id	sid	tid	token	lemma	pos
fsr-3878	1	1	pii	pii	PROPN
fsr-3878	1	2	:	:	PUNCT
fsr-3878	1	3	s1057	s1057	NOUN
fsr-3878	1	4	-	-	PUNCT
fsr-3878	1	5	0810(99)00031	0810(99)00031	NOUN
fsr-3878	1	6	-	-	PUNCT
fsr-3878	1	7	1	1	NUM
fsr-3878	1	8	international	international	ADJ
fsr-3878	1	9	equity	equity	NOUN
fsr-3878	1	10	diversification	diversification	NOUN
fsr-3878	1	11	and	and	CCONJ
fsr-3878	1	12	shortfall	shortfall	NOUN
fsr-3878	1	13	risk	risk	NOUN
fsr-3878	1	14	kwok	kwok	PROPN
fsr-3878	1	15	hoa	hoa	PROPN
fsr-3878	1	16	,	,	PUNCT
fsr-3878	1	17	moshe	moshe	PROPN
fsr-3878	1	18	arye	arye	PROPN
fsr-3878	1	19	milevskyb	milevskyb	PROPN
fsr-3878	1	20	,	,	PUNCT
fsr-3878	1	21	chris	chris	PROPN
fsr-3878	1	22	robinsonb	robinsonb	VERB
fsr-3878	1	23	,	,	PUNCT
fsr-3878	1	24	*	*	PUNCT
fsr-3878	1	25	aatkinson	aatkinson	NOUN
fsr-3878	1	26	college	college	PROPN
fsr-3878	1	27	,	,	PUNCT
fsr-3878	1	28	york	york	PROPN
fsr-3878	1	29	university	university	PROPN
fsr-3878	1	30	,	,	PUNCT
fsr-3878	1	31	north	north	PROPN
fsr-3878	1	32	york	york	PROPN
fsr-3878	1	33	,	,	PUNCT
fsr-3878	1	34	ontario	ontario	PROPN
fsr-3878	1	35	m3j	m3j	PROPN
fsr-3878	1	36	1p3	1p3	NUM
fsr-3878	1	37	,	,	PUNCT
fsr-3878	1	38	canada	canada	PROPN
fsr-3878	1	39	bschulich	bschulich	VERB
fsr-3878	1	40	school	school	NOUN
fsr-3878	1	41	of	of	ADP
fsr-3878	1	42	business	business	NOUN
fsr-3878	1	43	,	,	PUNCT
fsr-3878	1	44	york	york	PROPN
fsr-3878	1	45	university	university	PROPN
fsr-3878	1	46	,	,	PUNCT
fsr-3878	1	47	north	north	PROPN
fsr-3878	1	48	york	york	PROPN
fsr-3878	1	49	,	,	PUNCT
fsr-3878	1	50	ontario	ontario	PROPN
fsr-3878	1	51	m3j	m3j	PROPN
fsr-3878	1	52	1p3	1p3	NUM
fsr-3878	1	53	,	,	PUNCT
fsr-3878	1	54	canada	canada	PROPN
fsr-3878	1	55	abstract	abstract	PROPN
fsr-3878	1	56	international	international	PROPN
fsr-3878	1	57	equity	equity	NOUN
fsr-3878	1	58	diversification	diversification	NOUN
fsr-3878	1	59	benefits	benefit	VERB
fsr-3878	1	60	canadian	canadian	ADJ
fsr-3878	1	61	investors	investor	NOUN
fsr-3878	1	62	very	very	ADV
fsr-3878	1	63	substantially	substantially	ADV
fsr-3878	1	64	by	by	ADP
fsr-3878	1	65	reducing	reduce	VERB
fsr-3878	1	66	shortfall	shortfall	NOUN
fsr-3878	1	67	risk	risk	NOUN
fsr-3878	1	68	,	,	PUNCT
fsr-3878	1	69	as	as	SCONJ
fsr-3878	1	70	shown	show	VERB
fsr-3878	1	71	by	by	ADP
fsr-3878	1	72	results	result	NOUN
fsr-3878	1	73	of	of	ADP
fsr-3878	1	74	a	a	DET
fsr-3878	1	75	model	model	NOUN
fsr-3878	1	76	that	that	PRON
fsr-3878	1	77	minimizes	minimize	VERB
fsr-3878	1	78	the	the	DET
fsr-3878	1	79	risk	risk	NOUN
fsr-3878	1	80	of	of	ADP
fsr-3878	1	81	shortfall	shortfall	NOUN
fsr-3878	1	82	from	from	ADP
fsr-3878	1	83	a	a	DET
fsr-3878	1	84	desired	desire	VERB
fsr-3878	1	85	consumption	consumption	NOUN
fsr-3878	1	86	level	level	NOUN
fsr-3878	1	87	for	for	ADP
fsr-3878	1	88	a	a	DET
fsr-3878	1	89	retired	retired	ADJ
fsr-3878	1	90	investor	investor	NOUN
fsr-3878	1	91	with	with	ADP
fsr-3878	1	92	an	an	DET
fsr-3878	1	93	unknown	unknown	ADJ
fsr-3878	1	94	date	date	NOUN
fsr-3878	1	95	of	of	ADP
fsr-3878	1	96	death	death	NOUN
fsr-3878	1	97	and	and	CCONJ
fsr-3878	1	98	stochastic	stochastic	ADJ
fsr-3878	1	99	investment	investment	NOUN
fsr-3878	1	100	returns	return	NOUN
fsr-3878	1	101	.	.	PUNCT
fsr-3878	2	1	it	it	PRON
fsr-3878	2	2	does	do	AUX
fsr-3878	2	3	not	not	PART
fsr-3878	2	4	benefit	benefit	VERB
fsr-3878	2	5	american	american	ADJ
fsr-3878	2	6	investors	investor	NOUN
fsr-3878	2	7	materially	materially	ADV
fsr-3878	2	8	.	.	PUNCT
fsr-3878	3	1	the	the	DET
fsr-3878	3	2	united	united	PROPN
fsr-3878	3	3	states	states	PROPN
fsr-3878	3	4	equity	equity	NOUN
fsr-3878	3	5	market	market	NOUN
fsr-3878	3	6	is	be	AUX
fsr-3878	3	7	a	a	DET
fsr-3878	3	8	large	large	ADJ
fsr-3878	3	9	proportion	proportion	NOUN
fsr-3878	3	10	of	of	ADP
fsr-3878	3	11	the	the	DET
fsr-3878	3	12	international	international	ADJ
fsr-3878	3	13	equity	equity	NOUN
fsr-3878	3	14	market	market	NOUN
fsr-3878	3	15	that	that	PRON
fsr-3878	3	16	is	be	AUX
fsr-3878	3	17	available	available	ADJ
fsr-3878	3	18	to	to	ADP
fsr-3878	3	19	individual	individual	ADJ
fsr-3878	3	20	investors	investor	NOUN
fsr-3878	3	21	,	,	PUNCT
fsr-3878	3	22	and	and	CCONJ
fsr-3878	3	23	united	united	PROPN
fsr-3878	3	24	states	states	PROPN
fsr-3878	3	25	returns	return	NOUN
fsr-3878	3	26	are	be	AUX
fsr-3878	3	27	highly	highly	ADV
fsr-3878	3	28	correlated	correlate	VERB
fsr-3878	3	29	with	with	ADP
fsr-3878	3	30	other	other	ADJ
fsr-3878	3	31	markets	market	NOUN
fsr-3878	3	32	.	.	PUNCT
fsr-3878	4	1	©	©	PROPN
fsr-3878	4	2	1999	1999	NUM
fsr-3878	4	3	elsevier	elsevier	PROPN
fsr-3878	4	4	science	science	PROPN
fsr-3878	4	5	inc	inc	PROPN
fsr-3878	4	6	.	.	PUNCT
fsr-3878	5	1	all	all	DET
fsr-3878	5	2	rights	right	NOUN
fsr-3878	5	3	reserved	reserve	VERB
fsr-3878	5	4	.	.	PUNCT
fsr-3878	6	1	jel	jel	PROPN
fsr-3878	6	2	classification	classification	PROPN
fsr-3878	6	3	:	:	PUNCT
fsr-3878	6	4	g11	g11	PROPN
fsr-3878	6	5	;	;	PUNCT
fsr-3878	6	6	g15	g15	PROPN
fsr-3878	6	7	;	;	PUNCT
fsr-3878	6	8	g23	g23	NOUN
fsr-3878	6	9	keywords	keyword	NOUN
fsr-3878	6	10	:	:	PUNCT
fsr-3878	6	11	international	international	ADJ
fsr-3878	6	12	diversification	diversification	NOUN
fsr-3878	6	13	;	;	PUNCT
fsr-3878	6	14	shortfall	shortfall	NOUN
fsr-3878	6	15	risk	risk	NOUN
fsr-3878	6	16	;	;	PUNCT
fsr-3878	6	17	asset	asset	NOUN
fsr-3878	6	18	allocation	allocation	NOUN
fsr-3878	6	19	;	;	PUNCT
fsr-3878	6	20	asian	asian	ADJ
fsr-3878	6	21	options	option	NOUN
fsr-3878	6	22	1	1	NUM
fsr-3878	6	23	.	.	PUNCT
fsr-3878	6	24	introduction	introduction	NOUN
fsr-3878	6	25	the	the	DET
fsr-3878	6	26	benefits	benefit	NOUN
fsr-3878	6	27	of	of	ADP
fsr-3878	6	28	international	international	ADJ
fsr-3878	6	29	portfolio	portfolio	NOUN
fsr-3878	6	30	diversification	diversification	NOUN
fsr-3878	6	31	have	have	AUX
fsr-3878	6	32	received	receive	VERB
fsr-3878	6	33	considerable	considerable	ADJ
fsr-3878	6	34	attention	attention	NOUN
fsr-3878	6	35	in	in	ADP
fsr-3878	6	36	the	the	DET
fsr-3878	6	37	investment	investment	NOUN
fsr-3878	6	38	literature	literature	NOUN
fsr-3878	6	39	.	.	PUNCT
fsr-3878	7	1	using	use	VERB
fsr-3878	7	2	data	datum	NOUN
fsr-3878	7	3	on	on	ADP
fsr-3878	7	4	major	major	ADJ
fsr-3878	7	5	international	international	ADJ
fsr-3878	7	6	markets	market	NOUN
fsr-3878	7	7	,	,	PUNCT
fsr-3878	7	8	numerous	numerous	ADJ
fsr-3878	7	9	studies	study	NOUN
fsr-3878	7	10	have	have	AUX
fsr-3878	7	11	documented	document	VERB
fsr-3878	7	12	the	the	DET
fsr-3878	7	13	benefits	benefit	NOUN
fsr-3878	7	14	from	from	ADP
fsr-3878	7	15	the	the	DET
fsr-3878	7	16	viewpoint	viewpoint	NOUN
fsr-3878	7	17	of	of	ADP
fsr-3878	7	18	reducing	reduce	VERB
fsr-3878	7	19	total	total	ADJ
fsr-3878	7	20	risk	risk	NOUN
fsr-3878	7	21	without	without	ADP
fsr-3878	7	22	sacrificing	sacrifice	VERB
fsr-3878	7	23	expected	expect	VERB
fsr-3878	7	24	returns	return	NOUN
fsr-3878	7	25	.	.	PUNCT
fsr-3878	8	1	a	a	DET
fsr-3878	8	2	smaller	small	ADJ
fsr-3878	8	3	number	number	NOUN
fsr-3878	8	4	of	of	ADP
fsr-3878	8	5	papers	paper	NOUN
fsr-3878	8	6	have	have	AUX
fsr-3878	8	7	questioned	question	VERB
fsr-3878	8	8	the	the	DET
fsr-3878	8	9	benefits	benefit	NOUN
fsr-3878	8	10	of	of	ADP
fsr-3878	8	11	international	international	ADJ
fsr-3878	8	12	diversification	diversification	NOUN
fsr-3878	8	13	.	.	PUNCT
fsr-3878	9	1	in	in	ADP
fsr-3878	9	2	this	this	DET
fsr-3878	9	3	paper	paper	NOUN
fsr-3878	9	4	we	we	PRON
fsr-3878	9	5	use	use	VERB
fsr-3878	9	6	a	a	DET
fsr-3878	9	7	different	different	ADJ
fsr-3878	9	8	technique	technique	NOUN
fsr-3878	9	9	to	to	PART
fsr-3878	9	10	try	try	VERB
fsr-3878	9	11	to	to	PART
fsr-3878	9	12	resolve	resolve	VERB
fsr-3878	9	13	this	this	DET
fsr-3878	9	14	conflict	conflict	NOUN
fsr-3878	9	15	.	.	PUNCT
fsr-3878	10	1	specifically	specifically	ADV
fsr-3878	10	2	,	,	PUNCT
fsr-3878	10	3	we	we	PRON
fsr-3878	10	4	use	use	VERB
fsr-3878	10	5	minimization	minimization	NOUN
fsr-3878	10	6	of	of	ADP
fsr-3878	10	7	shortfall	shortfall	NOUN
fsr-3878	10	8	risk	risk	NOUN
fsr-3878	10	9	as	as	ADP
fsr-3878	10	10	the	the	DET
fsr-3878	10	11	choice	choice	NOUN
fsr-3878	10	12	criterion	criterion	NOUN
fsr-3878	10	13	for	for	ADP
fsr-3878	10	14	an	an	DET
fsr-3878	10	15	individual	individual	ADJ
fsr-3878	10	16	investor	investor	NOUN
fsr-3878	10	17	who	who	PRON
fsr-3878	10	18	is	be	AUX
fsr-3878	10	19	retired	retire	VERB
fsr-3878	10	20	,	,	PUNCT
fsr-3878	10	21	and	and	CCONJ
fsr-3878	10	22	hence	hence	ADV
fsr-3878	10	23	has	have	VERB
fsr-3878	10	24	no	no	DET
fsr-3878	10	25	further	further	ADJ
fsr-3878	10	26	labour	labour	ADJ
fsr-3878	10	27	income	income	NOUN
fsr-3878	10	28	to	to	PART
fsr-3878	10	29	support	support	VERB
fsr-3878	10	30	consumption	consumption	NOUN
fsr-3878	10	31	,	,	PUNCT
fsr-3878	10	32	only	only	ADV
fsr-3878	10	33	an	an	DET
fsr-3878	10	34	endowment	endowment	NOUN
fsr-3878	10	35	from	from	ADP
fsr-3878	10	36	which	which	PRON
fsr-3878	10	37	he	he	PRON
fsr-3878	10	38	or	or	CCONJ
fsr-3878	10	39	she	she	PRON
fsr-3878	10	40	can	can	AUX
fsr-3878	10	41	consume	consume	VERB
fsr-3878	10	42	both	both	PRON
fsr-3878	10	43	principal	principal	NOUN
fsr-3878	10	44	and	and	CCONJ
fsr-3878	10	45	income	income	NOUN
fsr-3878	10	46	.	.	PUNCT
fsr-3878	11	1	our	our	PRON
fsr-3878	11	2	model	model	NOUN
fsr-3878	11	3	*	*	PUNCT
fsr-3878	11	4	corresponding	correspond	VERB
fsr-3878	11	5	author	author	NOUN
fsr-3878	11	6	.	.	PUNCT
fsr-3878	12	1	tel.:11	tel.:11	PROPN
fsr-3878	12	2	-	-	PUNCT
fsr-3878	12	3	416	416	NUM
fsr-3878	12	4	-	-	PUNCT
fsr-3878	12	5	736	736	NUM
fsr-3878	12	6	-	-	PUNCT
fsr-3878	12	7	5072	5072	NUM
fsr-3878	12	8	;	;	PUNCT
fsr-3878	12	9	fax:11	fax:11	NOUN
fsr-3878	12	10	-	-	PUNCT
fsr-3878	12	11	416	416	NUM
fsr-3878	12	12	-	-	PUNCT
fsr-3878	12	13	736	736	NUM
fsr-3878	12	14	-	-	PUNCT
fsr-3878	12	15	5687	5687	NUM
fsr-3878	12	16	.	.	PUNCT
fsr-3878	13	1	e	e	X
fsr-3878	13	2	-	-	NOUN
fsr-3878	13	3	mail	mail	NOUN
fsr-3878	13	4	address:findoctr@interlog.com	address:findoctr@interlog.com	NOUN
fsr-3878	13	5	(	(	PUNCT
fsr-3878	13	6	c.	c.	PROPN
fsr-3878	13	7	robinson	robinson	PROPN
fsr-3878	13	8	)	)	PUNCT
fsr-3878	13	9	financial	financial	ADJ
fsr-3878	13	10	services	service	NOUN
fsr-3878	13	11	review	review	VERB
fsr-3878	13	12	8	8	NUM
fsr-3878	13	13	(	(	PUNCT
fsr-3878	13	14	1999	1999	NUM
fsr-3878	13	15	)	)	PUNCT
fsr-3878	14	1	11–25	11–25	NUM
fsr-3878	14	2	1057	1057	NUM
fsr-3878	14	3	-	-	SYM
fsr-3878	14	4	0810/99/$	0810/99/$	NUM
fsr-3878	14	5	–	–	PUNCT
fsr-3878	14	6	see	see	VERB
fsr-3878	14	7	front	front	ADJ
fsr-3878	14	8	matter	matter	NOUN
fsr-3878	14	9	©	©	PROPN
fsr-3878	14	10	1999	1999	NUM
fsr-3878	14	11	elsevier	elsevier	PROPN
fsr-3878	14	12	science	science	PROPN
fsr-3878	14	13	inc	inc	PROPN
fsr-3878	14	14	.	.	PUNCT
fsr-3878	15	1	all	all	DET
fsr-3878	15	2	rights	right	NOUN
fsr-3878	15	3	reserved	reserve	VERB
fsr-3878	15	4	.	.	PUNCT
fsr-3878	16	1	pii	pii	NOUN
fsr-3878	16	2	:	:	PUNCT
fsr-3878	16	3	s1057	s1057	NOUN
fsr-3878	16	4	-	-	PUNCT
fsr-3878	16	5	0810(99)00031	0810(99)00031	NOUN
fsr-3878	16	6	-	-	PUNCT
fsr-3878	16	7	1	1	NUM
fsr-3878	16	8	allows	allow	VERB
fsr-3878	16	9	the	the	DET
fsr-3878	16	10	individual	individual	NOUN
fsr-3878	16	11	to	to	PART
fsr-3878	16	12	allocate	allocate	VERB
fsr-3878	16	13	this	this	DET
fsr-3878	16	14	endowment	endowment	NOUN
fsr-3878	16	15	among	among	ADP
fsr-3878	16	16	various	various	ADJ
fsr-3878	16	17	assets	asset	NOUN
fsr-3878	16	18	classes	class	NOUN
fsr-3878	16	19	to	to	PART
fsr-3878	16	20	determine	determine	VERB
fsr-3878	16	21	which	which	DET
fsr-3878	16	22	combination	combination	NOUN
fsr-3878	16	23	will	will	AUX
fsr-3878	16	24	provide	provide	VERB
fsr-3878	16	25	the	the	DET
fsr-3878	16	26	smallest	small	ADJ
fsr-3878	16	27	risk	risk	NOUN
fsr-3878	16	28	of	of	ADP
fsr-3878	16	29	falling	fall	VERB
fsr-3878	16	30	short	short	ADV
fsr-3878	16	31	of	of	ADP
fsr-3878	16	32	a	a	DET
fsr-3878	16	33	pre	pre	ADJ
fsr-3878	16	34	-	-	ADJ
fsr-3878	16	35	determined	determined	ADJ
fsr-3878	16	36	desired	desire	VERB
fsr-3878	16	37	level	level	NOUN
fsr-3878	16	38	of	of	ADP
fsr-3878	16	39	consumption	consumption	NOUN
fsr-3878	16	40	.	.	PUNCT
fsr-3878	17	1	we	we	PRON
fsr-3878	17	2	compare	compare	VERB
fsr-3878	17	3	the	the	DET
fsr-3878	17	4	minimum	minimum	ADJ
fsr-3878	17	5	shortfall	shortfall	NOUN
fsr-3878	17	6	risk	risk	NOUN
fsr-3878	17	7	portfolios	portfolio	NOUN
fsr-3878	17	8	for	for	ADP
fsr-3878	17	9	different	different	ADJ
fsr-3878	17	10	possible	possible	ADJ
fsr-3878	17	11	choice	choice	NOUN
fsr-3878	17	12	sets	set	NOUN
fsr-3878	17	13	.	.	PUNCT
fsr-3878	18	1	we	we	PRON
fsr-3878	18	2	find	find	VERB
fsr-3878	18	3	that	that	SCONJ
fsr-3878	18	4	a	a	DET
fsr-3878	18	5	retired	retire	VERB
fsr-3878	18	6	canadian	canadian	ADJ
fsr-3878	18	7	investor	investor	NOUN
fsr-3878	18	8	can	can	AUX
fsr-3878	18	9	do	do	VERB
fsr-3878	18	10	much	much	ADV
fsr-3878	18	11	better	well	ADJ
fsr-3878	18	12	,	,	PUNCT
fsr-3878	18	13	where	where	SCONJ
fsr-3878	18	14	“	"	PUNCT
fsr-3878	18	15	better	well	ADJ
fsr-3878	18	16	”	"	PUNCT
fsr-3878	18	17	means	mean	VERB
fsr-3878	18	18	lower	low	ADJ
fsr-3878	18	19	shortfall	shortfall	NOUN
fsr-3878	18	20	risk	risk	NOUN
fsr-3878	18	21	,	,	PUNCT
fsr-3878	18	22	by	by	ADP
fsr-3878	18	23	investing	invest	VERB
fsr-3878	18	24	in	in	ADP
fsr-3878	18	25	a	a	DET
fsr-3878	18	26	portfolio	portfolio	NOUN
fsr-3878	18	27	that	that	PRON
fsr-3878	18	28	includes	include	VERB
fsr-3878	18	29	international	international	ADJ
fsr-3878	18	30	equity	equity	NOUN
fsr-3878	18	31	,	,	PUNCT
fsr-3878	18	32	compared	compare	VERB
fsr-3878	18	33	with	with	ADP
fsr-3878	18	34	a	a	DET
fsr-3878	18	35	portfolio	portfolio	NOUN
fsr-3878	18	36	that	that	PRON
fsr-3878	18	37	allows	allow	VERB
fsr-3878	18	38	only	only	ADV
fsr-3878	18	39	domestic	domestic	ADJ
fsr-3878	18	40	assets	asset	NOUN
fsr-3878	18	41	.	.	PUNCT
fsr-3878	19	1	by	by	ADP
fsr-3878	19	2	contrast	contrast	NOUN
fsr-3878	19	3	,	,	PUNCT
fsr-3878	19	4	an	an	DET
fsr-3878	19	5	american	american	ADJ
fsr-3878	19	6	investor	investor	NOUN
fsr-3878	19	7	in	in	ADP
fsr-3878	19	8	the	the	DET
fsr-3878	19	9	same	same	ADJ
fsr-3878	19	10	situation	situation	NOUN
fsr-3878	19	11	(	(	PUNCT
fsr-3878	19	12	i.e.	i.e.	X
fsr-3878	19	13	same	same	ADJ
fsr-3878	19	14	age	age	NOUN
fsr-3878	19	15	,	,	PUNCT
fsr-3878	19	16	gender	gender	NOUN
fsr-3878	19	17	,	,	PUNCT
fsr-3878	19	18	wealth	wealth	NOUN
fsr-3878	19	19	and	and	CCONJ
fsr-3878	19	20	desired	desire	VERB
fsr-3878	19	21	consumption	consumption	NOUN
fsr-3878	19	22	)	)	PUNCT
fsr-3878	19	23	can	can	AUX
fsr-3878	19	24	not	not	PART
fsr-3878	19	25	reduce	reduce	VERB
fsr-3878	19	26	shortfall	shortfall	NOUN
fsr-3878	19	27	risk	risk	NOUN
fsr-3878	19	28	materially	materially	ADV
fsr-3878	19	29	by	by	ADP
fsr-3878	19	30	investing	invest	VERB
fsr-3878	19	31	in	in	ADP
fsr-3878	19	32	international	international	ADJ
fsr-3878	19	33	equity	equity	NOUN
fsr-3878	19	34	.	.	PUNCT
fsr-3878	20	1	our	our	PRON
fsr-3878	20	2	approach	approach	NOUN
fsr-3878	20	3	allows	allow	VERB
fsr-3878	20	4	both	both	CCONJ
fsr-3878	20	5	the	the	DET
fsr-3878	20	6	rate	rate	NOUN
fsr-3878	20	7	of	of	ADP
fsr-3878	20	8	return	return	NOUN
fsr-3878	20	9	and	and	CCONJ
fsr-3878	20	10	the	the	DET
fsr-3878	20	11	date	date	NOUN
fsr-3878	20	12	of	of	ADP
fsr-3878	20	13	death	death	NOUN
fsr-3878	20	14	of	of	ADP
fsr-3878	20	15	the	the	DET
fsr-3878	20	16	individual	individual	NOUN
fsr-3878	20	17	to	to	PART
fsr-3878	20	18	be	be	AUX
fsr-3878	20	19	stochastic	stochastic	ADJ
fsr-3878	20	20	.	.	PUNCT
fsr-3878	21	1	2	2	X
fsr-3878	21	2	.	.	X
fsr-3878	21	3	literature	literature	NOUN
fsr-3878	21	4	review	review	NOUN
fsr-3878	21	5	in	in	ADP
fsr-3878	21	6	one	one	NUM
fsr-3878	21	7	of	of	ADP
fsr-3878	21	8	the	the	DET
fsr-3878	21	9	earliest	early	ADJ
fsr-3878	21	10	studies	study	NOUN
fsr-3878	21	11	,	,	PUNCT
fsr-3878	21	12	grubel	grubel	NOUN
fsr-3878	21	13	(	(	PUNCT
fsr-3878	21	14	1968	1968	NUM
fsr-3878	21	15	)	)	PUNCT
fsr-3878	21	16	finds	find	VERB
fsr-3878	21	17	that	that	SCONJ
fsr-3878	21	18	international	international	ADJ
fsr-3878	21	19	diversification	diversification	NOUN
fsr-3878	21	20	pays	pay	VERB
fsr-3878	21	21	off	off	ADP
fsr-3878	21	22	from	from	ADP
fsr-3878	21	23	the	the	DET
fsr-3878	21	24	viewpoint	viewpoint	NOUN
fsr-3878	21	25	of	of	ADP
fsr-3878	21	26	an	an	DET
fsr-3878	21	27	american	american	ADJ
fsr-3878	21	28	investor	investor	NOUN
fsr-3878	21	29	—	—	PUNCT
fsr-3878	21	30	a	a	DET
fsr-3878	21	31	diversified	diversified	ADJ
fsr-3878	21	32	portfolio	portfolio	NOUN
fsr-3878	21	33	of	of	ADP
fsr-3878	21	34	international	international	ADJ
fsr-3878	21	35	stock	stock	NOUN
fsr-3878	21	36	indices	index	NOUN
fsr-3878	21	37	dominates	dominate	VERB
fsr-3878	21	38	the	the	DET
fsr-3878	21	39	united	united	PROPN
fsr-3878	21	40	states	states	PROPN
fsr-3878	21	41	index	index	NOUN
fsr-3878	21	42	in	in	ADP
fsr-3878	21	43	terms	term	NOUN
fsr-3878	21	44	of	of	ADP
fsr-3878	21	45	risk	risk	NOUN
fsr-3878	21	46	and	and	CCONJ
fsr-3878	21	47	return	return	VERB
fsr-3878	21	48	.	.	PUNCT
fsr-3878	22	1	in	in	ADP
fsr-3878	22	2	two	two	NUM
fsr-3878	22	3	related	relate	VERB
fsr-3878	22	4	studies	study	NOUN
fsr-3878	22	5	,	,	PUNCT
fsr-3878	22	6	levy	levy	NOUN
fsr-3878	22	7	and	and	CCONJ
fsr-3878	22	8	sarnat	sarnat	NOUN
fsr-3878	22	9	(	(	PUNCT
fsr-3878	22	10	1970	1970	NUM
fsr-3878	22	11	)	)	PUNCT
fsr-3878	22	12	and	and	CCONJ
fsr-3878	22	13	grubel	grubel	NOUN
fsr-3878	22	14	and	and	CCONJ
fsr-3878	22	15	fadner	fadner	ADJ
fsr-3878	22	16	(	(	PUNCT
fsr-3878	22	17	1971	1971	NUM
fsr-3878	22	18	)	)	PUNCT
fsr-3878	22	19	confirm	confirm	VERB
fsr-3878	22	20	this	this	DET
fsr-3878	22	21	result	result	NOUN
fsr-3878	22	22	and	and	CCONJ
fsr-3878	22	23	show	show	VERB
fsr-3878	22	24	that	that	SCONJ
fsr-3878	22	25	the	the	DET
fsr-3878	22	26	japanese	japanese	ADJ
fsr-3878	22	27	and	and	CCONJ
fsr-3878	22	28	south	south	ADJ
fsr-3878	22	29	african	african	ADJ
fsr-3878	22	30	indexes	index	NOUN
fsr-3878	22	31	play	play	VERB
fsr-3878	22	32	an	an	DET
fsr-3878	22	33	important	important	ADJ
fsr-3878	22	34	role	role	NOUN
fsr-3878	22	35	in	in	ADP
fsr-3878	22	36	the	the	DET
fsr-3878	22	37	efficient	efficient	ADJ
fsr-3878	22	38	portfolios	portfolio	NOUN
fsr-3878	22	39	.	.	PUNCT
fsr-3878	23	1	errunza	errunza	ADJ
fsr-3878	23	2	(	(	PUNCT
fsr-3878	23	3	1977	1977	NUM
fsr-3878	23	4	)	)	PUNCT
fsr-3878	23	5	extends	extend	VERB
fsr-3878	23	6	the	the	DET
fsr-3878	23	7	work	work	NOUN
fsr-3878	23	8	to	to	ADP
fsr-3878	23	9	diversification	diversification	NOUN
fsr-3878	23	10	in	in	ADP
fsr-3878	23	11	less	less	ADV
fsr-3878	23	12	-	-	PUNCT
fsr-3878	23	13	developed	develop	VERB
fsr-3878	23	14	countries	country	NOUN
fsr-3878	23	15	.	.	PUNCT
fsr-3878	24	1	more	more	ADJ
fsr-3878	24	2	recent	recent	ADJ
fsr-3878	24	3	studies	study	NOUN
fsr-3878	24	4	confirm	confirm	VERB
fsr-3878	24	5	and	and	CCONJ
fsr-3878	24	6	extend	extend	VERB
fsr-3878	24	7	these	these	DET
fsr-3878	24	8	results	result	NOUN
fsr-3878	24	9	:	:	PUNCT
fsr-3878	24	10	adler	adler	PROPN
fsr-3878	24	11	and	and	CCONJ
fsr-3878	24	12	dumas	dumas	PROPN
fsr-3878	24	13	(	(	PUNCT
fsr-3878	24	14	1983	1983	NUM
fsr-3878	24	15	)	)	PUNCT
fsr-3878	24	16	,	,	PUNCT
fsr-3878	24	17	bailey	bailey	NOUN
fsr-3878	24	18	and	and	CCONJ
fsr-3878	24	19	stulz	stulz	ADJ
fsr-3878	24	20	(	(	PUNCT
fsr-3878	24	21	1990	1990	NUM
fsr-3878	24	22	)	)	PUNCT
fsr-3878	24	23	,	,	PUNCT
fsr-3878	24	24	cosset	cosset	VERB
fsr-3878	24	25	and	and	CCONJ
fsr-3878	24	26	suret	suret	PROPN
fsr-3878	24	27	(	(	PUNCT
fsr-3878	24	28	1995	1995	NUM
fsr-3878	24	29	)	)	PUNCT
fsr-3878	24	30	,	,	PUNCT
fsr-3878	24	31	grauer	grauer	NOUN
fsr-3878	24	32	and	and	CCONJ
fsr-3878	24	33	hakansson	hakansson	PROPN
fsr-3878	24	34	(	(	PUNCT
fsr-3878	24	35	1987	1987	NUM
fsr-3878	24	36	)	)	PUNCT
fsr-3878	24	37	,	,	PUNCT
fsr-3878	24	38	hunter	hunter	NOUN
fsr-3878	24	39	and	and	CCONJ
fsr-3878	24	40	coggin	coggin	NOUN
fsr-3878	24	41	(	(	PUNCT
fsr-3878	24	42	1990	1990	NUM
fsr-3878	24	43	)	)	PUNCT
fsr-3878	24	44	,	,	PUNCT
fsr-3878	24	45	jorion	jorion	NOUN
fsr-3878	24	46	(	(	PUNCT
fsr-3878	24	47	1985	1985	NUM
fsr-3878	24	48	,	,	PUNCT
fsr-3878	24	49	1989	1989	NUM
fsr-3878	24	50	)	)	PUNCT
fsr-3878	24	51	,	,	PUNCT
fsr-3878	24	52	levy	levy	NOUN
fsr-3878	24	53	and	and	CCONJ
fsr-3878	24	54	lerman	lerman	NOUN
fsr-3878	24	55	(	(	PUNCT
fsr-3878	24	56	1988	1988	NUM
fsr-3878	24	57	)	)	PUNCT
fsr-3878	24	58	and	and	CCONJ
fsr-3878	24	59	obstfeld	obstfeld	VERB
fsr-3878	24	60	(	(	PUNCT
fsr-3878	24	61	1994	1994	NUM
fsr-3878	24	62	)	)	PUNCT
fsr-3878	24	63	.	.	PUNCT
fsr-3878	25	1	some	some	DET
fsr-3878	25	2	studies	study	NOUN
fsr-3878	25	3	have	have	AUX
fsr-3878	25	4	considered	consider	VERB
fsr-3878	25	5	the	the	DET
fsr-3878	25	6	situation	situation	NOUN
fsr-3878	25	7	of	of	ADP
fsr-3878	25	8	investors	investor	NOUN
fsr-3878	25	9	outside	outside	ADP
fsr-3878	25	10	the	the	DET
fsr-3878	25	11	united	united	PROPN
fsr-3878	25	12	states	states	PROPN
fsr-3878	25	13	.	.	PUNCT
fsr-3878	26	1	mcdonald	mcdonald	NOUN
fsr-3878	26	2	(	(	PUNCT
fsr-3878	26	3	1973	1973	NUM
fsr-3878	26	4	)	)	PUNCT
fsr-3878	26	5	and	and	CCONJ
fsr-3878	26	6	solnik	solnik	X
fsr-3878	26	7	(	(	PUNCT
fsr-3878	26	8	1979	1979	NUM
fsr-3878	26	9	)	)	PUNCT
fsr-3878	26	10	find	find	VERB
fsr-3878	26	11	that	that	SCONJ
fsr-3878	26	12	international	international	ADJ
fsr-3878	26	13	diversification	diversification	NOUN
fsr-3878	26	14	is	be	AUX
fsr-3878	26	15	attractive	attractive	ADJ
fsr-3878	26	16	for	for	ADP
fsr-3878	26	17	investors	investor	NOUN
fsr-3878	26	18	whose	whose	DET
fsr-3878	26	19	home	home	NOUN
fsr-3878	26	20	countries	country	NOUN
fsr-3878	26	21	are	be	AUX
fsr-3878	26	22	not	not	PART
fsr-3878	26	23	the	the	DET
fsr-3878	26	24	united	united	PROPN
fsr-3878	26	25	states	states	PROPN
fsr-3878	26	26	.	.	PUNCT
fsr-3878	27	1	on	on	ADP
fsr-3878	27	2	the	the	DET
fsr-3878	27	3	other	other	ADJ
fsr-3878	27	4	hand	hand	NOUN
fsr-3878	27	5	,	,	PUNCT
fsr-3878	27	6	however	however	ADV
fsr-3878	27	7	,	,	PUNCT
fsr-3878	27	8	there	there	PRON
fsr-3878	27	9	are	be	VERB
fsr-3878	27	10	studies	study	NOUN
fsr-3878	27	11	which	which	PRON
fsr-3878	27	12	question	question	VERB
fsr-3878	27	13	the	the	DET
fsr-3878	27	14	benefit	benefit	NOUN
fsr-3878	27	15	of	of	ADP
fsr-3878	27	16	international	international	ADJ
fsr-3878	27	17	diversification	diversification	NOUN
fsr-3878	27	18	.	.	PUNCT
fsr-3878	28	1	sinquefield	sinquefield	PROPN
fsr-3878	28	2	(	(	PUNCT
fsr-3878	28	3	1996	1996	NUM
fsr-3878	28	4	)	)	PUNCT
fsr-3878	28	5	concludes	conclude	VERB
fsr-3878	28	6	that	that	SCONJ
fsr-3878	28	7	the	the	DET
fsr-3878	28	8	empirical	empirical	ADJ
fsr-3878	28	9	evidence	evidence	NOUN
fsr-3878	28	10	for	for	ADP
fsr-3878	28	11	the	the	DET
fsr-3878	28	12	1970–94	1970–94	NUM
fsr-3878	28	13	period	period	NOUN
fsr-3878	28	14	does	do	AUX
fsr-3878	28	15	not	not	PART
fsr-3878	28	16	support	support	VERB
fsr-3878	28	17	the	the	DET
fsr-3878	28	18	belief	belief	NOUN
fsr-3878	28	19	that	that	SCONJ
fsr-3878	28	20	the	the	DET
fsr-3878	28	21	international	international	ADJ
fsr-3878	28	22	equity	equity	NOUN
fsr-3878	28	23	market	market	NOUN
fsr-3878	28	24	has	have	AUX
fsr-3878	28	25	higher	high	ADJ
fsr-3878	28	26	expected	expect	VERB
fsr-3878	28	27	returns	return	NOUN
fsr-3878	28	28	than	than	ADP
fsr-3878	28	29	the	the	DET
fsr-3878	28	30	american	american	ADJ
fsr-3878	28	31	equity	equity	NOUN
fsr-3878	28	32	market	market	NOUN
fsr-3878	28	33	,	,	PUNCT
fsr-3878	28	34	nor	nor	CCONJ
fsr-3878	28	35	that	that	SCONJ
fsr-3878	28	36	it	it	PRON
fsr-3878	28	37	can	can	AUX
fsr-3878	28	38	substantially	substantially	ADV
fsr-3878	28	39	diversify	diversify	VERB
fsr-3878	28	40	american	american	ADJ
fsr-3878	28	41	portfolios	portfolio	NOUN
fsr-3878	28	42	.	.	PUNCT
fsr-3878	29	1	odier	odier	NOUN
fsr-3878	29	2	and	and	CCONJ
fsr-3878	29	3	solnik	solnik	X
fsr-3878	29	4	(	(	PUNCT
fsr-3878	29	5	1993	1993	NUM
fsr-3878	29	6	)	)	PUNCT
fsr-3878	29	7	show	show	VERB
fsr-3878	29	8	that	that	SCONJ
fsr-3878	29	9	the	the	DET
fsr-3878	29	10	benefits	benefit	NOUN
fsr-3878	29	11	depend	depend	VERB
fsr-3878	29	12	in	in	ADP
fsr-3878	29	13	part	part	NOUN
fsr-3878	29	14	on	on	ADP
fsr-3878	29	15	whether	whether	SCONJ
fsr-3878	29	16	one	one	NOUN
fsr-3878	29	17	expects	expect	VERB
fsr-3878	29	18	cross	cross	ADJ
fsr-3878	29	19	-	-	ADJ
fsr-3878	29	20	country	country	ADJ
fsr-3878	29	21	correlations	correlation	NOUN
fsr-3878	29	22	,	,	PUNCT
fsr-3878	29	23	market	market	NOUN
fsr-3878	29	24	volatilities	volatility	NOUN
fsr-3878	29	25	and	and	CCONJ
fsr-3878	29	26	currency	currency	NOUN
fsr-3878	29	27	risk	risk	NOUN
fsr-3878	29	28	to	to	PART
fsr-3878	29	29	change	change	VERB
fsr-3878	29	30	.	.	PUNCT
fsr-3878	30	1	while	while	SCONJ
fsr-3878	30	2	currency	currency	NOUN
fsr-3878	30	3	risk	risk	NOUN
fsr-3878	30	4	remains	remain	VERB
fsr-3878	30	5	a	a	DET
fsr-3878	30	6	small	small	ADJ
fsr-3878	30	7	,	,	PUNCT
fsr-3878	30	8	although	although	SCONJ
fsr-3878	30	9	significant	significant	ADJ
fsr-3878	30	10	,	,	PUNCT
fsr-3878	30	11	component	component	NOUN
fsr-3878	30	12	of	of	ADP
fsr-3878	30	13	total	total	ADJ
fsr-3878	30	14	equity	equity	NOUN
fsr-3878	30	15	risk	risk	NOUN
fsr-3878	30	16	,	,	PUNCT
fsr-3878	30	17	there	there	PRON
fsr-3878	30	18	is	be	VERB
fsr-3878	30	19	no	no	DET
fsr-3878	30	20	easy	easy	ADJ
fsr-3878	30	21	formula	formula	NOUN
fsr-3878	30	22	for	for	ADP
fsr-3878	30	23	determining	determine	VERB
fsr-3878	30	24	whether	whether	SCONJ
fsr-3878	30	25	to	to	PART
fsr-3878	30	26	hedge	hedge	VERB
fsr-3878	30	27	currency	currency	NOUN
fsr-3878	30	28	risk	risk	NOUN
fsr-3878	30	29	,	,	PUNCT
fsr-3878	30	30	or	or	CCONJ
fsr-3878	30	31	how	how	SCONJ
fsr-3878	30	32	much	much	ADJ
fsr-3878	30	33	of	of	ADP
fsr-3878	30	34	it	it	PRON
fsr-3878	30	35	to	to	PART
fsr-3878	30	36	hedge	hedge	VERB
fsr-3878	30	37	.	.	PUNCT
fsr-3878	31	1	goldberg	goldberg	PROPN
fsr-3878	31	2	and	and	CCONJ
fsr-3878	31	3	heflin	heflin	PROPN
fsr-3878	31	4	(	(	PUNCT
fsr-3878	31	5	1995	1995	NUM
fsr-3878	31	6	)	)	PUNCT
fsr-3878	31	7	suggest	suggest	VERB
fsr-3878	31	8	that	that	SCONJ
fsr-3878	31	9	increasing	increase	VERB
fsr-3878	31	10	the	the	DET
fsr-3878	31	11	degree	degree	NOUN
fsr-3878	31	12	of	of	ADP
fsr-3878	31	13	international	international	ADJ
fsr-3878	31	14	involvement	involvement	NOUN
fsr-3878	31	15	decreases	decrease	VERB
fsr-3878	31	16	systematic	systematic	ADJ
fsr-3878	31	17	risk	risk	NOUN
fsr-3878	31	18	but	but	CCONJ
fsr-3878	31	19	increases	increase	VERB
fsr-3878	31	20	total	total	ADJ
fsr-3878	31	21	risk	risk	NOUN
fsr-3878	31	22	.	.	PUNCT
fsr-3878	32	1	haavisto	haavisto	PROPN
fsr-3878	32	2	and	and	CCONJ
fsr-3878	32	3	hansson	hansson	PROPN
fsr-3878	32	4	(	(	PUNCT
fsr-3878	32	5	1992	1992	NUM
fsr-3878	32	6	)	)	PUNCT
fsr-3878	32	7	,	,	PUNCT
fsr-3878	32	8	in	in	ADP
fsr-3878	32	9	a	a	DET
fsr-3878	32	10	study	study	NOUN
fsr-3878	32	11	of	of	ADP
fsr-3878	32	12	nordic	nordic	ADJ
fsr-3878	32	13	stock	stock	NOUN
fsr-3878	32	14	markets	market	NOUN
fsr-3878	32	15	,	,	PUNCT
fsr-3878	32	16	conclude	conclude	VERB
fsr-3878	32	17	that	that	SCONJ
fsr-3878	32	18	the	the	DET
fsr-3878	32	19	optimal	optimal	ADJ
fsr-3878	32	20	portfolios	portfolio	NOUN
fsr-3878	32	21	are	be	AUX
fsr-3878	32	22	extremely	extremely	ADV
fsr-3878	32	23	concentrated	concentrated	ADJ
fsr-3878	32	24	and	and	CCONJ
fsr-3878	32	25	include	include	VERB
fsr-3878	32	26	in	in	ADP
fsr-3878	32	27	general	general	ADJ
fsr-3878	32	28	only	only	ADV
fsr-3878	32	29	finnish	finnish	ADJ
fsr-3878	32	30	and	and	CCONJ
fsr-3878	32	31	swedish	swedish	ADJ
fsr-3878	32	32	assets	asset	NOUN
fsr-3878	32	33	,	,	PUNCT
fsr-3878	32	34	and	and	CCONJ
fsr-3878	32	35	that	that	SCONJ
fsr-3878	32	36	a	a	DET
fsr-3878	32	37	long	long	ADJ
fsr-3878	32	38	-	-	PUNCT
fsr-3878	32	39	term	term	NOUN
fsr-3878	32	40	investor	investor	NOUN
fsr-3878	32	41	would	would	AUX
fsr-3878	32	42	have	have	AUX
fsr-3878	32	43	done	do	VERB
fsr-3878	32	44	very	very	ADV
fsr-3878	32	45	well	well	ADV
fsr-3878	32	46	by	by	ADP
fsr-3878	32	47	keeping	keep	VERB
fsr-3878	32	48	an	an	DET
fsr-3878	32	49	unhedged	unhedged	ADJ
fsr-3878	32	50	and	and	CCONJ
fsr-3878	32	51	diversified	diversify	VERB
fsr-3878	32	52	nordic	nordic	ADJ
fsr-3878	32	53	portfolio	portfolio	NOUN
fsr-3878	32	54	.	.	PUNCT
fsr-3878	33	1	these	these	DET
fsr-3878	33	2	studies	study	NOUN
fsr-3878	33	3	use	use	VERB
fsr-3878	33	4	the	the	DET
fsr-3878	33	5	techniques	technique	NOUN
fsr-3878	33	6	of	of	ADP
fsr-3878	33	7	modern	modern	ADJ
fsr-3878	33	8	portfolio	portfolio	NOUN
fsr-3878	33	9	theory	theory	NOUN
fsr-3878	33	10	.	.	PUNCT
fsr-3878	34	1	they	they	PRON
fsr-3878	34	2	calculate	calculate	VERB
fsr-3878	34	3	the	the	DET
fsr-3878	34	4	correlation	correlation	NOUN
fsr-3878	34	5	coefficients	coefficient	NOUN
fsr-3878	34	6	of	of	ADP
fsr-3878	34	7	returns	return	NOUN
fsr-3878	34	8	in	in	ADP
fsr-3878	34	9	various	various	ADJ
fsr-3878	34	10	markets	market	NOUN
fsr-3878	34	11	,	,	PUNCT
fsr-3878	34	12	and	and	CCONJ
fsr-3878	34	13	the	the	DET
fsr-3878	34	14	returns	return	NOUN
fsr-3878	34	15	of	of	ADP
fsr-3878	34	16	combined	combined	ADJ
fsr-3878	34	17	portfolios	portfolio	NOUN
fsr-3878	34	18	.	.	PUNCT
fsr-3878	35	1	the	the	DET
fsr-3878	35	2	criterion	criterion	NOUN
fsr-3878	35	3	for	for	ADP
fsr-3878	35	4	benefits	benefit	NOUN
fsr-3878	35	5	of	of	ADP
fsr-3878	35	6	international	international	ADJ
fsr-3878	35	7	diversification	diversification	NOUN
fsr-3878	35	8	is	be	AUX
fsr-3878	35	9	related	relate	VERB
fsr-3878	35	10	to	to	ADP
fsr-3878	35	11	the	the	DET
fsr-3878	35	12	degree	degree	NOUN
fsr-3878	35	13	to	to	PART
fsr-3878	35	14	which	which	PRON
fsr-3878	35	15	standard	standard	ADJ
fsr-3878	35	16	deviation	deviation	NOUN
fsr-3878	35	17	of	of	ADP
fsr-3878	35	18	a	a	DET
fsr-3878	35	19	combined	combined	ADJ
fsr-3878	35	20	portfolio	portfolio	NOUN
fsr-3878	35	21	is	be	AUX
fsr-3878	35	22	lower	low	ADJ
fsr-3878	35	23	than	than	ADP
fsr-3878	35	24	a	a	DET
fsr-3878	35	25	single	single	ADJ
fsr-3878	35	26	country	country	NOUN
fsr-3878	35	27	portfolio	portfolio	NOUN
fsr-3878	35	28	.	.	PUNCT
fsr-3878	36	1	some	some	DET
fsr-3878	36	2	studies	study	NOUN
fsr-3878	36	3	apply	apply	VERB
fsr-3878	36	4	a	a	DET
fsr-3878	36	5	utility	utility	NOUN
fsr-3878	36	6	function	function	NOUN
fsr-3878	36	7	explicitly	explicitly	ADV
fsr-3878	36	8	.	.	PUNCT
fsr-3878	37	1	12	12	NUM
fsr-3878	37	2	k.	k.	PROPN
fsr-3878	37	3	ho	ho	PROPN
fsr-3878	37	4	,	,	PUNCT
fsr-3878	37	5	m.a	m.a	PROPN
fsr-3878	37	6	.	.	PROPN
fsr-3878	37	7	milevsky	milevsky	PROPN
fsr-3878	37	8	/	/	SYM
fsr-3878	37	9	financial	financial	ADJ
fsr-3878	37	10	services	service	NOUN
fsr-3878	37	11	review	review	VERB
fsr-3878	37	12	8	8	NUM
fsr-3878	37	13	(	(	PUNCT
fsr-3878	37	14	1999	1999	NUM
fsr-3878	37	15	)	)	PUNCT
fsr-3878	38	1	11–25	11–25	NUM
fsr-3878	38	2	3	3	NUM
fsr-3878	38	3	.	.	PUNCT
fsr-3878	38	4	minimizing	minimize	VERB
fsr-3878	38	5	shortfall	shortfall	NOUN
fsr-3878	38	6	risk	risk	NOUN
fsr-3878	38	7	as	as	ADP
fsr-3878	38	8	a	a	DET
fsr-3878	38	9	criterion	criterion	NOUN
fsr-3878	38	10	we	we	PRON
fsr-3878	38	11	use	use	VERB
fsr-3878	38	12	a	a	DET
fsr-3878	38	13	different	different	ADJ
fsr-3878	38	14	method	method	NOUN
fsr-3878	38	15	to	to	PART
fsr-3878	38	16	investigate	investigate	VERB
fsr-3878	38	17	the	the	DET
fsr-3878	38	18	benefit	benefit	NOUN
fsr-3878	38	19	of	of	ADP
fsr-3878	38	20	international	international	ADJ
fsr-3878	38	21	diversification	diversification	NOUN
fsr-3878	38	22	.	.	PUNCT
fsr-3878	39	1	we	we	PRON
fsr-3878	39	2	postulate	postulate	VERB
fsr-3878	39	3	that	that	SCONJ
fsr-3878	39	4	individual	individual	ADJ
fsr-3878	39	5	investors	investor	NOUN
fsr-3878	39	6	are	be	AUX
fsr-3878	39	7	likely	likely	ADJ
fsr-3878	39	8	to	to	PART
fsr-3878	39	9	wish	wish	VERB
fsr-3878	39	10	to	to	PART
fsr-3878	39	11	minimize	minimize	VERB
fsr-3878	39	12	the	the	DET
fsr-3878	39	13	probability	probability	NOUN
fsr-3878	39	14	of	of	ADP
fsr-3878	39	15	falling	fall	VERB
fsr-3878	39	16	short	short	ADV
fsr-3878	39	17	of	of	ADP
fsr-3878	39	18	predetermined	predetermine	VERB
fsr-3878	39	19	goals	goal	NOUN
fsr-3878	39	20	for	for	ADP
fsr-3878	39	21	wealth	wealth	NOUN
fsr-3878	39	22	and	and	CCONJ
fsr-3878	39	23	consumption	consumption	NOUN
fsr-3878	39	24	.	.	PUNCT
fsr-3878	40	1	the	the	DET
fsr-3878	40	2	shortfall	shortfall	NOUN
fsr-3878	40	3	approach	approach	NOUN
fsr-3878	40	4	thus	thus	ADV
fsr-3878	40	5	combines	combine	VERB
fsr-3878	40	6	both	both	DET
fsr-3878	40	7	an	an	DET
fsr-3878	40	8	investor	investor	NOUN
fsr-3878	40	9	’s	’s	PART
fsr-3878	40	10	objective	objective	NOUN
fsr-3878	40	11	and	and	CCONJ
fsr-3878	40	12	a	a	DET
fsr-3878	40	13	measure	measure	NOUN
fsr-3878	40	14	of	of	ADP
fsr-3878	40	15	risk	risk	NOUN
fsr-3878	40	16	.	.	PUNCT
fsr-3878	41	1	other	other	ADJ
fsr-3878	41	2	papers	paper	NOUN
fsr-3878	41	3	have	have	AUX
fsr-3878	41	4	also	also	ADV
fsr-3878	41	5	recommended	recommend	VERB
fsr-3878	41	6	this	this	DET
fsr-3878	41	7	method	method	NOUN
fsr-3878	41	8	,	,	PUNCT
fsr-3878	41	9	including	include	VERB
