id	sid	tid	token	lemma	pos
fsr-3916	1	1	pii	pii	PROPN
fsr-3916	1	2	:	:	PUNCT
fsr-3916	1	3	s1057	s1057	NOUN
fsr-3916	1	4	-	-	PUNCT
fsr-3916	1	5	0810(00)00061	0810(00)00061	NUM
fsr-3916	1	6	-	-	PUNCT
fsr-3916	1	7	5	5	NUM
fsr-3916	1	8	market	market	NOUN
fsr-3916	1	9	timing	timing	NOUN
fsr-3916	1	10	using	use	VERB
fsr-3916	1	11	strategists	strategist	NOUN
fsr-3916	1	12	’	'	PUNCT
fsr-3916	1	13	and	and	CCONJ
fsr-3916	1	14	analysts	analyst	NOUN
fsr-3916	1	15	’	’	PART
fsr-3916	1	16	forecasts	forecast	NOUN
fsr-3916	1	17	of	of	ADP
fsr-3916	1	18	s&p	s&p	PROPN
fsr-3916	1	19	500	500	NUM
fsr-3916	1	20	earnings	earning	NOUN
fsr-3916	1	21	per	per	ADP
fsr-3916	1	22	share	share	PROPN
fsr-3916	1	23	richard	richard	PROPN
fsr-3916	1	24	chunga	chunga	PROPN
fsr-3916	1	25	,	,	PUNCT
fsr-3916	1	26	lawrence	lawrence	PROPN
fsr-3916	1	27	kryzanowskib	kryzanowskib	PROPN
fsr-3916	1	28	,	,	PUNCT
fsr-3916	1	29	*	*	PUNCT
fsr-3916	1	30	afaculty	afaculty	NOUN
fsr-3916	1	31	of	of	ADP
fsr-3916	1	32	commerce	commerce	PROPN
fsr-3916	1	33	,	,	PUNCT
fsr-3916	1	34	concordia	concordia	PROPN
fsr-3916	1	35	university	university	PROPN
fsr-3916	1	36	,	,	PUNCT
fsr-3916	1	37	1455	1455	NUM
fsr-3916	1	38	de	de	PROPN
fsr-3916	1	39	maisonneuve	maisonneuve	NOUN
fsr-3916	1	40	blvd	blvd	NOUN
fsr-3916	1	41	.	.	PUNCT
fsr-3916	2	1	west	west	PROPN
fsr-3916	2	2	,	,	PUNCT
fsr-3916	2	3	montreal	montreal	PROPN
fsr-3916	2	4	,	,	PUNCT
fsr-3916	2	5	quebec	quebec	PROPN
fsr-3916	2	6	,	,	PUNCT
fsr-3916	2	7	canada	canada	PROPN
fsr-3916	2	8	,	,	PUNCT
fsr-3916	2	9	h3	h3	VERB
fsr-3916	2	10	g	g	PROPN
fsr-3916	2	11	1m8	1m8	NUM
fsr-3916	2	12	bned	bne	VERB
fsr-3916	2	13	goodman	goodman	PROPN
fsr-3916	2	14	professor	professor	PROPN
fsr-3916	2	15	of	of	ADP
fsr-3916	2	16	finance	finance	NOUN
fsr-3916	2	17	,	,	PUNCT
fsr-3916	2	18	faculty	faculty	NOUN
fsr-3916	2	19	of	of	ADP
fsr-3916	2	20	commerce	commerce	PROPN
fsr-3916	2	21	,	,	PUNCT
fsr-3916	2	22	concordia	concordia	PROPN
fsr-3916	2	23	university	university	PROPN
fsr-3916	2	24	,	,	PUNCT
fsr-3916	2	25	1455	1455	NUM
fsr-3916	2	26	de	de	PROPN
fsr-3916	2	27	maisonneuve	maisonneuve	NOUN
fsr-3916	2	28	blvd	blvd	NOUN
fsr-3916	2	29	.	.	PUNCT
fsr-3916	3	1	west	west	PROPN
fsr-3916	3	2	,	,	PUNCT
fsr-3916	3	3	montreal	montreal	PROPN
fsr-3916	3	4	,	,	PUNCT
fsr-3916	3	5	quebec	quebec	PROPN
