id	sid	tid	token	lemma	pos
fsr-3825	1	1	pii	pii	PROPN
fsr-3825	1	2	:	:	PUNCT
fsr-3825	1	3	s1057	s1057	NOUN
fsr-3825	1	4	-	-	PUNCT
fsr-3825	1	5	0810(97)90012	0810(97)90012	NOUN
fsr-3825	1	6	-	-	PUNCT
fsr-3825	1	7	3	3	NUM
fsr-3825	1	8	financial	financial	ADJ
fsr-3825	1	9	services	service	NOUN
fsr-3825	1	10	review	review	NOUN
fsr-3825	1	11	,	,	PUNCT
fsr-3825	1	12	6(3	6(3	NUM
fsr-3825	1	13	):	):	PUNCT
fsr-3825	1	14	185	185	NUM
fsr-3825	1	15	-	-	SYM
fsr-3825	1	16	196	196	NUM
fsr-3825	1	17	copyright	copyright	NOUN
fsr-3825	1	18	0	0	NUM
fsr-3825	1	19	1998	1998	NUM
fsr-3825	1	20	by	by	ADP
fsr-3825	1	21	jai	jai	PROPN
fsr-3825	1	22	press	press	PROPN
fsr-3825	1	23	inc	inc	PROPN
fsr-3825	1	24	.	.	PROPN
fsr-3825	1	25	issn	issn	PROPN
fsr-3825	1	26	:	:	PUNCT
fsr-3825	1	27	1057	1057	NUM
fsr-3825	1	28	-	-	SYM
fsr-3825	1	29	0810	0810	NUM
fsr-3825	1	30	all	all	DET
fsr-3825	1	31	rights	right	NOUN
fsr-3825	1	32	of	of	ADP
fsr-3825	1	33	reproduction	reproduction	NOUN
fsr-3825	1	34	in	in	ADP
fsr-3825	1	35	any	any	DET
fsr-3825	1	36	form	form	NOUN
fsr-3825	1	37	reserved	reserve	VERB
fsr-3825	1	38	.	.	PUNCT
fsr-3825	2	1	market	market	NOUN
fsr-3825	2	2	knowledge	knowledge	NOUN
fsr-3825	2	3	in	in	ADP
fsr-3825	2	4	managed	manage	VERB
fsr-3825	2	5	bond	bond	NOUN
fsr-3825	2	6	portfolios	portfolio	NOUN
fsr-3825	2	7	sandeep	sandeep	VERB
fsr-3825	2	8	singh	singh	PROPN
fsr-3825	2	9	and	and	CCONJ
fsr-3825	2	10	william	william	PROPN
fsr-3825	2	11	h.	h.	PROPN
fsr-3825	2	12	dresnack	dresnack	PROPN
fsr-3825	2	13	municipal	municipal	PROPN
fsr-3825	2	14	in	in	ADP
fsr-3825	2	15	this	this	DET
fsr-3825	2	16	paper	paper	NOUN
fsr-3825	2	17	,	,	PUNCT
fsr-3825	2	18	we	we	PRON
fsr-3825	2	19	analyze	analyze	VERB
fsr-3825	2	20	the	the	DET
fsr-3825	2	21	investment	investment	NOUN
fsr-3825	2	22	performance	performance	NOUN
fsr-3825	2	23	of	of	ADP
fsr-3825	2	24	two	two	NUM
fsr-3825	2	25	types	type	NOUN
fsr-3825	2	26	of	of	ADP
fsr-3825	2	27	open	open	ADJ
fsr-3825	2	28	-	-	PUNCT
fsr-3825	2	29	end	end	NOUN
fsr-3825	2	30	munici	munici	NOUN
fsr-3825	2	31	pal	pal	ADJ
fsr-3825	2	32	bond	bond	NOUN
fsr-3825	2	33	mutual	mutual	ADJ
fsr-3825	2	34	finds	find	VERB
fsr-3825	2	35	:	:	PUNCT
fsr-3825	2	36	first	first	ADJ
fsr-3825	2	37	,	,	PUNCT
fsr-3825	2	38	mutual	mutual	ADJ
fsr-3825	2	39	funds	fund	NOUN
fsr-3825	2	40	that	that	PRON
fsr-3825	2	41	have	have	VERB
fsr-3825	2	42	the	the	DET
fsr-3825	2	43	objective	objective	NOUN
fsr-3825	2	44	of	of	ADP
fsr-3825	2	45	generating	generate	VERB
fsr-3825	2	46	income	income	NOUN
fsr-3825	2	47	free	free	ADJ
fsr-3825	2	48	from	from	ADP
fsr-3825	2	49	federal	federal	ADJ
fsr-3825	2	50	income	income	NOUN
fsr-3825	2	51	taxes	taxis	NOUN
fsr-3825	2	52	;	;	PUNCT
fsr-3825	2	53	second	second	X
fsr-3825	2	54	,	,	PUNCT
fsr-3825	2	55	funds	fund	NOUN
fsr-3825	2	56	that	that	PRON
fsr-3825	2	57	have	have	VERB
fsr-3825	2	58	the	the	DET
fsr-3825	2	59	objective	objective	NOUN
fsr-3825	2	60	of	of	ADP
fsr-3825	2	61	generating	generate	VERB
fsr-3825	2	62	income	income	NOUN
fsr-3825	2	63	free	free	ADJ
fsr-3825	2	64	from	from	ADP
fsr-3825	2	65	not	not	PART
fsr-3825	2	66	only	only	ADV
fsr-3825	2	67	federal	federal	ADJ
fsr-3825	2	68	but	but	CCONJ
fsr-3825	2	69	also	also	ADV
fsr-3825	2	70	a	a	DET
fsr-3825	2	71	particular	particular	ADJ
fsr-3825	2	72	state	state	NOUN
fsr-3825	2	73	’s	’s	PART
fsr-3825	2	74	income	income	NOUN
fsr-3825	2	75	taxes	taxis	NOUN
fsr-3825	2	76	.	.	PUNCT
fsr-3825	3	1	our	our	PRON
fsr-3825	3	2	results	result	NOUN
fsr-3825	3	3	suggest	suggest	VERB
fsr-3825	3	4	the	the	DET
fsr-3825	3	5	following	following	NOUN
fsr-3825	3	6	:	:	PUNCT
fsr-3825	3	7	first	first	ADJ
fsr-3825	3	8	,	,	PUNCT
fsr-3825	3	9	municipal	municipal	ADJ
fsr-3825	3	10	bond	bond	NOUN
fsr-3825	3	11	fund	fund	NOUN
fsr-3825	3	12	monthly	monthly	ADJ
fsr-3825	3	13	returns	return	NOUN
fsr-3825	3	14	either	either	CCONJ
fsr-3825	3	15	mirror	mirror	NOUN
fsr-3825	3	16	or	or	CCONJ
fsr-3825	3	17	lag	lag	VERB
fsr-3825	3	18	the	the	DET
fsr-3825	3	19	lehman	lehman	PROPN
fsr-3825	3	20	brothers	brothers	PROPN
fsr-3825	3	21	municipal	municipal	ADJ
fsr-3825	3	22	bond	bond	NOUN
fsr-3825	3	23	index	index	NOUN
fsr-3825	3	24	returns	return	VERB
fsr-3825	3	25	on	on	ADP
fsr-3825	3	26	a	a	DET
fsr-3825	3	27	risk	risk	NOUN
fsr-3825	3	28	-	-	PUNCT
fsr-3825	3	29	adjusted	adjust	VERB
fsr-3825	3	30	basis	basis	NOUN
fsr-3825	3	31	;	;	PUNCT
fsr-3825	3	32	second	second	X
fsr-3825	3	33	,	,	PUNCT
fsr-3825	3	34	when	when	SCONJ
fsr-3825	3	35	state	state	NOUN
fsr-3825	3	36	taxes	taxis	NOUN
fsr-3825	3	37	are	be	AUX
fsr-3825	3	38	significant	significant	ADJ
fsr-3825	3	39	,	,	PUNCT
fsr-3825	3	40	such	such	ADJ
fsr-3825	3	41	as	as	ADP
fsr-3825	3	42	in	in	ADP
fsr-3825	3	43	california	california	PROPN
fsr-3825	3	44	and	and	CCONJ
fsr-3825	3	45	new	new	PROPN
fsr-3825	3	46	york	york	PROPN
fsr-3825	3	47	,	,	PUNCT
fsr-3825	3	48	the	the	DET
fsr-3825	3	49	investor	investor	NOUN
fsr-3825	3	50	ben	ben	PROPN
fsr-3825	3	51	efits	efit	NOUN
fsr-3825	3	52	from	from	ADP
fsr-3825	3	53	investing	invest	VERB
fsr-3825	3	54	in	in	ADP
fsr-3825	3	55	state	state	NOUN
fsr-3825	3	56	-	-	PUNCT
fsr-3825	3	57	specific	specific	ADJ
fsr-3825	3	58	municipal	municipal	ADJ
fsr-3825	3	59	bond	bond	NOUN
fsr-3825	3	60	funds	fund	NOUN
fsr-3825	3	61	.	.	PUNCT
fsr-3825	4	1	i.	i.	NOUN
fsr-3825	4	2	introduction	introduction	NOUN
fsr-3825	4	3	because	because	SCONJ
fsr-3825	4	4	of	of	ADP
fsr-3825	4	5	the	the	DET
fsr-3825	4	6	tax	tax	NOUN
fsr-3825	4	7	-	-	PUNCT
fsr-3825	4	8	free	free	ADJ
fsr-3825	4	9	nature	nature	NOUN
fsr-3825	4	10	of	of	ADP
fsr-3825	4	11	their	their	PRON
fsr-3825	4	12	associated	associated	ADJ
fsr-3825	4	13	coupon	coupon	NOUN
fsr-3825	4	14	payments	payment	NOUN
fsr-3825	4	15	,	,	PUNCT
fsr-3825	4	16	municipal	municipal	ADJ
fsr-3825	4	17	bonds	bond	NOUN
fsr-3825	4	18	are	be	AUX
fsr-3825	4	19	particularly	particularly	ADV
fsr-3825	4	20	attractive	attractive	ADJ
fsr-3825	4	21	investment	investment	NOUN
fsr-3825	4	22	vehicles	vehicle	NOUN
fsr-3825	4	23	for	for	ADP
fsr-3825	4	24	high	high	ADJ
fsr-3825	4	25	-	-	PUNCT
fsr-3825	4	26	income	income	NOUN
fsr-3825	4	27	individuals	individual	NOUN
fsr-3825	4	28	.	.	PUNCT
fsr-3825	5	1	in	in	ADP
fsr-3825	5	2	recent	recent	ADJ
fsr-3825	5	3	years	year	NOUN
fsr-3825	5	4	,	,	PUNCT
fsr-3825	5	5	municipal	municipal	ADJ
fsr-3825	5	6	bond	bond	NOUN
fsr-3825	5	7	mutual	mutual	ADJ
fsr-3825	5	8	funds	fund	NOUN
fsr-3825	5	9	have	have	AUX
fsr-3825	5	10	become	become	VERB
fsr-3825	5	11	investment	investment	NOUN
fsr-3825	5	12	vehicles	vehicle	NOUN
fsr-3825	5	13	of	of	ADP
fsr-3825	5	14	choice	choice	NOUN
fsr-3825	5	15	for	for	ADP
fsr-3825	5	16	municipal	municipal	ADJ
fsr-3825	5	17	bond	bond	NOUN
fsr-3825	5	18	investors	investor	NOUN
fsr-3825	5	19	for	for	ADP
fsr-3825	5	20	several	several	ADJ
fsr-3825	5	21	reasons	reason	NOUN
fsr-3825	5	22	.	.	PUNCT
fsr-3825	6	1	first	first	ADV
fsr-3825	6	2	,	,	PUNCT
fsr-3825	6	3	due	due	ADP
fsr-3825	6	4	to	to	ADP
fsr-3825	6	5	information	information	NOUN
fsr-3825	6	6	inefficiencies	inefficiency	NOUN
fsr-3825	6	7	,	,	PUNCT
fsr-3825	6	8	limited	limited	ADJ
fsr-3825	6	9	trading	trading	NOUN
fsr-3825	6	10	,	,	PUNCT
fsr-3825	6	11	and	and	CCONJ
fsr-3825	6	12	high	high	ADJ
fsr-3825	6	13	spreads	spread	NOUN
fsr-3825	6	14	in	in	ADP
fsr-3825	6	15	the	the	DET
fsr-3825	6	16	municipal	municipal	ADJ
fsr-3825	6	17	bond	bond	NOUN
fsr-3825	6	18	market	market	NOUN
fsr-3825	6	19	,	,	PUNCT
fsr-3825	6	20	transferring	transfer	VERB
fsr-3825	6	21	the	the	DET
fsr-3825	6	22	monitoring	monitoring	NOUN
fsr-3825	6	23	and	and	CCONJ
fsr-3825	6	24	trading	trading	NOUN
fsr-3825	6	25	decisions	decision	NOUN
fsr-3825	6	26	to	to	ADP
fsr-3825	6	27	a	a	DET
fsr-3825	6	28	full	full	ADJ
fsr-3825	6	29	time	time	NOUN
fsr-3825	6	30	manager	manager	NOUN
fsr-3825	6	31	is	be	AUX
fsr-3825	6	32	appealing	appeal	VERB
fsr-3825	6	33	.	.	PUNCT
fsr-3825	7	1	second	second	ADJ
fsr-3825	7	2	,	,	PUNCT
fsr-3825	7	3	even	even	ADV
fsr-3825	7	4	for	for	ADP
fsr-3825	7	5	relatively	relatively	ADV
fsr-3825	7	6	small	small	ADJ
fsr-3825	7	7	dollar	dollar	NOUN
fsr-3825	7	8	investments	investment	NOUN
fsr-3825	7	9	,	,	PUNCT
fsr-3825	7	10	such	such	ADJ
fsr-3825	7	11	mutual	mutual	ADJ
fsr-3825	7	12	funds	fund	NOUN
fsr-3825	7	13	offer	offer	VERB
fsr-3825	7	14	greater	great	ADJ
fsr-3825	7	15	diversification	diversification	NOUN
fsr-3825	7	16	than	than	SCONJ
fsr-3825	7	17	would	would	AUX
fsr-3825	7	18	be	be	AUX
fsr-3825	7	19	available	available	ADJ
fsr-3825	7	20	through	through	ADP
fsr-3825	7	21	investment	investment	NOUN
fsr-3825	7	22	in	in	ADP
fsr-3825	7	23	individual	individual	ADJ
fsr-3825	7	24	bonds	bond	NOUN
fsr-3825	7	25	.	.	PUNCT
fsr-3825	8	1	and	and	CCONJ
fsr-3825	8	2	finally	finally	ADV
fsr-3825	8	3	,	,	PUNCT
fsr-3825	8	4	the	the	DET
fsr-3825	8	5	absence	absence	NOUN
fsr-3825	8	6	of	of	ADP
fsr-3825	8	7	indexed	indexed	ADJ
fsr-3825	8	8	municipal	municipal	ADJ
fsr-3825	8	9	bond	bond	NOUN
fsr-3825	8	10	funds	fund	NOUN
fsr-3825	8	11	points	point	VERB
fsr-3825	8	12	to	to	ADP
fsr-3825	8	13	the	the	DET
fsr-3825	8	14	supposed	suppose	VERB
fsr-3825	8	15	superior	superior	ADJ
fsr-3825	8	16	portfolio	portfolio	NOUN
fsr-3825	8	17	management	management	NOUN
fsr-3825	8	18	skills	skill	NOUN
fsr-3825	8	19	and	and	CCONJ
fsr-3825	8	20	consequent	consequent	ADJ
fsr-3825	8	21	higher	high	ADJ
fsr-3825	8	22	returns	return	NOUN
fsr-3825	8	23	implicitly	implicitly	ADV
fsr-3825	8	24	promised	promise	VERB
fsr-3825	8	25	by	by	ADP
fsr-3825	8	26	the	the	DET
fsr-3825	8	27	managers	manager	NOUN
fsr-3825	8	28	of	of	ADP
fsr-3825	8	29	these	these	DET
fsr-3825	8	30	funds	fund	NOUN
fsr-3825	8	31	.	.	PUNCT
fsr-3825	9	1	considerable	considerable	ADJ
fsr-3825	9	2	research	research	NOUN
fsr-3825	9	3	has	have	AUX
fsr-3825	9	4	been	be	AUX
fsr-3825	9	5	directed	direct	VERB
fsr-3825	9	6	towards	towards	ADP
fsr-3825	9	7	the	the	DET
fsr-3825	9	8	study	study	NOUN
fsr-3825	9	9	of	of	ADP
fsr-3825	9	10	managed	manage	VERB
fsr-3825	9	11	stock	stock	NOUN
fsr-3825	9	12	portfo	portfo	VERB
fsr-3825	9	13	lios	lio	NOUN
fsr-3825	9	14	(	(	PUNCT
fsr-3825	9	15	see	see	VERB
fsr-3825	9	16	shukla	shukla	NOUN
fsr-3825	9	17	and	and	CCONJ
fsr-3825	9	18	trzcinka	trzcinka	NOUN
fsr-3825	9	19	(	(	PUNCT
fsr-3825	9	20	1992	1992	NUM
fsr-3825	9	21	)	)	PUNCT
fsr-3825	9	22	)	)	PUNCT
fsr-3825	9	23	.	.	PUNCT
fsr-3825	10	1	despite	despite	SCONJ
fsr-3825	10	2	the	the	DET
fsr-3825	10	3	extensive	extensive	ADJ
fsr-3825	10	4	investment	investment	NOUN
fsr-3825	10	5	in	in	ADP
fsr-3825	10	6	managed	manage	VERB
fsr-3825	10	7	bond	bond	NOUN
fsr-3825	10	8	portfolios	portfolio	NOUN
fsr-3825	10	9	(	(	PUNCT
fsr-3825	10	10	estimated	estimate	VERB
fsr-3825	10	11	at	at	ADP
fsr-3825	10	12	$	$	SYM
fsr-3825	10	13	684	684	NUM
fsr-3825	10	14	billion	billion	NUM
fsr-3825	10	15	of	of	ADP
fsr-3825	10	16	the	the	DET
fsr-3825	10	17	total	total	ADJ
fsr-3825	10	18	$	$	SYM
fsr-3825	10	19	2.16	2.16	NUM
fsr-3825	10	20	trillion	trillion	NUM
fsr-3825	10	21	invested	invest	VERB
fsr-3825	10	22	in	in	ADP
fsr-3825	10	23	mutual	mutual	ADJ
fsr-3825	10	24	funds	fund	NOUN
fsr-3825	10	25	as	as	ADP
fsr-3825	10	26	of	of	ADP
fsr-3825	10	27	the	the	DET
fsr-3825	10	28	end	end	NOUN
fsr-3825	10	29	of	of	ADP
fsr-3825	10	30	1994	1994	NUM
fsr-3825	10	31	)	)	PUNCT
fsr-3825	10	32	,	,	PUNCT
fsr-3825	10	33	scant	scant	ADJ
fsr-3825	10	34	attention	attention	NOUN
fsr-3825	10	35	has	have	AUX
fsr-3825	10	36	been	be	AUX
fsr-3825	10	37	paid	pay	VERB
fsr-3825	10	38	to	to	ADP
fsr-3825	10	39	the	the	DET
fsr-3825	10	40	study	study	NOUN
fsr-3825	10	41	of	of	ADP
fsr-3825	10	42	bond	bond	NOUN
fsr-3825	10	43	mutual	mutual	ADJ
fsr-3825	10	44	funds	fund	NOUN
fsr-3825	10	45	.	.	PUNCT
fsr-3825	11	1	in	in	ADP
fsr-3825	11	2	this	this	DET
fsr-3825	11	3	paper	paper	NOUN
fsr-3825	11	4	,	,	PUNCT
fsr-3825	11	5	we	we	PRON
fsr-3825	11	6	examine	examine	VERB
fsr-3825	11	7	the	the	DET
fsr-3825	11	8	performance	performance	NOUN
fsr-3825	11	9	of	of	ADP
fsr-3825	11	10	three	three	NUM
fsr-3825	11	11	categories	category	NOUN
fsr-3825	11	12	of	of	ADP
fsr-3825	11	13	open	open	ADJ
fsr-3825	11	14	-	-	PUNCT
fsr-3825	11	15	end	end	NOUN
fsr-3825	11	16	municipal	municipal	ADJ
fsr-3825	11	17	bond	bond	NOUN
fsr-3825	11	18	funds	fund	NOUN
fsr-3825	11	19	.	.	PUNCT
fsr-3825	12	1	sandeep	sandeep	PROPN
fsr-3825	12	2	singh	singh	PROPN
fsr-3825	12	3	and	and	CCONJ
fsr-3825	12	4	william	william	PROPN
fsr-3825	12	5	h.	h.	PROPN
fsr-3825	12	6	dresnack	dresnack	PROPN
fsr-3825	12	7	l	l	PROPN
fsr-3825	12	8	department	department	PROPN
fsr-3825	12	9	of	of	ADP
fsr-3825	12	10	business	business	PROPN
fsr-3825	12	11	administration	administration	NOUN
fsr-3825	12	12	and	and	CCONJ
fsr-3825	12	13	economics	economic	NOUN
fsr-3825	12	14	,	,	PUNCT
fsr-3825	12	15	state	state	NOUN
fsr-3825	12	16	university	university	PROPN
fsr-3825	12	17	of	of	ADP
fsr-3825	12	18	new	new	PROPN
fsr-3825	12	19	york	york	PROPN
fsr-3825	12	20	,	,	PUNCT
fsr-3825	12	21	college	college	NOUN
fsr-3825	12	22	at	at	ADP
fsr-3825	12	23	brockport	brockport	NOUN
fsr-3825	12	24	,	,	PUNCT
fsr-3825	12	25	brockport	brockport	PROPN
fsr-3825	12	26	,	,	PUNCT
fsr-3825	12	27	ny	ny	PROPN
fsr-3825	12	28	14420	14420	NUM
fsr-3825	12	29	;	;	PUNCT
fsr-3825	12	30	e	e	X
fsr-3825	12	31	-	-	NOUN
fsr-3825	12	32	mail	mail	NOUN
fsr-3825	12	33	:	:	PUNCT
fsr-3825	12	34	ssingh@acsprl.acs.brockport.edu	ssingh@acsprl.acs.brockport.edu	X
fsr-3825	12	35	.	.	NOUN
fsr-3825	12	36	186	186	NUM
fsr-3825	12	37	financial	financial	ADJ
fsr-3825	12	38	services	service	NOUN
fsr-3825	12	39	review	review	VERB
fsr-3825	12	40	6(3	6(3	NUM
fsr-3825	12	41	)	)	PUNCT
fsr-3825	12	42	1998	1998	NUM
fsr-3825	13	1	we	we	PRON
fsr-3825	13	2	analyze	analyze	VERB
fsr-3825	13	3	the	the	DET
fsr-3825	13	4	benefits	benefit	NOUN
fsr-3825	13	5	of	of	ADP
fsr-3825	13	6	buying	buy	VERB
fsr-3825	13	7	into	into	ADP
fsr-3825	13	8	a	a	DET
fsr-3825	13	9	municipal	municipal	ADJ
fsr-3825	13	10	bond	bond	NOUN
fsr-3825	13	11	mutual	mutual	ADJ
fsr-3825	13	12	fund	fund	NOUN
fsr-3825	13	13	vis	vis	X
fsr-3825	13	14	-	-	PUNCT
fsr-3825	13	15	a’-vis	a’-vis	ADP
fsr-3825	13	16	a	a	DET
fsr-3825	13	17	self	self	NOUN
fsr-3825	13	18	directed	direct	VERB
fsr-3825	13	19	or	or	CCONJ
fsr-3825	13	20	unmanaged	unmanaged	ADJ
fsr-3825	13	21	portfolio	portfolio	NOUN
fsr-3825	13	22	of	of	ADP
fsr-3825	13	23	municipal	municipal	ADJ
fsr-3825	13	24	bonds	bond	NOUN
fsr-3825	13	25	or	or	CCONJ
fsr-3825	13	26	an	an	DET
fsr-3825	13	27	index	index	NOUN
fsr-3825	13	28	portfolio	portfolio	NOUN
fsr-3825	13	29	.	.	PUNCT
fsr-3825	14	1	based	base	VERB
fsr-3825	14	2	on	on	ADP
fsr-3825	14	3	the	the	DET
fsr-3825	14	4	results	result	NOUN
fsr-3825	14	5	,	,	PUNCT
fsr-3825	14	6	we	we	PRON
fsr-3825	14	7	find	find	VERB
fsr-3825	14	8	,	,	PUNCT
fsr-3825	14	9	as	as	ADP
fsr-3825	14	10	with	with	ADP
fsr-3825	14	11	many	many	ADJ
fsr-3825	14	12	equity	equity	NOUN
fsr-3825	14	13	fund	fund	NOUN
fsr-3825	14	14	studies	study	NOUN
fsr-3825	14	15	,	,	PUNCT
fsr-3825	14	16	strong	strong	ADJ
fsr-3825	14	17	support	support	NOUN
fsr-3825	14	18	in	in	ADP
fsr-3825	14	19	favor	favor	NOUN
fsr-3825	14	20	of	of	ADP
fsr-3825	14	21	indexing	indexing	NOUN
fsr-3825	14	22	.	.	PUNCT
fsr-3825	15	1	as	as	ADP
fsr-3825	15	2	a	a	DET
fsr-3825	15	3	group	group	NOUN
fsr-3825	15	4	,	,	PUNCT
fsr-3825	15	5	all	all	DET
fsr-3825	15	6	types	type	NOUN
fsr-3825	15	7	of	of	ADP
fsr-3825	15	8	municipal	municipal	ADJ
fsr-3825	15	9	bond	bond	NOUN
fsr-3825	15	10	mutual	mutual	ADJ
fsr-3825	15	11	funds	fund	NOUN
fsr-3825	15	12	examined	examine	VERB
fsr-3825	15	13	in	in	ADP
fsr-3825	15	14	this	this	DET
fsr-3825	15	15	study	study	NOUN
fsr-3825	15	16	are	be	AUX
fsr-3825	15	17	unable	unable	ADJ
fsr-3825	15	18	to	to	PART
fsr-3825	15	19	out	out	ADP
fsr-3825	15	20	perform	perform	VERB
fsr-3825	15	21	the	the	DET
fsr-3825	15	22	index	index	NOUN
fsr-3825	15	23	on	on	ADP
fsr-3825	15	24	a	a	DET
fsr-3825	15	25	risk	risk	NOUN
fsr-3825	15	26	-	-	PUNCT
fsr-3825	15	27	adjusted	adjust	VERB
fsr-3825	15	28	basis	basis	NOUN
fsr-3825	15	29	.	.	PUNCT
fsr-3825	16	1	following	follow	VERB
fsr-3825	16	2	this	this	DET
fsr-3825	16	3	introduction	introduction	NOUN
fsr-3825	16	4	,	,	PUNCT
fsr-3825	16	5	section	section	NOUN
fsr-3825	16	6	ii	ii	PROPN
fsr-3825	16	7	provides	provide	VERB
fsr-3825	16	8	a	a	DET
fsr-3825	16	9	review	review	NOUN
fsr-3825	16	10	of	of	ADP
fsr-3825	16	11	the	the	DET
fsr-3825	16	12	literature	literature	NOUN
fsr-3825	16	13	.	.	PUNCT
fsr-3825	17	1	in	in	ADP
fsr-3825	17	2	section	section	PROPN
fsr-3825	17	3	iii	iii	PROPN
fsr-3825	17	4	,	,	PUNCT
fsr-3825	17	5	the	the	DET
fsr-3825	17	6	data	datum	NOUN
fsr-3825	17	7	and	and	CCONJ
fsr-3825	17	8	methodology	methodology	NOUN
fsr-3825	17	9	of	of	ADP
fsr-3825	17	10	the	the	DET
fsr-3825	17	11	study	study	NOUN
fsr-3825	17	12	are	be	AUX
fsr-3825	17	13	discussed	discuss	VERB
fsr-3825	17	14	.	.	PUNCT
fsr-3825	18	1	in	in	ADP
fsr-3825	18	2	section	section	NOUN
fsr-3825	18	3	iv	iv	NUM
fsr-3825	18	4	,	,	PUNCT
fsr-3825	18	5	the	the	DET
fsr-3825	18	6	empirical	empirical	ADJ
fsr-3825	18	7	results	result	NOUN
fsr-3825	18	8	are	be	AUX
fsr-3825	18	9	provided	provide	VERB
fsr-3825	18	10	.	.	PUNCT
fsr-3825	19	1	finally	finally	ADV
fsr-3825	19	2	,	,	PUNCT
fsr-3825	19	3	in	in	ADP
fsr-3825	19	4	section	section	NOUN
fsr-3825	19	5	v	v	NOUN
fsr-3825	19	6	,	,	PUNCT
fsr-3825	19	7	a	a	DET
fsr-3825	19	8	summary	summary	NOUN
fsr-3825	19	9	and	and	CCONJ
fsr-3825	19	10	implications	implication	NOUN
fsr-3825	19	11	of	of	ADP
fsr-3825	19	12	the	the	DET
fsr-3825	19	13	findings	finding	NOUN
fsr-3825	19	14	are	be	AUX
fsr-3825	19	15	presented	present	VERB
fsr-3825	19	16	and	and	CCONJ
fsr-3825	19	17	concluding	conclude	VERB
fsr-3825	19	18	remarks	remark	NOUN
fsr-3825	19	19	are	be	AUX
fsr-3825	19	20	made	make	VERB
fsr-3825	19	21	.	.	PUNCT
fsr-3825	20	1	ii	ii	PROPN
fsr-3825	20	2	.	.	PUNCT
fsr-3825	21	1	review	review	NOUN
fsr-3825	21	2	of	of	ADP
fsr-3825	21	3	the	the	DET
fsr-3825	21	4	literature	literature	NOUN
fsr-3825	21	5	although	although	SCONJ
fsr-3825	21	6	most	most	ADJ
fsr-3825	21	7	municipal	municipal	ADJ
fsr-3825	21	8	bond	bond	NOUN
fsr-3825	21	9	coupon	coupon	NOUN
fsr-3825	21	10	payments	payment	NOUN
fsr-3825	21	11	are	be	AUX
fsr-3825	21	12	free	free	ADJ
fsr-3825	21	13	from	from	ADP
fsr-3825	21	14	federal	federal	ADJ
fsr-3825	21	15	income	income	NOUN
fsr-3825	21	16	taxes	taxis	NOUN
fsr-3825	21	17	,	,	PUNCT
fsr-3825	21	18	to	to	PART
fsr-3825	21	19	be	be	AUX
fsr-3825	21	20	free	free	ADJ
fsr-3825	21	21	from	from	ADP
fsr-3825	21	22	a	a	DET
fsr-3825	21	23	particular	particular	ADJ
fsr-3825	21	24	state	state	NOUN
fsr-3825	21	25	’s	’s	PART
fsr-3825	21	26	income	income	NOUN
fsr-3825	21	27	tax	tax	NOUN
fsr-3825	21	28	requires	require	VERB
fsr-3825	21	29	that	that	SCONJ
fsr-3825	21	30	such	such	ADJ
fsr-3825	21	31	bonds	bond	NOUN
fsr-3825	21	32	meet	meet	VERB
fsr-3825	21	33	pre	pre	ADJ
fsr-3825	21	34	-	-	ADJ
fsr-3825	21	35	defined	define	VERB
fsr-3825	21	36	criteria	criterion	NOUN
fsr-3825	21	37	.	.	PUNCT
fsr-3825	22	1	this	this	DET
fsr-3825	22	2	requirement	requirement	NOUN
fsr-3825	22	3	assumes	assume	VERB
fsr-3825	22	4	special	special	ADJ
fsr-3825	22	5	significance	significance	NOUN
fsr-3825	22	6	in	in	ADP
fsr-3825	22	7	states	state	NOUN
fsr-3825	22	8	where	where	SCONJ
fsr-3825	22	9	such	such	ADJ
fsr-3825	22	10	taxes	taxis	NOUN
fsr-3825	22	11	are	be	AUX
fsr-3825	22	12	particularly	particularly	ADV
fsr-3825	22	13	punitive	punitive	ADJ
fsr-3825	22	14	,	,	PUNCT
fsr-3825	22	15	such	such	ADJ
fsr-3825	22	16	as	as	ADP
fsr-3825	22	17	new	new	PROPN
fsr-3825	22	18	york	york	PROPN
fsr-3825	22	19	,	,	PUNCT
fsr-3825	22	20	oregon	oregon	PROPN
fsr-3825	22	21	,	,	PUNCT
fsr-3825	22	22	and	and	CCONJ
fsr-3825	22	23	california	california	PROPN
fsr-3825	22	24	.	.	PUNCT
fsr-3825	23	1	over	over	ADP
fsr-3825	23	2	the	the	DET
fsr-3825	23	3	past	past	ADJ
fsr-3825	23	4	several	several	ADJ
fsr-3825	23	5	years	year	NOUN
fsr-3825	23	6	,	,	PUNCT
fsr-3825	23	7	a	a	DET
fsr-3825	23	8	substan	substan	ADJ
fsr-3825	23	9	tial	tial	ADJ
fsr-3825	23	10	market	market	NOUN
fsr-3825	23	11	for	for	ADP
fsr-3825	23	12	bonds	bond	NOUN
fsr-3825	23	13	that	that	PRON
fsr-3825	23	14	are	be	AUX
fsr-3825	23	15	free	free	ADJ
fsr-3825	23	16	from	from	ADP
fsr-3825	23	17	both	both	CCONJ
fsr-3825	23	18	federal	federal	ADJ
fsr-3825	23	19	and	and	CCONJ
fsr-3825	23	20	state	state	NOUN
fsr-3825	23	21	income	income	NOUN
fsr-3825	23	22	taxes	taxis	NOUN
fsr-3825	23	23	has	have	AUX
fsr-3825	23	24	developed	develop	VERB
fsr-3825	23	25	.	.	PUNCT
fsr-3825	24	1	in	in	ADP
fsr-3825	24	2	an	an	DET
fsr-3825	24	3	effort	effort	NOUN
fsr-3825	24	4	to	to	PART
fsr-3825	24	5	appeal	appeal	VERB
fsr-3825	24	6	to	to	ADP
fsr-3825	24	7	this	this	DET
fsr-3825	24	8	segment	segment	NOUN
fsr-3825	24	9	of	of	ADP
fsr-3825	24	10	the	the	DET
fsr-3825	24	11	market	market	NOUN
fsr-3825	24	12	,	,	PUNCT
fsr-3825	24	13	investment	investment	NOUN
fsr-3825	24	14	companies	company	NOUN
fsr-3825	24	15	sponsor	sponsor	VERB
fsr-3825	24	16	funds	fund	NOUN
fsr-3825	24	17	whose	whose	DET
fsr-3825	24	18	objective	objective	NOUN
fsr-3825	24	19	is	be	AUX
fsr-3825	24	20	to	to	PART
fsr-3825	24	21	generate	generate	VERB
fsr-3825	24	22	income	income	NOUN
fsr-3825	24	23	free	free	ADJ
fsr-3825	24	24	from	from	ADP
fsr-3825	24	25	both	both	CCONJ
fsr-3825	24	26	federal	federal	ADJ
fsr-3825	24	27	and	and	CCONJ
fsr-3825	24	28	state	state	NOUN
fsr-3825	24	29	taxes	taxis	NOUN
fsr-3825	24	30	,	,	PUNCT
fsr-3825	24	31	for	for	ADP
fsr-3825	24	32	example	example	NOUN
fsr-3825	24	33	,	,	PUNCT
fsr-3825	24	34	the	the	DET
fsr-3825	24	35	california	california	PROPN
fsr-3825	24	36	municipal	municipal	ADJ
fsr-3825	24	37	bond	bond	NOUN
fsr-3825	24	38	fund	fund	NOUN
fsr-3825	24	39	.	.	PUNCT
fsr-3825	25	1	the	the	DET
fsr-3825	25	2	tremendous	tremendous	ADJ
fsr-3825	25	3	popularity	popularity	NOUN
fsr-3825	25	4	of	of	ADP
fsr-3825	25	5	state	state	NOUN
fsr-3825	25	6	municipal	municipal	ADJ
fsr-3825	25	7	bond	bond	NOUN
fsr-3825	25	8	funds	fund	NOUN
fsr-3825	25	9	is	be	AUX
fsr-3825	25	10	evidenced	evidence	VERB
fsr-3825	25	11	by	by	ADP
fsr-3825	25	12	the	the	DET
fsr-3825	25	13	fact	fact	NOUN
fsr-3825	25	14	that	that	SCONJ
fsr-3825	25	15	at	at	ADP
fsr-3825	25	16	the	the	DET
fsr-3825	25	17	end	end	NOUN
fsr-3825	25	18	of	of	ADP
fsr-3825	25	19	1994	1994	NUM
fsr-3825	25	20	there	there	PRON
fsr-3825	25	21	were	be	VERB
fsr-3825	25	22	703	703	NUM
fsr-3825	25	23	such	such	ADJ
fsr-3825	25	24	funds	fund	NOUN
fsr-3825	25	25	compared	compare	VERB
fsr-3825	25	26	to	to	ADP
fsr-3825	25	27	only	only	ADV
fsr-3825	25	28	258	258	NUM
fsr-3825	25	29	at	at	ADP
fsr-3825	25	30	the	the	DET
fsr-3825	25	31	end	end	NOUN
fsr-3825	25	32	of	of	ADP
fsr-3825	25	33	1989	1989	NUM
fsr-3825	25	34	(	(	PUNCT
fsr-3825	25	35	mutual	mutual	ADJ
fsr-3825	25	36	fund	fund	NOUN
fsr-3825	25	37	fact	fact	NOUN
fsr-3825	25	38	book	book	NOUN
fsr-3825	25	39	,	,	PUNCT
fsr-3825	25	40	1995	1995	NUM
fsr-3825	25	41	)	)	PUNCT
fsr-3825	25	42	.	.	PUNCT
fsr-3825	26	1	in	in	ADP
fsr-3825	26	2	a	a	DET
fsr-3825	26	3	study	study	NOUN
fsr-3825	26	4	of	of	ADP
fsr-3825	26	5	bond	bond	NOUN
fsr-3825	26	6	mutual	mutual	ADJ
fsr-3825	26	7	funds	fund	NOUN
fsr-3825	26	8	,	,	PUNCT
fsr-3825	26	9	gudikunst	gudikunst	NOUN
fsr-3825	26	10	and	and	CCONJ
fsr-3825	26	11	mccarthy	mccarthy	PROPN
fsr-3825	26	12	(	(	PUNCT
fsr-3825	26	13	1992	1992	NUM
fsr-3825	26	14	)	)	PUNCT
fsr-3825	26	15	find	find	VERB
fsr-3825	26	16	that	that	SCONJ
fsr-3825	26	17	bond	bond	NOUN
fsr-3825	26	18	mutual	mutual	ADJ
fsr-3825	26	19	fund	fund	NOUN
fsr-3825	26	20	performance	performance	NOUN
fsr-3825	26	21	closely	closely	ADV
fsr-3825	26	22	mirrors	mirror	VERB
fsr-3825	26	23	that	that	PRON
fsr-3825	26	24	of	of	ADP
fsr-3825	26	25	stock	stock	NOUN
fsr-3825	26	26	mutual	mutual	ADJ
fsr-3825	26	27	funds	fund	NOUN
fsr-3825	26	28	;	;	PUNCT
fsr-3825	26	29	i.e.	i.e.	X
fsr-3825	26	30	,	,	PUNCT
fsr-3825	26	31	after	after	ADP
fsr-3825	26	32	adjustment	adjustment	NOUN
fsr-3825	26	33	for	for	ADP
fsr-3825	26	34	fees	fee	NOUN
fsr-3825	26	35	and	and	CCONJ
fsr-3825	26	36	expenses	expense	NOUN
fsr-3825	26	37	,	,	PUNCT
fsr-3825	26	38	the	the	DET
fsr-3825	26	39	performance	performance	NOUN
fsr-3825	26	40	of	of	ADP
fsr-3825	26	41	bond	bond	NOUN
fsr-3825	26	42	mutual	mutual	ADJ
fsr-3825	26	43	funds	fund	NOUN
fsr-3825	26	44	closely	closely	ADV
fsr-3825	26	45	matches	match	VERB
fsr-3825	26	46	that	that	PRON
fsr-3825	26	47	of	of	ADP
fsr-3825	26	48	the	the	DET
fsr-3825	26	49	index	index	NOUN
fsr-3825	26	50	on	on	ADP
fsr-3825	26	51	a	a	DET
fsr-3825	26	52	risk	risk	NOUN
fsr-3825	26	53	-	-	PUNCT
fsr-3825	26	54	adjusted	adjust	VERB
fsr-3825	26	55	basis	basis	NOUN
fsr-3825	26	56	.	.	PUNCT
fsr-3825	27	1	they	they	PRON
fsr-3825	27	2	further	far	ADV
fsr-3825	27	3	observe	observe	VERB
fsr-3825	27	4	that	that	DET
fsr-3825	27	5	fund	fund	NOUN
fsr-3825	27	6	size	size	NOUN
fsr-3825	27	7	,	,	PUNCT
fsr-3825	27	8	yield	yield	NOUN
fsr-3825	27	9	spreads	spread	NOUN
fsr-3825	27	10	,	,	PUNCT
fsr-3825	27	11	and	and	CCONJ
fsr-3825	27	12	asset	asset	NOUN
fsr-3825	27	13	growth	growth	NOUN
fsr-3825	27	14	of	of	ADP
fsr-3825	27	15	the	the	DET
fsr-3825	27	16	funds	fund	NOUN
fsr-3825	27	17	affect	affect	VERB
fsr-3825	27	18	excess	excess	ADJ
fsr-3825	27	19	returns	return	NOUN
fsr-3825	27	20	.	.	PUNCT
fsr-3825	28	1	blake	blake	PROPN
fsr-3825	28	2	,	,	PUNCT
fsr-3825	28	3	elton	elton	PROPN
fsr-3825	28	4	,	,	PUNCT
fsr-3825	28	5	and	and	CCONJ
fsr-3825	28	6	gruber	gruber	PROPN
fsr-3825	28	7	(	(	PUNCT
fsr-3825	28	8	1993	1993	NUM
fsr-3825	28	9	)	)	PUNCT
fsr-3825	28	10	find	find	VERB
fsr-3825	28	11	that	that	SCONJ
fsr-3825	28	12	bond	bond	NOUN
fsr-3825	28	13	funds	fund	NOUN
fsr-3825	28	14	under	under	ADP
fsr-3825	28	15	-	-	PUNCT
fsr-3825	28	16	perform	perform	VERB
fsr-3825	28	17	relevant	relevant	ADJ
fsr-3825	28	18	indexes	index	NOUN
fsr-3825	28	19	.	.	PUNCT
fsr-3825	29	1	fund	fund	NOUN
fsr-3825	29	2	expenses	expense	NOUN
fsr-3825	29	3	are	be	AUX
fsr-3825	29	4	also	also	ADV
fsr-3825	29	5	found	find	VERB
fsr-3825	29	6	to	to	PART
fsr-3825	29	7	be	be	AUX
fsr-3825	29	8	inversely	inversely	ADV
fsr-3825	29	9	related	relate	VERB
fsr-3825	29	10	to	to	ADP
fsr-3825	29	11	fund	fund	NOUN
fsr-3825	29	12	performance	performance	NOUN
fsr-3825	29	13	.	.	PUNCT
fsr-3825	30	1	after	after	ADP
fsr-3825	30	2	accounting	account	VERB
fsr-3825	30	3	for	for	ADP
fsr-3825	30	4	survivorship	survivorship	NOUN
fsr-3825	30	5	bias	bias	NOUN
fsr-3825	30	6	they	they	PRON
fsr-3825	30	7	find	find	VERB
