id	sid	tid	token	lemma	pos
fsr-3911	1	1	pii	pii	PROPN
fsr-3911	1	2	:	:	PUNCT
fsr-3911	1	3	s1057	s1057	NOUN
fsr-3911	1	4	-	-	PUNCT
fsr-3911	1	5	0810(00)00055	0810(00)00055	NOUN
fsr-3911	1	6	-	-	PUNCT
fsr-3911	1	7	x	x	DET
fsr-3911	1	8	the	the	DET
fsr-3911	1	9	asset	asset	NOUN
fsr-3911	1	10	allocation	allocation	NOUN
fsr-3911	1	11	decision	decision	NOUN
fsr-3911	1	12	in	in	ADP
fsr-3911	1	13	retirement	retirement	NOUN
fsr-3911	1	14	:	:	PUNCT
fsr-3911	1	15	lessons	lesson	NOUN
fsr-3911	1	16	from	from	ADP
fsr-3911	1	17	dollar	dollar	NOUN
fsr-3911	1	18	-	-	PUNCT
fsr-3911	1	19	cost	cost	NOUN
fsr-3911	1	20	averaging	average	VERB
fsr-3911	1	21	premal	premal	ADJ
fsr-3911	1	22	p.	p.	NOUN
fsr-3911	1	23	voraa	voraa	NOUN
fsr-3911	1	24	,	,	PUNCT
fsr-3911	1	25	*	*	PROPN
fsr-3911	1	26	,	,	PUNCT
fsr-3911	1	27	john	john	PROPN
fsr-3911	1	28	d.	d.	PROPN
fsr-3911	1	29	mcginnisb	mcginnisb	PROPN
fsr-3911	1	30	apenn	apenn	PROPN
fsr-3911	1	31	state	state	PROPN
fsr-3911	1	32	great	great	ADJ
fsr-3911	1	33	valley	valley	NOUN
fsr-3911	1	34	,	,	PUNCT
fsr-3911	1	35	30	30	NUM
fsr-3911	1	36	e.	e.	PROPN
fsr-3911	1	37	swedesford	swedesford	PROPN
fsr-3911	1	38	rd	rd	PROPN
fsr-3911	1	39	.	.	PROPN
fsr-3911	1	40	,	,	PUNCT
fsr-3911	1	41	malvern	malvern	PROPN
fsr-3911	1	42	,	,	PUNCT
fsr-3911	1	43	pa	pa	PROPN
fsr-3911	1	44	19355	19355	NUM
fsr-3911	1	45	,	,	PUNCT
fsr-3911	1	46	usa	usa	PROPN
fsr-3911	1	47	bpenn	bpenn	PROPN
fsr-3911	1	48	state	state	PROPN
fsr-3911	1	49	altoona	altoona	PROPN
fsr-3911	1	50	,	,	PUNCT
fsr-3911	1	51	3000	3000	NUM
fsr-3911	1	52	ivyside	ivyside	NOUN
fsr-3911	1	53	park	park	PROPN
fsr-3911	1	54	,	,	PUNCT
fsr-3911	1	55	altoona	altoona	PROPN
fsr-3911	1	56	,	,	PUNCT
fsr-3911	1	57	pa	pa	PROPN
fsr-3911	1	58	16601	16601	NUM
fsr-3911	1	59	,	,	PUNCT
fsr-3911	1	60	usa	usa	PROPN
fsr-3911	1	61	abstract	abstract	NOUN
fsr-3911	1	62	how	how	SCONJ
fsr-3911	1	63	should	should	AUX
fsr-3911	1	64	a	a	DET
fsr-3911	1	65	retiree	retiree	NOUN
fsr-3911	1	66	allocate	allocate	VERB
fsr-3911	1	67	his	his	PRON
fsr-3911	1	68	wealth	wealth	NOUN
fsr-3911	1	69	between	between	ADP
fsr-3911	1	70	stocks	stock	NOUN
fsr-3911	1	71	and	and	CCONJ
fsr-3911	1	72	bonds	bond	NOUN
fsr-3911	1	73	?	?	PUNCT
fsr-3911	2	1	we	we	PRON
fsr-3911	2	2	address	address	VERB
fsr-3911	2	3	this	this	DET
fsr-3911	2	4	question	question	NOUN
fsr-3911	2	5	by	by	ADP
fsr-3911	2	6	studying	study	VERB
fsr-3911	2	7	whether	whether	SCONJ
fsr-3911	2	8	it	it	PRON
fsr-3911	2	9	would	would	AUX
fsr-3911	2	10	have	have	AUX
fsr-3911	2	11	been	be	AUX
fsr-3911	2	12	better	well	ADJ
fsr-3911	2	13	to	to	PART
fsr-3911	2	14	have	have	AUX
fsr-3911	2	15	consumed	consume	VERB
fsr-3911	2	16	periodically	periodically	ADV
fsr-3911	2	17	from	from	ADP
fsr-3911	2	18	stocks	stock	NOUN
fsr-3911	2	19	than	than	ADP
fsr-3911	2	20	from	from	ADP
fsr-3911	2	21	bonds	bond	NOUN
fsr-3911	2	22	over	over	ADP
fsr-3911	2	23	the	the	DET
fsr-3911	2	24	seven	seven	NUM
fsr-3911	2	25	decades	decade	NOUN
fsr-3911	2	26	of	of	ADP
fsr-3911	2	27	u.s	u.s	PROPN
fsr-3911	2	28	.	.	PROPN
fsr-3911	2	29	financial	financial	ADJ
fsr-3911	2	30	markets	market	NOUN
fsr-3911	2	31	beginning	begin	VERB
fsr-3911	2	32	in	in	ADP
fsr-3911	2	33	1926	1926	NUM
fsr-3911	2	34	and	and	CCONJ
fsr-3911	2	35	ending	end	VERB
fsr-3911	2	36	in	in	ADP
fsr-3911	2	37	1995	1995	NUM
fsr-3911	2	38	.	.	PUNCT
fsr-3911	3	1	we	we	PRON
fsr-3911	3	2	find	find	VERB
fsr-3911	3	3	that	that	SCONJ
fsr-3911	3	4	retirees	retiree	NOUN
fsr-3911	3	5	would	would	AUX
fsr-3911	3	6	have	have	AUX
fsr-3911	3	7	consistently	consistently	ADV
fsr-3911	3	8	done	do	VERB
fsr-3911	3	9	better	well	ADV
fsr-3911	3	10	by	by	ADP
fsr-3911	3	11	investing	invest	VERB
fsr-3911	3	12	in	in	ADP
fsr-3911	3	13	stocks	stock	NOUN
fsr-3911	3	14	as	as	SCONJ
fsr-3911	3	15	opposed	oppose	VERB
fsr-3911	3	16	to	to	ADP
fsr-3911	3	17	bonds	bond	NOUN
fsr-3911	3	18	.	.	PUNCT
fsr-3911	4	1	when	when	SCONJ
fsr-3911	4	2	we	we	PRON
fsr-3911	4	3	analyze	analyze	VERB
fsr-3911	4	4	dispersion	dispersion	NOUN
fsr-3911	4	5	in	in	ADP
fsr-3911	4	6	consumption	consumption	NOUN
fsr-3911	4	7	around	around	ADP
fsr-3911	4	8	its	its	PRON
fsr-3911	4	9	mean	mean	NOUN
fsr-3911	4	10	we	we	PRON
fsr-3911	4	11	find	find	VERB
fsr-3911	4	12	that	that	SCONJ
fsr-3911	4	13	there	there	PRON
fsr-3911	4	14	are	be	VERB
fsr-3911	4	15	greater	great	ADJ
fsr-3911	4	16	chances	chance	NOUN
fsr-3911	4	17	for	for	ADP
fsr-3911	4	18	low	low	ADJ
fsr-3911	4	19	consumption	consumption	NOUN
fsr-3911	4	20	from	from	ADP
fsr-3911	4	21	the	the	DET
fsr-3911	4	22	bond	bond	NOUN
fsr-3911	4	23	portfolio	portfolio	NOUN
fsr-3911	4	24	and	and	CCONJ
fsr-3911	4	25	greater	great	ADJ
fsr-3911	4	26	chances	chance	NOUN
fsr-3911	4	27	for	for	ADP
fsr-3911	4	28	high	high	ADJ
fsr-3911	4	29	consumption	consumption	NOUN
fsr-3911	4	30	from	from	ADP
fsr-3911	4	31	the	the	DET
fsr-3911	4	32	stock	stock	NOUN
fsr-3911	4	33	portfolio	portfolio	NOUN
fsr-3911	4	34	.	.	PUNCT
fsr-3911	5	1	thus	thus	ADV
fsr-3911	5	2	,	,	PUNCT
fsr-3911	5	3	we	we	PRON
fsr-3911	5	4	challenge	challenge	VERB
fsr-3911	5	5	the	the	DET
fsr-3911	5	6	conventional	conventional	ADJ
fsr-3911	5	7	wisdom	wisdom	NOUN
fsr-3911	5	8	that	that	SCONJ
fsr-3911	5	9	one	one	PRON
fsr-3911	5	10	should	should	AUX
fsr-3911	5	11	move	move	VERB
fsr-3911	5	12	away	away	ADV
fsr-3911	5	13	from	from	ADP
fsr-3911	5	14	stocks	stock	NOUN
fsr-3911	5	15	and	and	CCONJ
fsr-3911	5	16	towards	towards	ADP
fsr-3911	5	17	bonds	bond	NOUN
fsr-3911	5	18	as	as	ADP
fsr-3911	5	19	one	one	NUM
fsr-3911	5	20	ages	age	NOUN
fsr-3911	5	21	.	.	PUNCT
fsr-3911	6	1	©	©	ADP
fsr-3911	6	2	2000	2000	NUM
fsr-3911	6	3	elsevier	elsevier	PROPN
fsr-3911	6	4	science	science	PROPN
fsr-3911	6	5	inc	inc	PROPN
fsr-3911	6	6	.	.	PUNCT
fsr-3911	7	1	all	all	DET
fsr-3911	7	2	rights	right	NOUN
fsr-3911	7	3	reserved	reserve	VERB
fsr-3911	7	4	.	.	PUNCT
fsr-3911	8	1	jel	jel	PROPN
fsr-3911	8	2	classification	classification	NOUN
fsr-3911	8	3	:	:	PUNCT
fsr-3911	8	4	g1	g1	NOUN
fsr-3911	8	5	;	;	PUNCT
fsr-3911	8	6	g11	g11	X
fsr-3911	8	7	;	;	PUNCT
fsr-3911	8	8	n2	n2	ADJ
fsr-3911	8	9	keywords	keyword	NOUN
fsr-3911	8	10	:	:	PUNCT
fsr-3911	8	11	retirement	retirement	NOUN
fsr-3911	8	12	planning	planning	NOUN
fsr-3911	8	13	;	;	PUNCT
fsr-3911	8	14	asset	asset	NOUN
fsr-3911	8	15	allocation	allocation	NOUN
fsr-3911	8	16	;	;	PUNCT
fsr-3911	8	17	dollar	dollar	NOUN
fsr-3911	8	18	-	-	PUNCT
fsr-3911	8	19	cost	cost	NOUN
fsr-3911	8	20	averaging	averaging	NOUN
fsr-3911	8	21	1	1	NUM
fsr-3911	8	22	.	.	PUNCT
fsr-3911	8	23	introduction	introduction	NOUN
fsr-3911	8	24	how	how	SCONJ
fsr-3911	8	25	should	should	AUX
fsr-3911	8	26	a	a	DET
fsr-3911	8	27	retiree	retiree	NOUN
fsr-3911	8	28	allocate	allocate	VERB
fsr-3911	8	29	his	his	PRON
fsr-3911	8	30	wealth	wealth	NOUN
fsr-3911	8	31	between	between	ADP
fsr-3911	8	32	stocks	stock	NOUN
fsr-3911	8	33	and	and	CCONJ
fsr-3911	8	34	bonds	bond	NOUN
fsr-3911	8	35	?	?	PUNCT
fsr-3911	9	1	this	this	DET
fsr-3911	9	2	asset	asset	NOUN
fsr-3911	9	3	allocation	allocation	NOUN
fsr-3911	9	4	decision	decision	NOUN
fsr-3911	9	5	is	be	AUX
fsr-3911	9	6	of	of	ADP
fsr-3911	9	7	interest	interest	NOUN
fsr-3911	9	8	to	to	ADP
fsr-3911	9	9	all	all	DET
fsr-3911	9	10	investors	investor	NOUN
fsr-3911	9	11	(	(	PUNCT
fsr-3911	9	12	brinson	brinson	PROPN
fsr-3911	9	13	,	,	PUNCT
fsr-3911	9	14	hood	hood	PROPN
fsr-3911	9	15	&	&	CCONJ
fsr-3911	9	16	beebower	beebower	PROPN
fsr-3911	9	17	,	,	PUNCT
fsr-3911	9	18	1986	1986	NUM
fsr-3911	9	19	)	)	PUNCT
fsr-3911	9	20	,	,	PUNCT
fsr-3911	9	21	but	but	CCONJ
fsr-3911	9	22	it	it	PRON
fsr-3911	9	23	is	be	AUX
fsr-3911	9	24	of	of	ADP
fsr-3911	9	25	particular	particular	ADJ
fsr-3911	9	26	significance	significance	NOUN
fsr-3911	9	27	to	to	ADP
fsr-3911	9	28	retirees	retiree	NOUN
fsr-3911	9	29	,	,	PUNCT
fsr-3911	9	30	whose	whose	DET
fsr-3911	9	31	human	human	ADJ
fsr-3911	9	32	capital	capital	NOUN
fsr-3911	9	33	is	be	AUX
fsr-3911	9	34	close	close	ADJ
fsr-3911	9	35	to	to	ADP
fsr-3911	9	36	zero	zero	NUM
fsr-3911	9	37	making	make	VERB
fsr-3911	9	38	it	it	PRON
fsr-3911	9	39	most	most	ADV
fsr-3911	9	40	difficult	difficult	ADJ
fsr-3911	9	41	to	to	PART
fsr-3911	9	42	handle	handle	VERB
fsr-3911	9	43	adverse	adverse	ADJ
fsr-3911	9	44	investment	investment	NOUN
fsr-3911	9	45	results	result	NOUN
fsr-3911	9	46	(	(	PUNCT
fsr-3911	9	47	posner	posner	NOUN
fsr-3911	9	48	,	,	PUNCT
fsr-3911	9	49	1995	1995	NUM
fsr-3911	9	50	)	)	PUNCT
fsr-3911	9	51	.	.	PUNCT
fsr-3911	10	1	we	we	PRON
fsr-3911	10	2	address	address	VERB
fsr-3911	10	3	this	this	DET
fsr-3911	10	4	question	question	NOUN
fsr-3911	10	5	by	by	ADP
fsr-3911	10	6	*	*	PUNCT
fsr-3911	10	7	corresponding	correspond	VERB
fsr-3911	10	8	author	author	NOUN
fsr-3911	10	9	.	.	PUNCT
fsr-3911	11	1	tel.:11	tel.:11	PROPN
fsr-3911	11	2	-	-	PUNCT
fsr-3911	11	3	610	610	NUM
fsr-3911	11	4	-	-	PUNCT
fsr-3911	11	5	648	648	NUM
fsr-3911	11	6	-	-	PUNCT
fsr-3911	11	7	3374	3374	NUM
fsr-3911	11	8	;	;	PUNCT
fsr-3911	11	9	fax:11	fax:11	NOUN
fsr-3911	11	10	-	-	PUNCT
fsr-3911	11	11	610	610	NUM
fsr-3911	11	12	-	-	PUNCT
fsr-3911	11	13	725	725	NUM
fsr-3911	11	14	-	-	NUM
fsr-3911	11	15	5224	5224	NUM
fsr-3911	11	16	.	.	PUNCT
fsr-3911	12	1	e	e	X
fsr-3911	12	2	-	-	NOUN
fsr-3911	12	3	mail	mail	NOUN
fsr-3911	12	4	address:fpv@psu.edu	address:fpv@psu.edu	PROPN
fsr-3911	12	5	(	(	PUNCT
fsr-3911	12	6	p.p	p.p	PROPN
fsr-3911	12	7	.	.	PROPN
fsr-3911	12	8	vora	vora	PROPN
fsr-3911	12	9	)	)	PUNCT
fsr-3911	12	10	.	.	PUNCT
fsr-3911	13	1	financial	financial	ADJ
fsr-3911	13	2	services	service	NOUN
fsr-3911	13	3	review	review	VERB
fsr-3911	13	4	9	9	NUM
fsr-3911	13	5	(	(	PUNCT
fsr-3911	13	6	2000	2000	NUM
fsr-3911	13	7	)	)	PUNCT
fsr-3911	13	8	47–63	47–63	NOUN
fsr-3911	13	9	1057	1057	NUM
fsr-3911	13	10	-	-	SYM
fsr-3911	13	11	0810/00/$	0810/00/$	NUM
fsr-3911	13	12	–	–	PUNCT
fsr-3911	13	13	see	see	VERB
fsr-3911	13	14	front	front	ADJ
fsr-3911	13	15	matter	matter	NOUN
fsr-3911	14	1	©	©	PROPN
fsr-3911	14	2	2000	2000	NUM
fsr-3911	14	3	elsevier	elsevier	PROPN
fsr-3911	14	4	science	science	PROPN
fsr-3911	14	5	inc	inc	PROPN
fsr-3911	14	6	.	.	PUNCT
fsr-3911	15	1	all	all	DET
fsr-3911	15	2	rights	right	NOUN
fsr-3911	15	3	reserved	reserve	VERB
fsr-3911	15	4	.	.	PUNCT
fsr-3911	16	1	pii	pii	NOUN
fsr-3911	16	2	:	:	PUNCT
fsr-3911	16	3	s1057	s1057	NOUN
fsr-3911	16	4	-	-	PUNCT
fsr-3911	16	5	0810(00)00055	0810(00)00055	NOUN
fsr-3911	16	6	-	-	PUNCT
fsr-3911	16	7	x	x	SYM
fsr-3911	16	8	studying	study	VERB
fsr-3911	16	9	whether	whether	SCONJ
fsr-3911	16	10	it	it	PRON
fsr-3911	16	11	would	would	AUX
fsr-3911	16	12	have	have	AUX
fsr-3911	16	13	been	be	AUX
fsr-3911	16	14	better	well	ADJ
fsr-3911	16	15	to	to	PART
fsr-3911	16	16	have	have	AUX
fsr-3911	16	17	consumed	consume	VERB
fsr-3911	16	18	periodically	periodically	ADV
fsr-3911	16	19	from	from	ADP
fsr-3911	16	20	stocks	stock	NOUN
fsr-3911	16	21	than	than	ADP
fsr-3911	16	22	from	from	ADP
fsr-3911	16	23	bonds	bond	NOUN
fsr-3911	16	24	over	over	ADP
fsr-3911	16	25	the	the	DET
fsr-3911	16	26	seven	seven	NUM
fsr-3911	16	27	decades	decade	NOUN
fsr-3911	16	28	of	of	ADP
fsr-3911	16	29	u.s	u.s	PROPN
fsr-3911	16	30	.	.	PROPN
fsr-3911	16	31	financial	financial	ADJ
fsr-3911	16	32	markets	market	NOUN
fsr-3911	16	33	beginning	begin	VERB
fsr-3911	16	34	in	in	ADP
fsr-3911	16	35	1926	1926	NUM
fsr-3911	16	36	and	and	CCONJ
fsr-3911	16	37	ending	end	VERB
fsr-3911	16	38	in	in	ADP
fsr-3911	16	39	1995	1995	NUM
fsr-3911	16	40	.	.	PUNCT
fsr-3911	17	1	our	our	PRON
fsr-3911	17	2	study	study	NOUN
fsr-3911	17	3	is	be	AUX
fsr-3911	17	4	different	different	ADJ
fsr-3911	17	5	from	from	ADP
fsr-3911	17	6	other	other	ADJ
fsr-3911	17	7	studies	study	NOUN
fsr-3911	17	8	of	of	ADP
fsr-3911	17	9	stock	stock	NOUN
fsr-3911	17	10	and	and	CCONJ
fsr-3911	17	11	bond	bond	NOUN
fsr-3911	17	12	performance	performance	NOUN
fsr-3911	17	13	.	.	PUNCT
fsr-3911	18	1	the	the	DET
fsr-3911	18	2	existing	exist	VERB
fsr-3911	18	3	literature	literature	NOUN
fsr-3911	18	4	assumes	assume	VERB
fsr-3911	18	5	either	either	CCONJ
fsr-3911	18	6	that	that	DET
fsr-3911	18	7	money	money	NOUN
fsr-3911	18	8	is	be	AUX
fsr-3911	18	9	periodically	periodically	ADV
fsr-3911	18	10	invested	invest	VERB
fsr-3911	18	11	in	in	ADP
fsr-3911	18	12	financial	financial	ADJ
fsr-3911	18	13	assets	asset	NOUN
fsr-3911	18	14	(	(	PUNCT
fsr-3911	18	15	e.g.	e.g.	ADV
fsr-3911	18	16	,	,	PUNCT
fsr-3911	18	17	butler	butler	PROPN
fsr-3911	18	18	&	&	CCONJ
fsr-3911	18	19	domian	domian	PROPN
fsr-3911	18	20	,	,	PUNCT
fsr-3911	18	21	1993	1993	NUM
fsr-3911	18	22	)	)	PUNCT
fsr-3911	18	23	or	or	CCONJ
fsr-3911	18	24	that	that	SCONJ
fsr-3911	18	25	a	a	DET
fsr-3911	18	26	set	set	NOUN
fsr-3911	18	27	amount	amount	NOUN
fsr-3911	18	28	is	be	AUX
fsr-3911	18	29	invested	invest	VERB
fsr-3911	18	30	in	in	ADP
fsr-3911	18	31	financial	financial	ADJ
fsr-3911	18	32	assets	asset	NOUN
fsr-3911	18	33	at	at	ADP
fsr-3911	18	34	the	the	DET
fsr-3911	18	35	beginning	beginning	NOUN
fsr-3911	18	36	of	of	ADP
fsr-3911	18	37	a	a	DET
fsr-3911	18	38	time	time	NOUN
fsr-3911	18	39	span	span	NOUN
fsr-3911	18	40	with	with	ADP
fsr-3911	18	41	no	no	DET
fsr-3911	18	42	additional	additional	ADJ
fsr-3911	18	43	infusions	infusion	NOUN
fsr-3911	18	44	or	or	CCONJ
fsr-3911	18	45	withdrawals	withdrawal	NOUN
fsr-3911	18	46	(	(	PUNCT
fsr-3911	18	47	ibbotson	ibbotson	PROPN
fsr-3911	18	48	&	&	CCONJ
fsr-3911	18	49	sinquefield	sinquefield	PROPN
fsr-3911	18	50	,	,	PUNCT
fsr-3911	18	51	1989	1989	NUM
fsr-3911	18	52	;	;	PUNCT
fsr-3911	18	53	siegel	siegel	NOUN
fsr-3911	18	54	,	,	PUNCT
fsr-3911	18	55	1994	1994	NUM
fsr-3911	18	56	)	)	PUNCT
fsr-3911	18	57	.	.	PUNCT
fsr-3911	19	1	we	we	PRON
fsr-3911	19	2	look	look	VERB
fsr-3911	19	3	at	at	ADP
fsr-3911	19	4	performance	performance	NOUN
fsr-3911	19	5	from	from	ADP
fsr-3911	19	6	the	the	DET
fsr-3911	19	7	perspective	perspective	NOUN
fsr-3911	19	8	of	of	ADP
fsr-3911	19	9	an	an	DET
fsr-3911	19	10	individual	individual	NOUN
fsr-3911	19	11	who	who	PRON
fsr-3911	19	12	is	be	AUX
fsr-3911	19	13	constantly	constantly	ADV
fsr-3911	19	14	“	"	PUNCT
fsr-3911	19	15	disinvesting	disinvest	VERB
fsr-3911	19	16	”	"	PUNCT
fsr-3911	19	17	from	from	ADP
fsr-3911	19	18	financial	financial	ADJ
fsr-3911	19	19	assets	asset	NOUN
fsr-3911	19	20	.	.	PUNCT
fsr-3911	20	1	our	our	PRON
fsr-3911	20	2	hypothesis	hypothesis	NOUN
fsr-3911	20	3	is	be	AUX
fsr-3911	20	4	that	that	SCONJ
fsr-3911	20	5	it	it	PRON
fsr-3911	20	6	is	be	AUX
fsr-3911	20	7	better	well	ADJ
fsr-3911	20	8	to	to	PART
fsr-3911	20	9	consume	consume	VERB
fsr-3911	20	10	from	from	ADP
fsr-3911	20	11	stocks	stock	NOUN
fsr-3911	20	12	than	than	ADP
fsr-3911	20	13	from	from	ADP
fsr-3911	20	14	bonds	bond	NOUN
fsr-3911	20	15	.	.	PUNCT
fsr-3911	21	1	we	we	PRON
fsr-3911	21	2	are	be	AUX
fsr-3911	21	3	led	lead	VERB
fsr-3911	21	4	to	to	ADP
fsr-3911	21	5	this	this	DET
fsr-3911	21	6	hypothesis	hypothesis	NOUN
fsr-3911	21	7	by	by	ADP
fsr-3911	21	8	the	the	DET
fsr-3911	21	9	literature	literature	NOUN
fsr-3911	21	10	on	on	ADP
fsr-3911	21	11	the	the	DET
fsr-3911	21	12	fallacy	fallacy	NOUN
fsr-3911	21	13	of	of	ADP
fsr-3911	21	14	dollar	dollar	NOUN
fsr-3911	21	15	-	-	PUNCT
fsr-3911	21	16	cost	cost	NOUN
fsr-3911	21	17	averaging	averaging	NOUN
fsr-3911	21	18	(	(	PUNCT
fsr-3911	21	19	e.g.	e.g.	ADV
fsr-3911	21	20	,	,	PUNCT
fsr-3911	21	21	constantinides	constantinide	VERB
fsr-3911	21	22	,	,	PUNCT
fsr-3911	21	23	1979	1979	NUM
fsr-3911	21	24	;	;	PUNCT
fsr-3911	21	25	knight	knight	PROPN
fsr-3911	21	26	&	&	CCONJ
fsr-3911	21	27	mandell	mandell	PROPN
fsr-3911	21	28	,	,	PUNCT
fsr-3911	21	29	1993	1993	NUM
fsr-3911	21	30	;	;	PUNCT
fsr-3911	21	31	rozeff	rozeff	NOUN
fsr-3911	21	32	,	,	PUNCT
fsr-3911	21	33	1994	1994	NUM
fsr-3911	21	34	)	)	PUNCT
fsr-3911	21	35	.	.	PUNCT
fsr-3911	22	1	specifically	specifically	ADV
fsr-3911	22	2	,	,	PUNCT
fsr-3911	22	3	we	we	PRON
fsr-3911	22	4	argue	argue	VERB
fsr-3911	22	5	that	that	SCONJ
fsr-3911	22	6	if	if	SCONJ
fsr-3911	22	7	dollar	dollar	NOUN
fsr-3911	22	8	-	-	PUNCT
fsr-3911	22	9	cost	cost	NOUN
fsr-3911	22	10	averaging	averaging	NOUN
fsr-3911	22	11	into	into	ADP
fsr-3911	22	12	stocks	stock	NOUN
fsr-3911	22	13	is	be	AUX
fsr-3911	22	14	suboptimal	suboptimal	ADJ
fsr-3911	22	15	,	,	PUNCT
fsr-3911	22	16	then	then	ADV
fsr-3911	22	17	dollar	dollar	NOUN
fsr-3911	22	18	-	-	PUNCT
fsr-3911	22	19	cost	cost	NOUN
fsr-3911	22	20	disinvesting	disinvesting	NOUN
fsr-3911	22	21	from	from	ADP
fsr-3911	22	22	stocks	stock	NOUN
fsr-3911	22	23	ought	ought	AUX
fsr-3911	22	24	to	to	PART
fsr-3911	22	25	be	be	AUX
fsr-3911	22	26	sound	sound	ADJ
fsr-3911	22	27	;	;	PUNCT
fsr-3911	22	28	that	that	PRON
fsr-3911	22	29	is	be	AUX
fsr-3911	22	30	,	,	PUNCT
fsr-3911	22	31	because	because	SCONJ
fsr-3911	22	32	it	it	PRON
fsr-3911	22	33	is	be	AUX
fsr-3911	22	34	imprudent	imprudent	ADJ
fsr-3911	22	35	to	to	PART
fsr-3911	22	36	gradually	gradually	ADV
fsr-3911	22	37	transfer	transfer	VERB
fsr-3911	22	38	one	one	NUM
fsr-3911	22	39	’s	’s	PART
fsr-3911	22	40	wealth	wealth	NOUN
fsr-3911	22	41	from	from	ADP
fsr-3911	22	42	cash	cash	NOUN
fsr-3911	22	43	to	to	ADP
fsr-3911	22	44	securities	security	NOUN
fsr-3911	22	45	,	,	PUNCT
fsr-3911	22	46	it	it	PRON
fsr-3911	22	47	makes	make	VERB
fsr-3911	22	48	sense	sense	NOUN
fsr-3911	22	49	to	to	PART
fsr-3911	22	50	gradually	gradually	ADV
fsr-3911	22	51	transfer	transfer	VERB
fsr-3911	22	52	one	one	NUM
fsr-3911	22	53	’s	’s	PART
fsr-3911	22	54	wealth	wealth	NOUN
fsr-3911	22	55	from	from	ADP
fsr-3911	22	56	securities	security	NOUN
fsr-3911	22	57	to	to	ADP
fsr-3911	22	58	cash	cash	NOUN
fsr-3911	22	59	(	(	PUNCT
fsr-3911	22	60	for	for	ADP
fsr-3911	22	61	consumption	consumption	NOUN
fsr-3911	22	62	)	)	PUNCT
fsr-3911	22	63	.	.	PUNCT
fsr-3911	23	1	in	in	ADP
fsr-3911	23	2	order	order	NOUN
fsr-3911	23	3	to	to	PART
fsr-3911	23	4	test	test	VERB
fsr-3911	23	5	this	this	DET
fsr-3911	23	6	hypothesis	hypothesis	NOUN
fsr-3911	23	7	,	,	PUNCT
fsr-3911	23	8	we	we	PRON
fsr-3911	23	9	begin	begin	VERB
fsr-3911	23	10	with	with	ADP
fsr-3911	23	11	a	a	DET
fsr-3911	23	12	representative	representative	ADJ
fsr-3911	23	13	retiree	retiree	NOUN
fsr-3911	23	14	who	who	PRON
fsr-3911	23	15	has	have	VERB
fsr-3911	23	16	a	a	DET
fsr-3911	23	17	life	life	NOUN
fsr-3911	23	18	expectancy	expectancy	NOUN
fsr-3911	23	19	ofn	ofn	PROPN
fsr-3911	23	20	years	year	NOUN
fsr-3911	23	21	after	after	ADP
fsr-3911	23	22	retirement	retirement	NOUN
fsr-3911	23	23	.	.	PUNCT
fsr-3911	24	1	without	without	ADP
fsr-3911	24	2	loss	loss	NOUN
fsr-3911	24	3	of	of	ADP
fsr-3911	24	4	generality	generality	NOUN
fsr-3911	24	5	,	,	PUNCT
fsr-3911	24	6	we	we	PRON
fsr-3911	24	7	assume	assume	VERB
fsr-3911	24	8	that	that	SCONJ
fsr-3911	24	9	this	this	DET
fsr-3911	24	10	retiree	retiree	NOUN
fsr-3911	24	11	has	have	VERB
fsr-3911	24	12	wealth	wealth	NOUN
fsr-3911	24	13	of	of	ADP
fsr-3911	24	14	$	$	SYM
fsr-3911	24	15	1	1	NUM
fsr-3911	24	16	at	at	ADP
fsr-3911	24	17	the	the	DET
fsr-3911	24	18	beginning	beginning	NOUN
fsr-3911	24	19	of	of	ADP
fsr-3911	24	20	his	his	PRON
fsr-3911	24	21	retired	retire	VERB
fsr-3911	24	22	life	life	NOUN
fsr-3911	24	23	which	which	PRON
fsr-3911	24	24	is	be	AUX
fsr-3911	24	25	invested	invest	VERB
fsr-3911	24	26	in	in	ADP
fsr-3911	24	27	a	a	DET
fsr-3911	24	28	stock	stock	NOUN
fsr-3911	24	29	portfolio	portfolio	NOUN
fsr-3911	24	30	.	.	PUNCT
fsr-3911	25	1	using	use	VERB
fsr-3911	25	2	monthly	monthly	ADJ
fsr-3911	25	3	return	return	NOUN
fsr-3911	25	4	data	datum	NOUN
fsr-3911	25	5	on	on	ADP
fsr-3911	25	6	the	the	DET
fsr-3911	25	7	center	center	NOUN
fsr-3911	25	8	for	for	ADP
fsr-3911	25	9	research	research	NOUN
fsr-3911	25	10	in	in	ADP
fsr-3911	25	11	security	security	NOUN
fsr-3911	25	12	prices	price	NOUN
fsr-3911	25	13	’	'	PUNCT
fsr-3911	25	14	(	(	PUNCT
fsr-3911	25	15	crsp	crsp	NOUN
fsr-3911	25	16	)	)	PUNCT
fsr-3911	25	17	value	value	NOUN
fsr-3911	25	18	weighted	weight	VERB
fsr-3911	25	19	(	(	PUNCT
fsr-3911	25	20	vw	vw	NOUN
fsr-3911	25	21	)	)	PUNCT
fsr-3911	25	22	portfolio	portfolio	NOUN
fsr-3911	25	23	,	,	PUNCT
fsr-3911	25	24	we	we	PRON
fsr-3911	25	25	calculate	calculate	VERB
fsr-3911	25	26	the	the	DET
fsr-3911	25	27	amount	amount	NOUN
fsr-3911	25	28	that	that	PRON
fsr-3911	25	29	this	this	DET
fsr-3911	25	30	retiree	retiree	NOUN
fsr-3911	25	31	could	could	AUX
fsr-3911	25	32	have	have	AUX
fsr-3911	25	33	spent	spend	VERB
fsr-3911	25	34	every	every	DET
fsr-3911	25	35	month	month	NOUN
fsr-3911	25	36	from	from	ADP
fsr-3911	25	37	the	the	DET
fsr-3911	25	38	dividends	dividend	NOUN
fsr-3911	25	39	and	and	CCONJ
fsr-3911	25	40	capital	capital	NOUN
fsr-3911	25	41	gains	gain	NOUN
fsr-3911	25	42	for	for	ADP
fsr-3911	25	43	then	then	ADV
fsr-3911	25	44	years	year	NOUN
fsr-3911	25	45	,	,	PUNCT
fsr-3911	25	46	that	that	ADV
fsr-3911	25	47	is	is	ADV
fsr-3911	25	48	,	,	PUNCT
fsr-3911	25	49	if	if	SCONJ
fsr-3911	25	50	the	the	DET
fsr-3911	25	51	retiree	retiree	NOUN
fsr-3911	25	52	followed	follow	VERB
fsr-3911	25	53	a	a	DET
fsr-3911	25	54	dollar	dollar	NOUN
fsr-3911	25	55	-	-	PUNCT
fsr-3911	25	56	cost	cost	NOUN
fsr-3911	25	57	disinvesting	disinvesting	ADJ
fsr-3911	25	58	strategy	strategy	NOUN
fsr-3911	25	59	,	,	PUNCT
fsr-3911	25	60	we	we	PRON
fsr-3911	25	61	calculate	calculate	VERB
fsr-3911	25	62	the	the	DET
fsr-3911	25	63	equal	equal	ADJ
fsr-3911	25	64	monthly	monthly	ADJ
fsr-3911	25	65	amount	amount	NOUN
fsr-3911	25	66	that	that	PRON
fsr-3911	25	67	the	the	DET
fsr-3911	25	68	retiree	retiree	NOUN
fsr-3911	25	69	could	could	AUX
fsr-3911	25	70	have	have	AUX
fsr-3911	25	71	consumed	consume	VERB
fsr-3911	25	72	forn	forn	ADJ
fsr-3911	25	73	years	year	NOUN
fsr-3911	25	74	.	.	PUNCT
fsr-3911	26	1	in	in	ADP
fsr-3911	26	2	order	order	NOUN
fsr-3911	26	3	to	to	PART
fsr-3911	26	4	be	be	AUX
fsr-3911	26	5	able	able	ADJ
fsr-3911	26	6	to	to	PART
fsr-3911	26	7	make	make	VERB
fsr-3911	26	8	comparisons	comparison	NOUN
fsr-3911	26	9	between	between	ADP
fsr-3911	26	10	asset	asset	NOUN
fsr-3911	26	11	classes	class	NOUN
fsr-3911	26	12	of	of	ADP
fsr-3911	26	13	different	different	ADJ
fsr-3911	26	14	risks	risk	NOUN
fsr-3911	26	15	,	,	PUNCT
fsr-3911	26	16	we	we	PRON
fsr-3911	26	17	then	then	ADV
fsr-3911	26	18	repeat	repeat	VERB
fsr-3911	26	19	the	the	DET
fsr-3911	26	20	procedure	procedure	NOUN
fsr-3911	26	21	for	for	ADP
fsr-3911	26	22	a	a	DET
fsr-3911	26	23	portfolio	portfolio	NOUN
fsr-3911	26	24	consisting	consist	VERB
fsr-3911	26	25	solely	solely	ADV
fsr-3911	26	26	of	of	ADP
fsr-3911	26	27	long	long	ADJ
fsr-3911	26	28	-	-	PUNCT
fsr-3911	26	29	term	term	NOUN
fsr-3911	26	30	treasury	treasury	NOUN
fsr-3911	26	31	bonds	bond	NOUN
fsr-3911	26	32	(	(	PUNCT
fsr-3911	26	33	safe	safe	ADJ
fsr-3911	26	34	class	class	NOUN
fsr-3911	26	35	)	)	PUNCT
fsr-3911	26	36	,	,	PUNCT
fsr-3911	26	37	an	an	DET
fsr-3911	26	38	annuity	annuity	NOUN
fsr-3911	26	39	based	base	VERB
fsr-3911	26	40	on	on	ADP
fsr-3911	26	41	the	the	DET
fsr-3911	26	42	yield	yield	NOUN
fsr-3911	26	43	to	to	ADP
fsr-3911	26	44	maturity	maturity	NOUN
fsr-3911	26	45	on	on	ADP
fsr-3911	26	46	a	a	DET
fsr-3911	26	47	portfolio	portfolio	NOUN
fsr-3911	26	48	of	of	ADP
fsr-3911	26	49	long	long	ADJ
fsr-3911	26	50	-	-	PUNCT
fsr-3911	26	51	term	term	NOUN
fsr-3911	26	52	aaaand	aaaand	PROPN
fsr-3911	26	53	baa	baa	NOUN
fsr-3911	26	54	-	-	PUNCT
fsr-3911	26	55	rated	rate	VERB
fsr-3911	26	56	corporate	corporate	ADJ
fsr-3911	26	57	bonds	bond	NOUN
fsr-3911	26	58	and	and	CCONJ
fsr-3911	26	59	treasury	treasury	NOUN
fsr-3911	26	60	bonds	bond	NOUN
fsr-3911	26	61	(	(	PUNCT
fsr-3911	26	62	moderate	moderate	ADJ
fsr-3911	26	63	risk	risk	NOUN
fsr-3911	26	64	class	class	NOUN
fsr-3911	26	65	)	)	PUNCT
fsr-3911	26	66	,	,	PUNCT
fsr-3911	26	67	and	and	CCONJ
fsr-3911	26	68	an	an	DET
fsr-3911	26	69	annuity	annuity	NOUN
fsr-3911	26	70	based	base	VERB
fsr-3911	26	71	on	on	ADP
fsr-3911	26	72	the	the	DET
fsr-3911	26	73	yield	yield	NOUN
fsr-3911	26	74	to	to	ADP
fsr-3911	26	75	maturity	maturity	NOUN
fsr-3911	26	76	on	on	ADP
fsr-3911	26	77	a	a	DET
fsr-3911	26	78	portfolio	portfolio	NOUN
fsr-3911	26	79	consisting	consist	VERB
fsr-3911	26	80	of	of	ADP
fsr-3911	26	81	only	only	ADV
fsr-3911	26	82	baa	baa	NOUN
fsr-3911	26	83	-	-	PUNCT
fsr-3911	26	84	rated	rate	VERB
fsr-3911	26	85	corporate	corporate	ADJ
fsr-3911	26	86	bonds	bond	NOUN
fsr-3911	26	87	(	(	PUNCT
fsr-3911	26	88	moderately	moderately	ADV
fsr-3911	26	89	high	high	ADJ
fsr-3911	26	90	risk	risk	NOUN
fsr-3911	26	91	class	class	NOUN
fsr-3911	26	92	)	)	PUNCT
fsr-3911	26	93	and	and	CCONJ
fsr-3911	26	94	compare	compare	VERB
fsr-3911	26	95	the	the	DET
fsr-3911	26	96	magnitude	magnitude	NOUN
fsr-3911	26	97	of	of	ADP
fsr-3911	26	98	these	these	DET
fsr-3911	26	99	consumption	consumption	NOUN
fsr-3911	26	100	amounts	amount	VERB
fsr-3911	26	101	to	to	ADP
fsr-3911	26	102	the	the	DET
fsr-3911	26	103	stock	stock	NOUN
fsr-3911	26	104	portfolio	portfolio	NOUN
fsr-3911	26	105	based	base	VERB
fsr-3911	26	106	(	(	PUNCT
fsr-3911	26	107	risky	risky	ADJ
fsr-3911	26	108	class	class	NOUN
fsr-3911	26	109	)	)	PUNCT
fsr-3911	26	110	amount	amount	NOUN
fsr-3911	26	111	.	.	PUNCT
fsr-3911	27	1	we	we	PRON
fsr-3911	27	2	find	find	VERB
fsr-3911	27	3	that	that	SCONJ
fsr-3911	27	4	retirees	retiree	NOUN
fsr-3911	27	5	would	would	AUX
fsr-3911	27	6	have	have	AUX
fsr-3911	27	7	consistently	consistently	ADV
fsr-3911	27	8	done	do	VERB
fsr-3911	27	9	better	well	ADV
fsr-3911	27	10	by	by	ADP
fsr-3911	27	11	investing	invest	VERB
fsr-3911	27	12	in	in	ADP
fsr-3911	27	13	the	the	DET
fsr-3911	27	14	stock	stock	NOUN
fsr-3911	27	15	portfolio	portfolio	NOUN
fsr-3911	27	16	as	as	SCONJ
fsr-3911	27	17	opposed	oppose	VERB
fsr-3911	27	18	to	to	ADP
fsr-3911	27	19	investing	invest	VERB
fsr-3911	27	20	solely	solely	ADV
fsr-3911	27	21	in	in	ADP
fsr-3911	27	22	t	t	NOUN
fsr-3911	27	23	-	-	PUNCT
fsr-3911	27	24	bonds	bond	NOUN
fsr-3911	27	25	or	or	CCONJ
fsr-3911	27	26	in	in	ADP
fsr-3911	27	27	the	the	DET
fsr-3911	27	28	broadly	broadly	ADV
fsr-3911	27	29	diversified	diversify	VERB
fsr-3911	27	30	bond	bond	NOUN
fsr-3911	27	31	portfolio	portfolio	NOUN
fsr-3911	27	32	or	or	CCONJ
fsr-3911	27	33	even	even	ADV
fsr-3911	27	34	the	the	DET
fsr-3911	27	35	moderately	moderately	ADV
fsr-3911	27	36	risky	risky	ADJ
fsr-3911	27	37	bond	bond	NOUN
fsr-3911	27	38	portfolio	portfolio	NOUN
fsr-3911	27	39	.	.	PUNCT
fsr-3911	28	1	this	this	DET
fsr-3911	28	2	result	result	NOUN
fsr-3911	28	3	is	be	AUX
fsr-3911	28	4	particularly	particularly	ADV
fsr-3911	28	5	true	true	ADJ
fsr-3911	28	6	asn	asn	NOUN
fsr-3911	28	7	gets	get	VERB
fsr-3911	28	8	larger	large	ADJ
fsr-3911	28	9	—	—	PUNCT
fsr-3911	28	10	over	over	ADP
fsr-3911	28	11	longer	long	ADJ
fsr-3911	28	12	periods	period	NOUN
fsr-3911	28	13	of	of	ADP
fsr-3911	28	14	time	time	NOUN
fsr-3911	28	15	stocks	stock	NOUN
fsr-3911	28	16	look	look	VERB
fsr-3911	28	17	better	well	ADV
fsr-3911	28	18	relative	relative	ADJ
fsr-3911	28	19	to	to	ADP
fsr-3911	28	20	t	t	NOUN
fsr-3911	28	21	-	-	PUNCT
fsr-3911	28	22	bonds	bond	NOUN
fsr-3911	28	23	,	,	PUNCT
fsr-3911	28	24	the	the	DET
fsr-3911	28	25	broadly	broadly	ADV
fsr-3911	28	26	diversified	diversify	VERB
fsr-3911	28	27	bond	bond	NOUN
fsr-3911	28	28	portfolio	portfolio	NOUN
fsr-3911	28	29	,	,	PUNCT
fsr-3911	28	30	and	and	CCONJ
fsr-3911	28	31	the	the	DET
fsr-3911	28	32	moderately	moderately	ADV
fsr-3911	28	33	risky	risky	ADJ
fsr-3911	28	34	bond	bond	NOUN
fsr-3911	28	35	portfolio	portfolio	NOUN
fsr-3911	28	36	.	.	PUNCT
fsr-3911	29	1	we	we	PRON
fsr-3911	29	2	also	also	ADV
fsr-3911	29	3	examine	examine	VERB
fsr-3911	29	4	the	the	DET
fsr-3911	29	5	impact	impact	NOUN
fsr-3911	29	6	of	of	ADP
fsr-3911	29	7	inflation	inflation	NOUN
fsr-3911	29	8	on	on	ADP
fsr-3911	29	9	consumption	consumption	NOUN
fsr-3911	29	10	.	.	PUNCT
fsr-3911	30	1	once	once	SCONJ
fsr-3911	30	2	we	we	PRON
fsr-3911	30	3	allow	allow	VERB
fsr-3911	30	4	consumption	consumption	NOUN
fsr-3911	30	5	to	to	PART
fsr-3911	30	6	grow	grow	VERB
fsr-3911	30	7	at	at	ADP
fsr-3911	30	8	the	the	DET
fsr-3911	30	9	rate	rate	NOUN
fsr-3911	30	10	of	of	ADP
fsr-3911	30	11	inflation	inflation	NOUN
fsr-3911	30	12	we	we	PRON
fsr-3911	30	13	find	find	VERB
fsr-3911	30	14	even	even	ADV
fsr-3911	30	15	stronger	strong	ADJ
fsr-3911	30	16	support	support	NOUN
fsr-3911	30	17	for	for	ADP
fsr-3911	30	18	our	our	PRON
fsr-3911	30	19	result	result	NOUN
fsr-3911	30	20	that	that	SCONJ
fsr-3911	30	21	disinvesting	disinvest	VERB
fsr-3911	30	22	from	from	ADP
fsr-3911	30	23	stocks	stock	NOUN
fsr-3911	30	24	is	be	AUX
fsr-3911	30	25	better	well	ADJ
fsr-3911	30	26	than	than	ADP
fsr-3911	30	27	from	from	ADP
fsr-3911	30	28	bonds	bond	NOUN
fsr-3911	30	29	.	.	PUNCT
fsr-3911	31	1	we	we	PRON
fsr-3911	31	2	also	also	ADV
fsr-3911	31	3	analyze	analyze	VERB
fsr-3911	31	4	the	the	DET
fsr-3911	31	5	likelihood	likelihood	NOUN
fsr-3911	31	6	,	,	PUNCT
fsr-3911	31	7	across	across	ADP
fsr-3911	31	8	different	different	ADJ
fsr-3911	31	9	asset	asset	NOUN
fsr-3911	31	10	classes	class	NOUN
fsr-3911	31	11	,	,	PUNCT
fsr-3911	31	12	of	of	ADP
fsr-3911	31	13	states	state	NOUN
fsr-3911	31	14	in	in	ADP
fsr-3911	31	15	which	which	PRON
fsr-3911	31	16	consumption	consumption	NOUN
fsr-3911	31	17	is	be	AUX
fsr-3911	31	18	extremely	extremely	ADV
fsr-3911	31	19	low	low	ADJ
fsr-3911	31	20	or	or	CCONJ
fsr-3911	31	21	high	high	ADJ
fsr-3911	31	22	due	due	ADJ
fsr-3911	31	23	to	to	ADP
fsr-3911	31	24	extreme	extreme	ADJ
fsr-3911	31	25	returns	return	NOUN
fsr-3911	31	26	.	.	PUNCT
fsr-3911	32	1	we	we	PRON
fsr-3911	32	2	find	find	VERB
fsr-3911	32	3	that	that	SCONJ
fsr-3911	32	4	there	there	PRON
fsr-3911	32	5	are	be	VERB
fsr-3911	32	6	greater	great	ADJ
fsr-3911	32	7	chances	chance	NOUN
fsr-3911	32	8	for	for	ADP
fsr-3911	32	9	low	low	ADJ
fsr-3911	32	10	consumption	consumption	NOUN
fsr-3911	32	11	from	from	ADP
fsr-3911	32	12	t	t	NOUN
fsr-3911	32	13	-	-	PUNCT
fsr-3911	32	14	bonds	bond	NOUN
fsr-3911	32	15	and	and	CCONJ
fsr-3911	32	16	greater	great	ADJ
fsr-3911	32	17	chances	chance	NOUN
fsr-3911	32	18	for	for	ADP
fsr-3911	32	19	high	high	ADJ
fsr-3911	32	20	consumption	consumption	NOUN
fsr-3911	32	21	from	from	ADP
fsr-3911	32	22	the	the	DET
fsr-3911	32	23	stock	stock	NOUN
fsr-3911	32	24	portfolio	portfolio	NOUN
fsr-3911	32	25	,	,	PUNCT
fsr-3911	32	26	that	that	ADV
fsr-3911	32	27	is	is	ADV
fsr-3911	32	28	,	,	PUNCT
fsr-3911	32	29	there	there	PRON
fsr-3911	32	30	is	be	VERB
fsr-3911	32	31	more	more	ADJ
fsr-3911	32	32	“	"	PUNCT
fsr-3911	32	33	downside	downside	ADJ
fsr-3911	32	34	risk	risk	NOUN
fsr-3911	32	35	”	"	PUNCT
fsr-3911	32	36	from	from	ADP
fsr-3911	32	37	t	t	NOUN
fsr-3911	32	38	-	-	PUNCT
fsr-3911	32	39	bonds	bond	NOUN
fsr-3911	32	40	than	than	ADP
fsr-3911	32	41	from	from	ADP
fsr-3911	32	42	stocks	stock	NOUN
fsr-3911	32	43	and	and	CCONJ
fsr-3911	32	44	there	there	PRON
fsr-3911	32	45	is	be	VERB
fsr-3911	32	46	greater	great	ADJ
fsr-3911	32	47	“	"	PUNCT
fsr-3911	32	48	upside	upside	ADJ
fsr-3911	32	49	potential	potential	NOUN
fsr-3911	32	50	”	"	PUNCT
fsr-3911	32	51	from	from	ADP
fsr-3911	32	52	stocks	stock	NOUN
fsr-3911	32	53	than	than	ADP
fsr-3911	32	54	from	from	ADP
fsr-3911	32	55	t	t	NOUN
fsr-3911	32	56	-	-	PUNCT
fsr-3911	32	57	bonds	bond	NOUN
fsr-3911	32	58	.	.	PUNCT
fsr-3911	33	1	we	we	PRON
fsr-3911	33	2	also	also	ADV
fsr-3911	33	3	find	find	VERB
fsr-3911	33	4	that	that	SCONJ
fsr-3911	33	5	as	as	ADP
fsr-3911	33	6	the	the	DET
fsr-3911	33	7	horizon	horizon	NOUN
fsr-3911	33	8	increases	increase	NOUN
fsr-3911	33	9	,	,	PUNCT
fsr-3911	33	10	retirees	retiree	NOUN
fsr-3911	33	11	are	be	AUX
fsr-3911	33	12	guaranteed	guarantee	VERB
fsr-3911	33	13	a	a	DET
fsr-3911	33	14	low	low	ADJ
fsr-3911	33	15	consumption	consumption	NOUN
fsr-3911	33	16	from	from	ADP
fsr-3911	33	17	t	t	NOUN
fsr-3911	33	18	-	-	PUNCT
fsr-3911	33	19	bonds	bond	NOUN
fsr-3911	33	20	and	and	CCONJ
fsr-3911	33	21	,	,	PUNCT
fsr-3911	33	22	unless	unless	SCONJ
fsr-3911	33	23	circumstances	circumstance	NOUN
fsr-3911	33	24	are	be	AUX
fsr-3911	33	25	exceptional	exceptional	ADJ
fsr-3911	33	26	,	,	PUNCT
fsr-3911	33	27	they	they	PRON
fsr-3911	33	28	are	be	AUX
fsr-3911	33	29	guaranteed	guarantee	VERB
fsr-3911	33	30	better	well	ADJ
fsr-3911	33	31	consumption	consumption	NOUN
fsr-3911	33	32	from	from	ADP
fsr-3911	33	33	stocks	stock	NOUN
fsr-3911	33	34	.	.	PUNCT
fsr-3911	34	1	48	48	NUM
fsr-3911	34	2	p.p	p.p	PROPN
fsr-3911	34	3	.	.	PROPN
fsr-3911	34	4	vora	vora	PROPN
fsr-3911	34	5	/	/	SYM
fsr-3911	34	6	financial	financial	ADJ
fsr-3911	34	7	services	service	NOUN
fsr-3911	34	8	review	review	VERB
fsr-3911	34	9	9	9	NUM
fsr-3911	34	10	(	(	PUNCT
fsr-3911	34	11	2000	2000	NUM
fsr-3911	34	12	)	)	PUNCT
fsr-3911	34	13	47–63	47–63	NOUN
fsr-3911	34	14	in	in	ADP
fsr-3911	34	15	order	order	NOUN
fsr-3911	34	16	to	to	PART
fsr-3911	34	17	pinpoint	pinpoint	VERB
fsr-3911	34	18	these	these	DET
fsr-3911	34	19	exceptional	exceptional	ADJ
fsr-3911	34	20	circumstances	circumstance	NOUN
fsr-3911	34	21	,	,	PUNCT
fsr-3911	34	22	we	we	PRON
fsr-3911	34	23	construct	construct	VERB
fsr-3911	34	24	and	and	CCONJ
fsr-3911	34	25	analyze	analyze	VERB
fsr-3911	34	26	the	the	DET
fsr-3911	34	27	best	good	ADJ
fsr-3911	34	28	portfolio	portfolio	NOUN
fsr-3911	34	29	of	of	ADP
fsr-3911	34	30	stocks	stock	NOUN
fsr-3911	34	31	and	and	CCONJ
fsr-3911	34	32	t	t	NOUN
fsr-3911	34	33	-	-	PUNCT
fsr-3911	34	34	bonds	bond	NOUN
fsr-3911	34	35	by	by	ADP
fsr-3911	34	36	calculating	calculate	VERB
fsr-3911	34	37	the	the	DET
fsr-3911	34	38	optimal	optimal	ADJ
fsr-3911	34	39	weights	weight	NOUN
fsr-3911	34	40	that	that	PRON
fsr-3911	34	41	should	should	AUX
fsr-3911	34	42	have	have	AUX
fsr-3911	34	43	been	be	AUX
fsr-3911	34	44	attached	attach	VERB
fsr-3911	34	45	to	to	ADP
fsr-3911	34	46	stocks	stock	NOUN
fsr-3911	34	47	and	and	CCONJ
fsr-3911	34	48	bonds	bond	NOUN
fsr-3911	34	49	for	for	ADP
fsr-3911	34	50	every	every	DET
fsr-3911	34	51	period	period	NOUN
fsr-3911	34	52	in	in	ADP
fsr-3911	34	53	our	our	PRON
fsr-3911	34	54	study	study	NOUN
fsr-3911	34	55	.	.	PUNCT
fsr-3911	35	1	we	we	PRON
fsr-3911	35	2	find	find	VERB
fsr-3911	35	3	that	that	SCONJ
fsr-3911	35	4	the	the	DET
fsr-3911	35	5	frequency	frequency	NOUN
fsr-3911	35	6	with	with	ADP
fsr-3911	35	7	which	which	PRON
fsr-3911	35	8	the	the	DET
fsr-3911	35	9	optimal	optimal	ADJ
fsr-3911	35	10	portfolio	portfolio	NOUN
fsr-3911	35	11	should	should	AUX
fsr-3911	35	12	have	have	AUX
fsr-3911	35	13	been	be	AUX
fsr-3911	35	14	100	100	NUM
fsr-3911	35	15	%	%	NOUN
fsr-3911	35	16	invested	invest	VERB
fsr-3911	35	17	in	in	ADP
fsr-3911	35	18	stock	stock	NOUN
fsr-3911	35	19	is	be	AUX
fsr-3911	35	20	much	much	ADV
fsr-3911	35	21	greater	great	ADJ
fsr-3911	35	22	than	than	ADP
fsr-3911	35	23	the	the	DET
fsr-3911	35	24	frequency	frequency	NOUN
fsr-3911	35	25	with	with	ADP
fsr-3911	35	26	which	which	PRON
fsr-3911	35	27	the	the	DET
fsr-3911	35	28	optimal	optimal	ADJ
fsr-3911	35	29	portfolio	portfolio	NOUN
fsr-3911	35	30	should	should	AUX
fsr-3911	35	31	have	have	AUX
fsr-3911	35	32	been	be	AUX
fsr-3911	35	33	100	100	NUM
fsr-3911	35	34	%	%	NOUN
fsr-3911	35	35	invested	invest	VERB
fsr-3911	35	36	in	in	ADP
fsr-3911	35	37	bonds	bond	NOUN
fsr-3911	35	38	or	or	CCONJ
fsr-3911	35	39	in	in	ADP
fsr-3911	35	40	a	a	DET
fsr-3911	35	41	mix	mix	NOUN
fsr-3911	35	42	of	of	ADP
fsr-3911	35	43	stocks	stock	NOUN
fsr-3911	35	44	and	and	CCONJ
fsr-3911	35	45	bonds	bond	NOUN
fsr-3911	35	46	.	.	PUNCT
fsr-3911	36	1	we	we	PRON
fsr-3911	36	2	also	also	ADV
fsr-3911	36	3	find	find	VERB
fsr-3911	36	4	a	a	DET
fsr-3911	36	5	strong	strong	ADJ
fsr-3911	36	6	correlation	correlation	NOUN
fsr-3911	36	7	between	between	ADP
fsr-3911	36	8	the	the	DET
fsr-3911	36	9	occurrence	occurrence	NOUN
fsr-3911	36	10	of	of	ADP
fsr-3911	36	11	contractions	contraction	NOUN
fsr-3911	36	12	in	in	ADP
fsr-3911	36	13	the	the	DET
fsr-3911	36	14	economy	economy	NOUN
fsr-3911	36	15	and	and	CCONJ
fsr-3911	36	16	the	the	DET
fsr-3911	36	17	optimality	optimality	NOUN
fsr-3911	36	18	of	of	ADP
fsr-3911	36	19	the	the	DET
fsr-3911	36	20	t	t	PROPN
fsr-3911	36	21	-	-	PUNCT
fsr-3911	36	22	bond	bond	NOUN
fsr-3911	36	23	portfolio	portfolio	NOUN
fsr-3911	36	24	or	or	CCONJ
fsr-3911	36	25	the	the	DET
fsr-3911	36	26	portfolio	portfolio	NOUN
fsr-3911	36	27	that	that	PRON
fsr-3911	36	28	has	have	VERB
fsr-3911	36	29	a	a	DET
fsr-3911	36	30	mix	mix	NOUN
fsr-3911	36	31	of	of	ADP
fsr-3911	36	32	t	t	NOUN
fsr-3911	36	33	-	-	PUNCT
fsr-3911	36	34	bonds	bond	NOUN
fsr-3911	36	35	and	and	CCONJ
fsr-3911	36	36	stocks	stock	NOUN
fsr-3911	36	37	.	.	PUNCT
fsr-3911	37	1	this	this	DET
fsr-3911	37	2	evidence	evidence	NOUN
fsr-3911	37	3	goes	go	VERB
fsr-3911	37	4	against	against	ADP
fsr-3911	37	5	the	the	DET
fsr-3911	37	6	conventional	conventional	ADJ
fsr-3911	37	7	wisdom	wisdom	NOUN
fsr-3911	37	8	that	that	SCONJ
fsr-3911	37	9	more	more	ADJ
fsr-3911	37	10	wealth	wealth	NOUN
fsr-3911	37	11	should	should	AUX
fsr-3911	37	12	be	be	AUX
fsr-3911	37	13	allocated	allocate	VERB
fsr-3911	37	14	to	to	ADP
fsr-3911	37	15	bonds	bond	NOUN
fsr-3911	37	16	as	as	ADP
fsr-3911	37	17	one	one	NUM
fsr-3911	37	18	ages	age	NOUN
fsr-3911	37	19	.	.	PUNCT
fsr-3911	38	1	one	one	NUM
fsr-3911	38	2	such	such	ADJ
fsr-3911	38	3	rule	rule	NOUN
fsr-3911	38	4	of	of	ADP
fsr-3911	38	5	thumb	thumb	NOUN
fsr-3911	38	6	is	be	AUX
fsr-3911	38	7	that	that	SCONJ
fsr-3911	38	8	the	the	DET
fsr-3911	38	9	percentage	percentage	NOUN
fsr-3911	38	10	of	of	ADP
fsr-3911	38	11	wealth	wealth	NOUN
fsr-3911	38	12	invested	invest	VERB
fsr-3911	38	13	in	in	ADP
fsr-3911	38	14	stocks	stock	NOUN
fsr-3911	38	15	should	should	AUX
fsr-3911	38	16	be	be	AUX
fsr-3911	38	17	equal	equal	ADJ
fsr-3911	38	18	to	to	ADP
fsr-3911	38	19	100	100	NUM
fsr-3911	38	20	minus	minus	ADP
fsr-3911	38	21	the	the	DET
fsr-3911	38	22	investor	investor	NOUN
fsr-3911	38	23	’s	’s	PART
fsr-3911	38	24	age	age	NOUN
fsr-3911	38	25	.	.	PUNCT
fsr-3911	39	1	for	for	ADP
fsr-3911	39	2	a	a	DET
fsr-3911	39	3	65	65	NUM
fsr-3911	39	4	-	-	PUNCT
fsr-3911	39	5	year	year	NOUN
fsr-3911	39	6	old	old	ADJ
fsr-3911	39	7	,	,	PUNCT
fsr-3911	39	8	this	this	PRON
fsr-3911	39	9	would	would	AUX
fsr-3911	39	10	mean	mean	VERB
fsr-3911	39	11	no	no	DET
fsr-3911	39	12	more	more	ADJ
fsr-3911	39	13	than	than	ADP
fsr-3911	39	14	35	35	NUM
fsr-3911	39	15	%	%	NOUN
fsr-3911	39	16	of	of	ADP
fsr-3911	39	17	wealth	wealth	NOUN
fsr-3911	39	18	should	should	AUX
fsr-3911	39	19	be	be	AUX
fsr-3911	39	20	invested	invest	VERB
fsr-3911	39	21	in	in	ADP
fsr-3911	39	22	stocks	stock	NOUN
fsr-3911	39	23	.	.	PUNCT
fsr-3911	40	1	our	our	PRON
fsr-3911	40	2	results	result	NOUN
fsr-3911	40	3	indicate	indicate	VERB
fsr-3911	40	4	that	that	SCONJ
fsr-3911	40	5	such	such	DET
fsr-3911	40	6	an	an	DET
fsr-3911	40	7	allocation	allocation	NOUN
fsr-3911	40	8	would	would	AUX
fsr-3911	40	9	be	be	AUX
fsr-3911	40	10	very	very	ADV
fsr-3911	40	11	costly	costly	ADJ
fsr-3911	40	12	to	to	ADP
fsr-3911	40	13	older	old	ADJ
fsr-3911	40	14	investors	investor	NOUN
fsr-3911	40	15	in	in	ADP
fsr-3911	40	16	terms	term	NOUN
fsr-3911	40	17	of	of	ADP
fsr-3911	40	18	their	their	PRON
fsr-3911	40	19	standard	standard	NOUN
fsr-3911	40	20	of	of	ADP
fsr-3911	40	21	living	living	NOUN
fsr-3911	40	22	—	—	PUNCT
fsr-3911	40	23	yet	yet	ADV
fsr-3911	40	24	,	,	PUNCT