fsr-3878	41	10	liebowitz	liebowitz	NOUN
fsr-3878	41	11	and	and	CCONJ
fsr-3878	41	12	kogelman	kogelman	NOUN
fsr-3878	41	13	(	(	PUNCT
fsr-3878	41	14	1991	1991	NUM
fsr-3878	41	15	)	)	PUNCT
fsr-3878	41	16	,	,	PUNCT
fsr-3878	41	17	milevsky	milevsky	NOUN
fsr-3878	41	18	et	et	PROPN
fsr-3878	41	19	al	al	PROPN
fsr-3878	41	20	.	.	PROPN
fsr-3878	42	1	(	(	PUNCT
fsr-3878	42	2	1997	1997	NUM
fsr-3878	42	3	)	)	PUNCT
fsr-3878	42	4	and	and	CCONJ
fsr-3878	42	5	tse	tse	VERB
fsr-3878	42	6	et	et	PROPN
fsr-3878	42	7	al	al	PROPN
fsr-3878	42	8	.	.	PROPN
fsr-3878	43	1	(	(	PUNCT
fsr-3878	43	2	1993	1993	NUM
fsr-3878	43	3	)	)	PUNCT
fsr-3878	43	4	.	.	PUNCT
fsr-3878	44	1	in	in	ADP
fsr-3878	44	2	this	this	DET
fsr-3878	44	3	paper	paper	NOUN
fsr-3878	44	4	we	we	PRON
fsr-3878	44	5	focus	focus	VERB
fsr-3878	44	6	on	on	ADP
fsr-3878	44	7	the	the	DET
fsr-3878	44	8	asset	asset	NOUN
fsr-3878	44	9	allocation	allocation	NOUN
fsr-3878	44	10	decision	decision	NOUN
fsr-3878	44	11	faced	face	VERB
fsr-3878	44	12	by	by	ADP
fsr-3878	44	13	a	a	DET
fsr-3878	44	14	person	person	NOUN
fsr-3878	44	15	who	who	PRON
fsr-3878	44	16	is	be	AUX
fsr-3878	44	17	retired	retire	VERB
fsr-3878	44	18	and	and	CCONJ
fsr-3878	44	19	must	must	AUX
fsr-3878	44	20	live	live	VERB
fsr-3878	44	21	solely	solely	ADV
fsr-3878	44	22	on	on	ADP
fsr-3878	44	23	the	the	DET
fsr-3878	44	24	capital	capital	NOUN
fsr-3878	44	25	saved	save	VERB
fsr-3878	44	26	during	during	ADP
fsr-3878	44	27	the	the	DET
fsr-3878	44	28	working	work	VERB
fsr-3878	44	29	life	life	NOUN
fsr-3878	44	30	,	,	PUNCT
fsr-3878	44	31	and	and	CCONJ
fsr-3878	44	32	the	the	DET
fsr-3878	44	33	income	income	NOUN
fsr-3878	44	34	from	from	ADP
fsr-3878	44	35	it	it	PRON
fsr-3878	44	36	.	.	PUNCT
fsr-3878	45	1	the	the	DET
fsr-3878	45	2	person	person	NOUN
fsr-3878	45	3	has	have	VERB
fsr-3878	45	4	an	an	DET
fsr-3878	45	5	unknown	unknown	ADJ
fsr-3878	45	6	time	time	NOUN
fsr-3878	45	7	remaining	remain	VERB
fsr-3878	45	8	until	until	ADP
fsr-3878	45	9	death	death	NOUN
fsr-3878	45	10	.	.	PUNCT
fsr-3878	46	1	the	the	DET
fsr-3878	46	2	date	date	NOUN
fsr-3878	46	3	of	of	ADP
fsr-3878	46	4	death	death	NOUN
fsr-3878	46	5	is	be	AUX
fsr-3878	46	6	distributed	distribute	VERB
fsr-3878	46	7	according	accord	VERB
fsr-3878	46	8	to	to	ADP
fsr-3878	46	9	standard	standard	ADJ
fsr-3878	46	10	mortality	mortality	NOUN
fsr-3878	46	11	tables	table	NOUN
fsr-3878	46	12	.	.	PUNCT
fsr-3878	47	1	the	the	DET
fsr-3878	47	2	person	person	NOUN
fsr-3878	47	3	has	have	VERB
fsr-3878	47	4	wealth	wealth	NOUN
fsr-3878	47	5	,	,	PUNCT
fsr-3878	47	6	or	or	CCONJ
fsr-3878	47	7	capital	capital	NOUN
fsr-3878	47	8	,	,	PUNCT
fsr-3878	47	9	ofw	ofw	PROPN
fsr-3878	47	10	,	,	PUNCT
fsr-3878	47	11	and	and	CCONJ
fsr-3878	47	12	wishes	wish	VERB
fsr-3878	47	13	to	to	PART
fsr-3878	47	14	consume	consume	VERB
fsr-3878	47	15	a	a	DET
fsr-3878	47	16	fixed	fixed	ADJ
fsr-3878	47	17	real	real	ADJ
fsr-3878	47	18	amount	amount	NOUN
fsr-3878	47	19	,	,	PUNCT
fsr-3878	47	20	c	c	X
fsr-3878	47	21	,	,	PUNCT
fsr-3878	47	22	every	every	DET
fsr-3878	47	23	year	year	NOUN
fsr-3878	47	24	in	in	ADP
fsr-3878	47	25	retirement	retirement	NOUN
fsr-3878	47	26	.	.	PUNCT
fsr-3878	48	1	the	the	DET
fsr-3878	48	2	investment	investment	NOUN
fsr-3878	48	3	returns	return	NOUN
fsr-3878	48	4	are	be	AUX
fsr-3878	48	5	uncertain	uncertain	ADJ
fsr-3878	48	6	and	and	CCONJ
fsr-3878	48	7	he	he	PRON
fsr-3878	48	8	or	or	CCONJ
fsr-3878	48	9	she	she	PRON
fsr-3878	48	10	will	will	AUX
fsr-3878	48	11	take	take	VERB
fsr-3878	48	12	thisc	thisc	NOUN
fsr-3878	48	13	first	first	ADV
fsr-3878	48	14	from	from	ADP
fsr-3878	48	15	income	income	NOUN
fsr-3878	48	16	,	,	PUNCT
fsr-3878	48	17	and	and	CCONJ
fsr-3878	48	18	then	then	ADV
fsr-3878	48	19	from	from	ADP
fsr-3878	48	20	capital	capital	NOUN
fsr-3878	48	21	if	if	SCONJ
fsr-3878	48	22	income	income	NOUN
fsr-3878	48	23	is	be	AUX
fsr-3878	48	24	insufficient	insufficient	ADJ
fsr-3878	48	25	.	.	PUNCT
fsr-3878	49	1	this	this	DET
fsr-3878	49	2	person	person	NOUN
fsr-3878	49	3	wishes	wish	VERB
fsr-3878	49	4	to	to	PART
fsr-3878	49	5	avoid	avoid	VERB
fsr-3878	49	6	shortfall	shortfall	NOUN
fsr-3878	49	7	in	in	ADP
fsr-3878	49	8	consumption	consumption	NOUN
fsr-3878	49	9	every	every	DET
fsr-3878	49	10	year	year	NOUN
fsr-3878	49	11	,	,	PUNCT
fsr-3878	49	12	and	and	CCONJ
fsr-3878	49	13	therefore	therefore	ADV
fsr-3878	49	14	the	the	DET
fsr-3878	49	15	objective	objective	NOUN
fsr-3878	49	16	is	be	AUX
fsr-3878	49	17	minimize	minimize	VERB
fsr-3878	49	18	the	the	DET
fsr-3878	49	19	probability	probability	NOUN
fsr-3878	49	20	of	of	ADP
fsr-3878	49	21	being	be	AUX
fsr-3878	49	22	able	able	ADJ
fsr-3878	49	23	to	to	PART
fsr-3878	49	24	consume	consume	VERB
fsr-3878	49	25	less	less	ADJ
fsr-3878	49	26	thanc	thanc	NOUN
fsr-3878	49	27	in	in	ADP
fsr-3878	49	28	any	any	DET
fsr-3878	49	29	year	year	NOUN
fsr-3878	49	30	prior	prior	ADV
fsr-3878	49	31	to	to	ADP
fsr-3878	49	32	death	death	NOUN
fsr-3878	49	33	.	.	PUNCT
fsr-3878	50	1	you	you	PRON
fsr-3878	50	2	could	could	AUX
fsr-3878	50	3	think	think	VERB
fsr-3878	50	4	of	of	ADP
fsr-3878	50	5	the	the	DET
fsr-3878	50	6	problem	problem	NOUN
fsr-3878	50	7	in	in	ADP
fsr-3878	50	8	two	two	NUM
fsr-3878	50	9	equivalent	equivalent	ADJ
fsr-3878	50	10	forms	form	NOUN
fsr-3878	50	11	.	.	PUNCT
fsr-3878	51	1	the	the	DET
fsr-3878	51	2	retiree	retiree	NOUN
fsr-3878	51	3	has	have	VERB
fsr-3878	51	4	a	a	DET
fsr-3878	51	5	sum	sum	NOUN
fsr-3878	51	6	of	of	ADP
fsr-3878	51	7	money	money	NOUN
fsr-3878	51	8	that	that	PRON
fsr-3878	51	9	fluctuates	fluctuate	VERB
fsr-3878	51	10	each	each	DET
fsr-3878	51	11	year	year	NOUN
fsr-3878	51	12	as	as	SCONJ
fsr-3878	51	13	it	it	PRON
fsr-3878	51	14	earns	earn	VERB
fsr-3878	51	15	income	income	NOUN
fsr-3878	51	16	and	and	CCONJ
fsr-3878	51	17	he	he	PRON
fsr-3878	51	18	consumes	consume	VERB
fsr-3878	51	19	part	part	NOUN
fsr-3878	51	20	of	of	ADP
fsr-3878	51	21	it	it	PRON
fsr-3878	51	22	.	.	PUNCT
fsr-3878	52	1	what	what	PRON
fsr-3878	52	2	is	be	AUX
fsr-3878	52	3	the	the	DET
fsr-3878	52	4	probability	probability	NOUN
fsr-3878	52	5	that	that	SCONJ
fsr-3878	52	6	the	the	DET
fsr-3878	52	7	money	money	NOUN
fsr-3878	52	8	will	will	AUX
fsr-3878	52	9	run	run	VERB
fsr-3878	52	10	out	out	ADP
fsr-3878	52	11	before	before	ADP
fsr-3878	52	12	the	the	DET
fsr-3878	52	13	date	date	NOUN
fsr-3878	52	14	of	of	ADP
fsr-3878	52	15	death	death	NOUN
fsr-3878	52	16	,	,	PUNCT
fsr-3878	52	17	given	give	VERB
fsr-3878	52	18	a	a	DET
fsr-3878	52	19	distribution	distribution	NOUN
fsr-3878	52	20	of	of	ADP
fsr-3878	52	21	investment	investment	NOUN
fsr-3878	52	22	returns	return	NOUN
fsr-3878	52	23	?	?	PUNCT
fsr-3878	53	1	alternatively	alternatively	ADV
fsr-3878	53	2	,	,	PUNCT
fsr-3878	53	3	you	you	PRON
fsr-3878	53	4	could	could	AUX
fsr-3878	53	5	think	think	VERB
fsr-3878	53	6	of	of	ADP
fsr-3878	53	7	it	it	PRON
fsr-3878	53	8	as	as	ADP
fsr-3878	53	9	a	a	DET
fsr-3878	53	10	stochastic	stochastic	ADJ
fsr-3878	53	11	present	present	ADJ
fsr-3878	53	12	value	value	NOUN
fsr-3878	53	13	problem.w	problem.w	NOUN
fsr-3878	53	14	is	be	AUX
fsr-3878	53	15	the	the	DET
fsr-3878	53	16	initial	initial	ADJ
fsr-3878	53	17	investment	investment	NOUN
fsr-3878	53	18	.	.	PUNCT
fsr-3878	54	1	the	the	DET
fsr-3878	54	2	future	future	ADJ
fsr-3878	54	3	consumption	consumption	NOUN
fsr-3878	54	4	is	be	AUX
fsr-3878	54	5	the	the	DET
fsr-3878	54	6	uncertain	uncertain	ADJ
fsr-3878	54	7	future	future	ADJ
fsr-3878	54	8	cash	cash	NOUN
fsr-3878	54	9	flow	flow	NOUN
fsr-3878	54	10	,	,	PUNCT
fsr-3878	54	11	with	with	ADP
fsr-3878	54	12	an	an	DET
fsr-3878	54	13	uncertain	uncertain	ADJ
fsr-3878	54	14	number	number	NOUN
fsr-3878	54	15	of	of	ADP
fsr-3878	54	16	years	year	NOUN
fsr-3878	54	17	.	.	PUNCT
fsr-3878	55	1	what	what	PRON
fsr-3878	55	2	is	be	AUX
fsr-3878	55	3	the	the	DET
fsr-3878	55	4	probability	probability	NOUN
fsr-3878	55	5	that	that	SCONJ
fsr-3878	55	6	the	the	DET
fsr-3878	55	7	present	present	ADJ
fsr-3878	55	8	value	value	NOUN
fsr-3878	55	9	of	of	ADP
fsr-3878	55	10	the	the	DET
fsr-3878	55	11	future	future	ADJ
fsr-3878	55	12	consumption	consumption	NOUN
fsr-3878	55	13	stream	stream	NOUN
fsr-3878	55	14	will	will	AUX
fsr-3878	55	15	be	be	AUX
fsr-3878	55	16	greater	great	ADJ
fsr-3878	55	17	thanw	thanw	ADJ
fsr-3878	55	18	?	?	PUNCT
fsr-3878	56	1	in	in	ADP
fsr-3878	56	2	either	either	DET
fsr-3878	56	3	case	case	NOUN
fsr-3878	56	4	,	,	PUNCT
fsr-3878	56	5	the	the	DET
fsr-3878	56	6	probability	probability	NOUN
fsr-3878	56	7	specified	specify	VERB
fsr-3878	56	8	is	be	AUX
fsr-3878	56	9	the	the	DET
fsr-3878	56	10	shortfall	shortfall	NOUN
fsr-3878	56	11	probability	probability	NOUN
fsr-3878	56	12	.	.	PUNCT
fsr-3878	57	1	a	a	DET
fsr-3878	57	2	solution	solution	NOUN
fsr-3878	57	3	for	for	ADP
fsr-3878	57	4	the	the	DET
fsr-3878	57	5	probability	probability	NOUN
fsr-3878	57	6	for	for	ADP
fsr-3878	57	7	any	any	DET
fsr-3878	57	8	given	give	VERB
fsr-3878	57	9	distribution	distribution	NOUN
fsr-3878	57	10	would	would	AUX
fsr-3878	57	11	also	also	ADV
fsr-3878	57	12	permit	permit	VERB
fsr-3878	57	13	identification	identification	NOUN
fsr-3878	57	14	of	of	ADP
fsr-3878	57	15	the	the	DET
fsr-3878	57	16	minimum	minimum	ADJ
fsr-3878	57	17	shortfall	shortfall	NOUN
fsr-3878	57	18	risk	risk	NOUN
fsr-3878	57	19	portfolio	portfolio	NOUN
fsr-3878	57	20	for	for	ADP
fsr-3878	57	21	any	any	DET
fsr-3878	57	22	number	number	NOUN
fsr-3878	57	23	of	of	ADP
fsr-3878	57	24	assets	asset	NOUN
fsr-3878	57	25	.	.	PUNCT
fsr-3878	58	1	this	this	PRON
fsr-3878	58	2	is	be	AUX
fsr-3878	58	3	a	a	DET
fsr-3878	58	4	problem	problem	NOUN
fsr-3878	58	5	in	in	ADP
fsr-3878	58	6	stochastic	stochastic	ADJ
fsr-3878	58	7	optimization	optimization	NOUN
fsr-3878	58	8	with	with	ADP
fsr-3878	58	9	two	two	NUM
fsr-3878	58	10	random	random	ADJ
fsr-3878	58	11	variables	variable	NOUN
fsr-3878	58	12	—	—	PUNCT
fsr-3878	58	13	date	date	NOUN
fsr-3878	58	14	of	of	ADP
fsr-3878	58	15	death	death	NOUN
fsr-3878	58	16	and	and	CCONJ
fsr-3878	58	17	investment	investment	NOUN
fsr-3878	58	18	return	return	NOUN
fsr-3878	58	19	.	.	PUNCT
fsr-3878	59	1	milevsky	milevsky	NOUN
fsr-3878	59	2	et	et	PROPN
fsr-3878	59	3	al	al	PROPN
fsr-3878	59	4	.	.	PROPN
fsr-3878	60	1	(	(	PUNCT
fsr-3878	60	2	1997	1997	NUM
fsr-3878	60	3	)	)	PUNCT
fsr-3878	60	4	provide	provide	VERB
fsr-3878	60	5	a	a	DET
fsr-3878	60	6	solution	solution	NOUN
fsr-3878	60	7	in	in	ADP
fsr-3878	60	8	a	a	DET
fsr-3878	60	9	form	form	NOUN
fsr-3878	60	10	which	which	PRON
fsr-3878	60	11	requires	require	VERB
fsr-3878	60	12	simulation	simulation	NOUN
fsr-3878	60	13	.	.	PUNCT
fsr-3878	61	1	milevsky	milevsky	PROPN
fsr-3878	61	2	and	and	CCONJ
fsr-3878	61	3	robinson	robinson	PROPN
fsr-3878	61	4	(	(	PUNCT
fsr-3878	61	5	1999	1999	NUM
fsr-3878	61	6	)	)	PUNCT
fsr-3878	61	7	derive	derive	VERB
fsr-3878	61	8	an	an	DET
fsr-3878	61	9	analytic	analytic	ADJ
fsr-3878	61	10	solution	solution	NOUN
fsr-3878	61	11	using	use	VERB
fsr-3878	61	12	insights	insight	NOUN
fsr-3878	61	13	from	from	ADP
fsr-3878	61	14	the	the	DET
fsr-3878	61	15	pricing	pricing	NOUN
fsr-3878	61	16	of	of	ADP
fsr-3878	61	17	asian	asian	ADJ
fsr-3878	61	18	options	option	NOUN
fsr-3878	61	19	.	.	PUNCT
fsr-3878	62	1	the	the	DET
fsr-3878	62	2	solution	solution	NOUN
fsr-3878	62	3	provides	provide	VERB
fsr-3878	62	4	the	the	DET
fsr-3878	62	5	probability	probability	NOUN
fsr-3878	62	6	of	of	ADP
fsr-3878	62	7	shortfall	shortfall	NOUN
fsr-3878	62	8	for	for	ADP
fsr-3878	62	9	any	any	DET
fsr-3878	62	10	allocation	allocation	NOUN
fsr-3878	62	11	amongn	amongn	ADJ
fsr-3878	62	12	investment	investment	NOUN
fsr-3878	62	13	assets	asset	NOUN
fsr-3878	62	14	,	,	PUNCT
fsr-3878	62	15	given	give	VERB
fsr-3878	62	16	:	:	PUNCT
fsr-3878	62	17	●	●	NUM
fsr-3878	62	18	initial	initial	ADJ
fsr-3878	62	19	wealth	wealth	NOUN
fsr-3878	62	20	,	,	PUNCT
fsr-3878	62	21	w	w	PROPN
fsr-3878	62	22	●	●	PUNCT
fsr-3878	62	23	the	the	DET
fsr-3878	62	24	periodic	periodic	ADJ
fsr-3878	62	25	amount	amount	NOUN
fsr-3878	62	26	to	to	PART
fsr-3878	62	27	be	be	AUX
fsr-3878	62	28	withdrawn	withdraw	VERB
fsr-3878	62	29	(	(	PUNCT
fsr-3878	62	30	i.e.	i.e.	X
fsr-3878	62	31	principal	principal	ADJ
fsr-3878	62	32	1	1	NUM
fsr-3878	62	33	income	income	NOUN
fsr-3878	62	34	)	)	PUNCT
fsr-3878	62	35	for	for	ADP
fsr-3878	62	36	consumption	consumption	NOUN
fsr-3878	62	37	,	,	PUNCT
fsr-3878	62	38	c	c	PROPN
fsr-3878	62	39	●	●	PUNCT
fsr-3878	62	40	a	a	DET
fsr-3878	62	41	mortality	mortality	NOUN
fsr-3878	62	42	table	table	NOUN
fsr-3878	62	43	or	or	CCONJ
fsr-3878	62	44	mortality	mortality	NOUN
fsr-3878	62	45	function	function	NOUN
fsr-3878	62	46	for	for	ADP
fsr-3878	62	47	the	the	DET
fsr-3878	62	48	person	person	NOUN
fsr-3878	62	49	●	●	PUNCT
fsr-3878	62	50	the	the	DET
fsr-3878	62	51	distribution	distribution	NOUN
fsr-3878	62	52	of	of	ADP
fsr-3878	62	53	continuously	continuously	ADV
fsr-3878	62	54	-	-	PUNCT
fsr-3878	62	55	compounded	compound	VERB
fsr-3878	62	56	investment	investment	NOUN
fsr-3878	62	57	returns	return	NOUN
fsr-3878	62	58	for	for	ADP
fsr-3878	62	59	each	each	DET
fsr-3878	62	60	class	class	NOUN
fsr-3878	62	61	of	of	ADP
fsr-3878	62	62	assets	asset	NOUN
fsr-3878	62	63	.	.	PUNCT
fsr-3878	63	1	the	the	DET
fsr-3878	63	2	details	detail	NOUN
fsr-3878	63	3	appear	appear	VERB
fsr-3878	63	4	in	in	ADP
fsr-3878	63	5	milevsky	milevsky	NOUN
fsr-3878	63	6	and	and	CCONJ
fsr-3878	63	7	robinson	robinson	PROPN
fsr-3878	63	8	(	(	PUNCT
fsr-3878	63	9	1999	1999	NUM
fsr-3878	63	10	)	)	PUNCT
fsr-3878	63	11	.	.	PUNCT
fsr-3878	64	1	we	we	PRON
fsr-3878	64	2	include	include	VERB
fsr-3878	64	3	a	a	DET
fsr-3878	64	4	summary	summary	NOUN
fsr-3878	64	5	of	of	ADP
fsr-3878	64	6	the	the	DET
fsr-3878	64	7	derivation	derivation	NOUN
fsr-3878	64	8	in	in	ADP
fsr-3878	64	9	appendix	appendix	NOUN
fsr-3878	64	10	1	1	NUM
fsr-3878	64	11	.	.	PUNCT
fsr-3878	65	1	one	one	NUM
fsr-3878	65	2	useful	useful	ADJ
fsr-3878	65	3	feature	feature	NOUN
fsr-3878	65	4	of	of	ADP
fsr-3878	65	5	the	the	DET
fsr-3878	65	6	solution	solution	NOUN
fsr-3878	65	7	is	be	AUX
fsr-3878	65	8	that	that	SCONJ
fsr-3878	65	9	the	the	DET
fsr-3878	65	10	result	result	NOUN
fsr-3878	65	11	is	be	AUX
fsr-3878	65	12	identical	identical	ADJ
fsr-3878	65	13	for	for	ADP
fsr-3878	65	14	all	all	DET
fsr-3878	65	15	ratios	ratio	NOUN
fsr-3878	66	1	ofw	ofw	PROPN
fsr-3878	66	2	/	/	SYM
fsr-3878	66	3	c	c	NOUN
fsr-3878	66	4	,	,	PUNCT
fsr-3878	66	5	regardless	regardless	ADV
fsr-3878	66	6	of	of	ADP
fsr-3878	66	7	the	the	DET
fsr-3878	66	8	size	size	NOUN
fsr-3878	66	9	ofw	ofw	PROPN
fsr-3878	66	10	andc	andc	NOUN
fsr-3878	66	11	.	.	PUNCT
fsr-3878	67	1	accordingly	accordingly	ADV
fsr-3878	67	2	,	,	PUNCT
fsr-3878	67	3	we	we	PRON
fsr-3878	67	4	will	will	AUX
fsr-3878	67	5	refer	refer	VERB
fsr-3878	67	6	tow	tow	NOUN
fsr-3878	67	7	/	/	SYM
fsr-3878	67	8	c	c	NOUN
fsr-3878	67	9	in	in	ADP
fsr-3878	67	10	the	the	DET
fsr-3878	67	11	rest	rest	NOUN
fsr-3878	67	12	of	of	ADP
fsr-3878	67	13	the	the	DET
fsr-3878	67	14	paper	paper	NOUN
fsr-3878	67	15	,	,	PUNCT
fsr-3878	67	16	rather	rather	ADV
fsr-3878	67	17	than	than	ADP
fsr-3878	67	18	separate	separate	ADJ
fsr-3878	67	19	values	value	NOUN
fsr-3878	67	20	.	.	PUNCT
fsr-3878	68	1	the	the	DET
fsr-3878	68	2	reader	reader	NOUN
fsr-3878	68	3	should	should	AUX
fsr-3878	68	4	remember	remember	VERB
fsr-3878	68	5	that	that	SCONJ
fsr-3878	68	6	this	this	PRON
fsr-3878	68	7	refers	refer	VERB
fsr-3878	68	8	to	to	ADP
fsr-3878	68	9	initial	initial	ADJ
fsr-3878	68	10	wealth	wealth	NOUN
fsr-3878	68	11	,	,	PUNCT
fsr-3878	68	12	and	and	CCONJ
fsr-3878	68	13	fixed	fix	VERB
fsr-3878	68	14	real	real	ADJ
fsr-3878	68	15	consumption	consumption	NOUN
fsr-3878	68	16	every	every	DET
fsr-3878	68	17	year	year	NOUN
fsr-3878	68	18	until	until	ADP
fsr-3878	68	19	death	death	NOUN
fsr-3878	68	20	.	.	PUNCT
fsr-3878	69	1	it	it	PRON
fsr-3878	69	2	is	be	AUX
fsr-3878	69	3	not	not	PART
fsr-3878	69	4	a	a	DET
fsr-3878	69	5	constant	constant	ADJ
fsr-3878	69	6	ratio	ratio	NOUN
fsr-3878	69	7	every	every	DET
fsr-3878	69	8	year	year	NOUN
fsr-3878	69	9	,	,	PUNCT
fsr-3878	69	10	becausew	becausew	PROPN
fsr-3878	69	11	is	be	AUX
fsr-3878	69	12	variable	variable	ADJ
fsr-3878	69	13	.	.	PUNCT
fsr-3878	70	1	to	to	PART
fsr-3878	70	2	visualize	visualize	VERB
fsr-3878	70	3	what	what	PRON
fsr-3878	70	4	a	a	DET
fsr-3878	70	5	wealth	wealth	NOUN
fsr-3878	70	6	to	to	ADP
fsr-3878	70	7	consumption	consumption	NOUN
fsr-3878	70	8	ratio	ratio	NOUN
fsr-3878	70	9	might	might	AUX
fsr-3878	70	10	mean	mean	VERB
fsr-3878	70	11	,	,	PUNCT
fsr-3878	70	12	and	and	CCONJ
fsr-3878	70	13	what	what	DET
fsr-3878	70	14	values	value	NOUN
fsr-3878	70	15	might	might	AUX
fsr-3878	70	16	be	be	AUX
fsr-3878	70	17	reasonable	reasonable	ADJ
fsr-3878	70	18	,	,	PUNCT
fsr-3878	70	19	let	let	VERB
fsr-3878	70	20	us	we	PRON
fsr-3878	70	21	consider	consider	VERB
fsr-3878	70	22	how	how	SCONJ
fsr-3878	70	23	much	much	ADJ
fsr-3878	70	24	a	a	DET
fsr-3878	70	25	person	person	NOUN
fsr-3878	70	26	might	might	AUX
fsr-3878	70	27	need	need	VERB
fsr-3878	70	28	to	to	PART
fsr-3878	70	29	consume	consume	VERB
fsr-3878	70	30	per	per	ADP
fsr-3878	70	31	year	year	NOUN
fsr-3878	70	32	in	in	ADP
fsr-3878	70	33	retirement	retirement	NOUN
fsr-3878	70	34	.	.	PUNCT
fsr-3878	71	1	13k	13k	PROPN
fsr-3878	71	2	.	.	PUNCT
fsr-3878	72	1	ho	ho	PROPN
fsr-3878	72	2	,	,	PUNCT
fsr-3878	72	3	m.a	m.a	PROPN
fsr-3878	72	4	.	.	PROPN
fsr-3878	72	5	milevsky	milevsky	PROPN
fsr-3878	72	6	/	/	SYM
fsr-3878	72	7	financial	financial	ADJ
fsr-3878	72	8	services	service	NOUN
fsr-3878	72	9	review	review	VERB
fsr-3878	72	10	8	8	NUM
fsr-3878	72	11	(	(	PUNCT
fsr-3878	72	12	1999	1999	NUM
fsr-3878	72	13	)	)	PUNCT
fsr-3878	72	14	11–25	11–25	NUM
fsr-3878	72	15	we	we	PRON
fsr-3878	72	16	are	be	AUX
fsr-3878	72	17	abstracting	abstract	VERB
fsr-3878	72	18	from	from	ADP
fsr-3878	72	19	the	the	DET
fsr-3878	72	20	form	form	NOUN
fsr-3878	72	21	of	of	ADP
fsr-3878	72	22	the	the	DET
fsr-3878	72	23	income	income	NOUN
fsr-3878	72	24	—	—	PUNCT
fsr-3878	72	25	taxes	taxis	NOUN
fsr-3878	72	26	are	be	AUX
fsr-3878	72	27	ignored	ignore	VERB
fsr-3878	72	28	,	,	PUNCT
fsr-3878	72	29	pensions	pension	NOUN
fsr-3878	72	30	are	be	AUX
fsr-3878	72	31	implicitly	implicitly	ADV
fsr-3878	72	32	capitalized	capitalize	VERB
fsr-3878	72	33	,	,	PUNCT
fsr-3878	72	34	etc	etc	X
fsr-3878	72	35	.	.	X
fsr-3878	72	36	suppose	suppose	VERB
fsr-3878	72	37	you	you	PRON
fsr-3878	72	38	want	want	VERB
fsr-3878	72	39	your	your	PRON
fsr-3878	72	40	financial	financial	ADJ
fsr-3878	72	41	capital	capital	NOUN
fsr-3878	72	42	to	to	PART
fsr-3878	72	43	provide	provide	VERB
fsr-3878	72	44	$	$	SYM
fsr-3878	72	45	30,000	30,000	NUM
fsr-3878	72	46	per	per	ADP
fsr-3878	72	47	annum	annum	NOUN
fsr-3878	72	48	in	in	ADP
fsr-3878	72	49	real	real	ADJ
fsr-3878	72	50	dollars	dollar	NOUN
fsr-3878	72	51	,	,	PUNCT
fsr-3878	72	52	until	until	SCONJ
fsr-3878	72	53	you	you	PRON
fsr-3878	72	54	die	die	VERB
fsr-3878	72	55	.	.	PUNCT
fsr-3878	73	1	if	if	SCONJ
fsr-3878	73	2	you	you	PRON
fsr-3878	73	3	have	have	VERB
fsr-3878	73	4	$	$	SYM
fsr-3878	73	5	360,000	360,000	NUM
fsr-3878	73	6	now	now	ADV
fsr-3878	73	7	,	,	PUNCT
fsr-3878	73	8	w	w	PROPN
fsr-3878	73	9	/	/	SYM
fsr-3878	73	10	c5	c5	PROPN
fsr-3878	73	11	12	12	NUM
fsr-3878	73	12	,	,	PUNCT
fsr-3878	73	13	which	which	PRON
fsr-3878	73	14	is	be	AUX
fsr-3878	73	15	the	the	DET
fsr-3878	73	16	lowest	low	ADJ
fsr-3878	73	17	value	value	NOUN
fsr-3878	73	18	we	we	PRON
fsr-3878	73	19	will	will	AUX
fsr-3878	73	20	provide	provide	VERB
fsr-3878	73	21	in	in	ADP
fsr-3878	73	22	our	our	PRON
fsr-3878	73	23	empirical	empirical	ADJ
fsr-3878	73	24	section	section	NOUN
fsr-3878	73	25	.	.	PUNCT
fsr-3878	74	1	if	if	SCONJ
fsr-3878	74	2	you	you	PRON
fsr-3878	74	3	have	have	VERB
fsr-3878	74	4	$	$	SYM
fsr-3878	74	5	720,000,w	720,000,w	PROPN
fsr-3878	74	6	/	/	SYM
fsr-3878	74	7	c	c	PROPN
fsr-3878	74	8	5	5	NUM
fsr-3878	74	9	24	24	NUM
fsr-3878	74	10	,	,	PUNCT
fsr-3878	74	11	which	which	PRON
fsr-3878	74	12	is	be	AUX
fsr-3878	74	13	the	the	DET
fsr-3878	74	14	highest	high	ADJ
fsr-3878	74	15	value	value	NOUN
fsr-3878	74	16	we	we	PRON
fsr-3878	74	17	will	will	AUX
fsr-3878	74	18	use	use	VERB
fsr-3878	74	19	.	.	PUNCT
fsr-3878	75	1	the	the	DET
fsr-3878	75	2	absolute	absolute	ADJ
fsr-3878	75	3	level	level	NOUN
fsr-3878	75	4	of	of	ADP
fsr-3878	75	5	wealth	wealth	NOUN
fsr-3878	75	6	is	be	AUX
fsr-3878	75	7	not	not	PART
fsr-3878	75	8	relevant	relevant	ADJ
fsr-3878	75	9	in	in	ADP
fsr-3878	75	10	how	how	SCONJ
fsr-3878	75	11	investments	investment	NOUN
fsr-3878	75	12	should	should	AUX
fsr-3878	75	13	be	be	AUX
fsr-3878	75	14	allocated	allocate	VERB
fsr-3878	75	15	,	,	PUNCT
fsr-3878	75	16	but	but	CCONJ
fsr-3878	75	17	rather	rather	ADV
fsr-3878	75	18	the	the	DET
fsr-3878	75	19	wealth	wealth	NOUN
fsr-3878	75	20	relative	relative	ADJ
fsr-3878	75	21	to	to	ADP
fsr-3878	75	22	what	what	PRON
fsr-3878	75	23	you	you	PRON
fsr-3878	75	24	require	require	VERB
fsr-3878	75	25	from	from	ADP
fsr-3878	75	26	it	it	PRON
fsr-3878	75	27	.	.	PUNCT
fsr-3878	76	1	to	to	PART
fsr-3878	76	2	look	look	VERB
fsr-3878	76	3	at	at	ADP
fsr-3878	76	4	it	it	PRON
fsr-3878	76	5	another	another	DET
fsr-3878	76	6	way	way	NOUN
fsr-3878	76	7	,	,	PUNCT
fsr-3878	76	8	suppose	suppose	VERB
fsr-3878	76	9	you	you	PRON
fsr-3878	76	10	are	be	AUX
fsr-3878	76	11	exactly	exactly	ADV
fsr-3878	76	12	a	a	DET
fsr-3878	76	13	millionaire	millionaire	NOUN
fsr-3878	76	14	at	at	ADP
fsr-3878	76	15	age	age	NOUN
fsr-3878	76	16	65	65	NUM
fsr-3878	76	17	.	.	PUNCT
fsr-3878	77	1	the	the	DET
fsr-3878	77	2	popular	popular	ADJ
fsr-3878	77	3	view	view	NOUN
fsr-3878	77	4	is	be	AUX
fsr-3878	77	5	that	that	SCONJ
fsr-3878	77	6	a	a	DET
fsr-3878	77	7	millionaire	millionaire	NOUN
fsr-3878	77	8	can	can	AUX
fsr-3878	77	9	enjoy	enjoy	VERB
fsr-3878	77	10	a	a	DET
fsr-3878	77	11	luxurious	luxurious	ADJ
fsr-3878	77	12	retirement	retirement	NOUN
fsr-3878	77	13	lifestyle	lifestyle	NOUN
fsr-3878	77	14	.	.	PUNCT
fsr-3878	78	1	a	a	DET
fsr-3878	78	2	modest	modest	ADJ
fsr-3878	78	3	consumption	consumption	NOUN
fsr-3878	78	4	of	of	ADP
fsr-3878	78	5	$	$	SYM
fsr-3878	78	6	50,000	50,000	NUM
fsr-3878	78	7	per	per	ADP
fsr-3878	78	8	annum	annum	NOUN
fsr-3878	78	9	is	be	AUX
fsr-3878	78	10	equivalent	equivalent	ADJ
fsr-3878	78	11	tow	tow	NOUN
fsr-3878	78	12	/	/	SYM
fsr-3878	78	13	c	c	NOUN
fsr-3878	78	14	5	5	NUM
fsr-3878	78	15	20	20	NUM
fsr-3878	78	16	,	,	PUNCT
fsr-3878	78	17	and	and	CCONJ
fsr-3878	78	18	as	as	SCONJ
fsr-3878	78	19	we	we	PRON
fsr-3878	78	20	shall	shall	AUX
fsr-3878	78	21	see	see	VERB
fsr-3878	78	22	,	,	PUNCT
fsr-3878	78	23	this	this	DET
fsr-3878	78	24	supposedly	supposedly	ADV
fsr-3878	78	25	modest	modest	ADJ
fsr-3878	78	26	income	income	NOUN
fsr-3878	78	27	for	for	ADP
fsr-3878	78	28	a	a	DET
fsr-3878	78	29	millionaire	millionaire	NOUN
fsr-3878	78	30	is	be	AUX
fsr-3878	78	31	not	not	PART
fsr-3878	78	32	all	all	DET
fsr-3878	78	33	that	that	PRON
fsr-3878	78	34	secure	secure	ADJ
fsr-3878	78	35	.	.	PUNCT
fsr-3878	79	1	we	we	PRON
fsr-3878	79	2	emphasize	emphasize	VERB
fsr-3878	79	3	that	that	SCONJ
fsr-3878	79	4	the	the	DET
fsr-3878	79	5	values	value	NOUN
fsr-3878	79	6	are	be	AUX
fsr-3878	79	7	in	in	ADP
fsr-3878	79	8	real	real	ADJ
fsr-3878	79	9	dollars	dollar	NOUN
fsr-3878	79	10	,	,	PUNCT
fsr-3878	79	11	and	and	CCONJ
fsr-3878	79	12	that	that	SCONJ
fsr-3878	79	13	both	both	DET
fsr-3878	79	14	income	income	NOUN
fsr-3878	79	15	and	and	CCONJ
fsr-3878	79	16	principal	principal	NOUN
fsr-3878	79	17	are	be	AUX
fsr-3878	79	18	consumed	consume	VERB
fsr-3878	79	19	—	—	PUNCT
fsr-3878	79	20	no	no	DET
fsr-3878	79	21	bequest	bequest	NOUN
fsr-3878	79	22	is	be	AUX
fsr-3878	79	23	assumed	assume	VERB
fsr-3878	79	24	.	.	PUNCT
fsr-3878	80	1	the	the	DET
fsr-3878	80	2	value	value	NOUN
fsr-3878	80	3	ofw	ofw	NOUN
fsr-3878	80	4	at	at	ADP
fsr-3878	80	5	any	any	DET
fsr-3878	80	6	future	future	ADJ
fsr-3878	80	7	time	time	NOUN
fsr-3878	80	8	is	be	AUX
fsr-3878	80	9	random	random	ADJ
fsr-3878	80	10	,	,	PUNCT
fsr-3878	80	11	with	with	ADP
fsr-3878	80	12	the	the	DET
fsr-3878	80	13	randomness	randomness	NOUN
fsr-3878	80	14	coming	come	VERB
fsr-3878	80	15	from	from	ADP
fsr-3878	80	16	the	the	DET
fsr-3878	80	17	random	random	ADJ
fsr-3878	80	18	return	return	NOUN
fsr-3878	80	19	function	function	NOUN
fsr-3878	80	20	.	.	PUNCT
fsr-3878	81	1	if	if	SCONJ
fsr-3878	81	2	inflation	inflation	NOUN
fsr-3878	81	3	is	be	AUX
fsr-3878	81	4	positive	positive	ADJ
fsr-3878	81	5	,	,	PUNCT
fsr-3878	81	6	the	the	DET
fsr-3878	81	7	actual	actual	ADJ
fsr-3878	81	8	amount	amount	NOUN
fsr-3878	81	9	drawn	draw	VERB
fsr-3878	81	10	out	out	ADP
fsr-3878	81	11	in	in	ADP
fsr-3878	81	12	nominal	nominal	ADJ
fsr-3878	81	13	dollars	dollar	NOUN
fsr-3878	81	14	increases	increase	NOUN
fsr-3878	81	15	every	every	DET
fsr-3878	81	16	year	year	NOUN
fsr-3878	81	17	.	.	PUNCT
fsr-3878	82	1	if	if	SCONJ
fsr-3878	82	2	you	you	PRON
fsr-3878	82	3	do	do	AUX
fsr-3878	82	4	consume	consume	VERB
fsr-3878	82	5	approximately	approximately	ADV
fsr-3878	82	6	c	c	NOUN
fsr-3878	82	7	,	,	PUNCT
fsr-3878	82	8	then	then	ADV
fsr-3878	82	9	on	on	ADP
fsr-3878	82	10	average	average	ADJ
fsr-3878	82	11	the	the	DET
fsr-3878	82	12	future	future	ADJ
fsr-3878	82	13	values	value	NOUN
fsr-3878	82	14	ofw	ofw	PROPN
fsr-3878	82	15	/	/	SYM
fsr-3878	82	16	c	c	PROPN
fsr-3878	82	17	will	will	AUX
fsr-3878	82	18	decline	decline	VERB
fsr-3878	82	19	for	for	ADP
fsr-3878	82	20	most	most	ADJ
fsr-3878	82	21	situations	situation	NOUN
fsr-3878	82	22	.	.	PUNCT
fsr-3878	83	1	that	that	PRON
fsr-3878	83	2	is	be	AUX
fsr-3878	83	3	,	,	PUNCT
fsr-3878	83	4	most	most	ADJ
fsr-3878	83	5	people	people	NOUN
fsr-3878	83	6	will	will	AUX
fsr-3878	83	7	be	be	AUX
fsr-3878	83	8	obliged	oblige	VERB
fsr-3878	83	9	to	to	PART
fsr-3878	83	10	consume	consume	VERB
fsr-3878	83	11	part	part	NOUN
fsr-3878	83	12	of	of	ADP
fsr-3878	83	13	the	the	DET
fsr-3878	83	14	principal	principal	NOUN
fsr-3878	83	15	every	every	DET
fsr-3878	83	16	year	year	NOUN
fsr-3878	83	17	,	,	PUNCT
fsr-3878	83	18	and	and	CCONJ
fsr-3878	83	19	therefore	therefore	ADV
fsr-3878	83	20	as	as	SCONJ
fsr-3878	83	21	their	their	PRON
fsr-3878	83	22	wealth	wealth	NOUN
fsr-3878	83	23	declines	decline	VERB
fsr-3878	83	24	,	,	PUNCT
fsr-3878	83	25	so	so	ADV
fsr-3878	83	26	doesw	doesw	ADJ
fsr-3878	83	27	/	/	SYM
fsr-3878	83	28	c.	c.	NOUN
fsr-3878	83	29	as	as	ADP
fsr-3878	83	30	a	a	DET
fsr-3878	83	31	practical	practical	ADJ
fsr-3878	83	32	matter	matter	NOUN
fsr-3878	83	33	,	,	PUNCT
fsr-3878	83	34	we	we	PRON
fsr-3878	83	35	will	will	AUX
fsr-3878	83	36	work	work	VERB
fsr-3878	83	37	with	with	ADP
fsr-3878	83	38	only	only	ADV
fsr-3878	83	39	three	three	NUM
fsr-3878	83	40	assets	asset	NOUN
fsr-3878	83	41	at	at	ADP
fsr-3878	83	42	a	a	DET
fsr-3878	83	43	time	time	NOUN
fsr-3878	83	44	in	in	ADP
fsr-3878	83	45	this	this	DET
fsr-3878	83	46	paper	paper	NOUN
fsr-3878	83	47	,	,	PUNCT
fsr-3878	83	48	one	one	NUM
fsr-3878	83	49	risk	risk	NOUN
fsr-3878	83	50	-	-	PUNCT
fsr-3878	83	51	free	free	ADJ
fsr-3878	83	52	and	and	CCONJ
fsr-3878	83	53	two	two	NUM
fsr-3878	83	54	risky	risky	ADJ
fsr-3878	83	55	.	.	PUNCT
fsr-3878	84	1	presentation	presentation	NOUN
fsr-3878	84	2	of	of	ADP
fsr-3878	84	3	allocations	allocation	NOUN
fsr-3878	84	4	among	among	ADP
fsr-3878	84	5	more	more	ADJ
fsr-3878	84	6	than	than	ADP
fsr-3878	84	7	three	three	NUM
fsr-3878	84	8	assets	asset	NOUN
fsr-3878	84	9	on	on	ADP
fsr-3878	84	10	a	a	DET
fsr-3878	84	11	two	two	NUM
fsr-3878	84	12	-	-	PUNCT
fsr-3878	84	13	dimensional	dimensional	ADJ
fsr-3878	84	14	piece	piece	NOUN
fsr-3878	84	15	of	of	ADP
fsr-3878	84	16	paper	paper	NOUN
fsr-3878	84	17	is	be	AUX
fsr-3878	84	18	very	very	ADV
fsr-3878	84	19	confusing	confusing	ADJ
fsr-3878	84	20	and	and	CCONJ
fsr-3878	84	21	consumes	consume	VERB
fsr-3878	84	22	far	far	ADV
fsr-3878	84	23	more	more	ADJ
fsr-3878	84	24	space	space	NOUN
fsr-3878	84	25	without	without	ADP
fsr-3878	84	26	adding	add	VERB
fsr-3878	84	27	further	further	ADJ
fsr-3878	84	28	understanding	understanding	NOUN
fsr-3878	84	29	of	of	ADP
fsr-3878	84	30	the	the	DET
fsr-3878	84	31	questions	question	NOUN
fsr-3878	84	32	we	we	PRON
fsr-3878	84	33	consider	consider	VERB
fsr-3878	84	34	in	in	ADP
fsr-3878	84	35	this	this	DET
fsr-3878	84	36	paper	paper	NOUN
fsr-3878	84	37	.	.	PUNCT
fsr-3878	85	1	an	an	DET
fsr-3878	85	2	earlier	early	ADJ
fsr-3878	85	3	version	version	NOUN
fsr-3878	85	4	of	of	ADP
fsr-3878	85	5	this	this	DET
fsr-3878	85	6	paper	paper	NOUN
fsr-3878	85	7	used	use	VERB
fsr-3878	85	8	the	the	DET
fsr-3878	85	9	simulation	simulation	NOUN
fsr-3878	85	10	method	method	NOUN
fsr-3878	85	11	and	and	CCONJ
fsr-3878	85	12	two	two	NUM
fsr-3878	85	13	assets	asset	NOUN
fsr-3878	85	14	,	,	PUNCT
fsr-3878	85	15	but	but	CCONJ
fsr-3878	85	16	we	we	PRON
fsr-3878	85	17	reached	reach	VERB
fsr-3878	85	18	the	the	DET
fsr-3878	85	19	same	same	ADJ
fsr-3878	85	20	conclusions	conclusion	NOUN
fsr-3878	85	21	.	.	PUNCT
fsr-3878	86	1	4	4	X
fsr-3878	86	2	.	.	X
fsr-3878	86	3	international	international	ADJ
fsr-3878	86	4	equity	equity	NOUN
fsr-3878	86	5	diversification	diversification	NOUN
fsr-3878	86	6	and	and	CCONJ
fsr-3878	86	7	shortfall	shortfall	NOUN
fsr-3878	86	8	risk	risk	NOUN
fsr-3878	86	9	in	in	ADP
fsr-3878	86	10	different	different	ADJ
fsr-3878	86	11	countries	country	NOUN
fsr-3878	86	12	we	we	PRON
fsr-3878	86	13	want	want	VERB
fsr-3878	86	14	to	to	PART
fsr-3878	86	15	answer	answer	VERB
fsr-3878	86	16	three	three	NUM
fsr-3878	86	17	related	related	ADJ
fsr-3878	86	18	questions	question	NOUN
fsr-3878	86	19	:	:	PUNCT
fsr-3878	86	20	1	1	X
fsr-3878	86	21	.	.	X
fsr-3878	86	22	does	do	AUX
fsr-3878	86	23	international	international	ADJ
fsr-3878	86	24	equity	equity	NOUN
fsr-3878	86	25	diversification	diversification	NOUN
fsr-3878	86	26	reduce	reduce	VERB
fsr-3878	86	27	shortfall	shortfall	NOUN
fsr-3878	86	28	risk	risk	NOUN
fsr-3878	86	29	for	for	ADP
fsr-3878	86	30	canadians	canadian	NOUN
fsr-3878	86	31	and	and	CCONJ
fsr-3878	86	32	is	be	AUX
fsr-3878	86	33	it	it	PRON
fsr-3878	86	34	material	material	ADJ
fsr-3878	86	35	?	?	PUNCT
fsr-3878	87	1	2	2	X
fsr-3878	87	2	.	.	X
fsr-3878	87	3	does	do	AUX
fsr-3878	87	4	international	international	ADJ
fsr-3878	87	5	equity	equity	NOUN
fsr-3878	87	6	diversification	diversification	NOUN
fsr-3878	87	7	reduce	reduce	VERB
fsr-3878	87	8	shortfall	shortfall	NOUN
fsr-3878	87	9	risk	risk	NOUN
fsr-3878	87	10	for	for	ADP
fsr-3878	87	11	americans	americans	PROPN
fsr-3878	87	12	and	and	CCONJ
fsr-3878	87	13	is	be	AUX
fsr-3878	87	14	the	the	DET
fsr-3878	87	15	reduction	reduction	NOUN
fsr-3878	87	16	material	material	NOUN
fsr-3878	87	17	?	?	PUNCT
fsr-3878	88	1	3	3	X
fsr-3878	88	2	.	.	X
fsr-3878	88	3	is	be	AUX
fsr-3878	88	4	international	international	ADJ
fsr-3878	88	5	diversification	diversification	NOUN
fsr-3878	88	6	relatively	relatively	ADV
fsr-3878	88	7	less	less	ADV
fsr-3878	88	8	effective	effective	ADJ
fsr-3878	88	9	in	in	ADP
fsr-3878	88	10	reducing	reduce	VERB
fsr-3878	88	11	shortfall	shortfall	NOUN
fsr-3878	88	12	risk	risk	NOUN
fsr-3878	88	13	for	for	ADP
fsr-3878	88	14	americans	americans	PROPN
fsr-3878	88	15	than	than	SCONJ
fsr-3878	88	16	it	it	PRON
fsr-3878	88	17	is	be	AUX
fsr-3878	88	18	for	for	ADP
fsr-3878	88	19	canadians	canadian	NOUN
fsr-3878	88	20	?	?	PUNCT
fsr-3878	89	1	the	the	DET
fsr-3878	89	2	answer	answer	NOUN
fsr-3878	89	3	to	to	ADP
fsr-3878	89	4	the	the	DET
fsr-3878	89	5	first	first	ADJ
fsr-3878	89	6	two	two	NUM
fsr-3878	89	7	questions	question	NOUN
fsr-3878	89	8	is	be	AUX
fsr-3878	89	9	very	very	ADV
fsr-3878	89	10	likely	likely	ADV
fsr-3878	89	11	positive	positive	ADJ
fsr-3878	89	12	to	to	ADP
fsr-3878	89	13	some	some	DET
fsr-3878	89	14	extent	extent	NOUN
fsr-3878	89	15	,	,	PUNCT
fsr-3878	89	16	since	since	SCONJ
fsr-3878	89	17	diversification	diversification	NOUN
fsr-3878	89	18	reduces	reduce	VERB
fsr-3878	89	19	total	total	ADJ
fsr-3878	89	20	risk	risk	NOUN
fsr-3878	89	21	as	as	ADV
fsr-3878	89	22	long	long	ADV
fsr-3878	89	23	as	as	SCONJ
fsr-3878	89	24	the	the	DET
fsr-3878	89	25	assets	asset	NOUN
fsr-3878	89	26	are	be	AUX
fsr-3878	89	27	imperfectly	imperfectly	ADV
fsr-3878	89	28	correlated	correlate	VERB
fsr-3878	89	29	.	.	PUNCT
fsr-3878	90	1	if	if	SCONJ
fsr-3878	90	2	the	the	DET
fsr-3878	90	3	mean	mean	ADJ
fsr-3878	90	4	returns	return	NOUN
fsr-3878	90	5	are	be	AUX
fsr-3878	90	6	too	too	ADV
fsr-3878	90	7	low	low	ADJ
fsr-3878	90	8	on	on	ADP
fsr-3878	90	9	one	one	NUM
fsr-3878	90	10	asset	asset	NOUN
fsr-3878	90	11	,	,	PUNCT
fsr-3878	90	12	shortfall	shortfall	NOUN
fsr-3878	90	13	risk	risk	NOUN
fsr-3878	90	14	may	may	AUX
fsr-3878	90	15	not	not	PART
fsr-3878	90	16	change	change	VERB
fsr-3878	90	17	even	even	ADV
fsr-3878	90	18	when	when	SCONJ
fsr-3878	90	19	it	it	PRON
fsr-3878	90	20	is	be	AUX
fsr-3878	90	21	introduced	introduce	VERB
fsr-3878	90	22	into	into	ADP
fsr-3878	90	23	the	the	DET
fsr-3878	90	24	opportunity	opportunity	NOUN
fsr-3878	90	25	set	set	NOUN
fsr-3878	90	26	.	.	PUNCT
fsr-3878	91	1	4.1	4.1	NUM
fsr-3878	91	2	.	.	PUNCT
fsr-3878	92	1	the	the	DET