fsr-3825	30	8	some	some	DET
fsr-3825	30	9	evidence	evidence	NOUN
fsr-3825	30	10	of	of	ADP
fsr-3825	30	11	persistence	persistence	NOUN
fsr-3825	30	12	of	of	ADP
fsr-3825	30	13	performance	performance	NOUN
fsr-3825	30	14	.	.	PUNCT
fsr-3825	31	1	one	one	NUM
fsr-3825	31	2	of	of	ADP
fsr-3825	31	3	the	the	DET
fsr-3825	31	4	two	two	NUM
fsr-3825	31	5	popular	popular	ADJ
fsr-3825	31	6	approaches	approach	NOUN
fsr-3825	31	7	to	to	ADP
fsr-3825	31	8	active	active	ADJ
fsr-3825	31	9	bond	bond	NOUN
fsr-3825	31	10	portfolio	portfolio	NOUN
fsr-3825	31	11	management	management	NOUN
fsr-3825	31	12	involves	involve	VERB
fsr-3825	31	13	the	the	DET
fsr-3825	31	14	forecasting	forecasting	NOUN
fsr-3825	31	15	of	of	ADP
fsr-3825	31	16	interest	interest	NOUN
fsr-3825	31	17	rates	rate	NOUN
fsr-3825	31	18	.	.	PUNCT
fsr-3825	32	1	the	the	DET
fsr-3825	32	2	second	second	ADJ
fsr-3825	32	3	requires	require	VERB
fsr-3825	32	4	a	a	DET
fsr-3825	32	5	manager	manager	NOUN
fsr-3825	32	6	to	to	PART
fsr-3825	32	7	identify	identify	VERB
fsr-3825	32	8	bonds	bond	NOUN
fsr-3825	32	9	that	that	PRON
fsr-3825	32	10	s	s	AUX
fsr-3825	32	11	/	/	SYM
fsr-3825	32	12	he	he	PRON
fsr-3825	32	13	con	con	PROPN
fsr-3825	32	14	siders	sider	NOUN
fsr-3825	32	15	mispriced	misprice	VERB
fsr-3825	32	16	and	and	CCONJ
fsr-3825	32	17	to	to	PART
fsr-3825	32	18	build	build	VERB
fsr-3825	32	19	a	a	DET
fsr-3825	32	20	portfolio	portfolio	NOUN
fsr-3825	32	21	of	of	ADP
fsr-3825	32	22	such	such	ADJ
fsr-3825	32	23	bonds	bond	NOUN
fsr-3825	32	24	.	.	PUNCT
fsr-3825	33	1	eventually	eventually	ADV
fsr-3825	33	2	managers	manager	NOUN
fsr-3825	33	3	with	with	ADP
fsr-3825	33	4	superior	superior	ADJ
fsr-3825	33	5	selectivity	selectivity	NOUN
fsr-3825	33	6	should	should	AUX
fsr-3825	33	7	be	be	AUX
fsr-3825	33	8	able	able	ADJ
fsr-3825	33	9	to	to	PART
fsr-3825	33	10	outperform	outperform	VERB
fsr-3825	33	11	,	,	PUNCT
fsr-3825	33	12	on	on	ADP
fsr-3825	33	13	a	a	DET
fsr-3825	33	14	risk	risk	NOUN
fsr-3825	33	15	-	-	PUNCT
fsr-3825	33	16	adjusted	adjust	VERB
fsr-3825	33	17	basis	basis	NOUN
fsr-3825	33	18	,	,	PUNCT
fsr-3825	33	19	a	a	DET
fsr-3825	33	20	passive	passive	ADJ
fsr-3825	33	21	index	index	NOUN
fsr-3825	33	22	or	or	CCONJ
fsr-3825	33	23	a	a	DET
fsr-3825	33	24	group	group	NOUN
fsr-3825	33	25	of	of	ADP
fsr-3825	33	26	peers	peer	NOUN
fsr-3825	33	27	.	.	PUNCT
fsr-3825	34	1	this	this	DET
fsr-3825	34	2	ability	ability	NOUN
fsr-3825	34	3	to	to	PART
fsr-3825	34	4	identify	identify	VERB
fsr-3825	34	5	mispriced	misprice	VERB
fsr-3825	34	6	bonds	bond	NOUN
fsr-3825	34	7	can	can	AUX
fsr-3825	34	8	have	have	VERB
fsr-3825	34	9	two	two	NUM
fsr-3825	34	10	possible	possible	ADJ
fsr-3825	34	11	sources	source	NOUN
fsr-3825	34	12	:	:	PUNCT
fsr-3825	34	13	the	the	DET
fsr-3825	34	14	supe	supe	PROPN
fsr-3825	34	15	rior	rior	PROPN
fsr-3825	34	16	analytical	analytical	ADJ
fsr-3825	34	17	skills	skill	NOUN
fsr-3825	34	18	of	of	ADP
fsr-3825	34	19	the	the	DET
fsr-3825	34	20	fund	fund	NOUN
fsr-3825	34	21	manager	manager	NOUN
fsr-3825	34	22	,	,	PUNCT
fsr-3825	34	23	and	and	CCONJ
fsr-3825	34	24	the	the	DET
fsr-3825	34	25	acquisition	acquisition	NOUN
fsr-3825	34	26	of	of	ADP
fsr-3825	34	27	superior	superior	ADJ
fsr-3825	34	28	information	information	NOUN
fsr-3825	34	29	regarding	regard	VERB
fsr-3825	34	30	the	the	DET
fsr-3825	34	31	issue	issue	NOUN
fsr-3825	34	32	/	/	SYM
fsr-3825	34	33	issuer	issuer	NOUN
fsr-3825	34	34	.	.	PUNCT
fsr-3825	35	1	many	many	ADJ
fsr-3825	35	2	qualitative	qualitative	ADJ
fsr-3825	35	3	issues	issue	NOUN
fsr-3825	35	4	,	,	PUNCT
fsr-3825	35	5	especially	especially	ADV
fsr-3825	35	6	those	those	PRON
fsr-3825	35	7	relating	relate	VERB
fsr-3825	35	8	to	to	ADP
fsr-3825	35	9	the	the	DET
fsr-3825	35	10	dissemination	dissemination	NOUN
fsr-3825	35	11	and	and	CCONJ
fsr-3825	35	12	analysis	analysis	NOUN
fsr-3825	35	13	of	of	ADP
fsr-3825	35	14	financial	financial	ADJ
fsr-3825	35	15	information	information	NOUN
fsr-3825	35	16	,	,	PUNCT
fsr-3825	35	17	are	be	AUX
fsr-3825	35	18	unique	unique	ADJ
fsr-3825	35	19	to	to	ADP
fsr-3825	35	20	the	the	DET
fsr-3825	35	21	municipal	municipal	ADJ
fsr-3825	35	22	bond	bond	NOUN
fsr-3825	35	23	market	market	NOUN
fsr-3825	35	24	.	.	PUNCT
fsr-3825	36	1	for	for	ADP
fsr-3825	36	2	example	example	NOUN
fsr-3825	36	3	,	,	PUNCT
fsr-3825	36	4	issues	issue	NOUN
fsr-3825	36	5	such	such	ADJ
fsr-3825	36	6	as	as	ADP
fsr-3825	36	7	the	the	DET
fsr-3825	36	8	timeliness	timeliness	NOUN
fsr-3825	36	9	with	with	ADP
fsr-3825	36	10	which	which	PRON
fsr-3825	36	11	information	information	NOUN
fsr-3825	36	12	is	be	AUX
fsr-3825	36	13	reported	report	VERB
fsr-3825	36	14	by	by	ADP
fsr-3825	36	15	municipalities	municipality	NOUN
fsr-3825	36	16	,	,	PUNCT
fsr-3825	36	17	factors	factor	NOUN
fsr-3825	36	18	that	that	PRON
fsr-3825	36	19	influ	influ	ADJ
fsr-3825	36	20	ence	ence	NOUN
fsr-3825	36	21	rating	rating	NOUN
fsr-3825	36	22	changes	change	NOUN
fsr-3825	36	23	in	in	ADP
fsr-3825	36	24	the	the	DET
fsr-3825	36	25	municipal	municipal	ADJ
fsr-3825	36	26	bond	bond	NOUN
fsr-3825	36	27	market	market	NOUN
fsr-3825	36	28	,	,	PUNCT
fsr-3825	36	29	and	and	CCONJ
fsr-3825	36	30	influences	influence	NOUN
fsr-3825	36	31	of	of	ADP
fsr-3825	36	32	geographic	geographic	ADJ
fsr-3825	36	33	market	market	NOUN
fsr-3825	36	34	segmentation	segmentation	NOUN
fsr-3825	36	35	on	on	ADP
fsr-3825	36	36	the	the	DET
fsr-3825	36	37	cost	cost	NOUN
fsr-3825	36	38	of	of	ADP
fsr-3825	36	39	municipal	municipal	ADJ
fsr-3825	36	40	borrowing	borrowing	NOUN
fsr-3825	36	41	have	have	AUX
fsr-3825	36	42	been	be	AUX
fsr-3825	36	43	the	the	DET
fsr-3825	36	44	subject	subject	NOUN
fsr-3825	36	45	of	of	ADP
fsr-3825	36	46	previous	previous	ADJ
fsr-3825	36	47	research	research	NOUN
fsr-3825	36	48	.	.	PUNCT
fsr-3825	37	1	dwyer	dwyer	PROPN
fsr-3825	37	2	and	and	CCONJ
fsr-3825	37	3	wilson	wilson	PROPN
fsr-3825	37	4	(	(	PUNCT
fsr-3825	37	5	1989	1989	NUM
fsr-3825	37	6	)	)	PUNCT
fsr-3825	37	7	found	find	VERB
fsr-3825	37	8	that	that	SCONJ
fsr-3825	37	9	the	the	DET
fsr-3825	37	10	timeliness	timeliness	NOUN
fsr-3825	37	11	of	of	ADP
fsr-3825	37	12	municipal	municipal	ADJ
fsr-3825	37	13	reporting	reporting	NOUN
fsr-3825	37	14	is	be	AUX
fsr-3825	37	15	influ	influ	ADJ
fsr-3825	37	16	enced	ence	VERB
fsr-3825	37	17	by	by	ADP
fsr-3825	37	18	incentives	incentive	NOUN
fsr-3825	37	19	for	for	ADP
fsr-3825	37	20	management	management	NOUN
fsr-3825	37	21	signaling	signal	VERB
fsr-3825	37	22	and	and	CCONJ
fsr-3825	37	23	is	be	AUX
fsr-3825	37	24	related	relate	VERB
fsr-3825	37	25	to	to	ADP
fsr-3825	37	26	the	the	DET
fsr-3825	37	27	nature	nature	NOUN
fsr-3825	37	28	of	of	ADP
fsr-3825	37	29	the	the	DET
fsr-3825	37	30	report	report	NOUN
fsr-3825	37	31	market	market	NOUN
fsr-3825	37	32	knowledge	knowledge	NOUN
fsr-3825	37	33	187	187	NUM
fsr-3825	37	34	message	message	NOUN
fsr-3825	37	35	;	;	PUNCT
fsr-3825	37	36	that	that	PRON
fsr-3825	37	37	is	is	ADV
fsr-3825	37	38	,	,	PUNCT
fsr-3825	37	39	good	good	ADJ
fsr-3825	37	40	news	news	NOUN
fsr-3825	37	41	or	or	CCONJ
fsr-3825	37	42	bad	bad	ADJ
fsr-3825	37	43	news	news	NOUN
fsr-3825	37	44	.	.	PUNCT
fsr-3825	38	1	the	the	DET
fsr-3825	38	2	assessment	assessment	NOUN
fsr-3825	38	3	of	of	ADP
fsr-3825	38	4	the	the	DET
fsr-3825	38	5	value	value	NOUN
fsr-3825	38	6	of	of	ADP
fsr-3825	38	7	a	a	DET
fsr-3825	38	8	municipal	municipal	ADJ
fsr-3825	38	9	bond	bond	NOUN
fsr-3825	38	10	is	be	AUX
fsr-3825	38	11	further	far	ADV
fsr-3825	38	12	complicated	complicate	VERB
fsr-3825	38	13	by	by	ADP
fsr-3825	38	14	the	the	DET
fsr-3825	38	15	role	role	NOUN
fsr-3825	38	16	of	of	ADP
fsr-3825	38	17	the	the	DET
fsr-3825	38	18	political	political	ADJ
fsr-3825	38	19	underpinnings	underpinning	NOUN
fsr-3825	38	20	of	of	ADP
fsr-3825	38	21	the	the	DET
fsr-3825	38	22	issuer	issuer	NOUN
fsr-3825	38	23	and	and	CCONJ
fsr-3825	38	24	socio	socio	NOUN
fsr-3825	38	25	-	-	PUNCT
fsr-3825	38	26	eco	eco	NOUN
fsr-3825	38	27	nomic	nomic	NOUN
fsr-3825	38	28	influences	influence	NOUN
fsr-3825	38	29	.	.	PUNCT
fsr-3825	39	1	ingram	ingram	PROPN
fsr-3825	39	2	,	,	PUNCT
fsr-3825	39	3	raman	raman	NOUN
fsr-3825	39	4	,	,	PUNCT
fsr-3825	39	5	and	and	CCONJ
fsr-3825	39	6	wilson	wilson	PROPN
fsr-3825	39	7	(	(	PUNCT
fsr-3825	39	8	1989	1989	NUM
fsr-3825	39	9	)	)	PUNCT
fsr-3825	39	10	suggest	suggest	VERB
fsr-3825	39	11	that	that	SCONJ
fsr-3825	39	12	bond	bond	NOUN
fsr-3825	39	13	prices	price	NOUN
fsr-3825	39	14	may	may	AUX
fsr-3825	39	15	not	not	PART
fsr-3825	39	16	be	be	AUX
fsr-3825	39	17	free	free	ADJ
fsr-3825	39	18	from	from	ADP
fsr-3825	39	19	the	the	DET
fsr-3825	39	20	unobserved	unobserved	ADJ
fsr-3825	39	21	political	political	ADJ
fsr-3825	39	22	and	and	CCONJ
fsr-3825	39	23	economic	economic	ADJ
fsr-3825	39	24	factors	factor	NOUN
fsr-3825	39	25	which	which	PRON
fsr-3825	39	26	influence	influence	VERB
fsr-3825	39	27	the	the	DET
fsr-3825	39	28	accounting	accounting	NOUN
fsr-3825	39	29	numbers	number	NOUN
fsr-3825	39	30	of	of	ADP
fsr-3825	39	31	municipal	municipal	ADJ
fsr-3825	39	32	issuers	issuer	NOUN
fsr-3825	39	33	.	.	PUNCT
fsr-3825	40	1	such	such	ADJ
fsr-3825	40	2	variables	variable	NOUN
fsr-3825	40	3	not	not	PART
fsr-3825	40	4	only	only	ADV
fsr-3825	40	5	have	have	VERB
fsr-3825	40	6	to	to	PART
fsr-3825	40	7	be	be	AUX
fsr-3825	40	8	assessed	assess	VERB
fsr-3825	40	9	initially	initially	ADV
fsr-3825	40	10	,	,	PUNCT
fsr-3825	40	11	but	but	CCONJ
fsr-3825	40	12	must	must	AUX
fsr-3825	40	13	also	also	ADV
fsr-3825	40	14	be	be	AUX
fsr-3825	40	15	continuously	continuously	ADV
fsr-3825	40	16	monitored	monitor	VERB
fsr-3825	40	17	by	by	ADP
fsr-3825	40	18	the	the	DET
fsr-3825	40	19	manager	manager	NOUN
fsr-3825	40	20	,	,	PUNCT
fsr-3825	40	21	a	a	DET
fsr-3825	40	22	task	task	NOUN
fsr-3825	40	23	made	make	VERB
fsr-3825	40	24	difficult	difficult	ADJ
fsr-3825	40	25	by	by	ADP
fsr-3825	40	26	the	the	DET
fsr-3825	40	27	informa	informa	PROPN
fsr-3825	40	28	tion	tion	NOUN
fsr-3825	40	29	issues	issue	NOUN
fsr-3825	40	30	previously	previously	ADV
fsr-3825	40	31	discussed	discuss	VERB
fsr-3825	40	32	.	.	PUNCT
fsr-3825	41	1	benson	benson	PROPN
fsr-3825	41	2	,	,	PUNCT
fsr-3825	41	3	marks	mark	NOUN
fsr-3825	41	4	,	,	PUNCT
fsr-3825	41	5	and	and	CCONJ
fsr-3825	41	6	raman	raman	NOUN
fsr-3825	41	7	(	(	PUNCT
fsr-3825	41	8	1991	1991	NUM
fsr-3825	41	9	)	)	PUNCT
fsr-3825	41	10	find	find	VERB
fsr-3825	41	11	differential	differential	ADJ
fsr-3825	41	12	levels	level	NOUN
fsr-3825	41	13	of	of	ADP
fsr-3825	41	14	compliance	compliance	NOUN
fsr-3825	41	15	with	with	ADP
fsr-3825	41	16	gaap	gaap	NOUN
fsr-3825	41	17	,	,	PUNCT
fsr-3825	41	18	and	and	CCONJ
fsr-3825	41	19	the	the	DET
fsr-3825	41	20	degree	degree	NOUN
fsr-3825	41	21	of	of	ADP
fsr-3825	41	22	compliance	compliance	NOUN
fsr-3825	41	23	,	,	PUNCT
fsr-3825	41	24	to	to	PART
fsr-3825	41	25	have	have	AUX
fsr-3825	41	26	a	a	DET
fsr-3825	41	27	significant	significant	ADJ
fsr-3825	41	28	impact	impact	NOUN
fsr-3825	41	29	on	on	ADP
fsr-3825	41	30	net	net	ADJ
fsr-3825	41	31	interest	interest	NOUN
fsr-3825	41	32	cost	cost	NOUN
fsr-3825	41	33	,	,	PUNCT
fsr-3825	41	34	because	because	SCONJ
fsr-3825	41	35	municipal	municipal	ADJ
fsr-3825	41	36	bond	bond	NOUN
fsr-3825	41	37	issuers	issuer	NOUN
fsr-3825	41	38	are	be	AUX
fsr-3825	41	39	not	not	PART
fsr-3825	41	40	subject	subject	ADJ
fsr-3825	41	41	to	to	ADP
fsr-3825	41	42	the	the	DET
fsr-3825	41	43	securities	securities	PROPN
fsr-3825	41	44	&	&	CCONJ
fsr-3825	41	45	exchange	exchange	PROPN
fsr-3825	41	46	commission	commission	PROPN
fsr-3825	41	47	(	(	PUNCT
fsr-3825	41	48	sec	sec	PROPN
fsr-3825	41	49	)	)	PUNCT
fsr-3825	41	50	requirement	requirement	NOUN
fsr-3825	41	51	of	of	ADP
fsr-3825	41	52	compliance	compliance	NOUN
fsr-3825	41	53	with	with	ADP
fsr-3825	41	54	generally	generally	ADV
fsr-3825	41	55	accepted	accept	VERB
fsr-3825	41	56	accounting	accounting	NOUN
fsr-3825	41	57	principles	principle	NOUN
fsr-3825	41	58	(	(	PUNCT
fsr-3825	41	59	gaap	gaap	PROPN
fsr-3825	41	60	)	)	PUNCT
fsr-3825	41	61	.	.	PUNCT
fsr-3825	42	1	the	the	DET
fsr-3825	42	2	sec	sec	PROPN
fsr-3825	42	3	,	,	PUNCT
fsr-3825	42	4	in	in	ADP
fsr-3825	42	5	an	an	DET
fsr-3825	42	6	effort	effort	NOUN
fsr-3825	42	7	to	to	PART
fsr-3825	42	8	improve	improve	VERB
fsr-3825	42	9	the	the	DET
fsr-3825	42	10	quality	quality	NOUN
fsr-3825	42	11	of	of	ADP
fsr-3825	42	12	information	information	NOUN
fsr-3825	42	13	in	in	ADP
fsr-3825	42	14	the	the	DET
fsr-3825	42	15	municipal	municipal	ADJ
fsr-3825	42	16	bond	bond	NOUN
fsr-3825	42	17	market	market	NOUN
fsr-3825	42	18	,	,	PUNCT
fsr-3825	42	19	adopted	adopt	VERB
fsr-3825	42	20	rule	rule	NOUN
fsr-3825	42	21	15~2	15~2	NUM
fsr-3825	42	22	-	-	SYM
fsr-3825	42	23	12	12	NUM
fsr-3825	42	24	in	in	ADP
fsr-3825	42	25	june	june	PROPN
fsr-3825	42	26	1989	1989	NUM
fsr-3825	42	27	.	.	PUNCT
fsr-3825	43	1	the	the	DET
fsr-3825	43	2	rule	rule	NOUN
fsr-3825	43	3	requires	require	VERB
fsr-3825	43	4	greater	great	ADJ
fsr-3825	43	5	and	and	CCONJ
fsr-3825	43	6	more	more	ADV
fsr-3825	43	7	accurate	accurate	ADJ
fsr-3825	43	8	disclosure	disclosure	NOUN
fsr-3825	43	9	on	on	ADP
fsr-3825	43	10	the	the	DET
fsr-3825	43	11	part	part	NOUN
fsr-3825	43	12	of	of	ADP
fsr-3825	43	13	dealers	dealer	NOUN
fsr-3825	43	14	and	and	CCONJ
fsr-3825	43	15	underwriters	underwriter	NOUN
fsr-3825	43	16	of	of	ADP
fsr-3825	43	17	new	new	ADJ
fsr-3825	43	18	municipal	municipal	ADJ
fsr-3825	43	19	bond	bond	NOUN
fsr-3825	43	20	issues	issue	NOUN
fsr-3825	43	21	.	.	PUNCT
fsr-3825	44	1	through	through	ADP
fsr-3825	44	2	this	this	DET
fsr-3825	44	3	rule	rule	NOUN
fsr-3825	44	4	,	,	PUNCT
fsr-3825	44	5	the	the	DET
fsr-3825	44	6	sec	sec	PROPN
fsr-3825	44	7	also	also	ADV
fsr-3825	44	8	imposed	impose	VERB
fsr-3825	44	9	the	the	DET
fsr-3825	44	10	responsibility	responsibility	NOUN
fsr-3825	44	11	of	of	ADP
fsr-3825	44	12	“	"	PUNCT
fsr-3825	44	13	reasonable	reasonable	ADJ
fsr-3825	44	14	basis	basis	NOUN
fsr-3825	44	15	of	of	ADP
fsr-3825	44	16	belief	belief	NOUN
fsr-3825	44	17	’	'	PUNCT
fsr-3825	44	18	upon	upon	SCONJ
fsr-3825	44	19	dealers	dealer	NOUN
fsr-3825	44	20	and	and	CCONJ
fsr-3825	44	21	underwriters	underwriter	NOUN
fsr-3825	44	22	in	in	ADP
fsr-3825	44	23	key	key	ADJ
fsr-3825	44	24	representations	representation	NOUN
fsr-3825	44	25	made	make	VERB
fsr-3825	44	26	in	in	ADP
fsr-3825	44	27	the	the	DET
fsr-3825	44	28	disclosure	disclosure	NOUN
fsr-3825	44	29	statements	statement	NOUN
fsr-3825	44	30	.	.	PUNCT
fsr-3825	45	1	despite	despite	SCONJ
fsr-3825	45	2	the	the	DET
fsr-3825	45	3	rule	rule	NOUN
fsr-3825	45	4	,	,	PUNCT
fsr-3825	45	5	in	in	ADP
fsr-3825	45	6	a	a	DET
fsr-3825	45	7	1993	1993	NUM
fsr-3825	45	8	article	article	NOUN
fsr-3825	45	9	in	in	ADP
fsr-3825	45	10	the	the	DET
fsr-3825	45	11	government	government	NOUN
fsr-3825	45	12	finance	finance	NOUN
fsr-3825	45	13	review	review	PROPN
fsr-3825	45	14	,	,	PUNCT
fsr-3825	45	15	arthur	arthur	PROPN
fsr-3825	45	16	levitt	levitt	PROPN
fsr-3825	45	17	,	,	PUNCT
fsr-3825	45	18	the	the	DET
fsr-3825	45	19	chairman	chairman	NOUN
fsr-3825	45	20	of	of	ADP
fsr-3825	45	21	the	the	DET
fsr-3825	45	22	sec	sec	PROPN
fsr-3825	45	23	,	,	PUNCT
fsr-3825	45	24	expressed	express	VERB
fsr-3825	45	25	his	his	PRON
fsr-3825	45	26	concern	concern	NOUN
fsr-3825	45	27	over	over	ADP
fsr-3825	45	28	“	"	PUNCT
fsr-3825	45	29	abusive	abusive	ADJ
fsr-3825	45	30	practices	practice	NOUN
fsr-3825	45	31	”	"	PUNCT
fsr-3825	45	32	in	in	ADP
fsr-3825	45	33	the	the	DET
fsr-3825	45	34	municipal	municipal	ADJ
fsr-3825	45	35	securities	security	NOUN
fsr-3825	45	36	market	market	NOUN
fsr-3825	45	37	.	.	PUNCT
fsr-3825	46	1	he	he	PRON
fsr-3825	46	2	remarked	remark	VERB
fsr-3825	46	3	that	that	SCONJ
fsr-3825	46	4	more	more	ADJ
fsr-3825	46	5	information	information	NOUN
fsr-3825	46	6	regarding	regard	VERB
fsr-3825	46	7	the	the	DET
fsr-3825	46	8	issuers	issuer	NOUN
fsr-3825	46	9	,	,	PUNCT
fsr-3825	46	10	transactions	transaction	NOUN
fsr-3825	46	11	,	,	PUNCT
fsr-3825	46	12	and	and	CCONJ
fsr-3825	46	13	the	the	DET
fsr-3825	46	14	market	market	NOUN
fsr-3825	46	15	was	be	AUX
fsr-3825	46	16	essential	essential	ADJ
fsr-3825	46	17	to	to	ADP
fsr-3825	46	18	the	the	DET
fsr-3825	46	19	reform	reform	NOUN
fsr-3825	46	20	of	of	ADP
fsr-3825	46	21	the	the	DET
fsr-3825	46	22	municipal	municipal	ADJ
fsr-3825	46	23	bond	bond	NOUN
fsr-3825	46	24	market	market	NOUN
fsr-3825	46	25	.	.	PUNCT
fsr-3825	47	1	bond	bond	NOUN
fsr-3825	47	2	portfolio	portfolio	NOUN
fsr-3825	47	3	managers	manager	NOUN
fsr-3825	47	4	who	who	PRON
fsr-3825	47	5	attempt	attempt	VERB
fsr-3825	47	6	to	to	PART
fsr-3825	47	7	identify	identify	VERB
fsr-3825	47	8	undervalued	undervalued	ADJ
fsr-3825	47	9	bonds	bond	NOUN
fsr-3825	47	10	often	often	ADV
fsr-3825	47	11	focus	focus	VERB
fsr-3825	47	12	their	their	PRON
fsr-3825	47	13	analyses	analysis	NOUN
fsr-3825	47	14	on	on	ADP
fsr-3825	47	15	the	the	DET
fsr-3825	47	16	default	default	NOUN
fsr-3825	47	17	risk	risk	NOUN
fsr-3825	47	18	associated	associate	VERB
fsr-3825	47	19	with	with	ADP
fsr-3825	47	20	a	a	DET
fsr-3825	47	21	bond	bond	NOUN
fsr-3825	47	22	.	.	PUNCT
fsr-3825	48	1	the	the	DET
fsr-3825	48	2	principal	principal	ADJ
fsr-3825	48	3	intent	intent	NOUN
fsr-3825	48	4	of	of	ADP
fsr-3825	48	5	such	such	ADJ
fsr-3825	48	6	managers	manager	NOUN
fsr-3825	48	7	is	be	AUX
fsr-3825	48	8	to	to	PART
fsr-3825	48	9	identify	identify	VERB
fsr-3825	48	10	in	in	ADP
fsr-3825	48	11	advance	advance	NOUN
fsr-3825	48	12	bonds	bond	NOUN
fsr-3825	48	13	whose	whose	DET
fsr-3825	48	14	real	real	ADJ
fsr-3825	48	15	default	default	NOUN
fsr-3825	48	16	risk	risk	NOUN
fsr-3825	48	17	is	be	AUX
fsr-3825	48	18	lower	low	ADJ
fsr-3825	48	19	than	than	SCONJ
fsr-3825	48	20	is	be	AUX
fsr-3825	48	21	widely	widely	ADV
fsr-3825	48	22	agreed	agree	VERB
fsr-3825	48	23	upon	upon	SCONJ
fsr-3825	48	24	in	in	ADP
fsr-3825	48	25	the	the	DET
fsr-3825	48	26	marketplace	marketplace	NOUN
fsr-3825	48	27	.	.	PUNCT
fsr-3825	49	1	some	some	DET
fsr-3825	49	2	indication	indication	NOUN
fsr-3825	49	3	regarding	regard	VERB
fsr-3825	49	4	the	the	DET
fsr-3825	49	5	default	default	NOUN
fsr-3825	49	6	risk	risk	NOUN
fsr-3825	49	7	associated	associate	VERB
fsr-3825	49	8	with	with	ADP
fsr-3825	49	9	a	a	DET
fsr-3825	49	10	municipal	municipal	ADJ
fsr-3825	49	11	bond	bond	NOUN
fsr-3825	49	12	issue	issue	NOUN
fsr-3825	49	13	can	can	AUX
fsr-3825	49	14	be	be	AUX
fsr-3825	49	15	inferred	infer	VERB
fsr-3825	49	16	from	from	ADP
fsr-3825	49	17	its	its	PRON
fsr-3825	49	18	rating	rating	NOUN
fsr-3825	49	19	.	.	PUNCT
fsr-3825	50	1	the	the	DET
fsr-3825	50	2	pricing	pricing	NOUN
fsr-3825	50	3	of	of	ADP
fsr-3825	50	4	municipal	municipal	ADJ
fsr-3825	50	5	bonds	bond	NOUN
fsr-3825	50	6	is	be	AUX
fsr-3825	50	7	further	further	ADJ
fsr-3825	50	8	com	com	NOUN
fsr-3825	50	9	plicated	plicate	VERB
fsr-3825	50	10	by	by	ADP
fsr-3825	50	11	the	the	DET
fsr-3825	50	12	impact	impact	NOUN
fsr-3825	50	13	of	of	ADP
fsr-3825	50	14	split	split	ADJ
fsr-3825	50	15	ratings	rating	NOUN
fsr-3825	50	16	on	on	ADP
fsr-3825	50	17	yields	yield	NOUN
fsr-3825	50	18	and	and	CCONJ
fsr-3825	50	19	investor	investor	NOUN
fsr-3825	50	20	anticipation	anticipation	NOUN
fsr-3825	50	21	of	of	ADP
fsr-3825	50	22	rating	rating	NOUN
fsr-3825	50	23	changes	change	NOUN
fsr-3825	50	24	,	,	PUNCT
fsr-3825	50	25	both	both	PRON
fsr-3825	50	26	of	of	ADP
fsr-3825	50	27	which	which	PRON
fsr-3825	50	28	have	have	AUX
fsr-3825	50	29	been	be	AUX
fsr-3825	50	30	the	the	DET
fsr-3825	50	31	subject	subject	NOUN
fsr-3825	50	32	of	of	ADP
fsr-3825	50	33	much	much	ADJ
fsr-3825	50	34	discussion	discussion	NOUN
fsr-3825	50	35	.	.	PUNCT
fsr-3825	51	1	moreover	moreover	ADV
fsr-3825	51	2	,	,	PUNCT
fsr-3825	51	3	many	many	ADJ
fsr-3825	51	4	municipal	municipal	ADJ
fsr-3825	51	5	bond	bond	NOUN
fsr-3825	51	6	issues	issue	NOUN
fsr-3825	51	7	are	be	AUX
fsr-3825	51	8	not	not	PART
fsr-3825	51	9	rated	rate	VERB
fsr-3825	51	10	at	at	ADV
fsr-3825	51	11	all	all	ADV
fsr-3825	51	12	.	.	PUNCT
fsr-3825	52	1	reeve	reeve	PROPN
fsr-3825	52	2	and	and	CCONJ
fsr-3825	52	3	hartwell	hartwell	PROPN
fsr-3825	52	4	(	(	PUNCT
fsr-3825	52	5	1988	1988	NUM
fsr-3825	52	6	)	)	PUNCT
fsr-3825	52	7	,	,	PUNCT
fsr-3825	52	8	in	in	ADP
fsr-3825	52	9	a	a	DET
fsr-3825	52	10	study	study	NOUN
fsr-3825	52	11	of	of	ADP
fsr-3825	52	12	non	non	ADJ
fsr-3825	52	13	-	-	ADJ
fsr-3825	52	14	rated	rate	VERB
fsr-3825	52	15	municipal	municipal	ADJ
fsr-3825	52	16	bonds	bond	NOUN
fsr-3825	52	17	,	,	PUNCT
fsr-3825	52	18	find	find	VERB
fsr-3825	52	19	non	non	ADJ
fsr-3825	52	20	-	-	ADJ
fsr-3825	52	21	rated	rate	VERB
fsr-3825	52	22	bonds	bond	NOUN
fsr-3825	52	23	do	do	AUX
fsr-3825	52	24	not	not	PART
fsr-3825	52	25	necessarily	necessarily	ADV
fsr-3825	52	26	indicate	indicate	VERB
fsr-3825	52	27	poor	poor	ADJ
fsr-3825	52	28	or	or	CCONJ
fsr-3825	52	29	high	high	ADJ
fsr-3825	52	30	credit	credit	NOUN
fsr-3825	52	31	risk	risk	NOUN
fsr-3825	52	32	.	.	PUNCT
fsr-3825	53	1	additional	additional	ADJ
fsr-3825	53	2	variables	variable	NOUN
fsr-3825	53	3	must	must	AUX
fsr-3825	53	4	be	be	AUX
fsr-3825	53	5	considered	consider	VERB
fsr-3825	53	6	,	,	PUNCT
fsr-3825	53	7	such	such	ADJ
fsr-3825	53	8	as	as	ADP
fsr-3825	53	9	the	the	DET
fsr-3825	53	10	size	size	NOUN
fsr-3825	53	11	of	of	ADP
fsr-3825	53	12	the	the	DET
fsr-3825	53	13	municipality	municipality	NOUN
fsr-3825	53	14	issuing	issue	VERB
fsr-3825	53	15	these	these	DET
fsr-3825	53	16	bonds	bond	NOUN
fsr-3825	53	17	,	,	PUNCT
fsr-3825	53	18	along	along	ADP
fsr-3825	53	19	with	with	ADP
fsr-3825	53	20	the	the	DET
fsr-3825	53	21	decision	decision	NOUN
fsr-3825	53	22	of	of	ADP
fsr-3825	53	23	the	the	DET
fsr-3825	53	24	municipality	municipality	NOUN
fsr-3825	53	25	to	to	PART
fsr-3825	53	26	rate	rate	VERB
fsr-3825	53	27	or	or	CCONJ
fsr-3825	53	28	not	not	PART
fsr-3825	53	29	to	to	PART
fsr-3825	53	30	rate	rate	VERB
fsr-3825	53	31	.	.	PUNCT
fsr-3825	54	1	in	in	ADP
fsr-3825	54	2	a	a	DET
fsr-3825	54	3	study	study	NOUN
fsr-3825	54	4	of	of	ADP
fsr-3825	54	5	municipal	municipal	ADJ
fsr-3825	54	6	bond	bond	NOUN
fsr-3825	54	7	rating	rating	NOUN
fsr-3825	54	8	changes	change	NOUN
fsr-3825	54	9	,	,	PUNCT
fsr-3825	54	10	lewis	lewis	PROPN
fsr-3825	54	11	,	,	PUNCT
fsr-3825	54	12	patton	patton	PROPN
fsr-3825	54	13	,	,	PUNCT
fsr-3825	54	14	and	and	CCONJ
fsr-3825	54	15	green	green	ADJ
fsr-3825	54	16	(	(	PUNCT
fsr-3825	54	17	1988	1988	NUM
fsr-3825	54	18	)	)	PUNCT
fsr-3825	54	19	demon	demon	NOUN
fsr-3825	54	20	strate	strate	VERB
fsr-3825	54	21	uniformity	uniformity	NOUN
fsr-3825	54	22	in	in	ADP
fsr-3825	54	23	terms	term	NOUN
fsr-3825	54	24	of	of	ADP
fsr-3825	54	25	statistical	statistical	ADJ
fsr-3825	54	26	models	model	NOUN
fsr-3825	54	27	and	and	CCONJ
fsr-3825	54	28	humans	human	NOUN
fsr-3825	54	29	in	in	ADP
fsr-3825	54	30	their	their	PRON
fsr-3825	54	31	ability	ability	NOUN
fsr-3825	54	32	to	to	PART
fsr-3825	54	33	predict	predict	VERB
fsr-3825	54	34	bond	bond	NOUN
fsr-3825	54	35	rating	rating	NOUN
fsr-3825	54	36	changes	change	NOUN
fsr-3825	54	37	.	.	PUNCT
fsr-3825	55	1	marquette	marquette	PROPN
fsr-3825	55	2	and	and	CCONJ
fsr-3825	55	3	wilson	wilson	PROPN
fsr-3825	55	4	(	(	PUNCT
fsr-3825	55	5	1992	1992	NUM
fsr-3825	55	6	)	)	PUNCT
fsr-3825	55	7	,	,	PUNCT
fsr-3825	55	8	in	in	ADP
fsr-3825	55	9	a	a	DET
fsr-3825	55	10	study	study	NOUN
fsr-3825	55	11	of	of	ADP
fsr-3825	55	12	rating	rating	NOUN
fsr-3825	55	13	decisions	decision	NOUN
fsr-3825	55	14	of	of	ADP
fsr-3825	55	15	seasoned	seasoned	ADJ
fsr-3825	55	16	municipal	municipal	ADJ
fsr-3825	55	17	bond	bond	NOUN
fsr-3825	55	18	issues	issue	NOUN
fsr-3825	55	19	,	,	PUNCT
fsr-3825	55	20	show	show	VERB
fsr-3825	55	21	that	that	SCONJ
fsr-3825	55	22	rating	rating	NOUN
fsr-3825	55	23	decisions	decision	NOUN
fsr-3825	55	24	that	that	PRON
fsr-3825	55	25	can	can	AUX
fsr-3825	55	26	be	be	AUX
fsr-3825	55	27	predicted	predict	VERB
fsr-3825	55	28	from	from	ADP
fsr-3825	55	29	publicly	publicly	ADV
fsr-3825	55	30	avail	avail	VERB
fsr-3825	55	31	able	able	ADJ
fsr-3825	55	32	information	information	NOUN
fsr-3825	55	33	can	can	AUX
fsr-3825	55	34	be	be	AUX
fsr-3825	55	35	anticipated	anticipate	VERB
fsr-3825	55	36	two	two	NUM
fsr-3825	55	37	years	year	NOUN
fsr-3825	55	38	in	in	ADP
fsr-3825	55	39	advance	advance	NOUN
fsr-3825	55	40	.	.	PUNCT
fsr-3825	56	1	interestingly	interestingly	ADV
fsr-3825	56	2	,	,	PUNCT
fsr-3825	56	3	however	however	ADV
fsr-3825	56	4	,	,	PUNCT
fsr-3825	56	5	they	they	PRON
fsr-3825	56	6	find	find	VERB
fsr-3825	56	7	that	that	SCONJ
fsr-3825	56	8	changes	change	NOUN
fsr-3825	56	9	that	that	PRON
fsr-3825	56	10	are	be	AUX
fsr-3825	56	11	not	not	PART
fsr-3825	56	12	predictable	predictable	ADJ
fsr-3825	56	13	from	from	ADP
fsr-3825	56	14	publicly	publicly	ADV
fsr-3825	56	15	available	available	ADJ
fsr-3825	56	16	information	information	NOUN
fsr-3825	56	17	can	can	AUX
fsr-3825	56	18	not	not	PART
fsr-3825	56	19	be	be	AUX
fsr-3825	56	20	antici	antici	ADV
fsr-3825	56	21	pated	pated	ADJ
fsr-3825	56	22	by	by	ADP
fsr-3825	56	23	the	the	DET
fsr-3825	56	24	market	market	NOUN
fsr-3825	56	25	.	.	PUNCT
fsr-3825	57	1	eshan	eshan	ADV
fsr-3825	57	2	and	and	CCONJ
fsr-3825	57	3	wilson	wilson	PROPN
fsr-3825	57	4	(	(	PUNCT
fsr-3825	57	5	1992	1992	NUM
fsr-3825	57	6	)	)	PUNCT
fsr-3825	57	7	find	find	VERB
fsr-3825	57	8	a	a	DET
fsr-3825	57	9	geographical	geographical	ADJ
fsr-3825	57	10	(	(	PUNCT
fsr-3825	57	11	regional	regional	ADJ
fsr-3825	57	12	versus	versus	ADP
fsr-3825	57	13	national	national	ADJ
fsr-3825	57	14	)	)	PUNCT
fsr-3825	57	15	segmentation	segmentation	NOUN
fsr-3825	57	16	influence	influence	NOUN
fsr-3825	57	17	on	on	ADP
fsr-3825	57	18	the	the	DET
fsr-3825	57	19	interest	interest	NOUN
fsr-3825	57	20	costs	cost	NOUN
fsr-3825	57	21	of	of	ADP
fsr-3825	57	22	primary	primary	ADJ
fsr-3825	57	23	issues	issue	NOUN
fsr-3825	57	24	of	of	ADP
fsr-3825	57	25	municipal	municipal	ADJ
fsr-3825	57	26	bonds	bond	NOUN
fsr-3825	57	27	and	and	CCONJ
fsr-3825	57	28	financial	financial	ADJ
fsr-3825	57	29	disclosure	disclosure	NOUN
fsr-3825	57	30	by	by	ADP
fsr-3825	57	31	the	the	DET
fsr-3825	57	32	municipalities	municipality	NOUN
fsr-3825	57	33	.	.	PUNCT
fsr-3825	58	1	in	in	ADP
fsr-3825	58	2	this	this	DET
fsr-3825	58	3	paper	paper	NOUN
fsr-3825	58	4	,	,	PUNCT
fsr-3825	58	5	we	we	PRON
fsr-3825	58	6	examine	examine	VERB
fsr-3825	58	7	the	the	DET
fsr-3825	58	8	performance	performance	NOUN
fsr-3825	58	9	of	of	ADP
fsr-3825	58	10	the	the	DET
fsr-3825	58	11	following	follow	VERB
fsr-3825	58	12	three	three	NUM
fsr-3825	58	13	categories	category	NOUN
fsr-3825	58	14	of	of	ADP
fsr-3825	58	15	man	man	NOUN
fsr-3825	58	16	aged	age	VERB
