id	sid	tid	token	lemma	pos
fsr-3789	1	1	pii	pii	PROPN
fsr-3789	1	2	:	:	PUNCT
fsr-3789	1	3	s1057	s1057	NOUN
fsr-3789	1	4	-	-	PUNCT
fsr-3789	1	5	0810(96)90026	0810(96)90026	NOUN
fsr-3789	1	6	-	-	PUNCT
fsr-3789	1	7	8	8	NUM
fsr-3789	1	8	financial	financial	ADJ
fsr-3789	1	9	services	service	NOUN
fsr-3789	1	10	review	review	NOUN
fsr-3789	1	11	,	,	PUNCT
fsr-3789	1	12	5(l	5(l	NUM
fsr-3789	1	13	):	):	PUNCT
fsr-3789	1	14	43	43	NUM
fsr-3789	1	15	-	-	SYM
fsr-3789	1	16	56	56	NUM
fsr-3789	1	17	copyright	copyright	NOUN
fsr-3789	1	18	8	8	NUM
fsr-3789	1	19	1996	1996	NUM
fsr-3789	1	20	by	by	ADP
fsr-3789	1	21	jai	jai	PROPN
fsr-3789	1	22	press	press	PROPN
fsr-3789	1	23	inc	inc	PROPN
fsr-3789	1	24	.	.	PROPN
fsr-3789	1	25	issn	issn	PROPN
fsr-3789	1	26	:	:	PUNCT
fsr-3789	1	27	1057	1057	NUM
fsr-3789	1	28	-	-	SYM
fsr-3789	1	29	0810	0810	NUM
fsr-3789	1	30	all	all	DET
fsr-3789	1	31	rights	right	NOUN
fsr-3789	1	32	of	of	ADP
fsr-3789	1	33	reproduction	reproduction	NOUN
fsr-3789	1	34	in	in	ADP
fsr-3789	1	35	any	any	DET
fsr-3789	1	36	form	form	NOUN
fsr-3789	1	37	rcscrved	rcscrve	VERB
fsr-3789	1	38	.	.	PUNCT
fsr-3789	2	1	churning	churn	VERB
fsr-3789	2	2	:	:	PUNCT
fsr-3789	2	3	excessive	excessive	ADJ
fsr-3789	2	4	trading	trading	NOUN
fsr-3789	2	5	in	in	ADP
fsr-3789	2	6	retail	retail	ADJ
fsr-3789	2	7	securities	security	NOUN
fsr-3789	2	8	accounts	account	VERB
fsr-3789	2	9	stewart	stewart	PROPN
fsr-3789	2	10	l.	l.	PROPN
fsr-3789	2	11	brown	brown	PROPN
fsr-3789	2	12	churning	churn	VERB
fsr-3789	2	13	involves	involve	VERB
fsr-3789	2	14	excessive	excessive	ADJ
fsr-3789	2	15	trading	trading	NOUN
fsr-3789	2	16	by	by	ADP
fsr-3789	2	17	stockbrokers	stockbroker	NOUN
fsr-3789	2	18	in	in	ADP
fsr-3789	2	19	order	order	NOUN
fsr-3789	2	20	to	to	PART
fsr-3789	2	21	generate	generate	VERB
fsr-3789	2	22	commissions	commission	NOUN
fsr-3789	2	23	.	.	PUNCT
fsr-3789	3	1	current	current	ADJ
fsr-3789	3	2	practice	practice	NOUN
fsr-3789	3	3	uses	use	VERB
fsr-3789	3	4	the	the	DET
fsr-3789	3	5	turnover	turnover	NOUN
fsr-3789	3	6	ratio	ratio	NOUN
fsr-3789	3	7	to	to	PART
fsr-3789	3	8	detect	detect	VERB
fsr-3789	3	9	excessive	excessive	ADJ
fsr-3789	3	10	trading	trading	NOUN
fsr-3789	3	11	.	.	PUNCT
fsr-3789	4	1	the	the	DET
fsr-3789	4	2	turnover	turnover	NOUN
fsr-3789	4	3	ratio	ratio	NOUN
fsr-3789	4	4	is	be	AUX
fsr-3789	4	5	a	a	DET
fsr-3789	4	6	flawed	flawed	ADJ
fsr-3789	4	7	indicator	indicator	NOUN
fsr-3789	4	8	of	of	ADP
fsr-3789	4	9	the	the	DET
fsr-3789	4	10	actual	actual	ADJ
fsr-3789	4	11	hartn	hartn	NOUN
fsr-3789	4	12	of	of	ADP
fsr-3789	4	13	excessive	excessive	ADJ
fsr-3789	4	14	trading	trading	NOUN
fsr-3789	4	15	which	which	PRON
fsr-3789	4	16	is	be	AUX
fsr-3789	4	17	commissions	commission	NOUN
fsr-3789	4	18	.	.	PUNCT
fsr-3789	5	1	this	this	DET
fsr-3789	5	2	paper	paper	NOUN
fsr-3789	5	3	examines	examine	VERB
fsr-3789	5	4	the	the	DET
fsr-3789	5	5	intersection	intersection	NOUN
fsr-3789	5	6	of	of	ADP
fsr-3789	5	7	law	law	NOUN
fsr-3789	5	8	and	and	CCONJ
fsr-3789	5	9	financial	financial	ADJ
fsr-3789	5	10	analysis	analysis	NOUN
fsr-3789	5	11	in	in	ADP
fsr-3789	5	12	the	the	DET
fsr-3789	5	13	retail	retail	ADJ
fsr-3789	5	14	securities	security	NOUN
fsr-3789	5	15	arena	arena	NOUN
fsr-3789	5	16	.	.	PUNCT
fsr-3789	6	1	a	a	DET
fsr-3789	6	2	unique	unique	ADJ
fsr-3789	6	3	set	set	NOUN
fsr-3789	6	4	of	of	ADP
fsr-3789	6	5	data	datum	NOUN
fsr-3789	6	6	from	from	ADP
fsr-3789	6	7	23	23	NUM
fsr-3789	6	8	actual	actual	ADJ
fsr-3789	6	9	churning	churning	ADJ
fsr-3789	6	10	cases	case	NOUN
fsr-3789	6	11	is	be	AUX
fsr-3789	6	12	used	use	VERB
fsr-3789	6	13	to	to	PART
fsr-3789	6	14	argue	argue	VERB
fsr-3789	6	15	that	that	SCONJ
fsr-3789	6	16	the	the	DET
fsr-3789	6	17	tum	tum	NOUN
fsr-3789	6	18	over	over	ADP
fsr-3789	6	19	ratio	ratio	NOUN
fsr-3789	6	20	should	should	AUX
fsr-3789	6	21	be	be	AUX
fsr-3789	6	22	replaced	replace	VERB
fsr-3789	6	23	by	by	ADP
fsr-3789	6	24	a	a	DET
fsr-3789	6	25	more	more	ADV
fsr-3789	6	26	direct	direct	ADJ
fsr-3789	6	27	measure	measure	NOUN
fsr-3789	6	28	of	of	ADP
fsr-3789	6	29	the	the	DET
fsr-3789	6	30	trading	trading	NOUN
fsr-3789	6	31	costs	cost	NOUN
fsr-3789	6	32	:	:	PUNCT
fsr-3789	6	33	the	the	DET
fsr-3789	6	34	commission	commission	NOUN
fsr-3789	6	35	to	to	ADP
fsr-3789	6	36	equity	equity	NOUN
fsr-3789	6	37	ratio	ratio	NOUN
fsr-3789	6	38	.	.	PUNCT
fsr-3789	7	1	an	an	DET
fsr-3789	7	2	appropriate	appropriate	ADJ
fsr-3789	7	3	benchmark	benchmark	NOUN
fsr-3789	7	4	related	relate	VERB
fsr-3789	7	5	to	to	ADP
fsr-3789	7	6	the	the	DET
fsr-3789	7	7	return	return	NOUN
fsr-3789	7	8	on	on	ADP
fsr-3789	7	9	common	common	ADJ
fsr-3789	7	10	stocks	stock	NOUN
fsr-3789	7	11	is	be	AUX
fsr-3789	7	12	suggested	suggest	VERB
fsr-3789	7	13	to	to	PART
fsr-3789	7	14	gauge	gauge	VERB
fsr-3789	7	15	excessive	excessive	ADJ
fsr-3789	7	16	trading	trading	NOUN
fsr-3789	7	17	in	in	ADP
fsr-3789	7	18	a	a	DET
fsr-3789	7	19	commission	commission	NOUN
fsr-3789	7	20	context	context	NOUN
fsr-3789	7	21	.	.	PUNCT
fsr-3789	8	1	i.	i.	PROPN
fsr-3789	8	2	introduction	introduction	PROPN
fsr-3789	8	3	individual	individual	ADJ
fsr-3789	8	4	investors	investor	NOUN
fsr-3789	8	5	sometimes	sometimes	ADV
fsr-3789	8	6	invest	invest	VERB
fsr-3789	8	7	through	through	ADP
fsr-3789	8	8	retail	retail	ADJ
fsr-3789	8	9	brokerage	brokerage	NOUN
fsr-3789	8	10	firms	firm	NOUN
fsr-3789	8	11	.	.	PUNCT
fsr-3789	9	1	one	one	NUM
fsr-3789	9	2	advantage	advantage	NOUN
fsr-3789	9	3	of	of	ADP
fsr-3789	9	4	this	this	DET
fsr-3789	9	5	approach	approach	NOUN
fsr-3789	9	6	is	be	AUX
fsr-3789	9	7	that	that	SCONJ
fsr-3789	9	8	the	the	DET
fsr-3789	9	9	investor	investor	NOUN
fsr-3789	9	10	gains	gain	VERB
fsr-3789	9	11	the	the	DET
fsr-3789	9	12	counsel	counsel	NOUN
fsr-3789	9	13	of	of	ADP
fsr-3789	9	14	a	a	DET
fsr-3789	9	15	stockbroker	stockbroker	NOUN
fsr-3789	9	16	who	who	PRON
fsr-3789	9	17	has	have	VERB
fsr-3789	9	18	expertise	expertise	NOUN
fsr-3789	9	19	in	in	ADP
fsr-3789	9	20	matters	matter	NOUN
fsr-3789	9	21	relating	relate	VERB
fsr-3789	9	22	to	to	ADP
fsr-3789	9	23	investments	investment	NOUN
fsr-3789	9	24	.	.	PUNCT
fsr-3789	10	1	unfortunately	unfortunately	ADV
fsr-3789	10	2	,	,	PUNCT
fsr-3789	10	3	investor	investor	NOUN
fsr-3789	10	4	’s	’s	PART
fsr-3789	10	5	experiences	experience	NOUN
fsr-3789	10	6	with	with	ADP
fsr-3789	10	7	brokerage	brokerage	NOUN
fsr-3789	10	8	firms	firm	NOUN
fsr-3789	10	9	are	be	AUX
fsr-3789	10	10	sometimes	sometimes	ADV
fsr-3789	10	11	unsatisfactory	unsatisfactory	ADJ
fsr-3789	10	12	,	,	PUNCT
fsr-3789	10	13	and	and	CCONJ
fsr-3789	10	14	there	there	PRON
fsr-3789	10	15	has	have	AUX
fsr-3789	10	16	been	be	AUX
fsr-3789	10	17	an	an	DET
fsr-3789	10	18	explosion	explosion	NOUN
fsr-3789	10	19	of	of	ADP
fsr-3789	10	20	lawsuits	lawsuit	NOUN
fsr-3789	10	21	against	against	ADP
fsr-3789	10	22	stockbro	stockbro	NOUN
fsr-3789	10	23	kers	ker	NOUN
fsr-3789	10	24	in	in	ADP
fsr-3789	10	25	the	the	DET
fsr-3789	10	26	last	last	ADJ
fsr-3789	10	27	15	15	NUM
fsr-3789	10	28	years	year	NOUN
fsr-3789	10	29	.	.	PUNCT
fsr-3789	11	1	two	two	NUM
fsr-3789	11	2	types	type	NOUN
fsr-3789	11	3	of	of	ADP
fsr-3789	11	4	cases	case	NOUN
fsr-3789	11	5	constitute	constitute	VERB
fsr-3789	11	6	the	the	DET
fsr-3789	11	7	majority	majority	NOUN
fsr-3789	11	8	of	of	ADP
fsr-3789	11	9	such	such	ADJ
fsr-3789	11	10	claims	claim	NOUN
fsr-3789	11	11	:	:	PUNCT
fsr-3789	11	12	suitabil	suitabil	PROPN
fsr-3789	11	13	ity	ity	PROPN
fsr-3789	11	14	claims	claim	NOUN
fsr-3789	11	15	and	and	CCONJ
fsr-3789	11	16	churning	churn	VERB
fsr-3789	11	17	claims	claim	NOUN
fsr-3789	11	18	.	.	PUNCT
fsr-3789	12	1	suitability	suitability	NOUN
fsr-3789	12	2	cases	case	NOUN
fsr-3789	12	3	involve	involve	VERB
fsr-3789	12	4	allegations	allegation	NOUN
fsr-3789	12	5	that	that	SCONJ
fsr-3789	12	6	the	the	DET
fsr-3789	12	7	broker	broker	NOUN
fsr-3789	12	8	made	make	VERB
fsr-3789	12	9	recommendations	recommendation	NOUN
fsr-3789	12	10	of	of	ADP
fsr-3789	12	11	unsuitable	unsuitable	ADJ
fsr-3789	12	12	securities	security	NOUN
fsr-3789	12	13	.	.	PUNCT
fsr-3789	13	1	churning	churn	VERB
fsr-3789	13	2	cases	case	NOUN
fsr-3789	13	3	involve	involve	VERB
fsr-3789	13	4	allegations	allegation	NOUN
fsr-3789	13	5	that	that	SCONJ
fsr-3789	13	6	the	the	DET
fsr-3789	13	7	bro	bro	NOUN
fsr-3789	13	8	ker	ker	NOUN
fsr-3789	13	9	over	over	ADV
fsr-3789	13	10	-	-	PUNCT
fsr-3789	13	11	traded	trade	VERB
fsr-3789	13	12	the	the	DET
fsr-3789	13	13	account	account	NOUN
fsr-3789	13	14	in	in	ADP
fsr-3789	13	15	order	order	NOUN
fsr-3789	13	16	to	to	PART
fsr-3789	13	17	generate	generate	VERB
fsr-3789	13	18	commissions	commission	NOUN
fsr-3789	13	19	and	and	CCONJ
fsr-3789	13	20	not	not	PART
fsr-3789	13	21	to	to	PART
fsr-3789	13	22	benefit	benefit	VERB
fsr-3789	13	23	the	the	DET
fsr-3789	13	24	client	client	NOUN
fsr-3789	13	25	.	.	PUNCT
fsr-3789	14	1	the	the	DET
fsr-3789	14	2	genesis	genesis	NOUN
fsr-3789	14	3	of	of	ADP
fsr-3789	14	4	claims	claim	NOUN
fsr-3789	14	5	against	against	ADP
fsr-3789	14	6	stockbrokers	stockbroker	NOUN
fsr-3789	14	7	for	for	ADP
fsr-3789	14	8	wrongful	wrongful	ADJ
fsr-3789	14	9	conduct	conduct	NOUN
fsr-3789	14	10	is	be	AUX
fsr-3789	14	11	the	the	DET
fsr-3789	14	12	anti	anti	ADJ
fsr-3789	14	13	-	-	ADJ
fsr-3789	14	14	fraud	fraud	ADJ
fsr-3789	14	15	rule	rule	NOUN
fsr-3789	14	16	,	,	PUNCT
fsr-3789	14	17	rule	rule	NOUN
fsr-3789	14	18	(	(	PUNCT
fsr-3789	14	19	lob+	lob+	NOUN
fsr-3789	14	20	,	,	PUNCT
fsr-3789	14	21	under	under	ADP
fsr-3789	14	22	the	the	DET
fsr-3789	14	23	securities	security	NOUN
fsr-3789	14	24	exchange	exchange	PROPN
fsr-3789	14	25	act	act	NOUN
fsr-3789	14	26	of	of	ADP
fsr-3789	14	27	1934	1934	NUM
fsr-3789	14	28	.	.	PUNCT
fsr-3789	15	1	this	this	DET
fsr-3789	15	2	rule	rule	NOUN
fsr-3789	15	3	is	be	AUX
fsr-3789	15	4	supplemented	supplement	VERB
fsr-3789	15	5	by	by	ADP
fsr-3789	15	6	rules	rule	NOUN
fsr-3789	15	7	promulgated	promulgate	VERB
fsr-3789	15	8	by	by	ADP
fsr-3789	15	9	self	self	NOUN
fsr-3789	15	10	regulatory	regulatory	ADJ
fsr-3789	15	11	organizations	organization	NOUN
fsr-3789	15	12	(	(	PUNCT
fsr-3789	15	13	sros	sros	PROPN
fsr-3789	15	14	)	)	PUNCT
fsr-3789	15	15	,	,	PUNCT
fsr-3789	15	16	such	such	ADJ
fsr-3789	15	17	as	as	ADP
fsr-3789	15	18	the	the	DET
fsr-3789	15	19	new	new	PROPN
fsr-3789	15	20	york	york	PROPN
fsr-3789	15	21	stock	stock	PROPN
fsr-3789	15	22	exchange	exchange	PROPN
fsr-3789	15	23	and	and	CCONJ
fsr-3789	15	24	the	the	DET
fsr-3789	15	25	national	national	PROPN
fsr-3789	15	26	association	association	PROPN
fsr-3789	15	27	of	of	ADP
fsr-3789	15	28	securities	security	NOUN
fsr-3789	15	29	dealers	dealer	NOUN
fsr-3789	15	30	.	.	PUNCT
fsr-3789	16	1	for	for	SCONJ
fsr-3789	16	2	a	a	DET
fsr-3789	16	3	stockbroker	stockbroker	NOUN
fsr-3789	16	4	to	to	PART
fsr-3789	16	5	become	become	VERB
fsr-3789	16	6	registered	register	VERB
fsr-3789	16	7	with	with	ADP
fsr-3789	16	8	the	the	DET
fsr-3789	16	9	sec	sec	PROPN
fsr-3789	16	10	,	,	PUNCT
fsr-3789	16	11	or	or	CCONJ
fsr-3789	16	12	become	become	VERB
fsr-3789	16	13	a	a	DET
fsr-3789	16	14	member	member	NOUN
fsr-3789	16	15	of	of	ADP
fsr-3789	16	16	a	a	DET
fsr-3789	16	17	sro	sro	NOUN
fsr-3789	16	18	,	,	PUNCT
fsr-3789	16	19	he	he	PRON
fsr-3789	16	20	or	or	CCONJ
fsr-3789	16	21	she	she	PRON
fsr-3789	16	22	must	must	AUX
fsr-3789	16	23	agree	agree	VERB
fsr-3789	16	24	to	to	PART
fsr-3789	16	25	follow	follow	VERB
fsr-3789	16	26	“	"	PUNCT
fsr-3789	16	27	just	just	ADV
fsr-3789	16	28	and	and	CCONJ
fsr-3789	16	29	equitable	equitable	ADJ
fsr-3789	16	30	principles	principle	NOUN
fsr-3789	16	31	of	of	ADP
fsr-3789	16	32	trade	trade	NOUN
fsr-3789	16	33	.	.	PUNCT
fsr-3789	16	34	”	"	PUNCT
fsr-3789	17	1	churning	churn	VERB
fsr-3789	17	2	claims	claim	NOUN
fsr-3789	17	3	arise	arise	VERB
fsr-3789	17	4	out	out	ADP
fsr-3789	17	5	of	of	ADP
fsr-3789	17	6	the	the	DET
fsr-3789	17	7	inherent	inherent	ADJ
fsr-3789	17	8	conflict	conflict	NOUN
fsr-3789	17	9	of	of	ADP
fsr-3789	17	10	interest	interest	NOUN
fsr-3789	17	11	involved	involve	VERB
fsr-3789	17	12	in	in	ADP
fsr-3789	17	13	the	the	DET
fsr-3789	17	14	normal	normal	ADJ
fsr-3789	17	15	procedure	procedure	NOUN
fsr-3789	17	16	used	use	VERB
fsr-3789	17	17	to	to	PART
fsr-3789	17	18	compensate	compensate	VERB
fsr-3789	17	19	stockbrokers	stockbroker	NOUN
fsr-3789	17	20	.	.	PUNCT
fsr-3789	18	1	because	because	SCONJ
fsr-3789	18	2	stockbroker	stockbroker	NOUN
fsr-3789	18	3	compensation	compensation	NOUN
fsr-3789	18	4	is	be	AUX
fsr-3789	18	5	typi	typi	PROPN
fsr-3789	18	6	cally	cally	ADV
fsr-3789	18	7	based	base	VERB
fsr-3789	18	8	upon	upon	SCONJ
fsr-3789	18	9	the	the	DET
fsr-3789	18	10	volume	volume	NOUN
fsr-3789	18	11	,	,	PUNCT
fsr-3789	18	12	size	size	NOUN
fsr-3789	18	13	,	,	PUNCT
fsr-3789	18	14	and	and	CCONJ
fsr-3789	18	15	type	type	NOUN
fsr-3789	18	16	of	of	ADP
fsr-3789	18	17	transactions	transaction	NOUN
fsr-3789	18	18	,	,	PUNCT
fsr-3789	18	19	customers	customer	NOUN
fsr-3789	18	20	suffer	suffer	VERB
fsr-3789	18	21	higher	high	ADJ
fsr-3789	18	22	costs	cost	NOUN
fsr-3789	18	23	and	and	CCONJ
fsr-3789	18	24	lower	low	ADJ
fsr-3789	18	25	returns	return	NOUN
fsr-3789	18	26	when	when	SCONJ
fsr-3789	18	27	unnecessary	unnecessary	ADJ
fsr-3789	18	28	transactions	transaction	NOUN
fsr-3789	18	29	take	take	VERB
fsr-3789	18	30	place	place	NOUN
fsr-3789	18	31	in	in	ADP
fsr-3789	18	32	the	the	DET
fsr-3789	18	33	account	account	NOUN
fsr-3789	18	34	.	.	PUNCT
fsr-3789	19	1	churning	churn	VERB
fsr-3789	19	2	stewart	stewart	PROPN
fsr-3789	19	3	l.	l.	PROPN
fsr-3789	19	4	brown	brown	PROPN
fsr-3789	20	1	l	l	PROPN
fsr-3789	20	2	florida	florida	PROPN
fsr-3789	20	3	state	state	PROPN
fsr-3789	20	4	university	university	PROPN
fsr-3789	20	5	,	,	PUNCT
fsr-3789	20	6	tallahassee	tallahassee	PROPN
fsr-3789	20	7	,	,	PUNCT
fsr-3789	20	8	fi	fi	NOUN
fsr-3789	20	9	32306	32306	NUM
fsr-3789	20	10	.	.	PUNCT
fsr-3789	21	1	44	44	NUM
fsr-3789	21	2	financial	financial	ADJ
fsr-3789	21	3	services	service	NOUN
fsr-3789	21	4	review	review	VERB
fsr-3789	21	5	5	5	NUM
fsr-3789	21	6	(	(	PUNCT
fsr-3789	21	7	1	1	NUM
fsr-3789	21	8	)	)	PUNCT
fsr-3789	21	9	1996	1996	NUM
fsr-3789	21	10	claims	claim	NOUN
fsr-3789	21	11	involve	involve	VERB
fsr-3789	21	12	allegations	allegation	NOUN
fsr-3789	21	13	that	that	SCONJ
fsr-3789	21	14	a	a	DET
fsr-3789	21	15	broker	broker	NOUN
fsr-3789	21	16	abused	abuse	VERB
fsr-3789	21	17	his	his	PRON
fsr-3789	21	18	or	or	CCONJ
fsr-3789	21	19	her	her	PRON
fsr-3789	21	20	position	position	NOUN
fsr-3789	21	21	by	by	ADP
fsr-3789	21	22	trading	trade	VERB
fsr-3789	21	23	too	too	ADV
fsr-3789	21	24	often	often	ADV
fsr-3789	21	25	in	in	ADP
fsr-3789	21	26	order	order	NOUN
fsr-3789	21	27	to	to	PART
fsr-3789	21	28	generate	generate	VERB
fsr-3789	21	29	commissions	commission	NOUN
fsr-3789	21	30	.	.	PUNCT
fsr-3789	22	1	churning	churn	VERB
fsr-3789	22	2	is	be	AUX
fsr-3789	22	3	essentially	essentially	ADV
fsr-3789	22	4	an	an	DET
fsr-3789	22	5	agency	agency	NOUN
fsr-3789	22	6	/	/	SYM
fsr-3789	22	7	conflict	conflict	NOUN
fsr-3789	22	8	of	of	ADP
fsr-3789	22	9	interest	interest	NOUN
fsr-3789	22	10	issue	issue	NOUN
fsr-3789	22	11	(	(	PUNCT
fsr-3789	22	12	anderson	anderson	PROPN
fsr-3789	22	13	,	,	PUNCT
fsr-3789	22	14	heacock	heacock	NOUN
fsr-3789	22	15	,	,	PUNCT
fsr-3789	22	16	&	&	CCONJ
fsr-3789	22	17	hill	hill	PROPN
fsr-3789	22	18	,	,	PUNCT
fsr-3789	22	19	1987	1987	NUM
fsr-3789	22	20	)	)	PUNCT
fsr-3789	22	21	.	.	PUNCT
fsr-3789	23	1	the	the	DET
fsr-3789	23	2	purpose	purpose	NOUN
fsr-3789	23	3	of	of	ADP
fsr-3789	23	4	this	this	DET
fsr-3789	23	5	paper	paper	NOUN
fsr-3789	23	6	is	be	AUX
fsr-3789	23	7	two	two	NUM
fsr-3789	23	8	fold	fold	NOUN
fsr-3789	23	9	.	.	PUNCT
fsr-3789	24	1	first	first	ADV
fsr-3789	24	2	,	,	PUNCT
fsr-3789	24	3	current	current	ADJ
fsr-3789	24	4	legal	legal	ADJ
fsr-3789	24	5	practice	practice	NOUN
fsr-3789	24	6	uses	use	VERB
fsr-3789	24	7	a	a	DET
fsr-3789	24	8	flawed	flawed	ADJ
fsr-3789	24	9	finan	finan	NOUN
fsr-3789	24	10	cial	cial	ADJ
fsr-3789	24	11	ratio	ratio	NOUN
fsr-3789	24	12	,	,	PUNCT
fsr-3789	24	13	the	the	DET
fsr-3789	24	14	turnover	turnover	NOUN
fsr-3789	24	15	ratio	ratio	NOUN
fsr-3789	24	16	,	,	PUNCT
fsr-3789	24	17	to	to	PART
fsr-3789	24	18	detect	detect	VERB
fsr-3789	24	19	excessive	excessive	ADJ
fsr-3789	24	20	trading	trading	NOUN
fsr-3789	24	21	.	.	PUNCT
fsr-3789	25	1	this	this	DET
fsr-3789	25	2	paper	paper	NOUN
fsr-3789	25	3	will	will	AUX
fsr-3789	25	4	critique	critique	VERB
fsr-3789	25	5	the	the	DET
fsr-3789	25	6	tum	tum	NOUN
fsr-3789	25	7	over	over	ADP
fsr-3789	25	8	ratio	ratio	NOUN
fsr-3789	25	9	and	and	CCONJ
fsr-3789	25	10	develop	develop	VERB
fsr-3789	25	11	a	a	DET
fsr-3789	25	12	better	well	ADJ
fsr-3789	25	13	metric	metric	NOUN
fsr-3789	25	14	of	of	ADP
fsr-3789	25	15	excessive	excessive	ADJ
fsr-3789	25	16	trading	trading	NOUN
fsr-3789	25	17	:	:	PUNCT
fsr-3789	25	18	the	the	DET
fsr-3789	25	19	commission	commission	NOUN
fsr-3789	25	20	to	to	ADP
fsr-3789	25	21	equity	equity	NOUN
fsr-3789	25	22	ratio	ratio	NOUN
fsr-3789	25	23	.	.	PUNCT
fsr-3789	26	1	second	second	ADJ
fsr-3789	26	2	,	,	PUNCT
fsr-3789	26	3	the	the	DET
fsr-3789	26	4	paper	paper	NOUN
fsr-3789	26	5	introduces	introduce	NOUN
fsr-3789	26	6	academics	academic	NOUN
fsr-3789	26	7	and	and	CCONJ
fsr-3789	26	8	practitioners	practitioner	NOUN
fsr-3789	26	9	who	who	PRON
fsr-3789	26	10	deal	deal	VERB
fsr-3789	26	11	with	with	ADP
fsr-3789	26	12	individual	individual	ADJ
fsr-3789	26	13	inves	inve	VERB
fsr-3789	26	14	tor	tor	NOUN
fsr-3789	26	15	issues	issue	NOUN
fsr-3789	26	16	to	to	ADP
fsr-3789	26	17	the	the	DET
fsr-3789	26	18	concept	concept	NOUN
fsr-3789	26	19	of	of	ADP
fsr-3789	26	20	churning	churn	VERB
fsr-3789	26	21	and	and	CCONJ
fsr-3789	26	22	how	how	SCONJ
fsr-3789	26	23	to	to	PART
fsr-3789	26	24	detect	detect	VERB
fsr-3789	26	25	excessive	excessive	ADJ
fsr-3789	26	26	trading	trading	NOUN
fsr-3789	26	27	.	.	PUNCT
fsr-3789	27	1	most	most	ADJ
fsr-3789	27	2	academics	academic	NOUN
fsr-3789	27	3	are	be	AUX
fsr-3789	27	4	familiar	familiar	ADJ
fsr-3789	27	5	with	with	ADP
fsr-3789	27	6	the	the	DET
fsr-3789	27	7	general	general	ADJ
fsr-3789	27	8	concept	concept	NOUN
fsr-3789	27	9	but	but	CCONJ
fsr-3789	27	10	may	may	AUX
fsr-3789	27	11	have	have	VERB
fsr-3789	27	12	little	little	ADJ
fsr-3789	27	13	practical	practical	ADJ
fsr-3789	27	14	knowledge	knowledge	NOUN
fsr-3789	27	15	.	.	PUNCT
fsr-3789	28	1	the	the	DET
fsr-3789	28	2	paper	paper	NOUN
fsr-3789	28	3	will	will	AUX
fsr-3789	28	4	present	present	VERB
fsr-3789	28	5	the	the	DET
fsr-3789	28	6	important	important	ADJ
fsr-3789	28	7	issues	issue	NOUN
fsr-3789	28	8	in	in	ADP
fsr-3789	28	9	sufficient	sufficient	ADJ
fsr-3789	28	10	depth	depth	NOUN
fsr-3789	28	11	that	that	SCONJ
fsr-3789	28	12	an	an	DET
fsr-3789	28	13	interested	interested	ADJ
fsr-3789	28	14	reader	reader	NOUN
fsr-3789	28	15	will	will	AUX
fsr-3789	28	16	be	be	AUX
fsr-3789	28	17	better	well	ADV
fsr-3789	28	18	informed	inform	VERB
fsr-3789	28	19	in	in	ADP
fsr-3789	28	20	the	the	DET
fsr-3789	28	21	classroom	classroom	NOUN
fsr-3789	28	22	and	and	CCONJ
fsr-3789	28	23	in	in	ADP
fsr-3789	28	24	other	other	ADJ
fsr-3789	28	25	academic	academic	ADJ
fsr-3789	28	26	and	and	CCONJ
fsr-3789	28	27	practical	practical	ADJ
fsr-3789	28	28	arenas	arena	NOUN
fsr-3789	28	29	.	.	PUNCT
fsr-3789	29	1	although	although	SCONJ
fsr-3789	29	2	dealing	deal	VERB
fsr-3789	29	3	peripherally	peripherally	ADV
fsr-3789	29	4	with	with	ADP
fsr-3789	29	5	legal	legal	ADJ
fsr-3789	29	6	issues	issue	NOUN
fsr-3789	29	7	,	,	PUNCT
fsr-3789	29	8	this	this	DET
fsr-3789	29	9	paper	paper	NOUN
fsr-3789	29	10	is	be	AUX
fsr-3789	29	11	not	not	PART
fsr-3789	29	12	a	a	DET
fsr-3789	29	13	legal	legal	ADJ
fsr-3789	29	14	paper	paper	NOUN
fsr-3789	29	15	.	.	PUNCT
fsr-3789	30	1	attor	attor	NOUN
fsr-3789	30	2	neys	ney	VERB
fsr-3789	30	3	may	may	AUX
fsr-3789	30	4	find	find	VERB
fsr-3789	30	5	the	the	DET
fsr-3789	30	6	paper	paper	NOUN
fsr-3789	30	7	of	of	ADP
fsr-3789	30	8	interest	interest	NOUN
fsr-3789	30	9	,	,	PUNCT
fsr-3789	30	10	however	however	ADV
fsr-3789	30	11	,	,	PUNCT
fsr-3789	30	12	there	there	PRON
fsr-3789	30	13	will	will	AUX
fsr-3789	30	14	be	be	AUX
fsr-3789	30	15	a	a	DET
fsr-3789	30	16	minimum	minimum	NOUN
fsr-3789	30	17	of	of	ADP
fsr-3789	30	18	legal	legal	ADJ
fsr-3789	30	19	references	reference	NOUN
fsr-3789	30	20	.	.	PUNCT
fsr-3789	31	1	interested	interested	ADJ
fsr-3789	31	2	readers	reader	NOUN
fsr-3789	31	3	are	be	AUX
fsr-3789	31	4	referred	refer	VERB
fsr-3789	31	5	to	to	ADP
fsr-3789	31	6	goldberg	goldberg	PROPN
fsr-3789	31	7	(	(	PUNCT
fsr-3789	31	8	1991	1991	NUM
fsr-3789	31	9	)	)	PUNCT
fsr-3789	31	10	,	,	PUNCT
fsr-3789	31	11	jensen	jensen	PROPN
fsr-3789	31	12	(	(	PUNCT
fsr-3789	31	13	1991	1991	NUM
fsr-3789	31	14	)	)	PUNCT
fsr-3789	31	15	,	,	PUNCT
fsr-3789	31	16	loss	loss	NOUN
fsr-3789	31	17	and	and	CCONJ
fsr-3789	31	18	seligman	seligman	NOUN
fsr-3789	31	19	(	(	PUNCT
fsr-3789	31	20	1989	1989	NUM
fsr-3789	31	21	)	)	PUNCT
fsr-3789	31	22	,	,	PUNCT
fsr-3789	31	23	and	and	CCONJ
fsr-3789	31	24	winslow	winslow	PROPN
fsr-3789	31	25	and	and	CCONJ
fsr-3789	31	26	anderson	anderson	PROPN
fsr-3789	31	27	(	(	PUNCT
fsr-3789	31	28	1990	1990	NUM
fsr-3789	31	29	)	)	PUNCT
fsr-3789	31	30	for	for	ADP
fsr-3789	31	31	voluminous	voluminous	ADJ
fsr-3789	31	32	case	case	NOUN
fsr-3789	31	33	citations	citation	NOUN
fsr-3789	31	34	.	.	PUNCT
fsr-3789	32	1	ii	ii	PROPN
fsr-3789	32	2	.	.	PROPN
fsr-3789	32	3	elementsofchurningcases	elementsofchurningcase	VERB
fsr-3789	32	4	one	one	NUM
fsr-3789	32	5	definition	definition	NOUN
fsr-3789	32	6	of	of	ADP
fsr-3789	32	7	churning	churn	VERB
fsr-3789	32	8	is	be	AUX
fsr-3789	32	9	as	as	SCONJ
fsr-3789	32	10	follows	follow	VERB
fsr-3789	32	11	:	:	PUNCT
fsr-3789	32	12	“	"	PUNCT
fsr-3789	32	13	churning	churn	VERB
fsr-3789	32	14	occurs	occur	VERB
fsr-3789	32	15	when	when	SCONJ
fsr-3789	32	16	a	a	DET
fsr-3789	32	17	securities	security	NOUN
fsr-3789	32	18	broker	broker	NOUN
fsr-3789	32	19	engages	engage	VERB
fsr-3789	32	20	in	in	ADP
fsr-3789	32	21	excessive	excessive	ADJ
fsr-3789	32	22	trading	trading	NOUN
fsr-3789	32	23	in	in	ADP
fsr-3789	32	24	disregard	disregard	NOUN
fsr-3789	32	25	of	of	ADP
fsr-3789	32	26	his	his	PRON
fsr-3789	32	27	customer	customer	NOUN
fsr-3789	32	28	’s	’s	PART
fsr-3789	32	29	investment	investment	NOUN
fsr-3789	32	30	objectives	objective	NOUN
fsr-3789	32	31	for	for	ADP
fsr-3789	32	32	the	the	DET
fsr-3789	32	33	purpose	purpose	NOUN
fsr-3789	32	34	of	of	ADP
fsr-3789	32	35	generating	generate	VERB
fsr-3789	32	36	commission	commission	NOUN
fsr-3789	32	37	business	business	NOUN
fsr-3789	32	38	,	,	PUNCT
fsr-3789	32	39	”	"	PUNCT
fsr-3789	32	40	(	(	PUNCT
fsr-3789	32	41	loss	loss	NOUN
fsr-3789	32	42	&	&	CCONJ
fsr-3789	32	43	seligman	seligman	NOUN
fsr-3789	32	44	,	,	PUNCT
fsr-3789	32	45	1989	1989	NUM
fsr-3789	32	46	,	,	PUNCT
fsr-3789	32	47	p.	p.	NOUN
fsr-3789	32	48	3874	3874	NUM
fsr-3789	32	49	)	)	PUNCT
fsr-3789	32	50	.	.	PUNCT
fsr-3789	33	1	there	there	PRON
fsr-3789	33	2	are	be	VERB
fsr-3789	33	3	three	three	NUM
fsr-3789	33	4	elements	element	NOUN
fsr-3789	33	5	of	of	ADP
fsr-3789	33	6	a	a	DET
fsr-3789	33	7	churning	churn	VERB
fsr-3789	33	8	case	case	NOUN
fsr-3789	33	9	:	:	PUNCT
fsr-3789	33	10	control	control	NOUN
fsr-3789	33	11	,	,	PUNCT
fsr-3789	33	12	excessive	excessive	ADJ
fsr-3789	33	13	trading	trading	NOUN
fsr-3789	33	14	,	,	PUNCT
fsr-3789	33	15	and	and	CCONJ
fsr-3789	33	16	scienter	scienter	NOUN
fsr-3789	33	17	(	(	PUNCT
fsr-3789	33	18	fraudulent	fraudulent	ADJ
fsr-3789	33	19	intent	intent	NOUN
fsr-3789	33	20	)	)	PUNCT
fsr-3789	33	21	.	.	PUNCT
fsr-3789	34	1	a.	a.	NOUN
fsr-3789	34	2	control	control	PROPN
fsr-3789	34	3	if	if	SCONJ
fsr-3789	34	4	a	a	DET
fsr-3789	34	5	stockbroker	stockbroker	NOUN
fsr-3789	34	6	is	be	AUX
fsr-3789	34	7	to	to	PART
fsr-3789	34	8	be	be	AUX
fsr-3789	34	9	found	find	VERB
fsr-3789	34	10	liable	liable	ADJ
fsr-3789	34	11	for	for	ADP
fsr-3789	34	12	churning	churn	VERB
fsr-3789	34	13	an	an	DET
fsr-3789	34	14	account	account	NOUN
fsr-3789	34	15	,	,	PUNCT
fsr-3789	34	16	the	the	DET
fsr-3789	34	17	finder	finder	NOUN
fsr-3789	34	18	of	of	ADP
fsr-3789	34	19	fact	fact	NOUN
fsr-3789	34	20	(	(	PUNCT
fsr-3789	34	21	judge	judge	NOUN
fsr-3789	34	22	,	,	PUNCT
fsr-3789	34	23	jury	jury	NOUN
fsr-3789	34	24	,	,	PUNCT
fsr-3789	34	25	or	or	CCONJ
fsr-3789	34	26	arbitration	arbitration	NOUN
fsr-3789	34	27	panel	panel	NOUN
fsr-3789	34	28	)	)	PUNCT
fsr-3789	34	29	must	must	AUX
fsr-3789	34	30	first	first	ADV
fsr-3789	34	31	determine	determine	VERB
fsr-3789	34	32	that	that	SCONJ
fsr-3789	34	33	the	the	DET
fsr-3789	34	34	broker	broker	NOUN
fsr-3789	34	35	was	be	AUX
fsr-3789	34	36	in	in	ADP
fsr-3789	34	37	control	control	NOUN
fsr-3789	34	38	of	of	ADP
fsr-3789	34	39	the	the	DET
fsr-3789	34	40	account	account	NOUN
fsr-3789	34	41	.	.	PUNCT
fsr-3789	35	1	typically	typically	ADV
fsr-3789	35	2	,	,	PUNCT
fsr-3789	35	3	control	control	NOUN
fsr-3789	35	4	is	be	AUX
fsr-3789	35	5	the	the	DET
fsr-3789	35	6	most	most	ADV
fsr-3789	35	7	hotly	hotly	ADV
fsr-3789	35	8	contested	contest	VERB
fsr-3789	35	9	element	element	NOUN
fsr-3789	35	10	in	in	ADP
fsr-3789	35	11	churning	churn	VERB
fsr-3789	35	12	cases	case	NOUN
fsr-3789	35	13	.	.	PUNCT
fsr-3789	36	1	there	there	PRON
fsr-3789	36	2	are	be	VERB
fsr-3789	36	3	two	two	NUM
fsr-3789	36	4	types	type	NOUN
fsr-3789	36	5	of	of	ADP
fsr-3789	36	6	control	control	NOUN
fsr-3789	36	7	:	:	PUNCT
fsr-3789	36	8	express	express	VERB
fsr-3789	36	9	and	and	CCONJ
fsr-3789	36	10	implied	imply	VERB
fsr-3789	36	11	.	.	PUNCT
fsr-3789	37	1	the	the	DET
fsr-3789	37	2	best	good	ADJ
fsr-3789	37	3	example	example	NOUN
fsr-3789	37	4	of	of	ADP
fsr-3789	37	5	express	express	ADJ
fsr-3789	37	6	control	control	NOUN
fsr-3789	37	7	over	over	ADP
fsr-3789	37	8	a	a	DET
fsr-3789	37	9	brokerage	brokerage	NOUN
fsr-3789	37	10	account	account	NOUN
fsr-3789	37	11	is	be	AUX
fsr-3789	37	12	when	when	SCONJ
fsr-3789	37	13	there	there	PRON
fsr-3789	37	14	is	be	VERB
fsr-3789	37	15	a	a	DET
fsr-3789	37	16	writ	writ	NOUN
fsr-3789	37	17	ten	ten	NUM
fsr-3789	37	18	discretionary	discretionary	ADJ
fsr-3789	37	19	trading	trading	NOUN
fsr-3789	37	20	authorization	authorization	NOUN
fsr-3789	37	21	.	.	PUNCT
fsr-3789	38	1	in	in	ADP
fsr-3789	38	2	such	such	DET
fsr-3789	38	3	an	an	DET
fsr-3789	38	4	account	account	NOUN
fsr-3789	38	5	,	,	PUNCT
fsr-3789	38	6	the	the	DET
fsr-3789	38	7	stockbroker	stockbroker	NOUN
fsr-3789	38	8	receives	receive	VERB
fsr-3789	38	9	blan	blan	PROPN
fsr-3789	38	10	ket	ket	NOUN
fsr-3789	38	11	permission	permission	NOUN
fsr-3789	38	12	by	by	ADP
fsr-3789	38	13	the	the	DET
fsr-3789	38	14	customer	customer	NOUN
fsr-3789	38	15	to	to	PART
fsr-3789	38	16	execute	execute	VERB
fsr-3789	38	17	trades	trade	NOUN
fsr-3789	38	18	at	at	ADP
fsr-3789	38	19	the	the	DET
fsr-3789	38	20	stockbroker	stockbroker	NOUN
fsr-3789	38	21	’s	’s	PART
fsr-3789	38	22	discretion	discretion	NOUN
fsr-3789	38	23	.	.	PUNCT
fsr-3789	39	1	control	control	NOUN
fsr-3789	39	2	is	be	AUX
fsr-3789	39	3	typically	typically	ADV
fsr-3789	39	4	established	establish	VERB
fsr-3789	39	5	with	with	ADP
fsr-3789	39	6	little	little	ADJ
fsr-3789	39	7	contest	contest	NOUN
fsr-3789	39	8	when	when	SCONJ
fsr-3789	39	9	there	there	PRON
fsr-3789	39	10	is	be	VERB
fsr-3789	39	11	a	a	DET
fsr-3789	39	12	written	write	VERB
fsr-3789	39	13	discretionary	discretionary	ADJ
fsr-3789	39	14	trading	trading	NOUN
fsr-3789	39	15	autho	autho	PROPN
fsr-3789	39	16	rization	rization	NOUN
fsr-3789	39	17	present	present	ADJ
fsr-3789	39	18	.	.	PUNCT
fsr-3789	40	1	however	however	ADV
fsr-3789	40	2	,	,	PUNCT
fsr-3789	40	3	this	this	PRON
fsr-3789	40	4	is	be	AUX
fsr-3789	40	5	rarely	rarely	ADV
fsr-3789	40	6	the	the	DET
fsr-3789	40	7	case	case	NOUN
fsr-3789	40	8	.	.	PUNCT
fsr-3789	41	1	in	in	ADP
fsr-3789	41	2	the	the	DET
fsr-3789	41	3	absence	absence	NOUN
fsr-3789	41	4	of	of	ADP
fsr-3789	41	5	express	express	ADJ
fsr-3789	41	6	control	control	NOUN
fsr-3789	41	7	,	,	PUNCT
fsr-3789	41	8	implied	imply	VERB
fsr-3789	41	9	or	or	CCONJ
fsr-3789	41	10	“	"	PUNCT
fsr-3789	41	11	de	de	X
fsr-3789	41	12	facto	facto	X
fsr-3789	41	13	”	"	PUNCT
fsr-3789	41	14	control	control	NOUN
fsr-3789	41	15	must	must	AUX
fsr-3789	41	16	he	he	PRON
fsr-3789	41	17	demonstrated	demonstrate	VERB
fsr-3789	41	18	by	by	ADP
fsr-3789	41	19	credible	credible	ADJ
fsr-3789	41	20	evidence	evidence	NOUN
fsr-3789	41	21	in	in	ADP
fsr-3789	41	22	the	the	DET
fsr-3789	41	23	form	form	NOUN
fsr-3789	41	24	of	of	ADP
fsr-3789	41	25	written	write	VERB
fsr-3789	41	26	and	and	CCONJ
fsr-3789	41	27	oral	oral	ADJ
fsr-3789	41	28	testimony	testimony	NOUN
fsr-3789	41	29	.	.	PUNCT
fsr-3789	42	1	the	the	DET
fsr-3789	42	2	finder	finder	NOUN
fsr-3789	42	3	of	of	ADP
fsr-3789	42	4	fact	fact	NOUN
fsr-3789	42	5	must	must	AUX
fsr-3789	42	6	make	make	VERB
fsr-3789	42	7	a	a	DET
fsr-3789	42	8	determination	determination	NOUN
fsr-3789	42	9	about	about	ADP
fsr-3789	42	10	who	who	PRON
fsr-3789	42	11	is	be	AUX
fsr-3789	42	12	ultimately	ultimately	ADV
fsr-3789	42	13	in	in	ADP
fsr-3789	42	14	control	control	NOUN
fsr-3789	42	15	of	of	ADP
fsr-3789	42	16	trading	trading	NOUN
fsr-3789	42	17	or	or	CCONJ
fsr-3789	42	18	who	who	PRON
fsr-3789	42	19	is	be	AUX
fsr-3789	42	20	“	"	PUNCT
fsr-3789	42	21	calling	call	VERB
fsr-3789	42	22	the	the	DET
fsr-3789	42	23	shots	shot	NOUN
fsr-3789	42	24	.	.	PUNCT
fsr-3789	42	25	”	"	PUNCT
fsr-3789	43	1	there	there	PRON
fsr-3789	43	2	are	be	VERB
fsr-3789	43	3	certain	certain	ADJ
fsr-3789	43	4	factors	factor	NOUN
fsr-3789	43	5	and	and	CCONJ
fsr-3789	43	6	customer	customer	NOUN
fsr-3789	43	7	characteristics	characteristic	NOUN
fsr-3789	43	8	which	which	PRON
fsr-3789	43	9	the	the	DET
fsr-3789	43	10	finder	finder	NOUN
fsr-3789	43	11	of	of	ADP
fsr-3789	43	12	fact	fact	NOUN
fsr-3789	43	13	usually	usually	ADV
fsr-3789	43	14	considers	consider	VERB
fsr-3789	43	15	in	in	ADP
fsr-3789	43	16	determining	determine	VERB
fsr-3789	43	17	whether	whether	SCONJ
fsr-3789	43	18	the	the	DET
fsr-3789	43	19	stockbroker	stockbroker	NOUN
fsr-3789	43	20	had	have	VERB
fsr-3789	43	21	sufficient	sufficient	ADJ
fsr-3789	43	22	control	control	NOUN
fsr-3789	43	23	to	to	PART
fsr-3789	43	24	call	call	VERB
fsr-3789	43	25	the	the	DET
fsr-3789	43	26	shots	shot	NOUN
fsr-3789	43	27	for	for	ADP
fsr-3789	43	28	an	an	DET
fsr-3789	43	29	account	account	NOUN
fsr-3789	43	30	(	(	PUNCT
fsr-3789	43	31	goldberg	goldberg	PROPN
fsr-3789	43	32	,	,	PUNCT
fsr-3789	43	33	1991	1991	NUM
fsr-3789	43	34	)	)	PUNCT
fsr-3789	43	35	.	.	PUNCT
fsr-3789	44	1	these	these	DET
fsr-3789	44	2	factors	factor	NOUN
fsr-3789	44	3	include	include	VERB
fsr-3789	44	4	the	the	DET
fsr-3789	44	5	customer	customer	NOUN
fsr-3789	44	6	’s	’s	PART
fsr-3789	44	7	sophistication	sophistication	NOUN
