id	sid	tid	token	lemma	pos
fsr-3879	1	1	pii	pii	PROPN
fsr-3879	1	2	:	:	PUNCT
fsr-3879	1	3	s1057	s1057	NOUN
fsr-3879	1	4	-	-	PUNCT
fsr-3879	1	5	0810(99)00028	0810(99)00028	NUM
fsr-3879	1	6	-	-	SYM
fsr-3879	1	7	1	1	NUM
fsr-3879	1	8	a	a	DET
fsr-3879	1	9	nineties	ninety	NOUN
fsr-3879	1	10	perspective	perspective	NOUN
fsr-3879	1	11	on	on	ADP
fsr-3879	1	12	international	international	ADJ
fsr-3879	1	13	diversification	diversification	NOUN
fsr-3879	1	14	michael	michael	PROPN
fsr-3879	1	15	e.	e.	PROPN
fsr-3879	1	16	hanna	hanna	PROPN
fsr-3879	1	17	,	,	PUNCT
fsr-3879	1	18	joseph	joseph	PROPN
fsr-3879	1	19	p.	p.	PROPN
fsr-3879	1	20	mccormack	mccormack	PROPN
fsr-3879	1	21	,	,	PUNCT
fsr-3879	1	22	grady	grady	PROPN
fsr-3879	1	23	perdue	perdue	PROPN
fsr-3879	1	24	*	*	PROPN
fsr-3879	1	25	university	university	PROPN
fsr-3879	1	26	of	of	ADP
fsr-3879	1	27	houston2clear	houston2clear	PROPN
fsr-3879	1	28	lake	lake	NOUN
fsr-3879	1	29	,	,	PUNCT
fsr-3879	1	30	2700	2700	NUM
fsr-3879	1	31	bay	bay	NOUN
fsr-3879	1	32	area	area	NOUN
fsr-3879	1	33	blvd	blvd	PROPN
fsr-3879	1	34	.	.	PUNCT
fsr-3879	1	35	,	,	PUNCT
fsr-3879	1	36	houston	houston	PROPN
fsr-3879	1	37	,	,	PUNCT
fsr-3879	1	38	tx	tx	PROPN
fsr-3879	1	39	77058	77058	NUM
fsr-3879	1	40	,	,	PUNCT
fsr-3879	1	41	usa	usa	PROPN
fsr-3879	1	42	abstract	abstract	ADJ
fsr-3879	1	43	investors	investor	NOUN
fsr-3879	1	44	often	often	ADV
fsr-3879	1	45	look	look	VERB
fsr-3879	1	46	to	to	ADP
fsr-3879	1	47	international	international	ADJ
fsr-3879	1	48	diversification	diversification	NOUN
fsr-3879	1	49	as	as	ADP
fsr-3879	1	50	a	a	DET
fsr-3879	1	51	means	means	NOUN
fsr-3879	1	52	to	to	PART
fsr-3879	1	53	reduce	reduce	VERB
fsr-3879	1	54	the	the	DET
fsr-3879	1	55	risk	risk	NOUN
fsr-3879	1	56	of	of	ADP
fsr-3879	1	57	a	a	DET
fsr-3879	1	58	stock	stock	NOUN
fsr-3879	1	59	portfolio	portfolio	NOUN
fsr-3879	1	60	while	while	SCONJ
fsr-3879	1	61	maintaining	maintain	VERB
fsr-3879	1	62	a	a	DET
fsr-3879	1	63	given	give	VERB
fsr-3879	1	64	level	level	NOUN
fsr-3879	1	65	of	of	ADP
fsr-3879	1	66	return	return	NOUN
fsr-3879	1	67	.	.	PUNCT
fsr-3879	2	1	in	in	ADP
fsr-3879	2	2	this	this	DET
fsr-3879	2	3	study	study	NOUN
fsr-3879	2	4	we	we	PRON
fsr-3879	2	5	look	look	VERB
fsr-3879	2	6	at	at	ADP
fsr-3879	2	7	ten	ten	NUM
fsr-3879	2	8	years	year	NOUN
fsr-3879	2	9	of	of	ADP
fsr-3879	2	10	historical	historical	ADJ
fsr-3879	2	11	data	datum	NOUN
fsr-3879	2	12	from	from	ADP
fsr-3879	2	13	the	the	DET
fsr-3879	2	14	stock	stock	NOUN
fsr-3879	2	15	markets	market	NOUN
fsr-3879	2	16	in	in	ADP
fsr-3879	2	17	the	the	DET
fsr-3879	2	18	g-7	g-7	NOUN
fsr-3879	2	19	countries	country	NOUN
fsr-3879	2	20	.	.	PUNCT
fsr-3879	3	1	we	we	PRON
fsr-3879	3	2	see	see	VERB
fsr-3879	3	3	how	how	SCONJ
fsr-3879	3	4	diversification	diversification	NOUN
fsr-3879	3	5	from	from	ADP
fsr-3879	3	6	an	an	DET
fsr-3879	3	7	s	s	NOUN
fsr-3879	3	8	&	&	CCONJ
fsr-3879	3	9	p	p	PROPN
fsr-3879	3	10	500	500	NUM
fsr-3879	3	11	portfolio	portfolio	NOUN
fsr-3879	3	12	into	into	ADP
fsr-3879	3	13	a	a	DET
fsr-3879	3	14	two	two	NUM
fsr-3879	3	15	-	-	PUNCT
fsr-3879	3	16	market	market	NOUN
fsr-3879	3	17	(	(	PUNCT
fsr-3879	3	18	two	two	NUM
fsr-3879	3	19	-	-	PUNCT
fsr-3879	3	20	country	country	NOUN
fsr-3879	3	21	)	)	PUNCT
fsr-3879	3	22	portfolio	portfolio	NOUN
fsr-3879	3	23	would	would	AUX
fsr-3879	3	24	have	have	AUX
fsr-3879	3	25	impacted	impact	VERB
fsr-3879	3	26	the	the	DET
fsr-3879	3	27	risk	risk	NOUN
fsr-3879	3	28	and	and	CCONJ
fsr-3879	3	29	return	return	VERB
fsr-3879	3	30	.	.	PUNCT
fsr-3879	4	1	across	across	ADP
fsr-3879	4	2	this	this	DET
fsr-3879	4	3	ten	ten	NUM
fsr-3879	4	4	-	-	PUNCT
fsr-3879	4	5	year	year	NOUN
fsr-3879	4	6	period	period	NOUN
fsr-3879	4	7	,	,	PUNCT
fsr-3879	4	8	we	we	PRON
fsr-3879	4	9	find	find	VERB
fsr-3879	4	10	that	that	SCONJ
fsr-3879	4	11	a	a	DET
fsr-3879	4	12	portfolio	portfolio	NOUN
fsr-3879	4	13	consisting	consist	VERB
fsr-3879	4	14	solely	solely	ADV
fsr-3879	4	15	of	of	ADP
fsr-3879	4	16	the	the	DET
fsr-3879	4	17	s	s	NOUN
fsr-3879	4	18	&	&	CCONJ
fsr-3879	4	19	p	p	PROPN
fsr-3879	4	20	500dominates	500dominates	PROPN
fsr-3879	4	21	any	any	DET
fsr-3879	4	22	portfolio	portfolio	NOUN
fsr-3879	4	23	that	that	PRON
fsr-3879	4	24	can	can	AUX
fsr-3879	4	25	be	be	AUX
fsr-3879	4	26	constructed	construct	VERB
fsr-3879	4	27	from	from	ADP
fsr-3879	4	28	the	the	DET
fsr-3879	4	29	s	s	PROPN
fsr-3879	4	30	&	&	CCONJ
fsr-3879	4	31	p	p	NOUN
fsr-3879	4	32	500	500	NUM
fsr-3879	4	33	and	and	CCONJ
fsr-3879	4	34	themajor	themajor	NOUN
fsr-3879	4	35	market	market	NOUN
fsr-3879	4	36	index	index	NOUN
fsr-3879	4	37	of	of	ADP
fsr-3879	4	38	the	the	DET
fsr-3879	4	39	g-7	g-7	NOUN
fsr-3879	4	40	countries	country	NOUN
fsr-3879	4	41	.	.	PUNCT
fsr-3879	5	1	©	©	PROPN
fsr-3879	5	2	1999	1999	NUM
fsr-3879	5	3	elsevier	elsevier	PROPN
fsr-3879	5	4	science	science	PROPN
fsr-3879	5	5	inc	inc	PROPN
fsr-3879	5	6	.	.	PUNCT
fsr-3879	6	1	all	all	DET
fsr-3879	6	2	rights	right	NOUN
fsr-3879	6	3	reserved	reserve	VERB
fsr-3879	6	4	.	.	PUNCT
fsr-3879	7	1	1	1	X
fsr-3879	7	2	.	.	X
fsr-3879	7	3	introduction	introduction	NOUN
fsr-3879	7	4	for	for	ADP
fsr-3879	7	5	over	over	ADP
fsr-3879	7	6	a	a	PRON
fsr-3879	7	7	decade	decade	NOUN
fsr-3879	7	8	academic	academic	ADJ
fsr-3879	7	9	researchers	researcher	NOUN
fsr-3879	7	10	and	and	CCONJ
fsr-3879	7	11	investment	investment	NOUN
fsr-3879	7	12	advisors	advisor	NOUN
fsr-3879	7	13	have	have	AUX
fsr-3879	7	14	been	be	AUX
fsr-3879	7	15	strongly	strongly	ADV
fsr-3879	7	16	recommending	recommend	VERB
fsr-3879	7	17	that	that	SCONJ
fsr-3879	7	18	investors	investor	NOUN
fsr-3879	7	19	diversify	diversify	VERB
fsr-3879	7	20	their	their	PRON
fsr-3879	7	21	portfolios	portfolio	NOUN
fsr-3879	7	22	by	by	ADP
fsr-3879	7	23	investing	invest	VERB
fsr-3879	7	24	in	in	ADP
fsr-3879	7	25	international	international	ADJ
fsr-3879	7	26	equities	equity	NOUN
fsr-3879	7	27	.	.	PUNCT
fsr-3879	8	1	supported	support	VERB
fsr-3879	8	2	by	by	ADP
fsr-3879	8	3	extensive	extensive	ADJ
fsr-3879	8	4	academic	academic	ADJ
fsr-3879	8	5	research	research	NOUN
fsr-3879	8	6	that	that	PRON
fsr-3879	8	7	has	have	AUX
fsr-3879	8	8	proclaimed	proclaim	VERB
fsr-3879	8	9	the	the	DET
fsr-3879	8	10	risk	risk	NOUN
fsr-3879	8	11	reduction	reduction	NOUN
fsr-3879	8	12	advantages	advantage	NOUN
fsr-3879	8	13	of	of	ADP
fsr-3879	8	14	international	international	ADJ
fsr-3879	8	15	diversification	diversification	NOUN
fsr-3879	8	16	,	,	PUNCT
fsr-3879	8	17	increasing	increase	VERB
fsr-3879	8	18	numbers	number	NOUN
fsr-3879	8	19	of	of	ADP
fsr-3879	8	20	american	american	ADJ
fsr-3879	8	21	investors	investor	NOUN
fsr-3879	8	22	have	have	AUX
fsr-3879	8	23	established	establish	VERB
fsr-3879	8	24	international	international	ADJ
fsr-3879	8	25	equity	equity	NOUN
fsr-3879	8	26	components	component	NOUN
fsr-3879	8	27	within	within	ADP
fsr-3879	8	28	the	the	DET
fsr-3879	8	29	asset	asset	NOUN
fsr-3879	8	30	allocation	allocation	NOUN
fsr-3879	8	31	of	of	ADP
fsr-3879	8	32	their	their	PRON
fsr-3879	8	33	portfolios	portfolio	NOUN
fsr-3879	8	34	.	.	PUNCT
fsr-3879	9	1	today	today	NOUN
fsr-3879	9	2	investors	investor	NOUN
fsr-3879	9	3	are	be	AUX
fsr-3879	9	4	encouraged	encourage	VERB
fsr-3879	9	5	by	by	ADP
fsr-3879	9	6	both	both	DET
fsr-3879	9	7	university	university	NOUN
fsr-3879	9	8	textbooks	textbook	NOUN
fsr-3879	9	9	and	and	CCONJ
fsr-3879	9	10	by	by	ADP
fsr-3879	9	11	investment	investment	NOUN
fsr-3879	9	12	advisors	advisor	NOUN
fsr-3879	9	13	to	to	PART
fsr-3879	9	14	follow	follow	VERB
fsr-3879	9	15	the	the	DET
fsr-3879	9	16	path	path	NOUN
fsr-3879	9	17	of	of	ADP
fsr-3879	9	18	international	international	ADJ
fsr-3879	9	19	diversification	diversification	NOUN
fsr-3879	9	20	.	.	PUNCT
fsr-3879	10	1	investors	investor	NOUN
fsr-3879	10	2	are	be	AUX
fsr-3879	10	3	told	tell	VERB
fsr-3879	10	4	that	that	SCONJ
fsr-3879	10	5	the	the	DET
fsr-3879	10	6	primary	primary	ADJ
fsr-3879	10	7	reason	reason	NOUN
fsr-3879	10	8	they	they	PRON
fsr-3879	10	9	should	should	AUX
fsr-3879	10	10	look	look	VERB
fsr-3879	10	11	outside	outside	ADP
fsr-3879	10	12	the	the	DET
fsr-3879	10	13	united	united	PROPN
fsr-3879	10	14	states	states	PROPN
fsr-3879	10	15	and	and	CCONJ
fsr-3879	10	16	invest	invest	VERB
fsr-3879	10	17	internationally	internationally	ADV
fsr-3879	10	18	is	be	AUX
fsr-3879	10	19	that	that	SCONJ
fsr-3879	10	20	they	they	PRON
fsr-3879	10	21	will	will	AUX
fsr-3879	10	22	enjoy	enjoy	VERB
fsr-3879	10	23	increased	increase	VERB
fsr-3879	10	24	diversification	diversification	NOUN
fsr-3879	10	25	,	,	PUNCT
fsr-3879	10	26	meaning	mean	VERB
fsr-3879	10	27	decreased	decrease	VERB
fsr-3879	10	28	volatility	volatility	NOUN
fsr-3879	10	29	(	(	PUNCT
fsr-3879	10	30	risk	risk	NOUN
fsr-3879	10	31	)	)	PUNCT
fsr-3879	10	32	levels	level	NOUN
fsr-3879	10	33	,	,	PUNCT
fsr-3879	10	34	as	as	ADP
fsr-3879	10	35	a	a	DET
fsr-3879	10	36	result	result	NOUN
fsr-3879	10	37	of	of	ADP
fsr-3879	10	38	including	include	VERB
fsr-3879	10	39	an	an	DET
fsr-3879	10	40	international	international	ADJ
fsr-3879	10	41	component	component	NOUN
fsr-3879	10	42	within	within	ADP
fsr-3879	10	43	their	their	PRON
fsr-3879	10	44	portfolios	portfolio	NOUN
fsr-3879	10	45	.	.	PUNCT
fsr-3879	11	1	the	the	DET
fsr-3879	11	2	ability	ability	NOUN
fsr-3879	11	3	to	to	PART
fsr-3879	11	4	reduce	reduce	VERB
fsr-3879	11	5	risk	risk	NOUN
fsr-3879	11	6	without	without	ADP
fsr-3879	11	7	sacrificing	sacrifice	VERB
fsr-3879	11	8	return	return	NOUN
fsr-3879	11	9	(	(	PUNCT
fsr-3879	11	10	modern	modern	ADJ
fsr-3879	11	11	portfolio	portfolio	NOUN
fsr-3879	11	12	theory	theory	NOUN
fsr-3879	11	13	)	)	PUNCT
fsr-3879	11	14	has	have	AUX
fsr-3879	11	15	developed	develop	VERB
fsr-3879	11	16	as	as	ADP
fsr-3879	11	17	one	one	NUM
fsr-3879	11	18	of	of	ADP
fsr-3879	11	19	the	the	DET
fsr-3879	11	20	major	major	ADJ
fsr-3879	11	21	goals	goal	NOUN
fsr-3879	11	22	in	in	ADP
fsr-3879	11	23	portfolio	portfolio	NOUN
fsr-3879	11	24	management	management	NOUN
fsr-3879	11	25	.	.	PUNCT
fsr-3879	12	1	as	as	ADP
fsr-3879	12	2	a	a	DET
fsr-3879	12	3	side	side	NOUN
fsr-3879	12	4	note	note	NOUN
fsr-3879	12	5	to	to	ADP
fsr-3879	12	6	investors	investor	NOUN
fsr-3879	12	7	,	,	PUNCT
fsr-3879	12	8	it	it	PRON
fsr-3879	12	9	is	be	AUX
fsr-3879	12	10	added	add	VERB
fsr-3879	12	11	that	that	SCONJ
fsr-3879	12	12	returns	return	NOUN
fsr-3879	12	13	from	from	ADP
fsr-3879	12	14	selected	select	VERB
fsr-3879	12	15	*	*	PUNCT
fsr-3879	12	16	corresponding	correspond	VERB
fsr-3879	12	17	author	author	NOUN
fsr-3879	12	18	.	.	PUNCT
fsr-3879	13	1	tel.:11	tel.:11	PROPN
fsr-3879	13	2	-	-	PUNCT
fsr-3879	13	3	281	281	NUM
fsr-3879	13	4	-	-	PUNCT
fsr-3879	13	5	283	283	NUM
fsr-3879	13	6	-	-	PUNCT
fsr-3879	13	7	3213	3213	NUM
fsr-3879	13	8	;	;	PUNCT
fsr-3879	13	9	fax:11	fax:11	NOUN
fsr-3879	13	10	-	-	PUNCT
fsr-3879	13	11	281	281	NUM
fsr-3879	13	12	-	-	PUNCT
fsr-3879	13	13	283	283	NUM
fsr-3879	13	14	-	-	SYM
fsr-3879	13	15	3951	3951	NUM
fsr-3879	13	16	.	.	PUNCT
fsr-3879	14	1	e	e	X
fsr-3879	14	2	-	-	NOUN
fsr-3879	14	3	mail	mail	NOUN
fsr-3879	14	4	address:perdue@cl.uh.edu	address:perdue@cl.uh.edu	PROPN
fsr-3879	14	5	(	(	PUNCT
fsr-3879	14	6	g.	g.	PROPN
fsr-3879	14	7	perdue	perdue	PROPN
fsr-3879	14	8	)	)	PUNCT
fsr-3879	14	9	financial	financial	ADJ
fsr-3879	14	10	services	service	NOUN
fsr-3879	14	11	review	review	VERB
fsr-3879	14	12	8	8	NUM
fsr-3879	14	13	(	(	PUNCT
fsr-3879	14	14	1999	1999	NUM
fsr-3879	14	15	)	)	PUNCT
fsr-3879	14	16	37–45	37–45	NUM
fsr-3879	14	17	1057	1057	NUM
fsr-3879	14	18	-	-	SYM
fsr-3879	14	19	0810/99/$	0810/99/$	NUM
fsr-3879	14	20	–	–	PUNCT
fsr-3879	14	21	see	see	VERB
fsr-3879	14	22	front	front	ADJ
fsr-3879	14	23	matter	matter	NOUN
fsr-3879	15	1	©	©	PROPN
fsr-3879	15	2	1999	1999	NUM
fsr-3879	15	3	elsevier	elsevier	PROPN
fsr-3879	15	4	science	science	PROPN
fsr-3879	15	5	inc	inc	PROPN
fsr-3879	15	6	.	.	PUNCT
fsr-3879	16	1	all	all	DET
fsr-3879	16	2	rights	right	NOUN
fsr-3879	16	3	reserved	reserve	VERB
fsr-3879	16	4	.	.	PUNCT
fsr-3879	17	1	pii	pii	NOUN
fsr-3879	17	2	:	:	PUNCT
fsr-3879	17	3	s1057	s1057	NOUN
fsr-3879	17	4	-	-	PUNCT
fsr-3879	17	5	0810(99)00028	0810(99)00028	NUM
fsr-3879	17	6	-	-	PUNCT
fsr-3879	17	7	1	1	NUM
fsr-3879	17	8	international	international	ADJ
fsr-3879	17	9	equity	equity	NOUN
fsr-3879	17	10	markets	market	NOUN
fsr-3879	17	11	can	can	AUX
fsr-3879	17	12	sometimes	sometimes	ADV
fsr-3879	17	13	even	even	ADV
fsr-3879	17	14	boost	boost	VERB
fsr-3879	17	15	total	total	ADJ
fsr-3879	17	16	portfolio	portfolio	NOUN
fsr-3879	17	17	return	return	NOUN
fsr-3879	17	18	above	above	ADP
fsr-3879	17	19	that	that	PRON
fsr-3879	17	20	of	of	ADP
fsr-3879	17	21	a	a	DET
fsr-3879	17	22	purely	purely	ADV
fsr-3879	17	23	united	united	ADJ
fsr-3879	17	24	states	states	PROPN
fsr-3879	17	25	equity	equity	NOUN
fsr-3879	17	26	portfolio	portfolio	NOUN
fsr-3879	17	27	.	.	PUNCT
fsr-3879	18	1	however	however	ADV
fsr-3879	18	2	,	,	PUNCT
fsr-3879	18	3	risk	risk	NOUN
fsr-3879	18	4	reduction	reduction	NOUN
fsr-3879	18	5	remains	remain	VERB
fsr-3879	18	6	the	the	DET
fsr-3879	18	7	primary	primary	ADJ
fsr-3879	18	8	goal	goal	NOUN
fsr-3879	18	9	of	of	ADP
fsr-3879	18	10	international	international	ADJ
fsr-3879	18	11	diversification	diversification	NOUN
fsr-3879	18	12	.	.	PUNCT
fsr-3879	19	1	today	today	NOUN
fsr-3879	19	2	many	many	ADJ
fsr-3879	19	3	private	private	ADJ
fsr-3879	19	4	investors	investor	NOUN
fsr-3879	19	5	are	be	AUX
fsr-3879	19	6	told	tell	VERB
fsr-3879	19	7	(	(	PUNCT
fsr-3879	19	8	usually	usually	ADV
fsr-3879	19	9	in	in	ADP
fsr-3879	19	10	non	non	ADJ
fsr-3879	19	11	-	-	ADJ
fsr-3879	19	12	quantitative	quantitative	ADJ
fsr-3879	19	13	terms	term	NOUN
fsr-3879	19	14	)	)	PUNCT
fsr-3879	19	15	that	that	SCONJ
fsr-3879	19	16	they	they	PRON
fsr-3879	19	17	can	can	AUX
fsr-3879	19	18	take	take	VERB
fsr-3879	19	19	advantage	advantage	NOUN
fsr-3879	19	20	of	of	ADP
fsr-3879	19	21	the	the	DET
fsr-3879	19	22	fact	fact	NOUN
fsr-3879	19	23	that	that	SCONJ
fsr-3879	19	24	not	not	PART
fsr-3879	19	25	all	all	DET
fsr-3879	19	26	markets	market	NOUN
fsr-3879	19	27	move	move	VERB
fsr-3879	19	28	up	up	ADV
fsr-3879	19	29	or	or	CCONJ
fsr-3879	19	30	down	down	ADV
fsr-3879	19	31	at	at	ADP
fsr-3879	19	32	the	the	DET
fsr-3879	19	33	same	same	ADJ
fsr-3879	19	34	time	time	NOUN
fsr-3879	19	35	.	.	PUNCT
fsr-3879	20	1	due	due	ADP
fsr-3879	20	2	to	to	ADP
fsr-3879	20	3	this	this	PRON
fsr-3879	20	4	less	less	ADJ
fsr-3879	20	5	than	than	ADP
fsr-3879	20	6	perfect	perfect	ADJ
fsr-3879	20	7	positive	positive	ADJ
fsr-3879	20	8	correlation	correlation	NOUN
fsr-3879	20	9	between	between	ADP
fsr-3879	20	10	the	the	DET
fsr-3879	20	11	american	american	ADJ
fsr-3879	20	12	financial	financial	ADJ
fsr-3879	20	13	markets	market	NOUN
fsr-3879	20	14	and	and	CCONJ
fsr-3879	20	15	financial	financial	ADJ
fsr-3879	20	16	markets	market	NOUN
fsr-3879	20	17	in	in	ADP
fsr-3879	20	18	other	other	ADJ
fsr-3879	20	19	countries	country	NOUN
fsr-3879	20	20	,	,	PUNCT
fsr-3879	20	21	losses	loss	NOUN
fsr-3879	20	22	in	in	ADP
fsr-3879	20	23	the	the	DET
fsr-3879	20	24	domestic	domestic	ADJ
fsr-3879	20	25	market	market	NOUN
fsr-3879	20	26	can	can	AUX
fsr-3879	20	27	often	often	ADV
fsr-3879	20	28	be	be	AUX
fsr-3879	20	29	offset	offset	VERB
fsr-3879	20	30	by	by	ADP
fsr-3879	20	31	gains	gain	NOUN
fsr-3879	20	32	in	in	ADP
fsr-3879	20	33	those	those	DET
fsr-3879	20	34	foreign	foreign	ADJ
fsr-3879	20	35	markets	market	NOUN
fsr-3879	20	36	that	that	PRON
fsr-3879	20	37	have	have	VERB
fsr-3879	20	38	a	a	DET
fsr-3879	20	39	low	low	ADJ
fsr-3879	20	40	correlation	correlation	NOUN
fsr-3879	20	41	to	to	ADP
fsr-3879	20	42	our	our	PRON
fsr-3879	20	43	markets	market	NOUN
fsr-3879	20	44	.	.	PUNCT
fsr-3879	21	1	by	by	ADP
fsr-3879	21	2	diversifying	diversify	VERB
fsr-3879	21	3	internationally	internationally	ADV
fsr-3879	21	4	the	the	DET
fsr-3879	21	5	investor	investor	NOUN
fsr-3879	21	6	hopes	hope	VERB
fsr-3879	21	7	to	to	PART
fsr-3879	21	8	have	have	VERB
fsr-3879	21	9	international	international	ADJ
fsr-3879	21	10	investments	investment	NOUN
fsr-3879	21	11	that	that	PRON
fsr-3879	21	12	are	be	AUX
fsr-3879	21	13	doing	do	VERB
fsr-3879	21	14	well	well	ADV
fsr-3879	21	15	when	when	SCONJ
fsr-3879	21	16	the	the	DET
fsr-3879	21	17	united	united	PROPN
fsr-3879	21	18	states	states	PROPN
fsr-3879	21	19	portion	portion	NOUN
fsr-3879	21	20	of	of	ADP
fsr-3879	21	21	the	the	DET
fsr-3879	21	22	portfolio	portfolio	NOUN
fsr-3879	21	23	is	be	AUX
fsr-3879	21	24	not	not	PART
fsr-3879	21	25	.	.	PUNCT
fsr-3879	22	1	but	but	CCONJ
fsr-3879	22	2	are	be	AUX
fsr-3879	22	3	investors	investor	NOUN
fsr-3879	22	4	really	really	ADV
fsr-3879	22	5	getting	get	VERB
fsr-3879	22	6	what	what	PRON
fsr-3879	22	7	they	they	PRON
fsr-3879	22	8	are	be	AUX
fsr-3879	22	9	bargaining	bargain	VERB
fsr-3879	22	10	for	for	ADP
fsr-3879	22	11	when	when	SCONJ
fsr-3879	22	12	they	they	PRON
fsr-3879	22	13	follow	follow	VERB
fsr-3879	22	14	the	the	DET
fsr-3879	22	15	advice	advice	NOUN
fsr-3879	22	16	to	to	PART
fsr-3879	22	17	invest	invest	VERB
fsr-3879	22	18	internationally	internationally	ADV
fsr-3879	22	19	?	?	PUNCT
fsr-3879	23	1	when	when	SCONJ
fsr-3879	23	2	investors	investor	NOUN
fsr-3879	23	3	add	add	VERB
fsr-3879	23	4	an	an	DET
fsr-3879	23	5	international	international	ADJ
fsr-3879	23	6	asset	asset	NOUN
fsr-3879	23	7	class	class	NOUN
fsr-3879	23	8	to	to	ADP
fsr-3879	23	9	their	their	PRON
fsr-3879	23	10	portfolio	portfolio	NOUN
fsr-3879	23	11	’s	’s	PART
fsr-3879	23	12	asset	asset	NOUN
fsr-3879	23	13	allocation	allocation	NOUN
fsr-3879	23	14	,	,	PUNCT
fsr-3879	23	15	does	do	AUX
fsr-3879	23	16	the	the	DET
fsr-3879	23	17	reduction	reduction	NOUN
fsr-3879	23	18	in	in	ADP
fsr-3879	23	19	risk	risk	NOUN
fsr-3879	23	20	really	really	ADV
fsr-3879	23	21	include	include	VERB
fsr-3879	23	22	offsetting	offset	VERB
fsr-3879	23	23	foreign	foreign	ADJ
fsr-3879	23	24	gains	gain	NOUN
fsr-3879	23	25	to	to	PART
fsr-3879	23	26	balance	balance	VERB
fsr-3879	23	27	out	out	ADP
fsr-3879	23	28	domestic	domestic	ADJ
fsr-3879	23	29	losses	loss	NOUN
fsr-3879	23	30	?	?	PUNCT
fsr-3879	24	1	is	be	AUX
fsr-3879	24	2	the	the	DET
fsr-3879	24	3	current	current	ADJ
fsr-3879	24	4	rate	rate	NOUN
fsr-3879	24	5	of	of	ADP
fsr-3879	24	6	return	return	NOUN
fsr-3879	24	7	maintained	maintain	VERB
fsr-3879	24	8	while	while	SCONJ
fsr-3879	24	9	the	the	DET
fsr-3879	24	10	risk	risk	NOUN
fsr-3879	24	11	is	be	AUX
fsr-3879	24	12	lowered	lower	VERB
fsr-3879	24	13	?	?	PUNCT
