id	sid	tid	token	lemma	pos
fsr-3883	1	1	pii	pii	PROPN
fsr-3883	1	2	:	:	PUNCT
fsr-3883	1	3	s1057	s1057	NOUN
fsr-3883	1	4	-	-	PUNCT
fsr-3883	1	5	0810(99)00033	0810(99)00033	NUM
fsr-3883	1	6	-	-	PUNCT
fsr-3883	1	7	5	5	NUM
fsr-3883	1	8	municipal	municipal	ADJ
fsr-3883	1	9	bonds	bond	NOUN
fsr-3883	1	10	:	:	PUNCT
fsr-3883	1	11	a	a	DET
fsr-3883	1	12	contingent	contingent	NOUN
fsr-3883	1	13	claims	claim	VERB
fsr-3883	1	14	perspective	perspective	PROPN
fsr-3883	1	15	robert	robert	PROPN
fsr-3883	1	16	brooks	brooks	PROPN
fsr-3883	1	17	*	*	PROPN
fsr-3883	1	18	southtrust	southtrust	NOUN
fsr-3883	1	19	professor	professor	NOUN
fsr-3883	1	20	of	of	ADP
fsr-3883	1	21	financial	financial	ADJ
fsr-3883	1	22	management	management	NOUN
fsr-3883	1	23	,	,	PUNCT
fsr-3883	1	24	department	department	NOUN
fsr-3883	1	25	of	of	ADP
fsr-3883	1	26	economics	economic	NOUN
fsr-3883	1	27	,	,	PUNCT
fsr-3883	1	28	finance	finance	NOUN
fsr-3883	1	29	and	and	CCONJ
fsr-3883	1	30	legal	legal	ADJ
fsr-3883	1	31	studies	study	NOUN
fsr-3883	1	32	,	,	PUNCT
fsr-3883	1	33	the	the	DET
fsr-3883	1	34	university	university	NOUN
fsr-3883	1	35	of	of	ADP
fsr-3883	1	36	alabama	alabama	PROPN
fsr-3883	1	37	,	,	PUNCT
fsr-3883	1	38	200	200	NUM
fsr-3883	1	39	alston	alston	PROPN
fsr-3883	1	40	hall	hall	PROPN
fsr-3883	1	41	,	,	PUNCT
fsr-3883	1	42	box	box	PROPN
fsr-3883	1	43	870224	870224	NUM
fsr-3883	1	44	,	,	PUNCT
fsr-3883	1	45	tuscaloosa	tuscaloosa	PROPN
fsr-3883	1	46	,	,	PUNCT
fsr-3883	1	47	al	al	PROPN
fsr-3883	1	48	35487	35487	NUM
fsr-3883	1	49	,	,	PUNCT
fsr-3883	1	50	usa	usa	PROPN
fsr-3883	1	51	abstract	abstract	NOUN
fsr-3883	1	52	the	the	DET
fsr-3883	1	53	purpose	purpose	NOUN
fsr-3883	1	54	of	of	ADP
fsr-3883	1	55	this	this	DET
fsr-3883	1	56	paper	paper	NOUN
fsr-3883	1	57	is	be	AUX
fsr-3883	1	58	to	to	PART
fsr-3883	1	59	provide	provide	VERB
fsr-3883	1	60	an	an	DET
fsr-3883	1	61	overview	overview	NOUN
fsr-3883	1	62	of	of	ADP
fsr-3883	1	63	the	the	DET
fsr-3883	1	64	municipal	municipal	ADJ
fsr-3883	1	65	bond	bond	NOUN
fsr-3883	1	66	market	market	NOUN
fsr-3883	1	67	with	with	ADP
fsr-3883	1	68	an	an	DET
fsr-3883	1	69	emphasis	emphasis	NOUN
fsr-3883	1	70	on	on	ADP
fsr-3883	1	71	the	the	DET
fsr-3883	1	72	numerous	numerous	ADJ
fsr-3883	1	73	embedded	embed	VERB
fsr-3883	1	74	contingent	contingent	NOUN
fsr-3883	1	75	claims	claim	NOUN
fsr-3883	1	76	.	.	PUNCT
fsr-3883	2	1	embedded	embed	VERB
fsr-3883	2	2	contingent	contingent	ADJ
fsr-3883	2	3	claims	claim	NOUN
fsr-3883	2	4	include	include	VERB
fsr-3883	2	5	the	the	DET
fsr-3883	2	6	standard	standard	ADJ
fsr-3883	2	7	call	call	NOUN
fsr-3883	2	8	features	feature	NOUN
fsr-3883	2	9	,	,	PUNCT
fsr-3883	2	10	sinking	sink	VERB
fsr-3883	2	11	funds	fund	NOUN
fsr-3883	2	12	,	,	PUNCT
fsr-3883	2	13	the	the	DET
fsr-3883	2	14	advance	advance	NOUN
fsr-3883	2	15	refunding	refunding	NOUN
fsr-3883	2	16	option	option	NOUN
fsr-3883	2	17	,	,	PUNCT
fsr-3883	2	18	the	the	DET
fsr-3883	2	19	synthetic	synthetic	ADJ
fsr-3883	2	20	advance	advance	NOUN
fsr-3883	2	21	refunding	refund	VERB
fsr-3883	2	22	option	option	NOUN
fsr-3883	2	23	,	,	PUNCT
fsr-3883	2	24	the	the	DET
fsr-3883	2	25	credit	credit	NOUN
fsr-3883	2	26	risk	risk	NOUN
fsr-3883	2	27	option	option	NOUN
fsr-3883	2	28	(	(	PUNCT
fsr-3883	2	29	default	default	NOUN
fsr-3883	2	30	risk	risk	NOUN
fsr-3883	2	31	)	)	PUNCT
fsr-3883	2	32	,	,	PUNCT
fsr-3883	2	33	marketability	marketability	NOUN
fsr-3883	2	34	,	,	PUNCT
fsr-3883	2	35	and	and	CCONJ
fsr-3883	2	36	the	the	DET
fsr-3883	2	37	numerous	numerous	ADJ
fsr-3883	2	38	tax	tax	NOUN
fsr-3883	2	39	-	-	PUNCT
fsr-3883	2	40	related	relate	VERB
fsr-3883	2	41	events	event	NOUN
fsr-3883	2	42	.	.	PUNCT
fsr-3883	3	1	municipal	municipal	ADJ
fsr-3883	3	2	bond	bond	NOUN
fsr-3883	3	3	investors	investor	NOUN
fsr-3883	3	4	must	must	AUX
fsr-3883	3	5	carefully	carefully	ADV
fsr-3883	3	6	assess	assess	VERB
fsr-3883	3	7	the	the	DET
fsr-3883	3	8	relative	relative	ADJ
fsr-3883	3	9	value	value	NOUN
fsr-3883	3	10	of	of	ADP
fsr-3883	3	11	these	these	DET
fsr-3883	3	12	contingent	contingent	NOUN
fsr-3883	3	13	claims	claim	NOUN
fsr-3883	3	14	before	before	ADP
fsr-3883	3	15	investing	invest	VERB
fsr-3883	3	16	in	in	ADP
fsr-3883	3	17	municipal	municipal	ADJ
fsr-3883	3	18	bonds	bond	NOUN
fsr-3883	3	19	.	.	PUNCT
fsr-3883	4	1	also	also	ADV
fsr-3883	4	2	,	,	PUNCT
fsr-3883	4	3	due	due	ADP
fsr-3883	4	4	to	to	ADP
fsr-3883	4	5	unique	unique	ADJ
fsr-3883	4	6	risk	risk	NOUN
fsr-3883	4	7	premiums	premium	NOUN
fsr-3883	4	8	within	within	ADP
fsr-3883	4	9	the	the	DET
fsr-3883	4	10	municipal	municipal	ADJ
fsr-3883	4	11	bond	bond	NOUN
fsr-3883	4	12	market	market	NOUN
fsr-3883	4	13	,	,	PUNCT
fsr-3883	4	14	it	it	PRON
fsr-3883	4	15	is	be	AUX
fsr-3883	4	16	important	important	ADJ
fsr-3883	4	17	to	to	PART
fsr-3883	4	18	carefully	carefully	ADV
fsr-3883	4	19	structure	structure	VERB
fsr-3883	4	20	the	the	DET
fsr-3883	4	21	municipal	municipal	ADJ
fsr-3883	4	22	bond	bond	NOUN
fsr-3883	4	23	holdings	holding	NOUN
fsr-3883	4	24	,	,	PUNCT
fsr-3883	4	25	paying	pay	VERB
fsr-3883	4	26	particular	particular	ADJ
fsr-3883	4	27	attention	attention	NOUN
fsr-3883	4	28	to	to	ADP
fsr-3883	4	29	duration	duration	NOUN
fsr-3883	4	30	,	,	PUNCT
fsr-3883	4	31	within	within	ADP
fsr-3883	4	32	the	the	DET
fsr-3883	4	33	context	context	NOUN
fsr-3883	4	34	of	of	ADP
fsr-3883	4	35	an	an	DET
fsr-3883	4	36	overall	overall	ADJ
fsr-3883	4	37	financial	financial	ADJ
fsr-3883	4	38	plan	plan	NOUN
fsr-3883	4	39	.	.	PUNCT
fsr-3883	5	1	there	there	PRON
fsr-3883	5	2	appears	appear	VERB
fsr-3883	5	3	to	to	PART
fsr-3883	5	4	be	be	AUX
fsr-3883	5	5	a	a	DET
fsr-3883	5	6	benefit	benefit	NOUN
fsr-3883	5	7	to	to	ADP
fsr-3883	5	8	lengthening	lengthen	VERB
fsr-3883	5	9	the	the	DET
fsr-3883	5	10	duration	duration	NOUN
fsr-3883	5	11	of	of	ADP
fsr-3883	5	12	the	the	DET
fsr-3883	5	13	municipal	municipal	ADJ
fsr-3883	5	14	bond	bond	NOUN
fsr-3883	5	15	portion	portion	NOUN
fsr-3883	5	16	of	of	ADP
fsr-3883	5	17	the	the	DET
fsr-3883	5	18	portfolio	portfolio	NOUN
fsr-3883	5	19	.	.	PUNCT
fsr-3883	6	1	©	©	PROPN
fsr-3883	6	2	1999	1999	NUM
fsr-3883	6	3	elsevier	elsevier	PROPN
fsr-3883	6	4	science	science	PROPN
fsr-3883	6	5	inc	inc	PROPN
fsr-3883	6	6	.	.	PUNCT
fsr-3883	7	1	all	all	DET
fsr-3883	7	2	rights	right	NOUN
fsr-3883	7	3	reserved	reserve	VERB
fsr-3883	7	4	.	.	PUNCT
fsr-3883	8	1	jel	jel	PROPN
fsr-3883	8	2	classification	classification	NOUN
fsr-3883	8	3	:	:	PUNCT
fsr-3883	8	4	g28	g28	NOUN
fsr-3883	8	5	;	;	PUNCT
fsr-3883	8	6	e43	e43	NOUN
fsr-3883	8	7	;	;	PUNCT
fsr-3883	8	8	e62	e62	NOUN
fsr-3883	8	9	keywords	keyword	NOUN
fsr-3883	8	10	:	:	PUNCT
fsr-3883	8	11	municipal	municipal	ADJ
fsr-3883	8	12	bonds	bond	NOUN
fsr-3883	8	13	;	;	PUNCT
fsr-3883	8	14	embedded	embed	VERB
fsr-3883	8	15	derivatives	derivative	NOUN
fsr-3883	8	16	;	;	PUNCT
fsr-3883	8	17	tax	tax	NOUN
fsr-3883	8	18	risk	risk	NOUN
fsr-3883	8	19	1	1	NUM
fsr-3883	8	20	.	.	PUNCT
fsr-3883	8	21	introduction	introduction	NOUN
fsr-3883	8	22	of	of	ADP
fsr-3883	8	23	the	the	DET
fsr-3883	8	24	bond	bond	NOUN
fsr-3883	8	25	markets	market	NOUN
fsr-3883	8	26	tracked	track	VERB
fsr-3883	8	27	by	by	ADP
fsr-3883	8	28	the	the	DET
fsr-3883	8	29	bond	bond	NOUN
fsr-3883	8	30	markets	market	NOUN
fsr-3883	8	31	association	association	NOUN
fsr-3883	8	32	(	(	PUNCT
fsr-3883	8	33	$	$	SYM
fsr-3883	8	34	12.9	12.9	NUM
fsr-3883	8	35	trillion	trillion	NUM
fsr-3883	8	36	in	in	ADP
fsr-3883	8	37	all	all	PRON
fsr-3883	8	38	)	)	PUNCT
fsr-3883	8	39	,	,	PUNCT
fsr-3883	8	40	the	the	DET
fsr-3883	8	41	relative	relative	ADJ
fsr-3883	8	42	size	size	NOUN
fsr-3883	8	43	of	of	ADP
fsr-3883	8	44	the	the	DET
fsr-3883	8	45	u.s	u.s	PROPN
fsr-3883	8	46	.	.	PROPN
fsr-3883	8	47	municipal	municipal	ADJ
fsr-3883	8	48	bond	bond	NOUN
fsr-3883	8	49	market	market	NOUN
fsr-3883	8	50	at	at	ADP
fsr-3883	8	51	the	the	DET
fsr-3883	8	52	end	end	NOUN
fsr-3883	8	53	of	of	ADP
fsr-3883	8	54	1998	1998	NUM
fsr-3883	8	55	was	be	AUX
fsr-3883	8	56	11.30	11.30	NUM
fsr-3883	8	57	%	%	NOUN
fsr-3883	8	58	.	.	PUNCT
fsr-3883	9	1	u.s	u.s	PROPN
fsr-3883	9	2	.	.	PROPN
fsr-3883	9	3	treasuries	treasury	NOUN
fsr-3883	9	4	comprised	comprise	VERB
fsr-3883	9	5	26.0	26.0	NUM
fsr-3883	9	6	%	%	NOUN
fsr-3883	9	7	,	,	PUNCT
fsr-3883	9	8	government	government	NOUN
fsr-3883	9	9	agency	agency	NOUN
fsr-3883	9	10	mortgage	mortgage	NOUN
fsr-3883	9	11	-	-	PUNCT
fsr-3883	9	12	backed	back	VERB
fsr-3883	9	13	securities	security	NOUN
fsr-3883	9	14	15.6	15.6	NUM
fsr-3883	9	15	%	%	NOUN
fsr-3883	9	16	,	,	PUNCT
fsr-3883	9	17	corporate	corporate	ADJ
fsr-3883	9	18	bonds	bond	NOUN
fsr-3883	9	19	18.5	18.5	NUM
fsr-3883	9	20	%	%	NOUN
fsr-3883	9	21	,	,	PUNCT
fsr-3883	9	22	u.s	u.s	PROPN
fsr-3883	9	23	.	.	PROPN
fsr-3883	9	24	federal	federal	ADJ
fsr-3883	9	25	government	government	NOUN
fsr-3883	9	26	agencies	agency	NOUN
fsr-3883	9	27	8.3	8.3	NUM
fsr-3883	9	28	%	%	NOUN
fsr-3883	9	29	,	,	PUNCT
fsr-3883	9	30	money	money	NOUN
fsr-3883	9	31	market	market	NOUN
fsr-3883	9	32	securities	security	NOUN
fsr-3883	9	33	*	*	PUNCT
fsr-3883	9	34	corresponding	correspond	VERB
fsr-3883	9	35	author	author	NOUN
fsr-3883	9	36	.	.	PUNCT
fsr-3883	10	1	tel.:11	tel.:11	PROPN
fsr-3883	10	2	-	-	PUNCT
fsr-3883	10	3	205	205	NUM
fsr-3883	10	4	-	-	PUNCT
fsr-3883	10	5	348	348	NUM
fsr-3883	10	6	-	-	PUNCT
fsr-3883	10	7	8987	8987	NUM
fsr-3883	10	8	;	;	PUNCT
fsr-3883	10	9	fax:11	fax:11	NOUN
fsr-3883	10	10	-	-	PUNCT
fsr-3883	10	11	205	205	NUM
fsr-3883	10	12	-	-	PUNCT
fsr-3883	10	13	348	348	NUM
fsr-3883	10	14	-	-	PUNCT
fsr-3883	10	15	0590	0590	NUM
fsr-3883	10	16	.	.	PUNCT
fsr-3883	11	1	e	e	X
fsr-3883	11	2	-	-	NOUN
fsr-3883	11	3	mail	mail	NOUN
fsr-3883	11	4	address:rbrooks@cba.ua.edu	address:rbrooks@cba.ua.edu	PROPN
fsr-3883	11	5	(	(	PUNCT
fsr-3883	11	6	r.	r.	PROPN
fsr-3883	11	7	brooks	brooks	PROPN
fsr-3883	11	8	)	)	PUNCT
fsr-3883	11	9	financial	financial	ADJ
fsr-3883	11	10	services	service	NOUN
fsr-3883	11	11	review	review	VERB
fsr-3883	11	12	8	8	NUM
fsr-3883	11	13	(	(	PUNCT
fsr-3883	11	14	1999	1999	NUM
fsr-3883	11	15	)	)	PUNCT
fsr-3883	11	16	71–85	71–85	NUM
fsr-3883	11	17	1057	1057	NUM
fsr-3883	11	18	-	-	SYM
fsr-3883	11	19	0810/99/$	0810/99/$	NUM
fsr-3883	11	20	–	–	PUNCT
fsr-3883	11	21	see	see	VERB
fsr-3883	11	22	front	front	ADJ
fsr-3883	11	23	matter	matter	NOUN
fsr-3883	11	24	©	©	PROPN
fsr-3883	11	25	1999	1999	NUM
fsr-3883	11	26	elsevier	elsevier	PROPN
fsr-3883	11	27	science	science	PROPN
fsr-3883	11	28	inc	inc	PROPN
fsr-3883	11	29	.	.	PUNCT
fsr-3883	12	1	all	all	DET
fsr-3883	12	2	rights	right	NOUN
fsr-3883	12	3	reserved	reserve	VERB
fsr-3883	12	4	.	.	PUNCT
fsr-3883	13	1	pii	pii	NOUN
fsr-3883	13	2	:	:	PUNCT
fsr-3883	13	3	s1057	s1057	NOUN
fsr-3883	13	4	-	-	PUNCT
fsr-3883	13	5	0810(99)00033	0810(99)00033	NUM
fsr-3883	13	6	-	-	PUNCT
fsr-3883	13	7	5	5	NUM
fsr-3883	13	8	15.3	15.3	NUM
fsr-3883	13	9	%	%	NOUN
fsr-3883	13	10	,	,	PUNCT
fsr-3883	13	11	and	and	CCONJ
fsr-3883	13	12	asset	asset	NOUN
fsr-3883	13	13	-	-	PUNCT
fsr-3883	13	14	backed	back	VERB
fsr-3883	13	15	securities	security	NOUN
fsr-3883	13	16	4.9	4.9	NUM
fsr-3883	13	17	%	%	NOUN
fsr-3883	13	18	.	.	PUNCT
fsr-3883	14	1	the	the	DET
fsr-3883	14	2	municipal	municipal	ADJ
fsr-3883	14	3	bond	bond	NOUN
fsr-3883	14	4	market	market	NOUN
fsr-3883	14	5	had	have	VERB
fsr-3883	14	6	$	$	SYM
fsr-3883	14	7	1.46	1.46	NUM
fsr-3883	14	8	trillion	trillion	NUM
fsr-3883	14	9	outstanding	outstanding	ADJ
fsr-3883	14	10	at	at	ADP
fsr-3883	14	11	the	the	DET
fsr-3883	14	12	end	end	NOUN
fsr-3883	14	13	of	of	ADP
fsr-3883	14	14	1998	1998	NUM
fsr-3883	14	15	,	,	PUNCT
fsr-3883	14	16	and	and	CCONJ
fsr-3883	14	17	hence	hence	ADV
fsr-3883	14	18	it	it	PRON
fsr-3883	14	19	is	be	AUX
fsr-3883	14	20	relatively	relatively	ADV
fsr-3883	14	21	large	large	ADJ
fsr-3883	14	22	(	(	PUNCT
fsr-3883	14	23	www.bondmarkets.com	www.bondmarkets.com	NOUN
fsr-3883	14	24	)	)	PUNCT
fsr-3883	14	25	.	.	PUNCT
fsr-3883	15	1	according	accord	VERB
fsr-3883	15	2	to	to	ADP
fsr-3883	15	3	the	the	DET
fsr-3883	15	4	bond	bond	NOUN
fsr-3883	15	5	market	market	NOUN
fsr-3883	15	6	association	association	NOUN
fsr-3883	15	7	,	,	PUNCT
fsr-3883	15	8	municipal	municipal	ADJ
fsr-3883	15	9	bonds	bond	NOUN
fsr-3883	15	10	were	be	AUX
fsr-3883	15	11	held	hold	VERB
fsr-3883	15	12	in	in	ADP
fsr-3883	15	13	the	the	DET
fsr-3883	15	14	following	follow	VERB
fsr-3883	15	15	proportions	proportion	NOUN
fsr-3883	15	16	at	at	ADP
fsr-3883	15	17	the	the	DET
fsr-3883	15	18	end	end	NOUN
fsr-3883	15	19	of	of	ADP
fsr-3883	15	20	1998	1998	NUM
fsr-3883	15	21	:	:	PUNCT
fsr-3883	15	22	30.5	30.5	NUM
fsr-3883	15	23	%	%	NOUN
fsr-3883	15	24	households	household	NOUN
fsr-3883	15	25	,	,	PUNCT
fsr-3883	15	26	16.6	16.6	NUM
fsr-3883	15	27	%	%	NOUN
fsr-3883	15	28	mutual	mutual	ADJ
fsr-3883	15	29	funds	fund	NOUN
fsr-3883	15	30	,	,	PUNCT
fsr-3883	15	31	13.2	13.2	NUM
fsr-3883	15	32	%	%	NOUN
fsr-3883	15	33	money	money	NOUN
fsr-3883	15	34	market	market	NOUN
fsr-3883	15	35	funds	fund	NOUN
fsr-3883	15	36	,	,	PUNCT
fsr-3883	15	37	4.3	4.3	NUM
fsr-3883	15	38	%	%	NOUN
fsr-3883	15	39	closed	closed	ADJ
fsr-3883	15	40	-	-	PUNCT
fsr-3883	15	41	end	end	NOUN
fsr-3883	15	42	funds	fund	NOUN
fsr-3883	15	43	,	,	PUNCT
fsr-3883	15	44	7.2	7.2	NUM
fsr-3883	15	45	%	%	NOUN
fsr-3883	15	46	trusts	trust	NOUN
fsr-3883	15	47	,	,	PUNCT
fsr-3883	15	48	7.2	7.2	NUM
fsr-3883	15	49	%	%	NOUN
fsr-3883	15	50	commercial	commercial	ADJ
fsr-3883	15	51	banks	bank	NOUN
fsr-3883	15	52	,	,	PUNCT
fsr-3883	15	53	13.4	13.4	NUM
fsr-3883	15	54	%	%	NOUN
fsr-3883	15	55	insurance	insurance	NOUN
fsr-3883	15	56	companies	company	NOUN
fsr-3883	15	57	,	,	PUNCT
fsr-3883	15	58	and	and	CCONJ
fsr-3883	15	59	7.6	7.6	NUM
fsr-3883	15	60	%	%	NOUN
fsr-3883	15	61	other	other	ADJ
fsr-3883	15	62	.	.	PUNCT
fsr-3883	16	1	it	it	PRON
fsr-3883	16	2	is	be	AUX
fsr-3883	16	3	interesting	interesting	ADJ
fsr-3883	16	4	to	to	PART
fsr-3883	16	5	note	note	VERB
fsr-3883	16	6	that	that	SCONJ
fsr-3883	16	7	based	base	VERB
fsr-3883	16	8	on	on	ADP
fsr-3883	16	9	irs	irs	PROPN
fsr-3883	16	10	estimates	estimate	NOUN
fsr-3883	16	11	,	,	PUNCT
fsr-3883	16	12	30	30	NUM
fsr-3883	16	13	%	%	NOUN
fsr-3883	16	14	of	of	ADP
fsr-3883	16	15	municipal	municipal	ADJ
fsr-3883	16	16	interest	interest	NOUN
fsr-3883	16	17	reported	report	VERB
fsr-3883	16	18	was	be	AUX
fsr-3883	16	19	from	from	ADP
fsr-3883	16	20	taxpayers	taxpayer	NOUN
fsr-3883	16	21	with	with	ADP
fsr-3883	16	22	less	less	ADJ
fsr-3883	16	23	than	than	ADP
fsr-3883	16	24	$	$	SYM
fsr-3883	16	25	50	50	NUM
fsr-3883	16	26	,	,	PUNCT
fsr-3883	16	27	000	000	NUM
fsr-3883	16	28	of	of	ADP
fsr-3883	16	29	adjusted	adjust	VERB
fsr-3883	16	30	gross	gross	ADJ
fsr-3883	16	31	income	income	NOUN
fsr-3883	16	32	(	(	PUNCT
fsr-3883	16	33	www.bondmarkets.com	www.bondmarkets.com	X
fsr-3883	16	34	and	and	CCONJ
fsr-3883	16	35	feenberg	feenberg	PROPN
fsr-3883	16	36	and	and	CCONJ
fsr-3883	16	37	poterba	poterba	NOUN
fsr-3883	16	38	,	,	PUNCT
fsr-3883	16	39	1992	1992	NUM
fsr-3883	16	40	)	)	PUNCT
fsr-3883	16	41	.	.	PUNCT
fsr-3883	17	1	1.1	1.1	NUM
fsr-3883	17	2	.	.	PUNCT
fsr-3883	17	3	municipal	municipal	ADJ
fsr-3883	17	4	bond	bond	NOUN
fsr-3883	17	5	market	market	NOUN
fsr-3883	17	6	maturity	maturity	NOUN
fsr-3883	17	7	preferences	preference	VERB
fsr-3883	17	8	the	the	DET
fsr-3883	17	9	propensity	propensity	NOUN
fsr-3883	17	10	for	for	ADP
fsr-3883	17	11	tax	tax	NOUN
fsr-3883	17	12	-	-	PUNCT
fsr-3883	17	13	exempt	exempt	ADJ
fsr-3883	17	14	issuers	issuer	NOUN
fsr-3883	17	15	to	to	PART
fsr-3883	17	16	prefer	prefer	VERB
fsr-3883	17	17	long	long	ADJ
fsr-3883	17	18	-	-	PUNCT
fsr-3883	17	19	term	term	NOUN
fsr-3883	17	20	bonds	bond	NOUN
fsr-3883	17	21	seems	seem	VERB
fsr-3883	17	22	different	different	ADJ
fsr-3883	17	23	from	from	ADP
fsr-3883	17	24	other	other	ADJ
fsr-3883	17	25	debt	debt	NOUN
fsr-3883	17	26	markets	market	NOUN
fsr-3883	17	27	.	.	PUNCT
fsr-3883	18	1	for	for	ADP
fsr-3883	18	2	example	example	NOUN
fsr-3883	18	3	,	,	PUNCT
fsr-3883	18	4	fig	fig	NOUN
fsr-3883	18	5	.	.	PUNCT
fsr-3883	18	6	1	1	NUM
fsr-3883	18	7	illustrates	illustrate	VERB
fsr-3883	18	8	the	the	DET
fsr-3883	18	9	percentage	percentage	NOUN
fsr-3883	18	10	of	of	ADP
fsr-3883	18	11	short	short	ADJ
fsr-3883	18	12	-	-	PUNCT
fsr-3883	18	13	term	term	NOUN
fsr-3883	18	14	bonds	bond	NOUN
fsr-3883	18	15	issued	issue	VERB
fsr-3883	18	16	in	in	ADP
fsr-3883	18	17	the	the	DET
fsr-3883	18	18	municipal	municipal	ADJ
fsr-3883	18	19	market	market	NOUN
fsr-3883	18	20	.	.	PUNCT
fsr-3883	19	1	clearly	clearly	ADV
fsr-3883	19	2	there	there	PRON
fsr-3883	19	3	is	be	VERB
fsr-3883	19	4	a	a	DET
fsr-3883	19	5	strong	strong	ADJ
fsr-3883	19	6	preference	preference	NOUN
fsr-3883	19	7	for	for	ADP
fsr-3883	19	8	longer	long	ADJ
fsr-3883	19	9	-	-	PUNCT
fsr-3883	19	10	term	term	NOUN
fsr-3883	19	11	fixed	fix	VERB
fsr-3883	19	12	rate	rate	NOUN
fsr-3883	19	13	bonds	bond	NOUN
fsr-3883	19	14	.	.	PUNCT
fsr-3883	20	1	for	for	ADP
fsr-3883	20	2	example	example	NOUN
fsr-3883	20	3	,	,	PUNCT
fsr-3883	20	4	the	the	DET
fsr-3883	20	5	average	average	ADJ
fsr-3883	20	6	maturity	maturity	NOUN
fsr-3883	20	7	of	of	ADP
fsr-3883	20	8	u.s	u.s	PROPN
fsr-3883	20	9	.	.	PROPN
fsr-3883	20	10	treasury	treasury	PROPN
fsr-3883	20	11	securities	security	NOUN
fsr-3883	20	12	is	be	AUX
fsr-3883	20	13	estimated	estimate	VERB
fsr-3883	20	14	to	to	PART
fsr-3883	20	15	be	be	AUX
fsr-3883	20	16	5	5	NUM
fsr-3883	20	17	years	year	NOUN
fsr-3883	20	18	and	and	CCONJ
fsr-3883	20	19	4	4	NUM
fsr-3883	20	20	months	month	NOUN
fsr-3883	20	21	as	as	ADP
fsr-3883	20	22	of	of	ADP
fsr-3883	20	23	september	september	PROPN
fsr-3883	20	24	30	30	NUM
fsr-3883	20	25	,	,	PUNCT
fsr-3883	20	26	1997	1997	NUM
fsr-3883	20	27	(	(	PUNCT
fsr-3883	20	28	www.treas.gov/treasury/financial/domfin/debtprof.htm	www.treas.gov/treasury/financial/domfin/debtprof.htm	NOUN
fsr-3883	20	29	)	)	PUNCT
fsr-3883	20	30	.	.	PUNCT
fsr-3883	21	1	hence	hence	ADV
fsr-3883	21	2	there	there	PRON
fsr-3883	21	3	seems	seem	VERB
fsr-3883	21	4	to	to	PART
fsr-3883	21	5	be	be	AUX
fsr-3883	21	6	a	a	DET
fsr-3883	21	7	greater	great	ADJ
fsr-3883	21	8	preference	preference	NOUN
fsr-3883	21	9	for	for	ADP
fsr-3883	21	10	longer	long	ADJ
fsr-3883	21	11	-	-	PUNCT
fsr-3883	21	12	term	term	NOUN
fsr-3883	21	13	debt	debt	NOUN
fsr-3883	21	14	by	by	ADP
fsr-3883	21	15	municipal	municipal	ADJ
fsr-3883	21	16	governments	government	NOUN
fsr-3883	21	17	than	than	ADP
fsr-3883	21	18	by	by	ADP
fsr-3883	21	19	the	the	DET
fsr-3883	21	20	federal	federal	ADJ
fsr-3883	21	21	government	government	NOUN
fsr-3883	21	22	.	.	PUNCT
fsr-3883	22	1	kidwell	kidwell	NOUN
fsr-3883	22	2	and	and	CCONJ
fsr-3883	22	3	koch	koch	PROPN
fsr-3883	22	4	(	(	PUNCT
fsr-3883	22	5	1983	1983	NUM
fsr-3883	22	6	)	)	PUNCT
fsr-3883	22	7	noted	note	VERB
fsr-3883	22	8	that	that	SCONJ
fsr-3883	22	9	municipal	municipal	ADJ
fsr-3883	22	10	“	"	PUNCT
fsr-3883	22	11	.	.	PUNCT
fsr-3883	22	12	.	.	PUNCT
fsr-3883	22	13	.	.	PUNCT
fsr-3883	23	1	borrowers	borrower	NOUN
fsr-3883	23	2	can	can	AUX
fsr-3883	23	3	use	use	VERB
fsr-3883	23	4	long	long	ADJ
fsr-3883	23	5	-	-	PUNCT
fsr-3883	23	6	term	term	NOUN
fsr-3883	23	7	debt	debt	NOUN
fsr-3883	23	8	for	for	ADP
fsr-3883	23	9	current	current	ADJ
fsr-3883	23	10	operations	operation	NOUN
fsr-3883	23	11	only	only	ADV
fsr-3883	23	12	by	by	ADP
fsr-3883	23	13	constitutional	constitutional	ADJ
fsr-3883	23	14	amendment	amendment	NOUN
fsr-3883	23	15	or	or	CCONJ
fsr-3883	23	16	public	public	ADJ
fsr-3883	23	17	referendum	referendum	NOUN
fsr-3883	23	18	.	.	PUNCT
fsr-3883	23	19	.	.	PUNCT
fsr-3883	23	20	.	.	PUNCT
fsr-3883	23	21	”	"	PUNCT
fsr-3883	24	1	making	make	VERB
fsr-3883	24	2	it	it	PRON
fsr-3883	24	3	difficult	difficult	ADJ
fsr-3883	24	4	for	for	SCONJ
fsr-3883	24	5	municipalities	municipality	NOUN
fsr-3883	24	6	to	to	PART
fsr-3883	24	7	substitute	substitute	VERB
fsr-3883	24	8	between	between	ADP
fsr-3883	24	9	long	long	ADJ
fsr-3883	24	10	and	and	CCONJ
fsr-3883	24	11	short	short	ADJ
fsr-3883	24	12	-	-	PUNCT
fsr-3883	24	13	term	term	NOUN
fsr-3883	24	14	debt	debt	NOUN
fsr-3883	24	15	.	.	PUNCT
fsr-3883	25	1	municipal	municipal	ADJ
fsr-3883	25	2	bond	bond	NOUN
fsr-3883	25	3	investors	investor	NOUN
fsr-3883	25	4	also	also	ADV
fsr-3883	25	5	have	have	VERB
fsr-3883	25	6	preferred	prefer	VERB
fsr-3883	25	7	maturities	maturity	NOUN
fsr-3883	25	8	and	and	CCONJ
fsr-3883	25	9	these	these	DET
fsr-3883	25	10	preferences	preference	NOUN
fsr-3883	25	11	are	be	AUX
fsr-3883	25	12	reflected	reflect	VERB
fsr-3883	25	13	in	in	ADP
fsr-3883	25	14	observed	observed	ADJ
fsr-3883	25	15	yields	yield	NOUN
fsr-3883	25	16	.	.	PUNCT
fsr-3883	26	1	these	these	DET
fsr-3883	26	2	preferences	preference	NOUN
fsr-3883	26	3	,	,	PUNCT
fsr-3883	26	4	as	as	SCONJ
fsr-3883	26	5	revealed	reveal	VERB
fsr-3883	26	6	in	in	ADP
fsr-3883	26	7	observed	observed	ADJ
fsr-3883	26	8	market	market	NOUN
fsr-3883	26	9	yields	yield	NOUN
fsr-3883	26	10	,	,	PUNCT
fsr-3883	26	11	are	be	AUX
fsr-3883	26	12	fig	fig	NOUN
fsr-3883	26	13	.	.	PUNCT
fsr-3883	27	1	1	1	X
fsr-3883	27	2	.	.	X
fsr-3883	27	3	percentage	percentage	NOUN
fsr-3883	27	4	of	of	ADP
fsr-3883	27	5	municipal	municipal	ADJ
fsr-3883	27	6	debt	debt	NOUN
fsr-3883	27	7	issued	issue	VERB
fsr-3883	27	8	as	as	ADP
fsr-3883	27	9	short	short	ADJ
fsr-3883	27	10	-	-	PUNCT
fsr-3883	27	11	term	term	NOUN
fsr-3883	27	12	72	72	NUM
fsr-3883	27	13	r.	r.	PROPN
fsr-3883	27	14	brooks	brooks	PROPN
fsr-3883	27	15	/	/	SYM
fsr-3883	27	16	financial	financial	ADJ
fsr-3883	27	17	services	service	NOUN
fsr-3883	27	18	review	review	VERB
fsr-3883	27	19	8	8	NUM
fsr-3883	27	20	(	(	PUNCT
fsr-3883	27	21	1999	1999	NUM
fsr-3883	27	22	)	)	PUNCT
fsr-3883	27	23	71–85	71–85	NUM
fsr-3883	27	24	different	different	ADJ
fsr-3883	27	25	between	between	ADP
fsr-3883	27	26	the	the	DET
fsr-3883	27	27	taxable	taxable	ADJ
fsr-3883	27	28	and	and	CCONJ
fsr-3883	27	29	tax	tax	NOUN
fsr-3883	27	30	-	-	PUNCT
fsr-3883	27	31	exempt	exempt	ADJ
fsr-3883	27	32	bond	bond	NOUN
fsr-3883	27	33	markets	market	NOUN
fsr-3883	27	34	.	.	PUNCT
fsr-3883	28	1	for	for	ADP
fsr-3883	28	2	example	example	NOUN
fsr-3883	28	3	,	,	PUNCT
fsr-3883	28	4	the	the	DET
fsr-3883	28	5	bond	bond	NOUN
fsr-3883	28	6	market	market	NOUN
fsr-3883	28	7	association	association	NOUN
fsr-3883	28	8	(	(	PUNCT
fsr-3883	28	9	1998	1998	NUM
fsr-3883	28	10	)	)	PUNCT
fsr-3883	28	11	reported	report	VERB
fsr-3883	28	12	that	that	SCONJ
fsr-3883	28	13	for	for	ADP
fsr-3883	28	14	the	the	DET
fsr-3883	28	15	first	first	ADJ
fsr-3883	28	16	quarter	quarter	NOUN
fsr-3883	28	17	of	of	ADP
fsr-3883	28	18	1998	1998	NUM
fsr-3883	28	19	,	,	PUNCT
fsr-3883	28	20	of	of	ADP
fsr-3883	28	21	the	the	DET
fsr-3883	28	22	$	$	SYM
fsr-3883	28	23	75.9	75.9	NUM
fsr-3883	28	24	billion	billion	NUM
fsr-3883	28	25	of	of	ADP
fsr-3883	28	26	newly	newly	ADV
fsr-3883	28	27	issued	issue	VERB
fsr-3883	28	28	municipal	municipal	ADJ
fsr-3883	28	29	debt	debt	NOUN
fsr-3883	28	30	,	,	PUNCT
fsr-3883	28	31	94	94	NUM
fsr-3883	28	32	%	%	NOUN
fsr-3883	28	33	have	have	VERB
fsr-3883	28	34	a	a	DET
fsr-3883	28	35	long	long	ADJ
fsr-3883	28	36	maturity	maturity	NOUN
fsr-3883	28	37	.	.	PUNCT
fsr-3883	29	1	however	however	ADV
fsr-3883	29	2	,	,	PUNCT
fsr-3883	29	3	it	it	PRON
fsr-3883	29	4	is	be	AUX
fsr-3883	29	5	known	know	VERB
fsr-3883	29	6	that	that	SCONJ
fsr-3883	29	7	municipal	municipal	ADJ
fsr-3883	29	8	bond	bond	NOUN
fsr-3883	29	9	investors	investor	NOUN
fsr-3883	29	10	have	have	VERB
fsr-3883	29	11	a	a	DET
fsr-3883	29	12	strong	strong	ADJ
fsr-3883	29	13	preference	preference	NOUN
fsr-3883	29	14	for	for	ADP
fsr-3883	29	15	shorter	short	ADJ
fsr-3883	29	16	maturities	maturity	NOUN
fsr-3883	29	17	.	.	PUNCT
fsr-3883	30	1	for	for	ADP
fsr-3883	30	2	example	example	NOUN
fsr-3883	30	3	,	,	PUNCT
fsr-3883	30	4	mcentee	mcentee	NOUN
fsr-3883	30	5	(	(	PUNCT
fsr-3883	30	6	1998	1998	NUM
fsr-3883	30	7	)	)	PUNCT
fsr-3883	30	8	reported	report	VERB
fsr-3883	30	9	“	"	PUNCT
fsr-3883	30	10	.	.	PUNCT
fsr-3883	30	11	.	.	PUNCT
fsr-3883	30	12	.	.	PUNCT
fsr-3883	31	1	a	a	DET
fsr-3883	31	2	gap	gap	NOUN
fsr-3883	31	3	exists	exist	VERB
fsr-3883	31	4	between	between	ADP
fsr-3883	31	5	supply	supply	NOUN
fsr-3883	31	6	and	and	CCONJ
fsr-3883	31	7	demand	demand	NOUN
fsr-3883	31	8	in	in	ADP
fsr-3883	31	9	tax	tax	NOUN
fsr-3883	31	10	-	-	PUNCT
fsr-3883	31	11	free	free	ADJ
fsr-3883	31	12	money	money	NOUN
fsr-3883	31	13	market	market	NOUN
fsr-3883	31	14	,	,	PUNCT
fsr-3883	31	15	that	that	PRON
fsr-3883	31	16	hold	hold	VERB
fsr-3883	31	17	about	about	ADV
fsr-3883	31	18	$	$	SYM
fsr-3883	31	19	175	175	NUM
fsr-3883	31	20	billion	billion	NUM
fsr-3883	31	21	in	in	ADP
fsr-3883	31	22	assets	asset	NOUN
fsr-3883	31	23	.	.	PUNCT
fsr-3883	32	1	short	short	ADJ
fsr-3883	32	2	-	-	PUNCT
fsr-3883	32	3	term	term	NOUN
fsr-3883	32	4	notes	note	NOUN
fsr-3883	32	5	offer	offer	VERB
fsr-3883	32	6	about	about	ADV
fsr-3883	32	7	$	$	SYM
fsr-3883	32	8	45	45	NUM
fsr-3883	32	9	billion	billion	NUM
fsr-3883	32	10	of	of	ADP
fsr-3883	32	11	eligible	eligible	ADJ
fsr-3883	32	12	investments	investment	NOUN
fsr-3883	32	13	yearly	yearly	ADV
fsr-3883	32	14	and	and	CCONJ
fsr-3883	32	15	vrdns	vrdns	NOUN
fsr-3883	32	16	(	(	PUNCT
fsr-3883	32	17	variable	variable	ADJ
fsr-3883	32	18	rate	rate	NOUN
fsr-3883	32	19	demand	demand	NOUN
fsr-3883	32	20	notes	note	VERB
fsr-3883	32	21	)	)	PUNCT
fsr-3883	32	22	trigger	trigger	NOUN
fsr-3883	32	23	about	about	ADV
fsr-3883	32	24	$	$	SYM
fsr-3883	32	25	30	30	NUM
fsr-3883	32	26	billion	billion	NUM
fsr-3883	32	27	of	of	ADP
fsr-3883	32	28	debt	debt	NOUN
fsr-3883	32	29	annually	annually	ADV
fsr-3883	32	30	,	,	PUNCT
fsr-3883	32	31	leaving	leave	VERB
fsr-3883	32	32	sizable	sizable	ADJ
fsr-3883	32	33	room	room	NOUN
fsr-3883	32	34	for	for	SCONJ
fsr-3883	32	35	synthetic	synthetic	ADJ
fsr-3883	32	36	derivative	derivative	ADJ
fsr-3883	32	37	products	product	NOUN
fsr-3883	32	38	to	to	PART
fsr-3883	32	39	grow	grow	VERB
fsr-3883	32	40	.	.	PUNCT
fsr-3883	32	41	”	"	PUNCT
fsr-3883	33	1	in	in	ADP
fsr-3883	33	2	other	other	ADJ
fsr-3883	33	3	words	word	NOUN
fsr-3883	33	4	,	,	PUNCT
fsr-3883	33	5	derivative	derivative	ADJ
fsr-3883	33	6	securities	security	NOUN
fsr-3883	33	7	are	be	AUX
fsr-3883	33	8	creating	create	VERB
fsr-3883	33	9	the	the	DET
fsr-3883	33	10	additional	additional	ADJ
fsr-3883	33	11	supply	supply	NOUN
fsr-3883	33	12	of	of	ADP
fsr-3883	33	13	synthetic	synthetic	ADJ
fsr-3883	33	14	short	short	ADJ
fsr-3883	33	15	-	-	PUNCT
fsr-3883	33	16	term	term	NOUN
fsr-3883	33	17	municipal	municipal	ADJ
fsr-3883	33	18	debt	debt	NOUN
fsr-3883	33	19	demanded	demand	VERB
fsr-3883	33	20	by	by	ADP
fsr-3883	33	21	the	the	DET
fsr-3883	33	22	market	market	NOUN
fsr-3883	33	23	.	.	PUNCT
fsr-3883	34	1	the	the	DET
fsr-3883	34	2	supply	supply	NOUN
fsr-3883	34	3	of	of	ADP
fsr-3883	34	4	municipal	municipal	ADJ
fsr-3883	34	5	debt	debt	NOUN
fsr-3883	34	6	is	be	AUX
fsr-3883	34	7	thought	think	VERB
fsr-3883	34	8	to	to	PART
fsr-3883	34	9	be	be	AUX
fsr-3883	34	10	relatively	relatively	ADV
fsr-3883	34	11	interest	interest	NOUN
fsr-3883	34	12	-	-	PUNCT
fsr-3883	34	13	inelastic	inelastic	ADJ
fsr-3883	34	14	and	and	CCONJ
fsr-3883	34	15	the	the	DET
fsr-3883	34	16	equilibrium	equilibrium	NOUN
fsr-3883	34	17	marginal	marginal	ADJ
fsr-3883	34	18	tax	tax	NOUN
fsr-3883	34	19	rate	rate	NOUN
fsr-3883	34	20	will	will	AUX
fsr-3883	34	21	be	be	AUX
fsr-3883	34	22	a	a	DET
fsr-3883	34	23	function	function	NOUN
fsr-3883	34	24	primarily	primarily	ADV
fsr-3883	34	25	of	of	ADP
fsr-3883	34	26	investor	investor	NOUN
fsr-3883	34	27	demand	demand	NOUN
fsr-3883	34	28	,	,	PUNCT
fsr-3883	34	29	which	which	PRON
fsr-3883	34	30	may	may	AUX
fsr-3883	34	31	vary	vary	VERB
fsr-3883	34	32	by	by	ADP
fsr-3883	34	33	maturity	maturity	NOUN
fsr-3883	34	34	.	.	PUNCT
fsr-3883	35	1	therefore	therefore	ADV
fsr-3883	35	2	changes	change	NOUN
fsr-3883	35	3	in	in	ADP
fsr-3883	35	4	the	the	DET
fsr-3883	35	5	quantity	quantity	NOUN
fsr-3883	35	6	of	of	ADP
fsr-3883	35	7	investor	investor	NOUN
fsr-3883	35	8	funds	fund	NOUN
fsr-3883	35	9	pursuing	pursue	VERB
fsr-3883	35	10	municipal	municipal	ADJ
fsr-3883	35	11	bonds	bond	NOUN
fsr-3883	35	12	will	will	AUX
fsr-3883	35	13	influence	influence	VERB
fsr-3883	35	14	the	the	DET
fsr-3883	35	15	relative	relative	ADJ
fsr-3883	35	16	pricing	pricing	NOUN
fsr-3883	35	17	of	of	ADP
fsr-3883	35	18	municipal	municipal	ADJ
fsr-3883	35	19	bonds	bond	NOUN
fsr-3883	35	20	.	.	PUNCT
fsr-3883	36	1	rosenbloom	rosenbloom	NOUN
fsr-3883	36	2	(	(	PUNCT
fsr-3883	36	3	1976	1976	NUM
fsr-3883	36	4	)	)	PUNCT
fsr-3883	36	5	documented	document	VERB
fsr-3883	36	6	when	when	SCONJ
fsr-3883	36	7	insurance	insurance	NOUN
fsr-3883	36	8	company	company	NOUN