fsr-3789	44	8	,	,	PUNCT
fsr-3789	44	9	prior	prior	ADJ
fsr-3789	44	10	securities	security	NOUN
fsr-3789	44	11	experience	experience	NOUN
fsr-3789	44	12	,	,	PUNCT
fsr-3789	44	13	and	and	CCONJ
fsr-3789	44	14	the	the	DET
fsr-3789	44	15	amount	amount	NOUN
fsr-3789	44	16	of	of	ADP
fsr-3789	44	17	trust	trust	NOUN
fsr-3789	44	18	and	and	CCONJ
fsr-3789	44	19	confidence	confidence	NOUN
fsr-3789	44	20	placed	place	VERB
fsr-3789	44	21	in	in	ADP
fsr-3789	44	22	the	the	DET
fsr-3789	44	23	stockbroker	stockbroker	NOUN
fsr-3789	44	24	.	.	PUNCT
fsr-3789	45	1	it	it	PRON
fsr-3789	45	2	is	be	AUX
fsr-3789	45	3	also	also	ADV
fsr-3789	45	4	relevant	relevant	ADJ
fsr-3789	45	5	to	to	PART
fsr-3789	45	6	examine	examine	VERB
fsr-3789	45	7	whether	whether	SCONJ
fsr-3789	45	8	the	the	DET
fsr-3789	45	9	client	client	NOUN
fsr-3789	45	10	conducted	conduct	VERB
fsr-3789	45	11	independent	independent	ADJ
fsr-3789	45	12	research	research	NOUN
fsr-3789	45	13	,	,	PUNCT
fsr-3789	45	14	read	read	VERB
fsr-3789	45	15	current	current	ADJ
fsr-3789	45	16	financial	financial	ADJ
fsr-3789	45	17	publications	publication	NOUN
fsr-3789	45	18	,	,	PUNCT
fsr-3789	45	19	and	and	CCONJ
fsr-3789	45	20	whether	whether	SCONJ
fsr-3789	45	21	the	the	DET
fsr-3789	45	22	client	client	NOUN
fsr-3789	45	23	was	be	AUX
fsr-3789	45	24	provided	provide	VERB
fsr-3789	45	25	with	with	ADP
fsr-3789	45	26	totally	totally	ADV
fsr-3789	45	27	truthful	truthful	ADJ
fsr-3789	45	28	informa	informa	NOUN
fsr-3789	45	29	churning	churn	VERB
fsr-3789	45	30	45	45	NUM
fsr-3789	45	31	tion	tion	NOUN
fsr-3789	45	32	.	.	PUNCT
fsr-3789	46	1	in	in	ADP
fsr-3789	46	2	examining	examine	VERB
fsr-3789	46	3	the	the	DET
fsr-3789	46	4	trading	trading	NOUN
fsr-3789	46	5	that	that	PRON
fsr-3789	46	6	took	take	VERB
fsr-3789	46	7	place	place	NOUN
fsr-3789	46	8	,	,	PUNCT
fsr-3789	46	9	if	if	SCONJ
fsr-3789	46	10	a	a	DET
fsr-3789	46	11	high	high	ADJ
fsr-3789	46	12	percentage	percentage	NOUN
fsr-3789	46	13	of	of	ADP
fsr-3789	46	14	transactions	transaction	NOUN
fsr-3789	46	15	were	be	AUX
fsr-3789	46	16	rec	rec	NOUN
fsr-3789	46	17	ommended	ommende	VERB
fsr-3789	46	18	by	by	ADP
fsr-3789	46	19	the	the	DET
fsr-3789	46	20	broker	broker	NOUN
fsr-3789	46	21	and	and	CCONJ
fsr-3789	46	22	the	the	DET
fsr-3789	46	23	client	client	NOUN
fsr-3789	46	24	usually	usually	ADV
fsr-3789	46	25	acquiesced	acquiesce	VERB
fsr-3789	46	26	,	,	PUNCT
fsr-3789	46	27	then	then	ADV
fsr-3789	46	28	the	the	DET
fsr-3789	46	29	broker	broker	NOUN
fsr-3789	46	30	may	may	AUX
fsr-3789	46	31	have	have	AUX
fsr-3789	46	32	been	be	AUX
fsr-3789	46	33	in	in	ADP
fsr-3789	46	34	control	control	NOUN
fsr-3789	46	35	of	of	ADP
fsr-3789	46	36	the	the	DET
fsr-3789	46	37	account	account	NOUN
fsr-3789	46	38	.	.	PUNCT
fsr-3789	47	1	the	the	DET
fsr-3789	47	2	fact	fact	NOUN
fsr-3789	47	3	that	that	SCONJ
fsr-3789	47	4	the	the	DET
fsr-3789	47	5	client	client	NOUN
fsr-3789	47	6	occasionally	occasionally	ADV
fsr-3789	47	7	executed	execute	VERB
fsr-3789	47	8	a	a	DET
fsr-3789	47	9	trade	trade	NOUN
fsr-3789	47	10	or	or	CCONJ
fsr-3789	47	11	refused	refuse	VERB
fsr-3789	47	12	a	a	DET
fsr-3789	47	13	broker	broker	NOUN
fsr-3789	47	14	’s	’s	PART
fsr-3789	47	15	recommendation	recommendation	NOUN
fsr-3789	47	16	does	do	AUX
fsr-3789	47	17	not	not	PART
fsr-3789	47	18	establish	establish	VERB
fsr-3789	47	19	that	that	SCONJ
fsr-3789	47	20	the	the	DET
fsr-3789	47	21	client	client	NOUN
fsr-3789	47	22	was	be	AUX
fsr-3789	47	23	in	in	ADP
fsr-3789	47	24	control	control	NOUN
fsr-3789	47	25	.	.	PUNCT
fsr-3789	48	1	b.	b.	PROPN
fsr-3789	48	2	excessive	excessive	ADJ
fsr-3789	48	3	trading	trading	NOUN
fsr-3789	48	4	it	it	PRON
fsr-3789	48	5	is	be	AUX
fsr-3789	48	6	well	well	ADV
fsr-3789	48	7	established	establish	VERB
fsr-3789	48	8	in	in	ADP
fsr-3789	48	9	case	case	NOUN
fsr-3789	48	10	law	law	NOUN
fsr-3789	48	11	that	that	SCONJ
fsr-3789	48	12	excessive	excessive	ADJ
fsr-3789	48	13	trading	trading	NOUN
fsr-3789	48	14	may	may	AUX
fsr-3789	48	15	only	only	ADV
fsr-3789	48	16	be	be	AUX
fsr-3789	48	17	gauged	gauge	VERB
fsr-3789	48	18	in	in	ADP
fsr-3789	48	19	light	light	NOUN
fsr-3789	48	20	of	of	ADP
fsr-3789	48	21	the	the	DET
fsr-3789	48	22	nature	nature	NOUN
fsr-3789	48	23	of	of	ADP
fsr-3789	48	24	the	the	DET
fsr-3789	48	25	account	account	NOUN
fsr-3789	48	26	,	,	PUNCT
fsr-3789	48	27	the	the	DET
fsr-3789	48	28	dominant	dominant	ADJ
fsr-3789	48	29	element	element	NOUN
fsr-3789	48	30	of	of	ADP
fsr-3789	48	31	which	which	PRON
fsr-3789	48	32	is	be	AUX
fsr-3789	48	33	the	the	DET
fsr-3789	48	34	investment	investment	NOUN
fsr-3789	48	35	objective	objective	NOUN
fsr-3789	48	36	of	of	ADP
fsr-3789	48	37	the	the	DET
fsr-3789	48	38	client	client	NOUN
fsr-3789	48	39	.	.	PUNCT
fsr-3789	49	1	in	in	ADP
fsr-3789	49	2	determining	determine	VERB
fsr-3789	49	3	the	the	DET
fsr-3789	49	4	investment	investment	NOUN
fsr-3789	49	5	objective	objective	NOUN
fsr-3789	49	6	,	,	PUNCT
fsr-3789	49	7	it	it	PRON
fsr-3789	49	8	is	be	AUX
fsr-3789	49	9	sometimes	sometimes	ADV
fsr-3789	49	10	useful	useful	ADJ
fsr-3789	49	11	to	to	PART
fsr-3789	49	12	examine	examine	VERB
fsr-3789	49	13	new	new	ADJ
fsr-3789	49	14	account	account	NOUN
fsr-3789	49	15	forms	form	NOUN
fsr-3789	49	16	for	for	ADP
fsr-3789	49	17	indicated	indicate	VERB
fsr-3789	49	18	investment	investment	NOUN
fsr-3789	49	19	objectives	objective	NOUN
fsr-3789	49	20	.	.	PUNCT
fsr-3789	50	1	unfortunately	unfortunately	ADV
fsr-3789	50	2	,	,	PUNCT
fsr-3789	50	3	there	there	PRON
fsr-3789	50	4	is	be	VERB
fsr-3789	50	5	little	little	ADJ
fsr-3789	50	6	standard	standard	ADJ
fsr-3789	50	7	ization	ization	NOUN
fsr-3789	50	8	among	among	ADP
fsr-3789	50	9	firms	firm	NOUN
fsr-3789	50	10	,	,	PUNCT
fsr-3789	50	11	and	and	CCONJ
fsr-3789	50	12	categories	category	NOUN
fsr-3789	50	13	vary	vary	VERB
fsr-3789	50	14	widely	widely	ADV
fsr-3789	50	15	.	.	PUNCT
fsr-3789	51	1	common	common	ADJ
fsr-3789	51	2	categories	category	NOUN
fsr-3789	51	3	include	include	VERB
fsr-3789	51	4	safety	safety	NOUN
fsr-3789	51	5	,	,	PUNCT
fsr-3789	51	6	con	con	PROPN
fsr-3789	51	7	servation	servation	NOUN
fsr-3789	51	8	of	of	ADP
fsr-3789	51	9	principal	principal	NOUN
fsr-3789	51	10	,	,	PUNCT
fsr-3789	51	11	income	income	NOUN
fsr-3789	51	12	,	,	PUNCT
fsr-3789	51	13	safety	safety	NOUN
fsr-3789	51	14	and	and	CCONJ
fsr-3789	51	15	income	income	NOUN
fsr-3789	51	16	,	,	PUNCT
fsr-3789	51	17	growth	growth	NOUN
fsr-3789	51	18	,	,	PUNCT
fsr-3789	51	19	growth	growth	NOUN
fsr-3789	51	20	and	and	CCONJ
fsr-3789	51	21	income	income	NOUN
fsr-3789	51	22	,	,	PUNCT
fsr-3789	51	23	aggressive	aggressive	ADJ
fsr-3789	51	24	income	income	NOUN
fsr-3789	51	25	,	,	PUNCT
fsr-3789	51	26	aggressive	aggressive	ADJ
fsr-3789	51	27	growth	growth	NOUN
fsr-3789	51	28	,	,	PUNCT
fsr-3789	51	29	trading	trading	NOUN
fsr-3789	51	30	,	,	PUNCT
fsr-3789	51	31	speculation	speculation	NOUN
fsr-3789	51	32	,	,	PUNCT
fsr-3789	51	33	and	and	CCONJ
fsr-3789	51	34	long	long	ADJ
fsr-3789	51	35	term	term	NOUN
fsr-3789	51	36	growth	growth	NOUN
fsr-3789	51	37	.	.	PUNCT
fsr-3789	52	1	the	the	DET
fsr-3789	52	2	problem	problem	NOUN
fsr-3789	52	3	is	be	AUX
fsr-3789	52	4	compounded	compound	VERB
fsr-3789	52	5	by	by	ADP
fsr-3789	52	6	the	the	DET
fsr-3789	52	7	frequent	frequent	ADJ
fsr-3789	52	8	occurrence	occurrence	NOUN
fsr-3789	52	9	that	that	SCONJ
fsr-3789	52	10	more	more	ADJ
fsr-3789	52	11	than	than	ADP
fsr-3789	52	12	one	one	NUM
fsr-3789	52	13	category	category	NOUN
fsr-3789	52	14	is	be	AUX
fsr-3789	52	15	checked	check	VERB
fsr-3789	52	16	and	and	CCONJ
fsr-3789	52	17	these	these	PRON
fsr-3789	52	18	are	be	AUX
fsr-3789	52	19	often	often	ADV
fsr-3789	52	20	conflicting	conflict	VERB
fsr-3789	52	21	.	.	PUNCT
fsr-3789	53	1	it	it	PRON
fsr-3789	53	2	is	be	AUX
fsr-3789	53	3	often	often	ADV
fsr-3789	53	4	more	more	ADV
fsr-3789	53	5	fruitful	fruitful	ADJ
fsr-3789	53	6	to	to	PART
fsr-3789	53	7	look	look	VERB
fsr-3789	53	8	at	at	ADP
fsr-3789	53	9	the	the	DET
fsr-3789	53	10	financial	financial	ADJ
fsr-3789	53	11	situation	situation	NOUN
fsr-3789	53	12	of	of	ADP
fsr-3789	53	13	the	the	DET
fsr-3789	53	14	client	client	NOUN
fsr-3789	53	15	.	.	PUNCT
fsr-3789	54	1	for	for	ADP
fsr-3789	54	2	instance	instance	NOUN
fsr-3789	54	3	,	,	PUNCT
fsr-3789	54	4	on	on	ADP
fsr-3789	54	5	one	one	NUM
fsr-3789	54	6	end	end	NOUN
fsr-3789	54	7	of	of	ADP
fsr-3789	54	8	the	the	DET
fsr-3789	54	9	spectrum	spectrum	NOUN
fsr-3789	54	10	,	,	PUNCT
fsr-3789	54	11	an	an	DET
fsr-3789	54	12	elderly	elderly	ADJ
fsr-3789	54	13	client	client	NOUN
fsr-3789	54	14	with	with	ADP
fsr-3789	54	15	a	a	DET
fsr-3789	54	16	retirement	retirement	NOUN
fsr-3789	54	17	account	account	NOUN
fsr-3789	54	18	investing	invest	VERB
fsr-3789	54	19	irreplaceable	irreplaceable	ADJ
fsr-3789	54	20	funds	fund	NOUN
fsr-3789	54	21	should	should	AUX
fsr-3789	54	22	have	have	VERB
fsr-3789	54	23	conservative	conservative	ADJ
fsr-3789	54	24	investment	investment	NOUN
fsr-3789	54	25	objectives	objective	NOUN
fsr-3789	54	26	.	.	PUNCT
fsr-3789	55	1	on	on	ADP
fsr-3789	55	2	the	the	DET
fsr-3789	55	3	other	other	ADJ
fsr-3789	55	4	end	end	NOUN
fsr-3789	55	5	of	of	ADP
fsr-3789	55	6	the	the	DET
fsr-3789	55	7	spectrum	spectrum	NOUN
fsr-3789	55	8	,	,	PUNCT
fsr-3789	55	9	a	a	DET
fsr-3789	55	10	young	young	ADJ
fsr-3789	55	11	executive	executive	NOUN
fsr-3789	55	12	with	with	ADP
fsr-3789	55	13	a	a	DET
fsr-3789	55	14	good	good	ADJ
fsr-3789	55	15	income	income	NOUN
fsr-3789	55	16	,	,	PUNCT
fsr-3789	55	17	investing	invest	VERB
fsr-3789	55	18	a	a	DET
fsr-3789	55	19	small	small	ADJ
fsr-3789	55	20	percentage	percentage	NOUN
fsr-3789	55	21	of	of	ADP
fsr-3789	55	22	his	his	PRON
fsr-3789	55	23	or	or	CCONJ
fsr-3789	55	24	her	her	PRON
fsr-3789	55	25	wealth	wealth	NOUN
fsr-3789	55	26	,	,	PUNCT
fsr-3789	55	27	could	could	AUX
fsr-3789	55	28	well	well	ADV
fsr-3789	55	29	have	have	VERB
fsr-3789	55	30	more	more	ADV
fsr-3789	55	31	speculative	speculative	ADJ
fsr-3789	55	32	investment	investment	NOUN
fsr-3789	55	33	objectives	objective	NOUN
fsr-3789	55	34	.	.	PUNCT
fsr-3789	56	1	another	another	DET
fsr-3789	56	2	consideration	consideration	NOUN
fsr-3789	56	3	is	be	AUX
fsr-3789	56	4	the	the	DET
fsr-3789	56	5	sophistication	sophistication	NOUN
fsr-3789	56	6	and	and	CCONJ
fsr-3789	56	7	knowledge	knowledge	NOUN
fsr-3789	56	8	of	of	ADP
fsr-3789	56	9	the	the	DET
fsr-3789	56	10	client	client	NOUN
fsr-3789	56	11	.	.	PUNCT
fsr-3789	57	1	more	more	ADV
fsr-3789	57	2	sophisticated	sophisticated	ADJ
fsr-3789	57	3	and	and	CCONJ
fsr-3789	57	4	knowledgeable	knowledgeable	ADJ
fsr-3789	57	5	clients	client	NOUN
fsr-3789	57	6	can	can	AUX
fsr-3789	57	7	generally	generally	ADV
fsr-3789	57	8	tolerate	tolerate	VERB
fsr-3789	57	9	higher	high	ADJ
fsr-3789	57	10	levels	level	NOUN
fsr-3789	57	11	of	of	ADP
fsr-3789	57	12	risk	risk	NOUN
fsr-3789	57	13	.	.	PUNCT
fsr-3789	58	1	ultimately	ultimately	ADV
fsr-3789	58	2	,	,	PUNCT
fsr-3789	58	3	a	a	DET
fsr-3789	58	4	determination	determination	NOUN
fsr-3789	58	5	of	of	ADP
fsr-3789	58	6	the	the	DET
fsr-3789	58	7	appropriate	appropriate	ADJ
fsr-3789	58	8	level	level	NOUN
fsr-3789	58	9	of	of	ADP
fsr-3789	58	10	risk	risk	NOUN
fsr-3789	58	11	tolerance	tolerance	NOUN
fsr-3789	58	12	in	in	ADP
fsr-3789	58	13	the	the	DET
fsr-3789	58	14	account	account	NOUN
fsr-3789	58	15	must	must	AUX
fsr-3789	58	16	be	be	AUX
fsr-3789	58	17	made	make	VERB
fsr-3789	58	18	in	in	ADP
fsr-3789	58	19	order	order	NOUN
fsr-3789	58	20	to	to	PART
fsr-3789	58	21	determine	determine	VERB
fsr-3789	58	22	if	if	SCONJ
fsr-3789	58	23	the	the	DET
fsr-3789	58	24	account	account	NOUN
fsr-3789	58	25	has	have	AUX
fsr-3789	58	26	been	be	AUX
fsr-3789	58	27	excessively	excessively	ADV
fsr-3789	58	28	traded	trade	VERB
fsr-3789	58	29	:	:	PUNCT
fsr-3789	58	30	the	the	DET
fsr-3789	58	31	degree	degree	NOUN
fsr-3789	58	32	of	of	ADP
fsr-3789	58	33	tolerance	tolerance	NOUN
fsr-3789	58	34	of	of	ADP
fsr-3789	58	35	risk	risk	NOUN
fsr-3789	58	36	among	among	ADP
fsr-3789	58	37	clients	client	NOUN
fsr-3789	58	38	is	be	AUX
fsr-3789	58	39	obviously	obviously	ADV
fsr-3789	58	40	a	a	DET
fsr-3789	58	41	seamless	seamless	ADJ
fsr-3789	58	42	spectrum	spectrum	NOUN
fsr-3789	58	43	;	;	PUNCT
fsr-3789	58	44	nonetheless	nonetheless	ADV
fsr-3789	58	45	,	,	PUNCT
fsr-3789	58	46	for	for	ADP
fsr-3789	58	47	legal	legal	ADJ
fsr-3789	58	48	purposes	purpose	NOUN
fsr-3789	58	49	,	,	PUNCT
fsr-3789	58	50	case	case	NOUN
fsr-3789	58	51	law	law	NOUN
fsr-3789	58	52	seems	seem	VERB
fsr-3789	58	53	to	to	PART
fsr-3789	58	54	have	have	AUX
fsr-3789	58	55	coalesced	coalesce	VERB
fsr-3789	58	56	around	around	ADP
fsr-3789	58	57	three	three	NUM
fsr-3789	58	58	general	general	ADJ
fsr-3789	58	59	categories	category	NOUN
fsr-3789	58	60	,	,	PUNCT
fsr-3789	58	61	as	as	SCONJ
fsr-3789	58	62	follows	follow	VERB
fsr-3789	58	63	:	:	PUNCT
fsr-3789	58	64	1	1	X
fsr-3789	58	65	.	.	X
fsr-3789	58	66	conservative	conservative	ADJ
fsr-3789	58	67	-	-	PUNCT
fsr-3789	58	68	low	low	ADJ
fsr-3789	58	69	risk	risk	NOUN
fsr-3789	58	70	.	.	PUNCT
fsr-3789	59	1	accounts	account	NOUN
fsr-3789	59	2	of	of	ADP
fsr-3789	59	3	this	this	DET
fsr-3789	59	4	type	type	NOUN
fsr-3789	59	5	generally	generally	ADV
fsr-3789	59	6	require	require	VERB
fsr-3789	59	7	safety	safety	NOUN
fsr-3789	59	8	and	and	CCONJ
fsr-3789	59	9	conservation	conservation	NOUN
fsr-3789	59	10	of	of	ADP
fsr-3789	59	11	principal	principal	NOUN
fsr-3789	59	12	.	.	PUNCT
fsr-3789	60	1	common	common	ADJ
fsr-3789	60	2	investment	investment	NOUN
fsr-3789	60	3	objectives	objective	NOUN
fsr-3789	60	4	include	include	VERB
fsr-3789	60	5	conservation	conservation	NOUN
fsr-3789	60	6	of	of	ADP
fsr-3789	60	7	principal	principal	NOUN
fsr-3789	60	8	,	,	PUNCT
fsr-3789	60	9	income	income	NOUN
fsr-3789	60	10	,	,	PUNCT
fsr-3789	60	11	and	and	CCONJ
fsr-3789	60	12	perhaps	perhaps	ADV
fsr-3789	60	13	growth	growth	NOUN
fsr-3789	60	14	and	and	CCONJ
fsr-3789	60	15	income	income	NOUN
fsr-3789	60	16	.	.	PUNCT
fsr-3789	61	1	such	such	ADJ
fsr-3789	61	2	accounts	account	NOUN
fsr-3789	61	3	can	can	AUX
fsr-3789	61	4	ill	ill	VERB
fsr-3789	61	5	afford	afford	VERB
fsr-3789	61	6	excessive	excessive	ADJ
fsr-3789	61	7	trading	trading	NOUN
fsr-3789	61	8	costs	cost	NOUN
fsr-3789	61	9	and	and	CCONJ
fsr-3789	61	10	low	low	ADJ
fsr-3789	61	11	risk	risk	NOUN
fsr-3789	61	12	securities	security	NOUN
fsr-3789	61	13	are	be	AUX
fsr-3789	61	14	generally	generally	ADV
fsr-3789	61	15	appropriate	appropriate	ADJ
fsr-3789	61	16	.	.	PUNCT
fsr-3789	62	1	2	2	X
fsr-3789	62	2	.	.	X
fsr-3789	62	3	investment	investment	NOUN
fsr-3789	62	4	-	-	PUNCT
fsr-3789	62	5	medium	medium	NOUN
fsr-3789	62	6	risk	risk	NOUN
fsr-3789	62	7	.	.	PUNCT
fsr-3789	63	1	such	such	ADJ
fsr-3789	63	2	accounts	account	NOUN
fsr-3789	63	3	are	be	AUX
fsr-3789	63	4	ordinary	ordinary	ADJ
fsr-3789	63	5	investment	investment	NOUN
fsr-3789	63	6	accounts	account	NOUN
fsr-3789	63	7	.	.	PUNCT
fsr-3789	64	1	although	although	SCONJ
fsr-3789	64	2	not	not	PART
fsr-3789	64	3	classified	classify	VERB
fsr-3789	64	4	as	as	ADP
fsr-3789	64	5	speculators	speculator	NOUN
fsr-3789	64	6	,	,	PUNCT
fsr-3789	64	7	this	this	DET
fsr-3789	64	8	type	type	NOUN
fsr-3789	64	9	of	of	ADP
fsr-3789	64	10	investor	investor	NOUN
fsr-3789	64	11	is	be	AUX
fsr-3789	64	12	willing	willing	ADJ
fsr-3789	64	13	to	to	PART
fsr-3789	64	14	assume	assume	VERB
fsr-3789	64	15	some	some	DET
fsr-3789	64	16	degree	degree	NOUN
fsr-3789	64	17	of	of	ADP
fsr-3789	64	18	investment	investment	NOUN
fsr-3789	64	19	risk	risk	NOUN
fsr-3789	64	20	.	.	PUNCT
fsr-3789	65	1	common	common	ADJ
fsr-3789	65	2	investment	investment	NOUN
fsr-3789	65	3	objectives	objective	NOUN
fsr-3789	65	4	include	include	VERB
fsr-3789	65	5	growth	growth	NOUN
fsr-3789	65	6	and	and	CCONJ
fsr-3789	65	7	long	long	ADJ
fsr-3789	65	8	term	term	NOUN
fsr-3789	65	9	growth	growth	NOUN
fsr-3789	65	10	.	.	PUNCT
fsr-3789	66	1	a	a	DET
fsr-3789	66	2	buy	buy	NOUN
fsr-3789	66	3	and	and	CCONJ
fsr-3789	66	4	hold	hold	VERB
fsr-3789	66	5	strategy	strategy	NOUN
fsr-3789	66	6	is	be	AUX
fsr-3789	66	7	appropriate	appropriate	ADJ
fsr-3789	66	8	although	although	SCONJ
fsr-3789	66	9	such	such	ADJ
fsr-3789	66	10	accounts	account	NOUN
fsr-3789	66	11	can	can	AUX
fsr-3789	66	12	afford	afford	VERB
fsr-3789	66	13	some	some	DET
fsr-3789	66	14	trading	trading	NOUN
fsr-3789	66	15	and	and	CCONJ
fsr-3789	66	16	medium	medium	ADJ
fsr-3789	66	17	risk	risk	NOUN
fsr-3789	66	18	securities	security	NOUN
fsr-3789	66	19	are	be	AUX
fsr-3789	66	20	generally	generally	ADV
fsr-3789	66	21	appropriate	appropriate	ADJ
fsr-3789	66	22	.	.	PUNCT
fsr-3789	67	1	3	3	X
fsr-3789	67	2	.	.	X
fsr-3789	67	3	speculative+high	speculative+high	ADJ
fsr-3789	67	4	risk	risk	NOUN
fsr-3789	67	5	.	.	PUNCT
fsr-3789	68	1	these	these	DET
fsr-3789	68	2	accounts	account	NOUN
fsr-3789	68	3	are	be	AUX
fsr-3789	68	4	the	the	DET
fsr-3789	68	5	most	most	ADV
fsr-3789	68	6	aggressive	aggressive	ADJ
fsr-3789	68	7	.	.	PUNCT
fsr-3789	69	1	common	common	ADJ
fsr-3789	69	2	investment	investment	NOUN
fsr-3789	69	3	objectives	objective	NOUN
fsr-3789	69	4	include	include	VERB
fsr-3789	69	5	trading	trading	NOUN
fsr-3789	69	6	,	,	PUNCT
fsr-3789	69	7	aggressive	aggressive	ADJ
fsr-3789	69	8	growth	growth	NOUN
fsr-3789	69	9	,	,	PUNCT
fsr-3789	69	10	and	and	CCONJ
fsr-3789	69	11	speculation	speculation	NOUN
fsr-3789	69	12	.	.	PUNCT
fsr-3789	70	1	sub	sub	NOUN
fsr-3789	70	2	stantial	stantial	ADJ
fsr-3789	70	3	trading	trading	NOUN
fsr-3789	70	4	is	be	AUX
fsr-3789	70	5	suitable	suitable	ADJ
fsr-3789	70	6	in	in	ADP
fsr-3789	70	7	such	such	ADJ
fsr-3789	70	8	accounts	account	NOUN
fsr-3789	70	9	and	and	CCONJ
fsr-3789	70	10	high	high	ADJ
fsr-3789	70	11	risk	risk	NOUN
fsr-3789	70	12	securities	security	NOUN
fsr-3789	70	13	are	be	AUX
fsr-3789	70	14	generally	generally	ADV
fsr-3789	70	15	not	not	PART
fsr-3789	70	16	unsuitable	unsuitable	ADJ
fsr-3789	70	17	.	.	PUNCT
fsr-3789	71	1	once	once	ADV
fsr-3789	71	2	a	a	DET
fsr-3789	71	3	determination	determination	NOUN
fsr-3789	71	4	of	of	ADP
fsr-3789	71	5	the	the	DET
fsr-3789	71	6	risk	risk	NOUN
fsr-3789	71	7	tolerance	tolerance	NOUN
fsr-3789	71	8	and	and	CCONJ
fsr-3789	71	9	general	general	ADJ
fsr-3789	71	10	nature	nature	NOUN
fsr-3789	71	11	of	of	ADP
fsr-3789	71	12	the	the	DET
fsr-3789	71	13	account	account	NOUN
fsr-3789	71	14	is	be	AUX
fsr-3789	71	15	made	make	VERB
fsr-3789	71	16	,	,	PUNCT
fsr-3789	71	17	a	a	DET
fsr-3789	71	18	quantitative	quantitative	ADJ
fsr-3789	71	19	analysis	analysis	NOUN
fsr-3789	71	20	of	of	ADP
fsr-3789	71	21	the	the	DET
fsr-3789	71	22	trading	trading	NOUN
fsr-3789	71	23	in	in	ADP
fsr-3789	71	24	the	the	DET
fsr-3789	71	25	account	account	NOUN
fsr-3789	71	26	is	be	AUX
fsr-3789	71	27	conducted	conduct	VERB
fsr-3789	71	28	.	.	PUNCT
fsr-3789	72	1	the	the	DET
fsr-3789	72	2	analysis	analysis	NOUN
fsr-3789	72	3	typically	typically	ADV
fsr-3789	72	4	includes	include	VERB
fsr-3789	72	5	a	a	DET
fsr-3789	72	6	calculation	calculation	NOUN
fsr-3789	72	7	of	of	ADP
fsr-3789	72	8	the	the	DET
fsr-3789	72	9	turnover	turnover	NOUN
fsr-3789	72	10	ratio	ratio	NOUN
fsr-3789	72	11	in	in	ADP
fsr-3789	72	12	the	the	DET
fsr-3789	72	13	account	account	NOUN
fsr-3789	72	14	and	and	CCONJ
fsr-3789	72	15	other	other	ADJ
fsr-3789	72	16	,	,	PUNCT
fsr-3789	72	17	more	more	ADV
fsr-3789	72	18	direct	direct	ADJ
fsr-3789	72	19	measures	measure	NOUN
fsr-3789	72	20	financial	financial	ADJ
fsr-3789	72	21	services	service	NOUN
fsr-3789	72	22	review	review	VERB
fsr-3789	72	23	5	5	NUM
fsr-3789	72	24	(	(	PUNCT
fsr-3789	72	25	1	1	NUM
fsr-3789	72	26	)	)	PUNCT
fsr-3789	72	27	1996	1996	NUM
fsr-3789	72	28	of	of	ADP
fsr-3789	72	29	trading	trading	NOUN
fsr-3789	72	30	costs	cost	NOUN
fsr-3789	72	31	.	.	PUNCT
fsr-3789	73	1	it	it	PRON
fsr-3789	73	2	is	be	AUX
fsr-3789	73	3	also	also	ADV
fsr-3789	73	4	common	common	ADJ
fsr-3789	73	5	to	to	PART
fsr-3789	73	6	examine	examine	VERB
fsr-3789	73	7	the	the	DET
fsr-3789	73	8	holding	hold	VERB
fsr-3789	73	9	periods	period	NOUN
fsr-3789	73	10	of	of	ADP
fsr-3789	73	11	the	the	DET
fsr-3789	73	12	securities	security	NOUN
fsr-3789	73	13	in	in	ADP
fsr-3789	73	14	the	the	DET
fsr-3789	73	15	account	account	NOUN
fsr-3789	73	16	.	.	PUNCT
fsr-3789	74	1	case	case	NOUN
fsr-3789	74	2	law	law	NOUN
fsr-3789	74	3	has	have	AUX
fsr-3789	74	4	developed	develop	VERB
fsr-3789	74	5	certain	certain	ADJ
fsr-3789	74	6	standards	standard	NOUN
fsr-3789	74	7	for	for	ADP
fsr-3789	74	8	gauging	gauge	VERB
fsr-3789	74	9	the	the	DET
fsr-3789	74	10	excessiveness	excessiveness	NOUN
fsr-3789	74	11	of	of	ADP
fsr-3789	74	12	trading	trading	NOUN
fsr-3789	74	13	in	in	ADP
fsr-3789	74	14	relation	relation	NOUN
fsr-3789	74	15	to	to	ADP
fsr-3789	74	16	the	the	DET
fsr-3789	74	17	nature	nature	NOUN
fsr-3789	74	18	of	of	ADP
fsr-3789	74	19	the	the	DET
fsr-3789	74	20	account	account	NOUN
fsr-3789	74	21	.	.	PUNCT
fsr-3789	75	1	these	these	DET
fsr-3789	75	2	measures	measure	NOUN
fsr-3789	75	3	and	and	CCONJ
fsr-3789	75	4	standards	standard	NOUN
fsr-3789	75	5	of	of	ADP
fsr-3789	75	6	excessive	excessive	ADJ
fsr-3789	75	7	trading	trading	NOUN
fsr-3789	75	8	will	will	AUX
fsr-3789	75	9	be	be	AUX
fsr-3789	75	10	examined	examine	VERB
fsr-3789	75	11	below	below	ADV
fsr-3789	75	12	.	.	PUNCT
fsr-3789	76	1	c.	c.	NOUN
fsr-3789	76	2	scienter	scienter	VERB
fsr-3789	76	3	the	the	DET
fsr-3789	76	4	final	final	ADJ
fsr-3789	76	5	element	element	NOUN
fsr-3789	76	6	of	of	ADP
fsr-3789	76	7	a	a	DET
fsr-3789	76	8	churning	churn	VERB
fsr-3789	76	9	claim	claim	NOUN
fsr-3789	76	10	is	be	AUX
fsr-3789	76	11	scienter	scienter	NOUN
fsr-3789	76	12	or	or	CCONJ
fsr-3789	76	13	“	"	PUNCT
fsr-3789	76	14	evil	evil	ADJ
fsr-3789	76	15	intent	intent	NOUN
fsr-3789	76	16	.	.	PUNCT
fsr-3789	76	17	”	"	PUNCT
fsr-3789	77	1	once	once	SCONJ
fsr-3789	77	2	it	it	PRON
fsr-3789	77	3	has	have	AUX
fsr-3789	77	4	been	be	AUX
fsr-3789	77	5	determined	determine	VERB
fsr-3789	77	6	that	that	SCONJ
fsr-3789	77	7	the	the	DET
fsr-3789	77	8	broker	broker	NOUN
fsr-3789	77	9	controlled	control	VERB
fsr-3789	77	10	the	the	DET
fsr-3789	77	11	account	account	NOUN
fsr-3789	77	12	and	and	CCONJ
fsr-3789	77	13	that	that	SCONJ
fsr-3789	77	14	the	the	DET
fsr-3789	77	15	account	account	NOUN
fsr-3789	77	16	was	be	AUX
fsr-3789	77	17	excessively	excessively	ADV
fsr-3789	77	18	traded	trade	VERB
fsr-3789	77	19	,	,	PUNCT
fsr-3789	77	20	it	it	PRON
fsr-3789	77	21	must	must	AUX
fsr-3789	77	22	also	also	ADV
fsr-3789	77	23	be	be	AUX
fsr-3789	77	24	established	establish	VERB
fsr-3789	77	25	that	that	SCONJ
fsr-3789	77	26	the	the	DET
fsr-3789	77	27	stockbroker	stockbroker	NOUN
fsr-3789	77	28	traded	trade	VERB
fsr-3789	77	29	the	the	DET
fsr-3789	77	30	account	account	NOUN
fsr-3789	77	31	with	with	ADP
fsr-3789	77	32	the	the	DET
fsr-3789	77	33	intent	intent	NOUN
fsr-3789	77	34	to	to	PART
fsr-3789	77	35	defraud	defraud	VERB
fsr-3789	77	36	,	,	PUNCT
fsr-3789	77	37	or	or	CCONJ
fsr-3789	77	38	at	at	ADP
fsr-3789	77	39	least	least	ADJ
fsr-3789	77	40	with	with	ADP
fsr-3789	77	41	reckless	reckless	ADJ
fsr-3789	77	42	disregard	disregard	NOUN
fsr-3789	77	43	of	of	ADP
fsr-3789	77	44	the	the	DET
fsr-3789	77	45	best	good	ADJ
fsr-3789	77	46	interests	interest	NOUN
fsr-3789	77	47	of	of	ADP
fsr-3789	77	48	the	the	DET
fsr-3789	77	49	client	client	NOUN
fsr-3789	77	50	.	.	PUNCT
fsr-3789	78	1	most	most	ADJ
fsr-3789	78	2	courts	court	NOUN
fsr-3789	78	3	simply	simply	ADV
fsr-3789	78	4	infer	infer	VERB
fsr-3789	78	5	this	this	DET
fsr-3789	78	6	element	element	NOUN
fsr-3789	78	7	when	when	SCONJ
fsr-3789	78	8	the	the	DET
fsr-3789	78	9	first	first	ADJ
fsr-3789	78	10	two	two	NUM
fsr-3789	78	11	have	have	AUX
fsr-3789	78	12	been	be	AUX
fsr-3789	78	13	established	establish	VERB
fsr-3789	78	14	(	(	PUNCT
fsr-3789	78	15	goldberg	goldberg	PROPN
fsr-3789	78	16	,	,	PUNCT
fsr-3789	78	17	1991	1991	NUM
fsr-3789	78	18	)	)	PUNCT
fsr-3789	78	19	.	.	PUNCT
fsr-3789	79	1	iii	iii	X
fsr-3789	79	2	.	.	PUNCT
fsr-3789	79	3	measures	measure	NOUN
fsr-3789	79	4	and	and	CCONJ
fsr-3789	79	5	legal	legal	ADJ
fsr-3789	79	6	standards	standard	NOUN
fsr-3789	79	7	of	of	ADP
fsr-3789	79	8	excessive	excessive	ADJ
fsr-3789	79	9	trading	trading	NOUN
fsr-3789	79	10	a.	a.	NOUN
fsr-3789	79	11	the	the	DET
fsr-3789	79	12	turnover	turnover	NOUN
fsr-3789	79	13	ratio	ratio	NOUN
fsr-3789	79	14	until	until	ADP
fsr-3789	79	15	recently	recently	ADV
fsr-3789	79	16	,	,	PUNCT
fsr-3789	79	17	most	most	ADJ
fsr-3789	79	18	courts	court	NOUN
fsr-3789	79	19	have	have	AUX
fsr-3789	79	20	dealt	deal	VERB
fsr-3789	79	21	with	with	ADP
fsr-3789	79	22	the	the	DET
fsr-3789	79	23	issue	issue	NOUN
fsr-3789	79	24	of	of	ADP
fsr-3789	79	25	excessive	excessive	ADJ
fsr-3789	79	26	trading	trading	NOUN
fsr-3789	79	27	by	by	ADP
fsr-3789	79	28	examining	examine	VERB
fsr-3789	79	29	the	the	DET
fsr-3789	79	30	turnover	turnover	NOUN
fsr-3789	79	31	ratio	ratio	NOUN
fsr-3789	79	32	,	,	PUNCT
fsr-3789	79	33	which	which	PRON
fsr-3789	79	34	generally	generally	ADV
fsr-3789	79	35	represents	represent	VERB
fsr-3789	79	36	the	the	DET
fsr-3789	79	37	number	number	NOUN
fsr-3789	79	38	of	of	ADP
fsr-3789	79	39	times	time	NOUN
fsr-3789	79	40	the	the	DET
fsr-3789	79	41	equity	equity	NOUN
fsr-3789	79	42	in	in	ADP
fsr-3789	79	43	the	the	DET
fsr-3789	79	44	account	account	NOUN
fsr-3789	79	45	is	be	AUX
fsr-3789	79	46	liquidated	liquidate	VERB
fsr-3789	79	47	and	and	CCONJ
fsr-3789	79	48	reinvested	reinveste	VERB
fsr-3789	79	49	in	in	ADP
fsr-3789	79	50	a	a	DET
fsr-3789	79	51	given	give	VERB
fsr-3789	79	52	period	period	NOUN
fsr-3789	79	53	.	.	PUNCT
fsr-3789	80	1	typically	typically	ADV
fsr-3789	80	2	,	,	PUNCT
fsr-3789	80	3	turnover	turnover	NOUN
fsr-3789	80	4	ratios	ratio	NOUN
fsr-3789	80	5	are	be	AUX
fsr-3789	80	6	calculated	calculate	VERB
fsr-3789	80	7	on	on	ADP
fsr-3789	80	8	an	an	DET
fsr-3789	80	9	annual	annual	ADJ
fsr-3789	80	10	basis	basis	NOUN
fsr-3789	80	11	.	.	PUNCT
fsr-3789	81	1	for	for	ADP
fsr-3789	81	2	instance	instance	NOUN
fsr-3789	81	3	,	,	PUNCT
fsr-3789	81	4	a	a	DET
fsr-3789	81	5	nonmargined	nonmargine	VERB
fsr-3789	81	6	account	account	NOUN
fsr-3789	81	7	would	would	AUX
fsr-3789	81	8	experience	experience	VERB
fsr-3789	81	9	an	an	DET
fsr-3789	81	10	annual	annual	ADJ
fsr-3789	81	11	turnover	turnover	NOUN
fsr-3789	81	12	rate	rate	NOUN
fsr-3789	81	13	of	of	ADP
fsr-3789	81	14	one	one	NUM
fsr-3789	81	15	if	if	SCONJ
fsr-3789	81	16	all	all	DET
fsr-3789	81	17	the	the	DET
fsr-3789	81	18	investments	investment	NOUN
fsr-3789	81	19	in	in	ADP
fsr-3789	81	20	the	the	DET
fsr-3789	81	21	account	account	NOUN
fsr-3789	81	22	were	be	AUX
fsr-3789	81	23	sold	sell	VERB
fsr-3789	81	24	and	and	CCONJ
fsr-3789	81	25	the	the	DET
fsr-3789	81	26	proceeds	proceed	NOUN
fsr-3789	81	27	reinvested	reinveste	VERB
fsr-3789	81	28	dur	dur	PROPN
fsr-3789	81	29	ing	e	VERB
fsr-3789	81	30	the	the	DET
fsr-3789	81	31	same	same	ADJ
fsr-3789	81	32	year	year	NOUN
fsr-3789	81	33	.	.	PUNCT
fsr-3789	82	1	turnover	turnover	NOUN
fsr-3789	82	2	may	may	AUX
fsr-3789	82	3	be	be	AUX
fsr-3789	82	4	calculated	calculate	VERB
fsr-3789	82	5	using	use	VERB
fsr-3789	82	6	periods	period	NOUN
fsr-3789	82	7	other	other	ADJ
fsr-3789	82	8	than	than	ADP
fsr-3789	82	9	exactly	exactly	ADV
fsr-3789	82	10	one	one	NUM
fsr-3789	82	11	year	year	NOUN
fsr-3789	82	12	by	by	ADP
fsr-3789	82	13	using	use	VERB
fsr-3789	82	14	the	the	DET
fsr-3789	82	15	following	follow	VERB
fsr-3789	82	16	formula	formula	NOUN
fsr-3789	82	17	:	:	PUNCT
fsr-3789	82	18	turnover	turnover	NOUN
fsr-3789	82	19	ratio	ratio	NOUN
fsr-3789	82	20	=	=	PUNCT
fsr-3789	82	21	total	total	ADJ
fsr-3789	82	22	purchases	purchase	NOUN
fsr-3789	82	23	x	x	SYM
fsr-3789	82	24	12	12	NUM
fsr-3789	82	25	average	average	ADJ
fsr-3789	82	26	rquity	rquity	NOUN
fsr-3789	82	27	x	x	PUNCT
fsr-3789	82	28	n	n	CCONJ
fsr-3789	82	29	’	'	PUNCT
fsr-3789	82	30	the	the	DET
fsr-3789	82	31	turnover	turnover	NOUN
fsr-3789	82	32	ratio	ratio	NOUN
fsr-3789	82	33	divides	divide	VERB
fsr-3789	82	34	total	total	ADJ
fsr-3789	82	35	purchases	purchase	NOUN
fsr-3789	82	36	over	over	ADP
fsr-3789	82	37	the	the	DET
fsr-3789	82	38	period	period	NOUN
fsr-3789	82	39	in	in	ADP
fsr-3789	82	40	question	question	NOUN
fsr-3789	82	41	by	by	ADP
fsr-3789	82	42	the	the	DET
fsr-3789	82	43	average	average	ADJ
fsr-3789	82	44	account	account	NOUN
fsr-3789	82	45	equity	equity	NOUN
fsr-3789	82	46	.	.	PUNCT
fsr-3789	83	1	this	this	DET
fsr-3789	83	2	number	number	NOUN
fsr-3789	83	3	,	,	PUNCT
fsr-3789	83	4	which	which	PRON
fsr-3789	83	5	represents	represent	VERB
fsr-3789	83	6	total	total	ADJ
fsr-3789	83	7	turnover	turnover	NOUN
fsr-3789	83	8	,	,	PUNCT
fsr-3789	83	9	is	be	AUX
fsr-3789	83	10	then	then	ADV
fsr-3789	83	11	annualized	annualize	VERB
fsr-3789	83	12	by	by	ADP
fsr-3789	83	13	divid	divid	PROPN
fsr-3789	83	14	ing	ing	PROPN
fsr-3789	83	15	by	by	ADP
fsr-3789	83	16	the	the	DET
fsr-3789	83	17	total	total	ADJ
fsr-3789	83	18	number	number	NOUN
fsr-3789	83	19	of	of	ADP
fsr-3789	83	20	months	month	NOUN
fsr-3789	83	21	(	(	PUNCT
fsr-3789	83	22	n	n	CCONJ
fsr-3789	83	23	)	)	PUNCT
fsr-3789	83	24	in	in	ADP
fsr-3789	83	25	the	the	DET
fsr-3789	83	26	period	period	NOUN
fsr-3789	83	27	in	in	ADP
fsr-3789	83	28	question	question	NOUN
fsr-3789	83	29	and	and	CCONJ
fsr-3789	83	30	multiplying	multiply	VERB
fsr-3789	83	31	by	by	ADP
fsr-3789	83	32	12	12	NUM
fsr-3789	83	33	.	.	PUNCT
fsr-3789	84	1	the	the	DET
fsr-3789	84	2	period	period	NOUN
fsr-3789	84	3	of	of	ADP
fsr-3789	84	4	analysis	analysis	NOUN
fsr-3789	84	5	is	be	AUX
fsr-3789	84	6	normally	normally	ADV
fsr-3789	84	7	in	in	ADP
fsr-3789	84	8	months	month	NOUN
fsr-3789	84	9	for	for	ADP
fsr-3789	84	10	retail	retail	ADJ
fsr-3789	84	11	securities	security	NOUN
fsr-3789	84	12	accounts	account	NOUN
fsr-3789	84	13	since	since	SCONJ
fsr-3789	84	14	state	state	NOUN
fsr-3789	84	15	ments	ment	NOUN
fsr-3789	84	16	are	be	AUX
fsr-3789	84	17	typically	typically	ADV
fsr-3789	84	18	produced	produce	VERB
fsr-3789	84	19	monthly	monthly	ADV
fsr-3789	84	20	.	.	PUNCT
fsr-3789	85	1	the	the	DET
fsr-3789	85	2	ratio	ratio	NOUN
fsr-3789	85	3	can	can	AUX
fsr-3789	85	4	be	be	AUX
fsr-3789	85	5	annualized	annualize	VERB
fsr-3789	85	6	using	use	VERB
fsr-3789	85	7	the	the	DET
fsr-3789	85	8	number	number	NOUN
fsr-3789	85	9	of	of	ADP
fsr-3789	85	10	days	day	NOUN
fsr-3789	85	11	in	in	ADP
fsr-3789	85	12	the	the	DET
fsr-3789	85	13	analysis	analysis	NOUN
fsr-3789	85	14	and	and	CCONJ
fsr-3789	85	15	365	365	NUM
fsr-3789	85	16	in	in	ADP
fsr-3789	85	17	the	the	DET
fsr-3789	85	18	numerator	numerator	NOUN
fsr-3789	85	19	.	.	PUNCT
fsr-3789	86	1	the	the	DET
fsr-3789	86	2	turnover	turnover	NOUN
fsr-3789	86	3	ratio	ratio	NOUN
fsr-3789	86	4	normally	normally	ADV
fsr-3789	86	5	looks	look	VERB
fsr-3789	86	6	at	at	ADP
fsr-3789	86	7	purchases	purchase	NOUN