fsr-3825	58	17	municipal	municipal	ADJ
fsr-3825	58	18	bond	bond	NOUN
fsr-3825	58	19	funds	fund	NOUN
fsr-3825	58	20	:	:	PUNCT
fsr-3825	58	21	(	(	PUNCT
fsr-3825	58	22	1	1	X
fsr-3825	58	23	)	)	PUNCT
fsr-3825	58	24	open	open	ADJ
fsr-3825	58	25	-	-	PUNCT
fsr-3825	58	26	end	end	NOUN
fsr-3825	58	27	mutual	mutual	ADJ
fsr-3825	58	28	funds	fund	NOUN
fsr-3825	58	29	whose	whose	DET
fsr-3825	58	30	objective	objective	NOUN
fsr-3825	58	31	is	be	AUX
fsr-3825	58	32	to	to	PART
fsr-3825	58	33	generate	generate	VERB
fsr-3825	58	34	income	income	NOUN
fsr-3825	58	35	free	free	ADJ
fsr-3825	58	36	from	from	ADP
fsr-3825	58	37	federal	federal	ADJ
fsr-3825	58	38	income	income	NOUN
fsr-3825	58	39	taxes	taxis	NOUN
fsr-3825	58	40	,	,	PUNCT
fsr-3825	58	41	referred	refer	VERB
fsr-3825	58	42	to	to	ADP
fsr-3825	58	43	as	as	ADP
fsr-3825	58	44	“	"	PUNCT
fsr-3825	58	45	national	national	ADJ
fsr-3825	58	46	funds	fund	NOUN
fsr-3825	58	47	”	"	PUNCT
fsr-3825	58	48	;	;	PUNCT
fsr-3825	58	49	(	(	PUNCT
fsr-3825	58	50	2	2	X
fsr-3825	58	51	)	)	PUNCT
fsr-3825	58	52	similar	similar	ADJ
fsr-3825	58	53	funds	fund	NOUN
fsr-3825	58	54	whose	whose	DET
fsr-3825	58	55	objective	objective	NOUN
fsr-3825	58	56	is	be	AUX
fsr-3825	58	57	to	to	PART
fsr-3825	58	58	generate	generate	VERB
fsr-3825	58	59	income	income	NOUN
fsr-3825	58	60	free	free	ADJ
fsr-3825	58	61	from	from	ADP
fsr-3825	58	62	both	both	CCONJ
fsr-3825	58	63	federal	federal	ADJ
fsr-3825	58	64	and	and	CCONJ
fsr-3825	58	65	new	new	PROPN
fsr-3825	58	66	york	york	PROPN
fsr-3825	58	67	state	state	PROPN
fsr-3825	58	68	income	income	NOUN
fsr-3825	58	69	taxes	taxis	NOUN
fsr-3825	58	70	,	,	PUNCT
fsr-3825	58	71	referred	refer	VERB
fsr-3825	58	72	to	to	ADP
fsr-3825	58	73	as	as	ADP
fsr-3825	58	74	“	"	PUNCT
fsr-3825	58	75	new	new	PROPN
fsr-3825	58	76	york	york	PROPN
fsr-3825	58	77	funds	fund	NOUN
fsr-3825	58	78	”	"	PUNCT
fsr-3825	58	79	;	;	PUNCT
fsr-3825	58	80	and	and	CCONJ
fsr-3825	58	81	(	(	PUNCT
fsr-3825	58	82	3	3	X
fsr-3825	58	83	)	)	PUNCT
fsr-3825	58	84	similar	similar	ADJ
fsr-3825	58	85	funds	fund	NOUN
fsr-3825	58	86	whose	whose	DET
fsr-3825	58	87	objective	objective	NOUN
fsr-3825	58	88	is	be	AUX
fsr-3825	58	89	to	to	PART
fsr-3825	58	90	gener	gener	PROPN
fsr-3825	58	91	ate	eat	VERB
fsr-3825	58	92	income	income	NOUN
fsr-3825	58	93	free	free	ADJ
fsr-3825	58	94	from	from	ADP
fsr-3825	58	95	federal	federal	ADJ
fsr-3825	58	96	and	and	CCONJ
fsr-3825	58	97	california	california	PROPN
fsr-3825	58	98	state	state	NOUN
fsr-3825	58	99	income	income	NOUN
fsr-3825	58	100	taxes	taxis	NOUN
fsr-3825	58	101	,	,	PUNCT
fsr-3825	58	102	referred	refer	VERB
fsr-3825	58	103	to	to	ADP
fsr-3825	58	104	as	as	ADP
fsr-3825	58	105	“	"	PUNCT
fsr-3825	58	106	california	california	PROPN
fsr-3825	58	107	funds	fund	NOUN
fsr-3825	58	108	.	.	PUNCT
fsr-3825	58	109	”	"	PUNCT
fsr-3825	59	1	we	we	PRON
fsr-3825	59	2	examine	examine	VERB
fsr-3825	59	3	the	the	DET
fsr-3825	59	4	benefits	benefit	NOUN
fsr-3825	59	5	of	of	ADP
fsr-3825	59	6	buying	buy	VERB
fsr-3825	59	7	into	into	ADP
fsr-3825	59	8	a	a	DET
fsr-3825	59	9	municipal	municipal	ADJ
fsr-3825	59	10	bond	bond	NOUN
fsr-3825	59	11	mutual	mutual	ADJ
fsr-3825	59	12	fund	fund	NOUN
fsr-3825	59	13	vis	vis	X
fsr-3825	59	14	-	-	PUNCT
fsr-3825	59	15	a’-vis	a’-vis	ADP
fsr-3825	59	16	a	a	DET
fsr-3825	59	17	188	188	NUM
fsr-3825	59	18	ftnancial	ftnancial	ADJ
fsr-3825	59	19	services	service	NOUN
fsr-3825	59	20	review	review	VERB
fsr-3825	59	21	6(3	6(3	NUM
fsr-3825	59	22	)	)	PUNCT
fsr-3825	59	23	1998	1998	NUM
fsr-3825	59	24	self	self	NOUN
fsr-3825	59	25	-	-	PUNCT
fsr-3825	59	26	directed	direct	VERB
fsr-3825	59	27	or	or	CCONJ
fsr-3825	59	28	an	an	DET
fsr-3825	59	29	unmanaged	unmanaged	ADJ
fsr-3825	59	30	portfolio	portfolio	NOUN
fsr-3825	59	31	of	of	ADP
fsr-3825	59	32	municipal	municipal	ADJ
fsr-3825	59	33	bonds	bond	NOUN
fsr-3825	59	34	or	or	CCONJ
fsr-3825	59	35	an	an	DET
fsr-3825	59	36	index	index	NOUN
fsr-3825	59	37	portfolio	portfolio	NOUN
fsr-3825	59	38	.	.	PUNCT
fsr-3825	60	1	we	we	PRON
fsr-3825	60	2	also	also	ADV
fsr-3825	60	3	compare	compare	VERB
fsr-3825	60	4	the	the	DET
fsr-3825	60	5	performance	performance	NOUN
fsr-3825	60	6	of	of	ADP
fsr-3825	60	7	state	state	NOUN
fsr-3825	60	8	-	-	PUNCT
fsr-3825	60	9	specific	specific	ADJ
fsr-3825	60	10	mutual	mutual	ADJ
fsr-3825	60	11	funds	fund	NOUN
fsr-3825	60	12	to	to	ADP
fsr-3825	60	13	funds	fund	NOUN
fsr-3825	60	14	that	that	PRON
fsr-3825	60	15	are	be	AUX
fsr-3825	60	16	managed	manage	VERB
fsr-3825	60	17	with	with	ADP
fsr-3825	60	18	the	the	DET
fsr-3825	60	19	objective	objective	NOUN
fsr-3825	60	20	of	of	ADP
fsr-3825	60	21	generating	generate	VERB
fsr-3825	60	22	income	income	NOUN
fsr-3825	60	23	that	that	PRON
fsr-3825	60	24	is	be	AUX
fsr-3825	60	25	free	free	ADJ
fsr-3825	60	26	from	from	ADP
fsr-3825	60	27	federal	federal	ADJ
fsr-3825	60	28	income	income	NOUN
fsr-3825	60	29	taxes	taxis	NOUN
fsr-3825	60	30	only	only	ADV
fsr-3825	60	31	.	.	PUNCT
fsr-3825	61	1	iii	iii	X
fsr-3825	61	2	.	.	PUNCT
fsr-3825	61	3	data	datum	NOUN
fsr-3825	61	4	and	and	CCONJ
fsr-3825	61	5	methodology	methodology	NOUN
fsr-3825	61	6	the	the	DET
fsr-3825	61	7	total	total	ADJ
fsr-3825	61	8	returns	return	NOUN
fsr-3825	61	9	and	and	CCONJ
fsr-3825	61	10	traditional	traditional	ADJ
fsr-3825	61	11	risk	risk	NOUN
fsr-3825	61	12	-	-	PUNCT
fsr-3825	61	13	adjusted	adjust	VERB
fsr-3825	61	14	returns	return	NOUN
fsr-3825	61	15	generated	generate	VERB
fsr-3825	61	16	by	by	ADP
fsr-3825	61	17	the	the	DET
fsr-3825	61	18	previously	previously	ADV
fsr-3825	61	19	men	man	NOUN
fsr-3825	61	20	tioned	tione	VERB
fsr-3825	61	21	groups	group	NOUN
fsr-3825	61	22	of	of	ADP
fsr-3825	61	23	funds	fund	NOUN
fsr-3825	61	24	are	be	AUX
fsr-3825	61	25	analyzed	analyze	VERB
fsr-3825	61	26	.	.	PUNCT
fsr-3825	62	1	the	the	DET
fsr-3825	62	2	monthly	monthly	ADJ
fsr-3825	62	3	return	return	NOUN
fsr-3825	62	4	on	on	ADP
fsr-3825	62	5	the	the	DET
fsr-3825	62	6	lehman	lehman	PROPN
fsr-3825	62	7	brothers	brother	NOUN
fsr-3825	62	8	munici	munici	PROPN
fsr-3825	62	9	pal	pal	ADJ
fsr-3825	62	10	bond	bond	NOUN
fsr-3825	62	11	index	index	NOUN
fsr-3825	62	12	(	(	PUNCT
fsr-3825	62	13	lbmbi	lbmbi	NOUN
fsr-3825	62	14	or	or	CCONJ
fsr-3825	62	15	“	"	PUNCT
fsr-3825	62	16	the	the	DET
fsr-3825	62	17	index	index	NOUN
fsr-3825	62	18	”	"	PUNCT
fsr-3825	62	19	)	)	PUNCT
fsr-3825	62	20	is	be	AUX
fsr-3825	62	21	used	use	VERB
fsr-3825	62	22	as	as	ADP
fsr-3825	62	23	a	a	DET
fsr-3825	62	24	proxy	proxy	NOUN
fsr-3825	62	25	for	for	ADP
fsr-3825	62	26	market	market	NOUN
fsr-3825	62	27	return	return	NOUN
fsr-3825	62	28	.	.	PUNCT
fsr-3825	63	1	comparisons	comparison	NOUN
fsr-3825	63	2	of	of	ADP
fsr-3825	63	3	performance	performance	NOUN
fsr-3825	63	4	are	be	AUX
fsr-3825	63	5	also	also	ADV
fsr-3825	63	6	conducted	conduct	VERB
fsr-3825	63	7	between	between	ADP
fsr-3825	63	8	national	national	ADJ
fsr-3825	63	9	and	and	CCONJ
fsr-3825	63	10	new	new	PROPN
fsr-3825	63	11	york	york	PROPN
fsr-3825	63	12	funds	fund	NOUN
fsr-3825	63	13	and	and	CCONJ
fsr-3825	63	14	national	national	ADJ
fsr-3825	63	15	and	and	CCONJ
fsr-3825	63	16	california	california	PROPN
fsr-3825	63	17	funds	fund	NOUN
fsr-3825	63	18	.	.	PUNCT
fsr-3825	64	1	the	the	DET
fsr-3825	64	2	total	total	ADJ
fsr-3825	64	3	returns	return	NOUN
fsr-3825	64	4	of	of	ADP
fsr-3825	64	5	the	the	DET
fsr-3825	64	6	index	index	NOUN
fsr-3825	64	7	are	be	AUX
fsr-3825	64	8	used	use	VERB
fsr-3825	64	9	as	as	ADP
fsr-3825	64	10	a	a	DET
fsr-3825	64	11	benchmark	benchmark	NOUN
fsr-3825	64	12	.	.	PUNCT
fsr-3825	65	1	based	base	VERB
fsr-3825	65	2	on	on	ADP
fsr-3825	65	3	comparative	comparative	ADJ
fsr-3825	65	4	performance	performance	NOUN
fsr-3825	65	5	,	,	PUNCT
fsr-3825	65	6	we	we	PRON
fsr-3825	65	7	attempt	attempt	VERB
fsr-3825	65	8	to	to	PART
fsr-3825	65	9	identify	identify	VERB
fsr-3825	65	10	the	the	DET
fsr-3825	65	11	return	return	NOUN
fsr-3825	65	12	premium	premium	NOUN
fsr-3825	65	13	,	,	PUNCT
fsr-3825	65	14	if	if	SCONJ
fsr-3825	65	15	any	any	PRON
fsr-3825	65	16	,	,	PUNCT
fsr-3825	65	17	to	to	ADP
fsr-3825	65	18	state	state	NOUN
fsr-3825	65	19	municipal	municipal	ADJ
fsr-3825	65	20	bond	bond	NOUN
fsr-3825	65	21	fund	fund	NOUN
fsr-3825	65	22	investors	investor	NOUN
fsr-3825	65	23	.	.	PUNCT
fsr-3825	66	1	an	an	DET
fsr-3825	66	2	additional	additional	ADJ
fsr-3825	66	3	analysis	analysis	NOUN
fsr-3825	66	4	based	base	VERB
fsr-3825	66	5	on	on	ADP
fsr-3825	66	6	excess	excess	ADJ
fsr-3825	66	7	return	return	NOUN
fsr-3825	66	8	per	per	ADP
fsr-3825	66	9	unit	unit	NOUN
fsr-3825	66	10	of	of	ADP
fsr-3825	66	11	total	total	ADJ
fsr-3825	66	12	risk	risk	NOUN
fsr-3825	66	13	is	be	AUX
fsr-3825	66	14	also	also	ADV
fsr-3825	66	15	utilized	utilize	VERB
fsr-3825	66	16	.	.	PUNCT
fsr-3825	67	1	this	this	DET
fsr-3825	67	2	methodology	methodology	NOUN
fsr-3825	67	3	is	be	AUX
fsr-3825	67	4	free	free	ADJ
fsr-3825	67	5	from	from	ADP
fsr-3825	67	6	the	the	DET
fsr-3825	67	7	bias	bias	NOUN
fsr-3825	67	8	in	in	ADP
fsr-3825	67	9	results	result	NOUN
fsr-3825	67	10	that	that	PRON
fsr-3825	67	11	might	might	AUX
fsr-3825	67	12	be	be	AUX
fsr-3825	67	13	caused	cause	VERB
fsr-3825	67	14	by	by	ADP
fsr-3825	67	15	the	the	DET
fsr-3825	67	16	choice	choice	NOUN
fsr-3825	67	17	of	of	ADP
fsr-3825	67	18	an	an	DET
fsr-3825	67	19	inappropriate	inappropriate	ADJ
fsr-3825	67	20	benchmark	benchmark	NOUN
fsr-3825	67	21	.	.	PUNCT
fsr-3825	68	1	a	a	DET
fsr-3825	68	2	)	)	PUNCT
fsr-3825	68	3	risk	risk	NOUN
fsr-3825	68	4	adjustment	adjustment	NOUN
fsr-3825	68	5	the	the	DET
fsr-3825	68	6	proper	proper	ADJ
fsr-3825	68	7	measure	measure	NOUN
fsr-3825	68	8	of	of	ADP
fsr-3825	68	9	a	a	DET
fsr-3825	68	10	bond	bond	NOUN
fsr-3825	68	11	portfolio	portfolio	NOUN
fsr-3825	68	12	’s	’s	PART
fsr-3825	68	13	risk	risk	NOUN
fsr-3825	68	14	is	be	AUX
fsr-3825	68	15	a	a	DET
fsr-3825	68	16	subject	subject	NOUN
fsr-3825	68	17	of	of	ADP
fsr-3825	68	18	debate	debate	NOUN
fsr-3825	68	19	.	.	PUNCT
fsr-3825	69	1	while	while	SCONJ
fsr-3825	69	2	a	a	DET
fsr-3825	69	3	convinc	convinc	ADJ
fsr-3825	69	4	ing	ing	ADJ
fsr-3825	69	5	argument	argument	NOUN
fsr-3825	69	6	can	can	AUX
fsr-3825	69	7	be	be	AUX
fsr-3825	69	8	made	make	VERB
fsr-3825	69	9	to	to	PART
fsr-3825	69	10	regard	regard	VERB
fsr-3825	69	11	a	a	DET
fsr-3825	69	12	bond	bond	NOUN
fsr-3825	69	13	portfolio	portfolio	NOUN
fsr-3825	69	14	’s	’s	PART
fsr-3825	69	15	duration	duration	NOUN
fsr-3825	69	16	as	as	ADP
fsr-3825	69	17	a	a	DET
fsr-3825	69	18	measure	measure	NOUN
fsr-3825	69	19	of	of	ADP
fsr-3825	69	20	its	its	PRON
fsr-3825	69	21	risk	risk	NOUN
fsr-3825	69	22	,	,	PUNCT
fsr-3825	69	23	duration	duration	NOUN
fsr-3825	69	24	-	-	PUNCT
fsr-3825	69	25	based	base	VERB
fsr-3825	69	26	risk	risk	NOUN
fsr-3825	69	27	measurement	measurement	NOUN
fsr-3825	69	28	methodologies	methodology	NOUN
fsr-3825	69	29	are	be	AUX
fsr-3825	69	30	not	not	PART
fsr-3825	69	31	without	without	ADP
fsr-3825	69	32	their	their	PRON
fsr-3825	69	33	shortcomings	shortcoming	NOUN
fsr-3825	69	34	.	.	PUNCT
fsr-3825	70	1	sim	sim	ADJ
fsr-3825	70	2	ple	ple	PROPN
fsr-3825	70	3	duration	duration	NOUN
fsr-3825	70	4	-	-	PUNCT
fsr-3825	70	5	based	base	VERB
fsr-3825	70	6	measures	measure	NOUN
fsr-3825	70	7	are	be	AUX
fsr-3825	70	8	computed	compute	VERB
fsr-3825	70	9	on	on	ADP
fsr-3825	70	10	the	the	DET
fsr-3825	70	11	assumption	assumption	NOUN
fsr-3825	70	12	of	of	ADP
fsr-3825	70	13	parallel	parallel	ADJ
fsr-3825	70	14	shifts	shift	NOUN
fsr-3825	70	15	in	in	ADP
fsr-3825	70	16	the	the	DET
fsr-3825	70	17	yield	yield	NOUN
fsr-3825	70	18	curve	curve	NOUN
fsr-3825	70	19	and	and	CCONJ
fsr-3825	70	20	are	be	AUX
fsr-3825	70	21	a	a	DET
fsr-3825	70	22	time	time	NOUN
fsr-3825	70	23	-	-	PUNCT
fsr-3825	70	24	decaying	decay	VERB
fsr-3825	70	25	measure	measure	NOUN
fsr-3825	70	26	of	of	ADP
fsr-3825	70	27	risk	risk	NOUN
fsr-3825	70	28	.	.	PUNCT
fsr-3825	71	1	moreover	moreover	ADV
fsr-3825	71	2	,	,	PUNCT
fsr-3825	71	3	the	the	DET
fsr-3825	71	4	utility	utility	NOUN
fsr-3825	71	5	of	of	ADP
fsr-3825	71	6	duration	duration	NOUN
fsr-3825	71	7	as	as	ADP
fsr-3825	71	8	a	a	DET
fsr-3825	71	9	mea	mea	NOUN
fsr-3825	71	10	sure	sure	ADJ
fsr-3825	71	11	of	of	ADP
fsr-3825	71	12	risk	risk	NOUN
fsr-3825	71	13	is	be	AUX
fsr-3825	71	14	further	far	ADV
fsr-3825	71	15	compromised	compromise	VERB
fsr-3825	71	16	if	if	SCONJ
fsr-3825	71	17	the	the	DET
fsr-3825	71	18	portfolio	portfolio	NOUN
fsr-3825	71	19	of	of	ADP
fsr-3825	71	20	bonds	bond	NOUN
fsr-3825	71	21	has	have	VERB
fsr-3825	71	22	a	a	DET
fsr-3825	71	23	significant	significant	ADJ
fsr-3825	71	24	exposure	exposure	NOUN
fsr-3825	71	25	to	to	ADP
fsr-3825	71	26	non	non	ADJ
fsr-3825	71	27	-	-	ADJ
fsr-3825	71	28	option	option	ADJ
fsr-3825	71	29	-	-	PUNCT
fsr-3825	71	30	free	free	ADJ
fsr-3825	71	31	bonds	bond	NOUN
fsr-3825	71	32	.	.	PUNCT
fsr-3825	72	1	ilmanen	ilmanen	PROPN
fsr-3825	72	2	(	(	PUNCT
fsr-3825	72	3	1992	1992	NUM
fsr-3825	72	4	)	)	PUNCT
fsr-3825	72	5	shows	show	VERB
fsr-3825	72	6	that	that	SCONJ
fsr-3825	72	7	in	in	ADP
fsr-3825	72	8	the	the	DET
fsr-3825	72	9	1980s	1980	NOUN
fsr-3825	72	10	duration	duration	NOUN
fsr-3825	72	11	explained	explain	VERB
fsr-3825	72	12	80	80	NUM
fsr-3825	72	13	to	to	PART
fsr-3825	72	14	90	90	NUM
fsr-3825	72	15	percent	percent	NOUN
fsr-3825	72	16	of	of	ADP
fsr-3825	72	17	the	the	DET
fsr-3825	72	18	cross	cross	ADJ
fsr-3825	72	19	-	-	ADJ
fsr-3825	72	20	sectional	sectional	ADJ
fsr-3825	72	21	variation	variation	NOUN
fsr-3825	72	22	in	in	ADP
fsr-3825	72	23	government	government	NOUN
fsr-3825	72	24	bond	bond	NOUN
fsr-3825	72	25	returns	return	NOUN
fsr-3825	72	26	.	.	PUNCT
fsr-3825	73	1	however	however	ADV
fsr-3825	73	2	,	,	PUNCT
fsr-3825	73	3	for	for	ADP
fsr-3825	73	4	cor	cor	PROPN
fsr-3825	73	5	porate	porate	ADJ
fsr-3825	73	6	bonds	bond	NOUN
fsr-3825	73	7	,	,	PUNCT
fsr-3825	73	8	ilmanen	ilmanen	PROPN
fsr-3825	73	9	,	,	PUNCT
fsr-3825	73	10	mcguire	mcguire	PROPN
fsr-3825	73	11	,	,	PUNCT
fsr-3825	73	12	and	and	CCONJ
fsr-3825	73	13	warga	warga	NOUN
fsr-3825	73	14	(	(	PUNCT
fsr-3825	73	15	1994	1994	NUM
fsr-3825	73	16	)	)	PUNCT
fsr-3825	73	17	find	find	VERB
fsr-3825	73	18	that	that	SCONJ
fsr-3825	73	19	duration	duration	NOUN
fsr-3825	73	20	is	be	AUX
fsr-3825	73	21	an	an	DET
fsr-3825	73	22	incomplete	incomplete	ADJ
fsr-3825	73	23	measure	measure	NOUN
fsr-3825	73	24	of	of	ADP
fsr-3825	73	25	risk	risk	NOUN
fsr-3825	73	26	and	and	CCONJ
fsr-3825	73	27	its	its	PRON
fsr-3825	73	28	utility	utility	NOUN
fsr-3825	73	29	declines	decline	VERB
fsr-3825	73	30	as	as	SCONJ
fsr-3825	73	31	the	the	DET
fsr-3825	73	32	credit	credit	NOUN
fsr-3825	73	33	quality	quality	NOUN
fsr-3825	73	34	of	of	ADP
fsr-3825	73	35	the	the	DET
fsr-3825	73	36	bond	bond	NOUN
fsr-3825	73	37	declines	decline	VERB
fsr-3825	73	38	.	.	PUNCT
fsr-3825	74	1	the	the	DET
fsr-3825	74	2	other	other	ADJ
fsr-3825	74	3	popular	popular	ADJ
fsr-3825	74	4	measure	measure	NOUN
fsr-3825	74	5	of	of	ADP
fsr-3825	74	6	the	the	DET
fsr-3825	74	7	risk	risk	NOUN
fsr-3825	74	8	of	of	ADP
fsr-3825	74	9	a	a	DET
fsr-3825	74	10	portfolio	portfolio	NOUN
fsr-3825	74	11	is	be	AUX
fsr-3825	74	12	derived	derive	VERB
fsr-3825	74	13	from	from	ADP
fsr-3825	74	14	regression	regression	NOUN
fsr-3825	74	15	-	-	PUNCT
fsr-3825	74	16	based	base	VERB
fsr-3825	74	17	index	index	NOUN
fsr-3825	74	18	models	model	NOUN
fsr-3825	74	19	.	.	PUNCT
fsr-3825	75	1	here	here	ADV
fsr-3825	75	2	,	,	PUNCT
fsr-3825	75	3	the	the	DET
fsr-3825	75	4	risk	risk	NOUN
fsr-3825	75	5	of	of	ADP
fsr-3825	75	6	a	a	DET
fsr-3825	75	7	portfolio	portfolio	NOUN
fsr-3825	75	8	is	be	AUX
fsr-3825	75	9	measured	measure	VERB
fsr-3825	75	10	by	by	ADP
fsr-3825	75	11	beta	beta	NOUN
fsr-3825	75	12	.	.	PUNCT
fsr-3825	76	1	with	with	ADP
fsr-3825	76	2	regard	regard	NOUN
fsr-3825	76	3	to	to	ADP
fsr-3825	76	4	bond	bond	NOUN
fsr-3825	76	5	port	port	NOUN
fsr-3825	76	6	folio	folio	NOUN
fsr-3825	76	7	management	management	NOUN
fsr-3825	76	8	,	,	PUNCT
fsr-3825	76	9	this	this	DET
fsr-3825	76	10	methodology	methodology	NOUN
fsr-3825	76	11	also	also	ADV
fsr-3825	76	12	has	have	VERB
fsr-3825	76	13	weaknesses	weakness	NOUN
fsr-3825	76	14	.	.	PUNCT
fsr-3825	77	1	aside	aside	ADV
fsr-3825	77	2	from	from	ADP
fsr-3825	77	3	the	the	DET
fsr-3825	77	4	traditional	traditional	ADJ
fsr-3825	77	5	criti	criti	NOUN
fsr-3825	77	6	cisms	cism	NOUN
fsr-3825	77	7	of	of	ADP
fsr-3825	77	8	estimation	estimation	NOUN
fsr-3825	77	9	errors	error	NOUN
fsr-3825	77	10	and	and	CCONJ
fsr-3825	77	11	appropriateness	appropriateness	NOUN
fsr-3825	77	12	of	of	ADP
fsr-3825	77	13	benchmarks	benchmark	NOUN
fsr-3825	77	14	,	,	PUNCT
fsr-3825	77	15	any	any	DET
fsr-3825	77	16	sampling	sampling	NOUN
fsr-3825	77	17	of	of	ADP
fsr-3825	77	18	time	time	NOUN
fsr-3825	77	19	series	series	PROPN
fsr-3825	77	20	data	data	PROPN
fsr-3825	77	21	assumes	assume	VERB
fsr-3825	77	22	that	that	SCONJ
fsr-3825	77	23	the	the	DET
fsr-3825	77	24	sample	sample	NOUN
fsr-3825	77	25	period	period	NOUN
fsr-3825	77	26	is	be	AUX
fsr-3825	77	27	representative	representative	NOUN
fsr-3825	77	28	of	of	ADP
fsr-3825	77	29	the	the	DET
fsr-3825	77	30	norm	norm	NOUN
fsr-3825	77	31	.	.	PUNCT
fsr-3825	78	1	furthermore	furthermore	ADV
fsr-3825	78	2	,	,	PUNCT
fsr-3825	78	3	index	index	NOUN
fsr-3825	78	4	model	model	NOUN
fsr-3825	78	5	-	-	PUNCT
fsr-3825	78	6	based	base	VERB
fsr-3825	78	7	performance	performance	NOUN
fsr-3825	78	8	evaluation	evaluation	NOUN
fsr-3825	78	9	measures	measure	NOUN
fsr-3825	78	10	assume	assume	VERB
fsr-3825	78	11	stationary	stationary	ADJ
fsr-3825	78	12	returns	return	NOUN
fsr-3825	78	13	,	,	PUNCT
fsr-3825	78	14	stationary	stationary	ADJ
fsr-3825	78	15	port	port	NOUN
fsr-3825	78	16	folio	folio	NOUN
fsr-3825	78	17	return	return	NOUN
fsr-3825	78	18	variance	variance	NOUN
fsr-3825	78	19	,	,	PUNCT
fsr-3825	78	20	and	and	CCONJ
fsr-3825	78	21	stationary	stationary	ADJ
fsr-3825	78	22	portfolio	portfolio	NOUN
fsr-3825	78	23	composition	composition	NOUN
fsr-3825	78	24	.	.	PUNCT
fsr-3825	79	1	in	in	ADP
fsr-3825	79	2	this	this	DET
fsr-3825	79	3	study	study	NOUN
fsr-3825	79	4	,	,	PUNCT
fsr-3825	79	5	we	we	PRON
fsr-3825	79	6	opted	opt	VERB
fsr-3825	79	7	for	for	ADP
fsr-3825	79	8	the	the	DET
fsr-3825	79	9	use	use	NOUN
fsr-3825	79	10	of	of	ADP
fsr-3825	79	11	the	the	DET
fsr-3825	79	12	index	index	NOUN
fsr-3825	79	13	model	model	NOUN
fsr-3825	79	14	and	and	CCONJ
fsr-3825	79	15	the	the	DET
fsr-3825	79	16	widely	widely	ADV
fsr-3825	79	17	-	-	PUNCT
fsr-3825	79	18	used	use	VERB
fsr-3825	79	19	statistics	statistic	NOUN
fsr-3825	79	20	of	of	ADP
fsr-3825	79	21	sharpe	sharpe	PROPN
fsr-3825	79	22	’s	’s	PART
fsr-3825	79	23	measure	measure	NOUN
fsr-3825	79	24	,	,	PUNCT
fsr-3825	79	25	treynor	treynor	NOUN
fsr-3825	79	26	’s	’s	PART
fsr-3825	79	27	measure	measure	NOUN
fsr-3825	79	28	,	,	PUNCT
fsr-3825	79	29	and	and	CCONJ
fsr-3825	79	30	jensen	jensen	PROPN
fsr-3825	79	31	’s	’s	PART
fsr-3825	79	32	alpha	alpha	NOUN
fsr-3825	79	33	for	for	ADP
fsr-3825	79	34	use	use	NOUN
fsr-3825	79	35	as	as	ADP
fsr-3825	79	36	risk	risk	NOUN
fsr-3825	79	37	-	-	PUNCT
fsr-3825	79	38	adjusted	adjust	VERB
fsr-3825	79	39	perfor	perfor	NOUN
fsr-3825	79	40	mance	mance	NOUN
fsr-3825	79	41	measures	measure	NOUN
fsr-3825	79	42	for	for	ADP
fsr-3825	79	43	three	three	NUM
fsr-3825	79	44	primary	primary	ADJ
fsr-3825	79	45	reasons	reason	NOUN
fsr-3825	79	46	:	:	PUNCT
fsr-3825	80	1	1	1	X
fsr-3825	80	2	.	.	X
fsr-3825	80	3	the	the	DET
fsr-3825	80	4	performance	performance	NOUN
fsr-3825	80	5	of	of	ADP
fsr-3825	80	6	mutual	mutual	ADJ
fsr-3825	80	7	funds	fund	NOUN
fsr-3825	80	8	,	,	PUNCT
fsr-3825	80	9	especially	especially	ADV
fsr-3825	80	10	in	in	ADP
fsr-3825	80	11	the	the	DET
fsr-3825	80	12	popular	popular	ADJ
fsr-3825	80	13	press	press	NOUN
fsr-3825	80	14	,	,	PUNCT
fsr-3825	80	15	is	be	AUX
fsr-3825	80	16	almost	almost	ADV
fsr-3825	80	17	always	always	ADV
fsr-3825	80	18	judged	judge	VERB
fsr-3825	80	19	against	against	ADP
fsr-3825	80	20	an	an	DET
fsr-3825	80	21	index	index	NOUN
fsr-3825	80	22	(	(	PUNCT
fsr-3825	80	23	e.g.	e.g.	ADV
fsr-3825	80	24	the	the	DET
fsr-3825	80	25	eafe	eafe	NOUN
fsr-3825	80	26	or	or	CCONJ
fsr-3825	80	27	s&p	s&p	PROPN
fsr-3825	80	28	500	500	NUM
fsr-3825	80	29	)	)	PUNCT
fsr-3825	80	30	.	.	PUNCT
fsr-3825	81	1	2	2	X
fsr-3825	81	2	.	.	X
fsr-3825	81	3	bonds	bond	NOUN
fsr-3825	81	4	often	often	ADV
fsr-3825	81	5	form	form	VERB
fsr-3825	81	6	only	only	ADV
fsr-3825	81	7	part	part	NOUN
fsr-3825	81	8	of	of	ADP
fsr-3825	81	9	the	the	DET
fsr-3825	81	10	total	total	ADJ
fsr-3825	81	11	investment	investment	NOUN
fsr-3825	81	12	wealth	wealth	NOUN
fsr-3825	81	13	of	of	ADP
fsr-3825	81	14	an	an	DET
fsr-3825	81	15	individual	individual	NOUN
fsr-3825	81	16	.	.	PUNCT
fsr-3825	82	1	the	the	DET
fsr-3825	82	2	per	per	ADP
fsr-3825	82	3	formance	formance	NOUN
fsr-3825	82	4	of	of	ADP
fsr-3825	82	5	other	other	ADJ
fsr-3825	82	6	asset	asset	NOUN
fsr-3825	82	7	classes	class	NOUN
fsr-3825	82	8	,	,	PUNCT
fsr-3825	82	9	stocks	stock	NOUN
fsr-3825	82	10	for	for	ADP
fsr-3825	82	11	instance	instance	NOUN
fsr-3825	82	12	,	,	PUNCT
fsr-3825	82	13	is	be	AUX
fsr-3825	82	14	judged	judge	VERB
fsr-3825	82	15	relative	relative	ADJ
fsr-3825	82	16	to	to	ADP
fsr-3825	82	17	a	a	DET
fsr-3825	82	18	benchmark	benchmark	ADJ
fsr-3825	82	19	index	index	NOUN
fsr-3825	82	20	and	and	CCONJ
fsr-3825	82	21	it	it	PRON
fsr-3825	82	22	would	would	AUX
fsr-3825	82	23	be	be	AUX
fsr-3825	82	24	confusing	confusing	ADJ
fsr-3825	82	25	to	to	ADP
fsr-3825	82	26	the	the	DET
fsr-3825	82	27	individual	individual	ADJ
fsr-3825	82	28	investor	investor	NOUN
fsr-3825	82	29	to	to	PART
fsr-3825	82	30	use	use	VERB
fsr-3825	82	31	a	a	DET
fsr-3825	82	32	duration	duration	NOUN
fsr-3825	82	33	-	-	PUNCT
fsr-3825	82	34	based	base	VERB
fsr-3825	82	35	measure	measure	NOUN
fsr-3825	82	36	which	which	PRON
fsr-3825	82	37	is	be	AUX
fsr-3825	82	38	unrelated	unrelated	ADJ
fsr-3825	82	39	to	to	ADP
fsr-3825	82	40	the	the	DET
fsr-3825	82	41	measure	measure	NOUN
fsr-3825	82	42	of	of	ADP
fsr-3825	82	43	risk	risk	NOUN
fsr-3825	82	44	of	of	ADP
fsr-3825	82	45	other	other	ADJ
fsr-3825	82	46	asset	asset	NOUN
fsr-3825	82	47	classes	class	NOUN
fsr-3825	82	48	.	.	PUNCT
fsr-3825	83	1	moreover	moreover	ADV
fsr-3825	83	2	,	,	PUNCT
fsr-3825	83	3	duration	duration	NOUN
fsr-3825	83	4	is	be	AUX
fsr-3825	83	5	a	a	DET
fsr-3825	83	6	difficult	difficult	ADJ
fsr-3825	83	7	concept	concept	NOUN
fsr-3825	83	8	for	for	SCONJ
fsr-3825	83	9	the	the	DET
fsr-3825	83	10	individual	individual	ADJ
fsr-3825	83	11	investor	investor	NOUN
fsr-3825	83	12	to	to	PART
fsr-3825	83	13	comprehend	comprehend	VERB
fsr-3825	83	14	.	.	PUNCT
fsr-3825	84	1	market	market	NOUN
fsr-3825	84	2	knowledge	knowledge	NOUN
fsr-3825	84	3	189	189	NUM
fsr-3825	84	4	3	3	NUM
fsr-3825	84	5	.	.	PUNCT
fsr-3825	85	1	many	many	ADJ
fsr-3825	85	2	other	other	ADJ
fsr-3825	85	3	papers	paper	NOUN
fsr-3825	85	4	on	on	ADP
fsr-3825	85	5	bond	bond	NOUN
fsr-3825	85	6	portfolio	portfolio	NOUN
fsr-3825	85	7	performance	performance	NOUN
fsr-3825	85	8	evaluation	evaluation	NOUN
fsr-3825	85	9	,	,	PUNCT
fsr-3825	85	10	gudikunst	gudikunst	NOUN
fsr-3825	85	11	and	and	CCONJ
fsr-3825	85	12	mccarthy	mccarthy	PROPN
fsr-3825	85	13	(	(	PUNCT
fsr-3825	85	14	1992	1992	NUM
fsr-3825	85	15	)	)	PUNCT
fsr-3825	85	16	and	and	CCONJ
fsr-3825	85	17	blake	blake	PROPN
fsr-3825	85	18	,	,	PUNCT
fsr-3825	85	19	elton	elton	PROPN
fsr-3825	85	20	,	,	PUNCT
fsr-3825	85	21	and	and	CCONJ
fsr-3825	85	22	gruber	gruber	PROPN
fsr-3825	85	23	(	(	PUNCT
fsr-3825	85	24	1993	1993	NUM
fsr-3825	85	25	)	)	PUNCT
fsr-3825	85	26	,	,	PUNCT
fsr-3825	85	27	for	for	ADP
fsr-3825	85	28	example	example	NOUN
fsr-3825	85	29	,	,	PUNCT
fsr-3825	85	30	have	have	AUX
fsr-3825	85	31	used	use	VERB
fsr-3825	85	32	index	index	NOUN
fsr-3825	85	33	based	base	VERB
fsr-3825	85	34	models	model	NOUN
fsr-3825	85	35	in	in	ADP
fsr-3825	85	36	determining	determine	VERB
fsr-3825	85	37	the	the	DET
fsr-3825	85	38	risk	risk	NOUN
fsr-3825	85	39	of	of	ADP
fsr-3825	85	40	the	the	DET
fsr-3825	85	41	portfolio	portfolio	NOUN
fsr-3825	85	42	.	.	PUNCT
fsr-3825	86	1	by	by	ADP
fsr-3825	86	2	using	use	VERB
fsr-3825	86	3	the	the	DET
fsr-3825	86	4	index	index	NOUN
fsr-3825	86	5	model	model	NOUN
fsr-3825	86	6	we	we	PRON
fsr-3825	86	7	hope	hope	VERB
fsr-3825	86	8	to	to	PART
fsr-3825	86	9	add	add	VERB
fsr-3825	86	10	to	to	ADP
fsr-3825	86	11	this	this	DET
fsr-3825	86	12	body	body	NOUN
fsr-3825	86	13	of	of	ADP
fsr-3825	86	14	knowledge	knowledge	NOUN
fsr-3825	86	15	.	.	PUNCT
fsr-3825	87	1	one	one	NUM
fsr-3825	87	2	of	of	ADP
fsr-3825	87	3	the	the	DET
fsr-3825	87	4	criticisms	criticism	NOUN
fsr-3825	87	5	advanced	advance	VERB
fsr-3825	87	6	in	in	ADP
fsr-3825	87	7	the	the	DET
fsr-3825	87	8	evaluation	evaluation	NOUN
fsr-3825	87	9	of	of	ADP
fsr-3825	87	10	risk	risk	NOUN
fsr-3825	87	11	-	-	PUNCT
fsr-3825	87	12	adjusted	adjust	VERB
fsr-3825	87	13	returns	return	NOUN
fsr-3825	87	14	of	of	ADP
fsr-3825	87	15	a	a	DET
fsr-3825	87	16	managed	manage	VERB
fsr-3825	87	17	portfolio	portfolio	NOUN
fsr-3825	87	18	relative	relative	ADJ
fsr-3825	87	19	to	to	ADP
fsr-3825	87	20	an	an	DET
fsr-3825	87	21	index	index	NOUN
fsr-3825	87	22	is	be	AUX
fsr-3825	87	23	that	that	SCONJ
fsr-3825	87	24	the	the	DET
fsr-3825	87	25	index	index	NOUN
fsr-3825	87	26	is	be	AUX
fsr-3825	87	27	usually	usually	ADV
fsr-3825	87	28	uninvestible	uninvestible	ADJ
fsr-3825	87	29	and	and	CCONJ
fsr-3825	87	30	does	do	AUX
fsr-3825	87	31	not	not	PART
fsr-3825	87	32	reflect	reflect	VERB
fsr-3825	87	33	passive	passive	ADJ
fsr-3825	87	34	management	management	NOUN
fsr-3825	87	35	costs	cost	NOUN
fsr-3825	87	36	.	.	PUNCT
fsr-3825	88	1	to	to	PART
fsr-3825	88	2	address	address	VERB
fsr-3825	88	3	this	this	DET
fsr-3825	88	4	issue	issue	NOUN
fsr-3825	88	5	we	we	PRON
fsr-3825	88	6	reduced	reduce	VERB
fsr-3825	88	7	the	the	DET
fsr-3825	88	8	monthly	monthly	ADJ
fsr-3825	88	9	return	return	NOUN
fsr-3825	88	10	on	on	ADP
fsr-3825	88	11	the	the	DET
fsr-3825	88	12	unmanaged	unmanaged	ADJ
fsr-3825	88	13	index	index	NOUN
fsr-3825	88	14	by	by	ADP
fsr-3825	88	15	20	20	NUM
fsr-3825	88	16	basis	basis	NOUN
fsr-3825	88	17	points	point	NOUN
fsr-3825	88	18	per	per	ADP
fsr-3825	88	19	year	year	NOUN
fsr-3825	88	20	(	(	PUNCT
fsr-3825	88	21	see	see	VERB
fsr-3825	88	22	sharmin	sharmin	PROPN
fsr-3825	88	23	mossavar	mossavar	NOUN
fsr-3825	88	24	-	-	PUNCT
fsr-3825	88	25	rahmani	rahmani	NOUN
fsr-3825	88	26	(	(	PUNCT
fsr-3825	88	27	1987	1987	NUM
fsr-3825	88	28	)	)	PUNCT
fsr-3825	88	29	)	)	PUNCT
fsr-3825	88	30	to	to	PART
fsr-3825	88	31	reflect	reflect	VERB
fsr-3825	88	32	a	a	DET