fsr-3883	36	9	demand	demand	NOUN
fsr-3883	36	10	for	for	ADP
fsr-3883	36	11	municipal	municipal	ADJ
fsr-3883	36	12	bonds	bond	NOUN
fsr-3883	36	13	declined	decline	VERB
fsr-3883	36	14	,	,	PUNCT
fsr-3883	36	15	municipal	municipal	ADJ
fsr-3883	36	16	yields	yield	NOUN
fsr-3883	36	17	rose	rise	VERB
fsr-3883	36	18	relative	relative	ADV
fsr-3883	36	19	to	to	ADP
fsr-3883	36	20	the	the	DET
fsr-3883	36	21	taxable	taxable	ADJ
fsr-3883	36	22	market	market	NOUN
fsr-3883	36	23	.	.	PUNCT
fsr-3883	37	1	rosenbloom	rosenbloom	NOUN
fsr-3883	37	2	(	(	PUNCT
fsr-3883	37	3	1976	1976	NUM
fsr-3883	37	4	)	)	PUNCT
fsr-3883	37	5	observed	observe	VERB
fsr-3883	37	6	that	that	SCONJ
fsr-3883	37	7	a	a	DET
fsr-3883	37	8	rise	rise	NOUN
fsr-3883	37	9	in	in	ADP
fsr-3883	37	10	the	the	DET
fsr-3883	37	11	ratio	ratio	NOUN
fsr-3883	37	12	of	of	ADP
fsr-3883	37	13	tax	tax	NOUN
fsr-3883	37	14	-	-	PUNCT
fsr-3883	37	15	exempt	exempt	ADJ
fsr-3883	37	16	to	to	ADP
fsr-3883	37	17	taxable	taxable	ADJ
fsr-3883	37	18	yields	yield	NOUN
fsr-3883	37	19	“	"	PUNCT
fsr-3883	37	20	.	.	PUNCT
fsr-3883	37	21	.	.	PUNCT
fsr-3883	38	1	.	.	PUNCT
fsr-3883	39	1	has	have	AUX
fsr-3883	39	2	been	be	AUX
fsr-3883	39	3	further	far	ADV
fsr-3883	39	4	aggravated	aggravate	VERB
fsr-3883	39	5	by	by	ADP
fsr-3883	39	6	a	a	DET
fsr-3883	39	7	decline	decline	NOUN
fsr-3883	39	8	in	in	ADP
fsr-3883	39	9	the	the	DET
fsr-3883	39	10	demand	demand	NOUN
fsr-3883	39	11	for	for	ADP
fsr-3883	39	12	municipals	municipal	NOUN
fsr-3883	39	13	by	by	ADP
fsr-3883	39	14	fire	fire	NOUN
fsr-3883	39	15	and	and	CCONJ
fsr-3883	39	16	casualty	casualty	NOUN
fsr-3883	39	17	insurance	insurance	NOUN
fsr-3883	39	18	companies	company	NOUN
fsr-3883	39	19	in	in	ADP
fsr-3883	39	20	the	the	DET
fsr-3883	39	21	first	first	ADJ
fsr-3883	39	22	quarter	quarter	NOUN
fsr-3883	39	23	of	of	ADP
fsr-3883	39	24	1975	1975	NUM
fsr-3883	39	25	,	,	PUNCT
fsr-3883	39	26	because	because	SCONJ
fsr-3883	39	27	of	of	ADP
fsr-3883	39	28	a	a	DET
fsr-3883	39	29	low	low	ADJ
fsr-3883	39	30	level	level	NOUN
fsr-3883	39	31	of	of	ADP
fsr-3883	39	32	industry	industry	NOUN
fsr-3883	39	33	profits	profit	NOUN
fsr-3883	39	34	.	.	PUNCT
fsr-3883	39	35	”	"	PUNCT
fsr-3883	40	1	prior	prior	ADV
fsr-3883	40	2	to	to	ADP
fsr-3883	40	3	the	the	DET
fsr-3883	40	4	1980s	1980	NOUN
fsr-3883	40	5	commercial	commercial	ADJ
fsr-3883	40	6	banks	bank	NOUN
fsr-3883	40	7	were	be	AUX
fsr-3883	40	8	dominant	dominant	ADJ
fsr-3883	40	9	holders	holder	NOUN
fsr-3883	40	10	of	of	ADP
fsr-3883	40	11	short	short	ADJ
fsr-3883	40	12	-	-	PUNCT
fsr-3883	40	13	term	term	NOUN
fsr-3883	40	14	debt	debt	NOUN
fsr-3883	40	15	and	and	CCONJ
fsr-3883	40	16	hence	hence	ADV
fsr-3883	40	17	the	the	DET
fsr-3883	40	18	ratio	ratio	NOUN
fsr-3883	40	19	of	of	ADP
fsr-3883	40	20	tax	tax	NOUN
fsr-3883	40	21	-	-	PUNCT
fsr-3883	40	22	exempt	exempt	ADJ
fsr-3883	40	23	to	to	ADP
fsr-3883	40	24	taxable	taxable	ADJ
fsr-3883	40	25	yield	yield	NOUN
fsr-3883	40	26	for	for	ADP
fsr-3883	40	27	the	the	DET
fsr-3883	40	28	shorter	short	ADJ
fsr-3883	40	29	maturities	maturity	NOUN
fsr-3883	40	30	was	be	AUX
fsr-3883	40	31	related	relate	VERB
fsr-3883	40	32	to	to	ADP
fsr-3883	40	33	the	the	DET
fsr-3883	40	34	corporate	corporate	ADJ
fsr-3883	40	35	tax	tax	NOUN
fsr-3883	40	36	rate	rate	NOUN
fsr-3883	40	37	.	.	PUNCT
fsr-3883	41	1	this	this	DET
fsr-3883	41	2	relationship	relationship	NOUN
fsr-3883	41	3	does	do	AUX
fsr-3883	41	4	not	not	PART
fsr-3883	41	5	hold	hold	VERB
fsr-3883	41	6	for	for	ADP
fsr-3883	41	7	longer	long	ADJ
fsr-3883	41	8	maturities	maturity	NOUN
fsr-3883	41	9	and	and	CCONJ
fsr-3883	41	10	some	some	PRON
fsr-3883	41	11	conclude	conclude	VERB
fsr-3883	41	12	other	other	ADJ
fsr-3883	41	13	investors	investor	NOUN
fsr-3883	41	14	must	must	AUX
fsr-3883	41	15	demand	demand	VERB
fsr-3883	41	16	those	those	DET
fsr-3883	41	17	municipal	municipal	ADJ
fsr-3883	41	18	bonds	bond	NOUN
fsr-3883	41	19	.	.	PUNCT
fsr-3883	42	1	poterba	poterba	NOUN
fsr-3883	42	2	(	(	PUNCT
fsr-3883	42	3	1986	1986	NUM
fsr-3883	42	4	)	)	PUNCT
fsr-3883	42	5	and	and	CCONJ
fsr-3883	42	6	metcalf	metcalf	PROPN
fsr-3883	42	7	(	(	PUNCT
fsr-3883	42	8	1992	1992	NUM
fsr-3883	42	9	)	)	PUNCT
fsr-3883	42	10	as	as	ADV
fsr-3883	42	11	well	well	ADV
fsr-3883	42	12	as	as	ADP
fsr-3883	42	13	others	other	NOUN
fsr-3883	42	14	found	find	VERB
fsr-3883	42	15	empirical	empirical	ADJ
fsr-3883	42	16	support	support	NOUN
fsr-3883	42	17	for	for	ADP
fsr-3883	42	18	the	the	DET
fsr-3883	42	19	yield	yield	NOUN
fsr-3883	42	20	ratio	ratio	NOUN
fsr-3883	42	21	being	be	AUX
fsr-3883	42	22	a	a	DET
fsr-3883	42	23	function	function	NOUN
fsr-3883	42	24	of	of	ADP
fsr-3883	42	25	the	the	DET
fsr-3883	42	26	corporate	corporate	ADJ
fsr-3883	42	27	tax	tax	NOUN
fsr-3883	42	28	rate	rate	NOUN
fsr-3883	42	29	.	.	PUNCT
fsr-3883	43	1	empirical	empirical	ADJ
fsr-3883	43	2	evidence	evidence	NOUN
fsr-3883	43	3	supporting	support	VERB
fsr-3883	43	4	the	the	DET
fsr-3883	43	5	strong	strong	ADJ
fsr-3883	43	6	preference	preference	NOUN
fsr-3883	43	7	of	of	ADP
fsr-3883	43	8	tax	tax	NOUN
fsr-3883	43	9	-	-	PUNCT
fsr-3883	43	10	exempt	exempt	ADJ
fsr-3883	43	11	issuers	issuer	NOUN
fsr-3883	43	12	for	for	ADP
fsr-3883	43	13	longermaturity	longermaturity	NOUN
fsr-3883	43	14	bonds	bond	NOUN
fsr-3883	43	15	is	be	AUX
fsr-3883	43	16	found	find	VERB
fsr-3883	43	17	in	in	ADP
fsr-3883	43	18	the	the	DET
fsr-3883	43	19	yield	yield	NOUN
fsr-3883	43	20	to	to	ADP
fsr-3883	43	21	maturities	maturity	NOUN
fsr-3883	43	22	of	of	ADP
fsr-3883	43	23	municipal	municipal	ADJ
fsr-3883	43	24	bonds	bond	NOUN
fsr-3883	43	25	when	when	SCONJ
fsr-3883	43	26	compared	compare	VERB
fsr-3883	43	27	to	to	ADP
fsr-3883	43	28	constant	constant	ADJ
fsr-3883	43	29	maturity	maturity	NOUN
fsr-3883	43	30	treasuries	treasury	NOUN
fsr-3883	43	31	of	of	ADP
fsr-3883	43	32	similar	similar	ADJ
fsr-3883	43	33	maturities	maturity	NOUN
fsr-3883	43	34	.	.	PUNCT
fsr-3883	44	1	recall	recall	VERB
fsr-3883	44	2	that	that	SCONJ
fsr-3883	44	3	the	the	DET
fsr-3883	44	4	tax	tax	NOUN
fsr-3883	44	5	-	-	PUNCT
fsr-3883	44	6	exempt	exempt	ADJ
fsr-3883	44	7	rate	rate	NOUN
fsr-3883	44	8	is	be	AUX
fsr-3883	44	9	technically	technically	ADV
fsr-3883	44	10	equal	equal	ADJ
fsr-3883	44	11	to	to	ADP
fsr-3883	44	12	the	the	DET
fsr-3883	44	13	taxable	taxable	ADJ
fsr-3883	44	14	rate	rate	NOUN
fsr-3883	44	15	times	time	NOUN
fsr-3883	44	16	one	one	NUM
fsr-3883	44	17	minus	minus	ADP
fsr-3883	44	18	the	the	DET
fsr-3883	44	19	tax	tax	NOUN
fsr-3883	44	20	rate	rate	NOUN
fsr-3883	44	21	.	.	PUNCT
fsr-3883	45	1	using	use	VERB
fsr-3883	45	2	the	the	DET
fsr-3883	45	3	yields	yield	NOUN
fsr-3883	45	4	on	on	ADP
fsr-3883	45	5	taxable	taxable	ADJ
fsr-3883	45	6	and	and	CCONJ
fsr-3883	45	7	tax	tax	NOUN
fsr-3883	45	8	-	-	PUNCT
fsr-3883	45	9	exempt	exempt	ADJ
fsr-3883	45	10	bonds	bond	NOUN
fsr-3883	45	11	,	,	PUNCT
fsr-3883	45	12	we	we	PRON
fsr-3883	45	13	can	can	AUX
fsr-3883	45	14	compute	compute	VERB
fsr-3883	45	15	the	the	DET
fsr-3883	45	16	implied	imply	VERB
fsr-3883	45	17	tax	tax	NOUN
fsr-3883	45	18	rate	rate	NOUN
fsr-3883	45	19	with	with	ADP
fsr-3883	45	20	the	the	DET
fsr-3883	45	21	well	well	ADV
fsr-3883	45	22	-	-	PUNCT
fsr-3883	45	23	known	know	VERB
fsr-3883	45	24	relationship	relationship	NOUN
fsr-3883	45	25	yte	yte	PROPN
fsr-3883	45	26	5	5	NUM
fsr-3883	45	27	(	(	PUNCT
fsr-3883	45	28	1	1	NUM
fsr-3883	45	29	2	2	NUM
fsr-3883	45	30	t	t	NOUN
fsr-3883	45	31	)	)	PUNCT
fsr-3883	45	32	yt	yt	NOUN
fsr-3883	45	33	where	where	SCONJ
fsr-3883	45	34	yt	yt	PROPN
fsr-3883	45	35	is	be	AUX
fsr-3883	45	36	the	the	DET
fsr-3883	45	37	yield	yield	NOUN
fsr-3883	45	38	on	on	ADP
fsr-3883	45	39	the	the	DET
fsr-3883	45	40	taxable	taxable	ADJ
fsr-3883	45	41	rate	rate	NOUN
fsr-3883	45	42	,	,	PUNCT
fsr-3883	45	43	yte	yte	PROPN
fsr-3883	45	44	is	be	AUX
fsr-3883	45	45	the	the	DET
fsr-3883	45	46	yield	yield	NOUN
fsr-3883	45	47	on	on	ADP
fsr-3883	45	48	the	the	DET
fsr-3883	45	49	tax	tax	NOUN
fsr-3883	45	50	-	-	PUNCT
fsr-3883	45	51	exempt	exempt	ADJ
fsr-3883	45	52	rate	rate	NOUN
fsr-3883	45	53	,	,	PUNCT
fsr-3883	45	54	and	and	CCONJ
fsr-3883	45	55	t	t	PROPN
fsr-3883	45	56	is	be	AUX
fsr-3883	45	57	the	the	DET
fsr-3883	45	58	implied	imply	VERB
fsr-3883	45	59	tax	tax	NOUN
fsr-3883	45	60	rate	rate	NOUN
fsr-3883	45	61	.	.	PUNCT
fsr-3883	46	1	in	in	ADP
fsr-3883	46	2	this	this	DET
fsr-3883	46	3	case	case	NOUN
fsr-3883	46	4	,	,	PUNCT
fsr-3883	46	5	we	we	PRON
fsr-3883	46	6	solve	solve	VERB
fsr-3883	46	7	for	for	ADP
fsr-3883	46	8	the	the	DET
fsr-3883	46	9	tax	tax	NOUN
fsr-3883	46	10	rate	rate	NOUN
fsr-3883	46	11	.	.	PUNCT
fsr-3883	47	1	the	the	DET
fsr-3883	47	2	implied	imply	VERB
fsr-3883	47	3	marginal	marginal	ADJ
fsr-3883	47	4	tax	tax	NOUN
fsr-3883	47	5	rate	rate	NOUN
fsr-3883	47	6	(	(	PUNCT
fsr-3883	47	7	imtrt	imtrt	ADJ
fsr-3883	47	8	)	)	PUNCT
fsr-3883	47	9	from	from	ADP
fsr-3883	47	10	these	these	DET
fsr-3883	47	11	two	two	NUM
fsr-3883	47	12	interest	interest	NOUN
fsr-3883	47	13	rates	rate	NOUN
fsr-3883	47	14	is	be	AUX
fsr-3883	47	15	:	:	PUNCT
fsr-3883	47	16	imtrt	imtrt	VERB
fsr-3883	47	17	5	5	NUM
fsr-3883	47	18	1.02	1.02	NUM
fsr-3883	47	19	yte	yte	PROPN
fsr-3883	47	20	,	,	PUNCT
fsr-3883	47	21	t	t	PROPN
fsr-3883	47	22	yt	yt	PROPN
fsr-3883	47	23	,	,	PUNCT
fsr-3883	47	24	t	t	PROPN
fsr-3883	47	25	(	(	PUNCT
fsr-3883	47	26	1	1	NUM
fsr-3883	47	27	)	)	PUNCT
fsr-3883	47	28	where	where	SCONJ
fsr-3883	47	29	the	the	DET
fsr-3883	47	30	subscript	subscript	NOUN
fsr-3883	47	31	t	t	PROPN
fsr-3883	47	32	denotes	denote	VERB
fsr-3883	47	33	a	a	DET
fsr-3883	47	34	point	point	NOUN
fsr-3883	47	35	in	in	ADP
fsr-3883	47	36	calendar	calendar	NOUN
fsr-3883	47	37	time	time	NOUN
fsr-3883	47	38	.	.	PUNCT
fsr-3883	48	1	1.2	1.2	NUM
fsr-3883	48	2	.	.	PUNCT
fsr-3883	49	1	the	the	DET
fsr-3883	49	2	role	role	NOUN
fsr-3883	49	3	of	of	ADP
fsr-3883	49	4	taxes	taxis	NOUN
fsr-3883	49	5	if	if	SCONJ
fsr-3883	49	6	the	the	DET
fsr-3883	49	7	tax	tax	NOUN
fsr-3883	49	8	-	-	PUNCT
fsr-3883	49	9	exempt	exempt	ADJ
fsr-3883	49	10	yield	yield	NOUN
fsr-3883	49	11	curve	curve	NOUN
fsr-3883	49	12	is	be	AUX
fsr-3883	49	13	steeper	steep	ADJ
fsr-3883	49	14	than	than	ADP
fsr-3883	49	15	the	the	DET
fsr-3883	49	16	taxable	taxable	ADJ
fsr-3883	49	17	yield	yield	NOUN
fsr-3883	49	18	curve	curve	NOUN
fsr-3883	49	19	,	,	PUNCT
fsr-3883	49	20	then	then	ADV
fsr-3883	49	21	the	the	DET
fsr-3883	49	22	implied	imply	VERB
fsr-3883	49	23	tax	tax	NOUN
fsr-3883	49	24	rate	rate	NOUN
fsr-3883	49	25	will	will	AUX
fsr-3883	49	26	be	be	AUX
fsr-3883	49	27	lower	low	ADJ
fsr-3883	49	28	for	for	ADP
fsr-3883	49	29	longer	long	ADJ
fsr-3883	49	30	maturities	maturity	NOUN
fsr-3883	49	31	.	.	PUNCT
fsr-3883	50	1	fig	fig	NOUN
fsr-3883	50	2	.	.	PUNCT
fsr-3883	51	1	2	2	NUM
fsr-3883	51	2	provides	provide	VERB
fsr-3883	51	3	an	an	DET
fsr-3883	51	4	illustration	illustration	NOUN
fsr-3883	51	5	of	of	ADP
fsr-3883	51	6	the	the	DET
fsr-3883	51	7	historical	historical	ADJ
fsr-3883	51	8	pattern	pattern	NOUN
fsr-3883	51	9	of	of	ADP
fsr-3883	51	10	implied	imply	VERB
fsr-3883	51	11	marginal	marginal	ADJ
fsr-3883	51	12	tax	tax	NOUN
fsr-3883	51	13	rates	rate	NOUN
fsr-3883	51	14	by	by	ADP
fsr-3883	51	15	bond	bond	NOUN
fsr-3883	51	16	maturity	maturity	NOUN
fsr-3883	51	17	.	.	PUNCT
fsr-3883	52	1	the	the	DET
fsr-3883	52	2	taxable	taxable	ADJ
fsr-3883	52	3	rate	rate	NOUN
fsr-3883	52	4	is	be	AUX
fsr-3883	52	5	based	base	VERB
fsr-3883	52	6	on	on	ADP
fsr-3883	52	7	u.s	u.s	PROPN
fsr-3883	52	8	.	.	PROPN
fsr-3883	52	9	treasuries	treasury	NOUN
fsr-3883	52	10	and	and	CCONJ
fsr-3883	52	11	the	the	DET
fsr-3883	52	12	tax	tax	NOUN
fsr-3883	52	13	-	-	PUNCT
fsr-3883	52	14	exempt	exempt	ADJ
fsr-3883	52	15	rate	rate	NOUN
fsr-3883	52	16	is	be	AUX
fsr-3883	52	17	based	base	VERB
fsr-3883	52	18	on	on	ADP
fsr-3883	52	19	aaa	aaa	NOUN
fsr-3883	52	20	credit	credit	NOUN
fsr-3883	52	21	,	,	PUNCT
fsr-3883	52	22	general	general	ADJ
fsr-3883	52	23	obligation	obligation	NOUN
fsr-3883	52	24	municipal	municipal	ADJ
fsr-3883	52	25	bonds	bond	NOUN
fsr-3883	52	26	.	.	PUNCT
fsr-3883	53	1	notice	notice	NOUN
fsr-3883	53	2	73r	73r	NOUN
fsr-3883	53	3	.	.	PUNCT
fsr-3883	54	1	brooks	brooks	PROPN
fsr-3883	54	2	/	/	SYM
fsr-3883	54	3	financial	financial	ADJ
fsr-3883	54	4	services	service	NOUN
fsr-3883	54	5	review	review	VERB
fsr-3883	54	6	8	8	NUM
fsr-3883	54	7	(	(	PUNCT
fsr-3883	54	8	1999	1999	NUM
fsr-3883	54	9	)	)	PUNCT
fsr-3883	54	10	71–85	71–85	NUM
fsr-3883	54	11	that	that	PRON
fsr-3883	54	12	the	the	DET
fsr-3883	54	13	average	average	ADJ
fsr-3883	54	14	implied	imply	VERB
fsr-3883	54	15	tax	tax	NOUN
fsr-3883	54	16	rate	rate	NOUN
fsr-3883	54	17	was	be	AUX
fsr-3883	54	18	almost	almost	ADV
fsr-3883	54	19	always	always	ADV
fsr-3883	54	20	lower	low	ADJ
fsr-3883	54	21	for	for	ADP
fsr-3883	54	22	longer	long	ADJ
fsr-3883	54	23	maturity	maturity	NOUN
fsr-3883	54	24	bonds	bond	NOUN
fsr-3883	54	25	.	.	PUNCT
fsr-3883	55	1	hence	hence	ADV
fsr-3883	55	2	the	the	DET
fsr-3883	55	3	tax	tax	NOUN
fsr-3883	55	4	-	-	PUNCT
fsr-3883	55	5	exempt	exempt	ADJ
fsr-3883	55	6	yield	yield	NOUN
fsr-3883	55	7	curve	curve	NOUN
fsr-3883	55	8	is	be	AUX
fsr-3883	55	9	almost	almost	ADV
fsr-3883	55	10	always	always	ADV
fsr-3883	55	11	steeper	steep	ADJ
fsr-3883	55	12	.	.	PUNCT
fsr-3883	56	1	fig	fig	NOUN
fsr-3883	56	2	.	.	PUNCT
fsr-3883	57	1	2	2	NUM
fsr-3883	57	2	suggests	suggest	VERB
fsr-3883	57	3	that	that	SCONJ
fsr-3883	57	4	longer	long	ADJ
fsr-3883	57	5	maturity	maturity	NOUN
fsr-3883	57	6	municipal	municipal	ADJ
fsr-3883	57	7	bonds	bond	NOUN
fsr-3883	57	8	offer	offer	VERB
fsr-3883	57	9	relatively	relatively	ADV
fsr-3883	57	10	higher	high	ADJ
fsr-3883	57	11	yields	yield	NOUN
fsr-3883	57	12	.	.	PUNCT
fsr-3883	58	1	therefore	therefore	ADV
fsr-3883	58	2	in	in	ADP
fsr-3883	58	3	a	a	DET
fsr-3883	58	4	bond	bond	NOUN
fsr-3883	58	5	portfolio	portfolio	NOUN
fsr-3883	58	6	,	,	PUNCT
fsr-3883	58	7	perhaps	perhaps	ADV
fsr-3883	58	8	longer	long	ADJ
fsr-3883	58	9	maturity	maturity	NOUN
fsr-3883	58	10	bonds	bond	NOUN
fsr-3883	58	11	should	should	AUX
fsr-3883	58	12	be	be	AUX
fsr-3883	58	13	tax	tax	NOUN
fsr-3883	58	14	exempt	exempt	ADJ
fsr-3883	58	15	and	and	CCONJ
fsr-3883	58	16	shorter	short	ADJ
fsr-3883	58	17	maturity	maturity	NOUN
fsr-3883	58	18	bonds	bond	NOUN
fsr-3883	58	19	should	should	AUX
fsr-3883	58	20	be	be	AUX
fsr-3883	58	21	taxable	taxable	ADJ
fsr-3883	58	22	.	.	PUNCT
fsr-3883	59	1	this	this	DET
fsr-3883	59	2	relationship	relationship	NOUN
fsr-3883	59	3	has	have	AUX
fsr-3883	59	4	been	be	AUX
fsr-3883	59	5	studied	study	VERB
fsr-3883	59	6	for	for	ADP
fsr-3883	59	7	decades	decade	NOUN
fsr-3883	59	8	,	,	PUNCT
fsr-3883	59	9	for	for	ADP
fsr-3883	59	10	example	example	NOUN
fsr-3883	59	11	,	,	PUNCT
fsr-3883	59	12	yawitz	yawitz	NOUN
fsr-3883	59	13	(	(	PUNCT
fsr-3883	59	14	1978	1978	NUM
fsr-3883	59	15	)	)	PUNCT
fsr-3883	59	16	studied	study	VERB
fsr-3883	59	17	this	this	DET
fsr-3883	59	18	relationship	relationship	NOUN
fsr-3883	59	19	in	in	ADP
fsr-3883	59	20	detail	detail	NOUN
fsr-3883	59	21	over	over	ADP
fsr-3883	59	22	20	20	NUM
fsr-3883	59	23	years	year	NOUN
fsr-3883	59	24	ago	ago	ADV
fsr-3883	59	25	.	.	PUNCT
fsr-3883	60	1	green	green	PROPN
fsr-3883	60	2	(	(	PUNCT
fsr-3883	60	3	1993	1993	NUM
fsr-3883	60	4	)	)	PUNCT
fsr-3883	60	5	presented	present	VERB
fsr-3883	60	6	a	a	DET
fsr-3883	60	7	model	model	NOUN
fsr-3883	60	8	for	for	ADP
fsr-3883	60	9	the	the	DET
fsr-3883	60	10	relationship	relationship	NOUN
fsr-3883	60	11	between	between	ADP
fsr-3883	60	12	the	the	DET
fsr-3883	60	13	taxable	taxable	ADJ
fsr-3883	60	14	and	and	CCONJ
fsr-3883	60	15	tax	tax	NOUN
fsr-3883	60	16	-	-	PUNCT
fsr-3883	60	17	exempt	exempt	ADJ
fsr-3883	60	18	markets	market	NOUN
fsr-3883	60	19	based	base	VERB
fsr-3883	60	20	on	on	ADP
fsr-3883	60	21	arbitrage	arbitrage	NOUN
fsr-3883	60	22	activities	activity	NOUN
fsr-3883	60	23	within	within	ADP
fsr-3883	60	24	the	the	DET
fsr-3883	60	25	taxable	taxable	ADJ
fsr-3883	60	26	bond	bond	NOUN
fsr-3883	60	27	market	market	NOUN
fsr-3883	60	28	.	.	PUNCT
fsr-3883	61	1	he	he	PRON
fsr-3883	61	2	asserts	assert	VERB
fsr-3883	61	3	that	that	SCONJ
fsr-3883	61	4	taxable	taxable	ADJ
fsr-3883	61	5	investors	investor	NOUN
fsr-3883	61	6	can	can	AUX
fsr-3883	61	7	synthetically	synthetically	ADV
fsr-3883	61	8	create	create	VERB
fsr-3883	61	9	zero	zero	NUM
fsr-3883	61	10	coupon	coupon	NOUN
fsr-3883	61	11	bonds	bond	NOUN
fsr-3883	61	12	that	that	PRON
fsr-3883	61	13	result	result	VERB
fsr-3883	61	14	in	in	ADP
fsr-3883	61	15	no	no	DET
fsr-3883	61	16	tax	tax	NOUN
fsr-3883	61	17	liability	liability	NOUN
fsr-3883	61	18	until	until	ADP
fsr-3883	61	19	expiration	expiration	NOUN
fsr-3883	61	20	,	,	PUNCT
fsr-3883	61	21	at	at	ADP
fsr-3883	61	22	which	which	DET
fsr-3883	61	23	time	time	NOUN
fsr-3883	61	24	there	there	PRON
fsr-3883	61	25	is	be	VERB
fsr-3883	61	26	a	a	DET
fsr-3883	61	27	taxable	taxable	ADJ
fsr-3883	61	28	capital	capital	NOUN
fsr-3883	61	29	gain	gain	NOUN
fsr-3883	61	30	.	.	PUNCT
fsr-3883	62	1	this	this	DET
fsr-3883	62	2	arbitrage	arbitrage	NOUN
fsr-3883	62	3	activity	activity	NOUN
fsr-3883	62	4	will	will	AUX
fsr-3883	62	5	influence	influence	VERB
fsr-3883	62	6	the	the	DET
fsr-3883	62	7	appropriate	appropriate	ADJ
fsr-3883	62	8	tax	tax	NOUN
fsr-3883	62	9	-	-	PUNCT
fsr-3883	62	10	exempt	exempt	ADJ
fsr-3883	62	11	yield	yield	NOUN
fsr-3883	62	12	and	and	CCONJ
fsr-3883	62	13	hence	hence	ADV
fsr-3883	62	14	the	the	DET
fsr-3883	62	15	tax	tax	NOUN
fsr-3883	62	16	-	-	PUNCT
fsr-3883	62	17	exempt	exempt	ADJ
fsr-3883	62	18	to	to	ADP
fsr-3883	62	19	taxable	taxable	ADJ
fsr-3883	62	20	yields	yield	NOUN
fsr-3883	62	21	ratio	ratio	NOUN
fsr-3883	62	22	.	.	PUNCT
fsr-3883	63	1	empirical	empirical	ADJ
fsr-3883	63	2	evidence	evidence	NOUN
fsr-3883	63	3	in	in	ADP
fsr-3883	63	4	green	green	ADJ
fsr-3883	63	5	(	(	PUNCT
fsr-3883	63	6	1993	1993	NUM
fsr-3883	63	7	)	)	PUNCT
fsr-3883	63	8	and	and	CCONJ
fsr-3883	63	9	chalmers	chalmer	NOUN
fsr-3883	63	10	(	(	PUNCT
fsr-3883	63	11	1998	1998	NUM
fsr-3883	63	12	)	)	PUNCT
fsr-3883	63	13	found	find	VERB
fsr-3883	63	14	that	that	SCONJ
fsr-3883	63	15	green	green	PROPN
fsr-3883	63	16	’s	’s	PART
fsr-3883	63	17	model	model	NOUN
fsr-3883	63	18	is	be	AUX
fsr-3883	63	19	not	not	PART
fsr-3883	63	20	rejected	reject	VERB
fsr-3883	63	21	.	.	PUNCT
fsr-3883	64	1	based	base	VERB
fsr-3883	64	2	on	on	ADP
fsr-3883	64	3	continuous	continuous	ADJ
fsr-3883	64	4	compounding	compounding	NOUN
fsr-3883	64	5	and	and	CCONJ
fsr-3883	64	6	$	$	SYM
fsr-3883	64	7	1	1	NUM
fsr-3883	64	8	par	par	NOUN
fsr-3883	64	9	,	,	PUNCT
fsr-3883	64	10	the	the	DET
fsr-3883	64	11	present	present	ADJ
fsr-3883	64	12	value	value	NOUN
fsr-3883	64	13	based	base	VERB
fsr-3883	64	14	on	on	ADP
fsr-3883	64	15	the	the	DET
fsr-3883	64	16	tax	tax	NOUN
fsr-3883	64	17	-	-	PUNCT
fsr-3883	64	18	exempt	exempt	ADJ
fsr-3883	64	19	rate	rate	NOUN
fsr-3883	64	20	(	(	PUNCT
fsr-3883	64	21	pte	pte	NOUN
fsr-3883	64	22	)	)	PUNCT
fsr-3883	64	23	can	can	AUX
fsr-3883	64	24	be	be	AUX
fsr-3883	64	25	expressed	express	VERB
fsr-3883	64	26	as	as	ADP
fsr-3883	64	27	:	:	PUNCT
fsr-3883	64	28	pte	pte	VERB
fsr-3883	64	29	5	5	NUM
fsr-3883	64	30	$	$	SYM
fsr-3883	64	31	1e2ytet	1e2ytet	NOUN
fsr-3883	64	32	(	(	PUNCT
fsr-3883	64	33	2	2	NUM
fsr-3883	64	34	)	)	PUNCT
fsr-3883	64	35	where	where	SCONJ
fsr-3883	64	36	t	t	PROPN
fsr-3883	64	37	denotes	denote	VERB
fsr-3883	64	38	time	time	NOUN
fsr-3883	64	39	to	to	ADP
fsr-3883	64	40	maturity	maturity	NOUN
fsr-3883	64	41	in	in	ADP
fsr-3883	64	42	years	year	NOUN
fsr-3883	64	43	and	and	CCONJ
fsr-3883	64	44	yte	yte	PROPN
fsr-3883	64	45	is	be	AUX
fsr-3883	64	46	the	the	DET
fsr-3883	64	47	tax	tax	NOUN
fsr-3883	64	48	-	-	PUNCT
fsr-3883	64	49	exempt	exempt	ADJ
fsr-3883	64	50	yield	yield	NOUN
fsr-3883	64	51	to	to	ADP
fsr-3883	64	52	maturity	maturity	NOUN
fsr-3883	64	53	.	.	PUNCT
fsr-3883	65	1	the	the	DET
fsr-3883	65	2	present	present	ADJ
fsr-3883	65	3	value	value	NOUN
fsr-3883	65	4	based	base	VERB
fsr-3883	65	5	on	on	ADP
fsr-3883	65	6	the	the	DET
fsr-3883	65	7	taxable	taxable	ADJ
fsr-3883	65	8	rate	rate	NOUN
fsr-3883	65	9	can	can	AUX
fsr-3883	65	10	be	be	AUX
fsr-3883	65	11	expressed	express	VERB
fsr-3883	65	12	two	two	NUM
fsr-3883	65	13	ways	way	NOUN
fsr-3883	65	14	as	as	ADP
fsr-3883	65	15	:	:	PUNCT
fsr-3883	65	16	pt	pt	X
fsr-3883	65	17	5	5	NUM
fsr-3883	65	18	$	$	SYM
fsr-3883	65	19	1e2ytt	1e2ytt	NUM
fsr-3883	65	20	5	5	NUM
fsr-3883	65	21	@$1	@$1	PROPN
fsr-3883	65	22	2	2	NUM
fsr-3883	65	23	t~$1	t~$1	NOUN
fsr-3883	65	24	2	2	NUM
fsr-3883	65	25	pt!#e2ytet	pt!#e2ytet	NOUN
fsr-3883	65	26	(	(	PUNCT
fsr-3883	65	27	3	3	NUM
fsr-3883	65	28	)	)	PUNCT
fsr-3883	65	29	where	where	SCONJ
fsr-3883	65	30	the	the	DET
fsr-3883	65	31	second	second	ADJ
fsr-3883	65	32	expression	expression	NOUN
fsr-3883	65	33	is	be	AUX
fsr-3883	65	34	the	the	DET
fsr-3883	65	35	after	after	ADP
fsr-3883	65	36	-	-	PUNCT
fsr-3883	65	37	tax	tax	NOUN
fsr-3883	65	38	cash	cash	NOUN
fsr-3883	65	39	flow	flow	NOUN
fsr-3883	65	40	discounted	discount	VERB
fsr-3883	65	41	at	at	ADP
fsr-3883	65	42	the	the	DET
fsr-3883	65	43	tax	tax	NOUN
fsr-3883	65	44	-	-	PUNCT
fsr-3883	65	45	exempt	exempt	ADJ
fsr-3883	65	46	rate	rate	NOUN
fsr-3883	65	47	.	.	PUNCT
fsr-3883	66	1	the	the	DET
fsr-3883	66	2	implied	imply	VERB
fsr-3883	66	3	marginal	marginal	ADJ
fsr-3883	66	4	tax	tax	NOUN
fsr-3883	66	5	rate	rate	NOUN
fsr-3883	66	6	is	be	AUX
fsr-3883	66	7	given	give	VERB
fsr-3883	66	8	in	in	ADP
fsr-3883	66	9	equation	equation	NOUN
fsr-3883	66	10	(	(	PUNCT
fsr-3883	66	11	1	1	NUM
fsr-3883	66	12	)	)	PUNCT
fsr-3883	66	13	,	,	PUNCT
fsr-3883	66	14	and	and	CCONJ
fsr-3883	66	15	substituting	substitute	VERB
fsr-3883	66	16	eq	eq	ADP
fsr-3883	66	17	.	.	PUNCT
fsr-3883	67	1	(	(	PUNCT
fsr-3883	67	2	1	1	X
fsr-3883	67	3	)	)	PUNCT
fsr-3883	67	4	into	into	ADP
fsr-3883	67	5	eq	eq	NOUN
fsr-3883	67	6	.	.	PUNCT
fsr-3883	68	1	(	(	PUNCT
fsr-3883	68	2	3	3	NUM
fsr-3883	68	3	)	)	PUNCT
fsr-3883	68	4	and	and	CCONJ
fsr-3883	68	5	solving	solve	VERB
fsr-3883	68	6	for	for	ADP
fsr-3883	68	7	the	the	DET
fsr-3883	68	8	implied	imply	VERB
fsr-3883	68	9	marginal	marginal	ADJ
fsr-3883	68	10	tax	tax	NOUN
fsr-3883	68	11	rate	rate	NOUN
fsr-3883	68	12	,	,	PUNCT
fsr-3883	68	13	we	we	PRON
fsr-3883	68	14	have	have	VERB
fsr-3883	68	15	:	:	PUNCT
fsr-3883	68	16	fig	fig	NOUN
fsr-3883	68	17	.	.	PUNCT
fsr-3883	69	1	2	2	X
fsr-3883	69	2	.	.	NUM
fsr-3883	69	3	implied	imply	VERB
fsr-3883	69	4	marginal	marginal	ADJ
fsr-3883	69	5	tax	tax	NOUN
fsr-3883	69	6	rate	rate	NOUN
fsr-3883	69	7	by	by	ADP
fsr-3883	69	8	maturity	maturity	NOUN
fsr-3883	69	9	74	74	NUM
fsr-3883	69	10	r.	r.	PROPN
fsr-3883	69	11	brooks	brooks	PROPN
fsr-3883	69	12	/	/	SYM
fsr-3883	69	13	financial	financial	ADJ
fsr-3883	69	14	services	service	NOUN
fsr-3883	69	15	review	review	VERB
fsr-3883	69	16	8	8	NUM
fsr-3883	69	17	(	(	PUNCT
fsr-3883	69	18	1999	1999	NUM
fsr-3883	69	19	)	)	PUNCT
fsr-3883	69	20	71–85	71–85	NUM
fsr-3883	69	21	imtrt	imtrt	VERB
fsr-3883	69	22	5	5	NUM
fsr-3883	69	23	2	2	NUM
fsr-3883	69	24	ln@$1	ln@$1	NUM
fsr-3883	69	25	2	2	NUM
fsr-3883	69	26	t~$1	t~$1	NOUN
fsr-3883	69	27	2	2	NUM
fsr-3883	69	28	e2ytt	e2ytt	ADJ
fsr-3883	69	29	!	!	PUNCT
fsr-3883	70	1	#	#	NOUN
fsr-3883	70	2	ytt	ytt	NOUN
fsr-3883	70	3	(	(	PUNCT
fsr-3883	70	4	4	4	X
fsr-3883	70	5	)	)	PUNCT
fsr-3883	70	6	assuming	assume	VERB
fsr-3883	70	7	a	a	DET
fsr-3883	70	8	constant	constant	ADJ
fsr-3883	70	9	tax	tax	NOUN
fsr-3883	70	10	rate	rate	NOUN
fsr-3883	70	11	(	(	PUNCT
fsr-3883	70	12	t	t	PROPN
fsr-3883	70	13	)	)	PUNCT
fsr-3883	70	14	,	,	PUNCT
fsr-3883	70	15	the	the	DET
fsr-3883	70	16	imtrt	imtrt	ADJ
fsr-3883	70	17	declines	decline	NOUN
fsr-3883	70	18	as	as	SCONJ
fsr-3883	70	19	the	the	DET
fsr-3883	70	20	maturity	maturity	NOUN
fsr-3883	70	21	is	be	AUX
fsr-3883	70	22	increased	increase	VERB
fsr-3883	70	23	.	.	PUNCT
fsr-3883	71	1	the	the	DET
fsr-3883	71	2	ability	ability	NOUN
fsr-3883	71	3	to	to	PART
fsr-3883	71	4	defer	defer	VERB
fsr-3883	71	5	taxes	taxis	NOUN
fsr-3883	71	6	has	have	VERB
fsr-3883	71	7	the	the	DET
fsr-3883	71	8	effect	effect	NOUN
fsr-3883	71	9	of	of	ADP
fsr-3883	71	10	lowering	lower	VERB
fsr-3883	71	11	the	the	DET
fsr-3883	71	12	implied	imply	VERB
fsr-3883	71	13	marginal	marginal	ADJ
fsr-3883	71	14	tax	tax	NOUN
fsr-3883	71	15	rate	rate	NOUN
fsr-3883	71	16	.	.	PUNCT
fsr-3883	72	1	table	table	NOUN
fsr-3883	72	2	1	1	NUM
fsr-3883	72	3	illustrates	illustrate	VERB
fsr-3883	72	4	the	the	DET
fsr-3883	72	5	influence	influence	NOUN
fsr-3883	72	6	of	of	ADP
fsr-3883	72	7	tax	tax	NOUN
fsr-3883	72	8	deferral	deferral	NOUN
fsr-3883	72	9	on	on	ADP
fsr-3883	72	10	the	the	DET
fsr-3883	72	11	implied	imply	VERB
fsr-3883	72	12	marginal	marginal	ADJ
fsr-3883	72	13	tax	tax	NOUN
fsr-3883	72	14	rate	rate	NOUN
fsr-3883	72	15	given	give	VERB
fsr-3883	72	16	in	in	ADP
fsr-3883	72	17	eq	eq	ADP
fsr-3883	72	18	.	.	PUNCT
fsr-3883	73	1	(	(	PUNCT
fsr-3883	73	2	4	4	NUM
fsr-3883	73	3	)	)	PUNCT
fsr-3883	73	4	.	.	PUNCT
fsr-3883	74	1	we	we	PRON
fsr-3883	74	2	see	see	VERB
fsr-3883	74	3	that	that	SCONJ
fsr-3883	74	4	tax	tax	NOUN
fsr-3883	74	5	deferral	deferral	NOUN
fsr-3883	74	6	is	be	AUX
fsr-3883	74	7	equivalent	equivalent	ADJ
fsr-3883	74	8	to	to	ADP
fsr-3883	74	9	lowering	lower	VERB
fsr-3883	74	10	the	the	DET
fsr-3883	74	11	implied	imply	VERB
fsr-3883	74	12	marginal	marginal	ADJ
fsr-3883	74	13	tax	tax	NOUN
fsr-3883	74	14	rate	rate	NOUN
fsr-3883	74	15	.	.	PUNCT
fsr-3883	75	1	for	for	ADP
fsr-3883	75	2	example	example	NOUN
fsr-3883	75	3	,	,	PUNCT
fsr-3883	75	4	at	at	ADP
fsr-3883	75	5	a	a	DET
fsr-3883	75	6	10	10	NUM
fsr-3883	75	7	%	%	NOUN
fsr-3883	75	8	taxable	taxable	ADJ
fsr-3883	75	9	yield	yield	NOUN
fsr-3883	75	10	to	to	ADP
fsr-3883	75	11	maturity	maturity	NOUN
fsr-3883	75	12	and	and	CCONJ
fsr-3883	75	13	a	a	DET
fsr-3883	75	14	40	40	NUM
fsr-3883	75	15	%	%	NOUN
fsr-3883	75	16	tax	tax	NOUN
fsr-3883	75	17	bracket	bracket	NOUN
fsr-3883	75	18	,	,	PUNCT
fsr-3883	75	19	deferring	defer	VERB
fsr-3883	75	20	taxes	taxis	NOUN
fsr-3883	75	21	for	for	ADP
fsr-3883	75	22	10	10	NUM
fsr-3883	75	23	years	year	NOUN
fsr-3883	75	24	lowers	lower	VERB
fsr-3883	75	25	the	the	DET
fsr-3883	75	26	implied	imply	VERB
fsr-3883	75	27	tax	tax	NOUN
fsr-3883	75	28	bracket	bracket	NOUN
fsr-3883	75	29	to	to	ADP
fsr-3883	75	30	29.15	29.15	NUM
fsr-3883	75	31	%	%	NOUN
fsr-3883	75	32	.	.	PUNCT
fsr-3883	76	1	it	it	PRON
fsr-3883	76	2	remains	remain	VERB
fsr-3883	76	3	somewhat	somewhat	ADV
fsr-3883	76	4	unclear	unclear	ADJ
fsr-3883	76	5	how	how	SCONJ
fsr-3883	76	6	effectively	effectively	ADV
fsr-3883	76	7	high	high	ADJ
fsr-3883	76	8	tax	tax	NOUN
fsr-3883	76	9	entities	entity	NOUN
fsr-3883	76	10	can	can	AUX
fsr-3883	76	11	defer	defer	VERB
fsr-3883	76	12	taxes	taxis	NOUN
fsr-3883	76	13	on	on	ADP
fsr-3883	76	14	investments	investment	NOUN
fsr-3883	76	15	.	.	PUNCT
fsr-3883	77	1	however	however	ADV
fsr-3883	77	2	,	,	PUNCT
fsr-3883	77	3	the	the	DET
fsr-3883	77	4	ability	ability	NOUN
fsr-3883	77	5	to	to	PART
fsr-3883	77	6	defer	defer	VERB
fsr-3883	77	7	taxes	taxis	NOUN
fsr-3883	77	8	influences	influence	VERB
fsr-3883	77	9	the	the	DET
fsr-3883	77	10	implied	imply	VERB
fsr-3883	77	11	tax	tax	NOUN
fsr-3883	77	12	rate	rate	NOUN
fsr-3883	77	13	as	as	ADV
fsr-3883	77	14	well	well	ADV
fsr-3883	77	15	as	as	ADP
fsr-3883	77	16	the	the	DET
fsr-3883	77	17	relative	relative	ADJ
fsr-3883	77	18	attractiveness	attractiveness	NOUN
fsr-3883	77	19	of	of	ADP
fsr-3883	77	20	tax	tax	NOUN
fsr-3883	77	21	-	-	PUNCT
fsr-3883	77	22	exempt	exempt	ADJ
fsr-3883	77	23	bonds	bond	NOUN
fsr-3883	77	24	.	.	PUNCT
fsr-3883	78	1	1.3	1.3	NUM
fsr-3883	78	2	.	.	PUNCT
fsr-3883	79	1	short	short	ADJ
fsr-3883	79	2	maturity	maturity	NOUN
fsr-3883	79	3	municipal	municipal	ADJ
fsr-3883	79	4	market	market	NOUN
fsr-3883	79	5	we	we	PRON
fsr-3883	79	6	turn	turn	VERB
fsr-3883	79	7	now	now	ADV
fsr-3883	79	8	to	to	PART
fsr-3883	79	9	examine	examine	VERB
fsr-3883	79	10	the	the	DET
fsr-3883	79	11	short	short	ADJ
fsr-3883	79	12	maturity	maturity	NOUN
fsr-3883	79	13	municipal	municipal	ADJ
fsr-3883	79	14	market	market	NOUN
fsr-3883	79	15	.	.	PUNCT
fsr-3883	80	1	most	most	ADJ
fsr-3883	80	2	variable	variable	ADJ
fsr-3883	80	3	rate	rate	NOUN
fsr-3883	80	4	municipal	municipal	ADJ
fsr-3883	80	5	issues	issue	NOUN
fsr-3883	80	6	are	be	AUX
fsr-3883	80	7	aaa	aaa	NOUN
fsr-3883	80	8	insured	insured	ADJ
fsr-3883	80	9	making	make	VERB
fsr-3883	80	10	these	these	DET
fsr-3883	80	11	issues	issue	NOUN
fsr-3883	80	12	relatively	relatively	ADV
fsr-3883	80	13	homogeneous	homogeneous	ADJ
fsr-3883	80	14	.	.	PUNCT
fsr-3883	81	1	the	the	DET
fsr-3883	81	2	reference	reference	NOUN
