	375	13	.	.	PUNCT
fsr-3787	376	1	45	45	NUM
fsr-3787	376	2	8	8	NUM
fsr-3787	376	3	-1	-1	NOUN
fsr-3787	376	4	.2	.2	NUM
fsr-3787	376	5	5	5	NUM
fsr-3787	376	6	1	1	NUM
fsr-3787	376	7	.	.	PUNCT
fsr-3787	377	1	38	38	NUM
fsr-3787	377	2	4	4	NUM
fsr-3787	377	3	.	.	NOUN
fsr-3787	377	4	22	22	NUM
fsr-3787	377	5	’	'	PUNCT
fsr-3787	377	6	*	*	NOUN
fsr-3787	377	7	’	'	PUNCT
fsr-3787	377	8	-	-	PUNCT
fsr-3787	377	9	.	.	PROPN
fsr-3787	377	10	17	17	NUM
fsr-3787	377	11	5	5	NUM
fsr-3787	377	12	-	-	PUNCT
fsr-3787	377	13	.	.	PUNCT
fsr-3787	378	1	19	19	NUM
fsr-3787	378	2	1	1	NUM
fsr-3787	378	3	.	.	PUNCT
fsr-3787	378	4	25	25	NUM
fsr-3787	378	5	1	1	NUM
fsr-3787	378	6	.	.	NOUN
fsr-3787	378	7	15	15	NUM
fsr-3787	378	8	t	t	NOUN
fsr-3787	378	9	t	t	PROPN
fsr-3787	378	10	26	26	NUM
fsr-3787	378	11	financial	financial	ADJ
fsr-3787	378	12	services	service	NOUN
fsr-3787	378	13	review	review	VERB
fsr-3787	378	14	5	5	NUM
fsr-3787	378	15	(	(	PUNCT
fsr-3787	378	16	1	1	NUM
fsr-3787	378	17	)	)	PUNCT
fsr-3787	378	18	1996	1996	NUM
fsr-3787	378	19	vi	vi	X
fsr-3787	378	20	.	.	PUNCT
fsr-3787	379	1	conclusions	conclusion	NOUN
fsr-3787	379	2	the	the	DET
fsr-3787	379	3	results	result	NOUN
fsr-3787	379	4	of	of	ADP
fsr-3787	379	5	this	this	DET
fsr-3787	379	6	study	study	NOUN
fsr-3787	379	7	have	have	VERB
fsr-3787	379	8	both	both	CCONJ
fsr-3787	379	9	theoretical	theoretical	ADJ
fsr-3787	379	10	and	and	CCONJ
fsr-3787	379	11	practical	practical	ADJ
fsr-3787	379	12	implications	implication	NOUN
fsr-3787	379	13	.	.	PUNCT
fsr-3787	380	1	from	from	ADP
fsr-3787	380	2	a	a	DET
fsr-3787	380	3	theoretical	theoretical	ADJ
fsr-3787	380	4	standpoint	standpoint	NOUN
fsr-3787	380	5	this	this	DET
fsr-3787	380	6	study	study	NOUN
fsr-3787	380	7	tests	test	VERB
fsr-3787	380	8	whether	whether	SCONJ
fsr-3787	380	9	professional	professional	ADJ
fsr-3787	380	10	stock	stock	NOUN
fsr-3787	380	11	analysts	analyst	NOUN
fsr-3787	380	12	can	can	AUX
fsr-3787	380	13	identify	identify	VERB
fsr-3787	380	14	undervalued	undervalued	ADJ
fsr-3787	380	15	securities	security	NOUN
fsr-3787	380	16	(	(	PUNCT
fsr-3787	380	17	a	a	DET
fsr-3787	380	18	test	test	NOUN
fsr-3787	380	19	of	of	ADP
fsr-3787	380	20	strong	strong	ADJ
fsr-3787	380	21	form	form	NOUN
fsr-3787	380	22	market	market	NOUN
fsr-3787	380	23	efficiency	efficiency	NOUN
fsr-3787	380	24	)	)	PUNCT
fsr-3787	380	25	.	.	PUNCT
fsr-3787	381	1	from	from	ADP
fsr-3787	381	2	a	a	DET
fsr-3787	381	3	practical	practical	ADJ
fsr-3787	381	4	standpoint	standpoint	NOUN
fsr-3787	381	5	this	this	DET
fsr-3787	381	6	study	study	NOUN
fsr-3787	381	7	tests	test	VERB
fsr-3787	381	8	whether	whether	SCONJ
fsr-3787	381	9	investors	investor	NOUN
fsr-3787	381	10	can	can	AUX
fsr-3787	381	11	profit	profit	VERB
fsr-3787	381	12	from	from	ADP
fsr-3787	381	13	analyst	analyst	NOUN
fsr-3787	381	14	recommendations	recommendation	NOUN
fsr-3787	381	15	.	.	PUNCT
fsr-3787	382	1	two	two	NUM
fsr-3787	382	2	factors	factor	NOUN
fsr-3787	382	3	should	should	AUX
fsr-3787	382	4	be	be	AUX
fsr-3787	382	5	considered	consider	VERB
fsr-3787	382	6	.	.	PUNCT
fsr-3787	383	1	first	first	ADV
fsr-3787	383	2	,	,	PUNCT
fsr-3787	383	3	potential	potential	ADJ
fsr-3787	383	4	gains	gain	NOUN
fsr-3787	383	5	must	must	AUX
fsr-3787	383	6	be	be	AUX
fsr-3787	383	7	evaluated	evaluate	VERB
fsr-3787	383	8	net	net	NOUN
fsr-3787	383	9	of	of	ADP
fsr-3787	383	10	transaction	transaction	NOUN
fsr-3787	383	11	costs	cost	NOUN
fsr-3787	383	12	.	.	PUNCT
fsr-3787	384	1	second	second	ADJ
fsr-3787	384	2	,	,	PUNCT
fsr-3787	384	3	while	while	SCONJ
fsr-3787	384	4	an	an	DET
fsr-3787	384	5	analyst	analyst	NOUN
fsr-3787	384	6	may	may	AUX
fsr-3787	384	7	identify	identify	VERB
fsr-3787	384	8	an	an	DET
fsr-3787	384	9	undervalued	undervalued	ADJ
fsr-3787	384	10	security	security	NOUN
fsr-3787	384	11	and	and	CCONJ
fsr-3787	384	12	issue	issue	VERB
fsr-3787	384	13	a	a	DET
fsr-3787	384	14	buy	buy	NOUN
fsr-3787	384	15	recommendation	recommendation	NOUN
fsr-3787	384	16	,	,	PUNCT
fsr-3787	384	17	an	an	DET
fsr-3787	384	18	inves	inve	NOUN
fsr-3787	384	19	tor	tor	NOUN
fsr-3787	384	20	who	who	PRON
fsr-3787	384	21	purchases	purchase	VERB
fsr-3787	384	22	the	the	DET
fsr-3787	384	23	security	security	NOUN
fsr-3787	384	24	typically	typically	ADV
fsr-3787	384	25	must	must	AUX
fsr-3787	384	26	pay	pay	VERB
fsr-3787	384	27	a	a	DET
fsr-3787	384	28	price	price	NOUN
fsr-3787	384	29	that	that	PRON
fsr-3787	384	30	reflects	reflect	VERB
fsr-3787	384	31	any	any	DET
fsr-3787	384	32	information	information	NOUN
fsr-3787	384	33	embedded	embed	VERB
fsr-3787	384	34	in	in	ADP
fsr-3787	384	35	the	the	DET
fsr-3787	384	36	recommendation	recommendation	NOUN
fsr-3787	384	37	announcement	announcement	NOUN
fsr-3787	384	38	.	.	PUNCT
fsr-3787	385	1	as	as	ADP
fsr-3787	385	2	a	a	DET
fsr-3787	385	3	result	result	NOUN
fsr-3787	385	4	,	,	PUNCT
fsr-3787	385	5	an	an	DET
fsr-3787	385	6	investor	investor	NOUN
fsr-3787	385	7	may	may	AUX
fsr-3787	385	8	not	not	PART
fsr-3787	385	9	be	be	AUX
fsr-3787	385	10	able	able	ADJ
fsr-3787	385	11	to	to	PART
fsr-3787	385	12	capitalize	capitalize	VERB
fsr-3787	385	13	on	on	ADP
fsr-3787	385	14	a	a	DET
fsr-3787	385	15	recommendation	recommendation	NOUN
fsr-3787	385	16	even	even	ADV
fsr-3787	385	17	if	if	SCONJ
fsr-3787	385	18	it	it	PRON
fsr-3787	385	19	is	be	AUX
fsr-3787	385	20	“	"	PUNCT
fsr-3787	385	21	correct	correct	ADJ
fsr-3787	385	22	”	"	PUNCT
fsr-3787	385	23	ex	ex	X
fsr-3787	385	24	post	post	NOUN
fsr-3787	385	25	.	.	PUNCT
fsr-3787	386	1	this	this	DET
fsr-3787	386	2	study	study	NOUN
fsr-3787	386	3	tests	test	VERB
fsr-3787	386	4	the	the	DET
fsr-3787	386	5	accuracy	accuracy	NOUN
fsr-3787	386	6	of	of	ADP
fsr-3787	386	7	analyst	analyst	NOUN
fsr-3787	386	8	recommendations	recommendation	NOUN
fsr-3787	386	9	published	publish	VERB
fsr-3787	386	10	in	in	ADP
fsr-3787	386	11	the	the	DET
fsr-3787	386	12	“	"	PUNCT
fsr-3787	386	13	market	market	NOUN
fsr-3787	386	14	highlights	highlight	NOUN
fsr-3787	386	15	”	"	PUNCT
fsr-3787	386	16	section	section	NOUN
fsr-3787	386	17	of	of	ADP
fsr-3787	386	18	usa	usa	PROPN
fsr-3787	386	19	today	today	NOUN
fsr-3787	386	20	.	.	PUNCT
fsr-3787	387	1	investment	investment	NOUN
fsr-3787	387	2	performance	performance	NOUN
fsr-3787	387	3	is	be	AUX
fsr-3787	387	4	evaluated	evaluate	VERB
fsr-3787	387	5	for	for	ADP
fsr-3787	387	6	two	two	NUM
fsr-3787	387	7	groups	group	NOUN
fsr-3787	387	8	of	of	ADP
fsr-3787	387	9	investors	investor	NOUN
fsr-3787	387	10	:	:	PUNCT
fsr-3787	387	11	(	(	PUNCT
fsr-3787	387	12	a	a	X
fsr-3787	387	13	)	)	PUNCT
fsr-3787	387	14	institutional	institutional	ADJ
fsr-3787	387	15	and	and	CCONJ
fsr-3787	387	16	retail	retail	ADJ
fsr-3787	387	17	clients	client	NOUN
fsr-3787	387	18	who	who	PRON
fsr-3787	387	19	trade	trade	VERB
fsr-3787	387	20	before	before	ADP
fsr-3787	387	21	recommendations	recommendation	NOUN
fsr-3787	387	22	are	be	AUX
fsr-3787	387	23	dis	dis	PRON
fsr-3787	387	24	closed	close	VERB
fsr-3787	387	25	to	to	ADP
fsr-3787	387	26	the	the	DET
fsr-3787	387	27	general	general	ADJ
fsr-3787	387	28	public	public	NOUN
fsr-3787	387	29	,	,	PUNCT
fsr-3787	387	30	and	and	CCONJ
fsr-3787	387	31	(	(	PUNCT
fsr-3787	387	32	b	b	NOUN
fsr-3787	387	33	)	)	PUNCT
fsr-3787	387	34	individual	individual	ADJ
fsr-3787	387	35	investors	investor	NOUN
fsr-3787	387	36	who	who	PRON
fsr-3787	387	37	trade	trade	VERB
fsr-3787	387	38	after	after	ADP
fsr-3787	387	39	recommendations	recommendation	NOUN
fsr-3787	387	40	are	be	AUX
fsr-3787	387	41	published	publish	VERB
fsr-3787	387	42	in	in	ADP
fsr-3787	387	43	usa	usa	PROPN
fsr-3787	387	44	today	today	NOUN
fsr-3787	387	45	.	.	PUNCT
fsr-3787	388	1	the	the	DET
fsr-3787	388	2	use	use	NOUN
fsr-3787	388	3	of	of	ADP
fsr-3787	388	4	recommendations	recommendation	NOUN
fsr-3787	388	5	published	publish	VERB
fsr-3787	388	6	in	in	ADP
fsr-3787	388	7	usa	usa	PROPN
fsr-3787	388	8	today	today	NOUN
fsr-3787	388	9	has	have	VERB
fsr-3787	388	10	the	the	DET
fsr-3787	388	11	advantage	advantage	NOUN
fsr-3787	388	12	that	that	SCONJ
fsr-3787	388	13	these	these	PRON
fsr-3787	388	14	are	be	AUX
fsr-3787	388	15	recommendations	recommendation	NOUN
fsr-3787	388	16	available	available	ADJ
fsr-3787	388	17	to	to	ADP
fsr-3787	388	18	a	a	DET
fsr-3787	388	19	wide	wide	ADJ
fsr-3787	388	20	range	range	NOUN
fsr-3787	388	21	of	of	ADP
fsr-3787	388	22	investors	investor	NOUN
fsr-3787	388	23	.	.	PUNCT
fsr-3787	389	1	still	still	ADV
fsr-3787	389	2	,	,	PUNCT
fsr-3787	389	3	because	because	SCONJ
fsr-3787	389	4	usa	usa	PROPN
fsr-3787	389	5	today	today	NOUN
fsr-3787	389	6	publishes	publish	VERB
fsr-3787	389	7	only	only	ADV
fsr-3787	389	8	those	those	DET
fsr-3787	389	9	recommendations	recommendation	NOUN
fsr-3787	389	10	that	that	PRON
fsr-3787	389	11	have	have	AUX
fsr-3787	389	12	affected	affect	VERB
fsr-3787	389	13	stock	stock	NOUN
fsr-3787	389	14	prices	price	NOUN
fsr-3787	389	15	,	,	PUNCT
fsr-3787	389	16	it	it	PRON
fsr-3787	389	17	is	be	AUX
fsr-3787	389	18	important	important	ADJ
fsr-3787	389	19	to	to	PART
fsr-3787	389	20	note	note	VERB
fsr-3787	389	21	that	that	SCONJ
fsr-3787	389	22	the	the	DET
fsr-3787	389	23	conclusions	conclusion	NOUN
fsr-3787	389	24	of	of	ADP
fsr-3787	389	25	this	this	DET
fsr-3787	389	26	study	study	NOUN
fsr-3787	389	27	may	may	AUX
fsr-3787	389	28	apply	apply	VERB
fsr-3787	389	29	only	only	ADV
fsr-3787	389	30	to	to	ADP
fsr-3787	389	31	this	this	DET
fsr-3787	389	32	subset	subset	NOUN
fsr-3787	389	33	of	of	ADP
fsr-3787	389	34	analysts	analyst	NOUN
fsr-3787	389	35	’	’	PART
fsr-3787	389	36	recommendations	recommendation	NOUN
fsr-3787	389	37	.	.	PUNCT
fsr-3787	390	1	the	the	DET
fsr-3787	390	2	results	result	NOUN
fsr-3787	390	3	of	of	ADP
fsr-3787	390	4	this	this	DET
fsr-3787	390	5	study	study	NOUN
fsr-3787	390	6	support	support	VERB
fsr-3787	390	7	the	the	DET
fsr-3787	390	8	conclusion	conclusion	NOUN
fsr-3787	390	9	that	that	SCONJ