fsr-3879	25	1	despite	despite	SCONJ
fsr-3879	25	2	the	the	DET
fsr-3879	25	3	arguments	argument	NOUN
fsr-3879	25	4	put	put	VERB
fsr-3879	25	5	forth	forth	ADP
fsr-3879	25	6	in	in	ADP
fsr-3879	25	7	modern	modern	ADJ
fsr-3879	25	8	portfolio	portfolio	NOUN
fsr-3879	25	9	theory	theory	NOUN
fsr-3879	25	10	,	,	PUNCT
fsr-3879	25	11	most	most	ADJ
fsr-3879	25	12	investors	investor	NOUN
fsr-3879	25	13	probably	probably	ADV
fsr-3879	25	14	have	have	VERB
fsr-3879	25	15	no	no	DET
fsr-3879	25	16	desire	desire	NOUN
fsr-3879	25	17	to	to	PART
fsr-3879	25	18	diversify	diversify	VERB
fsr-3879	25	19	out	out	ADP
fsr-3879	25	20	of	of	ADP
fsr-3879	25	21	a	a	DET
fsr-3879	25	22	rising	rise	VERB
fsr-3879	25	23	domestic	domestic	ADJ
fsr-3879	25	24	market	market	NOUN
fsr-3879	25	25	and	and	CCONJ
fsr-3879	25	26	sacrifice	sacrifice	NOUN
fsr-3879	25	27	that	that	PRON
fsr-3879	25	28	return	return	VERB
fsr-3879	25	29	.	.	PUNCT
fsr-3879	26	1	unfortunately	unfortunately	ADV
fsr-3879	26	2	,	,	PUNCT
fsr-3879	26	3	it	it	PRON
fsr-3879	26	4	is	be	AUX
fsr-3879	26	5	impossible	impossible	ADJ
fsr-3879	26	6	to	to	PART
fsr-3879	26	7	predict	predict	VERB
fsr-3879	26	8	when	when	SCONJ
fsr-3879	26	9	the	the	DET
fsr-3879	26	10	market	market	NOUN
fsr-3879	26	11	will	will	AUX
fsr-3879	26	12	be	be	AUX
fsr-3879	26	13	rising	rise	VERB
fsr-3879	26	14	or	or	CCONJ
fsr-3879	26	15	falling	fall	VERB
fsr-3879	26	16	.	.	PUNCT
fsr-3879	27	1	thus	thus	ADV
fsr-3879	27	2	,	,	PUNCT
fsr-3879	27	3	although	although	SCONJ
fsr-3879	27	4	diversification	diversification	NOUN
fsr-3879	27	5	may	may	AUX
fsr-3879	27	6	help	help	VERB
fsr-3879	27	7	avoid	avoid	VERB
fsr-3879	27	8	large	large	ADJ
fsr-3879	27	9	losses	loss	NOUN
fsr-3879	27	10	when	when	SCONJ
fsr-3879	27	11	the	the	DET
fsr-3879	27	12	domestic	domestic	ADJ
fsr-3879	27	13	market	market	NOUN
fsr-3879	27	14	is	be	AUX
fsr-3879	27	15	falling	fall	VERB
fsr-3879	27	16	,	,	PUNCT
fsr-3879	27	17	it	it	PRON
fsr-3879	27	18	also	also	ADV
fsr-3879	27	19	may	may	AUX
fsr-3879	27	20	prevent	prevent	VERB
fsr-3879	27	21	large	large	ADJ
fsr-3879	27	22	gains	gain	NOUN
fsr-3879	27	23	when	when	SCONJ
fsr-3879	27	24	the	the	DET
fsr-3879	27	25	domestic	domestic	ADJ
fsr-3879	27	26	market	market	NOUN
fsr-3879	27	27	is	be	AUX
fsr-3879	27	28	rising	rise	VERB
fsr-3879	27	29	.	.	PUNCT
fsr-3879	28	1	the	the	DET
fsr-3879	28	2	true	true	ADJ
fsr-3879	28	3	reason	reason	NOUN
fsr-3879	28	4	that	that	SCONJ
fsr-3879	28	5	investors	investor	NOUN
fsr-3879	28	6	diversify	diversify	VERB
fsr-3879	28	7	,	,	PUNCT
fsr-3879	28	8	as	as	SCONJ
fsr-3879	28	9	the	the	DET
fsr-3879	28	10	model	model	NOUN
fsr-3879	28	11	shows	show	VERB
fsr-3879	28	12	us	we	PRON
fsr-3879	28	13	,	,	PUNCT
fsr-3879	28	14	is	be	AUX
fsr-3879	28	15	the	the	DET
fsr-3879	28	16	same	same	ADJ
fsr-3879	28	17	reason	reason	NOUN
fsr-3879	28	18	many	many	ADJ
fsr-3879	28	19	investors	investor	NOUN
fsr-3879	28	20	hold	hold	VERB
fsr-3879	28	21	bonds	bond	NOUN
fsr-3879	28	22	that	that	PRON
fsr-3879	28	23	offer	offer	VERB
fsr-3879	28	24	lower	low	ADJ
fsr-3879	28	25	yields	yield	NOUN
fsr-3879	28	26	than	than	ADP
fsr-3879	28	27	stocks	stock	NOUN
fsr-3879	28	28	—	—	PUNCT
fsr-3879	28	29	risk	risk	NOUN
fsr-3879	28	30	reduction	reduction	NOUN
fsr-3879	28	31	.	.	PUNCT
fsr-3879	29	1	in	in	ADP
fsr-3879	29	2	the	the	DET
fsr-3879	29	3	ideal	ideal	ADJ
fsr-3879	29	4	case	case	NOUN
fsr-3879	29	5	we	we	PRON
fsr-3879	29	6	move	move	VERB
fsr-3879	29	7	towards	towards	ADP
fsr-3879	29	8	the	the	DET
fsr-3879	29	9	efficient	efficient	ADJ
fsr-3879	29	10	frontier	frontier	NOUN
fsr-3879	29	11	of	of	ADP
fsr-3879	29	12	investments	investment	NOUN
fsr-3879	29	13	as	as	SCONJ
fsr-3879	29	14	we	we	PRON
fsr-3879	29	15	seek	seek	VERB
fsr-3879	29	16	to	to	PART
fsr-3879	29	17	reduce	reduce	VERB
fsr-3879	29	18	risk	risk	NOUN
fsr-3879	29	19	and	and	CCONJ
fsr-3879	29	20	hold	hold	VERB
fsr-3879	29	21	expected	expect	VERB
fsr-3879	29	22	return	return	NOUN
fsr-3879	29	23	constant	constant	ADJ
fsr-3879	29	24	in	in	ADP
fsr-3879	29	25	the	the	DET
fsr-3879	29	26	portfolio	portfolio	NOUN
fsr-3879	29	27	.	.	PUNCT
fsr-3879	30	1	2	2	X
fsr-3879	30	2	.	.	X
fsr-3879	30	3	review	review	NOUN
fsr-3879	30	4	of	of	ADP
fsr-3879	30	5	the	the	DET
fsr-3879	30	6	literature	literature	NOUN
fsr-3879	30	7	the	the	DET
fsr-3879	30	8	virtues	virtue	NOUN
fsr-3879	30	9	of	of	ADP
fsr-3879	30	10	international	international	ADJ
fsr-3879	30	11	investing	investing	NOUN
fsr-3879	30	12	have	have	AUX
fsr-3879	30	13	been	be	AUX
fsr-3879	30	14	sung	sing	VERB
fsr-3879	30	15	for	for	ADP
fsr-3879	30	16	at	at	ADP
fsr-3879	30	17	least	least	ADJ
fsr-3879	30	18	the	the	DET
fsr-3879	30	19	past	past	ADJ
fsr-3879	30	20	25	25	NUM
fsr-3879	30	21	years	year	NOUN
fsr-3879	30	22	in	in	ADP
fsr-3879	30	23	our	our	PRON
fsr-3879	30	24	literature	literature	NOUN
fsr-3879	30	25	.	.	PUNCT
fsr-3879	31	1	in	in	ADP
fsr-3879	31	2	a	a	DET
fsr-3879	31	3	significant	significant	ADJ
fsr-3879	31	4	study	study	NOUN
fsr-3879	31	5	solnik	solnik	X
fsr-3879	31	6	(	(	PUNCT
fsr-3879	31	7	1974	1974	NUM
fsr-3879	31	8	)	)	PUNCT
fsr-3879	31	9	states	state	VERB
fsr-3879	31	10	that	that	SCONJ
fsr-3879	31	11	the	the	DET
fsr-3879	31	12	“	"	PUNCT
fsr-3879	31	13	primary	primary	ADJ
fsr-3879	31	14	motivation	motivation	NOUN
fsr-3879	31	15	in	in	ADP
fsr-3879	31	16	holding	hold	VERB
fsr-3879	31	17	a	a	DET
fsr-3879	31	18	portfolio	portfolio	NOUN
fsr-3879	31	19	of	of	ADP
fsr-3879	31	20	stocks	stock	NOUN
fsr-3879	31	21	is	be	AUX
fsr-3879	31	22	to	to	PART
fsr-3879	31	23	reduce	reduce	VERB
fsr-3879	31	24	risk	risk	NOUN
fsr-3879	31	25	,	,	PUNCT
fsr-3879	31	26	”	"	PUNCT
fsr-3879	31	27	and	and	CCONJ
fsr-3879	31	28	he	he	PRON
fsr-3879	31	29	went	go	VERB
fsr-3879	31	30	on	on	ADP
fsr-3879	31	31	to	to	PART
fsr-3879	31	32	demonstrate	demonstrate	VERB
fsr-3879	31	33	exactly	exactly	ADV
fsr-3879	31	34	how	how	SCONJ
fsr-3879	31	35	the	the	DET
fsr-3879	31	36	level	level	NOUN
fsr-3879	31	37	of	of	ADP
fsr-3879	31	38	systematic	systematic	ADJ
fsr-3879	31	39	risk	risk	NOUN
fsr-3879	31	40	in	in	ADP
fsr-3879	31	41	a	a	DET
fsr-3879	31	42	portfolio	portfolio	NOUN
fsr-3879	31	43	is	be	AUX
fsr-3879	31	44	lowered	lower	VERB
fsr-3879	31	45	when	when	SCONJ
fsr-3879	31	46	we	we	PRON
fsr-3879	31	47	pursue	pursue	VERB
fsr-3879	31	48	international	international	ADJ
fsr-3879	31	49	diversification	diversification	NOUN
fsr-3879	31	50	.	.	PUNCT
fsr-3879	32	1	solnik	solnik	PROPN
fsr-3879	32	2	estimates	estimate	VERB
fsr-3879	32	3	that	that	SCONJ
fsr-3879	32	4	the	the	DET
fsr-3879	32	5	variability	variability	NOUN
fsr-3879	32	6	of	of	ADP
fsr-3879	32	7	returns	return	NOUN
fsr-3879	32	8	for	for	ADP
fsr-3879	32	9	“	"	PUNCT
fsr-3879	32	10	an	an	DET
fsr-3879	32	11	internationally	internationally	ADV
fsr-3879	32	12	well	well	ADV
fsr-3879	32	13	-	-	PUNCT
fsr-3879	32	14	diversified	diversify	VERB
fsr-3879	32	15	portfolio	portfolio	NOUN
fsr-3879	32	16	would	would	AUX
fsr-3879	32	17	be	be	AUX
fsr-3879	32	18	half	half	ADV
fsr-3879	32	19	as	as	ADV
fsr-3879	32	20	risky	risky	ADJ
fsr-3879	32	21	as	as	ADP
fsr-3879	32	22	a	a	DET
fsr-3879	32	23	portfolio	portfolio	NOUN
fsr-3879	32	24	of	of	ADP
fsr-3879	32	25	us	us	PROPN
fsr-3879	32	26	stocks	stock	NOUN
fsr-3879	32	27	.	.	PUNCT
fsr-3879	32	28	.	.	PUNCT
fsr-3879	32	29	.	.	PUNCT
fsr-3879	32	30	”	"	PUNCT
fsr-3879	33	1	more	more	ADV
fsr-3879	33	2	recently	recently	ADV
fsr-3879	33	3	other	other	ADJ
fsr-3879	33	4	studies	study	NOUN
fsr-3879	33	5	have	have	AUX
fsr-3879	33	6	arrived	arrive	VERB
fsr-3879	33	7	at	at	ADP
fsr-3879	33	8	essentially	essentially	ADV
fsr-3879	33	9	the	the	DET
fsr-3879	33	10	same	same	ADJ
fsr-3879	33	11	conclusion	conclusion	NOUN
fsr-3879	33	12	—	—	PUNCT
fsr-3879	33	13	that	that	SCONJ
fsr-3879	33	14	international	international	ADJ
fsr-3879	33	15	investing	investing	NOUN
fsr-3879	33	16	is	be	AUX
fsr-3879	33	17	useful	useful	ADJ
fsr-3879	33	18	in	in	ADP
fsr-3879	33	19	reducing	reduce	VERB
fsr-3879	33	20	risk	risk	NOUN
fsr-3879	33	21	.	.	PUNCT
fsr-3879	34	1	black	black	ADJ
fsr-3879	34	2	and	and	CCONJ
fsr-3879	34	3	litterman	litterman	NOUN
fsr-3879	34	4	(	(	PUNCT
fsr-3879	34	5	1991	1991	NUM
fsr-3879	34	6	)	)	PUNCT
fsr-3879	34	7	find	find	VERB
fsr-3879	34	8	that	that	SCONJ
fsr-3879	34	9	the	the	DET
fsr-3879	34	10	efficient	efficient	ADJ
fsr-3879	34	11	frontier	frontier	NOUN
fsr-3879	34	12	is	be	AUX
fsr-3879	34	13	pushed	push	VERB
fsr-3879	34	14	out	out	ADP
fsr-3879	34	15	further	far	ADV
fsr-3879	34	16	when	when	SCONJ
fsr-3879	34	17	international	international	ADJ
fsr-3879	34	18	investment	investment	NOUN
fsr-3879	34	19	opportunities	opportunity	NOUN
fsr-3879	34	20	are	be	AUX
fsr-3879	34	21	included	include	VERB
fsr-3879	34	22	in	in	ADP
fsr-3879	34	23	the	the	DET
fsr-3879	34	24	opportunity	opportunity	NOUN
fsr-3879	34	25	set	set	NOUN
fsr-3879	34	26	,	,	PUNCT
fsr-3879	34	27	increasing	increase	VERB
fsr-3879	34	28	the	the	DET
fsr-3879	34	29	opportunity	opportunity	NOUN
fsr-3879	34	30	for	for	ADP
fsr-3879	34	31	risk	risk	NOUN
fsr-3879	34	32	reduction	reduction	NOUN
fsr-3879	34	33	beyond	beyond	ADP
fsr-3879	34	34	a	a	DET
fsr-3879	34	35	united	united	ADJ
fsr-3879	34	36	states	state	NOUN
fsr-3879	34	37	-	-	PUNCT
fsr-3879	34	38	only	only	ADV
fsr-3879	34	39	portfolio	portfolio	NOUN
fsr-3879	34	40	.	.	PUNCT
fsr-3879	35	1	michaud	michaud	PROPN
fsr-3879	35	2	,	,	PUNCT
fsr-3879	35	3	bergstrom	bergstrom	PROPN
fsr-3879	35	4	,	,	PUNCT
fsr-3879	35	5	frashure	frashure	ADJ
fsr-3879	35	6	,	,	PUNCT
fsr-3879	35	7	and	and	CCONJ
fsr-3879	35	8	wolahan	wolahan	ADV
fsr-3879	35	9	(	(	PUNCT
fsr-3879	35	10	1996	1996	NUM
fsr-3879	35	11	)	)	PUNCT
fsr-3879	35	12	review	review	NOUN
fsr-3879	35	13	data	datum	NOUN
fsr-3879	35	14	for	for	ADP
fsr-3879	35	15	the	the	DET
fsr-3879	35	16	preceding	precede	VERB
fsr-3879	35	17	twenty	twenty	NUM
fsr-3879	35	18	years	year	NOUN
fsr-3879	36	1	and	and	CCONJ
fsr-3879	36	2	come	come	VERB
fsr-3879	36	3	to	to	ADP
fsr-3879	36	4	the	the	DET
fsr-3879	36	5	conclusion	conclusion	NOUN
fsr-3879	36	6	that	that	SCONJ
fsr-3879	36	7	“	"	PUNCT
fsr-3879	36	8	international	international	ADJ
fsr-3879	36	9	diversification	diversification	NOUN
fsr-3879	36	10	increases	increase	VERB
fsr-3879	36	11	return	return	VERB
fsr-3879	36	12	per	per	ADP
fsr-3879	36	13	unit	unit	NOUN
fsr-3879	36	14	of	of	ADP
fsr-3879	36	15	risk	risk	NOUN
fsr-3879	36	16	relative	relative	ADJ
fsr-3879	36	17	to	to	ADP
fsr-3879	36	18	a	a	DET
fsr-3879	36	19	comparable	comparable	ADJ
fsr-3879	36	20	u.s.-only	u.s.-only	ADJ
fsr-3879	36	21	portfolio	portfolio	NOUN
fsr-3879	36	22	.	.	PUNCT
fsr-3879	36	23	”	"	PUNCT
fsr-3879	37	1	although	although	SCONJ
fsr-3879	37	2	many	many	ADJ
fsr-3879	37	3	studies	study	NOUN
fsr-3879	37	4	concentrate	concentrate	VERB
fsr-3879	37	5	on	on	ADP
fsr-3879	37	6	using	use	VERB
fsr-3879	37	7	market	market	NOUN
fsr-3879	37	8	indexes	index	NOUN
fsr-3879	37	9	to	to	PART
fsr-3879	37	10	look	look	VERB
fsr-3879	37	11	for	for	ADP
fsr-3879	37	12	potential	potential	ADJ
fsr-3879	37	13	gains	gain	NOUN
fsr-3879	37	14	from	from	ADP
fsr-3879	37	15	international	international	ADJ
fsr-3879	37	16	investing	investing	NOUN
fsr-3879	37	17	,	,	PUNCT
fsr-3879	37	18	potential	potential	ADJ
fsr-3879	37	19	gains	gain	NOUN
fsr-3879	37	20	may	may	AUX
fsr-3879	37	21	be	be	AUX
fsr-3879	37	22	found	find	VERB
fsr-3879	37	23	from	from	ADP
fsr-3879	37	24	other	other	ADJ
fsr-3879	37	25	international	international	ADJ
fsr-3879	37	26	investment	investment	NOUN
fsr-3879	37	27	vehicles	vehicle	NOUN
fsr-3879	37	28	.	.	PUNCT
fsr-3879	38	1	for	for	ADP
fsr-3879	38	2	example	example	NOUN
fsr-3879	38	3	,	,	PUNCT
fsr-3879	38	4	wahab	wahab	PROPN
fsr-3879	38	5	and	and	CCONJ
fsr-3879	38	6	khandwala	khandwala	PROPN
fsr-3879	38	7	(	(	PUNCT
fsr-3879	38	8	1993	1993	NUM
fsr-3879	38	9	)	)	PUNCT
fsr-3879	38	10	argue	argue	VERB
fsr-3879	38	11	that	that	SCONJ
fsr-3879	38	12	american	american	ADJ
fsr-3879	38	13	drawing	drawing	NOUN
fsr-3879	38	14	rights	right	NOUN
fsr-3879	38	15	(	(	PUNCT
fsr-3879	38	16	adrs	adr	NOUN
fsr-3879	38	17	)	)	PUNCT
fsr-3879	38	18	can	can	AUX
fsr-3879	38	19	be	be	AUX
fsr-3879	38	20	used	use	VERB
fsr-3879	38	21	to	to	PART
fsr-3879	38	22	gain	gain	VERB
fsr-3879	38	23	the	the	DET
fsr-3879	38	24	anticipated	anticipate	VERB
fsr-3879	38	25	benefits	benefit	NOUN
fsr-3879	38	26	of	of	ADP
fsr-3879	38	27	international	international	ADJ
fsr-3879	38	28	diversification	diversification	NOUN
fsr-3879	38	29	.	.	PUNCT
fsr-3879	39	1	38	38	NUM
fsr-3879	39	2	m.e	m.e	PROPN
fsr-3879	39	3	.	.	PROPN
fsr-3879	39	4	hanna	hanna	PROPN
fsr-3879	39	5	et	et	PROPN
fsr-3879	39	6	al	al	PROPN
fsr-3879	39	7	.	.	PUNCT
fsr-3879	39	8	/	/	SYM
fsr-3879	39	9	financial	financial	ADJ
fsr-3879	39	10	services	service	NOUN
fsr-3879	39	11	review	review	VERB
fsr-3879	39	12	8	8	NUM
fsr-3879	39	13	(	(	PUNCT
fsr-3879	39	14	1999	1999	NUM
fsr-3879	39	15	)	)	PUNCT
fsr-3879	39	16	37–45	37–45	NUM
fsr-3879	39	17	coming	come	VERB
fsr-3879	39	18	to	to	ADP
fsr-3879	39	19	a	a	DET
fsr-3879	39	20	different	different	ADJ
fsr-3879	39	21	conclusion	conclusion	NOUN
fsr-3879	39	22	,	,	PUNCT
fsr-3879	39	23	however	however	ADV
fsr-3879	39	24	,	,	PUNCT
fsr-3879	39	25	russell	russell	PROPN
fsr-3879	39	26	(	(	PUNCT
fsr-3879	39	27	1998	1998	NUM
fsr-3879	39	28	)	)	PUNCT
fsr-3879	39	29	finds	find	VERB
fsr-3879	39	30	that	that	SCONJ
fsr-3879	39	31	adrs	adr	NOUN
fsr-3879	39	32	seem	seem	VERB
fsr-3879	39	33	to	to	PART
fsr-3879	39	34	mimic	mimic	VERB
fsr-3879	39	35	the	the	DET
fsr-3879	39	36	market	market	NOUN
fsr-3879	39	37	where	where	SCONJ
fsr-3879	39	38	they	they	PRON
fsr-3879	39	39	are	be	AUX
fsr-3879	39	40	traded	trade	VERB
fsr-3879	39	41	,	,	PUNCT
fsr-3879	39	42	rather	rather	ADV
fsr-3879	39	43	than	than	ADP
fsr-3879	39	44	the	the	DET
fsr-3879	39	45	market	market	NOUN
fsr-3879	39	46	where	where	SCONJ
fsr-3879	39	47	the	the	DET
fsr-3879	39	48	underlying	underlie	VERB
fsr-3879	39	49	security	security	NOUN
fsr-3879	39	50	is	be	AUX
fsr-3879	39	51	found	find	VERB
fsr-3879	39	52	.	.	PUNCT
fsr-3879	40	1	russell	russell	PROPN
fsr-3879	40	2	also	also	ADV
fsr-3879	40	3	is	be	AUX
fsr-3879	40	4	dissatisfied	dissatisfied	ADJ
fsr-3879	40	5	with	with	ADP
fsr-3879	40	6	the	the	DET
fsr-3879	40	7	result	result	NOUN
fsr-3879	40	8	of	of	ADP
fsr-3879	40	9	closed	close	VERB
fsr-3879	40	10	-	-	PUNCT
fsr-3879	40	11	end	end	NOUN
fsr-3879	40	12	country	country	NOUN
fsr-3879	40	13	-	-	PUNCT
fsr-3879	40	14	specific	specific	ADJ
fsr-3879	40	15	funds	fund	NOUN
fsr-3879	40	16	,	,	PUNCT
fsr-3879	40	17	noting	note	VERB
fsr-3879	40	18	that	that	SCONJ
fsr-3879	40	19	they	they	PRON
fsr-3879	40	20	behave	behave	VERB
fsr-3879	40	21	like	like	ADP
fsr-3879	40	22	the	the	DET
fsr-3879	40	23	host	host	NOUN
fsr-3879	40	24	market	market	NOUN
fsr-3879	40	25	.	.	PUNCT
fsr-3879	41	1	his	his	PRON
fsr-3879	41	2	results	result	NOUN
fsr-3879	41	3	on	on	ADP
fsr-3879	41	4	closed	closed	ADJ
fsr-3879	41	5	-	-	PUNCT
fsr-3879	41	6	end	end	NOUN
fsr-3879	41	7	funds	fund	NOUN
fsr-3879	41	8	concur	concur	VERB
fsr-3879	41	9	with	with	ADP
fsr-3879	41	10	the	the	DET
fsr-3879	41	11	earlier	early	ADJ
fsr-3879	41	12	findings	finding	NOUN
fsr-3879	41	13	of	of	ADP
fsr-3879	41	14	bailey	bailey	PROPN
fsr-3879	41	15	and	and	CCONJ
fsr-3879	41	16	lim	lim	PROPN
fsr-3879	41	17	(	(	PUNCT
fsr-3879	41	18	1992	1992	NUM
fsr-3879	41	19	)	)	PUNCT
fsr-3879	41	20	.	.	PUNCT
fsr-3879	42	1	many	many	ADJ
fsr-3879	42	2	studies	study	NOUN
fsr-3879	42	3	focus	focus	VERB
fsr-3879	42	4	on	on	ADP
fsr-3879	42	5	the	the	DET
fsr-3879	42	6	use	use	NOUN
fsr-3879	42	7	of	of	ADP
fsr-3879	42	8	market	market	NOUN
fsr-3879	42	9	indexes	index	NOUN
fsr-3879	42	10	for	for	ADP
fsr-3879	42	11	diversification	diversification	NOUN
fsr-3879	42	12	.	.	PUNCT
fsr-3879	43	1	speidell	speidell	ADJ
fsr-3879	43	2	and	and	CCONJ
fsr-3879	43	3	sappenfield	sappenfield	PROPN
fsr-3879	43	4	(	(	PUNCT
fsr-3879	43	5	1992	1992	NUM
fsr-3879	43	6	)	)	PUNCT
fsr-3879	43	7	raise	raise	VERB
fsr-3879	43	8	concerns	concern	NOUN
fsr-3879	43	9	that	that	SCONJ
fsr-3879	43	10	the	the	DET
fsr-3879	43	11	market	market	NOUN
fsr-3879	43	12	indexes	index	VERB
fsr-3879	43	13	for	for	ADP
fsr-3879	43	14	the	the	DET
fsr-3879	43	15	major	major	ADJ
fsr-3879	43	16	world	world	NOUN
fsr-3879	43	17	economies	economy	NOUN
fsr-3879	43	18	are	be	AUX
fsr-3879	43	19	becoming	become	VERB
fsr-3879	43	20	more	more	ADV
fsr-3879	43	21	highly	highly	ADV
fsr-3879	43	22	correlated	correlate	VERB
fsr-3879	43	23	,	,	PUNCT
fsr-3879	43	24	and	and	CCONJ
fsr-3879	43	25	that	that	SCONJ
fsr-3879	43	26	historical	historical	ADJ
fsr-3879	43	27	diversification	diversification	NOUN
fsr-3879	43	28	benefits	benefit	NOUN
fsr-3879	43	29	may	may	AUX
fsr-3879	43	30	be	be	AUX
fsr-3879	43	31	fading	fade	VERB
fsr-3879	43	32	away	away	ADP
fsr-3879	43	33	as	as	SCONJ
fsr-3879	43	34	economies	economy	NOUN
fsr-3879	43	35	and	and	CCONJ
fsr-3879	43	36	global	global	ADJ
fsr-3879	43	37	events	event	NOUN
fsr-3879	43	38	tie	tie	VERB
fsr-3879	43	39	us	we	PRON
fsr-3879	43	40	together	together	ADV
fsr-3879	43	41	in	in	ADP
fsr-3879	43	42	a	a	DET
fsr-3879	43	43	shrinking	shrink	VERB
fsr-3879	43	44	world	world	NOUN
fsr-3879	43	45	.	.	PUNCT
fsr-3879	44	1	most	most	ADJ
fsr-3879	44	2	(	(	PUNCT
fsr-3879	44	3	1996	1996	NUM
fsr-3879	44	4	)	)	PUNCT
fsr-3879	44	5	finds	find	VERB
fsr-3879	44	6	that	that	SCONJ
fsr-3879	44	7	it	it	PRON
fsr-3879	44	8	is	be	AUX
fsr-3879	44	9	becoming	become	VERB
fsr-3879	44	10	increasingly	increasingly	ADV
fsr-3879	44	11	difficult	difficult	ADJ
fsr-3879	44	12	to	to	PART
fsr-3879	44	13	find	find	VERB
fsr-3879	44	14	the	the	DET
fsr-3879	44	15	diversification	diversification	NOUN
fsr-3879	44	16	benefits	benefit	NOUN
fsr-3879	44	17	in	in	ADP
fsr-3879	44	18	international	international	ADJ
fsr-3879	44	19	markets	market	NOUN
fsr-3879	44	20	.	.	PUNCT
fsr-3879	45	1	sinquefield	sinquefield	PROPN
fsr-3879	45	2	(	(	PUNCT
fsr-3879	45	3	1996	1996	NUM
fsr-3879	45	4	)	)	PUNCT
fsr-3879	45	5	continues	continue	VERB
fsr-3879	45	6	this	this	DET
fsr-3879	45	7	challenge	challenge	NOUN
fsr-3879	45	8	to	to	ADP
fsr-3879	45	9	the	the	DET
fsr-3879	45	10	use	use	NOUN
fsr-3879	45	11	of	of	ADP
fsr-3879	45	12	europe	europe	PROPN
fsr-3879	45	13	australia	australia	PROPN
fsr-3879	45	14	/	/	SYM
fsr-3879	45	15	far	far	PROPN
fsr-3879	45	16	east	east	NOUN
fsr-3879	45	17	index	index	NOUN
fsr-3879	45	18	(	(	PUNCT
fsr-3879	45	19	eafe	eafe	ADJ
fsr-3879	45	20	)	)	PUNCT
fsr-3879	45	21	and	and	CCONJ