fsr-3916	3	6	,	,	PUNCT
fsr-3916	3	7	canada	canada	PROPN
fsr-3916	3	8	,	,	PUNCT
fsr-3916	3	9	h3	h3	VERB
fsr-3916	3	10	g	g	PROPN
fsr-3916	3	11	1m8	1m8	NUM
fsr-3916	3	12	received	receive	VERB
fsr-3916	3	13	14	14	NUM
fsr-3916	3	14	june	june	PROPN
fsr-3916	3	15	1999	1999	NUM
fsr-3916	3	16	;	;	PUNCT
fsr-3916	3	17	received	receive	VERB
fsr-3916	3	18	in	in	ADP
fsr-3916	3	19	revised	revise	VERB
fsr-3916	3	20	form	form	NOUN
fsr-3916	3	21	2	2	NUM
fsr-3916	3	22	august	august	PROPN
fsr-3916	3	23	2000	2000	NUM
fsr-3916	3	24	;	;	PUNCT
fsr-3916	3	25	accepted	accept	VERB
fsr-3916	3	26	26	26	NUM
fsr-3916	3	27	august	august	PROPN
fsr-3916	3	28	2000	2000	NUM
fsr-3916	3	29	abstract	abstract	NOUN
fsr-3916	3	30	this	this	DET
fsr-3916	3	31	paper	paper	NOUN
fsr-3916	3	32	examines	examine	VERB
fsr-3916	3	33	the	the	DET
fsr-3916	3	34	bias	bias	NOUN
fsr-3916	3	35	in	in	ADP
fsr-3916	3	36	and	and	CCONJ
fsr-3916	3	37	usefulness	usefulness	NOUN
fsr-3916	3	38	of	of	ADP
fsr-3916	3	39	top	top	ADJ
fsr-3916	3	40	-	-	PUNCT
fsr-3916	3	41	down	down	NOUN
fsr-3916	3	42	and	and	CCONJ
fsr-3916	3	43	bottom	bottom	NOUN
fsr-3916	3	44	-	-	PUNCT
fsr-3916	3	45	up	up	ADP
fsr-3916	3	46	consensus	consensus	NOUN
fsr-3916	3	47	forecasts	forecast	NOUN
fsr-3916	3	48	of	of	ADP
fsr-3916	3	49	earnings	earning	NOUN
fsr-3916	3	50	per	per	ADP
fsr-3916	3	51	share	share	NOUN
fsr-3916	3	52	for	for	ADP
fsr-3916	3	53	the	the	DET
fsr-3916	3	54	s&p	s&p	PROPN
fsr-3916	3	55	500	500	NUM
fsr-3916	3	56	index	index	NOUN
fsr-3916	3	57	provided	provide	VERB
fsr-3916	3	58	by	by	ADP
fsr-3916	3	59	market	market	NOUN
fsr-3916	3	60	strategists	strategist	NOUN
fsr-3916	3	61	and	and	CCONJ
fsr-3916	3	62	analysts	analyst	NOUN
fsr-3916	3	63	to	to	ADP
fsr-3916	3	64	i	i	PRON
fsr-3916	3	65	/	/	SYM
fsr-3916	3	66	b	b	PROPN
fsr-3916	3	67	/	/	SYM
fsr-3916	3	68	e	e	NOUN
fsr-3916	3	69	/	/	NOUN
fsr-3916	3	70	s.	s.	PROPN
fsr-3916	3	71	these	these	DET
fsr-3916	3	72	forecasts	forecast	NOUN
fsr-3916	3	73	exhibit	exhibit	VERB
fsr-3916	3	74	a	a	DET
fsr-3916	3	75	significant	significant	ADJ
fsr-3916	3	76	optimism	optimism	NOUN
fsr-3916	3	77	bias	bias	NOUN
fsr-3916	3	78	that	that	PRON
fsr-3916	3	79	decreases	decrease	VERB
fsr-3916	3	80	over	over	ADP
fsr-3916	3	81	the	the	DET
fsr-3916	3	82	12	12	NUM
fsr-3916	3	83	months	month	NOUN
fsr-3916	3	84	up	up	ADP
