id	sid	tid	token	lemma	pos
fsr-3837	1	1	pii	pii	PROPN
fsr-3837	1	2	:	:	PUNCT
fsr-3837	1	3	s1057	s1057	NOUN
fsr-3837	1	4	-	-	PUNCT
fsr-3837	1	5	0810(97)90006	0810(97)90006	NUM
fsr-3837	1	6	-	-	SYM
fsr-3837	1	7	8	8	NUM
fsr-3837	1	8	financial	financial	ADJ
fsr-3837	1	9	services	service	NOUN
fsr-3837	1	10	review	review	NOUN
fsr-3837	1	11	,	,	PUNCT
fsr-3837	1	12	6(4	6(4	NUM
fsr-3837	1	13	):	):	PUNCT
fsr-3837	1	14	285	285	NUM
fsr-3837	1	15	-	-	SYM
fsr-3837	1	16	294	294	NUM
fsr-3837	1	17	copyright	copyright	NOUN
fsr-3837	1	18	0	0	NUM
fsr-3837	1	19	1997	1997	NUM
fsr-3837	1	20	by	by	ADP
fsr-3837	1	21	jai	jai	PROPN
fsr-3837	1	22	press	press	PROPN
fsr-3837	1	23	inc	inc	PROPN
fsr-3837	1	24	.	.	PROPN
fsr-3837	1	25	issn	issn	PROPN
fsr-3837	1	26	:	:	PUNCT
fsr-3837	1	27	1057	1057	NUM
fsr-3837	1	28	-	-	SYM
fsr-3837	1	29	0810	0810	NUM
fsr-3837	1	30	all	all	DET
fsr-3837	1	31	rights	right	NOUN
fsr-3837	1	32	of	of	ADP
fsr-3837	1	33	reproduction	reproduction	NOUN
fsr-3837	1	34	in	in	ADP
fsr-3837	1	35	any	any	DET
fsr-3837	1	36	form	form	NOUN
fsr-3837	1	37	reserved	reserve	VERB
fsr-3837	1	38	.	.	PUNCT
fsr-3837	2	1	a	a	DET
fsr-3837	2	2	simple	simple	ADJ
fsr-3837	2	3	and	and	CCONJ
fsr-3837	2	4	effective	effective	ADJ
fsr-3837	2	5	trading	trading	NOUN
fsr-3837	2	6	rule	rule	NOUN
fsr-3837	2	7	for	for	ADP
fsr-3837	2	8	individual	individual	ADJ
fsr-3837	2	9	investors	investor	NOUN
fsr-3837	2	10	laurie	laurie	PROPN
fsr-3837	2	11	prather	prather	PROPN
fsr-3837	2	12	william	william	PROPN
fsr-3837	2	13	j.	j.	PROPN
fsr-3837	2	14	bertin	bertin	PROPN
fsr-3837	2	15	this	this	DET
fsr-3837	2	16	study	study	NOUN
fsr-3837	2	17	advocates	advocate	VERB
fsr-3837	2	18	the	the	DET
fsr-3837	2	19	use	use	NOUN
fsr-3837	2	20	of	of	ADP
fsr-3837	2	21	a	a	DET
fsr-3837	2	22	simple	simple	ADJ
fsr-3837	2	23	trading	trading	NOUN
fsr-3837	2	24	strategy	strategy	NOUN
fsr-3837	2	25	that	that	PRON
fsr-3837	2	26	is	be	AUX
fsr-3837	2	27	shown	show	VERB
fsr-3837	2	28	to	to	PART
fsr-3837	2	29	outperform	outperform	VERB
fsr-3837	2	30	a	a	DET
fsr-3837	2	31	passive	passive	ADJ
fsr-3837	2	32	buy	buy	NOUN
fsr-3837	2	33	and	and	CCONJ
fsr-3837	2	34	hold	hold	VERB
fsr-3837	2	35	the	the	DET
fsr-3837	2	36	market	market	NOUN
fsr-3837	2	37	strategy	strategy	NOUN
fsr-3837	2	38	.	.	PUNCT
fsr-3837	3	1	based	base	VERB
fsr-3837	3	2	on	on	ADP
fsr-3837	3	3	prior	prior	ADJ
fsr-3837	3	4	studies	study	NOUN
fsr-3837	3	5	that	that	PRON
fsr-3837	3	6	find	find	VERB
fsr-3837	3	7	long	long	ADJ
fsr-3837	3	8	-	-	PUNCT
fsr-3837	3	9	term	term	NOUN
fsr-3837	3	10	stock	stock	NOUN
fsr-3837	3	11	price	price	NOUN
fsr-3837	3	12	responses	response	NOUN
fsr-3837	3	13	to	to	ADP
fsr-3837	3	14	economic	economic	ADJ
fsr-3837	3	15	news	news	NOUN
fsr-3837	3	16	,	,	PUNCT
fsr-3837	3	17	the	the	DET
fsr-3837	3	18	strategy	strategy	NOUN
fsr-3837	3	19	utilizes	utilize	VERB
fsr-3837	3	20	the	the	DET
fsr-3837	3	21	announcement	announcement	NOUN
fsr-3837	3	22	of	of	ADP
fsr-3837	3	23	dis	dis	PROPN
fsr-3837	3	24	count	count	NOUN
fsr-3837	3	25	rate	rate	NOUN
fsr-3837	3	26	changes	change	NOUN
fsr-3837	3	27	to	to	PART
fsr-3837	3	28	predict	predict	VERB
fsr-3837	3	29	(	(	PUNCT
fsr-3837	3	30	and	and	CCONJ
fsr-3837	3	31	profit	profit	NOUN
fsr-3837	3	32	from	from	ADP
fsr-3837	3	33	)	)	PUNCT
fsr-3837	3	34	market	market	NOUN
fsr-3837	3	35	movements	movement	NOUN
fsr-3837	3	36	.	.	PUNCT
fsr-3837	4	1	statistical	statistical	ADJ
fsr-3837	4	2	testing	testing	NOUN
fsr-3837	4	3	indicates	indicate	VERB
fsr-3837	4	4	that	that	SCONJ
fsr-3837	4	5	the	the	DET
fsr-3837	4	6	strategy	strategy	NOUN
fsr-3837	4	7	correctly	correctly	ADV
fsr-3837	4	8	predicts	predict	VERB
fsr-3837	4	9	market	market	NOUN
fsr-3837	4	10	movements	movement	NOUN
fsr-3837	4	11	.	.	PUNCT
fsr-3837	5	1	furthermore	furthermore	ADV
fsr-3837	5	2	,	,	PUNCT
fsr-3837	5	3	the	the	DET
fsr-3837	5	4	results	result	NOUN
fsr-3837	5	5	indicate	indicate	VERB
fsr-3837	5	6	that	that	SCONJ
fsr-3837	5	7	the	the	DET
fsr-3837	5	8	proposed	propose	VERB
fsr-3837	5	9	trading	trading	NOUN
fsr-3837	5	10	strategy	strategy	NOUN
fsr-3837	5	11	produces	produce	VERB
fsr-3837	5	12	higher	high	ADJ
fsr-3837	5	13	risk	risk	NOUN
fsr-3837	5	14	adjusted	adjust	VERB
fsr-3837	5	15	returns	return	NOUN
fsr-3837	5	16	than	than	ADP
fsr-3837	5	17	a	a	DET
fsr-3837	5	18	buy	buy	NOUN
fsr-3837	5	19	and	and	CCONJ
fsr-3837	5	20	hold	hold	VERB
fsr-3837	5	21	strategy	strategy	NOUN
fsr-3837	5	22	.	.	PUNCT
fsr-3837	6	1	thus	thus	ADV
fsr-3837	6	2	individual	individual	ADJ
fsr-3837	6	3	investors	investor	NOUN
fsr-3837	6	4	may	may	AUX
fsr-3837	6	5	reasonably	reasonably	ADV
fsr-3837	6	6	expect	expect	VERB
fsr-3837	6	7	to	to	PART
fsr-3837	6	8	profit	profit	VERB
fsr-3837	6	9	by	by	ADP
fsr-3837	6	10	following	follow	VERB
fsr-3837	6	11	this	this	DET
fsr-3837	6	12	easy	easy	ADJ
fsr-3837	6	13	to	to	PART
fsr-3837	6	14	implement	implement	VERB
fsr-3837	6	15	trading	trading	NOUN
fsr-3837	6	16	strategy	strategy	NOUN
fsr-3837	6	17	.	.	PUNCT
fsr-3837	7	1	i.	i.	PROPN
fsr-3837	7	2	introduction	introduction	NOUN
fsr-3837	7	3	many	many	ADJ
fsr-3837	7	4	individual	individual	ADJ
fsr-3837	7	5	investors	investor	NOUN
fsr-3837	7	6	have	have	VERB
fsr-3837	7	7	a	a	DET
fsr-3837	7	8	basic	basic	ADJ
fsr-3837	7	9	knowledge	knowledge	NOUN
fsr-3837	7	10	of	of	ADP
fsr-3837	7	11	financial	financial	ADJ
fsr-3837	7	12	economics	economic	NOUN
fsr-3837	7	13	in	in	ADP
fsr-3837	7	14	terms	term	NOUN
fsr-3837	7	15	of	of	ADP
fsr-3837	7	16	understanding	understand	VERB
fsr-3837	7	17	the	the	DET
fsr-3837	7	18	inverse	inverse	NOUN
fsr-3837	7	19	relationship	relationship	NOUN
fsr-3837	7	20	between	between	ADP
fsr-3837	7	21	interest	interest	NOUN
fsr-3837	7	22	rates	rate	NOUN
fsr-3837	7	23	and	and	CCONJ
fsr-3837	7	24	security	security	NOUN
fsr-3837	7	25	prices	price	NOUN
fsr-3837	7	26	.	.	PUNCT
fsr-3837	8	1	yet	yet	CCONJ
fsr-3837	8	2	these	these	DET
fsr-3837	8	3	same	same	ADJ
fsr-3837	8	4	investors	investor	NOUN
fsr-3837	8	5	may	may	AUX
fsr-3837	8	6	also	also	ADV
fsr-3837	8	7	be	be	AUX
fsr-3837	8	8	aware	aware	ADJ
fsr-3837	8	9	of	of	ADP
fsr-3837	8	10	efficiency	efficiency	NOUN
fsr-3837	8	11	issues	issue	NOUN
fsr-3837	8	12	regarding	regard	VERB
fsr-3837	8	13	financial	financial	ADJ
fsr-3837	8	14	markets	market	NOUN
fsr-3837	8	15	,	,	PUNCT
fsr-3837	8	16	which	which	PRON
fsr-3837	8	17	suggest	suggest	VERB
fsr-3837	8	18	that	that	SCONJ
fsr-3837	8	19	information	information	NOUN
fsr-3837	8	20	is	be	AUX
fsr-3837	8	21	quickly	quickly	ADV
fsr-3837	8	22	reflected	reflect	VERB
fsr-3837	8	23	in	in	ADP
fsr-3837	8	24	security	security	NOUN
fsr-3837	8	25	prices	price	NOUN
fsr-3837	8	26	(	(	PUNCT
fsr-3837	8	27	thus	thus	ADV
fsr-3837	8	28	negating	negate	VERB
fsr-3837	8	29	any	any	DET
fsr-3837	8	30	profit	profit	NOUN
fsr-3837	8	31	opportunities	opportunity	NOUN
fsr-3837	8	32	from	from	ADP
fsr-3837	8	33	trading	trading	NOUN
fsr-3837	8	34	based	base	VERB
fsr-3837	8	35	on	on	ADP
fsr-3837	8	36	interest	interest	NOUN
fsr-3837	8	37	rate	rate	NOUN
fsr-3837	8	38	changes	change	NOUN
fsr-3837	8	39	)	)	PUNCT
fsr-3837	8	40	.	.	PUNCT
fsr-3837	9	1	astute	astute	ADJ
fsr-3837	9	2	investors	investor	NOUN
fsr-3837	9	3	may	may	AUX
fsr-3837	9	4	feel	feel	VERB
fsr-3837	9	5	frus	frus	NOUN
fsr-3837	9	6	trated	trate	VERB
fsr-3837	9	7	in	in	ADP
fsr-3837	9	8	that	that	SCONJ
fsr-3837	9	9	they	they	PRON
fsr-3837	9	10	understand	understand	VERB
fsr-3837	9	11	price	price	NOUN
fsr-3837	9	12	and	and	CCONJ
fsr-3837	9	13	interest	interest	NOUN
fsr-3837	9	14	rate	rate	NOUN
fsr-3837	9	15	behavior	behavior	NOUN
fsr-3837	9	16	but	but	CCONJ
fsr-3837	9	17	are	be	AUX
fsr-3837	9	18	unable	unable	ADJ
fsr-3837	9	19	to	to	PART
fsr-3837	9	20	capitalize	capitalize	VERB
fsr-3837	9	21	on	on	ADP
fsr-3837	9	22	their	their	PRON
fsr-3837	9	23	knowledge	knowledge	NOUN
fsr-3837	9	24	.	.	PUNCT
fsr-3837	10	1	the	the	DET
fsr-3837	10	2	results	result	NOUN
fsr-3837	10	3	of	of	ADP
fsr-3837	10	4	this	this	DET
fsr-3837	10	5	study	study	NOUN
fsr-3837	10	6	suggest	suggest	VERB
fsr-3837	10	7	that	that	SCONJ
fsr-3837	10	8	individual	individual	ADJ
fsr-3837	10	9	investors	investor	NOUN
fsr-3837	10	10	may	may	AUX
fsr-3837	10	11	in	in	ADP
fsr-3837	10	12	fact	fact	NOUN
fsr-3837	10	13	be	be	AUX
fsr-3837	10	14	able	able	ADJ
fsr-3837	10	15	to	to	PART
fsr-3837	10	16	realize	realize	VERB
fsr-3837	10	17	above	above	ADP
fsr-3837	10	18	market	market	NOUN
fsr-3837	10	19	returns	return	NOUN
fsr-3837	10	20	and	and	CCONJ
fsr-3837	10	21	lower	lower	VERB
fsr-3837	10	22	their	their	PRON
fsr-3837	10	23	risk	risk	NOUN
fsr-3837	10	24	exposure	exposure	NOUN
fsr-3837	10	25	by	by	ADP
fsr-3837	10	26	following	follow	VERB
fsr-3837	10	27	a	a	DET
fsr-3837	10	28	trading	trading	NOUN
fsr-3837	10	29	strategy	strategy	NOUN
fsr-3837	10	30	based	base	VERB
fsr-3837	10	31	on	on	ADP
fsr-3837	10	32	movements	movement	NOUN
fsr-3837	10	33	in	in	ADP
fsr-3837	10	34	the	the	DET
fsr-3837	10	35	discount	discount	NOUN
fsr-3837	10	36	rate	rate	NOUN
fsr-3837	10	37	.	.	PUNCT
fsr-3837	11	1	the	the	DET
fsr-3837	11	2	purpose	purpose	NOUN
fsr-3837	11	3	of	of	ADP
fsr-3837	11	4	this	this	DET
fsr-3837	11	5	study	study	NOUN
fsr-3837	11	6	is	be	AUX
fsr-3837	11	7	to	to	PART
fsr-3837	11	8	provide	provide	VERB
fsr-3837	11	9	individual	individual	ADJ
fsr-3837	11	10	investors	investor	NOUN
fsr-3837	11	11	with	with	ADP
fsr-3837	11	12	a	a	DET
fsr-3837	11	13	simple	simple	ADJ
fsr-3837	11	14	trading	trading	NOUN
fsr-3837	11	15	rule	rule	NOUN
fsr-3837	11	16	based	base	VERB
fsr-3837	11	17	on	on	ADP
fsr-3837	11	18	fundamental	fundamental	ADJ
fsr-3837	11	19	economic	economic	ADJ
fsr-3837	11	20	principles	principle	NOUN
fsr-3837	11	21	.	.	PUNCT
fsr-3837	12	1	using	use	VERB
fsr-3837	12	2	historical	historical	ADJ
fsr-3837	12	3	data	datum	NOUN
fsr-3837	12	4	,	,	PUNCT
fsr-3837	12	5	the	the	DET
fsr-3837	12	6	investment	investment	NOUN
fsr-3837	12	7	strategy	strategy	NOUN
fsr-3837	12	8	tested	test	VERB
fsr-3837	12	9	here	here	ADV
fsr-3837	12	10	is	be	AUX
fsr-3837	12	11	shown	show	VERB
fsr-3837	12	12	to	to	PART
fsr-3837	12	13	be	be	AUX
fsr-3837	12	14	successful	successful	ADJ
fsr-3837	12	15	in	in	ADP
fsr-3837	12	16	predicting	predict	VERB
fsr-3837	12	17	market	market	NOUN
fsr-3837	12	18	trends	trend	NOUN
fsr-3837	12	19	and	and	CCONJ
fsr-3837	12	20	provides	provide	VERB
fsr-3837	12	21	a	a	DET
fsr-3837	12	22	method	method	NOUN
fsr-3837	12	23	for	for	ADP
fsr-3837	12	24	reducing	reduce	VERB
fsr-3837	12	25	risk	risk	NOUN
fsr-3837	12	26	without	without	ADP
fsr-3837	12	27	sacrificing	sacrifice	VERB
fsr-3837	12	28	return	return	NOUN
fsr-3837	12	29	.	.	PUNCT
fsr-3837	13	1	while	while	SCONJ
fsr-3837	13	2	some	some	DET
fsr-3837	13	3	market	market	NOUN
fsr-3837	13	4	strategists	strategist	NOUN
fsr-3837	13	5	may	may	AUX
fsr-3837	13	6	seek	seek	VERB
fsr-3837	13	7	greater	great	ADJ
fsr-3837	13	8	sophistication	sophistication	NOUN
fsr-3837	13	9	and	and	CCONJ
fsr-3837	13	10	detailed	detailed	ADJ
fsr-3837	13	11	development	development	NOUN
fsr-3837	13	12	in	in	ADP
fsr-3837	13	13	their	their	PRON
fsr-3837	13	14	models	model	NOUN
fsr-3837	13	15	,	,	PUNCT
fsr-3837	13	16	a	a	DET
fsr-3837	13	17	key	key	ADJ
fsr-3837	13	18	advantage	advantage	NOUN
fsr-3837	13	19	of	of	ADP
fsr-3837	13	20	the	the	DET
fsr-3837	13	21	successful	successful	ADJ
fsr-3837	13	22	strategy	strategy	NOUN
fsr-3837	13	23	proposed	propose	VERB
fsr-3837	13	24	here	here	ADV
fsr-3837	13	25	is	be	AUX
fsr-3837	13	26	its	its	PRON
fsr-3837	13	27	simplicity	simplicity	NOUN
fsr-3837	13	28	.	.	PUNCT
fsr-3837	14	1	the	the	DET
fsr-3837	14	2	main	main	ADJ
fsr-3837	14	3	limitation	limitation	NOUN
fsr-3837	14	4	of	of	ADP
fsr-3837	14	5	this	this	DET
fsr-3837	14	6	strategy	strategy	NOUN
fsr-3837	14	7	is	be	AUX
fsr-3837	14	8	that	that	SCONJ
fsr-3837	14	9	historical	historical	ADJ
fsr-3837	14	10	market	market	NOUN
fsr-3837	14	11	responses	response	NOUN
fsr-3837	14	12	to	to	ADP
fsr-3837	14	13	discount	discount	NOUN
fsr-3837	14	14	rate	rate	NOUN
fsr-3837	14	15	changes	change	NOUN
fsr-3837	14	16	may	may	AUX
fsr-3837	14	17	not	not	PART
fsr-3837	14	18	continue	continue	VERB
fsr-3837	14	19	,	,	PUNCT
fsr-3837	14	20	which	which	PRON
fsr-3837	14	21	could	could	AUX
fsr-3837	14	22	undermine	undermine	VERB
fsr-3837	14	23	its	its	PRON
fsr-3837	14	24	laurie	laurie	PROPN
fsr-3837	14	25	prather	prather	NOUN
fsr-3837	14	26	and	and	CCONJ
fsr-3837	14	27	william	william	PROPN
fsr-3837	14	28	j.	j.	PROPN
fsr-3837	14	29	berth	berth	PROPN
fsr-3837	14	30	l	l	PROPN
fsr-3837	14	31	school	school	NOUN
fsr-3837	14	32	of	of	ADP
fsr-3837	14	33	banking	banking	NOUN
fsr-3837	14	34	and	and	CCONJ
fsr-3837	14	35	finance	finance	NOUN
fsr-3837	14	36	,	,	PUNCT
fsr-3837	14	37	the	the	DET
fsr-3837	14	38	university	university	NOUN
fsr-3837	14	39	of	of	ADP
fsr-3837	14	40	new	new	ADJ
fsr-3837	14	41	south	south	PROPN
fsr-3837	14	42	wales	wales	PROPN
fsr-3837	14	43	,	,	PUNCT
fsr-3837	14	44	sydney	sydney	PROPN
fsr-3837	14	45	2052	2052	NUM
fsr-3837	14	46	australia	australia	PROPN
fsr-3837	14	47	.	.	PUNCT
fsr-3837	15	1	286	286	NUM
fsr-3837	15	2	financial	financial	ADJ
fsr-3837	15	3	services	service	NOUN
fsr-3837	15	4	review	review	NOUN
fsr-3837	15	5	6(4	6(4	NUM
fsr-3837	15	6	)	)	PUNCT
fsr-3837	15	7	1997	1997	NUM
fsr-3837	15	8	future	future	ADJ
fsr-3837	15	9	effectiveness	effectiveness	NOUN
fsr-3837	15	10	.	.	PUNCT
fsr-3837	16	1	the	the	DET
fsr-3837	16	2	historical	historical	ADJ
fsr-3837	16	3	data	datum	NOUN
fsr-3837	16	4	used	use	VERB
fsr-3837	16	5	for	for	ADP
fsr-3837	16	6	testing	test	VERB
fsr-3837	16	7	the	the	DET
fsr-3837	16	8	trading	trading	NOUN
fsr-3837	16	9	rule	rule	NOUN
fsr-3837	16	10	,	,	PUNCT
fsr-3837	16	11	however	however	ADV
fsr-3837	16	12	,	,	PUNCT
fsr-3837	16	13	encom	encom	PROPN
fsr-3837	16	14	passes	pass	VERB
fsr-3837	16	15	a	a	DET
fsr-3837	16	16	very	very	ADV
fsr-3837	16	17	long	long	ADJ
fsr-3837	16	18	time	time	NOUN
fsr-3837	16	19	period	period	NOUN
fsr-3837	16	20	,	,	PUNCT
fsr-3837	16	21	and	and	CCONJ
fsr-3837	16	22	the	the	DET
fsr-3837	16	23	rationale	rationale	NOUN
fsr-3837	16	24	underlying	underlie	VERB
fsr-3837	16	25	the	the	DET
fsr-3837	16	26	strategy	strategy	NOUN
fsr-3837	16	27	is	be	AUX
fsr-3837	16	28	based	base	VERB
fsr-3837	16	29	on	on	ADP
fsr-3837	16	30	funda	funda	PROPN
fsr-3837	16	31	mental	mental	ADJ
fsr-3837	16	32	economic	economic	ADJ
fsr-3837	16	33	principles	principle	NOUN
fsr-3837	16	34	.	.	PUNCT
fsr-3837	17	1	the	the	DET
fsr-3837	17	2	following	follow	VERB
fsr-3837	17	3	discussion	discussion	NOUN
fsr-3837	17	4	highlights	highlight	VERB
fsr-3837	17	5	the	the	DET
fsr-3837	17	6	key	key	ADJ
fsr-3837	17	7	features	feature	NOUN
fsr-3837	17	8	of	of	ADP
fsr-3837	17	9	the	the	DET
fsr-3837	17	10	trading	trading	NOUN
fsr-3837	17	11	rule	rule	NOUN
fsr-3837	17	12	.	.	PUNCT
fsr-3837	18	1	the	the	DET
fsr-3837	18	2	investment	investment	NOUN
fsr-3837	18	3	strategy	strategy	NOUN
fsr-3837	18	4	examined	examine	VERB
fsr-3837	18	5	here	here	ADV
fsr-3837	18	6	presumes	presume	VERB
fsr-3837	18	7	that	that	SCONJ
fsr-3837	18	8	discount	discount	NOUN
fsr-3837	18	9	rate	rate	NOUN
fsr-3837	18	10	changes	change	NOUN
fsr-3837	18	11	provide	provide	VERB
fsr-3837	18	12	signals	signal	NOUN
fsr-3837	18	13	to	to	PART
fsr-3837	18	14	enter	enter	VERB
fsr-3837	18	15	and	and	CCONJ
fsr-3837	18	16	exit	exit	VERB
fsr-3837	18	17	the	the	DET
fsr-3837	18	18	stock	stock	NOUN
fsr-3837	18	19	market	market	NOUN
fsr-3837	18	20	,	,	PUNCT
fsr-3837	18	21	providing	provide	VERB
fsr-3837	18	22	the	the	DET
fsr-3837	18	23	basis	basis	NOUN
fsr-3837	18	24	for	for	ADP
fsr-3837	18	25	a	a	DET
fsr-3837	18	26	trading	trading	NOUN
fsr-3837	18	27	rule	rule	NOUN
fsr-3837	18	28	that	that	PRON
fsr-3837	18	29	relies	rely	VERB
fsr-3837	18	30	on	on	ADP
fsr-3837	18	31	discount	discount	NOUN
fsr-3837	18	32	rate	rate	NOUN
fsr-3837	18	33	change	change	NOUN
fsr-3837	18	34	announcements	announcement	NOUN
fsr-3837	18	35	.	.	PUNCT
fsr-3837	19	1	the	the	DET
fsr-3837	19	2	simple	simple	ADJ
fsr-3837	19	3	trading	trading	NOUN
fsr-3837	19	4	rule	rule	NOUN
fsr-3837	19	5	entails	entail	VERB
fsr-3837	19	6	buying	buy	VERB
fsr-3837	19	7	the	the	DET
fsr-3837	19	8	market	market	NOUN
fsr-3837	19	9	on	on	ADP
fsr-3837	19	10	an	an	DET
fsr-3837	19	11	initial	initial	ADJ
fsr-3837	19	12	discount	discount	NOUN
fsr-3837	19	13	rate	rate	NOUN
fsr-3837	19	14	cut	cut	NOUN
fsr-3837	19	15	,	,	PUNCT
fsr-3837	19	16	remaining	remaining	AUX
fsr-3837	19	17	fully	fully	ADV
fsr-3837	19	18	invested	invest	VERB
fsr-3837	19	19	through	through	ADP
fsr-3837	19	20	any	any	DET
fsr-3837	19	21	subsequent	subsequent	ADJ
fsr-3837	19	22	cuts	cut	NOUN
fsr-3837	19	23	and	and	CCONJ
fsr-3837	19	24	selling	sell	VERB
fsr-3837	19	25	the	the	DET
fsr-3837	19	26	market	market	NOUN
fsr-3837	19	27	on	on	ADP
fsr-3837	19	28	an	an	DET
fsr-3837	19	29	initial	initial	ADJ
fsr-3837	19	30	discount	discount	NOUN
fsr-3837	19	31	rate	rate	NOUN
fsr-3837	19	32	increase	increase	NOUN
fsr-3837	19	33	(	(	PUNCT
fsr-3837	19	34	and	and	CCONJ
fsr-3837	19	35	remaining	remain	VERB
fsr-3837	19	36	out	out	ADP
fsr-3837	19	37	of	of	ADP
fsr-3837	19	38	the	the	DET
fsr-3837	19	39	market	market	NOUN
fsr-3837	19	40	through	through	ADP
fsr-3837	19	41	any	any	DET
fsr-3837	19	42	subsequent	subsequent	ADJ
fsr-3837	19	43	increases	increase	NOUN
fsr-3837	19	44	)	)	PUNCT
fsr-3837	19	45	.	.	PUNCT
fsr-3837	20	1	when	when	SCONJ
fsr-3837	20	2	not	not	PART
fsr-3837	20	3	fully	fully	ADV
fsr-3837	20	4	invested	invest	VERB
fsr-3837	20	5	in	in	ADP
fsr-3837	20	6	the	the	DET
fsr-3837	20	7	stock	stock	NOUN
fsr-3837	20	8	market	market	NOUN
fsr-3837	20	9	,	,	PUNCT
fsr-3837	20	10	investors	investor	NOUN
fsr-3837	20	11	hold	hold	VERB
fsr-3837	20	12	short	short	ADJ
fsr-3837	20	13	-	-	PUNCT
fsr-3837	20	14	term	term	NOUN
fsr-3837	20	15	treasury	treasury	NOUN
fsr-3837	20	16	instruments	instrument	NOUN
fsr-3837	20	17	(	(	PUNCT
fsr-3837	20	18	t	t	NOUN
fsr-3837	20	19	-	-	PUNCT
fsr-3837	20	20	bills	bill	NOUN
fsr-3837	20	21	)	)	PUNCT
fsr-3837	20	22	,	,	PUNCT
fsr-3837	20	23	which	which	PRON
fsr-3837	20	24	are	be	AUX
fsr-3837	20	25	held	hold	VERB
fsr-3837	20	26	until	until	SCONJ
fsr-3837	20	27	a	a	DET
fsr-3837	20	28	rate	rate	NOUN
fsr-3837	20	29	cut	cut	NOUN
fsr-3837	20	30	signal	signal	NOUN
fsr-3837	20	31	is	be	AUX
fsr-3837	20	32	received	receive	VERB
fsr-3837	20	33	.	.	PUNCT
fsr-3837	21	1	this	this	DET
fsr-3837	21	2	simple	simple	ADJ
fsr-3837	21	3	strategy	strategy	NOUN
fsr-3837	21	4	may	may	AUX
fsr-3837	21	5	be	be	AUX
fsr-3837	21	6	easily	easily	ADV
fsr-3837	21	7	executed	execute	VERB
fsr-3837	21	8	by	by	ADP
fsr-3837	21	9	all	all	DET
fsr-3837	21	10	types	type	NOUN
fsr-3837	21	11	of	of	ADP
fsr-3837	21	12	investors	investor	NOUN
fsr-3837	21	13	ranging	range	VERB
fsr-3837	21	14	from	from	ADP
fsr-3837	21	15	the	the	DET
fsr-3837	21	16	novice	novice	NOUN
fsr-3837	21	17	to	to	ADP
fsr-3837	21	18	the	the	DET
fsr-3837	21	19	experienced	experienced	ADJ
fsr-3837	21	20	.	.	PUNCT
fsr-3837	22	1	as	as	ADP
fsr-3837	22	2	with	with	ADP
fsr-3837	22	3	any	any	DET
fsr-3837	22	4	decision	decision	NOUN
fsr-3837	22	5	rule	rule	NOUN
fsr-3837	22	6	,	,	PUNCT
fsr-3837	22	7	those	those	PRON
fsr-3837	22	8	attempting	attempt	VERB
fsr-3837	22	9	to	to	PART
fsr-3837	22	10	benefit	benefit	VERB
fsr-3837	22	11	from	from	ADP
fsr-3837	22	12	the	the	DET
fsr-3837	22	13	proposed	propose	VERB
fsr-3837	22	14	strategy	strategy	NOUN
fsr-3837	22	15	must	must	AUX
fsr-3837	22	16	follow	follow	VERB
fsr-3837	22	17	it	it	PRON
fsr-3837	22	18	consistently	consistently	ADV
fsr-3837	22	19	in	in	ADP
fsr-3837	22	20	terms	term	NOUN
fsr-3837	22	21	of	of	ADP
fsr-3837	22	22	both	both	CCONJ
fsr-3837	22	23	the	the	DET
fsr-3837	22	24	buy	buy	VERB
fsr-3837	22	25	and	and	CCONJ
fsr-3837	22	26	sell	sell	VERB
fsr-3837	22	27	indicators	indicator	NOUN
fsr-3837	22	28	.	.	PUNCT
fsr-3837	23	1	ii	ii	X
fsr-3837	23	2	.	.	PUNCT
fsr-3837	24	1	literature	literature	PROPN
fsr-3837	24	2	review	review	VERB
fsr-3837	24	3	many	many	ADJ
fsr-3837	24	4	economic	economic	ADJ