fsr-3911	40	25	we	we	PRON
fsr-3911	40	26	are	be	AUX
fsr-3911	40	27	aware	aware	ADJ
fsr-3911	40	28	that	that	SCONJ
fsr-3911	40	29	many	many	ADJ
fsr-3911	40	30	invest	invest	VERB
fsr-3911	40	31	very	very	ADV
fsr-3911	40	32	little	little	ADJ
fsr-3911	40	33	in	in	ADP
fsr-3911	40	34	stocks	stock	NOUN
fsr-3911	40	35	relative	relative	ADJ
fsr-3911	40	36	to	to	ADP
fsr-3911	40	37	bonds	bond	NOUN
fsr-3911	40	38	.	.	PUNCT
fsr-3911	41	1	we	we	PRON
fsr-3911	41	2	speculate	speculate	VERB
fsr-3911	41	3	that	that	SCONJ
fsr-3911	41	4	this	this	PRON
fsr-3911	41	5	may	may	AUX
fsr-3911	41	6	be	be	AUX
fsr-3911	41	7	related	relate	VERB
fsr-3911	41	8	to	to	ADP
fsr-3911	41	9	the	the	DET
fsr-3911	41	10	fact	fact	NOUN
fsr-3911	41	11	that	that	SCONJ
fsr-3911	41	12	the	the	DET
fsr-3911	41	13	current	current	ADJ
fsr-3911	41	14	cohort	cohort	NOUN
fsr-3911	41	15	of	of	ADP
fsr-3911	41	16	elderly	elderly	ADJ
fsr-3911	41	17	investors	investor	NOUN
fsr-3911	41	18	grew	grow	VERB
fsr-3911	41	19	up	up	ADP
fsr-3911	41	20	during	during	ADP
fsr-3911	41	21	the	the	DET
fsr-3911	41	22	great	great	ADJ
fsr-3911	41	23	depression	depression	NOUN
fsr-3911	41	24	and	and	CCONJ
fsr-3911	41	25	world	world	PROPN
fsr-3911	41	26	war	war	PROPN
fsr-3911	41	27	ii	ii	PROPN
fsr-3911	41	28	and	and	CCONJ
fsr-3911	41	29	may	may	AUX
fsr-3911	41	30	be	be	AUX
fsr-3911	41	31	extremely	extremely	ADV
fsr-3911	41	32	sensitive	sensitive	ADJ
fsr-3911	41	33	,	,	PUNCT
fsr-3911	41	34	perhaps	perhaps	ADV
fsr-3911	41	35	overly	overly	ADV
fsr-3911	41	36	so	so	ADV
fsr-3911	41	37	,	,	PUNCT
fsr-3911	41	38	to	to	ADP
fsr-3911	41	39	the	the	DET
fsr-3911	41	40	risk	risk	NOUN
fsr-3911	41	41	associated	associate	VERB
fsr-3911	41	42	with	with	ADP
fsr-3911	41	43	loss	loss	NOUN
fsr-3911	41	44	of	of	ADP
fsr-3911	41	45	wealth	wealth	NOUN
fsr-3911	41	46	from	from	ADP
fsr-3911	41	47	stocks	stock	NOUN
fsr-3911	41	48	.	.	PUNCT
fsr-3911	42	1	in	in	ADP
fsr-3911	42	2	the	the	DET
fsr-3911	42	3	next	next	ADJ
fsr-3911	42	4	section	section	NOUN
fsr-3911	42	5	we	we	PRON
fsr-3911	42	6	summarize	summarize	VERB
fsr-3911	42	7	some	some	PRON
fsr-3911	42	8	of	of	ADP
fsr-3911	42	9	the	the	DET
fsr-3911	42	10	studies	study	NOUN
fsr-3911	42	11	that	that	PRON
fsr-3911	42	12	look	look	VERB
fsr-3911	42	13	at	at	ADP
fsr-3911	42	14	the	the	DET
fsr-3911	42	15	asset	asset	NOUN
fsr-3911	42	16	allocation	allocation	NOUN
fsr-3911	42	17	decision	decision	NOUN
fsr-3911	42	18	and	and	CCONJ
fsr-3911	42	19	present	present	VERB
fsr-3911	42	20	our	our	PRON
fsr-3911	42	21	hypotheses	hypothesis	NOUN
fsr-3911	42	22	;	;	PUNCT
fsr-3911	42	23	in	in	ADP
fsr-3911	42	24	section	section	NOUN
fsr-3911	42	25	3	3	NUM
fsr-3911	42	26	we	we	PRON
fsr-3911	42	27	describe	describe	VERB
fsr-3911	42	28	our	our	PRON
fsr-3911	42	29	data	datum	NOUN
fsr-3911	42	30	and	and	CCONJ
fsr-3911	42	31	methods	method	NOUN
fsr-3911	42	32	;	;	PUNCT
fsr-3911	42	33	in	in	ADP
fsr-3911	42	34	section	section	NOUN
fsr-3911	42	35	4	4	NUM
fsr-3911	42	36	we	we	PRON
fsr-3911	42	37	present	present	VERB
fsr-3911	42	38	our	our	PRON
fsr-3911	42	39	results	result	NOUN
fsr-3911	42	40	,	,	PUNCT
fsr-3911	42	41	and	and	CCONJ
fsr-3911	42	42	we	we	PRON
fsr-3911	42	43	conclude	conclude	VERB
fsr-3911	42	44	in	in	ADP
fsr-3911	42	45	section	section	NOUN
fsr-3911	42	46	5	5	NUM
fsr-3911	42	47	.	.	SYM
fsr-3911	42	48	2	2	NUM
fsr-3911	42	49	.	.	X
fsr-3911	42	50	literature	literature	NOUN
fsr-3911	42	51	review	review	PROPN
fsr-3911	42	52	and	and	CCONJ
fsr-3911	42	53	hypotheses	hypothesis	NOUN
fsr-3911	42	54	in	in	ADP
fsr-3911	42	55	this	this	DET
fsr-3911	42	56	section	section	NOUN
fsr-3911	42	57	,	,	PUNCT
fsr-3911	42	58	we	we	PRON
fsr-3911	42	59	review	review	VERB
fsr-3911	42	60	some	some	DET
fsr-3911	42	61	prior	prior	ADJ
fsr-3911	42	62	work	work	NOUN
fsr-3911	42	63	on	on	ADP
fsr-3911	42	64	optimal	optimal	ADJ
fsr-3911	42	65	asset	asset	NOUN
fsr-3911	42	66	allocation	allocation	NOUN
fsr-3911	42	67	between	between	ADP
fsr-3911	42	68	stocks	stock	NOUN
fsr-3911	42	69	and	and	CCONJ
fsr-3911	42	70	bonds	bond	NOUN
fsr-3911	42	71	for	for	ADP
fsr-3911	42	72	retirees	retiree	NOUN
fsr-3911	42	73	and	and	CCONJ
fsr-3911	42	74	the	the	DET
fsr-3911	42	75	findings	finding	NOUN
fsr-3911	42	76	on	on	ADP
fsr-3911	42	77	dollar	dollar	NOUN
fsr-3911	42	78	-	-	PUNCT
fsr-3911	42	79	cost	cost	NOUN
fsr-3911	42	80	averaging	averaging	NOUN
fsr-3911	42	81	(	(	PUNCT
fsr-3911	42	82	dca	dca	PROPN
fsr-3911	42	83	)	)	PUNCT
fsr-3911	42	84	.	.	PUNCT
fsr-3911	43	1	it	it	PRON
fsr-3911	43	2	appears	appear	VERB
fsr-3911	43	3	that	that	SCONJ
fsr-3911	43	4	little	little	ADJ
fsr-3911	43	5	work	work	NOUN
fsr-3911	43	6	has	have	AUX
fsr-3911	43	7	been	be	AUX
fsr-3911	43	8	done	do	VERB
fsr-3911	43	9	to	to	PART
fsr-3911	43	10	address	address	VERB
fsr-3911	43	11	the	the	DET
fsr-3911	43	12	former	former	ADJ
fsr-3911	43	13	issue	issue	NOUN
fsr-3911	43	14	while	while	SCONJ
fsr-3911	43	15	substantial	substantial	ADJ
fsr-3911	43	16	work	work	NOUN
fsr-3911	43	17	has	have	AUX
fsr-3911	43	18	been	be	AUX
fsr-3911	43	19	done	do	VERB
fsr-3911	43	20	on	on	ADP
fsr-3911	43	21	the	the	DET
fsr-3911	43	22	latter	latter	ADJ
fsr-3911	43	23	topic	topic	NOUN
fsr-3911	43	24	.	.	PUNCT
fsr-3911	44	1	we	we	PRON
fsr-3911	44	2	were	be	AUX
fsr-3911	44	3	able	able	ADJ
fsr-3911	44	4	to	to	PART
fsr-3911	44	5	find	find	VERB
fsr-3911	44	6	only	only	ADV
fsr-3911	44	7	two	two	NUM
fsr-3911	44	8	studies	study	NOUN
fsr-3911	44	9	that	that	PRON
fsr-3911	44	10	looked	look	VERB
fsr-3911	44	11	squarely	squarely	ADV
fsr-3911	44	12	at	at	ADP
fsr-3911	44	13	the	the	DET
fsr-3911	44	14	question	question	NOUN
fsr-3911	44	15	of	of	ADP
fsr-3911	44	16	optimal	optimal	ADJ
fsr-3911	44	17	allocation	allocation	NOUN
fsr-3911	44	18	for	for	ADP
fsr-3911	44	19	retirees	retiree	NOUN
fsr-3911	44	20	.	.	PUNCT
fsr-3911	45	1	bengen	bengen	NOUN
fsr-3911	45	2	(	(	PUNCT
fsr-3911	45	3	1994	1994	NUM
fsr-3911	45	4	)	)	PUNCT
fsr-3911	45	5	finds	find	VERB
fsr-3911	45	6	,	,	PUNCT
fsr-3911	45	7	for	for	ADP
fsr-3911	45	8	a	a	DET
fsr-3911	45	9	retiree	retiree	NOUN
fsr-3911	45	10	who	who	PRON
fsr-3911	45	11	has	have	VERB
fsr-3911	45	12	a	a	DET
fsr-3911	45	13	horizon	horizon	NOUN
fsr-3911	45	14	of	of	ADP
fsr-3911	45	15	at	at	ADV
fsr-3911	45	16	least	least	ADV
fsr-3911	45	17	30	30	NUM
fsr-3911	45	18	years	year	NOUN
fsr-3911	45	19	,	,	PUNCT
fsr-3911	45	20	that	that	SCONJ
fsr-3911	45	21	a	a	DET
fsr-3911	45	22	50–50	50–50	NUM
fsr-3911	45	23	to	to	ADP
fsr-3911	45	24	a	a	DET
fsr-3911	45	25	75–25	75–25	NUM
fsr-3911	45	26	stock	stock	NOUN
fsr-3911	45	27	-	-	PUNCT
fsr-3911	45	28	bond	bond	NOUN
fsr-3911	45	29	combination	combination	NOUN
fsr-3911	45	30	is	be	AUX
fsr-3911	45	31	optimal	optimal	ADJ
fsr-3911	45	32	in	in	ADP
fsr-3911	45	33	retirement	retirement	NOUN
fsr-3911	45	34	if	if	SCONJ
fsr-3911	45	35	the	the	DET
fsr-3911	45	36	primary	primary	ADJ
fsr-3911	45	37	goal	goal	NOUN
fsr-3911	45	38	of	of	ADP
fsr-3911	45	39	the	the	DET
fsr-3911	45	40	retiree	retiree	NOUN
fsr-3911	45	41	is	be	AUX
fsr-3911	45	42	to	to	PART
fsr-3911	45	43	not	not	PART
fsr-3911	45	44	outlive	outlive	VERB
fsr-3911	45	45	his	his	PRON
fsr-3911	45	46	assets	asset	NOUN
fsr-3911	45	47	.	.	PUNCT
fsr-3911	46	1	in	in	ADP
fsr-3911	46	2	related	related	ADJ
fsr-3911	46	3	literature	literature	NOUN
fsr-3911	46	4	,	,	PUNCT
fsr-3911	46	5	jagannathan	jagannathan	NOUN
fsr-3911	46	6	and	and	CCONJ
fsr-3911	46	7	kocherlakota	kocherlakota	PROPN
fsr-3911	46	8	(	(	PUNCT
fsr-3911	46	9	1996	1996	NUM
fsr-3911	46	10	)	)	PUNCT
fsr-3911	46	11	pose	pose	VERB
fsr-3911	46	12	the	the	DET
fsr-3911	46	13	question	question	NOUN
fsr-3911	46	14	“	"	PUNCT
fsr-3911	46	15	why	why	SCONJ
fsr-3911	46	16	should	should	AUX
fsr-3911	46	17	older	old	ADJ
fsr-3911	46	18	people	people	NOUN
fsr-3911	46	19	invest	invest	VERB
fsr-3911	46	20	less	less	ADJ
fsr-3911	46	21	in	in	ADP
fsr-3911	46	22	stocks	stock	NOUN
fsr-3911	46	23	than	than	ADP
fsr-3911	46	24	younger	young	ADJ
fsr-3911	46	25	people	people	NOUN
fsr-3911	46	26	?	?	PUNCT
fsr-3911	46	27	”	"	PUNCT
fsr-3911	47	1	they	they	PRON
fsr-3911	47	2	consider	consider	VERB
fsr-3911	47	3	a	a	DET
fsr-3911	47	4	number	number	NOUN
fsr-3911	47	5	of	of	ADP
fsr-3911	47	6	alternative	alternative	ADJ
fsr-3911	47	7	explanations	explanation	NOUN
fsr-3911	47	8	and	and	CCONJ
fsr-3911	47	9	they	they	PRON
fsr-3911	47	10	conclude	conclude	VERB
fsr-3911	47	11	that	that	SCONJ
fsr-3911	47	12	the	the	DET
fsr-3911	47	13	only	only	ADJ
fsr-3911	47	14	plausible	plausible	ADJ
fsr-3911	47	15	explanation	explanation	NOUN
fsr-3911	47	16	is	be	AUX
fsr-3911	47	17	that	that	SCONJ
fsr-3911	47	18	the	the	DET
fsr-3911	47	19	value	value	NOUN
fsr-3911	47	20	of	of	ADP
fsr-3911	47	21	their	their	PRON
fsr-3911	47	22	human	human	ADJ
fsr-3911	47	23	capital	capital	NOUN
fsr-3911	47	24	(	(	PUNCT
fsr-3911	47	25	which	which	PRON
fsr-3911	47	26	is	be	AUX
fsr-3911	47	27	considered	consider	VERB
fsr-3911	47	28	riskless	riskless	NOUN
fsr-3911	47	29	)	)	PUNCT
fsr-3911	47	30	decreases	decrease	NOUN
fsr-3911	47	31	as	as	SCONJ
fsr-3911	47	32	they	they	PRON
fsr-3911	47	33	age	age	VERB
fsr-3911	47	34	so	so	SCONJ
fsr-3911	47	35	that	that	SCONJ
fsr-3911	47	36	they	they	PRON
fsr-3911	47	37	need	need	VERB
fsr-3911	47	38	to	to	PART
fsr-3911	47	39	shift	shift	VERB
fsr-3911	47	40	more	more	ADJ
fsr-3911	47	41	financial	financial	ADJ
fsr-3911	47	42	wealth	wealth	NOUN
fsr-3911	47	43	into	into	ADP
fsr-3911	47	44	risk	risk	NOUN
fsr-3911	47	45	less	less	ADJ
fsr-3911	47	46	assets	asset	NOUN
fsr-3911	47	47	in	in	ADP
fsr-3911	47	48	order	order	NOUN
fsr-3911	47	49	to	to	PART
fsr-3911	47	50	reach	reach	VERB
fsr-3911	47	51	their	their	PRON
fsr-3911	47	52	optimal	optimal	ADJ
fsr-3911	47	53	portfolio	portfolio	NOUN
fsr-3911	47	54	.	.	PUNCT
fsr-3911	48	1	although	although	SCONJ
fsr-3911	48	2	siegel	siegel	PROPN
fsr-3911	48	3	(	(	PUNCT
fsr-3911	48	4	1994	1994	NUM
fsr-3911	48	5	)	)	PUNCT
fsr-3911	48	6	does	do	AUX
fsr-3911	48	7	not	not	PART
fsr-3911	48	8	look	look	VERB
fsr-3911	48	9	at	at	ADP
fsr-3911	48	10	optimal	optimal	ADJ
fsr-3911	48	11	asset	asset	NOUN
fsr-3911	48	12	allocation	allocation	NOUN
fsr-3911	48	13	in	in	ADP
fsr-3911	48	14	retirement	retirement	NOUN
fsr-3911	48	15	,	,	PUNCT
fsr-3911	48	16	he	he	PRON
fsr-3911	48	17	presents	present	VERB
fsr-3911	48	18	an	an	DET
fsr-3911	48	19	impressive	impressive	ADJ
fsr-3911	48	20	array	array	NOUN
fsr-3911	48	21	of	of	ADP
fsr-3911	48	22	statistics	statistic	NOUN
fsr-3911	48	23	,	,	PUNCT
fsr-3911	48	24	particularly	particularly	ADV
fsr-3911	48	25	in	in	ADP
fsr-3911	48	26	the	the	DET
fsr-3911	48	27	first	first	ADJ
fsr-3911	48	28	two	two	NUM
fsr-3911	48	29	chapters	chapter	NOUN
fsr-3911	48	30	,	,	PUNCT
fsr-3911	48	31	to	to	PART
fsr-3911	48	32	make	make	VERB
fsr-3911	48	33	the	the	DET
fsr-3911	48	34	case	case	NOUN
fsr-3911	48	35	that	that	SCONJ
fsr-3911	48	36	stocks	stock	NOUN
fsr-3911	48	37	are	be	AUX
fsr-3911	48	38	far	far	ADV
fsr-3911	48	39	superior	superior	ADJ
fsr-3911	48	40	to	to	ADP
fsr-3911	48	41	bonds	bond	NOUN
fsr-3911	48	42	in	in	ADP
fsr-3911	48	43	terms	term	NOUN
fsr-3911	48	44	of	of	ADP
fsr-3911	48	45	risk	risk	NOUN
fsr-3911	48	46	and	and	CCONJ
fsr-3911	48	47	return	return	NOUN
fsr-3911	48	48	,	,	PUNCT
fsr-3911	48	49	especially	especially	ADV
fsr-3911	48	50	over	over	ADP
fsr-3911	48	51	long	long	ADJ
fsr-3911	48	52	holding	holding	NOUN
fsr-3911	48	53	periods	period	NOUN
fsr-3911	48	54	.	.	PUNCT
fsr-3911	49	1	on	on	ADP
fsr-3911	49	2	the	the	DET
fsr-3911	49	3	topic	topic	NOUN
fsr-3911	49	4	of	of	ADP
fsr-3911	49	5	dca	dca	PROPN
fsr-3911	49	6	,	,	PUNCT
fsr-3911	49	7	constantinides	constantinide	VERB
fsr-3911	49	8	,	,	PUNCT
fsr-3911	49	9	(	(	PUNCT
fsr-3911	49	10	1979	1979	NUM
fsr-3911	49	11	)	)	PUNCT
fsr-3911	49	12	shows	show	VERB
fsr-3911	49	13	that	that	SCONJ
fsr-3911	49	14	it	it	PRON
fsr-3911	49	15	is	be	AUX
fsr-3911	49	16	a	a	DET
fsr-3911	49	17	sub	sub	NOUN
fsr-3911	49	18	optimal	optimal	ADJ
fsr-3911	49	19	investment	investment	NOUN
fsr-3911	49	20	policy	policy	NOUN
fsr-3911	49	21	because	because	SCONJ
fsr-3911	49	22	it	it	PRON
fsr-3911	49	23	depends	depend	VERB
fsr-3911	49	24	upon	upon	SCONJ
fsr-3911	49	25	the	the	DET
fsr-3911	49	26	composition	composition	NOUN
fsr-3911	49	27	(	(	PUNCT
fsr-3911	49	28	and	and	CCONJ
fsr-3911	49	29	not	not	PART
fsr-3911	49	30	just	just	ADV
fsr-3911	49	31	size	size	NOUN
fsr-3911	49	32	)	)	PUNCT
fsr-3911	49	33	of	of	ADP
fsr-3911	49	34	the	the	DET
fsr-3911	49	35	investor	investor	NOUN
fsr-3911	49	36	’s	’s	PART
fsr-3911	49	37	wealth	wealth	NOUN
fsr-3911	49	38	while	while	SCONJ
fsr-3911	49	39	the	the	DET
fsr-3911	49	40	optimal	optimal	ADJ
fsr-3911	49	41	nonsequential	nonsequential	ADJ
fsr-3911	49	42	policy	policy	NOUN
fsr-3911	49	43	is	be	AUX
fsr-3911	49	44	independent	independent	ADJ
fsr-3911	49	45	of	of	ADP
fsr-3911	49	46	the	the	DET
fsr-3911	49	47	composition	composition	NOUN
fsr-3911	49	48	of	of	ADP
fsr-3911	49	49	the	the	DET
fsr-3911	49	50	investor	investor	NOUN
fsr-3911	49	51	’s	’s	PART
fsr-3911	49	52	wealth	wealth	NOUN
fsr-3911	49	53	.	.	PUNCT
fsr-3911	50	1	knight	knight	PROPN
fsr-3911	50	2	and	and	CCONJ
fsr-3911	50	3	mandell	mandell	PROPN
fsr-3911	50	4	(	(	PUNCT
fsr-3911	50	5	1993	1993	NUM
fsr-3911	50	6	)	)	PUNCT
fsr-3911	50	7	demonstrate	demonstrate	VERB
fsr-3911	50	8	numerically	numerically	ADV
fsr-3911	50	9	that	that	SCONJ
fsr-3911	50	10	a	a	DET
fsr-3911	50	11	risk	risk	NOUN
fsr-3911	50	12	averse	averse	ADJ
fsr-3911	50	13	investor	investor	NOUN
fsr-3911	50	14	would	would	AUX
fsr-3911	50	15	get	get	VERB
fsr-3911	50	16	lower	low	ADJ
fsr-3911	50	17	utility	utility	NOUN
fsr-3911	50	18	under	under	ADP
fsr-3911	50	19	dca	dca	PROPN
fsr-3911	50	20	versus	versus	ADP
fsr-3911	50	21	a	a	DET
fsr-3911	50	22	lump	lump	NOUN
fsr-3911	50	23	sum	sum	NOUN
fsr-3911	50	24	or	or	CCONJ
fsr-3911	50	25	an	an	DET
fsr-3911	50	26	optimal	optimal	ADJ
fsr-3911	50	27	rebalancing	rebalancing	NOUN
fsr-3911	50	28	strategy	strategy	NOUN
fsr-3911	50	29	.	.	PUNCT
fsr-3911	51	1	49p.p	49p.p	NUM
fsr-3911	51	2	.	.	PUNCT
fsr-3911	52	1	vora	vora	NOUN
fsr-3911	52	2	/	/	SYM
fsr-3911	52	3	financial	financial	ADJ
fsr-3911	52	4	services	service	NOUN
fsr-3911	52	5	review	review	VERB
fsr-3911	52	6	9	9	NUM
fsr-3911	52	7	(	(	PUNCT
fsr-3911	52	8	2000	2000	NUM
fsr-3911	52	9	)	)	PUNCT
fsr-3911	52	10	47–63	47–63	NOUN
fsr-3911	52	11	additionally	additionally	ADV
fsr-3911	52	12	,	,	PUNCT
fsr-3911	52	13	they	they	PRON
fsr-3911	52	14	provide	provide	VERB
fsr-3911	52	15	empirical	empirical	ADJ
fsr-3911	52	16	evidence	evidence	NOUN
fsr-3911	52	17	that	that	SCONJ
fsr-3911	52	18	the	the	DET
fsr-3911	52	19	utility	utility	NOUN
fsr-3911	52	20	of	of	ADP
fsr-3911	52	21	risk	risk	NOUN
fsr-3911	52	22	averse	averse	ADJ
fsr-3911	52	23	investors	investor	NOUN
fsr-3911	52	24	would	would	AUX
fsr-3911	52	25	have	have	AUX
fsr-3911	52	26	been	be	AUX
fsr-3911	52	27	lower	low	ADJ
fsr-3911	52	28	in	in	ADP
fsr-3911	52	29	the	the	DET
fsr-3911	52	30	1962–92	1962–92	NUM
fsr-3911	52	31	period	period	NOUN
fsr-3911	52	32	under	under	ADP
fsr-3911	52	33	dca	dca	PROPN
fsr-3911	52	34	as	as	SCONJ
fsr-3911	52	35	opposed	oppose	VERB
fsr-3911	52	36	to	to	ADP
fsr-3911	52	37	a	a	DET
fsr-3911	52	38	lump	lump	NOUN
fsr-3911	52	39	sum	sum	NOUN
fsr-3911	52	40	or	or	CCONJ
fsr-3911	52	41	optimal	optimal	ADJ
fsr-3911	52	42	rebalancing	rebalancing	NOUN
fsr-3911	52	43	strategy	strategy	NOUN
fsr-3911	52	44	.	.	PUNCT
fsr-3911	53	1	in	in	ADP
fsr-3911	53	2	a	a	DET
fsr-3911	53	3	similar	similar	ADJ
fsr-3911	53	4	vein	vein	NOUN
fsr-3911	53	5	,	,	PUNCT
fsr-3911	53	6	rozeff	rozeff	NOUN
fsr-3911	53	7	(	(	PUNCT
fsr-3911	53	8	1994	1994	NUM
fsr-3911	53	9	)	)	PUNCT
fsr-3911	53	10	analytically	analytically	ADV
fsr-3911	53	11	and	and	CCONJ
fsr-3911	53	12	empirically	empirically	ADV
fsr-3911	53	13	demonstrates	demonstrate	VERB
fsr-3911	53	14	the	the	DET
fsr-3911	53	15	superiority	superiority	NOUN
fsr-3911	53	16	of	of	ADP
fsr-3911	53	17	a	a	DET
fsr-3911	53	18	lump	lump	NOUN
fsr-3911	53	19	sum	sum	NOUN
fsr-3911	53	20	strategy	strategy	NOUN
fsr-3911	53	21	over	over	ADP
fsr-3911	53	22	dca	dca	PROPN
fsr-3911	53	23	.	.	PUNCT
fsr-3911	54	1	thus	thus	ADV
fsr-3911	54	2	,	,	PUNCT
fsr-3911	54	3	there	there	PRON
fsr-3911	54	4	appears	appear	VERB
fsr-3911	54	5	to	to	PART
fsr-3911	54	6	be	be	AUX
fsr-3911	54	7	a	a	DET
fsr-3911	54	8	consensus	consensus	NOUN
fsr-3911	54	9	in	in	ADP
fsr-3911	54	10	the	the	DET
fsr-3911	54	11	literature	literature	NOUN
fsr-3911	54	12	that	that	PRON
fsr-3911	54	13	dca	dca	PROPN
fsr-3911	54	14	is	be	AUX
fsr-3911	54	15	inferior	inferior	ADJ
fsr-3911	54	16	to	to	ADP
fsr-3911	54	17	a	a	DET
fsr-3911	54	18	lump	lump	NOUN
fsr-3911	54	19	sum	sum	NOUN
fsr-3911	54	20	strategy	strategy	NOUN
fsr-3911	54	21	of	of	ADP
fsr-3911	54	22	investing	invest	VERB
fsr-3911	54	23	into	into	ADP
fsr-3911	54	24	stocks	stock	NOUN
fsr-3911	54	25	.	.	PUNCT
fsr-3911	55	1	in	in	ADP
fsr-3911	55	2	the	the	DET
fsr-3911	55	3	face	face	NOUN
fsr-3911	55	4	of	of	ADP
fsr-3911	55	5	all	all	DET
fsr-3911	55	6	this	this	DET
fsr-3911	55	7	research	research	NOUN
fsr-3911	55	8	why	why	SCONJ
fsr-3911	55	9	does	do	AUX
fsr-3911	55	10	dca	dca	PROPN
fsr-3911	55	11	persist	persist	VERB
fsr-3911	55	12	?	?	PUNCT
fsr-3911	56	1	statman	statman	NOUN
fsr-3911	56	2	(	(	PUNCT
fsr-3911	56	3	1995	1995	NUM
fsr-3911	56	4	)	)	PUNCT
fsr-3911	56	5	offers	offer	VERB
fsr-3911	56	6	four	four	NUM
fsr-3911	56	7	behavioral	behavioral	ADJ
fsr-3911	56	8	explanations	explanation	NOUN
fsr-3911	56	9	for	for	ADP
fsr-3911	56	10	the	the	DET
fsr-3911	56	11	resilience	resilience	NOUN
fsr-3911	56	12	of	of	ADP
fsr-3911	56	13	dca	dca	PROPN
fsr-3911	56	14	,	,	PUNCT
fsr-3911	56	15	although	although	SCONJ
fsr-3911	56	16	he	he	PRON
fsr-3911	56	17	provides	provide	VERB
fsr-3911	56	18	no	no	DET
fsr-3911	56	19	evidence	evidence	NOUN
fsr-3911	56	20	on	on	ADP
fsr-3911	56	21	which	which	PRON
fsr-3911	56	22	is	be	AUX
fsr-3911	56	23	the	the	DET
fsr-3911	56	24	most	most	ADV
fsr-3911	56	25	plausible	plausible	ADJ
fsr-3911	56	26	explanation	explanation	NOUN
fsr-3911	56	27	.	.	PUNCT
fsr-3911	57	1	our	our	PRON
fsr-3911	57	2	study	study	NOUN
fsr-3911	57	3	is	be	AUX
fsr-3911	57	4	somewhat	somewhat	ADV
fsr-3911	57	5	related	related	ADJ
fsr-3911	57	6	to	to	PART
fsr-3911	57	7	bengen	bengen	VERB
fsr-3911	57	8	’s	’s	ADV
fsr-3911	57	9	because	because	SCONJ
fsr-3911	57	10	we	we	PRON
fsr-3911	57	11	want	want	VERB
fsr-3911	57	12	to	to	PART
fsr-3911	57	13	study	study	VERB
fsr-3911	57	14	whether	whether	SCONJ
fsr-3911	57	15	stocks	stock	NOUN
fsr-3911	57	16	are	be	AUX
fsr-3911	57	17	better	well	ADJ
fsr-3911	57	18	in	in	ADP
fsr-3911	57	19	retirement	retirement	NOUN
fsr-3911	57	20	than	than	ADP
fsr-3911	57	21	bonds	bond	NOUN
fsr-3911	57	22	.	.	PUNCT
fsr-3911	58	1	our	our	PRON
fsr-3911	58	2	study	study	NOUN
fsr-3911	58	3	is	be	AUX
fsr-3911	58	4	related	relate	VERB
fsr-3911	58	5	to	to	ADP
fsr-3911	58	6	the	the	DET
fsr-3911	58	7	dca	dca	PROPN
fsr-3911	58	8	literature	literature	PROPN
fsr-3911	58	9	in	in	ADP
fsr-3911	58	10	the	the	DET
fsr-3911	58	11	following	follow	VERB
fsr-3911	58	12	respect	respect	NOUN
fsr-3911	58	13	:	:	PUNCT
fsr-3911	58	14	a	a	DET
fsr-3911	58	15	retiree	retiree	NOUN
fsr-3911	58	16	’s	’s	PART
fsr-3911	58	17	objective	objective	NOUN
fsr-3911	58	18	is	be	AUX
fsr-3911	58	19	fundamentally	fundamentally	ADV
fsr-3911	58	20	different	different	ADJ
fsr-3911	58	21	from	from	ADP
fsr-3911	58	22	an	an	DET
fsr-3911	58	23	individual	individual	NOUN
fsr-3911	58	24	who	who	PRON
fsr-3911	58	25	is	be	AUX
fsr-3911	58	26	building	build	VERB
fsr-3911	58	27	assets	asset	NOUN
fsr-3911	58	28	during	during	ADP
fsr-3911	58	29	his	his	PRON
fsr-3911	58	30	earning	earn	VERB
fsr-3911	58	31	life	life	NOUN
fsr-3911	58	32	.	.	PUNCT
fsr-3911	59	1	a	a	DET
fsr-3911	59	2	retiree	retiree	NOUN
fsr-3911	59	3	is	be	AUX
fsr-3911	59	4	concerned	concern	VERB
fsr-3911	59	5	with	with	ADP
fsr-3911	59	6	the	the	DET
fsr-3911	59	7	amount	amount	NOUN
fsr-3911	59	8	of	of	ADP
fsr-3911	59	9	consumption	consumption	NOUN
fsr-3911	59	10	that	that	PRON
fsr-3911	59	11	his	his	PRON
fsr-3911	59	12	assets	asset	NOUN
fsr-3911	59	13	will	will	AUX
fsr-3911	59	14	allow	allow	VERB
fsr-3911	59	15	him	he	PRON
fsr-3911	59	16	.	.	PUNCT
fsr-3911	60	1	in	in	ADP
fsr-3911	60	2	order	order	NOUN
fsr-3911	60	3	to	to	PART
fsr-3911	60	4	consume	consume	VERB
fsr-3911	60	5	he	he	PRON
fsr-3911	60	6	will	will	AUX
fsr-3911	60	7	disinvest	disinvest	VERB
fsr-3911	60	8	periodically	periodically	ADV
fsr-3911	60	9	from	from	ADP
fsr-3911	60	10	his	his	PRON
fsr-3911	60	11	financial	financial	ADJ
fsr-3911	60	12	assets	asset	NOUN
fsr-3911	60	13	.	.	PUNCT
fsr-3911	61	1	we	we	PRON
fsr-3911	61	2	call	call	VERB
fsr-3911	61	3	this	this	DET
fsr-3911	61	4	activity	activity	NOUN
fsr-3911	61	5	dollar	dollar	NOUN
fsr-3911	61	6	-	-	PUNCT
fsr-3911	61	7	cost	cost	NOUN
fsr-3911	61	8	disinvesting	disinvesting	NOUN
fsr-3911	61	9	and	and	CCONJ
fsr-3911	61	10	it	it	PRON
fsr-3911	61	11	is	be	AUX
fsr-3911	61	12	the	the	DET
fsr-3911	61	13	reverse	reverse	NOUN
fsr-3911	61	14	of	of	ADP
fsr-3911	61	15	dca	dca	PROPN
fsr-3911	61	16	.	.	PUNCT
fsr-3911	62	1	our	our	PRON
fsr-3911	62	2	main	main	ADJ
fsr-3911	62	3	hypothesis	hypothesis	NOUN
fsr-3911	62	4	is	be	AUX
fsr-3911	62	5	that	that	SCONJ
fsr-3911	62	6	dollar	dollar	NOUN
fsr-3911	62	7	-	-	PUNCT
fsr-3911	62	8	cost	cost	NOUN
fsr-3911	62	9	disinvesting	disinvesting	NOUN
fsr-3911	62	10	from	from	ADP
fsr-3911	62	11	stocks	stock	NOUN
fsr-3911	62	12	will	will	AUX
fsr-3911	62	13	lead	lead	VERB
fsr-3911	62	14	to	to	ADP
fsr-3911	62	15	a	a	DET
fsr-3911	62	16	higher	high	ADJ
fsr-3911	62	17	magnitude	magnitude	NOUN
fsr-3911	62	18	of	of	ADP
fsr-3911	62	19	consumption	consumption	NOUN
fsr-3911	62	20	than	than	ADP
fsr-3911	62	21	from	from	ADP
fsr-3911	62	22	bonds	bond	NOUN
fsr-3911	62	23	.	.	PUNCT
fsr-3911	63	1	this	this	DET
fsr-3911	63	2	hypothesis	hypothesis	NOUN
fsr-3911	63	3	follows	follow	VERB
fsr-3911	63	4	from	from	ADP
fsr-3911	63	5	the	the	DET
fsr-3911	63	6	dca	dca	PROPN
fsr-3911	63	7	literature	literature	PROPN
fsr-3911	63	8	that	that	PRON
fsr-3911	63	9	consistently	consistently	ADV
fsr-3911	63	10	shows	show	VERB
fsr-3911	63	11	that	that	SCONJ
fsr-3911	63	12	dca	dca	PROPN
fsr-3911	63	13	into	into	ADP
fsr-3911	63	14	stocks	stock	NOUN
fsr-3911	63	15	is	be	AUX
fsr-3911	63	16	sub	sub	NOUN
fsr-3911	63	17	optimal	optimal	ADJ
fsr-3911	63	18	.	.	PUNCT
fsr-3911	64	1	our	our	PRON
fsr-3911	64	2	second	second	ADJ
fsr-3911	64	3	hypothesis	hypothesis	NOUN
fsr-3911	64	4	is	be	AUX
fsr-3911	64	5	that	that	SCONJ
fsr-3911	64	6	dollar	dollar	NOUN
fsr-3911	64	7	-	-	PUNCT
fsr-3911	64	8	cost	cost	NOUN
fsr-3911	64	9	disinvesting	disinvesting	NOUN
fsr-3911	64	10	from	from	ADP
fsr-3911	64	11	stocks	stock	NOUN
fsr-3911	64	12	gets	get	VERB
fsr-3911	64	13	continuously	continuously	ADV
fsr-3911	64	14	better	well	ADV
fsr-3911	64	15	relative	relative	ADJ
fsr-3911	64	16	to	to	ADP
fsr-3911	64	17	bonds	bond	NOUN
fsr-3911	64	18	as	as	SCONJ
fsr-3911	64	19	the	the	DET
fsr-3911	64	20	retirement	retirement	NOUN
fsr-3911	64	21	horizon	horizon	NOUN
fsr-3911	64	22	gets	get	VERB
fsr-3911	64	23	longer	long	ADJ
fsr-3911	64	24	.	.	PUNCT
fsr-3911	65	1	although	although	SCONJ
fsr-3911	65	2	we	we	PRON
fsr-3911	65	3	are	be	AUX
fsr-3911	65	4	unaware	unaware	ADJ
fsr-3911	65	5	of	of	ADP
fsr-3911	65	6	studies	study	NOUN
fsr-3911	65	7	that	that	PRON
fsr-3911	65	8	examine	examine	VERB
fsr-3911	65	9	the	the	DET
fsr-3911	65	10	suboptimality	suboptimality	NOUN
fsr-3911	65	11	of	of	ADP
fsr-3911	65	12	dca	dca	PROPN
fsr-3911	65	13	for	for	ADP
fsr-3911	65	14	longer	long	ADJ
fsr-3911	65	15	versus	versus	ADP
fsr-3911	65	16	shorter	short	ADJ
fsr-3911	65	17	periods	period	NOUN
fsr-3911	65	18	of	of	ADP
fsr-3911	65	19	time	time	NOUN
fsr-3911	65	20	,	,	PUNCT
fsr-3911	65	21	our	our	PRON
fsr-3911	65	22	second	second	ADJ
fsr-3911	65	23	hypothesis	hypothesis	NOUN
fsr-3911	65	24	follows	follow	VERB
fsr-3911	65	25	from	from	ADP
fsr-3911	65	26	the	the	DET
fsr-3911	65	27	various	various	ADJ
fsr-3911	65	28	studies	study	NOUN
fsr-3911	65	29	such	such	ADJ
fsr-3911	65	30	as	as	ADP
fsr-3911	65	31	siegel	siegel	NOUN
fsr-3911	65	32	’s	’	VERB
fsr-3911	65	33	that	that	PRON
fsr-3911	65	34	show	show	VERB
fsr-3911	65	35	that	that	SCONJ
fsr-3911	65	36	stocks	stock	NOUN
fsr-3911	65	37	look	look	VERB
fsr-3911	65	38	better	well	ADJ
fsr-3911	65	39	in	in	ADP
fsr-3911	65	40	comparison	comparison	NOUN
fsr-3911	65	41	to	to	ADP
fsr-3911	65	42	bonds	bond	NOUN
fsr-3911	65	43	as	as	SCONJ
fsr-3911	65	44	the	the	DET
fsr-3911	65	45	horizon	horizon	NOUN
fsr-3911	65	46	gets	get	VERB
fsr-3911	65	47	longer	long	ADJ
fsr-3911	65	48	.	.	PUNCT
fsr-3911	66	1	although	although	SCONJ
fsr-3911	66	2	our	our	PRON
fsr-3911	66	3	study	study	NOUN
fsr-3911	66	4	is	be	AUX
fsr-3911	66	5	related	relate	VERB
fsr-3911	66	6	to	to	PART
fsr-3911	66	7	bengen	bengen	VERB
fsr-3911	66	8	’s	’s	ADV
fsr-3911	66	9	,	,	PUNCT
fsr-3911	66	10	there	there	PRON
fsr-3911	66	11	are	be	VERB
fsr-3911	66	12	significant	significant	ADJ
fsr-3911	66	13	differences	difference	NOUN
fsr-3911	66	14	between	between	ADP
fsr-3911	66	15	the	the	DET
fsr-3911	66	16	two	two	NUM
fsr-3911	66	17	.	.	PUNCT
fsr-3911	67	1	for	for	ADP
fsr-3911	67	2	instance	instance	NOUN
fsr-3911	67	3	,	,	PUNCT
fsr-3911	67	4	it	it	PRON
fsr-3911	67	5	is	be	AUX
fsr-3911	67	6	unclear	unclear	ADJ
fsr-3911	67	7	whether	whether	SCONJ
fsr-3911	67	8	optimal	optimal	ADJ
fsr-3911	67	9	asset	asset	NOUN
fsr-3911	67	10	allocation	allocation	NOUN
fsr-3911	67	11	in	in	ADP
fsr-3911	67	12	retirement	retirement	NOUN
fsr-3911	67	13	should	should	AUX
fsr-3911	67	14	be	be	AUX
fsr-3911	67	15	considered	consider	VERB
fsr-3911	67	16	only	only	ADV
fsr-3911	67	17	from	from	ADP
fsr-3911	67	18	the	the	DET
fsr-3911	67	19	perspective	perspective	NOUN
fsr-3911	67	20	of	of	ADP
fsr-3911	67	21	individuals	individual	NOUN
fsr-3911	67	22	who	who	PRON
fsr-3911	67	23	expect	expect	VERB
fsr-3911	67	24	to	to	PART
fsr-3911	67	25	spend	spend	VERB
fsr-3911	67	26	at	at	ADV
fsr-3911	67	27	least	least	ADV
fsr-3911	67	28	30	30	NUM
fsr-3911	67	29	years	year	NOUN
fsr-3911	67	30	in	in	ADP
fsr-3911	67	31	retirement	retirement	NOUN
fsr-3911	67	32	.	.	PUNCT
fsr-3911	68	1	with	with	ADP
fsr-3911	68	2	no	no	DET
fsr-3911	68	3	mandatory	mandatory	ADJ
fsr-3911	68	4	retirement	retirement	NOUN
fsr-3911	68	5	age	age	NOUN
fsr-3911	68	6	in	in	ADP
fsr-3911	68	7	the	the	DET
fsr-3911	68	8	u.s	u.s	PROPN
fsr-3911	68	9	.	.	PROPN
fsr-3911	68	10	in	in	ADP
fsr-3911	68	11	most	most	ADJ
fsr-3911	68	12	professions	profession	NOUN
fsr-3911	68	13	,	,	PUNCT
fsr-3911	68	14	it	it	PRON
fsr-3911	68	15	is	be	AUX
fsr-3911	68	16	entirely	entirely	ADV
fsr-3911	68	17	possible	possible	ADJ
fsr-3911	68	18	that	that	SCONJ
fsr-3911	68	19	people	people	NOUN
fsr-3911	68	20	who	who	PRON
fsr-3911	68	21	choose	choose	VERB
fsr-3911	68	22	to	to	PART
fsr-3911	68	23	keep	keep	VERB
fsr-3911	68	24	working	work	VERB
fsr-3911	68	25	longer	long	ADV
fsr-3911	68	26	may	may	AUX
fsr-3911	68	27	be	be	AUX
fsr-3911	68	28	looking	look	VERB
fsr-3911	68	29	at	at	ADP
fsr-3911	68	30	a	a	DET
fsr-3911	68	31	shorter	short	ADJ
fsr-3911	68	32	retirement	retirement	NOUN
fsr-3911	68	33	horizon	horizon	NOUN
fsr-3911	68	34	.	.	PUNCT
fsr-3911	69	1	thus	thus	ADV
fsr-3911	69	2	,	,	PUNCT
fsr-3911	69	3	we	we	PRON
fsr-3911	69	4	consider	consider	VERB
fsr-3911	69	5	various	various	ADJ
fsr-3911	69	6	retirement	retirement	NOUN
fsr-3911	69	7	horizons	horizon	NOUN
fsr-3911	69	8	ranging	range	VERB
fsr-3911	69	9	from	from	ADP
fsr-3911	69	10	5	5	NUM
fsr-3911	69	11	to	to	PART
fsr-3911	69	12	30	30	NUM
fsr-3911	69	13	years	year	NOUN
fsr-3911	69	14	.	.	PUNCT
fsr-3911	70	1	additionally	additionally	ADV
fsr-3911	70	2	,	,	PUNCT
fsr-3911	70	3	bengen	bengen	NOUN
fsr-3911	70	4	focuses	focus	VERB
fsr-3911	70	5	on	on	ADP
fsr-3911	70	6	the	the	DET
fsr-3911	70	7	longevity	longevity	NOUN
fsr-3911	70	8	of	of	ADP
fsr-3911	70	9	the	the	DET
fsr-3911	70	10	portfolio	portfolio	NOUN
fsr-3911	70	11	,	,	PUNCT
fsr-3911	70	12	and	and	CCONJ
fsr-3911	70	13	particularly	particularly	ADV
fsr-3911	70	14	upon	upon	SCONJ
fsr-3911	70	15	the	the	DET
fsr-3911	70	16	impact	impact	NOUN
fsr-3911	70	17	of	of	ADP
fsr-3911	70	18	significant	significant	ADJ
fsr-3911	70	19	downturns	downturn	NOUN
fsr-3911	70	20	in	in	ADP
fsr-3911	70	21	the	the	DET
fsr-3911	70	22	market	market	NOUN
fsr-3911	70	23	on	on	ADP
fsr-3911	70	24	longevity	longevity	NOUN
fsr-3911	70	25	;	;	PUNCT
fsr-3911	70	26	we	we	PRON
fsr-3911	70	27	believe	believe	VERB
fsr-3911	70	28	that	that	SCONJ
fsr-3911	70	29	the	the	DET
fsr-3911	70	30	main	main	ADJ
fsr-3911	70	31	objective	objective	NOUN
fsr-3911	70	32	of	of	ADP
fsr-3911	70	33	retirees	retiree	NOUN
fsr-3911	70	34	is	be	AUX
fsr-3911	70	35	to	to	PART
fsr-3911	70	36	enjoy	enjoy	VERB
fsr-3911	70	37	the	the	DET
fsr-3911	70	38	utility	utility	NOUN
fsr-3911	70	39	they	they	PRON
fsr-3911	70	40	derive	derive	VERB
fsr-3911	70	41	from	from	ADP
fsr-3911	70	42	consumption	consumption	NOUN
fsr-3911	70	43	so	so	SCONJ
fsr-3911	70	44	we	we	PRON
fsr-3911	70	45	focus	focus	VERB
fsr-3911	70	46	on	on	ADP
fsr-3911	70	47	the	the	DET
fsr-3911	70	48	magnitude	magnitude	NOUN
fsr-3911	70	49	of	of	ADP
fsr-3911	70	50	consumption	consumption	NOUN
fsr-3911	70	51	that	that	PRON
fsr-3911	70	52	is	be	AUX
fsr-3911	70	53	possible	possible	ADJ
fsr-3911	70	54	under	under	ADP
fsr-3911	70	55	different	different	ADJ
fsr-3911	70	56	asset	asset	NOUN
fsr-3911	70	57	allocations	allocation	NOUN
fsr-3911	70	58	.	.	PUNCT
fsr-3911	71	1	3	3	X
fsr-3911	71	2	.	.	X
fsr-3911	71	3	data	datum	NOUN
fsr-3911	71	4	and	and	CCONJ
fsr-3911	71	5	methods	method	NOUN
fsr-3911	71	6	we	we	PRON
fsr-3911	71	7	present	present	VERB
fsr-3911	71	8	below	below	ADP
fsr-3911	71	9	a	a	DET
fsr-3911	71	10	simple	simple	ADJ
fsr-3911	71	11	model	model	NOUN
fsr-3911	71	12	that	that	PRON
fsr-3911	71	13	is	be	AUX
fsr-3911	71	14	used	use	VERB
fsr-3911	71	15	to	to	PART
fsr-3911	71	16	arrive	arrive	VERB
fsr-3911	71	17	at	at	ADP
fsr-3911	71	18	the	the	DET
fsr-3911	71	19	equal	equal	ADJ
fsr-3911	71	20	monthly	monthly	ADJ
fsr-3911	71	21	consumption	consumption	NOUN
fsr-3911	71	22	amount	amount	NOUN
fsr-3911	71	23	for	for	ADP
fsr-3911	71	24	different	different	ADJ
fsr-3911	71	25	portfolios	portfolio	NOUN
fsr-3911	71	26	together	together	ADV
fsr-3911	71	27	with	with	ADP
fsr-3911	71	28	a	a	DET
fsr-3911	71	29	description	description	NOUN
fsr-3911	71	30	of	of	ADP
fsr-3911	71	31	our	our	PRON
fsr-3911	71	32	data	datum	NOUN
fsr-3911	71	33	sources	source	NOUN
fsr-3911	71	34	.	.	PUNCT
fsr-3911	72	1	dca	dca	PROPN
fsr-3911	72	2	assumes	assume	VERB
fsr-3911	72	3	that	that	SCONJ
fsr-3911	72	4	a	a	DET
fsr-3911	72	5	fixed	fix	VERB
fsr-3911	72	6	dollar	dollar	NOUN
fsr-3911	72	7	amount	amount	NOUN
fsr-3911	72	8	is	be	AUX
fsr-3911	72	9	moved	move	VERB
fsr-3911	72	10	from	from	ADP
fsr-3911	72	11	one	one	NUM
fsr-3911	72	12	type	type	NOUN
fsr-3911	72	13	of	of	ADP
fsr-3911	72	14	financial	financial	ADJ
fsr-3911	72	15	asset	asset	NOUN
fsr-3911	72	16	(	(	PUNCT
fsr-3911	72	17	like	like	ADP
fsr-3911	72	18	cash	cash	NOUN
fsr-3911	72	19	)	)	PUNCT
fsr-3911	72	20	into	into	ADP
fsr-3911	72	21	another	another	DET
fsr-3911	72	22	type	type	NOUN
fsr-3911	72	23	(	(	PUNCT
fsr-3911	72	24	like	like	ADP
fsr-3911	72	25	stock	stock	NOUN
fsr-3911	72	26	)	)	PUNCT
fsr-3911	72	27	periodically	periodically	ADV
fsr-3911	72	28	.	.	PUNCT
fsr-3911	73	1	conceptually	conceptually	ADV
fsr-3911	73	2	,	,	PUNCT
fsr-3911	73	3	dollar	dollar	NOUN
fsr-3911	73	4	-	-	PUNCT
fsr-3911	73	5	cost	cost	NOUN
fsr-3911	73	6	disinvesting	disinvesting	NOUN
fsr-3911	73	7	is	be	AUX
fsr-3911	73	8	similar	similar	ADJ
fsr-3911	73	9	to	to	ADP
fsr-3911	73	10	dca	dca	PROPN
fsr-3911	73	11	except	except	SCONJ
fsr-3911	73	12	that	that	SCONJ
fsr-3911	73	13	we	we	PRON
fsr-3911	73	14	reverse	reverse	VERB
fsr-3911	73	15	the	the	DET
fsr-3911	73	16	process	process	NOUN
fsr-3911	73	17	by	by	ADP
fsr-3911	73	18	moving	move	VERB
fsr-3911	73	19	a	a	DET
fsr-3911	73	20	fixed	fix	VERB
fsr-3911	73	21	dollar	dollar	NOUN
fsr-3911	73	22	amount	amount	NOUN
fsr-3911	73	23	from	from	ADP
fsr-3911	73	24	a	a	DET
fsr-3911	73	25	stock	stock	NOUN
fsr-3911	73	26	or	or	CCONJ
fsr-3911	73	27	bond	bond	NOUN
fsr-3911	73	28	portfolio	portfolio	NOUN
fsr-3911	73	29	into	into	ADP
fsr-3911	73	30	cash	cash	NOUN
fsr-3911	73	31	which	which	PRON
fsr-3911	73	32	is	be	AUX
fsr-3911	73	33	spent	spend	VERB
fsr-3911	73	34	immediately	immediately	ADV
fsr-3911	73	35	on	on	ADP
fsr-3911	73	36	consumption	consumption	NOUN
fsr-3911	73	37	of	of	ADP
fsr-3911	73	38	goods	good	NOUN
fsr-3911	73	39	or	or	CCONJ
fsr-3911	73	40	services	service	NOUN
fsr-3911	73	41	.	.	PUNCT
fsr-3911	74	1	as	as	ADP
fsr-3911	74	2	in	in	ADP
fsr-3911	74	3	the	the	DET
fsr-3911	74	4	dca	dca	PROPN
fsr-3911	74	5	papers	paper	NOUN
fsr-3911	74	6	,	,	PUNCT
fsr-3911	74	7	we	we	PRON
fsr-3911	74	8	use	use	VERB
fsr-3911	74	9	a	a	DET
fsr-3911	74	10	month	month	NOUN
fsr-3911	74	11	as	as	ADP
fsr-3911	74	12	a	a	DET
fsr-3911	74	13	convenient	convenient	ADJ
fsr-3911	74	14	unit	unit	NOUN
fsr-3911	74	15	of	of	ADP
fsr-3911	74	16	analysis	analysis	NOUN
fsr-3911	74	17	for	for	ADP
fsr-3911	74	18	moving	move	VERB
fsr-3911	74	19	dollars	dollar	NOUN
fsr-3911	74	20	between	between	ADP
fsr-3911	74	21	assets	asset	NOUN
fsr-3911	74	22	.	.	PUNCT
fsr-3911	75	1	50	50	NUM
fsr-3911	75	2	p.p	p.p	PROPN
fsr-3911	75	3	.	.	PROPN
fsr-3911	75	4	vora	vora	PROPN
fsr-3911	75	5	/	/	SYM
fsr-3911	75	6	financial	financial	ADJ
fsr-3911	75	7	services	service	NOUN
fsr-3911	75	8	review	review	VERB
fsr-3911	75	9	9	9	NUM
fsr-3911	75	10	(	(	PUNCT
fsr-3911	75	11	2000	2000	NUM
fsr-3911	75	12	)	)	PUNCT
fsr-3911	75	13	47–63	47–63	NOUN
fsr-3911	75	14	we	we	PRON
fsr-3911	75	15	also	also	ADV
fsr-3911	75	16	believe	believe	VERB
fsr-3911	75	17	that	that	SCONJ
fsr-3911	75	18	a	a	DET
fsr-3911	75	19	month	month	NOUN
fsr-3911	75	20	is	be	AUX
fsr-3911	75	21	a	a	DET
fsr-3911	75	22	convenient	convenient	ADJ
fsr-3911	75	23	period	period	NOUN
fsr-3911	75	24	for	for	ADP
fsr-3911	75	25	analyzing	analyze	VERB
fsr-3911	75	26	the	the	DET
fsr-3911	75	27	dollar	dollar	NOUN
fsr-3911	75	28	-	-	PUNCT
fsr-3911	75	29	cost	cost	NOUN
fsr-3911	75	30	disinvesting	disinvesting	ADJ
fsr-3911	75	31	decision	decision	NOUN
fsr-3911	75	32	because	because	SCONJ
fsr-3911	75	33	most	most	ADJ
fsr-3911	75	34	households	household	NOUN
fsr-3911	75	35	use	use	VERB
fsr-3911	75	36	a	a	DET
fsr-3911	75	37	month	month	NOUN
fsr-3911	75	38	as	as	ADP
fsr-3911	75	39	a	a	DET
fsr-3911	75	40	convenient	convenient	ADJ
fsr-3911	75	41	period	period	NOUN
fsr-3911	75	42	for	for	ADP
fsr-3911	75	43	budgeting	budgeting	NOUN
fsr-3911	75	44	.	.	PUNCT
fsr-3911	76	1	we	we	PRON
fsr-3911	76	2	calculate	calculate	VERB
fsr-3911	76	3	the	the	DET
fsr-3911	76	4	monthly	monthly	ADJ
fsr-3911	76	5	equal	equal	ADJ
fsr-3911	76	6	consumption	consumption	NOUN
fsr-3911	76	7	that	that	PRON
fsr-3911	76	8	could	could	AUX
fsr-3911	76	9	be	be	AUX
fsr-3911	76	10	possible	possible	ADJ
fsr-3911	76	11	for	for	ADP
fsr-3911	76	12	an	an	DET
fsr-3911	76	13	individual	individual	NOUN
fsr-3911	76	14	who	who	PRON
fsr-3911	76	15	hasw0	hasw0	PROPN
fsr-3911	76	16	of	of	ADP
fsr-3911	76	17	wealth	wealth	NOUN
fsr-3911	76	18	invested	invest	VERB
fsr-3911	76	19	in	in	ADP
fsr-3911	76	20	a	a	DET
fsr-3911	76	21	portfolio	portfolio	NOUN
fsr-3911	76	22	of	of	ADP
fsr-3911	76	23	investments	investment	NOUN
fsr-3911	76	24	at	at	ADP
fsr-3911	76	25	the	the	DET
fsr-3911	76	26	beginning	beginning	NOUN
fsr-3911	76	27	of	of	ADP
fsr-3911	76	28	his	his	PRON
fsr-3911	76	29	retirement	retirement	NOUN
fsr-3911	76	30	and	and	CCONJ
fsr-3911	76	31	starts	start	VERB
fsr-3911	76	32	to	to	PART
fsr-3911	76	33	spend	spend	VERB
fsr-3911	76	34	the	the	DET
fsr-3911	76	35	money	money	NOUN
fsr-3911	76	36	right	right	ADV
fsr-3911	76	37	away	away	ADV
fsr-3911	76	38	.	.	PUNCT
fsr-3911	77	1	we	we	PRON
fsr-3911	77	2	assume	assume	VERB
fsr-3911	77	3	that	that	SCONJ
fsr-3911	77	4	all	all	DET
fsr-3911	77	5	the	the	DET
fsr-3911	77	6	money	money	NOUN
fsr-3911	77	7	is	be	AUX
fsr-3911	77	8	spent	spend	VERB
fsr-3911	77	9	by	by	ADP
fsr-3911	77	10	the	the	DET
fsr-3911	77	11	end	end	NOUN
fsr-3911	77	12	of	of	ADP
fsr-3911	77	13	the	the	DET
fsr-3911	77	14	retirement	retirement	NOUN
fsr-3911	77	15	period	period	NOUN
fsr-3911	77	16	.	.	PUNCT
fsr-3911	78	1	for	for	ADP
fsr-3911	78	2	a	a	DET
fsr-3911	78	3	two	two	NUM
fsr-3911	78	4	-	-	PUNCT
fsr-3911	78	5	month	month	NOUN
fsr-3911	78	6	long	long	ADJ
fsr-3911	78	7	retirement	retirement	NOUN
fsr-3911	78	8	period	period	NOUN
fsr-3911	78	9	we	we	PRON
fsr-3911	78	10	would	would	AUX
fsr-3911	78	11	solve	solve	VERB
fsr-3911	78	12	forc	forc	NOUN
fsr-3911	78	13	the	the	DET
fsr-3911	78	14	consumption	consumption	NOUN
fsr-3911	78	15	amount	amount	NOUN
fsr-3911	78	16	in	in	ADP
fsr-3911	78	17	the	the	DET
fsr-3911	78	18	expression	expression	NOUN
fsr-3911	78	19	(	(	PUNCT
fsr-3911	78	20	(	(	PUNCT
fsr-3911	78	21	w0	w0	PROPN
fsr-3911	78	22	–	–	PUNCT
fsr-3911	78	23	c)(11r1	c)(11r1	NOUN
fsr-3911	78	24	)	)	PUNCT
fsr-3911	78	25	–	–	PUNCT
fsr-3911	78	26	c)(11r2	c)(11r2	VERB
fsr-3911	78	27	)	)	PUNCT
fsr-3911	78	28	–	–	PUNCT
fsr-3911	78	29	c	c	NOUN
fsr-3911	78	30	5	5	NUM
fsr-3911	78	31	0	0	NUM
fsr-3911	78	32	,	,	PUNCT
fsr-3911	78	33	wherert	wherert	PROPN
fsr-3911	78	34	is	be	AUX
fsr-3911	78	35	the	the	DET
fsr-3911	78	36	rate	rate	NOUN
fsr-3911	78	37	of	of	ADP
fsr-3911	78	38	return	return	NOUN
fsr-3911	78	39	on	on	ADP
fsr-3911	78	40	a	a	DET
fsr-3911	78	41	portfolio	portfolio	NOUN
fsr-3911	78	42	in	in	ADP
fsr-3911	78	43	month	month	NOUN
fsr-3911	78	44	t.	t.	PROPN
fsr-3911	78	45	when	when	SCONJ
fsr-3911	78	46	we	we	PRON
fsr-3911	78	47	extend	extend	VERB
fsr-3911	78	48	this	this	DET
fsr-3911	78	49	formulation	formulation	NOUN
fsr-3911	78	50	ton	ton	NOUN
fsr-3911	78	51	years	year	NOUN
fsr-3911	78	52	we	we	PRON
fsr-3911	78	53	solve	solve	VERB
fsr-3911	78	54	for	for	ADP
fsr-3911	78	55	c	c	PROPN
fsr-3911	78	56	in	in	ADP
fsr-3911	78	57	~.	~.	PROPN
fsr-3911	78	58	.	.	PUNCT
fsr-3911	78	59	.	.	PUNCT
fsr-3911	79	1	~~~~w0	~~~~w0	NOUN
fsr-3911	79	2	2	2	NUM
fsr-3911	79	3	c!~1	c!~1	NOUN
fsr-3911	79	4	1	1	NUM
fsr-3911	79	5	r1	r1	NOUN
fsr-3911	79	6	!	!	PUNCT
fsr-3911	79	7	2	2	NUM
fsr-3911	80	1	c!~1	c!~1	NOUN
fsr-3911	80	2	1	1	NUM
fsr-3911	80	3	r2	r2	NOUN
fsr-3911	80	4	!	!	PUNCT
fsr-3911	80	5	2	2	NUM
fsr-3911	81	1	c!~1	c!~1	NOUN
fsr-3911	81	2	1	1	NUM
fsr-3911	81	3	r3	r3	NOUN
fsr-3911	81	4	!	!	PUNCT
fsr-3911	81	5	.	.	PUNCT
fsr-3911	81	6	.	.	PUNCT
fsr-3911	82	1	.2	.2	NUM
fsr-3911	83	1	c!~1	c!~1	NOUN
fsr-3911	83	2	1	1	NUM
fsr-3911	83	3	r12n	r12n	NOUN
fsr-3911	83	4	!	!	PUNCT
fsr-3911	84	1	2	2	NUM
fsr-3911	84	2	c	c	NOUN
fsr-3911	84	3	!	!	NOUN
fsr-3911	84	4	5	5	NUM
fsr-3911	84	5	0	0	NUM
fsr-3911	84	6	(	(	PUNCT
fsr-3911	84	7	1	1	NUM
fsr-3911	84	8	)	)	PUNCT
fsr-3911	84	9	eq	eq	NOUN
fsr-3911	84	10	.	.	PUNCT
fsr-3911	85	1	(	(	PUNCT
fsr-3911	85	2	1	1	X
fsr-3911	85	3	)	)	PUNCT
fsr-3911	85	4	is	be	AUX
fsr-3911	85	5	linear	linear	ADJ