fsr-3878	92	2	data	datum	NOUN
fsr-3878	92	3	for	for	ADP
fsr-3878	92	4	canada	canada	PROPN
fsr-3878	92	5	,	,	PUNCT
fsr-3878	92	6	in	in	ADP
fsr-3878	92	7	canadian	canadian	ADJ
fsr-3878	92	8	$	$	SYM
fsr-3878	92	9	:	:	PUNCT
fsr-3878	92	10	●	●	PUNCT
fsr-3878	92	11	t	t	NOUN
fsr-3878	92	12	-	-	PUNCT
fsr-3878	92	13	bills	bill	NOUN
fsr-3878	92	14	:	:	PUNCT
fsr-3878	92	15	annualized	annualize	VERB
fsr-3878	92	16	rate	rate	NOUN
fsr-3878	92	17	of	of	ADP
fsr-3878	92	18	return	return	NOUN
fsr-3878	92	19	of	of	ADP
fsr-3878	92	20	91	91	NUM
fsr-3878	92	21	-	-	PUNCT
fsr-3878	92	22	day	day	NOUN
fsr-3878	92	23	canadian	canadian	ADJ
fsr-3878	92	24	treasury	treasury	PROPN
fsr-3878	92	25	bills	bill	NOUN
fsr-3878	92	26	14	14	NUM
fsr-3878	92	27	k.	k.	PROPN
fsr-3878	92	28	ho	ho	PROPN
fsr-3878	92	29	,	,	PUNCT
fsr-3878	92	30	m.a	m.a	PROPN
fsr-3878	92	31	.	.	PROPN
fsr-3878	92	32	milevsky	milevsky	PROPN
fsr-3878	92	33	/	/	SYM
fsr-3878	92	34	financial	financial	ADJ
fsr-3878	92	35	services	service	NOUN
fsr-3878	92	36	review	review	VERB
fsr-3878	92	37	8	8	NUM
fsr-3878	92	38	(	(	PUNCT
fsr-3878	92	39	1999	1999	NUM
fsr-3878	92	40	)	)	PUNCT
fsr-3878	92	41	11–25	11–25	NUM
fsr-3878	92	42	●	●	NUM
fsr-3878	92	43	bonds	bond	NOUN
fsr-3878	92	44	:	:	PUNCT
fsr-3878	92	45	scotia	scotia	PROPN
fsr-3878	92	46	mcleod	mcleod	PROPN
fsr-3878	92	47	long	long	PROPN
fsr-3878	92	48	bond	bond	PROPN
fsr-3878	92	49	index	index	NOUN
fsr-3878	92	50	,	,	PUNCT
fsr-3878	92	51	total	total	ADJ
fsr-3878	92	52	rate	rate	NOUN
fsr-3878	92	53	of	of	ADP
fsr-3878	92	54	return	return	NOUN
fsr-3878	92	55	●	●	NUM
fsr-3878	92	56	tse	tse	PROPN
fsr-3878	92	57	:	:	PUNCT
fsr-3878	92	58	toronto	toronto	PROPN
fsr-3878	92	59	stock	stock	PROPN
fsr-3878	92	60	exchange	exchange	PROPN
fsr-3878	92	61	300	300	NUM
fsr-3878	92	62	index	index	NOUN
fsr-3878	92	63	,	,	PUNCT
fsr-3878	92	64	total	total	ADJ
fsr-3878	92	65	rate	rate	NOUN
fsr-3878	92	66	of	of	ADP
fsr-3878	92	67	return	return	NOUN
fsr-3878	92	68	●	●	PUNCT
fsr-3878	92	69	s&p	s&p	PROPN
fsr-3878	92	70	:	:	PUNCT
fsr-3878	92	71	standard	standard	ADJ
fsr-3878	92	72	and	and	CCONJ
fsr-3878	92	73	poor	poor	ADJ
fsr-3878	92	74	’s	’s	PART
fsr-3878	92	75	500	500	NUM
fsr-3878	92	76	index	index	NOUN
fsr-3878	92	77	,	,	PUNCT
fsr-3878	92	78	total	total	ADJ
fsr-3878	92	79	rate	rate	NOUN
fsr-3878	92	80	of	of	ADP
fsr-3878	92	81	return	return	NOUN
fsr-3878	92	82	●	●	PUNCT
fsr-3878	92	83	world	world	NOUN
fsr-3878	92	84	:	:	PUNCT
fsr-3878	92	85	morgan	morgan	PROPN
fsr-3878	92	86	stanley	stanley	PROPN
fsr-3878	92	87	capital	capital	PROPN
fsr-3878	92	88	international	international	PROPN
fsr-3878	92	89	(	(	PUNCT
fsr-3878	92	90	msci	msci	PROPN
fsr-3878	92	91	)	)	PUNCT
fsr-3878	92	92	global	global	ADJ
fsr-3878	92	93	portfolio	portfolio	NOUN
fsr-3878	92	94	total	total	ADJ
fsr-3878	92	95	rate	rate	NOUN
fsr-3878	92	96	of	of	ADP
fsr-3878	92	97	return	return	NOUN
fsr-3878	92	98	.	.	PUNCT
fsr-3878	93	1	●	●	PUNCT
fsr-3878	93	2	eafe	eafe	NOUN
fsr-3878	93	3	:	:	PUNCT
fsr-3878	93	4	msci	msci	PROPN
fsr-3878	93	5	’s	’s	PART
fsr-3878	93	6	index	index	NOUN
fsr-3878	93	7	portfolio	portfolio	NOUN
fsr-3878	93	8	for	for	ADP
fsr-3878	93	9	europe	europe	PROPN
fsr-3878	93	10	,	,	PUNCT
fsr-3878	93	11	australia	australia	PROPN
fsr-3878	93	12	,	,	PUNCT
fsr-3878	93	13	far	far	ADV
fsr-3878	93	14	east	east	ADJ
fsr-3878	93	15	,	,	PUNCT
fsr-3878	93	16	total	total	ADJ
fsr-3878	93	17	rate	rate	NOUN
fsr-3878	93	18	of	of	ADP
fsr-3878	93	19	return	return	NOUN
fsr-3878	93	20	.	.	PUNCT
fsr-3878	94	1	for	for	ADP
fsr-3878	94	2	the	the	DET
fsr-3878	94	3	united	united	PROPN
fsr-3878	94	4	states	states	PROPN
fsr-3878	94	5	,	,	PUNCT
fsr-3878	94	6	in	in	ADP
fsr-3878	94	7	united	united	PROPN
fsr-3878	94	8	states	states	PROPN
fsr-3878	94	9	$	$	SYM
fsr-3878	94	10	:	:	PUNCT
fsr-3878	94	11	●	●	PUNCT
fsr-3878	94	12	t	t	NOUN
fsr-3878	94	13	-	-	PUNCT
fsr-3878	94	14	bills	bill	NOUN
fsr-3878	94	15	:	:	PUNCT
fsr-3878	94	16	annualized	annualize	VERB
fsr-3878	94	17	rate	rate	NOUN
fsr-3878	94	18	of	of	ADP
fsr-3878	94	19	return	return	NOUN
fsr-3878	94	20	of	of	ADP
fsr-3878	94	21	three	three	NUM
fsr-3878	94	22	month	month	NOUN
fsr-3878	94	23	united	united	PROPN
fsr-3878	94	24	states	states	PROPN
fsr-3878	94	25	treasury	treasury	PROPN
fsr-3878	94	26	bills	bill	NOUN
fsr-3878	94	27	●	●	NOUN
fsr-3878	94	28	bonds	bond	NOUN
fsr-3878	94	29	:	:	PUNCT
fsr-3878	94	30	30	30	NUM
fsr-3878	94	31	year	year	NOUN
fsr-3878	94	32	federal	federal	ADJ
fsr-3878	94	33	bonds	bond	NOUN
fsr-3878	94	34	,	,	PUNCT
fsr-3878	94	35	total	total	ADJ
fsr-3878	94	36	rate	rate	NOUN
fsr-3878	94	37	of	of	ADP
fsr-3878	94	38	return	return	NOUN
fsr-3878	94	39	●	●	PUNCT
fsr-3878	94	40	s&p	s&p	PROPN
fsr-3878	94	41	:	:	PUNCT
fsr-3878	94	42	standard	standard	ADJ
fsr-3878	94	43	and	and	CCONJ
fsr-3878	94	44	poor	poor	ADJ
fsr-3878	94	45	’s	’s	PART
fsr-3878	94	46	500	500	NUM
fsr-3878	94	47	index	index	NOUN
fsr-3878	94	48	,	,	PUNCT
fsr-3878	94	49	total	total	ADJ
fsr-3878	94	50	rate	rate	NOUN
fsr-3878	94	51	of	of	ADP
fsr-3878	94	52	return	return	NOUN
fsr-3878	94	53	●	●	PUNCT
fsr-3878	94	54	world	world	NOUN
fsr-3878	94	55	:	:	PUNCT
fsr-3878	94	56	morgan	morgan	PROPN
fsr-3878	94	57	stanley	stanley	PROPN
fsr-3878	94	58	capital	capital	PROPN
fsr-3878	94	59	international	international	PROPN
fsr-3878	94	60	(	(	PUNCT
fsr-3878	94	61	msci	msci	PROPN
fsr-3878	94	62	)	)	PUNCT
fsr-3878	94	63	global	global	ADJ
fsr-3878	94	64	portfolio	portfolio	NOUN
fsr-3878	94	65	total	total	ADJ
fsr-3878	94	66	rate	rate	NOUN
fsr-3878	94	67	of	of	ADP
fsr-3878	94	68	return	return	NOUN
fsr-3878	94	69	.	.	PUNCT
fsr-3878	95	1	●	●	PUNCT
fsr-3878	95	2	eafe	eafe	NOUN
fsr-3878	95	3	:	:	PUNCT
fsr-3878	95	4	msci	msci	PROPN
fsr-3878	95	5	’s	’s	PART
fsr-3878	95	6	index	index	NOUN
fsr-3878	95	7	portfolio	portfolio	NOUN
fsr-3878	95	8	for	for	ADP
fsr-3878	95	9	europe	europe	PROPN
fsr-3878	95	10	,	,	PUNCT
fsr-3878	95	11	australia	australia	PROPN
fsr-3878	95	12	,	,	PUNCT
fsr-3878	95	13	far	far	ADV
fsr-3878	95	14	east	east	ADJ
fsr-3878	95	15	,	,	PUNCT
fsr-3878	95	16	total	total	ADJ
fsr-3878	95	17	rate	rate	NOUN
fsr-3878	95	18	of	of	ADP
fsr-3878	95	19	return	return	NOUN
fsr-3878	95	20	.	.	PUNCT
fsr-3878	96	1	we	we	PRON
fsr-3878	96	2	use	use	VERB
fsr-3878	96	3	annual	annual	ADJ
fsr-3878	96	4	rates	rate	NOUN
fsr-3878	96	5	of	of	ADP
fsr-3878	96	6	return	return	NOUN
fsr-3878	96	7	and	and	CCONJ
fsr-3878	96	8	convert	convert	VERB
fsr-3878	96	9	them	they	PRON
fsr-3878	96	10	to	to	ADP
fsr-3878	96	11	real	real	ADJ
fsr-3878	96	12	rates	rate	NOUN
fsr-3878	96	13	using	use	VERB
fsr-3878	96	14	the	the	DET
fsr-3878	96	15	consumer	consumer	NOUN
fsr-3878	96	16	price	price	NOUN
fsr-3878	96	17	index	index	NOUN
fsr-3878	96	18	of	of	ADP
fsr-3878	96	19	the	the	DET
fsr-3878	96	20	respective	respective	ADJ
fsr-3878	96	21	countries	country	NOUN
fsr-3878	96	22	.	.	PUNCT
fsr-3878	97	1	we	we	PRON
fsr-3878	97	2	show	show	VERB
fsr-3878	97	3	the	the	DET
fsr-3878	97	4	continuously	continuously	ADV
fsr-3878	97	5	-	-	PUNCT
fsr-3878	97	6	compounded	compound	VERB
fsr-3878	97	7	mean	mean	ADJ
fsr-3878	97	8	real	real	ADJ
fsr-3878	97	9	rates	rate	NOUN
fsr-3878	97	10	of	of	ADP
fsr-3878	97	11	return	return	NOUN
fsr-3878	97	12	,	,	PUNCT
fsr-3878	97	13	standard	standard	ADJ
fsr-3878	97	14	deviations	deviation	NOUN
fsr-3878	97	15	and	and	CCONJ
fsr-3878	97	16	correlations	correlation	NOUN
fsr-3878	97	17	for	for	ADP
fsr-3878	97	18	the	the	DET
fsr-3878	97	19	period	period	NOUN
fsr-3878	97	20	1957–1997	1957–1997	NUM
fsr-3878	97	21	in	in	ADP
fsr-3878	97	22	table	table	NOUN
fsr-3878	97	23	1	1	NUM
fsr-3878	97	24	.	.	PUNCT
fsr-3878	98	1	although	although	SCONJ
fsr-3878	98	2	the	the	DET
fsr-3878	98	3	standard	standard	ADJ
fsr-3878	98	4	deviation	deviation	NOUN
fsr-3878	98	5	is	be	AUX
fsr-3878	98	6	non	non	ADJ
fsr-3878	98	7	-	-	ADJ
fsr-3878	98	8	zero	zero	NUM
fsr-3878	98	9	for	for	ADP
fsr-3878	98	10	t	t	PROPN
fsr-3878	98	11	-	-	PUNCT
fsr-3878	98	12	bills	bill	NOUN
fsr-3878	98	13	,	,	PUNCT
fsr-3878	98	14	we	we	PRON
fsr-3878	98	15	will	will	AUX
fsr-3878	98	16	still	still	ADV
fsr-3878	98	17	use	use	VERB
fsr-3878	98	18	it	it	PRON
fsr-3878	98	19	as	as	ADP
fsr-3878	98	20	the	the	DET
fsr-3878	98	21	risk	risk	NOUN
fsr-3878	98	22	-	-	PUNCT
fsr-3878	98	23	free	free	ADJ
fsr-3878	98	24	rate	rate	NOUN
fsr-3878	98	25	in	in	ADP
fsr-3878	98	26	our	our	PRON
fsr-3878	98	27	table	table	NOUN
fsr-3878	98	28	1	1	NUM
fsr-3878	98	29	continuously	continuously	ADV
fsr-3878	98	30	compounded	compound	VERB
fsr-3878	98	31	annual	annual	ADJ
fsr-3878	98	32	real	real	ADJ
fsr-3878	98	33	rates	rate	NOUN
fsr-3878	98	34	of	of	ADP
fsr-3878	98	35	returna	returna	ADJ
fsr-3878	98	36	canadian	canadian	ADJ
fsr-3878	98	37	american	american	ADJ
fsr-3878	98	38	mean	mean	VERB
fsr-3878	98	39	standard	standard	ADJ
fsr-3878	98	40	deviation	deviation	NOUN
fsr-3878	98	41	mean	mean	VERB
fsr-3878	98	42	standard	standard	ADJ
fsr-3878	98	43	deviation	deviation	NOUN
fsr-3878	98	44	t	t	NOUN
fsr-3878	98	45	-	-	PUNCT
fsr-3878	98	46	bills	bill	NOUN
fsr-3878	98	47	0.026	0.026	NUM
fsr-3878	98	48	0.030	0.030	NUM
fsr-3878	98	49	0.013	0.013	NUM
fsr-3878	98	50	0.022	0.022	NUM
fsr-3878	98	51	bonds	bond	NOUN
fsr-3878	98	52	0.039	0.039	NUM
fsr-3878	98	53	0.105	0.105	NUM
fsr-3878	98	54	0.019	0.019	NUM
fsr-3878	98	55	0.112	0.112	NUM
fsr-3878	98	56	tse	tse	NUM
fsr-3878	98	57	0.051	0.051	NUM
fsr-3878	98	58	0.156	0.156	NUM
fsr-3878	98	59	s	s	NOUN
fsr-3878	98	60	&	&	CCONJ
fsr-3878	98	61	p	p	PROPN
fsr-3878	98	62	0.076	0.076	NUM
fsr-3878	98	63	0.163	0.163	NUM
fsr-3878	98	64	0.062	0.062	NUM
fsr-3878	98	65	0.161	0.161	NUM
fsr-3878	98	66	world	world	NOUN
fsr-3878	98	67	0.070	0.070	NUM
fsr-3878	98	68	0.170	0.170	NUM
fsr-3878	98	69	0.059	0.059	NUM
fsr-3878	98	70	0.169	0.169	NUM
fsr-3878	98	71	eafe	eafe	ADJ
fsr-3878	98	72	0.071	0.071	NUM
fsr-3878	98	73	0.214	0.214	NUM
fsr-3878	98	74	0.065	0.065	NUM
fsr-3878	98	75	0.213	0.213	NUM
fsr-3878	98	76	correlation	correlation	NOUN
fsr-3878	98	77	matrices	matrix	NOUN
fsr-3878	98	78	canada	canada	PROPN
fsr-3878	98	79	bonds	bond	NOUN
fsr-3878	98	80	tse	tse	PROPN
fsr-3878	98	81	s	s	PROPN
fsr-3878	98	82	&	&	CCONJ
fsr-3878	98	83	p	p	PROPN
fsr-3878	98	84	world	world	NOUN
fsr-3878	98	85	tse	tse	PROPN
fsr-3878	98	86	0.27	0.27	NUM
fsr-3878	98	87	s	s	NOUN
fsr-3878	98	88	&	&	CCONJ
fsr-3878	98	89	p	p	PROPN
fsr-3878	98	90	0.55	0.55	NUM
fsr-3878	98	91	0.79	0.79	NUM
fsr-3878	98	92	world	world	NOUN
fsr-3878	98	93	0.50	0.50	NUM
fsr-3878	98	94	0.80	0.80	NUM
fsr-3878	98	95	0.84	0.84	NUM
fsr-3878	98	96	eafe	eafe	NOUN
fsr-3878	98	97	0.32	0.32	NUM
fsr-3878	98	98	0.69	0.69	NUM
fsr-3878	98	99	0.60	0.60	NUM
fsr-3878	98	100	0.92	0.92	NUM
fsr-3878	98	101	united	united	PROPN
fsr-3878	98	102	states	states	PROPN
fsr-3878	98	103	bonds	bond	NOUN
fsr-3878	98	104	s	s	PROPN
fsr-3878	98	105	&	&	CCONJ
fsr-3878	98	106	p	p	PROPN
fsr-3878	98	107	world	world	PROPN
fsr-3878	98	108	s	s	PROPN
fsr-3878	98	109	&	&	CCONJ
fsr-3878	98	110	p	p	PROPN
fsr-3878	98	111	0.37	0.37	NUM
fsr-3878	98	112	world	world	NOUN
fsr-3878	98	113	0.47	0.47	NUM
fsr-3878	98	114	0.87	0.87	NUM
fsr-3878	98	115	eafe	eafe	NOUN
fsr-3878	98	116	0.34	0.34	NUM
fsr-3878	98	117	0.64	0.64	NUM
fsr-3878	98	118	0.93	0.93	NUM
fsr-3878	98	119	a	a	DET
fsr-3878	98	120	the	the	DET
fsr-3878	98	121	returns	return	NOUN
fsr-3878	98	122	and	and	CCONJ
fsr-3878	98	123	correlation	correlation	NOUN
fsr-3878	98	124	coefficients	coefficient	NOUN
fsr-3878	98	125	are	be	AUX
fsr-3878	98	126	1970–1997	1970–1997	NUM
fsr-3878	98	127	for	for	ADP
fsr-3878	98	128	world	world	NOUN
fsr-3878	98	129	and	and	CCONJ
fsr-3878	98	130	eafe	eafe	ADJ
fsr-3878	98	131	indexes	index	NOUN
fsr-3878	98	132	;	;	PUNCT
fsr-3878	98	133	1957–1997	1957–1997	NUM
fsr-3878	98	134	for	for	ADP
fsr-3878	98	135	the	the	DET
fsr-3878	98	136	others	other	NOUN
fsr-3878	98	137	.	.	PUNCT
fsr-3878	99	1	scotia	scotia	PROPN
fsr-3878	99	2	mcleod	mcleod	PROPN
fsr-3878	99	3	,	,	PUNCT
fsr-3878	99	4	inc	inc	PROPN
fsr-3878	99	5	.	.	PROPN
fsr-3878	99	6	and	and	CCONJ
fsr-3878	99	7	morgan	morgan	PROPN
fsr-3878	99	8	stanley	stanley	PROPN
fsr-3878	99	9	capital	capital	PROPN
fsr-3878	99	10	international	international	PROPN
fsr-3878	99	11	,	,	PUNCT
fsr-3878	99	12	inc	inc	PROPN
fsr-3878	99	13	.	.	PROPN
fsr-3878	99	14	provided	provide	VERB
fsr-3878	99	15	the	the	DET
fsr-3878	99	16	raw	raw	ADJ
fsr-3878	99	17	returns	return	NOUN
fsr-3878	99	18	from	from	ADP
fsr-3878	99	19	which	which	PRON
fsr-3878	99	20	the	the	DET
fsr-3878	99	21	distributions	distribution	NOUN
fsr-3878	99	22	are	be	AUX
fsr-3878	99	23	calculated	calculate	VERB
fsr-3878	99	24	.	.	PUNCT
fsr-3878	100	1	15k	15k	NOUN
fsr-3878	100	2	.	.	PUNCT
fsr-3878	101	1	ho	ho	PROPN
fsr-3878	101	2	,	,	PUNCT
fsr-3878	101	3	m.a	m.a	PROPN
fsr-3878	101	4	.	.	PROPN
fsr-3878	101	5	milevsky	milevsky	PROPN
fsr-3878	101	6	/	/	SYM
fsr-3878	101	7	financial	financial	ADJ
fsr-3878	101	8	services	service	NOUN
fsr-3878	101	9	review	review	VERB
fsr-3878	101	10	8	8	NUM
fsr-3878	101	11	(	(	PUNCT
fsr-3878	101	12	1999	1999	NUM
fsr-3878	101	13	)	)	PUNCT
fsr-3878	101	14	11–25	11–25	NUM
fsr-3878	101	15	analysis	analysis	NOUN
fsr-3878	101	16	,	,	PUNCT
fsr-3878	101	17	since	since	SCONJ
fsr-3878	101	18	it	it	PRON
fsr-3878	101	19	is	be	AUX
fsr-3878	101	20	the	the	DET
fsr-3878	101	21	closest	close	ADJ
fsr-3878	101	22	proxy	proxy	NOUN
fsr-3878	101	23	we	we	PRON
fsr-3878	101	24	have	have	VERB
fsr-3878	101	25	.	.	PUNCT
fsr-3878	102	1	the	the	DET
fsr-3878	102	2	international	international	ADJ
fsr-3878	102	3	indexes	index	NOUN
fsr-3878	102	4	offer	offer	VERB
fsr-3878	102	5	much	much	ADV
fsr-3878	102	6	higher	high	ADJ
fsr-3878	102	7	returns	return	NOUN
fsr-3878	102	8	than	than	ADP
fsr-3878	102	9	canadian	canadian	ADJ
fsr-3878	102	10	equity	equity	NOUN
fsr-3878	102	11	,	,	PUNCT
fsr-3878	102	12	and	and	CCONJ
fsr-3878	102	13	somewhat	somewhat	ADV
fsr-3878	102	14	higher	high	ADJ
fsr-3878	102	15	volatility	volatility	NOUN
fsr-3878	102	16	.	.	PUNCT
fsr-3878	103	1	the	the	DET
fsr-3878	103	2	distribution	distribution	NOUN
fsr-3878	103	3	of	of	ADP
fsr-3878	103	4	the	the	DET
fsr-3878	103	5	date	date	NOUN
fsr-3878	103	6	of	of	ADP
fsr-3878	103	7	death	death	NOUN
fsr-3878	103	8	is	be	AUX
fsr-3878	103	9	drawn	draw	VERB
fsr-3878	103	10	from	from	ADP
fsr-3878	103	11	the	the	DET
fsr-3878	103	12	1996	1996	NUM
fsr-3878	103	13	individual	individual	ADJ
fsr-3878	103	14	annuity	annuity	NOUN
fsr-3878	103	15	mortality	mortality	NOUN
fsr-3878	103	16	—	—	PUNCT
fsr-3878	103	17	basic	basic	ADJ
fsr-3878	103	18	(	(	PUNCT
fsr-3878	103	19	iam	iam	PROPN
fsr-3878	103	20	)	)	PUNCT
fsr-3878	103	21	tables	table	NOUN
fsr-3878	103	22	,	,	PUNCT
fsr-3878	103	23	which	which	PRON
fsr-3878	103	24	insurance	insurance	NOUN
fsr-3878	103	25	companies	company	NOUN
fsr-3878	103	26	in	in	ADP
fsr-3878	103	27	both	both	CCONJ
fsr-3878	103	28	the	the	DET
fsr-3878	103	29	united	united	PROPN
fsr-3878	103	30	states	states	PROPN
fsr-3878	103	31	and	and	CCONJ
fsr-3878	103	32	canada	canada	PROPN
fsr-3878	103	33	use	use	VERB
fsr-3878	103	34	when	when	SCONJ
fsr-3878	103	35	pricing	price	VERB
fsr-3878	103	36	individual	individual	ADJ
fsr-3878	103	37	life	life	NOUN
fsr-3878	103	38	annuities	annuity	NOUN
fsr-3878	103	39	.	.	PUNCT
fsr-3878	104	1	we	we	PRON
fsr-3878	104	2	have	have	AUX
fsr-3878	104	3	smoothed	smooth	VERB
fsr-3878	104	4	it	it	PRON
fsr-3878	104	5	using	use	VERB
fsr-3878	104	6	a	a	DET
fsr-3878	104	7	gompertz	gompertz	NOUN
fsr-3878	104	8	distribution	distribution	NOUN
fsr-3878	104	9	,	,	PUNCT
fsr-3878	104	10	as	as	SCONJ
fsr-3878	104	11	developed	develop	VERB
fsr-3878	104	12	in	in	ADP
fsr-3878	104	13	milevsky	milevsky	NOUN
fsr-3878	104	14	and	and	CCONJ
fsr-3878	104	15	robinson	robinson	PROPN
fsr-3878	104	16	(	(	PUNCT
fsr-3878	104	17	1999	1999	NUM
fsr-3878	104	18	)	)	PUNCT
fsr-3878	104	19	.	.	PUNCT
fsr-3878	105	1	we	we	PRON
fsr-3878	105	2	use	use	VERB
fsr-3878	105	3	separate	separate	ADJ
fsr-3878	105	4	tables	table	NOUN
fsr-3878	105	5	for	for	ADP
fsr-3878	105	6	males	male	NOUN
fsr-3878	105	7	and	and	CCONJ
fsr-3878	105	8	females	female	NOUN
fsr-3878	105	9	.	.	PUNCT
fsr-3878	106	1	mortality	mortality	NOUN
fsr-3878	106	2	tables	table	NOUN
fsr-3878	106	3	exist	exist	VERB
fsr-3878	106	4	for	for	ADP
fsr-3878	106	5	many	many	ADJ
fsr-3878	106	6	finer	fine	ADJ
fsr-3878	106	7	distinctions	distinction	NOUN
fsr-3878	106	8	like	like	ADP
fsr-3878	106	9	smoker	smoker	NOUN
fsr-3878	106	10	vs.	vs.	ADP
fsr-3878	106	11	non	non	ADJ
fsr-3878	106	12	-	-	ADJ
fsr-3878	106	13	smoker	smoker	ADJ
fsr-3878	106	14	and	and	CCONJ
fsr-3878	106	15	different	different	ADJ
fsr-3878	106	16	provinces	province	NOUN
fsr-3878	106	17	.	.	PUNCT
fsr-3878	107	1	if	if	SCONJ
fsr-3878	107	2	we	we	PRON
fsr-3878	107	3	used	use	VERB
fsr-3878	107	4	different	different	ADJ
fsr-3878	107	5	tables	table	NOUN
fsr-3878	107	6	we	we	PRON
fsr-3878	107	7	would	would	AUX
fsr-3878	107	8	get	get	VERB
fsr-3878	107	9	different	different	ADJ
fsr-3878	107	10	estimates	estimate	NOUN
fsr-3878	107	11	of	of	ADP
fsr-3878	107	12	the	the	DET
fsr-3878	107	13	shortfall	shortfall	NOUN
fsr-3878	107	14	probabilities	probability	NOUN
fsr-3878	107	15	,	,	PUNCT
fsr-3878	107	16	but	but	CCONJ
fsr-3878	107	17	the	the	DET
fsr-3878	107	18	conclusions	conclusion	NOUN
fsr-3878	107	19	of	of	ADP
fsr-3878	107	20	the	the	DET
fsr-3878	107	21	paper	paper	NOUN
fsr-3878	107	22	would	would	AUX
fsr-3878	107	23	be	be	AUX
fsr-3878	107	24	unchanged	unchanged	ADJ
fsr-3878	107	25	,	,	PUNCT
fsr-3878	107	26	unless	unless	SCONJ
fsr-3878	107	27	we	we	PRON
fsr-3878	107	28	were	be	AUX
fsr-3878	107	29	using	use	VERB
fsr-3878	107	30	a	a	DET
fsr-3878	107	31	table	table	NOUN
fsr-3878	107	32	for	for	ADP
fsr-3878	107	33	some	some	DET
fsr-3878	107	34	group	group	NOUN
fsr-3878	107	35	with	with	ADP
fsr-3878	107	36	very	very	ADV
fsr-3878	107	37	short	short	ADJ
fsr-3878	107	38	life	life	NOUN
fsr-3878	107	39	expectancies	expectancy	NOUN
fsr-3878	107	40	,	,	PUNCT
fsr-3878	107	41	relative	relative	ADJ
fsr-3878	107	42	to	to	ADP
fsr-3878	107	43	the	the	DET
fsr-3878	107	44	general	general	ADJ
fsr-3878	107	45	population	population	NOUN
fsr-3878	107	46	.	.	PUNCT
fsr-3878	108	1	the	the	DET
fsr-3878	108	2	iam	iam	PROPN
fsr-3878	108	3	tables	table	NOUN
fsr-3878	108	4	assume	assume	VERB
fsr-3878	108	5	adverse	adverse	ADJ
fsr-3878	108	6	selection	selection	NOUN
fsr-3878	108	7	and	and	CCONJ
fsr-3878	108	8	hence	hence	ADV
fsr-3878	108	9	the	the	DET
fsr-3878	108	10	mortality	mortality	NOUN
fsr-3878	108	11	function	function	NOUN
fsr-3878	108	12	assigns	assign	VERB
fsr-3878	108	13	higher	high	ADJ
fsr-3878	108	14	probabilities	probability	NOUN
fsr-3878	108	15	to	to	PART
fsr-3878	108	16	longer	long	ADJ
fsr-3878	108	17	life	life	NOUN
fsr-3878	108	18	than	than	SCONJ
fsr-3878	108	19	do	do	VERB
fsr-3878	108	20	standard	standard	ADJ
fsr-3878	108	21	tables	table	NOUN
fsr-3878	108	22	for	for	ADP
fsr-3878	108	23	the	the	DET
fsr-3878	108	24	entire	entire	ADJ
fsr-3878	108	25	population	population	NOUN
fsr-3878	108	26	in	in	ADP
fsr-3878	108	27	either	either	CCONJ
fsr-3878	108	28	canada	canada	PROPN
fsr-3878	108	29	or	or	CCONJ
fsr-3878	108	30	the	the	DET
fsr-3878	108	31	united	united	PROPN
fsr-3878	108	32	states	states	PROPN
fsr-3878	108	33	.	.	PUNCT
fsr-3878	109	1	4.2	4.2	NUM
fsr-3878	109	2	.	.	PUNCT
fsr-3878	110	1	empirical	empirical	ADJ
fsr-3878	110	2	results	result	NOUN
fsr-3878	110	3	using	use	VERB
fsr-3878	110	4	the	the	DET
fsr-3878	110	5	shortfall	shortfall	NOUN
fsr-3878	110	6	model	model	NOUN
fsr-3878	110	7	and	and	CCONJ
fsr-3878	110	8	the	the	DET
fsr-3878	110	9	data	datum	NOUN
fsr-3878	110	10	already	already	ADV
fsr-3878	110	11	described	describe	VERB
fsr-3878	110	12	,	,	PUNCT
fsr-3878	110	13	we	we	PRON
fsr-3878	110	14	estimated	estimate	VERB
fsr-3878	110	15	the	the	DET
fsr-3878	110	16	shortfall	shortfall	NOUN
fsr-3878	110	17	probabilities	probability	NOUN
fsr-3878	110	18	for	for	ADP
fsr-3878	110	19	a	a	DET
fsr-3878	110	20	variety	variety	NOUN
fsr-3878	110	21	of	of	ADP
fsr-3878	110	22	the	the	DET
fsr-3878	110	23	parameters	parameter	NOUN
fsr-3878	110	24	:	:	PUNCT
fsr-3878	110	25	w	w	X
fsr-3878	110	26	/	/	SYM
fsr-3878	110	27	c	c	NOUN
fsr-3878	110	28	,	,	PUNCT
fsr-3878	110	29	age	age	NOUN
fsr-3878	110	30	and	and	CCONJ
fsr-3878	110	31	gender	gender	NOUN
fsr-3878	110	32	.	.	PUNCT
fsr-3878	111	1	the	the	DET
fsr-3878	111	2	asset	asset	NOUN
fsr-3878	111	3	allocations	allocation	NOUN
fsr-3878	111	4	were	be	AUX
fsr-3878	111	5	in	in	ADP
fsr-3878	111	6	five	five	NUM
fsr-3878	111	7	percentage	percentage	NOUN
fsr-3878	111	8	point	point	NOUN
fsr-3878	111	9	units	unit	NOUN
fsr-3878	111	10	.	.	PUNCT
fsr-3878	112	1	thus	thus	ADV
fsr-3878	112	2	,	,	PUNCT
fsr-3878	112	3	for	for	ADP
fsr-3878	112	4	one	one	NUM
fsr-3878	112	5	person	person	NOUN
fsr-3878	112	6	we	we	PRON
fsr-3878	112	7	would	would	AUX
fsr-3878	112	8	calculate	calculate	VERB
fsr-3878	112	9	shortfall	shortfall	NOUN
fsr-3878	112	10	for	for	ADP
fsr-3878	112	11	all	all	DET
fsr-3878	112	12	the	the	DET
fsr-3878	112	13	possible	possible	ADJ
fsr-3878	112	14	asset	asset	NOUN
fsr-3878	112	15	allocations	allocation	NOUN
fsr-3878	112	16	of	of	ADP
fsr-3878	112	17	three	three	NUM
fsr-3878	112	18	different	different	ADJ
fsr-3878	112	19	assets	asset	NOUN
fsr-3878	112	20	adding	add	VERB
fsr-3878	112	21	to	to	ADP
fsr-3878	112	22	100	100	NUM
fsr-3878	112	23	%	%	NOUN
fsr-3878	112	24	,	,	PUNCT
fsr-3878	112	25	with	with	ADP
fsr-3878	112	26	each	each	DET
fsr-3878	112	27	asset	asset	NOUN
fsr-3878	112	28	having	have	VERB
fsr-3878	112	29	in	in	ADP
fsr-3878	112	30	turn	turn	NOUN
fsr-3878	112	31	allocations	allocation	NOUN
fsr-3878	112	32	by	by	ADP
fsr-3878	112	33	five	five	NUM
fsr-3878	112	34	percentage	percentage	NOUN
fsr-3878	112	35	increments	increment	NOUN
fsr-3878	112	36	from	from	ADP
fsr-3878	112	37	0	0	NUM
fsr-3878	112	38	to	to	PART
fsr-3878	112	39	100	100	NUM
fsr-3878	112	40	%	%	NOUN
fsr-3878	112	41	.	.	PUNCT
fsr-3878	113	1	this	this	DET
fsr-3878	113	2	procedure	procedure	NOUN
fsr-3878	113	3	generates	generate	VERB
fsr-3878	113	4	an	an	DET
fsr-3878	113	5	enormous	enormous	ADJ
fsr-3878	113	6	amount	amount	NOUN
fsr-3878	113	7	of	of	ADP
fsr-3878	113	8	data	datum	NOUN
fsr-3878	113	9	very	very	ADV
fsr-3878	113	10	quickly	quickly	ADV
fsr-3878	113	11	.	.	PUNCT
fsr-3878	114	1	the	the	DET
fsr-3878	114	2	results	result	NOUN
fsr-3878	114	3	are	be	AUX
fsr-3878	114	4	quite	quite	ADV
fsr-3878	114	5	consistent	consistent	ADJ
fsr-3878	114	6	in	in	ADP
fsr-3878	114	7	the	the	DET
fsr-3878	114	8	evidence	evidence	NOUN
fsr-3878	114	9	they	they	PRON
fsr-3878	114	10	provide	provide	VERB
fsr-3878	114	11	on	on	ADP
fsr-3878	114	12	the	the	DET
fsr-3878	114	13	three	three	NUM
fsr-3878	114	14	questions	question	NOUN
fsr-3878	114	15	posed	pose	VERB
fsr-3878	114	16	earlier	early	ADV
fsr-3878	114	17	.	.	PUNCT
fsr-3878	115	1	we	we	PRON
fsr-3878	115	2	present	present	VERB
fsr-3878	115	3	the	the	DET
fsr-3878	115	4	results	result	NOUN
fsr-3878	115	5	in	in	ADP
fsr-3878	115	6	20	20	NUM
fsr-3878	115	7	%	%	NOUN
fsr-3878	115	8	increments	increment	NOUN
fsr-3878	115	9	for	for	ADP
fsr-3878	115	10	each	each	DET
fsr-3878	115	11	asset	asset	NOUN
fsr-3878	115	12	and	and	CCONJ
fsr-3878	115	13	for	for	ADP
fsr-3878	115	14	each	each	DET
fsr-3878	115	15	country	country	NOUN
fsr-3878	115	16	for	for	ADP
fsr-3878	115	17	a	a	DET
fsr-3878	115	18	single	single	ADJ
fsr-3878	115	19	situation	situation	NOUN
fsr-3878	115	20	:	:	PUNCT
fsr-3878	115	21	a	a	DET
fsr-3878	115	22	female	female	ADJ
fsr-3878	115	23	aged	aged	ADJ
fsr-3878	115	24	65	65	NUM
fsr-3878	115	25	withw	withw	NOUN
fsr-3878	115	26	/	/	SYM
fsr-3878	115	27	c5	c5	PROPN
fsr-3878	115	28	16	16	NUM
fsr-3878	115	29	.	.	PUNCT
fsr-3878	116	1	then	then	ADV
fsr-3878	116	2	,	,	PUNCT
fsr-3878	116	3	to	to	PART
fsr-3878	116	4	summarize	summarize	VERB
fsr-3878	116	5	a	a	DET
fsr-3878	116	6	wider	wide	ADJ
fsr-3878	116	7	range	range	NOUN
fsr-3878	116	8	of	of	ADP
fsr-3878	116	9	situations	situation	NOUN
fsr-3878	116	10	,	,	PUNCT
fsr-3878	116	11	we	we	PRON
fsr-3878	116	12	present	present	VERB
fsr-3878	116	13	the	the	DET
fsr-3878	116	14	minimum	minimum	ADJ
fsr-3878	116	15	shortfall	shortfall	NOUN
fsr-3878	116	16	risk	risk	NOUN
fsr-3878	116	17	probability	probability	NOUN
fsr-3878	116	18	(	(	PUNCT
fsr-3878	116	19	msp	msp	PROPN
fsr-3878	116	20	,	,	PUNCT
fsr-3878	116	21	hence	hence	ADV
fsr-3878	116	22	)	)	PUNCT
fsr-3878	116	23	and	and	CCONJ
fsr-3878	116	24	the	the	DET
fsr-3878	116	25	allocation	allocation	NOUN
fsr-3878	116	26	that	that	PRON
fsr-3878	116	27	yields	yield	VERB
fsr-3878	116	28	that	that	DET
fsr-3878	116	29	probability	probability	NOUN
fsr-3878	116	30	,	,	PUNCT
fsr-3878	116	31	for	for	ADP
fsr-3878	116	32	a	a	DET
fsr-3878	116	33	variety	variety	NOUN
fsr-3878	116	34	of	of	ADP
fsr-3878	116	35	parameters	parameter	NOUN
fsr-3878	116	36	.	.	PUNCT
fsr-3878	117	1	leaving	leave	VERB
fsr-3878	117	2	aside	aside	ADV
fsr-3878	117	3	the	the	DET
fsr-3878	117	4	question	question	NOUN
fsr-3878	117	5	of	of	SCONJ
fsr-3878	117	6	which	which	DET
fsr-3878	117	7	equity	equity	NOUN
fsr-3878	117	8	portfolio	portfolio	NOUN
fsr-3878	117	9	to	to	PART
fsr-3878	117	10	choose	choose	VERB
fsr-3878	117	11	and	and	CCONJ
fsr-3878	117	12	which	which	DET
fsr-3878	117	13	country	country	NOUN
fsr-3878	117	14	the	the	DET
fsr-3878	117	15	investor	investor	NOUN
fsr-3878	117	16	lives	live	VERB
fsr-3878	117	17	in	in	ADP
fsr-3878	117	18	,	,	PUNCT
fsr-3878	117	19	we	we	PRON
fsr-3878	117	20	first	first	ADV
fsr-3878	117	21	summarize	summarize	VERB
fsr-3878	117	22	some	some	DET
fsr-3878	117	23	results	result	NOUN
fsr-3878	117	24	concerning	concern	VERB
fsr-3878	117	25	the	the	DET
fsr-3878	117	26	choice	choice	NOUN
fsr-3878	117	27	among	among	ADP
fsr-3878	117	28	t	t	PROPN
fsr-3878	117	29	-	-	PUNCT
fsr-3878	117	30	bills	bill	NOUN
fsr-3878	117	31	,	,	PUNCT
fsr-3878	117	32	bonds	bond	NOUN
fsr-3878	117	33	and	and	CCONJ
fsr-3878	117	34	equity	equity	NOUN
fsr-3878	117	35	(	(	PUNCT
fsr-3878	117	36	whether	whether	SCONJ
fsr-3878	117	37	domestic	domestic	ADJ
fsr-3878	117	38	or	or	CCONJ
fsr-3878	117	39	foreign	foreign	ADJ
fsr-3878	117	40	)	)	PUNCT
fsr-3878	117	41	.	.	PUNCT
fsr-3878	118	1	these	these	DET
fsr-3878	118	2	results	result	NOUN
fsr-3878	118	3	are	be	AUX
fsr-3878	118	4	similar	similar	ADJ
fsr-3878	118	5	to	to	ADP
fsr-3878	118	6	those	those	PRON
fsr-3878	118	7	in	in	ADP
fsr-3878	118	8	milevsky	milevsky	PROPN
fsr-3878	118	9	et	et	PROPN
fsr-3878	118	10	al	al	PROPN
fsr-3878	118	11	.	.	PROPN
fsr-3878	119	1	(	(	PUNCT
fsr-3878	119	2	1997	1997	NUM
fsr-3878	119	3	)	)	PUNCT
fsr-3878	119	4	,	,	PUNCT
fsr-3878	119	5	which	which	PRON
fsr-3878	119	6	looked	look	VERB
fsr-3878	119	7	at	at	ADP
fsr-3878	119	8	canadian	canadian	ADJ
fsr-3878	119	9	equity	equity	PROPN
fsr-3878	119	10	,	,	PUNCT
fsr-3878	119	11	t	t	PROPN
fsr-3878	119	12	-	-	PUNCT
fsr-3878	119	13	bills	bill	NOUN
fsr-3878	119	14	and	and	CCONJ
fsr-3878	119	15	bonds	bond	NOUN
fsr-3878	119	16	.	.	PUNCT
fsr-3878	120	1	the	the	DET
fsr-3878	120	2	risk	risk	NOUN
fsr-3878	120	3	premium	premium	NOUN
fsr-3878	120	4	of	of	ADP
fsr-3878	120	5	equity	equity	NOUN
fsr-3878	120	6	over	over	ADP
fsr-3878	120	7	t	t	PROPN
fsr-3878	120	8	-	-	PUNCT
fsr-3878	120	9	bills	bill	NOUN
fsr-3878	120	10	was	be	AUX
fsr-3878	120	11	somewhat	somewhat	ADV
fsr-3878	120	12	higher	high	ADJ
fsr-3878	120	13	in	in	ADP
fsr-3878	120	14	the	the	DET
fsr-3878	120	15	1997	1997	NUM
fsr-3878	120	16	paper	paper	NOUN
fsr-3878	120	17	,	,	PUNCT
fsr-3878	120	18	and	and	CCONJ
fsr-3878	120	19	yet	yet	ADV
fsr-3878	120	20	the	the	DET
fsr-3878	120	21	general	general	ADJ
fsr-3878	120	22	results	result	NOUN
fsr-3878	120	23	are	be	AUX
fsr-3878	120	24	comparable	comparable	ADJ
fsr-3878	120	25	,	,	PUNCT
fsr-3878	120	26	showing	show	VERB
fsr-3878	120	27	that	that	SCONJ
fsr-3878	120	28	the	the	DET
fsr-3878	120	29	conclusions	conclusion	NOUN
fsr-3878	120	30	are	be	AUX
fsr-3878	120	31	fairly	fairly	ADV
fsr-3878	120	32	robust	robust	ADJ
fsr-3878	120	33	to	to	ADP
fsr-3878	120	34	changes	change	NOUN
fsr-3878	120	35	in	in	ADP
fsr-3878	120	36	the	the	DET
fsr-3878	120	37	estimates	estimate	NOUN
fsr-3878	120	38	of	of	ADP
fsr-3878	120	39	the	the	DET
fsr-3878	120	40	return	return	NOUN
fsr-3878	120	41	distribution	distribution	NOUN
fsr-3878	120	42	.	.	PUNCT
fsr-3878	121	1	●	●	PUNCT
fsr-3878	121	2	women	woman	NOUN
fsr-3878	121	3	have	have	VERB
fsr-3878	121	4	higher	high	ADJ
fsr-3878	121	5	shortfall	shortfall	NOUN
fsr-3878	121	6	probabilities	probability	NOUN
fsr-3878	121	7	than	than	ADP
fsr-3878	121	8	men	man	NOUN
fsr-3878	121	9	,	,	PUNCT
fsr-3878	121	10	all	all	DET
fsr-3878	121	11	else	else	ADV
fsr-3878	121	12	constant	constant	ADJ
fsr-3878	121	13	.	.	PUNCT
fsr-3878	122	1	●	●	PUNCT
fsr-3878	122	2	the	the	DET
fsr-3878	122	3	allocation	allocation	NOUN
fsr-3878	122	4	to	to	ADP
fsr-3878	122	5	equity	equity	NOUN
fsr-3878	122	6	that	that	PRON
fsr-3878	122	7	minimizes	minimize	VERB
fsr-3878	122	8	shortfall	shortfall	NOUN
fsr-3878	122	9	decreases	decrease	NOUN
fsr-3878	122	10	as	as	ADP
fsr-3878	122	11	age	age	NOUN
fsr-3878	122	12	andw	andw	NOUN
fsr-3878	122	13	/	/	SYM
fsr-3878	122	14	c	c	NOUN
fsr-3878	122	15	rise	rise	NOUN
fsr-3878	122	16	.	.	PUNCT
fsr-3878	123	1	men	man	NOUN
fsr-3878	123	2	and	and	CCONJ
fsr-3878	123	3	women	woman	NOUN
fsr-3878	123	4	still	still	ADV
fsr-3878	123	5	require	require	VERB
fsr-3878	123	6	at	at	ADP
fsr-3878	123	7	least	least	ADJ
fsr-3878	123	8	some	some	PRON
fsr-3878	123	9	equity	equity	NOUN
fsr-3878	123	10	in	in	ADP
fsr-3878	123	11	their	their	PRON
fsr-3878	123	12	portfolios	portfolio	NOUN
fsr-3878	123	13	unless	unless	SCONJ
fsr-3878	123	14	they	they	PRON
fsr-3878	123	15	are	be	AUX
fsr-3878	123	16	very	very	ADV
fsr-3878	123	17	old	old	ADJ
fsr-3878	123	18	and/or	and/or	CCONJ
fsr-3878	123	19	have	have	VERB
fsr-3878	123	20	a	a	DET
fsr-3878	123	21	highw	highw	NOUN
fsr-3878	123	22	/	/	SYM
fsr-3878	123	23	c	c	NOUN
fsr-3878	123	24	ratio	ratio	NOUN
fsr-3878	123	25	.	.	PUNCT
fsr-3878	124	1	●	●	PUNCT
fsr-3878	124	2	a	a	DET
fsr-3878	124	3	100	100	NUM
fsr-3878	124	4	%	%	NOUN
fsr-3878	124	5	allocation	allocation	NOUN
fsr-3878	124	6	to	to	ADP
fsr-3878	124	7	t	t	NOUN
fsr-3878	124	8	-	-	PUNCT
fsr-3878	124	9	bills	bill	NOUN
fsr-3878	124	10	or	or	CCONJ
fsr-3878	124	11	bonds	bond	NOUN
fsr-3878	124	12	has	have	VERB
fsr-3878	124	13	a	a	DET
fsr-3878	124	14	higher	high	ADJ
fsr-3878	124	15	shortfall	shortfall	NOUN
fsr-3878	124	16	risk	risk	NOUN
fsr-3878	124	17	than	than	ADP
fsr-3878	124	18	a	a	DET
fsr-3878	124	19	100	100	NUM
fsr-3878	124	20	%	%	NOUN
fsr-3878	124	21	allocation	allocation	NOUN
fsr-3878	124	22	to	to	ADP
fsr-3878	124	23	equity	equity	NOUN
fsr-3878	124	24	for	for	ADP
fsr-3878	124	25	all	all	PRON
fsr-3878	124	26	but	but	SCONJ
fsr-3878	124	27	the	the	DET
fsr-3878	124	28	oldest	old	ADJ
fsr-3878	124	29	people	people	NOUN
fsr-3878	124	30	or	or	CCONJ
fsr-3878	124	31	higher	high	ADJ
fsr-3878	124	32	values	value	NOUN
fsr-3878	124	33	ofw	ofw	PROPN
fsr-3878	124	34	/	/	SYM
fsr-3878	124	35	c.	c.	NOUN
fsr-3878	124	36	●	●	PUNCT
fsr-3878	124	37	changes	change	NOUN
fsr-3878	124	38	that	that	PRON
fsr-3878	124	39	move	move	VERB
fsr-3878	124	40	a	a	DET
fsr-3878	124	41	portfolio	portfolio	NOUN
fsr-3878	124	42	towards	towards	ADP
fsr-3878	124	43	the	the	DET
fsr-3878	124	44	msp	msp	PROPN
fsr-3878	124	45	reduce	reduce	VERB
fsr-3878	124	46	shortfall	shortfall	NOUN
fsr-3878	124	47	risk	risk	NOUN
fsr-3878	124	48	at	at	ADP
fsr-3878	124	49	a	a	DET
fsr-3878	124	50	declining	decline	VERB
fsr-3878	124	51	rate	rate	NOUN
fsr-3878	124	52	.	.	PUNCT
fsr-3878	125	1	if	if	SCONJ
fsr-3878	125	2	a	a	DET
fsr-3878	125	3	portfolio	portfolio	NOUN
fsr-3878	125	4	has	have	VERB
fsr-3878	125	5	proportions	proportion	NOUN
fsr-3878	125	6	that	that	PRON
fsr-3878	125	7	are	be	AUX
fsr-3878	125	8	close	close	ADJ
fsr-3878	125	9	to	to	ADP
fsr-3878	125	10	the	the	DET
fsr-3878	125	11	msp	msp	PROPN
fsr-3878	125	12	,	,	PUNCT
fsr-3878	125	13	then	then	ADV
fsr-3878	125	14	the	the	DET
fsr-3878	125	15	difference	difference	NOUN
fsr-3878	125	16	in	in	ADP
fsr-3878	125	17	shortfall	shortfall	NOUN
fsr-3878	125	18	probabilities	probability	NOUN
fsr-3878	125	19	between	between	ADP
fsr-3878	125	20	it	it	PRON
fsr-3878	125	21	and	and	CCONJ
fsr-3878	125	22	the	the	DET
fsr-3878	125	23	msp	msp	PROPN
fsr-3878	125	24	portfolio	portfolio	NOUN
fsr-3878	125	25	is	be	AUX
fsr-3878	125	26	quite	quite	ADV
fsr-3878	125	27	small	small	ADJ
fsr-3878	125	28	.	.	PUNCT
fsr-3878	126	1	for	for	ADP
fsr-3878	126	2	example	example	NOUN
fsr-3878	126	3	,	,	PUNCT
fsr-3878	126	4	if	if	SCONJ
fsr-3878	126	5	your	your	PRON
fsr-3878	126	6	minimum	minimum	ADJ
fsr-3878	126	7	risk	risk	NOUN
fsr-3878	126	8	occurs	occur	VERB
fsr-3878	126	9	at	at	ADP
fsr-3878	126	10	50	50	NUM
fsr-3878	126	11	%	%	NOUN
fsr-3878	126	12	equity	equity	NOUN
fsr-3878	126	13	,	,	PUNCT
fsr-3878	126	14	and	and	CCONJ
fsr-3878	126	15	your	your	PRON
fsr-3878	126	16	current	current	ADJ