fsr-3837	24	5	studies	study	NOUN
fsr-3837	24	6	consider	consider	VERB
fsr-3837	24	7	stock	stock	NOUN
fsr-3837	24	8	price	price	NOUN
fsr-3837	24	9	reaction	reaction	NOUN
fsr-3837	24	10	to	to	ADP
fsr-3837	24	11	monetary	monetary	ADJ
fsr-3837	24	12	policy	policy	NOUN
fsr-3837	24	13	changes	change	NOUN
fsr-3837	24	14	.	.	PUNCT
fsr-3837	25	1	waud	waud	PROPN
fsr-3837	25	2	(	(	PUNCT
fsr-3837	25	3	1970	1970	NUM
fsr-3837	25	4	)	)	PUNCT
fsr-3837	25	5	first	first	ADV
fsr-3837	25	6	documented	document	VERB
fsr-3837	25	7	this	this	DET
fsr-3837	25	8	relationship	relationship	NOUN
fsr-3837	25	9	by	by	ADP
fsr-3837	25	10	finding	find	VERB
fsr-3837	25	11	announcement	announcement	NOUN
fsr-3837	25	12	effects	effect	NOUN
fsr-3837	25	13	where	where	SCONJ
fsr-3837	25	14	rate	rate	NOUN
fsr-3837	25	15	decreases	decrease	NOUN
fsr-3837	25	16	(	(	PUNCT
fsr-3837	25	17	increases	increase	NOUN
fsr-3837	25	18	)	)	PUNCT
fsr-3837	25	19	are	be	AUX
fsr-3837	25	20	associated	associate	VERB
fsr-3837	25	21	with	with	ADP
fsr-3837	25	22	positive	positive	ADJ
fsr-3837	25	23	(	(	PUNCT
fsr-3837	25	24	negative	negative	ADJ
fsr-3837	25	25	)	)	PUNCT
fsr-3837	25	26	stock	stock	NOUN
fsr-3837	25	27	market	market	NOUN
fsr-3837	25	28	reaction	reaction	NOUN
fsr-3837	25	29	.	.	PUNCT
fsr-3837	26	1	addi	addi	PROPN
fsr-3837	26	2	tionally	tionally	ADV
fsr-3837	26	3	,	,	PUNCT
fsr-3837	26	4	smirlock	smirlock	NOUN
fsr-3837	26	5	and	and	CCONJ
fsr-3837	26	6	yawitz	yawitz	NOUN
fsr-3837	26	7	(	(	PUNCT
fsr-3837	26	8	1985	1985	NUM
fsr-3837	26	9	)	)	PUNCT
fsr-3837	26	10	,	,	PUNCT
fsr-3837	26	11	hafer	hafer	NOUN
fsr-3837	26	12	(	(	PUNCT
fsr-3837	26	13	1986	1986	NUM
fsr-3837	26	14	)	)	PUNCT
fsr-3837	26	15	,	,	PUNCT
fsr-3837	26	16	and	and	CCONJ
fsr-3837	26	17	hardouvelis	hardouvelis	PROPN
fsr-3837	26	18	(	(	PUNCT
fsr-3837	26	19	1987	1987	NUM
fsr-3837	26	20	)	)	PUNCT
fsr-3837	26	21	analyze	analyze	VERB
fsr-3837	26	22	stock	stock	NOUN
fsr-3837	26	23	price	price	NOUN
fsr-3837	26	24	changes	change	NOUN
fsr-3837	26	25	surrounding	surround	VERB
fsr-3837	26	26	discount	discount	NOUN
fsr-3837	26	27	rate	rate	NOUN
fsr-3837	26	28	announcements	announcement	NOUN
fsr-3837	26	29	.	.	PUNCT
fsr-3837	27	1	they	they	PRON
fsr-3837	27	2	also	also	ADV
fsr-3837	27	3	cite	cite	VERB
fsr-3837	27	4	evidence	evidence	NOUN
fsr-3837	27	5	of	of	ADP
fsr-3837	27	6	a	a	DET
fsr-3837	27	7	sig	sig	NOUN
fsr-3837	27	8	nificant	nificant	ADJ
fsr-3837	27	9	announcement	announcement	NOUN
fsr-3837	27	10	effect	effect	NOUN
fsr-3837	27	11	.	.	PUNCT
fsr-3837	28	1	in	in	ADP
fsr-3837	28	2	particular	particular	ADJ
fsr-3837	28	3	,	,	PUNCT
fsr-3837	28	4	they	they	PRON
fsr-3837	28	5	find	find	VERB
fsr-3837	28	6	that	that	SCONJ
fsr-3837	28	7	stock	stock	NOUN
fsr-3837	28	8	prices	price	NOUN
fsr-3837	28	9	react	react	VERB
fsr-3837	28	10	swiftly	swiftly	ADV
fsr-3837	28	11	to	to	ADP
fsr-3837	28	12	dis	dis	PROPN
fsr-3837	28	13	count	count	NOUN
fsr-3837	28	14	rate	rate	NOUN
fsr-3837	28	15	changes	change	NOUN
fsr-3837	28	16	suggesting	suggest	VERB
fsr-3837	28	17	that	that	SCONJ
fsr-3837	28	18	financial	financial	ADJ
fsr-3837	28	19	markets	market	NOUN
fsr-3837	28	20	deem	deem	VERB
fsr-3837	28	21	this	this	DET
fsr-3837	28	22	type	type	NOUN
fsr-3837	28	23	of	of	ADP
fsr-3837	28	24	information	information	NOUN
fsr-3837	28	25	important	important	ADJ
fsr-3837	28	26	.	.	PUNCT
fsr-3837	29	1	while	while	SCONJ
fsr-3837	29	2	most	most	ADJ
fsr-3837	29	3	studies	study	NOUN
fsr-3837	29	4	provide	provide	VERB
fsr-3837	29	5	consistent	consistent	ADJ
fsr-3837	29	6	evidence	evidence	NOUN
fsr-3837	29	7	that	that	SCONJ
fsr-3837	29	8	monetary	monetary	ADJ
fsr-3837	29	9	policy	policy	NOUN
fsr-3837	29	10	changes	change	NOUN
fsr-3837	29	11	(	(	PUNCT
fsr-3837	29	12	and	and	CCONJ
fsr-3837	29	13	specifically	specifically	ADV
fsr-3837	29	14	discount	discount	VERB
fsr-3837	29	15	rate	rate	NOUN
fsr-3837	29	16	changes	change	NOUN
fsr-3837	29	17	)	)	PUNCT
fsr-3837	29	18	impact	impact	NOUN
fsr-3837	29	19	stock	stock	NOUN
fsr-3837	29	20	returns	return	NOUN
fsr-3837	29	21	,	,	PUNCT
fsr-3837	29	22	some	some	DET
fsr-3837	29	23	disagreement	disagreement	NOUN
fsr-3837	29	24	exists	exist	VERB
fsr-3837	29	25	con	con	PROPN
fsr-3837	29	26	cerning	cerne	VERB
fsr-3837	29	27	the	the	DET
fsr-3837	29	28	speed	speed	NOUN
fsr-3837	29	29	of	of	ADP
fsr-3837	29	30	the	the	DET
fsr-3837	29	31	adjustment	adjustment	NOUN
fsr-3837	29	32	process	process	NOUN
fsr-3837	29	33	.	.	PUNCT
fsr-3837	30	1	examining	examine	VERB
fsr-3837	30	2	economic	economic	ADJ
fsr-3837	30	3	news	news	NOUN
fsr-3837	30	4	events	event	NOUN
fsr-3837	30	5	pearce	pearce	PROPN
fsr-3837	30	6	and	and	CCONJ
fsr-3837	30	7	roley	roley	PROPN
fsr-3837	30	8	(	(	PUNCT
fsr-3837	30	9	1985	1985	NUM
fsr-3837	30	10	)	)	PUNCT
fsr-3837	30	11	find	find	VERB
fsr-3837	30	12	that	that	SCONJ
fsr-3837	30	13	the	the	DET
fsr-3837	30	14	stock	stock	NOUN
fsr-3837	30	15	price	price	NOUN
fsr-3837	30	16	response	response	NOUN
fsr-3837	30	17	to	to	ADP
fsr-3837	30	18	new	new	ADJ
fsr-3837	30	19	information	information	NOUN
fsr-3837	30	20	may	may	AUX
fsr-3837	30	21	continue	continue	VERB
fsr-3837	30	22	beyond	beyond	ADP
fsr-3837	30	23	the	the	DET
fsr-3837	30	24	announcement	announcement	NOUN
fsr-3837	30	25	day	day	NOUN
fsr-3837	30	26	.	.	PUNCT
fsr-3837	31	1	focusing	focus	VERB
fsr-3837	31	2	strictly	strictly	ADV
fsr-3837	31	3	on	on	ADP
fsr-3837	31	4	discount	discount	NOUN
fsr-3837	31	5	rate	rate	NOUN
fsr-3837	31	6	announcements	announcement	NOUN
fsr-3837	31	7	,	,	PUNCT
fsr-3837	31	8	jensen	jensen	PROPN
fsr-3837	31	9	and	and	CCONJ
fsr-3837	31	10	johnson	johnson	PROPN
fsr-3837	31	11	(	(	PUNCT
fsr-3837	31	12	1995	1995	NUM
fsr-3837	31	13	)	)	PUNCT
fsr-3837	31	14	analyze	analyze	VERB
fsr-3837	31	15	the	the	DET
fsr-3837	31	16	long	long	ADJ
fsr-3837	31	17	-	-	PUNCT
fsr-3837	31	18	term	term	NOUN
fsr-3837	31	19	impact	impact	NOUN
fsr-3837	31	20	of	of	ADP
fsr-3837	31	21	rate	rate	NOUN
fsr-3837	31	22	changes	change	NOUN
fsr-3837	31	23	on	on	ADP
fsr-3837	31	24	stock	stock	NOUN
fsr-3837	31	25	indices	index	NOUN
fsr-3837	31	26	.	.	PUNCT
fsr-3837	32	1	they	they	PRON
fsr-3837	32	2	find	find	VERB
fsr-3837	32	3	that	that	SCONJ
fsr-3837	32	4	average	average	ADJ
fsr-3837	32	5	stock	stock	NOUN
fsr-3837	32	6	returns	return	NOUN
fsr-3837	32	7	are	be	AUX
fsr-3837	32	8	higher	high	ADJ
fsr-3837	32	9	(	(	PUNCT
fsr-3837	32	10	lower	low	ADJ
fsr-3837	32	11	)	)	PUNCT
fsr-3837	32	12	in	in	ADP
fsr-3837	32	13	those	those	DET
fsr-3837	32	14	periods	period	NOUN
fsr-3837	32	15	following	follow	VERB
fsr-3837	32	16	discount	discount	NOUN
fsr-3837	32	17	rate	rate	NOUN
fsr-3837	32	18	decreases	decrease	NOUN
fsr-3837	32	19	(	(	PUNCT
fsr-3837	32	20	increases	increase	NOUN
fsr-3837	32	21	)	)	PUNCT
fsr-3837	32	22	.	.	PUNCT
fsr-3837	33	1	although	although	SCONJ
fsr-3837	33	2	their	their	PRON
fsr-3837	33	3	findings	finding	NOUN
fsr-3837	33	4	do	do	AUX
fsr-3837	33	5	not	not	PART
fsr-3837	33	6	suggest	suggest	VERB
fsr-3837	33	7	causality	causality	NOUN
fsr-3837	33	8	between	between	ADP
fsr-3837	33	9	stock	stock	NOUN
fsr-3837	33	10	returns	return	NOUN
fsr-3837	33	11	and	and	CCONJ
fsr-3837	33	12	interest	interest	NOUN
fsr-3837	33	13	rates	rate	NOUN
fsr-3837	33	14	,	,	PUNCT
fsr-3837	33	15	the	the	DET
fsr-3837	33	16	mere	mere	ADJ
fsr-3837	33	17	notion	notion	NOUN
fsr-3837	33	18	of	of	ADP
fsr-3837	33	19	long	long	ADJ
fsr-3837	33	20	-	-	PUNCT
fsr-3837	33	21	term	term	NOUN
fsr-3837	33	22	market	market	NOUN
fsr-3837	33	23	movements	movement	NOUN
fsr-3837	33	24	being	be	AUX
fsr-3837	33	25	associated	associate	VERB
fsr-3837	33	26	with	with	ADP
fsr-3837	33	27	discount	discount	NOUN
fsr-3837	33	28	rate	rate	NOUN
fsr-3837	33	29	changes	change	NOUN
fsr-3837	33	30	may	may	AUX
fsr-3837	33	31	provide	provide	VERB
fsr-3837	33	32	a	a	DET
fsr-3837	33	33	basis	basis	NOUN
fsr-3837	33	34	for	for	ADP
fsr-3837	33	35	a	a	DET
fsr-3837	33	36	profitable	profitable	ADJ
fsr-3837	33	37	investment	investment	NOUN
fsr-3837	33	38	strategy	strategy	NOUN
fsr-3837	33	39	.	.	PUNCT
fsr-3837	34	1	the	the	DET
fsr-3837	34	2	success	success	NOUN
fsr-3837	34	3	of	of	ADP
fsr-3837	34	4	the	the	DET
fsr-3837	34	5	proposed	propose	VERB
fsr-3837	34	6	strategy	strategy	NOUN
fsr-3837	34	7	demonstrates	demonstrate	VERB
fsr-3837	34	8	forecasting	forecasting	NOUN
fsr-3837	34	9	ability	ability	NOUN
fsr-3837	34	10	,	,	PUNCT
fsr-3837	34	11	yet	yet	CCONJ
fsr-3837	34	12	a	a	DET
fsr-3837	34	13	number	number	NOUN
fsr-3837	34	14	of	of	ADP
fsr-3837	34	15	widely	widely	ADV
fsr-3837	34	16	cited	cite	VERB
fsr-3837	34	17	studies	study	NOUN
fsr-3837	34	18	including	include	VERB
fsr-3837	34	19	treynor	treynor	NOUN
fsr-3837	34	20	and	and	CCONJ
fsr-3837	34	21	mazuy	mazuy	PROPN
fsr-3837	34	22	(	(	PUNCT
fsr-3837	34	23	1966	1966	NUM
fsr-3837	34	24	)	)	PUNCT
fsr-3837	34	25	,	,	PUNCT
fsr-3837	34	26	jensen	jensen	PROPN
fsr-3837	34	27	(	(	PUNCT
fsr-3837	34	28	1968	1968	NUM
fsr-3837	34	29	)	)	PUNCT
fsr-3837	34	30	,	,	PUNCT
fsr-3837	34	31	kon	kon	PROPN
fsr-3837	34	32	and	and	CCONJ
fsr-3837	34	33	jen	jen	PROPN
fsr-3837	34	34	(	(	PUNCT
fsr-3837	34	35	1978	1978	NUM
fsr-3837	34	36	)	)	PUNCT
fsr-3837	34	37	and	and	CCONJ
fsr-3837	34	38	henriksson	henriksson	NOUN
fsr-3837	34	39	(	(	PUNCT
fsr-3837	34	40	1984	1984	NUM
fsr-3837	34	41	)	)	PUNCT
fsr-3837	34	42	have	have	AUX
fsr-3837	34	43	generally	generally	ADV
fsr-3837	34	44	concluded	conclude	VERB
fsr-3837	34	45	that	that	SCONJ
fsr-3837	34	46	mutual	mutual	ADJ
fsr-3837	34	47	fund	fund	NOUN
fsr-3837	34	48	managers	manager	NOUN
fsr-3837	34	49	are	be	AUX
fsr-3837	34	50	not	not	PART
fsr-3837	34	51	able	able	ADJ
fsr-3837	34	52	to	to	PART
fsr-3837	34	53	capitalize	capitalize	VERB
fsr-3837	34	54	on	on	ADP
fsr-3837	34	55	directional	directional	ADJ
fsr-3837	34	56	changes	change	NOUN
fsr-3837	34	57	in	in	ADP
fsr-3837	34	58	the	the	DET
fsr-3837	34	59	stock	stock	NOUN
fsr-3837	34	60	market	market	NOUN
fsr-3837	34	61	.	.	PUNCT
fsr-3837	35	1	reviewing	review	VERB
fsr-3837	35	2	these	these	DET
fsr-3837	35	3	and	and	CCONJ
fsr-3837	35	4	other	other	ADJ
fsr-3837	35	5	subsequent	subsequent	ADJ
fsr-3837	35	6	studies	study	NOUN
fsr-3837	35	7	,	,	PUNCT
fsr-3837	35	8	ippolito	ippolito	PROPN
fsr-3837	35	9	(	(	PUNCT
fsr-3837	35	10	1993	1993	NUM
fsr-3837	35	11	)	)	PUNCT
fsr-3837	35	12	argues	argue	VERB
fsr-3837	35	13	that	that	SCONJ
fsr-3837	35	14	mutual	mutual	ADJ
fsr-3837	35	15	fund	fund	NOUN
fsr-3837	35	16	performance	performance	NOUN
fsr-3837	35	17	net	net	NOUN
fsr-3837	35	18	of	of	ADP
fsr-3837	35	19	expenses	expense	NOUN
fsr-3837	35	20	is	be	AUX
fsr-3837	35	21	comparable	comparable	ADJ
fsr-3837	35	22	to	to	ADP
fsr-3837	35	23	that	that	PRON
fsr-3837	35	24	of	of	ADP
fsr-3837	35	25	the	the	DET
fsr-3837	35	26	market	market	NOUN
fsr-3837	35	27	and	and	CCONJ
fsr-3837	35	28	that	that	PRON
fsr-3837	35	29	competent	competent	ADJ
fsr-3837	35	30	funds	fund	NOUN
fsr-3837	35	31	clearly	clearly	ADV
fsr-3837	35	32	outperform	outperform	VERB
fsr-3837	35	33	the	the	DET
fsr-3837	35	34	market	market	NOUN
fsr-3837	35	35	while	while	SCONJ
fsr-3837	35	36	inept	inept	ADJ
fsr-3837	35	37	ones	one	NOUN
fsr-3837	35	38	do	do	VERB
fsr-3837	35	39	not	not	PART
fsr-3837	35	40	.	.	PUNCT
fsr-3837	36	1	competent	competent	ADJ
fsr-3837	36	2	investing	investing	NOUN
fsr-3837	36	3	may	may	AUX
fsr-3837	36	4	result	result	VERB
fsr-3837	36	5	from	from	ADP
fsr-3837	36	6	the	the	DET
fsr-3837	36	7	use	use	NOUN
fsr-3837	36	8	of	of	ADP
fsr-3837	36	9	sound	sound	ADJ
fsr-3837	36	10	economic	economic	ADJ
fsr-3837	36	11	reasoning	reasoning	NOUN
fsr-3837	36	12	with	with	ADP
fsr-3837	36	13	the	the	DET
fsr-3837	36	14	possibility	possibility	NOUN
fsr-3837	36	15	of	of	ADP
fsr-3837	36	16	beating	beat	VERB
fsr-3837	36	17	the	the	DET
fsr-3837	36	18	market	market	NOUN
fsr-3837	36	19	also	also	ADV
fsr-3837	36	20	providing	provide	VERB
fsr-3837	36	21	a	a	DET
fsr-3837	36	22	basis	basis	NOUN
fsr-3837	36	23	for	for	ADP
fsr-3837	36	24	the	the	DET
fsr-3837	36	25	proposed	propose	VERB
fsr-3837	36	26	discount	discount	NOUN
fsr-3837	36	27	rate	rate	NOUN
fsr-3837	36	28	trading	trading	NOUN
fsr-3837	36	29	strategy	strategy	NOUN
fsr-3837	36	30	.	.	PUNCT
fsr-3837	37	1	a	a	DET
fsr-3837	37	2	simple	simple	ADJ
fsr-3837	37	3	and	and	CCONJ
fsr-3837	37	4	effective	effective	ADJ
fsr-3837	37	5	trading	trading	NOUN
fsr-3837	37	6	rule	rule	NOUN
fsr-3837	37	7	281	281	NUM
fsr-3837	37	8	a	a	DET
fsr-3837	37	9	trading	trading	NOUN
fsr-3837	37	10	rule	rule	NOUN
fsr-3837	37	11	based	base	VERB
fsr-3837	37	12	on	on	ADP
fsr-3837	37	13	discount	discount	NOUN
fsr-3837	37	14	rate	rate	NOUN
fsr-3837	37	15	changes	change	NOUN
fsr-3837	37	16	may	may	AUX
fsr-3837	37	17	be	be	AUX
fsr-3837	37	18	justified	justify	VERB
fsr-3837	37	19	by	by	ADP
fsr-3837	37	20	the	the	DET
fsr-3837	37	21	fact	fact	NOUN
fsr-3837	37	22	that	that	SCONJ
fsr-3837	37	23	these	these	DET
fsr-3837	37	24	changes	change	NOUN
fsr-3837	37	25	represent	represent	VERB
fsr-3837	37	26	clear	clear	ADJ
fsr-3837	37	27	and	and	CCONJ
fsr-3837	37	28	unequivocal	unequivocal	ADJ
fsr-3837	37	29	signals	signal	NOUN
fsr-3837	37	30	that	that	SCONJ
fsr-3837	37	31	the	the	DET
fsr-3837	37	32	federal	federal	PROPN
fsr-3837	37	33	reserve	reserve	PROPN
fsr-3837	37	34	(	(	PUNCT
fsr-3837	37	35	the	the	DET
fsr-3837	37	36	fed	fed	PROPN
fsr-3837	37	37	)	)	PUNCT
fsr-3837	37	38	is	be	AUX
fsr-3837	37	39	com	com	NOUN
fsr-3837	37	40	mitted	mitte	VERB
fsr-3837	37	41	to	to	ADP
fsr-3837	37	42	changing	change	VERB
fsr-3837	37	43	monetary	monetary	ADJ
fsr-3837	37	44	conditions	condition	NOUN
fsr-3837	37	45	and	and	CCONJ
fsr-3837	37	46	business	business	NOUN
fsr-3837	37	47	activity	activity	NOUN
fsr-3837	37	48	.	.	PUNCT
fsr-3837	38	1	a	a	DET
fsr-3837	38	2	cut	cut	NOUN
fsr-3837	38	3	in	in	ADP
fsr-3837	38	4	rates	rate	NOUN
fsr-3837	38	5	suggests	suggest	VERB
fsr-3837	38	6	improved	improve	VERB
fsr-3837	38	7	future	future	ADJ
fsr-3837	38	8	cash	cash	NOUN
fsr-3837	38	9	flows	flow	NOUN
fsr-3837	38	10	to	to	ADP
fsr-3837	38	11	businesses	business	NOUN
fsr-3837	38	12	,	,	PUNCT
fsr-3837	38	13	signaling	signal	VERB
fsr-3837	38	14	an	an	DET
fsr-3837	38	15	expected	expect	VERB
fsr-3837	38	16	upward	upward	ADJ
fsr-3837	38	17	trend	trend	NOUN
fsr-3837	38	18	in	in	ADP
fsr-3837	38	19	the	the	DET
fsr-3837	38	20	stock	stock	NOUN
fsr-3837	38	21	market	market	NOUN
fsr-3837	38	22	,	,	PUNCT
fsr-3837	38	23	and	and	CCONJ
fsr-3837	38	24	is	be	AUX
fsr-3837	38	25	thus	thus	ADV
fsr-3837	38	26	a	a	DET
fsr-3837	38	27	buy	buy	ADJ
fsr-3837	38	28	indicator	indicator	NOUN
fsr-3837	38	29	.	.	PUNCT
fsr-3837	39	1	by	by	ADP
fsr-3837	39	2	contrast	contrast	NOUN
fsr-3837	39	3	,	,	PUNCT
fsr-3837	39	4	a	a	DET
fsr-3837	39	5	rate	rate	NOUN
fsr-3837	39	6	increase	increase	NOUN
fsr-3837	39	7	reflects	reflect	VERB
fsr-3837	39	8	reduced	reduce	VERB
fsr-3837	39	9	future	future	ADJ
fsr-3837	39	10	cash	cash	NOUN
fsr-3837	39	11	flows	flow	NOUN
fsr-3837	39	12	,	,	PUNCT
fsr-3837	39	13	indicating	indicate	VERB
fsr-3837	39	14	an	an	DET
fsr-3837	39	15	expected	expect	VERB
fsr-3837	39	16	down	down	ADP
fsr-3837	39	17	market	market	NOUN
fsr-3837	39	18	trend	trend	NOUN
fsr-3837	39	19	,	,	PUNCT
fsr-3837	39	20	thus	thus	ADV
fsr-3837	39	21	providing	provide	VERB
fsr-3837	39	22	a	a	DET
fsr-3837	39	23	sell	sell	NOUN
fsr-3837	39	24	signal	signal	NOUN
fsr-3837	39	25	.	.	PUNCT
fsr-3837	40	1	individual	individual	ADJ
fsr-3837	40	2	investors	investor	NOUN
fsr-3837	40	3	following	follow	VERB
fsr-3837	40	4	the	the	DET
fsr-3837	40	5	basic	basic	ADJ
fsr-3837	40	6	trading	trading	NOUN
fsr-3837	40	7	strategy	strategy	NOUN
fsr-3837	40	8	are	be	AUX
fsr-3837	40	9	,	,	PUNCT
fsr-3837	40	10	therefore	therefore	ADV
fsr-3837	40	11	,	,	PUNCT
fsr-3837	40	12	abiding	abide	VERB
fsr-3837	40	13	by	by	ADP
fsr-3837	40	14	fundamental	fundamental	ADJ
fsr-3837	40	15	prin	prin	PROPN
fsr-3837	40	16	ciples	ciple	NOUN
fsr-3837	40	17	of	of	ADP
fsr-3837	40	18	financial	financial	ADJ
fsr-3837	40	19	economics	economic	NOUN
fsr-3837	40	20	and	and	CCONJ
fsr-3837	40	21	attempting	attempt	VERB
fsr-3837	40	22	to	to	PART
fsr-3837	40	23	act	act	VERB
fsr-3837	40	24	in	in	ADP
fsr-3837	40	25	a	a	DET
fsr-3837	40	26	manner	manner	NOUN
fsr-3837	40	27	consistent	consistent	ADJ
fsr-3837	40	28	with	with	ADP
fsr-3837	40	29	those	those	DET
fsr-3837	40	30	stud	stud	NOUN
fsr-3837	40	31	ies	ie	NOUN
fsr-3837	40	32	that	that	PRON
fsr-3837	40	33	find	find	VERB
fsr-3837	40	34	a	a	DET
fsr-3837	40	35	long	long	ADJ
fsr-3837	40	36	-	-	PUNCT
fsr-3837	40	37	term	term	NOUN
fsr-3837	40	38	market	market	NOUN
fsr-3837	40	39	response	response	NOUN
fsr-3837	40	40	to	to	ADP
fsr-3837	40	41	economic	economic	ADJ
fsr-3837	40	42	news	news	NOUN
fsr-3837	40	43	.	.	PUNCT
fsr-3837	41	1	to	to	PART
fsr-3837	41	2	validate	validate	VERB
fsr-3837	41	3	the	the	DET
fsr-3837	41	4	trading	trading	NOUN
fsr-3837	41	5	rule	rule	NOUN
fsr-3837	41	6	,	,	PUNCT
fsr-3837	41	7	we	we	PRON
fsr-3837	41	8	use	use	VERB
fsr-3837	41	9	historical	historical	ADJ
fsr-3837	41	10	data	datum	NOUN
fsr-3837	41	11	to	to	PART
fsr-3837	41	12	test	test	VERB
fsr-3837	41	13	and	and	CCONJ
fsr-3837	41	14	report	report	VERB
fsr-3837	41	15	the	the	DET
fsr-3837	41	16	results	result	NOUN
fsr-3837	41	17	of	of	ADP
fsr-3837	41	18	the	the	DET
fsr-3837	41	19	investors	investor	NOUN
fsr-3837	41	20	’	’	PART
fsr-3837	41	21	strategy	strategy	NOUN
fsr-3837	41	22	and	and	CCONJ
fsr-3837	41	23	compare	compare	VERB
fsr-3837	41	24	it	it	PRON
fsr-3837	41	25	to	to	ADP
fsr-3837	41	26	a	a	DET
fsr-3837	41	27	passive	passive	ADJ
fsr-3837	41	28	buy	buy	NOUN
fsr-3837	41	29	and	and	CCONJ
fsr-3837	41	30	hold	hold	VERB
fsr-3837	41	31	strategy	strategy	NOUN
fsr-3837	41	32	.	.	PUNCT
fsr-3837	42	1	the	the	DET
fsr-3837	42	2	analysis	analysis	NOUN
fsr-3837	42	3	of	of	ADP
fsr-3837	42	4	the	the	DET
fsr-3837	42	5	proposed	propose	VERB
fsr-3837	42	6	strategy	strategy	NOUN
fsr-3837	42	7	does	do	AUX
fsr-3837	42	8	not	not	PART
fsr-3837	42	9	consider	consider	VERB
fsr-3837	42	10	transaction	transaction	NOUN
fsr-3837	42	11	costs	cost	NOUN
fsr-3837	42	12	;	;	PUNCT
fsr-3837	42	13	however	however	ADV
fsr-3837	42	14	,	,	PUNCT
fsr-3837	42	15	as	as	SCONJ
fsr-3837	42	16	noted	note	VERB
fsr-3837	42	17	later	later	ADV
fsr-3837	42	18	in	in	ADP
fsr-3837	42	19	the	the	DET
fsr-3837	42	20	paper	paper	NOUN
fsr-3837	42	21	,	,	PUNCT
fsr-3837	42	22	trading	trading	NOUN
fsr-3837	42	23	associated	associate	VERB
fsr-3837	42	24	with	with	ADP
fsr-3837	42	25	the	the	DET
fsr-3837	42	26	strategy	strategy	NOUN
fsr-3837	42	27	is	be	AUX
fsr-3837	42	28	relatively	relatively	ADV
fsr-3837	42	29	infrequent	infrequent	ADJ
fsr-3837	42	30	,	,	PUNCT
fsr-3837	42	31	and	and	CCONJ
fsr-3837	42	32	the	the	DET
fsr-3837	42	33	inclusion	inclusion	NOUN
fsr-3837	42	34	of	of	ADP
fsr-3837	42	35	these	these	DET
fsr-3837	42	36	costs	cost	NOUN
fsr-3837	42	37	would	would	AUX
fsr-3837	42	38	not	not	PART
fsr-3837	42	39	significantly	significantly	ADV
fsr-3837	42	40	alter	alter	VERB
fsr-3837	42	41	the	the	DET
fsr-3837	42	42	results	result	NOUN
fsr-3837	42	43	.	.	PUNCT
fsr-3837	43	1	the	the	DET
fsr-3837	43	2	future	future	ADJ
fsr-3837	43	3	efficacy	efficacy	NOUN
fsr-3837	43	4	of	of	ADP
fsr-3837	43	5	the	the	DET
fsr-3837	43	6	investors	investor	NOUN
fsr-3837	43	7	’	'	PUNCT
fsr-3837	43	8	strategy	strategy	NOUN
fsr-3837	43	9	will	will	AUX
fsr-3837	43	10	depend	depend	VERB
fsr-3837	43	11	upon	upon	SCONJ
fsr-3837	43	12	the	the	DET
fsr-3837	43	13	continuation	continuation	NOUN
fsr-3837	43	14	of	of	ADP
fsr-3837	43	15	documented	document	VERB
fsr-3837	43	16	long	long	ADJ
fsr-3837	43	17	-	-	PUNCT
fsr-3837	43	18	term	term	NOUN
fsr-3837	43	19	market	market	NOUN
fsr-3837	43	20	reactions	reaction	NOUN
fsr-3837	43	21	associated	associate	VERB
fsr-3837	43	22	with	with	ADP
fsr-3837	43	23	discount	discount	NOUN
fsr-3837	43	24	rate	rate	NOUN
fsr-3837	43	25	changes	change	NOUN
fsr-3837	43	26	.	.	PUNCT
fsr-3837	44	1	furthermore	furthermore	ADV
fsr-3837	44	2	,	,	PUNCT
fsr-3837	44	3	the	the	DET
fsr-3837	44	4	strategy	strategy	NOUN