fsr-3825	88	33	uniform	uniform	ADJ
fsr-3825	88	34	management	management	NOUN
fsr-3825	88	35	fee	fee	NOUN
fsr-3825	88	36	for	for	ADP
fsr-3825	88	37	the	the	DET
fsr-3825	88	38	index	index	NOUN
fsr-3825	88	39	.	.	PUNCT
fsr-3825	89	1	when	when	SCONJ
fsr-3825	89	2	comparing	compare	VERB
fsr-3825	89	3	the	the	DET
fsr-3825	89	4	performance	performance	NOUN
fsr-3825	89	5	of	of	ADP
fsr-3825	89	6	state	state	NOUN
fsr-3825	89	7	specific	specific	ADJ
fsr-3825	89	8	mutual	mutual	ADJ
fsr-3825	89	9	funds	fund	NOUN
fsr-3825	89	10	to	to	ADP
fsr-3825	89	11	the	the	DET
fsr-3825	89	12	lbmbi	lbmbi	NOUN
fsr-3825	89	13	,	,	PUNCT
fsr-3825	89	14	the	the	DET
fsr-3825	89	15	return	return	NOUN
fsr-3825	89	16	on	on	ADP
fsr-3825	89	17	the	the	DET
fsr-3825	89	18	index	index	NOUN
fsr-3825	89	19	was	be	AUX
fsr-3825	89	20	further	far	ADV
fsr-3825	89	21	reduced	reduce	VERB
fsr-3825	89	22	by	by	ADP
fsr-3825	89	23	the	the	DET
fsr-3825	89	24	highest	high	ADJ
fsr-3825	89	25	prevailing	prevail	VERB
fsr-3825	89	26	marginal	marginal	ADJ
fsr-3825	89	27	income	income	NOUN
fsr-3825	89	28	tax	tax	NOUN
fsr-3825	89	29	rate	rate	NOUN
fsr-3825	89	30	for	for	ADP
fsr-3825	89	31	the	the	DET
fsr-3825	89	32	year	year	NOUN
fsr-3825	89	33	in	in	ADP
fsr-3825	89	34	question	question	NOUN
fsr-3825	89	35	in	in	ADP
fsr-3825	89	36	the	the	DET
fsr-3825	89	37	state	state	NOUN
fsr-3825	89	38	.	.	PUNCT
fsr-3825	90	1	the	the	DET
fsr-3825	90	2	monthly	monthly	ADJ
fsr-3825	90	3	return	return	NOUN
fsr-3825	90	4	on	on	ADP
fsr-3825	90	5	the	the	DET
fsr-3825	90	6	lbmbi	lbmbi	NOUN
fsr-3825	90	7	was	be	AUX
fsr-3825	90	8	first	first	ADV
fsr-3825	90	9	reduced	reduce	VERB
fsr-3825	90	10	by	by	ADP
fsr-3825	90	11	20	20	NUM
fsr-3825	90	12	basis	basis	NOUN
fsr-3825	90	13	points	point	NOUN
fsr-3825	90	14	when	when	SCONJ
fsr-3825	90	15	using	use	VERB
fsr-3825	90	16	it	it	PRON
fsr-3825	90	17	as	as	ADP
fsr-3825	90	18	a	a	DET
fsr-3825	90	19	bench	bench	NOUN
fsr-3825	90	20	mark	mark	NOUN
fsr-3825	90	21	for	for	ADP
fsr-3825	90	22	national	national	ADJ
fsr-3825	90	23	funds	fund	NOUN
fsr-3825	90	24	(	(	PUNCT
fsr-3825	90	25	lbmbi	lbmbi	NOUN
fsr-3825	90	26	adj	adj	PROPN
fsr-3825	90	27	)	)	PUNCT
fsr-3825	90	28	.	.	PUNCT
fsr-3825	91	1	it	it	PRON
fsr-3825	91	2	was	be	AUX
fsr-3825	91	3	then	then	ADV
fsr-3825	91	4	reduced	reduce	VERB
fsr-3825	91	5	by	by	ADP
fsr-3825	91	6	20	20	NUM
fsr-3825	91	7	basis	basis	NOUN
fsr-3825	91	8	points	point	NOUN
fsr-3825	91	9	plus	plus	CCONJ
fsr-3825	91	10	the	the	DET
fsr-3825	91	11	highest	high	ADJ
fsr-3825	91	12	marginal	marginal	ADJ
fsr-3825	91	13	income	income	NOUN
fsr-3825	91	14	tax	tax	NOUN
fsr-3825	91	15	rate	rate	NOUN
fsr-3825	91	16	for	for	ADP
fsr-3825	91	17	the	the	DET
fsr-3825	91	18	state	state	NOUN
fsr-3825	91	19	in	in	ADP
fsr-3825	91	20	that	that	DET
fsr-3825	91	21	particular	particular	ADJ
fsr-3825	91	22	calendar	calendar	NOUN
fsr-3825	91	23	year	year	NOUN
fsr-3825	91	24	(	(	PUNCT
fsr-3825	91	25	lbmbi	lbmbi	PROPN
fsr-3825	91	26	adjl	adjl	PROPN
fsr-3825	91	27	&	&	CCONJ
fsr-3825	91	28	lbmbi	lbmbi	PROPN
fsr-3825	91	29	adj2	adj2	PROPN
fsr-3825	91	30	)	)	PUNCT
fsr-3825	91	31	.	.	PUNCT
fsr-3825	92	1	the	the	DET
fsr-3825	92	2	income	income	NOUN
fsr-3825	92	3	tax	tax	NOUN
fsr-3825	92	4	rate	rate	NOUN
fsr-3825	92	5	used	use	VERB
fsr-3825	92	6	for	for	ADP
fsr-3825	92	7	analyzing	analyze	VERB
fsr-3825	92	8	california	california	PROPN
fsr-3825	92	9	funds	fund	NOUN
fsr-3825	92	10	was	be	AUX
fsr-3825	92	11	11	11	NUM
fsr-3825	92	12	%	%	NOUN
fsr-3825	92	13	;	;	PUNCT
fsr-3825	92	14	for	for	ADP
fsr-3825	92	15	new	new	PROPN
fsr-3825	92	16	york	york	PROPN
fsr-3825	92	17	funds	fund	NOUN
fsr-3825	92	18	,	,	PUNCT
fsr-3825	92	19	it	it	PRON
fsr-3825	92	20	ranged	range	VERB
fsr-3825	92	21	from	from	ADP
fsr-3825	92	22	a	a	DET
fsr-3825	92	23	high	high	NOUN
fsr-3825	92	24	of	of	ADP
fsr-3825	92	25	8	8	NUM
fsr-3825	92	26	%	%	NOUN
fsr-3825	92	27	for	for	ADP
fsr-3825	92	28	1988	1988	NUM
fsr-3825	92	29	to	to	ADP
fsr-3825	92	30	a	a	DET
fsr-3825	92	31	low	low	NOUN
fsr-3825	92	32	of	of	ADP
fsr-3825	92	33	7.5	7.5	NUM
fsr-3825	92	34	%	%	NOUN
fsr-3825	92	35	for	for	ADP
fsr-3825	92	36	1995	1995	NUM
fsr-3825	92	37	.	.	PUNCT
fsr-3825	93	1	in	in	ADP
fsr-3825	93	2	performance	performance	NOUN
fsr-3825	93	3	measurement	measurement	NOUN
fsr-3825	93	4	studies	study	NOUN
fsr-3825	93	5	,	,	PUNCT
fsr-3825	93	6	an	an	DET
fsr-3825	93	7	inappropriate	inappropriate	ADJ
fsr-3825	93	8	benchmark	benchmark	NOUN
fsr-3825	93	9	choice	choice	NOUN
fsr-3825	93	10	likely	likely	ADV
fsr-3825	93	11	dis	dis	PROPN
fsr-3825	93	12	torts	torts	PROPN
fsr-3825	93	13	results	result	NOUN
fsr-3825	93	14	and	and	CCONJ
fsr-3825	93	15	conclusions	conclusion	NOUN
fsr-3825	93	16	(	(	PUNCT
fsr-3825	93	17	see	see	VERB
fsr-3825	93	18	lehman	lehman	NOUN
fsr-3825	93	19	and	and	CCONJ
fsr-3825	93	20	modest	modest	ADJ
fsr-3825	93	21	[	[	NOUN
fsr-3825	93	22	1987	1987	NUM
fsr-3825	93	23	]	]	PUNCT
fsr-3825	93	24	and	and	CCONJ
fsr-3825	93	25	grinblatt	grinblatt	NOUN
fsr-3825	93	26	and	and	CCONJ
fsr-3825	93	27	titman	titman	NOUN
fsr-3825	93	28	[	[	X
fsr-3825	93	29	1989	1989	NUM
fsr-3825	93	30	,	,	PUNCT
fsr-3825	93	31	19931	19931	NUM
fsr-3825	93	32	)	)	PUNCT
fsr-3825	93	33	.	.	PUNCT
fsr-3825	94	1	to	to	PART
fsr-3825	94	2	test	test	VERB
fsr-3825	94	3	the	the	DET
fsr-3825	94	4	validity	validity	NOUN
fsr-3825	94	5	of	of	ADP
fsr-3825	94	6	our	our	PRON
fsr-3825	94	7	benchmark	benchmark	NOUN
fsr-3825	94	8	-	-	PUNCT
fsr-3825	94	9	based	base	VERB
fsr-3825	94	10	,	,	PUNCT
fsr-3825	94	11	risk	risk	NOUN
fsr-3825	94	12	-	-	PUNCT
fsr-3825	94	13	adjusted	adjust	VERB
fsr-3825	94	14	performance	performance	NOUN
fsr-3825	94	15	measures	measure	NOUN
fsr-3825	94	16	and	and	CCONJ
fsr-3825	94	17	results	result	NOUN
fsr-3825	94	18	,	,	PUNCT
fsr-3825	94	19	we	we	PRON
fsr-3825	94	20	conducted	conduct	VERB
fsr-3825	94	21	non	non	ADJ
fsr-3825	94	22	-	-	ADJ
fsr-3825	94	23	parametric	parametric	ADJ
fsr-3825	94	24	,	,	PUNCT
fsr-3825	94	25	benchmark	benchmark	NOUN
fsr-3825	94	26	-	-	PUNCT
fsr-3825	94	27	independent	independent	ADJ
fsr-3825	94	28	,	,	PUNCT
fsr-3825	94	29	tests	test	NOUN
fsr-3825	94	30	of	of	ADP
fsr-3825	94	31	per	per	ADP
fsr-3825	94	32	formance	formance	NOUN
fsr-3825	94	33	comparison	comparison	NOUN
fsr-3825	94	34	.	.	PUNCT
fsr-3825	95	1	we	we	PRON
fsr-3825	95	2	used	use	VERB
fsr-3825	95	3	chi	chi	ADJ
fsr-3825	95	4	-	-	PUNCT
fsr-3825	95	5	square	square	ADJ
fsr-3825	95	6	tests	test	NOUN
fsr-3825	95	7	of	of	ADP
fsr-3825	95	8	independence	independence	NOUN
fsr-3825	95	9	to	to	PART
fsr-3825	95	10	evaluate	evaluate	VERB
fsr-3825	95	11	the	the	DET
fsr-3825	95	12	number	number	NOUN
fsr-3825	95	13	of	of	ADP
fsr-3825	95	14	funds	fund	NOUN
fsr-3825	95	15	having	have	VERB
fsr-3825	95	16	a	a	DET
fsr-3825	95	17	sharpe	sharpe	NOUN
fsr-3825	95	18	’s	’s	PART
fsr-3825	95	19	measure	measure	NOUN
fsr-3825	95	20	greater	great	ADJ
fsr-3825	95	21	than	than	ADP
fsr-3825	95	22	the	the	DET
fsr-3825	95	23	median	median	NOUN
fsr-3825	95	24	of	of	ADP
fsr-3825	95	25	the	the	DET
fsr-3825	95	26	mixed	mixed	ADJ
fsr-3825	95	27	sample	sample	NOUN
fsr-3825	95	28	.	.	PUNCT
fsr-3825	96	1	b	b	X
fsr-3825	96	2	)	)	PUNCT
fsr-3825	96	3	sample	sample	NOUN
fsr-3825	96	4	selection	selection	NOUN
fsr-3825	96	5	the	the	DET
fsr-3825	96	6	morningstar	morningstar	PROPN
fsr-3825	96	7	mutual	mutual	ADJ
fsr-3825	96	8	funds	fund	NOUN
fsr-3825	96	9	ondisc	ondisc	PROPN
fsr-3825	96	10	database	database	NOUN
fsr-3825	96	11	of	of	ADP
fsr-3825	96	12	july	july	PROPN
fsr-3825	96	13	1995	1995	NUM
fsr-3825	96	14	was	be	AUX
fsr-3825	96	15	the	the	DET
fsr-3825	96	16	source	source	NOUN
fsr-3825	96	17	for	for	ADP
fsr-3825	96	18	total	total	ADJ
fsr-3825	96	19	monthly	monthly	ADJ
fsr-3825	96	20	returns	return	NOUN
fsr-3825	96	21	.	.	PUNCT
fsr-3825	97	1	we	we	PRON
fsr-3825	97	2	selected	select	VERB
fsr-3825	97	3	mutual	mutual	ADJ
fsr-3825	97	4	funds	fund	NOUN
fsr-3825	97	5	which	which	PRON
fsr-3825	97	6	had	have	VERB
fsr-3825	97	7	the	the	DET
fsr-3825	97	8	objective	objective	NOUN
fsr-3825	97	9	of	of	ADP
fsr-3825	97	10	investing	invest	VERB
fsr-3825	97	11	in	in	ADP
fsr-3825	97	12	bonds	bond	NOUN
fsr-3825	97	13	whose	whose	DET
fsr-3825	97	14	coupon	coupon	NOUN
fsr-3825	97	15	payments	payment	NOUN
fsr-3825	97	16	were	be	AUX
fsr-3825	97	17	free	free	ADJ
fsr-3825	97	18	from	from	ADP
fsr-3825	97	19	federal	federal	ADJ
fsr-3825	97	20	income	income	NOUN
fsr-3825	97	21	taxes	taxis	NOUN
fsr-3825	97	22	and	and	CCONJ
fsr-3825	97	23	state	state	NOUN
fsr-3825	97	24	of	of	ADP
fsr-3825	97	25	california	california	PROPN
fsr-3825	97	26	and	and	CCONJ
fsr-3825	97	27	new	new	PROPN
fsr-3825	97	28	york	york	PROPN
fsr-3825	97	29	state	state	PROPN
fsr-3825	97	30	income	income	NOUN
fsr-3825	97	31	taxes	taxis	NOUN
fsr-3825	97	32	,	,	PUNCT
fsr-3825	97	33	respectively	respectively	ADV
fsr-3825	97	34	,	,	PUNCT
fsr-3825	97	35	and	and	CCONJ
fsr-3825	97	36	that	that	PRON
fsr-3825	97	37	were	be	AUX
fsr-3825	97	38	in	in	ADP
fsr-3825	97	39	existence	existence	NOUN
fsr-3825	97	40	on	on	ADP
fsr-3825	97	41	january	january	PROPN
fsr-3825	97	42	1	1	NUM
fsr-3825	97	43	,	,	PUNCT
fsr-3825	97	44	1988	1988	NUM
fsr-3825	97	45	.	.	PUNCT
fsr-3825	98	1	this	this	PRON
fsr-3825	98	2	gave	give	VERB
fsr-3825	98	3	us	we	PRON
fsr-3825	98	4	a	a	DET
fsr-3825	98	5	sample	sample	NOUN
fsr-3825	98	6	of	of	ADP
fsr-3825	98	7	153	153	NUM
fsr-3825	98	8	national	national	ADJ
fsr-3825	98	9	,	,	PUNCT
fsr-3825	98	10	36	36	NUM
fsr-3825	98	11	new	new	PROPN
fsr-3825	98	12	york	york	PROPN
fsr-3825	98	13	,	,	PUNCT
fsr-3825	98	14	and	and	CCONJ
fsr-3825	98	15	42	42	NUM
fsr-3825	98	16	california	california	PROPN
fsr-3825	98	17	funds	fund	NOUN
fsr-3825	98	18	.	.	PUNCT
fsr-3825	99	1	from	from	ADP
fsr-3825	99	2	the	the	DET
fsr-3825	99	3	preceding	precede	VERB
fsr-3825	99	4	sample	sample	NOUN
fsr-3825	99	5	,	,	PUNCT
fsr-3825	99	6	funds	fund	NOUN
fsr-3825	99	7	with	with	ADP
fsr-3825	99	8	available	available	ADJ
fsr-3825	99	9	returns	return	NOUN
fsr-3825	99	10	for	for	ADP
fsr-3825	99	11	all	all	DET
fsr-3825	99	12	ninety	ninety	NUM
fsr-3825	99	13	months	month	NOUN
fsr-3825	99	14	for	for	ADP
fsr-3825	99	15	the	the	DET
fsr-3825	99	16	period	period	NOUN
fsr-3825	99	17	from	from	ADP
fsr-3825	99	18	january	january	PROPN
fsr-3825	99	19	,	,	PUNCT
fsr-3825	99	20	1988	1988	NUM
fsr-3825	99	21	to	to	ADP
fsr-3825	99	22	june	june	PROPN
fsr-3825	99	23	,	,	PUNCT
fsr-3825	99	24	1995	1995	NUM
fsr-3825	99	25	were	be	AUX
fsr-3825	99	26	selected	select	VERB
fsr-3825	99	27	.	.	PUNCT
fsr-3825	100	1	this	this	PRON
fsr-3825	100	2	provided	provide	VERB
fsr-3825	100	3	a	a	DET
fsr-3825	100	4	sample	sample	NOUN
fsr-3825	100	5	of	of	ADP
fsr-3825	100	6	152	152	NUM
fsr-3825	100	7	national	national	ADJ
fsr-3825	100	8	,	,	PUNCT
fsr-3825	100	9	36	36	NUM
fsr-3825	100	10	new	new	PROPN
fsr-3825	100	11	york	york	PROPN
fsr-3825	100	12	,	,	PUNCT
fsr-3825	100	13	and	and	CCONJ
fsr-3825	100	14	42	42	NUM
fsr-3825	100	15	california	california	PROPN
fsr-3825	100	16	funds	fund	NOUN
fsr-3825	100	17	.	.	PUNCT
fsr-3825	101	1	only	only	ADV
fsr-3825	101	2	one	one	NUM
fsr-3825	101	3	mutual	mutual	ADJ
fsr-3825	101	4	fund	fund	NOUN
fsr-3825	101	5	(	(	PUNCT
fsr-3825	101	6	mackenzie	mackenzie	NOUN
fsr-3825	101	7	limited	limit	VERB
fsr-3825	101	8	term	term	NOUN
fsr-3825	101	9	municipal	municipal	ADJ
fsr-3825	101	10	a	a	NOUN
fsr-3825	101	11	)	)	PUNCT
fsr-3825	101	12	was	be	AUX
fsr-3825	101	13	lost	lose	VERB
fsr-3825	101	14	to	to	ADP
fsr-3825	101	15	attrition	attrition	NOUN
fsr-3825	101	16	.	.	PUNCT
fsr-3825	102	1	the	the	DET
fsr-3825	102	2	sample	sample	NOUN
fsr-3825	102	3	is	be	AUX
fsr-3825	102	4	,	,	PUNCT
fsr-3825	102	5	therefore	therefore	ADV
fsr-3825	102	6	,	,	PUNCT
fsr-3825	102	7	relatively	relatively	ADV
fsr-3825	102	8	free	free	ADJ
fsr-3825	102	9	from	from	ADP
fsr-3825	102	10	survivor	survivor	NOUN
fsr-3825	102	11	ship	ship	NOUN
fsr-3825	102	12	bias	bias	NOUN
fsr-3825	102	13	for	for	ADP
fsr-3825	102	14	the	the	DET
fsr-3825	102	15	period	period	NOUN
fsr-3825	102	16	of	of	ADP
fsr-3825	102	17	the	the	DET
fsr-3825	102	18	study	study	NOUN
fsr-3825	102	19	.	.	PUNCT
fsr-3825	103	1	monthly	monthly	ADJ
fsr-3825	103	2	returns	return	NOUN
fsr-3825	103	3	on	on	ADP
fsr-3825	103	4	90	90	NUM
fsr-3825	103	5	-	-	PUNCT
fsr-3825	103	6	day	day	NOUN
fsr-3825	103	7	u.s	u.s	PROPN
fsr-3825	103	8	.	.	PROPN
fsr-3825	103	9	treasury	treasury	PROPN
fsr-3825	103	10	bills	bill	NOUN
fsr-3825	103	11	were	be	AUX
fsr-3825	103	12	obtained	obtain	VERB
fsr-3825	103	13	from	from	ADP
fsr-3825	103	14	lbbotson	lbbotson	PROPN
fsr-3825	103	15	associ	associ	PROPN
fsr-3825	103	16	ates	ates	PROPN
fsr-3825	103	17	,	,	PUNCT
fsr-3825	103	18	and	and	CCONJ
fsr-3825	103	19	monthly	monthly	ADJ
fsr-3825	103	20	returns	return	NOUN
fsr-3825	103	21	on	on	ADP
fsr-3825	103	22	the	the	DET
fsr-3825	103	23	lbmbi	lbmbi	NOUN
fsr-3825	103	24	were	be	AUX
fsr-3825	103	25	provided	provide	VERB
fsr-3825	103	26	by	by	ADP
fsr-3825	103	27	the	the	DET
fsr-3825	103	28	lehman	lehman	PROPN
fsr-3825	103	29	brothers	brothers	PROPN
fsr-3825	103	30	fixed	fix	VERB
fsr-3825	103	31	income	income	PROPN
fsr-3825	103	32	research	research	PROPN
fsr-3825	103	33	department	department	PROPN
fsr-3825	103	34	.	.	PUNCT
fsr-3825	104	1	the	the	DET
fsr-3825	104	2	lbmbi	lbmbi	NOUN
fsr-3825	104	3	consists	consist	VERB
fsr-3825	104	4	of	of	ADP
fsr-3825	104	5	approximately	approximately	ADV
fsr-3825	104	6	25,000	25,000	NUM
fsr-3825	104	7	municipal	municipal	ADJ
fsr-3825	104	8	bond	bond	NOUN
fsr-3825	104	9	issues	issue	NOUN
fsr-3825	104	10	with	with	ADP
fsr-3825	104	11	a	a	DET
fsr-3825	104	12	market	market	NOUN
fsr-3825	104	13	value	value	NOUN
fsr-3825	104	14	totaling	total	VERB
fsr-3825	104	15	$	$	SYM
fsr-3825	104	16	400	400	NUM
fsr-3825	104	17	billion	billion	NUM
fsr-3825	104	18	.	.	PUNCT
fsr-3825	105	1	inclusion	inclusion	NOUN
fsr-3825	105	2	in	in	ADP
fsr-3825	105	3	the	the	DET
fsr-3825	105	4	index	index	NOUN
fsr-3825	105	5	requires	require	VERB
fsr-3825	105	6	an	an	DET
fsr-3825	105	7	issue	issue	NOUN
fsr-3825	105	8	to	to	PART
fsr-3825	105	9	have	have	VERB
fsr-3825	105	10	a	a	DET
fsr-3825	105	11	credit	credit	NOUN
fsr-3825	105	12	rating	rating	NOUN
fsr-3825	105	13	of	of	ADP
fsr-3825	105	14	baa3	baa3	PROPN
fsr-3825	105	15	or	or	CCONJ
fsr-3825	105	16	better	well	ADJ
fsr-3825	105	17	,	,	PUNCT
fsr-3825	105	18	an	an	DET
fsr-3825	105	19	outstanding	outstanding	ADJ
fsr-3825	105	20	par	par	NOUN
fsr-3825	105	21	value	value	NOUN
fsr-3825	105	22	of	of	ADP
fsr-3825	105	23	at	at	ADV
fsr-3825	105	24	least	least	ADV
fsr-3825	105	25	$	$	SYM
fsr-3825	105	26	3	3	NUM
fsr-3825	105	27	mil	mil	NOUN
fsr-3825	105	28	lion	lion	NOUN
fsr-3825	105	29	,	,	PUNCT
fsr-3825	105	30	and	and	CCONJ
fsr-3825	105	31	the	the	DET
fsr-3825	105	32	issue	issue	NOUN
fsr-3825	105	33	must	must	AUX
fsr-3825	105	34	have	have	AUX
fsr-3825	105	35	been	be	AUX
fsr-3825	105	36	part	part	NOUN
fsr-3825	105	37	of	of	ADP
fsr-3825	105	38	a	a	DET
fsr-3825	105	39	deal	deal	NOUN
fsr-3825	105	40	of	of	ADP
fsr-3825	105	41	at	at	ADV
fsr-3825	105	42	least	least	ADV
fsr-3825	105	43	$	$	SYM
fsr-3825	105	44	50	50	NUM
fsr-3825	105	45	million	million	NUM
fsr-3825	105	46	.	.	PUNCT
fsr-3825	106	1	the	the	DET
fsr-3825	106	2	bonds	bond	NOUN
fsr-3825	106	3	must	must	AUX
fsr-3825	106	4	also	also	ADV
fsr-3825	106	5	have	have	AUX
fsr-3825	106	6	been	be	AUX
fsr-3825	106	7	issued	issue	VERB
fsr-3825	106	8	within	within	ADP
fsr-3825	106	9	the	the	DET
fsr-3825	106	10	past	past	ADJ
fsr-3825	106	11	five	five	NUM
fsr-3825	106	12	years	year	NOUN
fsr-3825	106	13	and	and	CCONJ
fsr-3825	106	14	must	must	AUX
fsr-3825	106	15	have	have	VERB
fsr-3825	106	16	at	at	ADV
fsr-3825	106	17	least	least	ADV
fsr-3825	106	18	one	one	NUM
fsr-3825	106	19	year	year	NOUN
fsr-3825	106	20	remaining	remain	VERB
fsr-3825	106	21	until	until	ADP
fsr-3825	106	22	maturity	maturity	NOUN
fsr-3825	106	23	.	.	PUNCT
fsr-3825	107	1	the	the	DET
fsr-3825	107	2	index	index	NOUN
fsr-3825	107	3	includes	include	VERB
fsr-3825	107	4	general	general	ADJ
fsr-3825	107	5	obligation	obligation	NOUN
fsr-3825	107	6	,	,	PUNCT
fsr-3825	107	7	revenue	revenue	NOUN
fsr-3825	107	8	,	,	PUNCT
fsr-3825	107	9	insured	insure	VERB
fsr-3825	107	10	,	,	PUNCT
fsr-3825	107	11	and	and	CCONJ
fsr-3825	107	12	pre	pre	ADJ
fsr-3825	107	13	-	-	ADJ
fsr-3825	107	14	funded	funded	ADJ
fsr-3825	107	15	bonds	bond	NOUN
fsr-3825	107	16	;	;	PUNCT
fsr-3825	107	17	the	the	DET
fsr-3825	107	18	index	index	NOUN
fsr-3825	107	19	excludes	exclude	VERB
fsr-3825	107	20	bonds	bond	NOUN
fsr-3825	107	21	subject	subject	ADJ
fsr-3825	107	22	to	to	ADP
fsr-3825	107	23	alternative	alternative	ADJ
fsr-3825	107	24	minimum	minimum	ADJ
fsr-3825	107	25	tax	tax	NOUN
fsr-3825	107	26	,	,	PUNCT
fsr-3825	107	27	taxable	taxable	ADJ
fsr-3825	107	28	municipal	municipal	ADJ
fsr-3825	107	29	bonds	bond	NOUN
fsr-3825	107	30	,	,	PUNCT
fsr-3825	107	31	and	and	CCONJ
fsr-3825	107	32	bonds	bond	NOUN
fsr-3825	107	33	with	with	ADP
fsr-3825	107	34	floating	float	VERB
fsr-3825	107	35	or	or	CCONJ
fsr-3825	107	36	zero	zero	NUM
fsr-3825	107	37	coupons	coupon	NOUN
fsr-3825	107	38	.	.	PUNCT
fsr-3825	108	1	statistics	statistic	NOUN
fsr-3825	108	2	on	on	ADP
fsr-3825	108	3	the	the	DET
fsr-3825	108	4	index	index	NOUN
fsr-3825	108	5	are	be	AUX
fsr-3825	108	6	calculated	calculate	VERB
fsr-3825	108	7	at	at	ADP
fsr-3825	108	8	mid	mid	NOUN
fsr-3825	108	9	-	-	NOUN
fsr-3825	108	10	month	month	NOUN
fsr-3825	108	11	and	and	CCONJ
fsr-3825	108	12	at	at	ADP
fsr-3825	108	13	each	each	DET
fsr-3825	108	14	month	month	NOUN
fsr-3825	108	15	-	-	PUNCT
fsr-3825	108	16	end	end	NOUN
fsr-3825	108	17	(	(	PUNCT
fsr-3825	108	18	a	a	DET
fsr-3825	108	19	guide	guide	NOUN
fsr-3825	108	20	to	to	ADP
fsr-3825	108	21	the	the	DET
fsr-3825	108	22	lehman	lehman	PROPN
fsr-3825	108	23	brothers	brothers	PROPN
fsr-3825	108	24	family	family	NOUN
fsr-3825	108	25	of	of	ADP
fsr-3825	108	26	fixed	fix	VERB
fsr-3825	108	27	income	income	NOUN
fsr-3825	108	28	indices	index	NOUN
fsr-3825	108	29	,	,	PUNCT
fsr-3825	108	30	190	190	NUM
fsr-3825	108	31	financial	financial	ADJ
fsr-3825	108	32	services	service	NOUN
fsr-3825	108	33	review	review	VERB
fsr-3825	108	34	6(3	6(3	NUM
fsr-3825	108	35	)	)	PUNCT
fsr-3825	108	36	1998	1998	NUM
fsr-3825	108	37	1994	1994	NUM
fsr-3825	108	38	)	)	PUNCT
fsr-3825	108	39	.	.	PUNCT
fsr-3825	109	1	we	we	PRON
fsr-3825	109	2	know	know	VERB
fsr-3825	109	3	of	of	ADP
fsr-3825	109	4	no	no	DET
fsr-3825	109	5	indexed	index	VERB
fsr-3825	109	6	municipal	municipal	ADJ
fsr-3825	109	7	bond	bond	NOUN
fsr-3825	109	8	mutual	mutual	ADJ
fsr-3825	109	9	fund	fund	NOUN
fsr-3825	109	10	currently	currently	ADV
fsr-3825	109	11	available	available	ADJ
fsr-3825	109	12	to	to	ADP
fsr-3825	109	13	individ	individ	PROPN
fsr-3825	109	14	ual	ual	ADJ
fsr-3825	109	15	investors	investor	NOUN
fsr-3825	109	16	.	.	PUNCT
fsr-3825	110	1	cross	cross	ADJ
fsr-3825	110	2	-	-	ADJ
fsr-3825	110	3	sectional	sectional	ADJ
fsr-3825	110	4	data	datum	NOUN
fsr-3825	110	5	for	for	ADP
fsr-3825	110	6	the	the	DET
fsr-3825	110	7	chi	chi	ADJ
fsr-3825	110	8	-	-	PUNCT
fsr-3825	110	9	square	square	ADJ
fsr-3825	110	10	tests	test	NOUN
fsr-3825	110	11	of	of	ADP
fsr-3825	110	12	independence	independence	NOUN
fsr-3825	110	13	were	be	AUX
fsr-3825	110	14	obtained	obtain	VERB
fsr-3825	110	15	from	from	ADP
fsr-3825	110	16	the	the	DET
fsr-3825	110	17	morningstar	morningstar	PROPN
fsr-3825	110	18	mutual	mutual	ADJ
fsr-3825	110	19	funds	fund	NOUN
fsr-3825	110	20	ondisc	ondisc	PROPN
fsr-3825	110	21	database	database	NOUN
fsr-3825	110	22	of	of	ADP
fsr-3825	110	23	july	july	PROPN
fsr-3825	110	24	1995	1995	NUM
fsr-3825	110	25	.	.	PUNCT
fsr-3825	111	1	iv	iv	X
fsr-3825	111	2	.	.	PUNCT
fsr-3825	111	3	empirical	empirical	PROPN
fsr-3825	111	4	results	result	NOUN
fsr-3825	111	5	a	a	DET
fsr-3825	111	6	)	)	PUNCT
fsr-3825	111	7	descriptive	descriptive	ADJ
fsr-3825	111	8	statistics	statistic	NOUN
fsr-3825	111	9	and	and	CCONJ
fsr-3825	111	10	total	total	ADJ
fsr-3825	111	11	returns	return	NOUN
fsr-3825	111	12	demographic	demographic	ADJ
fsr-3825	111	13	,	,	PUNCT
fsr-3825	111	14	total	total	ADJ
fsr-3825	111	15	return	return	NOUN
fsr-3825	111	16	information	information	NOUN
fsr-3825	111	17	,	,	PUNCT
fsr-3825	111	18	and	and	CCONJ
fsr-3825	111	19	other	other	ADJ
fsr-3825	111	20	descriptive	descriptive	ADJ
fsr-3825	111	21	statistics	statistic	NOUN
fsr-3825	111	22	on	on	ADP
fsr-3825	111	23	the	the	DET
fsr-3825	111	24	lbmbi	lbmbi	NOUN
fsr-3825	111	25	and	and	CCONJ
fsr-3825	111	26	the	the	DET
fsr-3825	111	27	three	three	NUM
fsr-3825	111	28	sets	set	NOUN
fsr-3825	111	29	of	of	ADP
fsr-3825	111	30	mutual	mutual	ADJ
fsr-3825	111	31	funds	fund	NOUN
fsr-3825	111	32	appear	appear	VERB
fsr-3825	111	33	in	in	ADP
fsr-3825	111	34	table	table	NOUN
fsr-3825	111	35	1	1	NUM
fsr-3825	111	36	.	.	PUNCT
fsr-3825	112	1	as	as	SCONJ
fsr-3825	112	2	the	the	DET
fsr-3825	112	3	table	table	NOUN
fsr-3825	112	4	shows	show	VERB
fsr-3825	112	5	,	,	PUNCT
fsr-3825	112	6	all	all	DET
fsr-3825	112	7	groups	group	NOUN
fsr-3825	112	8	of	of	ADP
fsr-3825	112	9	funds	fund	NOUN
fsr-3825	112	10	have	have	AUX
fsr-3825	112	11	mean	mean	VERB
fsr-3825	112	12	monthly	monthly	ADJ
fsr-3825	112	13	returns	return	NOUN
fsr-3825	112	14	lower	low	ADJ
fsr-3825	112	15	than	than	ADP
fsr-3825	112	16	that	that	PRON
fsr-3825	112	17	of	of	ADP
fsr-3825	112	18	the	the	DET
fsr-3825	112	19	index	index	NOUN
fsr-3825	112	20	,	,	PUNCT
fsr-3825	112	21	while	while	SCONJ
fsr-3825	112	22	both	both	DET
fsr-3825	112	23	new	new	PROPN
fsr-3825	112	24	york	york	PROPN
fsr-3825	112	25	and	and	CCONJ
fsr-3825	112	26	califor	califor	PROPN
fsr-3825	112	27	nia	nia	PROPN
fsr-3825	112	28	funds	fund	NOUN
fsr-3825	112	29	have	have	VERB
fsr-3825	112	30	a	a	DET
fsr-3825	112	31	higher	high	ADJ
fsr-3825	112	32	total	total	ADJ
fsr-3825	112	33	risk	risk	NOUN
fsr-3825	112	34	,	,	PUNCT
fsr-3825	112	35	as	as	SCONJ
fsr-3825	112	36	measured	measure	VERB
fsr-3825	112	37	by	by	ADP
fsr-3825	112	38	the	the	DET
fsr-3825	112	39	standard	standard	ADJ
fsr-3825	112	40	deviation	deviation	NOUN
fsr-3825	112	41	of	of	ADP
fsr-3825	112	42	their	their	PRON
fsr-3825	112	43	monthly	monthly	ADJ
fsr-3825	112	44	returns	return	NOUN
fsr-3825	112	45	.	.	PUNCT
fsr-3825	113	1	a	a	DET
fsr-3825	113	2	majority	majority	NOUN
fsr-3825	113	3	of	of	ADP
fsr-3825	113	4	funds	fund	NOUN
fsr-3825	113	5	in	in	ADP
fsr-3825	113	6	each	each	DET
fsr-3825	113	7	group	group	NOUN
fsr-3825	113	8	carried	carry	VERB
fsr-3825	113	9	greater	great	ADJ
fsr-3825	113	10	total	total	ADJ
fsr-3825	113	11	risk	risk	NOUN
fsr-3825	113	12	than	than	ADP
fsr-3825	113	13	that	that	PRON
fsr-3825	113	14	of	of	ADP
fsr-3825	113	15	the	the	DET
fsr-3825	113	16	index	index	NOUN
fsr-3825	113	17	,	,	PUNCT
fsr-3825	113	18	while	while	SCONJ
fsr-3825	113	19	only	only	ADV
fsr-3825	113	20	a	a	DET
fsr-3825	113	21	small	small	ADJ
fsr-3825	113	22	percentage	percentage	NOUN
fsr-3825	113	23	provided	provide	VERB
fsr-3825	113	24	a	a	DET
fsr-3825	113	25	comparatively	comparatively	ADV
fsr-3825	113	26	greater	great	ADJ
fsr-3825	113	27	return	return	NOUN
fsr-3825	113	28	as	as	ADP
fsr-3825	113	29	compensation	compensation	NOUN
fsr-3825	113	30	.	.	PUNCT
fsr-3825	114	1	b	b	X
fsr-3825	114	2	)	)	PUNCT
fsr-3825	114	3	risk	risk	NOUN
fsr-3825	114	4	-	-	PUNCT
fsr-3825	114	5	adjusted	adjust	VERB
fsr-3825	114	6	performance	performance	NOUN
fsr-3825	114	7	using	use	VERB
fsr-3825	114	8	the	the	DET
fsr-3825	114	9	90	90	NUM
fsr-3825	114	10	monthly	monthly	ADJ
fsr-3825	114	11	returns	return	NOUN
fsr-3825	114	12	for	for	ADP
fsr-3825	114	13	each	each	DET
fsr-3825	114	14	fund	fund	NOUN
fsr-3825	114	15	and	and	CCONJ
fsr-3825	114	16	the	the	DET
fsr-3825	114	17	monthly	monthly	ADJ
fsr-3825	114	18	return	return	NOUN
fsr-3825	114	19	on	on	ADP
fsr-3825	114	20	the	the	DET
fsr-3825	114	21	90	90	NUM
fsr-3825	114	22	-	-	PUNCT
fsr-3825	114	23	day	day	NOUN
fsr-3825	114	24	u.s	u.s	PROPN
fsr-3825	114	25	.	.	PROPN
fsr-3825	114	26	treasury	treasury	PROPN
fsr-3825	114	27	bill	bill	NOUN
fsr-3825	114	28	,	,	PUNCT
fsr-3825	114	29	three	three	NUM
fsr-3825	114	30	risk	risk	NOUN
fsr-3825	114	31	-	-	PUNCT
fsr-3825	114	32	adjusted	adjust	VERB
fsr-3825	114	33	measures	measure	NOUN
fsr-3825	114	34	of	of	ADP
fsr-3825	114	35	performance	performance	NOUN
fsr-3825	114	36	were	be	AUX
fsr-3825	114	37	calculated	calculate	VERB
fsr-3825	114	38	.	.	PUNCT
fsr-3825	115	1	the	the	DET
fsr-3825	115	2	total	total	ADJ
fsr-3825	115	3	monthly	monthly	ADJ
fsr-3825	115	4	returns	return	NOUN
fsr-3825	115	5	on	on	ADP
fsr-3825	115	6	the	the	DET
fsr-3825	115	7	portfolio	portfolio	NOUN
fsr-3825	115	8	were	be	AUX
fsr-3825	115	9	used	use	VERB
fsr-3825	115	10	to	to	PART
fsr-3825	115	11	calculate	calculate	VERB
fsr-3825	115	12	the	the	DET
fsr-3825	115	13	standard	standard	ADJ
fsr-3825	115	14	deviation	deviation	NOUN
fsr-3825	115	15	used	use	VERB
fsr-3825	115	16	in	in	ADP
fsr-3825	115	17	table	table	NOUN
fsr-3825	115	18	1	1	NUM
fsr-3825	115	19	fund	fund	NOUN
fsr-3825	115	20	demographics	demographic	NOUN
fsr-3825	115	21	amd	amd	VERB
fsr-3825	115	22	returns	return	NOUN
fsr-3825	115	23	(	(	PUNCT
fsr-3825	115	24	total	total	ADJ
fsr-3825	115	25	and	and	CCONJ
fsr-3825	115	26	risk	risk	NOUN
fsr-3825	115	27	adjusted	adjust	VERB
fsr-3825	115	28	)	)	PUNCT
fsr-3825	115	29	(	(	PUNCT
fsr-3825	115	30	all	all	DET
fsr-3825	115	31	returns	return	NOUN
fsr-3825	115	32	are	be	AUX
fsr-3825	115	33	based	base	VERB
fsr-3825	115	34	on	on	ADP
fsr-3825	115	35	monthly	monthly	ADJ
fsr-3825	115	36	observations	observation	NOUN
fsr-3825	115	37	)	)	PUNCT
fsr-3825	115	38	lbmbi	lbmbi	PROPN
fsr-3825	115	39	national	national	PROPN
fsr-3825	115	40	new	new	PROPN
fsr-3825	115	41	york	york	PROPN
fsr-3825	115	42	california	california	PROPN
fsr-3825	115	43	number	number	NOUN
fsr-3825	115	44	of	of	ADP
fsr-3825	115	45	funds	fund	NOUN
fsr-3825	115	46	152	152	NUM
fsr-3825	115	47	36	36	NUM
fsr-3825	115	48	42	42	NUM
fsr-3825	115	49	mean	mean	NOUN
fsr-3825	115	50	fund	fund	NOUN
fsr-3825	115	51	size	size	NOUN
fsr-3825	115	52	(	(	PUNCT
fsr-3825	115	53	$	$	SYM
fsr-3825	115	54	millions	million	NOUN
fsr-3825	115	55	)	)	PUNCT
fsr-3825	115	56	756.08	756.08	NUM
fsr-3825	115	57	507.39	507.39	NUM
fsr-3825	115	58	723.20	723.20	NUM
fsr-3825	115	59	average	average	ADJ
fsr-3825	115	60	maturity	maturity	NOUN
fsr-3825	115	61	(	(	PUNCT
fsr-3825	115	62	years	year	NOUN
fsr-3825	115	63	)	)	PUNCT
fsr-3825	115	64	16.06	16.06	NUM
fsr-3825	115	65	18.63	18.63	NUM
fsr-3825	115	66	19.16	19.16	NUM
fsr-3825	115	67	mean	mean	NOUN