fsr-3878	126	17	portfolio	portfolio	NOUN
fsr-3878	126	18	is	be	AUX
fsr-3878	126	19	100	100	NUM
fsr-3878	126	20	%	%	NOUN
fsr-3878	126	21	t	t	NOUN
fsr-3878	126	22	-	-	PUNCT
fsr-3878	126	23	bills	bill	NOUN
fsr-3878	126	24	,	,	PUNCT
fsr-3878	126	25	every	every	DET
fsr-3878	126	26	16	16	NUM
fsr-3878	126	27	k.	k.	PROPN
fsr-3878	126	28	ho	ho	PROPN
fsr-3878	126	29	,	,	PUNCT
fsr-3878	126	30	m.a	m.a	PROPN
fsr-3878	126	31	.	.	PROPN
fsr-3878	126	32	milevsky	milevsky	PROPN
fsr-3878	126	33	/	/	SYM
fsr-3878	126	34	financial	financial	ADJ
fsr-3878	126	35	services	service	NOUN
fsr-3878	126	36	review	review	VERB
fsr-3878	126	37	8	8	NUM
fsr-3878	126	38	(	(	PUNCT
fsr-3878	126	39	1999	1999	NUM
fsr-3878	126	40	)	)	PUNCT
fsr-3878	127	1	11–25	11–25	NUM
fsr-3878	127	2	5	5	NUM
fsr-3878	127	3	%	%	NOUN
fsr-3878	127	4	you	you	PRON
fsr-3878	127	5	switch	switch	VERB
fsr-3878	127	6	into	into	ADP
fsr-3878	127	7	equity	equity	NOUN
fsr-3878	127	8	up	up	ADP
fsr-3878	127	9	to	to	PART
fsr-3878	127	10	50	50	NUM
fsr-3878	127	11	%	%	NOUN
fsr-3878	127	12	will	will	AUX
fsr-3878	127	13	decrease	decrease	VERB
fsr-3878	127	14	your	your	PRON
fsr-3878	127	15	risk	risk	NOUN
fsr-3878	127	16	,	,	PUNCT
fsr-3878	127	17	but	but	CCONJ
fsr-3878	127	18	at	at	ADP
fsr-3878	127	19	a	a	DET
fsr-3878	127	20	decreasing	decrease	VERB
fsr-3878	127	21	rate	rate	NOUN
fsr-3878	127	22	.	.	PUNCT
fsr-3878	128	1	the	the	DET
fsr-3878	128	2	change	change	NOUN
fsr-3878	128	3	from	from	ADP
fsr-3878	128	4	100	100	NUM
fsr-3878	128	5	%	%	NOUN
fsr-3878	128	6	t	t	NOUN
fsr-3878	128	7	-	-	PUNCT
fsr-3878	128	8	bills	bill	NOUN
fsr-3878	128	9	to	to	ADP
fsr-3878	128	10	95	95	NUM
fsr-3878	128	11	%	%	NOUN
fsr-3878	128	12	t	t	NOUN
fsr-3878	128	13	-	-	PUNCT
fsr-3878	128	14	bills	bill	NOUN
fsr-3878	128	15	and	and	CCONJ
fsr-3878	128	16	5	5	NUM
fsr-3878	128	17	%	%	NOUN
fsr-3878	128	18	equity	equity	NOUN
fsr-3878	128	19	will	will	AUX
fsr-3878	128	20	reduce	reduce	VERB
fsr-3878	128	21	shortfall	shortfall	NOUN
fsr-3878	128	22	risk	risk	NOUN
fsr-3878	128	23	by	by	ADP
fsr-3878	128	24	a	a	DET
fsr-3878	128	25	greater	great	ADJ
fsr-3878	128	26	amount	amount	NOUN
fsr-3878	128	27	than	than	SCONJ
fsr-3878	128	28	will	will	AUX
fsr-3878	128	29	a	a	DET
fsr-3878	128	30	change	change	NOUN
fsr-3878	128	31	from	from	ADP
fsr-3878	128	32	55	55	NUM
fsr-3878	128	33	%	%	NOUN
fsr-3878	128	34	t	t	NOUN
fsr-3878	128	35	-	-	PUNCT
fsr-3878	128	36	bills	bill	NOUN
fsr-3878	128	37	,	,	PUNCT
fsr-3878	128	38	45	45	NUM
fsr-3878	128	39	%	%	NOUN
fsr-3878	128	40	equity	equity	NOUN
fsr-3878	128	41	,	,	PUNCT
fsr-3878	128	42	to	to	ADP
fsr-3878	128	43	a	a	DET
fsr-3878	128	44	50%–50	50%–50	NUM
fsr-3878	128	45	%	%	NOUN
fsr-3878	128	46	portfolio	portfolio	NOUN
fsr-3878	128	47	.	.	PUNCT
fsr-3878	129	1	table	table	NOUN
fsr-3878	129	2	2	2	NUM
fsr-3878	129	3	summarizes	summarize	NOUN
fsr-3878	129	4	some	some	DET
fsr-3878	129	5	results	result	NOUN
fsr-3878	129	6	for	for	ADP
fsr-3878	129	7	a	a	DET
fsr-3878	129	8	female	female	ADJ
fsr-3878	129	9	aged	aged	ADJ
fsr-3878	129	10	65	65	NUM
fsr-3878	129	11	,	,	PUNCT
fsr-3878	129	12	withw	withw	NOUN
fsr-3878	129	13	/	/	SYM
fsr-3878	129	14	c	c	PROPN
fsr-3878	129	15	5	5	NUM
fsr-3878	129	16	16	16	NUM
fsr-3878	129	17	.	.	PUNCT
fsr-3878	130	1	in	in	ADP
fsr-3878	130	2	panel	panel	NOUN
fsr-3878	130	3	a	a	PRON
fsr-3878	130	4	she	she	PRON
fsr-3878	130	5	is	be	AUX
fsr-3878	130	6	a	a	DET
fsr-3878	130	7	canadian	canadian	ADJ
fsr-3878	130	8	choosing	choose	VERB
fsr-3878	130	9	among	among	ADP
fsr-3878	130	10	canadian	canadian	PROPN
fsr-3878	130	11	t	t	PROPN
fsr-3878	130	12	-	-	PUNCT
fsr-3878	130	13	bills	bill	NOUN
fsr-3878	130	14	,	,	PUNCT
fsr-3878	130	15	bonds	bond	NOUN
fsr-3878	130	16	and	and	CCONJ
fsr-3878	130	17	equity	equity	NOUN
fsr-3878	130	18	(	(	PUNCT
fsr-3878	130	19	tse	tse	PROPN
fsr-3878	130	20	300	300	NUM
fsr-3878	130	21	)	)	PUNCT
fsr-3878	130	22	.	.	PUNCT
fsr-3878	131	1	the	the	DET
fsr-3878	131	2	column	column	NOUN
fsr-3878	131	3	headings	heading	NOUN
fsr-3878	131	4	are	be	AUX
fsr-3878	131	5	the	the	DET
fsr-3878	131	6	percentage	percentage	NOUN
fsr-3878	131	7	of	of	ADP
fsr-3878	131	8	the	the	DET
fsr-3878	131	9	portfolio	portfolio	NOUN
fsr-3878	131	10	allocated	allocate	VERB
fsr-3878	131	11	to	to	ADP
fsr-3878	131	12	equity	equity	NOUN
fsr-3878	131	13	;	;	PUNCT
fsr-3878	131	14	the	the	DET
fsr-3878	131	15	row	row	NOUN
fsr-3878	131	16	headings	heading	NOUN
fsr-3878	131	17	are	be	AUX
fsr-3878	131	18	the	the	DET
fsr-3878	131	19	allocation	allocation	NOUN
fsr-3878	131	20	to	to	ADP
fsr-3878	131	21	bonds	bond	NOUN
fsr-3878	131	22	.	.	PUNCT
fsr-3878	132	1	the	the	DET
fsr-3878	132	2	allocation	allocation	NOUN
fsr-3878	132	3	to	to	ADP
fsr-3878	132	4	t	t	PROPN
fsr-3878	132	5	-	-	PUNCT
fsr-3878	132	6	bills	bill	NOUN
fsr-3878	132	7	is	be	AUX
fsr-3878	132	8	(	(	PUNCT
fsr-3878	132	9	100%–equity%–bonds%	100%–equity%–bonds%	NOUN
fsr-3878	132	10	)	)	PUNCT
fsr-3878	132	11	.	.	PUNCT
fsr-3878	133	1	each	each	DET
fsr-3878	133	2	entry	entry	NOUN
fsr-3878	133	3	in	in	ADP
fsr-3878	133	4	the	the	DET
fsr-3878	133	5	table	table	NOUN
fsr-3878	133	6	is	be	AUX
fsr-3878	133	7	the	the	DET
fsr-3878	133	8	probability	probability	NOUN
fsr-3878	133	9	of	of	ADP
fsr-3878	133	10	shortfall	shortfall	NOUN
fsr-3878	133	11	for	for	ADP
fsr-3878	133	12	that	that	DET
fsr-3878	133	13	particular	particular	ADJ
fsr-3878	133	14	asset	asset	NOUN
fsr-3878	133	15	allocation	allocation	NOUN
fsr-3878	133	16	.	.	PUNCT
fsr-3878	134	1	the	the	DET
fsr-3878	134	2	msp	msp	PROPN
fsr-3878	134	3	and	and	CCONJ
fsr-3878	134	4	the	the	DET
fsr-3878	134	5	allocation	allocation	NOUN
fsr-3878	134	6	that	that	PRON
fsr-3878	134	7	produces	produce	VERB
fsr-3878	134	8	it	it	PRON
fsr-3878	134	9	,	,	PUNCT
fsr-3878	134	10	to	to	ADP
fsr-3878	134	11	the	the	DET
fsr-3878	134	12	nearest	near	ADJ
fsr-3878	134	13	5	5	NUM
fsr-3878	134	14	%	%	NOUN
fsr-3878	134	15	increment	increment	NOUN
fsr-3878	134	16	,	,	PUNCT
fsr-3878	134	17	are	be	AUX
fsr-3878	134	18	in	in	ADP
fsr-3878	134	19	the	the	DET
fsr-3878	134	20	lower	low	ADJ
fsr-3878	134	21	right	right	ADJ
fsr-3878	134	22	hand	hand	NOUN
fsr-3878	134	23	.	.	PUNCT
fsr-3878	135	1	for	for	ADP
fsr-3878	135	2	example	example	NOUN
fsr-3878	135	3	,	,	PUNCT
fsr-3878	135	4	a	a	DET
fsr-3878	135	5	portfolio	portfolio	NOUN
fsr-3878	135	6	invested	invest	VERB
fsr-3878	135	7	40	40	NUM
fsr-3878	135	8	%	%	NOUN
fsr-3878	135	9	in	in	ADP
fsr-3878	135	10	the	the	DET
fsr-3878	135	11	tse	tse	PROPN
fsr-3878	135	12	300	300	NUM
fsr-3878	135	13	,	,	PUNCT
fsr-3878	135	14	40	40	NUM
fsr-3878	135	15	%	%	NOUN
fsr-3878	135	16	in	in	ADP
fsr-3878	135	17	bonds	bond	NOUN
fsr-3878	135	18	and	and	CCONJ
fsr-3878	135	19	20	20	NUM
fsr-3878	135	20	%	%	NOUN
fsr-3878	135	21	in	in	ADP
fsr-3878	135	22	t	t	PROPN
fsr-3878	135	23	-	-	PUNCT
fsr-3878	135	24	bills	bill	NOUN
fsr-3878	135	25	has	have	VERB
fsr-3878	135	26	a	a	DET
fsr-3878	135	27	shortfall	shortfall	NOUN
fsr-3878	135	28	probability	probability	NOUN
fsr-3878	135	29	of	of	ADP
fsr-3878	135	30	36.5	36.5	NUM
fsr-3878	135	31	%	%	NOUN
fsr-3878	135	32	.	.	PUNCT
fsr-3878	136	1	panel	panel	NOUN
fsr-3878	136	2	b	b	PROPN
fsr-3878	136	3	replaces	replace	VERB
fsr-3878	136	4	bonds	bond	NOUN
fsr-3878	136	5	with	with	ADP
fsr-3878	136	6	the	the	DET
fsr-3878	136	7	world	world	PROPN
fsr-3878	136	8	equity	equity	PROPN
fsr-3878	136	9	index	index	PROPN
fsr-3878	136	10	.	.	PUNCT
fsr-3878	137	1	all	all	DET
fsr-3878	137	2	the	the	DET
fsr-3878	137	3	shortfall	shortfall	NOUN
fsr-3878	137	4	probabilities	probability	NOUN
fsr-3878	137	5	for	for	ADP
fsr-3878	137	6	allocations	allocation	NOUN
fsr-3878	137	7	that	that	PRON
fsr-3878	137	8	include	include	VERB
fsr-3878	137	9	world	world	NOUN
fsr-3878	137	10	equity	equity	NOUN
fsr-3878	137	11	are	be	AUX
fsr-3878	137	12	lower	low	ADJ
fsr-3878	137	13	.	.	PUNCT
fsr-3878	138	1	the	the	DET
fsr-3878	138	2	msp	msp	PROPN
fsr-3878	138	3	is	be	AUX
fsr-3878	138	4	reduced	reduce	VERB
fsr-3878	138	5	from	from	ADP
fsr-3878	138	6	36.1	36.1	NUM
fsr-3878	138	7	%	%	NOUN
fsr-3878	138	8	(	(	PUNCT
fsr-3878	138	9	50	50	NUM
fsr-3878	138	10	%	%	NOUN
fsr-3878	138	11	tse	tse	NOUN
fsr-3878	138	12	,	,	PUNCT
fsr-3878	138	13	45	45	NUM
fsr-3878	138	14	%	%	NOUN
fsr-3878	138	15	bonds	bond	NOUN
fsr-3878	138	16	,	,	PUNCT
fsr-3878	138	17	5	5	NUM
fsr-3878	138	18	%	%	NOUN
fsr-3878	138	19	t	t	NOUN
fsr-3878	138	20	-	-	PUNCT
fsr-3878	138	21	bills	bill	NOUN
fsr-3878	138	22	)	)	PUNCT
fsr-3878	138	23	to	to	ADP
fsr-3878	138	24	27.8	27.8	NUM
fsr-3878	138	25	%	%	NOUN
fsr-3878	138	26	(	(	PUNCT
fsr-3878	138	27	75	75	NUM
fsr-3878	138	28	%	%	NOUN
fsr-3878	138	29	world	world	NOUN
fsr-3878	138	30	,	,	PUNCT
fsr-3878	138	31	25	25	NUM
fsr-3878	138	32	%	%	NOUN
fsr-3878	138	33	t	t	NOUN
fsr-3878	138	34	-	-	PUNCT
fsr-3878	138	35	bills	bill	NOUN
fsr-3878	138	36	)	)	PUNCT
fsr-3878	138	37	.	.	PUNCT
fsr-3878	139	1	this	this	PRON
fsr-3878	139	2	is	be	AUX
fsr-3878	139	3	a	a	DET
fsr-3878	139	4	material	material	NOUN
fsr-3878	139	5	change	change	NOUN
fsr-3878	139	6	in	in	ADP
fsr-3878	139	7	table	table	NOUN
fsr-3878	139	8	2	2	NUM
fsr-3878	139	9	asset	asset	NOUN
fsr-3878	139	10	allocation	allocation	NOUN
fsr-3878	139	11	and	and	CCONJ
fsr-3878	139	12	shortfall	shortfall	NOUN
fsr-3878	139	13	risk	risk	NOUN
fsr-3878	139	14	for	for	ADP
fsr-3878	139	15	a	a	DET
fsr-3878	139	16	canadian	canadian	ADJ
fsr-3878	139	17	woman	woman	NOUN
fsr-3878	139	18	,	,	PUNCT
fsr-3878	139	19	aged	aged	ADJ
fsr-3878	139	20	65	65	NUM
fsr-3878	139	21	,	,	PUNCT
fsr-3878	139	22	withw	withw	NOUN
fsr-3878	139	23	/	/	SYM
fsr-3878	139	24	c	c	PROPN
fsr-3878	139	25	5	5	NUM
fsr-3878	139	26	16a	16a	X
fsr-3878	139	27	tse	tse	X
fsr-3878	139	28	0	0	NUM
fsr-3878	139	29	%	%	NOUN
fsr-3878	139	30	20	20	NUM
fsr-3878	139	31	%	%	NOUN
fsr-3878	139	32	40	40	NUM
fsr-3878	139	33	%	%	NOUN
fsr-3878	139	34	60	60	NUM
fsr-3878	139	35	%	%	NOUN
fsr-3878	139	36	80	80	NUM
fsr-3878	139	37	%	%	NOUN
fsr-3878	139	38	100	100	NUM
fsr-3878	139	39	%	%	NOUN
fsr-3878	139	40	a	a	PRON
fsr-3878	139	41	:	:	PUNCT
fsr-3878	139	42	bondsb	bondsb	NOUN
fsr-3878	139	43	0	0	NUM
fsr-3878	139	44	%	%	NOUN
fsr-3878	139	45	0.488	0.488	NUM
fsr-3878	139	46	0.428	0.428	NUM
fsr-3878	139	47	0.393	0.393	NUM
fsr-3878	139	48	0.383	0.383	NUM
fsr-3878	139	49	0.388	0.388	NUM
fsr-3878	139	50	0.405	0.405	NUM
fsr-3878	139	51	20	20	NUM
fsr-3878	139	52	0.455	0.455	NUM
fsr-3878	139	53	0.401	0.401	NUM
fsr-3878	139	54	0.374	0.374	NUM
fsr-3878	139	55	0.369	0.369	NUM
fsr-3878	139	56	0.378	0.378	NUM
fsr-3878	139	57	40	40	NUM
fsr-3878	139	58	0.433	0.433	NUM
fsr-3878	139	59	0.386	0.386	NUM
fsr-3878	139	60	0.365	0.365	NUM
fsr-3878	139	61	0.363	0.363	NUM
fsr-3878	139	62	60	60	NUM
fsr-3878	139	63	0.421	0.421	NUM
fsr-3878	139	64	0.381	0.381	NUM
fsr-3878	139	65	0.364	0.364	NUM
fsr-3878	139	66	80	80	NUM
fsr-3878	139	67	0.419	0.419	NUM
fsr-3878	139	68	0.384	0.384	NUM
fsr-3878	139	69	100	100	NUM
fsr-3878	139	70	0.423	0.423	NUM
fsr-3878	139	71	b	b	NOUN
fsr-3878	139	72	:	:	PUNCT
fsr-3878	139	73	world	world	NOUN
fsr-3878	139	74	equityc	equityc	NOUN
fsr-3878	139	75	0	0	NUM
fsr-3878	139	76	%	%	NOUN
fsr-3878	139	77	0.488	0.488	NUM
fsr-3878	139	78	0.428	0.428	NUM
fsr-3878	139	79	0.393	0.393	NUM
fsr-3878	139	80	0.383	0.383	NUM
fsr-3878	139	81	0.388	0.388	NUM
fsr-3878	139	82	0.405	0.405	NUM
fsr-3878	139	83	20	20	NUM
fsr-3878	139	84	0.378	0.378	NUM
fsr-3878	139	85	0.346	0.346	NUM
fsr-3878	139	86	0.339	0.339	NUM
fsr-3878	139	87	0.348	0.348	NUM
fsr-3878	139	88	0.368	0.368	NUM
fsr-3878	139	89	40	40	NUM
fsr-3878	139	90	0.311	0.311	NUM
fsr-3878	139	91	0.306	0.306	NUM
fsr-3878	139	92	0.316	0.316	NUM
fsr-3878	139	93	0.337	0.337	NUM
fsr-3878	139	94	60	60	NUM
fsr-3878	139	95	0.283	0.283	NUM
fsr-3878	139	96	0.293	0.293	NUM
fsr-3878	139	97	0.314	0.314	NUM
fsr-3878	139	98	80	80	NUM
fsr-3878	139	99	0.278	0.278	NUM
fsr-3878	139	100	0.297	0.297	NUM
fsr-3878	139	101	100	100	NUM
fsr-3878	139	102	0.288	0.288	NUM
fsr-3878	139	103	c	c	NOUN
fsr-3878	139	104	:	:	PUNCT
fsr-3878	139	105	s	s	PROPN
fsr-3878	139	106	&	&	CCONJ
fsr-3878	139	107	p	p	PROPN
fsr-3878	139	108	500d	500d	PROPN
fsr-3878	139	109	0	0	NUM
fsr-3878	139	110	%	%	NOUN
fsr-3878	140	1	0.488	0.488	NUM
fsr-3878	140	2	0.428	0.428	NUM
fsr-3878	140	3	0.393	0.393	NUM
fsr-3878	140	4	0.383	0.383	NUM
fsr-3878	140	5	0.388	0.388	NUM
fsr-3878	140	6	0.405	0.405	NUM
fsr-3878	140	7	20	20	NUM
fsr-3878	140	8	0.361	0.361	NUM
fsr-3878	140	9	0.330	0.330	NUM
fsr-3878	140	10	0.324	0.324	NUM
fsr-3878	140	11	0.334	0.334	NUM
fsr-3878	140	12	0.355	0.355	NUM
fsr-3878	140	13	40	40	NUM
fsr-3878	140	14	0.280	0.280	NUM
fsr-3878	140	15	0.276	0.276	NUM
fsr-3878	140	16	0.289	0.289	NUM
fsr-3878	140	17	0.312	0.312	NUM
fsr-3878	140	18	60	60	NUM
fsr-3878	140	19	0.241	0.241	NUM
fsr-3878	140	20	0.254	0.254	NUM
fsr-3878	140	21	0.277	0.277	NUM
fsr-3878	140	22	80	80	NUM
fsr-3878	140	23	0.229	0.229	NUM
fsr-3878	140	24	0.250	0.250	NUM
fsr-3878	140	25	100	100	NUM
fsr-3878	140	26	0.232	0.232	NUM
fsr-3878	140	27	a	a	DET
fsr-3878	140	28	the	the	DET
fsr-3878	140	29	column	column	NOUN
fsr-3878	140	30	headings	heading	NOUN
fsr-3878	140	31	at	at	ADP
fsr-3878	140	32	the	the	DET
fsr-3878	140	33	top	top	NOUN
fsr-3878	140	34	of	of	ADP
fsr-3878	140	35	each	each	DET
fsr-3878	140	36	panel	panel	NOUN
fsr-3878	140	37	show	show	VERB
fsr-3878	140	38	the	the	DET
fsr-3878	140	39	allocation	allocation	NOUN
fsr-3878	140	40	to	to	ADP
fsr-3878	140	41	the	the	DET
fsr-3878	140	42	tse	tse	PROPN
fsr-3878	140	43	300	300	NUM
fsr-3878	140	44	.	.	PUNCT
fsr-3878	141	1	the	the	DET
fsr-3878	141	2	row	row	NOUN
fsr-3878	141	3	headings	heading	NOUN
fsr-3878	141	4	are	be	AUX
fsr-3878	141	5	the	the	DET
fsr-3878	141	6	allocations	allocation	NOUN
fsr-3878	141	7	to	to	ADP
fsr-3878	141	8	bonds	bond	NOUN
fsr-3878	141	9	,	,	PUNCT
fsr-3878	141	10	world	world	NOUN
fsr-3878	141	11	equity	equity	NOUN
fsr-3878	141	12	index	index	NOUN
fsr-3878	141	13	and	and	CCONJ
fsr-3878	141	14	s	s	PROPN
fsr-3878	141	15	&	&	CCONJ
fsr-3878	141	16	p	p	PROPN
fsr-3878	141	17	500	500	NUM
fsr-3878	141	18	,	,	PUNCT
fsr-3878	141	19	respectively	respectively	ADV
fsr-3878	141	20	,	,	PUNCT
fsr-3878	141	21	in	in	ADP
fsr-3878	141	22	panels	panel	NOUN
fsr-3878	141	23	a	a	DET
fsr-3878	141	24	,	,	PUNCT
fsr-3878	141	25	b	b	NOUN
fsr-3878	141	26	,	,	PUNCT
fsr-3878	141	27	and	and	CCONJ
fsr-3878	141	28	c.	c.	NOUN
fsr-3878	141	29	the	the	DET
fsr-3878	141	30	allocation	allocation	NOUN
fsr-3878	141	31	to	to	ADP
fsr-3878	141	32	t	t	PROPN
fsr-3878	141	33	-	-	PUNCT
fsr-3878	141	34	bills	bill	NOUN
fsr-3878	141	35	is	be	AUX
fsr-3878	141	36	100%2	100%2	NUM
fsr-3878	141	37	column	column	NOUN
fsr-3878	141	38	heading%2	heading%2	PROPN
fsr-3878	141	39	row	row	NOUN
fsr-3878	141	40	heading%	heading%	PUNCT
fsr-3878	141	41	.	.	PUNCT
fsr-3878	142	1	the	the	DET
fsr-3878	142	2	entries	entry	NOUN
fsr-3878	142	3	are	be	AUX
fsr-3878	142	4	the	the	DET
fsr-3878	142	5	shortfall	shortfall	NOUN
fsr-3878	142	6	probabilities	probability	NOUN
fsr-3878	142	7	for	for	ADP
fsr-3878	142	8	the	the	DET
fsr-3878	142	9	given	give	VERB
fsr-3878	142	10	allocations	allocation	NOUN
fsr-3878	142	11	.	.	PUNCT
fsr-3878	143	1	b	b	X
fsr-3878	143	2	minimum	minimum	ADJ
fsr-3878	143	3	shortfall	shortfall	NOUN
fsr-3878	143	4	probability5	probability5	NOUN
fsr-3878	143	5	36.1	36.1	NUM
fsr-3878	143	6	%	%	NOUN
fsr-3878	143	7	tse	tse	NOUN
fsr-3878	143	8	50	50	NUM
fsr-3878	143	9	%	%	NOUN
fsr-3878	143	10	;	;	PUNCT
fsr-3878	143	11	bonds	bond	NOUN
fsr-3878	143	12	45	45	NUM
fsr-3878	143	13	%	%	NOUN
fsr-3878	143	14	;	;	PUNCT
fsr-3878	143	15	t	t	X
fsr-3878	143	16	-	-	PUNCT
fsr-3878	143	17	bills	bill	NOUN
fsr-3878	143	18	5	5	NUM
fsr-3878	143	19	%	%	NOUN
fsr-3878	143	20	.	.	PUNCT
fsr-3878	144	1	c	c	NOUN
fsr-3878	144	2	minimum	minimum	NOUN
fsr-3878	144	3	shortfall	shortfall	NOUN
fsr-3878	144	4	probability5	probability5	NOUN
fsr-3878	144	5	27.8	27.8	NUM
fsr-3878	144	6	%	%	NOUN
fsr-3878	144	7	tse	tse	NOUN
fsr-3878	144	8	0	0	NUM
fsr-3878	144	9	%	%	NOUN
fsr-3878	144	10	;	;	PUNCT
fsr-3878	144	11	world	world	NOUN
fsr-3878	144	12	75	75	NUM
fsr-3878	144	13	%	%	NOUN
fsr-3878	144	14	;	;	PUNCT
fsr-3878	144	15	t	t	X
fsr-3878	144	16	-	-	PUNCT
fsr-3878	144	17	bills	bill	NOUN
fsr-3878	144	18	25	25	NUM
fsr-3878	144	19	%	%	NOUN
fsr-3878	144	20	.	.	PUNCT
fsr-3878	145	1	d	d	X
fsr-3878	145	2	minimum	minimum	ADJ
fsr-3878	145	3	shortfall	shortfall	NOUN
fsr-3878	145	4	probability5	probability5	NOUN
fsr-3878	145	5	22.9	22.9	NUM
fsr-3878	145	6	%	%	NOUN
fsr-3878	145	7	tse	tse	NOUN
fsr-3878	145	8	0	0	NUM
fsr-3878	145	9	%	%	NOUN
fsr-3878	145	10	;	;	PUNCT
fsr-3878	145	11	s	s	X
fsr-3878	145	12	&	&	CCONJ
fsr-3878	145	13	p	p	PROPN
fsr-3878	145	14	500	500	NUM
fsr-3878	145	15	85	85	NUM
fsr-3878	145	16	%	%	NOUN
fsr-3878	145	17	;	;	PUNCT
fsr-3878	145	18	t	t	X
fsr-3878	145	19	-	-	PUNCT
fsr-3878	145	20	bills	bill	NOUN
fsr-3878	145	21	15	15	NUM
fsr-3878	145	22	%	%	NOUN
fsr-3878	145	23	.	.	PUNCT
fsr-3878	146	1	17k	17k	X
fsr-3878	146	2	.	.	X
fsr-3878	146	3	ho	ho	PROPN
fsr-3878	146	4	,	,	PUNCT
fsr-3878	146	5	m.a	m.a	PROPN
fsr-3878	146	6	.	.	PROPN
fsr-3878	146	7	milevsky	milevsky	PROPN
fsr-3878	146	8	/	/	SYM
fsr-3878	146	9	financial	financial	ADJ
fsr-3878	146	10	services	service	NOUN
fsr-3878	146	11	review	review	VERB
fsr-3878	146	12	8	8	NUM
fsr-3878	146	13	(	(	PUNCT
fsr-3878	146	14	1999	1999	NUM
fsr-3878	146	15	)	)	PUNCT
fsr-3878	146	16	11–25	11–25	NUM
fsr-3878	146	17	both	both	CCONJ
fsr-3878	146	18	asset	asset	NOUN
fsr-3878	146	19	allocation	allocation	NOUN
fsr-3878	146	20	and	and	CCONJ
fsr-3878	146	21	shortfall	shortfall	NOUN
fsr-3878	146	22	probability	probability	NOUN
fsr-3878	146	23	.	.	PUNCT
fsr-3878	147	1	panel	panel	NOUN
fsr-3878	147	2	c	c	PROPN
fsr-3878	147	3	provides	provide	VERB
fsr-3878	147	4	an	an	DET
fsr-3878	147	5	even	even	ADV
fsr-3878	147	6	greater	great	ADJ
fsr-3878	147	7	shortfall	shortfall	NOUN
fsr-3878	147	8	risk	risk	NOUN
fsr-3878	147	9	reduction	reduction	NOUN
fsr-3878	147	10	when	when	SCONJ
fsr-3878	147	11	the	the	DET
fsr-3878	147	12	s	s	X
fsr-3878	147	13	&	&	CCONJ
fsr-3878	147	14	p	p	PROPN
fsr-3878	147	15	500	500	NUM
fsr-3878	147	16	issubstituted	issubstitute	VERB
fsr-3878	147	17	for	for	ADP
fsr-3878	147	18	canadian	canadian	ADJ
fsr-3878	147	19	bonds	bond	NOUN
fsr-3878	147	20	and	and	CCONJ
fsr-3878	147	21	the	the	DET
fsr-3878	147	22	msp	msp	PROPN
fsr-3878	147	23	falls	fall	VERB
fsr-3878	147	24	to	to	ADP
fsr-3878	147	25	22.9	22.9	NUM
fsr-3878	147	26	%	%	NOUN
fsr-3878	147	27	.	.	PUNCT
fsr-3878	148	1	in	in	ADP
fsr-3878	148	2	both	both	DET
fsr-3878	148	3	international	international	ADJ
fsr-3878	148	4	substitutions	substitution	NOUN
fsr-3878	148	5	,	,	PUNCT
fsr-3878	148	6	the	the	DET
fsr-3878	148	7	tse	tse	PROPN
fsr-3878	148	8	is	be	AUX
fsr-3878	148	9	dominated	dominate	VERB
fsr-3878	148	10	for	for	ADP
fsr-3878	148	11	a	a	DET
fsr-3878	148	12	65	65	NUM
fsr-3878	148	13	year	year	NOUN
fsr-3878	148	14	old	old	ADJ
fsr-3878	148	15	woman	woman	NOUN
fsr-3878	148	16	with	with	ADP
fsr-3878	148	17	w	w	PROPN
fsr-3878	148	18	/	/	SYM
fsr-3878	148	19	c	c	PROPN
fsr-3878	148	20	5	5	NUM
fsr-3878	148	21	16	16	NUM
fsr-3878	148	22	.	.	PUNCT
fsr-3878	149	1	we	we	PRON
fsr-3878	149	2	have	have	AUX
fsr-3878	149	3	not	not	PART
fsr-3878	149	4	shown	show	VERB
fsr-3878	149	5	the	the	DET
fsr-3878	149	6	result	result	NOUN
fsr-3878	149	7	if	if	SCONJ
fsr-3878	149	8	the	the	DET
fsr-3878	149	9	choice	choice	NOUN
fsr-3878	149	10	were	be	AUX
fsr-3878	149	11	among	among	ADP
fsr-3878	149	12	eafe	eafe	PROPN
fsr-3878	149	13	,	,	PUNCT
fsr-3878	149	14	tse	tse	PROPN
fsr-3878	149	15	and	and	CCONJ
fsr-3878	149	16	t	t	PROPN
fsr-3878	149	17	-	-	PUNCT
fsr-3878	149	18	bills	bill	NOUN
fsr-3878	149	19	,	,	PUNCT
fsr-3878	149	20	but	but	CCONJ
fsr-3878	149	21	it	it	PRON
fsr-3878	149	22	lies	lie	VERB
fsr-3878	149	23	between	between	ADP
fsr-3878	149	24	the	the	DET
fsr-3878	149	25	others	other	NOUN
fsr-3878	149	26	.	.	PUNCT
fsr-3878	150	1	the	the	DET
fsr-3878	150	2	msp	msp	PROPN
fsr-3878	150	3	is	be	AUX
fsr-3878	150	4	32.9	32.9	NUM
fsr-3878	150	5	%	%	NOUN
fsr-3878	150	6	for	for	ADP
fsr-3878	150	7	an	an	DET
fsr-3878	150	8	allocation	allocation	NOUN
fsr-3878	150	9	of	of	ADP
fsr-3878	150	10	tse	tse	PROPN
fsr-3878	150	11	15	15	NUM
fsr-3878	150	12	%	%	NOUN
fsr-3878	150	13	;	;	PUNCT
fsr-3878	150	14	eafe	eafe	NOUN
fsr-3878	150	15	45	45	NUM
fsr-3878	150	16	%	%	NOUN
fsr-3878	150	17	;	;	PUNCT
fsr-3878	150	18	t	t	X
fsr-3878	150	19	-	-	PUNCT
fsr-3878	150	20	bills	bill	NOUN
fsr-3878	150	21	40	40	NUM
fsr-3878	150	22	%	%	NOUN
fsr-3878	150	23	.	.	PUNCT
fsr-3878	151	1	the	the	DET
fsr-3878	151	2	reader	reader	NOUN
fsr-3878	151	3	may	may	AUX
fsr-3878	151	4	suspect	suspect	VERB
fsr-3878	151	5	that	that	SCONJ
fsr-3878	151	6	the	the	DET
fsr-3878	151	7	results	result	NOUN
fsr-3878	151	8	are	be	AUX
fsr-3878	151	9	partly	partly	ADV
fsr-3878	151	10	because	because	SCONJ
fsr-3878	151	11	we	we	PRON
fsr-3878	151	12	dropped	drop	VERB
fsr-3878	151	13	the	the	DET
fsr-3878	151	14	long	long	ADJ
fsr-3878	151	15	bonds	bond	NOUN
fsr-3878	151	16	out	out	ADP
fsr-3878	151	17	of	of	ADP
fsr-3878	151	18	the	the	DET
fsr-3878	151	19	picture	picture	NOUN
fsr-3878	151	20	.	.	PUNCT
fsr-3878	152	1	in	in	ADP
fsr-3878	152	2	fact	fact	NOUN
fsr-3878	152	3	,	,	PUNCT
fsr-3878	152	4	the	the	DET
fsr-3878	152	5	msp	msp	PROPN
fsr-3878	152	6	allocation	allocation	NOUN
fsr-3878	152	7	is	be	AUX
fsr-3878	152	8	identical	identical	ADJ
fsr-3878	152	9	when	when	SCONJ
fsr-3878	152	10	the	the	DET
fsr-3878	152	11	s	s	PROPN
fsr-3878	152	12	&	&	CCONJ
fsr-3878	152	13	p	p	PROPN
fsr-3878	152	14	500	500	PROPN
fsr-3878	152	15	is	be	AUX
fsr-3878	152	16	theinternational	theinternational	ADJ
fsr-3878	152	17	index	index	NOUN
fsr-3878	152	18	and	and	CCONJ
fsr-3878	152	19	either	either	CCONJ
fsr-3878	152	20	long	long	ADJ
fsr-3878	152	21	bonds	bond	NOUN
fsr-3878	152	22	or	or	CCONJ
fsr-3878	152	23	the	the	DET
fsr-3878	152	24	tse	tse	PROPN
fsr-3878	152	25	is	be	AUX
fsr-3878	152	26	included	include	VERB
fsr-3878	152	27	.	.	PUNCT
fsr-3878	153	1	that	that	PRON
fsr-3878	153	2	is	is	ADV
fsr-3878	153	3	,	,	PUNCT
fsr-3878	153	4	the	the	DET
fsr-3878	153	5	msp	msp	PROPN
fsr-3878	153	6	is	be	AUX
fsr-3878	153	7	22.9	22.9	NUM
fsr-3878	153	8	%	%	NOUN
fsr-3878	153	9	with	with	ADP
fsr-3878	153	10	an	an	DET
fsr-3878	153	11	allocation	allocation	NOUN
fsr-3878	153	12	of	of	ADP
fsr-3878	153	13	:	:	PUNCT
fsr-3878	153	14	0	0	NUM
fsr-3878	153	15	%	%	NOUN
fsr-3878	153	16	bondsor	bondsor	NOUN
fsr-3878	153	17	tse	tse	NOUN
fsr-3878	153	18	;	;	PUNCT
fsr-3878	153	19	85	85	NUM
fsr-3878	153	20	%	%	NOUN
fsr-3878	153	21	s	s	NOUN
fsr-3878	153	22	&	&	CCONJ
fsr-3878	153	23	p	p	NOUN
fsr-3878	153	24	500	500	NUM
fsr-3878	153	25	;	;	PUNCT
fsr-3878	153	26	15	15	NUM
fsr-3878	153	27	%	%	NOUN
fsr-3878	153	28	t	t	NOUN
fsr-3878	153	29	-	-	PUNCT
fsr-3878	153	30	bills	bill	NOUN
fsr-3878	153	31	.	.	PUNCT
fsr-3878	154	1	we	we	PRON
fsr-3878	154	2	are	be	AUX
fsr-3878	154	3	not	not	PART
fsr-3878	154	4	aware	aware	ADJ
fsr-3878	154	5	of	of	ADP
fsr-3878	154	6	any	any	DET
fsr-3878	154	7	metric	metric	NOUN
fsr-3878	154	8	for	for	ADP
fsr-3878	154	9	comparing	compare	VERB
fsr-3878	154	10	the	the	DET
fsr-3878	154	11	relative	relative	ADJ
fsr-3878	154	12	benefits	benefit	NOUN
fsr-3878	154	13	of	of	ADP
fsr-3878	154	14	different	different	ADJ
fsr-3878	154	15	portfolios	portfolio	NOUN
fsr-3878	154	16	in	in	ADP
fsr-3878	154	17	reducing	reduce	VERB
fsr-3878	154	18	shortfall	shortfall	NOUN
fsr-3878	154	19	risk	risk	NOUN
fsr-3878	154	20	;	;	PUNCT
fsr-3878	154	21	so	so	ADV
fsr-3878	154	22	we	we	PRON
fsr-3878	154	23	rely	rely	VERB
fsr-3878	154	24	upon	upon	SCONJ
fsr-3878	154	25	common	common	ADJ
fsr-3878	154	26	sense	sense	NOUN
fsr-3878	154	27	in	in	ADP
fsr-3878	154	28	determining	determine	VERB
fsr-3878	154	29	what	what	PRON
fsr-3878	154	30	is	be	AUX
fsr-3878	154	31	a	a	DET
fsr-3878	154	32	material	material	NOUN
fsr-3878	154	33	improvement	improvement	NOUN
fsr-3878	154	34	.	.	PUNCT
fsr-3878	155	1	our	our	PRON
fsr-3878	155	2	judgement	judgement	NOUN
fsr-3878	155	3	is	be	AUX
fsr-3878	155	4	that	that	SCONJ
fsr-3878	155	5	international	international	ADJ
fsr-3878	155	6	equity	equity	NOUN
fsr-3878	155	7	diversification	diversification	NOUN
fsr-3878	155	8	provides	provide	VERB
fsr-3878	155	9	a	a	DET
fsr-3878	155	10	material	material	ADJ
fsr-3878	155	11	benefit	benefit	NOUN
fsr-3878	155	12	to	to	ADP
fsr-3878	155	13	canadian	canadian	ADJ
fsr-3878	155	14	investors	investor	NOUN
fsr-3878	155	15	.	.	PUNCT
fsr-3878	156	1	the	the	DET
fsr-3878	156	2	shortfall	shortfall	NOUN
fsr-3878	156	3	probabilities	probability	NOUN
fsr-3878	156	4	would	would	AUX
fsr-3878	156	5	be	be	AUX
fsr-3878	156	6	reduced	reduce	VERB
fsr-3878	156	7	somewhat	somewhat	ADV
fsr-3878	156	8	more	more	ADV
fsr-3878	156	9	for	for	ADP
fsr-3878	156	10	at	at	ADV
fsr-3878	156	11	least	least	ADJ
fsr-3878	156	12	some	some	PRON
fsr-3878	156	13	situations	situation	NOUN
fsr-3878	156	14	(	(	PUNCT
fsr-3878	156	15	i.e.	i.e.	X
fsr-3878	156	16	for	for	ADP
fsr-3878	156	17	different	different	ADJ
fsr-3878	156	18	ages	age	NOUN
fsr-3878	156	19	,	,	PUNCT
fsr-3878	156	20	gender	gender	NOUN
fsr-3878	156	21	and	and	CCONJ
fsr-3878	156	22	values	value	NOUN
fsr-3878	156	23	ofw	ofw	PROPN
fsr-3878	156	24	/	/	SYM
fsr-3878	156	25	c	c	NOUN
fsr-3878	156	26	)	)	PUNCT
fsr-3878	156	27	if	if	SCONJ
fsr-3878	156	28	we	we	PRON
fsr-3878	156	29	included	include	VERB
fsr-3878	156	30	more	more	ADJ
fsr-3878	156	31	than	than	ADP
fsr-3878	156	32	three	three	NUM
fsr-3878	156	33	assets	asset	NOUN
fsr-3878	156	34	.	.	PUNCT
fsr-3878	157	1	the	the	DET
fsr-3878	157	2	expansion	expansion	NOUN
fsr-3878	157	3	would	would	AUX
fsr-3878	157	4	be	be	AUX
fsr-3878	157	5	quite	quite	ADV
fsr-3878	157	6	difficult	difficult	ADJ
fsr-3878	157	7	to	to	PART
fsr-3878	157	8	present	present	VERB
fsr-3878	157	9	and	and	CCONJ
fsr-3878	157	10	would	would	AUX
fsr-3878	157	11	not	not	PART
fsr-3878	157	12	change	change	VERB
fsr-3878	157	13	the	the	DET
fsr-3878	157	14	answer	answer	NOUN
fsr-3878	157	15	to	to	ADP
fsr-3878	157	16	the	the	DET
fsr-3878	157	17	questions	question	NOUN
fsr-3878	157	18	we	we	PRON
fsr-3878	157	19	are	be	AUX
fsr-3878	157	20	asking	ask	VERB
fsr-3878	157	21	.	.	PUNCT
fsr-3878	158	1	table	table	NOUN
fsr-3878	158	2	3	3	NUM
fsr-3878	158	3	displays	display	VERB
fsr-3878	158	4	the	the	DET
fsr-3878	158	5	same	same	ADJ
fsr-3878	158	6	three	three	NUM
fsr-3878	158	7	panels	panel	NOUN
fsr-3878	158	8	as	as	ADP
fsr-3878	158	9	table	table	NOUN
fsr-3878	158	10	2	2	NUM
fsr-3878	158	11	,	,	PUNCT
fsr-3878	158	12	but	but	CCONJ
fsr-3878	158	13	now	now	ADV
fsr-3878	158	14	calculated	calculate	VERB
fsr-3878	158	15	for	for	ADP
fsr-3878	158	16	an	an	DET
fsr-3878	158	17	american	american	ADJ
fsr-3878	158	18	woman	woman	NOUN
fsr-3878	158	19	,	,	PUNCT
fsr-3878	158	20	aged	aged	ADJ
fsr-3878	158	21	65	65	NUM
fsr-3878	158	22	,	,	PUNCT
fsr-3878	158	23	withw	withw	NOUN
fsr-3878	158	24	/	/	SYM
fsr-3878	158	25	c	c	PROPN
fsr-3878	158	26	5	5	NUM
fsr-3878	158	27	16	16	NUM
fsr-3878	158	28	.	.	PUNCT
fsr-3878	159	1	panel	panel	NOUN
fsr-3878	159	2	a	a	PRON
fsr-3878	159	3	is	be	AUX
fsr-3878	159	4	the	the	DET
fsr-3878	159	5	domestic	domestic	ADJ
fsr-3878	159	6	portfolio	portfolio	NOUN
fsr-3878	159	7	choice	choice	NOUN
fsr-3878	159	8	among	among	ADP
fsr-3878	159	9	t	t	PROPN
fsr-3878	159	10	-	-	PUNCT
fsr-3878	159	11	bills	bill	NOUN
fsr-3878	159	12	,	,	PUNCT
fsr-3878	159	13	long	long	ADJ
fsr-3878	159	14	-	-	PUNCT
fsr-3878	159	15	term	term	NOUN
fsr-3878	159	16	bonds	bond	NOUN
fsr-3878	159	17	and	and	CCONJ
fsr-3878	159	18	the	the	DET
fsr-3878	159	19	s	s	PROPN
fsr-3878	159	20	&	&	CCONJ
fsr-3878	159	21	p500	p500	PROPN
fsr-3878	159	22	.	.	PUNCT
fsr-3878	160	1	panel	panel	NOUN
fsr-3878	160	2	b	b	PROPN
fsr-3878	160	3	replaces	replace	VERB
fsr-3878	160	4	the	the	DET
fsr-3878	160	5	bonds	bond	NOUN
fsr-3878	160	6	with	with	ADP
fsr-3878	160	7	the	the	DET
fsr-3878	160	8	world	world	NOUN
fsr-3878	160	9	portfolio	portfolio	NOUN
fsr-3878	160	10	and	and	CCONJ
fsr-3878	160	11	panel	panel	NOUN
fsr-3878	160	12	c	c	PROPN
fsr-3878	160	13	replaces	replace	VERB
fsr-3878	160	14	the	the	DET
fsr-3878	160	15	bonds	bond	NOUN
fsr-3878	160	16	with	with	ADP
fsr-3878	160	17	the	the	DET
fsr-3878	160	18	eafe	eafe	ADJ
fsr-3878	160	19	portfolio	portfolio	NOUN
fsr-3878	160	20	.	.	PUNCT
fsr-3878	161	1	the	the	DET
fsr-3878	161	2	allocations	allocation	NOUN
fsr-3878	161	3	in	in	ADP
fsr-3878	161	4	panel	panel	NOUN
fsr-3878	161	5	a	a	DET
fsr-3878	161	6	that	that	PRON
fsr-3878	161	7	include	include	VERB
fsr-3878	161	8	a	a	DET
fsr-3878	161	9	substantial	substantial	ADJ
fsr-3878	161	10	amount	amount	NOUN
fsr-3878	161	11	of	of	ADP
fsr-3878	161	12	bonds	bond	NOUN
fsr-3878	161	13	and/or	and/or	CCONJ
fsr-3878	161	14	t	t	PROPN
fsr-3878	161	15	-	-	PUNCT
fsr-3878	161	16	bills	bill	NOUN
fsr-3878	161	17	have	have	VERB
fsr-3878	161	18	higher	high	ADJ
fsr-3878	161	19	shortfall	shortfall	NOUN
fsr-3878	161	20	probabilities	probability	NOUN
fsr-3878	161	21	than	than	ADP
fsr-3878	161	22	the	the	DET
fsr-3878	161	23	comparable	comparable	ADJ
fsr-3878	161	24	canadian	canadian	ADJ
fsr-3878	161	25	entries	entry	NOUN
fsr-3878	161	26	.	.	PUNCT
fsr-3878	162	1	the	the	DET
fsr-3878	162	2	real	real	ADJ
fsr-3878	162	3	return	return	NOUN
fsr-3878	162	4	to	to	ADP
fsr-3878	162	5	bonds	bond	NOUN
fsr-3878	162	6	and	and	CCONJ
fsr-3878	162	7	t	t	NOUN
fsr-3878	162	8	-	-	PUNCT
fsr-3878	162	9	bills	bill	NOUN
fsr-3878	162	10	in	in	ADP
fsr-3878	162	11	the	the	DET
fsr-3878	162	12	united	united	PROPN
fsr-3878	162	13	states	states	PROPN
fsr-3878	162	14	has	have	AUX
fsr-3878	162	15	been	be	AUX
fsr-3878	162	16	significantly	significantly	ADV
fsr-3878	162	17	lower	low	ADJ
fsr-3878	162	18	than	than	SCONJ
fsr-3878	162	19	it	it	PRON
fsr-3878	162	20	has	have	VERB
fsr-3878	162	21	in	in	ADP
fsr-3878	162	22	canada	canada	PROPN
fsr-3878	162	23	,	,	PUNCT
fsr-3878	162	24	and	and	CCONJ
fsr-3878	162	25	the	the	DET
fsr-3878	162	26	standard	standard	ADJ
fsr-3878	162	27	deviation	deviation	NOUN
fsr-3878	162	28	on	on	ADP
fsr-3878	162	29	the	the	DET
fsr-3878	162	30	bonds	bond	NOUN
fsr-3878	162	31	is	be	AUX
fsr-3878	162	32	higher	high	ADJ
fsr-3878	162	33	in	in	ADP
fsr-3878	162	34	the	the	DET
fsr-3878	162	35	united	united	PROPN
fsr-3878	162	36	states	states	PROPN
fsr-3878	162	37	than	than	ADP
fsr-3878	162	38	in	in	ADP
fsr-3878	162	39	canada	canada	PROPN
fsr-3878	162	40	.	.	PUNCT
fsr-3878	163	1	the	the	DET
fsr-3878	163	2	s	s	PROPN
fsr-3878	163	3	&	&	CCONJ
fsr-3878	163	4	p	p	PROPN
fsr-3878	163	5	500	500	NUM
fsr-3878	163	6	has	have	AUX
fsr-3878	163	7	done	do	VERB
fsr-3878	163	8	much	much	ADV
fsr-3878	163	9	better	well	ADJ
fsr-3878	163	10	than	than	ADP
fsr-3878	163	11	the	the	DET
fsr-3878	163	12	tse	tse	PROPN
fsr-3878	163	13	300	300	NUM
fsr-3878	163	14	,	,	PUNCT
fsr-3878	163	15	however	however	ADV
fsr-3878	163	16	,	,	PUNCT
fsr-3878	163	17	whether	whether	SCONJ
fsr-3878	163	18	you	you	PRON
fsr-3878	163	19	measure	measure	VERB
fsr-3878	163	20	it	it	PRON
fsr-3878	163	21	in	in	ADP
fsr-3878	163	22	canadian	canadian	ADJ
fsr-3878	163	23	$	$	SYM
fsr-3878	163	24	or	or	CCONJ
fsr-3878	163	25	united	united	PROPN
fsr-3878	163	26	states	states	PROPN
fsr-3878	163	27	$	$	SYM
fsr-3878	163	28	,	,	PUNCT
fsr-3878	163	29	and	and	CCONJ
fsr-3878	163	30	so	so	ADV
fsr-3878	163	31	the	the	DET
fsr-3878	163	32	risk	risk	NOUN
fsr-3878	163	33	premium	premium	NOUN
fsr-3878	163	34	in	in	ADP
fsr-3878	163	35	the	the	DET
fsr-3878	163	36	united	united	PROPN
fsr-3878	163	37	states	states	PROPN
fsr-3878	163	38	is	be	AUX
fsr-3878	163	39	much	much	ADV
fsr-3878	163	40	higher	high	ADJ
fsr-3878	163	41	than	than	ADP
fsr-3878	163	42	in	in	ADP
fsr-3878	163	43	canada	canada	PROPN
fsr-3878	163	44	.	.	PUNCT
fsr-3878	164	1	the	the	DET
fsr-3878	164	2	msp	msp	PROPN
fsr-3878	164	3	for	for	ADP
fsr-3878	164	4	the	the	DET
fsr-3878	164	5	domestic	domestic	ADJ
fsr-3878	164	6	allocation	allocation	NOUN
fsr-3878	164	7	is	be	AUX
fsr-3878	164	8	slightly	slightly	ADV
fsr-3878	164	9	lower	low	ADJ
fsr-3878	164	10	than	than	ADP
fsr-3878	164	11	in	in	ADP
fsr-3878	164	12	canada	canada	PROPN
fsr-3878	164	13	at	at	ADP
fsr-3878	164	14	32.7	32.7	NUM
fsr-3878	164	15	%	%	NOUN
fsr-3878	164	16	,	,	PUNCT
fsr-3878	164	17	and	and	CCONJ
fsr-3878	164	18	it	it	PRON
fsr-3878	164	19	requires	require	VERB
fsr-3878	164	20	100	100	NUM
fsr-3878	164	21	%	%	NOUN
fsr-3878	164	22	invested	invest	VERB
fsr-3878	164	23	in	in	ADP
fsr-3878	164	24	the	the	DET
fsr-3878	164	25	s	s	NOUN
fsr-3878	164	26	&	&	CCONJ
fsr-3878	164	27	p	p	PROPN
fsr-3878	164	28	500	500	NUM
fsr-3878	164	29	.	.	PUNCT
fsr-3878	165	1	when	when	SCONJ
fsr-3878	165	2	we	we	PRON
fsr-3878	165	3	turn	turn	VERB
fsr-3878	165	4	to	to	ADP
fsr-3878	165	5	panels	panel	NOUN
fsr-3878	165	6	b	b	PROPN
fsr-3878	165	7	and	and	CCONJ
fsr-3878	165	8	c	c	X
fsr-3878	165	9	,	,	PUNCT
fsr-3878	165	10	we	we	PRON
fsr-3878	165	11	find	find	VERB
fsr-3878	165	12	that	that	SCONJ