fsr-3837	44	5	must	must	AUX
fsr-3837	44	6	be	be	AUX
fsr-3837	44	7	consistently	consistently	ADV
fsr-3837	44	8	followed	follow	VERB
fsr-3837	44	9	,	,	PUNCT
fsr-3837	44	10	since	since	SCONJ
fsr-3837	44	11	only	only	ADV
fsr-3837	44	12	partial	partial	ADJ
fsr-3837	44	13	adherence	adherence	NOUN
fsr-3837	44	14	to	to	ADP
fsr-3837	44	15	it	it	PRON
fsr-3837	44	16	may	may	AUX
fsr-3837	44	17	result	result	VERB
fsr-3837	44	18	in	in	ADP
fsr-3837	44	19	foregone	foregone	NOUN
fsr-3837	44	20	opportunities	opportunity	NOUN
fsr-3837	44	21	.	.	PUNCT
fsr-3837	45	1	iii	iii	X
fsr-3837	45	2	.	.	PROPN
fsr-3837	45	3	data	datum	NOUN
fsr-3837	45	4	and	and	CCONJ
fsr-3837	45	5	methodology	methodology	NOUN
fsr-3837	45	6	discount	discount	NOUN
fsr-3837	45	7	rate	rate	NOUN
fsr-3837	45	8	changes	change	NOUN
fsr-3837	45	9	and	and	CCONJ
fsr-3837	45	10	their	their	PRON
fsr-3837	45	11	impact	impact	NOUN
fsr-3837	45	12	on	on	ADP
fsr-3837	45	13	the	the	DET
fsr-3837	45	14	stock	stock	NOUN
fsr-3837	45	15	market	market	NOUN
fsr-3837	45	16	are	be	AUX
fsr-3837	45	17	analyzed	analyze	VERB
fsr-3837	45	18	over	over	ADP
fsr-3837	45	19	the	the	DET
fsr-3837	45	20	period	period	NOUN
fsr-3837	45	21	from	from	ADP
fsr-3837	45	22	april	april	PROPN
fsr-3837	45	23	7	7	NUM
fsr-3837	45	24	,	,	PUNCT
fsr-3837	45	25	1933	1933	NUM
fsr-3837	45	26	to	to	PART
fsr-3837	45	27	may	may	PROPN
fsr-3837	45	28	17	17	NUM
fsr-3837	45	29	,	,	PUNCT
fsr-3837	45	30	1994	1994	NUM
fsr-3837	45	31	.	.	PUNCT
fsr-3837	46	1	the	the	DET
fsr-3837	46	2	dates	date	NOUN
fsr-3837	46	3	for	for	ADP
fsr-3837	46	4	discount	discount	NOUN
fsr-3837	46	5	rate	rate	NOUN
fsr-3837	46	6	changes	change	NOUN
fsr-3837	46	7	are	be	AUX
fsr-3837	46	8	published	publish	VERB
fsr-3837	46	9	in	in	ADP
fsr-3837	46	10	the	the	DET
fsr-3837	46	11	federal	federal	PROPN
fsr-3837	46	12	reserve	reserve	PROPN
fsr-3837	46	13	bulletin	bulletin	NOUN
fsr-3837	46	14	,	,	PUNCT
fsr-3837	46	15	but	but	CCONJ
fsr-3837	46	16	we	we	PRON
fsr-3837	46	17	assume	assume	VERB
fsr-3837	46	18	that	that	SCONJ
fsr-3837	46	19	investors	investor	NOUN
fsr-3837	46	20	gather	gather	VERB
fsr-3837	46	21	information	information	NOUN
fsr-3837	46	22	daily	daily	ADV
fsr-3837	46	23	from	from	ADP
fsr-3837	46	24	the	the	DET
fsr-3837	46	25	wall	wall	PROPN
fsr-3837	46	26	street	street	PROPN
fsr-3837	46	27	journal	journal	PROPN
fsr-3837	46	28	(	(	PUNCT
fsr-3837	46	29	wsj	wsj	PROPN
fsr-3837	46	30	)	)	PUNCT
fsr-3837	46	31	and	and	CCONJ
fsr-3837	46	32	then	then	ADV
fsr-3837	46	33	trade	trade	VERB
fsr-3837	46	34	on	on	ADP
fsr-3837	46	35	the	the	DET
fsr-3837	46	36	date	date	NOUN
fsr-3837	46	37	that	that	PRON
fsr-3837	46	38	the	the	DET
fsr-3837	46	39	discount	discount	NOUN
fsr-3837	46	40	rate	rate	NOUN
fsr-3837	46	41	change	change	NOUN
fsr-3837	46	42	is	be	AUX
fsr-3837	46	43	published	publish	VERB
fsr-3837	46	44	in	in	ADP
fsr-3837	46	45	the	the	DET
fsr-3837	46	46	wsj	wsj	NOUN
fsr-3837	46	47	.	.	PUNCT
fsr-3837	47	1	thus	thus	ADV
fsr-3837	47	2	the	the	DET
fsr-3837	47	3	investors	investor	NOUN
fsr-3837	47	4	do	do	AUX
fsr-3837	47	5	not	not	PART
fsr-3837	47	6	capture	capture	VERB
fsr-3837	47	7	the	the	DET
fsr-3837	47	8	announcement	announcement	NOUN
fsr-3837	47	9	day	day	NOUN
fsr-3837	47	10	(	(	PUNCT
fsr-3837	47	11	day	day	NOUN
fsr-3837	47	12	=	=	SYM
fsr-3837	47	13	0	0	NUM
fsr-3837	47	14	)	)	PUNCT
fsr-3837	47	15	effects	effect	NOUN
fsr-3837	47	16	.	.	PUNCT
fsr-3837	48	1	in	in	ADP
fsr-3837	48	2	addition	addition	NOUN
fsr-3837	48	3	,	,	PUNCT
fsr-3837	48	4	the	the	DET
fsr-3837	48	5	wsj	wsj	PROPN
fsr-3837	48	6	publication	publication	NOUN
fsr-3837	48	7	date	date	NOUN
fsr-3837	48	8	occasionally	occasionally	ADV
fsr-3837	48	9	lags	lag	VERB
fsr-3837	48	10	(	(	PUNCT
fsr-3837	48	11	by	by	ADP
fsr-3837	48	12	one	one	NUM
fsr-3837	48	13	day	day	NOUN
fsr-3837	48	14	)	)	PUNCT
fsr-3837	48	15	the	the	DET
fsr-3837	48	16	fed	fed	PROPN
fsr-3837	48	17	announcement	announcement	NOUN
fsr-3837	48	18	date	date	NOUN
fsr-3837	48	19	in	in	ADP
fsr-3837	48	20	those	those	DET
fsr-3837	48	21	cases	case	NOUN
fsr-3837	48	22	where	where	SCONJ
fsr-3837	48	23	the	the	DET
fsr-3837	48	24	information	information	NOUN
fsr-3837	48	25	is	be	AUX
fsr-3837	48	26	revealed	reveal	VERB
fsr-3837	48	27	before	before	ADP
fsr-3837	48	28	or	or	CCONJ
fsr-3837	48	29	during	during	ADP
fsr-3837	48	30	trad	trad	NOUN
fsr-3837	48	31	ing	ing	ADJ
fsr-3837	48	32	hours	hour	NOUN
fsr-3837	48	33	.	.	PUNCT
fsr-3837	49	1	thus	thus	ADV
fsr-3837	49	2	the	the	DET
fsr-3837	49	3	returns	return	NOUN
fsr-3837	49	4	from	from	ADP
fsr-3837	49	5	the	the	DET
fsr-3837	49	6	investors	investor	NOUN
fsr-3837	49	7	’	’	PART
fsr-3837	49	8	trading	trading	NOUN
fsr-3837	49	9	strategy	strategy	NOUN
fsr-3837	49	10	are	be	AUX
fsr-3837	49	11	conservatively	conservatively	ADV
fsr-3837	49	12	stated	state	VERB
fsr-3837	49	13	,	,	PUNCT
fsr-3837	49	14	if	if	SCONJ
fsr-3837	49	15	the	the	DET
fsr-3837	49	16	discount	discount	NOUN
fsr-3837	49	17	rate	rate	NOUN
fsr-3837	49	18	changes	change	NOUN
fsr-3837	49	19	impact	impact	VERB
fsr-3837	49	20	the	the	DET
fsr-3837	49	21	market	market	NOUN
fsr-3837	49	22	as	as	SCONJ
fsr-3837	49	23	expected	expect	VERB
fsr-3837	49	24	(	(	PUNCT
fsr-3837	49	25	i.e.	i.e.	X
fsr-3837	49	26	,	,	PUNCT
fsr-3837	49	27	rate	rate	NOUN
fsr-3837	49	28	cuts	cut	NOUN
fsr-3837	49	29	boost	boost	VERB
fsr-3837	49	30	the	the	DET
fsr-3837	49	31	market	market	NOUN
fsr-3837	49	32	,	,	PUNCT
fsr-3837	49	33	while	while	SCONJ
fsr-3837	49	34	rate	rate	NOUN
fsr-3837	49	35	increases	increase	NOUN
fsr-3837	49	36	depress	depress	VERB
fsr-3837	49	37	it	it	PRON
fsr-3837	49	38	)	)	PUNCT
fsr-3837	49	39	.	.	PUNCT
fsr-3837	50	1	when	when	SCONJ
fsr-3837	50	2	discrepancies	discrepancy	NOUN
fsr-3837	50	3	exist	exist	VERB
fsr-3837	50	4	among	among	ADP
fsr-3837	50	5	the	the	DET
fsr-3837	50	6	twelve	twelve	NUM
fsr-3837	50	7	federal	federal	ADJ
fsr-3837	50	8	reserve	reserve	NOUN
fsr-3837	50	9	banks	bank	NOUN
fsr-3837	50	10	enacting	enact	VERB
fsr-3837	50	11	a	a	DET
fsr-3837	50	12	rate	rate	NOUN
fsr-3837	50	13	change	change	NOUN
fsr-3837	50	14	,	,	PUNCT
fsr-3837	50	15	the	the	DET
fsr-3837	50	16	initiating	initiate	VERB
fsr-3837	50	17	bank	bank	NOUN
fsr-3837	50	18	’s	’s	PART
fsr-3837	50	19	action	action	NOUN
fsr-3837	50	20	published	publish	VERB
fsr-3837	50	21	in	in	ADP
fsr-3837	50	22	the	the	DET
fsr-3837	50	23	wsj	wsj	NOUN
fsr-3837	50	24	is	be	AUX
fsr-3837	50	25	used	use	VERB
fsr-3837	50	26	as	as	ADP
fsr-3837	50	27	the	the	DET
fsr-3837	50	28	definitive	definitive	ADJ
fsr-3837	50	29	information	information	NOUN
fsr-3837	50	30	source	source	NOUN
fsr-3837	50	31	.	.	PUNCT
fsr-3837	51	1	table	table	NOUN
fsr-3837	51	2	1	1	NUM
fsr-3837	51	3	contains	contain	VERB
fsr-3837	51	4	the	the	DET
fsr-3837	51	5	dates	date	NOUN
fsr-3837	51	6	of	of	ADP
fsr-3837	51	7	the	the	DET
fsr-3837	51	8	fed	fed	PROPN
fsr-3837	51	9	announced	announce	VERB
fsr-3837	51	10	discount	discount	NOUN
fsr-3837	51	11	rate	rate	NOUN
fsr-3837	51	12	changes	change	NOUN
fsr-3837	51	13	that	that	PRON
fsr-3837	51	14	initiated	initiate	VERB
fsr-3837	51	15	trading	trading	NOUN
fsr-3837	51	16	activity	activity	NOUN
fsr-3837	51	17	,	,	PUNCT
fsr-3837	51	18	the	the	DET
fsr-3837	51	19	discount	discount	NOUN
fsr-3837	51	20	rate	rate	NOUN
fsr-3837	51	21	immediately	immediately	ADV
fsr-3837	51	22	preceeding	preceede	VERB
fsr-3837	51	23	a	a	DET
fsr-3837	51	24	change	change	NOUN
fsr-3837	51	25	,	,	PUNCT
fsr-3837	51	26	the	the	DET
fsr-3837	51	27	new	new	ADJ
fsr-3837	51	28	discount	discount	NOUN
fsr-3837	51	29	rate	rate	NOUN
fsr-3837	51	30	,	,	PUNCT
fsr-3837	51	31	the	the	DET
fsr-3837	51	32	trading	trading	NOUN
fsr-3837	51	33	strategy	strategy	NOUN
fsr-3837	51	34	implication	implication	NOUN
fsr-3837	51	35	and	and	CCONJ
fsr-3837	51	36	the	the	DET
fsr-3837	51	37	dow	dow	PROPN
fsr-3837	51	38	jones	jones	PROPN
fsr-3837	51	39	industrial	industrial	PROPN
fsr-3837	51	40	average	average	PROPN
fsr-3837	51	41	(	(	PUNCT
fsr-3837	51	42	djia	djia	PROPN
fsr-3837	51	43	)	)	PUNCT
fsr-3837	51	44	on	on	ADP
fsr-3837	51	45	the	the	DET
fsr-3837	51	46	trad	trad	NOUN
fsr-3837	51	47	ing	ing	ADJ
fsr-3837	51	48	date	date	NOUN
fsr-3837	51	49	.	.	PUNCT
fsr-3837	52	1	the	the	DET
fsr-3837	52	2	investors	investor	NOUN
fsr-3837	52	3	’	’	PART
fsr-3837	52	4	trading	trading	NOUN
fsr-3837	52	5	strategy	strategy	NOUN
fsr-3837	52	6	is	be	AUX
fsr-3837	52	7	evident	evident	ADJ
fsr-3837	52	8	from	from	ADP
fsr-3837	52	9	table	table	NOUN
fsr-3837	52	10	1	1	NUM
fsr-3837	52	11	.	.	PUNCT
fsr-3837	53	1	for	for	ADP
fsr-3837	53	2	example	example	NOUN
fsr-3837	53	3	,	,	PUNCT
fsr-3837	53	4	the	the	DET
fsr-3837	53	5	trading	trading	NOUN
fsr-3837	53	6	strategy	strategy	NOUN
fsr-3837	53	7	goes	go	VERB
fsr-3837	53	8	into	into	ADP
fsr-3837	53	9	effect	effect	NOUN
fsr-3837	53	10	on	on	ADP
fsr-3837	53	11	april	april	PROPN
fsr-3837	53	12	7	7	NUM
fsr-3837	53	13	,	,	PUNCT
fsr-3837	53	14	1933	1933	NUM
fsr-3837	53	15	when	when	SCONJ
fsr-3837	53	16	the	the	DET
fsr-3837	53	17	discount	discount	NOUN
fsr-3837	53	18	rate	rate	NOUN
fsr-3837	53	19	is	be	AUX
fsr-3837	53	20	cut	cut	VERB
fsr-3837	53	21	from	from	ADP
fsr-3837	53	22	3.5	3.5	NUM
fsr-3837	53	23	%	%	NOUN
fsr-3837	53	24	to	to	ADP
fsr-3837	53	25	3.0	3.0	NUM
fsr-3837	53	26	%	%	NOUN
fsr-3837	53	27	.	.	PUNCT
fsr-3837	54	1	this	this	DET
fsr-3837	54	2	initial	initial	ADJ
fsr-3837	54	3	cut	cut	NOUN
fsr-3837	54	4	,	,	PUNCT
fsr-3837	54	5	when	when	SCONJ
fsr-3837	54	6	reported	report	VERB
fsr-3837	54	7	in	in	ADP
fsr-3837	54	8	the	the	DET
fsr-3837	54	9	wsj	wsj	NOUN
fsr-3837	54	10	,	,	PUNCT
fsr-3837	54	11	causes	cause	VERB
fsr-3837	54	12	investors	investor	NOUN
fsr-3837	54	13	to	to	PART
fsr-3837	54	14	buy	buy	VERB
fsr-3837	54	15	into	into	ADP
fsr-3837	54	16	the	the	DET
fsr-3837	54	17	market	market	NOUN
fsr-3837	54	18	.	.	PUNCT
fsr-3837	55	1	subse	subse	PROPN
fsr-3837	55	2	quent	quent	PROPN
fsr-3837	55	3	cuts	cut	NOUN
fsr-3837	55	4	in	in	ADP
fsr-3837	55	5	the	the	DET
fsr-3837	55	6	1930s	1930	NOUN
fsr-3837	55	7	and	and	CCONJ
fsr-3837	55	8	1940s	1940	NOUN
fsr-3837	55	9	leave	leave	VERB
fsr-3837	55	10	the	the	DET
fsr-3837	55	11	investors	investor	NOUN
fsr-3837	55	12	’	’	PART
fsr-3837	55	13	strategy	strategy	NOUN
fsr-3837	55	14	unchanged	unchanged	ADJ
fsr-3837	55	15	(	(	PUNCT
fsr-3837	55	16	in	in	ADP
fsr-3837	55	17	-	-	PUNCT
fsr-3837	55	18	market	market	NOUN
fsr-3837	55	19	)	)	PUNCT
fsr-3837	55	20	for	for	ADP
fsr-3837	55	21	nearly	nearly	ADV
fsr-3837	55	22	fifteen	fifteen	NUM
fsr-3837	55	23	years	year	NOUN
fsr-3837	55	24	until	until	ADP
fsr-3837	55	25	january	january	PROPN
fsr-3837	55	26	10	10	NUM
fsr-3837	55	27	,	,	PUNCT
fsr-3837	55	28	1948	1948	NUM
fsr-3837	55	29	when	when	SCONJ
fsr-3837	55	30	the	the	DET
fsr-3837	55	31	fed	fed	PROPN
fsr-3837	55	32	raises	raise	VERB
fsr-3837	55	33	the	the	DET
fsr-3837	55	34	discount	discount	NOUN
fsr-3837	55	35	rate	rate	NOUN
fsr-3837	55	36	to	to	ADP
fsr-3837	55	37	1.25	1.25	NUM
fsr-3837	55	38	%	%	NOUN
fsr-3837	55	39	from	from	ADP
fsr-3837	55	40	1.0	1.0	NUM
fsr-3837	55	41	%	%	NOUN
fsr-3837	55	42	.	.	PUNCT
fsr-3837	56	1	investors	investor	NOUN
fsr-3837	56	2	then	then	ADV
fsr-3837	56	3	sell	sell	VERB
fsr-3837	56	4	out	out	ADP
fsr-3837	56	5	of	of	ADP
fsr-3837	56	6	the	the	DET
fsr-3837	56	7	market	market	NOUN
fsr-3837	56	8	and	and	CCONJ
fsr-3837	56	9	hold	hold	VERB
fsr-3837	56	10	treasury	treasury	NOUN
fsr-3837	56	11	bills	bill	NOUN
fsr-3837	56	12	for	for	ADP
fsr-3837	56	13	the	the	DET
fsr-3837	56	14	next	next	ADJ
fsr-3837	56	15	six	six	NUM
fsr-3837	56	16	years	year	NOUN
fsr-3837	56	17	(	(	PUNCT
fsr-3837	56	18	19481954	19481954	NUM
fsr-3837	56	19	)	)	PUNCT
fsr-3837	56	20	.	.	PUNCT
fsr-3837	57	1	these	these	DET
fsr-3837	57	2	holdings	holding	NOUN
fsr-3837	57	3	would	would	AUX
fsr-3837	57	4	be	be	AUX
fsr-3837	57	5	to	to	ADP
fsr-3837	57	6	maturity	maturity	NOUN
fsr-3837	57	7	and	and	CCONJ
fsr-3837	57	8	include	include	VERB
fsr-3837	57	9	rollovers	rollover	NOUN
fsr-3837	57	10	until	until	ADP
fsr-3837	57	11	febru	febru	PROPN
fsr-3837	57	12	ary	ary	PROPN
fsr-3837	57	13	5	5	NUM
fsr-3837	57	14	,	,	PUNCT
fsr-3837	57	15	1954	1954	NUM
fsr-3837	57	16	when	when	SCONJ
fsr-3837	57	17	the	the	DET
fsr-3837	57	18	t	t	PROPN
fsr-3837	57	19	-	-	PUNCT
fsr-3837	57	20	bills	bill	NOUN
fsr-3837	57	21	are	be	AUX
fsr-3837	57	22	sold	sell	VERB
fsr-3837	57	23	,	,	PUNCT
fsr-3837	57	24	and	and	CCONJ
fsr-3837	57	25	the	the	DET
fsr-3837	57	26	investor	investor	NOUN
fsr-3837	57	27	buys	buy	VERB
fsr-3837	57	28	back	back	ADV
fsr-3837	57	29	into	into	ADP
fsr-3837	57	30	the	the	DET
fsr-3837	57	31	market	market	NOUN
fsr-3837	57	32	.	.	PUNCT
fsr-3837	58	1	the	the	DET
fsr-3837	58	2	most	most	ADV
fsr-3837	58	3	recent	recent	ADJ
fsr-3837	58	4	signal	signal	NOUN
fsr-3837	58	5	examined	examine	VERB
fsr-3837	58	6	here	here	ADV
fsr-3837	58	7	is	be	AUX
fsr-3837	58	8	a	a	DET
fsr-3837	58	9	sell	sell	NOUN
fsr-3837	58	10	(	(	PUNCT
fsr-3837	58	11	the	the	DET
fsr-3837	58	12	market	market	NOUN
fsr-3837	58	13	)	)	PUNCT
fsr-3837	58	14	,	,	PUNCT
fsr-3837	58	15	which	which	PRON
fsr-3837	58	16	occurred	occur	VERB
fsr-3837	58	17	on	on	ADP
fsr-3837	58	18	may	may	PROPN
fsr-3837	58	19	17	17	NUM
fsr-3837	58	20	,	,	PUNCT
fsr-3837	58	21	1994	1994	NUM
fsr-3837	58	22	when	when	SCONJ
fsr-3837	58	23	the	the	DET
fsr-3837	58	24	fed	fed	PROPN
fsr-3837	58	25	raised	raise	VERB
fsr-3837	58	26	the	the	DET
fsr-3837	58	27	discount	discount	NOUN
fsr-3837	58	28	rate	rate	NOUN
fsr-3837	58	29	from	from	ADP
fsr-3837	58	30	3.0	3.0	NUM
fsr-3837	58	31	%	%	NOUN
fsr-3837	58	32	to	to	PART
fsr-3837	58	33	3.5	3.5	NUM
fsr-3837	58	34	%	%	NOUN
fsr-3837	58	35	.	.	PUNCT
fsr-3837	59	1	288	288	NUM
fsr-3837	59	2	financial	financial	ADJ
fsr-3837	59	3	services	service	NOUN
fsr-3837	59	4	review	review	NOUN
fsr-3837	59	5	6(4	6(4	NUM
fsr-3837	59	6	)	)	PUNCT
fsr-3837	59	7	1997	1997	NUM
fsr-3837	59	8	table	table	NOUN
fsr-3837	59	9	1	1	NUM
fsr-3837	59	10	dates	date	NOUN
fsr-3837	59	11	of	of	ADP
fsr-3837	59	12	the	the	DET
fsr-3837	59	13	federal	federal	PROPN
fsr-3837	59	14	reserve	reserve	PROPN
fsr-3837	59	15	discount	discount	NOUN
fsr-3837	59	16	rate	rate	NOUN
fsr-3837	59	17	changes	change	NOUN
fsr-3837	59	18	that	that	PRON
fsr-3837	59	19	initiate	initiate	VERB
fsr-3837	59	20	trading	trading	NOUN
fsr-3837	59	21	activity	activity	NOUN
fsr-3837	59	22	,	,	PUNCT
fsr-3837	59	23	discount	discount	NOUN
fsr-3837	59	24	rates	rate	NOUN
fsr-3837	59	25	before	before	ADP
fsr-3837	59	26	and	and	CCONJ
fsr-3837	59	27	after	after	ADP
fsr-3837	59	28	changes	change	NOUN
fsr-3837	59	29	,	,	PUNCT
fsr-3837	59	30	trading	trading	NOUN
fsr-3837	59	31	signal	signal	NOUN
fsr-3837	59	32	and	and	CCONJ
fsr-3837	59	33	dow	dow	PROPN
fsr-3837	59	34	jones	jones	PROPN
fsr-3837	59	35	industrial	industrial	PROPN
fsr-3837	59	36	average	average	PROPN
fsr-3837	59	37	associated	associate	VERB
fsr-3837	59	38	with	with	ADP
fsr-3837	59	39	discount	discount	NOUN
fsr-3837	59	40	rate	rate	NOUN
fsr-3837	59	41	changes	change	NOUN
fsr-3837	59	42	.	.	PUNCT
fsr-3837	60	1	date	date	NOUN
fsr-3837	60	2	of	of	ADP
fsr-3837	60	3	rate	rate	NOUN
fsr-3837	60	4	discount	discount	NOUN
fsr-3837	60	5	rate	rate	NOUN
fsr-3837	60	6	discount	discount	NOUN
fsr-3837	60	7	rate	rate	NOUN
fsr-3837	60	8	change	change	NOUN
fsr-3837	60	9	reversals	reversal	NOUN
fsr-3837	60	10	prior	prior	ADV
fsr-3837	60	11	to	to	ADP
fsr-3837	60	12	change	change	NOUN
fsr-3837	60	13	afer	afer	NOUN
fsr-3837	60	14	change	change	NOUN
fsr-3837	60	15	s&d	s&d	PROPN
fsr-3837	60	16	djia	djia	PROPN
fsr-3837	60	17	o&07/33	o&07/33	VERB
fsr-3837	60	18	3.50	3.50	NUM
fsr-3837	60	19	3.00	3.00	NUM
fsr-3837	60	20	buy	buy	VERB
fsr-3837	60	21	58.78	58.78	NUM
fsr-3837	60	22	01/10/48	01/10/48	PROPN
fsr-3837	60	23	1.00	1.00	NUM
fsr-3837	60	24	1.25	1.25	NUM
fsr-3837	60	25	sell	sell	NOUN
fsr-3837	60	26	180.20	180.20	NUM
fsr-3837	60	27	02mt54	02mt54	NUM
fsr-3837	60	28	2.00	2.00	NUM
fsr-3837	60	29	3.75	3.75	NUM
fsr-3837	60	30	buy	buy	VERB
fsr-3837	60	31	293.97	293.97	NUM
fsr-3837	60	32	04	04	NUM
fsr-3837	60	33	/	/	SYM
fsr-3837	60	34	t	t	NOUN
fsr-3837	60	35	5155	5155	NUM
fsr-3837	60	36	i	i	PRON
fsr-3837	60	37	.50	.50	NUM
fsr-3837	60	38	1.75	1.75	NUM
fsr-3837	60	39	sell	sell	VERB
fsr-3837	60	40	423.57	423.57	NUM
fsr-3837	60	41	i	i	PROPN
fsr-3837	60	42	i/15/57	i/15/57	VERB
fsr-3837	60	43	3.50	3.50	NUM
fsr-3837	60	44	3.00	3.00	NUM
fsr-3837	60	45	buy	buy	VERB
fsr-3837	60	46	439.35	439.35	NUM
fsr-3837	60	47	09/12/58	09/12/58	PROPN
fsr-3837	60	48	1.75	1.75	NUM
fsr-3837	60	49	2.00	2.00	NUM
fsr-3837	60	50	sell	sell	VERB
fsr-3837	60	51	519.43	519.43	NUM
fsr-3837	60	52	06/10/60	06/10/60	NUM
fsr-3837	60	53	4.00	4.00	NUM
fsr-3837	60	54	3.50	3.50	NUM
fsr-3837	60	55	buy	buy	VERB
fsr-3837	60	56	654.88	654.88	NUM
fsr-3837	60	57	07117163	07117163	NUM
fsr-3837	60	58	3.00	3.00	NUM
fsr-3837	60	59	3.50	3.50	NUM
fsr-3837	60	60	sell	sell	VERB
fsr-3837	60	61	699.72	699.72	NUM
fsr-3837	60	62	04io7f67	04io7f67	PROPN
fsr-3837	60	63	4.50	4.50	NUM
fsr-3837	60	64	4.00	4.00	NUM
fsr-3837	60	65	buy	buy	VERB
fsr-3837	60	66	853.34	853.34	NUM
fsr-3837	60	67	1	1	NUM
fsr-3837	60	68	i	i	PRON
fsr-3837	60	69	i2of67	i2of67	VERB
fsr-3837	60	70	4.00	4.00	NUM
fsr-3837	60	71	4.50	4.50	NUM
fsr-3837	60	72	sell	sell	NOUN
fsr-3837	60	73	857.78	857.78	NUM
fsr-3837	60	74	11/13/70	11/13/70	PROPN
fsr-3837	60	75	6.00	6.00	NUM
fsr-3837	60	76	5.75	5.75	NUM
fsr-3837	60	77	buy	buy	VERB
fsr-3837	60	78	759.79	759.79	NUM
fsr-3837	60	79	07/16/71	07/16/71	PROPN
fsr-3837	60	80	4.75	4.75	NUM
fsr-3837	60	81	5.00	5.00	NUM
fsr-3837	60	82	sell	sell	NOUN
fsr-3837	60	83	888.51	888.51	NUM
fsr-3837	60	84	1	1	NUM
fsr-3837	60	85	l/19/71	l/19/71	AUX
fsr-3837	60	86	5.00	5.00	NUM
fsr-3837	60	87	4.15	4.15	NUM
fsr-3837	60	88	buy	buy	VERB
fsr-3837	60	89	810.67	810.67	NUM
fsr-3837	60	90	01115173	01115173	NUM
fsr-3837	60	91	4.50	4.50	NUM
fsr-3837	60	92	5.00	5.00	NUM
fsr-3837	60	93	sell	sell	VERB
fsr-3837	60	94	1025.59	1025.59	NUM
fsr-3837	60	95	i	i	PRON
fsr-3837	60	96	2mv74	2mv74	NUM
fsr-3837	60	97	8.00	8.00	NUM
fsr-3837	60	98	7.75	7.75	NUM
fsr-3837	60	99	buy	buy	VERB
fsr-3837	60	100	579.94	579.94	NUM
fsr-3837	60	101	08/	08/	NOUN
fsr-3837	60	102	?	?	PUNCT
fsr-3837	61	1	1177	1177	NUM
fsr-3837	61	2	5.25	5.25	NUM
fsr-3837	61	3	5.75	5.75	NUM
fsr-3837	61	4	sell	sell	VERB
fsr-3837	61	5	858.89	858.89	NUM
fsr-3837	61	6	05/30180	05/30180	NUM
fsr-3837	61	7	13.05	13.05	NUM
fsr-3837	61	8	12.00	12.00	NUM
fsr-3837	61	9	buy	buy	VERB
fsr-3837	61	10	850.85	850.85	NUM
fsr-3837	61	11	oqf26180	oqf26180	NOUN
fsr-3837	61	12	10.00	10.00	NUM
fsr-3837	61	13	11.00	11.00	NUM
fsr-3837	61	14	sell	sell	NOUN
fsr-3837	61	15	940.10	940.10	NUM
fsr-3837	61	16	1	1	NUM
fsr-3837	61	17	l/02/81	l/02/81	PROPN
fsr-3837	61	18	34.00	34.00	NUM
fsr-3837	61	19	13.00	13.00	NUM
fsr-3837	61	20	buy	buy	VERB
fsr-3837	61	21	866.82	866.82	NUM
fsr-3837	61	22	04toq/84	04toq/84	NOUN
fsr-3837	61	23	8.50	8.50	NUM
fsr-3837	61	24	9.00	9.00	NUM
fsr-3837	61	25	sell	sell	VERB
fsr-3837	61	26	1133.90	1133.90	NUM
fsr-3837	61	27	i	i	PRON
fsr-3837	61	28	l/21/84	l/21/84	VERB
fsr-3837	61	29	9.00	9.00	NUM
fsr-3837	61	30	8.50	8.50	NUM
fsr-3837	61	31	buy	buy	VERB
fsr-3837	61	32	1220.30	1220.30	NUM
fsr-3837	61	33	09111187	09111187	NUM
fsr-3837	61	34	5.50	5.50	NUM
fsr-3837	61	35	6.00	6.00	NUM
fsr-3837	61	36	sell	sell	VERB
fsr-3837	61	37	2549.27	2549.27	NUM
fsr-3837	61	38	iulqlqo	iulqlqo	NOUN
fsr-3837	61	39	7.00	7.00	NUM
fsr-3837	61	40	6.50	6.50	NUM
fsr-3837	61	41	buy	buy	VERB
fsr-3837	61	42	2626.73	2626.73	NUM
fsr-3837	61	43	05117194	05117194	NUM
fsr-3837	61	44	3.00	3.00	NUM
fsr-3837	61	45	3.50	3.50	NUM
fsr-3837	61	46	sell	sell	VERB
fsr-3837	61	47	3720.61	3720.61	NUM
fsr-3837	61	48	over	over	ADP
fsr-3837	61	49	the	the	DET
fsr-3837	61	50	62	62	NUM
fsr-3837	61	51	-	-	PUNCT
fsr-3837	61	52	year	year	NOUN
fsr-3837	61	53	period	period	NOUN
fsr-3837	61	54	covered	cover	VERB
fsr-3837	61	55	in	in	ADP
fsr-3837	61	56	this	this	DET
fsr-3837	61	57	study	study	NOUN
fsr-3837	61	58	,	,	PUNCT
fsr-3837	61	59	109	109	NUM