fsr-3787	390	10	professional	professional	ADJ
fsr-3787	390	11	stock	stock	NOUN
fsr-3787	390	12	analysts	analyst	NOUN
fsr-3787	390	13	do	do	AUX
fsr-3787	390	14	iden	iden	PROPN
fsr-3787	390	15	tify	tify	VERB
fsr-3787	390	16	mispriced	mispriced	ADJ
fsr-3787	390	17	securities	security	NOUN
fsr-3787	390	18	.	.	PUNCT
fsr-3787	391	1	similar	similar	ADJ
fsr-3787	391	2	to	to	ADP
fsr-3787	391	3	previous	previous	ADJ
fsr-3787	391	4	research	research	NOUN
fsr-3787	391	5	,	,	PUNCT
fsr-3787	391	6	we	we	PRON
fsr-3787	391	7	find	find	VERB
fsr-3787	391	8	an	an	DET
fsr-3787	391	9	announcement	announcement	NOUN
fsr-3787	391	10	effect	effect	NOUN
fsr-3787	391	11	of	of	ADP
fsr-3787	391	12	approximately	approximately	ADV
fsr-3787	391	13	4	4	NUM
fsr-3787	391	14	%	%	NOUN
fsr-3787	391	15	for	for	ADP
fsr-3787	391	16	positive	positive	ADJ
fsr-3787	391	17	recommendations	recommendation	NOUN
fsr-3787	391	18	.	.	PUNCT
fsr-3787	392	1	when	when	SCONJ
fsr-3787	392	2	a	a	DET
fsr-3787	392	3	twelve	twelve	NUM
fsr-3787	392	4	-	-	PUNCT
fsr-3787	392	5	month	month	NOUN
fsr-3787	392	6	holding	holding	NOUN
fsr-3787	392	7	period	period	NOUN
fsr-3787	392	8	is	be	AUX
fsr-3787	392	9	examined	examine	VERB
fsr-3787	392	10	and	and	CCONJ
fsr-3787	392	11	returns	return	NOUN
fsr-3787	392	12	are	be	AUX
fsr-3787	392	13	based	base	VERB
fsr-3787	392	14	on	on	ADP
fsr-3787	392	15	pre	pre	ADJ
fsr-3787	392	16	-	-	ADJ
fsr-3787	392	17	recommendation	recommendation	ADJ
fsr-3787	392	18	prices	price	NOUN
fsr-3787	392	19	,	,	PUNCT
fsr-3787	392	20	the	the	DET
fsr-3787	392	21	sharpe	sharpe	NOUN
fsr-3787	392	22	,	,	PUNCT
fsr-3787	392	23	treynor	treynor	NOUN
fsr-3787	392	24	,	,	PUNCT
fsr-3787	392	25	and	and	CCONJ
fsr-3787	392	26	jensen	jensen	PROPN
fsr-3787	392	27	measures	measure	NOUN
fsr-3787	392	28	consistently	consistently	ADV
fsr-3787	392	29	rank	rank	VERB
fsr-3787	392	30	the	the	DET
fsr-3787	392	31	analyst	analyst	NOUN
fsr-3787	392	32	buy	buy	VERB
fsr-3787	392	33	portfolios	portfolio	NOUN
fsr-3787	392	34	above	above	ADP
fsr-3787	392	35	the	the	DET
fsr-3787	392	36	sell	sell	NOUN
fsr-3787	392	37	and	and	CCONJ
fsr-3787	392	38	hold	hold	VERB
fsr-3787	392	39	port	port	NOUN
fsr-3787	392	40	folios	folio	NOUN
fsr-3787	392	41	.	.	PUNCT
fsr-3787	393	1	even	even	ADV
fsr-3787	393	2	though	though	SCONJ
fsr-3787	393	3	the	the	DET
fsr-3787	393	4	returns	return	NOUN
fsr-3787	393	5	are	be	AUX
fsr-3787	393	6	not	not	PART
fsr-3787	393	7	statistically	statistically	ADV
fsr-3787	393	8	significant	significant	ADJ
fsr-3787	393	9	,	,	PUNCT
fsr-3787	393	10	the	the	DET
fsr-3787	393	11	returns	return	NOUN
fsr-3787	393	12	may	may	AUX
fsr-3787	393	13	exceed	exceed	VERB
fsr-3787	393	14	the	the	DET
fsr-3787	393	15	costs	cost	NOUN
fsr-3787	393	16	of	of	ADP
fsr-3787	393	17	implementing	implement	VERB
fsr-3787	393	18	an	an	DET
fsr-3787	393	19	active	active	ADJ
fsr-3787	393	20	strategy	strategy	NOUN
fsr-3787	393	21	for	for	ADP
fsr-3787	393	22	large	large	ADJ
fsr-3787	393	23	institutional	institutional	ADJ
fsr-3787	393	24	investors	investor	NOUN
fsr-3787	393	25	(	(	PUNCT
fsr-3787	393	26	bodie	bodie	PROPN
fsr-3787	393	27	et	et	PROPN
fsr-3787	393	28	al	al	PROPN
fsr-3787	393	29	.	.	PROPN
fsr-3787	393	30	,	,	PUNCT
fsr-3787	393	31	1993	1993	NUM
fsr-3787	393	32	)	)	PUNCT
fsr-3787	393	33	.	.	PUNCT
fsr-3787	394	1	individual	individual	ADJ
fsr-3787	394	2	investors	investor	NOUN
fsr-3787	394	3	,	,	PUNCT
fsr-3787	394	4	on	on	ADP
fsr-3787	394	5	the	the	DET
fsr-3787	394	6	other	other	ADJ
fsr-3787	394	7	hand	hand	NOUN
fsr-3787	394	8	,	,	PUNCT
fsr-3787	394	9	tend	tend	VERB
fsr-3787	394	10	to	to	PART
fsr-3787	394	11	experience	experience	VERB
fsr-3787	394	12	subpar	subpar	ADJ
fsr-3787	394	13	returns	return	NOUN
fsr-3787	394	14	by	by	ADP
fsr-3787	394	15	following	follow	VERB
fsr-3787	394	16	analyst	analyst	NOUN
fsr-3787	394	17	recommendations	recommendation	NOUN
fsr-3787	394	18	.	.	PUNCT
fsr-3787	395	1	when	when	SCONJ
fsr-3787	395	2	returns	return	NOUN
fsr-3787	395	3	are	be	AUX
fsr-3787	395	4	based	base	VERB
fsr-3787	395	5	on	on	ADP
fsr-3787	395	6	post	post	ADJ
fsr-3787	395	7	-	-	ADJ
fsr-3787	395	8	recommendation	recommendation	ADJ
fsr-3787	395	9	prices	price	NOUN
fsr-3787	395	10	,	,	PUNCT
fsr-3787	395	11	the	the	DET
fsr-3787	395	12	sharpe	sharpe	PROPN
fsr-3787	395	13	and	and	CCONJ
fsr-3787	395	14	treynor	treynor	NOUN
fsr-3787	395	15	measures	measure	NOUN
fsr-3787	395	16	indicate	indicate	VERB
fsr-3787	395	17	inferior	inferior	ADJ
fsr-3787	395	18	performance	performance	NOUN
fsr-3787	395	19	relative	relative	ADJ
fsr-3787	395	20	to	to	ADP
fsr-3787	395	21	the	the	DET
fsr-3787	395	22	benchmark	benchmark	NOUN
fsr-3787	395	23	port	port	NOUN
fsr-3787	395	24	folio	folio	NOUN
fsr-3787	395	25	.	.	PUNCT
fsr-3787	396	1	the	the	DET
fsr-3787	396	2	jensen	jensen	PROPN
fsr-3787	396	3	alpha	alpha	NOUN
fsr-3787	396	4	measures	measure	NOUN
fsr-3787	396	5	are	be	AUX
fsr-3787	396	6	negative	negative	ADJ
fsr-3787	396	7	,	,	PUNCT
fsr-3787	396	8	but	but	CCONJ
fsr-3787	396	9	the	the	DET
fsr-3787	396	10	results	result	NOUN
fsr-3787	396	11	are	be	AUX
fsr-3787	396	12	not	not	PART
fsr-3787	396	13	statistically	statistically	ADV
fsr-3787	396	14	signifi	signifi	VERB
fsr-3787	396	15	ca	can	AUX
fsr-3787	396	16	nt	nt	PRON
fsr-3787	396	17	.	.	PUNCT
fsr-3787	397	1	because	because	SCONJ
fsr-3787	397	2	the	the	DET
fsr-3787	397	3	results	result	NOUN
fsr-3787	397	4	do	do	AUX
fsr-3787	397	5	not	not	PART
fsr-3787	397	6	reflect	reflect	VERB
fsr-3787	397	7	transaction	transaction	NOUN
fsr-3787	397	8	costs	cost	NOUN
fsr-3787	397	9	,	,	PUNCT
fsr-3787	397	10	the	the	DET
fsr-3787	397	11	returns	return	NOUN
fsr-3787	397	12	for	for	ADP
fsr-3787	397	13	most	most	ADJ
fsr-3787	397	14	individual	individual	ADJ
fsr-3787	397	15	investors	investor	NOUN
fsr-3787	397	16	would	would	AUX
fsr-3787	397	17	be	be	AUX
fsr-3787	397	18	even	even	ADV
fsr-3787	397	19	lower	low	ADJ
fsr-3787	397	20	.	.	PUNCT
fsr-3787	398	1	these	these	DET
fsr-3787	398	2	results	result	NOUN
fsr-3787	398	3	support	support	VERB
fsr-3787	398	4	peter	peter	PROPN
fsr-3787	398	5	lynch	lynch	PROPN
fsr-3787	398	6	’s	’s	PART
fsr-3787	398	7	concept	concept	NOUN
fsr-3787	398	8	of	of	ADP
fsr-3787	398	9	“	"	PUNCT
fsr-3787	398	10	street	street	NOUN
fsr-3787	398	11	lag	lag	NOUN
fsr-3787	398	12	”	"	PUNCT
fsr-3787	398	13	(	(	PUNCT
fsr-3787	398	14	i.e.	i.e.	X
fsr-3787	398	15	,	,	PUNCT
fsr-3787	398	16	by	by	ADP
fsr-3787	398	17	the	the	DET
fsr-3787	398	18	time	time	NOUN
fsr-3787	398	19	an	an	DET
fsr-3787	398	20	individual	individual	ADJ
fsr-3787	398	21	investor	investor	NOUN
fsr-3787	398	22	can	can	AUX
fsr-3787	398	23	act	act	VERB
fsr-3787	398	24	on	on	ADP
fsr-3787	398	25	an	an	DET
fsr-3787	398	26	analyst	analyst	NOUN
fsr-3787	398	27	’s	’s	PART
fsr-3787	398	28	recommendation	recommendation	NOUN
fsr-3787	398	29	,	,	PUNCT
fsr-3787	398	30	the	the	DET
fsr-3787	398	31	“	"	PUNCT
fsr-3787	398	32	good	good	ADJ
fsr-3787	398	33	news	news	NOUN
fsr-3787	398	34	”	"	PUNCT
fsr-3787	398	35	is	be	AUX
fsr-3787	398	36	already	already	ADV
fsr-3787	398	37	impounded	impound	VERB
fsr-3787	398	38	in	in	ADP
fsr-3787	398	39	the	the	DET
fsr-3787	398	40	stock	stock	NOUN
fsr-3787	398	41	price	price	NOUN
fsr-3787	398	42	)	)	PUNCT
fsr-3787	398	43	.	.	PUNCT
fsr-3787	399	1	finally	finally	ADV
fsr-3787	399	2	,	,	PUNCT
fsr-3787	399	3	the	the	DET
fsr-3787	399	4	results	result	NOUN
fsr-3787	399	5	indicate	indicate	VERB
fsr-3787	399	6	that	that	SCONJ
fsr-3787	399	7	the	the	DET
fsr-3787	399	8	conclusion	conclusion	NOUN
fsr-3787	399	9	one	one	NUM
fsr-3787	399	10	draws	draw	VERB
fsr-3787	399	11	regarding	regard	VERB
fsr-3787	399	12	analyst	analyst	NOUN
fsr-3787	399	13	perfor	perfor	PROPN
fsr-3787	399	14	mance	mance	PROPN
fsr-3787	399	15	often	often	ADV
fsr-3787	399	16	depends	depend	VERB
fsr-3787	399	17	on	on	ADP
fsr-3787	399	18	the	the	DET
fsr-3787	399	19	methodology	methodology	NOUN
fsr-3787	399	20	employed	employ	VERB
fsr-3787	399	21	.	.	PUNCT
fsr-3787	400	1	stock	stock	NOUN
fsr-3787	400	2	index	index	NOUN
fsr-3787	400	3	comparisons	comparison	NOUN
fsr-3787	400	4	are	be	AUX
fsr-3787	400	5	the	the	DET
fsr-3787	400	6	least	least	ADJ
fsr-3787	400	7	reliable	reliable	ADJ
fsr-3787	400	8	because	because	SCONJ
fsr-3787	400	9	recommended	recommend	VERB
fsr-3787	400	10	stocks	stock	NOUN
fsr-3787	400	11	often	often	ADV
fsr-3787	400	12	exhibit	exhibit	VERB
fsr-3787	400	13	greater	great	ADJ
fsr-3787	400	14	risk	risk	NOUN
fsr-3787	400	15	than	than	ADP
fsr-3787	400	16	the	the	DET
fsr-3787	400	17	benchmark	benchmark	NOUN
fsr-3787	400	18	selected	select	VERB
fsr-3787	400	19	.	.	PUNCT
fsr-3787	401	1	if	if	SCONJ
fsr-3787	401	2	an	an	DET
fsr-3787	401	3	event	event	NOUN
fsr-3787	401	4	study	study	NOUN
fsr-3787	401	5	methodology	methodology	NOUN
fsr-3787	401	6	is	be	AUX
fsr-3787	401	7	used	use	VERB
fsr-3787	401	8	,	,	PUNCT
fsr-3787	401	9	on	on	ADP
fsr-3787	401	10	the	the	DET
fsr-3787	401	11	other	other	ADJ
fsr-3787	401	12	hand	hand	NOUN
fsr-3787	401	13	,	,	PUNCT
fsr-3787	401	14	researchers	researcher	NOUN
fsr-3787	401	15	should	should	AUX
fsr-3787	401	16	test	test	VERB
fsr-3787	401	17	whether	whether	SCONJ
fsr-3787	401	18	the	the	DET
fsr-3787	401	19	market	market	NOUN
fsr-3787	401	20	model	model	NOUN
fsr-3787	401	21	intercept	intercept	NOUN
fsr-3787	401	22	for	for	ADP
fsr-3787	401	23	the	the	DET
fsr-3787	401	24	estimation	estimation	NOUN
fsr-3787	401	25	period	period	NOUN
fsr-3787	401	26	is	be	AUX
fsr-3787	401	27	equal	equal	ADJ
fsr-3787	401	28	to	to	ADP
fsr-3787	401	29	zero	zero	NUM
fsr-3787	401	30	.	.	PUNCT
fsr-3787	402	1	ignoring	ignore	VERB
fsr-3787	402	2	this	this	DET
fsr-3787	402	3	test	test	NOUN
fsr-3787	402	4	can	can	AUX
fsr-3787	402	5	lead	lead	VERB
fsr-3787	402	6	to	to	PART
fsr-3787	402	7	bias	bias	VERB
fsr-3787	402	8	in	in	ADP
fsr-3787	402	9	the	the	DET