fsr-3878	165	13	international	international	ADJ
fsr-3878	165	14	diversification	diversification	NOUN
fsr-3878	165	15	has	have	VERB
fsr-3878	165	16	an	an	DET
fsr-3878	165	17	effect	effect	NOUN
fsr-3878	165	18	,	,	PUNCT
fsr-3878	165	19	but	but	CCONJ
fsr-3878	165	20	it	it	PRON
fsr-3878	165	21	is	be	AUX
fsr-3878	165	22	material	material	NOUN
fsr-3878	165	23	only	only	ADV
fsr-3878	165	24	when	when	SCONJ
fsr-3878	165	25	the	the	DET
fsr-3878	165	26	person	person	NOUN
fsr-3878	165	27	holds	hold	VERB
fsr-3878	165	28	a	a	DET
fsr-3878	165	29	portfolio	portfolio	NOUN
fsr-3878	165	30	very	very	ADV
fsr-3878	165	31	distant	distant	ADJ
fsr-3878	165	32	from	from	ADP
fsr-3878	165	33	the	the	DET
fsr-3878	165	34	minimum	minimum	ADJ
fsr-3878	165	35	shortfall	shortfall	NOUN
fsr-3878	165	36	risk	risk	NOUN
fsr-3878	165	37	portfolio	portfolio	NOUN
fsr-3878	165	38	.	.	PUNCT
fsr-3878	166	1	for	for	ADP
fsr-3878	166	2	example	example	NOUN
fsr-3878	166	3	,	,	PUNCT
fsr-3878	166	4	in	in	ADP
fsr-3878	166	5	panel	panel	NOUN
fsr-3878	166	6	b	b	PROPN
fsr-3878	166	7	,	,	PUNCT
fsr-3878	166	8	a	a	DET
fsr-3878	166	9	woman	woman	NOUN
fsr-3878	166	10	investor	investor	NOUN
fsr-3878	166	11	who	who	PRON
fsr-3878	166	12	holds	hold	VERB
fsr-3878	166	13	40	40	NUM
fsr-3878	166	14	%	%	NOUN
fsr-3878	166	15	s	s	NOUN
fsr-3878	166	16	&	&	CCONJ
fsr-3878	166	17	p	p	X
fsr-3878	166	18	,	,	PUNCT
fsr-3878	166	19	40	40	NUM
fsr-3878	166	20	%	%	NOUN
fsr-3878	166	21	bonds	bond	NOUN
fsr-3878	166	22	and	and	CCONJ
fsr-3878	166	23	20	20	NUM
fsr-3878	166	24	%	%	NOUN
fsr-3878	166	25	t	t	NOUN
fsr-3878	166	26	-	-	PUNCT
fsr-3878	166	27	bills	bill	NOUN
fsr-3878	166	28	faces	face	VERB
fsr-3878	166	29	a	a	DET
fsr-3878	166	30	shortfall	shortfall	NOUN
fsr-3878	166	31	probability	probability	NOUN
fsr-3878	166	32	of	of	ADP
fsr-3878	166	33	44.5	44.5	NUM
fsr-3878	166	34	%	%	NOUN
fsr-3878	166	35	.	.	PUNCT
fsr-3878	167	1	by	by	ADP
fsr-3878	167	2	replacing	replace	VERB
fsr-3878	167	3	the	the	DET
fsr-3878	167	4	bonds	bond	NOUN
fsr-3878	167	5	with	with	ADP
fsr-3878	167	6	the	the	DET
fsr-3878	167	7	world	world	PROPN
fsr-3878	167	8	equity	equity	PROPN
fsr-3878	167	9	index	index	PROPN
fsr-3878	167	10	,	,	PUNCT
fsr-3878	167	11	she	she	PRON
fsr-3878	167	12	reduces	reduce	VERB
fsr-3878	167	13	the	the	DET
fsr-3878	167	14	shortfall	shortfall	NOUN
fsr-3878	167	15	probability	probability	NOUN
fsr-3878	167	16	to	to	ADP
fsr-3878	167	17	34.3	34.3	NUM
fsr-3878	167	18	%	%	NOUN
fsr-3878	167	19	.	.	PUNCT
fsr-3878	168	1	however	however	ADV
fsr-3878	168	2	,	,	PUNCT
fsr-3878	168	3	the	the	DET
fsr-3878	168	4	msp	msp	PROPN
fsr-3878	168	5	is	be	AUX
fsr-3878	168	6	32.6	32.6	NUM
fsr-3878	168	7	%	%	NOUN
fsr-3878	168	8	with	with	ADP
fsr-3878	168	9	an	an	DET
fsr-3878	168	10	allocation	allocation	NOUN
fsr-3878	168	11	of	of	ADP
fsr-3878	168	12	:	:	PUNCT
fsr-3878	168	13	s	s	PROPN
fsr-3878	168	14	&	&	CCONJ
fsr-3878	168	15	p	p	PROPN
fsr-3878	168	16	90	90	NUM
fsr-3878	168	17	,	,	PUNCT
fsr-3878	168	18	world	world	NOUN
fsr-3878	168	19	10	10	NUM
fsr-3878	168	20	%	%	NOUN
fsr-3878	168	21	;	;	PUNCT
fsr-3878	168	22	t	t	X
fsr-3878	168	23	-	-	PUNCT
fsr-3878	168	24	bills	bill	NOUN
fsr-3878	168	25	0	0	NUM
fsr-3878	168	26	%	%	NOUN
fsr-3878	168	27	.	.	PUNCT
fsr-3878	169	1	this	this	DET
fsr-3878	169	2	portfolio	portfolio	NOUN
fsr-3878	169	3	is	be	AUX
fsr-3878	169	4	scarcely	scarcely	ADV
fsr-3878	169	5	distinguishable	distinguishable	ADJ
fsr-3878	169	6	from	from	ADP
fsr-3878	169	7	the	the	DET
fsr-3878	169	8	domestic	domestic	ADJ
fsr-3878	169	9	case	case	NOUN
fsr-3878	169	10	where	where	SCONJ
fsr-3878	169	11	the	the	DET
fsr-3878	169	12	msp	msp	PROPN
fsr-3878	169	13	is	be	AUX
fsr-3878	169	14	32.7	32.7	NUM
fsr-3878	169	15	%	%	NOUN
fsr-3878	169	16	with	with	ADP
fsr-3878	169	17	100	100	NUM
fsr-3878	169	18	%	%	NOUN
fsr-3878	169	19	invested	invest	VERB
fsr-3878	169	20	in	in	ADP
fsr-3878	169	21	the	the	DET
fsr-3878	169	22	s	s	NOUN
fsr-3878	169	23	&	&	CCONJ
fsr-3878	169	24	p	p	PROPN
fsr-3878	169	25	500	500	NUM
fsr-3878	169	26	.	.	PUNCT
fsr-3878	170	1	eafe	eafe	PROPN
fsr-3878	170	2	offers	offer	VERB
fsr-3878	170	3	higher	high	ADJ
fsr-3878	170	4	return	return	NOUN
fsr-3878	170	5	and	and	CCONJ
fsr-3878	170	6	standard	standard	ADJ
fsr-3878	170	7	deviation	deviation	NOUN
fsr-3878	170	8	than	than	ADP
fsr-3878	170	9	the	the	DET
fsr-3878	170	10	s	s	NOUN
fsr-3878	170	11	&	&	CCONJ
fsr-3878	170	12	p	p	NOUN
fsr-3878	170	13	500	500	NUM
fsr-3878	170	14	or	or	CCONJ
fsr-3878	170	15	the	the	DET
fsr-3878	170	16	world	world	NOUN
fsr-3878	170	17	portfolio	portfolio	NOUN
fsr-3878	170	18	,	,	PUNCT
fsr-3878	170	19	and	and	CCONJ
fsr-3878	170	20	is	be	AUX
fsr-3878	170	21	less	less	ADV
fsr-3878	170	22	-	-	PUNCT
fsr-3878	170	23	correlated	correlate	VERB
fsr-3878	170	24	with	with	ADP
fsr-3878	170	25	the	the	DET
fsr-3878	170	26	s	s	PROPN
fsr-3878	170	27	&	&	CCONJ
fsr-3878	170	28	p	p	NOUN
fsr-3878	170	29	500	500	NUM
fsr-3878	170	30	than	than	SCONJ
fsr-3878	170	31	is	be	AUX
fsr-3878	170	32	the	the	DET
fsr-3878	170	33	world	world	NOUN
fsr-3878	170	34	portfolio	portfolio	NOUN
fsr-3878	170	35	,	,	PUNCT
fsr-3878	170	36	because	because	SCONJ
fsr-3878	170	37	it	it	PRON
fsr-3878	170	38	does	do	AUX
fsr-3878	170	39	not	not	PART
fsr-3878	170	40	include	include	VERB
fsr-3878	170	41	american	american	ADJ
fsr-3878	170	42	equity	equity	NOUN
fsr-3878	170	43	,	,	PUNCT
fsr-3878	170	44	as	as	SCONJ
fsr-3878	170	45	does	do	VERB
fsr-3878	170	46	the	the	DET
fsr-3878	170	47	world	world	NOUN
fsr-3878	170	48	index	index	NOUN
fsr-3878	170	49	.	.	PUNCT
fsr-3878	171	1	it	it	PRON
fsr-3878	171	2	provides	provide	VERB
fsr-3878	171	3	only	only	ADV
fsr-3878	171	4	a	a	DET
fsr-3878	171	5	small	small	ADJ
fsr-3878	171	6	improvement	improvement	NOUN
fsr-3878	171	7	in	in	ADP
fsr-3878	171	8	the	the	DET
fsr-3878	171	9	msp	msp	PROPN
fsr-3878	171	10	to	to	ADP
fsr-3878	171	11	31.9	31.9	NUM
fsr-3878	171	12	%	%	NOUN
fsr-3878	171	13	for	for	ADP
fsr-3878	171	14	an	an	DET
fsr-3878	171	15	allocation	allocation	NOUN
fsr-3878	171	16	of	of	ADP
fsr-3878	171	17	s	s	PROPN
fsr-3878	171	18	&	&	CCONJ
fsr-3878	171	19	p	p	PROPN
fsr-3878	171	20	500	500	NUM
fsr-3878	171	21	80	80	NUM
fsr-3878	171	22	%	%	NOUN
fsr-3878	171	23	,	,	PUNCT
fsr-3878	171	24	eafe	eafe	ADJ
fsr-3878	171	25	20	20	NUM
fsr-3878	171	26	%	%	NOUN
fsr-3878	171	27	.	.	PUNCT
fsr-3878	172	1	if	if	SCONJ
fsr-3878	172	2	we	we	PRON
fsr-3878	172	3	take	take	VERB
fsr-3878	172	4	minimizing	minimize	VERB
fsr-3878	172	5	shortfall	shortfall	NOUN
fsr-3878	172	6	risk	risk	NOUN
fsr-3878	172	7	as	as	ADP
fsr-3878	172	8	the	the	DET
fsr-3878	172	9	objective	objective	NOUN
fsr-3878	172	10	,	,	PUNCT
fsr-3878	172	11	then	then	ADV
fsr-3878	172	12	international	international	ADJ
fsr-3878	172	13	diversification	diversification	NOUN
fsr-3878	172	14	appears	appear	VERB
fsr-3878	172	15	to	to	PART
fsr-3878	172	16	have	have	VERB
fsr-3878	172	17	minimal	minimal	ADJ
fsr-3878	172	18	benefits	benefit	NOUN
fsr-3878	172	19	for	for	ADP
fsr-3878	172	20	an	an	DET
fsr-3878	172	21	american	american	ADJ
fsr-3878	172	22	woman	woman	NOUN
fsr-3878	172	23	at	at	ADP
fsr-3878	172	24	age	age	NOUN
fsr-3878	172	25	65	65	NUM
fsr-3878	172	26	,	,	PUNCT
fsr-3878	172	27	with	with	ADP
fsr-3878	172	28	moderate	moderate	ADJ
fsr-3878	172	29	wealth	wealth	NOUN
fsr-3878	172	30	18	18	NUM
fsr-3878	172	31	k.	k.	PROPN
fsr-3878	172	32	ho	ho	PROPN
fsr-3878	172	33	,	,	PUNCT
fsr-3878	172	34	m.a	m.a	PROPN
fsr-3878	172	35	.	.	PROPN
fsr-3878	172	36	milevsky	milevsky	PROPN
fsr-3878	172	37	/	/	SYM
fsr-3878	172	38	financial	financial	ADJ
fsr-3878	172	39	services	service	NOUN
fsr-3878	172	40	review	review	VERB
fsr-3878	172	41	8	8	NUM
fsr-3878	172	42	(	(	PUNCT
fsr-3878	172	43	1999	1999	NUM
fsr-3878	172	44	)	)	PUNCT
fsr-3878	172	45	11–25	11–25	NUM
fsr-3878	172	46	relative	relative	NOUN
fsr-3878	172	47	to	to	ADP
fsr-3878	172	48	desired	desire	VERB
fsr-3878	172	49	consumption	consumption	NOUN
fsr-3878	172	50	,	,	PUNCT
fsr-3878	172	51	but	but	CCONJ
fsr-3878	172	52	substantial	substantial	ADJ
fsr-3878	172	53	benefits	benefit	NOUN
fsr-3878	172	54	for	for	ADP
fsr-3878	172	55	an	an	DET
fsr-3878	172	56	identical	identical	ADJ
fsr-3878	172	57	canadian	canadian	ADJ
fsr-3878	172	58	woman	woman	NOUN
fsr-3878	172	59	.	.	PUNCT
fsr-3878	173	1	in	in	ADP
fsr-3878	173	2	table	table	NOUN
fsr-3878	173	3	4	4	NUM
fsr-3878	173	4	we	we	PRON
fsr-3878	173	5	focus	focus	VERB
fsr-3878	173	6	on	on	ADP
fsr-3878	173	7	msp	msp	NOUN
fsr-3878	173	8	portfolios	portfolio	NOUN
fsr-3878	173	9	for	for	ADP
fsr-3878	173	10	a	a	DET
fsr-3878	173	11	range	range	NOUN
fsr-3878	173	12	of	of	ADP
fsr-3878	173	13	age	age	NOUN
fsr-3878	173	14	andw	andw	PROPN
fsr-3878	173	15	/	/	SYM
fsr-3878	173	16	cand	cand	PROPN
fsr-3878	173	17	both	both	CCONJ
fsr-3878	173	18	males	male	NOUN
fsr-3878	173	19	and	and	CCONJ
fsr-3878	173	20	females	female	NOUN
fsr-3878	173	21	to	to	PART
fsr-3878	173	22	show	show	VERB
fsr-3878	173	23	that	that	SCONJ
fsr-3878	173	24	this	this	DET
fsr-3878	173	25	observation	observation	NOUN
fsr-3878	173	26	holds	hold	VERB
fsr-3878	173	27	more	more	ADV
fsr-3878	173	28	generally	generally	ADV
fsr-3878	173	29	.	.	PUNCT
fsr-3878	174	1	the	the	DET
fsr-3878	174	2	entries	entry	NOUN
fsr-3878	174	3	in	in	ADP
fsr-3878	174	4	table	table	NOUN
fsr-3878	174	5	4	4	NUM
fsr-3878	174	6	display	display	NOUN
fsr-3878	174	7	the	the	DET
fsr-3878	174	8	msp	msp	PROPN
fsr-3878	174	9	allocations	allocation	NOUN
fsr-3878	174	10	with	with	ADP
fsr-3878	174	11	the	the	DET
fsr-3878	174	12	msp	msp	PROPN
fsr-3878	174	13	in	in	ADP
fsr-3878	174	14	parentheses	parenthesis	NOUN
fsr-3878	174	15	underneath	underneath	ADP
fsr-3878	174	16	each	each	DET
fsr-3878	174	17	allocation	allocation	NOUN
fsr-3878	174	18	.	.	PUNCT
fsr-3878	175	1	we	we	PRON
fsr-3878	175	2	provide	provide	VERB
fsr-3878	175	3	results	result	NOUN
fsr-3878	175	4	for	for	ADP
fsr-3878	175	5	males	male	NOUN
fsr-3878	175	6	and	and	CCONJ
fsr-3878	175	7	females	female	NOUN
fsr-3878	175	8	aged	age	VERB
fsr-3878	175	9	65	65	NUM
fsr-3878	175	10	and	and	CCONJ
fsr-3878	175	11	75	75	NUM
fsr-3878	175	12	,	,	PUNCT
fsr-3878	175	13	withw	withw	NOUN
fsr-3878	175	14	/	/	SYM
fsr-3878	175	15	c	c	PROPN
fsr-3878	175	16	ratios	ratio	NOUN
fsr-3878	175	17	of	of	ADP
fsr-3878	175	18	12	12	NUM
fsr-3878	175	19	,	,	PUNCT
fsr-3878	175	20	16	16	NUM
fsr-3878	175	21	,	,	PUNCT
fsr-3878	175	22	20	20	NUM
fsr-3878	175	23	and	and	CCONJ
fsr-3878	175	24	24	24	NUM
fsr-3878	175	25	.	.	PUNCT
fsr-3878	176	1	the	the	DET
fsr-3878	176	2	investors	investor	NOUN
fsr-3878	176	3	can	can	AUX
fsr-3878	176	4	choose	choose	VERB
fsr-3878	176	5	between	between	ADP
fsr-3878	176	6	two	two	NUM
fsr-3878	176	7	sets	set	NOUN
fsr-3878	176	8	of	of	ADP
fsr-3878	176	9	assets	asset	NOUN
fsr-3878	176	10	in	in	ADP
fsr-3878	176	11	each	each	DET
fsr-3878	176	12	country	country	NOUN
fsr-3878	176	13	.	.	PUNCT
fsr-3878	177	1	in	in	ADP
fsr-3878	177	2	canada	canada	PROPN
fsr-3878	177	3	,	,	PUNCT
fsr-3878	177	4	the	the	DET
fsr-3878	177	5	choices	choice	NOUN
fsr-3878	177	6	are	be	AUX
fsr-3878	177	7	either	either	CCONJ
fsr-3878	177	8	(	(	PUNCT
fsr-3878	177	9	1	1	X
fsr-3878	177	10	)	)	PUNCT
fsr-3878	177	11	domestic	domestic	ADJ
fsr-3878	177	12	equity	equity	NOUN
fsr-3878	177	13	,	,	PUNCT
fsr-3878	177	14	bonds	bond	NOUN
fsr-3878	177	15	,	,	PUNCT
fsr-3878	177	16	bills	bill	NOUN
fsr-3878	177	17	,	,	PUNCT
fsr-3878	177	18	or	or	CCONJ
fsr-3878	177	19	,	,	PUNCT
fsr-3878	177	20	(	(	PUNCT
fsr-3878	177	21	2	2	X
fsr-3878	177	22	)	)	PUNCT
fsr-3878	177	23	domestic	domestic	ADJ
fsr-3878	177	24	equity	equity	NOUN
fsr-3878	177	25	,	,	PUNCT
fsr-3878	177	26	s	s	PROPN
fsr-3878	177	27	&	&	CCONJ
fsr-3878	177	28	p	p	PROPN
fsr-3878	177	29	500	500	NUM
fsr-3878	177	30	,	,	PUNCT
fsr-3878	177	31	bills	bill	NOUN
fsr-3878	177	32	.	.	PUNCT
fsr-3878	178	1	in	in	ADP
fsr-3878	178	2	the	the	DET
fsr-3878	178	3	us	us	PROPN
fsr-3878	178	4	,	,	PUNCT
fsr-3878	178	5	the	the	DET
fsr-3878	178	6	choices	choice	NOUN
fsr-3878	178	7	are	be	AUX
fsr-3878	178	8	either	either	CCONJ
fsr-3878	178	9	(	(	PUNCT
fsr-3878	178	10	1	1	X
fsr-3878	178	11	)	)	PUNCT
fsr-3878	178	12	domestic	domestic	ADJ
fsr-3878	178	13	equity	equity	NOUN
fsr-3878	178	14	,	,	PUNCT
fsr-3878	178	15	bonds	bond	NOUN
fsr-3878	178	16	,	,	PUNCT
fsr-3878	178	17	bills	bill	NOUN
fsr-3878	178	18	,	,	PUNCT
fsr-3878	178	19	or	or	CCONJ
fsr-3878	178	20	,	,	PUNCT
fsr-3878	178	21	(	(	PUNCT
fsr-3878	178	22	2	2	X
fsr-3878	178	23	)	)	PUNCT
fsr-3878	178	24	domestic	domestic	ADJ
fsr-3878	178	25	equity	equity	NOUN
fsr-3878	178	26	,	,	PUNCT
fsr-3878	178	27	eafe	eafe	PROPN
fsr-3878	178	28	index	index	NOUN
fsr-3878	178	29	,	,	PUNCT
fsr-3878	178	30	bills	bill	NOUN
fsr-3878	178	31	.	.	PUNCT
fsr-3878	179	1	in	in	ADP
fsr-3878	179	2	each	each	DET
fsr-3878	179	3	case	case	NOUN
fsr-3878	179	4	we	we	PRON
fsr-3878	179	5	chose	choose	VERB
fsr-3878	179	6	the	the	DET
fsr-3878	179	7	non	non	ADJ
fsr-3878	179	8	-	-	ADJ
fsr-3878	179	9	domestic	domestic	ADJ
fsr-3878	179	10	portfolio	portfolio	NOUN
fsr-3878	179	11	that	that	PRON
fsr-3878	179	12	gives	give	VERB
fsr-3878	179	13	the	the	DET
fsr-3878	179	14	best	good	ADJ
fsr-3878	179	15	diversification	diversification	NOUN
fsr-3878	179	16	results	result	NOUN
fsr-3878	179	17	,	,	PUNCT
fsr-3878	179	18	but	but	CCONJ
fsr-3878	179	19	other	other	ADJ
fsr-3878	179	20	choices	choice	NOUN
fsr-3878	179	21	would	would	AUX
fsr-3878	179	22	not	not	PART
fsr-3878	179	23	materially	materially	ADV
fsr-3878	179	24	affect	affect	VERB
fsr-3878	179	25	our	our	PRON
fsr-3878	179	26	conclusions	conclusion	NOUN
fsr-3878	179	27	.	.	PUNCT
fsr-3878	180	1	table	table	NOUN
fsr-3878	180	2	4	4	NUM
fsr-3878	180	3	shows	show	VERB
fsr-3878	180	4	the	the	DET
fsr-3878	180	5	same	same	ADJ
fsr-3878	180	6	pattern	pattern	NOUN
fsr-3878	180	7	as	as	ADP
fsr-3878	180	8	tables	table	NOUN
fsr-3878	180	9	2	2	NUM
fsr-3878	180	10	and	and	CCONJ
fsr-3878	180	11	3	3	NUM
fsr-3878	180	12	showed	show	VERB
fsr-3878	180	13	.	.	PUNCT
fsr-3878	181	1	the	the	DET
fsr-3878	181	2	canadian	canadian	ADJ
fsr-3878	181	3	investor	investor	NOUN
fsr-3878	181	4	changes	change	VERB
fsr-3878	181	5	his	his	PRON
fsr-3878	181	6	or	or	CCONJ
fsr-3878	181	7	her	her	PRON
fsr-3878	181	8	portfolio	portfolio	NOUN
fsr-3878	181	9	allocation	allocation	NOUN
fsr-3878	181	10	a	a	DET
fsr-3878	181	11	great	great	ADJ
fsr-3878	181	12	deal	deal	NOUN
fsr-3878	181	13	and	and	CCONJ
fsr-3878	181	14	reduces	reduce	VERB
fsr-3878	181	15	shortfall	shortfall	NOUN
fsr-3878	181	16	risk	risk	NOUN
fsr-3878	181	17	significantly	significantly	ADV
fsr-3878	181	18	when	when	SCONJ
fsr-3878	181	19	the	the	DET
fsr-3878	181	20	s	s	X
fsr-3878	181	21	&	&	CCONJ
fsr-3878	181	22	p	p	NOUN
fsr-3878	181	23	500	500	NUM
fsr-3878	181	24	replaces	replace	VERB
fsr-3878	181	25	bonds	bond	NOUN
fsr-3878	181	26	in	in	ADP
fsr-3878	181	27	the	the	DET
fsr-3878	181	28	available	available	ADJ
fsr-3878	181	29	assets	asset	NOUN
fsr-3878	181	30	.	.	PUNCT
fsr-3878	182	1	the	the	DET
fsr-3878	182	2	american	american	PROPN
fsr-3878	182	3	investor	investor	NOUN
fsr-3878	182	4	makes	make	VERB
fsr-3878	182	5	almost	almost	ADV
fsr-3878	182	6	no	no	PRON
fsr-3878	182	7	change	change	NOUN
fsr-3878	182	8	to	to	ADP
fsr-3878	182	9	the	the	DET
fsr-3878	182	10	allocation	allocation	NOUN
fsr-3878	182	11	and	and	CCONJ
fsr-3878	182	12	the	the	DET
fsr-3878	182	13	shortfall	shortfall	NOUN
fsr-3878	182	14	risk	risk	NOUN
fsr-3878	182	15	falls	fall	VERB
fsr-3878	182	16	very	very	ADV
fsr-3878	182	17	little	little	ADJ
fsr-3878	182	18	,	,	PUNCT
fsr-3878	182	19	when	when	SCONJ
fsr-3878	182	20	the	the	DET
fsr-3878	182	21	eafe	eafe	ADJ
fsr-3878	182	22	index	index	NOUN
fsr-3878	182	23	replaces	replace	VERB
fsr-3878	182	24	bonds	bond	NOUN
fsr-3878	182	25	.	.	PUNCT
fsr-3878	183	1	this	this	PRON
fsr-3878	183	2	is	be	AUX
fsr-3878	183	3	despite	despite	SCONJ
fsr-3878	183	4	the	the	DET
fsr-3878	183	5	fact	fact	NOUN
fsr-3878	183	6	that	that	SCONJ
fsr-3878	183	7	the	the	DET
fsr-3878	183	8	canadian	canadian	ADJ
fsr-3878	183	9	bond	bond	NOUN
fsr-3878	183	10	index	index	NOUN
fsr-3878	183	11	has	have	AUX
fsr-3878	183	12	outperformed	outperform	VERB
fsr-3878	183	13	the	the	DET
fsr-3878	183	14	american	american	ADJ
fsr-3878	183	15	table	table	NOUN
fsr-3878	183	16	3	3	NUM
fsr-3878	183	17	asset	asset	NOUN
fsr-3878	183	18	allocation	allocation	NOUN
fsr-3878	183	19	and	and	CCONJ
fsr-3878	183	20	shortfall	shortfall	NOUN
fsr-3878	183	21	risk	risk	NOUN
fsr-3878	183	22	for	for	ADP
fsr-3878	183	23	an	an	DET
fsr-3878	183	24	american	american	ADJ
fsr-3878	183	25	woman	woman	NOUN
fsr-3878	183	26	,	,	PUNCT
fsr-3878	183	27	aged	aged	ADJ
fsr-3878	183	28	65	65	NUM
fsr-3878	183	29	,	,	PUNCT
fsr-3878	183	30	withw	withw	NOUN
fsr-3878	183	31	/	/	SYM
fsr-3878	183	32	c	c	PROPN
fsr-3878	183	33	5	5	NUM
fsr-3878	183	34	16a	16a	NOUN
fsr-3878	183	35	s	s	NOUN
fsr-3878	183	36	&	&	CCONJ
fsr-3878	183	37	p	p	NOUN
fsr-3878	183	38	0	0	NUM
fsr-3878	183	39	%	%	NOUN
fsr-3878	183	40	20	20	NUM
fsr-3878	183	41	%	%	NOUN
fsr-3878	183	42	40	40	NUM
fsr-3878	183	43	%	%	NOUN
fsr-3878	183	44	60	60	NUM
fsr-3878	183	45	%	%	NOUN
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fsr-3878	183	48	100	100	NUM
fsr-3878	183	49	%	%	NOUN
fsr-3878	183	50	a	a	DET
fsr-3878	183	51	:	:	PUNCT
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fsr-3878	183	54	%	%	NOUN
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fsr-3878	183	61	20	20	NUM
fsr-3878	183	62	0.648	0.648	NUM
fsr-3878	183	63	0.531	0.531	NUM
fsr-3878	183	64	0.437	0.437	NUM
fsr-3878	183	65	0.379	0.379	NUM
fsr-3878	183	66	0.349	0.349	NUM
fsr-3878	183	67	40	40	NUM
fsr-3878	183	68	0.638	0.638	NUM
fsr-3878	183	69	0.529	0.529	NUM
fsr-3878	183	70	0.445	0.445	NUM
fsr-3878	183	71	0.392	0.392	NUM
fsr-3878	183	72	60	60	NUM
fsr-3878	183	73	0.633	0.633	NUM
fsr-3878	183	74	0.534	0.534	NUM
fsr-3878	183	75	0.458	0.458	NUM
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fsr-3878	183	79	100	100	NUM
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fsr-3878	183	81	b	b	NOUN
fsr-3878	183	82	:	:	PUNCT
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fsr-3878	183	84	0	0	NUM
fsr-3878	183	85	%	%	NOUN
fsr-3878	183	86	0.661	0.661	NUM
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fsr-3878	183	88	0.438	0.438	NUM
fsr-3878	183	89	0.373	0.373	NUM
fsr-3878	183	90	0.339	0.339	NUM
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fsr-3878	183	92	20	20	NUM
fsr-3878	183	93	0.548	0.548	NUM
fsr-3878	183	94	0.445	0.445	NUM
fsr-3878	183	95	0.377	0.377	NUM
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fsr-3878	183	97	0.327	0.327	NUM
fsr-3878	183	98	40	40	NUM
fsr-3878	183	99	0.456	0.456	NUM
fsr-3878	183	100	0.386	0.386	NUM
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fsr-3878	183	109	0.351	0.351	NUM
fsr-3878	183	110	100	100	NUM
fsr-3878	183	111	0.367	0.367	NUM
fsr-3878	183	112	c	c	NOUN
fsr-3878	183	113	:	:	PUNCT
fsr-3878	183	114	eafed	eafe	VERB
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fsr-3878	183	116	%	%	NOUN
fsr-3878	183	117	0.661	0.661	NUM
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fsr-3878	183	120	0.373	0.373	NUM
fsr-3878	183	121	0.339	0.339	NUM
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fsr-3878	183	123	20	20	NUM
fsr-3878	183	124	0.537	0.537	NUM
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fsr-3878	183	126	0.368	0.368	NUM
fsr-3878	183	127	0.333	0.333	NUM
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fsr-3878	183	129	40	40	NUM
fsr-3878	183	130	0.450	0.450	NUM
fsr-3878	183	131	0.382	0.382	NUM
fsr-3878	183	132	0.343	0.343	NUM
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fsr-3878	183	134	60	60	NUM
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fsr-3878	183	138	80	80	NUM
fsr-3878	183	139	0.404	0.404	NUM
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fsr-3878	183	141	100	100	NUM
fsr-3878	183	142	0.419	0.419	NUM
fsr-3878	183	143	a	a	DET
fsr-3878	183	144	the	the	DET
fsr-3878	183	145	column	column	NOUN
fsr-3878	183	146	headings	heading	NOUN
fsr-3878	183	147	at	at	ADP
fsr-3878	183	148	the	the	DET
fsr-3878	183	149	top	top	NOUN
fsr-3878	183	150	of	of	ADP
fsr-3878	183	151	each	each	DET
fsr-3878	183	152	panel	panel	NOUN
fsr-3878	183	153	show	show	VERB
fsr-3878	183	154	the	the	DET
fsr-3878	183	155	allocation	allocation	NOUN
fsr-3878	183	156	to	to	ADP
fsr-3878	183	157	the	the	DET
fsr-3878	183	158	s	s	PROPN
fsr-3878	183	159	&	&	CCONJ
fsr-3878	183	160	p500	p500	PROPN
fsr-3878	183	161	.	.	PUNCT
fsr-3878	184	1	the	the	DET
fsr-3878	184	2	row	row	NOUN
fsr-3878	184	3	headings	heading	NOUN
fsr-3878	184	4	are	be	AUX
fsr-3878	184	5	the	the	DET
fsr-3878	184	6	allocations	allocation	NOUN
fsr-3878	184	7	to	to	ADP
fsr-3878	184	8	bonds	bond	NOUN
fsr-3878	184	9	,	,	PUNCT
fsr-3878	184	10	world	world	NOUN
fsr-3878	184	11	equity	equity	NOUN
fsr-3878	184	12	index	index	PROPN
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fsr-3878	184	15	index	index	NOUN
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fsr-3878	184	22	,	,	PUNCT
fsr-3878	184	23	b	b	NOUN
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fsr-3878	184	25	and	and	CCONJ
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fsr-3878	184	27	the	the	DET
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fsr-3878	184	30	t	t	PROPN
fsr-3878	184	31	-	-	PUNCT
fsr-3878	184	32	bills	bill	NOUN
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fsr-3878	184	35	column	column	NOUN
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fsr-3878	184	38	heading%	heading%	PUNCT
fsr-3878	184	39	.	.	PUNCT
fsr-3878	185	1	the	the	DET
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fsr-3878	185	3	are	be	AUX
fsr-3878	185	4	the	the	DET
fsr-3878	185	5	shortfall	shortfall	NOUN
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fsr-3878	185	7	for	for	ADP
fsr-3878	185	8	the	the	DET
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fsr-3878	185	11	.	.	PUNCT
fsr-3878	186	1	b	b	X
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fsr-3878	186	22	.	.	PUNCT
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fsr-3878	187	9	p	p	PROPN
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fsr-3878	187	11	%	%	NOUN
fsr-3878	187	12	;	;	PUNCT
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fsr-3878	187	16	;	;	PUNCT
fsr-3878	187	17	t	t	X
fsr-3878	187	18	-	-	PUNCT
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fsr-3878	187	20	0	0	NUM
fsr-3878	187	21	%	%	NOUN
fsr-3878	187	22	.	.	PUNCT
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fsr-3878	188	8	&	&	CCONJ
fsr-3878	188	9	p	p	PROPN
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fsr-3878	188	12	;	;	PUNCT
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fsr-3878	188	16	;	;	PUNCT
fsr-3878	188	17	t	t	X
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fsr-3878	188	20	0	0	NUM
fsr-3878	188	21	%	%	NOUN
fsr-3878	188	22	.	.	PUNCT
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fsr-3878	190	13	)	)	PUNCT
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fsr-3878	190	34	%	%	NOUN
fsr-3878	190	35	(	(	PUNCT
fsr-3878	190	36	msp	msp	PROPN
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fsr-3878	190	40	s	s	X
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fsr-3878	190	46	msp	msp	PROPN
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fsr-3878	190	50	p	p	NOUN
fsr-3878	190	51	-	-	PUNCT
fsr-3878	190	52	bonds	bond	NOUN
fsr-3878	190	53	-	-	PUNCT
fsr-3878	190	54	bills	bill	NOUN
fsr-3878	190	55	(	(	PUNCT
fsr-3878	190	56	msp	msp	PROPN
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fsr-3878	190	66	msp	msp	PROPN
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fsr-3878	190	84	-	-	SYM
fsr-3878	190	85	0	0	NUM
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fsr-3878	190	90	0	0	NUM
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fsr-3878	190	97	0.48	0.48	NUM
fsr-3878	190	98	)	)	PUNCT
fsr-3878	190	99	(	(	PUNCT
fsr-3878	190	100	0.34	0.34	NUM
fsr-3878	190	101	)	)	PUNCT
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fsr-3878	190	103	0.43	0.43	NUM
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fsr-3878	190	107	)	)	PUNCT
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fsr-3878	190	112	-	-	SYM
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fsr-3878	190	115	-	-	SYM
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fsr-3878	190	117	-	-	SYM
fsr-3878	190	118	0	0	NUM
fsr-3878	190	119	100	100	NUM
fsr-3878	190	120	-	-	PUNCT
fsr-3878	190	121	0	0	NUM
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fsr-3878	190	123	0	0	NUM
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fsr-3878	190	127	-	-	SYM
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fsr-3878	190	129	(	(	PUNCT
fsr-3878	190	130	0.64	0.64	NUM
fsr-3878	190	131	)	)	PUNCT
fsr-3878	190	132	(	(	PUNCT
fsr-3878	190	133	0.45	0.45	NUM
fsr-3878	190	134	)	)	PUNCT
fsr-3878	190	135	(	(	PUNCT
fsr-3878	190	136	0.57	0.57	NUM
fsr-3878	190	137	)	)	PUNCT
fsr-3878	190	138	(	(	PUNCT
fsr-3878	190	139	0.56	0.56	NUM
fsr-3878	190	140	)	)	PUNCT
fsr-3878	190	141	w	w	NOUN
fsr-3878	190	142	/	/	SYM
fsr-3878	190	143	c	c	NOUN
fsr-3878	190	144	5	5	NUM
fsr-3878	190	145	16	16	NUM
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fsr-3878	190	150	-	-	SYM
fsr-3878	190	151	20	20	NUM
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fsr-3878	190	155	-	-	SYM
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fsr-3878	190	158	-	-	PUNCT
fsr-3878	190	159	0	0	NUM
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fsr-3878	190	161	10	10	NUM
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fsr-3878	190	166	5	5	NUM
fsr-3878	190	167	(	(	PUNCT
fsr-3878	190	168	0.24	0.24	NUM
fsr-3878	190	169	)	)	PUNCT
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fsr-3878	190	172	)	)	PUNCT
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fsr-3878	190	174	0.23	0.23	NUM
fsr-3878	190	175	)	)	PUNCT
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fsr-3878	190	178	)	)	PUNCT
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fsr-3878	190	183	-	-	SYM
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fsr-3878	190	194	0	0	NUM
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fsr-3878	190	199	0	0	NUM
fsr-3878	190	200	(	(	PUNCT
fsr-3878	190	201	0.36	0.36	NUM
fsr-3878	190	202	)	)	PUNCT
fsr-3878	190	203	(	(	PUNCT
fsr-3878	190	204	0.23	0.23	NUM
fsr-3878	190	205	)	)	PUNCT
fsr-3878	190	206	(	(	PUNCT
fsr-3878	190	207	0.33	0.33	NUM
fsr-3878	190	208	)	)	PUNCT
fsr-3878	190	209	(	(	PUNCT
fsr-3878	190	210	0.32	0.32	NUM
fsr-3878	190	211	)	)	PUNCT
fsr-3878	190	212	w	w	PROPN
fsr-3878	190	213	/	/	SYM
fsr-3878	190	214	c	c	NOUN
fsr-3878	190	215	5	5	NUM
fsr-3878	190	216	20	20	NUM
fsr-3878	190	217	male	male	NOUN
fsr-3878	190	218	30	30	NUM
fsr-3878	190	219	-	-	SYM
fsr-3878	190	220	25	25	NUM
fsr-3878	190	221	-	-	SYM
fsr-3878	190	222	45	45	NUM
fsr-3878	190	223	0	0	NUM
fsr-3878	190	224	-	-	SYM
fsr-3878	190	225	60	60	NUM
fsr-3878	190	226	-	-	SYM
fsr-3878	190	227	40	40	NUM
fsr-3878	190	228	70	70	NUM
fsr-3878	190	229	-	-	SYM
fsr-3878	190	230	0	0	NUM
fsr-3878	190	231	-	-	SYM
fsr-3878	190	232	30	30	NUM
fsr-3878	190	233	55	55	NUM
fsr-3878	190	234	-	-	SYM
fsr-3878	190	235	20	20	NUM
fsr-3878	190	236	-	-	SYM
fsr-3878	190	237	25	25	NUM
fsr-3878	190	238	(	(	PUNCT
fsr-3878	190	239	0.11	0.11	NUM
fsr-3878	190	240	)	)	PUNCT
fsr-3878	190	241	(	(	PUNCT
fsr-3878	190	242	0.07	0.07	NUM
fsr-3878	190	243	)	)	PUNCT
fsr-3878	190	244	(	(	PUNCT
fsr-3878	190	245	0.12	0.12	NUM
fsr-3878	190	246	)	)	PUNCT
fsr-3878	190	247	(	(	PUNCT
fsr-3878	190	248	0.12	0.12	NUM
fsr-3878	190	249	)	)	PUNCT
fsr-3878	190	250	female	female	ADJ
fsr-3878	190	251	30	30	NUM
fsr-3878	190	252	-	-	SYM
fsr-3878	190	253	30	30	NUM
fsr-3878	190	254	-	-	SYM
fsr-3878	190	255	40	40	NUM
fsr-3878	190	256	0	0	NUM
fsr-3878	190	257	-	-	SYM
fsr-3878	190	258	60	60	NUM
fsr-3878	190	259	-	-	SYM
fsr-3878	190	260	40	40	NUM
fsr-3878	190	261	80	80	NUM
fsr-3878	190	262	-	-	PUNCT
fsr-3878	190	263	0	0	NUM
fsr-3878	190	264	-	-	SYM
fsr-3878	190	265	20	20	NUM
fsr-3878	190	266	65	65	NUM
fsr-3878	190	267	-	-	PUNCT
fsr-3878	190	268	20	20	NUM
fsr-3878	190	269	-	-	SYM
fsr-3878	190	270	15	15	NUM
fsr-3878	190	271	(	(	PUNCT
fsr-3878	190	272	0.17	0.17	NUM
fsr-3878	190	273	)	)	PUNCT
fsr-3878	190	274	(	(	PUNCT
fsr-3878	190	275	0.10	0.10	NUM
fsr-3878	190	276	)	)	PUNCT
fsr-3878	190	277	(	(	PUNCT
fsr-3878	190	278	0.18	0.18	NUM
fsr-3878	190	279	)	)	PUNCT
fsr-3878	190	280	(	(	PUNCT
fsr-3878	190	281	0.18	0.18	NUM
fsr-3878	190	282	)	)	PUNCT
fsr-3878	190	283	w	w	PROPN
fsr-3878	190	284	/	/	SYM
fsr-3878	190	285	c	c	PROPN
fsr-3878	190	286	5	5	NUM
fsr-3878	190	287	24	24	NUM
fsr-3878	190	288	male	male	NOUN
fsr-3878	190	289	25	25	NUM
fsr-3878	190	290	-	-	SYM
fsr-3878	190	291	20	20	NUM
fsr-3878	190	292	-	-	SYM
fsr-3878	190	293	55	55	NUM
fsr-3878	190	294	0	0	NUM
fsr-3878	190	295	-	-	SYM
fsr-3878	190	296	55	55	NUM
fsr-3878	190	297	-	-	SYM
fsr-3878	190	298	45	45	NUM
fsr-3878	190	299	60	60	NUM
fsr-3878	190	300	-	-	PUNCT
fsr-3878	190	301	0	0	NUM
fsr-3878	190	302	-	-	SYM
fsr-3878	190	303	40	40	NUM
fsr-3878	190	304	50	50	NUM
fsr-3878	190	305	-	-	PUNCT
fsr-3878	190	306	10	10	NUM
fsr-3878	190	307	-	-	SYM
fsr-3878	190	308	40	40	NUM
fsr-3878	190	309	(	(	PUNCT
fsr-3878	190	310	0.05	0.05	NUM
fsr-3878	190	311	)	)	PUNCT
fsr-3878	190	312	(	(	PUNCT
fsr-3878	190	313	0.03	0.03	NUM
fsr-3878	190	314	)	)	PUNCT
fsr-3878	190	315	(	(	PUNCT
fsr-3878	190	316	0.06	0.06	NUM
fsr-3878	190	317	)	)	PUNCT
fsr-3878	190	318	(	(	PUNCT
fsr-3878	190	319	0.06	0.06	NUM
fsr-3878	190	320	)	)	PUNCT
fsr-3878	190	321	famale	famale	NOUN
fsr-3878	190	322	25	25	NUM
fsr-3878	190	323	-	-	SYM
fsr-3878	190	324	25	25	NUM
fsr-3878	190	325	-	-	SYM
fsr-3878	190	326	50	50	NUM
fsr-3878	190	327	0	0	NUM
fsr-3878	190	328	-	-	SYM
fsr-3878	190	329	55	55	NUM
fsr-3878	190	330	-	-	SYM
fsr-3878	190	331	45	45	NUM
fsr-3878	190	332	60	60	NUM
fsr-3878	190	333	-	-	PUNCT
fsr-3878	190	334	0	0	NUM
fsr-3878	190	335	-	-	SYM
fsr-3878	190	336	40	40	NUM
fsr-3878	190	337	50	50	NUM
fsr-3878	190	338	-	-	PUNCT
fsr-3878	190	339	15	15	NUM
fsr-3878	190	340	-	-	SYM
fsr-3878	190	341	35	35	NUM
fsr-3878	190	342	(	(	PUNCT
fsr-3878	190	343	0.07	0.07	NUM
fsr-3878	190	344	)	)	PUNCT
fsr-3878	190	345	(	(	PUNCT
fsr-3878	190	346	0.04	0.04	NUM
fsr-3878	190	347	)	)	PUNCT
fsr-3878	190	348	(	(	PUNCT
fsr-3878	190	349	0.09	0.09	NUM
fsr-3878	190	350	)	)	PUNCT
fsr-3878	190	351	(	(	PUNCT
fsr-3878	190	352	0.09	0.09	NUM
fsr-3878	190	353	)	)	PUNCT
fsr-3878	190	354	age	age	NOUN
fsr-3878	190	355	75	75	NUM
fsr-3878	190	356	w	w	NOUN
fsr-3878	190	357	/	/	SYM
fsr-3878	190	358	c	c	NOUN
fsr-3878	190	359	5	5	NUM
fsr-3878	190	360	12	12	NUM
fsr-3878	190	361	male	male	NOUN
fsr-3878	190	362	40	40	NUM
fsr-3878	190	363	-	-	SYM
fsr-3878	190	364	35	35	NUM
fsr-3878	190	365	-	-	SYM
fsr-3878	190	366	25	25	NUM
fsr-3878	190	367	0	0	NUM
fsr-3878	190	368	-	-	SYM
fsr-3878	190	369	80	80	NUM
fsr-3878	190	370	-	-	SYM
fsr-3878	190	371	20	20	NUM
fsr-3878	190	372	90	90	NUM
fsr-3878	190	373	-	-	PUNCT
fsr-3878	190	374	0	0	NUM
fsr-3878	190	375	-	-	SYM
fsr-3878	190	376	10	10	NUM
fsr-3878	190	377	75	75	NUM
fsr-3878	190	378	-	-	PUNCT
fsr-3878	190	379	15	15	NUM
fsr-3878	190	380	-	-	SYM
fsr-3878	190	381	10	10	NUM
fsr-3878	190	382	(	(	PUNCT
fsr-3878	190	383	0.22	0.22	NUM
fsr-3878	190	384	)	)	PUNCT
fsr-3878	190	385	(	(	PUNCT
fsr-3878	190	386	0.16	0.16	NUM
fsr-3878	190	387	)	)	PUNCT
fsr-3878	190	388	(	(	PUNCT
fsr-3878	190	389	0.21	0.21	NUM
fsr-3878	190	390	)	)	PUNCT
fsr-3878	190	391	(	(	PUNCT
fsr-3878	190	392	0.21	0.21	NUM
fsr-3878	190	393	)	)	PUNCT
fsr-3878	190	394	female	female	ADJ
fsr-3878	190	395	50	50	NUM
fsr-3878	190	396	-	-	SYM
fsr-3878	190	397	50	50	NUM
fsr-3878	190	398	-	-	SYM
fsr-3878	190	399	0	0	NUM
fsr-3878	190	400	0	0	NUM
fsr-3878	190	401	-	-	SYM
fsr-3878	190	402	90	90	NUM
fsr-3878	190	403	-	-	SYM
fsr-3878	190	404	10	10	NUM
fsr-3878	190	405	100	100	NUM
fsr-3878	190	406	-	-	PUNCT
fsr-3878	190	407	0	0	NUM
fsr-3878	190	408	-	-	SYM
fsr-3878	190	409	0	0	NUM
fsr-3878	190	410	80	80	NUM
fsr-3878	190	411	-	-	PUNCT
fsr-3878	190	412	20	20	NUM
fsr-3878	190	413	-	-	SYM
fsr-3878	190	414	0	0	NUM
fsr-3878	190	415	(	(	PUNCT
fsr-3878	190	416	0.35	0.35	NUM
fsr-3878	190	417	)	)	PUNCT
fsr-3878	190	418	(	(	PUNCT
fsr-3878	190	419	0.25	0.25	NUM
fsr-3878	190	420	)	)	PUNCT
fsr-3878	190	421	(	(	PUNCT
fsr-3878	190	422	0.33	0.33	NUM
fsr-3878	190	423	)	)	PUNCT
fsr-3878	190	424	(	(	PUNCT
fsr-3878	190	425	0.32	0.32	NUM
fsr-3878	190	426	)	)	PUNCT
fsr-3878	190	427	w	w	PROPN
fsr-3878	190	428	/	/	SYM
fsr-3878	190	429	c	c	NOUN
fsr-3878	190	430	5	5	NUM
fsr-3878	190	431	16	16	NUM
fsr-3878	190	432	male	male	NOUN
fsr-3878	190	433	30	30	NUM
fsr-3878	190	434	-	-	SYM
fsr-3878	190	435	30	30	NUM
fsr-3878	190	436	-	-	SYM
fsr-3878	190	437	40	40	NUM
fsr-3878	190	438	0	0	NUM
fsr-3878	190	439	-	-	SYM
fsr-3878	190	440	65	65	NUM
fsr-3878	190	441	-	-	SYM
fsr-3878	190	442	35	35	NUM
fsr-3878	190	443	75	75	NUM