fsr-3837	61	60	discount	discount	NOUN
fsr-3837	61	61	rate	rate	NOUN
fsr-3837	61	62	changes	change	NOUN
fsr-3837	61	63	(	(	PUNCT
fsr-3837	61	64	54	54	NUM
fsr-3837	61	65	rate	rate	NOUN
fsr-3837	61	66	reductions	reduction	NOUN
fsr-3837	61	67	and	and	CCONJ
fsr-3837	61	68	55	55	NUM
fsr-3837	61	69	rate	rate	NOUN
fsr-3837	61	70	increases	increase	NOUN
fsr-3837	61	71	)	)	PUNCT
fsr-3837	61	72	have	have	AUX
fsr-3837	61	73	been	be	AUX
fsr-3837	61	74	implemented	implement	VERB
fsr-3837	61	75	by	by	ADP
fsr-3837	61	76	the	the	DET
fsr-3837	61	77	fed	fed	PROPN
fsr-3837	61	78	.	.	PUNCT
fsr-3837	62	1	following	follow	VERB
fsr-3837	62	2	the	the	DET
fsr-3837	62	3	dis	dis	PROPN
fsr-3837	62	4	count	count	NOUN
fsr-3837	62	5	rate	rate	NOUN
fsr-3837	62	6	change	change	NOUN
fsr-3837	62	7	trading	trading	NOUN
fsr-3837	62	8	rule	rule	NOUN
fsr-3837	62	9	,	,	PUNCT
fsr-3837	62	10	only	only	ADV
fsr-3837	62	11	24	24	NUM
fsr-3837	62	12	of	of	ADP
fsr-3837	62	13	the	the	DET
fsr-3837	62	14	109	109	NUM
fsr-3837	62	15	changes	change	NOUN
fsr-3837	62	16	have	have	AUX
fsr-3837	62	17	signalled	signal	VERB
fsr-3837	62	18	either	either	CCONJ
fsr-3837	62	19	a	a	DET
fsr-3837	62	20	buy	buy	NOUN
fsr-3837	62	21	or	or	CCONJ
fsr-3837	62	22	sell	sell	VERB
fsr-3837	62	23	tr	tr	VERB
fsr-3837	62	24	~	~	X
fsr-3837	62	25	sa~~on	sa~~on	PROPN
fsr-3837	62	26	.	.	PROPN
fsr-3837	63	1	from	from	ADP
fsr-3837	63	2	table	table	NOUN
fsr-3837	63	3	1	1	NUM
fsr-3837	63	4	,	,	PUNCT
fsr-3837	63	5	it	it	PRON
fsr-3837	63	6	follows	follow	VERB
fsr-3837	63	7	that	that	SCONJ
fsr-3837	63	8	in	in	ADP
fsr-3837	63	9	-	-	PUNCT
fsr-3837	63	10	market	market	NOUN
fsr-3837	63	11	periods	period	NOUN
fsr-3837	63	12	constitute	constitute	VERB
fsr-3837	63	13	approximately	approximately	ADV
fsr-3837	63	14	34	34	NUM
fsr-3837	63	15	years	year	NOUN
fsr-3837	63	16	of	of	ADP
fsr-3837	63	17	the	the	DET
fsr-3837	63	18	62	62	NUM
fsr-3837	63	19	-	-	PUNCT
fsr-3837	63	20	year	year	NOUN
fsr-3837	63	21	period	period	NOUN
fsr-3837	63	22	analyzed	analyze	VERB
fsr-3837	63	23	.	.	PUNCT
fsr-3837	64	1	treasury	treasury	PROPN
fsr-3837	64	2	bills	bill	NOUN
fsr-3837	64	3	are	be	AUX
fsr-3837	64	4	held	hold	VERB
fsr-3837	64	5	for	for	ADP
fsr-3837	64	6	the	the	DET
fsr-3837	64	7	balance	balance	NOUN
fsr-3837	64	8	of	of	ADP
fsr-3837	64	9	the	the	DET
fsr-3837	64	10	period	period	NOUN
fsr-3837	64	11	with	with	ADP
fsr-3837	64	12	realized	realize	VERB
fsr-3837	64	13	returns	return	NOUN
fsr-3837	64	14	ranging	range	VERB
fsr-3837	64	15	between	between	ADP
fsr-3837	64	16	zero	zero	NUM
fsr-3837	64	17	and	and	CCONJ
fsr-3837	64	18	14.7	14.7	NUM
fsr-3837	64	19	%	%	NOUN
fsr-3837	64	20	over	over	ADP
fsr-3837	64	21	the	the	DET
fsr-3837	64	22	62year	62year	NUM
fsr-3837	64	23	period	period	NOUN
fsr-3837	64	24	.	.	PUNCT
fsr-3837	65	1	the	the	DET
fsr-3837	65	2	market	market	NOUN
fsr-3837	65	3	proxy	proxy	NOUN
fsr-3837	65	4	used	use	VERB
fsr-3837	65	5	for	for	ADP
fsr-3837	65	6	testing	test	VERB
fsr-3837	65	7	the	the	DET
fsr-3837	65	8	investors	investor	NOUN
fsr-3837	65	9	’	’	PART
fsr-3837	65	10	trading	trading	NOUN
fsr-3837	65	11	strategy	strategy	NOUN
fsr-3837	65	12	is	be	AUX
fsr-3837	65	13	the	the	DET
fsr-3837	65	14	djia	djia	PROPN
fsr-3837	65	15	,	,	PUNCT
fsr-3837	65	16	given	give	VERB
fsr-3837	65	17	its	its	PRON
fsr-3837	65	18	availability	availability	NOUN
fsr-3837	65	19	on	on	ADP
fsr-3837	65	20	a	a	DET
fsr-3837	65	21	daily	daily	ADJ
fsr-3837	65	22	basis	basis	NOUN
fsr-3837	65	23	dating	date	VERB
fsr-3837	65	24	back	back	ADV
fsr-3837	65	25	to	to	ADP
fsr-3837	65	26	1933	1933	NUM
fsr-3837	65	27	.	.	PUNCT
fsr-3837	66	1	the	the	DET
fsr-3837	66	2	risk	risk	NOUN
fsr-3837	66	3	-	-	PUNCT
fsr-3837	66	4	free	free	ADJ
fsr-3837	66	5	instrument	instrument	NOUN
fsr-3837	66	6	held	hold	VERB
fsr-3837	66	7	in	in	ADP
fsr-3837	66	8	out	out	ADJ
fsr-3837	66	9	-	-	PUNCT
fsr-3837	66	10	mar	mar	NOUN
fsr-3837	66	11	ket	ket	NOUN
fsr-3837	66	12	periods	period	NOUN
fsr-3837	66	13	is	be	AUX
fsr-3837	66	14	the	the	DET
fsr-3837	66	15	one	one	NUM
fsr-3837	66	16	year	year	NOUN
fsr-3837	66	17	treasury	treasury	NOUN
fsr-3837	66	18	bill	bill	NOUN
fsr-3837	66	19	,	,	PUNCT
fsr-3837	66	20	which	which	PRON
fsr-3837	66	21	is	be	AUX
fsr-3837	66	22	easily	easily	ADV
fsr-3837	66	23	liquidated	liquidate	VERB
fsr-3837	66	24	when	when	SCONJ
fsr-3837	66	25	a	a	DET
fsr-3837	66	26	rate	rate	NOUN
fsr-3837	66	27	cut	cut	NOUN
fsr-3837	66	28	(	(	PUNCT
fsr-3837	66	29	market	market	NOUN
fsr-3837	66	30	buy	buy	NOUN
fsr-3837	66	31	signal	signal	NOUN
fsr-3837	66	32	)	)	PUNCT
fsr-3837	66	33	occurs	occur	VERB
fsr-3837	66	34	.	.	PUNCT
fsr-3837	67	1	returns	return	NOUN
fsr-3837	67	2	from	from	ADP
fsr-3837	67	3	the	the	DET
fsr-3837	67	4	proposed	propose	VERB
fsr-3837	67	5	trading	trading	NOUN
fsr-3837	67	6	activity	activity	NOUN
fsr-3837	67	7	are	be	AUX
fsr-3837	67	8	calculated	calculate	VERB
fsr-3837	67	9	i	i	PRON
fsr-3837	67	10	)	)	PUNCT
fsr-3837	67	11	using	use	VERB
fsr-3837	67	12	the	the	DET
fsr-3837	67	13	holding	hold	VERB
fsr-3837	67	14	period	period	NOUN
fsr-3837	67	15	capital	capital	NOUN
fsr-3837	67	16	appreciation	appreciation	NOUN
fsr-3837	67	17	and	and	CCONJ
fsr-3837	67	18	dividend	dividend	NOUN
fsr-3837	67	19	yield	yield	NOUN
fsr-3837	67	20	on	on	ADP
fsr-3837	67	21	the	the	DET
fsr-3837	67	22	djia	djia	PROPN
fsr-3837	67	23	for	for	ADP
fsr-3837	67	24	the	the	DET
fsr-3837	67	25	in	in	ADP
fsr-3837	67	26	-	-	PUNCT
fsr-3837	67	27	market	market	NOUN
fsr-3837	67	28	peri	peri	NOUN
fsr-3837	67	29	ods	od	NOUN
fsr-3837	67	30	and	and	CCONJ
fsr-3837	67	31	2	2	NUM
fsr-3837	67	32	)	)	PUNCT
fsr-3837	67	33	the	the	DET
fsr-3837	67	34	t	t	PROPN
fsr-3837	67	35	-	-	PUNCT
fsr-3837	67	36	bill	bill	NOUN
fsr-3837	67	37	rate	rate	NOUN
fsr-3837	67	38	(	(	PUNCT
fsr-3837	67	39	appropriately	appropriately	ADV
fsr-3837	67	40	adjusted	adjust	VERB
fsr-3837	67	41	for	for	ADP
fsr-3837	67	42	those	those	DET
fsr-3837	67	43	occasions	occasion	NOUN
fsr-3837	67	44	when	when	SCONJ
fsr-3837	67	45	the	the	DET
fsr-3837	67	46	investor	investor	NOUN
fsr-3837	67	47	must	must	AUX
fsr-3837	67	48	sell	sell	VERB
fsr-3837	67	49	the	the	DET
fsr-3837	67	50	bills	bill	NOUN
fsr-3837	67	51	before	before	ADP
fsr-3837	67	52	matu	matu	NOUN
fsr-3837	67	53	~	~	PROPN
fsr-3837	67	54	ty	ty	NOUN
fsr-3837	67	55	to	to	PART
fsr-3837	67	56	reenter	reenter	VERB
fsr-3837	67	57	the	the	DET
fsr-3837	67	58	market	market	NOUN
fsr-3837	67	59	)	)	PUNCT
fsr-3837	67	60	for	for	ADP
fsr-3837	67	61	out	out	ADP
fsr-3837	67	62	-	-	PUNCT
fsr-3837	67	63	market	market	NOUN
fsr-3837	67	64	periods	period	NOUN
fsr-3837	67	65	.	.	PUNCT
fsr-3837	68	1	in	in	ADP
fsr-3837	68	2	addition	addition	NOUN
fsr-3837	68	3	to	to	ADP
fsr-3837	68	4	examining	examine	VERB
fsr-3837	68	5	the	the	DET
fsr-3837	68	6	entire	entire	ADJ
fsr-3837	68	7	62	62	NUM
fsr-3837	68	8	-	-	PUNCT
fsr-3837	68	9	year	year	NOUN
fsr-3837	68	10	period	period	NOUN
fsr-3837	68	11	,	,	PUNCT
fsr-3837	68	12	we	we	PRON
fsr-3837	68	13	also	also	ADV
fsr-3837	68	14	analyze	analyze	VERB
fsr-3837	68	15	12	12	NUM
fsr-3837	68	16	five	five	NUM
fsr-3837	68	17	-	-	PUNCT
fsr-3837	68	18	year	year	NOUN
fsr-3837	68	19	subperiods	subperiod	NOUN
fsr-3837	68	20	from	from	ADP
fsr-3837	68	21	1935	1935	NUM
fsr-3837	68	22	to	to	ADP
fsr-3837	68	23	1994	1994	NUM
fsr-3837	68	24	.	.	PUNCT
fsr-3837	69	1	the	the	DET
fsr-3837	69	2	returns	return	NOUN
fsr-3837	69	3	from	from	ADP
fsr-3837	69	4	the	the	DET
fsr-3837	69	5	investors	investor	NOUN
fsr-3837	69	6	’	’	PART
fsr-3837	69	7	trading	trading	NOUN
fsr-3837	69	8	strategy	strategy	NOUN
fsr-3837	69	9	are	be	AUX
fsr-3837	69	10	compared	compare	VERB
fsr-3837	69	11	to	to	ADP
fsr-3837	69	12	those	those	PRON
fsr-3837	69	13	of	of	ADP
fsr-3837	69	14	the	the	DET
fsr-3837	69	15	buy	buy	NOUN
fsr-3837	69	16	and	and	CCONJ
fsr-3837	69	17	hold	hold	VERB
fsr-3837	69	18	strategy	strategy	NOUN
fsr-3837	69	19	,	,	PUNCT
fsr-3837	69	20	which	which	PRON
fsr-3837	69	21	consists	consist	VERB
fsr-3837	69	22	of	of	ADP
fsr-3837	69	23	entering	enter	VERB
fsr-3837	69	24	the	the	DET
fsr-3837	69	25	market	market	NOUN
fsr-3837	69	26	on	on	ADP
fsr-3837	69	27	april	april	PROPN
fsr-3837	69	28	7	7	NUM
fsr-3837	69	29	,	,	PUNCT
fsr-3837	69	30	1933	1933	NUM
fsr-3837	69	31	and	and	CCONJ
fsr-3837	69	32	remaining	remain	VERB
fsr-3837	69	33	fully	fully	ADV
fsr-3837	69	34	invested	invest	VERB
fsr-3837	69	35	through	through	ADP
fsr-3837	69	36	may	may	PROPN
fsr-3837	69	37	17	17	NUM
fsr-3837	69	38	,	,	PUNCT
fsr-3837	69	39	1994	1994	NUM
fsr-3837	69	40	.	.	PUNCT
fsr-3837	70	1	in	in	ADP
fsr-3837	70	2	addition	addition	NOUN
fsr-3837	70	3	to	to	ADP
fsr-3837	70	4	a	a	DET
fsr-3837	70	5	direct	direct	ADJ
fsr-3837	70	6	comparison	comparison	NOUN
fsr-3837	70	7	of	of	ADP
fsr-3837	70	8	aggregate	aggregate	ADJ
fsr-3837	70	9	returns	return	NOUN
fsr-3837	70	10	,	,	PUNCT
fsr-3837	70	11	further	further	ADJ
fsr-3837	70	12	analysis	analysis	NOUN
fsr-3837	70	13	considers	consider	VERB
fsr-3837	70	14	the	the	DET
fsr-3837	70	15	differenti~	differenti~	PROPN
fsr-3837	70	16	risks	risk	NOUN
fsr-3837	70	17	associated	associate	VERB
fsr-3837	70	18	with	with	ADP
fsr-3837	70	19	the	the	DET
fsr-3837	70	20	two	two	NUM
fsr-3837	70	21	strategies	strategy	NOUN
fsr-3837	70	22	.	.	PUNCT
fsr-3837	71	1	recog	recog	VERB
fsr-3837	71	2	a	a	DET
fsr-3837	71	3	simple	simple	ADJ
fsr-3837	71	4	and	and	CCONJ
fsr-3837	71	5	eflective	eflective	ADJ
fsr-3837	71	6	trading	trading	NOUN
fsr-3837	71	7	rule	rule	NOUN
fsr-3837	71	8	289	289	NUM
fsr-3837	71	9	nizing	nize	VERB
fsr-3837	71	10	that	that	SCONJ
fsr-3837	71	11	investors	investor	NOUN
fsr-3837	71	12	who	who	PRON
fsr-3837	71	13	follow	follow	VERB
fsr-3837	71	14	the	the	DET
fsr-3837	71	15	proposed	propose	VERB
fsr-3837	71	16	trading	trading	NOUN
fsr-3837	71	17	strategy	strategy	NOUN
fsr-3837	71	18	hold	hold	VERB
fsr-3837	71	19	risk	risk	NOUN
fsr-3837	71	20	-	-	PUNCT
fsr-3837	71	21	free	free	ADJ
fsr-3837	71	22	securities	security	NOUN
fsr-3837	71	23	for	for	ADP
fsr-3837	71	24	considerable	considerable	ADJ
fsr-3837	71	25	periods	period	NOUN
fsr-3837	71	26	of	of	ADP
fsr-3837	71	27	time	time	NOUN
fsr-3837	71	28	during	during	ADP
fsr-3837	71	29	the	the	DET
fsr-3837	71	30	62	62	NUM
fsr-3837	71	31	-	-	PUNCT
fsr-3837	71	32	year	year	NOUN
fsr-3837	71	33	study	study	NOUN
fsr-3837	71	34	period	period	NOUN
fsr-3837	71	35	,	,	PUNCT
fsr-3837	71	36	the	the	DET
fsr-3837	71	37	risk	risk	NOUN
fsr-3837	71	38	of	of	ADP
fsr-3837	71	39	the	the	DET
fsr-3837	71	40	investors	investor	NOUN
fsr-3837	71	41	’	'	PUNCT
fsr-3837	71	42	strategy	strategy	NOUN
fsr-3837	71	43	is	be	AUX
fsr-3837	71	44	substantially	substantially	ADV
fsr-3837	71	45	lower	low	ADJ
fsr-3837	71	46	than	than	ADP
fsr-3837	71	47	that	that	PRON
fsr-3837	71	48	of	of	ADP
fsr-3837	71	49	the	the	DET
fsr-3837	71	50	buy	buy	NOUN
fsr-3837	71	51	and	and	CCONJ
fsr-3837	71	52	hold	hold	VERB
fsr-3837	71	53	.	.	PUNCT
fsr-3837	72	1	thus	thus	ADV
fsr-3837	72	2	,	,	PUNCT
fsr-3837	72	3	the	the	DET
fsr-3837	72	4	expected	expect	VERB
fsr-3837	72	5	returns	return	NOUN
fsr-3837	72	6	of	of	ADP
fsr-3837	72	7	the	the	DET
fsr-3837	72	8	investors	investor	NOUN
fsr-3837	72	9	’	’	PART
fsr-3837	72	10	trading	trading	NOUN
fsr-3837	72	11	strategy	strategy	NOUN
fsr-3837	72	12	should	should	AUX
fsr-3837	72	13	reflect	reflect	VERB
fsr-3837	72	14	the	the	DET
fsr-3837	72	15	reduction	reduction	NOUN
fsr-3837	72	16	in	in	ADP
fsr-3837	72	17	risk	risk	NOUN
fsr-3837	72	18	and	and	CCONJ
fsr-3837	72	19	be	be	AUX
fsr-3837	72	20	adjusted	adjust	VERB
fsr-3837	72	21	accord	accord	NOUN
fsr-3837	72	22	ingly	ingly	ADV
fsr-3837	72	23	.	.	PUNCT
fsr-3837	73	1	the	the	DET
fsr-3837	73	2	capm	capm	PROPN
fsr-3837	73	3	is	be	AUX
fsr-3837	73	4	employed	employ	VERB
fsr-3837	73	5	to	to	PART
fsr-3837	73	6	make	make	VERB
fsr-3837	73	7	these	these	DET
fsr-3837	73	8	risk	risk	NOUN
fsr-3837	73	9	adjustments	adjustment	NOUN
fsr-3837	73	10	and	and	CCONJ
fsr-3837	73	11	is	be	AUX
fsr-3837	73	12	expressed	express	VERB
fsr-3837	73	13	as	as	SCONJ
fsr-3837	73	14	follows	follow	VERB
fsr-3837	73	15	:	:	PUNCT
fsr-3837	73	16	(	(	PUNCT
fsr-3837	73	17	1	1	X
fsr-3837	73	18	)	)	PUNCT
fsr-3837	73	19	where	where	SCONJ
fsr-3837	73	20	e(rpt	e(rpt	NOUN
fsr-3837	73	21	)	)	PUNCT
fsr-3837	73	22	=	=	NOUN
fsr-3837	74	1	the	the	DET
fsr-3837	74	2	average	average	ADJ
fsr-3837	74	3	rate	rate	NOUN
fsr-3837	74	4	of	of	ADP
fsr-3837	74	5	return	return	NOUN
fsr-3837	74	6	on	on	ADP
fsr-3837	74	7	a	a	DET
fsr-3837	74	8	portfolio	portfolio	NOUN
fsr-3837	74	9	resulting	result	VERB
fsr-3837	74	10	from	from	ADP
fsr-3837	74	11	the	the	DET
fsr-3837	74	12	particular	particular	ADJ
fsr-3837	74	13	strategy	strategy	NOUN
fsr-3837	74	14	over	over	ADP
fsr-3837	74	15	the	the	DET
fsr-3837	74	16	specified	specified	ADJ
fsr-3837	74	17	time	time	NOUN
fsr-3837	74	18	period	period	NOUN
fsr-3837	74	19	,	,	PUNCT
fsr-3837	74	20	‘	'	PUNCT
fsr-3837	74	21	ft	ft	X
fsr-3837	74	22	=	=	PUNCT
fsr-3837	74	23	the	the	DET
fsr-3837	74	24	risk	risk	NOUN
fsr-3837	74	25	free	free	ADJ
fsr-3837	74	26	rate	rate	NOUN
fsr-3837	74	27	over	over	ADP
fsr-3837	74	28	that	that	DET
fsr-3837	74	29	same	same	ADJ
fsr-3837	74	30	period	period	NOUN
fsr-3837	74	31	,	,	PUNCT
fsr-3837	74	32	‘	'	PUNCT
fsr-3837	74	33	mt	mt	PROPN
fsr-3837	74	34	=	=	PUNCT
fsr-3837	74	35	the	the	DET
fsr-3837	74	36	market	market	NOUN
fsr-3837	74	37	return	return	VERB
fsr-3837	74	38	over	over	ADP
fsr-3837	74	39	that	that	DET
fsr-3837	74	40	same	same	ADJ
fsr-3837	74	41	period	period	NOUN
fsr-3837	74	42	,	,	PUNCT
fsr-3837	74	43	bp	bp	PROPN
fsr-3837	74	44	=	=	PROPN
fsr-3837	74	45	the	the	DET
fsr-3837	74	46	portfolio	portfolio	NOUN
fsr-3837	74	47	beta	beta	NOUN
fsr-3837	74	48	.	.	PUNCT
fsr-3837	75	1	implementation	implementation	NOUN
fsr-3837	75	2	of	of	ADP
fsr-3837	75	3	the	the	DET
fsr-3837	75	4	investors	investor	NOUN
fsr-3837	75	5	’	’	PART
fsr-3837	75	6	strategy	strategy	NOUN
fsr-3837	75	7	results	result	NOUN
fsr-3837	75	8	in	in	ADP
fsr-3837	75	9	approximately	approximately	ADV
fsr-3837	75	10	34	34	NUM
fsr-3837	75	11	in	in	ADP
fsr-3837	75	12	-	-	PUNCT
fsr-3837	75	13	market	market	NOUN
fsr-3837	75	14	years	year	NOUN
fsr-3837	75	15	out	out	ADP
fsr-3837	75	16	of	of	ADP
fsr-3837	75	17	62	62	NUM
fsr-3837	75	18	total	total	ADJ
fsr-3837	75	19	years	year	NOUN
fsr-3837	75	20	(	(	PUNCT
fsr-3837	75	21	i.e.	i.e.	X
fsr-3837	75	22	,	,	PUNCT
fsr-3837	75	23	in	in	ADP
fsr-3837	75	24	the	the	DET
fsr-3837	75	25	market	market	NOUN
fsr-3837	75	26	55	55	NUM
fsr-3837	75	27	%	%	NOUN
fsr-3837	75	28	of	of	ADP
fsr-3837	75	29	the	the	DET
fsr-3837	75	30	time	time	NOUN
fsr-3837	75	31	)	)	PUNCT
fsr-3837	75	32	.	.	PUNCT
fsr-3837	76	1	with	with	ADP
fsr-3837	76	2	an	an	DET
fsr-3837	76	3	average	average	ADJ
fsr-3837	76	4	risk	risk	NOUN
fsr-3837	76	5	free	free	ADJ
fsr-3837	76	6	rate	rate	NOUN
fsr-3837	76	7	over	over	ADP
fsr-3837	76	8	the	the	DET
fsr-3837	76	9	period	period	NOUN
fsr-3837	76	10	of	of	ADP
fsr-3837	76	11	3.87	3.87	NUM
fsr-3837	76	12	%	%	NOUN
fsr-3837	76	13	,	,	PUNCT
fsr-3837	76	14	an	an	DET
fsr-3837	76	15	average	average	ADJ
fsr-3837	76	16	risk	risk	NOUN
fsr-3837	76	17	premium	premium	NOUN
fsr-3837	76	18	on	on	ADP
fsr-3837	76	19	the	the	DET
fsr-3837	76	20	market	market	NOUN
fsr-3837	76	21	of	of	ADP
fsr-3837	76	22	8.23	8.23	NUM
fsr-3837	76	23	%	%	NOUN
fsr-3837	76	24	(	(	PUNCT
fsr-3837	76	25	ibbotson	ibbotson	PROPN
fsr-3837	76	26	&	&	CCONJ
fsr-3837	76	27	asso	asso	PROPN
fsr-3837	76	28	ciates	ciate	NOUN
fsr-3837	76	29	,	,	PUNCT
fsr-3837	76	30	1995	1995	NUM
fsr-3837	76	31	)	)	PUNCT
fsr-3837	76	32	and	and	CCONJ
fsr-3837	76	33	a	a	DET
fsr-3837	76	34	market	market	NOUN
fsr-3837	76	35	beta	beta	NOUN
fsr-3837	76	36	equal	equal	ADJ
fsr-3837	76	37	to	to	ADP
fsr-3837	76	38	1	1	NUM
fsr-3837	76	39	.o	.o	NOUN
fsr-3837	76	40	,	,	PUNCT
fsr-3837	76	41	the	the	DET
fsr-3837	76	42	capm	capm	PROPN
fsr-3837	76	43	required	require	VERB
fsr-3837	76	44	return	return	NOUN
fsr-3837	76	45	for	for	ADP
fsr-3837	76	46	the	the	DET
fsr-3837	76	47	investors	investor	NOUN
fsr-3837	76	48	’	’	PART
fsr-3837	76	49	trading	trading	NOUN
fsr-3837	76	50	strategy	strategy	NOUN
fsr-3837	76	51	is	be	AUX
fsr-3837	76	52	8.40	8.40	NUM
fsr-3837	76	53	%	%	NOUN
fsr-3837	76	54	(	(	PUNCT
fsr-3837	76	55	from	from	ADP
fsr-3837	76	56	equation	equation	NOUN
fsr-3837	76	57	1	1	NUM
fsr-3837	76	58	)	)	PUNCT
fsr-3837	76	59	.	.	PUNCT
fsr-3837	77	1	this	this	DET
fsr-3837	77	2	required	require	VERB
fsr-3837	77	3	return	return	NOUN
fsr-3837	77	4	is	be	AUX
fsr-3837	77	5	well	well	ADV
fsr-3837	77	6	below	below	ADP
fsr-3837	77	7	the	the	DET
fsr-3837	77	8	expected	expect	VERB
fsr-3837	77	9	return	return	NOUN
fsr-3837	77	10	for	for	ADP
fsr-3837	77	11	the	the	DET
fsr-3837	77	12	buy	buy	NOUN
fsr-3837	77	13	and	and	CCONJ
fsr-3837	77	14	hold	hold	VERB
fsr-3837	77	15	strategy	strategy	NOUN
fsr-3837	77	16	of	of	ADP
fsr-3837	77	17	12.10	12.10	NUM
fsr-3837	77	18	%	%	NOUN
fsr-3837	77	19	(	(	PUNCT
fsr-3837	77	20	from	from	ADP
fsr-3837	77	21	equation	equation	NOUN
fsr-3837	77	22	1	1	NUM
fsr-3837	77	23	)	)	PUNCT
fsr-3837	77	24	.	.	PUNCT
fsr-3837	78	1	both	both	DET
fsr-3837	78	2	strategies	strategy	NOUN
fsr-3837	78	3	’	'	PUNCT
fsr-3837	78	4	actual	actual	ADJ
fsr-3837	78	5	or	or	CCONJ
fsr-3837	78	6	realized	realize	VERB
fsr-3837	78	7	returns	return	NOUN
fsr-3837	78	8	may	may	AUX
fsr-3837	78	9	be	be	AUX
fsr-3837	78	10	evaluated	evaluate	VERB
fsr-3837	78	11	in	in	ADP
fsr-3837	78	12	terms	term	NOUN
fsr-3837	78	13	of	of	ADP
fsr-3837	78	14	their	their	PRON
fsr-3837	78	15	capm	capm	NOUN
fsr-3837	78	16	excess	excess	ADJ
fsr-3837	78	17	returns	return	NOUN
fsr-3837	78	18	where	where	SCONJ
fsr-3837	78	19	the	the	DET
fsr-3837	78	20	excess	excess	ADJ
fsr-3837	78	21	returns	return	NOUN
fsr-3837	78	22	from	from	ADP
fsr-3837	78	23	each	each	DET
fsr-3837	78	24	strategy	strategy	NOUN
fsr-3837	78	25	are	be	AUX
fsr-3837	78	26	calculated	calculate	VERB
fsr-3837	78	27	by	by	ADP
fsr-3837	78	28	netting	net	VERB
fsr-3837	78	29	out	out	ADP
fsr-3837	78	30	the	the	DET
fsr-3837	78	31	capm	capm	PROPN
fsr-3837	78	32	required	require	VERB
fsr-3837	78	33	returns	return	NOUN
fsr-3837	78	34	from	from	ADP
fsr-3837	78	35	the	the	DET
fsr-3837	78	36	actual	actual	ADJ
fsr-3837	78	37	returns	return	NOUN
fsr-3837	78	38	.	.	PUNCT
fsr-3837	79	1	further	further	ADJ
fsr-3837	79	2	risk	risk	NOUN
fsr-3837	79	3	analyses	analysis	NOUN
fsr-3837	79	4	and	and	CCONJ
fsr-3837	79	5	comparisons	comparison	NOUN
fsr-3837	79	6	of	of	ADP
fsr-3837	79	7	the	the	DET
fsr-3837	79	8	buy	buy	NOUN
fsr-3837	79	9	and	and	CCONJ
fsr-3837	79	10	hold	hold	VERB
fsr-3837	79	11	returns	return	NOUN
fsr-3837	79	12	and	and	CCONJ
fsr-3837	79	13	the	the	DET
fsr-3837	79	14	investors	investor	NOUN
fsr-3837	79	15	’	’	PART
fsr-3837	79	16	strategy	strategy	NOUN
fsr-3837	79	17	returns	return	NOUN
fsr-3837	79	18	utilize	utilize	VERB
fsr-3837	79	19	treynor	treynor	NOUN
fsr-3837	79	20	’s	’s	PART
fsr-3837	79	21	measure	measure	NOUN
fsr-3837	79	22	,	,	PUNCT
fsr-3837	79	23	which	which	PRON
fsr-3837	79	24	we	we	PRON
fsr-3837	79	25	calculate	calculate	VERB
fsr-3837	79	26	for	for	ADP
fsr-3837	79	27	both	both	DET
fsr-3837	79	28	strategies	strategy	NOUN
fsr-3837	79	29	.	.	PUNCT
fsr-3837	80	1	trey	trey	PROPN
fsr-3837	80	2	nor	nor	CCONJ
fsr-3837	80	3	’s	’s	PART
fsr-3837	80	4	measure	measure	NOUN
fsr-3837	80	5	,	,	PUNCT
fsr-3837	80	6	t	t	PROPN
fsr-3837	80	7	,	,	PUNCT
fsr-3837	80	8	represents	represent	VERB
fsr-3837	80	9	the	the	DET
fsr-3837	80	10	return	return	NOUN
fsr-3837	80	11	premia	premia	NOUN
fsr-3837	80	12	per	per	ADP
fsr-3837	80	13	unit	unit	NOUN
fsr-3837	80	14	of	of	ADP
fsr-3837	80	15	risk	risk	NOUN
fsr-3837	80	16	and	and	CCONJ
fsr-3837	80	17	is	be	AUX
fsr-3837	80	18	defined	define	VERB
fsr-3837	80	19	as	as	SCONJ
fsr-3837	80	20	follows	follow	VERB
fsr-3837	80	21	:	:	PUNCT
fsr-3837	80	22	where	where	SCONJ
fsr-3837	80	23	rpt	rpt	NOUN
fsr-3837	80	24	,	,	PUNCT
fsr-3837	80	25	rand	rand	PROPN
fsr-3837	80	26	&	&	CCONJ
fsr-3837	80	27	are	be	AUX
fsr-3837	80	28	defined	define	VERB