fsr-3879	45	22	other	other	ADJ
fsr-3879	45	23	major	major	ADJ
fsr-3879	45	24	indexes	index	NOUN
fsr-3879	45	25	to	to	PART
fsr-3879	45	26	diversify	diversify	VERB
fsr-3879	45	27	an	an	DET
fsr-3879	45	28	s	s	NOUN
fsr-3879	45	29	&	&	CCONJ
fsr-3879	45	30	p	p	PROPN
fsr-3879	45	31	500portfolio	500portfolio	PROPN
fsr-3879	45	32	.	.	PUNCT
fsr-3879	46	1	like	like	INTJ
fsr-3879	46	2	speidell	speidell	ADJ
fsr-3879	46	3	and	and	CCONJ
fsr-3879	46	4	sappenfield	sappenfield	NOUN
fsr-3879	46	5	he	he	PRON
fsr-3879	46	6	comes	come	VERB
fsr-3879	46	7	to	to	ADP
fsr-3879	46	8	the	the	DET
fsr-3879	46	9	conclusion	conclusion	NOUN
fsr-3879	46	10	that	that	SCONJ
fsr-3879	46	11	actively	actively	ADV
fsr-3879	46	12	managed	manage	VERB
fsr-3879	46	13	emerging	emerge	VERB
fsr-3879	46	14	market	market	NOUN
fsr-3879	46	15	portfolios	portfolio	NOUN
fsr-3879	46	16	may	may	AUX
fsr-3879	46	17	give	give	VERB
fsr-3879	46	18	greater	great	ADJ
fsr-3879	46	19	diversification	diversification	NOUN
fsr-3879	46	20	potential	potential	NOUN
fsr-3879	46	21	.	.	PUNCT
fsr-3879	47	1	coming	come	VERB
fsr-3879	47	2	to	to	ADP
fsr-3879	47	3	a	a	DET
fsr-3879	47	4	different	different	ADJ
fsr-3879	47	5	conclusion	conclusion	NOUN
fsr-3879	47	6	about	about	ADP
fsr-3879	47	7	the	the	DET
fsr-3879	47	8	correlation	correlation	NOUN
fsr-3879	47	9	of	of	ADP
fsr-3879	47	10	markets	market	NOUN
fsr-3879	47	11	,	,	PUNCT
fsr-3879	47	12	michaud	michaud	PROPN
fsr-3879	47	13	,	,	PUNCT
fsr-3879	47	14	bergstrom	bergstrom	PROPN
fsr-3879	47	15	,	,	PUNCT
fsr-3879	47	16	frashure	frashure	ADJ
fsr-3879	47	17	,	,	PUNCT
fsr-3879	47	18	and	and	CCONJ
fsr-3879	47	19	wolahan	wolahan	ADV
fsr-3879	47	20	(	(	PUNCT
fsr-3879	47	21	1996	1996	NUM
fsr-3879	47	22	)	)	PUNCT
fsr-3879	47	23	feel	feel	VERB
fsr-3879	47	24	that	that	SCONJ
fsr-3879	47	25	the	the	DET
fsr-3879	47	26	major	major	ADJ
fsr-3879	47	27	market	market	NOUN
fsr-3879	47	28	indexes	index	NOUN
fsr-3879	47	29	are	be	AUX
fsr-3879	47	30	not	not	PART
fsr-3879	47	31	really	really	ADV
fsr-3879	47	32	becoming	become	VERB
fsr-3879	47	33	more	more	ADV
fsr-3879	47	34	highly	highly	ADV
fsr-3879	47	35	correlated	correlate	VERB
fsr-3879	47	36	.	.	PUNCT
fsr-3879	48	1	they	they	PRON
fsr-3879	48	2	feel	feel	VERB
fsr-3879	48	3	that	that	SCONJ
fsr-3879	48	4	benefits	benefit	NOUN
fsr-3879	48	5	from	from	ADP
fsr-3879	48	6	diversification	diversification	NOUN
fsr-3879	48	7	still	still	ADV
fsr-3879	48	8	exist	exist	VERB
fsr-3879	48	9	between	between	ADP
fsr-3879	48	10	markets	market	NOUN
fsr-3879	48	11	.	.	PUNCT
fsr-3879	49	1	solnik	solnik	PROPN
fsr-3879	49	2	,	,	PUNCT
fsr-3879	49	3	boucrelle	boucrelle	NOUN
fsr-3879	49	4	,	,	PUNCT
fsr-3879	49	5	and	and	CCONJ
fsr-3879	49	6	le	le	X
fsr-3879	49	7	fur	fur	NOUN
fsr-3879	49	8	(	(	PUNCT
fsr-3879	49	9	1996	1996	NUM
fsr-3879	49	10	)	)	PUNCT
fsr-3879	49	11	assert	assert	VERB
fsr-3879	49	12	that	that	SCONJ
fsr-3879	49	13	the	the	DET
fsr-3879	49	14	various	various	ADJ
fsr-3879	49	15	financial	financial	ADJ
fsr-3879	49	16	markets	market	NOUN
fsr-3879	49	17	show	show	VERB
fsr-3879	49	18	“	"	PUNCT
fsr-3879	49	19	correlation	correlation	NOUN
fsr-3879	49	20	increases	increase	NOUN
fsr-3879	49	21	in	in	ADP
fsr-3879	49	22	periods	period	NOUN
fsr-3879	49	23	of	of	ADP
fsr-3879	49	24	high	high	ADJ
fsr-3879	49	25	market	market	NOUN
fsr-3879	49	26	volatility	volatility	NOUN
fsr-3879	49	27	.	.	PUNCT
fsr-3879	49	28	”	"	PUNCT
fsr-3879	50	1	this	this	PRON
fsr-3879	50	2	is	be	AUX
fsr-3879	50	3	not	not	PART
fsr-3879	50	4	good	good	ADJ
fsr-3879	50	5	for	for	ADP
fsr-3879	50	6	investors	investor	NOUN
fsr-3879	50	7	because	because	SCONJ
fsr-3879	50	8	it	it	PRON
fsr-3879	50	9	is	be	AUX
fsr-3879	50	10	precisely	precisely	ADV
fsr-3879	50	11	during	during	ADP
fsr-3879	50	12	volatile	volatile	ADJ
fsr-3879	50	13	moments	moment	NOUN
fsr-3879	50	14	in	in	ADP
fsr-3879	50	15	the	the	DET
fsr-3879	50	16	market	market	NOUN
fsr-3879	50	17	that	that	PRON
fsr-3879	50	18	low	low	ADJ
fsr-3879	50	19	correlation	correlation	NOUN
fsr-3879	50	20	is	be	AUX
fsr-3879	50	21	most	most	ADV
fsr-3879	50	22	desired	desire	VERB
fsr-3879	50	23	.	.	PUNCT
fsr-3879	51	1	aiello	aiello	PROPN
fsr-3879	51	2	and	and	CCONJ
fsr-3879	51	3	chieffe	chieffe	ADJ
fsr-3879	51	4	(	(	PUNCT
fsr-3879	51	5	1999	1999	NUM
fsr-3879	51	6	)	)	PUNCT
fsr-3879	51	7	examine	examine	VERB
fsr-3879	51	8	international	international	ADJ
fsr-3879	51	9	index	index	NOUN
fsr-3879	51	10	funds	fund	NOUN
fsr-3879	51	11	to	to	PART
fsr-3879	51	12	see	see	VERB
fsr-3879	51	13	if	if	SCONJ
fsr-3879	51	14	they	they	PRON
fsr-3879	51	15	can	can	AUX
fsr-3879	51	16	be	be	AUX
fsr-3879	51	17	used	use	VERB
fsr-3879	51	18	to	to	PART
fsr-3879	51	19	gain	gain	VERB
fsr-3879	51	20	the	the	DET
fsr-3879	51	21	desired	desire	VERB
fsr-3879	51	22	benefits	benefit	NOUN
fsr-3879	51	23	of	of	ADP
fsr-3879	51	24	international	international	ADJ
fsr-3879	51	25	diversification	diversification	NOUN
fsr-3879	51	26	.	.	PUNCT
fsr-3879	52	1	however	however	ADV
fsr-3879	52	2	,	,	PUNCT
fsr-3879	52	3	they	they	PRON
fsr-3879	52	4	conclude	conclude	VERB
fsr-3879	52	5	that	that	SCONJ
fsr-3879	52	6	these	these	DET
fsr-3879	52	7	funds	fund	NOUN
fsr-3879	52	8	do	do	AUX
fsr-3879	52	9	not	not	PART
fsr-3879	52	10	accomplish	accomplish	VERB
fsr-3879	52	11	that	that	DET
fsr-3879	52	12	end	end	NOUN
fsr-3879	52	13	.	.	PUNCT
fsr-3879	53	1	with	with	ADP
fsr-3879	53	2	similar	similar	ADJ
fsr-3879	53	3	results	result	NOUN
fsr-3879	53	4	ho	ho	ADJ
fsr-3879	53	5	,	,	PUNCT
fsr-3879	53	6	milevsky	milevsky	NOUN
fsr-3879	53	7	,	,	PUNCT
fsr-3879	53	8	and	and	CCONJ
fsr-3879	53	9	robinson	robinson	PROPN
fsr-3879	53	10	(	(	PUNCT
fsr-3879	53	11	1999	1999	NUM
fsr-3879	53	12	)	)	PUNCT
fsr-3879	53	13	conclude	conclude	VERB
fsr-3879	53	14	that	that	SCONJ
fsr-3879	53	15	market	market	NOUN
fsr-3879	53	16	performance	performance	NOUN
fsr-3879	53	17	in	in	ADP
fsr-3879	53	18	recent	recent	ADJ
fsr-3879	53	19	years	year	NOUN
fsr-3879	53	20	would	would	AUX
fsr-3879	53	21	have	have	AUX
fsr-3879	53	22	allowed	allow	VERB
fsr-3879	53	23	a	a	DET
fsr-3879	53	24	canadian	canadian	ADJ
fsr-3879	53	25	investor	investor	NOUN
fsr-3879	53	26	to	to	PART
fsr-3879	53	27	benefit	benefit	VERB
fsr-3879	53	28	from	from	ADP
fsr-3879	53	29	international	international	ADJ
fsr-3879	53	30	diversification	diversification	NOUN
fsr-3879	53	31	,	,	PUNCT
fsr-3879	53	32	but	but	CCONJ
fsr-3879	53	33	that	that	SCONJ
fsr-3879	53	34	an	an	DET
fsr-3879	53	35	american	american	ADJ
fsr-3879	53	36	investor	investor	NOUN
fsr-3879	53	37	would	would	AUX
fsr-3879	53	38	not	not	PART
fsr-3879	53	39	be	be	AUX
fsr-3879	53	40	so	so	ADV
fsr-3879	53	41	fortunate	fortunate	ADJ
fsr-3879	53	42	.	.	PUNCT
fsr-3879	54	1	the	the	DET
fsr-3879	54	2	conclusions	conclusion	NOUN
fsr-3879	54	3	of	of	ADP
fsr-3879	54	4	these	these	DET
fsr-3879	54	5	two	two	NUM
fsr-3879	54	6	studies	study	NOUN
fsr-3879	54	7	are	be	AUX
fsr-3879	54	8	highly	highly	ADV
fsr-3879	54	9	consistent	consistent	ADJ
fsr-3879	54	10	with	with	ADP
fsr-3879	54	11	the	the	DET
fsr-3879	54	12	results	result	NOUN
fsr-3879	54	13	of	of	ADP
fsr-3879	54	14	our	our	PRON
fsr-3879	54	15	research	research	NOUN
fsr-3879	54	16	.	.	PUNCT
fsr-3879	55	1	3	3	X
fsr-3879	55	2	.	.	X
fsr-3879	55	3	methodology	methodology	NOUN
fsr-3879	55	4	and	and	CCONJ
fsr-3879	55	5	data	datum	NOUN
fsr-3879	55	6	this	this	DET
fsr-3879	55	7	study	study	NOUN
fsr-3879	55	8	examines	examine	VERB
fsr-3879	55	9	the	the	DET
fsr-3879	55	10	risk	risk	NOUN
fsr-3879	55	11	and	and	CCONJ
fsr-3879	55	12	return	return	VERB
fsr-3879	55	13	effects	effect	NOUN
fsr-3879	55	14	that	that	PRON
fsr-3879	55	15	would	would	AUX
fsr-3879	55	16	have	have	AUX
fsr-3879	55	17	been	be	AUX
fsr-3879	55	18	realized	realize	VERB
fsr-3879	55	19	by	by	ADP
fsr-3879	55	20	a	a	DET
fsr-3879	55	21	hypothetical	hypothetical	ADJ
fsr-3879	55	22	united	united	PROPN
fsr-3879	55	23	states	states	PROPN
fsr-3879	55	24	investor	investor	NOUN
fsr-3879	55	25	who	who	PRON
fsr-3879	55	26	elected	elect	VERB
fsr-3879	55	27	to	to	PART
fsr-3879	55	28	pursue	pursue	VERB
fsr-3879	55	29	international	international	ADJ
fsr-3879	55	30	equity	equity	NOUN
fsr-3879	55	31	diversification	diversification	NOUN
fsr-3879	55	32	by	by	ADP
fsr-3879	55	33	investing	invest	VERB
fsr-3879	55	34	in	in	ADP
fsr-3879	55	35	the	the	DET
fsr-3879	55	36	financial	financial	ADJ
fsr-3879	55	37	market	market	NOUN
fsr-3879	55	38	indexes	index	NOUN
fsr-3879	55	39	of	of	ADP
fsr-3879	55	40	the	the	DET
fsr-3879	55	41	other	other	ADJ
fsr-3879	55	42	six	six	NUM
fsr-3879	55	43	g-7	g-7	NOUN
fsr-3879	55	44	group	group	NOUN
fsr-3879	55	45	of	of	ADP
fsr-3879	55	46	industrialized	industrialized	ADJ
fsr-3879	55	47	nations	nation	NOUN
fsr-3879	55	48	.	.	PUNCT
fsr-3879	56	1	those	those	DET
fsr-3879	56	2	other	other	ADJ
fsr-3879	56	3	six	six	NUM
fsr-3879	56	4	nations	nation	NOUN
fsr-3879	56	5	are	be	AUX
fsr-3879	56	6	canada	canada	PROPN
fsr-3879	56	7	,	,	PUNCT
fsr-3879	56	8	the	the	DET
fsr-3879	56	9	united	united	PROPN
fsr-3879	56	10	kingdom	kingdom	PROPN
fsr-3879	56	11	,	,	PUNCT
fsr-3879	56	12	france	france	PROPN
fsr-3879	56	13	,	,	PUNCT
fsr-3879	56	14	germany	germany	PROPN
fsr-3879	56	15	,	,	PUNCT
fsr-3879	56	16	italy	italy	PROPN
fsr-3879	56	17	,	,	PUNCT
fsr-3879	56	18	and	and	CCONJ
fsr-3879	56	19	japan	japan	PROPN
fsr-3879	56	20	.	.	PUNCT
fsr-3879	57	1	data	datum	NOUN
fsr-3879	57	2	are	be	AUX
fsr-3879	57	3	analyzed	analyze	VERB
fsr-3879	57	4	on	on	ADP
fsr-3879	57	5	the	the	DET
fsr-3879	57	6	reported	report	VERB
fsr-3879	57	7	value	value	NOUN
fsr-3879	57	8	of	of	ADP
fsr-3879	57	9	a	a	DET
fsr-3879	57	10	major	major	ADJ
fsr-3879	57	11	market	market	NOUN
fsr-3879	57	12	index	index	NOUN
fsr-3879	57	13	for	for	ADP
fsr-3879	57	14	each	each	PRON
fsr-3879	57	15	of	of	ADP
fsr-3879	57	16	the	the	DET
fsr-3879	57	17	seven	seven	NUM
fsr-3879	57	18	markets	market	NOUN
fsr-3879	57	19	.	.	PUNCT
fsr-3879	58	1	the	the	DET
fsr-3879	58	2	market	market	NOUN
fsr-3879	58	3	indexes	index	VERB
fsr-3879	58	4	under	under	ADP
fsr-3879	58	5	study	study	NOUN
fsr-3879	58	6	in	in	ADP
fsr-3879	58	7	this	this	DET
fsr-3879	58	8	research	research	NOUN
fsr-3879	58	9	project	project	NOUN
fsr-3879	58	10	are	be	AUX
fsr-3879	58	11	the	the	DET
fsr-3879	58	12	s	s	PROPN
fsr-3879	58	13	&	&	CCONJ
fsr-3879	58	14	p	p	NOUN
fsr-3879	58	15	500	500	NUM
fsr-3879	58	16	,	,	PUNCT
fsr-3879	58	17	the	the	DET
fsr-3879	58	18	toronto	toronto	PROPN
fsr-3879	58	19	stock	stock	PROPN
fsr-3879	58	20	exchange	exchange	PROPN
fsr-3879	58	21	(	(	PUNCT
fsr-3879	58	22	tse	tse	PROPN
fsr-3879	58	23	)	)	PUNCT
fsr-3879	58	24	300	300	NUM
fsr-3879	58	25	composite	composite	ADJ
fsr-3879	58	26	index	index	NOUN
fsr-3879	58	27	,	,	PUNCT
fsr-3879	58	28	the	the	DET
fsr-3879	58	29	financial	financial	ADJ
fsr-3879	58	30	times	times	PROPN
fsr-3879	58	31	index	index	NOUN
fsr-3879	58	32	of	of	ADP
fsr-3879	58	33	london	london	PROPN
fsr-3879	58	34	,	,	PUNCT
fsr-3879	58	35	the	the	DET
fsr-3879	58	36	paris	paris	PROPN
fsr-3879	58	37	cac	cac	PROPN
fsr-3879	58	38	40	40	NUM
fsr-3879	58	39	,	,	PUNCT
fsr-3879	58	40	the	the	DET
fsr-3879	58	41	frankfurt	frankfurt	PROPN
fsr-3879	58	42	dax	dax	PROPN
fsr-3879	58	43	,	,	PUNCT
fsr-3879	58	44	the	the	DET
fsr-3879	58	45	milan	milan	PROPN
fsr-3879	58	46	mlbtel	mlbtel	PROPN
fsr-3879	58	47	,	,	PUNCT
fsr-3879	58	48	and	and	CCONJ
fsr-3879	58	49	the	the	DET
fsr-3879	58	50	tokyo	tokyo	PROPN
fsr-3879	58	51	nikkei	nikkei	NOUN
fsr-3879	58	52	225	225	NUM
fsr-3879	58	53	.	.	PUNCT
fsr-3879	59	1	this	this	DET
fsr-3879	59	2	study	study	NOUN
fsr-3879	59	3	examines	examine	VERB
fsr-3879	59	4	the	the	DET
fsr-3879	59	5	ten	ten	NUM
fsr-3879	59	6	years	year	NOUN
fsr-3879	59	7	of	of	ADP
fsr-3879	59	8	equity	equity	NOUN
fsr-3879	59	9	market	market	NOUN
fsr-3879	59	10	data	datum	NOUN
fsr-3879	59	11	from	from	ADP
fsr-3879	59	12	january	january	PROPN
fsr-3879	59	13	1988	1988	NUM
fsr-3879	59	14	to	to	ADP
fsr-3879	59	15	december	december	PROPN
fsr-3879	59	16	1997	1997	NUM
fsr-3879	59	17	.	.	PUNCT
fsr-3879	60	1	all	all	DET
fsr-3879	60	2	data	datum	NOUN
fsr-3879	60	3	that	that	PRON
fsr-3879	60	4	are	be	AUX
fsr-3879	60	5	analyzed	analyze	VERB
fsr-3879	60	6	for	for	ADP
fsr-3879	60	7	this	this	DET
fsr-3879	60	8	study	study	NOUN
fsr-3879	60	9	are	be	AUX
fsr-3879	60	10	monthly	monthly	ADJ
fsr-3879	60	11	observations	observation	NOUN
fsr-3879	60	12	.	.	PUNCT
fsr-3879	61	1	values	value	NOUN
fsr-3879	61	2	for	for	ADP
fsr-3879	61	3	each	each	PRON
fsr-3879	61	4	of	of	ADP
fsr-3879	61	5	the	the	DET
fsr-3879	61	6	seven	seven	NUM
fsr-3879	61	7	market	market	NOUN
fsr-3879	61	8	indexes	index	NOUN
fsr-3879	61	9	are	be	AUX
fsr-3879	61	10	obtained	obtain	VERB
fsr-3879	61	11	from	from	ADP
fsr-3879	61	12	the	the	DET
fsr-3879	61	13	first	first	ADJ
fsr-3879	61	14	joint	joint	ADJ
fsr-3879	61	15	trading	trading	NOUN
fsr-3879	61	16	day	day	NOUN
fsr-3879	61	17	of	of	ADP
fsr-3879	61	18	each	each	DET
fsr-3879	61	19	month	month	NOUN
fsr-3879	61	20	,	,	PUNCT
fsr-3879	61	21	as	as	ADP
fsr-3879	61	22	39m.e	39m.e	NUM
fsr-3879	61	23	.	.	PUNCT
fsr-3879	62	1	hanna	hanna	PROPN
fsr-3879	62	2	et	et	PROPN
fsr-3879	62	3	al	al	PROPN
fsr-3879	62	4	.	.	PUNCT
fsr-3879	62	5	/	/	SYM
fsr-3879	62	6	financial	financial	ADJ
fsr-3879	62	7	services	service	NOUN
fsr-3879	62	8	review	review	VERB
fsr-3879	62	9	8	8	NUM
fsr-3879	62	10	(	(	PUNCT
fsr-3879	62	11	1999	1999	NUM
fsr-3879	62	12	)	)	PUNCT
fsr-3879	62	13	37–45	37–45	NUM
fsr-3879	62	14	reported	report	VERB
fsr-3879	62	15	inthe	inthe	DET
fsr-3879	62	16	wall	wall	PROPN
fsr-3879	62	17	street	street	PROPN
fsr-3879	62	18	journal	journal	PROPN
fsr-3879	62	19	.	.	PUNCT
fsr-3879	63	1	exchange	exchange	NOUN
fsr-3879	63	2	rate	rate	NOUN
fsr-3879	63	3	data	datum	NOUN
fsr-3879	63	4	are	be	AUX
fsr-3879	63	5	also	also	ADV
fsr-3879	63	6	collected	collect	VERB
fsr-3879	63	7	for	for	ADP
fsr-3879	63	8	the	the	DET
fsr-3879	63	9	same	same	ADJ
fsr-3879	63	10	trading	trading	NOUN
fsr-3879	63	11	days	day	NOUN
fsr-3879	63	12	as	as	ADP
fsr-3879	63	13	the	the	DET
fsr-3879	63	14	stock	stock	NOUN
fsr-3879	63	15	index	index	NOUN
fsr-3879	63	16	observations	observation	NOUN
fsr-3879	63	17	.	.	PUNCT
fsr-3879	64	1	this	this	DET
fsr-3879	64	2	exchange	exchange	NOUN
fsr-3879	64	3	rate	rate	NOUN
fsr-3879	64	4	information	information	NOUN
fsr-3879	64	5	is	be	AUX
fsr-3879	64	6	used	use	VERB
fsr-3879	64	7	to	to	PART
fsr-3879	64	8	convert	convert	VERB
fsr-3879	64	9	market	market	NOUN
fsr-3879	64	10	return	return	NOUN
fsr-3879	64	11	data	datum	NOUN
fsr-3879	64	12	to	to	ADP
fsr-3879	64	13	united	united	PROPN
fsr-3879	64	14	states	states	PROPN
fsr-3879	64	15	dollar	dollar	PROPN
fsr-3879	64	16	equivalent	equivalent	ADJ
fsr-3879	64	17	values	value	NOUN
fsr-3879	64	18	.	.	PUNCT
fsr-3879	65	1	means	mean	NOUN
fsr-3879	65	2	and	and	CCONJ
fsr-3879	65	3	standard	standard	ADJ
fsr-3879	65	4	deviation	deviation	NOUN
fsr-3879	65	5	(	(	PUNCT
fsr-3879	65	6	sd	sd	NOUN
fsr-3879	65	7	)	)	PUNCT
fsr-3879	65	8	are	be	AUX
fsr-3879	65	9	computed	compute	VERB
fsr-3879	65	10	on	on	ADP
fsr-3879	65	11	the	the	DET
fsr-3879	65	12	monthly	monthly	ADJ
fsr-3879	65	13	return	return	NOUN
fsr-3879	65	14	data	datum	NOUN
fsr-3879	65	15	(	(	PUNCT
fsr-3879	65	16	in	in	ADP
fsr-3879	65	17	u.s	u.s	PROPN
fsr-3879	65	18	.	.	PROPN
fsr-3879	65	19	dollars	dollar	NOUN
fsr-3879	65	20	)	)	PUNCT
fsr-3879	65	21	for	for	ADP
fsr-3879	65	22	each	each	PRON
fsr-3879	65	23	of	of	ADP
fsr-3879	65	24	the	the	DET
fsr-3879	65	25	seven	seven	NUM
fsr-3879	65	26	indexes	index	NOUN
fsr-3879	65	27	.	.	PUNCT
fsr-3879	66	1	these	these	PRON
fsr-3879	66	2	provide	provide	VERB
fsr-3879	66	3	a	a	DET
fsr-3879	66	4	relative	relative	ADJ
fsr-3879	66	5	comparison	comparison	NOUN
fsr-3879	66	6	of	of	ADP
fsr-3879	66	7	the	the	DET
fsr-3879	66	8	different	different	ADJ
fsr-3879	66	9	markets	market	NOUN
fsr-3879	66	10	both	both	CCONJ
fsr-3879	66	11	on	on	ADP
fsr-3879	66	12	a	a	DET
fsr-3879	66	13	return	return	NOUN
fsr-3879	66	14	basis	basis	NOUN
fsr-3879	66	15	and	and	CCONJ
fsr-3879	66	16	on	on	ADP
fsr-3879	66	17	a	a	DET
fsr-3879	66	18	risk	risk	NOUN
fsr-3879	66	19	basis	basis	NOUN
fsr-3879	66	20	.	.	PUNCT
fsr-3879	67	1	these	these	DET
fsr-3879	67	2	help	help	NOUN
fsr-3879	67	3	to	to	PART
fsr-3879	67	4	identify	identify	VERB
fsr-3879	67	5	the	the	DET
fsr-3879	67	6	foreign	foreign	ADJ
fsr-3879	67	7	markets	market	NOUN
fsr-3879	67	8	that	that	PRON
fsr-3879	67	9	would	would	AUX
fsr-3879	67	10	be	be	AUX
fsr-3879	67	11	best	good	ADJ
fsr-3879	67	12	to	to	PART
fsr-3879	67	13	consider	consider	VERB
fsr-3879	67	14	for	for	ADP
fsr-3879	67	15	diversification	diversification	NOUN
fsr-3879	67	16	.	.	PUNCT
fsr-3879	68	1	correlation	correlation	NOUN
fsr-3879	68	2	coefficients	coefficient	NOUN
fsr-3879	68	3	are	be	AUX
fsr-3879	68	4	then	then	ADV
fsr-3879	68	5	calculated	calculate	VERB
fsr-3879	68	6	to	to	PART
fsr-3879	68	7	describe	describe	VERB
fsr-3879	68	8	the	the	DET
fsr-3879	68	9	relationship	relationship	NOUN
fsr-3879	68	10	between	between	ADP
fsr-3879	68	11	each	each	DET
fsr-3879	68	12	foreign	foreign	ADJ
fsr-3879	68	13	market	market	NOUN
fsr-3879	68	14	index	index	NOUN
fsr-3879	68	15	and	and	CCONJ
fsr-3879	68	16	the	the	DET
fsr-3879	68	17	s	s	PROPN
fsr-3879	68	18	&	&	CCONJ
fsr-3879	68	19	p	p	PROPN
fsr-3879	68	20	500	500	NUM
fsr-3879	68	21	.	.	PUNCT
fsr-3879	69	1	the	the	DET
fsr-3879	69	2	markets	market	NOUN
fsr-3879	69	3	with	with	ADP
fsr-3879	69	4	the	the	DET
fsr-3879	69	5	lowest	low	ADJ
fsr-3879	69	6	correlation	correlation	NOUN
fsr-3879	69	7	would	would	AUX
fsr-3879	69	8	usually	usually	ADV
fsr-3879	69	9	be	be	AUX
fsr-3879	69	10	good	good	ADJ
fsr-3879	69	11	candidates	candidate	NOUN
fsr-3879	69	12	for	for	ADP
fsr-3879	69	13	diversification	diversification	NOUN
fsr-3879	69	14	of	of	ADP
fsr-3879	69	15	a	a	DET
fsr-3879	69	16	portfolio	portfolio	NOUN
fsr-3879	69	17	.	.	PUNCT
fsr-3879	70	1	regression	regression	NOUN
fsr-3879	70	2	analysis	analysis	NOUN
fsr-3879	70	3	is	be	AUX
fsr-3879	70	4	then	then	ADV
fsr-3879	70	5	used	use	VERB
fsr-3879	70	6	to	to	PART
fsr-3879	70	7	test	test	VERB
fsr-3879	70	8	for	for	ADP
fsr-3879	70	9	a	a	DET
fsr-3879	70	10	linear	linear	ADJ
fsr-3879	70	11	relationship	relationship	NOUN
fsr-3879	70	12	between	between	ADP
fsr-3879	70	13	the	the	DET
fsr-3879	70	14	s	s	PROPN
fsr-3879	70	15	&	&	CCONJ
fsr-3879	70	16	p	p	PROPN
fsr-3879	70	17	500index	500index	PROPN
fsr-3879	70	18	and	and	CCONJ
fsr-3879	70	19	each	each	PRON