fsr-3911	85	6	in	in	ADP
fsr-3911	85	7	one	one	NUM
fsr-3911	85	8	unknown	unknown	ADJ
fsr-3911	85	9	and	and	CCONJ
fsr-3911	85	10	it	it	PRON
fsr-3911	85	11	has	have	VERB
fsr-3911	85	12	a	a	DET
fsr-3911	85	13	unique	unique	ADJ
fsr-3911	85	14	solution	solution	NOUN
fsr-3911	85	15	for	for	ADP
fsr-3911	85	16	a	a	DET
fsr-3911	85	17	givenw0	givenw0	NOUN
fsr-3911	85	18	.	.	PUNCT
fsr-3911	86	1	this	this	DET
fsr-3911	86	2	approach	approach	NOUN
fsr-3911	86	3	abstracts	abstract	VERB
fsr-3911	86	4	away	away	ADV
fsr-3911	86	5	the	the	DET
fsr-3911	86	6	uncertainty	uncertainty	NOUN
fsr-3911	86	7	in	in	ADP
fsr-3911	86	8	the	the	DET
fsr-3911	86	9	rate	rate	NOUN
fsr-3911	86	10	of	of	ADP
fsr-3911	86	11	return	return	NOUN
fsr-3911	86	12	because	because	SCONJ
fsr-3911	86	13	the	the	DET
fsr-3911	86	14	consumption	consumption	NOUN
fsr-3911	86	15	amount	amount	NOUN
fsr-3911	86	16	is	be	AUX
fsr-3911	86	17	based	base	VERB
fsr-3911	86	18	on	on	ADP
fsr-3911	86	19	ex	ex	NOUN
fsr-3911	86	20	-	-	NOUN
fsr-3911	86	21	postreturns	postreturn	NOUN
fsr-3911	86	22	.	.	PUNCT
fsr-3911	87	1	our	our	PRON
fsr-3911	87	2	goal	goal	NOUN
fsr-3911	87	3	is	be	AUX
fsr-3911	87	4	to	to	PART
fsr-3911	87	5	make	make	VERB
fsr-3911	87	6	some	some	DET
fsr-3911	87	7	statements	statement	NOUN
fsr-3911	87	8	regarding	regard	VERB
fsr-3911	87	9	optimal	optimal	ADJ
fsr-3911	87	10	asset	asset	NOUN
fsr-3911	87	11	allocation	allocation	NOUN
fsr-3911	87	12	for	for	ADP
fsr-3911	87	13	retirees	retiree	NOUN
fsr-3911	87	14	based	base	VERB
fsr-3911	87	15	upon	upon	SCONJ
fsr-3911	87	16	events	event	NOUN
fsr-3911	87	17	that	that	PRON
fsr-3911	87	18	have	have	AUX
fsr-3911	87	19	already	already	ADV
fsr-3911	87	20	occurred	occur	VERB
fsr-3911	87	21	,	,	PUNCT
fsr-3911	87	22	and	and	CCONJ
fsr-3911	87	23	thus	thus	ADV
fsr-3911	87	24	our	our	PRON
fsr-3911	87	25	approach	approach	NOUN
fsr-3911	87	26	is	be	AUX
fsr-3911	87	27	no	no	ADV
fsr-3911	87	28	different	different	ADJ
fsr-3911	87	29	from	from	ADP
fsr-3911	87	30	the	the	DET
fsr-3911	87	31	approach	approach	NOUN
fsr-3911	87	32	adopted	adopt	VERB
fsr-3911	87	33	in	in	ADP
fsr-3911	87	34	the	the	DET
fsr-3911	87	35	studies	study	NOUN
fsr-3911	87	36	discussed	discuss	VERB
fsr-3911	87	37	in	in	ADP
fsr-3911	87	38	the	the	DET
fsr-3911	87	39	previous	previous	ADJ
fsr-3911	87	40	section	section	NOUN
fsr-3911	87	41	.	.	PUNCT
fsr-3911	88	1	eq	eq	ADJ
fsr-3911	88	2	.	.	PUNCT
fsr-3911	89	1	(	(	PUNCT
fsr-3911	89	2	1	1	X
fsr-3911	89	3	)	)	PUNCT
fsr-3911	89	4	is	be	AUX
fsr-3911	89	5	used	use	VERB
fsr-3911	89	6	to	to	PART
fsr-3911	89	7	estimate	estimate	VERB
fsr-3911	89	8	one	one	NUM
fsr-3911	89	9	consumption	consumption	NOUN
fsr-3911	89	10	amount	amount	NOUN
fsr-3911	89	11	if	if	SCONJ
fsr-3911	89	12	a	a	DET
fsr-3911	89	13	retiree	retiree	NOUN
fsr-3911	89	14	’s	’s	PART
fsr-3911	89	15	wealth	wealth	NOUN
fsr-3911	89	16	is	be	AUX
fsr-3911	89	17	100	100	NUM
fsr-3911	89	18	%	%	NOUN
fsr-3911	89	19	invested	invest	VERB
fsr-3911	89	20	in	in	ADP
fsr-3911	89	21	the	the	DET
fsr-3911	89	22	crsp	crsp	PROPN
fsr-3911	89	23	vw	vw	PROPN
fsr-3911	89	24	portfolio	portfolio	NOUN
fsr-3911	89	25	and	and	CCONJ
fsr-3911	89	26	another	another	DET
fsr-3911	89	27	consumption	consumption	NOUN
fsr-3911	89	28	amount	amount	NOUN
fsr-3911	89	29	if	if	SCONJ
fsr-3911	89	30	a	a	DET
fsr-3911	89	31	retiree	retiree	NOUN
fsr-3911	89	32	’s	’s	PART
fsr-3911	89	33	wealth	wealth	NOUN
fsr-3911	89	34	is	be	AUX
fsr-3911	89	35	100	100	NUM
fsr-3911	89	36	%	%	NOUN
fsr-3911	89	37	invested	invest	VERB
fsr-3911	89	38	in	in	ADP
fsr-3911	89	39	t	t	PROPN
fsr-3911	89	40	-	-	PUNCT
fsr-3911	89	41	bonds	bond	NOUN
fsr-3911	89	42	.	.	PUNCT
fsr-3911	90	1	we	we	PRON
fsr-3911	90	2	obtain	obtain	VERB
fsr-3911	90	3	the	the	DET
fsr-3911	90	4	monthly	monthly	ADJ
fsr-3911	90	5	returns	return	NOUN
fsr-3911	90	6	on	on	ADP
fsr-3911	90	7	the	the	DET
fsr-3911	90	8	crsp	crsp	PROPN
fsr-3911	90	9	vw	vw	PROPN
fsr-3911	90	10	portfolio	portfolio	NOUN
fsr-3911	90	11	and	and	CCONJ
fsr-3911	90	12	the	the	DET
fsr-3911	90	13	monthly	monthly	ADJ
fsr-3911	90	14	holding	holding	NOUN
fsr-3911	90	15	period	period	NOUN
fsr-3911	90	16	returns	return	NOUN
fsr-3911	90	17	on	on	ADP
fsr-3911	90	18	an	an	DET
fsr-3911	90	19	equally	equally	ADV
fsr-3911	90	20	weighted	weight	VERB
fsr-3911	90	21	t	t	PROPN
fsr-3911	90	22	-	-	PUNCT
fsr-3911	90	23	bond	bond	NOUN
fsr-3911	90	24	portfolio	portfolio	NOUN
fsr-3911	90	25	from	from	ADP
fsr-3911	90	26	the	the	DET
fsr-3911	90	27	crsp	crsp	ADJ
fsr-3911	90	28	tapes	tape	NOUN
fsr-3911	90	29	for	for	ADP
fsr-3911	90	30	january	january	PROPN
fsr-3911	90	31	1926	1926	NUM
fsr-3911	90	32	through	through	ADP
fsr-3911	90	33	december	december	PROPN
fsr-3911	90	34	1995	1995	NUM
fsr-3911	90	35	.	.	PUNCT
fsr-3911	91	1	clearly	clearly	ADV
fsr-3911	91	2	,	,	PUNCT
fsr-3911	91	3	this	this	DET
fsr-3911	91	4	period	period	NOUN
fsr-3911	91	5	was	be	AUX
fsr-3911	91	6	chosen	choose	VERB
fsr-3911	91	7	for	for	ADP
fsr-3911	91	8	analysis	analysis	NOUN
fsr-3911	91	9	due	due	ADP
fsr-3911	91	10	to	to	ADP
fsr-3911	91	11	the	the	DET
fsr-3911	91	12	easy	easy	ADJ
fsr-3911	91	13	availability	availability	NOUN
fsr-3911	91	14	of	of	ADP
fsr-3911	91	15	data	datum	NOUN
fsr-3911	91	16	.	.	PUNCT
fsr-3911	92	1	however	however	ADV
fsr-3911	92	2	,	,	PUNCT
fsr-3911	92	3	because	because	SCONJ
fsr-3911	92	4	this	this	DET
fsr-3911	92	5	period	period	NOUN
fsr-3911	92	6	of	of	ADP
fsr-3911	92	7	70	70	NUM
fsr-3911	92	8	years	year	NOUN
fsr-3911	92	9	(	(	PUNCT
fsr-3911	92	10	or	or	CCONJ
fsr-3911	92	11	840	840	NUM
fsr-3911	92	12	months	month	NOUN
fsr-3911	92	13	)	)	PUNCT
fsr-3911	92	14	has	have	AUX
fsr-3911	92	15	seen	see	VERB
fsr-3911	92	16	extraordinary	extraordinary	ADJ
fsr-3911	92	17	fluctuations	fluctuation	NOUN
fsr-3911	92	18	in	in	ADP
fsr-3911	92	19	stock	stock	NOUN
fsr-3911	92	20	prices	price	NOUN
fsr-3911	92	21	and	and	CCONJ
fsr-3911	92	22	movements	movement	NOUN
fsr-3911	92	23	in	in	ADP
fsr-3911	92	24	interest	interest	NOUN
fsr-3911	92	25	rates	rate	NOUN
fsr-3911	92	26	,	,	PUNCT
fsr-3911	92	27	results	result	NOUN
fsr-3911	92	28	based	base	VERB
fsr-3911	92	29	on	on	ADP
fsr-3911	92	30	this	this	DET
fsr-3911	92	31	period	period	NOUN
fsr-3911	92	32	will	will	AUX
fsr-3911	92	33	be	be	AUX
fsr-3911	92	34	more	more	ADV
fsr-3911	92	35	robust	robust	ADJ
fsr-3911	92	36	than	than	ADP
fsr-3911	92	37	in	in	ADP
fsr-3911	92	38	periods	period	NOUN
fsr-3911	92	39	of	of	ADP
fsr-3911	92	40	relative	relative	ADJ
fsr-3911	92	41	calm	calm	NOUN
fsr-3911	92	42	.	.	PUNCT
fsr-3911	93	1	in	in	ADP
fsr-3911	93	2	addition	addition	NOUN
fsr-3911	93	3	to	to	ADP
fsr-3911	93	4	being	be	AUX
fsr-3911	93	5	able	able	ADJ
fsr-3911	93	6	to	to	PART
fsr-3911	93	7	invest	invest	VERB
fsr-3911	93	8	their	their	PRON
fsr-3911	93	9	wealth	wealth	NOUN
fsr-3911	93	10	in	in	ADP
fsr-3911	93	11	stocks	stock	NOUN
fsr-3911	93	12	and	and	CCONJ
fsr-3911	93	13	t	t	NOUN
fsr-3911	93	14	-	-	PUNCT
fsr-3911	93	15	bonds	bond	NOUN
fsr-3911	93	16	,	,	PUNCT
fsr-3911	93	17	retirees	retiree	NOUN
fsr-3911	93	18	have	have	AUX
fsr-3911	93	19	had	have	VERB
fsr-3911	93	20	the	the	DET
fsr-3911	93	21	opportunity	opportunity	NOUN
fsr-3911	93	22	,	,	PUNCT
fsr-3911	93	23	for	for	ADP
fsr-3911	93	24	a	a	DET
fsr-3911	93	25	number	number	NOUN
fsr-3911	93	26	of	of	ADP
fsr-3911	93	27	decades	decade	NOUN
fsr-3911	93	28	,	,	PUNCT
fsr-3911	93	29	to	to	PART
fsr-3911	93	30	invest	invest	VERB
fsr-3911	93	31	in	in	ADP
fsr-3911	93	32	annuities	annuity	NOUN
fsr-3911	93	33	(	(	PUNCT
fsr-3911	93	34	poterba	poterba	NOUN
fsr-3911	93	35	,	,	PUNCT
fsr-3911	93	36	1997	1997	NUM
fsr-3911	93	37	)	)	PUNCT
fsr-3911	93	38	.	.	PUNCT
fsr-3911	94	1	if	if	SCONJ
fsr-3911	94	2	a	a	DET
fsr-3911	94	3	retiree	retiree	NOUN
fsr-3911	94	4	invests	invest	NOUN
fsr-3911	94	5	in	in	ADP
fsr-3911	94	6	acertain	acertain	PROPN
fsr-3911	94	7	annuity	annuity	NOUN
fsr-3911	94	8	,	,	PUNCT
fsr-3911	94	9	the	the	DET
fsr-3911	94	10	invested	invest	VERB
fsr-3911	94	11	wealth	wealth	NOUN
fsr-3911	94	12	gets	get	AUX
fsr-3911	94	13	amortized	amortize	VERB
fsr-3911	94	14	at	at	ADP
fsr-3911	94	15	a	a	DET
fsr-3911	94	16	fixed	fix	VERB
fsr-3911	94	17	interest	interest	NOUN
fsr-3911	94	18	rate	rate	NOUN
fsr-3911	94	19	over	over	ADP
fsr-3911	94	20	a	a	DET
fsr-3911	94	21	fixed	fix	VERB
fsr-3911	94	22	number	number	NOUN
fsr-3911	94	23	of	of	ADP
fsr-3911	94	24	years	year	NOUN
fsr-3911	94	25	,	,	PUNCT
fsr-3911	94	26	while	while	SCONJ
fsr-3911	94	27	in	in	ADP
fsr-3911	94	28	alife	alife	PROPN
fsr-3911	94	29	annuitythe	annuitythe	DET
fsr-3911	94	30	invested	invest	VERB
fsr-3911	94	31	wealth	wealth	NOUN
fsr-3911	94	32	gets	get	AUX
fsr-3911	94	33	amortized	amortize	VERB
fsr-3911	94	34	at	at	ADP
fsr-3911	94	35	a	a	DET
fsr-3911	94	36	fixed	fix	VERB
fsr-3911	94	37	interest	interest	NOUN
fsr-3911	94	38	rate	rate	NOUN
fsr-3911	94	39	over	over	ADP
fsr-3911	94	40	the	the	DET
fsr-3911	94	41	remaining	remain	VERB
fsr-3911	94	42	life	life	NOUN
fsr-3911	94	43	of	of	ADP
fsr-3911	94	44	the	the	DET
fsr-3911	94	45	retiree	retiree	NOUN
fsr-3911	94	46	.	.	PUNCT
fsr-3911	95	1	the	the	DET
fsr-3911	95	2	interest	interest	NOUN
fsr-3911	95	3	rate	rate	NOUN
fsr-3911	95	4	that	that	PRON
fsr-3911	95	5	is	be	AUX
fsr-3911	95	6	used	use	VERB
fsr-3911	95	7	to	to	PART
fsr-3911	95	8	amortize	amortize	VERB
fsr-3911	95	9	the	the	DET
fsr-3911	95	10	investment	investment	NOUN
fsr-3911	95	11	is	be	AUX
fsr-3911	95	12	based	base	VERB
fsr-3911	95	13	on	on	ADP
fsr-3911	95	14	interest	interest	NOUN
fsr-3911	95	15	rates	rate	NOUN
fsr-3911	95	16	prevailing	prevail	VERB
fsr-3911	95	17	in	in	ADP
fsr-3911	95	18	the	the	DET
fsr-3911	95	19	market	market	NOUN
fsr-3911	95	20	at	at	ADP
fsr-3911	95	21	the	the	DET
fsr-3911	95	22	time	time	NOUN
fsr-3911	95	23	the	the	DET
fsr-3911	95	24	annuity	annuity	NOUN
fsr-3911	95	25	is	be	AUX
fsr-3911	95	26	bought	buy	VERB
fsr-3911	95	27	,	,	PUNCT
fsr-3911	95	28	and	and	CCONJ
fsr-3911	95	29	even	even	ADV
fsr-3911	95	30	at	at	ADP
fsr-3911	95	31	a	a	DET
fsr-3911	95	32	given	give	VERB
fsr-3911	95	33	time	time	NOUN
fsr-3911	95	34	it	it	PRON
fsr-3911	95	35	can	can	AUX
fsr-3911	95	36	vary	vary	VERB
fsr-3911	95	37	with	with	ADP
fsr-3911	95	38	the	the	DET
fsr-3911	95	39	risk	risk	NOUN
fsr-3911	95	40	of	of	ADP
fsr-3911	95	41	the	the	DET
fsr-3911	95	42	asset	asset	NOUN
fsr-3911	95	43	on	on	ADP
fsr-3911	95	44	which	which	PRON
fsr-3911	95	45	the	the	DET
fsr-3911	95	46	annuity	annuity	NOUN
fsr-3911	95	47	is	be	AUX
fsr-3911	95	48	based	base	VERB
fsr-3911	95	49	.	.	PUNCT
fsr-3911	96	1	we	we	PRON
fsr-3911	96	2	want	want	VERB
fsr-3911	96	3	to	to	PART
fsr-3911	96	4	study	study	VERB
fsr-3911	96	5	whether	whether	SCONJ
fsr-3911	96	6	such	such	ADJ
fsr-3911	96	7	annuities	annuity	NOUN
fsr-3911	96	8	outperform	outperform	VERB
fsr-3911	96	9	stock	stock	NOUN
fsr-3911	96	10	and	and	CCONJ
fsr-3911	96	11	t	t	NOUN
fsr-3911	96	12	-	-	PUNCT
fsr-3911	96	13	bond	bond	NOUN
fsr-3911	96	14	based	base	VERB
fsr-3911	96	15	investments	investment	NOUN
fsr-3911	96	16	in	in	ADP
fsr-3911	96	17	retirement	retirement	NOUN
fsr-3911	96	18	.	.	PUNCT
fsr-3911	97	1	thus	thus	ADV
fsr-3911	97	2	,	,	PUNCT
fsr-3911	97	3	we	we	PRON
fsr-3911	97	4	compare	compare	VERB
fsr-3911	97	5	the	the	DET
fsr-3911	97	6	performance	performance	NOUN
fsr-3911	97	7	of	of	ADP
fsr-3911	97	8	retirement	retirement	NOUN
fsr-3911	97	9	assets	asset	NOUN
fsr-3911	97	10	based	base	VERB
fsr-3911	97	11	on	on	ADP
fsr-3911	97	12	monthly	monthly	ADJ
fsr-3911	97	13	returns	return	NOUN
fsr-3911	97	14	on	on	ADP
fsr-3911	97	15	the	the	DET
fsr-3911	97	16	crsp	crsp	PROPN
fsr-3911	97	17	vw	vw	PROPN
fsr-3911	97	18	portfolio	portfolio	NOUN
fsr-3911	97	19	to	to	ADP
fsr-3911	97	20	a	a	DET
fsr-3911	97	21	fixed	fix	VERB
fsr-3911	97	22	annuity	annuity	NOUN
fsr-3911	97	23	based	base	VERB
fsr-3911	97	24	on	on	ADP
fsr-3911	97	25	the	the	DET
fsr-3911	97	26	holding	hold	VERB
fsr-3911	97	27	period	period	NOUN
fsr-3911	97	28	returns	return	NOUN
fsr-3911	97	29	on	on	ADP
fsr-3911	97	30	a	a	DET
fsr-3911	97	31	t	t	NOUN
fsr-3911	97	32	-	-	PUNCT
fsr-3911	97	33	bond	bond	NOUN
fsr-3911	97	34	portfolio	portfolio	NOUN
fsr-3911	97	35	,	,	PUNCT
fsr-3911	97	36	an	an	DET
fsr-3911	97	37	annuity	annuity	NOUN
fsr-3911	97	38	based	base	VERB
fsr-3911	97	39	on	on	ADP
fsr-3911	97	40	the	the	DET
fsr-3911	97	41	yield	yield	NOUN
fsr-3911	97	42	to	to	ADP
fsr-3911	97	43	maturity	maturity	NOUN
fsr-3911	97	44	on	on	ADP
fsr-3911	97	45	a	a	DET
fsr-3911	97	46	broadly	broadly	ADV
fsr-3911	97	47	diversified	diversify	VERB
fsr-3911	97	48	bond	bond	NOUN
fsr-3911	97	49	portfolio	portfolio	NOUN
fsr-3911	97	50	of	of	ADP
fsr-3911	97	51	medium	medium	ADJ
fsr-3911	97	52	risk	risk	NOUN
fsr-3911	97	53	,	,	PUNCT
fsr-3911	97	54	and	and	CCONJ
fsr-3911	97	55	an	an	DET
fsr-3911	97	56	annuity	annuity	NOUN
fsr-3911	97	57	based	base	VERB
fsr-3911	97	58	on	on	ADP
fsr-3911	97	59	the	the	DET
fsr-3911	97	60	yield	yield	NOUN
fsr-3911	97	61	to	to	ADP
fsr-3911	97	62	maturity	maturity	NOUN
fsr-3911	97	63	on	on	ADP
fsr-3911	97	64	a	a	DET
fsr-3911	97	65	baa	baa	NOUN
fsr-3911	97	66	-	-	PUNCT
fsr-3911	97	67	rated	rate	VERB
fsr-3911	97	68	corporate	corporate	ADJ
fsr-3911	97	69	bond	bond	NOUN
fsr-3911	97	70	portfolio	portfolio	NOUN
fsr-3911	97	71	of	of	ADP
fsr-3911	97	72	moderately	moderately	ADV
fsr-3911	97	73	high	high	ADJ
fsr-3911	97	74	risk	risk	NOUN
fsr-3911	97	75	.	.	PUNCT
fsr-3911	98	1	the	the	DET
fsr-3911	98	2	broadly	broadly	ADV
fsr-3911	98	3	diversified	diversify	VERB
fsr-3911	98	4	bond	bond	NOUN
fsr-3911	98	5	portfolio	portfolio	NOUN
fsr-3911	98	6	is	be	AUX
fsr-3911	98	7	created	create	VERB
fsr-3911	98	8	by	by	ADP
fsr-3911	98	9	assigning	assign	VERB
fsr-3911	98	10	equal	equal	ADJ
fsr-3911	98	11	weights	weight	NOUN
fsr-3911	98	12	to	to	ADP
fsr-3911	98	13	a	a	DET
fsr-3911	98	14	portfolio	portfolio	NOUN
fsr-3911	98	15	of	of	ADP
fsr-3911	98	16	aaa	aaa	NOUN
fsr-3911	98	17	-	-	PUNCT
fsr-3911	98	18	rated	rate	VERB
fsr-3911	98	19	corporate	corporate	ADJ
fsr-3911	98	20	bonds	bond	NOUN
fsr-3911	98	21	,	,	PUNCT
fsr-3911	98	22	baa	baa	NOUN
fsr-3911	98	23	-	-	PUNCT
fsr-3911	98	24	rated	rate	VERB
fsr-3911	98	25	corporate	corporate	ADJ
fsr-3911	98	26	bonds	bond	NOUN
fsr-3911	98	27	,	,	PUNCT
fsr-3911	98	28	and	and	CCONJ
fsr-3911	98	29	t	t	NOUN
fsr-3911	98	30	-	-	PUNCT
fsr-3911	98	31	bonds	bond	NOUN
fsr-3911	98	32	.	.	PUNCT
fsr-3911	99	1	we	we	PRON
fsr-3911	99	2	amortizew0	amortizew0	VERB
fsr-3911	99	3	on	on	ADP
fsr-3911	99	4	a	a	DET
fsr-3911	99	5	monthly	monthly	ADJ
fsr-3911	99	6	basis	basis	NOUN
fsr-3911	99	7	overn	overn	ADJ
fsr-3911	99	8	years	year	NOUN
fsr-3911	99	9	at	at	ADP
fsr-3911	99	10	the	the	DET
fsr-3911	99	11	monthly	monthly	ADJ
fsr-3911	99	12	yield	yield	NOUN
fsr-3911	99	13	to	to	ADP
fsr-3911	99	14	maturity	maturity	NOUN
fsr-3911	99	15	prevailing	prevail	VERB
fsr-3911	99	16	on	on	ADP
fsr-3911	99	17	the	the	DET
fsr-3911	99	18	first	first	ADJ
fsr-3911	99	19	day	day	NOUN
fsr-3911	99	20	of	of	ADP
fsr-3911	99	21	retirement	retirement	NOUN
fsr-3911	99	22	.	.	PUNCT
fsr-3911	100	1	one	one	NUM
fsr-3911	100	2	drawback	drawback	NOUN
fsr-3911	100	3	of	of	ADP
fsr-3911	100	4	the	the	DET
fsr-3911	100	5	above	above	ADJ
fsr-3911	100	6	model	model	NOUN
fsr-3911	100	7	is	be	AUX
fsr-3911	100	8	it	it	PRON
fsr-3911	100	9	does	do	AUX
fsr-3911	100	10	not	not	PART
fsr-3911	100	11	account	account	VERB
fsr-3911	100	12	for	for	ADP
fsr-3911	100	13	inflation	inflation	NOUN
fsr-3911	100	14	because	because	SCONJ
fsr-3911	100	15	the	the	DET
fsr-3911	100	16	annuity	annuity	NOUN
fsr-3911	100	17	remains	remain	VERB
fsr-3911	100	18	fixed	fix	VERB
fsr-3911	100	19	over	over	ADP
fsr-3911	100	20	the	the	DET
fsr-3911	100	21	retirement	retirement	NOUN
fsr-3911	100	22	period	period	NOUN
fsr-3911	100	23	.	.	PUNCT
fsr-3911	101	1	we	we	PRON
fsr-3911	101	2	also	also	ADV
fsr-3911	101	3	separately	separately	ADV
fsr-3911	101	4	allow	allow	VERB
fsr-3911	101	5	for	for	ADP
fsr-3911	101	6	growth	growth	NOUN
fsr-3911	101	7	in	in	ADP
fsr-3911	101	8	the	the	DET
fsr-3911	101	9	consumption	consumption	NOUN
fsr-3911	101	10	amount	amount	NOUN
fsr-3911	101	11	at	at	ADP
fsr-3911	101	12	the	the	DET
fsr-3911	101	13	rate	rate	NOUN
fsr-3911	101	14	of	of	ADP
fsr-3911	101	15	inflation	inflation	NOUN
fsr-3911	101	16	in	in	ADP
fsr-3911	101	17	order	order	NOUN
fsr-3911	101	18	to	to	PART
fsr-3911	101	19	keep	keep	VERB
fsr-3911	101	20	the	the	DET
fsr-3911	101	21	retiree	retiree	NOUN
fsr-3911	101	22	’s	’s	PART
fsr-3911	101	23	standard	standard	NOUN
fsr-3911	101	24	of	of	ADP
fsr-3911	101	25	living	live	VERB
fsr-3911	101	26	51p.p	51p.p	NUM
fsr-3911	101	27	.	.	PUNCT
fsr-3911	102	1	vora	vora	NOUN
fsr-3911	102	2	/	/	SYM
fsr-3911	102	3	financial	financial	ADJ
fsr-3911	102	4	services	service	NOUN
fsr-3911	102	5	review	review	VERB
fsr-3911	102	6	9	9	NUM
fsr-3911	102	7	(	(	PUNCT
fsr-3911	102	8	2000	2000	NUM
fsr-3911	102	9	)	)	PUNCT
fsr-3911	103	1	47–63	47–63	NOUN
fsr-3911	103	2	constant	constant	ADJ
fsr-3911	103	3	.	.	PUNCT
fsr-3911	104	1	thus	thus	ADV
fsr-3911	104	2	,	,	PUNCT
fsr-3911	104	3	for	for	ADP
fsr-3911	104	4	the	the	DET
fsr-3911	104	5	stock	stock	NOUN
fsr-3911	104	6	portfolio	portfolio	NOUN
fsr-3911	104	7	and	and	CCONJ
fsr-3911	104	8	the	the	DET
fsr-3911	104	9	t	t	PROPN
fsr-3911	104	10	-	-	PUNCT
fsr-3911	104	11	bond	bond	NOUN
fsr-3911	104	12	portfolio	portfolio	NOUN
fsr-3911	104	13	,	,	PUNCT
fsr-3911	104	14	we	we	PRON
fsr-3911	104	15	solve	solve	VERB
fsr-3911	104	16	forc	forc	NOUN
fsr-3911	104	17	in	in	ADP
fsr-3911	104	18	the	the	DET
fsr-3911	104	19	following	follow	VERB
fsr-3911	104	20	expression	expression	NOUN
fsr-3911	104	21	which	which	PRON
fsr-3911	104	22	captures	capture	VERB
fsr-3911	104	23	the	the	DET
fsr-3911	104	24	essence	essence	NOUN
fsr-3911	104	25	of	of	ADP
fsr-3911	104	26	eq	eq	PROPN
fsr-3911	104	27	.	.	PUNCT
fsr-3911	105	1	(	(	PUNCT
fsr-3911	105	2	1	1	NUM
fsr-3911	105	3	)	)	PUNCT
fsr-3911	105	4	and	and	CCONJ
fsr-3911	105	5	at	at	ADP
fsr-3911	105	6	the	the	DET
fsr-3911	105	7	same	same	ADJ
fsr-3911	105	8	time	time	NOUN
fsr-3911	105	9	allows	allow	VERB
fsr-3911	105	10	for	for	ADP
fsr-3911	105	11	inflation	inflation	NOUN
fsr-3911	105	12	adjustments	adjustment	NOUN
fsr-3911	105	13	:	:	PUNCT
fsr-3911	105	14	~.	~.	X
fsr-3911	105	15	.	.	PUNCT
fsr-3911	105	16	.	.	PUNCT
fsr-3911	106	1	~~~~w0	~~~~w0	NOUN
fsr-3911	106	2	2	2	NUM
fsr-3911	106	3	c!~1	c!~1	NOUN
fsr-3911	106	4	1	1	NUM
fsr-3911	106	5	r1	r1	NOUN
fsr-3911	106	6	!	!	PUNCT
fsr-3911	107	1	2	2	NUM
fsr-3911	107	2	c~1	c~1	NOUN
fsr-3911	107	3	1	1	NUM
fsr-3911	107	4	i1!!~1	i1!!~1	NOUN
fsr-3911	107	5	1	1	NUM
fsr-3911	107	6	r2	r2	NOUN
fsr-3911	107	7	!	!	PUNCT
fsr-3911	108	1	2	2	NUM
fsr-3911	108	2	c~1	c~1	NOUN
fsr-3911	108	3	1	1	NUM
fsr-3911	108	4	i1!~1	i1!~1	NOUN
fsr-3911	108	5	1	1	NUM
fsr-3911	108	6	i2!!~1	i2!!~1	NOUN
fsr-3911	108	7	1	1	NUM
fsr-3911	108	8	r3	r3	PROPN
fsr-3911	108	9	!	!	PUNCT
fsr-3911	108	10	.	.	PUNCT
fsr-3911	108	11	.	.	PUNCT
fsr-3911	108	12	.	.	PUNCT
fsr-3911	109	1	2	2	NUM
fsr-3911	109	2	c	c	NOUN
fsr-3911	109	3	p	p	NOUN
fsr-3911	109	4	t51	t51	VERB
fsr-3911	109	5	12n21	12n21	NUM
fsr-3911	109	6	~1	~1	ADV
fsr-3911	109	7	1	1	NUM
fsr-3911	109	8	i	i	NOUN
fsr-3911	109	9	t!)~1	t!)~1	NOUN
fsr-3911	109	10	1	1	NUM
fsr-3911	109	11	r12n	r12n	NOUN
fsr-3911	109	12	!	!	PUNCT
fsr-3911	110	1	2	2	NUM
fsr-3911	110	2	cp	cp	NUM
fsr-3911	110	3	t51	t51	PROPN
fsr-3911	110	4	12n	12n	NOUN
fsr-3911	110	5	~1	~1	VERB
fsr-3911	110	6	1	1	NUM
fsr-3911	110	7	i	i	NOUN
fsr-3911	110	8	t	t	PROPN
fsr-3911	110	9	!	!	PROPN
fsr-3911	111	1	5	5	NUM
fsr-3911	111	2	0	0	NUM
fsr-3911	111	3	(	(	PUNCT
fsr-3911	111	4	2	2	NUM
fsr-3911	111	5	)	)	PUNCT
fsr-3911	111	6	where	where	SCONJ
fsr-3911	111	7	it	it	PRON
fsr-3911	111	8	is	be	AUX
fsr-3911	111	9	the	the	DET
fsr-3911	111	10	rate	rate	NOUN
fsr-3911	111	11	of	of	ADP
fsr-3911	111	12	inflation	inflation	NOUN
fsr-3911	111	13	at	at	ADP
fsr-3911	111	14	time	time	NOUN
fsr-3911	111	15	t.	t.	PROPN
fsr-3911	111	16	we	we	PRON
fsr-3911	111	17	obtain	obtain	VERB
fsr-3911	111	18	the	the	DET
fsr-3911	111	19	monthly	monthly	ADJ
fsr-3911	111	20	cpi	cpi	NOUN
fsr-3911	111	21	for	for	ADP
fsr-3911	111	22	all	all	DET
fsr-3911	111	23	urban	urban	ADJ
fsr-3911	111	24	wage	wage	NOUN
fsr-3911	111	25	earners	earner	NOUN
fsr-3911	111	26	from	from	ADP
fsr-3911	111	27	the	the	DET
fsr-3911	111	28	bureau	bureau	NOUN
fsr-3911	111	29	of	of	ADP
fsr-3911	111	30	labor	labor	PROPN
fsr-3911	111	31	statistics	statistic	NOUN
fsr-3911	111	32	(	(	PUNCT
fsr-3911	111	33	1997	1997	NUM
fsr-3911	111	34	)	)	PUNCT
fsr-3911	111	35	and	and	CCONJ
fsr-3911	111	36	we	we	PRON
fsr-3911	111	37	calculate	calculate	VERB
fsr-3911	111	38	the	the	DET
fsr-3911	111	39	monthly	monthly	ADJ
fsr-3911	111	40	rate	rate	NOUN
fsr-3911	111	41	of	of	ADP
fsr-3911	111	42	inflation	inflation	NOUN
fsr-3911	111	43	based	base	VERB
fsr-3911	111	44	on	on	ADP
fsr-3911	111	45	this	this	DET
fsr-3911	111	46	cpi	cpi	NOUN
fsr-3911	111	47	.	.	PUNCT
fsr-3911	112	1	for	for	ADP
fsr-3911	112	2	the	the	DET
fsr-3911	112	3	annuities	annuity	NOUN
fsr-3911	112	4	we	we	PRON
fsr-3911	112	5	account	account	VERB
fsr-3911	112	6	for	for	ADP
fsr-3911	112	7	inflation	inflation	NOUN
fsr-3911	112	8	by	by	ADP
fsr-3911	112	9	settingrt5r1	settingrt5r1	PROPN
fsr-3911	112	10	for	for	ADP
fsr-3911	112	11	all	all	DET
fsr-3911	112	12	t52,3	t52,3	ADJ
fsr-3911	112	13	,	,	PUNCT
fsr-3911	112	14	.	.	PUNCT
fsr-3911	112	15	.	.	PUNCT
fsr-3911	112	16	.	.	PUNCT
fsr-3911	112	17	.	.	PUNCT
fsr-3911	112	18	.	.	PUNCT
fsr-3911	113	1	,	,	PUNCT
fsr-3911	113	2	12n	12n	NOUN
fsr-3911	113	3	in	in	ADP
fsr-3911	113	4	eq	eq	ADP
fsr-3911	113	5	.	.	PUNCT
fsr-3911	114	1	(	(	PUNCT
fsr-3911	114	2	2	2	NUM
fsr-3911	114	3	)	)	PUNCT
fsr-3911	114	4	because	because	SCONJ
fsr-3911	114	5	the	the	DET
fsr-3911	114	6	annuities	annuity	NOUN
fsr-3911	114	7	based	base	VERB
fsr-3911	114	8	on	on	ADP
fsr-3911	114	9	the	the	DET
fsr-3911	114	10	yield	yield	NOUN
fsr-3911	114	11	to	to	ADP
fsr-3911	114	12	maturity	maturity	NOUN
fsr-3911	114	13	on	on	ADP
fsr-3911	114	14	the	the	DET
fsr-3911	114	15	broadly	broadly	ADV
fsr-3911	114	16	diversified	diversify	VERB
fsr-3911	114	17	bond	bond	NOUN
fsr-3911	114	18	portfolio	portfolio	NOUN
fsr-3911	114	19	and	and	CCONJ
fsr-3911	114	20	the	the	DET
fsr-3911	114	21	annuity	annuity	NOUN
fsr-3911	114	22	based	base	VERB
fsr-3911	114	23	on	on	ADP
fsr-3911	114	24	baa	baa	NOUN
fsr-3911	114	25	-	-	PUNCT
fsr-3911	114	26	rated	rate	VERB
fsr-3911	114	27	corporate	corporate	ADJ
fsr-3911	114	28	bond	bond	NOUN
fsr-3911	114	29	portfolio	portfolio	NOUN
fsr-3911	114	30	depend	depend	VERB
fsr-3911	114	31	solely	solely	ADV
fsr-3911	114	32	on	on	ADP
fsr-3911	114	33	the	the	DET
fsr-3911	114	34	interest	interest	NOUN
fsr-3911	114	35	rate	rate	NOUN
fsr-3911	114	36	at	at	ADP
fsr-3911	114	37	the	the	DET
fsr-3911	114	38	commencement	commencement	NOUN
fsr-3911	114	39	of	of	ADP
fsr-3911	114	40	the	the	DET
fsr-3911	114	41	retirement	retirement	NOUN
fsr-3911	114	42	period	period	NOUN
fsr-3911	114	43	.	.	PUNCT
fsr-3911	115	1	with	with	ADP
fsr-3911	115	2	the	the	DET
fsr-3911	115	3	growing	grow	VERB
fsr-3911	115	4	life	life	NOUN
fsr-3911	115	5	expectancies	expectancy	NOUN
fsr-3911	115	6	in	in	ADP
fsr-3911	115	7	the	the	DET
fsr-3911	115	8	u.s	u.s	PROPN
fsr-3911	115	9	.	.	PROPN
fsr-3911	115	10	during	during	ADP
fsr-3911	115	11	1926	1926	NUM
fsr-3911	115	12	through	through	ADP
fsr-3911	115	13	1995	1995	NUM
fsr-3911	115	14	and	and	CCONJ
fsr-3911	115	15	the	the	DET
fsr-3911	115	16	changing	change	VERB
fsr-3911	115	17	dynamics	dynamic	NOUN
fsr-3911	115	18	of	of	ADP
fsr-3911	115	19	employment	employment	NOUN
fsr-3911	115	20	it	it	PRON
fsr-3911	115	21	is	be	AUX
fsr-3911	115	22	difficult	difficult	ADJ
fsr-3911	115	23	to	to	PART
fsr-3911	115	24	make	make	VERB
fsr-3911	115	25	statements	statement	NOUN
fsr-3911	115	26	regarding	regard	VERB
fsr-3911	115	27	what	what	PRON
fsr-3911	115	28	the	the	DET
fsr-3911	115	29	appropriate	appropriate	ADJ
fsr-3911	115	30	retirement	retirement	NOUN
fsr-3911	115	31	horizonn	horizonn	NOUN
fsr-3911	115	32	should	should	AUX
fsr-3911	115	33	be	be	AUX
fsr-3911	115	34	.	.	PUNCT
fsr-3911	116	1	we	we	PRON
fsr-3911	116	2	address	address	VERB
fsr-3911	116	3	this	this	DET
fsr-3911	116	4	issue	issue	NOUN
fsr-3911	116	5	by	by	ADP
fsr-3911	116	6	looking	look	VERB
fsr-3911	116	7	at	at	ADP
fsr-3911	116	8	six	six	NUM
fsr-3911	116	9	values	value	NOUN
fsr-3911	116	10	forn	forn	ADJ
fsr-3911	116	11	ranging	range	VERB
fsr-3911	116	12	from	from	ADP
fsr-3911	116	13	5	5	NUM
fsr-3911	116	14	years	year	NOUN
fsr-3911	116	15	,	,	PUNCT
fsr-3911	116	16	which	which	PRON
fsr-3911	116	17	is	be	AUX
fsr-3911	116	18	considered	consider	VERB
fsr-3911	116	19	a	a	DET
fsr-3911	116	20	short	short	ADJ
fsr-3911	116	21	retirement	retirement	NOUN
fsr-3911	116	22	,	,	PUNCT
fsr-3911	116	23	to	to	ADP
fsr-3911	116	24	30	30	NUM
fsr-3911	116	25	years	year	NOUN
fsr-3911	116	26	,	,	PUNCT
fsr-3911	116	27	which	which	PRON
fsr-3911	116	28	is	be	AUX
fsr-3911	116	29	considered	consider	VERB
fsr-3911	116	30	a	a	DET
fsr-3911	116	31	long	long	ADJ
fsr-3911	116	32	retirement	retirement	NOUN
fsr-3911	116	33	,	,	PUNCT
fsr-3911	116	34	with	with	ADP
fsr-3911	116	35	5	5	NUM
fsr-3911	116	36	-	-	PUNCT
fsr-3911	116	37	year	year	NOUN
fsr-3911	116	38	increments	increment	NOUN
fsr-3911	116	39	.	.	PUNCT
fsr-3911	117	1	with	with	ADP
fsr-3911	117	2	840	840	NUM
fsr-3911	117	3	months	month	NOUN
fsr-3911	117	4	of	of	ADP
fsr-3911	117	5	data	datum	NOUN
fsr-3911	117	6	at	at	ADP
fsr-3911	117	7	our	our	PRON
fsr-3911	117	8	disposal	disposal	NOUN
fsr-3911	117	9	,	,	PUNCT
fsr-3911	117	10	there	there	PRON
fsr-3911	117	11	are	be	VERB
fsr-3911	117	12	840–12n	840–12n	NUM
fsr-3911	117	13	different	different	ADJ
fsr-3911	117	14	periods	period	NOUN
fsr-3911	117	15	of	of	ADP
fsr-3911	117	16	length	length	NOUN
fsr-3911	117	17	12n	12n	NUM
fsr-3911	117	18	that	that	PRON
fsr-3911	117	19	could	could	AUX
fsr-3911	117	20	be	be	AUX
fsr-3911	117	21	analyzed	analyze	VERB
fsr-3911	117	22	.	.	PUNCT
fsr-3911	118	1	even	even	ADV
fsr-3911	118	2	whenn	whenn	PROPN
fsr-3911	118	3	is	be	AUX
fsr-3911	118	4	set	set	VERB
fsr-3911	118	5	to	to	ADP
fsr-3911	118	6	its	its	PRON
fsr-3911	118	7	maximum	maximum	ADJ
fsr-3911	118	8	value	value	NOUN
fsr-3911	118	9	of	of	ADP
fsr-3911	118	10	30	30	NUM
fsr-3911	118	11	there	there	PRON
fsr-3911	118	12	are	be	VERB
fsr-3911	118	13	480	480	NUM
fsr-3911	118	14	possible	possible	ADJ
fsr-3911	118	15	unique	unique	ADJ
fsr-3911	118	16	periods	period	NOUN
fsr-3911	118	17	of	of	ADP
fsr-3911	118	18	analysis	analysis	NOUN
fsr-3911	118	19	.	.	PUNCT
fsr-3911	119	1	it	it	PRON
fsr-3911	119	2	is	be	AUX
fsr-3911	119	3	redundant	redundant	ADJ
fsr-3911	119	4	to	to	PART
fsr-3911	119	5	study	study	VERB
fsr-3911	119	6	periods	period	NOUN
fsr-3911	119	7	beginning	begin	VERB
fsr-3911	119	8	in	in	ADP
fsr-3911	119	9	montht	montht	NOUN
fsr-3911	119	10	and	and	CCONJ
fsr-3911	119	11	beginning	begin	VERB
fsr-3911	119	12	in	in	ADP
fsr-3911	119	13	the	the	DET
fsr-3911	119	14	vicinity	vicinity	NOUN
fsr-3911	119	15	of	of	ADP
fsr-3911	119	16	montht	montht	NOUN
fsr-3911	119	17	because	because	SCONJ
fsr-3911	119	18	the	the	DET
fsr-3911	119	19	results	result	NOUN
fsr-3911	119	20	are	be	AUX
fsr-3911	119	21	likely	likely	ADJ
fsr-3911	119	22	to	to	PART
fsr-3911	119	23	be	be	AUX
fsr-3911	119	24	very	very	ADV
fsr-3911	119	25	similar	similar	ADJ
fsr-3911	119	26	.	.	PUNCT
fsr-3911	120	1	thus	thus	ADV
fsr-3911	120	2	,	,	PUNCT
fsr-3911	120	3	we	we	PRON
fsr-3911	120	4	impose	impose	VERB
fsr-3911	120	5	the	the	DET
fsr-3911	120	6	following	follow	VERB
fsr-3911	120	7	constraints	constraint	NOUN
fsr-3911	120	8	on	on	ADP
fsr-3911	120	9	the	the	DET
fsr-3911	120	10	number	number	NOUN
fsr-3911	120	11	of	of	ADP
fsr-3911	120	12	periods	period	NOUN
fsr-3911	120	13	that	that	PRON
fsr-3911	120	14	are	be	AUX
fsr-3911	120	15	studied	study	VERB
fsr-3911	120	16	:	:	PUNCT
fsr-3911	120	17	(	(	PUNCT
fsr-3911	120	18	i	i	NOUN
fsr-3911	120	19	)	)	PUNCT
fsr-3911	120	20	for	for	ADP
fsr-3911	120	21	eachn	eachn	NOUN
fsr-3911	120	22	at	at	ADV
fsr-3911	120	23	least	least	ADV
fsr-3911	120	24	30	30	NUM
fsr-3911	120	25	periods	period	NOUN
fsr-3911	120	26	are	be	AUX
fsr-3911	120	27	studied	study	VERB
fsr-3911	120	28	,	,	PUNCT
fsr-3911	120	29	and	and	CCONJ
fsr-3911	120	30	(	(	PUNCT
fsr-3911	120	31	ii	ii	NOUN
fsr-3911	120	32	)	)	PUNCT
fsr-3911	120	33	for	for	ADP
fsr-3911	120	34	the	the	DET
fsr-3911	120	35	sake	sake	NOUN
fsr-3911	120	36	of	of	ADP
fsr-3911	120	37	consistency	consistency	NOUN
fsr-3911	120	38	the	the	DET
fsr-3911	120	39	number	number	NOUN
fsr-3911	120	40	of	of	ADP
fsr-3911	120	41	months	month	NOUN
fsr-3911	120	42	between	between	ADP
fsr-3911	120	43	the	the	DET
fsr-3911	120	44	beginning	beginning	NOUN
fsr-3911	120	45	of	of	ADP
fsr-3911	120	46	one	one	NUM
fsr-3911	120	47	draw	draw	NOUN
fsr-3911	120	48	and	and	CCONJ
fsr-3911	120	49	the	the	DET
fsr-3911	120	50	beginning	beginning	NOUN
fsr-3911	120	51	of	of	ADP
fsr-3911	120	52	the	the	DET
fsr-3911	120	53	next	next	ADJ
fsr-3911	120	54	remains	remain	VERB
fsr-3911	120	55	constant	constant	ADJ
fsr-3911	120	56	.	.	PUNCT
fsr-3911	121	1	for	for	ADP
fsr-3911	121	2	an	an	DET
fsr-3911	121	3	example	example	NOUN
fsr-3911	121	4	that	that	PRON
fsr-3911	121	5	will	will	AUX
fsr-3911	121	6	clarify	clarify	VERB
fsr-3911	121	7	the	the	DET
fsr-3911	121	8	above	above	ADJ
fsr-3911	121	9	procedure	procedure	NOUN
fsr-3911	121	10	,	,	PUNCT
fsr-3911	121	11	consider	consider	VERB
fsr-3911	121	12	the	the	DET
fsr-3911	121	13	retirement	retirement	NOUN
fsr-3911	121	14	horizon	horizon	NOUN
fsr-3911	121	15	of	of	ADP
fsr-3911	121	16	5	5	NUM
fsr-3911	121	17	years	year	NOUN
fsr-3911	121	18	,	,	PUNCT
fsr-3911	121	19	whenn	whenn	PROPN
fsr-3911	121	20	5	5	NUM
fsr-3911	121	21	5	5	X
fsr-3911	121	22	.	.	PUNCT
fsr-3911	122	1	if	if	SCONJ
fsr-3911	122	2	the	the	DET
fsr-3911	122	3	first	first	ADJ
fsr-3911	122	4	retirement	retirement	NOUN
fsr-3911	122	5	period	period	NOUN
fsr-3911	122	6	begins	begin	VERB
fsr-3911	122	7	in	in	ADP
fsr-3911	122	8	january	january	PROPN
fsr-3911	122	9	1926	1926	NUM
fsr-3911	122	10	,	,	PUNCT
fsr-3911	122	11	it	it	PRON
fsr-3911	122	12	will	will	AUX
fsr-3911	122	13	end	end	VERB
fsr-3911	122	14	in	in	ADP
fsr-3911	122	15	december	december	PROPN
fsr-3911	122	16	1930	1930	NUM
fsr-3911	122	17	.	.	PUNCT
fsr-3911	123	1	if	if	SCONJ
fsr-3911	123	2	we	we	PRON
fsr-3911	123	3	allow	allow	VERB
fsr-3911	123	4	the	the	DET
fsr-3911	123	5	second	second	ADJ
fsr-3911	123	6	retirement	retirement	NOUN
fsr-3911	123	7	period	period	NOUN
fsr-3911	123	8	to	to	PART
fsr-3911	123	9	begin	begin	VERB
fsr-3911	123	10	in	in	ADP
fsr-3911	123	11	march	march	PROPN
fsr-3911	123	12	1928	1928	NUM
fsr-3911	123	13	and	and	CCONJ
fsr-3911	123	14	end	end	VERB
fsr-3911	123	15	in	in	ADP
fsr-3911	123	16	february	february	PROPN
fsr-3911	123	17	1933	1933	NUM
fsr-3911	123	18	then	then	ADV
fsr-3911	123	19	the	the	DET
fsr-3911	123	20	gap	gap	NOUN
fsr-3911	123	21	between	between	ADP
fsr-3911	123	22	the	the	DET
fsr-3911	123	23	beginning	beginning	NOUN
fsr-3911	123	24	of	of	ADP
fsr-3911	123	25	the	the	DET
fsr-3911	123	26	first	first	ADJ
fsr-3911	123	27	and	and	CCONJ
fsr-3911	123	28	the	the	DET
fsr-3911	123	29	beginning	beginning	NOUN
fsr-3911	123	30	of	of	ADP
fsr-3911	123	31	the	the	DET
fsr-3911	123	32	second	second	ADJ
fsr-3911	123	33	is	be	AUX
fsr-3911	123	34	26	26	NUM
fsr-3911	123	35	months	month	NOUN
fsr-3911	123	36	.	.	PUNCT
fsr-3911	124	1	with	with	ADP
fsr-3911	124	2	this	this	DET
fsr-3911	124	3	gap	gap	NOUN
fsr-3911	124	4	,	,	PUNCT
fsr-3911	124	5	we	we	PRON
fsr-3911	124	6	have	have	VERB
fsr-3911	124	7	a	a	DET
fsr-3911	124	8	total	total	NOUN
fsr-3911	124	9	of	of	ADP
fsr-3911	124	10	31	31	NUM
fsr-3911	124	11	retirement	retirement	NOUN
fsr-3911	124	12	periods	period	NOUN
fsr-3911	124	13	with	with	ADP
fsr-3911	124	14	the	the	DET
fsr-3911	124	15	last	last	ADJ
fsr-3911	124	16	beginning	beginning	NOUN
fsr-3911	124	17	in	in	ADP
fsr-3911	124	18	january	january	PROPN
fsr-3911	124	19	1991	1991	NUM
fsr-3911	124	20	and	and	CCONJ
fsr-3911	124	21	ending	end	VERB
fsr-3911	124	22	in	in	ADP
fsr-3911	124	23	december	december	PROPN
fsr-3911	124	24	1995	1995	NUM
fsr-3911	124	25	.	.	PUNCT
fsr-3911	125	1	if	if	SCONJ
fsr-3911	125	2	the	the	DET
fsr-3911	125	3	gap	gap	NOUN
fsr-3911	125	4	were	be	AUX
fsr-3911	125	5	to	to	PART
fsr-3911	125	6	be	be	AUX
fsr-3911	125	7	increased	increase	VERB
fsr-3911	125	8	to	to	ADP
fsr-3911	125	9	27	27	NUM
fsr-3911	125	10	months	month	NOUN
fsr-3911	125	11	or	or	CCONJ
fsr-3911	125	12	more	more	ADJ
fsr-3911	125	13	then	then	ADV
fsr-3911	125	14	it	it	PRON
fsr-3911	125	15	is	be	AUX
fsr-3911	125	16	not	not	PART
fsr-3911	125	17	possible	possible	ADJ
fsr-3911	125	18	to	to	PART
fsr-3911	125	19	have	have	VERB
fsr-3911	125	20	at	at	ADV
fsr-3911	125	21	least	least	ADV
fsr-3911	125	22	30	30	NUM
fsr-3911	125	23	retirement	retirement	NOUN
fsr-3911	125	24	periods	period	NOUN
fsr-3911	125	25	within	within	ADP
fsr-3911	125	26	the	the	DET
fsr-3911	125	27	840	840	NUM
fsr-3911	125	28	months	month	NOUN
fsr-3911	125	29	of	of	ADP
fsr-3911	125	30	data	datum	NOUN
fsr-3911	125	31	that	that	PRON
fsr-3911	125	32	we	we	PRON
fsr-3911	125	33	have	have	VERB
fsr-3911	125	34	.	.	PUNCT
fsr-3911	126	1	if	if	SCONJ
fsr-3911	126	2	the	the	DET
fsr-3911	126	3	gap	gap	NOUN
fsr-3911	126	4	is	be	AUX
fsr-3911	126	5	decreased	decrease	VERB
fsr-3911	126	6	,	,	PUNCT
fsr-3911	126	7	then	then	ADV
fsr-3911	126	8	we	we	PRON
fsr-3911	126	9	have	have	VERB
fsr-3911	126	10	too	too	ADV
fsr-3911	126	11	many	many	ADJ
fsr-3911	126	12	retirement	retirement	NOUN
fsr-3911	126	13	periods	period	NOUN
fsr-3911	126	14	.	.	PUNCT
fsr-3911	127	1	we	we	PRON
fsr-3911	127	2	find	find	VERB
fsr-3911	127	3	that	that	SCONJ
fsr-3911	127	4	for	for	ADP
fsr-3911	127	5	every	every	DET
fsr-3911	127	6	5	5	NUM
fsr-3911	127	7	-	-	PUNCT
fsr-3911	127	8	year	year	NOUN
fsr-3911	127	9	increment	increment	NOUN
fsr-3911	127	10	inn	inn	PROPN
fsr-3911	127	11	if	if	SCONJ
fsr-3911	127	12	the	the	DET
fsr-3911	127	13	gap	gap	NOUN
fsr-3911	127	14	is	be	AUX
fsr-3911	127	15	decreased	decrease	VERB
fsr-3911	127	16	by	by	ADP
fsr-3911	127	17	two	two	NUM
fsr-3911	127	18	months	month	NOUN
fsr-3911	127	19	then	then	ADV
fsr-3911	127	20	we	we	PRON
fsr-3911	127	21	are	be	AUX
fsr-3911	127	22	able	able	ADJ
fsr-3911	127	23	to	to	PART
fsr-3911	127	24	meet	meet	VERB
fsr-3911	127	25	both	both	PRON
fsr-3911	127	26	of	of	ADP
fsr-3911	127	27	the	the	DET
fsr-3911	127	28	above	above	ADJ
fsr-3911	127	29	constraints	constraint	NOUN
fsr-3911	127	30	.	.	PUNCT
fsr-3911	128	1	an	an	DET
fsr-3911	128	2	additional	additional	ADJ
fsr-3911	128	3	benefit	benefit	NOUN
fsr-3911	128	4	is	be	AUX
fsr-3911	128	5	that	that	SCONJ
fsr-3911	128	6	we	we	PRON
fsr-3911	128	7	uniformly	uniformly	ADV
fsr-3911	128	8	end	end	VERB
fsr-3911	128	9	up	up	ADP
fsr-3911	128	10	having	have	VERB
fsr-3911	128	11	31	31	NUM
fsr-3911	128	12	retirement	retirement	NOUN
fsr-3911	128	13	periods	period	NOUN
fsr-3911	128	14	of	of	ADP
fsr-3911	128	15	analysis	analysis	NOUN
fsr-3911	128	16	for	for	ADP
fsr-3911	128	17	alln	alln	NOUN
fsr-3911	128	18	with	with	ADP
fsr-3911	128	19	the	the	DET
fsr-3911	128	20	first	first	ADJ
fsr-3911	128	21	period	period	NOUN
fsr-3911	128	22	always	always	ADV
fsr-3911	128	23	beginning	begin	VERB
fsr-3911	128	24	in	in	ADP
fsr-3911	128	25	january	january	PROPN
fsr-3911	128	26	1926	1926	NUM
fsr-3911	128	27	and	and	CCONJ
fsr-3911	128	28	the	the	DET
fsr-3911	128	29	last	last	ADJ
fsr-3911	128	30	period	period	NOUN
fsr-3911	128	31	always	always	ADV
fsr-3911	128	32	ending	end	VERB
fsr-3911	128	33	with	with	ADP
fsr-3911	128	34	december	december	PROPN
fsr-3911	128	35	1995	1995	NUM
fsr-3911	128	36	.	.	PUNCT
fsr-3911	129	1	summary	summary	NOUN
fsr-3911	129	2	statistics	statistic	NOUN
fsr-3911	129	3	for	for	ADP
fsr-3911	129	4	the	the	DET
fsr-3911	129	5	returns	return	NOUN
fsr-3911	129	6	in	in	ADP
fsr-3911	129	7	the	the	DET
fsr-3911	129	8	data	datum	NOUN
fsr-3911	129	9	are	be	AUX
fsr-3911	129	10	presented	present	VERB
fsr-3911	129	11	in	in	ADP
fsr-3911	129	12	table	table	NOUN
fsr-3911	129	13	1	1	NUM
fsr-3911	129	14	.	.	PUNCT
fsr-3911	130	1	the	the	DET
fsr-3911	130	2	average	average	ADJ
fsr-3911	130	3	monthly	monthly	ADJ
fsr-3911	130	4	return	return	NOUN
fsr-3911	130	5	on	on	ADP
fsr-3911	130	6	the	the	DET
fsr-3911	130	7	crsp	crsp	PROPN
fsr-3911	130	8	vw	vw	PROPN
fsr-3911	130	9	portfolio	portfolio	NOUN
fsr-3911	130	10	is	be	AUX
fsr-3911	130	11	0.9606	0.9606	NUM
fsr-3911	130	12	%	%	NOUN
fsr-3911	130	13	while	while	SCONJ
fsr-3911	130	14	the	the	DET
fsr-3911	130	15	standard	standard	ADJ
fsr-3911	130	16	deviation	deviation	NOUN
fsr-3911	130	17	of	of	ADP
fsr-3911	130	18	its	its	PRON
fsr-3911	130	19	rate	rate	NOUN
fsr-3911	130	20	of	of	ADP
fsr-3911	130	21	return	return	NOUN
fsr-3911	130	22	is	be	AUX
fsr-3911	130	23	5.5	5.5	NUM
fsr-3911	130	24	%	%	NOUN
fsr-3911	130	25	.	.	PUNCT
fsr-3911	131	1	compared	compare	VERB
fsr-3911	131	2	to	to	ADP
fsr-3911	131	3	the	the	DET
fsr-3911	131	4	rates	rate	NOUN
fsr-3911	131	5	of	of	ADP
fsr-3911	131	6	return	return	NOUN
fsr-3911	131	7	on	on	ADP
fsr-3911	131	8	the	the	DET
fsr-3911	131	9	other	other	ADJ
fsr-3911	131	10	portfolios	portfolio	NOUN
fsr-3911	131	11	,	,	PUNCT
fsr-3911	131	12	it	it	PRON
fsr-3911	131	13	appears	appear	VERB
fsr-3911	131	14	that	that	SCONJ
fsr-3911	131	15	the	the	DET
fsr-3911	131	16	crsp	crsp	PROPN
fsr-3911	131	17	vw	vw	PROPN
fsr-3911	131	18	has	have	VERB
fsr-3911	131	19	higher	high	ADJ
fsr-3911	131	20	risk	risk	NOUN
fsr-3911	131	21	but	but	CCONJ
fsr-3911	131	22	also	also	ADV
fsr-3911	131	23	offers	offer	VERB
fsr-3911	131	24	a	a	DET
fsr-3911	131	25	higher	high	ADJ
fsr-3911	131	26	rate	rate	NOUN
fsr-3911	131	27	of	of	ADP
fsr-3911	131	28	return	return	NOUN
fsr-3911	131	29	.	.	PUNCT
fsr-3911	132	1	in	in	ADP
fsr-3911	132	2	the	the	DET
fsr-3911	132	3	next	next	ADJ
fsr-3911	132	4	section	section	NOUN
fsr-3911	132	5	we	we	PRON
fsr-3911	132	6	turn	turn	VERB
fsr-3911	132	7	our	our	PRON
fsr-3911	132	8	attention	attention	NOUN
fsr-3911	132	9	to	to	ADP
fsr-3911	132	10	the	the	DET
fsr-3911	132	11	results	result	NOUN
fsr-3911	132	12	.	.	PUNCT
fsr-3911	133	1	52	52	NUM
fsr-3911	133	2	p.p	p.p	PROPN
fsr-3911	133	3	.	.	PROPN
fsr-3911	133	4	vora	vora	PROPN
fsr-3911	133	5	/	/	SYM
fsr-3911	133	6	financial	financial	ADJ
fsr-3911	133	7	services	service	NOUN
fsr-3911	133	8	review	review	VERB
fsr-3911	133	9	9	9	NUM
fsr-3911	133	10	(	(	PUNCT
fsr-3911	133	11	2000	2000	NUM
fsr-3911	133	12	)	)	PUNCT
fsr-3911	134	1	47–63	47–63	NOUN
fsr-3911	134	2	4	4	NUM
fsr-3911	134	3	.	.	PUNCT
fsr-3911	134	4	results	result	VERB
fsr-3911	134	5	4.1	4.1	NUM
fsr-3911	134	6	.	.	PUNCT
fsr-3911	135	1	main	main	ADJ
fsr-3911	135	2	results	result	NOUN
fsr-3911	135	3	in	in	ADP
fsr-3911	135	4	table	table	NOUN
fsr-3911	135	5	2	2	NUM
fsr-3911	135	6	we	we	PRON
fsr-3911	135	7	report	report	VERB
fsr-3911	135	8	the	the	DET
fsr-3911	135	9	results	result	NOUN
fsr-3911	135	10	on	on	ADP
fsr-3911	135	11	dollar	dollar	NOUN