fsr-3916	3	85	to	to	ADP
fsr-3916	3	86	release	release	NOUN
fsr-3916	3	87	of	of	ADP
fsr-3916	3	88	actual	actual	ADJ
fsr-3916	3	89	earnings	earning	NOUN
fsr-3916	3	90	per	per	ADP
fsr-3916	3	91	share	share	NOUN
fsr-3916	3	92	.	.	PUNCT
fsr-3916	4	1	the	the	DET
fsr-3916	4	2	bias	bias	NOUN
fsr-3916	4	3	is	be	AUX
fsr-3916	4	4	significantly	significantly	ADV
fsr-3916	4	5	more	more	ADV
fsr-3916	4	6	pronounced	pronounced	ADJ
fsr-3916	4	7	for	for	ADP
fsr-3916	4	8	the	the	DET
fsr-3916	4	9	bottom	bottom	ADJ
fsr-3916	4	10	-	-	PUNCT
fsr-3916	4	11	up	up	ADP
fsr-3916	4	12	forecasts	forecast	NOUN
fsr-3916	4	13	of	of	ADP
fsr-3916	4	14	analysts	analyst	NOUN
fsr-3916	4	15	.	.	PUNCT
fsr-3916	5	1	unlike	unlike	ADP
fsr-3916	5	2	the	the	DET
fsr-3916	5	3	findings	finding	NOUN
fsr-3916	5	4	for	for	ADP
fsr-3916	5	5	country	country	NOUN
fsr-3916	5	6	timing	timing	NOUN
fsr-3916	5	7	,	,	PUNCT
fsr-3916	5	8	we	we	PRON
fsr-3916	5	9	demonstrate	demonstrate	VERB
fsr-3916	5	10	that	that	SCONJ
fsr-3916	5	11	a	a	DET
fsr-3916	5	12	stock	stock	NOUN
fsr-3916	5	13	market	market	NOUN
fsr-3916	5	14	timer	timer	NOUN
fsr-3916	5	15	using	use	VERB
fsr-3916	5	16	switching	switch	VERB
fsr-3916	5	17	rules	rule	NOUN
fsr-3916	5	18	based	base	VERB
fsr-3916	5	19	on	on	ADP
fsr-3916	5	20	the	the	DET
fsr-3916	5	21	consensus	consensus	NOUN
fsr-3916	5	22	forecasts	forecast	NOUN
fsr-3916	5	23	of	of	ADP
fsr-3916	5	24	s&p	s&p	PROPN
fsr-3916	5	25	500	500	NUM
fsr-3916	5	26	earnings	earning	NOUN
fsr-3916	5	27	or	or	CCONJ
fsr-3916	5	28	the	the	DET
fsr-3916	5	29	directional	directional	ADJ
fsr-3916	5	30	switch	switch	NOUN
fsr-3916	5	31	in	in	ADP
fsr-3916	5	32	the	the	DET
fsr-3916	5	33	consensus	consensus	NOUN
fsr-3916	5	34	or	or	CCONJ
fsr-3916	5	35	in	in	ADP
fsr-3916	5	36	the	the	DET
fsr-3916	5	37	number	number	NOUN
fsr-3916	5	38	of	of	ADP
fsr-3916	5	39	switchers	switcher	NOUN
fsr-3916	5	40	can	can	AUX
fsr-3916	5	41	not	not	PART
fsr-3916	5	42	generate	generate	VERB
fsr-3916	5	43	a	a	DET
fsr-3916	5	44	free	free	ADJ
fsr-3916	5	45	lunch	lunch	NOUN
fsr-3916	5	46	.	.	PUNCT
fsr-3916	6	1	©	©	ADP
fsr-3916	6	2	2000	2000	NUM
fsr-3916	6	3	elsevier	elsevier	PROPN
fsr-3916	6	4	science	science	PROPN
fsr-3916	6	5	inc	inc	PROPN
fsr-3916	6	6	.	.	PUNCT
fsr-3916	7	1	all	all	DET
fsr-3916	7	2	rights	right	NOUN
fsr-3916	7	3	reserved	reserve	VERB
