id	sid	tid	token	lemma	pos
fsr-3846	1	1	pii	pii	PROPN
fsr-3846	1	2	:	:	PUNCT
fsr-3846	1	3	s1057	s1057	NOUN
fsr-3846	1	4	-	-	PUNCT
fsr-3846	1	5	0810(99)80013	0810(99)80013	NUM
fsr-3846	1	6	-	-	PUNCT
fsr-3846	1	7	4	4	NUM
fsr-3846	1	8	financial	financial	ADJ
fsr-3846	1	9	services	service	NOUN
fsr-3846	1	10	review	review	NOUN
fsr-3846	1	11	,	,	PUNCT
fsr-3846	1	12	7(1	7(1	NUM
fsr-3846	1	13	):	):	PUNCT
fsr-3846	1	14	57	57	NUM
fsr-3846	1	15	-	-	SYM
fsr-3846	1	16	68	68	NUM
fsr-3846	1	17	issn	issn	NOUN
fsr-3846	1	18	:	:	PUNCT
fsr-3846	1	19	1057	1057	NUM
fsr-3846	1	20	-	-	SYM
fsr-3846	1	21	0810	0810	NUM
fsr-3846	1	22	copyright	copyright	NOUN
fsr-3846	1	23	©	©	PROPN
fsr-3846	1	24	1998	1998	NUM
fsr-3846	1	25	by	by	ADP
fsr-3846	1	26	jai	jai	PROPN
fsr-3846	1	27	press	press	PROPN
fsr-3846	1	28	inc	inc	PROPN
fsr-3846	1	29	.	.	PUNCT
fsr-3846	2	1	all	all	DET
fsr-3846	2	2	rights	right	NOUN
fsr-3846	2	3	of	of	ADP
fsr-3846	2	4	reproduction	reproduction	NOUN
fsr-3846	2	5	in	in	ADP
fsr-3846	2	6	any	any	DET
fsr-3846	2	7	form	form	NOUN
fsr-3846	2	8	reserved	reserve	VERB
fsr-3846	2	9	.	.	PUNCT
fsr-3846	3	1	performance	performance	NOUN
fsr-3846	3	2	persistence	persistence	NOUN
fsr-3846	3	3	of	of	ADP
fsr-3846	3	4	experienced	experienced	ADJ
fsr-3846	3	5	mutual	mutual	ADJ
fsr-3846	3	6	fund	fund	NOUN
fsr-3846	3	7	managers	manager	NOUN
fsr-3846	3	8	gary	gary	PROPN
fsr-3846	3	9	e.	e.	PROPN
fsr-3846	3	10	porter	porter	PROPN
fsr-3846	3	11	and	and	CCONJ
fsr-3846	3	12	jack	jack	PROPN
fsr-3846	3	13	w.	w.	PROPN
fsr-3846	3	14	trifts	trift	NOUN
fsr-3846	3	15	this	this	DET
fsr-3846	3	16	study	study	NOUN
fsr-3846	3	17	examines	examine	VERB
fsr-3846	3	18	the	the	DET
fsr-3846	3	19	performance	performance	NOUN
fsr-3846	3	20	of	of	ADP
fsr-3846	3	21	93	93	NUM
fsr-3846	3	22	fund	fund	NOUN
fsr-3846	3	23	managers	manager	NOUN
fsr-3846	3	24	over	over	ADP
fsr-3846	3	25	the	the	DET
fsr-3846	3	26	10	10	NUM
fsr-3846	3	27	year	year	NOUN
fsr-3846	3	28	period	period	NOUN
fsr-3846	3	29	1986	1986	NUM
fsr-3846	3	30	through	through	ADP
fsr-3846	3	31	1995	1995	NUM
fsr-3846	3	32	using	use	VERB
fsr-3846	3	33	relative	relative	ADJ
fsr-3846	3	34	percentile	percentile	ADJ
fsr-3846	3	35	ranks	rank	NOUN
fsr-3846	3	36	based	base	VERB
fsr-3846	3	37	on	on	ADP
fsr-3846	3	38	quarterly	quarterly	ADV
fsr-3846	3	39	compounded	compound	VERB
fsr-3846	3	40	,	,	PUNCT
fsr-3846	3	41	annual	annual	ADJ
fsr-3846	3	42	total	total	ADJ
fsr-3846	3	43	returns	return	NOUN
fsr-3846	3	44	measured	measure	VERB
fsr-3846	3	45	against	against	ADP
fsr-3846	3	46	funds	fund	NOUN
fsr-3846	3	47	with	with	ADP
fsr-3846	3	48	the	the	DET
fsr-3846	3	49	same	same	ADJ
fsr-3846	3	50	investment	investment	NOUN
fsr-3846	3	51	objective	objective	NOUN
fsr-3846	3	52	.	.	PUNCT
fsr-3846	4	1	on	on	ADP
fsr-3846	4	2	average	average	ADJ
fsr-3846	4	3	,	,	PUNCT
fsr-3846	4	4	managers	manager	NOUN
fsr-3846	4	5	with	with	ADP
fsr-3846	4	6	lo	lo	NOUN
fsr-3846	4	7	-	-	PUNCT
fsr-3846	4	8	year	year	NOUN
fsr-3846	4	9	track	track	NOUN
fsr-3846	4	10	records	record	NOUN
fsr-3846	4	11	at	at	ADP
fsr-3846	4	12	the	the	DET
fsr-3846	4	13	same	same	ADJ
fsr-3846	4	14	fund	fund	NOUN
fsr-3846	4	15	do	do	AUX
fsr-3846	4	16	not	not	PART
fsr-3846	4	17	perform	perform	VERB
fsr-3846	4	18	better	well	ADJ
fsr-3846	4	19	than	than	ADP
fsr-3846	4	20	man	man	NOUN
fsr-3846	4	21	agers	ager	NOUN
fsr-3846	4	22	with	with	ADP
fsr-3846	4	23	shorter	short	ADJ
fsr-3846	4	24	track	track	NOUN
fsr-3846	4	25	records	record	NOUN
fsr-3846	4	26	.	.	PUNCT
fsr-3846	5	1	also	also	ADV
fsr-3846	5	2	,	,	PUNCT
fsr-3846	5	3	for	for	ADP
fsr-3846	5	4	these	these	DET
fsr-3846	5	5	experienced	experienced	ADJ
fsr-3846	5	6	managers	manager	NOUN
fsr-3846	5	7	,	,	PUNCT
fsr-3846	5	8	superior	superior	ADJ
fsr-3846	5	9	performance	performance	NOUN
fsr-3846	5	10	in	in	ADP
fsr-3846	5	11	one	one	NUM
fsr-3846	5	12	five	five	NUM
fsr-3846	5	13	-	-	PUNCT
fsr-3846	5	14	year	year	NOUN
fsr-3846	5	15	period	period	NOUN
fsr-3846	5	16	is	be	AUX
fsr-3846	5	17	not	not	PART
fsr-3846	5	18	predictive	predictive	ADJ
fsr-3846	5	19	of	of	ADP
fsr-3846	5	20	superior	superior	ADJ
fsr-3846	5	21	performance	performance	NOUN
fsr-3846	5	22	over	over	ADP
fsr-3846	5	23	the	the	DET
fsr-3846	5	24	next	next	ADJ
fsr-3846	5	25	five	five	NUM
fsr-3846	5	26	years	year	NOUN
fsr-3846	5	27	.	.	PUNCT
fsr-3846	6	1	however	however	ADV
fsr-3846	6	2	,	,	PUNCT
fsr-3846	6	3	inferior	inferior	ADJ
fsr-3846	6	4	performance	performance	NOUN
fsr-3846	6	5	persists	persist	VERB
fsr-3846	6	6	,	,	PUNCT
fsr-3846	6	7	particularly	particularly	ADV
fsr-3846	6	8	for	for	ADP
fsr-3846	6	9	funds	fund	NOUN
fsr-3846	6	10	with	with	ADP
fsr-3846	6	11	above	above	ADP
fsr-3846	6	12	average	average	ADJ
fsr-3846	6	13	expense	expense	NOUN
fsr-3846	6	14	ratios	ratio	NOUN
fsr-3846	6	15	.	.	PUNCT
fsr-3846	7	1	i.	i.	PROPN
fsr-3846	7	2	introduction	introduction	PROPN
fsr-3846	7	3	tough	tough	ADJ
fsr-3846	7	4	guys	guy	NOUN
fsr-3846	7	5	finish	finish	VERB
fsr-3846	7	6	first	first	ADV
fsr-3846	7	7	,	,	PUNCT
fsr-3846	7	8	notes	note	VERB
fsr-3846	7	9	the	the	DET
fsr-3846	7	10	ad	ad	NOUN
fsr-3846	7	11	for	for	ADP
fsr-3846	7	12	a	a	DET
fsr-3846	7	13	popular	popular	ADJ
fsr-3846	7	14	mutual	mutual	ADJ
fsr-3846	7	15	fund	fund	NOUN
fsr-3846	7	16	.	.	PUNCT
fsr-3846	8	1	another	another	DET
fsr-3846	8	2	ad	ad	NOUN
fsr-3846	8	3	touts	tout	VERB
fsr-3846	8	4	a	a	DET
fsr-3846	8	5	fund	fund	NOUN
fsr-3846	8	6	's	's	PART
fsr-3846	8	7	number	number	NOUN
fsr-3846	8	8	one	one	NUM
fsr-3846	8	9	ranking	ranking	NOUN
fsr-3846	8	10	,	,	PUNCT
fsr-3846	8	11	along	along	ADP
fsr-3846	8	12	with	with	ADP
fsr-3846	8	13	its	its	PRON
fsr-3846	8	14	management	management	NOUN
fsr-3846	8	15	's	's	PART
fsr-3846	8	16	experience	experience	NOUN
fsr-3846	8	17	.	.	PUNCT
fsr-3846	9	1	still	still	ADV
fsr-3846	9	2	another	another	PRON
fsr-3846	9	3	reminds	remind	VERB
fsr-3846	9	4	the	the	DET
fsr-3846	9	5	investor	investor	NOUN
fsr-3846	9	6	that	that	PRON
fsr-3846	9	7	,	,	PUNCT
fsr-3846	9	8	while	while	SCONJ
fsr-3846	9	9	past	past	ADJ
fsr-3846	9	10	returns	return	NOUN
fsr-3846	9	11	are	be	AUX
fsr-3846	9	12	not	not	PART
fsr-3846	9	13	indicative	indicative	ADJ
fsr-3846	9	14	of	of	ADP
fsr-3846	9	15	future	future	ADJ
fsr-3846	9	16	returns	return	NOUN
fsr-3846	9	17	,	,	PUNCT
fsr-3846	9	18	their	their	PRON
fsr-3846	9	19	fund	fund	NOUN
fsr-3846	9	20	has	have	AUX
fsr-3846	9	21	'	'	PUNCT
fsr-3846	9	22	beaten	beat	VERB
fsr-3846	9	23	'	'	PUNCT
fsr-3846	9	24	other	other	ADJ
fsr-3846	9	25	similar	similar	ADJ
fsr-3846	9	26	funds	fund	NOUN
fsr-3846	9	27	several	several	ADJ
fsr-3846	9	28	years	year	NOUN
fsr-3846	9	29	in	in	ADP
fsr-3846	9	30	a	a	DET
fsr-3846	9	31	row	row	NOUN
fsr-3846	9	32	.	.	PUNCT
fsr-3846	10	1	a	a	DET
fsr-3846	10	2	casual	casual	ADJ
fsr-3846	10	3	survey	survey	NOUN
fsr-3846	10	4	of	of	ADP
fsr-3846	10	5	barron	barron	PROPN
fsr-3846	10	6	's	's	PART
fsr-3846	10	7	or	or	CCONJ
fsr-3846	10	8	other	other	ADJ
fsr-3846	10	9	investors	investor	NOUN
fsr-3846	10	10	'	'	PART
fsr-3846	10	11	publications	publication	NOUN
fsr-3846	10	12	suggests	suggest	VERB
fsr-3846	10	13	that	that	SCONJ
fsr-3846	10	14	a	a	DET
fsr-3846	10	15	mutual	mutual	ADJ
fsr-3846	10	16	fund	fund	NOUN
fsr-3846	10	17	's	's	PART
fsr-3846	10	18	ranking	ranking	NOUN
fsr-3846	10	19	versus	versus	ADP
fsr-3846	10	20	its	its	PRON
fsr-3846	10	21	peers	peer	NOUN
fsr-3846	10	22	is	be	AUX
fsr-3846	10	23	of	of	ADP
fsr-3846	10	24	great	great	ADJ
fsr-3846	10	25	importance	importance	NOUN
fsr-3846	10	26	.	.	PUNCT
fsr-3846	11	1	while	while	SCONJ
fsr-3846	11	2	numerous	numerous	ADJ
fsr-3846	11	3	studies	study	NOUN
fsr-3846	11	4	have	have	AUX
fsr-3846	11	5	examined	examine	VERB
fsr-3846	11	6	the	the	DET
fsr-3846	11	7	issues	issue	NOUN
fsr-3846	11	8	of	of	ADP
fsr-3846	11	9	relative	relative	ADJ
fsr-3846	11	10	fund	fund	NOUN
fsr-3846	11	11	performance	performance	NOUN
fsr-3846	11	12	and	and	CCONJ
fsr-3846	11	13	perfor	perfor	NOUN
fsr-3846	11	14	mance	mance	NOUN
fsr-3846	11	15	persistence	persistence	NOUN
fsr-3846	11	16	by	by	ADP
fsr-3846	11	17	comparing	compare	VERB
fsr-3846	11	18	mutual	mutual	ADJ
fsr-3846	11	19	fund	fund	NOUN
fsr-3846	11	20	returns	return	NOUN
fsr-3846	11	21	,	,	PUNCT
fsr-3846	11	22	few	few	ADJ
fsr-3846	11	23	have	have	AUX
fsr-3846	11	24	directly	directly	ADV
fsr-3846	11	25	examined	examine	VERB
fsr-3846	11	26	the	the	DET
fsr-3846	11	27	rel	rel	NOUN
fsr-3846	11	28	ative	ative	ADJ
fsr-3846	11	29	performance	performance	NOUN
fsr-3846	11	30	rankings	ranking	NOUN
fsr-3846	11	31	of	of	ADP
fsr-3846	11	32	individual	individual	ADJ
fsr-3846	11	33	mutual	mutual	ADJ
fsr-3846	11	34	fund	fund	NOUN
fsr-3846	11	35	managers	manager	NOUN
fsr-3846	11	36	.	.	PUNCT
fsr-3846	12	1	this	this	DET
fsr-3846	12	2	study	study	NOUN
fsr-3846	12	3	measures	measure	VERB
fsr-3846	12	4	the	the	DET
fsr-3846	12	5	performance	performance	NOUN
fsr-3846	12	6	of	of	ADP
fsr-3846	12	7	experienced	experienced	ADJ
fsr-3846	12	8	fund	fund	NOUN
fsr-3846	12	9	managers	manager	NOUN
fsr-3846	12	10	and	and	CCONJ
fsr-3846	12	11	their	their	PRON
fsr-3846	12	12	ability	ability	NOUN
fsr-3846	12	13	to	to	PART
fsr-3846	12	14	demonstrate	demonstrate	VERB
fsr-3846	12	15	consistent	consistent	ADJ
fsr-3846	12	16	performance	performance	NOUN
fsr-3846	12	17	with	with	ADP
fsr-3846	12	18	the	the	DET
fsr-3846	12	19	same	same	ADJ
fsr-3846	12	20	fund	fund	NOUN
fsr-3846	12	21	over	over	ADP
fsr-3846	12	22	a	a	DET
fsr-3846	12	23	ten	ten	NUM
fsr-3846	12	24	-	-	PUNCT
fsr-3846	12	25	year	year	NOUN
fsr-3846	12	26	period	period	NOUN
fsr-3846	12	27	.	.	PUNCT
fsr-3846	13	1	by	by	ADP
fsr-3846	13	2	studying	study	VERB
fsr-3846	13	3	managers	manager	NOUN
fsr-3846	13	4	with	with	ADP
fsr-3846	13	5	this	this	DET
fsr-3846	13	6	length	length	NOUN
fsr-3846	13	7	of	of	ADP
fsr-3846	13	8	tenure	tenure	NOUN
fsr-3846	13	9	at	at	ADP
fsr-3846	13	10	a	a	DET
fsr-3846	13	11	single	single	ADJ
fsr-3846	13	12	fund	fund	NOUN
fsr-3846	13	13	,	,	PUNCT
fsr-3846	13	14	the	the	DET
fsr-3846	13	15	impact	impact	NOUN
fsr-3846	13	16	of	of	ADP
fsr-3846	13	17	changes	change	NOUN
fsr-3846	13	18	in	in	ADP
fsr-3846	13	19	per	per	ADP
fsr-3846	13	20	formance	formance	NOUN
fsr-3846	13	21	related	relate	VERB
fsr-3846	13	22	to	to	ADP
fsr-3846	13	23	different	different	ADJ
fsr-3846	13	24	styles	style	NOUN
fsr-3846	13	25	of	of	ADP
fsr-3846	13	26	individual	individual	ADJ
fsr-3846	13	27	fund	fund	NOUN
fsr-3846	13	28	managers	manager	NOUN
fsr-3846	13	29	is	be	AUX
fsr-3846	13	30	reduced	reduce	VERB
fsr-3846	13	31	.	.	PUNCT
fsr-3846	14	1	the	the	DET
fsr-3846	14	2	intuitively	intuitively	ADV
fsr-3846	14	3	appealing	appeal	VERB
fsr-3846	14	4	percentile	percentile	ADJ
fsr-3846	14	5	ranking	rank	VERB
fsr-3846	14	6	measure	measure	NOUN
fsr-3846	14	7	used	use	VERB
fsr-3846	14	8	by	by	ADP
fsr-3846	14	9	morningstar	morningstar	NOUN
fsr-3846	14	10	and	and	CCONJ
fsr-3846	14	11	other	other	ADJ
fsr-3846	14	12	mutual	mutual	ADJ
fsr-3846	14	13	fund	fund	NOUN
fsr-3846	14	14	rating	rating	NOUN
fsr-3846	14	15	services	service	NOUN
fsr-3846	14	16	is	be	AUX
fsr-3846	14	17	the	the	DET
fsr-3846	14	18	methodology	methodology	NOUN
fsr-3846	14	19	used	use	VERB
fsr-3846	14	20	in	in	ADP
fsr-3846	14	21	this	this	DET
fsr-3846	14	22	study	study	NOUN
fsr-3846	14	23	.	.	PUNCT
fsr-3846	15	1	while	while	SCONJ
fsr-3846	15	2	total	total	ADJ
fsr-3846	15	3	return	return	NOUN
fsr-3846	15	4	is	be	AUX
fsr-3846	15	5	important	important	ADJ
fsr-3846	15	6	,	,	PUNCT
fsr-3846	15	7	investors	investor	NOUN
fsr-3846	15	8	may	may	AUX
fsr-3846	15	9	use	use	VERB
fsr-3846	15	10	performance	performance	NOUN
fsr-3846	15	11	rank	rank	NOUN
fsr-3846	15	12	as	as	ADP
fsr-3846	15	13	a	a	DET
fsr-3846	15	14	proxy	proxy	NOUN
fsr-3846	15	15	for	for	ADP
fsr-3846	15	16	explicit	explicit	ADJ
fsr-3846	15	17	comparisons	comparison	NOUN
fsr-3846	15	18	of	of	ADP
fsr-3846	15	19	total	total	ADJ
fsr-3846	15	20	return	return	NOUN
fsr-3846	15	21	.	.	PUNCT
fsr-3846	16	1	the	the	DET
fsr-3846	16	2	perfor	perfor	PROPN
fsr-3846	16	3	mance	mance	NOUN
fsr-3846	16	4	measure	measure	NOUN
fsr-3846	16	5	is	be	AUX
fsr-3846	16	6	the	the	DET
fsr-3846	16	7	rank	rank	NOUN
fsr-3846	16	8	of	of	ADP
fsr-3846	16	9	each	each	DET
fsr-3846	16	10	manager	manager	NOUN
fsr-3846	16	11	's	's	PART
fsr-3846	16	12	annual	annual	ADJ
fsr-3846	16	13	returns	return	NOUN
fsr-3846	16	14	relative	relative	ADJ
fsr-3846	16	15	to	to	ADP
fsr-3846	16	16	all	all	DET
fsr-3846	16	17	other	other	ADJ
fsr-3846	16	18	managers	manager	NOUN
fsr-3846	16	19	within	within	ADP
fsr-3846	16	20	the	the	DET
fsr-3846	16	21	same	same	ADJ
fsr-3846	16	22	investment	investment	NOUN
fsr-3846	16	23	objective	objective	NOUN
fsr-3846	16	24	.	.	PUNCT
fsr-3846	17	1	measuring	measure	VERB
fsr-3846	17	2	performance	performance	NOUN
fsr-3846	17	3	in	in	ADP
fsr-3846	17	4	this	this	DET
fsr-3846	17	5	way	way	NOUN
fsr-3846	17	6	controls	control	VERB
fsr-3846	17	7	for	for	ADP
fsr-3846	17	8	the	the	DET
fsr-3846	17	9	gary	gary	PROPN
fsr-3846	17	10	e.	e.	PROPN
fsr-3846	17	11	porter	porter	PROPN
fsr-3846	17	12	•	•	NUM
fsr-3846	17	13	assistant	assistant	NOUN
fsr-3846	17	14	professor	professor	NOUN
fsr-3846	17	15	of	of	ADP
fsr-3846	17	16	finance	finance	NOUN
fsr-3846	17	17	,	,	PUNCT
fsr-3846	17	18	college	college	NOUN
fsr-3846	17	19	of	of	ADP
fsr-3846	17	20	business	business	PROPN
fsr-3846	17	21	administration	administration	PROPN
fsr-3846	17	22	,	,	PUNCT
fsr-3846	17	23	university	university	NOUN
fsr-3846	17	24	of	of	ADP
fsr-3846	17	25	central	central	PROPN
fsr-3846	17	26	florida	florida	PROPN
fsr-3846	17	27	,	,	PUNCT
fsr-3846	17	28	orlando	orlando	PROPN
fsr-3846	17	29	,	,	PUNCT
fsr-3846	17	30	florida	florida	PROPN
fsr-3846	17	31	32816	32816	NUM
fsr-3846	17	32	.	.	PUNCT
fsr-3846	18	1	jack	jack	PROPN
fsr-3846	18	2	w.	w.	PROPN
fsr-3846	18	3	trills	trill	VERB
fsr-3846	18	4	°	°	PROPN
fsr-3846	19	1	professor	professor	NOUN
fsr-3846	19	2	of	of	ADP
fsr-3846	19	3	finance	finance	NOUN
fsr-3846	19	4	,	,	PUNCT
fsr-3846	19	5	crummer	crummer	NOUN
fsr-3846	19	6	graduate	graduate	PROPN
fsr-3846	19	7	school	school	NOUN
fsr-3846	19	8	of	of	ADP
fsr-3846	19	9	business	business	NOUN
fsr-3846	19	10	,	,	PUNCT
fsr-3846	19	11	rollins	rollins	PROPN
fsr-3846	19	12	college	college	PROPN
fsr-3846	19	13	,	,	PUNCT
fsr-3846	19	14	winter	winter	NOUN
fsr-3846	19	15	park	park	NOUN
fsr-3846	19	16	,	,	PUNCT
fsr-3846	19	17	florida	florida	PROPN
fsr-3846	19	18	32789	32789	NUM
fsr-3846	19	19	.	.	PUNCT
fsr-3846	20	1	58	58	NUM
fsr-3846	20	2	financial	financial	ADJ
fsr-3846	20	3	services	service	NOUN
fsr-3846	20	4	review	review	VERB
fsr-3846	20	5	7(1	7(1	NUM
fsr-3846	20	6	)	)	PUNCT
fsr-3846	20	7	1998	1998	NUM
fsr-3846	20	8	general	general	ADJ
fsr-3846	20	9	level	level	NOUN
fsr-3846	20	10	of	of	ADP
fsr-3846	20	11	risk	risk	NOUN
fsr-3846	20	12	assumed	assume	VERB
fsr-3846	20	13	by	by	ADP
fsr-3846	20	14	the	the	DET
fsr-3846	20	15	investor	investor	NOUN
fsr-3846	20	16	in	in	ADP
fsr-3846	20	17	the	the	DET
fsr-3846	20	18	fund	fund	NOUN
fsr-3846	20	19	.	.	PUNCT
fsr-3846	21	1	managers	manager	NOUN
fsr-3846	21	2	have	have	VERB
fsr-3846	21	3	the	the	DET
fsr-3846	21	4	ability	ability	NOUN
fsr-3846	21	5	to	to	PART
fsr-3846	21	6	define	define	VERB
fsr-3846	21	7	distinct	distinct	ADJ
fsr-3846	21	8	risk	risk	NOUN
fsr-3846	21	9	levels	level	NOUN
fsr-3846	21	10	within	within	ADP
fsr-3846	21	11	objectives	objective	NOUN
fsr-3846	21	12	,	,	PUNCT
fsr-3846	21	13	so	so	SCONJ
fsr-3846	21	14	the	the	DET
fsr-3846	21	15	analysis	analysis	NOUN
fsr-3846	21	16	controls	control	VERB
fsr-3846	21	17	for	for	ADP
fsr-3846	21	18	exposure	exposure	NOUN
fsr-3846	21	19	to	to	AUX
fsr-3846	21	20	system	system	VERB
fsr-3846	21	21	atic	atic	ADJ
fsr-3846	21	22	risk	risk	NOUN
fsr-3846	21	23	and	and	CCONJ
fsr-3846	21	24	to	to	ADP
fsr-3846	21	25	the	the	DET
fsr-3846	21	26	risk	risk	NOUN
fsr-3846	21	27	associated	associate	VERB
fsr-3846	21	28	with	with	ADP
fsr-3846	21	29	a	a	DET
fsr-3846	21	30	style	style	NOUN
fsr-3846	21	31	of	of	ADP
fsr-3846	21	32	investment	investment	NOUN
fsr-3846	21	33	strategy	strategy	NOUN
fsr-3846	21	34	.	.	PUNCT
fsr-3846	22	1	finally	finally	ADV
fsr-3846	22	2	,	,	PUNCT
fsr-3846	22	3	by	by	ADP
fsr-3846	22	4	placing	place	VERB
fsr-3846	22	5	more	more	ADJ
fsr-3846	22	6	emphasis	emphasis	NOUN
fsr-3846	22	7	on	on	ADP
fsr-3846	22	8	annual	annual	ADJ
fsr-3846	22	9	performance	performance	NOUN
fsr-3846	22	10	than	than	ADP
fsr-3846	22	11	on	on	ADP
fsr-3846	22	12	total	total	ADJ
fsr-3846	22	13	return	return	NOUN
fsr-3846	22	14	over	over	ADP
fsr-3846	22	15	a	a	DET
fsr-3846	22	16	specific	specific	ADJ
fsr-3846	22	17	period	period	NOUN
fsr-3846	22	18	,	,	PUNCT
fsr-3846	22	19	this	this	DET
fsr-3846	22	20	methodology	methodology	NOUN
fsr-3846	22	21	provides	provide	VERB
fsr-3846	22	22	evidence	evidence	NOUN
fsr-3846	22	23	regarding	regard	VERB
fsr-3846	22	24	the	the	DET
fsr-3846	22	25	consistency	consistency	NOUN
fsr-3846	22	26	of	of	ADP
fsr-3846	22	27	manager	manager	NOUN
fsr-3846	22	28	performance	performance	NOUN
fsr-3846	22	29	over	over	ADP
fsr-3846	22	30	time	time	NOUN
fsr-3846	22	31	.	.	PUNCT
fsr-3846	23	1	this	this	DET
fsr-3846	23	2	study	study	NOUN
fsr-3846	23	3	provides	provide	VERB
fsr-3846	23	4	evidence	evidence	NOUN
fsr-3846	23	5	on	on	ADP
fsr-3846	23	6	the	the	DET
fsr-3846	23	7	following	follow	VERB
fsr-3846	23	8	research	research	NOUN
fsr-3846	23	9	questions	question	NOUN
fsr-3846	23	10	.	.	PUNCT
fsr-3846	24	1	one	one	NUM
fsr-3846	24	2	,	,	PUNCT
fsr-3846	24	3	as	as	ADP
fsr-3846	24	4	a	a	DET
fsr-3846	24	5	group	group	NOUN
fsr-3846	24	6	,	,	PUNCT
fsr-3846	24	7	do	do	VERB
fsr-3846	24	8	managers	manager	NOUN
fsr-3846	24	9	with	with	ADP
fsr-3846	24	10	10	10	NUM
fsr-3846	24	11	-	-	PUNCT
fsr-3846	24	12	year	year	NOUN
fsr-3846	24	13	track	track	NOUN
fsr-3846	24	14	records	record	NOUN
fsr-3846	24	15	at	at	ADP
fsr-3846	24	16	the	the	DET
fsr-3846	24	17	same	same	ADJ
fsr-3846	24	18	fund	fund	NOUN
fsr-3846	24	19	consistently	consistently	ADV
fsr-3846	24	20	outperform	outperform	VERB
fsr-3846	24	21	their	their	PRON
fsr-3846	24	22	peers	peer	NOUN
fsr-3846	24	23	?	?	PUNCT
fsr-3846	25	1	two	two	NUM
fsr-3846	25	2	,	,	PUNCT
fsr-3846	25	3	are	be	AUX
fsr-3846	25	4	mutual	mutual	ADJ
fsr-3846	25	5	fund	fund	NOUN
fsr-3846	25	6	performance	performance	NOUN
fsr-3846	25	7	rankings	ranking	NOUN
fsr-3846	25	8	in	in	ADP
fsr-3846	25	9	one	one	NUM
fsr-3846	25	10	five	five	NUM
fsr-3846	25	11	-	-	PUNCT
fsr-3846	25	12	year	year	NOUN
fsr-3846	25	13	period	period	NOUN
fsr-3846	25	14	predictive	predictive	NOUN
fsr-3846	25	15	of	of	ADP
fsr-3846	25	16	the	the	DET
fsr-3846	25	17	rank	rank	NOUN
fsr-3846	25	18	ings	ing	NOUN
fsr-3846	25	19	over	over	ADP
fsr-3846	25	20	the	the	DET
fsr-3846	25	21	next	next	ADJ
fsr-3846	25	22	five	five	NUM
fsr-3846	25	23	-	-	PUNCT
fsr-3846	25	24	year	year	NOUN
fsr-3846	25	25	period	period	NOUN
fsr-3846	25	26	?	?	PUNCT
fsr-3846	26	1	ii	ii	X
fsr-3846	26	2	.	.	PUNCT
fsr-3846	27	1	literature	literature	PROPN
fsr-3846	27	2	review	review	VERB
fsr-3846	27	3	a	a	DET
fsr-3846	27	4	number	number	NOUN
fsr-3846	27	5	of	of	ADP
fsr-3846	27	6	recent	recent	ADJ
fsr-3846	27	7	studies	study	NOUN
fsr-3846	27	8	have	have	AUX
fsr-3846	27	9	examined	examine	VERB
fsr-3846	27	10	the	the	DET
fsr-3846	27	11	issue	issue	NOUN
fsr-3846	27	12	of	of	ADP
fsr-3846	27	13	performance	performance	NOUN
fsr-3846	27	14	persistence	persistence	NOUN
fsr-3846	27	15	in	in	ADP
fsr-3846	27	16	mutual	mutual	ADJ
fsr-3846	27	17	funds	fund	NOUN
fsr-3846	27	18	.	.	PUNCT
fsr-3846	28	1	grinblatt	grinblatt	NOUN
fsr-3846	28	2	and	and	CCONJ
fsr-3846	28	3	titman	titman	NOUN
fsr-3846	28	4	(	(	PUNCT
fsr-3846	28	5	1992	1992	NUM
fsr-3846	28	6	)	)	PUNCT
fsr-3846	28	7	analyze	analyze	VERB
fsr-3846	28	8	performance	performance	NOUN
fsr-3846	28	9	of	of	ADP
fsr-3846	28	10	279	279	NUM
fsr-3846	28	11	funds	fund	NOUN
fsr-3846	28	12	over	over	ADP
fsr-3846	28	13	the	the	DET
fsr-3846	28	14	period	period	NOUN
fsr-3846	28	15	of	of	ADP
fsr-3846	28	16	1975	1975	NUM
fsr-3846	28	17	to	to	ADP
fsr-3846	28	18	1984	1984	NUM
fsr-3846	28	19	using	use	VERB
fsr-3846	28	20	a	a	DET
fsr-3846	28	21	benchmark	benchmark	NOUN
fsr-3846	28	22	technique	technique	NOUN
fsr-3846	28	23	and	and	CCONJ
fsr-3846	28	24	find	find	VERB
fsr-3846	28	25	evidence	evidence	NOUN
fsr-3846	28	26	that	that	SCONJ
fsr-3846	28	27	performance	performance	NOUN
fsr-3846	28	28	differences	difference	NOUN
fsr-3846	28	29	between	between	ADP
fsr-3846	28	30	funds	fund	NOUN
fsr-3846	28	31	persists	persist	VERB
fsr-3846	28	32	over	over	ADP
fsr-3846	28	33	time	time	NOUN
fsr-3846	28	34	.	.	PUNCT
fsr-3846	29	1	hendricks	hendrick	NOUN
fsr-3846	29	2	,	,	PUNCT
fsr-3846	29	3	patel	patel	NOUN
fsr-3846	29	4	,	,	PUNCT
fsr-3846	29	5	and	and	CCONJ
fsr-3846	29	6	zeckhauser	zeckhauser	NOUN
fsr-3846	29	7	(	(	PUNCT
fsr-3846	29	8	1993	1993	NUM
fsr-3846	29	9	)	)	PUNCT
fsr-3846	29	10	study	study	VERB
fsr-3846	29	11	165	165	NUM
fsr-3846	29	12	no	no	DET
fsr-3846	29	13	-	-	PUNCT
fsr-3846	29	14	load	load	NOUN
fsr-3846	29	15	growth	growth	NOUN
fsr-3846	29	16	-	-	PUNCT
fsr-3846	29	17	oriented	orient	VERB
fsr-3846	29	18	funds	fund	NOUN
fsr-3846	29	19	over	over	ADP
fsr-3846	29	20	the	the	DET
fsr-3846	29	21	period	period	NOUN
fsr-3846	29	22	1974	1974	NUM
fsr-3846	29	23	to	to	ADP
fsr-3846	29	24	1988	1988	NUM
fsr-3846	29	25	and	and	CCONJ
fsr-3846	29	26	obtain	obtain	VERB
fsr-3846	29	27	similar	similar	ADJ
fsr-3846	29	28	results	result	NOUN
fsr-3846	29	29	.	.	PUNCT
fsr-3846	30	1	in	in	ADP
fsr-3846	30	2	a	a	DET
fsr-3846	30	3	study	study	NOUN
fsr-3846	30	4	of	of	ADP
fsr-3846	30	5	728	728	NUM
fsr-3846	30	6	mutual	mutual	ADJ
fsr-3846	30	7	fund	fund	NOUN
fsr-3846	30	8	returns	return	NOUN
fsr-3846	30	9	over	over	ADP
fsr-3846	30	10	the	the	DET
fsr-3846	30	11	period	period	NOUN
fsr-3846	30	12	1976	1976	NUM
fsr-3846	30	13	to	to	ADP
fsr-3846	30	14	1988	1988	NUM
fsr-3846	30	15	,	,	PUNCT
fsr-3846	30	16	goetzman	goetzman	NOUN
fsr-3846	30	17	and	and	CCONJ
fsr-3846	30	18	ibbotson	ibbotson	PROPN
fsr-3846	30	19	(	(	PUNCT
fsr-3846	30	20	1994	1994	NUM
fsr-3846	30	21	)	)	PUNCT
fsr-3846	30	22	find	find	VERB
fsr-3846	30	23	that	that	SCONJ
fsr-3846	30	24	two	two	NUM
fsr-3846	30	25	-	-	PUNCT
fsr-3846	30	26	year	year	NOUN
fsr-3846	30	27	performance	performance	NOUN
fsr-3846	30	28	is	be	AUX
fsr-3846	30	29	predictive	predictive	ADJ
fsr-3846	30	30	of	of	ADP
fsr-3846	30	31	performance	performance	NOUN
fsr-3846	30	32	over	over	ADP
fsr-3846	30	33	the	the	DET
fsr-3846	30	34	successive	successive	ADJ
fsr-3846	30	35	two	two	NUM
fsr-3846	30	36	years	year	NOUN
fsr-3846	30	37	.	.	PUNCT
fsr-3846	31	1	volkman	volkman	NOUN
fsr-3846	31	2	and	and	CCONJ
fsr-3846	31	3	wohar	wohar	PROPN
fsr-3846	31	4	(	(	PUNCT
fsr-3846	31	5	1995	1995	NUM
fsr-3846	31	6	)	)	PUNCT
fsr-3846	31	7	extend	extend	VERB
fsr-3846	31	8	this	this	DET
fsr-3846	31	9	analysis	analysis	NOUN
fsr-3846	31	10	to	to	PART
fsr-3846	31	11	examine	examine	VERB
fsr-3846	31	12	factors	factor	NOUN
fsr-3846	31	13	that	that	PRON
fsr-3846	31	14	impact	impact	VERB
fsr-3846	31	15	performance	performance	NOUN
fsr-3846	31	16	persistence	persistence	NOUN
fsr-3846	31	17	.	.	PUNCT
fsr-3846	32	1	their	their	PRON
fsr-3846	32	2	data	data	NOUN
fsr-3846	32	3	consists	consist	VERB
fsr-3846	32	4	of	of	ADP
fsr-3846	32	5	322	322	NUM
fsr-3846	32	6	funds	fund	NOUN
fsr-3846	32	7	over	over	ADP
fsr-3846	32	8	the	the	DET
fsr-3846	32	9	period	period	NOUN
fsr-3846	32	10	1980	1980	NUM
fsr-3846	32	11	to	to	ADP
fsr-3846	32	12	1989	1989	NUM
fsr-3846	32	13	,	,	PUNCT
fsr-3846	32	14	and	and	CCONJ
fsr-3846	32	15	shows	show	VERB
fsr-3846	32	16	performance	performance	NOUN
fsr-3846	32	17	persistence	persistence	NOUN
fsr-3846	32	18	is	be	AUX
fsr-3846	32	19	negatively	negatively	ADV
fsr-3846	32	20	related	relate	VERB
fsr-3846	32	21	to	to	ADP
fsr-3846	32	22	size	size	NOUN
fsr-3846	32	23	and	and	CCONJ
fsr-3846	32	24	negatively	negatively	ADV
fsr-3846	32	25	related	relate	VERB
fsr-3846	32	26	to	to	ADP
fsr-3846	32	27	levels	level	NOUN
fsr-3846	32	28	of	of	ADP
fsr-3846	32	29	management	management	NOUN
fsr-3846	32	30	fees	fee	NOUN
fsr-3846	32	31	.	.	PUNCT
fsr-3846	33	1	studies	study	NOUN
fsr-3846	33	2	of	of	ADP
fsr-3846	33	3	performance	performance	NOUN
fsr-3846	33	4	persistence	persistence	NOUN
fsr-3846	33	5	in	in	ADP
fsr-3846	33	6	mutual	mutual	ADJ
fsr-3846	33	7	funds	fund	NOUN
fsr-3846	33	8	are	be	AUX
fsr-3846	33	9	not	not	PART
fsr-3846	33	10	without	without	ADP
fsr-3846	33	11	contrary	contrary	ADJ
fsr-3846	33	12	evidence	evidence	NOUN
fsr-3846	33	13	.	.	PUNCT
fsr-3846	34	1	carhart	carhart	NOUN
fsr-3846	34	2	(	(	PUNCT
fsr-3846	34	3	1997	1997	NUM
fsr-3846	34	4	)	)	PUNCT
fsr-3846	34	5	shows	show	VERB
fsr-3846	34	6	that	that	SCONJ
fsr-3846	34	7	expenses	expense	NOUN
fsr-3846	34	8	and	and	CCONJ
fsr-3846	34	9	common	common	ADJ
fsr-3846	34	10	factors	factor	NOUN
fsr-3846	34	11	in	in	ADP
fsr-3846	34	12	stock	stock	NOUN
fsr-3846	34	13	returns	return	NOUN
fsr-3846	34	14	such	such	ADJ
fsr-3846	34	15	as	as	ADP
fsr-3846	34	16	beta	beta	NOUN
fsr-3846	34	17	,	,	PUNCT
fsr-3846	34	18	mar	mar	PROPN
fsr-3846	34	19	ket	ket	PROPN
fsr-3846	34	20	capitalization	capitalization	NOUN
fsr-3846	34	21	,	,	PUNCT
fsr-3846	34	22	one	one	NUM
fsr-3846	34	23	-	-	PUNCT
fsr-3846	34	24	year	year	NOUN
fsr-3846	34	25	return	return	NOUN
fsr-3846	34	26	momentum	momentum	NOUN
fsr-3846	34	27	,	,	PUNCT
fsr-3846	34	28	and	and	CCONJ
fsr-3846	34	29	whether	whether	SCONJ
fsr-3846	34	30	the	the	DET
fsr-3846	34	31	portfolio	portfolio	NOUN
fsr-3846	34	32	is	be	AUX
fsr-3846	34	33	value	value	NOUN
fsr-3846	34	34	or	or	CCONJ
fsr-3846	34	35	growth	growth	NOUN
fsr-3846	34	36	oriented	orient	VERB
fsr-3846	34	37	"	"	PUNCT
fsr-3846	34	38	almost	almost	ADV
fsr-3846	34	39	completely	completely	ADV
fsr-3846	34	40	"	"	PUNCT
fsr-3846	34	41	explain	explain	VERB
fsr-3846	34	42	short	short	ADJ
fsr-3846	34	43	term	term	NOUN
fsr-3846	34	44	persistence	persistence	NOUN
fsr-3846	34	45	in	in	ADP
fsr-3846	34	46	risk	risk	NOUN
fsr-3846	34	47	-	-	PUNCT
fsr-3846	34	48	adjusted	adjust	VERB
fsr-3846	34	49	returns	return	NOUN
fsr-3846	34	50	.	.	PUNCT
fsr-3846	35	1	he	he	PRON
fsr-3846	35	2	concludes	conclude	VERB
fsr-3846	35	3	that	that	SCONJ
fsr-3846	35	4	his	his	PRON
fsr-3846	35	5	evidence	evidence	NOUN
fsr-3846	35	6	does	do	AUX
fsr-3846	35	7	not	not	PART
fsr-3846	35	8	"	"	PUNCT
fsr-3846	35	9	support	support	VERB
fsr-3846	35	10	the	the	DET