fsr-3911	135	12	-	-	PUNCT
fsr-3911	135	13	cost	cost	NOUN
fsr-3911	135	14	disinvesting	disinvesting	NOUN
fsr-3911	135	15	for	for	ADP
fsr-3911	135	16	various	various	ADJ
fsr-3911	135	17	values	value	NOUN
fsr-3911	135	18	of	of	ADP
fsr-3911	135	19	the	the	DET
fsr-3911	135	20	retirement	retirement	NOUN
fsr-3911	135	21	horizon	horizon	PROPN
fsr-3911	135	22	,	,	PUNCT
fsr-3911	135	23	n	n	CCONJ
fsr-3911	135	24	,	,	PUNCT
fsr-3911	135	25	and	and	CCONJ
fsr-3911	135	26	for	for	ADP
fsr-3911	135	27	the	the	DET
fsr-3911	135	28	portfolios	portfolio	NOUN
fsr-3911	135	29	that	that	PRON
fsr-3911	135	30	we	we	PRON
fsr-3911	135	31	have	have	AUX
fsr-3911	135	32	selected	select	VERB
fsr-3911	135	33	.	.	PUNCT
fsr-3911	136	1	for	for	ADP
fsr-3911	136	2	eachn	eachn	NOUN
fsr-3911	136	3	and	and	CCONJ
fsr-3911	136	4	for	for	ADP
fsr-3911	136	5	each	each	DET
fsr-3911	136	6	portfolio	portfolio	NOUN
fsr-3911	136	7	we	we	PRON
fsr-3911	136	8	present	present	VERB
fsr-3911	136	9	the	the	DET
fsr-3911	136	10	average	average	ADJ
fsr-3911	136	11	monthly	monthly	ADJ
fsr-3911	136	12	consumption	consumption	NOUN
fsr-3911	136	13	amount	amount	NOUN
fsr-3911	136	14	,	,	PUNCT
fsr-3911	136	15	which	which	PRON
fsr-3911	136	16	we	we	PRON
fsr-3911	136	17	termedc	termedc	VERB
fsr-3911	136	18	in	in	ADP
fsr-3911	136	19	eq	eq	ADP
fsr-3911	136	20	.	.	PUNCT
fsr-3911	137	1	(	(	PUNCT
fsr-3911	137	2	1	1	NUM
fsr-3911	137	3	)	)	PUNCT
fsr-3911	137	4	,	,	PUNCT
fsr-3911	137	5	for	for	ADP
fsr-3911	137	6	the	the	DET
fsr-3911	137	7	31	31	NUM
fsr-3911	137	8	retirement	retirement	NOUN
fsr-3911	137	9	periods	period	NOUN
fsr-3911	137	10	that	that	PRON
fsr-3911	137	11	are	be	AUX
fsr-3911	137	12	included	include	VERB
fsr-3911	137	13	in	in	ADP
fsr-3911	137	14	the	the	DET
fsr-3911	137	15	analysis	analysis	NOUN
fsr-3911	137	16	.	.	PUNCT
fsr-3911	138	1	thus	thus	ADV
fsr-3911	138	2	,	,	PUNCT
fsr-3911	138	3	an	an	DET
fsr-3911	138	4	individual	individual	NOUN
fsr-3911	138	5	with	with	ADP
fsr-3911	138	6	a	a	DET
fsr-3911	138	7	retirement	retirement	NOUN
fsr-3911	138	8	horizon	horizon	NOUN
fsr-3911	138	9	of	of	ADP
fsr-3911	138	10	5	5	NUM
fsr-3911	138	11	years	year	NOUN
fsr-3911	138	12	who	who	PRON
fsr-3911	138	13	invested	invest	VERB
fsr-3911	138	14	$	$	SYM
fsr-3911	138	15	100	100	NUM
fsr-3911	138	16	into	into	ADP
fsr-3911	138	17	the	the	DET
fsr-3911	138	18	crsp	crsp	PROPN
fsr-3911	138	19	vw	vw	PROPN
fsr-3911	138	20	portfolio	portfolio	NOUN
fsr-3911	138	21	could	could	AUX
fsr-3911	138	22	have	have	AUX
fsr-3911	138	23	spent	spend	VERB
fsr-3911	138	24	$	$	SYM
fsr-3911	138	25	2.19	2.19	NUM
fsr-3911	138	26	every	every	DET
fsr-3911	138	27	month	month	NOUN
fsr-3911	138	28	immediately	immediately	ADV
fsr-3911	138	29	upon	upon	SCONJ
fsr-3911	138	30	retiring	retire	VERB
fsr-3911	138	31	till	till	SCONJ
fsr-3911	138	32	the	the	DET
fsr-3911	138	33	end	end	NOUN
fsr-3911	138	34	of	of	ADP
fsr-3911	138	35	5	5	NUM
fsr-3911	138	36	years	year	NOUN
fsr-3911	138	37	.	.	PUNCT
fsr-3911	139	1	instead	instead	ADV
fsr-3911	139	2	,	,	PUNCT
fsr-3911	139	3	if	if	SCONJ
fsr-3911	139	4	he	he	PRON
fsr-3911	139	5	had	have	AUX
fsr-3911	139	6	opted	opt	VERB
fsr-3911	139	7	to	to	PART
fsr-3911	139	8	invest	invest	VERB
fsr-3911	139	9	in	in	ADP
fsr-3911	139	10	a	a	DET
fsr-3911	139	11	portfolio	portfolio	NOUN
fsr-3911	139	12	of	of	ADP
fsr-3911	139	13	t	t	PROPN
fsr-3911	139	14	-	-	PUNCT
fsr-3911	139	15	bonds	bond	NOUN
fsr-3911	139	16	,	,	PUNCT
fsr-3911	139	17	he	he	PRON
fsr-3911	139	18	could	could	AUX
fsr-3911	139	19	have	have	AUX
fsr-3911	139	20	spent	spend	VERB
fsr-3911	139	21	$	$	SYM
fsr-3911	139	22	1.89	1.89	NUM
fsr-3911	139	23	.	.	PUNCT
fsr-3911	140	1	we	we	PRON
fsr-3911	140	2	provide	provide	VERB
fsr-3911	140	3	thep	thep	NOUN
fsr-3911	140	4	-	-	PUNCT
fsr-3911	140	5	value	value	NOUN
fsr-3911	140	6	of	of	ADP
fsr-3911	140	7	the	the	DET
fsr-3911	140	8	wilcoxon	wilcoxon	PROPN
fsr-3911	140	9	sign	sign	PROPN
fsr-3911	140	10	rank	rank	PROPN
fsr-3911	140	11	statistic	statistic	NOUN
fsr-3911	140	12	for	for	ADP
fsr-3911	140	13	the	the	DET
fsr-3911	140	14	null	null	ADJ
fsr-3911	140	15	hypothesis	hypothesis	NOUN
fsr-3911	140	16	that	that	PRON
fsr-3911	140	17	the	the	DET
fsr-3911	140	18	mean	mean	ADJ
fsr-3911	140	19	difference	difference	NOUN
fsr-3911	140	20	between	between	ADP
fsr-3911	140	21	the	the	DET
fsr-3911	140	22	stock	stock	NOUN
fsr-3911	140	23	based	base	VERB
fsr-3911	140	24	consumption	consumption	NOUN
fsr-3911	140	25	amount	amount	NOUN
fsr-3911	140	26	and	and	CCONJ
fsr-3911	140	27	the	the	DET
fsr-3911	140	28	t	t	NOUN
fsr-3911	140	29	-	-	PUNCT
fsr-3911	140	30	bond	bond	NOUN
fsr-3911	140	31	based	base	VERB
fsr-3911	140	32	consumption	consumption	NOUN
fsr-3911	140	33	amount	amount	NOUN
fsr-3911	140	34	is	be	AUX
fsr-3911	140	35	zero	zero	NUM
fsr-3911	140	36	in	in	ADP
fsr-3911	140	37	parentheses	parenthesis	NOUN
fsr-3911	140	38	.	.	PUNCT
fsr-3911	141	1	our	our	PRON
fsr-3911	141	2	analysis	analysis	NOUN
fsr-3911	141	3	of	of	ADP
fsr-3911	141	4	whether	whether	SCONJ
fsr-3911	141	5	the	the	DET
fsr-3911	141	6	consumption	consumption	NOUN
fsr-3911	141	7	numbers	number	NOUN
fsr-3911	141	8	as	as	ADV
fsr-3911	141	9	well	well	ADV
fsr-3911	141	10	as	as	ADP
fsr-3911	141	11	the	the	DET
fsr-3911	141	12	differences	difference	NOUN
fsr-3911	141	13	in	in	ADP
fsr-3911	141	14	consumption	consumption	NOUN
fsr-3911	141	15	between	between	ADP
fsr-3911	141	16	different	different	ADJ
fsr-3911	141	17	classes	class	NOUN
fsr-3911	141	18	of	of	ADP
fsr-3911	141	19	assets	asset	NOUN
fsr-3911	141	20	are	be	AUX
fsr-3911	141	21	normally	normally	ADV
fsr-3911	141	22	distributed	distribute	VERB
fsr-3911	141	23	or	or	CCONJ
fsr-3911	141	24	not	not	PART
fsr-3911	141	25	suggests	suggest	VERB
fsr-3911	141	26	that	that	SCONJ
fsr-3911	141	27	normality	normality	NOUN
fsr-3911	141	28	can	can	AUX
fsr-3911	141	29	not	not	PART
fsr-3911	141	30	always	always	ADV
fsr-3911	141	31	be	be	AUX
fsr-3911	141	32	assumed	assume	VERB
fsr-3911	141	33	.	.	PUNCT
fsr-3911	142	1	thus	thus	ADV
fsr-3911	142	2	,	,	PUNCT
fsr-3911	142	3	we	we	PRON
fsr-3911	142	4	resort	resort	VERB
fsr-3911	142	5	to	to	ADP
fsr-3911	142	6	nonparametric	nonparametric	NOUN
fsr-3911	142	7	test	test	NOUN
fsr-3911	142	8	statistics	statistic	NOUN
fsr-3911	142	9	which	which	PRON
fsr-3911	142	10	impose	impose	VERB
fsr-3911	142	11	few	few	ADJ
fsr-3911	142	12	distributional	distributional	ADJ
fsr-3911	142	13	assumptions	assumption	NOUN
fsr-3911	142	14	on	on	ADP
fsr-3911	142	15	the	the	DET
fsr-3911	142	16	data	datum	NOUN
fsr-3911	142	17	for	for	ADP
fsr-3911	142	18	all	all	DET
fsr-3911	142	19	our	our	PRON
fsr-3911	142	20	hypothesis	hypothesis	NOUN
fsr-3911	142	21	tests	test	NOUN
fsr-3911	142	22	(	(	PUNCT
fsr-3911	142	23	conover	conover	NOUN
fsr-3911	142	24	,	,	PUNCT
fsr-3911	142	25	1980	1980	NUM
fsr-3911	142	26	)	)	PUNCT
fsr-3911	142	27	.	.	PUNCT
fsr-3911	143	1	we	we	PRON
fsr-3911	143	2	also	also	ADV
fsr-3911	143	3	provide	provide	VERB
fsr-3911	143	4	the	the	DET
fsr-3911	143	5	number	number	NOUN
fsr-3911	143	6	of	of	ADP
fsr-3911	143	7	periods	period	NOUN
fsr-3911	143	8	out	out	ADP
fsr-3911	143	9	of	of	ADP
fsr-3911	143	10	31	31	NUM
fsr-3911	143	11	in	in	ADP
fsr-3911	143	12	which	which	PRON
fsr-3911	143	13	the	the	DET
fsr-3911	143	14	stock	stock	NOUN
fsr-3911	143	15	based	base	VERB
fsr-3911	143	16	consumption	consumption	NOUN
fsr-3911	143	17	was	be	AUX
fsr-3911	143	18	greater	great	ADJ
fsr-3911	143	19	than	than	ADP
fsr-3911	143	20	t	t	NOUN
fsr-3911	143	21	-	-	PUNCT
fsr-3911	143	22	bond	bond	NOUN
fsr-3911	143	23	based	base	VERB
fsr-3911	143	24	consumption	consumption	NOUN
fsr-3911	143	25	below	below	ADP
fsr-3911	143	26	thep	thep	NOUN
fsr-3911	143	27	-	-	PUNCT
fsr-3911	143	28	value	value	NOUN
fsr-3911	143	29	of	of	ADP
fsr-3911	143	30	the	the	DET
fsr-3911	143	31	wilcoxon	wilcoxon	PROPN
fsr-3911	143	32	sign	sign	PROPN
fsr-3911	143	33	rank	rank	PROPN
fsr-3911	143	34	statistic	statistic	NOUN
fsr-3911	143	35	.	.	PUNCT
fsr-3911	144	1	finally	finally	ADV
fsr-3911	144	2	,	,	PUNCT
fsr-3911	144	3	the	the	DET
fsr-3911	144	4	number	number	NOUN
fsr-3911	144	5	that	that	PRON
fsr-3911	144	6	appears	appear	VERB
fsr-3911	144	7	in	in	ADP
fsr-3911	144	8	brackets	bracket	NOUN
fsr-3911	144	9	provides	provide	VERB
fsr-3911	144	10	an	an	DET
fsr-3911	144	11	indication	indication	NOUN
fsr-3911	144	12	of	of	ADP
fsr-3911	144	13	how	how	SCONJ
fsr-3911	144	14	much	much	ADV
fsr-3911	144	15	bigger	big	ADJ
fsr-3911	144	16	(	(	PUNCT
fsr-3911	144	17	in	in	ADP
fsr-3911	144	18	percentage	percentage	NOUN
fsr-3911	144	19	terms	term	NOUN
fsr-3911	144	20	)	)	PUNCT
fsr-3911	144	21	the	the	DET
fsr-3911	144	22	consumption	consumption	NOUN
fsr-3911	144	23	based	base	VERB
fsr-3911	144	24	on	on	ADP
fsr-3911	144	25	the	the	DET
fsr-3911	144	26	stock	stock	NOUN
fsr-3911	144	27	portfolio	portfolio	NOUN
fsr-3911	144	28	is	be	AUX
fsr-3911	144	29	compared	compare	VERB
fsr-3911	144	30	to	to	ADP
fsr-3911	144	31	consumption	consumption	NOUN
fsr-3911	144	32	based	base	VERB
fsr-3911	144	33	on	on	ADP
fsr-3911	144	34	the	the	DET
fsr-3911	144	35	t	t	PROPN
fsr-3911	144	36	-	-	PUNCT
fsr-3911	144	37	bond	bond	NOUN
fsr-3911	144	38	portfolio	portfolio	NOUN
fsr-3911	144	39	.	.	PUNCT
fsr-3911	145	1	thus	thus	ADV
fsr-3911	145	2	,	,	PUNCT
fsr-3911	145	3	the	the	DET
fsr-3911	145	4	consumption	consumption	NOUN
fsr-3911	145	5	based	base	VERB
fsr-3911	145	6	on	on	ADP
fsr-3911	145	7	the	the	DET
fsr-3911	145	8	stock	stock	NOUN
fsr-3911	145	9	portfolio	portfolio	NOUN
fsr-3911	145	10	over	over	ADP
fsr-3911	145	11	5	5	NUM
fsr-3911	145	12	year	year	NOUN
fsr-3911	145	13	horizons	horizon	NOUN
fsr-3911	145	14	is	be	AUX
fsr-3911	145	15	significantly	significantly	ADV
fsr-3911	145	16	greater	great	ADJ
fsr-3911	145	17	than	than	ADP
fsr-3911	145	18	the	the	DET
fsr-3911	145	19	consumption	consumption	NOUN
fsr-3911	145	20	based	base	VERB
fsr-3911	145	21	on	on	ADP
fsr-3911	145	22	t	t	PROPN
fsr-3911	145	23	-	-	PUNCT
fsr-3911	145	24	bonds	bond	NOUN
fsr-3911	145	25	at	at	ADP
fsr-3911	145	26	the	the	DET
fsr-3911	145	27	1	1	NUM
fsr-3911	145	28	%	%	NOUN
fsr-3911	145	29	level	level	NOUN
fsr-3911	145	30	.	.	PUNCT
fsr-3911	146	1	additionally	additionally	ADV
fsr-3911	146	2	,	,	PUNCT
fsr-3911	146	3	in	in	ADP
fsr-3911	146	4	23	23	NUM
fsr-3911	146	5	out	out	ADP
fsr-3911	146	6	of	of	ADP
fsr-3911	146	7	31	31	NUM
fsr-3911	146	8	five	five	NUM
fsr-3911	146	9	-	-	PUNCT
fsr-3911	146	10	year	year	NOUN
fsr-3911	146	11	periods	period	VERB
fsr-3911	146	12	the	the	DET
fsr-3911	146	13	stock	stock	NOUN
fsr-3911	146	14	based	base	VERB
fsr-3911	146	15	consumption	consumption	NOUN
fsr-3911	146	16	was	be	AUX
fsr-3911	146	17	greater	great	ADJ
fsr-3911	146	18	than	than	ADP
fsr-3911	146	19	t	t	NOUN
fsr-3911	146	20	-	-	PUNCT
fsr-3911	146	21	bond	bond	NOUN
fsr-3911	146	22	based	base	VERB
fsr-3911	146	23	consumption	consumption	NOUN
fsr-3911	146	24	.	.	PUNCT
fsr-3911	147	1	based	base	VERB
fsr-3911	147	2	on	on	ADP
fsr-3911	147	3	the	the	DET
fsr-3911	147	4	sign	sign	NOUN
fsr-3911	147	5	test	test	NOUN
fsr-3911	147	6	with	with	ADP
fsr-3911	147	7	a	a	DET
fsr-3911	147	8	probability	probability	NOUN
fsr-3911	147	9	of	of	ADP
fsr-3911	147	10	success	success	NOUN
fsr-3911	147	11	equal	equal	ADJ
fsr-3911	147	12	to	to	ADP
fsr-3911	147	13	50	50	NUM
fsr-3911	147	14	%	%	NOUN
fsr-3911	147	15	,	,	PUNCT
fsr-3911	147	16	in	in	ADP
fsr-3911	147	17	a	a	DET
fsr-3911	147	18	random	random	ADJ
fsr-3911	147	19	sample	sample	NOUN
fsr-3911	147	20	of	of	ADP
fsr-3911	147	21	31	31	NUM
fsr-3911	147	22	draws	draw	NOUN
fsr-3911	147	23	,	,	PUNCT
fsr-3911	147	24	we	we	PRON
fsr-3911	147	25	would	would	AUX
fsr-3911	147	26	find	find	VERB
fsr-3911	147	27	23	23	NUM
fsr-3911	147	28	or	or	CCONJ
fsr-3911	147	29	more	more	ADJ
fsr-3911	147	30	successes	success	NOUN
fsr-3911	147	31	to	to	PART
fsr-3911	147	32	occur	occur	VERB
fsr-3911	147	33	less	less	ADJ
fsr-3911	147	34	than	than	ADP
fsr-3911	147	35	1	1	NUM
fsr-3911	147	36	%	%	NOUN
fsr-3911	147	37	of	of	ADP
fsr-3911	147	38	the	the	DET
fsr-3911	147	39	time	time	NOUN
fsr-3911	147	40	.	.	PUNCT
fsr-3911	148	1	finally	finally	ADV
fsr-3911	148	2	,	,	PUNCT
fsr-3911	148	3	the	the	DET
fsr-3911	148	4	stock	stock	NOUN
fsr-3911	148	5	portfolio	portfolio	NOUN
fsr-3911	148	6	allows	allow	VERB
fsr-3911	148	7	15.87	15.87	NUM
fsr-3911	148	8	%	%	NOUN
fsr-3911	148	9	greater	great	ADJ
fsr-3911	148	10	consumption	consumption	NOUN
fsr-3911	148	11	per	per	ADP
fsr-3911	148	12	100	100	NUM
fsr-3911	148	13	dollars	dollar	NOUN
fsr-3911	148	14	invested	invest	VERB
fsr-3911	148	15	than	than	ADP
fsr-3911	148	16	the	the	DET
fsr-3911	148	17	t	t	PROPN
fsr-3911	148	18	-	-	PUNCT
fsr-3911	148	19	bond	bond	NOUN
fsr-3911	148	20	portfolio	portfolio	NOUN
fsr-3911	148	21	,	,	PUNCT
fsr-3911	148	22	that	that	ADV
fsr-3911	148	23	is	is	ADV
fsr-3911	148	24	,	,	PUNCT
fsr-3911	148	25	the	the	DET
fsr-3911	148	26	difference	difference	NOUN
fsr-3911	148	27	of	of	ADP
fsr-3911	148	28	30	30	NUM
fsr-3911	148	29	cents	cent	NOUN
fsr-3911	148	30	between	between	ADP
fsr-3911	148	31	$	$	SYM
fsr-3911	148	32	2.19	2.19	NUM
fsr-3911	148	33	and	and	CCONJ
fsr-3911	148	34	$	$	SYM
fsr-3911	148	35	1.89	1.89	NUM
fsr-3911	148	36	is	be	AUX
fsr-3911	148	37	15.87	15.87	NUM
fsr-3911	148	38	%	%	NOUN
fsr-3911	148	39	of	of	ADP
fsr-3911	148	40	$	$	SYM
fsr-3911	148	41	1.89	1.89	NUM
fsr-3911	148	42	.	.	PUNCT
fsr-3911	149	1	when	when	SCONJ
fsr-3911	149	2	stock	stock	NOUN
fsr-3911	149	3	based	base	VERB
fsr-3911	149	4	consumption	consumption	NOUN
fsr-3911	149	5	is	be	AUX
fsr-3911	149	6	compared	compare	VERB
fsr-3911	149	7	to	to	ADP
fsr-3911	149	8	t	t	NOUN
fsr-3911	149	9	-	-	PUNCT
fsr-3911	149	10	bond	bond	NOUN
fsr-3911	149	11	based	base	VERB
fsr-3911	149	12	consumption	consumption	NOUN
fsr-3911	149	13	over	over	ADP
fsr-3911	149	14	different	different	ADJ
fsr-3911	149	15	horizons	horizon	NOUN
fsr-3911	149	16	,	,	PUNCT
fsr-3911	149	17	a	a	DET
fsr-3911	149	18	clear	clear	ADJ
fsr-3911	149	19	pattern	pattern	NOUN
fsr-3911	149	20	emerges	emerge	VERB
fsr-3911	149	21	.	.	PUNCT
fsr-3911	150	1	stock	stock	NOUN
fsr-3911	150	2	based	base	VERB
fsr-3911	150	3	consumption	consumption	NOUN
fsr-3911	150	4	is	be	AUX
fsr-3911	150	5	always	always	ADV
fsr-3911	150	6	greater	great	ADJ
fsr-3911	150	7	than	than	ADP
fsr-3911	150	8	t	t	NOUN
fsr-3911	150	9	-	-	PUNCT
fsr-3911	150	10	bond	bond	NOUN
fsr-3911	150	11	based	base	VERB
fsr-3911	150	12	consumption	consumption	NOUN
fsr-3911	150	13	regardless	regardless	ADV
fsr-3911	150	14	of	of	ADP
fsr-3911	150	15	the	the	DET
fsr-3911	150	16	retirement	retirement	NOUN
fsr-3911	150	17	horizonn	horizonn	PROPN
fsr-3911	150	18	.	.	PUNCT
fsr-3911	151	1	this	this	DET
fsr-3911	151	2	difference	difference	NOUN
fsr-3911	151	3	is	be	AUX
fsr-3911	151	4	always	always	ADV
fsr-3911	151	5	statistically	statistically	ADV
fsr-3911	151	6	significant	significant	ADJ
fsr-3911	151	7	at	at	ADP
fsr-3911	151	8	the	the	DET
fsr-3911	151	9	1	1	NUM
fsr-3911	151	10	%	%	NOUN
fsr-3911	151	11	level	level	NOUN
fsr-3911	151	12	.	.	PUNCT
fsr-3911	152	1	the	the	DET
fsr-3911	152	2	percentage	percentage	NOUN
fsr-3911	152	3	economic	economic	ADJ
fsr-3911	152	4	difference	difference	NOUN
fsr-3911	152	5	increases	increase	VERB
fsr-3911	152	6	monotonically	monotonically	ADV
fsr-3911	152	7	with	with	ADP
fsr-3911	152	8	the	the	DET
fsr-3911	152	9	length	length	NOUN
fsr-3911	152	10	of	of	ADP
fsr-3911	152	11	the	the	DET
fsr-3911	152	12	retirement	retirement	NOUN
fsr-3911	152	13	horizon	horizon	NOUN
fsr-3911	152	14	.	.	PUNCT
fsr-3911	153	1	to	to	PART
fsr-3911	153	2	see	see	VERB
fsr-3911	153	3	this	this	DET
fsr-3911	153	4	economic	economic	ADJ
fsr-3911	153	5	difference	difference	NOUN
fsr-3911	153	6	more	more	ADV
fsr-3911	153	7	clearly	clearly	ADV
fsr-3911	153	8	consider	consider	VERB
fsr-3911	153	9	an	an	DET
fsr-3911	153	10	individual	individual	NOUN
fsr-3911	153	11	who	who	PRON
fsr-3911	153	12	has	have	AUX
fsr-3911	153	13	accumulated	accumulate	VERB
fsr-3911	153	14	$	$	SYM
fsr-3911	153	15	100,000	100,000	NUM
fsr-3911	153	16	by	by	ADP
fsr-3911	153	17	retirement	retirement	NOUN
fsr-3911	153	18	.	.	PUNCT
fsr-3911	154	1	if	if	SCONJ
fsr-3911	154	2	this	this	DET
fsr-3911	154	3	money	money	NOUN
fsr-3911	154	4	is	be	AUX
fsr-3911	154	5	table	table	NOUN
fsr-3911	154	6	1	1	NUM
fsr-3911	154	7	summary	summary	NOUN
fsr-3911	154	8	statistics	statistic	NOUN
fsr-3911	154	9	on	on	ADP
fsr-3911	154	10	monthly	monthly	ADJ
fsr-3911	154	11	returns	return	NOUN
fsr-3911	154	12	for	for	ADP
fsr-3911	154	13	portfolios	portfolio	NOUN
fsr-3911	154	14	portfolio	portfolio	NOUN
fsr-3911	154	15	mean	mean	VERB
fsr-3911	154	16	standard	standard	ADJ
fsr-3911	154	17	deviation	deviation	NOUN
fsr-3911	154	18	s&p	s&p	PROPN
fsr-3911	154	19	500	500	NUM
fsr-3911	154	20	index	index	NOUN
fsr-3911	154	21	0.9606	0.9606	NUM
fsr-3911	154	22	%	%	NOUN
fsr-3911	154	23	5.50	5.50	NUM
fsr-3911	154	24	%	%	NOUN
fsr-3911	154	25	t	t	NOUN
fsr-3911	154	26	-	-	PUNCT
fsr-3911	154	27	bond	bond	NOUN
fsr-3911	154	28	holding	holding	NOUN
fsr-3911	154	29	period	period	NOUN
fsr-3911	154	30	0.435	0.435	NUM
fsr-3911	154	31	%	%	NOUN
fsr-3911	154	32	1.57	1.57	NUM
fsr-3911	154	33	%	%	NOUN
fsr-3911	154	34	aaa	aaa	NOUN
fsr-3911	154	35	,	,	PUNCT
fsr-3911	154	36	baa	baa	PROPN
fsr-3911	154	37	,	,	PUNCT
fsr-3911	154	38	t	t	NOUN
fsr-3911	154	39	-	-	PUNCT
fsr-3911	154	40	bond	bond	NOUN
fsr-3911	154	41	annuity	annuity	NOUN
fsr-3911	154	42	0.502	0.502	NUM
fsr-3911	154	43	%	%	NOUN
fsr-3911	154	44	3.05	3.05	NUM
fsr-3911	154	45	%	%	NOUN
fsr-3911	154	46	baa	baa	NOUN
fsr-3911	154	47	bond	bond	NOUN
fsr-3911	154	48	annuity	annuity	NOUN
fsr-3911	154	49	0.588	0.588	NUM
fsr-3911	154	50	%	%	NOUN
fsr-3911	154	51	3.27	3.27	NUM
fsr-3911	154	52	%	%	NOUN
fsr-3911	154	53	53p.p	53p.p	NUM
fsr-3911	154	54	.	.	PUNCT
fsr-3911	155	1	vora	vora	NOUN
fsr-3911	155	2	/	/	SYM
fsr-3911	155	3	financial	financial	ADJ
fsr-3911	155	4	services	service	NOUN
fsr-3911	155	5	review	review	VERB
fsr-3911	155	6	9	9	NUM
fsr-3911	155	7	(	(	PUNCT
fsr-3911	155	8	2000	2000	NUM
fsr-3911	155	9	)	)	PUNCT
fsr-3911	155	10	47–63	47–63	NOUN
fsr-3911	155	11	invested	invest	VERB
fsr-3911	155	12	in	in	ADP
fsr-3911	155	13	the	the	DET
fsr-3911	155	14	stock	stock	NOUN
fsr-3911	155	15	portfolio	portfolio	NOUN
fsr-3911	155	16	,	,	PUNCT
fsr-3911	155	17	with	with	ADP
fsr-3911	155	18	a	a	DET
fsr-3911	155	19	five	five	NUM
fsr-3911	155	20	year	year	NOUN
fsr-3911	155	21	horizon	horizon	NOUN
fsr-3911	155	22	it	it	PRON
fsr-3911	155	23	translates	translate	VERB
fsr-3911	155	24	into	into	ADP
fsr-3911	155	25	an	an	DET
fsr-3911	155	26	additional	additional	ADJ
fsr-3911	155	27	$	$	SYM
fsr-3911	155	28	300	300	NUM
fsr-3911	155	29	per	per	ADP
fsr-3911	155	30	month	month	NOUN
fsr-3911	155	31	of	of	ADP
fsr-3911	155	32	consumption	consumption	NOUN
fsr-3911	155	33	as	as	SCONJ
fsr-3911	155	34	opposed	oppose	VERB
fsr-3911	155	35	to	to	ADP
fsr-3911	155	36	the	the	DET
fsr-3911	155	37	t	t	NOUN
fsr-3911	155	38	-	-	PUNCT
fsr-3911	155	39	bond	bond	NOUN
fsr-3911	155	40	portfolio	portfolio	NOUN
fsr-3911	155	41	.	.	PUNCT
fsr-3911	156	1	for	for	ADP
fsr-3911	156	2	a	a	DET
fsr-3911	156	3	30	30	NUM
fsr-3911	156	4	year	year	NOUN
fsr-3911	156	5	horizon	horizon	NOUN
fsr-3911	156	6	,	,	PUNCT
fsr-3911	156	7	the	the	DET
fsr-3911	156	8	stock	stock	NOUN
fsr-3911	156	9	portfolio	portfolio	NOUN
fsr-3911	156	10	generates	generate	VERB
fsr-3911	156	11	$	$	SYM
fsr-3911	156	12	420	420	NUM
fsr-3911	156	13	more	more	ADJ
fsr-3911	156	14	each	each	DET
fsr-3911	156	15	month	month	NOUN
fsr-3911	156	16	than	than	ADP
fsr-3911	156	17	the	the	DET
fsr-3911	156	18	t	t	NOUN
fsr-3911	156	19	-	-	PUNCT
fsr-3911	156	20	bond	bond	NOUN
fsr-3911	156	21	portfolio	portfolio	NOUN
fsr-3911	156	22	.	.	PUNCT
fsr-3911	157	1	thus	thus	ADV
fsr-3911	157	2	,	,	PUNCT
fsr-3911	157	3	our	our	PRON
fsr-3911	157	4	results	result	NOUN
fsr-3911	157	5	unequivocally	unequivocally	ADV
fsr-3911	157	6	suggest	suggest	VERB
fsr-3911	157	7	that	that	SCONJ
fsr-3911	157	8	a	a	DET
fsr-3911	157	9	stock	stock	NOUN
fsr-3911	157	10	based	base	VERB
fsr-3911	157	11	portfolio	portfolio	NOUN
fsr-3911	157	12	is	be	AUX
fsr-3911	157	13	better	well	ADJ
fsr-3911	157	14	than	than	ADP
fsr-3911	157	15	a	a	DET
fsr-3911	157	16	t	t	NOUN
fsr-3911	157	17	-	-	PUNCT
fsr-3911	157	18	bond	bond	NOUN
fsr-3911	157	19	based	base	VERB
fsr-3911	157	20	portfolio	portfolio	NOUN
fsr-3911	157	21	.	.	PUNCT
fsr-3911	158	1	when	when	SCONJ
fsr-3911	158	2	stocks	stock	NOUN
fsr-3911	158	3	are	be	AUX
fsr-3911	158	4	compared	compare	VERB
fsr-3911	158	5	to	to	ADP
fsr-3911	158	6	an	an	DET
fsr-3911	158	7	annuity	annuity	NOUN
fsr-3911	158	8	based	base	VERB
fsr-3911	158	9	on	on	ADP
fsr-3911	158	10	the	the	DET
fsr-3911	158	11	broadly	broadly	ADV
fsr-3911	158	12	diversified	diversify	VERB
fsr-3911	158	13	investment	investment	NOUN
fsr-3911	158	14	grade	grade	NOUN
fsr-3911	158	15	bond	bond	NOUN
fsr-3911	158	16	portfolio	portfolio	NOUN
fsr-3911	158	17	(	(	PUNCT
fsr-3911	158	18	annuity	annuity	NOUN
fsr-3911	158	19	a	a	X
fsr-3911	158	20	)	)	PUNCT
fsr-3911	158	21	we	we	PRON
fsr-3911	158	22	find	find	VERB
fsr-3911	158	23	similar	similar	ADJ
fsr-3911	158	24	results	result	NOUN
fsr-3911	158	25	.	.	PUNCT
fsr-3911	159	1	consumption	consumption	NOUN
fsr-3911	159	2	based	base	VERB
fsr-3911	159	3	on	on	ADP
fsr-3911	159	4	the	the	DET
fsr-3911	159	5	stock	stock	NOUN
fsr-3911	159	6	portfolio	portfolio	NOUN
fsr-3911	159	7	is	be	AUX
fsr-3911	159	8	statistically	statistically	ADV
fsr-3911	159	9	significantly	significantly	ADV
fsr-3911	159	10	greater	great	ADJ
fsr-3911	159	11	for	for	ADP
fsr-3911	159	12	all	all	DET
fsr-3911	159	13	horizons	horizon	NOUN
fsr-3911	159	14	from	from	ADP
fsr-3911	159	15	5	5	NUM
fsr-3911	159	16	to	to	PART
fsr-3911	159	17	30	30	NUM
fsr-3911	159	18	years	year	NOUN
fsr-3911	159	19	.	.	PUNCT
fsr-3911	160	1	the	the	DET
fsr-3911	160	2	statistical	statistical	ADJ
fsr-3911	160	3	and	and	CCONJ
fsr-3911	160	4	economic	economic	ADJ
fsr-3911	160	5	differences	difference	NOUN
fsr-3911	160	6	also	also	ADV
fsr-3911	160	7	grow	grow	VERB
fsr-3911	160	8	monotonically	monotonically	ADV
fsr-3911	160	9	as	as	SCONJ
fsr-3911	160	10	the	the	DET
fsr-3911	160	11	retirement	retirement	NOUN
fsr-3911	160	12	horizon	horizon	PROPN
fsr-3911	160	13	lengthens	lengthen	VERB
fsr-3911	160	14	.	.	PUNCT
fsr-3911	161	1	we	we	PRON
fsr-3911	161	2	note	note	VERB
fsr-3911	161	3	that	that	SCONJ
fsr-3911	161	4	consumption	consumption	NOUN
fsr-3911	161	5	based	base	VERB
fsr-3911	161	6	on	on	ADP
fsr-3911	161	7	annuity	annuity	NOUN
fsr-3911	161	8	a	a	PRON
fsr-3911	161	9	is	be	AUX
fsr-3911	161	10	greater	great	ADJ
fsr-3911	161	11	than	than	ADP
fsr-3911	161	12	consumption	consumption	NOUN
fsr-3911	161	13	based	base	VERB
fsr-3911	161	14	on	on	ADP
fsr-3911	161	15	the	the	DET
fsr-3911	161	16	t	t	PROPN
fsr-3911	161	17	-	-	PUNCT
fsr-3911	161	18	bond	bond	NOUN
fsr-3911	161	19	portfolio	portfolio	NOUN
fsr-3911	161	20	for	for	ADP
fsr-3911	161	21	all	all	DET
fsr-3911	161	22	horizons	horizon	NOUN
fsr-3911	161	23	,	,	PUNCT
fsr-3911	161	24	but	but	CCONJ
fsr-3911	161	25	only	only	ADV
fsr-3911	161	26	marginally	marginally	ADV
fsr-3911	161	27	so	so	ADV
fsr-3911	161	28	.	.	PUNCT
fsr-3911	162	1	we	we	PRON
fsr-3911	162	2	also	also	ADV
fsr-3911	162	3	compare	compare	VERB
fsr-3911	162	4	consumption	consumption	NOUN
fsr-3911	162	5	based	base	VERB
fsr-3911	162	6	on	on	ADP
fsr-3911	162	7	the	the	DET
fsr-3911	162	8	stock	stock	NOUN
fsr-3911	162	9	portfolio	portfolio	NOUN
fsr-3911	162	10	to	to	ADP
fsr-3911	162	11	consumption	consumption	NOUN
fsr-3911	162	12	based	base	VERB
fsr-3911	162	13	on	on	ADP
fsr-3911	162	14	the	the	DET
fsr-3911	162	15	yield	yield	NOUN
fsr-3911	162	16	on	on	ADP
fsr-3911	162	17	baa	baa	NOUN
fsr-3911	162	18	-	-	PUNCT
fsr-3911	162	19	rated	rate	VERB
fsr-3911	162	20	corporate	corporate	ADJ
fsr-3911	162	21	bonds	bond	NOUN
fsr-3911	162	22	(	(	PUNCT
fsr-3911	162	23	annuity	annuity	NOUN
fsr-3911	162	24	table	table	NOUN
fsr-3911	162	25	2	2	NUM
fsr-3911	162	26	monthly	monthly	ADJ
fsr-3911	162	27	consumption	consumption	NOUN
fsr-3911	162	28	based	base	VERB
fsr-3911	162	29	on	on	ADP
fsr-3911	162	30	u.s	u.s	PROPN
fsr-3911	162	31	.	.	PROPN
fsr-3911	162	32	financial	financial	ADJ
fsr-3911	162	33	market	market	NOUN
fsr-3911	162	34	historya	historya	PROPN
fsr-3911	162	35	horizon	horizon	PROPN
fsr-3911	162	36	(	(	PUNCT
fsr-3911	162	37	years	year	NOUN
fsr-3911	162	38	)	)	PUNCT
fsr-3911	162	39	stock	stock	PROPN
fsr-3911	162	40	t	t	PROPN
fsr-3911	162	41	-	-	PUNCT
fsr-3911	162	42	bonds	bond	NOUN
fsr-3911	162	43	annuity	annuity	VERB
fsr-3911	162	44	a	a	DET
fsr-3911	162	45	annuity	annuity	NOUN
fsr-3911	162	46	b	b	NOUN
fsr-3911	162	47	5	5	NUM
fsr-3911	162	48	2.19	2.19	NUM
fsr-3911	162	49	%	%	NOUN
fsr-3911	162	50	1.89	1.89	NUM
fsr-3911	162	51	%	%	NOUN
fsr-3911	162	52	1.94	1.94	NUM
fsr-3911	162	53	%	%	NOUN
fsr-3911	162	54	1.98	1.98	NUM
fsr-3911	162	55	%	%	NOUN
fsr-3911	162	56	(	(	PUNCT
fsr-3911	162	57	,	,	PUNCT
fsr-3911	162	58	0.01	0.01	NUM
fsr-3911	162	59	)	)	PUNCT
fsr-3911	162	60	(	(	PUNCT
fsr-3911	162	61	,	,	PUNCT
fsr-3911	162	62	0.01	0.01	NUM
fsr-3911	162	63	)	)	PUNCT
fsr-3911	162	64	(	(	PUNCT
fsr-3911	162	65	0.02	0.02	NUM
fsr-3911	162	66	)	)	PUNCT
fsr-3911	162	67	23	23	NUM
fsr-3911	162	68	*	*	PUNCT
fsr-3911	162	69	*	*	PUNCT
fsr-3911	162	70	*	*	PUNCT
fsr-3911	162	71	23	23	NUM
fsr-3911	162	72	*	*	PUNCT
fsr-3911	162	73	*	*	PUNCT
fsr-3911	163	1	*	*	PUNCT
fsr-3911	164	1	22	22	NUM
fsr-3911	165	1	*	*	PUNCT
fsr-3911	165	2	*	*	PUNCT
fsr-3911	165	3	*	*	PUNCT
fsr-3911	166	1	[	[	X
fsr-3911	166	2	15.87	15.87	NUM
fsr-3911	166	3	%	%	NOUN
fsr-3911	166	4	]	]	PUNCT
fsr-3911	167	1	[	[	X
fsr-3911	167	2	12.89	12.89	NUM
fsr-3911	167	3	%	%	NOUN
fsr-3911	167	4	]	]	PUNCT
fsr-3911	168	1	[	[	X
fsr-3911	168	2	10.61	10.61	NUM
fsr-3911	168	3	%	%	NOUN
fsr-3911	168	4	]	]	PUNCT
fsr-3911	168	5	10	10	NUM
fsr-3911	168	6	1.31	1.31	NUM
fsr-3911	168	7	%	%	NOUN
fsr-3911	168	8	1.06	1.06	NUM
fsr-3911	168	9	%	%	NOUN
fsr-3911	168	10	1.10	1.10	NUM
fsr-3911	168	11	%	%	NOUN
fsr-3911	168	12	1.16	1.16	NUM
fsr-3911	168	13	%	%	NOUN
fsr-3911	168	14	(	(	PUNCT
fsr-3911	168	15	,	,	PUNCT
fsr-3911	168	16	0.001	0.001	NUM
fsr-3911	168	17	)	)	PUNCT
fsr-3911	168	18	(	(	PUNCT
fsr-3911	168	19	,	,	PUNCT
fsr-3911	168	20	0.01	0.01	NUM
fsr-3911	168	21	)	)	PUNCT
fsr-3911	168	22	(	(	PUNCT
fsr-3911	168	23	0.02	0.02	NUM
fsr-3911	168	24	)	)	PUNCT
fsr-3911	168	25	24	24	NUM
fsr-3911	168	26	*	*	PUNCT
fsr-3911	168	27	*	*	PUNCT
fsr-3911	168	28	*	*	PUNCT
fsr-3911	168	29	22	22	NUM
fsr-3911	168	30	*	*	PUNCT
fsr-3911	168	31	*	*	PUNCT
fsr-3911	168	32	*	*	PUNCT
fsr-3911	168	33	21	21	NUM
fsr-3911	168	34	*	*	PUNCT
fsr-3911	168	35	*	*	PUNCT
fsr-3911	169	1	[	[	X
fsr-3911	169	2	23.58	23.58	NUM
fsr-3911	169	3	%	%	NOUN
fsr-3911	169	4	]	]	PUNCT
fsr-3911	170	1	[	[	X
fsr-3911	170	2	19.09	19.09	NUM
fsr-3911	170	3	%	%	NOUN
fsr-3911	170	4	]	]	PUNCT
fsr-3911	171	1	[	[	X
fsr-3911	171	2	12.93	12.93	NUM
fsr-3911	171	3	%	%	NOUN
fsr-3911	171	4	]	]	PUNCT
fsr-3911	171	5	15	15	NUM
fsr-3911	171	6	1.05	1.05	NUM
fsr-3911	171	7	%	%	NOUN
fsr-3911	171	8	.75	.75	NUM
fsr-3911	171	9	%	%	NOUN
fsr-3911	171	10	.79	.79	NUM
fsr-3911	171	11	%	%	NOUN
fsr-3911	171	12	.86	.86	NUM
fsr-3911	171	13	%	%	NOUN
fsr-3911	171	14	(	(	PUNCT
fsr-3911	171	15	,	,	PUNCT
fsr-3911	171	16	0.001	0.001	NUM
fsr-3911	171	17	)	)	PUNCT
fsr-3911	171	18	(	(	PUNCT
fsr-3911	171	19	,	,	PUNCT
fsr-3911	171	20	0.001	0.001	NUM
fsr-3911	171	21	)	)	PUNCT
fsr-3911	171	22	(	(	PUNCT
fsr-3911	171	23	0.01	0.01	NUM
fsr-3911	171	24	)	)	PUNCT
fsr-3911	171	25	21	21	NUM
fsr-3911	171	26	*	*	PUNCT
fsr-3911	171	27	*	*	PUNCT
fsr-3911	171	28	20	20	NUM
fsr-3911	171	29	*	*	PUNCT
fsr-3911	171	30	*	*	PUNCT
fsr-3911	171	31	20	20	NUM
fsr-3911	171	32	*	*	PUNCT
fsr-3911	171	33	*	*	PUNCT
fsr-3911	172	1	[	[	X
fsr-3911	172	2	40.00	40.00	NUM
fsr-3911	172	3	%	%	NOUN
fsr-3911	172	4	]	]	PUNCT
fsr-3911	173	1	[	[	X
fsr-3911	173	2	32.91	32.91	NUM
fsr-3911	173	3	%	%	NOUN
fsr-3911	173	4	]	]	X
fsr-3911	174	1	[	[	X
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fsr-3911	174	4	]	]	PUNCT
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fsr-3911	174	7	%	%	NOUN
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fsr-3911	174	9	%	%	NOUN
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fsr-3911	174	11	%	%	NOUN
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fsr-3911	174	13	%	%	NOUN
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fsr-3911	174	20	0.001	0.001	NUM
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fsr-3911	174	25	)	)	PUNCT
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fsr-3911	174	28	*	*	PUNCT
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fsr-3911	174	31	*	*	PUNCT
fsr-3911	174	32	*	*	PUNCT
fsr-3911	174	33	*	*	PUNCT
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fsr-3911	174	35	*	*	PUNCT
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fsr-3911	174	37	*	*	PUNCT
fsr-3911	175	1	[	[	X
fsr-3911	175	2	54.24	54.24	NUM
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fsr-3911	175	4	]	]	PUNCT
fsr-3911	176	1	[	[	X
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fsr-3911	179	2	*	*	PUNCT
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fsr-3911	179	6	*	*	PUNCT
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fsr-3911	179	8	*	*	PUNCT
fsr-3911	180	1	[	[	X
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fsr-3911	180	4	]	]	PUNCT
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fsr-3911	182	14	(	(	PUNCT
fsr-3911	182	15	,	,	PUNCT
fsr-3911	182	16	0.001	0.001	NUM
fsr-3911	182	17	)	)	PUNCT
fsr-3911	182	18	(	(	PUNCT
fsr-3911	182	19	,	,	PUNCT
fsr-3911	182	20	0.001	0.001	NUM
fsr-3911	182	21	)	)	PUNCT
fsr-3911	182	22	(	(	PUNCT
fsr-3911	182	23	,	,	PUNCT
fsr-3911	182	24	0.001	0.001	NUM
fsr-3911	182	25	)	)	PUNCT
fsr-3911	182	26	29	29	NUM
fsr-3911	182	27	*	*	PUNCT
fsr-3911	182	28	*	*	PUNCT
fsr-3911	182	29	*	*	PUNCT
fsr-3911	182	30	26	26	NUM
fsr-3911	182	31	*	*	PUNCT
fsr-3911	182	32	*	*	PUNCT
fsr-3911	182	33	*	*	PUNCT
fsr-3911	182	34	26	26	NUM
fsr-3911	182	35	*	*	PUNCT
fsr-3911	182	36	*	*	PUNCT
fsr-3911	182	37	*	*	PUNCT
fsr-3911	183	1	[	[	X
fsr-3911	183	2	97.67	97.67	NUM
fsr-3911	183	3	%	%	NOUN
fsr-3911	183	4	]	]	PUNCT
fsr-3911	184	1	[	[	X
fsr-3911	184	2	80.85	80.85	NUM
fsr-3911	184	3	%	%	NOUN
fsr-3911	184	4	]	]	PUNCT
fsr-3911	185	1	[	[	X
fsr-3911	185	2	60.38	60.38	NUM
fsr-3911	185	3	%	%	NOUN
fsr-3911	185	4	]	]	PUNCT
fsr-3911	185	5	a	a	DET
fsr-3911	185	6	monthly	monthly	ADJ
fsr-3911	185	7	consumption	consumption	NOUN
fsr-3911	185	8	is	be	AUX
fsr-3911	185	9	the	the	DET
fsr-3911	185	10	consumption	consumption	NOUN
fsr-3911	185	11	at	at	ADP
fsr-3911	185	12	the	the	DET
fsr-3911	185	13	beginning	beginning	NOUN
fsr-3911	185	14	of	of	ADP
fsr-3911	185	15	every	every	DET
fsr-3911	185	16	month	month	NOUN
fsr-3911	185	17	for	for	ADP
fsr-3911	185	18	every	every	DET
fsr-3911	185	19	dollar	dollar	NOUN
fsr-3911	185	20	of	of	ADP
fsr-3911	185	21	wealth	wealth	NOUN
fsr-3911	185	22	,	,	PUNCT
fsr-3911	185	23	with	with	ADP
fsr-3911	185	24	nothing	nothing	PRON
fsr-3911	185	25	left	leave	VERB
fsr-3911	185	26	over	over	ADP
fsr-3911	185	27	at	at	ADP
fsr-3911	185	28	the	the	DET
fsr-3911	185	29	end	end	NOUN
fsr-3911	185	30	of	of	ADP
fsr-3911	185	31	retirement	retirement	NOUN
fsr-3911	185	32	.	.	PUNCT
fsr-3911	186	1	the	the	DET
fsr-3911	186	2	percentages	percentage	NOUN
fsr-3911	186	3	are	be	AUX
fsr-3911	186	4	an	an	DET
fsr-3911	186	5	average	average	ADJ
fsr-3911	186	6	over	over	ADP
fsr-3911	186	7	31	31	NUM
fsr-3911	186	8	retirement	retirement	NOUN
fsr-3911	186	9	periods	period	NOUN
fsr-3911	186	10	of	of	ADP
fsr-3911	186	11	equal	equal	ADJ
fsr-3911	186	12	length	length	NOUN
fsr-3911	186	13	depending	depend	VERB
fsr-3911	186	14	on	on	ADP
fsr-3911	186	15	the	the	DET
fsr-3911	186	16	retirement	retirement	NOUN
fsr-3911	186	17	horizon	horizon	NOUN
fsr-3911	186	18	,	,	PUNCT
fsr-3911	186	19	with	with	ADP
fsr-3911	186	20	the	the	DET
fsr-3911	186	21	first	first	ADJ
fsr-3911	186	22	period	period	NOUN
fsr-3911	186	23	beginning	begin	VERB
fsr-3911	186	24	in	in	ADP
fsr-3911	186	25	january	january	PROPN
fsr-3911	186	26	1926	1926	NUM
fsr-3911	186	27	and	and	CCONJ
fsr-3911	186	28	the	the	DET
fsr-3911	186	29	last	last	ADJ
fsr-3911	186	30	period	period	NOUN
fsr-3911	186	31	ending	end	VERB
fsr-3911	186	32	in	in	ADP
fsr-3911	186	33	december	december	PROPN
fsr-3911	186	34	1995	1995	NUM
fsr-3911	186	35	.	.	PUNCT
fsr-3911	187	1	thep	thep	NOUN
fsr-3911	187	2	-	-	PUNCT
fsr-3911	187	3	values	value	NOUN
fsr-3911	187	4	of	of	ADP
fsr-3911	187	5	the	the	DET
fsr-3911	187	6	wilcoxon	wilcoxon	PROPN
fsr-3911	187	7	sign	sign	PROPN
fsr-3911	187	8	rank	rank	PROPN
fsr-3911	187	9	statistic	statistic	NOUN
fsr-3911	187	10	for	for	ADP
fsr-3911	187	11	the	the	DET
fsr-3911	187	12	null	null	ADJ
fsr-3911	187	13	hypothesis	hypothesis	NOUN
fsr-3911	187	14	that	that	PRON
fsr-3911	187	15	the	the	DET
fsr-3911	187	16	t	t	NOUN
fsr-3911	187	17	-	-	PUNCT
fsr-3911	187	18	bond	bond	NOUN
fsr-3911	187	19	and	and	CCONJ
fsr-3911	187	20	annuity	annuity	NOUN
fsr-3911	187	21	portfolios	portfolio	NOUN
fsr-3911	187	22	provide	provide	VERB
fsr-3911	187	23	consumption	consumption	NOUN
fsr-3911	187	24	equal	equal	ADJ
fsr-3911	187	25	to	to	ADP
fsr-3911	187	26	the	the	DET
fsr-3911	187	27	stock	stock	NOUN
fsr-3911	187	28	portfolio	portfolio	NOUN
fsr-3911	187	29	are	be	AUX
fsr-3911	187	30	presented	present	VERB
fsr-3911	187	31	in	in	ADP
fsr-3911	187	32	parentheses	parenthesis	NOUN
fsr-3911	187	33	.	.	PUNCT
fsr-3911	188	1	number	number	NOUN
fsr-3911	188	2	of	of	ADP
fsr-3911	188	3	periods	period	NOUN
fsr-3911	188	4	out	out	ADP
fsr-3911	188	5	of	of	ADP
fsr-3911	188	6	31	31	NUM
fsr-3911	188	7	in	in	ADP
fsr-3911	188	8	which	which	PRON
fsr-3911	188	9	consumption	consumption	NOUN
fsr-3911	188	10	from	from	ADP
fsr-3911	188	11	the	the	DET
fsr-3911	188	12	stock	stock	NOUN
fsr-3911	188	13	portfolio	portfolio	NOUN
fsr-3911	188	14	is	be	AUX
fsr-3911	188	15	greater	great	ADJ
fsr-3911	188	16	than	than	ADP
fsr-3911	188	17	that	that	PRON
fsr-3911	188	18	from	from	ADP
fsr-3911	188	19	the	the	DET
fsr-3911	188	20	other	other	ADJ
fsr-3911	188	21	portfolios	portfolio	NOUN
fsr-3911	188	22	is	be	AUX
fsr-3911	188	23	presented	present	VERB
fsr-3911	188	24	in	in	ADP
fsr-3911	188	25	italics	italic	NOUN
fsr-3911	188	26	.	.	PUNCT
fsr-3911	189	1	in	in	ADP
fsr-3911	189	2	brackets	bracket	NOUN
fsr-3911	189	3	is	be	AUX
fsr-3911	189	4	how	how	SCONJ
fsr-3911	189	5	much	much	ADV
fsr-3911	189	6	more	more	ADJ
fsr-3911	189	7	consumption	consumption	NOUN
fsr-3911	189	8	the	the	DET
fsr-3911	189	9	stock	stock	NOUN
fsr-3911	189	10	portfolio	portfolio	NOUN
fsr-3911	189	11	yields	yield	NOUN
fsr-3911	189	12	as	as	ADP
fsr-3911	189	13	a	a	DET
fsr-3911	189	14	percentage	percentage	NOUN
fsr-3911	189	15	of	of	ADP
fsr-3911	189	16	the	the	DET
fsr-3911	189	17	other	other	ADJ
fsr-3911	189	18	portfolios	portfolio	NOUN
fsr-3911	189	19	.	.	PUNCT
fsr-3911	190	1	*	*	PUNCT
fsr-3911	190	2	significant	significant	ADJ
fsr-3911	190	3	at	at	ADP
fsr-3911	190	4	the	the	DET
fsr-3911	190	5	10	10	NUM
fsr-3911	190	6	%	%	NOUN
fsr-3911	190	7	level	level	NOUN
fsr-3911	190	8	.	.	PUNCT
fsr-3911	191	1	*	*	PUNCT
fsr-3911	191	2	*	*	PUNCT
fsr-3911	191	3	significant	significant	ADJ
fsr-3911	191	4	at	at	ADP
fsr-3911	191	5	the	the	DET
fsr-3911	191	6	5	5	NUM
fsr-3911	191	7	%	%	NOUN
fsr-3911	191	8	level	level	NOUN
fsr-3911	191	9	.	.	PUNCT
fsr-3911	192	1	*	*	PUNCT
fsr-3911	193	1	*	*	PUNCT
fsr-3911	193	2	*	*	PUNCT
fsr-3911	193	3	significant	significant	ADJ
fsr-3911	193	4	at	at	ADP
fsr-3911	193	5	the	the	DET
fsr-3911	193	6	1	1	NUM
fsr-3911	193	7	%	%	NOUN
fsr-3911	193	8	level	level	NOUN
fsr-3911	193	9	.	.	PUNCT
fsr-3911	194	1	54	54	NUM
fsr-3911	194	2	p.p	p.p	PROPN
fsr-3911	194	3	.	.	PROPN
fsr-3911	194	4	vora	vora	PROPN
fsr-3911	194	5	/	/	SYM
fsr-3911	194	6	financial	financial	ADJ
fsr-3911	194	7	services	service	NOUN
fsr-3911	194	8	review	review	VERB
fsr-3911	194	9	9	9	NUM
fsr-3911	194	10	(	(	PUNCT
fsr-3911	194	11	2000	2000	NUM
fsr-3911	194	12	)	)	PUNCT
fsr-3911	194	13	47–63	47–63	NUM
fsr-3911	194	14	b	b	NOUN
fsr-3911	194	15	)	)	PUNCT
fsr-3911	194	16	.	.	PUNCT
fsr-3911	195	1	although	although	SCONJ
fsr-3911	195	2	consumption	consumption	NOUN
fsr-3911	195	3	based	base	VERB
fsr-3911	195	4	on	on	ADP
fsr-3911	195	5	this	this	DET
fsr-3911	195	6	annuity	annuity	NOUN
fsr-3911	195	7	is	be	AUX
fsr-3911	195	8	superior	superior	ADJ
fsr-3911	195	9	to	to	ADP
fsr-3911	195	10	consumption	consumption	NOUN
fsr-3911	195	11	based	base	VERB
fsr-3911	195	12	on	on	ADP
fsr-3911	195	13	annuity	annuity	NOUN
fsr-3911	195	14	a	a	X
fsr-3911	195	15	,	,	PUNCT
fsr-3911	195	16	it	it	PRON
fsr-3911	195	17	is	be	AUX
fsr-3911	195	18	statistically	statistically	ADV
fsr-3911	195	19	and	and	CCONJ
fsr-3911	195	20	economically	economically	ADV
fsr-3911	195	21	dominated	dominate	VERB
fsr-3911	195	22	by	by	ADP
fsr-3911	195	23	the	the	DET
fsr-3911	195	24	stock	stock	NOUN
fsr-3911	195	25	portfolio	portfolio	NOUN
fsr-3911	195	26	and	and	CCONJ
fsr-3911	195	27	the	the	DET
fsr-3911	195	28	dominance	dominance	NOUN
fsr-3911	195	29	is	be	AUX
fsr-3911	195	30	stronger	strong	ADJ
fsr-3911	195	31	for	for	ADP
fsr-3911	195	32	longer	long	ADJ
fsr-3911	195	33	horizons	horizon	NOUN
fsr-3911	195	34	.	.	PUNCT
fsr-3911	196	1	thus	thus	ADV
fsr-3911	196	2	,	,	PUNCT
fsr-3911	196	3	we	we	PRON
fsr-3911	196	4	find	find	VERB
fsr-3911	196	5	that	that	SCONJ
fsr-3911	196	6	stocks	stock	NOUN
fsr-3911	196	7	are	be	AUX
fsr-3911	196	8	better	well	ADJ
fsr-3911	196	9	than	than	ADP
fsr-3911	196	10	t	t	NOUN
fsr-3911	196	11	-	-	PUNCT
fsr-3911	196	12	bonds	bond	NOUN
fsr-3911	196	13	and	and	CCONJ
fsr-3911	196	14	are	be	AUX
fsr-3911	196	15	also	also	ADV
fsr-3911	196	16	better	well	ADJ
fsr-3911	196	17	than	than	ADP
fsr-3911	196	18	annuities	annuity	NOUN
fsr-3911	196	19	based	base	VERB
fsr-3911	196	20	on	on	ADP
fsr-3911	196	21	treasury	treasury	NOUN
fsr-3911	196	22	and	and	CCONJ
fsr-3911	196	23	corporate	corporate	ADJ
fsr-3911	196	24	bonds	bond	NOUN
fsr-3911	196	25	.	.	PUNCT
fsr-3911	197	1	one	one	NUM
fsr-3911	197	2	very	very	ADV
fsr-3911	197	3	important	important	ADJ
fsr-3911	197	4	concern	concern	NOUN
fsr-3911	197	5	for	for	ADP
fsr-3911	197	6	retirees	retiree	NOUN
fsr-3911	197	7	is	be	AUX
fsr-3911	197	8	the	the	DET
fsr-3911	197	9	effect	effect	NOUN
fsr-3911	197	10	of	of	ADP
fsr-3911	197	11	inflation	inflation	NOUN
fsr-3911	197	12	on	on	ADP
fsr-3911	197	13	consumption	consumption	NOUN
fsr-3911	197	14	.	.	PUNCT
fsr-3911	198	1	in	in	ADP
fsr-3911	198	2	table	table	NOUN
fsr-3911	198	3	3	3	NUM
fsr-3911	198	4	we	we	PRON
fsr-3911	198	5	present	present	VERB
fsr-3911	198	6	our	our	PRON
fsr-3911	198	7	results	result	NOUN
fsr-3911	198	8	on	on	ADP
fsr-3911	198	9	the	the	DET
fsr-3911	198	10	real	real	ADJ
fsr-3911	198	11	consumption	consumption	NOUN
fsr-3911	198	12	that	that	SCONJ
fsr-3911	198	13	the	the	DET
fsr-3911	198	14	retiree	retiree	NOUN
fsr-3911	198	15	can	can	AUX
fsr-3911	198	16	afford	afford	VERB