fsr-3787	402	10	abnormal	abnormal	ADJ
fsr-3787	402	11	returns	return	NOUN
fsr-3787	402	12	reported	report	VERB
fsr-3787	402	13	for	for	ADP
fsr-3787	402	14	the	the	DET
fsr-3787	402	15	event	event	NOUN
fsr-3787	402	16	period	period	NOUN
fsr-3787	402	17	(	(	PUNCT
fsr-3787	402	18	see	see	AUX
fsr-3787	402	19	also	also	ADV
fsr-3787	402	20	cope	cope	VERB
fsr-3787	402	21	land	land	NOUN
fsr-3787	402	22	&	&	CCONJ
fsr-3787	402	23	mayers	mayer	NOUN
fsr-3787	402	24	,	,	PUNCT
fsr-3787	402	25	1982	1982	NUM
fsr-3787	402	26	;	;	PUNCT
fsr-3787	402	27	edmister	edmister	NOUN
fsr-3787	402	28	,	,	PUNCT
fsr-3787	402	29	graham	graham	PROPN
fsr-3787	402	30	,	,	PUNCT
fsr-3787	402	31	&	&	CCONJ
fsr-3787	402	32	scott	scott	PROPN
fsr-3787	402	33	,	,	PUNCT
fsr-3787	402	34	1994	1994	NUM
fsr-3787	402	35	)	)	PUNCT
fsr-3787	402	36	.	.	PUNCT
fsr-3787	403	1	acknowledgment	acknowledgment	NOUN
fsr-3787	403	2	:	:	PUNCT
fsr-3787	403	3	the	the	DET
fsr-3787	403	4	authors	author	NOUN
fsr-3787	403	5	wish	wish	VERB
fsr-3787	403	6	to	to	PART
fsr-3787	403	7	thank	thank	VERB
fsr-3787	403	8	keith	keith	PROPN
fsr-3787	403	9	womer	womer	PROPN
fsr-3787	403	10	,	,	PUNCT
fsr-3787	403	11	the	the	DET
fsr-3787	403	12	participants	participant	NOUN
fsr-3787	403	13	at	at	ADP
fsr-3787	403	14	the	the	DET
fsr-3787	403	15	1994	1994	NUM
fsr-3787	403	16	financial	financial	ADJ
fsr-3787	403	17	management	management	NOUN
fsr-3787	403	18	association	association	NOUN
fsr-3787	403	19	meeting	meeting	NOUN
fsr-3787	403	20	,	,	PUNCT
fsr-3787	403	21	and	and	CCONJ
fsr-3787	403	22	two	two	NUM
fsr-3787	403	23	anonymous	anonymous	ADJ
fsr-3787	403	24	reviewers	reviewer	NOUN
fsr-3787	403	25	for	for	ADP
fsr-3787	403	26	helpful	helpful	ADJ
fsr-3787	403	27	comments	comment	NOUN
fsr-3787	403	28	and	and	CCONJ
fsr-3787	403	29	suggestions	suggestion	NOUN
fsr-3787	403	30	.	.	PUNCT
fsr-3787	404	1	the	the	DET
fsr-3787	404	2	usual	usual	ADJ
fsr-3787	404	3	disclaimer	disclaimer	NOUN
fsr-3787	404	4	applies	apply	VERB
fsr-3787	404	5	.	.	PUNCT
fsr-3787	405	1	28	28	NUM
fsr-3787	405	2	financial	financial	ADJ
fsr-3787	405	3	services	service	NOUN
fsr-3787	405	4	review	review	VERB
fsr-3787	405	5	5	5	NUM
fsr-3787	405	6	(	(	PUNCT
fsr-3787	405	7	1	1	NUM
fsr-3787	405	8	)	)	PUNCT
fsr-3787	405	9	1996	1996	NUM
fsr-3787	405	10	show	show	VERB
fsr-3787	405	11	that	that	SCONJ
fsr-3787	405	12	the	the	DET
fsr-3787	405	13	dodd	dodd	PROPN
fsr-3787	405	14	-	-	PUNCT
fsr-3787	405	15	warner	warner	PROPN
fsr-3787	405	16	test	test	NOUN
fsr-3787	405	17	statistic	statistic	NOUN
fsr-3787	405	18	is	be	AUX
fsr-3787	405	19	biased	bias	VERB
fsr-3787	405	20	and	and	CCONJ
fsr-3787	405	21	that	that	SCONJ
fsr-3787	405	22	the	the	DET
fsr-3787	405	23	bias	bias	NOUN
fsr-3787	405	24	increases	increase	VERB
fsr-3787	405	25	with	with	ADP
fsr-3787	405	26	the	the	DET
fsr-3787	405	27	length	length	NOUN
fsr-3787	405	28	of	of	ADP
fsr-3787	405	29	the	the	DET
fsr-3787	405	30	interval	interval	NOUN
fsr-3787	405	31	examined	examine	VERB
fsr-3787	405	32	.	.	PUNCT
fsr-3787	406	1	as	as	ADP
fsr-3787	406	2	a	a	DET
fsr-3787	406	3	result	result	NOUN
fsr-3787	406	4	,	,	PUNCT
fsr-3787	406	5	we	we	PRON
fsr-3787	406	6	use	use	VERB
fsr-3787	406	7	the	the	DET
fsr-3787	406	8	test	test	NOUN
fsr-3787	406	9	statistics	statistic	NOUN
fsr-3787	406	10	suggested	suggest	VERB
fsr-3787	406	11	by	by	ADP
fsr-3787	406	12	karafiath	karafiath	NOUN
fsr-3787	406	13	and	and	CCONJ
fsr-3787	406	14	spencer	spencer	PROPN
fsr-3787	406	15	(	(	PUNCT
fsr-3787	406	16	1988	1988	NUM
fsr-3787	406	17	)	)	PUNCT
fsr-3787	406	18	and	and	CCONJ
fsr-3787	406	19	mikkelson	mikkelson	NOUN
fsr-3787	406	20	and	and	CCONJ
fsr-3787	406	21	partch	partch	NOUN
fsr-3787	406	22	(	(	PUNCT
fsr-3787	406	23	1988	1988	NUM
fsr-3787	406	24	)	)	PUNCT
fsr-3787	406	25	.	.	PUNCT
fsr-3787	407	1	these	these	DET
fsr-3787	407	2	test	test	NOUN
fsr-3787	407	3	statistics	statistic	NOUN
fsr-3787	407	4	are	be	AUX
fsr-3787	407	5	smaller	small	ADJ
fsr-3787	407	6	than	than	SCONJ
fsr-3787	407	7	would	would	AUX
fsr-3787	407	8	be	be	AUX
fsr-3787	407	9	obtained	obtain	VERB
fsr-3787	407	10	if	if	SCONJ
fsr-3787	407	11	the	the	DET
fsr-3787	407	12	serial	serial	ADJ
fsr-3787	407	13	correlation	correlation	NOUN
fsr-3787	407	14	in	in	ADP
fsr-3787	407	15	the	the	DET
fsr-3787	407	16	prediction	prediction	NOUN
fsr-3787	407	17	errors	error	NOUN
fsr-3787	407	18	were	be	AUX
fsr-3787	407	19	ignored	ignore	VERB
fsr-3787	407	20	,	,	PUNCT
fsr-3787	407	21	the	the	DET
fsr-3787	407	22	formula	formula	NOUN
fsr-3787	407	23	for	for	ADP
fsr-3787	407	24	the	the	DET
fsr-3787	407	25	test	test	NOUN
fsr-3787	407	26	statistic	statistic	NOUN
fsr-3787	407	27	is	be	AUX
fsr-3787	407	28	:	:	PUNCT
fsr-3787	407	29	mscpej	mscpej	PROPN
fsr-3787	407	30	=	=	SYM
fsr-3787	407	31	(	(	PUNCT
fsr-3787	407	32	l&-t1	l&-t1	PROPN
fsr-3787	407	33	+	+	PROPN
fsr-3787	407	34	1	1	NUM
fsr-3787	407	35	)	)	PUNCT
fsr-3787	407	36	)	)	PUNCT
fsr-3787	407	37	;	;	PUNCT
fsr-3787	407	38	pejt	pejt	NOUN
fsr-3787	407	39	/	/	SYM
fsr-3787	407	40	var	var	NOUN
fsr-3787	407	41	;	;	PUNCT
fsr-3787	407	42	pejt	pejt	VERB
fsr-3787	407	43	t=	t=	PROPN
fsr-3787	407	44	t	t	PROPN
fsr-3787	407	45	,	,	PUNCT
fsr-3787	407	46	t=	t=	PROPN
fsr-3787	407	47	t	t	PROPN
fsr-3787	407	48	,	,	PUNCT
fsr-3787	407	49	where	where	SCONJ
fsr-3787	407	50	ti	ti	PRON
fsr-3787	407	51	is	be	AUX
fsr-3787	407	52	the	the	DET
fsr-3787	407	53	fust	fust	ADJ
fsr-3787	407	54	day	day	NOUN
fsr-3787	407	55	of	of	ADP
fsr-3787	407	56	the	the	DET
fsr-3787	407	57	interval	interval	NOUN
fsr-3787	407	58	,	,	PUNCT
fsr-3787	407	59	t2	t2	PROPN
fsr-3787	407	60	is	be	AUX
fsr-3787	407	61	the	the	DET
fsr-3787	407	62	last	last	ADJ
fsr-3787	407	63	day	day	NOUN
fsr-3787	407	64	of	of	ADP
fsr-3787	407	65	the	the	DET
fsr-3787	407	66	interval	interval	NOUN
fsr-3787	407	67	,	,	PUNCT
fsr-3787	407	68	and	and	CCONJ
fsr-3787	407	69	the	the	DET
fsr-3787	407	70	denomina	denomina	PROPN
fsr-3787	407	71	tor	tor	NOUN
fsr-3787	407	72	is	be	AUX
fsr-3787	407	73	the	the	DET
fsr-3787	407	74	square	square	ADJ
fsr-3787	407	75	root	root	NOUN
fsr-3787	407	76	of	of	ADP
fsr-3787	407	77	the	the	DET
fsr-3787	407	78	variance	variance	NOUN
fsr-3787	407	79	of	of	ADP
fsr-3787	407	80	the	the	DET
fsr-3787	407	81	cumulative	cumulative	ADJ
fsr-3787	407	82	prediction	prediction	NOUN
fsr-3787	407	83	errors	error	NOUN
fsr-3787	407	84	of	of	ADP
fsr-3787	407	85	firmj	firmj	NOUN
fsr-3787	407	86	.	.	PUNCT
fsr-3787	408	1	the	the	DET
fsr-3787	408	2	vari	vari	ADJ
fsr-3787	408	3	ance	ance	NOUN
fsr-3787	408	4	is	be	AUX
fsr-3787	408	5	defined	define	VERB
fsr-3787	408	6	to	to	PART
fsr-3787	408	7	be	be	AUX
fsr-3787	408	8	:	:	PUNCT
fsr-3787	408	9	a4sej	a4sej	PRON
fsr-3787	408	10	is	be	AUX
fsr-3787	408	11	the	the	DET
fsr-3787	408	12	standard	standard	ADJ
fsr-3787	408	13	deviation	deviation	NOUN
fsr-3787	408	14	of	of	ADP
fsr-3787	408	15	the	the	DET
fsr-3787	408	16	regression	regression	NOUN
fsr-3787	408	17	,	,	PUNCT
fsr-3787	408	18	t	t	PROPN
fsr-3787	408	19	is	be	AUX
fsr-3787	408	20	the	the	DET
fsr-3787	408	21	number	number	NOUN
fsr-3787	408	22	of	of	ADP
fsr-3787	408	23	days	day	NOUN
fsr-3787	408	24	in	in	ADP
fsr-3787	408	25	the	the	DET
fsr-3787	408	26	interval	interval	NOUN
fsr-3787	408	27	(	(	PUNCT
fsr-3787	408	28	t2	t2	PROPN
fsr-3787	408	29	t1	t1	NOUN
fsr-3787	408	30	+	+	X
fsr-3787	408	31	l	l	NOUN
fsr-3787	408	32	)	)	PUNCT
fsr-3787	408	33	,	,	PUNCT
fsr-3787	408	34	ed	ed	NOUN
fsr-3787	408	35	is	be	AUX
fsr-3787	408	36	the	the	DET
fsr-3787	408	37	number	number	NOUN
fsr-3787	408	38	of	of	ADP
fsr-3787	408	39	days	day	NOUN
fsr-3787	408	40	in	in	ADP
fsr-3787	408	41	the	the	DET
fsr-3787	408	42	estimation	estimation	NOUN
fsr-3787	408	43	period	period	NOUN
fsr-3787	408	44	for	for	ADP
fsr-3787	408	45	the	the	DET
fsr-3787	408	46	market	market	NOUN
fsr-3787	408	47	model	model	NOUN
fsr-3787	408	48	,	,	PUNCT
fsr-3787	408	49	r,,,t	r,,,t	X
fsr-3787	408	50	is	be	AUX
fsr-3787	408	51	the	the	DET
fsr-3787	408	52	market	market	NOUN
fsr-3787	408	53	return	return	NOUN
fsr-3787	408	54	on	on	ADP
fsr-3787	408	55	day	day	NOUN
fsr-3787	408	56	t	t	PROPN
fsr-3787	408	57	,	,	PUNCT
fsr-3787	408	58	and	and	CCONJ
fsr-3787	408	59	r	r	NOUN
fsr-3787	408	60	,	,	PUNCT
fsr-3787	408	61	is	be	AUX
fsr-3787	408	62	the	the	DET
fsr-3787	408	63	mean	mean	ADJ
fsr-3787	408	64	market	market	NOUN
fsr-3787	408	65	return	return	NOUN
fsr-3787	408	66	during	during	ADP
fsr-3787	408	67	the	the	DET
fsr-3787	408	68	estimation	estimation	NOUN
fsr-3787	408	69	period	period	NOUN
fsr-3787	408	70	.	.	PUNCT
fsr-3787	409	1	because	because	SCONJ
fsr-3787	409	2	the	the	DET
fsr-3787	409	3	weights	weight	NOUN
fsr-3787	409	4	used	use	VERB
fsr-3787	409	5	in	in	ADP
fsr-3787	409	6	calculating	calculate	VERB
fsr-3787	409	7	the	the	DET
fsr-3787	409	8	mscpe	mscpe	NOUN
fsr-3787	409	9	-	-	PUNCT
fsr-3787	409	10	statistic	statistic	NOUN
fsr-3787	409	11	ire	ire	NOUN
fsr-3787	409	12	a	a	DET
fsr-3787	409	13	modified	modified	ADJ
fsr-3787	409	14	inverse	inverse	NOUN
fsr-3787	409	15	of	of	ADP
fsr-3787	409	16	the	the	DET
fsr-3787	409	17	standard	standard	ADJ
fsr-3787	409	18	deviation	deviation	NOUN
fsr-3787	409	19	of	of	ADP
fsr-3787	409	20	the	the	DET
fsr-3787	409	21	cumulative	cumulative	ADJ
fsr-3787	409	22	prediction	prediction	NOUN
fsr-3787	409	23	errors	error	NOUN
fsr-3787	409	24	,	,	PUNCT
fsr-3787	409	25	the	the	DET
fsr-3787	409	26	z	z	NOUN
fsr-3787	409	27	-	-	PUNCT
fsr-3787	409	28	statistic	statistic	NOUN
fsr-3787	409	29	can	can	AUX
fsr-3787	409	30	differ	differ	VERB
fsr-3787	409	31	in	in	ADP
fsr-3787	409	32	sign	sign	NOUN
fsr-3787	409	33	from	from	ADP
fsr-3787	409	34	the	the	DET
fsr-3787	409	35	average	average	ADJ
fsr-3787	409	36	prediction	prediction	NOUN
fsr-3787	409	37	error	error	NOUN
fsr-3787	409	38	(	(	PUNCT
fsr-3787	409	39	since	since	SCONJ
fsr-3787	409	40	returns	return	NOUN