fsr-3825	115	68	expense	expense	NOUN
fsr-3825	115	69	ratio	ratio	NOUN
fsr-3825	115	70	0.84	0.84	NUM
fsr-3825	115	71	%	%	NOUN
fsr-3825	115	72	0.86	0.86	NUM
fsr-3825	115	73	%	%	NOUN
fsr-3825	115	74	0.82	0.82	NUM
fsr-3825	115	75	%	%	NOUN
fsr-3825	115	76	average	average	ADJ
fsr-3825	115	77	manager	manager	NOUN
fsr-3825	115	78	tenure	tenure	NOUN
fsr-3825	115	79	(	(	PUNCT
fsr-3825	115	80	years	year	NOUN
fsr-3825	115	81	)	)	PUNCT
fsr-3825	115	82	6.93	6.93	NUM
fsr-3825	115	83	7.08	7.08	NUM
fsr-3825	115	84	6.57	6.57	NUM
fsr-3825	115	85	mean	mean	NOUN
fsr-3825	115	86	return	return	PROPN
fsr-3825	115	87	awi	awi	PROPN
fsr-3825	115	88	&	&	CCONJ
fsr-3825	115	89	0.64	0.64	NUM
fsr-3825	115	90	%	%	NOUN
fsr-3825	115	91	*	*	PROPN
fsr-3825	115	92	0.66	0.66	NUM
fsr-3825	115	93	%	%	NOUN
fsr-3825	115	94	*	*	NOUN
fsr-3825	115	95	0.66%%	0.66%%	NUM
fsr-3825	116	1	std	std	NOUN
fsr-3825	116	2	.	.	PUNCT
fsr-3825	116	3	deviation	deviation	NOUN
fsr-3825	116	4	of	of	ADP
fsr-3825	116	5	returns	return	NOUN
fsr-3825	116	6	(	(	PUNCT
fsr-3825	116	7	mean	mean	NOUN
fsr-3825	116	8	)	)	PUNCT
fsr-3825	116	9	135	135	NUM
fsr-3825	116	10	%	%	NOUN
fsr-3825	116	11	1.34	1.34	NUM
fsr-3825	116	12	%	%	NOUN
fsr-3825	116	13	1.55	1.55	NUM
fsr-3825	116	14	%	%	NOUN
fsr-3825	116	15	1.59	1.59	NUM
fsr-3825	116	16	%	%	NOUN
fsr-3825	116	17	funds	fund	NOUN
fsr-3825	116	18	with	with	ADP
fsr-3825	116	19	average	average	ADJ
fsr-3825	116	20	return	return	NOUN
fsr-3825	116	21	>	>	X
fsr-3825	116	22	mean	mean	PROPN
fsr-3825	116	23	lbmbi	lbmbi	PROPN
fsr-3825	116	24	ret	ret	PROPN
fsr-3825	116	25	33	33	NUM
fsr-3825	116	26	(	(	PUNCT
fsr-3825	116	27	21.71	21.71	NUM
fsr-3825	116	28	%	%	NOUN
fsr-3825	116	29	)	)	PUNCT
fsr-3825	116	30	5	5	NUM
fsr-3825	116	31	(	(	PUNCT
fsr-3825	116	32	13.89	13.89	NUM
fsr-3825	116	33	%	%	NOUN
fsr-3825	116	34	)	)	PUNCT
fsr-3825	116	35	6	6	NUM
fsr-3825	116	36	(	(	PUNCT
fsr-3825	116	37	14.28	14.28	NUM
fsr-3825	116	38	%	%	NOUN
fsr-3825	116	39	)	)	PUNCT
fsr-3825	116	40	funds	fund	NOUN
fsr-3825	116	41	with	with	ADP
fsr-3825	116	42	std	std	PROPN
fsr-3825	116	43	.	.	PROPN
fsr-3825	116	44	dev	dev	PROPN
fsr-3825	116	45	.	.	PUNCT
fsr-3825	117	1	>	>	X
fsr-3825	118	1	std	std	PROPN
fsr-3825	118	2	.	.	PROPN
fsr-3825	118	3	dev	dev	PROPN
fsr-3825	118	4	.	.	PROPN
fsr-3825	119	1	of	of	ADP
fsr-3825	119	2	lbmbi	lbmbi	PROPN
fsr-3825	119	3	85	85	NUM
fsr-3825	119	4	(	(	PUNCT
fsr-3825	119	5	55.92	55.92	NUM
fsr-3825	119	6	%	%	NOUN
fsr-3825	119	7	)	)	PUNCT
fsr-3825	119	8	31(86.11	31(86.11	NUM
fsr-3825	119	9	%	%	NOUN
fsr-3825	119	10	)	)	PUNCT
fsr-3825	119	11	37	37	NUM
fsr-3825	119	12	(	(	PUNCT
fsr-3825	119	13	88.09	88.09	NUM
fsr-3825	119	14	%	%	NOUN
fsr-3825	119	15	)	)	PUNCT
fsr-3825	119	16	mean	mean	PROPN
fsr-3825	119	17	sharpe	sharpe	PROPN
fsr-3825	119	18	’s	’s	PART
fsr-3825	119	19	ratio	ratio	NOUN
fsr-3825	119	20	0.18	0.18	NUM
fsr-3825	119	21	0.13	0.13	NUM
fsr-3825	119	22	*	*	PUNCT
fsr-3825	119	23	*	*	PUNCT
fsr-3825	119	24	0.14	0.14	NUM
fsr-3825	119	25	*	*	PUNCT
fsr-3825	119	26	*	*	PUNCT
fsr-3825	120	1	0.13	0.13	NUM
fsr-3825	120	2	*	*	PUNCT
fsr-3825	120	3	*	*	PUNCT
fsr-3825	120	4	std	std	NOUN
fsr-3825	120	5	.	.	NOUN
fsr-3825	120	6	deviation	deviation	NOUN
fsr-3825	120	7	of	of	ADP
fsr-3825	120	8	sharpe	sharpe	PROPN
fsr-3825	120	9	’s	’s	PART
fsr-3825	120	10	ratio	ratio	NOUN
fsr-3825	120	11	0.06	0.06	NUM
fsr-3825	120	12	0.03	0.03	NUM
fsr-3825	120	13	0.02	0.02	NUM
fsr-3825	120	14	mean	mean	NOUN
fsr-3825	120	15	treynor	treynor	NOUN
fsr-3825	120	16	’s	’s	PART
fsr-3825	120	17	ratio	ratio	NOUN
fsr-3825	120	18	tm%	tm%	VERB
fsr-3825	120	19	0.19	0.19	NUM
fsr-3825	120	20	%	%	NOUN
fsr-3825	120	21	0.19	0.19	NUM
fsr-3825	120	22	%	%	NOUN
fsr-3825	120	23	0.19	0.19	NUM
fsr-3825	120	24	%	%	NOUN
fsr-3825	120	25	std	std	NOUN
fsr-3825	120	26	.	.	PUNCT
fsr-3825	121	1	deviation	deviation	NOUN
fsr-3825	121	2	of	of	ADP
fsr-3825	121	3	treynor	treynor	NOUN
fsr-3825	121	4	’s	’s	PART
fsr-3825	121	5	ratio	ratio	NOUN
fsr-3825	121	6	0.10	0.10	NUM
fsr-3825	121	7	0.05	0.05	NUM
fsr-3825	121	8	0.04	0.04	NUM
fsr-3825	121	9	funds	fund	NOUN
fsr-3825	121	10	with	with	ADP
fsr-3825	121	11	sharpe	sharpe	PROPN
fsr-3825	121	12	’s	’s	PART
fsr-3825	121	13	ratio	ratio	PROPN
fsr-3825	121	14	>	>	X
fsr-3825	121	15	lbmbi	lbmbi	PROPN
fsr-3825	122	1	20	20	NUM
fsr-3825	122	2	(	(	PUNCT
fsr-3825	122	3	13.16	13.16	NUM
fsr-3825	122	4	%	%	NOUN
fsr-3825	122	5	)	)	PUNCT
fsr-3825	122	6	2	2	NUM
fsr-3825	122	7	(	(	PUNCT
fsr-3825	122	8	5.55	5.55	NUM
fsr-3825	122	9	%	%	NOUN
fsr-3825	122	10	)	)	PUNCT
fsr-3825	122	11	2	2	NUM
fsr-3825	122	12	(	(	PUNCT
fsr-3825	122	13	4.76	4.76	NUM
fsr-3825	122	14	%	%	NOUN
fsr-3825	122	15	)	)	PUNCT
fsr-3825	122	16	funds	fund	NOUN
fsr-3825	122	17	with	with	ADP
fsr-3825	122	18	treynor	treynor	NOUN
fsr-3825	122	19	’s	’s	PART
fsr-3825	122	20	ratio	ratio	NOUN
fsr-3825	122	21	>	>	X
fsr-3825	122	22	lbmbi	lbmbi	PROPN
fsr-3825	122	23	26	26	NUM
fsr-3825	122	24	(	(	PUNCT
fsr-3825	122	25	17.10	17.10	NUM
fsr-3825	122	26	%	%	NOUN
fsr-3825	122	27	)	)	PUNCT
fsr-3825	122	28	3	3	NUM
fsr-3825	122	29	(	(	PUNCT
fsr-3825	122	30	8.33	8.33	NUM
fsr-3825	122	31	%	%	NOUN
fsr-3825	122	32	)	)	PUNCT
fsr-3825	122	33	3	3	NUM
fsr-3825	122	34	(	(	PUNCT
fsr-3825	122	35	7.14	7.14	NUM
fsr-3825	122	36	%	%	NOUN
fsr-3825	122	37	)	)	PUNCT
fsr-3825	122	38	mean	mean	VERB
fsr-3825	122	39	alpha	alpha	NOUN
fsr-3825	122	40	-0.04	-0.04	NUM
fsr-3825	122	41	%	%	NOUN
fsr-3825	122	42	*	*	PUNCT
fsr-3825	122	43	*	*	PUNCT
fsr-3825	122	44	*	*	PUNCT
fsr-3825	122	45	-0.06	-0.06	NUM
fsr-3825	122	46	%	%	NOUN
fsr-3825	122	47	*	*	PUNCT
fsr-3825	122	48	*	*	PUNCT
fsr-3825	122	49	*	*	PUNCT
fsr-3825	122	50	-0.07	-0.07	NUM
fsr-3825	122	51	%	%	NOUN
fsr-3825	122	52	*	*	PUNCT
fsr-3825	122	53	*	*	PUNCT
fsr-3825	122	54	*	*	PUNCT
fsr-3825	122	55	std	std	NOUN
fsr-3825	122	56	.	.	NOUN
fsr-3825	122	57	deviation	deviation	NOUN
fsr-3825	122	58	of	of	ADP
fsr-3825	122	59	alpha	alpha	NOUN
fsr-3825	122	60	0.05	0.05	NUM
fsr-3825	122	61	0.05	0.05	NUM
fsr-3825	122	62	0.05	0.05	NUM
fsr-3825	122	63	mean	mean	NOUN
fsr-3825	123	1	beta	beta	NOUN
fsr-3825	123	2	0.94	0.94	NUM
fsr-3825	123	3	1.09	1.09	NUM
fsr-3825	123	4	i.12	i.12	NOUN
fsr-3825	123	5	std	std	NOUN
fsr-3825	123	6	.	.	PUNCT
fsr-3825	123	7	deviation	deviation	NOUN
fsr-3825	123	8	of	of	ADP
fsr-3825	123	9	beta	beta	ADJ
fsr-3825	123	10	27	27	NUM
fsr-3825	123	11	%	%	NOUN
fsr-3825	123	12	13	13	NUM
fsr-3825	123	13	%	%	NOUN
fsr-3825	123	14	18	18	NUM
fsr-3825	123	15	%	%	NOUN
fsr-3825	123	16	average	average	ADJ
fsr-3825	123	17	r2	r2	NOUN
fsr-3825	123	18	89.46	89.46	NUM
fsr-3825	123	19	%	%	NOUN
fsr-3825	123	20	91.09	91.09	NUM
fsr-3825	123	21	%	%	NOUN
fsr-3825	123	22	91.38	91.38	NUM
fsr-3825	123	23	%	%	NOUN
fsr-3825	123	24	note	note	NOUN
fsr-3825	123	25	:	:	PUNCT
fsr-3825	123	26	*	*	PUNCT
fsr-3825	123	27	significantly	significantly	ADV
fsr-3825	123	28	different	different	ADJ
fsr-3825	123	29	from	from	ADP
fsr-3825	123	30	mean	mean	PROPN
fsr-3825	123	31	lbmbi	lbmbi	NOUN
fsr-3825	123	32	return	return	NOUN
fsr-3825	123	33	(	(	PUNCT
fsr-3825	123	34	a	a	DET
fsr-3825	123	35	=	=	SYM
fsr-3825	123	36	.05	.05	NUM
fsr-3825	123	37	,	,	PUNCT
fsr-3825	123	38	two	two	NUM
fsr-3825	123	39	tailed	tailed	ADJ
fsr-3825	123	40	test	test	NOUN
fsr-3825	123	41	)	)	PUNCT
fsr-3825	123	42	.	.	PUNCT
fsr-3825	124	1	*	*	PUNCT
fsr-3825	124	2	*	*	PUNCT
fsr-3825	124	3	significantly	significantly	ADV
fsr-3825	124	4	different	different	ADJ
fsr-3825	124	5	from	from	ADP
fsr-3825	124	6	mean	mean	PROPN
fsr-3825	124	7	lbmbi	lbmbi	PROPN
fsr-3825	124	8	sharpe	sharpe	PROPN
fsr-3825	124	9	’s	’s	PART
fsr-3825	124	10	ratio	ratio	NOUN
fsr-3825	124	11	(	(	PUNCT
fsr-3825	124	12	a	a	DET
fsr-3825	124	13	=	=	SYM
fsr-3825	124	14	.05	.05	NUM
fsr-3825	124	15	.	.	PUNCT
fsr-3825	125	1	two	two	NUM
fsr-3825	125	2	tailed	tailed	ADJ
fsr-3825	125	3	test	test	NOUN
fsr-3825	125	4	)	)	PUNCT
fsr-3825	125	5	.	.	PUNCT
fsr-3825	126	1	*	*	PUNCT
fsr-3825	126	2	*	*	PUNCT
fsr-3825	126	3	*	*	PUNCT
fsr-3825	126	4	h	h	NOUN
fsr-3825	126	5	,	,	PUNCT
fsr-3825	126	6	:	:	PUNCT
fsr-3825	126	7	at	at	ADP
fsr-3825	126	8	0	0	NUM
fsr-3825	126	9	rejected	reject	VERB
fsr-3825	126	10	at	at	ADP
fsr-3825	126	11	5	5	NUM
fsr-3825	126	12	%	%	NOUN
fsr-3825	126	13	level	level	NOUN
fsr-3825	126	14	of	of	ADP
fsr-3825	126	15	significance	significance	NOUN
fsr-3825	126	16	.	.	PUNCT
fsr-3825	127	1	conclude	conclude	VERB
fsr-3825	127	2	(	(	PUNCT
fsr-3825	127	3	y	y	NOUN
fsr-3825	127	4	<	<	X
fsr-3825	127	5	0	0	NUM
fsr-3825	127	6	market	market	NOUN
fsr-3825	127	7	knowledge	knowledge	NOUN
fsr-3825	127	8	191	191	NUM
fsr-3825	127	9	deriving	derive	VERB
fsr-3825	127	10	sharpe	sharpe	PROPN
fsr-3825	127	11	’s	’s	PART
fsr-3825	127	12	measure	measure	NOUN
fsr-3825	127	13	.	.	PUNCT
fsr-3825	128	1	the	the	DET
fsr-3825	128	2	ninety	ninety	NUM
fsr-3825	128	3	monthly	monthly	ADJ
fsr-3825	128	4	excess	excess	ADJ
fsr-3825	128	5	returns	return	NOUN
fsr-3825	128	6	of	of	ADP
fsr-3825	128	7	all	all	DET
fsr-3825	128	8	mutual	mutual	ADJ
fsr-3825	128	9	funds	fund	NOUN
fsr-3825	128	10	were	be	AUX
fsr-3825	128	11	then	then	ADV
fsr-3825	128	12	regressed	regress	VERB
fsr-3825	128	13	individually	individually	ADV
fsr-3825	128	14	against	against	ADP
fsr-3825	128	15	the	the	DET
fsr-3825	128	16	monthly	monthly	ADJ
fsr-3825	128	17	excess	excess	ADJ
fsr-3825	128	18	return	return	NOUN
fsr-3825	128	19	on	on	ADP
fsr-3825	128	20	the	the	DET
fsr-3825	128	21	index	index	NOUN
fsr-3825	128	22	.	.	PUNCT
fsr-3825	129	1	summary	summary	NOUN
fsr-3825	129	2	sta	sta	PROPN
fsr-3825	129	3	tistics	tistic	NOUN
fsr-3825	129	4	are	be	AUX
fsr-3825	129	5	presented	present	VERB
fsr-3825	129	6	in	in	ADP
fsr-3825	129	7	table	table	NOUN
fsr-3825	129	8	1	1	NUM
fsr-3825	129	9	.	.	PUNCT
fsr-3825	130	1	all	all	DET
fsr-3825	130	2	groups	group	NOUN
fsr-3825	130	3	of	of	ADP
fsr-3825	130	4	funds	fund	NOUN
fsr-3825	130	5	had	have	VERB
fsr-3825	130	6	a	a	DET
fsr-3825	130	7	sharpe	sharpe	NOUN
fsr-3825	130	8	’s	’s	PART
fsr-3825	130	9	ratio	ratio	NOUN
fsr-3825	130	10	significantly	significantly	ADV
fsr-3825	130	11	different	different	ADJ
fsr-3825	130	12	from	from	ADP
fsr-3825	130	13	the	the	DET
fsr-3825	130	14	mean	mean	PROPN
fsr-3825	130	15	sharpe	sharpe	PROPN
fsr-3825	130	16	’s	’s	PART
fsr-3825	130	17	ratio	ratio	NOUN
fsr-3825	130	18	of	of	ADP
fsr-3825	130	19	the	the	DET
fsr-3825	130	20	lbmbi	lbmbi	NOUN
fsr-3825	130	21	(	(	PUNCT
fsr-3825	130	22	a	a	DET
fsr-3825	130	23	=	=	SYM
fsr-3825	130	24	.05	.05	NUM
fsr-3825	130	25	,	,	PUNCT
fsr-3825	130	26	two	two	NUM
fsr-3825	130	27	-	-	PUNCT
fsr-3825	130	28	tailed	tail	VERB
fsr-3825	130	29	test	test	NOUN
fsr-3825	130	30	)	)	PUNCT
fsr-3825	130	31	.	.	PUNCT
fsr-3825	131	1	a	a	DET
fsr-3825	131	2	majority	majority	NOUN
fsr-3825	131	3	of	of	ADP
fsr-3825	131	4	the	the	DET
fsr-3825	131	5	funds	fund	NOUN
fsr-3825	131	6	had	have	VERB
fsr-3825	131	7	a	a	DET
fsr-3825	131	8	return	return	NOUN
fsr-3825	131	9	per	per	ADP
fsr-3825	131	10	unit	unit	NOUN
fsr-3825	131	11	of	of	ADP
fsr-3825	131	12	total	total	ADJ
fsr-3825	131	13	risk	risk	NOUN
fsr-3825	131	14	lower	low	ADJ
fsr-3825	131	15	than	than	ADP
fsr-3825	131	16	that	that	PRON
fsr-3825	131	17	of	of	ADP
fsr-3825	131	18	the	the	DET
fsr-3825	131	19	index	index	NOUN
fsr-3825	131	20	.	.	PUNCT
fsr-3825	132	1	using	use	VERB
fsr-3825	132	2	treynor	treynor	NOUN
fsr-3825	132	3	’s	’s	PART
fsr-3825	132	4	ratio	ratio	NOUN
fsr-3825	132	5	as	as	ADP
fsr-3825	132	6	a	a	DET
fsr-3825	132	7	measure	measure	NOUN
fsr-3825	132	8	of	of	ADP
fsr-3825	132	9	return	return	NOUN
fsr-3825	132	10	per	per	ADP
fsr-3825	132	11	unit	unit	NOUN
fsr-3825	132	12	of	of	ADP
fsr-3825	132	13	systematic	systematic	ADJ
fsr-3825	132	14	risk	risk	NOUN
fsr-3825	132	15	,	,	PUNCT
fsr-3825	132	16	it	it	PRON
fsr-3825	132	17	was	be	AUX
fsr-3825	132	18	again	again	ADV
fsr-3825	132	19	found	find	VERB
fsr-3825	132	20	that	that	SCONJ
fsr-3825	132	21	,	,	PUNCT
fsr-3825	132	22	as	as	ADP
fsr-3825	132	23	a	a	DET
fsr-3825	132	24	group	group	NOUN
fsr-3825	132	25	,	,	PUNCT
fsr-3825	132	26	the	the	DET
fsr-3825	132	27	funds	fund	NOUN
fsr-3825	132	28	were	be	AUX
fsr-3825	132	29	unable	unable	ADJ
fsr-3825	132	30	to	to	PART
fsr-3825	132	31	gener	gener	VERB
fsr-3825	132	32	ate	eat	VERB
fsr-3825	132	33	excess	excess	ADJ
fsr-3825	132	34	returns	return	NOUN
fsr-3825	132	35	per	per	ADP
fsr-3825	132	36	unit	unit	NOUN
fsr-3825	132	37	of	of	ADP
fsr-3825	132	38	systematic	systematic	ADJ
fsr-3825	132	39	risk	risk	NOUN
fsr-3825	132	40	superior	superior	ADJ
fsr-3825	132	41	to	to	ADP
fsr-3825	132	42	that	that	PRON
fsr-3825	132	43	of	of	ADP
fsr-3825	132	44	the	the	DET
fsr-3825	132	45	index	index	NOUN
fsr-3825	132	46	.	.	PUNCT
fsr-3825	133	1	based	base	VERB
fsr-3825	133	2	on	on	ADP
fsr-3825	133	3	the	the	DET
fsr-3825	133	4	90	90	NUM
fsr-3825	133	5	month	month	NOUN
fsr-3825	133	6	beta	beta	NOUN
fsr-3825	133	7	,	,	PUNCT
fsr-3825	133	8	alphas	alpha	NOUN
fsr-3825	133	9	were	be	AUX
fsr-3825	133	10	calculated	calculate	VERB
fsr-3825	133	11	for	for	ADP
fsr-3825	133	12	each	each	DET
fsr-3825	133	13	fund	fund	NOUN
fsr-3825	133	14	.	.	PUNCT
fsr-3825	134	1	for	for	ADP
fsr-3825	134	2	each	each	DET
fsr-3825	134	3	set	set	NOUN
fsr-3825	134	4	of	of	ADP
fsr-3825	134	5	funds	fund	NOUN
fsr-3825	134	6	the	the	DET
fsr-3825	134	7	hypothesis	hypothesis	NOUN
fsr-3825	134	8	that	that	SCONJ
fsr-3825	134	9	01	01	NUM
fsr-3825	134	10	z	z	NOUN
fsr-3825	134	11	0	0	NUM
fsr-3825	134	12	was	be	AUX
fsr-3825	134	13	tested	test	VERB
fsr-3825	134	14	.	.	PUNCT
fsr-3825	135	1	the	the	DET
fsr-3825	135	2	evidence	evidence	NOUN
fsr-3825	135	3	was	be	AUX
fsr-3825	135	4	overwhelmingly	overwhelmingly	ADV
fsr-3825	135	5	against	against	ADP
fsr-3825	135	6	managed	manage	VERB
fsr-3825	135	7	portfolios	portfolio	NOUN
fsr-3825	135	8	.	.	PUNCT
fsr-3825	136	1	for	for	ADP
fsr-3825	136	2	all	all	DET
fsr-3825	136	3	funds	fund	NOUN
fsr-3825	136	4	the	the	DET
fsr-3825	136	5	preceding	precede	VERB
fsr-3825	136	6	hypothesis	hypothesis	NOUN
fsr-3825	136	7	was	be	AUX
fsr-3825	136	8	rejected	reject	VERB
fsr-3825	136	9	at	at	ADP
fsr-3825	136	10	a	a	DET
fsr-3825	136	11	5	5	NUM
fsr-3825	136	12	%	%	NOUN
fsr-3825	136	13	significance	significance	NOUN
fsr-3825	136	14	level	level	NOUN
fsr-3825	136	15	,	,	PUNCT
fsr-3825	136	16	indicating	indicate	VERB
fsr-3825	136	17	negative	negative	ADJ
fsr-3825	136	18	alphas	alpha	NOUN
fsr-3825	136	19	for	for	ADP
fsr-3825	136	20	all	all	DET
fsr-3825	136	21	groups	group	NOUN
fsr-3825	136	22	of	of	ADP
fsr-3825	136	23	funds	fund	NOUN
fsr-3825	136	24	.	.	PUNCT
fsr-3825	137	1	stated	state	VERB
fsr-3825	137	2	alternatively	alternatively	ADV
fsr-3825	137	3	,	,	PUNCT
fsr-3825	137	4	most	most	ADJ
fsr-3825	137	5	funds	fund	NOUN
fsr-3825	137	6	had	have	VERB
fsr-3825	137	7	returns	return	NOUN
fsr-3825	137	8	below	below	ADP
fsr-3825	137	9	the	the	DET
fsr-3825	137	10	level	level	NOUN
fsr-3825	137	11	that	that	PRON
fsr-3825	137	12	would	would	AUX
fsr-3825	137	13	be	be	AUX
fsr-3825	137	14	justified	justify	VERB
fsr-3825	137	15	by	by	ADP
fsr-3825	137	16	the	the	DET
fsr-3825	137	17	market	market	NOUN
fsr-3825	137	18	risk	risk	NOUN
fsr-3825	137	19	of	of	ADP
fsr-3825	137	20	their	their	PRON
fsr-3825	137	21	portfolios	portfolio	NOUN
fsr-3825	137	22	.	.	PUNCT
fsr-3825	138	1	c	c	X
fsr-3825	138	2	)	)	PUNCT
fsr-3825	138	3	comparative	comparative	ADJ
fsr-3825	138	4	performance	performance	NOUN
fsr-3825	138	5	in	in	ADP
fsr-3825	138	6	order	order	NOUN
fsr-3825	138	7	to	to	PART
fsr-3825	138	8	determine	determine	VERB
fsr-3825	138	9	the	the	DET
fsr-3825	138	10	total	total	ADJ
fsr-3825	138	11	and	and	CCONJ
fsr-3825	138	12	risk	risk	NOUN
fsr-3825	138	13	-	-	PUNCT
fsr-3825	138	14	adjusted	adjust	VERB
fsr-3825	138	15	return	return	NOUN
fsr-3825	138	16	benefits	benefit	NOUN
fsr-3825	138	17	to	to	ADP
fsr-3825	138	18	state	state	NOUN
fsr-3825	138	19	-	-	PUNCT
fsr-3825	138	20	specific	specific	ADJ
fsr-3825	138	21	mutual	mutual	ADJ
fsr-3825	138	22	fund	fund	NOUN
fsr-3825	138	23	investors	investor	NOUN
fsr-3825	138	24	,	,	PUNCT
fsr-3825	138	25	a	a	DET
fsr-3825	138	26	performance	performance	NOUN
fsr-3825	138	27	comparison	comparison	NOUN
fsr-3825	138	28	between	between	ADP
fsr-3825	138	29	national	national	ADJ
fsr-3825	138	30	and	and	CCONJ
fsr-3825	138	31	state	state	NOUN
fsr-3825	138	32	-	-	PUNCT
fsr-3825	138	33	specific	specific	ADJ
fsr-3825	138	34	funds	fund	NOUN
fsr-3825	138	35	was	be	AUX
fsr-3825	138	36	then	then	ADV
fsr-3825	138	37	conducted	conduct	VERB
fsr-3825	138	38	.	.	PUNCT
fsr-3825	139	1	on	on	ADP
fsr-3825	139	2	a	a	DET
fsr-3825	139	3	pre	pre	ADJ
fsr-3825	139	4	-	-	ADJ
fsr-3825	139	5	tax	tax	ADJ
fsr-3825	139	6	basis	basis	NOUN
fsr-3825	139	7	,	,	PUNCT
fsr-3825	139	8	the	the	DET
fsr-3825	139	9	total	total	ADJ
fsr-3825	139	10	return	return	NOUN
fsr-3825	139	11	and	and	CCONJ
fsr-3825	139	12	the	the	DET
fsr-3825	139	13	related	relate	VERB
fsr-3825	139	14	standard	standard	ADJ
fsr-3825	139	15	deviation	deviation	NOUN
fsr-3825	139	16	of	of	ADP
fsr-3825	139	17	new	new	PROPN
fsr-3825	139	18	york	york	PROPN
fsr-3825	139	19	funds	fund	NOUN
fsr-3825	139	20	were	be	AUX
fsr-3825	139	21	significantly	significantly	ADV
fsr-3825	139	22	different	different	ADJ
fsr-3825	139	23	from	from	ADP
fsr-3825	139	24	national	national	ADJ
fsr-3825	139	25	funds	fund	NOUN
fsr-3825	139	26	.	.	PUNCT
fsr-3825	140	1	for	for	ADP
fsr-3825	140	2	california	california	PROPN
fsr-3825	140	3	funds	fund	NOUN
fsr-3825	140	4	,	,	PUNCT
fsr-3825	140	5	the	the	DET
fsr-3825	140	6	total	total	ADJ
fsr-3825	140	7	return	return	NOUN
fsr-3825	140	8	was	be	AUX
fsr-3825	140	9	not	not	PART
fsr-3825	140	10	statistically	statistically	ADV
fsr-3825	140	11	different	different	ADJ
fsr-3825	140	12	from	from	ADP
fsr-3825	140	13	national	national	ADJ
fsr-3825	140	14	funds	fund	NOUN
fsr-3825	140	15	at	at	ADP
fsr-3825	140	16	a	a	DET
fsr-3825	140	17	5	5	NUM
fsr-3825	140	18	%	%	NOUN
fsr-3825	140	19	level	level	NOUN
fsr-3825	140	20	.	.	PUNCT
fsr-3825	141	1	results	result	NOUN
fsr-3825	141	2	of	of	ADP
fsr-3825	141	3	these	these	DET
fsr-3825	141	4	tests	test	NOUN
fsr-3825	141	5	appear	appear	VERB
fsr-3825	141	6	in	in	ADP
fsr-3825	141	7	table	table	NOUN
fsr-3825	141	8	2	2	NUM
fsr-3825	141	9	.	.	PUNCT
fsr-3825	141	10	national	national	ADJ
fsr-3825	141	11	funds	fund	NOUN
fsr-3825	141	12	had	have	VERB
fsr-3825	141	13	a	a	DET
fsr-3825	141	14	systematic	systematic	ADJ
fsr-3825	141	15	risk	risk	NOUN
fsr-3825	141	16	different	different	ADJ
fsr-3825	141	17	from	from	ADP
fsr-3825	141	18	the	the	DET
fsr-3825	141	19	new	new	PROPN
fsr-3825	141	20	york	york	PROPN
fsr-3825	141	21	funds	fund	NOUN
fsr-3825	141	22	.	.	PUNCT
fsr-3825	142	1	in	in	ADP
fsr-3825	142	2	relation	relation	NOUN
fsr-3825	142	3	to	to	ADP
fsr-3825	142	4	risk	risk	NOUN
fsr-3825	142	5	-	-	PUNCT
fsr-3825	142	6	adjusted	adjust	VERB
fsr-3825	142	7	performance	performance	NOUN
fsr-3825	142	8	measures	measure	NOUN
fsr-3825	142	9	at	at	ADP
fsr-3825	142	10	a	a	DET
fsr-3825	142	11	5	5	NUM
fsr-3825	142	12	%	%	NOUN
fsr-3825	142	13	level	level	NOUN
fsr-3825	142	14	,	,	PUNCT
fsr-3825	142	15	for	for	ADP
fsr-3825	142	16	the	the	DET
fsr-3825	142	17	three	three	NUM
fsr-3825	142	18	risk	risk	NOUN
fsr-3825	142	19	-	-	PUNCT
fsr-3825	142	20	adjusted	adjust	VERB
fsr-3825	142	21	measures	measure	NOUN
fsr-3825	142	22	examined	examine	VERB
fsr-3825	142	23	,	,	PUNCT
fsr-3825	142	24	the	the	DET
fsr-3825	142	25	difference	difference	NOUN
fsr-3825	142	26	was	be	AUX
fsr-3825	142	27	not	not	PART
fsr-3825	142	28	statistically	statistically	ADV
fsr-3825	142	29	significant	significant	ADJ
fsr-3825	142	30	.	.	PUNCT
fsr-3825	143	1	the	the	DET
fsr-3825	143	2	difference	difference	NOUN
fsr-3825	143	3	in	in	ADP
fsr-3825	143	4	the	the	DET
fsr-3825	143	5	systematic	systematic	ADJ
fsr-3825	143	6	risk	risk	NOUN
fsr-3825	143	7	between	between	ADP
fsr-3825	143	8	the	the	DET
fsr-3825	143	9	national	national	PROPN
fsr-3825	143	10	and	and	CCONJ
fsr-3825	143	11	california	california	PROPN
fsr-3825	143	12	funds	fund	NOUN
fsr-3825	143	13	,	,	PUNCT
fsr-3825	143	14	as	as	SCONJ
fsr-3825	143	15	measured	measure	VERB
fsr-3825	143	16	by	by	ADP
fsr-3825	143	17	beta	beta	NOUN
fsr-3825	143	18	,	,	PUNCT
fsr-3825	143	19	was	be	AUX
fsr-3825	143	20	statistically	statistically	ADV
fsr-3825	143	21	sig	sig	ADV
fsr-3825	143	22	nificant	nificant	NOUN
fsr-3825	143	23	.	.	PUNCT
fsr-3825	144	1	for	for	ADP
fsr-3825	144	2	risk	risk	NOUN
fsr-3825	144	3	-	-	PUNCT
fsr-3825	144	4	adjusted	adjust	VERB
fsr-3825	144	5	performance	performance	NOUN
fsr-3825	144	6	measures	measure	NOUN
fsr-3825	144	7	,	,	PUNCT
fsr-3825	144	8	the	the	DET
fsr-3825	144	9	difference	difference	NOUN
fsr-3825	144	10	was	be	AUX
fsr-3825	144	11	statistically	statistically	ADV
fsr-3825	144	12	signifi	signifi	ADJ
fsr-3825	144	13	ca	can	AUX
fsr-3825	144	14	nt	not	PART
fsr-3825	144	15	for	for	ADP
fsr-3825	144	16	jensen	jensen	PROPN
fsr-3825	144	17	’s	’s	PART
fsr-3825	144	18	alpha	alpha	NOUN
fsr-3825	144	19	only	only	ADV
fsr-3825	144	20	.	.	PUNCT
fsr-3825	145	1	table	table	NOUN
fsr-3825	145	2	2	2	NUM
fsr-3825	145	3	comparative	comparative	ADJ
fsr-3825	145	4	statistics	statistic	NOUN
fsr-3825	145	5	(	(	PUNCT
fsr-3825	145	6	all	all	DET
fsr-3825	145	7	returns	return	NOUN
fsr-3825	145	8	are	be	AUX
fsr-3825	145	9	based	base	VERB
fsr-3825	145	10	on	on	ADP
fsr-3825	145	11	monthly	monthly	ADJ
fsr-3825	145	12	observations	observation	NOUN
fsr-3825	145	13	)	)	PUNCT
fsr-3825	145	14	total	total	ADJ
fsr-3825	145	15	return	return	PROPN
fsr-3825	145	16	standard	standard	PROPN
fsr-3825	145	17	sharpe	sharpe	PROPN
fsr-3825	145	18	‘s	‘s	PROPN
fsr-3825	145	19	treynor	treynor	PROPN
fsr-3825	145	20	’s	’s	PART
fsr-3825	145	21	jensen	jensen	PROPN
fsr-3825	145	22	‘s	‘s	PROPN
fsr-3825	145	23	deviation	deviation	NOUN
fsr-3825	145	24	ratio	ratio	NOUN
fsr-3825	145	25	ratio	ratio	NOUN
fsr-3825	145	26	alpha	alpha	NOUN
fsr-3825	145	27	beta	beta	PROPN
fsr-3825	145	28	mean	mean	NOUN
fsr-3825	145	29	(	(	PUNCT
fsr-3825	145	30	national	national	PROPN
fsr-3825	145	31	new	new	PROPN
fsr-3825	145	32	york	york	PROPN
fsr-3825	145	33	)	)	PUNCT
fsr-3825	145	34	standard	standard	ADJ
fsr-3825	145	35	error	error	NOUN
fsr-3825	145	36	(	(	PUNCT
fsr-3825	145	37	national	national	PROPN
fsr-3825	145	38	new	new	PROPN
fsr-3825	145	39	york	york	PROPN
fsr-3825	145	40	)	)	PUNCT
fsr-3825	145	41	t	t	PROPN
fsr-3825	145	42	-	-	PUNCT
fsr-3825	145	43	statistic	statistic	NOUN
fsr-3825	145	44	(	(	PUNCT
fsr-3825	145	45	national	national	PROPN
fsr-3825	145	46	new	new	PROPN
fsr-3825	145	47	york	york	PROPN
fsr-3825	145	48	)	)	PUNCT
fsr-3825	145	49	mean	mean	PROPN
fsr-3825	145	50	(	(	PUNCT
fsr-3825	145	51	national	national	PROPN
fsr-3825	145	52	california	california	PROPN
fsr-3825	145	53	)	)	PUNCT
fsr-3825	145	54	standard	standard	ADJ
fsr-3825	145	55	error	error	NOUN
fsr-3825	145	56	(	(	PUNCT
fsr-3825	145	57	national	national	PROPN
fsr-3825	145	58	california	california	PROPN
fsr-3825	145	59	)	)	PUNCT
fsr-3825	145	60	t	t	PROPN
fsr-3825	145	61	-	-	PUNCT
fsr-3825	145	62	statistic	statistic	NOUN
fsr-3825	145	63	(	(	PUNCT
fsr-3825	145	64	national	national	PROPN
fsr-3825	145	65	california	california	PROPN
fsr-3825	145	66	)	)	PUNCT
fsr-3825	146	1	-0.022	-0.022	NUM
fsr-3825	146	2	%	%	NOUN
fsr-3825	146	3	-0.216	-0.216	PRON
fsr-3825	146	4	%	%	NOUN
fsr-3825	146	5	-0.003	-0.003	NOUN
fsr-3825	146	6	-0.005	-0.005	NOUN
fsr-3825	146	7	%	%	NOUN
fsr-3825	146	8	0.028	0.028	NUM
fsr-3825	146	9	%	%	NOUN
fsr-3825	146	10	-0.15	-0.15	NUM
fsr-3825	146	11	0.011	0.011	NUM
fsr-3825	146	12	%	%	NOUN
fsr-3825	146	13	0.043	0.043	NUM
fsr-3825	146	14	%	%	NOUN
fsr-3825	146	15	0.007	0.007	NUM
fsr-3825	146	16	0.011	0.011	NUM
fsr-3825	146	17	%	%	NOUN
fsr-3825	146	18	0.010	0.010	NUM
fsr-3825	146	19	%	%	NOUN
fsr-3825	146	20	0.03	0.03	NUM
fsr-3825	146	21	-2.00	-2.00	NUM
fsr-3825	146	22	*	*	PUNCT
fsr-3825	146	23	-4.99	-4.99	PROPN
fsr-3825	146	24	*	*	NOUN
fsr-3825	146	25	-0.46	-0.46	NUM
fsr-3825	146	26	-0.46	-0.46	NUM
fsr-3825	146	27	1.65	1.65	NUM
fsr-3825	146	28	-4.94	-4.94	NOUN
fsr-3825	146	29	*	*	PUNCT
fsr-3825	146	30	-0.017	-0.017	NUM
fsr-3825	146	31	%	%	NOUN
fsr-3825	147	1	-0.245	-0.245	ADJ
fsr-3825	147	2	%	%	NOUN
fsr-3825	147	3	0.003	0.003	NUM
fsr-3825	147	4	0.003	0.003	NUM
fsr-3825	147	5	%	%	NOUN
fsr-3825	147	6	0.028	0.028	NUM
fsr-3825	147	7	%	%	NOUN
fsr-3825	147	8	a.18	a.18	PUNCT
fsr-3825	147	9	0.010	0.010	NUM
fsr-3825	147	10	%	%	NOUN
fsr-3825	147	11	0.048	0.048	NUM
fsr-3825	147	12	%	%	NOUN
fsr-3825	147	13	0.006	0.006	NUM
fsr-3825	147	14	0.017	0.017	NUM
fsr-3825	147	15	%	%	NOUN
fsr-3825	147	16	o.ow%	o.ow%	PROPN
fsr-3825	147	17	0.035	0.035	NUM
fsr-3825	147	18	-1	-1	PUNCT
fsr-3825	147	19	.i4	.i4	PUNCT
fsr-3825	148	1	-5.05	-5.05	NOUN
fsr-3825	148	2	*	*	PUNCT
fsr-3825	148	3	0.41	0.41	NUM
fsr-3825	148	4	0.19	0.19	NUM
fsr-3825	148	5	3.21	3.21	NUM
fsr-3825	148	6	*	*	PUNCT
fsr-3825	148	7	-5.126	-5.126	NOUN
fsr-3825	148	8	*	*	PUNCT
fsr-3825	148	9	note	note	NOUN
fsr-3825	148	10	:	:	PUNCT
fsr-3825	148	11	*	*	PUNCT
fsr-3825	148	12	significant	significant	ADJ
fsr-3825	148	13	at	at	ADP
fsr-3825	148	14	the	the	DET
fsr-3825	148	15	level	level	NOUN
fsr-3825	148	16	of	of	ADP
fsr-3825	148	17	0.05	0.05	NUM
fsr-3825	148	18	.	.	PUNCT
fsr-3825	149	1	two	two	NUM
fsr-3825	149	2	tailed	tailed	ADJ
fsr-3825	149	3	test	test	NOUN
fsr-3825	149	4	.	.	PUNCT
fsr-3825	150	1	192	192	NUM
fsr-3825	150	2	financial	financial	ADJ
fsr-3825	150	3	services	service	NOUN
fsr-3825	150	4	review	review	VERB
fsr-3825	150	5	6(3	6(3	NUM
fsr-3825	150	6	)	)	PUNCT
fsr-3825	150	7	1998	1998	NUM
fsr-3825	151	1	although	although	SCONJ
fsr-3825	151	2	the	the	DET
fsr-3825	151	3	systematic	systematic	ADJ
fsr-3825	151	4	risk	risk	NOUN
fsr-3825	151	5	of	of	ADP
fsr-3825	151	6	the	the	DET
fsr-3825	151	7	state	state	NOUN
fsr-3825	151	8	-	-	PUNCT
fsr-3825	151	9	specific	specific	ADJ
fsr-3825	151	10	funds	fund	NOUN
fsr-3825	151	11	was	be	AUX
fsr-3825	151	12	higher	high	ADJ
fsr-3825	151	13	than	than	ADP
fsr-3825	151	14	that	that	PRON
fsr-3825	151	15	of	of	ADP
fsr-3825	151	16	the	the	DET
fsr-3825	151	17	national	national	ADJ
fsr-3825	151	18	funds	fund	NOUN
fsr-3825	151	19	,	,	PUNCT
fsr-3825	151	20	the	the	DET
fsr-3825	151	21	investors	investor	NOUN
fsr-3825	151	22	were	be	AUX
fsr-3825	151	23	compensated	compensate	VERB
fsr-3825	151	24	through	through	ADP
fsr-3825	151	25	higher	high	ADJ
fsr-3825	151	26	returns	return	NOUN
fsr-3825	151	27	.	.	PUNCT
fsr-3825	152	1	we	we	PRON
fsr-3825	152	2	found	find	VERB
fsr-3825	152	3	no	no	DET
fsr-3825	152	4	dif	dif	ADV
fsr-3825	152	5	ference	ference	NOUN