fsr-3911	198	17	during	during	ADP
fsr-3911	198	18	retirement	retirement	NOUN
fsr-3911	198	19	based	base	VERB
fsr-3911	198	20	on	on	ADP
fsr-3911	198	21	the	the	DET
fsr-3911	198	22	solution	solution	NOUN
fsr-3911	198	23	to	to	ADP
fsr-3911	198	24	eq	eq	PROPN
fsr-3911	198	25	.	.	PUNCT
fsr-3911	199	1	(	(	PUNCT
fsr-3911	199	2	2	2	NUM
fsr-3911	199	3	)	)	PUNCT
fsr-3911	199	4	.	.	PUNCT
fsr-3911	200	1	compared	compare	VERB
fsr-3911	200	2	to	to	ADP
fsr-3911	200	3	the	the	DET
fsr-3911	200	4	percentages	percentage	NOUN
fsr-3911	200	5	appearing	appear	VERB
fsr-3911	200	6	in	in	ADP
fsr-3911	200	7	table	table	NOUN
fsr-3911	200	8	2	2	NUM
fsr-3911	200	9	,	,	PUNCT
fsr-3911	200	10	the	the	DET
fsr-3911	200	11	consumption	consumption	NOUN
fsr-3911	200	12	allowances	allowance	NOUN
fsr-3911	200	13	appearing	appear	VERB
fsr-3911	200	14	in	in	ADP
fsr-3911	200	15	table	table	NOUN
fsr-3911	200	16	3	3	NUM
fsr-3911	200	17	are	be	AUX
fsr-3911	200	18	smaller	small	ADJ
fsr-3911	200	19	.	.	PUNCT
fsr-3911	201	1	however	however	ADV
fsr-3911	201	2	,	,	PUNCT
fsr-3911	201	3	we	we	PRON
fsr-3911	201	4	find	find	VERB
fsr-3911	201	5	that	that	SCONJ
fsr-3911	201	6	the	the	DET
fsr-3911	201	7	dominance	dominance	NOUN
fsr-3911	201	8	of	of	ADP
fsr-3911	201	9	the	the	DET
fsr-3911	201	10	stock	stock	NOUN
fsr-3911	201	11	portfolio	portfolio	NOUN
fsr-3911	201	12	over	over	ADP
fsr-3911	201	13	the	the	DET
fsr-3911	201	14	others	other	NOUN
fsr-3911	201	15	is	be	AUX
fsr-3911	201	16	generally	generally	ADV
fsr-3911	201	17	larger	large	ADJ
fsr-3911	201	18	in	in	ADP
fsr-3911	201	19	economic	economic	ADJ
fsr-3911	201	20	terms	term	NOUN
fsr-3911	201	21	while	while	SCONJ
fsr-3911	201	22	tests	test	NOUN
fsr-3911	201	23	for	for	ADP
fsr-3911	201	24	differences	difference	NOUN
fsr-3911	201	25	in	in	ADP
fsr-3911	201	26	mean	mean	ADJ
fsr-3911	201	27	consumption	consumption	NOUN
fsr-3911	201	28	based	base	VERB
fsr-3911	201	29	on	on	ADP
fsr-3911	201	30	stocks	stock	NOUN
fsr-3911	201	31	versus	versus	ADP
fsr-3911	201	32	consumption	consumption	NOUN
fsr-3911	201	33	based	base	VERB
fsr-3911	201	34	on	on	ADP
fsr-3911	201	35	table	table	NOUN
fsr-3911	201	36	3	3	NUM
fsr-3911	201	37	monthly	monthly	ADJ
fsr-3911	201	38	real	real	ADJ
fsr-3911	201	39	consumption	consumption	NOUN
fsr-3911	201	40	based	base	VERB
fsr-3911	201	41	on	on	ADP
fsr-3911	201	42	u.s	u.s	PROPN
fsr-3911	201	43	.	.	PROPN
fsr-3911	201	44	financial	financial	ADJ
fsr-3911	201	45	market	market	NOUN
fsr-3911	201	46	historya	historya	PROPN
fsr-3911	201	47	horizon	horizon	PROPN
fsr-3911	201	48	(	(	PUNCT
fsr-3911	201	49	years	year	NOUN
fsr-3911	201	50	)	)	PUNCT
fsr-3911	201	51	stock	stock	PROPN
fsr-3911	201	52	t	t	PROPN
fsr-3911	201	53	-	-	PUNCT
fsr-3911	201	54	bonds	bond	NOUN
fsr-3911	201	55	annuity	annuity	VERB
fsr-3911	201	56	a	a	DET
fsr-3911	201	57	annuity	annuity	NOUN
fsr-3911	201	58	b	b	NOUN
fsr-3911	201	59	5	5	NUM
fsr-3911	201	60	1.99	1.99	NUM
fsr-3911	201	61	%	%	NOUN
fsr-3911	201	62	1.73	1.73	NUM
fsr-3911	201	63	%	%	NOUN
fsr-3911	201	64	1.76	1.76	NUM
fsr-3911	201	65	%	%	NOUN
fsr-3911	201	66	1.81	1.81	NUM
fsr-3911	201	67	%	%	NOUN
fsr-3911	201	68	(	(	PUNCT
fsr-3911	201	69	,	,	PUNCT
fsr-3911	201	70	0.01	0.01	NUM
fsr-3911	201	71	)	)	PUNCT
fsr-3911	201	72	(	(	PUNCT
fsr-3911	201	73	,	,	PUNCT
fsr-3911	201	74	0.001	0.001	NUM
fsr-3911	201	75	)	)	PUNCT
fsr-3911	201	76	(	(	PUNCT
fsr-3911	201	77	0.02	0.02	NUM
fsr-3911	201	78	)	)	PUNCT
fsr-3911	201	79	23	23	NUM
fsr-3911	201	80	*	*	PUNCT
fsr-3911	201	81	*	*	PUNCT
fsr-3911	201	82	*	*	PUNCT
fsr-3911	201	83	23	23	NUM
fsr-3911	201	84	*	*	PUNCT
fsr-3911	201	85	*	*	PUNCT
fsr-3911	201	86	*	*	PUNCT
fsr-3911	201	87	22	22	NUM
fsr-3911	201	88	*	*	PUNCT
fsr-3911	201	89	*	*	PUNCT
fsr-3911	201	90	*	*	PUNCT
fsr-3911	202	1	[	[	X
fsr-3911	202	2	15.03	15.03	NUM
fsr-3911	202	3	%	%	NOUN
fsr-3911	202	4	]	]	PUNCT
fsr-3911	203	1	[	[	X
fsr-3911	203	2	13.07	13.07	NUM
fsr-3911	203	3	%	%	NOUN
fsr-3911	203	4	]	]	PUNCT
fsr-3911	204	1	[	[	X
fsr-3911	204	2	9.94	9.94	NUM
fsr-3911	204	3	%	%	NOUN
fsr-3911	204	4	]	]	X
fsr-3911	204	5	10	10	NUM
fsr-3911	204	6	1.12	1.12	NUM
fsr-3911	204	7	%	%	NOUN
fsr-3911	204	8	.90	.90	NUM
fsr-3911	204	9	%	%	NOUN
fsr-3911	204	10	.94	.94	NUM
fsr-3911	204	11	%	%	NOUN
fsr-3911	204	12	.99	.99	NUM
fsr-3911	204	13	%	%	NOUN
fsr-3911	204	14	(	(	PUNCT
fsr-3911	204	15	,	,	PUNCT
fsr-3911	204	16	0.001	0.001	NUM
fsr-3911	204	17	)	)	PUNCT
fsr-3911	204	18	(	(	PUNCT
fsr-3911	204	19	,	,	PUNCT
fsr-3911	204	20	0.001	0.001	NUM
fsr-3911	204	21	)	)	PUNCT
fsr-3911	204	22	(	(	PUNCT
fsr-3911	204	23	0.02	0.02	NUM
fsr-3911	204	24	)	)	PUNCT
fsr-3911	204	25	24	24	NUM
fsr-3911	204	26	*	*	PUNCT
fsr-3911	204	27	*	*	PUNCT
fsr-3911	204	28	*	*	PUNCT
fsr-3911	204	29	22	22	NUM
fsr-3911	204	30	*	*	PUNCT
fsr-3911	204	31	*	*	PUNCT
fsr-3911	204	32	21	21	NUM
fsr-3911	204	33	*	*	PUNCT
fsr-3911	204	34	*	*	PUNCT
fsr-3911	205	1	[	[	X
fsr-3911	205	2	24.44	24.44	NUM
fsr-3911	205	3	%	%	NOUN
fsr-3911	205	4	]	]	PUNCT
fsr-3911	206	1	[	[	X
fsr-3911	206	2	19.15	19.15	NUM
fsr-3911	206	3	%	%	NOUN
fsr-3911	206	4	]	]	PUNCT
fsr-3911	207	1	[	[	X
fsr-3911	207	2	13.13	13.13	NUM
fsr-3911	207	3	%	%	NOUN
fsr-3911	207	4	]	]	PUNCT
fsr-3911	207	5	15	15	NUM
fsr-3911	207	6	.84	.84	NUM
fsr-3911	207	7	%	%	NOUN
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fsr-3911	207	9	%	%	NOUN
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fsr-3911	207	11	%	%	NOUN
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fsr-3911	207	13	%	%	NOUN
fsr-3911	207	14	(	(	PUNCT
fsr-3911	207	15	,	,	PUNCT
fsr-3911	207	16	0.001	0.001	NUM
fsr-3911	207	17	)	)	PUNCT
fsr-3911	207	18	(	(	PUNCT
fsr-3911	207	19	,	,	PUNCT
fsr-3911	207	20	0.001	0.001	NUM
fsr-3911	207	21	)	)	PUNCT
fsr-3911	207	22	(	(	PUNCT
fsr-3911	207	23	,	,	PUNCT
fsr-3911	207	24	0.01	0.01	NUM
fsr-3911	207	25	)	)	PUNCT
fsr-3911	207	26	25	25	NUM
fsr-3911	207	27	*	*	PUNCT
fsr-3911	207	28	*	*	PUNCT
fsr-3911	207	29	*	*	PUNCT
fsr-3911	207	30	22	22	NUM
fsr-3911	207	31	*	*	PUNCT
fsr-3911	207	32	*	*	PUNCT
fsr-3911	207	33	*	*	PUNCT
fsr-3911	207	34	20	20	NUM
fsr-3911	207	35	*	*	PUNCT
fsr-3911	207	36	*	*	PUNCT
fsr-3911	208	1	[	[	X
fsr-3911	208	2	42.37	42.37	NUM
fsr-3911	208	3	%	%	NOUN
fsr-3911	208	4	]	]	X
fsr-3911	209	1	[	[	X
fsr-3911	209	2	33.33	33.33	NUM
fsr-3911	209	3	%	%	NOUN
fsr-3911	209	4	]	]	PUNCT
fsr-3911	210	1	[	[	X
fsr-3911	210	2	25.37	25.37	NUM
fsr-3911	210	3	%	%	NOUN
fsr-3911	210	4	]	]	PUNCT
fsr-3911	210	5	20	20	NUM
fsr-3911	210	6	.71	.71	NUM
fsr-3911	210	7	%	%	NOUN
fsr-3911	210	8	.43	.43	NUM
fsr-3911	210	9	%	%	NOUN
fsr-3911	210	10	.47	.47	NUM
fsr-3911	210	11	%	%	NOUN
fsr-3911	210	12	.51	.51	NUM
fsr-3911	210	13	%	%	NOUN
fsr-3911	210	14	(	(	PUNCT
fsr-3911	210	15	,	,	PUNCT
fsr-3911	210	16	0.001	0.001	NUM
fsr-3911	210	17	)	)	PUNCT
fsr-3911	210	18	(	(	PUNCT
fsr-3911	210	19	,	,	PUNCT
fsr-3911	210	20	0.001	0.001	NUM
fsr-3911	210	21	)	)	PUNCT
fsr-3911	210	22	(	(	PUNCT
fsr-3911	210	23	,	,	PUNCT
fsr-3911	210	24	0.001	0.001	NUM
fsr-3911	210	25	)	)	PUNCT
fsr-3911	210	26	26	26	NUM
fsr-3911	210	27	*	*	PUNCT
fsr-3911	210	28	*	*	PUNCT
fsr-3911	210	29	*	*	PUNCT
fsr-3911	210	30	26	26	NUM
fsr-3911	210	31	*	*	PUNCT
fsr-3911	210	32	*	*	PUNCT
fsr-3911	210	33	*	*	PUNCT
fsr-3911	210	34	23	23	NUM
fsr-3911	210	35	*	*	PUNCT
fsr-3911	210	36	*	*	PUNCT
fsr-3911	210	37	*	*	PUNCT
fsr-3911	211	1	[	[	X
fsr-3911	211	2	65.12	65.12	NUM
fsr-3911	211	3	%	%	NOUN
fsr-3911	211	4	]	]	PUNCT
fsr-3911	212	1	[	[	X
fsr-3911	212	2	51.06	51.06	NUM
fsr-3911	212	3	%	%	NOUN
fsr-3911	212	4	]	]	PUNCT
fsr-3911	213	1	[	[	X
fsr-3911	213	2	39.22	39.22	NUM
fsr-3911	213	3	%	%	NOUN
fsr-3911	213	4	]	]	PUNCT
fsr-3911	213	5	25	25	NUM
fsr-3911	213	6	.65	.65	NUM
fsr-3911	213	7	%	%	NOUN
fsr-3911	213	8	.35	.35	NUM
fsr-3911	213	9	%	%	NOUN
fsr-3911	213	10	.38	.38	NUM
fsr-3911	213	11	%	%	NOUN
fsr-3911	213	12	.42	.42	NUM
fsr-3911	213	13	%	%	NOUN
fsr-3911	213	14	(	(	PUNCT
fsr-3911	213	15	,	,	PUNCT
fsr-3911	213	16	0.001	0.001	NUM
fsr-3911	213	17	)	)	PUNCT
fsr-3911	213	18	(	(	PUNCT
fsr-3911	213	19	,	,	PUNCT
fsr-3911	213	20	0.001	0.001	NUM
fsr-3911	213	21	)	)	PUNCT
fsr-3911	213	22	(	(	PUNCT
fsr-3911	213	23	,	,	PUNCT
fsr-3911	213	24	0.001	0.001	NUM
fsr-3911	213	25	)	)	PUNCT
fsr-3911	213	26	28	28	NUM
fsr-3911	213	27	*	*	PUNCT
fsr-3911	213	28	*	*	PUNCT
fsr-3911	213	29	*	*	PUNCT
fsr-3911	213	30	27	27	NUM
fsr-3911	213	31	*	*	PUNCT
fsr-3911	213	32	*	*	PUNCT
fsr-3911	213	33	*	*	PUNCT
fsr-3911	213	34	25	25	NUM
fsr-3911	213	35	*	*	PUNCT
fsr-3911	213	36	*	*	PUNCT
fsr-3911	213	37	*	*	PUNCT
fsr-3911	214	1	[	[	X
fsr-3911	214	2	85.71	85.71	NUM
fsr-3911	214	3	%	%	NOUN
fsr-3911	214	4	]	]	PUNCT
fsr-3911	215	1	[	[	X
fsr-3911	215	2	71.05	71.05	NUM
fsr-3911	215	3	%	%	NOUN
fsr-3911	215	4	]	]	PUNCT
fsr-3911	216	1	[	[	X
fsr-3911	216	2	54.76	54.76	NUM
fsr-3911	216	3	%	%	NOUN
fsr-3911	216	4	]	]	PUNCT
fsr-3911	216	5	30	30	NUM
fsr-3911	216	6	.64	.64	NUM
fsr-3911	216	7	%	%	NOUN
fsr-3911	216	8	.29	.29	NUM
fsr-3911	216	9	%	%	NOUN
fsr-3911	216	10	.31	.31	NUM
fsr-3911	216	11	%	%	NOUN
fsr-3911	216	12	.36	.36	NUM
fsr-3911	216	13	%	%	NOUN
fsr-3911	216	14	(	(	PUNCT
fsr-3911	216	15	,	,	PUNCT
fsr-3911	216	16	0.001	0.001	NUM
fsr-3911	216	17	)	)	PUNCT
fsr-3911	216	18	(	(	PUNCT
fsr-3911	216	19	,	,	PUNCT
fsr-3911	216	20	0.001	0.001	NUM
fsr-3911	216	21	)	)	PUNCT
fsr-3911	216	22	(	(	PUNCT
fsr-3911	216	23	,	,	PUNCT
fsr-3911	216	24	0.001	0.001	NUM
fsr-3911	216	25	)	)	PUNCT
fsr-3911	216	26	29	29	NUM
fsr-3911	216	27	*	*	PUNCT
fsr-3911	216	28	*	*	PUNCT
fsr-3911	216	29	*	*	PUNCT
fsr-3911	216	30	27	27	NUM
fsr-3911	216	31	*	*	PUNCT
fsr-3911	216	32	*	*	PUNCT
fsr-3911	216	33	*	*	PUNCT
fsr-3911	216	34	26	26	NUM
fsr-3911	216	35	*	*	PUNCT
fsr-3911	216	36	*	*	PUNCT
fsr-3911	216	37	*	*	PUNCT
fsr-3911	217	1	[	[	X
fsr-3911	217	2	120.69	120.69	NUM
fsr-3911	217	3	%	%	NOUN
fsr-3911	217	4	]	]	PUNCT
fsr-3911	217	5	[	[	X
fsr-3911	217	6	106.45	106.45	NUM
fsr-3911	217	7	%	%	NOUN
fsr-3911	217	8	]	]	PUNCT
fsr-3911	218	1	[	[	X
fsr-3911	218	2	77.78	77.78	NUM
fsr-3911	218	3	%	%	NOUN
fsr-3911	218	4	]	]	PUNCT
fsr-3911	218	5	a	a	DET
fsr-3911	218	6	monthly	monthly	ADJ
fsr-3911	218	7	consumption	consumption	NOUN
fsr-3911	218	8	is	be	AUX
fsr-3911	218	9	the	the	DET
fsr-3911	218	10	consumption	consumption	NOUN
fsr-3911	218	11	at	at	ADP
fsr-3911	218	12	the	the	DET
fsr-3911	218	13	beginning	beginning	NOUN
fsr-3911	218	14	of	of	ADP
fsr-3911	218	15	every	every	DET
fsr-3911	218	16	month	month	NOUN
fsr-3911	218	17	for	for	ADP
fsr-3911	218	18	every	every	DET
fsr-3911	218	19	dollar	dollar	NOUN
fsr-3911	218	20	of	of	ADP
fsr-3911	218	21	wealth	wealth	NOUN
fsr-3911	218	22	,	,	PUNCT
fsr-3911	218	23	with	with	ADP
fsr-3911	218	24	nothing	nothing	PRON
fsr-3911	218	25	left	leave	VERB
fsr-3911	218	26	over	over	ADP
fsr-3911	218	27	at	at	ADP
fsr-3911	218	28	the	the	DET
fsr-3911	218	29	end	end	NOUN
fsr-3911	218	30	of	of	ADP
fsr-3911	218	31	retirement	retirement	NOUN
fsr-3911	218	32	.	.	PUNCT
fsr-3911	219	1	the	the	DET
fsr-3911	219	2	percentages	percentage	NOUN
fsr-3911	219	3	are	be	AUX
fsr-3911	219	4	an	an	DET
fsr-3911	219	5	average	average	ADJ
fsr-3911	219	6	over	over	ADP
fsr-3911	219	7	31	31	NUM
fsr-3911	219	8	retirement	retirement	NOUN
fsr-3911	219	9	periods	period	NOUN
fsr-3911	219	10	of	of	ADP
fsr-3911	219	11	equal	equal	ADJ
fsr-3911	219	12	length	length	NOUN
fsr-3911	219	13	depending	depend	VERB
fsr-3911	219	14	on	on	ADP
fsr-3911	219	15	the	the	DET
fsr-3911	219	16	retirement	retirement	NOUN
fsr-3911	219	17	horizon	horizon	NOUN
fsr-3911	219	18	,	,	PUNCT
fsr-3911	219	19	with	with	ADP
fsr-3911	219	20	the	the	DET
fsr-3911	219	21	first	first	ADJ
fsr-3911	219	22	period	period	NOUN
fsr-3911	219	23	beginning	begin	VERB
fsr-3911	219	24	in	in	ADP
fsr-3911	219	25	january	january	PROPN
fsr-3911	219	26	1926	1926	NUM
fsr-3911	219	27	and	and	CCONJ
fsr-3911	219	28	the	the	DET
fsr-3911	219	29	last	last	ADJ
fsr-3911	219	30	period	period	NOUN
fsr-3911	219	31	ending	end	VERB
fsr-3911	219	32	in	in	ADP
fsr-3911	219	33	december	december	PROPN
fsr-3911	219	34	1995	1995	NUM
fsr-3911	219	35	.	.	PUNCT
fsr-3911	220	1	thep	thep	NOUN
fsr-3911	220	2	-	-	PUNCT
fsr-3911	220	3	values	value	NOUN
fsr-3911	220	4	of	of	ADP
fsr-3911	220	5	the	the	DET
fsr-3911	220	6	wilcoxon	wilcoxon	PROPN
fsr-3911	220	7	sign	sign	PROPN
fsr-3911	220	8	rank	rank	PROPN
fsr-3911	220	9	statistic	statistic	NOUN
fsr-3911	220	10	for	for	ADP
fsr-3911	220	11	the	the	DET
fsr-3911	220	12	null	null	ADJ
fsr-3911	220	13	hypothesis	hypothesis	NOUN
fsr-3911	220	14	that	that	PRON
fsr-3911	220	15	the	the	DET
fsr-3911	220	16	t	t	NOUN
fsr-3911	220	17	-	-	PUNCT
fsr-3911	220	18	bond	bond	NOUN
fsr-3911	220	19	and	and	CCONJ
fsr-3911	220	20	annuity	annuity	NOUN
fsr-3911	220	21	portfolios	portfolio	NOUN
fsr-3911	220	22	provide	provide	VERB
fsr-3911	220	23	consumption	consumption	NOUN
fsr-3911	220	24	equal	equal	ADJ
fsr-3911	220	25	to	to	ADP
fsr-3911	220	26	the	the	DET
fsr-3911	220	27	stock	stock	NOUN
fsr-3911	220	28	portfolio	portfolio	NOUN
fsr-3911	220	29	are	be	AUX
fsr-3911	220	30	presented	present	VERB
fsr-3911	220	31	in	in	ADP
fsr-3911	220	32	parentheses	parenthesis	NOUN
fsr-3911	220	33	.	.	PUNCT
fsr-3911	221	1	number	number	NOUN
fsr-3911	221	2	of	of	ADP
fsr-3911	221	3	periods	period	NOUN
fsr-3911	221	4	out	out	ADP
fsr-3911	221	5	of	of	ADP
fsr-3911	221	6	31	31	NUM
fsr-3911	221	7	in	in	ADP
fsr-3911	221	8	which	which	PRON
fsr-3911	221	9	consumption	consumption	NOUN
fsr-3911	221	10	from	from	ADP
fsr-3911	221	11	the	the	DET
fsr-3911	221	12	stock	stock	NOUN
fsr-3911	221	13	portfolio	portfolio	NOUN
fsr-3911	221	14	is	be	AUX
fsr-3911	221	15	greater	great	ADJ
fsr-3911	221	16	than	than	ADP
fsr-3911	221	17	that	that	PRON
fsr-3911	221	18	from	from	ADP
fsr-3911	221	19	the	the	DET
fsr-3911	221	20	other	other	ADJ
fsr-3911	221	21	portfolios	portfolio	NOUN
fsr-3911	221	22	is	be	AUX
fsr-3911	221	23	presented	present	VERB
fsr-3911	221	24	in	in	ADP
fsr-3911	221	25	italics	italic	NOUN
fsr-3911	221	26	.	.	PUNCT
fsr-3911	222	1	in	in	ADP
fsr-3911	222	2	brackets	bracket	NOUN
fsr-3911	222	3	is	be	AUX
fsr-3911	222	4	how	how	SCONJ
fsr-3911	222	5	much	much	ADV
fsr-3911	222	6	more	more	ADJ
fsr-3911	222	7	consumption	consumption	NOUN
fsr-3911	222	8	the	the	DET
fsr-3911	222	9	stock	stock	NOUN
fsr-3911	222	10	portfolio	portfolio	NOUN
fsr-3911	222	11	yields	yield	NOUN
fsr-3911	222	12	as	as	ADP
fsr-3911	222	13	a	a	DET
fsr-3911	222	14	percentage	percentage	NOUN
fsr-3911	222	15	of	of	ADP
fsr-3911	222	16	the	the	DET
fsr-3911	222	17	other	other	ADJ
fsr-3911	222	18	portfolios	portfolio	NOUN
fsr-3911	222	19	.	.	PUNCT
fsr-3911	223	1	*	*	PUNCT
fsr-3911	223	2	significant	significant	ADJ
fsr-3911	223	3	at	at	ADP
fsr-3911	223	4	the	the	DET
fsr-3911	223	5	10	10	NUM
fsr-3911	223	6	%	%	NOUN
fsr-3911	223	7	level	level	NOUN
fsr-3911	223	8	.	.	PUNCT
fsr-3911	224	1	*	*	PUNCT
fsr-3911	224	2	*	*	PUNCT
fsr-3911	224	3	significant	significant	ADJ
fsr-3911	224	4	at	at	ADP
fsr-3911	224	5	the	the	DET
fsr-3911	224	6	5	5	NUM
fsr-3911	224	7	%	%	NOUN
fsr-3911	224	8	level	level	NOUN
fsr-3911	224	9	.	.	PUNCT
fsr-3911	225	1	*	*	PUNCT
fsr-3911	226	1	*	*	PUNCT
fsr-3911	226	2	*	*	PUNCT
fsr-3911	226	3	significant	significant	ADJ
fsr-3911	226	4	at	at	ADP
fsr-3911	226	5	the	the	DET
fsr-3911	226	6	1	1	NUM
fsr-3911	226	7	%	%	NOUN
fsr-3911	226	8	level	level	NOUN
fsr-3911	226	9	.	.	PUNCT
fsr-3911	227	1	55p.p	55p.p	NUM
fsr-3911	227	2	.	.	PUNCT
fsr-3911	228	1	vora	vora	NOUN
fsr-3911	228	2	/	/	SYM
fsr-3911	228	3	financial	financial	ADJ
fsr-3911	228	4	services	service	NOUN
fsr-3911	228	5	review	review	VERB
fsr-3911	228	6	9	9	NUM
fsr-3911	228	7	(	(	PUNCT
fsr-3911	228	8	2000	2000	NUM
fsr-3911	228	9	)	)	PUNCT
fsr-3911	228	10	47–63	47–63	PROPN
fsr-3911	228	11	t	t	PROPN
fsr-3911	228	12	-	-	PUNCT
fsr-3911	228	13	bonds	bond	NOUN
fsr-3911	228	14	,	,	PUNCT
fsr-3911	228	15	annuity	annuity	NOUN
fsr-3911	228	16	a	a	PRON
fsr-3911	228	17	,	,	PUNCT
fsr-3911	228	18	and	and	CCONJ
fsr-3911	228	19	annuity	annuity	NOUN
fsr-3911	228	20	b	b	PROPN
fsr-3911	228	21	maintain	maintain	VERB
fsr-3911	228	22	their	their	PRON
fsr-3911	228	23	level	level	NOUN
fsr-3911	228	24	of	of	ADP
fsr-3911	228	25	statistical	statistical	ADJ
fsr-3911	228	26	significance	significance	NOUN
fsr-3911	228	27	.	.	PUNCT
fsr-3911	229	1	thus	thus	ADV
fsr-3911	229	2	,	,	PUNCT
fsr-3911	229	3	our	our	PRON
fsr-3911	229	4	main	main	ADJ
fsr-3911	229	5	results	result	NOUN
fsr-3911	229	6	are	be	AUX
fsr-3911	229	7	robust	robust	ADJ
fsr-3911	229	8	to	to	ADP
fsr-3911	229	9	inflation	inflation	NOUN
fsr-3911	229	10	.	.	PUNCT
fsr-3911	230	1	4.2	4.2	NUM
fsr-3911	230	2	.	.	PUNCT
fsr-3911	231	1	transactions	transaction	NOUN
fsr-3911	231	2	costs	cost	NOUN
fsr-3911	231	3	and	and	CCONJ
fsr-3911	231	4	taxes	taxis	NOUN
fsr-3911	231	5	the	the	DET
fsr-3911	231	6	results	result	NOUN
fsr-3911	231	7	presented	present	VERB
fsr-3911	231	8	in	in	ADP
fsr-3911	231	9	tables	table	NOUN
fsr-3911	231	10	2	2	NUM
fsr-3911	231	11	and	and	CCONJ
fsr-3911	231	12	3	3	NUM
fsr-3911	231	13	and	and	CCONJ
fsr-3911	231	14	our	our	PRON
fsr-3911	231	15	discussion	discussion	NOUN
fsr-3911	231	16	in	in	ADP
fsr-3911	231	17	the	the	DET
fsr-3911	231	18	preceding	precede	VERB
fsr-3911	231	19	section	section	NOUN
fsr-3911	231	20	,	,	PUNCT
fsr-3911	231	21	present	present	ADJ
fsr-3911	231	22	a	a	DET
fsr-3911	231	23	strong	strong	ADJ
fsr-3911	231	24	case	case	NOUN
fsr-3911	231	25	for	for	ADP
fsr-3911	231	26	investing	invest	VERB
fsr-3911	231	27	in	in	ADP
fsr-3911	231	28	a	a	DET
fsr-3911	231	29	broadly	broadly	ADV
fsr-3911	231	30	diversified	diversify	VERB
fsr-3911	231	31	stock	stock	NOUN
fsr-3911	231	32	portfolio	portfolio	NOUN
fsr-3911	231	33	in	in	ADP
fsr-3911	231	34	lieu	lieu	NOUN
fsr-3911	231	35	of	of	ADP
fsr-3911	231	36	t	t	PROPN
fsr-3911	231	37	-	-	PUNCT
fsr-3911	231	38	bonds	bond	NOUN
fsr-3911	231	39	or	or	CCONJ
fsr-3911	231	40	annuities	annuity	NOUN
fsr-3911	231	41	based	base	VERB
fsr-3911	231	42	on	on	ADP
fsr-3911	231	43	bonds	bond	NOUN
fsr-3911	231	44	,	,	PUNCT
fsr-3911	231	45	particularly	particularly	ADV
fsr-3911	231	46	for	for	ADP
fsr-3911	231	47	retirees	retiree	NOUN
fsr-3911	231	48	with	with	ADP
fsr-3911	231	49	long	long	ADJ
fsr-3911	231	50	horizons	horizon	NOUN
fsr-3911	231	51	.	.	PUNCT
fsr-3911	232	1	in	in	ADP
fsr-3911	232	2	this	this	DET
fsr-3911	232	3	section	section	NOUN
fsr-3911	232	4	we	we	PRON
fsr-3911	232	5	provide	provide	VERB
fsr-3911	232	6	a	a	DET
fsr-3911	232	7	brief	brief	ADJ
fsr-3911	232	8	discussion	discussion	NOUN
fsr-3911	232	9	of	of	ADP
fsr-3911	232	10	the	the	DET
fsr-3911	232	11	impact	impact	NOUN
fsr-3911	232	12	of	of	ADP
fsr-3911	232	13	taxes	taxis	NOUN
fsr-3911	232	14	and	and	CCONJ
fsr-3911	232	15	transactions	transaction	NOUN
fsr-3911	232	16	costs	cost	NOUN
fsr-3911	232	17	on	on	ADP
fsr-3911	232	18	our	our	PRON
fsr-3911	232	19	conclusions	conclusion	NOUN
fsr-3911	232	20	.	.	PUNCT
fsr-3911	233	1	formal	formal	ADJ
fsr-3911	233	2	comparisons	comparison	NOUN
fsr-3911	233	3	of	of	ADP
fsr-3911	233	4	transactions	transaction	NOUN
fsr-3911	233	5	costs	cost	NOUN
fsr-3911	233	6	between	between	ADP
fsr-3911	233	7	stocks	stock	NOUN
fsr-3911	233	8	,	,	PUNCT
fsr-3911	233	9	bonds	bond	NOUN
fsr-3911	233	10	,	,	PUNCT
fsr-3911	233	11	and	and	CCONJ
fsr-3911	233	12	annuities	annuity	NOUN
fsr-3911	233	13	have	have	VERB
fsr-3911	233	14	yet	yet	ADV
fsr-3911	233	15	to	to	PART
fsr-3911	233	16	appear	appear	VERB
fsr-3911	233	17	in	in	ADP
fsr-3911	233	18	the	the	DET
fsr-3911	233	19	literature	literature	NOUN
fsr-3911	233	20	.	.	PUNCT
fsr-3911	234	1	however	however	ADV
fsr-3911	234	2	,	,	PUNCT
fsr-3911	234	3	it	it	PRON
fsr-3911	234	4	has	have	AUX
fsr-3911	234	5	been	be	AUX
fsr-3911	234	6	recognized	recognize	VERB
fsr-3911	234	7	that	that	SCONJ
fsr-3911	234	8	transactions	transaction	NOUN
fsr-3911	234	9	costs	cost	NOUN
fsr-3911	234	10	are	be	AUX
fsr-3911	234	11	driven	drive	VERB
fsr-3911	234	12	by	by	ADP
fsr-3911	234	13	dealer	dealer	NOUN
fsr-3911	234	14	inventory	inventory	NOUN
fsr-3911	234	15	considerations	consideration	NOUN
fsr-3911	234	16	,	,	PUNCT
fsr-3911	234	17	by	by	ADP
fsr-3911	234	18	liquidity	liquidity	NOUN
fsr-3911	234	19	of	of	ADP
fsr-3911	234	20	the	the	DET
fsr-3911	234	21	traded	trade	VERB
fsr-3911	234	22	asset	asset	NOUN
fsr-3911	234	23	,	,	PUNCT
fsr-3911	234	24	and	and	CCONJ
fsr-3911	234	25	by	by	ADP
fsr-3911	234	26	adverse	adverse	ADJ
fsr-3911	234	27	selection	selection	NOUN
fsr-3911	234	28	in	in	ADP
fsr-3911	234	29	the	the	DET
fsr-3911	234	30	market	market	NOUN
fsr-3911	234	31	for	for	ADP
fsr-3911	234	32	the	the	DET
fsr-3911	234	33	traded	trade	VERB
fsr-3911	234	34	asset	asset	NOUN
fsr-3911	234	35	(	(	PUNCT
fsr-3911	234	36	huang	huang	PROPN
fsr-3911	234	37	&	&	CCONJ
fsr-3911	234	38	stoll	stoll	PROPN
fsr-3911	234	39	,	,	PUNCT
fsr-3911	234	40	1997	1997	NUM
fsr-3911	234	41	)	)	PUNCT
fsr-3911	234	42	.	.	PUNCT
fsr-3911	235	1	mitchell	mitchell	PROPN
fsr-3911	235	2	,	,	PUNCT
fsr-3911	235	3	poterba	poterba	NOUN
fsr-3911	235	4	,	,	PUNCT
fsr-3911	235	5	and	and	CCONJ
fsr-3911	235	6	warshawsky	warshawsky	X
fsr-3911	235	7	(	(	PUNCT
fsr-3911	235	8	1997	1997	NUM
fsr-3911	235	9	,	,	PUNCT
fsr-3911	235	10	p.	p.	NOUN
fsr-3911	235	11	2	2	NUM
fsr-3911	235	12	)	)	PUNCT
fsr-3911	235	13	,	,	PUNCT
fsr-3911	235	14	find	find	VERB
fsr-3911	235	15	that	that	SCONJ
fsr-3911	235	16	a	a	DET
fsr-3911	235	17	65	65	NUM
fsr-3911	235	18	-	-	PUNCT
fsr-3911	235	19	year	year	NOUN
fsr-3911	235	20	old	old	ADJ
fsr-3911	235	21	purchaser	purchaser	NOUN
fsr-3911	235	22	of	of	ADP
fsr-3911	235	23	a	a	DET
fsr-3911	235	24	life	life	NOUN
fsr-3911	235	25	annuity	annuity	NOUN
fsr-3911	235	26	can	can	AUX
fsr-3911	235	27	expect	expect	VERB
fsr-3911	235	28	to	to	PART
fsr-3911	235	29	pay	pay	VERB
fsr-3911	235	30	15	15	NUM
fsr-3911	235	31	%	%	NOUN
fsr-3911	235	32	to	to	PART
fsr-3911	235	33	20	20	NUM
fsr-3911	235	34	%	%	NOUN
fsr-3911	235	35	of	of	ADP
fsr-3911	235	36	their	their	PRON
fsr-3911	235	37	amortized	amortize	VERB
fsr-3911	235	38	wealth	wealth	NOUN
fsr-3911	235	39	as	as	ADP
fsr-3911	235	40	a	a	DET
fsr-3911	235	41	transaction	transaction	NOUN
fsr-3911	235	42	cost	cost	NOUN
fsr-3911	235	43	.	.	PUNCT
fsr-3911	236	1	they	they	PRON
fsr-3911	236	2	also	also	ADV
fsr-3911	236	3	note	note	VERB
fsr-3911	236	4	that	that	SCONJ
fsr-3911	236	5	adverse	adverse	ADJ
fsr-3911	236	6	selection	selection	NOUN
fsr-3911	236	7	is	be	AUX
fsr-3911	236	8	a	a	DET
fsr-3911	236	9	significant	significant	ADJ
fsr-3911	236	10	problem	problem	NOUN
fsr-3911	236	11	in	in	ADP
fsr-3911	236	12	the	the	DET
fsr-3911	236	13	market	market	NOUN
fsr-3911	236	14	for	for	ADP
fsr-3911	236	15	annuities	annuity	NOUN
fsr-3911	236	16	aseveryannuity	aseveryannuity	NOUN
fsr-3911	236	17	buyer	buyer	NOUN
fsr-3911	236	18	knows	know	VERB
fsr-3911	236	19	more	more	ADJ
fsr-3911	236	20	about	about	ADP
fsr-3911	236	21	their	their	PRON
fsr-3911	236	22	own	own	ADJ
fsr-3911	236	23	health	health	NOUN
fsr-3911	236	24	than	than	ADP
fsr-3911	236	25	any	any	DET
fsr-3911	236	26	annuity	annuity	NOUN
fsr-3911	236	27	seller	seller	NOUN
fsr-3911	236	28	.	.	PUNCT
fsr-3911	237	1	in	in	ADP
fsr-3911	237	2	the	the	DET
fsr-3911	237	3	bond	bond	NOUN
fsr-3911	237	4	and	and	CCONJ
fsr-3911	237	5	the	the	DET
fsr-3911	237	6	stock	stock	NOUN
fsr-3911	237	7	markets	market	NOUN
fsr-3911	237	8	,	,	PUNCT
fsr-3911	237	9	however	however	ADV
fsr-3911	237	10	,	,	PUNCT
fsr-3911	237	11	adverse	adverse	ADJ
fsr-3911	237	12	selection	selection	NOUN
fsr-3911	237	13	is	be	AUX
fsr-3911	237	14	a	a	DET
fsr-3911	237	15	problem	problem	NOUN
fsr-3911	237	16	only	only	ADV
fsr-3911	237	17	when	when	SCONJ
fsr-3911	237	18	dealers	dealer	NOUN
fsr-3911	237	19	are	be	AUX
fsr-3911	237	20	trading	trade	VERB
fsr-3911	237	21	with	with	ADP
fsr-3911	237	22	buyers	buyer	NOUN
fsr-3911	237	23	and	and	CCONJ
fsr-3911	237	24	sellers	seller	NOUN
fsr-3911	237	25	who	who	PRON
fsr-3911	237	26	are	be	AUX
fsr-3911	237	27	better	well	ADV
fsr-3911	237	28	informed	informed	ADJ
fsr-3911	237	29	than	than	SCONJ
fsr-3911	237	30	they	they	PRON
fsr-3911	237	31	are	be	AUX
fsr-3911	237	32	.	.	PUNCT
fsr-3911	238	1	because	because	SCONJ
fsr-3911	238	2	theaverageinvestor	theaverageinvestor	NOUN
fsr-3911	238	3	in	in	ADP
fsr-3911	238	4	the	the	DET
fsr-3911	238	5	bond	bond	NOUN
fsr-3911	238	6	and	and	CCONJ
fsr-3911	238	7	stock	stock	NOUN
fsr-3911	238	8	markets	market	NOUN
fsr-3911	238	9	is	be	AUX
fsr-3911	238	10	unlikely	unlikely	ADJ
fsr-3911	238	11	to	to	PART
fsr-3911	238	12	possess	possess	VERB
fsr-3911	238	13	inside	inside	ADP
fsr-3911	238	14	information	information	NOUN
fsr-3911	238	15	,	,	PUNCT
fsr-3911	238	16	and	and	CCONJ
fsr-3911	238	17	therefore	therefore	ADV
fsr-3911	238	18	,	,	PUNCT
fsr-3911	238	19	unlikely	unlikely	ADJ
fsr-3911	238	20	to	to	PART
fsr-3911	238	21	be	be	AUX
fsr-3911	238	22	better	well	ADV
fsr-3911	238	23	informed	inform	VERB
fsr-3911	238	24	than	than	ADP
fsr-3911	238	25	dealers	dealer	NOUN
fsr-3911	238	26	,	,	PUNCT
fsr-3911	238	27	we	we	PRON
fsr-3911	238	28	believe	believe	VERB
fsr-3911	238	29	that	that	SCONJ
fsr-3911	238	30	adverse	adverse	ADJ
fsr-3911	238	31	selection	selection	NOUN
fsr-3911	238	32	is	be	AUX
fsr-3911	238	33	a	a	DET
fsr-3911	238	34	smaller	small	ADJ
fsr-3911	238	35	problem	problem	NOUN
fsr-3911	238	36	in	in	ADP
fsr-3911	238	37	the	the	DET
fsr-3911	238	38	bond	bond	NOUN
fsr-3911	238	39	and	and	CCONJ
fsr-3911	238	40	stock	stock	NOUN
fsr-3911	238	41	markets	market	NOUN
fsr-3911	238	42	relative	relative	ADJ
fsr-3911	238	43	to	to	ADP
fsr-3911	238	44	the	the	DET
fsr-3911	238	45	annuity	annuity	NOUN
fsr-3911	238	46	market	market	NOUN
fsr-3911	238	47	.	.	PUNCT
fsr-3911	239	1	additionally	additionally	ADV
fsr-3911	239	2	,	,	PUNCT
fsr-3911	239	3	the	the	DET
fsr-3911	239	4	bond	bond	NOUN
fsr-3911	239	5	and	and	CCONJ
fsr-3911	239	6	stock	stock	NOUN
fsr-3911	239	7	markets	market	NOUN
fsr-3911	239	8	are	be	AUX
fsr-3911	239	9	significantly	significantly	ADV
fsr-3911	239	10	more	more	ADV
fsr-3911	239	11	liquid	liquid	ADJ
fsr-3911	239	12	than	than	ADP
fsr-3911	239	13	the	the	DET
fsr-3911	239	14	market	market	NOUN
fsr-3911	239	15	for	for	ADP
fsr-3911	239	16	annuities	annuity	NOUN
fsr-3911	239	17	.	.	PUNCT
fsr-3911	240	1	therefore	therefore	ADV
fsr-3911	240	2	,	,	PUNCT
fsr-3911	240	3	if	if	SCONJ
fsr-3911	240	4	transactions	transaction	NOUN
fsr-3911	240	5	costs	cost	NOUN
fsr-3911	240	6	were	be	AUX
fsr-3911	240	7	to	to	PART
fsr-3911	240	8	be	be	AUX
fsr-3911	240	9	factored	factor	VERB
fsr-3911	240	10	into	into	ADP
fsr-3911	240	11	our	our	PRON
fsr-3911	240	12	analysis	analysis	NOUN
fsr-3911	240	13	,	,	PUNCT
fsr-3911	240	14	our	our	PRON
fsr-3911	240	15	result	result	NOUN
fsr-3911	240	16	that	that	SCONJ
fsr-3911	240	17	retirees	retiree	NOUN
fsr-3911	240	18	should	should	AUX
fsr-3911	240	19	consider	consider	VERB
fsr-3911	240	20	investing	invest	VERB
fsr-3911	240	21	in	in	ADP
fsr-3911	240	22	stocks	stock	NOUN
fsr-3911	240	23	will	will	AUX
fsr-3911	240	24	be	be	AUX
fsr-3911	240	25	even	even	ADV
fsr-3911	240	26	stronger	strong	ADJ
fsr-3911	240	27	.	.	PUNCT
fsr-3911	241	1	the	the	DET
fsr-3911	241	2	analysis	analysis	NOUN
fsr-3911	241	3	of	of	ADP
fsr-3911	241	4	how	how	SCONJ
fsr-3911	241	5	taxes	taxis	NOUN
fsr-3911	241	6	will	will	AUX
fsr-3911	241	7	affect	affect	VERB
fsr-3911	241	8	our	our	PRON
fsr-3911	241	9	results	result	NOUN
fsr-3911	241	10	will	will	AUX
fsr-3911	241	11	depend	depend	VERB
fsr-3911	241	12	on	on	ADP
fsr-3911	241	13	whether	whether	SCONJ
fsr-3911	241	14	disinvesting	disinvest	VERB
fsr-3911	241	15	is	be	AUX
fsr-3911	241	16	being	be	AUX
fsr-3911	241	17	done	do	VERB
fsr-3911	241	18	from	from	ADP
fsr-3911	241	19	a	a	DET
fsr-3911	241	20	“	"	PUNCT
fsr-3911	241	21	qualified	qualified	ADJ
fsr-3911	241	22	”	"	PUNCT
fsr-3911	241	23	pension	pension	NOUN
fsr-3911	241	24	account	account	NOUN
fsr-3911	241	25	like	like	ADP
fsr-3911	241	26	a	a	DET
fsr-3911	241	27	401(k	401(k	PROPN
fsr-3911	241	28	)	)	PUNCT
fsr-3911	241	29	,	,	PUNCT
fsr-3911	241	30	a	a	DET
fsr-3911	241	31	403(b	403(b	NOUN
fsr-3911	241	32	)	)	PUNCT
fsr-3911	241	33	,	,	PUNCT
fsr-3911	241	34	or	or	CCONJ
fsr-3911	241	35	a	a	DET
fsr-3911	241	36	deductible	deductible	ADJ
fsr-3911	241	37	ira	ira	PROPN
fsr-3911	241	38	or	or	CCONJ
fsr-3911	241	39	from	from	ADP
fsr-3911	241	40	outside	outside	ADP
fsr-3911	241	41	such	such	DET
fsr-3911	241	42	an	an	DET
fsr-3911	241	43	account	account	NOUN
fsr-3911	241	44	.	.	PUNCT
fsr-3911	242	1	because	because	SCONJ
fsr-3911	242	2	contributions	contribution	NOUN
fsr-3911	242	3	to	to	ADP
fsr-3911	242	4	a	a	DET
fsr-3911	242	5	qualified	qualified	ADJ
fsr-3911	242	6	account	account	NOUN
fsr-3911	242	7	are	be	AUX
fsr-3911	242	8	taxdeductible	taxdeductible	ADJ
fsr-3911	242	9	,	,	PUNCT
fsr-3911	242	10	the	the	DET
fsr-3911	242	11	withdrawals	withdrawal	NOUN
fsr-3911	242	12	from	from	ADP
fsr-3911	242	13	such	such	DET
fsr-3911	242	14	an	an	DET
fsr-3911	242	15	account	account	NOUN
fsr-3911	242	16	will	will	AUX
fsr-3911	242	17	be	be	AUX
fsr-3911	242	18	wholly	wholly	ADV
fsr-3911	242	19	taxable	taxable	ADJ
fsr-3911	242	20	regardless	regardless	ADV
fsr-3911	242	21	of	of	ADP
fsr-3911	242	22	whether	whether	SCONJ
fsr-3911	242	23	the	the	DET
fsr-3911	242	24	funds	fund	NOUN
fsr-3911	242	25	are	be	AUX
fsr-3911	242	26	invested	invest	VERB
fsr-3911	242	27	in	in	ADP
fsr-3911	242	28	stocks	stock	NOUN
fsr-3911	242	29	,	,	PUNCT
fsr-3911	242	30	bonds	bond	NOUN
fsr-3911	242	31	,	,	PUNCT
fsr-3911	242	32	or	or	CCONJ
fsr-3911	242	33	annuities	annuity	NOUN
fsr-3911	242	34	.	.	PUNCT
fsr-3911	243	1	in	in	ADP
fsr-3911	243	2	this	this	DET
fsr-3911	243	3	instance	instance	NOUN
fsr-3911	243	4	,	,	PUNCT
fsr-3911	243	5	taxes	taxis	NOUN
fsr-3911	243	6	have	have	VERB
fsr-3911	243	7	no	no	DET
fsr-3911	243	8	impact	impact	NOUN
fsr-3911	243	9	on	on	ADP
fsr-3911	243	10	our	our	PRON
fsr-3911	243	11	conclusions	conclusion	NOUN
fsr-3911	243	12	.	.	PUNCT
fsr-3911	244	1	however	however	ADV
fsr-3911	244	2	,	,	PUNCT
fsr-3911	244	3	if	if	SCONJ
fsr-3911	244	4	disinvesting	disinvesting	ADJ
fsr-3911	244	5	is	be	AUX
fsr-3911	244	6	being	be	AUX
fsr-3911	244	7	implemented	implement	VERB
fsr-3911	244	8	from	from	ADP
fsr-3911	244	9	outside	outside	ADP
fsr-3911	244	10	such	such	DET
fsr-3911	244	11	a	a	DET
fsr-3911	244	12	qualified	qualified	ADJ
fsr-3911	244	13	account	account	NOUN
fsr-3911	244	14	,	,	PUNCT
fsr-3911	244	15	then	then	ADV
fsr-3911	244	16	stocks	stock	NOUN
fsr-3911	244	17	will	will	AUX
fsr-3911	244	18	generally	generally	ADV
fsr-3911	244	19	impose	impose	VERB
fsr-3911	244	20	less	less	ADJ
fsr-3911	244	21	of	of	ADP
fsr-3911	244	22	a	a	DET
fsr-3911	244	23	tax	tax	NOUN
fsr-3911	244	24	burden	burden	NOUN
fsr-3911	244	25	than	than	ADP
fsr-3911	244	26	bonds	bond	NOUN
fsr-3911	244	27	or	or	CCONJ
fsr-3911	244	28	annuities	annuity	NOUN
fsr-3911	244	29	.	.	PUNCT
fsr-3911	245	1	in	in	ADP
fsr-3911	245	2	a	a	DET
fsr-3911	245	3	broadly	broadly	ADV
fsr-3911	245	4	diversified	diversify	VERB
fsr-3911	245	5	stock	stock	NOUN
fsr-3911	245	6	portfolio	portfolio	NOUN
fsr-3911	245	7	like	like	ADP
fsr-3911	245	8	the	the	DET
fsr-3911	245	9	crsp	crsp	PROPN
fsr-3911	245	10	vw	vw	PROPN
fsr-3911	245	11	portfolio	portfolio	NOUN
fsr-3911	245	12	or	or	CCONJ
fsr-3911	245	13	the	the	DET
fsr-3911	245	14	s&p	s&p	PROPN
fsr-3911	245	15	500	500	NUM
fsr-3911	245	16	index	index	NOUN
fsr-3911	245	17	,	,	PUNCT
fsr-3911	245	18	many	many	ADJ
fsr-3911	245	19	companies	company	NOUN
fsr-3911	245	20	pay	pay	VERB
fsr-3911	245	21	no	no	DET
fsr-3911	245	22	dividends	dividend	NOUN
fsr-3911	245	23	.	.	PUNCT
fsr-3911	246	1	therefore	therefore	ADV
fsr-3911	246	2	,	,	PUNCT
fsr-3911	246	3	a	a	DET
fsr-3911	246	4	greater	great	ADJ
fsr-3911	246	5	portion	portion	NOUN
fsr-3911	246	6	of	of	ADP
fsr-3911	246	7	the	the	DET
fsr-3911	246	8	monthly	monthly	ADJ
fsr-3911	246	9	cash	cash	NOUN
fsr-3911	246	10	flow	flow	NOUN
fsr-3911	246	11	received	receive	VERB
fsr-3911	246	12	from	from	ADP
fsr-3911	246	13	disinvesting	disinvest	VERB
fsr-3911	246	14	such	such	DET
fsr-3911	246	15	a	a	DET
fsr-3911	246	16	stock	stock	NOUN
fsr-3911	246	17	portfolio	portfolio	NOUN
fsr-3911	246	18	will	will	AUX
fsr-3911	246	19	come	come	VERB
fsr-3911	246	20	from	from	ADP
fsr-3911	246	21	capital	capital	NOUN
fsr-3911	246	22	gains	gain	NOUN
fsr-3911	246	23	relative	relative	ADJ
fsr-3911	246	24	to	to	ADP
fsr-3911	246	25	the	the	DET
fsr-3911	246	26	cashflow	cashflow	NOUN
fsr-3911	246	27	from	from	ADP
fsr-3911	246	28	disinvesting	disinvest	VERB
fsr-3911	246	29	a	a	DET
fsr-3911	246	30	bond	bond	NOUN
fsr-3911	246	31	portfolio	portfolio	NOUN
fsr-3911	246	32	or	or	CCONJ
fsr-3911	246	33	an	an	DET
fsr-3911	246	34	annuity	annuity	NOUN
fsr-3911	246	35	based	base	VERB
fsr-3911	246	36	on	on	ADP
fsr-3911	246	37	corporate	corporate	ADJ
fsr-3911	246	38	bonds	bond	NOUN
fsr-3911	246	39	.	.	PUNCT
fsr-3911	247	1	because	because	SCONJ
fsr-3911	247	2	the	the	DET
fsr-3911	247	3	statutory	statutory	ADJ
fsr-3911	247	4	tax	tax	NOUN
fsr-3911	247	5	rate	rate	NOUN
fsr-3911	247	6	on	on	ADP
fsr-3911	247	7	capital	capital	NOUN
fsr-3911	247	8	gains	gain	NOUN
fsr-3911	247	9	is	be	AUX
fsr-3911	247	10	less	less	ADJ
fsr-3911	247	11	than	than	ADP
fsr-3911	247	12	on	on	ADP
fsr-3911	247	13	ordinary	ordinary	ADJ
fsr-3911	247	14	income	income	NOUN
fsr-3911	247	15	(	(	PUNCT
fsr-3911	247	16	for	for	ADP
fsr-3911	247	17	most	most	ADJ
fsr-3911	247	18	people	people	NOUN
fsr-3911	247	19	)	)	PUNCT
fsr-3911	247	20	,	,	PUNCT
fsr-3911	247	21	disinvesting	disinvest	VERB
fsr-3911	247	22	from	from	ADP
fsr-3911	247	23	a	a	DET
fsr-3911	247	24	stock	stock	NOUN
fsr-3911	247	25	portfolio	portfolio	NOUN
fsr-3911	247	26	will	will	AUX
fsr-3911	247	27	impose	impose	VERB
fsr-3911	247	28	a	a	DET
fsr-3911	247	29	slightly	slightly	ADV
fsr-3911	247	30	lower	low	ADJ
fsr-3911	247	31	tax	tax	NOUN
fsr-3911	247	32	burden	burden	NOUN
fsr-3911	247	33	as	as	SCONJ
fsr-3911	247	34	compared	compare	VERB
fsr-3911	247	35	to	to	ADP
fsr-3911	247	36	disinvesting	disinvest	VERB
fsr-3911	247	37	from	from	ADP
fsr-3911	247	38	bonds	bond	NOUN
fsr-3911	247	39	or	or	CCONJ
fsr-3911	247	40	from	from	ADP
fsr-3911	247	41	an	an	DET
fsr-3911	247	42	annuity	annuity	NOUN
fsr-3911	247	43	.	.	PUNCT
fsr-3911	248	1	thus	thus	ADV
fsr-3911	248	2	,	,	PUNCT
fsr-3911	248	3	from	from	ADP
fsr-3911	248	4	a	a	DET
fsr-3911	248	5	tax	tax	NOUN
fsr-3911	248	6	perspective	perspective	NOUN
fsr-3911	248	7	our	our	PRON
fsr-3911	248	8	results	result	NOUN
fsr-3911	248	9	remain	remain	VERB
fsr-3911	248	10	unchanged	unchanged	ADJ
fsr-3911	248	11	if	if	SCONJ
fsr-3911	248	12	disinvesting	disinvesting	ADJ
fsr-3911	248	13	is	be	AUX
fsr-3911	248	14	being	be	AUX
fsr-3911	248	15	carried	carry	VERB
fsr-3911	248	16	out	out	ADP
fsr-3911	248	17	from	from	ADP
fsr-3911	248	18	a	a	DET
fsr-3911	248	19	qualified	qualified	ADJ
fsr-3911	248	20	account	account	NOUN
fsr-3911	248	21	,	,	PUNCT
fsr-3911	248	22	and	and	CCONJ
fsr-3911	248	23	our	our	PRON
fsr-3911	248	24	case	case	NOUN
fsr-3911	248	25	for	for	ADP
fsr-3911	248	26	a	a	DET
fsr-3911	248	27	retiree	retiree	NOUN
fsr-3911	248	28	investing	investing	NOUN
fsr-3911	248	29	in	in	ADP
fsr-3911	248	30	a	a	DET
fsr-3911	248	31	stock	stock	NOUN
fsr-3911	248	32	portfolio	portfolio	NOUN
fsr-3911	248	33	becomes	become	VERB
fsr-3911	248	34	stronger	strong	ADJ
fsr-3911	248	35	if	if	SCONJ
fsr-3911	248	36	disinvesting	disinvesting	ADJ
fsr-3911	248	37	is	be	AUX
fsr-3911	248	38	being	be	AUX
fsr-3911	248	39	implemented	implement	VERB
fsr-3911	248	40	from	from	ADP
fsr-3911	248	41	outside	outside	ADP
fsr-3911	248	42	a	a	DET
fsr-3911	248	43	qualified	qualified	ADJ
fsr-3911	248	44	account	account	NOUN
fsr-3911	248	45	.	.	PUNCT
fsr-3911	249	1	56	56	NUM
fsr-3911	249	2	p.p	p.p	PROPN
fsr-3911	249	3	.	.	PROPN
fsr-3911	249	4	vora	vora	PROPN
fsr-3911	249	5	/	/	SYM
fsr-3911	249	6	financial	financial	ADJ
fsr-3911	249	7	services	service	NOUN
fsr-3911	249	8	review	review	VERB
fsr-3911	249	9	9	9	NUM
fsr-3911	249	10	(	(	PUNCT
fsr-3911	249	11	2000	2000	NUM
fsr-3911	249	12	)	)	PUNCT
fsr-3911	250	1	47–63	47–63	NOUN
fsr-3911	250	2	4.3	4.3	NUM
fsr-3911	250	3	.	.	PUNCT
fsr-3911	251	1	consumption	consumption	NOUN
fsr-3911	251	2	risk	risk	NOUN
fsr-3911	251	3	a	a	DET
fsr-3911	251	4	common	common	ADJ
fsr-3911	251	5	objection	objection	NOUN
fsr-3911	251	6	that	that	PRON
fsr-3911	251	7	is	be	AUX
fsr-3911	251	8	raised	raise	VERB
fsr-3911	251	9	to	to	ADP
fsr-3911	251	10	the	the	DET
fsr-3911	251	11	type	type	NOUN
fsr-3911	251	12	of	of	ADP
fsr-3911	251	13	analysis	analysis	NOUN
fsr-3911	251	14	that	that	PRON
fsr-3911	251	15	is	be	AUX
fsr-3911	251	16	presented	present	VERB
fsr-3911	251	17	in	in	ADP
fsr-3911	251	18	the	the	DET
fsr-3911	251	19	preceding	precede	VERB
fsr-3911	251	20	section	section	NOUN
fsr-3911	251	21	,	,	PUNCT
fsr-3911	251	22	which	which	PRON
fsr-3911	251	23	focuses	focus	VERB
fsr-3911	251	24	on	on	ADP
fsr-3911	251	25	average	average	ADJ
fsr-3911	251	26	outcomes	outcome	NOUN
fsr-3911	251	27	,	,	PUNCT
fsr-3911	251	28	is	be	AUX
fsr-3911	251	29	that	that	SCONJ
fsr-3911	251	30	it	it	PRON
fsr-3911	251	31	fails	fail	VERB
fsr-3911	251	32	to	to	PART
fsr-3911	251	33	account	account	VERB
fsr-3911	251	34	for	for	ADP
fsr-3911	251	35	the	the	DET
fsr-3911	251	36	higher	high	ADJ
fsr-3911	251	37	dispersion	dispersion	NOUN
fsr-3911	251	38	in	in	ADP
fsr-3911	251	39	consumption	consumption	NOUN
fsr-3911	251	40	around	around	ADP
fsr-3911	251	41	the	the	DET
fsr-3911	251	42	mean	mean	NOUN
fsr-3911	251	43	that	that	PRON
fsr-3911	251	44	accompanies	accompany	VERB
fsr-3911	251	45	investing	invest	VERB
fsr-3911	251	46	in	in	ADP
fsr-3911	251	47	stock	stock	NOUN
fsr-3911	251	48	portfolios	portfolio	NOUN
fsr-3911	251	49	.	.	PUNCT
fsr-3911	252	1	for	for	ADP
fsr-3911	252	2	a	a	DET
fsr-3911	252	3	retiree	retiree	NOUN
fsr-3911	252	4	,	,	PUNCT
fsr-3911	252	5	this	this	DET
fsr-3911	252	6	dispersion	dispersion	NOUN
fsr-3911	252	7	manifests	manifest	VERB
fsr-3911	252	8	itself	itself	PRON
fsr-3911	252	9	in	in	ADP
fsr-3911	252	10	fluctuations	fluctuation	NOUN
fsr-3911	252	11	in	in	ADP
fsr-3911	252	12	purchasing	purchase	VERB
fsr-3911	252	13	power	power	NOUN
fsr-3911	252	14	,	,	PUNCT
fsr-3911	252	15	or	or	CCONJ
fsr-3911	252	16	in	in	ADP
fsr-3911	252	17	“	"	PUNCT
fsr-3911	252	18	consumption	consumption	NOUN
fsr-3911	252	19	risk	risk	NOUN
fsr-3911	252	20	”	"	PUNCT
fsr-3911	252	21	.	.	PUNCT
fsr-3911	253	1	therefore	therefore	ADV
fsr-3911	253	2	,	,	PUNCT
fsr-3911	253	3	although	although	SCONJ
fsr-3911	253	4	on	on	ADP
fsr-3911	253	5	average	average	ADJ
fsr-3911	253	6	the	the	DET
fsr-3911	253	7	retiree	retiree	NOUN
fsr-3911	253	8	might	might	AUX
fsr-3911	253	9	have	have	VERB
fsr-3911	253	10	high	high	ADJ
fsr-3911	253	11	consumption	consumption	NOUN
fsr-3911	253	12	from	from	ADP
fsr-3911	253	13	stocks	stock	NOUN
fsr-3911	253	14	,	,	PUNCT
fsr-3911	253	15	there	there	PRON
fsr-3911	253	16	will	will	AUX
fsr-3911	253	17	be	be	AUX
fsr-3911	253	18	some	some	DET
fsr-3911	253	19	states	state	NOUN
fsr-3911	253	20	where	where	SCONJ
fsr-3911	253	21	the	the	DET
fsr-3911	253	22	stock	stock	NOUN