fsr-3789	86	8	in	in	ADP
fsr-3789	86	9	the	the	DET
fsr-3789	86	10	account	account	NOUN
fsr-3789	86	11	and	and	CCONJ
fsr-3789	86	12	ignores	ignore	VERB
fsr-3789	86	13	sales	sale	NOUN
fsr-3789	86	14	.	.	PUNCT
fsr-3789	87	1	the	the	DET
fsr-3789	87	2	ratio	ratio	NOUN
fsr-3789	87	3	may	may	AUX
fsr-3789	87	4	be	be	AUX
fsr-3789	87	5	calculated	calculate	VERB
fsr-3789	87	6	with	with	ADP
fsr-3789	87	7	the	the	DET
fsr-3789	87	8	average	average	NOUN
fsr-3789	87	9	of	of	ADP
fsr-3789	87	10	purchases	purchase	NOUN
fsr-3789	87	11	and	and	CCONJ
fsr-3789	87	12	sales	sale	NOUN
fsr-3789	87	13	in	in	ADP
fsr-3789	87	14	the	the	DET
fsr-3789	87	15	numerator	numerator	NOUN
fsr-3789	87	16	or	or	CCONJ
fsr-3789	87	17	with	with	ADP
fsr-3789	87	18	the	the	DET
fsr-3789	87	19	smaller	small	ADJ
fsr-3789	87	20	of	of	ADP
fsr-3789	87	21	purchases	purchase	NOUN
fsr-3789	87	22	and	and	CCONJ
fsr-3789	87	23	sales	sale	NOUN
fsr-3789	87	24	.	.	PUNCT
fsr-3789	88	1	in	in	ADP
fsr-3789	88	2	addition	addition	NOUN
fsr-3789	88	3	,	,	PUNCT
fsr-3789	88	4	in	in	ADP
fsr-3789	88	5	an	an	DET
fsr-3789	88	6	institutional	institutional	ADJ
fsr-3789	88	7	context	context	NOUN
fsr-3789	88	8	,	,	PUNCT
fsr-3789	88	9	adjustments	adjustment	NOUN
fsr-3789	88	10	are	be	AUX
fsr-3789	88	11	commonly	commonly	ADV
fsr-3789	88	12	made	make	VERB
fsr-3789	88	13	for	for	ADP
fsr-3789	88	14	increases	increase	NOUN
fsr-3789	88	15	or	or	CCONJ
fsr-3789	88	16	decreases	decrease	NOUN
fsr-3789	88	17	in	in	ADP
fsr-3789	88	18	funds	fund	NOUN
fsr-3789	88	19	in	in	ADP
fsr-3789	88	20	the	the	DET
fsr-3789	88	21	account	account	NOUN
fsr-3789	88	22	(	(	PUNCT
fsr-3789	88	23	schreiner	schreiner	NOUN
fsr-3789	88	24	,	,	PUNCT
fsr-3789	88	25	1980	1980	NUM
fsr-3789	88	26	)	)	PUNCT
fsr-3789	88	27	.	.	PUNCT
fsr-3789	89	1	under	under	ADP
fsr-3789	89	2	normal	normal	ADJ
fsr-3789	89	3	circumstances	circumstance	NOUN
fsr-3789	89	4	these	these	DET
fsr-3789	89	5	adjustment	adjustment	NOUN
fsr-3789	89	6	result	result	NOUN
fsr-3789	89	7	in	in	ADP
fsr-3789	89	8	only	only	ADJ
fsr-3789	89	9	minor	minor	ADJ
fsr-3789	89	10	changes	change	NOUN
fsr-3789	89	11	in	in	ADP
fsr-3789	89	12	the	the	DET
fsr-3789	89	13	calcu	calcu	NOUN
fsr-3789	89	14	lated	late	VERB
fsr-3789	89	15	turnover	turnover	NOUN
fsr-3789	89	16	ratio	ratio	NOUN
fsr-3789	89	17	.	.	PUNCT
fsr-3789	90	1	the	the	DET
fsr-3789	90	2	formula	formula	NOUN
fsr-3789	90	3	presented	present	VERB
fsr-3789	90	4	is	be	AUX
fsr-3789	90	5	consistent	consistent	ADJ
fsr-3789	90	6	with	with	ADP
fsr-3789	90	7	current	current	ADJ
fsr-3789	90	8	case	case	NOUN
fsr-3789	90	9	law	law	NOUN
fsr-3789	90	10	.	.	PUNCT
fsr-3789	91	1	account	account	NOUN
fsr-3789	91	2	equity	equity	NOUN
fsr-3789	91	3	is	be	AUX
fsr-3789	91	4	the	the	DET
fsr-3789	91	5	amount	amount	NOUN
fsr-3789	91	6	the	the	DET
fsr-3789	91	7	client	client	NOUN
fsr-3789	91	8	would	would	AUX
fsr-3789	91	9	realize	realize	VERB
fsr-3789	91	10	if	if	SCONJ
fsr-3789	91	11	all	all	DET
fsr-3789	91	12	securities	security	NOUN
fsr-3789	91	13	in	in	ADP
fsr-3789	91	14	the	the	DET
fsr-3789	91	15	account	account	NOUN
fsr-3789	91	16	were	be	AUX
fsr-3789	91	17	liquidated	liquidate	VERB
fsr-3789	91	18	and	and	CCONJ
fsr-3789	91	19	margin	margin	NOUN
fsr-3789	91	20	loans	loan	NOUN
fsr-3789	91	21	repaid	repay	VERB
fsr-3789	91	22	.	.	PUNCT
fsr-3789	92	1	conceptually	conceptually	ADV
fsr-3789	92	2	,	,	PUNCT
fsr-3789	92	3	average	average	ADJ
fsr-3789	92	4	account	account	NOUN
fsr-3789	92	5	equity	equity	NOUN
fsr-3789	92	6	is	be	AUX
fsr-3789	92	7	the	the	DET
fsr-3789	92	8	amount	amount	NOUN
fsr-3789	92	9	of	of	ADP
fsr-3789	92	10	money	money	NOUN
fsr-3789	92	11	available	available	ADJ
fsr-3789	92	12	to	to	ADP
fsr-3789	92	13	the	the	DET
fsr-3789	92	14	stockbroker	stockbroker	NOUN
fsr-3789	92	15	to	to	ADP
fsr-3789	92	16	turnover	turnover	NOUN
fsr-3789	92	17	the	the	DET
fsr-3789	92	18	account	account	NOUN
fsr-3789	92	19	and	and	CCONJ
fsr-3789	92	20	thus	thus	ADV
fsr-3789	92	21	to	to	PART
fsr-3789	92	22	generate	generate	VERB
fsr-3789	92	23	commissions	commission	NOUN
fsr-3789	92	24	.	.	PUNCT
fsr-3789	93	1	churning	churn	VERB
fsr-3789	93	2	47	47	NUM
fsr-3789	93	3	b.	b.	NOUN
fsr-3789	93	4	legal	legal	ADJ
fsr-3789	93	5	standards	standard	NOUN
fsr-3789	93	6	for	for	ADP
fsr-3789	93	7	determung	determung	PROPN
fsr-3789	93	8	excesslve	excesslve	PROPN
fsr-3789	93	9	trading	trading	NOUN
fsr-3789	93	10	in	in	ADP
fsr-3789	93	11	gauging	gauge	VERB
fsr-3789	93	12	whether	whether	SCONJ
fsr-3789	93	13	or	or	CCONJ
fsr-3789	93	14	not	not	PART
fsr-3789	93	15	the	the	DET
fsr-3789	93	16	trading	trading	NOUN
fsr-3789	93	17	in	in	ADP
fsr-3789	93	18	a	a	DET
fsr-3789	93	19	particular	particular	ADJ
fsr-3789	93	20	account	account	NOUN
fsr-3789	93	21	is	be	AUX
fsr-3789	93	22	excessive	excessive	ADJ
fsr-3789	93	23	,	,	PUNCT
fsr-3789	93	24	certain	certain	ADJ
fsr-3789	93	25	stan	stan	PROPN
fsr-3789	93	26	dards	dard	NOUN
fsr-3789	93	27	have	have	AUX
fsr-3789	93	28	been	be	AUX
fsr-3789	93	29	established	establish	VERB
fsr-3789	93	30	in	in	ADP
fsr-3789	93	31	case	case	NOUN
fsr-3789	93	32	law	law	NOUN
fsr-3789	93	33	.	.	PUNCT
fsr-3789	94	1	goldberg	goldberg	PROPN
fsr-3789	94	2	(	(	PUNCT
fsr-3789	94	3	1991	1991	NUM
fsr-3789	94	4	)	)	PUNCT
fsr-3789	94	5	suggests	suggest	VERB
fsr-3789	94	6	that	that	SCONJ
fsr-3789	94	7	an	an	DET
fsr-3789	94	8	annualized	annualize	VERB
fsr-3789	94	9	turn	turn	NOUN
fsr-3789	94	10	over	over	ADP
fsr-3789	94	11	ratio	ratio	NOUN
fsr-3789	94	12	in	in	ADP
fsr-3789	94	13	excess	excess	NOUN
fsr-3789	94	14	of	of	ADP
fsr-3789	94	15	two	two	NUM
fsr-3789	94	16	times	time	NOUN
fsr-3789	94	17	is	be	AUX
fsr-3789	94	18	indicative	indicative	ADJ
fsr-3789	94	19	of	of	ADP
fsr-3789	94	20	active	active	ADJ
fsr-3789	94	21	trading	trading	NOUN
fsr-3789	94	22	,	,	PUNCT
fsr-3789	94	23	a	a	DET
fsr-3789	94	24	ratio	ratio	NOUN
fsr-3789	94	25	of	of	ADP
fsr-3789	94	26	four	four	NUM
fsr-3789	94	27	or	or	CCONJ
fsr-3789	94	28	greater	great	ADJ
fsr-3789	94	29	raises	raise	VERB
fsr-3789	94	30	the	the	DET
fsr-3789	94	31	presumption	presumption	NOUN
fsr-3789	94	32	of	of	ADP
fsr-3789	94	33	excessive	excessive	ADJ
fsr-3789	94	34	trading	trading	NOUN
fsr-3789	94	35	,	,	PUNCT
fsr-3789	94	36	and	and	CCONJ
fsr-3789	94	37	when	when	SCONJ
fsr-3789	94	38	the	the	DET
fsr-3789	94	39	turnover	turnover	NOUN
fsr-3789	94	40	ratio	ratio	NOUN
fsr-3789	94	41	is	be	AUX
fsr-3789	94	42	greater	great	ADJ
fsr-3789	94	43	than	than	ADP
fsr-3789	94	44	six	six	NUM
fsr-3789	94	45	the	the	DET
fsr-3789	94	46	presumption	presumption	NOUN
fsr-3789	94	47	becomes	become	VERB
fsr-3789	94	48	conclusive	conclusive	ADJ
fsr-3789	94	49	.	.	PUNCT
fsr-3789	95	1	this	this	PRON
fsr-3789	95	2	has	have	AUX
fsr-3789	95	3	become	become	VERB
fsr-3789	95	4	lmown	lmown	ADJ
fsr-3789	95	5	as	as	ADP
fsr-3789	95	6	the	the	DET
fsr-3789	95	7	2	2	NUM
fsr-3789	95	8	-	-	SYM
fsr-3789	95	9	4	4	NUM
fsr-3789	95	10	-	-	SYM
fsr-3789	95	11	6	6	NUM
fsr-3789	95	12	formulation	formulation	NOUN
fsr-3789	95	13	.	.	PUNCT
fsr-3789	96	1	several	several	ADJ
fsr-3789	96	2	early	early	ADJ
fsr-3789	96	3	cases	case	NOUN
fsr-3789	96	4	,	,	PUNCT
fsr-3789	96	5	including	include	VERB
fsr-3789	96	6	sec	sec	PROPN
fsr-3789	96	7	cases	case	NOUN
fsr-3789	96	8	,	,	PUNCT
fsr-3789	96	9	found	find	VERB
fsr-3789	96	10	excessive	excessive	ADJ
fsr-3789	96	11	trading	trading	NOUN
fsr-3789	96	12	in	in	ADP
fsr-3789	96	13	accounts	account	NOUN
fsr-3789	96	14	with	with	ADP
fsr-3789	96	15	conservative	conservative	ADJ
fsr-3789	96	16	investment	investment	NOUN
fsr-3789	96	17	objectives	objective	NOUN
fsr-3789	96	18	that	that	PRON
fsr-3789	96	19	had	have	VERB
fsr-3789	96	20	turnover	turnover	NOUN
fsr-3789	96	21	ratios	ratio	NOUN
fsr-3789	96	22	in	in	ADP
fsr-3789	96	23	the	the	DET
fsr-3789	96	24	neighborhood	neighborhood	NOUN
fsr-3789	96	25	of	of	ADP
fsr-3789	96	26	two	two	NUM
fsr-3789	96	27	times	time	NOUN
fsr-3789	96	28	on	on	ADP
fsr-3789	96	29	an	an	DET
fsr-3789	96	30	annual	annual	ADJ
fsr-3789	96	31	basis	basis	NOUN
fsr-3789	96	32	.	.	PUNCT
fsr-3789	97	1	other	other	ADJ
fsr-3789	97	2	cases	case	NOUN
fsr-3789	97	3	find	find	VERB
fsr-3789	97	4	excessive	excessive	ADJ
fsr-3789	97	5	trading	trading	NOUN
fsr-3789	97	6	in	in	ADP
fsr-3789	97	7	normal	normal	ADJ
fsr-3789	97	8	investment	investment	NOUN
fsr-3789	97	9	accounts	account	NOUN
fsr-3789	97	10	with	with	ADP
fsr-3789	97	11	turnover	turnover	NOUN
fsr-3789	97	12	ratios	ratio	NOUN
fsr-3789	97	13	in	in	ADP
fsr-3789	97	14	the	the	DET
fsr-3789	97	15	neighborhood	neighborhood	NOUN
fsr-3789	97	16	of	of	ADP
fsr-3789	97	17	four	four	NUM
fsr-3789	97	18	times	time	NOUN
fsr-3789	97	19	,	,	PUNCT
fsr-3789	97	20	and	and	CCONJ
fsr-3789	97	21	turnover	turnover	NOUN
fsr-3789	97	22	ratios	ratio	NOUN
fsr-3789	97	23	in	in	ADP
fsr-3789	97	24	excess	excess	NOUN
fsr-3789	97	25	of	of	ADP
fsr-3789	97	26	about	about	ADV
fsr-3789	97	27	six	six	NUM
fsr-3789	97	28	times	time	NOUN
fsr-3789	97	29	are	be	AUX
fsr-3789	97	30	typically	typically	ADV
fsr-3789	97	31	sufficient	sufficient	ADJ
fsr-3789	97	32	to	to	PART
fsr-3789	97	33	infer	infer	VERB
fsr-3789	97	34	excessive	excessive	ADJ
fsr-3789	97	35	trading	trading	NOUN
fsr-3789	97	36	even	even	ADV
fsr-3789	97	37	for	for	ADP
fsr-3789	97	38	accounts	account	NOUN
fsr-3789	97	39	with	with	ADP
fsr-3789	97	40	speculative	speculative	ADJ
fsr-3789	97	41	investment	investment	NOUN
fsr-3789	97	42	objectives	objective	NOUN
fsr-3789	97	43	.	.	PUNCT
fsr-3789	98	1	this	this	DET
fsr-3789	98	2	position	position	NOUN
fsr-3789	98	3	is	be	AUX
fsr-3789	98	4	buttressed	buttress	VERB
fsr-3789	98	5	by	by	ADP
fsr-3789	98	6	the	the	DET
fsr-3789	98	7	seminal	seminal	ADJ
fsr-3789	98	8	law	law	NOUN
fsr-3789	98	9	review	review	NOUN
fsr-3789	98	10	article	article	NOUN
fsr-3789	98	11	entitled	entitle	VERB
fsr-3789	98	12	“	"	PUNCT
fsr-3789	98	13	churning	churn	VERB
fsr-3789	98	14	by	by	ADP
fsr-3789	98	15	securities	security	NOUN
fsr-3789	98	16	dealers	dealer	NOUN
fsr-3789	98	17	,	,	PUNCT
fsr-3789	98	18	”	"	PUNCT
fsr-3789	98	19	in	in	ADP
fsr-3789	98	20	the	the	DET
fsr-3789	98	21	hurvard	hurvard	ADJ
fsr-3789	98	22	law	law	NOUN
fsr-3789	98	23	review	review	NOUN
fsr-3789	98	24	(	(	PUNCT
fsr-3789	98	25	1967	1967	NUM
fsr-3789	98	26	,	,	PUNCT
fsr-3789	98	27	p.	p.	NOUN
fsr-3789	98	28	876	876	NUM
fsr-3789	98	29	)	)	PUNCT
fsr-3789	98	30	which	which	PRON
fsr-3789	98	31	contains	contain	VERB
fsr-3789	98	32	the	the	DET
fsr-3789	98	33	statement	statement	NOUN
fsr-3789	98	34	:	:	PUNCT
fsr-3789	98	35	the	the	DET
fsr-3789	98	36	turnover	turnover	NOUN
fsr-3789	98	37	rates	rate	NOUN
fsr-3789	98	38	found	find	VERB
fsr-3789	98	39	to	to	PART
fsr-3789	98	40	be	be	AUX
fsr-3789	98	41	excessive	excessive	ADJ
fsr-3789	98	42	vary	vary	VERB
fsr-3789	98	43	widely	widely	ADV
fsr-3789	98	44	.	.	PUNCT
fsr-3789	98	45	.	.	PUNCT
fsr-3789	98	46	.	.	PUNCT
fsr-3789	99	1	while	while	SCONJ
fsr-3789	99	2	few	few	ADJ
fsr-3789	99	3	cases	case	NOUN
fsr-3789	99	4	involved	involve	VERB
fsr-3789	99	5	tum	tum	PROPN
fsr-3789	99	6	overs	over	NOUN
fsr-3789	99	7	as	as	ADV
fsr-3789	99	8	frequent	frequent	ADJ
fsr-3789	99	9	as	as	ADP
fsr-3789	99	10	one	one	NUM
fsr-3789	99	11	per	per	ADP
fsr-3789	99	12	month	month	NOUN
fsr-3789	99	13	,	,	PUNCT
fsr-3789	99	14	turnovers	turnover	NOUN
fsr-3789	99	15	averaging	average	VERB
fsr-3789	99	16	once	once	ADV
fsr-3789	99	17	every	every	DET
fsr-3789	99	18	other	other	ADJ
fsr-3789	99	19	month	month	NOUN
fsr-3789	99	20	have	have	AUX
fsr-3789	99	21	occurred	occur	VERB
fsr-3789	99	22	inore	inore	NOUN
fsr-3789	99	23	frequently	frequently	ADV
fsr-3789	99	24	.	.	PUNCT
fsr-3789	100	1	since	since	SCONJ
fsr-3789	100	2	the	the	DET
fsr-3789	100	3	amount	amount	NOUN
fsr-3789	100	4	of	of	ADP
fsr-3789	100	5	activity	activity	NOUN
fsr-3789	100	6	permissible	permissible	ADJ
fsr-3789	100	7	will	will	AUX
fsr-3789	100	8	vary	vary	VERB
fsr-3789	100	9	with	with	ADP
fsr-3789	100	10	indi	indi	PROPN
fsr-3789	100	11	vidual	vidual	ADJ
fsr-3789	100	12	circumstances	circumstance	NOUN
fsr-3789	100	13	,	,	PUNCT
fsr-3789	100	14	these	these	DET
fsr-3789	100	15	figures	figure	NOUN
fsr-3789	100	16	can	can	AUX
fsr-3789	100	17	not	not	PART
fsr-3789	100	18	be	be	AUX
fsr-3789	100	19	a	a	DET
fsr-3789	100	20	erm	erm	PROPN
fsr-3789	100	21	guide	guide	NOUN
fsr-3789	100	22	;	;	PUNCT
fsr-3789	100	23	smaller	small	ADJ
fsr-3789	100	24	turnovers	turnover	NOUN
fsr-3789	100	25	may	may	AUX
fsr-3789	100	26	be	be	AUX
fsr-3789	100	27	objectionable	objectionable	ADJ
fsr-3789	100	28	in	in	ADP
fsr-3789	100	29	some	some	DET
fsr-3789	100	30	cases	case	NOUN
fsr-3789	100	31	and	and	CCONJ
fsr-3789	100	32	larger	large	ADJ
fsr-3789	100	33	ones	one	NOUN
fsr-3789	100	34	permissible	permissible	ADJ
fsr-3789	100	35	in	in	ADP
fsr-3789	100	36	others	other	NOUN
fsr-3789	100	37	.	.	PUNCT
fsr-3789	101	1	nonetheless	nonetheless	ADV
fsr-3789	101	2	,	,	PUNCT
fsr-3789	101	3	it	it	PRON
fsr-3789	101	4	is	be	AUX
fsr-3789	101	5	pos	pos	NOUN
fsr-3789	101	6	sible	sible	ADJ
fsr-3789	101	7	to	to	PART
fsr-3789	101	8	generalize	generalize	VERB
fsr-3789	101	9	from	from	ADP
fsr-3789	101	10	the	the	DET
fsr-3789	101	11	sec	sec	PROPN
fsr-3789	101	12	cases	case	NOUN
fsr-3789	101	13	that	that	SCONJ
fsr-3789	101	14	a	a	DET
fsr-3789	101	15	complete	complete	ADJ
fsr-3789	101	16	turnover	turnover	NOUN
fsr-3789	101	17	more	more	ADV
fsr-3789	101	18	than	than	ADP
fsr-3789	101	19	once	once	ADV
fsr-3789	101	20	every	every	DET
fsr-3789	101	21	two	two	NUM
fsr-3789	101	22	months	month	NOUN
fsr-3789	101	23	is	be	AUX
fsr-3789	101	24	likely	likely	ADJ
fsr-3789	101	25	to	to	PART
fsr-3789	101	26	be	be	AUX
fsr-3789	101	27	labeled	label	VERB
fsr-3789	101	28	excessive	excessive	ADJ
fsr-3789	101	29	,	,	PUNCT
fsr-3789	101	30	and	and	CCONJ
fsr-3789	101	31	this	this	DET
fsr-3789	101	32	conclusion	conclusion	NOUN
fsr-3789	101	33	appears	appear	VERB
fsr-3789	101	34	reasonable	reasonable	ADJ
fsr-3789	101	35	.	.	PUNCT
fsr-3789	102	1	this	this	DET
fsr-3789	102	2	passage	passage	NOUN
fsr-3789	102	3	appears	appear	VERB
fsr-3789	102	4	to	to	ADP
fsr-3789	102	5	the	the	DET
fsr-3789	102	6	be	be	NOUN
fsr-3789	102	7	genesis	genesis	NOUN
fsr-3789	102	8	of	of	ADP
fsr-3789	102	9	much	much	ADJ
fsr-3789	102	10	subsequent	subsequent	ADJ
fsr-3789	102	11	case	case	NOUN
fsr-3789	102	12	law	law	NOUN
fsr-3789	102	13	.	.	PUNCT
fsr-3789	103	1	it	it	PRON
fsr-3789	103	2	follows	follow	VERB
fsr-3789	103	3	that	that	SCONJ
fsr-3789	103	4	a	a	DET
fsr-3789	103	5	turnover	turnover	NOUN
fsr-3789	103	6	of	of	ADP
fsr-3789	103	7	six	six	NUM
fsr-3789	103	8	is	be	AUX
fsr-3789	103	9	indicative	indicative	ADJ
fsr-3789	103	10	of	of	ADP
fsr-3789	103	11	excessive	excessive	ADJ
fsr-3789	103	12	trading	trading	NOUN
fsr-3789	103	13	even	even	ADV
fsr-3789	103	14	for	for	ADP
fsr-3789	103	15	accounts	account	NOUN
fsr-3789	103	16	with	with	ADP
fsr-3789	103	17	very	very	ADV
fsr-3789	103	18	aggressive	aggressive	ADJ
fsr-3789	103	19	investment	investment	NOUN
fsr-3789	103	20	objectives	objective	NOUN
fsr-3789	103	21	.	.	PUNCT
fsr-3789	104	1	it	it	PRON
fsr-3789	104	2	is	be	AUX
fsr-3789	104	3	common	common	ADJ
fsr-3789	104	4	for	for	SCONJ
fsr-3789	104	5	excessive	excessive	ADJ
fsr-3789	104	6	trading	trading	NOUN
fsr-3789	104	7	to	to	PART
fsr-3789	104	8	be	be	AUX
fsr-3789	104	9	found	find	VERB
fsr-3789	104	10	in	in	ADP
fsr-3789	104	11	accounts	account	NOUN
fsr-3789	104	12	with	with	ADP
fsr-3789	104	13	turnover	turnover	NOUN
fsr-3789	104	14	ratios	ratio	NOUN
fsr-3789	104	15	of	of	ADP
fsr-3789	104	16	less	less	ADJ
fsr-3789	104	17	than	than	ADP
fsr-3789	104	18	six	six	NUM
fsr-3789	104	19	but	but	CCONJ
fsr-3789	104	20	also	also	ADV
fsr-3789	104	21	with	with	ADP
fsr-3789	104	22	more	more	ADJ
fsr-3789	104	23	conservative	conservative	ADJ
fsr-3789	104	24	investment	investment	NOUN
fsr-3789	104	25	objectives	objective	NOUN
fsr-3789	104	26	.	.	PUNCT
fsr-3789	105	1	thus	thus	ADV
fsr-3789	105	2	,	,	PUNCT
fsr-3789	105	3	a	a	DET
fsr-3789	105	4	turnover	turnover	NOUN
fsr-3789	105	5	ratio	ratio	NOUN
fsr-3789	105	6	of	of	ADP
fsr-3789	105	7	two	two	NUM
fsr-3789	105	8	might	might	AUX
fsr-3789	105	9	be	be	AUX
fsr-3789	105	10	excessive	excessive	ADJ
fsr-3789	105	11	in	in	ADP
fsr-3789	105	12	the	the	DET
fsr-3789	105	13	account	account	NOUN
fsr-3789	105	14	of	of	ADP
fsr-3789	105	15	a	a	DET
fsr-3789	105	16	customer	customer	NOUN
fsr-3789	105	17	with	with	ADP
fsr-3789	105	18	conser	conser	PROPN
fsr-3789	105	19	vative	vative	ADJ
fsr-3789	105	20	investment	investment	NOUN
fsr-3789	105	21	objectives	objective	NOUN
fsr-3789	105	22	but	but	CCONJ
fsr-3789	105	23	not	not	PART
fsr-3789	105	24	excessive	excessive	ADJ
fsr-3789	105	25	in	in	ADP
fsr-3789	105	26	the	the	DET
fsr-3789	105	27	account	account	NOUN
fsr-3789	105	28	of	of	ADP
fsr-3789	105	29	a	a	DET
fsr-3789	105	30	customer	customer	NOUN
fsr-3789	105	31	with	with	ADP
fsr-3789	105	32	specula	specula	PROPN
fsr-3789	105	33	tive	tive	PROPN
fsr-3789	105	34	objectives	objective	NOUN
fsr-3789	105	35	.	.	PUNCT
fsr-3789	106	1	the	the	DET
fsr-3789	106	2	argument	argument	NOUN
fsr-3789	106	3	has	have	AUX
fsr-3789	106	4	been	be	AUX
fsr-3789	106	5	made	make	VERB
fsr-3789	106	6	that	that	SCONJ
fsr-3789	106	7	the	the	DET
fsr-3789	106	8	turnover	turnover	NOUN
fsr-3789	106	9	standards	standard	NOUN
fsr-3789	106	10	are	be	AUX
fsr-3789	106	11	out	out	ADP
fsr-3789	106	12	of	of	ADP
fsr-3789	106	13	date	date	NOUN
fsr-3789	106	14	.	.	PUNCT
fsr-3789	107	1	winslow	winslow	PROPN
fsr-3789	107	2	and	and	CCONJ
fsr-3789	107	3	anderson	anderson	PROPN
fsr-3789	107	4	(	(	PUNCT
fsr-3789	107	5	1990	1990	NUM
fsr-3789	107	6	)	)	PUNCT
fsr-3789	107	7	argue	argue	VERB
fsr-3789	107	8	in	in	ADP
fsr-3789	107	9	favor	favor	NOUN
fsr-3789	107	10	of	of	ADP
fsr-3789	107	11	a	a	DET
fsr-3789	107	12	different	different	ADJ
fsr-3789	107	13	standard	standard	NOUN
fsr-3789	107	14	for	for	ADP
fsr-3789	107	15	judging	judge	VERB
fsr-3789	107	16	whether	whether	SCONJ
fsr-3789	107	17	an	an	DET
fsr-3789	107	18	account	account	NOUN
fsr-3789	107	19	has	have	AUX
fsr-3789	107	20	been	be	AUX
fsr-3789	107	21	excessively	excessively	ADV
fsr-3789	107	22	traded	trade	VERB
fsr-3789	107	23	.	.	PUNCT
fsr-3789	108	1	they	they	PRON
fsr-3789	108	2	suggest	suggest	VERB
fsr-3789	108	3	that	that	SCONJ
fsr-3789	108	4	the	the	DET
fsr-3789	108	5	proper	proper	ADJ
fsr-3789	108	6	standard	standard	NOUN
fsr-3789	108	7	of	of	ADP
fsr-3789	108	8	comparison	comparison	NOUN
fsr-3789	108	9	is	be	AUX
fsr-3789	108	10	the	the	DET
fsr-3789	108	11	aver	aver	NOUN
fsr-3789	108	12	age	age	NOUN
fsr-3789	108	13	turnover	turnover	NOUN
fsr-3789	108	14	ratio	ratio	NOUN
fsr-3789	108	15	of	of	ADP
fsr-3789	108	16	a	a	DET
fsr-3789	108	17	group	group	NOUN
fsr-3789	108	18	of	of	ADP
fsr-3789	108	19	mutual	mutual	ADJ
fsr-3789	108	20	funds	fund	NOUN
fsr-3789	108	21	with	with	ADP
fsr-3789	108	22	investment	investment	NOUN
fsr-3789	108	23	objectives	objective	NOUN
fsr-3789	108	24	similar	similar	ADJ
fsr-3789	108	25	to	to	ADP
fsr-3789	108	26	the	the	DET
fsr-3789	108	27	cus	cus	NOUN
fsr-3789	108	28	tomer	tomer	NOUN
fsr-3789	108	29	in	in	ADP
fsr-3789	108	30	question	question	NOUN
fsr-3789	108	31	.	.	PUNCT
fsr-3789	109	1	the	the	DET
fsr-3789	109	2	argument	argument	NOUN
fsr-3789	109	3	is	be	AUX
fsr-3789	109	4	that	that	SCONJ
fsr-3789	109	5	the	the	DET
fsr-3789	109	6	turnover	turnover	NOUN
fsr-3789	109	7	in	in	ADP
fsr-3789	109	8	accounts	account	NOUN
fsr-3789	109	9	managed	manage	VERB
fsr-3789	109	10	by	by	ADP
fsr-3789	109	11	professionals	professional	NOUN
fsr-3789	109	12	such	such	ADJ
fsr-3789	109	13	as	as	ADP
fsr-3789	109	14	mutual	mutual	ADJ
fsr-3789	109	15	fund	fund	NOUN
fsr-3789	109	16	managers	manager	NOUN
fsr-3789	109	17	is	be	AUX
fsr-3789	109	18	driven	drive	VERB
fsr-3789	109	19	solely	solely	ADV
fsr-3789	109	20	by	by	ADP
fsr-3789	109	21	professional	professional	ADJ
fsr-3789	109	22	judgment	judgment	NOUN
fsr-3789	109	23	and	and	CCONJ
fsr-3789	109	24	not	not	PART
fsr-3789	109	25	the	the	DET
fsr-3789	109	26	desire	desire	NOUN
fsr-3789	109	27	for	for	ADP
fsr-3789	109	28	commissions	commission	NOUN
fsr-3789	109	29	.	.	PUNCT
fsr-3789	110	1	brokers	broker	NOUN
fsr-3789	110	2	hold	hold	VERB
fsr-3789	110	3	themselves	themselves	PRON
fsr-3789	110	4	out	out	ADP
fsr-3789	110	5	as	as	ADP
fsr-3789	110	6	financial	financial	ADJ
fsr-3789	110	7	experts	expert	NOUN
fsr-3789	110	8	with	with	ADP
fsr-3789	110	9	skill	skill	NOUN
fsr-3789	110	10	in	in	ADP
fsr-3789	110	11	managing	manage	VERB
fsr-3789	110	12	money	money	NOUN
fsr-3789	110	13	,	,	PUNCT
fsr-3789	110	14	and	and	CCONJ
fsr-3789	110	15	brokers	broker	NOUN
fsr-3789	110	16	also	also	ADV
fsr-3789	110	17	earn	earn	VERB
fsr-3789	110	18	commissions	commission	NOUN
fsr-3789	110	19	when	when	SCONJ
fsr-3789	110	20	securities	security	NOUN
fsr-3789	110	21	are	be	AUX
fsr-3789	110	22	traded	trade	VERB
fsr-3789	110	23	.	.	PUNCT
fsr-3789	111	1	thus	thus	ADV
fsr-3789	111	2	,	,	PUNCT
fsr-3789	111	3	it	it	PRON
fsr-3789	111	4	is	be	AUX
fsr-3789	111	5	relevant	relevant	ADJ
fsr-3789	111	6	to	to	PART
fsr-3789	111	7	compare	compare	VERB
fsr-3789	111	8	trading	trading	NOUN
fsr-3789	111	9	activity	activity	NOUN
fsr-3789	111	10	generated	generate	VERB
fsr-3789	111	11	by	by	ADP
fsr-3789	111	12	brokers	broker	NOUN
fsr-3789	111	13	to	to	ADP
fsr-3789	111	14	the	the	DET
fsr-3789	111	15	trading	trading	NOUN
fsr-3789	111	16	activity	activity	NOUN
fsr-3789	111	17	generated	generate	VERB
fsr-3789	111	18	by	by	ADP
fsr-3789	111	19	pro	pro	ADJ
fsr-3789	111	20	fessionals	fessional	NOUN
fsr-3789	111	21	who	who	PRON
fsr-3789	111	22	have	have	VERB
fsr-3789	111	23	no	no	DET
fsr-3789	111	24	conflict	conflict	NOUN
fsr-3789	111	25	of	of	ADP
fsr-3789	111	26	interest	interest	NOUN
fsr-3789	111	27	.	.	PUNCT
fsr-3789	112	1	table	table	NOUN
fsr-3789	112	2	1	1	NUM
fsr-3789	112	3	summarizes	summarize	NOUN
fsr-3789	112	4	the	the	DET
fsr-3789	112	5	winslow	winslow	PROPN
fsr-3789	112	6	and	and	CCONJ
fsr-3789	112	7	anderson	anderson	PROPN
fsr-3789	112	8	mutual	mutual	ADJ
fsr-3789	112	9	fund	fund	NOUN
fsr-3789	112	10	turnover	turnover	NOUN
fsr-3789	112	11	results	result	VERB
fsr-3789	112	12	.	.	PUNCT
fsr-3789	113	1	average	average	ADJ
fsr-3789	113	2	turnover	turnover	NOUN
fsr-3789	113	3	rates	rate	NOUN
fsr-3789	113	4	range	range	VERB
fsr-3789	113	5	from	from	ADP
fsr-3789	113	6	0.53	0.53	NUM
fsr-3789	113	7	for	for	ADP
fsr-3789	113	8	the	the	DET
fsr-3789	113	9	most	most	ADV
fsr-3789	113	10	conservative	conservative	ADJ
fsr-3789	113	11	group	group	NOUN
fsr-3789	113	12	of	of	ADP
fsr-3789	113	13	funds	fund	NOUN
fsr-3789	113	14	to	to	ADP
fsr-3789	113	15	1.18	1.18	NUM
fsr-3789	113	16	for	for	ADP
fsr-3789	113	17	aggressive	aggressive	ADJ
fsr-3789	113	18	growth	growth	NOUN
fsr-3789	113	19	funds	fund	NOUN
fsr-3789	113	20	.	.	PUNCT
fsr-3789	114	1	the	the	DET
fsr-3789	114	2	average	average	NOUN
fsr-3789	114	3	of	of	ADP
fsr-3789	114	4	the	the	DET
fsr-3789	114	5	average	average	ADJ
fsr-3789	114	6	turnover	turnover	NOUN
fsr-3789	114	7	rates	rate	NOUN
fsr-3789	114	8	in	in	ADP
fsr-3789	114	9	their	their	PRON
fsr-3789	114	10	sample	sample	NOUN
fsr-3789	114	11	is	be	AUX
fsr-3789	114	12	0.8	0.8	NUM
fsr-3789	114	13	times	time	NOUN
fsr-3789	114	14	on	on	ADP
fsr-3789	114	15	an	an	DET
fsr-3789	114	16	annual	annual	ADJ
fsr-3789	114	17	basis	basis	NOUN
fsr-3789	114	18	.	.	PUNCT
fsr-3789	115	1	mutual	mutual	ADJ
fsr-3789	115	2	funds	fund	NOUN
fsr-3789	115	3	with	with	ADP
fsr-3789	115	4	different	different	ADJ
fsr-3789	115	5	investment	investment	NOUN
fsr-3789	115	6	objectives	objective	NOUN
fsr-3789	115	7	exhibit	exhibit	VERB
fsr-3789	115	8	substantially	substantially	ADV
fsr-3789	115	9	different	different	ADJ
fsr-3789	115	10	average	average	ADJ
fsr-3789	115	11	turnover	turnover	NOUN
fsr-3789	115	12	ratios	ratio	NOUN
fsr-3789	115	13	.	.	PUNCT
fsr-3789	116	1	for	for	ADP
fsr-3789	116	2	instance	instance	NOUN
fsr-3789	116	3	,	,	PUNCT
fsr-3789	116	4	the	the	DET
fsr-3789	116	5	three	three	NUM
fsr-3789	116	6	fund	fund	NOUN
fsr-3789	116	7	categories	category	NOUN
fsr-3789	116	8	that	that	PRON
fsr-3789	116	9	could	could	AUX
fsr-3789	116	10	be	be	AUX
fsr-3789	116	11	characterized	characterize	VERB
fsr-3789	116	12	as	as	ADP
fsr-3789	116	13	conservative	conservative	ADJ
fsr-3789	116	14	(	(	PUNCT
fsr-3789	116	15	income	income	NOUN
fsr-3789	116	16	,	,	PUNCT
fsr-3789	116	17	balanced	balanced	ADJ
fsr-3789	116	18	,	,	PUNCT
fsr-3789	116	19	and	and	CCONJ
fsr-3789	116	20	equity	equity	NOUN
fsr-3789	116	21	income	income	NOUN
fsr-3789	116	22	)	)	PUNCT
fsr-3789	116	23	had	have	VERB
fsr-3789	116	24	an	an	DET
fsr-3789	116	25	48	48	NUM
fsr-3789	116	26	financial	financial	ADJ
fsr-3789	116	27	services	service	NOUN
fsr-3789	116	28	review	review	VERB
fsr-3789	116	29	5	5	NUM
fsr-3789	116	30	(	(	PUNCT
fsr-3789	116	31	1	1	NUM
fsr-3789	116	32	)	)	PUNCT
fsr-3789	116	33	1996	1996	NUM
fsr-3789	116	34	table	table	NOUN
fsr-3789	116	35	1	1	NUM
fsr-3789	116	36	fund	fund	NOUN
fsr-3789	116	37	category	category	NOUN
fsr-3789	116	38	and	and	CCONJ
fsr-3789	116	39	turnover	turnover	NOUN
fsr-3789	116	40	statistics	statistic	NOUN
fsr-3789	116	41	fund	fund	NOUN
fsr-3789	116	42	category	category	NOUN
fsr-3789	116	43	mean	mean	VERB
fsr-3789	116	44	turnover	turnover	NOUN
fsr-3789	116	45	rare	rare	ADJ
fsr-3789	117	1	aggressive	aggressive	ADJ
fsr-3789	117	2	growth	growth	NOUN
fsr-3789	117	3	1.18	1.18	NUM
fsr-3789	117	4	balanced	balance	VERB
fsr-3789	117	5	0.66	0.66	NUM
fsr-3789	117	6	equity	equity	NOUN
fsr-3789	117	7	income	income	NOUN
fsr-3789	117	8	0.70	0.70	NUM
fsr-3789	117	9	growth	growth	NOUN
fsr-3789	117	10	0.98	0.98	NUM
fsr-3789	117	11	growth	growth	NOUN
fsr-3789	117	12	-	-	PUNCT
fsr-3789	117	13	income	income	NOUN
fsr-3789	117	14	0.53	0.53	NUM
fsr-3789	117	15	international	international	ADJ
fsr-3789	117	16	0.55	0.55	NUM
fsr-3789	117	17	option	option	NOUN
fsr-3789	117	18	-	-	PUNCT
fsr-3789	117	19	income	income	NOUN
fsr-3789	117	20	1.45	1.45	NUM
fsr-3789	117	21	small	small	ADJ
fsr-3789	117	22	company	company	NOUN
fsr-3789	117	23	0.54	0.54	NUM
fsr-3789	117	24	income	income	NOUN
fsr-3789	117	25	0.58	0.58	NUM
fsr-3789	117	26	average	average	ADJ
fsr-3789	117	27	0.80	0.80	NUM
fsr-3789	117	28	source	source	NOUN
fsr-3789	117	29	:	:	PUNCT
fsr-3789	117	30	winslow	winslow	PROPN
fsr-3789	117	31	&	&	CCONJ
fsr-3789	117	32	anderson	anderson	PROPN
fsr-3789	117	33	(	(	PUNCT
fsr-3789	117	34	1990	1990	NUM
fsr-3789	117	35	)	)	PUNCT
fsr-3789	117	36	.	.	PUNCT
fsr-3789	118	1	sd	sd	INTJ
fsr-3789	118	2	mean	mean	VERB
fsr-3789	118	3	plus	plus	CCONJ
fsr-3789	118	4	2	2	NUM
fsr-3789	118	5	sd	sd	ADP
fsr-3789	118	6	0.72	0.72	NUM
fsr-3789	118	7	2.62	2.62	NUM
fsr-3789	118	8	0.58	0.58	NUM
fsr-3789	118	9	1.81	1.81	NUM
fsr-3789	118	10	0.53	0.53	NUM
fsr-3789	118	11	1.76	1.76	NUM
fsr-3789	118	12	0.61	0.61	NUM
fsr-3789	118	13	2.19	2.19	NUM
fsr-3789	118	14	0.55	0.55	NUM
fsr-3789	118	15	1.64	1.64	NUM
fsr-3789	118	16	0.42	0.42	NUM
fsr-3789	118	17	1.38	1.38	NUM
fsr-3789	118	18	0.74	0.74	NUM
fsr-3789	118	19	2.93	2.93	NUM
fsr-3789	118	20	0.39	0.39	NUM
fsr-3789	118	21	1.32	1.32	NUM
fsr-3789	118	22	0.40	0.40	NUM
fsr-3789	118	23	1.39	1.39	NUM
fsr-3789	118	24	average	average	ADJ
fsr-3789	118	25	turnover	turnover	NOUN
fsr-3789	118	26	ratio	ratio	NOUN
fsr-3789	118	27	of	of	ADP
fsr-3789	118	28	0.65	0.65	NUM
fsr-3789	118	29	times	time	NOUN
fsr-3789	118	30	.	.	PUNCT
fsr-3789	119	1	given	give	VERB
fsr-3789	119	2	the	the	DET
fsr-3789	119	3	standard	standard	ADJ
fsr-3789	119	4	deviations	deviation	NOUN
fsr-3789	119	5	around	around	ADP
fsr-3789	119	6	these	these	DET
fsr-3789	119	7	means	mean	NOUN
fsr-3789	119	8	,	,	PUNCT
fsr-3789	119	9	essentially	essentially	ADV
fsr-3789	119	10	all	all	PRON
fsr-3789	119	11	of	of	ADP
fsr-3789	119	12	the	the	DET
fsr-3789	119	13	more	more	ADV
fsr-3789	119	14	conservative	conservative	ADJ
fsr-3789	119	15	funds	fund	NOUN
fsr-3789	119	16	were	be	AUX
fsr-3789	119	17	turned	turn	VERB
fsr-3789	119	18	over	over	ADP
fsr-3789	119	19	less	less	ADJ
fsr-3789	119	20	than	than	ADP
fsr-3789	119	21	two	two	NUM
fsr-3789	119	22	times	time	NOUN
fsr-3789	119	23	.	.	PUNCT
fsr-3789	120	1	funds	fund	NOUN
fsr-3789	120	2	with	with	ADP
fsr-3789	120	3	more	more	ADV
fsr-3789	120	4	aggressive	aggressive	ADJ
fsr-3789	120	5	investment	investment	NOUN
fsr-3789	120	6	objectives	objective	NOUN
fsr-3789	120	7	(	(	PUNCT
fsr-3789	120	8	growth	growth	NOUN
fsr-3789	120	9	-	-	PUNCT
fsr-3789	120	10	income	income	NOUN
fsr-3789	120	11	,	,	PUNCT
fsr-3789	120	12	growth	growth	NOUN
fsr-3789	120	13	,	,	PUNCT
fsr-3789	120	14	and	and	CCONJ
fsr-3789	120	15	aggressive	aggressive	ADJ
fsr-3789	120	16	growth	growth	NOUN
fsr-3789	120	17	)	)	PUNCT
fsr-3789	120	18	had	have	VERB
fsr-3789	120	19	an	an	DET
fsr-3789	120	20	average	average	ADJ
fsr-3789	120	21	turnover	turnover	NOUN
fsr-3789	120	22	of	of	ADP
fsr-3789	120	23	0.9	0.9	NUM
fsr-3789	120	24	times	time	NOUN
fsr-3789	120	25	,	,	PUNCT
fsr-3789	120	26	and	and	CCONJ
fsr-3789	120	27	standard	standard	ADJ
fsr-3789	120	28	deviations	deviation	NOUN
fsr-3789	120	29	indicate	indicate	VERB
fsr-3789	120	30	that	that	PRON
fsr-3789	120	31	essen	essen	NOUN
fsr-3789	120	32	tially	tially	ADV
fsr-3789	120	33	all	all	PRON
fsr-3789	120	34	of	of	ADP
fsr-3789	120	35	these	these	DET
fsr-3789	120	36	funds	fund	NOUN
fsr-3789	120	37	had	have	VERB
fsr-3789	120	38	turnover	turnover	NOUN
fsr-3789	120	39	ratios	ratio	NOUN
fsr-3789	120	40	less	less	ADJ
fsr-3789	120	41	than	than	ADP
fsr-3789	120	42	three	three	NUM
fsr-3789	120	43	times	time	NOUN
fsr-3789	120	44	.	.	PUNCT
fsr-3789	121	1	the	the	DET
fsr-3789	121	2	standard	standard	ADJ
fsr-3789	121	3	deviation	deviation	NOUN
fsr-3789	121	4	numbers	number	NOUN
fsr-3789	121	5	should	should	AUX
fsr-3789	121	6	be	be	AUX
fsr-3789	121	7	interpreted	interpret	VERB
fsr-3789	121	8	with	with	ADP
fsr-3789	121	9	some	some	DET
fsr-3789	121	10	caution	caution	NOUN
fsr-3789	121	11	since	since	SCONJ
fsr-3789	121	12	it	it	PRON
fsr-3789	121	13	is	be	AUX
fsr-3789	121	14	unlikely	unlikely	ADJ
fsr-3789	121	15	that	that	SCONJ
fsr-3789	121	16	the	the	DET
fsr-3789	121	17	distribution	distribution	NOUN
fsr-3789	121	18	of	of	ADP
fsr-3789	121	19	turnover	turnover	NOUN
fsr-3789	121	20	ratios	ratio	NOUN
fsr-3789	121	21	in	in	ADP
fsr-3789	121	22	normal	normal	ADJ
fsr-3789	121	23	.	.	PUNCT
fsr-3789	122	1	the	the	DET
fsr-3789	122	2	turnover	turnover	NOUN
fsr-3789	122	3	ratio	ratio	NOUN
fsr-3789	122	4	is	be	AUX
fsr-3789	122	5	bounded	bound	VERB
fsr-3789	122	6	on	on	ADP
fsr-3789	122	7	the	the	DET
fsr-3789	122	8	downside	downside	NOUN
fsr-3789	122	9	by	by	ADP
fsr-3789	122	10	zero	zero	NUM
fsr-3789	122	11	,	,	PUNCT
fsr-3789	122	12	and	and	CCONJ
fsr-3789	122	13	thus	thus	ADV