fsr-3837	80	29	above	above	ADP
fsr-3837	80	30	.	.	PUNCT
fsr-3837	81	1	if	if	SCONJ
fsr-3837	81	2	the	the	DET
fsr-3837	81	3	value	value	NOUN
fsr-3837	81	4	of	of	ADP
fsr-3837	81	5	t	t	PROPN
fsr-3837	81	6	for	for	ADP
fsr-3837	81	7	a	a	DET
fsr-3837	81	8	given	give	VERB
fsr-3837	81	9	portfolio	portfolio	NOUN
fsr-3837	81	10	is	be	AUX
fsr-3837	81	11	greater	great	ADJ
fsr-3837	81	12	than	than	ADP
fsr-3837	81	13	the	the	DET
fsr-3837	81	14	value	value	NOUN
fsr-3837	81	15	of	of	ADP
fsr-3837	81	16	t	t	PROPN
fsr-3837	81	17	for	for	ADP
fsr-3837	81	18	the	the	DET
fsr-3837	81	19	market	market	NOUN
fsr-3837	81	20	in	in	ADP
fsr-3837	81	21	equi	equi	NOUN
fsr-3837	81	22	librium	librium	NOUN
fsr-3837	81	23	,	,	PUNCT
fsr-3837	81	24	the	the	DET
fsr-3837	81	25	portfolio	portfolio	NOUN
fsr-3837	81	26	lies	lie	VERB
fsr-3837	81	27	above	above	ADP
fsr-3837	81	28	the	the	DET
fsr-3837	81	29	security	security	NOUN
fsr-3837	81	30	market	market	NOUN
fsr-3837	81	31	line	line	NOUN
fsr-3837	81	32	(	(	PUNCT
fsr-3837	81	33	i.e.	i.e.	X
fsr-3837	81	34	,	,	PUNCT
fsr-3837	81	35	is	be	AUX
fsr-3837	81	36	undervalued	undervalue	VERB
fsr-3837	81	37	)	)	PUNCT
fsr-3837	81	38	.	.	PUNCT
fsr-3837	82	1	finally	finally	ADV
fsr-3837	82	2	,	,	PUNCT
fsr-3837	82	3	in	in	ADP
fsr-3837	82	4	addition	addition	NOUN
fsr-3837	82	5	to	to	ADP
fsr-3837	82	6	the	the	DET
fsr-3837	82	7	above	above	ADJ
fsr-3837	82	8	analysis	analysis	NOUN
fsr-3837	82	9	,	,	PUNCT
fsr-3837	82	10	we	we	PRON
fsr-3837	82	11	employ	employ	VERB
fsr-3837	82	12	a	a	DET
fsr-3837	82	13	nonparametric	nonparametric	ADJ
fsr-3837	82	14	analysis	analysis	NOUN
fsr-3837	82	15	from	from	ADP
fsr-3837	82	16	merton	merton	ADJ
fsr-3837	82	17	(	(	PUNCT
fsr-3837	82	18	198	198	NUM
fsr-3837	82	19	1	1	NUM
fsr-3837	82	20	)	)	PUNCT
fsr-3837	82	21	and	and	CCONJ
fsr-3837	82	22	henriksson	henriksson	NOUN
fsr-3837	82	23	and	and	CCONJ
fsr-3837	82	24	merton	merton	PROPN
fsr-3837	82	25	(	(	PUNCT
fsr-3837	82	26	198	198	NUM
fsr-3837	82	27	1	1	NUM
fsr-3837	82	28	)	)	PUNCT
fsr-3837	82	29	to	to	PART
fsr-3837	82	30	test	test	VERB
fsr-3837	82	31	the	the	DET
fsr-3837	82	32	investor	investor	NOUN
fsr-3837	82	33	’s	’s	PART
fsr-3837	82	34	trading	trading	NOUN
fsr-3837	82	35	strategy	strategy	NOUN
fsr-3837	82	36	proposed	propose	VERB
fsr-3837	82	37	in	in	ADP
fsr-3837	82	38	this	this	DET
fsr-3837	82	39	paper	paper	NOUN
fsr-3837	82	40	.	.	PUNCT
fsr-3837	83	1	according	accord	VERB
fsr-3837	83	2	to	to	ADP
fsr-3837	83	3	the	the	DET
fsr-3837	83	4	basic	basic	ADJ
fsr-3837	83	5	model	model	NOUN
fsr-3837	83	6	,	,	PUNCT
fsr-3837	83	7	a	a	DET
fsr-3837	83	8	forecaster	forecaster	NOUN
fsr-3837	83	9	predicts	predict	NOUN
fsr-3837	83	10	when	when	SCONJ
fsr-3837	83	11	stocks	stock	NOUN
fsr-3837	83	12	(	(	PUNCT
fsr-3837	83	13	treasury	treasury	PROPN
fsr-3837	83	14	bills	bill	NOUN
fsr-3837	83	15	)	)	PUNCT
fsr-3837	83	16	will	will	AUX
fsr-3837	83	17	outperform	outperform	VERB
fsr-3837	83	18	treasury	treasury	NOUN
fsr-3837	83	19	bills	bill	NOUN
fsr-3837	83	20	(	(	PUNCT
fsr-3837	83	21	stocks	stock	NOUN
fsr-3837	83	22	)	)	PUNCT
fsr-3837	83	23	.	.	PUNCT
fsr-3837	84	1	the	the	DET
fsr-3837	84	2	specific	specific	ADJ
fsr-3837	84	3	test	test	NOUN
fsr-3837	84	4	examines	examine	VERB
fsr-3837	84	5	a	a	DET
fsr-3837	84	6	null	null	ADJ
fsr-3837	84	7	hypothesis	hypothesis	NOUN
fsr-3837	84	8	that	that	PRON
fsr-3837	84	9	discount	discount	NOUN
fsr-3837	84	10	rate	rate	NOUN
fsr-3837	84	11	changes	change	NOUN
fsr-3837	84	12	do	do	AUX
fsr-3837	84	13	not	not	PART
fsr-3837	84	14	provide	provide	VERB
fsr-3837	84	15	information	information	NOUN
fsr-3837	84	16	that	that	PRON
fsr-3837	84	17	leads	lead	VERB
fsr-3837	84	18	to	to	ADP
fsr-3837	84	19	correctly	correctly	ADV
fsr-3837	84	20	forecasting	forecast	VERB
fsr-3837	84	21	stock	stock	NOUN
fsr-3837	84	22	market	market	NOUN
fsr-3837	84	23	trends	trend	NOUN
fsr-3837	84	24	and	and	CCONJ
fsr-3837	84	25	is	be	AUX
fsr-3837	84	26	denoted	denote	VERB
fsr-3837	84	27	as	as	SCONJ
fsr-3837	84	28	follows	follow	VERB
fsr-3837	84	29	:	:	PUNCT
fsr-3837	84	30	ffo	ffo	NOUN
fsr-3837	84	31	:	:	PUNCT
fsr-3837	84	32	plw+pzw=	plw+pzw=	NOUN
fsr-3837	84	33	19	19	NUM
fsr-3837	84	34	where	where	SCONJ
fsr-3837	84	35	pl(t	pl(t	NOUN
fsr-3837	84	36	)	)	PUNCT
fsr-3837	85	1	=	=	PUNCT
fsr-3837	85	2	the	the	DET
fsr-3837	85	3	conditional	conditional	ADJ
fsr-3837	85	4	probability	probability	NOUN
fsr-3837	85	5	of	of	ADP
fsr-3837	85	6	predicting	predict	VERB
fsr-3837	85	7	an	an	DET
fsr-3837	85	8	up	up	ADJ
fsr-3837	85	9	market	market	NOUN
fsr-3837	85	10	when	when	SCONJ
fsr-3837	85	11	an	an	DET
fsr-3837	85	12	up	up	ADJ
fsr-3837	85	13	mar	mar	PROPN
fsr-3837	85	14	ket	ket	PROPN
fsr-3837	85	15	occurs	occur	VERB
fsr-3837	85	16	and	and	CCONJ
fsr-3837	85	17	,	,	PUNCT
fsr-3837	85	18	~z(t	~z(t	PROPN
fsr-3837	85	19	)	)	PUNCT
fsr-3837	85	20	=	=	SYM
fsr-3837	85	21	the	the	DET
fsr-3837	85	22	conditional	conditional	ADJ
fsr-3837	85	23	probability	probability	NOUN
fsr-3837	85	24	of	of	ADP
fsr-3837	85	25	predicting	predict	VERB
fsr-3837	85	26	a	a	DET
fsr-3837	85	27	down	down	ADJ
fsr-3837	85	28	market	market	NOUN
fsr-3837	85	29	when	when	SCONJ
fsr-3837	85	30	a	a	DET
fsr-3837	85	31	down	down	ADJ
fsr-3837	85	32	market	market	NOUN
fsr-3837	85	33	occurs	occur	VERB
fsr-3837	85	34	.	.	PUNCT
fsr-3837	86	1	290	290	NUM
fsr-3837	86	2	financial	financial	ADJ
fsr-3837	86	3	services	service	NOUN
fsr-3837	86	4	review	review	NOUN
fsr-3837	86	5	6(4	6(4	NUM
fsr-3837	86	6	)	)	PUNCT
fsr-3837	86	7	1997	1997	NUM
fsr-3837	86	8	henriksson	henriksson	NOUN
fsr-3837	86	9	and	and	CCONJ
fsr-3837	86	10	met	meet	VERB
fsr-3837	86	11	-	-	PUNCT
fsr-3837	86	12	ton	ton	NOUN
fsr-3837	86	13	use	use	NOUN
fsr-3837	86	14	the	the	DET
fsr-3837	86	15	hypergeometric	hypergeometric	ADJ
fsr-3837	86	16	distribution	distribution	NOUN
fsr-3837	86	17	(	(	PUNCT
fsr-3837	86	18	equation	equation	NOUN
fsr-3837	86	19	4	4	NUM
fsr-3837	86	20	)	)	PUNCT
fsr-3837	86	21	to	to	PART
fsr-3837	86	22	calculate	calculate	VERB
fsr-3837	86	23	the	the	DET
fsr-3837	86	24	probability	probability	NOUN
fsr-3837	86	25	that	that	SCONJ
fsr-3837	86	26	a	a	DET
fsr-3837	86	27	given	give	VERB
fsr-3837	86	28	outcome	outcome	NOUN
fsr-3837	86	29	from	from	ADP
fsr-3837	86	30	a	a	DET
fsr-3837	86	31	sample	sample	NOUN
fsr-3837	86	32	comes	come	VERB
fsr-3837	86	33	from	from	ADP
fsr-3837	86	34	a	a	DET
fsr-3837	86	35	population	population	NOUN
fsr-3837	86	36	that	that	PRON
fsr-3837	86	37	satisfies	satisfy	VERB
fsr-3837	86	38	the	the	DET
fsr-3837	86	39	null	null	ADJ
fsr-3837	86	40	hypothesis	hypothesis	NOUN
fsr-3837	86	41	(	(	PUNCT
fsr-3837	86	42	no	no	DET
fsr-3837	86	43	forecasting	forecasting	NOUN
fsr-3837	86	44	ability	ability	NOUN
fsr-3837	86	45	)	)	PUNCT
fsr-3837	86	46	.	.	PUNCT
fsr-3837	87	1	pn	pn	PROPN
fsr-3837	87	2	,	,	PUNCT
fsr-3837	87	3	=	=	SYM
fsr-3837	87	4	x(\n	x(\n	PROPN
fsr-3837	87	5	,	,	PUNCT
fsr-3837	87	6	n	n	CCONJ
fsr-3837	87	7	,	,	PUNCT
fsr-3837	87	8	,	,	PUNCT
fsr-3837	87	9	n	n	CCONJ
fsr-3837	87	10	)	)	PUNCT
fsr-3837	87	11	=	=	SYM
fsr-3837	87	12	n	n	PRON
fsr-3837	87	13	0	0	NUM
fsr-3837	87	14	n	n	CCONJ
fsr-3837	87	15	(	(	PUNCT
fsr-3837	87	16	4	4	NUM
fsr-3837	87	17	)	)	PUNCT
fsr-3837	87	18	where	where	SCONJ
fsr-3837	87	19	n	n	CCONJ
fsr-3837	87	20	,	,	PUNCT
fsr-3837	87	21	=	=	SYM
fsr-3837	87	22	n2	n2	NOUN
fsr-3837	87	23	=	=	PUNCT
fsr-3837	87	24	n	n	PROPN
fsr-3837	87	25	=	=	SYM
fsr-3837	87	26	nl	nl	PROPN
fsr-3837	87	27	=	=	PROPN
fsr-3837	87	28	n2	n2	NOUN
fsr-3837	87	29	=	=	PUNCT
fsr-3837	87	30	n	n	NOUN
fsr-3837	87	31	=	=	NOUN
fsr-3837	87	32	the	the	DET
fsr-3837	87	33	number	number	NOUN
fsr-3837	87	34	of	of	ADP
fsr-3837	87	35	observations	observation	NOUN
fsr-3837	87	36	where	where	SCONJ
fsr-3837	87	37	treasury	treasury	NOUN
fsr-3837	87	38	bill	bill	NOUN
fsr-3837	87	39	returns	return	NOUN
fsr-3837	87	40	are	be	AUX
fsr-3837	87	41	greater	great	ADJ
fsr-3837	87	42	than	than	ADP
fsr-3837	87	43	market	market	NOUN
fsr-3837	87	44	returns	return	NOUN
fsr-3837	87	45	,	,	PUNCT
fsr-3837	87	46	the	the	DET
fsr-3837	87	47	number	number	NOUN
fsr-3837	87	48	of	of	ADP
fsr-3837	87	49	observations	observation	NOUN
fsr-3837	87	50	where	where	SCONJ
fsr-3837	87	51	market	market	NOUN
fsr-3837	87	52	returns	return	NOUN
fsr-3837	87	53	are	be	AUX
fsr-3837	87	54	greater	great	ADJ
fsr-3837	87	55	than	than	ADP
fsr-3837	87	56	treasury	treasury	PROPN
fsr-3837	87	57	bill	bill	NOUN
fsr-3837	87	58	returns	return	NOUN
fsr-3837	87	59	,	,	PUNCT
fsr-3837	87	60	total	total	ADJ
fsr-3837	87	61	number	number	NOUN
fsr-3837	87	62	of	of	ADP
fsr-3837	87	63	observations	observation	NOUN
fsr-3837	87	64	(	(	PUNCT
fsr-3837	87	65	nl	nl	NOUN
fsr-3837	87	66	+	+	CCONJ
fsr-3837	87	67	n2	n2	ADJ
fsr-3837	87	68	)	)	PUNCT
fsr-3837	87	69	,	,	PUNCT
fsr-3837	87	70	number	number	NOUN
fsr-3837	87	71	of	of	ADP
fsr-3837	87	72	successful	successful	ADJ
fsr-3837	87	73	predictions	prediction	NOUN
fsr-3837	87	74	given	give	VERB
fsr-3837	87	75	treasury	treasury	NOUN
fsr-3837	87	76	bill	bill	NOUN
fsr-3837	87	77	returns	return	VERB
fsr-3837	87	78	greater	great	ADJ
fsr-3837	87	79	than	than	ADP
fsr-3837	87	80	market	market	NOUN
fsr-3837	87	81	returns	return	NOUN
fsr-3837	87	82	,	,	PUNCT
fsr-3837	87	83	number	number	NOUN
fsr-3837	87	84	of	of	ADP
fsr-3837	87	85	unsuccessful	unsuccessful	ADJ
fsr-3837	87	86	predictions	prediction	NOUN
fsr-3837	87	87	given	give	VERB
fsr-3837	87	88	market	market	NOUN
fsr-3837	87	89	returns	return	NOUN
fsr-3837	87	90	greater	great	ADJ
fsr-3837	87	91	than	than	ADP
fsr-3837	87	92	trea	trea	PROPN
fsr-3837	87	93	sury	sury	NOUN
fsr-3837	87	94	bill	bill	NOUN
fsr-3837	87	95	returns	return	NOUN
fsr-3837	87	96	,	,	PUNCT
fsr-3837	87	97	number	number	NOUN
fsr-3837	87	98	of	of	ADP
fsr-3837	87	99	forecasts	forecast	NOUN
fsr-3837	87	100	predicting	predict	VERB
fsr-3837	87	101	treasury	treasury	PROPN
fsr-3837	87	102	bill	bill	NOUN
fsr-3837	87	103	returns	return	VERB
fsr-3837	87	104	greater	great	ADJ
fsr-3837	87	105	than	than	ADP
fsr-3837	87	106	market	market	NOUN
fsr-3837	87	107	returns	return	NOUN
fsr-3837	87	108	.	.	PUNCT
fsr-3837	88	1	under	under	ADP
fsr-3837	88	2	the	the	DET
fsr-3837	88	3	henriksson	henriksson	NOUN
fsr-3837	88	4	and	and	CCONJ
fsr-3837	88	5	merton	merton	NOUN
fsr-3837	88	6	framework	framework	NOUN
fsr-3837	88	7	,	,	PUNCT
fsr-3837	88	8	the	the	DET
fsr-3837	88	9	conditional	conditional	ADJ
fsr-3837	88	10	probability	probability	NOUN
fsr-3837	88	11	of	of	ADP
fsr-3837	88	12	a	a	DET
fsr-3837	88	13	forecast	forecast	NOUN
fsr-3837	88	14	does	do	AUX
fsr-3837	88	15	not	not	PART
fsr-3837	88	16	depend	depend	VERB
fsr-3837	88	17	on	on	ADP
fsr-3837	88	18	the	the	DET
fsr-3837	88	19	magnitude	magnitude	NOUN
fsr-3837	88	20	of	of	ADP
fsr-3837	88	21	subsequent	subsequent	ADJ
fsr-3837	88	22	realized	realize	VERB
fsr-3837	88	23	returns	return	NOUN
fsr-3837	88	24	.	.	PUNCT
fsr-3837	89	1	this	this	PRON
fsr-3837	89	2	gives	give	VERB
fsr-3837	89	3	the	the	DET
fsr-3837	89	4	henriks	henriks	PROPN
fsr-3837	89	5	son	son	NOUN
fsr-3837	89	6	and	and	CCONJ
fsr-3837	89	7	merton	merton	ADJ
fsr-3837	89	8	analysis	analysis	NOUN
fsr-3837	89	9	a	a	DET
fsr-3837	89	10	significant	significant	ADJ
fsr-3837	89	11	advantage	advantage	NOUN
fsr-3837	89	12	in	in	SCONJ
fsr-3837	89	13	that	that	SCONJ
fsr-3837	89	14	it	it	PRON
fsr-3837	89	15	does	do	AUX
fsr-3837	89	16	not	not	PART
fsr-3837	89	17	require	require	VERB
fsr-3837	89	18	the	the	DET
fsr-3837	89	19	specification	specification	NOUN
fsr-3837	89	20	of	of	ADP
fsr-3837	89	21	a	a	DET
fsr-3837	89	22	particular	particular	ADJ
fsr-3837	89	23	equilibrium	equilibrium	NOUN
fsr-3837	89	24	model	model	NOUN
fsr-3837	89	25	of	of	ADP
fsr-3837	89	26	returns	return	NOUN
fsr-3837	89	27	as	as	SCONJ
fsr-3837	89	28	do	do	VERB
fsr-3837	89	29	the	the	DET
fsr-3837	89	30	capm	capm	PROPN
fsr-3837	89	31	and	and	CCONJ
fsr-3837	89	32	the	the	DET
fsr-3837	89	33	treynor	treynor	NOUN
fsr-3837	89	34	analyses	analysis	NOUN
fsr-3837	89	35	pre	pre	VERB
fsr-3837	89	36	sented	sente	VERB
fsr-3837	89	37	above	above	ADV
fsr-3837	89	38	.	.	PUNCT
fsr-3837	90	1	for	for	ADP
fsr-3837	90	2	the	the	DET
fsr-3837	90	3	strategy	strategy	NOUN
fsr-3837	90	4	proposed	propose	VERB
fsr-3837	90	5	in	in	ADP
fsr-3837	90	6	this	this	DET
fsr-3837	90	7	paper	paper	NOUN
fsr-3837	90	8	,	,	PUNCT
fsr-3837	90	9	the	the	DET
fsr-3837	90	10	null	null	ADJ
fsr-3837	90	11	hypothesis	hypothesis	NOUN
fsr-3837	90	12	is	be	AUX
fsr-3837	90	13	that	that	SCONJ
fsr-3837	90	14	changes	change	NOUN
fsr-3837	90	15	in	in	ADP
fsr-3837	90	16	the	the	DET
fsr-3837	90	17	dis	dis	PROPN
fsr-3837	90	18	count	count	NOUN
fsr-3837	90	19	rate	rate	NOUN
fsr-3837	90	20	do	do	AUX
fsr-3837	90	21	not	not	PART
fsr-3837	90	22	forecast	forecast	VERB
fsr-3837	90	23	the	the	DET
fsr-3837	90	24	direction	direction	NOUN
fsr-3837	90	25	of	of	ADP
fsr-3837	90	26	the	the	DET
fsr-3837	90	27	stock	stock	NOUN
fsr-3837	90	28	market	market	NOUN
fsr-3837	90	29	.	.	PUNCT
fsr-3837	91	1	rejection	rejection	NOUN
fsr-3837	91	2	of	of	ADP
fsr-3837	91	3	the	the	DET
fsr-3837	91	4	null	null	ADJ
fsr-3837	91	5	hypothesis	hypothesis	NOUN
fsr-3837	91	6	would	would	AUX
fsr-3837	91	7	be	be	AUX
fsr-3837	91	8	evidence	evidence	NOUN
fsr-3837	91	9	of	of	ADP
fsr-3837	91	10	a	a	DET
fsr-3837	91	11	successful	successful	ADJ
fsr-3837	91	12	strategy	strategy	NOUN
fsr-3837	91	13	.	.	PUNCT
fsr-3837	92	1	the	the	DET
fsr-3837	92	2	hypergeometric	hypergeometric	ADJ
fsr-3837	92	3	distribution	distribution	NOUN
fsr-3837	92	4	equation	equation	NOUN
fsr-3837	92	5	is	be	AUX
fsr-3837	92	6	used	use	VERB
fsr-3837	92	7	to	to	PART
fsr-3837	92	8	calculate	calculate	VERB
fsr-3837	92	9	the	the	DET
fsr-3837	92	10	probability	probability	NOUN
fsr-3837	92	11	of	of	ADP
fsr-3837	92	12	obtaining	obtain	VERB
fsr-3837	92	13	at	at	ADP
fsr-3837	92	14	least	least	ADJ
fsr-3837	92	15	the	the	DET
fsr-3837	92	16	observed	observed	ADJ
fsr-3837	92	17	number	number	NOUN
fsr-3837	92	18	of	of	ADP
fsr-3837	92	19	correct	correct	ADJ
fsr-3837	92	20	down	down	ADP
fsr-3837	92	21	market	market	NOUN
fsr-3837	92	22	period	period	NOUN
fsr-3837	92	23	forecasts	forecast	NOUN
fsr-3837	92	24	under	under	ADP
fsr-3837	92	25	the	the	DET
fsr-3837	92	26	null	null	ADJ
fsr-3837	92	27	hypothesis	hypothesis	NOUN
fsr-3837	92	28	(	(	PUNCT
fsr-3837	92	29	no	no	DET
fsr-3837	92	30	forecasting	forecasting	NOUN
fsr-3837	92	31	ability	ability	NOUN
fsr-3837	92	32	)	)	PUNCT
fsr-3837	92	33	given	give	VERB
fsr-3837	92	34	the	the	DET
fsr-3837	92	35	total	total	ADJ
fsr-3837	92	36	number	number	NOUN
fsr-3837	92	37	of	of	ADP
fsr-3837	92	38	observations	observation	NOUN
fsr-3837	92	39	,	,	PUNCT
fsr-3837	92	40	the	the	DET
fsr-3837	92	41	total	total	ADJ
fsr-3837	92	42	number	number	NOUN
fsr-3837	92	43	of	of	ADP
fsr-3837	92	44	up	up	ADJ
fsr-3837	92	45	-	-	PUNCT
fsr-3837	92	46	market	market	NOUN
fsr-3837	92	47	period	period	NOUN
fsr-3837	92	48	observations	observation	NOUN
fsr-3837	92	49	and	and	CCONJ
fsr-3837	92	50	the	the	DET
fsr-3837	92	51	number	number	NOUN
fsr-3837	92	52	of	of	ADP
fsr-3837	92	53	forecasted	forecast	VERB
fsr-3837	92	54	down	down	ADP
fsr-3837	92	55	-	-	PUNCT
fsr-3837	92	56	market	market	NOUN
fsr-3837	92	57	periods	period	NOUN
fsr-3837	92	58	.	.	PUNCT
fsr-3837	93	1	iii	iii	X
fsr-3837	93	2	.	.	PROPN
fsr-3837	93	3	results	result	NOUN
fsr-3837	93	4	table	table	NOUN
fsr-3837	93	5	2	2	NUM
fsr-3837	93	6	provides	provide	VERB
fsr-3837	93	7	descriptive	descriptive	ADJ
fsr-3837	93	8	information	information	NOUN
fsr-3837	93	9	on	on	ADP
fsr-3837	93	10	the	the	DET
fsr-3837	93	11	investors	investor	NOUN
fsr-3837	93	12	’	’	PART
fsr-3837	93	13	trading	trading	NOUN
fsr-3837	93	14	strategy	strategy	NOUN
fsr-3837	93	15	including	include	VERB
fsr-3837	93	16	the	the	DET
fsr-3837	93	17	average	average	ADJ
fsr-3837	93	18	one	one	NUM
fsr-3837	93	19	-	-	PUNCT
fsr-3837	93	20	year	year	NOUN
fsr-3837	93	21	treasury	treasury	NOUN
fsr-3837	93	22	bill	bill	NOUN
fsr-3837	93	23	rate	rate	NOUN
fsr-3837	93	24	,	,	PUNCT
fsr-3837	93	25	the	the	DET
fsr-3837	93	26	number	number	NOUN
fsr-3837	93	27	of	of	ADP
fsr-3837	93	28	years	year	NOUN
fsr-3837	93	29	,	,	PUNCT
fsr-3837	93	30	as	as	ADV
fsr-3837	93	31	well	well	ADV
fsr-3837	93	32	as	as	ADP
fsr-3837	93	33	the	the	DET
fsr-3837	93	34	percentage	percentage	NOUN
fsr-3837	93	35	of	of	ADP
fsr-3837	93	36	time	time	NOUN
fsr-3837	93	37	in	in	ADP
fsr-3837	93	38	the	the	DET
fsr-3837	93	39	market	market	NOUN
fsr-3837	93	40	,	,	PUNCT
fsr-3837	93	41	and	and	CCONJ
fsr-3837	93	42	an	an	DET
fsr-3837	93	43	approximate	approximate	ADJ
fsr-3837	93	44	beta	beta	NOUN
fsr-3837	93	45	for	for	ADP
fsr-3837	93	46	the	the	DET
fsr-3837	93	47	overall	overall	ADJ
fsr-3837	93	48	study	study	NOUN
fsr-3837	93	49	period	period	NOUN
fsr-3837	93	50	and	and	CCONJ
fsr-3837	93	51	the	the	DET
fsr-3837	93	52	12	12	NUM
fsr-3837	93	53	subperiods	subperiod	NOUN
fsr-3837	93	54	.	.	PUNCT
fsr-3837	94	1	the	the	DET
fsr-3837	94	2	beta	beta	ADJ
fsr-3837	94	3	measurement	measurement	NOUN
fsr-3837	94	4	for	for	ADP
fsr-3837	94	5	the	the	DET
fsr-3837	94	6	investors	investor	NOUN
fsr-3837	94	7	’	'	PUNCT
fsr-3837	94	8	portfolio	portfolio	NOUN
fsr-3837	94	9	simply	simply	ADV
fsr-3837	94	10	reflects	reflect	VERB
fsr-3837	94	11	the	the	DET
fsr-3837	94	12	percentage	percentage	NOUN
fsr-3837	94	13	of	of	ADP
fsr-3837	94	14	the	the	DET
fsr-3837	94	15	par	par	ADJ
fsr-3837	94	16	ticular	ticular	ADJ
fsr-3837	94	17	investment	investment	NOUN
fsr-3837	94	18	horizon	horizon	NOUN
fsr-3837	94	19	in	in	ADP
fsr-3837	94	20	the	the	DET
fsr-3837	94	21	market	market	NOUN
fsr-3837	94	22	and	and	CCONJ
fsr-3837	94	23	represents	represent	VERB
fsr-3837	94	24	a	a	DET
fsr-3837	94	25	close	close	ADJ
fsr-3837	94	26	approximation	approximation	NOUN
fsr-3837	94	27	for	for	ADP
fsr-3837	94	28	the	the	DET
fsr-3837	94	29	regression	regression	NOUN
fsr-3837	94	30	beta	beta	NOUN
fsr-3837	94	31	estimates	estimate	NOUN
fsr-3837	94	32	.	.	PUNCT
fsr-3837	95	1	these	these	DET
fsr-3837	95	2	beta	beta	ADJ
fsr-3837	95	3	measurements	measurement	NOUN
fsr-3837	95	4	illustrate	illustrate	VERB
fsr-3837	95	5	that	that	SCONJ
fsr-3837	95	6	the	the	DET
fsr-3837	95	7	investors	investor	NOUN
fsr-3837	95	8	’	’	PART
fsr-3837	95	9	strategy	strategy	NOUN
fsr-3837	95	10	is	be	AUX
fsr-3837	95	11	less	less	ADV
fsr-3837	95	12	risky	risky	ADJ
fsr-3837	95	13	than	than	ADP
fsr-3837	95	14	the	the	DET
fsr-3837	95	15	buy	buy	NOUN
fsr-3837	95	16	and	and	CCONJ
fsr-3837	95	17	hold	hold	VERB
fsr-3837	95	18	strategy	strategy	NOUN
fsr-3837	95	19	with	with	ADP
fsr-3837	95	20	investors	investor	NOUN
fsr-3837	95	21	in	in	ADP
fsr-3837	95	22	the	the	DET
fsr-3837	95	23	market	market	NOUN
fsr-3837	95	24	only	only	ADV
fsr-3837	95	25	55	55	NUM
fsr-3837	95	26	%	%	NOUN
fsr-3837	95	27	of	of	ADP
fsr-3837	95	28	the	the	DET
fsr-3837	95	29	time	time	NOUN
fsr-3837	95	30	.	.	PUNCT
fsr-3837	96	1	a	a	DET
fsr-3837	96	2	simple	simple	ADJ
fsr-3837	96	3	and	and	CCONJ
fsr-3837	96	4	effective	effective	ADJ
fsr-3837	96	5	trading	trading	NOUN
fsr-3837	96	6	rule	rule	NOUN
fsr-3837	96	7	291	291	NUM
fsr-3837	96	8	table	table	NOUN
fsr-3837	96	9	3	3	NUM
fsr-3837	96	10	reports	report	VERB
fsr-3837	96	11	the	the	DET
fsr-3837	96	12	annual	annual	ADJ
fsr-3837	96	13	returns	return	NOUN
fsr-3837	96	14	,	,	PUNCT
fsr-3837	96	15	capm	capm	PROPN
fsr-3837	96	16	required	require	VERB
fsr-3837	96	17	returns	return	NOUN
fsr-3837	96	18	,	,	PUNCT
fsr-3837	96	19	excess	excess	ADJ
fsr-3837	96	20	returns	return	NOUN
fsr-3837	96	21	and	and	CCONJ
fsr-3837	96	22	the	the	DET
fsr-3837	96	23	treynor	treynor	NOUN
fsr-3837	96	24	measures	measure	NOUN
fsr-3837	96	25	for	for	ADP
fsr-3837	96	26	the	the	DET
fsr-3837	96	27	buy	buy	NOUN
fsr-3837	96	28	and	and	CCONJ
fsr-3837	96	29	hold	hold	VERB
fsr-3837	96	30	strategy	strategy	NOUN
fsr-3837	96	31	and	and	CCONJ
fsr-3837	96	32	the	the	DET
fsr-3837	96	33	investors	investor	NOUN
fsr-3837	96	34	’	’	PART
fsr-3837	96	35	trading	trading	NOUN
fsr-3837	96	36	strategy	strategy	NOUN
fsr-3837	96	37	over	over	ADP