fsr-3846	35	11	existence	existence	NOUN
fsr-3846	35	12	of	of	ADP
fsr-3846	35	13	skilled	skilled	ADJ
fsr-3846	35	14	or	or	CCONJ
fsr-3846	35	15	informed	inform	VERB
fsr-3846	35	16	mutual	mutual	ADJ
fsr-3846	35	17	fund	fund	NOUN
fsr-3846	35	18	portfolio	portfolio	NOUN
fsr-3846	35	19	managers	manager	NOUN
fsr-3846	35	20	"	"	PUNCT
fsr-3846	35	21	(	(	PUNCT
fsr-3846	35	22	carhart	carhart	NOUN
fsr-3846	35	23	,	,	PUNCT
fsr-3846	35	24	1997	1997	NUM
fsr-3846	35	25	,	,	PUNCT
fsr-3846	35	26	p.	p.	NOUN
fsr-3846	35	27	57	57	NUM
fsr-3846	35	28	)	)	PUNCT
fsr-3846	35	29	.	.	PUNCT
fsr-3846	36	1	in	in	ADP
fsr-3846	36	2	the	the	DET
fsr-3846	36	3	kahn	kahn	PROPN
fsr-3846	36	4	and	and	CCONJ
fsr-3846	36	5	rudd	rudd	PROPN
fsr-3846	36	6	1995	1995	NUM
fsr-3846	36	7	study	study	NOUN
fsr-3846	36	8	of	of	ADP
fsr-3846	36	9	300	300	NUM
fsr-3846	36	10	equity	equity	NOUN
fsr-3846	36	11	funds	fund	NOUN
fsr-3846	36	12	and	and	CCONJ
fsr-3846	36	13	195	195	NUM
fsr-3846	36	14	bond	bond	NOUN
fsr-3846	36	15	funds	fund	NOUN
fsr-3846	36	16	between	between	ADP
fsr-3846	36	17	1983	1983	NUM
fsr-3846	36	18	and	and	CCONJ
fsr-3846	36	19	1993	1993	NUM
fsr-3846	36	20	,	,	PUNCT
fsr-3846	36	21	only	only	ADV
fsr-3846	36	22	the	the	DET
fsr-3846	36	23	bond	bond	NOUN
fsr-3846	36	24	funds	fund	NOUN
fsr-3846	36	25	show	show	VERB
fsr-3846	36	26	evi	evi	NOUN
fsr-3846	36	27	dence	dence	NOUN
fsr-3846	36	28	of	of	ADP
fsr-3846	36	29	persistence	persistence	NOUN
fsr-3846	36	30	.	.	PUNCT
fsr-3846	37	1	in	in	ADP
fsr-3846	37	2	an	an	DET
fsr-3846	37	3	article	article	NOUN
fsr-3846	37	4	in	in	ADP
fsr-3846	37	5	this	this	DET
fsr-3846	37	6	issue	issue	NOUN
fsr-3846	37	7	,	,	PUNCT
fsr-3846	37	8	detzel	detzel	ADJ
fsr-3846	37	9	and	and	CCONJ
fsr-3846	37	10	weigand	weigand	PROPN
fsr-3846	37	11	(	(	PUNCT
fsr-3846	37	12	1998	1998	NUM
fsr-3846	37	13	)	)	PUNCT
fsr-3846	37	14	use	use	VERB
fsr-3846	37	15	a	a	DET
fsr-3846	37	16	regression	regression	NOUN
fsr-3846	37	17	residual	residual	ADJ
fsr-3846	37	18	technique	technique	NOUN
fsr-3846	37	19	to	to	PART
fsr-3846	37	20	control	control	VERB
fsr-3846	37	21	for	for	ADP
fsr-3846	37	22	the	the	DET
fsr-3846	37	23	effects	effect	NOUN
fsr-3846	37	24	of	of	ADP
fsr-3846	37	25	investment	investment	NOUN
fsr-3846	37	26	style	style	NOUN
fsr-3846	37	27	,	,	PUNCT
fsr-3846	37	28	size	size	NOUN
fsr-3846	37	29	and	and	CCONJ
fsr-3846	37	30	expense	expense	NOUN
fsr-3846	37	31	ratios	ratio	NOUN
fsr-3846	37	32	.	.	PUNCT
fsr-3846	38	1	they	they	PRON
fsr-3846	38	2	find	find	VERB
fsr-3846	38	3	,	,	PUNCT
fsr-3846	38	4	after	after	ADP
fsr-3846	38	5	controlling	control	VERB
fsr-3846	38	6	for	for	ADP
fsr-3846	38	7	these	these	DET
fsr-3846	38	8	variables	variable	NOUN
fsr-3846	38	9	,	,	PUNCT
fsr-3846	38	10	no	no	DET
fsr-3846	38	11	evidence	evidence	NOUN
fsr-3846	38	12	of	of	ADP
fsr-3846	38	13	performance	performance	NOUN
fsr-3846	38	14	persistence	persistence	NOUN
fsr-3846	38	15	.	.	PUNCT
fsr-3846	39	1	two	two	NUM
fsr-3846	39	2	other	other	ADJ
fsr-3846	39	3	studies	study	NOUN
fsr-3846	39	4	have	have	AUX
fsr-3846	39	5	used	use	VERB
fsr-3846	39	6	performance	performance	NOUN
fsr-3846	39	7	ranks	rank	NOUN
fsr-3846	39	8	.	.	PUNCT
fsr-3846	40	1	dunn	dunn	PROPN
fsr-3846	40	2	and	and	CCONJ
fsr-3846	40	3	theisen	theisen	PROPN
fsr-3846	40	4	(	(	PUNCT
fsr-3846	40	5	1983	1983	NUM
fsr-3846	40	6	)	)	PUNCT
fsr-3846	40	7	rank	rank	NOUN
fsr-3846	40	8	the	the	DET
fsr-3846	40	9	annual	annual	ADJ
fsr-3846	40	10	performance	performance	NOUN
fsr-3846	40	11	of	of	ADP
fsr-3846	40	12	201	201	NUM
fsr-3846	40	13	institutional	institutional	ADJ
fsr-3846	40	14	portfolios	portfolio	NOUN
fsr-3846	40	15	for	for	ADP
fsr-3846	40	16	the	the	DET
fsr-3846	40	17	period	period	NOUN
fsr-3846	40	18	1973	1973	NUM
fsr-3846	40	19	through	through	ADP
fsr-3846	40	20	1982	1982	NUM
fsr-3846	40	21	without	without	ADP
fsr-3846	40	22	controlling	control	VERB
fsr-3846	40	23	for	for	ADP
fsr-3846	40	24	fund	fund	NOUN
fsr-3846	40	25	risk	risk	NOUN
fsr-3846	40	26	.	.	PUNCT
fsr-3846	41	1	they	they	PRON
fsr-3846	41	2	found	find	VERB
fsr-3846	41	3	no	no	DET
fsr-3846	41	4	evidence	evidence	NOUN
fsr-3846	41	5	that	that	SCONJ
fsr-3846	41	6	funds	fund	NOUN
fsr-3846	41	7	performed	perform	VERB
fsr-3846	41	8	within	within	ADP
fsr-3846	41	9	the	the	DET
fsr-3846	41	10	same	same	ADJ
fsr-3846	41	11	quar	quar	NOUN
fsr-3846	41	12	tile	tile	NOUN
fsr-3846	41	13	over	over	ADP
fsr-3846	41	14	the	the	DET
fsr-3846	41	15	ten	ten	NUM
fsr-3846	41	16	-	-	PUNCT
fsr-3846	41	17	year	year	NOUN
fsr-3846	41	18	period	period	NOUN
fsr-3846	41	19	.	.	PUNCT
fsr-3846	42	1	they	they	PRON
fsr-3846	42	2	also	also	ADV
fsr-3846	42	3	found	find	VERB
fsr-3846	42	4	that	that	SCONJ
fsr-3846	42	5	ranks	rank	NOUN
fsr-3846	42	6	of	of	ADP
fsr-3846	42	7	individual	individual	ADJ
fsr-3846	42	8	managers	manager	NOUN
fsr-3846	42	9	based	base	VERB
fsr-3846	42	10	on	on	ADP
fsr-3846	42	11	5	5	NUM
fsr-3846	42	12	-	-	PUNCT
fsr-3846	42	13	year	year	NOUN
fsr-3846	42	14	compound	compound	NOUN
fsr-3846	42	15	returns	return	NOUN
fsr-3846	42	16	revealed	reveal	VERB
fsr-3846	42	17	no	no	DET
fsr-3846	42	18	consistency	consistency	NOUN
fsr-3846	42	19	.	.	PUNCT
fsr-3846	43	1	bauman	bauman	NOUN
fsr-3846	43	2	and	and	CCONJ
fsr-3846	43	3	miller	miller	PROPN
fsr-3846	43	4	(	(	PUNCT
fsr-3846	43	5	1995	1995	NUM
fsr-3846	43	6	)	)	PUNCT
fsr-3846	43	7	studied	study	VERB
fsr-3846	43	8	the	the	DET
fsr-3846	43	9	persistence	persistence	NOUN
fsr-3846	43	10	of	of	ADP
fsr-3846	43	11	pension	pension	NOUN
fsr-3846	43	12	and	and	CCONJ
fsr-3846	43	13	investment	investment	NOUN
fsr-3846	43	14	fund	fund	NOUN
fsr-3846	43	15	performance	performance	NOUN
fsr-3846	43	16	by	by	ADP
fsr-3846	43	17	type	type	NOUN
fsr-3846	43	18	of	of	ADP
fsr-3846	43	19	investment	investment	NOUN
fsr-3846	43	20	organization	organization	NOUN
fsr-3846	43	21	and	and	CCONJ
fsr-3846	43	22	investment	investment	NOUN
fsr-3846	43	23	style	style	NOUN
fsr-3846	43	24	.	.	PUNCT
fsr-3846	44	1	they	they	PRON
fsr-3846	44	2	employed	employ	VERB
fsr-3846	44	3	a	a	DET
fsr-3846	44	4	quartile	quartile	ADV
fsr-3846	44	5	ranking	ranking	NOUN
fsr-3846	44	6	technique	technique	NOUN
fsr-3846	44	7	because	because	SCONJ
fsr-3846	44	8	they	they	PRON
fsr-3846	44	9	noted	note	VERB
fsr-3846	44	10	that	that	SCONJ
fsr-3846	44	11	"	"	PUNCT
fsr-3846	44	12	investors	investor	NOUN
fsr-3846	44	13	pay	pay	VERB
fsr-3846	44	14	particular	particular	ADJ
fsr-3846	44	15	attention	attention	NOUN
fsr-3846	44	16	to	to	ADP
fsr-3846	44	17	consultants	consultant	NOUN
fsr-3846	44	18	'	'	PART
fsr-3846	44	19	and	and	CCONJ
fsr-3846	44	20	financial	financial	ADJ
fsr-3846	44	21	periodicals	periodical	NOUN
fsr-3846	44	22	'	'	PART
fsr-3846	44	23	investment	investment	NOUN
fsr-3846	44	24	per	per	ADP
fsr-3846	44	25	formance	formance	NOUN
fsr-3846	44	26	rankings	ranking	NOUN
fsr-3846	44	27	of	of	ADP
fsr-3846	44	28	mutual	mutual	ADJ
fsr-3846	44	29	funds	fund	NOUN
fsr-3846	44	30	and	and	CCONJ
fsr-3846	44	31	pension	pension	NOUN
fsr-3846	44	32	funds	fund	NOUN
fsr-3846	44	33	"	"	PUNCT
fsr-3846	44	34	(	(	PUNCT
fsr-3846	44	35	bauman	bauman	PROPN
fsr-3846	44	36	&	&	CCONJ
fsr-3846	44	37	miller	miller	PROPN
fsr-3846	44	38	,	,	PUNCT
fsr-3846	44	39	1995	1995	NUM
fsr-3846	44	40	,	,	PUNCT
fsr-3846	44	41	p.	p.	NOUN
fsr-3846	44	42	79	79	NUM
fsr-3846	44	43	)	)	PUNCT
fsr-3846	44	44	.	.	PUNCT
fsr-3846	45	1	they	they	PRON
fsr-3846	45	2	found	find	VERB
fsr-3846	45	3	that	that	SCONJ
fsr-3846	45	4	portfolios	portfolio	NOUN
fsr-3846	45	5	managed	manage	VERB
fsr-3846	45	6	by	by	ADP
fsr-3846	45	7	investment	investment	NOUN
fsr-3846	45	8	advisors	advisor	NOUN
fsr-3846	45	9	showed	show	VERB
fsr-3846	45	10	more	more	ADV
fsr-3846	45	11	consistent	consistent	ADJ
fsr-3846	45	12	per	per	ADP
fsr-3846	45	13	formance	formance	NOUN
fsr-3846	45	14	(	(	PUNCT
fsr-3846	45	15	measured	measure	VERB
fsr-3846	45	16	by	by	ADP
fsr-3846	45	17	quartile	quartile	ADJ
fsr-3846	45	18	rankings	ranking	NOUN
fsr-3846	45	19	)	)	PUNCT
fsr-3846	45	20	over	over	ADP
fsr-3846	45	21	market	market	NOUN
fsr-3846	45	22	cycles	cycle	NOUN
fsr-3846	45	23	and	and	CCONJ
fsr-3846	45	24	that	that	SCONJ
fsr-3846	45	25	funds	fund	NOUN
fsr-3846	45	26	managed	manage	VERB
fsr-3846	45	27	by	by	ADP
fsr-3846	45	28	banks	bank	NOUN
fsr-3846	45	29	and	and	CCONJ
fsr-3846	45	30	insurance	insurance	NOUN
fsr-3846	45	31	companies	company	NOUN
fsr-3846	45	32	showed	show	VERB
fsr-3846	45	33	the	the	DET
fsr-3846	45	34	least	least	ADJ
fsr-3846	45	35	consistency	consistency	NOUN
fsr-3846	45	36	.	.	PUNCT
fsr-3846	46	1	they	they	PRON
fsr-3846	46	2	suggest	suggest	VERB
fsr-3846	46	3	that	that	SCONJ
fsr-3846	46	4	this	this	DET
fsr-3846	46	5	result	result	NOUN
fsr-3846	46	6	may	may	AUX
fsr-3846	46	7	be	be	AUX
fsr-3846	46	8	caused	cause	VERB
fsr-3846	46	9	by	by	ADP
fsr-3846	46	10	a	a	DET
fsr-3846	46	11	higher	high	ADJ
fsr-3846	46	12	turnover	turnover	NOUN
fsr-3846	46	13	in	in	ADP
fsr-3846	46	14	the	the	DET
fsr-3846	46	15	decision	decision	NOUN
fsr-3846	46	16	-	-	PUNCT
fsr-3846	46	17	making	make	VERB
fsr-3846	46	18	structure	structure	NOUN
fsr-3846	46	19	in	in	ADP
fsr-3846	46	20	these	these	DET
fsr-3846	46	21	less	less	ADV
fsr-3846	46	22	consistent	consistent	ADJ
fsr-3846	46	23	performance	performance	NOUN
fsr-3846	46	24	persistence	persistence	NOUN
fsr-3846	46	25	59	59	NUM
fsr-3846	46	26	funds	fund	NOUN
fsr-3846	46	27	.	.	PUNCT
fsr-3846	47	1	this	this	DET
fsr-3846	47	2	study	study	NOUN
fsr-3846	47	3	controls	control	VERB
fsr-3846	47	4	for	for	ADP
fsr-3846	47	5	the	the	DET
fsr-3846	47	6	effects	effect	NOUN
fsr-3846	47	7	of	of	ADP
fsr-3846	47	8	turnover	turnover	NOUN
fsr-3846	47	9	of	of	ADP
fsr-3846	47	10	key	key	ADJ
fsr-3846	47	11	decision	decision	NOUN
fsr-3846	47	12	makers	maker	NOUN
fsr-3846	47	13	by	by	ADP
fsr-3846	47	14	restricting	restrict	VERB
fsr-3846	47	15	the	the	DET
fsr-3846	47	16	sample	sample	NOUN
fsr-3846	47	17	to	to	ADP
fsr-3846	47	18	those	those	DET
fsr-3846	47	19	funds	fund	NOUN
fsr-3846	47	20	with	with	ADP
fsr-3846	47	21	the	the	DET
fsr-3846	47	22	same	same	ADJ
fsr-3846	47	23	manager	manager	NOUN
fsr-3846	47	24	for	for	ADP
fsr-3846	47	25	the	the	DET
fsr-3846	47	26	entire	entire	ADJ
fsr-3846	47	27	period	period	NOUN
fsr-3846	47	28	of	of	ADP
fsr-3846	47	29	study	study	NOUN
fsr-3846	47	30	.	.	PUNCT
fsr-3846	48	1	iii	iii	X
fsr-3846	48	2	.	.	PUNCT
fsr-3846	48	3	data	datum	NOUN
fsr-3846	48	4	and	and	CCONJ
fsr-3846	48	5	methodology	methodology	NOUN
fsr-3846	48	6	our	our	PRON
fsr-3846	48	7	sample	sample	NOUN
fsr-3846	48	8	consists	consist	VERB
fsr-3846	48	9	of	of	ADP
fsr-3846	48	10	mutual	mutual	ADJ
fsr-3846	48	11	funds	fund	NOUN
fsr-3846	48	12	selected	select	VERB
fsr-3846	48	13	from	from	ADP
fsr-3846	48	14	morningstar	morningstar	PROPN
fsr-3846	48	15	's	's	PART
fsr-3846	48	16	mutual	mutual	ADJ
fsr-3846	48	17	funds	fund	NOUN
fsr-3846	48	18	ondisc	ondisc	VERB
fsr-3846	48	19	®	®	NOUN
fsr-3846	48	20	database	database	NOUN
fsr-3846	48	21	for	for	ADP
fsr-3846	48	22	the	the	DET
fsr-3846	48	23	years	year	NOUN
fsr-3846	48	24	1986	1986	NUM
fsr-3846	48	25	through	through	ADP
fsr-3846	48	26	1995	1995	NUM
fsr-3846	48	27	.	.	PUNCT
fsr-3846	49	1	this	this	DET
fsr-3846	49	2	source	source	NOUN
fsr-3846	49	3	allowed	allow	VERB
fsr-3846	49	4	the	the	DET
fsr-3846	49	5	identification	identification	NOUN
fsr-3846	49	6	of	of	ADP
fsr-3846	49	7	fund	fund	NOUN
fsr-3846	49	8	managers	manager	NOUN
fsr-3846	49	9	for	for	ADP
fsr-3846	49	10	each	each	DET
fsr-3846	49	11	fund	fund	NOUN
fsr-3846	49	12	,	,	PUNCT
fsr-3846	49	13	each	each	DET
fsr-3846	49	14	year	year	NOUN
fsr-3846	49	15	of	of	ADP
fsr-3846	49	16	the	the	DET
fsr-3846	49	17	test	test	NOUN
fsr-3846	49	18	period	period	NOUN
fsr-3846	49	19	.	.	PUNCT
fsr-3846	50	1	a.	a.	NOUN
fsr-3846	50	2	sample	sample	PROPN
fsr-3846	50	3	selection	selection	NOUN
fsr-3846	50	4	the	the	DET
fsr-3846	50	5	database	database	NOUN
fsr-3846	50	6	was	be	AUX
fsr-3846	50	7	screened	screen	VERB
fsr-3846	50	8	for	for	ADP
fsr-3846	50	9	funds	fund	NOUN
fsr-3846	50	10	with	with	ADP
fsr-3846	50	11	the	the	DET
fsr-3846	50	12	following	follow	VERB
fsr-3846	50	13	characteristics	characteristic	NOUN
fsr-3846	50	14	:	:	PUNCT
fsr-3846	50	15	1	1	X
fsr-3846	50	16	.	.	X
fsr-3846	50	17	funds	fund	NOUN
fsr-3846	50	18	with	with	ADP
fsr-3846	50	19	at	at	ADV
fsr-3846	50	20	least	least	ADV
fsr-3846	50	21	one	one	NUM
fsr-3846	50	22	year	year	NOUN
fsr-3846	50	23	(	(	PUNCT
fsr-3846	50	24	12	12	NUM
fsr-3846	50	25	months	month	NOUN
fsr-3846	50	26	)	)	PUNCT
fsr-3846	50	27	of	of	ADP
fsr-3846	50	28	total	total	ADJ
fsr-3846	50	29	returns	return	NOUN
fsr-3846	50	30	covering	cover	VERB
fsr-3846	50	31	the	the	DET
fsr-3846	50	32	calendar	calendar	NOUN
fsr-3846	50	33	years	year	NOUN
fsr-3846	50	34	1986	1986	NUM
fsr-3846	50	35	through	through	ADP
fsr-3846	50	36	1995	1995	NUM
fsr-3846	50	37	.	.	PUNCT
fsr-3846	51	1	2	2	X
fsr-3846	51	2	.	.	X
fsr-3846	51	3	the	the	DET
fsr-3846	51	4	sample	sample	NOUN
fsr-3846	51	5	includes	include	VERB
fsr-3846	51	6	only	only	ADV
fsr-3846	51	7	"	"	PUNCT
fsr-3846	51	8	identifiable	identifiable	ADJ
fsr-3846	51	9	"	"	PUNCT
fsr-3846	51	10	managers	manager	NOUN
fsr-3846	51	11	.	.	PUNCT
fsr-3846	52	1	it	it	PRON
fsr-3846	52	2	does	do	AUX
fsr-3846	52	3	not	not	PART
fsr-3846	52	4	include	include	VERB
fsr-3846	52	5	funds	fund	NOUN
fsr-3846	52	6	which	which	PRON
fsr-3846	52	7	list	list	VERB
fsr-3846	52	8	"	"	PUNCT
fsr-3846	52	9	management	management	NOUN
fsr-3846	52	10	team	team	NOUN
fsr-3846	52	11	"	"	PUNCT
fsr-3846	52	12	or	or	CCONJ
fsr-3846	52	13	"	"	PUNCT
fsr-3846	52	14	multiple	multiple	ADJ
fsr-3846	52	15	managers	manager	NOUN
fsr-3846	52	16	"	"	PUNCT
fsr-3846	52	17	as	as	ADP
fsr-3846	52	18	manager	manager	NOUN
fsr-3846	52	19	because	because	SCONJ
fsr-3846	52	20	our	our	PRON
fsr-3846	52	21	objective	objective	NOUN
fsr-3846	52	22	is	be	AUX
fsr-3846	52	23	to	to	PART
fsr-3846	52	24	draw	draw	VERB
fsr-3846	52	25	inferences	inference	NOUN
fsr-3846	52	26	about	about	ADP
fsr-3846	52	27	the	the	DET
fsr-3846	52	28	performance	performance	NOUN
fsr-3846	52	29	of	of	ADP
fsr-3846	52	30	managers	manager	NOUN
fsr-3846	52	31	who	who	PRON
fsr-3846	52	32	are	be	AUX
fsr-3846	52	33	known	know	VERB
fsr-3846	52	34	to	to	PART
fsr-3846	52	35	inves	inve	VERB
fsr-3846	52	36	tors	tor	NOUN
fsr-3846	52	37	.	.	PUNCT
fsr-3846	53	1	3	3	X
fsr-3846	53	2	.	.	PUNCT
fsr-3846	53	3	to	to	PART
fsr-3846	53	4	insure	insure	VERB
fsr-3846	53	5	that	that	SCONJ
fsr-3846	53	6	there	there	PRON
fsr-3846	53	7	are	be	VERB
fsr-3846	53	8	enough	enough	ADJ
fsr-3846	53	9	funds	fund	NOUN
fsr-3846	53	10	to	to	PART
fsr-3846	53	11	produce	produce	VERB
fsr-3846	53	12	meaningful	meaningful	ADJ
fsr-3846	53	13	performance	performance	NOUN
fsr-3846	53	14	ranks	rank	VERB
fsr-3846	53	15	within	within	ADP
fsr-3846	53	16	investment	investment	NOUN
fsr-3846	53	17	categories	category	NOUN
fsr-3846	53	18	in	in	ADP
fsr-3846	53	19	a	a	DET
fsr-3846	53	20	given	give	VERB
fsr-3846	53	21	year	year	NOUN
fsr-3846	53	22	,	,	PUNCT
fsr-3846	53	23	only	only	ADV
fsr-3846	53	24	categories	category	NOUN
fsr-3846	53	25	that	that	PRON
fsr-3846	53	26	contain	contain	VERB
fsr-3846	53	27	at	at	ADV
fsr-3846	53	28	least	least	ADV
fsr-3846	53	29	10	10	NUM
fsr-3846	53	30	funds	fund	NOUN
fsr-3846	53	31	over	over	ADP
fsr-3846	53	32	the	the	DET
fsr-3846	53	33	entire	entire	ADJ
fsr-3846	53	34	10	10	NUM
fsr-3846	53	35	-	-	PUNCT
fsr-3846	53	36	year	year	NOUN
fsr-3846	53	37	period	period	NOUN
fsr-3846	53	38	are	be	AUX
fsr-3846	53	39	included	include	VERB
fsr-3846	53	40	in	in	ADP
fsr-3846	53	41	the	the	DET
fsr-3846	53	42	study	study	NOUN
fsr-3846	53	43	.	.	PUNCT
fsr-3846	54	1	4	4	X
fsr-3846	54	2	.	.	X
fsr-3846	54	3	funds	fund	NOUN
fsr-3846	54	4	that	that	PRON
fsr-3846	54	5	had	have	VERB
fsr-3846	54	6	a	a	DET
fsr-3846	54	7	change	change	NOUN
fsr-3846	54	8	in	in	ADP
fsr-3846	54	9	objective	objective	ADJ
fsr-3846	54	10	or	or	CCONJ
fsr-3846	54	11	investment	investment	NOUN
fsr-3846	54	12	style	style	NOUN
fsr-3846	54	13	over	over	ADP
fsr-3846	54	14	the	the	DET
fsr-3846	54	15	period	period	NOUN
fsr-3846	54	16	are	be	AUX
fsr-3846	54	17	not	not	PART
fsr-3846	54	18	included	include	VERB
fsr-3846	54	19	in	in	ADP
fsr-3846	54	20	the	the	DET
fsr-3846	54	21	sample	sample	NOUN
fsr-3846	54	22	.	.	PUNCT
fsr-3846	55	1	the	the	DET
fsr-3846	55	2	final	final	ADJ
fsr-3846	55	3	sample	sample	NOUN
fsr-3846	55	4	consists	consist	VERB
fsr-3846	55	5	of	of	ADP
fsr-3846	55	6	791	791	NUM
fsr-3846	55	7	mutual	mutual	ADJ
fsr-3846	55	8	funds	fund	NOUN
fsr-3846	55	9	.	.	PUNCT
fsr-3846	56	1	the	the	DET
fsr-3846	56	2	funds	fund	NOUN
fsr-3846	56	3	represent	represent	VERB
fsr-3846	56	4	the	the	DET
fsr-3846	56	5	following	follow	VERB
fsr-3846	56	6	seven	seven	NUM
fsr-3846	56	7	investment	investment	NOUN
fsr-3846	56	8	objective	objective	ADJ
fsr-3846	56	9	categories	category	NOUN
fsr-3846	56	10	defined	define	VERB
fsr-3846	56	11	by	by	ADP
fsr-3846	56	12	morningstar	morningstar	NOUN
fsr-3846	56	13	:	:	PUNCT
fsr-3846	56	14	1	1	X
fsr-3846	56	15	.	.	X
fsr-3846	56	16	growth	growth	NOUN
fsr-3846	56	17	,	,	PUNCT
fsr-3846	56	18	which	which	PRON
fsr-3846	56	19	seeks	seek	VERB
fsr-3846	56	20	capital	capital	NOUN
fsr-3846	56	21	appreciation	appreciation	NOUN
fsr-3846	56	22	by	by	ADP
fsr-3846	56	23	investing	invest	VERB
fsr-3846	56	24	in	in	ADP
fsr-3846	56	25	equity	equity	NOUN
fsr-3846	56	26	with	with	ADP
fsr-3846	56	27	aboveaver	aboveaver	NOUN
fsr-3846	56	28	age	age	NOUN
fsr-3846	56	29	earnings	earning	NOUN
fsr-3846	56	30	potential	potential	NOUN
fsr-3846	56	31	.	.	PUNCT
fsr-3846	57	1	2	2	X
fsr-3846	57	2	.	.	X
fsr-3846	57	3	aggressive	aggressive	ADJ
fsr-3846	57	4	growth	growth	NOUN
fsr-3846	57	5	,	,	PUNCT
fsr-3846	57	6	which	which	PRON
fsr-3846	57	7	seeks	seek	VERB
fsr-3846	57	8	rapid	rapid	ADJ
fsr-3846	57	9	growth	growth	NOUN
fsr-3846	57	10	of	of	ADP
fsr-3846	57	11	capital	capital	NOUN
fsr-3846	57	12	by	by	ADP
fsr-3846	57	13	making	make	VERB
fsr-3846	57	14	investments	investment	NOUN
fsr-3846	57	15	with	with	ADP
fsr-3846	57	16	greater	great	ADJ
fsr-3846	57	17	than	than	ADP
fsr-3846	57	18	average	average	ADJ
fsr-3846	57	19	risk	risk	NOUN
fsr-3846	57	20	,	,	PUNCT
fsr-3846	57	21	leveraged	leveraged	ADJ
fsr-3846	57	22	positions	position	NOUN
fsr-3846	57	23	,	,	PUNCT
fsr-3846	57	24	and	and	CCONJ
fsr-3846	57	25	high	high	ADJ
fsr-3846	57	26	turnover	turnover	NOUN
fsr-3846	57	27	.	.	PUNCT
fsr-3846	58	1	3	3	X
fsr-3846	58	2	.	.	X
fsr-3846	58	3	balanced	balance	VERB
fsr-3846	58	4	,	,	PUNCT
fsr-3846	58	5	which	which	PRON
fsr-3846	58	6	invests	invest	VERB
fsr-3846	58	7	in	in	ADP
fsr-3846	58	8	fixed	fix	VERB
fsr-3846	58	9	proportions	proportion	NOUN
fsr-3846	58	10	of	of	ADP
fsr-3846	58	11	stocks	stock	NOUN
fsr-3846	58	12	and	and	CCONJ
fsr-3846	58	13	bonds	bond	NOUN
fsr-3846	58	14	.	.	PUNCT
fsr-3846	59	1	4	4	X
fsr-3846	59	2	.	.	X
fsr-3846	59	3	equity	equity	NOUN
fsr-3846	59	4	-	-	PUNCT
fsr-3846	59	5	income	income	NOUN
fsr-3846	59	6	,	,	PUNCT
fsr-3846	59	7	which	which	PRON
fsr-3846	59	8	invests	invest	VERB
fsr-3846	59	9	in	in	ADP
fsr-3846	59	10	equity	equity	NOUN
fsr-3846	59	11	securities	security	NOUN
fsr-3846	59	12	with	with	ADP
fsr-3846	59	13	above	above	ADJ
fsr-3846	59	14	-	-	PUNCT
fsr-3846	59	15	average	average	NOUN
fsr-3846	59	16	yields	yield	NOUN
fsr-3846	59	17	.	.	PUNCT
fsr-3846	60	1	5	5	X
fsr-3846	60	2	.	.	X
fsr-3846	60	3	growth	growth	NOUN
fsr-3846	60	4	and	and	CCONJ
fsr-3846	60	5	income	income	NOUN
fsr-3846	60	6	,	,	PUNCT
fsr-3846	60	7	which	which	PRON
fsr-3846	60	8	invests	invest	VERB
fsr-3846	60	9	in	in	ADP
fsr-3846	60	10	equity	equity	NOUN
fsr-3846	60	11	securities	security	NOUN
fsr-3846	60	12	with	with	ADP
fsr-3846	60	13	above	above	ADP
fsr-3846	60	14	-	-	PUNCT
fsr-3846	60	15	average	average	ADJ
fsr-3846	60	16	yields	yield	NOUN
fsr-3846	60	17	with	with	ADP
fsr-3846	60	18	some	some	DET
fsr-3846	60	19	potential	potential	NOUN
fsr-3846	60	20	for	for	ADP
fsr-3846	60	21	growth	growth	NOUN
fsr-3846	60	22	appreciation	appreciation	NOUN
fsr-3846	60	23	.	.	PUNCT
fsr-3846	61	1	6	6	X
fsr-3846	61	2	.	.	X
fsr-3846	61	3	small	small	ADJ
fsr-3846	61	4	company	company	NOUN
fsr-3846	61	5	,	,	PUNCT
fsr-3846	61	6	which	which	PRON
fsr-3846	61	7	invests	invest	VERB
fsr-3846	61	8	in	in	ADP
fsr-3846	61	9	stocks	stock	NOUN
fsr-3846	61	10	of	of	ADP
fsr-3846	61	11	small	small	ADJ
fsr-3846	61	12	companies	company	NOUN
fsr-3846	61	13	,	,	PUNCT
fsr-3846	61	14	as	as	SCONJ
fsr-3846	61	15	determined	determine	VERB
fsr-3846	61	16	by	by	ADP
fsr-3846	61	17	market	market	NOUN
fsr-3846	61	18	capitalization	capitalization	NOUN
fsr-3846	61	19	or	or	CCONJ
fsr-3846	61	20	the	the	DET
fsr-3846	61	21	value	value	NOUN
fsr-3846	61	22	of	of	ADP
fsr-3846	61	23	assets	asset	NOUN
fsr-3846	61	24	.	.	PUNCT
fsr-3846	62	1	7	7	X
fsr-3846	62	2	.	.	X
fsr-3846	62	3	specialty	specialty	NOUN
fsr-3846	62	4	precious	precious	ADJ
fsr-3846	62	5	metals	metal	NOUN
fsr-3846	62	6	,	,	PUNCT
fsr-3846	62	7	which	which	PRON
fsr-3846	62	8	invests	invest	VERB
fsr-3846	62	9	in	in	ADP
fsr-3846	62	10	equities	equity	NOUN
fsr-3846	62	11	of	of	ADP
fsr-3846	62	12	companies	company	NOUN
fsr-3846	62	13	in	in	ADP
fsr-3846	62	14	the	the	DET
fsr-3846	62	15	explora	explora	NOUN
fsr-3846	62	16	tion	tion	NOUN
fsr-3846	62	17	,	,	PUNCT
fsr-3846	62	18	distribution	distribution	NOUN
fsr-3846	62	19	,	,	PUNCT
fsr-3846	62	20	or	or	CCONJ
fsr-3846	62	21	processing	processing	NOUN
fsr-3846	62	22	of	of	ADP
fsr-3846	62	23	precious	precious	ADJ
fsr-3846	62	24	metals	metal	NOUN
fsr-3846	62	25	.	.	PUNCT
fsr-3846	63	1	from	from	ADP
fsr-3846	63	2	this	this	DET
fsr-3846	63	3	sample	sample	NOUN
fsr-3846	63	4	,	,	PUNCT
fsr-3846	63	5	all	all	DET
fsr-3846	63	6	funds	fund	NOUN
fsr-3846	63	7	listing	list	VERB
fsr-3846	63	8	the	the	DET
fsr-3846	63	9	same	same	ADJ
fsr-3846	63	10	manager	manager	NOUN
fsr-3846	63	11	for	for	ADP
fsr-3846	63	12	the	the	DET
fsr-3846	63	13	1986	1986	NUM
fsr-3846	63	14	-	-	SYM
fsr-3846	63	15	1995	1995	NUM
fsr-3846	63	16	period	period	NOUN
fsr-3846	63	17	are	be	AUX
fsr-3846	63	18	identified	identify	VERB
fsr-3846	63	19	.	.	PUNCT
fsr-3846	64	1	this	this	DET
fsr-3846	64	2	group	group	NOUN
fsr-3846	64	3	of	of	ADP
fsr-3846	64	4	93	93	NUM
fsr-3846	64	5	funds	fund	NOUN
fsr-3846	64	6	and	and	CCONJ
fsr-3846	64	7	their	their	PRON
fsr-3846	64	8	"	"	PUNCT
fsr-3846	64	9	experienced	experienced	ADJ
fsr-3846	64	10	"	"	PUNCT
fsr-3846	64	11	managers	manager	NOUN
fsr-3846	64	12	is	be	AUX
fsr-3846	64	13	the	the	DET
fsr-3846	64	14	subject	subject	NOUN
fsr-3846	64	15	of	of	ADP
fsr-3846	64	16	this	this	DET
fsr-3846	64	17	study	study	NOUN
fsr-3846	64	18	,	,	PUNCT
fsr-3846	64	19	and	and	CCONJ
fsr-3846	64	20	their	their	PRON
fsr-3846	64	21	performance	performance	NOUN
fsr-3846	64	22	is	be	AUX
fsr-3846	64	23	measured	measure	VERB
fsr-3846	64	24	relative	relative	ADJ
fsr-3846	64	25	to	to	ADP
fsr-3846	64	26	the	the	DET
fsr-3846	64	27	entire	entire	ADJ
fsr-3846	64	28	sample	sample	NOUN
fsr-3846	64	29	of	of	ADP
fsr-3846	64	30	791	791	NUM
fsr-3846	64	31	funds	fund	NOUN
fsr-3846	64	32	.	.	PUNCT
fsr-3846	65	1	60	60	NUM
fsr-3846	65	2	financial	financial	ADJ
fsr-3846	65	3	services	service	NOUN
fsr-3846	65	4	review	review	VERB
fsr-3846	65	5	7(1	7(1	NUM
fsr-3846	65	6	)	)	PUNCT
fsr-3846	65	7	1998	1998	NUM
fsr-3846	65	8	b.	b.	NOUN
fsr-3846	65	9	performance	performance	NOUN
fsr-3846	65	10	analysis	analysis	NOUN
fsr-3846	65	11	our	our	PRON
fsr-3846	65	12	analysis	analysis	NOUN
fsr-3846	65	13	consists	consist	VERB
fsr-3846	65	14	of	of	ADP
fsr-3846	65	15	four	four	NUM
fsr-3846	65	16	parts	part	NOUN
fsr-3846	65	17	.	.	PUNCT
fsr-3846	66	1	first	first	ADV
fsr-3846	66	2	,	,	PUNCT
fsr-3846	66	3	the	the	DET
fsr-3846	66	4	relative	relative	ADJ
fsr-3846	66	5	performance	performance	NOUN
fsr-3846	66	6	is	be	AUX
fsr-3846	66	7	measured	measure	VERB
fsr-3846	66	8	for	for	ADP
fsr-3846	66	9	all	all	DET
fsr-3846	66	10	791	791	NUM
fsr-3846	66	11	funds	fund	NOUN
fsr-3846	66	12	.	.	PUNCT
fsr-3846	67	1	second	second	ADJ
fsr-3846	67	2	,	,	PUNCT
fsr-3846	67	3	the	the	DET
fsr-3846	67	4	performance	performance	NOUN
fsr-3846	67	5	of	of	ADP
fsr-3846	67	6	the	the	DET
fsr-3846	67	7	group	group	NOUN
fsr-3846	67	8	of	of	ADP
fsr-3846	67	9	experienced	experienced	ADJ
fsr-3846	67	10	managers	manager	NOUN
fsr-3846	67	11	is	be	AUX
fsr-3846	67	12	compared	compare	VERB
fsr-3846	67	13	to	to	ADP
fsr-3846	67	14	all	all	DET
fsr-3846	67	15	others	other	NOUN
fsr-3846	67	16	.	.	PUNCT
fsr-3846	68	1	third	third	ADV
fsr-3846	68	2	,	,	PUNCT
fsr-3846	68	3	the	the	DET
fsr-3846	68	4	performance	performance	NOUN
fsr-3846	68	5	persistence	persistence	NOUN
fsr-3846	68	6	of	of	ADP
fsr-3846	68	7	the	the	DET
fsr-3846	68	8	group	group	NOUN
fsr-3846	68	9	of	of	ADP
fsr-3846	68	10	experienced	experienced	ADJ
fsr-3846	68	11	managers	manager	NOUN
fsr-3846	68	12	over	over	ADP
fsr-3846	68	13	two	two	NUM
fsr-3846	68	14	successive	successive	ADJ
fsr-3846	68	15	five	five	NUM
fsr-3846	68	16	-	-	PUNCT
fsr-3846	68	17	year	year	NOUN
fsr-3846	68	18	periods	period	NOUN
fsr-3846	68	19	is	be	AUX
fsr-3846	68	20	compared	compare	VERB
fsr-3846	68	21	and	and	CCONJ
fsr-3846	68	22	finally	finally	ADV
fsr-3846	68	23	,	,	PUNCT
fsr-3846	68	24	the	the	DET
fsr-3846	68	25	impact	impact	NOUN
fsr-3846	68	26	of	of	ADP
fsr-3846	68	27	expense	expense	NOUN
fsr-3846	68	28	ratios	ratio	NOUN
fsr-3846	68	29	on	on	ADP
fsr-3846	68	30	our	our	PRON
fsr-3846	68	31	results	result	NOUN
fsr-3846	68	32	is	be	AUX
fsr-3846	68	33	examined	examine	VERB
fsr-3846	68	34	.	.	PUNCT
fsr-3846	69	1	to	to	PART
fsr-3846	69	2	measure	measure	VERB
fsr-3846	69	3	relative	relative	ADJ
fsr-3846	69	4	performance	performance	NOUN
fsr-3846	69	5	,	,	PUNCT
fsr-3846	69	6	compound	compound	ADJ
fsr-3846	69	7	annual	annual	ADJ
fsr-3846	69	8	returns	return	NOUN
fsr-3846	69	9	are	be	AUX
fsr-3846	69	10	computed	compute	VERB
fsr-3846	69	11	from	from	ADP
fsr-3846	69	12	monthly	monthly	ADJ
fsr-3846	69	13	returns	return	NOUN
fsr-3846	69	14	for	for	ADP
fsr-3846	69	15	each	each	PRON
fsr-3846	69	16	of	of	ADP
fsr-3846	69	17	the	the	DET
fsr-3846	69	18	791	791	NUM
fsr-3846	69	19	funds	fund	NOUN
fsr-3846	69	20	in	in	ADP
fsr-3846	69	21	the	the	DET
fsr-3846	69	22	sample	sample	NOUN
fsr-3846	69	23	.	.	PUNCT
fsr-3846	70	1	percentile	percentile	ADJ
fsr-3846	70	2	rankings	ranking	NOUN
fsr-3846	70	3	are	be	AUX
fsr-3846	70	4	then	then	ADV
fsr-3846	70	5	assigned	assign	VERB