fsr-3789	122	14	the	the	DET
fsr-3789	122	15	distribution	distribution	NOUN
fsr-3789	122	16	is	be	AUX
fsr-3789	122	17	likely	likely	ADJ
fsr-3789	122	18	to	to	PART
fsr-3789	122	19	have	have	VERB
fsr-3789	122	20	a	a	DET
fsr-3789	122	21	positive	positive	ADJ
fsr-3789	122	22	skew	skew	NOUN
fsr-3789	122	23	.	.	PUNCT
fsr-3789	123	1	given	give	VERB
fsr-3789	123	2	that	that	PRON
fsr-3789	123	3	professional	professional	ADJ
fsr-3789	123	4	money	money	NOUN
fsr-3789	123	5	managers	manager	NOUN
fsr-3789	123	6	turn	turn	VERB
fsr-3789	123	7	over	over	ADP
fsr-3789	123	8	their	their	PRON
fsr-3789	123	9	portfolios	portfolio	NOUN
fsr-3789	123	10	an	an	DET
fsr-3789	123	11	average	average	NOUN
fsr-3789	123	12	of	of	ADP
fsr-3789	123	13	less	less	ADJ
fsr-3789	123	14	than	than	ADP
fsr-3789	123	15	one	one	NUM
fsr-3789	123	16	time	time	NOUN
fsr-3789	123	17	per	per	ADP
fsr-3789	123	18	year	year	NOUN
fsr-3789	123	19	,	,	PUNCT
fsr-3789	123	20	case	case	NOUN
fsr-3789	123	21	law	law	NOUN
fsr-3789	123	22	standards	standard	NOUN
fsr-3789	123	23	,	,	PUNCT
fsr-3789	123	24	that	that	ADV
fsr-3789	123	25	is	is	ADV
fsr-3789	123	26	,	,	PUNCT
fsr-3789	123	27	the	the	DET
fsr-3789	123	28	2	2	NUM
fsr-3789	123	29	-	-	SYM
fsr-3789	123	30	4	4	NUM
fsr-3789	123	31	-	-	SYM
fsr-3789	123	32	6	6	NUM
fsr-3789	123	33	formulation	formulation	NOUN
fsr-3789	123	34	appears	appear	VERB
fsr-3789	123	35	overly	overly	ADV
fsr-3789	123	36	gen	gen	VERB
fsr-3789	123	37	erous	erous	ADJ
fsr-3789	123	38	to	to	ADP
fsr-3789	123	39	brokers	broker	NOUN
fsr-3789	123	40	.	.	PUNCT
fsr-3789	124	1	this	this	PRON
fsr-3789	124	2	is	be	AUX
fsr-3789	124	3	especially	especially	ADV
fsr-3789	124	4	true	true	ADJ
fsr-3789	124	5	when	when	SCONJ
fsr-3789	124	6	it	it	PRON
fsr-3789	124	7	is	be	AUX
fsr-3789	124	8	noted	note	VERB
fsr-3789	124	9	that	that	SCONJ
fsr-3789	124	10	retail	retail	ADJ
fsr-3789	124	11	securities	security	NOUN
fsr-3789	124	12	customers	customer	NOUN
fsr-3789	124	13	pay	pay	VERB
fsr-3789	124	14	much	much	ADV
fsr-3789	124	15	higher	high	ADJ
fsr-3789	124	16	commissions	commission	NOUN
fsr-3789	124	17	than	than	ADP
fsr-3789	124	18	institutions	institution	NOUN
fsr-3789	124	19	such	such	ADJ
fsr-3789	124	20	as	as	ADP
fsr-3789	124	21	mutual	mutual	ADJ
fsr-3789	124	22	funds	fund	NOUN
fsr-3789	124	23	.	.	PUNCT
fsr-3789	125	1	winslow	winslow	PROPN
fsr-3789	125	2	and	and	CCONJ
fsr-3789	125	3	anderson	anderson	PROPN
fsr-3789	125	4	(	(	PUNCT
fsr-3789	125	5	1990	1990	NUM
fsr-3789	125	6	,	,	PUNCT
fsr-3789	125	7	p.	p.	NOUN
fsr-3789	125	8	357	357	NUM
fsr-3789	125	9	)	)	PUNCT
fsr-3789	125	10	conclude	conclude	VERB
fsr-3789	125	11	that	that	SCONJ
fsr-3789	125	12	a	a	DET
fsr-3789	125	13	lower	low	ADJ
fsr-3789	125	14	hurdle	hurdle	NOUN
fsr-3789	125	15	to	to	PART
fsr-3789	125	16	demonstrate	demonstrate	VERB
fsr-3789	125	17	excessive	excessive	ADJ
fsr-3789	125	18	trading	trading	NOUN
fsr-3789	125	19	is	be	AUX
fsr-3789	125	20	warranted	warrant	VERB
fsr-3789	125	21	:	:	PUNCT
fsr-3789	125	22	we	we	PRON
fsr-3789	125	23	believe	believe	VERB
fsr-3789	125	24	that	that	SCONJ
fsr-3789	125	25	some	some	DET
fsr-3789	125	26	use	use	NOUN
fsr-3789	125	27	of	of	ADP
fsr-3789	125	28	a	a	DET
fsr-3789	125	29	weaker	weak	ADJ
fsr-3789	125	30	form	form	NOUN
fsr-3789	125	31	of	of	ADP
fsr-3789	125	32	presumption	presumption	NOUN
fsr-3789	125	33	would	would	AUX
fsr-3789	125	34	be	be	AUX
fsr-3789	125	35	helpful	helpful	ADJ
fsr-3789	125	36	to	to	ADP
fsr-3789	125	37	the	the	DET
fsr-3789	125	38	courts	court	NOUN
fsr-3789	125	39	.	.	PUNCT
fsr-3789	126	1	depending	depend	VERB
fsr-3789	126	2	to	to	ADP
fsr-3789	126	3	some	some	DET
fsr-3789	126	4	extent	extent	NOUN
fsr-3789	126	5	on	on	ADP
fsr-3789	126	6	the	the	DET
fsr-3789	126	7	specific	specific	ADJ
fsr-3789	126	8	investment	investment	NOUN
fsr-3789	126	9	objectives	objective	NOUN
fsr-3789	126	10	as	as	SCONJ
fsr-3789	126	11	reflected	reflect	VERB
fsr-3789	126	12	in	in	ADP
fsr-3789	126	13	the	the	DET
fsr-3789	126	14	mutual	mutual	ADJ
fsr-3789	126	15	fund	fund	NOUN
fsr-3789	126	16	data	datum	NOUN
fsr-3789	126	17	.	.	PUNCT
fsr-3789	126	18	.	.	PUNCT
fsr-3789	126	19	.	.	PUNCT
fsr-3789	127	1	an	an	DET
fsr-3789	127	2	appropriate	appropriate	ADJ
fsr-3789	127	3	annual	annual	ADJ
fsr-3789	127	4	turnover	turnover	NOUN
fsr-3789	127	5	rate	rate	NOUN
fsr-3789	127	6	should	should	AUX
fsr-3789	127	7	be	be	AUX
fsr-3789	127	8	seen	see	VERB
fsr-3789	127	9	as	as	ADP
fsr-3789	127	10	lying	lie	VERB
fsr-3789	127	11	in	in	ADP
fsr-3789	127	12	the	the	DET
fsr-3789	127	13	neighborhood	neighborhood	NOUN
fsr-3789	127	14	of	of	ADP
fsr-3789	127	15	one	one	NUM
fsr-3789	127	16	;	;	PUNCT
fsr-3789	127	17	rates	rate	NOUN
fsr-3789	127	18	increasing	increase	VERB
fsr-3789	127	19	beyond	beyond	ADP
fsr-3789	127	20	that	that	PRON
fsr-3789	127	21	should	should	AUX
fsr-3789	127	22	be	be	AUX
fsr-3789	127	23	viewed	view	VERB
fsr-3789	127	24	with	with	ADP
fsr-3789	127	25	skepti	skepti	NOUN
fsr-3789	127	26	cism	cism	NOUN
fsr-3789	127	27	.	.	PUNCT
fsr-3789	128	1	as	as	SCONJ
fsr-3789	128	2	the	the	DET
fsr-3789	128	3	rate	rate	NOUN
fsr-3789	128	4	increases	increase	VERB
fsr-3789	128	5	much	much	ADV
fsr-3789	128	6	beyond	beyond	ADP
fsr-3789	128	7	one	one	NUM
fsr-3789	128	8	,	,	PUNCT
fsr-3789	128	9	the	the	DET
fsr-3789	128	10	broker	broker	NOUN
fsr-3789	128	11	should	should	AUX
fsr-3789	128	12	bear	bear	VERB
fsr-3789	128	13	the	the	DET
fsr-3789	128	14	burden	burden	NOUN
fsr-3789	128	15	of	of	ADP
fsr-3789	128	16	explaining	explain	VERB
fsr-3789	128	17	the	the	DET
fsr-3789	128	18	higher	high	ADJ
fsr-3789	128	19	than	than	ADP
fsr-3789	128	20	normal	normal	ADJ
fsr-3789	128	21	rate	rate	NOUN
fsr-3789	128	22	.	.	PUNCT
fsr-3789	129	1	once	once	SCONJ
fsr-3789	129	2	rates	rate	NOUN
fsr-3789	129	3	rise	rise	VERB
fsr-3789	129	4	to	to	ADP
fsr-3789	129	5	about	about	ADV
fsr-3789	129	6	three	three	NUM
fsr-3789	129	7	,	,	PUNCT
fsr-3789	129	8	there	there	PRON
fsr-3789	129	9	should	should	AUX
fsr-3789	129	10	be	be	AUX
fsr-3789	129	11	little	little	ADJ
fsr-3789	129	12	room	room	NOUN
fsr-3789	129	13	for	for	ADP
fsr-3789	129	14	argument	argument	NOUN
fsr-3789	129	15	about	about	ADP
fsr-3789	129	16	the	the	DET
fsr-3789	129	17	excessive	excessive	ADJ
fsr-3789	129	18	trading	trading	NOUN
fsr-3789	129	19	element	element	NOUN
fsr-3789	129	20	of	of	ADP
fsr-3789	129	21	the	the	DET
fsr-3789	129	22	claim	claim	NOUN
fsr-3789	129	23	,	,	PUNCT
fsr-3789	129	24	in	in	ADP
fsr-3789	129	25	the	the	DET
fsr-3789	129	26	absence	absence	NOUN
fsr-3789	129	27	of	of	ADP
fsr-3789	129	28	an	an	DET
fsr-3789	129	29	investment	investment	NOUN
fsr-3789	129	30	motive	motive	NOUN
fsr-3789	129	31	or	or	CCONJ
fsr-3789	129	32	strategy	strategy	NOUN
fsr-3789	129	33	that	that	PRON
fsr-3789	129	34	is	be	AUX
fsr-3789	129	35	not	not	PART
fsr-3789	129	36	accounted	account	VERB
fsr-3789	129	37	for	for	ADP
fsr-3789	129	38	in	in	ADP
fsr-3789	129	39	our	our	PRON
fsr-3789	129	40	data	datum	NOUN
fsr-3789	129	41	.	.	PUNCT
fsr-3789	130	1	a	a	DET
fsr-3789	130	2	recent	recent	ADJ
fsr-3789	130	3	supreme	supreme	PROPN
fsr-3789	130	4	court	court	PROPN
fsr-3789	130	5	decision	decision	NOUN
fsr-3789	130	6	(	(	PUNCT
fsr-3789	130	7	mcmahon	mcmahon	PROPN
fsr-3789	130	8	v.	v.	PROPN
fsr-3789	130	9	shearson	shearson	PROPN
fsr-3789	130	10	lehman	lehman	PROPN
fsr-3789	130	11	,	,	PUNCT
fsr-3789	130	12	1987	1987	NUM
fsr-3789	130	13	)	)	PUNCT
fsr-3789	130	14	forced	force	VERB
fsr-3789	130	15	most	most	ADJ
fsr-3789	130	16	securities	security	NOUN
fsr-3789	130	17	cases	case	NOUN
fsr-3789	130	18	into	into	ADP
fsr-3789	130	19	arbitration	arbitration	NOUN
fsr-3789	130	20	and	and	CCONJ
fsr-3789	130	21	,	,	PUNCT
fsr-3789	130	22	with	with	ADP
fsr-3789	130	23	few	few	ADJ
fsr-3789	130	24	exceptions	exception	NOUN
fsr-3789	130	25	,	,	PUNCT
fsr-3789	130	26	case	case	NOUN
fsr-3789	130	27	law	law	NOUN
fsr-3789	130	28	is	be	AUX
fsr-3789	130	29	frozen	freeze	VERB
fsr-3789	130	30	in	in	ADP
fsr-3789	130	31	essentially	essentially	ADV
fsr-3789	130	32	the	the	DET
fsr-3789	130	33	same	same	ADJ
fsr-3789	130	34	place	place	NOUN
fsr-3789	130	35	it	it	PRON
fsr-3789	130	36	was	be	AUX
fsr-3789	130	37	in	in	ADP
fsr-3789	130	38	1987	1987	NUM
fsr-3789	130	39	.	.	PUNCT
fsr-3789	131	1	thus	thus	ADV
fsr-3789	131	2	,	,	PUNCT
fsr-3789	131	3	the	the	DET
fsr-3789	131	4	winslow	winslow	PROPN
fsr-3789	131	5	and	and	CCONJ
fsr-3789	131	6	anderson	anderson	PROPN
fsr-3789	131	7	argument	argument	NOUN
fsr-3789	131	8	has	have	AUX
fsr-3789	131	9	not	not	PART
fsr-3789	131	10	been	be	AUX
fsr-3789	131	11	fac	fac	PROPN
fsr-3789	131	12	tored	tore	VERB
fsr-3789	131	13	into	into	ADP
fsr-3789	131	14	case	case	NOUN
fsr-3789	131	15	law	law	NOUN
fsr-3789	131	16	.	.	PUNCT
fsr-3789	132	1	c.	c.	NOUN
fsr-3789	132	2	problems	problem	NOUN
fsr-3789	132	3	with	with	ADP
fsr-3789	132	4	the	the	DET
fsr-3789	132	5	turnover	turnover	NOUN
fsr-3789	132	6	measure	measure	NOUN
fsr-3789	132	7	the	the	DET
fsr-3789	132	8	turnover	turnover	NOUN
fsr-3789	132	9	ratio	ratio	NOUN
fsr-3789	132	10	is	be	AUX
fsr-3789	132	11	an	an	DET
fsr-3789	132	12	indirect	indirect	ADJ
fsr-3789	132	13	measure	measure	NOUN
fsr-3789	132	14	of	of	ADP
fsr-3789	132	15	trading	trading	NOUN
fsr-3789	132	16	activity	activity	NOUN
fsr-3789	132	17	and	and	CCONJ
fsr-3789	132	18	trading	trading	NOUN
fsr-3789	132	19	costs	cost	NOUN
fsr-3789	132	20	.	.	PUNCT
fsr-3789	133	1	the	the	DET
fsr-3789	133	2	harm	harm	NOUN
fsr-3789	133	3	of	of	ADP
fsr-3789	133	4	excessive	excessive	ADJ
fsr-3789	133	5	trading	trading	NOUN
fsr-3789	133	6	is	be	AUX
fsr-3789	133	7	not	not	PART
fsr-3789	133	8	transactions	transaction	NOUN
fsr-3789	133	9	volume	volume	NOUN
fsr-3789	133	10	per	per	ADP
fsr-3789	133	11	se	se	PROPN
fsr-3789	133	12	but	but	CCONJ
fsr-3789	133	13	the	the	DET
fsr-3789	133	14	unnecessary	unnecessary	ADJ
fsr-3789	133	15	trading	trading	NOUN
fsr-3789	133	16	costs	cost	NOUN
fsr-3789	133	17	imposed	impose	VERB
fsr-3789	133	18	on	on	ADP
fsr-3789	133	19	an	an	DET
fsr-3789	133	20	account	account	NOUN
fsr-3789	133	21	.	.	PUNCT
fsr-3789	134	1	moreover	moreover	ADV
fsr-3789	134	2	,	,	PUNCT
fsr-3789	134	3	the	the	DET
fsr-3789	134	4	motivation	motivation	NOUN
fsr-3789	134	5	for	for	ADP
fsr-3789	134	6	excessive	excessive	ADJ
fsr-3789	134	7	trading	trading	NOUN
fsr-3789	134	8	is	be	AUX
fsr-3789	134	9	commis	commis	NOUN
fsr-3789	134	10	sions	sion	NOUN
fsr-3789	134	11	which	which	PRON
fsr-3789	134	12	accrue	accrue	VERB
fsr-3789	134	13	to	to	ADP
fsr-3789	134	14	the	the	DET
fsr-3789	134	15	stockbroker	stockbroker	NOUN
fsr-3789	134	16	and	and	CCONJ
fsr-3789	134	17	the	the	DET
fsr-3789	134	18	brokerage	brokerage	NOUN
fsr-3789	134	19	firm	firm	NOUN
fsr-3789	134	20	.	.	PUNCT
fsr-3789	135	1	if	if	SCONJ
fsr-3789	135	2	commission	commission	NOUN
fsr-3789	135	3	rates	rate	NOUN
fsr-3789	135	4	were	be	AUX
fsr-3789	135	5	churning	churn	VERB
fsr-3789	135	6	49	49	NUM
fsr-3789	135	7	fixed	fix	VERB
fsr-3789	135	8	,	,	PUNCT
fsr-3789	135	9	as	as	SCONJ
fsr-3789	135	10	they	they	PRON
fsr-3789	135	11	were	be	AUX
fsr-3789	135	12	during	during	ADP
fsr-3789	135	13	the	the	DET
fsr-3789	135	14	period	period	NOUN
fsr-3789	135	15	when	when	SCONJ
fsr-3789	135	16	case	case	NOUN
fsr-3789	135	17	law	law	NOUN
fsr-3789	135	18	standards	standard	NOUN
fsr-3789	135	19	evolved	evolve	VERB
fsr-3789	135	20	,	,	PUNCT
fsr-3789	135	21	then	then	ADV
fsr-3789	135	22	the	the	DET
fsr-3789	135	23	turnover	turnover	NOUN
fsr-3789	135	24	ratio	ratio	NOUN
fsr-3789	135	25	would	would	AUX
fsr-3789	135	26	have	have	VERB
fsr-3789	135	27	a	a	DET
fsr-3789	135	28	fixed	fix	VERB
fsr-3789	135	29	relationship	relationship	NOUN
fsr-3789	135	30	with	with	ADP
fsr-3789	135	31	trading	trading	NOUN
fsr-3789	135	32	costs	cost	NOUN
fsr-3789	135	33	,	,	PUNCT
fsr-3789	135	34	and	and	CCONJ
fsr-3789	135	35	there	there	PRON
fsr-3789	135	36	would	would	AUX
fsr-3789	135	37	be	be	AUX
fsr-3789	135	38	no	no	DET
fsr-3789	135	39	problem	problem	NOUN
fsr-3789	135	40	in	in	ADP
fsr-3789	135	41	using	use	VERB
fsr-3789	135	42	turnover	turnover	NOUN
fsr-3789	135	43	ratios	ratio	NOUN
fsr-3789	135	44	to	to	PART
fsr-3789	135	45	gauge	gauge	VERB
fsr-3789	135	46	excessive	excessive	ADJ
fsr-3789	135	47	trading	trading	NOUN
fsr-3789	135	48	.	.	PUNCT
fsr-3789	136	1	however	however	ADV
fsr-3789	136	2	,	,	PUNCT
fsr-3789	136	3	commission	commission	NOUN
fsr-3789	136	4	rates	rate	NOUN
fsr-3789	136	5	are	be	AUX
fsr-3789	136	6	now	now	ADV
fsr-3789	136	7	com	com	NOUN
fsr-3789	136	8	petitive	petitive	NOUN
fsr-3789	136	9	,	,	PUNCT
fsr-3789	136	10	and	and	CCONJ
fsr-3789	136	11	there	there	PRON
fsr-3789	136	12	has	have	AUX
fsr-3789	136	13	been	be	AUX
fsr-3789	136	14	a	a	DET
fsr-3789	136	15	proliferation	proliferation	NOUN
fsr-3789	136	16	of	of	ADP
fsr-3789	136	17	other	other	ADJ
fsr-3789	136	18	types	type	NOUN
fsr-3789	136	19	of	of	ADP
fsr-3789	136	20	securities	security	NOUN
fsr-3789	136	21	traded	trade	VERB
fsr-3789	136	22	in	in	ADP
fsr-3789	136	23	brokerage	brokerage	NOUN
fsr-3789	136	24	accounts	account	NOUN
fsr-3789	136	25	,	,	PUNCT
fsr-3789	136	26	many	many	ADJ
fsr-3789	136	27	of	of	ADP
fsr-3789	136	28	which	which	PRON
fsr-3789	136	29	carry	carry	VERB
fsr-3789	136	30	higher	high	ADJ
fsr-3789	136	31	commission	commission	NOUN
fsr-3789	136	32	rates	rate	NOUN
fsr-3789	136	33	than	than	ADP
fsr-3789	136	34	listed	list	VERB
fsr-3789	136	35	equities	equity	NOUN
fsr-3789	136	36	.	.	PUNCT
fsr-3789	137	1	for	for	ADP
fsr-3789	137	2	instance	instance	NOUN
fsr-3789	137	3	,	,	PUNCT
fsr-3789	137	4	it	it	PRON
fsr-3789	137	5	is	be	AUX
fsr-3789	137	6	not	not	PART
fsr-3789	137	7	unusual	unusual	ADJ
fsr-3789	137	8	to	to	PART
fsr-3789	137	9	see	see	VERB
fsr-3789	137	10	mutual	mutual	ADJ
fsr-3789	137	11	funds	fund	NOUN
fsr-3789	137	12	carried	carry	VERB
fsr-3789	137	13	in	in	ADP
fsr-3789	137	14	retail	retail	ADJ
fsr-3789	137	15	brokerage	brokerage	NOUN
fsr-3789	137	16	accounts	account	NOUN
fsr-3789	137	17	.	.	PUNCT
fsr-3789	138	1	such	such	ADJ
fsr-3789	138	2	instruments	instrument	NOUN
fsr-3789	138	3	carry	carry	VERB
fsr-3789	138	4	front	front	ADJ
fsr-3789	138	5	end	end	NOUN
fsr-3789	138	6	or	or	CCONJ
fsr-3789	138	7	back	back	ADJ
fsr-3789	138	8	end	end	NOUN
fsr-3789	138	9	loads	load	NOUN
fsr-3789	138	10	,	,	PUNCT
fsr-3789	138	11	typically	typically	ADV
fsr-3789	138	12	in	in	ADP
fsr-3789	138	13	the	the	DET
fsr-3789	138	14	range	range	NOUN
fsr-3789	138	15	of	of	ADP
fsr-3789	138	16	4	4	NUM
fsr-3789	138	17	-	-	SYM
fsr-3789	138	18	8	8	NUM
fsr-3789	138	19	%	%	NOUN
fsr-3789	138	20	.	.	PUNCT
fsr-3789	139	1	thus	thus	ADV
fsr-3789	139	2	,	,	PUNCT
fsr-3789	139	3	a	a	DET
fsr-3789	139	4	complete	complete	ADJ
fsr-3789	139	5	turnover	turnover	NOUN
fsr-3789	139	6	(	(	PUNCT
fsr-3789	139	7	purchase	purchase	NOUN
fsr-3789	139	8	and	and	CCONJ
fsr-3789	139	9	sale	sale	NOUN
fsr-3789	139	10	)	)	PUNCT
fsr-3789	139	11	of	of	ADP
fsr-3789	139	12	mutual	mutual	ADJ
fsr-3789	139	13	funds	fund	NOUN
fsr-3789	139	14	could	could	AUX
fsr-3789	139	15	cost	cost	VERB
fsr-3789	139	16	perhaps	perhaps	ADV
fsr-3789	139	17	8	8	NUM
fsr-3789	139	18	%	%	NOUN
fsr-3789	139	19	while	while	SCONJ
fsr-3789	139	20	a	a	DET
fsr-3789	139	21	com	com	NOUN
fsr-3789	139	22	plete	plete	NOUN
fsr-3789	139	23	turnover	turnover	NOUN
fsr-3789	139	24	in	in	ADP
fsr-3789	139	25	listed	list	VERB
fsr-3789	139	26	equities	equity	NOUN
fsr-3789	139	27	might	might	AUX
fsr-3789	139	28	cost	cost	VERB
fsr-3789	139	29	3	3	NUM
fsr-3789	139	30	%	%	NOUN
fsr-3789	139	31	if	if	SCONJ
fsr-3789	139	32	one	one	NUM
fsr-3789	139	33	-	-	PUNCT
fsr-3789	139	34	way	way	NOUN
fsr-3789	139	35	commissions	commission	NOUN
fsr-3789	139	36	are	be	AUX
fsr-3789	139	37	1.5	1.5	NUM
fsr-3789	139	38	%	%	NOUN
fsr-3789	139	39	.	.	PUNCT
fsr-3789	140	1	thus	thus	ADV
fsr-3789	140	2	,	,	PUNCT
fsr-3789	140	3	similar	similar	ADJ
fsr-3789	140	4	trading	trading	NOUN
fsr-3789	140	5	volume	volume	NOUN
fsr-3789	140	6	in	in	ADP
fsr-3789	140	7	listed	list	VERB
fsr-3789	140	8	equities	equity	NOUN
fsr-3789	140	9	and	and	CCONJ
fsr-3789	140	10	mutual	mutual	ADJ
fsr-3789	140	11	funds	fund	NOUN
fsr-3789	140	12	would	would	AUX
fsr-3789	140	13	generate	generate	VERB
fsr-3789	140	14	similar	similar	ADJ
fsr-3789	140	15	turnover	turnover	NOUN
fsr-3789	140	16	ratios	ratio	NOUN
fsr-3789	140	17	with	with	ADP
fsr-3789	140	18	much	much	ADJ
fsr-3789	140	19	different	different	ADJ
fsr-3789	140	20	trading	trading	NOUN
fsr-3789	140	21	costs	cost	NOUN
fsr-3789	140	22	.	.	PUNCT
fsr-3789	141	1	it	it	PRON
fsr-3789	141	2	has	have	AUX
fsr-3789	141	3	become	become	VERB
fsr-3789	141	4	common	common	ADJ
fsr-3789	141	5	place	place	NOUN
fsr-3789	141	6	to	to	PART
fsr-3789	141	7	see	see	VERB
fsr-3789	141	8	exchange	exchange	NOUN
fsr-3789	141	9	traded	trade	VERB
fsr-3789	141	10	options	option	NOUN
fsr-3789	141	11	in	in	ADP
fsr-3789	141	12	retail	retail	ADJ
fsr-3789	141	13	securities	security	NOUN
fsr-3789	141	14	accounts	account	NOUN
fsr-3789	141	15	.	.	PUNCT
fsr-3789	142	1	commission	commission	NOUN
fsr-3789	142	2	rates	rate	NOUN
fsr-3789	142	3	on	on	ADP
fsr-3789	142	4	options	option	NOUN
fsr-3789	142	5	are	be	AUX
fsr-3789	142	6	typically	typically	ADV
fsr-3789	142	7	in	in	ADP
fsr-3789	142	8	the	the	DET
fsr-3789	142	9	range	range	NOUN
fsr-3789	142	10	of	of	ADP
fsr-3789	142	11	3	3	NUM
fsr-3789	142	12	-	-	SYM
fsr-3789	142	13	7	7	NUM
fsr-3789	142	14	%	%	NOUN
fsr-3789	142	15	of	of	ADP
fsr-3789	142	16	the	the	DET
fsr-3789	142	17	transaction	transaction	NOUN
fsr-3789	142	18	amount	amount	NOUN
fsr-3789	142	19	(	(	PUNCT
fsr-3789	142	20	see	see	VERB
fsr-3789	142	21	appendix	appendix	NOUN
fsr-3789	142	22	)	)	PUNCT
fsr-3789	142	23	.	.	PUNCT
fsr-3789	143	1	for	for	ADP
fsr-3789	143	2	certain	certain	ADJ
fsr-3789	143	3	types	type	NOUN
fsr-3789	143	4	of	of	ADP
fsr-3789	143	5	options	option	NOUN
fsr-3789	143	6	strategies	strategy	NOUN
fsr-3789	143	7	,	,	PUNCT
fsr-3789	143	8	the	the	DET
fsr-3789	143	9	turnover	turnover	NOUN
fsr-3789	143	10	ratio	ratio	NOUN
fsr-3789	143	11	may	may	AUX
fsr-3789	143	12	dra	dra	PROPN
fsr-3789	143	13	matically	matically	ADV
fsr-3789	143	14	understate	understate	VERB
fsr-3789	143	15	the	the	DET
fsr-3789	143	16	level	level	NOUN
fsr-3789	143	17	of	of	ADP
fsr-3789	143	18	trading	trading	NOUN
fsr-3789	143	19	activity	activity	NOUN
fsr-3789	143	20	.	.	PUNCT
fsr-3789	144	1	for	for	ADP
fsr-3789	144	2	instance	instance	NOUN
fsr-3789	144	3	,	,	PUNCT
fsr-3789	144	4	if	if	SCONJ
fsr-3789	144	5	the	the	DET
fsr-3789	144	6	strategy	strategy	NOUN
fsr-3789	144	7	used	use	VERB
fsr-3789	144	8	is	be	AUX
fsr-3789	144	9	to	to	PART
fsr-3789	144	10	sell	sell	VERB
fsr-3789	144	11	calls	call	NOUN
fsr-3789	144	12	and	and	CCONJ
fsr-3789	144	13	allow	allow	VERB
fsr-3789	144	14	them	they	PRON
fsr-3789	144	15	to	to	PART
fsr-3789	144	16	expire	expire	VERB
fsr-3789	144	17	or	or	CCONJ
fsr-3789	144	18	be	be	AUX
fsr-3789	144	19	exercised	exercise	VERB
fsr-3789	144	20	,	,	PUNCT
fsr-3789	144	21	then	then	ADV
fsr-3789	144	22	the	the	DET
fsr-3789	144	23	turnover	turnover	NOUN
fsr-3789	144	24	rate	rate	NOUN
fsr-3789	144	25	associated	associate	VERB
fsr-3789	144	26	with	with	ADP
fsr-3789	144	27	options	option	NOUN
fsr-3789	144	28	trading	trading	NOUN
fsr-3789	144	29	would	would	AUX
fsr-3789	144	30	be	be	AUX
fsr-3789	144	31	zero	zero	NUM
fsr-3789	144	32	since	since	SCONJ
fsr-3789	144	33	no	no	DET
fsr-3789	144	34	purchases	purchase	NOUN
fsr-3789	144	35	would	would	AUX
fsr-3789	144	36	occur	occur	VERB
fsr-3789	144	37	.	.	PUNCT
fsr-3789	145	1	this	this	DET
fsr-3789	145	2	problem	problem	NOUN
fsr-3789	145	3	has	have	AUX
fsr-3789	145	4	been	be	AUX
fsr-3789	145	5	rec	rec	PROPN
fsr-3789	145	6	ognized,(sec	ognized,(sec	ADJ
fsr-3789	145	7	special	special	ADJ
fsr-3789	145	8	options	option	NOUN
fsr-3789	145	9	study	study	NOUN
fsr-3789	145	10	,	,	PUNCT
fsr-3789	145	11	1968	1968	NUM
fsr-3789	145	12	)	)	PUNCT
fsr-3789	145	13	.	.	PUNCT
fsr-3789	146	1	another	another	DET
fsr-3789	146	2	potential	potential	ADJ
fsr-3789	146	3	problem	problem	NOUN
fsr-3789	146	4	with	with	ADP
fsr-3789	146	5	using	use	VERB
fsr-3789	146	6	turnover	turnover	NOUN
fsr-3789	146	7	to	to	PART
fsr-3789	146	8	measure	measure	VERB
fsr-3789	146	9	excessive	excessive	ADJ
fsr-3789	146	10	trading	trading	NOUN
fsr-3789	146	11	occurs	occur	VERB
fsr-3789	146	12	when	when	SCONJ
fsr-3789	146	13	principal	principal	ADJ
fsr-3789	146	14	trades	trade	NOUN
fsr-3789	146	15	on	on	ADP
fsr-3789	146	16	otc	otc	PROPN
fsr-3789	146	17	stocks	stock	NOUN
fsr-3789	146	18	take	take	VERB
fsr-3789	146	19	place	place	NOUN
fsr-3789	146	20	in	in	ADP
fsr-3789	146	21	the	the	DET
fsr-3789	146	22	account	account	NOUN
fsr-3789	146	23	.	.	PUNCT
fsr-3789	147	1	such	such	ADJ
fsr-3789	147	2	trades	trade	NOUN
fsr-3789	147	3	carry	carry	VERB
fsr-3789	147	4	no	no	DET
fsr-3789	147	5	explicit	explicit	ADJ
fsr-3789	147	6	commissions	commission	NOUN
fsr-3789	147	7	,	,	PUNCT
fsr-3789	147	8	but	but	CCONJ
fsr-3789	147	9	there	there	PRON
fsr-3789	147	10	are	be	VERB
fsr-3789	147	11	trading	trading	NOUN
fsr-3789	147	12	costs	cost	NOUN
fsr-3789	147	13	,	,	PUNCT
fsr-3789	147	14	and	and	CCONJ
fsr-3789	147	15	stockbrokers	stockbroker	NOUN
fsr-3789	147	16	are	be	AUX
fsr-3789	147	17	compensated	compensate	VERB
fsr-3789	147	18	in	in	ADP
fsr-3789	147	19	the	the	DET
fsr-3789	147	20	form	form	NOUN
fsr-3789	147	21	of	of	ADP
fsr-3789	147	22	sharing	share	VERB
fsr-3789	147	23	a	a	DET
fsr-3789	147	24	part	part	NOUN
fsr-3789	147	25	of	of	ADP
fsr-3789	147	26	the	the	DET
fsr-3789	147	27	markup	markup	NOUN
fsr-3789	147	28	on	on	ADP
fsr-3789	147	29	the	the	DET
fsr-3789	147	30	security	security	NOUN
fsr-3789	147	31	.	.	PUNCT
fsr-3789	148	1	the	the	DET
fsr-3789	148	2	national	national	PROPN
fsr-3789	148	3	association	association	PROPN
fsr-3789	148	4	of	of	ADP
fsr-3789	148	5	securities	security	NOUN
fsr-3789	148	6	dealers	dealer	NOUN
fsr-3789	148	7	has	have	VERB
fsr-3789	148	8	a	a	DET
fsr-3789	148	9	policy	policy	NOUN
fsr-3789	148	10	which	which	PRON
fsr-3789	148	11	suggests	suggest	VERB
fsr-3789	148	12	that	that	SCONJ
fsr-3789	148	13	profits	profit	NOUN
fsr-3789	148	14	on	on	ADP
fsr-3789	148	15	principal	principal	ADJ
fsr-3789	148	16	transactions	transaction	NOUN
fsr-3789	148	17	should	should	AUX
fsr-3789	148	18	normally	normally	ADV
fsr-3789	148	19	not	not	PART
fsr-3789	148	20	exceed	exceed	VERB
fsr-3789	148	21	5	5	NUM
fsr-3789	148	22	%	%	NOUN
fsr-3789	148	23	.	.	PUNCT
fsr-3789	149	1	the	the	DET
fsr-3789	149	2	policy	policy	NOUN
fsr-3789	149	3	was	be	AUX
fsr-3789	149	4	adopted	adopt	VERB
fsr-3789	149	5	after	after	SCONJ
fsr-3789	149	6	a	a	DET
fsr-3789	149	7	survey	survey	NOUN
fsr-3789	149	8	of	of	ADP
fsr-3789	149	9	mark	mark	NOUN
fsr-3789	149	10	-	-	PUNCT
fsr-3789	149	11	ups	up	NOUN
fsr-3789	149	12	charged	charge	VERB
fsr-3789	149	13	by	by	ADP
fsr-3789	149	14	nasd	nasd	NOUN
fsr-3789	149	15	members	member	NOUN
fsr-3789	149	16	in	in	ADP
fsr-3789	149	17	retail	retail	ADJ
fsr-3789	149	18	transactions	transaction	NOUN
fsr-3789	149	19	indicated	indicate	VERB
fsr-3789	149	20	that	that	SCONJ
fsr-3789	149	21	47	47	NUM
fsr-3789	149	22	%	%	NOUN
fsr-3789	149	23	of	of	ADP
fsr-3789	149	24	the	the	DET
fsr-3789	149	25	transactions	transaction	NOUN
fsr-3789	149	26	were	be	AUX
fsr-3789	149	27	marked	mark	VERB
fsr-3789	149	28	up	up	ADP
fsr-3789	149	29	less	less	ADJ
fsr-3789	149	30	than	than	ADP
fsr-3789	149	31	3	3	NUM
fsr-3789	149	32	%	%	NOUN
fsr-3789	149	33	,	,	PUNCT
fsr-3789	149	34	another	another	DET
fsr-3789	149	35	24	24	NUM
fsr-3789	149	36	%	%	NOUN
fsr-3789	149	37	were	be	AUX
fsr-3789	149	38	marked	mark	VERB
fsr-3789	149	39	up	up	ADP
fsr-3789	149	40	between	between	ADP
fsr-3789	149	41	3	3	NUM
fsr-3789	149	42	and	and	CCONJ
fsr-3789	149	43	5	5	NUM
fsr-3789	149	44	%	%	NOUN
fsr-3789	149	45	and	and	CCONJ
fsr-3789	149	46	the	the	DET
fsr-3789	149	47	remainder	remainder	NOUN
fsr-3789	149	48	were	be	AUX
fsr-3789	149	49	marked	mark	VERB
fsr-3789	149	50	up	up	ADP
fsr-3789	149	51	more	more	ADJ
fsr-3789	149	52	than	than	ADP
fsr-3789	149	53	5	5	NUM
fsr-3789	149	54	%	%	NOUN
fsr-3789	149	55	(	(	PUNCT
fsr-3789	149	56	nasd	nasd	NOUN
fsr-3789	149	57	,	,	PUNCT
fsr-3789	149	58	1944	1944	NUM
fsr-3789	149	59	)	)	PUNCT
fsr-3789	149	60	.	.	PUNCT
fsr-3789	150	1	commission	commission	NOUN
fsr-3789	150	2	on	on	ADP
fsr-3789	150	3	pink	pink	ADJ
fsr-3789	150	4	sheet	sheet	NOUN
fsr-3789	150	5	stocks	stock	NOUN
fsr-3789	150	6	sometimes	sometimes	ADV
fsr-3789	150	7	run	run	VERB
fsr-3789	150	8	as	as	ADV
fsr-3789	150	9	high	high	ADJ
fsr-3789	150	10	as	as	ADP
fsr-3789	150	11	15	15	NUM
fsr-3789	150	12	-	-	SYM
fsr-3789	150	13	202	202	NUM
fsr-3789	150	14	per	per	ADP
fsr-3789	150	15	trade	trade	NOUN
fsr-3789	150	16	.	.	PUNCT
fsr-3789	151	1	in	in	ADP
fsr-3789	151	2	summary	summary	NOUN
fsr-3789	151	3	,	,	PUNCT
fsr-3789	151	4	many	many	ADJ
fsr-3789	151	5	securities	security	NOUN
fsr-3789	151	6	that	that	PRON
fsr-3789	151	7	are	be	AUX
fsr-3789	151	8	commonly	commonly	ADV
fsr-3789	151	9	traded	trade	VERB
fsr-3789	151	10	today	today	NOUN
fsr-3789	151	11	carry	carry	VERB
fsr-3789	151	12	different	different	ADJ
fsr-3789	151	13	and	and	CCONJ
fsr-3789	151	14	gen	gen	PROPN
fsr-3789	151	15	erally	erally	ADV
fsr-3789	151	16	higher	high	ADJ
fsr-3789	151	17	commission	commission	NOUN
fsr-3789	151	18	rates	rate	NOUN
fsr-3789	151	19	than	than	ADP
fsr-3789	151	20	the	the	DET
fsr-3789	151	21	commission	commission	NOUN
fsr-3789	151	22	rates	rate	NOUN
fsr-3789	151	23	on	on	ADP
fsr-3789	151	24	listed	listed	ADJ
fsr-3789	151	25	equities	equity	NOUN
fsr-3789	151	26	.	.	PUNCT
fsr-3789	152	1	the	the	DET
fsr-3789	152	2	turnover	turnover	NOUN
fsr-3789	152	3	ratio	ratio	NOUN
fsr-3789	152	4	and	and	CCONJ
fsr-3789	152	5	associated	associated	ADJ
fsr-3789	152	6	case	case	NOUN
fsr-3789	152	7	law	law	NOUN
fsr-3789	152	8	standards	standard	NOUN
fsr-3789	152	9	may	may	AUX
fsr-3789	152	10	have	have	AUX
fsr-3789	152	11	worked	work	VERB
fsr-3789	152	12	well	well	ADV
fsr-3789	152	13	in	in	ADP
fsr-3789	152	14	a	a	DET
fsr-3789	152	15	simpler	simple	ADJ
fsr-3789	152	16	era	era	NOUN
fsr-3789	152	17	when	when	SCONJ
fsr-3789	152	18	listed	list	VERB
fsr-3789	152	19	equities	equity	NOUN
fsr-3789	152	20	constituted	constitute	VERB
fsr-3789	152	21	the	the	DET
fsr-3789	152	22	vast	vast	ADJ
fsr-3789	152	23	bulk	bulk	NOUN
fsr-3789	152	24	of	of	ADP
fsr-3789	152	25	trading	trading	NOUN
fsr-3789	152	26	in	in	ADP
fsr-3789	152	27	retail	retail	ADJ
fsr-3789	152	28	securities	security	NOUN
fsr-3789	152	29	accounts	account	NOUN
fsr-3789	152	30	.	.	PUNCT
fsr-3789	153	1	this	this	PRON
fsr-3789	153	2	is	be	AUX
fsr-3789	153	3	no	no	ADV
fsr-3789	153	4	longer	long	ADV
fsr-3789	153	5	the	the	DET
fsr-3789	153	6	case	case	NOUN
fsr-3789	153	7	,	,	PUNCT
fsr-3789	153	8	and	and	CCONJ
fsr-3789	153	9	as	as	ADP
fsr-3789	153	10	a	a	DET
fsr-3789	153	11	result	result	NOUN
fsr-3789	153	12	,	,	PUNCT
fsr-3789	153	13	the	the	DET
fsr-3789	153	14	turnover	turnover	NOUN
fsr-3789	153	15	ratio	ratio	NOUN
fsr-3789	153	16	is	be	AUX
fsr-3789	153	17	a	a	DET
fsr-3789	153	18	flawed	flawed	ADJ
fsr-3789	153	19	measure	measure	NOUN
fsr-3789	153	20	of	of	ADP
fsr-3789	153	21	the	the	DET
fsr-3789	153	22	degree	degree	NOUN
fsr-3789	153	23	of	of	ADP
fsr-3789	153	24	excessive	excessive	ADJ
fsr-3789	153	25	trading	trading	NOUN
fsr-3789	153	26	in	in	ADP
fsr-3789	153	27	retail	retail	ADJ
fsr-3789	153	28	securities	security	NOUN
fsr-3789	153	29	accounts	account	NOUN
fsr-3789	153	30	.	.	PUNCT
fsr-3789	154	1	what	what	PRON
fsr-3789	154	2	is	be	AUX
fsr-3789	154	3	needed	need	VERB
fsr-3789	154	4	is	be	AUX
fsr-3789	154	5	a	a	DET
fsr-3789	154	6	direct	direct	ADJ
fsr-3789	154	7	measure	measure	NOUN
fsr-3789	154	8	of	of	ADP
fsr-3789	154	9	trading	trading	NOUN
fsr-3789	154	10	costs	cost	NOUN
fsr-3789	154	11	in	in	ADP
fsr-3789	154	12	retail	retail	ADJ
fsr-3789	154	13	securities	security	NOUN
fsr-3789	154	14	accounts	account	NOUN
fsr-3789	154	15	.	.	PUNCT
fsr-3789	155	1	the	the	DET
fsr-3789	155	2	next	next	ADJ
fsr-3789	155	3	section	section	NOUN
fsr-3789	155	4	presents	present	VERB
fsr-3789	155	5	such	such	DET
fsr-3789	155	6	a	a	DET
fsr-3789	155	7	measure	measure	NOUN
fsr-3789	155	8	.	.	PUNCT
fsr-3789	156	1	d.	d.	PROPN
fsr-3789	156	2	a	a	DET
fsr-3789	156	3	better	well	ADJ
fsr-3789	156	4	measure	measure	NOUN
fsr-3789	156	5	of	of	ADP
fsr-3789	156	6	excessive	excessive	ADJ
fsr-3789	156	7	trading	trading	NOUN
fsr-3789	156	8	-	-	PUNCT
fsr-3789	156	9	the	the	DET
fsr-3789	156	10	commission	commission	NOUN
fsr-3789	156	11	to	to	ADP
fsr-3789	156	12	equity	equity	NOUN
fsr-3789	156	13	ratio	ratio	NOUN
fsr-3789	156	14	the	the	DET
fsr-3789	156	15	1968	1968	NUM
fsr-3789	156	16	sec	sec	PROPN
fsr-3789	156	17	special	special	ADJ
fsr-3789	156	18	options	option	NOUN
fsr-3789	156	19	study	study	NOUN
fsr-3789	156	20	suggests	suggest	VERB
fsr-3789	156	21	the	the	DET
fsr-3789	156	22	commission	commission	NOUN
fsr-3789	156	23	to	to	ADP
fsr-3789	156	24	equity	equity	NOUN
fsr-3789	156	25	(	(	PUNCT
fsr-3789	156	26	c	c	NOUN
fsr-3789	156	27	/	/	SYM
fsr-3789	156	28	e	e	NOUN
fsr-3789	156	29	)	)	PUNCT
fsr-3789	156	30	ratio	ratio	NOUN
fsr-3789	156	31	as	as	ADP
fsr-3789	156	32	an	an	DET
fsr-3789	156	33	alternative	alternative	NOUN
fsr-3789	156	34	to	to	ADP
fsr-3789	156	35	the	the	DET
fsr-3789	156	36	turnover	turnover	NOUN
fsr-3789	156	37	ratio	ratio	NOUN
fsr-3789	156	38	.	.	PUNCT
fsr-3789	157	1	the	the	DET
fsr-3789	157	2	suggestion	suggestion	NOUN
fsr-3789	157	3	was	be	AUX
fsr-3789	157	4	made	make	VERB
fsr-3789	157	5	in	in	ADP
fsr-3789	157	6	the	the	DET
fsr-3789	157	7	context	context	NOUN
fsr-3789	157	8	of	of	ADP
fsr-3789	157	9	options	option	NOUN
fsr-3789	157	10	trad	trad	NOUN
fsr-3789	157	11	ing	ing	ADJ
fsr-3789	157	12	but	but	CCONJ
fsr-3789	157	13	is	be	AUX
fsr-3789	157	14	equally	equally	ADV
fsr-3789	157	15	applicable	applicable	ADJ
fsr-3789	157	16	to	to	ADP
fsr-3789	157	17	all	all	DET
fsr-3789	157	18	securities	security	NOUN
fsr-3789	157	19	trading	trading	NOUN
fsr-3789	157	20	.	.	PUNCT
fsr-3789	158	1	it	it	PRON
fsr-3789	158	2	has	have	VERB
fsr-3789	158	3	the	the	DET
fsr-3789	158	4	advantage	advantage	NOUN
fsr-3789	158	5	of	of	ADP
fsr-3789	158	6	measuring	measure	VERB
fsr-3789	158	7	trading	trading	NOUN
fsr-3789	158	8	costs	cost	NOUN
fsr-3789	158	9	directly	directly	ADV
fsr-3789	158	10	.	.	PUNCT
fsr-3789	159	1	the	the	DET
fsr-3789	159	2	c	c	NOUN
fsr-3789	159	3	/	/	SYM
fsr-3789	159	4	e	e	NOUN
fsr-3789	159	5	ratio	ratio	NOUN
fsr-3789	159	6	is	be	AUX
fsr-3789	159	7	calculated	calculate	VERB
fsr-3789	159	8	by	by	ADP
fsr-3789	159	9	dividing	divide	VERB
fsr-3789	159	10	the	the	DET
fsr-3789	159	11	total	total	ADJ
fsr-3789	159	12	commissions	commission	NOUN
fsr-3789	159	13	in	in	ADP