fsr-3787	409	41	of	of	ADP
fsr-3787	409	42	securities	security	NOUN
fsr-3787	409	43	with	with	ADP
fsr-3787	409	44	lower	low	ADJ
fsr-3787	409	45	variance	variance	NOUN
fsr-3787	409	46	are	be	AUX
fsr-3787	409	47	given	give	VERB
fsr-3787	409	48	greater	great	ADJ
fsr-3787	409	49	weight	weight	NOUN
fsr-3787	409	50	)	)	PUNCT
fsr-3787	409	51	.	.	PUNCT
fsr-3787	410	1	iteferences	iteference	NOUN
fsr-3787	410	2	barber	barber	PROPN
fsr-3787	410	3	,	,	PUNCT
fsr-3787	410	4	b.m	b.m	PROPN
fsr-3787	410	5	.	.	PROPN
fsr-3787	410	6	,	,	PUNCT
fsr-3787	410	7	&	&	CCONJ
fsr-3787	410	8	loeffler	loeffler	PROPN
fsr-3787	410	9	,	,	PUNCT
fsr-3787	410	10	d.	d.	PROPN
fsr-3787	410	11	(	(	PUNCT
fsr-3787	410	12	1993	1993	NUM
fsr-3787	410	13	)	)	PUNCT
fsr-3787	410	14	.	.	PUNCT
fsr-3787	411	1	the	the	DET
fsr-3787	411	2	dartboard	dartboard	NOUN
fsr-3787	411	3	column	column	NOUN
fsr-3787	411	4	:	:	PUNCT
fsr-3787	411	5	second	second	ADJ
fsr-3787	411	6	-	-	PUNCT
fsr-3787	411	7	hand	hand	NOUN
fsr-3787	411	8	information	information	NOUN
fsr-3787	411	9	and	and	CCONJ
fsr-3787	411	10	price	price	NOUN
fsr-3787	411	11	pressure	pressure	NOUN
fsr-3787	411	12	.	.	PUNCT
fsr-3787	412	1	journal	journal	NOUN
fsr-3787	412	2	of	of	ADP
fsr-3787	412	3	financial	financial	ADJ
fsr-3787	412	4	and	and	CCONJ
fsr-3787	412	5	quantitative	quantitative	ADJ
fsr-3787	412	6	analysis	analysis	NOUN
fsr-3787	412	7	,	,	PUNCT
fsr-3787	412	8	june	june	PROPN
fsr-3787	412	9	,	,	PUNCT
fsr-3787	412	10	273	273	NUM
fsr-3787	412	11	-	-	SYM
fsr-3787	412	12	284	284	NUM
fsr-3787	412	13	.	.	PUNCT
fsr-3787	413	1	bjerring	bjerre	VERB
fsr-3787	413	2	,	,	PUNCT
fsr-3787	413	3	j.	j.	PROPN
fsr-3787	413	4	,	,	PUNCT
fsr-3787	413	5	lakonishok	lakonishok	PROPN
fsr-3787	413	6	,	,	PUNCT
fsr-3787	413	7	j.	j.	PROPN
fsr-3787	413	8	,	,	PUNCT
fsr-3787	413	9	&	&	CCONJ
fsr-3787	413	10	vermaelen	vermaelen	PROPN
fsr-3787	413	11	.	.	PUNCT
fsr-3787	414	1	t.	t.	PROPN
fsr-3787	414	2	(	(	PUNCT
fsr-3787	414	3	1983	1983	NUM
fsr-3787	414	4	)	)	PUNCT
fsr-3787	414	5	.	.	PUNCT
fsr-3787	415	1	stock	stock	NOUN
fsr-3787	415	2	prices	price	NOUN
fsr-3787	415	3	and	and	CCONJ
fsr-3787	415	4	financial	financial	ADJ
fsr-3787	415	5	analysts	analyst	NOUN
fsr-3787	415	6	recommen	recommen	PROPN
fsr-3787	415	7	dations	dation	NOUN
fsr-3787	415	8	.	.	PUNCT
fsr-3787	416	1	journal	journal	PROPN
fsr-3787	416	2	of	of	ADP
fsr-3787	416	3	finance	finance	NOUN
fsr-3787	416	4	,	,	PUNCT
fsr-3787	416	5	38	38	NUM
fsr-3787	416	6	,	,	PUNCT
fsr-3787	416	7	187	187	NUM
fsr-3787	416	8	-	-	SYM
fsr-3787	416	9	204	204	NUM
fsr-3787	416	10	.	.	PUNCT
fsr-3787	417	1	bodie	bodie	PROPN
fsr-3787	417	2	.	.	PUNCT
fsr-3787	418	1	z	z	X
fsr-3787	418	2	..	..	PUNCT
fsr-3787	418	3	kane	kane	PROPN
fsr-3787	418	4	,	,	PUNCT
fsr-3787	418	5	a.	a.	PROPN
fsr-3787	418	6	,	,	PUNCT
fsr-3787	418	7	&	&	CCONJ
fsr-3787	418	8	marcus	marcus	PROPN
fsr-3787	418	9	,	,	PUNCT
fsr-3787	418	10	a.j	a.j	PROPN
fsr-3787	418	11	.	.	PROPN
fsr-3787	418	12	(	(	PUNCT
fsr-3787	418	13	1993	1993	NUM
fsr-3787	418	14	)	)	PUNCT
fsr-3787	418	15	.	.	PUNCT
fsr-3787	419	1	investments	investment	NOUN
fsr-3787	419	2	.	.	PUNCT
fsr-3787	420	1	boston	boston	PROPN
fsr-3787	420	2	,	,	PUNCT
fsr-3787	420	3	ma	ma	PROPN
fsr-3787	420	4	:	:	PUNCT
fsr-3787	420	5	irwin	irwin	PROPN
fsr-3787	420	6	.	.	PUNCT
fsr-3787	421	1	copeland	copeland	PROPN
fsr-3787	421	2	,	,	PUNCT
fsr-3787	421	3	t.e	t.e	PROPN
fsr-3787	421	4	.	.	PROPN
fsr-3787	421	5	,	,	PUNCT
fsr-3787	421	6	&	&	CCONJ
fsr-3787	421	7	mayers	mayers	PROPN
fsr-3787	421	8	,	,	PUNCT
fsr-3787	421	9	d.	d.	PROPN
fsr-3787	421	10	(	(	PUNCT
fsr-3787	421	11	1982	1982	NUM
fsr-3787	421	12	)	)	PUNCT
fsr-3787	421	13	.	.	PUNCT
fsr-3787	422	1	the	the	DET
fsr-3787	422	2	value	value	NOUN
fsr-3787	422	3	line	line	NOUN
fsr-3787	422	4	enigma	enigma	NOUN
fsr-3787	422	5	(	(	PUNCT
fsr-3787	422	6	19651978	19651978	NUM
fsr-3787	422	7	):	):	PUNCT
fsr-3787	422	8	a	a	DET
fsr-3787	422	9	case	case	NOUN
fsr-3787	422	10	study	study	NOUN
fsr-3787	422	11	of	of	ADP
fsr-3787	422	12	perfor	perfor	PROPN
fsr-3787	422	13	mance	mance	NOUN
fsr-3787	422	14	evaluation	evaluation	NOUN
fsr-3787	422	15	issues	issue	NOUN
fsr-3787	422	16	.	.	PUNCT
fsr-3787	423	1	journal	journal	NOUN
fsr-3787	423	2	of	of	ADP
fsr-3787	423	3	finuncial	finuncial	ADJ
fsr-3787	423	4	economics	economic	NOUN
fsr-3787	423	5	,	,	PUNCT
fsr-3787	423	6	june	june	PROPN
fsr-3787	423	7	,	,	PUNCT
fsr-3787	423	8	289	289	NUM
fsr-3787	423	9	-	-	SYM
fsr-3787	423	10	322	322	NUM
fsr-3787	423	11	.	.	PUNCT
fsr-3787	424	1	dodd	dodd	PROPN
fsr-3787	424	2	,	,	PUNCT
fsr-3787	424	3	p.	p.	PROPN
fsr-3787	424	4	,	,	PUNCT
fsr-3787	424	5	&	&	CCONJ
fsr-3787	424	6	warner	warner	PROPN
fsr-3787	424	7	,	,	PUNCT
fsr-3787	424	8	j.b	j.b	PROPN
fsr-3787	424	9	.	.	PUNCT
fsr-3787	424	10	(	(	PUNCT
fsr-3787	424	11	1983	1983	NUM
fsr-3787	424	12	)	)	PUNCT
fsr-3787	424	13	.	.	PUNCT
fsr-3787	425	1	on	on	ADP
fsr-3787	425	2	corporate	corporate	ADJ
fsr-3787	425	3	governance	governance	NOUN
fsr-3787	425	4	:	:	PUNCT
fsr-3787	425	5	a	a	DET
fsr-3787	425	6	study	study	NOUN
fsr-3787	425	7	of	of	ADP
fsr-3787	425	8	proxy	proxy	ADJ
fsr-3787	425	9	contests	contest	NOUN
fsr-3787	425	10	.	.	PUNCT
fsr-3787	426	1	journal	journal	NOUN
fsr-3787	426	2	of	of	ADP
fsr-3787	426	3	financial	financial	ADJ
fsr-3787	426	4	economics	economic	NOUN
fsr-3787	426	5	,	,	PUNCT
fsr-3787	426	6	april	april	PROPN
fsr-3787	426	7	,	,	PUNCT
fsr-3787	426	8	401	401	NUM
fsr-3787	426	9	-	-	SYM
fsr-3787	426	10	438	438	NUM
fsr-3787	426	11	.	.	PUNCT
fsr-3787	427	1	dorfman	dorfman	PROPN
fsr-3787	427	2	,	,	PUNCT
fsr-3787	427	3	j.r	j.r	PROPN
fsr-3787	427	4	.	.	PROPN
fsr-3787	427	5	‘	'	PUNCT
fsr-3787	427	6	(	(	PUNCT
fsr-3787	427	7	1993	1993	NUM
fsr-3787	427	8	,	,	PUNCT
fsr-3787	427	9	april	april	PROPN
fsr-3787	427	10	19	19	NUM
fsr-3787	427	11	)	)	PUNCT
fsr-3787	427	12	.	.	PUNCT
fsr-3787	428	1	heard	hear	VERB
fsr-3787	428	2	on	on	ADP
fsr-3787	428	3	the	the	DET
fsr-3787	428	4	street	street	NOUN
fsr-3787	428	5	.	.	PUNCT
fsr-3787	429	1	wall	wall	PROPN
fsr-3787	429	2	street	street	PROPN
fsr-3787	429	3	journal	journal	PROPN
fsr-3787	429	4	,	,	PUNCT
fsr-3787	429	5	p.	p.	PROPN
fsr-3787	429	6	c2	c2	PROPN
fsr-3787	429	7	.	.	PUNCT
fsr-3787	430	1	dorfman	dorfman	PROPN
fsr-3787	430	2	.	.	PUNCT
fsr-3787	431	1	j.r	j.r	PROPN
fsr-3787	431	2	.	.	PROPN
fsr-3787	431	3	(	(	PUNCT
fsr-3787	431	4	1993	1993	NUM
fsr-3787	431	5	.	.	PUNCT
fsr-3787	432	1	september	september	PROPN
fsr-3787	432	2	15	15	NUM
fsr-3787	432	3	)	)	PUNCT
fsr-3787	432	4	.	.	PUNCT
fsr-3787	433	1	all	all	DET
fsr-3787	433	2	star	star	NOUN
fsr-3787	433	3	analysts	analyst	NOUN
fsr-3787	433	4	1993	1993	NUM
fsr-3787	433	5	survey	survey	NOUN
fsr-3787	433	6	.	.	PUNCT
fsr-3787	434	1	wall	wall	PROPN
fsr-3787	434	2	street	street	PROPN
fsr-3787	434	3	journal	journal	PROPN
fsr-3787	434	4	,	,	PUNCT
fsr-3787	434	5	p.	p.	PROPN
fsr-3787	434	6	r9	r9	PROPN
fsr-3787	434	7	.	.	PUNCT
fsr-3787	435	1	dorfman	dorfman	PROPN
fsr-3787	435	2	,	,	PUNCT
fsr-3787	435	3	j.r	j.r	PROPN
fsr-3787	435	4	.	.	PROPN
fsr-3787	435	5	(	(	PUNCT
fsr-3787	435	6	1994	1994	NUM
fsr-3787	435	7	,	,	PUNCT
fsr-3787	435	8	february	february	PROPN
fsr-3787	435	9	1	1	NUM
fsr-3787	435	10	)	)	PUNCT
fsr-3787	435	11	.	.	PUNCT
fsr-3787	436	1	paine	paine	PROPN
fsr-3787	436	2	webber	webber	PROPN
fsr-3787	436	3	picks	picks	AUX
fsr-3787	436	4	topped	top	VERB
fsr-3787	436	5	a	a	DET
fsr-3787	436	6	good	good	ADJ
fsr-3787	436	7	year	year	NOUN
fsr-3787	436	8	for	for	ADP
fsr-3787	436	9	wall	wall	PROPN
fsr-3787	436	10	street	street	PROPN
fsr-3787	436	11	.	.	PUNCT
fsr-3787	437	1	wall	wall	PROPN
fsr-3787	437	2	street	street	PROPN
fsr-3787	437	3	journal	journal	PROPN
fsr-3787	437	4	,	,	PUNCT
fsr-3787	437	5	p.	p.	NOUN
fsr-3787	437	6	c	c	NOUN
fsr-3787	438	1	1	1	X
fsr-3787	438	2	.	.	X
fsr-3787	438	3	edmister	edmister	NOUN
fsr-3787	438	4	,	,	PUNCT
fsr-3787	438	5	r.o	r.o	PROPN
fsr-3787	438	6	.	.	PROPN
fsr-3787	438	7	,	,	PUNCT
fsr-3787	438	8	graham	graham	PROPN
fsr-3787	438	9	,	,	PUNCT
fsr-3787	438	10	a.s	a.s	PROPN
fsr-3787	438	11	.	.	PROPN
fsr-3787	438	12	,	,	PUNCT
fsr-3787	438	13	&	&	CCONJ
fsr-3787	438	14	scott	scott	PROPN
fsr-3787	438	15	,	,	PUNCT
fsr-3787	438	16	t.	t.	PROPN
fsr-3787	438	17	(	(	PUNCT
fsr-3787	438	18	1994	1994	NUM
fsr-3787	438	19	)	)	PUNCT
fsr-3787	438	20	.	.	PUNCT
fsr-3787	439	1	selection	selection	NOUN
fsr-3787	439	2	bias	bias	NOUN
fsr-3787	439	3	in	in	ADP
fsr-3787	439	4	event	event	NOUN
fsr-3787	439	5	studies	study	NOUN
fsr-3787	439	6	:	:	PUNCT
fsr-3787	439	7	the	the	DET
fsr-3787	439	8	case	case	NOUN
fsr-3787	439	9	of	of	ADP
fsr-3787	439	10	dart	dart	PROPN
fsr-3787	439	11	board	board	NOUN
fsr-3787	439	12	stocks	stock	NOUN
fsr-3787	439	13	.	.	PUNCT
fsr-3787	440	1	presented	present	VERB
fsr-3787	440	2	at	at	ADP
fsr-3787	440	3	the	the	DET
fsr-3787	440	4	1994	1994	NUM
fsr-3787	440	5	financial	financial	ADJ
fsr-3787	440	6	management	management	NOUN
fsr-3787	440	7	association	association	NOUN
fsr-3787	440	8	meeting	meeting	NOUN
fsr-3787	440	9	,	,	PUNCT
fsr-3787	440	10	st	st	PROPN
fsr-3787	440	11	.	.	PROPN
fsr-3787	440	12	louis	louis	PROPN
fsr-3787	440	13	,	,	PUNCT
fsr-3787	440	14	mo	mo	PROPN
fsr-3787	440	15	.	.	PROPN
fsr-3787	440	16	fama	fama	PROPN
fsr-3787	440	17	,	,	PUNCT
fsr-3787	440	18	e.f	e.f	PROPN
fsr-3787	440	19	.	.	PROPN
fsr-3787	440	20	(	(	PUNCT
fsr-3787	440	21	1970	1970	NUM
fsr-3787	440	22	)	)	PUNCT
fsr-3787	440	23	.	.	PUNCT
fsr-3787	441	1	efficient	efficient	ADJ
fsr-3787	441	2	capital	capital	NOUN
fsr-3787	441	3	markets	market	NOUN
fsr-3787	441	4	:	:	PUNCT
fsr-3787	441	5	a	a	DET
fsr-3787	441	6	review	review	NOUN
fsr-3787	441	7	of	of	ADP
fsr-3787	441	8	theory	theory	NOUN
fsr-3787	441	9	and	and	CCONJ
fsr-3787	441	10	empirical	empirical	ADJ
fsr-3787	441	11	work	work	NOUN
fsr-3787	441	12	.	.	PUNCT
fsr-3787	442	1	journal	journal	PROPN