fsr-3846	70	6	to	to	ADP
fsr-3846	70	7	each	each	DET
fsr-3846	70	8	manager	manager	NOUN
fsr-3846	70	9	,	,	PUNCT
fsr-3846	70	10	relative	relative	ADJ
fsr-3846	70	11	to	to	ADP
fsr-3846	70	12	other	other	ADJ
fsr-3846	70	13	funds	fund	NOUN
fsr-3846	70	14	within	within	ADP
fsr-3846	70	15	the	the	DET
fsr-3846	70	16	same	same	ADJ
fsr-3846	70	17	investment	investment	NOUN
fsr-3846	70	18	category	category	NOUN
fsr-3846	70	19	,	,	PUNCT
fsr-3846	70	20	for	for	ADP
fsr-3846	70	21	each	each	DET
fsr-3846	70	22	year	year	NOUN
fsr-3846	70	23	.	.	PUNCT
fsr-3846	71	1	with	with	ADP
fsr-3846	71	2	this	this	DET
fsr-3846	71	3	measure	measure	NOUN
fsr-3846	71	4	,	,	PUNCT
fsr-3846	71	5	higher	high	ADJ
fsr-3846	71	6	percentile	percentile	ADJ
fsr-3846	71	7	ranks	rank	NOUN
fsr-3846	71	8	indicate	indicate	VERB
fsr-3846	71	9	superior	superior	ADJ
fsr-3846	71	10	performance	performance	NOUN
fsr-3846	71	11	.	.	PUNCT
fsr-3846	72	1	for	for	ADP
fsr-3846	72	2	example	example	NOUN
fsr-3846	72	3	,	,	PUNCT
fsr-3846	72	4	the	the	DET
fsr-3846	72	5	manager	manager	NOUN
fsr-3846	72	6	of	of	ADP
fsr-3846	72	7	a	a	DET
fsr-3846	72	8	balanced	balanced	ADJ
fsr-3846	72	9	fund	fund	NOUN
fsr-3846	72	10	in	in	ADP
fsr-3846	72	11	the	the	DET
fsr-3846	72	12	75th	75th	ADJ
fsr-3846	72	13	percentile	percentile	NOUN
fsr-3846	72	14	has	have	AUX
fsr-3846	72	15	bettered	better	VERB
fsr-3846	72	16	74	74	NUM
fsr-3846	72	17	percent	percent	NOUN
fsr-3846	72	18	of	of	ADP
fsr-3846	72	19	all	all	DET
fsr-3846	72	20	fund	fund	NOUN
fsr-3846	72	21	managers	manager	NOUN
fsr-3846	72	22	with	with	ADP
fsr-3846	72	23	the	the	DET
fsr-3846	72	24	same	same	ADJ
fsr-3846	72	25	investment	investment	NOUN
fsr-3846	72	26	objective	objective	NOUN
fsr-3846	72	27	that	that	DET
fsr-3846	72	28	year	year	NOUN
fsr-3846	72	29	,	,	PUNCT
fsr-3846	72	30	regardless	regardless	ADV
fsr-3846	72	31	of	of	ADP
fsr-3846	72	32	the	the	DET
fsr-3846	72	33	age	age	NOUN
fsr-3846	72	34	of	of	ADP
fsr-3846	72	35	the	the	DET
fsr-3846	72	36	competing	compete	VERB
fsr-3846	72	37	funds	fund	NOUN
fsr-3846	72	38	or	or	CCONJ
fsr-3846	72	39	the	the	DET
fsr-3846	72	40	length	length	NOUN
fsr-3846	72	41	of	of	ADP
fsr-3846	72	42	tenure	tenure	NOUN
fsr-3846	72	43	of	of	ADP
fsr-3846	72	44	their	their	PRON
fsr-3846	72	45	managers	manager	NOUN
fsr-3846	72	46	.	.	PUNCT
fsr-3846	73	1	it	it	PRON
fsr-3846	73	2	is	be	AUX
fsr-3846	73	3	important	important	ADJ
fsr-3846	73	4	to	to	PART
fsr-3846	73	5	note	note	VERB
fsr-3846	73	6	that	that	SCONJ
fsr-3846	73	7	the	the	DET
fsr-3846	73	8	percentile	percentile	ADJ
fsr-3846	73	9	ranks	rank	NOUN
fsr-3846	73	10	are	be	AUX
fsr-3846	73	11	computed	compute	VERB
fsr-3846	73	12	using	use	VERB
fsr-3846	73	13	all	all	DET
fsr-3846	73	14	managers	manager	NOUN
fsr-3846	73	15	in	in	ADP
fsr-3846	73	16	the	the	DET
fsr-3846	73	17	investment	investment	NOUN
fsr-3846	73	18	category	category	NOUN
fsr-3846	73	19	for	for	ADP
fsr-3846	73	20	which	which	PRON
fsr-3846	73	21	there	there	PRON
fsr-3846	73	22	are	be	VERB
fsr-3846	73	23	data	datum	NOUN
fsr-3846	73	24	.	.	PUNCT
fsr-3846	74	1	while	while	SCONJ
fsr-3846	74	2	the	the	DET
fsr-3846	74	3	focus	focus	NOUN
fsr-3846	74	4	of	of	ADP
fsr-3846	74	5	the	the	DET
fsr-3846	74	6	study	study	NOUN
fsr-3846	74	7	is	be	AUX
fsr-3846	74	8	the	the	DET
fsr-3846	74	9	performance	performance	NOUN
fsr-3846	74	10	of	of	ADP
fsr-3846	74	11	managers	manager	NOUN
fsr-3846	74	12	with	with	ADP
fsr-3846	74	13	a	a	DET
fsr-3846	74	14	10	10	NUM
fsr-3846	74	15	-	-	PUNCT
fsr-3846	74	16	year	year	NOUN
fsr-3846	74	17	track	track	NOUN
fsr-3846	74	18	record	record	NOUN
fsr-3846	74	19	,	,	PUNCT
fsr-3846	74	20	performance	performance	NOUN
fsr-3846	74	21	is	be	AUX
fsr-3846	74	22	measured	measure	VERB
fsr-3846	74	23	against	against	ADP
fsr-3846	74	24	all	all	DET
fsr-3846	74	25	peers	peer	NOUN
fsr-3846	74	26	within	within	ADP
fsr-3846	74	27	their	their	PRON
fsr-3846	74	28	fund	fund	NOUN
fsr-3846	74	29	's	's	PART
fsr-3846	74	30	investment	investment	NOUN
fsr-3846	74	31	cat	cat	NOUN
fsr-3846	74	32	egory	egory	NOUN
fsr-3846	74	33	.	.	PUNCT
fsr-3846	75	1	next	next	ADV
fsr-3846	75	2	,	,	PUNCT
fsr-3846	75	3	the	the	DET
fsr-3846	75	4	fiveand	fiveand	NOUN
fsr-3846	75	5	ten	ten	NUM
fsr-3846	75	6	-	-	PUNCT
fsr-3846	75	7	year	year	NOUN
fsr-3846	75	8	average	average	ADJ
fsr-3846	75	9	performance	performance	NOUN
fsr-3846	75	10	percentiles	percentile	NOUN
fsr-3846	75	11	based	base	VERB
fsr-3846	75	12	on	on	ADP
fsr-3846	75	13	annual	annual	ADJ
fsr-3846	75	14	rankings	ranking	NOUN
fsr-3846	75	15	for	for	ADP
fsr-3846	75	16	each	each	DET
fsr-3846	75	17	fund	fund	NOUN
fsr-3846	75	18	are	be	AUX
fsr-3846	75	19	computed	compute	VERB
fsr-3846	75	20	.	.	PUNCT
fsr-3846	76	1	the	the	DET
fsr-3846	76	2	measure	measure	NOUN
fsr-3846	76	3	,	,	PUNCT
fsr-3846	76	4	referred	refer	VERB
fsr-3846	76	5	to	to	ADP
fsr-3846	76	6	throughout	throughout	ADP
fsr-3846	76	7	the	the	DET
fsr-3846	76	8	paper	paper	NOUN
fsr-3846	76	9	as	as	ADP
fsr-3846	76	10	the	the	DET
fsr-3846	76	11	"	"	PUNCT
fsr-3846	76	12	mean	mean	ADJ
fsr-3846	76	13	performance	performance	NOUN
fsr-3846	76	14	rank	rank	NOUN
fsr-3846	76	15	,	,	PUNCT
fsr-3846	76	16	"	"	PUNCT
fsr-3846	76	17	or	or	CCONJ
fsr-3846	76	18	mpr	mpr	NOUN
fsr-3846	76	19	,	,	PUNCT
fsr-3846	76	20	is	be	AUX
fsr-3846	76	21	the	the	DET
fsr-3846	76	22	average	average	ADJ
fsr-3846	76	23	rank	rank	NOUN
fsr-3846	76	24	achieved	achieve	VERB
fsr-3846	76	25	by	by	ADP
fsr-3846	76	26	a	a	DET
fsr-3846	76	27	manager	manager	NOUN
fsr-3846	76	28	over	over	ADP
fsr-3846	76	29	a	a	DET
fsr-3846	76	30	specific	specific	ADJ
fsr-3846	76	31	number	number	NOUN
fsr-3846	76	32	of	of	ADP
fsr-3846	76	33	years	year	NOUN
fsr-3846	76	34	.	.	PUNCT
fsr-3846	77	1	"	"	PUNCT
fsr-3846	77	2	average	average	ADJ
fsr-3846	77	3	mpr	mpr	NOUN
fsr-3846	77	4	"	"	PUNCT
fsr-3846	77	5	refers	refer	VERB
fsr-3846	77	6	to	to	ADP
fsr-3846	77	7	the	the	DET
fsr-3846	77	8	arithmetic	arithmetic	ADJ
fsr-3846	77	9	mean	mean	NOUN
fsr-3846	77	10	mpr	mpr	NOUN
fsr-3846	77	11	for	for	ADP
fsr-3846	77	12	a	a	DET
fsr-3846	77	13	group	group	NOUN
fsr-3846	77	14	of	of	ADP
fsr-3846	77	15	funds	fund	NOUN
fsr-3846	77	16	over	over	ADP
fsr-3846	77	17	a	a	DET
fsr-3846	77	18	specific	specific	ADJ
fsr-3846	77	19	number	number	NOUN
fsr-3846	77	20	of	of	ADP
fsr-3846	77	21	years	year	NOUN
fsr-3846	77	22	.	.	PUNCT
fsr-3846	78	1	for	for	ADP
fsr-3846	78	2	example	example	NOUN
fsr-3846	78	3	,	,	PUNCT
fsr-3846	78	4	we	we	PRON
fsr-3846	78	5	estimate	estimate	VERB
fsr-3846	78	6	the	the	DET
fsr-3846	78	7	mpr	mpr	NOUN
fsr-3846	78	8	of	of	ADP
fsr-3846	78	9	each	each	PRON
fsr-3846	78	10	of	of	ADP
fsr-3846	78	11	the	the	DET
fsr-3846	78	12	93	93	NUM
fsr-3846	78	13	man	man	NOUN
fsr-3846	78	14	agers	ager	NOUN
fsr-3846	78	15	with	with	ADP
fsr-3846	78	16	10	10	NUM
fsr-3846	78	17	years	year	NOUN
fsr-3846	78	18	experience	experience	NOUN
fsr-3846	78	19	at	at	ADP
fsr-3846	78	20	the	the	DET
fsr-3846	78	21	same	same	ADJ
fsr-3846	78	22	fund	fund	NOUN
fsr-3846	78	23	.	.	PUNCT
fsr-3846	79	1	each	each	PRON
fsr-3846	79	2	of	of	ADP
fsr-3846	79	3	these	these	DET
fsr-3846	79	4	93	93	NUM
fsr-3846	79	5	mprs	mprs	NOUN
fsr-3846	79	6	represents	represent	VERB
fsr-3846	79	7	a	a	DET
fsr-3846	79	8	man	man	NOUN
fsr-3846	79	9	ager	ager	NOUN
fsr-3846	79	10	's	's	PART
fsr-3846	79	11	average	average	ADJ
fsr-3846	79	12	ranking	ranking	NOUN
fsr-3846	79	13	over	over	ADP
fsr-3846	79	14	the	the	DET
fsr-3846	79	15	10	10	NUM
fsr-3846	79	16	-	-	PUNCT
fsr-3846	79	17	year	year	NOUN
fsr-3846	79	18	period	period	NOUN
fsr-3846	79	19	.	.	PUNCT
fsr-3846	80	1	so	so	ADV
fsr-3846	80	2	,	,	PUNCT
fsr-3846	80	3	the	the	DET
fsr-3846	80	4	average	average	ADJ
fsr-3846	80	5	mpr	mpr	NOUN
fsr-3846	80	6	of	of	ADP
fsr-3846	80	7	48.7	48.7	NUM
fsr-3846	80	8	shown	show	VERB
fsr-3846	80	9	in	in	ADP
fsr-3846	80	10	table	table	NOUN
fsr-3846	80	11	1	1	NUM
fsr-3846	80	12	represents	represent	VERB
fsr-3846	80	13	the	the	DET
fsr-3846	80	14	overall	overall	ADJ
fsr-3846	80	15	level	level	NOUN
fsr-3846	80	16	of	of	ADP
fsr-3846	80	17	performance	performance	NOUN
fsr-3846	80	18	for	for	ADP
fsr-3846	80	19	these	these	DET
fsr-3846	80	20	93	93	NUM
fsr-3846	80	21	managers	manager	NOUN
fsr-3846	80	22	,	,	PUNCT
fsr-3846	80	23	over	over	ADP
fsr-3846	80	24	the	the	DET
fsr-3846	80	25	10	10	NUM
fsr-3846	80	26	-	-	PUNCT
fsr-3846	80	27	year	year	NOUN
fsr-3846	80	28	period	period	NOUN
fsr-3846	80	29	,	,	PUNCT
fsr-3846	80	30	relative	relative	ADJ
fsr-3846	80	31	to	to	ADP
fsr-3846	80	32	the	the	DET
fsr-3846	80	33	other	other	ADJ
fsr-3846	80	34	managers	manager	NOUN
fsr-3846	80	35	in	in	ADP
fsr-3846	80	36	the	the	DET
fsr-3846	80	37	sample	sample	NOUN
fsr-3846	80	38	.	.	PUNCT
fsr-3846	81	1	in	in	ADP
fsr-3846	81	2	the	the	DET
fsr-3846	81	3	first	first	ADJ
fsr-3846	81	4	test	test	NOUN
fsr-3846	81	5	,	,	PUNCT
fsr-3846	81	6	the	the	DET
fsr-3846	81	7	sample	sample	NOUN
fsr-3846	81	8	of	of	ADP
fsr-3846	81	9	10	10	NUM
fsr-3846	81	10	-	-	PUNCT
fsr-3846	81	11	year	year	NOUN
fsr-3846	81	12	managers	manager	NOUN
fsr-3846	81	13	is	be	AUX
fsr-3846	81	14	divided	divide	VERB
fsr-3846	81	15	into	into	ADP
fsr-3846	81	16	two	two	NUM
fsr-3846	81	17	groups	group	NOUN
fsr-3846	81	18	by	by	ADP
fsr-3846	81	19	their	their	PRON
fsr-3846	81	20	mpr	mpr	NOUN
fsr-3846	81	21	over	over	ADP
fsr-3846	81	22	the	the	DET
fsr-3846	81	23	first	first	ADJ
fsr-3846	81	24	five	five	NUM
fsr-3846	81	25	years	year	NOUN
fsr-3846	81	26	of	of	ADP
fsr-3846	81	27	the	the	DET
fsr-3846	81	28	sample	sample	NOUN
fsr-3846	81	29	period	period	NOUN
fsr-3846	81	30	(	(	PUNCT
fsr-3846	81	31	1986	1986	NUM
fsr-3846	81	32	-	-	SYM
fsr-3846	81	33	1990	1990	NUM
fsr-3846	81	34	)	)	PUNCT
fsr-3846	81	35	.	.	PUNCT
fsr-3846	82	1	managers	manager	NOUN
fsr-3846	82	2	with	with	ADP
fsr-3846	82	3	mprs	mprs	NOUN
fsr-3846	82	4	above	above	ADP
fsr-3846	82	5	the	the	DET
fsr-3846	82	6	50th	50th	ADJ
fsr-3846	82	7	percentile	percentile	NOUN
fsr-3846	82	8	are	be	AUX
fsr-3846	82	9	considered	consider	VERB
fsr-3846	82	10	superior	superior	ADJ
fsr-3846	82	11	.	.	PUNCT
fsr-3846	83	1	those	those	PRON
fsr-3846	83	2	at	at	ADP
fsr-3846	83	3	,	,	PUNCT
fsr-3846	83	4	or	or	CCONJ
fsr-3846	83	5	below	below	ADV
fsr-3846	83	6	,	,	PUNCT
fsr-3846	83	7	the	the	DET
fsr-3846	83	8	50th	50th	ADJ
fsr-3846	83	9	percentile	percentile	NOUN
fsr-3846	83	10	are	be	AUX
fsr-3846	83	11	considered	consider	VERB
fsr-3846	83	12	inferior	inferior	ADJ
fsr-3846	83	13	performers	performer	NOUN
fsr-3846	83	14	.	.	PUNCT
fsr-3846	84	1	next	next	ADV
fsr-3846	84	2	,	,	PUNCT
fsr-3846	84	3	the	the	DET
fsr-3846	84	4	mprs	mprs	NOUN
fsr-3846	84	5	of	of	ADP
fsr-3846	84	6	these	these	DET
fsr-3846	84	7	two	two	NUM
fsr-3846	84	8	groups	group	NOUN
fsr-3846	84	9	are	be	AUX
fsr-3846	84	10	calculated	calculate	VERB
fsr-3846	84	11	over	over	ADP
fsr-3846	84	12	the	the	DET
fsr-3846	84	13	subsequent	subsequent	ADJ
fsr-3846	84	14	five	five	NUM
fsr-3846	84	15	years	year	NOUN
fsr-3846	84	16	.	.	PUNCT
fsr-3846	85	1	if	if	SCONJ
fsr-3846	85	2	performance	performance	NOUN
fsr-3846	85	3	relative	relative	ADJ
fsr-3846	85	4	to	to	ADP
fsr-3846	85	5	their	their	PRON
fsr-3846	85	6	peers	peer	NOUN
fsr-3846	85	7	is	be	AUX
fsr-3846	85	8	non	non	ADJ
fsr-3846	85	9	-	-	ADJ
fsr-3846	85	10	random	random	ADJ
fsr-3846	85	11	,	,	PUNCT
fsr-3846	85	12	the	the	DET
fsr-3846	85	13	average	average	ADJ
fsr-3846	85	14	mprs	mprs	NOUN
fsr-3846	85	15	of	of	ADP
fsr-3846	85	16	the	the	DET
fsr-3846	85	17	superior	superior	ADJ
fsr-3846	85	18	(	(	PUNCT
fsr-3846	85	19	inferior	inferior	ADJ
fsr-3846	85	20	)	)	PUNCT
fsr-3846	85	21	performers	performer	NOUN
fsr-3846	85	22	should	should	AUX
fsr-3846	85	23	continue	continue	VERB
fsr-3846	85	24	to	to	PART
fsr-3846	85	25	be	be	AUX
fsr-3846	85	26	greater	great	ADJ
fsr-3846	85	27	(	(	PUNCT
fsr-3846	85	28	less	less	ADJ
fsr-3846	85	29	)	)	PUNCT
fsr-3846	85	30	than	than	ADP
fsr-3846	85	31	50	50	NUM
fsr-3846	85	32	in	in	ADP
fsr-3846	85	33	the	the	DET
fsr-3846	85	34	1991	1991	NUM
fsr-3846	85	35	-	-	SYM
fsr-3846	85	36	1995	1995	NUM
fsr-3846	85	37	period	period	NOUN
fsr-3846	85	38	.	.	PUNCT
fsr-3846	86	1	dividing	divide	VERB
fsr-3846	86	2	the	the	DET
fsr-3846	86	3	sample	sample	NOUN
fsr-3846	86	4	into	into	ADP
fsr-3846	86	5	two	two	NUM
fsr-3846	86	6	groups	group	NOUN
fsr-3846	86	7	may	may	AUX
fsr-3846	86	8	distort	distort	VERB
fsr-3846	86	9	the	the	DET
fsr-3846	86	10	data	datum	NOUN
fsr-3846	86	11	because	because	SCONJ
fsr-3846	86	12	funds	fund	NOUN
fsr-3846	86	13	with	with	ADP
fsr-3846	86	14	margin	margin	NOUN
fsr-3846	86	15	ally	ally	NOUN
fsr-3846	86	16	poor	poor	ADJ
fsr-3846	86	17	performance	performance	NOUN
fsr-3846	86	18	are	be	AUX
fsr-3846	86	19	in	in	ADP
fsr-3846	86	20	the	the	DET
fsr-3846	86	21	same	same	ADJ
fsr-3846	86	22	category	category	NOUN
fsr-3846	86	23	as	as	ADP
fsr-3846	86	24	funds	fund	NOUN
fsr-3846	86	25	with	with	ADP
fsr-3846	86	26	extremely	extremely	ADV
fsr-3846	86	27	poor	poor	ADJ
fsr-3846	86	28	performance	performance	NOUN
fsr-3846	86	29	,	,	PUNCT
fsr-3846	86	30	and	and	CCONJ
fsr-3846	86	31	vice	vice	ADV
fsr-3846	86	32	versa	versa	ADV
fsr-3846	86	33	for	for	ADP
fsr-3846	86	34	superior	superior	ADJ
fsr-3846	86	35	performers	performer	NOUN
fsr-3846	86	36	.	.	PUNCT
fsr-3846	87	1	therefore	therefore	ADV
fsr-3846	87	2	,	,	PUNCT
fsr-3846	87	3	our	our	PRON
fsr-3846	87	4	tests	test	NOUN
fsr-3846	87	5	are	be	AUX
fsr-3846	87	6	repeated	repeat	VERB
fsr-3846	87	7	using	use	VERB
fsr-3846	87	8	extreme	extreme	ADJ
fsr-3846	87	9	measures	measure	NOUN
fsr-3846	87	10	of	of	ADP
fsr-3846	87	11	superior	superior	ADJ
fsr-3846	87	12	and	and	CCONJ
fsr-3846	87	13	inferior	inferior	ADJ
fsr-3846	87	14	performance	performance	NOUN
fsr-3846	87	15	.	.	PUNCT
fsr-3846	88	1	the	the	DET
fsr-3846	88	2	managers	manager	NOUN
fsr-3846	88	3	with	with	ADP
fsr-3846	88	4	the	the	DET
fsr-3846	88	5	10	10	NUM
fsr-3846	88	6	highest	high	ADJ
fsr-3846	88	7	mprs	mprs	NOUN
fsr-3846	88	8	are	be	AUX
fsr-3846	88	9	designated	designate	VERB
fsr-3846	88	10	superior	superior	ADJ
fsr-3846	88	11	,	,	PUNCT
fsr-3846	88	12	while	while	SCONJ
fsr-3846	88	13	those	those	PRON
fsr-3846	88	14	producing	produce	VERB
fsr-3846	88	15	the	the	DET
fsr-3846	88	16	i0	i0	PROPN
fsr-3846	88	17	worst	bad	ADJ
fsr-3846	88	18	mprs	mprs	NOUN
fsr-3846	88	19	are	be	AUX
fsr-3846	88	20	deemed	deem	VERB
fsr-3846	88	21	inferior	inferior	ADJ
fsr-3846	88	22	.	.	PUNCT
fsr-3846	89	1	fund	fund	NOUN
fsr-3846	89	2	advertisements	advertisement	NOUN
fsr-3846	89	3	would	would	AUX
fsr-3846	89	4	certainly	certainly	ADV
fsr-3846	89	5	tout	tout	VERB
fsr-3846	89	6	any	any	DET
fsr-3846	89	7	manager	manager	NOUN
fsr-3846	89	8	among	among	ADP
fsr-3846	89	9	the	the	DET
fsr-3846	89	10	top	top	ADJ
fsr-3846	89	11	ten	ten	NUM
fsr-3846	89	12	performers	performer	NOUN
fsr-3846	89	13	as	as	ADV
fsr-3846	89	14	likely	likely	ADJ
fsr-3846	89	15	to	to	PART
fsr-3846	89	16	repeat	repeat	VERB
fsr-3846	89	17	their	their	PRON
fsr-3846	89	18	superior	superior	ADJ
fsr-3846	89	19	performance	performance	NOUN
fsr-3846	89	20	.	.	PUNCT
fsr-3846	90	1	finally	finally	ADV
fsr-3846	90	2	,	,	PUNCT
fsr-3846	90	3	to	to	PART
fsr-3846	90	4	test	test	VERB
fsr-3846	90	5	the	the	DET
fsr-3846	90	6	importance	importance	NOUN
fsr-3846	90	7	of	of	ADP
fsr-3846	90	8	expense	expense	NOUN
fsr-3846	90	9	ratios	ratio	NOUN
fsr-3846	90	10	in	in	ADP
fsr-3846	90	11	predicting	predict	VERB
fsr-3846	90	12	performance	performance	NOUN
fsr-3846	90	13	persistence	persistence	NOUN
fsr-3846	90	14	,	,	PUNCT
fsr-3846	90	15	the	the	DET
fsr-3846	90	16	performance	performance	NOUN
fsr-3846	90	17	of	of	ADP
fsr-3846	90	18	subgroups	subgroup	NOUN
fsr-3846	90	19	of	of	ADP
fsr-3846	90	20	funds	fund	NOUN
fsr-3846	90	21	with	with	ADP
fsr-3846	90	22	above	above	ADJ
fsr-3846	90	23	,	,	PUNCT
fsr-3846	90	24	and	and	CCONJ
fsr-3846	90	25	below	below	ADV
fsr-3846	90	26	,	,	PUNCT
fsr-3846	90	27	average	average	ADJ
fsr-3846	90	28	expense	expense	NOUN
fsr-3846	90	29	ratios	ratio	NOUN
fsr-3846	90	30	is	be	AUX
fsr-3846	90	31	examined	examine	VERB
fsr-3846	90	32	.	.	PUNCT
fsr-3846	91	1	mutual	mutual	ADJ
fsr-3846	91	2	fund	fund	NOUN
fsr-3846	91	3	performance	performance	NOUN
fsr-3846	91	4	studies	study	NOUN
fsr-3846	91	5	have	have	AUX
fsr-3846	91	6	shown	show	VERB
fsr-3846	91	7	that	that	SCONJ
fsr-3846	91	8	expense	expense	NOUN
fsr-3846	91	9	ratios	ratio	NOUN
fsr-3846	91	10	are	be	AUX
fsr-3846	91	11	inversely	inversely	ADV
fsr-3846	91	12	related	relate	VERB
fsr-3846	91	13	to	to	ADP
fsr-3846	91	14	performance	performance	NOUN
fsr-3846	91	15	.	.	PUNCT
fsr-3846	92	1	golec	golec	NOUN
fsr-3846	92	2	(	(	PUNCT
fsr-3846	92	3	1996	1996	NUM
fsr-3846	92	4	)	)	PUNCT
fsr-3846	92	5	concludes	conclude	VERB
fsr-3846	92	6	that	that	SCONJ
fsr-3846	92	7	investors	investor	NOUN
fsr-3846	92	8	should	should	AUX
fsr-3846	92	9	avoid	avoid	VERB
fsr-3846	92	10	funds	fund	NOUN
fsr-3846	92	11	with	with	ADP
fsr-3846	92	12	large	large	ADJ
fsr-3846	92	13	operating	operating	NOUN
fsr-3846	92	14	and	and	CCONJ
fsr-3846	92	15	management	management	NOUN
fsr-3846	92	16	fees	fee	NOUN
fsr-3846	92	17	.	.	PUNCT
fsr-3846	93	1	elton	elton	PROPN
fsr-3846	93	2	,	,	PUNCT
fsr-3846	93	3	gruber	gruber	PROPN
fsr-3846	93	4	,	,	PUNCT
fsr-3846	93	5	das	das	PROPN
fsr-3846	93	6	,	,	PUNCT
fsr-3846	93	7	and	and	CCONJ
fsr-3846	93	8	hlavka	hlavka	NOUN
fsr-3846	93	9	(	(	PUNCT
fsr-3846	93	10	1993	1993	NUM
fsr-3846	93	11	)	)	PUNCT
fsr-3846	93	12	and	and	CCONJ
fsr-3846	93	13	ippolito	ippolito	PROPN
fsr-3846	93	14	(	(	PUNCT
fsr-3846	93	15	1989	1989	NUM
fsr-3846	93	16	)	)	PUNCT
fsr-3846	93	17	provide	provide	VERB
fsr-3846	93	18	evidence	evidence	NOUN
fsr-3846	93	19	that	that	SCONJ
fsr-3846	93	20	funds	fund	NOUN
fsr-3846	93	21	with	with	ADP
fsr-3846	93	22	lower	low	ADJ
fsr-3846	93	23	fees	fee	NOUN
fsr-3846	93	24	outperform	outperform	VERB
fsr-3846	93	25	funds	fund	NOUN
fsr-3846	93	26	with	with	ADP
fsr-3846	93	27	higher	high	ADJ
fsr-3846	93	28	fees	fee	NOUN
fsr-3846	93	29	.	.	PUNCT
fsr-3846	94	1	gruber	gruber	NOUN
fsr-3846	94	2	performance	performance	NOUN
fsr-3846	94	3	persistence	persistence	NOUN
fsr-3846	94	4	61	61	NUM
fsr-3846	94	5	(	(	PUNCT
fsr-3846	94	6	1996	1996	NUM
fsr-3846	94	7	)	)	PUNCT
fsr-3846	94	8	finds	find	VERB
fsr-3846	94	9	that	that	SCONJ
fsr-3846	94	10	the	the	DET
fsr-3846	94	11	expenses	expense	NOUN
fsr-3846	94	12	of	of	ADP
fsr-3846	94	13	top	top	ADJ
fsr-3846	94	14	performing	perform	VERB
fsr-3846	94	15	funds	fund	NOUN
fsr-3846	94	16	are	be	AUX
fsr-3846	94	17	not	not	PART
fsr-3846	94	18	different	different	ADJ
fsr-3846	94	19	than	than	ADP
fsr-3846	94	20	for	for	ADP
fsr-3846	94	21	the	the	DET
fsr-3846	94	22	funds	fund	NOUN
fsr-3846	94	23	with	with	ADP
fsr-3846	94	24	average	average	ADJ
fsr-3846	94	25	performance	performance	NOUN
fsr-3846	94	26	,	,	PUNCT
fsr-3846	94	27	while	while	SCONJ
fsr-3846	94	28	fees	fee	NOUN
fsr-3846	94	29	of	of	ADP
fsr-3846	94	30	the	the	DET
fsr-3846	94	31	poorer	poor	ADJ
fsr-3846	94	32	performers	performer	NOUN
fsr-3846	94	33	tend	tend	VERB
fsr-3846	94	34	to	to	PART
fsr-3846	94	35	be	be	AUX
fsr-3846	94	36	above	above	ADP
fsr-3846	94	37	average	average	ADJ
fsr-3846	94	38	.	.	PUNCT
fsr-3846	95	1	also	also	ADV
fsr-3846	95	2	,	,	PUNCT
fsr-3846	95	3	fees	fee	NOUN
fsr-3846	95	4	for	for	ADP
fsr-3846	95	5	better	well	ADJ
fsr-3846	95	6	performers	performer	NOUN
fsr-3846	95	7	tend	tend	VERB
fsr-3846	95	8	to	to	PART
fsr-3846	95	9	increase	increase	VERB
fsr-3846	95	10	more	more	ADV
fsr-3846	95	11	slowly	slowly	ADV
fsr-3846	95	12	than	than	ADP
fsr-3846	95	13	fees	fee	NOUN
fsr-3846	95	14	of	of	ADP
fsr-3846	95	15	poorer	poor	ADJ
fsr-3846	95	16	performers	performer	NOUN
fsr-3846	95	17	.	.	PUNCT
fsr-3846	96	1	iv	iv	X
fsr-3846	96	2	.	.	PROPN
fsr-3846	96	3	results	results	PROPN
fsr-3846	96	4	test	test	NOUN
fsr-3846	96	5	results	result	NOUN
fsr-3846	96	6	and	and	CCONJ
fsr-3846	96	7	implications	implication	NOUN
fsr-3846	96	8	are	be	AUX
fsr-3846	96	9	divided	divide	VERB
fsr-3846	96	10	into	into	ADP
fsr-3846	96	11	three	three	NUM
fsr-3846	96	12	categories	category	NOUN
fsr-3846	96	13	.	.	PUNCT
fsr-3846	97	1	first	first	ADV
fsr-3846	97	2	,	,	PUNCT
fsr-3846	97	3	the	the	DET
fsr-3846	97	4	performance	performance	NOUN
fsr-3846	97	5	of	of	ADP
fsr-3846	97	6	the	the	DET
fsr-3846	97	7	group	group	NOUN
fsr-3846	97	8	of	of	ADP
fsr-3846	97	9	experienced	experienced	ADJ
fsr-3846	97	10	managers	manager	NOUN
fsr-3846	97	11	is	be	AUX
fsr-3846	97	12	compared	compare	VERB
fsr-3846	97	13	to	to	ADP
fsr-3846	97	14	the	the	DET
fsr-3846	97	15	performance	performance	NOUN
fsr-3846	97	16	of	of	ADP
fsr-3846	97	17	all	all	DET
fsr-3846	97	18	others	other	NOUN
fsr-3846	97	19	in	in	ADP
fsr-3846	97	20	the	the	DET
fsr-3846	97	21	sample	sample	NOUN
fsr-3846	97	22	for	for	ADP
fsr-3846	97	23	the	the	DET
fsr-3846	97	24	entire	entire	ADJ
fsr-3846	97	25	10	10	NUM
fsr-3846	97	26	-	-	PUNCT
fsr-3846	97	27	year	year	NOUN
fsr-3846	97	28	period	period	NOUN
fsr-3846	97	29	.	.	PUNCT
fsr-3846	98	1	next	next	ADJ
fsr-3846	98	2	,	,	PUNCT
fsr-3846	98	3	performance	performance	NOUN
fsr-3846	98	4	persistence	persistence	NOUN
fsr-3846	98	5	of	of	ADP
fsr-3846	98	6	the	the	DET
fsr-3846	98	7	experienced	experienced	ADJ
fsr-3846	98	8	managers	manager	NOUN
fsr-3846	98	9	is	be	AUX
fsr-3846	98	10	analyzed	analyze	VERB
fsr-3846	98	11	for	for	ADP
fsr-3846	98	12	two	two	NUM
fsr-3846	98	13	5	5	NUM
fsr-3846	98	14	-	-	PUNCT
fsr-3846	98	15	year	year	NOUN
fsr-3846	98	16	periods	period	NOUN
fsr-3846	98	17	within	within	ADP
fsr-3846	98	18	the	the	DET
fsr-3846	98	19	test	test	NOUN
fsr-3846	98	20	period	period	NOUN
fsr-3846	98	21	.	.	PUNCT
fsr-3846	99	1	finally	finally	ADV
fsr-3846	99	2	,	,	PUNCT
fsr-3846	99	3	expense	expense	NOUN
fsr-3846	99	4	ratios	ratio	NOUN
fsr-3846	99	5	are	be	AUX
fsr-3846	99	6	exam	exam	NOUN
fsr-3846	99	7	ined	ine	VERB
fsr-3846	99	8	to	to	PART
fsr-3846	99	9	identify	identify	VERB
fsr-3846	99	10	their	their	PRON
fsr-3846	99	11	relationship	relationship	NOUN
fsr-3846	99	12	with	with	ADP
fsr-3846	99	13	performance	performance	NOUN
fsr-3846	99	14	and	and	CCONJ
fsr-3846	99	15	performance	performance	NOUN
fsr-3846	99	16	persistence	persistence	NOUN
fsr-3846	99	17	.	.	PUNCT
fsr-3846	100	1	a.	a.	NOUN
fsr-3846	100	2	performance	performance	NOUN
fsr-3846	100	3	of	of	ADP
fsr-3846	100	4	experienced	experienced	ADJ
fsr-3846	100	5	managers	manager	NOUN
fsr-3846	100	6	relative	relative	ADJ
fsr-3846	100	7	to	to	ADP
fsr-3846	100	8	others	other	NOUN
fsr-3846	100	9	table	table	NOUN
fsr-3846	100	10	1	1	NUM
fsr-3846	100	11	shows	show	VERB
fsr-3846	100	12	the	the	DET
fsr-3846	100	13	range	range	NOUN
fsr-3846	100	14	of	of	ADP
fsr-3846	100	15	annum	annum	NOUN
fsr-3846	100	16	performance	performance	NOUN
fsr-3846	100	17	rankings	ranking	NOUN
fsr-3846	100	18	,	,	PUNCT
fsr-3846	100	19	mean	mean	VERB
fsr-3846	100	20	performance	performance	NOUN
fsr-3846	100	21	rankings	ranking	NOUN
fsr-3846	100	22	,	,	PUNCT
fsr-3846	100	23	and	and	CCONJ
fsr-3846	100	24	expense	expense	NOUN
fsr-3846	100	25	ratios	ratio	NOUN
fsr-3846	100	26	for	for	ADP
fsr-3846	100	27	the	the	DET
fsr-3846	100	28	sample	sample	NOUN
fsr-3846	100	29	.	.	PUNCT
fsr-3846	101	1	the	the	DET
fsr-3846	101	2	sample	sample	NOUN
fsr-3846	101	3	of	of	ADP
fsr-3846	101	4	managers	manager	NOUN
fsr-3846	101	5	with	with	ADP
fsr-3846	101	6	at	at	ADV
fsr-3846	101	7	least	least	ADV
fsr-3846	101	8	10	10	NUM
fsr-3846	101	9	years	year	NOUN
fsr-3846	101	10	tenure	tenure	NOUN
fsr-3846	101	11	at	at	ADP
fsr-3846	101	12	one	one	NUM
fsr-3846	101	13	fund	fund	NOUN
fsr-3846	101	14	(	(	PUNCT
fsr-3846	101	15	10	10	NUM
fsr-3846	101	16	-	-	PUNCT
fsr-3846	101	17	year	year	NOUN
fsr-3846	101	18	managers	manager	NOUN
fsr-3846	101	19	)	)	PUNCT
fsr-3846	101	20	consists	consist	VERB
fsr-3846	101	21	of	of	ADP
fsr-3846	101	22	93	93	NUM
fsr-3846	101	23	funds	fund	NOUN
fsr-3846	101	24	with	with	ADP
fsr-3846	101	25	a	a	DET
fsr-3846	101	26	mean	mean	ADJ
fsr-3846	101	27	tenure	tenure	NOUN
fsr-3846	101	28	of	of	ADP
fsr-3846	101	29	17.4	17.4	NUM
fsr-3846	101	30	years	year	NOUN
fsr-3846	101	31	.	.	PUNCT
fsr-3846	102	1	the	the	DET
fsr-3846	102	2	mean	mean	ADJ
fsr-3846	102	3	tenure	tenure	NOUN
fsr-3846	102	4	for	for	ADP
fsr-3846	102	5	the	the	DET
fsr-3846	102	6	control	control	NOUN
fsr-3846	102	7	sample	sample	NOUN
fsr-3846	102	8	of	of	ADP
fsr-3846	102	9	698	698	NUM
fsr-3846	102	10	funds	fund	NOUN
fsr-3846	102	11	is	be	AUX
fsr-3846	102	12	6.4	6.4	NUM
fsr-3846	102	13	years	year	NOUN
fsr-3846	102	14	.	.	PUNCT
fsr-3846	103	1	the	the	DET
fsr-3846	103	2	range	range	NOUN
fsr-3846	103	3	of	of	ADP
fsr-3846	103	4	10	10	NUM
fsr-3846	103	5	-	-	PUNCT
fsr-3846	103	6	year	year	NOUN
fsr-3846	103	7	mprs	mprs	NOUN
fsr-3846	103	8	is	be	AUX
fsr-3846	103	9	narrower	narrow	ADJ
fsr-3846	103	10	for	for	ADP
fsr-3846	103	11	the	the	DET
fsr-3846	103	12	93	93	NUM
fsr-3846	103	13	managers	manager	NOUN
fsr-3846	103	14	with	with	ADP
fsr-3846	103	15	at	at	ADV
fsr-3846	103	16	least	least	ADV
fsr-3846	103	17	10	10	NUM
fsr-3846	103	18	years	year	NOUN
fsr-3846	103	19	of	of	ADP
fsr-3846	103	20	tenure	tenure	NOUN
fsr-3846	103	21	with	with	ADP
fsr-3846	103	22	the	the	DET
fsr-3846	103	23	same	same	ADJ
fsr-3846	103	24	fund	fund	NOUN
fsr-3846	103	25	compared	compare	VERB
fsr-3846	103	26	to	to	ADP
fsr-3846	103	27	all	all	DET
fsr-3846	103	28	other	other	ADJ
fsr-3846	103	29	funds	fund	NOUN
fsr-3846	103	30	.	.	PUNCT
fsr-3846	104	1	if	if	SCONJ
fsr-3846	104	2	managers	manager	NOUN
fsr-3846	104	3	with	with	ADP
fsr-3846	104	4	longer	long	ADJ
fsr-3846	104	5	tenure	tenure	NOUN
fsr-3846	104	6	at	at	ADP
fsr-3846	104	7	the	the	DET
fsr-3846	104	8	same	same	ADJ
fsr-3846	104	9	fund	fund	NOUN
fsr-3846	104	10	are	be	AUX
fsr-3846	104	11	able	able	ADJ
fsr-3846	104	12	to	to	PART
fsr-3846	104	13	outperform	outperform	VERB
fsr-3846	104	14	those	those	PRON
fsr-3846	104	15	with	with	ADP
fsr-3846	104	16	shorter	short	ADJ
fsr-3846	104	17	track	track	NOUN
fsr-3846	104	18	records	record	NOUN
fsr-3846	104	19	,	,	PUNCT
fsr-3846	104	20	their	their	PRON
fsr-3846	104	21	10	10	NUM
fsr-3846	104	22	-	-	PUNCT
fsr-3846	104	23	year	year	NOUN
fsr-3846	104	24	average	average	ADJ
fsr-3846	104	25	mpr	mpr	NOUN
fsr-3846	104	26	should	should	AUX
fsr-3846	104	27	be	be	AUX
fsr-3846	104	28	significantly	significantly	ADV
fsr-3846	104	29	above	above	ADP
fsr-3846	104	30	50	50	NUM
fsr-3846	104	31	and	and	CCONJ
fsr-3846	104	32	sig	sig	PRON
fsr-3846	104	33	nificantly	nificantly	ADV