fsr-3789	159	14	the	the	DET
fsr-3789	159	15	account	account	NOUN
fsr-3789	159	16	by	by	ADP
fsr-3789	159	17	the	the	DET
fsr-3789	159	18	average	average	ADJ
fsr-3789	159	19	equity	equity	NOUN
fsr-3789	159	20	in	in	ADP
fsr-3789	159	21	the	the	DET
fsr-3789	159	22	account	account	NOUN
fsr-3789	159	23	and	and	CCONJ
fsr-3789	159	24	then	then	ADV
fsr-3789	159	25	annualizing	annualize	VERB
fsr-3789	159	26	the	the	DET
fsr-3789	159	27	number	number	NOUN
fsr-3789	159	28	,	,	PUNCT
fsr-3789	159	29	that	that	PRON
fsr-3789	159	30	is	be	AUX
fsr-3789	159	31	:	:	PUNCT
fsr-3789	159	32	ueratio	ueratio	NOUN
fsr-3789	159	33	=	=	PUNCT
fsr-3789	159	34	total	total	ADJ
fsr-3789	159	35	commissions	commission	NOUN
fsr-3789	159	36	x	x	SYM
fsr-3789	159	37	12	12	NUM
fsr-3789	159	38	average	average	ADJ
fsr-3789	159	39	equity	equity	NOUN
fsr-3789	159	40	x	x	PUNCT
fsr-3789	159	41	n	n	PROPN
fsr-3789	159	42	*	*	PUNCT
fsr-3789	159	43	(	(	PUNCT
fsr-3789	159	44	2	2	NUM
fsr-3789	159	45	)	)	PUNCT
fsr-3789	159	46	50	50	NUM
fsr-3789	159	47	financial	financial	ADJ
fsr-3789	159	48	services	service	NOUN
fsr-3789	159	49	review	review	VERB
fsr-3789	159	50	5	5	NUM
fsr-3789	159	51	(	(	PUNCT
fsr-3789	159	52	1	1	NUM
fsr-3789	159	53	)	)	PUNCT
fsr-3789	159	54	1996	1996	NUM
fsr-3789	159	55	the	the	DET
fsr-3789	159	56	interpretation	interpretation	NOUN
fsr-3789	159	57	of	of	ADP
fsr-3789	159	58	the	the	DET
fsr-3789	159	59	c	c	PROPN
fsr-3789	159	60	/	/	SYM
fsr-3789	159	61	e	e	NOUN
fsr-3789	159	62	ratio	ratio	NOUN
fsr-3789	159	63	is	be	AUX
fsr-3789	159	64	both	both	CCONJ
fsr-3789	159	65	interesting	interesting	ADJ
fsr-3789	159	66	and	and	CCONJ
fsr-3789	159	67	useful	useful	ADJ
fsr-3789	159	68	.	.	PUNCT
fsr-3789	160	1	the	the	DET
fsr-3789	160	2	c	c	NOUN
fsr-3789	160	3	/	/	SYM
fsr-3789	160	4	e	e	NOUN
fsr-3789	160	5	ratio	ratio	NOUN
fsr-3789	160	6	repre	repre	ADJ
fsr-3789	160	7	sents	sent	NOUN
fsr-3789	160	8	the	the	DET
fsr-3789	160	9	minimum	minimum	ADJ
fsr-3789	160	10	annual	annual	ADJ
fsr-3789	160	11	rate	rate	NOUN
fsr-3789	160	12	of	of	ADP
fsr-3789	160	13	return	return	NOUN
fsr-3789	160	14	on	on	ADP
fsr-3789	160	15	the	the	DET
fsr-3789	160	16	account	account	NOUN
fsr-3789	160	17	equity	equity	NOUN
fsr-3789	160	18	that	that	PRON
fsr-3789	160	19	would	would	AUX
fsr-3789	160	20	have	have	VERB
fsr-3789	160	21	to	to	PART
fsr-3789	160	22	be	be	AUX
fsr-3789	160	23	earned	earn	VERB
fsr-3789	160	24	to	to	PART
fsr-3789	160	25	break	break	VERB
fsr-3789	160	26	even	even	ADV
fsr-3789	160	27	and	and	CCONJ
fsr-3789	160	28	cover	cover	VERB
fsr-3789	160	29	commissions	commission	NOUN
fsr-3789	160	30	paid	pay	VERB
fsr-3789	160	31	.	.	PUNCT
fsr-3789	161	1	if	if	SCONJ
fsr-3789	161	2	the	the	DET
fsr-3789	161	3	c	c	NOUN
fsr-3789	161	4	/	/	SYM
fsr-3789	161	5	e	e	NOUN
fsr-3789	161	6	ratio	ratio	NOUN
fsr-3789	161	7	is	be	AUX
fsr-3789	161	8	16	16	NUM
fsr-3789	161	9	%	%	NOUN
fsr-3789	161	10	then	then	ADV
fsr-3789	161	11	the	the	DET
fsr-3789	161	12	account	account	NOUN
fsr-3789	161	13	would	would	AUX
fsr-3789	161	14	have	have	VERB
fsr-3789	161	15	to	to	PART
fsr-3789	161	16	earn	earn	VERB
fsr-3789	161	17	16	16	NUM
fsr-3789	161	18	%	%	NOUN
fsr-3789	161	19	annually	annually	ADV
fsr-3789	161	20	just	just	ADV
fsr-3789	161	21	to	to	PART
fsr-3789	161	22	cover	cover	VERB
fsr-3789	161	23	commissions	commission	NOUN
fsr-3789	161	24	and	and	CCONJ
fsr-3789	161	25	leave	leave	VERB
fsr-3789	161	26	the	the	DET
fsr-3789	161	27	account	account	NOUN
fsr-3789	161	28	equity	equity	NOUN
fsr-3789	161	29	intact	intact	ADJ
fsr-3789	161	30	.	.	PUNCT
fsr-3789	162	1	the	the	DET
fsr-3789	162	2	c	c	NOUN
fsr-3789	162	3	/	/	SYM
fsr-3789	162	4	e	e	NOUN
fsr-3789	162	5	ratio	ratio	NOUN
fsr-3789	162	6	is	be	AUX
fsr-3789	162	7	a	a	DET
fsr-3789	162	8	better	well	ADJ
fsr-3789	162	9	measure	measure	NOUN
fsr-3789	162	10	of	of	ADP
fsr-3789	162	11	trading	trading	NOUN
fsr-3789	162	12	activity	activity	NOUN
fsr-3789	162	13	than	than	ADP
fsr-3789	162	14	the	the	DET
fsr-3789	162	15	turnover	turnover	NOUN
fsr-3789	162	16	ratio	ratio	NOUN
fsr-3789	162	17	because	because	SCONJ
fsr-3789	162	18	it	it	PRON
fsr-3789	162	19	looks	look	VERB
fsr-3789	162	20	at	at	ADP
fsr-3789	162	21	trading	trading	NOUN
fsr-3789	162	22	costs	cost	NOUN
fsr-3789	162	23	directly	directly	ADV
fsr-3789	162	24	and	and	CCONJ
fsr-3789	162	25	includes	include	VERB
fsr-3789	162	26	commissions	commission	NOUN
fsr-3789	162	27	on	on	ADP
fsr-3789	162	28	both	both	DET
fsr-3789	162	29	purchases	purchase	NOUN
fsr-3789	162	30	and	and	CCONJ
fsr-3789	162	31	sales	sale	NOUN
fsr-3789	162	32	.	.	PUNCT
fsr-3789	163	1	the	the	DET
fsr-3789	163	2	turn	turn	NOUN
fsr-3789	163	3	over	over	ADP
fsr-3789	163	4	ratio	ratio	NOUN
fsr-3789	163	5	includes	include	VERB
fsr-3789	163	6	only	only	ADV
fsr-3789	163	7	purchases	purchase	NOUN
fsr-3789	163	8	in	in	ADP
fsr-3789	163	9	the	the	DET
fsr-3789	163	10	account	account	NOUN
fsr-3789	163	11	.	.	PUNCT
fsr-3789	164	1	the	the	DET
fsr-3789	164	2	total	total	ADJ
fsr-3789	164	3	cost	cost	NOUN
fsr-3789	164	4	to	to	ADP
fsr-3789	164	5	equity	equity	NOUN
fsr-3789	164	6	(	(	PUNCT
fsr-3789	164	7	tc	tc	NOUN
fsr-3789	164	8	/	/	SYM
fsr-3789	164	9	e	e	NOUN
fsr-3789	164	10	)	)	PUNCT
fsr-3789	164	11	ratio	ratio	NOUN
fsr-3789	164	12	is	be	AUX
fsr-3789	164	13	a	a	DET
fsr-3789	164	14	variant	variant	NOUN
fsr-3789	164	15	of	of	ADP
fsr-3789	164	16	the	the	DET
fsr-3789	164	17	c	c	PROPN
fsr-3789	164	18	/	/	SYM
fsr-3789	164	19	e	e	NOUN
fsr-3789	164	20	ratio	ratio	NOUN
fsr-3789	164	21	which	which	PRON
fsr-3789	164	22	provides	provide	VERB
fsr-3789	164	23	further	further	ADJ
fsr-3789	164	24	useful	useful	ADJ
fsr-3789	164	25	information	information	NOUN
fsr-3789	164	26	.	.	PUNCT
fsr-3789	165	1	the	the	DET
fsr-3789	165	2	tc	tc	NOUN
fsr-3789	165	3	/	/	SYM
fsr-3789	165	4	e	e	NOUN
fsr-3789	165	5	ratio	ratio	NOUN
fsr-3789	165	6	is	be	AUX
fsr-3789	165	7	calculated	calculate	VERB
fsr-3789	165	8	in	in	ADP
fsr-3789	165	9	the	the	DET
fsr-3789	165	10	same	same	ADJ
fsr-3789	165	11	manner	manner	NOUN
fsr-3789	165	12	as	as	ADP
fsr-3789	165	13	the	the	DET
fsr-3789	165	14	c	c	NOUN
fsr-3789	165	15	/	/	SYM
fsr-3789	165	16	e	e	NOUN
fsr-3789	165	17	ratio	ratio	NOUN
fsr-3789	165	18	but	but	CCONJ
fsr-3789	165	19	includes	include	VERB
fsr-3789	165	20	margin	margin	NOUN
fsr-3789	165	21	interest	interest	NOUN
fsr-3789	165	22	and	and	CCONJ
fsr-3789	165	23	fees	fee	NOUN
fsr-3789	165	24	in	in	ADP
fsr-3789	165	25	the	the	DET
fsr-3789	165	26	numerator	numerator	NOUN
fsr-3789	165	27	.	.	PUNCT
fsr-3789	166	1	the	the	DET
fsr-3789	166	2	tc	tc	NOUN
fsr-3789	166	3	/	/	SYM
fsr-3789	166	4	e	e	NOUN
fsr-3789	166	5	ratio	ratio	NOUN
fsr-3789	166	6	is	be	AUX
fsr-3789	166	7	interpreted	interpret	VERB
fsr-3789	166	8	as	as	ADP
fsr-3789	166	9	the	the	DET
fsr-3789	166	10	minimum	minimum	ADJ
fsr-3789	166	11	annual	annual	ADJ
fsr-3789	166	12	return	return	NOUN
fsr-3789	166	13	necessary	necessary	ADJ
fsr-3789	166	14	to	to	PART
fsr-3789	166	15	break	break	VERB
fsr-3789	166	16	even	even	ADV
fsr-3789	166	17	and	and	CCONJ
fsr-3789	166	18	cover	cover	VERB
fsr-3789	166	19	total	total	ADJ
fsr-3789	166	20	account	account	NOUN
fsr-3789	166	21	costs	cost	NOUN
fsr-3789	166	22	.	.	PUNCT
fsr-3789	167	1	the	the	DET
fsr-3789	167	2	tc	tc	NOUN
fsr-3789	167	3	/	/	SYM
fsr-3789	167	4	e	e	NOUN
fsr-3789	167	5	ratio	ratio	NOUN
fsr-3789	167	6	is	be	AUX
fsr-3789	167	7	always	always	ADV
fsr-3789	167	8	greater	great	ADJ
fsr-3789	167	9	than	than	ADP
fsr-3789	167	10	or	or	CCONJ
fsr-3789	167	11	equal	equal	ADJ
fsr-3789	167	12	to	to	ADP
fsr-3789	167	13	the	the	DET
fsr-3789	167	14	c	c	PROPN
fsr-3789	167	15	/	/	SYM
fsr-3789	167	16	e	e	NOUN
fsr-3789	167	17	ratio	ratio	NOUN
fsr-3789	167	18	.	.	PUNCT
fsr-3789	168	1	it	it	PRON
fsr-3789	168	2	will	will	AUX
fsr-3789	168	3	be	be	AUX
fsr-3789	168	4	equal	equal	ADJ
fsr-3789	168	5	to	to	ADP
fsr-3789	168	6	the	the	DET
fsr-3789	168	7	c	c	NOUN
fsr-3789	168	8	/	/	SYM
fsr-3789	168	9	e	e	NOUN
fsr-3789	168	10	ratio	ratio	NOUN
fsr-3789	168	11	if	if	SCONJ
fsr-3789	168	12	there	there	PRON
fsr-3789	168	13	is	be	VERB
fsr-3789	168	14	no	no	DET
fsr-3789	168	15	margin	margin	NOUN
fsr-3789	168	16	interest	interest	NOUN
fsr-3789	168	17	or	or	CCONJ
fsr-3789	168	18	fees	fee	NOUN
fsr-3789	168	19	.	.	PUNCT
fsr-3789	169	1	the	the	DET
fsr-3789	169	2	tcye	tcye	ADJ
fsr-3789	169	3	ratio	ratio	NOUN
fsr-3789	169	4	must	must	AUX
fsr-3789	169	5	be	be	AUX
fsr-3789	169	6	interpreted	interpret	VERB
fsr-3789	169	7	with	with	ADP
fsr-3789	169	8	caution	caution	NOUN
fsr-3789	169	9	.	.	PUNCT
fsr-3789	170	1	the	the	DET
fsr-3789	170	2	argument	argument	NOUN
fsr-3789	170	3	can	can	AUX
fsr-3789	170	4	be	be	AUX
fsr-3789	170	5	made	make	VERB
fsr-3789	170	6	that	that	SCONJ
fsr-3789	170	7	it	it	PRON
fsr-3789	170	8	is	be	AUX
fsr-3789	170	9	a	a	DET
fsr-3789	170	10	biased	biased	ADJ
fsr-3789	170	11	measure	measure	NOUN
fsr-3789	170	12	of	of	ADP
fsr-3789	170	13	trading	trading	NOUN
fsr-3789	170	14	activity	activity	NOUN
fsr-3789	170	15	in	in	ADP
fsr-3789	170	16	the	the	DET
fsr-3789	170	17	sense	sense	NOUN
fsr-3789	170	18	that	that	SCONJ
fsr-3789	170	19	it	it	PRON
fsr-3789	170	20	is	be	AUX
fsr-3789	170	21	possible	possible	ADJ
fsr-3789	170	22	to	to	PART
fsr-3789	170	23	have	have	VERB
fsr-3789	170	24	a	a	DET
fsr-3789	170	25	margin	margin	NOUN
fsr-3789	170	26	balance	balance	NOUN
fsr-3789	170	27	and	and	CCONJ
fsr-3789	170	28	pay	pay	VERB
fsr-3789	170	29	margin	margin	NOUN
fsr-3789	170	30	interest	interest	NOUN
fsr-3789	170	31	when	when	SCONJ
fsr-3789	170	32	there	there	PRON
fsr-3789	170	33	is	be	VERB
fsr-3789	170	34	no	no	DET
fsr-3789	170	35	trading	trading	NOUN
fsr-3789	170	36	activity	activity	NOUN
fsr-3789	170	37	at	at	ADV
fsr-3789	170	38	all	all	ADV
fsr-3789	170	39	.	.	PUNCT
fsr-3789	171	1	it	it	PRON
fsr-3789	171	2	is	be	AUX
fsr-3789	171	3	a	a	DET
fsr-3789	171	4	valid	valid	ADJ
fsr-3789	171	5	measure	measure	NOUN
fsr-3789	171	6	of	of	ADP
fsr-3789	171	7	the	the	DET
fsr-3789	171	8	return	return	NOUN
fsr-3789	171	9	necessary	necessary	ADJ
fsr-3789	171	10	to	to	PART
fsr-3789	171	11	break	break	VERB
fsr-3789	171	12	even	even	ADV
fsr-3789	171	13	but	but	CCONJ
fsr-3789	171	14	includes	include	VERB
fsr-3789	171	15	some	some	DET
fsr-3789	171	16	costs	cost	NOUN
fsr-3789	171	17	that	that	PRON
fsr-3789	171	18	are	be	AUX
fsr-3789	171	19	not	not	PART
fsr-3789	171	20	actual	actual	ADJ
fsr-3789	171	21	trading	trading	NOUN
fsr-3789	171	22	costs	cost	NOUN
fsr-3789	171	23	.	.	PUNCT
fsr-3789	172	1	often	often	ADV
fsr-3789	172	2	,	,	PUNCT
fsr-3789	172	3	the	the	DET
fsr-3789	172	4	tcye	tcye	ADJ
fsr-3789	172	5	ratio	ratio	NOUN
fsr-3789	172	6	is	be	AUX
fsr-3789	172	7	presented	present	VERB
fsr-3789	172	8	in	in	ADP
fsr-3789	172	9	conjunction	conjunction	NOUN
fsr-3789	172	10	with	with	ADP
fsr-3789	172	11	the	the	DET
fsr-3789	172	12	c	c	PROPN
fsr-3789	172	13	/	/	SYM
fsr-3789	172	14	e	e	NOUN
fsr-3789	172	15	ratio	ratio	NOUN
fsr-3789	172	16	and	and	CCONJ
fsr-3789	172	17	is	be	AUX
fsr-3789	172	18	useful	useful	ADJ
fsr-3789	172	19	as	as	ADP
fsr-3789	172	20	an	an	DET
fsr-3789	172	21	indi	indi	PROPN
fsr-3789	172	22	cation	cation	NOUN
fsr-3789	172	23	of	of	ADP
fsr-3789	172	24	the	the	DET
fsr-3789	172	25	costs	cost	NOUN
fsr-3789	172	26	imposed	impose	VERB
fsr-3789	172	27	on	on	ADP
fsr-3789	172	28	the	the	DET
fsr-3789	172	29	account	account	NOUN
fsr-3789	172	30	by	by	ADP
fsr-3789	172	31	trading	trade	VERB
fsr-3789	172	32	on	on	ADP
fsr-3789	172	33	margin	margin	NOUN
fsr-3789	172	34	.	.	PUNCT
fsr-3789	173	1	since	since	SCONJ
fsr-3789	173	2	margin	margin	NOUN
fsr-3789	173	3	trading	trading	NOUN
fsr-3789	173	4	and	and	CCONJ
fsr-3789	173	5	the	the	DET
fsr-3789	173	6	resultant	resultant	NOUN
fsr-3789	173	7	risks	risk	NOUN
fsr-3789	173	8	are	be	AUX
fsr-3789	173	9	suitability	suitability	NOUN
fsr-3789	173	10	issues	issue	NOUN
fsr-3789	173	11	,	,	PUNCT
fsr-3789	173	12	the	the	DET
fsr-3789	173	13	tc	tc	NOUN
fsr-3789	173	14	/	/	SYM
fsr-3789	173	15	e	e	NOUN
fsr-3789	173	16	is	be	AUX
fsr-3789	173	17	useful	useful	ADJ
fsr-3789	173	18	in	in	ADP
fsr-3789	173	19	those	those	DET
fsr-3789	173	20	cases	case	NOUN
fsr-3789	173	21	where	where	SCONJ
fsr-3789	173	22	both	both	PRON
fsr-3789	173	23	churn	churn	VERB
fsr-3789	173	24	ing	ing	NOUN
fsr-3789	173	25	and	and	CCONJ
fsr-3789	173	26	suitability	suitability	NOUN
fsr-3789	173	27	are	be	AUX
fsr-3789	173	28	issues	issue	NOUN
fsr-3789	173	29	.	.	PUNCT
fsr-3789	174	1	cost	cost	NOUN
fsr-3789	174	2	ratios	ratio	NOUN
fsr-3789	174	3	are	be	AUX
fsr-3789	174	4	finding	find	VERB
fsr-3789	174	5	their	their	PRON
fsr-3789	174	6	way	way	NOUN
fsr-3789	174	7	into	into	ADP
fsr-3789	174	8	administrative	administrative	ADJ
fsr-3789	174	9	case	case	NOUN
fsr-3789	174	10	law	law	NOUN
fsr-3789	174	11	.	.	PUNCT
fsr-3789	175	1	in	in	ADP
fsr-3789	175	2	a	a	DET
fsr-3789	175	3	recent	recent	ADJ
fsr-3789	175	4	sec	sec	PROPN
fsr-3789	175	5	case	case	NOUN
fsr-3789	175	6	against	against	ADP
fsr-3789	175	7	brokers	broker	NOUN
fsr-3789	175	8	accused	accuse	VERB
fsr-3789	175	9	of	of	ADP
fsr-3789	175	10	churning	churn	VERB
fsr-3789	175	11	several	several	ADJ
fsr-3789	175	12	retail	retail	ADJ
fsr-3789	175	13	accounts	account	NOUN
fsr-3789	175	14	,	,	PUNCT
fsr-3789	175	15	the	the	DET
fsr-3789	175	16	administrative	administrative	ADJ
fsr-3789	175	17	law	law	NOUN
fsr-3789	175	18	judge	judge	NOUN
fsr-3789	175	19	explicitly	explicitly	ADV
fsr-3789	175	20	accepted	accept	VERB
fsr-3789	175	21	the	the	DET
fsr-3789	175	22	c	c	NOUN
fsr-3789	175	23	/	/	SYM
fsr-3789	175	24	e	e	NOUN
fsr-3789	175	25	ratio	ratio	NOUN
fsr-3789	175	26	“	"	PUNCT
fsr-3789	175	27	as	as	ADP
fsr-3789	175	28	a	a	DET
fsr-3789	175	29	valid	valid	ADJ
fsr-3789	175	30	indicator	indicator	NOUN
fsr-3789	175	31	of	of	ADP
fsr-3789	175	32	excessive	excessive	ADJ
fsr-3789	175	33	trading	trading	NOUN
fsr-3789	175	34	,	,	PUNCT
fsr-3789	175	35	”	"	PUNCT
fsr-3789	175	36	(	(	PUNCT
fsr-3789	175	37	johnson	johnson	PROPN
fsr-3789	175	38	,	,	PUNCT
fsr-3789	175	39	1992	1992	NUM
fsr-3789	175	40	)	)	PUNCT
fsr-3789	175	41	.	.	PUNCT
fsr-3789	176	1	the	the	DET
fsr-3789	176	2	decision	decision	NOUN
fsr-3789	176	3	is	be	AUX
fsr-3789	176	4	useful	useful	ADJ
fsr-3789	176	5	in	in	ADP
fsr-3789	176	6	validating	validate	VERB
fsr-3789	176	7	trading	trading	NOUN
fsr-3789	176	8	costs	cost	NOUN
fsr-3789	176	9	as	as	ADP
fsr-3789	176	10	an	an	DET
fsr-3789	176	11	indicator	indicator	NOUN
fsr-3789	176	12	of	of	ADP
fsr-3789	176	13	excessive	excessive	ADJ
fsr-3789	176	14	trad	trad	NOUN
fsr-3789	176	15	ing	ing	ADJ
fsr-3789	176	16	.	.	PUNCT
fsr-3789	177	1	unfortunately	unfortunately	ADV
fsr-3789	177	2	,	,	PUNCT
fsr-3789	177	3	the	the	DET
fsr-3789	177	4	decision	decision	NOUN
fsr-3789	177	5	offered	offer	VERB
fsr-3789	177	6	no	no	DET
fsr-3789	177	7	guidelines	guideline	NOUN
fsr-3789	177	8	to	to	PART
fsr-3789	177	9	gauge	gauge	VERB
fsr-3789	177	10	excessive	excessive	ADJ
fsr-3789	177	11	trading	trading	NOUN
fsr-3789	177	12	,	,	PUNCT
fsr-3789	177	13	only	only	ADV
fsr-3789	177	14	that	that	SCONJ
fsr-3789	177	15	the	the	DET
fsr-3789	177	16	return	return	NOUN
fsr-3789	177	17	necessary	necessary	ADJ
fsr-3789	177	18	to	to	PART
fsr-3789	177	19	break	break	VERB
fsr-3789	177	20	even	even	ADV
fsr-3789	177	21	and	and	CCONJ
fsr-3789	177	22	cover	cover	VERB
fsr-3789	177	23	trading	trading	NOUN
fsr-3789	177	24	costs	cost	NOUN
fsr-3789	177	25	is	be	AUX
fsr-3789	177	26	a	a	DET
fsr-3789	177	27	valid	valid	ADJ
fsr-3789	177	28	indicator	indicator	NOUN
fsr-3789	177	29	.	.	PUNCT
fsr-3789	178	1	what	what	PRON
fsr-3789	178	2	is	be	AUX
fsr-3789	178	3	needed	need	VERB
fsr-3789	178	4	is	be	AUX
fsr-3789	178	5	a	a	DET
fsr-3789	178	6	reasonable	reasonable	ADJ
fsr-3789	178	7	benchmark	benchmark	NOUN
fsr-3789	178	8	against	against	ADP
fsr-3789	178	9	which	which	PRON
fsr-3789	178	10	to	to	PART
fsr-3789	178	11	gauge	gauge	VERB
fsr-3789	178	12	the	the	DET
fsr-3789	178	13	excessiveness	excessiveness	NOUN
fsr-3789	178	14	of	of	ADP
fsr-3789	178	15	the	the	DET
fsr-3789	178	16	c	c	PROPN
fsr-3789	178	17	/	/	SYM
fsr-3789	178	18	e	e	NOUN
fsr-3789	178	19	kltio	kltio	PROPN
fsr-3789	178	20	.	.	PUNCT
fsr-3789	179	1	e.	e.	PROPN
fsr-3789	179	2	turnover	turnover	PROPN
fsr-3789	179	3	and	and	CCONJ
fsr-3789	179	4	commission	commission	NOUN
fsr-3789	179	5	costs	cost	VERB
fsr-3789	179	6	the	the	DET
fsr-3789	179	7	relationship	relationship	NOUN
fsr-3789	179	8	between	between	ADP
fsr-3789	179	9	turnover	turnover	NOUN
fsr-3789	179	10	and	and	CCONJ
fsr-3789	179	11	trading	trading	NOUN
fsr-3789	179	12	costs	cost	NOUN
fsr-3789	179	13	is	be	AUX
fsr-3789	179	14	intuitive	intuitive	ADJ
fsr-3789	179	15	.	.	PUNCT
fsr-3789	180	1	consider	consider	VERB
fsr-3789	180	2	two	two	NUM
fsr-3789	180	3	accounts	account	NOUN
fsr-3789	180	4	;	;	PUNCT
fsr-3789	180	5	both	both	PRON
fsr-3789	180	6	have	have	VERB
fsr-3789	180	7	a	a	DET
fsr-3789	180	8	turnover	turnover	NOUN
fsr-3789	180	9	ratio	ratio	NOUN
fsr-3789	180	10	of	of	ADP
fsr-3789	180	11	four	four	NUM
fsr-3789	180	12	,	,	PUNCT
fsr-3789	180	13	but	but	CCONJ
fsr-3789	180	14	in	in	ADP
fsr-3789	180	15	one	one	NUM
fsr-3789	180	16	account	account	NOUN
fsr-3789	180	17	commissions	commission	NOUN
fsr-3789	180	18	are	be	AUX
fsr-3789	180	19	charged	charge	VERB
fsr-3789	180	20	at	at	ADP
fsr-3789	180	21	institutional	institutional	ADJ
fsr-3789	180	22	rates	rate	NOUN
fsr-3789	180	23	of	of	ADP
fsr-3789	180	24	about	about	ADV
fsr-3789	180	25	40	40	NUM
fsr-3789	180	26	basis	basis	NOUN
fsr-3789	180	27	points	point	NOUN
fsr-3789	180	28	per	per	ADP
fsr-3789	180	29	turnover	turnover	NOUN
fsr-3789	180	30	(	(	PUNCT
fsr-3789	180	31	20	20	NUM
fsr-3789	180	32	basis	basis	NOUN
fsr-3789	180	33	points	point	NOUN
fsr-3789	180	34	one	one	NUM
fsr-3789	180	35	way	way	NOUN
fsr-3789	180	36	)	)	PUNCT
fsr-3789	180	37	.	.	PUNCT
fsr-3789	181	1	a	a	DET
fsr-3789	181	2	turn	turn	NOUN
fsr-3789	181	3	over	over	ADP
fsr-3789	181	4	of	of	ADP
fsr-3789	181	5	four	four	NUM
fsr-3789	181	6	would	would	AUX
fsr-3789	181	7	be	be	AUX
fsr-3789	181	8	associated	associate	VERB
fsr-3789	181	9	with	with	ADP
fsr-3789	181	10	trading	trading	NOUN
fsr-3789	181	11	costs	cost	NOUN
fsr-3789	181	12	of	of	ADP
fsr-3789	181	13	1.6	1.6	NUM
fsr-3789	181	14	%	%	NOUN
fsr-3789	181	15	,	,	PUNCT
fsr-3789	181	16	probably	probably	ADV
fsr-3789	181	17	too	too	ADV
fsr-3789	181	18	high	high	ADJ
fsr-3789	181	19	but	but	CCONJ
fsr-3789	181	20	not	not	PART
fsr-3789	181	21	excessive	excessive	ADJ
fsr-3789	181	22	enough	enough	ADV
fsr-3789	181	23	to	to	PART
fsr-3789	181	24	charge	charge	VERB
fsr-3789	181	25	a	a	DET
fsr-3789	181	26	stockbroker	stockbroker	NOUN
fsr-3789	181	27	with	with	ADP
fsr-3789	181	28	fraudulent	fraudulent	ADJ
fsr-3789	181	29	behavior	behavior	NOUN
fsr-3789	181	30	.	.	PUNCT
fsr-3789	182	1	the	the	DET
fsr-3789	182	2	other	other	ADJ
fsr-3789	182	3	account	account	NOUN
fsr-3789	182	4	might	might	AUX
fsr-3789	182	5	have	have	VERB
fsr-3789	182	6	trading	trading	NOUN
fsr-3789	182	7	costs	cost	NOUN
fsr-3789	182	8	of	of	ADP
fsr-3789	182	9	3	3	NUM
fsr-3789	182	10	%	%	NOUN
fsr-3789	182	11	per	per	ADP
fsr-3789	182	12	turnover	turnover	NOUN
fsr-3789	182	13	(	(	PUNCT
fsr-3789	182	14	see	see	VERB
fsr-3789	182	15	appendix	appendix	NOUN
fsr-3789	182	16	)	)	PUNCT
fsr-3789	182	17	and	and	CCONJ
fsr-3789	182	18	would	would	AUX
fsr-3789	182	19	have	have	VERB
fsr-3789	182	20	trading	trading	NOUN
fsr-3789	182	21	costs	cost	NOUN
fsr-3789	182	22	of	of	ADP
fsr-3789	182	23	12	12	NUM
fsr-3789	182	24	%	%	NOUN
fsr-3789	182	25	which	which	PRON
fsr-3789	182	26	might	might	AUX
fsr-3789	182	27	well	well	ADV
fsr-3789	182	28	be	be	AUX
fsr-3789	182	29	excessive	excessive	ADJ
fsr-3789	182	30	and	and	CCONJ
fsr-3789	182	31	fraudulent	fraudulent	ADJ
fsr-3789	182	32	.	.	PUNCT
fsr-3789	183	1	total	total	ADJ
fsr-3789	183	2	commission	commission	NOUN
fsr-3789	183	3	costs	cost	NOUN
fsr-3789	183	4	in	in	ADP
fsr-3789	183	5	an	an	DET
fsr-3789	183	6	account	account	NOUN
fsr-3789	183	7	over	over	ADP
fsr-3789	183	8	a	a	DET
fsr-3789	183	9	period	period	NOUN
fsr-3789	183	10	of	of	ADP
fsr-3789	183	11	analysis	analysis	NOUN
fsr-3789	183	12	must	must	AUX
fsr-3789	183	13	be	be	AUX
fsr-3789	183	14	equal	equal	ADJ
fsr-3789	183	15	to	to	ADP
fsr-3789	183	16	the	the	DET
fsr-3789	183	17	total	total	ADJ
fsr-3789	183	18	transaction	transaction	NOUN
fsr-3789	183	19	volume	volume	NOUN
fsr-3789	183	20	times	time	VERB
fsr-3789	183	21	the	the	DET
fsr-3789	183	22	average	average	ADJ
fsr-3789	183	23	commission	commission	NOUN
fsr-3789	183	24	rate	rate	NOUN
fsr-3789	183	25	per	per	ADP
fsr-3789	183	26	transaction	transaction	NOUN
fsr-3789	183	27	during	during	ADP
fsr-3789	183	28	the	the	DET
fsr-3789	183	29	same	same	ADJ
fsr-3789	183	30	period	period	NOUN
fsr-3789	183	31	.	.	PUNCT
fsr-3789	184	1	if	if	SCONJ
fsr-3789	184	2	c	c	PROPN
fsr-3789	184	3	is	be	AUX
fsr-3789	184	4	total	total	ADJ
fsr-3789	184	5	commissions	commission	NOUN
fsr-3789	184	6	paid	pay	VERB
fsr-3789	184	7	over	over	ADP
fsr-3789	184	8	a	a	DET
fsr-3789	184	9	period	period	NOUN
fsr-3789	184	10	,	,	PUNCT
fsr-3789	184	11	tv	tv	NOUN
fsr-3789	184	12	is	be	AUX
fsr-3789	184	13	the	the	DET
fsr-3789	184	14	total	total	ADJ
fsr-3789	184	15	volume	volume	NOUN
fsr-3789	184	16	of	of	ADP
fsr-3789	184	17	transactions	transaction	NOUN
fsr-3789	184	18	(	(	PUNCT
fsr-3789	184	19	both	both	CCONJ
fsr-3789	184	20	purchases	purchase	NOUN
fsr-3789	184	21	and	and	CCONJ
fsr-3789	184	22	sales	sale	NOUN
fsr-3789	184	23	)	)	PUNCT
fsr-3789	184	24	,	,	PUNCT
fsr-3789	184	25	and	and	CCONJ
fsr-3789	184	26	acr	acr	PROPN
fsr-3789	184	27	is	be	AUX
fsr-3789	184	28	the	the	DET
fsr-3789	184	29	average	average	ADJ
fsr-3789	184	30	commission	commission	NOUN
fsr-3789	184	31	rate	rate	NOUN
fsr-3789	184	32	on	on	ADP
fsr-3789	184	33	the	the	DET
fsr-3789	184	34	securities	security	NOUN
fsr-3789	184	35	traded	trade	VERB
fsr-3789	184	36	,	,	PUNCT
fsr-3789	184	37	then	then	ADV
fsr-3789	184	38	:	:	PUNCT
fsr-3789	184	39	c=	c=	VERB
fsr-3789	184	40	tvxacr	tvxacr	ADJ
fsr-3789	184	41	.	.	PUNCT
fsr-3789	185	1	(	(	PUNCT
fsr-3789	185	2	3	3	X
fsr-3789	185	3	)	)	PUNCT
fsr-3789	185	4	churning	churn	VERB
fsr-3789	185	5	51	51	NUM
fsr-3789	185	6	commission	commission	NOUN
fsr-3789	185	7	costs	cost	NOUN
fsr-3789	185	8	can	can	AUX
fsr-3789	185	9	vary	vary	VERB
fsr-3789	185	10	because	because	SCONJ
fsr-3789	185	11	of	of	ADP
fsr-3789	185	12	transactions	transaction	NOUN
fsr-3789	185	13	volume	volume	NOUN
fsr-3789	185	14	and	and	CCONJ
fsr-3789	185	15	commission	commission	NOUN
fsr-3789	185	16	rates	rate	NOUN
fsr-3789	185	17	.	.	PUNCT
fsr-3789	186	1	if	if	SCONJ
fsr-3789	186	2	we	we	PRON
fsr-3789	186	3	know	know	VERB
fsr-3789	186	4	the	the	DET
fsr-3789	186	5	total	total	ADJ
fsr-3789	186	6	volume	volume	NOUN
fsr-3789	186	7	of	of	ADP
fsr-3789	186	8	transactions	transaction	NOUN
fsr-3789	186	9	and	and	CCONJ
fsr-3789	186	10	total	total	ADJ
fsr-3789	186	11	commissions	commission	NOUN
fsr-3789	186	12	,	,	PUNCT
fsr-3789	186	13	the	the	DET
fsr-3789	186	14	average	average	ADJ
fsr-3789	186	15	commission	commission	NOUN
fsr-3789	186	16	rate	rate	NOUN
fsr-3789	186	17	may	may	AUX
fsr-3789	186	18	be	be	AUX
fsr-3789	186	19	calculated	calculate	VERB
fsr-3789	186	20	as	as	ADP
fsr-3789	186	21	:	:	PUNCT
fsr-3789	186	22	acr	acr	NOUN
fsr-3789	186	23	=	=	SYM
fsr-3789	186	24	c	c	PROPN
fsr-3789	186	25	/	/	SYM
fsr-3789	186	26	t	t	PROPN
fsr-3789	186	27	?	?	PUNCT
fsr-3789	186	28	‘	'	PUNCT
fsr-3789	186	29	.	.	PUNCT
fsr-3789	187	1	(	(	PUNCT
fsr-3789	187	2	4	4	X
fsr-3789	187	3	)	)	PUNCT
fsr-3789	187	4	recalling	recall	VERB
fsr-3789	187	5	that	that	DET
fsr-3789	187	6	total	total	ADJ
fsr-3789	187	7	transaction	transaction	NOUN
fsr-3789	187	8	volume	volume	NOUN
fsr-3789	187	9	is	be	AUX
fsr-3789	187	10	the	the	DET
fsr-3789	187	11	sum	sum	NOUN
fsr-3789	187	12	of	of	ADP
fsr-3789	187	13	total	total	ADJ
fsr-3789	187	14	purchases	purchase	NOUN
fsr-3789	187	15	and	and	CCONJ
fsr-3789	187	16	total	total	ADJ
fsr-3789	187	17	sales	sale	NOUN
fsr-3789	187	18	,	,	PUNCT
fsr-3789	187	19	if	if	SCONJ
fsr-3789	187	20	purchases	purchase	NOUN
fsr-3789	187	21	are	be	AUX
fsr-3789	187	22	equal	equal	ADJ
fsr-3789	187	23	to	to	ADP
fsr-3789	187	24	sales	sale	NOUN
fsr-3789	187	25	,	,	PUNCT
fsr-3789	187	26	then	then	ADV
fsr-3789	187	27	total	total	ADJ
fsr-3789	187	28	volume	volume	NOUN
fsr-3789	187	29	may	may	AUX
fsr-3789	187	30	be	be	AUX
fsr-3789	187	31	represented	represent	VERB
fsr-3789	187	32	by	by	ADP
fsr-3789	187	33	two	two	NUM
fsr-3789	187	34	times	time	NOUN
fsr-3789	187	35	purchases	purchase	NOUN
fsr-3789	187	36	(	(	PUNCT
fsr-3789	187	37	p	p	NOUN
fsr-3789	187	38	)	)	PUNCT
fsr-3789	187	39	.	.	PUNCT
fsr-3789	188	1	substituting	substitute	VERB
fsr-3789	188	2	2p	2p	NOUN
fsr-3789	188	3	for	for	ADP
fsr-3789	188	4	tv	tv	NOUN
fsr-3789	188	5	in	in	ADP
fsr-3789	188	6	equation	equation	NOUN
fsr-3789	188	7	3	3	NUM
fsr-3789	188	8	and	and	CCONJ
fsr-3789	188	9	rearranging	rearrange	VERB
fsr-3789	188	10	yields	yield	NOUN
fsr-3789	188	11	:	:	PUNCT
fsr-3789	188	12	2acr	2acr	NUM
fsr-3789	188	13	=	=	PUNCT
fsr-3789	188	14	cip	cip	NOUN
fsr-3789	188	15	.	.	PUNCT
fsr-3789	189	1	(	(	PUNCT
fsr-3789	189	2	5	5	X
fsr-3789	189	3	)	)	PUNCT
fsr-3789	189	4	total	total	ADJ
fsr-3789	189	5	commissions	commission	NOUN
fsr-3789	189	6	c	c	NOUN
fsr-3789	189	7	and	and	CCONJ
fsr-3789	189	8	purchases	purchase	NOUN
fsr-3789	189	9	p	p	NOUN
fsr-3789	189	10	are	be	AUX
fsr-3789	189	11	numbers	number	NOUN
fsr-3789	189	12	that	that	PRON
fsr-3789	189	13	are	be	AUX
fsr-3789	189	14	normally	normally	ADV
fsr-3789	189	15	calculated	calculate	VERB
fsr-3789	189	16	in	in	ADP
fsr-3789	189	17	an	an	DET
fsr-3789	189	18	analysis	analysis	NOUN
fsr-3789	189	19	of	of	ADP
fsr-3789	189	20	excessive	excessive	ADJ
fsr-3789	189	21	trading	trading	NOUN
fsr-3789	189	22	.	.	PUNCT
fsr-3789	190	1	it	it	PRON
fsr-3789	190	2	is	be	AUX
fsr-3789	190	3	of	of	ADP
fsr-3789	190	4	interest	interest	NOUN
fsr-3789	190	5	to	to	PART
fsr-3789	190	6	interpret	interpret	VERB
fsr-3789	190	7	these	these	DET
fsr-3789	190	8	numbers	number	NOUN
fsr-3789	190	9	in	in	ADP
fsr-3789	190	10	a	a	DET
fsr-3789	190	11	c	c	NOUN
fsr-3789	190	12	/	/	SYM
fsr-3789	190	13	e	e	NOUN
fsr-3789	190	14	and	and	CCONJ
fsr-3789	190	15	turn	turn	VERB
fsr-3789	190	16	over	over	ADP
fsr-3789	190	17	context	context	NOUN
fsr-3789	190	18	.	.	PUNCT
fsr-3789	191	1	dividing	divide	VERB
fsr-3789	191	2	the	the	DET
fsr-3789	191	3	c	c	NOUN
fsr-3789	191	4	/	/	SYM
fsr-3789	191	5	e	e	NOUN
fsr-3789	191	6	ratio	ratio	NOUN
fsr-3789	191	7	by	by	ADP
fsr-3789	191	8	the	the	DET
fsr-3789	191	9	turnover	turnover	NOUN
fsr-3789	191	10	ratio	ratio	NOUN
fsr-3789	191	11	may	may	AUX
fsr-3789	191	12	be	be	AUX
fsr-3789	191	13	interpreted	interpret	VERB
fsr-3789	191	14	as	as	ADP
fsr-3789	191	15	the	the	DET
fsr-3789	191	16	average	average	ADJ
fsr-3789	191	17	cost	cost	NOUN
fsr-3789	191	18	per	per	ADP
fsr-3789	191	19	turnover	turnover	NOUN
fsr-3789	191	20	,	,	PUNCT
fsr-3789	191	21	where	where	SCONJ
fsr-3789	191	22	one	one	NUM
fsr-3789	191	23	turnover	turnover	NOUN
fsr-3789	191	24	is	be	AUX
fsr-3789	191	25	both	both	CCONJ
fsr-3789	191	26	a	a	DET
fsr-3789	191	27	purchase	purchase	NOUN
fsr-3789	191	28	and	and	CCONJ
fsr-3789	191	29	a	a	DET
fsr-3789	191	30	sale	sale	NOUN
fsr-3789	191	31	of	of	ADP
fsr-3789	191	32	all	all	PRON
fsr-3789	191	33	of	of	ADP
fsr-3789	191	34	the	the	DET
fsr-3789	191	35	securities	security	NOUN
fsr-3789	191	36	in	in	ADP
fsr-3789	191	37	the	the	DET
fsr-3789	191	38	account	account	NOUN
fsr-3789	191	39	:	:	PUNCT
fsr-3789	191	40	cost	cost	NOUN
fsr-3789	191	41	per	per	ADP
fsr-3789	191	42	turnover	turnover	NOUN
fsr-3789	191	43	=	=	NOUN
fsr-3789	191	44	c	c	X
fsr-3789	191	45	/	/	SYM
fsr-3789	191	46	e	e	NOUN
fsr-3789	191	47	ratio	ratio	NOUN
fsr-3789	191	48	i	i	PRON
fsr-3789	191	49	turnover	turnover	NOUN
fsr-3789	191	50	ratio	ratio	NOUN
fsr-3789	191	51	.	.	PUNCT
fsr-3789	192	1	(	(	PUNCT
fsr-3789	192	2	6	6	NUM
fsr-3789	192	3	)	)	PUNCT
fsr-3789	192	4	since	since	SCONJ
fsr-3789	192	5	a	a	DET
fsr-3789	192	6	turnover	turnover	NOUN
fsr-3789	192	7	is	be	AUX
fsr-3789	192	8	the	the	DET
fsr-3789	192	9	equivalent	equivalent	NOUN
fsr-3789	192	10	of	of	ADP
fsr-3789	192	11	a	a	DET
fsr-3789	192	12	purchase	purchase	NOUN
fsr-3789	192	13	and	and	CCONJ
fsr-3789	192	14	a	a	DET
fsr-3789	192	15	sale	sale	NOUN
fsr-3789	192	16	of	of	ADP
fsr-3789	192	17	account	account	NOUN
fsr-3789	192	18	equity	equity	NOUN
fsr-3789	192	19	,	,	PUNCT
fsr-3789	192	20	the	the	DET
fsr-3789	192	21	cost	cost	NOUN
fsr-3789	192	22	per	per	ADP
fsr-3789	192	23	turnover	turnover	NOUN
fsr-3789	192	24	will	will	AUX
fsr-3789	192	25	be	be	AUX
fsr-3789	192	26	twice	twice	DET
fsr-3789	192	27	the	the	DET
fsr-3789	192	28	average	average	ADJ
fsr-3789	192	29	commission	commission	NOUN
fsr-3789	192	30	rate	rate	NOUN
fsr-3789	192	31	,	,	PUNCT
fsr-3789	192	32	exactly	exactly	ADV
fsr-3789	192	33	the	the	DET
fsr-3789	192	34	result	result	NOUN
fsr-3789	192	35	of	of	ADP
fsr-3789	192	36	equation	equation	NOUN
fsr-3789	192	37	5	5	NUM
fsr-3789	192	38	.	.	PUNCT
fsr-3789	193	1	this	this	PRON
fsr-3789	193	2	is	be	AUX
fsr-3789	193	3	not	not	PART
fsr-3789	193	4	surprising	surprising	ADJ
fsr-3789	193	5	since	since	SCONJ
fsr-3789	193	6	the	the	DET
fsr-3789	193	7	only	only	ADJ
fsr-3789	193	8	difference	difference	NOUN
fsr-3789	193	9	between	between	ADP
fsr-3789	193	10	the	the	DET
fsr-3789	193	11	turnover	turnover	NOUN
fsr-3789	193	12	ratio	ratio	NOUN
fsr-3789	193	13	and	and	CCONJ
fsr-3789	193	14	the	the	DET
fsr-3789	193	15	c	c	NOUN
fsr-3789	193	16	/	/	SYM
fsr-3789	193	17	e	e	NOUN
fsr-3789	193	18	ratio	ratio	NOUN
fsr-3789	193	19	is	be	AUX
fsr-3789	193	20	that	that	SCONJ
fsr-3789	193	21	the	the	DET
fsr-3789	193	22	former	former	ADJ
fsr-3789	193	23	has	have	VERB
fsr-3789	193	24	purchases	purchase	NOUN
fsr-3789	193	25	in	in	ADP
fsr-3789	193	26	the	the	DET
fsr-3789	193	27	numerator	numerator	NOUN
fsr-3789	193	28	,	,	PUNCT
fsr-3789	193	29	and	and	CCONJ
fsr-3789	193	30	the	the	DET
fsr-3789	193	31	latter	latter	ADJ
fsr-3789	193	32	has	have	VERB
fsr-3789	193	33	commissions	commission	NOUN
fsr-3789	193	34	in	in	ADP
fsr-3789	193	35	the	the	DET
fsr-3789	193	36	numerator	numerator	NOUN
fsr-3789	193	37	.	.	PUNCT
fsr-3789	194	1	the	the	DET
fsr-3789	194	2	remaining	remain	VERB
fsr-3789	194	3	terms	term	NOUN
fsr-3789	194	4	(	(	PUNCT
fsr-3789	194	5	average	average	ADJ
fsr-3789	194	6	equity	equity	NOUN
fsr-3789	194	7	,	,	PUNCT
fsr-3789	194	8	n	n	PROPN
fsr-3789	194	9	and	and	CCONJ
fsr-3789	194	10	12	12	NUM
fsr-3789	194	11	)	)	PUNCT
fsr-3789	194	12	cancel	cancel	NOUN
fsr-3789	194	13	,	,	PUNCT
fsr-3789	194	14	leaving	leave	VERB
fsr-3789	194	15	up	up	ADP
fsr-3789	194	16	.	.	PUNCT