fsr-3787	442	2	of	of	ADP
fsr-3787	442	3	finance	finance	NOUN
fsr-3787	442	4	,	,	PUNCT
fsr-3787	442	5	may	may	AUX
fsr-3787	442	6	,	,	PUNCT
fsr-3787	442	7	383	383	NUM
fsr-3787	442	8	-	-	SYM
fsr-3787	442	9	417	417	NUM
fsr-3787	442	10	.	.	PUNCT
fsr-3787	443	1	prafessional	prafessional	ADJ
fsr-3787	443	2	stock	stock	NOUN
fsr-3787	443	3	analysts	analyst	NOUN
fsr-3787	443	4	’	’	PART
fsr-3787	443	5	recommendations	recommendation	NOUN
fsr-3787	443	6	27	27	NUM
fsr-3787	443	7	notes	note	NOUN
fsr-3787	443	8	1	1	NUM
fsr-3787	443	9	.	.	PUNCT
fsr-3787	443	10	wall	wall	PROPN
fsr-3787	443	11	street	street	PROPN
fsr-3787	443	12	journal	journal	PROPN
fsr-3787	443	13	,	,	PUNCT
fsr-3787	443	14	march	march	PROPN
fsr-3787	443	15	7	7	NUM
fsr-3787	443	16	,	,	PUNCT
fsr-3787	443	17	1995	1995	NUM
fsr-3787	443	18	,	,	PUNCT
fsr-3787	443	19	section	section	NOUN
fsr-3787	443	20	c.	c.	PROPN
fsr-3787	443	21	2	2	NUM
fsr-3787	443	22	.	.	PUNCT
fsr-3787	444	1	empirical	empirical	ADJ
fsr-3787	444	2	studies	study	NOUN
fsr-3787	444	3	indicate	indicate	VERB
fsr-3787	444	4	that	that	SCONJ
fsr-3787	444	5	corporate	corporate	ADJ
fsr-3787	444	6	insiders	insider	NOUN
fsr-3787	444	7	and	and	CCONJ
fsr-3787	444	8	stock	stock	NOUN
fsr-3787	444	9	specialists	specialist	NOUN
fsr-3787	444	10	generally	generally	ADV
fsr-3787	444	11	do	do	VERB
fsr-3787	444	12	profit	profit	NOUN
fsr-3787	444	13	by	by	ADP
fsr-3787	444	14	having	have	VERB
fsr-3787	444	15	access	access	NOUN
fsr-3787	444	16	to	to	ADP
fsr-3787	444	17	nonpublic	nonpublic	ADJ
fsr-3787	444	18	information	information	NOUN
fsr-3787	444	19	(	(	PUNCT
fsr-3787	444	20	see	see	VERB
fsr-3787	444	21	most	most	ADJ
fsr-3787	444	22	investment	investment	NOUN
fsr-3787	444	23	texts	text	NOUN
fsr-3787	444	24	,	,	PUNCT
fsr-3787	444	25	e.g.	e.g.	ADV
fsr-3787	444	26	,	,	PUNCT
fsr-3787	444	27	reilly	reilly	PROPN
fsr-3787	444	28	&	&	CCONJ
fsr-3787	444	29	norton	norton	PROPN
fsr-3787	444	30	,	,	PUNCT
fsr-3787	444	31	1995	1995	NUM
fsr-3787	444	32	,	,	PUNCT
fsr-3787	444	33	for	for	ADP
fsr-3787	444	34	a	a	DET
fsr-3787	444	35	review	review	NOUN
fsr-3787	444	36	of	of	ADP
fsr-3787	444	37	this	this	DET
fsr-3787	444	38	literature	literature	NOUN
fsr-3787	444	39	)	)	PUNCT
fsr-3787	444	40	.	.	PUNCT
fsr-3787	445	1	3	3	X
fsr-3787	445	2	.	.	X
fsr-3787	445	3	ippolito	ippolito	PROPN
fsr-3787	445	4	(	(	PUNCT
fsr-3787	445	5	1993	1993	NUM
fsr-3787	445	6	)	)	PUNCT
fsr-3787	445	7	reviews	review	VERB
fsr-3787	445	8	studies	study	NOUN
fsr-3787	445	9	that	that	PRON
fsr-3787	445	10	test	test	VERB
fsr-3787	445	11	mutual	mutual	ADJ
fsr-3787	445	12	fund	fund	NOUN
fsr-3787	445	13	performance	performance	NOUN
fsr-3787	445	14	and	and	CCONJ
fsr-3787	445	15	finds	find	VERB
fsr-3787	445	16	support	support	NOUN
fsr-3787	445	17	for	for	ADP
fsr-3787	445	18	the	the	DET
fsr-3787	445	19	grossman	grossman	PROPN
fsr-3787	445	20	and	and	CCONJ
fsr-3787	445	21	stiglitz	stiglitz	PROPN
fsr-3787	445	22	hypothesis	hypothesis	NOUN
fsr-3787	445	23	:	:	PUNCT
fsr-3787	445	24	mutual	mutual	ADJ
fsr-3787	445	25	funds	fund	NOUN
fsr-3787	445	26	appear	appear	VERB
fsr-3787	445	27	to	to	PART
fsr-3787	445	28	earn	earn	VERB
fsr-3787	445	29	positive	positive	ADJ
fsr-3787	445	30	risk	risk	NOUN
fsr-3787	445	31	-	-	PUNCT
fsr-3787	445	32	adjusted	adjust	VERB
fsr-3787	445	33	returns	return	NOUN
fsr-3787	445	34	,	,	PUNCT
fsr-3787	445	35	but	but	CCONJ
fsr-3787	445	36	the	the	DET
fsr-3787	445	37	returns	return	NOUN
fsr-3787	445	38	are	be	AUX
fsr-3787	445	39	offset	offset	VERB
fsr-3787	445	40	by	by	ADP
fsr-3787	445	41	higher	high	ADJ
fsr-3787	445	42	operating	operating	NOUN
fsr-3787	445	43	expenses	expense	NOUN
fsr-3787	445	44	and	and	CCONJ
fsr-3787	445	45	trading	trading	NOUN
fsr-3787	445	46	costs	cost	NOUN
fsr-3787	445	47	.	.	PUNCT
fsr-3787	446	1	as	as	ADP
fsr-3787	446	2	a	a	DET
fsr-3787	446	3	result	result	NOUN
fsr-3787	446	4	,	,	PUNCT
fsr-3787	446	5	active	active	ADJ
fsr-3787	446	6	and	and	CCONJ
fsr-3787	446	7	passive	passive	ADJ
fsr-3787	446	8	investors	investor	NOUN
fsr-3787	446	9	earn	earn	VERB
fsr-3787	446	10	the	the	DET
fsr-3787	446	11	same	same	ADJ
fsr-3787	446	12	rate	rate	NOUN
fsr-3787	446	13	of	of	ADP
fsr-3787	446	14	return	return	NOUN
fsr-3787	446	15	net	net	NOUN
fsr-3787	446	16	of	of	ADP
fsr-3787	446	17	expenses	expense	NOUN
fsr-3787	446	18	.	.	PUNCT
fsr-3787	447	1	4	4	X
fsr-3787	447	2	.	.	X
fsr-3787	447	3	research	research	NOUN
fsr-3787	447	4	has	have	AUX
fsr-3787	447	5	found	find	VERB
fsr-3787	447	6	that	that	SCONJ
fsr-3787	447	7	announcements	announcement	NOUN
fsr-3787	447	8	by	by	ADP
fsr-3787	447	9	investment	investment	NOUN
fsr-3787	447	10	advisory	advisory	ADJ
fsr-3787	447	11	agencies	agency	NOUN
fsr-3787	447	12	(	(	PUNCT
fsr-3787	447	13	moody	moody	NOUN
fsr-3787	447	14	’s	’s	NOUN
fsr-3787	447	15	,	,	PUNCT
fsr-3787	447	16	s&p	s&p	PROPN
fsr-3787	447	17	,	,	PUNCT
fsr-3787	447	18	value	value	NOUN
fsr-3787	447	19	line	line	NOUN
fsr-3787	447	20	)	)	PUNCT
fsr-3787	447	21	also	also	ADV
fsr-3787	447	22	provide	provide	VERB
fsr-3787	447	23	information	information	NOUN
fsr-3787	447	24	to	to	ADP
fsr-3787	447	25	the	the	DET
fsr-3787	447	26	market	market	NOUN
fsr-3787	447	27	(	(	PUNCT
fsr-3787	447	28	see	see	VERB
fsr-3787	447	29	griffin	griffin	PROPN
fsr-3787	447	30	&	&	CCONJ
fsr-3787	447	31	sanvicente	sanvicente	PROPN
fsr-3787	447	32	,	,	PUNCT
fsr-3787	447	33	1982	1982	NUM
fsr-3787	447	34	;	;	PUNCT
fsr-3787	447	35	holth	holth	PROPN
fsr-3787	447	36	ausen	ausen	PROPN
fsr-3787	447	37	&	&	CCONJ
fsr-3787	447	38	leftwich	leftwich	PROPN
fsr-3787	447	39	,	,	PUNCT
fsr-3787	447	40	1986	1986	NUM
fsr-3787	447	41	)	)	PUNCT
fsr-3787	447	42	.	.	PUNCT
fsr-3787	448	1	5	5	X
fsr-3787	448	2	.	.	X
fsr-3787	449	1	this	this	DET
fsr-3787	449	2	data	data	NOUN
fsr-3787	449	3	source	source	NOUN
fsr-3787	449	4	was	be	AUX
fsr-3787	449	5	selected	select	VERB
fsr-3787	449	6	because	because	SCONJ
fsr-3787	449	7	it	it	PRON
fsr-3787	449	8	reaches	reach	VERB
fsr-3787	449	9	a	a	DET
fsr-3787	449	10	broad	broad	ADJ
fsr-3787	449	11	spectrum	spectrum	NOUN
fsr-3787	449	12	of	of	ADP
fsr-3787	449	13	investors	investor	NOUN
fsr-3787	449	14	.	.	PUNCT
fsr-3787	450	1	6	6	X
fsr-3787	450	2	.	.	PUNCT
fsr-3787	450	3	the	the	DET
fsr-3787	450	4	329	329	NUM
fsr-3787	450	5	sample	sample	NOUN
fsr-3787	450	6	recommendations	recommendation	NOUN
fsr-3787	450	7	involve	involve	VERB
fsr-3787	450	8	204	204	NUM
fsr-3787	450	9	firms	firm	NOUN
fsr-3787	450	10	:	:	PUNCT
fsr-3787	450	11	138	138	NUM
fsr-3787	450	12	firms	firm	NOUN
fsr-3787	450	13	received	receive	VERB
fsr-3787	450	14	1	1	NUM
fsr-3787	450	15	recommenda	recommenda	NOUN
fsr-3787	450	16	tion	tion	NOUN
fsr-3787	450	17	,	,	PUNCT
fsr-3787	450	18	39	39	NUM
fsr-3787	450	19	firms	firm	NOUN
fsr-3787	450	20	received	receive	VERB
fsr-3787	450	21	2	2	NUM
fsr-3787	450	22	recommendations	recommendation	NOUN
fsr-3787	450	23	,	,	PUNCT
fsr-3787	450	24	11	11	NUM
fsr-3787	450	25	firms	firm	NOUN
fsr-3787	450	26	received	receive	VERB
fsr-3787	450	27	3	3	NUM
fsr-3787	450	28	recommendations	recommendation	NOUN
fsr-3787	450	29	,	,	PUNCT
fsr-3787	450	30	8	8	NUM
fsr-3787	450	31	firms	firm	NOUN
fsr-3787	450	32	received	receive	VERB
fsr-3787	450	33	4	4	NUM
fsr-3787	450	34	recommendations	recommendation	NOUN
fsr-3787	450	35	,	,	PUNCT
fsr-3787	450	36	5	5	NUM
fsr-3787	450	37	fiis	fiis	NOUN
fsr-3787	450	38	received	receive	VERB
fsr-3787	450	39	5	5	NUM
fsr-3787	450	40	recommendations	recommendation	NOUN
fsr-3787	450	41	,	,	PUNCT
fsr-3787	450	42	1	1	NUM
fsr-3787	450	43	firm	firm	NOUN
fsr-3787	450	44	received	receive	VERB
fsr-3787	450	45	6	6	NUM
fsr-3787	450	46	recommendations	recommendation	NOUN
fsr-3787	450	47	,	,	PUNCT
fsr-3787	450	48	1	1	NUM
fsr-3787	450	49	firm	firm	NOUN
fsr-3787	450	50	received	receive	VERB
fsr-3787	450	51	8	8	NUM
fsr-3787	450	52	recommendations	recommendation	NOUN
fsr-3787	450	53	,	,	PUNCT
fsr-3787	450	54	and	and	CCONJ
fsr-3787	450	55	1	1	NUM
fsr-3787	450	56	firm	firm	NOUN
fsr-3787	450	57	received	receive	VERB
fsr-3787	450	58	9	9	NUM
fsr-3787	450	59	recommendations	recommendation	NOUN
fsr-3787	450	60	.	.	PUNCT
fsr-3787	451	1	7	7	X
fsr-3787	451	2	.	.	X
fsr-3787	451	3	zacks	zacks	PROPN
fsr-3787	451	4	investment	investment	PROPN
fsr-3787	451	5	research	research	PROPN
fsr-3787	451	6	inc	inc	PROPN
fsr-3787	451	7	.	.	PROPN
fsr-3787	451	8	of	of	ADP
fsr-3787	451	9	chicago	chicago	PROPN
fsr-3787	451	10	used	use	VERB
fsr-3787	451	11	this	this	DET
fsr-3787	451	12	technique	technique	NOUN
fsr-3787	451	13	to	to	PART
fsr-3787	451	14	evaluate	evaluate	VERB
fsr-3787	451	15	32,000	32,000	NUM
fsr-3787	451	16	recom	recom	NOUN
fsr-3787	451	17	mendations	mendation	NOUN
fsr-3787	451	18	made	make	VERB
fsr-3787	451	19	by	by	ADP
fsr-3787	451	20	1,275	1,275	NUM
fsr-3787	451	21	analysts	analyst	NOUN
fsr-3787	451	22	during	during	ADP
fsr-3787	451	23	1992	1992	NUM
fsr-3787	451	24	(	(	PUNCT
fsr-3787	451	25	dorfman	dorfman	PROPN
fsr-3787	451	26	,	,	PUNCT
fsr-3787	451	27	1993	1993	NUM
fsr-3787	451	28	,	,	PUNCT
fsr-3787	451	29	september	september	PROPN
fsr-3787	451	30	)	)	PUNCT
fsr-3787	451	31	.	.	PUNCT
fsr-3787	452	1	the	the	DET
fsr-3787	452	2	results	result	NOUN
fsr-3787	452	3	of	of	ADP
fsr-3787	452	4	that	that	DET
fsr-3787	452	5	study	study	NOUN
fsr-3787	452	6	indicated	indicate	VERB
fsr-3787	452	7	that	that	SCONJ
fsr-3787	452	8	following	follow	VERB
fsr-3787	452	9	the	the	DET
fsr-3787	452	10	analysts	analyst	NOUN
fsr-3787	452	11	’	’	PART
fsr-3787	452	12	stock	stock	NOUN
fsr-3787	452	13	recommendations	recommendation	NOUN
fsr-3787	452	14	would	would	AUX
fsr-3787	452	15	have	have	AUX
fsr-3787	452	16	produced	produce	VERB
fsr-3787	452	17	a	a	DET
fsr-3787	452	18	return	return	NOUN
fsr-3787	452	19	of	of	ADP
fsr-3787	452	20	8.9	8.9	NUM
fsr-3787	452	21	%	%	NOUN
fsr-3787	452	22	(	(	PUNCT
fsr-3787	452	23	compared	compare	VERB