fsr-3825	152	6	between	between	ADP
fsr-3825	152	7	the	the	DET
fsr-3825	152	8	funds	fund	NOUN
fsr-3825	152	9	in	in	ADP
fsr-3825	152	10	the	the	DET
fsr-3825	152	11	risk	risk	NOUN
fsr-3825	152	12	-	-	PUNCT
fsr-3825	152	13	adjusted	adjust	VERB
fsr-3825	152	14	measures	measure	NOUN
fsr-3825	152	15	of	of	ADP
fsr-3825	152	16	sharpe	sharpe	NOUN
fsr-3825	152	17	’s	’s	PART
fsr-3825	152	18	measure	measure	NOUN
fsr-3825	152	19	and	and	CCONJ
fsr-3825	152	20	trey	trey	PROPN
fsr-3825	152	21	nor	nor	CCONJ
fsr-3825	152	22	’s	’s	PART
fsr-3825	152	23	measure	measure	NOUN
fsr-3825	152	24	,	,	PUNCT
fsr-3825	152	25	and	and	CCONJ
fsr-3825	152	26	we	we	PRON
fsr-3825	152	27	found	find	VERB
fsr-3825	152	28	the	the	DET
fsr-3825	152	29	jensen	jensen	PROPN
fsr-3825	152	30	’s	’s	PART
fsr-3825	152	31	alpha	alpha	NOUN
fsr-3825	152	32	of	of	ADP
fsr-3825	152	33	state	state	NOUN
fsr-3825	152	34	-	-	PUNCT
fsr-3825	152	35	specific	specific	ADJ
fsr-3825	152	36	funds	fund	NOUN
fsr-3825	152	37	to	to	PART
fsr-3825	152	38	be	be	AUX
fsr-3825	152	39	the	the	DET
fsr-3825	152	40	same	same	ADJ
fsr-3825	152	41	as	as	ADP
fsr-3825	152	42	,	,	PUNCT
fsr-3825	152	43	or	or	CCONJ
fsr-3825	152	44	higher	high	ADJ
fsr-3825	152	45	than	than	ADP
fsr-3825	152	46	,	,	PUNCT
fsr-3825	152	47	that	that	PRON
fsr-3825	152	48	of	of	ADP
fsr-3825	152	49	national	national	ADJ
fsr-3825	152	50	funds	fund	NOUN
fsr-3825	152	51	.	.	PUNCT
fsr-3825	153	1	it	it	PRON
fsr-3825	153	2	can	can	AUX
fsr-3825	153	3	therefore	therefore	ADV
fsr-3825	153	4	be	be	AUX
fsr-3825	153	5	concluded	conclude	VERB
fsr-3825	153	6	that	that	SCONJ
fsr-3825	153	7	if	if	SCONJ
fsr-3825	153	8	the	the	DET
fsr-3825	153	9	holders	holder	NOUN
fsr-3825	153	10	of	of	ADP
fsr-3825	153	11	a	a	DET
fsr-3825	153	12	national	national	ADJ
fsr-3825	153	13	fund	fund	NOUN
fsr-3825	153	14	must	must	AUX
fsr-3825	153	15	pay	pay	VERB
fsr-3825	153	16	a	a	DET
fsr-3825	153	17	certain	certain	ADJ
fsr-3825	153	18	portion	portion	NOUN
fsr-3825	153	19	of	of	ADP
fsr-3825	153	20	their	their	PRON
fsr-3825	153	21	return	return	NOUN
fsr-3825	153	22	in	in	ADP
fsr-3825	153	23	state	state	NOUN
fsr-3825	153	24	taxes	taxis	NOUN
fsr-3825	153	25	,	,	PUNCT
fsr-3825	153	26	thereby	thereby	ADV
fsr-3825	153	27	reducing	reduce	VERB
fsr-3825	153	28	the	the	DET
fsr-3825	153	29	average	average	ADJ
fsr-3825	153	30	return	return	NOUN
fsr-3825	153	31	,	,	PUNCT
fsr-3825	153	32	it	it	PRON
fsr-3825	153	33	will	will	AUX
fsr-3825	153	34	be	be	AUX
fsr-3825	153	35	beneficial	beneficial	ADJ
fsr-3825	153	36	to	to	PART
fsr-3825	153	37	invest	invest	VERB
fsr-3825	153	38	in	in	ADP
fsr-3825	153	39	state	state	NOUN
fsr-3825	153	40	-	-	PUNCT
fsr-3825	153	41	specific	specific	ADJ
fsr-3825	153	42	mutual	mutual	ADJ
fsr-3825	153	43	funds	fund	NOUN
fsr-3825	153	44	rather	rather	ADV
fsr-3825	153	45	than	than	ADP
fsr-3825	153	46	mutual	mutual	ADJ
fsr-3825	153	47	funds	fund	NOUN
fsr-3825	153	48	subject	subject	ADJ
fsr-3825	153	49	to	to	ADP
fsr-3825	153	50	state	state	NOUN
fsr-3825	153	51	income	income	NOUN
fsr-3825	153	52	taxes	taxis	NOUN
fsr-3825	153	53	.	.	PUNCT
fsr-3825	154	1	it	it	PRON
fsr-3825	154	2	is	be	AUX
fsr-3825	154	3	also	also	ADV
fsr-3825	154	4	be	be	AUX
fsr-3825	154	5	possible	possible	ADJ
fsr-3825	154	6	that	that	SCONJ
fsr-3825	154	7	state	state	NOUN
fsr-3825	154	8	-	-	PUNCT
fsr-3825	154	9	specific	specific	ADJ
fsr-3825	154	10	funds	fund	NOUN
fsr-3825	154	11	may	may	AUX
fsr-3825	154	12	be	be	AUX
fsr-3825	154	13	subject	subject	ADJ
fsr-3825	154	14	to	to	ADP
fsr-3825	154	15	greater	great	ADJ
fsr-3825	154	16	non	non	ADJ
fsr-3825	154	17	-	-	ADJ
fsr-3825	154	18	systematic	systematic	ADJ
fsr-3825	154	19	risk	risk	NOUN
fsr-3825	154	20	such	such	ADJ
fsr-3825	154	21	as	as	ADP
fsr-3825	154	22	budgetary	budgetary	ADJ
fsr-3825	154	23	problems	problem	NOUN
fsr-3825	154	24	of	of	ADP
fsr-3825	154	25	a	a	DET
fsr-3825	154	26	particular	particular	ADJ
fsr-3825	154	27	state	state	NOUN
fsr-3825	154	28	,	,	PUNCT
fsr-3825	154	29	but	but	CCONJ
fsr-3825	154	30	at	at	ADP
fsr-3825	154	31	this	this	DET
fsr-3825	154	32	stage	stage	NOUN
fsr-3825	154	33	we	we	PRON
fsr-3825	154	34	do	do	AUX
fsr-3825	154	35	not	not	PART
fsr-3825	154	36	find	find	VERB
fsr-3825	154	37	any	any	DET
fsr-3825	154	38	statistical	statistical	ADJ
fsr-3825	154	39	evidence	evidence	NOUN
fsr-3825	154	40	to	to	PART
fsr-3825	154	41	support	support	VERB
fsr-3825	154	42	this	this	DET
fsr-3825	154	43	hypothesis	hypothesis	NOUN
fsr-3825	154	44	.	.	PUNCT
fsr-3825	155	1	we	we	PRON
fsr-3825	155	2	would	would	AUX
fsr-3825	155	3	also	also	ADV
fsr-3825	155	4	like	like	VERB
fsr-3825	155	5	to	to	PART
fsr-3825	155	6	point	point	VERB
fsr-3825	155	7	out	out	ADP
fsr-3825	155	8	that	that	SCONJ
fsr-3825	155	9	our	our	PRON
fsr-3825	155	10	sample	sample	NOUN
fsr-3825	155	11	of	of	ADP
fsr-3825	155	12	state	state	NOUN
fsr-3825	155	13	-	-	PUNCT
fsr-3825	155	14	specific	specific	ADJ
fsr-3825	155	15	municipal	municipal	ADJ
fsr-3825	155	16	bond	bond	NOUN
fsr-3825	155	17	mutual	mutual	ADJ
fsr-3825	155	18	funds	fund	NOUN
fsr-3825	155	19	included	include	VERB
fsr-3825	155	20	funds	fund	NOUN
fsr-3825	155	21	relating	relate	VERB
fsr-3825	155	22	to	to	ADP
fsr-3825	155	23	new	new	PROPN
fsr-3825	155	24	york	york	PROPN
fsr-3825	155	25	and	and	CCONJ
fsr-3825	155	26	california	california	PROPN
fsr-3825	155	27	only	only	ADV
fsr-3825	155	28	.	.	PUNCT
fsr-3825	156	1	although	although	SCONJ
fsr-3825	156	2	these	these	DET
fsr-3825	156	3	funds	fund	NOUN
fsr-3825	156	4	comprise	comprise	VERB
fsr-3825	156	5	a	a	DET
fsr-3825	156	6	major	major	ADJ
fsr-3825	156	7	portion	portion	NOUN
fsr-3825	156	8	of	of	ADP
fsr-3825	156	9	the	the	DET
fsr-3825	156	10	state	state	NOUN
fsr-3825	156	11	-	-	PUNCT
fsr-3825	156	12	specific	specific	ADJ
fsr-3825	156	13	municipal	municipal	ADJ
fsr-3825	156	14	bond	bond	NOUN
fsr-3825	156	15	fund	fund	NOUN
fsr-3825	156	16	market	market	NOUN
fsr-3825	156	17	,	,	PUNCT
fsr-3825	156	18	the	the	DET
fsr-3825	156	19	results	result	NOUN
fsr-3825	156	20	should	should	AUX
fsr-3825	156	21	be	be	AUX
fsr-3825	156	22	interpreted	interpret	VERB
fsr-3825	156	23	with	with	ADP
fsr-3825	156	24	this	this	DET
fsr-3825	156	25	fact	fact	NOUN
fsr-3825	156	26	in	in	ADP
fsr-3825	156	27	mind	mind	NOUN
fsr-3825	156	28	.	.	PUNCT
fsr-3825	157	1	d	d	X
fsr-3825	157	2	)	)	PUNCT
fsr-3825	157	3	benchmark	benchmark	ADJ
fsr-3825	157	4	independent	independent	ADJ
fsr-3825	157	5	performance	performance	NOUN
fsr-3825	157	6	comparison	comparison	NOUN
fsr-3825	157	7	the	the	DET
fsr-3825	157	8	choice	choice	NOUN
fsr-3825	157	9	of	of	ADP
fsr-3825	157	10	an	an	DET
fsr-3825	157	11	inappropriate	inappropriate	ADJ
fsr-3825	157	12	benchmark	benchmark	NOUN
fsr-3825	157	13	might	might	AUX
fsr-3825	157	14	distort	distort	VERB
fsr-3825	157	15	conclusions	conclusion	NOUN
fsr-3825	157	16	regarding	regard	VERB
fsr-3825	157	17	risk	risk	NOUN
fsr-3825	157	18	adjusted	adjust	VERB
fsr-3825	157	19	performance	performance	NOUN
fsr-3825	157	20	measures	measure	NOUN
fsr-3825	157	21	.	.	PUNCT
fsr-3825	158	1	to	to	PART
fsr-3825	158	2	verify	verify	VERB
fsr-3825	158	3	the	the	DET
fsr-3825	158	4	results	result	NOUN
fsr-3825	158	5	obtained	obtain	VERB
fsr-3825	158	6	in	in	ADP
fsr-3825	158	7	the	the	DET
fsr-3825	158	8	earlier	early	ADJ
fsr-3825	158	9	sections	section	NOUN
fsr-3825	158	10	,	,	PUNCT
fsr-3825	158	11	the	the	DET
fsr-3825	158	12	hypothesis	hypothesis	NOUN
fsr-3825	158	13	of	of	ADP
fsr-3825	158	14	independence	independence	NOUN
fsr-3825	158	15	of	of	ADP
fsr-3825	158	16	sharpe	sharpe	PROPN
fsr-3825	158	17	’s	’s	PART
fsr-3825	158	18	measure	measure	NOUN
fsr-3825	158	19	and	and	CCONJ
fsr-3825	158	20	fund	fund	NOUN
fsr-3825	158	21	type	type	NOUN
fsr-3825	158	22	of	of	ADP
fsr-3825	158	23	the	the	DET
fsr-3825	158	24	two	two	NUM
fsr-3825	158	25	samples	sample	NOUN
fsr-3825	158	26	was	be	AUX
fsr-3825	158	27	tested	test	VERB
fsr-3825	158	28	using	use	VERB
fsr-3825	158	29	the	the	DET
fsr-3825	158	30	chi	chi	ADJ
fsr-3825	158	31	-	-	PUNCT
fsr-3825	158	32	square	square	ADJ
fsr-3825	158	33	test	test	NOUN
fsr-3825	158	34	of	of	ADP
fsr-3825	158	35	expected	expect	VERB
fsr-3825	158	36	frequencies	frequency	NOUN
fsr-3825	158	37	.	.	PUNCT
fsr-3825	159	1	this	this	DET
fsr-3825	159	2	test	test	NOUN
fsr-3825	159	3	is	be	AUX
fsr-3825	159	4	independent	independent	ADJ
fsr-3825	159	5	of	of	ADP
fsr-3825	159	6	bench	bench	NOUN
fsr-3825	159	7	mark	mark	NOUN
fsr-3825	159	8	influence	influence	NOUN
fsr-3825	159	9	.	.	PUNCT
fsr-3825	160	1	in	in	ADP
fsr-3825	160	2	the	the	DET
fsr-3825	160	3	case	case	NOUN
fsr-3825	160	4	of	of	ADP
fsr-3825	160	5	new	new	PROPN
fsr-3825	160	6	york	york	PROPN
fsr-3825	160	7	and	and	CCONJ
fsr-3825	160	8	national	national	ADJ
fsr-3825	160	9	funds	fund	NOUN
fsr-3825	160	10	,	,	PUNCT
fsr-3825	160	11	the	the	DET
fsr-3825	160	12	hypothesis	hypothesis	NOUN
fsr-3825	160	13	of	of	ADP
fsr-3825	160	14	independence	independence	NOUN
fsr-3825	160	15	of	of	ADP
fsr-3825	160	16	fund	fund	NOUN
fsr-3825	160	17	objectives	objective	NOUN
fsr-3825	160	18	and	and	CCONJ
fsr-3825	160	19	sharpe	sharpe	PROPN
fsr-3825	160	20	’s	’s	PART
fsr-3825	160	21	measure	measure	NOUN
fsr-3825	160	22	could	could	AUX
fsr-3825	160	23	not	not	PART
fsr-3825	160	24	be	be	AUX
fsr-3825	160	25	rejected	reject	VERB
fsr-3825	160	26	.	.	PUNCT
fsr-3825	161	1	in	in	ADP
fsr-3825	161	2	the	the	DET
fsr-3825	161	3	case	case	NOUN
fsr-3825	161	4	of	of	ADP
fsr-3825	161	5	california	california	PROPN
fsr-3825	161	6	and	and	CCONJ
fsr-3825	161	7	national	national	ADJ
fsr-3825	161	8	funds	fund	NOUN
fsr-3825	161	9	,	,	PUNCT
fsr-3825	161	10	the	the	DET
fsr-3825	161	11	hypothesis	hypothesis	NOUN
fsr-3825	161	12	of	of	ADP
fsr-3825	161	13	independence	independence	NOUN
fsr-3825	161	14	of	of	ADP
fsr-3825	161	15	fund	fund	NOUN
fsr-3825	161	16	objectives	objective	NOUN
fsr-3825	161	17	and	and	CCONJ
fsr-3825	161	18	sharpe	sharpe	PROPN
fsr-3825	161	19	’s	’s	PART
fsr-3825	161	20	measure	measure	NOUN
fsr-3825	161	21	was	be	AUX
fsr-3825	161	22	rejected	reject	VERB
fsr-3825	161	23	at	at	ADP
fsr-3825	161	24	a	a	DET
fsr-3825	161	25	5	5	NUM
fsr-3825	161	26	%	%	NOUN
fsr-3825	161	27	level	level	NOUN
fsr-3825	161	28	of	of	ADP
fsr-3825	161	29	significance	significance	NOUN
fsr-3825	161	30	.	.	PUNCT
fsr-3825	162	1	the	the	DET
fsr-3825	162	2	implication	implication	NOUN
fsr-3825	162	3	is	be	AUX
fsr-3825	162	4	that	that	SCONJ
fsr-3825	162	5	a	a	DET
fsr-3825	162	6	fund	fund	NOUN
fsr-3825	162	7	’s	’s	PART
fsr-3825	162	8	sharpe	sharpe	PROPN
fsr-3825	162	9	’s	’s	PART
fsr-3825	162	10	mea	mea	NOUN
fsr-3825	163	1	sure	sure	ADV
fsr-3825	163	2	is	be	AUX
fsr-3825	163	3	dependent	dependent	ADJ
fsr-3825	163	4	upon	upon	SCONJ
fsr-3825	163	5	fund	fund	NOUN
fsr-3825	163	6	type	type	NOUN
fsr-3825	163	7	,	,	PUNCT
fsr-3825	163	8	i.e.	i.e.	X
fsr-3825	163	9	,	,	PUNCT
fsr-3825	163	10	national	national	ADJ
fsr-3825	163	11	or	or	CCONJ
fsr-3825	163	12	california	california	PROPN
fsr-3825	163	13	funds	fund	NOUN
fsr-3825	163	14	.	.	PUNCT
fsr-3825	164	1	e	e	X
fsr-3825	164	2	)	)	PUNCT
fsr-3825	164	3	performance	performance	NOUN
fsr-3825	164	4	comparison	comparison	NOUN
fsr-3825	164	5	(	(	PUNCT
fsr-3825	164	6	adjusted	adjust	VERB
fsr-3825	164	7	lbmbi	lbmbi	NOUN
fsr-3825	164	8	)	)	PUNCT
fsr-3825	164	9	when	when	SCONJ
fsr-3825	164	10	analyzing	analyze	VERB
fsr-3825	164	11	performance	performance	NOUN
fsr-3825	164	12	of	of	ADP
fsr-3825	164	13	the	the	DET
fsr-3825	164	14	state	state	NOUN
fsr-3825	164	15	-	-	PUNCT
fsr-3825	164	16	specific	specific	ADJ
fsr-3825	164	17	mutual	mutual	ADJ
fsr-3825	164	18	funds	fund	NOUN
fsr-3825	164	19	,	,	PUNCT
fsr-3825	164	20	the	the	DET
fsr-3825	164	21	monthly	monthly	ADJ
fsr-3825	164	22	returns	return	NOUN
fsr-3825	164	23	of	of	ADP
fsr-3825	164	24	the	the	DET
fsr-3825	164	25	index	index	NOUN
fsr-3825	164	26	were	be	AUX
fsr-3825	164	27	adjusted	adjust	VERB
fsr-3825	164	28	downward	downward	ADV
fsr-3825	164	29	to	to	PART
fsr-3825	164	30	reflect	reflect	VERB
fsr-3825	164	31	the	the	DET
fsr-3825	164	32	cost	cost	NOUN
fsr-3825	164	33	of	of	ADP
fsr-3825	164	34	indexing	indexing	NOUN
fsr-3825	164	35	and	and	CCONJ
fsr-3825	164	36	the	the	DET
fsr-3825	164	37	effect	effect	NOUN
fsr-3825	164	38	of	of	ADP
fsr-3825	164	39	the	the	DET
fsr-3825	164	40	highest	high	ADJ
fsr-3825	164	41	tax	tax	NOUN
fsr-3825	164	42	rate	rate	NOUN
fsr-3825	164	43	on	on	ADP
fsr-3825	164	44	the	the	DET
fsr-3825	164	45	returns	return	NOUN
fsr-3825	164	46	.	.	PUNCT
fsr-3825	165	1	total	total	ADJ
fsr-3825	165	2	return	return	NOUN
fsr-3825	165	3	and	and	CCONJ
fsr-3825	165	4	risk	risk	NOUN
fsr-3825	165	5	-	-	PUNCT
fsr-3825	165	6	adjusted	adjust	VERB
fsr-3825	165	7	performance	performance	NOUN
fsr-3825	165	8	measures	measure	NOUN
fsr-3825	165	9	after	after	ADP
fsr-3825	165	10	reducing	reduce	VERB
fsr-3825	165	11	the	the	DET
fsr-3825	165	12	index	index	NOUN
fsr-3825	165	13	returns	return	NOUN
fsr-3825	165	14	for	for	ADP
fsr-3825	165	15	management	management	NOUN
fsr-3825	165	16	fees	fee	NOUN
fsr-3825	165	17	and	and	CCONJ
fsr-3825	165	18	income	income	NOUN
fsr-3825	165	19	taxes	taxis	NOUN
fsr-3825	165	20	appear	appear	VERB
fsr-3825	165	21	in	in	ADP
fsr-3825	165	22	table	table	NOUN
fsr-3825	165	23	3	3	NUM
fsr-3825	165	24	.	.	PUNCT
fsr-3825	166	1	the	the	DET
fsr-3825	166	2	results	result	NOUN
fsr-3825	166	3	reinforce	reinforce	VERB
fsr-3825	166	4	the	the	DET
fsr-3825	166	5	case	case	NOUN
fsr-3825	166	6	for	for	ADP
fsr-3825	166	7	indexing	indexing	NOUN
fsr-3825	166	8	.	.	PUNCT
fsr-3825	167	1	with	with	ADP
fsr-3825	167	2	the	the	DET
fsr-3825	167	3	exception	exception	NOUN
fsr-3825	167	4	of	of	ADP
fsr-3825	167	5	california	california	PROPN
fsr-3825	167	6	funds	fund	NOUN
fsr-3825	167	7	,	,	PUNCT
fsr-3825	167	8	other	other	ADJ
fsr-3825	167	9	groups	group	NOUN
fsr-3825	167	10	of	of	ADP
fsr-3825	167	11	funds	fund	NOUN
fsr-3825	167	12	were	be	AUX
fsr-3825	167	13	unable	unable	ADJ
fsr-3825	167	14	to	to	PART
fsr-3825	167	15	generate	generate	VERB
fsr-3825	167	16	statistically	statistically	ADV
fsr-3825	167	17	significant	significant	ADJ
fsr-3825	167	18	superior	superior	ADJ
fsr-3825	167	19	risk	risk	NOUN
fsr-3825	167	20	-	-	PUNCT
fsr-3825	167	21	adjusted	adjust	VERB
fsr-3825	167	22	returns	return	NOUN
fsr-3825	167	23	.	.	PUNCT
fsr-3825	168	1	this	this	PRON
fsr-3825	168	2	is	be	AUX
fsr-3825	168	3	particularly	particularly	ADV
fsr-3825	168	4	compelling	compelling	ADJ
fsr-3825	168	5	considering	consider	VERB
fsr-3825	168	6	the	the	DET
fsr-3825	168	7	reduction	reduction	NOUN
fsr-3825	168	8	in	in	ADP
fsr-3825	168	9	index	index	NOUN
fsr-3825	168	10	returns	return	NOUN
fsr-3825	168	11	to	to	PART
fsr-3825	168	12	reflect	reflect	VERB
fsr-3825	168	13	the	the	DET
fsr-3825	168	14	costs	cost	NOUN
fsr-3825	168	15	of	of	ADP
fsr-3825	168	16	indexing	indexing	NOUN
fsr-3825	168	17	and	and	CCONJ
fsr-3825	168	18	state	state	NOUN
fsr-3825	168	19	income	income	NOUN
fsr-3825	168	20	taxes	taxis	NOUN
fsr-3825	168	21	.	.	PUNCT
fsr-3825	169	1	when	when	SCONJ
fsr-3825	169	2	compared	compare	VERB
fsr-3825	169	3	to	to	ADP
fsr-3825	169	4	a	a	DET
fsr-3825	169	5	management	management	NOUN
fsr-3825	169	6	-	-	PUNCT
fsr-3825	169	7	fee	fee	NOUN
fsr-3825	169	8	-	-	PUNCT
fsr-3825	169	9	adjusted	adjust	VERB
fsr-3825	169	10	index	index	NOUN
fsr-3825	169	11	,	,	PUNCT
fsr-3825	169	12	national	national	ADJ
fsr-3825	169	13	funds	fund	NOUN
fsr-3825	169	14	as	as	ADP
fsr-3825	169	15	a	a	DET
fsr-3825	169	16	group	group	NOUN
fsr-3825	169	17	were	be	AUX
fsr-3825	169	18	unable	unable	ADJ
fsr-3825	169	19	to	to	PART
fsr-3825	169	20	generate	generate	VERB
fsr-3825	169	21	superior	superior	ADJ
fsr-3825	169	22	post	post	ADJ
fsr-3825	169	23	-	-	ADJ
fsr-3825	169	24	fee	fee	ADJ
fsr-3825	169	25	,	,	PUNCT
fsr-3825	169	26	risk	risk	NOUN
fsr-3825	169	27	-	-	PUNCT
fsr-3825	169	28	adjusted	adjust	VERB
fsr-3825	169	29	returns	return	NOUN
fsr-3825	169	30	.	.	PUNCT
fsr-3825	170	1	the	the	DET
fsr-3825	170	2	national	national	ADJ
fsr-3825	170	3	funds	fund	NOUN
fsr-3825	170	4	had	have	VERB
fsr-3825	170	5	a	a	DET
fsr-3825	170	6	lower	low	ADJ
fsr-3825	170	7	systematic	systematic	ADJ
fsr-3825	170	8	risk	risk	NOUN
fsr-3825	170	9	but	but	CCONJ
fsr-3825	170	10	had	have	VERB
fsr-3825	170	11	a	a	DET
fsr-3825	170	12	significantly	significantly	ADV
fsr-3825	170	13	lower	low	ADJ
fsr-3825	170	14	trey	trey	PROPN
fsr-3825	170	15	nor	nor	CCONJ
fsr-3825	170	16	’s	’s	PART
fsr-3825	170	17	measure	measure	NOUN
fsr-3825	170	18	than	than	ADP
fsr-3825	170	19	the	the	DET
fsr-3825	170	20	index	index	NOUN
fsr-3825	170	21	and	and	CCONJ
fsr-3825	170	22	a	a	DET
fsr-3825	170	23	mean	mean	PROPN
fsr-3825	170	24	jensen	jensen	PROPN
fsr-3825	170	25	’s	’s	PART
fsr-3825	170	26	alpha	alpha	NOUN
fsr-3825	170	27	less	less	ADV
fsr-3825	170	28	than	than	ADP
fsr-3825	170	29	zero	zero	NUM
fsr-3825	170	30	.	.	PUNCT
fsr-3825	171	1	new	new	PROPN
fsr-3825	171	2	york	york	PROPN
fsr-3825	171	3	funds	fund	NOUN
fsr-3825	171	4	had	have	VERB
fsr-3825	171	5	a	a	DET
fsr-3825	171	6	higher	high	ADJ
fsr-3825	171	7	systematic	systematic	ADJ
fsr-3825	171	8	risk	risk	NOUN
fsr-3825	171	9	but	but	CCONJ
fsr-3825	171	10	no	no	DET
fsr-3825	171	11	risk	risk	NOUN
fsr-3825	171	12	-	-	PUNCT
fsr-3825	171	13	adjusted	adjust	VERB
fsr-3825	171	14	measure	measure	NOUN
fsr-3825	171	15	was	be	AUX
fsr-3825	171	16	statis	statis	NOUN
fsr-3825	171	17	tically	tically	ADV
fsr-3825	171	18	different	different	ADJ
fsr-3825	171	19	from	from	ADP
fsr-3825	171	20	those	those	PRON
fsr-3825	171	21	of	of	ADP
fsr-3825	171	22	the	the	DET
fsr-3825	171	23	index	index	NOUN
fsr-3825	171	24	.	.	PUNCT
fsr-3825	172	1	california	california	PROPN
fsr-3825	172	2	funds	fund	NOUN
fsr-3825	172	3	as	as	ADP
fsr-3825	172	4	a	a	DET
fsr-3825	172	5	group	group	NOUN
fsr-3825	172	6	had	have	VERB
fsr-3825	172	7	a	a	DET
fsr-3825	172	8	higher	high	ADJ
fsr-3825	172	9	system	system	NOUN
fsr-3825	172	10	atic	atic	ADJ
fsr-3825	172	11	risk	risk	NOUN
fsr-3825	172	12	than	than	ADP
fsr-3825	172	13	the	the	DET
fsr-3825	172	14	index	index	NOUN
fsr-3825	172	15	,	,	PUNCT
fsr-3825	172	16	and	and	CCONJ
fsr-3825	172	17	the	the	DET
fsr-3825	172	18	mean	mean	ADJ
fsr-3825	172	19	treynor	treynor	NOUN
fsr-3825	172	20	’s	’s	PART
fsr-3825	172	21	measure	measure	NOUN
fsr-3825	172	22	was	be	AUX
fsr-3825	172	23	higher	high	ADJ
fsr-3825	172	24	than	than	ADP
fsr-3825	172	25	that	that	PRON
fsr-3825	172	26	of	of	ADP
fsr-3825	172	27	the	the	DET
fsr-3825	172	28	index	index	NOUN
fsr-3825	172	29	.	.	PUNCT
fsr-3825	173	1	california	california	PROPN
fsr-3825	173	2	funds	fund	NOUN
fsr-3825	173	3	as	as	ADP
fsr-3825	173	4	a	a	DET
fsr-3825	173	5	group	group	NOUN
fsr-3825	173	6	indicated	indicate	VERB
fsr-3825	173	7	a	a	DET
fsr-3825	173	8	statistically	statistically	ADV
fsr-3825	173	9	significant	significant	ADJ
fsr-3825	173	10	non	non	ADJ
fsr-3825	173	11	-	-	ADJ
fsr-3825	173	12	negative	negative	ADJ
fsr-3825	173	13	alpha	alpha	NOUN
fsr-3825	173	14	at	at	ADP
fsr-3825	173	15	a	a	DET
fsr-3825	173	16	five	five	NUM
fsr-3825	173	17	percent	percent	NOUN
fsr-3825	173	18	significance	significance	NOUN
fsr-3825	173	19	level	level	NOUN
fsr-3825	173	20	.	.	PUNCT
fsr-3825	174	1	market	market	NOUN
fsr-3825	174	2	knowledge	knowledge	NOUN
fsr-3825	174	3	193	193	NUM
fsr-3825	174	4	table	table	NOUN
fsr-3825	174	5	3	3	NUM
fsr-3825	174	6	total	total	NOUN
fsr-3825	174	7	and	and	CCONJ
fsr-3825	174	8	risk	risk	NOUN
fsr-3825	174	9	-	-	PUNCT
fsr-3825	174	10	adjusted	adjust	VERB
fsr-3825	174	11	returns	return	NOUN
fsr-3825	174	12	(	(	PUNCT
fsr-3825	174	13	benchmark	benchmark	NOUN
fsr-3825	174	14	adjusted	adjust	VERB
fsr-3825	174	15	for	for	ADP
fsr-3825	174	16	management	management	NOUN
fsr-3825	174	17	fee	fee	NOUN
fsr-3825	174	18	and	and	CCONJ
fsr-3825	174	19	state	state	NOUN
fsr-3825	174	20	taxes	taxis	NOUN
fsr-3825	174	21	)	)	PUNCT
fsr-3825	174	22	(	(	PUNCT
fsr-3825	174	23	all	all	DET
fsr-3825	174	24	returns	return	NOUN
fsr-3825	174	25	are	be	AUX
fsr-3825	174	26	based	base	VERB
fsr-3825	174	27	on	on	ADP
fsr-3825	174	28	monthly	monthly	ADJ
fsr-3825	174	29	observations	observation	NOUN
fsr-3825	174	30	)	)	PUNCT
fsr-3825	174	31	national	national	PROPN
fsr-3825	174	32	new	new	PROPN
fsr-3825	174	33	york	york	PROPN
fsr-3825	174	34	california	california	PROPN
fsr-3825	174	35	(	(	PUNCT
fsr-3825	174	36	lbmbi	lbmbi	PROPN
fsr-3825	174	37	alu	alu	PROPN
fsr-3825	174	38	)	)	PUNCT
fsr-3825	174	39	(	(	PUNCT
fsr-3825	174	40	lbmbi	lbmbi	NOUN
fsr-3825	174	41	adji	adji	PROPN
fsr-3825	174	42	)	)	PUNCT
fsr-3825	174	43	(	(	PUNCT
fsr-3825	174	44	lbmbi	lbmbi	PROPN
fsr-3825	174	45	adj2	adj2	PROPN
fsr-3825	174	46	)	)	PUNCT
fsr-3825	174	47	number	number	NOUN
fsr-3825	174	48	of	of	ADP
fsr-3825	174	49	funds	fund	NOUN
fsr-3825	174	50	152	152	NUM
fsr-3825	174	51	mean	mean	NOUN
fsr-3825	174	52	return	return	NOUN
fsr-3825	174	53	0.64	0.64	NUM
fsr-3825	174	54	%	%	NOUN
fsr-3825	174	55	*	*	PUNCT
fsr-3825	175	1	std	std	NOUN
fsr-3825	175	2	.	.	PUNCT
fsr-3825	175	3	deviation	deviation	NOUN
fsr-3825	175	4	of	of	ADP
fsr-3825	175	5	returns	return	NOUN
fsr-3825	175	6	(	(	PUNCT
fsr-3825	175	7	mean	mean	NOUN
fsr-3825	175	8	)	)	PUNCT
fsr-3825	175	9	0.0134	0.0134	NUM
fsr-3825	175	10	funds	fund	NOUN
fsr-3825	175	11	with	with	ADP
fsr-3825	175	12	average	average	ADJ
fsr-3825	175	13	return	return	NOUN
fsr-3825	175	14	>	>	X
fsr-3825	175	15	mean	mean	PROPN
fsr-3825	175	16	lbmbi	lbmbi	PROPN
fsr-3825	175	17	ret	ret	PROPN
fsr-3825	175	18	57	57	NUM
fsr-3825	175	19	(	(	PUNCT
fsr-3825	175	20	37.50	37.50	NUM
fsr-3825	175	21	%	%	NOUN
fsr-3825	175	22	)	)	PUNCT
fsr-3825	175	23	funds	fund	NOUN
fsr-3825	175	24	with	with	ADP
fsr-3825	175	25	std	std	PROPN
fsr-3825	175	26	.	.	PROPN
fsr-3825	175	27	dev	dev	PROPN
fsr-3825	175	28	.	.	PUNCT
fsr-3825	176	1	>	>	X
fsr-3825	177	1	std	std	PROPN
fsr-3825	177	2	.	.	PROPN
fsr-3825	177	3	dev	dev	PROPN
fsr-3825	177	4	.	.	PROPN
fsr-3825	178	1	of	of	ADP
fsr-3825	178	2	lbmbi	lbmbi	PROPN
fsr-3825	178	3	mean	mean	PROPN
fsr-3825	178	4	sharpe	sharpe	PROPN
fsr-3825	178	5	’s	’s	PART
fsr-3825	178	6	ratio	ratio	NOUN
fsr-3825	178	7	std	std	PROPN
fsr-3825	178	8	.	.	PUNCT
fsr-3825	179	1	deviation	deviation	NOUN
fsr-3825	179	2	of	of	ADP
fsr-3825	179	3	shave	shave	NOUN
fsr-3825	179	4	’s	’s	PART
fsr-3825	179	5	ratio	ratio	NOUN
fsr-3825	179	6	mean	mean	PROPN
fsr-3825	179	7	treynor	treynor	NOUN
fsr-3825	179	8	’s	’s	PART
fsr-3825	179	9	ratio	ratio	NOUN
fsr-3825	179	10	std	std	PROPN
fsr-3825	179	11	.	.	PUNCT
fsr-3825	180	1	deviation	deviation	NOUN
fsr-3825	180	2	of	of	ADP
fsr-3825	180	3	treynor	treynor	NOUN
fsr-3825	180	4	’s	’s	PART
fsr-3825	180	5	ratio	ratio	NOUN
fsr-3825	180	6	funds	fund	NOUN
fsr-3825	180	7	with	with	ADP
fsr-3825	180	8	sharpe	sharpe	PROPN
fsr-3825	180	9	’s	’s	PART
fsr-3825	180	10	ratio	ratio	PROPN
fsr-3825	180	11	>	>	X
fsr-3825	180	12	lbmbi	lbmbi	PROPN
fsr-3825	180	13	funds	fund	NOUN
fsr-3825	180	14	with	with	ADP
fsr-3825	180	15	treynor	treynor	NOUN
fsr-3825	180	16	’s	’s	PART
fsr-3825	180	17	ratio	ratio	NOUN
fsr-3825	180	18	>	>	X
fsr-3825	180	19	lbmbi	lbmbi	PROPN
fsr-3825	180	20	mean	mean	VERB
fsr-3825	180	21	alpha	alpha	NOUN
fsr-3825	180	22	std	std	NOUN
fsr-3825	180	23	.	.	PUNCT
fsr-3825	181	1	deviation	deviation	NOUN
fsr-3825	181	2	of	of	ADP
fsr-3825	181	3	alpha	alpha	ADJ
fsr-3825	181	4	funds	fund	NOUN
fsr-3825	181	5	with	with	ADP
fsr-3825	181	6	alpha	alpha	PROPN
fsr-3825	181	7	>	>	X
fsr-3825	181	8	0	0	PUNCT
fsr-3825	182	1	mean	mean	PROPN
fsr-3825	182	2	beta	beta	ADJ
fsr-3825	182	3	std	std	NOUN
fsr-3825	182	4	.	.	PUNCT
fsr-3825	183	1	deviation	deviation	NOUN
fsr-3825	183	2	of	of	ADP
fsr-3825	183	3	beta	beta	ADJ
fsr-3825	183	4	average	average	ADJ
fsr-3825	183	5	r2	r2	NOUN
fsr-3825	183	6	87	87	NUM
fsr-3825	183	7	(	(	PUNCT
fsr-3825	183	8	57.24	57.24	NUM
fsr-3825	183	9	%	%	NOUN
fsr-3825	183	10	)	)	PUNCT
fsr-3825	183	11	0.13	0.13	NUM
fsr-3825	183	12	*	*	PUNCT
fsr-3825	183	13	0.06	0.06	NUM
fsr-3825	183	14	0.19	0.19	NUM
fsr-3825	183	15	%	%	NOUN
fsr-3825	183	16	*	*	NOUN
fsr-3825	183	17	0.097	0.097	NUM
fsr-3825	183	18	33	33	NUM
fsr-3825	183	19	(	(	PUNCT
fsr-3825	183	20	21.71	21.71	NUM
fsr-3825	183	21	%	%	NOUN
fsr-3825	183	22	)	)	PUNCT
fsr-3825	183	23	48	48	NUM
fsr-3825	183	24	(	(	PUNCT
fsr-3825	183	25	31.58	31.58	NUM
fsr-3825	183	26	%	%	NOUN
fsr-3825	183	27	)	)	PUNCT
fsr-3825	183	28	-0.02	-0.02	NUM
fsr-3825	183	29	%	%	NOUN
fsr-3825	183	30	*	*	PUNCT
fsr-3825	183	31	*	*	NOUN
fsr-3825	183	32	0.05	0.05	NUM
fsr-3825	183	33	48	48	NUM
fsr-3825	183	34	(	(	PUNCT
fsr-3825	183	35	31.58	31.58	NUM
fsr-3825	183	36	%	%	NOUN
fsr-3825	183	37	)	)	PUNCT
fsr-3825	183	38	0.95	0.95	NUM
fsr-3825	183	39	27	27	NUM
fsr-3825	183	40	%	%	NOUN
fsr-3825	183	41	89.45	89.45	NUM
fsr-3825	183	42	%	%	NOUN
fsr-3825	183	43	36	36	NUM
fsr-3825	183	44	0.66	0.66	NUM
fsr-3825	183	45	%	%	NOUN
fsr-3825	183	46	*	*	PROPN
fsr-3825	184	1	0.0155	0.0155	NUM
fsr-3825	184	2	32	32	NUM
fsr-3825	184	3	(	(	PUNCT
fsr-3825	184	4	88.89	88.89	NUM
fsr-3825	184	5	%	%	NOUN
fsr-3825	184	6	)	)	PUNCT
fsr-3825	184	7	35	35	NUM
fsr-3825	184	8	(	(	PUNCT
fsr-3825	184	9	97.22	97.22	NUM
fsr-3825	184	10	%	%	NOUN
fsr-3825	184	11	)	)	PUNCT
fsr-3825	184	12	0.14	0.14	NUM
fsr-3825	184	13	0.03	0.03	NUM
fsr-3825	184	14	0.18	0.18	NUM
fsr-3825	184	15	%	%	NOUN
fsr-3825	184	16	0.045	0.045	NUM
fsr-3825	184	17	17	17	NUM
fsr-3825	184	18	(	(	PUNCT
fsr-3825	184	19	47.22	47.22	NUM
fsr-3825	184	20	%	%	NOUN
fsr-3825	184	21	)	)	PUNCT
fsr-3825	184	22	20	20	NUM
fsr-3825	184	23	(	(	PUNCT
fsr-3825	184	24	55.55	55.55	NUM
fsr-3825	184	25	%	%	NOUN
fsr-3825	184	26	)	)	PUNCT
fsr-3825	184	27	0.0055	0.0055	NUM
fsr-3825	184	28	%	%	NOUN
fsr-3825	184	29	0.05	0.05	NUM
fsr-3825	184	30	20	20	NUM
fsr-3825	184	31	(	(	PUNCT
fsr-3825	184	32	55.55	55.55	NUM
fsr-3825	184	33	%	%	NOUN
fsr-3825	184	34	)	)	PUNCT
fsr-3825	184	35	1.19	1.19	NUM
fsr-3825	184	36	14.5	14.5	NUM
fsr-3825	184	37	%	%	NOUN
fsr-3825	184	38	9	9	NUM
fsr-3825	184	39	1.08	1.08	NUM
fsr-3825	184	40	%	%	NOUN
fsr-3825	184	41	42	42	NUM
fsr-3825	184	42	0.66%%	0.66%%	NUM
fsr-3825	184	43	0.0159	0.0159	NUM
fsr-3825	184	44	37	37	NUM
fsr-3825	184	45	(	(	PUNCT
fsr-3825	184	46	88.07	88.07	NUM
fsr-3825	184	47	%	%	NOUN
fsr-3825	184	48	)	)	PUNCT
fsr-3825	184	49	38	38	NUM
fsr-3825	184	50	(	(	PUNCT
fsr-3825	184	51	90.47	90.47	NUM
fsr-3825	184	52	%	%	NOUN
fsr-3825	184	53	)	)	PUNCT
fsr-3825	184	54	0.13	0.13	NUM
fsr-3825	184	55	0.02	0.02	NUM
fsr-3825	184	56	0.17	0.17	NUM
fsr-3825	184	57	%	%	NOUN
fsr-3825	184	58	*	*	PROPN
fsr-3825	184	59	0.038	0.038	NUM
fsr-3825	184	60	24	24	NUM