fsr-3789	195	1	iv	iv	X
fsr-3789	195	2	.	.	PUNCT
fsr-3789	196	1	churning	churn	VERB
fsr-3789	196	2	cases	case	NOUN
fsr-3789	196	3	this	this	DET
fsr-3789	196	4	section	section	NOUN
fsr-3789	196	5	presents	present	VERB
fsr-3789	196	6	summary	summary	NOUN
fsr-3789	196	7	numbers	number	NOUN
fsr-3789	196	8	for	for	ADP
fsr-3789	196	9	23	23	NUM
fsr-3789	196	10	actual	actual	ADJ
fsr-3789	196	11	churning	churning	ADJ
fsr-3789	196	12	cases	case	NOUN
fsr-3789	196	13	.	.	PUNCT
fsr-3789	197	1	of	of	ADP
fsr-3789	197	2	the	the	DET
fsr-3789	197	3	23	23	NUM
fsr-3789	197	4	,	,	PUNCT
fsr-3789	197	5	20	20	NUM
fsr-3789	197	6	were	be	AUX
fsr-3789	197	7	civil	civil	ADJ
fsr-3789	197	8	cases	case	NOUN
fsr-3789	197	9	,	,	PUNCT
fsr-3789	197	10	and	and	CCONJ
fsr-3789	197	11	3	3	NUM
fsr-3789	197	12	were	be	AUX
fsr-3789	197	13	administrative	administrative	ADJ
fsr-3789	197	14	law	law	NOUN
fsr-3789	197	15	cases	case	NOUN
fsr-3789	197	16	(	(	PUNCT
fsr-3789	197	17	2	2	NUM
fsr-3789	197	18	sec	sec	PROPN
fsr-3789	197	19	and	and	CCONJ
fsr-3789	197	20	1	1	NUM
fsr-3789	197	21	state	state	NOUN
fsr-3789	197	22	)	)	PUNCT
fsr-3789	197	23	.	.	PUNCT
fsr-3789	198	1	in	in	ADP
fsr-3789	198	2	21	21	NUM
fsr-3789	198	3	of	of	ADP
fsr-3789	198	4	the	the	DET
fsr-3789	198	5	23	23	NUM
fsr-3789	198	6	cases	case	NOUN
fsr-3789	198	7	,	,	PUNCT
fsr-3789	198	8	the	the	DET
fsr-3789	198	9	stockbroker	stockbroker	NOUN
fsr-3789	198	10	suffered	suffer	VERB
fsr-3789	198	11	some	some	DET
fsr-3789	198	12	penalty	penalty	NOUN
fsr-3789	198	13	in	in	ADP
fsr-3789	198	14	the	the	DET
fsr-3789	198	15	form	form	NOUN
fsr-3789	198	16	of	of	ADP
fsr-3789	198	17	an	an	DET
fsr-3789	198	18	arbitration	arbitration	NOUN
fsr-3789	198	19	award	award	NOUN
fsr-3789	198	20	,	,	PUNCT
fsr-3789	198	21	administrative	administrative	ADJ
fsr-3789	198	22	sanction	sanction	NOUN
fsr-3789	198	23	,	,	PUNCT
fsr-3789	198	24	or	or	CCONJ
fsr-3789	198	25	monetary	monetary	ADJ
fsr-3789	198	26	settlement	settlement	NOUN
fsr-3789	198	27	.	.	PUNCT
fsr-3789	199	1	seventeen	seventeen	NUM
fsr-3789	199	2	of	of	ADP
fsr-3789	199	3	the	the	DET
fsr-3789	199	4	cases	case	NOUN
fsr-3789	199	5	were	be	AUX
fsr-3789	199	6	against	against	ADP
fsr-3789	199	7	a	a	DET
fsr-3789	199	8	total	total	NOUN
fsr-3789	199	9	of	of	ADP
fsr-3789	199	10	6	6	NUM
fsr-3789	199	11	major	major	ADJ
fsr-3789	199	12	brokerage	brokerage	NOUN
fsr-3789	199	13	firms	firm	NOUN
fsr-3789	199	14	,	,	PUNCT
fsr-3789	199	15	6	6	NUM
fsr-3789	199	16	were	be	AUX
fsr-3789	199	17	against	against	ADP
fsr-3789	199	18	regional	regional	ADJ
fsr-3789	199	19	firms	firm	NOUN
fsr-3789	199	20	.	.	PUNCT
fsr-3789	200	1	in	in	ADP
fsr-3789	200	2	all	all	DET
fsr-3789	200	3	the	the	DET
fsr-3789	200	4	cases	case	NOUN
fsr-3789	200	5	there	there	PRON
fsr-3789	200	6	were	be	VERB
fsr-3789	200	7	allegations	allegation	NOUN
fsr-3789	200	8	of	of	ADP
fsr-3789	200	9	unsuitable	unsuitable	ADJ
fsr-3789	200	10	trading	trading	NOUN
fsr-3789	200	11	as	as	ADV
fsr-3789	200	12	well	well	ADV
fsr-3789	200	13	as	as	ADP
fsr-3789	200	14	churning	churn	VERB
fsr-3789	200	15	.	.	PUNCT
fsr-3789	201	1	twenty	twenty	NUM
fsr-3789	201	2	of	of	ADP
fsr-3789	201	3	the	the	DET
fsr-3789	201	4	23	23	NUM
fsr-3789	201	5	were	be	AUX
fsr-3789	201	6	traded	trade	VERB
fsr-3789	201	7	on	on	ADP
fsr-3789	201	8	margin	margin	NOUN
fsr-3789	201	9	,	,	PUNCT
fsr-3789	201	10	and	and	CCONJ
fsr-3789	201	11	15	15	NUM
fsr-3789	201	12	traded	trade	VERB
fsr-3789	201	13	options	option	NOUN
fsr-3789	201	14	in	in	ADP
fsr-3789	201	15	some	some	DET
fsr-3789	201	16	form	form	NOUN
fsr-3789	201	17	and	and	CCONJ
fsr-3789	201	18	amount	amount	NOUN
fsr-3789	201	19	.	.	PUNCT
fsr-3789	202	1	listed	list	VERB
fsr-3789	202	2	equities	equity	NOUN
fsr-3789	202	3	comprised	comprise	VERB
fsr-3789	202	4	slightly	slightly	ADV
fsr-3789	202	5	more	more	ADJ
fsr-3789	202	6	than	than	ADP
fsr-3789	202	7	half	half	NOUN
fsr-3789	202	8	of	of	ADP
fsr-3789	202	9	the	the	DET
fsr-3789	202	10	trading	trading	NOUN
fsr-3789	202	11	in	in	ADP
fsr-3789	202	12	these	these	DET
fsr-3789	202	13	accounts	account	NOUN
fsr-3789	202	14	.	.	PUNCT
fsr-3789	203	1	option	option	NOUN
fsr-3789	203	2	trading	trading	NOUN
fsr-3789	203	3	and	and	CCONJ
fsr-3789	203	4	unlisted	unlisted	ADJ
fsr-3789	203	5	equities	equity	NOUN
fsr-3789	203	6	accounted	account	VERB
fsr-3789	203	7	for	for	ADP
fsr-3789	203	8	about	about	ADV
fsr-3789	203	9	20	20	NUM
fsr-3789	203	10	%	%	NOUN
fsr-3789	203	11	each	each	PRON
fsr-3789	203	12	,	,	PUNCT
fsr-3789	203	13	and	and	CCONJ
fsr-3789	203	14	the	the	DET
fsr-3789	203	15	remainder	remainder	NOUN
fsr-3789	203	16	of	of	ADP
fsr-3789	203	17	the	the	DET
fsr-3789	203	18	trading	trading	NOUN
fsr-3789	203	19	was	be	AUX
fsr-3789	203	20	a	a	DET
fsr-3789	203	21	mixture	mixture	NOUN
fsr-3789	203	22	of	of	ADP
fsr-3789	203	23	bonds	bond	NOUN
fsr-3789	203	24	,	,	PUNCT
fsr-3789	203	25	mutual	mutual	ADJ
fsr-3789	203	26	funds	fund	NOUN
fsr-3789	203	27	,	,	PUNCT
fsr-3789	203	28	preferred	preferred	ADJ
fsr-3789	203	29	stock	stock	NOUN
fsr-3789	203	30	,	,	PUNCT
fsr-3789	203	31	warrants	warrant	NOUN
fsr-3789	203	32	,	,	PUNCT
fsr-3789	203	33	and	and	CCONJ
fsr-3789	203	34	small	small	ADJ
fsr-3789	203	35	amounts	amount	NOUN
fsr-3789	203	36	of	of	ADP
fsr-3789	203	37	limited	limited	ADJ
fsr-3789	203	38	partnerships	partnership	NOUN
fsr-3789	203	39	.	.	PUNCT
fsr-3789	204	1	on	on	ADP
fsr-3789	204	2	balance	balance	NOUN
fsr-3789	204	3	,	,	PUNCT
fsr-3789	204	4	these	these	DET
fsr-3789	204	5	cases	case	NOUN
fsr-3789	204	6	constitute	constitute	VERB
fsr-3789	204	7	a	a	DET
fsr-3789	204	8	wide	wide	ADJ
fsr-3789	204	9	cross	cross	NOUN
fsr-3789	204	10	-	-	NOUN
fsr-3789	204	11	section	section	NOUN
fsr-3789	204	12	of	of	ADP
fsr-3789	204	13	garden	garden	NOUN
fsr-3789	204	14	variety	variety	NOUN
fsr-3789	204	15	churning	churning	ADJ
fsr-3789	204	16	and	and	CCONJ
fsr-3789	204	17	suitability	suitability	NOUN
fsr-3789	204	18	cases	case	NOUN
fsr-3789	204	19	.	.	PUNCT
fsr-3789	205	1	trading	trading	NOUN
fsr-3789	205	2	in	in	ADP
fsr-3789	205	3	these	these	DET
fsr-3789	205	4	accounts	account	NOUN
fsr-3789	205	5	took	take	VERB
fsr-3789	205	6	place	place	NOUN
fsr-3789	205	7	from	from	ADP
fsr-3789	205	8	the	the	DET
fsr-3789	205	9	early	early	ADJ
fsr-3789	205	10	1980s	1980	NOUN
fsr-3789	205	11	through	through	ADP
fsr-3789	205	12	early	early	ADJ
fsr-3789	205	13	1994	1994	NUM
fsr-3789	205	14	.	.	PUNCT
fsr-3789	206	1	a.	a.	NOUN
fsr-3789	206	2	overview	overview	NOUN
fsr-3789	206	3	of	of	ADP
fsr-3789	206	4	“	"	PUNCT
fsr-3789	206	5	churned	churn	VERB
fsr-3789	206	6	”	"	PUNCT
fsr-3789	206	7	accounts	account	NOUN
fsr-3789	206	8	table	table	NOUN
fsr-3789	206	9	2	2	NUM
fsr-3789	206	10	presents	present	VERB
fsr-3789	206	11	some	some	DET
fsr-3789	206	12	summary	summary	NOUN
fsr-3789	206	13	numbers	number	NOUN
fsr-3789	206	14	for	for	ADP
fsr-3789	206	15	the	the	DET
fsr-3789	206	16	23	23	NUM
fsr-3789	206	17	churning	churning	ADJ
fsr-3789	206	18	cases	case	NOUN
fsr-3789	206	19	listed	list	VERB
fsr-3789	206	20	chronologi	chronologi	NOUN
fsr-3789	206	21	cally	cally	ADV
fsr-3789	206	22	.	.	PUNCT
fsr-3789	207	1	column	column	NOUN
fsr-3789	207	2	averages	average	NOUN
fsr-3789	207	3	are	be	AUX
fsr-3789	207	4	presented	present	VERB
fsr-3789	207	5	at	at	ADP
fsr-3789	207	6	the	the	DET
fsr-3789	207	7	bottom	bottom	NOUN
fsr-3789	207	8	of	of	ADP
fsr-3789	207	9	the	the	DET
fsr-3789	207	10	table	table	NOUN
fsr-3789	207	11	.	.	PUNCT
fsr-3789	208	1	c	c	NOUN
fsr-3789	208	2	as	as	ADP
fsr-3789	208	3	e	e	NOUN
fsr-3789	208	4	#	#	NOUN
fsr-3789	208	5	p	p	PROPN
fsr-3789	208	6	er	er	INTJ
fsr-3789	208	7	io	io	X
fsr-3789	208	8	d	d	X
fsr-3789	208	9	m	m	PROPN
fsr-3789	208	10	on	on	ADP
fsr-3789	208	11	th	th	INTJ
fsr-3789	208	12	i	i	PRON
fsr-3789	209	1	n	n	ADV
fsr-3789	210	1	a	a	DET
fsr-3789	210	2	na	na	NOUN
fsr-3789	210	3	ly	ly	X
fsr-3789	211	1	si	si	PROPN
fsr-3789	211	2	s	s	PROPN
fsr-3789	211	3	t	t	PROPN
fsr-3789	211	4	a	a	DET
fsr-3789	211	5	b	b	NOUN
fsr-3789	211	6	l	l	NOUN
fsr-3789	211	7	e	e	NOUN
fsr-3789	211	8	2	2	NUM
fsr-3789	211	9	su	su	PROPN
fsr-3789	211	10	m	m	PROPN
fsr-3789	211	11	m	m	VERB
fsr-3789	211	12	ar	ar	PROPN
fsr-3789	211	13	y	y	PROPN
fsr-3789	211	14	a	a	DET
fsr-3789	211	15	na	na	NOUN
fsr-3789	211	16	ly	ly	X
fsr-3789	211	17	si	si	NOUN
fsr-3789	211	18	s	s	NOUN
fsr-3789	211	19	fo	fo	ADP
fsr-3789	211	20	r	r	NOUN
fsr-3789	211	21	23	23	NUM
fsr-3789	211	22	c	c	NOUN
fsr-3789	211	23	hu	hu	PROPN
fsr-3789	211	24	rn	rn	PROPN
fsr-3789	211	25	in	in	ADP
fsr-3789	211	26	g	g	PROPN
fsr-3789	211	27	c	c	PROPN
fsr-3789	211	28	as	as	ADP
fsr-3789	211	29	es	es	ADP
fsr-3789	211	30	a	a	DET
fsr-3789	211	31	ve	ve	NOUN
fsr-3789	211	32	ra	ra	PROPN
fsr-3789	212	1	ge	ge	PROPN
fsr-3789	213	1	t	t	PROPN
fsr-3789	213	2	ot	ot	INTJ
fsr-3789	213	3	al	al	PROPN
fsr-3789	213	4	t	t	PROPN
fsr-3789	214	1	ot	ot	INTJ
fsr-3789	214	2	al	al	PROPN
fsr-3789	214	3	m	m	PROPN
fsr-3789	214	4	ar	ar	PROPN
fsr-3789	214	5	gi	gi	PROPN
fsr-3789	214	6	n	n	PROPN
fsr-3789	214	7	t	t	PROPN
fsr-3789	214	8	ot	ot	INTJ
fsr-3789	214	9	al	al	PROPN
fsr-3789	214	10	t	t	PROPN
fsr-3789	214	11	ur	ur	INTJ
fsr-3789	215	1	no	no	INTJ
fsr-3789	215	2	ve	ve	NOUN
fsr-3789	215	3	r	r	NOUN
fsr-3789	215	4	c	c	NOUN
fsr-3789	215	5	/e	/e	PUNCT
fsr-3789	216	1	r	r	NOUN
fsr-3789	216	2	at	at	ADP
fsr-3789	216	3	io	io	PROPN
fsr-3789	216	4	t	t	PROPN
fsr-3789	216	5	c	c	NOUN
fsr-3789	216	6	/e	/e	PUNCT
fsr-3789	217	1	r	r	NOUN
fsr-3789	217	2	at	at	ADP
fsr-3789	217	3	io	io	X
fsr-3789	217	4	c	c	PROPN
fsr-3789	217	5	os	os	PROPN
fsr-3789	217	6	t	t	X
fsr-3789	217	7	pe	pe	NOUN
fsr-3789	217	8	r	r	NOUN
fsr-3789	217	9	e	e	PROPN
fsr-3789	217	10	qu	qu	PROPN
fsr-3789	217	11	ity	ity	PROPN
fsr-3789	217	12	p	p	X
fsr-3789	217	13	ur	ur	INTJ
fsr-3789	217	14	ch	ch	NOUN
fsr-3789	217	15	as	as	ADP
fsr-3789	217	16	es	es	X
fsr-3789	217	17	in	in	ADP
fsr-3789	217	18	te	te	PROPN
fsr-3789	217	19	re	re	PROPN
fsr-3789	217	20	st	st	PROPN
fsr-3789	217	21	c	c	PROPN
fsr-3789	217	22	om	om	PROPN
fsr-3789	217	23	m	m	VERB
fsr-3789	217	24	is	be	AUX
fsr-3789	217	25	si	si	X
fsr-3789	217	26	on	on	ADP
fsr-3789	217	27	s	s	NOUN
fsr-3789	217	28	r	r	NOUN
fsr-3789	217	29	at	at	ADP
fsr-3789	217	30	io	io	X
fsr-3789	217	31	(	(	PUNCT
fsr-3789	217	32	%	%	NOUN
fsr-3789	217	33	b	b	X
fsr-3789	217	34	)	)	PUNCT
fsr-3789	217	35	(	(	PUNCT
fsr-3789	217	36	%	%	NOUN
fsr-3789	218	1	)	)	PUNCT
fsr-3789	218	2	t	t	NOUN
fsr-3789	218	3	ur	ur	INTJ
fsr-3789	219	1	no	no	INTJ
fsr-3789	219	2	ve	ve	NOUN
fsr-3789	219	3	r	r	NOUN
fsr-3789	219	4	(	(	PUNCT
fsr-3789	219	5	%	%	NOUN
fsr-3789	219	6	)	)	PUNCT
fsr-3789	219	7	1	1	NUM
fsr-3789	219	8	2	2	NUM
fsr-3789	219	9	3	3	NUM
fsr-3789	219	10	4	4	NUM
fsr-3789	219	11	5	5	NUM
fsr-3789	219	12	6	6	NUM
fsr-3789	219	13	i	i	NOUN
fsr-3789	219	14	8	8	NUM
fsr-3789	219	15	9	9	NUM
fsr-3789	219	16	10	10	NUM
fsr-3789	219	17	11	11	NUM
fsr-3789	219	18	12	12	NUM
fsr-3789	219	19	13	13	NUM
fsr-3789	219	20	14	14	NUM
fsr-3789	219	21	15	15	NUM
fsr-3789	219	22	16	16	NUM
fsr-3789	219	23	17	17	NUM
fsr-3789	219	24	18	18	NUM
fsr-3789	219	25	19	19	NUM
fsr-3789	219	26	20	20	NUM
fsr-3789	219	27	21	21	NUM
fsr-3789	219	28	22	22	NUM
fsr-3789	219	29	23	23	NUM
fsr-3789	219	30	9/	9/	NUM
fsr-3789	219	31	82	82	NUM
fsr-3789	219	32	-1	-1	SYM
fsr-3789	219	33	2j	2j	NUM
fsr-3789	219	34	84	84	NUM
fsr-3789	219	35	9/	9/	NUM
fsr-3789	219	36	82	82	NUM
fsr-3789	219	37	11	11	NUM
fsr-3789	219	38	87	87	NUM
fsr-3789	219	39	9/	9/	NUM
fsr-3789	219	40	84	84	NUM
fsr-3789	219	41	-7	-7	NOUN
fsr-3789	219	42	18	18	NUM
fsr-3789	219	43	6	6	NUM
fsr-3789	219	44	9/	9/	NUM
fsr-3789	219	45	85	85	NUM
fsr-3789	219	46	-1	-1	NOUN
fsr-3789	219	47	2j	2j	NUM
fsr-3789	219	48	91	91	NUM
fsr-3789	219	49	4/	4/	NUM
fsr-3789	219	50	86	86	NUM
fsr-3789	219	51	-3	-3	PUNCT
fsr-3789	219	52	&	&	CCONJ
fsr-3789	219	53	o	o	PROPN
fsr-3789	220	1	6/	6/	NUM
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fsr-3789	226	170	.	.	NOUN
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fsr-3789	226	173	.1	.1	NUM
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fsr-3789	226	177	.	.	SYM
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fsr-3789	226	180	,	,	PUNCT
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fsr-3789	226	184	.	.	NOUN
fsr-3789	226	185	5	5	NUM
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fsr-3789	226	189	.5	.5	NUM
fsr-3789	226	190	7	7	NUM
fsr-3789	226	191	.	.	SYM
fsr-3789	226	192	0	0	NUM
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fsr-3789	226	194	,	,	PUNCT
fsr-3789	226	195	8	8	NUM
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fsr-3789	226	197	5	5	NUM
fsr-3789	226	198	.	.	SYM
fsr-3789	226	199	2	2	NUM
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fsr-3789	226	202	20	20	NUM
fsr-3789	226	203	.5	.5	NUM
fsr-3789	227	1	2	2	NUM
fsr-3789	227	2	.	.	NOUN
fsr-3789	227	3	1	1	NUM
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fsr-3789	227	5	5	5	NUM
fsr-3789	227	6	,	,	PUNCT
fsr-3789	227	7	78	78	NUM
fsr-3789	227	8	1	1	NUM
fsr-3789	227	9	2	2	NUM
fsr-3789	227	10	.	.	NOUN
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fsr-3789	227	13	.1	.1	NUM
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fsr-3789	227	16	4	4	NUM
fsr-3789	227	17	.	.	NOUN
fsr-3789	228	1	3	3	NUM
fsr-3789	228	2	33	33	NUM
fsr-3789	228	3	18	18	NUM
fsr-3789	228	4	92	92	NUM
fsr-3789	228	5	2	2	NUM
fsr-3789	228	6	.	.	NOUN
fsr-3789	228	7	2	2	NUM
fsr-3789	228	8	9	9	NUM
fsr-3789	228	9	.	.	NOUN
fsr-3789	228	10	9	9	NUM
fsr-3789	228	11	21	21	NUM
fsr-3789	228	12	.4	.4	NUM
fsr-3789	228	13	4	4	NUM
fsr-3789	228	14	.	.	NOUN
fsr-3789	228	15	5	5	NUM
fsr-3789	228	16	53	53	NUM
fsr-3789	228	17	,	,	PUNCT
fsr-3789	228	18	4	4	NUM
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fsr-3789	228	20	9	9	NUM
fsr-3789	228	21	.	.	NOUN
fsr-3789	228	22	8	8	NUM
fsr-3789	228	23	50	50	NUM
fsr-3789	228	24	.5	.5	NUM
fsr-3789	228	25	59	59	NUM
fsr-3789	228	26	.7	.7	NUM
fsr-3789	228	27	5	5	NUM
fsr-3789	228	28	.	.	SYM
fsr-3789	228	29	2	2	NUM
fsr-3789	228	30	30	30	NUM
fsr-3789	228	31	,	,	PUNCT
fsr-3789	228	32	2	2	NUM
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fsr-3789	228	34	6	6	NUM
fsr-3789	228	35	.	.	SYM
fsr-3789	228	36	3	3	NUM
fsr-3789	228	37	34	34	NUM
fsr-3789	228	38	.2	.2	NUM
fsr-3789	228	39	37	37	NUM
fsr-3789	228	40	.2	.2	NUM
fsr-3789	228	41	5	5	NUM
fsr-3789	228	42	.	.	NOUN
fsr-3789	228	43	4	4	NUM
fsr-3789	228	44	25	25	NUM
fsr-3789	228	45	,	,	PUNCT
fsr-3789	228	46	4	4	NUM
fsr-3789	228	47	69	69	NUM
fsr-3789	228	48	6	6	NUM
fsr-3789	228	49	.	.	NOUN
fsr-3789	228	50	7	7	NUM
fsr-3789	228	51	24	24	NUM
fsr-3789	228	52	.9	.9	NUM
fsr-3789	228	53	29	29	NUM
fsr-3789	228	54	.6	.6	NUM
fsr-3789	228	55	3	3	NUM
fsr-3789	228	56	.	.	NOUN
fsr-3789	228	57	7	7	NUM
fsr-3789	228	58	13	13	NUM
fsr-3789	228	59	2	2	NUM
fsr-3789	228	60	,	,	PUNCT
fsr-3789	228	61	28	28	NUM
fsr-3789	228	62	2	2	NUM
fsr-3789	228	63	6	6	NUM
fsr-3789	228	64	.	.	NOUN
fsr-3789	228	65	6	6	NUM
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fsr-3789	228	67	.0	.0	NUM
fsr-3789	228	68	23	23	NUM
fsr-3789	228	69	.6	.6	NUM
fsr-3789	228	70	3	3	NUM
fsr-3789	228	71	.	.	NOUN
fsr-3789	228	72	5	5	NUM
fsr-3789	228	73	99	99	NUM
fsr-3789	228	74	,	,	PUNCT
fsr-3789	228	75	0	0	NUM
fsr-3789	228	76	84	84	NUM
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fsr-3789	228	78	.	.	NOUN
fsr-3789	228	79	0	0	NUM
fsr-3789	228	80	17	17	NUM
fsr-3789	228	81	.4	.4	NUM
fsr-3789	228	82	20	20	NUM
fsr-3789	228	83	.0	.0	NUM
fsr-3789	228	84	2	2	NUM
fsr-3789	228	85	.	.	NOUN
fsr-3789	228	86	9	9	NUM
fsr-3789	228	87	25	25	NUM
fsr-3789	228	88	,	,	PUNCT
fsr-3789	228	89	5	5	NUM
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fsr-3789	228	92	.	.	NOUN
fsr-3789	228	93	6	6	NUM
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fsr-3789	228	95	.7	.7	NUM
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fsr-3789	228	97	.6	.6	NUM
fsr-3789	228	98	3	3	NUM
fsr-3789	228	99	.	.	NOUN
fsr-3789	228	100	3	3	NUM
fsr-3789	228	101	44	44	NUM
fsr-3789	228	102	,	,	PUNCT
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fsr-3789	228	106	.	.	SYM
fsr-3789	228	107	2	2	NUM
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fsr-3789	228	109	.4	.4	NUM
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fsr-3789	228	111	.4	.4	NUM
fsr-3789	228	112	5	5	NUM
fsr-3789	228	113	.	.	NOUN
fsr-3789	228	114	1	1	NUM
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fsr-3789	228	116	,	,	PUNCT
fsr-3789	228	117	5	5	NUM
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fsr-3789	228	120	.2	.2	NUM
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fsr-3789	228	122	.2	.2	NUM
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fsr-3789	228	125	2	2	NUM
fsr-3789	228	126	.	.	NOUN
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fsr-3789	228	129	,	,	PUNCT
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fsr-3789	228	135	.5	.5	NUM
fsr-3789	228	136	46	46	NUM
fsr-3789	228	137	.1	.1	NUM
fsr-3789	228	138	2	2	NUM
fsr-3789	228	139	.	.	NOUN
fsr-3789	228	140	0	0	NUM
fsr-3789	228	141	62	62	NUM
fsr-3789	228	142	,	,	PUNCT
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fsr-3789	228	145	1	1	NUM
fsr-3789	228	146	5	5	NUM
fsr-3789	228	147	.	.	NOUN
fsr-3789	228	148	6	6	NUM
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fsr-3789	228	153	4	4	NUM
fsr-3789	228	154	.	.	NOUN
fsr-3789	228	155	2	2	NUM
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fsr-3789	228	157	,	,	PUNCT
fsr-3789	228	158	8	8	NUM
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fsr-3789	228	162	68	68	NUM
fsr-3789	229	1	.2	.2	NUM
fsr-3789	229	2	76	76	NUM
fsr-3789	229	3	.1	.1	NUM
fsr-3789	229	4	4	4	NUM
fsr-3789	229	5	.	.	ADP
fsr-3789	229	6	9	9	NUM
fsr-3789	229	7	63	63	NUM
fsr-3789	229	8	,	,	PUNCT
fsr-3789	229	9	9	9	NUM
fsr-3789	229	10	7	7	NUM
fsr-3789	229	11	1	1	NUM
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fsr-3789	229	13	.8	.8	NUM
fsr-3789	229	14	53	53	NUM
fsr-3789	229	15	.3	.3	NUM
fsr-3789	229	16	61	61	NUM
fsr-3789	229	17	.0	.0	NUM
fsr-3789	229	18	4	4	NUM
fsr-3789	229	19	.	.	SYM
fsr-3789	229	20	2	2	NUM
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fsr-3789	229	22	6	6	NUM
fsr-3789	229	23	,	,	PUNCT
fsr-3789	229	24	52	52	NUM
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fsr-3789	229	27	.1	.1	NUM
fsr-3789	229	28	42	42	NUM
fsr-3789	230	1	.2	.2	NUM
fsr-3789	230	2	42	42	NUM
fsr-3789	231	1	.2	.2	NUM
fsr-3789	231	2	2	2	NUM
fsr-3789	231	3	.	.	NOUN
fsr-3789	231	4	6	6	NUM
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fsr-3789	231	6	,	,	PUNCT
fsr-3789	231	7	5	5	NUM
fsr-3789	231	8	34	34	NUM
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fsr-3789	231	10	.7	.7	NUM
fsr-3789	231	11	31	31	NUM
fsr-3789	231	12	.9	.9	NUM
fsr-3789	231	13	35	35	NUM
fsr-3789	231	14	.8	.8	NUM
fsr-3789	231	15	2	2	NUM
fsr-3789	231	16	.	.	NOUN
fsr-3789	231	17	7	7	NUM
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fsr-3789	231	19	,	,	PUNCT
fsr-3789	231	20	9	9	NUM
fsr-3789	231	21	87	87	NUM
fsr-3789	231	22	4	4	NUM
fsr-3789	231	23	.	.	NOUN
fsr-3789	231	24	7	7	NUM
fsr-3789	231	25	17	17	NUM
fsr-3789	231	26	.3	.3	NUM
fsr-3789	231	27	24	24	NUM
fsr-3789	231	28	.3	.3	NUM
fsr-3789	231	29	3	3	NUM
fsr-3789	231	30	.	.	NOUN
fsr-3789	231	31	7	7	NUM
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fsr-3789	231	33	,	,	PUNCT
fsr-3789	231	34	9	9	NUM
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fsr-3789	231	36	9	9	NUM
fsr-3789	231	37	.	.	NOUN
fsr-3789	231	38	5	5	NUM
fsr-3789	231	39	47	47	NUM
fsr-3789	231	40	.8	.8	NUM
fsr-3789	231	41	53	53	NUM
fsr-3789	231	42	.4	.4	NUM
fsr-3789	231	43	5	5	NUM
fsr-3789	231	44	.	.	NOUN
fsr-3789	231	45	0	0	NUM
fsr-3789	231	46	23	23	NUM
fsr-3789	231	47	,	,	PUNCT
fsr-3789	231	48	8	8	NUM
fsr-3789	231	49	44	44	NUM
fsr-3789	231	50	5	5	NUM
fsr-3789	231	51	.	.	NOUN
fsr-3789	231	52	5	5	NUM
fsr-3789	231	53	13	13	NUM
fsr-3789	231	54	.8	.8	NUM
fsr-3789	231	55	22	22	NUM
fsr-3789	231	56	.4	.4	NUM
fsr-3789	231	57	2	2	NUM
fsr-3789	231	58	.	.	NOUN
fsr-3789	231	59	5	5	NUM
fsr-3789	231	60	56	56	NUM
fsr-3789	231	61	,	,	PUNCT
fsr-3789	231	62	1	1	NUM
fsr-3789	231	63	34	34	NUM
fsr-3789	231	64	7	7	NUM
fsr-3789	231	65	.	.	NOUN
fsr-3789	231	66	9	9	NUM
fsr-3789	231	67	30	30	NUM
fsr-3789	231	68	.5	.5	NUM
fsr-3789	231	69	37	37	NUM
fsr-3789	231	70	.2	.2	NUM
fsr-3789	231	71	4	4	NUM
fsr-3789	231	72	.	.	NOUN
fsr-3789	231	73	0	0	PUNCT
fsr-3789	232	1	churning	churn	VERB
fsr-3789	232	2	53	53	NUM
fsr-3789	232	3	on	on	ADP
fsr-3789	232	4	average	average	ADJ
fsr-3789	232	5	,	,	PUNCT
fsr-3789	232	6	the	the	DET
fsr-3789	232	7	owners	owner	NOUN
fsr-3789	232	8	of	of	ADP
fsr-3789	232	9	these	these	DET
fsr-3789	232	10	accounts	account	NOUN
fsr-3789	232	11	alleged	allege	VERB
fsr-3789	232	12	excessive	excessive	ADJ
fsr-3789	232	13	trading	trading	NOUN
fsr-3789	232	14	over	over	ADP
fsr-3789	232	15	about	about	ADV
fsr-3789	232	16	a	a	DET
fsr-3789	232	17	2.5	2.5	NUM
fsr-3789	232	18	year	year	NOUN
fsr-3789	232	19	period	period	NOUN
fsr-3789	232	20	(	(	PUNCT
fsr-3789	232	21	3	3	NUM
fsr-3789	232	22	1	1	NUM
fsr-3789	232	23	months	month	NOUN
fsr-3789	232	24	)	)	PUNCT
fsr-3789	232	25	.	.	PUNCT
fsr-3789	233	1	the	the	DET
fsr-3789	233	2	range	range	NOUN
fsr-3789	233	3	was	be	AUX
fsr-3789	233	4	from	from	ADP
fsr-3789	233	5	9	9	NUM
fsr-3789	233	6	to	to	ADP
fsr-3789	233	7	76	76	NUM
fsr-3789	233	8	months	month	NOUN
fsr-3789	233	9	.	.	PUNCT
fsr-3789	234	1	in	in	ADP
fsr-3789	234	2	general	general	ADJ
fsr-3789	234	3	,	,	PUNCT
fsr-3789	234	4	the	the	DET
fsr-3789	234	5	time	time	NOUN
fsr-3789	234	6	period	period	NOUN
fsr-3789	234	7	of	of	ADP
fsr-3789	234	8	analysis	analysis	NOUN
fsr-3789	234	9	corresponds	correspond	VERB
fsr-3789	234	10	to	to	ADP
fsr-3789	234	11	the	the	DET
fsr-3789	234	12	period	period	NOUN
fsr-3789	234	13	the	the	DET
fsr-3789	234	14	account	account	NOUN
fsr-3789	234	15	was	be	AUX
fsr-3789	234	16	under	under	ADP
fsr-3789	234	17	the	the	DET
fsr-3789	234	18	control	control	NOUN
fsr-3789	234	19	of	of	ADP
fsr-3789	234	20	the	the	DET
fsr-3789	234	21	stockbroker	stockbroker	NOUN
fsr-3789	234	22	in	in	ADP
fsr-3789	234	23	question	question	NOUN
fsr-3789	234	24	.	.	PUNCT
fsr-3789	235	1	the	the	DET
fsr-3789	235	2	average	average	ADJ
fsr-3789	235	3	annual	annual	ADJ
fsr-3789	235	4	turnover	turnover	NOUN
fsr-3789	235	5	ratio	ratio	NOUN
fsr-3789	235	6	for	for	ADP
fsr-3789	235	7	these	these	DET
fsr-3789	235	8	cases	case	NOUN
fsr-3789	235	9	is	be	AUX
fsr-3789	235	10	7.9	7.9	NUM
fsr-3789	235	11	times	time	NOUN
fsr-3789	235	12	.	.	PUNCT
fsr-3789	236	1	the	the	DET
fsr-3789	236	2	range	range	NOUN
fsr-3789	236	3	of	of	ADP
fsr-3789	236	4	tum	tum	NOUN
fsr-3789	236	5	over	over	ADP
fsr-3789	236	6	ratios	ratio	NOUN
fsr-3789	236	7	is	be	AUX
fsr-3789	236	8	from	from	ADP
fsr-3789	236	9	2.2	2.2	NUM
fsr-3789	236	10	to	to	ADP
fsr-3789	236	11	16.1	16.1	NUM
fsr-3789	236	12	.	.	PUNCT
fsr-3789	237	1	only	only	ADV
fsr-3789	237	2	3	3	NUM
fsr-3789	237	3	of	of	ADP
fsr-3789	237	4	the	the	DET
fsr-3789	237	5	23	23	NUM
fsr-3789	237	6	cases	case	NOUN
fsr-3789	237	7	had	have	VERB
fsr-3789	237	8	turnover	turnover	NOUN
fsr-3789	237	9	ratios	ratio	NOUN
fsr-3789	237	10	less	less	ADJ
fsr-3789	237	11	than	than	ADP
fsr-3789	237	12	four	four	NUM
fsr-3789	237	13	,	,	PUNCT
fsr-3789	237	14	4	4	NUM
fsr-3789	237	15	had	have	VERB
fsr-3789	237	16	turnover	turnover	NOUN
fsr-3789	237	17	ratios	ratio	NOUN
fsr-3789	237	18	less	less	ADJ
fsr-3789	237	19	than	than	ADP
fsr-3789	237	20	five	five	NUM
fsr-3789	237	21	,	,	PUNCT
fsr-3789	237	22	and	and	CCONJ
fsr-3789	237	23	8	8	NUM
fsr-3789	237	24	(	(	PUNCT
fsr-3789	237	25	35	35	NUM
fsr-3789	237	26	%	%	NOUN
fsr-3789	237	27	)	)	PUNCT
fsr-3789	237	28	of	of	ADP
fsr-3789	237	29	the	the	DET
fsr-3789	237	30	cases	case	NOUN
fsr-3789	237	31	had	have	VERB
fsr-3789	237	32	turnover	turnover	NOUN
fsr-3789	237	33	ratios	ratio	NOUN
fsr-3789	237	34	less	less	ADJ
fsr-3789	237	35	than	than	ADP
fsr-3789	237	36	six	six	NUM
fsr-3789	237	37	.	.	PUNCT
fsr-3789	238	1	thus	thus	ADV
fsr-3789	238	2	,	,	PUNCT
fsr-3789	238	3	the	the	DET
fsr-3789	238	4	majority	majority	NOUN
fsr-3789	238	5	of	of	ADP
fsr-3789	238	6	cases	case	NOUN
fsr-3789	238	7	had	have	VERB
fsr-3789	238	8	an	an	DET
fsr-3789	238	9	indication	indication	NOUN
fsr-3789	238	10	of	of	ADP
fsr-3789	238	11	conclusive	conclusive	ADJ
fsr-3789	238	12	excessive	excessive	ADJ
fsr-3789	238	13	trading	trading	NOUN
fsr-3789	238	14	(	(	PUNCT
fsr-3789	238	15	turnover	turnover	NOUN
fsr-3789	238	16	greater	great	ADJ
fsr-3789	238	17	than	than	ADP
fsr-3789	238	18	six	six	NUM
fsr-3789	238	19	)	)	PUNCT
fsr-3789	238	20	regardless	regardless	ADV
fsr-3789	238	21	of	of	ADP
fsr-3789	238	22	the	the	DET
fsr-3789	238	23	investment	investment	NOUN
fsr-3789	238	24	objectives	objective	NOUN
fsr-3789	238	25	of	of	ADP
fsr-3789	238	26	the	the	DET
fsr-3789	238	27	client	client	NOUN
fsr-3789	238	28	.	.	PUNCT
fsr-3789	239	1	the	the	DET
fsr-3789	239	2	average	average	ADJ
fsr-3789	239	3	annual	annual	ADJ
fsr-3789	239	4	c	c	NOUN
fsr-3789	239	5	/	/	SYM
fsr-3789	239	6	e	e	NOUN
fsr-3789	239	7	ratio	ratio	NOUN
fsr-3789	239	8	was	be	AUX
fsr-3789	239	9	30.5	30.5	NUM
fsr-3789	239	10	%	%	NOUN
fsr-3789	239	11	for	for	ADP
fsr-3789	239	12	these	these	DET
fsr-3789	239	13	cases	case	NOUN
fsr-3789	239	14	,	,	PUNCT
fsr-3789	239	15	an	an	DET
fsr-3789	239	16	indication	indication	NOUN
fsr-3789	239	17	that	that	SCONJ
fsr-3789	239	18	these	these	DET
fsr-3789	239	19	accounts	account	NOUN
fsr-3789	239	20	had	have	AUX
fsr-3789	239	21	to	to	PART
fsr-3789	239	22	earn	earn	VERB
fsr-3789	239	23	that	that	DET
fsr-3789	239	24	annual	annual	ADJ
fsr-3789	239	25	rate	rate	NOUN
fsr-3789	239	26	to	to	PART
fsr-3789	239	27	cover	cover	VERB
fsr-3789	239	28	trading	trading	NOUN
fsr-3789	239	29	costs	cost	NOUN
fsr-3789	239	30	.	.	PUNCT
fsr-3789	240	1	the	the	DET
fsr-3789	240	2	range	range	NOUN
fsr-3789	240	3	is	be	AUX
fsr-3789	240	4	from	from	ADP
fsr-3789	240	5	9.9	9.9	NUM
fsr-3789	240	6	%	%	NOUN
fsr-3789	240	7	for	for	ADP
fsr-3789	240	8	case	case	NOUN
fsr-3789	240	9	6	6	NUM
fsr-3789	240	10	to	to	PART
fsr-3789	240	11	68.2	68.2	NUM
fsr-3789	240	12	%	%	NOUN
fsr-3789	240	13	for	for	ADP
fsr-3789	240	14	case	case	NOUN
fsr-3789	240	15	17	17	NUM
fsr-3789	240	16	.	.	PUNCT
fsr-3789	241	1	the	the	DET
fsr-3789	241	2	average	average	ADJ
fsr-3789	241	3	annual	annual	ADJ
fsr-3789	241	4	tc	tc	NOUN
fsr-3789	241	5	/	/	SYM
fsr-3789	241	6	e	e	NOUN
fsr-3789	241	7	ratio	ratio	NOUN
fsr-3789	241	8	was	be	AUX
fsr-3789	241	9	37.2	37.2	NUM
fsr-3789	241	10	%	%	NOUN
fsr-3789	241	11	with	with	ADP
fsr-3789	241	12	a	a	DET
fsr-3789	241	13	range	range	NOUN
fsr-3789	241	14	from	from	ADP
fsr-3789	241	15	11.4	11.4	NUM
fsr-3789	241	16	%	%	NOUN
fsr-3789	241	17	for	for	ADP
fsr-3789	241	18	case	case	NOUN
fsr-3789	241	19	13	13	NUM
fsr-3789	241	20	to	to	PART
fsr-3789	241	21	86.9	86.9	NUM
fsr-3789	241	22	%	%	NOUN
fsr-3789	241	23	for	for	ADP
fsr-3789	241	24	case	case	NOUN
fsr-3789	241	25	1	1	NUM
fsr-3789	241	26	.	.	PUNCT
fsr-3789	241	27	b.	b.	PROPN
fsr-3789	241	28	determinants	determinant	NOUN
fsr-3789	241	29	of	of	ADP
fsr-3789	241	30	trading	trading	NOUN
fsr-3789	241	31	costs	cost	NOUN
fsr-3789	241	32	in	in	ADP
fsr-3789	241	33	section	section	NOUN
fsr-3789	241	34	iii	iii	NOUN
fsr-3789	241	35	-	-	PUNCT
fsr-3789	241	36	e	e	VERB
fsr-3789	241	37	the	the	DET
fsr-3789	241	38	relationship	relationship	NOUN
fsr-3789	241	39	between	between	ADP
fsr-3789	241	40	turnover	turnover	NOUN
fsr-3789	241	41	and	and	CCONJ
fsr-3789	241	42	trading	trading	NOUN
fsr-3789	241	43	costs	cost	NOUN
fsr-3789	241	44	was	be	AUX
fsr-3789	241	45	developed	develop	VERB
fsr-3789	241	46	;	;	PUNCT
fsr-3789	241	47	total	total	ADJ
fsr-3789	241	48	commissions	commission	NOUN
fsr-3789	241	49	are	be	AUX
fsr-3789	241	50	the	the	DET
fsr-3789	241	51	product	product	NOUN
fsr-3789	241	52	of	of	ADP
fsr-3789	241	53	trading	trading	NOUN
fsr-3789	241	54	volume	volume	NOUN
fsr-3789	241	55	times	time	VERB
fsr-3789	241	56	the	the	DET
fsr-3789	241	57	average	average	ADJ
fsr-3789	241	58	commission	commission	NOUN
fsr-3789	241	59	rate	rate	NOUN
fsr-3789	241	60	,	,	PUNCT
fsr-3789	241	61	and	and	CCONJ
fsr-3789	241	62	the	the	DET
fsr-3789	241	63	c	c	NOUN
fsr-3789	241	64	/	/	SYM
fsr-3789	241	65	e	e	NOUN
fsr-3789	241	66	ratio	ratio	NOUN
fsr-3789	241	67	is	be	AUX
fsr-3789	241	68	the	the	DET
fsr-3789	241	69	product	product	NOUN
fsr-3789	241	70	of	of	ADP
fsr-3789	241	71	the	the	DET
fsr-3789	241	72	turnover	turnover	NOUN
fsr-3789	241	73	ratio	ratio	NOUN
fsr-3789	241	74	times	time	VERB
fsr-3789	241	75	the	the	DET
fsr-3789	241	76	cost	cost	NOUN
fsr-3789	241	77	per	per	ADP
fsr-3789	241	78	turnover	turnover	NOUN
fsr-3789	241	79	.	.	PUNCT
fsr-3789	242	1	the	the	DET
fsr-3789	242	2	cost	cost	NOUN
fsr-3789	242	3	per	per	ADP
fsr-3789	242	4	turnover	turnover	NOUN
fsr-3789	242	5	will	will	AUX
fsr-3789	242	6	be	be	AUX
fsr-3789	242	7	approximately	approximately	ADV
fsr-3789	242	8	twice	twice	DET
fsr-3789	242	9	the	the	DET
fsr-3789	242	10	average	average	ADJ
fsr-3789	242	11	commission	commission	NOUN
fsr-3789	242	12	rate	rate	NOUN
fsr-3789	242	13	.	.	PUNCT
fsr-3789	243	1	since	since	SCONJ
fsr-3789	243	2	the	the	DET
fsr-3789	243	3	c	c	PROPN
fsr-3789	243	4	/	/	SYM
fsr-3789	243	5	e	e	NOUN
fsr-3789	243	6	and	and	CCONJ
fsr-3789	243	7	turnover	turnover	NOUN
fsr-3789	243	8	ratios	ratio	NOUN
fsr-3789	243	9	are	be	AUX
fsr-3789	243	10	normally	normally	ADV
fsr-3789	243	11	calculated	calculate	VERB
fsr-3789	243	12	in	in	ADP
fsr-3789	243	13	churning	churn	VERB
fsr-3789	243	14	cases	case	NOUN
fsr-3789	243	15	,	,	PUNCT
fsr-3789	243	16	the	the	DET
fsr-3789	243	17	average	average	ADJ
fsr-3789	243	18	cost	cost	NOUN
fsr-3789	243	19	per	per	ADP
fsr-3789	243	20	turnover	turnover	NOUN
fsr-3789	243	21	may	may	AUX
fsr-3789	243	22	also	also	ADV
fsr-3789	243	23	be	be	AUX
fsr-3789	243	24	calculated	calculate	VERB
fsr-3789	243	25	.	.	PUNCT
fsr-3789	244	1	the	the	DET
fsr-3789	244	2	last	last	ADJ
fsr-3789	244	3	column	column	NOUN
fsr-3789	244	4	of	of	ADP
fsr-3789	244	5	table	table	NOUN
fsr-3789	244	6	2	2	NUM
fsr-3789	244	7	presents	present	VERB
fsr-3789	244	8	the	the	DET
fsr-3789	244	9	associated	associated	ADJ
fsr-3789	244	10	cost	cost	NOUN
fsr-3789	244	11	per	per	ADP
fsr-3789	244	12	turnover	turnover	NOUN
fsr-3789	244	13	for	for	ADP
fsr-3789	244	14	each	each	DET
fsr-3789	244	15	case	case	NOUN
fsr-3789	244	16	.	.	PUNCT
fsr-3789	245	1	there	there	PRON
fsr-3789	245	2	is	be	VERB
fsr-3789	245	3	a	a	DET
fsr-3789	245	4	strong	strong	ADJ
fsr-3789	245	5	relationship	relationship	NOUN
fsr-3789	245	6	between	between	ADP
fsr-3789	245	7	the	the	DET
fsr-3789	245	8	two	two	NUM
fsr-3789	245	9	activity	activity	NOUN
fsr-3789	245	10	measures	measure	NOUN
fsr-3789	245	11	;	;	PUNCT
fsr-3789	245	12	the	the	DET