fsr-3878	190	444	-	-	PUNCT
fsr-3878	190	445	0	0	NUM
fsr-3878	190	446	-	-	SYM
fsr-3878	190	447	25	25	NUM
fsr-3878	190	448	60	60	NUM
fsr-3878	190	449	-	-	PUNCT
fsr-3878	190	450	15	15	NUM
fsr-3878	190	451	-	-	SYM
fsr-3878	190	452	25	25	NUM
fsr-3878	190	453	(	(	PUNCT
fsr-3878	190	454	0.09	0.09	NUM
fsr-3878	190	455	)	)	PUNCT
fsr-3878	190	456	(	(	PUNCT
fsr-3878	190	457	0.06	0.06	NUM
fsr-3878	190	458	)	)	PUNCT
fsr-3878	190	459	(	(	PUNCT
fsr-3878	190	460	0.09	0.09	NUM
fsr-3878	190	461	)	)	PUNCT
fsr-3878	190	462	(	(	PUNCT
fsr-3878	190	463	0.09	0.09	NUM
fsr-3878	190	464	)	)	PUNCT
fsr-3878	190	465	female	female	ADJ
fsr-3878	190	466	30	30	NUM
fsr-3878	190	467	-	-	SYM
fsr-3878	190	468	30	30	NUM
fsr-3878	190	469	-	-	SYM
fsr-3878	190	470	40	40	NUM
fsr-3878	190	471	0	0	NUM
fsr-3878	190	472	-	-	SYM
fsr-3878	190	473	70	70	NUM
fsr-3878	190	474	-	-	SYM
fsr-3878	190	475	30	30	NUM
fsr-3878	190	476	80	80	NUM
fsr-3878	190	477	-	-	PUNCT
fsr-3878	190	478	0	0	NUM
fsr-3878	190	479	-	-	SYM
fsr-3878	190	480	20	20	NUM
fsr-3878	190	481	65	65	NUM
fsr-3878	190	482	-	-	SYM
fsr-3878	190	483	15	15	NUM
fsr-3878	190	484	-	-	SYM
fsr-3878	190	485	20	20	NUM
fsr-3878	190	486	(	(	PUNCT
fsr-3878	190	487	0.15	0.15	NUM
fsr-3878	190	488	)	)	PUNCT
fsr-3878	190	489	(	(	PUNCT
fsr-3878	190	490	0.10	0.10	NUM
fsr-3878	190	491	)	)	PUNCT
fsr-3878	190	492	(	(	PUNCT
fsr-3878	190	493	0.15	0.15	NUM
fsr-3878	190	494	)	)	PUNCT
fsr-3878	190	495	(	(	PUNCT
fsr-3878	190	496	0.15	0.15	NUM
fsr-3878	190	497	)	)	PUNCT
fsr-3878	190	498	w	w	NOUN
fsr-3878	190	499	/	/	SYM
fsr-3878	190	500	c	c	NOUN
fsr-3878	190	501	5	5	NUM
fsr-3878	190	502	20	20	NUM
fsr-3878	190	503	male	male	NOUN
fsr-3878	190	504	25	25	NUM
fsr-3878	190	505	-	-	SYM
fsr-3878	190	506	25	25	NUM
fsr-3878	190	507	-	-	SYM
fsr-3878	190	508	50	50	NUM
fsr-3878	190	509	0	0	NUM
fsr-3878	190	510	-	-	SYM
fsr-3878	190	511	55	55	NUM
fsr-3878	190	512	-	-	SYM
fsr-3878	190	513	45	45	NUM
fsr-3878	190	514	60	60	NUM
fsr-3878	190	515	-	-	PUNCT
fsr-3878	190	516	0	0	NUM
fsr-3878	190	517	-	-	SYM
fsr-3878	190	518	40	40	NUM
fsr-3878	190	519	50	50	NUM
fsr-3878	190	520	-	-	PUNCT
fsr-3878	190	521	15	15	NUM
fsr-3878	190	522	-	-	SYM
fsr-3878	190	523	35	35	NUM
fsr-3878	190	524	(	(	PUNCT
fsr-3878	190	525	0.04	0.04	NUM
fsr-3878	190	526	)	)	PUNCT
fsr-3878	190	527	(	(	PUNCT
fsr-3878	190	528	0.03	0.03	NUM
fsr-3878	190	529	)	)	PUNCT
fsr-3878	190	530	(	(	PUNCT
fsr-3878	190	531	0.04	0.04	NUM
fsr-3878	190	532	)	)	PUNCT
fsr-3878	190	533	(	(	PUNCT
fsr-3878	190	534	0.04	0.04	NUM
fsr-3878	190	535	)	)	PUNCT
fsr-3878	190	536	female	female	NOUN
fsr-3878	190	537	25	25	NUM
fsr-3878	190	538	-	-	SYM
fsr-3878	190	539	25	25	NUM
fsr-3878	190	540	-	-	SYM
fsr-3878	190	541	50	50	NUM
fsr-3878	190	542	0	0	NUM
fsr-3878	190	543	-	-	SYM
fsr-3878	190	544	55	55	NUM
fsr-3878	190	545	-	-	SYM
fsr-3878	190	546	45	45	NUM
fsr-3878	190	547	60	60	NUM
fsr-3878	190	548	-	-	PUNCT
fsr-3878	190	549	0	0	NUM
fsr-3878	190	550	-	-	SYM
fsr-3878	190	551	40	40	NUM
fsr-3878	190	552	50	50	NUM
fsr-3878	190	553	-	-	PUNCT
fsr-3878	190	554	15	15	NUM
fsr-3878	190	555	-	-	SYM
fsr-3878	190	556	35	35	NUM
fsr-3878	190	557	(	(	PUNCT
fsr-3878	190	558	0.06	0.06	NUM
fsr-3878	190	559	)	)	PUNCT
fsr-3878	190	560	(	(	PUNCT
fsr-3878	190	561	0.04	0.04	NUM
fsr-3878	190	562	)	)	PUNCT
fsr-3878	190	563	(	(	PUNCT
fsr-3878	190	564	0.07	0.07	NUM
fsr-3878	190	565	)	)	PUNCT
fsr-3878	190	566	(	(	PUNCT
fsr-3878	190	567	0.07	0.07	NUM
fsr-3878	190	568	)	)	PUNCT
fsr-3878	190	569	w	w	PROPN
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fsr-3878	190	571	c	c	PROPN
fsr-3878	190	572	5	5	NUM
fsr-3878	190	573	24	24	NUM
fsr-3878	190	574	male	male	NOUN
fsr-3878	190	575	25	25	NUM
fsr-3878	190	576	-	-	SYM
fsr-3878	190	577	25	25	NUM
fsr-3878	190	578	-	-	SYM
fsr-3878	190	579	50	50	NUM
fsr-3878	190	580	0	0	NUM
fsr-3878	190	581	-	-	SYM
fsr-3878	190	582	50	50	NUM
fsr-3878	190	583	-	-	SYM
fsr-3878	190	584	50	50	NUM
fsr-3878	190	585	60	60	NUM
fsr-3878	190	586	-	-	PUNCT
fsr-3878	190	587	0	0	NUM
fsr-3878	190	588	-	-	SYM
fsr-3878	190	589	40	40	NUM
fsr-3878	190	590	50	50	NUM
fsr-3878	190	591	-	-	PUNCT
fsr-3878	190	592	10	10	NUM
fsr-3878	190	593	-	-	SYM
fsr-3878	190	594	40	40	NUM
fsr-3878	190	595	(	(	PUNCT
fsr-3878	190	596	0.02	0.02	NUM
fsr-3878	190	597	)	)	PUNCT
fsr-3878	190	598	(	(	PUNCT
fsr-3878	190	599	0.01	0.01	NUM
fsr-3878	190	600	)	)	PUNCT
fsr-3878	190	601	(	(	PUNCT
fsr-3878	190	602	0.02	0.02	NUM
fsr-3878	190	603	)	)	PUNCT
fsr-3878	190	604	(	(	PUNCT
fsr-3878	190	605	0.02	0.02	NUM
fsr-3878	190	606	)	)	PUNCT
fsr-3878	190	607	female	female	NOUN
fsr-3878	190	608	25	25	NUM
fsr-3878	190	609	-	-	SYM
fsr-3878	190	610	25	25	NUM
fsr-3878	190	611	-	-	SYM
fsr-3878	190	612	50	50	NUM
fsr-3878	190	613	0	0	NUM
fsr-3878	190	614	-	-	SYM
fsr-3878	190	615	50	50	NUM
fsr-3878	190	616	-	-	SYM
fsr-3878	190	617	50	50	NUM
fsr-3878	190	618	55	55	NUM
fsr-3878	190	619	-	-	SYM
fsr-3878	190	620	0	0	NUM
fsr-3878	190	621	-	-	SYM
fsr-3878	190	622	45	45	NUM
fsr-3878	190	623	45	45	NUM
fsr-3878	190	624	-	-	SYM
fsr-3878	190	625	15	15	NUM
fsr-3878	190	626	-	-	SYM
fsr-3878	190	627	40	40	NUM
fsr-3878	190	628	(	(	PUNCT
fsr-3878	190	629	0.03	0.03	NUM
fsr-3878	190	630	)	)	PUNCT
fsr-3878	190	631	(	(	PUNCT
fsr-3878	190	632	0.02	0.02	NUM
fsr-3878	190	633	)	)	PUNCT
fsr-3878	190	634	(	(	PUNCT
fsr-3878	190	635	0.04	0.04	NUM
fsr-3878	190	636	)	)	PUNCT
fsr-3878	190	637	(	(	PUNCT
fsr-3878	190	638	0.03	0.03	NUM
fsr-3878	190	639	)	)	PUNCT
fsr-3878	190	640	a	a	PRON
fsr-3878	190	641	the	the	DET
fsr-3878	190	642	four	four	NUM
fsr-3878	190	643	columns	column	NOUN
fsr-3878	190	644	display	display	VERB
fsr-3878	190	645	the	the	DET
fsr-3878	190	646	asset	asset	NOUN
fsr-3878	190	647	allocations	allocation	NOUN
fsr-3878	190	648	that	that	PRON
fsr-3878	190	649	yield	yield	VERB
fsr-3878	190	650	msps	msps	NOUN
fsr-3878	190	651	for	for	ADP
fsr-3878	190	652	four	four	NUM
fsr-3878	190	653	different	different	ADJ
fsr-3878	190	654	choice	choice	NOUN
fsr-3878	190	655	sets	set	NOUN
fsr-3878	190	656	for	for	ADP
fsr-3878	190	657	an	an	DET
fsr-3878	190	658	individual	individual	ADJ
fsr-3878	190	659	investor	investor	NOUN
fsr-3878	190	660	.	.	PUNCT
fsr-3878	191	1	the	the	DET
fsr-3878	191	2	individual	individual	ADJ
fsr-3878	191	3	entries	entry	NOUN
fsr-3878	191	4	show	show	VERB
fsr-3878	191	5	the	the	DET
fsr-3878	191	6	allocations	allocation	NOUN
fsr-3878	191	7	to	to	ADP
fsr-3878	191	8	the	the	DET
fsr-3878	191	9	asset	asset	NOUN
fsr-3878	191	10	classes	class	NOUN
fsr-3878	191	11	in	in	ADP
fsr-3878	191	12	the	the	DET
fsr-3878	191	13	column	column	NOUN
fsr-3878	191	14	heading	head	VERB
fsr-3878	191	15	,	,	PUNCT
fsr-3878	191	16	in	in	ADP
fsr-3878	191	17	percent	percent	NOUN
fsr-3878	191	18	,	,	PUNCT
fsr-3878	191	19	with	with	ADP
fsr-3878	191	20	the	the	DET
fsr-3878	191	21	shortfall	shortfall	NOUN
fsr-3878	191	22	probability	probability	NOUN
fsr-3878	191	23	in	in	ADP
fsr-3878	191	24	parentheses	parenthesis	NOUN
fsr-3878	191	25	underneath	underneath	ADP
fsr-3878	191	26	it	it	PRON
fsr-3878	191	27	.	.	PUNCT
fsr-3878	192	1	the	the	DET
fsr-3878	192	2	first	first	ADJ
fsr-3878	192	3	two	two	NUM
fsr-3878	192	4	columns	column	NOUN
fsr-3878	192	5	are	be	AUX
fsr-3878	192	6	canada	canada	NOUN
fsr-3878	192	7	:	:	PUNCT
fsr-3878	192	8	domestic	domestic	ADJ
fsr-3878	192	9	equity	equity	NOUN
fsr-3878	192	10	,	,	PUNCT
fsr-3878	192	11	bonds	bond	NOUN
fsr-3878	192	12	,	,	PUNCT
fsr-3878	192	13	and	and	CCONJ
fsr-3878	192	14	bills	bill	NOUN
fsr-3878	192	15	;	;	PUNCT
fsr-3878	192	16	domestic	domestic	ADJ
fsr-3878	192	17	equity	equity	NOUN
fsr-3878	192	18	,	,	PUNCT
fsr-3878	192	19	s	s	PROPN
fsr-3878	192	20	&	&	CCONJ
fsr-3878	192	21	p	p	NOUN
fsr-3878	192	22	500	500	NUM
fsr-3878	192	23	,	,	PUNCT
fsr-3878	192	24	and	and	CCONJ
fsr-3878	192	25	bills	bill	NOUN
fsr-3878	192	26	.	.	PUNCT
fsr-3878	193	1	the	the	DET
fsr-3878	193	2	second	second	ADJ
fsr-3878	193	3	two	two	NUM
fsr-3878	193	4	columns	column	NOUN
fsr-3878	193	5	are	be	AUX
fsr-3878	193	6	the	the	DET
fsr-3878	193	7	united	united	PROPN
fsr-3878	193	8	states	states	PROPN
fsr-3878	193	9	with	with	ADP
fsr-3878	193	10	the	the	DET
fsr-3878	193	11	same	same	ADJ
fsr-3878	193	12	domestic	domestic	ADJ
fsr-3878	193	13	choice	choice	NOUN
fsr-3878	193	14	and	and	CCONJ
fsr-3878	193	15	with	with	ADP
fsr-3878	193	16	the	the	DET
fsr-3878	193	17	eafe	eafe	ADJ
fsr-3878	193	18	index	index	NOUN
fsr-3878	193	19	replacing	replace	VERB
fsr-3878	193	20	bonds	bond	NOUN
fsr-3878	193	21	for	for	ADP
fsr-3878	193	22	the	the	DET
fsr-3878	193	23	last	last	ADJ
fsr-3878	193	24	column	column	NOUN
fsr-3878	193	25	.	.	PUNCT
fsr-3878	194	1	the	the	DET
fsr-3878	194	2	rows	row	NOUN
fsr-3878	194	3	are	be	AUX
fsr-3878	194	4	different	different	ADJ
fsr-3878	194	5	investors	investor	NOUN
fsr-3878	194	6	.	.	PUNCT
fsr-3878	195	1	the	the	DET
fsr-3878	195	2	first	first	ADJ
fsr-3878	195	3	set	set	NOUN
fsr-3878	195	4	are	be	AUX
fsr-3878	195	5	aged	age	VERB
fsr-3878	195	6	65	65	NUM
fsr-3878	195	7	,	,	PUNCT
fsr-3878	195	8	male	male	ADJ
fsr-3878	195	9	and	and	CCONJ
fsr-3878	195	10	female	female	ADJ
fsr-3878	195	11	,	,	PUNCT
fsr-3878	195	12	with	with	ADP
fsr-3878	195	13	differentw	differentw	ADJ
fsr-3878	195	14	/	/	SYM
fsr-3878	195	15	c	c	NOUN
fsr-3878	195	16	ratios	ratio	NOUN
fsr-3878	195	17	.	.	PUNCT
fsr-3878	196	1	the	the	DET
fsr-3878	196	2	second	second	ADJ
fsr-3878	196	3	set	set	NOUN
fsr-3878	196	4	are	be	AUX
fsr-3878	196	5	aged	age	VERB
fsr-3878	196	6	75	75	NUM
fsr-3878	196	7	.	.	PUNCT
fsr-3878	196	8	20	20	NUM
fsr-3878	196	9	k.	k.	PROPN
fsr-3878	196	10	ho	ho	PROPN
fsr-3878	196	11	,	,	PUNCT
fsr-3878	196	12	m.a	m.a	PROPN
fsr-3878	196	13	.	.	PROPN
fsr-3878	196	14	milevsky	milevsky	PROPN
fsr-3878	196	15	/	/	SYM
fsr-3878	196	16	financial	financial	ADJ
fsr-3878	196	17	services	service	NOUN
fsr-3878	196	18	review	review	VERB
fsr-3878	196	19	8	8	NUM
fsr-3878	196	20	(	(	PUNCT
fsr-3878	196	21	1999	1999	NUM
fsr-3878	196	22	)	)	PUNCT
fsr-3878	196	23	11–25	11–25	NUM
fsr-3878	196	24	bond	bond	NOUN
fsr-3878	196	25	index	index	NOUN
fsr-3878	196	26	(	(	PUNCT
fsr-3878	196	27	in	in	ADP
fsr-3878	196	28	terms	term	NOUN
fsr-3878	196	29	of	of	ADP
fsr-3878	196	30	domestic	domestic	ADJ
fsr-3878	196	31	currency	currency	NOUN
fsr-3878	196	32	)	)	PUNCT
fsr-3878	196	33	very	very	ADV
fsr-3878	196	34	substantially	substantially	ADV
fsr-3878	196	35	,	,	PUNCT
fsr-3878	196	36	and	and	CCONJ
fsr-3878	196	37	therefore	therefore	ADV
fsr-3878	196	38	the	the	DET
fsr-3878	196	39	international	international	ADJ
fsr-3878	196	40	substitution	substitution	NOUN
fsr-3878	196	41	for	for	ADP
fsr-3878	196	42	an	an	DET
fsr-3878	196	43	american	american	ADJ
fsr-3878	196	44	investor	investor	NOUN
fsr-3878	196	45	is	be	AUX
fsr-3878	196	46	replacing	replace	VERB
fsr-3878	196	47	a	a	DET
fsr-3878	196	48	very	very	ADV
fsr-3878	196	49	low	low	ADJ
fsr-3878	196	50	return	return	NOUN
fsr-3878	196	51	asset	asset	NOUN
fsr-3878	196	52	in	in	ADP
fsr-3878	196	53	the	the	DET
fsr-3878	196	54	choice	choice	NOUN
fsr-3878	196	55	set	set	NOUN
fsr-3878	196	56	.	.	PUNCT
fsr-3878	197	1	5	5	X
fsr-3878	197	2	.	.	X
fsr-3878	197	3	discussion	discussion	NOUN
fsr-3878	197	4	these	these	DET
fsr-3878	197	5	results	result	NOUN
fsr-3878	197	6	should	should	AUX
fsr-3878	197	7	not	not	PART
fsr-3878	197	8	surprise	surprise	VERB
fsr-3878	197	9	us	we	PRON
fsr-3878	197	10	.	.	PUNCT
fsr-3878	198	1	the	the	DET
fsr-3878	198	2	united	united	PROPN
fsr-3878	198	3	states	states	PROPN
fsr-3878	198	4	equity	equity	NOUN
fsr-3878	198	5	market	market	NOUN
fsr-3878	198	6	is	be	AUX
fsr-3878	198	7	a	a	DET
fsr-3878	198	8	substantial	substantial	ADJ
fsr-3878	198	9	part	part	NOUN
fsr-3878	198	10	of	of	ADP
fsr-3878	198	11	the	the	DET
fsr-3878	198	12	international	international	ADJ
fsr-3878	198	13	equity	equity	NOUN
fsr-3878	198	14	market	market	NOUN
fsr-3878	198	15	,	,	PUNCT
fsr-3878	198	16	while	while	SCONJ
fsr-3878	198	17	canada	canada	PROPN
fsr-3878	198	18	is	be	AUX
fsr-3878	198	19	only	only	ADV
fsr-3878	198	20	about	about	ADV
fsr-3878	198	21	3	3	NUM
fsr-3878	198	22	%	%	NOUN
fsr-3878	198	23	.	.	PUNCT
fsr-3878	199	1	furthermore	furthermore	ADV
fsr-3878	199	2	,	,	PUNCT
fsr-3878	199	3	the	the	DET
fsr-3878	199	4	performance	performance	NOUN
fsr-3878	199	5	of	of	ADP
fsr-3878	199	6	american	american	ADJ
fsr-3878	199	7	companies	company	NOUN
fsr-3878	199	8	in	in	ADP
fsr-3878	199	9	the	the	DET
fsr-3878	199	10	index	index	NOUN
fsr-3878	199	11	is	be	AUX
fsr-3878	199	12	correlated	correlate	VERB
fsr-3878	199	13	with	with	ADP
fsr-3878	199	14	economic	economic	ADJ
fsr-3878	199	15	performance	performance	NOUN
fsr-3878	199	16	globally	globally	ADV
fsr-3878	199	17	,	,	PUNCT
fsr-3878	199	18	because	because	SCONJ
fsr-3878	199	19	many	many	ADJ
fsr-3878	199	20	of	of	ADP
fsr-3878	199	21	the	the	DET
fsr-3878	199	22	largest	large	ADJ
fsr-3878	199	23	american	american	ADJ
fsr-3878	199	24	companies	company	NOUN
fsr-3878	199	25	that	that	PRON
fsr-3878	199	26	make	make	VERB
fsr-3878	199	27	up	up	ADP
fsr-3878	199	28	the	the	DET
fsr-3878	199	29	index	index	NOUN
fsr-3878	199	30	have	have	VERB
fsr-3878	199	31	subsidiaries	subsidiary	NOUN
fsr-3878	199	32	in	in	ADP
fsr-3878	199	33	other	other	ADJ
fsr-3878	199	34	countries	country	NOUN
fsr-3878	199	35	.	.	PUNCT
fsr-3878	200	1	therefore	therefore	ADV
fsr-3878	200	2	,	,	PUNCT
fsr-3878	200	3	the	the	DET
fsr-3878	200	4	diversification	diversification	NOUN
fsr-3878	200	5	that	that	PRON
fsr-3878	200	6	the	the	DET
fsr-3878	200	7	international	international	ADJ
fsr-3878	200	8	equity	equity	NOUN
fsr-3878	200	9	can	can	AUX
fsr-3878	200	10	provide	provide	VERB
fsr-3878	200	11	to	to	ADP
fsr-3878	200	12	americans	americans	PROPN
fsr-3878	200	13	is	be	AUX
fsr-3878	200	14	quite	quite	ADV
fsr-3878	200	15	limited	limited	ADJ
fsr-3878	200	16	.	.	PUNCT
fsr-3878	201	1	canada	canada	PROPN
fsr-3878	201	2	has	have	VERB
fsr-3878	201	3	more	more	ADJ
fsr-3878	201	4	of	of	ADP
fsr-3878	201	5	its	its	PRON
fsr-3878	201	6	economy	economy	NOUN
fsr-3878	201	7	based	base	VERB
fsr-3878	201	8	on	on	ADP
fsr-3878	201	9	international	international	ADJ
fsr-3878	201	10	trade	trade	NOUN
fsr-3878	201	11	than	than	ADP
fsr-3878	201	12	the	the	DET
fsr-3878	201	13	united	united	PROPN
fsr-3878	201	14	states	states	PROPN
fsr-3878	201	15	,	,	PUNCT
fsr-3878	201	16	because	because	SCONJ
fsr-3878	201	17	the	the	DET
fsr-3878	201	18	canadian	canadian	ADJ
fsr-3878	201	19	economy	economy	NOUN
fsr-3878	201	20	is	be	AUX
fsr-3878	201	21	based	base	VERB
fsr-3878	201	22	on	on	ADP
fsr-3878	201	23	commodities	commodity	NOUN
fsr-3878	201	24	.	.	PUNCT
fsr-3878	202	1	however	however	ADV
fsr-3878	202	2	,	,	PUNCT
fsr-3878	202	3	the	the	DET
fsr-3878	202	4	canadian	canadian	ADJ
fsr-3878	202	5	companies	company	NOUN
fsr-3878	202	6	in	in	ADP
fsr-3878	202	7	the	the	DET
fsr-3878	202	8	tse	tse	PROPN
fsr-3878	202	9	300	300	NUM
fsr-3878	202	10	have	have	VERB
fsr-3878	202	11	fewer	few	ADJ
fsr-3878	202	12	operations	operation	NOUN
fsr-3878	202	13	outside	outside	ADP
fsr-3878	202	14	canada	canada	PROPN
fsr-3878	202	15	,	,	PUNCT
fsr-3878	202	16	and	and	CCONJ
fsr-3878	202	17	hence	hence	ADV
fsr-3878	202	18	their	their	PRON
fsr-3878	202	19	returns	return	NOUN
fsr-3878	202	20	are	be	AUX
fsr-3878	202	21	less	less	ADV
fsr-3878	202	22	-	-	PUNCT
fsr-3878	202	23	correlated	correlate	VERB
fsr-3878	202	24	with	with	ADP
fsr-3878	202	25	the	the	DET
fsr-3878	202	26	equity	equity	NOUN
fsr-3878	202	27	returns	return	NOUN
fsr-3878	202	28	elsewhere	elsewhere	ADV
fsr-3878	202	29	.	.	PUNCT
fsr-3878	203	1	furthermore	furthermore	ADV
fsr-3878	203	2	,	,	PUNCT
fsr-3878	203	3	the	the	DET
fsr-3878	203	4	tse	tse	PROPN
fsr-3878	203	5	300	300	NUM
fsr-3878	203	6	has	have	VERB
fsr-3878	203	7	a	a	DET
fsr-3878	203	8	heavier	heavy	ADJ
fsr-3878	203	9	weighting	weighting	NOUN
fsr-3878	203	10	in	in	ADP
fsr-3878	203	11	natural	natural	ADJ
fsr-3878	203	12	resources	resource	NOUN
fsr-3878	203	13	(	(	PUNCT
fsr-3878	203	14	forest	forest	NOUN
fsr-3878	203	15	products	product	NOUN
fsr-3878	203	16	,	,	PUNCT
fsr-3878	203	17	mining	mining	NOUN
fsr-3878	203	18	,	,	PUNCT
fsr-3878	203	19	oil	oil	NOUN
fsr-3878	203	20	and	and	CCONJ
fsr-3878	203	21	gas	gas	NOUN
fsr-3878	203	22	)	)	PUNCT
fsr-3878	203	23	than	than	ADP
fsr-3878	203	24	the	the	DET
fsr-3878	203	25	s	s	PROPN
fsr-3878	203	26	&	&	CCONJ
fsr-3878	203	27	p	p	NOUN
fsr-3878	203	28	500	500	NUM
fsr-3878	203	29	or	or	CCONJ
fsr-3878	203	30	any	any	DET
fsr-3878	203	31	other	other	ADJ
fsr-3878	203	32	significant	significant	ADJ
fsr-3878	203	33	national	national	ADJ
fsr-3878	203	34	or	or	CCONJ
fsr-3878	203	35	international	international	ADJ
fsr-3878	203	36	index	index	NOUN
fsr-3878	203	37	.	.	PUNCT
fsr-3878	204	1	one	one	NUM
fsr-3878	204	2	odd	odd	ADJ
fsr-3878	204	3	,	,	PUNCT
fsr-3878	204	4	and	and	CCONJ
fsr-3878	204	5	unexpected	unexpected	ADJ
fsr-3878	204	6	,	,	PUNCT
fsr-3878	204	7	part	part	NOUN
fsr-3878	204	8	of	of	ADP
fsr-3878	204	9	the	the	DET
fsr-3878	204	10	results	result	NOUN
fsr-3878	204	11	is	be	AUX
fsr-3878	204	12	the	the	DET
fsr-3878	204	13	role	role	NOUN
fsr-3878	204	14	of	of	ADP
fsr-3878	204	15	the	the	DET
fsr-3878	204	16	debt	debt	NOUN
fsr-3878	204	17	securities	security	NOUN
fsr-3878	204	18	.	.	PUNCT
fsr-3878	205	1	united	united	PROPN
fsr-3878	205	2	states	states	PROPN
fsr-3878	205	3	debt	debt	NOUN
fsr-3878	205	4	securities	security	NOUN
fsr-3878	205	5	have	have	VERB
fsr-3878	205	6	much	much	ADV
fsr-3878	205	7	lower	low	ADJ
fsr-3878	205	8	realized	realize	VERB
fsr-3878	205	9	rates	rate	NOUN
fsr-3878	205	10	of	of	ADP
fsr-3878	205	11	return	return	NOUN
fsr-3878	205	12	than	than	ADP
fsr-3878	205	13	canadian	canadian	PROPN
fsr-3878	205	14	.	.	PUNCT
fsr-3878	206	1	international	international	ADJ
fsr-3878	206	2	debt	debt	NOUN
fsr-3878	206	3	rating	rating	NOUN
fsr-3878	206	4	agencies	agency	NOUN
fsr-3878	206	5	give	give	VERB
fsr-3878	206	6	american	american	ADJ
fsr-3878	206	7	government	government	NOUN
fsr-3878	206	8	slightly	slightly	ADV
fsr-3878	206	9	higher	high	ADJ
fsr-3878	206	10	debt	debt	NOUN
fsr-3878	206	11	ratings	rating	NOUN
fsr-3878	206	12	than	than	ADP
fsr-3878	206	13	canadian	canadian	ADJ
fsr-3878	206	14	government	government	NOUN
fsr-3878	206	15	debt	debt	NOUN
fsr-3878	206	16	,	,	PUNCT
fsr-3878	206	17	which	which	PRON
fsr-3878	206	18	seems	seem	VERB
fsr-3878	206	19	reasonable	reasonable	ADJ
fsr-3878	206	20	.	.	PUNCT
fsr-3878	207	1	however	however	ADV
fsr-3878	207	2	,	,	PUNCT
fsr-3878	207	3	if	if	SCONJ
fsr-3878	207	4	debt	debt	NOUN
fsr-3878	207	5	ratings	rating	NOUN
fsr-3878	207	6	in	in	ADP
fsr-3878	207	7	the	the	DET
fsr-3878	207	8	very	very	ADV
fsr-3878	207	9	long	long	ADJ
fsr-3878	207	10	run	run	NOUN
fsr-3878	207	11	are	be	AUX
fsr-3878	207	12	to	to	PART
fsr-3878	207	13	accurately	accurately	ADV
fsr-3878	207	14	predict	predict	VERB
fsr-3878	207	15	returns	return	NOUN
fsr-3878	207	16	,	,	PUNCT
fsr-3878	207	17	there	there	PRON
fsr-3878	207	18	must	must	AUX
fsr-3878	207	19	be	be	AUX
fsr-3878	207	20	some	some	DET
fsr-3878	207	21	difference	difference	NOUN
fsr-3878	207	22	in	in	ADP
fsr-3878	207	23	the	the	DET
fsr-3878	207	24	realized	realize	VERB
fsr-3878	207	25	default	default	NOUN
fsr-3878	207	26	rate	rate	NOUN
fsr-3878	207	27	,	,	PUNCT
fsr-3878	207	28	and	and	CCONJ
fsr-3878	207	29	this	this	PRON
fsr-3878	207	30	has	have	AUX
fsr-3878	207	31	not	not	PART
fsr-3878	207	32	been	be	AUX
fsr-3878	207	33	the	the	DET
fsr-3878	207	34	case	case	NOUN
fsr-3878	207	35	.	.	PUNCT
fsr-3878	208	1	as	as	ADP
fsr-3878	208	2	a	a	DET
fsr-3878	208	3	result	result	NOUN
fsr-3878	208	4	,	,	PUNCT
fsr-3878	208	5	the	the	DET
fsr-3878	208	6	canadian	canadian	ADJ
fsr-3878	208	7	domestic	domestic	ADJ
fsr-3878	208	8	investor	investor	NOUN
fsr-3878	208	9	has	have	AUX
fsr-3878	208	10	received	receive	VERB
fsr-3878	208	11	much	much	ADV
fsr-3878	208	12	higher	high	ADJ
fsr-3878	208	13	yields	yield	NOUN
fsr-3878	208	14	on	on	ADP
fsr-3878	208	15	domestic	domestic	ADJ
fsr-3878	208	16	debt	debt	NOUN
fsr-3878	208	17	,	,	PUNCT
fsr-3878	208	18	but	but	CCONJ
fsr-3878	208	19	can	can	AUX
fsr-3878	208	20	also	also	ADV
fsr-3878	208	21	invest	invest	VERB
fsr-3878	208	22	in	in	ADP
fsr-3878	208	23	united	united	PROPN
fsr-3878	208	24	states	states	PROPN
fsr-3878	208	25	or	or	CCONJ
fsr-3878	208	26	international	international	ADJ
fsr-3878	208	27	equity	equity	NOUN
fsr-3878	208	28	to	to	PART
fsr-3878	208	29	benefit	benefit	VERB
fsr-3878	208	30	from	from	ADP
fsr-3878	208	31	diversification	diversification	NOUN
fsr-3878	208	32	.	.	PUNCT
fsr-3878	209	1	it	it	PRON
fsr-3878	209	2	seems	seem	VERB
fsr-3878	209	3	that	that	SCONJ
fsr-3878	209	4	perhaps	perhaps	ADV
fsr-3878	209	5	the	the	DET
fsr-3878	209	6	research	research	NOUN
fsr-3878	209	7	should	should	AUX
fsr-3878	209	8	focus	focus	VERB
fsr-3878	209	9	on	on	ADP
fsr-3878	209	10	international	international	ADJ
fsr-3878	209	11	debt	debt	NOUN
fsr-3878	209	12	diversification	diversification	NOUN
fsr-3878	209	13	,	,	PUNCT
fsr-3878	209	14	but	but	CCONJ
fsr-3878	209	15	that	that	PRON
fsr-3878	209	16	is	be	AUX
fsr-3878	209	17	also	also	ADV
fsr-3878	209	18	problematic	problematic	ADJ
fsr-3878	209	19	.	.	PUNCT
fsr-3878	210	1	the	the	DET
fsr-3878	210	2	united	united	PROPN
fsr-3878	210	3	states	states	PROPN
fsr-3878	210	4	dollar	dollar	NOUN
fsr-3878	210	5	has	have	AUX
fsr-3878	210	6	been	be	AUX
fsr-3878	210	7	generally	generally	ADV
fsr-3878	210	8	rising	rise	VERB
fsr-3878	210	9	against	against	ADP
fsr-3878	210	10	the	the	DET
fsr-3878	210	11	canadian	canadian	ADJ
fsr-3878	210	12	dollar	dollar	NOUN
fsr-3878	210	13	for	for	ADP
fsr-3878	210	14	a	a	DET
fsr-3878	210	15	long	long	ADJ
fsr-3878	210	16	time	time	NOUN
fsr-3878	210	17	,	,	PUNCT
fsr-3878	210	18	and	and	CCONJ
fsr-3878	210	19	hence	hence	ADV
fsr-3878	210	20	an	an	DET
fsr-3878	210	21	american	american	ADJ
fsr-3878	210	22	investor	investor	NOUN
fsr-3878	210	23	would	would	AUX
fsr-3878	210	24	have	have	AUX
fsr-3878	210	25	received	receive	VERB
fsr-3878	210	26	much	much	ADV
fsr-3878	210	27	lower	low	ADJ
fsr-3878	210	28	returns	return	NOUN
fsr-3878	210	29	from	from	ADP
fsr-3878	210	30	canadian	canadian	ADJ
fsr-3878	210	31	debt	debt	NOUN
fsr-3878	210	32	.	.	PUNCT
fsr-3878	211	1	we	we	PRON
fsr-3878	211	2	seem	seem	VERB
fsr-3878	211	3	to	to	PART
fsr-3878	211	4	have	have	AUX
fsr-3878	211	5	created	create	VERB
fsr-3878	211	6	a	a	DET
fsr-3878	211	7	paradox	paradox	NOUN
fsr-3878	211	8	in	in	ADP
fsr-3878	211	9	these	these	DET
fsr-3878	211	10	results	result	NOUN
fsr-3878	211	11	,	,	PUNCT
fsr-3878	211	12	therefore	therefore	ADV
fsr-3878	211	13	,	,	PUNCT
fsr-3878	211	14	since	since	SCONJ
fsr-3878	211	15	it	it	PRON
fsr-3878	211	16	seems	seem	VERB
fsr-3878	211	17	that	that	SCONJ
fsr-3878	211	18	canadians	canadian	NOUN
fsr-3878	211	19	can	can	AUX
fsr-3878	211	20	do	do	VERB
fsr-3878	211	21	better	well	ADV
fsr-3878	211	22	than	than	ADP
fsr-3878	211	23	americans	americans	PROPN
fsr-3878	211	24	,	,	PUNCT
fsr-3878	211	25	even	even	ADV
fsr-3878	211	26	though	though	SCONJ
fsr-3878	211	27	all	all	PRON
fsr-3878	211	28	could	could	AUX
fsr-3878	211	29	access	access	VERB
fsr-3878	211	30	the	the	DET
fsr-3878	211	31	same	same	ADJ
fsr-3878	211	32	choice	choice	NOUN
fsr-3878	211	33	set	set	NOUN
fsr-3878	211	34	.	.	PUNCT
fsr-3878	212	1	the	the	DET
fsr-3878	212	2	paradox	paradox	NOUN
fsr-3878	212	3	is	be	AUX
fsr-3878	212	4	resolved	resolve	VERB
fsr-3878	212	5	if	if	SCONJ
fsr-3878	212	6	purchasing	purchase	VERB
fsr-3878	212	7	power	power	NOUN
fsr-3878	212	8	parity	parity	NOUN
fsr-3878	212	9	holds	hold	VERB
fsr-3878	212	10	.	.	PUNCT
fsr-3878	213	1	in	in	ADP
fsr-3878	213	2	that	that	DET
fsr-3878	213	3	case	case	NOUN
fsr-3878	213	4	,	,	PUNCT
fsr-3878	213	5	a	a	DET
fsr-3878	213	6	canadian	canadian	ADJ
fsr-3878	213	7	retiree	retiree	NOUN
fsr-3878	213	8	would	would	AUX
fsr-3878	213	9	require	require	VERB
fsr-3878	213	10	a	a	DET
fsr-3878	213	11	higherw	higherw	NOUN
fsr-3878	213	12	/	/	SYM
fsr-3878	213	13	c	c	NOUN
fsr-3878	213	14	ratio	ratio	NOUN
fsr-3878	213	15	than	than	ADP
fsr-3878	213	16	an	an	DET
fsr-3878	213	17	american	american	ADJ
fsr-3878	213	18	retiree	retiree	NOUN
fsr-3878	213	19	in	in	ADP
fsr-3878	213	20	order	order	NOUN
fsr-3878	213	21	to	to	PART
fsr-3878	213	22	enjoy	enjoy	VERB
fsr-3878	213	23	the	the	DET
fsr-3878	213	24	same	same	ADJ
fsr-3878	213	25	real	real	ADJ
fsr-3878	213	26	standard	standard	NOUN
fsr-3878	213	27	of	of	ADP
fsr-3878	213	28	living	living	NOUN
fsr-3878	213	29	.	.	PUNCT
fsr-3878	214	1	whether	whether	SCONJ
fsr-3878	214	2	this	this	PRON
fsr-3878	214	3	is	be	AUX
fsr-3878	214	4	true	true	ADJ
fsr-3878	214	5	we	we	PRON
fsr-3878	214	6	leave	leave	VERB
fsr-3878	214	7	to	to	ADP
fsr-3878	214	8	the	the	DET
fsr-3878	214	9	economists	economist	NOUN
fsr-3878	214	10	to	to	PART
fsr-3878	214	11	debate	debate	VERB
fsr-3878	214	12	.	.	PUNCT
fsr-3878	215	1	our	our	PRON
fsr-3878	215	2	use	use	NOUN
fsr-3878	215	3	of	of	ADP
fsr-3878	215	4	shortfall	shortfall	NOUN
fsr-3878	215	5	risk	risk	NOUN
fsr-3878	215	6	as	as	ADP
fsr-3878	215	7	a	a	DET
fsr-3878	215	8	criterion	criterion	NOUN
fsr-3878	215	9	produces	produce	VERB
fsr-3878	215	10	results	result	NOUN
fsr-3878	215	11	that	that	PRON
fsr-3878	215	12	are	be	AUX
fsr-3878	215	13	similar	similar	ADJ
fsr-3878	215	14	to	to	ADP
fsr-3878	215	15	utility	utility	NOUN
fsr-3878	215	16	maximization	maximization	NOUN
fsr-3878	215	17	with	with	ADP
fsr-3878	215	18	increasing	increase	VERB
fsr-3878	215	19	relative	relative	ADJ
fsr-3878	215	20	and	and	CCONJ
fsr-3878	215	21	absolute	absolute	ADJ
fsr-3878	215	22	risk	risk	NOUN
fsr-3878	215	23	aversion	aversion	NOUN
fsr-3878	215	24	.	.	PUNCT
fsr-3878	216	1	to	to	PART
fsr-3878	216	2	see	see	VERB
fsr-3878	216	3	this	this	PRON
fsr-3878	216	4	,	,	PUNCT
fsr-3878	216	5	consider	consider	VERB
fsr-3878	216	6	holding	hold	VERB
fsr-3878	216	7	constant	constant	ADJ
fsr-3878	216	8	the	the	DET
fsr-3878	216	9	age	age	NOUN
fsr-3878	216	10	,	,	PUNCT
fsr-3878	216	11	gender	gender	NOUN
fsr-3878	216	12	and	and	CCONJ
fsr-3878	216	13	desired	desire	VERB
fsr-3878	216	14	consumption	consumption	NOUN
fsr-3878	216	15	,	,	PUNCT
fsr-3878	216	16	c.	c.	NOUN
fsr-3878	216	17	the	the	DET
fsr-3878	216	18	only	only	ADJ
fsr-3878	216	19	thing	thing	NOUN
fsr-3878	216	20	that	that	PRON
fsr-3878	216	21	varies	vary	VERB
fsr-3878	216	22	isw	isw	PROPN
fsr-3878	216	23	,	,	PUNCT
fsr-3878	216	24	which	which	PRON
fsr-3878	216	25	will	will	AUX
fsr-3878	216	26	thus	thus	ADV
fsr-3878	216	27	causew	causew	VERB
fsr-3878	216	28	/	/	SYM
fsr-3878	216	29	c	c	NOUN
fsr-3878	216	30	to	to	PART
fsr-3878	216	31	vary	vary	VERB
fsr-3878	216	32	.	.	PUNCT
fsr-3878	217	1	increasing	increase	VERB
fsr-3878	217	2	wealth	wealth	NOUN
fsr-3878	217	3	in	in	ADP
fsr-3878	217	4	this	this	DET
fsr-3878	217	5	situation	situation	NOUN
fsr-3878	217	6	leads	lead	VERB
fsr-3878	217	7	to	to	ADP
fsr-3878	217	8	lower	low	ADJ
fsr-3878	217	9	allocations	allocation	NOUN
fsr-3878	217	10	to	to	ADP
fsr-3878	217	11	equity	equity	NOUN
fsr-3878	217	12	,	,	PUNCT
fsr-3878	217	13	as	as	SCONJ
fsr-3878	217	14	the	the	DET
fsr-3878	217	15	reader	reader	NOUN
fsr-3878	217	16	can	can	AUX
fsr-3878	217	17	see	see	VERB
fsr-3878	217	18	by	by	ADP
fsr-3878	217	19	reading	read	VERB
fsr-3878	217	20	down	down	ADP
fsr-3878	217	21	the	the	DET
fsr-3878	217	22	columns	column	NOUN
fsr-3878	217	23	in	in	ADP
fsr-3878	217	24	table	table	NOUN
fsr-3878	217	25	4	4	NUM
fsr-3878	217	26	.	.	PUNCT
fsr-3878	218	1	thus	thus	ADV
fsr-3878	218	2	,	,	PUNCT
fsr-3878	218	3	a	a	DET
fsr-3878	218	4	very	very	ADV
fsr-3878	218	5	wealthy	wealthy	ADJ
fsr-3878	218	6	person	person	NOUN
fsr-3878	218	7	,	,	PUNCT
fsr-3878	218	8	relative	relative	ADJ
fsr-3878	218	9	to	to	ADP
fsr-3878	218	10	his	his	PRON
fsr-3878	218	11	or	or	CCONJ
fsr-3878	218	12	her	her	PRON
fsr-3878	218	13	desired	desire	VERB
fsr-3878	218	14	consumption	consumption	NOUN
fsr-3878	218	15	,	,	PUNCT
fsr-3878	218	16	should	should	AUX
fsr-3878	218	17	invest	invest	VERB
fsr-3878	218	18	primarily	primarily	ADV
fsr-3878	218	19	in	in	ADP
fsr-3878	218	20	t	t	PROPN
fsr-3878	218	21	-	-	PUNCT
fsr-3878	218	22	bills	bill	NOUN
fsr-3878	218	23	,	,	PUNCT
fsr-3878	218	24	if	if	SCONJ
fsr-3878	218	25	the	the	DET
fsr-3878	218	26	criterion	criterion	NOUN
fsr-3878	218	27	is	be	AUX
fsr-3878	218	28	to	to	PART
fsr-3878	218	29	minimize	minimize	VERB
fsr-3878	218	30	shortfall	shortfall	NOUN
fsr-3878	218	31	risk	risk	NOUN
fsr-3878	218	32	.	.	PUNCT
fsr-3878	219	1	in	in	ADP
fsr-3878	219	2	finance	finance	NOUN
fsr-3878	219	3	theory	theory	NOUN
fsr-3878	219	4	,	,	PUNCT
fsr-3878	219	5	it	it	PRON
fsr-3878	219	6	is	be	AUX
fsr-3878	219	7	generally	generally	ADV
fsr-3878	219	8	assumed	assume	VERB
fsr-3878	219	9	that	that	SCONJ
fsr-3878	219	10	individuals	individual	NOUN
fsr-3878	219	11	have	have	AUX
fsr-3878	219	12	decreasing	decrease	VERB
fsr-3878	219	13	or	or	CCONJ
fsr-3878	219	14	constant	constant	ADJ
fsr-3878	219	15	relative	relative	ADJ
fsr-3878	219	16	risk	risk	NOUN
fsr-3878	219	17	aversion	aversion	NOUN
fsr-3878	219	18	.	.	PUNCT
fsr-3878	220	1	in	in	ADP
fsr-3878	220	2	practice	practice	NOUN
fsr-3878	220	3	,	,	PUNCT
fsr-3878	220	4	our	our	PRON
fsr-3878	220	5	result	result	NOUN
fsr-3878	220	6	seems	seem	VERB
fsr-3878	220	7	counter	counter	ADJ
fsr-3878	220	8	-	-	ADJ
fsr-3878	220	9	intuitive	intuitive	ADJ
fsr-3878	220	10	to	to	ADP
fsr-3878	220	11	what	what	PRON
fsr-3878	220	12	we	we	PRON
fsr-3878	220	13	generally	generally	ADV
fsr-3878	220	14	believe	believe	VERB
fsr-3878	220	15	wealthy	wealthy	ADJ
fsr-3878	220	16	individuals	individual	NOUN
fsr-3878	220	17	do	do	VERB
fsr-3878	220	18	.	.	PUNCT
fsr-3878	221	1	if	if	SCONJ
fsr-3878	221	2	the	the	DET
fsr-3878	221	3	wealthy	wealthy	ADJ
fsr-3878	221	4	person	person	NOUN
fsr-3878	221	5	also	also	ADV
fsr-3878	221	6	has	have	VERB
fsr-3878	221	7	a	a	DET
fsr-3878	221	8	bequest	bequest	NOUN
fsr-3878	221	9	motive	motive	NOUN
fsr-3878	221	10	,	,	PUNCT
fsr-3878	221	11	then	then	ADV
fsr-3878	221	12	increasing	increase	VERB
fsr-3878	221	13	equity	equity	NOUN
fsr-3878	221	14	investment	investment	NOUN
fsr-3878	221	15	is	be	AUX
fsr-3878	221	16	preferred	prefer	VERB
fsr-3878	221	17	,	,	PUNCT
fsr-3878	221	18	as	as	ADP
fsr-3878	221	19	milevsky	milevsky	NOUN
fsr-3878	221	20	et	et	PROPN
fsr-3878	221	21	al	al	PROPN
fsr-3878	221	22	.	.	PROPN
fsr-3878	222	1	(	(	PUNCT
fsr-3878	222	2	1997	1997	NUM
fsr-3878	222	3	)	)	PUNCT
fsr-3878	222	4	show	show	NOUN
fsr-3878	222	5	.	.	PUNCT
fsr-3878	223	1	21k	21k	X
fsr-3878	223	2	.	.	X
fsr-3878	223	3	ho	ho	PROPN
fsr-3878	223	4	,	,	PUNCT
fsr-3878	223	5	m.a	m.a	PROPN
fsr-3878	223	6	.	.	PROPN
fsr-3878	223	7	milevsky	milevsky	PROPN
fsr-3878	223	8	/	/	SYM
fsr-3878	223	9	financial	financial	ADJ
fsr-3878	223	10	services	service	NOUN
fsr-3878	223	11	review	review	VERB
fsr-3878	223	12	8	8	NUM
fsr-3878	223	13	(	(	PUNCT
fsr-3878	223	14	1999	1999	NUM
fsr-3878	223	15	)	)	PUNCT
fsr-3878	223	16	11–25	11–25	NUM
fsr-3878	223	17	thus	thus	ADV
fsr-3878	223	18	,	,	PUNCT
fsr-3878	223	19	our	our	PRON
fsr-3878	223	20	shortfall	shortfall	NOUN
fsr-3878	223	21	model	model	NOUN
fsr-3878	223	22	may	may	AUX
fsr-3878	223	23	not	not	PART
fsr-3878	223	24	be	be	AUX
fsr-3878	223	25	a	a	DET
fsr-3878	223	26	good	good	ADJ
fsr-3878	223	27	normative	normative	ADJ
fsr-3878	223	28	model	model	NOUN
fsr-3878	223	29	for	for	ADP
fsr-3878	223	30	persons	person	NOUN
fsr-3878	223	31	who	who	PRON
fsr-3878	223	32	are	be	AUX
fsr-3878	223	33	very	very	ADV
fsr-3878	223	34	rich	rich	ADJ
fsr-3878	223	35	relative	relative	ADJ
fsr-3878	223	36	to	to	ADP
fsr-3878	223	37	their	their	PRON
fsr-3878	223	38	level	level	NOUN
fsr-3878	223	39	of	of	ADP
fsr-3878	223	40	consumption	consumption	NOUN
fsr-3878	223	41	.	.	PUNCT
fsr-3878	224	1	the	the	DET
fsr-3878	224	2	very	very	ADV
fsr-3878	224	3	rich	rich	ADJ
fsr-3878	224	4	do	do	AUX
fsr-3878	224	5	not	not	PART
fsr-3878	224	6	have	have	VERB
fsr-3878	224	7	to	to	PART
fsr-3878	224	8	worry	worry	VERB
fsr-3878	224	9	about	about	ADP
fsr-3878	224	10	survival	survival	NOUN
fsr-3878	224	11	.	.	PUNCT
fsr-3878	225	1	for	for	ADP
fsr-3878	225	2	the	the	DET
fsr-3878	225	3	great	great	ADJ
fsr-3878	225	4	majority	majority	NOUN
fsr-3878	225	5	of	of	ADP
fsr-3878	225	6	people	people	NOUN
fsr-3878	225	7	,	,	PUNCT
fsr-3878	225	8	for	for	ADP
fsr-3878	225	9	whom	whom	PRON
fsr-3878	225	10	shortfall	shortfall	NOUN
fsr-3878	225	11	below	below	ADP
fsr-3878	225	12	the	the	DET
fsr-3878	225	13	desired	desire	VERB
fsr-3878	225	14	level	level	NOUN
fsr-3878	225	15	of	of	ADP
fsr-3878	225	16	consumption	consumption	NOUN
fsr-3878	225	17	during	during	ADP
fsr-3878	225	18	retirement	retirement	NOUN
fsr-3878	225	19	is	be	AUX
fsr-3878	225	20	a	a	DET
fsr-3878	225	21	realistic	realistic	ADJ
fsr-3878	225	22	possibility	possibility	NOUN
fsr-3878	225	23	,	,	PUNCT
fsr-3878	225	24	the	the	DET
fsr-3878	225	25	shortfall	shortfall	NOUN
fsr-3878	225	26	criterion	criterion	NOUN
fsr-3878	225	27	appears	appear	VERB
fsr-3878	225	28	to	to	PART