fsr-3787	452	24	to	to	ADP
fsr-3787	452	25	a	a	DET
fsr-3787	452	26	total	total	ADJ
fsr-3787	452	27	return	return	NOUN
fsr-3787	452	28	of	of	ADP
fsr-3787	452	29	7.6	7.6	NUM
fsr-3787	452	30	%	%	NOUN
fsr-3787	452	31	on	on	ADP
fsr-3787	452	32	the	the	DET
fsr-3787	452	33	s&p500	s&p500	NOUN
fsr-3787	452	34	index	index	NOUN
fsr-3787	452	35	)	)	PUNCT
fsr-3787	452	36	.	.	PUNCT
fsr-3787	453	1	in	in	ADP
fsr-3787	453	2	26	26	NUM
fsr-3787	453	3	of	of	ADP
fsr-3787	453	4	the	the	DET
fsr-3787	453	5	30	30	NUM
fsr-3787	453	6	industries	industry	NOUN
fsr-3787	453	7	,	,	PUNCT
fsr-3787	453	8	however	however	ADV
fsr-3787	453	9	,	,	PUNCT
fsr-3787	453	10	an	an	DET
fsr-3787	453	11	inves	inve	NOUN
fsr-3787	453	12	tor	tor	NOUN
fsr-3787	453	13	would	would	AUX
fsr-3787	453	14	have	have	AUX
fsr-3787	453	15	outperformed	outperform	VERB
fsr-3787	453	16	the	the	DET
fsr-3787	453	17	analysts	analyst	NOUN
fsr-3787	453	18	’	'	PUNCT
fsr-3787	453	19	picks	pick	VERB
fsr-3787	453	20	by	by	ADP
fsr-3787	453	21	buying	buy	VERB
fsr-3787	453	22	an	an	DET
fsr-3787	453	23	equally	equally	ADV
fsr-3787	453	24	-	-	PUNCT
fsr-3787	453	25	weighted	weight	VERB
fsr-3787	453	26	portfolio	portfolio	NOUN
fsr-3787	453	27	consisting	consist	VERB
fsr-3787	453	28	of	of	ADP
fsr-3787	453	29	nonrecommended	nonrecommended	ADJ
fsr-3787	453	30	firms	firm	NOUN
fsr-3787	453	31	in	in	ADP
fsr-3787	453	32	the	the	DET
fsr-3787	453	33	same	same	ADJ
fsr-3787	453	34	industry	industry	NOUN
fsr-3787	453	35	.	.	PUNCT
fsr-3787	454	1	mr	mr	PROPN
fsr-3787	454	2	.	.	PROPN
fsr-3787	454	3	ryan	ryan	PROPN
fsr-3787	454	4	,	,	PUNCT
fsr-3787	454	5	a	a	DET
fsr-3787	454	6	research	research	NOUN
fsr-3787	454	7	manager	manager	NOUN
fsr-3787	454	8	at	at	ADP
fsr-3787	454	9	zacks	zacks	PROPN
fsr-3787	454	10	,	,	PUNCT
fsr-3787	454	11	attributed	attribute	VERB
fsr-3787	454	12	this	this	DET
fsr-3787	454	13	result	result	NOUN
fsr-3787	454	14	to	to	ADP
fsr-3787	454	15	the	the	DET
fsr-3787	454	16	superlative	superlative	ADJ
fsr-3787	454	17	investment	investment	NOUN
fsr-3787	454	18	performance	performance	NOUN
fsr-3787	454	19	of	of	ADP
fsr-3787	454	20	small	small	ADJ
fsr-3787	454	21	-	-	PUNCT
fsr-3787	454	22	capitalization	capitalization	NOUN
fsr-3787	454	23	stocks	stock	NOUN
fsr-3787	454	24	during	during	ADP
fsr-3787	454	25	1992	1992	NUM
fsr-3787	454	26	.	.	PUNCT
fsr-3787	455	1	8	8	X
fsr-3787	455	2	.	.	PUNCT
fsr-3787	456	1	the	the	DET
fsr-3787	456	2	sample	sample	NOUN
fsr-3787	456	3	recommendations	recommendation	NOUN
fsr-3787	456	4	are	be	AUX
fsr-3787	456	5	typical	typical	ADJ
fsr-3787	456	6	of	of	ADP
fsr-3787	456	7	the	the	DET
fsr-3787	456	8	following	follow	VERB
fsr-3787	456	9	excerpt	excerpt	NOUN
fsr-3787	456	10	from	from	ADP
fsr-3787	456	11	the	the	DET
fsr-3787	456	12	“	"	PUNCT
fsr-3787	456	13	market	market	NOUN
fsr-3787	456	14	high	high	ADJ
fsr-3787	456	15	lights	light	NOUN
fsr-3787	456	16	”	"	PUNCT
fsr-3787	456	17	section	section	NOUN
fsr-3787	456	18	of	of	ADP
fsr-3787	456	19	usa	usa	PROPN
fsr-3787	456	20	today	today	NOUN
fsr-3787	456	21	(	(	PUNCT
fsr-3787	456	22	march	march	PROPN
fsr-3787	456	23	10,1988	10,1988	NUM
fsr-3787	456	24	,	,	PUNCT
fsr-3787	456	25	page	page	NOUN
fsr-3787	456	26	3b	3b	NUM
fsr-3787	456	27	):	):	PUNCT
fsr-3787	456	28	“	"	PUNCT
fsr-3787	456	29	walt	walt	PROPN
fsr-3787	456	30	disney	disney	PROPN
fsr-3787	456	31	gained	gain	VERB
fsr-3787	456	32	1	1	NUM
fsr-3787	456	33	to	to	ADP
fsr-3787	456	34	63	63	NUM
fsr-3787	456	35	-	-	PUNCT
fsr-3787	456	36	l/4	l/4	NOUN
fsr-3787	456	37	on	on	ADP
fsr-3787	456	38	a	a	DET
fsr-3787	456	39	‘	'	PUNCT
fsr-3787	456	40	strong	strong	ADJ
fsr-3787	456	41	buy	buy	NOUN
fsr-3787	456	42	’	'	PUNCT
fsr-3787	456	43	from	from	ADP
fsr-3787	456	44	cyrus	cyrus	PROPN
fsr-3787	456	45	j.	j.	PROPN
fsr-3787	456	46	lawrence	lawrence	PROPN
fsr-3787	456	47	,	,	PUNCT
fsr-3787	456	48	and	and	CCONJ
fsr-3787	456	49	analog	analog	NOUN
fsr-3787	456	50	devices	device	NOUN
fsr-3787	456	51	jumped	jump	VERB
fsr-3787	456	52	l-1/8	l-1/8	ADV
fsr-3787	456	53	to	to	ADP
fsr-3787	456	54	14	14	NUM
fsr-3787	456	55	-	-	SYM
fsr-3787	456	56	3/4	3/4	NUM
fsr-3787	456	57	after	after	SCONJ
fsr-3787	456	58	it	it	PRON
fsr-3787	456	59	was	be	AUX
fsr-3787	456	60	recommended	recommend	VERB
fsr-3787	456	61	by	by	ADP
fsr-3787	456	62	goldman	goldman	PROPN
fsr-3787	456	63	,	,	PUNCT
fsr-3787	456	64	sachs	sachs	PROPN
fsr-3787	456	65	.	.	PUNCT
fsr-3787	456	66	”	"	PUNCT
fsr-3787	457	1	the	the	DET
fsr-3787	457	2	announcement	announcement	NOUN
fsr-3787	457	3	date	date	NOUN
fsr-3787	457	4	(	(	PUNCT
fsr-3787	457	5	t	t	NOUN
fsr-3787	457	6	=	=	SYM
fsr-3787	457	7	0	0	NUM
fsr-3787	457	8	)	)	PUNCT
fsr-3787	457	9	for	for	ADP
fsr-3787	457	10	this	this	DET
fsr-3787	457	11	example	example	NOUN
fsr-3787	457	12	is	be	AUX
fsr-3787	457	13	wednesday	wednesday	PROPN
fsr-3787	457	14	,	,	PUNCT
fsr-3787	457	15	march	march	PROPN
fsr-3787	457	16	9	9	NUM
fsr-3787	457	17	,	,	PUNCT
fsr-3787	457	18	1988	1988	NUM
fsr-3787	457	19	.	.	PUNCT
fsr-3787	458	1	9	9	X
fsr-3787	458	2	.	.	X
fsr-3787	458	3	analyst	analyst	NOUN
fsr-3787	458	4	performance	performance	NOUN
fsr-3787	458	5	is	be	AUX
fsr-3787	458	6	also	also	ADV
fsr-3787	458	7	evaluated	evaluate	VERB
fsr-3787	458	8	using	use	VERB
fsr-3787	458	9	(	(	PUNCT
fsr-3787	458	10	a	a	NOUN
fsr-3787	458	11	)	)	PUNCT
fsr-3787	458	12	a	a	DET
fsr-3787	458	13	post	post	ADJ
fsr-3787	458	14	-	-	ADJ
fsr-3787	458	15	event	event	ADJ
fsr-3787	458	16	estimation	estimation	NOUN
fsr-3787	458	17	period	period	NOUN
fsr-3787	458	18	(	(	PUNCT
fsr-3787	458	19	t	t	NOUN
fsr-3787	458	20	=	=	SYM
fsr-3787	458	21	+25	+25	VERB
fsr-3787	458	22	1	1	NUM
fsr-3787	458	23	to	to	ADP
fsr-3787	458	24	t	t	NOUN
fsr-3787	458	25	=	=	SYM
fsr-3787	458	26	+500	+500	NUM
fsr-3787	458	27	trading	trading	NOUN
fsr-3787	458	28	days	day	NOUN
fsr-3787	458	29	)	)	PUNCT
fsr-3787	458	30	,	,	PUNCT
fsr-3787	458	31	and	and	CCONJ
fsr-3787	458	32	(	(	PUNCT
fsr-3787	458	33	b	b	X
fsr-3787	458	34	)	)	PUNCT
fsr-3787	458	35	the	the	DET
fsr-3787	458	36	crsp	crsp	ADV
fsr-3787	458	37	equal	equal	ADV
fsr-3787	458	38	-	-	PUNCT
fsr-3787	458	39	weighted	weight	VERB
fsr-3787	458	40	index	index	NOUN
fsr-3787	458	41	as	as	ADP
fsr-3787	458	42	the	the	DET
fsr-3787	458	43	market	market	NOUN
fsr-3787	458	44	return	return	NOUN
fsr-3787	458	45	.	.	PUNCT
fsr-3787	459	1	because	because	SCONJ
fsr-3787	459	2	the	the	DET
fsr-3787	459	3	findings	finding	NOUN
fsr-3787	459	4	of	of	ADP
fsr-3787	459	5	this	this	DET
fsr-3787	459	6	study	study	NOUN
fsr-3787	459	7	are	be	AUX
fsr-3787	459	8	not	not	PART
fsr-3787	459	9	affected	affect	VERB
fsr-3787	459	10	by	by	ADP
fsr-3787	459	11	the	the	DET
fsr-3787	459	12	choice	choice	NOUN
fsr-3787	459	13	of	of	ADP
fsr-3787	459	14	the	the	DET
fsr-3787	459	15	market	market	NOUN
fsr-3787	459	16	index	index	NOUN
fsr-3787	459	17	,	,	PUNCT
fsr-3787	459	18	the	the	DET
fsr-3787	459	19	results	result	NOUN
fsr-3787	459	20	for	for	ADP
fsr-3787	459	21	the	the	DET
fsr-3787	459	22	equal	equal	ADJ
fsr-3787	459	23	weighted	weight	VERB
fsr-3787	459	24	index	index	NOUN
fsr-3787	459	25	are	be	AUX
fsr-3787	459	26	not	not	PART
fsr-3787	459	27	reported	report	VERB
fsr-3787	459	28	separately	separately	ADV
fsr-3787	459	29	.	.	PUNCT
fsr-3787	460	1	10	10	NUM
fsr-3787	460	2	.	.	PUNCT
fsr-3787	461	1	if	if	SCONJ
fsr-3787	461	2	3	3	NUM
fsr-3787	461	3	in	in	ADP
fsr-3787	461	4	equation	equation	NOUN
fsr-3787	461	5	1	1	NUM
fsr-3787	461	6	is	be	AUX
fsr-3787	461	7	positive	positive	ADJ
fsr-3787	461	8	and	and	CCONJ
fsr-3787	461	9	statistically	statistically	ADV
fsr-3787	461	10	significant	significant	ADJ
fsr-3787	461	11	,	,	PUNCT
fsr-3787	461	12	then	then	ADV
fsr-3787	461	13	the	the	DET
fsr-3787	461	14	test	test	NOUN
fsr-3787	461	15	would	would	AUX
fsr-3787	461	16	be	be	AUX
fsr-3787	461	17	biased	bias	VERB
fsr-3787	461	18	against	against	ADP
fsr-3787	461	19	finding	find	VERB
fsr-3787	461	20	a	a	DET
fsr-3787	461	21	positive	positive	ADJ
fsr-3787	461	22	abnormal	abnormal	ADJ
fsr-3787	461	23	return	return	NOUN
fsr-3787	461	24	.	.	PUNCT
fsr-3787	462	1	however	however	ADV
fsr-3787	462	2	,	,	PUNCT
fsr-3787	462	3	a	a	DET
fsr-3787	462	4	stock	stock	NOUN
fsr-3787	462	5	with	with	ADP
fsr-3787	462	6	a	a	DET
fsr-3787	462	7	positive	positive	ADJ
fsr-3787	462	8	x	x	NOUN
fsr-3787	462	9	during	during	ADP
fsr-3787	462	10	the	the	DET
fsr-3787	462	11	estimation	estimation	NOUN
fsr-3787	462	12	period	period	NOUN
fsr-3787	462	13	and	and	CCONJ
fsr-3787	462	14	no	no	DET
fsr-3787	462	15	abnormal	abnormal	ADJ
fsr-3787	462	16	return	return	NOUN
fsr-3787	462	17	during	during	ADP
fsr-3787	462	18	the	the	DET
fsr-3787	462	19	event	event	NOUN
fsr-3787	462	20	period	period	NOUN
fsr-3787	462	21	would	would	AUX
fsr-3787	462	22	still	still	ADV
fsr-3787	462	23	be	be	AUX
fsr-3787	462	24	regarded	regard	VERB
fsr-3787	462	25	as	as	ADP
fsr-3787	462	26	a	a	DET
fsr-3787	462	27	good	good	ADJ
fsr-3787	462	28	investment	investment	NOUN
fsr-3787	462	29	.	.	PUNCT
fsr-3787	463	1	11	11	NUM
fsr-3787	463	2	.	.	X
fsr-3787	464	1	copeland	copeland	PROPN
fsr-3787	464	2	and	and	CCONJ
fsr-3787	464	3	mayers	mayers	PROPN
fsr-3787	464	4	(	(	PUNCT
fsr-3787	464	5	1982	1982	NUM
fsr-3787	464	6	)	)	PUNCT
fsr-3787	464	7	also	also	ADV
fsr-3787	464	8	note	note	VERB
fsr-3787	464	9	the	the	DET
fsr-3787	464	10	problems	problem	NOUN
fsr-3787	464	11	that	that	PRON
fsr-3787	464	12	arise	arise	VERB
fsr-3787	464	13	when	when	SCONJ
fsr-3787	464	14	the	the	DET
fsr-3787	464	15	estimation	estimation	NOUN
fsr-3787	464	16	period	period	NOUN
fsr-3787	464	17	parameters	parameter	NOUN
fsr-3787	464	18	are	be	AUX
fsr-3787	464	19	biased	bias	VERB
fsr-3787	464	20	.	.	PUNCT
fsr-3787	465	1	edmister	edmister	NOUN
fsr-3787	465	2	et	et	PROPN
fsr-3787	465	3	al	al	PROPN
fsr-3787	465	4	.	.	PROPN
fsr-3787	466	1	(	(	PUNCT
fsr-3787	466	2	1994	1994	NUM