fsr-3846	104	34	different	different	ADJ
fsr-3846	104	35	from	from	ADP
fsr-3846	104	36	the	the	DET
fsr-3846	104	37	average	average	ADJ
fsr-3846	104	38	mpr	mpr	NOUN
fsr-3846	104	39	of	of	ADP
fsr-3846	104	40	the	the	DET
fsr-3846	104	41	sample	sample	NOUN
fsr-3846	104	42	group	group	NOUN
fsr-3846	104	43	.	.	PUNCT
fsr-3846	105	1	however	however	ADV
fsr-3846	105	2	,	,	PUNCT
fsr-3846	105	3	the	the	DET
fsr-3846	105	4	average	average	ADJ
fsr-3846	105	5	mpr	mpr	NOUN
fsr-3846	105	6	of	of	ADP
fsr-3846	105	7	experienced	experienced	ADJ
fsr-3846	105	8	managers	manager	NOUN
fsr-3846	105	9	,	,	PUNCT
fsr-3846	105	10	48.7	48.7	NUM
fsr-3846	105	11	,	,	PUNCT
fsr-3846	105	12	is	be	AUX
fsr-3846	105	13	not	not	PART
fsr-3846	105	14	different	different	ADJ
fsr-3846	105	15	from	from	ADP
fsr-3846	105	16	50	50	NUM
fsr-3846	105	17	(	(	PUNCT
fsr-3846	105	18	t	t	NOUN
fsr-3846	105	19	=	=	SYM
fsr-3846	105	20	-1.07	-1.07	X
fsr-3846	105	21	)	)	PUNCT
fsr-3846	105	22	and	and	CCONJ
fsr-3846	105	23	the	the	DET
fsr-3846	105	24	average	average	ADJ
fsr-3846	105	25	mprs	mprs	NOUN
fsr-3846	105	26	of	of	ADP
fsr-3846	105	27	the	the	DET
fsr-3846	105	28	two	two	NUM
fsr-3846	105	29	groups	group	NOUN
fsr-3846	105	30	are	be	AUX
fsr-3846	105	31	not	not	PART
fsr-3846	105	32	significantly	significantly	ADV
fsr-3846	105	33	different	different	ADJ
fsr-3846	105	34	(	(	PUNCT
fsr-3846	105	35	t	t	NOUN
fsr-3846	105	36	=	=	PUNCT
fsr-3846	105	37	-0.56	-0.56	NUM
fsr-3846	105	38	)	)	PUNCT
fsr-3846	105	39	.	.	PUNCT
fsr-3846	106	1	similarly	similarly	ADV
fsr-3846	106	2	,	,	PUNCT
fsr-3846	106	3	the	the	DET
fsr-3846	106	4	mean	mean	ADJ
fsr-3846	106	5	expense	expense	NOUN
fsr-3846	106	6	ratios	ratio	NOUN
fsr-3846	106	7	of	of	ADP
fsr-3846	106	8	the	the	DET
fsr-3846	106	9	two	two	NUM
fsr-3846	106	10	groups	group	NOUN
fsr-3846	106	11	of	of	ADP
fsr-3846	106	12	funds	fund	NOUN
fsr-3846	106	13	are	be	AUX
fsr-3846	106	14	not	not	PART
fsr-3846	106	15	significantly	significantly	ADV
fsr-3846	106	16	different	different	ADJ
fsr-3846	106	17	(	(	PUNCT
fsr-3846	106	18	t	t	NOUN
fsr-3846	106	19	=	=	NUM
fsr-3846	106	20	0.02	0.02	NUM
fsr-3846	106	21	)	)	PUNCT
fsr-3846	106	22	.	.	PUNCT
fsr-3846	107	1	table	table	NOUN
fsr-3846	107	2	1	1	NUM
fsr-3846	107	3	performance	performance	NOUN
fsr-3846	107	4	for	for	ADP
fsr-3846	107	5	791	791	NUM
fsr-3846	107	6	mutual	mutual	ADJ
fsr-3846	107	7	funds	fund	NOUN
fsr-3846	107	8	including	include	VERB
fsr-3846	107	9	performance	performance	NOUN
fsr-3846	107	10	of	of	ADP
fsr-3846	107	11	93	93	NUM
fsr-3846	107	12	managers	manager	NOUN
fsr-3846	107	13	with	with	ADP
fsr-3846	107	14	a	a	DET
fsr-3846	107	15	minimum	minimum	NOUN
fsr-3846	107	16	of	of	ADP
fsr-3846	107	17	10	10	NUM
fsr-3846	107	18	years	year	NOUN
fsr-3846	107	19	tenure	tenure	NOUN
fsr-3846	107	20	with	with	ADP
fsr-3846	107	21	the	the	DET
fsr-3846	107	22	same	same	ADJ
fsr-3846	107	23	fund	fund	NOUN
fsr-3846	107	24	(	(	PUNCT
fsr-3846	107	25	1986	1986	NUM
fsr-3846	107	26	-	-	PUNCT
fsr-3846	107	27	-1995	-1995	NOUN
fsr-3846	107	28	)	)	PUNCT
fsr-3846	107	29	managers	manager	NOUN
fsr-3846	108	1	o	o	X
fsr-3846	108	2	f	f	NOUN
fsr-3846	108	3	the	the	DET
fsr-3846	108	4	same	same	ADJ
fsr-3846	108	5	f	f	PROPN
fsr-3846	108	6	u	u	NOUN
fsr-3846	108	7	n	n	PROPN
fsr-3846	108	8	d	d	PROPN
fsr-3846	108	9	for	for	ADP
fsr-3846	108	10	at	at	ADV
fsr-3846	108	11	least	least	ADJ
fsr-3846	108	12	difference	difference	NOUN
fsr-3846	108	13	10	10	NUM
fsr-3846	108	14	years	year	NOUN
fsr-3846	108	15	all	all	DET
fsr-3846	108	16	other	other	ADJ
fsr-3846	108	17	funds	fund	NOUN
fsr-3846	108	18	ten	ten	NUM
fsr-3846	108	19	year	year	NOUN
fsr-3846	108	20	vs.	vs.	ADP
fsr-3846	108	21	others	other	NOUN
fsr-3846	108	22	percentile	percentile	ADV
fsr-3846	108	23	ranks	rank	VERB
fsr-3846	108	24	n	n	NOUN
fsr-3846	108	25	=	=	SYM
fsr-3846	108	26	93	93	NUM
fsr-3846	108	27	n	n	NOUN
fsr-3846	108	28	=	=	SYM
fsr-3846	108	29	698	698	NUM
fsr-3846	108	30	(	(	PUNCT
fsr-3846	108	31	p	p	NOUN
fsr-3846	108	32	-	-	PUNCT
fsr-3846	108	33	value	value	NOUN
fsr-3846	108	34	)	)	PUNCT
fsr-3846	108	35	1	1	NUM
fsr-3846	108	36	range	range	NOUN
fsr-3846	108	37	of	of	ADP
fsr-3846	108	38	10	10	NUM
fsr-3846	108	39	-	-	PUNCT
fsr-3846	108	40	year	year	NOUN
fsr-3846	108	41	mean	mean	NOUN
fsr-3846	108	42	performance	performance	NOUN
fsr-3846	108	43	ranks	rank	VERB
fsr-3846	108	44	7.2	7.2	NUM
fsr-3846	108	45	to	to	ADP
fsr-3846	108	46	73.2	73.2	NUM
fsr-3846	108	47	0.33	0.33	NUM
fsr-3846	108	48	to	to	ADP
fsr-3846	108	49	902	902	NUM
fsr-3846	108	50	average	average	ADJ
fsr-3846	108	51	10	10	NUM
fsr-3846	108	52	-	-	PUNCT
fsr-3846	108	53	year	year	NOUN
fsr-3846	108	54	mean	mean	NOUN
fsr-3846	108	55	performance	performance	NOUN
fsr-3846	108	56	ranks	rank	VERB
fsr-3846	108	57	48.7	48.7	NUM
fsr-3846	108	58	49.5	49.5	NUM
fsr-3846	108	59	(	(	PUNCT
fsr-3846	108	60	0.1407	0.1407	NUM
fsr-3846	108	61	)	)	PUNCT
fsr-3846	108	62	3	3	NUM
fsr-3846	108	63	(	(	PUNCT
fsr-3846	108	64	0.1144	0.1144	NUM
fsr-3846	108	65	)	)	PUNCT
fsr-3846	108	66	average	average	ADJ
fsr-3846	108	67	10	10	NUM
fsr-3846	108	68	-	-	PUNCT
fsr-3846	108	69	year	year	NOUN
fsr-3846	108	70	mean	mean	NOUN
fsr-3846	108	71	fund	fund	NOUN
fsr-3846	108	72	expense	expense	NOUN
fsr-3846	108	73	ratio	ratio	NOUN
fsr-3846	108	74	1.342	1.342	NUM
fsr-3846	108	75	%	%	NOUN
fsr-3846	108	76	1.339	1.339	NUM
fsr-3846	108	77	%	%	NOUN
fsr-3846	108	78	average	average	ADJ
fsr-3846	108	79	manager	manager	NOUN
fsr-3846	108	80	tenure	tenure	NOUN
fsr-3846	108	81	6.4	6.4	NUM
fsr-3846	108	82	years	year	NOUN
fsr-3846	108	83	17.4	17.4	NUM
fsr-3846	108	84	years	year	NOUN
fsr-3846	108	85	-0	-0	X
fsr-3846	108	86	.8	.8	PUNCT
fsr-3846	108	87	(	(	PUNCT
fsr-3846	108	88	0.5608	0.5608	NUM
fsr-3846	108	89	)	)	PUNCT
fsr-3846	108	90	0.003	0.003	NUM
fsr-3846	108	91	%	%	NOUN
fsr-3846	108	92	(	(	PUNCT
fsr-3846	108	93	0.9828	0.9828	NUM
fsr-3846	108	94	)	)	PUNCT
fsr-3846	108	95	notes	note	VERB
fsr-3846	108	96	:	:	PUNCT
fsr-3846	108	97	annual	annual	ADJ
fsr-3846	108	98	performance	performance	NOUN
fsr-3846	108	99	ranks	rank	NOUN
fsr-3846	108	100	are	be	AUX
fsr-3846	108	101	determined	determine	VERB
fsr-3846	108	102	by	by	ADP
fsr-3846	108	103	ranking	rank	VERB
fsr-3846	108	104	annual	annual	ADJ
fsr-3846	108	105	momingstar	momingstar	NOUN
fsr-3846	108	106	total	total	ADJ
fsr-3846	108	107	returns	return	NOUN
fsr-3846	108	108	within	within	ADP
fsr-3846	108	109	each	each	DET
fsr-3846	108	110	investment	investment	NOUN
fsr-3846	108	111	objec	objec	ADJ
fsr-3846	108	112	tive	tive	NOUN
fsr-3846	108	113	.	.	PUNCT
fsr-3846	108	114	!	!	PUNCT
fsr-3846	109	1	the	the	DET
fsr-3846	109	2	p	p	NOUN
fsr-3846	109	3	-	-	PUNCT
fsr-3846	109	4	value	value	NOUN
fsr-3846	109	5	indicates	indicate	VERB
fsr-3846	109	6	die	die	VERB
fsr-3846	109	7	likelihood	likelihood	NOUN
fsr-3846	109	8	that	that	SCONJ
fsr-3846	109	9	the	the	DET
fsr-3846	109	10	two	two	NUM
fsr-3846	109	11	variables	variable	NOUN
fsr-3846	109	12	have	have	VERB
fsr-3846	109	13	equal	equal	ADJ
fsr-3846	109	14	population	population	NOUN
fsr-3846	109	15	means	mean	NOUN
fsr-3846	109	16	.	.	PUNCT
fsr-3846	110	1	thus	thus	ADV
fsr-3846	110	2	,	,	PUNCT
fsr-3846	110	3	significant	significant	ADJ
fsr-3846	110	4	differences	difference	NOUN
fsr-3846	110	5	are	be	AUX
fsr-3846	110	6	indicated	indicate	VERB
fsr-3846	110	7	by	by	ADP
fsr-3846	110	8	low	low	ADJ
fsr-3846	110	9	p	p	NOUN
fsr-3846	110	10	-	-	PUNCT
fsr-3846	110	11	values	value	NOUN
fsr-3846	110	12	(	(	PUNCT
fsr-3846	110	13	i.e.	i.e.	X
fsr-3846	110	14	,	,	PUNCT
fsr-3846	110	15	less	less	ADJ
fsr-3846	110	16	than	than	ADP
fsr-3846	110	17	.05	.05	NUM
fsr-3846	110	18	for	for	ADP
fsr-3846	110	19	significance	significance	NOUN
fsr-3846	110	20	at	at	ADP
fsr-3846	110	21	the	the	DET
fsr-3846	110	22	5	5	NUM
fsr-3846	110	23	percent	percent	NOUN
fsr-3846	110	24	level	level	NOUN
fsr-3846	110	25	)	)	PUNCT
fsr-3846	110	26	.	.	PUNCT
fsr-3846	111	1	2	2	NUM
fsr-3846	111	2	these	these	DET
fsr-3846	111	3	extremes	extreme	NOUN
fsr-3846	111	4	are	be	AUX
fsr-3846	111	5	not	not	PART
fsr-3846	111	6	unlikely	unlikely	ADJ
fsr-3846	111	7	because	because	SCONJ
fsr-3846	111	8	the	the	DET
fsr-3846	111	9	minimum	minimum	ADJ
fsr-3846	111	10	fund	fund	NOUN
fsr-3846	111	11	performance	performance	NOUN
fsr-3846	111	12	period	period	NOUN
fsr-3846	111	13	is	be	AUX
fsr-3846	111	14	one	one	NUM
fsr-3846	111	15	year	year	NOUN
fsr-3846	111	16	.	.	PUNCT
fsr-3846	112	1	in	in	ADP
fsr-3846	112	2	an	an	DET
fsr-3846	112	3	investment	investment	NOUN
fsr-3846	112	4	objective	objective	NOUN
fsr-3846	112	5	with	with	ADP
fsr-3846	112	6	300	300	NUM
fsr-3846	112	7	funds	fund	NOUN
fsr-3846	112	8	,	,	PUNCT
fsr-3846	112	9	the	the	DET
fsr-3846	112	10	fund	fund	NOUN
fsr-3846	112	11	in	in	ADP
fsr-3846	112	12	next	next	ADJ
fsr-3846	112	13	to	to	ADP
fsr-3846	112	14	last	last	ADJ
fsr-3846	112	15	place	place	NOUN
fsr-3846	112	16	would	would	AUX
fsr-3846	112	17	have	have	VERB
fsr-3846	112	18	a	a	DET
fsr-3846	112	19	performance	performance	NOUN
fsr-3846	112	20	rank	rank	NOUN
fsr-3846	112	21	of	of	ADP
fsr-3846	112	22	0.33	0.33	NUM
fsr-3846	112	23	.	.	PUNCT
fsr-3846	113	1	3	3	NUM
fsr-3846	113	2	value	value	NOUN
fsr-3846	113	3	in	in	ADP
fsr-3846	113	4	parentheses	parenthesis	NOUN
fsr-3846	113	5	is	be	AUX
fsr-3846	113	6	significance	significance	NOUN
fsr-3846	113	7	level	level	NOUN
fsr-3846	113	8	of	of	ADP
fsr-3846	113	9	t	t	NOUN
fsr-3846	113	10	-	-	PUNCT
fsr-3846	113	11	test	test	NOUN
fsr-3846	113	12	,	,	PUNCT
fsr-3846	113	13	ho	ho	PROPN
fsr-3846	113	14	:	:	PUNCT
fsr-3846	113	15	average	average	ADJ
fsr-3846	113	16	mpr	mpr	NOUN
fsr-3846	113	17	=	=	NOUN
fsr-3846	113	18	50	50	NUM
fsr-3846	113	19	.	.	PUNCT
fsr-3846	114	1	62	62	NUM
fsr-3846	114	2	financial	financial	ADJ
fsr-3846	114	3	services	service	NOUN
fsr-3846	114	4	review	review	VERB
fsr-3846	114	5	7(1	7(1	NUM
fsr-3846	114	6	)	)	PUNCT
fsr-3846	114	7	1998	1998	NUM
fsr-3846	114	8	similarly	similarly	ADV
fsr-3846	114	9	,	,	PUNCT
fsr-3846	114	10	if	if	SCONJ
fsr-3846	114	11	experienced	experienced	ADJ
fsr-3846	114	12	managers	manager	NOUN
fsr-3846	114	13	have	have	VERB
fsr-3846	114	14	any	any	DET
fsr-3846	114	15	advantage	advantage	NOUN
fsr-3846	114	16	over	over	ADP
fsr-3846	114	17	their	their	PRON
fsr-3846	114	18	peers	peer	NOUN
fsr-3846	114	19	,	,	PUNCT
fsr-3846	114	20	they	they	PRON
fsr-3846	114	21	should	should	AUX
fsr-3846	114	22	obtain	obtain	VERB
fsr-3846	114	23	a	a	DET
fsr-3846	114	24	significantly	significantly	ADV
fsr-3846	114	25	higher	high	ADJ
fsr-3846	114	26	number	number	NOUN
fsr-3846	114	27	of	of	ADP
fsr-3846	114	28	superior	superior	ADJ
fsr-3846	114	29	annual	annual	ADJ
fsr-3846	114	30	rankings	ranking	NOUN
fsr-3846	114	31	when	when	SCONJ
fsr-3846	114	32	their	their	PRON
fsr-3846	114	33	annual	annual	ADJ
fsr-3846	114	34	returns	return	NOUN
fsr-3846	114	35	are	be	AUX
fsr-3846	114	36	ranked	rank	VERB
fsr-3846	114	37	among	among	ADP
fsr-3846	114	38	the	the	DET
fsr-3846	114	39	returns	return	NOUN
fsr-3846	114	40	of	of	ADP
fsr-3846	114	41	698	698	NUM
fsr-3846	114	42	funds	fund	NOUN
fsr-3846	114	43	whose	whose	DET
fsr-3846	114	44	managers	manager	NOUN
fsr-3846	114	45	had	have	VERB
fsr-3846	114	46	less	less	ADJ
fsr-3846	114	47	experience	experience	NOUN
fsr-3846	114	48	.	.	PUNCT
fsr-3846	115	1	however	however	ADV
fsr-3846	115	2	,	,	PUNCT
fsr-3846	115	3	there	there	PRON
fsr-3846	115	4	is	be	VERB
fsr-3846	115	5	no	no	DET
fsr-3846	115	6	evidence	evidence	NOUN
fsr-3846	115	7	of	of	ADP
fsr-3846	115	8	consistently	consistently	ADV
fsr-3846	115	9	superior	superior	ADJ
fsr-3846	115	10	performance	performance	NOUN
fsr-3846	115	11	.	.	PUNCT
fsr-3846	116	1	of	of	ADP
fsr-3846	116	2	the	the	DET
fsr-3846	116	3	930	930	NUM
fsr-3846	116	4	possible	possible	ADJ
fsr-3846	116	5	annual	annual	ADJ
fsr-3846	116	6	per	per	ADP
fsr-3846	116	7	centile	centile	ADJ
fsr-3846	116	8	rankings	ranking	NOUN
fsr-3846	116	9	of	of	ADP
fsr-3846	116	10	experienced	experienced	ADJ
fsr-3846	116	11	managers	manager	NOUN
fsr-3846	116	12	(	(	PUNCT
fsr-3846	116	13	93	93	NUM
fsr-3846	116	14	funds	fund	NOUN
fsr-3846	116	15	times	time	NOUN
fsr-3846	116	16	l0	l0	NOUN
fsr-3846	116	17	annual	annual	ADJ
fsr-3846	116	18	performance	performance	NOUN
fsr-3846	116	19	rank	rank	NOUN
fsr-3846	116	20	ings	ing	NOUN
fsr-3846	116	21	)	)	PUNCT
fsr-3846	116	22	,	,	PUNCT
fsr-3846	116	23	only	only	ADV
fsr-3846	116	24	430	430	NUM
fsr-3846	116	25	were	be	AUX
fsr-3846	116	26	greater	great	ADJ
fsr-3846	116	27	than	than	ADP
fsr-3846	116	28	the	the	DET
fsr-3846	116	29	50th	50th	ADJ
fsr-3846	116	30	percentile	percentile	NOUN
fsr-3846	116	31	and	and	CCONJ
fsr-3846	116	32	500	500	NUM
fsr-3846	116	33	were	be	AUX
fsr-3846	116	34	at	at	ADP
fsr-3846	116	35	,	,	PUNCT
fsr-3846	116	36	or	or	CCONJ
fsr-3846	116	37	below	below	ADV
fsr-3846	116	38	,	,	PUNCT
fsr-3846	116	39	that	that	DET
fsr-3846	116	40	level	level	NOUN
fsr-3846	116	41	.	.	PUNCT
fsr-3846	117	1	if	if	SCONJ
fsr-3846	117	2	performances	performance	NOUN
fsr-3846	117	3	were	be	AUX
fsr-3846	117	4	random	random	ADJ
fsr-3846	117	5	,	,	PUNCT
fsr-3846	117	6	the	the	DET
fsr-3846	117	7	probability	probability	NOUN
fsr-3846	117	8	that	that	SCONJ
fsr-3846	117	9	there	there	PRON
fsr-3846	117	10	would	would	AUX
fsr-3846	117	11	be	be	AUX
fsr-3846	117	12	at	at	ADP
fsr-3846	117	13	most	most	ADJ
fsr-3846	117	14	430	430	NUM
fsr-3846	117	15	annual	annual	ADJ
fsr-3846	117	16	supe	supe	PROPN
fsr-3846	117	17	rior	rior	PROPN
fsr-3846	117	18	performances	performance	NOUN
fsr-3846	117	19	out	out	ADP
fsr-3846	117	20	of	of	ADP
fsr-3846	117	21	930	930	NUM
fsr-3846	117	22	is	be	AUX
fsr-3846	117	23	only	only	ADV
fsr-3846	117	24	1.18	1.18	NUM
fsr-3846	117	25	%	%	NOUN
fsr-3846	117	26	.	.	PUNCT
fsr-3846	118	1	these	these	DET
fsr-3846	118	2	results	result	NOUN
fsr-3846	118	3	suggest	suggest	VERB
fsr-3846	118	4	that	that	SCONJ
fsr-3846	118	5	managers	manager	NOUN
fsr-3846	118	6	with	with	ADP
fsr-3846	118	7	lengthy	lengthy	ADJ
fsr-3846	118	8	experience	experience	NOUN
fsr-3846	118	9	at	at	ADP
fsr-3846	118	10	a	a	DET
fsr-3846	118	11	fund	fund	NOUN
fsr-3846	118	12	have	have	VERB
fsr-3846	118	13	no	no	DET
fsr-3846	118	14	particular	particular	ADJ
fsr-3846	118	15	ability	ability	NOUN
fsr-3846	118	16	to	to	PART
fsr-3846	118	17	outperform	outperform	VERB
fsr-3846	118	18	other	other	ADJ
fsr-3846	118	19	mutual	mutual	ADJ
fsr-3846	118	20	funds	fund	NOUN
fsr-3846	118	21	within	within	ADP
fsr-3846	118	22	the	the	DET
fsr-3846	118	23	same	same	ADJ
fsr-3846	118	24	objective	objective	NOUN
fsr-3846	118	25	.	.	PUNCT
fsr-3846	119	1	the	the	DET
fsr-3846	119	2	results	result	NOUN
fsr-3846	119	3	suggesting	suggest	VERB
fsr-3846	119	4	that	that	SCONJ
fsr-3846	119	5	experienced	experienced	ADJ
fsr-3846	119	6	managers	manager	NOUN
fsr-3846	119	7	,	,	PUNCT
fsr-3846	119	8	on	on	ADP
fsr-3846	119	9	average	average	ADJ
fsr-3846	119	10	,	,	PUNCT
fsr-3846	119	11	perform	perform	VERB
fsr-3846	119	12	no	no	ADV
fsr-3846	119	13	better	well	ADJ
fsr-3846	119	14	than	than	ADP
fsr-3846	119	15	their	their	PRON
fsr-3846	119	16	less	less	ADV
fsr-3846	119	17	experienced	experienced	ADJ
fsr-3846	119	18	peers	peer	NOUN
fsr-3846	119	19	for	for	ADP
fsr-3846	119	20	the	the	DET
fsr-3846	119	21	sample	sample	NOUN
fsr-3846	119	22	period	period	NOUN
fsr-3846	119	23	are	be	AUX
fsr-3846	119	24	particularly	particularly	ADV
fsr-3846	119	25	meaningful	meaningful	ADJ
fsr-3846	119	26	because	because	SCONJ
fsr-3846	119	27	our	our	PRON
fsr-3846	119	28	data	datum	NOUN
fsr-3846	119	29	set	set	VERB
fsr-3846	119	30	of	of	ADP
fsr-3846	119	31	10	10	NUM
fsr-3846	119	32	-	-	PUNCT
fsr-3846	119	33	year	year	NOUN
fsr-3846	119	34	managers	manager	NOUN
fsr-3846	119	35	imposes	impose	VERB
fsr-3846	119	36	a	a	DET
fsr-3846	119	37	survivorship	survivorship	NOUN
fsr-3846	119	38	bias	bias	NOUN
fsr-3846	119	39	on	on	ADP
fsr-3846	119	40	the	the	DET
fsr-3846	119	41	test	test	NOUN
fsr-3846	119	42	.	.	PUNCT
fsr-3846	120	1	malkiel	malkiel	VERB
fsr-3846	120	2	(	(	PUNCT
fsr-3846	120	3	1995	1995	NUM
fsr-3846	120	4	)	)	PUNCT
fsr-3846	120	5	pro	pro	X
fsr-3846	120	6	vides	vide	NOUN
fsr-3846	120	7	evidence	evidence	NOUN
fsr-3846	120	8	of	of	ADP
fsr-3846	120	9	positive	positive	ADJ
fsr-3846	120	10	return	return	NOUN
fsr-3846	120	11	survivorship	survivorship	NOUN
fsr-3846	120	12	bias	bias	NOUN
fsr-3846	120	13	in	in	ADP
fsr-3846	120	14	equity	equity	NOUN
fsr-3846	120	15	mutual	mutual	ADJ
fsr-3846	120	16	funds	fund	NOUN
fsr-3846	120	17	.	.	PUNCT
fsr-3846	121	1	he	he	PRON
fsr-3846	121	2	reports	report	VERB
fsr-3846	121	3	the	the	DET
fsr-3846	121	4	mean	mean	ADJ
fsr-3846	121	5	annual	annual	ADJ
fsr-3846	121	6	returns	return	NOUN
fsr-3846	121	7	of	of	ADP
fsr-3846	121	8	all	all	DET
fsr-3846	121	9	general	general	ADJ
fsr-3846	121	10	equity	equity	NOUN
fsr-3846	121	11	funds	fund	NOUN
fsr-3846	121	12	for	for	ADP
fsr-3846	121	13	the	the	DET
fsr-3846	121	14	period	period	NOUN
fsr-3846	121	15	1982	1982	NUM
fsr-3846	121	16	-	-	SYM
fsr-3846	121	17	1992	1992	NUM
fsr-3846	121	18	were	be	AUX
fsr-3846	121	19	signifi	signifi	NOUN
fsr-3846	121	20	cantly	cantly	ADV
fsr-3846	121	21	greater	great	ADJ
fsr-3846	121	22	for	for	ADP
fsr-3846	121	23	funds	fund	NOUN
fsr-3846	121	24	surviving	survive	VERB
fsr-3846	121	25	the	the	DET
fsr-3846	121	26	1983	1983	NUM
fsr-3846	121	27	-	-	SYM
fsr-3846	121	28	1992	1992	NUM
fsr-3846	121	29	period	period	NOUN
fsr-3846	121	30	than	than	ADP
fsr-3846	121	31	for	for	ADP
fsr-3846	121	32	those	those	PRON
fsr-3846	121	33	which	which	PRON
fsr-3846	121	34	failed	fail	VERB
fsr-3846	121	35	during	during	ADP
fsr-3846	121	36	the	the	DET
fsr-3846	121	37	period	period	NOUN
fsr-3846	121	38	(	(	PUNCT
fsr-3846	121	39	no	no	DET
fsr-3846	121	40	failures	failure	NOUN
fsr-3846	121	41	were	be	AUX
fsr-3846	121	42	counted	count	VERB
fsr-3846	121	43	in	in	ADP
fsr-3846	121	44	1982	1982	NUM
fsr-3846	121	45	)	)	PUNCT
fsr-3846	121	46	.	.	PUNCT
fsr-3846	122	1	however	however	ADV
fsr-3846	122	2	,	,	PUNCT
fsr-3846	122	3	there	there	PRON
fsr-3846	122	4	is	be	VERB
fsr-3846	122	5	no	no	DET
fsr-3846	122	6	evidence	evidence	NOUN
fsr-3846	122	7	regarding	regard	VERB
fsr-3846	122	8	the	the	DET
fsr-3846	122	9	direction	direction	NOUN
fsr-3846	122	10	of	of	ADP
fsr-3846	122	11	the	the	DET
fsr-3846	122	12	performance	performance	NOUN
fsr-3846	122	13	bias	bias	NOUN
fsr-3846	122	14	that	that	SCONJ
fsr-3846	122	15	managers	manager	NOUN
fsr-3846	122	16	surviving	survive	VERB
fsr-3846	122	17	for	for	ADP
fsr-3846	122	18	l0	l0	NOUN
fsr-3846	122	19	years	year	NOUN
fsr-3846	122	20	with	with	ADP
fsr-3846	122	21	the	the	DET
fsr-3846	122	22	same	same	ADJ
fsr-3846	122	23	fund	fund	NOUN
fsr-3846	122	24	may	may	AUX
fsr-3846	122	25	impart	impart	VERB
fsr-3846	122	26	on	on	ADP
fsr-3846	122	27	our	our	PRON
fsr-3846	122	28	tests	test	NOUN
fsr-3846	122	29	.	.	PUNCT
fsr-3846	123	1	if	if	SCONJ
fsr-3846	123	2	managers	manager	NOUN
fsr-3846	123	3	are	be	AUX
fsr-3846	123	4	retained	retain	VERB
fsr-3846	123	5	(	(	PUNCT
fsr-3846	123	6	dismissed	dismiss	VERB
fsr-3846	123	7	)	)	PUNCT
fsr-3846	123	8	for	for	ADP
fsr-3846	123	9	their	their	PRON
fsr-3846	123	10	ability	ability	NOUN
fsr-3846	123	11	to	to	PART
fsr-3846	123	12	demon	demon	AUX
fsr-3846	123	13	strate	strate	VERB
fsr-3846	123	14	consistent	consistent	ADJ
fsr-3846	123	15	superior	superior	ADJ
fsr-3846	123	16	(	(	PUNCT
fsr-3846	123	17	inferior	inferior	ADJ
fsr-3846	123	18	)	)	PUNCT
fsr-3846	123	19	performance	performance	NOUN
fsr-3846	123	20	,	,	PUNCT
fsr-3846	123	21	the	the	DET
fsr-3846	123	22	sample	sample	NOUN
fsr-3846	123	23	of	of	ADP
fsr-3846	123	24	experienced	experienced	ADJ
fsr-3846	123	25	managers	manager	NOUN
fsr-3846	123	26	should	should	AUX
fsr-3846	123	27	contain	contain	VERB
fsr-3846	123	28	more	more	ADJ
fsr-3846	123	29	superior	superior	ADJ
fsr-3846	123	30	performers	performer	NOUN
fsr-3846	123	31	than	than	ADP
fsr-3846	123	32	inferior	inferior	ADJ
fsr-3846	123	33	ones	one	NOUN
fsr-3846	123	34	over	over	ADP
fsr-3846	123	35	the	the	DET
fsr-3846	123	36	10	10	NUM
fsr-3846	123	37	-	-	PUNCT
fsr-3846	123	38	year	year	NOUN
fsr-3846	123	39	period	period	NOUN
fsr-3846	123	40	.	.	PUNCT
fsr-3846	124	1	one	one	NUM
fsr-3846	124	2	interpretation	interpretation	NOUN
fsr-3846	124	3	of	of	ADP
fsr-3846	124	4	our	our	PRON
fsr-3846	124	5	result	result	NOUN
fsr-3846	124	6	is	be	AUX
fsr-3846	124	7	that	that	SCONJ
fsr-3846	124	8	managers	manager	NOUN
fsr-3846	124	9	are	be	AUX
fsr-3846	124	10	not	not	PART
fsr-3846	124	11	retained	retain	VERB
fsr-3846	124	12	(	(	PUNCT
fsr-3846	124	13	dismissed	dismiss	VERB
fsr-3846	124	14	)	)	PUNCT
fsr-3846	124	15	for	for	ADP
fsr-3846	124	16	demonstrating	demonstrate	VERB
fsr-3846	124	17	superior	superior	ADJ
fsr-3846	124	18	(	(	PUNCT
fsr-3846	124	19	inferior	inferior	ADJ
fsr-3846	124	20	)	)	PUNCT
fsr-3846	124	21	performance	performance	NOUN
fsr-3846	124	22	.	.	PUNCT
fsr-3846	125	1	b.	b.	NOUN
fsr-3846	125	2	performance	performance	NOUN
fsr-3846	125	3	persistence	persistence	NOUN
fsr-3846	125	4	of	of	ADP
fsr-3846	125	5	experienced	experienced	ADJ
fsr-3846	125	6	managers	manager	NOUN
fsr-3846	125	7	the	the	DET
fsr-3846	125	8	results	result	NOUN
fsr-3846	125	9	from	from	ADP
fsr-3846	125	10	our	our	PRON
fsr-3846	125	11	analysis	analysis	NOUN
fsr-3846	125	12	of	of	ADP
fsr-3846	125	13	lo	lo	NOUN
fsr-3846	125	14	-	-	PUNCT
fsr-3846	125	15	year	year	NOUN
fsr-3846	125	16	managers	manager	NOUN
fsr-3846	125	17	provides	provide	VERB
fsr-3846	125	18	evidence	evidence	NOUN
fsr-3846	125	19	that	that	SCONJ
fsr-3846	125	20	,	,	PUNCT
fsr-3846	125	21	overall	overall	ADV
fsr-3846	125	22	,	,	PUNCT
fsr-3846	125	23	experienced	experienced	ADJ
fsr-3846	125	24	managers	manager	NOUN
fsr-3846	125	25	do	do	AUX
fsr-3846	125	26	not	not	PART
fsr-3846	125	27	outperform	outperform	VERB
fsr-3846	125	28	their	their	PRON
fsr-3846	125	29	less	less	ADV
fsr-3846	125	30	experienced	experienced	ADJ
fsr-3846	125	31	peers	peer	NOUN
fsr-3846	125	32	.	.	PUNCT
fsr-3846	126	1	the	the	DET
fsr-3846	126	2	following	follow	VERB
fsr-3846	126	3	tests	test	NOUN
fsr-3846	126	4	are	be	AUX
fsr-3846	126	5	designed	design	VERB
fsr-3846	126	6	to	to	PART
fsr-3846	126	7	provide	provide	VERB
fsr-3846	126	8	evidence	evidence	NOUN
fsr-3846	126	9	about	about	ADP
fsr-3846	126	10	the	the	DET
fsr-3846	126	11	ability	ability	NOUN
fsr-3846	126	12	of	of	ADP
fsr-3846	126	13	superior	superior	ADJ
fsr-3846	126	14	experienced	experienced	ADJ
fsr-3846	126	15	managers	manager	NOUN
fsr-3846	126	16	in	in	ADP
fsr-3846	126	17	one	one	NUM
fsr-3846	126	18	period	period	NOUN
fsr-3846	126	19	to	to	PART
fsr-3846	126	20	repeat	repeat	VERB
fsr-3846	126	21	their	their	PRON
fsr-3846	126	22	superior	superior	ADJ
fsr-3846	126	23	performance	performance	NOUN
fsr-3846	126	24	in	in	ADP
fsr-3846	126	25	the	the	DET
fsr-3846	126	26	next	next	ADJ
fsr-3846	126	27	.	.	PUNCT
fsr-3846	127	1	the	the	DET
fsr-3846	127	2	performance	performance	NOUN
fsr-3846	127	3	persistence	persistence	NOUN
fsr-3846	127	4	of	of	ADP
fsr-3846	127	5	experienced	experienced	ADJ
fsr-3846	127	6	inferior	inferior	ADJ
fsr-3846	127	7	managers	manager	NOUN
fsr-3846	127	8	is	be	AUX
fsr-3846	127	9	also	also	ADV
fsr-3846	127	10	examined	examine	VERB
fsr-3846	127	11	.	.	PUNCT
fsr-3846	128	1	superior	superior	ADJ
fsr-3846	128	2	performance	performance	NOUN
fsr-3846	128	3	the	the	DET
fsr-3846	128	4	results	result	NOUN
fsr-3846	128	5	of	of	ADP
fsr-3846	128	6	tests	test	NOUN
fsr-3846	128	7	of	of	ADP
fsr-3846	128	8	rankings	ranking	NOUN
fsr-3846	128	9	persistence	persistence	NOUN
fsr-3846	128	10	over	over	ADP
fsr-3846	128	11	two	two	NUM
fsr-3846	128	12	successive	successive	ADJ
fsr-3846	128	13	five	five	NUM
fsr-3846	128	14	-	-	PUNCT
fsr-3846	128	15	year	year	NOUN
fsr-3846	128	16	periods	period	NOUN
fsr-3846	128	17	are	be	AUX
fsr-3846	128	18	reported	report	VERB
fsr-3846	128	19	in	in	ADP
fsr-3846	128	20	table	table	NOUN
fsr-3846	128	21	2	2	NUM
fsr-3846	128	22	.	.	PUNCT
fsr-3846	129	1	as	as	ADP
fsr-3846	129	2	before	before	ADV
fsr-3846	129	3	,	,	PUNCT
fsr-3846	129	4	performance	performance	NOUN
fsr-3846	129	5	is	be	AUX
fsr-3846	129	6	determined	determine	VERB
fsr-3846	129	7	relative	relative	ADJ
fsr-3846	129	8	to	to	ADP
fsr-3846	129	9	the	the	DET
fsr-3846	129	10	50th	50th	ADJ
fsr-3846	129	11	percentile	percentile	NOUN
fsr-3846	129	12	.	.	PUNCT
fsr-3846	130	1	managers	manager	NOUN
fsr-3846	130	2	whose	whose	DET
fsr-3846	130	3	mpr	mpr	NOUN
fsr-3846	130	4	over	over	ADP
fsr-3846	130	5	the	the	DET
fsr-3846	130	6	period	period	NOUN
fsr-3846	130	7	1986	1986	NUM
fsr-3846	130	8	-	-	SYM
fsr-3846	130	9	1990	1990	NUM
fsr-3846	130	10	was	be	AUX
fsr-3846	130	11	greater	great	ADJ
fsr-3846	130	12	than	than	SCONJ
fsr-3846	130	13	the	the	DET
fsr-3846	130	14	50th	50th	ADJ
fsr-3846	130	15	percentile	percentile	NOUN
fsr-3846	130	16	are	be	AUX
fsr-3846	130	17	deemed	deem	VERB
fsr-3846	130	18	superior	superior	ADJ
fsr-3846	130	19	,	,	PUNCT
fsr-3846	130	20	while	while	SCONJ
fsr-3846	130	21	managers	manager	NOUN
fsr-3846	130	22	with	with	ADP
fsr-3846	130	23	mprs	mprs	NOUN
fsr-3846	130	24	equal	equal	ADJ
fsr-3846	130	25	to	to	ADP
fsr-3846	130	26	,	,	PUNCT
fsr-3846	130	27	or	or	CCONJ
fsr-3846	130	28	less	less	ADJ
fsr-3846	130	29	than	than	ADP
fsr-3846	130	30	,	,	PUNCT
fsr-3846	130	31	the	the	DET
fsr-3846	130	32	50th	50th	ADJ
fsr-3846	130	33	percentile	percentile	NOUN
fsr-3846	130	34	are	be	AUX
fsr-3846	130	35	considered	consider	VERB
fsr-3846	130	36	inferior	inferior	ADJ
fsr-3846	130	37	.	.	PUNCT
fsr-3846	131	1	as	as	SCONJ
fsr-3846	131	2	shown	show	VERB
fsr-3846	131	3	in	in	ADP
fsr-3846	131	4	table	table	NOUN
fsr-3846	131	5	2	2	NUM
fsr-3846	131	6	,	,	PUNCT
fsr-3846	131	7	panel	panel	NOUN
fsr-3846	131	8	a	a	PRON
fsr-3846	131	9	,	,	PUNCT
fsr-3846	131	10	43	43	NUM
fsr-3846	131	11	of	of	ADP
fsr-3846	131	12	the	the	DET
fsr-3846	131	13	93	93	NUM
fsr-3846	131	14	managers	manager	NOUN
fsr-3846	131	15	averaged	average	VERB
fsr-3846	131	16	above	above	ADP
fsr-3846	131	17	the	the	DET
fsr-3846	131	18	50th	50th	ADJ
fsr-3846	131	19	percentile	percentile	NOUN
fsr-3846	131	20	,	,	PUNCT
fsr-3846	131	21	relative	relative	ADJ
fsr-3846	131	22	to	to	ADP
fsr-3846	131	23	all	all	DET
fsr-3846	131	24	managers	manager	NOUN
fsr-3846	131	25	in	in	ADP
fsr-3846	131	26	the	the	DET
fsr-3846	131	27	same	same	ADJ
fsr-3846	131	28	investment	investment	NOUN
fsr-3846	131	29	category	category	NOUN