fsr-3883	81	3	floating	float	VERB
fsr-3883	81	4	interest	interest	NOUN
fsr-3883	81	5	rate	rate	NOUN
fsr-3883	81	6	is	be	AUX
fsr-3883	81	7	called	call	VERB
fsr-3883	81	8	the	the	DET
fsr-3883	81	9	bma	bma	PROPN
fsr-3883	81	10	rate	rate	NOUN
fsr-3883	81	11	or	or	CCONJ
fsr-3883	81	12	technically	technically	ADV
fsr-3883	81	13	the	the	DET
fsr-3883	81	14	bma	bma	PROPN
fsr-3883	81	15	municipal	municipal	PROPN
fsr-3883	81	16	swap	swap	NOUN
fsr-3883	81	17	index	index	NOUN
fsr-3883	81	18	or	or	CCONJ
fsr-3883	81	19	the	the	DET
fsr-3883	81	20	bond	bond	NOUN
fsr-3883	81	21	market	market	NOUN
fsr-3883	81	22	association	association	PROPN
fsr-3883	81	23	municipal	municipal	PROPN
fsr-3883	81	24	swap	swap	NOUN
fsr-3883	81	25	index	index	NOUN
fsr-3883	81	26	.	.	PUNCT
fsr-3883	82	1	(	(	PUNCT
fsr-3883	82	2	on	on	ADP
fsr-3883	82	3	bloomberg	bloomberg	PROPN
fsr-3883	82	4	,	,	PUNCT
fsr-3883	82	5	for	for	ADP
fsr-3883	82	6	example	example	NOUN
fsr-3883	82	7	,	,	PUNCT
fsr-3883	82	8	type	type	NOUN
fsr-3883	82	9	munipsa	munipsa	NOUN
fsr-3883	82	10	)	)	PUNCT
fsr-3883	82	11	.	.	PUNCT
fsr-3883	83	1	the	the	DET
fsr-3883	83	2	bma	bma	PROPN
fsr-3883	83	3	rate	rate	NOUN
fsr-3883	83	4	(	(	PUNCT
fsr-3883	83	5	or	or	CCONJ
fsr-3883	83	6	bma	bma	PROPN
fsr-3883	83	7	index	index	NOUN
fsr-3883	83	8	)	)	PUNCT
fsr-3883	83	9	is	be	AUX
fsr-3883	83	10	an	an	DET
fsr-3883	83	11	index	index	NOUN
fsr-3883	83	12	of	of	ADP
fsr-3883	83	13	rates	rate	NOUN
fsr-3883	83	14	based	base	VERB
fsr-3883	83	15	on	on	ADP
fsr-3883	83	16	high	high	ADJ
fsr-3883	83	17	grade	grade	NOUN
fsr-3883	83	18	,	,	PUNCT
fsr-3883	83	19	7	7	NUM
fsr-3883	83	20	day	day	NOUN
fsr-3883	83	21	,	,	PUNCT
fsr-3883	83	22	tax	tax	NOUN
fsr-3883	83	23	exempt	exempt	ADJ
fsr-3883	83	24	,	,	PUNCT
fsr-3883	83	25	variable	variable	ADJ
fsr-3883	83	26	rate	rate	NOUN
fsr-3883	83	27	demand	demand	NOUN
fsr-3883	83	28	obligations	obligation	NOUN
fsr-3883	83	29	(	(	PUNCT
fsr-3883	83	30	vrdos	vrdo	NOUN
fsr-3883	83	31	)	)	PUNCT
fsr-3883	83	32	that	that	PRON
fsr-3883	83	33	is	be	AUX
fsr-3883	83	34	reset	reset	VERB
fsr-3883	83	35	each	each	DET
fsr-3883	83	36	wednesday	wednesday	PROPN
fsr-3883	83	37	.	.	PUNCT
fsr-3883	84	1	the	the	DET
fsr-3883	84	2	index	index	NOUN
fsr-3883	84	3	is	be	AUX
fsr-3883	84	4	constructed	construct	VERB
fsr-3883	84	5	by	by	ADP
fsr-3883	84	6	municipal	municipal	ADJ
fsr-3883	84	7	market	market	NOUN
fsr-3883	84	8	data	datum	NOUN
fsr-3883	84	9	,	,	PUNCT
fsr-3883	84	10	a	a	DET
fsr-3883	84	11	thomson	thomson	NOUN
fsr-3883	84	12	financial	financial	PROPN
fsr-3883	84	13	services	service	NOUN
fsr-3883	84	14	company	company	NOUN
fsr-3883	84	15	.	.	PUNCT
fsr-3883	85	1	for	for	SCONJ
fsr-3883	85	2	a	a	DET
fsr-3883	85	3	vrdo	vrdo	NOUN
fsr-3883	85	4	issue	issue	NOUN
fsr-3883	85	5	to	to	PART
fsr-3883	85	6	be	be	AUX
fsr-3883	85	7	considered	consider	VERB
fsr-3883	85	8	for	for	ADP
fsr-3883	85	9	the	the	DET
fsr-3883	85	10	index	index	NOUN
fsr-3883	85	11	,	,	PUNCT
fsr-3883	85	12	it	it	PRON
fsr-3883	85	13	must	must	AUX
fsr-3883	85	14	be	be	AUX
fsr-3883	85	15	weekly	weekly	ADJ
fsr-3883	85	16	reset	reset	NOUN
fsr-3883	85	17	effective	effective	ADJ
fsr-3883	85	18	on	on	ADP
fsr-3883	85	19	wednesday	wednesday	PROPN
fsr-3883	85	20	,	,	PUNCT
fsr-3883	85	21	not	not	PART
fsr-3883	85	22	subjected	subject	VERB
fsr-3883	85	23	to	to	ADP
fsr-3883	85	24	alternative	alternative	ADJ
fsr-3883	85	25	minimum	minimum	ADJ
fsr-3883	85	26	tax	tax	NOUN
fsr-3883	85	27	,	,	PUNCT
fsr-3883	85	28	have	have	VERB
fsr-3883	85	29	at	at	ADV
fsr-3883	85	30	least	least	ADV
fsr-3883	85	31	$	$	SYM
fsr-3883	85	32	10	10	NUM
fsr-3883	85	33	million	million	NUM
fsr-3883	85	34	outstanding	outstanding	ADJ
fsr-3883	85	35	,	,	PUNCT
fsr-3883	85	36	have	have	VERB
fsr-3883	85	37	the	the	DET
fsr-3883	85	38	highest	high	ADJ
fsr-3883	85	39	short	short	ADJ
fsr-3883	85	40	-	-	PUNCT
fsr-3883	85	41	term	term	NOUN
fsr-3883	85	42	rating	rating	NOUN
fsr-3883	85	43	(	(	PUNCT
fsr-3883	85	44	vmig1	vmig1	NOUN
fsr-3883	85	45	by	by	ADP
fsr-3883	85	46	moody	moody	PROPN
fsr-3883	85	47	’s	’s	PART
fsr-3883	85	48	or	or	CCONJ
fsr-3883	85	49	a-11	a-11	PROPN
fsr-3883	85	50	by	by	ADP
fsr-3883	85	51	s	s	PROPN
fsr-3883	85	52	&	&	CCONJ
fsr-3883	85	53	p500	p500	NUM
fsr-3883	85	54	)	)	PUNCT
fsr-3883	85	55	,	,	PUNCT
fsr-3883	85	56	pay	pay	VERB
fsr-3883	85	57	interest	interest	NOUN
fsr-3883	85	58	on	on	ADP
fsr-3883	85	59	a	a	DET
fsr-3883	85	60	monthly	monthly	ADJ
fsr-3883	85	61	basis	basis	NOUN
fsr-3883	85	62	,	,	PUNCT
fsr-3883	85	63	and	and	CCONJ
fsr-3883	85	64	be	be	AUX
fsr-3883	85	65	calculated	calculate	VERB
fsr-3883	85	66	on	on	ADP
fsr-3883	85	67	an	an	DET
fsr-3883	85	68	actual	actual	ADJ
fsr-3883	85	69	/	/	SYM
fsr-3883	85	70	actual	actual	ADJ
fsr-3883	85	71	day	day	NOUN
fsr-3883	85	72	count	count	NOUN
fsr-3883	85	73	basis	basis	NOUN
fsr-3883	85	74	.	.	PUNCT
fsr-3883	86	1	issues	issue	NOUN
fsr-3883	86	2	included	include	VERB
fsr-3883	86	3	in	in	ADP
fsr-3883	86	4	the	the	DET
fsr-3883	86	5	index	index	NOUN
fsr-3883	86	6	are	be	AUX
fsr-3883	86	7	screened	screen	VERB
fsr-3883	86	8	for	for	ADP
fsr-3883	86	9	outliers	outlier	NOUN
fsr-3883	86	10	and	and	CCONJ
fsr-3883	86	11	participating	participate	VERB
fsr-3883	86	12	remarketing	remarkete	VERB
fsr-3883	86	13	agents	agent	NOUN
fsr-3883	86	14	can	can	AUX
fsr-3883	86	15	not	not	PART
fsr-3883	86	16	represent	represent	VERB
fsr-3883	86	17	more	more	ADJ
fsr-3883	86	18	than	than	ADP
fsr-3883	86	19	15	15	NUM
fsr-3883	86	20	%	%	NOUN
fsr-3883	86	21	of	of	ADP
fsr-3883	86	22	the	the	DET
fsr-3883	86	23	index	index	NOUN
fsr-3883	86	24	.	.	PUNCT
fsr-3883	87	1	the	the	DET
fsr-3883	87	2	bma	bma	PROPN
fsr-3883	87	3	index	index	NOUN
fsr-3883	87	4	includes	include	VERB
fsr-3883	87	5	roughly	roughly	ADV
fsr-3883	87	6	250	250	NUM
fsr-3883	87	7	issues	issue	NOUN
fsr-3883	87	8	in	in	ADP
fsr-3883	87	9	any	any	DET
fsr-3883	87	10	given	give	VERB
fsr-3883	87	11	week	week	NOUN
fsr-3883	87	12	(	(	PUNCT
fsr-3883	87	13	www.bondmarkets.com	www.bondmarkets.com	NOUN
fsr-3883	87	14	)	)	PUNCT
fsr-3883	87	15	.	.	PUNCT
fsr-3883	88	1	fig	fig	NOUN
fsr-3883	88	2	.	.	PUNCT
fsr-3883	89	1	3	3	NUM
fsr-3883	89	2	provides	provide	VERB
fsr-3883	89	3	weekly	weekly	ADJ
fsr-3883	89	4	bma	bma	PROPN
fsr-3883	89	5	index	index	NOUN
fsr-3883	89	6	values	value	NOUN
fsr-3883	89	7	and	and	CCONJ
fsr-3883	89	8	3	3	NUM
fsr-3883	89	9	-	-	PUNCT
fsr-3883	89	10	month	month	NOUN
fsr-3883	89	11	libor	libor	PROPN
fsr-3883	89	12	table	table	NOUN
fsr-3883	89	13	1	1	NUM
fsr-3883	89	14	implied	imply	VERB
fsr-3883	89	15	marginal	marginal	ADJ
fsr-3883	89	16	tax	tax	NOUN
fsr-3883	89	17	rate	rate	NOUN
fsr-3883	89	18	based	base	VERB
fsr-3883	89	19	on	on	ADP
fsr-3883	89	20	tax	tax	NOUN
fsr-3883	89	21	deferral	deferral	ADJ
fsr-3883	89	22	and	and	CCONJ
fsr-3883	89	23	continuous	continuous	ADJ
fsr-3883	89	24	compoundinga	compoundinga	NOUN
fsr-3883	89	25	maturity	maturity	NOUN
fsr-3883	89	26	yt	yt	NOUN
fsr-3883	89	27	5	5	NUM
fsr-3883	89	28	5	5	NUM
fsr-3883	89	29	%	%	NOUN
fsr-3883	89	30	yt	yt	NOUN
fsr-3883	89	31	5	5	NUM
fsr-3883	89	32	10	10	NUM
fsr-3883	89	33	%	%	NOUN
fsr-3883	89	34	yt	yt	NOUN
fsr-3883	89	35	5	5	NUM
fsr-3883	89	36	15	15	NUM
fsr-3883	89	37	%	%	NOUN
fsr-3883	89	38	yt	yt	NOUN
fsr-3883	89	39	5	5	NUM
fsr-3883	89	40	20	20	NUM
fsr-3883	89	41	%	%	NOUN
fsr-3883	89	42	yt	yt	NOUN
fsr-3883	89	43	5	5	NUM
fsr-3883	89	44	25	25	NUM
fsr-3883	89	45	%	%	NOUN
fsr-3883	89	46	0	0	NUM
fsr-3883	89	47	40.00	40.00	NUM
fsr-3883	89	48	%	%	NOUN
fsr-3883	89	49	40.00	40.00	NUM
fsr-3883	89	50	%	%	NOUN
fsr-3883	89	51	40.00	40.00	NUM
fsr-3883	89	52	%	%	NOUN
fsr-3883	89	53	40.00	40.00	NUM
fsr-3883	89	54	%	%	NOUN
fsr-3883	89	55	40.00	40.00	NUM
fsr-3883	89	56	%	%	NOUN
fsr-3883	89	57	1	1	NUM
fsr-3883	89	58	39.40	39.40	NUM
fsr-3883	89	59	%	%	NOUN
fsr-3883	89	60	38.81	38.81	NUM
fsr-3883	89	61	%	%	NOUN
fsr-3883	89	62	38.22	38.22	NUM
fsr-3883	89	63	%	%	NOUN
fsr-3883	89	64	37.64	37.64	NUM
fsr-3883	89	65	%	%	NOUN
fsr-3883	89	66	37.06	37.06	NUM
fsr-3883	89	67	%	%	NOUN
fsr-3883	89	68	2	2	NUM
fsr-3883	89	69	38.81	38.81	NUM
fsr-3883	89	70	%	%	NOUN
fsr-3883	89	71	37.64	37.64	NUM
fsr-3883	89	72	%	%	NOUN
fsr-3883	89	73	36.48	36.48	NUM
fsr-3883	89	74	%	%	NOUN
fsr-3883	89	75	35.35	35.35	NUM
fsr-3883	89	76	%	%	NOUN
fsr-3883	89	77	34.25	34.25	NUM
fsr-3883	89	78	%	%	NOUN
fsr-3883	89	79	3	3	NUM
fsr-3883	89	80	38.22	38.22	NUM
fsr-3883	89	81	%	%	NOUN
fsr-3883	89	82	36.48	36.48	NUM
fsr-3883	89	83	%	%	NOUN
fsr-3883	89	84	34.80	34.80	NUM
fsr-3883	89	85	%	%	NOUN
fsr-3883	89	86	33.17	33.17	NUM
fsr-3883	89	87	%	%	NOUN
fsr-3883	89	88	31.61	31.61	NUM
fsr-3883	89	89	%	%	NOUN
fsr-3883	89	90	4	4	NUM
fsr-3883	89	91	37.64	37.64	NUM
fsr-3883	89	92	%	%	NOUN
fsr-3883	89	93	35.35	35.35	NUM
fsr-3883	89	94	%	%	NOUN
fsr-3883	89	95	33.17	33.17	NUM
fsr-3883	89	96	%	%	NOUN
fsr-3883	89	97	31.10	31.10	NUM
fsr-3883	89	98	%	%	NOUN
fsr-3883	89	99	29.15	29.15	NUM
fsr-3883	89	100	%	%	NOUN
fsr-3883	89	101	5	5	NUM
fsr-3883	89	102	37.06	37.06	NUM
fsr-3883	89	103	%	%	NOUN
fsr-3883	89	104	34.25	34.25	NUM
fsr-3883	89	105	%	%	NOUN
fsr-3883	89	106	31.61	31.61	NUM
fsr-3883	89	107	%	%	NOUN
fsr-3883	89	108	29.15	29.15	NUM
fsr-3883	89	109	%	%	NOUN
fsr-3883	89	110	26.88	26.88	NUM
fsr-3883	89	111	%	%	NOUN
fsr-3883	89	112	10	10	NUM
fsr-3883	89	113	34.25	34.25	NUM
fsr-3883	89	114	%	%	NOUN
fsr-3883	89	115	29.15	29.15	NUM
fsr-3883	89	116	%	%	NOUN
fsr-3883	89	117	24.81	24.81	NUM
fsr-3883	89	118	%	%	NOUN
fsr-3883	89	119	21.22	21.22	NUM
fsr-3883	89	120	%	%	NOUN
fsr-3883	89	121	18.30	18.30	NUM
fsr-3883	89	122	%	%	NOUN
fsr-3883	89	123	15	15	NUM
fsr-3883	89	124	31.61	31.61	NUM
fsr-3883	89	125	%	%	NOUN
fsr-3883	89	126	24.81	24.81	NUM
fsr-3883	89	127	%	%	NOUN
fsr-3883	89	128	19.69	19.69	NUM
fsr-3883	89	129	%	%	NOUN
fsr-3883	89	130	15.94	15.94	NUM
fsr-3883	89	131	%	%	NOUN
fsr-3883	89	132	13.21	13.21	NUM
fsr-3883	89	133	%	%	NOUN
fsr-3883	89	134	20	20	NUM
fsr-3883	89	135	29.15	29.15	NUM
fsr-3883	89	136	%	%	NOUN
fsr-3883	89	137	21.22	21.22	NUM
fsr-3883	89	138	%	%	NOUN
fsr-3883	89	139	15.94	15.94	NUM
fsr-3883	89	140	%	%	NOUN
fsr-3883	89	141	12.47	12.47	NUM
fsr-3883	89	142	%	%	NOUN
fsr-3883	89	143	10.13	10.13	NUM
fsr-3883	89	144	%	%	NOUN
fsr-3883	89	145	30	30	NUM
fsr-3883	89	146	24.81	24.81	NUM
fsr-3883	89	147	%	%	NOUN
fsr-3883	89	148	15.94	15.94	NUM
fsr-3883	89	149	%	%	NOUN
fsr-3883	89	150	11.19	11.19	NUM
fsr-3883	89	151	%	%	NOUN
fsr-3883	89	152	8.49	8.49	NUM
fsr-3883	89	153	%	%	NOUN
fsr-3883	89	154	6.81	6.81	NUM
fsr-3883	89	155	%	%	NOUN
fsr-3883	89	156	infinite	infinite	NOUN
fsr-3883	89	157	0.00	0.00	NUM
fsr-3883	89	158	%	%	NOUN
fsr-3883	89	159	0.00	0.00	NUM
fsr-3883	89	160	%	%	NOUN
fsr-3883	89	161	0.00	0.00	NUM
fsr-3883	89	162	%	%	NOUN
fsr-3883	89	163	0.00	0.00	NUM
fsr-3883	89	164	%	%	NOUN
fsr-3883	89	165	0.00	0.00	NUM
fsr-3883	89	166	%	%	NOUN
fsr-3883	89	167	a	a	PRON
fsr-3883	90	1	we	we	PRON
fsr-3883	90	2	assume	assume	VERB
fsr-3883	90	3	a	a	DET
fsr-3883	90	4	40	40	NUM
fsr-3883	90	5	%	%	NOUN
fsr-3883	90	6	marginal	marginal	ADJ
fsr-3883	90	7	tax	tax	NOUN
fsr-3883	90	8	rate	rate	NOUN
fsr-3883	90	9	and	and	CCONJ
fsr-3883	90	10	markets	market	NOUN
fsr-3883	90	11	are	be	AUX
fsr-3883	90	12	in	in	ADP
fsr-3883	90	13	equilibrium	equilibrium	NOUN
fsr-3883	90	14	.	.	PUNCT
fsr-3883	91	1	75r	75r	NOUN
fsr-3883	91	2	.	.	PUNCT
fsr-3883	92	1	brooks	brooks	PROPN
fsr-3883	92	2	/	/	SYM
fsr-3883	92	3	financial	financial	ADJ
fsr-3883	92	4	services	service	NOUN
fsr-3883	92	5	review	review	VERB
fsr-3883	92	6	8	8	NUM
fsr-3883	92	7	(	(	PUNCT
fsr-3883	92	8	1999	1999	NUM
fsr-3883	92	9	)	)	PUNCT
fsr-3883	92	10	71–85	71–85	NUM
fsr-3883	92	11	from	from	ADP
fsr-3883	92	12	july	july	PROPN
fsr-3883	92	13	5	5	NUM
fsr-3883	92	14	,	,	PUNCT
fsr-3883	92	15	1989	1989	NUM
fsr-3883	92	16	through	through	ADP
fsr-3883	92	17	december	december	PROPN
fsr-3883	92	18	30	30	NUM
fsr-3883	92	19	,	,	PUNCT
fsr-3883	92	20	1998	1998	NUM
fsr-3883	92	21	.	.	PUNCT
fsr-3883	93	1	the	the	DET
fsr-3883	93	2	bma	bma	PROPN
fsr-3883	93	3	index	index	NOUN
fsr-3883	93	4	is	be	AUX
fsr-3883	93	5	quite	quite	ADV
fsr-3883	93	6	volatile	volatile	ADJ
fsr-3883	93	7	and	and	CCONJ
fsr-3883	93	8	the	the	DET
fsr-3883	93	9	seasonal	seasonal	ADJ
fsr-3883	93	10	trends	trend	NOUN
fsr-3883	93	11	are	be	AUX
fsr-3883	93	12	clearly	clearly	ADV
fsr-3883	93	13	evident	evident	ADJ
fsr-3883	93	14	,	,	PUNCT
fsr-3883	93	15	especially	especially	ADV
fsr-3883	93	16	at	at	ADP
fsr-3883	93	17	year	year	NOUN
fsr-3883	93	18	-	-	PUNCT
fsr-3883	93	19	end	end	NOUN
fsr-3883	93	20	.	.	PUNCT
fsr-3883	94	1	fig	fig	NOUN
fsr-3883	94	2	.	.	PUNCT
fsr-3883	95	1	3	3	NUM
fsr-3883	95	2	also	also	ADV
fsr-3883	95	3	includes	include	VERB
fsr-3883	95	4	the	the	DET
fsr-3883	95	5	3	3	NUM
fsr-3883	95	6	-	-	PUNCT
fsr-3883	95	7	month	month	NOUN
fsr-3883	95	8	libor	libor	PROPN
fsr-3883	95	9	rate	rate	NOUN
fsr-3883	95	10	that	that	PRON
fsr-3883	95	11	is	be	AUX
fsr-3883	95	12	a	a	DET
fsr-3883	95	13	popular	popular	ADJ
fsr-3883	95	14	rate	rate	NOUN
fsr-3883	95	15	upon	upon	SCONJ
fsr-3883	95	16	which	which	PRON
fsr-3883	95	17	the	the	DET
fsr-3883	95	18	taxable	taxable	ADJ
fsr-3883	95	19	interest	interest	NOUN
fsr-3883	95	20	rate	rate	NOUN
fsr-3883	95	21	swaps	swap	NOUN
fsr-3883	95	22	are	be	AUX
fsr-3883	95	23	based	base	VERB
fsr-3883	95	24	and	and	CCONJ
fsr-3883	95	25	is	be	AUX
fsr-3883	95	26	a	a	DET
fsr-3883	95	27	very	very	ADV
fsr-3883	95	28	close	close	ADJ
fsr-3883	95	29	proxy	proxy	NOUN
fsr-3883	95	30	for	for	ADP
fsr-3883	95	31	negotiated	negotiate	VERB
fsr-3883	95	32	bank	bank	NOUN
fsr-3883	95	33	certificate	certificate	NOUN
fsr-3883	95	34	of	of	ADP
fsr-3883	95	35	deposit	deposit	NOUN
fsr-3883	95	36	rates	rate	NOUN
fsr-3883	95	37	.	.	PUNCT
fsr-3883	96	1	three	three	NUM
fsr-3883	96	2	month	month	NOUN
fsr-3883	96	3	libor	libor	PROPN
fsr-3883	96	4	exhibits	exhibit	VERB
fsr-3883	96	5	much	much	ADV
fsr-3883	96	6	less	less	ADJ
fsr-3883	96	7	short	short	ADJ
fsr-3883	96	8	-	-	PUNCT
fsr-3883	96	9	term	term	NOUN
fsr-3883	96	10	variability	variability	NOUN
fsr-3883	96	11	and	and	CCONJ
fsr-3883	96	12	is	be	AUX
fsr-3883	96	13	less	less	ADV
fsr-3883	96	14	seasonal	seasonal	ADJ
fsr-3883	96	15	.	.	PUNCT
fsr-3883	97	1	although	although	SCONJ
fsr-3883	97	2	other	other	ADJ
fsr-3883	97	3	proxies	proxy	NOUN
fsr-3883	97	4	for	for	ADP
fsr-3883	97	5	the	the	DET
fsr-3883	97	6	taxable	taxable	ADJ
fsr-3883	97	7	rate	rate	NOUN
fsr-3883	97	8	are	be	AUX
fsr-3883	97	9	possible	possible	ADJ
fsr-3883	97	10	,	,	PUNCT
fsr-3883	97	11	such	such	ADJ
fsr-3883	97	12	as	as	ADP
fsr-3883	97	13	the	the	DET
fsr-3883	97	14	u.s	u.s	PROPN
fsr-3883	97	15	.	.	PROPN
fsr-3883	97	16	treasury	treasury	PROPN
fsr-3883	97	17	rates	rate	NOUN
fsr-3883	97	18	,	,	PUNCT
fsr-3883	97	19	we	we	PRON
fsr-3883	97	20	use	use	VERB
fsr-3883	97	21	libor	libor	PROPN
fsr-3883	97	22	due	due	ADP
fsr-3883	97	23	to	to	ADP
fsr-3883	97	24	its	its	PRON
fsr-3883	97	25	highly	highly	ADV
fsr-3883	97	26	liquid	liquid	ADJ
fsr-3883	97	27	swap	swap	NOUN
fsr-3883	97	28	market	market	NOUN
fsr-3883	97	29	and	and	CCONJ
fsr-3883	97	30	because	because	SCONJ
fsr-3883	97	31	it	it	PRON
fsr-3883	97	32	represents	represent	VERB
fsr-3883	97	33	banks	bank	NOUN
fsr-3883	97	34	’	’	PART
fsr-3883	97	35	marginal	marginal	ADJ
fsr-3883	97	36	cost	cost	NOUN
fsr-3883	97	37	of	of	ADP
fsr-3883	97	38	funds	fund	NOUN
fsr-3883	97	39	.	.	PUNCT
fsr-3883	98	1	fig	fig	NOUN
fsr-3883	98	2	.	.	PUNCT
fsr-3883	99	1	4	4	NUM
fsr-3883	99	2	presents	present	VERB
fsr-3883	99	3	the	the	DET
fsr-3883	99	4	implied	imply	VERB
fsr-3883	99	5	marginal	marginal	ADJ
fsr-3883	99	6	tax	tax	NOUN
fsr-3883	99	7	rate	rate	NOUN
fsr-3883	99	8	(	(	PUNCT
fsr-3883	99	9	imtr	imtr	PROPN
fsr-3883	99	10	)	)	PUNCT
fsr-3883	99	11	based	base	VERB
fsr-3883	99	12	on	on	ADP
fsr-3883	99	13	the	the	DET
fsr-3883	99	14	90	90	NUM
fsr-3883	99	15	-	-	PUNCT
fsr-3883	99	16	day	day	NOUN
fsr-3883	99	17	average	average	NOUN
fsr-3883	99	18	of	of	ADP
fsr-3883	99	19	bma	bma	PROPN
fsr-3883	99	20	index	index	NOUN
fsr-3883	99	21	and	and	CCONJ
fsr-3883	99	22	the	the	DET
fsr-3883	99	23	initial	initial	ADJ
fsr-3883	99	24	3	3	NUM
fsr-3883	99	25	-	-	PUNCT
fsr-3883	99	26	month	month	NOUN
fsr-3883	99	27	libor	libor	PROPN
fsr-3883	99	28	.	.	PUNCT
fsr-3883	100	1	we	we	PRON
fsr-3883	100	2	use	use	VERB
fsr-3883	100	3	the	the	DET
fsr-3883	100	4	90	90	NUM
fsr-3883	100	5	-	-	PUNCT
fsr-3883	100	6	day	day	NOUN
fsr-3883	100	7	average	average	NOUN
fsr-3883	100	8	for	for	ADP
fsr-3883	100	9	two	two	NUM
fsr-3883	100	10	reasons	reason	NOUN
fsr-3883	100	11	.	.	PUNCT
fsr-3883	101	1	first	first	ADV
fsr-3883	101	2	,	,	PUNCT
fsr-3883	101	3	we	we	PRON
fsr-3883	101	4	need	need	VERB
fsr-3883	101	5	to	to	PART
fsr-3883	101	6	compare	compare	VERB
fsr-3883	101	7	the	the	DET
fsr-3883	101	8	90	90	NUM
fsr-3883	101	9	-	-	PUNCT
fsr-3883	101	10	day	day	NOUN
fsr-3883	101	11	libor	libor	NOUN
fsr-3883	101	12	to	to	ADP
fsr-3883	101	13	a	a	DET
fsr-3883	101	14	comparable	comparable	ADJ
fsr-3883	101	15	term	term	NOUN
fsr-3883	101	16	.	.	PUNCT
fsr-3883	102	1	second	second	ADV
fsr-3883	102	2	,	,	PUNCT
fsr-3883	102	3	bma	bma	PROPN
fsr-3883	102	4	swaps	swap	NOUN
fsr-3883	102	5	are	be	AUX
fsr-3883	102	6	settled	settle	VERB
fsr-3883	102	7	based	base	VERB
fsr-3883	102	8	on	on	ADP
fsr-3883	102	9	90	90	NUM
fsr-3883	102	10	-	-	PUNCT
fsr-3883	102	11	day	day	NOUN
fsr-3883	102	12	average	average	ADJ
fsr-3883	102	13	bma	bma	PROPN
fsr-3883	102	14	.	.	PUNCT
fsr-3883	103	1	although	although	SCONJ
fsr-3883	103	2	there	there	PRON
fsr-3883	103	3	is	be	VERB
fsr-3883	103	4	variability	variability	NOUN
fsr-3883	103	5	in	in	ADP
fsr-3883	103	6	the	the	DET
fsr-3883	103	7	imtr	imtr	NOUN
fsr-3883	103	8	,	,	PUNCT
fsr-3883	103	9	it	it	PRON
fsr-3883	103	10	does	do	AUX
fsr-3883	103	11	seem	seem	VERB
fsr-3883	103	12	related	related	ADJ
fsr-3883	103	13	to	to	ADP
fsr-3883	103	14	current	current	ADJ
fsr-3883	103	15	corporate	corporate	ADJ
fsr-3883	103	16	and	and	CCONJ
fsr-3883	103	17	individual	individual	ADJ
fsr-3883	103	18	tax	tax	NOUN
fsr-3883	103	19	rates	rate	NOUN
fsr-3883	103	20	.	.	PUNCT
fsr-3883	104	1	the	the	DET
fsr-3883	104	2	ratio	ratio	NOUN
fsr-3883	104	3	has	have	AUX
fsr-3883	104	4	also	also	ADV
fsr-3883	104	5	been	be	AUX
fsr-3883	104	6	more	more	ADV
fsr-3883	104	7	stable	stable	ADJ
fsr-3883	104	8	in	in	ADP
fsr-3883	104	9	the	the	DET
fsr-3883	104	10	recent	recent	ADJ
fsr-3883	104	11	past	past	NOUN
fsr-3883	104	12	.	.	PUNCT
fsr-3883	105	1	2	2	X
fsr-3883	105	2	.	.	X
fsr-3883	105	3	enumeration	enumeration	NOUN
fsr-3883	105	4	of	of	ADP
fsr-3883	105	5	embedded	embed	VERB
fsr-3883	105	6	derivatives	derivative	NOUN
fsr-3883	105	7	in	in	ADP
fsr-3883	105	8	this	this	DET
fsr-3883	105	9	section	section	NOUN
fsr-3883	105	10	we	we	PRON
fsr-3883	105	11	identify	identify	VERB
fsr-3883	105	12	and	and	CCONJ
fsr-3883	105	13	discuss	discuss	VERB
fsr-3883	105	14	several	several	ADJ
fsr-3883	105	15	embedded	embed	VERB
fsr-3883	105	16	derivatives	derivative	NOUN
fsr-3883	105	17	in	in	ADP
fsr-3883	105	18	most	most	ADJ
fsr-3883	105	19	municipal	municipal	ADJ
fsr-3883	105	20	bonds	bond	NOUN
fsr-3883	105	21	.	.	PUNCT
fsr-3883	106	1	embedded	embed	VERB
fsr-3883	106	2	contingent	contingent	ADJ
fsr-3883	106	3	claims	claim	NOUN
fsr-3883	106	4	include	include	VERB
fsr-3883	106	5	the	the	DET
fsr-3883	106	6	standard	standard	ADJ
fsr-3883	106	7	call	call	NOUN
fsr-3883	106	8	features	feature	NOUN
fsr-3883	106	9	,	,	PUNCT
fsr-3883	106	10	sinking	sink	VERB
fsr-3883	106	11	funds	fund	NOUN
fsr-3883	106	12	,	,	PUNCT
fsr-3883	106	13	the	the	DET
fsr-3883	106	14	advance	advance	NOUN
fsr-3883	106	15	refunding	refunding	NOUN
fsr-3883	106	16	option	option	NOUN
fsr-3883	106	17	,	,	PUNCT
fsr-3883	106	18	the	the	DET
fsr-3883	106	19	synthetic	synthetic	ADJ
fsr-3883	106	20	advance	advance	NOUN
fsr-3883	106	21	refunding	refund	VERB
fsr-3883	106	22	option	option	NOUN
fsr-3883	106	23	,	,	PUNCT
fsr-3883	106	24	the	the	DET
fsr-3883	106	25	credit	credit	NOUN
fsr-3883	106	26	risk	risk	NOUN
fsr-3883	106	27	option	option	NOUN
fsr-3883	106	28	(	(	PUNCT
fsr-3883	106	29	default	default	NOUN
fsr-3883	106	30	risk	risk	NOUN
fsr-3883	106	31	)	)	PUNCT
fsr-3883	106	32	,	,	PUNCT
fsr-3883	106	33	the	the	DET
fsr-3883	106	34	numerous	numerous	ADJ
fsr-3883	106	35	tax	tax	NOUN
fsr-3883	106	36	-	-	PUNCT
fsr-3883	106	37	related	relate	VERB
fsr-3883	106	38	events	event	NOUN
fsr-3883	106	39	,	,	PUNCT
fsr-3883	106	40	and	and	CCONJ
fsr-3883	106	41	marketability	marketability	NOUN
fsr-3883	106	42	.	.	PUNCT
fsr-3883	107	1	municipal	municipal	ADJ
fsr-3883	107	2	bond	bond	NOUN
fsr-3883	107	3	investors	investor	NOUN
fsr-3883	107	4	should	should	AUX
fsr-3883	107	5	carefully	carefully	ADV
fsr-3883	107	6	assess	assess	VERB
fsr-3883	107	7	the	the	DET
fsr-3883	107	8	relative	relative	ADJ
fsr-3883	107	9	value	value	NOUN
fsr-3883	107	10	of	of	ADP
fsr-3883	107	11	these	these	DET
fsr-3883	107	12	contingent	contingent	NOUN
fsr-3883	107	13	claims	claim	NOUN
fsr-3883	107	14	before	before	ADP
fsr-3883	107	15	investing	invest	VERB
fsr-3883	107	16	in	in	ADP
fsr-3883	107	17	municipal	municipal	ADJ
fsr-3883	107	18	bonds	bond	NOUN
fsr-3883	107	19	.	.	PUNCT
fsr-3883	108	1	fig	fig	NOUN
fsr-3883	108	2	.	.	PUNCT
fsr-3883	109	1	3	3	X
fsr-3883	109	2	.	.	X
fsr-3883	109	3	the	the	DET
fsr-3883	109	4	bma	bma	PROPN
fsr-3883	109	5	and	and	CCONJ
fsr-3883	109	6	3	3	NUM
fsr-3883	109	7	month	month	NOUN
fsr-3883	109	8	libor	libor	PROPN
fsr-3883	109	9	july	july	PROPN
fsr-3883	109	10	5	5	NUM
fsr-3883	109	11	,	,	PUNCT
fsr-3883	109	12	1989	1989	NUM
fsr-3883	109	13	through	through	ADP
fsr-3883	109	14	december	december	PROPN
fsr-3883	109	15	30	30	NUM
fsr-3883	109	16	,	,	PUNCT
fsr-3883	109	17	1998	1998	NUM
fsr-3883	109	18	76	76	NUM
fsr-3883	109	19	r.	r.	PROPN
fsr-3883	109	20	brooks	brooks	PROPN
fsr-3883	109	21	/	/	SYM
fsr-3883	109	22	financial	financial	ADJ
fsr-3883	109	23	services	service	NOUN
fsr-3883	109	24	review	review	VERB
fsr-3883	109	25	8	8	NUM
fsr-3883	109	26	(	(	PUNCT
fsr-3883	109	27	1999	1999	NUM
fsr-3883	109	28	)	)	PUNCT
fsr-3883	109	29	71–85	71–85	NUM
fsr-3883	109	30	2.1	2.1	NUM
fsr-3883	109	31	.	.	PUNCT
fsr-3883	110	1	the	the	DET
fsr-3883	110	2	call	call	NOUN
fsr-3883	110	3	option	option	NOUN
fsr-3883	110	4	most	most	ADJ
fsr-3883	110	5	municipal	municipal	ADJ
fsr-3883	110	6	bonds	bond	NOUN
fsr-3883	110	7	are	be	AUX
fsr-3883	110	8	callable	callable	ADJ
fsr-3883	110	9	after	after	ADP
fsr-3883	110	10	10	10	NUM
fsr-3883	110	11	years	year	NOUN
fsr-3883	110	12	.	.	PUNCT
fsr-3883	111	1	the	the	DET
fsr-3883	111	2	value	value	NOUN
fsr-3883	111	3	of	of	ADP
fsr-3883	111	4	the	the	DET
fsr-3883	111	5	embedded	embed	VERB
fsr-3883	111	6	call	call	NOUN
fsr-3883	111	7	makes	make	VERB
fsr-3883	111	8	the	the	DET
fsr-3883	111	9	yields	yield	NOUN
fsr-3883	111	10	higher	high	ADJ
fsr-3883	111	11	because	because	SCONJ
fsr-3883	111	12	the	the	DET
fsr-3883	111	13	bond	bond	NOUN
fsr-3883	111	14	investor	investor	NOUN
fsr-3883	111	15	is	be	AUX
fsr-3883	111	16	short	short	ADJ
fsr-3883	111	17	the	the	DET
fsr-3883	111	18	option	option	NOUN
fsr-3883	111	19	.	.	PUNCT
fsr-3883	112	1	however	however	ADV
fsr-3883	112	2	,	,	PUNCT
fsr-3883	112	3	municipal	municipal	ADJ
fsr-3883	112	4	bonds	bond	NOUN
fsr-3883	112	5	are	be	AUX
fsr-3883	112	6	different	different	ADJ
fsr-3883	112	7	in	in	ADP
fsr-3883	112	8	many	many	ADJ
fsr-3883	112	9	ways	way	NOUN
fsr-3883	112	10	.	.	PUNCT
fsr-3883	113	1	municipal	municipal	ADJ
fsr-3883	113	2	bonds	bond	NOUN
fsr-3883	113	3	have	have	VERB
fsr-3883	113	4	lower	low	ADJ
fsr-3883	113	5	coupons	coupon	NOUN
fsr-3883	113	6	,	,	PUNCT
fsr-3883	113	7	hence	hence	ADV
fsr-3883	113	8	higher	high	ADJ
fsr-3883	113	9	durations	duration	NOUN
fsr-3883	113	10	,	,	PUNCT
fsr-3883	113	11	implying	imply	VERB
fsr-3883	113	12	more	more	ADJ
fsr-3883	113	13	interest	interest	NOUN
fsr-3883	113	14	rate	rate	NOUN
fsr-3883	113	15	risk	risk	NOUN
fsr-3883	113	16	.	.	PUNCT
fsr-3883	114	1	van	van	PROPN
fsr-3883	114	2	horne	horne	PROPN
fsr-3883	114	3	(	(	PUNCT
fsr-3883	114	4	1987	1987	NUM
fsr-3883	114	5	)	)	PUNCT
fsr-3883	114	6	observes	observe	VERB
fsr-3883	114	7	that	that	SCONJ
fsr-3883	114	8	higher	high	ADJ
fsr-3883	114	9	interest	interest	NOUN
fsr-3883	114	10	rate	rate	NOUN
fsr-3883	114	11	risk	risk	NOUN
fsr-3883	114	12	must	must	AUX
fsr-3883	114	13	be	be	AUX
fsr-3883	114	14	compensated	compensate	VERB
fsr-3883	114	15	with	with	ADP
fsr-3883	114	16	a	a	DET
fsr-3883	114	17	higher	high	ADJ
fsr-3883	114	18	yield	yield	NOUN
fsr-3883	114	19	that	that	PRON
fsr-3883	114	20	would	would	AUX
fsr-3883	114	21	explain	explain	VERB
fsr-3883	114	22	the	the	DET
fsr-3883	114	23	higher	high	ADJ
fsr-3883	114	24	tax	tax	NOUN
fsr-3883	114	25	-	-	PUNCT
fsr-3883	114	26	exempt	exempt	ADJ
fsr-3883	114	27	to	to	ADP
fsr-3883	114	28	taxable	taxable	ADJ
fsr-3883	114	29	yield	yield	NOUN
fsr-3883	114	30	ratio	ratio	NOUN
fsr-3883	114	31	.	.	PUNCT
fsr-3883	115	1	mallman	mallman	PROPN
fsr-3883	115	2	(	(	PUNCT
fsr-3883	115	3	1981	1981	NUM
fsr-3883	115	4	)	)	PUNCT
fsr-3883	115	5	and	and	CCONJ
fsr-3883	115	6	stock	stock	NOUN
fsr-3883	115	7	(	(	PUNCT
fsr-3883	115	8	1985	1985	NUM
fsr-3883	115	9	)	)	PUNCT
fsr-3883	115	10	also	also	ADV
fsr-3883	115	11	address	address	VERB
fsr-3883	115	12	this	this	DET
fsr-3883	115	13	issue	issue	NOUN
fsr-3883	115	14	.	.	PUNCT
fsr-3883	116	1	leibowitz	leibowitz	PROPN
fsr-3883	116	2	(	(	PUNCT
fsr-3883	116	3	1981	1981	NUM
fsr-3883	116	4	)	)	PUNCT
fsr-3883	116	5	and	and	CCONJ
fsr-3883	116	6	sorensen	sorensen	PROPN
fsr-3883	116	7	(	(	PUNCT
fsr-3883	116	8	1983	1983	NUM
fsr-3883	116	9	suggested	suggest	VERB
fsr-3883	116	10	that	that	SCONJ
fsr-3883	116	11	different	different	ADJ
fsr-3883	116	12	interest	interest	NOUN
fsr-3883	116	13	rate	rate	NOUN
fsr-3883	116	14	risk	risk	NOUN
fsr-3883	116	15	levels	level	NOUN
fsr-3883	116	16	account	account	VERB
fsr-3883	116	17	,	,	PUNCT
fsr-3883	116	18	in	in	ADP
fsr-3883	116	19	part	part	NOUN
fsr-3883	116	20	,	,	PUNCT
fsr-3883	116	21	for	for	ADP
fsr-3883	116	22	the	the	DET
fsr-3883	116	23	higher	high	ADJ
fsr-3883	116	24	tax	tax	NOUN
fsr-3883	116	25	-	-	PUNCT
fsr-3883	116	26	exempt	exempt	ADJ
fsr-3883	116	27	to	to	ADP
fsr-3883	116	28	taxable	taxable	ADJ
fsr-3883	116	29	yield	yield	NOUN
fsr-3883	116	30	ratio	ratio	NOUN
fsr-3883	116	31	.	.	PUNCT
fsr-3883	117	1	fortune	fortune	NOUN
fsr-3883	117	2	(	(	PUNCT
fsr-3883	117	3	1991	1991	NUM
fsr-3883	117	4	)	)	PUNCT
fsr-3883	117	5	observed	observe	VERB
fsr-3883	117	6	that	that	SCONJ
fsr-3883	117	7	“	"	PUNCT
fsr-3883	117	8	.	.	PUNCT
fsr-3883	117	9	.	.	PUNCT
fsr-3883	117	10	.	.	PUNCT
fsr-3883	118	1	the	the	DET
fsr-3883	118	2	exposure	exposure	NOUN
fsr-3883	118	3	of	of	ADP
fsr-3883	118	4	municipal	municipal	ADJ
fsr-3883	118	5	bonds	bond	NOUN
fsr-3883	118	6	to	to	ADP
fsr-3883	118	7	capital	capital	NOUN
fsr-3883	118	8	gains	gain	NOUN
fsr-3883	118	9	taxes	taxis	NOUN
fsr-3883	118	10	when	when	SCONJ
fsr-3883	118	11	market	market	NOUN
fsr-3883	118	12	discounts	discount	NOUN
fsr-3883	118	13	emerge	emerge	VERB
fsr-3883	118	14	will	will	AUX
fsr-3883	118	15	place	place	VERB
fsr-3883	118	16	municipal	municipal	ADJ
fsr-3883	118	17	bonds	bond	NOUN
fsr-3883	118	18	at	at	ADP
fsr-3883	118	19	a	a	DET
fsr-3883	118	20	disadvantage	disadvantage	NOUN
fsr-3883	118	21	in	in	ADP
fsr-3883	118	22	periods	period	NOUN
fsr-3883	118	23	when	when	SCONJ
fsr-3883	118	24	bond	bond	NOUN
fsr-3883	118	25	prices	price	NOUN
fsr-3883	118	26	are	be	AUX
fsr-3883	118	27	more	more	ADV
fsr-3883	118	28	volatile	volatile	ADJ
fsr-3883	118	29	.	.	PUNCT
fsr-3883	118	30	”	"	PUNCT
fsr-3883	119	1	chalmers	chalmer	NOUN
fsr-3883	119	2	(	(	PUNCT
fsr-3883	119	3	1998	1998	NUM
fsr-3883	119	4	)	)	PUNCT
fsr-3883	119	5	presented	present	VERB
fsr-3883	119	6	strong	strong	ADJ
fsr-3883	119	7	evidence	evidence	NOUN
fsr-3883	119	8	that	that	SCONJ
fsr-3883	119	9	embedded	embed	VERB
fsr-3883	119	10	call	call	NOUN
fsr-3883	119	11	options	option	NOUN
fsr-3883	119	12	do	do	AUX
fsr-3883	119	13	not	not	PART
fsr-3883	119	14	completely	completely	ADV
fsr-3883	119	15	explain	explain	VERB
fsr-3883	119	16	the	the	DET
fsr-3883	119	17	higher	high	ADJ
fsr-3883	119	18	tax	tax	NOUN
fsr-3883	119	19	-	-	PUNCT
fsr-3883	119	20	exempt	exempt	ADJ
fsr-3883	119	21	to	to	ADP
fsr-3883	119	22	taxable	taxable	ADJ
fsr-3883	119	23	yield	yield	NOUN
fsr-3883	119	24	ratio	ratio	NOUN
fsr-3883	119	25	for	for	ADP
fsr-3883	119	26	longer	long	ADJ
fsr-3883	119	27	maturities	maturity	NOUN
fsr-3883	119	28	.	.	PUNCT
fsr-3883	120	1	thus	thus	ADV
fsr-3883	120	2	,	,	PUNCT
fsr-3883	120	3	there	there	PRON
fsr-3883	120	4	seems	seem	VERB