fsr-3879	70	20	of	of	ADP
fsr-3879	70	21	the	the	DET
fsr-3879	70	22	market	market	NOUN
fsr-3879	70	23	indexes	index	NOUN
fsr-3879	70	24	individually	individually	ADV
fsr-3879	70	25	.	.	PUNCT
fsr-3879	71	1	these	these	DET
fsr-3879	71	2	regressions	regression	NOUN
fsr-3879	71	3	show	show	VERB
fsr-3879	71	4	where	where	SCONJ
fsr-3879	71	5	there	there	PRON
fsr-3879	71	6	is	be	VERB
fsr-3879	71	7	a	a	DET
fsr-3879	71	8	statistically	statistically	ADV
fsr-3879	71	9	significant	significant	ADJ
fsr-3879	71	10	relationship	relationship	NOUN
fsr-3879	71	11	between	between	ADP
fsr-3879	71	12	the	the	DET
fsr-3879	71	13	s	s	PROPN
fsr-3879	71	14	&	&	CCONJ
fsr-3879	71	15	p	p	PROPN
fsr-3879	71	16	500	500	NUM
fsr-3879	71	17	andeach	andeach	NOUN
fsr-3879	71	18	of	of	ADP
fsr-3879	71	19	the	the	DET
fsr-3879	71	20	other	other	ADJ
fsr-3879	71	21	markets	market	NOUN
fsr-3879	71	22	.	.	PUNCT
fsr-3879	72	1	the	the	DET
fsr-3879	72	2	coefficient	coefficient	NOUN
fsr-3879	72	3	of	of	ADP
fsr-3879	72	4	determination	determination	NOUN
fsr-3879	72	5	for	for	ADP
fsr-3879	72	6	each	each	DET
fsr-3879	72	7	model	model	NOUN
fsr-3879	72	8	is	be	AUX
fsr-3879	72	9	computed	compute	VERB
fsr-3879	72	10	to	to	PART
fsr-3879	72	11	measure	measure	VERB
fsr-3879	72	12	the	the	DET
fsr-3879	72	13	strength	strength	NOUN
fsr-3879	72	14	of	of	ADP
fsr-3879	72	15	the	the	DET
fsr-3879	72	16	relationship	relationship	NOUN
fsr-3879	72	17	.	.	PUNCT
fsr-3879	73	1	to	to	PART
fsr-3879	73	2	provide	provide	VERB
fsr-3879	73	3	further	further	ADJ
fsr-3879	73	4	information	information	NOUN
fsr-3879	73	5	about	about	ADP
fsr-3879	73	6	the	the	DET
fsr-3879	73	7	impact	impact	NOUN
fsr-3879	73	8	of	of	ADP
fsr-3879	73	9	international	international	ADJ
fsr-3879	73	10	diversification	diversification	NOUN
fsr-3879	73	11	over	over	ADP
fsr-3879	73	12	this	this	DET
fsr-3879	73	13	time	time	NOUN
fsr-3879	73	14	period	period	NOUN
fsr-3879	73	15	,	,	PUNCT
fsr-3879	73	16	sample	sample	NOUN
fsr-3879	73	17	portfolios	portfolio	NOUN
fsr-3879	73	18	are	be	AUX
fsr-3879	73	19	developed	develop	VERB
fsr-3879	73	20	where	where	SCONJ
fsr-3879	73	21	the	the	DET
fsr-3879	73	22	s	s	PROPN
fsr-3879	73	23	&	&	CCONJ
fsr-3879	73	24	p	p	PROPN
fsr-3879	73	25	500	500	NUM
fsr-3879	73	26	ispaired	ispaire	VERB
fsr-3879	73	27	with	with	ADP
fsr-3879	73	28	each	each	PRON
fsr-3879	73	29	of	of	ADP
fsr-3879	73	30	the	the	DET
fsr-3879	73	31	other	other	ADJ
fsr-3879	73	32	markets	market	NOUN
fsr-3879	73	33	.	.	PUNCT
fsr-3879	74	1	these	these	DET
fsr-3879	74	2	range	range	VERB
fsr-3879	74	3	from	from	ADP
fsr-3879	74	4	a	a	DET
fsr-3879	74	5	100	100	NUM
fsr-3879	74	6	%	%	NOUN
fsr-3879	74	7	s	s	NOUN
fsr-3879	74	8	&	&	CCONJ
fsr-3879	74	9	p	p	PROPN
fsr-3879	74	10	500portfolio	500portfolio	PROPN
fsr-3879	74	11	to	to	ADP
fsr-3879	74	12	a	a	DET
fsr-3879	74	13	60	60	NUM
fsr-3879	74	14	%	%	NOUN
fsr-3879	74	15	s	s	NOUN
fsr-3879	74	16	&	&	CCONJ
fsr-3879	74	17	p	p	NOUN
fsr-3879	74	18	500	500	NUM
fsr-3879	74	19	and	and	CCONJ
fsr-3879	74	20	40	40	NUM
fsr-3879	74	21	%	%	NOUN
fsr-3879	74	22	other	other	ADJ
fsr-3879	74	23	market	market	NOUN
fsr-3879	74	24	portfolio	portfolio	NOUN
fsr-3879	74	25	.	.	PUNCT
fsr-3879	75	1	the	the	DET
fsr-3879	75	2	return	return	NOUN
fsr-3879	75	3	and	and	CCONJ
fsr-3879	75	4	standard	standard	ADJ
fsr-3879	75	5	deviation	deviation	NOUN
fsr-3879	75	6	is	be	AUX
fsr-3879	75	7	computed	compute	VERB
fsr-3879	75	8	for	for	SCONJ
fsr-3879	75	9	each	each	PRON
fsr-3879	75	10	of	of	ADP
fsr-3879	75	11	these	these	PRON
fsr-3879	75	12	to	to	PART
fsr-3879	75	13	measure	measure	VERB
fsr-3879	75	14	the	the	DET
fsr-3879	75	15	performance	performance	NOUN
fsr-3879	75	16	.	.	PUNCT
fsr-3879	76	1	a	a	DET
fsr-3879	76	2	tabulation	tabulation	NOUN
fsr-3879	76	3	is	be	AUX
fsr-3879	76	4	made	make	VERB
fsr-3879	76	5	with	with	ADP
fsr-3879	76	6	the	the	DET
fsr-3879	76	7	data	datum	NOUN
fsr-3879	76	8	to	to	PART
fsr-3879	76	9	indicate	indicate	VERB
fsr-3879	76	10	how	how	SCONJ
fsr-3879	76	11	often	often	ADV
fsr-3879	76	12	each	each	PRON
fsr-3879	76	13	of	of	ADP
fsr-3879	76	14	the	the	DET
fsr-3879	76	15	other	other	ADJ
fsr-3879	76	16	markets	market	NOUN
fsr-3879	76	17	had	have	VERB
fsr-3879	76	18	monthly	monthly	ADJ
fsr-3879	76	19	movements	movement	NOUN
fsr-3879	76	20	in	in	ADP
fsr-3879	76	21	the	the	DET
fsr-3879	76	22	same	same	ADJ
fsr-3879	76	23	direction	direction	NOUN
fsr-3879	76	24	as	as	ADP
fsr-3879	76	25	the	the	DET
fsr-3879	76	26	s	s	NOUN
fsr-3879	76	27	&	&	CCONJ
fsr-3879	76	28	p	p	PROPN
fsr-3879	76	29	500	500	NUM
fsr-3879	76	30	.	.	PUNCT
fsr-3879	77	1	clearly	clearly	ADV
fsr-3879	77	2	there	there	PRON
fsr-3879	77	3	are	be	VERB
fsr-3879	77	4	times	time	NOUN
fsr-3879	77	5	when	when	SCONJ
fsr-3879	77	6	diversification	diversification	NOUN
fsr-3879	77	7	provides	provide	VERB
fsr-3879	77	8	a	a	DET
fsr-3879	77	9	benefit	benefit	NOUN
fsr-3879	77	10	—	—	PUNCT
fsr-3879	77	11	whenever	whenever	SCONJ
fsr-3879	77	12	the	the	DET
fsr-3879	77	13	foreign	foreign	ADJ
fsr-3879	77	14	market	market	NOUN
fsr-3879	77	15	goes	go	VERB
fsr-3879	77	16	up	up	ADP
fsr-3879	77	17	during	during	ADP
fsr-3879	77	18	a	a	DET
fsr-3879	77	19	month	month	NOUN
fsr-3879	77	20	that	that	SCONJ
fsr-3879	77	21	the	the	DET
fsr-3879	77	22	s	s	PROPN
fsr-3879	77	23	&	&	CCONJ
fsr-3879	77	24	p	p	PROPN
fsr-3879	77	25	500goes	500goes	PROPN
fsr-3879	77	26	down	down	ADV
fsr-3879	77	27	.	.	PUNCT
fsr-3879	78	1	however	however	ADV
fsr-3879	78	2	,	,	PUNCT
fsr-3879	78	3	there	there	PRON
fsr-3879	78	4	are	be	VERB
fsr-3879	78	5	other	other	ADJ
fsr-3879	78	6	times	time	NOUN
fsr-3879	78	7	when	when	SCONJ
fsr-3879	78	8	diversification	diversification	NOUN
fsr-3879	78	9	causes	cause	VERB
fsr-3879	78	10	the	the	DET
fsr-3879	78	11	gains	gain	NOUN
fsr-3879	78	12	in	in	ADP
fsr-3879	78	13	the	the	DET
fsr-3879	78	14	s	s	NOUN
fsr-3879	78	15	&	&	CCONJ
fsr-3879	78	16	p	p	NOUN
fsr-3879	78	17	500	500	NUM
fsr-3879	78	18	to	to	PART
fsr-3879	78	19	beoffset	beoffset	VERB
fsr-3879	78	20	by	by	ADP
fsr-3879	78	21	losses	loss	NOUN
fsr-3879	78	22	in	in	ADP
fsr-3879	78	23	the	the	DET
fsr-3879	78	24	other	other	ADJ
fsr-3879	78	25	market	market	NOUN
fsr-3879	78	26	.	.	PUNCT
fsr-3879	79	1	the	the	DET
fsr-3879	79	2	number	number	NOUN
fsr-3879	79	3	of	of	ADP
fsr-3879	79	4	each	each	DET
fsr-3879	79	5	occurrence	occurrence	NOUN
fsr-3879	79	6	over	over	ADP
fsr-3879	79	7	this	this	DET
fsr-3879	79	8	ten	ten	NUM
fsr-3879	79	9	-	-	PUNCT
fsr-3879	79	10	year	year	NOUN
fsr-3879	79	11	period	period	NOUN
fsr-3879	79	12	provides	provide	VERB
fsr-3879	79	13	an	an	DET
fsr-3879	79	14	indication	indication	NOUN
fsr-3879	79	15	of	of	ADP
fsr-3879	79	16	how	how	SCONJ
fsr-3879	79	17	often	often	ADV
fsr-3879	79	18	this	this	PRON
fsr-3879	79	19	occurs	occur	VERB
fsr-3879	79	20	.	.	PUNCT
fsr-3879	80	1	4	4	X
fsr-3879	80	2	.	.	X
fsr-3879	80	3	results	result	VERB
fsr-3879	80	4	the	the	DET
fsr-3879	80	5	dollar	dollar	NOUN
fsr-3879	80	6	-	-	PUNCT
fsr-3879	80	7	adjusted	adjust	VERB
fsr-3879	80	8	monthly	monthly	ADJ
fsr-3879	80	9	average	average	NOUN
fsr-3879	80	10	(	(	PUNCT
fsr-3879	80	11	geometric	geometric	ADJ
fsr-3879	80	12	mean	mean	NOUN
fsr-3879	80	13	)	)	PUNCT
fsr-3879	80	14	return	return	NOUN
fsr-3879	80	15	and	and	CCONJ
fsr-3879	80	16	sd	sd	NOUN
fsr-3879	80	17	of	of	ADP
fsr-3879	80	18	returns	return	NOUN
fsr-3879	80	19	for	for	ADP
fsr-3879	80	20	each	each	PRON
fsr-3879	80	21	of	of	ADP
fsr-3879	80	22	the	the	DET
fsr-3879	80	23	seven	seven	NUM
fsr-3879	80	24	markets	market	NOUN
fsr-3879	80	25	,	,	PUNCT
fsr-3879	80	26	are	be	AUX
fsr-3879	80	27	presented	present	VERB
fsr-3879	80	28	in	in	ADP
fsr-3879	80	29	table	table	NOUN
fsr-3879	80	30	1	1	NUM
fsr-3879	80	31	.	.	PUNCT
fsr-3879	80	32	as	as	SCONJ
fsr-3879	80	33	observed	observe	VERB
fsr-3879	80	34	in	in	ADP
fsr-3879	80	35	this	this	DET
fsr-3879	80	36	table	table	NOUN
fsr-3879	80	37	,	,	PUNCT
fsr-3879	80	38	the	the	DET
fsr-3879	80	39	united	united	PROPN
fsr-3879	80	40	states	states	PROPN
fsr-3879	80	41	table	table	VERB
fsr-3879	80	42	1	1	NUM
fsr-3879	80	43	rates	rate	NOUN
fsr-3879	80	44	of	of	ADP
fsr-3879	80	45	return	return	NOUN
fsr-3879	80	46	and	and	CCONJ
fsr-3879	80	47	standard	standard	ADJ
fsr-3879	80	48	deviations	deviation	NOUN
fsr-3879	80	49	market	market	VERB
fsr-3879	80	50	monthly	monthly	ADJ
fsr-3879	80	51	geometric	geometric	ADJ
fsr-3879	80	52	mean	mean	NOUN
fsr-3879	80	53	return	return	NOUN
fsr-3879	80	54	annual	annual	ADJ
fsr-3879	80	55	geometric	geometric	ADJ
fsr-3879	80	56	mean	mean	NOUN
fsr-3879	80	57	return	return	NOUN
fsr-3879	80	58	standard	standard	ADJ
fsr-3879	80	59	deviation	deviation	NOUN
fsr-3879	80	60	of	of	ADP
fsr-3879	80	61	monthly	monthly	ADJ
fsr-3879	80	62	returns	return	NOUN
fsr-3879	80	63	s	s	PROPN
fsr-3879	80	64	&	&	CCONJ
fsr-3879	80	65	p	p	NOUN
fsr-3879	80	66	500	500	NUM
fsr-3879	80	67	0.011206	0.011206	NUM
fsr-3879	80	68	0.143081	0.143081	NUM
fsr-3879	80	69	0.031528	0.031528	NUM
fsr-3879	80	70	toronto	toronto	PROPN
fsr-3879	80	71	0.005259	0.005259	NUM
fsr-3879	80	72	0.064964	0.064964	NUM
fsr-3879	80	73	0.037028	0.037028	NUM
fsr-3879	80	74	london	london	PROPN
fsr-3879	80	75	0.007746	0.007746	NUM
fsr-3879	80	76	0.097020	0.097020	NUM
fsr-3879	80	77	0.069647	0.069647	NUM
fsr-3879	80	78	paris	paris	PROPN
fsr-3879	80	79	0.008069	0.008069	NUM
fsr-3879	80	80	0.101243	0.101243	NUM
fsr-3879	80	81	0.056440	0.056440	NUM
fsr-3879	80	82	frankfurt	frankfurt	PROPN
fsr-3879	80	83	0.011019	0.011019	NUM
fsr-3879	80	84	0.140548	0.140548	NUM
fsr-3879	80	85	0.051593	0.051593	NUM
fsr-3879	80	86	milan	milan	NOUN
fsr-3879	80	87	0.003416	0.003416	NUM
fsr-3879	80	88	0.041770	0.041770	NUM
fsr-3879	80	89	0.085725	0.085725	NUM
fsr-3879	80	90	tokyo	tokyo	PROPN
fsr-3879	80	91	20.002268	20.002268	NUM
fsr-3879	80	92	20.026882	20.026882	NUM
fsr-3879	80	93	0.078634	0.078634	NUM
fsr-3879	80	94	40	40	NUM
fsr-3879	80	95	m.e	m.e	PROPN
fsr-3879	80	96	.	.	PROPN
fsr-3879	80	97	hanna	hanna	PROPN
fsr-3879	80	98	et	et	PROPN
fsr-3879	80	99	al	al	PROPN
fsr-3879	80	100	.	.	PUNCT
fsr-3879	80	101	/	/	SYM
fsr-3879	80	102	financial	financial	ADJ
fsr-3879	80	103	services	service	NOUN
fsr-3879	80	104	review	review	VERB
fsr-3879	80	105	8	8	NUM
fsr-3879	80	106	(	(	PUNCT
fsr-3879	80	107	1999	1999	NUM
fsr-3879	80	108	)	)	PUNCT
fsr-3879	80	109	37–45	37–45	NUM
fsr-3879	80	110	market	market	NOUN
fsr-3879	80	111	is	be	AUX
fsr-3879	80	112	the	the	DET
fsr-3879	80	113	most	most	ADV
fsr-3879	80	114	stable	stable	ADJ
fsr-3879	80	115	(	(	PUNCT
fsr-3879	80	116	i.e.	i.e.	X
fsr-3879	80	117	,	,	PUNCT
fsr-3879	80	118	the	the	DET
fsr-3879	80	119	smallest	small	ADJ
fsr-3879	80	120	standard	standard	ADJ
fsr-3879	80	121	deviation	deviation	NOUN
fsr-3879	80	122	of	of	ADP
fsr-3879	80	123	returns	return	NOUN
fsr-3879	80	124	)	)	PUNCT
fsr-3879	80	125	across	across	ADP
fsr-3879	80	126	this	this	DET
fsr-3879	80	127	period	period	NOUN
fsr-3879	80	128	.	.	PUNCT
fsr-3879	81	1	the	the	DET
fsr-3879	81	2	united	united	PROPN
fsr-3879	81	3	states	states	PROPN
fsr-3879	81	4	market	market	NOUN
fsr-3879	81	5	also	also	ADV
fsr-3879	81	6	has	have	VERB
fsr-3879	81	7	the	the	DET
fsr-3879	81	8	greatest	great	ADJ
fsr-3879	81	9	monthly	monthly	ADJ
fsr-3879	81	10	and	and	CCONJ
fsr-3879	81	11	annual	annual	ADJ
fsr-3879	81	12	geometric	geometric	ADJ
fsr-3879	81	13	mean	mean	NOUN
fsr-3879	81	14	rate	rate	NOUN
fsr-3879	81	15	of	of	ADP
fsr-3879	81	16	return	return	NOUN
fsr-3879	81	17	.	.	PUNCT
fsr-3879	82	1	of	of	ADP
fsr-3879	82	2	the	the	DET
fsr-3879	82	3	seven	seven	NUM
fsr-3879	82	4	markets	market	NOUN
fsr-3879	82	5	reviewed	review	VERB
fsr-3879	82	6	in	in	ADP
fsr-3879	82	7	this	this	DET
fsr-3879	82	8	study	study	NOUN
fsr-3879	82	9	,	,	PUNCT
fsr-3879	82	10	the	the	DET
fsr-3879	82	11	united	united	PROPN
fsr-3879	82	12	states	states	PROPN
fsr-3879	82	13	market	market	NOUN
fsr-3879	82	14	is	be	AUX
fsr-3879	82	15	clearly	clearly	ADV
fsr-3879	82	16	the	the	DET
fsr-3879	82	17	dominant	dominant	ADJ
fsr-3879	82	18	market	market	NOUN
fsr-3879	82	19	in	in	ADP
fsr-3879	82	20	this	this	DET
fsr-3879	82	21	time	time	NOUN
fsr-3879	82	22	period	period	NOUN
fsr-3879	82	23	.	.	PUNCT
fsr-3879	83	1	its	its	PRON
fsr-3879	83	2	coefficient	coefficient	NOUN
fsr-3879	83	3	of	of	ADP
fsr-3879	83	4	variation	variation	NOUN
fsr-3879	83	5	(	(	PUNCT
fsr-3879	83	6	not	not	PART
fsr-3879	83	7	presented	present	VERB
fsr-3879	83	8	in	in	ADP
fsr-3879	83	9	a	a	DET
fsr-3879	83	10	table	table	NOUN
fsr-3879	83	11	)	)	PUNCT
fsr-3879	83	12	is	be	AUX
fsr-3879	83	13	also	also	ADV
fsr-3879	83	14	the	the	DET
fsr-3879	83	15	best	good	ADJ
fsr-3879	83	16	for	for	ADP
fsr-3879	83	17	this	this	DET
fsr-3879	83	18	period	period	NOUN
fsr-3879	83	19	of	of	ADP
fsr-3879	83	20	study	study	NOUN
fsr-3879	83	21	.	.	PUNCT
fsr-3879	84	1	the	the	DET
fsr-3879	84	2	frankfurt	frankfurt	PROPN
fsr-3879	84	3	dax	dax	PROPN
fsr-3879	84	4	has	have	VERB
fsr-3879	84	5	a	a	DET
fsr-3879	84	6	comparable	comparable	ADJ
fsr-3879	84	7	rate	rate	NOUN
fsr-3879	84	8	of	of	ADP
fsr-3879	84	9	return	return	NOUN
fsr-3879	84	10	,	,	PUNCT
fsr-3879	84	11	but	but	CCONJ
fsr-3879	84	12	has	have	VERB
fsr-3879	84	13	a	a	DET
fsr-3879	84	14	standard	standard	ADJ
fsr-3879	84	15	deviation	deviation	NOUN
fsr-3879	84	16	of	of	ADP
fsr-3879	84	17	returns	return	NOUN
fsr-3879	84	18	that	that	PRON
fsr-3879	84	19	is	be	AUX
fsr-3879	84	20	over	over	ADP
fsr-3879	84	21	sixty	sixty	NUM
fsr-3879	84	22	percent	percent	NOUN
fsr-3879	84	23	larger	large	ADJ
fsr-3879	84	24	than	than	ADP
fsr-3879	84	25	that	that	PRON
fsr-3879	84	26	of	of	ADP
fsr-3879	84	27	the	the	DET
fsr-3879	84	28	s	s	PROPN
fsr-3879	84	29	&	&	CCONJ
fsr-3879	84	30	p	p	PROPN
fsr-3879	84	31	500	500	NUM
fsr-3879	84	32	.	.	PUNCT
fsr-3879	85	1	the	the	DET
fsr-3879	85	2	sd	sd	NOUN
fsr-3879	85	3	of	of	ADP
fsr-3879	85	4	returns	return	NOUN
fsr-3879	85	5	for	for	ADP
fsr-3879	85	6	the	the	DET
fsr-3879	85	7	toronto	toronto	PROPN
fsr-3879	85	8	300	300	NUM
fsr-3879	85	9	is	be	AUX
fsr-3879	85	10	the	the	DET
fsr-3879	85	11	most	most	ADV
fsr-3879	85	12	comparable	comparable	ADJ
fsr-3879	85	13	to	to	ADP
fsr-3879	85	14	the	the	DET
fsr-3879	85	15	s	s	NOUN
fsr-3879	85	16	&	&	CCONJ
fsr-3879	85	17	p	p	NOUN
fsr-3879	85	18	500	500	NUM
fsr-3879	85	19	,	,	PUNCT
fsr-3879	85	20	but	but	CCONJ
fsr-3879	85	21	the	the	DET
fsr-3879	85	22	rate	rate	NOUN
fsr-3879	85	23	of	of	ADP
fsr-3879	85	24	return	return	NOUN
fsr-3879	85	25	in	in	ADP
fsr-3879	85	26	the	the	DET
fsr-3879	85	27	canadian	canadian	ADJ
fsr-3879	85	28	market	market	NOUN
fsr-3879	85	29	index	index	NOUN
fsr-3879	85	30	is	be	AUX
fsr-3879	85	31	less	less	ADJ
fsr-3879	85	32	than	than	ADP
fsr-3879	85	33	half	half	NOUN
fsr-3879	85	34	of	of	ADP
fsr-3879	85	35	that	that	PRON
fsr-3879	85	36	experienced	experience	VERB
fsr-3879	85	37	by	by	ADP
fsr-3879	85	38	the	the	DET
fsr-3879	85	39	s	s	PROPN
fsr-3879	85	40	&	&	CCONJ
fsr-3879	85	41	p	p	PROPN
fsr-3879	85	42	500	500	NUM
fsr-3879	85	43	.	.	PUNCT
fsr-3879	86	1	in	in	ADP
fsr-3879	86	2	table	table	NOUN
fsr-3879	86	3	2	2	NUM
fsr-3879	86	4	the	the	DET
fsr-3879	86	5	correlation	correlation	NOUN
fsr-3879	86	6	coefficients	coefficient	NOUN
fsr-3879	86	7	between	between	ADP
fsr-3879	86	8	each	each	PRON
fsr-3879	86	9	of	of	ADP
fsr-3879	86	10	the	the	DET
fsr-3879	86	11	seven	seven	NUM
fsr-3879	86	12	markets	market	NOUN
fsr-3879	86	13	are	be	AUX
fsr-3879	86	14	reported	report	VERB
fsr-3879	86	15	.	.	PUNCT
fsr-3879	87	1	as	as	ADP
fsr-3879	87	2	with	with	ADP
fsr-3879	87	3	all	all	DET
fsr-3879	87	4	the	the	DET
fsr-3879	87	5	analysis	analysis	NOUN
fsr-3879	87	6	in	in	ADP
fsr-3879	87	7	this	this	DET
fsr-3879	87	8	paper	paper	NOUN
fsr-3879	87	9	,	,	PUNCT
fsr-3879	87	10	the	the	DET
fsr-3879	87	11	values	value	NOUN
fsr-3879	87	12	reported	report	VERB
fsr-3879	87	13	are	be	AUX
fsr-3879	87	14	based	base	VERB
fsr-3879	87	15	upon	upon	SCONJ
fsr-3879	87	16	returns	return	NOUN
fsr-3879	87	17	that	that	PRON
fsr-3879	87	18	have	have	AUX
fsr-3879	87	19	been	be	AUX
fsr-3879	87	20	adjusted	adjust	VERB
fsr-3879	87	21	to	to	ADP
fsr-3879	87	22	united	united	PROPN
fsr-3879	87	23	states	states	PROPN
fsr-3879	87	24	dollar	dollar	NOUN
fsr-3879	87	25	rates	rate	NOUN
fsr-3879	87	26	of	of	ADP
fsr-3879	87	27	return	return	NOUN
fsr-3879	87	28	.	.	PUNCT
fsr-3879	88	1	all	all	DET
fsr-3879	88	2	correlation	correlation	NOUN
fsr-3879	88	3	coefficients	coefficient	NOUN
fsr-3879	88	4	are	be	AUX
fsr-3879	88	5	positive	positive	ADJ
fsr-3879	88	6	,	,	PUNCT
fsr-3879	88	7	indicating	indicate	VERB
fsr-3879	88	8	a	a	DET
fsr-3879	88	9	clearly	clearly	ADV
fsr-3879	88	10	positive	positive	ADJ
fsr-3879	88	11	relationship	relationship	NOUN
fsr-3879	88	12	between	between	ADP
fsr-3879	88	13	the	the	DET
fsr-3879	88	14	markets	market	NOUN
fsr-3879	88	15	.	.	PUNCT
fsr-3879	89	1	correlation	correlation	NOUN
fsr-3879	89	2	with	with	ADP
fsr-3879	89	3	the	the	DET
fsr-3879	89	4	united	united	PROPN
fsr-3879	89	5	states	states	PROPN
fsr-3879	89	6	market	market	NOUN
fsr-3879	89	7	is	be	AUX
fsr-3879	89	8	highest	high	ADJ
fsr-3879	89	9	with	with	ADP
fsr-3879	89	10	the	the	DET
fsr-3879	89	11	toronto	toronto	PROPN
fsr-3879	89	12	exchange	exchange	NOUN
fsr-3879	89	13	,	,	PUNCT
fsr-3879	89	14	and	and	CCONJ
fsr-3879	89	15	lowest	low	ADJ
fsr-3879	89	16	with	with	ADP
fsr-3879	89	17	the	the	DET
fsr-3879	89	18	milan	milan	PROPN
fsr-3879	89	19	exchange	exchange	PROPN
fsr-3879	89	20	.	.	PUNCT
fsr-3879	90	1	to	to	PART
fsr-3879	90	2	statistically	statistically	ADV
fsr-3879	90	3	test	test	VERB
fsr-3879	90	4	for	for	ADP
fsr-3879	90	5	a	a	DET
fsr-3879	90	6	linear	linear	ADJ
fsr-3879	90	7	relationship	relationship	NOUN
fsr-3879	90	8	between	between	ADP
fsr-3879	90	9	the	the	DET
fsr-3879	90	10	s	s	PROPN
fsr-3879	90	11	&	&	CCONJ
fsr-3879	90	12	p	p	PROPN
fsr-3879	90	13	500	500	NUM
fsr-3879	90	14	andeach	andeach	NOUN
fsr-3879	90	15	of	of	ADP
fsr-3879	90	16	the	the	DET
fsr-3879	90	17	other	other	ADJ
fsr-3879	90	18	market	market	NOUN
fsr-3879	90	19	indexes	index	NOUN
fsr-3879	90	20	,	,	PUNCT
fsr-3879	90	21	six	six	NUM
fsr-3879	90	22	regression	regression	NOUN
fsr-3879	90	23	models	model	NOUN
fsr-3879	90	24	are	be	AUX
fsr-3879	90	25	developed	develop	VERB
fsr-3879	90	26	with	with	ADP
fsr-3879	90	27	the	the	DET
fsr-3879	90	28	s	s	PROPN
fsr-3879	90	29	&	&	CCONJ
fsr-3879	90	30	p	p	PROPN
fsr-3879	90	31	500	500	NUM
fsr-3879	90	32	return	return	NOUN
fsr-3879	90	33	as	as	ADP
fsr-3879	90	34	the	the	DET
fsr-3879	90	35	dependent	dependent	ADJ