fsr-3825	184	61	(	(	PUNCT
fsr-3825	184	62	57.14	57.14	NUM
fsr-3825	184	63	%	%	NOUN
fsr-3825	184	64	)	)	PUNCT
fsr-3825	184	65	31	31	NUM
fsr-3825	184	66	(	(	PUNCT
fsr-3825	184	67	73.81	73.81	NUM
fsr-3825	184	68	%	%	NOUN
fsr-3825	184	69	)	)	PUNCT
fsr-3825	184	70	0.016	0.016	NUM
fsr-3825	184	71	%	%	NOUN
fsr-3825	184	72	*	*	PUNCT
fsr-3825	184	73	*	*	PUNCT
fsr-3825	184	74	*	*	PUNCT
fsr-3825	184	75	0.045	0.045	NUM
fsr-3825	184	76	32	32	NUM
fsr-3825	184	77	(	(	PUNCT
fsr-3825	184	78	71.11	71.11	NUM
fsr-3825	184	79	%	%	NOUN
fsr-3825	184	80	)	)	PUNCT
fsr-3825	184	81	1.26	1.26	NUM
fsr-3825	184	82	26	26	NUM
fsr-3825	184	83	%	%	NOUN
fsr-3825	184	84	91.28	91.28	NUM
fsr-3825	184	85	%	%	NOUN
fsr-3825	184	86	now	now	ADV
fsr-3825	184	87	:	:	PUNCT
fsr-3825	184	88	*	*	PUNCT
fsr-3825	184	89	significantly	significantly	ADV
fsr-3825	184	90	different	different	ADJ
fsr-3825	184	91	from	from	ADP
fsr-3825	184	92	mean	mean	PROPN
fsr-3825	184	93	lbmbi	lbmbi	NOUN
fsr-3825	184	94	measure	measure	NOUN
fsr-3825	184	95	(	(	PUNCT
fsr-3825	184	96	a	a	DET
fsr-3825	184	97	=	=	SYM
fsr-3825	184	98	.05	.05	NUM
fsr-3825	184	99	,	,	PUNCT
fsr-3825	184	100	two	two	NUM
fsr-3825	184	101	tailed	tailed	ADJ
fsr-3825	184	102	test	test	NOUN
fsr-3825	184	103	)	)	PUNCT
fsr-3825	184	104	.	.	PUNCT
fsr-3825	185	1	*	*	PUNCT
fsr-3825	185	2	*	*	PUNCT
fsr-3825	185	3	h	h	NOUN
fsr-3825	185	4	,	,	PUNCT
fsr-3825	185	5	:	:	PUNCT
fsr-3825	185	6	a	a	DET
fsr-3825	185	7	2	2	NUM
fsr-3825	185	8	0	0	NUM
fsr-3825	185	9	rejected	reject	VERB
fsr-3825	185	10	at	at	ADP
fsr-3825	185	11	5	5	NUM
fsr-3825	185	12	%	%	NOUN
fsr-3825	185	13	level	level	NOUN
fsr-3825	185	14	of	of	ADP
fsr-3825	185	15	significance	significance	NOUN
fsr-3825	185	16	.	.	PUNCT
fsr-3825	186	1	conclude	conclude	VERB
fsr-3825	186	2	a	a	DET
fsr-3825	186	3	<	<	X
fsr-3825	186	4	0	0	NUM
fsr-3825	186	5	.	.	PUNCT
fsr-3825	187	1	*	*	PUNCT
fsr-3825	187	2	*	*	PUNCT
fsr-3825	187	3	*	*	PUNCT
fsr-3825	187	4	significantly	significantly	ADV
fsr-3825	187	5	equal	equal	ADJ
fsr-3825	187	6	to	to	ADP
fsr-3825	187	7	or	or	CCONJ
fsr-3825	187	8	greater	great	ADJ
fsr-3825	187	9	than	than	ADP
fsr-3825	187	10	0	0	NUM
fsr-3825	187	11	(	(	PUNCT
fsr-3825	187	12	a	a	DET
fsr-3825	187	13	=	=	X
fsr-3825	187	14	,	,	PUNCT
fsr-3825	187	15	051	051	NUM
fsr-3825	187	16	)	)	PUNCT
fsr-3825	187	17	f	f	X
fsr-3825	187	18	)	)	PUNCT
fsr-3825	187	19	fund	fund	NOUN
fsr-3825	187	20	variables	variable	NOUN
fsr-3825	187	21	and	and	CCONJ
fsr-3825	187	22	performance	performance	NOUN
fsr-3825	187	23	previous	previous	ADJ
fsr-3825	187	24	studies	study	NOUN
fsr-3825	187	25	of	of	ADP
fsr-3825	187	26	bond	bond	NOUN
fsr-3825	187	27	funds	fund	NOUN
fsr-3825	187	28	have	have	AUX
fsr-3825	187	29	shown	show	VERB
fsr-3825	187	30	that	that	DET
fsr-3825	187	31	fund	fund	NOUN
fsr-3825	187	32	-	-	PUNCT
fsr-3825	187	33	specific	specific	ADJ
fsr-3825	187	34	factors	factor	NOUN
fsr-3825	187	35	,	,	PUNCT
fsr-3825	187	36	such	such	ADJ
fsr-3825	187	37	as	as	ADP
fsr-3825	187	38	expense	expense	NOUN
fsr-3825	187	39	ratio	ratio	NOUN
fsr-3825	187	40	and	and	CCONJ
fsr-3825	187	41	asset	asset	NOUN
fsr-3825	187	42	growth	growth	NOUN
fsr-3825	187	43	,	,	PUNCT
fsr-3825	187	44	influence	influence	NOUN
fsr-3825	187	45	fund	fund	NOUN
fsr-3825	187	46	performance	performance	NOUN
fsr-3825	187	47	.	.	PUNCT
fsr-3825	188	1	we	we	PRON
fsr-3825	188	2	tested	test	VERB
fsr-3825	188	3	the	the	DET
fsr-3825	188	4	hypothesis	hypothesis	NOUN
fsr-3825	188	5	of	of	ADP
fsr-3825	188	6	indepen	indepen	ADJ
fsr-3825	188	7	dence	dence	NOUN
fsr-3825	188	8	of	of	ADP
fsr-3825	188	9	fund	fund	NOUN
fsr-3825	188	10	’s	’s	PART
fsr-3825	188	11	sharpe	sharpe	PROPN
fsr-3825	188	12	ratio	ratio	PROPN
fsr-3825	188	13	and	and	CCONJ
fsr-3825	188	14	average	average	ADJ
fsr-3825	188	15	maturity	maturity	NOUN
fsr-3825	188	16	,	,	PUNCT
fsr-3825	188	17	fund	fund	NOUN
fsr-3825	188	18	size	size	NOUN
fsr-3825	188	19	,	,	PUNCT
fsr-3825	188	20	expense	expense	NOUN
fsr-3825	188	21	ratio	ratio	NOUN
fsr-3825	188	22	,	,	PUNCT
fsr-3825	188	23	manager	manager	NOUN
fsr-3825	188	24	ten	ten	NUM
fsr-3825	188	25	ure	ure	PROPN
fsr-3825	188	26	,	,	PUNCT
fsr-3825	188	27	and	and	CCONJ
fsr-3825	188	28	turnover	turnover	NOUN
fsr-3825	188	29	rate	rate	NOUN
fsr-3825	188	30	,	,	PUNCT
fsr-3825	188	31	for	for	ADP
fsr-3825	188	32	all	all	DET
fsr-3825	188	33	three	three	NUM
fsr-3825	188	34	set	set	NOUN
fsr-3825	188	35	of	of	ADP
fsr-3825	188	36	funds	fund	NOUN
fsr-3825	188	37	.	.	PUNCT
fsr-3825	189	1	the	the	DET
fsr-3825	189	2	results	result	NOUN
fsr-3825	189	3	of	of	ADP
fsr-3825	189	4	the	the	DET
fsr-3825	189	5	tests	test	NOUN
fsr-3825	189	6	for	for	ADP
fsr-3825	189	7	national	national	ADJ
fsr-3825	189	8	funds	fund	NOUN
fsr-3825	189	9	are	be	AUX
fsr-3825	189	10	presented	present	VERB
fsr-3825	189	11	in	in	ADP
fsr-3825	189	12	table	table	NOUN
fsr-3825	189	13	4	4	NUM
fsr-3825	189	14	below	below	ADV
fsr-3825	189	15	.	.	PUNCT
fsr-3825	190	1	for	for	ADP
fsr-3825	190	2	national	national	ADJ
fsr-3825	190	3	funds	fund	NOUN
fsr-3825	190	4	we	we	PRON
fsr-3825	190	5	were	be	AUX
fsr-3825	190	6	unable	unable	ADJ
fsr-3825	190	7	to	to	PART
fsr-3825	190	8	reject	reject	VERB
fsr-3825	190	9	the	the	DET
fsr-3825	190	10	hypothesis	hypothesis	NOUN
fsr-3825	190	11	of	of	ADP
fsr-3825	190	12	independence	independence	NOUN
fsr-3825	190	13	of	of	ADP
fsr-3825	190	14	fund	fund	NOUN
fsr-3825	190	15	performance	performance	NOUN
fsr-3825	190	16	,	,	PUNCT
fsr-3825	190	17	as	as	SCONJ
fsr-3825	190	18	measured	measure	VERB
fsr-3825	190	19	by	by	ADP
fsr-3825	190	20	sharpe	sharpe	PROPN
fsr-3825	190	21	’s	’s	PART
fsr-3825	190	22	ratio	ratio	NOUN
fsr-3825	190	23	,	,	PUNCT
fsr-3825	190	24	and	and	CCONJ
fsr-3825	190	25	the	the	DET
fsr-3825	190	26	fund	fund	NOUN
fsr-3825	190	27	-	-	PUNCT
fsr-3825	190	28	specific	specific	ADJ
fsr-3825	190	29	variables	variable	NOUN
fsr-3825	190	30	of	of	ADP
fsr-3825	190	31	expense	expense	NOUN
fsr-3825	190	32	ratio	ratio	NOUN
fsr-3825	190	33	,	,	PUNCT
fsr-3825	190	34	manager	manager	NOUN
fsr-3825	190	35	tenure	tenure	NOUN
fsr-3825	190	36	and	and	CCONJ
fsr-3825	190	37	portfolio	portfolio	NOUN
fsr-3825	190	38	turnover	turnover	NOUN
fsr-3825	190	39	.	.	PUNCT
fsr-3825	191	1	in	in	ADP
fsr-3825	191	2	other	other	ADJ
fsr-3825	191	3	words	word	NOUN
fsr-3825	191	4	,	,	PUNCT
fsr-3825	191	5	the	the	DET
fsr-3825	191	6	hypothesis	hypothesis	NOUN
fsr-3825	191	7	that	that	PRON
fsr-3825	191	8	the	the	DET
fsr-3825	191	9	sharpe	sharpe	PROPN
fsr-3825	191	10	’s	’s	PART
fsr-3825	191	11	measure	measure	NOUN
fsr-3825	191	12	was	be	AUX
fsr-3825	191	13	independent	independent	ADJ
fsr-3825	191	14	of	of	ADP
fsr-3825	191	15	these	these	DET
fsr-3825	191	16	fund	fund	NOUN
fsr-3825	191	17	variables	variable	NOUN
fsr-3825	191	18	could	could	AUX
fsr-3825	191	19	not	not	PART
fsr-3825	191	20	be	be	AUX
fsr-3825	191	21	rejected	reject	VERB
fsr-3825	191	22	at	at	ADP
fsr-3825	191	23	a	a	DET
fsr-3825	191	24	5	5	NUM
fsr-3825	191	25	%	%	NOUN
fsr-3825	191	26	level	level	NOUN
fsr-3825	191	27	of	of	ADP
fsr-3825	191	28	significance	significance	NOUN
fsr-3825	191	29	.	.	PUNCT
fsr-3825	192	1	however	however	ADV
fsr-3825	192	2	,	,	PUNCT
fsr-3825	192	3	for	for	ADP
fsr-3825	192	4	national	national	ADJ
fsr-3825	192	5	funds	fund	NOUN
fsr-3825	192	6	,	,	PUNCT
fsr-3825	192	7	the	the	DET
fsr-3825	192	8	hypothesis	hypothesis	NOUN
fsr-3825	192	9	of	of	ADP
fsr-3825	192	10	independence	independence	NOUN
fsr-3825	192	11	of	of	ADP
fsr-3825	192	12	the	the	DET
fsr-3825	192	13	sharpe	sharpe	NOUN
fsr-3825	192	14	’s	’s	PART
fsr-3825	192	15	measure	measure	NOUN
fsr-3825	192	16	and	and	CCONJ
fsr-3825	192	17	average	average	ADJ
fsr-3825	192	18	maturity	maturity	NOUN
fsr-3825	192	19	and	and	CCONJ
fsr-3825	192	20	fund	fund	NOUN
fsr-3825	192	21	’s	’s	PART
fsr-3825	192	22	asset	asset	NOUN
fsr-3825	192	23	size	size	NOUN
fsr-3825	192	24	was	be	AUX
fsr-3825	192	25	rejected	reject	VERB
fsr-3825	192	26	at	at	ADP
fsr-3825	192	27	a	a	DET
fsr-3825	192	28	5	5	NUM
fsr-3825	192	29	%	%	NOUN
fsr-3825	192	30	level	level	NOUN
fsr-3825	192	31	.	.	PUNCT
fsr-3825	193	1	in	in	ADP
fsr-3825	193	2	other	other	ADJ
fsr-3825	193	3	words	word	NOUN
fsr-3825	193	4	,	,	PUNCT
fsr-3825	193	5	the	the	DET
fsr-3825	193	6	number	number	NOUN
fsr-3825	193	7	of	of	ADP
fsr-3825	193	8	funds	fund	NOUN
fsr-3825	193	9	in	in	ADP
fsr-3825	193	10	the	the	DET
fsr-3825	193	11	top	top	ADJ
fsr-3825	193	12	50	50	NUM
fsr-3825	193	13	%	%	NOUN
fsr-3825	193	14	of	of	ADP
fsr-3825	193	15	average	average	ADJ
fsr-3825	193	16	maturity	maturity	NOUN
fsr-3825	193	17	was	be	AUX
fsr-3825	193	18	disproportion	disproportion	NOUN
fsr-3825	193	19	ately	ately	ADV
fsr-3825	193	20	greater	great	ADJ
fsr-3825	193	21	than	than	SCONJ
fsr-3825	193	22	expected	expect	VERB
fsr-3825	193	23	,	,	PUNCT
fsr-3825	193	24	with	with	ADP
fsr-3825	193	25	the	the	DET
fsr-3825	193	26	inference	inference	NOUN
fsr-3825	193	27	that	that	PRON
fsr-3825	193	28	funds	fund	NOUN
fsr-3825	193	29	with	with	ADP
fsr-3825	193	30	greater	great	ADJ
fsr-3825	193	31	average	average	ADJ
fsr-3825	193	32	maturity	maturity	NOUN
fsr-3825	193	33	tended	tend	VERB
fsr-3825	193	34	to	to	PART
fsr-3825	193	35	have	have	VERB
fsr-3825	193	36	higher	high	ADJ
fsr-3825	193	37	than	than	ADP
fsr-3825	193	38	the	the	DET
fsr-3825	193	39	median	median	PROPN
fsr-3825	193	40	sharpe	sharpe	PROPN
fsr-3825	193	41	ratio	ratio	PROPN
fsr-3825	193	42	.	.	PUNCT
fsr-3825	194	1	similar	similar	ADJ
fsr-3825	194	2	results	result	NOUN
fsr-3825	194	3	were	be	AUX
fsr-3825	194	4	indicated	indicate	VERB
fsr-3825	194	5	for	for	ADP
fsr-3825	194	6	asset	asset	NOUN
fsr-3825	194	7	size	size	NOUN
fsr-3825	194	8	.	.	PUNCT
fsr-3825	195	1	larger	large	ADJ
fsr-3825	195	2	funds	fund	NOUN
fsr-3825	195	3	that	that	PRON
fsr-3825	195	4	invested	invest	VERB
fsr-3825	195	5	in	in	ADP
fsr-3825	195	6	municipal	municipal	ADJ
fsr-3825	195	7	bonds	bond	NOUN
fsr-3825	195	8	nationally	nationally	ADV
fsr-3825	195	9	tended	tend	VERB
fsr-3825	195	10	to	to	PART
fsr-3825	195	11	have	have	VERB
fsr-3825	195	12	a	a	DET
fsr-3825	195	13	sharpe	sharpe	NOUN
fsr-3825	195	14	’s	’s	PART
fsr-3825	195	15	ratio	ratio	NOUN
fsr-3825	195	16	higher	high	ADJ
fsr-3825	195	17	than	than	ADP
fsr-3825	195	18	the	the	DET
fsr-3825	195	19	median	median	NOUN
fsr-3825	195	20	.	.	PUNCT
fsr-3825	196	1	identical	identical	ADJ
fsr-3825	196	2	tests	test	NOUN
fsr-3825	196	3	were	be	AUX
fsr-3825	196	4	conducted	conduct	VERB
fsr-3825	196	5	with	with	ADP
fsr-3825	196	6	the	the	DET
fsr-3825	196	7	same	same	ADJ
fsr-3825	196	8	fund	fund	NOUN
fsr-3825	196	9	-	-	PUNCT
fsr-3825	196	10	specific	specific	ADJ
fsr-3825	196	11	variables	variable	NOUN
fsr-3825	196	12	for	for	ADP
fsr-3825	196	13	new	new	PROPN
fsr-3825	196	14	york	york	PROPN
fsr-3825	196	15	and	and	CCONJ
fsr-3825	196	16	california	california	PROPN
fsr-3825	196	17	funds	fund	NOUN
fsr-3825	196	18	.	.	PUNCT
fsr-3825	197	1	for	for	ADP
fsr-3825	197	2	all	all	DET
fsr-3825	197	3	the	the	DET
fsr-3825	197	4	fund	fund	NOUN
fsr-3825	197	5	-	-	PUNCT
fsr-3825	197	6	specific	specific	ADJ
fsr-3825	197	7	variables	variable	NOUN
fsr-3825	197	8	,	,	PUNCT
fsr-3825	197	9	namely	namely	ADV
fsr-3825	197	10	average	average	ADJ
fsr-3825	197	11	maturity	maturity	NOUN
fsr-3825	197	12	,	,	PUNCT
fsr-3825	197	13	asset	asset	NOUN
fsr-3825	197	14	size	size	NOUN
fsr-3825	197	15	,	,	PUNCT
fsr-3825	197	16	expense	expense	NOUN
fsr-3825	197	17	ratio	ratio	NOUN
fsr-3825	197	18	,	,	PUNCT
fsr-3825	197	19	manager	manager	NOUN
fsr-3825	197	20	tenure	tenure	NOUN
fsr-3825	197	21	,	,	PUNCT
fsr-3825	197	22	and	and	CCONJ
fsr-3825	197	23	turnover	turnover	NOUN
fsr-3825	197	24	,	,	PUNCT
fsr-3825	197	25	the	the	DET
fsr-3825	197	26	hypothesis	hypothesis	NOUN
fsr-3825	197	27	of	of	ADP
fsr-3825	197	28	the	the	DET
fsr-3825	197	29	independence	independence	NOUN
fsr-3825	197	30	of	of	ADP
fsr-3825	197	31	those	those	DET
fsr-3825	197	32	variables	variable	NOUN
fsr-3825	197	33	and	and	CCONJ
fsr-3825	197	34	sharpe	sharpe	PROPN
fsr-3825	197	35	’s	’s	PART
fsr-3825	197	36	measure	measure	NOUN
fsr-3825	197	37	could	could	AUX
fsr-3825	197	38	not	not	PART
fsr-3825	197	39	be	be	AUX
fsr-3825	197	40	rejected	reject	VERB
fsr-3825	197	41	for	for	ADP
fsr-3825	197	42	all	all	DET
fsr-3825	197	43	the	the	DET
fsr-3825	197	44	fund	fund	NOUN
fsr-3825	197	45	specific	specific	ADJ
fsr-3825	197	46	variables	variable	NOUN
fsr-3825	197	47	at	at	ADP
fsr-3825	197	48	194	194	NUM
fsr-3825	197	49	financial	financial	ADJ
fsr-3825	197	50	services	service	NOUN
fsr-3825	197	51	review	review	VERB
fsr-3825	197	52	6(3	6(3	NUM
fsr-3825	197	53	)	)	PUNCT
fsr-3825	197	54	1998	1998	NUM
fsr-3825	197	55	table	table	NOUN
fsr-3825	197	56	4	4	NUM
fsr-3825	197	57	contingency	contingency	NOUN
fsr-3825	197	58	table	table	NOUN
fsr-3825	197	59	for	for	ADP
fsr-3825	197	60	national	national	ADJ
fsr-3825	197	61	funds	fund	NOUN
fsr-3825	197	62	(	(	PUNCT
fsr-3825	197	63	independence	independence	NOUN
fsr-3825	197	64	of	of	ADP
fsr-3825	197	65	fund	fund	NOUN
fsr-3825	197	66	variables	variable	NOUN
fsr-3825	197	67	and	and	CCONJ
fsr-3825	197	68	performance	performance	NOUN
fsr-3825	197	69	)	)	PUNCT
fsr-3825	197	70	funds	fund	NOUN
fsr-3825	197	71	with	with	ADP
fsr-3825	197	72	shame	shame	NOUN
fsr-3825	197	73	’s	’s	PART
fsr-3825	197	74	measure	measure	NOUN
fsr-3825	197	75	z=	z=	PROPN
fsr-3825	197	76	median	median	PROPN
fsr-3825	197	77	-c	-c	PUNCT
fsr-3825	197	78	=	=	SYM
fsr-3825	197	79	median	median	ADJ
fsr-3825	197	80	total	total	ADJ
fsr-3825	197	81	average	average	ADJ
fsr-3825	197	82	maturity	maturity	NOUN
fsr-3825	197	83	top	top	ADJ
fsr-3825	197	84	50	50	NUM
fsr-3825	197	85	%	%	NOUN
fsr-3825	197	86	bottom	bottom	ADJ
fsr-3825	197	87	50	50	NUM
fsr-3825	197	88	%	%	NOUN
fsr-3825	197	89	total	total	ADJ
fsr-3825	197	90	chi	chi	PROPN
fsr-3825	197	91	square	square	NOUN
fsr-3825	197	92	=	=	PUNCT
fsr-3825	198	1	5.51789	5.51789	NUM
fsr-3825	198	2	*	*	PUNCT
fsr-3825	198	3	asset	asset	NOUN
fsr-3825	198	4	size	size	NOUN
fsr-3825	198	5	top	top	ADJ
fsr-3825	198	6	50	50	NUM
fsr-3825	198	7	%	%	NOUN
fsr-3825	198	8	bottom	bottom	ADJ
fsr-3825	198	9	50	50	NUM
fsr-3825	198	10	%	%	NOUN
fsr-3825	198	11	total	total	ADJ
fsr-3825	198	12	chi	chi	PROPN
fsr-3825	198	13	square	square	NOUN
fsr-3825	198	14	=	=	SYM
fsr-3825	198	15	10.5263	10.5263	NUM
fsr-3825	198	16	*	*	PUNCT
fsr-3825	198	17	expense	expense	NOUN
fsr-3825	198	18	ratio	ratio	NOUN
fsr-3825	198	19	top	top	ADJ
fsr-3825	198	20	50	50	NUM
fsr-3825	198	21	%	%	NOUN
fsr-3825	198	22	bottom	bottom	ADJ
fsr-3825	198	23	50	50	NUM
fsr-3825	198	24	%	%	NOUN
fsr-3825	198	25	total	total	ADJ
fsr-3825	198	26	chi	chi	PROPN
fsr-3825	198	27	square	square	NOUN
fsr-3825	198	28	=	=	SYM
fsr-3825	198	29	0.9473	0.9473	NUM
fsr-3825	198	30	manager	manager	NOUN
fsr-3825	198	31	tenure	tenure	NOUN
fsr-3825	198	32	top	top	ADJ
fsr-3825	198	33	50	50	NUM
fsr-3825	198	34	%	%	NOUN
fsr-3825	198	35	bottom	bottom	ADJ
fsr-3825	198	36	50	50	NUM
fsr-3825	198	37	%	%	NOUN
fsr-3825	198	38	total	total	ADJ
fsr-3825	198	39	chi	chi	PROPN
fsr-3825	198	40	square	square	NOUN
fsr-3825	198	41	=	=	SYM
fsr-3825	198	42	1.6842	1.6842	NUM
fsr-3825	198	43	turn	turn	NOUN
fsr-3825	198	44	over	over	ADP
fsr-3825	198	45	top	top	ADJ
fsr-3825	198	46	50	50	NUM
fsr-3825	198	47	%	%	NOUN
fsr-3825	198	48	bottom	bottom	ADJ
fsr-3825	198	49	50	50	NUM
fsr-3825	198	50	%	%	NOUN
fsr-3825	198	51	total	total	ADJ
fsr-3825	198	52	chi	chi	PROPN
fsr-3825	198	53	square	square	NOUN
fsr-3825	198	54	=	=	PUNCT
fsr-3825	199	1	3.7895	3.7895	NUM
fsr-3825	199	2	45	45	NUM
fsr-3825	199	3	31	31	NUM
fsr-3825	199	4	76	76	NUM
fsr-3825	199	5	31	31	NUM
fsr-3825	199	6	45	45	NUM
fsr-3825	199	7	76	76	NUM
fsr-3825	199	8	76	76	NUM
fsr-3825	199	9	76	76	NUM
fsr-3825	199	10	152	152	NUM
fsr-3825	199	11	48	48	NUM
fsr-3825	199	12	28	28	NUM
fsr-3825	199	13	76	76	NUM
fsr-3825	199	14	28	28	NUM
fsr-3825	199	15	48	48	NUM
fsr-3825	199	16	76	76	NUM
fsr-3825	199	17	76	76	NUM
fsr-3825	199	18	76	76	NUM
fsr-3825	199	19	152	152	NUM
fsr-3825	199	20	35	35	NUM
fsr-3825	199	21	41	41	NUM
fsr-3825	199	22	76	76	NUM
fsr-3825	199	23	41	41	NUM
fsr-3825	199	24	35	35	NUM
fsr-3825	199	25	76	76	NUM
fsr-3825	199	26	76	76	NUM
fsr-3825	199	27	76	76	NUM
fsr-3825	199	28	152	152	NUM
fsr-3825	199	29	42	42	NUM
fsr-3825	199	30	34	34	NUM
fsr-3825	199	31	76	76	NUM
fsr-3825	199	32	34	34	NUM
fsr-3825	199	33	42	42	NUM
fsr-3825	199	34	76	76	NUM
fsr-3825	199	35	76	76	NUM
fsr-3825	199	36	76	76	NUM
fsr-3825	199	37	152	152	NUM
fsr-3825	199	38	44	44	NUM
fsr-3825	199	39	32	32	NUM
fsr-3825	199	40	76	76	NUM
fsr-3825	199	41	32	32	NUM
fsr-3825	199	42	44	44	NUM
fsr-3825	199	43	76	76	NUM
fsr-3825	199	44	76	76	NUM
fsr-3825	199	45	76	76	NUM
fsr-3825	199	46	152	152	NUM
fsr-3825	199	47	note	note	NOUN
fsr-3825	199	48	:	:	PUNCT
fsr-3825	199	49	(	(	PUNCT
fsr-3825	199	50	critical	critical	ADJ
fsr-3825	199	51	value	value	NOUN
fsr-3825	199	52	at	at	ADP
fsr-3825	199	53	a	a	DET
fsr-3825	199	54	=	=	SYM
fsr-3825	199	55	.05	.05	NUM
fsr-3825	200	1	and	and	CCONJ
fsr-3825	200	2	i	i	PRON
fsr-3825	200	3	degree	degree	NOUN
fsr-3825	200	4	of	of	ADP
fsr-3825	200	5	freedom	freedom	NOUN
fsr-3825	200	6	is	be	AUX
fsr-3825	200	7	3.841	3.841	NUM
fsr-3825	200	8	)	)	PUNCT
fsr-3825	200	9	a	a	DET
fsr-3825	200	10	five	five	NUM
fsr-3825	200	11	percent	percent	NOUN
fsr-3825	200	12	significance	significance	NOUN
fsr-3825	200	13	.	.	PUNCT
fsr-3825	201	1	that	that	PRON
fsr-3825	201	2	is	is	ADV
fsr-3825	201	3	,	,	PUNCT
fsr-3825	201	4	the	the	DET
fsr-3825	201	5	sharpe	sharpe	NOUN
fsr-3825	201	6	’s	’s	PART
fsr-3825	201	7	measure	measure	NOUN
fsr-3825	201	8	was	be	AUX
fsr-3825	201	9	independent	independent	ADJ
fsr-3825	201	10	of	of	ADP
fsr-3825	201	11	these	these	DET
fsr-3825	201	12	specific	specific	ADJ
fsr-3825	201	13	fund	fund	NOUN
fsr-3825	201	14	variables	variable	NOUN
fsr-3825	201	15	for	for	ADP
fsr-3825	201	16	both	both	DET
fsr-3825	201	17	groups	group	NOUN
fsr-3825	201	18	of	of	ADP
fsr-3825	201	19	funds	fund	NOUN
fsr-3825	201	20	.	.	PUNCT
fsr-3825	202	1	v.	v.	CCONJ
fsr-3825	202	2	summary	summary	NOUN
fsr-3825	202	3	and	and	CCONJ
fsr-3825	202	4	conclusions	conclusion	NOUN
fsr-3825	202	5	as	as	SCONJ
fsr-3825	202	6	concluded	conclude	VERB
fsr-3825	202	7	in	in	ADP
fsr-3825	202	8	earlier	early	ADJ
fsr-3825	202	9	studies	study	NOUN
fsr-3825	202	10	(	(	PUNCT
fsr-3825	202	11	gudikunst	gudikunst	NOUN
fsr-3825	202	12	and	and	CCONJ
fsr-3825	202	13	mccarthy	mccarthy	PROPN
fsr-3825	202	14	[	[	X
fsr-3825	202	15	1992	1992	NUM
fsr-3825	202	16	]	]	PUNCT
fsr-3825	202	17	;	;	PUNCT
fsr-3825	202	18	and	and	CCONJ
fsr-3825	202	19	blake	blake	PROPN
fsr-3825	202	20	,	,	PUNCT
fsr-3825	202	21	elton	elton	PROPN
fsr-3825	202	22	and	and	CCONJ
fsr-3825	202	23	gruber	gruber	PROPN
fsr-3825	202	24	[	[	PUNCT
fsr-3825	202	25	19931	19931	NUM
fsr-3825	202	26	)	)	PUNCT
fsr-3825	202	27	of	of	ADP
fsr-3825	202	28	other	other	ADJ
fsr-3825	202	29	types	type	NOUN
fsr-3825	202	30	of	of	ADP
fsr-3825	202	31	bond	bond	NOUN
fsr-3825	202	32	funds	fund	NOUN
fsr-3825	202	33	,	,	PUNCT
fsr-3825	202	34	municipal	municipal	ADJ
fsr-3825	202	35	bond	bond	NOUN
fsr-3825	202	36	fund	fund	NOUN
fsr-3825	202	37	returns	return	NOUN
fsr-3825	202	38	either	either	CCONJ
fsr-3825	202	39	mirror	mirror	NOUN
fsr-3825	202	40	or	or	CCONJ
fsr-3825	202	41	lag	lag	VERB
fsr-3825	202	42	municipal	municipal	ADJ
fsr-3825	202	43	bond	bond	NOUN
fsr-3825	202	44	index	index	NOUN
fsr-3825	202	45	returns	return	VERB
fsr-3825	202	46	on	on	ADP
fsr-3825	202	47	a	a	DET
fsr-3825	202	48	risk	risk	NOUN
fsr-3825	202	49	-	-	PUNCT
fsr-3825	202	50	adjusted	adjust	VERB
fsr-3825	202	51	basis	basis	NOUN
fsr-3825	202	52	.	.	PUNCT
fsr-3825	203	1	this	this	DET
fsr-3825	203	2	study	study	NOUN
fsr-3825	203	3	provides	provide	VERB
fsr-3825	203	4	further	further	ADJ
fsr-3825	203	5	sup	sup	NOUN
fsr-3825	203	6	port	port	NOUN
fsr-3825	203	7	in	in	ADP
fsr-3825	203	8	favor	favor	NOUN
fsr-3825	203	9	of	of	ADP
fsr-3825	203	10	indexing	indexing	NOUN
fsr-3825	203	11	.	.	PUNCT
fsr-3825	204	1	mutual	mutual	ADJ
fsr-3825	204	2	fund	fund	NOUN
fsr-3825	204	3	companies	company	NOUN
fsr-3825	204	4	may	may	AUX
fsr-3825	204	5	find	find	VERB
fsr-3825	204	6	the	the	DET
fsr-3825	204	7	idea	idea	NOUN
fsr-3825	204	8	of	of	ADP
fsr-3825	204	9	offering	offer	VERB
fsr-3825	204	10	indexed	index	VERB
fsr-3825	204	11	municipal	municipal	ADJ
fsr-3825	204	12	bond	bond	NOUN
fsr-3825	204	13	funds	fund	NOUN
fsr-3825	204	14	worth	worth	ADJ
fsr-3825	204	15	pursuing	pursue	VERB
fsr-3825	204	16	.	.	PUNCT
fsr-3825	205	1	from	from	ADP
fsr-3825	205	2	an	an	DET
fsr-3825	205	3	individual	individual	ADJ
fsr-3825	205	4	investor	investor	NOUN
fsr-3825	205	5	’s	’s	PART
fsr-3825	205	6	point	point	NOUN
fsr-3825	205	7	of	of	ADP
fsr-3825	205	8	view	view	NOUN
fsr-3825	205	9	,	,	PUNCT
fsr-3825	205	10	perfor	perfor	PROPN
fsr-3825	205	11	mance	mance	NOUN
fsr-3825	205	12	across	across	ADP
fsr-3825	205	13	actively	actively	ADV
fsr-3825	205	14	managed	manage	VERB
fsr-3825	205	15	municipal	municipal	ADJ
fsr-3825	205	16	bond	bond	NOUN
fsr-3825	205	17	funds	fund	NOUN
fsr-3825	205	18	is	be	AUX
fsr-3825	205	19	similar	similar	ADJ
fsr-3825	205	20	.	.	PUNCT
fsr-3825	206	1	for	for	ADP
fsr-3825	206	2	an	an	DET
fsr-3825	206	3	investor	investor	NOUN
fsr-3825	206	4	with	with	ADP
fsr-3825	206	5	no	no	DET
fsr-3825	206	6	forecasting	forecasting	NOUN
fsr-3825	206	7	capabilities	capability	NOUN
fsr-3825	206	8	,	,	PUNCT
fsr-3825	206	9	if	if	SCONJ
fsr-3825	206	10	an	an	DET
fsr-3825	206	11	opportunity	opportunity	NOUN
fsr-3825	206	12	to	to	PART
fsr-3825	206	13	invest	invest	VERB
fsr-3825	206	14	in	in	ADP
fsr-3825	206	15	an	an	DET
fsr-3825	206	16	indexed	indexed	ADJ
fsr-3825	206	17	municipal	municipal	ADJ
fsr-3825	206	18	bond	bond	NOUN
fsr-3825	206	19	fund	fund	NOUN
fsr-3825	206	20	becomes	become	VERB
fsr-3825	206	21	available	available	ADJ
fsr-3825	206	22	,	,	PUNCT
fsr-3825	206	23	such	such	DET
fsr-3825	206	24	a	a	DET
fsr-3825	206	25	fund	fund	NOUN
fsr-3825	206	26	should	should	AUX
fsr-3825	206	27	be	be	AUX
fsr-3825	206	28	the	the	DET
fsr-3825	206	29	investor	investor	NOUN
fsr-3825	206	30	’s	’s	PART
fsr-3825	206	31	first	first	ADJ
fsr-3825	206	32	choice	choice	NOUN
fsr-3825	206	33	.	.	PUNCT
fsr-3825	207	1	s	s	X
fsr-3825	207	2	/	/	SYM
fsr-3825	207	3	he	he	PRON
fsr-3825	207	4	can	can	AUX
fsr-3825	207	5	expect	expect	VERB
fsr-3825	207	6	per	per	ADP
fsr-3825	207	7	formance	formance	NOUN
fsr-3825	207	8	that	that	PRON
fsr-3825	207	9	will	will	AUX
fsr-3825	207	10	match	match	VERB
fsr-3825	207	11	or	or	CCONJ
fsr-3825	207	12	surpass	surpass	VERB
fsr-3825	207	13	the	the	DET
fsr-3825	207	14	returns	return	NOUN
fsr-3825	207	15	of	of	ADP
fsr-3825	207	16	actively	actively	ADV
fsr-3825	207	17	managed	manage	VERB
fsr-3825	207	18	municipal	municipal	ADJ
fsr-3825	207	19	bond	bond	NOUN
fsr-3825	207	20	port	port	NOUN
fsr-3825	207	21	folios	folio	NOUN
fsr-3825	207	22	on	on	ADP
fsr-3825	207	23	a	a	DET
fsr-3825	207	24	risk	risk	NOUN
fsr-3825	207	25	-	-	PUNCT
fsr-3825	207	26	adjusted	adjust	VERB
fsr-3825	207	27	basis	basis	NOUN
fsr-3825	207	28	.	.	PUNCT
fsr-3825	208	1	market	market	NOUN
fsr-3825	208	2	knowledge	knowledge	NOUN
fsr-3825	208	3	195	195	NUM
fsr-3825	208	4	when	when	SCONJ
fsr-3825	208	5	state	state	NOUN
fsr-3825	208	6	income	income	NOUN
fsr-3825	208	7	taxes	taxis	NOUN
fsr-3825	208	8	are	be	AUX
fsr-3825	208	9	considered	consider	VERB
fsr-3825	208	10	significant	significant	ADJ
fsr-3825	208	11	,	,	PUNCT
fsr-3825	208	12	for	for	ADP
fsr-3825	208	13	example	example	NOUN
fsr-3825	208	14	,	,	PUNCT
fsr-3825	208	15	in	in	ADP
fsr-3825	208	16	states	state	NOUN
fsr-3825	208	17	like	like	ADP
fsr-3825	208	18	new	new	PROPN
fsr-3825	208	19	york	york	PROPN
fsr-3825	208	20	and	and	CCONJ
fsr-3825	208	21	california	california	PROPN
fsr-3825	208	22	,	,	PUNCT
fsr-3825	208	23	it	it	PRON
fsr-3825	208	24	is	be	AUX
fsr-3825	208	25	beneficial	beneficial	ADJ
fsr-3825	208	26	for	for	SCONJ
fsr-3825	208	27	the	the	DET
fsr-3825	208	28	individual	individual	ADJ
fsr-3825	208	29	investor	investor	NOUN
fsr-3825	208	30	to	to	PART
fsr-3825	208	31	buy	buy	VERB
fsr-3825	208	32	into	into	ADP
fsr-3825	208	33	state	state	NOUN
fsr-3825	208	34	-	-	PUNCT
fsr-3825	208	35	specific	specific	ADJ
fsr-3825	208	36	municipal	municipal	ADJ
fsr-3825	208	37	bond	bond	NOUN
fsr-3825	208	38	funds	fund	NOUN
fsr-3825	208	39	.	.	PUNCT
fsr-3825	209	1	we	we	PRON
fsr-3825	209	2	find	find	VERB
fsr-3825	209	3	that	that	SCONJ
fsr-3825	209	4	the	the	DET
fsr-3825	209	5	total	total	ADJ
fsr-3825	209	6	risk	risk	NOUN
fsr-3825	209	7	of	of	ADP
fsr-3825	209	8	state	state	NOUN
fsr-3825	209	9	specific	specific	ADJ
fsr-3825	209	10	mutual	mutual	ADJ
fsr-3825	209	11	funds	fund	NOUN
fsr-3825	209	12	for	for	ADP
fsr-3825	209	13	new	new	PROPN
fsr-3825	209	14	york	york	PROPN
fsr-3825	209	15	and	and	CCONJ
fsr-3825	209	16	california	california	PROPN
fsr-3825	209	17	is	be	AUX
fsr-3825	209	18	consistently	consistently	ADV
fsr-3825	209	19	higher	high	ADJ
fsr-3825	209	20	than	than	ADP
fsr-3825	209	21	that	that	PRON
fsr-3825	209	22	of	of	ADP
fsr-3825	209	23	the	the	DET
fsr-3825	209	24	national	national	ADJ
fsr-3825	209	25	funds	fund	NOUN
fsr-3825	209	26	.	.	PUNCT
fsr-3825	210	1	the	the	DET
fsr-3825	210	2	owners	owner	NOUN
fsr-3825	210	3	of	of	ADP
fsr-3825	210	4	state	state	NOUN
fsr-3825	210	5	specific	specific	ADJ
fsr-3825	210	6	municipal	municipal	ADJ
fsr-3825	210	7	bond	bond	NOUN
fsr-3825	210	8	funds	fund	NOUN
fsr-3825	210	9	are	be	AUX
fsr-3825	210	10	subject	subject	ADJ
fsr-3825	210	11	to	to	ADP
fsr-3825	210	12	higher	high	ADJ
fsr-3825	210	13	systematic	systematic	ADJ
fsr-3825	210	14	(	(	PUNCT
fsr-3825	210	15	market	market	NOUN
fsr-3825	210	16	)	)	PUNCT
fsr-3825	210	17	risk	risk	NOUN
fsr-3825	210	18	,	,	PUNCT
fsr-3825	210	19	though	though	SCONJ
fsr-3825	210	20	it	it	PRON
fsr-3825	210	21	is	be	AUX
fsr-3825	210	22	accompanied	accompany	VERB
fsr-3825	210	23	by	by	ADP
fsr-3825	210	24	a	a	DET
fsr-3825	210	25	higher	high	ADJ
fsr-3825	210	26	excess	excess	ADJ
fsr-3825	210	27	return	return	NOUN
fsr-3825	210	28	.	.	PUNCT
fsr-3825	211	1	we	we	PRON
fsr-3825	211	2	further	far	ADV
fsr-3825	211	3	find	find	VERB
fsr-3825	211	4	that	that	SCONJ
fsr-3825	211	5	national	national	ADJ
fsr-3825	211	6	funds	fund	NOUN
fsr-3825	211	7	are	be	AUX
fsr-3825	211	8	unable	unable	ADJ
fsr-3825	211	9	to	to	PART
fsr-3825	211	10	overcome	overcome	VERB
fsr-3825	211	11	the	the	DET
fsr-3825	211	12	return	return	NOUN
fsr-3825	211	13	disadvantage	disadvantage	NOUN
fsr-3825	211	14	created	create	VERB