fsr-3883	120	5	to	to	PART
fsr-3883	120	6	be	be	AUX
fsr-3883	120	7	significant	significant	ADJ
fsr-3883	120	8	other	other	ADJ
fsr-3883	120	9	factors	factor	NOUN
fsr-3883	120	10	to	to	PART
fsr-3883	120	11	consider	consider	VERB
fsr-3883	120	12	with	with	ADP
fsr-3883	120	13	municipal	municipal	ADJ
fsr-3883	120	14	bonds	bond	NOUN
fsr-3883	120	15	.	.	PUNCT
fsr-3883	121	1	2.2	2.2	NUM
fsr-3883	121	2	.	.	PUNCT
fsr-3883	122	1	sinking	sink	VERB
fsr-3883	122	2	funds	fund	NOUN
fsr-3883	122	3	sinking	sink	VERB
fsr-3883	122	4	fund	fund	NOUN
fsr-3883	122	5	provisions	provision	NOUN
fsr-3883	122	6	within	within	ADP
fsr-3883	122	7	municipal	municipal	ADJ
fsr-3883	122	8	debt	debt	NOUN
fsr-3883	122	9	require	require	VERB
fsr-3883	122	10	the	the	DET
fsr-3883	122	11	retirement	retirement	NOUN
fsr-3883	122	12	of	of	ADP
fsr-3883	122	13	a	a	DET
fsr-3883	122	14	portion	portion	NOUN
fsr-3883	122	15	of	of	ADP
fsr-3883	122	16	the	the	DET
fsr-3883	122	17	debt	debt	NOUN
fsr-3883	122	18	usually	usually	ADV
fsr-3883	122	19	on	on	ADP
fsr-3883	122	20	an	an	DET
fsr-3883	122	21	annual	annual	ADJ
fsr-3883	122	22	basis	basis	NOUN
fsr-3883	122	23	.	.	PUNCT
fsr-3883	123	1	sinking	sink	VERB
fsr-3883	123	2	funds	fund	NOUN
fsr-3883	123	3	typically	typically	ADV
fsr-3883	123	4	contain	contain	VERB
fsr-3883	123	5	a	a	DET
fsr-3883	123	6	whole	whole	ADJ
fsr-3883	123	7	set	set	NOUN
fsr-3883	123	8	of	of	ADP
fsr-3883	123	9	embedded	embed	VERB
fsr-3883	123	10	options	option	NOUN
fsr-3883	123	11	that	that	PRON
fsr-3883	123	12	are	be	AUX
fsr-3883	123	13	inter	inter	ADJ
fsr-3883	123	14	-	-	VERB
fsr-3883	123	15	related	related	ADJ
fsr-3883	123	16	.	.	PUNCT
fsr-3883	124	1	kalotay	kalotay	PROPN
fsr-3883	124	2	and	and	CCONJ
fsr-3883	124	3	williams	williams	PROPN
fsr-3883	124	4	(	(	PUNCT
fsr-3883	124	5	1992	1992	NUM
fsr-3883	124	6	)	)	PUNCT
fsr-3883	124	7	provide	provide	VERB
fsr-3883	124	8	a	a	DET
fsr-3883	124	9	detailed	detailed	ADJ
fsr-3883	124	10	review	review	NOUN
fsr-3883	124	11	of	of	ADP
fsr-3883	124	12	the	the	DET
fsr-3883	124	13	sinking	sink	VERB
fsr-3883	124	14	fund	fund	NOUN
fsr-3883	124	15	options	option	NOUN
fsr-3883	124	16	.	.	PUNCT
fsr-3883	125	1	for	for	ADP
fsr-3883	125	2	example	example	NOUN
fsr-3883	125	3	,	,	PUNCT
fsr-3883	125	4	some	some	DET
fsr-3883	125	5	bond	bond	NOUN
fsr-3883	125	6	indentures	indenture	NOUN
fsr-3883	125	7	include	include	VERB
fsr-3883	125	8	a	a	DET
fsr-3883	125	9	sinking	sink	VERB
fsr-3883	125	10	fund	fund	NOUN
fsr-3883	125	11	acceleration	acceleration	NOUN
fsr-3883	125	12	option	option	NOUN
fsr-3883	125	13	giving	give	VERB
fsr-3883	125	14	the	the	DET
fsr-3883	125	15	fig	fig	NOUN
fsr-3883	125	16	.	.	PUNCT
fsr-3883	126	1	4	4	X
fsr-3883	126	2	.	.	X
fsr-3883	126	3	tax	tax	NOUN
fsr-3883	126	4	rates	rate	NOUN
fsr-3883	126	5	and	and	CCONJ
fsr-3883	126	6	implied	imply	VERB
fsr-3883	126	7	marginal	marginal	ADJ
fsr-3883	126	8	tax	tax	NOUN
fsr-3883	126	9	rates	rate	NOUN
fsr-3883	126	10	77r	77r	NOUN
fsr-3883	126	11	.	.	PUNCT
fsr-3883	127	1	brooks	brooks	PROPN
fsr-3883	127	2	/	/	SYM
fsr-3883	127	3	financial	financial	ADJ
fsr-3883	127	4	services	service	NOUN
fsr-3883	127	5	review	review	VERB
fsr-3883	127	6	8	8	NUM
fsr-3883	127	7	(	(	PUNCT
fsr-3883	127	8	1999	1999	NUM
fsr-3883	127	9	)	)	PUNCT
fsr-3883	127	10	71–85	71–85	NUM
fsr-3883	127	11	issuer	issuer	NOUN
fsr-3883	127	12	the	the	DET
fsr-3883	127	13	option	option	NOUN
fsr-3883	127	14	to	to	PART
fsr-3883	127	15	accelerate	accelerate	VERB
fsr-3883	127	16	the	the	DET
fsr-3883	127	17	sinking	sink	VERB
fsr-3883	127	18	fund	fund	NOUN
fsr-3883	127	19	retirement	retirement	NOUN
fsr-3883	127	20	.	.	PUNCT
fsr-3883	128	1	this	this	DET
fsr-3883	128	2	option	option	NOUN
fsr-3883	128	3	is	be	AUX
fsr-3883	128	4	equivalent	equivalent	ADJ
fsr-3883	128	5	to	to	ADP
fsr-3883	128	6	a	a	DET
fsr-3883	128	7	series	series	NOUN
fsr-3883	128	8	of	of	ADP
fsr-3883	128	9	partial	partial	ADJ
fsr-3883	128	10	european	european	ADJ
fsr-3883	128	11	-	-	PUNCT
fsr-3883	128	12	style	style	NOUN
fsr-3883	128	13	options	option	NOUN
fsr-3883	128	14	that	that	PRON
fsr-3883	128	15	are	be	AUX
fsr-3883	128	16	usually	usually	ADV
fsr-3883	128	17	noncumulative	noncumulative	ADJ
fsr-3883	128	18	.	.	PUNCT
fsr-3883	129	1	sinking	sink	VERB
fsr-3883	129	2	funds	fund	NOUN
fsr-3883	129	3	typically	typically	ADV
fsr-3883	129	4	include	include	VERB
fsr-3883	129	5	a	a	DET
fsr-3883	129	6	delivery	delivery	NOUN
fsr-3883	129	7	option	option	NOUN
fsr-3883	129	8	that	that	PRON
fsr-3883	129	9	gives	give	VERB
fsr-3883	129	10	the	the	DET
fsr-3883	129	11	issuer	issuer	NOUN
fsr-3883	129	12	the	the	DET
fsr-3883	129	13	opportunity	opportunity	NOUN
fsr-3883	129	14	to	to	PART
fsr-3883	129	15	satisfy	satisfy	VERB
fsr-3883	129	16	the	the	DET
fsr-3883	129	17	requirements	requirement	NOUN
fsr-3883	129	18	of	of	ADP
fsr-3883	129	19	the	the	DET
fsr-3883	129	20	sinking	sink	VERB
fsr-3883	129	21	fund	fund	NOUN
fsr-3883	129	22	provisions	provision	NOUN
fsr-3883	129	23	with	with	ADP
fsr-3883	129	24	open	open	ADJ
fsr-3883	129	25	market	market	NOUN
fsr-3883	129	26	purchases	purchase	NOUN
fsr-3883	129	27	of	of	ADP
fsr-3883	129	28	the	the	DET
fsr-3883	129	29	bonds	bond	NOUN
fsr-3883	129	30	.	.	PUNCT
fsr-3883	130	1	this	this	DET
fsr-3883	130	2	option	option	NOUN
fsr-3883	130	3	is	be	AUX
fsr-3883	130	4	more	more	ADV
fsr-3883	130	5	valuable	valuable	ADJ
fsr-3883	130	6	when	when	SCONJ
fsr-3883	130	7	rates	rate	NOUN
fsr-3883	130	8	rise	rise	VERB
fsr-3883	130	9	because	because	SCONJ
fsr-3883	130	10	the	the	DET
fsr-3883	130	11	bonds	bond	NOUN
fsr-3883	130	12	can	can	AUX
fsr-3883	130	13	be	be	AUX
fsr-3883	130	14	retired	retire	VERB
fsr-3883	130	15	at	at	ADP
fsr-3883	130	16	an	an	DET
fsr-3883	130	17	open	open	ADJ
fsr-3883	130	18	market	market	NOUN
fsr-3883	130	19	price	price	NOUN
fsr-3883	130	20	below	below	ADP
fsr-3883	130	21	par	par	NOUN
fsr-3883	130	22	.	.	PUNCT
fsr-3883	131	1	there	there	PRON
fsr-3883	131	2	may	may	AUX
fsr-3883	131	3	also	also	ADV
fsr-3883	131	4	be	be	AUX
fsr-3883	131	5	a	a	DET
fsr-3883	131	6	designation	designation	NOUN
fsr-3883	131	7	option	option	NOUN
fsr-3883	131	8	that	that	PRON
fsr-3883	131	9	allows	allow	VERB
fsr-3883	131	10	issuer	issuer	NOUN
fsr-3883	131	11	to	to	PART
fsr-3883	131	12	apply	apply	VERB
fsr-3883	131	13	bonds	bond	NOUN
fsr-3883	131	14	the	the	DET
fsr-3883	131	15	firm	firm	NOUN
fsr-3883	131	16	has	have	AUX
fsr-3883	131	17	purchased	purchase	VERB
fsr-3883	131	18	in	in	ADP
fsr-3883	131	19	the	the	DET
fsr-3883	131	20	open	open	ADJ
fsr-3883	131	21	market	market	NOUN
fsr-3883	131	22	to	to	ADP
fsr-3883	131	23	future	future	ADJ
fsr-3883	131	24	sinking	sink	VERB
fsr-3883	131	25	fund	fund	NOUN
fsr-3883	131	26	requirements	requirement	NOUN
fsr-3883	131	27	.	.	PUNCT
fsr-3883	132	1	if	if	SCONJ
fsr-3883	132	2	the	the	DET
fsr-3883	132	3	firm	firm	NOUN
fsr-3883	132	4	optimally	optimally	ADV
fsr-3883	132	5	exercises	exercise	VERB
fsr-3883	132	6	this	this	DET
fsr-3883	132	7	option	option	NOUN
fsr-3883	132	8	,	,	PUNCT
fsr-3883	132	9	it	it	PRON
fsr-3883	132	10	will	will	AUX
fsr-3883	132	11	tend	tend	VERB
fsr-3883	132	12	to	to	PART
fsr-3883	132	13	reduce	reduce	VERB
fsr-3883	132	14	the	the	DET
fsr-3883	132	15	value	value	NOUN
fsr-3883	132	16	of	of	ADP
fsr-3883	132	17	the	the	DET
fsr-3883	132	18	remaining	remain	VERB
fsr-3883	132	19	outstanding	outstanding	ADJ
fsr-3883	132	20	bonds	bond	NOUN
fsr-3883	132	21	.	.	PUNCT
fsr-3883	133	1	there	there	PRON
fsr-3883	133	2	is	be	VERB
fsr-3883	133	3	a	a	DET
fsr-3883	133	4	very	very	ADV
fsr-3883	133	5	subtle	subtle	ADJ
fsr-3883	133	6	ownership	ownership	NOUN
fsr-3883	133	7	option	option	NOUN
fsr-3883	133	8	related	relate	VERB
fsr-3883	133	9	to	to	ADP
fsr-3883	133	10	sinking	sink	VERB
fsr-3883	133	11	funds	fund	NOUN
fsr-3883	133	12	.	.	PUNCT
fsr-3883	134	1	if	if	SCONJ
fsr-3883	134	2	the	the	DET
fsr-3883	134	3	bonds	bond	NOUN
fsr-3883	134	4	are	be	AUX
fsr-3883	134	5	held	hold	VERB
fsr-3883	134	6	in	in	ADP
fsr-3883	134	7	large	large	ADJ
fsr-3883	134	8	blocks	block	NOUN
fsr-3883	134	9	,	,	PUNCT
fsr-3883	134	10	this	this	PRON
fsr-3883	134	11	limits	limit	VERB
fsr-3883	134	12	the	the	DET
fsr-3883	134	13	ability	ability	NOUN
fsr-3883	134	14	of	of	ADP
fsr-3883	134	15	the	the	DET
fsr-3883	134	16	firm	firm	NOUN
fsr-3883	134	17	to	to	PART
fsr-3883	134	18	conduct	conduct	VERB
fsr-3883	134	19	outright	outright	ADJ
fsr-3883	134	20	purchases	purchase	NOUN
fsr-3883	134	21	without	without	ADP
fsr-3883	134	22	paying	pay	VERB
fsr-3883	134	23	a	a	DET
fsr-3883	134	24	premium	premium	NOUN
fsr-3883	134	25	.	.	PUNCT
fsr-3883	135	1	the	the	DET
fsr-3883	135	2	ownership	ownership	NOUN
fsr-3883	135	3	option	option	NOUN
fsr-3883	135	4	reduces	reduce	VERB
fsr-3883	135	5	the	the	DET
fsr-3883	135	6	value	value	NOUN
fsr-3883	135	7	of	of	ADP
fsr-3883	135	8	the	the	DET
fsr-3883	135	9	delivery	delivery	NOUN
fsr-3883	135	10	option	option	NOUN
fsr-3883	135	11	.	.	PUNCT
fsr-3883	136	1	when	when	SCONJ
fsr-3883	136	2	purchasing	purchase	VERB
fsr-3883	136	3	municipal	municipal	ADJ
fsr-3883	136	4	bonds	bond	NOUN
fsr-3883	136	5	with	with	ADP
fsr-3883	136	6	sinking	sink	VERB
fsr-3883	136	7	funds	fund	NOUN
fsr-3883	136	8	,	,	PUNCT
fsr-3883	136	9	it	it	PRON
fsr-3883	136	10	is	be	AUX
fsr-3883	136	11	important	important	ADJ
fsr-3883	136	12	to	to	PART
fsr-3883	136	13	understand	understand	VERB
fsr-3883	136	14	the	the	DET
fsr-3883	136	15	terms	term	NOUN
fsr-3883	136	16	of	of	ADP
fsr-3883	136	17	the	the	DET
fsr-3883	136	18	sinking	sink	VERB
fsr-3883	136	19	fund	fund	NOUN
fsr-3883	136	20	.	.	PUNCT
fsr-3883	137	1	2.3	2.3	NUM
fsr-3883	137	2	.	.	PUNCT
fsr-3883	138	1	the	the	DET
fsr-3883	138	2	advance	advance	NOUN
fsr-3883	138	3	refunding	refund	VERB
fsr-3883	138	4	option	option	NOUN
fsr-3883	138	5	because	because	SCONJ
fsr-3883	138	6	municipal	municipal	ADJ
fsr-3883	138	7	bonds	bond	NOUN
fsr-3883	138	8	are	be	AUX
fsr-3883	138	9	tax	tax	NOUN
fsr-3883	138	10	-	-	PUNCT
fsr-3883	138	11	exempt	exempt	ADJ
fsr-3883	138	12	,	,	PUNCT
fsr-3883	138	13	one	one	PRON
fsr-3883	138	14	would	would	AUX
fsr-3883	138	15	expect	expect	VERB
fsr-3883	138	16	the	the	DET
fsr-3883	138	17	coupon	coupon	NOUN
fsr-3883	138	18	rate	rate	NOUN
fsr-3883	138	19	on	on	ADP
fsr-3883	138	20	the	the	DET
fsr-3883	138	21	municipal	municipal	ADJ
fsr-3883	138	22	bonds	bond	NOUN
fsr-3883	138	23	to	to	PART
fsr-3883	138	24	be	be	AUX
fsr-3883	138	25	lower	low	ADJ
fsr-3883	138	26	than	than	ADP
fsr-3883	138	27	the	the	DET
fsr-3883	138	28	yields	yield	NOUN
fsr-3883	138	29	on	on	ADP
fsr-3883	138	30	u.s	u.s	PROPN
fsr-3883	138	31	.	.	PROPN
fsr-3883	138	32	treasury	treasury	PROPN
fsr-3883	138	33	securities	security	NOUN
fsr-3883	138	34	,	,	PUNCT
fsr-3883	138	35	even	even	ADV
fsr-3883	138	36	when	when	SCONJ
fsr-3883	138	37	overall	overall	ADJ
fsr-3883	138	38	interest	interest	NOUN
fsr-3883	138	39	rates	rate	NOUN
fsr-3883	138	40	have	have	AUX
fsr-3883	138	41	fallen	fall	VERB
fsr-3883	138	42	since	since	SCONJ
fsr-3883	138	43	the	the	DET
fsr-3883	138	44	municipal	municipal	ADJ
fsr-3883	138	45	bonds	bond	NOUN
fsr-3883	138	46	were	be	AUX
fsr-3883	138	47	issued	issue	VERB
fsr-3883	138	48	.	.	PUNCT
fsr-3883	139	1	due	due	ADP
fsr-3883	139	2	to	to	ADP
fsr-3883	139	3	tax	tax	NOUN
fsr-3883	139	4	laws	law	NOUN
fsr-3883	139	5	prohibiting	prohibit	VERB
fsr-3883	139	6	arbitrage	arbitrage	NOUN
fsr-3883	139	7	transactions	transaction	NOUN
fsr-3883	139	8	,	,	PUNCT
fsr-3883	139	9	municipal	municipal	ADJ
fsr-3883	139	10	issuers	issuer	NOUN
fsr-3883	139	11	are	be	AUX
fsr-3883	139	12	permitted	permit	VERB
fsr-3883	139	13	only	only	ADV
fsr-3883	139	14	one	one	NUM
fsr-3883	139	15	(	(	PUNCT
fsr-3883	139	16	typically	typically	ADV
fsr-3883	139	17	)	)	PUNCT
fsr-3883	139	18	advance	advance	NOUN
fsr-3883	139	19	refunding	refund	VERB
fsr-3883	139	20	opportunity	opportunity	NOUN
fsr-3883	139	21	.	.	PUNCT
fsr-3883	140	1	municipal	municipal	ADJ
fsr-3883	140	2	bonds	bond	NOUN
fsr-3883	140	3	are	be	AUX
fsr-3883	140	4	advance	advance	NOUN
fsr-3883	140	5	refunded	refund	VERB
fsr-3883	140	6	by	by	ADP
fsr-3883	140	7	issuing	issue	VERB
fsr-3883	140	8	more	more	ADJ
fsr-3883	140	9	tax	tax	NOUN
fsr-3883	140	10	-	-	PUNCT
fsr-3883	140	11	exempt	exempt	ADJ
fsr-3883	140	12	bonds	bond	NOUN
fsr-3883	140	13	and	and	CCONJ
fsr-3883	140	14	using	use	VERB
fsr-3883	140	15	the	the	DET
fsr-3883	140	16	proceeds	proceed	NOUN
fsr-3883	140	17	to	to	PART
fsr-3883	140	18	purchase	purchase	VERB
fsr-3883	140	19	u.s	u.s	PROPN
fsr-3883	140	20	.	.	PROPN
fsr-3883	140	21	treasury	treasury	PROPN
fsr-3883	140	22	securities	security	NOUN
fsr-3883	140	23	to	to	PART
fsr-3883	140	24	defease	defease	VERB
fsr-3883	140	25	the	the	DET
fsr-3883	140	26	original	original	ADJ
fsr-3883	140	27	issue	issue	NOUN
fsr-3883	140	28	.	.	PUNCT
fsr-3883	141	1	hence	hence	ADV
fsr-3883	141	2	,	,	PUNCT
fsr-3883	141	3	after	after	ADP
fsr-3883	141	4	the	the	DET
fsr-3883	141	5	advance	advance	NOUN
fsr-3883	141	6	refunding	refunding	NOUN
fsr-3883	141	7	,	,	PUNCT
fsr-3883	141	8	the	the	DET
fsr-3883	141	9	original	original	ADJ
fsr-3883	141	10	municipal	municipal	ADJ
fsr-3883	141	11	bonds	bond	NOUN
fsr-3883	141	12	are	be	AUX
fsr-3883	141	13	still	still	ADV
fsr-3883	141	14	outstanding	outstanding	ADJ
fsr-3883	141	15	but	but	CCONJ
fsr-3883	141	16	they	they	PRON
fsr-3883	141	17	are	be	AUX
fsr-3883	141	18	backed	back	VERB
fsr-3883	141	19	by	by	ADP
fsr-3883	141	20	u.s	u.s	PROPN
fsr-3883	141	21	.	.	PROPN
fsr-3883	141	22	treasury	treasury	PROPN
fsr-3883	141	23	securities	security	NOUN
fsr-3883	141	24	and	and	CCONJ
fsr-3883	141	25	therefore	therefore	ADV
fsr-3883	141	26	the	the	DET
fsr-3883	141	27	municipality	municipality	NOUN
fsr-3883	141	28	does	do	AUX
fsr-3883	141	29	not	not	PART
fsr-3883	141	30	have	have	VERB
fsr-3883	141	31	to	to	PART
fsr-3883	141	32	make	make	VERB
fsr-3883	141	33	the	the	DET
fsr-3883	141	34	subsequent	subsequent	ADJ
fsr-3883	141	35	coupon	coupon	NOUN
fsr-3883	141	36	payments	payment	NOUN
fsr-3883	141	37	from	from	ADP
fsr-3883	141	38	their	their	PRON
fsr-3883	141	39	operating	operate	VERB
fsr-3883	141	40	cash	cash	NOUN
fsr-3883	141	41	flow	flow	NOUN
fsr-3883	141	42	.	.	PUNCT
fsr-3883	142	1	therefore	therefore	ADV
fsr-3883	142	2	,	,	PUNCT
fsr-3883	142	3	the	the	DET
fsr-3883	142	4	original	original	ADJ
fsr-3883	142	5	bonds	bond	NOUN
fsr-3883	142	6	receive	receive	VERB
fsr-3883	142	7	essentially	essentially	ADV
fsr-3883	142	8	a	a	DET
fsr-3883	142	9	credit	credit	NOUN
fsr-3883	142	10	enhancement	enhancement	NOUN
fsr-3883	142	11	to	to	ADP
fsr-3883	142	12	aaa	aaa	VERB
fsr-3883	142	13	.	.	PUNCT
fsr-3883	143	1	the	the	DET
fsr-3883	143	2	benefit	benefit	NOUN
fsr-3883	143	3	of	of	ADP
fsr-3883	143	4	an	an	DET
fsr-3883	143	5	advance	advance	NOUN
fsr-3883	143	6	refunding	refunding	NOUN
fsr-3883	143	7	is	be	AUX
fsr-3883	143	8	that	that	SCONJ
fsr-3883	143	9	it	it	PRON
fsr-3883	143	10	permits	permit	VERB
fsr-3883	143	11	the	the	DET
fsr-3883	143	12	municipality	municipality	NOUN
fsr-3883	143	13	to	to	PART
fsr-3883	143	14	monetize	monetize	VERB
fsr-3883	143	15	the	the	DET
fsr-3883	143	16	embedded	embed	VERB
fsr-3883	143	17	call	call	NOUN
fsr-3883	143	18	option	option	NOUN
fsr-3883	143	19	.	.	PUNCT
fsr-3883	144	1	typically	typically	ADV
fsr-3883	144	2	the	the	DET
fsr-3883	144	3	municipality	municipality	NOUN
fsr-3883	144	4	receives	receive	VERB
fsr-3883	144	5	a	a	DET
fsr-3883	144	6	cash	cash	NOUN
fsr-3883	144	7	payment	payment	NOUN
fsr-3883	144	8	from	from	ADP
fsr-3883	144	9	the	the	DET
fsr-3883	144	10	advance	advance	NOUN
fsr-3883	144	11	refunding	refunding	NOUN
fsr-3883	144	12	process	process	NOUN
fsr-3883	144	13	and	and	CCONJ
fsr-3883	144	14	it	it	PRON
fsr-3883	144	15	is	be	AUX
fsr-3883	144	16	somewhat	somewhat	ADV
fsr-3883	144	17	erroneously	erroneously	ADV
fsr-3883	144	18	called	call	VERB
fsr-3883	144	19	“	"	PUNCT
fsr-3883	144	20	present	present	ADJ
fsr-3883	144	21	value	value	NOUN
fsr-3883	144	22	savings	saving	NOUN
fsr-3883	144	23	.	.	PUNCT
fsr-3883	144	24	”	"	PUNCT
fsr-3883	145	1	it	it	PRON
fsr-3883	145	2	is	be	AUX
fsr-3883	145	3	erroneous	erroneous	ADJ
fsr-3883	145	4	because	because	SCONJ
fsr-3883	145	5	an	an	DET
fsr-3883	145	6	asset	asset	NOUN
fsr-3883	145	7	was	be	AUX
fsr-3883	145	8	sold	sell	VERB
fsr-3883	145	9	,	,	PUNCT
fsr-3883	145	10	specifically	specifically	ADV
fsr-3883	145	11	the	the	DET
fsr-3883	145	12	embedded	embed	VERB
fsr-3883	145	13	call	call	NOUN
fsr-3883	145	14	options	option	NOUN
fsr-3883	145	15	.	.	PUNCT
fsr-3883	146	1	municipal	municipal	ADJ
fsr-3883	146	2	finance	finance	NOUN
fsr-3883	146	3	directors	director	NOUN
fsr-3883	146	4	are	be	AUX
fsr-3883	146	5	under	under	ADP
fsr-3883	146	6	increasing	increase	VERB
fsr-3883	146	7	pressure	pressure	NOUN
fsr-3883	146	8	to	to	PART
fsr-3883	146	9	manage	manage	VERB
fsr-3883	146	10	the	the	DET
fsr-3883	146	11	municipality	municipality	NOUN
fsr-3883	146	12	’s	’s	PART
fsr-3883	146	13	interest	interest	NOUN
fsr-3883	146	14	rate	rate	NOUN
fsr-3883	146	15	risk	risk	NOUN
fsr-3883	146	16	efficiently	efficiently	ADV
fsr-3883	146	17	.	.	PUNCT
fsr-3883	147	1	often	often	ADV
fsr-3883	147	2	they	they	PRON
fsr-3883	147	3	are	be	AUX
fsr-3883	147	4	solicited	solicit	VERB
fsr-3883	147	5	to	to	PART
fsr-3883	147	6	conduct	conduct	VERB
fsr-3883	147	7	a	a	DET
fsr-3883	147	8	refinancing	refinancing	NOUN
fsr-3883	147	9	of	of	ADP
fsr-3883	147	10	their	their	PRON
fsr-3883	147	11	existing	exist	VERB
fsr-3883	147	12	bonds	bond	NOUN
fsr-3883	147	13	.	.	PUNCT
fsr-3883	148	1	it	it	PRON
fsr-3883	148	2	is	be	AUX
fsr-3883	148	3	generally	generally	ADV
fsr-3883	148	4	accepted	accept	VERB
fsr-3883	148	5	that	that	SCONJ
fsr-3883	148	6	the	the	DET
fsr-3883	148	7	marginal	marginal	ADJ
fsr-3883	148	8	benefits	benefit	NOUN
fsr-3883	148	9	derived	derive	VERB
fsr-3883	148	10	from	from	ADP
fsr-3883	148	11	a	a	DET
fsr-3883	148	12	municipal	municipal	ADJ
fsr-3883	148	13	bond	bond	NOUN
fsr-3883	148	14	refunding	refunding	NOUN
fsr-3883	148	15	should	should	AUX
fsr-3883	148	16	exceed	exceed	VERB
fsr-3883	148	17	the	the	DET
fsr-3883	148	18	marginal	marginal	ADJ
fsr-3883	148	19	costs	cost	NOUN
fsr-3883	148	20	.	.	PUNCT
fsr-3883	149	1	the	the	DET
fsr-3883	149	2	marginal	marginal	ADJ
fsr-3883	149	3	cost	cost	NOUN
fsr-3883	149	4	is	be	AUX
fsr-3883	149	5	the	the	DET
fsr-3883	149	6	extinguishing	extinguishing	NOUN
fsr-3883	149	7	of	of	ADP
fsr-3883	149	8	the	the	DET
fsr-3883	149	9	embedded	embed	VERB
fsr-3883	149	10	options	option	NOUN
fsr-3883	149	11	and	and	CCONJ
fsr-3883	149	12	the	the	DET
fsr-3883	149	13	marginal	marginal	ADJ
fsr-3883	149	14	benefit	benefit	NOUN
fsr-3883	149	15	is	be	AUX
fsr-3883	149	16	the	the	DET
fsr-3883	149	17	present	present	ADJ
fsr-3883	149	18	value	value	NOUN
fsr-3883	149	19	savings	saving	NOUN
fsr-3883	149	20	.	.	PUNCT
fsr-3883	150	1	a	a	DET
fsr-3883	150	2	callable	callable	ADJ
fsr-3883	150	3	bond	bond	NOUN
fsr-3883	150	4	can	can	AUX
fsr-3883	150	5	be	be	AUX
fsr-3883	150	6	represented	represent	VERB
fsr-3883	150	7	as	as	ADP
fsr-3883	150	8	a	a	DET
fsr-3883	150	9	non	non	ADJ
fsr-3883	150	10	-	-	ADJ
fsr-3883	150	11	callable	callable	ADJ
fsr-3883	150	12	bond	bond	NOUN
fsr-3883	150	13	less	less	ADJ
fsr-3883	150	14	the	the	DET
fsr-3883	150	15	value	value	NOUN
fsr-3883	150	16	of	of	ADP
fsr-3883	150	17	the	the	DET
fsr-3883	150	18	call	call	NOUN
fsr-3883	150	19	option	option	NOUN
fsr-3883	150	20	.	.	PUNCT
fsr-3883	151	1	because	because	SCONJ
fsr-3883	151	2	the	the	DET
fsr-3883	151	3	issuer	issuer	NOUN
fsr-3883	151	4	has	have	VERB
fsr-3883	151	5	the	the	DET
fsr-3883	151	6	right	right	NOUN
fsr-3883	151	7	to	to	PART
fsr-3883	151	8	call	call	VERB
fsr-3883	151	9	the	the	DET
fsr-3883	151	10	bonds	bond	NOUN
fsr-3883	151	11	,	,	PUNCT
fsr-3883	151	12	the	the	DET
fsr-3883	151	13	bond	bond	NOUN
fsr-3883	151	14	investor	investor	NOUN
fsr-3883	151	15	is	be	AUX
fsr-3883	151	16	short	short	ADJ
fsr-3883	151	17	this	this	DET
fsr-3883	151	18	call	call	NOUN
fsr-3883	151	19	option	option	NOUN
fsr-3883	151	20	.	.	PUNCT
fsr-3883	152	1	mathematically	mathematically	ADV
fsr-3883	152	2	,	,	PUNCT
fsr-3883	152	3	the	the	DET
fsr-3883	152	4	relationship	relationship	NOUN
fsr-3883	152	5	can	can	AUX
fsr-3883	152	6	be	be	AUX
fsr-3883	152	7	expressed	express	VERB
fsr-3883	152	8	as	as	ADP
fsr-3883	152	9	pt	pt	PROPN
fsr-3883	152	10	c	c	PROPN
fsr-3883	152	11	5	5	NUM
fsr-3883	152	12	pt	pt	PROPN
fsr-3883	152	13	nc	nc	PROPN
fsr-3883	152	14	2	2	PROPN
fsr-3883	152	15	cot	cot	NOUN
fsr-3883	152	16	(	(	PUNCT
fsr-3883	152	17	5	5	NUM
fsr-3883	152	18	)	)	PUNCT
fsr-3883	152	19	wherept	wherept	NOUN
fsr-3883	152	20	c	c	PROPN
fsr-3883	152	21	denotes	denote	VERB
fsr-3883	152	22	the	the	DET
fsr-3883	152	23	callable	callable	ADJ
fsr-3883	152	24	bond	bond	NOUN
fsr-3883	152	25	,	,	PUNCT
fsr-3883	153	1	pt	pt	PROPN
fsr-3883	153	2	nc	nc	PROPN
fsr-3883	153	3	the	the	DET
fsr-3883	153	4	non	non	ADJ
fsr-3883	153	5	-	-	ADJ
fsr-3883	153	6	callable	callable	ADJ
fsr-3883	153	7	bond	bond	NOUN
fsr-3883	153	8	with	with	ADP
fsr-3883	153	9	identical	identical	ADJ
fsr-3883	153	10	maturity	maturity	NOUN
fsr-3883	153	11	and	and	CCONJ
fsr-3883	153	12	coupon	coupon	NOUN
fsr-3883	153	13	,	,	PUNCT
fsr-3883	153	14	andcot	andcot	NOUN
fsr-3883	153	15	denotes	denote	VERB
fsr-3883	153	16	the	the	DET
fsr-3883	153	17	embedded	embed	VERB
fsr-3883	153	18	call	call	NOUN
fsr-3883	153	19	option	option	NOUN
fsr-3883	153	20	premium	premium	NOUN
fsr-3883	153	21	.	.	PUNCT
fsr-3883	154	1	as	as	SCONJ
fsr-3883	154	2	illustrated	illustrate	VERB
fsr-3883	154	3	for	for	ADP
fsr-3883	154	4	corporate	corporate	ADJ
fsr-3883	154	5	bonds	bond	NOUN
fsr-3883	154	6	in	in	ADP
fsr-3883	154	7	emery	emery	NOUN
fsr-3883	154	8	and	and	CCONJ
fsr-3883	154	9	lewellen	lewellen	NOUN
fsr-3883	154	10	(	(	PUNCT
fsr-3883	154	11	1990	1990	NUM
fsr-3883	154	12	)	)	PUNCT
fsr-3883	154	13	and	and	CCONJ
fsr-3883	154	14	jordan	jordan	PROPN
fsr-3883	154	15	and	and	CCONJ
fsr-3883	154	16	jorgensen	jorgensen	PROPN
fsr-3883	154	17	(	(	PUNCT
fsr-3883	154	18	1998	1998	NUM
fsr-3883	154	19	)	)	PUNCT
fsr-3883	154	20	,	,	PUNCT
fsr-3883	154	21	one	one	PRON
fsr-3883	154	22	can	can	AUX
fsr-3883	154	23	illustrate	illustrate	VERB
fsr-3883	154	24	the	the	DET
fsr-3883	154	25	78	78	NUM
fsr-3883	154	26	r.	r.	NOUN
fsr-3883	154	27	brooks	brooks	PROPN
fsr-3883	154	28	/	/	SYM
fsr-3883	154	29	financial	financial	ADJ
fsr-3883	154	30	services	service	NOUN
fsr-3883	154	31	review	review	VERB
fsr-3883	154	32	8	8	NUM
fsr-3883	154	33	(	(	PUNCT
fsr-3883	154	34	1999	1999	NUM
fsr-3883	154	35	)	)	PUNCT
fsr-3883	154	36	71–85	71–85	NUM
fsr-3883	154	37	refunding	refunding	NOUN
fsr-3883	154	38	decision	decision	NOUN
fsr-3883	154	39	using	use	VERB
fsr-3883	154	40	hypothetical	hypothetical	ADJ
fsr-3883	154	41	balance	balance	NOUN
fsr-3883	154	42	sheets	sheet	NOUN
fsr-3883	154	43	.	.	PUNCT
fsr-3883	155	1	table	table	NOUN
fsr-3883	155	2	2	2	NUM
fsr-3883	155	3	illustrates	illustrate	VERB
fsr-3883	155	4	in	in	ADP
fsr-3883	155	5	over	over	ADV
fsr-3883	155	6	-	-	PUNCT
fsr-3883	155	7	simplified	simplify	VERB
fsr-3883	155	8	terms	term	NOUN
fsr-3883	155	9	,	,	PUNCT
fsr-3883	155	10	a	a	DET
fsr-3883	155	11	municipality	municipality	NOUN
fsr-3883	155	12	with	with	ADP
fsr-3883	155	13	debt	debt	NOUN
fsr-3883	155	14	and	and	CCONJ
fsr-3883	155	15	“	"	PUNCT
fsr-3883	155	16	equity	equity	NOUN
fsr-3883	155	17	.	.	PUNCT
fsr-3883	155	18	”	"	PUNCT
fsr-3883	156	1	in	in	ADP
fsr-3883	156	2	all	all	DET
fsr-3883	156	3	the	the	DET
fsr-3883	156	4	subsequent	subsequent	ADJ
fsr-3883	156	5	tables	table	NOUN
fsr-3883	156	6	,	,	PUNCT
fsr-3883	156	7	the	the	DET
fsr-3883	156	8	dollar	dollar	NOUN
fsr-3883	156	9	amounts	amount	NOUN
fsr-3883	156	10	are	be	AUX
fsr-3883	156	11	given	give	VERB
fsr-3883	156	12	in	in	ADP
fsr-3883	156	13	current	current	ADJ
fsr-3883	156	14	market	market	NOUN
fsr-3883	156	15	value	value	NOUN
fsr-3883	156	16	.	.	PUNCT
fsr-3883	157	1	because	because	SCONJ
fsr-3883	157	2	interest	interest	NOUN
fsr-3883	157	3	rates	rate	NOUN
fsr-3883	157	4	have	have	AUX
fsr-3883	157	5	fallen	fall	VERB
fsr-3883	157	6	,	,	PUNCT
fsr-3883	157	7	the	the	DET
fsr-3883	157	8	bonds	bond	NOUN
fsr-3883	157	9	are	be	AUX
fsr-3883	157	10	trading	trade	VERB
fsr-3883	157	11	well	well	ADV
fsr-3883	157	12	above	above	ADP
fsr-3883	157	13	par	par	NOUN
fsr-3883	157	14	.	.	PUNCT
fsr-3883	158	1	however	however	ADV
fsr-3883	158	2	,	,	PUNCT
fsr-3883	158	3	the	the	DET
fsr-3883	158	4	call	call	NOUN
fsr-3883	158	5	feature	feature	NOUN
fsr-3883	158	6	prevents	prevent	VERB
fsr-3883	158	7	the	the	DET
fsr-3883	158	8	price	price	NOUN
fsr-3883	158	9	from	from	ADP
fsr-3883	158	10	rising	rise	VERB
fsr-3883	158	11	too	too	ADV
fsr-3883	158	12	far	far	ADV
fsr-3883	158	13	.	.	PUNCT
fsr-3883	159	1	if	if	SCONJ
fsr-3883	159	2	we	we	PRON
fsr-3883	159	3	split	split	VERB
fsr-3883	159	4	the	the	DET
fsr-3883	159	5	callable	callable	ADJ
fsr-3883	159	6	bond	bond	NOUN
fsr-3883	159	7	into	into	ADP
fsr-3883	159	8	its	its	PRON
fsr-3883	159	9	component	component	NOUN
fsr-3883	159	10	pieces	piece	NOUN
fsr-3883	159	11	we	we	PRON
fsr-3883	159	12	can	can	AUX
fsr-3883	159	13	represent	represent	VERB
fsr-3883	159	14	the	the	DET
fsr-3883	159	15	balance	balance	NOUN
fsr-3883	159	16	sheet	sheet	NOUN
fsr-3883	159	17	as	as	SCONJ
fsr-3883	159	18	given	give	VERB
fsr-3883	159	19	in	in	ADP
fsr-3883	159	20	table	table	NOUN
fsr-3883	159	21	3	3	NUM
fsr-3883	159	22	.	.	PUNCT
fsr-3883	160	1	the	the	DET
fsr-3883	160	2	embedded	embed	VERB
fsr-3883	160	3	call	call	NOUN
fsr-3883	160	4	option	option	NOUN
fsr-3883	160	5	on	on	ADP
fsr-3883	160	6	the	the	DET
fsr-3883	160	7	bond	bond	NOUN
fsr-3883	160	8	is	be	AUX
fsr-3883	160	9	worth	worth	ADJ
fsr-3883	160	10	say	say	VERB
fsr-3883	160	11	$	$	SYM
fsr-3883	160	12	23	23	NUM
fsr-3883	160	13	million	million	NUM
fsr-3883	160	14	and	and	CCONJ
fsr-3883	160	15	the	the	DET
fsr-3883	160	16	25	25	NUM
fsr-3883	160	17	year	year	NOUN
fsr-3883	160	18	fixed	fix	VERB
fsr-3883	160	19	rate	rate	NOUN
fsr-3883	160	20	bond	bond	NOUN
fsr-3883	160	21	is	be	AUX
fsr-3883	160	22	worth	worth	ADJ
fsr-3883	160	23	say	say	VERB
fsr-3883	160	24	$	$	SYM
fsr-3883	160	25	333	333	NUM
fsr-3883	160	26	million	million	NUM
fsr-3883	160	27	.	.	PUNCT
fsr-3883	161	1	the	the	DET
fsr-3883	161	2	explicit	explicit	ADJ
fsr-3883	161	3	recognition	recognition	NOUN
fsr-3883	161	4	of	of	ADP
fsr-3883	161	5	the	the	DET
fsr-3883	161	6	option	option	NOUN
fsr-3883	161	7	as	as	SCONJ
fsr-3883	161	8	an	an	DET
fsr-3883	161	9	asset	asset	NOUN
fsr-3883	161	10	helps	help	VERB
fsr-3883	161	11	one	one	PRON
fsr-3883	161	12	understand	understand	VERB
fsr-3883	161	13	the	the	DET
fsr-3883	161	14	appropriate	appropriate	ADJ
fsr-3883	161	15	method	method	NOUN
fsr-3883	161	16	for	for	ADP
fsr-3883	161	17	assessing	assess	VERB
fsr-3883	161	18	the	the	DET
fsr-3883	161	19	refunding	refund	VERB
fsr-3883	161	20	decision	decision	NOUN
fsr-3883	161	21	.	.	PUNCT
fsr-3883	162	1	suppose	suppose	VERB
fsr-3883	162	2	an	an	DET
fsr-3883	162	3	investment	investment	NOUN
fsr-3883	162	4	bank	bank	NOUN
fsr-3883	162	5	suggests	suggest	VERB
fsr-3883	162	6	doing	do	VERB
fsr-3883	162	7	an	an	DET
fsr-3883	162	8	advance	advance	NOUN
fsr-3883	162	9	refunding	refunding	NOUN
fsr-3883	162	10	on	on	ADP
fsr-3883	162	11	the	the	DET
fsr-3883	162	12	fixed	fix	VERB
fsr-3883	162	13	rate	rate	NOUN
fsr-3883	162	14	debt	debt	NOUN
fsr-3883	162	15	.	.	PUNCT
fsr-3883	163	1	also	also	ADV
fsr-3883	163	2	assume	assume	VERB
fsr-3883	163	3	the	the	DET
fsr-3883	163	4	advance	advance	NOUN
fsr-3883	163	5	refunding	refund	VERB
fsr-3883	163	6	produced	produce	VERB
fsr-3883	163	7	proceeds	proceed	NOUN
fsr-3883	163	8	of	of	ADP
fsr-3883	163	9	$	$	SYM
fsr-3883	163	10	15	15	NUM
fsr-3883	163	11	million	million	NUM
fsr-3883	163	12	.	.	PUNCT
fsr-3883	164	1	to	to	PART
fsr-3883	164	2	simplify	simplify	VERB
fsr-3883	164	3	the	the	DET
fsr-3883	164	4	analysis	analysis	NOUN
fsr-3883	164	5	,	,	PUNCT
fsr-3883	164	6	we	we	PRON
fsr-3883	164	7	assume	assume	VERB
fsr-3883	164	8	the	the	DET
fsr-3883	164	9	new	new	ADJ
fsr-3883	164	10	bonds	bond	NOUN
fsr-3883	164	11	will	will	AUX
fsr-3883	164	12	be	be	AUX
fsr-3883	164	13	25	25	NUM
fsr-3883	164	14	year	year	NOUN
fsr-3883	164	15	fixed	fix	VERB
fsr-3883	164	16	rate	rate	NOUN
fsr-3883	164	17	bonds	bond	NOUN
fsr-3883	164	18	so	so	SCONJ
fsr-3883	164	19	they	they	PRON
fsr-3883	164	20	will	will	AUX
fsr-3883	164	21	have	have	VERB
fsr-3883	164	22	the	the	DET
fsr-3883	164	23	same	same	ADJ
fsr-3883	164	24	market	market	NOUN
fsr-3883	164	25	value	value	NOUN