fsr-3879	90	36	variable	variable	NOUN
fsr-3879	90	37	and	and	CCONJ
fsr-3879	90	38	the	the	DET
fsr-3879	90	39	return	return	NOUN
fsr-3879	90	40	of	of	ADP
fsr-3879	90	41	the	the	DET
fsr-3879	90	42	other	other	ADJ
fsr-3879	90	43	market	market	NOUN
fsr-3879	90	44	as	as	ADP
fsr-3879	90	45	the	the	DET
fsr-3879	90	46	independent	independent	ADJ
fsr-3879	90	47	variable	variable	NOUN
fsr-3879	90	48	.	.	PUNCT
fsr-3879	91	1	table	table	NOUN
fsr-3879	91	2	3	3	NUM
fsr-3879	91	3	provides	provide	VERB
fsr-3879	91	4	a	a	DET
fsr-3879	91	5	summary	summary	NOUN
fsr-3879	91	6	of	of	ADP
fsr-3879	91	7	these	these	DET
fsr-3879	91	8	results	result	NOUN
fsr-3879	91	9	.	.	PUNCT
fsr-3879	92	1	from	from	ADP
fsr-3879	92	2	this	this	PRON
fsr-3879	92	3	we	we	PRON
fsr-3879	92	4	see	see	VERB
fsr-3879	92	5	statistically	statistically	ADV
fsr-3879	92	6	significant	significant	ADJ
fsr-3879	92	7	results	result	NOUN
fsr-3879	92	8	for	for	ADP
fsr-3879	92	9	each	each	PRON
fsr-3879	92	10	of	of	ADP
fsr-3879	92	11	the	the	DET
fsr-3879	92	12	markets	market	NOUN
fsr-3879	92	13	except	except	SCONJ
fsr-3879	92	14	milan	milan	PROPN
fsr-3879	92	15	.	.	PUNCT
fsr-3879	93	1	the	the	DET
fsr-3879	93	2	r2	r2	PROPN
fsr-3879	93	3	for	for	ADP
fsr-3879	93	4	each	each	PRON
fsr-3879	93	5	of	of	ADP
fsr-3879	93	6	these	these	PRON
fsr-3879	93	7	shows	show	VERB
fsr-3879	93	8	the	the	DET
fsr-3879	93	9	strength	strength	NOUN
fsr-3879	93	10	of	of	ADP
fsr-3879	93	11	the	the	DET
fsr-3879	93	12	relationship	relationship	NOUN
fsr-3879	93	13	.	.	PUNCT
fsr-3879	94	1	to	to	PART
fsr-3879	94	2	gain	gain	VERB
fsr-3879	94	3	an	an	DET
fsr-3879	94	4	historical	historical	ADJ
fsr-3879	94	5	perspective	perspective	NOUN
fsr-3879	94	6	on	on	ADP
fsr-3879	94	7	the	the	DET
fsr-3879	94	8	impact	impact	NOUN
fsr-3879	94	9	of	of	ADP
fsr-3879	94	10	diversification	diversification	NOUN
fsr-3879	94	11	,	,	PUNCT
fsr-3879	94	12	we	we	PRON
fsr-3879	94	13	develop	develop	VERB
fsr-3879	94	14	portfolios	portfolio	NOUN
fsr-3879	94	15	of	of	ADP
fsr-3879	94	16	the	the	DET
fsr-3879	94	17	s	s	PROPN
fsr-3879	94	18	&	&	CCONJ
fsr-3879	94	19	p	p	PROPN
fsr-3879	94	20	500	500	NUM
fsr-3879	94	21	witheach	witheach	NOUN
fsr-3879	94	22	of	of	ADP
fsr-3879	94	23	the	the	DET
fsr-3879	94	24	other	other	ADJ
fsr-3879	94	25	six	six	NUM
fsr-3879	94	26	indexes	index	NOUN
fsr-3879	94	27	individually	individually	ADV
fsr-3879	94	28	.	.	PUNCT
fsr-3879	95	1	for	for	ADP
fsr-3879	95	2	each	each	PRON
fsr-3879	95	3	of	of	ADP
fsr-3879	95	4	these	these	DET
fsr-3879	95	5	two	two	NUM
fsr-3879	95	6	-	-	PUNCT
fsr-3879	95	7	country	country	NOUN
fsr-3879	95	8	portfolios	portfolio	NOUN
fsr-3879	95	9	,	,	PUNCT
fsr-3879	95	10	several	several	ADJ
fsr-3879	95	11	weighting	weighting	NOUN
fsr-3879	95	12	schemes	scheme	NOUN
fsr-3879	95	13	are	be	AUX
fsr-3879	95	14	considered	consider	VERB
fsr-3879	95	15	.	.	PUNCT
fsr-3879	96	1	the	the	DET
fsr-3879	96	2	weights	weight	NOUN
fsr-3879	96	3	for	for	ADP
fsr-3879	96	4	the	the	PRON
fsr-3879	96	5	s	s	PROPN
fsr-3879	96	6	&	&	CCONJ
fsr-3879	96	7	table	table	NOUN
fsr-3879	96	8	2	2	NUM
fsr-3879	96	9	correlation	correlation	NOUN
fsr-3879	96	10	coefficients	coefficient	NOUN
fsr-3879	96	11	between	between	ADP
fsr-3879	96	12	indexes	index	NOUN
fsr-3879	96	13	s	s	NOUN
fsr-3879	96	14	&	&	CCONJ
fsr-3879	96	15	p	p	PROPN
fsr-3879	96	16	500	500	NUM
fsr-3879	96	17	toronto	toronto	PROPN
fsr-3879	96	18	london	london	PROPN
fsr-3879	96	19	paris	paris	PROPN
fsr-3879	96	20	frankfurt	frankfurt	PROPN
fsr-3879	96	21	milan	milan	PROPN
fsr-3879	97	1	tokyo	tokyo	PROPN
fsr-3879	97	2	s	s	PROPN
fsr-3879	97	3	&	&	CCONJ
fsr-3879	97	4	p	p	PROPN
fsr-3879	97	5	500	500	NUM
fsr-3879	97	6	1	1	NUM
fsr-3879	97	7	toronto	toronto	NOUN
fsr-3879	97	8	0.6023	0.6023	NUM
fsr-3879	97	9	1	1	NUM
fsr-3879	97	10	london	london	PROPN
fsr-3879	97	11	0.3743	0.3743	NUM
fsr-3879	97	12	0.3542	0.3542	NUM
fsr-3879	97	13	1	1	NUM
fsr-3879	97	14	paris	paris	PROPN
fsr-3879	97	15	0.5006	0.5006	NUM
fsr-3879	97	16	0.3294	0.3294	NUM
fsr-3879	97	17	0.3930	0.3930	NUM
fsr-3879	97	18	1	1	NUM
fsr-3879	97	19	frankfurt	frankfurt	PROPN
fsr-3879	97	20	0.4074	0.4074	NUM
fsr-3879	97	21	0.2650	0.2650	NUM
fsr-3879	97	22	0.3425	0.3425	NUM
fsr-3879	97	23	0.6707	0.6707	NUM
fsr-3879	97	24	1	1	NUM
fsr-3879	97	25	milan	milan	NOUN
fsr-3879	97	26	0.1607	0.1607	NUM
fsr-3879	97	27	0.1872	0.1872	NUM
fsr-3879	98	1	0.2178	0.2178	NUM
fsr-3879	98	2	0.1211	0.1211	NUM
fsr-3879	98	3	0.2003	0.2003	NUM
fsr-3879	98	4	1	1	NUM
fsr-3879	98	5	tokyo	tokyo	PROPN
fsr-3879	98	6	0.2371	0.2371	NUM
fsr-3879	98	7	0.2082	0.2082	NUM
fsr-3879	98	8	0.2603	0.2603	NUM
fsr-3879	98	9	0.3551	0.3551	NUM
fsr-3879	98	10	0.2300	0.2300	NUM
fsr-3879	98	11	0.3047	0.3047	NUM
fsr-3879	98	12	1	1	NUM
fsr-3879	98	13	table	table	NOUN
fsr-3879	98	14	3	3	NUM
fsr-3879	98	15	individual	individual	ADJ
fsr-3879	98	16	regression	regression	NOUN
fsr-3879	98	17	coefficients	coefficient	NOUN
fsr-3879	98	18	of	of	ADP
fsr-3879	98	19	foreign	foreign	ADJ
fsr-3879	98	20	markets	market	NOUN
fsr-3879	98	21	on	on	ADP
fsr-3879	98	22	s	s	PROPN
fsr-3879	98	23	&	&	CCONJ
fsr-3879	98	24	p	p	PROPN
fsr-3879	98	25	500	500	NUM
fsr-3879	98	26	market	market	NOUN
fsr-3879	98	27	coefficient	coefficient	NOUN
fsr-3879	98	28	t	t	NOUN
fsr-3879	98	29	-	-	PUNCT
fsr-3879	98	30	statistic	statistic	NOUN
fsr-3879	98	31	r2	r2	PROPN
fsr-3879	98	32	toronto	toronto	PROPN
fsr-3879	98	33	0.707	0.707	NUM
fsr-3879	98	34	8.16a	8.16a	NUM
fsr-3879	98	35	36.3	36.3	NUM
fsr-3879	98	36	london	london	PROPN
fsr-3879	98	37	0.827	0.827	NUM
fsr-3879	98	38	4.37a	4.37a	NUM
fsr-3879	98	39	14.0	14.0	NUM
fsr-3879	98	40	paris	paris	NOUN
fsr-3879	98	41	0.896	0.896	NUM
fsr-3879	98	42	6.26a	6.26a	NUM
fsr-3879	98	43	25.1	25.1	NUM
fsr-3879	98	44	frankfurt	frankfurt	NOUN
fsr-3879	98	45	0.667	0.667	NUM
fsr-3879	98	46	4.83a	4.83a	NUM
fsr-3879	98	47	16.6	16.6	NUM
fsr-3879	98	48	milan	milan	PROPN
fsr-3879	98	49	0.437	0.437	NUM
fsr-3879	98	50	1.76	1.76	NUM
fsr-3879	98	51	2.6	2.6	NUM
fsr-3879	98	52	tokyo	tokyo	PROPN
fsr-3879	98	53	0.592	0.592	NUM
fsr-3879	98	54	2.64a	2.64a	NUM
fsr-3879	98	55	5.6	5.6	NUM
fsr-3879	98	56	a	a	DET
fsr-3879	98	57	statistically	statistically	ADV
fsr-3879	98	58	significant	significant	ADJ
fsr-3879	98	59	at	at	ADP
fsr-3879	98	60	the	the	DET
fsr-3879	98	61	0.01	0.01	NUM
fsr-3879	98	62	level	level	NOUN
fsr-3879	98	63	of	of	ADP
fsr-3879	98	64	significance	significance	NOUN
fsr-3879	98	65	.	.	PUNCT
fsr-3879	99	1	41m.e	41m.e	NUM
fsr-3879	99	2	.	.	PUNCT
fsr-3879	100	1	hanna	hanna	PROPN
fsr-3879	100	2	et	et	PROPN
fsr-3879	100	3	al	al	PROPN
fsr-3879	100	4	.	.	PUNCT
fsr-3879	100	5	/	/	SYM
fsr-3879	100	6	financial	financial	ADJ
fsr-3879	100	7	services	service	NOUN
fsr-3879	100	8	review	review	VERB
fsr-3879	100	9	8	8	NUM
fsr-3879	100	10	(	(	PUNCT
fsr-3879	100	11	1999	1999	NUM
fsr-3879	100	12	)	)	PUNCT
fsr-3879	100	13	37–45	37–45	NUM
fsr-3879	100	14	p	p	NOUN
fsr-3879	100	15	500	500	NUM
fsr-3879	100	16	portion	portion	NOUN
fsr-3879	100	17	of	of	ADP
fsr-3879	100	18	the	the	DET
fsr-3879	100	19	portfolio	portfolio	NOUN
fsr-3879	100	20	vary	vary	VERB
fsr-3879	100	21	from	from	ADP
fsr-3879	100	22	100	100	NUM
fsr-3879	100	23	percent	percent	NOUN
fsr-3879	100	24	to	to	ADP
fsr-3879	100	25	60	60	NUM
fsr-3879	100	26	%	%	NOUN
fsr-3879	100	27	.	.	PUNCT
fsr-3879	101	1	the	the	DET
fsr-3879	101	2	mean	mean	ADJ
fsr-3879	101	3	return	return	NOUN
fsr-3879	101	4	and	and	CCONJ
fsr-3879	101	5	standard	standard	ADJ
fsr-3879	101	6	deviation	deviation	NOUN
fsr-3879	101	7	is	be	AUX
fsr-3879	101	8	computed	compute	VERB
fsr-3879	101	9	for	for	ADP
fsr-3879	101	10	each	each	PRON
fsr-3879	101	11	of	of	ADP
fsr-3879	101	12	these	these	DET
fsr-3879	101	13	portfolios	portfolio	NOUN
fsr-3879	101	14	.	.	PUNCT
fsr-3879	102	1	fig	fig	NOUN
fsr-3879	102	2	.	.	PUNCT
fsr-3879	103	1	1	1	NUM
fsr-3879	103	2	presents	present	VERB
fsr-3879	103	3	a	a	DET
fsr-3879	103	4	graphical	graphical	ADJ
fsr-3879	103	5	representation	representation	NOUN
fsr-3879	103	6	of	of	ADP
fsr-3879	103	7	the	the	DET
fsr-3879	103	8	return	return	NOUN
fsr-3879	103	9	and	and	CCONJ
fsr-3879	103	10	standard	standard	ADJ
fsr-3879	103	11	deviation	deviation	NOUN
fsr-3879	103	12	of	of	ADP
fsr-3879	103	13	several	several	ADJ
fsr-3879	103	14	possible	possible	ADJ
fsr-3879	103	15	combinations	combination	NOUN
fsr-3879	103	16	of	of	ADP
fsr-3879	103	17	the	the	DET
fsr-3879	103	18	united	united	PROPN
fsr-3879	103	19	states	states	PROPN
fsr-3879	103	20	s	s	PROPN
fsr-3879	103	21	&	&	CCONJ
fsr-3879	103	22	p	p	NOUN
fsr-3879	103	23	500	500	NUM
fsr-3879	103	24	and	and	CCONJ
fsr-3879	103	25	thetoronto	thetoronto	ADV
fsr-3879	103	26	300	300	NUM
fsr-3879	103	27	index	index	NOUN
fsr-3879	103	28	.	.	PUNCT
fsr-3879	104	1	the	the	DET
fsr-3879	104	2	weights	weight	NOUN
fsr-3879	104	3	of	of	ADP
fsr-3879	104	4	the	the	DET
fsr-3879	104	5	united	united	PROPN
fsr-3879	104	6	states	states	PROPN
fsr-3879	104	7	component	component	NOUN
fsr-3879	104	8	vary	vary	VERB
fsr-3879	104	9	in	in	ADP
fsr-3879	104	10	this	this	DET
fsr-3879	104	11	figure	figure	NOUN
fsr-3879	104	12	from	from	ADP
fsr-3879	104	13	a	a	DET
fsr-3879	104	14	100	100	NUM
fsr-3879	104	15	percent	percent	NOUN
fsr-3879	104	16	united	united	PROPN
fsr-3879	104	17	states	states	PROPN
fsr-3879	104	18	component	component	VERB
fsr-3879	104	19	to	to	ADP
fsr-3879	104	20	only	only	ADV
fsr-3879	104	21	60	60	NUM
fsr-3879	104	22	%	%	NOUN
fsr-3879	104	23	united	united	PROPN
fsr-3879	104	24	states	states	PROPN
fsr-3879	104	25	.	.	PUNCT
fsr-3879	105	1	the	the	DET
fsr-3879	105	2	100	100	NUM
fsr-3879	105	3	%	%	NOUN
fsr-3879	105	4	united	united	PROPN
fsr-3879	105	5	states	states	PROPN
fsr-3879	105	6	component	component	NOUN
fsr-3879	105	7	is	be	AUX
fsr-3879	105	8	at	at	ADP
fsr-3879	105	9	the	the	DET
fsr-3879	105	10	upper	upper	ADJ
fsr-3879	105	11	left	left	ADJ
fsr-3879	105	12	end	end	NOUN
fsr-3879	105	13	-	-	PUNCT
fsr-3879	105	14	point	point	NOUN
fsr-3879	105	15	of	of	ADP
fsr-3879	105	16	the	the	DET
fsr-3879	105	17	set	set	NOUN
fsr-3879	105	18	of	of	ADP
fsr-3879	105	19	portfolios	portfolio	NOUN
fsr-3879	105	20	,	,	PUNCT
fsr-3879	105	21	and	and	CCONJ
fsr-3879	105	22	the	the	DET
fsr-3879	105	23	portfolio	portfolio	NOUN
fsr-3879	105	24	that	that	PRON
fsr-3879	105	25	is	be	AUX
fsr-3879	105	26	only	only	ADV
fsr-3879	105	27	60	60	NUM
fsr-3879	105	28	%	%	NOUN
fsr-3879	105	29	u.s	u.s	PROPN
fsr-3879	105	30	.	.	PROPN
fsr-3879	105	31	is	be	AUX
fsr-3879	105	32	at	at	ADP
fsr-3879	105	33	the	the	DET
fsr-3879	105	34	lower	low	ADJ
fsr-3879	105	35	right	right	NOUN
fsr-3879	105	36	.	.	PUNCT
fsr-3879	106	1	this	this	PRON
fsr-3879	106	2	clearly	clearly	ADV
fsr-3879	106	3	shows	show	VERB
fsr-3879	106	4	that	that	SCONJ
fsr-3879	106	5	as	as	SCONJ
fsr-3879	106	6	the	the	DET
fsr-3879	106	7	portfolio	portfolio	NOUN
fsr-3879	106	8	becomes	become	VERB
fsr-3879	106	9	more	more	ADV
fsr-3879	106	10	diversified	diversified	ADJ
fsr-3879	106	11	(	(	PUNCT
fsr-3879	106	12	more	more	ADJ
fsr-3879	106	13	weight	weight	NOUN
fsr-3879	106	14	in	in	ADP
fsr-3879	106	15	the	the	DET
fsr-3879	106	16	foreign	foreign	ADJ
fsr-3879	106	17	index	index	NOUN
fsr-3879	106	18	)	)	PUNCT
fsr-3879	106	19	,	,	PUNCT
fsr-3879	106	20	the	the	DET
fsr-3879	106	21	mean	mean	ADJ
fsr-3879	106	22	return	return	NOUN
fsr-3879	106	23	declines	decline	VERB
fsr-3879	106	24	whereas	whereas	SCONJ
fsr-3879	106	25	the	the	DET
fsr-3879	106	26	sd	sd	NOUN
fsr-3879	106	27	increases	increase	NOUN
fsr-3879	106	28	.	.	PUNCT
fsr-3879	107	1	this	this	PRON
fsr-3879	107	2	is	be	AUX
fsr-3879	107	3	precisely	precisely	ADV
fsr-3879	107	4	the	the	DET
fsr-3879	107	5	opposite	opposite	NOUN
fsr-3879	107	6	of	of	ADP
fsr-3879	107	7	what	what	PRON
fsr-3879	107	8	one	one	NOUN
fsr-3879	107	9	wishes	wish	VERB
fsr-3879	107	10	to	to	PART
fsr-3879	107	11	obtain	obtain	VERB
fsr-3879	107	12	through	through	ADP
fsr-3879	107	13	international	international	ADJ
fsr-3879	107	14	diversification	diversification	NOUN
fsr-3879	107	15	.	.	PUNCT
fsr-3879	108	1	however	however	ADV
fsr-3879	108	2	,	,	PUNCT
fsr-3879	108	3	this	this	PRON
fsr-3879	108	4	was	be	AUX
fsr-3879	108	5	not	not	PART
fsr-3879	108	6	too	too	ADV
fsr-3879	108	7	surprising	surprising	ADJ
fsr-3879	108	8	since	since	SCONJ
fsr-3879	108	9	the	the	DET
fsr-3879	108	10	united	united	PROPN
fsr-3879	108	11	states	states	PROPN
fsr-3879	108	12	market	market	NOUN
fsr-3879	108	13	has	have	VERB
fsr-3879	108	14	both	both	CCONJ
fsr-3879	108	15	the	the	DET
fsr-3879	108	16	highest	high	ADJ
fsr-3879	108	17	rate	rate	NOUN
fsr-3879	108	18	of	of	ADP
fsr-3879	108	19	return	return	NOUN
fsr-3879	108	20	and	and	CCONJ
fsr-3879	108	21	the	the	DET
fsr-3879	108	22	lowest	low	ADJ
fsr-3879	108	23	sd	sd	NOUN
fsr-3879	108	24	of	of	ADP
fsr-3879	108	25	returns	return	NOUN
fsr-3879	108	26	.	.	PUNCT
fsr-3879	109	1	an	an	DET
fsr-3879	109	2	analysis	analysis	NOUN
fsr-3879	109	3	of	of	ADP
fsr-3879	109	4	the	the	DET
fsr-3879	109	5	various	various	ADJ
fsr-3879	109	6	other	other	ADJ
fsr-3879	109	7	portfolios	portfolio	NOUN
fsr-3879	109	8	considered	consider	VERB
fsr-3879	109	9	—	—	PUNCT
fsr-3879	109	10	comprised	comprise	VERB
fsr-3879	109	11	of	of	ADP
fsr-3879	109	12	united	united	PROPN
fsr-3879	109	13	states	states	PROPN
fsr-3879	109	14	and	and	CCONJ
fsr-3879	109	15	non	non	ADJ
fsr-3879	109	16	-	-	ADJ
fsr-3879	109	17	united	united	ADJ
fsr-3879	109	18	states	states	PROPN
fsr-3879	109	19	components	component	NOUN
fsr-3879	109	20	(	(	PUNCT
fsr-3879	109	21	i.e.	i.e.	X
fsr-3879	109	22	,	,	PUNCT
fsr-3879	109	23	toronto	toronto	PROPN
fsr-3879	109	24	,	,	PUNCT
fsr-3879	109	25	london	london	PROPN
fsr-3879	109	26	,	,	PUNCT
fsr-3879	109	27	paris	paris	PROPN
fsr-3879	109	28	,	,	PUNCT
fsr-3879	109	29	frankfurt	frankfurt	PROPN
fsr-3879	109	30	,	,	PUNCT
fsr-3879	109	31	milan	milan	PROPN
fsr-3879	109	32	,	,	PUNCT
fsr-3879	109	33	and	and	CCONJ
fsr-3879	109	34	tokyo	tokyo	PROPN
fsr-3879	109	35	)	)	PUNCT
fsr-3879	109	36	—	—	PUNCT
fsr-3879	109	37	each	each	PRON
fsr-3879	109	38	has	have	VERB
fsr-3879	109	39	essentially	essentially	ADV
fsr-3879	109	40	the	the	DET
fsr-3879	109	41	same	same	ADJ
fsr-3879	109	42	result	result	NOUN
fsr-3879	109	43	.	.	PUNCT
fsr-3879	110	1	the	the	DET
fsr-3879	110	2	100	100	NUM
fsr-3879	110	3	%	%	NOUN
fsr-3879	110	4	s	s	NOUN
fsr-3879	110	5	&	&	CCONJ
fsr-3879	110	6	p	p	PROPN
fsr-3879	110	7	500portfolio	500portfolio	PROPN
fsr-3879	110	8	is	be	AUX
fsr-3879	110	9	always	always	ADV
fsr-3879	110	10	the	the	DET
fsr-3879	110	11	dominant	dominant	ADJ
fsr-3879	110	12	portfolio	portfolio	NOUN
fsr-3879	110	13	.	.	PUNCT
fsr-3879	111	1	the	the	PRON
fsr-3879	111	2	greater	great	ADJ
fsr-3879	111	3	the	the	DET
fsr-3879	111	4	weighting	weighting	NOUN
fsr-3879	111	5	of	of	ADP
fsr-3879	111	6	the	the	DET
fsr-3879	111	7	s	s	PROPN
fsr-3879	111	8	&	&	CCONJ
fsr-3879	111	9	p	p	PROPN
fsr-3879	111	10	500	500	NUM
fsr-3879	111	11	component	component	NOUN
fsr-3879	111	12	of	of	ADP
fsr-3879	111	13	the	the	DET
fsr-3879	111	14	portfolio	portfolio	NOUN
fsr-3879	111	15	,	,	PUNCT
fsr-3879	111	16	the	the	DET
fsr-3879	111	17	higher	high	ADJ
fsr-3879	111	18	is	be	AUX
fsr-3879	111	19	the	the	DET
fsr-3879	111	20	return	return	NOUN
fsr-3879	111	21	and	and	CCONJ
fsr-3879	111	22	the	the	DET
fsr-3879	111	23	lower	low	ADJ
fsr-3879	111	24	is	be	AUX
fsr-3879	111	25	the	the	DET
fsr-3879	111	26	level	level	NOUN
fsr-3879	111	27	of	of	ADP
fsr-3879	111	28	risk	risk	NOUN
fsr-3879	111	29	.	.	PUNCT
fsr-3879	112	1	thus	thus	ADV
fsr-3879	112	2	,	,	PUNCT
fsr-3879	112	3	in	in	ADP
fsr-3879	112	4	every	every	DET
fsr-3879	112	5	case	case	NOUN
fsr-3879	112	6	the	the	DET
fsr-3879	112	7	undiversified	undiversified	ADJ
fsr-3879	112	8	(	(	PUNCT
fsr-3879	112	9	i.e.	i.e.	X
fsr-3879	112	10	,	,	PUNCT
fsr-3879	112	11	100	100	NUM
fsr-3879	112	12	%	%	NOUN
fsr-3879	112	13	s	s	NOUN
fsr-3879	112	14	&	&	CCONJ
fsr-3879	112	15	p	p	PROPN
fsr-3879	112	16	500	500	NUM
fsr-3879	112	17	)	)	PUNCT
fsr-3879	112	18	portfolio	portfolio	NOUN
fsr-3879	112	19	dominates	dominate	VERB
fsr-3879	112	20	the	the	DET
fsr-3879	112	21	diversified	diversified	ADJ
fsr-3879	112	22	(	(	PUNCT
fsr-3879	112	23	i.e.	i.e.	X
fsr-3879	112	24	,	,	PUNCT
fsr-3879	112	25	two	two	NUM
fsr-3879	112	26	-	-	PUNCT
fsr-3879	112	27	country	country	NOUN
fsr-3879	112	28	)	)	PUNCT
fsr-3879	112	29	portfolio	portfolio	NOUN
fsr-3879	112	30	.	.	PUNCT
fsr-3879	113	1	clearly	clearly	ADV
fsr-3879	113	2	this	this	DET
fsr-3879	113	3	result	result	NOUN
fsr-3879	113	4	is	be	AUX
fsr-3879	113	5	inconsistent	inconsistent	ADJ
fsr-3879	113	6	with	with	ADP
fsr-3879	113	7	the	the	DET
fsr-3879	113	8	arguments	argument	NOUN
fsr-3879	113	9	investors	investor	NOUN
fsr-3879	113	10	hear	hear	VERB
fsr-3879	113	11	in	in	ADP
fsr-3879	113	12	favor	favor	NOUN
fsr-3879	113	13	of	of	ADP
fsr-3879	113	14	international	international	ADJ
fsr-3879	113	15	diversification	diversification	NOUN
fsr-3879	113	16	.	.	PUNCT
fsr-3879	114	1	for	for	SCONJ
fsr-3879	114	2	the	the	DET
fsr-3879	114	3	results	result	NOUN
fsr-3879	114	4	to	to	PART
fsr-3879	114	5	be	be	AUX
fsr-3879	114	6	consistent	consistent	ADJ
fsr-3879	114	7	with	with	ADP
fsr-3879	114	8	the	the	DET
fsr-3879	114	9	theoretical	theoretical	ADJ
fsr-3879	114	10	expectations	expectation	NOUN
fsr-3879	114	11	,	,	PUNCT
fsr-3879	114	12	certain	certain	ADJ
fsr-3879	114	13	conditions	condition	NOUN
fsr-3879	114	14	must	must	AUX
fsr-3879	114	15	exist	exist	VERB
fsr-3879	114	16	in	in	ADP
fsr-3879	114	17	the	the	DET
fsr-3879	114	18	data	datum	NOUN
fsr-3879	114	19	,	,	PUNCT
fsr-3879	114	20	and	and	CCONJ
fsr-3879	114	21	these	these	PRON
fsr-3879	114	22	are	be	AUX
fsr-3879	114	23	implicit	implicit	ADJ
fsr-3879	114	24	(	(	PUNCT
fsr-3879	114	25	if	if	SCONJ
fsr-3879	114	26	not	not	PART
fsr-3879	114	27	explicit	explicit	ADJ
fsr-3879	114	28	)	)	PUNCT
fsr-3879	114	29	in	in	ADP
fsr-3879	114	30	the	the	DET
fsr-3879	114	31	models	model	NOUN
fsr-3879	114	32	proposed	propose	VERB
fsr-3879	114	33	in	in	ADP
fsr-3879	114	34	textbooks	textbook	NOUN
fsr-3879	114	35	.	.	PUNCT
fsr-3879	115	1	if	if	SCONJ
fsr-3879	115	2	the	the	DET
fsr-3879	115	3	investor	investor	NOUN
fsr-3879	115	4	wishes	wish	VERB
fsr-3879	115	5	to	to	PART
fsr-3879	115	6	maintain	maintain	VERB
fsr-3879	115	7	a	a	DET
fsr-3879	115	8	two	two	NUM
fsr-3879	115	9	-	-	PUNCT
fsr-3879	115	10	country	country	NOUN
fsr-3879	115	11	portfolio	portfolio	NOUN
fsr-3879	115	12	with	with	ADP
fsr-3879	115	13	the	the	DET
fsr-3879	115	14	same	same	ADJ