fsr-3837	96	38	the	the	DET
fsr-3837	96	39	entire	entire	ADJ
fsr-3837	96	40	period	period	NOUN
fsr-3837	96	41	and	and	CCONJ
fsr-3837	96	42	the	the	DET
fsr-3837	96	43	12	12	NUM
fsr-3837	96	44	subperiods	subperiod	NOUN
fsr-3837	96	45	.	.	PUNCT
fsr-3837	97	1	from	from	ADP
fsr-3837	97	2	a	a	DET
fsr-3837	97	3	long	long	ADJ
fsr-3837	97	4	term	term	NOUN
fsr-3837	97	5	perspective	perspective	NOUN
fsr-3837	97	6	(	(	PUNCT
fsr-3837	97	7	1933	1933	NUM
fsr-3837	97	8	to	to	ADP
fsr-3837	97	9	1994	1994	NUM
fsr-3837	97	10	)	)	PUNCT
fsr-3837	97	11	,	,	PUNCT
fsr-3837	97	12	the	the	DET
fsr-3837	97	13	aver	aver	NOUN
fsr-3837	97	14	age	age	NOUN
fsr-3837	97	15	annual	annual	ADJ
fsr-3837	97	16	return	return	NOUN
fsr-3837	97	17	from	from	ADP
fsr-3837	97	18	the	the	DET
fsr-3837	97	19	trading	trading	NOUN
fsr-3837	97	20	strategy	strategy	NOUN
fsr-3837	97	21	is	be	AUX
fsr-3837	97	22	approximately	approximately	ADV
fsr-3837	97	23	the	the	DET
fsr-3837	97	24	same	same	ADJ
fsr-3837	97	25	as	as	ADP
fsr-3837	97	26	the	the	DET
fsr-3837	97	27	buy	buy	NOUN
fsr-3837	97	28	and	and	CCONJ
fsr-3837	97	29	hold	hold	VERB
fsr-3837	97	30	strategy	strategy	NOUN
fsr-3837	97	31	(	(	PUNCT
fsr-3837	97	32	11.72	11.72	NUM
fsr-3837	97	33	%	%	NOUN
fsr-3837	97	34	for	for	ADP
fsr-3837	97	35	the	the	DET
fsr-3837	97	36	trading	trading	NOUN
fsr-3837	97	37	strategy	strategy	NOUN
fsr-3837	97	38	and	and	CCONJ
fsr-3837	97	39	12.10	12.10	NUM
fsr-3837	97	40	%	%	NOUN
fsr-3837	97	41	for	for	ADP
fsr-3837	97	42	the	the	DET
fsr-3837	97	43	buy	buy	NOUN
fsr-3837	97	44	and	and	CCONJ
fsr-3837	97	45	hold	hold	VERB
fsr-3837	97	46	)	)	PUNCT
fsr-3837	97	47	.	.	PUNCT
fsr-3837	98	1	analyses	analysis	NOUN
fsr-3837	98	2	of	of	ADP
fsr-3837	98	3	several	several	ADJ
fsr-3837	98	4	subperiods	subperiod	NOUN
fsr-3837	98	5	reveal	reveal	VERB
fsr-3837	98	6	that	that	SCONJ
fsr-3837	98	7	in	in	ADP
fsr-3837	98	8	seven	seven	NUM
fsr-3837	98	9	out	out	ADP
fsr-3837	98	10	of	of	ADP
fsr-3837	98	11	the	the	DET
fsr-3837	98	12	12	12	NUM
fsr-3837	98	13	subperiod	subperiod	NOUN
fsr-3837	98	14	cases	case	NOUN
fsr-3837	98	15	the	the	DET
fsr-3837	98	16	investors	investor	NOUN
fsr-3837	98	17	’	’	PART
fsr-3837	98	18	strategy	strategy	NOUN
fsr-3837	98	19	returns	return	NOUN
fsr-3837	98	20	are	be	AUX
fsr-3837	98	21	equal	equal	ADJ
fsr-3837	98	22	to	to	ADP
fsr-3837	98	23	or	or	CCONJ
fsr-3837	98	24	exceed	exceed	VERB
fsr-3837	98	25	the	the	DET
fsr-3837	98	26	buy	buy	NOUN
fsr-3837	98	27	and	and	CCONJ
fsr-3837	98	28	hold	hold	VERB
fsr-3837	98	29	returns	return	NOUN
fsr-3837	98	30	.	.	PUNCT
fsr-3837	99	1	after	after	ADP
fsr-3837	99	2	considering	consider	VERB
fsr-3837	99	3	risk	risk	NOUN
fsr-3837	99	4	through	through	ADP
fsr-3837	99	5	use	use	NOUN
fsr-3837	99	6	of	of	ADP
fsr-3837	99	7	the	the	DET
fsr-3837	99	8	treynor	treynor	NOUN
fsr-3837	99	9	measures	measure	NOUN
fsr-3837	99	10	,	,	PUNCT
fsr-3837	99	11	the	the	DET
fsr-3837	99	12	trading	trading	NOUN
fsr-3837	99	13	strategy	strategy	NOUN
fsr-3837	99	14	outperforms	outperform	VERB
fsr-3837	99	15	the	the	DET
fsr-3837	99	16	buy	buy	NOUN
fsr-3837	99	17	and	and	CCONJ
fsr-3837	99	18	hold	hold	VERB
fsr-3837	99	19	strategy	strategy	NOUN
fsr-3837	99	20	in	in	ADP
fsr-3837	99	21	all	all	DET
fsr-3837	99	22	subperiods	subperiod	NOUN
fsr-3837	99	23	except	except	SCONJ
fsr-3837	99	24	one	one	NUM
fsr-3837	99	25	(	(	PUNCT
fsr-3837	99	26	the	the	DET
fsr-3837	99	27	early	early	ADJ
fsr-3837	99	28	1960s	1960s	NUM
fsr-3837	99	29	)	)	PUNCT
fsr-3837	99	30	.	.	PUNCT
fsr-3837	100	1	using	use	VERB
fsr-3837	100	2	the	the	DET
fsr-3837	100	3	wilcoxon	wilcoxon	ADJ
fsr-3837	100	4	sign	sign	PROPN
fsr-3837	100	5	rank	rank	PROPN
fsr-3837	100	6	test	test	NOUN
fsr-3837	100	7	(	(	PUNCT
fsr-3837	100	8	one	one	NUM
fsr-3837	100	9	-	-	PUNCT
fsr-3837	100	10	tail	tail	NOUN
fsr-3837	100	11	)	)	PUNCT
fsr-3837	100	12	we	we	PRON
fsr-3837	100	13	can	can	AUX
fsr-3837	100	14	reject	reject	VERB
fsr-3837	100	15	the	the	DET
fsr-3837	100	16	null	null	ADJ
fsr-3837	100	17	hypothesis	hypothesis	NOUN
fsr-3837	100	18	that	that	PRON
fsr-3837	100	19	the	the	DET
fsr-3837	100	20	two	two	NUM
fsr-3837	100	21	sample	sample	NOUN
fsr-3837	100	22	populations	population	NOUN
fsr-3837	100	23	have	have	VERB
fsr-3837	100	24	identical	identical	ADJ
fsr-3837	100	25	probability	probability	NOUN
fsr-3837	100	26	distributions	distribution	NOUN
fsr-3837	100	27	in	in	ADP
fsr-3837	100	28	favor	favor	NOUN
fsr-3837	100	29	of	of	ADP
fsr-3837	100	30	the	the	DET
fsr-3837	100	31	alternative	alternative	ADJ
fsr-3837	100	32	hypothesis	hypothesis	NOUN
fsr-3837	100	33	that	that	SCONJ
fsr-3837	100	34	the	the	DET
fsr-3837	100	35	distribution	distribution	NOUN
fsr-3837	100	36	of	of	ADP
fsr-3837	100	37	treynor	treynor	NOUN
fsr-3837	100	38	measures	measure	NOUN
fsr-3837	100	39	for	for	ADP
fsr-3837	100	40	the	the	DET
fsr-3837	100	41	trading	trading	NOUN
fsr-3837	100	42	strategy	strategy	NOUN
fsr-3837	100	43	is	be	AUX
fsr-3837	100	44	shifted	shift	VERB
fsr-3837	100	45	to	to	ADP
fsr-3837	100	46	the	the	DET
fsr-3837	100	47	right	right	NOUN
fsr-3837	100	48	of	of	ADP
fsr-3837	100	49	that	that	PRON
fsr-3837	100	50	for	for	ADP
fsr-3837	100	51	the	the	DET
fsr-3837	100	52	buy	buy	NOUN
fsr-3837	100	53	and	and	CCONJ
fsr-3837	100	54	hold	hold	VERB
fsr-3837	100	55	population	population	NOUN
fsr-3837	100	56	at	at	ADP
fsr-3837	100	57	the	the	DET
fsr-3837	100	58	99.5	99.5	NUM
fsr-3837	100	59	%	%	NOUN
fsr-3837	100	60	significance	significance	NOUN
fsr-3837	100	61	level	level	NOUN
fsr-3837	100	62	.	.	PUNCT
fsr-3837	101	1	these	these	DET
fsr-3837	101	2	findings	finding	NOUN
fsr-3837	101	3	of	of	ADP
fsr-3837	101	4	the	the	DET
fsr-3837	101	5	strategy	strategy	NOUN
fsr-3837	101	6	’s	’s	PART
fsr-3837	101	7	superiority	superiority	NOUN
fsr-3837	101	8	are	be	AUX
fsr-3837	101	9	consistent	consistent	ADJ
fsr-3837	101	10	with	with	ADP
fsr-3837	101	11	the	the	DET
fsr-3837	101	12	studies	study	NOUN
fsr-3837	101	13	of	of	ADP
fsr-3837	101	14	pearce	pearce	PROPN
fsr-3837	101	15	and	and	CCONJ
fsr-3837	101	16	roley	roley	PROPN
fsr-3837	101	17	(	(	PUNCT
fsr-3837	101	18	1985	1985	NUM
fsr-3837	101	19	)	)	PUNCT
fsr-3837	101	20	and	and	CCONJ
fsr-3837	101	21	jensen	jensen	PROPN
fsr-3837	101	22	and	and	CCONJ
fsr-3837	101	23	johnson	johnson	PROPN
fsr-3837	101	24	(	(	PUNCT
fsr-3837	101	25	1995	1995	NUM
fsr-3837	101	26	)	)	PUNCT
fsr-3837	101	27	who	who	PRON
fsr-3837	101	28	report	report	VERB
fsr-3837	101	29	a	a	DET
fsr-3837	101	30	long	long	ADJ
fsr-3837	101	31	term	term	NOUN
fsr-3837	101	32	stock	stock	NOUN
fsr-3837	101	33	price	price	NOUN
fsr-3837	101	34	response	response	NOUN
fsr-3837	101	35	from	from	ADP
fsr-3837	101	36	certain	certain	ADJ
fsr-3837	101	37	types	type	NOUN
fsr-3837	101	38	of	of	ADP
fsr-3837	101	39	economic	economic	ADJ
fsr-3837	101	40	news	news	NOUN
fsr-3837	101	41	.	.	PUNCT
fsr-3837	102	1	consistent	consistent	ADJ
fsr-3837	102	2	with	with	ADP
fsr-3837	102	3	a	a	DET
fsr-3837	102	4	priori	priori	ADJ
fsr-3837	102	5	expectations	expectation	NOUN
fsr-3837	102	6	,	,	PUNCT
fsr-3837	102	7	the	the	DET
fsr-3837	102	8	excess	excess	ADJ
fsr-3837	102	9	return	return	NOUN
fsr-3837	102	10	for	for	ADP
fsr-3837	102	11	the	the	DET
fsr-3837	102	12	buy	buy	NOUN
fsr-3837	102	13	and	and	CCONJ
fsr-3837	102	14	hold	hold	VERB
fsr-3837	102	15	strategy	strategy	NOUN
fsr-3837	102	16	for	for	ADP
fsr-3837	102	17	the	the	DET
fsr-3837	102	18	entire	entire	ADJ
fsr-3837	102	19	study	study	NOUN
fsr-3837	102	20	period	period	NOUN
fsr-3837	102	21	is	be	AUX
fsr-3837	102	22	zero	zero	NUM
fsr-3837	102	23	.	.	PUNCT
fsr-3837	103	1	alternatively	alternatively	ADV
fsr-3837	103	2	,	,	PUNCT
fsr-3837	103	3	table	table	NOUN
fsr-3837	103	4	3	3	NUM
fsr-3837	103	5	reveals	reveal	VERB
fsr-3837	103	6	that	that	SCONJ
fsr-3837	103	7	the	the	DET
fsr-3837	103	8	excess	excess	ADJ
fsr-3837	103	9	returns	return	NOUN
fsr-3837	103	10	for	for	ADP
fsr-3837	103	11	the	the	DET
fsr-3837	103	12	buy	buy	NOUN
fsr-3837	103	13	and	and	CCONJ
fsr-3837	103	14	hold	hold	VERB
fsr-3837	103	15	strategy	strategy	NOUN
fsr-3837	103	16	are	be	AUX
fsr-3837	103	17	negative	negative	ADJ
fsr-3837	103	18	in	in	ADP
fsr-3837	103	19	all	all	PRON
fsr-3837	103	20	but	but	SCONJ
fsr-3837	103	21	five	five	NUM
fsr-3837	103	22	of	of	ADP
fsr-3837	103	23	the	the	DET
fsr-3837	103	24	subperiods	subperiod	NOUN
fsr-3837	103	25	examined	examine	VERB
fsr-3837	103	26	.	.	PUNCT
fsr-3837	104	1	the	the	DET
fsr-3837	104	2	diver	diver	NOUN
fsr-3837	104	3	gence	gence	NOUN
fsr-3837	104	4	of	of	ADP
fsr-3837	104	5	the	the	DET
fsr-3837	104	6	excess	excess	ADJ
fsr-3837	104	7	returns	return	NOUN
fsr-3837	104	8	from	from	ADP
fsr-3837	104	9	zero	zero	NUM
fsr-3837	104	10	in	in	ADP
fsr-3837	104	11	the	the	DET
fsr-3837	104	12	subperiod	subperiod	NOUN
fsr-3837	104	13	analyses	analysis	NOUN
fsr-3837	104	14	of	of	ADP
fsr-3837	104	15	the	the	DET
fsr-3837	104	16	buy	buy	NOUN
fsr-3837	104	17	and	and	CCONJ
fsr-3837	104	18	hold	hold	VERB
fsr-3837	104	19	strategy	strategy	NOUN
fsr-3837	104	20	arises	arise	VERB
fsr-3837	104	21	from	from	ADP
fsr-3837	104	22	the	the	DET
fsr-3837	104	23	use	use	NOUN
fsr-3837	104	24	of	of	ADP
fsr-3837	104	25	an	an	DET
fsr-3837	104	26	average	average	ADJ
fsr-3837	104	27	market	market	NOUN
fsr-3837	104	28	risk	risk	NOUN
fsr-3837	104	29	premium	premium	NOUN
fsr-3837	104	30	of	of	ADP
fsr-3837	104	31	8.23	8.23	NUM
fsr-3837	104	32	%	%	NOUN
fsr-3837	104	33	.	.	PUNCT
fsr-3837	105	1	this	this	DET
fsr-3837	105	2	average	average	ADJ
fsr-3837	105	3	risk	risk	NOUN
fsr-3837	105	4	pre	pre	NOUN
fsr-3837	105	5	mium	mium	NOUN
fsr-3837	105	6	is	be	AUX
fsr-3837	105	7	based	base	VERB
fsr-3837	105	8	on	on	ADP
fsr-3837	105	9	historical	historical	ADJ
fsr-3837	105	10	information	information	NOUN
fsr-3837	105	11	from	from	ADP
fsr-3837	105	12	1933	1933	NUM
fsr-3837	105	13	through	through	ADP
fsr-3837	105	14	1994	1994	NUM
fsr-3837	105	15	.	.	PUNCT
fsr-3837	106	1	alternatively	alternatively	ADV
fsr-3837	106	2	,	,	PUNCT
fsr-3837	106	3	the	the	DET
fsr-3837	106	4	risk	risk	NOUN
fsr-3837	106	5	adjusted	adjust	VERB
fsr-3837	106	6	excess	excess	ADJ
fsr-3837	106	7	return	return	NOUN
fsr-3837	106	8	for	for	ADP
fsr-3837	106	9	the	the	DET
fsr-3837	106	10	trading	trading	NOUN
fsr-3837	106	11	strategy	strategy	NOUN
fsr-3837	106	12	is	be	AUX
fsr-3837	106	13	positive	positive	ADJ
fsr-3837	106	14	for	for	ADP
fsr-3837	106	15	the	the	DET
fsr-3837	106	16	overall	overall	ADJ
fsr-3837	106	17	period	period	NOUN
fsr-3837	106	18	(	(	PUNCT
fsr-3837	106	19	3.32	3.32	NUM
fsr-3837	106	20	%	%	NOUN
fsr-3837	106	21	)	)	PUNCT
fsr-3837	106	22	and	and	CCONJ
fsr-3837	106	23	negative	negative	ADJ
fsr-3837	106	24	in	in	ADP
fsr-3837	106	25	only	only	ADV
fsr-3837	106	26	three	three	NUM
fsr-3837	106	27	of	of	ADP
fsr-3837	106	28	the	the	DET
fsr-3837	106	29	12	12	NUM
fsr-3837	106	30	subperiods	subperiod	NOUN
fsr-3837	106	31	(	(	PUNCT
fsr-3837	106	32	the	the	DET
fsr-3837	106	33	early	early	ADJ
fsr-3837	106	34	1940s	1940	NOUN
fsr-3837	106	35	and	and	CCONJ
fsr-3837	106	36	the	the	DET
fsr-3837	106	37	1960s	1960s	NUM
fsr-3837	106	38	)	)	PUNCT
fsr-3837	106	39	.	.	PUNCT
fsr-3837	107	1	based	base	VERB
fsr-3837	107	2	on	on	ADP
fsr-3837	107	3	the	the	DET
fsr-3837	107	4	wilcoxon	wilcoxon	PROPN
fsr-3837	107	5	sign	sign	PROPN
fsr-3837	107	6	rank	rank	PROPN
fsr-3837	107	7	test	test	NOUN
fsr-3837	107	8	,	,	PUNCT
fsr-3837	107	9	we	we	PRON
fsr-3837	107	10	can	can	AUX
fsr-3837	107	11	again	again	ADV
fsr-3837	107	12	reject	reject	VERB
fsr-3837	107	13	the	the	DET
fsr-3837	107	14	null	null	ADJ
fsr-3837	107	15	hypothesis	hypothesis	NOUN
fsr-3837	107	16	that	that	PRON
fsr-3837	107	17	the	the	DET
fsr-3837	107	18	population	population	NOUN
fsr-3837	107	19	median	median	NOUN
fsr-3837	107	20	table	table	NOUN
fsr-3837	107	21	2	2	NUM
fsr-3837	107	22	descriptive	descriptive	ADJ
fsr-3837	107	23	information	information	NOUN
fsr-3837	107	24	on	on	ADP
fsr-3837	107	25	the	the	DET
fsr-3837	107	26	investors	investor	NOUN
fsr-3837	107	27	’	’	PART
fsr-3837	107	28	trading	trading	NOUN
fsr-3837	107	29	strategy	strategy	NOUN
fsr-3837	107	30	this	this	DET
fsr-3837	107	31	table	table	NOUN
fsr-3837	107	32	contains	contain	VERB
fsr-3837	107	33	the	the	DET
fsr-3837	107	34	average	average	ADJ
fsr-3837	107	35	risk	risk	NOUN
fsr-3837	107	36	-	-	PUNCT
fsr-3837	107	37	free	free	ADJ
fsr-3837	107	38	rate	rate	NOUN
fsr-3837	107	39	,	,	PUNCT
fsr-3837	107	40	the	the	DET
fsr-3837	107	41	number	number	NOUN
fsr-3837	107	42	of	of	ADP
fsr-3837	107	43	years	year	NOUN
fsr-3837	107	44	in	in	ADP
fsr-3837	107	45	the	the	DET
fsr-3837	107	46	market	market	NOUN
fsr-3837	107	47	,	,	PUNCT
fsr-3837	107	48	the	the	DET
fsr-3837	107	49	percentage	percentage	NOUN
fsr-3837	107	50	of	of	ADP
fsr-3837	107	51	time	time	NOUN
fsr-3837	107	52	and	and	CCONJ
fsr-3837	107	53	an	an	DET
fsr-3837	107	54	approximate	approximate	ADJ
fsr-3837	107	55	beta	beta	NOUN
fsr-3837	107	56	for	for	ADP
fsr-3837	107	57	each	each	DET
fsr-3837	107	58	time	time	NOUN
fsr-3837	107	59	period	period	NOUN
fsr-3837	107	60	.	.	PUNCT
fsr-3837	108	1	average	average	ADJ
fsr-3837	108	2	number	number	NOUN
fsr-3837	108	3	of	of	ADP
fsr-3837	108	4	years	year	NOUN
fsr-3837	108	5	percentage	percentage	NOUN
fsr-3837	108	6	of	of	ADP
fsr-3837	108	7	the	the	DET
fsr-3837	108	8	approximate	approximate	ADJ
fsr-3837	108	9	time	time	NOUN
fsr-3837	108	10	period	period	NOUN
fsr-3837	108	11	risk	risk	NOUN
fsr-3837	108	12	-	-	PUNCT
fsr-3837	108	13	free	free	ADJ
fsr-3837	108	14	rate	rate	NOUN
fsr-3837	108	15	in	in	ADP
fsr-3837	108	16	the	the	DET
fsr-3837	108	17	market	market	NOUN
fsr-3837	108	18	period	period	NOUN
fsr-3837	108	19	in	in	ADP
fsr-3837	108	20	the	the	DET
fsr-3837	108	21	market	market	NOUN
fsr-3837	108	22	beta	beta	NOUN
fsr-3837	108	23	entire	entire	ADJ
fsr-3837	108	24	period	period	NOUN
fsr-3837	108	25	1933	1933	NUM
fsr-3837	108	26	-	-	SYM
fsr-3837	108	27	1994	1994	NUM
fsr-3837	108	28	3.87	3.87	NUM
fsr-3837	108	29	%	%	NOUN
fsr-3837	108	30	34.09	34.09	NUM
fsr-3837	108	31	55	55	NUM
fsr-3837	108	32	%	%	NOUN
fsr-3837	108	33	0.55	0.55	NUM
fsr-3837	108	34	five	five	NUM
fsr-3837	108	35	year	year	NOUN
fsr-3837	108	36	subperiods	subperiod	NOUN
fsr-3837	108	37	:	:	PUNCT
fsr-3837	108	38	1935	1935	NUM
fsr-3837	108	39	-	-	SYM
fsr-3837	108	40	1939	1939	NUM
fsr-3837	108	41	0.14	0.14	NUM
fsr-3837	108	42	5.00	5.00	NUM
fsr-3837	108	43	100	100	NUM
fsr-3837	108	44	%	%	NOUN
fsr-3837	108	45	1	1	NUM
fsr-3837	108	46	.oo	.oo	SYM
fsr-3837	108	47	1940	1940	NUM
fsr-3837	108	48	-	-	SYM
fsr-3837	108	49	1944	1944	NUM
fsr-3837	108	50	0.20	0.20	NUM
fsr-3837	108	51	5.00	5.00	NUM
fsr-3837	108	52	100	100	NUM
fsr-3837	108	53	%	%	NOUN
fsr-3837	108	54	1.00	1.00	NUM
fsr-3837	108	55	1945	1945	NUM
fsr-3837	108	56	-	-	SYM
fsr-3837	108	57	1949	1949	NUM
fsr-3837	108	58	0.62	0.62	NUM
fsr-3837	108	59	3.04	3.04	NUM
fsr-3837	108	60	61	61	NUM
fsr-3837	108	61	%	%	NOUN
fsr-3837	108	62	0.61	0.61	NUM
fsr-3837	108	63	1950	1950	NUM
fsr-3837	108	64	-	-	SYM
fsr-3837	108	65	1954	1954	NUM
fsr-3837	108	66	1.42	1.42	NUM
fsr-3837	108	67	0.66	0.66	NUM
fsr-3837	108	68	13	13	NUM
fsr-3837	108	69	%	%	NOUN
fsr-3837	108	70	0.13	0.13	NUM
fsr-3837	108	71	1955	1955	NUM
fsr-3837	108	72	-	-	SYM
fsr-3837	108	73	1959	1959	NUM
fsr-3837	108	74	2.34	2.34	NUM
fsr-3837	108	75	1.08	1.08	NUM
fsr-3837	108	76	23	23	NUM
fsr-3837	108	77	%	%	NOUN
fsr-3837	108	78	0.23	0.23	NUM
fsr-3837	108	79	1960	1960	NUM
fsr-3837	108	80	-	-	SYM
fsr-3837	108	81	1964	1964	NUM
fsr-3837	108	82	2.82	2.82	NUM
fsr-3837	108	83	3.04	3.04	NUM
fsr-3837	108	84	61	61	NUM
fsr-3837	108	85	%	%	NOUN
fsr-3837	108	86	0.61	0.61	NUM
fsr-3837	108	87	19651969	19651969	NUM
fsr-3837	108	88	4.94	4.94	NUM
fsr-3837	108	89	0.63	0.63	NUM
fsr-3837	108	90	13	13	NUM
fsr-3837	108	91	%	%	NOUN
fsr-3837	108	92	0.13	0.13	NUM
fsr-3837	108	93	19701974	19701974	NUM
fsr-3837	108	94	5.92	5.92	NUM
fsr-3837	108	95	1.92	1.92	NUM
fsr-3837	108	96	38	38	NUM
fsr-3837	108	97	%	%	NOUN
fsr-3837	108	98	0.38	0.38	NUM
fsr-3837	108	99	1975	1975	NUM
fsr-3837	108	100	-	-	SYM
fsr-3837	108	101	1979	1979	NUM
fsr-3837	108	102	6.72	6.72	NUM
fsr-3837	108	103	2.67	2.67	NUM
fsr-3837	108	104	53	53	NUM
fsr-3837	108	105	%	%	NOUN
fsr-3837	108	106	0.53	0.53	NUM
fsr-3837	108	107	1980	1980	NUM
fsr-3837	108	108	-	-	SYM
fsr-3837	108	109	1984	1984	NUM
fsr-3837	108	110	il.00	il.00	NOUN
fsr-3837	108	111	2.92	2.92	NUM
fsr-3837	108	112	58	58	NUM
fsr-3837	108	113	%	%	NOUN
fsr-3837	108	114	0.58	0.58	NUM
fsr-3837	108	115	1985	1985	NUM
fsr-3837	108	116	-	-	SYM
fsr-3837	108	117	1989	1989	NUM
fsr-3837	108	118	6.82	6.82	NUM
fsr-3837	108	119	2.71	2.71	NUM
fsr-3837	108	120	54	54	NUM
fsr-3837	108	121	%	%	NOUN
fsr-3837	108	122	0.54	0.54	NUM
fsr-3837	108	123	iwo1994	iwo1994	NOUN
fsr-3837	108	124	’	'	PUNCT
fsr-3837	108	125	4.99	4.99	NUM
fsr-3837	108	126	3.50	3.50	NUM
fsr-3837	108	127	79	79	NUM
fsr-3837	108	128	%	%	NOUN
fsr-3837	108	129	0.79	0.79	NUM
fsr-3837	108	130	nofe	nofe	NOUN
fsr-3837	108	131	:	:	PUNCT
fsr-3837	108	132	‘	'	PUNCT
fsr-3837	108	133	this	this	DET
fsr-3837	108	134	period	period	NOUN
fsr-3837	108	135	is	be	AUX
fsr-3837	108	136	4.38	4.38	NUM
fsr-3837	108	137	years	year	NOUN
fsr-3837	108	138	:	:	PUNCT
fsr-3837	108	139	based	base	VERB
fsr-3837	108	140	on	on	ADP
fsr-3837	108	141	a	a	DET
fsr-3837	108	142	buy	buy	NOUN
fsr-3837	108	143	signal	signal	NOUN
fsr-3837	108	144	december	december	PROPN
fsr-3837	108	145	19	19	NUM
fsr-3837	108	146	,	,	PUNCT
fsr-3837	108	147	1990	1990	NUM
fsr-3837	108	148	and	and	CCONJ
fsr-3837	108	149	a	a	DET
fsr-3837	108	150	sell	sell	NOUN
fsr-3837	108	151	signal	signal	NOUN
fsr-3837	108	152	may	may	PROPN
fsr-3837	108	153	17	17	NUM
fsr-3837	108	154	.	.	PROPN
fsr-3837	108	155	1994	1994	NUM
fsr-3837	108	156	which	which	PRON
fsr-3837	108	157	ends	end	VERB
fsr-3837	108	158	the	the	DET
fsr-3837	108	159	study	study	NOUN
fsr-3837	108	160	period	period	NOUN
fsr-3837	108	161	.	.	PUNCT
fsr-3837	109	1	t	t	PROPN
fsr-3837	109	2	a	a	DET
fsr-3837	109	3	b	b	NOUN
fsr-3837	109	4	l	l	NOUN
fsr-3837	109	5	e	e	NOUN
fsr-3837	109	6	3	3	NUM
fsr-3837	109	7	r	r	NOUN
fsr-3837	109	8	is	be	AUX
fsr-3837	109	9	kfr	kfr	VERB
fsr-3837	109	10	ee	ee	ADP
fsr-3837	109	11	r	r	NOUN
fsr-3837	109	12	at	at	ADP
fsr-3837	109	13	es	es	X
fsr-3837	109	14	,	,	PUNCT
fsr-3837	109	15	r	r	NOUN
fsr-3837	109	16	et	et	NOUN
fsr-3837	109	17	ur	ur	INTJ
fsr-3837	109	18	ns	ns	INTJ
fsr-3837	109	19	a	a	DET
fsr-3837	109	20	nd	nd	NOUN
fsr-3837	109	21	t	t	NOUN
fsr-3837	109	22	re	re	NOUN
fsr-3837	109	23	yn	yn	PROPN
fsr-3837	109	24	or	or	CCONJ
fsr-3837	109	25	m	m	PROPN
fsr-3837	109	26	ea	ea	PROPN
fsr-3837	109	27	su	su	PROPN
fsr-3837	109	28	re	re	PROPN
fsr-3837	109	29	s	s	PROPN
fsr-3837	109	30	t	t	PROPN
fsr-3837	110	1	hi	hi	INTJ
fsr-3837	110	2	s	s	X
fsr-3837	110	3	ta	ta	AUX
fsr-3837	110	4	bl	bl	X
fsr-3837	110	5	e	e	PROPN
fsr-3837	110	6	co	co	AUX
fsr-3837	110	7	nt	not	PART
fsr-3837	110	8	ai	ai	VERB
fsr-3837	110	9	ns	ns	INTJ
fsr-3837	110	10	a	a	DET
fsr-3837	110	11	ct	ct	PROPN
fsr-3837	110	12	ua	ua	PROPN
fsr-3837	110	13	l	l	PROPN
fsr-3837	110	14	,	,	PUNCT
fsr-3837	111	1	c	c	PROPN
fsr-3837	111	2	a	a	DET
fsr-3837	111	3	p	p	NOUN
fsr-3837	111	4	m	m	ADJ
fsr-3837	111	5	r	r	NOUN
fsr-3837	111	6	eq	eq	NOUN
fsr-3837	111	7	ui	ui	PROPN
fsr-3837	111	8	re	re	PROPN
fsr-3837	111	9	d	d	PROPN
fsr-3837	111	10	an	an	PROPN
fsr-3837	111	11	d	d	X
fsr-3837	111	12	ex	ex	X
fsr-3837	111	13	ce	ce	NOUN
fsr-3837	111	14	ss	ss	NOUN
fsr-3837	111	15	r	r	NOUN
fsr-3837	111	16	et	et	NOUN
fsr-3837	111	17	ur	ur	INTJ
fsr-3837	111	18	ns	ns	INTJ
fsr-3837	111	19	a	a	PRON
fsr-3837	111	20	nd	nd	ADV
fsr-3837	111	21	th	th	X
fsr-3837	111	22	e	e	X
fsr-3837	111	23	t	t	X
fsr-3837	111	24	re	re	VERB
fsr-3837	111	25	yn	yn	PROPN
fsr-3837	111	26	or	or	CCONJ
fsr-3837	111	27	m	m	PROPN
fsr-3837	111	28	ea	ea	PROPN
fsr-3837	111	29	su	su	PROPN
fsr-3837	111	30	re	re	PROPN
fsr-3837	111	31	s	s	NOUN
fsr-3837	111	32	fo	fo	ADP
fsr-3837	111	33	r	r	NOUN
fsr-3837	111	34	th	th	X
fsr-3837	111	35	e	e	NOUN
fsr-3837	111	36	bu	bu	PROPN
fsr-3837	111	37	y	y	PROPN