fsr-3883	164	26	as	as	ADP
fsr-3883	164	27	the	the	DET
fsr-3883	164	28	old	old	ADJ
fsr-3883	164	29	bonds	bond	NOUN
fsr-3883	164	30	without	without	ADP
fsr-3883	164	31	the	the	DET
fsr-3883	164	32	embedded	embed	VERB
fsr-3883	164	33	option	option	NOUN
fsr-3883	164	34	.	.	PUNCT
fsr-3883	165	1	the	the	DET
fsr-3883	165	2	balance	balance	NOUN
fsr-3883	165	3	sheet	sheet	NOUN
fsr-3883	165	4	is	be	AUX
fsr-3883	165	5	illustrated	illustrate	VERB
fsr-3883	165	6	in	in	ADP
fsr-3883	165	7	table	table	NOUN
fsr-3883	165	8	4	4	NUM
fsr-3883	165	9	.	.	PUNCT
fsr-3883	166	1	clearly	clearly	ADV
fsr-3883	166	2	the	the	DET
fsr-3883	166	3	firm	firm	NOUN
fsr-3883	166	4	has	have	AUX
fsr-3883	166	5	increased	increase	VERB
fsr-3883	166	6	its	its	PRON
fsr-3883	166	7	cash	cash	NOUN
fsr-3883	166	8	position	position	NOUN
fsr-3883	166	9	but	but	CCONJ
fsr-3883	166	10	decreased	decrease	VERB
fsr-3883	166	11	its	its	PRON
fsr-3883	166	12	equity	equity	NOUN
fsr-3883	166	13	.	.	PUNCT
fsr-3883	167	1	advance	advance	NOUN
fsr-3883	167	2	refundings	refunding	NOUN
fsr-3883	167	3	are	be	AUX
fsr-3883	167	4	popular	popular	ADJ
fsr-3883	167	5	with	with	ADP
fsr-3883	167	6	municipalities	municipality	NOUN
fsr-3883	167	7	and	and	CCONJ
fsr-3883	167	8	bondholders	bondholder	NOUN
fsr-3883	167	9	do	do	AUX
fsr-3883	167	10	not	not	PART
fsr-3883	167	11	complain	complain	VERB
fsr-3883	167	12	because	because	SCONJ
fsr-3883	167	13	their	their	PRON
fsr-3883	167	14	original	original	ADJ
fsr-3883	167	15	bonds	bond	NOUN
fsr-3883	167	16	get	get	VERB
fsr-3883	167	17	a	a	DET
fsr-3883	167	18	credit	credit	NOUN
fsr-3883	167	19	enhancement	enhancement	NOUN
fsr-3883	167	20	(	(	PUNCT
fsr-3883	167	21	recall	recall	VERB
fsr-3883	167	22	the	the	DET
fsr-3883	167	23	original	original	ADJ
fsr-3883	167	24	debt	debt	NOUN
fsr-3883	167	25	’s	’s	PART
fsr-3883	167	26	rating	rating	NOUN
fsr-3883	167	27	goes	go	VERB
fsr-3883	167	28	to	to	ADP
fsr-3883	167	29	aaa	aaa	NOUN
fsr-3883	167	30	because	because	SCONJ
fsr-3883	167	31	they	they	PRON
fsr-3883	167	32	are	be	AUX
fsr-3883	167	33	backed	back	VERB
fsr-3883	167	34	by	by	ADP
fsr-3883	167	35	u.s	u.s	PROPN
fsr-3883	167	36	.	.	PROPN
fsr-3883	167	37	treasury	treasury	PROPN
fsr-3883	167	38	bonds	bond	NOUN
fsr-3883	167	39	)	)	PUNCT
fsr-3883	167	40	.	.	PUNCT
fsr-3883	168	1	advance	advance	PROPN
fsr-3883	168	2	refunding	refunding	PROPN
fsr-3883	168	3	also	also	ADV
fsr-3883	168	4	generally	generally	ADV
fsr-3883	168	5	resolves	resolve	VERB
fsr-3883	168	6	the	the	DET
fsr-3883	168	7	uncertainty	uncertainty	NOUN
fsr-3883	168	8	about	about	ADP
fsr-3883	168	9	when	when	SCONJ
fsr-3883	168	10	the	the	DET
fsr-3883	168	11	municipal	municipal	ADJ
fsr-3883	168	12	bonds	bond	NOUN
fsr-3883	168	13	will	will	AUX
fsr-3883	168	14	be	be	AUX
fsr-3883	168	15	called	call	VERB
fsr-3883	168	16	.	.	PUNCT
fsr-3883	169	1	the	the	DET
fsr-3883	169	2	advance	advance	NOUN
fsr-3883	169	3	refunded	refunded	ADJ
fsr-3883	169	4	municipal	municipal	ADJ
fsr-3883	169	5	bonds	bond	NOUN
fsr-3883	169	6	will	will	AUX
fsr-3883	169	7	be	be	AUX
fsr-3883	169	8	called	call	VERB
fsr-3883	169	9	on	on	ADP
fsr-3883	169	10	the	the	DET
fsr-3883	169	11	first	first	ADJ
fsr-3883	169	12	call	call	NOUN
fsr-3883	169	13	date	date	NOUN
fsr-3883	169	14	.	.	PUNCT
fsr-3883	170	1	table	table	NOUN
fsr-3883	170	2	2	2	NUM
fsr-3883	170	3	balance	balance	NOUN
fsr-3883	170	4	sheet	sheet	NOUN
fsr-3883	170	5	of	of	ADP
fsr-3883	170	6	a	a	DET
fsr-3883	170	7	municipality	municipality	NOUN
fsr-3883	170	8	(	(	PUNCT
fsr-3883	170	9	in	in	ADP
fsr-3883	170	10	market	market	NOUN
fsr-3883	170	11	value	value	NOUN
fsr-3883	170	12	and	and	CCONJ
fsr-3883	170	13	in	in	ADP
fsr-3883	170	14	millions	million	NOUN
fsr-3883	170	15	)	)	PUNCT
fsr-3883	170	16	assets	asset	NOUN
fsr-3883	170	17	liabilities	liability	NOUN
fsr-3883	170	18	and	and	CCONJ
fsr-3883	170	19	equity	equity	NOUN
fsr-3883	170	20	cash	cash	NOUN
fsr-3883	170	21	$	$	SYM
fsr-3883	170	22	400	400	NUM
fsr-3883	170	23	floating	float	VERB
fsr-3883	170	24	debt	debt	NOUN
fsr-3883	170	25	$	$	SYM
fsr-3883	170	26	100	100	NUM
fsr-3883	170	27	other	other	ADJ
fsr-3883	170	28	assets	asset	NOUN
fsr-3883	170	29	$	$	SYM
fsr-3883	170	30	600	600	NUM
fsr-3883	170	31	fixed	fix	VERB
fsr-3883	170	32	debt	debt	NOUN
fsr-3883	170	33	$	$	SYM
fsr-3883	170	34	310a	310a	PROPN
fsr-3883	170	35	other	other	ADJ
fsr-3883	170	36	liability	liability	NOUN
fsr-3883	170	37	$	$	SYM
fsr-3883	170	38	90	90	NUM
fsr-3883	170	39	equity	equity	NOUN
fsr-3883	170	40	$	$	SYM
fsr-3883	170	41	500	500	NUM
fsr-3883	170	42	total	total	ADJ
fsr-3883	170	43	assets	asset	NOUN
fsr-3883	170	44	$	$	SYM
fsr-3883	170	45	1,000	1,000	NUM
fsr-3883	170	46	total	total	ADJ
fsr-3883	170	47	liability	liability	NOUN
fsr-3883	170	48	and	and	CCONJ
fsr-3883	170	49	equity	equity	NOUN
fsr-3883	170	50	$	$	SYM
fsr-3883	170	51	1,000	1,000	NUM
fsr-3883	170	52	a	a	DET
fsr-3883	170	53	suppose	suppose	NOUN
fsr-3883	170	54	originally	originally	ADV
fsr-3883	170	55	issued	issue	VERB
fsr-3883	170	56	30	30	NUM
fsr-3883	170	57	-	-	PUNCT
fsr-3883	170	58	year	year	NOUN
fsr-3883	170	59	tax	tax	NOUN
fsr-3883	170	60	-	-	PUNCT
fsr-3883	170	61	exempt	exempt	ADJ
fsr-3883	170	62	bonds	bond	NOUN
fsr-3883	170	63	,	,	PUNCT
fsr-3883	170	64	callable	callable	ADJ
fsr-3883	170	65	in	in	ADP
fsr-3883	170	66	10	10	NUM
fsr-3883	170	67	years	year	NOUN
fsr-3883	170	68	at	at	ADP
fsr-3883	170	69	par	par	NOUN
fsr-3883	170	70	,	,	PUNCT
fsr-3883	170	71	$	$	SYM
fsr-3883	170	72	300	300	NUM
fsr-3883	170	73	million	million	NUM
fsr-3883	170	74	par	par	NOUN
fsr-3883	170	75	value	value	NOUN
fsr-3883	170	76	,	,	PUNCT
fsr-3883	170	77	and	and	CCONJ
fsr-3883	170	78	carry	carry	VERB
fsr-3883	170	79	a	a	DET
fsr-3883	170	80	5.3	5.3	NUM
fsr-3883	170	81	%	%	NOUN
fsr-3883	170	82	coupon	coupon	NOUN
fsr-3883	170	83	.	.	PUNCT
fsr-3883	171	1	five	five	NUM
fsr-3883	171	2	years	year	NOUN
fsr-3883	171	3	have	have	AUX
fsr-3883	171	4	elapsed	elapse	VERB
fsr-3883	171	5	and	and	CCONJ
fsr-3883	171	6	interest	interest	NOUN
fsr-3883	171	7	rates	rate	NOUN
fsr-3883	171	8	have	have	AUX
fsr-3883	171	9	fallen	fall	VERB
fsr-3883	171	10	.	.	PUNCT
fsr-3883	172	1	table	table	NOUN
fsr-3883	172	2	3	3	NUM
fsr-3883	172	3	typical	typical	ADJ
fsr-3883	172	4	balance	balance	NOUN
fsr-3883	172	5	sheet	sheet	NOUN
fsr-3883	172	6	of	of	ADP
fsr-3883	172	7	a	a	DET
fsr-3883	172	8	municipality	municipality	NOUN
fsr-3883	172	9	(	(	PUNCT
fsr-3883	172	10	in	in	ADP
fsr-3883	172	11	market	market	NOUN
fsr-3883	172	12	value	value	NOUN
fsr-3883	172	13	)	)	PUNCT
fsr-3883	172	14	explicitly	explicitly	ADV
fsr-3883	172	15	accounting	account	VERB
fsr-3883	172	16	for	for	ADP
fsr-3883	172	17	embedded	embed	VERB
fsr-3883	172	18	option	option	NOUN
fsr-3883	172	19	assets	asset	NOUN
fsr-3883	172	20	liabilities	liability	NOUN
fsr-3883	172	21	and	and	CCONJ
fsr-3883	172	22	equity	equity	NOUN
fsr-3883	172	23	cash	cash	NOUN
fsr-3883	172	24	$	$	SYM
fsr-3883	172	25	400	400	NUM
fsr-3883	172	26	floating	float	VERB
fsr-3883	172	27	debt	debt	NOUN
fsr-3883	172	28	$	$	SYM
fsr-3883	172	29	100	100	NUM
fsr-3883	172	30	option	option	NOUN
fsr-3883	172	31	$	$	SYM
fsr-3883	172	32	23	23	NUM
fsr-3883	172	33	fixed	fix	VERB
fsr-3883	172	34	debt	debt	NOUN
fsr-3883	172	35	$	$	SYM
fsr-3883	172	36	333	333	NUM
fsr-3883	172	37	other	other	ADJ
fsr-3883	172	38	assets	asset	NOUN
fsr-3883	172	39	$	$	SYM
fsr-3883	172	40	600	600	NUM
fsr-3883	172	41	other	other	ADJ
fsr-3883	172	42	liability	liability	NOUN
fsr-3883	172	43	$	$	SYM
fsr-3883	172	44	90	90	NUM
fsr-3883	172	45	equity	equity	NOUN
fsr-3883	172	46	$	$	SYM
fsr-3883	172	47	500	500	NUM
fsr-3883	172	48	total	total	ADJ
fsr-3883	172	49	assets	asset	NOUN
fsr-3883	172	50	$	$	SYM
fsr-3883	172	51	1,023	1,023	NUM
fsr-3883	172	52	total	total	ADJ
fsr-3883	172	53	liability	liability	NOUN
fsr-3883	172	54	and	and	CCONJ
fsr-3883	172	55	equity	equity	NOUN
fsr-3883	172	56	$	$	SYM
fsr-3883	172	57	1,023	1,023	NUM
fsr-3883	172	58	79r	79r	NOUN
fsr-3883	172	59	.	.	PUNCT
fsr-3883	173	1	brooks	brooks	PROPN
fsr-3883	173	2	/	/	SYM
fsr-3883	173	3	financial	financial	ADJ
fsr-3883	173	4	services	service	NOUN
fsr-3883	173	5	review	review	VERB
fsr-3883	173	6	8	8	NUM
fsr-3883	173	7	(	(	PUNCT
fsr-3883	173	8	1999	1999	NUM
fsr-3883	173	9	)	)	PUNCT
fsr-3883	173	10	71–85	71–85	NUM
fsr-3883	173	11	2.4	2.4	NUM
fsr-3883	173	12	.	.	PUNCT
fsr-3883	174	1	the	the	DET
fsr-3883	174	2	synthetic	synthetic	ADJ
fsr-3883	174	3	advance	advance	NOUN
fsr-3883	174	4	refunding	refund	VERB
fsr-3883	174	5	option	option	NOUN
fsr-3883	174	6	the	the	DET
fsr-3883	174	7	refunding	refund	VERB
fsr-3883	174	8	bonds	bond	NOUN
fsr-3883	174	9	,	,	PUNCT
fsr-3883	174	10	the	the	DET
fsr-3883	174	11	bonds	bond	NOUN
fsr-3883	174	12	used	use	VERB
fsr-3883	174	13	to	to	PART
fsr-3883	174	14	advance	advance	VERB
fsr-3883	174	15	refund	refund	VERB
fsr-3883	174	16	the	the	DET
fsr-3883	174	17	original	original	ADJ
fsr-3883	174	18	bonds	bond	NOUN
fsr-3883	174	19	,	,	PUNCT
fsr-3883	174	20	could	could	AUX
fsr-3883	174	21	be	be	AUX
fsr-3883	174	22	synthetically	synthetically	ADV
fsr-3883	174	23	advance	advance	NOUN
fsr-3883	174	24	refunded	refunded	ADJ
fsr-3883	174	25	even	even	ADV
fsr-3883	174	26	though	though	SCONJ
fsr-3883	174	27	they	they	PRON
fsr-3883	174	28	can	can	AUX
fsr-3883	174	29	not	not	PART
fsr-3883	174	30	be	be	AUX
fsr-3883	174	31	advance	advance	NOUN
fsr-3883	174	32	refunded	refund	VERB
fsr-3883	174	33	.	.	PUNCT
fsr-3883	175	1	if	if	SCONJ
fsr-3883	175	2	a	a	DET
fsr-3883	175	3	forward	forward	ADV
fsr-3883	175	4	refunding	refunding	NOUN
fsr-3883	175	5	transaction	transaction	NOUN
fsr-3883	175	6	is	be	AUX
fsr-3883	175	7	conducted	conduct	VERB
fsr-3883	175	8	,	,	PUNCT
fsr-3883	175	9	then	then	ADV
fsr-3883	175	10	the	the	DET
fsr-3883	175	11	embedded	embed	VERB
fsr-3883	175	12	call	call	NOUN
fsr-3883	175	13	option	option	NOUN
fsr-3883	175	14	will	will	AUX
fsr-3883	175	15	be	be	AUX
fsr-3883	175	16	exercised	exercise	VERB
fsr-3883	175	17	on	on	ADP
fsr-3883	175	18	the	the	DET
fsr-3883	175	19	first	first	ADJ
fsr-3883	175	20	call	call	NOUN
fsr-3883	175	21	date	date	NOUN
fsr-3883	175	22	.	.	PUNCT
fsr-3883	176	1	this	this	PRON
fsr-3883	176	2	actually	actually	ADV
fsr-3883	176	3	should	should	AUX
fsr-3883	176	4	increase	increase	VERB
fsr-3883	176	5	the	the	DET
fsr-3883	176	6	value	value	NOUN
fsr-3883	176	7	of	of	ADP
fsr-3883	176	8	the	the	DET
fsr-3883	176	9	refunding	refund	VERB
fsr-3883	176	10	bonds	bond	NOUN
fsr-3883	176	11	because	because	SCONJ
fsr-3883	176	12	the	the	DET
fsr-3883	176	13	time	time	NOUN
fsr-3883	176	14	value	value	NOUN
fsr-3883	176	15	of	of	ADP
fsr-3883	176	16	the	the	DET
fsr-3883	176	17	call	call	NOUN
fsr-3883	176	18	option	option	NOUN
fsr-3883	176	19	is	be	AUX
fsr-3883	176	20	eliminated	eliminate	VERB
fsr-3883	176	21	.	.	PUNCT
fsr-3883	177	1	alternatively	alternatively	ADV
fsr-3883	177	2	the	the	DET
fsr-3883	177	3	embedded	embed	VERB
fsr-3883	177	4	call	call	NOUN
fsr-3883	177	5	option	option	NOUN
fsr-3883	177	6	could	could	AUX
fsr-3883	177	7	be	be	AUX
fsr-3883	177	8	sold	sell	VERB
fsr-3883	177	9	directly	directly	ADV
fsr-3883	177	10	(	(	PUNCT
fsr-3883	177	11	at	at	ADP
fsr-3883	177	12	least	least	ADJ
fsr-3883	177	13	from	from	ADP
fsr-3883	177	14	an	an	DET
fsr-3883	177	15	economic	economic	ADJ
fsr-3883	177	16	viewpoint	viewpoint	NOUN
fsr-3883	177	17	)	)	PUNCT
fsr-3883	177	18	.	.	PUNCT
fsr-3883	178	1	suppose	suppose	VERB
fsr-3883	178	2	the	the	DET
fsr-3883	178	3	decision	decision	NOUN
fsr-3883	178	4	to	to	PART
fsr-3883	178	5	call	call	VERB
fsr-3883	178	6	the	the	DET
fsr-3883	178	7	bonds	bond	NOUN
fsr-3883	178	8	is	be	AUX
fsr-3883	178	9	essentially	essentially	ADV
fsr-3883	178	10	sold	sell	VERB
fsr-3883	178	11	to	to	ADP
fsr-3883	178	12	an	an	DET
fsr-3883	178	13	investment	investment	NOUN
fsr-3883	178	14	banking	banking	NOUN
fsr-3883	178	15	firm	firm	NOUN
fsr-3883	178	16	.	.	PUNCT
fsr-3883	179	1	in	in	ADP
fsr-3883	179	2	this	this	DET
fsr-3883	179	3	case	case	NOUN
fsr-3883	179	4	,	,	PUNCT
fsr-3883	179	5	the	the	DET
fsr-3883	179	6	investment	investment	NOUN
fsr-3883	179	7	-	-	PUNCT
fsr-3883	179	8	banking	banking	NOUN
fsr-3883	179	9	firm	firm	NOUN
fsr-3883	179	10	will	will	AUX
fsr-3883	179	11	likely	likely	ADV
fsr-3883	179	12	more	more	ADV
fsr-3883	179	13	efficiently	efficiently	ADV
fsr-3883	179	14	make	make	VERB
fsr-3883	179	15	the	the	DET
fsr-3883	179	16	call	call	NOUN
fsr-3883	179	17	decision	decision	NOUN
fsr-3883	179	18	lowering	lower	VERB
fsr-3883	179	19	the	the	DET
fsr-3883	179	20	value	value	NOUN
fsr-3883	179	21	of	of	ADP
fsr-3883	179	22	the	the	DET
fsr-3883	179	23	refunding	refund	VERB
fsr-3883	179	24	bonds	bond	NOUN
fsr-3883	179	25	.	.	PUNCT
fsr-3883	180	1	for	for	ADP
fsr-3883	180	2	example	example	NOUN
fsr-3883	180	3	,	,	PUNCT
fsr-3883	180	4	the	the	DET
fsr-3883	180	5	municipality	municipality	NOUN
fsr-3883	180	6	might	might	AUX
fsr-3883	180	7	decide	decide	VERB
fsr-3883	180	8	not	not	PART
fsr-3883	180	9	to	to	PART
fsr-3883	180	10	call	call	VERB
fsr-3883	180	11	the	the	DET
fsr-3883	180	12	bonds	bond	NOUN
fsr-3883	180	13	if	if	SCONJ
fsr-3883	180	14	they	they	PRON
fsr-3883	180	15	are	be	AUX
fsr-3883	180	16	trading	trade	VERB
fsr-3883	180	17	at	at	ADP
fsr-3883	180	18	101	101	NUM
fsr-3883	180	19	percent	percent	NOUN
fsr-3883	180	20	of	of	ADP
fsr-3883	180	21	par	par	NOUN
fsr-3883	180	22	whereas	whereas	SCONJ
fsr-3883	180	23	the	the	DET
fsr-3883	180	24	investmentbanking	investmentbanke	VERB
fsr-3883	180	25	firm	firm	NOUN
fsr-3883	180	26	might	might	AUX
fsr-3883	180	27	efficiently	efficiently	ADV
fsr-3883	180	28	call	call	VERB
fsr-3883	180	29	the	the	DET
fsr-3883	180	30	bonds	bond	NOUN
fsr-3883	180	31	.	.	PUNCT
fsr-3883	181	1	2.5	2.5	NUM
fsr-3883	181	2	.	.	PUNCT
fsr-3883	182	1	credit	credit	NOUN
fsr-3883	182	2	risk	risk	NOUN
fsr-3883	182	3	(	(	PUNCT
fsr-3883	182	4	default	default	NOUN
fsr-3883	182	5	option	option	NOUN
fsr-3883	182	6	)	)	PUNCT
fsr-3883	182	7	municipal	municipal	ADJ
fsr-3883	182	8	bonds	bond	NOUN
fsr-3883	182	9	have	have	VERB
fsr-3883	182	10	higher	high	ADJ
fsr-3883	182	11	default	default	NOUN
fsr-3883	182	12	risk	risk	NOUN
fsr-3883	182	13	than	than	ADP
fsr-3883	182	14	u.s	u.s	PROPN
fsr-3883	182	15	.	.	PROPN
fsr-3883	182	16	treasury	treasury	PROPN
fsr-3883	182	17	securities	security	NOUN
fsr-3883	182	18	,	,	PUNCT
fsr-3883	182	19	and	and	CCONJ
fsr-3883	182	20	hence	hence	ADV
fsr-3883	182	21	the	the	DET
fsr-3883	182	22	tax	tax	NOUN
fsr-3883	182	23	-	-	PUNCT
fsr-3883	182	24	exempt	exempt	ADJ
fsr-3883	182	25	to	to	ADP
fsr-3883	182	26	taxable	taxable	ADJ
fsr-3883	182	27	yield	yield	NOUN
fsr-3883	182	28	ratio	ratio	NOUN
fsr-3883	182	29	is	be	AUX
fsr-3883	182	30	higher	high	ADJ
fsr-3883	182	31	.	.	PUNCT
fsr-3883	183	1	table	table	NOUN
fsr-3883	183	2	5	5	NUM
fsr-3883	183	3	reports	report	VERB
fsr-3883	183	4	the	the	DET
fsr-3883	183	5	actual	actual	ADJ
fsr-3883	183	6	municipal	municipal	ADJ
fsr-3883	183	7	default	default	NOUN
fsr-3883	183	8	experience	experience	NOUN
fsr-3883	183	9	since	since	SCONJ
fsr-3883	183	10	1940	1940	NUM
fsr-3883	183	11	.	.	PUNCT
fsr-3883	184	1	according	accord	VERB
fsr-3883	184	2	to	to	ADP
fsr-3883	184	3	the	the	DET
fsr-3883	184	4	bond	bond	NOUN
fsr-3883	184	5	market	market	NOUN
fsr-3883	184	6	association	association	NOUN
fsr-3883	184	7	,	,	PUNCT
fsr-3883	184	8	“	"	PUNCT
fsr-3883	184	9	the	the	DET
fsr-3883	184	10	default	default	NOUN
fsr-3883	184	11	rate	rate	NOUN
fsr-3883	184	12	for	for	ADP
fsr-3883	184	13	municipal	municipal	ADJ
fsr-3883	184	14	securities	security	NOUN
fsr-3883	184	15	is	be	AUX
fsr-3883	184	16	extraordinarily	extraordinarily	ADV
fsr-3883	184	17	low	low	ADJ
fsr-3883	184	18	.	.	PUNCT
fsr-3883	185	1	of	of	ADP
fsr-3883	185	2	the	the	DET
fsr-3883	185	3	403	403	NUM
fsr-3883	185	4	,	,	PUNCT
fsr-3883	185	5	152	152	NUM
fsr-3883	185	6	issues	issue	NOUN
fsr-3883	185	7	sold	sell	VERB
fsr-3883	185	8	since	since	SCONJ
fsr-3883	185	9	1940	1940	NUM
fsr-3883	185	10	,	,	PUNCT
fsr-3883	185	11	only	only	ADV
fsr-3883	185	12	0.5	0.5	NUM
fsr-3883	185	13	%	%	NOUN
fsr-3883	185	14	or	or	CCONJ
fsr-3883	185	15	2	2	NUM
fsr-3883	185	16	,	,	PUNCT
fsr-3883	185	17	020	020	NUM
fsr-3883	185	18	issues	issue	NOUN
fsr-3883	185	19	have	have	AUX
fsr-3883	185	20	had	have	VERB
fsr-3883	185	21	either	either	CCONJ
fsr-3883	185	22	a	a	DET
fsr-3883	185	23	technical	technical	ADJ
fsr-3883	185	24	or	or	CCONJ
fsr-3883	185	25	actual	actual	ADJ
fsr-3883	185	26	default	default	NOUN
fsr-3883	185	27	.	.	PUNCT
fsr-3883	186	1	this	this	DET
fsr-3883	186	2	figure	figure	NOUN
fsr-3883	186	3	also	also	ADV
fsr-3883	186	4	includes	include	VERB
fsr-3883	186	5	issues	issue	NOUN
fsr-3883	186	6	table	table	VERB
fsr-3883	186	7	4	4	NUM
fsr-3883	186	8	typical	typical	ADJ
fsr-3883	186	9	balance	balance	NOUN
fsr-3883	186	10	sheet	sheet	NOUN
fsr-3883	186	11	of	of	ADP
fsr-3883	186	12	a	a	DET
fsr-3883	186	13	municipality	municipality	NOUN
fsr-3883	186	14	(	(	PUNCT
fsr-3883	186	15	in	in	ADP
fsr-3883	186	16	market	market	NOUN
fsr-3883	186	17	value	value	NOUN
fsr-3883	186	18	)	)	PUNCT
fsr-3883	186	19	advance	advance	NOUN
fsr-3883	186	20	refunding	refund	VERB
fsr-3883	186	21	at	at	ADP
fsr-3883	186	22	5	5	NUM
fsr-3883	186	23	%	%	NOUN
fsr-3883	186	24	savings	saving	NOUN
fsr-3883	186	25	(	(	PUNCT
fsr-3883	186	26	issue	issue	NOUN
fsr-3883	186	27	noncallable	noncallable	ADJ
fsr-3883	186	28	debt	debt	NOUN
fsr-3883	186	29	)	)	PUNCT
fsr-3883	186	30	assets	asset	NOUN
fsr-3883	186	31	liabilities	liability	NOUN
fsr-3883	186	32	and	and	CCONJ
fsr-3883	186	33	equity	equity	NOUN
fsr-3883	186	34	cash	cash	NOUN
fsr-3883	186	35	$	$	SYM
fsr-3883	186	36	415	415	NUM
fsr-3883	186	37	floating	float	VERB
fsr-3883	186	38	debt	debt	NOUN
fsr-3883	186	39	$	$	SYM
fsr-3883	186	40	100	100	NUM
fsr-3883	186	41	other	other	ADJ
fsr-3883	186	42	assets	asset	NOUN
fsr-3883	186	43	$	$	SYM
fsr-3883	186	44	600	600	NUM
fsr-3883	186	45	fixed	fix	VERB
fsr-3883	186	46	debt	debt	NOUN
fsr-3883	186	47	$	$	SYM
fsr-3883	186	48	333	333	NUM
fsr-3883	186	49	other	other	ADJ
fsr-3883	186	50	liability	liability	NOUN
fsr-3883	186	51	$	$	SYM
fsr-3883	186	52	90	90	NUM
fsr-3883	186	53	equity	equity	NOUN
fsr-3883	186	54	$	$	SYM
fsr-3883	186	55	492	492	NUM
fsr-3883	186	56	total	total	ADJ
fsr-3883	186	57	assets	asset	NOUN
fsr-3883	186	58	$	$	SYM
fsr-3883	186	59	1,015	1,015	NUM
fsr-3883	186	60	total	total	ADJ
fsr-3883	186	61	liability	liability	NOUN
fsr-3883	186	62	and	and	CCONJ
fsr-3883	186	63	equity	equity	NOUN
fsr-3883	186	64	$	$	SYM
fsr-3883	186	65	1,015	1,015	NUM
fsr-3883	186	66	table	table	NOUN
fsr-3883	186	67	5	5	NUM
fsr-3883	186	68	municipal	municipal	ADJ
fsr-3883	186	69	default	default	NOUN
fsr-3883	186	70	experiencea	experiencea	PROPN
fsr-3883	186	71	period	period	NOUN
fsr-3883	186	72	number	number	NOUN
fsr-3883	186	73	of	of	ADP
fsr-3883	186	74	defaulted	defaulted	ADJ
fsr-3883	186	75	issues	issue	NOUN
fsr-3883	186	76	total	total	ADJ
fsr-3883	186	77	number	number	NOUN
fsr-3883	186	78	of	of	ADP
fsr-3883	186	79	long	long	ADJ
fsr-3883	186	80	-	-	PUNCT
fsr-3883	186	81	term	term	NOUN
fsr-3883	186	82	issues	issue	NOUN
fsr-3883	186	83	default	default	NOUN
fsr-3883	186	84	rate	rate	NOUN
fsr-3883	186	85	1940–49	1940–49	NUM
fsr-3883	186	86	79	79	NUM
fsr-3883	186	87	40,907	40,907	NUM
fsr-3883	186	88	0.20	0.20	NUM
fsr-3883	186	89	%	%	NOUN
fsr-3883	186	90	1950–59	1950–59	NOUN
fsr-3883	186	91	112	112	NUM
fsr-3883	186	92	74,592	74,592	NUM
fsr-3883	186	93	0.2	0.2	NUM
fsr-3883	186	94	1960–69	1960–69	NUM
fsr-3883	186	95	294	294	NUM
fsr-3883	186	96	79,941	79,941	NUM
fsr-3883	186	97	0.4	0.4	NUM
fsr-3883	186	98	1970–79	1970–79	ADV
fsr-3883	186	99	202	202	NUM
fsr-3883	186	100	77,620	77,620	NUM
fsr-3883	186	101	0.3	0.3	NUM
fsr-3883	186	102	1980–94	1980–94	NUM
fsr-3883	186	103	1,333	1,333	NUM
fsr-3883	186	104	130,092	130,092	NUM
fsr-3883	186	105	1	1	NUM
fsr-3883	186	106	total	total	NOUN
fsr-3883	186	107	2,020	2,020	NUM
fsr-3883	186	108	403,152	403,152	NUM
fsr-3883	186	109	0.5	0.5	NUM
fsr-3883	186	110	a	a	DET
fsr-3883	186	111	source	source	NOUN
fsr-3883	186	112	:	:	PUNCT
fsr-3883	186	113	the	the	DET
fsr-3883	186	114	bond	bond	NOUN
fsr-3883	186	115	market	market	NOUN
fsr-3883	186	116	association	association	NOUN
fsr-3883	186	117	,	,	PUNCT
fsr-3883	186	118	www.bondmarkets.com	www.bondmarkets.com	X
fsr-3883	186	119	.	.	PROPN
fsr-3883	186	120	80	80	NUM
fsr-3883	186	121	r.	r.	PROPN
fsr-3883	186	122	brooks	brooks	PROPN
fsr-3883	186	123	/	/	SYM
fsr-3883	186	124	financial	financial	ADJ
fsr-3883	186	125	services	service	NOUN
fsr-3883	186	126	review	review	VERB
fsr-3883	186	127	8	8	NUM
fsr-3883	186	128	(	(	PUNCT
fsr-3883	186	129	1999	1999	NUM
fsr-3883	186	130	)	)	PUNCT
fsr-3883	186	131	71–85	71–85	NUM
fsr-3883	186	132	that	that	PRON
fsr-3883	186	133	defaulted	default	VERB
fsr-3883	186	134	but	but	CCONJ
fsr-3883	186	135	where	where	SCONJ
fsr-3883	186	136	investors	investor	NOUN
fsr-3883	186	137	ultimately	ultimately	ADV
fsr-3883	186	138	received	receive	VERB
fsr-3883	186	139	either	either	CCONJ
fsr-3883	186	140	full	full	ADJ
fsr-3883	186	141	or	or	CCONJ
fsr-3883	186	142	partial	partial	ADJ
fsr-3883	186	143	payment	payment	NOUN
fsr-3883	186	144	of	of	ADP
fsr-3883	186	145	principal	principal	NOUN
fsr-3883	186	146	and	and	CCONJ
fsr-3883	186	147	interest	interest	NOUN
fsr-3883	186	148	.	.	PUNCT
fsr-3883	187	1	it	it	PRON
fsr-3883	187	2	is	be	AUX
fsr-3883	187	3	worth	worth	ADJ
fsr-3883	187	4	noting	note	VERB
fsr-3883	187	5	that	that	SCONJ
fsr-3883	187	6	the	the	DET
fsr-3883	187	7	default	default	NOUN
fsr-3883	187	8	rate	rate	NOUN
fsr-3883	187	9	of	of	ADP
fsr-3883	187	10	corporate	corporate	ADJ
fsr-3883	187	11	bonds	bond	NOUN
fsr-3883	187	12	is	be	AUX
fsr-3883	187	13	substantially	substantially	ADV
fsr-3883	187	14	higher	high	ADJ
fsr-3883	187	15	,	,	PUNCT
fsr-3883	187	16	in	in	ADP
fsr-3883	187	17	excess	excess	NOUN
fsr-3883	187	18	of	of	ADP
fsr-3883	187	19	2	2	NUM
fsr-3883	187	20	%	%	NOUN
fsr-3883	187	21	”	"	PUNCT
fsr-3883	187	22	(	(	PUNCT
fsr-3883	187	23	www.bondmarkets.com	www.bondmarkets.com	X
fsr-3883	187	24	)	)	PUNCT
fsr-3883	187	25	.	.	PUNCT
fsr-3883	188	1	however	however	ADV
fsr-3883	188	2	,	,	PUNCT
fsr-3883	188	3	there	there	PRON
fsr-3883	188	4	are	be	VERB
fsr-3883	188	5	reasons	reason	NOUN
fsr-3883	188	6	to	to	PART
fsr-3883	188	7	be	be	AUX
fsr-3883	188	8	concerned	concern	VERB
fsr-3883	188	9	about	about	ADP
fsr-3883	188	10	default	default	NOUN
fsr-3883	188	11	risk	risk	NOUN
fsr-3883	188	12	for	for	ADP
fsr-3883	188	13	municipal	municipal	ADJ
fsr-3883	188	14	bonds	bond	NOUN
fsr-3883	188	15	.	.	PUNCT
fsr-3883	189	1	many	many	ADJ
fsr-3883	189	2	times	time	NOUN
fsr-3883	189	3	it	it	PRON
fsr-3883	189	4	is	be	AUX
fsr-3883	189	5	difficult	difficult	ADJ
fsr-3883	189	6	to	to	PART
fsr-3883	189	7	understand	understand	VERB
fsr-3883	189	8	political	political	ADJ
fsr-3883	189	9	motivations	motivation	NOUN
fsr-3883	189	10	.	.	PUNCT
fsr-3883	190	1	also	also	ADV
fsr-3883	190	2	municipal	municipal	ADJ
fsr-3883	190	3	assets	asset	NOUN
fsr-3883	190	4	are	be	AUX
fsr-3883	190	5	difficult	difficult	ADJ
fsr-3883	190	6	to	to	PART
fsr-3883	190	7	seize	seize	VERB
fsr-3883	190	8	when	when	SCONJ
fsr-3883	190	9	there	there	PRON
fsr-3883	190	10	is	be	VERB
fsr-3883	190	11	default	default	NOUN
fsr-3883	190	12	and	and	CCONJ
fsr-3883	190	13	financial	financial	ADJ
fsr-3883	190	14	statements	statement	NOUN
fsr-3883	190	15	of	of	ADP
fsr-3883	190	16	municipalities	municipality	NOUN
fsr-3883	190	17	are	be	AUX
fsr-3883	190	18	generally	generally	ADV
fsr-3883	190	19	lacking	lack	VERB
fsr-3883	190	20	in	in	ADP
fsr-3883	190	21	quality	quality	NOUN
fsr-3883	190	22	.	.	PUNCT
fsr-3883	191	1	by	by	ADP
fsr-3883	191	2	examining	examine	VERB
fsr-3883	191	3	refunded	refunded	ADJ
fsr-3883	191	4	municipal	municipal	ADJ
fsr-3883	191	5	bonds	bond	NOUN
fsr-3883	191	6	,	,	PUNCT
fsr-3883	191	7	chalmers	chalmer	NOUN
fsr-3883	191	8	(	(	PUNCT
fsr-3883	191	9	1998	1998	NUM
fsr-3883	191	10	)	)	PUNCT
fsr-3883	191	11	concluded	conclude	VERB
fsr-3883	191	12	the	the	DET
fsr-3883	191	13	high	high	ADJ
fsr-3883	191	14	ratio	ratio	NOUN
fsr-3883	191	15	of	of	ADP
fsr-3883	191	16	tax	tax	NOUN
fsr-3883	191	17	-	-	PUNCT
fsr-3883	191	18	exempt	exempt	ADJ
fsr-3883	191	19	to	to	ADP
fsr-3883	191	20	taxable	taxable	ADJ
fsr-3883	191	21	yields	yield	NOUN
fsr-3883	191	22	for	for	ADP
fsr-3883	191	23	longer	long	ADJ
fsr-3883	191	24	maturities	maturity	NOUN
fsr-3883	191	25	is	be	AUX
fsr-3883	191	26	not	not	PART
fsr-3883	191	27	based	base	VERB
fsr-3883	191	28	on	on	ADP
fsr-3883	191	29	municipal	municipal	ADJ
fsr-3883	191	30	default	default	NOUN
fsr-3883	191	31	risk	risk	NOUN
fsr-3883	191	32	.	.	PUNCT
fsr-3883	192	1	however	however	ADV
fsr-3883	192	2	,	,	PUNCT
fsr-3883	192	3	numerous	numerous	ADJ
fsr-3883	192	4	prior	prior	ADJ
fsr-3883	192	5	studies	study	NOUN
fsr-3883	192	6	came	come	VERB
fsr-3883	192	7	to	to	ADP
fsr-3883	192	8	the	the	DET
fsr-3883	192	9	opposite	opposite	ADJ
fsr-3883	192	10	conclusion	conclusion	NOUN
fsr-3883	192	11	,	,	PUNCT
fsr-3883	192	12	for	for	ADP
fsr-3883	192	13	example	example	NOUN
fsr-3883	192	14	,	,	PUNCT
fsr-3883	192	15	trzcinka	trzcinka	NOUN
fsr-3883	192	16	(	(	PUNCT
fsr-3883	192	17	1982	1982	NUM
fsr-3883	192	18	)	)	PUNCT
fsr-3883	192	19	.	.	PUNCT
fsr-3883	193	1	however	however	ADV
fsr-3883	193	2	,	,	PUNCT
fsr-3883	193	3	other	other	ADJ
fsr-3883	193	4	prior	prior	ADJ
fsr-3883	193	5	studies	study	NOUN
fsr-3883	193	6	,	,	PUNCT
fsr-3883	193	7	such	such	ADJ
fsr-3883	193	8	as	as	ADP
fsr-3883	193	9	buser	buser	NOUN
fsr-3883	193	10	and	and	CCONJ
fsr-3883	193	11	hess	hess	NOUN
fsr-3883	193	12	(	(	PUNCT
fsr-3883	193	13	1986	1986	NUM
fsr-3883	193	14	)	)	PUNCT
fsr-3883	193	15	,	,	PUNCT
fsr-3883	193	16	failed	fail	VERB
fsr-3883	193	17	to	to	PART
fsr-3883	193	18	find	find	VERB
fsr-3883	193	19	evidence	evidence	NOUN
fsr-3883	193	20	of	of	ADP
fsr-3883	193	21	default	default	NOUN
fsr-3883	193	22	risk	risk	NOUN
fsr-3883	193	23	playing	play	VERB
fsr-3883	193	24	a	a	DET
fsr-3883	193	25	significant	significant	ADJ
fsr-3883	193	26	role	role	NOUN
fsr-3883	193	27	.	.	PUNCT
fsr-3883	194	1	2.6	2.6	NUM
fsr-3883	194	2	.	.	PUNCT
fsr-3883	194	3	marketability	marketability	NOUN
fsr-3883	194	4	it	it	PRON
fsr-3883	194	5	is	be	AUX
fsr-3883	194	6	generally	generally	ADV
fsr-3883	194	7	accepted	accept	VERB
fsr-3883	194	8	that	that	SCONJ
fsr-3883	194	9	marketability	marketability	NOUN
fsr-3883	194	10	has	have	VERB
fsr-3883	194	11	market	market	NOUN
fsr-3883	194	12	value	value	NOUN
fsr-3883	194	13	and	and	CCONJ
fsr-3883	194	14	hence	hence	ADV
fsr-3883	194	15	more	more	ADV
fsr-3883	194	16	liquid	liquid	ADJ
fsr-3883	194	17	bonds	bond	NOUN
fsr-3883	194	18	trade	trade	NOUN
fsr-3883	194	19	at	at	ADP
fsr-3883	194	20	lower	low	ADJ
fsr-3883	194	21	yields	yield	NOUN
fsr-3883	194	22	.	.	PUNCT
fsr-3883	195	1	there	there	PRON
fsr-3883	195	2	are	be	VERB
fsr-3883	195	3	clearly	clearly	ADV
fsr-3883	195	4	differences	difference	NOUN
fsr-3883	195	5	in	in	ADP
fsr-3883	195	6	liquidity	liquidity	NOUN
fsr-3883	195	7	between	between	ADP
fsr-3883	195	8	municipal	municipal	ADJ
fsr-3883	195	9	bonds	bond	NOUN
fsr-3883	195	10	and	and	CCONJ
fsr-3883	195	11	u.s	u.s	PROPN
fsr-3883	195	12	.	.	PROPN
fsr-3883	195	13	treasury	treasury	PROPN
fsr-3883	195	14	bonds	bond	NOUN
fsr-3883	195	15	.	.	PUNCT
fsr-3883	196	1	for	for	ADP
fsr-3883	196	2	example	example	NOUN
fsr-3883	196	3	,	,	PUNCT
fsr-3883	196	4	the	the	DET
fsr-3883	196	5	bond	bond	NOUN
fsr-3883	196	6	market	market	NOUN
fsr-3883	196	7	association	association	NOUN
fsr-3883	196	8	(	(	PUNCT
fsr-3883	196	9	1997	1997	NUM
fsr-3883	196	10	)	)	PUNCT
fsr-3883	196	11	reported	report	VERB
fsr-3883	196	12	that	that	SCONJ
fsr-3883	196	13	the	the	DET
fsr-3883	196	14	average	average	ADJ
fsr-3883	196	15	daily	daily	ADJ
fsr-3883	196	16	trading	trading	NOUN
fsr-3883	196	17	volume	volume	NOUN
fsr-3883	196	18	for	for	ADP
fsr-3883	196	19	municipal	municipal	ADJ
fsr-3883	196	20	bonds	bond	NOUN
fsr-3883	196	21	was	be	AUX
fsr-3883	196	22	$	$	SYM
fsr-3883	196	23	8.6	8.6	NUM
fsr-3883	196	24	billion	billion	NUM
fsr-3883	196	25	with	with	ADP
fsr-3883	196	26	u.s	u.s	PROPN
fsr-3883	196	27	.	.	PROPN
fsr-3883	196	28	treasuries	treasury	NOUN
fsr-3883	196	29	$	$	SYM
fsr-3883	196	30	242.2	242.2	NUM
fsr-3883	196	31	billion	billion	NUM
fsr-3883	196	32	average	average	ADJ
fsr-3883	196	33	daily	daily	ADJ
fsr-3883	196	34	volume	volume	NOUN
fsr-3883	196	35	.	.	PUNCT
fsr-3883	197	1	thus	thus	ADV
fsr-3883	197	2	the	the	DET
fsr-3883	197	3	ability	ability	NOUN
fsr-3883	197	4	to	to	PART