fsr-3878	225	29	provide	provide	VERB
fsr-3878	225	30	reasonable	reasonable	ADJ
fsr-3878	225	31	results	result	NOUN
fsr-3878	225	32	for	for	ADP
fsr-3878	225	33	asset	asset	NOUN
fsr-3878	225	34	allocation	allocation	NOUN
fsr-3878	225	35	.	.	PUNCT
fsr-3878	226	1	another	another	DET
fsr-3878	226	2	way	way	NOUN
fsr-3878	226	3	to	to	PART
fsr-3878	226	4	look	look	VERB
fsr-3878	226	5	at	at	ADP
fsr-3878	226	6	the	the	DET
fsr-3878	226	7	results	result	NOUN
fsr-3878	226	8	is	be	AUX
fsr-3878	226	9	to	to	PART
fsr-3878	226	10	focus	focus	VERB
fsr-3878	226	11	on	on	ADP
fsr-3878	226	12	what	what	DET
fsr-3878	226	13	income	income	NOUN
fsr-3878	226	14	might	might	AUX
fsr-3878	226	15	be	be	AUX
fsr-3878	226	16	sustainable	sustainable	ADJ
fsr-3878	226	17	from	from	ADP
fsr-3878	226	18	a	a	DET
fsr-3878	226	19	given	give	VERB
fsr-3878	226	20	wealth	wealth	NOUN
fsr-3878	226	21	,	,	PUNCT
fsr-3878	226	22	with	with	ADP
fsr-3878	226	23	reasonable	reasonable	ADJ
fsr-3878	226	24	assurance	assurance	NOUN
fsr-3878	226	25	.	.	PUNCT
fsr-3878	227	1	as	as	ADV
fsr-3878	227	2	long	long	ADV
fsr-3878	227	3	as	as	SCONJ
fsr-3878	227	4	the	the	DET
fsr-3878	227	5	individual	individual	NOUN
fsr-3878	227	6	’s	’s	PART
fsr-3878	227	7	wealth	wealth	NOUN
fsr-3878	227	8	is	be	AUX
fsr-3878	227	9	strictly	strictly	ADV
fsr-3878	227	10	less	less	ADJ
fsr-3878	227	11	than	than	ADP
fsr-3878	227	12	the	the	DET
fsr-3878	227	13	risk	risk	NOUN
fsr-3878	227	14	-	-	PUNCT
fsr-3878	227	15	free	free	ADJ
fsr-3878	227	16	discounted	discount	VERB
fsr-3878	227	17	value	value	NOUN
fsr-3878	227	18	of	of	ADP
fsr-3878	227	19	perpetual	perpetual	ADJ
fsr-3878	227	20	consumption	consumption	NOUN
fsr-3878	227	21	,	,	PUNCT
fsr-3878	227	22	there	there	PRON
fsr-3878	227	23	is	be	VERB
fsr-3878	227	24	always	always	ADV
fsr-3878	227	25	a	a	DET
fsr-3878	227	26	non	non	ADJ
fsr-3878	227	27	-	-	ADJ
fsr-3878	227	28	zero	zero	NUM
fsr-3878	227	29	probability	probability	NOUN
fsr-3878	227	30	of	of	ADP
fsr-3878	227	31	ruin	ruin	NOUN
fsr-3878	227	32	.	.	PUNCT
fsr-3878	228	1	returning	return	VERB
fsr-3878	228	2	to	to	ADP
fsr-3878	228	3	table	table	NOUN
fsr-3878	228	4	4	4	NUM
fsr-3878	228	5	,	,	PUNCT
fsr-3878	228	6	the	the	DET
fsr-3878	228	7	entries	entry	NOUN
fsr-3878	228	8	forw	forw	NOUN
fsr-3878	228	9	/	/	SYM
fsr-3878	228	10	c	c	NOUN
fsr-3878	228	11	5	5	NUM
fsr-3878	228	12	20	20	NUM
fsr-3878	228	13	or	or	CCONJ
fsr-3878	228	14	24	24	NUM
fsr-3878	228	15	show	show	NOUN
fsr-3878	228	16	shortfall	shortfall	NOUN
fsr-3878	228	17	probabilities	probability	NOUN
fsr-3878	228	18	of	of	ADP
fsr-3878	228	19	2–7	2–7	NOUN
fsr-3878	228	20	%	%	NOUN
fsr-3878	228	21	,	,	PUNCT
fsr-3878	228	22	which	which	PRON
fsr-3878	228	23	we	we	PRON
fsr-3878	228	24	might	might	AUX
fsr-3878	228	25	consider	consider	VERB
fsr-3878	228	26	as	as	ADP
fsr-3878	228	27	fairly	fairly	ADV
fsr-3878	228	28	secure.the	secure.the	DET
fsr-3878	228	29	asset	asset	NOUN
fsr-3878	228	30	allocations	allocation	NOUN
fsr-3878	228	31	in	in	ADP
fsr-3878	228	32	this	this	DET
fsr-3878	228	33	situation	situation	NOUN
fsr-3878	228	34	are	be	AUX
fsr-3878	228	35	balanced	balanced	ADJ
fsr-3878	228	36	,	,	PUNCT
fsr-3878	228	37	on	on	ADP
fsr-3878	228	38	the	the	DET
fsr-3878	228	39	order	order	NOUN
fsr-3878	228	40	of	of	ADP
fsr-3878	228	41	50	50	NUM
fsr-3878	228	42	%	%	NOUN
fsr-3878	228	43	debt	debt	NOUN
fsr-3878	228	44	securities	security	NOUN
fsr-3878	228	45	,	,	PUNCT
fsr-3878	228	46	50	50	NUM
fsr-3878	228	47	%	%	NOUN
fsr-3878	228	48	equity	equity	NOUN
fsr-3878	228	49	;	;	PUNCT
fsr-3878	228	50	although	although	SCONJ
fsr-3878	228	51	the	the	DET
fsr-3878	228	52	specific	specific	ADJ
fsr-3878	228	53	form	form	NOUN
fsr-3878	228	54	of	of	ADP
fsr-3878	228	55	debt	debt	NOUN
fsr-3878	228	56	or	or	CCONJ
fsr-3878	228	57	equity	equity	NOUN
fsr-3878	228	58	differs	differ	NOUN
fsr-3878	228	59	.	.	PUNCT
fsr-3878	229	1	6	6	X
fsr-3878	229	2	.	.	X
fsr-3878	229	3	limitations	limitation	NOUN
fsr-3878	229	4	of	of	ADP
fsr-3878	229	5	the	the	DET
fsr-3878	229	6	study	study	NOUN
fsr-3878	229	7	and	and	CCONJ
fsr-3878	229	8	directions	direction	NOUN
fsr-3878	229	9	for	for	ADP
fsr-3878	229	10	future	future	ADJ
fsr-3878	229	11	research	research	NOUN
fsr-3878	229	12	the	the	DET
fsr-3878	229	13	biggest	big	ADJ
fsr-3878	229	14	question	question	NOUN
fsr-3878	229	15	mark	mark	NOUN
fsr-3878	229	16	is	be	AUX
fsr-3878	229	17	the	the	DET
fsr-3878	229	18	validity	validity	NOUN
fsr-3878	229	19	of	of	ADP
fsr-3878	229	20	the	the	DET
fsr-3878	229	21	return	return	NOUN
fsr-3878	229	22	distributions	distribution	NOUN
fsr-3878	229	23	we	we	PRON
fsr-3878	229	24	use	use	VERB
fsr-3878	229	25	.	.	PUNCT
fsr-3878	230	1	these	these	PRON
fsr-3878	230	2	are	be	AUX
fsr-3878	230	3	historic	historic	ADJ
fsr-3878	230	4	,	,	PUNCT
fsr-3878	230	5	real	real	ADJ
fsr-3878	230	6	rates	rate	NOUN
fsr-3878	230	7	,	,	PUNCT
fsr-3878	230	8	and	and	CCONJ
fsr-3878	230	9	they	they	PRON
fsr-3878	230	10	are	be	AUX
fsr-3878	230	11	reasonably	reasonably	ADV
fsr-3878	230	12	accurate	accurate	ADJ
fsr-3878	230	13	representations	representation	NOUN
fsr-3878	230	14	of	of	ADP
fsr-3878	230	15	what	what	PRON
fsr-3878	230	16	investors	investor	NOUN
fsr-3878	230	17	would	would	AUX
fsr-3878	230	18	have	have	AUX
fsr-3878	230	19	realized	realize	VERB
fsr-3878	230	20	over	over	ADP
fsr-3878	230	21	long	long	ADJ
fsr-3878	230	22	time	time	NOUN
fsr-3878	230	23	periods	period	NOUN
fsr-3878	230	24	in	in	ADP
fsr-3878	230	25	the	the	DET
fsr-3878	230	26	past	past	NOUN
fsr-3878	230	27	.	.	PUNCT
fsr-3878	231	1	jorion	jorion	NOUN
fsr-3878	231	2	and	and	CCONJ
fsr-3878	231	3	goetzmann	goetzmann	PROPN
fsr-3878	231	4	(	(	PUNCT
fsr-3878	231	5	1999	1999	NUM
fsr-3878	231	6	)	)	PUNCT
fsr-3878	231	7	present	present	ADJ
fsr-3878	231	8	results	result	NOUN
fsr-3878	231	9	of	of	ADP
fsr-3878	231	10	an	an	DET
fsr-3878	231	11	investigation	investigation	NOUN
fsr-3878	231	12	into	into	ADP
fsr-3878	231	13	long	long	ADJ
fsr-3878	231	14	run	run	NOUN
fsr-3878	231	15	rates	rate	NOUN
fsr-3878	231	16	of	of	ADP
fsr-3878	231	17	return	return	NOUN
fsr-3878	231	18	and	and	CCONJ
fsr-3878	231	19	stability	stability	NOUN
fsr-3878	231	20	of	of	ADP
fsr-3878	231	21	those	those	DET
fsr-3878	231	22	rates	rate	NOUN
fsr-3878	231	23	for	for	ADP
fsr-3878	231	24	many	many	ADJ
fsr-3878	231	25	countries	country	NOUN
fsr-3878	231	26	,	,	PUNCT
fsr-3878	231	27	including	include	VERB
fsr-3878	231	28	canada	canada	PROPN
fsr-3878	231	29	and	and	CCONJ
fsr-3878	231	30	the	the	DET
fsr-3878	231	31	united	united	PROPN
fsr-3878	231	32	states	states	PROPN
fsr-3878	231	33	.	.	PUNCT
fsr-3878	232	1	while	while	SCONJ
fsr-3878	232	2	they	they	PRON
fsr-3878	232	3	characterize	characterize	VERB
fsr-3878	232	4	the	the	DET
fsr-3878	232	5	united	united	PROPN
fsr-3878	232	6	states	states	PROPN
fsr-3878	232	7	as	as	ADP
fsr-3878	232	8	practically	practically	ADV
fsr-3878	232	9	the	the	DET
fsr-3878	232	10	only	only	ADJ
fsr-3878	232	11	country	country	NOUN
fsr-3878	232	12	with	with	ADP
fsr-3878	232	13	a	a	DET
fsr-3878	232	14	very	very	ADV
fsr-3878	232	15	long	long	ADV
fsr-3878	232	16	-	-	PUNCT
fsr-3878	232	17	run	run	VERB
fsr-3878	232	18	stable	stable	ADJ
fsr-3878	232	19	series	series	NOUN
fsr-3878	232	20	of	of	ADP
fsr-3878	232	21	equity	equity	NOUN
fsr-3878	232	22	returns	return	NOUN
fsr-3878	232	23	,	,	PUNCT
fsr-3878	232	24	canada	canada	PROPN
fsr-3878	232	25	certainly	certainly	ADV
fsr-3878	232	26	has	have	VERB
fsr-3878	232	27	a	a	DET
fsr-3878	232	28	substantial	substantial	ADJ
fsr-3878	232	29	history	history	NOUN
fsr-3878	232	30	as	as	ADV
fsr-3878	232	31	well	well	ADV
fsr-3878	232	32	,	,	PUNCT
fsr-3878	232	33	longer	long	ADV
fsr-3878	232	34	than	than	ADP
fsr-3878	232	35	most	most	ADJ
fsr-3878	232	36	other	other	ADJ
fsr-3878	232	37	countries	country	NOUN
fsr-3878	232	38	.	.	PUNCT
fsr-3878	233	1	nonetheless	nonetheless	ADV
fsr-3878	233	2	,	,	PUNCT
fsr-3878	233	3	these	these	PRON
fsr-3878	233	4	returns	return	NOUN
fsr-3878	233	5	histories	history	NOUN
fsr-3878	233	6	are	be	AUX
fsr-3878	233	7	taken	take	VERB
fsr-3878	233	8	over	over	ADP
fsr-3878	233	9	time	time	NOUN
fsr-3878	233	10	periods	period	NOUN
fsr-3878	233	11	in	in	ADP
fsr-3878	233	12	which	which	PRON
fsr-3878	233	13	the	the	DET
fsr-3878	233	14	underlying	underlying	ADJ
fsr-3878	233	15	economies	economy	NOUN
fsr-3878	233	16	were	be	AUX
fsr-3878	233	17	changing	change	VERB
fsr-3878	233	18	.	.	PUNCT
fsr-3878	234	1	we	we	PRON
fsr-3878	234	2	can	can	AUX
fsr-3878	234	3	not	not	PART
fsr-3878	234	4	have	have	VERB
fsr-3878	234	5	much	much	ADJ
fsr-3878	234	6	confidence	confidence	NOUN
fsr-3878	234	7	that	that	SCONJ
fsr-3878	234	8	the	the	DET
fsr-3878	234	9	past	past	ADJ
fsr-3878	234	10	observations	observation	NOUN
fsr-3878	234	11	are	be	AUX
fsr-3878	234	12	drawings	drawing	NOUN
fsr-3878	234	13	from	from	ADP
fsr-3878	234	14	the	the	DET
fsr-3878	234	15	returns	return	NOUN
fsr-3878	234	16	distribution	distribution	NOUN
fsr-3878	234	17	that	that	PRON
fsr-3878	234	18	applies	apply	VERB
fsr-3878	234	19	now	now	ADV
fsr-3878	234	20	and	and	CCONJ
fsr-3878	234	21	in	in	ADP
fsr-3878	234	22	the	the	DET
fsr-3878	234	23	future	future	NOUN
fsr-3878	234	24	,	,	PUNCT
fsr-3878	234	25	even	even	ADV
fsr-3878	234	26	in	in	ADP
fsr-3878	234	27	canada	canada	PROPN
fsr-3878	234	28	and	and	CCONJ
fsr-3878	234	29	the	the	DET
fsr-3878	234	30	united	united	PROPN
fsr-3878	234	31	states	states	PROPN
fsr-3878	234	32	.	.	PUNCT
fsr-3878	235	1	we	we	PRON
fsr-3878	235	2	have	have	VERB
fsr-3878	235	3	no	no	DET
fsr-3878	235	4	alternative	alternative	NOUN
fsr-3878	235	5	,	,	PUNCT
fsr-3878	235	6	unfortunately	unfortunately	ADV
fsr-3878	235	7	.	.	PUNCT
fsr-3878	236	1	a	a	DET
fsr-3878	236	2	forecast	forecast	NOUN
fsr-3878	236	3	of	of	ADP
fsr-3878	236	4	long	long	ADJ
fsr-3878	236	5	-	-	PUNCT
fsr-3878	236	6	run	run	VERB
fsr-3878	236	7	rates	rate	NOUN
fsr-3878	236	8	of	of	ADP
fsr-3878	236	9	return	return	NOUN
fsr-3878	236	10	and	and	CCONJ
fsr-3878	236	11	the	the	DET
fsr-3878	236	12	covariance	covariance	NOUN
fsr-3878	236	13	matrix	matrix	NOUN
fsr-3878	236	14	of	of	ADP
fsr-3878	236	15	them	they	PRON
fsr-3878	236	16	is	be	AUX
fsr-3878	236	17	no	no	PRON
fsr-3878	236	18	more	more	ADV
fsr-3878	236	19	valid	valid	ADJ
fsr-3878	236	20	,	,	PUNCT
fsr-3878	236	21	since	since	SCONJ
fsr-3878	236	22	it	it	PRON
fsr-3878	236	23	is	be	AUX
fsr-3878	236	24	ultimately	ultimately	ADV
fsr-3878	236	25	conditioned	condition	VERB
fsr-3878	236	26	on	on	ADP
fsr-3878	236	27	what	what	DET
fsr-3878	236	28	evidence	evidence	NOUN
fsr-3878	236	29	we	we	PRON
fsr-3878	236	30	have	have	AUX
fsr-3878	236	31	from	from	ADP
fsr-3878	236	32	the	the	DET
fsr-3878	236	33	past	past	NOUN
fsr-3878	236	34	.	.	PUNCT
fsr-3878	237	1	this	this	DET
fsr-3878	237	2	problem	problem	NOUN
fsr-3878	237	3	affects	affect	VERB
fsr-3878	237	4	a	a	DET
fsr-3878	237	5	great	great	ADJ
fsr-3878	237	6	deal	deal	NOUN
fsr-3878	237	7	of	of	ADP
fsr-3878	237	8	the	the	DET
fsr-3878	237	9	research	research	NOUN
fsr-3878	237	10	in	in	ADP
fsr-3878	237	11	investments	investment	NOUN
fsr-3878	237	12	and	and	CCONJ
fsr-3878	237	13	personal	personal	ADJ
fsr-3878	237	14	finance	finance	NOUN
fsr-3878	237	15	,	,	PUNCT
fsr-3878	237	16	and	and	CCONJ
fsr-3878	237	17	we	we	PRON
fsr-3878	237	18	simply	simply	ADV
fsr-3878	237	19	have	have	VERB
fsr-3878	237	20	to	to	PART
fsr-3878	237	21	be	be	AUX
fsr-3878	237	22	aware	aware	ADJ
fsr-3878	237	23	that	that	SCONJ
fsr-3878	237	24	the	the	DET
fsr-3878	237	25	shortfall	shortfall	NOUN
fsr-3878	237	26	probabilities	probability	NOUN
fsr-3878	237	27	we	we	PRON
fsr-3878	237	28	calculate	calculate	VERB
fsr-3878	237	29	are	be	AUX
fsr-3878	237	30	dependent	dependent	ADJ
fsr-3878	237	31	on	on	ADP
fsr-3878	237	32	the	the	DET
fsr-3878	237	33	validity	validity	NOUN
fsr-3878	237	34	of	of	ADP
fsr-3878	237	35	the	the	DET
fsr-3878	237	36	returns	return	NOUN
fsr-3878	237	37	distributions	distribution	NOUN
fsr-3878	237	38	that	that	PRON
fsr-3878	237	39	we	we	PRON
fsr-3878	237	40	assume	assume	VERB
fsr-3878	237	41	.	.	PUNCT
fsr-3878	238	1	gibson	gibson	PROPN
fsr-3878	238	2	(	(	PUNCT
fsr-3878	238	3	1996	1996	NUM
fsr-3878	238	4	)	)	PUNCT
fsr-3878	238	5	suggests	suggest	VERB
fsr-3878	238	6	an	an	DET
fsr-3878	238	7	heuristic	heuristic	ADJ
fsr-3878	238	8	method	method	NOUN
fsr-3878	238	9	,	,	PUNCT
fsr-3878	238	10	which	which	PRON
fsr-3878	238	11	is	be	AUX
fsr-3878	238	12	to	to	PART
fsr-3878	238	13	use	use	VERB
fsr-3878	238	14	the	the	DET
fsr-3878	238	15	historical	historical	ADJ
fsr-3878	238	16	data	datum	NOUN
fsr-3878	238	17	to	to	PART
fsr-3878	238	18	estimate	estimate	VERB
fsr-3878	238	19	the	the	DET
fsr-3878	238	20	variance	variance	NOUN
fsr-3878	238	21	-	-	PUNCT
fsr-3878	238	22	covariance	covariance	NOUN
fsr-3878	238	23	matrix	matrix	NOUN
fsr-3878	238	24	,	,	PUNCT
fsr-3878	238	25	and	and	CCONJ
fsr-3878	238	26	then	then	ADV
fsr-3878	238	27	use	use	VERB
fsr-3878	238	28	a	a	DET
fsr-3878	238	29	forecast	forecast	NOUN
fsr-3878	238	30	of	of	ADP
fsr-3878	238	31	expected	expect	VERB
fsr-3878	238	32	returns	return	NOUN
fsr-3878	238	33	.	.	PUNCT
fsr-3878	239	1	we	we	PRON
fsr-3878	239	2	know	know	VERB
fsr-3878	239	3	of	of	ADP
fsr-3878	239	4	no	no	DET
fsr-3878	239	5	forecast	forecast	NOUN
fsr-3878	239	6	that	that	PRON
fsr-3878	239	7	is	be	AUX
fsr-3878	239	8	necessarily	necessarily	ADV
fsr-3878	239	9	more	more	ADV
fsr-3878	239	10	accurate	accurate	ADJ
fsr-3878	239	11	or	or	CCONJ
fsr-3878	239	12	reliable	reliable	ADJ
fsr-3878	239	13	than	than	ADP
fsr-3878	239	14	using	use	VERB
fsr-3878	239	15	historical	historical	ADJ
fsr-3878	239	16	data	datum	NOUN
fsr-3878	239	17	for	for	ADP
fsr-3878	239	18	all	all	DET
fsr-3878	239	19	the	the	DET
fsr-3878	239	20	parameters	parameter	NOUN
fsr-3878	239	21	.	.	PUNCT
fsr-3878	240	1	our	our	PRON
fsr-3878	240	2	model	model	NOUN
fsr-3878	240	3	uses	use	VERB
fsr-3878	240	4	very	very	ADV
fsr-3878	240	5	long	long	ADJ
fsr-3878	240	6	run	run	NOUN
fsr-3878	240	7	returns	return	NOUN
fsr-3878	240	8	,	,	PUNCT
fsr-3878	240	9	and	and	CCONJ
fsr-3878	240	10	we	we	PRON
fsr-3878	240	11	have	have	AUX
fsr-3878	240	12	never	never	ADV
fsr-3878	240	13	seen	see	VERB
fsr-3878	240	14	forecasts	forecast	NOUN
fsr-3878	240	15	for	for	ADP
fsr-3878	240	16	such	such	ADJ
fsr-3878	240	17	long	long	ADJ
fsr-3878	240	18	periods	period	NOUN
fsr-3878	240	19	.	.	PUNCT
fsr-3878	241	1	we	we	PRON
fsr-3878	241	2	are	be	AUX
fsr-3878	241	3	dealing	deal	VERB
fsr-3878	241	4	with	with	ADP
fsr-3878	241	5	periods	period	NOUN
fsr-3878	241	6	that	that	PRON
fsr-3878	241	7	could	could	AUX
fsr-3878	241	8	be	be	AUX
fsr-3878	241	9	as	as	ADV
fsr-3878	241	10	much	much	ADJ
fsr-3878	241	11	as	as	ADP
fsr-3878	241	12	40	40	NUM
fsr-3878	241	13	years	year	NOUN
fsr-3878	241	14	(	(	PUNCT
fsr-3878	241	15	a	a	DET
fsr-3878	241	16	retiree	retiree	NOUN
fsr-3878	241	17	aged	aged	ADJ
fsr-3878	241	18	65	65	NUM
fsr-3878	241	19	living	live	VERB
fsr-3878	241	20	to	to	ADP
fsr-3878	241	21	the	the	DET
fsr-3878	241	22	age	age	NOUN
fsr-3878	241	23	of	of	ADP
fsr-3878	241	24	105	105	NUM
fsr-3878	241	25	)	)	PUNCT
fsr-3878	241	26	.	.	PUNCT
fsr-3878	242	1	historical	historical	ADJ
fsr-3878	242	2	data	datum	NOUN
fsr-3878	242	3	has	have	VERB
fsr-3878	242	4	the	the	DET
fsr-3878	242	5	advantage	advantage	NOUN
fsr-3878	242	6	that	that	SCONJ
fsr-3878	242	7	it	it	PRON
fsr-3878	242	8	is	be	AUX
fsr-3878	242	9	at	at	ADP
fsr-3878	242	10	least	least	ADJ
fsr-3878	242	11	objective	objective	ADJ
fsr-3878	242	12	.	.	PUNCT
fsr-3878	243	1	in	in	ADP
fsr-3878	243	2	addition	addition	NOUN
fsr-3878	243	3	,	,	PUNCT
fsr-3878	243	4	any	any	DET
fsr-3878	243	5	return	return	NOUN
fsr-3878	243	6	forecast	forecast	NOUN
fsr-3878	243	7	must	must	AUX
fsr-3878	243	8	be	be	AUX
fsr-3878	243	9	mathematically	mathematically	ADV
fsr-3878	243	10	consistent	consistent	ADJ
fsr-3878	243	11	with	with	ADP
fsr-3878	243	12	the	the	DET
fsr-3878	243	13	variance	variance	NOUN
fsr-3878	243	14	-	-	PUNCT
fsr-3878	243	15	covariance	covariance	NOUN
fsr-3878	243	16	matrix	matrix	NOUN
fsr-3878	243	17	,	,	PUNCT
fsr-3878	243	18	or	or	CCONJ
fsr-3878	243	19	the	the	DET
fsr-3878	243	20	results	result	NOUN
fsr-3878	243	21	from	from	ADP
fsr-3878	243	22	any	any	DET
fsr-3878	243	23	analysis	analysis	NOUN
fsr-3878	243	24	will	will	AUX
fsr-3878	243	25	be	be	AUX
fsr-3878	243	26	invalid	invalid	ADJ
fsr-3878	243	27	.	.	PUNCT
fsr-3878	244	1	there	there	PRON
fsr-3878	244	2	are	be	VERB
fsr-3878	244	3	other	other	ADJ
fsr-3878	244	4	limitations	limitation	NOUN
fsr-3878	244	5	that	that	PRON
fsr-3878	244	6	could	could	AUX
fsr-3878	244	7	perhaps	perhaps	ADV
fsr-3878	244	8	be	be	AUX
fsr-3878	244	9	overcome	overcome	VERB
fsr-3878	244	10	:	:	PUNCT
fsr-3878	244	11	●	●	PUNCT
fsr-3878	244	12	all	all	DET
fsr-3878	244	13	the	the	DET
fsr-3878	244	14	returns	return	NOUN
fsr-3878	244	15	are	be	AUX
fsr-3878	244	16	before	before	ADP
fsr-3878	244	17	transactions	transaction	NOUN
fsr-3878	244	18	costs	cost	NOUN
fsr-3878	244	19	.	.	PUNCT
fsr-3878	245	1	transactions	transaction	NOUN
fsr-3878	245	2	costs	cost	NOUN
fsr-3878	245	3	would	would	AUX
fsr-3878	245	4	reduce	reduce	VERB
fsr-3878	245	5	the	the	DET
fsr-3878	245	6	gross	gross	ADJ
fsr-3878	245	7	returns	return	NOUN
fsr-3878	245	8	of	of	ADP
fsr-3878	245	9	every	every	DET
fsr-3878	245	10	portfolio	portfolio	NOUN
fsr-3878	245	11	,	,	PUNCT
fsr-3878	245	12	but	but	CCONJ
fsr-3878	245	13	perhaps	perhaps	ADV
fsr-3878	245	14	not	not	PART
fsr-3878	245	15	by	by	ADP
fsr-3878	245	16	equal	equal	ADJ
fsr-3878	245	17	percentages	percentage	NOUN
fsr-3878	245	18	.	.	PUNCT
fsr-3878	246	1	22	22	NUM
fsr-3878	246	2	k.	k.	PROPN
fsr-3878	246	3	ho	ho	PROPN
fsr-3878	246	4	,	,	PUNCT
fsr-3878	246	5	m.a	m.a	PROPN
fsr-3878	246	6	.	.	PROPN
fsr-3878	246	7	milevsky	milevsky	PROPN
fsr-3878	246	8	/	/	SYM
fsr-3878	246	9	financial	financial	ADJ
fsr-3878	246	10	services	service	NOUN
fsr-3878	246	11	review	review	VERB
fsr-3878	246	12	8	8	NUM
fsr-3878	246	13	(	(	PUNCT
fsr-3878	246	14	1999	1999	NUM
fsr-3878	246	15	)	)	PUNCT
fsr-3878	247	1	11–25	11–25	NUM
fsr-3878	247	2	●	●	PUNCT
fsr-3878	247	3	all	all	DET
fsr-3878	247	4	returns	return	NOUN
fsr-3878	247	5	are	be	AUX
fsr-3878	247	6	before	before	ADP
fsr-3878	247	7	income	income	NOUN
fsr-3878	247	8	tax	tax	NOUN
fsr-3878	247	9	.	.	PUNCT
fsr-3878	248	1	taxes	taxis	NOUN
fsr-3878	248	2	have	have	VERB
fsr-3878	248	3	no	no	DET
fsr-3878	248	4	effect	effect	NOUN
fsr-3878	248	5	inside	inside	ADP
fsr-3878	248	6	sheltered	sheltered	ADJ
fsr-3878	248	7	retirement	retirement	NOUN
fsr-3878	248	8	portfolios	portfolio	NOUN
fsr-3878	248	9	(	(	PUNCT
fsr-3878	248	10	ira	ira	PROPN
fsr-3878	248	11	or	or	CCONJ
fsr-3878	248	12	401k	401k	NOUN
fsr-3878	248	13	in	in	ADP
fsr-3878	248	14	the	the	DET
fsr-3878	248	15	united	united	PROPN
fsr-3878	248	16	states	states	PROPN
fsr-3878	248	17	;	;	PUNCT
fsr-3878	248	18	rrsp	rrsp	PROPN
fsr-3878	248	19	and	and	CCONJ
fsr-3878	248	20	rrif	rrif	VERB
fsr-3878	248	21	in	in	ADP
fsr-3878	248	22	canada	canada	PROPN
fsr-3878	248	23	)	)	PUNCT
fsr-3878	248	24	.	.	PUNCT
fsr-3878	249	1	for	for	ADP
fsr-3878	249	2	investment	investment	NOUN
fsr-3878	249	3	outside	outside	ADP
fsr-3878	249	4	a	a	DET
fsr-3878	249	5	shelter	shelter	NOUN
fsr-3878	249	6	in	in	ADP
fsr-3878	249	7	canada	canada	PROPN
fsr-3878	249	8	,	,	PUNCT
fsr-3878	249	9	interest	interest	NOUN
fsr-3878	249	10	income	income	NOUN
fsr-3878	249	11	is	be	AUX
fsr-3878	249	12	taxed	tax	VERB
fsr-3878	249	13	at	at	ADP
fsr-3878	249	14	a	a	DET
fsr-3878	249	15	higher	high	ADJ
fsr-3878	249	16	rate	rate	NOUN
fsr-3878	249	17	than	than	ADP
fsr-3878	249	18	international	international	ADJ
fsr-3878	249	19	equity	equity	NOUN
fsr-3878	249	20	,	,	PUNCT
fsr-3878	249	21	which	which	PRON
fsr-3878	249	22	in	in	ADP
fsr-3878	249	23	turn	turn	NOUN
fsr-3878	249	24	is	be	AUX
fsr-3878	249	25	taxed	tax	VERB
fsr-3878	249	26	at	at	ADP
fsr-3878	249	27	a	a	DET
fsr-3878	249	28	higher	high	ADJ
fsr-3878	249	29	rate	rate	NOUN
fsr-3878	249	30	than	than	ADP
fsr-3878	249	31	canadian	canadian	ADJ
fsr-3878	249	32	equity	equity	NOUN
fsr-3878	249	33	.	.	PUNCT
fsr-3878	250	1	this	this	PRON
fsr-3878	250	2	would	would	AUX
fsr-3878	250	3	favour	favour	VERB
fsr-3878	250	4	domestic	domestic	ADJ
fsr-3878	250	5	equity	equity	NOUN
fsr-3878	250	6	even	even	ADV
fsr-3878	250	7	more	more	ADV
fsr-3878	250	8	strongly	strongly	ADV
fsr-3878	250	9	,	,	PUNCT
fsr-3878	250	10	but	but	CCONJ
fsr-3878	250	11	might	might	AUX
fsr-3878	250	12	reduce	reduce	VERB
fsr-3878	250	13	or	or	CCONJ
fsr-3878	250	14	even	even	ADV
fsr-3878	250	15	eliminate	eliminate	VERB
fsr-3878	250	16	the	the	DET
fsr-3878	250	17	benefit	benefit	NOUN
fsr-3878	250	18	of	of	ADP
fsr-3878	250	19	international	international	ADJ
fsr-3878	250	20	diversification	diversification	NOUN
fsr-3878	250	21	.	.	PUNCT
fsr-3878	251	1	while	while	SCONJ
fsr-3878	251	2	we	we	PRON
fsr-3878	251	3	do	do	AUX
fsr-3878	251	4	not	not	PART
fsr-3878	251	5	believe	believe	VERB
fsr-3878	251	6	that	that	SCONJ
fsr-3878	251	7	the	the	DET
fsr-3878	251	8	omission	omission	NOUN
fsr-3878	251	9	of	of	ADP
fsr-3878	251	10	transactions	transaction	NOUN
fsr-3878	251	11	costs	cost	NOUN
fsr-3878	251	12	and	and	CCONJ
fsr-3878	251	13	taxes	taxis	NOUN
fsr-3878	251	14	would	would	AUX
fsr-3878	251	15	change	change	VERB
fsr-3878	251	16	the	the	DET
fsr-3878	251	17	conclusions	conclusion	NOUN
fsr-3878	251	18	of	of	ADP
fsr-3878	251	19	the	the	DET
fsr-3878	251	20	paper	paper	NOUN
fsr-3878	251	21	,	,	PUNCT
fsr-3878	251	22	a	a	DET
fsr-3878	251	23	formal	formal	ADJ
fsr-3878	251	24	modelling	modelling	NOUN
fsr-3878	251	25	of	of	ADP
fsr-3878	251	26	these	these	DET
fsr-3878	251	27	two	two	NUM
fsr-3878	251	28	factors	factor	NOUN
fsr-3878	251	29	is	be	AUX
fsr-3878	251	30	the	the	DET
fsr-3878	251	31	obvious	obvious	ADJ
fsr-3878	251	32	direction	direction	NOUN
fsr-3878	251	33	for	for	ADP
fsr-3878	251	34	future	future	ADJ
fsr-3878	251	35	research	research	NOUN
fsr-3878	251	36	on	on	ADP
fsr-3878	251	37	this	this	DET
fsr-3878	251	38	question	question	NOUN
fsr-3878	251	39	.	.	PUNCT
fsr-3878	252	1	7	7	X
fsr-3878	252	2	.	.	X
fsr-3878	252	3	conclusion	conclusion	NOUN
fsr-3878	252	4	the	the	DET
fsr-3878	252	5	evidence	evidence	NOUN
fsr-3878	252	6	is	be	AUX
fsr-3878	252	7	very	very	ADV
fsr-3878	252	8	strong	strong	ADJ
fsr-3878	252	9	that	that	SCONJ
fsr-3878	252	10	international	international	ADJ
fsr-3878	252	11	equity	equity	NOUN
fsr-3878	252	12	diversification	diversification	NOUN
fsr-3878	252	13	reduces	reduce	VERB
fsr-3878	252	14	shortfall	shortfall	NOUN
fsr-3878	252	15	risk	risk	NOUN
fsr-3878	252	16	for	for	ADP
fsr-3878	252	17	canadians	canadian	NOUN
fsr-3878	252	18	significantly	significantly	ADV
fsr-3878	252	19	.	.	PUNCT
fsr-3878	253	1	it	it	PRON
fsr-3878	253	2	does	do	AUX
fsr-3878	253	3	not	not	PART
fsr-3878	253	4	appear	appear	VERB
fsr-3878	253	5	to	to	PART
fsr-3878	253	6	benefit	benefit	VERB
fsr-3878	253	7	americans	american	NOUN
fsr-3878	253	8	materially	materially	ADV
fsr-3878	253	9	,	,	PUNCT
fsr-3878	253	10	because	because	SCONJ
fsr-3878	253	11	their	their	PRON
fsr-3878	253	12	equity	equity	NOUN
fsr-3878	253	13	portfolio	portfolio	NOUN
fsr-3878	253	14	is	be	AUX
fsr-3878	253	15	already	already	ADV
fsr-3878	253	16	closely	closely	ADV
fsr-3878	253	17	-	-	PUNCT
fsr-3878	253	18	related	relate	VERB
fsr-3878	253	19	to	to	ADP
fsr-3878	253	20	the	the	DET
fsr-3878	253	21	international	international	ADJ
fsr-3878	253	22	equity	equity	NOUN
fsr-3878	253	23	portfolio	portfolio	NOUN
fsr-3878	253	24	.	.	PUNCT
fsr-3878	254	1	finally	finally	ADV
fsr-3878	254	2	,	,	PUNCT
fsr-3878	254	3	we	we	PRON
fsr-3878	254	4	note	note	VERB
fsr-3878	254	5	that	that	SCONJ
fsr-3878	254	6	our	our	PRON
fsr-3878	254	7	results	result	NOUN
fsr-3878	254	8	apply	apply	VERB
fsr-3878	254	9	to	to	ADP
fsr-3878	254	10	investors	investor	NOUN
fsr-3878	254	11	atomistically	atomistically	ADV
fsr-3878	254	12	in	in	ADP
fsr-3878	254	13	canada	canada	PROPN
fsr-3878	254	14	.	.	PUNCT
fsr-3878	255	1	if	if	SCONJ
fsr-3878	255	2	every	every	DET
fsr-3878	255	3	canadian	canadian	ADJ
fsr-3878	255	4	individual	individual	ADJ
fsr-3878	255	5	investor	investor	NOUN
fsr-3878	255	6	read	read	VERB
fsr-3878	255	7	this	this	DET
fsr-3878	255	8	paper	paper	NOUN
fsr-3878	255	9	and	and	CCONJ
fsr-3878	255	10	immediately	immediately	ADV
fsr-3878	255	11	shifted	shift	VERB
fsr-3878	255	12	his	his	PRON
fsr-3878	255	13	or	or	CCONJ
fsr-3878	255	14	her	her	PRON
fsr-3878	255	15	portfolios	portfolio	NOUN
fsr-3878	255	16	into	into	ADP
fsr-3878	255	17	international	international	ADJ
fsr-3878	255	18	equity	equity	NOUN
fsr-3878	255	19	,	,	PUNCT
fsr-3878	255	20	we	we	PRON
fsr-3878	255	21	have	have	VERB
fsr-3878	255	22	no	no	DET
fsr-3878	255	23	idea	idea	NOUN
fsr-3878	255	24	how	how	SCONJ
fsr-3878	255	25	much	much	ADJ
fsr-3878	255	26	effect	effect	NOUN
fsr-3878	255	27	that	that	PRON
fsr-3878	255	28	might	might	AUX
fsr-3878	255	29	have	have	VERB
fsr-3878	255	30	on	on	ADP
fsr-3878	255	31	canadian	canadian	ADJ
fsr-3878	255	32	markets	market	NOUN
fsr-3878	255	33	,	,	PUNCT
fsr-3878	255	34	if	if	SCONJ
fsr-3878	255	35	any	any	PRON
fsr-3878	255	36	.	.	PUNCT
fsr-3878	256	1	acknowledgments	acknowledgment	NOUN
fsr-3878	256	2	the	the	DET
fsr-3878	256	3	authors	author	NOUN
fsr-3878	256	4	thank	thank	VERB
fsr-3878	256	5	narine	narine	PROPN
fsr-3878	256	6	kaltakjian	kaltakjian	PROPN
fsr-3878	256	7	for	for	ADP
fsr-3878	256	8	research	research	NOUN
fsr-3878	256	9	assistance	assistance	NOUN
fsr-3878	256	10	,	,	PUNCT
fsr-3878	256	11	william	william	PROPN
fsr-3878	256	12	reichenstein	reichenstein	PROPN
fsr-3878	256	13	,	,	PUNCT
fsr-3878	256	14	steve	steve	PROPN
fsr-3878	256	15	krull	krull	PROPN
fsr-3878	256	16	and	and	CCONJ
fsr-3878	256	17	david	david	PROPN
fsr-3878	256	18	stangeland	stangeland	PROPN
fsr-3878	256	19	and	and	CCONJ
fsr-3878	256	20	participants	participant	NOUN
fsr-3878	256	21	at	at	ADP
fsr-3878	256	22	the	the	DET
fsr-3878	256	23	1997	1997	NUM
fsr-3878	256	24	asac	asac	NOUN
fsr-3878	256	25	and	and	CCONJ
fsr-3878	256	26	1998	1998	NUM
fsr-3878	256	27	afs	afs	NOUN
fsr-3878	256	28	conferences	conference	NOUN
fsr-3878	256	29	for	for	ADP
fsr-3878	256	30	helpful	helpful	ADJ
fsr-3878	256	31	comments	comment	NOUN
fsr-3878	256	32	,	,	PUNCT
fsr-3878	256	33	and	and	CCONJ
fsr-3878	256	34	scotia	scotia	PROPN
fsr-3878	256	35	mcleod	mcleod	PROPN
fsr-3878	256	36	inc	inc	PROPN
fsr-3878	256	37	.	.	PROPN
fsr-3878	256	38	and	and	CCONJ
fsr-3878	256	39	morgan	morgan	PROPN
fsr-3878	256	40	stanley	stanley	PROPN
fsr-3878	256	41	capital	capital	PROPN
fsr-3878	256	42	international	international	PROPN
fsr-3878	256	43	inc	inc	PROPN
fsr-3878	256	44	.	.	PROPN
fsr-3878	256	45	for	for	ADP
fsr-3878	256	46	providing	provide	VERB
fsr-3878	256	47	the	the	DET
fsr-3878	256	48	raw	raw	ADJ
fsr-3878	256	49	returns	return	NOUN
fsr-3878	256	50	from	from	ADP
fsr-3878	256	51	which	which	PRON
fsr-3878	256	52	the	the	DET
fsr-3878	256	53	return	return	NOUN
fsr-3878	256	54	distributions	distribution	NOUN
fsr-3878	256	55	are	be	AUX
fsr-3878	256	56	calculated	calculate	VERB
fsr-3878	256	57	.	.	PUNCT
fsr-3878	257	1	appendix	appendix	NOUN
fsr-3878	257	2	:	:	PUNCT
fsr-3878	257	3	derivation	derivation	NOUN
fsr-3878	257	4	of	of	ADP
fsr-3878	257	5	the	the	DET
fsr-3878	257	6	probability	probability	NOUN
fsr-3878	257	7	of	of	ADP
fsr-3878	257	8	shortfall	shortfall	NOUN
fsr-3878	257	9	the	the	DET
fsr-3878	257	10	probability	probability	NOUN
fsr-3878	257	11	of	of	ADP
fsr-3878	257	12	shortfall	shortfall	NOUN
fsr-3878	257	13	(	(	PUNCT
fsr-3878	257	14	ruin	ruin	NOUN
fsr-3878	257	15	)	)	PUNCT
fsr-3878	257	16	is	be	AUX
fsr-3878	257	17	derived	derive	VERB
fsr-3878	257	18	in	in	ADP
fsr-3878	257	19	milevsky	milevsky	NOUN
fsr-3878	257	20	and	and	CCONJ
fsr-3878	257	21	robinson	robinson	PROPN
fsr-3878	257	22	(	(	PUNCT
fsr-3878	257	23	1999	1999	NUM
fsr-3878	257	24	)	)	PUNCT
fsr-3878	257	25	.	.	PUNCT
fsr-3878	258	1	however	however	ADV
fsr-3878	258	2	,	,	PUNCT
fsr-3878	258	3	for	for	ADP
fsr-3878	258	4	the	the	DET
fsr-3878	258	5	sake	sake	NOUN
fsr-3878	258	6	of	of	ADP
fsr-3878	258	7	completeness	completeness	NOUN
fsr-3878	258	8	,	,	PUNCT
fsr-3878	258	9	we	we	PRON
fsr-3878	258	10	reproduce	reproduce	VERB
fsr-3878	258	11	here	here	ADV
fsr-3878	258	12	the	the	DET
fsr-3878	258	13	formula	formula	NOUN
fsr-3878	258	14	and	and	CCONJ
fsr-3878	258	15	refer	refer	VERB
fsr-3878	258	16	the	the	DET
fsr-3878	258	17	interested	interested	ADJ
fsr-3878	258	18	reader	reader	NOUN
fsr-3878	258	19	to	to	ADP
fsr-3878	258	20	the	the	DET
fsr-3878	258	21	above	above	ADV
fsr-3878	258	22	-	-	PUNCT
fsr-3878	258	23	referenced	reference	VERB
fsr-3878	258	24	paper	paper	NOUN
fsr-3878	258	25	.	.	PUNCT
fsr-3878	259	1	(	(	PUNCT
fsr-3878	259	2	also	also	ADV
fsr-3878	259	3	available	available	ADJ
fsr-3878	259	4	for	for	ADP
fsr-3878	259	5	download	download	NOUN
fsr-3878	259	6	at	at	ADP
fsr-3878	259	7	the	the	DET
fsr-3878	259	8	website	website	NOUN
fsr-3878	259	9	:	:	PUNCT
fsr-3878	259	10	www.yorku.ca/	www.yorku.ca/	ADJ
fsr-3878	259	11	academics	academic	NOUN
fsr-3878	259	12	/	/	SYM
fsr-3878	259	13	milevsky	milevsky	NOUN
fsr-3878	259	14	)	)	PUNCT
fsr-3878	259	15	the	the	DET
fsr-3878	259	16	probability	probability	NOUN
fsr-3878	259	17	is	be	AUX
fsr-3878	259	18	computed	compute	VERB
fsr-3878	259	19	in	in	ADP
fsr-3878	259	20	three	three	NUM
fsr-3878	259	21	stages	stage	NOUN
fsr-3878	259	22	.	.	PUNCT
fsr-3878	260	1	first	first	ADV
fsr-3878	260	2	,	,	PUNCT
fsr-3878	260	3	we	we	PRON
fsr-3878	260	4	must	must	AUX
fsr-3878	260	5	compute	compute	VERB
fsr-3878	260	6	the	the	DET
fsr-3878	260	7	present	present	ADJ
fsr-3878	260	8	value	value	NOUN
fsr-3878	260	9	of	of	ADP
fsr-3878	260	10	a	a	DET
fsr-3878	260	11	life	life	NOUN
fsr-3878	260	12	annuity	annuity	NOUN
fsr-3878	260	13	,	,	PUNCT
fsr-3878	260	14	denoted	denote	VERB
fsr-3878	260	15	bya(x	bya(x	PROPN
fsr-3878	260	16	)	)	PUNCT
fsr-3878	260	17	,	,	PUNCT
fsr-3878	260	18	where	where	SCONJ
fsr-3878	260	19	the	the	DET
fsr-3878	260	20	discounting	discounting	NOUN
fsr-3878	260	21	is	be	AUX
fsr-3878	260	22	done	do	VERB
fsr-3878	260	23	at	at	ADP
fsr-3878	260	24	the	the	DET
fsr-3878	260	25	rate	rate	NOUN
fsr-3878	260	26	ofx	ofx	NOUN
fsr-3878	260	27	.	.	PUNCT
fsr-3878	261	1	this	this	DET
fsr-3878	261	2	calculation	calculation	NOUN
fsr-3878	261	3	must	must	AUX
fsr-3878	261	4	be	be	AUX
fsr-3878	261	5	conducted	conduct	VERB
fsr-3878	261	6	using	use	VERB
fsr-3878	261	7	the	the	DET
fsr-3878	261	8	appropriate	appropriate	ADJ
fsr-3878	261	9	insurance	insurance	NOUN
fsr-3878	261	10	mortality	mortality	NOUN
fsr-3878	261	11	table	table	NOUN
fsr-3878	261	12	.	.	PUNCT
fsr-3878	262	1	we	we	PRON
fsr-3878	262	2	then	then	ADV
fsr-3878	262	3	define	define	VERB
fsr-3878	262	4	the	the	DET
fsr-3878	262	5	two	two	NUM
fsr-3878	262	6	new	new	ADJ
fsr-3878	262	7	variables	variable	NOUN
fsr-3878	262	8	:	:	PUNCT
fsr-3878	262	9	m1	m1	NOUN
fsr-3878	262	10	5	5	NUM
fsr-3878	262	11	a	a	DET
fsr-3878	262	12	~	~	NOUN
fsr-3878	262	13	m	m	ADJ
fsr-3878	262	14	2	2	NUM
fsr-3878	262	15	s2	s2	NOUN
fsr-3878	262	16	!	!	PROPN
fsr-3878	262	17	,	,	PUNCT
fsr-3878	262	18	m2	m2	PROPN
fsr-3878	262	19	5	5	NUM
fsr-3878	262	20	a	a	DET
fsr-3878	262	21	~	~	NOUN
fsr-3878	262	22	m	m	ADJ
fsr-3878	262	23	2	2	NUM
fsr-3878	262	24	s2	s2	NOUN
fsr-3878	262	25	!	!	PUNCT
fsr-3878	263	1	2	2	NUM
fsr-3878	263	2	a~2	a~2	NUM
fsr-3878	263	3	m	m	VERB
fsr-3878	263	4	2	2	NUM
fsr-3878	263	5	3s2	3s2	NUM
fsr-3878	263	6	!	!	PUNCT
fsr-3878	264	1	m	m	VERB
fsr-3878	264	2	2	2	NUM
fsr-3878	264	3	2	2	NUM
fsr-3878	264	4	s2	s2	NOUN
fsr-3878	264	5	(	(	PUNCT
fsr-3878	264	6	1	1	NUM
fsr-3878	264	7	)	)	PUNCT
fsr-3878	264	8	23k	23k	NOUN
fsr-3878	264	9	.	.	PUNCT
fsr-3878	265	1	ho	ho	PROPN
fsr-3878	265	2	,	,	PUNCT
fsr-3878	265	3	m.a	m.a	PROPN
fsr-3878	265	4	.	.	PROPN
fsr-3878	265	5	milevsky	milevsky	PROPN
fsr-3878	265	6	/	/	SYM
fsr-3878	265	7	financial	financial	ADJ
fsr-3878	265	8	services	service	NOUN
fsr-3878	265	9	review	review	VERB
fsr-3878	265	10	8	8	NUM
fsr-3878	265	11	(	(	PUNCT
fsr-3878	265	12	1999	1999	NUM
fsr-3878	265	13	)	)	PUNCT
fsr-3878	265	14	11–25	11–25	NUM
fsr-3878	265	15	wherem	wherem	NOUN
fsr-3878	265	16	,	,	PUNCT
fsr-3878	265	17	s	s	VERB
fsr-3878	265	18	are	be	AUX
fsr-3878	265	19	the	the	DET
fsr-3878	265	20	portfolio	portfolio	NOUN
fsr-3878	265	21	mean	mean	ADJ
fsr-3878	265	22	and	and	CCONJ
fsr-3878	265	23	standard	standard	ADJ
fsr-3878	265	24	deviation	deviation	NOUN
fsr-3878	265	25	respectively	respectively	ADV
fsr-3878	265	26	.	.	PUNCT
fsr-3878	266	1	the	the	DET
fsr-3878	266	2	technical	technical	ADJ
fsr-3878	266	3	term	term	NOUN
fsr-3878	266	4	for	for	ADP
fsr-3878	266	5	these	these	DET
fsr-3878	266	6	quantities	quantity	NOUN
fsr-3878	266	7	is	be	AUX
fsr-3878	266	8	the	the	DET
fsr-3878	266	9	first	first	ADJ
fsr-3878	266	10	and	and	CCONJ
fsr-3878	266	11	second	second	ADJ
fsr-3878	266	12	moment	moment	NOUN
fsr-3878	266	13	of	of	ADP
fsr-3878	266	14	the	the	DET