fsr-3787	466	3	)	)	PUNCT
fsr-3787	466	4	test	test	NOUN
fsr-3787	466	5	for	for	ADP
fsr-3787	466	6	bias	bias	NOUN
fsr-3787	466	7	in	in	ADP
fsr-3787	466	8	the	the	DET
fsr-3787	466	9	pre	pre	ADJ
fsr-3787	466	10	-	-	ADJ
fsr-3787	466	11	event	event	ADJ
fsr-3787	466	12	estimation	estimation	NOUN
fsr-3787	466	13	period	period	NOUN
fsr-3787	466	14	parame	parame	PROPN
fsr-3787	466	15	ters	ter	NOUN
fsr-3787	466	16	.	.	PUNCT
fsr-3787	467	1	we	we	PRON
fsr-3787	467	2	test	test	VERB
fsr-3787	467	3	for	for	ADP
fsr-3787	467	4	bias	bias	NOUN
fsr-3787	467	5	in	in	ADP
fsr-3787	467	6	both	both	CCONJ
fsr-3787	467	7	the	the	DET
fsr-3787	467	8	preand	preand	NOUN
fsr-3787	467	9	post	post	ADJ
fsr-3787	467	10	-	-	ADJ
fsr-3787	467	11	event	event	ADJ
fsr-3787	467	12	estimation	estimation	NOUN
fsr-3787	467	13	periods	period	NOUN
fsr-3787	467	14	.	.	PUNCT
fsr-3787	468	1	12	12	NUM
fsr-3787	468	2	.	.	PUNCT
fsr-3787	469	1	bodie	bodie	PROPN
fsr-3787	469	2	et	et	PROPN
fsr-3787	469	3	al	al	PROPN
fsr-3787	469	4	.	.	PROPN
fsr-3787	470	1	(	(	PUNCT
fsr-3787	470	2	1993	1993	NUM
fsr-3787	470	3	)	)	PUNCT
fsr-3787	470	4	argue	argue	VERB
fsr-3787	470	5	that	that	SCONJ
fsr-3787	470	6	large	large	ADJ
fsr-3787	470	7	institutional	institutional	ADJ
fsr-3787	470	8	investors	investor	NOUN
fsr-3787	470	9	may	may	AUX
fsr-3787	470	10	be	be	AUX
fsr-3787	470	11	able	able	ADJ
fsr-3787	470	12	to	to	PART
fsr-3787	470	13	justify	justify	VERB
fsr-3787	470	14	fundamen	fundaman	NOUN
fsr-3787	470	15	tal	tal	ADJ
fsr-3787	470	16	and	and	CCONJ
fsr-3787	470	17	technical	technical	ADJ
fsr-3787	470	18	analysis	analysis	NOUN
fsr-3787	470	19	even	even	ADV
fsr-3787	470	20	though	though	SCONJ
fsr-3787	470	21	the	the	DET
fsr-3787	470	22	returns	return	NOUN
fsr-3787	470	23	are	be	AUX
fsr-3787	470	24	not	not	PART
fsr-3787	470	25	“	"	PUNCT
fsr-3787	470	26	significant	significant	ADJ
fsr-3787	470	27	”	"	PUNCT
fsr-3787	470	28	using	use	VERB
fsr-3787	470	29	conventional	conventional	ADJ
fsr-3787	470	30	statistical	statistical	ADJ
fsr-3787	470	31	tests	test	NOUN
fsr-3787	470	32	.	.	PUNCT
fsr-3787	471	1	the	the	DET
fsr-3787	471	2	results	result	NOUN
fsr-3787	471	3	for	for	ADP
fsr-3787	471	4	the	the	DET
fsr-3787	471	5	buy	buy	NOUN
fsr-3787	471	6	category	category	NOUN
fsr-3787	471	7	,	,	PUNCT
fsr-3787	471	8	for	for	ADP
fsr-3787	471	9	example	example	NOUN
fsr-3787	471	10	,	,	PUNCT
fsr-3787	471	11	suggest	suggest	VERB
fsr-3787	471	12	an	an	DET
fsr-3787	471	13	abnormal	abnormal	ADJ
fsr-3787	471	14	dollar	dollar	NOUN
fsr-3787	471	15	return	return	NOUN
fsr-3787	471	16	of	of	ADP
fsr-3787	471	17	approxi	approxi	NOUN
fsr-3787	471	18	mately	mately	ADV
fsr-3787	471	19	$	$	SYM
fsr-3787	471	20	3.82	3.82	NUM
fsr-3787	471	21	million	million	NUM
fsr-3787	471	22	per	per	ADP
fsr-3787	471	23	year	year	NOUN
fsr-3787	471	24	on	on	ADP
fsr-3787	471	25	a	a	DET
fsr-3787	471	26	$	$	SYM
fsr-3787	471	27	100	100	NUM
fsr-3787	471	28	million	million	NUM
fsr-3787	471	29	portfolio	portfolio	NOUN
fsr-3787	471	30	(	(	PUNCT
fsr-3787	471	31	.00318	.00318	SYM
fsr-3787	471	32	x	x	SYM
fsr-3787	471	33	12	12	NUM
fsr-3787	471	34	months	month	NOUN
fsr-3787	471	35	/	/	SYM
fsr-3787	472	1	yr	yr	NOUN
fsr-3787	472	2	x	x	SYM
fsr-3787	472	3	$	$	SYM
fsr-3787	472	4	100	100	NUM
fsr-3787	472	5	mil	mil	NOUN
fsr-3787	472	6	.	.	PUNCT
fsr-3787	473	1	=	=	PUNCT
fsr-3787	473	2	$	$	SYM
fsr-3787	473	3	3.82	3.82	NUM
fsr-3787	473	4	mil	mil	NOUN
fsr-3787	473	5	.	.	PUNCT
fsr-3787	473	6	)	)	PUNCT
fsr-3787	473	7	.	.	PUNCT
fsr-3787	474	1	even	even	ADV
fsr-3787	474	2	though	though	SCONJ
fsr-3787	474	3	the	the	DET
fsr-3787	474	4	return	return	NOUN
fsr-3787	474	5	is	be	AUX
fsr-3787	474	6	not	not	PART
fsr-3787	474	7	statistically	statistically	ADV
fsr-3787	474	8	significant	significant	ADJ
fsr-3787	474	9	,	,	PUNCT
fsr-3787	474	10	it	it	PRON
fsr-3787	474	11	may	may	AUX
fsr-3787	474	12	exceed	exceed	VERB
fsr-3787	474	13	the	the	DET
fsr-3787	474	14	cost	cost	NOUN
fsr-3787	474	15	of	of	ADP
fsr-3787	474	16	implementing	implement	VERB
fsr-3787	474	17	an	an	DET
fsr-3787	474	18	active	active	ADJ
fsr-3787	474	19	strategy	strategy	NOUN
fsr-3787	474	20	.	.	PUNCT
fsr-3787	475	1	appendix	appendix	VERB
fsr-3787	475	2	standard	standard	ADJ
fsr-3787	475	3	event	event	NOUN
fsr-3787	475	4	study	study	NOUN
fsr-3787	475	5	methodology	methodology	NOUN
fsr-3787	475	6	is	be	AUX
fsr-3787	475	7	used	use	VERB
fsr-3787	475	8	to	to	PART
fsr-3787	475	9	estimate	estimate	VERB
fsr-3787	475	10	the	the	DET
fsr-3787	475	11	excess	excess	ADJ
fsr-3787	475	12	returns	return	NOUN
fsr-3787	475	13	(	(	PUNCT
fsr-3787	475	14	see	see	VERB
fsr-3787	475	15	dodd	dodd	PROPN
fsr-3787	475	16	&	&	CCONJ
fsr-3787	475	17	warner	warner	PROPN
fsr-3787	475	18	,	,	PUNCT
fsr-3787	475	19	1983	1983	NUM
fsr-3787	475	20	)	)	PUNCT
fsr-3787	475	21	.	.	PUNCT
fsr-3787	476	1	for	for	ADP
fsr-3787	476	2	intervals	interval	NOUN
fsr-3787	476	3	longer	long	ADV
fsr-3787	476	4	than	than	ADP
fsr-3787	476	5	one	one	NUM
fsr-3787	476	6	day	day	NOUN
fsr-3787	476	7	,	,	PUNCT
fsr-3787	476	8	however	however	ADV
fsr-3787	476	9	,	,	PUNCT
fsr-3787	476	10	karafiath	karafiath	NOUN
fsr-3787	476	11	and	and	CCONJ
fsr-3787	476	12	spencer	spencer	PROPN
fsr-3787	476	13	(	(	PUNCT
fsr-3787	476	14	1988	1988	NUM
fsr-3787	476	15	)	)	PUNCT
fsr-3787	476	16	professional	professional	ADJ
fsr-3787	476	17	stock	stock	NOUN
fsr-3787	476	18	analysts	analyst	NOUN
fsr-3787	476	19	’	'	PUNCT
fsr-3787	476	20	recommendations	recommendation	VERB
fsr-3787	476	21	29	29	NUM
fsr-3787	476	22	givoly	givoly	NOUN
fsr-3787	476	23	,	,	PUNCT
fsr-3787	476	24	d.	d.	PROPN
fsr-3787	476	25	,	,	PUNCT
fsr-3787	476	26	&	&	CCONJ
fsr-3787	476	27	lakonishok	lakonishok	PROPN
fsr-3787	476	28	,	,	PUNCT
fsr-3787	476	29	j.	j.	PROPN
fsr-3787	476	30	(	(	PUNCT
fsr-3787	476	31	1979	1979	NUM
fsr-3787	476	32	)	)	PUNCT
fsr-3787	476	33	.	.	PUNCT
fsr-3787	477	1	the	the	DET
fsr-3787	477	2	information	information	NOUN
fsr-3787	477	3	content	content	NOUN
fsr-3787	477	4	of	of	ADP
fsr-3787	477	5	financial	financial	ADJ
fsr-3787	477	6	analysts	analyst	NOUN
fsr-3787	477	7	forecast	forecast	NOUN
fsr-3787	477	8	of	of	ADP
fsr-3787	477	9	eam	eam	PROPN
fsr-3787	477	10	ings	ing	NOUN
fsr-3787	477	11	.	.	PUNCT
fsr-3787	478	1	journal	journal	PROPN
fsr-3787	478	2	ofaccounting	ofaccounting	NOUN
fsr-3787	478	3	and	and	CCONJ
fsr-3787	478	4	economics	economic	NOUN
fsr-3787	478	5	,	,	PUNCT
fsr-3787	478	6	december	december	PROPN
fsr-3787	478	7	,	,	PUNCT
fsr-3787	478	8	165	165	NUM
fsr-3787	478	9	-	-	SYM
fsr-3787	478	10	185	185	NUM
fsr-3787	478	11	.	.	PUNCT
fsr-3787	479	1	griffin	griffin	PROPN
fsr-3787	479	2	,	,	PUNCT
fsr-3787	479	3	p.a	p.a	PROPN
fsr-3787	479	4	.	.	PROPN
fsr-3787	479	5	,	,	PUNCT
fsr-3787	479	6	&	&	CCONJ
fsr-3787	479	7	savicente	savicente	PROPN
fsr-3787	479	8	,	,	PUNCT
fsr-3787	479	9	a.z	a.z	PROPN
fsr-3787	479	10	.	.	PROPN
fsr-3787	479	11	(	(	PUNCT
fsr-3787	479	12	1982	1982	NUM
fsr-3787	479	13	)	)	PUNCT
fsr-3787	479	14	.	.	PUNCT
fsr-3787	480	1	common	common	ADJ
fsr-3787	480	2	stock	stock	NOUN
fsr-3787	480	3	returns	return	NOUN
fsr-3787	480	4	and	and	CCONJ
fsr-3787	480	5	rating	rating	NOUN
fsr-3787	480	6	changes	change	NOUN
fsr-3787	480	7	:	:	PUNCT
fsr-3787	480	8	a	a	DET
fsr-3787	480	9	methodologi	methodologi	PROPN
fsr-3787	480	10	cal	cal	PROPN
fsr-3787	480	11	comparison	comparison	NOUN
fsr-3787	480	12	.	.	PUNCT
fsr-3787	481	1	journul	journul	PROPN
fsr-3787	481	2	of	of	ADP
fsr-3787	481	3	finance	finance	NOUN
fsr-3787	481	4	,	,	PUNCT
fsr-3787	481	5	march	march	PROPN
fsr-3787	481	6	,	,	PUNCT
fsr-3787	481	7	103	103	NUM
fsr-3787	481	8	-	-	SYM
fsr-3787	481	9	l	l	NOUN
fsr-3787	481	10	19	19	NUM
fsr-3787	481	11	.	.	PUNCT
fsr-3787	481	12	grossman	grossman	PROPN
fsr-3787	481	13	,	,	PUNCT
fsr-3787	481	14	s.j	s.j	PROPN
fsr-3787	481	15	.	.	PROPN
fsr-3787	481	16	,	,	PUNCT
fsr-3787	481	17	&	&	CCONJ
fsr-3787	481	18	stiglitz	stiglitz	PROPN
fsr-3787	481	19	.	.	PUNCT
fsr-3787	482	1	j.e	j.e	PROPN
fsr-3787	482	2	.	.	PROPN
fsr-3787	483	1	(	(	PUNCT
fsr-3787	483	2	1980	1980	NUM
fsr-3787	483	3	)	)	PUNCT
fsr-3787	483	4	.	.	PUNCT
fsr-3787	484	1	on	on	ADP
fsr-3787	484	2	the	the	DET
fsr-3787	484	3	impossibility	impossibility	NOUN
fsr-3787	484	4	of	of	ADP
fsr-3787	484	5	infotmationally	infotmationally	ADV
fsr-3787	484	6	efficient	efficient	ADJ
fsr-3787	484	7	markets	market	NOUN
fsr-3787	484	8	.	.	PUNCT
fsr-3787	485	1	american	american	PROPN
fsr-3787	485	2	economic	economic	PROPN
fsr-3787	485	3	review	review	PROPN
fsr-3787	485	4	,	,	PUNCT
fsr-3787	485	5	june	june	PROPN
fsr-3787	485	6	,	,	PUNCT
fsr-3787	485	7	393408	393408	NUM
fsr-3787	485	8	.	.	PUNCT
fsr-3787	486	1	groth	groth	PROPN
fsr-3787	486	2	,	,	PUNCT
fsr-3787	486	3	j.c	j.c	PROPN
fsr-3787	486	4	.	.	PROPN
fsr-3787	486	5	,	,	PUNCT
fsr-3787	486	6	lewellen	lewellen	PROPN
fsr-3787	486	7	,	,	PUNCT
fsr-3787	486	8	w.g	w.g	PROPN
fsr-3787	486	9	.	.	PROPN
fsr-3787	486	10	,	,	PUNCT
fsr-3787	486	11	schlarbaum	schlarbaum	PROPN
fsr-3787	486	12	,	,	PUNCT
fsr-3787	486	13	g.g	g.g	PROPN
fsr-3787	486	14	.	.	PROPN
fsr-3787	486	15	,	,	PUNCT
fsr-3787	486	16	&	&	CCONJ
fsr-3787	486	17	lease	lease	PROPN
fsr-3787	486	18	,	,	PUNCT
fsr-3787	486	19	r.c	r.c	PROPN
fsr-3787	486	20	.	.	PROPN
fsr-3787	487	1	(	(	PUNCT
fsr-3787	487	2	1979	1979	NUM
fsr-3787	487	3	)	)	PUNCT
fsr-3787	487	4	.	.	PUNCT
fsr-3787	488	1	an	an	DET
fsr-3787	488	2	analysis	analysis	NOUN
fsr-3787	488	3	of	of	ADP
fsr-3787	488	4	brokerage	brokerage	NOUN
fsr-3787	488	5	house	house	NOUN
fsr-3787	488	6	securities	security	NOUN
fsr-3787	488	7	recommendations	recommendation	NOUN
fsr-3787	488	8	.	.	PUNCT
fsr-3787	489	1	financial	financial	ADJ
fsr-3787	489	2	analysts	analyst	NOUN
fsr-3787	489	3	journal	journal	NOUN
fsr-3787	489	4	,	,	PUNCT
fsr-3787	489	5	january	january	PROPN
fsr-3787	489	6	-	-	PUNCT
fsr-3787	489	7	february	february	PROPN
fsr-3787	489	8	,	,	PUNCT