fsr-3883	197	5	alter	alter	VERB
fsr-3883	197	6	the	the	DET
fsr-3883	197	7	general	general	ADJ
fsr-3883	197	8	marketability	marketability	NOUN
fsr-3883	197	9	of	of	ADP
fsr-3883	197	10	the	the	DET
fsr-3883	197	11	municipal	municipal	ADJ
fsr-3883	197	12	bonds	bond	NOUN
fsr-3883	197	13	will	will	AUX
fsr-3883	197	14	influence	influence	VERB
fsr-3883	197	15	its	its	PRON
fsr-3883	197	16	value	value	NOUN
fsr-3883	197	17	.	.	PUNCT
fsr-3883	198	1	wilson	wilson	PROPN
fsr-3883	198	2	and	and	CCONJ
fsr-3883	198	3	stewart	stewart	PROPN
fsr-3883	198	4	(	(	PUNCT
fsr-3883	198	5	1990	1990	NUM
fsr-3883	198	6	)	)	PUNCT
fsr-3883	198	7	provide	provide	VERB
fsr-3883	198	8	evidence	evidence	NOUN
fsr-3883	198	9	that	that	SCONJ
fsr-3883	198	10	marketability	marketability	NOUN
fsr-3883	198	11	could	could	AUX
fsr-3883	198	12	also	also	ADV
fsr-3883	198	13	be	be	AUX
fsr-3883	198	14	improved	improve	VERB
fsr-3883	198	15	with	with	ADP
fsr-3883	198	16	better	well	ADJ
fsr-3883	198	17	reporting	reporting	NOUN
fsr-3883	198	18	practices	practice	NOUN
fsr-3883	198	19	.	.	PUNCT
fsr-3883	199	1	3	3	X
fsr-3883	199	2	.	.	X
fsr-3883	199	3	tax	tax	NOUN
fsr-3883	199	4	-	-	PUNCT
fsr-3883	199	5	related	relate	VERB
fsr-3883	199	6	events	event	NOUN
fsr-3883	199	7	holding	hold	VERB
fsr-3883	199	8	municipal	municipal	ADJ
fsr-3883	199	9	bonds	bond	NOUN
fsr-3883	199	10	subjects	subject	VERB
fsr-3883	199	11	investors	investor	NOUN
fsr-3883	199	12	to	to	PART
fsr-3883	199	13	unique	unique	ADJ
fsr-3883	199	14	risks	risk	NOUN
fsr-3883	199	15	related	relate	VERB
fsr-3883	199	16	to	to	ADP
fsr-3883	199	17	unanticipated	unanticipated	ADJ
fsr-3883	199	18	changes	change	NOUN
fsr-3883	199	19	in	in	ADP
fsr-3883	199	20	tax	tax	NOUN
fsr-3883	199	21	policies	policy	NOUN
fsr-3883	199	22	.	.	PUNCT
fsr-3883	200	1	in	in	ADP
fsr-3883	200	2	this	this	DET
fsr-3883	200	3	section	section	NOUN
fsr-3883	200	4	,	,	PUNCT
fsr-3883	200	5	we	we	PRON
fsr-3883	200	6	survey	survey	VERB
fsr-3883	200	7	these	these	DET
fsr-3883	200	8	risks	risk	NOUN
fsr-3883	200	9	and	and	CCONJ
fsr-3883	200	10	their	their	PRON
fsr-3883	200	11	influence	influence	NOUN
fsr-3883	200	12	on	on	ADP
fsr-3883	200	13	the	the	DET
fsr-3883	200	14	relative	relative	ADJ
fsr-3883	200	15	attractiveness	attractiveness	NOUN
fsr-3883	200	16	of	of	ADP
fsr-3883	200	17	owning	own	VERB
fsr-3883	200	18	municipal	municipal	ADJ
fsr-3883	200	19	bonds	bond	NOUN
fsr-3883	200	20	.	.	PUNCT
fsr-3883	201	1	essentially	essentially	ADV
fsr-3883	201	2	,	,	PUNCT
fsr-3883	201	3	governments	government	NOUN
fsr-3883	201	4	hold	hold	VERB
fsr-3883	201	5	an	an	DET
fsr-3883	201	6	option	option	NOUN
fsr-3883	201	7	on	on	ADP
fsr-3883	201	8	tax	tax	NOUN
fsr-3883	201	9	rates	rate	NOUN
fsr-3883	201	10	and	and	CCONJ
fsr-3883	201	11	tax	tax	NOUN
fsr-3883	201	12	policies	policy	NOUN
fsr-3883	201	13	.	.	PUNCT
fsr-3883	202	1	tax	tax	NOUN
fsr-3883	202	2	policy	policy	NOUN
fsr-3883	202	3	risk	risk	NOUN
fsr-3883	202	4	should	should	AUX
fsr-3883	202	5	be	be	AUX
fsr-3883	202	6	fully	fully	ADV
fsr-3883	202	7	reflected	reflect	VERB
fsr-3883	202	8	in	in	ADP
fsr-3883	202	9	the	the	DET
fsr-3883	202	10	tax	tax	NOUN
fsr-3883	202	11	-	-	PUNCT
fsr-3883	202	12	exempt	exempt	ADJ
fsr-3883	202	13	bonds	bond	NOUN
fsr-3883	202	14	because	because	SCONJ
fsr-3883	202	15	tax	tax	NOUN
fsr-3883	202	16	policy	policy	NOUN
fsr-3883	202	17	will	will	AUX
fsr-3883	202	18	directly	directly	ADV
fsr-3883	202	19	influence	influence	VERB
fsr-3883	202	20	the	the	DET
fsr-3883	202	21	after	after	ADP
fsr-3883	202	22	-	-	PUNCT
fsr-3883	202	23	tax	tax	NOUN
fsr-3883	202	24	value	value	NOUN
fsr-3883	202	25	of	of	ADP
fsr-3883	202	26	the	the	DET
fsr-3883	202	27	future	future	ADJ
fsr-3883	202	28	cash	cash	NOUN
fsr-3883	202	29	flows	flow	VERB
fsr-3883	202	30	.	.	PUNCT
fsr-3883	203	1	lowering	lower	VERB
fsr-3883	203	2	the	the	DET
fsr-3883	203	3	marginal	marginal	ADJ
fsr-3883	203	4	tax	tax	NOUN
fsr-3883	203	5	rates	rate	NOUN
fsr-3883	203	6	will	will	AUX
fsr-3883	203	7	result	result	VERB
fsr-3883	203	8	in	in	ADP
fsr-3883	203	9	an	an	DET
fsr-3883	203	10	increase	increase	NOUN
fsr-3883	203	11	in	in	ADP
fsr-3883	203	12	the	the	DET
fsr-3883	203	13	yields	yield	NOUN
fsr-3883	203	14	on	on	ADP
fsr-3883	203	15	tax	tax	NOUN
fsr-3883	203	16	exempt	exempt	ADJ
fsr-3883	203	17	bonds	bond	NOUN
fsr-3883	203	18	,	,	PUNCT
fsr-3883	203	19	an	an	DET
fsr-3883	203	20	increase	increase	NOUN
fsr-3883	203	21	in	in	ADP
fsr-3883	203	22	the	the	DET
fsr-3883	203	23	ratio	ratio	NOUN
fsr-3883	203	24	of	of	ADP
fsr-3883	203	25	tax	tax	NOUN
fsr-3883	203	26	-	-	PUNCT
fsr-3883	203	27	exempt	exempt	ADJ
fsr-3883	203	28	to	to	ADP
fsr-3883	203	29	taxable	taxable	ADJ
fsr-3883	203	30	yields	yield	NOUN
fsr-3883	203	31	,	,	PUNCT
fsr-3883	203	32	and	and	CCONJ
fsr-3883	203	33	the	the	DET
fsr-3883	203	34	current	current	ADJ
fsr-3883	203	35	market	market	NOUN
fsr-3883	203	36	value	value	NOUN
fsr-3883	203	37	of	of	ADP
fsr-3883	203	38	longer	long	ADJ
fsr-3883	203	39	maturity	maturity	NOUN
fsr-3883	203	40	municipal	municipal	ADJ
fsr-3883	203	41	bonds	bond	NOUN
fsr-3883	203	42	will	will	AUX
fsr-3883	203	43	fall	fall	VERB
fsr-3883	203	44	.	.	PUNCT
fsr-3883	204	1	fig	fig	NOUN
fsr-3883	204	2	.	.	PUNCT
fsr-3883	205	1	5	5	NUM
fsr-3883	205	2	illustrates	illustrate	VERB
fsr-3883	205	3	the	the	DET
fsr-3883	205	4	highest	high	ADJ
fsr-3883	205	5	marginal	marginal	ADJ
fsr-3883	205	6	tax	tax	NOUN
fsr-3883	205	7	rates	rate	NOUN
fsr-3883	205	8	for	for	ADP
fsr-3883	205	9	both	both	DET
fsr-3883	205	10	individuals	individual	NOUN
fsr-3883	205	11	and	and	CCONJ
fsr-3883	205	12	corporations	corporation	NOUN
fsr-3883	205	13	during	during	ADP
fsr-3883	205	14	most	most	ADJ
fsr-3883	205	15	of	of	ADP
fsr-3883	205	16	this	this	DET
fsr-3883	205	17	century	century	NOUN
fsr-3883	205	18	.	.	PUNCT
fsr-3883	206	1	the	the	DET
fsr-3883	206	2	main	main	ADJ
fsr-3883	206	3	insight	insight	NOUN
fsr-3883	206	4	from	from	ADP
fsr-3883	206	5	this	this	DET
fsr-3883	206	6	figure	figure	NOUN
fsr-3883	206	7	is	be	AUX
fsr-3883	206	8	the	the	DET
fsr-3883	206	9	fact	fact	NOUN
fsr-3883	206	10	that	that	SCONJ
fsr-3883	206	11	tax	tax	NOUN
fsr-3883	206	12	policy	policy	NOUN
fsr-3883	206	13	is	be	AUX
fsr-3883	206	14	quite	quite	ADV
fsr-3883	206	15	volatile	volatile	ADJ
fsr-3883	206	16	.	.	PUNCT
fsr-3883	207	1	there	there	PRON
fsr-3883	207	2	are	be	VERB
fsr-3883	207	3	numerous	numerous	ADJ
fsr-3883	207	4	issues	issue	NOUN
fsr-3883	207	5	encompassed	encompass	VERB
fsr-3883	207	6	in	in	ADP
fsr-3883	207	7	tax	tax	NOUN
fsr-3883	207	8	policy	policy	NOUN
fsr-3883	207	9	risk	risk	NOUN
fsr-3883	207	10	.	.	PUNCT
fsr-3883	208	1	we	we	PRON
fsr-3883	208	2	enumerate	enumerate	VERB
fsr-3883	208	3	a	a	DET
fsr-3883	208	4	few	few	ADJ
fsr-3883	208	5	here	here	ADV
fsr-3883	208	6	.	.	PUNCT
fsr-3883	209	1	first	first	ADV
fsr-3883	209	2	,	,	PUNCT
fsr-3883	209	3	municipal	municipal	ADJ
fsr-3883	209	4	bonds	bond	NOUN
fsr-3883	209	5	are	be	AUX
fsr-3883	209	6	a	a	DET
fsr-3883	209	7	hedge	hedge	NOUN
fsr-3883	209	8	against	against	ADP
fsr-3883	209	9	federal	federal	ADJ
fsr-3883	209	10	tax	tax	NOUN
fsr-3883	209	11	policy	policy	NOUN
fsr-3883	209	12	risk	risk	NOUN
fsr-3883	209	13	.	.	PUNCT
fsr-3883	210	1	an	an	DET
fsr-3883	210	2	increase	increase	NOUN
fsr-3883	210	3	in	in	ADP
fsr-3883	210	4	federal	federal	ADJ
fsr-3883	210	5	income	income	NOUN
fsr-3883	210	6	tax	tax	NOUN
fsr-3883	210	7	rate	rate	NOUN
fsr-3883	210	8	implies	imply	VERB
fsr-3883	210	9	lower	low	ADJ
fsr-3883	210	10	municipal	municipal	ADJ
fsr-3883	210	11	bond	bond	NOUN
fsr-3883	210	12	yields	yield	NOUN
fsr-3883	210	13	.	.	PUNCT
fsr-3883	211	1	these	these	DET
fsr-3883	211	2	lower	low	ADJ
fsr-3883	211	3	yields	yield	NOUN
fsr-3883	211	4	imply	imply	VERB
fsr-3883	211	5	capital	capital	NOUN
fsr-3883	211	6	gains	gain	NOUN
fsr-3883	211	7	on	on	ADP
fsr-3883	211	8	municipal	municipal	ADJ
fsr-3883	211	9	bond	bond	NOUN
fsr-3883	211	10	investments	investment	NOUN
fsr-3883	211	11	at	at	ADP
fsr-3883	211	12	a	a	DET
fsr-3883	211	13	time	time	NOUN
fsr-3883	211	14	when	when	SCONJ
fsr-3883	211	15	an	an	DET
fsr-3883	211	16	investor	investor	NOUN
fsr-3883	211	17	is	be	AUX
fsr-3883	211	18	experiencing	experience	VERB
fsr-3883	211	19	losses	loss	NOUN
fsr-3883	211	20	from	from	ADP
fsr-3883	211	21	higher	high	ADJ
fsr-3883	211	22	taxes	taxis	NOUN
fsr-3883	211	23	.	.	PUNCT
fsr-3883	212	1	second	second	ADV
fsr-3883	212	2	,	,	PUNCT
fsr-3883	212	3	congress	congress	PROPN
fsr-3883	212	4	may	may	AUX
fsr-3883	212	5	entirely	entirely	ADV
fsr-3883	212	6	eliminate	eliminate	VERB
fsr-3883	212	7	tax	tax	NOUN
fsr-3883	212	8	-	-	PUNCT
fsr-3883	212	9	exemption	exemption	NOUN
fsr-3883	212	10	status	status	NOUN
fsr-3883	212	11	of	of	ADP
fsr-3883	212	12	all	all	DET
fsr-3883	212	13	municipal	municipal	ADJ
fsr-3883	212	14	bonds	bond	NOUN
fsr-3883	212	15	.	.	PUNCT
fsr-3883	213	1	the	the	DET
fsr-3883	213	2	u.s	u.s	PROPN
fsr-3883	213	3	.	.	PROPN
fsr-3883	213	4	supreme	supreme	PROPN
fsr-3883	213	5	court	court	PROPN
fsr-3883	213	6	in	in	ADP
fsr-3883	213	7	the	the	DET
fsr-3883	213	8	case	case	NOUN
fsr-3883	213	9	of	of	ADP
fsr-3883	213	10	south	south	PROPN
fsr-3883	213	11	carolina	carolina	PROPN
fsr-3883	213	12	versus	versus	ADP
fsr-3883	213	13	baker	baker	PROPN
fsr-3883	213	14	,	,	PUNCT
fsr-3883	213	15	established	establish	VERB
fsr-3883	213	16	that	that	SCONJ
fsr-3883	213	17	the	the	DET
fsr-3883	213	18	u.s	u.s	PROPN
fsr-3883	213	19	.	.	PROPN
fsr-3883	213	20	government	government	NOUN
fsr-3883	213	21	has	have	VERB
fsr-3883	213	22	the	the	DET
fsr-3883	213	23	right	right	NOUN
fsr-3883	213	24	to	to	PART
fsr-3883	213	25	rescind	rescind	VERB
fsr-3883	213	26	the	the	DET
fsr-3883	213	27	tax	tax	NOUN
fsr-3883	213	28	-	-	PUNCT
fsr-3883	213	29	exemption	exemption	NOUN
fsr-3883	213	30	feature	feature	NOUN
fsr-3883	213	31	of	of	ADP
fsr-3883	213	32	municipal	municipal	ADJ
fsr-3883	213	33	bonds	bond	NOUN
fsr-3883	213	34	,	,	PUNCT
fsr-3883	213	35	and	and	CCONJ
fsr-3883	213	36	more	more	ADJ
fsr-3883	213	37	81r	81r	NOUN
fsr-3883	213	38	.	.	PUNCT
fsr-3883	214	1	brooks	brooks	PROPN
fsr-3883	214	2	/	/	SYM
fsr-3883	214	3	financial	financial	ADJ
fsr-3883	214	4	services	service	NOUN
fsr-3883	214	5	review	review	VERB
fsr-3883	214	6	8	8	NUM
fsr-3883	214	7	(	(	PUNCT
fsr-3883	214	8	1999	1999	NUM
fsr-3883	214	9	)	)	PUNCT
fsr-3883	214	10	71–85	71–85	NUM
fsr-3883	214	11	broadly	broadly	ADV
fsr-3883	214	12	,	,	PUNCT
fsr-3883	214	13	the	the	DET
fsr-3883	214	14	u.	u.	PROPN
fsr-3883	214	15	s.	s.	PROPN
fsr-3883	214	16	government	government	PROPN
fsr-3883	214	17	has	have	VERB
fsr-3883	214	18	the	the	DET
fsr-3883	214	19	constitutional	constitutional	ADJ
fsr-3883	214	20	right	right	NOUN
fsr-3883	214	21	to	to	PART
fsr-3883	214	22	tax	tax	VERB
fsr-3883	214	23	interest	interest	NOUN
fsr-3883	214	24	on	on	ADP
fsr-3883	214	25	municipal	municipal	ADJ
fsr-3883	214	26	bonds	bond	NOUN
fsr-3883	214	27	.	.	PUNCT
fsr-3883	215	1	poterba	poterba	NOUN
fsr-3883	215	2	(	(	PUNCT
fsr-3883	215	3	1989	1989	NUM
fsr-3883	215	4	)	)	PUNCT
fsr-3883	215	5	and	and	CCONJ
fsr-3883	215	6	chalmers	chalmer	NOUN
fsr-3883	215	7	(	(	PUNCT
fsr-3883	215	8	1998	1998	NUM
fsr-3883	215	9	)	)	PUNCT
fsr-3883	215	10	provide	provide	VERB
fsr-3883	215	11	more	more	ADJ
fsr-3883	215	12	details	detail	NOUN
fsr-3883	215	13	.	.	PUNCT
fsr-3883	216	1	evidence	evidence	NOUN
fsr-3883	216	2	that	that	SCONJ
fsr-3883	216	3	the	the	DET
fsr-3883	216	4	tax	tax	NOUN
fsr-3883	216	5	-	-	PUNCT
fsr-3883	216	6	exemption	exemption	NOUN
fsr-3883	216	7	status	status	NOUN
fsr-3883	216	8	of	of	ADP
fsr-3883	216	9	all	all	DET
fsr-3883	216	10	municipal	municipal	ADJ
fsr-3883	216	11	bonds	bond	NOUN
fsr-3883	216	12	could	could	AUX
fsr-3883	216	13	be	be	AUX
fsr-3883	216	14	eliminated	eliminate	VERB
fsr-3883	216	15	is	be	AUX
fsr-3883	216	16	seen	see	VERB
fsr-3883	216	17	in	in	ADP
fsr-3883	216	18	the	the	DET
fsr-3883	216	19	following	follow	VERB
fsr-3883	216	20	historical	historical	ADJ
fsr-3883	216	21	account	account	NOUN
fsr-3883	216	22	by	by	ADP
fsr-3883	216	23	ott	ott	PROPN
fsr-3883	216	24	and	and	CCONJ
fsr-3883	216	25	meltzer	meltzer	PROPN
fsr-3883	216	26	(	(	PUNCT
fsr-3883	216	27	1963	1963	NUM
fsr-3883	216	28	)	)	PUNCT
fsr-3883	216	29	.	.	PUNCT
fsr-3883	217	1	interest	interest	NOUN
fsr-3883	217	2	income	income	NOUN
fsr-3883	217	3	from	from	ADP
fsr-3883	217	4	securities	security	NOUN
fsr-3883	217	5	issued	issue	VERB
fsr-3883	217	6	by	by	ADP
fsr-3883	217	7	state	state	NOUN
fsr-3883	217	8	and	and	CCONJ
fsr-3883	217	9	local	local	ADJ
fsr-3883	217	10	governments	government	NOUN
fsr-3883	217	11	was	be	AUX
fsr-3883	217	12	specifically	specifically	ADV
fsr-3883	217	13	exempted	exempt	VERB
fsr-3883	217	14	from	from	ADP
fsr-3883	217	15	the	the	DET
fsr-3883	217	16	federal	federal	ADJ
fsr-3883	217	17	income	income	NOUN
fsr-3883	217	18	tax	tax	NOUN
fsr-3883	217	19	under	under	ADP
fsr-3883	217	20	section	section	NOUN
fsr-3883	217	21	103(a)(1	103(a)(1	NUM
fsr-3883	217	22	)	)	PUNCT
fsr-3883	217	23	of	of	ADP
fsr-3883	217	24	the	the	DET
fsr-3883	217	25	first	first	ADJ
fsr-3883	217	26	income	income	NOUN
fsr-3883	217	27	tax	tax	NOUN
fsr-3883	217	28	act	act	NOUN
fsr-3883	217	29	passed	pass	VERB
fsr-3883	217	30	pursuant	pursuant	ADV
fsr-3883	217	31	to	to	ADP
fsr-3883	217	32	the	the	DET
fsr-3883	217	33	sixteenth	sixteenth	ADJ
fsr-3883	217	34	amendment	amendment	NOUN
fsr-3883	217	35	.	.	PUNCT
fsr-3883	218	1	virtually	virtually	ADV
fsr-3883	218	2	every	every	DET
fsr-3883	218	3	secretary	secretary	NOUN
fsr-3883	218	4	of	of	ADP
fsr-3883	218	5	the	the	DET
fsr-3883	218	6	treasury	treasury	NOUN
fsr-3883	218	7	since	since	SCONJ
fsr-3883	218	8	its	its	PRON
fsr-3883	218	9	passage	passage	NOUN
fsr-3883	218	10	has	have	AUX
fsr-3883	218	11	favored	favor	VERB
fsr-3883	218	12	removing	remove	VERB
fsr-3883	218	13	the	the	DET
fsr-3883	218	14	exemption	exemption	NOUN
fsr-3883	218	15	feature	feature	NOUN
fsr-3883	218	16	.	.	PUNCT
fsr-3883	218	17	.	.	PUNCT
fsr-3883	218	18	.	.	PUNCT
fsr-3883	219	1	congress	congress	PROPN
fsr-3883	219	2	has	have	VERB
fsr-3883	219	3	some	some	DET
fsr-3883	219	4	six	six	NUM
fsr-3883	219	5	times	time	NOUN
fsr-3883	219	6	defeated	defeat	VERB
fsr-3883	219	7	proposals	proposal	NOUN
fsr-3883	219	8	to	to	PART
fsr-3883	219	9	remove	remove	VERB
fsr-3883	219	10	the	the	DET
fsr-3883	219	11	exemption	exemption	NOUN
fsr-3883	219	12	.	.	PUNCT
fsr-3883	219	13	.	.	PUNCT
fsr-3883	219	14	.	.	PUNCT
fsr-3883	220	1	(	(	PUNCT
fsr-3883	220	2	p.	p.	NOUN
fsr-3883	220	3	1	1	NUM
fsr-3883	220	4	)	)	PUNCT
fsr-3883	220	5	also	also	ADV
fsr-3883	220	6	,	,	PUNCT
fsr-3883	220	7	according	accord	VERB
fsr-3883	220	8	to	to	ADP
fsr-3883	220	9	ott	ott	PROPN
fsr-3883	220	10	and	and	CCONJ
fsr-3883	220	11	meltzer	meltzer	PROPN
fsr-3883	220	12	(	(	PUNCT
fsr-3883	220	13	1963	1963	NUM
fsr-3883	220	14	)	)	PUNCT
fsr-3883	220	15	,	,	PUNCT
fsr-3883	220	16	there	there	PRON
fsr-3883	220	17	were	be	VERB
fsr-3883	220	18	114	114	NUM
fsr-3883	220	19	resolutions	resolution	NOUN
fsr-3883	220	20	from	from	ADP
fsr-3883	220	21	1920	1920	NUM
fsr-3883	220	22	to	to	ADP
fsr-3883	220	23	1943	1943	NUM
fsr-3883	220	24	to	to	PART
fsr-3883	220	25	repeal	repeal	VERB
fsr-3883	220	26	the	the	DET
fsr-3883	220	27	tax	tax	NOUN
fsr-3883	220	28	exemption	exemption	NOUN
fsr-3883	220	29	of	of	ADP
fsr-3883	220	30	municipal	municipal	ADJ
fsr-3883	220	31	interest	interest	NOUN
fsr-3883	220	32	.	.	PUNCT
fsr-3883	221	1	third	third	ADJ
fsr-3883	221	2	,	,	PUNCT
fsr-3883	221	3	congress	congress	PROPN
fsr-3883	221	4	may	may	AUX
fsr-3883	221	5	change	change	VERB
fsr-3883	221	6	various	various	ADJ
fsr-3883	221	7	features	feature	NOUN
fsr-3883	221	8	of	of	ADP
fsr-3883	221	9	the	the	DET
fsr-3883	221	10	federal	federal	ADJ
fsr-3883	221	11	tax	tax	PROPN
fsr-3883	221	12	code	code	PROPN
fsr-3883	221	13	,	,	PUNCT
fsr-3883	221	14	such	such	ADJ
fsr-3883	221	15	as	as	ADP
fsr-3883	221	16	lowering	lower	VERB
fsr-3883	221	17	the	the	DET
fsr-3883	221	18	marginal	marginal	ADJ
fsr-3883	221	19	tax	tax	NOUN
fsr-3883	221	20	bracket	bracket	NOUN
fsr-3883	221	21	,	,	PUNCT
fsr-3883	221	22	adjusting	adjust	VERB
fsr-3883	221	23	the	the	DET
fsr-3883	221	24	alternative	alternative	ADJ
fsr-3883	221	25	minimum	minimum	ADJ
fsr-3883	221	26	tax	tax	NOUN
fsr-3883	221	27	(	(	PUNCT
fsr-3883	221	28	amt	amt	PROPN
fsr-3883	221	29	)	)	PUNCT
fsr-3883	221	30	,	,	PUNCT
fsr-3883	221	31	broadening	broaden	VERB
fsr-3883	221	32	the	the	DET
fsr-3883	221	33	scope	scope	NOUN
fsr-3883	221	34	of	of	ADP
fsr-3883	221	35	individual	individual	ADJ
fsr-3883	221	36	retirement	retirement	NOUN
fsr-3883	221	37	accounts	account	NOUN
fsr-3883	221	38	(	(	PUNCT
fsr-3883	221	39	iras	ira	NOUN
fsr-3883	221	40	)	)	PUNCT
fsr-3883	221	41	and	and	CCONJ
fsr-3883	221	42	so	so	ADV
fsr-3883	221	43	forth	forth	ADV
fsr-3883	221	44	.	.	PUNCT
fsr-3883	222	1	for	for	ADP
fsr-3883	222	2	example	example	NOUN
fsr-3883	222	3	,	,	PUNCT
fsr-3883	222	4	arak	arak	PROPN
fsr-3883	222	5	and	and	CCONJ
fsr-3883	222	6	guentner	guentner	PROPN
fsr-3883	222	7	(	(	PUNCT
fsr-3883	222	8	1983	1983	NUM
fsr-3883	222	9	)	)	PUNCT
fsr-3883	222	10	noted	note	VERB
fsr-3883	222	11	,	,	PUNCT
fsr-3883	222	12	of	of	ADP
fsr-3883	222	13	the	the	DET
fsr-3883	222	14	possible	possible	ADJ
fsr-3883	222	15	explanations	explanation	NOUN
fsr-3883	222	16	for	for	ADP
fsr-3883	222	17	these	these	DET
fsr-3883	222	18	phenomena	phenomenon	NOUN
fsr-3883	222	19	(	(	PUNCT
fsr-3883	222	20	ratio	ratio	NOUN
fsr-3883	222	21	of	of	ADP
fsr-3883	222	22	tax	tax	NOUN
fsr-3883	222	23	-	-	PUNCT
fsr-3883	222	24	exempt	exempt	ADJ
fsr-3883	222	25	to	to	ADP
fsr-3883	222	26	taxable	taxable	ADJ
fsr-3883	222	27	bond	bond	NOUN
fsr-3883	222	28	yields	yield	NOUN
fsr-3883	222	29	being	be	AUX
fsr-3883	222	30	too	too	ADV
fsr-3883	222	31	high	high	ADJ
fsr-3883	222	32	)	)	PUNCT
fsr-3883	222	33	,	,	PUNCT
fsr-3883	222	34	we	we	PRON
fsr-3883	222	35	find	find	VERB
fsr-3883	222	36	that	that	SCONJ
fsr-3883	222	37	neither	neither	CCONJ
fsr-3883	222	38	liquidity	liquidity	NOUN
fsr-3883	222	39	considerations	consideration	NOUN
fsr-3883	222	40	,	,	PUNCT
fsr-3883	222	41	nor	nor	CCONJ
fsr-3883	222	42	the	the	DET
fsr-3883	222	43	behavior	behavior	NOUN
fsr-3883	222	44	of	of	ADP
fsr-3883	222	45	banks	bank	NOUN
fsr-3883	222	46	and	and	CCONJ
fsr-3883	222	47	property	property	NOUN
fsr-3883	222	48	and	and	CCONJ
fsr-3883	222	49	casualty	casualty	NOUN
fsr-3883	222	50	companies	company	NOUN
fsr-3883	222	51	,	,	PUNCT
fsr-3883	222	52	nor	nor	CCONJ
fsr-3883	222	53	the	the	DET
fsr-3883	222	54	recession	recession	NOUN
fsr-3883	222	55	can	can	AUX
fsr-3883	222	56	explain	explain	VERB
fsr-3883	222	57	the	the	DET
fsr-3883	222	58	entire	entire	ADJ
fsr-3883	222	59	rise	rise	NOUN
fsr-3883	222	60	.	.	PUNCT
fsr-3883	223	1	a	a	DET
fsr-3883	223	2	key	key	ADJ
fsr-3883	223	3	additional	additional	ADJ
fsr-3883	223	4	factor	factor	NOUN
fsr-3883	223	5	appears	appear	VERB
fsr-3883	223	6	to	to	PART
fsr-3883	223	7	be	be	AUX
fsr-3883	223	8	the	the	DET
fsr-3883	223	9	economic	economic	ADJ
fsr-3883	223	10	recovery	recovery	NOUN
fsr-3883	223	11	act	act	NOUN
fsr-3883	223	12	of	of	ADP
fsr-3883	223	13	1981	1981	NUM
fsr-3883	223	14	(	(	PUNCT
fsr-3883	223	15	erta	erta	NOUN
fsr-3883	223	16	)	)	PUNCT
fsr-3883	223	17	,	,	PUNCT
fsr-3883	223	18	implying	imply	VERB
fsr-3883	223	19	that	that	SCONJ
fsr-3883	223	20	the	the	DET
fsr-3883	223	21	reduced	reduced	ADJ
fsr-3883	223	22	benefits	benefit	NOUN
fsr-3883	223	23	of	of	ADP
fsr-3883	223	24	tax	tax	NOUN
fsr-3883	223	25	exemption	exemption	NOUN
fsr-3883	223	26	to	to	ADP
fsr-3883	223	27	issuers	issuer	NOUN
fsr-3883	223	28	will	will	AUX
fsr-3883	223	29	persist	persist	VERB
fsr-3883	223	30	.	.	PUNCT
fsr-3883	223	31	.	.	PUNCT
fsr-3883	223	32	.	.	PUNCT
fsr-3883	223	33	.	.	PUNCT
fsr-3883	224	1	“	"	PUNCT
fsr-3883	224	2	(	(	PUNCT
fsr-3883	224	3	erta	erta	NOUN
fsr-3883	224	4	)	)	PUNCT
fsr-3883	224	5	reduced	reduce	VERB
fsr-3883	224	6	marginal	marginal	ADJ
fsr-3883	224	7	tax	tax	NOUN
fsr-3883	224	8	rates	rate	NOUN
fsr-3883	224	9	and	and	CCONJ
fsr-3883	224	10	widened	widen	VERB
fsr-3883	224	11	the	the	DET
fsr-3883	224	12	availability	availability	NOUN
fsr-3883	224	13	of	of	ADP
fsr-3883	224	14	income	income	NOUN
fsr-3883	224	15	tax	tax	NOUN
fsr-3883	224	16	deferral	deferral	NOUN
fsr-3883	224	17	through	through	ADP
fsr-3883	224	18	iras	ira	NOUN
fsr-3883	224	19	,	,	PUNCT
fsr-3883	224	20	keoghs	keogh	NOUN
fsr-3883	224	21	,	,	PUNCT
fsr-3883	224	22	and	and	CCONJ
fsr-3883	224	23	other	other	ADJ
fsr-3883	224	24	plans	plan	NOUN
fsr-3883	224	25	.	.	PUNCT
fsr-3883	224	26	”	"	PUNCT
fsr-3883	225	1	(	(	PUNCT
fsr-3883	225	2	guentner	guentner	X
fsr-3883	225	3	(	(	PUNCT
fsr-3883	225	4	1983	1983	NUM
fsr-3883	225	5	)	)	PUNCT
fsr-3883	225	6	,	,	PUNCT
fsr-3883	225	7	p.	p.	NOUN
fsr-3883	225	8	145	145	NUM
fsr-3883	225	9	)	)	PUNCT
fsr-3883	225	10	.	.	PUNCT
fsr-3883	226	1	fama	fama	PROPN
fsr-3883	226	2	(	(	PUNCT
fsr-3883	226	3	1977	1977	NUM
fsr-3883	226	4	)	)	PUNCT
fsr-3883	226	5	examined	examine	VERB
fsr-3883	226	6	the	the	DET
fsr-3883	226	7	role	role	NOUN
fsr-3883	226	8	of	of	ADP
fsr-3883	226	9	municipal	municipal	ADJ
fsr-3883	226	10	bonds	bond	NOUN
fsr-3883	226	11	in	in	ADP
fsr-3883	226	12	commercial	commercial	ADJ
fsr-3883	226	13	bank	bank	NOUN
fsr-3883	226	14	portfolios	portfolio	NOUN
fsr-3883	226	15	.	.	PUNCT
fsr-3883	227	1	fig	fig	NOUN
fsr-3883	227	2	.	.	PUNCT
fsr-3883	228	1	5	5	NUM
fsr-3883	228	2	.	.	X
fsr-3883	228	3	highest	high	ADJ
fsr-3883	228	4	marginal	marginal	ADJ
fsr-3883	228	5	tax	tax	NOUN
fsr-3883	228	6	rates	rate	NOUN
fsr-3883	228	7	82	82	NUM
fsr-3883	228	8	r.	r.	PROPN
fsr-3883	228	9	brooks	brooks	PROPN
fsr-3883	228	10	/	/	SYM
fsr-3883	228	11	financial	financial	ADJ
fsr-3883	228	12	services	service	NOUN
fsr-3883	228	13	review	review	VERB
fsr-3883	228	14	8	8	NUM
fsr-3883	228	15	(	(	PUNCT
fsr-3883	228	16	1999	1999	NUM
fsr-3883	228	17	)	)	PUNCT
fsr-3883	229	1	71–85	71–85	NUM
fsr-3883	229	2	chalmers	chalmer	NOUN
fsr-3883	229	3	(	(	PUNCT
fsr-3883	229	4	1998	1998	NUM
fsr-3883	229	5	)	)	PUNCT
fsr-3883	229	6	regressed	regress	VERB
fsr-3883	229	7	the	the	DET
fsr-3883	229	8	implied	imply	VERB
fsr-3883	229	9	tax	tax	NOUN
fsr-3883	229	10	rate	rate	NOUN
fsr-3883	229	11	on	on	ADP
fsr-3883	229	12	maturity	maturity	NOUN
fsr-3883	229	13	and	and	CCONJ
fsr-3883	229	14	observes	observe	VERB
fsr-3883	229	15	“	"	PUNCT
fsr-3883	229	16	[	[	X
fsr-3883	229	17	i]t	i]t	X
fsr-3883	229	18	is	be	AUX
fsr-3883	229	19	also	also	ADV
fsr-3883	229	20	notable	notable	ADJ
fsr-3883	229	21	that	that	SCONJ
fsr-3883	229	22	the	the	DET
fsr-3883	229	23	slope	slope	NOUN
fsr-3883	229	24	has	have	AUX
fsr-3883	229	25	become	become	VERB
fsr-3883	229	26	less	less	ADV
fsr-3883	229	27	negative	negative	ADJ
fsr-3883	229	28	in	in	ADP
fsr-3883	229	29	the	the	DET
fsr-3883	229	30	period	period	NOUN
fsr-3883	229	31	following	follow	VERB
fsr-3883	229	32	the	the	DET
fsr-3883	229	33	tax	tax	NOUN
fsr-3883	229	34	reform	reform	NOUN
fsr-3883	229	35	act	act	NOUN
fsr-3883	229	36	of	of	ADP
fsr-3883	229	37	1986	1986	NUM
fsr-3883	229	38	.	.	PUNCT
fsr-3883	230	1	furthermore	furthermore	ADV
fsr-3883	230	2	,	,	PUNCT
fsr-3883	230	3	during	during	ADP
fsr-3883	230	4	economic	economic	ADJ
fsr-3883	230	5	downturns	downturn	NOUN
fsr-3883	230	6	and	and	CCONJ
fsr-3883	230	7	times	time	NOUN
fsr-3883	230	8	of	of	ADP
fsr-3883	230	9	tax	tax	NOUN
fsr-3883	230	10	law	law	NOUN
fsr-3883	230	11	uncertainty	uncertainty	NOUN
fsr-3883	230	12	it	it	PRON
fsr-3883	230	13	appears	appear	VERB
fsr-3883	230	14	that	that	SCONJ
fsr-3883	230	15	implied	imply	VERB
fsr-3883	230	16	tax	tax	NOUN
fsr-3883	230	17	rates	rate	NOUN
fsr-3883	230	18	are	be	AUX
fsr-3883	230	19	lower	low	ADJ
fsr-3883	230	20	for	for	ADP
fsr-3883	230	21	all	all	DET
fsr-3883	230	22	maturities	maturity	NOUN
fsr-3883	230	23	and	and	CCONJ
fsr-3883	230	24	the	the	DET
fsr-3883	230	25	differences	difference	NOUN
fsr-3883	230	26	across	across	ADP
fsr-3883	230	27	maturities	maturity	NOUN
fsr-3883	230	28	are	be	AUX
fsr-3883	230	29	less	less	ADV
fsr-3883	230	30	pronounced	pronounced	ADJ
fsr-3883	230	31	.	.	PUNCT
fsr-3883	230	32	”	"	PUNCT
fsr-3883	231	1	(	(	PUNCT
fsr-3883	231	2	p.	p.	NOUN
fsr-3883	231	3	298–99	298–99	NUM
fsr-3883	231	4	)	)	PUNCT
fsr-3883	231	5	.	.	PUNCT
fsr-3883	232	1	metcalf	metcalf	PROPN
fsr-3883	232	2	(	(	PUNCT
fsr-3883	232	3	1992	1992	NUM
fsr-3883	232	4	)	)	PUNCT
fsr-3883	232	5	also	also	ADV
fsr-3883	232	6	examined	examine	VERB
fsr-3883	232	7	tax	tax	NOUN
fsr-3883	232	8	policy	policy	NOUN
fsr-3883	232	9	influence	influence	NOUN
fsr-3883	232	10	on	on	ADP
fsr-3883	232	11	municipal	municipal	ADJ
fsr-3883	232	12	bond	bond	NOUN
fsr-3883	232	13	supply	supply	NOUN
fsr-3883	232	14	.	.	PUNCT
fsr-3883	233	1	recent	recent	ADJ
fsr-3883	233	2	news	news	NOUN
fsr-3883	233	3	related	relate	VERB
fsr-3883	233	4	to	to	ADP
fsr-3883	233	5	this	this	DET
fsr-3883	233	6	aspect	aspect	NOUN
fsr-3883	233	7	include	include	VERB
fsr-3883	233	8	the	the	DET
fsr-3883	233	9	house	house	PROPN
fsr-3883	233	10	of	of	ADP
fsr-3883	233	11	representatives	representatives	PROPN
fsr-3883	233	12	vote	vote	VERB
fsr-3883	233	13	on	on	ADP
fsr-3883	233	14	july	july	PROPN
fsr-3883	233	15	17	17	NUM
fsr-3883	233	16	,	,	PUNCT
fsr-3883	233	17	1998	1998	NUM
fsr-3883	233	18	to	to	PART
fsr-3883	233	19	sunset	sunset	VERB
fsr-3883	233	20	the	the	DET
fsr-3883	233	21	current	current	ADJ
fsr-3883	233	22	tax	tax	NOUN
fsr-3883	233	23	code	code	NOUN
fsr-3883	233	24	effective	effective	ADJ
fsr-3883	233	25	december	december	PROPN
fsr-3883	233	26	31	31	NUM
fsr-3883	233	27	,	,	PUNCT
fsr-3883	233	28	2002	2002	NUM
fsr-3883	233	29	.	.	PUNCT
fsr-3883	234	1	clearly	clearly	ADV
fsr-3883	234	2	,	,	PUNCT
fsr-3883	234	3	the	the	DET
fsr-3883	234	4	future	future	NOUN
fsr-3883	234	5	of	of	ADP
fsr-3883	234	6	tax	tax	NOUN
fsr-3883	234	7	policy	policy	NOUN
fsr-3883	234	8	is	be	AUX
fsr-3883	234	9	uncertain	uncertain	ADJ
fsr-3883	234	10	.	.	PUNCT
fsr-3883	235	1	fourth	fourth	ADJ
fsr-3883	235	2	,	,	PUNCT
fsr-3883	235	3	due	due	ADP
fsr-3883	235	4	to	to	ADP
fsr-3883	235	5	unforeseen	unforeseen	ADJ
fsr-3883	235	6	issues	issue	NOUN
fsr-3883	235	7	to	to	ADP
fsr-3883	235	8	the	the	DET
fsr-3883	235	9	municipal	municipal	ADJ
fsr-3883	235	10	bond	bond	NOUN
fsr-3883	235	11	investors	investor	NOUN
fsr-3883	235	12	,	,	PUNCT
fsr-3883	235	13	the	the	DET
fsr-3883	235	14	particular	particular	ADJ
fsr-3883	235	15	municipal	municipal	ADJ
fsr-3883	235	16	bonds	bond	NOUN
fsr-3883	235	17	are	be	AUX
fsr-3883	235	18	declared	declare	VERB
fsr-3883	235	19	fully	fully	ADV
fsr-3883	235	20	taxable	taxable	ADJ
fsr-3883	235	21	by	by	ADP
fsr-3883	235	22	the	the	DET
fsr-3883	235	23	irs	irs	PROPN
fsr-3883	235	24	due	due	ADP
fsr-3883	235	25	to	to	ADP
fsr-3883	235	26	fraud	fraud	NOUN
fsr-3883	235	27	or	or	CCONJ
fsr-3883	235	28	error	error	NOUN
fsr-3883	235	29	in	in	ADP
fsr-3883	235	30	compliance	compliance	NOUN
fsr-3883	235	31	.	.	PUNCT
fsr-3883	236	1	although	although	SCONJ
fsr-3883	236	2	the	the	DET
fsr-3883	236	3	municipal	municipal	ADJ
fsr-3883	236	4	bond	bond	NOUN
fsr-3883	236	5	investor	investor	NOUN
fsr-3883	236	6	bears	bear	VERB
fsr-3883	236	7	the	the	DET
fsr-3883	236	8	risk	risk	NOUN
fsr-3883	236	9	of	of	ADP
fsr-3883	236	10	an	an	DET
fsr-3883	236	11	unfavorable	unfavorable	ADJ
fsr-3883	236	12	irs	irs	PROPN
fsr-3883	236	13	ruling	ruling	NOUN
fsr-3883	236	14	,	,	PUNCT
fsr-3883	236	15	most	most	ADJ
fsr-3883	236	16	municipal	municipal	ADJ
fsr-3883	236	17	issuers	issuer	NOUN
fsr-3883	236	18	will	will	AUX
fsr-3883	236	19	choose	choose	VERB
fsr-3883	236	20	to	to	PART
fsr-3883	236	21	settle	settle	VERB
fsr-3883	236	22	with	with	ADP
fsr-3883	236	23	the	the	DET
fsr-3883	236	24	irs	irs	PROPN
fsr-3883	236	25	to	to	PART
fsr-3883	236	26	maintain	maintain	VERB
fsr-3883	236	27	their	their	PRON
fsr-3883	236	28	integrity	integrity	NOUN
fsr-3883	236	29	within	within	ADP
fsr-3883	236	30	the	the	DET
fsr-3883	236	31	municipal	municipal	ADJ
fsr-3883	236	32	bond	bond	NOUN
fsr-3883	236	33	investor	investor	NOUN
fsr-3883	236	34	community	community	NOUN
fsr-3883	236	35	.	.	PUNCT
fsr-3883	237	1	fifth	fifth	ADJ
fsr-3883	237	2	,	,	PUNCT
fsr-3883	237	3	changes	change	NOUN
fsr-3883	237	4	in	in	ADP
fsr-3883	237	5	laws	law	NOUN
fsr-3883	237	6	about	about	ADP
fsr-3883	237	7	who	who	PRON
fsr-3883	237	8	can	can	AUX
fsr-3883	237	9	own	own	VERB
fsr-3883	237	10	municipal	municipal	ADJ
fsr-3883	237	11	bonds	bond	NOUN
fsr-3883	237	12	.	.	PUNCT
fsr-3883	238	1	for	for	ADP
fsr-3883	238	2	example	example	NOUN