fsr-3911	253	23	-	-	PUNCT
fsr-3911	253	24	based	base	VERB
fsr-3911	253	25	consumption	consumption	NOUN
fsr-3911	253	26	is	be	AUX
fsr-3911	253	27	extremely	extremely	ADV
fsr-3911	253	28	low	low	ADJ
fsr-3911	253	29	.	.	PUNCT
fsr-3911	254	1	such	such	ADJ
fsr-3911	254	2	low	low	ADJ
fsr-3911	254	3	consumption	consumption	NOUN
fsr-3911	254	4	will	will	AUX
fsr-3911	254	5	be	be	AUX
fsr-3911	254	6	reflected	reflect	VERB
fsr-3911	254	7	in	in	ADP
fsr-3911	254	8	a	a	DET
fsr-3911	254	9	low	low	ADJ
fsr-3911	254	10	level	level	NOUN
fsr-3911	254	11	of	of	ADP
fsr-3911	254	12	utility	utility	NOUN
fsr-3911	254	13	during	during	ADP
fsr-3911	254	14	that	that	DET
fsr-3911	254	15	state	state	NOUN
fsr-3911	254	16	.	.	PUNCT
fsr-3911	255	1	the	the	DET
fsr-3911	255	2	standard	standard	ADJ
fsr-3911	255	3	expected	expect	VERB
fsr-3911	255	4	utility	utility	NOUN
fsr-3911	255	5	maximization	maximization	NOUN
fsr-3911	255	6	models	model	NOUN
fsr-3911	255	7	suggest	suggest	VERB
fsr-3911	255	8	that	that	SCONJ
fsr-3911	255	9	on	on	ADP
fsr-3911	255	10	anex	anex	NOUN
fsr-3911	255	11	-	-	PUNCT
fsr-3911	255	12	antebasis	antebasis	NOUN
fsr-3911	255	13	the	the	DET
fsr-3911	255	14	retiree	retiree	NOUN
fsr-3911	255	15	will	will	AUX
fsr-3911	255	16	try	try	VERB
fsr-3911	255	17	to	to	PART
fsr-3911	255	18	balance	balance	VERB
fsr-3911	255	19	his	his	PRON
fsr-3911	255	20	portfolio	portfolio	NOUN
fsr-3911	255	21	between	between	ADP
fsr-3911	255	22	risky	risky	ADJ
fsr-3911	255	23	and	and	CCONJ
fsr-3911	255	24	risk	risk	VERB
fsr-3911	255	25	less	less	ADJ
fsr-3911	255	26	assets	asset	NOUN
fsr-3911	255	27	so	so	SCONJ
fsr-3911	255	28	that	that	SCONJ
fsr-3911	255	29	expected	expect	VERB
fsr-3911	255	30	marginal	marginal	ADJ
fsr-3911	255	31	utility	utility	NOUN
fsr-3911	255	32	across	across	ADP
fsr-3911	255	33	the	the	DET
fsr-3911	255	34	two	two	NUM
fsr-3911	255	35	classes	class	NOUN
fsr-3911	255	36	is	be	AUX
fsr-3911	255	37	equal	equal	ADJ
fsr-3911	255	38	at	at	ADP
fsr-3911	255	39	the	the	DET
fsr-3911	255	40	optimum	optimum	ADJ
fsr-3911	255	41	(	(	PUNCT
fsr-3911	255	42	for	for	ADP
fsr-3911	255	43	a	a	DET
fsr-3911	255	44	mathematical	mathematical	ADJ
fsr-3911	255	45	derivation	derivation	NOUN
fsr-3911	255	46	of	of	ADP
fsr-3911	255	47	this	this	DET
fsr-3911	255	48	idea	idea	NOUN
fsr-3911	255	49	see	see	VERB
fsr-3911	255	50	chapter	chapter	NOUN
fsr-3911	255	51	2	2	NUM
fsr-3911	255	52	in	in	ADP
fsr-3911	255	53	merton	merton	PROPN
fsr-3911	255	54	1992	1992	NUM
fsr-3911	255	55	,	,	PUNCT
fsr-3911	255	56	especially	especially	ADV
fsr-3911	255	57	eq	eq	ADP
fsr-3911	255	58	.	.	PROPN
fsr-3911	255	59	2.4	2.4	NUM
fsr-3911	255	60	.	.	PUNCT
fsr-3911	256	1	the	the	DET
fsr-3911	256	2	comparative	comparative	ADJ
fsr-3911	256	3	statics	static	NOUN
fsr-3911	256	4	of	of	ADP
fsr-3911	256	5	the	the	DET
fsr-3911	256	6	optimum	optimum	NOUN
fsr-3911	256	7	will	will	AUX
fsr-3911	256	8	then	then	ADV
fsr-3911	256	9	suggest	suggest	VERB
fsr-3911	256	10	how	how	SCONJ
fsr-3911	256	11	the	the	DET
fsr-3911	256	12	optimum	optimum	NOUN
fsr-3911	256	13	will	will	AUX
fsr-3911	256	14	change	change	VERB
fsr-3911	256	15	with	with	ADP
fsr-3911	256	16	respect	respect	NOUN
fsr-3911	256	17	to	to	ADP
fsr-3911	256	18	changes	change	NOUN
fsr-3911	256	19	in	in	ADP
fsr-3911	256	20	the	the	DET
fsr-3911	256	21	distribution	distribution	NOUN
fsr-3911	256	22	of	of	ADP
fsr-3911	256	23	the	the	DET
fsr-3911	256	24	risky	risky	ADJ
fsr-3911	256	25	portfolio	portfolio	NOUN
fsr-3911	256	26	—	—	PUNCT
fsr-3911	256	27	the	the	DET
fsr-3911	256	28	standard	standard	ADJ
fsr-3911	256	29	conclusion	conclusion	NOUN
fsr-3911	256	30	is	be	AUX
fsr-3911	256	31	that	that	SCONJ
fsr-3911	256	32	the	the	DET
fsr-3911	256	33	optimum	optimum	ADJ
fsr-3911	256	34	portion	portion	NOUN
fsr-3911	256	35	of	of	ADP
fsr-3911	256	36	wealth	wealth	NOUN
fsr-3911	256	37	invested	invest	VERB
fsr-3911	256	38	in	in	ADP
fsr-3911	256	39	the	the	DET
fsr-3911	256	40	risky	risky	ADJ
fsr-3911	256	41	asset	asset	NOUN
fsr-3911	256	42	decreases	decrease	VERB
fsr-3911	256	43	with	with	ADP
fsr-3911	256	44	increases	increase	NOUN
fsr-3911	256	45	in	in	ADP
fsr-3911	256	46	the	the	DET
fsr-3911	256	47	risk	risk	NOUN
fsr-3911	256	48	of	of	ADP
fsr-3911	256	49	that	that	DET
fsr-3911	256	50	asset	asset	NOUN
fsr-3911	256	51	.	.	PUNCT
fsr-3911	257	1	in	in	ADP
fsr-3911	257	2	order	order	NOUN
fsr-3911	257	3	to	to	PART
fsr-3911	257	4	address	address	VERB
fsr-3911	257	5	this	this	DET
fsr-3911	257	6	objection	objection	NOUN
fsr-3911	257	7	,	,	PUNCT
fsr-3911	257	8	we	we	PRON
fsr-3911	257	9	present	present	VERB
fsr-3911	257	10	in	in	ADP
fsr-3911	257	11	fig	fig	NOUN
fsr-3911	257	12	.	.	PUNCT
fsr-3911	258	1	1	1	NUM
fsr-3911	259	1	the	the	DET
fsr-3911	259	2	frequency	frequency	NOUN
fsr-3911	259	3	plots	plot	VERB
fsr-3911	259	4	for	for	ADP
fsr-3911	259	5	the	the	DET
fsr-3911	259	6	31	31	NUM
fsr-3911	259	7	inflation	inflation	NOUN
fsr-3911	259	8	-	-	PUNCT
fsr-3911	259	9	adjusted	adjust	VERB
fsr-3911	259	10	consumption	consumption	NOUN
fsr-3911	259	11	amounts	amount	NOUN
fsr-3911	259	12	that	that	PRON
fsr-3911	259	13	were	be	AUX
fsr-3911	259	14	calculated	calculate	VERB
fsr-3911	259	15	on	on	ADP
fsr-3911	259	16	the	the	DET
fsr-3911	259	17	basis	basis	NOUN
fsr-3911	259	18	of	of	ADP
fsr-3911	259	19	eq	eq	PROPN
fsr-3911	259	20	.	.	PUNCT
fsr-3911	260	1	(	(	PUNCT
fsr-3911	260	2	2	2	NUM
fsr-3911	260	3	)	)	PUNCT
fsr-3911	260	4	.	.	PUNCT
fsr-3911	261	1	the	the	DET
fsr-3911	261	2	frequency	frequency	NOUN
fsr-3911	261	3	plots	plot	NOUN
fsr-3911	261	4	capture	capture	VERB
fsr-3911	261	5	succinctly	succinctly	ADV
fsr-3911	261	6	the	the	DET
fsr-3911	261	7	magnitude	magnitude	NOUN
fsr-3911	261	8	of	of	ADP
fsr-3911	261	9	consumption	consumption	NOUN
fsr-3911	261	10	,	,	PUNCT
fsr-3911	261	11	but	but	CCONJ
fsr-3911	261	12	more	more	ADV
fsr-3911	261	13	vitally	vitally	ADV
fsr-3911	261	14	,	,	PUNCT
fsr-3911	261	15	they	they	PRON
fsr-3911	261	16	capture	capture	VERB
fsr-3911	261	17	the	the	DET
fsr-3911	261	18	dispersion	dispersion	NOUN
fsr-3911	261	19	of	of	ADP
fsr-3911	261	20	the	the	DET
fsr-3911	261	21	magnitude	magnitude	NOUN
fsr-3911	261	22	around	around	ADP
fsr-3911	261	23	the	the	DET
fsr-3911	261	24	mean	mean	NOUN
fsr-3911	261	25	,	,	PUNCT
fsr-3911	261	26	and	and	CCONJ
fsr-3911	261	27	most	most	ADV
fsr-3911	261	28	importantly	importantly	ADV
fsr-3911	261	29	,	,	PUNCT
fsr-3911	261	30	the	the	DET
fsr-3911	261	31	likelihood	likelihood	NOUN
fsr-3911	261	32	of	of	ADP
fsr-3911	261	33	extreme	extreme	ADJ
fsr-3911	261	34	consumption	consumption	NOUN
fsr-3911	261	35	outcomes	outcome	NOUN
fsr-3911	261	36	.	.	PUNCT
fsr-3911	262	1	thus	thus	ADV
fsr-3911	262	2	,	,	PUNCT
fsr-3911	262	3	our	our	PRON
fsr-3911	262	4	response	response	NOUN
fsr-3911	262	5	to	to	ADP
fsr-3911	262	6	the	the	DET
fsr-3911	262	7	above	above	ADJ
fsr-3911	262	8	objection	objection	NOUN
fsr-3911	262	9	is	be	AUX
fsr-3911	262	10	based	base	VERB
fsr-3911	262	11	on	on	ADP
fsr-3911	262	12	empirical	empirical	ADJ
fsr-3911	262	13	evidence	evidence	NOUN
fsr-3911	262	14	on	on	ADP
fsr-3911	262	15	the	the	DET
fsr-3911	262	16	likelihood	likelihood	NOUN
fsr-3911	262	17	of	of	ADP
fsr-3911	262	18	low	low	ADJ
fsr-3911	262	19	consumption	consumption	NOUN
fsr-3911	262	20	states	state	NOUN
fsr-3911	262	21	from	from	ADP
fsr-3911	262	22	stocks	stock	NOUN
fsr-3911	262	23	versus	versus	ADP
fsr-3911	262	24	other	other	ADJ
fsr-3911	262	25	portfolios	portfolio	NOUN
fsr-3911	262	26	.	.	PUNCT
fsr-3911	263	1	in	in	ADP
fsr-3911	263	2	the	the	DET
fsr-3911	263	3	frequency	frequency	NOUN
fsr-3911	263	4	plots	plot	NOUN
fsr-3911	263	5	,	,	PUNCT
fsr-3911	263	6	the	the	DET
fsr-3911	263	7	magnitudes	magnitude	NOUN
fsr-3911	263	8	and	and	CCONJ
fsr-3911	263	9	frequencies	frequency	NOUN
fsr-3911	263	10	of	of	ADP
fsr-3911	263	11	consumption	consumption	NOUN
fsr-3911	263	12	for	for	ADP
fsr-3911	263	13	the	the	DET
fsr-3911	263	14	crsp	crsp	PROPN
fsr-3911	263	15	vw	vw	PROPN
fsr-3911	263	16	portfolio	portfolio	NOUN
fsr-3911	263	17	,	,	PUNCT
fsr-3911	263	18	the	the	DET
fsr-3911	263	19	t	t	NOUN
fsr-3911	263	20	-	-	PUNCT
fsr-3911	263	21	bond	bond	NOUN
fsr-3911	263	22	based	base	VERB
fsr-3911	263	23	investment	investment	NOUN
fsr-3911	263	24	,	,	PUNCT
fsr-3911	263	25	and	and	CCONJ
fsr-3911	263	26	the	the	DET
fsr-3911	263	27	best	good	ADJ
fsr-3911	263	28	or	or	CCONJ
fsr-3911	263	29	optimal	optimal	ADJ
fsr-3911	263	30	portfolio	portfolio	NOUN
fsr-3911	263	31	allocated	allocate	VERB
fsr-3911	263	32	between	between	ADP
fsr-3911	263	33	stocks	stock	NOUN
fsr-3911	263	34	and	and	CCONJ
fsr-3911	263	35	t	t	NOUN
fsr-3911	263	36	-	-	PUNCT
fsr-3911	263	37	bonds	bond	NOUN
fsr-3911	263	38	are	be	AUX
fsr-3911	263	39	shown	show	VERB
fsr-3911	263	40	in	in	ADP
fsr-3911	263	41	different	different	ADJ
fsr-3911	263	42	shades	shade	NOUN
fsr-3911	263	43	.	.	PUNCT
fsr-3911	264	1	the	the	DET
fsr-3911	264	2	optimal	optimal	ADJ
fsr-3911	264	3	portfolio	portfolio	NOUN
fsr-3911	264	4	is	be	AUX
fsr-3911	264	5	derived	derive	VERB
fsr-3911	264	6	by	by	ADP
fsr-3911	264	7	calculating	calculate	VERB
fsr-3911	264	8	a	a	PRON
fsr-3911	264	9	,	,	PUNCT
fsr-3911	264	10	the	the	DET
fsr-3911	264	11	portion	portion	NOUN
fsr-3911	264	12	of	of	ADP
fsr-3911	264	13	wealth	wealth	NOUN
fsr-3911	264	14	invested	invest	VERB
fsr-3911	264	15	in	in	ADP
fsr-3911	264	16	the	the	DET
fsr-3911	264	17	crsp	crsp	PROPN
fsr-3911	264	18	vw	vw	PROPN
fsr-3911	264	19	portfolio	portfolio	PROPN
fsr-3911	264	20	and	and	CCONJ
fsr-3911	264	21	(	(	PUNCT
fsr-3911	264	22	1	1	NUM
fsr-3911	264	23	-	-	PUNCT
fsr-3911	264	24	a	a	PRON
fsr-3911	264	25	)	)	PUNCT
fsr-3911	264	26	invested	invest	VERB
fsr-3911	264	27	in	in	ADP
fsr-3911	264	28	t	t	PROPN
fsr-3911	264	29	-	-	PUNCT
fsr-3911	264	30	bonds	bond	NOUN
fsr-3911	264	31	that	that	PRON
fsr-3911	264	32	would	would	AUX
fsr-3911	264	33	have	have	AUX
fsr-3911	264	34	maximized	maximize	VERB
fsr-3911	264	35	a	a	DET
fsr-3911	264	36	retiree	retiree	NOUN
fsr-3911	264	37	’s	’s	PART
fsr-3911	264	38	consumption	consumption	NOUN
fsr-3911	264	39	during	during	ADP
fsr-3911	264	40	a	a	DET
fsr-3911	264	41	particular	particular	ADJ
fsr-3911	264	42	sub	sub	NOUN
fsr-3911	264	43	period	period	NOUN
fsr-3911	264	44	of	of	ADP
fsr-3911	264	45	our	our	PRON
fsr-3911	264	46	analysis	analysis	NOUN
fsr-3911	264	47	.	.	PUNCT
fsr-3911	265	1	we	we	PRON
fsr-3911	265	2	use	use	VERB
fsr-3911	265	3	a	a	DET
fsr-3911	265	4	computer	computer	NOUN
fsr-3911	265	5	program	program	NOUN
fsr-3911	265	6	to	to	PART
fsr-3911	265	7	find	find	VERB
fsr-3911	265	8	this	this	PRON
fsr-3911	265	9	a	a	PRON
fsr-3911	265	10	for	for	ADP
fsr-3911	265	11	every	every	DET
fsr-3911	265	12	sub	sub	NOUN
fsr-3911	265	13	period	period	NOUN
fsr-3911	265	14	.	.	PUNCT
fsr-3911	266	1	our	our	PRON
fsr-3911	266	2	program	program	NOUN
fsr-3911	266	3	begins	begin	VERB
fsr-3911	266	4	with	with	ADP
fsr-3911	266	5	a51.0	a51.0	PROPN
fsr-3911	266	6	and	and	CCONJ
fsr-3911	266	7	calculates	calculate	VERB
fsr-3911	266	8	the	the	DET
fsr-3911	266	9	consumption	consumption	NOUN
fsr-3911	266	10	possible	possible	ADJ
fsr-3911	266	11	then	then	ADV
fsr-3911	266	12	decreases	decrease	VERB
fsr-3911	266	13	a	a	PRON
fsr-3911	266	14	by	by	ADP
fsr-3911	266	15	0.05	0.05	NUM
fsr-3911	266	16	,	,	PUNCT
fsr-3911	266	17	then	then	ADV
fsr-3911	266	18	repeats	repeat	VERB
fsr-3911	266	19	the	the	DET
fsr-3911	266	20	procedure	procedure	NOUN
fsr-3911	266	21	till	till	SCONJ
fsr-3911	266	22	a50.0	a50.0	PROPN
fsr-3911	266	23	.	.	PUNCT
fsr-3911	267	1	the	the	DET
fsr-3911	267	2	optimal	optimal	ADJ
fsr-3911	267	3	a	a	PRON
fsr-3911	267	4	is	be	AUX
fsr-3911	267	5	the	the	DET
fsr-3911	267	6	one	one	NOUN
fsr-3911	267	7	that	that	PRON
fsr-3911	267	8	maximizes	maximize	VERB
fsr-3911	267	9	consumption	consumption	NOUN
fsr-3911	267	10	.	.	PUNCT
fsr-3911	268	1	we	we	PRON
fsr-3911	268	2	will	will	AUX
fsr-3911	268	3	discuss	discuss	VERB
fsr-3911	268	4	below	below	ADP
fsr-3911	268	5	the	the	DET
fsr-3911	268	6	composition	composition	NOUN
fsr-3911	268	7	of	of	ADP
fsr-3911	268	8	the	the	DET
fsr-3911	268	9	optimal	optimal	ADJ
fsr-3911	268	10	portfolio	portfolio	NOUN
fsr-3911	268	11	once	once	SCONJ
fsr-3911	268	12	we	we	PRON
fsr-3911	268	13	make	make	VERB
fsr-3911	268	14	some	some	DET
fsr-3911	268	15	inferences	inference	NOUN
fsr-3911	268	16	based	base	VERB
fsr-3911	268	17	on	on	ADP
fsr-3911	268	18	the	the	DET
fsr-3911	268	19	frequency	frequency	NOUN
fsr-3911	268	20	plots	plot	NOUN
fsr-3911	268	21	.	.	PUNCT
fsr-3911	269	1	we	we	PRON
fsr-3911	269	2	present	present	VERB
fsr-3911	269	3	in	in	ADP
fsr-3911	269	4	fig	fig	NOUN
fsr-3911	269	5	.	.	PUNCT
fsr-3911	270	1	1	1	NUM
fsr-3911	270	2	three	three	NUM
fsr-3911	270	3	frequency	frequency	NOUN
fsr-3911	270	4	plots	plot	NOUN
fsr-3911	270	5	,	,	PUNCT
fsr-3911	270	6	one	one	NUM
fsr-3911	270	7	corresponding	correspond	VERB
fsr-3911	270	8	to	to	ADP
fsr-3911	270	9	each	each	PRON
fsr-3911	270	10	of	of	ADP
fsr-3911	270	11	the	the	DET
fsr-3911	270	12	10-	10-	PROPN
fsr-3911	270	13	,	,	PUNCT
fsr-3911	270	14	20-	20-	PROPN
fsr-3911	270	15	,	,	PUNCT
fsr-3911	270	16	and	and	CCONJ
fsr-3911	270	17	30	30	NUM
fsr-3911	270	18	-	-	PUNCT
fsr-3911	270	19	year	year	NOUN
fsr-3911	270	20	horizons	horizon	NOUN
fsr-3911	270	21	.	.	PUNCT
fsr-3911	271	1	the	the	DET
fsr-3911	271	2	5-	5-	NUM
fsr-3911	271	3	,	,	PUNCT
fsr-3911	271	4	15-	15-	NUM
fsr-3911	271	5	,	,	PUNCT
fsr-3911	271	6	and	and	CCONJ
fsr-3911	271	7	25	25	NUM
fsr-3911	271	8	-	-	PUNCT
fsr-3911	271	9	year	year	NOUN
fsr-3911	271	10	plots	plot	NOUN
fsr-3911	271	11	add	add	VERB
fsr-3911	271	12	little	little	ADJ
fsr-3911	271	13	to	to	ADP
fsr-3911	271	14	the	the	DET
fsr-3911	271	15	conclusions	conclusion	NOUN
fsr-3911	271	16	that	that	PRON
fsr-3911	271	17	we	we	PRON
fsr-3911	271	18	come	come	VERB
fsr-3911	271	19	to	to	ADP
fsr-3911	271	20	below	below	ADV
fsr-3911	271	21	,	,	PUNCT
fsr-3911	271	22	and	and	CCONJ
fsr-3911	271	23	therefore	therefore	ADV
fsr-3911	271	24	we	we	PRON
fsr-3911	271	25	choose	choose	VERB
fsr-3911	271	26	to	to	PART
fsr-3911	271	27	leave	leave	VERB
fsr-3911	271	28	them	they	PRON
fsr-3911	271	29	out	out	ADP
fsr-3911	271	30	of	of	ADP
fsr-3911	271	31	the	the	DET
fsr-3911	271	32	analysis	analysis	NOUN
fsr-3911	271	33	.	.	PUNCT
fsr-3911	272	1	in	in	ADP
fsr-3911	272	2	order	order	NOUN
fsr-3911	272	3	to	to	PART
fsr-3911	272	4	make	make	VERB
fsr-3911	272	5	the	the	DET
fsr-3911	272	6	interpretation	interpretation	NOUN
fsr-3911	272	7	of	of	ADP
fsr-3911	272	8	the	the	DET
fsr-3911	272	9	frequency	frequency	NOUN
fsr-3911	272	10	plots	plot	NOUN
fsr-3911	272	11	easier	easy	ADJ
fsr-3911	272	12	,	,	PUNCT
fsr-3911	272	13	it	it	PRON
fsr-3911	272	14	may	may	AUX
fsr-3911	272	15	be	be	AUX
fsr-3911	272	16	helpful	helpful	ADJ
fsr-3911	272	17	to	to	PART
fsr-3911	272	18	examine	examine	VERB
fsr-3911	272	19	one	one	NUM
fsr-3911	272	20	such	such	ADJ
fsr-3911	272	21	plot	plot	NOUN
fsr-3911	272	22	in	in	ADP
fsr-3911	272	23	some	some	DET
fsr-3911	272	24	detail	detail	NOUN
fsr-3911	272	25	.	.	PUNCT
fsr-3911	273	1	by	by	ADP
fsr-3911	273	2	looking	look	VERB
fsr-3911	273	3	at	at	ADP
fsr-3911	273	4	the	the	DET
fsr-3911	273	5	left	left	ADJ
fsr-3911	273	6	hand	hand	NOUN
fsr-3911	273	7	side	side	NOUN
fsr-3911	273	8	of	of	ADP
fsr-3911	273	9	the	the	DET
fsr-3911	273	10	frequency	frequency	NOUN
fsr-3911	273	11	plot	plot	NOUN
fsr-3911	273	12	for	for	ADP
fsr-3911	273	13	the	the	DET
fsr-3911	273	14	10	10	NUM
fsr-3911	273	15	-	-	PUNCT
fsr-3911	273	16	year	year	NOUN
fsr-3911	273	17	horizon	horizon	NOUN
fsr-3911	273	18	the	the	DET
fsr-3911	273	19	following	follow	VERB
fsr-3911	273	20	statements	statement	NOUN
fsr-3911	273	21	can	can	AUX
fsr-3911	273	22	be	be	AUX
fsr-3911	273	23	made	make	VERB
fsr-3911	273	24	:	:	PUNCT
fsr-3911	273	25	a	a	DET
fsr-3911	273	26	retiree	retiree	NOUN
fsr-3911	273	27	with	with	ADP
fsr-3911	273	28	a	a	DET
fsr-3911	273	29	10	10	NUM
fsr-3911	273	30	-	-	PUNCT
fsr-3911	273	31	year	year	NOUN
fsr-3911	273	32	horizon	horizon	NOUN
fsr-3911	273	33	would	would	AUX
fsr-3911	273	34	have	have	AUX
fsr-3911	273	35	consumed	consume	VERB
fsr-3911	273	36	0.72	0.72	NUM
fsr-3911	273	37	%	%	NOUN
fsr-3911	273	38	or	or	CCONJ
fsr-3911	273	39	less	less	ADJ
fsr-3911	273	40	of	of	ADP
fsr-3911	273	41	his	his	PRON
fsr-3911	273	42	wealth	wealth	NOUN
fsr-3911	273	43	every	every	DET
fsr-3911	273	44	month	month	NOUN
fsr-3911	273	45	only	only	ADV
fsr-3911	273	46	once	once	ADV
fsr-3911	273	47	out	out	ADP
fsr-3911	273	48	of	of	ADP
fsr-3911	273	49	the	the	DET
fsr-3911	273	50	31	31	NUM
fsr-3911	273	51	periods	period	NOUN
fsr-3911	273	52	of	of	ADP
fsr-3911	273	53	data	datum	NOUN
fsr-3911	273	54	that	that	PRON
fsr-3911	273	55	are	be	AUX
fsr-3911	273	56	analyzed	analyze	VERB
fsr-3911	273	57	,	,	PUNCT
fsr-3911	273	58	if	if	SCONJ
fsr-3911	273	59	the	the	DET
fsr-3911	273	60	retiree	retiree	NOUN
fsr-3911	273	61	had	have	AUX
fsr-3911	273	62	invested	invest	VERB
fsr-3911	273	63	in	in	ADP
fsr-3911	273	64	the	the	DET
fsr-3911	273	65	optimal	optimal	ADJ
fsr-3911	273	66	stock	stock	NOUN
fsr-3911	273	67	-	-	PUNCT
fsr-3911	273	68	bond	bond	NOUN
fsr-3911	273	69	portfolio	portfolio	NOUN
fsr-3911	273	70	.	.	PUNCT
fsr-3911	274	1	had	have	VERB
fsr-3911	274	2	this	this	DET
fsr-3911	274	3	retiree	retiree	NOUN
fsr-3911	274	4	invested	invest	VERB
fsr-3911	274	5	in	in	ADP
fsr-3911	274	6	the	the	DET
fsr-3911	274	7	crsp	crsp	PROPN
fsr-3911	274	8	vw	vw	PROPN
fsr-3911	274	9	portfolio	portfolio	NOUN
fsr-3911	274	10	,	,	PUNCT
fsr-3911	274	11	he	he	PRON
fsr-3911	274	12	would	would	AUX
fsr-3911	274	13	have	have	AUX
fsr-3911	274	14	consumed	consume	VERB
fsr-3911	274	15	0.72	0.72	NUM
fsr-3911	274	16	%	%	NOUN
fsr-3911	274	17	or	or	CCONJ
fsr-3911	274	18	less	less	ADJ
fsr-3911	274	19	of	of	ADP
fsr-3911	274	20	his	his	PRON
fsr-3911	274	21	wealth	wealth	NOUN
fsr-3911	274	22	three	three	NUM
fsr-3911	274	23	out	out	ADP
fsr-3911	274	24	of	of	ADP
fsr-3911	274	25	31	31	NUM
fsr-3911	274	26	times	time	NOUN
fsr-3911	274	27	,	,	PUNCT
fsr-3911	274	28	and	and	CCONJ
fsr-3911	274	29	with	with	ADP
fsr-3911	274	30	t	t	NOUN
fsr-3911	274	31	-	-	PUNCT
fsr-3911	274	32	bonds	bond	NOUN
fsr-3911	274	33	this	this	DET
fsr-3911	274	34	number	number	NOUN
fsr-3911	274	35	would	would	AUX
fsr-3911	274	36	have	have	AUX
fsr-3911	274	37	been	be	AUX
fsr-3911	274	38	five	five	NUM
fsr-3911	274	39	out	out	ADP
fsr-3911	274	40	of	of	ADP
fsr-3911	274	41	31	31	NUM
fsr-3911	274	42	times	time	NOUN
fsr-3911	274	43	.	.	PUNCT
fsr-3911	275	1	the	the	DET
fsr-3911	275	2	next	next	ADJ
fsr-3911	275	3	three	three	NUM
fsr-3911	275	4	bars	bar	NOUN
fsr-3911	275	5	that	that	PRON
fsr-3911	275	6	appear	appear	VERB
fsr-3911	275	7	in	in	ADP
fsr-3911	275	8	the	the	DET
fsr-3911	275	9	frequency	frequency	NOUN
fsr-3911	275	10	plot	plot	NOUN
fsr-3911	275	11	suggest	suggest	VERB
fsr-3911	275	12	the	the	DET
fsr-3911	275	13	following	following	NOUN
fsr-3911	275	14	:	:	PUNCT
fsr-3911	275	15	this	this	DET
fsr-3911	275	16	retiree	retiree	NOUN
fsr-3911	275	17	would	would	AUX
fsr-3911	275	18	have	have	AUX
fsr-3911	275	19	consumed	consume	VERB
fsr-3911	275	20	0.93	0.93	NUM
fsr-3911	275	21	%	%	NOUN
fsr-3911	275	22	of	of	ADP
fsr-3911	275	23	his	his	PRON
fsr-3911	275	24	wealth	wealth	NOUN
fsr-3911	275	25	every	every	DET
fsr-3911	275	26	month	month	NOUN
fsr-3911	275	27	in	in	ADP
fsr-3911	275	28	seven	seven	NUM
fsr-3911	275	29	out	out	ADV
fsr-3911	275	30	57p.p	57p.p	NUM
fsr-3911	275	31	.	.	PUNCT
fsr-3911	276	1	vora	vora	NOUN
fsr-3911	276	2	/	/	SYM
fsr-3911	276	3	financial	financial	ADJ
fsr-3911	276	4	services	service	NOUN
fsr-3911	276	5	review	review	VERB
fsr-3911	276	6	9	9	NUM
fsr-3911	276	7	(	(	PUNCT
fsr-3911	276	8	2000	2000	NUM
fsr-3911	276	9	)	)	PUNCT
fsr-3911	276	10	47–63	47–63	NUM
fsr-3911	276	11	fig	fig	NOUN
fsr-3911	276	12	.	.	PUNCT
fsr-3911	277	1	1	1	X
fsr-3911	277	2	.	.	X
fsr-3911	277	3	frequency	frequency	NOUN
fsr-3911	277	4	plot	plot	NOUN
fsr-3911	277	5	of	of	ADP
fsr-3911	277	6	consumption	consumption	NOUN
fsr-3911	277	7	amounts	amount	NOUN
fsr-3911	277	8	.	.	PUNCT
fsr-3911	278	1	58	58	NUM
fsr-3911	278	2	p.p	p.p	PROPN
fsr-3911	278	3	.	.	PROPN
fsr-3911	278	4	vora	vora	PROPN
fsr-3911	278	5	/	/	SYM
fsr-3911	278	6	financial	financial	ADJ
fsr-3911	278	7	services	service	NOUN
fsr-3911	278	8	review	review	VERB
fsr-3911	278	9	9	9	NUM
fsr-3911	278	10	(	(	PUNCT
fsr-3911	278	11	2000	2000	NUM
fsr-3911	278	12	)	)	PUNCT
fsr-3911	278	13	47–63	47–63	NOUN
fsr-3911	278	14	of	of	ADP
fsr-3911	278	15	the	the	DET
fsr-3911	278	16	31	31	NUM
fsr-3911	278	17	periods	period	NOUN
fsr-3911	278	18	,	,	PUNCT
fsr-3911	278	19	with	with	ADP
fsr-3911	278	20	the	the	DET
fsr-3911	278	21	optimal	optimal	ADJ
fsr-3911	278	22	stock	stock	NOUN
fsr-3911	278	23	-	-	PUNCT
fsr-3911	278	24	bond	bond	NOUN
fsr-3911	278	25	portfolio	portfolio	NOUN
fsr-3911	278	26	or	or	CCONJ
fsr-3911	278	27	the	the	DET
fsr-3911	278	28	crsp	crsp	PROPN
fsr-3911	278	29	vw	vw	PROPN
fsr-3911	278	30	portfolio	portfolio	NOUN
fsr-3911	278	31	.	.	PUNCT
fsr-3911	279	1	however	however	ADV
fsr-3911	279	2	,	,	PUNCT
fsr-3911	279	3	with	with	ADP
fsr-3911	279	4	the	the	DET
fsr-3911	279	5	t	t	NOUN
fsr-3911	279	6	-	-	PUNCT
fsr-3911	279	7	bond	bond	NOUN
fsr-3911	279	8	portfolio	portfolio	NOUN
fsr-3911	279	9	this	this	DET
fsr-3911	279	10	number	number	NOUN
fsr-3911	279	11	rises	rise	VERB
fsr-3911	279	12	to	to	ADP
fsr-3911	279	13	16	16	NUM
fsr-3911	279	14	out	out	ADP
fsr-3911	279	15	of	of	ADP
fsr-3911	279	16	31	31	NUM
fsr-3911	279	17	times	time	NOUN
fsr-3911	279	18	.	.	PUNCT
fsr-3911	280	1	if	if	SCONJ
fsr-3911	280	2	0.72	0.72	NUM
fsr-3911	280	3	%	%	NOUN
fsr-3911	280	4	and	and	CCONJ
fsr-3911	280	5	0.93	0.93	NUM
fsr-3911	280	6	%	%	NOUN
fsr-3911	280	7	are	be	AUX
fsr-3911	280	8	considered	consider	VERB
fsr-3911	280	9	to	to	PART
fsr-3911	280	10	be	be	AUX
fsr-3911	280	11	low	low	ADJ
fsr-3911	280	12	consumption	consumption	NOUN
fsr-3911	280	13	,	,	PUNCT
fsr-3911	280	14	then	then	ADV
fsr-3911	280	15	it	it	PRON
fsr-3911	280	16	appears	appear	VERB
fsr-3911	280	17	that	that	SCONJ
fsr-3911	280	18	the	the	DET
fsr-3911	280	19	frequency	frequency	NOUN
fsr-3911	280	20	of	of	ADP
fsr-3911	280	21	low	low	ADJ
fsr-3911	280	22	consumption	consumption	NOUN
fsr-3911	280	23	for	for	ADP
fsr-3911	280	24	the	the	DET
fsr-3911	280	25	optimal	optimal	ADJ
fsr-3911	280	26	portfolio	portfolio	NOUN
fsr-3911	280	27	and	and	CCONJ
fsr-3911	280	28	the	the	DET
fsr-3911	280	29	stock	stock	NOUN
fsr-3911	280	30	portfolio	portfolio	NOUN
fsr-3911	280	31	is	be	AUX
fsr-3911	280	32	smallerthan	smallerthan	ADJ
fsr-3911	280	33	for	for	ADP
fsr-3911	280	34	the	the	DET
fsr-3911	280	35	t	t	PROPN
fsr-3911	280	36	-	-	PUNCT
fsr-3911	280	37	bond	bond	NOUN
fsr-3911	280	38	portfolio	portfolio	NOUN
fsr-3911	280	39	.	.	PUNCT
fsr-3911	281	1	thus	thus	ADV
fsr-3911	281	2	,	,	PUNCT
fsr-3911	281	3	although	although	SCONJ
fsr-3911	281	4	there	there	PRON
fsr-3911	281	5	appears	appear	VERB
fsr-3911	281	6	to	to	PART
fsr-3911	281	7	be	be	AUX
fsr-3911	281	8	more	more	ADJ
fsr-3911	281	9	dispersion	dispersion	NOUN
fsr-3911	281	10	of	of	ADP
fsr-3911	281	11	consumption	consumption	NOUN
fsr-3911	281	12	around	around	ADP
fsr-3911	281	13	its	its	PRON
fsr-3911	281	14	mean	mean	NOUN
fsr-3911	281	15	for	for	ADP
fsr-3911	281	16	the	the	DET
fsr-3911	281	17	optimal	optimal	ADJ
fsr-3911	281	18	and	and	CCONJ
fsr-3911	281	19	stock	stock	NOUN
fsr-3911	281	20	portfolios	portfolio	NOUN
fsr-3911	281	21	,	,	PUNCT
fsr-3911	281	22	there	there	PRON
fsr-3911	281	23	is	be	VERB
fsr-3911	281	24	more	more	ADV
fsr-3911	281	25	downside	downside	ADJ
fsr-3911	281	26	risk	risk	NOUN
fsr-3911	281	27	in	in	ADP
fsr-3911	281	28	the	the	DET
fsr-3911	281	29	t	t	NOUN
fsr-3911	281	30	-	-	PUNCT
fsr-3911	281	31	bond	bond	NOUN
fsr-3911	281	32	portfolio	portfolio	NOUN
fsr-3911	281	33	than	than	ADP
fsr-3911	281	34	in	in	ADP
fsr-3911	281	35	the	the	DET
fsr-3911	281	36	other	other	ADJ
fsr-3911	281	37	two	two	NUM
fsr-3911	281	38	portfolios	portfolio	NOUN
fsr-3911	281	39	.	.	PUNCT
fsr-3911	282	1	this	this	PRON
fsr-3911	282	2	is	be	AUX
fsr-3911	282	3	a	a	DET
fsr-3911	282	4	new	new	ADJ
fsr-3911	282	5	and	and	CCONJ
fsr-3911	282	6	very	very	ADV
fsr-3911	282	7	important	important	ADJ
fsr-3911	282	8	finding	finding	NOUN
fsr-3911	282	9	that	that	SCONJ
fsr-3911	282	10	,	,	PUNCT
fsr-3911	282	11	to	to	ADP
fsr-3911	282	12	our	our	PRON
fsr-3911	282	13	knowledge	knowledge	NOUN
fsr-3911	282	14	,	,	PUNCT
fsr-3911	282	15	has	have	AUX
fsr-3911	282	16	not	not	PART
fsr-3911	282	17	appeared	appear	VERB
fsr-3911	282	18	anywhere	anywhere	ADV
fsr-3911	282	19	in	in	ADP
fsr-3911	282	20	the	the	DET
fsr-3911	282	21	literature	literature	NOUN
fsr-3911	282	22	.	.	PUNCT
fsr-3911	283	1	similarly	similarly	ADV
fsr-3911	283	2	,	,	PUNCT
fsr-3911	283	3	by	by	ADP
fsr-3911	283	4	analyzing	analyze	VERB
fsr-3911	283	5	the	the	DET
fsr-3911	283	6	right	right	ADJ
fsr-3911	283	7	hand	hand	NOUN
fsr-3911	283	8	side	side	NOUN
fsr-3911	283	9	of	of	ADP
fsr-3911	283	10	the	the	DET
fsr-3911	283	11	frequency	frequency	NOUN
fsr-3911	283	12	plot	plot	NOUN
fsr-3911	283	13	,	,	PUNCT
fsr-3911	283	14	we	we	PRON
fsr-3911	283	15	find	find	VERB
fsr-3911	283	16	that	that	DET
fsr-3911	283	17	frequency	frequency	NOUN
fsr-3911	283	18	of	of	ADP
fsr-3911	283	19	high	high	ADJ
fsr-3911	283	20	consumption	consumption	NOUN
fsr-3911	283	21	(	(	PUNCT
fsr-3911	283	22	1.35	1.35	NUM
fsr-3911	283	23	%	%	NOUN
fsr-3911	283	24	,	,	PUNCT
fsr-3911	283	25	1.55	1.55	NUM
fsr-3911	283	26	%	%	NOUN
fsr-3911	283	27	,	,	PUNCT
fsr-3911	283	28	and	and	CCONJ
fsr-3911	283	29	greater	great	ADJ
fsr-3911	283	30	than	than	ADP
fsr-3911	283	31	1.55	1.55	NUM
fsr-3911	283	32	%	%	NOUN
fsr-3911	283	33	)	)	PUNCT
fsr-3911	283	34	is	be	AUX
fsr-3911	283	35	always	always	ADV
fsr-3911	283	36	greater	great	ADJ
fsr-3911	283	37	for	for	ADP
fsr-3911	283	38	the	the	DET
fsr-3911	283	39	optimal	optimal	ADJ
fsr-3911	283	40	and	and	CCONJ
fsr-3911	283	41	the	the	DET
fsr-3911	283	42	stock	stock	NOUN
fsr-3911	283	43	portfolios	portfolio	NOUN
fsr-3911	283	44	relative	relative	ADJ
fsr-3911	283	45	to	to	ADP
fsr-3911	283	46	the	the	DET
fsr-3911	283	47	t	t	NOUN
fsr-3911	283	48	-	-	PUNCT
fsr-3911	283	49	bond	bond	NOUN
fsr-3911	283	50	portfolio	portfolio	NOUN
fsr-3911	283	51	.	.	PUNCT
fsr-3911	284	1	in	in	ADP
fsr-3911	284	2	the	the	DET
fsr-3911	284	3	extreme	extreme	NOUN
fsr-3911	284	4	,	,	PUNCT
fsr-3911	284	5	the	the	DET
fsr-3911	284	6	frequency	frequency	NOUN
fsr-3911	284	7	of	of	ADP
fsr-3911	284	8	consuming	consume	VERB
fsr-3911	284	9	more	more	ADJ
fsr-3911	284	10	than	than	ADP
fsr-3911	284	11	1.55	1.55	NUM
fsr-3911	284	12	%	%	NOUN
fsr-3911	284	13	of	of	ADP
fsr-3911	284	14	wealth	wealth	NOUN
fsr-3911	284	15	every	every	DET
fsr-3911	284	16	month	month	NOUN
fsr-3911	284	17	is	be	AUX
fsr-3911	284	18	zero	zero	NUM
fsr-3911	284	19	for	for	ADP
fsr-3911	284	20	t	t	NOUN
fsr-3911	284	21	-	-	PUNCT
fsr-3911	284	22	bonds	bond	NOUN
fsr-3911	284	23	while	while	SCONJ
fsr-3911	284	24	it	it	PRON
fsr-3911	284	25	is	be	AUX
fsr-3911	284	26	two	two	NUM
fsr-3911	284	27	for	for	ADP
fsr-3911	284	28	both	both	CCONJ
fsr-3911	284	29	the	the	DET
fsr-3911	284	30	optimal	optimal	ADJ
fsr-3911	284	31	and	and	CCONJ
fsr-3911	284	32	the	the	DET
fsr-3911	284	33	stock	stock	NOUN
fsr-3911	284	34	portfolios	portfolio	NOUN
fsr-3911	284	35	.	.	PUNCT
fsr-3911	285	1	we	we	PRON
fsr-3911	285	2	conclude	conclude	VERB
fsr-3911	285	3	on	on	ADP
fsr-3911	285	4	the	the	DET
fsr-3911	285	5	basis	basis	NOUN
fsr-3911	285	6	of	of	ADP
fsr-3911	285	7	the	the	DET
fsr-3911	285	8	frequency	frequency	NOUN
fsr-3911	285	9	plot	plot	NOUN
fsr-3911	285	10	that	that	SCONJ
fsr-3911	285	11	there	there	PRON
fsr-3911	285	12	is	be	VERB
fsr-3911	285	13	more	more	ADJ
fsr-3911	285	14	upside	upside	ADJ
fsr-3911	285	15	potential	potential	NOUN
fsr-3911	285	16	in	in	ADP
fsr-3911	285	17	the	the	DET
fsr-3911	285	18	stock	stock	NOUN
fsr-3911	285	19	and	and	CCONJ
fsr-3911	285	20	the	the	DET
fsr-3911	285	21	optimal	optimal	ADJ
fsr-3911	285	22	portfolios	portfolio	NOUN
fsr-3911	285	23	than	than	ADP
fsr-3911	285	24	the	the	DET
fsr-3911	285	25	t	t	PROPN
fsr-3911	285	26	-	-	PUNCT
fsr-3911	285	27	bond	bond	NOUN
fsr-3911	285	28	portfolio	portfolio	NOUN
fsr-3911	285	29	.	.	PUNCT
fsr-3911	286	1	this	this	DET
fsr-3911	286	2	pattern	pattern	NOUN
fsr-3911	286	3	gets	get	VERB
fsr-3911	286	4	stronger	strong	ADJ
fsr-3911	286	5	as	as	SCONJ
fsr-3911	286	6	the	the	DET
fsr-3911	286	7	investment	investment	NOUN
fsr-3911	286	8	horizon	horizon	NOUN
fsr-3911	286	9	gets	get	VERB
fsr-3911	286	10	longer	long	ADJ
fsr-3911	286	11	.	.	PUNCT
fsr-3911	287	1	as	as	SCONJ
fsr-3911	287	2	the	the	DET
fsr-3911	287	3	horizon	horizon	NOUN
fsr-3911	287	4	increases	increase	VERB
fsr-3911	287	5	from	from	ADP
fsr-3911	287	6	10	10	NUM
fsr-3911	287	7	to	to	PART
fsr-3911	287	8	20	20	NUM
fsr-3911	287	9	to	to	PART
fsr-3911	287	10	30	30	NUM
fsr-3911	287	11	years	year	NOUN
fsr-3911	287	12	the	the	DET
fsr-3911	287	13	frequency	frequency	NOUN
fsr-3911	287	14	of	of	ADP
fsr-3911	287	15	low	low	ADJ
fsr-3911	287	16	consumption	consumption	NOUN
fsr-3911	287	17	from	from	ADP
fsr-3911	287	18	t	t	PROPN
fsr-3911	287	19	-	-	PUNCT
fsr-3911	287	20	bonds	bond	NOUN
fsr-3911	287	21	increases	increase	NOUN
fsr-3911	287	22	while	while	SCONJ
fsr-3911	287	23	the	the	DET
fsr-3911	287	24	frequency	frequency	NOUN
fsr-3911	287	25	of	of	ADP
fsr-3911	287	26	low	low	ADJ
fsr-3911	287	27	consumption	consumption	NOUN
fsr-3911	287	28	from	from	ADP
fsr-3911	287	29	the	the	DET
fsr-3911	287	30	crsp	crsp	PROPN
fsr-3911	287	31	vw	vw	PROPN
fsr-3911	287	32	portfolio	portfolio	NOUN
fsr-3911	287	33	and	and	CCONJ
fsr-3911	287	34	the	the	DET
fsr-3911	287	35	optimal	optimal	ADJ
fsr-3911	287	36	portfolio	portfolio	NOUN
fsr-3911	287	37	decreases	decrease	VERB
fsr-3911	287	38	.	.	PUNCT
fsr-3911	288	1	at	at	ADP
fsr-3911	288	2	the	the	DET
fsr-3911	288	3	30	30	NUM
fsr-3911	288	4	-	-	PUNCT
fsr-3911	288	5	year	year	NOUN
fsr-3911	288	6	horizon	horizon	NOUN
fsr-3911	288	7	,	,	PUNCT
fsr-3911	288	8	the	the	DET
fsr-3911	288	9	frequency	frequency	NOUN
fsr-3911	288	10	plot	plot	NOUN
fsr-3911	288	11	shows	show	VERB
fsr-3911	288	12	that	that	SCONJ
fsr-3911	288	13	a	a	DET
fsr-3911	288	14	retiree	retiree	NOUN
fsr-3911	288	15	who	who	PRON
fsr-3911	288	16	invested	invest	VERB
fsr-3911	288	17	in	in	ADP
fsr-3911	288	18	a	a	DET
fsr-3911	288	19	t	t	NOUN
fsr-3911	288	20	-	-	PUNCT
fsr-3911	288	21	bond	bond	NOUN
fsr-3911	288	22	portfolio	portfolio	NOUN
fsr-3911	288	23	would	would	AUX
fsr-3911	288	24	have	have	AUX
fsr-3911	288	25	been	be	AUX
fsr-3911	288	26	able	able	ADJ
fsr-3911	288	27	to	to	PART
fsr-3911	288	28	spend	spend	VERB
fsr-3911	288	29	0.48%or	0.48%or	NOUN
fsr-3911	288	30	lessof	lessof	NOUN
fsr-3911	288	31	his	his	PRON
fsr-3911	288	32	starting	start	VERB
fsr-3911	288	33	wealth	wealth	NOUN
fsr-3911	288	34	every	every	DET
fsr-3911	288	35	month	month	NOUN
fsr-3911	288	36	with	with	ADP
fsr-3911	288	37	no	no	DET
fsr-3911	288	38	uncertainty	uncertainty	NOUN
fsr-3911	288	39	while	while	SCONJ
fsr-3911	288	40	a	a	DET
fsr-3911	288	41	retiree	retiree	NOUN
fsr-3911	288	42	who	who	PRON
fsr-3911	288	43	invested	invest	VERB
fsr-3911	288	44	in	in	ADP
fsr-3911	288	45	the	the	DET
fsr-3911	288	46	crsp	crsp	PROPN
fsr-3911	288	47	vw	vw	PROPN
fsr-3911	288	48	portfolio	portfolio	NOUN
fsr-3911	288	49	or	or	CCONJ
fsr-3911	288	50	the	the	DET
fsr-3911	288	51	optimal	optimal	ADJ
fsr-3911	288	52	portfolio	portfolio	NOUN
fsr-3911	288	53	would	would	AUX
fsr-3911	288	54	have	have	AUX
fsr-3911	288	55	been	be	AUX
fsr-3911	288	56	able	able	ADJ
fsr-3911	288	57	to	to	PART
fsr-3911	288	58	consume	consume	VERB
fsr-3911	288	59	0.48%or	0.48%or	PUNCT
fsr-3911	288	60	more	more	ADJ
fsr-3911	288	61	of	of	ADP
fsr-3911	288	62	his	his	PRON
fsr-3911	288	63	wealth	wealth	NOUN
fsr-3911	288	64	with	with	ADP
fsr-3911	288	65	virtually	virtually	ADV
fsr-3911	288	66	no	no	DET
fsr-3911	288	67	uncertainty	uncertainty	NOUN
fsr-3911	288	68	.	.	PUNCT
fsr-3911	289	1	in	in	ADP
fsr-3911	289	2	fact	fact	NOUN
fsr-3911	289	3	,	,	PUNCT
fsr-3911	289	4	in	in	ADP
fsr-3911	289	5	only	only	ADV
fsr-3911	289	6	one	one	NUM
fsr-3911	289	7	period	period	NOUN
fsr-3911	289	8	he	he	PRON
fsr-3911	289	9	is	be	AUX
fsr-3911	289	10	able	able	ADJ
fsr-3911	289	11	to	to	PART
fsr-3911	289	12	consume	consume	VERB
fsr-3911	289	13	less	less	ADJ
fsr-3911	289	14	than	than	ADP
fsr-3911	289	15	0.48	0.48	NUM
fsr-3911	289	16	%	%	NOUN
fsr-3911	289	17	of	of	ADP
fsr-3911	289	18	his	his	PRON
fsr-3911	289	19	wealth	wealth	NOUN
fsr-3911	289	20	.	.	PUNCT
fsr-3911	290	1	thus	thus	ADV
fsr-3911	290	2	,	,	PUNCT
fsr-3911	290	3	the	the	DET
fsr-3911	290	4	little	little	ADJ
fsr-3911	290	5	dispersion	dispersion	NOUN
fsr-3911	290	6	in	in	ADP
fsr-3911	290	7	consumption	consumption	NOUN
fsr-3911	290	8	around	around	ADP
fsr-3911	290	9	its	its	PRON
fsr-3911	290	10	mean	mean	NOUN
fsr-3911	290	11	for	for	ADP
fsr-3911	290	12	the	the	DET
fsr-3911	290	13	t	t	PROPN
fsr-3911	290	14	-	-	PUNCT
fsr-3911	290	15	bond	bond	NOUN
fsr-3911	290	16	portfolio	portfolio	NOUN
fsr-3911	290	17	means	mean	VERB
fsr-3911	290	18	that	that	SCONJ
fsr-3911	290	19	a	a	DET
fsr-3911	290	20	retiree	retiree	NOUN
fsr-3911	290	21	is	be	AUX
fsr-3911	290	22	practically	practically	ADV
fsr-3911	290	23	guaranteed	guarantee	VERB
fsr-3911	290	24	a	a	DET
fsr-3911	290	25	low	low	ADJ
fsr-3911	290	26	standard	standard	NOUN
fsr-3911	290	27	of	of	ADP
fsr-3911	290	28	living	live	VERB
fsr-3911	290	29	(	(	PUNCT
fsr-3911	290	30	relative	relative	ADJ
fsr-3911	290	31	to	to	ADP
fsr-3911	290	32	the	the	DET
fsr-3911	290	33	stock	stock	NOUN
fsr-3911	290	34	based	base	VERB
fsr-3911	290	35	or	or	CCONJ
fsr-3911	290	36	optimal	optimal	ADJ
fsr-3911	290	37	portfolios	portfolio	NOUN
fsr-3911	290	38	)	)	PUNCT
fsr-3911	290	39	while	while	SCONJ
fsr-3911	290	40	for	for	ADP
fsr-3911	290	41	the	the	DET
fsr-3911	290	42	crsp	crsp	PROPN
fsr-3911	290	43	vw	vw	PROPN
fsr-3911	290	44	or	or	CCONJ
fsr-3911	290	45	optimal	optimal	ADJ
fsr-3911	290	46	portfolios	portfolio	NOUN
fsr-3911	290	47	low	low	ADJ
fsr-3911	290	48	consumption	consumption	NOUN
fsr-3911	290	49	occurs	occur	VERB
fsr-3911	290	50	infrequently	infrequently	ADV
fsr-3911	290	51	and	and	CCONJ
fsr-3911	290	52	high	high	ADJ
fsr-3911	290	53	consumption	consumption	NOUN
fsr-3911	290	54	always	always	ADV
fsr-3911	290	55	occurs	occur	VERB
fsr-3911	290	56	more	more	ADV
fsr-3911	290	57	frequently	frequently	ADV
fsr-3911	290	58	than	than	ADP
fsr-3911	290	59	for	for	ADP
fsr-3911	290	60	the	the	DET
fsr-3911	290	61	t	t	NOUN
fsr-3911	290	62	-	-	PUNCT
fsr-3911	290	63	bond	bond	NOUN
fsr-3911	290	64	portfolio	portfolio	NOUN
fsr-3911	290	65	.	.	PUNCT
fsr-3911	291	1	we	we	PRON
fsr-3911	291	2	conclude	conclude	VERB
fsr-3911	291	3	from	from	ADP
fsr-3911	291	4	this	this	DET
fsr-3911	291	5	analysis	analysis	NOUN
fsr-3911	291	6	that	that	SCONJ
fsr-3911	291	7	as	as	SCONJ
fsr-3911	291	8	the	the	DET
fsr-3911	291	9	horizon	horizon	NOUN
fsr-3911	291	10	gets	get	VERB
fsr-3911	291	11	longer	long	ADJ
fsr-3911	291	12	retirees	retiree	NOUN
fsr-3911	291	13	would	would	AUX
fsr-3911	291	14	be	be	AUX
fsr-3911	291	15	well	well	ADV
fsr-3911	291	16	advised	advise	VERB
fsr-3911	291	17	to	to	PART
fsr-3911	291	18	invest	invest	VERB
fsr-3911	291	19	in	in	ADP
fsr-3911	291	20	stocks	stock	NOUN
fsr-3911	291	21	over	over	ADP
fsr-3911	291	22	t	t	NOUN
fsr-3911	291	23	-	-	PUNCT
fsr-3911	291	24	bonds	bond	NOUN
fsr-3911	291	25	.	.	PUNCT
fsr-3911	292	1	the	the	DET
fsr-3911	292	2	“	"	PUNCT
fsr-3911	292	3	good	good	ADJ
fsr-3911	292	4	”	"	PUNCT
fsr-3911	292	5	thing	thing	NOUN
fsr-3911	292	6	about	about	ADP
fsr-3911	292	7	the	the	DET
fsr-3911	292	8	little	little	ADJ
fsr-3911	292	9	dispersion	dispersion	NOUN
fsr-3911	292	10	in	in	ADP
fsr-3911	292	11	consumption	consumption	NOUN
fsr-3911	292	12	based	base	VERB
fsr-3911	292	13	on	on	ADP
fsr-3911	292	14	the	the	DET
fsr-3911	292	15	t	t	PROPN
fsr-3911	292	16	-	-	PUNCT
fsr-3911	292	17	bond	bond	NOUN
fsr-3911	292	18	portfolio	portfolio	NOUN
fsr-3911	292	19	is	be	AUX
fsr-3911	292	20	that	that	SCONJ
fsr-3911	292	21	it	it	PRON
fsr-3911	292	22	is	be	AUX
fsr-3911	292	23	easy	easy	ADJ
fsr-3911	292	24	for	for	SCONJ
fsr-3911	292	25	the	the	DET
fsr-3911	292	26	retiree	retiree	NOUN
fsr-3911	292	27	to	to	PART
fsr-3911	292	28	determine	determine	VERB
fsr-3911	292	29	what	what	DET
fsr-3911	292	30	portion	portion	NOUN
fsr-3911	292	31	of	of	ADP
fsr-3911	292	32	his	his	PRON
fsr-3911	292	33	wealth	wealth	NOUN
fsr-3911	292	34	he	he	PRON
fsr-3911	292	35	should	should	AUX
fsr-3911	292	36	consume	consume	VERB
fsr-3911	292	37	while	while	SCONJ
fsr-3911	292	38	with	with	ADP
fsr-3911	292	39	the	the	DET
fsr-3911	292	40	large	large	ADJ
fsr-3911	292	41	dispersion	dispersion	NOUN
fsr-3911	292	42	in	in	ADP
fsr-3911	292	43	consumption	consumption	NOUN
fsr-3911	292	44	based	base	VERB
fsr-3911	292	45	on	on	ADP
fsr-3911	292	46	the	the	DET
fsr-3911	292	47	crsp	crsp	PROPN
fsr-3911	292	48	vw	vw	PROPN
fsr-3911	292	49	or	or	CCONJ
fsr-3911	292	50	optimal	optimal	ADJ
fsr-3911	292	51	portfolios	portfolio	NOUN
fsr-3911	292	52	it	it	PRON
fsr-3911	292	53	is	be	AUX
fsr-3911	292	54	difficult	difficult	ADJ
fsr-3911	292	55	to	to	PART
fsr-3911	292	56	come	come	VERB
fsr-3911	292	57	to	to	ADP
fsr-3911	292	58	any	any	DET
fsr-3911	292	59	general	general	ADJ
fsr-3911	292	60	conclusions	conclusion	NOUN
fsr-3911	292	61	what	what	DET
fsr-3911	292	62	consumption	consumption	NOUN
fsr-3911	292	63	should	should	AUX
fsr-3911	292	64	be	be	AUX
fsr-3911	292	65	.	.	PUNCT
fsr-3911	293	1	however	however	ADV
fsr-3911	293	2	,	,	PUNCT
fsr-3911	293	3	this	this	PRON
fsr-3911	293	4	is	be	AUX
fsr-3911	293	5	really	really	ADV
fsr-3911	293	6	not	not	PART
fsr-3911	293	7	a	a	DET
fsr-3911	293	8	problem	problem	NOUN
fsr-3911	293	9	because	because	SCONJ
fsr-3911	293	10	the	the	DET
fsr-3911	293	11	retiree	retiree	NOUN
fsr-3911	293	12	can	can	AUX
fsr-3911	293	13	not	not	PART
fsr-3911	293	14	possibly	possibly	ADV
fsr-3911	293	15	go	go	VERB
fsr-3911	293	16	wrong	wrong	ADV
fsr-3911	293	17	by	by	ADP
fsr-3911	293	18	consuming	consume	VERB
fsr-3911	293	19	0.48	0.48	NUM
fsr-3911	293	20	%	%	NOUN
fsr-3911	293	21	of	of	ADP
fsr-3911	293	22	his	his	PRON
fsr-3911	293	23	wealth	wealth	NOUN
fsr-3911	293	24	from	from	ADP
fsr-3911	293	25	the	the	DET
fsr-3911	293	26	crsp	crsp	PROPN
fsr-3911	293	27	vw	vw	PROPN
fsr-3911	293	28	or	or	CCONJ
fsr-3911	293	29	optimal	optimal	ADJ
fsr-3911	293	30	portfolios	portfolio	NOUN
fsr-3911	293	31	knowing	know	VERB
fsr-3911	293	32	that	that	SCONJ
fsr-3911	293	33	he	he	PRON
fsr-3911	293	34	can	can	AUX
fsr-3911	293	35	spend	spend	VERB
fsr-3911	293	36	more	more	ADJ
fsr-3911	293	37	if	if	SCONJ
fsr-3911	293	38	the	the	DET
fsr-3911	293	39	market	market	NOUN
fsr-3911	293	40	turns	turn	VERB
fsr-3911	293	41	out	out	ADP
fsr-3911	293	42	to	to	PART
fsr-3911	293	43	be	be	AUX
fsr-3911	293	44	favorable	favorable	ADJ
fsr-3911	293	45	while	while	SCONJ
fsr-3911	293	46	recognizing	recognize	VERB
fsr-3911	293	47	that	that	SCONJ
fsr-3911	293	48	there	there	PRON