fsr-3916	7	4	.	.	PUNCT
fsr-3916	8	1	jel	jel	PROPN
fsr-3916	8	2	classification	classification	PROPN
fsr-3916	8	3	:	:	PUNCT
fsr-3916	8	4	g10	g10	PROPN
fsr-3916	8	5	;	;	PUNCT
fsr-3916	8	6	g11	g11	PROPN
fsr-3916	8	7	;	;	PUNCT
fsr-3916	8	8	g14	g14	ADJ
fsr-3916	8	9	keywords	keyword	NOUN
fsr-3916	8	10	:	:	PUNCT
fsr-3916	8	11	market	market	NOUN
fsr-3916	8	12	timing	timing	NOUN
fsr-3916	8	13	;	;	PUNCT
fsr-3916	8	14	earnings	earning	NOUN
fsr-3916	8	15	forecasts	forecast	NOUN
fsr-3916	8	16	;	;	PUNCT
fsr-3916	8	17	performance	performance	NOUN
fsr-3916	8	18	1	1	NUM
fsr-3916	8	19	.	.	PUNCT
fsr-3916	9	1	introduction	introduction	NOUN
fsr-3916	9	2	market	market	NOUN
fsr-3916	9	3	timing	timing	NOUN
fsr-3916	9	4	is	be	AUX
fsr-3916	9	5	a	a	DET
fsr-3916	9	6	money	money	NOUN
fsr-3916	9	7	management	management	NOUN
fsr-3916	9	8	style	style	NOUN
fsr-3916	9	9	that	that	PRON
fsr-3916	9	10	attempts	attempt	VERB
fsr-3916	9	11	to	to	PART
fsr-3916	9	12	add	add	VERB
fsr-3916	9	13	value	value	NOUN
fsr-3916	9	14	by	by	ADP
fsr-3916	9	15	switching	switch	VERB
fsr-3916	9	16	from	from	ADP
fsr-3916	9	17	equities	equity	NOUN
fsr-3916	9	18	to	to	ADP
fsr-3916	9	19	cash	cash	VERB
fsr-3916	9	20	and	and	CCONJ
fsr-3916	9	21	vice	vice	NOUN
fsr-3916	9	22	versa	versa	ADV
fsr-3916	9	23	based	base	VERB
fsr-3916	9	24	on	on	ADP
fsr-3916	9	25	signals	signal	NOUN
fsr-3916	9	26	typically	typically	ADV
fsr-3916	9	27	generated	generate	VERB
fsr-3916	9	28	by	by	ADP
fsr-3916	9	29	mathematical	mathematical	ADJ
fsr-3916	9	30	models	model	NOUN
fsr-3916	9	31	.	.	PUNCT
fsr-3916	10	1	as	as	SCONJ
fsr-3916	10	2	noted	note	VERB
fsr-3916	10	3	by	by	ADP
fsr-3916	10	4	benjamin	benjamin	PROPN
fsr-3916	10	5	graham	graham	PROPN
fsr-3916	10	6	inthe	inthe	DET
fsr-3916	10	7	intelligent	intelligent	ADJ
fsr-3916	10	8	investor(1954	investor(1954	NOUN
fsr-3916	10	9	)	)	PUNCT
fsr-3916	10	10	,	,	PUNCT
fsr-3916	10	11	the	the	DET
fsr-3916	10	12	current	current	ADJ
fsr-3916	10	13	popularity	popularity	NOUN
fsr-3916	10	14	of	of	ADP
fsr-3916	10	15	*	*	PUNCT
fsr-3916	10	16	corresponding	correspond	VERB
fsr-3916	10	17	author	author	NOUN
fsr-3916	10	18	.	.	PUNCT
fsr-3916	11	1	tel.:11	tel.:11	VERB
fsr-3916	11	2	-	-	PUNCT
fsr-3916	11	3	514	514	NUM
fsr-3916	11	4	-	-	NUM
fsr-3916	11	5	848	848	NUM
fsr-3916	11	6	-	-	SYM