fsr-3883	238	3	,	,	PUNCT
fsr-3883	238	4	there	there	PRON
fsr-3883	238	5	are	be	VERB
fsr-3883	238	6	restrictions	restriction	NOUN
fsr-3883	238	7	on	on	ADP
fsr-3883	238	8	companies	company	NOUN
fsr-3883	238	9	with	with	ADP
fsr-3883	238	10	regard	regard	NOUN
fsr-3883	238	11	to	to	ADP
fsr-3883	238	12	the	the	DET
fsr-3883	238	13	quantity	quantity	NOUN
fsr-3883	238	14	of	of	ADP
fsr-3883	238	15	municipal	municipal	ADJ
fsr-3883	238	16	bonds	bond	NOUN
fsr-3883	238	17	they	they	PRON
fsr-3883	238	18	can	can	AUX
fsr-3883	238	19	own	own	VERB
fsr-3883	238	20	.	.	PUNCT
fsr-3883	239	1	for	for	ADP
fsr-3883	239	2	example	example	NOUN
fsr-3883	239	3	,	,	PUNCT
fsr-3883	239	4	chalmers	chalmer	NOUN
fsr-3883	239	5	(	(	PUNCT
fsr-3883	239	6	1998	1998	NUM
fsr-3883	239	7	)	)	PUNCT
fsr-3883	239	8	observed	observe	VERB
fsr-3883	239	9	,	,	PUNCT
fsr-3883	239	10	“	"	PUNCT
fsr-3883	239	11	.	.	PUNCT
fsr-3883	239	12	.	.	PUNCT
fsr-3883	239	13	.	.	PUNCT
fsr-3883	240	1	the	the	DET
fsr-3883	240	2	tax	tax	NOUN
fsr-3883	240	3	code	code	NOUN
fsr-3883	240	4	continues	continue	VERB
fsr-3883	240	5	to	to	PART
fsr-3883	240	6	allow	allow	VERB
fsr-3883	240	7	all	all	DET
fsr-3883	240	8	nonfinancial	nonfinancial	ADJ
fsr-3883	240	9	u.s	u.s	PROPN
fsr-3883	240	10	.	.	PROPN
fsr-3883	240	11	corporations	corporation	NOUN
fsr-3883	240	12	to	to	PART
fsr-3883	240	13	hold	hold	VERB
fsr-3883	240	14	up	up	ADP
fsr-3883	240	15	to	to	PART
fsr-3883	240	16	2	2	NUM
fsr-3883	240	17	%	%	NOUN
fsr-3883	240	18	of	of	ADP
fsr-3883	240	19	their	their	PRON
fsr-3883	240	20	assets	asset	NOUN
fsr-3883	240	21	in	in	ADP
fsr-3883	240	22	tax	tax	NOUN
fsr-3883	240	23	-	-	PUNCT
fsr-3883	240	24	exempt	exempt	ADJ
fsr-3883	240	25	bonds	bond	NOUN
fsr-3883	240	26	and	and	CCONJ
fsr-3883	240	27	simultaneously	simultaneously	ADV
fsr-3883	240	28	deduct	deduct	VERB
fsr-3883	240	29	the	the	DET
fsr-3883	240	30	interest	interest	NOUN
fsr-3883	240	31	on	on	ADP
fsr-3883	240	32	attributed	attribute	VERB
fsr-3883	240	33	debt	debt	NOUN
fsr-3883	240	34	from	from	ADP
fsr-3883	240	35	their	their	PRON
fsr-3883	240	36	taxable	taxable	ADJ
fsr-3883	240	37	income	income	NOUN
fsr-3883	240	38	.	.	PUNCT
fsr-3883	240	39	”	"	PUNCT
fsr-3883	241	1	(	(	PUNCT
fsr-3883	241	2	p.	p.	NOUN
fsr-3883	241	3	284–5	284–5	NUM
fsr-3883	241	4	)	)	PUNCT
fsr-3883	241	5	.	.	PUNCT
fsr-3883	242	1	sixth	sixth	ADV
fsr-3883	242	2	,	,	PUNCT
fsr-3883	242	3	investors	investor	NOUN
fsr-3883	242	4	have	have	VERB
fsr-3883	242	5	some	some	DET
fsr-3883	242	6	flexibility	flexibility	NOUN
fsr-3883	242	7	as	as	ADP
fsr-3883	242	8	to	to	ADP
fsr-3883	242	9	when	when	SCONJ
fsr-3883	242	10	tax	tax	NOUN
fsr-3883	242	11	liabilities	liability	NOUN
fsr-3883	242	12	are	be	AUX
fsr-3883	242	13	incurred	incur	VERB
fsr-3883	242	14	.	.	PUNCT
fsr-3883	243	1	this	this	DET
fsr-3883	243	2	flexibility	flexibility	NOUN
fsr-3883	243	3	could	could	AUX
fsr-3883	243	4	be	be	AUX
fsr-3883	243	5	viewed	view	VERB
fsr-3883	243	6	as	as	ADP
fsr-3883	243	7	a	a	DET
fsr-3883	243	8	tax	tax	NOUN
fsr-3883	243	9	timing	timing	NOUN
fsr-3883	243	10	option	option	NOUN
fsr-3883	243	11	.	.	PUNCT
fsr-3883	244	1	seventh	seventh	ADJ
fsr-3883	244	2	,	,	PUNCT
fsr-3883	244	3	u.s	u.s	PROPN
fsr-3883	244	4	.	.	PROPN
fsr-3883	244	5	treasury	treasury	PROPN
fsr-3883	244	6	bonds	bond	NOUN
fsr-3883	244	7	are	be	AUX
fsr-3883	244	8	exempt	exempt	ADJ
fsr-3883	244	9	from	from	ADP
fsr-3883	244	10	state	state	NOUN
fsr-3883	244	11	and	and	CCONJ
fsr-3883	244	12	local	local	ADJ
fsr-3883	244	13	taxes	taxis	NOUN
fsr-3883	244	14	.	.	PUNCT
fsr-3883	245	1	most	most	ADJ
fsr-3883	245	2	studies	study	NOUN
fsr-3883	245	3	of	of	ADP
fsr-3883	245	4	the	the	DET
fsr-3883	245	5	taxable	taxable	ADJ
fsr-3883	245	6	versus	versus	ADP
fsr-3883	245	7	tax	tax	NOUN
fsr-3883	245	8	-	-	PUNCT
fsr-3883	245	9	exempt	exempt	ADJ
fsr-3883	245	10	market	market	NOUN
fsr-3883	245	11	use	use	NOUN
fsr-3883	245	12	only	only	ADV
fsr-3883	245	13	u.s	u.s	PROPN
fsr-3883	245	14	.	.	PROPN
fsr-3883	245	15	treasury	treasury	PROPN
fsr-3883	245	16	bonds	bond	NOUN
fsr-3883	245	17	.	.	PUNCT
fsr-3883	246	1	this	this	DET
fsr-3883	246	2	state	state	NOUN
fsr-3883	246	3	tax	tax	NOUN
fsr-3883	246	4	exemption	exemption	NOUN
fsr-3883	246	5	may	may	AUX
fsr-3883	246	6	slightly	slightly	ADV
fsr-3883	246	7	bias	bias	VERB
fsr-3883	246	8	the	the	DET
fsr-3883	246	9	reported	report	VERB
fsr-3883	246	10	results	result	NOUN
fsr-3883	246	11	that	that	PRON
fsr-3883	246	12	compare	compare	VERB
fsr-3883	246	13	municipal	municipal	ADJ
fsr-3883	246	14	bonds	bond	NOUN
fsr-3883	246	15	with	with	ADP
fsr-3883	246	16	u.s	u.s	PROPN
fsr-3883	246	17	.	.	PROPN
fsr-3883	246	18	treasury	treasury	PROPN
fsr-3883	246	19	bonds	bond	NOUN
fsr-3883	246	20	.	.	PUNCT
fsr-3883	247	1	eighth	eighth	X
fsr-3883	247	2	,	,	PUNCT
fsr-3883	247	3	tax	tax	NOUN
fsr-3883	247	4	treatments	treatment	NOUN
fsr-3883	247	5	for	for	ADP
fsr-3883	247	6	taxable	taxable	ADJ
fsr-3883	247	7	and	and	CCONJ
fsr-3883	247	8	tax	tax	NOUN
fsr-3883	247	9	-	-	PUNCT
fsr-3883	247	10	exempt	exempt	ADJ
fsr-3883	247	11	bonds	bond	NOUN
fsr-3883	247	12	are	be	AUX
fsr-3883	247	13	not	not	PART
fsr-3883	247	14	symmetric	symmetric	ADJ
fsr-3883	247	15	with	with	ADP
fsr-3883	247	16	regard	regard	NOUN
fsr-3883	247	17	to	to	ADP
fsr-3883	247	18	capital	capital	NOUN
fsr-3883	247	19	gains	gain	NOUN
fsr-3883	247	20	and	and	CCONJ
fsr-3883	247	21	losses	loss	NOUN
fsr-3883	247	22	.	.	PUNCT
fsr-3883	248	1	municipal	municipal	ADJ
fsr-3883	248	2	bonds	bond	NOUN
fsr-3883	248	3	’	'	PUNCT
fsr-3883	248	4	coupon	coupon	NOUN
fsr-3883	248	5	payments	payment	NOUN
fsr-3883	248	6	and	and	CCONJ
fsr-3883	248	7	original	original	ADJ
fsr-3883	248	8	issue	issue	NOUN
fsr-3883	248	9	discount	discount	NOUN
fsr-3883	248	10	(	(	PUNCT
fsr-3883	248	11	oid	oid	NUM
fsr-3883	248	12	)	)	PUNCT
fsr-3883	248	13	bonds	bond	NOUN
fsr-3883	248	14	are	be	AUX
fsr-3883	248	15	not	not	PART
fsr-3883	248	16	subject	subject	ADJ
fsr-3883	248	17	to	to	ADP
fsr-3883	248	18	federal	federal	ADJ
fsr-3883	248	19	taxes	taxis	NOUN
fsr-3883	248	20	,	,	PUNCT
fsr-3883	248	21	but	but	CCONJ
fsr-3883	248	22	capital	capital	NOUN
fsr-3883	248	23	gains	gain	NOUN
fsr-3883	248	24	are	be	AUX
fsr-3883	248	25	subject	subject	ADJ
fsr-3883	248	26	to	to	ADP
fsr-3883	248	27	federal	federal	ADJ
fsr-3883	248	28	taxes	taxis	NOUN
fsr-3883	248	29	.	.	PUNCT
fsr-3883	249	1	premium	premium	PROPN
fsr-3883	249	2	municipal	municipal	ADJ
fsr-3883	249	3	bonds	bond	NOUN
fsr-3883	249	4	must	must	AUX
fsr-3883	249	5	amortize	amortize	VERB
fsr-3883	249	6	the	the	DET
fsr-3883	249	7	bond	bond	NOUN
fsr-3883	249	8	’s	’s	PART
fsr-3883	249	9	basis	basis	NOUN
fsr-3883	249	10	,	,	PUNCT
fsr-3883	249	11	but	but	CCONJ
fsr-3883	249	12	the	the	DET
fsr-3883	249	13	amortized	amortize	VERB
fsr-3883	249	14	premium	premium	NOUN
fsr-3883	249	15	can	can	AUX
fsr-3883	249	16	not	not	PART
fsr-3883	249	17	be	be	AUX
fsr-3883	249	18	taken	take	VERB
fsr-3883	249	19	as	as	ADP
fsr-3883	249	20	an	an	DET
fsr-3883	249	21	expense	expense	NOUN
fsr-3883	249	22	for	for	ADP
fsr-3883	249	23	tax	tax	NOUN
fsr-3883	249	24	purposes	purpose	NOUN
fsr-3883	249	25	.	.	PUNCT
fsr-3883	250	1	the	the	DET
fsr-3883	250	2	amortization	amortization	NOUN
fsr-3883	250	3	is	be	AUX
fsr-3883	250	4	for	for	ADP
fsr-3883	250	5	the	the	DET
fsr-3883	250	6	purpose	purpose	NOUN
fsr-3883	250	7	of	of	ADP
fsr-3883	250	8	computing	compute	VERB
fsr-3883	250	9	capital	capital	NOUN
fsr-3883	250	10	gains	gain	NOUN
fsr-3883	250	11	.	.	PUNCT
fsr-3883	251	1	premium	premium	ADJ
fsr-3883	251	2	taxable	taxable	ADJ
fsr-3883	251	3	bonds	bond	NOUN
fsr-3883	251	4	may	may	AUX
fsr-3883	251	5	be	be	AUX
fsr-3883	251	6	amortized	amortize	VERB
fsr-3883	251	7	and	and	CCONJ
fsr-3883	251	8	taken	take	VERB
fsr-3883	251	9	as	as	ADP
fsr-3883	251	10	an	an	DET
fsr-3883	251	11	annual	annual	ADJ
fsr-3883	251	12	tax	tax	NOUN
fsr-3883	251	13	-	-	PUNCT
fsr-3883	251	14	deductible	deductible	ADJ
fsr-3883	251	15	loss	loss	NOUN
fsr-3883	251	16	over	over	ADP
fsr-3883	251	17	the	the	DET
fsr-3883	251	18	life	life	NOUN
fsr-3883	251	19	of	of	ADP
fsr-3883	251	20	the	the	DET
fsr-3883	251	21	bond	bond	NOUN
fsr-3883	251	22	.	.	PUNCT
fsr-3883	252	1	on	on	ADP
fsr-3883	252	2	the	the	DET
fsr-3883	252	3	subject	subject	NOUN
fsr-3883	252	4	of	of	ADP
fsr-3883	252	5	asymmetric	asymmetric	ADJ
fsr-3883	252	6	treatment	treatment	NOUN
fsr-3883	252	7	of	of	ADP
fsr-3883	252	8	capital	capital	NOUN
fsr-3883	252	9	gains	gain	NOUN
fsr-3883	252	10	,	,	PUNCT
fsr-3883	252	11	sorensen	sorensen	PROPN
fsr-3883	252	12	[	[	X
fsr-3883	252	13	1983	1983	NUM
fsr-3883	252	14	]	]	PUNCT
fsr-3883	252	15	stated	state	VERB
fsr-3883	252	16	that	that	SCONJ
fsr-3883	252	17	“	"	PUNCT
fsr-3883	252	18	.	.	PUNCT
fsr-3883	252	19	.	.	PUNCT
fsr-3883	252	20	.	.	PUNCT
fsr-3883	253	1	the	the	DET
fsr-3883	253	2	tax	tax	NOUN
fsr-3883	253	3	treatment	treatment	NOUN
fsr-3883	253	4	of	of	ADP
fsr-3883	253	5	investor	investor	NOUN
fsr-3883	253	6	income	income	NOUN
fsr-3883	253	7	is	be	AUX
fsr-3883	253	8	a	a	DET
fsr-3883	253	9	major	major	ADJ
fsr-3883	253	10	contributory	contributory	NOUN
fsr-3883	253	11	factor	factor	NOUN
fsr-3883	253	12	to	to	ADP
fsr-3883	253	13	changes	change	NOUN
fsr-3883	253	14	in	in	ADP
fsr-3883	253	15	the	the	DET
fsr-3883	253	16	municipal	municipal	ADJ
fsr-3883	253	17	yield	yield	NOUN
fsr-3883	253	18	curve	curve	NOUN
fsr-3883	253	19	shape	shape	NOUN
fsr-3883	253	20	.	.	PUNCT
fsr-3883	253	21	”	"	PUNCT
fsr-3883	254	1	(	(	PUNCT
fsr-3883	254	2	p.	p.	NOUN
fsr-3883	254	3	61	61	NUM
fsr-3883	254	4	)	)	PUNCT
fsr-3883	254	5	.	.	PUNCT
fsr-3883	255	1	leibowitz	leibowitz	PROPN
fsr-3883	255	2	(	(	PUNCT
fsr-3883	255	3	1981	1981	NUM
fsr-3883	255	4	)	)	PUNCT
fsr-3883	255	5	developed	develop	VERB
fsr-3883	255	6	a	a	DET
fsr-3883	255	7	comprehensive	comprehensive	ADJ
fsr-3883	255	8	interest	interest	NOUN
fsr-3883	255	9	rate	rate	NOUN
fsr-3883	255	10	model	model	NOUN
fsr-3883	255	11	and	and	CCONJ
fsr-3883	255	12	concludes	conclude	VERB
fsr-3883	255	13	that	that	SCONJ
fsr-3883	255	14	tax	tax	NOUN
fsr-3883	255	15	-	-	PUNCT
fsr-3883	255	16	exempt	exempt	ADJ
fsr-3883	255	17	bonds	bond	NOUN
fsr-3883	255	18	are	be	AUX
fsr-3883	255	19	more	more	ADV
fsr-3883	255	20	volatile	volatile	ADJ
fsr-3883	255	21	in	in	ADP
fsr-3883	255	22	general	general	ADJ
fsr-3883	255	23	and	and	CCONJ
fsr-3883	255	24	discount	discount	NOUN
fsr-3883	255	25	tax	tax	NOUN
fsr-3883	255	26	-	-	PUNCT
fsr-3883	255	27	exempt	exempt	ADJ
fsr-3883	255	28	bonds	bond	NOUN
fsr-3883	255	29	are	be	AUX
fsr-3883	255	30	more	more	ADV
fsr-3883	255	31	volatile	volatile	ADJ
fsr-3883	255	32	than	than	ADP
fsr-3883	255	33	premium	premium	ADJ
fsr-3883	255	34	tax	tax	NOUN
fsr-3883	255	35	-	-	PUNCT
fsr-3883	255	36	exempt	exempt	ADJ
fsr-3883	255	37	bonds	bond	NOUN
fsr-3883	255	38	due	due	ADP
fsr-3883	255	39	to	to	ADP
fsr-3883	255	40	these	these	DET
fsr-3883	255	41	asymmetric	asymmetric	ADJ
fsr-3883	255	42	tax	tax	NOUN
fsr-3883	255	43	treatments	treatment	NOUN
fsr-3883	255	44	.	.	PUNCT
fsr-3883	256	1	also	also	ADV
fsr-3883	256	2	we	we	PRON
fsr-3883	256	3	note	note	VERB
fsr-3883	256	4	that	that	SCONJ
fsr-3883	256	5	almost	almost	ADV
fsr-3883	256	6	all	all	DET
fsr-3883	256	7	states	state	NOUN
fsr-3883	256	8	exempt	exempt	VERB
fsr-3883	256	9	their	their	PRON
fsr-3883	256	10	own	own	ADJ
fsr-3883	256	11	bonds	bond	NOUN
fsr-3883	256	12	from	from	ADP
fsr-3883	256	13	state	state	NOUN
fsr-3883	256	14	taxes	taxis	NOUN
fsr-3883	256	15	.	.	PUNCT
fsr-3883	257	1	johnson	johnson	PROPN
fsr-3883	257	2	and	and	CCONJ
fsr-3883	257	3	johnson	johnson	PROPN
fsr-3883	257	4	(	(	PUNCT
fsr-3883	257	5	1996	1996	NUM
fsr-3883	257	6	)	)	PUNCT
fsr-3883	257	7	review	review	NOUN
fsr-3883	257	8	in	in	ADP
fsr-3883	257	9	detail	detail	NOUN
fsr-3883	257	10	various	various	ADJ
fsr-3883	257	11	tax	tax	NOUN
fsr-3883	257	12	issues	issue	NOUN
fsr-3883	257	13	related	relate	VERB
fsr-3883	257	14	to	to	ADP
fsr-3883	257	15	municipal	municipal	ADJ
fsr-3883	257	16	bonds	bond	NOUN
fsr-3883	257	17	.	.	PUNCT
fsr-3883	258	1	ninth	ninth	ADJ
fsr-3883	258	2	,	,	PUNCT
fsr-3883	258	3	changes	change	NOUN
fsr-3883	258	4	in	in	ADP
fsr-3883	258	5	expected	expect	VERB
fsr-3883	258	6	future	future	ADJ
fsr-3883	258	7	taxes	taxis	NOUN
fsr-3883	258	8	influence	influence	VERB
fsr-3883	258	9	the	the	DET
fsr-3883	258	10	tax	tax	NOUN
fsr-3883	258	11	-	-	PUNCT
fsr-3883	258	12	exempt	exempt	ADJ
fsr-3883	258	13	to	to	ADP
fsr-3883	258	14	taxable	taxable	ADJ
fsr-3883	258	15	yield	yield	NOUN
fsr-3883	258	16	ratio	ratio	NOUN
fsr-3883	258	17	.	.	PUNCT
fsr-3883	259	1	poterba	poterba	NOUN
fsr-3883	259	2	(	(	PUNCT
fsr-3883	259	3	1989	1989	NUM
fsr-3883	259	4	)	)	PUNCT
fsr-3883	259	5	observed	observe	VERB
fsr-3883	259	6	that	that	SCONJ
fsr-3883	259	7	tax	tax	NOUN
fsr-3883	259	8	news	news	NOUN
fsr-3883	259	9	explains	explain	VERB
fsr-3883	259	10	some	some	DET
fsr-3883	259	11	changes	change	NOUN
fsr-3883	259	12	in	in	ADP
fsr-3883	259	13	the	the	DET
fsr-3883	259	14	yield	yield	NOUN
fsr-3883	259	15	ratio	ratio	NOUN
fsr-3883	259	16	and	and	CCONJ
fsr-3883	259	17	he	he	PRON
fsr-3883	259	18	estimated	estimate	VERB
fsr-3883	259	19	forward	forward	ADJ
fsr-3883	259	20	tax	tax	NOUN
fsr-3883	259	21	rates	rate	NOUN
fsr-3883	259	22	.	.	PUNCT
fsr-3883	260	1	recently	recently	ADV
fsr-3883	260	2	,	,	PUNCT
fsr-3883	260	3	koch	koch	PROPN
fsr-3883	260	4	and	and	CCONJ
fsr-3883	260	5	stock	stock	NOUN
fsr-3883	260	6	(	(	PUNCT
fsr-3883	260	7	1997	1997	NUM
fsr-3883	260	8	)	)	PUNCT
fsr-3883	260	9	observed	observe	VERB
fsr-3883	260	10	that	that	SCONJ
fsr-3883	260	11	the	the	DET
fsr-3883	260	12	yield	yield	NOUN
fsr-3883	260	13	ratio	ratio	NOUN
fsr-3883	260	14	is	be	AUX
fsr-3883	260	15	a	a	DET
fsr-3883	260	16	function	function	NOUN
fsr-3883	260	17	of	of	ADP
fsr-3883	260	18	individual	individual	ADJ
fsr-3883	260	19	tax	tax	NOUN
fsr-3883	260	20	rates	rate	NOUN
fsr-3883	260	21	but	but	CCONJ
fsr-3883	260	22	not	not	PART
fsr-3883	260	23	corporate	corporate	ADJ
fsr-3883	260	24	tax	tax	NOUN
fsr-3883	260	25	rates	rate	NOUN
fsr-3883	260	26	(	(	PUNCT
fsr-3883	260	27	they	they	PRON
fsr-3883	260	28	asserted	assert	VERB
fsr-3883	260	29	that	that	SCONJ
fsr-3883	260	30	corporate	corporate	ADJ
fsr-3883	260	31	taxes	taxis	NOUN
fsr-3883	260	32	actually	actually	ADV
fsr-3883	260	33	have	have	VERB
fsr-3883	260	34	the	the	DET
fsr-3883	260	35	opposite	opposite	ADJ
fsr-3883	260	36	effect	effect	NOUN
fsr-3883	260	37	)	)	PUNCT
fsr-3883	260	38	.	.	PUNCT
fsr-3883	261	1	fortune	fortune	NOUN
fsr-3883	261	2	(	(	PUNCT
fsr-3883	261	3	1991	1991	NUM
fsr-3883	261	4	)	)	PUNCT
fsr-3883	261	5	also	also	ADV
fsr-3883	261	6	examined	examine	VERB
fsr-3883	261	7	this	this	DET
fsr-3883	261	8	yield	yield	NOUN
fsr-3883	261	9	ratio	ratio	NOUN
fsr-3883	261	10	and	and	CCONJ
fsr-3883	261	11	83r	83r	NUM
fsr-3883	261	12	.	.	PUNCT
fsr-3883	262	1	brooks	brooks	PROPN
fsr-3883	262	2	/	/	SYM
fsr-3883	262	3	financial	financial	ADJ
fsr-3883	262	4	services	service	NOUN
fsr-3883	262	5	review	review	VERB
fsr-3883	262	6	8	8	NUM
fsr-3883	262	7	(	(	PUNCT
fsr-3883	262	8	1999	1999	NUM
fsr-3883	262	9	)	)	PUNCT
fsr-3883	262	10	71–85	71–85	NUM
fsr-3883	262	11	documented	document	VERB
fsr-3883	262	12	an	an	DET
fsr-3883	262	13	inverse	inverse	NOUN
fsr-3883	262	14	relationship	relationship	NOUN
fsr-3883	262	15	with	with	ADP
fsr-3883	262	16	forward	forward	ADJ
fsr-3883	262	17	tax	tax	NOUN
fsr-3883	262	18	rates	rate	NOUN
fsr-3883	262	19	and	and	CCONJ
fsr-3883	262	20	concluded	conclude	VERB
fsr-3883	262	21	that	that	SCONJ
fsr-3883	262	22	“	"	PUNCT
fsr-3883	262	23	.	.	PUNCT
fsr-3883	262	24	.	.	PUNCT
fsr-3883	262	25	.	.	PUNCT
fsr-3883	263	1	anticipated	anticipate	VERB
fsr-3883	263	2	future	future	ADJ
fsr-3883	263	3	income	income	NOUN
fsr-3883	263	4	tax	tax	NOUN
fsr-3883	263	5	rates	rate	NOUN
fsr-3883	263	6	will	will	AUX
fsr-3883	263	7	have	have	VERB
fsr-3883	263	8	a	a	DET
fsr-3883	263	9	strong	strong	ADJ
fsr-3883	263	10	impact	impact	NOUN
fsr-3883	263	11	on	on	ADP
fsr-3883	263	12	municipal	municipal	ADJ
fsr-3883	263	13	bond	bond	NOUN
fsr-3883	263	14	yields	yield	NOUN
fsr-3883	263	15	”	"	PUNCT
fsr-3883	263	16	(	(	PUNCT
fsr-3883	263	17	p.	p.	NOUN
fsr-3883	263	18	35	35	NUM
fsr-3883	263	19	)	)	PUNCT
fsr-3883	263	20	.	.	PUNCT
fsr-3883	264	1	tenth	tenth	ADJ
fsr-3883	264	2	,	,	PUNCT
fsr-3883	264	3	state	state	NOUN
fsr-3883	264	4	and	and	CCONJ
fsr-3883	264	5	local	local	ADJ
fsr-3883	264	6	tax	tax	NOUN
fsr-3883	264	7	issues	issue	NOUN
fsr-3883	264	8	influence	influence	VERB
fsr-3883	264	9	the	the	DET
fsr-3883	264	10	observed	observed	ADJ
fsr-3883	264	11	relationship	relationship	NOUN
fsr-3883	264	12	between	between	ADP
fsr-3883	264	13	tax	tax	NOUN
fsr-3883	264	14	-	-	PUNCT
fsr-3883	264	15	exempt	exempt	ADJ
fsr-3883	264	16	and	and	CCONJ
fsr-3883	264	17	taxable	taxable	ADJ
fsr-3883	264	18	markets	market	NOUN
fsr-3883	264	19	.	.	PUNCT
fsr-3883	265	1	chalmers	chalmers	PROPN
fsr-3883	265	2	(	(	PUNCT
fsr-3883	265	3	1998	1998	NUM
fsr-3883	265	4	)	)	PUNCT
fsr-3883	265	5	reported	report	VERB
fsr-3883	265	6	that	that	SCONJ
fsr-3883	265	7	,	,	PUNCT
fsr-3883	265	8	“	"	PUNCT
fsr-3883	265	9	.	.	PUNCT
fsr-3883	265	10	.	.	PUNCT
fsr-3883	265	11	.	.	PUNCT
fsr-3883	266	1	anecdotal	anecdotal	ADJ
fsr-3883	266	2	evidence	evidence	NOUN
fsr-3883	266	3	in	in	ADP
fsr-3883	266	4	green	green	ADJ
fsr-3883	266	5	(	(	PUNCT
fsr-3883	266	6	1993	1993	NUM
fsr-3883	266	7	)	)	PUNCT
fsr-3883	266	8	implies	imply	VERB
fsr-3883	266	9	that	that	SCONJ
fsr-3883	266	10	while	while	SCONJ
fsr-3883	266	11	state	state	NOUN
fsr-3883	266	12	tax	tax	NOUN
fsr-3883	266	13	differences	difference	NOUN
fsr-3883	266	14	induce	induce	VERB
fsr-3883	266	15	small	small	ADJ
fsr-3883	266	16	parallel	parallel	ADJ
fsr-3883	266	17	shifts	shift	NOUN
fsr-3883	266	18	in	in	ADP
fsr-3883	266	19	municipal	municipal	ADJ
fsr-3883	266	20	yield	yield	NOUN
fsr-3883	266	21	curves	curve	NOUN
fsr-3883	266	22	,	,	PUNCT
fsr-3883	266	23	state	state	NOUN
fsr-3883	266	24	taxes	taxis	NOUN
fsr-3883	266	25	do	do	AUX
fsr-3883	266	26	not	not	PART
fsr-3883	266	27	affect	affect	VERB
fsr-3883	266	28	the	the	DET
fsr-3883	266	29	slope	slope	NOUN
fsr-3883	266	30	of	of	ADP
fsr-3883	266	31	the	the	DET
fsr-3883	266	32	municipal	municipal	ADJ
fsr-3883	266	33	term	term	NOUN
fsr-3883	266	34	structure	structure	NOUN
fsr-3883	266	35	”	"	PUNCT
fsr-3883	266	36	(	(	PUNCT
fsr-3883	266	37	p.	p.	NOUN
fsr-3883	266	38	291	291	NUM
fsr-3883	266	39	)	)	PUNCT
fsr-3883	266	40	.	.	PUNCT
fsr-3883	267	1	severn	severn	PROPN
fsr-3883	267	2	and	and	CCONJ
fsr-3883	267	3	stewart	stewart	PROPN
fsr-3883	267	4	(	(	PUNCT
fsr-3883	267	5	1992	1992	NUM
fsr-3883	267	6	)	)	PUNCT
fsr-3883	267	7	focused	focus	VERB
fsr-3883	267	8	on	on	ADP
fsr-3883	267	9	the	the	DET
fsr-3883	267	10	role	role	NOUN
fsr-3883	267	11	of	of	ADP
fsr-3883	267	12	state	state	NOUN
fsr-3883	267	13	taxes	taxis	NOUN
fsr-3883	267	14	in	in	ADP
fsr-3883	267	15	the	the	DET
fsr-3883	267	16	u.s	u.s	PROPN
fsr-3883	267	17	.	.	PROPN
fsr-3883	267	18	treasury	treasury	PROPN
fsr-3883	267	19	market	market	NOUN
fsr-3883	267	20	and	and	CCONJ
fsr-3883	267	21	concluded	conclude	VERB
fsr-3883	267	22	that	that	SCONJ
fsr-3883	267	23	the	the	DET
fsr-3883	267	24	break	break	NOUN
fsr-3883	267	25	-	-	PUNCT
fsr-3883	267	26	even	even	ADV
fsr-3883	267	27	state	state	NOUN
fsr-3883	267	28	tax	tax	NOUN
fsr-3883	267	29	rate	rate	NOUN
fsr-3883	267	30	was	be	AUX
fsr-3883	267	31	low	low	ADJ
fsr-3883	267	32	.	.	PUNCT
fsr-3883	268	1	also	also	ADV
fsr-3883	268	2	,	,	PUNCT
fsr-3883	268	3	in	in	ADP
fsr-3883	268	4	many	many	ADJ
fsr-3883	268	5	states	state	NOUN
fsr-3883	268	6	,	,	PUNCT
fsr-3883	268	7	a	a	DET
fsr-3883	268	8	municipal	municipal	ADJ
fsr-3883	268	9	bond	bond	NOUN
fsr-3883	268	10	issued	issue	VERB
fsr-3883	268	11	in	in	ADP
fsr-3883	268	12	another	another	DET
fsr-3883	268	13	state	state	NOUN
fsr-3883	268	14	is	be	AUX
fsr-3883	268	15	fully	fully	ADV
fsr-3883	268	16	taxable	taxable	ADJ
fsr-3883	268	17	with	with	ADP
fsr-3883	268	18	regard	regard	NOUN
fsr-3883	268	19	to	to	ADP
fsr-3883	268	20	the	the	DET
fsr-3883	268	21	state	state	NOUN
fsr-3883	268	22	income	income	NOUN
fsr-3883	268	23	tax	tax	NOUN
fsr-3883	268	24	.	.	PUNCT
fsr-3883	269	1	this	this	PRON
fsr-3883	269	2	influences	influence	VERB
fsr-3883	269	3	the	the	DET
fsr-3883	269	4	relative	relative	ADJ
fsr-3883	269	5	attractiveness	attractiveness	NOUN
fsr-3883	269	6	of	of	ADP
fsr-3883	269	7	various	various	ADJ
fsr-3883	269	8	states	state	NOUN
fsr-3883	269	9	’	'	PUNCT
fsr-3883	269	10	municipal	municipal	ADJ
fsr-3883	269	11	debt	debt	NOUN
fsr-3883	269	12	.	.	PUNCT
fsr-3883	270	1	singh	singh	PROPN
fsr-3883	270	2	and	and	CCONJ
fsr-3883	270	3	dresnack	dresnack	PROPN
fsr-3883	270	4	(	(	PUNCT
fsr-3883	270	5	1998	1998	NUM
fsr-3883	270	6	)	)	PUNCT
fsr-3883	270	7	provide	provide	VERB
fsr-3883	270	8	a	a	DET
fsr-3883	270	9	comparative	comparative	ADJ
fsr-3883	270	10	analysis	analysis	NOUN
fsr-3883	270	11	of	of	ADP
fsr-3883	270	12	the	the	DET
fsr-3883	270	13	performance	performance	NOUN
fsr-3883	270	14	of	of	ADP
fsr-3883	270	15	tax	tax	NOUN
fsr-3883	270	16	-	-	PUNCT
fsr-3883	270	17	exempt	exempt	ADJ
fsr-3883	270	18	state	state	NOUN
fsr-3883	270	19	funds	fund	NOUN
fsr-3883	270	20	and	and	CCONJ
fsr-3883	270	21	other	other	ADJ
fsr-3883	270	22	tax	tax	NOUN
fsr-3883	270	23	-	-	PUNCT
fsr-3883	270	24	exempt	exempt	ADJ
fsr-3883	270	25	funds	fund	NOUN
fsr-3883	270	26	.	.	PUNCT
fsr-3883	271	1	4	4	X
fsr-3883	271	2	.	.	X
fsr-3883	271	3	summary	summary	VERB
fsr-3883	271	4	the	the	DET
fsr-3883	271	5	purpose	purpose	NOUN
fsr-3883	271	6	of	of	ADP
fsr-3883	271	7	this	this	DET
fsr-3883	271	8	paper	paper	NOUN
fsr-3883	271	9	was	be	AUX
fsr-3883	271	10	to	to	PART
fsr-3883	271	11	review	review	VERB
fsr-3883	271	12	the	the	DET
fsr-3883	271	13	major	major	ADJ
fsr-3883	271	14	issues	issue	NOUN
fsr-3883	271	15	related	relate	VERB
fsr-3883	271	16	to	to	ADP
fsr-3883	271	17	investing	invest	VERB
fsr-3883	271	18	in	in	ADP
fsr-3883	271	19	municipal	municipal	ADJ
fsr-3883	271	20	bonds	bond	NOUN
fsr-3883	271	21	.	.	PUNCT
fsr-3883	272	1	also	also	ADV
fsr-3883	272	2	,	,	PUNCT
fsr-3883	272	3	the	the	DET
fsr-3883	272	4	numerous	numerous	ADJ
fsr-3883	272	5	embedded	embed	VERB
fsr-3883	272	6	contingent	contingent	ADJ
fsr-3883	272	7	claims	claim	NOUN
fsr-3883	272	8	related	relate	VERB
fsr-3883	272	9	to	to	ADP
fsr-3883	272	10	municipal	municipal	ADJ
fsr-3883	272	11	bonds	bond	NOUN
fsr-3883	272	12	were	be	AUX
fsr-3883	272	13	discussed	discuss	VERB
fsr-3883	272	14	.	.	PUNCT
fsr-3883	273	1	municipal	municipal	ADJ
fsr-3883	273	2	bonds	bond	NOUN
fsr-3883	273	3	have	have	VERB
fsr-3883	273	4	the	the	DET
fsr-3883	273	5	same	same	ADJ
fsr-3883	273	6	types	type	NOUN
fsr-3883	273	7	of	of	ADP
fsr-3883	273	8	embedded	embed	VERB
fsr-3883	273	9	contingent	contingent	NOUN
fsr-3883	273	10	claims	claim	NOUN
fsr-3883	273	11	as	as	ADP
fsr-3883	273	12	corporate	corporate	ADJ
fsr-3883	273	13	bonds	bond	NOUN
fsr-3883	273	14	as	as	ADV
fsr-3883	273	15	well	well	ADV
fsr-3883	273	16	as	as	ADP
fsr-3883	273	17	many	many	ADJ
fsr-3883	273	18	others	other	NOUN
fsr-3883	273	19	.	.	PUNCT
fsr-3883	274	1	the	the	DET
fsr-3883	274	2	tax	tax	NOUN
fsr-3883	274	3	-	-	PUNCT
fsr-3883	274	4	exempt	exempt	ADJ
fsr-3883	274	5	term	term	NOUN
fsr-3883	274	6	structure	structure	NOUN
fsr-3883	274	7	of	of	ADP
fsr-3883	274	8	interest	interest	NOUN
fsr-3883	274	9	rates	rate	NOUN
fsr-3883	274	10	is	be	AUX
fsr-3883	274	11	much	much	ADV
fsr-3883	274	12	steeper	steep	ADJ
fsr-3883	274	13	than	than	ADP
fsr-3883	274	14	the	the	DET
fsr-3883	274	15	taxable	taxable	ADJ
fsr-3883	274	16	term	term	NOUN
fsr-3883	274	17	structure	structure	NOUN
fsr-3883	274	18	suggesting	suggest	VERB
fsr-3883	274	19	various	various	ADJ
fsr-3883	274	20	duration	duration	NOUN
fsr-3883	274	21	-	-	PUNCT
fsr-3883	274	22	related	relate	VERB
fsr-3883	274	23	strategies	strategy	NOUN
fsr-3883	274	24	when	when	SCONJ
fsr-3883	274	25	managing	manage	VERB
fsr-3883	274	26	a	a	DET
fsr-3883	274	27	personal	personal	ADJ
fsr-3883	274	28	portfolio	portfolio	NOUN
fsr-3883	274	29	that	that	PRON
fsr-3883	274	30	contains	contain	VERB
fsr-3883	274	31	both	both	CCONJ
fsr-3883	274	32	taxable	taxable	ADJ
fsr-3883	274	33	and	and	CCONJ
fsr-3883	274	34	tax	tax	NOUN
fsr-3883	274	35	-	-	PUNCT
fsr-3883	274	36	exempt	exempt	ADJ
fsr-3883	274	37	bonds	bond	NOUN
fsr-3883	274	38	.	.	PUNCT
fsr-3883	275	1	there	there	PRON
fsr-3883	275	2	has	have	AUX
fsr-3883	275	3	been	be	AUX
fsr-3883	275	4	a	a	DET
fsr-3883	275	5	historical	historical	ADJ
fsr-3883	275	6	benefit	benefit	NOUN
fsr-3883	275	7	to	to	ADP
fsr-3883	275	8	lengthening	lengthen	VERB
fsr-3883	275	9	the	the	DET
fsr-3883	275	10	duration	duration	NOUN
fsr-3883	275	11	of	of	ADP
fsr-3883	275	12	a	a	DET
fsr-3883	275	13	municipal	municipal	ADJ
fsr-3883	275	14	bond	bond	NOUN
fsr-3883	275	15	portfolio	portfolio	NOUN
fsr-3883	275	16	,	,	PUNCT
fsr-3883	275	17	due	due	ADJ
fsr-3883	275	18	perhaps	perhaps	ADV
fsr-3883	275	19	to	to	ADP
fsr-3883	275	20	a	a	DET
fsr-3883	275	21	tax	tax	NOUN
fsr-3883	275	22	risk	risk	NOUN
fsr-3883	275	23	premium	premium	NOUN
fsr-3883	275	24	.	.	PUNCT
fsr-3883	276	1	acknowledgment	acknowledgment	NOUN
fsr-3883	276	2	the	the	DET
fsr-3883	276	3	author	author	NOUN
fsr-3883	276	4	gratefully	gratefully	ADV
fsr-3883	276	5	acknowledges	acknowledge	VERB
fsr-3883	276	6	the	the	DET
fsr-3883	276	7	assistance	assistance	NOUN
fsr-3883	276	8	of	of	ADP
fsr-3883	276	9	bob	bob	PROPN
fsr-3883	276	10	jacobus	jacobus	PROPN
fsr-3883	276	11	,	,	PUNCT
fsr-3883	276	12	kent	kent	PROPN
fsr-3883	276	13	boyd	boyd	PROPN
fsr-3883	276	14	,	,	PUNCT
fsr-3883	276	15	and	and	CCONJ
fsr-3883	276	16	david	david	PROPN
fsr-3883	276	17	yan	yan	PROPN
fsr-3883	276	18	.	.	PUNCT
fsr-3883	277	1	tax	tax	NOUN
fsr-3883	277	2	rate	rate	NOUN
fsr-3883	277	3	data	datum	NOUN
fsr-3883	277	4	was	be	AUX
fsr-3883	277	5	provided	provide	VERB
fsr-3883	277	6	by	by	ADP
fsr-3883	277	7	william	william	PROPN
fsr-3883	277	8	d.	d.	PROPN
fsr-3883	277	9	samson	samson	PROPN
fsr-3883	277	10	.	.	PUNCT
fsr-3883	278	1	references	reference	NOUN
fsr-3883	278	2	arak	arak	PROPN
fsr-3883	278	3	,	,	PUNCT
fsr-3883	278	4	m.	m.	NOUN
fsr-3883	278	5	,	,	PUNCT
fsr-3883	278	6	&	&	CCONJ
fsr-3883	278	7	guentner	guentner	PROPN
fsr-3883	278	8	,	,	PUNCT
fsr-3883	278	9	k.	k.	PROPN
fsr-3883	278	10	(	(	PUNCT
fsr-3883	278	11	1983	1983	NUM
fsr-3883	278	12	)	)	PUNCT
fsr-3883	278	13	.	.	PUNCT
fsr-3883	279	1	the	the	DET
fsr-3883	279	2	market	market	NOUN
fsr-3883	279	3	for	for	ADP
fsr-3883	279	4	tax	tax	NOUN
fsr-3883	279	5	-	-	PUNCT
fsr-3883	279	6	exempt	exempt	ADJ
fsr-3883	279	7	issues	issue	NOUN
fsr-3883	279	8	:	:	PUNCT
fsr-3883	279	9	why	why	SCONJ
fsr-3883	279	10	are	be	AUX
fsr-3883	279	11	the	the	DET
fsr-3883	279	12	yields	yield	NOUN
fsr-3883	279	13	so	so	ADV
fsr-3883	279	14	high	high	ADJ
fsr-3883	279	15	?	?	PUNCT
fsr-3883	280	1	national	national	ADJ
fsr-3883	280	2	tax	tax	PROPN
fsr-3883	280	3	journal	journal	PROPN
fsr-3883	280	4	,	,	PUNCT
fsr-3883	280	5	36(2	36(2	NUM
fsr-3883	280	6	)	)	PUNCT
fsr-3883	280	7	,	,	PUNCT
fsr-3883	280	8	145–161	145–161	NUM
fsr-3883	280	9	.	.	PUNCT
fsr-3883	280	10	buser	buser	PROPN
fsr-3883	280	11	,	,	PUNCT
fsr-3883	280	12	s.	s.	PROPN
fsr-3883	280	13	a.	a.	PROPN
fsr-3883	280	14	,	,	PUNCT
fsr-3883	280	15	&	&	CCONJ
fsr-3883	280	16	hess	hess	PROPN
fsr-3883	280	17	,	,	PUNCT
fsr-3883	280	18	p.	p.	NOUN
fsr-3883	280	19	j.	j.	PROPN
fsr-3883	280	20	(	(	PUNCT
fsr-3883	280	21	1986	1986	NUM
fsr-3883	280	22	)	)	PUNCT
fsr-3883	280	23	.	.	PUNCT
fsr-3883	281	1	empirical	empirical	ADJ
fsr-3883	281	2	determinants	determinant	NOUN
fsr-3883	281	3	of	of	ADP
fsr-3883	281	4	the	the	DET
fsr-3883	281	5	relative	relative	ADJ
fsr-3883	281	6	yields	yield	NOUN
fsr-3883	281	7	on	on	ADP
fsr-3883	281	8	taxable	taxable	ADJ
fsr-3883	281	9	and	and	CCONJ
fsr-3883	281	10	tax	tax	NOUN
fsr-3883	281	11	-	-	PUNCT
fsr-3883	281	12	exempt	exempt	ADJ
fsr-3883	281	13	securities.journal	securities.journal	NOUN
fsr-3883	281	14	of	of	ADP
fsr-3883	281	15	financial	financial	ADJ
fsr-3883	281	16	economics	economic	NOUN
fsr-3883	281	17	,	,	PUNCT
fsr-3883	281	18	17(2	17(2	NUM
fsr-3883	281	19	)	)	PUNCT
fsr-3883	281	20	,	,	PUNCT
fsr-3883	281	21	335–355	335–355	NUM
fsr-3883	281	22	.	.	PUNCT
fsr-3883	282	1	chalmers	chalmers	PROPN
fsr-3883	282	2	,	,	PUNCT
fsr-3883	282	3	j.	j.	PROPN
fsr-3883	282	4	m.	m.	PROPN
fsr-3883	282	5	r.	r.	PROPN
fsr-3883	282	6	(	(	PUNCT
fsr-3883	282	7	1998	1998	NUM
fsr-3883	282	8	)	)	PUNCT
fsr-3883	282	9	.	.	PUNCT
fsr-3883	283	1	default	default	NOUN