fsr-3846	131	30	in	in	ADP
fsr-3846	131	31	our	our	PRON
fsr-3846	131	32	sample	sample	NOUN
fsr-3846	131	33	,	,	PUNCT
fsr-3846	131	34	over	over	ADP
fsr-3846	131	35	the	the	DET
fsr-3846	131	36	period	period	NOUN
fsr-3846	131	37	1986	1986	NUM
fsr-3846	131	38	-	-	SYM
fsr-3846	131	39	1990	1990	NUM
fsr-3846	131	40	.	.	PUNCT
fsr-3846	132	1	the	the	DET
fsr-3846	132	2	average	average	ADJ
fsr-3846	132	3	mpr	mpr	NOUN
fsr-3846	132	4	for	for	ADP
fsr-3846	132	5	these	these	DET
fsr-3846	132	6	superior	superior	ADJ
fsr-3846	132	7	performers	performer	NOUN
fsr-3846	132	8	is	be	AUX
fsr-3846	132	9	60.3	60.3	NUM
fsr-3846	132	10	,	,	PUNCT
fsr-3846	132	11	signif	signif	NOUN
fsr-3846	132	12	icantly	icantly	ADV
fsr-3846	132	13	greater	great	ADJ
fsr-3846	132	14	than	than	ADP
fsr-3846	132	15	50	50	NUM
fsr-3846	132	16	at	at	ADP
fsr-3846	132	17	the	the	DET
fsr-3846	132	18	1	1	NUM
fsr-3846	132	19	%	%	NOUN
fsr-3846	132	20	level	level	NOUN
fsr-3846	132	21	.	.	PUNCT
fsr-3846	133	1	in	in	ADP
fsr-3846	133	2	the	the	DET
fsr-3846	133	3	subsequent	subsequent	ADJ
fsr-3846	133	4	period	period	NOUN
fsr-3846	133	5	,	,	PUNCT
fsr-3846	133	6	however	however	ADV
fsr-3846	133	7	,	,	PUNCT
fsr-3846	133	8	the	the	DET
fsr-3846	133	9	average	average	ADJ
fsr-3846	133	10	mpr	mpr	NOUN
fsr-3846	133	11	of	of	ADP
fsr-3846	133	12	these	these	DET
fsr-3846	133	13	superior	superior	ADJ
fsr-3846	133	14	managers	manager	NOUN
fsr-3846	133	15	fell	fall	VERB
fsr-3846	133	16	to	to	ADP
fsr-3846	133	17	51.1	51.1	NUM
fsr-3846	133	18	,	,	PUNCT
fsr-3846	133	19	an	an	DET
fsr-3846	133	20	average	average	ADJ
fsr-3846	133	21	mpr	mpr	NOUN
fsr-3846	133	22	which	which	PRON
fsr-3846	133	23	is	be	AUX
fsr-3846	133	24	not	not	PART
fsr-3846	133	25	significantly	significantly	ADV
fsr-3846	133	26	different	different	ADJ
fsr-3846	133	27	from	from	ADP
fsr-3846	133	28	50	50	NUM
fsr-3846	133	29	,	,	PUNCT
fsr-3846	133	30	and	and	CCONJ
fsr-3846	133	31	which	which	PRON
fsr-3846	133	32	represents	represent	VERB
fsr-3846	133	33	a	a	DET
fsr-3846	133	34	statistically	statistically	ADV
fsr-3846	133	35	significant	significant	ADJ
fsr-3846	133	36	decline	decline	NOUN
fsr-3846	133	37	of	of	ADP
fsr-3846	133	38	9.2	9.2	NUM
fsr-3846	133	39	points	point	NOUN
fsr-3846	133	40	(	(	PUNCT
fsr-3846	133	41	t	t	NOUN
fsr-3846	133	42	=	=	SYM
fsr-3846	133	43	3.78	3.78	NUM
fsr-3846	133	44	)	)	PUNCT
fsr-3846	133	45	.	.	PUNCT
fsr-3846	134	1	the	the	DET
fsr-3846	134	2	number	number	NOUN
fsr-3846	134	3	of	of	ADP
fsr-3846	134	4	managers	manager	NOUN
fsr-3846	134	5	demonstrating	demonstrate	VERB
fsr-3846	134	6	superior	superior	ADJ
fsr-3846	134	7	performance	performance	NOUN
fsr-3846	134	8	for	for	ADP
fsr-3846	134	9	the	the	DET
fsr-3846	134	10	period	period	NOUN
fsr-3846	134	11	1991	1991	NUM
fsr-3846	134	12	1995	1995	NUM
fsr-3846	134	13	also	also	ADV
fsr-3846	134	14	dropped	drop	VERB
fsr-3846	134	15	.	.	PUNCT
fsr-3846	135	1	only	only	ADV
fsr-3846	135	2	23	23	NUM
fsr-3846	135	3	of	of	ADP
fsr-3846	135	4	the	the	DET
fsr-3846	135	5	43	43	NUM
fsr-3846	135	6	funds	fund	NOUN
fsr-3846	135	7	which	which	PRON
fsr-3846	135	8	were	be	AUX
fsr-3846	135	9	rated	rate	VERB
fsr-3846	135	10	superior	superior	ADJ
fsr-3846	135	11	in	in	ADP
fsr-3846	135	12	the	the	DET
fsr-3846	135	13	prior	prior	ADJ
fsr-3846	135	14	period	period	NOUN
fsr-3846	135	15	performance	performance	NOUN
fsr-3846	135	16	persistence	persistence	NOUN
fsr-3846	135	17	63	63	NUM
fsr-3846	135	18	table	table	NOUN
fsr-3846	135	19	2	2	NUM
fsr-3846	135	20	test	test	NOUN
fsr-3846	135	21	of	of	ADP
fsr-3846	135	22	persistence	persistence	NOUN
fsr-3846	135	23	in	in	ADP
fsr-3846	135	24	performance	performance	NOUN
fsr-3846	135	25	rankings	ranking	NOUN
fsr-3846	135	26	of	of	ADP
fsr-3846	135	27	managers	manager	NOUN
fsr-3846	135	28	with	with	ADP
fsr-3846	135	29	a	a	DET
fsr-3846	135	30	minimum	minimum	NOUN
fsr-3846	135	31	of	of	ADP
fsr-3846	135	32	10	10	NUM
fsr-3846	135	33	years	year	NOUN
fsr-3846	135	34	tenure	tenure	NOUN
fsr-3846	135	35	at	at	ADP
fsr-3846	135	36	the	the	DET
fsr-3846	135	37	same	same	ADJ
fsr-3846	135	38	fund	fund	NOUN
fsr-3846	135	39	(	(	PUNCT
fsr-3846	135	40	1986	1986	NUM
fsr-3846	135	41	-	-	SYM
fsr-3846	135	42	1995	1995	NUM
fsr-3846	135	43	)	)	PUNCT
fsr-3846	135	44	period	period	NOUN
fsr-3846	135	45	i	i	PRON
fsr-3846	135	46	period	period	VERB
fsr-3846	135	47	2	2	NUM
fsr-3846	135	48	difference	difference	NOUN
fsr-3846	135	49	1986	1986	NUM
fsr-3846	135	50	-	-	SYM
fsr-3846	135	51	1990	1990	NUM
fsr-3846	135	52	1991	1991	NUM
fsr-3846	135	53	-	-	SYM
fsr-3846	135	54	1995	1995	NUM
fsr-3846	135	55	(	(	PUNCT
fsr-3846	135	56	p	p	NOUN
fsr-3846	135	57	-	-	PUNCT
fsr-3846	135	58	value	value	NOUN
fsr-3846	135	59	)	)	PUNCT
fsr-3846	135	60	panel	panel	NOUN
fsr-3846	135	61	a	a	DET
fsr-3846	135	62	:	:	PUNCT
fsr-3846	135	63	superior	superior	ADJ
fsr-3846	135	64	managers	manager	NOUN
fsr-3846	135	65	:	:	PUNCT
fsr-3846	135	66	mpr	mpr	NOUN
fsr-3846	135	67	>	>	X
fsr-3846	135	68	50	50	NUM
fsr-3846	135	69	superior	superior	ADJ
fsr-3846	135	70	managers	manager	NOUN
fsr-3846	135	71	1986	1986	NUM
fsr-3846	135	72	-	-	SYM
fsr-3846	135	73	-1990	-1990	PROPN
fsr-3846	135	74	60.3	60.3	NUM
fsr-3846	135	75	51.1	51.1	NUM
fsr-3846	135	76	-9	-9	NOUN
fsr-3846	135	77	.2	.2	NUM
fsr-3846	135	78	5	5	NUM
fsr-3846	135	79	-	-	PUNCT
fsr-3846	135	80	year	year	NOUN
fsr-3846	135	81	average	average	ADJ
fsr-3846	135	82	mpr	mpr	NOUN
fsr-3846	135	83	(	(	PUNCT
fsr-3846	135	84	0.0001)l	0.0001)l	NOUN
fsr-3846	135	85	(	(	PUNCT
fsr-3846	135	86	0.6036	0.6036	NUM
fsr-3846	135	87	)	)	PUNCT
fsr-3846	135	88	(	(	PUNCT
fsr-3846	135	89	0.0003	0.0003	NUM
fsr-3846	135	90	)	)	PUNCT
fsr-3846	135	91	number	number	NOUN
fsr-3846	135	92	of	of	ADP
fsr-3846	135	93	superior	superior	ADJ
fsr-3846	135	94	managers	manager	NOUN
fsr-3846	135	95	43	43	NUM
fsr-3846	135	96	23	23	NUM
fsr-3846	135	97	2	2	NUM
fsr-3846	135	98	0	0	NUM
fsr-3846	135	99	of	of	ADP
fsr-3846	135	100	93	93	NUM
fsr-3846	135	101	(	(	PUNCT
fsr-3846	135	102	0.7965	0.7965	NUM
fsr-3846	135	103	)	)	PUNCT
fsr-3846	135	104	2	2	NUM
fsr-3846	135	105	(	(	PUNCT
fsr-3846	135	106	0.3804	0.3804	NUM
fsr-3846	135	107	)	)	PUNCT
fsr-3846	135	108	3	3	NUM
fsr-3846	135	109	number	number	NOUN
fsr-3846	135	110	of	of	ADP
fsr-3846	135	111	annual	annual	ADJ
fsr-3846	135	112	ranks	rank	NOUN
fsr-3846	135	113	>	>	X
fsr-3846	135	114	50	50	NUM
fsr-3846	135	115	144	144	NUM
fsr-3846	135	116	109	109	NUM
fsr-3846	135	117	-35	-35	PUNCT
fsr-3846	135	118	of	of	ADP
fsr-3846	135	119	215	215	NUM
fsr-3846	135	120	4	4	NUM
fsr-3846	135	121	(	(	PUNCT
fsr-3846	135	122	0.0001)5	0.0001)5	NOUN
fsr-3846	135	123	(	(	PUNCT
fsr-3846	135	124	0.4458	0.4458	NUM
fsr-3846	135	125	)	)	PUNCT
fsr-3846	135	126	panel	panel	NOUN
fsr-3846	135	127	b	b	NOUN
fsr-3846	135	128	:	:	PUNCT
fsr-3846	135	129	inferior	inferior	ADJ
fsr-3846	135	130	managers	manager	NOUN
fsr-3846	135	131	mpr	mpr	VERB
fsr-3846	135	132	_	_	PUNCT
fsr-3846	135	133	50	50	NUM
fsr-3846	135	134	inferior	inferior	ADJ
fsr-3846	135	135	managers	manager	NOUN
fsr-3846	135	136	1986	1986	NUM
fsr-3846	135	137	-	-	SYM
fsr-3846	135	138	1990	1990	NUM
fsr-3846	135	139	39.4	39.4	NUM
fsr-3846	135	140	46.0	46.0	NUM
fsr-3846	135	141	6.6	6.6	NUM
fsr-3846	135	142	5	5	NUM
fsr-3846	135	143	-	-	PUNCT
fsr-3846	135	144	year	year	NOUN
fsr-3846	135	145	average	average	ADJ
fsr-3846	135	146	mpr	mpr	NOUN
fsr-3846	135	147	(	(	PUNCT
fsr-3846	135	148	0.0001	0.0001	NUM
fsr-3846	135	149	)	)	PUNCT
fsr-3846	135	150	(	(	PUNCT
fsr-3846	135	151	0.0360	0.0360	NUM
fsr-3846	135	152	)	)	PUNCT
fsr-3846	135	153	(	(	PUNCT
fsr-3846	135	154	0.023	0.023	NUM
fsr-3846	135	155	l	l	NOUN
fsr-3846	135	156	)	)	PUNCT
fsr-3846	135	157	number	number	NOUN
fsr-3846	135	158	of	of	ADP
fsr-3846	135	159	inferior	inferior	ADJ
fsr-3846	135	160	managers	manager	NOUN
fsr-3846	135	161	50	50	NUM
fsr-3846	135	162	27	27	NUM
fsr-3846	135	163	-23	-23	NOUN
fsr-3846	135	164	of	of	ADP
fsr-3846	135	165	93	93	NUM
fsr-3846	135	166	(	(	PUNCT
fsr-3846	135	167	0.7330	0.7330	NUM
fsr-3846	135	168	)	)	PUNCT
fsr-3846	135	169	(	(	PUNCT
fsr-3846	135	170	0.3359	0.3359	NUM
fsr-3846	135	171	)	)	PUNCT
fsr-3846	135	172	3	3	NUM
fsr-3846	135	173	number	number	NOUN
fsr-3846	135	174	of	of	ADP
fsr-3846	135	175	annual	annual	ADJ
fsr-3846	135	176	ranks	rank	NOUN
fsr-3846	135	177	<	<	X
fsr-3846	135	178	_	_	NOUN
fsr-3846	135	179	50	50	NUM
fsr-3846	135	180	166	166	NUM
fsr-3846	135	181	139	139	NUM
fsr-3846	135	182	-27	-27	PUNCT
fsr-3846	135	183	of	of	ADP
fsr-3846	135	184	250	250	NUM
fsr-3846	135	185	(	(	PUNCT
fsr-3846	135	186	0.0001	0.0001	NUM
fsr-3846	135	187	)	)	PUNCT
fsr-3846	135	188	(	(	PUNCT
fsr-3846	135	189	0.0438	0.0438	NUM
fsr-3846	135	190	)	)	PUNCT
fsr-3846	135	191	notes	note	VERB
fsr-3846	135	192	:	:	PUNCT
fsr-3846	135	193	mpr	mpr	NOUN
fsr-3846	135	194	is	be	AUX
fsr-3846	135	195	the	the	DET
fsr-3846	135	196	mean	mean	ADJ
fsr-3846	135	197	annual	annual	ADJ
fsr-3846	135	198	performance	performance	NOUN
fsr-3846	135	199	rank	rank	NOUN
fsr-3846	135	200	for	for	ADP
fsr-3846	135	201	each	each	DET
fsr-3846	135	202	manager	manager	NOUN
fsr-3846	135	203	for	for	ADP
fsr-3846	135	204	the	the	DET
fsr-3846	135	205	time	time	NOUN
fsr-3846	135	206	period	period	NOUN
fsr-3846	135	207	specified	specify	VERB
fsr-3846	135	208	.	.	PUNCT
fsr-3846	136	1	1	1	NUM
fsr-3846	136	2	for	for	ADP
fsr-3846	136	3	mprs	mprs	NOUN
fsr-3846	136	4	,	,	PUNCT
fsr-3846	136	5	figure	figure	NOUN
fsr-3846	136	6	in	in	ADP
fsr-3846	136	7	parentheses	parenthesis	NOUN
fsr-3846	136	8	represents	represent	VERB
fsr-3846	136	9	the	the	DET
fsr-3846	136	10	significance	significance	NOUN
fsr-3846	136	11	level	level	NOUN
fsr-3846	136	12	associated	associate	VERB
fsr-3846	136	13	with	with	ADP
fsr-3846	136	14	the	the	DET
fsr-3846	136	15	two	two	NUM
fsr-3846	136	16	-	-	PUNCT
fsr-3846	136	17	tail	tail	NOUN
fsr-3846	136	18	t	t	NOUN
fsr-3846	136	19	-	-	PUNCT
fsr-3846	136	20	test	test	NOUN
fsr-3846	136	21	,	,	PUNCT
fsr-3846	136	22	ho	ho	PROPN
fsr-3846	136	23	:	:	PUNCT
fsr-3846	136	24	mpr	mpr	NOUN
fsr-3846	136	25	=	=	NOUN
fsr-3846	136	26	50	50	NUM
fsr-3846	136	27	.	.	PUNCT
fsr-3846	137	1	for	for	ADP
fsr-3846	137	2	differences	difference	NOUN
fsr-3846	137	3	in	in	ADP
fsr-3846	137	4	mprs	mprs	NOUN
fsr-3846	137	5	between	between	ADP
fsr-3846	137	6	periods	period	NOUN
fsr-3846	137	7	,	,	PUNCT
fsr-3846	137	8	value	value	NOUN
fsr-3846	137	9	in	in	ADP
fsr-3846	137	10	parentheses	parenthesis	NOUN
fsr-3846	137	11	represents	represent	VERB
fsr-3846	137	12	the	the	DET
fsr-3846	137	13	significance	significance	NOUN
fsr-3846	137	14	level	level	NOUN
fsr-3846	137	15	associated	associate	VERB
fsr-3846	137	16	with	with	ADP
fsr-3846	137	17	two	two	NUM
fsr-3846	137	18	-	-	PUNCT
fsr-3846	137	19	tail	tail	NOUN
fsr-3846	137	20	t	t	NOUN
fsr-3846	137	21	-	-	PUNCT
fsr-3846	137	22	test	test	NOUN
fsr-3846	137	23	,	,	PUNCT
fsr-3846	137	24	ho	ho	PROPN
fsr-3846	137	25	:	:	PUNCT
fsr-3846	137	26	mpr	mpr	NOUN
fsr-3846	137	27	1	1	NUM
fsr-3846	137	28	mpr	mpr	NOUN
fsr-3846	137	29	2	2	NUM
fsr-3846	137	30	=	=	SYM
fsr-3846	137	31	0	0	NUM
fsr-3846	137	32	.	.	NOUN
fsr-3846	137	33	2	2	NUM
fsr-3846	137	34	probability	probability	NOUN
fsr-3846	137	35	of	of	ADP
fsr-3846	137	36	observing	observe	VERB
fsr-3846	137	37	at	at	ADP
fsr-3846	137	38	least	least	ADJ
fsr-3846	137	39	n	n	PRON
fsr-3846	137	40	successes	success	NOUN
fsr-3846	137	41	in	in	ADP
fsr-3846	137	42	93	93	NUM
fsr-3846	137	43	trials	trial	NOUN
fsr-3846	137	44	.	.	PUNCT
fsr-3846	138	1	323	323	NUM
fsr-3846	138	2	of	of	ADP
fsr-3846	138	3	the	the	DET
fsr-3846	138	4	original	original	ADJ
fsr-3846	138	5	43	43	NUM
fsr-3846	138	6	superior	superior	ADJ
fsr-3846	138	7	managers	manager	NOUN
fsr-3846	138	8	rated	rate	VERB
fsr-3846	138	9	superior	superior	ADJ
fsr-3846	138	10	performance	performance	NOUN
fsr-3846	138	11	over	over	ADP
fsr-3846	138	12	the	the	DET
fsr-3846	138	13	period	period	NOUN
fsr-3846	138	14	1991	1991	NUM
fsr-3846	138	15	-	-	SYM
fsr-3846	138	16	1995	1995	NUM
fsr-3846	138	17	.	.	PUNCT
fsr-3846	139	1	27	27	NUM
fsr-3846	139	2	of	of	ADP
fsr-3846	139	3	the	the	DET
fsr-3846	139	4	original	original	ADJ
fsr-3846	139	5	50	50	NUM
fsr-3846	139	6	inferior	inferior	ADJ
fsr-3846	139	7	managers	manager	NOUN
fsr-3846	139	8	rated	rate	VERB
fsr-3846	139	9	inferior	inferior	ADJ
fsr-3846	139	10	performance	performance	NOUN
fsr-3846	139	11	over	over	ADP
fsr-3846	139	12	the	the	DET
fsr-3846	139	13	subsequent	subsequent	ADJ
fsr-3846	139	14	period	period	NOUN
fsr-3846	139	15	.	.	PUNCT
fsr-3846	140	1	p	p	X
fsr-3846	140	2	-	-	PUNCT
fsr-3846	140	3	value	value	NOUN
fsr-3846	140	4	in	in	ADP
fsr-3846	140	5	parentheses	parenthesis	NOUN
fsr-3846	140	6	represents	represent	VERB
fsr-3846	140	7	the	the	DET
fsr-3846	140	8	proba	proba	NOUN
fsr-3846	140	9	bility	bility	NOUN
fsr-3846	140	10	,	,	PUNCT
fsr-3846	140	11	p	p	X
fsr-3846	140	12	,	,	PUNCT
fsr-3846	140	13	associated	associate	VERB
fsr-3846	140	14	with	with	ADP
fsr-3846	140	15	binomial	binomial	ADJ
fsr-3846	140	16	test	test	NOUN
fsr-3846	140	17	,	,	PUNCT
fsr-3846	140	18	p	p	NOUN
fsr-3846	141	1	=	=	NOUN
fsr-3846	141	2	probability	probability	NOUN
fsr-3846	141	3	of	of	ADP
fsr-3846	141	4	observing	observe	VERB
fsr-3846	141	5	at	at	ADP
fsr-3846	141	6	least	least	ADJ
fsr-3846	141	7	n	n	PRON
fsr-3846	141	8	successes	success	NOUN
fsr-3846	141	9	in	in	ADP
fsr-3846	141	10	43	43	NUM
fsr-3846	141	11	trials	trial	NOUN
fsr-3846	141	12	for	for	ADP
fsr-3846	141	13	superior	superior	ADJ
fsr-3846	141	14	and	and	CCONJ
fsr-3846	141	15	50	50	NUM
fsr-3846	141	16	trials	trial	NOUN
fsr-3846	141	17	for	for	ADP
fsr-3846	141	18	inferior	inferior	ADJ
fsr-3846	141	19	managers	manager	NOUN
fsr-3846	141	20	.	.	PUNCT
fsr-3846	142	1	4	4	NUM
fsr-3846	142	2	numbers	number	NOUN
fsr-3846	142	3	of	of	ADP
fsr-3846	142	4	annual	annual	ADJ
fsr-3846	142	5	performance	performance	NOUN
fsr-3846	142	6	ranks	rank	VERB
fsr-3846	142	7	satisfying	satisfy	VERB
fsr-3846	142	8	condition	condition	NOUN
fsr-3846	142	9	out	out	ADP
fsr-3846	142	10	of	of	ADP
fsr-3846	142	11	215	215	NUM
fsr-3846	142	12	possible	possible	ADJ
fsr-3846	142	13	ranks	rank	NOUN
fsr-3846	142	14	for	for	ADP
fsr-3846	142	15	43	43	NUM
fsr-3846	142	16	superior	superior	ADJ
fsr-3846	142	17	managers	manager	NOUN
fsr-3846	142	18	in	in	ADP
fsr-3846	142	19	each	each	DET
fsr-3846	142	20	5	5	NUM
fsr-3846	142	21	-	-	PUNCT
fsr-3846	142	22	year	year	NOUN
fsr-3846	142	23	period	period	NOUN
fsr-3846	142	24	.	.	PUNCT
fsr-3846	143	1	5	5	NUM
fsr-3846	143	2	figure	figure	NOUN
fsr-3846	143	3	in	in	ADP
fsr-3846	143	4	parentheses	parenthesis	NOUN
fsr-3846	143	5	represents	represent	VERB
fsr-3846	143	6	probability	probability	NOUN
fsr-3846	143	7	,	,	PUNCT
fsr-3846	143	8	p	p	X
fsr-3846	143	9	,	,	PUNCT
fsr-3846	143	10	associated	associate	VERB
fsr-3846	143	11	with	with	ADP
fsr-3846	143	12	binomial	binomial	ADJ
fsr-3846	143	13	test	test	NOUN
fsr-3846	143	14	,	,	PUNCT
fsr-3846	143	15	p	p	NOUN
fsr-3846	144	1	=	=	NOUN
fsr-3846	144	2	probability	probability	NOUN
fsr-3846	144	3	of	of	ADP
fsr-3846	144	4	observing	observe	VERB
fsr-3846	144	5	at	at	ADP
fsr-3846	144	6	least	least	ADV
fsr-3846	144	7	144	144	NUM
fsr-3846	144	8	successes	success	NOUN
fsr-3846	144	9	in	in	ADP
fsr-3846	144	10	215	215	NUM
fsr-3846	144	11	trials	trial	NOUN
fsr-3846	144	12	.	.	PUNCT
fsr-3846	145	1	same	same	ADJ
fsr-3846	145	2	test	test	NOUN
fsr-3846	145	3	is	be	AUX
fsr-3846	145	4	conducted	conduct	VERB
fsr-3846	145	5	for	for	ADP
fsr-3846	145	6	inferior	inferior	ADJ
fsr-3846	145	7	managers	manager	NOUN
fsr-3846	145	8	.	.	PUNCT
fsr-3846	146	1	had	have	VERB
fsr-3846	146	2	mprs	mprs	NOUN
fsr-3846	146	3	higher	high	ADJ
fsr-3846	146	4	than	than	ADP
fsr-3846	146	5	50	50	NUM
fsr-3846	146	6	in	in	ADP
fsr-3846	146	7	the	the	DET
fsr-3846	146	8	subsequent	subsequent	ADJ
fsr-3846	146	9	period	period	NOUN
fsr-3846	146	10	.	.	PUNCT
fsr-3846	147	1	based	base	VERB
fsr-3846	147	2	on	on	ADP
fsr-3846	147	3	the	the	DET
fsr-3846	147	4	normal	normal	ADJ
fsr-3846	147	5	approximation	approximation	NOUN
fsr-3846	147	6	of	of	ADP
fsr-3846	147	7	the	the	DET
fsr-3846	147	8	binomial	binomial	ADJ
fsr-3846	147	9	distribution	distribution	NOUN
fsr-3846	147	10	,	,	PUNCT
fsr-3846	147	11	there	there	PRON
fsr-3846	147	12	is	be	VERB
fsr-3846	147	13	a	a	DET
fsr-3846	147	14	38.15	38.15	NUM
fsr-3846	147	15	%	%	NOUN
fsr-3846	147	16	probability	probability	NOUN
fsr-3846	147	17	that	that	SCONJ
fsr-3846	147	18	of	of	ADP
fsr-3846	147	19	the	the	DET
fsr-3846	147	20	43	43	NUM
fsr-3846	147	21	,	,	PUNCT
fsr-3846	147	22	at	at	ADV
fsr-3846	147	23	least	least	ADJ
fsr-3846	147	24	23	23	NUM
fsr-3846	147	25	would	would	AUX
fsr-3846	147	26	have	have	AUX
fsr-3846	147	27	repeated	repeat	VERB
fsr-3846	147	28	as	as	ADP
fsr-3846	147	29	superior	superior	ADJ
fsr-3846	147	30	managers	manager	NOUN
fsr-3846	147	31	if	if	SCONJ
fsr-3846	147	32	the	the	DET
fsr-3846	147	33	results	result	NOUN
fsr-3846	147	34	were	be	AUX
fsr-3846	147	35	random	random	ADJ
fsr-3846	147	36	.	.	PUNCT
fsr-3846	148	1	the	the	DET
fsr-3846	148	2	implication	implication	NOUN
fsr-3846	148	3	is	be	AUX
fsr-3846	148	4	that	that	SCONJ
fsr-3846	148	5	there	there	PRON
fsr-3846	148	6	is	be	VERB
fsr-3846	148	7	at	at	ADP
fsr-3846	148	8	least	least	ADJ
fsr-3846	148	9	a	a	DET
fsr-3846	148	10	four	four	NUM
fsr-3846	148	11	in	in	ADP
fsr-3846	148	12	ten	ten	NUM
fsr-3846	148	13	chance	chance	NOUN
fsr-3846	148	14	that	that	SCONJ
fsr-3846	148	15	23	23	NUM
fsr-3846	148	16	managers	manager	NOUN
fsr-3846	148	17	would	would	AUX
fsr-3846	148	18	demonstrate	demonstrate	VERB
fsr-3846	148	19	superior	superior	ADJ
fsr-3846	148	20	performance	performance	NOUN
fsr-3846	148	21	in	in	ADP
fsr-3846	148	22	the	the	DET
fsr-3846	148	23	1991	1991	NUM
fsr-3846	148	24	-	-	SYM
fsr-3846	148	25	1995	1995	NUM
fsr-3846	148	26	period	period	NOUN
fsr-3846	148	27	.	.	PUNCT
fsr-3846	149	1	the	the	DET
fsr-3846	149	2	ability	ability	NOUN
fsr-3846	149	3	of	of	ADP
fsr-3846	149	4	23	23	NUM
fsr-3846	149	5	managers	manager	NOUN
fsr-3846	149	6	out	out	ADP
fsr-3846	149	7	of	of	ADP
fsr-3846	149	8	93	93	NUM
fsr-3846	149	9	to	to	PART
fsr-3846	149	10	finish	finish	VERB
fsr-3846	149	11	above	above	ADP
fsr-3846	149	12	the	the	DET
fsr-3846	149	13	50th	50th	ADJ
fsr-3846	149	14	per	per	ADP
fsr-3846	149	15	centile	centile	NOUN
fsr-3846	149	16	for	for	ADP
fsr-3846	149	17	two	two	NUM
fsr-3846	149	18	consecutive	consecutive	ADJ
fsr-3846	149	19	periods	period	NOUN
fsr-3846	149	20	is	be	AUX
fsr-3846	149	21	also	also	ADV
fsr-3846	149	22	consistent	consistent	ADJ
fsr-3846	149	23	with	with	ADP
fsr-3846	149	24	even	even	ADV
fsr-3846	149	25	odds	odd	NOUN
fsr-3846	149	26	(	(	PUNCT
fsr-3846	149	27	50	50	NUM
fsr-3846	149	28	%	%	NOUN
fsr-3846	149	29	likelihood	likelihood	NOUN
fsr-3846	149	30	in	in	ADP
fsr-3846	149	31	the	the	DET
fsr-3846	149	32	first	first	ADJ
fsr-3846	149	33	period	period	NOUN
fsr-3846	149	34	,	,	PUNCT
fsr-3846	149	35	times	time	NOUN
fsr-3846	149	36	50	50	NUM
fsr-3846	149	37	%	%	NOUN
fsr-3846	149	38	in	in	ADP
fsr-3846	149	39	the	the	DET
fsr-3846	149	40	second	second	ADJ
fsr-3846	149	41	,	,	PUNCT
fsr-3846	149	42	times	time	NOUN
fsr-3846	149	43	93	93	NUM
fsr-3846	149	44	managers	manager	NOUN
fsr-3846	149	45	equals	equal	VERB
fsr-3846	149	46	23.25	23.25	NUM
fsr-3846	149	47	expected	expect	VERB
fsr-3846	149	48	occur	occur	NOUN
fsr-3846	149	49	rences	rence	NOUN
fsr-3846	149	50	)	)	PUNCT
fsr-3846	149	51	.	.	PUNCT
fsr-3846	150	1	there	there	PRON
fsr-3846	150	2	are	be	VERB
fsr-3846	150	3	215	215	NUM
fsr-3846	150	4	annual	annual	ADJ
fsr-3846	150	5	performance	performance	NOUN
fsr-3846	150	6	ranks	rank	VERB
fsr-3846	150	7	for	for	ADP
fsr-3846	150	8	the	the	DET
fsr-3846	150	9	43	43	NUM
fsr-3846	150	10	experienced	experienced	ADJ
fsr-3846	150	11	managers	manager	NOUN
fsr-3846	150	12	in	in	ADP
fsr-3846	150	13	the	the	DET
fsr-3846	150	14	period	period	NOUN
fsr-3846	150	15	1991	1991	NUM
fsr-3846	150	16	-	-	SYM
fsr-3846	150	17	1995	1995	NUM
fsr-3846	150	18	(	(	PUNCT
fsr-3846	150	19	43	43	NUM
fsr-3846	150	20	managers	manager	NOUN
fsr-3846	150	21	times	time	NOUN
fsr-3846	150	22	5	5	NUM
fsr-3846	150	23	years	year	NOUN
fsr-3846	150	24	)	)	PUNCT
fsr-3846	150	25	.	.	PUNCT
fsr-3846	151	1	only	only	ADV
fsr-3846	151	2	109	109	NUM
fsr-3846	151	3	annual	annual	ADJ
fsr-3846	151	4	performance	performance	NOUN
fsr-3846	151	5	ranks	rank	NOUN
fsr-3846	151	6	by	by	ADP
fsr-3846	151	7	these	these	DET
fsr-3846	151	8	superior	superior	ADJ
fsr-3846	151	9	managers	manager	NOUN
fsr-3846	151	10	were	be	AUX
fsr-3846	151	11	greater	great	ADJ
fsr-3846	151	12	than	than	ADP
fsr-3846	151	13	50	50	NUM
fsr-3846	151	14	during	during	ADP
fsr-3846	151	15	this	this	DET
fsr-3846	151	16	period	period	NOUN
fsr-3846	151	17	,	,	PUNCT
fsr-3846	151	18	compared	compare	VERB
fsr-3846	151	19	to	to	ADP
fsr-3846	151	20	144	144	NUM
fsr-3846	151	21	in	in	ADP
fsr-3846	151	22	the	the	DET
fsr-3846	151	23	period	period	NOUN
fsr-3846	151	24	1986	1986	NUM
fsr-3846	151	25	-	-	SYM
fsr-3846	151	26	1990	1990	NUM
fsr-3846	151	27	.	.	PUNCT
fsr-3846	152	1	based	base	VERB
fsr-3846	152	2	on	on	ADP
fsr-3846	152	3	the	the	DET
fsr-3846	152	4	binomial	binomial	ADJ
fsr-3846	152	5	distribution	distribution	NOUN
fsr-3846	152	6	,	,	PUNCT
fsr-3846	152	7	109	109	NUM
fsr-3846	152	8	successes	success	NOUN
fsr-3846	152	9	out	out	ADP
fsr-3846	152	10	of	of	ADP
fsr-3846	152	11	215	215	NUM
fsr-3846	152	12	trials	trial	NOUN
fsr-3846	152	13	is	be	AUX
fsr-3846	152	14	not	not	PART
fsr-3846	152	15	unlikely	unlikely	ADJ
fsr-3846	152	16	if	if	SCONJ
fsr-3846	152	17	the	the	DET
fsr-3846	152	18	process	process	NOUN
fsr-3846	152	19	is	be	AUX
fsr-3846	152	20	random	random	ADJ
fsr-3846	152	21	,	,	PUNCT
fsr-3846	152	22	suggesting	suggest	VERB
fsr-3846	152	23	that	that	SCONJ
fsr-3846	152	24	the	the	DET
fsr-3846	152	25	evidence	evidence	NOUN
fsr-3846	152	26	on	on	ADP
fsr-3846	152	27	the	the	DET
fsr-3846	152	28	drop	drop	NOUN
fsr-3846	152	29	in	in	ADP
fsr-3846	152	30	mprs	mprs	NOUN
fsr-3846	152	31	reported	report	VERB
fsr-3846	152	32	above	above	ADV
fsr-3846	152	33	was	be	AUX
fsr-3846	152	34	not	not	PART
fsr-3846	152	35	the	the	DET
fsr-3846	152	36	result	result	NOUN
fsr-3846	152	37	of	of	ADP
fsr-3846	152	38	a	a	DET
fsr-3846	152	39	couple	couple	NOUN
fsr-3846	152	40	of	of	ADP
fsr-3846	152	41	particularly	particularly	ADV
fsr-3846	152	42	poor	poor	ADJ
fsr-3846	152	43	managers	manager	NOUN
fsr-3846	152	44	.	.	PUNCT
fsr-3846	153	1	64	64	NUM
fsr-3846	153	2	financial	financial	ADJ
fsr-3846	153	3	services	service	NOUN
fsr-3846	153	4	review	review	VERB
fsr-3846	153	5	7(1	7(1	NUM
fsr-3846	153	6	)	)	PUNCT
fsr-3846	153	7	1998	1998	NUM
fsr-3846	153	8	inferior	inferior	ADJ
fsr-3846	153	9	performance	performance	NOUN
fsr-3846	153	10	the	the	DET
fsr-3846	153	11	evidence	evidence	NOUN
fsr-3846	153	12	suggests	suggest	VERB
fsr-3846	153	13	that	that	SCONJ
fsr-3846	153	14	superior	superior	ADJ
fsr-3846	153	15	management	management	NOUN
fsr-3846	153	16	performance	performance	NOUN
fsr-3846	153	17	over	over	ADP
fsr-3846	153	18	a	a	DET
fsr-3846	153	19	five	five	NUM
fsr-3846	153	20	-	-	PUNCT
fsr-3846	153	21	year	year	NOUN
fsr-3846	153	22	period	period	NOUN
fsr-3846	153	23	is	be	AUX
fsr-3846	153	24	not	not	PART
fsr-3846	153	25	predictive	predictive	ADJ
fsr-3846	153	26	of	of	ADP
fsr-3846	153	27	continued	continue	VERB
fsr-3846	153	28	superior	superior	ADJ
fsr-3846	153	29	performance	performance	NOUN
fsr-3846	153	30	over	over	ADP
fsr-3846	153	31	the	the	DET
fsr-3846	153	32	subsequent	subsequent	ADJ
fsr-3846	153	33	five	five	NUM
fsr-3846	153	34	-	-	PUNCT
fsr-3846	153	35	year	year	NOUN
fsr-3846	153	36	period	period	NOUN
fsr-3846	153	37	.	.	PUNCT
fsr-3846	154	1	is	be	AUX
fsr-3846	154	2	inferior	inferior	ADJ
fsr-3846	154	3	performance	performance	NOUN
fsr-3846	154	4	predictive	predictive	NOUN
fsr-3846	154	5	of	of	ADP
fsr-3846	154	6	continued	continue	VERB
fsr-3846	154	7	inferior	inferior	ADJ
fsr-3846	154	8	performance	performance	NOUN
fsr-3846	154	9	?	?	PUNCT
fsr-3846	155	1	table	table	NOUN
fsr-3846	155	2	2	2	NUM
fsr-3846	155	3	,	,	PUNCT
fsr-3846	155	4	panel	panel	NOUN
fsr-3846	155	5	b	b	PROPN
fsr-3846	155	6	presents	present	VERB
fsr-3846	155	7	the	the	DET
fsr-3846	155	8	analysis	analysis	NOUN
fsr-3846	155	9	of	of	ADP
fsr-3846	155	10	the	the	DET
fsr-3846	155	11	50	50	NUM
fsr-3846	155	12	managers	manager	NOUN
fsr-3846	155	13	with	with	ADP
fsr-3846	155	14	inferior	inferior	ADJ
fsr-3846	155	15	performance	performance	NOUN
fsr-3846	155	16	over	over	ADP
fsr-3846	155	17	the	the	DET
fsr-3846	155	18	1986	1986	NUM
fsr-3846	155	19	-	-	SYM
fsr-3846	155	20	1990	1990	NUM
fsr-3846	155	21	period	period	NOUN
fsr-3846	155	22	.	.	PUNCT
fsr-3846	156	1	the	the	DET
fsr-3846	156	2	average	average	ADJ
fsr-3846	156	3	mpr	mpr	NOUN
fsr-3846	156	4	,	,	PUNCT
fsr-3846	156	5	which	which	PRON
fsr-3846	156	6	was	be	AUX
fsr-3846	156	7	39.4	39.4	NUM
fsr-3846	156	8	over	over	ADP
fsr-3846	156	9	the	the	DET
fsr-3846	156	10	initial	initial	ADJ
fsr-3846	156	11	period	period	NOUN
fsr-3846	156	12	,	,	PUNCT
fsr-3846	156	13	improved	improve	VERB
fsr-3846	156	14	to	to	ADP
fsr-3846	156	15	46.0	46.0	NUM
fsr-3846	156	16	in	in	ADP
fsr-3846	156	17	the	the	DET
fsr-3846	156	18	latter	latter	ADJ
fsr-3846	156	19	period	period	NOUN
fsr-3846	156	20	.	.	PUNCT
fsr-3846	157	1	the	the	DET
fsr-3846	157	2	increase	increase	NOUN
fsr-3846	157	3	of	of	ADP
fsr-3846	157	4	6.6	6.6	NUM
fsr-3846	157	5	points	point	NOUN
fsr-3846	157	6	is	be	AUX
fsr-3846	157	7	statistically	statistically	ADV
fsr-3846	157	8	significant	significant	ADJ
fsr-3846	157	9	at	at	ADP
fsr-3846	157	10	the	the	DET
fsr-3846	157	11	5	5	NUM
fsr-3846	157	12	%	%	NOUN
fsr-3846	157	13	level	level	NOUN
fsr-3846	157	14	,	,	PUNCT
fsr-3846	157	15	(	(	PUNCT
fsr-3846	157	16	t	t	NOUN
fsr-3846	157	17	=	=	SYM
fsr-3846	157	18	2.32	2.32	NUM
fsr-3846	157	19	,	,	PUNCT
fsr-3846	157	20	two	two	NUM
fsr-3846	157	21	-	-	PUNCT
fsr-3846	157	22	tail	tail	NOUN
fsr-3846	157	23	test	test	NOUN
fsr-3846	157	24	)	)	PUNCT
fsr-3846	157	25	.	.	PUNCT
fsr-3846	158	1	however	however	ADV
fsr-3846	158	2	,	,	PUNCT
fsr-3846	158	3	the	the	DET
fsr-3846	158	4	average	average	ADJ
fsr-3846	158	5	mpr	mpr	NOUN
fsr-3846	158	6	of	of	ADP
fsr-3846	158	7	the	the	DET
fsr-3846	158	8	inferior	inferior	ADJ
fsr-3846	158	9	performers	performer	NOUN
fsr-3846	158	10	remains	remain	VERB
fsr-3846	158	11	a	a	DET
fsr-3846	158	12	statistically	statistically	ADV
fsr-3846	158	13	significant	significant	ADJ