fsr-3837	112	1	an	an	PROPN
fsr-3837	112	2	d	d	X
fsr-3837	112	3	ho	ho	PROPN
fsr-3837	112	4	ld	ld	PROPN
fsr-3837	112	5	a	a	DET
fsr-3837	112	6	nd	nd	ADV
fsr-3837	112	7	th	th	X
fsr-3837	112	8	e	e	NOUN
fsr-3837	112	9	in	in	ADP
fsr-3837	112	10	ve	ve	PROPN
fsr-3837	112	11	st	st	PROPN
fsr-3837	112	12	or	or	CCONJ
fsr-3837	112	13	s	s	NOUN
fsr-3837	112	14	’	'	PUNCT
fsr-3837	112	15	t	t	PROPN
fsr-3837	112	16	ra	ra	PROPN
fsr-3837	112	17	di	di	INTJ
fsr-3837	112	18	ng	ng	PROPN
fsr-3837	112	19	s	s	PART
fsr-3837	112	20	tr	tr	VERB
fsr-3837	112	21	at	at	ADP
fsr-3837	112	22	eg	eg	NOUN
fsr-3837	112	23	ie	ie	X
fsr-3837	112	24	s	s	PART
fsr-3837	112	25	fo	fo	ADP
fsr-3837	112	26	r	r	NOUN
fsr-3837	112	27	ea	ea	NOUN
fsr-3837	112	28	ch	ch	NOUN
fsr-3837	112	29	t	t	PROPN
fsr-3837	113	1	i	i	PRON
fsr-3837	113	2	m	m	VERB
fsr-3837	113	3	e	e	NOUN
fsr-3837	113	4	pe	pe	NOUN
fsr-3837	113	5	ri	ri	PROPN
fsr-3837	113	6	od	od	PROPN
fsr-3837	113	7	(	(	PUNCT
fsr-3837	113	8	al	al	PROPN
fsr-3837	113	9	l	l	PROPN
fsr-3837	113	10	r	r	NOUN
fsr-3837	113	11	et	et	VERB
fsr-3837	113	12	ur	ur	INTJ
fsr-3837	113	13	n	n	ADV
fsr-3837	113	14	fi	fi	NOUN
fsr-3837	113	15	gu	gu	X
fsr-3837	113	16	re	re	PROPN
fsr-3837	113	17	s	s	PROPN
fsr-3837	113	18	ar	ar	PROPN
fsr-3837	113	19	e	e	PROPN
fsr-3837	113	20	av	av	PROPN
fsr-3837	113	21	er	er	INTJ
fsr-3837	113	22	ag	ag	PROPN
fsr-3837	113	23	e	e	PROPN
fsr-3837	113	24	an	an	PROPN
fsr-3837	113	25	nu	nu	PROPN
fsr-3837	113	26	al	al	PROPN
fsr-3837	113	27	iz	iz	INTJ
fsr-3837	114	1	ed	ed	NOUN
fsr-3837	115	1	r	r	NOUN
fsr-3837	115	2	et	et	NOUN
fsr-3837	115	3	ur	ur	INTJ
fsr-3837	115	4	ns	ns	INTJ
fsr-3837	115	5	)	)	PUNCT
fsr-3837	115	6	.	.	PUNCT
fsr-3837	116	1	b	b	X
fsr-3837	116	2	u	u	X
fsr-3837	116	3	y	y	PROPN
fsr-3837	116	4	an	an	PROPN
fsr-3837	116	5	d	d	NOUN
fsr-3837	116	6	h	h	NOUN
fsr-3837	116	7	o	o	NOUN
fsr-3837	116	8	l	l	PUNCT
fsr-3837	117	1	d	d	X
fsr-3837	117	2	s	s	X
fsr-3837	117	3	t	t	PROPN
fsr-3837	117	4	r	r	NOUN
fsr-3837	117	5	a	a	DET
fsr-3837	117	6	t	t	NOUN
fsr-3837	117	7	e	e	NOUN
fsr-3837	117	8	g	g	PROPN
fsr-3837	117	9	y	y	PROPN
fsr-3837	117	10	w	w	PROPN
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fsr-3837	121	10	)	)	PUNCT
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fsr-3837	125	50	.	.	PUNCT
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fsr-3837	136	68	98	98	NUM
fsr-3837	136	69	9	9	NUM
fsr-3837	136	70	22	22	NUM
fsr-3837	136	71	.6	.6	NUM
fsr-3837	136	72	7	7	NUM
fsr-3837	136	73	15	15	NUM
fsr-3837	136	74	.0	.0	NUM
fsr-3837	136	75	5	5	NUM
fsr-3837	136	76	7	7	NUM
fsr-3837	136	77	.	.	NUM
fsr-3837	136	78	62	62	NUM
fsr-3837	136	79	15	15	NUM
fsr-3837	136	80	.8	.8	NUM
fsr-3837	136	81	5	5	NUM
fsr-3837	136	82	22	22	NUM
fsr-3837	136	83	.1	.1	NUM
fsr-3837	136	84	3	3	NUM
fsr-3837	136	85	11	11	NUM
fsr-3837	136	86	.2	.2	NUM
fsr-3837	136	87	6	6	NUM
fsr-3837	136	88	10	10	NUM
fsr-3837	136	89	.8	.8	NUM
fsr-3837	136	90	7	7	NUM
fsr-3837	136	91	29	29	NUM
fsr-3837	136	92	.3	.3	NUM
fsr-3837	136	93	5	5	NUM
fsr-3837	136	94	19	19	NUM
fsr-3837	136	95	90	90	NUM
fsr-3837	136	96	1	1	NUM
fsr-3837	136	97	99	99	NUM
fsr-3837	136	98	4	4	NUM
fsr-3837	136	99	*	*	SYM
fsr-3837	136	100	11	11	NUM
fsr-3837	136	101	.2	.2	NUM
fsr-3837	136	102	6	6	NUM
fsr-3837	136	103	13	13	NUM
fsr-3837	136	104	.2	.2	NUM
fsr-3837	136	105	2	2	NUM
fsr-3837	136	106	-1	-1	SYM
fsr-3837	136	107	.9	.9	NUM
fsr-3837	136	108	6	6	NUM
fsr-3837	136	109	6	6	NUM
fsr-3837	136	110	.	.	PUNCT
fsr-3837	136	111	27	27	NUM
fsr-3837	136	112	13	13	NUM
fsr-3837	136	113	.0	.0	NUM
fsr-3837	136	114	1	1	NUM
fsr-3837	136	115	il	il	PROPN
fsr-3837	136	116	.4	.4	NUM
fsr-3837	136	117	9	9	NUM
fsr-3837	136	118	1	1	NUM
fsr-3837	136	119	.	.	PUNCT
fsr-3837	136	120	52	52	NUM
fsr-3837	136	121	10	10	NUM
fsr-3837	136	122	.1	.1	NUM
fsr-3837	136	123	5	5	NUM
fsr-3837	136	124	n	n	NUM
fsr-3837	136	125	o	o	NOUN
fsr-3837	137	1	ic	ic	INTJ
fsr-3837	137	2	*	*	PUNCT
fsr-3837	137	3	fo	fo	INTJ
fsr-3837	137	4	r	r	NOUN
fsr-3837	137	5	1	1	NUM
fsr-3837	137	6	99	99	NUM
fsr-3837	137	7	4	4	NUM
fsr-3837	137	8	th	th	X
fsr-3837	137	9	e	e	X
fsr-3837	137	10	se	se	X
fsr-3837	137	11	ll	ll	AUX
fsr-3837	137	12	si	si	PROPN
fsr-3837	137	13	gn	gn	PROPN
fsr-3837	137	14	al	al	PROPN
fsr-3837	137	15	is	be	AUX
fsr-3837	137	16	o	o	PROPN
fsr-3837	137	17	n	n	ADV
fsr-3837	137	18	m	m	PROPN
fsr-3837	137	19	ay	ay	NOUN
fsr-3837	137	20	17	17	NUM
fsr-3837	137	21	,	,	PUNCT
fsr-3837	137	22	t	t	PROPN
fsr-3837	137	23	hu	hu	PROPN
fsr-3837	137	24	s	s	PART
fsr-3837	137	25	th	th	X
fsr-3837	137	26	e	e	X
fsr-3837	137	27	re	re	X
fsr-3837	137	28	tu	tu	PROPN
fsr-3837	137	29	rn	rn	PROPN
fsr-3837	138	1	i	i	PROPN
fsr-3837	138	2	s	s	VERB
fsr-3837	138	3	ad	ad	NOUN
fsr-3837	138	4	ju	ju	PROPN
fsr-3837	138	5	st	st	PROPN
fsr-3837	138	6	ed	ed	NOUN
fsr-3837	138	7	to	to	ADP
fsr-3837	138	8	r	r	NOUN
fsr-3837	138	9	ef	ef	X
fsr-3837	138	10	le	le	X
fsr-3837	138	11	ct	ct	NOUN
fsr-3837	138	12	th	th	X
fsr-3837	138	13	e	e	X
fsr-3837	138	14	pa	pa	PROPN
fsr-3837	138	15	rt	rt	PROPN
fsr-3837	138	16	ia	ia	PROPN
fsr-3837	138	17	l	l	PROPN
fsr-3837	138	18	ye	ye	PROPN
fsr-3837	138	19	ar	ar	PROPN
fsr-3837	138	20	(	(	PUNCT
fsr-3837	138	21	.3	.3	NUM
fsr-3837	138	22	8	8	NUM
fsr-3837	138	23	ye	ye	PROPN
fsr-3837	138	24	ar	ar	PROPN
fsr-3837	138	25	s	s	PROPN
fsr-3837	138	26	)	)	PUNCT
fsr-3837	138	27	.	.	PUNCT
fsr-3837	139	1	a	a	DET
fsr-3837	139	2	simple	simple	ADJ
fsr-3837	139	3	and	and	CCONJ
fsr-3837	139	4	effective	effective	ADJ
fsr-3837	139	5	trading	trading	NOUN
fsr-3837	139	6	rule	rule	NOUN
fsr-3837	139	7	293	293	NUM
fsr-3837	139	8	of	of	ADP
fsr-3837	139	9	excess	excess	ADJ
fsr-3837	139	10	returns	return	NOUN
fsr-3837	139	11	for	for	ADP
fsr-3837	139	12	the	the	DET
fsr-3837	139	13	trading	trading	NOUN
fsr-3837	139	14	strategy	strategy	NOUN
fsr-3837	139	15	is	be	AUX
fsr-3837	139	16	equal	equal	ADJ
fsr-3837	139	17	to	to	ADP
fsr-3837	139	18	zero	zero	NUM
fsr-3837	139	19	in	in	ADP
fsr-3837	139	20	favor	favor	NOUN
fsr-3837	139	21	of	of	ADP
fsr-3837	139	22	the	the	DET
fsr-3837	139	23	alternative	alternative	ADJ
fsr-3837	139	24	hypoth	hypoth	NOUN
fsr-3837	139	25	esis	esis	NOUN
fsr-3837	139	26	that	that	PRON
fsr-3837	139	27	the	the	DET
fsr-3837	139	28	population	population	NOUN
fsr-3837	139	29	median	median	NOUN
fsr-3837	139	30	of	of	ADP
fsr-3837	139	31	excess	excess	ADJ
fsr-3837	139	32	returns	return	NOUN
fsr-3837	139	33	is	be	AUX
fsr-3837	139	34	shifted	shift	VERB
fsr-3837	139	35	to	to	ADP
fsr-3837	139	36	the	the	DET
fsr-3837	139	37	right	right	NOUN
fsr-3837	139	38	(	(	PUNCT
fsr-3837	139	39	i.e.	i.e.	X
fsr-3837	139	40	,	,	PUNCT
fsr-3837	139	41	greater	great	ADJ
fsr-3837	139	42	than	than	ADP
fsr-3837	139	43	zero	zero	NUM
fsr-3837	139	44	)	)	PUNCT
fsr-3837	139	45	at	at	ADP
fsr-3837	139	46	the	the	DET
fsr-3837	139	47	97.5	97.5	NUM
fsr-3837	139	48	%	%	NOUN
fsr-3837	139	49	confidence	confidence	NOUN
fsr-3837	139	50	level	level	NOUN
fsr-3837	139	51	.	.	PUNCT
fsr-3837	140	1	alternatively	alternatively	ADV
fsr-3837	140	2	,	,	PUNCT
fsr-3837	140	3	the	the	DET
fsr-3837	140	4	null	null	ADJ
fsr-3837	140	5	hypothesis	hypothesis	NOUN
fsr-3837	140	6	of	of	ADP
fsr-3837	140	7	a	a	DET
fsr-3837	140	8	population	population	NOUN
fsr-3837	140	9	median	median	NOUN
fsr-3837	140	10	equal	equal	ADJ
fsr-3837	140	11	to	to	ADP
fsr-3837	140	12	zero	zero	NUM
fsr-3837	140	13	can	can	AUX
fsr-3837	140	14	not	not	PART
fsr-3837	140	15	be	be	AUX
fsr-3837	140	16	rejected	reject	VERB
fsr-3837	140	17	for	for	ADP
fsr-3837	140	18	the	the	DET
fsr-3837	140	19	buy	buy	NOUN
fsr-3837	140	20	and	and	CCONJ
fsr-3837	140	21	hold	hold	VERB
fsr-3837	140	22	strategy	strategy	NOUN
fsr-3837	140	23	at	at	ADP
fsr-3837	140	24	any	any	DET
fsr-3837	140	25	meaningful	meaningful	ADJ
fsr-3837	140	26	significance	significance	NOUN
fsr-3837	140	27	level	level	NOUN
fsr-3837	140	28	.	.	PUNCT
fsr-3837	141	1	implementation	implementation	NOUN
fsr-3837	141	2	of	of	ADP
fsr-3837	141	3	the	the	DET
fsr-3837	141	4	trading	trading	NOUN
fsr-3837	141	5	strategy	strategy	NOUN
fsr-3837	141	6	triggered	trigger	VERB
fsr-3837	141	7	24	24	NUM
fsr-3837	141	8	trades	trade	NOUN
fsr-3837	141	9	(	(	PUNCT
fsr-3837	141	10	23	23	NUM
fsr-3837	141	11	intervals	interval	NOUN
fsr-3837	141	12	for	for	ADP
fsr-3837	141	13	market	market	NOUN
fsr-3837	141	14	trend	trend	NOUN
fsr-3837	141	15	forecasts	forecast	NOUN
fsr-3837	141	16	)	)	PUNCT
fsr-3837	141	17	.	.	PUNCT
fsr-3837	142	1	over	over	ADP
fsr-3837	142	2	the	the	DET
fsr-3837	142	3	entire	entire	ADJ
fsr-3837	142	4	period	period	NOUN
fsr-3837	142	5	analyzed	analyze	VERB
fsr-3837	142	6	there	there	PRON
fsr-3837	142	7	were	be	VERB
fsr-3837	142	8	12	12	NUM
fsr-3837	142	9	up	up	ADJ
fsr-3837	142	10	-	-	PUNCT
fsr-3837	142	11	market	market	NOUN
fsr-3837	142	12	and	and	CCONJ
fsr-3837	142	13	11	11	NUM
fsr-3837	142	14	down	down	ADJ
fsr-3837	142	15	market	market	NOUN
fsr-3837	142	16	periods	period	NOUN
fsr-3837	142	17	forecasted	forecast	VERB
fsr-3837	142	18	.	.	PUNCT
fsr-3837	143	1	actual	actual	ADJ
fsr-3837	143	2	occurrences	occurrence	NOUN
fsr-3837	143	3	consisted	consist	VERB
fsr-3837	143	4	of	of	ADP
fsr-3837	143	5	17	17	NUM
fsr-3837	143	6	up	up	ADJ
fsr-3837	143	7	-	-	PUNCT
fsr-3837	143	8	market	market	NOUN
fsr-3837	143	9	periods	period	NOUN
fsr-3837	143	10	and	and	CCONJ
fsr-3837	143	11	6	6	NUM
fsr-3837	143	12	down	down	ADJ
fsr-3837	143	13	-	-	PUNCT
fsr-3837	143	14	market	market	NOUN
fsr-3837	143	15	periods	period	NOUN
fsr-3837	143	16	.	.	PUNCT
fsr-3837	144	1	thus	thus	ADV
fsr-3837	144	2	,	,	PUNCT
fsr-3837	144	3	based	base	VERB
fsr-3837	144	4	on	on	ADP
fsr-3837	144	5	the	the	DET
fsr-3837	144	6	conditional	conditional	ADJ
fsr-3837	144	7	probabilities	probability	NOUN
fsr-3837	144	8	and	and	CCONJ
fsr-3837	144	9	the	the	DET
fsr-3837	144	10	hypergeometric	hypergeometric	ADJ
fsr-3837	144	11	distribution	distribution	NOUN
fsr-3837	144	12	equation	equation	NOUN
fsr-3837	144	13	,	,	PUNCT
fsr-3837	144	14	we	we	PRON
fsr-3837	144	15	calculate	calculate	VERB
fsr-3837	144	16	the	the	DET
fsr-3837	144	17	probability	probability	NOUN
fsr-3837	144	18	of	of	ADP
fsr-3837	144	19	predicting	predict	VERB
fsr-3837	144	20	6	6	NUM
fsr-3837	144	21	of	of	ADP
fsr-3837	144	22	6	6	NUM
fsr-3837	144	23	down	down	ADJ
fsr-3837	144	24	-	-	PUNCT
fsr-3837	144	25	market	market	NOUN
fsr-3837	144	26	trends	trend	NOUN
fsr-3837	144	27	if	if	SCONJ
fsr-3837	144	28	the	the	DET
fsr-3837	144	29	null	null	ADJ
fsr-3837	144	30	hypothesis	hypothesis	NOUN
fsr-3837	144	31	is	be	AUX
fsr-3837	144	32	true	true	ADJ
fsr-3837	144	33	as	as	SCONJ
fsr-3837	144	34	follows	follow	VERB
fsr-3837	144	35	:	:	PUNCT
fsr-3837	144	36	pi(t	pi(t	X
fsr-3837	144	37	)	)	PUNCT
fsr-3837	145	1	+	+	PUNCT
fsr-3837	145	2	p2(t	p2(t	NOUN
fsr-3837	145	3	)	)	PUNCT
fsr-3837	145	4	=	=	NOUN
fsr-3837	146	1	12/17	12/17	NUM
fsr-3837	146	2	+	+	NUM
fsr-3837	146	3	616	616	NUM
fsr-3837	146	4	=	=	SYM
fsr-3837	146	5	1.7059	1.7059	NUM
fsr-3837	146	6	p(n	p(n	NOUN
fsr-3837	146	7	,	,	PUNCT
fsr-3837	146	8	)	)	PUNCT
fsr-3837	146	9	=	=	SYM
fsr-3837	146	10	61(23	61(23	NOUN
fsr-3837	146	11	,	,	PUNCT
fsr-3837	146	12	17,6	17,6	NUM
fsr-3837	146	13	)	)	PUNCT
fsr-3837	146	14	=	=	NOUN
fsr-3837	146	15	(	(	PUNCT
fsr-3837	146	16	3(1	3(1	NUM
fsr-3837	146	17	,	,	PUNCT
fsr-3837	146	18	”	"	PUNCT
fsr-3837	146	19	6	6	NUM
fsr-3837	146	20	)	)	PUNCT
fsr-3837	146	21	=	=	NOUN
fsr-3837	146	22	.oo46	.oo46	PUNCT
fsr-3837	146	23	based	base	VERB
fsr-3837	146	24	on	on	ADP
fsr-3837	146	25	these	these	DET
fsr-3837	146	26	calculations	calculation	NOUN
fsr-3837	146	27	we	we	PRON
fsr-3837	146	28	can	can	AUX
fsr-3837	146	29	reject	reject	VERB
fsr-3837	146	30	the	the	DET
fsr-3837	146	31	null	null	ADJ
fsr-3837	146	32	hypothesis	hypothesis	NOUN
fsr-3837	146	33	of	of	ADP
fsr-3837	146	34	no	no	DET
fsr-3837	146	35	forecasting	forecasting	NOUN
fsr-3837	146	36	ability	ability	NOUN
fsr-3837	146	37	(	(	PUNCT
fsr-3837	146	38	pi(t	pi(t	NOUN
fsr-3837	146	39	)	)	PUNCT
fsr-3837	146	40	+	+	NUM
fsr-3837	146	41	p*(t	p*(t	NOUN
fsr-3837	146	42	)	)	PUNCT
fsr-3837	146	43	=	=	SYM
fsr-3837	147	1	1	1	X
fsr-3837	147	2	)	)	PUNCT
fsr-3837	147	3	at	at	ADP
fsr-3837	147	4	a	a	DET
fsr-3837	147	5	confidence	confidence	NOUN
fsr-3837	147	6	level	level	NOUN
fsr-3837	147	7	of	of	ADP
fsr-3837	147	8	99.5	99.5	NUM
fsr-3837	147	9	%	%	NOUN
fsr-3837	147	10	.	.	PUNCT
fsr-3837	148	1	the	the	DET
fsr-3837	148	2	overall	overall	ADJ
fsr-3837	148	3	results	result	NOUN
fsr-3837	148	4	suggest	suggest	VERB
fsr-3837	148	5	that	that	SCONJ
fsr-3837	148	6	investors	investor	NOUN
fsr-3837	148	7	may	may	AUX
fsr-3837	148	8	not	not	PART
fsr-3837	148	9	only	only	ADV
fsr-3837	148	10	profit	profit	NOUN
fsr-3837	148	11	,	,	PUNCT
fsr-3837	148	12	but	but	CCONJ
fsr-3837	148	13	also	also	ADV
fsr-3837	148	14	reduce	reduce	VERB
fsr-3837	148	15	risk	risk	NOUN
fsr-3837	148	16	exposure	exposure	NOUN
fsr-3837	148	17	by	by	ADP
fsr-3837	148	18	following	follow	VERB
fsr-3837	148	19	the	the	DET
fsr-3837	148	20	proposed	propose	VERB
fsr-3837	148	21	strategy	strategy	NOUN
fsr-3837	148	22	.	.	PUNCT
fsr-3837	149	1	the	the	DET
fsr-3837	149	2	recommendation	recommendation	NOUN
fsr-3837	149	3	,	,	PUNCT
fsr-3837	149	4	of	of	ADP
fsr-3837	149	5	course	course	NOUN
fsr-3837	149	6	,	,	PUNCT
fsr-3837	149	7	is	be	AUX
fsr-3837	149	8	subject	subject	ADJ
fsr-3837	149	9	to	to	ADP
fsr-3837	149	10	the	the	DET
fsr-3837	149	11	caveat	caveat	NOUN
fsr-3837	149	12	that	that	SCONJ
fsr-3837	149	13	the	the	DET
fsr-3837	149	14	historical	historical	ADJ
fsr-3837	149	15	market	market	NOUN
fsr-3837	149	16	responses	response	NOUN
fsr-3837	149	17	to	to	ADP
fsr-3837	149	18	discount	discount	NOUN
fsr-3837	149	19	rate	rate	NOUN
fsr-3837	149	20	changes	change	NOUN
fsr-3837	149	21	continue	continue	VERB
fsr-3837	149	22	in	in	ADP
fsr-3837	149	23	essen	essen	NOUN
fsr-3837	149	24	tially	tially	ADV
fsr-3837	149	25	the	the	DET
fsr-3837	149	26	same	same	ADJ
fsr-3837	149	27	direction	direction	NOUN
fsr-3837	149	28	and	and	CCONJ
fsr-3837	149	29	magnitude	magnitude	NOUN
fsr-3837	149	30	in	in	ADP
fsr-3837	149	31	the	the	DET
fsr-3837	149	32	future	future	NOUN
fsr-3837	149	33	and	and	CCONJ
fsr-3837	149	34	that	that	SCONJ
fsr-3837	149	35	investors	investor	NOUN
fsr-3837	149	36	consistently	consistently	ADV
fsr-3837	149	37	follow	follow	VERB
fsr-3837	149	38	the	the	DET
fsr-3837	149	39	strategy	strategy	NOUN
fsr-3837	149	40	.	.	PUNCT
fsr-3837	150	1	additionally	additionally	ADV
fsr-3837	150	2	,	,	PUNCT
fsr-3837	150	3	the	the	DET
fsr-3837	150	4	full	full	ADJ
fsr-3837	150	5	benefits	benefit	NOUN
fsr-3837	150	6	of	of	ADP
fsr-3837	150	7	the	the	DET
fsr-3837	150	8	proposed	propose	VERB
fsr-3837	150	9	strategy	strategy	NOUN
fsr-3837	150	10	are	be	AUX
fsr-3837	150	11	realized	realize	VERB
fsr-3837	150	12	when	when	SCONJ
fsr-3837	150	13	trad	trad	X
fsr-3837	150	14	ing	ing	ADJ
fsr-3837	150	15	costs	cost	NOUN
fsr-3837	150	16	,	,	PUNCT
fsr-3837	150	17	consisting	consist	VERB
fsr-3837	150	18	of	of	ADP
fsr-3837	150	19	taxes	taxis	NOUN
fsr-3837	150	20	,	,	PUNCT
fsr-3837	150	21	commissions	commission	NOUN
fsr-3837	150	22	and	and	CCONJ
fsr-3837	150	23	other	other	ADJ
fsr-3837	150	24	fees	fee	NOUN
fsr-3837	150	25	,	,	PUNCT
fsr-3837	150	26	are	be	AUX
fsr-3837	150	27	zero	zero	NUM
fsr-3837	150	28	(	(	PUNCT
fsr-3837	150	29	i.e.	i.e.	X
fsr-3837	150	30	,	,	PUNCT
fsr-3837	150	31	retirement	retirement	NOUN
fsr-3837	150	32	accounts	account	NOUN
fsr-3837	150	33	that	that	PRON
fsr-3837	150	34	trade	trade	VERB
fsr-3837	150	35	costlessly	costlessly	ADV
fsr-3837	150	36	and	and	CCONJ
fsr-3837	150	37	on	on	ADP
fsr-3837	150	38	a	a	DET
fsr-3837	150	39	tax	tax	NOUN
fsr-3837	150	40	deferred	defer	VERB
fsr-3837	150	41	basis	basis	NOUN
fsr-3837	150	42	)	)	PUNCT
fsr-3837	150	43	.	.	PUNCT
fsr-3837	151	1	even	even	ADV
fsr-3837	151	2	when	when	SCONJ
fsr-3837	151	3	trading	trading	NOUN
fsr-3837	151	4	costs	cost	NOUN
fsr-3837	151	5	are	be	AUX
fsr-3837	151	6	con	con	NOUN
fsr-3837	151	7	sidered	sidere	VERB
fsr-3837	151	8	they	they	PRON
fsr-3837	151	9	do	do	AUX
fsr-3837	151	10	not	not	PART
fsr-3837	151	11	significantly	significantly	ADV
fsr-3837	151	12	reduce	reduce	VERB
fsr-3837	151	13	the	the	DET
fsr-3837	151	14	returns	return	NOUN
fsr-3837	151	15	or	or	CCONJ
fsr-3837	151	16	alter	alter	VERB
fsr-3837	151	17	the	the	DET
fsr-3837	151	18	basic	basic	ADJ
fsr-3837	151	19	comparisons	comparison	NOUN
fsr-3837	151	20	reported	report	VERB
fsr-3837	151	21	in	in	ADP
fsr-3837	151	22	table	table	NOUN
fsr-3837	151	23	3	3	NUM
fsr-3837	151	24	.	.	PUNCT
fsr-3837	152	1	for	for	ADP
fsr-3837	152	2	example	example	NOUN
fsr-3837	152	3	,	,	PUNCT
fsr-3837	152	4	if	if	SCONJ
fsr-3837	152	5	round	round	ADJ
fsr-3837	152	6	trip	trip	NOUN
fsr-3837	152	7	transaction	transaction	NOUN
fsr-3837	152	8	costs	cost	NOUN
fsr-3837	152	9	of	of	ADP
fsr-3837	152	10	one	one	NUM
fsr-3837	152	11	percent	percent	NOUN
fsr-3837	152	12	were	be	AUX
fsr-3837	152	13	applicable	applicable	ADJ
fsr-3837	152	14	,	,	PUNCT
fsr-3837	152	15	the	the	DET
fsr-3837	152	16	returns	return	NOUN
fsr-3837	152	17	from	from	ADP
fsr-3837	152	18	the	the	DET
fsr-3837	152	19	dr	dr	PROPN
fsr-3837	152	20	strategy	strategy	NOUN
fsr-3837	152	21	would	would	AUX
fsr-3837	152	22	be	be	AUX
fsr-3837	152	23	reduced	reduce	VERB
fsr-3837	152	24	by	by	ADP
fsr-3837	152	25	approximately	approximately	ADV
fsr-3837	152	26	0.39	0.39	NUM
fsr-3837	152	27	%	%	NOUN
fsr-3837	152	28	per	per	ADP
fsr-3837	152	29	year	year	NOUN
fsr-3837	152	30	on	on	ADP
fsr-3837	152	31	aver	aver	NOUN
fsr-3837	152	32	age	age	NOUN
fsr-3837	152	33	.	.	PUNCT
fsr-3837	153	1	this	this	PRON
fsr-3837	153	2	reflects	reflect	VERB
fsr-3837	153	3	the	the	DET
fsr-3837	153	4	fact	fact	NOUN
fsr-3837	153	5	that	that	SCONJ
fsr-3837	153	6	trading	trading	NOUN
fsr-3837	153	7	associated	associate	VERB
fsr-3837	153	8	with	with	ADP
fsr-3837	153	9	the	the	DET
fsr-3837	153	10	proposed	propose	VERB
fsr-3837	153	11	strategy	strategy	NOUN
fsr-3837	153	12	is	be	AUX
fsr-3837	153	13	relatively	relatively	ADV
fsr-3837	153	14	infrequent	infrequent	ADJ
fsr-3837	153	15	(	(	PUNCT
fsr-3837	153	16	only	only	ADV
fsr-3837	153	17	24	24	NUM
fsr-3837	153	18	trades	trade	NOUN
fsr-3837	153	19	over	over	ADP
fsr-3837	153	20	62	62	NUM
fsr-3837	153	21	years	year	NOUN
fsr-3837	153	22	)	)	PUNCT
fsr-3837	153	23	.	.	PUNCT
fsr-3837	154	1	iv	iv	X
fsr-3837	154	2	.	.	X
fsr-3837	155	1	summary	summary	NOUN
fsr-3837	155	2	and	and	CCONJ
fsr-3837	155	3	conclusions	conclusion	NOUN
fsr-3837	155	4	this	this	DET
fsr-3837	155	5	paper	paper	NOUN
fsr-3837	155	6	examines	examine	VERB
fsr-3837	155	7	a	a	DET
fsr-3837	155	8	trading	trading	NOUN
fsr-3837	155	9	strategy	strategy	NOUN
fsr-3837	155	10	for	for	ADP
fsr-3837	155	11	individual	individual	ADJ
fsr-3837	155	12	investors	investor	NOUN
fsr-3837	155	13	based	base	VERB
fsr-3837	155	14	on	on	ADP
fsr-3837	155	15	fed	fed	PROPN
fsr-3837	155	16	announce	announce	VERB
fsr-3837	155	17	ments	ment	NOUN
fsr-3837	155	18	of	of	ADP
fsr-3837	155	19	discount	discount	NOUN
fsr-3837	155	20	rate	rate	NOUN
fsr-3837	155	21	changes	change	NOUN
fsr-3837	155	22	.	.	PUNCT
fsr-3837	156	1	the	the	DET
fsr-3837	156	2	strategy	strategy	NOUN
fsr-3837	156	3	keeps	keep	VERB
fsr-3837	156	4	the	the	DET
fsr-3837	156	5	investor	investor	NOUN
fsr-3837	156	6	in	in	ADP
fsr-3837	156	7	the	the	DET
fsr-3837	156	8	market	market	NOUN
fsr-3837	156	9	(	(	PUNCT
fsr-3837	156	10	out	out	ADP
fsr-3837	156	11	of	of	ADP
fsr-3837	156	12	the	the	DET
fsr-3837	156	13	market	market	NOUN
fsr-3837	156	14	)	)	PUNCT
fsr-3837	156	15	during	during	ADP
fsr-3837	156	16	periods	period	NOUN
fsr-3837	156	17	of	of	ADP
fsr-3837	156	18	declining	decline	VERB
fsr-3837	156	19	(	(	PUNCT
fsr-3837	156	20	rising	rise	VERB
fsr-3837	156	21	)	)	PUNCT
fsr-3837	156	22	interest	interest	NOUN
fsr-3837	156	23	rates	rate	NOUN
fsr-3837	156	24	.	.	PUNCT
fsr-3837	157	1	during	during	ADP
fsr-3837	157	2	periods	period	NOUN
fsr-3837	157	3	of	of	ADP
fsr-3837	157	4	rising	rise	VERB
fsr-3837	157	5	interest	interest	NOUN
fsr-3837	157	6	rates	rate	NOUN
fsr-3837	157	7	,	,	PUNCT
fsr-3837	157	8	the	the	DET