fsr-3883	283	2	risk	risk	NOUN
fsr-3883	283	3	can	can	AUX
fsr-3883	283	4	not	not	PART
fsr-3883	283	5	explain	explain	VERB
fsr-3883	283	6	the	the	DET
fsr-3883	283	7	muni	muni	ADJ
fsr-3883	283	8	puzzle	puzzle	NOUN
fsr-3883	283	9	:	:	PUNCT
fsr-3883	283	10	evidence	evidence	NOUN
fsr-3883	283	11	from	from	ADP
fsr-3883	283	12	municipal	municipal	ADJ
fsr-3883	283	13	bonds	bond	NOUN
fsr-3883	283	14	that	that	PRON
fsr-3883	283	15	are	be	AUX
fsr-3883	283	16	secured	secure	VERB
fsr-3883	283	17	by	by	ADP
fsr-3883	283	18	u.s	u.s	PROPN
fsr-3883	283	19	.	.	PROPN
fsr-3883	283	20	treasury	treasury	PROPN
fsr-3883	283	21	obligations.the	obligations.the	DET
fsr-3883	283	22	review	review	NOUN
fsr-3883	283	23	of	of	ADP
fsr-3883	283	24	financial	financial	ADJ
fsr-3883	283	25	studies	study	NOUN
fsr-3883	283	26	,	,	PUNCT
fsr-3883	283	27	11(2	11(2	NOUN
fsr-3883	283	28	)	)	PUNCT
fsr-3883	283	29	,	,	PUNCT
fsr-3883	283	30	281–308	281–308	NUM
fsr-3883	283	31	.	.	PUNCT
fsr-3883	284	1	emery	emery	PROPN
fsr-3883	284	2	,	,	PUNCT
fsr-3883	284	3	d.	d.	PROPN
fsr-3883	284	4	r.	r.	PROPN
fsr-3883	284	5	,	,	PUNCT
fsr-3883	284	6	&	&	CCONJ
fsr-3883	284	7	lewellen	lewellen	PROPN
fsr-3883	284	8	,	,	PUNCT
fsr-3883	284	9	w.	w.	PROPN
fsr-3883	284	10	g.	g.	PROPN
fsr-3883	284	11	(	(	PUNCT
fsr-3883	284	12	1990	1990	NUM
fsr-3883	284	13	)	)	PUNCT
fsr-3883	284	14	.	.	PUNCT
fsr-3883	285	1	shareholder	shareholder	NOUN
fsr-3883	285	2	gains	gain	NOUN
fsr-3883	285	3	from	from	ADP
fsr-3883	285	4	callable	callable	ADJ
fsr-3883	285	5	-	-	PUNCT
fsr-3883	285	6	bond	bond	NOUN
fsr-3883	285	7	refundings.managerial	refundings.managerial	ADJ
fsr-3883	285	8	and	and	CCONJ
fsr-3883	285	9	decision	decision	NOUN
fsr-3883	285	10	economics	economic	NOUN
fsr-3883	285	11	,	,	PUNCT
fsr-3883	285	12	11(1	11(1	NUM
fsr-3883	285	13	)	)	PUNCT
fsr-3883	285	14	,	,	PUNCT
fsr-3883	285	15	57–63	57–63	NUM
fsr-3883	285	16	.	.	PUNCT
fsr-3883	286	1	fama	fama	PROPN
fsr-3883	286	2	,	,	PUNCT
fsr-3883	286	3	e.	e.	PROPN
fsr-3883	286	4	f.	f.	PROPN
fsr-3883	286	5	(	(	PUNCT
fsr-3883	286	6	1977	1977	NUM
fsr-3883	286	7	)	)	PUNCT
fsr-3883	286	8	.	.	PUNCT
fsr-3883	287	1	a	a	DET
fsr-3883	287	2	pricing	pricing	NOUN
fsr-3883	287	3	model	model	NOUN
fsr-3883	287	4	for	for	ADP
fsr-3883	287	5	the	the	DET
fsr-3883	287	6	municipal	municipal	ADJ
fsr-3883	287	7	bond	bond	NOUN
fsr-3883	287	8	market	market	NOUN
fsr-3883	287	9	.	.	PUNCT
fsr-3883	288	1	unpublished	unpublished	ADJ
fsr-3883	288	2	working	working	NOUN
fsr-3883	288	3	paper	paper	NOUN
fsr-3883	288	4	:	:	PUNCT
fsr-3883	288	5	university	university	NOUN
fsr-3883	288	6	of	of	ADP
fsr-3883	288	7	chicago	chicago	PROPN
fsr-3883	288	8	.	.	PUNCT
fsr-3883	289	1	feenberg	feenberg	PROPN
fsr-3883	289	2	,	,	PUNCT
fsr-3883	289	3	d.	d.	PROPN
fsr-3883	289	4	r.	r.	PROPN
fsr-3883	289	5	,	,	PUNCT
fsr-3883	289	6	&	&	CCONJ
fsr-3883	289	7	poterba	poterba	PROPN
fsr-3883	289	8	,	,	PUNCT
fsr-3883	289	9	j.	j.	PROPN
fsr-3883	289	10	m.	m.	PROPN
fsr-3883	289	11	(	(	PUNCT
fsr-3883	289	12	1992	1992	NUM
fsr-3883	289	13	)	)	PUNCT
fsr-3883	289	14	.	.	PUNCT
fsr-3883	290	1	which	which	PRON
fsr-3883	290	2	households	household	VERB
fsr-3883	290	3	own	own	VERB
fsr-3883	290	4	municipal	municipal	ADJ
fsr-3883	290	5	bonds	bond	NOUN
fsr-3883	290	6	?	?	PUNCT
fsr-3883	291	1	evidence	evidence	NOUN
fsr-3883	291	2	from	from	ADP
fsr-3883	291	3	tax	tax	NOUN
fsr-3883	291	4	returns	return	NOUN
fsr-3883	291	5	.	.	PUNCT
fsr-3883	292	1	national	national	ADJ
fsr-3883	292	2	tax	tax	PROPN
fsr-3883	292	3	journal	journal	PROPN
fsr-3883	292	4	,	,	PUNCT
fsr-3883	292	5	45(4	45(4	NUM
fsr-3883	292	6	)	)	PUNCT
fsr-3883	292	7	,	,	PUNCT
fsr-3883	292	8	93–104	93–104	PROPN
fsr-3883	292	9	.	.	PUNCT
fsr-3883	293	1	84	84	NUM
fsr-3883	293	2	r.	r.	PROPN
fsr-3883	293	3	brooks	brooks	PROPN
fsr-3883	293	4	/	/	SYM
fsr-3883	293	5	financial	financial	ADJ
fsr-3883	293	6	services	service	NOUN
fsr-3883	293	7	review	review	VERB
fsr-3883	293	8	8	8	NUM
fsr-3883	293	9	(	(	PUNCT
fsr-3883	293	10	1999	1999	NUM
fsr-3883	293	11	)	)	PUNCT
fsr-3883	293	12	71–85	71–85	NUM
fsr-3883	293	13	fortune	fortune	NOUN
fsr-3883	293	14	,	,	PUNCT
fsr-3883	293	15	p.	p.	NOUN
fsr-3883	293	16	(	(	PUNCT
fsr-3883	293	17	1991	1991	NUM
fsr-3883	293	18	)	)	PUNCT
fsr-3883	293	19	.	.	PUNCT
fsr-3883	294	1	the	the	DET
fsr-3883	294	2	municipal	municipal	ADJ
fsr-3883	294	3	bond	bond	NOUN
fsr-3883	294	4	market	market	NOUN
fsr-3883	294	5	,	,	PUNCT
fsr-3883	294	6	part	part	NOUN
fsr-3883	294	7	i	i	NOUN
fsr-3883	294	8	:	:	PUNCT
fsr-3883	294	9	politics	politic	NOUN
fsr-3883	294	10	,	,	PUNCT
fsr-3883	294	11	taxes	taxis	NOUN
fsr-3883	294	12	,	,	PUNCT
fsr-3883	294	13	and	and	CCONJ
fsr-3883	294	14	yields	yield	NOUN
fsr-3883	294	15	.	.	PUNCT
fsr-3883	295	1	federal	federal	PROPN
fsr-3883	295	2	reserve	reserve	PROPN
fsr-3883	295	3	bank	bank	PROPN
fsr-3883	295	4	of	of	ADP
fsr-3883	295	5	boston.new	boston.new	PUNCT
fsr-3883	295	6	england	england	PROPN
fsr-3883	295	7	economic	economic	PROPN
fsr-3883	295	8	review,(sept./oct	review,(sept./oct	NUM
fsr-3883	295	9	)	)	PUNCT
fsr-3883	295	10	,	,	PUNCT
fsr-3883	295	11	13–36	13–36	NUM
fsr-3883	295	12	.	.	PUNCT
fsr-3883	296	1	green	green	PROPN
fsr-3883	296	2	,	,	PUNCT
fsr-3883	296	3	r.	r.	PROPN
fsr-3883	296	4	c.	c.	PROPN
fsr-3883	296	5	(	(	PUNCT
fsr-3883	296	6	1993	1993	NUM
fsr-3883	296	7	)	)	PUNCT
fsr-3883	296	8	.	.	PUNCT
fsr-3883	297	1	a	a	DET
fsr-3883	297	2	simple	simple	ADJ
fsr-3883	297	3	model	model	NOUN
fsr-3883	297	4	of	of	ADP
fsr-3883	297	5	the	the	DET
fsr-3883	297	6	taxable	taxable	ADJ
fsr-3883	297	7	and	and	CCONJ
fsr-3883	297	8	tax	tax	NOUN
fsr-3883	297	9	-	-	PUNCT
fsr-3883	297	10	exempt	exempt	ADJ
fsr-3883	297	11	yield	yield	VERB
fsr-3883	297	12	curves.the	curves.the	DET
fsr-3883	297	13	review	review	NOUN
fsr-3883	297	14	of	of	ADP
fsr-3883	297	15	financial	financial	ADJ
fsr-3883	297	16	studies	study	NOUN
fsr-3883	297	17	,	,	PUNCT
fsr-3883	297	18	6(2	6(2	NUM
fsr-3883	297	19	)	)	PUNCT
fsr-3883	297	20	,	,	PUNCT
fsr-3883	297	21	233–264	233–264	NUM
fsr-3883	297	22	.	.	PUNCT
fsr-3883	298	1	johnson	johnson	PROPN
fsr-3883	298	2	,	,	PUNCT
fsr-3883	298	3	v.	v.	PROPN
fsr-3883	298	4	e.	e.	PROPN
fsr-3883	298	5	,	,	PUNCT
fsr-3883	298	6	&	&	CCONJ
fsr-3883	298	7	johnson	johnson	PROPN
fsr-3883	298	8	,	,	PUNCT
fsr-3883	298	9	l.	l.	PROPN
fsr-3883	298	10	m.	m.	PROPN
fsr-3883	298	11	(	(	PUNCT
fsr-3883	298	12	1996	1996	NUM
fsr-3883	298	13	)	)	PUNCT
fsr-3883	298	14	.	.	PUNCT
fsr-3883	299	1	tax	tax	NOUN
fsr-3883	299	2	aspects	aspect	NOUN
fsr-3883	299	3	of	of	ADP
fsr-3883	299	4	municipal	municipal	ADJ
fsr-3883	299	5	bonds.journal	bonds.journal	PROPN
fsr-3883	299	6	of	of	ADP
fsr-3883	299	7	accountancy	accountancy	NOUN
fsr-3883	299	8	,	,	PUNCT
fsr-3883	299	9	181(4	181(4	NUM
fsr-3883	299	10	)	)	PUNCT
fsr-3883	299	11	,	,	PUNCT
fsr-3883	299	12	51–58	51–58	NUM
fsr-3883	299	13	.	.	PUNCT
fsr-3883	300	1	jordan	jordan	PROPN
fsr-3883	300	2	,	,	PUNCT
fsr-3883	300	3	b.	b.	PROPN
fsr-3883	300	4	d.	d.	PROPN
fsr-3883	300	5	,	,	PUNCT
fsr-3883	300	6	&	&	CCONJ
fsr-3883	300	7	jorgensen	jorgensen	PROPN
fsr-3883	300	8	,	,	PUNCT
fsr-3883	300	9	r.	r.	PROPN
fsr-3883	300	10	d.	d.	PROPN
fsr-3883	300	11	(	(	PUNCT
fsr-3883	300	12	1998	1998	NUM
fsr-3883	300	13	)	)	PUNCT
fsr-3883	300	14	.	.	PUNCT
fsr-3883	301	1	measuring	measure	VERB
fsr-3883	301	2	the	the	DET
fsr-3883	301	3	benefit	benefit	NOUN
fsr-3883	301	4	of	of	ADP
fsr-3883	301	5	a	a	DET
fsr-3883	301	6	bond	bond	NOUN
fsr-3883	301	7	refunding.financial	refunding.financial	ADJ
fsr-3883	301	8	practice	practice	NOUN
fsr-3883	301	9	and	and	CCONJ
fsr-3883	301	10	education	education	NOUN
fsr-3883	301	11	,	,	PUNCT
fsr-3883	301	12	8(1	8(1	NOUN
fsr-3883	301	13	)	)	PUNCT
fsr-3883	301	14	,	,	PUNCT
fsr-3883	301	15	29–36	29–36	NUM
fsr-3883	301	16	.	.	PUNCT
fsr-3883	302	1	kalotay	kalotay	PROPN
fsr-3883	302	2	,	,	PUNCT
fsr-3883	302	3	a.	a.	PROPN
fsr-3883	302	4	j.	j.	PROPN
fsr-3883	302	5	,	,	PUNCT
fsr-3883	302	6	&	&	CCONJ
fsr-3883	302	7	williams	williams	PROPN
fsr-3883	302	8	,	,	PUNCT
fsr-3883	302	9	g.	g.	PROPN
fsr-3883	302	10	o.	o.	PROPN
fsr-3883	302	11	(	(	PUNCT
fsr-3883	302	12	1992	1992	NUM
fsr-3883	302	13	)	)	PUNCT
fsr-3883	302	14	.	.	PUNCT
fsr-3883	303	1	the	the	DET
fsr-3883	303	2	valuation	valuation	NOUN
fsr-3883	303	3	and	and	CCONJ
fsr-3883	303	4	management	management	NOUN
fsr-3883	303	5	of	of	ADP
fsr-3883	303	6	bonds	bond	NOUN
fsr-3883	303	7	with	with	ADP
fsr-3883	303	8	sinking	sink	VERB
fsr-3883	303	9	fund	fund	NOUN
fsr-3883	303	10	provisions	provision	NOUN
fsr-3883	303	11	.	.	PUNCT
fsr-3883	304	1	financial	financial	ADJ
fsr-3883	304	2	analysts	analyst	NOUN
fsr-3883	304	3	journal	journal	NOUN
fsr-3883	304	4	,	,	PUNCT
fsr-3883	304	5	48(2	48(2	NUM
fsr-3883	304	6	)	)	PUNCT
fsr-3883	304	7	,	,	PUNCT
fsr-3883	304	8	59–67	59–67	NUM
fsr-3883	304	9	.	.	PUNCT
fsr-3883	305	1	kidwell	kidwell	PROPN
fsr-3883	305	2	,	,	PUNCT
fsr-3883	305	3	d.	d.	PROPN
fsr-3883	305	4	s.	s.	PROPN
fsr-3883	305	5	,	,	PUNCT
fsr-3883	305	6	&	&	CCONJ
fsr-3883	305	7	koch	koch	PROPN
fsr-3883	305	8	,	,	PUNCT
fsr-3883	305	9	t.	t.	PROPN
fsr-3883	305	10	w.	w.	PROPN
fsr-3883	305	11	(	(	PUNCT
fsr-3883	305	12	1983	1983	NUM
fsr-3883	305	13	)	)	PUNCT
fsr-3883	305	14	.	.	PUNCT
fsr-3883	306	1	market	market	NOUN
fsr-3883	306	2	segmentation	segmentation	NOUN
fsr-3883	306	3	and	and	CCONJ
fsr-3883	306	4	the	the	DET
fsr-3883	306	5	term	term	NOUN
fsr-3883	306	6	structure	structure	NOUN
fsr-3883	306	7	of	of	ADP
fsr-3883	306	8	municipal	municipal	ADJ
fsr-3883	306	9	yields.journal	yields.journal	PROPN
fsr-3883	306	10	of	of	ADP
fsr-3883	306	11	money	money	NOUN
fsr-3883	306	12	,	,	PUNCT
fsr-3883	306	13	credit	credit	NOUN
fsr-3883	306	14	,	,	PUNCT
fsr-3883	306	15	and	and	CCONJ
fsr-3883	306	16	banking	banking	NOUN
fsr-3883	306	17	,	,	PUNCT
fsr-3883	306	18	15(1	15(1	NUM
fsr-3883	306	19	)	)	PUNCT
fsr-3883	306	20	,	,	PUNCT
fsr-3883	306	21	40–55	40–55	NUM
fsr-3883	306	22	.	.	PUNCT
fsr-3883	307	1	koch	koch	PROPN
fsr-3883	307	2	,	,	PUNCT
fsr-3883	307	3	t.	t.	PROPN
fsr-3883	307	4	w.	w.	PROPN
fsr-3883	307	5	,	,	PUNCT
fsr-3883	307	6	&	&	CCONJ
fsr-3883	307	7	stock	stock	PROPN
fsr-3883	307	8	,	,	PUNCT
fsr-3883	307	9	d.	d.	PROPN
fsr-3883	307	10	(	(	PUNCT
fsr-3883	307	11	1997	1997	NUM
fsr-3883	307	12	)	)	PUNCT
fsr-3883	307	13	.	.	PUNCT
fsr-3883	308	1	an	an	DET
fsr-3883	308	2	analysis	analysis	NOUN
fsr-3883	308	3	of	of	ADP
fsr-3883	308	4	implied	imply	VERB
fsr-3883	308	5	tax	tax	NOUN
fsr-3883	308	6	rates	rate	NOUN
fsr-3883	308	7	on	on	ADP
fsr-3883	308	8	long	long	ADJ
fsr-3883	308	9	-	-	PUNCT
fsr-3883	308	10	term	term	NOUN
fsr-3883	308	11	taxable	taxable	ADJ
fsr-3883	308	12	and	and	CCONJ
fsr-3883	308	13	tax	tax	NOUN
fsr-3883	308	14	-	-	PUNCT
fsr-3883	308	15	exempt	exempt	ADJ
fsr-3883	308	16	bonds	bond	NOUN
fsr-3883	308	17	.	.	PUNCT
fsr-3883	309	1	journal	journal	NOUN
fsr-3883	309	2	of	of	ADP
fsr-3883	309	3	business	business	NOUN
fsr-3883	309	4	research	research	NOUN
fsr-3883	309	5	,	,	PUNCT
fsr-3883	309	6	38(2	38(2	NOUN
fsr-3883	309	7	)	)	PUNCT
fsr-3883	309	8	,	,	PUNCT
fsr-3883	309	9	171–176	171–176	NUM
fsr-3883	309	10	.	.	PUNCT
fsr-3883	310	1	kochin	kochin	PROPN
fsr-3883	310	2	,	,	PUNCT
fsr-3883	310	3	l.	l.	PROPN
fsr-3883	310	4	a.	a.	PROPN
fsr-3883	310	5	,	,	PUNCT
fsr-3883	310	6	&	&	CCONJ
fsr-3883	310	7	parks	parks	PROPN
fsr-3883	310	8	,	,	PUNCT
fsr-3883	310	9	r.	r.	PROPN
fsr-3883	310	10	w.	w.	PROPN
fsr-3883	310	11	(	(	PUNCT
fsr-3883	310	12	1988	1988	NUM
fsr-3883	310	13	)	)	PUNCT
fsr-3883	310	14	.	.	PUNCT
fsr-3883	310	15	was	be	AUX
fsr-3883	310	16	the	the	DET
fsr-3883	310	17	tax	tax	NOUN
fsr-3883	310	18	-	-	PUNCT
fsr-3883	310	19	exempt	exempt	ADJ
fsr-3883	310	20	bond	bond	NOUN
fsr-3883	310	21	market	market	NOUN
fsr-3883	310	22	inefficient	inefficient	ADJ
fsr-3883	310	23	or	or	CCONJ
fsr-3883	310	24	were	be	AUX
fsr-3883	310	25	future	future	ADJ
fsr-3883	310	26	expected	expect	VERB
fsr-3883	310	27	tax	tax	NOUN
fsr-3883	310	28	rates	rate	NOUN
fsr-3883	310	29	negative?journal	negative?journal	PROPN
fsr-3883	310	30	of	of	ADP
fsr-3883	310	31	finance	finance	NOUN
fsr-3883	310	32	,	,	PUNCT
fsr-3883	310	33	43(4	43(4	NOUN
fsr-3883	310	34	)	)	PUNCT
fsr-3883	310	35	,	,	PUNCT
fsr-3883	310	36	913–931	913–931	NUM
fsr-3883	310	37	.	.	PUNCT
fsr-3883	311	1	leibowitz	leibowitz	PROPN
fsr-3883	311	2	,	,	PUNCT
fsr-3883	311	3	m.	m.	NOUN
fsr-3883	311	4	l.	l.	PROPN
fsr-3883	311	5	(	(	PUNCT
fsr-3883	311	6	1981	1981	NUM
fsr-3883	311	7	)	)	PUNCT
fsr-3883	311	8	.	.	PUNCT
fsr-3883	312	1	volatility	volatility	NOUN
fsr-3883	312	2	in	in	ADP
fsr-3883	312	3	tax	tax	NOUN
fsr-3883	312	4	-	-	PUNCT
fsr-3883	312	5	exempt	exempt	ADJ
fsr-3883	312	6	bonds	bond	NOUN
fsr-3883	312	7	:	:	PUNCT
fsr-3883	312	8	a	a	DET
fsr-3883	312	9	theoretical	theoretical	ADJ
fsr-3883	312	10	model.financial	model.financial	ADJ
fsr-3883	312	11	analysts	analyst	NOUN
fsr-3883	312	12	journal	journal	NOUN
fsr-3883	312	13	,	,	PUNCT
fsr-3883	312	14	37(6	37(6	NUM
fsr-3883	312	15	)	)	PUNCT
fsr-3883	312	16	,	,	PUNCT
fsr-3883	312	17	31–52	31–52	NUM
fsr-3883	312	18	.	.	PUNCT
fsr-3883	313	1	mallman	mallman	PROPN
fsr-3883	313	2	,	,	PUNCT
fsr-3883	313	3	t.	t.	PROPN
fsr-3883	313	4	l.	l.	PROPN
fsr-3883	313	5	(	(	PUNCT
fsr-3883	313	6	1981	1981	NUM
fsr-3883	313	7	)	)	PUNCT
fsr-3883	313	8	.	.	PUNCT
fsr-3883	314	1	volatility	volatility	NOUN
fsr-3883	314	2	in	in	ADP
fsr-3883	314	3	municipal	municipal	ADJ
fsr-3883	314	4	bonds	bond	NOUN
fsr-3883	314	5	:	:	PUNCT
fsr-3883	314	6	estimating	estimate	VERB
fsr-3883	314	7	and	and	CCONJ
fsr-3883	314	8	using	use	VERB
fsr-3883	314	9	volatility	volatility	NOUN
fsr-3883	314	10	factors.financial	factors.financial	PROPN
fsr-3883	314	11	analysts	analyst	NOUN
fsr-3883	314	12	journal	journal	NOUN
fsr-3883	314	13	,	,	PUNCT
fsr-3883	314	14	37(6	37(6	NUM
fsr-3883	314	15	)	)	PUNCT
fsr-3883	314	16	,	,	PUNCT
fsr-3883	314	17	54–59	54–59	NUM
fsr-3883	314	18	.	.	PUNCT
fsr-3883	315	1	mcentee	mcentee	NOUN
fsr-3883	315	2	,	,	PUNCT
fsr-3883	315	3	c.	c.	PROPN
fsr-3883	315	4	(	(	PUNCT
fsr-3883	315	5	1998	1998	NUM
fsr-3883	315	6	,	,	PUNCT
fsr-3883	315	7	july	july	PROPN
fsr-3883	315	8	27	27	NUM
fsr-3883	315	9	)	)	PUNCT
fsr-3883	315	10	.	.	PUNCT
fsr-3883	316	1	s	s	PROPN
fsr-3883	316	2	&	&	CCONJ
fsr-3883	316	3	p	p	PROPN
fsr-3883	316	4	500reports	500reports	PROPN
fsr-3883	316	5	secondary	secondary	ADJ
fsr-3883	316	6	market	market	NOUN
fsr-3883	316	7	volume	volume	NOUN
fsr-3883	316	8	soars	soar	NOUN
fsr-3883	316	9	in	in	ADP
fsr-3883	316	10	period	period	NOUN
fsr-3883	316	11	of	of	ADP
fsr-3883	316	12	low	low	ADJ
fsr-3883	316	13	vrdn	vrdn	NOUN
fsr-3883	316	14	supply	supply	NOUN
fsr-3883	316	15	.	.	PUNCT
fsr-3883	317	1	the	the	DET
fsr-3883	317	2	bond	bond	NOUN
fsr-3883	317	3	buyer	buyer	NOUN
fsr-3883	317	4	,	,	PUNCT
fsr-3883	317	5	p.	p.	NOUN
fsr-3883	317	6	31	31	NUM
fsr-3883	317	7	.	.	PUNCT
fsr-3883	317	8	metcalf	metcalf	PROPN
fsr-3883	317	9	,	,	PUNCT
fsr-3883	317	10	g.	g.	PROPN
fsr-3883	317	11	e.	e.	PROPN
fsr-3883	317	12	(	(	PUNCT
fsr-3883	317	13	1992	1992	NUM
fsr-3883	317	14	)	)	PUNCT
fsr-3883	317	15	.	.	PUNCT
fsr-3883	318	1	the	the	DET
fsr-3883	318	2	role	role	NOUN
fsr-3883	318	3	of	of	ADP
fsr-3883	318	4	federal	federal	ADJ
fsr-3883	318	5	taxation	taxation	NOUN
fsr-3883	318	6	in	in	ADP
fsr-3883	318	7	the	the	DET
fsr-3883	318	8	supply	supply	NOUN
fsr-3883	318	9	of	of	ADP
fsr-3883	318	10	municipal	municipal	ADJ
fsr-3883	318	11	bonds	bond	NOUN
fsr-3883	318	12	:	:	PUNCT
fsr-3883	318	13	evidence	evidence	NOUN
fsr-3883	318	14	from	from	ADP
fsr-3883	318	15	municipal	municipal	ADJ
fsr-3883	318	16	governments.national	governments.national	ADJ
fsr-3883	318	17	tax	tax	NOUN
fsr-3883	318	18	journal	journal	NOUN
fsr-3883	318	19	,	,	PUNCT
fsr-3883	318	20	45(4	45(4	NUM
fsr-3883	318	21	)	)	PUNCT
fsr-3883	318	22	,	,	PUNCT
fsr-3883	318	23	57–70	57–70	NUM
fsr-3883	318	24	.	.	PUNCT
fsr-3883	319	1	ott	ott	PROPN
fsr-3883	319	2	,	,	PUNCT
fsr-3883	319	3	d.	d.	PROPN
fsr-3883	319	4	j.	j.	PROPN
fsr-3883	319	5	,	,	PUNCT
fsr-3883	319	6	&	&	CCONJ
fsr-3883	319	7	meltzer	meltzer	PROPN
fsr-3883	319	8	,	,	PUNCT
fsr-3883	319	9	a.	a.	PROPN
fsr-3883	319	10	h.	h.	PROPN
fsr-3883	320	1	(	(	PUNCT
fsr-3883	320	2	1963).federal	1963).federal	NUM
fsr-3883	320	3	tax	tax	NOUN
fsr-3883	320	4	treatment	treatment	NOUN
fsr-3883	320	5	of	of	ADP
fsr-3883	320	6	state	state	NOUN
fsr-3883	320	7	and	and	CCONJ
fsr-3883	320	8	local	local	PROPN
fsr-3883	320	9	securities.washington	securities.washington	PROPN
fsr-3883	320	10	,	,	PUNCT
fsr-3883	320	11	dc	dc	PROPN
fsr-3883	320	12	:	:	PUNCT
fsr-3883	320	13	the	the	DET
fsr-3883	320	14	brookings	brookings	PROPN
fsr-3883	320	15	institution	institution	NOUN
fsr-3883	320	16	.	.	PUNCT
fsr-3883	321	1	poterba	poterba	NOUN
fsr-3883	321	2	,	,	PUNCT
fsr-3883	321	3	j.	j.	PROPN
fsr-3883	321	4	m.	m.	PROPN
fsr-3883	321	5	(	(	PUNCT
fsr-3883	321	6	1986	1986	NUM
fsr-3883	321	7	)	)	PUNCT
fsr-3883	321	8	.	.	PUNCT
fsr-3883	322	1	explaining	explain	VERB
fsr-3883	322	2	the	the	DET
fsr-3883	322	3	yield	yield	NOUN
fsr-3883	322	4	spread	spread	VERB
fsr-3883	322	5	between	between	ADP
fsr-3883	322	6	taxable	taxable	ADJ
fsr-3883	322	7	and	and	CCONJ
fsr-3883	322	8	tax	tax	NOUN
fsr-3883	322	9	-	-	PUNCT
fsr-3883	322	10	exempt	exempt	ADJ
fsr-3883	322	11	bonds	bond	NOUN
fsr-3883	322	12	:	:	PUNCT
fsr-3883	322	13	the	the	DET
fsr-3883	322	14	role	role	NOUN
fsr-3883	322	15	of	of	ADP
fsr-3883	322	16	expected	expect	VERB
fsr-3883	322	17	tax	tax	NOUN
fsr-3883	322	18	policy	policy	NOUN
fsr-3883	322	19	.	.	PUNCT
fsr-3883	323	1	in	in	ADP
fsr-3883	323	2	h.	h.	PROPN
fsr-3883	323	3	s.	s.	PROPN
fsr-3883	323	4	rosen	rosen	PROPN
fsr-3883	323	5	(	(	PUNCT
fsr-3883	323	6	ed.),studies	ed.),studies	PROPN
fsr-3883	323	7	in	in	ADP
fsr-3883	323	8	state	state	NOUN
fsr-3883	323	9	and	and	CCONJ
fsr-3883	323	10	local	local	ADJ
fsr-3883	323	11	public	public	ADJ
fsr-3883	323	12	finance.chicago	finance.chicago	PROPN
fsr-3883	323	13	,	,	PUNCT
fsr-3883	323	14	il	il	PROPN
fsr-3883	323	15	:	:	PUNCT
fsr-3883	323	16	the	the	DET
fsr-3883	323	17	university	university	NOUN
fsr-3883	323	18	of	of	ADP
fsr-3883	323	19	chicago	chicago	PROPN
fsr-3883	323	20	.	.	PUNCT
fsr-3883	324	1	poterba	poterba	PROPN
fsr-3883	324	2	,	,	PUNCT
fsr-3883	324	3	j.	j.	PROPN
fsr-3883	324	4	m.	m.	PROPN
fsr-3883	324	5	(	(	PUNCT
fsr-3883	324	6	1989).tax	1989).tax	NUM
fsr-3883	324	7	reform	reform	NOUN
fsr-3883	324	8	and	and	CCONJ
fsr-3883	324	9	the	the	DET
fsr-3883	324	10	market	market	NOUN
fsr-3883	324	11	for	for	ADP
fsr-3883	324	12	tax	tax	NOUN
fsr-3883	324	13	-	-	PUNCT
fsr-3883	324	14	exempt	exempt	ADJ
fsr-3883	324	15	debt.working	debt.working	NOUN
fsr-3883	324	16	paper	paper	NOUN
fsr-3883	324	17	no	no	NOUN
fsr-3883	324	18	.	.	PROPN
fsr-3883	324	19	2900	2900	NUM
fsr-3883	324	20	.	.	PUNCT
fsr-3883	325	1	cambridge	cambridge	PROPN
fsr-3883	325	2	,	,	PUNCT
fsr-3883	325	3	ma	ma	PROPN
fsr-3883	325	4	:	:	PUNCT
fsr-3883	325	5	national	national	PROPN
fsr-3883	325	6	bureau	bureau	PROPN
fsr-3883	325	7	of	of	ADP
fsr-3883	325	8	economic	economic	ADJ
fsr-3883	325	9	research	research	NOUN
fsr-3883	325	10	.	.	PUNCT
fsr-3883	326	1	rosenbloom	rosenbloom	PROPN
fsr-3883	326	2	,	,	PUNCT
fsr-3883	326	3	r.	r.	PROPN
fsr-3883	326	4	h.	h.	PROPN
fsr-3883	326	5	(	(	PUNCT
fsr-3883	326	6	1976	1976	NUM
fsr-3883	326	7	)	)	PUNCT
fsr-3883	326	8	.	.	PUNCT
fsr-3883	327	1	a	a	DET
fsr-3883	327	2	review	review	NOUN
fsr-3883	327	3	of	of	ADP
fsr-3883	327	4	the	the	DET
fsr-3883	327	5	municipal	municipal	ADJ
fsr-3883	327	6	bond	bond	NOUN
fsr-3883	327	7	market	market	NOUN
fsr-3883	327	8	.	.	PUNCT
fsr-3883	328	1	federal	federal	PROPN
fsr-3883	328	2	reserve	reserve	PROPN
fsr-3883	328	3	bank	bank	PROPN
fsr-3883	328	4	of	of	ADP
fsr-3883	328	5	richmond	richmond	PROPN
fsr-3883	328	6	.	.	PUNCT
fsr-3883	329	1	economic	economic	ADJ
fsr-3883	329	2	review	review	PROPN
fsr-3883	329	3	,	,	PUNCT
fsr-3883	329	4	62(2	62(2	NUM
fsr-3883	329	5	)	)	PUNCT
fsr-3883	329	6	,	,	PUNCT
fsr-3883	329	7	10–19	10–19	NUM
fsr-3883	329	8	.	.	PUNCT
fsr-3883	329	9	severn	severn	PROPN
fsr-3883	329	10	,	,	PUNCT
fsr-3883	329	11	a.	a.	PROPN
fsr-3883	329	12	k.	k.	PROPN
fsr-3883	329	13	,	,	PUNCT
fsr-3883	329	14	&	&	CCONJ
fsr-3883	329	15	stewart	stewart	PROPN
fsr-3883	329	16	,	,	PUNCT
fsr-3883	329	17	w.	w.	PROPN
fsr-3883	329	18	j.	j.	PROPN
fsr-3883	329	19	(	(	PUNCT
fsr-3883	329	20	1992	1992	NUM
fsr-3883	329	21	)	)	PUNCT
fsr-3883	329	22	.	.	PUNCT
fsr-3883	330	1	the	the	DET
fsr-3883	330	2	corporate	corporate	ADJ
fsr-3883	330	3	-	-	PUNCT
fsr-3883	330	4	treasury	treasury	NOUN
fsr-3883	330	5	yield	yield	NOUN
fsr-3883	330	6	spread	spread	VERB
fsr-3883	330	7	and	and	CCONJ
fsr-3883	330	8	state	state	NOUN
fsr-3883	330	9	taxes.journal	taxes.journal	PROPN
fsr-3883	330	10	of	of	ADP
fsr-3883	330	11	economics	economic	NOUN
fsr-3883	330	12	and	and	CCONJ
fsr-3883	330	13	business	business	NOUN
fsr-3883	330	14	,	,	PUNCT
fsr-3883	330	15	44(2	44(2	NOUN
fsr-3883	330	16	)	)	PUNCT
fsr-3883	330	17	,	,	PUNCT
fsr-3883	330	18	161–166	161–166	NUM
fsr-3883	330	19	.	.	PUNCT
fsr-3883	331	1	singh	singh	PROPN
fsr-3883	331	2	,	,	PUNCT
fsr-3883	331	3	s.	s.	PROPN
fsr-3883	331	4	,	,	PUNCT
fsr-3883	331	5	&	&	CCONJ
fsr-3883	331	6	dresnack	dresnack	PROPN
fsr-3883	331	7	,	,	PUNCT
fsr-3883	331	8	w.	w.	PROPN
fsr-3883	331	9	h.	h.	PROPN
fsr-3883	331	10	(	(	PUNCT
fsr-3883	331	11	1997	1997	NUM
fsr-3883	331	12	)	)	PUNCT
fsr-3883	331	13	.	.	PUNCT
fsr-3883	332	1	market	market	NOUN
fsr-3883	332	2	knowledge	knowledge	NOUN
fsr-3883	332	3	in	in	ADP
fsr-3883	332	4	managed	manage	VERB
fsr-3883	332	5	municipal	municipal	ADJ
fsr-3883	332	6	bond	bond	NOUN
fsr-3883	332	7	portfolios.financial	portfolios.financial	PROPN
fsr-3883	332	8	services	service	NOUN
fsr-3883	332	9	review	review	NOUN
fsr-3883	332	10	,	,	PUNCT
fsr-3883	332	11	6(3	6(3	NUM
fsr-3883	332	12	)	)	PUNCT
fsr-3883	332	13	,	,	PUNCT
fsr-3883	332	14	185–196	185–196	NUM
fsr-3883	332	15	.	.	PUNCT
fsr-3883	333	1	sorensen	sorensen	PROPN
fsr-3883	333	2	,	,	PUNCT
fsr-3883	333	3	e.	e.	PROPN
fsr-3883	333	4	h.	h.	PROPN
fsr-3883	333	5	(	(	PUNCT
fsr-3883	333	6	1983	1983	NUM
fsr-3883	333	7	)	)	PUNCT
fsr-3883	333	8	.	.	PUNCT
fsr-3883	334	1	who	who	PRON
fsr-3883	334	2	puts	put	VERB
fsr-3883	334	3	the	the	DET
fsr-3883	334	4	slope	slope	NOUN
fsr-3883	334	5	in	in	ADP
fsr-3883	334	6	the	the	DET
fsr-3883	334	7	municipal	municipal	ADJ
fsr-3883	334	8	yield	yield	NOUN
fsr-3883	334	9	curve	curve	NOUN
fsr-3883	334	10	?	?	PUNCT
fsr-3883	335	1	the	the	DET
fsr-3883	335	2	journal	journal	PROPN
fsr-3883	335	3	of	of	ADP
fsr-3883	335	4	portfolio	portfolio	NOUN
fsr-3883	335	5	management	management	NOUN
fsr-3883	335	6	,	,	PUNCT
fsr-3883	335	7	9(4	9(4	NUM
fsr-3883	335	8	)	)	PUNCT
fsr-3883	335	9	,	,	PUNCT
fsr-3883	335	10	61–65	61–65	NUM
fsr-3883	335	11	.	.	PUNCT
fsr-3883	336	1	stock	stock	NOUN
fsr-3883	336	2	,	,	PUNCT
fsr-3883	336	3	d.	d.	PROPN
fsr-3883	336	4	(	(	PUNCT
fsr-3883	336	5	1985	1985	NUM
fsr-3883	336	6	)	)	PUNCT
fsr-3883	336	7	.	.	PUNCT
fsr-3883	337	1	price	price	NOUN
fsr-3883	337	2	volatility	volatility	NOUN
fsr-3883	337	3	of	of	ADP
fsr-3883	337	4	municipal	municipal	ADJ
fsr-3883	337	5	discount	discount	NOUN
fsr-3883	337	6	bonds.journal	bonds.journal	ADJ
fsr-3883	337	7	of	of	ADP
fsr-3883	337	8	finance	finance	NOUN
fsr-3883	337	9	research	research	NOUN
fsr-3883	337	10	,	,	PUNCT
fsr-3883	337	11	8(1	8(1	NOUN
fsr-3883	337	12	)	)	PUNCT
fsr-3883	337	13	,	,	PUNCT
fsr-3883	337	14	1–13	1–13	NOUN
fsr-3883	337	15	.	.	PUNCT
fsr-3883	338	1	the	the	DET
fsr-3883	338	2	bond	bond	NOUN
fsr-3883	338	3	market	market	NOUN
fsr-3883	338	4	association	association	NOUN
fsr-3883	338	5	.	.	PUNCT
fsr-3883	339	1	(	(	PUNCT
fsr-3883	339	2	1997).research	1997).research	NUM
fsr-3883	339	3	quarterly.new	quarterly.new	PROPN
fsr-3883	339	4	york	york	PROPN
fsr-3883	339	5	:	:	PUNCT
fsr-3883	339	6	the	the	DET
fsr-3883	339	7	bond	bond	NOUN
fsr-3883	339	8	market	market	NOUN
fsr-3883	339	9	association	association	NOUN
fsr-3883	339	10	(	(	PUNCT
fsr-3883	339	11	http://	http://	PROPN
fsr-3883	339	12	www.bondmarkets.com	www.bondmarkets.com	PROPN
fsr-3883	339	13	)	)	PUNCT
fsr-3883	339	14	.	.	PUNCT
fsr-3883	340	1	the	the	DET
fsr-3883	340	2	bond	bond	NOUN
fsr-3883	340	3	market	market	NOUN
fsr-3883	340	4	association	association	NOUN
fsr-3883	340	5	(	(	PUNCT
fsr-3883	340	6	1998).research	1998).research	PROPN
fsr-3883	340	7	quarterly.new	quarterly.new	PROPN
fsr-3883	340	8	york	york	PROPN
fsr-3883	340	9	:	:	PUNCT
fsr-3883	340	10	the	the	DET
fsr-3883	340	11	bond	bond	NOUN
fsr-3883	340	12	market	market	NOUN
fsr-3883	340	13	association	association	NOUN
fsr-3883	340	14	(	(	PUNCT
fsr-3883	340	15	http://	http://	PROPN
fsr-3883	340	16	www.bondmarkets.com	www.bondmarkets.com	X
fsr-3883	340	17	)	)	PUNCT
fsr-3883	340	18	.	.	PUNCT
fsr-3883	341	1	trzcinka	trzcinka	PROPN
fsr-3883	341	2	,	,	PUNCT
fsr-3883	341	3	c.	c.	NOUN
fsr-3883	341	4	(	(	PUNCT
fsr-3883	341	5	1982	1982	NUM
fsr-3883	341	6	)	)	PUNCT
fsr-3883	341	7	.	.	PUNCT
fsr-3883	342	1	the	the	DET
fsr-3883	342	2	pricing	pricing	NOUN
fsr-3883	342	3	of	of	ADP
fsr-3883	342	4	tax	tax	NOUN
fsr-3883	342	5	-	-	PUNCT
fsr-3883	342	6	exempt	exempt	ADJ
fsr-3883	342	7	bonds	bond	NOUN
fsr-3883	342	8	and	and	CCONJ
fsr-3883	342	9	the	the	DET
fsr-3883	342	10	miller	miller	PROPN
fsr-3883	342	11	hypothesis.the	hypothesis.the	DET
fsr-3883	342	12	journal	journal	PROPN
fsr-3883	342	13	of	of	ADP
fsr-3883	342	14	finance	finance	NOUN
fsr-3883	342	15	,	,	PUNCT
fsr-3883	342	16	37(4	37(4	PROPN
fsr-3883	342	17	)	)	PUNCT
fsr-3883	342	18	,	,	PUNCT
fsr-3883	342	19	907–923	907–923	NUM
fsr-3883	342	20	.	.	PUNCT
fsr-3883	343	1	van	van	PROPN
fsr-3883	343	2	horne	horne	PROPN
fsr-3883	343	3	,	,	PUNCT
fsr-3883	343	4	j.	j.	PROPN
fsr-3883	343	5	c.	c.	PROPN
fsr-3883	343	6	(	(	PUNCT
fsr-3883	343	7	1987	1987	NUM
fsr-3883	343	8	)	)	PUNCT
fsr-3883	343	9	.	.	PUNCT
fsr-3883	344	1	call	call	VERB
fsr-3883	344	2	risk	risk	NOUN
fsr-3883	344	3	and	and	CCONJ
fsr-3883	344	4	municipal	municipal	ADJ
fsr-3883	344	5	bonds.journal	bonds.journal	PROPN
fsr-3883	344	6	of	of	ADP
fsr-3883	344	7	portfolio	portfolio	NOUN
fsr-3883	344	8	management	management	NOUN
fsr-3883	344	9	,	,	PUNCT
fsr-3883	344	10	13(2	13(2	PROPN
fsr-3883	344	11	)	)	PUNCT
fsr-3883	344	12	,	,	PUNCT
fsr-3883	344	13	53–57	53–57	NUM
fsr-3883	344	14	.	.	PUNCT
fsr-3883	345	1	wilson	wilson	PROPN
fsr-3883	345	2	,	,	PUNCT
fsr-3883	345	3	e.	e.	PROPN
fsr-3883	345	4	r.	r.	PROPN
fsr-3883	345	5	,	,	PUNCT
fsr-3883	345	6	&	&	CCONJ
fsr-3883	345	7	stewart	stewart	PROPN
fsr-3883	345	8	,	,	PUNCT
fsr-3883	345	9	j.	j.	PROPN
fsr-3883	345	10	p.	p.	PROPN
fsr-3883	345	11	(	(	PUNCT
fsr-3883	345	12	1990	1990	NUM
fsr-3883	345	13	)	)	PUNCT
fsr-3883	345	14	.	.	PUNCT
fsr-3883	346	1	municipal	municipal	ADJ
fsr-3883	346	2	financial	financial	ADJ
fsr-3883	346	3	reporting	reporting	NOUN
fsr-3883	346	4	and	and	CCONJ
fsr-3883	346	5	competition	competition	NOUN
fsr-3883	346	6	among	among	ADP
fsr-3883	346	7	underwriters	underwriter	NOUN
fsr-3883	346	8	for	for	ADP
fsr-3883	346	9	new	new	ADJ
fsr-3883	346	10	issues	issue	NOUN
fsr-3883	346	11	of	of	ADP
fsr-3883	346	12	general	general	ADJ
fsr-3883	346	13	obligation	obligation	NOUN
fsr-3883	346	14	bonds.contemporary	bonds.contemporary	ADJ
fsr-3883	346	15	accounting	accounting	NOUN
fsr-3883	346	16	research	research	NOUN
fsr-3883	346	17	,	,	PUNCT
fsr-3883	346	18	6(2	6(2	NUM
fsr-3883	346	19	)	)	PUNCT
fsr-3883	346	20	,	,	PUNCT
fsr-3883	346	21	573–592	573–592	NUM
fsr-3883	346	22	.	.	PUNCT
fsr-3883	346	23	yawitz	yawitz	PROPN
fsr-3883	346	24	,	,	PUNCT
fsr-3883	346	25	j.	j.	PROPN
fsr-3883	346	26	b.	b.	PROPN
fsr-3883	346	27	(	(	PUNCT
fsr-3883	346	28	1978	1978	NUM
fsr-3883	346	29	)	)	PUNCT
fsr-3883	346	30	.	.	PUNCT
fsr-3883	347	1	risk	risk	NOUN
fsr-3883	347	2	premia	premia	PROPN
fsr-3883	347	3	on	on	ADP
fsr-3883	347	4	municipal	municipal	ADJ
fsr-3883	347	5	bonds.journal	bonds.journal	PROPN
fsr-3883	347	6	of	of	ADP
fsr-3883	347	7	financial	financial	ADJ
fsr-3883	347	8	and	and	CCONJ
fsr-3883	347	9	quantitative	quantitative	ADJ
fsr-3883	347	10	analysis	analysis	NOUN
fsr-3883	347	11	,	,	PUNCT
fsr-3883	347	12	13(3	13(3	NUM
fsr-3883	347	13	)	)	PUNCT
fsr-3883	347	14	,	,	PUNCT
fsr-3883	347	15	475–485	475–485	NUM
fsr-3883	347	16	.	.	PUNCT
fsr-3883	347	17	85r	85r	NUM
fsr-3883	347	18	.	.	PUNCT
fsr-3883	348	1	brooks	brooks	PROPN
fsr-3883	348	2	/	/	SYM
fsr-3883	348	3	financial	financial	ADJ
fsr-3883	348	4	services	service	NOUN
fsr-3883	348	5	review	review	VERB
fsr-3883	348	6	8	8	NUM
fsr-3883	348	7	(	(	PUNCT
fsr-3883	348	8	1999	1999	NUM
fsr-3883	348	9	)	)	PUNCT
fsr-3883	348	10	71–85	71–85	NUM