fsr-3846	158	14	4.0	4.0	NUM
fsr-3846	158	15	points	point	NOUN
fsr-3846	158	16	below	below	ADP
fsr-3846	158	17	the	the	DET
fsr-3846	158	18	50th	50th	ADJ
fsr-3846	158	19	percentile	percentile	NOUN
fsr-3846	158	20	in	in	ADP
fsr-3846	158	21	the	the	DET
fsr-3846	158	22	subsequent	subsequent	ADJ
fsr-3846	158	23	period	period	NOUN
fsr-3846	158	24	(	(	PUNCT
fsr-3846	158	25	t	t	NOUN
fsr-3846	158	26	=	=	SYM
fsr-3846	158	27	-2.11	-2.11	PROPN
fsr-3846	158	28	,	,	PUNCT
fsr-3846	158	29	two	two	NUM
fsr-3846	158	30	-	-	PUNCT
fsr-3846	158	31	tail	tail	NOUN
fsr-3846	158	32	test	test	NOUN
fsr-3846	158	33	,	,	PUNCT
fsr-3846	158	34	significant	significant	ADJ
fsr-3846	158	35	at	at	ADP
fsr-3846	158	36	5	5	NUM
fsr-3846	158	37	%	%	NOUN
fsr-3846	158	38	)	)	PUNCT
fsr-3846	158	39	.	.	PUNCT
fsr-3846	159	1	so	so	ADV
fsr-3846	159	2	,	,	PUNCT
fsr-3846	159	3	while	while	SCONJ
fsr-3846	159	4	the	the	DET
fsr-3846	159	5	performance	performance	NOUN
fsr-3846	159	6	of	of	ADP
fsr-3846	159	7	the	the	DET
fsr-3846	159	8	inferior	inferior	ADJ
fsr-3846	159	9	managers	manager	NOUN
fsr-3846	159	10	reverted	revert	VERB
fsr-3846	159	11	toward	toward	ADP
fsr-3846	159	12	the	the	DET
fsr-3846	159	13	50th	50th	ADJ
fsr-3846	159	14	percentile	percentile	NOUN
fsr-3846	159	15	in	in	ADP
fsr-3846	159	16	the	the	DET
fsr-3846	159	17	subsequent	subsequent	ADJ
fsr-3846	159	18	period	period	NOUN
fsr-3846	159	19	,	,	PUNCT
fsr-3846	159	20	it	it	PRON
fsr-3846	159	21	remained	remain	VERB
fsr-3846	159	22	below	below	ADP
fsr-3846	159	23	average	average	ADJ
fsr-3846	159	24	relative	relative	NOUN
fsr-3846	159	25	to	to	ADP
fsr-3846	159	26	all	all	DET
fsr-3846	159	27	other	other	ADJ
fsr-3846	159	28	managers	manager	NOUN
fsr-3846	159	29	.	.	PUNCT
fsr-3846	160	1	a	a	DET
fsr-3846	160	2	comparison	comparison	NOUN
fsr-3846	160	3	of	of	ADP
fsr-3846	160	4	the	the	DET
fsr-3846	160	5	mean	mean	ADJ
fsr-3846	160	6	performance	performance	NOUN
fsr-3846	160	7	of	of	ADP
fsr-3846	160	8	superior	superior	ADJ
fsr-3846	160	9	managers	manager	NOUN
fsr-3846	160	10	and	and	CCONJ
fsr-3846	160	11	inferior	inferior	ADJ
fsr-3846	160	12	managers	manager	NOUN
fsr-3846	160	13	during	during	ADP
fsr-3846	160	14	the	the	DET
fsr-3846	160	15	1991	1991	NUM
fsr-3846	160	16	-	-	SYM
fsr-3846	160	17	1995	1995	NUM
fsr-3846	160	18	test	test	NOUN
fsr-3846	160	19	period	period	NOUN
fsr-3846	160	20	reveals	reveal	VERB
fsr-3846	160	21	a	a	DET
fsr-3846	160	22	convergence	convergence	NOUN
fsr-3846	160	23	to	to	ADP
fsr-3846	160	24	average	average	ADJ
fsr-3846	160	25	performance	performance	NOUN
fsr-3846	160	26	.	.	PUNCT
fsr-3846	161	1	the	the	DET
fsr-3846	161	2	aver	aver	PROPN
fsr-3846	161	3	age	age	NOUN
fsr-3846	161	4	mprs	mprs	NOUN
fsr-3846	161	5	for	for	ADP
fsr-3846	161	6	inferior	inferior	ADJ
fsr-3846	161	7	managers	manager	NOUN
fsr-3846	161	8	,	,	PUNCT
fsr-3846	161	9	46.0	46.0	NUM
fsr-3846	161	10	,	,	PUNCT
fsr-3846	161	11	is	be	AUX
fsr-3846	161	12	different	different	ADJ
fsr-3846	161	13	than	than	ADP
fsr-3846	161	14	that	that	PRON
fsr-3846	161	15	of	of	ADP
fsr-3846	161	16	the	the	DET
fsr-3846	161	17	superior	superior	ADJ
fsr-3846	161	18	managers	manager	NOUN
fsr-3846	161	19	,	,	PUNCT
fsr-3846	161	20	51.1	51.1	NUM
fsr-3846	161	21	,	,	PUNCT
fsr-3846	161	22	in	in	ADP
fsr-3846	161	23	the	the	DET
fsr-3846	161	24	latter	latter	ADJ
fsr-3846	161	25	period	period	NOUN
fsr-3846	161	26	at	at	ADP
fsr-3846	161	27	the	the	DET
fsr-3846	161	28	10	10	NUM
fsr-3846	161	29	%	%	NOUN
fsr-3846	161	30	significance	significance	NOUN
fsr-3846	161	31	level	level	NOUN
fsr-3846	161	32	(	(	PUNCT
fsr-3846	161	33	t	t	NOUN
fsr-3846	161	34	=	=	NUM
fsr-3846	161	35	1.82	1.82	NUM
fsr-3846	161	36	,	,	PUNCT
fsr-3846	161	37	two	two	NUM
fsr-3846	161	38	-	-	PUNCT
fsr-3846	161	39	tail	tail	NOUN
fsr-3846	161	40	test	test	NOUN
fsr-3846	161	41	)	)	PUNCT
fsr-3846	161	42	.	.	PUNCT
fsr-3846	162	1	twenty	twenty	NUM
fsr-3846	162	2	seven	seven	NUM
fsr-3846	162	3	of	of	ADP
fsr-3846	162	4	the	the	DET
fsr-3846	162	5	50	50	NUM
fsr-3846	162	6	managers	manager	NOUN
fsr-3846	162	7	with	with	ADP
fsr-3846	162	8	inferior	inferior	ADJ
fsr-3846	162	9	performance	performance	NOUN
fsr-3846	162	10	in	in	ADP
fsr-3846	162	11	the	the	DET
fsr-3846	162	12	first	first	ADJ
fsr-3846	162	13	period	period	NOUN
fsr-3846	162	14	remained	remain	VERB
fsr-3846	162	15	inferior	inferior	ADJ
fsr-3846	162	16	performers	performer	NOUN
fsr-3846	162	17	in	in	ADP
fsr-3846	162	18	the	the	DET
fsr-3846	162	19	second	second	ADJ
fsr-3846	162	20	period	period	NOUN
fsr-3846	162	21	.	.	PUNCT
fsr-3846	163	1	this	this	PRON
fsr-3846	163	2	is	be	AUX
fsr-3846	163	3	consistent	consistent	ADJ
fsr-3846	163	4	with	with	ADP
fsr-3846	163	5	random	random	ADJ
fsr-3846	163	6	performance	performance	NOUN
fsr-3846	163	7	as	as	ADP
fsr-3846	163	8	,	,	PUNCT
fsr-3846	163	9	under	under	ADP
fsr-3846	163	10	the	the	DET
fsr-3846	163	11	binomial	binomial	ADJ
fsr-3846	163	12	distribution	distribution	NOUN
fsr-3846	163	13	,	,	PUNCT
fsr-3846	163	14	the	the	DET
fsr-3846	163	15	likelihood	likelihood	NOUN
fsr-3846	163	16	that	that	SCONJ
fsr-3846	163	17	a	a	DET
fsr-3846	163	18	minimum	minimum	NOUN
fsr-3846	163	19	of	of	ADP
fsr-3846	163	20	27	27	NUM
fsr-3846	163	21	inferior	inferior	ADJ
fsr-3846	163	22	managers	manager	NOUN
fsr-3846	163	23	would	would	AUX
fsr-3846	163	24	repeat	repeat	VERB
fsr-3846	163	25	is	be	AUX
fsr-3846	163	26	33.59	33.59	NUM
fsr-3846	163	27	%	%	NOUN
fsr-3846	163	28	.	.	PUNCT
fsr-3846	164	1	however	however	ADV
fsr-3846	164	2	,	,	PUNCT
fsr-3846	164	3	there	there	PRON
fsr-3846	164	4	is	be	VERB
fsr-3846	164	5	a	a	DET
fsr-3846	164	6	low	low	ADJ
fsr-3846	164	7	probability	probability	NOUN
fsr-3846	164	8	,	,	PUNCT
fsr-3846	164	9	4.4	4.4	NUM
fsr-3846	164	10	%	%	NOUN
fsr-3846	164	11	,	,	PUNCT
fsr-3846	164	12	that	that	SCONJ
fsr-3846	164	13	as	as	ADV
fsr-3846	164	14	many	many	ADJ
fsr-3846	164	15	as	as	ADP
fsr-3846	164	16	139	139	NUM
fsr-3846	164	17	of	of	ADP
fsr-3846	164	18	the	the	DET
fsr-3846	164	19	annual	annual	ADJ
fsr-3846	164	20	ranks	rank	NOUN
fsr-3846	164	21	of	of	ADP
fsr-3846	164	22	this	this	DET
fsr-3846	164	23	group	group	NOUN
fsr-3846	164	24	could	could	AUX
fsr-3846	164	25	be	be	AUX
fsr-3846	164	26	inferior	inferior	ADJ
fsr-3846	164	27	in	in	ADP
fsr-3846	164	28	the	the	DET
fsr-3846	164	29	subsequent	subsequent	ADJ
fsr-3846	164	30	period	period	NOUN
fsr-3846	164	31	.	.	PUNCT
fsr-3846	165	1	that	that	PRON
fsr-3846	165	2	is	be	AUX
fsr-3846	165	3	,	,	PUNCT
fsr-3846	165	4	as	as	ADP
fsr-3846	165	5	a	a	DET
fsr-3846	165	6	group	group	NOUN
fsr-3846	165	7	,	,	PUNCT
fsr-3846	165	8	these	these	DET
fsr-3846	165	9	managers	manager	NOUN
fsr-3846	165	10	had	have	VERB
fsr-3846	165	11	more	more	ADJ
fsr-3846	165	12	individual	individual	ADJ
fsr-3846	165	13	years	year	NOUN
fsr-3846	165	14	of	of	ADP
fsr-3846	165	15	inferior	inferior	ADJ
fsr-3846	165	16	performance	performance	NOUN
fsr-3846	165	17	that	that	PRON
fsr-3846	165	18	would	would	AUX
fsr-3846	165	19	have	have	AUX
fsr-3846	165	20	been	be	AUX
fsr-3846	165	21	predicted	predict	VERB
fsr-3846	165	22	by	by	ADP
fsr-3846	165	23	chance	chance	NOUN
fsr-3846	165	24	.	.	PUNCT
fsr-3846	166	1	the	the	DET
fsr-3846	166	2	results	result	NOUN
fsr-3846	166	3	of	of	ADP
fsr-3846	166	4	table	table	NOUN
fsr-3846	166	5	2	2	NUM
fsr-3846	166	6	show	show	VERB
fsr-3846	166	7	that	that	SCONJ
fsr-3846	166	8	managers	manager	NOUN
fsr-3846	166	9	outperforming	outperform	VERB
fsr-3846	166	10	a	a	DET
fsr-3846	166	11	majority	majority	NOUN
fsr-3846	166	12	of	of	ADP
fsr-3846	166	13	their	their	PRON
fsr-3846	166	14	peers	peer	NOUN
fsr-3846	166	15	from	from	ADP
fsr-3846	166	16	1986	1986	NUM
fsr-3846	166	17	through	through	ADP
fsr-3846	166	18	1990	1990	NUM
fsr-3846	166	19	failed	fail	VERB
fsr-3846	166	20	to	to	PART
fsr-3846	166	21	repeat	repeat	VERB
fsr-3846	166	22	their	their	PRON
fsr-3846	166	23	superior	superior	ADJ
fsr-3846	166	24	performance	performance	NOUN
fsr-3846	166	25	in	in	ADP
fsr-3846	166	26	the	the	DET
fsr-3846	166	27	subsequent	subsequent	ADJ
fsr-3846	166	28	5	5	NUM
fsr-3846	166	29	year	year	NOUN
fsr-3846	166	30	period	period	NOUN
fsr-3846	166	31	.	.	PUNCT
fsr-3846	167	1	the	the	DET
fsr-3846	167	2	performance	performance	NOUN
fsr-3846	167	3	of	of	ADP
fsr-3846	167	4	managers	manager	NOUN
fsr-3846	167	5	who	who	PRON
fsr-3846	167	6	under	under	ADV
fsr-3846	167	7	-	-	PUNCT
fsr-3846	167	8	performed	perform	VERB
fsr-3846	167	9	their	their	PRON
fsr-3846	167	10	peers	peer	NOUN
fsr-3846	167	11	in	in	ADP
fsr-3846	167	12	the	the	DET
fsr-3846	167	13	earlier	early	ADJ
fsr-3846	167	14	period	period	NOUN
fsr-3846	167	15	improved	improve	VERB
fsr-3846	167	16	in	in	ADP
fsr-3846	167	17	the	the	DET
fsr-3846	167	18	subsequent	subsequent	ADJ
fsr-3846	167	19	period	period	NOUN
fsr-3846	167	20	,	,	PUNCT
fsr-3846	167	21	but	but	CCONJ
fsr-3846	167	22	remained	remain	VERB
fsr-3846	167	23	inferior	inferior	ADJ
fsr-3846	167	24	to	to	ADP
fsr-3846	167	25	the	the	DET
fsr-3846	167	26	subsequent	subsequent	ADJ
fsr-3846	167	27	perfor	perfor	NOUN
fsr-3846	167	28	mance	mance	NOUN
fsr-3846	167	29	of	of	ADP
fsr-3846	167	30	superior	superior	ADJ
fsr-3846	167	31	managers	manager	NOUN
fsr-3846	167	32	.	.	PUNCT
fsr-3846	168	1	the	the	DET
fsr-3846	168	2	results	result	NOUN
fsr-3846	168	3	suggest	suggest	VERB
fsr-3846	168	4	that	that	SCONJ
fsr-3846	168	5	,	,	PUNCT
fsr-3846	168	6	while	while	SCONJ
fsr-3846	168	7	the	the	DET
fsr-3846	168	8	performance	performance	NOUN
fsr-3846	168	9	of	of	ADP
fsr-3846	168	10	superior	superior	ADJ
fsr-3846	168	11	managers	manager	NOUN
fsr-3846	168	12	reverts	revert	VERB
fsr-3846	168	13	toward	toward	ADP
fsr-3846	168	14	the	the	DET
fsr-3846	168	15	50th	50th	ADJ
fsr-3846	168	16	percentile	percentile	NOUN
fsr-3846	168	17	,	,	PUNCT
fsr-3846	168	18	the	the	DET
fsr-3846	168	19	performance	performance	NOUN
fsr-3846	168	20	of	of	ADP
fsr-3846	168	21	inferior	inferior	ADJ
fsr-3846	168	22	managers	manager	NOUN
fsr-3846	168	23	does	do	AUX
fsr-3846	168	24	not	not	PART
fsr-3846	168	25	fully	fully	ADV
fsr-3846	168	26	revert	revert	ADJ
fsr-3846	168	27	.	.	PUNCT
fsr-3846	169	1	performance	performance	NOUN
fsr-3846	169	2	extremes	extreme	NOUN
fsr-3846	169	3	when	when	SCONJ
fsr-3846	169	4	experienced	experienced	ADJ
fsr-3846	169	5	managers	manager	NOUN
fsr-3846	169	6	with	with	ADP
fsr-3846	169	7	the	the	DET
fsr-3846	169	8	10	10	NUM
fsr-3846	169	9	highest	high	ADJ
fsr-3846	169	10	mprs	mprs	NOUN
fsr-3846	169	11	are	be	AUX
fsr-3846	169	12	designated	designate	VERB
fsr-3846	169	13	superior	superior	ADJ
fsr-3846	169	14	,	,	PUNCT
fsr-3846	169	15	and	and	CCONJ
fsr-3846	169	16	those	those	PRON
fsr-3846	169	17	producing	produce	VERB
fsr-3846	169	18	the	the	DET
fsr-3846	169	19	10	10	NUM
fsr-3846	169	20	worst	bad	ADJ
fsr-3846	169	21	mprs	mprs	NOUN
fsr-3846	169	22	are	be	AUX
fsr-3846	169	23	deemed	deem	VERB
fsr-3846	169	24	inferior	inferior	ADJ
fsr-3846	169	25	,	,	PUNCT
fsr-3846	169	26	the	the	DET
fsr-3846	169	27	results	result	NOUN
fsr-3846	169	28	of	of	ADP
fsr-3846	169	29	these	these	DET
fsr-3846	169	30	tests	test	NOUN
fsr-3846	169	31	,	,	PUNCT
fsr-3846	169	32	shown	show	VERB
fsr-3846	169	33	in	in	ADP
fsr-3846	169	34	table	table	NOUN
fsr-3846	169	35	3	3	NUM
fsr-3846	169	36	,	,	PUNCT
fsr-3846	169	37	are	be	AUX
fsr-3846	169	38	qualitatively	qualitatively	ADV
fsr-3846	169	39	identical	identical	ADJ
fsr-3846	169	40	to	to	ADP
fsr-3846	169	41	those	those	PRON
fsr-3846	169	42	reported	report	VERB
fsr-3846	169	43	when	when	SCONJ
fsr-3846	169	44	dividing	divide	VERB
fsr-3846	169	45	the	the	DET
fsr-3846	169	46	sample	sample	NOUN
fsr-3846	169	47	relative	relative	ADJ
fsr-3846	169	48	to	to	ADP
fsr-3846	169	49	the	the	DET
fsr-3846	169	50	50th	50th	ADJ
fsr-3846	169	51	percentile	percentile	NOUN
fsr-3846	169	52	.	.	PUNCT
fsr-3846	170	1	the	the	DET
fsr-3846	170	2	average	average	ADJ
fsr-3846	170	3	mpr	mpr	NOUN
fsr-3846	170	4	for	for	ADP
fsr-3846	170	5	the	the	DET
fsr-3846	170	6	superior	superior	ADJ
fsr-3846	170	7	group	group	NOUN
fsr-3846	170	8	fell	fall	VERB
fsr-3846	170	9	from	from	ADP
fsr-3846	170	10	71.7	71.7	NUM
fsr-3846	170	11	to	to	ADP
fsr-3846	170	12	51.2	51.2	NUM
fsr-3846	170	13	,	,	PUNCT
fsr-3846	170	14	a	a	DET
fsr-3846	170	15	sta	sta	NOUN
fsr-3846	170	16	tistically	tistically	ADV
fsr-3846	170	17	significant	significant	ADJ
fsr-3846	170	18	drop	drop	NOUN
fsr-3846	170	19	of	of	ADP
fsr-3846	170	20	20.5	20.5	NUM
fsr-3846	170	21	points	point	NOUN
fsr-3846	170	22	.	.	PUNCT
fsr-3846	171	1	of	of	ADP
fsr-3846	171	2	the	the	DET
fsr-3846	171	3	10	10	NUM
fsr-3846	171	4	superior	superior	ADJ
fsr-3846	171	5	managers	manager	NOUN
fsr-3846	171	6	in	in	ADP
fsr-3846	171	7	the	the	DET
fsr-3846	171	8	period	period	NOUN
fsr-3846	171	9	1986	1986	NUM
fsr-3846	171	10	1990	1990	NUM
fsr-3846	171	11	,	,	PUNCT
fsr-3846	171	12	only	only	ADV
fsr-3846	171	13	1	1	NUM
fsr-3846	171	14	fund	fund	NOUN
fsr-3846	171	15	repeated	repeat	VERB
fsr-3846	171	16	their	their	PRON
fsr-3846	171	17	top	top	ADJ
fsr-3846	171	18	ten	ten	NUM
fsr-3846	171	19	performance	performance	NOUN
fsr-3846	171	20	in	in	ADP
fsr-3846	171	21	the	the	DET
fsr-3846	171	22	subsequent	subsequent	ADJ
fsr-3846	171	23	period	period	NOUN
fsr-3846	171	24	.	.	PUNCT
fsr-3846	172	1	the	the	DET
fsr-3846	172	2	ability	ability	NOUN
fsr-3846	172	3	of	of	ADP
fsr-3846	172	4	1	1	NUM
fsr-3846	172	5	fund	fund	NOUN
fsr-3846	172	6	of	of	ADP
fsr-3846	172	7	the	the	DET
fsr-3846	172	8	93	93	NUM
fsr-3846	172	9	to	to	PART
fsr-3846	172	10	rank	rank	VERB
fsr-3846	172	11	in	in	ADP
fsr-3846	172	12	the	the	DET
fsr-3846	172	13	top	top	ADJ
fsr-3846	172	14	ten	ten	NUM
fsr-3846	172	15	for	for	ADP
fsr-3846	172	16	two	two	NUM
fsr-3846	172	17	consecutive	consecutive	ADJ
fsr-3846	172	18	periods	period	NOUN
fsr-3846	172	19	is	be	AUX
fsr-3846	172	20	consistent	consistent	ADJ
fsr-3846	172	21	with	with	ADP
fsr-3846	172	22	a	a	DET
fsr-3846	172	23	random	random	ADJ
fsr-3846	172	24	performance	performance	NOUN
fsr-3846	172	25	process	process	NOUN
fsr-3846	172	26	.	.	PUNCT
fsr-3846	173	1	only	only	ADV
fsr-3846	173	2	six	six	NUM
fsr-3846	173	3	of	of	ADP
fsr-3846	173	4	the	the	DET
fsr-3846	173	5	top	top	ADJ
fsr-3846	173	6	ten	ten	NUM
fsr-3846	173	7	funds	fund	NOUN
fsr-3846	173	8	for	for	ADP
fsr-3846	173	9	1986	1986	NUM
fsr-3846	173	10	-	-	SYM
fsr-3846	173	11	1990	1990	NUM
fsr-3846	173	12	subsequently	subsequently	ADV
fsr-3846	173	13	had	have	VERB
fsr-3846	173	14	mprs	mprs	NOUN
fsr-3846	173	15	above	above	ADP
fsr-3846	173	16	50	50	NUM
fsr-3846	173	17	,	,	PUNCT
fsr-3846	173	18	and	and	CCONJ
fsr-3846	173	19	only	only	ADV
fsr-3846	173	20	25	25	NUM
fsr-3846	173	21	of	of	ADP
fsr-3846	173	22	the	the	DET
fsr-3846	173	23	50	50	NUM
fsr-3846	173	24	annual	annual	ADJ
fsr-3846	173	25	observations	observation	NOUN
fsr-3846	173	26	were	be	AUX
fsr-3846	173	27	above	above	ADP
fsr-3846	173	28	the	the	DET
fsr-3846	173	29	50th	50th	ADJ
fsr-3846	173	30	per	per	ADP
fsr-3846	173	31	centile	centile	NOUN
fsr-3846	173	32	over	over	ADP
fsr-3846	173	33	the	the	DET
fsr-3846	173	34	1991	1991	NUM
fsr-3846	173	35	-	-	SYM
fsr-3846	173	36	1995	1995	NUM
fsr-3846	173	37	period	period	NOUN
fsr-3846	173	38	.	.	PUNCT
fsr-3846	174	1	these	these	DET
fsr-3846	174	2	results	result	NOUN
fsr-3846	174	3	strengthen	strengthen	VERB
fsr-3846	174	4	the	the	DET
fsr-3846	174	5	evidence	evidence	NOUN
fsr-3846	174	6	against	against	ADP
fsr-3846	174	7	perfor	perfor	PROPN
fsr-3846	174	8	mance	mance	NOUN
fsr-3846	174	9	persistence	persistence	NOUN
fsr-3846	174	10	by	by	ADP
fsr-3846	174	11	showing	show	VERB
fsr-3846	174	12	that	that	SCONJ
fsr-3846	174	13	even	even	ADV
fsr-3846	174	14	top	top	ADJ
fsr-3846	174	15	management	management	NOUN
fsr-3846	174	16	performance	performance	NOUN
fsr-3846	174	17	over	over	ADP
fsr-3846	174	18	a	a	DET
fsr-3846	174	19	five	five	NUM
fsr-3846	174	20	-	-	PUNCT
fsr-3846	174	21	year	year	NOUN
fsr-3846	174	22	period	period	NOUN
fsr-3846	174	23	,	,	PUNCT
fsr-3846	174	24	on	on	ADP
fsr-3846	174	25	average	average	ADJ
fsr-3846	174	26	,	,	PUNCT
fsr-3846	174	27	is	be	AUX
fsr-3846	174	28	not	not	PART
fsr-3846	174	29	predictive	predictive	ADJ
fsr-3846	174	30	of	of	ADP
fsr-3846	174	31	continuing	continue	VERB
fsr-3846	174	32	above	above	ADP
fsr-3846	174	33	average	average	ADJ
fsr-3846	174	34	performance	performance	NOUN
fsr-3846	174	35	in	in	ADP
fsr-3846	174	36	subse	subse	NOUN
fsr-3846	174	37	quent	quent	PROPN
fsr-3846	174	38	periods	period	NOUN
fsr-3846	174	39	.	.	PUNCT
fsr-3846	175	1	performance	performance	NOUN
fsr-3846	175	2	persistence	persistence	NOUN
fsr-3846	175	3	65	65	NUM
fsr-3846	175	4	table	table	NOUN
fsr-3846	175	5	3	3	NUM
fsr-3846	175	6	test	test	NOUN
fsr-3846	175	7	of	of	ADP
fsr-3846	175	8	persistence	persistence	NOUN
fsr-3846	175	9	in	in	ADP
fsr-3846	175	10	performance	performance	NOUN
fsr-3846	175	11	rankings	ranking	NOUN
fsr-3846	175	12	of	of	ADP
fsr-3846	175	13	managers	manager	NOUN
fsr-3846	175	14	with	with	ADP
fsr-3846	175	15	a	a	DET
fsr-3846	175	16	minimum	minimum	NOUN
fsr-3846	175	17	of	of	ADP
fsr-3846	175	18	10	10	NUM
fsr-3846	175	19	years	year	NOUN
fsr-3846	175	20	tenure	tenure	NOUN
fsr-3846	175	21	at	at	ADP
fsr-3846	175	22	the	the	DET
fsr-3846	175	23	same	same	ADJ
fsr-3846	175	24	fund	fund	NOUN
fsr-3846	175	25	(	(	PUNCT
fsr-3846	175	26	1986	1986	NUM
fsr-3846	175	27	-	-	SYM
fsr-3846	175	28	1995	1995	NUM
fsr-3846	175	29	)	)	PUNCT
fsr-3846	175	30	period	period	NOUN
fsr-3846	175	31	i	i	PRON
fsr-3846	175	32	period	period	VERB
fsr-3846	175	33	2	2	NUM
fsr-3846	175	34	difference	difference	NOUN
fsr-3846	175	35	1986	1986	NUM
fsr-3846	175	36	-	-	SYM
fsr-3846	175	37	-i	-i	PROPN
fsr-3846	175	38	990	990	NUM
fsr-3846	175	39	1991	1991	NUM
fsr-3846	175	40	-	-	SYM
fsr-3846	175	41	1995	1995	NUM
fsr-3846	175	42	(	(	PUNCT
fsr-3846	175	43	p	p	NOUN
fsr-3846	175	44	-	-	PUNCT
fsr-3846	175	45	value	value	NOUN
fsr-3846	175	46	)	)	PUNCT
fsr-3846	175	47	panel	panel	NOUN
fsr-3846	175	48	a	a	DET
fsr-3846	175	49	:	:	PUNCT
fsr-3846	175	50	superior	superior	ADJ
fsr-3846	175	51	managers	manager	NOUN
fsr-3846	175	52	top	top	VERB
fsr-3846	175	53	ten	ten	NUM
fsr-3846	175	54	mprs	mprs	ADJ
fsr-3846	175	55	superior	superior	ADJ
fsr-3846	175	56	managers	manager	NOUN
fsr-3846	175	57	1986	1986	NUM
fsr-3846	175	58	-	-	SYM
fsr-3846	175	59	1990	1990	NUM
fsr-3846	175	60	71.7	71.7	NUM
fsr-3846	175	61	51.2	51.2	NUM
fsr-3846	175	62	-20.5	-20.5	NUM
fsr-3846	175	63	5	5	NUM
fsr-3846	175	64	-	-	PUNCT
fsr-3846	175	65	year	year	NOUN
fsr-3846	175	66	average	average	ADJ
fsr-3846	175	67	mpr	mpr	NOUN
fsr-3846	175	68	(	(	PUNCT
fsr-3846	175	69	0.0001)l	0.0001)l	NOUN
fsr-3846	175	70	(	(	PUNCT
fsr-3846	175	71	0.2389	0.2389	NUM
fsr-3846	175	72	)	)	PUNCT
fsr-3846	175	73	(	(	PUNCT
fsr-3846	175	74	0.0005	0.0005	NUM
fsr-3846	175	75	)	)	PUNCT
fsr-3846	175	76	number	number	NOUN
fsr-3846	175	77	of	of	ADP
fsr-3846	175	78	managers	manager	NOUN
fsr-3846	175	79	10	10	NUM
fsr-3846	175	80	1	1	NUM
fsr-3846	175	81	9	9	NUM
fsr-3846	175	82	in	in	ADP
fsr-3846	175	83	top	top	ADJ
fsr-3846	175	84	ten	ten	NUM
fsr-3846	175	85	number	number	NOUN
fsr-3846	175	86	of	of	ADP
fsr-3846	175	87	annual	annual	ADJ
fsr-3846	175	88	ranks	rank	NOUN
fsr-3846	175	89	>	>	X
fsr-3846	175	90	50	50	NUM
fsr-3846	175	91	44	44	NUM
fsr-3846	175	92	25	25	NUM
fsr-3846	175	93	-19	-19	PUNCT
fsr-3846	175	94	of	of	ADP
fsr-3846	175	95	50	50	NUM
fsr-3846	175	96	fund	fund	NOUN
fsr-3846	175	97	years	year	NOUN
fsr-3846	175	98	(	(	PUNCT
fsr-3846	175	99	0.0001)2	0.0001)2	NUM
fsr-3846	175	100	(	(	PUNCT
fsr-3846	175	101	0.5561	0.5561	NUM
fsr-3846	175	102	)	)	PUNCT
fsr-3846	175	103	panel	panel	NOUN
fsr-3846	175	104	b	b	NOUN
fsr-3846	175	105	:	:	PUNCT
fsr-3846	175	106	inferior	inferior	ADJ
fsr-3846	175	107	managers	manager	NOUN
fsr-3846	175	108	bottom	bottom	VERB
fsr-3846	175	109	ten	ten	NUM
fsr-3846	175	110	mprs	mprs	NOUN
fsr-3846	175	111	inferior	inferior	ADJ
fsr-3846	175	112	managers	manager	NOUN
fsr-3846	175	113	1986	1986	NUM
fsr-3846	175	114	-	-	SYM
fsr-3846	175	115	1990	1990	NUM
fsr-3846	175	116	22.3	22.3	NUM
fsr-3846	175	117	40.6	40.6	NUM
fsr-3846	175	118	18.3	18.3	NUM
fsr-3846	175	119	5	5	NUM
fsr-3846	175	120	-	-	PUNCT
fsr-3846	175	121	year	year	NOUN
fsr-3846	175	122	average	average	ADJ
fsr-3846	175	123	mpr	mpr	NOUN
fsr-3846	175	124	(	(	PUNCT
fsr-3846	175	125	0.0001	0.0001	NUM
fsr-3846	175	126	)	)	PUNCT
fsr-3846	175	127	(	(	PUNCT
fsr-3846	175	128	0.0564	0.0564	NUM
fsr-3846	175	129	)	)	PUNCT
fsr-3846	175	130	(	(	PUNCT
fsr-3846	175	131	0.0029	0.0029	NUM
fsr-3846	175	132	)	)	PUNCT
fsr-3846	175	133	number	number	NOUN
fsr-3846	175	134	of	of	ADP
fsr-3846	175	135	managers	manager	NOUN
fsr-3846	175	136	10	10	NUM
fsr-3846	175	137	3	3	NUM
fsr-3846	175	138	7	7	NUM
fsr-3846	175	139	in	in	ADP
fsr-3846	175	140	bottom	bottom	ADJ
fsr-3846	175	141	ten	ten	NUM
fsr-3846	175	142	number	number	NOUN
fsr-3846	175	143	of	of	ADP
fsr-3846	175	144	annual	annual	ADJ
fsr-3846	175	145	ranks	rank	NOUN
fsr-3846	175	146	<	<	X
fsr-3846	175	147	50	50	NUM
fsr-3846	175	148	43	43	NUM
fsr-3846	175	149	29	29	NUM
fsr-3846	175	150	-14	-14	NUM
fsr-3846	175	151	of	of	ADP
fsr-3846	175	152	50	50	NUM
fsr-3846	175	153	(	(	PUNCT
fsr-3846	175	154	0.0001	0.0001	NUM
fsr-3846	175	155	)	)	PUNCT
fsr-3846	175	156	2	2	NUM
fsr-3846	175	157	(	(	PUNCT
fsr-3846	175	158	0.1611	0.1611	NUM
fsr-3846	175	159	)	)	PUNCT
fsr-3846	175	160	notes	note	NOUN
fsr-3846	175	161	:	:	PUNCT
fsr-3846	175	162	mpr	mpr	NOUN
fsr-3846	175	163	is	be	AUX
fsr-3846	175	164	the	the	DET
fsr-3846	175	165	mean	mean	ADJ
fsr-3846	175	166	annual	annual	ADJ
fsr-3846	175	167	performance	performance	NOUN
fsr-3846	175	168	rank	rank	NOUN
fsr-3846	175	169	for	for	ADP
fsr-3846	175	170	each	each	DET
fsr-3846	175	171	manager	manager	NOUN
fsr-3846	175	172	for	for	ADP
fsr-3846	175	173	the	the	DET
fsr-3846	175	174	time	time	NOUN
fsr-3846	175	175	period	period	NOUN
fsr-3846	175	176	specified	specify	VERB
fsr-3846	175	177	.	.	PUNCT
fsr-3846	176	1	1	1	NUM
fsr-3846	176	2	for	for	ADP
fsr-3846	176	3	mprs	mprs	NOUN
fsr-3846	176	4	,	,	PUNCT
fsr-3846	176	5	figure	figure	NOUN
fsr-3846	176	6	in	in	ADP
fsr-3846	176	7	parentheses	parenthesis	NOUN
fsr-3846	176	8	represents	represent	VERB
fsr-3846	176	9	the	the	DET
fsr-3846	176	10	significance	significance	NOUN
fsr-3846	176	11	level	level	NOUN
fsr-3846	176	12	associauxl	associauxl	NOUN
fsr-3846	176	13	with	with	ADP
fsr-3846	176	14	the	the	DET
fsr-3846	176	15	two	two	NUM
fsr-3846	176	16	-	-	PUNCT
fsr-3846	176	17	tail	tail	NOUN
fsr-3846	176	18	t	t	NOUN
fsr-3846	176	19	-	-	PUNCT
fsr-3846	176	20	test	test	NOUN
fsr-3846	176	21	,	,	PUNCT
fsr-3846	176	22	ho	ho	PROPN
fsr-3846	176	23	:	:	PUNCT
fsr-3846	176	24	mpr	mpr	PROPN
fsr-3846	176	25	-50	-50	PROPN
fsr-3846	176	26	.	.	PUNCT
fsr-3846	177	1	for	for	ADP
fsr-3846	177	2	differences	difference	NOUN
fsr-3846	177	3	in	in	ADP
fsr-3846	177	4	mprs	mprs	NOUN
fsr-3846	177	5	between	between	ADP
fsr-3846	177	6	periods	period	NOUN
fsr-3846	177	7	,	,	PUNCT
fsr-3846	177	8	value	value	NOUN
fsr-3846	177	9	in	in	ADP
fsr-3846	177	10	parentheses	parenthesis	NOUN
fsr-3846	177	11	represents	represent	VERB
fsr-3846	177	12	the	the	DET
fsr-3846	177	13	significance	significance	NOUN
fsr-3846	177	14	level	level	NOUN
fsr-3846	177	15	associated	associate	VERB
fsr-3846	177	16	with	with	ADP
fsr-3846	177	17	two	two	NUM
fsr-3846	177	18	-	-	PUNCT
fsr-3846	177	19	tail	tail	NOUN
fsr-3846	177	20	t	t	NOUN
fsr-3846	177	21	-	-	PUNCT
fsr-3846	177	22	test	test	NOUN
fsr-3846	177	23	,	,	PUNCT
fsr-3846	177	24	ho	ho	PROPN
fsr-3846	177	25	:	:	PUNCT
fsr-3846	177	26	mpr	mpr	NOUN
fsr-3846	177	27	1	1	NUM
fsr-3846	177	28	mpr	mpr	NOUN
fsr-3846	177	29	2	2	NUM
fsr-3846	177	30	~=	~=	NOUN
fsr-3846	177	31	0	0	NUM
fsr-3846	177	32	.	.	NOUN
fsr-3846	177	33	2	2	NUM
fsr-3846	177	34	the	the	DET
fsr-3846	177	35	probability	probability	NOUN
fsr-3846	177	36	of	of	ADP
fsr-3846	177	37	observing	observe	VERB
fsr-3846	177	38	at	at	ADP
fsr-3846	177	39	least	least	ADJ
fsr-3846	177	40	n	n	PRON
fsr-3846	177	41	successes	success	NOUN
fsr-3846	177	42	in	in	ADP
fsr-3846	177	43	50	50	NUM
fsr-3846	177	44	trials	trial	NOUN
fsr-3846	177	45	.	.	PUNCT
fsr-3846	178	1	the	the	DET
fsr-3846	178	2	results	result	NOUN
fsr-3846	178	3	for	for	ADP
fsr-3846	178	4	the	the	DET
fsr-3846	178	5	10	10	NUM
fsr-3846	178	6	worst	bad	ADJ
fsr-3846	178	7	performers	performer	NOUN
fsr-3846	178	8	are	be	AUX
fsr-3846	178	9	also	also	ADV
fsr-3846	178	10	consistent	consistent	ADJ
fsr-3846	178	11	with	with	ADP
fsr-3846	178	12	the	the	DET
fsr-3846	178	13	results	result	NOUN
fsr-3846	178	14	of	of	ADP
fsr-3846	178	15	our	our	PRON
fsr-3846	178	16	prior	prior	ADJ
fsr-3846	178	17	tests	test	NOUN
fsr-3846	178	18	.	.	PUNCT
fsr-3846	179	1	the	the	DET
fsr-3846	179	2	average	average	ADJ
fsr-3846	179	3	mpr	mpr	NOUN
fsr-3846	179	4	of	of	ADP
fsr-3846	179	5	the	the	DET
fsr-3846	179	6	ten	ten	NUM
fsr-3846	179	7	worst	bad	ADJ
fsr-3846	179	8	performers	performer	NOUN
fsr-3846	179	9	improved	improve	VERB
fsr-3846	179	10	by	by	ADP
fsr-3846	179	11	18.3	18.3	NUM
fsr-3846	179	12	points	point	NOUN
fsr-3846	179	13	,	,	PUNCT
fsr-3846	179	14	a	a	DET
fsr-3846	179	15	statistically	statistically	ADV
fsr-3846	179	16	significant	significant	ADJ
fsr-3846	179	17	improvement	improvement	NOUN
fsr-3846	179	18	,	,	PUNCT
fsr-3846	179	19	but	but	CCONJ
fsr-3846	179	20	performance	performance	NOUN
fsr-3846	179	21	in	in	ADP
fsr-3846	179	22	the	the	DET
fsr-3846	179	23	subsequent	subsequent	ADJ
fsr-3846	179	24	period	period	NOUN
fsr-3846	179	25	is	be	AUX
fsr-3846	179	26	significantly	significantly	ADV
fsr-3846	179	27	less	less	ADJ
fsr-3846	179	28	than	than	ADP
fsr-3846	179	29	the	the	DET
fsr-3846	179	30	50th	50th	ADJ
fsr-3846	179	31	percentile	percentile	NOUN
fsr-3846	179	32	at	at	ADP
fsr-3846	179	33	the	the	DET
fsr-3846	179	34	10	10	NUM
fsr-3846	179	35	%	%	NOUN
fsr-3846	179	36	level	level	NOUN
fsr-3846	179	37	(	(	PUNCT
fsr-3846	179	38	t	t	NOUN
fsr-3846	179	39	=	=	SYM
fsr-3846	179	40	1.95	1.95	NUM
fsr-3846	179	41	,	,	PUNCT
fsr-3846	179	42	two	two	NUM
fsr-3846	179	43	-	-	PUNCT
fsr-3846	179	44	tail	tail	NOUN
fsr-3846	179	45	test	test	NOUN
fsr-3846	179	46	)	)	PUNCT
fsr-3846	179	47	.	.	PUNCT
fsr-3846	180	1	performance	performance	NOUN
fsr-3846	180	2	of	of	ADP
fsr-3846	180	3	superior	superior	ADJ
fsr-3846	180	4	managers	manager	NOUN
fsr-3846	180	5	was	be	AUX
fsr-3846	180	6	greater	great	ADJ
fsr-3846	180	7	than	than	ADP