fsr-3789	245	13	cases	case	NOUN
fsr-3789	245	14	with	with	ADP
fsr-3789	245	15	the	the	DET
fsr-3789	245	16	highest	high	ADJ
fsr-3789	245	17	turnover	turnover	NOUN
fsr-3789	245	18	ratios	ratio	NOUN
fsr-3789	245	19	also	also	ADV
fsr-3789	245	20	have	have	VERB
fsr-3789	245	21	the	the	DET
fsr-3789	245	22	highest	high	ADJ
fsr-3789	245	23	c	c	NOUN
fsr-3789	245	24	/	/	SYM
fsr-3789	245	25	e	e	NOUN
fsr-3789	245	26	ratios	ratio	NOUN
fsr-3789	245	27	.	.	PUNCT
fsr-3789	246	1	the	the	DET
fsr-3789	246	2	12	12	NUM
fsr-3789	246	3	cases	case	NOUN
fsr-3789	246	4	with	with	ADP
fsr-3789	246	5	the	the	DET
fsr-3789	246	6	lowest	low	ADJ
fsr-3789	246	7	turnover	turnover	NOUN
fsr-3789	246	8	ratios	ratio	NOUN
fsr-3789	246	9	(	(	PUNCT
fsr-3789	246	10	average	average	ADJ
fsr-3789	246	11	4.9	4.9	NUM
fsr-3789	246	12	)	)	PUNCT
fsr-3789	246	13	have	have	VERB
fsr-3789	246	14	an	an	DET
fsr-3789	246	15	average	average	ADJ
fsr-3789	246	16	c	c	NOUN
fsr-3789	246	17	/	/	SYM
fsr-3789	246	18	e	e	NOUN
fsr-3789	246	19	ratio	ratio	NOUN
fsr-3789	246	20	of	of	ADP
fsr-3789	246	21	19.7	19.7	NUM
fsr-3789	246	22	%	%	NOUN
fsr-3789	246	23	.	.	PUNCT
fsr-3789	247	1	the	the	DET
fsr-3789	247	2	11	11	NUM
fsr-3789	247	3	cases	case	NOUN
fsr-3789	247	4	with	with	ADP
fsr-3789	247	5	the	the	DET
fsr-3789	247	6	highest	high	ADJ
fsr-3789	247	7	tum	tum	NOUN
fsr-3789	247	8	over	over	ADP
fsr-3789	247	9	ratios	ratio	NOUN
fsr-3789	247	10	(	(	PUNCT
fsr-3789	247	11	average	average	ADJ
fsr-3789	247	12	11.3	11.3	NUM
fsr-3789	247	13	)	)	PUNCT
fsr-3789	247	14	have	have	VERB
fsr-3789	247	15	an	an	DET
fsr-3789	247	16	average	average	ADJ
fsr-3789	247	17	c	c	NOUN
fsr-3789	247	18	/	/	SYM
fsr-3789	247	19	e	e	NOUN
fsr-3789	247	20	ratio	ratio	NOUN
fsr-3789	247	21	of	of	ADP
fsr-3789	247	22	42.3	42.3	NUM
fsr-3789	247	23	%	%	NOUN
fsr-3789	247	24	.	.	PUNCT
fsr-3789	248	1	the	the	DET
fsr-3789	248	2	standard	standard	ADJ
fsr-3789	248	3	deviation	deviation	NOUN
fsr-3789	248	4	of	of	ADP
fsr-3789	248	5	average	average	ADJ
fsr-3789	248	6	cost	cost	NOUN
fsr-3789	248	7	per	per	ADP
fsr-3789	248	8	turnover	turnover	NOUN
fsr-3789	248	9	is	be	AUX
fsr-3789	248	10	1.4	1.4	NUM
fsr-3789	248	11	%	%	NOUN
fsr-3789	248	12	,	,	PUNCT
fsr-3789	248	13	an	an	DET
fsr-3789	248	14	indication	indication	NOUN
fsr-3789	248	15	of	of	ADP
fsr-3789	248	16	consid	consid	ADJ
fsr-3789	248	17	erable	erable	ADJ
fsr-3789	248	18	commission	commission	NOUN
fsr-3789	248	19	rate	rate	NOUN
fsr-3789	248	20	variation	variation	NOUN
fsr-3789	248	21	in	in	ADP
fsr-3789	248	22	these	these	DET
fsr-3789	248	23	accounts	account	NOUN
fsr-3789	248	24	.	.	PUNCT
fsr-3789	249	1	variation	variation	NOUN
fsr-3789	249	2	in	in	ADP
fsr-3789	249	3	account	account	NOUN
fsr-3789	249	4	commission	commission	NOUN
fsr-3789	249	5	costs	cost	NOUN
fsr-3789	249	6	can	can	AUX
fsr-3789	249	7	be	be	AUX
fsr-3789	249	8	attributed	attribute	VERB
fsr-3789	249	9	both	both	PRON
fsr-3789	249	10	to	to	ADP
fsr-3789	249	11	transaction	transaction	NOUN
fsr-3789	249	12	volume	volume	NOUN
fsr-3789	249	13	(	(	PUNCT
fsr-3789	249	14	turnover	turnover	NOUN
fsr-3789	249	15	)	)	PUNCT
fsr-3789	249	16	and	and	CCONJ
fsr-3789	249	17	commission	commission	NOUN
fsr-3789	249	18	rate	rate	NOUN
fsr-3789	249	19	variation	variation	NOUN
fsr-3789	249	20	(	(	PUNCT
fsr-3789	249	21	cost	cost	NOUN
fsr-3789	249	22	per	per	ADP
fsr-3789	249	23	turnover	turnover	NOUN
fsr-3789	249	24	)	)	PUNCT
fsr-3789	249	25	.	.	PUNCT
fsr-3789	250	1	a	a	DET
fsr-3789	250	2	simple	simple	ADJ
fsr-3789	250	3	linear	linear	ADJ
fsr-3789	250	4	regression	regression	NOUN
fsr-3789	250	5	of	of	ADP
fsr-3789	250	6	c	c	NOUN
fsr-3789	250	7	/	/	SYM
fsr-3789	250	8	e	e	NOUN
fsr-3789	250	9	’s	’s	NOUN
fsr-3789	250	10	on	on	ADP
fsr-3789	250	11	turnover	turnover	NOUN
fsr-3789	250	12	indicates	indicate	VERB
fsr-3789	250	13	that	that	SCONJ
fsr-3789	250	14	turnover	turnover	NOUN
fsr-3789	250	15	explains	explain	VERB
fsr-3789	250	16	only	only	ADV
fsr-3789	250	17	about	about	ADP
fsr-3789	250	18	half	half	NOUN
fsr-3789	250	19	of	of	ADP
fsr-3789	250	20	the	the	DET
fsr-3789	250	21	variance	variance	NOUN
fsr-3789	250	22	of	of	ADP
fsr-3789	250	23	trading	trading	NOUN
fsr-3789	250	24	costs	cost	NOUN
fsr-3789	250	25	(	(	PUNCT
fsr-3789	250	26	c	c	X
fsr-3789	250	27	/	/	SYM
fsr-3789	250	28	e	e	NOUN
fsr-3789	250	29	ratios	ratio	NOUN
fsr-3789	250	30	)	)	PUNCT
fsr-3789	250	31	in	in	ADP
fsr-3789	250	32	this	this	DET
fsr-3789	250	33	sample	sample	NOUN
fsr-3789	250	34	of	of	ADP
fsr-3789	250	35	retail	retail	ADJ
fsr-3789	250	36	securities	security	NOUN
fsr-3789	250	37	accounts	account	NOUN
fsr-3789	250	38	.	.	PUNCT
fsr-3789	251	1	the	the	DET
fsr-3789	251	2	remainder	remainder	NOUN
fsr-3789	251	3	of	of	ADP
fsr-3789	251	4	the	the	DET
fsr-3789	251	5	variance	variance	NOUN
fsr-3789	251	6	is	be	AUX
fsr-3789	251	7	explained	explain	VERB
fsr-3789	251	8	by	by	ADP
fsr-3789	251	9	differences	difference	NOUN
fsr-3789	251	10	in	in	ADP
fsr-3789	251	11	average	average	ADJ
fsr-3789	251	12	commission	commission	NOUN
fsr-3789	251	13	rates	rate	NOUN
fsr-3789	251	14	(	(	PUNCT
fsr-3789	251	15	cost	cost	NOUN
fsr-3789	251	16	per	per	ADP
fsr-3789	251	17	turnover	turnover	NOUN
fsr-3789	251	18	)	)	PUNCT
fsr-3789	251	19	.	.	PUNCT
fsr-3789	252	1	the	the	DET
fsr-3789	252	2	range	range	NOUN
fsr-3789	252	3	of	of	ADP
fsr-3789	252	4	cost	cost	NOUN
fsr-3789	252	5	per	per	ADP
fsr-3789	252	6	turnover	turnover	NOUN
fsr-3789	252	7	is	be	AUX
fsr-3789	252	8	from	from	ADP
fsr-3789	252	9	2.0	2.0	NUM
fsr-3789	252	10	to	to	ADP
fsr-3789	252	11	7.4	7.4	NUM
fsr-3789	252	12	%	%	NOUN
fsr-3789	252	13	.	.	PUNCT
fsr-3789	253	1	thus	thus	ADV
fsr-3789	253	2	a	a	DET
fsr-3789	253	3	tum	tum	NOUN
fsr-3789	253	4	over	over	ADP
fsr-3789	253	5	ratio	ratio	NOUN
fsr-3789	253	6	of	of	ADP
fsr-3789	253	7	four	four	NUM
fsr-3789	253	8	could	could	AUX
fsr-3789	253	9	be	be	AUX
fsr-3789	253	10	associated	associate	VERB
fsr-3789	253	11	with	with	ADP
fsr-3789	253	12	a	a	DET
fsr-3789	253	13	c	c	NOUN
fsr-3789	253	14	/	/	SYM
fsr-3789	253	15	e	e	NOUN
fsr-3789	253	16	ratio	ratio	NOUN
fsr-3789	253	17	as	as	ADV
fsr-3789	253	18	low	low	ADJ
fsr-3789	253	19	as	as	ADP
fsr-3789	253	20	8	8	NUM
fsr-3789	253	21	%	%	NOUN
fsr-3789	253	22	or	or	CCONJ
fsr-3789	253	23	as	as	ADV
fsr-3789	253	24	high	high	ADJ
fsr-3789	253	25	as	as	ADP
fsr-3789	253	26	29.6	29.6	NUM
fsr-3789	253	27	%	%	NOUN
fsr-3789	253	28	.	.	PUNCT
fsr-3789	254	1	this	this	DET
fsr-3789	254	2	potential	potential	ADJ
fsr-3789	254	3	variability	variability	NOUN
fsr-3789	254	4	in	in	ADP
fsr-3789	254	5	trading	trading	NOUN
fsr-3789	254	6	costs	cost	NOUN
fsr-3789	254	7	for	for	ADP
fsr-3789	254	8	the	the	DET
fsr-3789	254	9	same	same	ADJ
fsr-3789	254	10	level	level	NOUN
fsr-3789	254	11	of	of	ADP
fsr-3789	254	12	turnover	turnover	NOUN
fsr-3789	254	13	reinforces	reinforce	VERB
fsr-3789	254	14	the	the	DET
fsr-3789	254	15	notion	notion	NOUN
fsr-3789	254	16	that	that	SCONJ
fsr-3789	254	17	the	the	DET
fsr-3789	254	18	turnover	turnover	NOUN
fsr-3789	254	19	ratio	ratio	NOUN
fsr-3789	254	20	is	be	AUX
fsr-3789	254	21	a	a	DET
fsr-3789	254	22	flawed	flawed	ADJ
fsr-3789	254	23	and	and	CCONJ
fsr-3789	254	24	incomplete	incomplete	ADJ
fsr-3789	254	25	indicator	indicator	NOUN
fsr-3789	254	26	of	of	ADP
fsr-3789	254	27	excessive	excessive	ADJ
fsr-3789	254	28	trading	trading	NOUN
fsr-3789	254	29	.	.	PUNCT
fsr-3789	255	1	the	the	DET
fsr-3789	255	2	variability	variability	NOUN
fsr-3789	255	3	of	of	ADP
fsr-3789	255	4	cost	cost	NOUN
fsr-3789	255	5	per	per	ADP
fsr-3789	255	6	turnover	turnover	NOUN
fsr-3789	255	7	or	or	CCONJ
fsr-3789	255	8	,	,	PUNCT
fsr-3789	255	9	equivalently	equivalently	ADV
fsr-3789	255	10	,	,	PUNCT
fsr-3789	255	11	average	average	ADJ
fsr-3789	255	12	commission	commission	NOUN
fsr-3789	255	13	rates	rate	NOUN
fsr-3789	255	14	can	can	AUX
fsr-3789	255	15	be	be	AUX
fsr-3789	255	16	explained	explain	VERB
fsr-3789	255	17	by	by	ADP
fsr-3789	255	18	different	different	ADJ
fsr-3789	255	19	instruments	instrument	NOUN
fsr-3789	255	20	being	be	AUX
fsr-3789	255	21	traded	trade	VERB
fsr-3789	255	22	and	and	CCONJ
fsr-3789	255	23	the	the	DET
fsr-3789	255	24	associated	associated	ADJ
fsr-3789	255	25	commissions	commission	NOUN
fsr-3789	255	26	rates	rate	NOUN
fsr-3789	255	27	charged	charge	VERB
fsr-3789	255	28	.	.	PUNCT
fsr-3789	256	1	the	the	DET
fsr-3789	256	2	appendix	appendix	PROPN
fsr-3789	256	3	presents	present	VERB
fsr-3789	256	4	an	an	DET
fsr-3789	256	5	analysis	analysis	NOUN
fsr-3789	256	6	of	of	ADP
fsr-3789	256	7	commission	commission	NOUN
fsr-3789	256	8	rates	rate	NOUN
fsr-3789	256	9	on	on	ADP
fsr-3789	256	10	listed	list	VERB
fsr-3789	256	11	equities	equity	NOUN
fsr-3789	256	12	and	and	CCONJ
fsr-3789	256	13	options	option	NOUN
fsr-3789	256	14	traded	trade	VERB
fsr-3789	256	15	in	in	ADP
fsr-3789	256	16	theses	thesis	NOUN
fsr-3789	256	17	accounts	account	NOUN
fsr-3789	256	18	.	.	PUNCT
fsr-3789	257	1	the	the	DET
fsr-3789	257	2	weighted	weight	VERB
fsr-3789	257	3	average	average	ADJ
fsr-3789	257	4	one	one	NUM
fsr-3789	257	5	-	-	PUNCT
fsr-3789	257	6	way	way	NOUN
fsr-3789	257	7	commission	commission	NOUN
fsr-3789	257	8	cost	cost	NOUN
fsr-3789	257	9	on	on	ADP
fsr-3789	257	10	listed	list	VERB
fsr-3789	257	11	equities	equity	NOUN
fsr-3789	257	12	was	be	AUX
fsr-3789	257	13	about	about	ADV
fsr-3789	257	14	1.5	1.5	NUM
fsr-3789	257	15	%	%	NOUN
fsr-3789	257	16	.	.	PUNCT
fsr-3789	258	1	this	this	PRON
fsr-3789	258	2	translates	translate	VERB
fsr-3789	258	3	to	to	ADP
fsr-3789	258	4	a	a	DET
fsr-3789	258	5	cost	cost	NOUN
fsr-3789	258	6	per	per	ADP
fsr-3789	258	7	turnover	turnover	NOUN
fsr-3789	258	8	of	of	ADP
fsr-3789	258	9	about	about	ADV
fsr-3789	258	10	3	3	NUM
fsr-3789	258	11	%	%	NOUN
fsr-3789	258	12	.	.	PUNCT
fsr-3789	259	1	however	however	ADV
fsr-3789	259	2	,	,	PUNCT
fsr-3789	259	3	15	15	NUM
fsr-3789	259	4	of	of	ADP
fsr-3789	259	5	the	the	DET
fsr-3789	259	6	23	23	NUM
fsr-3789	259	7	accounts	account	NOUN
fsr-3789	259	8	traded	trade	VERB
fsr-3789	259	9	options	option	NOUN
fsr-3789	259	10	,	,	PUNCT
fsr-3789	259	11	and	and	CCONJ
fsr-3789	259	12	the	the	DET
fsr-3789	259	13	weighted	weight	VERB
fsr-3789	259	14	average	average	ADJ
fsr-3789	259	15	one	one	NUM
fsr-3789	259	16	-	-	PUNCT
fsr-3789	259	17	way	way	NOUN
fsr-3789	259	18	option	option	NOUN
fsr-3789	259	19	commis	commis	NOUN
fsr-3789	259	20	sions	sion	NOUN
fsr-3789	259	21	in	in	ADP
fsr-3789	259	22	these	these	DET
fsr-3789	259	23	accounts	account	NOUN
fsr-3789	259	24	was	be	AUX
fsr-3789	259	25	3.7	3.7	NUM
fsr-3789	259	26	%	%	NOUN
fsr-3789	259	27	.	.	PUNCT
fsr-3789	260	1	this	this	PRON
fsr-3789	260	2	translates	translate	VERB
fsr-3789	260	3	into	into	ADP
fsr-3789	260	4	a	a	DET
fsr-3789	260	5	7.4	7.4	NUM
fsr-3789	260	6	%	%	NOUN
fsr-3789	260	7	cost	cost	NOUN
fsr-3789	260	8	per	per	ADP
fsr-3789	260	9	turnover	turnover	NOUN
fsr-3789	260	10	for	for	ADP
fsr-3789	260	11	an	an	DET
fsr-3789	260	12	account	account	NOUN
fsr-3789	260	13	which	which	PRON
fsr-3789	260	14	traded	trade	VERB
fsr-3789	260	15	only	only	ADV
fsr-3789	260	16	options	option	NOUN
fsr-3789	260	17	.	.	PUNCT
fsr-3789	261	1	indeed	indeed	ADV
fsr-3789	261	2	,	,	PUNCT
fsr-3789	261	3	in	in	ADP
fsr-3789	261	4	case	case	NOUN
fsr-3789	261	5	1	1	NUM
fsr-3789	261	6	,	,	PUNCT
fsr-3789	261	7	which	which	PRON
fsr-3789	261	8	had	have	VERB
fsr-3789	261	9	a	a	DET
fsr-3789	261	10	cost	cost	NOUN
fsr-3789	261	11	per	per	ADP
fsr-3789	261	12	turnover	turnover	NOUN
fsr-3789	261	13	of	of	ADP
fsr-3789	261	14	7.4	7.4	NUM
fsr-3789	261	15	%	%	NOUN
fsr-3789	261	16	,	,	PUNCT
fsr-3789	261	17	more	more	ADJ
fsr-3789	261	18	than	than	ADP
fsr-3789	261	19	80	80	NUM
fsr-3789	261	20	%	%	NOUN
fsr-3789	261	21	of	of	ADP
fsr-3789	261	22	the	the	DET
fsr-3789	261	23	commission	commission	NOUN
fsr-3789	261	24	costs	cost	NOUN
fsr-3789	261	25	(	(	PUNCT
fsr-3789	261	26	$	$	SYM
fsr-3789	261	27	15,671	15,671	NUM
fsr-3789	261	28	)	)	PUNCT
fsr-3789	261	29	were	be	AUX
fsr-3789	261	30	commissions	commission	NOUN
fsr-3789	261	31	on	on	ADP
fsr-3789	261	32	options	option	NOUN
fsr-3789	261	33	transactions	transaction	NOUN
fsr-3789	261	34	.	.	PUNCT
fsr-3789	262	1	54	54	NUM
fsr-3789	262	2	financial	financial	ADJ
fsr-3789	262	3	services	service	NOUN
fsr-3789	262	4	review	review	VERB
fsr-3789	262	5	5(l	5(l	NUM
fsr-3789	262	6	)	)	PUNCT
fsr-3789	262	7	1996	1996	NUM
fsr-3789	262	8	v.	v.	ADP
fsr-3789	262	9	c	c	X
fsr-3789	262	10	/	/	SYM
fsr-3789	262	11	e	e	X
fsr-3789	262	12	excessive	excessive	ADJ
fsr-3789	262	13	trading	trading	NOUN
fsr-3789	262	14	guideline	guideline	NOUN
fsr-3789	262	15	the	the	DET
fsr-3789	262	16	commission	commission	PROPN
fsr-3789	262	17	/	/	SYM
fsr-3789	262	18	equity	equity	NOUN
fsr-3789	262	19	ratio	ratio	NOUN
fsr-3789	262	20	is	be	AUX
fsr-3789	262	21	superior	superior	ADJ
fsr-3789	262	22	to	to	ADP
fsr-3789	262	23	turnover	turnover	NOUN
fsr-3789	262	24	because	because	SCONJ
fsr-3789	262	25	it	it	PRON
fsr-3789	262	26	measures	measure	VERB
fsr-3789	262	27	trading	trading	NOUN
fsr-3789	262	28	costs	cost	NOUN
fsr-3789	262	29	directly	directly	ADV
fsr-3789	262	30	and	and	CCONJ
fsr-3789	262	31	has	have	VERB
fsr-3789	262	32	the	the	DET
fsr-3789	262	33	useful	useful	ADJ
fsr-3789	262	34	interpretation	interpretation	NOUN
fsr-3789	262	35	that	that	SCONJ
fsr-3789	262	36	it	it	PRON
fsr-3789	262	37	is	be	AUX
fsr-3789	262	38	the	the	DET
fsr-3789	262	39	minimum	minimum	ADJ
fsr-3789	262	40	annual	annual	ADJ
fsr-3789	262	41	rate	rate	NOUN
fsr-3789	262	42	of	of	ADP
fsr-3789	262	43	return	return	NOUN
fsr-3789	262	44	on	on	ADP
fsr-3789	262	45	the	the	DET
fsr-3789	262	46	securities	security	NOUN
fsr-3789	262	47	in	in	ADP
fsr-3789	262	48	the	the	DET
fsr-3789	262	49	account	account	NOUN
fsr-3789	262	50	necessary	necessary	ADJ
fsr-3789	262	51	to	to	PART
fsr-3789	262	52	break	break	VERB
fsr-3789	262	53	even	even	ADV
fsr-3789	262	54	and	and	CCONJ
fsr-3789	262	55	cover	cover	VERB
fsr-3789	262	56	trading	trading	NOUN
fsr-3789	262	57	costs	cost	NOUN
fsr-3789	262	58	.	.	PUNCT
fsr-3789	263	1	unfortunately	unfortunately	ADV
fsr-3789	263	2	,	,	PUNCT
fsr-3789	263	3	there	there	PRON
fsr-3789	263	4	are	be	VERB
fsr-3789	263	5	no	no	DET
fsr-3789	263	6	case	case	NOUN
fsr-3789	263	7	law	law	NOUN
fsr-3789	263	8	precedents	precedent	NOUN
fsr-3789	263	9	to	to	PART
fsr-3789	263	10	guide	guide	VERB
fsr-3789	263	11	courts	court	NOUN
fsr-3789	263	12	and	and	CCONJ
fsr-3789	263	13	arbitration	arbitration	NOUN
fsr-3789	263	14	panels	panel	NOUN
fsr-3789	263	15	in	in	ADP
fsr-3789	263	16	determining	determine	VERB
fsr-3789	263	17	what	what	DET
fsr-3789	263	18	level	level	NOUN
fsr-3789	263	19	of	of	ADP
fsr-3789	263	20	commission	commission	NOUN
fsr-3789	263	21	costs	cost	NOUN
fsr-3789	263	22	should	should	AUX
fsr-3789	263	23	constitute	constitute	VERB
fsr-3789	263	24	excessive	excessive	ADJ
fsr-3789	263	25	trading	trading	NOUN
fsr-3789	263	26	.	.	PUNCT
fsr-3789	264	1	a	a	DET
fsr-3789	264	2	reasonable	reasonable	ADJ
fsr-3789	264	3	guideline	guideline	NOUN
fsr-3789	264	4	or	or	CCONJ
fsr-3789	264	5	benchmark	benchmark	NOUN
fsr-3789	264	6	would	would	AUX
fsr-3789	264	7	thus	thus	ADV
fsr-3789	264	8	be	be	AUX
fsr-3789	264	9	useful	useful	ADJ
fsr-3789	264	10	to	to	ADP
fsr-3789	264	11	the	the	DET
fsr-3789	264	12	courts	court	NOUN
fsr-3789	264	13	,	,	PUNCT
fsr-3789	264	14	as	as	ADV
fsr-3789	264	15	well	well	ADV
fsr-3789	264	16	as	as	ADP
fsr-3789	264	17	to	to	ADP
fsr-3789	264	18	academics	academic	NOUN
fsr-3789	264	19	and	and	CCONJ
fsr-3789	264	20	practitioners	practitioner	NOUN
fsr-3789	264	21	who	who	PRON
fsr-3789	264	22	deal	deal	VERB
fsr-3789	264	23	with	with	ADP
fsr-3789	264	24	individual	individual	ADJ
fsr-3789	264	25	investor	investor	NOUN
fsr-3789	264	26	issues	issue	NOUN
fsr-3789	264	27	.	.	PUNCT
fsr-3789	265	1	one	one	NUM
fsr-3789	265	2	approach	approach	NOUN
fsr-3789	265	3	to	to	ADP
fsr-3789	265	4	the	the	DET
fsr-3789	265	5	solution	solution	NOUN
fsr-3789	265	6	of	of	ADP
fsr-3789	265	7	this	this	DET
fsr-3789	265	8	problem	problem	NOUN
fsr-3789	265	9	is	be	AUX
fsr-3789	265	10	to	to	PART
fsr-3789	265	11	relate	relate	VERB
fsr-3789	265	12	the	the	DET
fsr-3789	265	13	maximum	maximum	ADJ
fsr-3789	265	14	allowable	allowable	ADJ
fsr-3789	265	15	c	c	NOUN
fsr-3789	265	16	/	/	SYM
fsr-3789	265	17	e	e	NOUN
fsr-3789	265	18	ratio	ratio	NOUN
fsr-3789	265	19	to	to	ADP
fsr-3789	265	20	average	average	ADJ
fsr-3789	265	21	market	market	NOUN
fsr-3789	265	22	rate	rate	NOUN
fsr-3789	265	23	of	of	ADP
fsr-3789	265	24	return	return	NOUN
fsr-3789	265	25	on	on	ADP
fsr-3789	265	26	securities	security	NOUN
fsr-3789	265	27	.	.	PUNCT
fsr-3789	266	1	if	if	SCONJ
fsr-3789	266	2	there	there	PRON
fsr-3789	266	3	is	be	VERB
fsr-3789	266	4	little	little	ADJ
fsr-3789	266	5	likelihood	likelihood	NOUN
fsr-3789	266	6	that	that	SCONJ
fsr-3789	266	7	the	the	DET
fsr-3789	266	8	account	account	NOUN
fsr-3789	266	9	can	can	AUX
fsr-3789	266	10	consistently	consistently	ADV
fsr-3789	266	11	earn	earn	VERB
fsr-3789	266	12	a	a	DET
fsr-3789	266	13	positive	positive	ADJ
fsr-3789	266	14	rate	rate	NOUN
fsr-3789	266	15	of	of	ADP
fsr-3789	266	16	return	return	NOUN
fsr-3789	266	17	because	because	SCONJ
fsr-3789	266	18	of	of	ADP
fsr-3789	266	19	the	the	DET
fsr-3789	266	20	costs	cost	NOUN
fsr-3789	266	21	imposed	impose	VERB
fsr-3789	266	22	,	,	PUNCT
fsr-3789	266	23	then	then	ADV
fsr-3789	266	24	trading	trading	NOUN
fsr-3789	266	25	is	be	AUX
fsr-3789	266	26	excessive	excessive	ADJ
fsr-3789	266	27	.	.	PUNCT
fsr-3789	267	1	it	it	PRON
fsr-3789	267	2	is	be	AUX
fsr-3789	267	3	well	well	ADV
fsr-3789	267	4	known	know	VERB
fsr-3789	267	5	that	that	SCONJ
fsr-3789	267	6	the	the	DET
fsr-3789	267	7	long	long	ADJ
fsr-3789	267	8	run	run	NOUN
fsr-3789	267	9	average	average	ADJ
fsr-3789	267	10	annual	annual	ADJ
fsr-3789	267	11	rate	rate	NOUN
fsr-3789	267	12	of	of	ADP
fsr-3789	267	13	return	return	NOUN
fsr-3789	267	14	on	on	ADP
fsr-3789	267	15	common	common	ADJ
fsr-3789	267	16	stocks	stock	NOUN
fsr-3789	267	17	is	be	AUX
fsr-3789	267	18	about	about	ADV
fsr-3789	267	19	12	12	NUM
fsr-3789	267	20	%	%	NOUN
fsr-3789	267	21	(	(	PUNCT
fsr-3789	267	22	ibbotson	ibbotson	PROPN
fsr-3789	267	23	associates	associates	PROPN
fsr-3789	267	24	,	,	PUNCT
fsr-3789	267	25	1996	1996	NUM
fsr-3789	267	26	)	)	PUNCT
fsr-3789	267	27	.	.	PUNCT
fsr-3789	268	1	common	common	ADJ
fsr-3789	268	2	stocks	stock	NOUN
fsr-3789	268	3	are	be	AUX
fsr-3789	268	4	the	the	DET
fsr-3789	268	5	most	most	ADV
fsr-3789	268	6	prevalent	prevalent	ADJ
fsr-3789	268	7	investment	investment	NOUN
fsr-3789	268	8	vehicle	vehicle	NOUN
fsr-3789	268	9	in	in	ADP
fsr-3789	268	10	brokerage	brokerage	NOUN
fsr-3789	268	11	accounts	account	NOUN
fsr-3789	268	12	.	.	PUNCT
fsr-3789	269	1	if	if	SCONJ
fsr-3789	269	2	an	an	DET
fsr-3789	269	3	account	account	NOUN
fsr-3789	269	4	can	can	AUX
fsr-3789	269	5	be	be	AUX
fsr-3789	269	6	generally	generally	ADV
fsr-3789	269	7	labeled	label	VERB
fsr-3789	269	8	an	an	DET
fsr-3789	269	9	investment	investment	NOUN
fsr-3789	269	10	account	account	NOUN
fsr-3789	269	11	,	,	PUNCT
fsr-3789	269	12	and	and	CCONJ
fsr-3789	269	13	if	if	SCONJ
fsr-3789	269	14	trading	trading	NOUN
fsr-3789	269	15	costs	cost	NOUN
fsr-3789	269	16	are	be	AUX
fsr-3789	269	17	imposed	impose	VERB
fsr-3789	269	18	in	in	ADP
fsr-3789	269	19	excess	excess	NOUN
fsr-3789	269	20	of	of	ADP
fsr-3789	269	21	about	about	ADV
fsr-3789	269	22	12	12	NUM
fsr-3789	269	23	%	%	NOUN
fsr-3789	269	24	,	,	PUNCT
fsr-3789	269	25	then	then	ADV
fsr-3789	269	26	there	there	PRON
fsr-3789	269	27	is	be	VERB
fsr-3789	269	28	no	no	DET
fsr-3789	269	29	reasonable	reasonable	ADJ
fsr-3789	269	30	expectation	expectation	NOUN
fsr-3789	269	31	that	that	SCONJ
fsr-3789	269	32	the	the	DET
fsr-3789	269	33	account	account	NOUN
fsr-3789	269	34	will	will	AUX
fsr-3789	269	35	consistently	consistently	ADV
fsr-3789	269	36	earn	earn	VERB
fsr-3789	269	37	a	a	DET
fsr-3789	269	38	positive	positive	ADJ
fsr-3789	269	39	rate	rate	NOUN
fsr-3789	269	40	of	of	ADP
fsr-3789	269	41	return	return	NOUN
fsr-3789	269	42	.	.	PUNCT
fsr-3789	270	1	in	in	ADP
fsr-3789	270	2	such	such	ADJ
fsr-3789	270	3	instances	instance	NOUN
fsr-3789	270	4	,	,	PUNCT
fsr-3789	270	5	trading	trading	NOUN
fsr-3789	270	6	costs	cost	NOUN
fsr-3789	270	7	are	be	AUX
fsr-3789	270	8	excessive	excessive	ADJ
fsr-3789	270	9	,	,	PUNCT
fsr-3789	270	10	and	and	CCONJ
fsr-3789	270	11	a	a	DET
fsr-3789	270	12	broker	broker	NOUN
fsr-3789	270	13	in	in	ADP
fsr-3789	270	14	control	control	NOUN
fsr-3789	270	15	of	of	ADP
fsr-3789	270	16	such	such	DET
fsr-3789	270	17	an	an	DET
fsr-3789	270	18	account	account	NOUN
fsr-3789	270	19	should	should	AUX
fsr-3789	270	20	be	be	AUX
fsr-3789	270	21	viewed	view	VERB
fsr-3789	270	22	as	as	ADP
fsr-3789	270	23	having	having	AUX
fsr-3789	270	24	traded	trade	VERB
fsr-3789	270	25	the	the	DET
fsr-3789	270	26	account	account	NOUN
fsr-3789	270	27	excessively	excessively	ADV
fsr-3789	270	28	.	.	PUNCT
fsr-3789	271	1	this	this	DET
fsr-3789	271	2	approach	approach	NOUN
fsr-3789	271	3	is	be	AUX
fsr-3789	271	4	a	a	DET
fsr-3789	271	5	simple	simple	ADJ
fsr-3789	271	6	and	and	CCONJ
fsr-3789	271	7	elegant	elegant	ADJ
fsr-3789	271	8	solution	solution	NOUN
fsr-3789	271	9	that	that	PRON
fsr-3789	271	10	takes	take	VERB
fsr-3789	271	11	into	into	ADP
fsr-3789	271	12	account	account	NOUN
fsr-3789	271	13	market	market	NOUN
fsr-3789	271	14	realities	reality	NOUN
fsr-3789	271	15	.	.	PUNCT
fsr-3789	272	1	moreover	moreover	ADV
fsr-3789	272	2	,	,	PUNCT
fsr-3789	272	3	the	the	DET
fsr-3789	272	4	levels	level	NOUN
fsr-3789	272	5	of	of	ADP
fsr-3789	272	6	trading	trading	NOUN
fsr-3789	272	7	which	which	PRON
fsr-3789	272	8	appear	appear	VERB
fsr-3789	272	9	excessive	excessive	ADJ
fsr-3789	272	10	are	be	AUX
fsr-3789	272	11	roughly	roughly	ADV
fsr-3789	272	12	congruent	congruent	ADJ
fsr-3789	272	13	with	with	ADP
fsr-3789	272	14	exist	exist	ADJ
fsr-3789	272	15	ing	ing	ADJ
fsr-3789	272	16	case	case	NOUN
fsr-3789	272	17	law	law	NOUN
fsr-3789	272	18	and	and	CCONJ
fsr-3789	272	19	the	the	DET
fsr-3789	272	20	winslow	winslow	PROPN
fsr-3789	272	21	and	and	CCONJ
fsr-3789	272	22	anderson	anderson	PROPN
fsr-3789	272	23	results	result	VERB
fsr-3789	272	24	for	for	ADP
fsr-3789	272	25	mutual	mutual	ADJ
fsr-3789	272	26	funds	fund	NOUN
fsr-3789	272	27	.	.	PUNCT
fsr-3789	273	1	winslow	winslow	PROPN
fsr-3789	273	2	and	and	CCONJ
fsr-3789	273	3	anderson	anderson	PROPN
fsr-3789	273	4	argue	argue	VERB
fsr-3789	273	5	that	that	SCONJ
fsr-3789	273	6	turnover	turnover	NOUN
fsr-3789	273	7	in	in	ADP
fsr-3789	273	8	excess	excess	NOUN
fsr-3789	273	9	of	of	ADP
fsr-3789	273	10	three	three	NUM
fsr-3789	273	11	times	time	NOUN
fsr-3789	273	12	should	should	AUX
fsr-3789	273	13	be	be	AUX
fsr-3789	273	14	viewed	view	VERB
fsr-3789	273	15	as	as	ADP
fsr-3789	273	16	conclusively	conclusively	ADV
fsr-3789	273	17	excessive	excessive	ADJ
fsr-3789	273	18	.	.	PUNCT
fsr-3789	274	1	since	since	SCONJ
fsr-3789	274	2	the	the	DET
fsr-3789	274	3	average	average	ADJ
fsr-3789	274	4	cost	cost	NOUN
fsr-3789	274	5	per	per	ADP
fsr-3789	274	6	turnover	turnover	NOUN
fsr-3789	274	7	for	for	ADP
fsr-3789	274	8	the	the	DET
fsr-3789	274	9	23	23	NUM
fsr-3789	274	10	accounts	account	NOUN
fsr-3789	274	11	reviewed	review	VERB
fsr-3789	274	12	here	here	ADV
fsr-3789	274	13	was	be	AUX
fsr-3789	274	14	4	4	NUM
fsr-3789	274	15	%	%	NOUN
fsr-3789	274	16	a	a	DET
fsr-3789	274	17	turnover	turnover	NOUN
fsr-3789	274	18	ratio	ratio	NOUN
fsr-3789	274	19	of	of	ADP
fsr-3789	274	20	three	three	NUM
fsr-3789	274	21	with	with	ADP
fsr-3789	274	22	a	a	DET
fsr-3789	274	23	cost	cost	NOUN
fsr-3789	274	24	per	per	ADP
fsr-3789	274	25	turnover	turnover	NOUN
fsr-3789	274	26	of	of	ADP
fsr-3789	274	27	4	4	NUM
fsr-3789	274	28	%	%	NOUN
fsr-3789	274	29	corresponds	correspond	VERB
fsr-3789	274	30	to	to	ADP
fsr-3789	274	31	a	a	DET
fsr-3789	274	32	c	c	NOUN
fsr-3789	274	33	/	/	SYM
fsr-3789	274	34	e	e	NOUN
fsr-3789	274	35	ratio	ratio	NOUN
fsr-3789	274	36	of	of	ADP
fsr-3789	274	37	12	12	NUM
fsr-3789	274	38	%	%	NOUN
fsr-3789	274	39	,	,	PUNCT
fsr-3789	274	40	exactly	exactly	ADV
fsr-3789	274	41	the	the	DET
fsr-3789	274	42	guideline	guideline	NOUN
fsr-3789	274	43	suggested	suggest	VERB
fsr-3789	274	44	.	.	PUNCT
fsr-3789	275	1	if	if	SCONJ
fsr-3789	275	2	only	only	ADV
fsr-3789	275	3	listed	list	VERB
fsr-3789	275	4	equities	equity	NOUN
fsr-3789	275	5	were	be	AUX
fsr-3789	275	6	traded	trade	VERB
fsr-3789	275	7	in	in	ADP
fsr-3789	275	8	an	an	DET
fsr-3789	275	9	investment	investment	NOUN
fsr-3789	275	10	account	account	NOUN
fsr-3789	275	11	,	,	PUNCT
fsr-3789	275	12	then	then	ADV
fsr-3789	275	13	a	a	DET
fsr-3789	275	14	turnover	turnover	NOUN
fsr-3789	275	15	ratio	ratio	NOUN
fsr-3789	275	16	of	of	ADP
fsr-3789	275	17	three	three	NUM
fsr-3789	275	18	coupled	couple	VERB
fsr-3789	275	19	with	with	ADP
fsr-3789	275	20	a	a	DET
fsr-3789	275	21	cost	cost	NOUN
fsr-3789	275	22	per	per	ADP
fsr-3789	275	23	turnover	turnover	NOUN
fsr-3789	275	24	of	of	ADP
fsr-3789	275	25	3	3	NUM
fsr-3789	275	26	%	%	NOUN
fsr-3789	275	27	(	(	PUNCT
fsr-3789	275	28	see	see	VERB
fsr-3789	275	29	appendix	appendix	NOUN
fsr-3789	275	30	for	for	ADP
fsr-3789	275	31	average	average	ADJ
fsr-3789	275	32	equity	equity	NOUN
fsr-3789	275	33	trading	trading	NOUN
fsr-3789	275	34	costs	cost	NOUN
fsr-3789	275	35	)	)	PUNCT
fsr-3789	275	36	translates	translate	VERB
fsr-3789	275	37	to	to	ADP
fsr-3789	275	38	a	a	DET
fsr-3789	275	39	c	c	NOUN
fsr-3789	275	40	/	/	SYM
fsr-3789	275	41	e	e	NOUN
fsr-3789	275	42	ratio	ratio	NOUN
fsr-3789	275	43	of	of	ADP
fsr-3789	275	44	9	9	NUM
fsr-3789	275	45	%	%	NOUN
fsr-3789	275	46	.	.	PUNCT
fsr-3789	276	1	thus	thus	ADV
fsr-3789	276	2	,	,	PUNCT
fsr-3789	276	3	suggesting	suggest	VERB
fsr-3789	276	4	that	that	SCONJ
fsr-3789	276	5	a	a	DET
fsr-3789	276	6	12	12	NUM
fsr-3789	276	7	%	%	NOUN
fsr-3789	276	8	c	c	NOUN
fsr-3789	276	9	/	/	SYM
fsr-3789	276	10	e	e	NOUN
fsr-3789	276	11	ratio	ratio	NOUN
fsr-3789	276	12	is	be	AUX
fsr-3789	276	13	excessive	excessive	ADJ
fsr-3789	276	14	is	be	AUX
fsr-3789	276	15	generous	generous	ADJ
fsr-3789	276	16	to	to	ADP
fsr-3789	276	17	stockbrokers	stockbroker	NOUN
fsr-3789	276	18	.	.	PUNCT
fsr-3789	277	1	it	it	PRON
fsr-3789	277	2	is	be	AUX
fsr-3789	277	3	useful	useful	ADJ
fsr-3789	277	4	to	to	PART
fsr-3789	277	5	put	put	VERB
fsr-3789	277	6	this	this	DET
fsr-3789	277	7	benchmark	benchmark	NOUN
fsr-3789	277	8	into	into	ADP
fsr-3789	277	9	context	context	NOUN
fsr-3789	277	10	.	.	PUNCT
fsr-3789	278	1	consider	consider	VERB
fsr-3789	278	2	the	the	DET
fsr-3789	278	3	average	average	ADJ
fsr-3789	278	4	mutual	mutual	ADJ
fsr-3789	278	5	fund	fund	NOUN
fsr-3789	278	6	with	with	ADP
fsr-3789	278	7	normal	normal	ADJ
fsr-3789	278	8	investment	investment	NOUN
fsr-3789	278	9	objectives	objective	NOUN
fsr-3789	278	10	.	.	PUNCT
fsr-3789	279	1	in	in	ADP
fsr-3789	279	2	the	the	DET
fsr-3789	279	3	winslow	winslow	PROPN
fsr-3789	279	4	and	and	CCONJ
fsr-3789	279	5	anderson	anderson	PROPN
fsr-3789	279	6	sample	sample	PROPN
fsr-3789	279	7	these	these	PRON
fsr-3789	279	8	correspond	correspond	VERB
fsr-3789	279	9	roughly	roughly	ADV
fsr-3789	279	10	to	to	ADP
fsr-3789	279	11	investment	investment	NOUN
fsr-3789	279	12	objectives	objective	NOUN
fsr-3789	279	13	of	of	ADP
fsr-3789	279	14	growth	growth	NOUN
fsr-3789	279	15	-	-	PUNCT
fsr-3789	279	16	income	income	NOUN
fsr-3789	279	17	,	,	PUNCT
fsr-3789	279	18	growth	growth	NOUN
fsr-3789	279	19	,	,	PUNCT
fsr-3789	279	20	and	and	CCONJ
fsr-3789	279	21	aggressive	aggressive	ADJ
fsr-3789	279	22	growth	growth	NOUN
fsr-3789	279	23	.	.	PUNCT
fsr-3789	280	1	the	the	DET
fsr-3789	280	2	mean	mean	ADJ
fsr-3789	280	3	annual	annual	ADJ
fsr-3789	280	4	turnover	turnover	NOUN
fsr-3789	280	5	rate	rate	NOUN
fsr-3789	280	6	for	for	ADP
fsr-3789	280	7	these	these	DET
fsr-3789	280	8	funds	fund	NOUN
fsr-3789	280	9	is	be	AUX
fsr-3789	280	10	0.9	0.9	NUM
fsr-3789	280	11	times	time	NOUN
fsr-3789	280	12	.	.	PUNCT
fsr-3789	281	1	it	it	PRON
fsr-3789	281	2	is	be	AUX
fsr-3789	281	3	well	well	ADV
fsr-3789	281	4	known	know	VERB
fsr-3789	281	5	that	that	SCONJ
fsr-3789	281	6	trading	trading	NOUN
fsr-3789	281	7	costs	cost	NOUN
fsr-3789	281	8	in	in	ADP
fsr-3789	281	9	an	an	DET
fsr-3789	281	10	institutional	institutional	ADJ
fsr-3789	281	11	context	context	NOUN
fsr-3789	281	12	are	be	AUX
fsr-3789	281	13	in	in	ADP
fsr-3789	281	14	the	the	DET
fsr-3789	281	15	range	range	NOUN
fsr-3789	281	16	of	of	ADP
fsr-3789	281	17	3	3	NUM
fsr-3789	281	18	to	to	PART
fsr-3789	281	19	7	7	NUM
fsr-3789	281	20	cents	cent	NOUN
fsr-3789	281	21	a	a	DET
fsr-3789	281	22	share	share	NOUN
fsr-3789	281	23	with	with	ADP
fsr-3789	281	24	a	a	DET
fsr-3789	281	25	mean	mean	NOUN
fsr-3789	281	26	of	of	ADP
fsr-3789	281	27	about	about	ADV
fsr-3789	281	28	5	5	NUM
fsr-3789	281	29	cents	cent	NOUN
fsr-3789	281	30	.	.	PUNCT
fsr-3789	282	1	in	in	ADP
fsr-3789	282	2	the	the	DET
fsr-3789	282	3	appendix	appendix	NOUN
fsr-3789	282	4	,	,	PUNCT
fsr-3789	282	5	it	it	PRON
fsr-3789	282	6	is	be	AUX
fsr-3789	282	7	shown	show	VERB
fsr-3789	282	8	that	that	SCONJ
fsr-3789	282	9	commissions	commission	NOUN
fsr-3789	282	10	averaged	average	VERB
fsr-3789	282	11	43	43	NUM
fsr-3789	282	12	cents	cent	NOUN
fsr-3789	282	13	per	per	ADP
fsr-3789	282	14	share	share	NOUN
fsr-3789	282	15	and	and	CCONJ
fsr-3789	282	16	150	150	NUM
fsr-3789	282	17	basis	basis	NOUN
fsr-3789	282	18	points	point	NOUN
fsr-3789	282	19	.	.	PUNCT
fsr-3789	283	1	a	a	DET
fsr-3789	283	2	5	5	NUM
fsr-3789	283	3	cent	cent	NOUN
fsr-3789	283	4	institutional	institutional	ADJ
fsr-3789	283	5	commission	commission	NOUN
fsr-3789	283	6	trans	trans	PROPN
fsr-3789	283	7	lates	late	NOUN
fsr-3789	283	8	to	to	ADP
fsr-3789	283	9	about	about	ADV
fsr-3789	283	10	40	40	NUM
fsr-3789	283	11	basis	basis	NOUN
fsr-3789	283	12	points	point	NOUN
fsr-3789	283	13	per	per	ADP
fsr-3789	283	14	turnover	turnover	NOUN
fsr-3789	283	15	.	.	PUNCT
fsr-3789	284	1	thus	thus	ADV
fsr-3789	284	2	,	,	PUNCT
fsr-3789	284	3	the	the	DET
fsr-3789	284	4	typical	typical	ADJ
fsr-3789	284	5	mutual	mutual	ADJ
fsr-3789	284	6	fund	fund	NOUN
fsr-3789	284	7	manager	manager	NOUN
fsr-3789	284	8	with	with	ADP
fsr-3789	284	9	nor	nor	CCONJ
fsr-3789	284	10	mal	mal	ADJ
fsr-3789	284	11	investment	investment	NOUN
fsr-3789	284	12	objectives	objective	NOUN
fsr-3789	284	13	and	and	CCONJ
fsr-3789	284	14	no	no	DET
fsr-3789	284	15	personal	personal	ADJ
fsr-3789	284	16	gain	gain	NOUN
fsr-3789	284	17	from	from	ADP
fsr-3789	284	18	trading	trading	NOUN
fsr-3789	284	19	has	have	VERB
fsr-3789	284	20	a	a	DET
fsr-3789	284	21	turnover	turnover	NOUN
fsr-3789	284	22	of	of	ADP
fsr-3789	284	23	about	about	ADP
fsr-3789	284	24	0.9	0.9	NUM
fsr-3789	284	25	with	with	ADP
fsr-3789	284	26	a	a	DET
fsr-3789	284	27	cost	cost	NOUN