fsr-3911	293	49	is	be	VERB
fsr-3911	293	50	virtually	virtually	ADV
fsr-3911	293	51	no	no	DET
fsr-3911	293	52	risk	risk	NOUN
fsr-3911	293	53	that	that	SCONJ
fsr-3911	293	54	he	he	PRON
fsr-3911	293	55	will	will	AUX
fsr-3911	293	56	outlive	outlive	VERB
fsr-3911	293	57	his	his	PRON
fsr-3911	293	58	wealth	wealth	NOUN
fsr-3911	293	59	over	over	ADP
fsr-3911	293	60	the	the	DET
fsr-3911	293	61	30	30	NUM
fsr-3911	293	62	-	-	PUNCT
fsr-3911	293	63	year	year	NOUN
fsr-3911	293	64	horizon	horizon	NOUN
fsr-3911	293	65	.	.	PUNCT
fsr-3911	294	1	finally	finally	ADV
fsr-3911	294	2	,	,	PUNCT
fsr-3911	294	3	we	we	PRON
fsr-3911	294	4	would	would	AUX
fsr-3911	294	5	like	like	VERB
fsr-3911	294	6	to	to	PART
fsr-3911	294	7	point	point	VERB
fsr-3911	294	8	out	out	ADP
fsr-3911	294	9	that	that	SCONJ
fsr-3911	294	10	most	most	ADJ
fsr-3911	294	11	retirees	retiree	NOUN
fsr-3911	294	12	in	in	ADP
fsr-3911	294	13	the	the	DET
fsr-3911	294	14	u.s	u.s	PROPN
fsr-3911	294	15	.	.	PROPN
fsr-3911	294	16	are	be	AUX
fsr-3911	294	17	eligible	eligible	ADJ
fsr-3911	294	18	for	for	ADP
fsr-3911	294	19	social	social	ADJ
fsr-3911	294	20	security	security	NOUN
fsr-3911	294	21	payments	payment	NOUN
fsr-3911	294	22	.	.	PUNCT
fsr-3911	295	1	these	these	DET
fsr-3911	295	2	payments	payment	NOUN
fsr-3911	295	3	are	be	AUX
fsr-3911	295	4	like	like	ADP
fsr-3911	295	5	interest	interest	NOUN
fsr-3911	295	6	payments	payment	NOUN
fsr-3911	295	7	from	from	ADP
fsr-3911	295	8	a	a	DET
fsr-3911	295	9	relatively	relatively	ADV
fsr-3911	295	10	safe	safe	ADJ
fsr-3911	295	11	bond	bond	NOUN
fsr-3911	295	12	(	(	PUNCT
fsr-3911	295	13	clements	clements	PROPN
fsr-3911	295	14	,	,	PUNCT
fsr-3911	295	15	1999	1999	NUM
fsr-3911	295	16	)	)	PUNCT
fsr-3911	295	17	.	.	PUNCT
fsr-3911	296	1	for	for	ADP
fsr-3911	296	2	retirees	retiree	NOUN
fsr-3911	296	3	who	who	PRON
fsr-3911	296	4	are	be	AUX
fsr-3911	296	5	eligible	eligible	ADJ
fsr-3911	296	6	for	for	ADP
fsr-3911	296	7	social	social	ADJ
fsr-3911	296	8	security	security	NOUN
fsr-3911	296	9	payments	payment	NOUN
fsr-3911	296	10	,	,	PUNCT
fsr-3911	296	11	the	the	DET
fsr-3911	296	12	monthly	monthly	ADJ
fsr-3911	296	13	consumption	consumption	NOUN
fsr-3911	296	14	that	that	PRON
fsr-3911	296	15	we	we	PRON
fsr-3911	296	16	calculate	calculate	VERB
fsr-3911	296	17	is	be	AUX
fsr-3911	296	18	in	in	ADP
fsr-3911	296	19	addition	addition	NOUN
fsr-3911	296	20	to	to	ADP
fsr-3911	296	21	the	the	DET
fsr-3911	296	22	floor	floor	NOUN
fsr-3911	296	23	consumption	consumption	NOUN
fsr-3911	296	24	that	that	SCONJ
fsr-3911	296	25	the	the	DET
fsr-3911	296	26	social	social	ADJ
fsr-3911	296	27	security	security	NOUN
fsr-3911	296	28	payments	payment	NOUN
fsr-3911	296	29	will	will	AUX
fsr-3911	296	30	allow	allow	VERB
fsr-3911	296	31	them	they	PRON
fsr-3911	296	32	.	.	PUNCT
fsr-3911	297	1	this	this	DET
fsr-3911	297	2	fact	fact	NOUN
fsr-3911	297	3	should	should	AUX
fsr-3911	297	4	mitigate	mitigate	VERB
fsr-3911	297	5	,	,	PUNCT
fsr-3911	297	6	to	to	ADP
fsr-3911	297	7	a	a	DET
fsr-3911	297	8	great	great	ADJ
fsr-3911	297	9	extent	extent	NOUN
fsr-3911	297	10	,	,	PUNCT
fsr-3911	297	11	any	any	DET
fsr-3911	297	12	remaining	remain	VERB
fsr-3911	297	13	doubts	doubt	NOUN
fsr-3911	297	14	that	that	SCONJ
fsr-3911	297	15	stocks	stock	NOUN
fsr-3911	297	16	offer	offer	VERB
fsr-3911	297	17	the	the	DET
fsr-3911	297	18	best	good	ADJ
fsr-3911	297	19	consumption	consumption	NOUN
fsr-3911	297	20	possibilities	possibility	NOUN
fsr-3911	297	21	for	for	ADP
fsr-3911	297	22	retirees	retiree	NOUN
fsr-3911	297	23	.	.	PUNCT
fsr-3911	298	1	59p.p	59p.p	NUM
fsr-3911	298	2	.	.	PUNCT
fsr-3911	299	1	vora	vora	NOUN
fsr-3911	299	2	/	/	SYM
fsr-3911	299	3	financial	financial	ADJ
fsr-3911	299	4	services	service	NOUN
fsr-3911	299	5	review	review	VERB
fsr-3911	299	6	9	9	NUM
fsr-3911	299	7	(	(	PUNCT
fsr-3911	299	8	2000	2000	NUM
fsr-3911	299	9	)	)	PUNCT
fsr-3911	299	10	47–63	47–63	NOUN
fsr-3911	299	11	4.4	4.4	NUM
fsr-3911	299	12	.	.	PUNCT
fsr-3911	300	1	composition	composition	NOUN
fsr-3911	300	2	and	and	CCONJ
fsr-3911	300	3	timing	timing	NOUN
fsr-3911	300	4	of	of	ADP
fsr-3911	300	5	optimal	optimal	ADJ
fsr-3911	300	6	portfolio	portfolio	NOUN
fsr-3911	300	7	we	we	PRON
fsr-3911	300	8	now	now	ADV
fsr-3911	300	9	turn	turn	VERB
fsr-3911	300	10	our	our	PRON
fsr-3911	300	11	attention	attention	NOUN
fsr-3911	300	12	to	to	ADP
fsr-3911	300	13	the	the	DET
fsr-3911	300	14	composition	composition	NOUN
fsr-3911	300	15	of	of	ADP
fsr-3911	300	16	the	the	DET
fsr-3911	300	17	optimal	optimal	ADJ
fsr-3911	300	18	portfolio	portfolio	NOUN
fsr-3911	300	19	.	.	PUNCT
fsr-3911	301	1	in	in	ADP
fsr-3911	301	2	panel	panel	NOUN
fsr-3911	301	3	a	a	PRON
fsr-3911	301	4	of	of	ADP
fsr-3911	301	5	table	table	NOUN
fsr-3911	301	6	4	4	NUM
fsr-3911	301	7	we	we	PRON
fsr-3911	301	8	present	present	VERB
fsr-3911	301	9	summary	summary	NOUN
fsr-3911	301	10	statistics	statistic	NOUN
fsr-3911	301	11	on	on	ADP
fsr-3911	301	12	the	the	DET
fsr-3911	301	13	frequency	frequency	NOUN
fsr-3911	301	14	with	with	ADP
fsr-3911	301	15	which	which	PRON
fsr-3911	301	16	the	the	DET
fsr-3911	301	17	optimal	optimal	ADJ
fsr-3911	301	18	portfolio	portfolio	NOUN
fsr-3911	301	19	is	be	AUX
fsr-3911	301	20	100	100	NUM
fsr-3911	301	21	%	%	NOUN
fsr-3911	301	22	invested	invest	VERB
fsr-3911	301	23	in	in	ADP
fsr-3911	301	24	the	the	DET
fsr-3911	301	25	crsp	crsp	PROPN
fsr-3911	301	26	vw	vw	PROPN
fsr-3911	301	27	portfolio	portfolio	NOUN
fsr-3911	301	28	versus	versus	ADP
fsr-3911	301	29	100	100	NUM
fsr-3911	301	30	%	%	NOUN
fsr-3911	301	31	invested	invest	VERB
fsr-3911	301	32	in	in	ADP
fsr-3911	301	33	the	the	DET
fsr-3911	301	34	t	t	NOUN
fsr-3911	301	35	-	-	PUNCT
fsr-3911	301	36	bond	bond	NOUN
fsr-3911	301	37	portfolio	portfolio	NOUN
fsr-3911	301	38	versus	versus	ADP
fsr-3911	301	39	a	a	DET
fsr-3911	301	40	combination	combination	NOUN
fsr-3911	301	41	of	of	ADP
fsr-3911	301	42	stocks	stock	NOUN
fsr-3911	301	43	and	and	CCONJ
fsr-3911	301	44	t	t	NOUN
fsr-3911	301	45	-	-	PUNCT
fsr-3911	301	46	bonds	bond	NOUN
fsr-3911	301	47	(	(	PUNCT
fsr-3911	301	48	an	an	DET
fsr-3911	301	49	interior	interior	ADJ
fsr-3911	301	50	optimum	optimum	NOUN
fsr-3911	301	51	)	)	PUNCT
fsr-3911	301	52	.	.	PUNCT
fsr-3911	302	1	one	one	NUM
fsr-3911	302	2	obvious	obvious	ADJ
fsr-3911	302	3	conclusion	conclusion	NOUN
fsr-3911	302	4	that	that	SCONJ
fsr-3911	302	5	we	we	PRON
fsr-3911	302	6	can	can	AUX
fsr-3911	302	7	make	make	VERB
fsr-3911	302	8	is	be	AUX
fsr-3911	302	9	that	that	SCONJ
fsr-3911	302	10	there	there	PRON
fsr-3911	302	11	are	be	VERB
fsr-3911	302	12	significantly	significantly	ADV
fsr-3911	302	13	more	more	ADJ
fsr-3911	302	14	periods	period	NOUN
fsr-3911	302	15	in	in	ADP
fsr-3911	302	16	which	which	PRON
fsr-3911	302	17	the	the	DET
fsr-3911	302	18	optimal	optimal	ADJ
fsr-3911	302	19	portfolio	portfolio	NOUN
fsr-3911	302	20	is	be	AUX
fsr-3911	302	21	100	100	NUM
fsr-3911	302	22	%	%	NOUN
fsr-3911	302	23	invested	invest	VERB
fsr-3911	302	24	in	in	ADP
fsr-3911	302	25	stocks	stock	NOUN
fsr-3911	302	26	versus	versus	ADP
fsr-3911	302	27	being	be	AUX
fsr-3911	302	28	100	100	NUM
fsr-3911	302	29	%	%	NOUN
fsr-3911	302	30	invested	invest	VERB
fsr-3911	302	31	in	in	ADP
fsr-3911	302	32	t	t	PROPN
fsr-3911	302	33	-	-	PUNCT
fsr-3911	302	34	bonds	bond	NOUN
fsr-3911	302	35	or	or	CCONJ
fsr-3911	302	36	a	a	DET
fsr-3911	302	37	combination	combination	NOUN
fsr-3911	302	38	of	of	ADP
fsr-3911	302	39	stocks	stock	NOUN
fsr-3911	302	40	and	and	CCONJ
fsr-3911	302	41	t	t	NOUN
fsr-3911	302	42	-	-	PUNCT
fsr-3911	302	43	bonds	bond	NOUN
fsr-3911	302	44	.	.	PUNCT
fsr-3911	303	1	another	another	DET
fsr-3911	303	2	conclusion	conclusion	NOUN
fsr-3911	303	3	that	that	PRON
fsr-3911	303	4	can	can	AUX
fsr-3911	303	5	be	be	AUX
fsr-3911	303	6	made	make	VERB
fsr-3911	303	7	is	be	AUX
fsr-3911	303	8	that	that	SCONJ
fsr-3911	303	9	the	the	DET
fsr-3911	303	10	number	number	NOUN
fsr-3911	303	11	of	of	ADP
fsr-3911	303	12	periods	period	NOUN
fsr-3911	303	13	in	in	ADP
fsr-3911	303	14	which	which	PRON
fsr-3911	303	15	the	the	DET
fsr-3911	303	16	optimal	optimal	ADJ
fsr-3911	303	17	portfolio	portfolio	NOUN
fsr-3911	303	18	is	be	AUX
fsr-3911	303	19	invested	invest	VERB
fsr-3911	303	20	in	in	ADP
fsr-3911	303	21	stocks	stock	NOUN
fsr-3911	303	22	increases	increase	NOUN
fsr-3911	303	23	with	with	ADP
fsr-3911	303	24	the	the	DET
fsr-3911	303	25	retirement	retirement	NOUN
fsr-3911	303	26	horizon	horizon	NOUN
fsr-3911	303	27	.	.	PUNCT
fsr-3911	304	1	this	this	DET
fsr-3911	304	2	increase	increase	NOUN
fsr-3911	304	3	is	be	AUX
fsr-3911	304	4	generally	generally	ADV
fsr-3911	304	5	at	at	ADP
fsr-3911	304	6	the	the	DET
fsr-3911	304	7	expense	expense	NOUN
fsr-3911	304	8	of	of	ADP
fsr-3911	304	9	the	the	DET
fsr-3911	304	10	number	number	NOUN
fsr-3911	304	11	of	of	ADP
fsr-3911	304	12	periods	period	NOUN
fsr-3911	304	13	in	in	ADP
fsr-3911	304	14	which	which	PRON
fsr-3911	304	15	the	the	DET
fsr-3911	304	16	optimal	optimal	ADJ
fsr-3911	304	17	portfolio	portfolio	NOUN
fsr-3911	304	18	is	be	AUX
fsr-3911	304	19	100	100	NUM
fsr-3911	304	20	%	%	NOUN
fsr-3911	304	21	invested	invest	VERB
fsr-3911	304	22	in	in	ADP
fsr-3911	304	23	t	t	PROPN
fsr-3911	304	24	-	-	PUNCT
fsr-3911	304	25	bonds	bond	NOUN
fsr-3911	304	26	.	.	PUNCT
fsr-3911	305	1	we	we	PRON
fsr-3911	305	2	can	can	AUX
fsr-3911	305	3	gain	gain	VERB
fsr-3911	305	4	some	some	DET
fsr-3911	305	5	additional	additional	ADJ
fsr-3911	305	6	insights	insight	NOUN
fsr-3911	305	7	into	into	ADP
fsr-3911	305	8	the	the	DET
fsr-3911	305	9	retirement	retirement	NOUN
fsr-3911	305	10	asset	asset	NOUN
fsr-3911	305	11	allocation	allocation	NOUN
fsr-3911	305	12	decision	decision	NOUN
fsr-3911	305	13	by	by	ADP
fsr-3911	305	14	studying	study	VERB
fsr-3911	305	15	the	the	DET
fsr-3911	305	16	correlation	correlation	NOUN
fsr-3911	305	17	between	between	ADP
fsr-3911	305	18	the	the	DET
fsr-3911	305	19	stage	stage	NOUN
fsr-3911	305	20	of	of	ADP
fsr-3911	305	21	the	the	DET
fsr-3911	305	22	business	business	NOUN
fsr-3911	305	23	cycle	cycle	NOUN
fsr-3911	305	24	and	and	CCONJ
fsr-3911	305	25	the	the	DET
fsr-3911	305	26	optimality	optimality	NOUN
fsr-3911	305	27	of	of	ADP
fsr-3911	305	28	stocks	stock	NOUN
fsr-3911	305	29	versus	versus	ADP
fsr-3911	305	30	t	t	NOUN
fsr-3911	305	31	-	-	PUNCT
fsr-3911	305	32	bonds	bond	NOUN
fsr-3911	305	33	versus	versus	ADP
fsr-3911	305	34	a	a	DET
fsr-3911	305	35	combination	combination	NOUN
fsr-3911	305	36	of	of	ADP
fsr-3911	305	37	stocks	stock	NOUN
fsr-3911	305	38	and	and	CCONJ
fsr-3911	305	39	t	t	NOUN
fsr-3911	305	40	-	-	PUNCT
fsr-3911	305	41	bonds	bond	NOUN
fsr-3911	305	42	.	.	PUNCT
fsr-3911	306	1	we	we	PRON
fsr-3911	306	2	obtain	obtain	VERB
fsr-3911	306	3	u.s	u.s	PROPN
fsr-3911	306	4	.	.	PROPN
fsr-3911	306	5	business	business	NOUN
fsr-3911	306	6	cycle	cycle	NOUN
fsr-3911	306	7	data	datum	NOUN
fsr-3911	306	8	for	for	ADP
fsr-3911	306	9	1926	1926	NUM
fsr-3911	306	10	to	to	ADP
fsr-3911	306	11	1995	1995	NUM
fsr-3911	306	12	from	from	ADP
fsr-3911	306	13	the	the	DET
fsr-3911	306	14	national	national	PROPN
fsr-3911	306	15	bureau	bureau	PROPN
fsr-3911	306	16	of	of	ADP
fsr-3911	306	17	economic	economic	ADJ
fsr-3911	306	18	research	research	NOUN
fsr-3911	306	19	(	(	PUNCT
fsr-3911	306	20	nber	nber	PROPN
fsr-3911	306	21	)	)	PUNCT
fsr-3911	306	22	.	.	PUNCT
fsr-3911	307	1	for	for	ADP
fsr-3911	307	2	every	every	DET
fsr-3911	307	3	month	month	NOUN
fsr-3911	307	4	in	in	ADP
fsr-3911	307	5	which	which	PRON
fsr-3911	307	6	the	the	DET
fsr-3911	307	7	economy	economy	NOUN
fsr-3911	307	8	expanded	expand	VERB
fsr-3911	307	9	,	,	PUNCT
fsr-3911	307	10	we	we	PRON
fsr-3911	307	11	set	set	VERB
fsr-3911	307	12	the	the	DET
fsr-3911	307	13	dummy	dummy	ADJ
fsr-3911	307	14	variable	variable	ADJ
fsr-3911	307	15	contract	contract	NOUN
fsr-3911	307	16	to	to	ADP
fsr-3911	307	17	zero	zero	NUM
fsr-3911	307	18	and	and	CCONJ
fsr-3911	307	19	when	when	SCONJ
fsr-3911	307	20	the	the	DET
fsr-3911	307	21	economy	economy	NOUN
fsr-3911	307	22	contracted	contract	VERB
fsr-3911	307	23	we	we	PRON
fsr-3911	307	24	set	set	VERB
fsr-3911	307	25	it	it	PRON
fsr-3911	307	26	to	to	ADP
fsr-3911	307	27	1	1	NUM
fsr-3911	307	28	.	.	PUNCT
fsr-3911	307	29	additionally	additionally	ADV
fsr-3911	307	30	,	,	PUNCT
fsr-3911	307	31	for	for	ADP
fsr-3911	307	32	every	every	DET
fsr-3911	307	33	month	month	NOUN
fsr-3911	307	34	in	in	ADP
fsr-3911	307	35	which	which	PRON
fsr-3911	307	36	a	a	DET
fsr-3911	307	37	100	100	NUM
fsr-3911	307	38	%	%	NOUN
fsr-3911	307	39	table	table	NOUN
fsr-3911	307	40	4	4	NUM
fsr-3911	307	41	composition	composition	NOUN
fsr-3911	307	42	and	and	CCONJ
fsr-3911	307	43	timing	timing	NOUN
fsr-3911	307	44	of	of	ADP
fsr-3911	307	45	the	the	DET
fsr-3911	307	46	optimal	optimal	ADJ
fsr-3911	307	47	portfolio	portfolio	NOUN
fsr-3911	307	48	panel	panel	NOUN
fsr-3911	307	49	a	a	DET
fsr-3911	307	50	:	:	PUNCT
fsr-3911	307	51	summary	summary	NOUN
fsr-3911	307	52	statistics	statistic	NOUN
fsr-3911	307	53	on	on	ADP
fsr-3911	307	54	composition	composition	NOUN
fsr-3911	307	55	of	of	ADP
fsr-3911	307	56	optimal	optimal	ADJ
fsr-3911	307	57	portfolio	portfolio	NOUN
fsr-3911	307	58	.	.	PUNCT
fsr-3911	308	1	horizon	horizon	NOUN
fsr-3911	308	2	(	(	PUNCT
fsr-3911	308	3	years	year	NOUN
fsr-3911	308	4	)	)	PUNCT
fsr-3911	308	5	number	number	NOUN
fsr-3911	308	6	of	of	ADP
fsr-3911	308	7	periods	period	NOUN
fsr-3911	308	8	out	out	ADP
fsr-3911	308	9	of	of	ADP
fsr-3911	308	10	31	31	NUM
fsr-3911	308	11	in	in	ADP
fsr-3911	308	12	which	which	PRON
fsr-3911	308	13	optimal	optimal	ADJ
fsr-3911	308	14	portfolio	portfolio	NOUN
fsr-3911	308	15	has	have	VERB
fsr-3911	308	16	100	100	NUM
fsr-3911	308	17	%	%	NOUN
fsr-3911	308	18	stock	stock	NOUN
fsr-3911	308	19	optimum	optimum	ADJ
fsr-3911	308	20	100	100	NUM
fsr-3911	308	21	%	%	NOUN
fsr-3911	308	22	t	t	NOUN
fsr-3911	308	23	-	-	PUNCT
fsr-3911	308	24	bond	bond	NOUN
fsr-3911	308	25	optimum	optimum	NOUN
fsr-3911	308	26	an	an	DET
fsr-3911	308	27	interior	interior	ADJ
fsr-3911	308	28	optimum	optimum	NOUN
fsr-3911	308	29	5	5	NUM
fsr-3911	308	30	22	22	NUM
fsr-3911	308	31	7	7	NUM
fsr-3911	308	32	2	2	NUM
fsr-3911	308	33	10	10	NUM
fsr-3911	308	34	21	21	NUM
fsr-3911	308	35	4	4	NUM
fsr-3911	308	36	6	6	NUM
fsr-3911	308	37	15	15	NUM
fsr-3911	308	38	21	21	NUM
fsr-3911	308	39	1	1	NUM
fsr-3911	308	40	9	9	NUM
fsr-3911	308	41	20	20	NUM
fsr-3911	308	42	21	21	NUM
fsr-3911	308	43	1	1	NUM
fsr-3911	308	44	9	9	NUM
fsr-3911	308	45	25	25	NUM
fsr-3911	308	46	25	25	NUM
fsr-3911	308	47	0	0	NUM
fsr-3911	308	48	6	6	NUM
fsr-3911	308	49	30	30	NUM
fsr-3911	308	50	25	25	NUM
fsr-3911	308	51	0	0	NUM
fsr-3911	308	52	6	6	NUM
fsr-3911	308	53	panel	panel	NOUN
fsr-3911	308	54	b	b	NOUN
fsr-3911	308	55	:	:	PUNCT
fsr-3911	308	56	correlation	correlation	NOUN
fsr-3911	308	57	between	between	ADP
fsr-3911	308	58	business	business	NOUN
fsr-3911	308	59	contractions	contraction	NOUN
fsr-3911	308	60	and	and	CCONJ
fsr-3911	308	61	composition	composition	NOUN
fsr-3911	308	62	of	of	ADP
fsr-3911	308	63	optimal	optimal	ADJ
fsr-3911	308	64	portfolio	portfolio	NOUN
fsr-3911	308	65	.	.	PUNCT
fsr-3911	309	1	horizon	horizon	NOUN
fsr-3911	309	2	(	(	PUNCT
fsr-3911	309	3	years	year	NOUN
fsr-3911	309	4	)	)	PUNCT
fsr-3911	309	5	100	100	NUM
fsr-3911	309	6	%	%	NOUN
fsr-3911	309	7	stock	stock	NOUN
fsr-3911	309	8	optimum	optimum	ADJ
fsr-3911	309	9	100	100	NUM
fsr-3911	309	10	%	%	NOUN
fsr-3911	309	11	t	t	NOUN
fsr-3911	309	12	-	-	PUNCT
fsr-3911	309	13	bond	bond	NOUN
fsr-3911	309	14	optimum	optimum	NOUN
fsr-3911	309	15	an	an	DET
fsr-3911	309	16	interior	interior	ADJ
fsr-3911	309	17	optimum	optimum	NOUN
fsr-3911	309	18	5	5	NUM
fsr-3911	309	19	20.07	20.07	NUM
fsr-3911	309	20	*	*	PUNCT
fsr-3911	309	21	*	*	PUNCT
fsr-3911	309	22	0.15	0.15	NUM
fsr-3911	309	23	*	*	PUNCT
fsr-3911	309	24	*	*	PUNCT
fsr-3911	309	25	*	*	PUNCT
fsr-3911	309	26	20.02	20.02	NUM
fsr-3911	309	27	10	10	NUM
fsr-3911	309	28	20.19	20.19	NUM
fsr-3911	309	29	*	*	PUNCT
fsr-3911	309	30	*	*	PUNCT
fsr-3911	309	31	*	*	PUNCT
fsr-3911	309	32	0.14	0.14	NUM
fsr-3911	309	33	*	*	PUNCT
fsr-3911	309	34	*	*	PUNCT
fsr-3911	309	35	*	*	PUNCT
fsr-3911	309	36	0.19	0.19	NUM
fsr-3911	309	37	*	*	PUNCT
fsr-3911	309	38	*	*	PUNCT
fsr-3911	309	39	*	*	PUNCT
fsr-3911	309	40	15	15	NUM
fsr-3911	309	41	20.05	20.05	NUM
fsr-3911	309	42	0.12	0.12	NUM
fsr-3911	309	43	*	*	PUNCT
fsr-3911	309	44	*	*	PUNCT
fsr-3911	309	45	*	*	PUNCT
fsr-3911	309	46	0.05	0.05	NUM
fsr-3911	309	47	20	20	NUM
fsr-3911	309	48	20.09	20.09	NUM
fsr-3911	309	49	*	*	PUNCT
fsr-3911	309	50	*	*	PUNCT
fsr-3911	309	51	*	*	PUNCT
fsr-3911	309	52	0.12	0.12	NUM
fsr-3911	309	53	*	*	PUNCT
fsr-3911	309	54	*	*	PUNCT
fsr-3911	309	55	*	*	PUNCT
fsr-3911	309	56	0.09	0.09	NUM
fsr-3911	309	57	*	*	PUNCT
fsr-3911	309	58	*	*	PUNCT
fsr-3911	309	59	*	*	PUNCT
fsr-3911	309	60	25	25	NUM
fsr-3911	309	61	20.12	20.12	NUM
fsr-3911	309	62	*	*	PUNCT
fsr-3911	309	63	*	*	PUNCT
fsr-3911	309	64	*	*	PUNCT
fsr-3911	309	65	—	—	PUNCT
fsr-3911	309	66	0.13	0.13	NUM
fsr-3911	309	67	*	*	PUNCT
fsr-3911	309	68	*	*	PUNCT
fsr-3911	309	69	*	*	PUNCT
fsr-3911	309	70	30	30	NUM
fsr-3911	309	71	20.14	20.14	NUM
fsr-3911	309	72	*	*	PUNCT
fsr-3911	309	73	*	*	PUNCT
fsr-3911	309	74	*	*	PUNCT
fsr-3911	309	75	—	—	PUNCT
fsr-3911	309	76	0.14	0.14	NUM
fsr-3911	309	77	*	*	PUNCT
fsr-3911	309	78	*	*	PUNCT
fsr-3911	309	79	*	*	PUNCT
fsr-3911	309	80	*	*	PUNCT
fsr-3911	309	81	significant	significant	ADJ
fsr-3911	309	82	at	at	ADP
fsr-3911	309	83	the	the	DET
fsr-3911	309	84	10	10	NUM
fsr-3911	309	85	%	%	NOUN
fsr-3911	309	86	level	level	NOUN
fsr-3911	309	87	.	.	PUNCT
fsr-3911	310	1	*	*	PUNCT
fsr-3911	310	2	*	*	PUNCT
fsr-3911	310	3	significant	significant	ADJ
fsr-3911	310	4	at	at	ADP
fsr-3911	310	5	the	the	DET
fsr-3911	310	6	5	5	NUM
fsr-3911	310	7	%	%	NOUN
fsr-3911	310	8	level	level	NOUN
fsr-3911	310	9	.	.	PUNCT
fsr-3911	311	1	*	*	PUNCT
fsr-3911	312	1	*	*	PUNCT
fsr-3911	312	2	*	*	PUNCT
fsr-3911	312	3	significant	significant	ADJ
fsr-3911	312	4	at	at	ADP
fsr-3911	312	5	the	the	DET
fsr-3911	312	6	1	1	NUM
fsr-3911	312	7	%	%	NOUN
fsr-3911	312	8	level	level	NOUN
fsr-3911	312	9	.	.	PUNCT
fsr-3911	313	1	60	60	NUM
fsr-3911	313	2	p.p	p.p	PROPN
fsr-3911	313	3	.	.	PROPN
fsr-3911	313	4	vora	vora	PROPN
fsr-3911	313	5	/	/	SYM
fsr-3911	313	6	financial	financial	ADJ
fsr-3911	313	7	services	service	NOUN
fsr-3911	313	8	review	review	VERB
fsr-3911	313	9	9	9	NUM
fsr-3911	313	10	(	(	PUNCT
fsr-3911	313	11	2000	2000	NUM
fsr-3911	313	12	)	)	PUNCT
fsr-3911	313	13	47–63	47–63	NOUN
fsr-3911	313	14	stock	stock	NOUN
fsr-3911	313	15	portfolio	portfolio	NOUN
fsr-3911	313	16	was	be	AUX
fsr-3911	313	17	optimal	optimal	ADJ
fsr-3911	313	18	,	,	PUNCT
fsr-3911	313	19	we	we	PRON
fsr-3911	313	20	set	set	VERB
fsr-3911	313	21	the	the	DET
fsr-3911	313	22	dummy	dummy	ADJ
fsr-3911	313	23	variable	variable	ADJ
fsr-3911	313	24	stocks	stock	NOUN
fsr-3911	313	25	to	to	ADP
fsr-3911	313	26	1	1	NUM
fsr-3911	313	27	,	,	PUNCT
fsr-3911	313	28	and	and	CCONJ
fsr-3911	313	29	to	to	ADP
fsr-3911	313	30	zero	zero	NUM
fsr-3911	313	31	otherwise	otherwise	ADV
fsr-3911	313	32	.	.	PUNCT
fsr-3911	314	1	likewise	likewise	ADV
fsr-3911	314	2	,	,	PUNCT
fsr-3911	314	3	for	for	ADP
fsr-3911	314	4	every	every	DET
fsr-3911	314	5	month	month	NOUN
fsr-3911	314	6	in	in	ADP
fsr-3911	314	7	which	which	PRON
fsr-3911	314	8	the	the	DET
fsr-3911	314	9	100	100	NUM
fsr-3911	314	10	%	%	NOUN
fsr-3911	314	11	t	t	NOUN
fsr-3911	314	12	-	-	PUNCT
fsr-3911	314	13	bond	bond	NOUN
fsr-3911	314	14	portfolio	portfolio	NOUN
fsr-3911	314	15	was	be	AUX
fsr-3911	314	16	optimal	optimal	ADJ
fsr-3911	314	17	,	,	PUNCT
fsr-3911	314	18	we	we	PRON
fsr-3911	314	19	set	set	VERB
fsr-3911	314	20	the	the	DET
fsr-3911	314	21	dummy	dummy	ADJ
fsr-3911	314	22	variable	variable	NOUN
fsr-3911	314	23	t	t	PROPN
fsr-3911	314	24	-	-	PUNCT
fsr-3911	314	25	bonds	bond	NOUN
fsr-3911	314	26	to	to	ADP
fsr-3911	314	27	1	1	NUM
fsr-3911	314	28	,	,	PUNCT
fsr-3911	314	29	and	and	CCONJ
fsr-3911	314	30	to	to	ADP
fsr-3911	314	31	zero	zero	NUM
fsr-3911	314	32	otherwise	otherwise	ADV
fsr-3911	314	33	,	,	PUNCT
fsr-3911	314	34	and	and	CCONJ
fsr-3911	314	35	for	for	ADP
fsr-3911	314	36	every	every	DET
fsr-3911	314	37	month	month	NOUN
fsr-3911	314	38	in	in	ADP
fsr-3911	314	39	which	which	PRON
fsr-3911	314	40	a	a	DET
fsr-3911	314	41	mix	mix	NOUN
fsr-3911	314	42	of	of	ADP
fsr-3911	314	43	stocks	stock	NOUN
fsr-3911	314	44	and	and	CCONJ
fsr-3911	314	45	t	t	NOUN
fsr-3911	314	46	-	-	PUNCT
fsr-3911	314	47	bonds	bond	NOUN
fsr-3911	314	48	and	and	CCONJ
fsr-3911	314	49	stocks	stock	NOUN
fsr-3911	314	50	was	be	AUX
fsr-3911	314	51	optimal	optimal	ADJ
fsr-3911	314	52	,	,	PUNCT
fsr-3911	314	53	we	we	PRON
fsr-3911	314	54	set	set	VERB
fsr-3911	314	55	the	the	DET
fsr-3911	314	56	dummy	dummy	ADJ
fsr-3911	314	57	variable	variable	ADJ
fsr-3911	314	58	interior	interior	NOUN
fsr-3911	314	59	to	to	ADP
fsr-3911	314	60	1	1	NUM
fsr-3911	314	61	,	,	PUNCT
fsr-3911	314	62	and	and	CCONJ
fsr-3911	314	63	to	to	ADP
fsr-3911	314	64	zero	zero	NUM
fsr-3911	314	65	otherwise	otherwise	ADV
fsr-3911	314	66	.	.	PUNCT
fsr-3911	315	1	in	in	ADP
fsr-3911	315	2	panel	panel	PROPN
fsr-3911	315	3	b	b	PROPN
fsr-3911	315	4	of	of	ADP
fsr-3911	315	5	table	table	NOUN
fsr-3911	315	6	4	4	NUM
fsr-3911	315	7	,	,	PUNCT
fsr-3911	315	8	we	we	PRON
fsr-3911	315	9	present	present	VERB
fsr-3911	315	10	the	the	DET
fsr-3911	315	11	correlation	correlation	NOUN
fsr-3911	315	12	coefficients	coefficient	NOUN
fsr-3911	315	13	of	of	ADP
fsr-3911	315	14	contract	contract	NOUN
fsr-3911	315	15	with	with	ADP
fsr-3911	315	16	stocks	stock	NOUN
fsr-3911	315	17	,	,	PUNCT
fsr-3911	315	18	t	t	NOUN
fsr-3911	315	19	-	-	PUNCT
fsr-3911	315	20	bonds	bond	NOUN
fsr-3911	315	21	,	,	PUNCT
fsr-3911	315	22	and	and	CCONJ
fsr-3911	315	23	interior	interior	ADJ
fsr-3911	315	24	.	.	PUNCT
fsr-3911	316	1	we	we	PRON
fsr-3911	316	2	find	find	VERB
fsr-3911	316	3	that	that	SCONJ
fsr-3911	316	4	the	the	DET
fsr-3911	316	5	correlation	correlation	NOUN
fsr-3911	316	6	coefficient	coefficient	NOUN
fsr-3911	316	7	between	between	ADP
fsr-3911	316	8	contract	contract	NOUN
fsr-3911	316	9	and	and	CCONJ
fsr-3911	316	10	stocks	stock	NOUN
fsr-3911	316	11	is	be	AUX
fsr-3911	316	12	negative	negative	ADJ
fsr-3911	316	13	and	and	CCONJ
fsr-3911	316	14	statistically	statistically	ADV
fsr-3911	316	15	significant	significant	ADJ
fsr-3911	316	16	for	for	ADP
fsr-3911	316	17	all	all	DET
fsr-3911	316	18	horizons	horizon	NOUN
fsr-3911	316	19	except	except	SCONJ
fsr-3911	316	20	15	15	NUM
fsr-3911	316	21	years	year	NOUN
fsr-3911	316	22	.	.	PUNCT
fsr-3911	317	1	for	for	ADP
fsr-3911	317	2	the	the	DET
fsr-3911	317	3	horizons	horizon	NOUN
fsr-3911	317	4	for	for	ADP
fsr-3911	317	5	which	which	PRON
fsr-3911	317	6	a	a	DET
fsr-3911	317	7	correlation	correlation	NOUN
fsr-3911	317	8	coefficient	coefficient	NOUN
fsr-3911	317	9	between	between	ADP
fsr-3911	317	10	contract	contract	NOUN
fsr-3911	317	11	and	and	CCONJ
fsr-3911	317	12	t	t	PROPN
fsr-3911	317	13	-	-	PUNCT
fsr-3911	317	14	bonds	bond	NOUN
fsr-3911	317	15	can	can	AUX
fsr-3911	317	16	be	be	AUX
fsr-3911	317	17	calculated	calculate	VERB
fsr-3911	317	18	,	,	PUNCT
fsr-3911	317	19	we	we	PRON
fsr-3911	317	20	find	find	VERB
fsr-3911	317	21	it	it	PRON
fsr-3911	317	22	to	to	PART
fsr-3911	317	23	be	be	AUX
fsr-3911	317	24	positive	positive	ADJ
fsr-3911	317	25	and	and	CCONJ
fsr-3911	317	26	statistically	statistically	ADV
fsr-3911	317	27	significant	significant	ADJ
fsr-3911	317	28	.	.	PUNCT
fsr-3911	318	1	the	the	DET
fsr-3911	318	2	correlation	correlation	NOUN
fsr-3911	318	3	coefficient	coefficient	NOUN
fsr-3911	318	4	between	between	ADP
fsr-3911	318	5	contract	contract	NOUN
fsr-3911	318	6	and	and	CCONJ
fsr-3911	318	7	interior	interior	NOUN
fsr-3911	318	8	is	be	AUX
fsr-3911	318	9	,	,	PUNCT
fsr-3911	318	10	with	with	ADP
fsr-3911	318	11	one	one	NUM
fsr-3911	318	12	exception	exception	NOUN
fsr-3911	318	13	,	,	PUNCT
fsr-3911	318	14	positive	positive	ADJ
fsr-3911	318	15	and	and	CCONJ
fsr-3911	318	16	statistically	statistically	ADV
fsr-3911	318	17	significant	significant	ADJ
fsr-3911	318	18	.	.	PUNCT
fsr-3911	319	1	when	when	SCONJ
fsr-3911	319	2	it	it	PRON
fsr-3911	319	3	is	be	AUX
fsr-3911	319	4	negative	negative	ADJ
fsr-3911	319	5	,	,	PUNCT
fsr-3911	319	6	it	it	PRON
fsr-3911	319	7	is	be	AUX
fsr-3911	319	8	statistically	statistically	ADV
fsr-3911	319	9	insignificant	insignificant	ADJ
fsr-3911	319	10	.	.	PUNCT
fsr-3911	320	1	based	base	VERB
fsr-3911	320	2	on	on	ADP
fsr-3911	320	3	these	these	DET
fsr-3911	320	4	correlation	correlation	NOUN
fsr-3911	320	5	coefficients	coefficient	NOUN
fsr-3911	320	6	,	,	PUNCT
fsr-3911	320	7	we	we	PRON
fsr-3911	320	8	conclude	conclude	VERB
fsr-3911	320	9	that	that	SCONJ
fsr-3911	320	10	a	a	DET
fsr-3911	320	11	100	100	NUM
fsr-3911	320	12	%	%	NOUN
fsr-3911	320	13	stock	stock	NOUN
fsr-3911	320	14	portfolio	portfolio	NOUN
fsr-3911	320	15	is	be	AUX
fsr-3911	320	16	optimal	optimal	ADJ
fsr-3911	320	17	during	during	ADP
fsr-3911	320	18	economic	economic	ADJ
fsr-3911	320	19	expansions	expansion	NOUN
fsr-3911	320	20	.	.	PUNCT
fsr-3911	321	1	when	when	SCONJ
fsr-3911	321	2	the	the	DET
fsr-3911	321	3	economy	economy	NOUN
fsr-3911	321	4	contracts	contract	VERB
fsr-3911	321	5	,	,	PUNCT
fsr-3911	321	6	either	either	CCONJ
fsr-3911	321	7	t	t	NOUN
fsr-3911	321	8	-	-	PUNCT
fsr-3911	321	9	bonds	bond	NOUN
fsr-3911	321	10	or	or	CCONJ
fsr-3911	321	11	a	a	DET
fsr-3911	321	12	mix	mix	NOUN
fsr-3911	321	13	of	of	ADP
fsr-3911	321	14	t	t	NOUN
fsr-3911	321	15	-	-	PUNCT
fsr-3911	321	16	bonds	bond	NOUN
fsr-3911	321	17	and	and	CCONJ
fsr-3911	321	18	stocks	stock	NOUN
fsr-3911	321	19	are	be	AUX
fsr-3911	321	20	optimal	optimal	ADJ
fsr-3911	321	21	.	.	PUNCT
fsr-3911	322	1	mcnees	mcnee	NOUN
fsr-3911	322	2	(	(	PUNCT
fsr-3911	322	3	1987	1987	NUM
fsr-3911	322	4	)	)	PUNCT
fsr-3911	322	5	,	,	PUNCT
fsr-3911	322	6	however	however	ADV
fsr-3911	322	7	,	,	PUNCT
fsr-3911	322	8	demonstrates	demonstrate	VERB
fsr-3911	322	9	that	that	SCONJ
fsr-3911	322	10	it	it	PRON
fsr-3911	322	11	is	be	AUX
fsr-3911	322	12	difficult	difficult	ADJ
fsr-3911	322	13	to	to	AUX
fsr-3911	322	14	predictex	predictex	NOUN
fsr-3911	322	15	-	-	PUNCT
fsr-3911	322	16	antewhen	antewhen	ADV
fsr-3911	322	17	the	the	DET
fsr-3911	322	18	economy	economy	NOUN
fsr-3911	322	19	will	will	AUX
fsr-3911	322	20	next	next	ADJ
fsr-3911	322	21	contract	contract	NOUN
fsr-3911	322	22	.	.	PUNCT
fsr-3911	323	1	in	in	ADP
fsr-3911	323	2	order	order	NOUN
fsr-3911	323	3	to	to	PART
fsr-3911	323	4	determine	determine	VERB
fsr-3911	323	5	whether	whether	SCONJ
fsr-3911	323	6	our	our	PRON
fsr-3911	323	7	main	main	ADJ
fsr-3911	323	8	results	result	NOUN
fsr-3911	323	9	are	be	AUX
fsr-3911	323	10	robust	robust	ADJ
fsr-3911	323	11	to	to	ADP
fsr-3911	323	12	the	the	DET
fsr-3911	323	13	unpredictability	unpredictability	NOUN
fsr-3911	323	14	of	of	ADP
fsr-3911	323	15	business	business	NOUN
fsr-3911	323	16	cycles	cycle	NOUN
fsr-3911	323	17	,	,	PUNCT
fsr-3911	323	18	we	we	PRON
fsr-3911	323	19	run	run	VERB
fsr-3911	323	20	one	one	NUM
fsr-3911	323	21	final	final	ADJ
fsr-3911	323	22	test	test	NOUN
fsr-3911	323	23	.	.	PUNCT
fsr-3911	324	1	we	we	PRON
fsr-3911	324	2	use	use	VERB
fsr-3911	324	3	each	each	PRON
fsr-3911	324	4	of	of	ADP
fsr-3911	324	5	the	the	DET
fsr-3911	324	6	840	840	NUM
fsr-3911	324	7	monthly	monthly	ADJ
fsr-3911	324	8	returns	return	NOUN
fsr-3911	324	9	for	for	ADP
fsr-3911	324	10	stocks	stock	NOUN
fsr-3911	324	11	,	,	PUNCT
fsr-3911	324	12	t	t	NOUN
fsr-3911	324	13	-	-	PUNCT
fsr-3911	324	14	bonds	bond	NOUN
fsr-3911	324	15	,	,	PUNCT
fsr-3911	324	16	and	and	CCONJ
fsr-3911	324	17	the	the	DET
fsr-3911	324	18	two	two	NUM
fsr-3911	324	19	annuities	annuity	NOUN
fsr-3911	324	20	to	to	PART
fsr-3911	324	21	calculate	calculate	VERB
fsr-3911	324	22	monthly	monthly	ADJ
fsr-3911	324	23	consumption	consumption	NOUN
fsr-3911	324	24	,	,	PUNCT
fsr-3911	324	25	but	but	CCONJ
fsr-3911	324	26	instead	instead	ADV
fsr-3911	324	27	of	of	ADP
fsr-3911	324	28	using	use	VERB
fsr-3911	324	29	them	they	PRON
fsr-3911	324	30	in	in	ADP
fsr-3911	324	31	the	the	DET
fsr-3911	324	32	chronological	chronological	ADJ
fsr-3911	324	33	sequence	sequence	NOUN
fsr-3911	324	34	that	that	PRON
fsr-3911	324	35	they	they	PRON
fsr-3911	324	36	appear	appear	VERB
fsr-3911	324	37	in	in	ADP
fsr-3911	324	38	our	our	PRON
fsr-3911	324	39	tests	test	NOUN
fsr-3911	324	40	reported	report	VERB
fsr-3911	324	41	in	in	ADP
fsr-3911	324	42	table	table	NOUN
fsr-3911	324	43	2	2	NUM
fsr-3911	324	44	,	,	PUNCT
fsr-3911	324	45	we	we	PRON
fsr-3911	324	46	mix	mix	VERB
fsr-3911	324	47	them	they	PRON
fsr-3911	324	48	up	up	ADP
fsr-3911	324	49	by	by	ADP
fsr-3911	324	50	drawing	draw	VERB
fsr-3911	324	51	a	a	DET
fsr-3911	324	52	random	random	ADJ
fsr-3911	324	53	sequence	sequence	NOUN
fsr-3911	324	54	of	of	ADP
fsr-3911	324	55	840	840	NUM
fsr-3911	324	56	returns	return	NOUN
fsr-3911	324	57	,	,	PUNCT
fsr-3911	324	58	with	with	ADP
fsr-3911	324	59	replacement	replacement	NOUN
fsr-3911	324	60	,	,	PUNCT
fsr-3911	324	61	from	from	ADP
fsr-3911	324	62	the	the	DET
fsr-3911	324	63	set	set	NOUN
fsr-3911	324	64	of	of	ADP
fsr-3911	324	65	returns	return	NOUN
fsr-3911	324	66	that	that	PRON
fsr-3911	324	67	are	be	AUX
fsr-3911	324	68	at	at	ADP
fsr-3911	324	69	our	our	PRON
fsr-3911	324	70	disposal	disposal	NOUN
fsr-3911	324	71	.	.	PUNCT
fsr-3911	325	1	the	the	DET
fsr-3911	325	2	monthly	monthly	ADJ
fsr-3911	325	3	consumption	consumption	NOUN
fsr-3911	325	4	percentages	percentage	NOUN
fsr-3911	325	5	based	base	VERB
fsr-3911	325	6	on	on	ADP
fsr-3911	325	7	the	the	DET
fsr-3911	325	8	random	random	ADJ
fsr-3911	325	9	sequence	sequence	NOUN
fsr-3911	325	10	of	of	ADP
fsr-3911	325	11	returns	return	NOUN
fsr-3911	325	12	and	and	CCONJ
fsr-3911	325	13	calculated	calculate	VERB
fsr-3911	325	14	from	from	ADP
fsr-3911	325	15	eq	eq	PROPN
fsr-3911	325	16	.	.	PUNCT
fsr-3911	326	1	(	(	PUNCT
fsr-3911	326	2	1	1	X
fsr-3911	326	3	)	)	PUNCT
fsr-3911	326	4	appear	appear	VERB
fsr-3911	326	5	in	in	ADP
fsr-3911	326	6	table	table	NOUN
fsr-3911	326	7	5	5	NUM
fsr-3911	326	8	together	together	ADV
fsr-3911	326	9	with	with	ADP
fsr-3911	326	10	the	the	DET
fsr-3911	326	11	p	p	NOUN
fsr-3911	326	12	-	-	PUNCT
fsr-3911	326	13	value	value	NOUN
fsr-3911	326	14	of	of	ADP
fsr-3911	326	15	the	the	DET
fsr-3911	326	16	wilcoxon	wilcoxon	PROPN
fsr-3911	326	17	sign	sign	PROPN
fsr-3911	326	18	rank	rank	PROPN
fsr-3911	326	19	test	test	NOUN
fsr-3911	326	20	statistic	statistic	NOUN
fsr-3911	326	21	.	.	PUNCT
fsr-3911	327	1	before	before	SCONJ
fsr-3911	327	2	we	we	PRON
fsr-3911	327	3	turn	turn	VERB
fsr-3911	327	4	our	our	PRON
fsr-3911	327	5	attention	attention	NOUN
fsr-3911	327	6	to	to	ADP
fsr-3911	327	7	a	a	DET
fsr-3911	327	8	discussion	discussion	NOUN
fsr-3911	327	9	of	of	ADP
fsr-3911	327	10	the	the	DET
fsr-3911	327	11	results	result	NOUN
fsr-3911	327	12	we	we	PRON
fsr-3911	327	13	would	would	AUX
fsr-3911	327	14	like	like	VERB
fsr-3911	327	15	to	to	PART
fsr-3911	327	16	place	place	VERB
fsr-3911	327	17	a	a	DET
fsr-3911	327	18	note	note	NOUN
fsr-3911	327	19	of	of	ADP
fsr-3911	327	20	caution	caution	NOUN
fsr-3911	327	21	here	here	ADV
fsr-3911	327	22	:	:	PUNCT
fsr-3911	327	23	there	there	PRON
fsr-3911	327	24	probably	probably	ADV
fsr-3911	327	25	are	be	AUX
fsr-3911	327	26	table	table	NOUN
fsr-3911	327	27	5	5	NUM
fsr-3911	327	28	monthly	monthly	ADJ
fsr-3911	327	29	consumption	consumption	NOUN
fsr-3911	327	30	based	base	VERB
fsr-3911	327	31	on	on	ADP
fsr-3911	327	32	u.s	u.s	PROPN
fsr-3911	327	33	.	.	PROPN
fsr-3911	327	34	financial	financial	ADJ
fsr-3911	327	35	market	market	NOUN
fsr-3911	327	36	history	history	NOUN
fsr-3911	327	37	with	with	ADP
fsr-3911	327	38	randomized	randomized	ADJ
fsr-3911	327	39	returnsa	returnsa	PROPN
fsr-3911	327	40	horizon	horizon	NOUN
fsr-3911	327	41	(	(	PUNCT
fsr-3911	327	42	years	year	NOUN
fsr-3911	327	43	)	)	PUNCT
fsr-3911	327	44	stock	stock	PROPN
fsr-3911	327	45	t	t	PROPN
fsr-3911	327	46	-	-	PUNCT
fsr-3911	327	47	bonds	bond	NOUN
fsr-3911	327	48	annuity	annuity	VERB
fsr-3911	327	49	a	a	DET
fsr-3911	327	50	annuity	annuity	NOUN
fsr-3911	327	51	b	b	NOUN
fsr-3911	327	52	5	5	NUM
fsr-3911	327	53	2.08	2.08	NUM
fsr-3911	327	54	%	%	NOUN
fsr-3911	327	55	1.87	1.87	NUM
fsr-3911	327	56	%	%	NOUN
fsr-3911	327	57	1.93	1.93	NUM
fsr-3911	327	58	%	%	NOUN
fsr-3911	327	59	2.00	2.00	NUM
fsr-3911	327	60	%	%	NOUN
fsr-3911	327	61	(	(	PUNCT
fsr-3911	327	62	0.016	0.016	NUM
fsr-3911	327	63	)	)	PUNCT
fsr-3911	327	64	(	(	PUNCT
fsr-3911	327	65	0.065	0.065	NUM
fsr-3911	327	66	)	)	PUNCT
fsr-3911	327	67	(	(	PUNCT
fsr-3911	327	68	0.225	0.225	NUM
fsr-3911	327	69	)	)	PUNCT
fsr-3911	327	70	10	10	NUM
fsr-3911	327	71	1.19	1.19	NUM
fsr-3911	327	72	%	%	NOUN
fsr-3911	327	73	1.02	1.02	NUM
fsr-3911	327	74	%	%	NOUN
fsr-3911	327	75	1.14	1.14	NUM
fsr-3911	327	76	%	%	NOUN
fsr-3911	327	77	1.18	1.18	NUM
fsr-3911	327	78	%	%	NOUN
fsr-3911	327	79	(	(	PUNCT
fsr-3911	327	80	0.013	0.013	NUM
fsr-3911	327	81	)	)	PUNCT
fsr-3911	327	82	(	(	PUNCT
fsr-3911	327	83	0.200	0.200	NUM
fsr-3911	327	84	)	)	PUNCT
fsr-3911	327	85	(	(	PUNCT
fsr-3911	327	86	0.327	0.327	NUM
fsr-3911	327	87	)	)	PUNCT
fsr-3911	327	88	15	15	NUM
fsr-3911	327	89	1.20	1.20	NUM
fsr-3911	327	90	%	%	NOUN
fsr-3911	327	91	0.77	0.77	NUM
fsr-3911	327	92	%	%	NOUN
fsr-3911	327	93	0.78	0.78	NUM
fsr-3911	327	94	%	%	NOUN
fsr-3911	327	95	0.86	0.86	NUM
fsr-3911	327	96	%	%	NOUN
fsr-3911	327	97	(	(	PUNCT
fsr-3911	327	98	,	,	PUNCT
fsr-3911	327	99	0.001	0.001	NUM
fsr-3911	327	100	)	)	PUNCT
fsr-3911	327	101	(	(	PUNCT
fsr-3911	327	102	,	,	PUNCT
fsr-3911	327	103	0.001	0.001	NUM
fsr-3911	327	104	)	)	PUNCT
fsr-3911	327	105	(	(	PUNCT
fsr-3911	327	106	,	,	PUNCT
fsr-3911	327	107	0.001	0.001	NUM
fsr-3911	327	108	)	)	PUNCT
fsr-3911	327	109	20	20	NUM
fsr-3911	327	110	0.98	0.98	NUM
fsr-3911	327	111	%	%	NOUN
fsr-3911	327	112	0.67	0.67	NUM
fsr-3911	327	113	%	%	NOUN
fsr-3911	327	114	0.72	0.72	NUM
fsr-3911	327	115	%	%	NOUN
fsr-3911	327	116	0.81	0.81	NUM
fsr-3911	327	117	%	%	NOUN
fsr-3911	327	118	(	(	PUNCT
fsr-3911	327	119	,	,	PUNCT
fsr-3911	327	120	0.001	0.001	NUM
fsr-3911	327	121	)	)	PUNCT
fsr-3911	327	122	(	(	PUNCT
fsr-3911	327	123	,	,	PUNCT
fsr-3911	327	124	)	)	PUNCT
fsr-3911	327	125	.001	.001	NUM
fsr-3911	327	126	)	)	PUNCT
fsr-3911	327	127	(	(	PUNCT
fsr-3911	327	128	0.008	0.008	NUM
fsr-3911	327	129	)	)	PUNCT
fsr-3911	327	130	25	25	NUM
fsr-3911	327	131	0.93	0.93	NUM
fsr-3911	327	132	%	%	NOUN
fsr-3911	327	133	0.60	0.60	NUM
fsr-3911	327	134	%	%	NOUN
fsr-3911	327	135	0.66	0.66	NUM
fsr-3911	327	136	%	%	NOUN
fsr-3911	327	137	0.67	0.67	NUM
fsr-3911	327	138	%	%	NOUN
fsr-3911	327	139	(	(	PUNCT
fsr-3911	327	140	0.039	0.039	NUM
fsr-3911	327	141	)	)	PUNCT
fsr-3911	327	142	(	(	PUNCT
fsr-3911	327	143	0.027	0.027	NUM
fsr-3911	327	144	)	)	PUNCT
fsr-3911	327	145	(	(	PUNCT
fsr-3911	327	146	0.048	0.048	NUM
fsr-3911	327	147	)	)	PUNCT
fsr-3911	327	148	30	30	NUM
fsr-3911	327	149	0.81	0.81	NUM
fsr-3911	327	150	%	%	NOUN
fsr-3911	327	151	0.54	0.54	NUM
fsr-3911	327	152	%	%	NOUN
fsr-3911	327	153	0.57	0.57	NUM
fsr-3911	327	154	%	%	NOUN
fsr-3911	327	155	0.71	0.71	NUM
fsr-3911	327	156	%	%	NOUN
fsr-3911	327	157	(	(	PUNCT
fsr-3911	327	158	,	,	PUNCT
fsr-3911	327	159	0.001	0.001	NUM
fsr-3911	327	160	)	)	PUNCT
fsr-3911	327	161	(	(	PUNCT
fsr-3911	327	162	,	,	PUNCT
fsr-3911	327	163	0.001	0.001	NUM
fsr-3911	327	164	)	)	PUNCT
fsr-3911	327	165	(	(	PUNCT
fsr-3911	327	166	0.016	0.016	NUM
fsr-3911	327	167	)	)	PUNCT
fsr-3911	327	168	a	a	DET
fsr-3911	327	169	monthly	monthly	ADJ
fsr-3911	327	170	consumption	consumption	NOUN
fsr-3911	327	171	is	be	AUX
fsr-3911	327	172	the	the	DET
fsr-3911	327	173	consumption	consumption	NOUN
fsr-3911	327	174	at	at	ADP
fsr-3911	327	175	the	the	DET
fsr-3911	327	176	beginning	beginning	NOUN
fsr-3911	327	177	of	of	ADP
fsr-3911	327	178	every	every	DET
fsr-3911	327	179	month	month	NOUN
fsr-3911	327	180	for	for	ADP
fsr-3911	327	181	every	every	DET
fsr-3911	327	182	dollar	dollar	NOUN
fsr-3911	327	183	of	of	ADP
fsr-3911	327	184	wealth	wealth	NOUN
fsr-3911	327	185	,	,	PUNCT
fsr-3911	327	186	with	with	ADP
fsr-3911	327	187	nothing	nothing	PRON
fsr-3911	327	188	left	leave	VERB
fsr-3911	327	189	over	over	ADP
fsr-3911	327	190	at	at	ADP
fsr-3911	327	191	the	the	DET
fsr-3911	327	192	end	end	NOUN
fsr-3911	327	193	of	of	ADP
fsr-3911	327	194	retirement	retirement	NOUN
fsr-3911	327	195	.	.	PUNCT
fsr-3911	328	1	the	the	DET
fsr-3911	328	2	percentages	percentage	NOUN
fsr-3911	328	3	are	be	AUX
fsr-3911	328	4	an	an	DET
fsr-3911	328	5	average	average	ADJ
fsr-3911	328	6	over	over	ADP
fsr-3911	328	7	31	31	NUM
fsr-3911	328	8	retirement	retirement	NOUN
fsr-3911	328	9	periods	period	NOUN
fsr-3911	328	10	of	of	ADP
fsr-3911	328	11	equal	equal	ADJ
fsr-3911	328	12	length	length	NOUN
fsr-3911	328	13	depending	depend	VERB
fsr-3911	328	14	on	on	ADP
fsr-3911	328	15	the	the	DET
fsr-3911	328	16	retirement	retirement	NOUN
fsr-3911	328	17	horizon	horizon	NOUN
fsr-3911	328	18	.	.	PUNCT
fsr-3911	329	1	the	the	DET
fsr-3911	329	2	returns	return	NOUN
fsr-3911	329	3	are	be	AUX
fsr-3911	329	4	drawn	draw	VERB
fsr-3911	329	5	randomly	randomly	ADV
fsr-3911	329	6	(	(	PUNCT
fsr-3911	329	7	with	with	ADP
fsr-3911	329	8	replacement	replacement	NOUN
fsr-3911	329	9	)	)	PUNCT
fsr-3911	329	10	from	from	ADP
fsr-3911	329	11	a	a	DET
fsr-3911	329	12	set	set	NOUN
fsr-3911	329	13	that	that	PRON
fsr-3911	329	14	contains	contain	VERB
fsr-3911	329	15	actual	actual	ADJ
fsr-3911	329	16	monthly	monthly	ADJ
fsr-3911	329	17	returns	return	NOUN
fsr-3911	329	18	based	base	VERB
fsr-3911	329	19	on	on	ADP
fsr-3911	329	20	the	the	DET
fsr-3911	329	21	history	history	NOUN
fsr-3911	329	22	of	of	ADP
fsr-3911	329	23	u.s	u.s	PROPN
fsr-3911	329	24	.	.	PROPN
fsr-3911	329	25	financial	financial	ADJ
fsr-3911	329	26	markets	market	NOUN
fsr-3911	329	27	.	.	PUNCT
fsr-3911	330	1	thep	thep	NOUN
fsr-3911	330	2	-	-	PUNCT
fsr-3911	330	3	values	value	NOUN
fsr-3911	330	4	of	of	ADP
fsr-3911	330	5	the	the	DET
fsr-3911	330	6	wilcoxon	wilcoxon	PROPN
fsr-3911	330	7	sign	sign	PROPN
fsr-3911	330	8	rank	rank	PROPN
fsr-3911	330	9	statistic	statistic	NOUN
fsr-3911	330	10	for	for	ADP
fsr-3911	330	11	the	the	DET
fsr-3911	330	12	null	null	ADJ
fsr-3911	330	13	hypothesis	hypothesis	NOUN
fsr-3911	330	14	that	that	PRON
fsr-3911	330	15	the	the	DET
fsr-3911	330	16	t	t	NOUN
fsr-3911	330	17	-	-	PUNCT
fsr-3911	330	18	bond	bond	NOUN
fsr-3911	330	19	and	and	CCONJ
fsr-3911	330	20	annuity	annuity	NOUN
fsr-3911	330	21	portfolios	portfolio	NOUN
fsr-3911	330	22	provide	provide	VERB
fsr-3911	330	23	consumption	consumption	NOUN
fsr-3911	330	24	equal	equal	ADJ
fsr-3911	330	25	to	to	ADP
fsr-3911	330	26	the	the	DET
fsr-3911	330	27	stock	stock	NOUN
fsr-3911	330	28	portfolio	portfolio	NOUN
fsr-3911	330	29	are	be	AUX
fsr-3911	330	30	presented	present	VERB
fsr-3911	330	31	in	in	ADP
fsr-3911	330	32	parentheses	parenthesis	NOUN
fsr-3911	330	33	.	.	PUNCT
fsr-3911	331	1	61p.p	61p.p	NUM
fsr-3911	331	2	.	.	PUNCT
fsr-3911	332	1	vora	vora	NOUN
fsr-3911	332	2	/	/	SYM
fsr-3911	332	3	financial	financial	ADJ
fsr-3911	332	4	services	service	NOUN