fsr-3879	115	15	rate	rate	NOUN
fsr-3879	115	16	of	of	ADP
fsr-3879	115	17	return	return	NOUN
fsr-3879	115	18	as	as	ADP
fsr-3879	115	19	an	an	DET
fsr-3879	115	20	entirely	entirely	ADV
fsr-3879	115	21	united	united	ADJ
fsr-3879	115	22	states	states	PROPN
fsr-3879	115	23	portfolio	portfolio	NOUN
fsr-3879	115	24	,	,	PUNCT
fsr-3879	115	25	the	the	DET
fsr-3879	115	26	return	return	NOUN
fsr-3879	115	27	in	in	ADP
fsr-3879	115	28	the	the	DET
fsr-3879	115	29	foreign	foreign	ADJ
fsr-3879	115	30	market	market	NOUN
fsr-3879	115	31	should	should	AUX
fsr-3879	115	32	be	be	AUX
fsr-3879	115	33	equal	equal	ADJ
fsr-3879	115	34	to	to	ADP
fsr-3879	115	35	(	(	PUNCT
fsr-3879	115	36	or	or	CCONJ
fsr-3879	115	37	greater	great	ADJ
fsr-3879	115	38	than	than	ADP
fsr-3879	115	39	)	)	PUNCT
fsr-3879	115	40	the	the	DET
fsr-3879	115	41	return	return	NOUN
fsr-3879	115	42	in	in	ADP
fsr-3879	115	43	the	the	DET
fsr-3879	115	44	united	united	PROPN
fsr-3879	115	45	states	states	PROPN
fsr-3879	115	46	market	market	NOUN
fsr-3879	115	47	over	over	ADP
fsr-3879	115	48	this	this	DET
fsr-3879	115	49	time	time	NOUN
fsr-3879	115	50	period	period	NOUN
fsr-3879	115	51	.	.	PUNCT
fsr-3879	116	1	this	this	PRON
fsr-3879	116	2	by	by	ADP
fsr-3879	116	3	itself	itself	PRON
fsr-3879	116	4	,	,	PUNCT
fsr-3879	116	5	however	however	ADV
fsr-3879	116	6	,	,	PUNCT
fsr-3879	116	7	does	do	AUX
fsr-3879	116	8	not	not	PART
fsr-3879	116	9	guarantee	guarantee	VERB
fsr-3879	116	10	a	a	DET
fsr-3879	116	11	lower	low	ADJ
fsr-3879	116	12	level	level	NOUN
fsr-3879	116	13	of	of	ADP
fsr-3879	116	14	risk	risk	NOUN
fsr-3879	116	15	.	.	PUNCT
fsr-3879	117	1	for	for	SCONJ
fsr-3879	117	2	risk	risk	NOUN
fsr-3879	117	3	to	to	PART
fsr-3879	117	4	be	be	AUX
fsr-3879	117	5	less	less	ADJ
fsr-3879	117	6	in	in	ADP
fsr-3879	117	7	the	the	DET
fsr-3879	117	8	multi	multi	ADJ
fsr-3879	117	9	-	-	ADJ
fsr-3879	117	10	country	country	ADJ
fsr-3879	117	11	portfolio	portfolio	NOUN
fsr-3879	117	12	,	,	PUNCT
fsr-3879	117	13	its	its	PRON
fsr-3879	117	14	sd	sd	X
fsr-3879	117	15	(	(	PUNCT
fsr-3879	117	16	which	which	PRON
fsr-3879	117	17	is	be	AUX
fsr-3879	117	18	a	a	DET
fsr-3879	117	19	function	function	NOUN
fsr-3879	117	20	of	of	ADP
fsr-3879	117	21	the	the	DET
fsr-3879	117	22	weights	weight	NOUN
fsr-3879	117	23	of	of	ADP
fsr-3879	117	24	the	the	DET
fsr-3879	117	25	two	two	NUM
fsr-3879	117	26	markets	market	NOUN
fsr-3879	117	27	in	in	ADP
fsr-3879	117	28	the	the	DET
fsr-3879	117	29	portfolio	portfolio	NOUN
fsr-3879	117	30	,	,	PUNCT
fsr-3879	117	31	the	the	DET
fsr-3879	117	32	sd	sd	NOUN
fsr-3879	117	33	of	of	ADP
fsr-3879	117	34	the	the	DET
fsr-3879	117	35	two	two	NUM
fsr-3879	117	36	markets	market	NOUN
fsr-3879	117	37	,	,	PUNCT
fsr-3879	117	38	and	and	CCONJ
fsr-3879	117	39	the	the	DET
fsr-3879	117	40	correlation	correlation	NOUN
fsr-3879	117	41	coefficient	coefficient	NOUN
fsr-3879	117	42	)	)	PUNCT
fsr-3879	117	43	must	must	AUX
fsr-3879	117	44	be	be	AUX
fsr-3879	117	45	smaller	small	ADJ
fsr-3879	117	46	than	than	ADP
fsr-3879	117	47	that	that	PRON
fsr-3879	117	48	of	of	ADP
fsr-3879	117	49	the	the	DET
fsr-3879	117	50	united	united	PROPN
fsr-3879	117	51	states	states	PROPN
fsr-3879	117	52	market	market	NOUN
fsr-3879	117	53	alone	alone	ADV
fsr-3879	117	54	.	.	PUNCT
fsr-3879	118	1	42	42	NUM
fsr-3879	118	2	m.e	m.e	PROPN
fsr-3879	118	3	.	.	PROPN
fsr-3879	118	4	hanna	hanna	PROPN
fsr-3879	118	5	et	et	PROPN
fsr-3879	118	6	al	al	PROPN
fsr-3879	118	7	.	.	PUNCT
fsr-3879	118	8	/	/	SYM
fsr-3879	118	9	financial	financial	ADJ
fsr-3879	118	10	services	service	NOUN
fsr-3879	118	11	review	review	VERB
fsr-3879	118	12	8	8	NUM
fsr-3879	118	13	(	(	PUNCT
fsr-3879	118	14	1999	1999	NUM
fsr-3879	118	15	)	)	PUNCT
fsr-3879	118	16	37–45	37–45	NUM
fsr-3879	118	17	4.1	4.1	NUM
fsr-3879	118	18	.	.	PUNCT
fsr-3879	119	1	an	an	DET
fsr-3879	119	2	alternative	alternative	ADJ
fsr-3879	119	3	perspective	perspective	NOUN
fsr-3879	119	4	traditionally	traditionally	ADV
fsr-3879	119	5	most	most	ADJ
fsr-3879	119	6	textbooks	textbook	NOUN
fsr-3879	119	7	stop	stop	VERB
fsr-3879	119	8	with	with	ADP
fsr-3879	119	9	correlation	correlation	NOUN
fsr-3879	119	10	between	between	ADP
fsr-3879	119	11	markets	market	NOUN
fsr-3879	119	12	in	in	ADP
fsr-3879	119	13	explaining	explain	VERB
fsr-3879	119	14	the	the	DET
fsr-3879	119	15	advantages	advantage	NOUN
fsr-3879	119	16	of	of	ADP
fsr-3879	119	17	international	international	ADJ
fsr-3879	119	18	diversification	diversification	NOUN
fsr-3879	119	19	.	.	PUNCT
fsr-3879	120	1	however	however	ADV
fsr-3879	120	2	,	,	PUNCT
fsr-3879	120	3	although	although	SCONJ
fsr-3879	120	4	correlation	correlation	NOUN
fsr-3879	120	5	measurements	measurement	NOUN
fsr-3879	120	6	are	be	AUX
fsr-3879	120	7	useful	useful	ADJ
fsr-3879	120	8	and	and	CCONJ
fsr-3879	120	9	an	an	DET
fsr-3879	120	10	important	important	ADJ
fsr-3879	120	11	component	component	NOUN
fsr-3879	120	12	of	of	ADP
fsr-3879	120	13	modern	modern	ADJ
fsr-3879	120	14	portfolio	portfolio	NOUN
fsr-3879	120	15	theory	theory	NOUN
fsr-3879	120	16	,	,	PUNCT
fsr-3879	120	17	perhaps	perhaps	ADV
fsr-3879	120	18	too	too	ADV
fsr-3879	120	19	few	few	ADJ
fsr-3879	120	20	investors	investor	NOUN
fsr-3879	120	21	appreciate	appreciate	VERB
fsr-3879	120	22	the	the	DET
fsr-3879	120	23	implications	implication	NOUN
fsr-3879	120	24	of	of	ADP
fsr-3879	120	25	the	the	DET
fsr-3879	120	26	movements	movement	NOUN
fsr-3879	120	27	between	between	ADP
fsr-3879	120	28	two	two	NUM
fsr-3879	120	29	markets	market	NOUN
fsr-3879	120	30	that	that	PRON
fsr-3879	120	31	lead	lead	VERB
fsr-3879	120	32	to	to	ADP
fsr-3879	120	33	the	the	DET
fsr-3879	120	34	correlation	correlation	NOUN
fsr-3879	120	35	value	value	NOUN
fsr-3879	120	36	that	that	PRON
fsr-3879	120	37	is	be	AUX
fsr-3879	120	38	used	use	VERB
fsr-3879	120	39	in	in	ADP
fsr-3879	120	40	modern	modern	ADJ
fsr-3879	120	41	portfolio	portfolio	NOUN
fsr-3879	120	42	theory	theory	NOUN
fsr-3879	120	43	.	.	PUNCT
fsr-3879	121	1	this	this	DET
fsr-3879	121	2	study	study	NOUN
fsr-3879	121	3	breaks	break	VERB
fsr-3879	121	4	down	down	ADP
fsr-3879	121	5	the	the	DET
fsr-3879	121	6	imperfect	imperfect	ADJ
fsr-3879	121	7	correlation	correlation	NOUN
fsr-3879	121	8	between	between	ADP
fsr-3879	121	9	the	the	DET
fsr-3879	121	10	united	united	PROPN
fsr-3879	121	11	states	states	PROPN
fsr-3879	121	12	and	and	CCONJ
fsr-3879	121	13	non	non	ADJ
fsr-3879	121	14	-	-	ADJ
fsr-3879	121	15	united	united	ADJ
fsr-3879	121	16	states	states	PROPN
fsr-3879	121	17	markets	market	NOUN
fsr-3879	121	18	into	into	ADP
fsr-3879	121	19	a	a	DET
fsr-3879	121	20	unique	unique	ADJ
fsr-3879	121	21	analysis	analysis	NOUN
fsr-3879	121	22	that	that	PRON
fsr-3879	121	23	provides	provide	VERB
fsr-3879	121	24	a	a	DET
fsr-3879	121	25	simple	simple	ADJ
fsr-3879	121	26	illustration	illustration	NOUN
fsr-3879	121	27	of	of	ADP
fsr-3879	121	28	a	a	DET
fsr-3879	121	29	component	component	NOUN
fsr-3879	121	30	of	of	ADP
fsr-3879	121	31	the	the	DET
fsr-3879	121	32	level	level	NOUN
fsr-3879	121	33	of	of	ADP
fsr-3879	121	34	correlation	correlation	NOUN
fsr-3879	121	35	between	between	ADP
fsr-3879	121	36	markets	market	NOUN
fsr-3879	121	37	.	.	PUNCT
fsr-3879	122	1	it	it	PRON
fsr-3879	122	2	has	have	AUX
fsr-3879	122	3	been	be	AUX
fsr-3879	122	4	said	say	VERB
fsr-3879	122	5	that	that	SCONJ
fsr-3879	122	6	when	when	SCONJ
fsr-3879	122	7	an	an	DET
fsr-3879	122	8	american	american	ADJ
fsr-3879	122	9	football	football	NOUN
fsr-3879	122	10	team	team	NOUN
fsr-3879	122	11	attempts	attempt	VERB
fsr-3879	122	12	to	to	PART
fsr-3879	122	13	make	make	VERB
fsr-3879	122	14	a	a	DET
fsr-3879	122	15	forward	forward	ADJ
fsr-3879	122	16	pass	pass	NOUN
fsr-3879	122	17	,	,	PUNCT
fsr-3879	122	18	there	there	PRON
fsr-3879	122	19	are	be	VERB
fsr-3879	122	20	three	three	NUM
fsr-3879	122	21	possible	possible	ADJ
fsr-3879	122	22	results	result	NOUN
fsr-3879	122	23	—	—	PUNCT
fsr-3879	122	24	and	and	CCONJ
fsr-3879	122	25	two	two	NUM
fsr-3879	122	26	of	of	ADP
fsr-3879	122	27	them	they	PRON
fsr-3879	122	28	are	be	AUX
fsr-3879	122	29	bad	bad	ADJ
fsr-3879	122	30	.	.	PUNCT
fsr-3879	123	1	following	follow	VERB
fsr-3879	123	2	that	that	DET
fsr-3879	123	3	analogy	analogy	NOUN
fsr-3879	123	4	this	this	DET
fsr-3879	123	5	study	study	NOUN
fsr-3879	123	6	reports	report	VERB
fsr-3879	123	7	on	on	ADP
fsr-3879	123	8	the	the	DET
fsr-3879	123	9	four	four	NUM
fsr-3879	123	10	possible	possible	ADJ
fsr-3879	123	11	outcomes	outcome	NOUN
fsr-3879	123	12	that	that	PRON
fsr-3879	123	13	can	can	AUX
fsr-3879	123	14	occur	occur	VERB
fsr-3879	123	15	when	when	SCONJ
fsr-3879	123	16	an	an	DET
fsr-3879	123	17	investor	investor	NOUN
fsr-3879	123	18	invests	invest	NOUN
fsr-3879	123	19	in	in	ADP
fsr-3879	123	20	both	both	CCONJ
fsr-3879	123	21	the	the	DET
fsr-3879	123	22	united	united	PROPN
fsr-3879	123	23	states	states	PROPN
fsr-3879	123	24	market	market	NOUN
fsr-3879	123	25	and	and	CCONJ
fsr-3879	123	26	another	another	DET
fsr-3879	123	27	market	market	NOUN
fsr-3879	123	28	.	.	PUNCT
fsr-3879	124	1	the	the	DET
fsr-3879	124	2	four	four	NUM
fsr-3879	124	3	possible	possible	ADJ
fsr-3879	124	4	outcomes	outcome	NOUN
fsr-3879	124	5	are	be	AUX
fsr-3879	124	6	that	that	SCONJ
fsr-3879	124	7	both	both	DET
fsr-3879	124	8	markets	market	NOUN
fsr-3879	124	9	can	can	AUX
fsr-3879	124	10	go	go	VERB
fsr-3879	124	11	up	up	ADP
fsr-3879	124	12	,	,	PUNCT
fsr-3879	124	13	both	both	DET
fsr-3879	124	14	markets	market	NOUN
fsr-3879	124	15	can	can	AUX
fsr-3879	124	16	go	go	VERB
fsr-3879	124	17	down	down	ADP
fsr-3879	124	18	,	,	PUNCT
fsr-3879	124	19	the	the	DET
fsr-3879	124	20	domestic	domestic	ADJ
fsr-3879	124	21	market	market	NOUN
fsr-3879	124	22	can	can	AUX
fsr-3879	124	23	go	go	VERB
fsr-3879	124	24	up	up	ADP
fsr-3879	124	25	and	and	CCONJ
fsr-3879	124	26	the	the	DET
fsr-3879	124	27	foreign	foreign	ADJ
fsr-3879	124	28	market	market	NOUN
fsr-3879	124	29	go	go	VERB
fsr-3879	124	30	down	down	ADV
fsr-3879	124	31	,	,	PUNCT
fsr-3879	124	32	and	and	CCONJ
fsr-3879	124	33	the	the	DET
fsr-3879	124	34	foreign	foreign	ADJ
fsr-3879	124	35	market	market	NOUN
fsr-3879	124	36	can	can	AUX
fsr-3879	124	37	go	go	VERB
fsr-3879	124	38	up	up	ADP
fsr-3879	124	39	whereas	whereas	SCONJ
fsr-3879	124	40	the	the	DET
fsr-3879	124	41	domestic	domestic	ADJ
fsr-3879	124	42	market	market	NOUN
fsr-3879	124	43	goes	go	VERB
fsr-3879	124	44	down	down	ADV
fsr-3879	124	45	.	.	PUNCT
fsr-3879	125	1	as	as	SCONJ
fsr-3879	125	2	is	be	AUX
fsr-3879	125	3	discussed	discuss	VERB
fsr-3879	125	4	below	below	ADP
fsr-3879	125	5	only	only	ADV
fsr-3879	125	6	one	one	NUM
fsr-3879	125	7	of	of	ADP
fsr-3879	125	8	these	these	DET
fsr-3879	125	9	four	four	NUM
fsr-3879	125	10	possible	possible	ADJ
fsr-3879	125	11	outcomes	outcome	NOUN
fsr-3879	125	12	is	be	AUX
fsr-3879	125	13	the	the	DET
fsr-3879	125	14	scenario	scenario	NOUN
fsr-3879	125	15	that	that	PRON
fsr-3879	125	16	is	be	AUX
fsr-3879	125	17	often	often	ADV
fsr-3879	125	18	explained	explain	VERB
fsr-3879	125	19	to	to	ADP
fsr-3879	125	20	the	the	DET
fsr-3879	125	21	investor	investor	NOUN
fsr-3879	125	22	as	as	ADP
fsr-3879	125	23	the	the	DET
fsr-3879	125	24	justification	justification	NOUN
fsr-3879	125	25	for	for	ADP
fsr-3879	125	26	international	international	ADJ
fsr-3879	125	27	diversification	diversification	NOUN
fsr-3879	125	28	.	.	PUNCT
fsr-3879	126	1	this	this	DET
fsr-3879	126	2	justification	justification	NOUN
fsr-3879	126	3	is	be	AUX
fsr-3879	126	4	the	the	DET
fsr-3879	126	5	argument	argument	NOUN
fsr-3879	126	6	that	that	SCONJ
fsr-3879	126	7	domestic	domestic	ADJ
fsr-3879	126	8	market	market	NOUN
fsr-3879	126	9	losses	loss	NOUN
fsr-3879	126	10	can	can	AUX
fsr-3879	126	11	be	be	AUX
fsr-3879	126	12	offset	offset	VERB
fsr-3879	126	13	by	by	ADP
fsr-3879	126	14	foreign	foreign	ADJ
fsr-3879	126	15	markets	market	NOUN
fsr-3879	126	16	gains	gain	NOUN
fsr-3879	126	17	due	due	ADJ
fsr-3879	126	18	to	to	ADP
fsr-3879	126	19	less	less	ADJ
fsr-3879	126	20	than	than	ADP
fsr-3879	126	21	perfect	perfect	ADJ
fsr-3879	126	22	correlation	correlation	NOUN
fsr-3879	126	23	between	between	ADP
fsr-3879	126	24	the	the	DET
fsr-3879	126	25	markets	market	NOUN
fsr-3879	126	26	.	.	PUNCT
fsr-3879	127	1	table	table	NOUN
fsr-3879	127	2	4	4	NUM
fsr-3879	127	3	presents	present	VERB
fsr-3879	127	4	an	an	DET
fsr-3879	127	5	analysis	analysis	NOUN
fsr-3879	127	6	of	of	ADP
fsr-3879	127	7	the	the	DET
fsr-3879	127	8	relationship	relationship	NOUN
fsr-3879	127	9	between	between	ADP
fsr-3879	127	10	the	the	DET
fsr-3879	127	11	direction	direction	NOUN
fsr-3879	127	12	of	of	ADP
fsr-3879	127	13	movement	movement	NOUN
fsr-3879	127	14	in	in	ADP
fsr-3879	127	15	the	the	DET
fsr-3879	127	16	united	united	PROPN
fsr-3879	127	17	states	states	PROPN
fsr-3879	127	18	market	market	NOUN
fsr-3879	127	19	and	and	CCONJ
fsr-3879	127	20	each	each	PRON
fsr-3879	127	21	of	of	ADP
fsr-3879	127	22	the	the	DET
fsr-3879	127	23	six	six	NUM
fsr-3879	127	24	other	other	ADJ
fsr-3879	127	25	individual	individual	ADJ
fsr-3879	127	26	markets	market	NOUN
fsr-3879	127	27	in	in	ADP
fsr-3879	127	28	the	the	DET
fsr-3879	127	29	g-7	g-7	NOUN
fsr-3879	127	30	.	.	PUNCT
fsr-3879	128	1	by	by	ADP
fsr-3879	128	2	using	use	VERB
fsr-3879	128	3	a	a	DET
fsr-3879	128	4	four	four	NUM
fsr-3879	128	5	-	-	PUNCT
fsr-3879	128	6	quadrant	quadrant	NOUN
fsr-3879	128	7	table	table	NOUN
fsr-3879	128	8	for	for	ADP
fsr-3879	128	9	each	each	DET
fsr-3879	128	10	market	market	NOUN
fsr-3879	128	11	,	,	PUNCT
fsr-3879	128	12	it	it	PRON
fsr-3879	128	13	is	be	AUX
fsr-3879	128	14	possible	possible	ADJ
fsr-3879	128	15	to	to	PART
fsr-3879	128	16	observe	observe	VERB
fsr-3879	128	17	both	both	CCONJ
fsr-3879	128	18	the	the	DET
fsr-3879	128	19	direction	direction	NOUN
fsr-3879	128	20	of	of	ADP
fsr-3879	128	21	movement	movement	NOUN
fsr-3879	128	22	in	in	ADP
fsr-3879	128	23	two	two	NUM
fsr-3879	128	24	markets	market	NOUN
fsr-3879	128	25	and	and	CCONJ
fsr-3879	128	26	to	to	ADP
fsr-3879	128	27	what	what	DET
fsr-3879	128	28	extent	extent	NOUN
fsr-3879	128	29	the	the	DET
fsr-3879	128	30	investor	investor	NOUN
fsr-3879	128	31	really	really	ADV
fsr-3879	128	32	has	have	VERB
fsr-3879	128	33	those	those	DET
fsr-3879	128	34	occasions	occasion	NOUN
fsr-3879	128	35	where	where	SCONJ
fsr-3879	128	36	losses	loss	NOUN
fsr-3879	128	37	in	in	ADP
fsr-3879	128	38	the	the	DET
fsr-3879	128	39	united	united	PROPN
fsr-3879	128	40	states	states	PROPN
fsr-3879	128	41	market	market	NOUN
fsr-3879	128	42	are	be	AUX
fsr-3879	128	43	offset	offset	VERB
fsr-3879	128	44	by	by	ADP
fsr-3879	128	45	gains	gain	NOUN
fsr-3879	128	46	in	in	ADP
fsr-3879	128	47	the	the	DET
fsr-3879	128	48	non	non	ADJ
fsr-3879	128	49	-	-	ADJ
fsr-3879	128	50	united	united	ADJ
fsr-3879	128	51	states	states	PROPN
fsr-3879	128	52	market	market	NOUN
fsr-3879	128	53	.	.	PUNCT
fsr-3879	129	1	the	the	DET
fsr-3879	129	2	first	first	ADJ
fsr-3879	129	3	foreign	foreign	ADJ
fsr-3879	129	4	market	market	NOUN
fsr-3879	129	5	that	that	PRON
fsr-3879	129	6	is	be	AUX
fsr-3879	129	7	reported	report	VERB
fsr-3879	129	8	in	in	ADP
fsr-3879	129	9	table	table	NOUN
fsr-3879	129	10	4	4	NUM
fsr-3879	129	11	is	be	AUX
fsr-3879	129	12	the	the	DET
fsr-3879	129	13	toronto	toronto	PROPN
fsr-3879	129	14	market	market	NOUN
fsr-3879	129	15	.	.	PUNCT
fsr-3879	130	1	in	in	ADP
fsr-3879	130	2	the	the	DET
fsr-3879	130	3	upper	upper	ADJ
fsr-3879	130	4	left	left	ADJ
fsr-3879	130	5	table	table	NOUN
fsr-3879	130	6	4	4	NUM
fsr-3879	130	7	monthly	monthly	ADJ
fsr-3879	130	8	market	market	NOUN
fsr-3879	130	9	movements	movement	NOUN
fsr-3879	130	10	market	market	NOUN
fsr-3879	130	11	market	market	NOUN
fsr-3879	130	12	up	up	ADP
fsr-3879	130	13	market	market	NOUN
fsr-3879	130	14	down	down	ADP
fsr-3879	130	15	toronto	toronto	PROPN
fsr-3879	130	16	s	s	PROPN
fsr-3879	130	17	&	&	CCONJ
fsr-3879	130	18	p	p	NOUN
fsr-3879	130	19	up	up	ADP
fsr-3879	130	20	59	59	NUM
fsr-3879	130	21	18	18	NUM
fsr-3879	130	22	s	s	NOUN
fsr-3879	130	23	&	&	CCONJ
fsr-3879	130	24	p	p	NOUN
fsr-3879	130	25	down	down	ADP
fsr-3879	130	26	13	13	NUM
fsr-3879	130	27	29	29	NUM
fsr-3879	130	28	london	london	PROPN
fsr-3879	130	29	s	s	PROPN
fsr-3879	130	30	&	&	CCONJ
fsr-3879	130	31	p	p	NOUN
fsr-3879	130	32	up	up	ADV
fsr-3879	130	33	52	52	NUM
fsr-3879	130	34	25	25	NUM
fsr-3879	130	35	s	s	NOUN
fsr-3879	130	36	&	&	CCONJ
fsr-3879	130	37	p	p	NOUN
fsr-3879	130	38	down	down	ADP
fsr-3879	130	39	18	18	NUM
fsr-3879	130	40	24	24	NUM
fsr-3879	130	41	paris	paris	PROPN
fsr-3879	130	42	s	s	PROPN
fsr-3879	130	43	&	&	CCONJ
fsr-3879	130	44	p	p	NOUN
fsr-3879	130	45	up	up	ADP
fsr-3879	130	46	49	49	NUM
fsr-3879	130	47	28	28	NUM
fsr-3879	130	48	s	s	NOUN
fsr-3879	130	49	&	&	CCONJ
fsr-3879	130	50	p	p	NOUN
fsr-3879	130	51	down	down	ADV
fsr-3879	130	52	11	11	NUM
fsr-3879	130	53	31	31	NUM
fsr-3879	130	54	frankfurt	frankfurt	PROPN
fsr-3879	130	55	s	s	PROPN
fsr-3879	130	56	&	&	CCONJ
fsr-3879	130	57	p	p	NOUN
fsr-3879	130	58	up	up	ADV
fsr-3879	130	59	58	58	NUM
fsr-3879	130	60	19	19	NUM
fsr-3879	130	61	s	s	NOUN
fsr-3879	130	62	&	&	CCONJ
fsr-3879	130	63	p	p	NOUN
fsr-3879	130	64	down	down	ADP
fsr-3879	130	65	19	19	NUM
fsr-3879	130	66	23	23	NUM
fsr-3879	130	67	milan	milan	PROPN
fsr-3879	130	68	s	s	PROPN
fsr-3879	130	69	&	&	CCONJ
fsr-3879	130	70	p	p	NOUN
fsr-3879	130	71	up	up	ADP
fsr-3879	130	72	38	38	NUM
fsr-3879	130	73	39	39	NUM
fsr-3879	130	74	s	s	NOUN
fsr-3879	130	75	&	&	CCONJ
fsr-3879	130	76	p	p	NOUN
fsr-3879	130	77	down	down	ADV
fsr-3879	130	78	23	23	NUM
fsr-3879	130	79	19	19	NUM
fsr-3879	130	80	tokyo	tokyo	PROPN
fsr-3879	130	81	s	s	NOUN
fsr-3879	130	82	&	&	CCONJ
fsr-3879	130	83	p	p	NOUN
fsr-3879	130	84	up	up	ADV
fsr-3879	130	85	42	42	NUM
fsr-3879	130	86	35	35	NUM
fsr-3879	130	87	s	s	NOUN
fsr-3879	130	88	&	&	CCONJ
fsr-3879	130	89	p	p	NOUN
fsr-3879	130	90	down	down	ADV
fsr-3879	130	91	20	20	NUM
fsr-3879	130	92	22	22	NUM
fsr-3879	130	93	43m.e	43m.e	NUM
fsr-3879	130	94	.	.	PUNCT
fsr-3879	131	1	hanna	hanna	PROPN
fsr-3879	131	2	et	et	PROPN
fsr-3879	131	3	al	al	PROPN
fsr-3879	131	4	.	.	PUNCT
fsr-3879	131	5	/	/	SYM
fsr-3879	131	6	financial	financial	ADJ
fsr-3879	131	7	services	service	NOUN
fsr-3879	131	8	review	review	VERB
fsr-3879	131	9	8	8	NUM
fsr-3879	131	10	(	(	PUNCT
fsr-3879	131	11	1999	1999	NUM
fsr-3879	131	12	)	)	PUNCT
fsr-3879	131	13	37–45	37–45	NUM
fsr-3879	131	14	quadrant	quadrant	NOUN
fsr-3879	131	15	of	of	ADP
fsr-3879	131	16	the	the	DET
fsr-3879	131	17	toronto	toronto	PROPN
fsr-3879	131	18	data	data	PROPN