fsr-3916	11	7	2782	2782	NUM
fsr-3916	11	8	;	;	PUNCT
fsr-3916	11	9	fax:11	fax:11	NOUN
fsr-3916	11	10	-	-	PUNCT
fsr-3916	11	11	514	514	NUM
fsr-3916	11	12	-	-	NUM
fsr-3916	11	13	848	848	NUM
fsr-3916	11	14	-	-	PUNCT
fsr-3916	11	15	4500	4500	NUM
fsr-3916	11	16	.	.	PUNCT
fsr-3916	12	1	e	e	X
fsr-3916	12	2	-	-	NOUN
fsr-3916	12	3	mail	mail	NOUN
fsr-3916	12	4	address:lkryzan@vax2.concordia.ca	address:lkryzan@vax2.concordia.ca	PROPN
fsr-3916	12	5	(	(	PUNCT
fsr-3916	12	6	l.	l.	PROPN
fsr-3916	12	7	kryzanowski	kryzanowski	PROPN
fsr-3916	12	8	)	)	PUNCT
fsr-3916	12	9	.	.	PUNCT
fsr-3916	13	1	financial	financial	ADJ
fsr-3916	13	2	services	service	NOUN
fsr-3916	13	3	review	review	VERB
fsr-3916	13	4	9	9	NUM
fsr-3916	13	5	(	(	PUNCT
fsr-3916	13	6	2000	2000	NUM
fsr-3916	13	7	)	)	PUNCT
fsr-3916	13	8	125–144	125–144	NUM
fsr-3916	13	9	1057	1057	NUM
fsr-3916	13	10	-	-	SYM
fsr-3916	13	11	0810/00/$	0810/00/$	NUM
fsr-3916	13	12	–	–	PUNCT
fsr-3916	13	13	see	see	VERB
fsr-3916	13	14	front	front	ADJ
fsr-3916	13	15	matter	matter	NOUN
fsr-3916	14	1	©	©	PROPN
fsr-3916	14	2	2000	2000	NUM
fsr-3916	14	3	elsevier	elsevier	PROPN
fsr-3916	14	4	science	science	PROPN
fsr-3916	14	5	inc	inc	PROPN
fsr-3916	14	6	.	.	PUNCT
fsr-3916	15	1	all	all	DET
fsr-3916	15	2	rights	right	NOUN
fsr-3916	15	3	reserved	reserve	VERB
fsr-3916	15	4	.	.	PUNCT
fsr-3916	16	1	pii	pii	NOUN
fsr-3916	16	2	:	:	PUNCT
fsr-3916	16	3	s1057	s1057	NOUN
fsr-3916	16	4	-	-	PUNCT
fsr-3916	16	5	0810(00)00061	0810(00)00061	NUM
fsr-3916	16	6	-	-	PUNCT
fsr-3916	16	7	5	5	NUM
fsr-3916	16	8	a	a	DET
fsr-3916	16	9	money	money	NOUN
fsr-3916	16	10	management	management	NOUN
fsr-3916	16	11	style	style	NOUN
fsr-3916	16	12	depends	depend	VERB
fsr-3916	16	13	on	on	ADP
fsr-3916	16	14	the	the	DET
fsr-3916	16	15	performance	performance	NOUN
fsr-3916	16	16	of	of	ADP
fsr-3916	16	17	the	the	DET
fsr-3916	16	18	market	market	NOUN
fsr-3916	16	19	over	over	ADP
fsr-3916	16	20	the	the	DET
fsr-3916	16	21	recent	recent	ADJ
fsr-3916	16	22	past	past	NOUN
fsr-3916	16	23	.	.	PUNCT
fsr-3916	17	1	the	the	DET
fsr-3916	17	2	belief	belief	NOUN
fsr-3916	17	3	in	in	ADP
fsr-3916	17	4	buy	buy	NOUN
fsr-3916	17	5	-	-	PUNCT
fsr-3916	17	6	and	and	CCONJ
fsr-3916	17	7	-	-	PUNCT
fsr-3916	17	8	hold	hold	VERB
fsr-3916	17	9	investing	investing	NOUN
fsr-3916	17	10	(	(	PUNCT
fsr-3916	17	11	market	market	NOUN