fsr-3789	284	28	of	of	ADP
fsr-3789	284	29	0.4	0.4	NUM
fsr-3789	284	30	%	%	NOUN
fsr-3789	284	31	per	per	ADP
fsr-3789	284	32	turnover	turnover	NOUN
fsr-3789	284	33	.	.	PUNCT
fsr-3789	285	1	this	this	PRON
fsr-3789	285	2	imposes	impose	VERB
fsr-3789	285	3	annual	annual	ADJ
fsr-3789	285	4	trading	trading	NOUN
fsr-3789	285	5	costs	cost	NOUN
fsr-3789	285	6	(	(	PUNCT
fsr-3789	285	7	c	c	X
fsr-3789	285	8	/	/	SYM
fsr-3789	285	9	e	e	NOUN
fsr-3789	285	10	)	)	PUNCT
fsr-3789	285	11	of	of	ADP
fsr-3789	285	12	about	about	ADV
fsr-3789	285	13	0.36	0.36	NUM
fsr-3789	285	14	%	%	NOUN
fsr-3789	285	15	.	.	PUNCT
fsr-3789	286	1	the	the	DET
fsr-3789	286	2	12	12	NUM
fsr-3789	286	3	%	%	NOUN
fsr-3789	286	4	guideline	guideline	NOUN
fsr-3789	286	5	suggested	suggest	VERB
fsr-3789	286	6	as	as	ADP
fsr-3789	286	7	excessive	excessive	ADJ
fsr-3789	286	8	is	be	AUX
fsr-3789	286	9	more	more	ADJ
fsr-3789	286	10	than	than	ADP
fsr-3789	286	11	30	30	NUM
fsr-3789	286	12	times	time	NOUN
fsr-3789	286	13	the	the	DET
fsr-3789	286	14	average	average	ADJ
fsr-3789	286	15	costs	cost	NOUN
fsr-3789	286	16	imposed	impose	VERB
fsr-3789	286	17	in	in	ADP
fsr-3789	286	18	an	an	DET
fsr-3789	286	19	institutional	institutional	ADJ
fsr-3789	286	20	context	context	NOUN
fsr-3789	286	21	.	.	PUNCT
fsr-3789	287	1	since	since	SCONJ
fsr-3789	287	2	the	the	DET
fsr-3789	287	3	majority	majority	NOUN
fsr-3789	287	4	of	of	ADP
fsr-3789	287	5	mutual	mutual	ADJ
fsr-3789	287	6	fund	fund	NOUN
fsr-3789	287	7	managers	manager	NOUN
fsr-3789	287	8	can	can	AUX
fsr-3789	287	9	not	not	PART
fsr-3789	287	10	con	con	AUX
fsr-3789	287	11	sistently	sistently	ADV
fsr-3789	287	12	earn	earn	VERB
fsr-3789	287	13	a	a	DET
fsr-3789	287	14	risk	risk	NOUN
fsr-3789	287	15	adjusted	adjust	VERB
fsr-3789	287	16	return	return	NOUN
fsr-3789	287	17	in	in	ADP
fsr-3789	287	18	excess	excess	NOUN
fsr-3789	287	19	of	of	ADP
fsr-3789	287	20	a	a	DET
fsr-3789	287	21	’	'	PUNCT
fsr-3789	287	22	simple	simple	ADJ
fsr-3789	287	23	buy	buy	NOUN
fsr-3789	287	24	and	and	CCONJ
fsr-3789	287	25	hold	hold	VERB
fsr-3789	287	26	strategy	strategy	NOUN
fsr-3789	287	27	after	after	ADP
fsr-3789	287	28	costs	cost	NOUN
fsr-3789	287	29	(	(	PUNCT
fsr-3789	287	30	jensen	jensen	PROPN
fsr-3789	287	31	,	,	PUNCT
fsr-3789	287	32	1968	1968	NUM
fsr-3789	287	33	;	;	PUNCT
fsr-3789	287	34	malkial	malkial	ADJ
fsr-3789	287	35	,	,	PUNCT
fsr-3789	287	36	1995	1995	NUM
fsr-3789	287	37	)	)	PUNCT
fsr-3789	287	38	,	,	PUNCT
fsr-3789	287	39	it	it	PRON
fsr-3789	287	40	is	be	AUX
fsr-3789	287	41	not	not	PART
fsr-3789	287	42	unreasonable	unreasonable	ADJ
fsr-3789	287	43	to	to	PART
fsr-3789	287	44	suggest	suggest	VERB
fsr-3789	287	45	that	that	SCONJ
fsr-3789	287	46	a	a	DET
fsr-3789	287	47	stockbroker	stockbroker	NOUN
fsr-3789	287	48	who	who	PRON
fsr-3789	287	49	imposes	impose	VERB
fsr-3789	287	50	costs	cost	NOUN
fsr-3789	287	51	in	in	ADP
fsr-3789	287	52	excess	excess	NOUN
fsr-3789	287	53	of	of	ADP
fsr-3789	287	54	30	30	NUM
fsr-3789	287	55	times	time	NOUN
fsr-3789	287	56	institutional	institutional	ADJ
fsr-3789	287	57	costs	cost	NOUN
fsr-3789	287	58	is	be	AUX
fsr-3789	287	59	trading	trade	VERB
fsr-3789	287	60	the	the	DET
fsr-3789	287	61	account	account	NOUN
fsr-3789	287	62	excessively	excessively	ADV
fsr-3789	287	63	.	.	PUNCT
fsr-3789	288	1	the	the	DET
fsr-3789	288	2	12	12	NUM
fsr-3789	288	3	%	%	NOUN
fsr-3789	288	4	guideline	guideline	NOUN
fsr-3789	288	5	/	/	SYM
fsr-3789	288	6	benchmark	benchmark	NOUN
fsr-3789	288	7	should	should	AUX
fsr-3789	288	8	not	not	PART
fsr-3789	288	9	be	be	AUX
fsr-3789	288	10	viewed	view	VERB
fsr-3789	288	11	as	as	ADP
fsr-3789	288	12	a	a	DET
fsr-3789	288	13	bright	bright	ADJ
fsr-3789	288	14	line	line	NOUN
fsr-3789	288	15	test	test	NOUN
fsr-3789	288	16	.	.	PUNCT
fsr-3789	289	1	rather	rather	ADV
fsr-3789	289	2	the	the	DET
fsr-3789	289	3	unique	unique	ADJ
fsr-3789	289	4	circumstances	circumstance	NOUN
fsr-3789	289	5	of	of	ADP
fsr-3789	289	6	each	each	DET
fsr-3789	289	7	case	case	NOUN
fsr-3789	289	8	should	should	AUX
fsr-3789	289	9	be	be	AUX
fsr-3789	289	10	considered	consider	VERB
fsr-3789	289	11	.	.	PUNCT
fsr-3789	290	1	for	for	ADP
fsr-3789	290	2	instance	instance	NOUN
fsr-3789	290	3	,	,	PUNCT
fsr-3789	290	4	accounts	account	VERB
fsr-3789	290	5	with	with	ADP
fsr-3789	290	6	more	more	ADV
fsr-3789	290	7	churning	churning	ADJ
fsr-3789	290	8	55	55	NUM
fsr-3789	290	9	conservative	conservative	ADJ
fsr-3789	290	10	investment	investment	NOUN
fsr-3789	290	11	objectives	objective	NOUN
fsr-3789	290	12	should	should	AUX
fsr-3789	290	13	reasonably	reasonably	ADV
fsr-3789	290	14	tolerate	tolerate	VERB
fsr-3789	290	15	lower	low	ADJ
fsr-3789	290	16	levels	level	NOUN
fsr-3789	290	17	of	of	ADP
fsr-3789	290	18	trading	trading	NOUN
fsr-3789	290	19	than	than	ADP
fsr-3789	290	20	investment	investment	NOUN
fsr-3789	290	21	or	or	CCONJ
fsr-3789	290	22	speculative	speculative	ADJ
fsr-3789	290	23	accounts	account	NOUN
fsr-3789	290	24	.	.	PUNCT
fsr-3789	291	1	accounts	account	NOUN
fsr-3789	291	2	with	with	ADP
fsr-3789	291	3	aggressive	aggressive	ADJ
fsr-3789	291	4	investment	investment	NOUN
fsr-3789	291	5	objectives	objective	NOUN
fsr-3789	291	6	might	might	AUX
fsr-3789	291	7	tolerate	tolerate	VERB
fsr-3789	291	8	slightly	slightly	ADV
fsr-3789	291	9	higher	high	ADJ
fsr-3789	291	10	rates	rate	NOUN
fsr-3789	291	11	depending	depend	VERB
fsr-3789	291	12	on	on	ADP
fsr-3789	291	13	the	the	DET
fsr-3789	291	14	nature	nature	NOUN
fsr-3789	291	15	of	of	ADP
fsr-3789	291	16	the	the	DET
fsr-3789	291	17	securities	security	NOUN
fsr-3789	291	18	traded	trade	VERB
fsr-3789	291	19	.	.	PUNCT
fsr-3789	292	1	the	the	DET
fsr-3789	292	2	detection	detection	NOUN
fsr-3789	292	3	of	of	ADP
fsr-3789	292	4	excessive	excessive	ADJ
fsr-3789	292	5	trading	trading	NOUN
fsr-3789	292	6	in	in	ADP
fsr-3789	292	7	retail	retail	ADJ
fsr-3789	292	8	securities	security	NOUN
fsr-3789	292	9	accounts	account	NOUN
fsr-3789	292	10	is	be	AUX
fsr-3789	292	11	not	not	PART
fsr-3789	292	12	a	a	DET
fsr-3789	292	13	settled	settle	VERB
fsr-3789	292	14	issue	issue	NOUN
fsr-3789	292	15	.	.	PUNCT
fsr-3789	293	1	the	the	DET
fsr-3789	293	2	legal	legal	ADJ
fsr-3789	293	3	profession	profession	NOUN
fsr-3789	293	4	has	have	AUX
fsr-3789	293	5	relied	rely	VERB
fsr-3789	293	6	on	on	ADP
fsr-3789	293	7	the	the	DET
fsr-3789	293	8	turnover	turnover	NOUN
fsr-3789	293	9	ratio	ratio	NOUN
fsr-3789	293	10	as	as	ADP
fsr-3789	293	11	the	the	DET
fsr-3789	293	12	principal	principal	ADJ
fsr-3789	293	13	metric	metric	NOUN
fsr-3789	293	14	of	of	ADP
fsr-3789	293	15	excessive	excessive	ADJ
fsr-3789	293	16	trading	trading	NOUN
fsr-3789	293	17	,	,	PUNCT
fsr-3789	293	18	and	and	CCONJ
fsr-3789	293	19	case	case	NOUN
fsr-3789	293	20	law	law	NOUN
fsr-3789	293	21	standards	standard	NOUN
fsr-3789	293	22	have	have	AUX
fsr-3789	293	23	evolved	evolve	VERB
fsr-3789	293	24	around	around	ADP
fsr-3789	293	25	that	that	DET
fsr-3789	293	26	measure	measure	NOUN
fsr-3789	293	27	.	.	PUNCT
fsr-3789	294	1	this	this	DET
fsr-3789	294	2	paper	paper	NOUN
fsr-3789	294	3	explores	explore	VERB
fsr-3789	294	4	the	the	DET
fsr-3789	294	5	concept	concept	NOUN
fsr-3789	294	6	of	of	ADP
fsr-3789	294	7	churning	churning	ADJ
fsr-3789	294	8	and	and	CCONJ
fsr-3789	294	9	excessive	excessive	ADJ
fsr-3789	294	10	trading	trading	NOUN
fsr-3789	294	11	in	in	ADP
fsr-3789	294	12	retail	retail	ADJ
fsr-3789	294	13	securities	security	NOUN
fsr-3789	294	14	accounts	account	NOUN
fsr-3789	294	15	.	.	PUNCT
fsr-3789	295	1	data	datum	NOUN
fsr-3789	295	2	from	from	ADP
fsr-3789	295	3	23	23	NUM
fsr-3789	295	4	actual	actual	ADJ
fsr-3789	295	5	churn	churn	NOUN
fsr-3789	295	6	ing	ing	ADJ
fsr-3789	295	7	cases	case	NOUN
fsr-3789	295	8	are	be	AUX
fsr-3789	295	9	used	use	VERB
fsr-3789	295	10	to	to	PART
fsr-3789	295	11	demonstrates	demonstrate	VERB
fsr-3789	295	12	that	that	SCONJ
fsr-3789	295	13	the	the	DET
fsr-3789	295	14	commission	commission	NOUN
fsr-3789	295	15	to	to	ADP
fsr-3789	295	16	equity	equity	NOUN
fsr-3789	295	17	ratio	ratio	NOUN
fsr-3789	295	18	is	be	AUX
fsr-3789	295	19	a	a	DET
fsr-3789	295	20	superior	superior	ADJ
fsr-3789	295	21	measure	measure	NOUN
fsr-3789	295	22	of	of	ADP
fsr-3789	295	23	excessive	excessive	ADJ
fsr-3789	295	24	trading	trading	NOUN
fsr-3789	295	25	.	.	PUNCT
fsr-3789	296	1	commission	commission	NOUN
fsr-3789	296	2	costs	cost	VERB
fsr-3789	296	3	an	an	DET
fsr-3789	296	4	analysis	analysis	NOUN
fsr-3789	296	5	was	be	AUX
fsr-3789	296	6	conducted	conduct	VERB
fsr-3789	296	7	of	of	ADP
fsr-3789	296	8	the	the	DET
fsr-3789	296	9	commission	commission	NOUN
fsr-3789	296	10	costs	cost	NOUN
fsr-3789	296	11	of	of	ADP
fsr-3789	296	12	the	the	DET
fsr-3789	296	13	trading	trading	NOUN
fsr-3789	296	14	conducted	conduct	VERB
fsr-3789	296	15	in	in	ADP
fsr-3789	296	16	the	the	DET
fsr-3789	296	17	23	23	NUM
fsr-3789	296	18	accounts	account	NOUN
fsr-3789	296	19	analyzed	analyze	VERB
fsr-3789	296	20	in	in	ADP
fsr-3789	296	21	the	the	DET
fsr-3789	296	22	paper	paper	NOUN
fsr-3789	296	23	.	.	PUNCT
fsr-3789	297	1	agency	agency	NOUN
fsr-3789	297	2	commission	commission	NOUN
fsr-3789	297	3	costs	cost	VERB
fsr-3789	297	4	on	on	ADP
fsr-3789	297	5	listed	list	VERB
fsr-3789	297	6	equities	equity	NOUN
fsr-3789	297	7	and	and	CCONJ
fsr-3789	297	8	options	option	NOUN
fsr-3789	297	9	are	be	AUX
fsr-3789	297	10	readily	readily	ADV
fsr-3789	297	11	available	available	ADJ
fsr-3789	297	12	from	from	ADP
fsr-3789	297	13	monthly	monthly	ADJ
fsr-3789	297	14	statements	statement	NOUN
fsr-3789	297	15	and	and	CCONJ
fsr-3789	297	16	confirmation	confirmation	NOUN
fsr-3789	297	17	slips	slip	NOUN
fsr-3789	297	18	.	.	PUNCT
fsr-3789	298	1	mark	mark	NOUN
fsr-3789	298	2	-	-	PUNCT
fsr-3789	298	3	ups	up	NOUN
fsr-3789	298	4	on	on	ADP
fsr-3789	298	5	unlisted	unlisted	ADJ
fsr-3789	298	6	equities	equity	NOUN
fsr-3789	298	7	and	and	CCONJ
fsr-3789	298	8	bonds	bond	NOUN
fsr-3789	298	9	are	be	AUX
fsr-3789	298	10	typically	typically	ADV
fsr-3789	298	11	not	not	PART
fsr-3789	298	12	available	available	ADJ
fsr-3789	298	13	,	,	PUNCT
fsr-3789	298	14	although	although	SCONJ
fsr-3789	298	15	this	this	DET
fsr-3789	298	16	information	information	NOUN
fsr-3789	298	17	can	can	AUX
fsr-3789	298	18	occasionally	occasionally	ADV
fsr-3789	298	19	be	be	AUX
fsr-3789	298	20	obtained	obtain	VERB
fsr-3789	298	21	through	through	ADP
fsr-3789	298	22	the	the	DET
fsr-3789	298	23	legal	legal	ADJ
fsr-3789	298	24	discovery	discovery	NOUN
fsr-3789	298	25	process	process	NOUN
fsr-3789	298	26	.	.	PUNCT
fsr-3789	299	1	table	table	NOUN
fsr-3789	299	2	a	a	DET
fsr-3789	299	3	-	-	PUNCT
fsr-3789	299	4	l	l	NOUN
fsr-3789	299	5	presents	present	VERB
fsr-3789	299	6	the	the	DET
fsr-3789	299	7	results	result	NOUN
fsr-3789	299	8	of	of	ADP
fsr-3789	299	9	the	the	DET
fsr-3789	299	10	analysis	analysis	NOUN
fsr-3789	299	11	of	of	ADP
fsr-3789	299	12	commissions	commission	NOUN
fsr-3789	299	13	for	for	ADP
fsr-3789	299	14	listed	list	VERB
fsr-3789	299	15	equities	equity	NOUN
fsr-3789	299	16	and	and	CCONJ
fsr-3789	299	17	listed	list	VERB
fsr-3789	299	18	options	option	NOUN
fsr-3789	299	19	.	.	PUNCT
fsr-3789	300	1	these	these	DET
fsr-3789	300	2	costs	cost	NOUN
fsr-3789	300	3	are	be	AUX
fsr-3789	300	4	one	one	NUM
fsr-3789	300	5	-	-	PUNCT
fsr-3789	300	6	way	way	NOUN
fsr-3789	300	7	commission	commission	NOUN
fsr-3789	300	8	costs	cost	NOUN
fsr-3789	300	9	,	,	PUNCT
fsr-3789	300	10	and	and	CCONJ
fsr-3789	300	11	no	no	DET
fsr-3789	300	12	distinction	distinction	NOUN
fsr-3789	300	13	is	be	AUX
fsr-3789	300	14	made	make	VERB
fsr-3789	300	15	between	between	ADP
fsr-3789	300	16	purchases	purchase	NOUN
fsr-3789	300	17	and	and	CCONJ
fsr-3789	300	18	sales	sale	NOUN
fsr-3789	300	19	.	.	PUNCT
fsr-3789	301	1	for	for	ADP
fsr-3789	301	2	listed	list	VERB
fsr-3789	301	3	equities	equity	NOUN
fsr-3789	301	4	,	,	PUNCT
fsr-3789	301	5	the	the	DET
fsr-3789	301	6	weighted	weighted	ADJ
fsr-3789	301	7	average	average	ADJ
fsr-3789	301	8	one	one	NUM
fsr-3789	301	9	-	-	PUNCT
fsr-3789	301	10	way	way	NOUN
fsr-3789	301	11	commis	commis	NOUN
fsr-3789	301	12	sion	sion	NOUN
fsr-3789	301	13	costs	cost	VERB
fsr-3789	301	14	on	on	ADP
fsr-3789	301	15	2,3	2,3	NUM
fsr-3789	301	16	16	16	NUM
fsr-3789	301	17	round	round	NOUN
fsr-3789	301	18	lots	lot	NOUN
fsr-3789	301	19	trades	trade	NOUN
fsr-3789	301	20	was	be	AUX
fsr-3789	301	21	1	1	NUM
fsr-3789	301	22	.5	.5	NUM
fsr-3789	301	23	%	%	NOUN
fsr-3789	301	24	,	,	PUNCT
fsr-3789	301	25	and	and	CCONJ
fsr-3789	301	26	the	the	DET
fsr-3789	301	27	weighted	weight	VERB
fsr-3789	301	28	average	average	ADJ
fsr-3789	301	29	commission	commission	NOUN
fsr-3789	301	30	cost	cost	NOUN
fsr-3789	301	31	per	per	ADP
fsr-3789	301	32	share	share	NOUN
fsr-3789	301	33	was	be	AUX
fsr-3789	301	34	$	$	SYM
fsr-3789	301	35	0.43	0.43	NUM
fsr-3789	301	36	.	.	PUNCT
fsr-3789	302	1	odd	odd	ADJ
fsr-3789	302	2	lot	lot	NOUN
fsr-3789	302	3	trades	trade	NOUN
fsr-3789	302	4	cost	cost	VERB
fsr-3789	302	5	2.7	2.7	NUM
fsr-3789	302	6	%	%	NOUN
fsr-3789	302	7	one	one	NUM
fsr-3789	302	8	way	way	NOUN
fsr-3789	302	9	and	and	CCONJ
fsr-3789	302	10	$	$	SYM
fsr-3789	302	11	1.31	1.31	NUM
fsr-3789	302	12	per	per	ADP
fsr-3789	302	13	share	share	NOUN
fsr-3789	302	14	in	in	ADP
fsr-3789	302	15	these	these	DET
fsr-3789	302	16	accounts	account	NOUN
fsr-3789	302	17	.	.	PUNCT
fsr-3789	303	1	trades	trade	NOUN
fsr-3789	303	2	of	of	ADP
fsr-3789	303	3	just	just	ADV
fsr-3789	303	4	100	100	NUM
fsr-3789	303	5	shares	share	NOUN
fsr-3789	303	6	cost	cost	VERB
fsr-3789	303	7	1.8	1.8	NUM
fsr-3789	303	8	%	%	NOUN
fsr-3789	303	9	one	one	NUM
fsr-3789	303	10	way	way	NOUN
fsr-3789	303	11	and	and	CCONJ
fsr-3789	303	12	$	$	SYM
fsr-3789	303	13	0.90	0.90	NUM
fsr-3789	303	14	per	per	ADP
fsr-3789	303	15	share	share	NOUN
fsr-3789	303	16	.	.	PUNCT
fsr-3789	304	1	in	in	ADP
fsr-3789	304	2	all	all	DET
fsr-3789	304	3	cases	case	NOUN
fsr-3789	304	4	the	the	DET
fsr-3789	304	5	weights	weight	NOUN
fsr-3789	304	6	used	use	VERB
fsr-3789	304	7	are	be	AUX
fsr-3789	304	8	the	the	DET
fsr-3789	304	9	trade	trade	NOUN
fsr-3789	304	10	size	size	NOUN
fsr-3789	304	11	divided	divide	VERB
fsr-3789	304	12	by	by	ADP
fsr-3789	304	13	the	the	DET
fsr-3789	304	14	total	total	ADJ
fsr-3789	304	15	trade	trade	NOUN
fsr-3789	304	16	value	value	NOUN
fsr-3789	304	17	in	in	ADP
fsr-3789	304	18	a	a	DET
fsr-3789	304	19	category	category	NOUN
fsr-3789	304	20	.	.	PUNCT
fsr-3789	305	1	the	the	DET
fsr-3789	305	2	weighted	weight	VERB
fsr-3789	305	3	average	average	ADJ
fsr-3789	305	4	one	one	NUM
fsr-3789	305	5	-	-	PUNCT
fsr-3789	305	6	way	way	NOUN
fsr-3789	305	7	commission	commission	NOUN
fsr-3789	305	8	costs	cost	NOUN
fsr-3789	305	9	on	on	ADP
fsr-3789	305	10	2,220	2,220	NUM
fsr-3789	305	11	listed	list	VERB
fsr-3789	305	12	option	option	NOUN
fsr-3789	305	13	trades	trade	NOUN
fsr-3789	305	14	was	be	AUX
fsr-3789	305	15	3.7	3.7	NUM
fsr-3789	305	16	%	%	NOUN
fsr-3789	305	17	and	and	CCONJ
fsr-3789	305	18	$	$	SYM
fsr-3789	305	19	12.83	12.83	NUM
fsr-3789	305	20	per	per	ADP
fsr-3789	305	21	contract	contract	NOUN
fsr-3789	305	22	.	.	PUNCT
fsr-3789	306	1	the	the	DET
fsr-3789	306	2	commission	commission	NOUN
fsr-3789	306	3	costs	cost	NOUN
fsr-3789	306	4	are	be	AUX
fsr-3789	306	5	weighted	weight	VERB
fsr-3789	306	6	by	by	ADP
fsr-3789	306	7	trade	trade	NOUN
fsr-3789	306	8	size	size	NOUN
fsr-3789	306	9	.	.	PUNCT
fsr-3789	307	1	table	table	NOUN
fsr-3789	307	2	a	a	DET
fsr-3789	307	3	-	-	PUNCT
fsr-3789	307	4	l	l	NOUN
fsr-3789	307	5	commissions	commission	NOUN
fsr-3789	307	6	on	on	ADP
fsr-3789	307	7	listed	list	VERB
fsr-3789	307	8	equities	equity	NOUN
fsr-3789	307	9	vs.	vs.	ADP
fsr-3789	307	10	commissions	commission	NOUN
fsr-3789	307	11	on	on	ADP
fsr-3789	307	12	options	option	NOUN
fsr-3789	307	13	trade	trade	NOUN
fsr-3789	307	14	size	size	NOUN
fsr-3789	307	15	number	number	NOUN
fsr-3789	307	16	of	of	ADP
fsr-3789	307	17	trades	trade	NOUN
fsr-3789	307	18	weighted	weight	VERB
fsr-3789	307	19	averages	average	NOUN
fsr-3789	307	20	cost/	cost/	NUM
fsr-3789	307	21	percent	percent	NOUN
fsr-3789	307	22	share	share	NOUN
fsr-3789	307	23	commissions	commission	NOUN
fsr-3789	307	24	trade	trade	NOUN
fsr-3789	307	25	size	size	NOUN
fsr-3789	307	26	number	number	NOUN
fsr-3789	307	27	of	of	ADP
fsr-3789	307	28	trades	trade	NOUN
fsr-3789	307	29	weighted	weight	VERB
fsr-3789	307	30	averages	average	NOUN
fsr-3789	307	31	cost/	cost/	NUM
fsr-3789	307	32	percent	percent	NOUN
fsr-3789	307	33	share	share	NOUN
fsr-3789	307	34	commissions	commission	NOUN
fsr-3789	307	35	odd	odd	ADJ
fsr-3789	307	36	lot	lot	NOUN
fsr-3789	307	37	trades	trade	VERB
fsr-3789	307	38	2,328	2,328	NUM
fsr-3789	307	39	$	$	SYM
fsr-3789	307	40	1.31	1.31	NUM
fsr-3789	307	41	2.7	2.7	NUM
fsr-3789	307	42	%	%	NOUN
fsr-3789	307	43	1	1	NUM
fsr-3789	307	44	contract	contract	NOUN
fsr-3789	307	45	2,102	2,102	NUM
fsr-3789	308	1	$	$	SYM
fsr-3789	308	2	31.06	31.06	NUM
fsr-3789	308	3	7.8	7.8	NUM
fsr-3789	308	4	%	%	NOUN
fsr-3789	308	5	round	round	NOUN
fsr-3789	308	6	lot	lot	NOUN
fsr-3789	308	7	trades	trade	VERB
fsr-3789	308	8	2,6	2,6	NUM
fsr-3789	308	9	12	12	NUM
fsr-3789	308	10	$	$	SYM
fsr-3789	308	11	0.90	0.90	NUM
fsr-3789	308	12	1.8	1.8	NUM
fsr-3789	308	13	%	%	NOUN
fsr-3789	308	14	5	5	NUM
fsr-3789	308	15	contracts	contract	NOUN
fsr-3789	308	16	2,568	2,568	NUM
fsr-3789	308	17	$	$	SYM
fsr-3789	308	18	14.81	14.81	NUM
fsr-3789	308	19	4.7	4.7	NUM
fsr-3789	308	20	%	%	NOUN
fsr-3789	308	21	100	100	NUM
fsr-3789	308	22	shares	share	NOUN
fsr-3789	308	23	1000	1000	NUM
fsr-3789	308	24	shares	share	NOUN
fsr-3789	308	25	2,403	2,403	NUM
fsr-3789	308	26	$	$	SYM
fsr-3789	308	27	0.37	0.37	NUM
fsr-3789	308	28	1.5	1.5	NUM
fsr-3789	308	29	%	%	NOUN
fsr-3789	308	30	10	10	NUM
fsr-3789	308	31	contracts	contract	NOUN
fsr-3789	308	32	2,590	2,590	NUM
fsr-3789	308	33	$	$	SYM
fsr-3789	308	34	13.85	13.85	NUM
fsr-3789	308	35	3.6	3.6	NUM
fsr-3789	308	36	%	%	NOUN
fsr-3789	308	37	>	>	SYM
fsr-3789	308	38	1000	1000	NUM
fsr-3789	308	39	shares	share	NOUN
fsr-3789	308	40	2,404	2,404	NUM
fsr-3789	308	41	$	$	SYM
fsr-3789	308	42	0.21	0.21	NUM
fsr-3789	308	43	1.5	1.5	NUM
fsr-3789	308	44	%	%	NOUN
fsr-3789	308	45	20	20	NUM
fsr-3789	308	46	to	to	PART
fsr-3789	308	47	50	50	NUM
fsr-3789	308	48	contracts	contract	NOUN
fsr-3789	308	49	2,307	2,307	NUM
fsr-3789	308	50	$	$	SYM
fsr-3789	308	51	10.82	10.82	NUM
fsr-3789	308	52	3.3	3.3	NUM
fsr-3789	308	53	%	%	NOUN
fsr-3789	308	54	overall	overall	ADJ
fsr-3789	308	55	round	round	ADJ
fsr-3789	308	56	lot	lot	NOUN
fsr-3789	308	57	2,316	2,316	NUM
fsr-3789	308	58	$	$	SYM
fsr-3789	308	59	0.43	0.43	NUM
fsr-3789	308	60	1.5	1.5	NUM
fsr-3789	308	61	%	%	NOUN
fsr-3789	308	62	overall	overall	ADJ
fsr-3789	308	63	2,220	2,220	NUM
fsr-3789	308	64	$	$	SYM
fsr-3789	308	65	12.83	12.83	NUM
fsr-3789	308	66	3.7	3.7	NUM
fsr-3789	308	67	%	%	NOUN
fsr-3789	308	68	56	56	NUM
fsr-3789	308	69	financial	financial	ADJ
fsr-3789	308	70	services	service	NOUN
fsr-3789	308	71	review	review	VERB
fsr-3789	308	72	5	5	NUM
fsr-3789	308	73	(	(	PUNCT
fsr-3789	308	74	1	1	NUM
fsr-3789	308	75	)	)	PUNCT
fsr-3789	308	76	1996	1996	NUM
fsr-3789	308	77	anderson	anderson	PROPN
fsr-3789	308	78	,	,	PUNCT
fsr-3789	308	79	s.	s.	PROPN
fsr-3789	308	80	,	,	PUNCT
fsr-3789	308	81	heacock	heacock	NOUN
fsr-3789	308	82	,	,	PUNCT
fsr-3789	308	83	m.	m.	NOUN
fsr-3789	308	84	,	,	PUNCT
fsr-3789	308	85	&	&	CCONJ
fsr-3789	308	86	hill	hill	PROPN
fsr-3789	308	87	,	,	PUNCT
fsr-3789	308	88	k.p	k.p	PROPN
fsr-3789	308	89	.	.	PROPN
fsr-3789	308	90	(	(	PUNCT
fsr-3789	308	91	1987	1987	NUM
fsr-3789	308	92	)	)	PUNCT
fsr-3789	308	93	.	.	PUNCT
fsr-3789	309	1	churning	churn	VERB
fsr-3789	309	2	:	:	PUNCT
fsr-3789	309	3	an	an	DET
fsr-3789	309	4	ethical	ethical	ADJ
fsr-3789	309	5	issue	issue	NOUN
fsr-3789	309	6	in	in	ADP
fsr-3789	309	7	finance	finance	NOUN
fsr-3789	309	8	.	.	PUNCT
fsr-3789	310	1	business	business	NOUN
fsr-3789	310	2	and	and	CCONJ
fsr-3789	310	3	professional	professional	ADJ
fsr-3789	310	4	ethics	ethic	NOUN
fsr-3789	310	5	journal	journal	NOUN
fsr-3789	310	6	,	,	PUNCT
fsr-3789	310	7	6	6	NUM
fsr-3789	310	8	(	(	PUNCT
fsr-3789	310	9	1	1	NUM
fsr-3789	310	10	)	)	PUNCT
fsr-3789	310	11	.	.	PUNCT
fsr-3789	311	1	317	317	NUM
fsr-3789	311	2	.	.	X
fsr-3789	312	1	goldberg	goldberg	PROPN
fsr-3789	312	2	,	,	PUNCT
fsr-3789	312	3	s.c	s.c	PROPN
fsr-3789	312	4	.	.	PROPN
fsr-3789	312	5	(	(	PUNCT
fsr-3789	312	6	1991	1991	NUM
fsr-3789	312	7	)	)	PUNCT
fsr-3789	312	8	.	.	PUNCT
fsr-3789	313	1	piaba	piaba	PROPN
fsr-3789	313	2	’s	’s	PART
fsr-3789	313	3	1991	1991	NUM
fsr-3789	313	4	public	public	ADJ
fsr-3789	313	5	investor	investor	NOUN
fsr-3789	313	6	’s	’s	PART
fsr-3789	313	7	recover	recover	NOUN
fsr-3789	313	8	guide	guide	NOUN
fsr-3789	313	9	and	and	CCONJ
fsr-3789	313	10	arbitrator	arbitrator	PROPN
fsr-3789	313	11	source	source	NOUN
fsr-3789	313	12	book	book	NOUN
fsr-3789	313	13	to	to	ADP
fsr-3789	313	14	stockbroker	stockbroker	PROPN
fsr-3789	313	15	fraud	fraud	PROPN
fsr-3789	313	16	and	and	CCONJ
fsr-3789	313	17	securities	security	NOUN
fsr-3789	313	18	arbitration	arbitration	NOUN
fsr-3789	313	19	.	.	PUNCT
fsr-3789	314	1	austin	austin	PROPN
fsr-3789	314	2	,	,	PUNCT
fsr-3789	314	3	tx	tx	PROPN
fsr-3789	314	4	:	:	PUNCT
fsr-3789	314	5	public	public	ADJ
fsr-3789	314	6	investors	investor	NOUN
fsr-3789	314	7	arbitration	arbitration	NOUN
fsr-3789	314	8	bar	bar	PROPN
fsr-3789	314	9	association	association	NOUN
fsr-3789	314	10	.	.	PUNCT
fsr-3789	315	1	jensen	jensen	PROPN
fsr-3789	315	2	,	,	PUNCT
fsr-3789	315	3	mc	mc	PROPN
fsr-3789	315	4	.	.	PROPN
fsr-3789	315	5	(	(	PUNCT
fsr-3789	315	6	1968	1968	NUM
fsr-3789	315	7	)	)	PUNCT
fsr-3789	315	8	.	.	PUNCT
fsr-3789	316	1	the	the	DET
fsr-3789	316	2	performance	performance	NOUN
fsr-3789	316	3	of	of	ADP
fsr-3789	316	4	mutual	mutual	ADJ
fsr-3789	316	5	funds	fund	NOUN
fsr-3789	316	6	in	in	ADP
fsr-3789	316	7	the	the	DET
fsr-3789	316	8	period	period	NOUN
fsr-3789	316	9	19451964	19451964	NUM
fsr-3789	316	10	.	.	PUNCT
fsr-3789	317	1	journal	journal	PROPN
fsr-3789	317	2	of	of	ADP
fsr-3789	317	3	finance	finance	NOUN
fsr-3789	317	4	,	,	PUNCT
fsr-3789	317	5	23,389	23,389	NUM
fsr-3789	317	6	-	-	SYM
fsr-3789	317	7	416	416	NUM
fsr-3789	317	8	.	.	PUNCT
fsr-3789	318	1	jensen	jensen	PROPN
fsr-3789	318	2	,	,	PUNCT
fsr-3789	318	3	m.c	m.c	PROPN
fsr-3789	318	4	.	.	PROPN
fsr-3789	318	5	(	(	PUNCT
fsr-3789	318	6	1991	1991	NUM
fsr-3789	318	7	)	)	PUNCT
fsr-3789	318	8	.	.	PUNCT
fsr-3789	319	1	abuse	abuse	NOUN
fsr-3789	319	2	of	of	ADP
fsr-3789	319	3	discretion	discretion	NOUN
fsr-3789	319	4	claims	claim	NOUN
fsr-3789	319	5	under	under	ADP
fsr-3789	319	6	rule	rule	NOUN
fsr-3789	319	7	lob-5	lob-5	VERB
fsr-3789	319	8	churning	churn	VERB
fsr-3789	319	9	,	,	PUNCT
fsr-3789	319	10	unsuitability	unsuitability	NOUN
fsr-3789	319	11	,	,	PUNCT
fsr-3789	319	12	and	and	CCONJ
fsr-3789	319	13	unau	unau	PROPN
fsr-3789	319	14	thorized	thorize	VERB
fsr-3789	319	15	transactions	transaction	NOUN
fsr-3789	319	16	.	.	PUNCT
fsr-3789	320	1	securities	security	NOUN
fsr-3789	320	2	regulation	regulation	PROPN
fsr-3789	320	3	law	law	NOUN
fsr-3789	320	4	journal	journal	NOUN
fsr-3789	320	5	,	,	PUNCT
fsr-3789	320	6	18,374	18,374	NUM
fsr-3789	320	7	-	-	SYM
fsr-3789	320	8	399	399	NUM
fsr-3789	320	9	.	.	PUNCT
fsr-3789	321	1	johnson	johnson	PROPN
fsr-3789	321	2	,	,	PUNCT
fsr-3789	321	3	se	se	PROPN
fsr-3789	321	4	.	.	PUNCT
fsr-3789	321	5	(	(	PUNCT
fsr-3789	321	6	1992	1992	NUM
fsr-3789	321	7	,	,	PUNCT
fsr-3789	321	8	june	june	PROPN
fsr-3789	321	9	)	)	PUNCT
fsr-3789	321	10	.	.	PUNCT
fsr-3789	322	1	admin	admin	PROPN
fsr-3789	322	2	.	.	PUNCT
fsr-3789	323	1	proc	proc	PROPN
fsr-3789	323	2	.	.	PUNCT
fsr-3789	324	1	file	file	VERB
fsr-3789	324	2	no	no	PRON
fsr-3789	324	3	.	.	NOUN
fsr-3789	325	1	3	3	NUM
fsr-3789	325	2	-	-	SYM
fsr-3789	325	3	7528	7528	NUM
fsr-3789	325	4	,	,	PUNCT
fsr-3789	325	5	1992	1992	NUM
fsr-3789	325	6	lexis	lexis	NOUN
fsr-3789	325	7	1598	1598	NUM
fsr-3789	325	8	.	.	PUNCT
fsr-3789	326	1	ibbotson	ibbotson	PROPN
fsr-3789	326	2	associates	associates	PROPN
fsr-3789	326	3	.	.	PUNCT
fsr-3789	327	1	(	(	PUNCT
fsr-3789	327	2	1996	1996	NUM
fsr-3789	327	3	)	)	PUNCT
fsr-3789	327	4	.	.	PUNCT
fsr-3789	328	1	stocks	stock	NOUN
fsr-3789	328	2	,	,	PUNCT
fsr-3789	328	3	bonds	bond	NOUN
fsr-3789	328	4	,	,	PUNCT
fsr-3789	328	5	bill	bill	NOUN
fsr-3789	328	6	,	,	PUNCT
fsr-3789	328	7	and	and	CCONJ
fsr-3789	328	8	inflation	inflation	NOUN
fsr-3789	328	9	1996yearbook	1996yearbook	PROPN
fsr-3789	328	10	.	.	PUNCT
fsr-3789	329	1	chicago	chicago	PROPN
fsr-3789	329	2	,	,	PUNCT
fsr-3789	329	3	il	il	PROPN
fsr-3789	329	4	:	:	PUNCT
fsr-3789	329	5	ibbotson	ibbotson	PROPN
fsr-3789	329	6	associates	associates	PROPN
fsr-3789	329	7	.	.	PUNCT
fsr-3789	330	1	loss	loss	PROPN
fsr-3789	330	2	,	,	PUNCT
fsr-3789	330	3	l.	l.	PROPN
fsr-3789	330	4	,	,	PUNCT
fsr-3789	330	5	8~	8~	PROPN
fsr-3789	330	6	seligman	seligman	NOUN
fsr-3789	330	7	,	,	PUNCT
fsr-3789	330	8	j.	j.	PROPN
fsr-3789	330	9	(	(	PUNCT
fsr-3789	330	10	1989	1989	NUM
fsr-3789	330	11	)	)	PUNCT
fsr-3789	330	12	.	.	PUNCT
fsr-3789	331	1	securities	security	NOUN
fsr-3789	331	2	regulation	regulation	NOUN
fsr-3789	331	3	-	-	PUNCT
fsr-3789	331	4	volume	volume	NOUN
fsr-3789	331	5	viii	viii	NOUN
fsr-3789	331	6	,	,	PUNCT
fsr-3789	331	7	3rd	3rd	ADJ
fsr-3789	331	8	ed	ed	NOUN
fsr-3789	331	9	.	.	PUNCT
fsr-3789	331	10	boston	boston	PROPN
fsr-3789	331	11	,	,	PUNCT
fsr-3789	331	12	ma	ma	PROPN
fsr-3789	331	13	:	:	PUNCT
fsr-3789	331	14	little	little	ADJ
fsr-3789	331	15	,	,	PUNCT
fsr-3789	331	16	brown	brown	PROPN
fsr-3789	331	17	&	&	CCONJ
fsr-3789	331	18	co.	co.	PROPN
fsr-3789	331	19	malkial	malkial	ADJ
fsr-3789	331	20	,	,	PUNCT
fsr-3789	331	21	b.g	b.g	PROPN
fsr-3789	331	22	.	.	PROPN
fsr-3789	331	23	(	(	PUNCT
fsr-3789	331	24	1995	1995	NUM
fsr-3789	331	25	)	)	PUNCT
fsr-3789	331	26	.	.	PUNCT
fsr-3789	332	1	returns	return	NOUN
fsr-3789	332	2	from	from	ADP
fsr-3789	332	3	investing	invest	VERB
fsr-3789	332	4	in	in	ADP
fsr-3789	332	5	equity	equity	NOUN
fsr-3789	332	6	mutual	mutual	ADJ
fsr-3789	332	7	funds	fund	NOUN
fsr-3789	332	8	1971	1971	NUM
fsr-3789	332	9	to	to	ADP
fsr-3789	332	10	1991	1991	NUM
fsr-3789	332	11	.	.	PUNCT
fsr-3789	333	1	the	the	DET
fsr-3789	333	2	journal	journal	NOUN
fsr-3789	333	3	of	of	ADP
fsr-3789	333	4	finance	finance	NOUN
fsr-3789	333	5	,	,	PUNCT
fsr-3789	333	6	50(2	50(2	NUM
fsr-3789	333	7	)	)	PUNCT
fsr-3789	333	8	,	,	PUNCT
fsr-3789	333	9	549	549	NUM
fsr-3789	333	10	-	-	SYM
fsr-3789	333	11	572	572	NUM
fsr-3789	333	12	.	.	PUNCT
fsr-3789	334	1	mcmahon	mcmahon	PROPN
fsr-3789	334	2	v.	v.	PROPN
fsr-3789	334	3	shearson	shearson	PROPN
fsr-3789	334	4	lehman	lehman	PROPN
fsr-3789	334	5	.	.	PUNCT
fsr-3789	335	1	(	(	PUNCT
fsr-3789	335	2	1987	1987	NUM
fsr-3789	335	3	)	)	PUNCT
fsr-3789	335	4	.	.	PUNCT
fsr-3789	336	1	482	482	NUM
fsr-3789	337	1	u.s	u.s	PROPN
fsr-3789	337	2	.	.	PROPN
fsr-3789	337	3	220,226	220,226	NUM
fsr-3789	337	4	.	.	PUNCT
fsr-3789	338	1	national	national	PROPN
fsr-3789	338	2	association	association	PROPN
fsr-3789	338	3	of	of	ADP
fsr-3789	338	4	securities	security	NOUN
fsr-3789	338	5	dealers	dealer	NOUN
fsr-3789	338	6	.	.	PUNCT
fsr-3789	339	1	(	(	PUNCT
fsr-3789	339	2	1944	1944	NUM
fsr-3789	339	3	)	)	PUNCT
fsr-3789	339	4	.	.	PUNCT
fsr-3789	340	1	17	17	NUM
fsr-3789	340	2	sec	sec	PROPN
fsr-3789	340	3	459	459	NUM
fsr-3789	340	4	,	,	PUNCT
fsr-3789	340	5	gl	gl	NOUN
fsr-3789	340	6	-	-	ADJ
fsr-3789	340	7	g6	g6	ADJ
fsr-3789	340	8	.	.	PUNCT
fsr-3789	341	1	note	note	NOUN
fsr-3789	341	2	.	.	PUNCT
fsr-3789	342	1	(	(	PUNCT
fsr-3789	342	2	1967	1967	NUM
fsr-3789	342	3	)	)	PUNCT
fsr-3789	342	4	.	.	PUNCT
fsr-3789	343	1	churning	churn	VERB
fsr-3789	343	2	by	by	ADP
fsr-3789	343	3	securities	security	NOUN
fsr-3789	343	4	dealers	dealer	NOUN
fsr-3789	343	5	.	.	PUNCT
fsr-3789	344	1	harvard	harvard	PROPN
fsr-3789	344	2	law	law	PROPN
fsr-3789	344	3	review	review	PROPN
fsr-3789	344	4	,	,	PUNCT
fsr-3789	344	5	80	80	NUM
fsr-3789	344	6	,	,	PUNCT
fsr-3789	344	7	869	869	NUM
fsr-3789	344	8	-	-	SYM
fsr-3789	344	9	876	876	NUM
fsr-3789	344	10	.	.	PUNCT
fsr-3789	344	11	schreiner	schreiner	PROPN
fsr-3789	344	12	,	,	PUNCT
fsr-3789	344	13	j.	j.	PROPN
fsr-3789	344	14	(	(	PUNCT
fsr-3789	344	15	1980	1980	NUM
fsr-3789	344	16	)	)	PUNCT
fsr-3789	344	17	.	.	PUNCT
fsr-3789	345	1	portfolio	portfolio	NOUN
fsr-3789	345	2	revision	revision	NOUN
fsr-3789	345	3	:	:	PUNCT
fsr-3789	345	4	a	a	DET
fsr-3789	345	5	turnover	turnover	NOUN
fsr-3789	345	6	constrained	constrain	VERB
fsr-3789	345	7	approach	approach	NOUN
fsr-3789	345	8	.	.	PUNCT
fsr-3789	346	1	financial	financial	ADJ
fsr-3789	346	2	management	management	NOUN
fsr-3789	346	3	,	,	PUNCT
fsr-3789	346	4	9(l	9(l	NUM
fsr-3789	346	5	)	)	PUNCT
fsr-3789	346	6	,	,	PUNCT
fsr-3789	346	7	67	67	NUM
fsr-3789	346	8	-	-	SYM
fsr-3789	346	9	75	75	NUM
fsr-3789	346	10	.	.	PUNCT
fsr-3789	347	1	u.s	u.s	PROPN
fsr-3789	347	2	.	.	PROPN
fsr-3789	347	3	securities	securities	PROPN
fsr-3789	347	4	and	and	CCONJ
fsr-3789	347	5	exchange	exchange	NOUN
fsr-3789	347	6	commissions	commission	NOUN
fsr-3789	347	7	.	.	PUNCT
fsr-3789	348	1	(	(	PUNCT
fsr-3789	348	2	1968	1968	NUM
fsr-3789	348	3	)	)	PUNCT
fsr-3789	348	4	.	.	PUNCT
fsr-3789	349	1	96th	96th	ADJ
fsr-3789	349	2	congress	congress	PROPN
fsr-3789	349	3	,	,	PUNCT
fsr-3789	349	4	1st	1st	ADJ
fsr-3789	349	5	session	session	NOUN
fsr-3789	349	6	,	,	PUNCT
fsr-3789	349	7	report	report	NOUN
fsr-3789	349	8	of	of	ADP
fsr-3789	349	9	the	the	DET
fsr-3789	349	10	spe	spe	PROPN
fsr-3789	349	11	cial	cial	ADJ
fsr-3789	349	12	study	study	NOUN
fsr-3789	349	13	of	of	ADP
fsr-3789	349	14	the	the	DET
fsr-3789	349	15	options	option	NOUN
fsr-3789	349	16	market	market	NOUN
fsr-3789	349	17	.	.	PUNCT
fsr-3789	350	1	winslow	winslow	PROPN
fsr-3789	350	2	,	,	PUNCT
fsr-3789	350	3	d.a	d.a	PROPN
fsr-3789	350	4	.	.	PROPN
fsr-3789	350	5	,	,	PUNCT
fsr-3789	350	6	&	&	CCONJ
fsr-3789	350	7	anderson	anderson	PROPN
fsr-3789	350	8	,	,	PUNCT
fsr-3789	350	9	s.c	s.c	PROPN
fsr-3789	350	10	.	.	PROPN
fsr-3789	350	11	(	(	PUNCT
fsr-3789	350	12	1990	1990	NUM
fsr-3789	350	13	)	)	PUNCT
fsr-3789	350	14	.	.	PUNCT
fsr-3789	351	1	a	a	DET
fsr-3789	351	2	model	model	NOUN
fsr-3789	351	3	for	for	ADP
fsr-3789	351	4	determining	determine	VERB
fsr-3789	351	5	the	the	DET
fsr-3789	351	6	excessive	excessive	ADJ
fsr-3789	351	7	trading	trading	NOUN
fsr-3789	351	8	element	element	NOUN
fsr-3789	351	9	in	in	ADP
fsr-3789	351	10	churning	churn	VERB
fsr-3789	351	11	claims	claim	NOUN
fsr-3789	351	12	.	.	PUNCT
fsr-3789	352	1	north	north	PROPN
fsr-3789	352	2	carolina	carolina	PROPN
fsr-3789	352	3	law	law	PROPN
fsr-3789	352	4	review	review	PROPN
fsr-3789	352	5	,	,	PUNCT
fsr-3789	352	6	68(2	68(2	NOUN
fsr-3789	352	7	)	)	PUNCT
fsr-3789	352	8	,	,	PUNCT
fsr-3789	352	9	327	327	NUM
fsr-3789	352	10	-	-	SYM
fsr-3789	352	11	361	361	NUM
fsr-3789	352	12	.	.	PUNCT