fsr-3846	180	8	performance	performance	NOUN
fsr-3846	180	9	by	by	ADP
fsr-3846	180	10	inferior	inferior	ADJ
fsr-3846	180	11	managers	manager	NOUN
fsr-3846	180	12	in	in	ADP
fsr-3846	180	13	the	the	DET
fsr-3846	180	14	subsequent	subsequent	ADJ
fsr-3846	180	15	period	period	NOUN
fsr-3846	180	16	by	by	ADP
fsr-3846	180	17	10.6	10.6	NUM
fsr-3846	180	18	points	point	NOUN
fsr-3846	180	19	,	,	PUNCT
fsr-3846	180	20	which	which	PRON
fsr-3846	180	21	,	,	PUNCT
fsr-3846	180	22	like	like	ADP
fsr-3846	180	23	our	our	PRON
fsr-3846	180	24	earlier	early	ADJ
fsr-3846	180	25	results	result	NOUN
fsr-3846	180	26	,	,	PUNCT
fsr-3846	180	27	is	be	AUX
fsr-3846	180	28	significant	significant	ADJ
fsr-3846	180	29	at	at	ADP
fsr-3846	180	30	the	the	DET
fsr-3846	180	31	10	10	NUM
fsr-3846	180	32	%	%	NOUN
fsr-3846	180	33	level	level	NOUN
fsr-3846	180	34	(	(	PUNCT
fsr-3846	180	35	t	t	PROPN
fsr-3846	180	36	-1.67	-1.67	INTJ
fsr-3846	180	37	,	,	PUNCT
fsr-3846	180	38	two	two	NUM
fsr-3846	180	39	-	-	PUNCT
fsr-3846	180	40	tail	tail	NOUN
fsr-3846	180	41	test	test	NOUN
fsr-3846	180	42	)	)	PUNCT
fsr-3846	180	43	.	.	PUNCT
fsr-3846	181	1	these	these	DET
fsr-3846	181	2	results	result	NOUN
fsr-3846	181	3	provide	provide	VERB
fsr-3846	181	4	strong	strong	ADJ
fsr-3846	181	5	evidence	evidence	NOUN
fsr-3846	181	6	that	that	SCONJ
fsr-3846	181	7	the	the	DET
fsr-3846	181	8	performance	performance	NOUN
fsr-3846	181	9	of	of	ADP
fsr-3846	181	10	even	even	ADV
fsr-3846	181	11	top	top	ADJ
fsr-3846	181	12	managers	manager	NOUN
fsr-3846	181	13	reverts	revert	VERB
fsr-3846	181	14	to	to	AUX
fsr-3846	181	15	average	average	ADJ
fsr-3846	181	16	,	,	PUNCT
fsr-3846	181	17	and	and	CCONJ
fsr-3846	181	18	marginal	marginal	ADJ
fsr-3846	181	19	evidence	evidence	NOUN
fsr-3846	181	20	that	that	SCONJ
fsr-3846	181	21	the	the	DET
fsr-3846	181	22	performance	performance	NOUN
fsr-3846	181	23	of	of	ADP
fsr-3846	181	24	the	the	DET
fsr-3846	181	25	worst	bad	ADJ
fsr-3846	181	26	managers	manager	NOUN
fsr-3846	181	27	does	do	AUX
fsr-3846	181	28	not	not	PART
fsr-3846	181	29	fully	fully	ADV
fsr-3846	181	30	mean	mean	VERB
fsr-3846	181	31	revert	revert	ADJ
fsr-3846	181	32	.	.	PUNCT
fsr-3846	182	1	c.	c.	NOUN
fsr-3846	182	2	performance	performance	NOUN
fsr-3846	182	3	persistence	persistence	NOUN
fsr-3846	182	4	and	and	CCONJ
fsr-3846	182	5	expense	expense	NOUN
fsr-3846	182	6	ratios	ratio	NOUN
fsr-3846	182	7	in	in	ADP
fsr-3846	182	8	this	this	DET
fsr-3846	182	9	section	section	NOUN
fsr-3846	182	10	,	,	PUNCT
fsr-3846	182	11	the	the	DET
fsr-3846	182	12	analysis	analysis	NOUN
fsr-3846	182	13	is	be	AUX
fsr-3846	182	14	designed	design	VERB
fsr-3846	182	15	to	to	PART
fsr-3846	182	16	determine	determine	VERB
fsr-3846	182	17	to	to	ADP
fsr-3846	182	18	what	what	DET
fsr-3846	182	19	extent	extent	NOUN
fsr-3846	182	20	expense	expense	NOUN
fsr-3846	182	21	ratios	ratio	NOUN
fsr-3846	182	22	are	be	AUX
fsr-3846	182	23	associated	associate	VERB
fsr-3846	182	24	with	with	ADP
fsr-3846	182	25	the	the	DET
fsr-3846	182	26	performance	performance	NOUN
fsr-3846	182	27	rankings	ranking	NOUN
fsr-3846	182	28	of	of	ADP
fsr-3846	182	29	the	the	DET
fsr-3846	182	30	experienced	experienced	ADJ
fsr-3846	182	31	managers	manager	NOUN
fsr-3846	182	32	.	.	PUNCT
fsr-3846	183	1	the	the	DET
fsr-3846	183	2	results	result	NOUN
fsr-3846	183	3	in	in	ADP
fsr-3846	183	4	table	table	NOUN
fsr-3846	183	5	4	4	NUM
fsr-3846	183	6	are	be	AUX
fsr-3846	183	7	grouped	group	VERB
fsr-3846	183	8	by	by	ADP
fsr-3846	183	9	time	time	NOUN
fsr-3846	183	10	period	period	NOUN
fsr-3846	183	11	.	.	PUNCT
fsr-3846	184	1	as	as	SCONJ
fsr-3846	184	2	shown	show	VERB
fsr-3846	184	3	in	in	ADP
fsr-3846	184	4	table	table	NOUN
fsr-3846	184	5	4	4	NUM
fsr-3846	184	6	,	,	PUNCT
fsr-3846	184	7	panel	panel	NOUN
fsr-3846	184	8	a	a	PRON
fsr-3846	184	9	,	,	PUNCT
fsr-3846	184	10	expense	expense	NOUN
fsr-3846	184	11	ratios	ratio	NOUN
fsr-3846	184	12	across	across	ADP
fsr-3846	184	13	funds	fund	NOUN
fsr-3846	184	14	are	be	AUX
fsr-3846	184	15	significantly	significantly	ADV
fsr-3846	184	16	lower	low	ADJ
fsr-3846	184	17	for	for	ADP
fsr-3846	184	18	superior	superior	ADJ
fsr-3846	184	19	funds	fund	NOUN
fsr-3846	184	20	,	,	PUNCT
fsr-3846	184	21	averaging	average	VERB
fsr-3846	184	22	0.47	0.47	NUM
fsr-3846	184	23	%	%	NOUN
fsr-3846	184	24	less	less	ADJ
fsr-3846	184	25	than	than	ADP
fsr-3846	184	26	expense	expense	NOUN
fsr-3846	184	27	ratios	ratio	NOUN
fsr-3846	184	28	of	of	ADP
fsr-3846	184	29	inferior	inferior	ADJ
fsr-3846	184	30	funds	fund	NOUN
fsr-3846	184	31	over	over	ADP
fsr-3846	184	32	the	the	DET
fsr-3846	184	33	period	period	NOUN
fsr-3846	184	34	1986	1986	NUM
fsr-3846	184	35	-	-	SYM
fsr-3846	184	36	1990	1990	NUM
fsr-3846	184	37	(	(	PUNCT
fsr-3846	184	38	t	t	NOUN
fsr-3846	184	39	=	=	SYM
fsr-3846	184	40	3.96	3.96	NUM
fsr-3846	184	41	,	,	PUNCT
fsr-3846	184	42	two	two	NUM
fsr-3846	184	43	-	-	PUNCT
fsr-3846	184	44	tall	tall	ADJ
fsr-3846	184	45	test	test	NOUN
fsr-3846	184	46	)	)	PUNCT
fsr-3846	184	47	and	and	CCONJ
fsr-3846	184	48	0.727	0.727	NUM
fsr-3846	184	49	%	%	NOUN
fsr-3846	184	50	lower	low	ADJ
fsr-3846	184	51	for	for	ADP
fsr-3846	184	52	the	the	DET
fsr-3846	184	53	period	period	NOUN
fsr-3846	184	54	1991	1991	NUM
fsr-3846	184	55	-	-	SYM
fsr-3846	184	56	1995	1995	NUM
fsr-3846	184	57	,	,	PUNCT
fsr-3846	184	58	significant	significant	ADJ
fsr-3846	184	59	at	at	ADP
fsr-3846	184	60	the	the	DET
fsr-3846	184	61	5	5	NUM
fsr-3846	184	62	%	%	NOUN
fsr-3846	184	63	level	level	NOUN
fsr-3846	184	64	(	(	PUNCT
fsr-3846	184	65	t	t	NOUN
fsr-3846	184	66	=	=	SYM
fsr-3846	184	67	4.37	4.37	NUM
fsr-3846	184	68	,	,	PUNCT
fsr-3846	184	69	two	two	NUM
fsr-3846	184	70	-	-	PUNCT
fsr-3846	184	71	tail	tail	NOUN
fsr-3846	184	72	test	test	NOUN
fsr-3846	184	73	)	)	PUNCT
fsr-3846	184	74	.	.	PUNCT
fsr-3846	185	1	this	this	DET
fsr-3846	185	2	result	result	NOUN
fsr-3846	185	3	is	be	AUX
fsr-3846	185	4	con	con	PROPN
fsr-3846	185	5	sistent	sistent	PROPN
fsr-3846	185	6	with	with	ADP
fsr-3846	185	7	evidence	evidence	NOUN
fsr-3846	185	8	provided	provide	VERB
fsr-3846	185	9	by	by	ADP
fsr-3846	185	10	volkman	volkman	NOUN
fsr-3846	185	11	and	and	CCONJ
fsr-3846	185	12	wohar	wohar	PROPN
fsr-3846	185	13	(	(	PUNCT
fsr-3846	185	14	1995	1995	NUM
fsr-3846	185	15	)	)	PUNCT
fsr-3846	185	16	,	,	PUNCT
fsr-3846	185	17	and	and	CCONJ
fsr-3846	185	18	others	other	NOUN
fsr-3846	185	19	,	,	PUNCT
fsr-3846	185	20	who	who	PRON
fsr-3846	185	21	find	find	VERB
fsr-3846	185	22	evi	evi	NOUN
fsr-3846	185	23	dence	dence	NOUN
fsr-3846	185	24	that	that	PRON
fsr-3846	185	25	funds	fund	NOUN
fsr-3846	185	26	with	with	ADP
fsr-3846	185	27	low	low	ADJ
fsr-3846	185	28	management	management	NOUN
fsr-3846	185	29	fees	fee	NOUN
fsr-3846	185	30	show	show	VERB
fsr-3846	185	31	persistent	persistent	ADJ
fsr-3846	185	32	positive	positive	ADJ
fsr-3846	185	33	performance	performance	NOUN
fsr-3846	185	34	while	while	SCONJ
fsr-3846	185	35	those	those	PRON
fsr-3846	185	36	with	with	ADP
fsr-3846	185	37	high	high	ADJ
fsr-3846	185	38	fees	fee	NOUN
fsr-3846	185	39	show	show	VERB
fsr-3846	185	40	persistent	persistent	ADJ
fsr-3846	185	41	negative	negative	ADJ
fsr-3846	185	42	performance	performance	NOUN
fsr-3846	185	43	.	.	PUNCT
fsr-3846	186	1	panel	panel	NOUN
fsr-3846	186	2	a	a	DET
fsr-3846	186	3	in	in	ADP
fsr-3846	186	4	table	table	NOUN
fsr-3846	186	5	4	4	NUM
fsr-3846	186	6	also	also	ADV
fsr-3846	186	7	pro	pro	VERB
fsr-3846	186	8	66	66	NUM
fsr-3846	186	9	financial	financial	ADJ
fsr-3846	186	10	services	service	NOUN
fsr-3846	186	11	review	review	VERB
fsr-3846	186	12	7(1	7(1	NUM
fsr-3846	186	13	)	)	PUNCT
fsr-3846	186	14	1998	1998	NUM
fsr-3846	186	15	table	table	NOUN
fsr-3846	186	16	4	4	NUM
fsr-3846	186	17	relationship	relationship	NOUN
fsr-3846	186	18	between	between	ADP
fsr-3846	186	19	fund	fund	NOUN
fsr-3846	186	20	expense	expense	NOUN
fsr-3846	186	21	ratio	ratio	NOUN
fsr-3846	186	22	and	and	CCONJ
fsr-3846	186	23	performance	performance	NOUN
fsr-3846	186	24	persistence	persistence	NOUN
fsr-3846	186	25	for	for	ADP
fsr-3846	186	26	managers	manager	NOUN
fsr-3846	186	27	with	with	ADP
fsr-3846	186	28	a	a	DET
fsr-3846	186	29	minimum	minimum	NOUN
fsr-3846	186	30	of	of	ADP
fsr-3846	186	31	10	10	NUM
fsr-3846	186	32	years	year	NOUN
fsr-3846	186	33	tenure	tenure	NOUN
fsr-3846	186	34	with	with	ADP
fsr-3846	186	35	the	the	DET
fsr-3846	186	36	same	same	ADJ
fsr-3846	186	37	fund	fund	NOUN
fsr-3846	186	38	(	(	PUNCT
fsr-3846	186	39	1986	1986	NUM
fsr-3846	186	40	-	-	SYM
fsr-3846	186	41	1995	1995	NUM
fsr-3846	186	42	)	)	PUNCT
fsr-3846	186	43	period	period	NOUN
fsr-3846	186	44	i	i	PRON
fsr-3846	186	45	period	period	VERB
fsr-3846	186	46	2	2	NUM
fsr-3846	186	47	difference	difference	NOUN
fsr-3846	186	48	1986	1986	NUM
fsr-3846	186	49	-	-	SYM
fsr-3846	186	50	1990	1990	NUM
fsr-3846	186	51	1991	1991	NUM
fsr-3846	186	52	-	-	SYM
fsr-3846	186	53	1995	1995	NUM
fsr-3846	186	54	(	(	PUNCT
fsr-3846	186	55	p	p	NOUN
fsr-3846	186	56	-	-	PUNCT
fsr-3846	186	57	value	value	NOUN
fsr-3846	186	58	)	)	PUNCT
fsr-3846	186	59	panel	panel	NOUN
fsr-3846	186	60	a	a	DET
fsr-3846	186	61	:	:	PUNCT
fsr-3846	186	62	mean	mean	ADJ
fsr-3846	186	63	expense	expense	NOUN
fsr-3846	186	64	ratios	ratio	NOUN
fsr-3846	186	65	of	of	ADP
fsr-3846	186	66	93	93	NUM
fsr-3846	186	67	experienced	experienced	ADJ
fsr-3846	186	68	managers	manager	NOUN
fsr-3846	186	69	superior	superior	ADJ
fsr-3846	186	70	managers	manager	NOUN
fsr-3846	186	71	,	,	PUNCT
fsr-3846	186	72	n	n	NOUN
fsr-3846	186	73	=	=	SYM
fsr-3846	186	74	43	43	NUM
fsr-3846	186	75	1.011	1.011	NUM
fsr-3846	186	76	%	%	NOUN
fsr-3846	186	77	0.978	0.978	NUM
fsr-3846	186	78	%	%	NOUN
fsr-3846	186	79	0.033	0.033	NUM
fsr-3846	186	80	%	%	NOUN
fsr-3846	186	81	5	5	NUM
fsr-3846	186	82	-	-	PUNCT
fsr-3846	186	83	year	year	NOUN
fsr-3846	186	84	expense	expense	NOUN
fsr-3846	186	85	ratio	ratio	NOUN
fsr-3846	186	86	(	(	PUNCT
fsr-3846	186	87	0.4168	0.4168	NUM
fsr-3846	186	88	)	)	PUNCT
fsr-3846	186	89	inferior	inferior	ADJ
fsr-3846	186	90	managers	manager	NOUN
fsr-3846	186	91	,	,	PUNCT
fsr-3846	186	92	n	n	NOUN
fsr-3846	186	93	=	=	NUM
fsr-3846	187	1	50	50	NUM
fsr-3846	187	2	1.481	1.481	NUM
fsr-3846	187	3	%	%	NOUN
fsr-3846	187	4	1.705	1.705	NUM
fsr-3846	187	5	%	%	NOUN
fsr-3846	187	6	-0.224	-0.224	NOUN
fsr-3846	187	7	%	%	NOUN
fsr-3846	187	8	5	5	NUM
fsr-3846	187	9	-	-	PUNCT
fsr-3846	187	10	year	year	NOUN
fsr-3846	187	11	mean	mean	NOUN
fsr-3846	187	12	expense	expense	NOUN
fsr-3846	187	13	ratio	ratio	NOUN
fsr-3846	187	14	(	(	PUNCT
fsr-3846	187	15	0.2291	0.2291	NUM
fsr-3846	187	16	)	)	PUNCT
fsr-3846	187	17	difference	difference	NOUN
fsr-3846	187	18	-0.470	-0.470	NUM
fsr-3846	187	19	%	%	NOUN
fsr-3846	187	20	-0.727	-0.727	NUM
fsr-3846	187	21	%	%	NOUN
fsr-3846	187	22	(	(	PUNCT
fsr-3846	187	23	p	p	NOUN
fsr-3846	187	24	-	-	PUNCT
fsr-3846	187	25	value	value	NOUN
fsr-3846	187	26	)	)	PUNCT
fsr-3846	187	27	(	(	PUNCT
fsr-3846	187	28	0.0001	0.0001	NUM
fsr-3846	187	29	)	)	PUNCT
fsr-3846	187	30	(	(	PUNCT
fsr-3846	187	31	0.0001	0.0001	NUM
fsr-3846	187	32	)	)	PUNCT
fsr-3846	187	33	5	5	NUM
fsr-3846	187	34	-	-	PUNCT
fsr-3846	187	35	year	year	NOUN
fsr-3846	187	36	performance	performance	NOUN
fsr-3846	187	37	/	/	SYM
fsr-3846	187	38	fund	fund	NOUN
fsr-3846	187	39	average	average	ADJ
fsr-3846	187	40	mpr	mpr	PROPN
fsr-3846	187	41	average	average	ADJ
fsr-3846	187	42	mpr	mpr	NOUN
fsr-3846	187	43	expenses	expense	NOUN
fsr-3846	187	44	:	:	PUNCT
fsr-3846	187	45	1986	1986	NUM
fsr-3846	187	46	-	-	SYM
fsr-3846	187	47	1990	1990	NUM
fsr-3846	187	48	period	period	NOUN
fsr-3846	187	49	i	i	PRON
fsr-3846	187	50	period	period	VERB
fsr-3846	187	51	2	2	NUM
fsr-3846	187	52	difference	difference	NOUN
fsr-3846	187	53	by	by	ADP
fsr-3846	187	54	fund	fund	NOUN
fsr-3846	187	55	1986	1986	NUM
fsr-3846	187	56	-	-	SYM
fsr-3846	187	57	1990	1990	NUM
fsr-3846	187	58	1991	1991	NUM
fsr-3846	187	59	-	-	SYM
fsr-3846	187	60	1995	1995	NUM
fsr-3846	187	61	(	(	PUNCT
fsr-3846	187	62	p	p	NOUN
fsr-3846	187	63	-	-	PUNCT
fsr-3846	187	64	value	value	NOUN
fsr-3846	187	65	)	)	PUNCT
fsr-3846	187	66	panel	panel	NOUN
fsr-3846	187	67	b	b	NOUN
fsr-3846	187	68	:	:	PUNCT
fsr-3846	187	69	impact	impact	NOUN
fsr-3846	187	70	of	of	ADP
fsr-3846	187	71	fund	fund	NOUN
fsr-3846	187	72	expense	expense	NOUN
fsr-3846	187	73	ratios	ratio	NOUN
fsr-3846	187	74	on	on	ADP
fsr-3846	187	75	manager	manager	NOUN
fsr-3846	187	76	performance	performance	NOUN
fsr-3846	187	77	persistence	persistence	NOUN
fsr-3846	187	78	superior	superior	ADJ
fsr-3846	187	79	performance/	performance/	NUM
fsr-3846	187	80	62.4	62.4	NUM
fsr-3846	187	81	42.7	42.7	NUM
fsr-3846	187	82	-19.7	-19.7	PUNCT
fsr-3846	187	83	high	high	ADJ
fsr-3846	187	84	expense	expense	NOUN
fsr-3846	187	85	,	,	PUNCT
fsr-3846	187	86	n	n	NOUN
fsr-3846	187	87	=	=	SYM
fsr-3846	187	88	8	8	NUM
fsr-3846	187	89	t	t	PROPN
fsr-3846	187	90	(	(	PUNCT
fsr-3846	187	91	0.0054	0.0054	NUM
fsr-3846	187	92	)	)	PUNCT
fsr-3846	187	93	i	i	PRON
fsr-3846	187	94	(	(	PUNCT
fsr-3846	187	95	0.1341	0.1341	NUM
fsr-3846	187	96	)	)	PUNCT
fsr-3846	187	97	2	2	NUM
fsr-3846	187	98	(	(	PUNCT
fsr-3846	187	99	0.0027	0.0027	NUM
fsr-3846	187	100	)	)	PUNCT
fsr-3846	187	101	4	4	NUM
fsr-3846	187	102	superior	superior	ADJ
fsr-3846	187	103	performance/	performance/	NUM
fsr-3846	187	104	59.8	59.8	NUM
fsr-3846	187	105	53.0	53.0	NUM
fsr-3846	187	106	-6.80	-6.80	NOUN
fsr-3846	187	107	low	low	ADJ
fsr-3846	187	108	expense	expense	NOUN
fsr-3846	187	109	,	,	PUNCT
fsr-3846	187	110	n	n	CCONJ
fsr-3846	187	111	-35	-35	NUM
fsr-3846	187	112	(	(	PUNCT
fsr-3846	187	113	0.0001	0.0001	NUM
fsr-3846	187	114	)	)	PUNCT
fsr-3846	187	115	(	(	PUNCT
fsr-3846	187	116	0.1919	0.1919	NUM
fsr-3846	187	117	)	)	PUNCT
fsr-3846	187	118	(	(	PUNCT
fsr-3846	187	119	0.0243	0.0243	NUM
fsr-3846	187	120	)	)	PUNCT
fsr-3846	187	121	inferior	inferior	ADJ
fsr-3846	187	122	performance/	performance/	NUM
fsr-3846	187	123	34.7	34.7	NUM
fsr-3846	187	124	37.0	37.0	NUM
fsr-3846	187	125	2.3	2.3	NUM
fsr-3846	187	126	high	high	ADJ
fsr-3846	187	127	expense	expense	NOUN
fsr-3846	187	128	,	,	PUNCT
fsr-3846	187	129	n	n	CCONJ
fsr-3846	187	130	-19	-19	NUM
fsr-3846	187	131	(	(	PUNCT
fsr-3846	187	132	0.0001	0.0001	NUM
fsr-3846	187	133	)	)	PUNCT
fsr-3846	187	134	(	(	PUNCT
fsr-3846	187	135	0.0002	0.0002	NUM
fsr-3846	187	136	)	)	PUNCT
fsr-3846	187	137	(	(	PUNCT
fsr-3846	187	138	0.5954	0.5954	NUM
fsr-3846	187	139	)	)	PUNCT
fsr-3846	187	140	inferior	inferior	ADJ
fsr-3846	187	141	performance/	performance/	NUM
fsr-3846	187	142	42.3	42.3	NUM
fsr-3846	187	143	51.6	51.6	NUM
fsr-3846	187	144	9.3	9.3	NUM
fsr-3846	187	145	low	low	ADJ
fsr-3846	187	146	expense	expense	NOUN
fsr-3846	187	147	,	,	PUNCT
fsr-3846	187	148	n	n	X
fsr-3846	187	149	--31	--31	X
fsr-3846	187	150	(	(	PUNCT
fsr-3846	187	151	0.0006	0.0006	NUM
fsr-3846	187	152	)	)	PUNCT
fsr-3846	187	153	(	(	PUNCT
fsr-3846	187	154	0.4604	0.4604	NUM
fsr-3846	187	155	)	)	PUNCT
fsr-3846	187	156	(	(	PUNCT
fsr-3846	187	157	0.0028	0.0028	NUM
fsr-3846	187	158	)	)	PUNCT
fsr-3846	187	159	notes	note	NOUN
fsr-3846	187	160	:	:	PUNCT
fsr-3846	187	161	mpr	mpr	NOUN
fsr-3846	187	162	is	be	AUX
fsr-3846	187	163	the	the	DET
fsr-3846	187	164	mean	mean	ADJ
fsr-3846	187	165	annual	annual	ADJ
fsr-3846	187	166	performance	performance	NOUN
fsr-3846	187	167	rank	rank	NOUN
fsr-3846	187	168	for	for	ADP
fsr-3846	187	169	each	each	DET
fsr-3846	187	170	manager	manager	NOUN
fsr-3846	187	171	for	for	ADP
fsr-3846	187	172	the	the	DET
fsr-3846	187	173	time	time	NOUN
fsr-3846	187	174	period	period	NOUN
fsr-3846	187	175	specified	specify	VERB
fsr-3846	187	176	.	.	PUNCT
fsr-3846	188	1	i	i	PRON
fsr-3846	188	2	number	number	NOUN
fsr-3846	188	3	of	of	ADP
fsr-3846	188	4	firms	firm	NOUN
fsr-3846	188	5	of	of	ADP
fsr-3846	188	6	93	93	NUM
fsr-3846	188	7	satisfying	satisfy	VERB
fsr-3846	188	8	condition	condition	NOUN
fsr-3846	188	9	.	.	PUNCT
fsr-3846	189	1	t	t	X
fsr-3846	189	2	-	-	PUNCT
fsr-3846	189	3	test	test	NOUN
fsr-3846	189	4	,	,	PUNCT
fsr-3846	189	5	degrees	degree	NOUN
fsr-3846	189	6	of	of	ADP
fsr-3846	189	7	freedom	freedom	NOUN
fsr-3846	189	8	=	=	X
fsr-3846	189	9	n*5l	n*5l	PROPN
fsr-3846	189	10	years	year	NOUN
fsr-3846	189	11	.	.	PUNCT
fsr-3846	190	1	2	2	NUM
fsr-3846	190	2	p	p	NOUN
fsr-3846	190	3	-	-	PUNCT
fsr-3846	190	4	value	value	NOUN
fsr-3846	190	5	from	from	ADP
fsr-3846	190	6	t	t	NOUN
fsr-3846	190	7	-	-	PUNCT
fsr-3846	190	8	test	test	NOUN
fsr-3846	190	9	under	under	ADP
fsr-3846	190	10	the	the	DET
fsr-3846	190	11	null	null	ADJ
fsr-3846	190	12	hypothesis	hypothesis	NOUN
fsr-3846	190	13	that	that	PRON
fsr-3846	190	14	the	the	DET
fsr-3846	190	15	average	average	ADJ
fsr-3846	190	16	mpr	mpr	NOUN
fsr-3846	190	17	is	be	AUX
fsr-3846	190	18	different	different	ADJ
fsr-3846	190	19	from	from	ADP
fsr-3846	190	20	50	50	NUM
fsr-3846	190	21	.	.	PUNCT
fsr-3846	191	1	3	3	NUM
fsr-3846	191	2	p	p	NOUN
fsr-3846	191	3	-	-	PUNCT
fsr-3846	191	4	value	value	NOUN
fsr-3846	191	5	from	from	ADP
fsr-3846	191	6	two	two	NUM
fsr-3846	191	7	-	-	PUNCT
fsr-3846	191	8	tail	tail	NOUN
fsr-3846	191	9	t	t	NOUN
fsr-3846	191	10	-	-	PUNCT
fsr-3846	191	11	test	test	NOUN
fsr-3846	191	12	under	under	ADP
fsr-3846	191	13	the	the	DET
fsr-3846	191	14	null	null	ADJ
fsr-3846	191	15	hypothesis	hypothesis	NOUN
fsr-3846	191	16	that	that	PRON
fsr-3846	191	17	the	the	DET
fsr-3846	191	18	averages	average	NOUN
fsr-3846	191	19	of	of	ADP
fsr-3846	191	20	mpr	mpr	PROPN
fsr-3846	191	21	1	1	NUM
fsr-3846	191	22	mpr	mpr	NOUN
fsr-3846	191	23	2	2	NUM
fsr-3846	191	24	=	=	SYM
fsr-3846	191	25	0	0	NUM
fsr-3846	191	26	.	.	PUNCT
fsr-3846	191	27	vides	vide	NOUN
fsr-3846	191	28	evidence	evidence	NOUN
fsr-3846	191	29	that	that	SCONJ
fsr-3846	191	30	for	for	ADP
fsr-3846	191	31	both	both	CCONJ
fsr-3846	191	32	superior	superior	ADJ
fsr-3846	191	33	and	and	CCONJ
fsr-3846	191	34	inferior	inferior	ADJ
fsr-3846	191	35	performers	performer	NOUN
fsr-3846	191	36	,	,	PUNCT
fsr-3846	191	37	there	there	PRON
fsr-3846	191	38	is	be	VERB
fsr-3846	191	39	no	no	DET
fsr-3846	191	40	significant	significant	ADJ
fsr-3846	191	41	change	change	NOUN
fsr-3846	191	42	in	in	ADP
fsr-3846	191	43	expenses	expense	NOUN
fsr-3846	191	44	as	as	ADP
fsr-3846	191	45	a	a	DET
fsr-3846	191	46	proportion	proportion	NOUN
fsr-3846	191	47	of	of	ADP
fsr-3846	191	48	net	net	ADJ
fsr-3846	191	49	asset	asset	NOUN
fsr-3846	191	50	value	value	NOUN
fsr-3846	191	51	over	over	ADP
fsr-3846	191	52	the	the	DET
fsr-3846	191	53	ten	ten	NUM
fsr-3846	191	54	-	-	PUNCT
fsr-3846	191	55	year	year	NOUN
fsr-3846	191	56	period	period	NOUN
fsr-3846	191	57	.	.	PUNCT
fsr-3846	192	1	results	result	NOUN
fsr-3846	192	2	in	in	ADP
fsr-3846	192	3	panel	panel	NOUN
fsr-3846	192	4	b	b	PROPN
fsr-3846	192	5	of	of	ADP
fsr-3846	192	6	table	table	NOUN
fsr-3846	192	7	4	4	NUM
fsr-3846	192	8	are	be	AUX
fsr-3846	192	9	divided	divide	VERB
fsr-3846	192	10	such	such	ADJ
fsr-3846	192	11	that	that	SCONJ
fsr-3846	192	12	,	,	PUNCT
fsr-3846	192	13	as	as	ADP
fsr-3846	192	14	before	before	ADV
fsr-3846	192	15	,	,	PUNCT
fsr-3846	192	16	superior	superior	ADJ
fsr-3846	192	17	managers	manager	NOUN
fsr-3846	192	18	had	have	VERB
fsr-3846	192	19	mprs	mprs	NOUN
fsr-3846	192	20	greater	great	ADJ
fsr-3846	192	21	than	than	ADP
fsr-3846	192	22	the	the	DET
fsr-3846	192	23	50th	50th	ADJ
fsr-3846	192	24	percentile	percentile	NOUN
fsr-3846	192	25	for	for	ADP
fsr-3846	192	26	the	the	DET
fsr-3846	192	27	period	period	NOUN
fsr-3846	192	28	1986	1986	NUM
fsr-3846	192	29	-	-	SYM
fsr-3846	192	30	1990	1990	NUM
fsr-3846	192	31	,	,	PUNCT
fsr-3846	192	32	while	while	SCONJ
fsr-3846	192	33	all	all	DET
fsr-3846	192	34	others	other	NOUN
fsr-3846	192	35	are	be	AUX
fsr-3846	192	36	deemed	deem	VERB
fsr-3846	192	37	inferior	inferior	ADJ
fsr-3846	192	38	managers	manager	NOUN
fsr-3846	192	39	.	.	PUNCT
fsr-3846	193	1	expense	expense	NOUN
fsr-3846	193	2	ratios	ratio	NOUN
fsr-3846	193	3	are	be	AUX
fsr-3846	193	4	divided	divide	VERB
fsr-3846	193	5	into	into	ADP
fsr-3846	193	6	high	high	ADJ
fsr-3846	193	7	and	and	CCONJ
fsr-3846	193	8	low	low	ADJ
fsr-3846	193	9	categories	category	NOUN
fsr-3846	193	10	.	.	PUNCT
fsr-3846	194	1	expense	expense	NOUN
fsr-3846	194	2	ratios	ratio	NOUN
fsr-3846	194	3	were	be	AUX
fsr-3846	194	4	listed	list	VERB
fsr-3846	194	5	as	as	ADV
fsr-3846	194	6	high	high	ADJ
fsr-3846	194	7	if	if	SCONJ
fsr-3846	194	8	the	the	DET
fsr-3846	194	9	fund	fund	NOUN
fsr-3846	194	10	's	's	PART
fsr-3846	194	11	ratio	ratio	NOUN
fsr-3846	194	12	was	be	AUX
fsr-3846	194	13	greater	great	ADJ
fsr-3846	194	14	than	than	ADP
fsr-3846	194	15	the	the	DET
fsr-3846	194	16	full	full	ADJ
fsr-3846	194	17	sample	sample	NOUN
fsr-3846	194	18	mean	mean	NOUN
fsr-3846	194	19	(	(	PUNCT
fsr-3846	194	20	1.37	1.37	NUM
fsr-3846	194	21	percent	percent	NOUN
fsr-3846	194	22	)	)	PUNCT
fsr-3846	194	23	during	during	ADP
fsr-3846	194	24	the	the	DET
fsr-3846	194	25	period	period	NOUN
fsr-3846	194	26	1986	1986	NUM
fsr-3846	194	27	-	-	SYM
fsr-3846	194	28	1990	1990	NUM
fsr-3846	194	29	,	,	PUNCT
fsr-3846	194	30	and	and	CCONJ
fsr-3846	194	31	listed	list	VERB
fsr-3846	194	32	as	as	ADP
fsr-3846	194	33	low	low	ADJ
fsr-3846	194	34	,	,	PUNCT
fsr-3846	194	35	otherwise	otherwise	ADV
fsr-3846	194	36	.	.	PUNCT
fsr-3846	195	1	panel	panel	NOUN
fsr-3846	195	2	b	b	PROPN
fsr-3846	195	3	shows	show	VERB
fsr-3846	195	4	that	that	SCONJ
fsr-3846	195	5	,	,	PUNCT
fsr-3846	195	6	regardless	regardless	ADV
fsr-3846	195	7	of	of	ADP
fsr-3846	195	8	expense	expense	NOUN
fsr-3846	195	9	level	level	NOUN
fsr-3846	195	10	,	,	PUNCT
fsr-3846	195	11	performance	performance	NOUN
fsr-3846	195	12	of	of	ADP
fsr-3846	195	13	superior	superior	ADJ
fsr-3846	195	14	managers	manager	NOUN
fsr-3846	195	15	reverts	revert	VERB
fsr-3846	195	16	to	to	ADP
fsr-3846	195	17	levels	level	NOUN
fsr-3846	195	18	near	near	ADP
fsr-3846	195	19	50	50	NUM
fsr-3846	195	20	in	in	ADP
fsr-3846	195	21	the	the	DET
fsr-3846	195	22	subsequent	subsequent	ADJ
fsr-3846	195	23	period	period	NOUN
fsr-3846	195	24	.	.	PUNCT
fsr-3846	196	1	however	however	ADV
fsr-3846	196	2	,	,	PUNCT
fsr-3846	196	3	the	the	DET
fsr-3846	196	4	average	average	ADJ
fsr-3846	196	5	mpr	mpr	NOUN
fsr-3846	196	6	of	of	ADP
fsr-3846	196	7	the	the	DET
fsr-3846	196	8	low	low	ADJ
fsr-3846	196	9	expense	expense	NOUN
fsr-3846	196	10	funds	fund	NOUN
fsr-3846	196	11	in	in	ADP
fsr-3846	196	12	the	the	DET
fsr-3846	196	13	1991	1991	NUM
fsr-3846	196	14	-	-	SYM
fsr-3846	196	15	1995	1995	NUM
fsr-3846	196	16	period	period	NOUN
fsr-3846	196	17	is	be	AUX
fsr-3846	196	18	10.3	10.3	NUM
fsr-3846	196	19	points	point	NOUN
fsr-3846	196	20	greater	great	ADJ
fsr-3846	196	21	than	than	ADP
fsr-3846	196	22	the	the	DET
fsr-3846	196	23	average	average	ADJ
fsr-3846	196	24	mpr	mpr	NOUN
fsr-3846	196	25	of	of	ADP
fsr-3846	196	26	high	high	ADJ
fsr-3846	196	27	expense	expense	NOUN
fsr-3846	196	28	funds	fund	NOUN
fsr-3846	196	29	(	(	PUNCT
fsr-3846	196	30	t	t	NOUN
fsr-3846	196	31	=	=	SYM
fsr-3846	196	32	1.93	1.93	NUM
fsr-3846	196	33	,	,	PUNCT
fsr-3846	196	34	two	two	NUM
fsr-3846	196	35	-	-	PUNCT
fsr-3846	196	36	tail	tail	NOUN
fsr-3846	196	37	test	test	NOUN
fsr-3846	196	38	,	,	PUNCT
fsr-3846	196	39	significant	significant	ADJ
fsr-3846	196	40	at	at	ADP
fsr-3846	196	41	10	10	NUM
fsr-3846	196	42	%	%	NOUN
fsr-3846	196	43	)	)	PUNCT
fsr-3846	196	44	.	.	PUNCT
fsr-3846	197	1	the	the	DET
fsr-3846	197	2	performance	performance	NOUN
fsr-3846	197	3	of	of	ADP
fsr-3846	197	4	inferior	inferior	ADJ
fsr-3846	197	5	managers	manager	NOUN
fsr-3846	197	6	with	with	ADP
fsr-3846	197	7	low	low	ADJ
fsr-3846	197	8	expense	expense	NOUN
fsr-3846	197	9	ratios	ratio	NOUN
fsr-3846	197	10	improves	improve	VERB
fsr-3846	197	11	to	to	PART
fsr-3846	197	12	average	average	VERB
fsr-3846	197	13	for	for	ADP
fsr-3846	197	14	1991	1991	NUM
fsr-3846	197	15	-	-	SYM
fsr-3846	197	16	1995	1995	NUM
fsr-3846	197	17	,	,	PUNCT
fsr-3846	197	18	while	while	SCONJ
fsr-3846	197	19	the	the	DET
fsr-3846	197	20	average	average	ADJ
fsr-3846	197	21	mpr	mpr	NOUN
fsr-3846	197	22	of	of	ADP
fsr-3846	197	23	those	those	PRON
fsr-3846	197	24	with	with	ADP
fsr-3846	197	25	high	high	ADJ
fsr-3846	197	26	expense	expense	NOUN
fsr-3846	197	27	ratios	ratio	NOUN
fsr-3846	197	28	remains	remain	VERB
fsr-3846	197	29	signifi	signifi	NOUN
fsr-3846	197	30	cantly	cantly	ADV
fsr-3846	197	31	below	below	ADP
fsr-3846	197	32	average	average	NOUN
fsr-3846	197	33	at	at	ADP
fsr-3846	197	34	the	the	DET
fsr-3846	197	35	5	5	NUM
fsr-3846	197	36	%	%	NOUN
fsr-3846	197	37	level	level	NOUN
fsr-3846	197	38	.	.	PUNCT
fsr-3846	198	1	the	the	DET
fsr-3846	198	2	average	average	ADJ
fsr-3846	198	3	mpr	mpr	NOUN
fsr-3846	198	4	of	of	ADP
fsr-3846	198	5	low	low	ADJ
fsr-3846	198	6	expense	expense	NOUN
fsr-3846	198	7	funds	fund	NOUN
fsr-3846	198	8	during	during	ADP
fsr-3846	198	9	1991	1991	NUM
fsr-3846	198	10	-	-	SYM
fsr-3846	198	11	1995	1995	NUM
fsr-3846	198	12	is	be	AUX
fsr-3846	198	13	significantly	significantly	ADV
fsr-3846	198	14	greater	great	ADJ
fsr-3846	198	15	than	than	ADP
fsr-3846	198	16	the	the	DET
fsr-3846	198	17	performance	performance	NOUN
fsr-3846	198	18	of	of	ADP
fsr-3846	198	19	the	the	DET
fsr-3846	198	20	high	high	ADJ
fsr-3846	198	21	expense	expense	NOUN
fsr-3846	198	22	funds	fund	NOUN
fsr-3846	198	23	by	by	ADP
fsr-3846	198	24	14.6	14.6	NUM
fsr-3846	198	25	points	point	NOUN
fsr-3846	198	26	at	at	ADP
fsr-3846	198	27	the	the	DET
fsr-3846	198	28	5	5	NUM
fsr-3846	198	29	%	%	NOUN
fsr-3846	198	30	level	level	NOUN
fsr-3846	198	31	(	(	PUNCT
fsr-3846	198	32	t	t	NOUN
fsr-3846	198	33	=	=	SYM
fsr-3846	198	34	3.60	3.60	NUM
fsr-3846	198	35	,	,	PUNCT
fsr-3846	198	36	two	two	NUM
fsr-3846	198	37	-	-	PUNCT
fsr-3846	198	38	tail	tail	NOUN
fsr-3846	198	39	test	test	NOUN
fsr-3846	198	40	)	)	PUNCT
fsr-3846	198	41	.	.	PUNCT
fsr-3846	199	1	the	the	DET
fsr-3846	199	2	evidence	evidence	NOUN
fsr-3846	199	3	presented	present	VERB
fsr-3846	199	4	in	in	ADP
fsr-3846	199	5	table	table	NOUN
fsr-3846	199	6	3	3	NUM
fsr-3846	199	7	suggests	suggest	VERB
fsr-3846	199	8	performance	performance	NOUN
fsr-3846	199	9	persistence	persistence	NOUN
fsr-3846	199	10	67	67	NUM
fsr-3846	199	11	that	that	SCONJ
fsr-3846	199	12	,	,	PUNCT
fsr-3846	199	13	not	not	PART
fsr-3846	199	14	only	only	ADV
fsr-3846	199	15	do	do	AUX
fsr-3846	199	16	successful	successful	ADJ
fsr-3846	199	17	managers	manager	NOUN
fsr-3846	199	18	,	,	PUNCT
fsr-3846	199	19	on	on	ADP
fsr-3846	199	20	average	average	ADJ
fsr-3846	199	21	,	,	PUNCT
fsr-3846	199	22	fail	fail	VERB
fsr-3846	199	23	to	to	PART
fsr-3846	199	24	reproduce	reproduce	VERB