fsr-3916	17	12	timing	timing	NOUN
fsr-3916	17	13	)	)	PUNCT
fsr-3916	17	14	increases	increase	NOUN
fsr-3916	17	15	(	(	PUNCT
fsr-3916	17	16	decreases	decrease	NOUN
fsr-3916	17	17	)	)	PUNCT
fsr-3916	17	18	in	in	ADP
fsr-3916	17	19	popularity	popularity	NOUN
fsr-3916	17	20	and	and	CCONJ
fsr-3916	17	21	press	press	NOUN
fsr-3916	17	22	coverage	coverage	NOUN
fsr-3916	17	23	as	as	SCONJ
fsr-3916	17	24	the	the	DET
fsr-3916	17	25	market	market	NOUN
fsr-3916	17	26	progresses	progress	VERB
fsr-3916	17	27	through	through	ADP
fsr-3916	17	28	a	a	DET
fsr-3916	17	29	sustained	sustained	ADJ
fsr-3916	17	30	bull	bull	NOUN
fsr-3916	17	31	market	market	NOUN
fsr-3916	17	32	,	,	PUNCT
fsr-3916	17	33	and	and	CCONJ
fsr-3916	17	34	decreases	decrease	NOUN
fsr-3916	17	35	(	(	PUNCT
fsr-3916	17	36	increases	increase	NOUN
fsr-3916	17	37	)	)	PUNCT
fsr-3916	17	38	in	in	ADP
fsr-3916	17	39	popularity	popularity	NOUN
fsr-3916	17	40	and	and	CCONJ
fsr-3916	17	41	press	press	NOUN
fsr-3916	17	42	coverage	coverage	NOUN
fsr-3916	17	43	as	as	SCONJ
fsr-3916	17	44	the	the	DET
fsr-3916	17	45	stock	stock	NOUN
fsr-3916	17	46	market	market	NOUN
fsr-3916	17	47	progresses	progress	VERB
fsr-3916	17	48	through	through	ADP
fsr-3916	17	49	a	a	DET
fsr-3916	17	50	bear	bear	NOUN
fsr-3916	17	51	phase	phase	NOUN
fsr-3916	17	52	.	.	PUNCT
fsr-3916	18	1	to	to	ADP
fsr-3916	18	2	some	some	DET
fsr-3916	18	3	extent	extent	NOUN
fsr-3916	18	4	,	,	PUNCT
fsr-3916	18	5	this	this	PRON
fsr-3916	18	6	also	also	ADV
fsr-3916	18	7	applies	apply	VERB
fsr-3916	18	8	to	to	ADP
fsr-3916	18	9	academic	academic	ADJ
fsr-3916	18	10	research	research	NOUN
fsr-3916	18	11	interest	interest	NOUN
fsr-3916	18	12	in	in	ADP
fsr-3916	18	13	market	market	NOUN
fsr-3916	18	14	timing	timing	NOUN
fsr-3916	18	15	.	.	PUNCT
fsr-3916	19	1	thus	thus	ADV
fsr-3916	19	2	,	,	PUNCT
fsr-3916	19	3	the	the	DET
fsr-3916	19	4	unresolved	unresolved	ADJ
fsr-3916	19	5	debate	debate	NOUN
fsr-3916	19	6	over	over	ADP
fsr-3916	19	7	whether	whether	SCONJ
fsr-3916	19	8	or	or	CCONJ
fsr-3916	19	9	not	not	PART
fsr-3916	19	10	market	market	NOUN
fsr-3916	19	11	timing	timing	NOUN
fsr-3916	19	12	can	can	AUX
fsr-3916	19	13	generate	generate	VERB
fsr-3916	19	14	superior	superior	ADJ
fsr-3916	19	15	risk	risk	NOUN
fsr-3916	19	16	-	-	PUNCT
fsr-3916	19	17	adjusted	adjust	VERB