fsr-3837	157	9	investor	investor	NOUN
fsr-3837	157	10	holds	hold	VERB
fsr-3837	157	11	treasury	treasury	NOUN
fsr-3837	157	12	bills	bill	NOUN
fsr-3837	157	13	.	.	PUNCT
fsr-3837	158	1	this	this	DET
fsr-3837	158	2	strategy	strategy	NOUN
fsr-3837	158	3	is	be	AUX
fsr-3837	158	4	evaluated	evaluate	VERB
fsr-3837	158	5	relative	relative	ADJ
fsr-3837	158	6	to	to	ADP
fsr-3837	158	7	a	a	DET
fsr-3837	158	8	buy	buy	NOUN
fsr-3837	158	9	and	and	CCONJ
fsr-3837	158	10	hold	hold	VERB
fsr-3837	158	11	(	(	PUNCT
fsr-3837	158	12	the	the	DET
fsr-3837	158	13	market	market	NOUN
fsr-3837	158	14	)	)	PUNCT
fsr-3837	158	15	strategy	strategy	NOUN
fsr-3837	158	16	.	.	PUNCT
fsr-3837	159	1	consistent	consistent	ADJ
fsr-3837	159	2	with	with	ADP
fsr-3837	159	3	previous	previous	ADJ
fsr-3837	159	4	studies	study	NOUN
fsr-3837	159	5	indicating	indicate	VERB
fsr-3837	159	6	a	a	DET
fsr-3837	159	7	long	long	ADJ
fsr-3837	159	8	-	-	PUNCT
fsr-3837	159	9	term	term	NOUN
fsr-3837	159	10	relationship	relationship	NOUN
fsr-3837	159	11	between	between	ADP
fsr-3837	159	12	stock	stock	NOUN
fsr-3837	159	13	prices	price	NOUN
fsr-3837	159	14	and	and	CCONJ
fsr-3837	159	15	economic	economic	ADJ
fsr-3837	159	16	news	news	NOUN
fsr-3837	159	17	,	,	PUNCT
fsr-3837	159	18	the	the	DET
fsr-3837	159	19	results	result	NOUN
fsr-3837	159	20	of	of	ADP
fsr-3837	159	21	this	this	DET
fsr-3837	159	22	study	study	NOUN
fsr-3837	159	23	suggest	suggest	VERB
fsr-3837	159	24	that	that	SCONJ
fsr-3837	159	25	it	it	PRON
fsr-3837	159	26	may	may	AUX
fsr-3837	159	27	be	be	AUX
fsr-3837	159	28	possible	possible	ADJ
fsr-3837	159	29	for	for	SCONJ
fsr-3837	159	30	indi	indi	PROPN
fsr-3837	159	31	vidual	vidual	ADJ
fsr-3837	159	32	investors	investor	NOUN
fsr-3837	159	33	to	to	PART
fsr-3837	159	34	capitalize	capitalize	VERB
fsr-3837	159	35	on	on	ADP
fsr-3837	159	36	discount	discount	NOUN
fsr-3837	159	37	rate	rate	NOUN
fsr-3837	159	38	changes	change	NOUN
fsr-3837	159	39	.	.	PUNCT
fsr-3837	160	1	in	in	ADP
fsr-3837	160	2	particular	particular	ADJ
fsr-3837	160	3	,	,	PUNCT
fsr-3837	160	4	the	the	DET
fsr-3837	160	5	results	result	NOUN
fsr-3837	160	6	indicate	indicate	VERB
fsr-3837	160	7	294	294	NUM
fsr-3837	160	8	financial	financial	ADJ
fsr-3837	160	9	services	service	NOUN
fsr-3837	160	10	review	review	NOUN
fsr-3837	160	11	6(4	6(4	NUM
fsr-3837	160	12	)	)	PUNCT
fsr-3837	160	13	1997	1997	NUM
fsr-3837	160	14	that	that	SCONJ
fsr-3837	160	15	the	the	DET
fsr-3837	160	16	investors	investor	NOUN
fsr-3837	160	17	’	’	PART
fsr-3837	160	18	trading	trading	NOUN
fsr-3837	160	19	strategy	strategy	NOUN
fsr-3837	160	20	produces	produce	VERB
fsr-3837	160	21	higher	high	ADJ
fsr-3837	160	22	risk	risk	NOUN
fsr-3837	160	23	adjusted	adjust	VERB
fsr-3837	160	24	returns	return	NOUN
fsr-3837	160	25	than	than	ADP
fsr-3837	160	26	a	a	DET
fsr-3837	160	27	buy	buy	NOUN
fsr-3837	160	28	and	and	CCONJ
fsr-3837	160	29	hold	hold	VERB
fsr-3837	160	30	strategy	strategy	NOUN
fsr-3837	160	31	.	.	PUNCT
fsr-3837	161	1	these	these	DET
fsr-3837	161	2	findings	finding	NOUN
fsr-3837	161	3	are	be	AUX
fsr-3837	161	4	especially	especially	ADV
fsr-3837	161	5	interesting	interesting	ADJ
fsr-3837	161	6	in	in	ADP
fsr-3837	161	7	that	that	SCONJ
fsr-3837	161	8	many	many	ADJ
fsr-3837	161	9	individuals	individual	NOUN
fsr-3837	161	10	invest	invest	VERB
fsr-3837	161	11	in	in	ADP
fsr-3837	161	12	mutua1	mutua1	ADJ
fsr-3837	161	13	funds	fund	NOUN
fsr-3837	161	14	,	,	PUNCT
fsr-3837	161	15	and	and	CCONJ
fsr-3837	161	16	yet	yet	ADV
fsr-3837	161	17	most	most	ADJ
fsr-3837	161	18	fund	fund	NOUN
fsr-3837	161	19	managers	manager	NOUN
fsr-3837	161	20	do	do	AUX
fsr-3837	161	21	not	not	PART
fsr-3837	161	22	,	,	PUNCT
fsr-3837	161	23	on	on	ADP
fsr-3837	161	24	average	average	ADJ
fsr-3837	161	25	,	,	PUNCT
fsr-3837	161	26	beat	beat	VERB
fsr-3837	161	27	the	the	DET
fsr-3837	161	28	market	market	NOUN
fsr-3837	161	29	.	.	PUNCT
fsr-3837	162	1	the	the	DET
fsr-3837	162	2	strat	strat	PROPN
fsr-3837	162	3	egy	egy	PROPN
fsr-3837	162	4	advocated	advocate	VERB
fsr-3837	162	5	in	in	ADP
fsr-3837	162	6	this	this	DET
fsr-3837	162	7	study	study	NOUN
fsr-3837	162	8	should	should	AUX
fsr-3837	162	9	be	be	AUX
fsr-3837	162	10	attractive	attractive	ADJ
fsr-3837	162	11	to	to	ADP
fsr-3837	162	12	individual	individual	ADJ
fsr-3837	162	13	investors	investor	NOUN
fsr-3837	162	14	since	since	SCONJ
fsr-3837	162	15	it	it	PRON
fsr-3837	162	16	eliminates	eliminate	VERB
fsr-3837	162	17	the	the	DET
fsr-3837	162	18	need	need	NOUN
fsr-3837	162	19	for	for	ADP
fsr-3837	162	20	professional	professional	ADJ
fsr-3837	162	21	management	management	NOUN
fsr-3837	162	22	,	,	PUNCT
fsr-3837	162	23	security	security	NOUN
fsr-3837	162	24	analysis	analysis	NOUN
fsr-3837	162	25	and/or	and/or	CCONJ
fsr-3837	162	26	selection	selection	NOUN
fsr-3837	162	27	,	,	PUNCT
fsr-3837	162	28	but	but	CCONJ
fsr-3837	162	29	still	still	ADV
fsr-3837	162	30	provides	provide	VERB
fsr-3837	162	31	investors	investor	NOUN
fsr-3837	162	32	with	with	ADP
fsr-3837	162	33	above	above	ADP
fsr-3837	162	34	market	market	NOUN
fsr-3837	162	35	returns	return	NOUN
fsr-3837	162	36	and	and	CCONJ
fsr-3837	162	37	beiow	beiow	ADJ
fsr-3837	162	38	market	market	NOUN
fsr-3837	162	39	risk	risk	NOUN
fsr-3837	162	40	.	.	PUNCT
fsr-3837	163	1	ackrowl	ackrowl	PROPN
fsr-3837	163	2	~	~	SYM
fsr-3837	163	3	grn	grn	PROPN
fsr-3837	163	4	~	~	AUX
fsr-3837	163	5	n~	n~	PROPN
fsr-3837	163	6	we	we	PRON
fsr-3837	163	7	would	would	AUX
fsr-3837	163	8	like	like	VERB
fsr-3837	163	9	to	to	PART
fsr-3837	163	10	acknowledge	acknowledge	VERB
fsr-3837	163	11	the	the	DET
fsr-3837	163	12	helpful	helpful	ADJ
fsr-3837	163	13	comments	comment	NOUN
fsr-3837	163	14	of	of	ADP
fsr-3837	163	15	two	two	NUM
fsr-3837	163	16	anony	anony	ADJ
fsr-3837	163	17	mous	mous	ADJ
fsr-3837	163	18	reviewers	reviewer	NOUN
fsr-3837	163	19	and	and	CCONJ
fsr-3837	163	20	karen	karen	PROPN
fsr-3837	163	21	lahey	lahey	PROPN
fsr-3837	163	22	,	,	PUNCT
fsr-3837	163	23	the	the	DET
fsr-3837	163	24	editor	editor	NOUN
fsr-3837	163	25	.	.	PUNCT
fsr-3837	164	1	references	reference	NOUN
fsr-3837	164	2	hafer	hafer	VERB
fsr-3837	164	3	,	,	PUNCT
fsr-3837	164	4	r.w	r.w	PROPN
fsr-3837	164	5	.	.	PROPN
fsr-3837	164	6	(	(	PUNCT
fsr-3837	164	7	1986	1986	NUM
fsr-3837	164	8	)	)	PUNCT
fsr-3837	164	9	.	.	PUNCT
fsr-3837	165	1	the	the	DET
fsr-3837	165	2	response	response	NOUN
fsr-3837	165	3	of	of	ADP
fsr-3837	165	4	stock	stock	NOUN
fsr-3837	165	5	prices	price	NOUN
fsr-3837	165	6	to	to	AUX
fsr-3837	165	7	changes	change	NOUN
fsr-3837	165	8	in	in	ADP
fsr-3837	165	9	weekly	weekly	ADJ
fsr-3837	165	10	money	money	NOUN
fsr-3837	165	11	and	and	CCONJ
fsr-3837	165	12	the	the	DET
fsr-3837	165	13	discount	discount	NOUN
fsr-3837	165	14	rate	rate	NOUN
fsr-3837	165	15	.	.	PUNCT
fsr-3837	166	1	frb	frb	PROPN
fsr-3837	166	2	st	st	PROPN
fsr-3837	166	3	.	.	PROPN
fsr-3837	166	4	louis	louis	PROPN
fsr-3837	166	5	review	review	PROPN
fsr-3837	166	6	,	,	PUNCT
fsr-3837	166	7	68(3	68(3	NUM
fsr-3837	166	8	)	)	PUNCT
fsr-3837	166	9	,	,	PUNCT
fsr-3837	166	10	5	5	NUM
fsr-3837	166	11	-	-	SYM
fsr-3837	166	12	14	14	NUM
fsr-3837	166	13	.	.	PUNCT
fsr-3837	167	1	hardouvelis	hardouvelis	PROPN
fsr-3837	167	2	,	,	PUNCT
fsr-3837	167	3	ga	ga	PROPN
fsr-3837	167	4	.	.	PROPN
fsr-3837	167	5	(	(	PUNCT
fsr-3837	167	6	1987	1987	NUM
fsr-3837	167	7	)	)	PUNCT
fsr-3837	167	8	.	.	PUNCT
fsr-3837	168	1	macroeconomic	macroeconomic	ADJ
fsr-3837	168	2	information	information	NOUN
fsr-3837	168	3	and	and	CCONJ
fsr-3837	168	4	stock	stock	NOUN
fsr-3837	168	5	prices	price	NOUN
fsr-3837	168	6	.	.	PUNCT
fsr-3837	169	1	journal	journal	PROPN
fsr-3837	169	2	of	of	ADP
fsr-3837	169	3	economics	economic	NOUN
fsr-3837	169	4	and	and	CCONJ
fsr-3837	169	5	btrsiness	btrsiness	NOUN
fsr-3837	169	6	,	,	PUNCT
fsr-3837	169	7	39(2	39(2	NUM
fsr-3837	169	8	)	)	PUNCT
fsr-3837	169	9	,	,	PUNCT
fsr-3837	169	10	13	13	NUM
fsr-3837	169	11	l-140	l-140	NOUN
fsr-3837	169	12	.	.	PUNCT
fsr-3837	170	1	henriksson	henriksson	PROPN
fsr-3837	170	2	,	,	PUNCT
fsr-3837	170	3	r.	r.	PROPN
fsr-3837	170	4	(	(	PUNCT
fsr-3837	170	5	1984	1984	NUM
fsr-3837	170	6	)	)	PUNCT
fsr-3837	170	7	.	.	PUNCT
fsr-3837	171	1	market	market	NOUN
fsr-3837	171	2	timing	timing	NOUN
fsr-3837	171	3	and	and	CCONJ
fsr-3837	171	4	mutual	mutual	ADJ
fsr-3837	171	5	fund	fund	NOUN
fsr-3837	171	6	performance	performance	NOUN
fsr-3837	171	7	:	:	PUNCT
fsr-3837	171	8	an	an	DET
fsr-3837	171	9	empirical	empirical	ADJ
fsr-3837	171	10	investigation	investigation	NOUN
fsr-3837	171	11	.	.	PUNCT
fsr-3837	172	1	jmrnal	jmrnal	ADJ
fsr-3837	172	2	of	of	ADP
fsr-3837	172	3	business	business	NOUN
fsr-3837	172	4	,	,	PUNCT
fsr-3837	172	5	57,73	57,73	PROPN
fsr-3837	172	6	-	-	PUNCT
fsr-3837	172	7	96	96	NUM
fsr-3837	172	8	.	.	PUNCT
fsr-3837	173	1	henriks	henriks	PROPN
fsr-3837	173	2	~	~	SYM
fsr-3837	173	3	n	n	CCONJ
fsr-3837	173	4	,	,	PUNCT
fsr-3837	173	5	rd	rd	PROPN
fsr-3837	173	6	.	.	PROPN
fsr-3837	173	7	,	,	PUNCT
fsr-3837	173	8	&	&	CCONJ
fsr-3837	173	9	merton	merton	PROPN
fsr-3837	173	10	,	,	PUNCT
fsr-3837	173	11	r.	r.	PROPN
fsr-3837	173	12	(	(	PUNCT
fsr-3837	173	13	198	198	NUM
fsr-3837	173	14	1	1	NUM
fsr-3837	173	15	)	)	PUNCT
fsr-3837	173	16	.	.	PUNCT
fsr-3837	174	1	on	on	ADP
fsr-3837	174	2	market	market	NOUN
fsr-3837	174	3	timing	timing	NOUN
fsr-3837	174	4	and	and	CCONJ
fsr-3837	174	5	investment	investment	NOUN
fsr-3837	175	1	pe	pe	ADP
fsr-3837	175	2	~	~	NOUN
fsr-3837	175	3	o	o	NOUN
fsr-3837	175	4	~	~	NOUN
fsr-3837	175	5	ance	ance	NOUN
fsr-3837	175	6	.	.	PUNCT
fsr-3837	176	1	ii	ii	X
fsr-3837	176	2	.	.	PUNCT
fsr-3837	177	1	statistical	statistical	ADJ
fsr-3837	177	2	procedures	procedure	NOUN
fsr-3837	177	3	for	for	ADP
fsr-3837	177	4	evaluating	evaluate	VERB
fsr-3837	177	5	forecasting	forecasting	NOUN
fsr-3837	177	6	skill	skill	NOUN
fsr-3837	177	7	.	.	PUNCT
fsr-3837	178	1	journal	journal	PROPN
fsr-3837	178	2	ofbusiness	ofbusiness	NOUN
fsr-3837	178	3	,	,	PUNCT
fsr-3837	178	4	54(4	54(4	NUM
fsr-3837	178	5	)	)	PUNCT
fsr-3837	178	6	,	,	PUNCT
fsr-3837	178	7	513	513	NUM
fsr-3837	178	8	-	-	SYM
fsr-3837	178	9	533	533	NUM
fsr-3837	178	10	.	.	PUNCT
fsr-3837	178	11	ibbotson	ibbotson	PROPN
fsr-3837	178	12	&	&	CCONJ
fsr-3837	178	13	associates	associates	PROPN
fsr-3837	178	14	.	.	PUNCT
fsr-3837	179	1	(	(	PUNCT
fsr-3837	179	2	1996	1996	NUM
fsr-3837	179	3	)	)	PUNCT
fsr-3837	179	4	.	.	PUNCT
fsr-3837	180	1	stocks	stock	NOUN
fsr-3837	180	2	,	,	PUNCT
fsr-3837	180	3	bonds	bond	NOUN
fsr-3837	180	4	,	,	PUNCT
fsr-3837	180	5	bills	bill	NOUN
fsr-3837	180	6	and	and	CCONJ
fsr-3837	180	7	inflation	inflation	NOUN
fsr-3837	180	8	1995	1995	NUM
fsr-3837	180	9	yearbook	yearbook	NOUN
fsr-3837	180	10	.	.	PUNCT
fsr-3837	181	1	chicago	chicago	PROPN
fsr-3837	181	2	:	:	PUNCT
fsr-3837	182	1	ippolito	ippolito	PROPN
fsr-3837	182	2	,	,	PUNCT
fsr-3837	182	3	r.	r.	PROPN
fsr-3837	182	4	(	(	PUNCT
fsr-3837	182	5	1993	1993	NUM
fsr-3837	182	6	)	)	PUNCT
fsr-3837	182	7	.	.	PUNCT
fsr-3837	183	1	on	on	ADP
fsr-3837	183	2	studies	study	NOUN
fsr-3837	183	3	of	of	ADP
fsr-3837	183	4	mutual	mutual	ADJ
fsr-3837	183	5	fund	fund	NOUN
fsr-3837	183	6	performance	performance	NOUN
fsr-3837	183	7	,	,	PUNCT
fsr-3837	183	8	1962	1962	NUM
fsr-3837	183	9	-	-	SYM
fsr-3837	183	10	1991	1991	NUM
fsr-3837	183	11	.	.	PUNCT
fsr-3837	184	1	financial	financial	ADJ
fsr-3837	184	2	analysts	analyst	NOUN
fsr-3837	184	3	journal	journal	NOUN
fsr-3837	184	4	,	,	PUNCT
fsr-3837	184	5	(	(	PUNCT
fsr-3837	184	6	jan	jan	PROPN
fsr-3837	184	7	/	/	SYM
fsr-3837	184	8	feb	feb	PROPN
fsr-3837	184	9	)	)	PUNCT
fsr-3837	184	10	,	,	PUNCT
fsr-3837	184	11	42	42	NUM
fsr-3837	184	12	-	-	SYM
fsr-3837	184	13	50	50	NUM
fsr-3837	184	14	.	.	PUNCT
fsr-3837	185	1	jensen	jensen	PROPN
fsr-3837	185	2	,	,	PUNCT
fsr-3837	185	3	m.	m.	NOUN
fsr-3837	185	4	(	(	PUNCT
fsr-3837	185	5	1968	1968	NUM
fsr-3837	185	6	)	)	PUNCT
fsr-3837	185	7	.	.	PUNCT
fsr-3837	186	1	the	the	DET
fsr-3837	186	2	performance	performance	NOUN
fsr-3837	186	3	of	of	ADP
fsr-3837	186	4	the	the	DET
fsr-3837	186	5	mutual	mutual	ADJ
fsr-3837	186	6	funds	fund	NOUN
fsr-3837	186	7	in	in	ADP
fsr-3837	186	8	the	the	DET
fsr-3837	186	9	period	period	NOUN
fsr-3837	186	10	195464	195464	NUM
fsr-3837	186	11	.	.	PUNCT
fsr-3837	187	1	journal	journal	PROPN
fsr-3837	187	2	of	of	ADP
fsr-3837	187	3	finance	finance	NOUN
fsr-3837	187	4	,	,	PUNCT
fsr-3837	187	5	23(may	23(may	NUM
fsr-3837	187	6	)	)	PUNCT
fsr-3837	187	7	,	,	PUNCT
fsr-3837	187	8	384	384	NUM
fsr-3837	187	9	-	-	SYM
fsr-3837	187	10	4	4	NUM
fsr-3837	187	11	16	16	NUM
fsr-3837	187	12	.	.	PUNCT
fsr-3837	188	1	jensen	jensen	PROPN
fsr-3837	188	2	,	,	PUNCT
fsr-3837	188	3	g.r	g.r	PROPN
fsr-3837	188	4	.	.	PROPN
fsr-3837	188	5	,	,	PUNCT
fsr-3837	188	6	&	&	CCONJ
fsr-3837	188	7	johnson	johnson	PROPN
fsr-3837	188	8	,	,	PUNCT
fsr-3837	188	9	r.	r.	PROPN
fsr-3837	188	10	(	(	PUNCT
fsr-3837	188	11	1995	1995	NUM
fsr-3837	188	12	)	)	PUNCT
fsr-3837	188	13	.	.	PUNCT
fsr-3837	189	1	discount	discount	NOUN
fsr-3837	189	2	rate	rate	NOUN
fsr-3837	189	3	changes	change	NOUN
fsr-3837	189	4	and	and	CCONJ
fsr-3837	189	5	security	security	NOUN
fsr-3837	189	6	returns	return	NOUN
fsr-3837	189	7	in	in	ADP
fsr-3837	189	8	the	the	DET
fsr-3837	189	9	u.s	u.s	PROPN
fsr-3837	189	10	.	.	PROPN
fsr-3837	189	11	,	,	PUNCT
fsr-3837	189	12	1962	1962	NUM
fsr-3837	189	13	199	199	NUM
fsr-3837	189	14	1	1	NUM
fsr-3837	189	15	.	.	PUNCT
fsr-3837	189	16	journal	journal	NOUN
fsr-3837	189	17	of	of	ADP
fsr-3837	189	18	banking	banking	NOUN
fsr-3837	189	19	and	and	CCONJ
fsr-3837	189	20	finunce	finunce	NOUN
fsr-3837	189	21	,	,	PUNCT
fsr-3837	189	22	19,79	19,79	NUM
fsr-3837	189	23	-	-	SYM
fsr-3837	189	24	95	95	NUM
fsr-3837	189	25	.	.	PUNCT
fsr-3837	190	1	kon	kon	PROPN
fsr-3837	190	2	,	,	PUNCT
fsr-3837	190	3	s.j	s.j	PROPN
fsr-3837	190	4	.	.	PROPN
fsr-3837	190	5	,	,	PUNCT
fsr-3837	190	6	&	&	CCONJ
fsr-3837	190	7	jen	jen	PROPN
fsr-3837	190	8	,	,	PUNCT
fsr-3837	190	9	f.c	f.c	PROPN
fsr-3837	190	10	.	.	PROPN
fsr-3837	190	11	(	(	PUNCT
fsr-3837	190	12	1978	1978	NUM
fsr-3837	190	13	)	)	PUNCT
fsr-3837	190	14	.	.	PUNCT
fsr-3837	191	1	the	the	DET
fsr-3837	191	2	investment	investment	NOUN
fsr-3837	191	3	performance	performance	NOUN
fsr-3837	191	4	of	of	ADP
fsr-3837	191	5	mutual	mutual	ADJ
fsr-3837	191	6	funds	fund	NOUN
fsr-3837	191	7	:	:	PUNCT
fsr-3837	191	8	an	an	DET
fsr-3837	191	9	empirical	empirical	ADJ
fsr-3837	191	10	investiga	investiga	ADJ
fsr-3837	191	11	tion	tion	NOUN
fsr-3837	191	12	of	of	ADP
fsr-3837	191	13	timing	timing	NOUN
fsr-3837	191	14	,	,	PUNCT
fsr-3837	191	15	selectivity	selectivity	NOUN
fsr-3837	191	16	.	.	PUNCT
fsr-3837	192	1	and	and	CCONJ
fsr-3837	192	2	market	market	NOUN
fsr-3837	192	3	efficiency	efficiency	NOUN
fsr-3837	192	4	.	.	PUNCT
fsr-3837	193	1	journal	journal	NOUN
fsr-3837	193	2	of	of	ADP
fsr-3837	193	3	business	business	NOUN
fsr-3837	193	4	,	,	PUNCT
fsr-3837	193	5	52(2	52(2	NUM
fsr-3837	193	6	)	)	PUNCT
fsr-3837	193	7	,	,	PUNCT
fsr-3837	193	8	263	263	NUM
fsr-3837	193	9	-	-	SYM
fsr-3837	193	10	289	289	NUM
fsr-3837	193	11	.	.	PUNCT
fsr-3837	194	1	merton	merton	PROPN
fsr-3837	194	2	,	,	PUNCT
fsr-3837	194	3	r.	r.	PROPN
fsr-3837	194	4	(	(	PUNCT
fsr-3837	194	5	198	198	NUM
fsr-3837	194	6	1	1	NUM
fsr-3837	194	7	)	)	PUNCT
fsr-3837	194	8	.	.	PUNCT
fsr-3837	195	1	on	on	ADP
fsr-3837	195	2	market	market	NOUN
fsr-3837	195	3	timing	timing	NOUN
fsr-3837	195	4	and	and	CCONJ
fsr-3837	195	5	investment	investment	NOUN
fsr-3837	195	6	performance	performance	NOUN
fsr-3837	195	7	.	.	PUNCT
fsr-3837	196	1	i.	i.	PROPN
fsr-3837	196	2	an	an	DET
fsr-3837	196	3	equilibrium	equilibrium	NOUN
fsr-3837	196	4	theory	theory	NOUN
fsr-3837	196	5	of	of	ADP
fsr-3837	196	6	value	value	NOUN
fsr-3837	196	7	for	for	ADP
fsr-3837	196	8	market	market	NOUN
fsr-3837	196	9	forecasts	forecast	NOUN
fsr-3837	196	10	.	.	PUNCT
fsr-3837	197	1	journal	journal	PROPN
fsr-3837	197	2	o	o	PROPN
fsr-3837	197	3	~	~	PUNCT
fsr-3837	197	4	b	b	SYM
fsr-3837	197	5	~	~	SYM
fsr-3837	197	6	s	s	X
fsr-3837	197	7	~	~	SYM
fsr-3837	197	8	ne.~s	ne.~s	NOUN
fsr-3837	197	9	,	,	PUNCT
fsr-3837	197	10	54(3	54(3	NUM
fsr-3837	197	11	)	)	PUNCT
fsr-3837	197	12	,	,	PUNCT
fsr-3837	197	13	363	363	NUM
fsr-3837	197	14	-	-	SYM
fsr-3837	197	15	406	406	NUM
fsr-3837	197	16	.	.	PUNCT
fsr-3837	198	1	pearce	pearce	PROPN
fsr-3837	198	2	,	,	PUNCT
fsr-3837	198	3	d.	d.	PROPN
fsr-3837	198	4	,	,	PUNCT
fsr-3837	198	5	&	&	CCONJ
fsr-3837	198	6	roley	roley	PROPN
fsr-3837	198	7	,	,	PUNCT
fsr-3837	198	8	v.	v.	PROPN
fsr-3837	198	9	(	(	PUNCT
fsr-3837	198	10	1985	1985	NUM
fsr-3837	198	11	)	)	PUNCT
fsr-3837	198	12	.	.	PUNCT
fsr-3837	199	1	stock	stock	NOUN
fsr-3837	199	2	prices	price	NOUN
fsr-3837	199	3	and	and	CCONJ
fsr-3837	199	4	economic	economic	ADJ
fsr-3837	199	5	news	news	NOUN
fsr-3837	199	6	.	.	PUNCT
fsr-3837	200	1	journal	journal	PROPN
fsr-3837	200	2	of	of	ADP
fsr-3837	200	3	business	business	NOUN
fsr-3837	200	4	,	,	PUNCT
fsr-3837	200	5	58	58	NUM
fsr-3837	200	6	(	(	PUNCT
fsr-3837	200	7	1	1	NUM
fsr-3837	200	8	)	)	PUNCT
fsr-3837	200	9	,	,	PUNCT
fsr-3837	200	10	49	49	NUM
fsr-3837	200	11	-	-	SYM
fsr-3837	200	12	67	67	NUM
fsr-3837	200	13	.	.	PUNCT
fsr-3837	201	1	smirlock	smirlock	PROPN
fsr-3837	201	2	,	,	PUNCT
fsr-3837	201	3	m.	m.	NOUN
fsr-3837	201	4	,	,	PUNCT
fsr-3837	201	5	yawitz	yawitz	PROPN
fsr-3837	201	6	,	,	PUNCT
fsr-3837	201	7	j.	j.	PROPN
fsr-3837	201	8	(	(	PUNCT
fsr-3837	201	9	1985	1985	NUM
fsr-3837	201	10	)	)	PUNCT
fsr-3837	201	11	.	.	PUNCT
fsr-3837	202	1	asset	asset	NOUN
fsr-3837	202	2	returns	return	NOUN
fsr-3837	202	3	,	,	PUNCT
fsr-3837	202	4	discount	discount	NOUN
fsr-3837	202	5	rate	rate	NOUN
fsr-3837	202	6	changes	change	NOUN
fsr-3837	202	7	,	,	PUNCT
fsr-3837	202	8	and	and	CCONJ
fsr-3837	202	9	market	market	NOUN
fsr-3837	202	10	efficiency	efficiency	NOUN
fsr-3837	202	11	.	.	PUNCT
fsr-3837	203	1	journal	journal	PROPN
fsr-3837	203	2	of	of	ADP
fsr-3837	203	3	finance	finance	NOUN
fsr-3837	203	4	,	,	PUNCT
fsr-3837	203	5	40(4	40(4	NUM
fsr-3837	203	6	)	)	PUNCT
fsr-3837	203	7	,	,	PUNCT
fsr-3837	203	8	1141	1141	NUM
fsr-3837	203	9	-	-	SYM
fsr-3837	203	10	i	i	PRON
fsr-3837	203	11	158	158	NUM
fsr-3837	203	12	.	.	PUNCT
fsr-3837	204	1	treynor	treynor	PROPN
fsr-3837	204	2	,	,	PUNCT
fsr-3837	204	3	j.	j.	PROPN
fsr-3837	204	4	&	&	CCONJ
fsr-3837	204	5	mazuy	mazuy	PROPN
fsr-3837	204	6	,	,	PUNCT
fsr-3837	204	7	k.	k.	PROPN
fsr-3837	204	8	(	(	PUNCT
fsr-3837	204	9	1966	1966	NUM
fsr-3837	204	10	)	)	PUNCT
fsr-3837	204	11	.	.	PUNCT
fsr-3837	205	1	can	can	AUX
fsr-3837	205	2	mutual	mutual	ADJ
fsr-3837	205	3	funds	fund	NOUN
fsr-3837	205	4	outguess	outguess	VERB
fsr-3837	205	5	the	the	DET
fsr-3837	205	6	market	market	NOUN
fsr-3837	205	7	?	?	PUNCT
fsr-3837	206	1	hazard	hazard	NOUN
fsr-3837	206	2	bminess	bminess	PROPN
fsr-3837	206	3	review	review	NOUN
fsr-3837	206	4	,	,	PUNCT
fsr-3837	206	5	(	(	PUNCT
fsr-3837	206	6	julylaug	julylaug	NOUN
fsr-3837	206	7	)	)	PUNCT
fsr-3837	206	8	.	.	PUNCT
fsr-3837	207	1	131	131	NUM
fsr-3837	207	2	-	-	SYM
fsr-3837	207	3	136	136	NUM
fsr-3837	207	4	.	.	PUNCT
fsr-3837	208	1	waud	waud	PROPN
fsr-3837	208	2	,	,	PUNCT
fsr-3837	208	3	r.	r.	PROPN
fsr-3837	208	4	,	,	PUNCT
fsr-3837	208	5	(	(	PUNCT
fsr-3837	208	6	1970	1970	NUM
fsr-3837	208	7	)	)	PUNCT
fsr-3837	208	8	.	.	PUNCT
fsr-3837	209	1	public	public	ADJ
fsr-3837	209	2	inte	inte	NOUN
fsr-3837	210	1	~	~	PUNCT
fsr-3837	210	2	retation	retation	NOUN
fsr-3837	210	3	of	of	ADP
fsr-3837	210	4	federal	federal	PROPN
fsr-3837	210	5	reserve	reserve	PROPN
fsr-3837	210	6	discount	discount	NOUN
fsr-3837	210	7	rate	rate	NOUN
fsr-3837	210	8	changes	change	NOUN
fsr-3837	210	9	:	:	PUNCT
fsr-3837	210	10	evidence	evidence	NOUN
fsr-3837	210	11	on	on	ADP
fsr-3837	210	12	the	the	DET
fsr-3837	210	13	~nouncement	~nouncement	NOUN
fsr-3837	210	14	effect	effect	NOUN
fsr-3837	210	15	.	.	PUNCT
fsr-3837	211	1	econo	econo	PROPN
fsr-3837	211	2	~	~	SYM
fsr-3837	211	3	etricu	etricu	PROPN
fsr-3837	211	4	,	,	PUNCT
fsr-3837	211	5	38(2	38(2	NOUN
fsr-3837	211	6	)	)	PUNCT
fsr-3837	211	7	,	,	PUNCT
fsr-3837	211	8	23	23	NUM
fsr-3837	211	9	l-250	l-250	PUNCT