fsr-3787	489	9	32	32	NUM
fsr-3787	489	10	-	-	SYM
fsr-3787	489	11	39	39	NUM
fsr-3787	489	12	.	.	PUNCT
fsr-3787	490	1	holloway	holloway	PROPN
fsr-3787	490	2	,	,	PUNCT
fsr-3787	490	3	c.	c.	PROPN
fsr-3787	490	4	(	(	PUNCT
fsr-3787	490	5	1981	1981	NUM
fsr-3787	490	6	)	)	PUNCT
fsr-3787	490	7	.	.	PUNCT
fsr-3787	491	1	a	a	DET
fsr-3787	491	2	note	note	NOUN
fsr-3787	491	3	on	on	ADP
fsr-3787	491	4	testing	test	VERB
fsr-3787	491	5	an	an	DET
fsr-3787	491	6	aggressive	aggressive	ADJ
fsr-3787	491	7	investment	investment	NOUN
fsr-3787	491	8	strategy	strategy	NOUN
fsr-3787	491	9	using	use	VERB
fsr-3787	491	10	value	value	NOUN
fsr-3787	491	11	line	line	NOUN
fsr-3787	491	12	ranks	rank	NOUN
fsr-3787	491	13	.	.	PUNCT
fsr-3787	492	1	journal	journal	NOUN
fsr-3787	492	2	of	of	ADP
fsr-3787	492	3	finance	finance	PROPN
fsr-3787	492	4	,	,	PUNCT
fsr-3787	492	5	june	june	PROPN
fsr-3787	492	6	,	,	PUNCT
fsr-3787	492	7	711	711	PROPN
fsr-3787	492	8	-	-	SYM
fsr-3787	492	9	719	719	NUM
fsr-3787	492	10	.	.	PUNCT
fsr-3787	493	1	holloway	holloway	PROPN
fsr-3787	493	2	,	,	PUNCT
fsr-3787	493	3	c.	c.	PROPN
fsr-3787	493	4	(	(	PUNCT
fsr-3787	493	5	1983	1983	NUM
fsr-3787	493	6	)	)	PUNCT
fsr-3787	493	7	.	.	PUNCT
fsr-3787	494	1	testing	test	VERB
fsr-3787	494	2	an	an	DET
fsr-3787	494	3	aggressive	aggressive	ADJ
fsr-3787	494	4	investment	investment	NOUN
fsr-3787	494	5	strategy	strategy	NOUN
fsr-3787	494	6	using	use	VERB
fsr-3787	494	7	value	value	NOUN
fsr-3787	494	8	line	line	NOUN
fsr-3787	494	9	ranks	rank	VERB
fsr-3787	494	10	:	:	PUNCT
fsr-3787	494	11	a	a	DET
fsr-3787	494	12	reply	reply	NOUN
fsr-3787	494	13	.	.	PUNCT
fsr-3787	495	1	journal	journal	PROPN
fsr-3787	495	2	of	of	ADP
fsr-3787	495	3	finance	finance	NOUN
fsr-3787	495	4	,	,	PUNCT
fsr-3787	495	5	march	march	PROPN
fsr-3787	495	6	,	,	PUNCT
fsr-3787	495	7	263	263	NUM
fsr-3787	495	8	-	-	SYM
fsr-3787	495	9	270	270	NUM
fsr-3787	495	10	.	.	PUNCT
fsr-3787	496	1	holthausen	holthausen	PROPN
fsr-3787	496	2	,	,	PUNCT
fsr-3787	496	3	r.w	r.w	PROPN
fsr-3787	496	4	.	.	PROPN
fsr-3787	496	5	,	,	PUNCT
fsr-3787	496	6	&	&	CCONJ
fsr-3787	496	7	leftwich	leftwich	PROPN
fsr-3787	496	8	,	,	PUNCT
fsr-3787	496	9	r.w	r.w	PROPN
fsr-3787	496	10	.	.	PROPN
fsr-3787	496	11	(	(	PUNCT
fsr-3787	496	12	1986	1986	NUM
fsr-3787	496	13	)	)	PUNCT
fsr-3787	496	14	.	.	PUNCT
fsr-3787	497	1	the	the	DET
fsr-3787	497	2	effect	effect	NOUN
fsr-3787	497	3	of	of	ADP
fsr-3787	497	4	bond	bond	NOUN
fsr-3787	497	5	rating	rating	NOUN
fsr-3787	497	6	changes	change	NOUN
fsr-3787	497	7	on	on	ADP
fsr-3787	497	8	common	common	ADJ
fsr-3787	497	9	stock	stock	NOUN
fsr-3787	497	10	prices	price	NOUN
fsr-3787	497	11	.	.	PUNCT
fsr-3787	498	1	journal	journal	NOUN
fsr-3787	498	2	of	of	ADP
fsr-3787	498	3	financial	financial	ADJ
fsr-3787	498	4	economics	economic	NOUN
fsr-3787	498	5	,	,	PUNCT
fsr-3787	498	6	september	september	PROPN
fsr-3787	498	7	,	,	PUNCT
fsr-3787	498	8	57	57	NUM
fsr-3787	498	9	-	-	SYM
fsr-3787	498	10	89	89	NUM
fsr-3787	498	11	.	.	PUNCT
fsr-3787	499	1	ippolito	ippolito	PROPN
fsr-3787	499	2	,	,	PUNCT
fsr-3787	499	3	r.a	r.a	PROPN
fsr-3787	499	4	.	.	PROPN
fsr-3787	499	5	(	(	PUNCT
fsr-3787	499	6	1993	1993	NUM
fsr-3787	499	7	)	)	PUNCT
fsr-3787	499	8	.	.	PUNCT
fsr-3787	500	1	on	on	ADP
fsr-3787	500	2	studies	study	NOUN
fsr-3787	500	3	of	of	ADP
fsr-3787	500	4	mutual	mutual	ADJ
fsr-3787	500	5	fund	fund	NOUN
fsr-3787	500	6	performance	performance	NOUN
fsr-3787	500	7	,	,	PUNCT
fsr-3787	500	8	1962	1962	NUM
fsr-3787	500	9	-	-	SYM
fsr-3787	500	10	1991	1991	NUM
fsr-3787	500	11	.	.	PUNCT
fsr-3787	501	1	financial	financial	ADJ
fsr-3787	501	2	analysts	analyst	NOUN
fsr-3787	501	3	jour	jour	PROPN
fsr-3787	501	4	nal	nal	PROPN
fsr-3787	501	5	,	,	PUNCT
fsr-3787	501	6	january	january	PROPN
fsr-3787	501	7	/	/	SYM
fsr-3787	501	8	february	february	PROPN
fsr-3787	501	9	,	,	PUNCT
fsr-3787	501	10	42	42	NUM
fsr-3787	501	11	-	-	SYM
fsr-3787	501	12	50	50	NUM
fsr-3787	501	13	.	.	PUNCT
fsr-3787	502	1	karatiath	karatiath	PROPN
fsr-3787	502	2	,	,	PUNCT
fsr-3787	502	3	i.	i.	PROPN
fsr-3787	502	4	,	,	PUNCT
fsr-3787	502	5	8	8	NUM
fsr-3787	502	6	t	t	NOUN
fsr-3787	502	7	spencer	spencer	NOUN
fsr-3787	502	8	,	,	PUNCT
fsr-3787	502	9	d.e	d.e	PROPN
fsr-3787	502	10	.	.	PROPN
fsr-3787	502	11	(	(	PUNCT
fsr-3787	502	12	1988	1988	NUM
fsr-3787	502	13	)	)	PUNCT
fsr-3787	502	14	.	.	PUNCT
fsr-3787	503	1	assessing	assess	VERB
fsr-3787	503	2	the	the	DET
fsr-3787	503	3	validity	validity	NOUN
fsr-3787	503	4	of	of	ADP
fsr-3787	503	5	the	the	DET
fsr-3787	503	6	standardized	standardized	ADJ
fsr-3787	503	7	cumulative	cumulative	ADJ
fsr-3787	503	8	predic	predic	ADJ
fsr-3787	503	9	tion	tion	NOUN
fsr-3787	503	10	error	error	NOUN
fsr-3787	503	11	and	and	CCONJ
fsr-3787	503	12	alternative	alternative	ADJ
fsr-3787	503	13	test	test	NOUN
fsr-3787	503	14	statistics	statistic	NOUN
fsr-3787	503	15	.	.	PUNCT
fsr-3787	504	1	working	work	VERB
fsr-3787	504	2	paper	paper	PROPN
fsr-3787	504	3	,	,	PUNCT
fsr-3787	504	4	massachusetts	massachusetts	PROPN
fsr-3787	504	5	institute	institute	PROPN
fsr-3787	504	6	of	of	ADP
fsr-3787	504	7	technol	technol	PROPN
fsr-3787	504	8	ogy	ogy	NOUN
fsr-3787	504	9	,	,	PUNCT
fsr-3787	504	10	boston	boston	PROPN
fsr-3787	504	11	,	,	PUNCT
fsr-3787	504	12	ma	ma	PROPN
fsr-3787	504	13	.	.	PROPN
fsr-3787	504	14	liu	liu	PROPN
fsr-3787	504	15	,	,	PUNCT
fsr-3787	504	16	p.	p.	PROPN
fsr-3787	504	17	,	,	PUNCT
fsr-3787	504	18	smith	smith	PROPN
fsr-3787	504	19	,	,	PUNCT
fsr-3787	504	20	s.d	s.d	PROPN
fsr-3787	504	21	.	.	PROPN
fsr-3787	504	22	,	,	PUNCT
fsr-3787	504	23	&	&	CCONJ
fsr-3787	504	24	syed	syed	PROPN
fsr-3787	504	25	,	,	PUNCT
fsr-3787	504	26	a.a	a.a	PROPN
fsr-3787	504	27	.	.	PROPN
fsr-3787	504	28	(	(	PUNCT
fsr-3787	504	29	1990	1990	NUM
fsr-3787	504	30	)	)	PUNCT
fsr-3787	504	31	.	.	PUNCT
fsr-3787	505	1	stock	stock	NOUN
fsr-3787	505	2	price	price	NOUN
fsr-3787	505	3	reactions	reaction	NOUN
fsr-3787	505	4	to	to	ADP
fsr-3787	505	5	the	the	DET
fsr-3787	505	6	wall	wall	PROPN
fsr-3787	505	7	street	street	PROPN
fsr-3787	505	8	journal	journal	PROPN
fsr-3787	505	9	’s	’s	PART
fsr-3787	505	10	secuti	secuti	PROPN
fsr-3787	505	11	ties	tie	VERB
fsr-3787	505	12	recommendations	recommendation	NOUN
fsr-3787	505	13	.	.	PUNCT
fsr-3787	506	1	journal	journal	NOUN
fsr-3787	506	2	of	of	ADP
fsr-3787	506	3	financial	financial	ADJ
fsr-3787	506	4	and	and	CCONJ
fsr-3787	506	5	quantitative	quantitative	ADJ
fsr-3787	506	6	analysis	analysis	NOUN
fsr-3787	506	7	,	,	PUNCT
fsr-3787	506	8	september	september	PROPN
fsr-3787	506	9	,	,	PUNCT
fsr-3787	506	10	399	399	NUM
fsr-3787	506	11	-	-	SYM
fsr-3787	506	12	410	410	NUM
fsr-3787	506	13	.	.	PUNCT
fsr-3787	507	1	lynch	lynch	PROPN
fsr-3787	507	2	,	,	PUNCT
fsr-3787	507	3	p.	p.	NOUN
fsr-3787	507	4	(	(	PUNCT
fsr-3787	507	5	1989	1989	NUM
fsr-3787	507	6	)	)	PUNCT
fsr-3787	507	7	.	.	PUNCT
fsr-3787	508	1	one	one	NUM
fsr-3787	508	2	up	up	ADP
fsr-3787	508	3	on	on	ADP
fsr-3787	508	4	wall	wall	PROPN
fsr-3787	508	5	street	street	PROPN
fsr-3787	508	6	.	.	PUNCT
fsr-3787	509	1	new	new	PROPN
fsr-3787	509	2	york	york	PROPN
fsr-3787	509	3	penguin	penguin	PROPN
fsr-3787	509	4	books	book	NOUN
fsr-3787	509	5	.	.	PUNCT
fsr-3787	510	1	mikkelson	mikkelson	PROPN
fsr-3787	510	2	,	,	PUNCT
fsr-3787	510	3	w.h	w.h	PROPN
fsr-3787	510	4	.	.	PROPN
fsr-3787	510	5	,	,	PUNCT
fsr-3787	510	6	&	&	CCONJ
fsr-3787	510	7	partch	partch	PROPN
fsr-3787	510	8	.	.	PUNCT
fsr-3787	511	1	m.m	m.m	PROPN
fsr-3787	511	2	.	.	PROPN
fsr-3787	511	3	(	(	PUNCT
fsr-3787	511	4	1988	1988	NUM
fsr-3787	511	5	)	)	PUNCT
fsr-3787	511	6	.	.	PUNCT
fsr-3787	512	1	withdrawn	withdraw	VERB
fsr-3787	512	2	security	security	NOUN
fsr-3787	512	3	offerings	offering	NOUN
fsr-3787	512	4	.	.	PUNCT
fsr-3787	513	1	journal	journal	NOUN
fsr-3787	513	2	of	of	ADP
fsr-3787	513	3	financial	financial	ADJ
fsr-3787	513	4	and	and	CCONJ
fsr-3787	513	5	quantitative	quantitative	ADJ
fsr-3787	513	6	analysis	analysis	NOUN
fsr-3787	513	7	,	,	PUNCT
fsr-3787	513	8	june	june	PROPN
fsr-3787	513	9	,	,	PUNCT
fsr-3787	513	10	119134	119134	NUM
fsr-3787	513	11	.	.	PUNCT
fsr-3787	514	1	reilly	reilly	PROPN
fsr-3787	514	2	,	,	PUNCT
fsr-3787	514	3	f.k	f.k	PROPN
fsr-3787	514	4	.	.	PROPN
fsr-3787	514	5	,	,	PUNCT
fsr-3787	514	6	&	&	CCONJ
fsr-3787	514	7	norton	norton	PROPN
fsr-3787	514	8	,	,	PUNCT
fsr-3787	514	9	e.a	e.a	PROPN
fsr-3787	514	10	.	.	PROPN
fsr-3787	514	11	(	(	PUNCT
fsr-3787	514	12	1995	1995	NUM
fsr-3787	514	13	)	)	PUNCT
fsr-3787	514	14	.	.	PUNCT
fsr-3787	515	1	investments	investment	NOUN
fsr-3787	515	2	.	.	PUNCT
fsr-3787	516	1	new	new	PROPN
fsr-3787	516	2	york	york	PROPN
fsr-3787	516	3	dryden	dryden	PROPN
fsr-3787	516	4	press	press	PROPN
fsr-3787	516	5	.	.	PUNCT
fsr-3787	517	1	roll	roll	PROPN
fsr-3787	517	2	,	,	PUNCT
fsr-3787	517	3	r.	r.	PROPN
fsr-3787	517	4	(	(	PUNCT
fsr-3787	517	5	1994	1994	NUM
fsr-3787	517	6	)	)	PUNCT
fsr-3787	517	7	.	.	PUNCT
fsr-3787	518	1	what	what	PRON
fsr-3787	518	2	every	every	DET
fsr-3787	518	3	cfo	cfo	NOUN
fsr-3787	518	4	should	should	AUX
fsr-3787	518	5	know	know	VERB
fsr-3787	518	6	about	about	ADP
fsr-3787	518	7	scientific	scientific	ADJ
fsr-3787	518	8	progress	progress	NOUN
fsr-3787	518	9	in	in	ADP
fsr-3787	518	10	financial	financial	ADJ
fsr-3787	518	11	economics	economic	NOUN
fsr-3787	518	12	:	:	PUNCT
fsr-3787	518	13	what	what	PRON
fsr-3787	518	14	is	be	AUX
fsr-3787	518	15	known	know	VERB
fsr-3787	518	16	and	and	CCONJ
fsr-3787	518	17	what	what	PRON
fsr-3787	518	18	remains	remain	VERB
fsr-3787	518	19	to	to	PART
fsr-3787	518	20	be	be	AUX
fsr-3787	518	21	resolved	resolve	VERB
fsr-3787	518	22	.	.	PUNCT
fsr-3787	519	1	financial	financial	ADJ
fsr-3787	519	2	management	management	NOUN
fsr-3787	519	3	,	,	PUNCT
fsr-3787	519	4	summer	summer	NOUN
fsr-3787	519	5	,	,	PUNCT
fsr-3787	519	6	69	69	NUM
fsr-3787	519	7	-	-	SYM
fsr-3787	519	8	75	75	NUM
fsr-3787	519	9	.	.	PUNCT