fsr-3879	131	19	,	,	PUNCT
fsr-3879	131	20	one	one	PRON
fsr-3879	131	21	may	may	AUX
fsr-3879	131	22	observe	observe	VERB
fsr-3879	131	23	that	that	SCONJ
fsr-3879	131	24	for	for	ADP
fsr-3879	131	25	59	59	NUM
fsr-3879	131	26	of	of	ADP
fsr-3879	131	27	the	the	DET
fsr-3879	131	28	119	119	NUM
fsr-3879	131	29	monthly	monthly	ADJ
fsr-3879	131	30	returns	return	NOUN
fsr-3879	131	31	used	use	VERB
fsr-3879	131	32	in	in	ADP
fsr-3879	131	33	this	this	DET
fsr-3879	131	34	study	study	NOUN
fsr-3879	131	35	both	both	DET
fsr-3879	131	36	thes	thes	PROPN
fsr-3879	131	37	&	&	CCONJ
fsr-3879	131	38	p	p	PROPN
fsr-3879	131	39	500	500	NUM
fsr-3879	131	40	and	and	CCONJ
fsr-3879	131	41	the	the	DET
fsr-3879	131	42	toronto	toronto	PROPN
fsr-3879	131	43	300	300	NUM
fsr-3879	131	44	have	have	VERB
fsr-3879	131	45	positive	positive	ADJ
fsr-3879	131	46	returns	return	NOUN
fsr-3879	131	47	.	.	PUNCT
fsr-3879	132	1	investing	invest	VERB
fsr-3879	132	2	internationally	internationally	ADV
fsr-3879	132	3	may	may	AUX
fsr-3879	132	4	have	have	AUX
fsr-3879	132	5	done	do	VERB
fsr-3879	132	6	little	little	ADJ
fsr-3879	132	7	or	or	CCONJ
fsr-3879	132	8	nothing	nothing	PRON
fsr-3879	132	9	for	for	ADP
fsr-3879	132	10	u.s	u.s	PROPN
fsr-3879	132	11	.	.	PROPN
fsr-3879	132	12	investors	investor	NOUN
fsr-3879	132	13	in	in	ADP
fsr-3879	132	14	these	these	DET
fsr-3879	132	15	59	59	NUM
fsr-3879	132	16	periods	period	NOUN
fsr-3879	132	17	,	,	PUNCT
fsr-3879	132	18	depending	depend	VERB
fsr-3879	132	19	on	on	ADP
fsr-3879	132	20	the	the	DET
fsr-3879	132	21	relative	relative	ADJ
fsr-3879	132	22	magnitude	magnitude	NOUN
fsr-3879	132	23	of	of	ADP
fsr-3879	132	24	the	the	DET
fsr-3879	132	25	gains	gain	NOUN
fsr-3879	132	26	in	in	ADP
fsr-3879	132	27	toronto	toronto	PROPN
fsr-3879	132	28	and	and	CCONJ
fsr-3879	132	29	new	new	PROPN
fsr-3879	132	30	york	york	PROPN
fsr-3879	132	31	.	.	PUNCT
fsr-3879	133	1	in	in	ADP
fsr-3879	133	2	the	the	DET
fsr-3879	133	3	lower	low	ADJ
fsr-3879	133	4	right	right	ADJ
fsr-3879	133	5	quadrant	quadrant	NOUN
fsr-3879	133	6	one	one	PRON
fsr-3879	133	7	may	may	AUX
fsr-3879	133	8	observe	observe	VERB
fsr-3879	133	9	that	that	SCONJ
fsr-3879	133	10	in	in	ADP
fsr-3879	133	11	29	29	NUM
fsr-3879	133	12	of	of	ADP
fsr-3879	133	13	the	the	DET
fsr-3879	133	14	observations	observation	NOUN
fsr-3879	133	15	,	,	PUNCT
fsr-3879	133	16	both	both	DET
fsr-3879	133	17	markets	market	NOUN
fsr-3879	133	18	decline	decline	VERB
fsr-3879	133	19	.	.	PUNCT
fsr-3879	134	1	again	again	ADV
fsr-3879	134	2	the	the	DET
fsr-3879	134	3	magnitude	magnitude	NOUN
fsr-3879	134	4	of	of	ADP
fsr-3879	134	5	the	the	DET
fsr-3879	134	6	loss	loss	NOUN
fsr-3879	134	7	in	in	ADP
fsr-3879	134	8	one	one	NUM
fsr-3879	134	9	market	market	NOUN
fsr-3879	134	10	relative	relative	ADJ
fsr-3879	134	11	to	to	ADP
fsr-3879	134	12	another	another	PRON
fsr-3879	134	13	is	be	AUX
fsr-3879	134	14	important	important	ADJ
fsr-3879	134	15	in	in	ADP
fsr-3879	134	16	arriving	arrive	VERB
fsr-3879	134	17	at	at	ADP
fsr-3879	134	18	the	the	DET
fsr-3879	134	19	total	total	ADJ
fsr-3879	134	20	portfolio	portfolio	NOUN
fsr-3879	134	21	loss	loss	NOUN
fsr-3879	134	22	,	,	PUNCT
fsr-3879	134	23	but	but	CCONJ
fsr-3879	134	24	there	there	PRON
fsr-3879	134	25	is	be	VERB
fsr-3879	134	26	no	no	DET
fsr-3879	134	27	real	real	ADJ
fsr-3879	134	28	offset	offset	NOUN
fsr-3879	134	29	between	between	ADP
fsr-3879	134	30	markets	market	NOUN
fsr-3879	134	31	as	as	SCONJ
fsr-3879	134	32	international	international	ADJ
fsr-3879	134	33	investors	investor	NOUN
fsr-3879	134	34	hope	hope	VERB
fsr-3879	134	35	to	to	PART
fsr-3879	134	36	enjoy	enjoy	VERB
fsr-3879	134	37	.	.	PUNCT
fsr-3879	135	1	between	between	ADP
fsr-3879	135	2	these	these	DET
fsr-3879	135	3	two	two	NUM
fsr-3879	135	4	quadrants	quadrant	NOUN
fsr-3879	135	5	we	we	PRON
fsr-3879	135	6	observe	observe	VERB
fsr-3879	135	7	that	that	SCONJ
fsr-3879	135	8	88	88	NUM
fsr-3879	135	9	of	of	ADP
fsr-3879	135	10	all	all	DET
fsr-3879	135	11	119	119	NUM
fsr-3879	135	12	observations	observation	NOUN
fsr-3879	135	13	(	(	PUNCT
fsr-3879	135	14	or	or	CCONJ
fsr-3879	135	15	74	74	NUM
fsr-3879	135	16	%	%	NOUN
fsr-3879	135	17	of	of	ADP
fsr-3879	135	18	the	the	DET
fsr-3879	135	19	total	total	NOUN
fsr-3879	135	20	)	)	PUNCT
fsr-3879	135	21	indicate	indicate	VERB
fsr-3879	135	22	the	the	DET
fsr-3879	135	23	two	two	NUM
fsr-3879	135	24	markets	market	NOUN
fsr-3879	135	25	moved	move	VERB
fsr-3879	135	26	in	in	ADP
fsr-3879	135	27	the	the	DET
fsr-3879	135	28	same	same	ADJ
fsr-3879	135	29	direction	direction	NOUN
fsr-3879	135	30	.	.	PUNCT
fsr-3879	136	1	in	in	ADP
fsr-3879	136	2	the	the	DET
fsr-3879	136	3	upper	upper	ADJ
fsr-3879	136	4	right	right	NOUN
fsr-3879	136	5	quadrant	quadrant	NOUN
fsr-3879	136	6	we	we	PRON
fsr-3879	136	7	observe	observe	VERB
fsr-3879	136	8	that	that	SCONJ
fsr-3879	136	9	in	in	ADP
fsr-3879	136	10	18	18	NUM
fsr-3879	136	11	cases	case	NOUN
fsr-3879	136	12	,	,	PUNCT
fsr-3879	136	13	the	the	DET
fsr-3879	136	14	united	united	PROPN
fsr-3879	136	15	states	states	PROPN
fsr-3879	136	16	market	market	NOUN
fsr-3879	136	17	is	be	AUX
fsr-3879	136	18	up	up	ADV
fsr-3879	136	19	and	and	CCONJ
fsr-3879	136	20	there	there	PRON
fsr-3879	136	21	is	be	VERB
fsr-3879	136	22	at	at	ADP
fsr-3879	136	23	least	least	ADJ
fsr-3879	136	24	a	a	DET
fsr-3879	136	25	partial	partial	ADJ
fsr-3879	136	26	offsetting	offset	VERB
fsr-3879	136	27	loss	loss	NOUN
fsr-3879	136	28	in	in	ADP
fsr-3879	136	29	toronto	toronto	PROPN
fsr-3879	136	30	.	.	PUNCT
fsr-3879	137	1	in	in	ADP
fsr-3879	137	2	these	these	DET
fsr-3879	137	3	cases	case	NOUN
fsr-3879	137	4	(	(	PUNCT
fsr-3879	137	5	15	15	NUM
fsr-3879	137	6	%	%	NOUN
fsr-3879	137	7	of	of	ADP
fsr-3879	137	8	observations	observation	NOUN
fsr-3879	137	9	)	)	PUNCT
fsr-3879	137	10	international	international	ADJ
fsr-3879	137	11	diversification	diversification	NOUN
fsr-3879	137	12	clearly	clearly	ADV
fsr-3879	137	13	hurts	hurt	VERB
fsr-3879	137	14	portfolio	portfolio	NOUN
fsr-3879	137	15	returns	return	NOUN
fsr-3879	137	16	.	.	PUNCT
fsr-3879	138	1	adding	add	VERB
fsr-3879	138	2	these	these	DET
fsr-3879	138	3	observations	observation	NOUN
fsr-3879	138	4	to	to	ADP
fsr-3879	138	5	the	the	DET
fsr-3879	138	6	previously	previously	ADV
fsr-3879	138	7	discussed	discuss	VERB
fsr-3879	138	8	observations	observation	NOUN
fsr-3879	138	9	,	,	PUNCT
fsr-3879	138	10	one	one	PRON
fsr-3879	138	11	observes	observe	VERB
fsr-3879	138	12	that	that	SCONJ
fsr-3879	138	13	in	in	ADP
fsr-3879	138	14	106	106	NUM
fsr-3879	138	15	of	of	ADP
fsr-3879	138	16	the	the	DET
fsr-3879	138	17	119	119	NUM
fsr-3879	138	18	observations	observation	NOUN
fsr-3879	138	19	we	we	PRON
fsr-3879	138	20	can	can	AUX
fsr-3879	138	21	find	find	VERB
fsr-3879	138	22	little	little	ADJ
fsr-3879	138	23	or	or	CCONJ
fsr-3879	138	24	no	no	PRON
fsr-3879	138	25	obvious	obvious	ADJ
fsr-3879	138	26	benefit	benefit	NOUN
fsr-3879	138	27	to	to	ADP
fsr-3879	138	28	returns	return	NOUN
fsr-3879	138	29	from	from	ADP
fsr-3879	138	30	international	international	ADJ
fsr-3879	138	31	diversification	diversification	NOUN
fsr-3879	138	32	.	.	PUNCT
fsr-3879	139	1	finally	finally	ADV
fsr-3879	139	2	,	,	PUNCT
fsr-3879	139	3	we	we	PRON
fsr-3879	139	4	observe	observe	VERB
fsr-3879	139	5	the	the	DET
fsr-3879	139	6	lower	low	ADJ
fsr-3879	139	7	left	left	ADJ
fsr-3879	139	8	quadrant	quadrant	NOUN
fsr-3879	139	9	.	.	PUNCT
fsr-3879	140	1	this	this	DET
fsr-3879	140	2	quadrant	quadrant	NOUN
fsr-3879	140	3	represents	represent	VERB
fsr-3879	140	4	the	the	DET
fsr-3879	140	5	occasions	occasion	NOUN
fsr-3879	140	6	in	in	ADP
fsr-3879	140	7	the	the	DET
fsr-3879	140	8	study	study	NOUN
fsr-3879	140	9	period	period	NOUN
fsr-3879	140	10	when	when	SCONJ
fsr-3879	140	11	the	the	DET
fsr-3879	140	12	united	united	PROPN
fsr-3879	140	13	states	states	PROPN
fsr-3879	140	14	market	market	NOUN
fsr-3879	140	15	declines	decline	NOUN
fsr-3879	140	16	and	and	CCONJ
fsr-3879	140	17	the	the	DET
fsr-3879	140	18	toronto	toronto	PROPN
fsr-3879	140	19	market	market	NOUN
fsr-3879	140	20	rises	rise	NOUN
fsr-3879	140	21	.	.	PUNCT
fsr-3879	141	1	there	there	PRON
fsr-3879	141	2	are	be	VERB
fsr-3879	141	3	only	only	ADV
fsr-3879	141	4	13	13	NUM
fsr-3879	141	5	observations	observation	NOUN
fsr-3879	141	6	in	in	ADP
fsr-3879	141	7	this	this	DET
fsr-3879	141	8	quadrant	quadrant	NOUN
fsr-3879	141	9	,	,	PUNCT
fsr-3879	141	10	and	and	CCONJ
fsr-3879	141	11	these	these	DET
fsr-3879	141	12	13	13	NUM
fsr-3879	141	13	observations	observation	NOUN
fsr-3879	141	14	are	be	AUX
fsr-3879	141	15	only	only	ADV
fsr-3879	141	16	11	11	NUM
fsr-3879	141	17	percent	percent	NOUN
fsr-3879	141	18	of	of	ADP
fsr-3879	141	19	all	all	DET
fsr-3879	141	20	observations	observation	NOUN
fsr-3879	141	21	across	across	ADP
fsr-3879	141	22	this	this	DET
fsr-3879	141	23	10	10	NUM
fsr-3879	141	24	-	-	PUNCT
fsr-3879	141	25	year	year	NOUN
fsr-3879	141	26	period	period	NOUN
fsr-3879	141	27	.	.	PUNCT
fsr-3879	142	1	yet	yet	CCONJ
fsr-3879	142	2	this	this	PRON
fsr-3879	142	3	is	be	AUX
fsr-3879	142	4	the	the	DET
fsr-3879	142	5	quadrant	quadrant	NOUN
fsr-3879	142	6	that	that	PRON
fsr-3879	142	7	represents	represent	VERB
fsr-3879	142	8	the	the	DET
fsr-3879	142	9	primary	primary	ADJ
fsr-3879	142	10	reason	reason	NOUN
fsr-3879	142	11	we	we	PRON
fsr-3879	142	12	invest	invest	VERB
fsr-3879	142	13	internationally	internationally	ADV
fsr-3879	142	14	.	.	PUNCT
fsr-3879	143	1	this	this	PRON
fsr-3879	143	2	is	be	AUX
fsr-3879	143	3	where	where	SCONJ
fsr-3879	143	4	we	we	PRON
fsr-3879	143	5	see	see	VERB
fsr-3879	143	6	losses	loss	NOUN
fsr-3879	143	7	in	in	ADP
fsr-3879	143	8	our	our	PRON
fsr-3879	143	9	home	home	NOUN
fsr-3879	143	10	market	market	NOUN
fsr-3879	143	11	being	be	AUX
fsr-3879	143	12	offset	offset	VERB
fsr-3879	143	13	at	at	ADP
fsr-3879	143	14	least	least	ADJ
fsr-3879	143	15	partially	partially	ADV
fsr-3879	143	16	by	by	ADP
fsr-3879	143	17	the	the	DET
fsr-3879	143	18	foreign	foreign	ADJ
fsr-3879	143	19	market	market	NOUN
fsr-3879	143	20	moving	move	VERB
fsr-3879	143	21	in	in	ADP
fsr-3879	143	22	the	the	DET
fsr-3879	143	23	opposite	opposite	ADJ
fsr-3879	143	24	direction	direction	NOUN
fsr-3879	143	25	.	.	PUNCT
fsr-3879	144	1	examining	examine	VERB
fsr-3879	144	2	table	table	NOUN
fsr-3879	144	3	4	4	NUM
fsr-3879	144	4	further	far	ADV
fsr-3879	144	5	to	to	PART
fsr-3879	144	6	observe	observe	VERB
fsr-3879	144	7	the	the	DET
fsr-3879	144	8	four	four	NUM
fsr-3879	144	9	quadrants	quadrant	NOUN
fsr-3879	144	10	for	for	ADP
fsr-3879	144	11	each	each	PRON
fsr-3879	144	12	of	of	ADP
fsr-3879	144	13	the	the	DET
fsr-3879	144	14	other	other	ADJ
fsr-3879	144	15	five	five	NUM
fsr-3879	144	16	markets	market	NOUN
fsr-3879	144	17	,	,	PUNCT
fsr-3879	144	18	we	we	PRON
fsr-3879	144	19	see	see	VERB
fsr-3879	144	20	that	that	SCONJ
fsr-3879	144	21	the	the	DET
fsr-3879	144	22	pattern	pattern	NOUN
fsr-3879	144	23	is	be	AUX
fsr-3879	144	24	basically	basically	ADV
fsr-3879	144	25	the	the	DET
fsr-3879	144	26	same	same	ADJ
fsr-3879	144	27	in	in	ADP
fsr-3879	144	28	each	each	DET
fsr-3879	144	29	case	case	NOUN
fsr-3879	144	30	.	.	PUNCT
fsr-3879	145	1	the	the	DET
fsr-3879	145	2	lower	low	ADJ
fsr-3879	145	3	left	left	ADJ
fsr-3879	145	4	quadrant	quadrant	NOUN
fsr-3879	145	5	ranges	range	NOUN
fsr-3879	145	6	from	from	ADP
fsr-3879	145	7	a	a	DET
fsr-3879	145	8	high	high	NOUN
fsr-3879	145	9	of	of	ADP
fsr-3879	145	10	23	23	NUM
fsr-3879	145	11	observations	observation	NOUN
fsr-3879	145	12	(	(	PUNCT
fsr-3879	145	13	19	19	NUM
fsr-3879	145	14	%	%	NOUN
fsr-3879	145	15	)	)	PUNCT
fsr-3879	145	16	for	for	ADP
fsr-3879	145	17	milan	milan	PROPN
fsr-3879	145	18	to	to	ADP
fsr-3879	145	19	a	a	DET
fsr-3879	145	20	low	low	NOUN
fsr-3879	145	21	of	of	ADP
fsr-3879	145	22	only	only	ADV
fsr-3879	145	23	11	11	NUM
fsr-3879	145	24	observations	observation	NOUN
fsr-3879	145	25	(	(	PUNCT
fsr-3879	145	26	9	9	NUM
fsr-3879	145	27	%	%	NOUN
fsr-3879	145	28	)	)	PUNCT
fsr-3879	145	29	for	for	ADP
fsr-3879	145	30	the	the	DET
fsr-3879	145	31	paris	paris	PROPN
fsr-3879	145	32	cac	cac	PROPN
fsr-3879	145	33	.	.	PUNCT
fsr-3879	146	1	this	this	DET
fsr-3879	146	2	further	further	ADJ
fsr-3879	146	3	challenges	challenge	VERB
fsr-3879	146	4	the	the	DET
fsr-3879	146	5	argument	argument	NOUN
fsr-3879	146	6	that	that	SCONJ
fsr-3879	146	7	domestic	domestic	ADJ
fsr-3879	146	8	losses	loss	NOUN
fsr-3879	146	9	are	be	AUX
fsr-3879	146	10	being	be	AUX
fsr-3879	146	11	offset	offset	VERB
fsr-3879	146	12	by	by	ADP
fsr-3879	146	13	foreign	foreign	ADJ
fsr-3879	146	14	gains	gain	NOUN
fsr-3879	146	15	.	.	PUNCT
fsr-3879	147	1	comparing	compare	VERB
fsr-3879	147	2	table	table	NOUN
fsr-3879	147	3	2	2	NUM
fsr-3879	147	4	correlation	correlation	NOUN
fsr-3879	147	5	coefficients	coefficient	NOUN
fsr-3879	147	6	to	to	ADP
fsr-3879	147	7	table	table	NOUN
fsr-3879	147	8	4	4	NUM
fsr-3879	147	9	with	with	ADP
fsr-3879	147	10	the	the	DET
fsr-3879	147	11	data	datum	NOUN
fsr-3879	147	12	on	on	ADP
fsr-3879	147	13	the	the	DET
fsr-3879	147	14	number	number	NOUN
fsr-3879	147	15	of	of	ADP
fsr-3879	147	16	observations	observation	NOUN
fsr-3879	147	17	in	in	ADP
fsr-3879	147	18	the	the	DET
fsr-3879	147	19	lower	low	ADJ
fsr-3879	147	20	left	left	ADJ
fsr-3879	147	21	quadrant	quadrant	NOUN
fsr-3879	147	22	for	for	ADP
fsr-3879	147	23	each	each	DET
fsr-3879	147	24	market	market	NOUN
fsr-3879	147	25	,	,	PUNCT
fsr-3879	147	26	no	no	DET
fsr-3879	147	27	distinct	distinct	ADJ
fsr-3879	147	28	pattern	pattern	NOUN
fsr-3879	147	29	is	be	AUX
fsr-3879	147	30	discernible	discernible	ADJ
fsr-3879	147	31	.	.	PUNCT
fsr-3879	148	1	high	high	ADJ
fsr-3879	148	2	correlation	correlation	NOUN
fsr-3879	148	3	between	between	ADP
fsr-3879	148	4	the	the	DET
fsr-3879	148	5	united	united	PROPN
fsr-3879	148	6	states	states	PROPN
fsr-3879	148	7	market	market	NOUN
fsr-3879	148	8	and	and	CCONJ
fsr-3879	148	9	another	another	DET
fsr-3879	148	10	market	market	NOUN
fsr-3879	148	11	does	do	AUX
fsr-3879	148	12	not	not	PART
fsr-3879	148	13	clearly	clearly	ADV
fsr-3879	148	14	indicate	indicate	VERB
fsr-3879	148	15	what	what	PRON
fsr-3879	148	16	may	may	AUX
fsr-3879	148	17	be	be	AUX
fsr-3879	148	18	expected	expect	VERB
fsr-3879	148	19	in	in	ADP
fsr-3879	148	20	the	the	DET
fsr-3879	148	21	lower	low	ADJ
fsr-3879	148	22	left	left	ADJ
fsr-3879	148	23	quadrant	quadrant	NOUN
fsr-3879	148	24	in	in	ADP
fsr-3879	148	25	table	table	NOUN
fsr-3879	148	26	4	4	NUM
fsr-3879	148	27	.	.	PUNCT
fsr-3879	149	1	although	although	SCONJ
fsr-3879	149	2	higher	high	ADJ
fsr-3879	149	3	correlation	correlation	NOUN
fsr-3879	149	4	generally	generally	ADV
fsr-3879	149	5	tends	tend	VERB
fsr-3879	149	6	to	to	PART
fsr-3879	149	7	coincide	coincide	VERB
fsr-3879	149	8	with	with	ADP
fsr-3879	149	9	fewer	few	ADJ
fsr-3879	149	10	lower	low	ADJ
fsr-3879	149	11	left	left	ADJ
fsr-3879	149	12	quadrant	quadrant	NOUN
fsr-3879	149	13	observations	observation	NOUN
fsr-3879	149	14	,	,	PUNCT
fsr-3879	149	15	this	this	PRON
fsr-3879	149	16	is	be	AUX
fsr-3879	149	17	not	not	PART
fsr-3879	149	18	always	always	ADV
fsr-3879	149	19	the	the	DET
fsr-3879	149	20	case	case	NOUN
fsr-3879	149	21	.	.	PUNCT
fsr-3879	150	1	for	for	ADP
fsr-3879	150	2	example	example	NOUN
fsr-3879	150	3	toronto	toronto	PROPN
fsr-3879	150	4	has	have	VERB
fsr-3879	150	5	the	the	DET
fsr-3879	150	6	highest	high	ADJ
fsr-3879	150	7	correlation	correlation	NOUN
fsr-3879	150	8	,	,	PUNCT
fsr-3879	150	9	but	but	CCONJ
fsr-3879	150	10	the	the	DET
fsr-3879	150	11	second	second	ADJ
fsr-3879	150	12	fewest	few	ADJ
fsr-3879	150	13	(	(	PUNCT
fsr-3879	150	14	not	not	PART
fsr-3879	150	15	the	the	DET
fsr-3879	150	16	fewest	few	ADJ
fsr-3879	150	17	)	)	PUNCT
fsr-3879	150	18	number	number	NOUN
fsr-3879	150	19	of	of	ADP
fsr-3879	150	20	observations	observation	NOUN
fsr-3879	150	21	in	in	ADP
fsr-3879	150	22	the	the	DET
fsr-3879	150	23	lower	low	ADJ
fsr-3879	150	24	left	left	ADJ
fsr-3879	150	25	quadrant	quadrant	NOUN
fsr-3879	150	26	.	.	PUNCT
fsr-3879	151	1	thus	thus	ADV
fsr-3879	151	2	,	,	PUNCT
fsr-3879	151	3	data	datum	NOUN
fsr-3879	151	4	in	in	ADP
fsr-3879	151	5	the	the	DET
fsr-3879	151	6	four	four	NUM
fsr-3879	151	7	quadrants	quadrant	NOUN
fsr-3879	151	8	may	may	AUX
fsr-3879	151	9	provide	provide	VERB
fsr-3879	151	10	information	information	NOUN
fsr-3879	151	11	that	that	PRON
fsr-3879	151	12	is	be	AUX
fsr-3879	151	13	not	not	PART
fsr-3879	151	14	clearly	clearly	ADV
fsr-3879	151	15	ascertained	ascertain	VERB
fsr-3879	151	16	from	from	ADP
fsr-3879	151	17	the	the	DET
fsr-3879	151	18	correlation	correlation	NOUN
fsr-3879	151	19	coefficient	coefficient	NOUN
fsr-3879	151	20	.	.	PUNCT
fsr-3879	152	1	5	5	X
fsr-3879	152	2	.	.	X
fsr-3879	152	3	conclusions	conclusion	NOUN
fsr-3879	152	4	modern	modern	ADJ
fsr-3879	152	5	portfolio	portfolio	NOUN
fsr-3879	152	6	theory	theory	NOUN
fsr-3879	152	7	is	be	AUX
fsr-3879	152	8	correct	correct	ADJ
fsr-3879	152	9	in	in	ADP
fsr-3879	152	10	how	how	SCONJ
fsr-3879	152	11	it	it	PRON
fsr-3879	152	12	seeks	seek	VERB
fsr-3879	152	13	to	to	PART
fsr-3879	152	14	minimize	minimize	VERB
fsr-3879	152	15	volatility	volatility	NOUN
fsr-3879	152	16	around	around	ADP
fsr-3879	152	17	a	a	DET
fsr-3879	152	18	given	give	VERB
fsr-3879	152	19	expected	expect	VERB
fsr-3879	152	20	return	return	NOUN
fsr-3879	152	21	.	.	PUNCT
fsr-3879	153	1	an	an	DET
fsr-3879	153	2	investor	investor	NOUN
fsr-3879	153	3	may	may	AUX
fsr-3879	153	4	benefit	benefit	VERB
fsr-3879	153	5	significantly	significantly	ADV
fsr-3879	153	6	from	from	ADP
fsr-3879	153	7	the	the	DET
fsr-3879	153	8	united	united	PROPN
fsr-3879	153	9	states	states	PROPN
fsr-3879	153	10	market	market	NOUN
fsr-3879	153	11	and	and	CCONJ
fsr-3879	153	12	another	another	DET
fsr-3879	153	13	market	market	NOUN
fsr-3879	153	14	moving	move	VERB
fsr-3879	153	15	in	in	ADP
fsr-3879	153	16	opposite	opposite	ADJ
fsr-3879	153	17	directions	direction	NOUN
fsr-3879	153	18	.	.	PUNCT
fsr-3879	154	1	however	however	ADV
fsr-3879	154	2	,	,	PUNCT
fsr-3879	154	3	this	this	DET
fsr-3879	154	4	movement	movement	NOUN
fsr-3879	154	5	does	do	AUX
fsr-3879	154	6	not	not	PART
fsr-3879	154	7	happen	happen	VERB
fsr-3879	154	8	with	with	ADP
fsr-3879	154	9	enough	enough	ADJ
fsr-3879	154	10	frequency	frequency	NOUN
fsr-3879	154	11	across	across	ADP
fsr-3879	154	12	the	the	DET
fsr-3879	154	13	decade	decade	NOUN
fsr-3879	154	14	studied	study	VERB
fsr-3879	154	15	here	here	ADV
fsr-3879	154	16	to	to	PART
fsr-3879	154	17	justify	justify	VERB