fsr-3878	266	15	stochastic	stochastic	ADJ
fsr-3878	266	16	present	present	ADJ
fsr-3878	266	17	value	value	NOUN
fsr-3878	266	18	.	.	PUNCT
fsr-3878	267	1	the	the	DET
fsr-3878	267	2	next	next	ADJ
fsr-3878	267	3	step	step	NOUN
fsr-3878	267	4	is	be	AUX
fsr-3878	267	5	to	to	PART
fsr-3878	267	6	compute	compute	VERB
fsr-3878	267	7	:	:	PUNCT
fsr-3878	267	8	a	a	DET
fsr-3878	267	9	5	5	NUM
fsr-3878	267	10	2m2	2m2	NUM
fsr-3878	267	11	2	2	NUM
fsr-3878	267	12	m1	m1	NOUN
fsr-3878	267	13	2	2	NUM
fsr-3878	267	14	m2	m2	PROPN
fsr-3878	267	15	2	2	NUM
fsr-3878	267	16	m1	m1	PROPN
fsr-3878	267	17	2	2	NUM
fsr-3878	267	18	,	,	PUNCT
fsr-3878	267	19	b	b	PROPN
fsr-3878	267	20	5	5	NUM
fsr-3878	267	21	m2	m2	PROPN
fsr-3878	267	22	2	2	NUM
fsr-3878	267	23	m1	m1	PROPN
fsr-3878	267	24	2	2	NUM
fsr-3878	267	25	m2m1	m2m1	X
fsr-3878	267	26	(	(	PUNCT
fsr-3878	267	27	2	2	NUM
fsr-3878	267	28	)	)	PUNCT
fsr-3878	267	29	finally	finally	ADV
fsr-3878	267	30	,	,	PUNCT
fsr-3878	267	31	the	the	DET
fsr-3878	267	32	probability	probability	NOUN
fsr-3878	267	33	of	of	ADP
fsr-3878	267	34	shortfall	shortfall	NOUN
fsr-3878	267	35	is	be	AUX
fsr-3878	267	36	:	:	PUNCT
fsr-3878	267	37	p	p	X
fsr-3878	267	38	~	~	NOUN
fsr-3878	267	39	ruin	ruin	NOUN
fsr-3878	267	40	!	!	PUNCT
fsr-3878	268	1	<	<	X
fsr-3878	269	1	gs	gs	X
fsr-3878	269	2	c	c	NOUN
fsr-3878	269	3	w	w	PROPN
fsr-3878	269	4	u	u	PROPN
fsr-3878	269	5	a	a	PROPN
fsr-3878	269	6	,	,	PUNCT
fsr-3878	269	7	bd	bd	PROPN
fsr-3878	269	8	(	(	PUNCT
fsr-3878	269	9	3	3	NUM
fsr-3878	269	10	)	)	PUNCT
fsr-3878	269	11	where	where	SCONJ
fsr-3878	269	12	c	c	X
fsr-3878	269	13	/	/	SYM
fsr-3878	269	14	w	w	PROPN
fsr-3878	269	15	is	be	AUX
fsr-3878	269	16	the	the	DET
fsr-3878	269	17	consumption	consumption	NOUN
fsr-3878	269	18	to	to	ADP
fsr-3878	269	19	wealth	wealth	NOUN
fsr-3878	269	20	ratio	ratio	NOUN
fsr-3878	269	21	,	,	PUNCT
fsr-3878	269	22	and	and	CCONJ
fsr-3878	269	23	theg(yua	theg(yua	NOUN
fsr-3878	269	24	,	,	PUNCT
fsr-3878	269	25	b	b	NOUN
fsr-3878	269	26	)	)	PUNCT
fsr-3878	269	27	,	,	PUNCT
fsr-3878	269	28	denotes	denote	VERB
fsr-3878	269	29	the	the	DET
fsr-3878	269	30	cumulative	cumulative	ADJ
fsr-3878	269	31	distribution	distribution	NOUN
fsr-3878	269	32	function	function	NOUN
fsr-3878	269	33	(	(	PUNCT
fsr-3878	269	34	cdf	cdf	PROPN
fsr-3878	269	35	)	)	PUNCT
fsr-3878	269	36	of	of	ADP
fsr-3878	269	37	the	the	DET
fsr-3878	269	38	gamma	gamma	NOUN
fsr-3878	269	39	random	random	ADJ
fsr-3878	269	40	variable	variable	NOUN
fsr-3878	269	41	.	.	PUNCT
fsr-3878	270	1	this	this	DET
fsr-3878	270	2	function	function	NOUN
fsr-3878	270	3	is	be	AUX
fsr-3878	270	4	readily	readily	ADV
fsr-3878	270	5	available	available	ADJ
fsr-3878	270	6	in	in	ADP
fsr-3878	270	7	all	all	DET
fsr-3878	270	8	commercial	commercial	ADJ
fsr-3878	270	9	spreadsheets	spreadsheet	NOUN
fsr-3878	270	10	such	such	ADJ
fsr-3878	270	11	as	as	ADP
fsr-3878	270	12	excel	excel	NOUN
fsr-3878	270	13	or	or	CCONJ
fsr-3878	270	14	lotus	lotus	PROPN
fsr-3878	270	15	and	and	CCONJ
fsr-3878	270	16	can	can	AUX
fsr-3878	270	17	be	be	AUX
fsr-3878	270	18	easily	easily	ADV
fsr-3878	270	19	implemented	implement	VERB
fsr-3878	270	20	in	in	ADP
fsr-3878	270	21	practice	practice	NOUN
fsr-3878	270	22	.	.	PUNCT
fsr-3878	271	1	in	in	ADP
fsr-3878	271	2	fact	fact	NOUN
fsr-3878	271	3	,	,	PUNCT
fsr-3878	271	4	the	the	DET
fsr-3878	271	5	g	g	NOUN
fsr-3878	271	6	(	(	PUNCT
fsr-3878	271	7	.	.	PUNCT
fsr-3878	271	8	)	)	PUNCT
fsr-3878	271	9	term	term	NOUN
fsr-3878	271	10	is	be	AUX
fsr-3878	271	11	quite	quite	ADV
fsr-3878	271	12	similar	similar	ADJ
fsr-3878	271	13	to	to	ADP
fsr-3878	271	14	the	the	DET
fsr-3878	271	15	n	n	X
fsr-3878	271	16	(	(	PUNCT
fsr-3878	271	17	.	.	PUNCT
fsr-3878	271	18	)	)	PUNCT
fsr-3878	272	1	function	function	NOUN
fsr-3878	272	2	,	,	PUNCT
fsr-3878	272	3	which	which	PRON
fsr-3878	272	4	should	should	AUX
fsr-3878	272	5	be	be	AUX
fsr-3878	272	6	well	well	ADV
fsr-3878	272	7	known	known	ADJ
fsr-3878	272	8	to	to	ADP
fsr-3878	272	9	the	the	DET
fsr-3878	272	10	users	user	NOUN
fsr-3878	272	11	of	of	ADP
fsr-3878	272	12	the	the	DET
fsr-3878	272	13	black	black	ADJ
fsr-3878	272	14	-	-	PUNCT
fsr-3878	272	15	scholes	schole	NOUN
fsr-3878	272	16	equation	equation	NOUN
fsr-3878	272	17	.	.	PUNCT
fsr-3878	273	1	where	where	SCONJ
fsr-3878	273	2	n	n	CCONJ
fsr-3878	273	3	(	(	PUNCT
fsr-3878	273	4	.	.	PUNCT
fsr-3878	273	5	)	)	PUNCT
fsr-3878	273	6	represents	represent	VERB
fsr-3878	273	7	the	the	DET
fsr-3878	273	8	area	area	NOUN
fsr-3878	273	9	-	-	PUNCT
fsr-3878	273	10	underthe	underthe	NOUN
fsr-3878	273	11	-	-	PUNCT
fsr-3878	273	12	curve	curve	NOUN
fsr-3878	273	13	for	for	ADP
fsr-3878	273	14	the	the	DET
fsr-3878	273	15	standard	standard	ADJ
fsr-3878	273	16	normal	normal	ADJ
fsr-3878	273	17	distribution	distribution	NOUN
fsr-3878	273	18	,	,	PUNCT
fsr-3878	273	19	g	g	PROPN
fsr-3878	273	20	(	(	PUNCT
fsr-3878	273	21	.	.	PUNCT
fsr-3878	273	22	)	)	PUNCT
fsr-3878	273	23	represents	represent	VERB
fsr-3878	273	24	the	the	DET
fsr-3878	273	25	same	same	ADJ
fsr-3878	273	26	concept	concept	NOUN
fsr-3878	273	27	for	for	ADP
fsr-3878	273	28	the	the	DET
fsr-3878	273	29	gamma	gamma	NOUN
fsr-3878	273	30	distribution	distribution	NOUN
fsr-3878	273	31	.	.	PUNCT
fsr-3878	274	1	in	in	ADP
fsr-3878	274	2	our	our	PRON
fsr-3878	274	3	case	case	NOUN
fsr-3878	274	4	,	,	PUNCT
fsr-3878	274	5	the	the	DET
fsr-3878	274	6	gamma	gamma	NOUN
fsr-3878	274	7	density	density	NOUN
fsr-3878	274	8	is	be	AUX
fsr-3878	274	9	parameterized	parameterize	VERB
fsr-3878	274	10	by	by	ADP
fsr-3878	274	11	two	two	NUM
fsr-3878	274	12	variables	variable	NOUN
fsr-3878	274	13	(	(	PUNCT
fsr-3878	274	14	similar	similar	ADJ
fsr-3878	274	15	to	to	ADP
fsr-3878	274	16	a	a	DET
fsr-3878	274	17	mean	mean	NOUN
fsr-3878	274	18	and	and	CCONJ
fsr-3878	274	19	variance	variance	NOUN
fsr-3878	274	20	)	)	PUNCT
fsr-3878	274	21	,	,	PUNCT
fsr-3878	274	22	which	which	PRON
fsr-3878	274	23	we	we	PRON
fsr-3878	274	24	denote	denote	VERB
fsr-3878	274	25	by	by	ADP
fsr-3878	274	26	the	the	DET
fsr-3878	274	27	greek	greek	ADJ
fsr-3878	274	28	letters	letter	NOUN
fsr-3878	274	29	alpha	alpha	NOUN
fsr-3878	274	30	and	and	CCONJ
fsr-3878	274	31	beta	beta	NOUN
fsr-3878	274	32	.	.	PUNCT
fsr-3878	275	1	the	the	DET
fsr-3878	275	2	gamma	gamma	NOUN
fsr-3878	275	3	distribution	distribution	NOUN
fsr-3878	275	4	can	can	AUX
fsr-3878	275	5	take	take	VERB
fsr-3878	275	6	on	on	ADP
fsr-3878	275	7	only	only	ADV
fsr-3878	275	8	positive	positive	ADJ
fsr-3878	275	9	values	value	NOUN
fsr-3878	275	10	and	and	CCONJ
fsr-3878	275	11	can	can	AUX
fsr-3878	275	12	be	be	AUX
fsr-3878	275	13	implemented	implement	VERB
fsr-3878	275	14	also	also	ADV
fsr-3878	275	15	in	in	ADP
fsr-3878	275	16	terms	term	NOUN
fsr-3878	275	17	of	of	ADP
fsr-3878	275	18	the	the	DET
fsr-3878	275	19	chi	chi	ADJ
fsr-3878	275	20	-	-	PUNCT
fsr-3878	275	21	square	square	ADJ
fsr-3878	275	22	distribution	distribution	NOUN
fsr-3878	275	23	.	.	PUNCT
fsr-3878	276	1	once	once	ADV
fsr-3878	276	2	again	again	ADV
fsr-3878	276	3	,	,	PUNCT
fsr-3878	276	4	from	from	ADP
fsr-3878	276	5	a	a	DET
fsr-3878	276	6	slightly	slightly	ADV
fsr-3878	276	7	more	more	ADV
fsr-3878	276	8	technical	technical	ADJ
fsr-3878	276	9	perspective	perspective	NOUN
fsr-3878	276	10	,	,	PUNCT
fsr-3878	276	11	the	the	DET
fsr-3878	276	12	inverse	inverse	NOUN
fsr-3878	276	13	of	of	ADP
fsr-3878	276	14	the	the	DET
fsr-3878	276	15	stochastic	stochastic	ADJ
fsr-3878	276	16	present	present	ADJ
fsr-3878	276	17	value	value	NOUN
fsr-3878	276	18	(	(	PUNCT
fsr-3878	276	19	spv	spv	PROPN
fsr-3878	276	20	)	)	PUNCT
fsr-3878	276	21	of	of	ADP
fsr-3878	276	22	lifetime	lifetime	NOUN
fsr-3878	276	23	consumption	consumption	NOUN
fsr-3878	276	24	is	be	AUX
fsr-3878	276	25	taken	take	VERB
fsr-3878	276	26	to	to	PART
fsr-3878	276	27	be	be	AUX
fsr-3878	276	28	gamma	gamma	NOUN
fsr-3878	276	29	-	-	PUNCT
fsr-3878	276	30	distributed	distribute	VERB
fsr-3878	276	31	.	.	PUNCT
fsr-3878	277	1	therefore	therefore	ADV
fsr-3878	277	2	,	,	PUNCT
fsr-3878	277	3	the	the	DET
fsr-3878	277	4	probability	probability	NOUN
fsr-3878	277	5	of	of	ADP
fsr-3878	277	6	ruin	ruin	NOUN
fsr-3878	277	7	is	be	AUX
fsr-3878	277	8	the	the	DET
fsr-3878	277	9	probability	probability	NOUN
fsr-3878	277	10	that	that	SCONJ
fsr-3878	277	11	the	the	DET
fsr-3878	277	12	spv	spv	NOUN
fsr-3878	277	13	is	be	AUX
fsr-3878	277	14	greater	great	ADJ
fsr-3878	277	15	than	than	ADP
fsr-3878	277	16	the	the	DET
fsr-3878	277	17	initial	initial	ADJ
fsr-3878	277	18	wealth	wealth	NOUN
fsr-3878	277	19	that	that	PRON
fsr-3878	277	20	is	be	AUX
fsr-3878	277	21	available	available	ADJ
fsr-3878	277	22	to	to	PART
fsr-3878	277	23	support	support	VERB
fsr-3878	277	24	the	the	DET
fsr-3878	277	25	consumption	consumption	NOUN
fsr-3878	277	26	.	.	PUNCT
fsr-3878	278	1	it	it	PRON
fsr-3878	278	2	is	be	AUX
fsr-3878	278	3	important	important	ADJ
fsr-3878	278	4	to	to	PART
fsr-3878	278	5	note	note	VERB
fsr-3878	278	6	that	that	SCONJ
fsr-3878	278	7	the	the	DET
fsr-3878	278	8	above	above	ADJ
fsr-3878	278	9	formula	formula	NOUN
fsr-3878	278	10	is	be	AUX
fsr-3878	278	11	only	only	ADV
fsr-3878	278	12	anapproximation	anapproximation	NOUN
fsr-3878	278	13	to	to	ADP
fsr-3878	278	14	the	the	DET
fsr-3878	278	15	true	true	ADJ
fsr-3878	278	16	probability	probability	NOUN
fsr-3878	278	17	of	of	ADP
fsr-3878	278	18	shortfall	shortfall	NOUN
fsr-3878	278	19	.	.	PUNCT
fsr-3878	279	1	the	the	DET
fsr-3878	279	2	exact	exact	ADJ
fsr-3878	279	3	expression	expression	NOUN
fsr-3878	279	4	can	can	AUX
fsr-3878	279	5	not	not	PART
fsr-3878	279	6	be	be	AUX
fsr-3878	279	7	obtained	obtain	VERB
fsr-3878	279	8	analytically	analytically	ADV
fsr-3878	279	9	—	—	PUNCT
fsr-3878	279	10	to	to	ADP
fsr-3878	279	11	the	the	DET
fsr-3878	279	12	best	good	ADJ
fsr-3878	279	13	of	of	ADP
fsr-3878	279	14	the	the	DET
fsr-3878	279	15	authors	author	NOUN
fsr-3878	279	16	’	'	PUNCT
fsr-3878	279	17	knowledge	knowledge	NOUN
fsr-3878	279	18	.	.	PUNCT
fsr-3878	280	1	however	however	ADV
fsr-3878	280	2	,	,	PUNCT
fsr-3878	280	3	the	the	DET
fsr-3878	280	4	approximation	approximation	NOUN
fsr-3878	280	5	is	be	AUX
fsr-3878	280	6	quite	quite	ADV
fsr-3878	280	7	accurate	accurate	ADJ
fsr-3878	280	8	when	when	SCONJ
fsr-3878	280	9	benchmarked	benchmarke	VERB
fsr-3878	280	10	against	against	ADP
fsr-3878	280	11	monte	monte	PROPN
fsr-3878	280	12	carlo	carlo	PROPN
fsr-3878	280	13	simulations	simulation	NOUN
fsr-3878	280	14	.	.	PUNCT
fsr-3878	281	1	furthermore	furthermore	ADV
fsr-3878	281	2	,	,	PUNCT
fsr-3878	281	3	one	one	PRON
fsr-3878	281	4	can	can	AUX
fsr-3878	281	5	actually	actually	ADV
fsr-3878	281	6	demonstrate	demonstrate	VERB
fsr-3878	281	7	that	that	SCONJ
fsr-3878	281	8	as	as	ADP
fsr-3878	281	9	the	the	DET
fsr-3878	281	10	time	time	NOUN
fsr-3878	281	11	horizon	horizon	NOUN
fsr-3878	281	12	of	of	ADP
fsr-3878	281	13	the	the	DET
fsr-3878	281	14	investor	investor	NOUN
fsr-3878	281	15	increases	increase	NOUN
fsr-3878	281	16	,	,	PUNCT
fsr-3878	281	17	the	the	DET
fsr-3878	281	18	expression	expression	NOUN
fsr-3878	281	19	actuallyconvergesto	actuallyconvergesto	VERB
fsr-3878	281	20	the	the	DET
fsr-3878	281	21	true	true	ADJ
fsr-3878	281	22	probability	probability	NOUN
fsr-3878	281	23	of	of	ADP
fsr-3878	281	24	ruin	ruin	NOUN
fsr-3878	281	25	.	.	PUNCT
fsr-3878	282	1	we	we	PRON
fsr-3878	282	2	refer	refer	VERB
fsr-3878	282	3	the	the	DET
fsr-3878	282	4	interested	interested	ADJ
fsr-3878	282	5	reader	reader	NOUN
fsr-3878	282	6	to	to	PART
fsr-3878	282	7	milevsky	milevsky	VERB
fsr-3878	282	8	and	and	CCONJ
fsr-3878	282	9	robinson	robinson	PROPN
fsr-3878	282	10	(	(	PUNCT
fsr-3878	282	11	1999	1999	NUM
fsr-3878	282	12	)	)	PUNCT
fsr-3878	282	13	.	.	PUNCT
fsr-3878	283	1	references	reference	NOUN
fsr-3878	283	2	adler	adler	PROPN
fsr-3878	283	3	,	,	PUNCT
fsr-3878	283	4	m.	m.	PROPN
fsr-3878	283	5	&	&	CCONJ
fsr-3878	283	6	dumas	dumas	PROPN
fsr-3878	283	7	,	,	PUNCT
fsr-3878	283	8	b.	b.	PROPN
fsr-3878	283	9	(	(	PUNCT
fsr-3878	283	10	1983	1983	NUM
fsr-3878	283	11	)	)	PUNCT
fsr-3878	283	12	.	.	PUNCT
fsr-3878	284	1	international	international	ADJ
fsr-3878	284	2	portfolio	portfolio	NOUN
fsr-3878	284	3	choice	choice	NOUN
fsr-3878	284	4	and	and	CCONJ
fsr-3878	284	5	corporation	corporation	NOUN
fsr-3878	284	6	finance	finance	NOUN
fsr-3878	284	7	:	:	PUNCT
fsr-3878	284	8	a	a	DET
fsr-3878	284	9	synthesis.j	synthesis.j	NOUN
fsr-3878	284	10	finance	finance	NOUN
fsr-3878	284	11	,	,	PUNCT
fsr-3878	284	12	43	43	NUM
fsr-3878	284	13	,	,	PUNCT
fsr-3878	284	14	925–984	925–984	NUM
fsr-3878	284	15	.	.	PUNCT
fsr-3878	285	1	bailey	bailey	PROPN
fsr-3878	285	2	,	,	PUNCT
fsr-3878	285	3	w.	w.	PROPN
fsr-3878	285	4	&	&	CCONJ
fsr-3878	285	5	stulz	stulz	PROPN
fsr-3878	285	6	,	,	PUNCT
fsr-3878	285	7	r.	r.	PROPN
fsr-3878	285	8	(	(	PUNCT
fsr-3878	285	9	1990	1990	NUM
fsr-3878	285	10	)	)	PUNCT
fsr-3878	285	11	.	.	PUNCT
fsr-3878	286	1	benefits	benefit	NOUN
fsr-3878	286	2	of	of	ADP
fsr-3878	286	3	international	international	ADJ
fsr-3878	286	4	diversification	diversification	NOUN
fsr-3878	286	5	:	:	PUNCT
fsr-3878	286	6	the	the	DET
fsr-3878	286	7	case	case	NOUN
fsr-3878	286	8	of	of	ADP
fsr-3878	286	9	the	the	DET
fsr-3878	286	10	pacific	pacific	PROPN
fsr-3878	286	11	basin	basin	PROPN
fsr-3878	286	12	stock	stock	PROPN
fsr-3878	286	13	markets.j	markets.j	PROPN
fsr-3878	286	14	portfolio	portfolio	NOUN
fsr-3878	286	15	management	management	NOUN
fsr-3878	286	16	16	16	NUM
fsr-3878	286	17	,	,	PUNCT
fsr-3878	286	18	57–61	57–61	NUM
fsr-3878	286	19	.	.	PUNCT
fsr-3878	287	1	cosset	cosset	PROPN
fsr-3878	287	2	,	,	PUNCT
fsr-3878	287	3	j.	j.	PROPN
fsr-3878	287	4	&	&	CCONJ
fsr-3878	287	5	suret	suret	PROPN
fsr-3878	287	6	,	,	PUNCT
fsr-3878	287	7	j.	j.	PROPN
fsr-3878	287	8	(	(	PUNCT
fsr-3878	287	9	1995	1995	NUM
fsr-3878	287	10	)	)	PUNCT
fsr-3878	287	11	.	.	PUNCT
fsr-3878	288	1	political	political	ADJ
fsr-3878	288	2	risk	risk	NOUN
fsr-3878	288	3	and	and	CCONJ
fsr-3878	288	4	the	the	DET
fsr-3878	288	5	benefits	benefit	NOUN
fsr-3878	288	6	of	of	ADP
fsr-3878	288	7	international	international	ADJ
fsr-3878	288	8	portfolio	portfolio	NOUN
fsr-3878	288	9	diversification.j	diversification.j	PROPN
fsr-3878	288	10	int	int	NOUN
fsr-3878	288	11	business	business	NOUN
fsr-3878	288	12	stud	stud	NOUN
fsr-3878	288	13	,	,	PUNCT
fsr-3878	288	14	26(2	26(2	NUM
fsr-3878	288	15	)	)	PUNCT
fsr-3878	288	16	,	,	PUNCT
fsr-3878	288	17	301–318	301–318	NUM
fsr-3878	288	18	.	.	PUNCT
fsr-3878	289	1	errunza	errunza	ADJ
fsr-3878	289	2	,	,	PUNCT
fsr-3878	289	3	v.	v.	PROPN
fsr-3878	289	4	(	(	PUNCT
fsr-3878	289	5	1977	1977	NUM
fsr-3878	289	6	)	)	PUNCT
fsr-3878	289	7	.	.	PUNCT
fsr-3878	290	1	gains	gain	NOUN
fsr-3878	290	2	from	from	ADP
fsr-3878	290	3	portfolio	portfolio	NOUN
fsr-3878	290	4	diversification	diversification	NOUN
fsr-3878	290	5	into	into	ADP
fsr-3878	290	6	less	less	ADJ
fsr-3878	290	7	developed	develop	VERB
fsr-3878	290	8	countries	country	NOUN
fsr-3878	290	9	’	'	PUNCT
fsr-3878	290	10	securities.j	securities.j	PROPN
fsr-3878	290	11	int	int	NOUN
fsr-3878	290	12	business	business	NOUN
fsr-3878	290	13	stud	stud	NOUN
fsr-3878	290	14	,	,	PUNCT
fsr-3878	290	15	fall	fall	NOUN
fsr-3878	290	16	/	/	SYM
fsr-3878	290	17	winter	winter	NOUN
fsr-3878	290	18	,	,	PUNCT
fsr-3878	290	19	83–99	83–99	NUM
fsr-3878	290	20	.	.	PUNCT
fsr-3878	291	1	gibson	gibson	PROPN
fsr-3878	291	2	,	,	PUNCT
fsr-3878	291	3	r.	r.	PROPN
fsr-3878	291	4	(	(	PUNCT
fsr-3878	291	5	1996).asset	1996).asset	NUM
fsr-3878	291	6	allocation	allocation	NOUN
fsr-3878	291	7	:	:	PUNCT
fsr-3878	291	8	balancing	balance	VERB
fsr-3878	291	9	financial	financial	ADJ
fsr-3878	291	10	risk(2nd	risk(2nd	PROPN
fsr-3878	291	11	ed	ed	NOUN
fsr-3878	291	12	)	)	PUNCT
fsr-3878	291	13	.	.	PUNCT
fsr-3878	292	1	new	new	PROPN
fsr-3878	292	2	york	york	PROPN
fsr-3878	292	3	:	:	PUNCT
fsr-3878	292	4	mcgraw	mcgraw	PROPN
fsr-3878	292	5	-	-	PUNCT
fsr-3878	292	6	hill	hill	PROPN
fsr-3878	292	7	.	.	PUNCT
fsr-3878	293	1	goldberg	goldberg	PROPN
fsr-3878	293	2	,	,	PUNCT
fsr-3878	293	3	s.	s.	PROPN
fsr-3878	293	4	,	,	PUNCT
fsr-3878	293	5	&	&	CCONJ
fsr-3878	293	6	heflin	heflin	PROPN
fsr-3878	293	7	,	,	PUNCT
fsr-3878	293	8	f.	f.	PROPN
fsr-3878	293	9	(	(	PUNCT
fsr-3878	293	10	1995	1995	NUM
fsr-3878	293	11	)	)	PUNCT
fsr-3878	293	12	.	.	PUNCT
fsr-3878	294	1	the	the	DET
fsr-3878	294	2	association	association	NOUN
fsr-3878	294	3	between	between	ADP
fsr-3878	294	4	the	the	DET
fsr-3878	294	5	level	level	NOUN
fsr-3878	294	6	of	of	ADP
fsr-3878	294	7	international	international	ADJ
fsr-3878	294	8	diversification	diversification	NOUN
fsr-3878	294	9	and	and	CCONJ
fsr-3878	294	10	risk.j	risk.j	PROPN
fsr-3878	294	11	int	int	PROPN
fsr-3878	294	12	financial	financial	ADJ
fsr-3878	294	13	management	management	NOUN
fsr-3878	294	14	accounting	account	VERB
fsr-3878	294	15	6	6	NUM
fsr-3878	294	16	,	,	PUNCT
fsr-3878	294	17	1–25	1–25	PROPN
fsr-3878	294	18	.	.	PUNCT
fsr-3878	294	19	24	24	NUM
fsr-3878	294	20	k.	k.	PROPN
fsr-3878	294	21	ho	ho	PROPN
fsr-3878	294	22	,	,	PUNCT
fsr-3878	294	23	m.a	m.a	PROPN
fsr-3878	294	24	.	.	PROPN
fsr-3878	294	25	milevsky	milevsky	PROPN
fsr-3878	294	26	/	/	SYM
fsr-3878	294	27	financial	financial	ADJ
fsr-3878	294	28	services	service	NOUN
fsr-3878	294	29	review	review	VERB
fsr-3878	294	30	8	8	NUM
fsr-3878	294	31	(	(	PUNCT
fsr-3878	294	32	1999	1999	NUM
fsr-3878	294	33	)	)	PUNCT
fsr-3878	294	34	11–25	11–25	NUM
fsr-3878	294	35	grauer	grauer	PROPN
fsr-3878	294	36	,	,	PUNCT
fsr-3878	294	37	r.	r.	PROPN
fsr-3878	294	38	,	,	PUNCT
fsr-3878	294	39	&	&	CCONJ
fsr-3878	294	40	hakansson	hakansson	PROPN
fsr-3878	294	41	,	,	PUNCT
fsr-3878	294	42	n.	n.	PROPN
fsr-3878	294	43	(	(	PUNCT
fsr-3878	294	44	1987	1987	NUM
fsr-3878	294	45	)	)	PUNCT
fsr-3878	294	46	.	.	PUNCT
fsr-3878	295	1	gains	gain	NOUN
fsr-3878	295	2	from	from	ADP
fsr-3878	295	3	international	international	ADJ
fsr-3878	295	4	diversification	diversification	NOUN
fsr-3878	295	5	:	:	PUNCT
fsr-3878	295	6	1968–85	1968–85	NUM
fsr-3878	295	7	returns	return	NOUN
fsr-3878	295	8	on	on	ADP
fsr-3878	295	9	portfolios	portfolio	NOUN
fsr-3878	295	10	of	of	ADP
fsr-3878	295	11	stocks	stock	NOUN
fsr-3878	295	12	and	and	CCONJ
fsr-3878	295	13	bonds.j	bonds.j	NOUN
fsr-3878	295	14	finance	finance	NOUN
fsr-3878	295	15	47,721–741	47,721–741	NOUN
fsr-3878	295	16	.	.	PUNCT
fsr-3878	296	1	grubel	grubel	NOUN
fsr-3878	296	2	,	,	PUNCT
fsr-3878	296	3	h.	h.	PROPN
fsr-3878	296	4	(	(	PUNCT
fsr-3878	296	5	1968	1968	NUM
fsr-3878	296	6	)	)	PUNCT
fsr-3878	296	7	.	.	PUNCT
fsr-3878	297	1	internationally	internationally	ADV
fsr-3878	297	2	-	-	PUNCT
fsr-3878	297	3	diversified	diversify	VERB
fsr-3878	297	4	portfolios	portfolio	NOUN
fsr-3878	297	5	:	:	PUNCT
fsr-3878	297	6	welfare	welfare	NOUN
fsr-3878	297	7	gains	gain	NOUN
fsr-3878	297	8	and	and	CCONJ
fsr-3878	297	9	capital	capital	NOUN
fsr-3878	297	10	flows.am	flows.am	PROPN
fsr-3878	297	11	econ	econ	PROPN
fsr-3878	297	12	rev	rev	VERB
fsr-3878	297	13	58	58	NUM
fsr-3878	297	14	,	,	PUNCT
fsr-3878	297	15	1299–1314	1299–1314	NUM
fsr-3878	297	16	.	.	PUNCT
fsr-3878	298	1	grubel	grubel	NOUN
fsr-3878	298	2	,	,	PUNCT
fsr-3878	298	3	h.	h.	PROPN
fsr-3878	298	4	,	,	PUNCT
fsr-3878	298	5	&	&	CCONJ
fsr-3878	298	6	fadner	fadner	PROPN
fsr-3878	298	7	,	,	PUNCT
fsr-3878	298	8	k.	k.	PROPN
fsr-3878	298	9	(	(	PUNCT
fsr-3878	298	10	1971	1971	NUM
fsr-3878	298	11	)	)	PUNCT
fsr-3878	298	12	.	.	PUNCT
fsr-3878	299	1	the	the	DET
fsr-3878	299	2	interdependence	interdependence	NOUN
fsr-3878	299	3	of	of	ADP
fsr-3878	299	4	international	international	ADJ
fsr-3878	299	5	equity	equity	NOUN
fsr-3878	299	6	markets.j	markets.j	PROPN
fsr-3878	299	7	finance	finance	PROPN
fsr-3878	299	8	31	31	NUM
fsr-3878	299	9	,	,	PUNCT
fsr-3878	299	10	89–94	89–94	NUM
fsr-3878	299	11	.	.	PUNCT
fsr-3878	300	1	haavisto	haavisto	NOUN
fsr-3878	300	2	,	,	PUNCT
fsr-3878	300	3	t.	t.	PROPN
fsr-3878	300	4	,	,	PUNCT
fsr-3878	300	5	&	&	CCONJ
fsr-3878	300	6	hansson	hansson	PROPN
fsr-3878	300	7	,	,	PUNCT
fsr-3878	300	8	b.	b.	PROPN
fsr-3878	300	9	(	(	PUNCT
fsr-3878	300	10	1992	1992	NUM
fsr-3878	300	11	)	)	PUNCT
fsr-3878	300	12	.	.	PUNCT
fsr-3878	301	1	risk	risk	NOUN
fsr-3878	301	2	reduction	reduction	NOUN
fsr-3878	301	3	by	by	ADP
fsr-3878	301	4	diversification	diversification	NOUN
fsr-3878	301	5	in	in	ADP
fsr-3878	301	6	the	the	DET
fsr-3878	301	7	nordic	nordic	ADJ
fsr-3878	301	8	stock	stock	NOUN
fsr-3878	301	9	markets.scand	markets.scand	PROPN
fsr-3878	301	10	j	j	PROPN
fsr-3878	301	11	econ	econ	PROPN
fsr-3878	301	12	94(4	94(4	NUM
fsr-3878	301	13	)	)	PUNCT
fsr-3878	301	14	,	,	PUNCT
fsr-3878	301	15	581–588	581–588	NUM
fsr-3878	301	16	.	.	PUNCT
fsr-3878	301	17	hunter	hunter	NOUN
fsr-3878	301	18	,	,	PUNCT
fsr-3878	301	19	j.	j.	PROPN
fsr-3878	301	20	,	,	PUNCT
fsr-3878	301	21	&	&	CCONJ
fsr-3878	301	22	coggin	coggin	PROPN
fsr-3878	301	23	,	,	PUNCT
fsr-3878	301	24	t.	t.	PROPN
fsr-3878	301	25	(	(	PUNCT
fsr-3878	301	26	1990	1990	NUM
fsr-3878	301	27	)	)	PUNCT
fsr-3878	301	28	.	.	PUNCT
fsr-3878	302	1	an	an	DET
fsr-3878	302	2	analysis	analysis	NOUN
fsr-3878	302	3	of	of	ADP
fsr-3878	302	4	the	the	DET
fsr-3878	302	5	diversification	diversification	NOUN
fsr-3878	302	6	benefit	benefit	NOUN
fsr-3878	302	7	from	from	ADP
fsr-3878	302	8	international	international	ADJ
fsr-3878	302	9	equity	equity	NOUN
fsr-3878	302	10	investment	investment	NOUN
fsr-3878	302	11	.	.	PUNCT
fsr-3878	303	1	j	j	PROPN
fsr-3878	303	2	portfolio	portfolio	PROPN
fsr-3878	303	3	management	management	PROPN
fsr-3878	303	4	16	16	NUM
fsr-3878	303	5	,	,	PUNCT
fsr-3878	303	6	33–37	33–37	NUM
fsr-3878	303	7	.	.	PUNCT
fsr-3878	304	1	jorion	jorion	NOUN
fsr-3878	304	2	,	,	PUNCT
fsr-3878	304	3	p.	p.	NOUN
fsr-3878	304	4	(	(	PUNCT
fsr-3878	304	5	1985	1985	NUM
fsr-3878	304	6	)	)	PUNCT
fsr-3878	304	7	.	.	PUNCT
fsr-3878	305	1	international	international	ADJ
fsr-3878	305	2	portfolio	portfolio	NOUN
fsr-3878	305	3	diversification	diversification	NOUN
fsr-3878	305	4	with	with	ADP
fsr-3878	305	5	estimation	estimation	NOUN
fsr-3878	305	6	risk.j	risk.j	PUNCT
fsr-3878	305	7	business	business	NOUN
fsr-3878	305	8	58	58	NUM
fsr-3878	305	9	,	,	PUNCT
fsr-3878	305	10	259–278	259–278	NUM
fsr-3878	305	11	.	.	PUNCT
fsr-3878	306	1	jorion	jorion	NOUN
fsr-3878	306	2	,	,	PUNCT
fsr-3878	306	3	p.	p.	NOUN
fsr-3878	306	4	(	(	PUNCT
fsr-3878	306	5	1989	1989	NUM
fsr-3878	306	6	)	)	PUNCT
fsr-3878	306	7	.	.	PUNCT
fsr-3878	307	1	asset	asset	NOUN
fsr-3878	307	2	allocation	allocation	NOUN
fsr-3878	307	3	with	with	ADP
fsr-3878	307	4	hedged	hedge	VERB
fsr-3878	307	5	and	and	CCONJ
fsr-3878	307	6	unhedged	unhedged	ADJ
fsr-3878	307	7	foreign	foreign	ADJ
fsr-3878	307	8	stocks	stock	NOUN
fsr-3878	307	9	and	and	CCONJ
fsr-3878	307	10	bonds.j	bonds.j	NOUN
fsr-3878	307	11	portfolio	portfolio	NOUN
fsr-3878	307	12	management	management	NOUN
fsr-3878	307	13	15	15	NUM
fsr-3878	307	14	,	,	PUNCT
fsr-3878	307	15	49–54	49–54	NUM
fsr-3878	307	16	.	.	PUNCT
fsr-3878	308	1	jorion	jorion	NOUN
fsr-3878	308	2	,	,	PUNCT
fsr-3878	308	3	p.	p.	NOUN
fsr-3878	308	4	,	,	PUNCT
fsr-3878	308	5	&	&	CCONJ
fsr-3878	308	6	william	william	PROPN
fsr-3878	308	7	n.	n.	PROPN
fsr-3878	308	8	goetzmann	goetzmann	PROPN
fsr-3878	308	9	.	.	PUNCT
fsr-3878	309	1	(	(	PUNCT
fsr-3878	309	2	1999	1999	NUM
fsr-3878	309	3	)	)	PUNCT
fsr-3878	309	4	.	.	PUNCT
fsr-3878	310	1	global	global	ADJ
fsr-3878	310	2	stock	stock	NOUN
fsr-3878	310	3	markets	market	NOUN
fsr-3878	310	4	in	in	ADP
fsr-3878	310	5	the	the	DET
fsr-3878	310	6	twentieth	twentieth	ADJ
fsr-3878	310	7	century.j	century.j	PROPN
fsr-3878	310	8	finance	finance	PROPN
fsr-3878	310	9	,	,	PUNCT
fsr-3878	310	10	54(3	54(3	NUM
fsr-3878	310	11	)	)	PUNCT
fsr-3878	310	12	,	,	PUNCT
fsr-3878	310	13	953–979	953–979	NUM
fsr-3878	310	14	.	.	PUNCT
fsr-3878	310	15	levy	levy	NOUN
fsr-3878	310	16	,	,	PUNCT
fsr-3878	310	17	h.	h.	PROPN
fsr-3878	310	18	,	,	PUNCT
fsr-3878	310	19	&	&	CCONJ
fsr-3878	310	20	lerman	lerman	PROPN
fsr-3878	310	21	,	,	PUNCT
fsr-3878	310	22	z.	z.	PROPN
fsr-3878	310	23	(	(	PUNCT
fsr-3878	310	24	1988	1988	NUM
fsr-3878	310	25	)	)	PUNCT
fsr-3878	310	26	.	.	PUNCT
fsr-3878	311	1	the	the	DET
fsr-3878	311	2	benefits	benefit	NOUN
fsr-3878	311	3	of	of	ADP
fsr-3878	311	4	international	international	ADJ
fsr-3878	311	5	diversification	diversification	NOUN
fsr-3878	311	6	in	in	ADP
fsr-3878	311	7	bonds.finan	bonds.finan	PROPN
fsr-3878	311	8	analysts	analyst	NOUN
fsr-3878	311	9	j	j	PROPN
fsr-3878	311	10	44	44	NUM
fsr-3878	311	11	,	,	PUNCT
fsr-3878	311	12	56–64	56–64	NUM
fsr-3878	311	13	.	.	PUNCT
fsr-3878	311	14	levy	levy	PROPN
fsr-3878	311	15	,	,	PUNCT
fsr-3878	311	16	h.	h.	PROPN
fsr-3878	311	17	,	,	PUNCT
fsr-3878	311	18	&	&	CCONJ
fsr-3878	311	19	sarnat	sarnat	PROPN
fsr-3878	311	20	,	,	PUNCT
fsr-3878	311	21	m.	m.	NOUN
fsr-3878	311	22	(	(	PUNCT
fsr-3878	311	23	1970	1970	NUM
fsr-3878	311	24	)	)	PUNCT
fsr-3878	311	25	.	.	PUNCT
fsr-3878	312	1	international	international	ADJ
fsr-3878	312	2	diversification	diversification	NOUN
fsr-3878	312	3	of	of	ADP
fsr-3878	312	4	investment	investment	NOUN
fsr-3878	312	5	portfolios.am	portfolios.am	PROPN
fsr-3878	312	6	econ	econ	PROPN
fsr-3878	312	7	rev	rev	VERB
fsr-3878	312	8	60	60	NUM
fsr-3878	312	9	,	,	PUNCT
fsr-3878	312	10	668–675	668–675	NUM
fsr-3878	312	11	.	.	PUNCT
fsr-3878	313	1	liebowitz	liebowitz	PROPN
fsr-3878	313	2	,	,	PUNCT
fsr-3878	313	3	m.	m.	NOUN
fsr-3878	313	4	,	,	PUNCT
fsr-3878	313	5	&	&	CCONJ
fsr-3878	313	6	kogelman	kogelman	PROPN
fsr-3878	313	7	,	,	PUNCT
fsr-3878	313	8	s.	s.	PROPN
fsr-3878	313	9	(	(	PUNCT
fsr-3878	313	10	1991	1991	NUM
fsr-3878	313	11	)	)	PUNCT
fsr-3878	313	12	.	.	PUNCT
fsr-3878	314	1	asset	asset	NOUN
fsr-3878	314	2	allocation	allocation	NOUN
fsr-3878	314	3	under	under	ADP
fsr-3878	314	4	shortfall	shortfall	NOUN
fsr-3878	314	5	constraints.j	constraints.j	PROPN
fsr-3878	314	6	portfolio	portfolio	NOUN
fsr-3878	314	7	management	management	NOUN
fsr-3878	314	8	17	17	NUM
fsr-3878	314	9	,	,	PUNCT
fsr-3878	314	10	18–23	18–23	NUM
fsr-3878	314	11	.	.	PUNCT
fsr-3878	315	1	mcdonald	mcdonald	PROPN
fsr-3878	315	2	,	,	PUNCT
fsr-3878	315	3	j.	j.	PROPN
fsr-3878	315	4	(	(	PUNCT
fsr-3878	315	5	1973	1973	NUM
fsr-3878	315	6	)	)	PUNCT
fsr-3878	315	7	.	.	PUNCT
fsr-3878	316	1	french	french	ADJ
fsr-3878	316	2	mutual	mutual	ADJ
fsr-3878	316	3	fund	fund	NOUN
fsr-3878	316	4	performance	performance	NOUN
fsr-3878	316	5	:	:	PUNCT
fsr-3878	316	6	evaluation	evaluation	NOUN
fsr-3878	316	7	of	of	ADP
fsr-3878	316	8	internationally	internationally	ADV
fsr-3878	316	9	-	-	PUNCT
fsr-3878	316	10	diversified	diversify	VERB
fsr-3878	316	11	portfolios.j	portfolios.j	NOUN
fsr-3878	316	12	finance	finance	NOUN
fsr-3878	316	13	33	33	NUM
fsr-3878	316	14	,	,	PUNCT
fsr-3878	316	15	1161–1180	1161–1180	NUM
fsr-3878	316	16	.	.	PUNCT
fsr-3878	317	1	milevsky	milevsky	NOUN
fsr-3878	317	2	,	,	PUNCT
fsr-3878	317	3	m.	m.	NOUN
fsr-3878	317	4	,	,	PUNCT
fsr-3878	317	5	ho	ho	PROPN
fsr-3878	317	6	,	,	PUNCT
fsr-3878	317	7	k.	k.	PROPN
fsr-3878	317	8	,	,	PUNCT
fsr-3878	317	9	&	&	CCONJ
fsr-3878	317	10	robinson	robinson	PROPN
fsr-3878	317	11	,	,	PUNCT
fsr-3878	317	12	c.	c.	PROPN
fsr-3878	317	13	(	(	PUNCT
fsr-3878	317	14	1997	1997	NUM
fsr-3878	317	15	)	)	PUNCT
fsr-3878	317	16	.	.	PUNCT
fsr-3878	318	1	asset	asset	NOUN
fsr-3878	318	2	allocation	allocation	NOUN
fsr-3878	318	3	via	via	ADP
fsr-3878	318	4	the	the	DET
fsr-3878	318	5	conditional	conditional	ADJ
fsr-3878	318	6	first	first	ADJ
fsr-3878	318	7	exit	exit	NOUN
fsr-3878	318	8	time.or	time.or	NUM
fsr-3878	318	9	how	how	SCONJ
fsr-3878	318	10	to	to	PART
fsr-3878	318	11	avoid	avoid	VERB
fsr-3878	318	12	outliving	outlive	VERB
fsr-3878	318	13	your	your	PRON
fsr-3878	318	14	moneyrev	moneyrev	PROPN
fsr-3878	318	15	quantitative	quantitative	ADJ
fsr-3878	318	16	finance	finance	NOUN
fsr-3878	318	17	accounting	account	VERB
fsr-3878	318	18	9	9	NUM
fsr-3878	318	19	,	,	PUNCT
fsr-3878	318	20	53–70	53–70	NUM
fsr-3878	318	21	.	.	PUNCT
fsr-3878	319	1	milevsky	milevsky	NOUN
fsr-3878	319	2	,	,	PUNCT
fsr-3878	319	3	m.	m.	NOUN
fsr-3878	319	4	,	,	PUNCT
fsr-3878	319	5	&	&	CCONJ
fsr-3878	319	6	robinson	robinson	PROPN
fsr-3878	319	7	,	,	PUNCT
fsr-3878	319	8	c.	c.	PROPN
fsr-3878	319	9	(	(	PUNCT
fsr-3878	319	10	1999	1999	NUM
fsr-3878	319	11	)	)	PUNCT
fsr-3878	319	12	.	.	PUNCT
fsr-3878	320	1	self	self	NOUN
fsr-3878	320	2	annuitization	annuitization	NOUN
fsr-3878	320	3	and	and	CCONJ
fsr-3878	320	4	ruin	ruin	NOUN
fsr-3878	320	5	in	in	ADP
fsr-3878	320	6	retirement.working	retirement.worke	VERB
fsr-3878	320	7	paper	paper	NOUN
fsr-3878	320	8	,	,	PUNCT
fsr-3878	320	9	schulich	schulich	NOUN
fsr-3878	320	10	school	school	NOUN
fsr-3878	320	11	of	of	ADP
fsr-3878	320	12	business	business	NOUN
fsr-3878	320	13	,	,	PUNCT
fsr-3878	320	14	york	york	PROPN
fsr-3878	320	15	university	university	PROPN
fsr-3878	320	16	.	.	PUNCT
fsr-3878	321	1	(	(	PUNCT
fsr-3878	321	2	also	also	ADV
fsr-3878	321	3	available	available	ADJ
fsr-3878	321	4	for	for	ADP
fsr-3878	321	5	download	download	NOUN
fsr-3878	321	6	at	at	ADP
fsr-3878	321	7	the	the	DET
fsr-3878	321	8	website	website	NOUN
fsr-3878	321	9	:	:	PUNCT
fsr-3878	321	10	www.yorku.ca/academics/	www.yorku.ca/academics/	PROPN
fsr-3878	321	11	milevsky	milevsky	NOUN
fsr-3878	321	12	)	)	PUNCT
fsr-3878	321	13	obstfeld	obstfeld	PROPN
fsr-3878	321	14	,	,	PUNCT
fsr-3878	321	15	m.	m.	NOUN
fsr-3878	321	16	(	(	PUNCT
fsr-3878	321	17	1994	1994	NUM
fsr-3878	321	18	)	)	PUNCT
fsr-3878	321	19	.	.	PUNCT
fsr-3878	322	1	risk	risk	NOUN
fsr-3878	322	2	taking	taking	NOUN
fsr-3878	322	3	,	,	PUNCT
fsr-3878	322	4	global	global	ADJ
fsr-3878	322	5	diversification	diversification	NOUN
fsr-3878	322	6	,	,	PUNCT
fsr-3878	322	7	and	and	CCONJ
fsr-3878	322	8	growth.am	growth.am	X
fsr-3878	322	9	econ	econ	PROPN
fsr-3878	322	10	rev	rev	VERB
fsr-3878	322	11	84	84	NUM
fsr-3878	322	12	,	,	PUNCT
fsr-3878	322	13	1310–1329	1310–1329	NUM
fsr-3878	322	14	.	.	PUNCT
fsr-3878	323	1	odier	odier	NOUN
fsr-3878	323	2	,	,	PUNCT
fsr-3878	323	3	p.	p.	NOUN
fsr-3878	323	4	,	,	PUNCT
fsr-3878	323	5	&	&	CCONJ
fsr-3878	323	6	solnik	solnik	PROPN
fsr-3878	323	7	,	,	PUNCT
fsr-3878	323	8	b.	b.	PROPN
fsr-3878	323	9	(	(	PUNCT
fsr-3878	323	10	1993	1993	NUM
fsr-3878	323	11	)	)	PUNCT
fsr-3878	323	12	.	.	PUNCT
fsr-3878	324	1	lessons	lesson	NOUN
fsr-3878	324	2	for	for	ADP
fsr-3878	324	3	international	international	ADJ
fsr-3878	324	4	asset	asset	NOUN
fsr-3878	324	5	allocation.finan	allocation.finan	PROPN
fsr-3878	324	6	analysts	analyst	VERB
fsr-3878	324	7	j	j	PROPN
fsr-3878	324	8	49	49	NUM
fsr-3878	324	9	,	,	PUNCT
fsr-3878	324	10	63–77	63–77	NUM
fsr-3878	324	11	.	.	PUNCT
fsr-3878	325	1	sinquefield	sinquefield	PROPN
fsr-3878	325	2	,	,	PUNCT
fsr-3878	325	3	r.	r.	PROPN
fsr-3878	325	4	(	(	PUNCT
fsr-3878	325	5	1996	1996	NUM
fsr-3878	325	6	)	)	PUNCT
fsr-3878	325	7	.	.	PUNCT
fsr-3878	326	1	where	where	SCONJ
fsr-3878	326	2	are	be	AUX
fsr-3878	326	3	the	the	DET
fsr-3878	326	4	gains	gain	NOUN
fsr-3878	326	5	from	from	ADP
fsr-3878	326	6	international	international	ADJ
fsr-3878	326	7	diversification?finan	diversification?finan	PROPN
fsr-3878	326	8	analysts	analyst	NOUN
fsr-3878	326	9	j	j	PROPN
fsr-3878	326	10	52,8–14	52,8–14	PROPN
fsr-3878	326	11	.	.	PROPN
fsr-3878	326	12	solnik	solnik	PROPN
fsr-3878	326	13	,	,	PUNCT
fsr-3878	326	14	b.	b.	PROPN
fsr-3878	326	15	(	(	PUNCT
fsr-3878	326	16	1979	1979	NUM
fsr-3878	326	17	)	)	PUNCT
fsr-3878	326	18	.	.	PUNCT
fsr-3878	327	1	why	why	SCONJ
fsr-3878	327	2	not	not	PART
fsr-3878	327	3	diversify	diversify	VERB
fsr-3878	327	4	internationally	internationally	ADV
fsr-3878	327	5	rather	rather	ADV
fsr-3878	327	6	than	than	ADP
fsr-3878	327	7	domestically?finan	domestically?finan	PROPN
fsr-3878	327	8	analysts	analyst	NOUN
fsr-3878	327	9	jl	jl	PROPN
fsr-3878	327	10	35,48–54	35,48–54	PROPN
fsr-3878	327	11	.	.	PUNCT
fsr-3878	328	1	tse	tse	PROPN
fsr-3878	328	2	,	,	PUNCT
fsr-3878	328	3	m.	m.	NOUN
fsr-3878	328	4	,	,	PUNCT
fsr-3878	328	5	uppal	uppal	PROPN
fsr-3878	328	6	,	,	PUNCT
fsr-3878	328	7	j.	j.	PROPN
fsr-3878	328	8	,	,	PUNCT
fsr-3878	328	9	&	&	CCONJ
fsr-3878	328	10	white	white	ADJ
fsr-3878	328	11	,	,	PUNCT
fsr-3878	328	12	m.	m.	NOUN
fsr-3878	328	13	a.	a.	NOUN
fsr-3878	328	14	(	(	PUNCT
fsr-3878	328	15	1993	1993	NUM
fsr-3878	328	16	)	)	PUNCT
fsr-3878	328	17	.	.	PUNCT
fsr-3878	329	1	downside	downside	ADJ
fsr-3878	329	2	risk	risk	NOUN
fsr-3878	329	3	and	and	CCONJ
fsr-3878	329	4	investment	investment	NOUN
fsr-3878	329	5	choice.finan	choice.finan	PROPN
fsr-3878	329	6	rev	rev	VERB
fsr-3878	329	7	28	28	NUM
fsr-3878	329	8	,	,	PUNCT
fsr-3878	329	9	585–606	585–606	NUM
fsr-3878	329	10	.	.	PUNCT
fsr-3878	329	11	25k	25k	NUM
fsr-3878	329	12	.	.	PUNCT
fsr-3878	330	1	ho	ho	PROPN
fsr-3878	330	2	,	,	PUNCT
fsr-3878	330	3	m.a	m.a	PROPN
fsr-3878	330	4	.	.	PROPN
fsr-3878	330	5	milevsky	milevsky	PROPN
fsr-3878	330	6	/	/	SYM
fsr-3878	330	7	financial	financial	ADJ
fsr-3878	330	8	services	service	NOUN
fsr-3878	330	9	review	review	VERB
fsr-3878	330	10	8	8	NUM
fsr-3878	330	11	(	(	PUNCT
fsr-3878	330	12	1999	1999	NUM
fsr-3878	330	13	)	)	PUNCT
fsr-3878	330	14	11–25	11–25	NUM