fsr-3825	211	15	by	by	ADP
fsr-3825	211	16	the	the	DET
fsr-3825	211	17	imposition	imposition	NOUN
fsr-3825	211	18	of	of	ADP
fsr-3825	211	19	state	state	NOUN
fsr-3825	211	20	income	income	NOUN
fsr-3825	211	21	taxes	taxis	NOUN
fsr-3825	211	22	.	.	PUNCT
fsr-3825	212	1	thus	thus	ADV
fsr-3825	212	2	,	,	PUNCT
fsr-3825	212	3	when	when	SCONJ
fsr-3825	212	4	the	the	DET
fsr-3825	212	5	choice	choice	NOUN
fsr-3825	212	6	for	for	ADP
fsr-3825	212	7	the	the	DET
fsr-3825	212	8	investor	investor	NOUN
fsr-3825	212	9	is	be	AUX
fsr-3825	212	10	to	to	PART
fsr-3825	212	11	invest	invest	VERB
fsr-3825	212	12	in	in	ADP
fsr-3825	212	13	one	one	NUM
fsr-3825	212	14	of	of	ADP
fsr-3825	212	15	the	the	DET
fsr-3825	212	16	two	two	NUM
fsr-3825	212	17	sets	set	NOUN
fsr-3825	212	18	of	of	ADP
fsr-3825	212	19	funds	fund	NOUN
fsr-3825	212	20	,	,	PUNCT
fsr-3825	212	21	it	it	PRON
fsr-3825	212	22	is	be	AUX
fsr-3825	212	23	beneficial	beneficial	ADJ
fsr-3825	212	24	,	,	PUNCT
fsr-3825	212	25	on	on	ADP
fsr-3825	212	26	a	a	DET
fsr-3825	212	27	risk	risk	NOUN
fsr-3825	212	28	-	-	PUNCT
fsr-3825	212	29	adjusted	adjust	VERB
fsr-3825	212	30	basis	basis	NOUN
fsr-3825	212	31	,	,	PUNCT
fsr-3825	212	32	for	for	SCONJ
fsr-3825	212	33	the	the	DET
fsr-3825	212	34	investor	investor	NOUN
fsr-3825	212	35	to	to	PART
fsr-3825	212	36	allocate	allocate	VERB
fsr-3825	212	37	his	his	PRON
fsr-3825	212	38	or	or	CCONJ
fsr-3825	212	39	her	her	PRON
fsr-3825	212	40	investments	investment	NOUN
fsr-3825	212	41	to	to	ADP
fsr-3825	212	42	funds	fund	NOUN
fsr-3825	212	43	that	that	PRON
fsr-3825	212	44	are	be	AUX
fsr-3825	212	45	free	free	ADJ
fsr-3825	212	46	from	from	ADP
fsr-3825	212	47	both	both	CCONJ
fsr-3825	212	48	federal	federal	ADJ
fsr-3825	212	49	and	and	CCONJ
fsr-3825	212	50	the	the	DET
fsr-3825	212	51	investor	investor	NOUN
fsr-3825	212	52	’s	’s	PART
fsr-3825	212	53	state	state	NOUN
fsr-3825	212	54	income	income	NOUN
fsr-3825	212	55	tax	tax	NOUN
fsr-3825	212	56	.	.	PUNCT
fsr-3825	213	1	the	the	DET
fsr-3825	213	2	preceding	precede	VERB
fsr-3825	213	3	assertion	assertion	NOUN
fsr-3825	213	4	can	can	AUX
fsr-3825	213	5	only	only	ADV
fsr-3825	213	6	be	be	AUX
fsr-3825	213	7	made	make	VERB
fsr-3825	213	8	,	,	PUNCT
fsr-3825	213	9	however	however	ADV
fsr-3825	213	10	,	,	PUNCT
fsr-3825	213	11	for	for	ADP
fsr-3825	213	12	residents	resident	NOUN
fsr-3825	213	13	of	of	ADP
fsr-3825	213	14	california	california	PROPN
fsr-3825	213	15	and	and	CCONJ
fsr-3825	213	16	new	new	PROPN
fsr-3825	213	17	york	york	PROPN
fsr-3825	213	18	,	,	PUNCT
fsr-3825	213	19	since	since	SCONJ
fsr-3825	213	20	our	our	PRON
fsr-3825	213	21	sample	sample	NOUN
fsr-3825	213	22	of	of	ADP
fsr-3825	213	23	state	state	NOUN
fsr-3825	213	24	-	-	PUNCT
fsr-3825	213	25	spe	spe	PROPN
fsr-3825	213	26	cific	cific	NOUN
fsr-3825	213	27	bond	bond	NOUN
fsr-3825	213	28	funds	fund	NOUN
fsr-3825	213	29	includes	include	VERB
fsr-3825	213	30	mutual	mutual	ADJ
fsr-3825	213	31	funds	fund	NOUN
fsr-3825	213	32	pertaining	pertain	VERB
fsr-3825	213	33	to	to	ADP
fsr-3825	213	34	these	these	DET
fsr-3825	213	35	states	state	NOUN
fsr-3825	213	36	only	only	ADV
fsr-3825	213	37	.	.	PUNCT
fsr-3825	214	1	references	reference	NOUN
fsr-3825	214	2	benson	benson	PROPN
fsr-3825	214	3	,	,	PUNCT
fsr-3825	214	4	e.	e.	PROPN
fsr-3825	214	5	d.	d.	PROPN
fsr-3825	214	6	,	,	PUNCT
fsr-3825	214	7	marks	marks	PROPN
fsr-3825	214	8	,	,	PUNCT
fsr-3825	214	9	b.	b.	PROPN
fsr-3825	214	10	r.	r.	PROPN
fsr-3825	214	11	,	,	PUNCT
fsr-3825	214	12	&	&	CCONJ
fsr-3825	214	13	raman	raman	PROPN
fsr-3825	214	14	,	,	PUNCT
fsr-3825	214	15	k.	k.	PROPN
fsr-3825	214	16	k.	k.	PROPN
fsr-3825	214	17	,	,	PUNCT
fsr-3825	214	18	(	(	PUNCT
fsr-3825	214	19	1991	1991	NUM
fsr-3825	214	20	)	)	PUNCT
fsr-3825	214	21	.	.	PUNCT
fsr-3825	215	1	the	the	DET
fsr-3825	215	2	effect	effect	NOUN
fsr-3825	215	3	of	of	ADP
fsr-3825	215	4	voluntary	voluntary	ADJ
fsr-3825	215	5	gaap	gaap	NOUN
fsr-3825	215	6	compliance	compliance	NOUN
fsr-3825	215	7	and	and	CCONJ
fsr-3825	215	8	financial	financial	ADJ
fsr-3825	215	9	disclosure	disclosure	NOUN
fsr-3825	215	10	on	on	ADP
fsr-3825	215	11	governmental	governmental	ADJ
fsr-3825	215	12	borrowing	borrowing	NOUN
fsr-3825	215	13	costs	cost	NOUN
fsr-3825	215	14	;	;	PUNCT
fsr-3825	215	15	professional	professional	ADJ
fsr-3825	215	16	adaptation	adaptation	NOUN
fsr-3825	215	17	.	.	PUNCT
fsr-3825	216	1	journal	journal	NOUN
fsr-3825	216	2	of	of	ADP
fsr-3825	216	3	accounting	accounting	NOUN
fsr-3825	216	4	,	,	PUNCT
fsr-3825	216	5	auditing	auditing	NOUN
fsr-3825	216	6	and	and	CCONJ
fsr-3825	216	7	finance	finance	NOUN
fsr-3825	216	8	,	,	PUNCT
fsr-3825	216	9	6	6	NUM
fsr-3825	216	10	,	,	PUNCT
fsr-3825	216	11	303	303	NUM
fsr-3825	216	12	-	-	SYM
fsr-3825	216	13	324	324	NUM
fsr-3825	216	14	.	.	PUNCT
fsr-3825	217	1	blake	blake	PROPN
fsr-3825	217	2	,	,	PUNCT
fsr-3825	217	3	c.	c.	PROPN
fsr-3825	217	4	r.	r.	PROPN
fsr-3825	217	5	,	,	PUNCT
fsr-3825	217	6	elton	elton	PROPN
fsr-3825	217	7	,	,	PUNCT
fsr-3825	217	8	e.	e.	PROPN
fsr-3825	217	9	j.	j.	PROPN
fsr-3825	217	10	,	,	PUNCT
fsr-3825	217	11	&	&	CCONJ
fsr-3825	217	12	gruber	gruber	PROPN
fsr-3825	217	13	,	,	PUNCT
fsr-3825	217	14	m.	m.	NOUN
fsr-3825	217	15	j.	j.	PROPN
fsr-3825	217	16	(	(	PUNCT
fsr-3825	217	17	1993	1993	NUM
fsr-3825	217	18	)	)	PUNCT
fsr-3825	217	19	.	.	PUNCT
fsr-3825	218	1	the	the	DET
fsr-3825	218	2	performance	performance	NOUN
fsr-3825	218	3	of	of	ADP
fsr-3825	218	4	bond	bond	NOUN
fsr-3825	218	5	mutual	mutual	ADJ
fsr-3825	218	6	funds	fund	NOUN
fsr-3825	218	7	.	.	PUNCT
fsr-3825	219	1	journal	journal	NOUN
fsr-3825	219	2	of	of	ADP
fsr-3825	219	3	business	business	NOUN
fsr-3825	219	4	,	,	PUNCT
fsr-3825	219	5	66,37	66,37	NUM
fsr-3825	219	6	l-403	l-403	PROPN
fsr-3825	219	7	.	.	PUNCT
fsr-3825	220	1	brown	brown	PROPN
fsr-3825	220	2	,	,	PUNCT
fsr-3825	220	3	s.	s.	PROPN
fsr-3825	220	4	,	,	PUNCT
fsr-3825	220	5	goetzmann	goetzmann	PROPN
fsr-3825	220	6	w.	w.	PROPN
fsr-3825	220	7	,	,	PUNCT
fsr-3825	220	8	ibbotson	ibbotson	PROPN
fsr-3825	220	9	r.	r.	PROPN
fsr-3825	220	10	,	,	PUNCT
fsr-3825	220	11	&	&	CCONJ
fsr-3825	220	12	ross	ross	PROPN
fsr-3825	220	13	,	,	PUNCT
fsr-3825	220	14	s.	s.	PROPN
fsr-3825	220	15	(	(	PUNCT
fsr-3825	220	16	1992	1992	NUM
fsr-3825	220	17	)	)	PUNCT
fsr-3825	220	18	.	.	PUNCT
fsr-3825	221	1	survivorship	survivorship	NOUN
fsr-3825	221	2	bias	bias	NOUN
fsr-3825	221	3	in	in	ADP
fsr-3825	221	4	performance	performance	NOUN
fsr-3825	221	5	studies	study	NOUN
fsr-3825	221	6	.	.	PUNCT
fsr-3825	222	1	review	review	NOUN
fsr-3825	222	2	of	of	ADP
fsr-3825	222	3	financial	financial	ADJ
fsr-3825	222	4	studies	study	NOUN
fsr-3825	222	5	,	,	PUNCT
fsr-3825	222	6	5,553	5,553	NUM
fsr-3825	222	7	-	-	SYM
fsr-3825	222	8	580	580	NUM
fsr-3825	222	9	.	.	PUNCT
fsr-3825	223	1	brown	brown	PROPN
fsr-3825	223	2	,	,	PUNCT
fsr-3825	223	3	s.	s.	PROPN
fsr-3825	223	4	,	,	PUNCT
fsr-3825	223	5	goetzmann	goetzmann	PROPN
fsr-3825	223	6	w.	w.	PROPN
fsr-3825	223	7	,	,	PUNCT
fsr-3825	223	8	ibbotson	ibbotson	PROPN
fsr-3825	223	9	r.	r.	PROPN
fsr-3825	223	10	,	,	PUNCT
fsr-3825	223	11	&	&	CCONJ
fsr-3825	223	12	ross	ross	PROPN
fsr-3825	223	13	,	,	PUNCT
fsr-3825	223	14	s.	s.	PROPN
fsr-3825	223	15	(	(	PUNCT
fsr-3825	223	16	1995	1995	NUM
fsr-3825	223	17	)	)	PUNCT
fsr-3825	223	18	.	.	PUNCT
fsr-3825	224	1	performance	performance	NOUN
fsr-3825	224	2	persistence	persistence	NOUN
fsr-3825	224	3	.	.	PUNCT
fsr-3825	225	1	journal	journal	PROPN
fsr-3825	225	2	of	of	ADP
fsr-3825	225	3	finance	finance	NOUN
fsr-3825	225	4	,	,	PUNCT
fsr-3825	225	5	50,679	50,679	NUM
fsr-3825	225	6	-	-	SYM
fsr-3825	225	7	698	698	NUM
fsr-3825	225	8	.	.	PUNCT
fsr-3825	226	1	cornell	cornell	PROPN
fsr-3825	226	2	,	,	PUNCT
fsr-3825	226	3	b.	b.	PROPN
fsr-3825	226	4	,	,	PUNCT
fsr-3825	226	5	&	&	CCONJ
fsr-3825	226	6	green	green	PROPN
fsr-3825	226	7	,	,	PUNCT
fsr-3825	226	8	k.	k.	PROPN
fsr-3825	226	9	(	(	PUNCT
fsr-3825	226	10	1991	1991	NUM
fsr-3825	226	11	)	)	PUNCT
fsr-3825	226	12	.	.	PUNCT
fsr-3825	227	1	the	the	DET
fsr-3825	227	2	investment	investment	NOUN
fsr-3825	227	3	performance	performance	NOUN
fsr-3825	227	4	of	of	ADP
fsr-3825	227	5	low	low	ADJ
fsr-3825	227	6	-	-	PUNCT
fsr-3825	227	7	grade	grade	NOUN
fsr-3825	227	8	bond	bond	NOUN
fsr-3825	227	9	funds	fund	NOUN
fsr-3825	227	10	.	.	PUNCT
fsr-3825	228	1	journal	journal	PROPN
fsr-3825	228	2	of	of	ADP
fsr-3825	228	3	finance	finance	NOUN
fsr-3825	228	4	,	,	PUNCT
fsr-3825	228	5	46	46	NUM
fsr-3825	228	6	,	,	PUNCT
fsr-3825	228	7	29	29	NUM
fsr-3825	228	8	-	-	SYM
fsr-3825	228	9	48	48	NUM
fsr-3825	228	10	.	.	PUNCT
fsr-3825	229	1	dwyer	dwyer	PROPN
fsr-3825	229	2	,	,	PUNCT
fsr-3825	229	3	p.	p.	PROPN
fsr-3825	229	4	d.	d.	PROPN
fsr-3825	229	5	,	,	PUNCT
fsr-3825	229	6	&	&	CCONJ
fsr-3825	229	7	wilson	wilson	PROPN
fsr-3825	229	8	e.	e.	PROPN
fsr-3825	229	9	(	(	PUNCT
fsr-3825	229	10	1989	1989	NUM
fsr-3825	229	11	)	)	PUNCT
fsr-3825	229	12	.	.	PUNCT
fsr-3825	230	1	an	an	DET
fsr-3825	230	2	empirical	empirical	ADJ
fsr-3825	230	3	investigation	investigation	NOUN
fsr-3825	230	4	of	of	ADP
fsr-3825	230	5	the	the	DET
fsr-3825	230	6	factors	factor	NOUN
fsr-3825	230	7	affecting	affect	VERB
fsr-3825	230	8	the	the	DET
fsr-3825	230	9	timeliness	timeliness	NOUN
fsr-3825	230	10	of	of	ADP
fsr-3825	230	11	reporting	reporting	NOUN
fsr-3825	230	12	by	by	ADP
fsr-3825	230	13	municipalities	municipality	NOUN
fsr-3825	230	14	.	.	PUNCT
fsr-3825	231	1	journal	journal	PROPN
fsr-3825	231	2	of	of	ADP
fsr-3825	231	3	accounting	account	VERB
fsr-3825	231	4	c	c	NOUN
fsr-3825	231	5	?	?	PUNCT
fsr-3825	232	1	public	public	ADJ
fsr-3825	232	2	policy	policy	NOUN
fsr-3825	232	3	,	,	PUNCT
fsr-3825	232	4	8	8	NUM
fsr-3825	232	5	,	,	PUNCT
fsr-3825	232	6	29	29	NUM
fsr-3825	232	7	-	-	SYM
fsr-3825	232	8	55	55	NUM
fsr-3825	232	9	.	.	PUNCT
fsr-3825	233	1	ehsan	ehsan	PROPN
fsr-3825	233	2	,	,	PUNCT
fsr-3825	233	3	f.	f.	PROPN
fsr-3825	233	4	,	,	PUNCT
fsr-3825	233	5	&	&	CCONJ
fsr-3825	233	6	wilson	wilson	PROPN
fsr-3825	233	7	,	,	PUNCT
fsr-3825	233	8	e.	e.	PROPN
fsr-3825	233	9	(	(	PUNCT
fsr-3825	233	10	1992	1992	NUM
fsr-3825	233	11	)	)	PUNCT
fsr-3825	233	12	.	.	PUNCT
fsr-3825	234	1	market	market	NOUN
fsr-3825	234	2	segmentation	segmentation	NOUN
fsr-3825	234	3	and	and	CCONJ
fsr-3825	234	4	the	the	DET
fsr-3825	234	5	association	association	NOUN
fsr-3825	234	6	between	between	ADP
fsr-3825	234	7	municipal	municipal	ADJ
fsr-3825	234	8	finan	finan	PROPN
fsr-3825	234	9	cial	cial	ADJ
fsr-3825	234	10	disclosure	disclosure	NOUN
fsr-3825	234	11	and	and	CCONJ
fsr-3825	234	12	net	net	ADJ
fsr-3825	234	13	interest	interest	NOUN
fsr-3825	234	14	costs	cost	NOUN
fsr-3825	234	15	.	.	PUNCT
fsr-3825	235	1	accounting	accounting	NOUN
fsr-3825	235	2	review	review	PROPN
fsr-3825	235	3	,	,	PUNCT
fsr-3825	235	4	67,480	67,480	NUM
fsr-3825	235	5	-	-	SYM
fsr-3825	235	6	495	495	NUM
fsr-3825	235	7	.	.	PUNCT
fsr-3825	236	1	gudikunst	gudikunst	PROPN
fsr-3825	236	2	,	,	PUNCT
fsr-3825	236	3	a.	a.	PROPN
fsr-3825	236	4	,	,	PUNCT
fsr-3825	236	5	&	&	CCONJ
fsr-3825	236	6	mccarthy	mccarthy	PROPN
fsr-3825	236	7	j.	j.	PROPN
fsr-3825	236	8	(	(	PUNCT
fsr-3825	236	9	1992	1992	NUM
fsr-3825	236	10	)	)	PUNCT
fsr-3825	236	11	.	.	PUNCT
fsr-3825	237	1	determinants	determinant	NOUN
fsr-3825	237	2	of	of	ADP
fsr-3825	237	3	bond	bond	NOUN
fsr-3825	237	4	mutual	mutual	ADJ
fsr-3825	237	5	fund	fund	NOUN
fsr-3825	237	6	performance	performance	NOUN
fsr-3825	237	7	.	.	PUNCT
fsr-3825	238	1	journal	journal	NOUN
fsr-3825	238	2	of	of	ADP
fsr-3825	238	3	fixed	fix	VERB
fsr-3825	238	4	income	income	NOUN
fsr-3825	238	5	,	,	PUNCT
fsr-3825	238	6	2,95	2,95	PROPN
fsr-3825	238	7	-	-	SYM
fsr-3825	238	8	101	101	NUM
fsr-3825	238	9	.	.	PUNCT
fsr-3825	239	1	grinblatt	grinblatt	PROPN
fsr-3825	239	2	m.	m.	PROPN
fsr-3825	239	3	,	,	PUNCT
fsr-3825	239	4	&	&	CCONJ
fsr-3825	239	5	titman	titman	PROPN
fsr-3825	239	6	s.	s.	PROPN
fsr-3825	239	7	(	(	PUNCT
fsr-3825	239	8	1989	1989	NUM
fsr-3825	239	9	)	)	PUNCT
fsr-3825	239	10	.	.	PUNCT
fsr-3825	240	1	mutual	mutual	ADJ
fsr-3825	240	2	fund	fund	NOUN
fsr-3825	240	3	performance	performance	NOUN
fsr-3825	240	4	:	:	PUNCT
fsr-3825	240	5	an	an	DET
fsr-3825	240	6	analysis	analysis	NOUN
fsr-3825	240	7	of	of	ADP
fsr-3825	240	8	quarterly	quarterly	ADJ
fsr-3825	240	9	portfolio	portfolio	NOUN
fsr-3825	240	10	hold	hold	NOUN
fsr-3825	240	11	ings	ing	NOUN
fsr-3825	240	12	.	.	PUNCT
fsr-3825	241	1	journal	journal	NOUN
fsr-3825	241	2	of	of	ADP
fsr-3825	241	3	business	business	NOUN
fsr-3825	241	4	,	,	PUNCT
fsr-3825	241	5	69	69	NUM
fsr-3825	241	6	,	,	PUNCT
fsr-3825	241	7	393	393	NUM
fsr-3825	241	8	-	-	SYM
fsr-3825	241	9	416	416	NUM
fsr-3825	241	10	.	.	PUNCT
fsr-3825	242	1	grinblatt	grinblatt	PROPN
fsr-3825	242	2	m.	m.	PROPN
fsr-3825	242	3	,	,	PUNCT
fsr-3825	242	4	&	&	CCONJ
fsr-3825	242	5	titman	titman	PROPN
fsr-3825	242	6	s.	s.	PROPN
fsr-3825	242	7	(	(	PUNCT
fsr-3825	242	8	1993	1993	NUM
fsr-3825	242	9	)	)	PUNCT
fsr-3825	242	10	.	.	PUNCT
fsr-3825	243	1	performance	performance	NOUN
fsr-3825	243	2	measurement	measurement	NOUN
fsr-3825	243	3	without	without	ADP
fsr-3825	243	4	benchmark	benchmark	NOUN
fsr-3825	243	5	:	:	PUNCT
fsr-3825	243	6	an	an	DET
fsr-3825	243	7	examination	examination	NOUN
fsr-3825	243	8	of	of	ADP
fsr-3825	243	9	mutual	mutual	ADJ
fsr-3825	243	10	fund	fund	NOUN
fsr-3825	243	11	returns	return	NOUN
fsr-3825	243	12	.	.	PUNCT
fsr-3825	244	1	journal	journal	NOUN
fsr-3825	244	2	of	of	ADP
fsr-3825	244	3	business	business	NOUN
fsr-3825	244	4	,	,	PUNCT
fsr-3825	244	5	66,47	66,47	NOUN
fsr-3825	244	6	-	-	PUNCT
fsr-3825	244	7	-68	-68	NUM
fsr-3825	244	8	.	.	PUNCT
fsr-3825	245	1	ilmanen	ilmanen	PROPN
fsr-3825	245	2	,	,	PUNCT
fsr-3825	245	3	a.	a.	PROPN
fsr-3825	245	4	,	,	PUNCT
fsr-3825	245	5	mcguire	mcguire	PROPN
fsr-3825	245	6	d.	d.	PROPN
fsr-3825	245	7	,	,	PUNCT
fsr-3825	245	8	&	&	CCONJ
fsr-3825	245	9	warga	warga	PROPN
fsr-3825	245	10	a.	a.	NOUN
fsr-3825	245	11	(	(	PUNCT
fsr-3825	245	12	1994	1994	NUM
fsr-3825	245	13	)	)	PUNCT
fsr-3825	245	14	.	.	PUNCT
fsr-3825	246	1	the	the	DET
fsr-3825	246	2	value	value	NOUN
fsr-3825	246	3	of	of	ADP
fsr-3825	246	4	duration	duration	NOUN
fsr-3825	246	5	as	as	ADP
fsr-3825	246	6	a	a	DET
fsr-3825	246	7	risk	risk	NOUN
fsr-3825	246	8	measure	measure	NOUN
fsr-3825	246	9	for	for	ADP
fsr-3825	246	10	corporate	corporate	ADJ
fsr-3825	246	11	debt	debt	NOUN
fsr-3825	246	12	.	.	PUNCT
fsr-3825	247	1	journal	journal	NOUN
fsr-3825	247	2	of	of	ADP
fsr-3825	247	3	fixed	fix	VERB
fsr-3825	247	4	income	income	NOUN
fsr-3825	247	5	,	,	PUNCT
fsr-3825	247	6	4,70	4,70	NUM
fsr-3825	247	7	-	-	SYM
fsr-3825	247	8	76	76	NUM
fsr-3825	247	9	.	.	PUNCT
fsr-3825	248	1	ilmanen	ilmanen	PROPN
fsr-3825	248	2	,	,	PUNCT
fsr-3825	248	3	a.	a.	NOUN
fsr-3825	248	4	(	(	PUNCT
fsr-3825	248	5	1992	1992	NUM
fsr-3825	248	6	)	)	PUNCT
fsr-3825	248	7	.	.	PUNCT
fsr-3825	249	1	how	how	SCONJ
fsr-3825	249	2	well	well	ADV
fsr-3825	249	3	does	do	VERB
fsr-3825	249	4	duration	duration	NOUN
fsr-3825	249	5	measure	measure	NOUN
fsr-3825	249	6	interest	interest	NOUN
fsr-3825	249	7	rate	rate	NOUN
fsr-3825	249	8	risk	risk	NOUN
fsr-3825	249	9	?	?	PUNCT
fsr-3825	250	1	journal	journal	NOUN
fsr-3825	250	2	of	of	ADP
fsr-3825	250	3	fixed	fix	VERB
fsr-3825	250	4	income	income	NOUN
fsr-3825	250	5	,	,	PUNCT
fsr-3825	250	6	i	i	PRON
fsr-3825	250	7	,	,	PUNCT
fsr-3825	250	8	43	43	NUM
fsr-3825	250	9	-	-	SYM
fsr-3825	250	10	5	5	NUM
fsr-3825	250	11	1	1	NUM
fsr-3825	250	12	.	.	PUNCT
fsr-3825	251	1	investment	investment	NOUN
fsr-3825	251	2	company	company	PROPN
fsr-3825	251	3	institute	institute	NOUN
fsr-3825	251	4	.	.	PUNCT
fsr-3825	252	1	(	(	PUNCT
fsr-3825	252	2	1995	1995	NUM
fsr-3825	252	3	)	)	PUNCT
fsr-3825	252	4	.	.	PUNCT
fsr-3825	253	1	mutual	mutual	ADJ
fsr-3825	253	2	fund	fund	NOUN
fsr-3825	253	3	1995	1995	NUM
fsr-3825	253	4	fact	fact	NOUN
fsr-3825	253	5	book	book	NOUN
fsr-3825	253	6	,	,	PUNCT
fsr-3825	253	7	35th	35th	ADJ
fsr-3825	253	8	edition	edition	NOUN
fsr-3825	253	9	.	.	PUNCT
fsr-3825	254	1	washington	washington	PROPN
fsr-3825	254	2	,	,	PUNCT
fsr-3825	254	3	dc	dc	PROPN
fsr-3825	254	4	:	:	PUNCT
fsr-3825	254	5	101	101	NUM
fsr-3825	254	6	-	-	PUNCT
fsr-3825	254	7	l	l	NOUN
fsr-3825	254	8	10	10	NUM
fsr-3825	254	9	.	.	PUNCT
fsr-3825	255	1	ingram	ingram	PROPN
fsr-3825	255	2	,	,	PUNCT
fsr-3825	255	3	r.	r.	PROPN
fsr-3825	255	4	w.	w.	PROPN
fsr-3825	255	5	,	,	PUNCT
fsr-3825	255	6	raman	raman	PROPN
fsr-3825	255	7	,	,	PUNCT
fsr-3825	255	8	k.	k.	PROPN
fsr-3825	255	9	k.	k.	PROPN
fsr-3825	255	10	,	,	PUNCT
fsr-3825	255	11	&	&	CCONJ
fsr-3825	255	12	wilson	wilson	PROPN
fsr-3825	255	13	,	,	PUNCT
fsr-3825	255	14	e.	e.	PROPN
fsr-3825	255	15	r.	r.	PROPN
fsr-3825	255	16	(	(	PUNCT
fsr-3825	255	17	1989	1989	NUM
fsr-3825	255	18	)	)	PUNCT
fsr-3825	255	19	.	.	PUNCT
fsr-3825	256	1	the	the	DET
fsr-3825	256	2	information	information	NOUN
fsr-3825	256	3	in	in	ADP
fsr-3825	256	4	governmental	governmental	ADJ
fsr-3825	256	5	accounting	accounting	NOUN
fsr-3825	256	6	reports	report	NOUN
fsr-3825	256	7	:	:	PUNCT
fsr-3825	256	8	a	a	DET
fsr-3825	256	9	contemporaneous	contemporaneous	ADJ
fsr-3825	256	10	price	price	NOUN
fsr-3825	256	11	reaction	reaction	NOUN
fsr-3825	256	12	approach	approach	NOUN
fsr-3825	256	13	.	.	PUNCT
fsr-3825	257	1	accounting	accounting	NOUN
fsr-3825	257	2	review	review	PROPN
fsr-3825	257	3	,	,	PUNCT
fsr-3825	257	4	64,250	64,250	NUM
fsr-3825	257	5	-	-	SYM
fsr-3825	257	6	268	268	NUM
fsr-3825	257	7	.	.	PUNCT
fsr-3825	258	1	jensen	jensen	PROPN
fsr-3825	258	2	,	,	PUNCT
fsr-3825	258	3	m.	m.	NOUN
fsr-3825	258	4	(	(	PUNCT
fsr-3825	258	5	1968	1968	NUM
fsr-3825	258	6	)	)	PUNCT
fsr-3825	258	7	.	.	PUNCT
fsr-3825	259	1	the	the	DET
fsr-3825	259	2	performance	performance	NOUN
fsr-3825	259	3	of	of	ADP
fsr-3825	259	4	mutual	mutual	ADJ
fsr-3825	259	5	funds	fund	NOUN
fsr-3825	259	6	in	in	ADP
fsr-3825	259	7	the	the	DET
fsr-3825	259	8	period	period	NOUN
fsr-3825	259	9	1945	1945	NUM
fsr-3825	259	10	-	-	SYM
fsr-3825	259	11	1964	1964	NUM
fsr-3825	259	12	.	.	PUNCT
fsr-3825	260	1	journal	journal	PROPN
fsr-3825	260	2	of	of	ADP
fsr-3825	260	3	finance	finance	NOUN
fsr-3825	260	4	,	,	PUNCT
fsr-3825	260	5	23,318	23,318	NUM
fsr-3825	260	6	-	-	SYM
fsr-3825	260	7	416	416	NUM
fsr-3825	260	8	.	.	PUNCT
fsr-3825	261	1	lehman	lehman	PROPN
fsr-3825	261	2	,	,	PUNCT
fsr-3825	261	3	b.	b.	PROPN
fsr-3825	261	4	n.	n.	PROPN
fsr-3825	261	5	,	,	PUNCT
fsr-3825	261	6	&	&	CCONJ
fsr-3825	261	7	modest	modest	ADJ
fsr-3825	261	8	,	,	PUNCT
fsr-3825	261	9	d.	d.	PROPN
fsr-3825	261	10	n.	n.	PROPN
fsr-3825	261	11	(	(	PUNCT
fsr-3825	261	12	1987	1987	NUM
fsr-3825	261	13	)	)	PUNCT
fsr-3825	261	14	.	.	PUNCT
fsr-3825	262	1	mutual	mutual	ADJ
fsr-3825	262	2	fund	fund	NOUN
fsr-3825	262	3	performance	performance	NOUN
fsr-3825	262	4	valuation	valuation	NOUN
fsr-3825	262	5	:	:	PUNCT
fsr-3825	262	6	a	a	DET
fsr-3825	262	7	comparison	comparison	NOUN
fsr-3825	262	8	of	of	ADP
fsr-3825	262	9	benchmark	benchmark	NOUN
fsr-3825	262	10	and	and	CCONJ
fsr-3825	262	11	benchmark	benchmark	NOUN
fsr-3825	262	12	comparisons	comparison	NOUN
fsr-3825	262	13	.	.	PUNCT
fsr-3825	263	1	journal	journal	PROPN
fsr-3825	263	2	of	of	ADP
fsr-3825	263	3	finance	finance	NOUN
fsr-3825	263	4	,	,	PUNCT
fsr-3825	263	5	42,233	42,233	NUM
fsr-3825	263	6	-	-	SYM
fsr-3825	263	7	265	265	NUM
fsr-3825	263	8	.	.	PUNCT
fsr-3825	264	1	196	196	NUM
fsr-3825	264	2	financial	financial	ADJ
fsr-3825	264	3	services	service	NOUN
fsr-3825	264	4	review	review	VERB
fsr-3825	264	5	6(3	6(3	NUM
fsr-3825	264	6	)	)	PUNCT
fsr-3825	264	7	1998	1998	NUM
fsr-3825	264	8	levitt	levitt	NOUN
fsr-3825	264	9	,	,	PUNCT
fsr-3825	264	10	a.	a.	NOUN
fsr-3825	264	11	(	(	PUNCT
fsr-3825	264	12	1993	1993	NUM
fsr-3825	264	13	)	)	PUNCT
fsr-3825	264	14	.	.	PUNCT
fsr-3825	265	1	the	the	DET
fsr-3825	265	2	state	state	NOUN
fsr-3825	265	3	of	of	ADP
fsr-3825	265	4	the	the	DET
fsr-3825	265	5	municipal	municipal	ADJ
fsr-3825	265	6	securities	security	NOUN
fsr-3825	265	7	market	market	NOUN
fsr-3825	265	8	.	.	PUNCT
fsr-3825	266	1	government	government	NOUN
fsr-3825	266	2	finance	finance	NOUN
fsr-3825	266	3	review	review	NOUN
fsr-3825	266	4	,	,	PUNCT
fsr-3825	266	5	9	9	NUM
fsr-3825	266	6	,	,	PUNCT
fsr-3825	266	7	33	33	NUM
fsr-3825	266	8	35	35	NUM
fsr-3825	266	9	.	.	PUNCT
fsr-3825	267	1	lewis	lewis	PROPN
fsr-3825	267	2	,	,	PUNCT
fsr-3825	267	3	b.	b.	PROPN
fsr-3825	267	4	l.	l.	PROPN
fsr-3825	267	5	,	,	PUNCT
fsr-3825	267	6	patton	patton	PROPN
fsr-3825	267	7	,	,	PUNCT
fsr-3825	267	8	j.	j.	PROPN
fsr-3825	267	9	m.	m.	PROPN
fsr-3825	267	10	,	,	PUNCT
fsr-3825	267	11	&	&	CCONJ
fsr-3825	267	12	green	green	PROPN
fsr-3825	267	13	,	,	PUNCT
fsr-3825	267	14	s.	s.	PROPN
fsr-3825	267	15	l.	l.	PROPN
fsr-3825	267	16	(	(	PUNCT
fsr-3825	267	17	1988	1988	NUM
fsr-3825	267	18	)	)	PUNCT
fsr-3825	267	19	.	.	PUNCT
fsr-3825	268	1	the	the	DET
fsr-3825	268	2	effect	effect	NOUN
fsr-3825	268	3	of	of	ADP
fsr-3825	268	4	information	information	NOUN
fsr-3825	268	5	choice	choice	NOUN
fsr-3825	268	6	and	and	CCONJ
fsr-3825	268	7	information	information	NOUN
fsr-3825	268	8	use	use	NOUN
fsr-3825	268	9	on	on	ADP
fsr-3825	268	10	analysts	analyst	NOUN
fsr-3825	268	11	’	'	PUNCT
fsr-3825	268	12	prediction	prediction	NOUN
fsr-3825	268	13	on	on	ADP
fsr-3825	268	14	municipal	municipal	ADJ
fsr-3825	268	15	bond	bond	NOUN
fsr-3825	268	16	rating	rating	NOUN
fsr-3825	268	17	changes	change	NOUN
fsr-3825	268	18	.	.	PUNCT
fsr-3825	269	1	accounting	accounting	NOUN
fsr-3825	269	2	review	review	PROPN
fsr-3825	269	3	,	,	PUNCT
fsr-3825	269	4	63	63	NUM
fsr-3825	269	5	,	,	PUNCT
fsr-3825	269	6	270	270	NUM
fsr-3825	269	7	282	282	NUM
fsr-3825	269	8	.	.	PUNCT
fsr-3825	270	1	marquette	marquette	PROPN
fsr-3825	270	2	,	,	PUNCT
fsr-3825	270	3	r.	r.	PROPN
fsr-3825	270	4	p.	p.	PROPN
fsr-3825	270	5	,	,	PUNCT
fsr-3825	270	6	&	&	CCONJ
fsr-3825	270	7	wilson	wilson	PROPN
fsr-3825	270	8	,	,	PUNCT
fsr-3825	270	9	e.	e.	PROPN
fsr-3825	270	10	r.	r.	PROPN
fsr-3825	270	11	(	(	PUNCT
fsr-3825	270	12	1992	1992	NUM
fsr-3825	270	13	)	)	PUNCT
fsr-3825	270	14	.	.	PUNCT
fsr-3825	271	1	the	the	DET
fsr-3825	271	2	case	case	NOUN
fsr-3825	271	3	for	for	ADP
fsr-3825	271	4	mandatory	mandatory	ADJ
fsr-3825	271	5	municipal	municipal	ADJ
fsr-3825	271	6	disclosure	disclosure	NOUN
fsr-3825	271	7	:	:	PUNCT
fsr-3825	271	8	do	do	AUX
fsr-3825	271	9	seasoned	season	VERB
fsr-3825	271	10	municipal	municipal	ADJ
fsr-3825	271	11	bond	bond	NOUN
fsr-3825	271	12	yields	yield	NOUN
fsr-3825	271	13	impound	impound	VERB
fsr-3825	271	14	publicly	publicly	ADV
fsr-3825	271	15	available	available	ADJ
fsr-3825	271	16	information	information	NOUN
fsr-3825	271	17	?	?	PUNCT
fsr-3825	272	1	journal	journal	PROPN
fsr-3825	272	2	ofaccounting	ofaccounting	NOUN
fsr-3825	272	3	&	&	CCONJ
fsr-3825	272	4	pub	pub	PROPN
fsr-3825	272	5	lic	lic	PROPN
fsr-3825	272	6	policy	policy	PROPN
fsr-3825	272	7	,	,	PUNCT
fsr-3825	272	8	ii	ii	PROPN
fsr-3825	272	9	,	,	PUNCT
fsr-3825	272	10	181	181	NUM
fsr-3825	272	11	-	-	SYM
fsr-3825	272	12	206	206	NUM
fsr-3825	272	13	.	.	PUNCT
fsr-3825	273	1	mossavar	mossavar	NOUN
fsr-3825	273	2	-	-	PUNCT
fsr-3825	273	3	rahamani	rahamani	PROPN
fsr-3825	273	4	,	,	PUNCT
fsr-3825	273	5	s.	s.	PROPN
fsr-3825	273	6	(	(	PUNCT
fsr-3825	273	7	1987	1987	NUM
fsr-3825	273	8	)	)	PUNCT
fsr-3825	273	9	.	.	PUNCT
fsr-3825	274	1	understanding	understanding	NOUN
fsr-3825	274	2	and	and	CCONJ
fsr-3825	274	3	evaluating	evaluate	VERB
fsr-3825	274	4	index	index	NOUN
fsr-3825	274	5	fund	fund	NOUN
fsr-3825	274	6	management	management	NOUN
fsr-3825	274	7	.	.	PUNCT
fsr-3825	275	1	in	in	ADP
fsr-3825	275	2	fabozzi	fabozzi	PROPN
fsr-3825	275	3	,	,	PUNCT
fsr-3825	275	4	f.	f.	PROPN
fsr-3825	275	5	j.	j.	PROPN
fsr-3825	275	6	,	,	PUNCT
fsr-3825	275	7	&	&	CCONJ
fsr-3825	275	8	galicki	galicki	PROPN
fsr-3825	275	9	,	,	PUNCT
fsr-3825	275	10	t.	t.	PROPN
fsr-3825	275	11	d.	d.	PROPN
fsr-3825	275	12	(	(	PUNCT
fsr-3825	275	13	eds	eds	PROPN
fsr-3825	275	14	.	.	PUNCT
fsr-3825	275	15	)	)	PUNCT
fsr-3825	275	16	,	,	PUNCT
fsr-3825	275	17	advances	advance	NOUN
fsr-3825	275	18	in	in	ADP
fsr-3825	275	19	bond	bond	NOUN
fsr-3825	275	20	analysis	analysis	NOUN
fsr-3825	275	21	and	and	CCONJ
fsr-3825	275	22	portfolio	portfolio	NOUN
fsr-3825	275	23	strategies	strategy	NOUN
fsr-3825	275	24	(	(	PUNCT
fsr-3825	275	25	pp	pp	ADJ
fsr-3825	275	26	.	.	PUNCT
fsr-3825	275	27	433	433	NUM
fsr-3825	275	28	437	437	NUM
fsr-3825	275	29	)	)	PUNCT
fsr-3825	275	30	.	.	PUNCT
fsr-3825	276	1	illinois	illinois	PROPN
fsr-3825	276	2	:	:	PUNCT
fsr-3825	276	3	porbus	porbus	PROPN
fsr-3825	276	4	publishing	publishing	NOUN
fsr-3825	276	5	.	.	PUNCT
fsr-3825	277	1	reeve	reeve	PROPN
fsr-3825	277	2	,	,	PUNCT
fsr-3825	277	3	j.	j.	PROPN
fsr-3825	277	4	m.	m.	PROPN
fsr-3825	277	5	,	,	PUNCT
fsr-3825	277	6	&	&	CCONJ
fsr-3825	277	7	herring	herring	PROPN
fsr-3825	277	8	,	,	PUNCT
fsr-3825	277	9	h.	h.	PROPN
fsr-3825	277	10	c.	c.	PROPN
fsr-3825	277	11	(	(	PUNCT
fsr-3825	277	12	1986	1986	NUM
fsr-3825	277	13	)	)	PUNCT
fsr-3825	277	14	.	.	PUNCT
fsr-3825	278	1	an	an	DET
fsr-3825	278	2	examination	examination	NOUN
fsr-3825	278	3	of	of	ADP
fsr-3825	278	4	non	non	ADJ
fsr-3825	278	5	rated	rate	VERB
fsr-3825	278	6	municipal	municipal	ADJ
fsr-3825	278	7	bonds	bond	NOUN
fsr-3825	278	8	.	.	PUNCT
fsr-3825	279	1	journal	journal	PROPN
fsr-3825	279	2	of	of	ADP
fsr-3825	279	3	eco	eco	PROPN
fsr-3825	279	4	nomics	nomic	NOUN
fsr-3825	279	5	and	and	CCONJ
fsr-3825	279	6	business	business	NOUN
fsr-3825	279	7	,	,	PUNCT
fsr-3825	279	8	38,65	38,65	PROPN
fsr-3825	279	9	-	-	SYM
fsr-3825	279	10	76	76	NUM
fsr-3825	279	11	.	.	PUNCT
fsr-3825	280	1	shukla	shukla	NOUN
fsr-3825	280	2	,	,	PUNCT
fsr-3825	280	3	r.	r.	PROPN
fsr-3825	280	4	k.	k.	PROPN
fsr-3825	280	5	,	,	PUNCT
fsr-3825	280	6	&	&	CCONJ
fsr-3825	280	7	trzcinka	trzcinka	PROPN
fsr-3825	280	8	,	,	PUNCT
fsr-3825	280	9	c.	c.	NOUN
fsr-3825	280	10	(	(	PUNCT
fsr-3825	280	11	1992	1992	NUM
fsr-3825	280	12	)	)	PUNCT
fsr-3825	280	13	.	.	PUNCT
fsr-3825	281	1	performance	performance	NOUN
fsr-3825	281	2	evaluation	evaluation	NOUN
fsr-3825	281	3	of	of	ADP
fsr-3825	281	4	managed	manage	VERB
fsr-3825	281	5	portfolios	portfolio	NOUN
fsr-3825	281	6	.	.	PUNCT
fsr-3825	282	1	financial	financial	ADJ
fsr-3825	282	2	mar	mar	PROPN
fsr-3825	282	3	kets	kets	PROPN
fsr-3825	282	4	,	,	PUNCT
fsr-3825	282	5	institutions	institution	NOUN
fsr-3825	282	6	&	&	CCONJ
fsr-3825	282	7	instruments	instrument	NOUN
fsr-3825	282	8	.	.	PUNCT
fsr-3825	283	1	cambridge	cambridge	PROPN
fsr-3825	283	2	,	,	PUNCT
fsr-3825	283	3	ma	ma	PROPN
fsr-3825	283	4	:	:	PUNCT
fsr-3825	283	5	blackwell	blackwell	NOUN
fsr-3825	283	6	publishers	publisher	NOUN
fsr-3825	283	7	.	.	PUNCT