fsr-3879	154	18	the	the	DET
fsr-3879	154	19	assertion	assertion	NOUN
fsr-3879	154	20	that	that	SCONJ
fsr-3879	154	21	foreign	foreign	ADJ
fsr-3879	154	22	gains	gain	NOUN
fsr-3879	154	23	will	will	AUX
fsr-3879	154	24	compensate	compensate	VERB
fsr-3879	154	25	for	for	ADP
fsr-3879	154	26	domestic	domestic	ADJ
fsr-3879	154	27	losses	loss	NOUN
fsr-3879	154	28	.	.	PUNCT
fsr-3879	155	1	data	datum	NOUN
fsr-3879	155	2	across	across	ADP
fsr-3879	155	3	this	this	DET
fsr-3879	155	4	time	time	NOUN
fsr-3879	155	5	period	period	NOUN
fsr-3879	155	6	for	for	ADP
fsr-3879	155	7	the	the	DET
fsr-3879	155	8	united	united	PROPN
fsr-3879	155	9	states	states	PROPN
fsr-3879	155	10	44	44	NUM
fsr-3879	155	11	m.e	m.e	PROPN
fsr-3879	155	12	.	.	PROPN
fsr-3879	155	13	hanna	hanna	PROPN
fsr-3879	155	14	et	et	PROPN
fsr-3879	155	15	al	al	PROPN
fsr-3879	155	16	.	.	PUNCT
fsr-3879	155	17	/	/	SYM
fsr-3879	155	18	financial	financial	ADJ
fsr-3879	155	19	services	service	NOUN
fsr-3879	155	20	review	review	VERB
fsr-3879	155	21	8	8	NUM
fsr-3879	155	22	(	(	PUNCT
fsr-3879	155	23	1999	1999	NUM
fsr-3879	155	24	)	)	PUNCT
fsr-3879	155	25	37–45	37–45	NUM
fsr-3879	155	26	and	and	CCONJ
fsr-3879	155	27	its	its	PRON
fsr-3879	155	28	g-7	g-7	NOUN
fsr-3879	155	29	partners	partner	NOUN
fsr-3879	155	30	fail	fail	VERB
fsr-3879	155	31	to	to	PART
fsr-3879	155	32	support	support	VERB
fsr-3879	155	33	the	the	DET
fsr-3879	155	34	expectation	expectation	NOUN
fsr-3879	155	35	of	of	ADP
fsr-3879	155	36	offsetting	offset	VERB
fsr-3879	155	37	movements	movement	NOUN
fsr-3879	155	38	that	that	PRON
fsr-3879	155	39	benefit	benefit	VERB
fsr-3879	155	40	the	the	DET
fsr-3879	155	41	united	united	PROPN
fsr-3879	155	42	states	states	PROPN
fsr-3879	155	43	investor	investor	NOUN
fsr-3879	155	44	.	.	PUNCT
fsr-3879	156	1	if	if	SCONJ
fsr-3879	156	2	the	the	DET
fsr-3879	156	3	goal	goal	NOUN
fsr-3879	156	4	of	of	ADP
fsr-3879	156	5	the	the	DET
fsr-3879	156	6	investor	investor	NOUN
fsr-3879	156	7	is	be	AUX
fsr-3879	156	8	offsetting	offset	VERB
fsr-3879	156	9	domestic	domestic	ADJ
fsr-3879	156	10	market	market	NOUN
fsr-3879	156	11	losses	loss	NOUN
fsr-3879	156	12	,	,	PUNCT
fsr-3879	156	13	then	then	ADV
fsr-3879	156	14	the	the	DET
fsr-3879	156	15	investor	investor	NOUN
fsr-3879	156	16	facing	face	VERB
fsr-3879	156	17	an	an	DET
fsr-3879	156	18	asset	asset	NOUN
fsr-3879	156	19	allocation	allocation	NOUN
fsr-3879	156	20	decision	decision	NOUN
fsr-3879	156	21	must	must	AUX
fsr-3879	156	22	consider	consider	VERB
fsr-3879	156	23	historical	historical	ADJ
fsr-3879	156	24	market	market	NOUN
fsr-3879	156	25	patterns	pattern	NOUN
fsr-3879	156	26	.	.	PUNCT
fsr-3879	157	1	the	the	DET
fsr-3879	157	2	cases	case	NOUN
fsr-3879	157	3	that	that	PRON
fsr-3879	157	4	are	be	AUX
fsr-3879	157	5	examined	examine	VERB
fsr-3879	157	6	by	by	ADP
fsr-3879	157	7	this	this	DET
fsr-3879	157	8	study	study	NOUN
fsr-3879	157	9	do	do	AUX
fsr-3879	157	10	not	not	PART
fsr-3879	157	11	show	show	VERB
fsr-3879	157	12	international	international	ADJ
fsr-3879	157	13	diversification	diversification	NOUN
fsr-3879	157	14	(	(	PUNCT
fsr-3879	157	15	based	base	VERB
fsr-3879	157	16	on	on	ADP
fsr-3879	157	17	market	market	NOUN
fsr-3879	157	18	indexes	index	NOUN
fsr-3879	157	19	)	)	PUNCT
fsr-3879	157	20	over	over	ADP
fsr-3879	157	21	the	the	DET
fsr-3879	157	22	last	last	ADJ
fsr-3879	157	23	ten	ten	NUM
fsr-3879	157	24	years	year	NOUN
fsr-3879	157	25	would	would	AUX
fsr-3879	157	26	have	have	AUX
fsr-3879	157	27	been	be	AUX
fsr-3879	157	28	as	as	ADV
fsr-3879	157	29	potent	potent	ADJ
fsr-3879	157	30	a	a	DET
fsr-3879	157	31	tool	tool	NOUN
fsr-3879	157	32	as	as	SCONJ
fsr-3879	157	33	is	be	AUX
fsr-3879	157	34	been	be	AUX
fsr-3879	157	35	suggested	suggest	VERB
fsr-3879	157	36	in	in	ADP
fsr-3879	157	37	much	much	ADJ
fsr-3879	157	38	of	of	ADP
fsr-3879	157	39	the	the	DET
fsr-3879	157	40	academic	academic	ADJ
fsr-3879	157	41	research	research	NOUN
fsr-3879	157	42	and	and	CCONJ
fsr-3879	157	43	by	by	ADP
fsr-3879	157	44	investment	investment	NOUN
fsr-3879	157	45	advisors	advisor	NOUN
fsr-3879	157	46	.	.	PUNCT
fsr-3879	158	1	given	give	VERB
fsr-3879	158	2	this	this	DET
fsr-3879	158	3	recent	recent	ADJ
fsr-3879	158	4	historical	historical	ADJ
fsr-3879	158	5	experience	experience	NOUN
fsr-3879	158	6	,	,	PUNCT
fsr-3879	158	7	the	the	DET
fsr-3879	158	8	investor	investor	NOUN
fsr-3879	158	9	must	must	AUX
fsr-3879	158	10	ask	ask	VERB
fsr-3879	158	11	if	if	SCONJ
fsr-3879	158	12	there	there	PRON
fsr-3879	158	13	is	be	VERB
fsr-3879	158	14	sufficient	sufficient	ADJ
fsr-3879	158	15	reason	reason	NOUN
fsr-3879	158	16	(	(	PUNCT
fsr-3879	158	17	in	in	ADP
fsr-3879	158	18	terms	term	NOUN
fsr-3879	158	19	of	of	ADP
fsr-3879	158	20	risk	risk	NOUN
fsr-3879	158	21	or	or	CCONJ
fsr-3879	158	22	return	return	VERB
fsr-3879	158	23	)	)	PUNCT
fsr-3879	158	24	to	to	PART
fsr-3879	158	25	pursue	pursue	VERB
fsr-3879	158	26	international	international	ADJ
fsr-3879	158	27	diversification	diversification	NOUN
fsr-3879	158	28	.	.	PUNCT
fsr-3879	159	1	we	we	PRON
fsr-3879	159	2	should	should	AUX
fsr-3879	159	3	acknowledge	acknowledge	VERB
fsr-3879	159	4	that	that	SCONJ
fsr-3879	159	5	the	the	DET
fsr-3879	159	6	results	result	NOUN
fsr-3879	159	7	of	of	ADP
fsr-3879	159	8	this	this	DET
fsr-3879	159	9	study	study	NOUN
fsr-3879	159	10	might	might	AUX
fsr-3879	159	11	be	be	AUX
fsr-3879	159	12	sample	sample	NOUN
fsr-3879	159	13	specific	specific	ADJ
fsr-3879	159	14	.	.	PUNCT
fsr-3879	160	1	although	although	SCONJ
fsr-3879	160	2	we	we	PRON
fsr-3879	160	3	used	use	VERB
fsr-3879	160	4	the	the	DET
fsr-3879	160	5	complete	complete	ADJ
fsr-3879	160	6	data	datum	NOUN
fsr-3879	160	7	set	set	VERB
fsr-3879	160	8	of	of	ADP
fsr-3879	160	9	the	the	DET
fsr-3879	160	10	decade	decade	NOUN
fsr-3879	160	11	from	from	ADP
fsr-3879	160	12	1988	1988	NUM
fsr-3879	160	13	through	through	ADP
fsr-3879	160	14	1997	1997	NUM
fsr-3879	160	15	in	in	ADP
fsr-3879	160	16	describing	describe	VERB
fsr-3879	160	17	the	the	DET
fsr-3879	160	18	relationship	relationship	NOUN
fsr-3879	160	19	between	between	ADP
fsr-3879	160	20	the	the	DET
fsr-3879	160	21	united	united	PROPN
fsr-3879	160	22	states	states	PROPN
fsr-3879	160	23	and	and	CCONJ
fsr-3879	160	24	other	other	ADJ
fsr-3879	160	25	markets	market	NOUN
fsr-3879	160	26	,	,	PUNCT
fsr-3879	160	27	it	it	PRON
fsr-3879	160	28	may	may	AUX
fsr-3879	160	29	be	be	AUX
fsr-3879	160	30	difficult	difficult	ADJ
fsr-3879	160	31	to	to	PART
fsr-3879	160	32	extrapolate	extrapolate	VERB
fsr-3879	160	33	the	the	DET
fsr-3879	160	34	findings	finding	NOUN
fsr-3879	160	35	of	of	ADP
fsr-3879	160	36	this	this	DET
fsr-3879	160	37	research	research	NOUN
fsr-3879	160	38	to	to	ADP
fsr-3879	160	39	the	the	DET
fsr-3879	160	40	future	future	NOUN
fsr-3879	160	41	or	or	CCONJ
fsr-3879	160	42	to	to	ADP
fsr-3879	160	43	any	any	DET
fsr-3879	160	44	other	other	ADJ
fsr-3879	160	45	markets	market	NOUN
fsr-3879	160	46	.	.	PUNCT
fsr-3879	161	1	nevertheless	nevertheless	ADV
fsr-3879	161	2	,	,	PUNCT
fsr-3879	161	3	investors	investor	NOUN
fsr-3879	161	4	may	may	AUX
fsr-3879	161	5	have	have	VERB
fsr-3879	161	6	more	more	ADJ
fsr-3879	161	7	reasonable	reasonable	ADJ
fsr-3879	161	8	expectations	expectation	NOUN
fsr-3879	161	9	of	of	ADP
fsr-3879	161	10	the	the	DET
fsr-3879	161	11	potential	potential	ADJ
fsr-3879	161	12	benefits	benefit	NOUN
fsr-3879	161	13	of	of	ADP
fsr-3879	161	14	international	international	ADJ
fsr-3879	161	15	diversification	diversification	NOUN
fsr-3879	161	16	by	by	ADP
fsr-3879	161	17	studying	study	VERB
fsr-3879	161	18	historical	historical	ADJ
fsr-3879	161	19	relationships	relationship	NOUN
fsr-3879	161	20	.	.	PUNCT
fsr-3879	162	1	references	reference	NOUN
fsr-3879	162	2	aiello	aiello	PROPN
fsr-3879	162	3	,	,	PUNCT
fsr-3879	162	4	s.	s.	PROPN
fsr-3879	162	5	&	&	CCONJ
fsr-3879	162	6	chieffe	chieffe	PROPN
fsr-3879	162	7	,	,	PUNCT
fsr-3879	162	8	n.	n.	PROPN
fsr-3879	162	9	(	(	PUNCT
fsr-3879	162	10	1999	1999	NUM
fsr-3879	162	11	)	)	PUNCT
fsr-3879	162	12	.	.	PUNCT
fsr-3879	163	1	international	international	ADJ
fsr-3879	163	2	index	index	NOUN
fsr-3879	163	3	funds	fund	NOUN
fsr-3879	163	4	and	and	CCONJ
fsr-3879	163	5	the	the	DET
fsr-3879	163	6	investment	investment	NOUN
fsr-3879	163	7	portfolio.finan	portfolio.finan	PROPN
fsr-3879	163	8	serv	serv	X
fsr-3879	163	9	rev	rev	VERB
fsr-3879	163	10	,	,	PUNCT
fsr-3879	163	11	8(1	8(1	NOUN
fsr-3879	163	12	)	)	PUNCT
fsr-3879	163	13	,	,	PUNCT
fsr-3879	163	14	29–37	29–37	NUM
fsr-3879	163	15	.	.	PUNCT
fsr-3879	164	1	bailey	bailey	PROPN
fsr-3879	164	2	,	,	PUNCT
fsr-3879	164	3	w.	w.	PROPN
fsr-3879	164	4	,	,	PUNCT
fsr-3879	164	5	&	&	CCONJ
fsr-3879	164	6	lim	lim	PROPN
fsr-3879	164	7	,	,	PUNCT
fsr-3879	164	8	j.	j.	PROPN
fsr-3879	164	9	(	(	PUNCT
fsr-3879	164	10	1992	1992	NUM
fsr-3879	164	11	)	)	PUNCT
fsr-3879	164	12	.	.	PUNCT
fsr-3879	165	1	evaluating	evaluate	VERB
fsr-3879	165	2	the	the	DET
fsr-3879	165	3	diversification	diversification	NOUN
fsr-3879	165	4	benefits	benefit	NOUN
fsr-3879	165	5	of	of	ADP
fsr-3879	165	6	the	the	DET
fsr-3879	165	7	new	new	ADJ
fsr-3879	165	8	country	country	NOUN
fsr-3879	165	9	funds.j	funds.j	PROPN
fsr-3879	165	10	portf	portf	PROPN
fsr-3879	165	11	manag	manag	PROPN
fsr-3879	165	12	,	,	PUNCT
fsr-3879	165	13	8(3	8(3	NUM
fsr-3879	165	14	)	)	PUNCT
fsr-3879	165	15	,	,	PUNCT
fsr-3879	165	16	74–80	74–80	NUM
fsr-3879	165	17	.	.	PUNCT
fsr-3879	166	1	black	black	PROPN
fsr-3879	166	2	,	,	PUNCT
fsr-3879	166	3	f.	f.	PROPN
fsr-3879	166	4	,	,	PUNCT
fsr-3879	166	5	&	&	CCONJ
fsr-3879	166	6	litterman	litterman	PROPN
fsr-3879	166	7	,	,	PUNCT
fsr-3879	166	8	r.	r.	PROPN
fsr-3879	166	9	(	(	PUNCT
fsr-3879	166	10	1991	1991	NUM
fsr-3879	166	11	)	)	PUNCT
fsr-3879	166	12	.	.	PUNCT
fsr-3879	167	1	global	global	ADJ
fsr-3879	167	2	portfolio	portfolio	PROPN
fsr-3879	167	3	optimization.finan	optimization.finan	PROPN
fsr-3879	167	4	anal	anal	PROPN
fsr-3879	167	5	j	j	PROPN
fsr-3879	167	6	,	,	PUNCT
fsr-3879	167	7	48(5	48(5	NUM
fsr-3879	167	8	)	)	PUNCT
fsr-3879	167	9	,	,	PUNCT
fsr-3879	167	10	28–43	28–43	NUM
fsr-3879	167	11	.	.	PUNCT
fsr-3879	168	1	ho	ho	PROPN
fsr-3879	168	2	,	,	PUNCT
fsr-3879	168	3	k.	k.	PROPN
fsr-3879	168	4	,	,	PUNCT
fsr-3879	168	5	milevsky	milevsky	PROPN
fsr-3879	168	6	,	,	PUNCT
fsr-3879	168	7	m.a	m.a	PROPN
fsr-3879	168	8	.	.	PROPN
fsr-3879	168	9	,	,	PUNCT
fsr-3879	168	10	&	&	CCONJ
fsr-3879	168	11	robinson	robinson	PROPN
fsr-3879	168	12	,	,	PUNCT
fsr-3879	168	13	c.	c.	PROPN
fsr-3879	168	14	(	(	PUNCT
fsr-3879	168	15	1999	1999	NUM
fsr-3879	168	16	)	)	PUNCT
fsr-3879	168	17	.	.	PUNCT
fsr-3879	169	1	international	international	ADJ
fsr-3879	169	2	equity	equity	NOUN
fsr-3879	169	3	diversification	diversification	NOUN
fsr-3879	169	4	and	and	CCONJ
fsr-3879	169	5	shortfall	shortfall	NOUN
fsr-3879	169	6	risk.finan	risk.finan	PROPN
fsr-3879	169	7	serv	serv	PROPN
fsr-3879	169	8	rev	rev	PROPN
fsr-3879	169	9	,	,	PUNCT
fsr-3879	169	10	8(1	8(1	NOUN
fsr-3879	169	11	)	)	PUNCT
fsr-3879	169	12	,	,	PUNCT
fsr-3879	169	13	13–27	13–27	NUM
fsr-3879	169	14	.	.	PUNCT
fsr-3879	170	1	michaud	michaud	PROPN
fsr-3879	170	2	,	,	PUNCT
fsr-3879	170	3	r.	r.	PROPN
fsr-3879	170	4	o.	o.	PROPN
fsr-3879	170	5	,	,	PUNCT
fsr-3879	170	6	bergstrom	bergstrom	PROPN
fsr-3879	170	7	,	,	PUNCT
fsr-3879	170	8	g.	g.	PROPN
fsr-3879	170	9	l.	l.	PROPN
fsr-3879	170	10	,	,	PUNCT
fsr-3879	170	11	frashure	frashure	ADJ
fsr-3879	170	12	,	,	PUNCT
fsr-3879	170	13	r.	r.	PROPN
fsr-3879	170	14	d.	d.	PROPN
fsr-3879	170	15	,	,	PUNCT
fsr-3879	170	16	&	&	CCONJ
fsr-3879	170	17	wolahan	wolahan	PROPN
fsr-3879	170	18	,	,	PUNCT
fsr-3879	170	19	b.	b.	PROPN
fsr-3879	170	20	k.	k.	PROPN
fsr-3879	170	21	(	(	PUNCT
fsr-3879	170	22	1996	1996	NUM
fsr-3879	170	23	)	)	PUNCT
fsr-3879	170	24	.	.	PUNCT
fsr-3879	171	1	twenty	twenty	NUM
fsr-3879	171	2	years	year	NOUN
fsr-3879	171	3	of	of	ADP
fsr-3879	171	4	international	international	ADJ
fsr-3879	171	5	equity	equity	NOUN
fsr-3879	171	6	investing	investing	NOUN
fsr-3879	171	7	:	:	PUNCT
fsr-3879	171	8	still	still	ADV
fsr-3879	171	9	a	a	DET
fsr-3879	171	10	route	route	NOUN
fsr-3879	171	11	to	to	ADP
fsr-3879	171	12	higher	high	ADJ
fsr-3879	171	13	returns	return	NOUN
fsr-3879	171	14	and	and	CCONJ
fsr-3879	171	15	lower	low	ADJ
fsr-3879	171	16	risks?j	risks?j	PROPN
fsr-3879	171	17	portf	portf	NOUN
fsr-3879	171	18	manag	manag	NOUN
fsr-3879	171	19	,	,	PUNCT
fsr-3879	171	20	23(1	23(1	NUM
fsr-3879	171	21	)	)	PUNCT
fsr-3879	171	22	,	,	PUNCT
fsr-3879	171	23	9–22	9–22	PROPN
fsr-3879	171	24	.	.	PUNCT
fsr-3879	172	1	most	most	ADJ
fsr-3879	172	2	,	,	PUNCT
fsr-3879	172	3	b.	b.	PROPN
fsr-3879	172	4	w.	w.	PROPN
fsr-3879	172	5	(	(	PUNCT
fsr-3879	172	6	1999	1999	NUM
fsr-3879	172	7	)	)	PUNCT
fsr-3879	172	8	.	.	PUNCT
fsr-3879	173	1	the	the	DET
fsr-3879	173	2	challenges	challenge	NOUN
fsr-3879	173	3	of	of	ADP
fsr-3879	173	4	international	international	ADJ
fsr-3879	173	5	investing	investing	NOUN
fsr-3879	173	6	are	be	AUX
fsr-3879	173	7	getting	get	VERB
fsr-3879	173	8	tougher.j	tougher.j	PRON
fsr-3879	173	9	finan	finan	NOUN
fsr-3879	173	10	plan	plan	NOUN
fsr-3879	173	11	,	,	PUNCT
fsr-3879	173	12	38–40(february	38–40(february	NUM
fsr-3879	173	13	)	)	PUNCT
fsr-3879	173	14	,	,	PUNCT
fsr-3879	173	15	42–46	42–46	NUM
fsr-3879	173	16	.	.	PUNCT
fsr-3879	174	1	russell	russell	PROPN
fsr-3879	174	2	,	,	PUNCT
fsr-3879	174	3	j.	j.	PROPN
fsr-3879	174	4	w.	w.	PROPN
fsr-3879	174	5	(	(	PUNCT
fsr-3879	174	6	1998	1998	NUM
fsr-3879	174	7	)	)	PUNCT
fsr-3879	174	8	.	.	PUNCT
fsr-3879	175	1	the	the	DET
fsr-3879	175	2	international	international	ADJ
fsr-3879	175	3	diversification	diversification	NOUN
fsr-3879	175	4	fallacy	fallacy	NOUN
fsr-3879	175	5	of	of	ADP
fsr-3879	175	6	exchange	exchange	NOUN
fsr-3879	175	7	-	-	PUNCT
fsr-3879	175	8	listed	list	VERB
fsr-3879	175	9	securities.finan	securities.finan	X
fsr-3879	175	10	serv	serv	X
fsr-3879	175	11	rev	rev	PROPN
fsr-3879	175	12	,	,	PUNCT
fsr-3879	175	13	7(2	7(2	NUM
fsr-3879	175	14	)	)	PUNCT
fsr-3879	175	15	,	,	PUNCT
fsr-3879	176	1	95–106	95–106	PRON
fsr-3879	176	2	.	.	PUNCT
fsr-3879	177	1	sinquefield	sinquefield	PROPN
fsr-3879	177	2	,	,	PUNCT
fsr-3879	177	3	r.	r.	PROPN
fsr-3879	177	4	a.	a.	PROPN
fsr-3879	177	5	(	(	PUNCT
fsr-3879	177	6	1996	1996	NUM
fsr-3879	177	7	)	)	PUNCT
fsr-3879	177	8	.	.	PUNCT
fsr-3879	178	1	where	where	SCONJ
fsr-3879	178	2	are	be	AUX
fsr-3879	178	3	the	the	DET
fsr-3879	178	4	gains	gain	NOUN
fsr-3879	178	5	from	from	ADP
fsr-3879	178	6	international	international	ADJ
fsr-3879	178	7	diversification?finan	diversification?finan	PROPN
fsr-3879	178	8	anal	anal	PROPN
fsr-3879	178	9	j	j	PROPN
fsr-3879	178	10	,	,	PUNCT
fsr-3879	178	11	52(1	52(1	NOUN
fsr-3879	178	12	)	)	PUNCT
fsr-3879	178	13	,	,	PUNCT
fsr-3879	178	14	8–14	8–14	PROPN
fsr-3879	178	15	.	.	PUNCT
fsr-3879	179	1	solnik	solnik	PROPN
fsr-3879	179	2	,	,	PUNCT
fsr-3879	179	3	b.	b.	PROPN
fsr-3879	179	4	h.	h.	PROPN
fsr-3879	179	5	(	(	PUNCT
fsr-3879	179	6	1974	1974	NUM
fsr-3879	179	7	)	)	PUNCT
fsr-3879	179	8	.	.	PUNCT
fsr-3879	180	1	why	why	SCONJ
fsr-3879	180	2	not	not	PART
fsr-3879	180	3	diversify	diversify	VERB
fsr-3879	180	4	internationally	internationally	ADV
fsr-3879	180	5	rather	rather	ADV
fsr-3879	180	6	than	than	ADP
fsr-3879	180	7	domestically?finan	domestically?finan	PROPN
fsr-3879	180	8	anal	anal	PROPN
fsr-3879	180	9	j	j	PROPN
fsr-3879	180	10	,	,	PUNCT
fsr-3879	180	11	30(4	30(4	NUM
fsr-3879	180	12	)	)	PUNCT
fsr-3879	180	13	,	,	PUNCT
fsr-3879	180	14	48–54	48–54	NUM
fsr-3879	180	15	.	.	PUNCT
fsr-3879	181	1	solnik	solnik	PROPN
fsr-3879	181	2	,	,	PUNCT
fsr-3879	181	3	b.	b.	PROPN
fsr-3879	181	4	,	,	PUNCT
fsr-3879	181	5	boucrelle	boucrelle	PROPN
fsr-3879	181	6	,	,	PUNCT
fsr-3879	181	7	c.	c.	PROPN
fsr-3879	181	8	,	,	PUNCT
fsr-3879	181	9	&	&	CCONJ
fsr-3879	181	10	le	le	X
fsr-3879	181	11	fur	fur	PROPN
fsr-3879	181	12	,	,	PUNCT
fsr-3879	181	13	y.	y.	NOUN
fsr-3879	181	14	(	(	PUNCT
fsr-3879	181	15	1996	1996	NUM
fsr-3879	181	16	)	)	PUNCT
fsr-3879	181	17	.	.	PUNCT
fsr-3879	182	1	international	international	ADJ
fsr-3879	182	2	market	market	NOUN
fsr-3879	182	3	correlation	correlation	NOUN
fsr-3879	182	4	and	and	CCONJ
fsr-3879	182	5	volatility.finan	volatility.finan	NOUN
fsr-3879	182	6	anal	anal	PROPN
fsr-3879	182	7	j	j	PROPN
fsr-3879	182	8	,	,	PUNCT
fsr-3879	182	9	52(5	52(5	NUM
fsr-3879	182	10	)	)	PUNCT
fsr-3879	182	11	,	,	PUNCT
fsr-3879	182	12	17–34	17–34	NUM
fsr-3879	182	13	.	.	PUNCT
fsr-3879	183	1	speidell	speidell	PROPN
fsr-3879	183	2	,	,	PUNCT
fsr-3879	183	3	l.	l.	PROPN
fsr-3879	183	4	s.	s.	PROPN
fsr-3879	183	5	,	,	PUNCT
fsr-3879	183	6	&	&	CCONJ
fsr-3879	183	7	sappenfield	sappenfield	PROPN
fsr-3879	183	8	,	,	PUNCT
fsr-3879	183	9	r.	r.	PROPN
fsr-3879	183	10	(	(	PUNCT
fsr-3879	183	11	1992	1992	NUM
fsr-3879	183	12	)	)	PUNCT
fsr-3879	183	13	.	.	PUNCT
fsr-3879	184	1	global	global	ADJ
fsr-3879	184	2	diversification	diversification	NOUN
fsr-3879	184	3	in	in	ADP
fsr-3879	184	4	a	a	DET
fsr-3879	184	5	shrinking	shrink	VERB
fsr-3879	184	6	world.j	world.j	PROPN
fsr-3879	184	7	portf	portf	NOUN
fsr-3879	184	8	manag	manag	NOUN
fsr-3879	184	9	,	,	PUNCT
fsr-3879	184	10	19(1	19(1	NUM
fsr-3879	184	11	)	)	PUNCT
fsr-3879	184	12	,	,	PUNCT
fsr-3879	184	13	57–67	57–67	NUM
fsr-3879	184	14	.	.	PUNCT
fsr-3879	185	1	wahab	wahab	PROPN
fsr-3879	185	2	,	,	PUNCT
fsr-3879	185	3	m.	m.	NOUN
fsr-3879	185	4	,	,	PUNCT
fsr-3879	185	5	&	&	CCONJ
fsr-3879	185	6	khandwala	khandwala	PROPN
fsr-3879	185	7	,	,	PUNCT
fsr-3879	185	8	a.	a.	NOUN
fsr-3879	185	9	(	(	PUNCT
fsr-3879	185	10	1993	1993	NUM
fsr-3879	185	11	)	)	PUNCT
fsr-3879	185	12	.	.	PUNCT
fsr-3879	186	1	why	why	SCONJ
fsr-3879	186	2	not	not	PART
fsr-3879	186	3	diversify	diversify	VERB
fsr-3879	186	4	internationally	internationally	ADV
fsr-3879	186	5	with	with	ADP
fsr-3879	186	6	adrs?j	adrs?j	PROPN
fsr-3879	186	7	portf	portf	NOUN
fsr-3879	186	8	manag	manag	PROPN
fsr-3879	186	9	,	,	PUNCT
fsr-3879	186	10	19(2	19(2	NUM
fsr-3879	186	11	)	)	PUNCT
fsr-3879	186	12	,	,	PUNCT
fsr-3879	186	13	75–82	75–82	NUM
fsr-3879	186	14	.	.	PUNCT
fsr-3879	187	1	45m.e	45m.e	NUM
fsr-3879	187	2	.	.	PUNCT
fsr-3879	188	1	hanna	hanna	PROPN
fsr-3879	188	2	et	et	PROPN
fsr-3879	188	3	al	al	PROPN
fsr-3879	188	4	.	.	PUNCT
fsr-3879	188	5	/	/	SYM
fsr-3879	188	6	financial	financial	ADJ
fsr-3879	188	7	services	service	NOUN
fsr-3879	188	8	review	review	VERB
fsr-3879	188	9	8	8	NUM
fsr-3879	188	10	(	(	PUNCT
fsr-3879	188	11	1999	1999	NUM
fsr-3879	188	12	)	)	PUNCT
fsr-3879	188	13	37–45	37–45	NUM