fsr-3911	332	5	review	review	VERB
fsr-3911	332	6	9	9	NUM
fsr-3911	332	7	(	(	PUNCT
fsr-3911	332	8	2000	2000	NUM
fsr-3911	332	9	)	)	PUNCT
fsr-3911	332	10	47–63	47–63	NOUN
fsr-3911	332	11	linkages	linkage	NOUN
fsr-3911	332	12	between	between	ADP
fsr-3911	332	13	the	the	DET
fsr-3911	332	14	stock	stock	NOUN
fsr-3911	332	15	market	market	NOUN
fsr-3911	332	16	,	,	PUNCT
fsr-3911	332	17	the	the	DET
fsr-3911	332	18	t	t	NOUN
fsr-3911	332	19	-	-	PUNCT
fsr-3911	332	20	bond	bond	NOUN
fsr-3911	332	21	market	market	NOUN
fsr-3911	332	22	,	,	PUNCT
fsr-3911	332	23	and	and	CCONJ
fsr-3911	332	24	the	the	DET
fsr-3911	332	25	market	market	NOUN
fsr-3911	332	26	for	for	ADP
fsr-3911	332	27	annuities	annuity	NOUN
fsr-3911	332	28	that	that	PRON
fsr-3911	332	29	are	be	AUX
fsr-3911	332	30	not	not	PART
fsr-3911	332	31	fully	fully	ADV
fsr-3911	332	32	understood	understand	VERB
fsr-3911	332	33	currently	currently	ADV
fsr-3911	332	34	.	.	PUNCT
fsr-3911	333	1	by	by	ADP
fsr-3911	333	2	randomizing	randomize	VERB
fsr-3911	333	3	the	the	DET
fsr-3911	333	4	returns	return	NOUN
fsr-3911	333	5	data	datum	NOUN
fsr-3911	333	6	,	,	PUNCT
fsr-3911	333	7	we	we	PRON
fsr-3911	333	8	ignore	ignore	VERB
fsr-3911	333	9	the	the	DET
fsr-3911	333	10	linkages	linkage	NOUN
fsr-3911	333	11	that	that	PRON
fsr-3911	333	12	might	might	AUX
fsr-3911	333	13	have	have	AUX
fsr-3911	333	14	existed	exist	VERB
fsr-3911	333	15	between	between	ADP
fsr-3911	333	16	the	the	DET
fsr-3911	333	17	different	different	ADJ
fsr-3911	333	18	returns	return	NOUN
fsr-3911	333	19	data	datum	NOUN
fsr-3911	333	20	that	that	PRON
fsr-3911	333	21	we	we	PRON
fsr-3911	333	22	have	have	VERB
fsr-3911	333	23	at	at	ADP
fsr-3911	333	24	our	our	PRON
fsr-3911	333	25	disposal	disposal	NOUN
fsr-3911	333	26	.	.	PUNCT
fsr-3911	334	1	we	we	PRON
fsr-3911	334	2	find	find	VERB
fsr-3911	334	3	that	that	SCONJ
fsr-3911	334	4	the	the	DET
fsr-3911	334	5	stock	stock	NOUN
fsr-3911	334	6	portfolio	portfolio	NOUN
fsr-3911	334	7	based	base	VERB
fsr-3911	334	8	consumption	consumption	NOUN
fsr-3911	334	9	is	be	AUX
fsr-3911	334	10	consistently	consistently	ADV
fsr-3911	334	11	greater	great	ADJ
fsr-3911	334	12	than	than	ADP
fsr-3911	334	13	consumption	consumption	NOUN
fsr-3911	334	14	based	base	VERB
fsr-3911	334	15	on	on	ADP
fsr-3911	334	16	other	other	ADJ
fsr-3911	334	17	portfolios	portfolio	NOUN
fsr-3911	334	18	.	.	PUNCT
fsr-3911	335	1	however	however	ADV
fsr-3911	335	2	,	,	PUNCT
fsr-3911	335	3	our	our	PRON
fsr-3911	335	4	results	result	NOUN
fsr-3911	335	5	are	be	AUX
fsr-3911	335	6	not	not	PART
fsr-3911	335	7	as	as	ADV
fsr-3911	335	8	strong	strong	ADJ
fsr-3911	335	9	statistically	statistically	ADV
fsr-3911	335	10	as	as	SCONJ
fsr-3911	335	11	the	the	DET
fsr-3911	335	12	results	result	NOUN
fsr-3911	335	13	reported	report	VERB
fsr-3911	335	14	in	in	ADP
fsr-3911	335	15	table	table	NOUN
fsr-3911	335	16	2	2	NUM
fsr-3911	335	17	.	.	PUNCT
fsr-3911	336	1	in	in	ADP
fsr-3911	336	2	particular	particular	ADJ
fsr-3911	336	3	,	,	PUNCT
fsr-3911	336	4	at	at	ADP
fsr-3911	336	5	horizons	horizon	NOUN
fsr-3911	336	6	of	of	ADP
fsr-3911	336	7	5	5	NUM
fsr-3911	336	8	and	and	CCONJ
fsr-3911	336	9	10	10	NUM
fsr-3911	336	10	years	year	NOUN
fsr-3911	336	11	,	,	PUNCT
fsr-3911	336	12	the	the	DET
fsr-3911	336	13	consumption	consumption	NOUN
fsr-3911	336	14	based	base	VERB
fsr-3911	336	15	on	on	ADP
fsr-3911	336	16	annuity	annuity	NOUN
fsr-3911	336	17	b	b	PROPN
fsr-3911	336	18	is	be	AUX
fsr-3911	336	19	statistically	statistically	ADV
fsr-3911	336	20	virtually	virtually	ADV
fsr-3911	336	21	indistinguishable	indistinguishable	ADJ
fsr-3911	336	22	from	from	ADP
fsr-3911	336	23	stock	stock	NOUN
fsr-3911	336	24	based	base	VERB
fsr-3911	336	25	consumption	consumption	NOUN
fsr-3911	336	26	.	.	PUNCT
fsr-3911	337	1	at	at	ADP
fsr-3911	337	2	the	the	DET
fsr-3911	337	3	10	10	NUM
fsr-3911	337	4	-	-	PUNCT
fsr-3911	337	5	year	year	NOUN
fsr-3911	337	6	horizon	horizon	NOUN
fsr-3911	337	7	,	,	PUNCT
fsr-3911	337	8	consumption	consumption	NOUN
fsr-3911	337	9	based	base	VERB
fsr-3911	337	10	on	on	ADP
fsr-3911	337	11	annuity	annuity	NOUN
fsr-3911	337	12	a	a	PRON
fsr-3911	337	13	is	be	AUX
fsr-3911	337	14	also	also	ADV
fsr-3911	337	15	statistically	statistically	ADV
fsr-3911	337	16	virtually	virtually	ADV
fsr-3911	337	17	indistinguishable	indistinguishable	ADJ
fsr-3911	337	18	from	from	ADP
fsr-3911	337	19	stock	stock	NOUN
fsr-3911	337	20	based	base	VERB
fsr-3911	337	21	consumption	consumption	NOUN
fsr-3911	337	22	.	.	PUNCT
fsr-3911	338	1	apart	apart	ADV
fsr-3911	338	2	from	from	ADP
fsr-3911	338	3	these	these	DET
fsr-3911	338	4	two	two	NUM
fsr-3911	338	5	statistically	statistically	ADV
fsr-3911	338	6	insignificant	insignificant	ADJ
fsr-3911	338	7	results	result	NOUN
fsr-3911	338	8	,	,	PUNCT
fsr-3911	338	9	the	the	DET
fsr-3911	338	10	rest	rest	NOUN
fsr-3911	338	11	of	of	ADP
fsr-3911	338	12	the	the	DET
fsr-3911	338	13	results	result	NOUN
fsr-3911	338	14	that	that	PRON
fsr-3911	338	15	appear	appear	VERB
fsr-3911	338	16	in	in	ADP
fsr-3911	338	17	the	the	DET
fsr-3911	338	18	table	table	NOUN
fsr-3911	338	19	are	be	AUX
fsr-3911	338	20	all	all	ADV
fsr-3911	338	21	statistically	statistically	ADV
fsr-3911	338	22	significant	significant	ADJ
fsr-3911	338	23	but	but	CCONJ
fsr-3911	338	24	in	in	ADP
fsr-3911	338	25	some	some	DET
fsr-3911	338	26	cases	case	NOUN
fsr-3911	338	27	not	not	PART
fsr-3911	338	28	as	as	ADV
fsr-3911	338	29	significant	significant	ADJ
fsr-3911	338	30	as	as	ADP
fsr-3911	338	31	their	their	PRON
fsr-3911	338	32	counterparts	counterpart	NOUN
fsr-3911	338	33	in	in	ADP
fsr-3911	338	34	table	table	NOUN
fsr-3911	338	35	2	2	NUM
fsr-3911	338	36	.	.	PUNCT
fsr-3911	339	1	however	however	ADV
fsr-3911	339	2	,	,	PUNCT
fsr-3911	339	3	based	base	VERB
fsr-3911	339	4	on	on	ADP
fsr-3911	339	5	the	the	DET
fsr-3911	339	6	results	result	NOUN
fsr-3911	339	7	that	that	PRON
fsr-3911	339	8	appear	appear	VERB
fsr-3911	339	9	in	in	ADP
fsr-3911	339	10	table	table	NOUN
fsr-3911	339	11	5	5	NUM
fsr-3911	339	12	we	we	PRON
fsr-3911	339	13	conclude	conclude	VERB
fsr-3911	339	14	that	that	SCONJ
fsr-3911	339	15	our	our	PRON
fsr-3911	339	16	main	main	ADJ
fsr-3911	339	17	result	result	NOUN
fsr-3911	339	18	that	that	SCONJ
fsr-3911	339	19	at	at	ADP
fsr-3911	339	20	long	long	ADJ
fsr-3911	339	21	horizons	horizon	NOUN
fsr-3911	339	22	retirees	retiree	NOUN
fsr-3911	339	23	are	be	AUX
fsr-3911	339	24	better	well	ADJ
fsr-3911	339	25	off	off	ADP
fsr-3911	339	26	by	by	ADP
fsr-3911	339	27	being	be	AUX
fsr-3911	339	28	in	in	ADP
fsr-3911	339	29	stocks	stock	NOUN
fsr-3911	339	30	is	be	AUX
fsr-3911	339	31	robust	robust	ADJ
fsr-3911	339	32	to	to	ADP
fsr-3911	339	33	the	the	DET
fsr-3911	339	34	unpredictability	unpredictability	NOUN
fsr-3911	339	35	of	of	ADP
fsr-3911	339	36	recessions	recession	NOUN
fsr-3911	339	37	.	.	PUNCT
fsr-3911	340	1	5	5	X
fsr-3911	340	2	.	.	X
fsr-3911	340	3	conclusions	conclusion	NOUN
fsr-3911	340	4	we	we	PRON
fsr-3911	340	5	study	study	VERB
fsr-3911	340	6	the	the	DET
fsr-3911	340	7	history	history	NOUN
fsr-3911	340	8	of	of	ADP
fsr-3911	340	9	u.s	u.s	PROPN
fsr-3911	340	10	.	.	PROPN
fsr-3911	340	11	financial	financial	ADJ
fsr-3911	340	12	markets	market	NOUN
fsr-3911	340	13	from	from	ADP
fsr-3911	340	14	the	the	DET
fsr-3911	340	15	perspective	perspective	NOUN
fsr-3911	340	16	of	of	ADP
fsr-3911	340	17	a	a	DET
fsr-3911	340	18	retiree	retiree	NOUN
fsr-3911	340	19	because	because	SCONJ
fsr-3911	340	20	the	the	DET
fsr-3911	340	21	voluminous	voluminous	ADJ
fsr-3911	340	22	literature	literature	NOUN
fsr-3911	340	23	on	on	ADP
fsr-3911	340	24	u.s	u.s	PROPN
fsr-3911	340	25	.	.	PROPN
fsr-3911	340	26	financial	financial	ADJ
fsr-3911	340	27	market	market	NOUN
fsr-3911	340	28	history	history	NOUN
fsr-3911	340	29	and	and	CCONJ
fsr-3911	340	30	on	on	ADP
fsr-3911	340	31	optimal	optimal	ADJ
fsr-3911	340	32	asset	asset	NOUN
fsr-3911	340	33	allocation	allocation	NOUN
fsr-3911	340	34	largely	largely	ADV
fsr-3911	340	35	ignores	ignore	VERB
fsr-3911	340	36	the	the	DET
fsr-3911	340	37	retiree	retiree	NOUN
fsr-3911	340	38	’s	’s	PART
fsr-3911	340	39	asset	asset	NOUN
fsr-3911	340	40	allocation	allocation	NOUN
fsr-3911	340	41	decision	decision	NOUN
fsr-3911	340	42	.	.	PUNCT
fsr-3911	341	1	we	we	PRON
fsr-3911	341	2	assume	assume	VERB
fsr-3911	341	3	that	that	SCONJ
fsr-3911	341	4	retirees	retiree	NOUN
fsr-3911	341	5	are	be	AUX
fsr-3911	341	6	primarily	primarily	ADV
fsr-3911	341	7	interested	interested	ADJ
fsr-3911	341	8	in	in	ADP
fsr-3911	341	9	maximizing	maximize	VERB
fsr-3911	341	10	their	their	PRON
fsr-3911	341	11	consumption	consumption	NOUN
fsr-3911	341	12	stream	stream	NOUN
fsr-3911	341	13	.	.	PUNCT
fsr-3911	342	1	therefore	therefore	ADV
fsr-3911	342	2	,	,	PUNCT
fsr-3911	342	3	we	we	PRON
fsr-3911	342	4	calculate	calculate	VERB
fsr-3911	342	5	and	and	CCONJ
fsr-3911	342	6	compare	compare	VERB
fsr-3911	342	7	the	the	DET
fsr-3911	342	8	magnitude	magnitude	NOUN
fsr-3911	342	9	of	of	ADP
fsr-3911	342	10	consumption	consumption	NOUN
fsr-3911	342	11	that	that	PRON
fsr-3911	342	12	would	would	AUX
fsr-3911	342	13	have	have	AUX
fsr-3911	342	14	been	be	AUX
fsr-3911	342	15	possible	possible	ADJ
fsr-3911	342	16	under	under	ADP
fsr-3911	342	17	various	various	ADJ
fsr-3911	342	18	asset	asset	NOUN
fsr-3911	342	19	classes	class	NOUN
fsr-3911	342	20	for	for	ADP
fsr-3911	342	21	various	various	ADJ
fsr-3911	342	22	retirement	retirement	NOUN
fsr-3911	342	23	horizons	horizon	NOUN
fsr-3911	342	24	.	.	PUNCT
fsr-3911	343	1	we	we	PRON
fsr-3911	343	2	find	find	VERB
fsr-3911	343	3	that	that	SCONJ
fsr-3911	343	4	consumption	consumption	NOUN
fsr-3911	343	5	based	base	VERB
fsr-3911	343	6	on	on	ADP
fsr-3911	343	7	a	a	DET
fsr-3911	343	8	stock	stock	NOUN
fsr-3911	343	9	portfolio	portfolio	NOUN
fsr-3911	343	10	has	have	AUX
fsr-3911	343	11	been	be	AUX
fsr-3911	343	12	much	much	ADV
fsr-3911	343	13	higher	high	ADJ
fsr-3911	343	14	compared	compare	VERB
fsr-3911	343	15	to	to	ADP
fsr-3911	343	16	consumption	consumption	NOUN
fsr-3911	343	17	based	base	VERB
fsr-3911	343	18	on	on	ADP
fsr-3911	343	19	a	a	DET
fsr-3911	343	20	portfolio	portfolio	NOUN
fsr-3911	343	21	composed	compose	VERB
fsr-3911	343	22	of	of	ADP
fsr-3911	343	23	t	t	PROPN
fsr-3911	343	24	-	-	PUNCT
fsr-3911	343	25	bonds	bond	NOUN
fsr-3911	343	26	,	,	PUNCT
fsr-3911	343	27	or	or	CCONJ
fsr-3911	343	28	annuities	annuity	NOUN
fsr-3911	343	29	based	base	VERB
fsr-3911	343	30	on	on	ADP
fsr-3911	343	31	the	the	DET
fsr-3911	343	32	yield	yield	NOUN
fsr-3911	343	33	on	on	ADP
fsr-3911	343	34	a	a	DET
fsr-3911	343	35	broadly	broadly	ADV
fsr-3911	343	36	diversified	diversify	VERB
fsr-3911	343	37	portfolio	portfolio	NOUN
fsr-3911	343	38	of	of	ADP
fsr-3911	343	39	investment	investment	NOUN
fsr-3911	343	40	-	-	PUNCT
fsr-3911	343	41	grade	grade	NOUN
fsr-3911	343	42	bonds	bond	NOUN
fsr-3911	343	43	or	or	CCONJ
fsr-3911	343	44	even	even	ADV
fsr-3911	343	45	moderately	moderately	ADV
fsr-3911	343	46	risky	risky	ADJ
fsr-3911	343	47	bonds	bond	NOUN
fsr-3911	343	48	.	.	PUNCT
fsr-3911	344	1	this	this	DET
fsr-3911	344	2	statistical	statistical	ADJ
fsr-3911	344	3	and	and	CCONJ
fsr-3911	344	4	economic	economic	ADJ
fsr-3911	344	5	dominance	dominance	NOUN
fsr-3911	344	6	of	of	ADP
fsr-3911	344	7	stocks	stock	NOUN
fsr-3911	344	8	over	over	ADP
fsr-3911	344	9	bonds	bond	NOUN
fsr-3911	344	10	increases	increase	NOUN
fsr-3911	344	11	as	as	SCONJ
fsr-3911	344	12	we	we	PRON
fsr-3911	344	13	increase	increase	VERB
fsr-3911	344	14	the	the	DET
fsr-3911	344	15	time	time	NOUN
fsr-3911	344	16	horizon	horizon	NOUN
fsr-3911	344	17	for	for	ADP
fsr-3911	344	18	investment	investment	NOUN
fsr-3911	344	19	.	.	PUNCT
fsr-3911	345	1	when	when	SCONJ
fsr-3911	345	2	we	we	PRON
fsr-3911	345	3	compare	compare	VERB
fsr-3911	345	4	the	the	DET
fsr-3911	345	5	real	real	ADJ
fsr-3911	345	6	consumption	consumption	NOUN
fsr-3911	345	7	that	that	PRON
fsr-3911	345	8	is	be	AUX
fsr-3911	345	9	possible	possible	ADJ
fsr-3911	345	10	across	across	ADP
fsr-3911	345	11	different	different	ADJ
fsr-3911	345	12	asset	asset	NOUN
fsr-3911	345	13	classes	class	NOUN
fsr-3911	345	14	we	we	PRON
fsr-3911	345	15	find	find	VERB
fsr-3911	345	16	that	that	SCONJ
fsr-3911	345	17	stocks	stock	NOUN
fsr-3911	345	18	perform	perform	VERB
fsr-3911	345	19	even	even	ADV
fsr-3911	345	20	better	well	ADV
fsr-3911	345	21	.	.	PUNCT
fsr-3911	346	1	we	we	PRON
fsr-3911	346	2	also	also	ADV
fsr-3911	346	3	find	find	VERB
fsr-3911	346	4	that	that	SCONJ
fsr-3911	346	5	the	the	DET
fsr-3911	346	6	likelihood	likelihood	NOUN
fsr-3911	346	7	of	of	ADP
fsr-3911	346	8	low	low	ADJ
fsr-3911	346	9	consumption	consumption	NOUN
fsr-3911	346	10	is	be	AUX
fsr-3911	346	11	higher	high	ADJ
fsr-3911	346	12	with	with	ADP
fsr-3911	346	13	t	t	NOUN
fsr-3911	346	14	-	-	PUNCT
fsr-3911	346	15	bonds	bond	NOUN
fsr-3911	346	16	and	and	CCONJ
fsr-3911	346	17	this	this	DET
fsr-3911	346	18	likelihood	likelihood	NOUN
fsr-3911	346	19	increases	increase	VERB
fsr-3911	346	20	with	with	ADP
fsr-3911	346	21	the	the	DET
fsr-3911	346	22	time	time	NOUN
fsr-3911	346	23	horizon	horizon	NOUN
fsr-3911	346	24	,	,	PUNCT
fsr-3911	346	25	while	while	SCONJ
fsr-3911	346	26	the	the	DET
fsr-3911	346	27	likelihood	likelihood	NOUN
fsr-3911	346	28	of	of	ADP
fsr-3911	346	29	high	high	ADJ
fsr-3911	346	30	consumption	consumption	NOUN
fsr-3911	346	31	is	be	AUX
fsr-3911	346	32	higher	high	ADJ
fsr-3911	346	33	with	with	ADP
fsr-3911	346	34	stocks	stock	NOUN
fsr-3911	346	35	and	and	CCONJ
fsr-3911	346	36	this	this	DET
fsr-3911	346	37	likelihood	likelihood	NOUN
fsr-3911	346	38	also	also	ADV
fsr-3911	346	39	increases	increase	VERB
fsr-3911	346	40	with	with	ADP
fsr-3911	346	41	the	the	DET
fsr-3911	346	42	time	time	NOUN
fsr-3911	346	43	horizon	horizon	NOUN
fsr-3911	346	44	.	.	PUNCT
fsr-3911	347	1	interestingly	interestingly	ADV
fsr-3911	347	2	,	,	PUNCT
fsr-3911	347	3	the	the	DET
fsr-3911	347	4	few	few	ADJ
fsr-3911	347	5	cases	case	NOUN
fsr-3911	347	6	in	in	ADP
fsr-3911	347	7	which	which	PRON
fsr-3911	347	8	other	other	ADJ
fsr-3911	347	9	than	than	ADP
fsr-3911	347	10	a	a	DET
fsr-3911	347	11	100	100	NUM
fsr-3911	347	12	%	%	NOUN
fsr-3911	347	13	investment	investment	NOUN
fsr-3911	347	14	in	in	ADP
fsr-3911	347	15	stock	stock	NOUN
fsr-3911	347	16	was	be	AUX
fsr-3911	347	17	superior	superior	ADJ
fsr-3911	347	18	,	,	PUNCT
fsr-3911	347	19	seem	seem	VERB
fsr-3911	347	20	to	to	PART
fsr-3911	347	21	cluster	cluster	VERB
fsr-3911	347	22	in	in	ADP
fsr-3911	347	23	periods	period	NOUN
fsr-3911	347	24	when	when	SCONJ
fsr-3911	347	25	the	the	DET
fsr-3911	347	26	economy	economy	NOUN
fsr-3911	347	27	contracted	contract	VERB
fsr-3911	347	28	.	.	PUNCT
fsr-3911	348	1	thus	thus	ADV
fsr-3911	348	2	,	,	PUNCT
fsr-3911	348	3	we	we	PRON
fsr-3911	348	4	conclude	conclude	VERB
fsr-3911	348	5	that	that	SCONJ
fsr-3911	348	6	unless	unless	SCONJ
fsr-3911	348	7	the	the	DET
fsr-3911	348	8	economy	economy	NOUN
fsr-3911	348	9	is	be	AUX
fsr-3911	348	10	beset	beset	VERB
fsr-3911	348	11	by	by	ADP
fsr-3911	348	12	an	an	DET
fsr-3911	348	13	economic	economic	ADJ
fsr-3911	348	14	contraction	contraction	NOUN
fsr-3911	348	15	,	,	PUNCT
fsr-3911	348	16	a	a	DET
fsr-3911	348	17	retiree	retiree	NOUN
fsr-3911	348	18	will	will	AUX
fsr-3911	348	19	be	be	AUX
fsr-3911	348	20	better	well	ADJ
fsr-3911	348	21	off	off	ADP
fsr-3911	348	22	with	with	ADP
fsr-3911	348	23	a	a	DET
fsr-3911	348	24	100	100	NUM
fsr-3911	348	25	%	%	NOUN
fsr-3911	348	26	allocation	allocation	NOUN
fsr-3911	348	27	of	of	ADP
fsr-3911	348	28	wealth	wealth	NOUN
fsr-3911	348	29	to	to	ADP
fsr-3911	348	30	stocks	stock	NOUN
fsr-3911	348	31	.	.	PUNCT
fsr-3911	349	1	however	however	ADV
fsr-3911	349	2	,	,	PUNCT
fsr-3911	349	3	we	we	PRON
fsr-3911	349	4	recognize	recognize	VERB
fsr-3911	349	5	thatex	thatex	NOUN
fsr-3911	349	6	-	-	PUNCT
fsr-3911	349	7	ante	ante	NOUN
fsr-3911	349	8	the	the	DET
fsr-3911	349	9	ability	ability	NOUN
fsr-3911	349	10	of	of	ADP
fsr-3911	349	11	any	any	DET
fsr-3911	349	12	individual	individual	NOUN
fsr-3911	349	13	to	to	PART
fsr-3911	349	14	predict	predict	VERB
fsr-3911	349	15	the	the	DET
fsr-3911	349	16	onset	onset	NOUN
fsr-3911	349	17	of	of	ADP
fsr-3911	349	18	an	an	DET
fsr-3911	349	19	economic	economic	ADJ
fsr-3911	349	20	contraction	contraction	NOUN
fsr-3911	349	21	is	be	AUX
fsr-3911	349	22	low	low	ADJ
fsr-3911	349	23	.	.	PUNCT
fsr-3911	350	1	therefore	therefore	ADV
fsr-3911	350	2	,	,	PUNCT
fsr-3911	350	3	we	we	PRON
fsr-3911	350	4	provide	provide	VERB
fsr-3911	350	5	additional	additional	ADJ
fsr-3911	350	6	evidence	evidence	NOUN
fsr-3911	350	7	on	on	ADP
fsr-3911	350	8	monthly	monthly	ADJ
fsr-3911	350	9	consumption	consumption	NOUN
fsr-3911	350	10	when	when	SCONJ
fsr-3911	350	11	returns	return	NOUN
fsr-3911	350	12	are	be	AUX
fsr-3911	350	13	drawn	draw	VERB
fsr-3911	350	14	randomly	randomly	ADV
fsr-3911	350	15	from	from	ADP
fsr-3911	350	16	the	the	DET
fsr-3911	350	17	set	set	NOUN
fsr-3911	350	18	of	of	ADP
fsr-3911	350	19	monthly	monthly	ADJ
fsr-3911	350	20	returns	return	NOUN
fsr-3911	350	21	that	that	PRON
fsr-3911	350	22	we	we	PRON
fsr-3911	350	23	have	have	VERB
fsr-3911	350	24	.	.	PUNCT
fsr-3911	351	1	our	our	PRON
fsr-3911	351	2	results	result	NOUN
fsr-3911	351	3	based	base	VERB
fsr-3911	351	4	on	on	ADP
fsr-3911	351	5	randomized	randomized	ADJ
fsr-3911	351	6	returns	return	NOUN
fsr-3911	351	7	are	be	AUX
fsr-3911	351	8	qualitatively	qualitatively	ADV
fsr-3911	351	9	consistent	consistent	ADJ
fsr-3911	351	10	with	with	ADP
fsr-3911	351	11	our	our	PRON
fsr-3911	351	12	other	other	ADJ
fsr-3911	351	13	results	result	NOUN
fsr-3911	351	14	,	,	PUNCT
fsr-3911	351	15	but	but	CCONJ
fsr-3911	351	16	statistically	statistically	ADV
fsr-3911	351	17	they	they	PRON
fsr-3911	351	18	are	be	AUX
fsr-3911	351	19	not	not	PART
fsr-3911	351	20	quite	quite	ADV
fsr-3911	351	21	as	as	ADV
fsr-3911	351	22	significant	significant	ADJ
fsr-3911	351	23	,	,	PUNCT
fsr-3911	351	24	particularly	particularly	ADV
fsr-3911	351	25	at	at	ADP
fsr-3911	351	26	short	short	ADJ
fsr-3911	351	27	horizons	horizon	NOUN
fsr-3911	351	28	.	.	PUNCT
fsr-3911	352	1	thus	thus	ADV
fsr-3911	352	2	,	,	PUNCT
fsr-3911	352	3	our	our	PRON
fsr-3911	352	4	study	study	NOUN
fsr-3911	352	5	provides	provide	VERB
fsr-3911	352	6	strong	strong	ADJ
fsr-3911	352	7	evidence	evidence	NOUN
fsr-3911	352	8	that	that	SCONJ
fsr-3911	352	9	individuals	individual	NOUN
fsr-3911	352	10	should	should	AUX
fsr-3911	352	11	seriously	seriously	ADV
fsr-3911	352	12	consider	consider	VERB
fsr-3911	352	13	remaining	remain	VERB
fsr-3911	352	14	in	in	ADP
fsr-3911	352	15	stocks	stock	NOUN
fsr-3911	352	16	even	even	ADV
fsr-3911	352	17	after	after	ADP
fsr-3911	352	18	retirement	retirement	NOUN
fsr-3911	352	19	,	,	PUNCT
fsr-3911	352	20	particularly	particularly	ADV
fsr-3911	352	21	at	at	ADP
fsr-3911	352	22	long	long	ADJ
fsr-3911	352	23	retirement	retirement	NOUN
fsr-3911	352	24	horizons	horizon	NOUN
fsr-3911	352	25	,	,	PUNCT
fsr-3911	352	26	due	due	ADP
fsr-3911	352	27	to	to	ADP
fsr-3911	352	28	the	the	DET
fsr-3911	352	29	larger	large	ADJ
fsr-3911	352	30	size	size	NOUN
fsr-3911	352	31	of	of	ADP
fsr-3911	352	32	the	the	DET
fsr-3911	352	33	stock	stock	NOUN
fsr-3911	352	34	based	base	VERB
fsr-3911	352	35	consumption	consumption	NOUN
fsr-3911	352	36	amounts	amount	VERB
fsr-3911	352	37	as	as	SCONJ
fsr-3911	352	38	opposed	oppose	VERB
fsr-3911	352	39	to	to	ADP
fsr-3911	352	40	fixed	fix	VERB
fsr-3911	352	41	-	-	PUNCT
fsr-3911	352	42	income	income	NOUN
fsr-3911	352	43	security	security	NOUN
fsr-3911	352	44	based	base	VERB
fsr-3911	352	45	consumption	consumption	NOUN
fsr-3911	352	46	.	.	PUNCT
fsr-3911	353	1	62	62	NUM
fsr-3911	353	2	p.p	p.p	PROPN
fsr-3911	353	3	.	.	PROPN
fsr-3911	353	4	vora	vora	PROPN
fsr-3911	353	5	/	/	SYM
fsr-3911	353	6	financial	financial	ADJ
fsr-3911	353	7	services	service	NOUN
fsr-3911	353	8	review	review	VERB
fsr-3911	353	9	9	9	NUM
fsr-3911	353	10	(	(	PUNCT
fsr-3911	353	11	2000	2000	NUM
fsr-3911	353	12	)	)	PUNCT
fsr-3911	353	13	47–63	47–63	NUM
fsr-3911	353	14	acknowledgments	acknowledgment	NOUN
fsr-3911	353	15	the	the	DET
fsr-3911	353	16	authors	author	NOUN
fsr-3911	353	17	wish	wish	VERB
fsr-3911	353	18	to	to	PART
fsr-3911	353	19	thank	thank	VERB
fsr-3911	353	20	the	the	DET
fsr-3911	353	21	editor	editor	NOUN
fsr-3911	353	22	(	(	PUNCT
fsr-3911	353	23	vickie	vickie	NOUN
fsr-3911	353	24	bajtelsmit	bajtelsmit	NOUN
fsr-3911	353	25	)	)	PUNCT
fsr-3911	353	26	and	and	CCONJ
fsr-3911	353	27	two	two	NUM
fsr-3911	353	28	anonymous	anonymous	ADJ
fsr-3911	353	29	reviewers	reviewer	NOUN
fsr-3911	353	30	for	for	ADP
fsr-3911	353	31	their	their	PRON
fsr-3911	353	32	helpful	helpful	ADJ
fsr-3911	353	33	comments	comment	NOUN
fsr-3911	353	34	.	.	PUNCT
fsr-3911	354	1	references	reference	NOUN
fsr-3911	354	2	bengen	bengen	VERB
fsr-3911	354	3	,	,	PUNCT
fsr-3911	354	4	w.	w.	PROPN
fsr-3911	354	5	p.	p.	PROPN
fsr-3911	354	6	(	(	PUNCT
fsr-3911	354	7	1994	1994	NUM
fsr-3911	354	8	)	)	PUNCT
fsr-3911	354	9	.	.	PUNCT
fsr-3911	355	1	determining	determine	VERB
fsr-3911	355	2	withdrawal	withdrawal	NOUN
fsr-3911	355	3	rates	rate	NOUN
fsr-3911	355	4	using	use	VERB
fsr-3911	355	5	historical	historical	ADJ
fsr-3911	355	6	data.journal	data.journal	ADJ
fsr-3911	355	7	of	of	ADP
fsr-3911	355	8	financial	financial	ADJ
fsr-3911	355	9	planning	planning	NOUN
fsr-3911	355	10	,	,	PUNCT
fsr-3911	355	11	7(4	7(4	NUM
fsr-3911	355	12	)	)	PUNCT
fsr-3911	355	13	,	,	PUNCT
fsr-3911	355	14	171–180	171–180	NUM
fsr-3911	355	15	.	.	PUNCT
fsr-3911	356	1	brinson	brinson	PROPN
fsr-3911	356	2	,	,	PUNCT
fsr-3911	356	3	g.	g.	PROPN
fsr-3911	356	4	p.	p.	PROPN
fsr-3911	356	5	,	,	PUNCT
fsr-3911	356	6	hood	hood	PROPN
fsr-3911	356	7	,	,	PUNCT
fsr-3911	356	8	r.	r.	PROPN
fsr-3911	356	9	l.	l.	PROPN
fsr-3911	356	10	,	,	PUNCT
fsr-3911	356	11	&	&	CCONJ
fsr-3911	356	12	beebower	beebower	PROPN
fsr-3911	356	13	,	,	PUNCT
fsr-3911	356	14	g.	g.	PROPN
fsr-3911	356	15	(	(	PUNCT
fsr-3911	356	16	1986	1986	NUM
fsr-3911	356	17	)	)	PUNCT
fsr-3911	356	18	.	.	PUNCT
fsr-3911	357	1	determinants	determinant	NOUN
fsr-3911	357	2	of	of	ADP
fsr-3911	357	3	portfolio	portfolio	NOUN
fsr-3911	357	4	performance.financial	performance.financial	ADJ
fsr-3911	357	5	analysts	analyst	NOUN
fsr-3911	357	6	journal	journal	NOUN
fsr-3911	357	7	,	,	PUNCT
fsr-3911	357	8	42(4	42(4	PROPN
fsr-3911	357	9	)	)	PUNCT
fsr-3911	357	10	,	,	PUNCT
fsr-3911	357	11	39–44	39–44	NUM
fsr-3911	357	12	.	.	PUNCT
fsr-3911	357	13	butler	butler	PROPN
fsr-3911	357	14	,	,	PUNCT
fsr-3911	357	15	k.	k.	PROPN
fsr-3911	357	16	c.	c.	PROPN
fsr-3911	357	17	and	and	CCONJ
fsr-3911	357	18	domian	domian	PROPN
fsr-3911	357	19	,	,	PUNCT
fsr-3911	357	20	d.	d.	PROPN
fsr-3911	357	21	l.	l.	PROPN
fsr-3911	357	22	(	(	PUNCT
fsr-3911	357	23	1993	1993	NUM
fsr-3911	357	24	)	)	PUNCT
fsr-3911	357	25	.	.	PUNCT
fsr-3911	358	1	long	long	ADV
fsr-3911	358	2	-	-	PUNCT
fsr-3911	358	3	run	run	NOUN
fsr-3911	358	4	returns	return	NOUN
fsr-3911	358	5	on	on	ADP
fsr-3911	358	6	stock	stock	NOUN
fsr-3911	358	7	and	and	CCONJ
fsr-3911	358	8	bond	bond	NOUN
fsr-3911	358	9	portfolios	portfolio	NOUN
fsr-3911	358	10	:	:	PUNCT
fsr-3911	358	11	implications	implication	NOUN
fsr-3911	358	12	for	for	ADP
fsr-3911	358	13	retirement	retirement	NOUN
fsr-3911	358	14	planning.financial	planning.financial	PROPN
fsr-3911	358	15	services	service	NOUN
fsr-3911	358	16	review	review	NOUN
fsr-3911	358	17	,	,	PUNCT
fsr-3911	358	18	2(1	2(1	NUM
fsr-3911	358	19	)	)	PUNCT
fsr-3911	358	20	,	,	PUNCT
fsr-3911	358	21	41–49	41–49	NUM
fsr-3911	358	22	.	.	PUNCT
fsr-3911	359	1	bureau	bureau	PROPN
fsr-3911	359	2	of	of	ADP
fsr-3911	359	3	labor	labor	PROPN
fsr-3911	359	4	statistics	statistic	NOUN
fsr-3911	359	5	.	.	PUNCT
fsr-3911	360	1	visited	visit	VERB
fsr-3911	360	2	august	august	PROPN
fsr-3911	360	3	7	7	NUM
fsr-3911	360	4	,	,	PUNCT
fsr-3911	360	5	1997.bureau	1997.bureau	NUM
fsr-3911	360	6	of	of	ADP
fsr-3911	360	7	labor	labor	PROPN
fsr-3911	360	8	statistics	statistics	PROPN
fsr-3911	360	9	data	data	PROPN
fsr-3911	360	10	:	:	PUNCT
fsr-3911	360	11	consumer	consumer	NOUN
fsr-3911	360	12	price	price	NOUN
fsr-3911	360	13	portfolioall	portfolioall	PROPN
fsr-3911	360	14	urban	urban	PROPN
fsr-3911	360	15	consumers[www	consumers[www	PROPN
fsr-3911	360	16	document	document	NOUN
fsr-3911	360	17	]	]	X
fsr-3911	360	18	.	.	PUNCT
fsr-3911	361	1	urlhttp://stats.bls.gov/cgi-bin/surveymost?cu	urlhttp://stats.bls.gov/cgi-bin/surveymost?cu	PROPN
fsr-3911	361	2	clements	clements	PROPN
fsr-3911	361	3	,	,	PUNCT
fsr-3911	361	4	j.	j.	PROPN
fsr-3911	361	5	(	(	PUNCT
fsr-3911	361	6	november	november	PROPN
fsr-3911	361	7	23	23	NUM
fsr-3911	361	8	,	,	PUNCT
fsr-3911	361	9	1999	1999	NUM
fsr-3911	361	10	)	)	PUNCT
fsr-3911	361	11	.	.	PUNCT
fsr-3911	362	1	figuring	figure	VERB
fsr-3911	362	2	asset	asset	NOUN
fsr-3911	362	3	mix	mix	NOUN
fsr-3911	362	4	?	?	PUNCT
fsr-3911	363	1	avoid	avoid	VERB
fsr-3911	363	2	mix-ups.the	mix-ups.the	PROPN
fsr-3911	363	3	wall	wall	PROPN
fsr-3911	363	4	street	street	PROPN
fsr-3911	363	5	journal	journal	PROPN
fsr-3911	363	6	,	,	PUNCT
fsr-3911	363	7	c1	c1	PROPN
fsr-3911	363	8	.	.	PUNCT
fsr-3911	364	1	conover	conover	PROPN
fsr-3911	364	2	,	,	PUNCT
fsr-3911	364	3	w.	w.	PROPN
fsr-3911	364	4	j.	j.	PROPN
fsr-3911	364	5	(	(	PUNCT
fsr-3911	364	6	1980).practical	1980).practical	PROPN
fsr-3911	364	7	nonparametric	nonparametric	PROPN
fsr-3911	364	8	statistics.new	statistics.new	PROPN
fsr-3911	364	9	york	york	PROPN
fsr-3911	364	10	,	,	PUNCT
fsr-3911	364	11	ny	ny	PROPN
fsr-3911	364	12	:	:	PUNCT
fsr-3911	364	13	john	john	PROPN
fsr-3911	364	14	wiley	wiley	PROPN
fsr-3911	364	15	&	&	CCONJ
fsr-3911	364	16	sons	son	NOUN
fsr-3911	364	17	.	.	PUNCT
fsr-3911	365	1	constantinides	constantinide	VERB
fsr-3911	365	2	,	,	PUNCT
fsr-3911	365	3	g.	g.	PROPN
fsr-3911	365	4	m.	m.	PROPN
fsr-3911	365	5	(	(	PUNCT
fsr-3911	365	6	1979	1979	NUM
fsr-3911	365	7	)	)	PUNCT
fsr-3911	365	8	.	.	PUNCT
fsr-3911	366	1	a	a	DET
fsr-3911	366	2	note	note	NOUN
fsr-3911	366	3	on	on	ADP
fsr-3911	366	4	the	the	DET
fsr-3911	366	5	suboptimality	suboptimality	NOUN
fsr-3911	366	6	of	of	ADP
fsr-3911	366	7	dollar	dollar	NOUN
fsr-3911	366	8	-	-	PUNCT
fsr-3911	366	9	cost	cost	NOUN
fsr-3911	366	10	averaging	averaging	NOUN
fsr-3911	366	11	as	as	ADP
fsr-3911	366	12	an	an	DET
fsr-3911	366	13	investment	investment	NOUN
fsr-3911	366	14	policy	policy	NOUN
fsr-3911	366	15	.	.	PUNCT
fsr-3911	367	1	journal	journal	NOUN
fsr-3911	367	2	of	of	ADP
fsr-3911	367	3	financial	financial	ADJ
fsr-3911	367	4	and	and	CCONJ
fsr-3911	367	5	quantitative	quantitative	ADJ
fsr-3911	367	6	analysis	analysis	NOUN
fsr-3911	367	7	,	,	PUNCT
fsr-3911	367	8	14(2	14(2	NUM
fsr-3911	367	9	)	)	PUNCT
fsr-3911	367	10	,	,	PUNCT
fsr-3911	367	11	443–450	443–450	NUM
fsr-3911	367	12	.	.	PUNCT
fsr-3911	368	1	federal	federal	PROPN
fsr-3911	368	2	reserve	reserve	PROPN
fsr-3911	368	3	board	board	PROPN
fsr-3911	368	4	.	.	PUNCT
fsr-3911	369	1	visited	visit	VERB
fsr-3911	369	2	january	january	PROPN
fsr-3911	369	3	30	30	NUM
fsr-3911	369	4	,	,	PUNCT
fsr-3911	369	5	1997.federal	1997.federal	ADJ
fsr-3911	369	6	reserve	reserve	ADJ
fsr-3911	369	7	statistical	statistical	ADJ
fsr-3911	369	8	release	release	NOUN
fsr-3911	369	9	:	:	PUNCT
fsr-3911	369	10	selected	select	VERB
fsr-3911	369	11	interest	interest	NOUN
fsr-3911	369	12	rates	rate	NOUN
fsr-3911	369	13	[	[	X
fsr-3911	369	14	www	www	NOUN
fsr-3911	369	15	document	document	NOUN
fsr-3911	369	16	]	]	X
fsr-3911	369	17	.	.	PUNCT
fsr-3911	370	1	urlhttp://www.bog.frb.fed.us/releases/h15/data.htm	urlhttp://www.bog.frb.fed.us/releases/h15/data.htm	PROPN
fsr-3911	370	2	huang	huang	PROPN
fsr-3911	370	3	,	,	PUNCT
fsr-3911	370	4	r.	r.	PROPN
fsr-3911	370	5	d.	d.	PROPN
fsr-3911	370	6	,	,	PUNCT
fsr-3911	370	7	and	and	CCONJ
fsr-3911	370	8	stoll	stoll	PROPN
fsr-3911	370	9	,	,	PUNCT
fsr-3911	370	10	h.	h.	PROPN
fsr-3911	370	11	a.	a.	PROPN
fsr-3911	370	12	(	(	PUNCT
fsr-3911	370	13	1997	1997	NUM
fsr-3911	370	14	)	)	PUNCT
fsr-3911	370	15	.	.	PUNCT
fsr-3911	371	1	the	the	DET
fsr-3911	371	2	components	component	NOUN
fsr-3911	371	3	of	of	ADP
fsr-3911	371	4	the	the	DET
fsr-3911	371	5	bid	bid	NOUN
fsr-3911	371	6	-	-	PUNCT
fsr-3911	371	7	ask	ask	NOUN
fsr-3911	371	8	spread	spread	NOUN
fsr-3911	371	9	:	:	PUNCT
fsr-3911	371	10	a	a	DET
fsr-3911	371	11	general	general	ADJ
fsr-3911	371	12	approach.review	approach.review	NUM
fsr-3911	371	13	of	of	ADP
fsr-3911	371	14	financial	financial	ADJ
fsr-3911	371	15	studies	study	NOUN
fsr-3911	371	16	,	,	PUNCT
fsr-3911	371	17	10(4	10(4	NUM
fsr-3911	371	18	)	)	PUNCT
fsr-3911	371	19	,	,	PUNCT
fsr-3911	371	20	995–1034	995–1034	NUM
fsr-3911	371	21	.	.	PUNCT
fsr-3911	371	22	ibbotson	ibbotson	PROPN
fsr-3911	371	23	,	,	PUNCT
fsr-3911	371	24	r.	r.	PROPN
fsr-3911	371	25	g.	g.	PROPN
fsr-3911	371	26	and	and	CCONJ
fsr-3911	371	27	sinquefield	sinquefield	PROPN
fsr-3911	371	28	,	,	PUNCT
fsr-3911	371	29	r.	r.	PROPN
fsr-3911	371	30	a.	a.	PROPN
fsr-3911	371	31	(	(	PUNCT
fsr-3911	371	32	1989).stocks	1989).stocks	PROPN
fsr-3911	371	33	,	,	PUNCT
fsr-3911	371	34	bonds	bond	NOUN
fsr-3911	371	35	,	,	PUNCT
fsr-3911	371	36	bills	bill	NOUN
fsr-3911	371	37	,	,	PUNCT
fsr-3911	371	38	and	and	CCONJ
fsr-3911	371	39	inflation	inflation	NOUN
fsr-3911	371	40	,	,	PUNCT
fsr-3911	371	41	historical	historical	ADJ
fsr-3911	371	42	returns	return	NOUN
fsr-3911	371	43	(	(	PUNCT
fsr-3911	371	44	1926	1926	NUM
fsr-3911	371	45	-	-	SYM
fsr-3911	371	46	1987	1987	NUM
fsr-3911	371	47	)	)	PUNCT
fsr-3911	371	48	.	.	PUNCT
fsr-3911	372	1	homewood	homewood	PROPN
fsr-3911	372	2	,	,	PUNCT
fsr-3911	372	3	il	il	PROPN
fsr-3911	372	4	:	:	PUNCT
fsr-3911	372	5	dow	dow	PROPN
fsr-3911	372	6	jones	jones	PROPN
fsr-3911	372	7	-	-	PUNCT
fsr-3911	372	8	irwin	irwin	PROPN
fsr-3911	372	9	.	.	PUNCT
fsr-3911	373	1	jagannathan	jagannathan	PROPN
fsr-3911	373	2	,	,	PUNCT
fsr-3911	373	3	r.	r.	PROPN
fsr-3911	373	4	,	,	PUNCT
fsr-3911	373	5	&	&	CCONJ
fsr-3911	373	6	kocherlakota	kocherlakota	PROPN
fsr-3911	373	7	,	,	PUNCT
fsr-3911	373	8	n.	n.	PROPN
fsr-3911	373	9	r.	r.	PROPN
fsr-3911	373	10	(	(	PUNCT
fsr-3911	373	11	1996	1996	NUM
fsr-3911	373	12	)	)	PUNCT
fsr-3911	373	13	.	.	PUNCT
fsr-3911	374	1	why	why	SCONJ
fsr-3911	374	2	should	should	AUX
fsr-3911	374	3	older	old	ADJ
fsr-3911	374	4	people	people	NOUN
fsr-3911	374	5	invest	invest	VERB
fsr-3911	374	6	less	less	ADJ
fsr-3911	374	7	in	in	ADP
fsr-3911	374	8	stocks	stock	NOUN
fsr-3911	374	9	than	than	ADP
fsr-3911	374	10	younger	young	ADJ
fsr-3911	374	11	people?federal	people?federal	PROPN
fsr-3911	374	12	reserve	reserve	PROPN
fsr-3911	374	13	bank	bank	PROPN
fsr-3911	374	14	of	of	ADP
fsr-3911	374	15	minneapolis	minneapolis	PROPN
fsr-3911	374	16	quarterly	quarterly	PROPN
fsr-3911	374	17	review	review	PROPN
fsr-3911	374	18	,	,	PUNCT
fsr-3911	374	19	20(3	20(3	NOUN
fsr-3911	374	20	)	)	PUNCT
fsr-3911	374	21	,	,	PUNCT
fsr-3911	374	22	11–23	11–23	NUM
fsr-3911	374	23	.	.	PUNCT
fsr-3911	375	1	knight	knight	PROPN
fsr-3911	375	2	,	,	PUNCT
fsr-3911	375	3	j.	j.	PROPN
fsr-3911	375	4	r.	r.	PROPN
fsr-3911	375	5	,	,	PUNCT
fsr-3911	375	6	&	&	CCONJ
fsr-3911	375	7	mandell	mandell	PROPN
fsr-3911	375	8	,	,	PUNCT
fsr-3911	375	9	l.	l.	PROPN
fsr-3911	375	10	(	(	PUNCT
fsr-3911	375	11	1993	1993	NUM
fsr-3911	375	12	)	)	PUNCT
fsr-3911	375	13	.	.	PUNCT
fsr-3911	376	1	nobody	nobody	PRON
fsr-3911	376	2	gains	gain	VERB
fsr-3911	376	3	from	from	ADP
fsr-3911	376	4	dollar	dollar	NOUN
fsr-3911	376	5	cost	cost	NOUN
fsr-3911	376	6	averaging	averaging	NOUN
fsr-3911	376	7	:	:	PUNCT
fsr-3911	376	8	analytical	analytical	ADJ
fsr-3911	376	9	,	,	PUNCT
fsr-3911	376	10	numerical	numerical	ADJ
fsr-3911	376	11	and	and	CCONJ
fsr-3911	376	12	empirical	empirical	ADJ
fsr-3911	376	13	results.financial	results.financial	PROPN
fsr-3911	376	14	services	service	NOUN
fsr-3911	376	15	review	review	NOUN
fsr-3911	376	16	,	,	PUNCT
fsr-3911	376	17	2(1	2(1	NUM
fsr-3911	376	18	)	)	PUNCT
fsr-3911	376	19	,	,	PUNCT
fsr-3911	376	20	51–61	51–61	NUM
fsr-3911	376	21	.	.	PUNCT
fsr-3911	376	22	mcnees	mcnee	NOUN
fsr-3911	376	23	,	,	PUNCT
fsr-3911	376	24	s.	s.	PROPN
fsr-3911	376	25	k.	k.	PROPN
fsr-3911	376	26	(	(	PUNCT
fsr-3911	376	27	1987	1987	NUM
fsr-3911	376	28	)	)	PUNCT
fsr-3911	376	29	.	.	PUNCT
fsr-3911	377	1	forecasting	forecast	VERB
fsr-3911	377	2	cyclical	cyclical	ADJ
fsr-3911	377	3	turning	turning	NOUN
fsr-3911	377	4	points	point	NOUN
fsr-3911	377	5	:	:	PUNCT
fsr-3911	377	6	the	the	DET
fsr-3911	377	7	record	record	NOUN
fsr-3911	377	8	in	in	ADP
fsr-3911	377	9	the	the	DET
fsr-3911	377	10	past	past	ADJ
fsr-3911	377	11	three	three	NUM
fsr-3911	377	12	recessions.new	recessions.new	ADJ
fsr-3911	377	13	england	england	PROPN
fsr-3911	377	14	economic	economic	PROPN
fsr-3911	377	15	review,(march	review,(march	PROPN
fsr-3911	377	16	/	/	SYM
fsr-3911	377	17	april	april	PROPN
fsr-3911	377	18	)	)	PUNCT
fsr-3911	377	19	,	,	PUNCT
fsr-3911	377	20	31–40	31–40	NUM
fsr-3911	377	21	.	.	PUNCT
fsr-3911	378	1	merton	merton	PROPN
fsr-3911	378	2	,	,	PUNCT
fsr-3911	378	3	r.	r.	PROPN
fsr-3911	378	4	c.	c.	PROPN
fsr-3911	378	5	(	(	PUNCT
fsr-3911	378	6	1992).continuous	1992).continuous	NUM
fsr-3911	378	7	time	time	NOUN
fsr-3911	378	8	finance.cambridge	finance.cambridge	PROPN
fsr-3911	378	9	,	,	PUNCT
fsr-3911	378	10	ma	ma	PROPN
fsr-3911	378	11	:	:	PUNCT
fsr-3911	378	12	blackwell	blackwell	NOUN
fsr-3911	378	13	publishers	publisher	NOUN
fsr-3911	378	14	.	.	PUNCT
fsr-3911	379	1	mitchell	mitchell	PROPN
fsr-3911	379	2	,	,	PUNCT
fsr-3911	379	3	o.	o.	PROPN
fsr-3911	379	4	,	,	PUNCT
fsr-3911	379	5	poterba	poterba	NOUN
fsr-3911	379	6	,	,	PUNCT
fsr-3911	379	7	j.	j.	PROPN
fsr-3911	379	8	m.	m.	PROPN
fsr-3911	379	9	,	,	PUNCT
fsr-3911	379	10	&	&	CCONJ
fsr-3911	379	11	warshawsky	warshawsky	PROPN
fsr-3911	379	12	,	,	PUNCT
fsr-3911	379	13	m.	m.	NOUN
fsr-3911	379	14	j.	j.	PROPN
fsr-3911	379	15	(	(	PUNCT
fsr-3911	379	16	1997	1997	NUM
fsr-3911	379	17	)	)	PUNCT
fsr-3911	379	18	.	.	PUNCT
fsr-3911	380	1	new	new	ADJ
fsr-3911	380	2	evidence	evidence	NOUN
fsr-3911	380	3	on	on	ADP
fsr-3911	380	4	the	the	DET
fsr-3911	380	5	money	money	NOUN
fsr-3911	380	6	’s	’s	PART
fsr-3911	380	7	worth	worth	NOUN
fsr-3911	380	8	of	of	ADP
fsr-3911	380	9	individual	individual	ADJ
fsr-3911	380	10	annuities.nber	annuities.nber	NOUN
fsr-3911	380	11	working	work	VERB
fsr-3911	380	12	paper	paper	NOUN
fsr-3911	380	13	6002	6002	NUM
fsr-3911	380	14	.	.	PUNCT
fsr-3911	381	1	national	national	PROPN
fsr-3911	381	2	bureau	bureau	PROPN
fsr-3911	381	3	of	of	ADP
fsr-3911	381	4	economic	economic	ADJ
fsr-3911	381	5	research	research	NOUN
fsr-3911	381	6	.	.	PUNCT
fsr-3911	382	1	visited	visit	VERB
fsr-3911	382	2	march	march	PROPN
fsr-3911	382	3	3	3	NUM
fsr-3911	382	4	,	,	PUNCT
fsr-3911	382	5	2000.u.s	2000.u.s	NUM
fsr-3911	382	6	.	.	PUNCT
fsr-3911	383	1	business	business	NOUN
fsr-3911	383	2	cycle	cycle	NOUN
fsr-3911	383	3	expansions	expansion	NOUN
fsr-3911	383	4	and	and	CCONJ
fsr-3911	383	5	contractions	contraction	NOUN
fsr-3911	384	1	[	[	X
fsr-3911	384	2	www	www	NOUN
fsr-3911	384	3	document	document	NOUN
fsr-3911	384	4	]	]	X
fsr-3911	384	5	.	.	PUNCT
fsr-3911	385	1	url	url	PROPN
fsr-3911	385	2	http://www.nber.org/cycles.html	http://www.nber.org/cycles.html	PROPN
fsr-3911	385	3	posner	posner	NOUN
fsr-3911	385	4	,	,	PUNCT
fsr-3911	385	5	r.	r.	PROPN
fsr-3911	385	6	a.	a.	PROPN
fsr-3911	386	1	(	(	PUNCT
fsr-3911	386	2	1995).aging	1995).aging	NOUN
fsr-3911	386	3	and	and	CCONJ
fsr-3911	386	4	old	old	ADJ
fsr-3911	386	5	age.chicago	age.chicago	PROPN
fsr-3911	386	6	,	,	PUNCT
fsr-3911	386	7	il	il	PROPN
fsr-3911	386	8	:	:	PUNCT
fsr-3911	386	9	university	university	PROPN
fsr-3911	386	10	of	of	ADP
fsr-3911	386	11	chicago	chicago	PROPN
fsr-3911	386	12	press	press	PROPN
fsr-3911	386	13	.	.	PUNCT
fsr-3911	387	1	poterba	poterba	NOUN
fsr-3911	387	2	,	,	PUNCT
fsr-3911	387	3	j.	j.	PROPN
fsr-3911	387	4	m.	m.	PROPN
fsr-3911	387	5	(	(	PUNCT
fsr-3911	387	6	1997	1997	NUM
fsr-3911	387	7	)	)	PUNCT
fsr-3911	387	8	.	.	PUNCT
fsr-3911	388	1	the	the	DET
fsr-3911	388	2	history	history	NOUN
fsr-3911	388	3	of	of	ADP
fsr-3911	388	4	annuities	annuity	NOUN
fsr-3911	388	5	in	in	ADP
fsr-3911	388	6	the	the	DET
fsr-3911	388	7	united	united	PROPN
fsr-3911	388	8	states.nber	states.nber	PROPN
fsr-3911	388	9	working	work	VERB
fsr-3911	388	10	paper	paper	NOUN
fsr-3911	388	11	6001	6001	NUM
fsr-3911	388	12	.	.	PUNCT
fsr-3911	389	1	rozeff	rozeff	NOUN
fsr-3911	389	2	,	,	PUNCT
fsr-3911	389	3	m.	m.	NOUN
fsr-3911	389	4	s.	s.	PROPN
fsr-3911	389	5	(	(	PUNCT
fsr-3911	389	6	1994	1994	NUM
fsr-3911	389	7	)	)	PUNCT
fsr-3911	389	8	.	.	PUNCT
fsr-3911	390	1	lump	lump	NOUN
fsr-3911	390	2	-	-	PUNCT
fsr-3911	390	3	sum	sum	NOUN
fsr-3911	390	4	investing	investing	NOUN
fsr-3911	390	5	versus	versus	ADP
fsr-3911	390	6	dollar	dollar	NOUN
fsr-3911	390	7	-	-	PUNCT
fsr-3911	390	8	averagingjournal	averagingjournal	NOUN
fsr-3911	390	9	of	of	ADP
fsr-3911	390	10	portfolio	portfolio	NOUN
fsr-3911	390	11	management	management	NOUN
fsr-3911	390	12	,	,	PUNCT
fsr-3911	390	13	20(2	20(2	NUM
fsr-3911	390	14	)	)	PUNCT
fsr-3911	390	15	,	,	PUNCT
fsr-3911	390	16	45–50	45–50	NOUN
fsr-3911	390	17	.	.	PUNCT
fsr-3911	391	1	siegel	siegel	PROPN
fsr-3911	391	2	,	,	PUNCT
fsr-3911	391	3	j.	j.	PROPN
fsr-3911	391	4	j.	j.	PROPN
fsr-3911	391	5	(	(	PUNCT
fsr-3911	391	6	1994).stocks	1994).stocks	NUM
fsr-3911	391	7	for	for	ADP
fsr-3911	391	8	the	the	DET
fsr-3911	391	9	long	long	ADJ
fsr-3911	391	10	run	run	NOUN
fsr-3911	391	11	:	:	PUNCT
fsr-3911	391	12	a	a	DET
fsr-3911	391	13	guide	guide	NOUN
fsr-3911	391	14	for	for	ADP
fsr-3911	391	15	selecting	select	VERB
fsr-3911	391	16	markets	market	NOUN
fsr-3911	391	17	for	for	ADP
fsr-3911	391	18	long	long	ADJ
fsr-3911	391	19	-	-	PUNCT
fsr-3911	391	20	term	term	NOUN
fsr-3911	391	21	growth.new	growth.new	PROPN
fsr-3911	391	22	york	york	PROPN
fsr-3911	391	23	,	,	PUNCT
fsr-3911	391	24	ny	ny	PROPN
fsr-3911	391	25	:	:	PUNCT
fsr-3911	391	26	mcgraw	mcgraw	PROPN
fsr-3911	391	27	-	-	PUNCT
fsr-3911	391	28	hill	hill	NOUN
fsr-3911	391	29	.	.	PUNCT
fsr-3911	392	1	statman	statman	PROPN
fsr-3911	392	2	,	,	PUNCT
fsr-3911	392	3	m.	m.	NOUN
fsr-3911	392	4	(	(	PUNCT
fsr-3911	392	5	1995	1995	NUM
fsr-3911	392	6	)	)	PUNCT
fsr-3911	392	7	.	.	PUNCT
fsr-3911	393	1	a	a	DET
fsr-3911	393	2	behaviorial	behaviorial	ADJ
fsr-3911	393	3	framework	framework	NOUN
fsr-3911	393	4	for	for	ADP
fsr-3911	393	5	dollar	dollar	NOUN
fsr-3911	393	6	-	-	PUNCT
fsr-3911	393	7	cost	cost	NOUN
fsr-3911	393	8	averaging.journal	averaging.journal	PROPN
fsr-3911	393	9	of	of	ADP
fsr-3911	393	10	portfolio	portfolio	NOUN
fsr-3911	393	11	management	management	NOUN
fsr-3911	393	12	,	,	PUNCT
fsr-3911	393	13	22(1	22(1	NUM
fsr-3911	393	14	)	)	PUNCT
fsr-3911	393	15	,	,	PUNCT
fsr-3911	393	16	70–78	70–78	NUM
fsr-3911	393	17	.	.	PUNCT
fsr-3911	393	18	63p.p	63p.p	NUM
fsr-3911	393	19	.	.	PUNCT
fsr-3911	394	1	vora	vora	NOUN
fsr-3911	394	2	/	/	SYM
fsr-3911	394	3	financial	financial	ADJ
fsr-3911	394	4	services	service	NOUN
fsr-3911	394	5	review	review	VERB
fsr-3911	394	6	9	9	NUM
fsr-3911	394	7	(	(	PUNCT
fsr-3911	394	8	2000	2000	NUM
fsr-3911	394	9	)	)	PUNCT
fsr-3911	394	10	47–63	47–63	NUM