fsr-3846	199	25	their	their	PRON
fsr-3846	199	26	prior	prior	ADJ
fsr-3846	199	27	success	success	NOUN
fsr-3846	199	28	rel	rel	NOUN
fsr-3846	199	29	ative	ative	ADJ
fsr-3846	199	30	to	to	ADP
fsr-3846	199	31	their	their	PRON
fsr-3846	199	32	peers	peer	NOUN
fsr-3846	199	33	,	,	PUNCT
fsr-3846	199	34	but	but	CCONJ
fsr-3846	199	35	managers	manager	NOUN
fsr-3846	199	36	of	of	ADP
fsr-3846	199	37	funds	fund	NOUN
fsr-3846	199	38	with	with	ADP
fsr-3846	199	39	relatively	relatively	ADV
fsr-3846	199	40	high	high	ADJ
fsr-3846	199	41	expense	expense	NOUN
fsr-3846	199	42	ratios	ratio	NOUN
fsr-3846	199	43	tend	tend	VERB
fsr-3846	199	44	to	to	PART
fsr-3846	199	45	per	per	ADP
fsr-3846	199	46	form	form	NOUN
fsr-3846	199	47	,	,	PUNCT
fsr-3846	199	48	on	on	ADP
fsr-3846	199	49	average	average	ADJ
fsr-3846	199	50	,	,	PUNCT
fsr-3846	199	51	more	more	ADV
fsr-3846	199	52	poorly	poorly	ADV
fsr-3846	199	53	than	than	ADP
fsr-3846	199	54	their	their	PRON
fsr-3846	199	55	peers	peer	NOUN
fsr-3846	199	56	in	in	ADP
fsr-3846	199	57	subsequent	subsequent	ADJ
fsr-3846	199	58	years	year	NOUN
fsr-3846	199	59	.	.	PUNCT
fsr-3846	200	1	v.	v.	ADP
fsr-3846	200	2	conclusion	conclusion	NOUN
fsr-3846	200	3	using	use	VERB
fsr-3846	200	4	relative	relative	ADJ
fsr-3846	200	5	annual	annual	ADJ
fsr-3846	200	6	performance	performance	NOUN
fsr-3846	200	7	ranks	rank	NOUN
fsr-3846	200	8	,	,	PUNCT
fsr-3846	200	9	this	this	DET
fsr-3846	200	10	study	study	NOUN
fsr-3846	200	11	finds	find	VERB
fsr-3846	200	12	no	no	DET
fsr-3846	200	13	evidence	evidence	NOUN
fsr-3846	200	14	that	that	PRON
fsr-3846	200	15	experienced	experience	VERB
fsr-3846	200	16	mutual	mutual	ADJ
fsr-3846	200	17	fund	fund	NOUN
fsr-3846	200	18	managers	manager	NOUN
fsr-3846	200	19	outperform	outperform	VERB
fsr-3846	200	20	their	their	PRON
fsr-3846	200	21	less	less	ADV
fsr-3846	200	22	experienced	experienced	ADJ
fsr-3846	200	23	peers	peer	NOUN
fsr-3846	200	24	.	.	PUNCT
fsr-3846	201	1	also	also	ADV
fsr-3846	201	2	,	,	PUNCT
fsr-3846	201	3	the	the	DET
fsr-3846	201	4	superior	superior	ADJ
fsr-3846	201	5	relative	relative	ADJ
fsr-3846	201	6	performance	performance	NOUN
fsr-3846	201	7	of	of	ADP
fsr-3846	201	8	experienced	experienced	ADJ
fsr-3846	201	9	managers	manager	NOUN
fsr-3846	201	10	measured	measure	VERB
fsr-3846	201	11	over	over	ADP
fsr-3846	201	12	the	the	DET
fsr-3846	201	13	five	five	NUM
fsr-3846	201	14	-	-	PUNCT
fsr-3846	201	15	year	year	NOUN
fsr-3846	201	16	period	period	NOUN
fsr-3846	201	17	1986	1986	NUM
fsr-3846	201	18	-	-	SYM
fsr-3846	201	19	-1990	-1990	PROPN
fsr-3846	201	20	was	be	AUX
fsr-3846	201	21	not	not	PART
fsr-3846	201	22	predictive	predictive	ADJ
fsr-3846	201	23	of	of	ADP
fsr-3846	201	24	superior	superior	ADJ
fsr-3846	201	25	performance	performance	NOUN
fsr-3846	201	26	over	over	ADP
fsr-3846	201	27	the	the	DET
fsr-3846	201	28	subsequent	subsequent	ADJ
fsr-3846	201	29	five	five	NUM
fsr-3846	201	30	years	year	NOUN
fsr-3846	201	31	.	.	PUNCT
fsr-3846	202	1	while	while	SCONJ
fsr-3846	202	2	superior	superior	ADJ
fsr-3846	202	3	per	per	ADP
fsr-3846	202	4	formance	formance	NOUN
fsr-3846	202	5	is	be	AUX
fsr-3846	202	6	not	not	PART
fsr-3846	202	7	persistent	persistent	ADJ
fsr-3846	202	8	,	,	PUNCT
fsr-3846	202	9	there	there	PRON
fsr-3846	202	10	is	be	VERB
fsr-3846	202	11	evidence	evidence	NOUN
fsr-3846	202	12	that	that	SCONJ
fsr-3846	202	13	inferior	inferior	ADJ
fsr-3846	202	14	performance	performance	NOUN
fsr-3846	202	15	does	do	AUX
fsr-3846	202	16	persist	persist	VERB
fsr-3846	202	17	.	.	PUNCT
fsr-3846	203	1	poorly	poorly	ADV
fsr-3846	203	2	performing	perform	VERB
fsr-3846	203	3	managers	manager	NOUN
fsr-3846	203	4	tend	tend	VERB
fsr-3846	203	5	to	to	PART
fsr-3846	203	6	improve	improve	VERB
fsr-3846	203	7	their	their	PRON
fsr-3846	203	8	rankings	ranking	NOUN
fsr-3846	203	9	in	in	ADP
fsr-3846	203	10	the	the	DET
fsr-3846	203	11	next	next	ADJ
fsr-3846	203	12	period	period	NOUN
fsr-3846	203	13	,	,	PUNCT
fsr-3846	203	14	but	but	CCONJ
fsr-3846	203	15	their	their	PRON
fsr-3846	203	16	perfor	perfor	NOUN
fsr-3846	203	17	mance	mance	NOUN
fsr-3846	203	18	remains	remain	VERB
fsr-3846	203	19	below	below	ADP
fsr-3846	203	20	that	that	PRON
fsr-3846	203	21	of	of	ADP
fsr-3846	203	22	superior	superior	ADJ
fsr-3846	203	23	managers	manager	NOUN
fsr-3846	203	24	.	.	PUNCT
fsr-3846	204	1	one	one	NUM
fsr-3846	204	2	reason	reason	NOUN
fsr-3846	204	3	for	for	ADP
fsr-3846	204	4	this	this	PRON
fsr-3846	204	5	appears	appear	VERB
fsr-3846	204	6	to	to	PART
fsr-3846	204	7	be	be	AUX
fsr-3846	204	8	differ	differ	ADJ
fsr-3846	204	9	ences	ence	NOUN
fsr-3846	204	10	in	in	ADP
fsr-3846	204	11	expense	expense	NOUN
fsr-3846	204	12	ratios	ratio	NOUN
fsr-3846	204	13	.	.	PUNCT
fsr-3846	205	1	managers	manager	NOUN
fsr-3846	205	2	with	with	ADP
fsr-3846	205	3	inferior	inferior	ADJ
fsr-3846	205	4	performance	performance	NOUN
fsr-3846	205	5	and	and	CCONJ
fsr-3846	205	6	greater	great	ADJ
fsr-3846	205	7	than	than	ADP
fsr-3846	205	8	average	average	ADJ
fsr-3846	205	9	expense	expense	NOUN
fsr-3846	205	10	ratios	ratio	NOUN
fsr-3846	205	11	during	during	ADP
fsr-3846	205	12	1986	1986	NUM
fsr-3846	205	13	-	-	SYM
fsr-3846	205	14	1990	1990	NUM
fsr-3846	205	15	perform	perform	VERB
fsr-3846	205	16	more	more	ADV
fsr-3846	205	17	poorly	poorly	ADV
fsr-3846	205	18	during	during	ADP
fsr-3846	205	19	1991	1991	NUM
fsr-3846	205	20	-	-	SYM
fsr-3846	205	21	1995	1995	NUM
fsr-3846	205	22	than	than	ADP
fsr-3846	205	23	funds	fund	NOUN
fsr-3846	205	24	with	with	ADP
fsr-3846	205	25	below	below	ADP
fsr-3846	205	26	average	average	ADJ
fsr-3846	205	27	expense	expense	NOUN
fsr-3846	205	28	ratios	ratio	NOUN
fsr-3846	205	29	.	.	PUNCT
fsr-3846	206	1	the	the	DET
fsr-3846	206	2	results	result	NOUN
fsr-3846	206	3	hold	hold	VERB
fsr-3846	206	4	after	after	ADP
fsr-3846	206	5	controlling	control	VERB
fsr-3846	206	6	the	the	DET
fsr-3846	206	7	systematic	systematic	ADJ
fsr-3846	206	8	risk	risk	NOUN
fsr-3846	206	9	of	of	ADP
fsr-3846	206	10	the	the	DET
fsr-3846	206	11	fund	fund	NOUN
fsr-3846	206	12	and	and	CCONJ
fsr-3846	206	13	risk	risk	NOUN
fsr-3846	206	14	exposure	exposure	NOUN
fsr-3846	206	15	related	relate	VERB
fsr-3846	206	16	to	to	ADP
fsr-3846	206	17	individual	individual	ADJ
fsr-3846	206	18	management	management	NOUN
fsr-3846	206	19	styles	style	NOUN
fsr-3846	206	20	defined	define	VERB
fsr-3846	206	21	by	by	ADP
fsr-3846	206	22	morningstar	morningstar	NOUN
fsr-3846	206	23	.	.	PUNCT
fsr-3846	207	1	the	the	DET
fsr-3846	207	2	results	result	NOUN
fsr-3846	207	3	of	of	ADP
fsr-3846	207	4	this	this	DET
fsr-3846	207	5	study	study	NOUN
fsr-3846	207	6	are	be	AUX
fsr-3846	207	7	consistent	consistent	ADJ
fsr-3846	207	8	with	with	ADP
fsr-3846	207	9	those	those	PRON
fsr-3846	207	10	of	of	ADP
fsr-3846	207	11	detzel	detzel	ADJ
fsr-3846	207	12	and	and	CCONJ
fsr-3846	207	13	weigand	weigand	NOUN
fsr-3846	207	14	(	(	PUNCT
fsr-3846	207	15	also	also	ADV
fsr-3846	207	16	in	in	ADP
fsr-3846	207	17	this	this	DET
fsr-3846	207	18	issue	issue	NOUN
fsr-3846	207	19	)	)	PUNCT
fsr-3846	207	20	.	.	PUNCT
fsr-3846	208	1	using	use	VERB
fsr-3846	208	2	a	a	DET
fsr-3846	208	3	regression	regression	NOUN
fsr-3846	208	4	residual	residual	ADJ
fsr-3846	208	5	approach	approach	NOUN
fsr-3846	208	6	,	,	PUNCT
fsr-3846	208	7	they	they	PRON
fsr-3846	208	8	also	also	ADV
fsr-3846	208	9	find	find	VERB
fsr-3846	208	10	no	no	DET
fsr-3846	208	11	persistence	persistence	NOUN
fsr-3846	208	12	in	in	ADP
fsr-3846	208	13	fund	fund	NOUN
fsr-3846	208	14	perfor	perfor	PROPN
fsr-3846	208	15	mance	mance	NOUN
fsr-3846	208	16	after	after	ADP
fsr-3846	208	17	controlling	control	VERB
fsr-3846	208	18	for	for	ADP
fsr-3846	208	19	investment	investment	NOUN
fsr-3846	208	20	objective	objective	NOUN
fsr-3846	208	21	and	and	CCONJ
fsr-3846	208	22	other	other	ADJ
fsr-3846	208	23	common	common	ADJ
fsr-3846	208	24	portfolio	portfolio	NOUN
fsr-3846	208	25	factors	factor	NOUN
fsr-3846	208	26	.	.	PUNCT
fsr-3846	209	1	explicit	explicit	ADJ
fsr-3846	209	2	control	control	NOUN
fsr-3846	209	3	for	for	ADP
fsr-3846	209	4	investment	investment	NOUN
fsr-3846	209	5	objective	objective	NOUN
fsr-3846	209	6	and	and	CCONJ
fsr-3846	209	7	style	style	NOUN
fsr-3846	209	8	category	category	NOUN
fsr-3846	209	9	,	,	PUNCT
fsr-3846	209	10	as	as	ADV
fsr-3846	209	11	well	well	ADV
fsr-3846	209	12	as	as	ADP
fsr-3846	209	13	longer	long	ADJ
fsr-3846	209	14	performance	performance	NOUN
fsr-3846	209	15	periods	period	NOUN
fsr-3846	209	16	,	,	PUNCT
fsr-3846	209	17	are	be	AUX
fsr-3846	209	18	key	key	ADJ
fsr-3846	209	19	facets	facet	NOUN
fsr-3846	209	20	of	of	ADP
fsr-3846	209	21	the	the	DET
fsr-3846	209	22	methodologies	methodology	NOUN
fsr-3846	209	23	of	of	ADP
fsr-3846	209	24	our	our	PRON
fsr-3846	209	25	two	two	NUM
fsr-3846	209	26	studies	study	NOUN
fsr-3846	209	27	.	.	PUNCT
fsr-3846	210	1	though	though	SCONJ
fsr-3846	210	2	each	each	PRON
fsr-3846	210	3	employs	employ	VERB
fsr-3846	210	4	unique	unique	ADJ
fsr-3846	210	5	methodologies	methodology	NOUN
fsr-3846	210	6	relative	relative	ADJ
fsr-3846	210	7	to	to	ADP
fsr-3846	210	8	recent	recent	ADJ
fsr-3846	210	9	work	work	NOUN
fsr-3846	210	10	in	in	ADP
fsr-3846	210	11	this	this	DET
fsr-3846	210	12	area	area	NOUN
fsr-3846	210	13	,	,	PUNCT
fsr-3846	210	14	these	these	DET
fsr-3846	210	15	studies	study	NOUN
fsr-3846	210	16	provide	provide	VERB
fsr-3846	210	17	further	further	ADJ
fsr-3846	210	18	evi	evi	NOUN
fsr-3846	210	19	dence	dence	NOUN
fsr-3846	210	20	that	that	SCONJ
fsr-3846	210	21	neither	neither	CCONJ
fsr-3846	210	22	expertise	expertise	NOUN
fsr-3846	210	23	nor	nor	CCONJ
fsr-3846	210	24	past	past	ADJ
fsr-3846	210	25	performance	performance	NOUN
fsr-3846	210	26	is	be	AUX
fsr-3846	210	27	indicative	indicative	ADJ
fsr-3846	210	28	of	of	ADP
fsr-3846	210	29	future	future	ADJ
fsr-3846	210	30	,	,	PUNCT
fsr-3846	210	31	long	long	ADV
fsr-3846	210	32	-	-	PUNCT
fsr-3846	210	33	run	run	VERB
fsr-3846	210	34	,	,	PUNCT
fsr-3846	210	35	superior	superior	ADJ
fsr-3846	210	36	mutual	mutual	ADJ
fsr-3846	210	37	fund	fund	NOUN
fsr-3846	210	38	performance	performance	NOUN
fsr-3846	210	39	.	.	PUNCT
fsr-3846	211	1	acknowledgment	acknowledgment	NOUN
fsr-3846	211	2	:	:	PUNCT
fsr-3846	211	3	the	the	DET
fsr-3846	211	4	authors	author	NOUN
fsr-3846	211	5	thank	thank	VERB
fsr-3846	211	6	editor	editor	PROPN
fsr-3846	211	7	karen	karen	PROPN
fsr-3846	211	8	eilers	eilers	PROPN
fsr-3846	211	9	lahey	lahey	PROPN
fsr-3846	211	10	and	and	CCONJ
fsr-3846	211	11	the	the	DET
fsr-3846	211	12	anonymous	anonymous	ADJ
fsr-3846	211	13	ref	ref	NOUN
fsr-3846	211	14	erees	eree	NOUN
fsr-3846	211	15	for	for	ADP
fsr-3846	211	16	their	their	PRON
fsr-3846	211	17	valuable	valuable	ADJ
fsr-3846	211	18	contributions	contribution	NOUN
fsr-3846	211	19	.	.	PUNCT
fsr-3846	212	1	thanks	thank	NOUN
fsr-3846	212	2	also	also	ADV
fsr-3846	212	3	to	to	ADP
fsr-3846	212	4	qingsheng	qingsheng	PROPN
fsr-3846	212	5	mou	mou	PROPN
fsr-3846	212	6	and	and	CCONJ
fsr-3846	212	7	neil	neil	PROPN
fsr-3846	212	8	monaghan	monaghan	PROPN
fsr-3846	212	9	for	for	ADP
fsr-3846	212	10	their	their	PRON
fsr-3846	212	11	research	research	NOUN
fsr-3846	212	12	assistance	assistance	NOUN
fsr-3846	212	13	and	and	CCONJ
fsr-3846	212	14	jim	jim	PROPN
fsr-3846	212	15	gilkeson	gilkeson	PROPN
fsr-3846	212	16	and	and	CCONJ
fsr-3846	212	17	stan	stan	PROPN
fsr-3846	212	18	atkinson	atkinson	PROPN
fsr-3846	212	19	for	for	ADP
fsr-3846	212	20	their	their	PRON
fsr-3846	212	21	helpful	helpful	ADJ
fsr-3846	212	22	com	com	NOUN
fsr-3846	212	23	ments	ment	NOUN
fsr-3846	212	24	.	.	PUNCT
fsr-3846	213	1	we	we	PRON
fsr-3846	213	2	also	also	ADV
fsr-3846	213	3	appreciate	appreciate	VERB
fsr-3846	213	4	the	the	DET
fsr-3846	213	5	comments	comment	NOUN
fsr-3846	213	6	generated	generate	VERB
fsr-3846	213	7	by	by	ADP
fsr-3846	213	8	a	a	DET
fsr-3846	213	9	presentation	presentation	NOUN
fsr-3846	213	10	to	to	ADP
fsr-3846	213	11	ucf	ucf	PROPN
fsr-3846	213	12	faculty	faculty	NOUN
fsr-3846	213	13	,	,	PUNCT
fsr-3846	213	14	particularly	particularly	ADV
fsr-3846	213	15	,	,	PUNCT
fsr-3846	213	16	stan	stan	PROPN
fsr-3846	213	17	smith	smith	PROPN
fsr-3846	213	18	,	,	PUNCT
fsr-3846	213	19	shawn	shawn	PROPN
fsr-3846	213	20	phelps	phelps	PROPN
fsr-3846	213	21	,	,	PUNCT
fsr-3846	213	22	john	john	PROPN
fsr-3846	213	23	cheney	cheney	PROPN
fsr-3846	213	24	,	,	PUNCT
fsr-3846	213	25	and	and	CCONJ
fsr-3846	213	26	ronnie	ronnie	PROPN
fsr-3846	213	27	clayton	clayton	PROPN
fsr-3846	213	28	.	.	PUNCT
fsr-3846	214	1	references	reference	NOUN
fsr-3846	214	2	bauman	bauman	PROPN
fsr-3846	214	3	,	,	PUNCT
fsr-3846	214	4	w.	w.	PROPN
fsr-3846	214	5	s.	s.	PROPN
fsr-3846	214	6	,	,	PUNCT
fsr-3846	214	7	&	&	CCONJ
fsr-3846	214	8	miller	miller	PROPN
fsr-3846	214	9	,	,	PUNCT
fsr-3846	214	10	r.	r.	PROPN
fsr-3846	214	11	e.	e.	PROPN
fsr-3846	214	12	(	(	PUNCT
fsr-3846	214	13	1995	1995	NUM
fsr-3846	214	14	)	)	PUNCT
fsr-3846	214	15	.	.	PUNCT
fsr-3846	215	1	portfolio	portfolio	NOUN
fsr-3846	215	2	performance	performance	NOUN
fsr-3846	215	3	rankings	ranking	NOUN
fsr-3846	215	4	in	in	ADP
fsr-3846	215	5	stock	stock	NOUN
fsr-3846	215	6	market	market	NOUN
fsr-3846	215	7	cycles	cycle	NOUN
fsr-3846	215	8	.	.	PUNCT
fsr-3846	216	1	financial	financial	ADJ
fsr-3846	216	2	analysts	analyst	NOUN
fsr-3846	216	3	journal	journal	NOUN
fsr-3846	216	4	,	,	PUNCT
fsr-3846	216	5	51	51	NUM
fsr-3846	216	6	,	,	PUNCT
fsr-3846	216	7	79	79	NUM
fsr-3846	216	8	-	-	SYM
fsr-3846	216	9	87	87	NUM
fsr-3846	216	10	.	.	PUNCT
fsr-3846	217	1	carhart	carhart	NOUN
fsr-3846	217	2	,	,	PUNCT
fsr-3846	217	3	m.	m.	NOUN
fsr-3846	217	4	m.	m.	NOUN
fsr-3846	217	5	(	(	PUNCT
fsr-3846	217	6	1997	1997	NUM
fsr-3846	217	7	)	)	PUNCT
fsr-3846	217	8	.	.	PUNCT
fsr-3846	218	1	on	on	ADP
fsr-3846	218	2	persistence	persistence	NOUN
fsr-3846	218	3	in	in	ADP
fsr-3846	218	4	mutual	mutual	ADJ
fsr-3846	218	5	fund	fund	NOUN
fsr-3846	218	6	performance	performance	NOUN
fsr-3846	218	7	.	.	PUNCT
fsr-3846	219	1	journal	journal	PROPN
fsr-3846	219	2	of	of	ADP
fsr-3846	219	3	finance	finance	NOUN
fsr-3846	219	4	,	,	PUNCT
fsr-3846	219	5	52	52	NUM
fsr-3846	219	6	,	,	PUNCT
fsr-3846	219	7	57	57	NUM
fsr-3846	219	8	-	-	SYM
fsr-3846	219	9	82	82	NUM
fsr-3846	219	10	.	.	PUNCT
fsr-3846	220	1	detzel	detzel	PROPN
fsr-3846	220	2	,	,	PUNCT
fsr-3846	220	3	f.	f.	PROPN
fsr-3846	220	4	l.	l.	PROPN
fsr-3846	220	5	,	,	PUNCT
fsr-3846	220	6	&	&	CCONJ
fsr-3846	220	7	weigand	weigand	PROPN
fsr-3846	220	8	,	,	PUNCT
fsr-3846	220	9	r.	r.	PROPN
fsr-3846	220	10	a.	a.	PROPN
fsr-3846	220	11	(	(	PUNCT
fsr-3846	220	12	1998	1998	NUM
fsr-3846	220	13	)	)	PUNCT
fsr-3846	220	14	.	.	PUNCT
fsr-3846	221	1	explaining	explain	VERB
fsr-3846	221	2	persistence	persistence	NOUN
fsr-3846	221	3	in	in	ADP
fsr-3846	221	4	mutual	mutual	ADJ
fsr-3846	221	5	fund	fund	NOUN
fsr-3846	221	6	performance	performance	NOUN
fsr-3846	221	7	.	.	PUNCT
fsr-3846	222	1	finan	finan	PROPN
fsr-3846	222	2	cial	cial	PROPN
fsr-3846	222	3	services	services	PROPN
fsr-3846	222	4	review	review	PROPN
fsr-3846	222	5	,	,	PUNCT
fsr-3846	222	6	7(1	7(1	NUM
fsr-3846	222	7	)	)	PUNCT
fsr-3846	222	8	,	,	PUNCT
fsr-3846	222	9	45	45	NUM
fsr-3846	222	10	-	-	SYM
fsr-3846	222	11	55	55	NUM
fsr-3846	222	12	.	.	PUNCT
fsr-3846	223	1	dunn	dunn	PROPN
fsr-3846	223	2	,	,	PUNCT
fsr-3846	223	3	p.	p.	PROPN
fsr-3846	223	4	c.	c.	PROPN
fsr-3846	223	5	,	,	PUNCT
fsr-3846	223	6	&	&	CCONJ
fsr-3846	223	7	theisen	theisen	PROPN
fsr-3846	223	8	,	,	PUNCT
fsr-3846	223	9	r.	r.	PROPN
fsr-3846	223	10	d.	d.	PROPN
fsr-3846	223	11	(	(	PUNCT
fsr-3846	223	12	1983	1983	NUM
fsr-3846	223	13	)	)	PUNCT
fsr-3846	223	14	.	.	PUNCT
fsr-3846	224	1	how	how	SCONJ
fsr-3846	224	2	consistently	consistently	ADV
fsr-3846	224	3	do	do	AUX
fsr-3846	224	4	active	active	ADJ
fsr-3846	224	5	managers	manager	NOUN
fsr-3846	224	6	win	win	VERB
fsr-3846	224	7	?	?	PUNCT
fsr-3846	225	1	journal	journal	NOUN
fsr-3846	225	2	of	of	ADP
fsr-3846	225	3	portfolio	portfolio	NOUN
fsr-3846	225	4	management	management	NOUN
fsr-3846	225	5	,	,	PUNCT
fsr-3846	225	6	9	9	NUM
fsr-3846	225	7	,	,	PUNCT
fsr-3846	225	8	47	47	NUM
fsr-3846	225	9	-	-	SYM
fsr-3846	225	10	51	51	NUM
fsr-3846	225	11	.	.	PUNCT
fsr-3846	226	1	elton	elton	PROPN
fsr-3846	226	2	,	,	PUNCT
fsr-3846	226	3	e.	e.	PROPN
fsr-3846	226	4	j.	j.	PROPN
fsr-3846	226	5	,	,	PUNCT
fsr-3846	226	6	gruber	gruber	PROPN
fsr-3846	226	7	,	,	PUNCT
fsr-3846	226	8	m.	m.	NOUN
fsr-3846	226	9	,	,	PUNCT
fsr-3846	226	10	das	das	PROPN
fsr-3846	226	11	,	,	PUNCT
fsr-3846	226	12	s.	s.	PROPN
fsr-3846	226	13	,	,	PUNCT
fsr-3846	226	14	&	&	CCONJ
fsr-3846	226	15	hlavka	hlavka	PROPN
fsr-3846	226	16	,	,	PUNCT
fsr-3846	226	17	m.	m.	NOUN
fsr-3846	226	18	(	(	PUNCT
fsr-3846	226	19	1993	1993	NUM
fsr-3846	226	20	)	)	PUNCT
fsr-3846	226	21	.	.	PUNCT
fsr-3846	227	1	efficiency	efficiency	NOUN
fsr-3846	227	2	with	with	ADP
fsr-3846	227	3	costly	costly	ADJ
fsr-3846	227	4	information	information	NOUN
fsr-3846	227	5	:	:	PUNCT
fsr-3846	227	6	reinter	reinter	NOUN
fsr-3846	227	7	pretation	pretation	NOUN
fsr-3846	227	8	of	of	ADP
fsr-3846	227	9	evidence	evidence	NOUN
fsr-3846	227	10	from	from	ADP
fsr-3846	227	11	managed	manage	VERB
fsr-3846	227	12	portfolios	portfolio	NOUN
fsr-3846	227	13	.	.	PUNCT
fsr-3846	228	1	the	the	DET
fsr-3846	228	2	review	review	NOUN
fsr-3846	228	3	of	of	ADP
fsr-3846	228	4	financial	financial	ADJ
fsr-3846	228	5	studies	study	NOUN
fsr-3846	228	6	,	,	PUNCT
fsr-3846	228	7	6	6	NUM
fsr-3846	228	8	,	,	PUNCT
fsr-3846	228	9	1	1	NUM
fsr-3846	228	10	-	-	SYM
fsr-3846	228	11	22	22	NUM
fsr-3846	228	12	.	.	PUNCT
fsr-3846	229	1	68	68	NUM
fsr-3846	229	2	financial	financial	ADJ
fsr-3846	229	3	services	service	NOUN
fsr-3846	229	4	review	review	VERB
fsr-3846	229	5	7(1	7(1	NUM
fsr-3846	229	6	)	)	PUNCT
fsr-3846	229	7	1998	1998	NUM
fsr-3846	229	8	goetzman	goetzman	NOUN
fsr-3846	229	9	,	,	PUNCT
fsr-3846	229	10	w.	w.	PROPN
fsr-3846	229	11	n.	n.	PROPN
fsr-3846	229	12	,	,	PUNCT
fsr-3846	229	13	&	&	CCONJ
fsr-3846	229	14	ibbotson	ibbotson	PROPN
fsr-3846	229	15	,	,	PUNCT
fsr-3846	229	16	r.	r.	PROPN
fsr-3846	229	17	g.	g.	PROPN
fsr-3846	229	18	(	(	PUNCT
fsr-3846	229	19	1994	1994	NUM
fsr-3846	229	20	)	)	PUNCT
fsr-3846	229	21	.	.	PUNCT
fsr-3846	230	1	do	do	AUX
fsr-3846	230	2	winners	winner	NOUN
fsr-3846	230	3	repeat	repeat	VERB
fsr-3846	230	4	?	?	PUNCT
fsr-3846	231	1	journal	journal	PROPN
fsr-3846	231	2	of	of	ADP
fsr-3846	231	3	portfolio	portfolio	NOUN
fsr-3846	231	4	management	management	NOUN
fsr-3846	231	5	,	,	PUNCT
fsr-3846	231	6	20	20	NUM
fsr-3846	231	7	,	,	PUNCT
fsr-3846	231	8	9	9	NUM
fsr-3846	231	9	-	-	SYM
fsr-3846	231	10	18	18	NUM
fsr-3846	231	11	.	.	PUNCT
fsr-3846	232	1	golec	golec	NOUN
fsr-3846	232	2	,	,	PUNCT
fsr-3846	232	3	j.	j.	PROPN
fsr-3846	232	4	h.	h.	PROPN
fsr-3846	232	5	(	(	PUNCT
fsr-3846	232	6	1996	1996	NUM
fsr-3846	232	7	)	)	PUNCT
fsr-3846	232	8	.	.	PUNCT
fsr-3846	233	1	the	the	DET
fsr-3846	233	2	effects	effect	NOUN
fsr-3846	233	3	of	of	ADP
fsr-3846	233	4	mutual	mutual	ADJ
fsr-3846	233	5	fund	fund	NOUN
fsr-3846	233	6	managers	manager	NOUN
fsr-3846	233	7	'	'	PART
fsr-3846	233	8	characteristics	characteristic	NOUN
fsr-3846	233	9	on	on	ADP
fsr-3846	233	10	their	their	PRON
fsr-3846	233	11	portfolio	portfolio	NOUN
fsr-3846	233	12	perfor	perfor	PROPN
fsr-3846	233	13	mance	mance	NOUN
fsr-3846	233	14	,	,	PUNCT
fsr-3846	233	15	risk	risk	NOUN
fsr-3846	233	16	,	,	PUNCT
fsr-3846	233	17	and	and	CCONJ
fsr-3846	233	18	fees	fee	NOUN
fsr-3846	233	19	.	.	PUNCT
fsr-3846	234	1	financial	financial	ADJ
fsr-3846	234	2	services	service	NOUN
fsr-3846	234	3	review	review	PROPN
fsr-3846	234	4	,	,	PUNCT
fsr-3846	234	5	5	5	NUM
fsr-3846	234	6	,	,	PUNCT
fsr-3846	234	7	133	133	NUM
fsr-3846	234	8	-	-	SYM
fsr-3846	234	9	147	147	NUM
fsr-3846	234	10	.	.	PUNCT
fsr-3846	235	1	grinblatt	grinblatt	PROPN
fsr-3846	235	2	,	,	PUNCT
fsr-3846	235	3	m.	m.	NOUN
fsr-3846	235	4	,	,	PUNCT
fsr-3846	235	5	&	&	CCONJ
fsr-3846	235	6	titman	titman	PROPN
fsr-3846	235	7	,	,	PUNCT
fsr-3846	235	8	s.	s.	PROPN
fsr-3846	235	9	(	(	PUNCT
fsr-3846	235	10	1992	1992	NUM
fsr-3846	235	11	)	)	PUNCT
fsr-3846	235	12	.	.	PUNCT
fsr-3846	236	1	the	the	DET
fsr-3846	236	2	persistence	persistence	NOUN
fsr-3846	236	3	of	of	ADP
fsr-3846	236	4	mutual	mutual	ADJ
fsr-3846	236	5	fund	fund	NOUN
fsr-3846	236	6	performance	performance	NOUN
fsr-3846	236	7	.	.	PUNCT
fsr-3846	237	1	journal	journal	PROPN
fsr-3846	237	2	of	of	ADP
fsr-3846	237	3	finance	finance	NOUN
fsr-3846	237	4	,	,	PUNCT
fsr-3846	237	5	47	47	NUM
fsr-3846	237	6	,	,	PUNCT
fsr-3846	237	7	1977	1977	NUM
fsr-3846	237	8	-	-	SYM
fsr-3846	237	9	1984	1984	NUM
fsr-3846	237	10	.	.	PUNCT
fsr-3846	238	1	gruber	gruber	PROPN
fsr-3846	238	2	,	,	PUNCT
fsr-3846	238	3	m.	m.	NOUN
fsr-3846	238	4	j.	j.	PROPN
fsr-3846	238	5	(	(	PUNCT
fsr-3846	238	6	1996	1996	NUM
fsr-3846	238	7	)	)	PUNCT
fsr-3846	238	8	.	.	PUNCT
fsr-3846	239	1	another	another	DET
fsr-3846	239	2	puzzle	puzzle	NOUN
fsr-3846	239	3	:	:	PUNCT
fsr-3846	239	4	the	the	DET
fsr-3846	239	5	growth	growth	NOUN
fsr-3846	239	6	in	in	ADP
fsr-3846	239	7	actively	actively	ADV
fsr-3846	239	8	managed	manage	VERB
fsr-3846	239	9	mutual	mutual	ADJ
fsr-3846	239	10	funds	fund	NOUN
fsr-3846	239	11	.	.	PUNCT
fsr-3846	240	1	journal	journal	PROPN
fsr-3846	240	2	of	of	ADP
fsr-3846	240	3	finance	finance	NOUN
fsr-3846	240	4	,	,	PUNCT
fsr-3846	240	5	51,783	51,783	NUM
fsr-3846	240	6	-	-	SYM
fsr-3846	240	7	810	810	NUM
fsr-3846	240	8	.	.	PUNCT
fsr-3846	241	1	hendricks	hendrick	NOUN
fsr-3846	241	2	,	,	PUNCT
fsr-3846	241	3	d.	d.	PROPN
fsr-3846	241	4	,	,	PUNCT
fsr-3846	241	5	patel	patel	PROPN
fsr-3846	241	6	,	,	PUNCT
fsr-3846	241	7	j.	j.	PROPN
fsr-3846	241	8	,	,	PUNCT
fsr-3846	241	9	&	&	CCONJ
fsr-3846	241	10	zeckhauser	zeckhauser	PROPN
fsr-3846	241	11	,	,	PUNCT
fsr-3846	241	12	r.	r.	PROPN
fsr-3846	241	13	(	(	PUNCT
fsr-3846	241	14	1993	1993	NUM
fsr-3846	241	15	)	)	PUNCT
fsr-3846	241	16	.	.	PUNCT
fsr-3846	242	1	hot	hot	ADJ
fsr-3846	242	2	hands	hand	NOUN
fsr-3846	242	3	in	in	ADP
fsr-3846	242	4	mutual	mutual	ADJ
fsr-3846	242	5	funds	fund	NOUN
fsr-3846	242	6	:	:	PUNCT
fsr-3846	242	7	short	short	ADJ
fsr-3846	242	8	-	-	PUNCT
fsr-3846	242	9	run	run	NOUN
fsr-3846	242	10	persistence	persistence	NOUN
fsr-3846	242	11	of	of	ADP
fsr-3846	242	12	relative	relative	ADJ
fsr-3846	242	13	performance	performance	NOUN
fsr-3846	242	14	,	,	PUNCT
fsr-3846	242	15	1974	1974	NUM
fsr-3846	242	16	-	-	SYM
fsr-3846	242	17	1988	1988	NUM
fsr-3846	242	18	.	.	PUNCT
fsr-3846	243	1	journal	journal	NOUN
fsr-3846	243	2	of	of	ADP
fsr-3846	243	3	finance	finance	NOUN
fsr-3846	243	4	,	,	PUNCT
fsr-3846	243	5	48	48	NUM
fsr-3846	243	6	,	,	PUNCT
fsr-3846	243	7	93	93	NUM
fsr-3846	243	8	-	-	SYM
fsr-3846	243	9	130	130	NUM
fsr-3846	243	10	.	.	PUNCT
fsr-3846	244	1	ippolito	ippolito	PROPN
fsr-3846	244	2	,	,	PUNCT
fsr-3846	244	3	r.	r.	PROPN
fsr-3846	244	4	a.	a.	PROPN
fsr-3846	244	5	(	(	PUNCT
fsr-3846	244	6	1989	1989	NUM
fsr-3846	244	7	)	)	PUNCT
fsr-3846	244	8	.	.	PUNCT
fsr-3846	245	1	efficiency	efficiency	NOUN
fsr-3846	245	2	with	with	ADP
fsr-3846	245	3	costly	costly	ADJ
fsr-3846	245	4	information	information	NOUN
fsr-3846	245	5	:	:	PUNCT
fsr-3846	245	6	a	a	DET
fsr-3846	245	7	study	study	NOUN
fsr-3846	245	8	of	of	ADP
fsr-3846	245	9	mutual	mutual	ADJ
fsr-3846	245	10	fund	fund	NOUN
fsr-3846	245	11	performance	performance	NOUN
fsr-3846	245	12	.	.	PUNCT
fsr-3846	246	1	quarterly	quarterly	ADJ
fsr-3846	246	2	journal	journal	NOUN
fsr-3846	246	3	of	of	ADP
fsr-3846	246	4	economics	economic	NOUN
fsr-3846	246	5	,	,	PUNCT
fsr-3846	246	6	104	104	NUM
fsr-3846	246	7	,	,	PUNCT
fsr-3846	246	8	1	1	NUM
fsr-3846	246	9	-	-	SYM
fsr-3846	246	10	23	23	NUM
fsr-3846	246	11	.	.	PUNCT
fsr-3846	247	1	kahn	kahn	PROPN
fsr-3846	247	2	,	,	PUNCT
fsr-3846	247	3	r.	r.	PROPN
fsr-3846	247	4	n.	n.	PROPN
fsr-3846	247	5	,	,	PUNCT
fsr-3846	247	6	&	&	CCONJ
fsr-3846	247	7	rudd	rudd	PROPN
fsr-3846	247	8	,	,	PUNCT
fsr-3846	247	9	a.	a.	NOUN
fsr-3846	247	10	(	(	PUNCT
fsr-3846	247	11	1995	1995	NUM
fsr-3846	247	12	)	)	PUNCT
fsr-3846	247	13	,	,	PUNCT
fsr-3846	247	14	does	do	AUX
fsr-3846	247	15	historical	historical	ADJ
fsr-3846	247	16	performance	performance	NOUN
fsr-3846	247	17	predict	predict	VERB
fsr-3846	247	18	future	future	ADJ
fsr-3846	247	19	performance	performance	NOUN
fsr-3846	247	20	?	?	PUNCT
fsr-3846	248	1	financial	financial	ADJ
fsr-3846	248	2	analysts	analyst	NOUN
fsr-3846	248	3	journal	journal	NOUN
fsr-3846	248	4	,	,	PUNCT
fsr-3846	248	5	51	51	NUM
fsr-3846	248	6	,	,	PUNCT
fsr-3846	248	7	43	43	NUM
fsr-3846	248	8	-	-	SYM
fsr-3846	248	9	52	52	NUM
fsr-3846	248	10	.	.	PUNCT
fsr-3846	249	1	malkiel	malkiel	PROPN
fsr-3846	249	2	,	,	PUNCT
fsr-3846	249	3	b.	b.	PROPN
fsr-3846	249	4	g.	g.	PROPN
fsr-3846	249	5	(	(	PUNCT
fsr-3846	249	6	1995	1995	NUM
fsr-3846	249	7	)	)	PUNCT
fsr-3846	249	8	.	.	PUNCT
fsr-3846	250	1	returns	return	NOUN
fsr-3846	250	2	from	from	ADP
fsr-3846	250	3	investing	invest	VERB
fsr-3846	250	4	in	in	ADP
fsr-3846	250	5	equity	equity	NOUN
fsr-3846	250	6	mutual	mutual	ADJ
fsr-3846	250	7	funds	fund	NOUN
fsr-3846	250	8	1971	1971	NUM
fsr-3846	250	9	to	to	ADP
fsr-3846	250	10	1991	1991	NUM
fsr-3846	250	11	.	.	PUNCT
fsr-3846	251	1	journal	journal	NOUN
fsr-3846	251	2	of	of	ADP
fsr-3846	251	3	finance	finance	NOUN
fsr-3846	251	4	,	,	PUNCT
fsr-3846	251	5	50	50	NUM
fsr-3846	251	6	,	,	PUNCT
fsr-3846	251	7	549	549	NUM
fsr-3846	251	8	-	-	SYM
fsr-3846	251	9	572	572	NUM
fsr-3846	251	10	.	.	PUNCT
fsr-3846	251	11	volkman	volkman	NOUN
fsr-3846	251	12	,	,	PUNCT
fsr-3846	251	13	d.	d.	PROPN
fsr-3846	251	14	a.	a.	PROPN
fsr-3846	251	15	,	,	PUNCT
fsr-3846	251	16	&	&	CCONJ
fsr-3846	251	17	wohar	wohar	PROPN
fsr-3846	251	18	,	,	PUNCT
fsr-3846	251	19	m.	m.	PROPN
fsr-3846	251	20	e.	e.	PROPN
fsr-3846	251	21	(	(	PUNCT
fsr-3846	251	22	1995	1995	NUM
fsr-3846	251	23	)	)	PUNCT
fsr-3846	251	24	.	.	PUNCT
fsr-3846	252	1	determinants	determinant	NOUN
fsr-3846	252	2	of	of	ADP
fsr-3846	252	3	persistence	persistence	NOUN
fsr-3846	252	4	in	in	ADP
fsr-3846	252	5	relative	relative	ADJ
fsr-3846	252	6	performance	performance	NOUN
fsr-3846	252	7	of	of	ADP
fsr-3846	252	8	mutual	mutual	ADJ
fsr-3846	252	9	funds	fund	NOUN
fsr-3846	252	10	.	.	PUNCT
fsr-3846	253	1	journal	journal	NOUN
fsr-3846	253	2	of	of	ADP
fsr-3846	253	3	financial	financial	ADJ
fsr-3846	253	4	research	research	NOUN
fsr-3846	253	5	,	,	PUNCT
fsr-3846	253	6	18	18	NUM
fsr-3846	253	7	,	,	PUNCT
fsr-3846	253	8	415	415	NUM
fsr-3846	253	9	-	-	SYM
fsr-3846	253	10	430	430	NUM
fsr-3846	253	11	.	.	PUNCT