fsr-3916	19	18	performance	performance	NOUN
fsr-3916	19	19	over	over	ADP
fsr-3916	19	20	a	a	DET
fsr-3916	19	21	buy	buy	VERB
fsr-3916	19	22	-	-	PUNCT
fsr-3916	19	23	and	and	CCONJ
fsr-3916	19	24	-	-	PUNCT
fsr-3916	19	25	hold	hold	VERB
fsr-3916	19	26	all	all	DET
fsr-3916	19	27	-	-	PUNCT
fsr-3916	19	28	equity	equity	NOUN
fsr-3916	19	29	strategy	strategy	NOUN
fsr-3916	19	30	is	be	AUX
fsr-3916	19	31	likely	likely	ADJ
fsr-3916	19	32	to	to	PART
fsr-3916	19	33	intensify	intensify	VERB
fsr-3916	19	34	once	once	SCONJ
fsr-3916	19	35	we	we	PRON
fsr-3916	19	36	leave	leave	VERB
fsr-3916	19	37	the	the	DET
fsr-3916	19	38	current	current	ADJ
fsr-3916	19	39	bull	bull	NOUN
fsr-3916	19	40	phase	phase	NOUN
fsr-3916	19	41	of	of	ADP
fsr-3916	19	42	the	the	DET
fsr-3916	19	43	equity	equity	NOUN
fsr-3916	19	44	market	market	NOUN
fsr-3916	19	45	.	.	PUNCT
fsr-3916	20	1	thus	thus	ADV
fsr-3916	20	2	,	,	PUNCT
fsr-3916	20	3	most	most	ADJ
fsr-3916	20	4	investment	investment	NOUN
fsr-3916	20	5	textbooks	textbook	NOUN
fsr-3916	20	6	(	(	PUNCT
fsr-3916	20	7	e.g.	e.g.	ADV
fsr-3916	20	8	,	,	PUNCT
fsr-3916	20	9	bodie	bodie	PROPN
fsr-3916	20	10	,	,	PUNCT
fsr-3916	20	11	kane	kane	PROPN
fsr-3916	20	12	&	&	CCONJ
fsr-3916	20	13	marcus	marcus	PROPN
fsr-3916	20	14	,	,	PUNCT
fsr-3916	20	15	1999	1999	NUM
fsr-3916	20	16	;	;	PUNCT
fsr-3916	20	17	reilly	reilly	PROPN
fsr-3916	20	18	&	&	CCONJ
fsr-3916	20	19	brown	brown	PROPN
fsr-3916	20	20	,	,	PUNCT
fsr-3916	20	21	2000	2000	NUM
fsr-3916	20	22	)	)	PUNCT
fsr-3916	20	23	that	that	PRON
fsr-3916	20	24	are	be	AUX
fsr-3916	20	25	used	use	VERB
fsr-3916	20	26	to	to	PART
fsr-3916	20	27	prepare	prepare	VERB
fsr-3916	20	28	a	a	DET
fsr-3916	20	29	new	new	ADJ
fsr-3916	20	30	generation	generation	NOUN
fsr-3916	20	31	of	of	ADP
fsr-3916	20	32	money	money	NOUN
fsr-3916	20	33	managers	manager	NOUN
fsr-3916	20	34	devote	devote	VERB
fsr-3916	20	35	significant	significant	ADJ
fsr-3916	20	36	space	space	NOUN
fsr-3916	20	37	to	to	ADP
fsr-3916	20	38	active	active	ADJ
fsr-3916	20	39	investment	investment	NOUN
fsr-3916	20	40	management	management	NOUN
fsr-3916	20	41	,	,	PUNCT
fsr-3916	20	42	on	on	ADP
fsr-3916	20	43	how	how	SCONJ
fsr-3916	20	44	to	to	PART
fsr-3916	20	45	measure	measure	VERB
fsr-3916	20	46	timing	timing	NOUN
fsr-3916	20	47	performance	performance	NOUN
fsr-3916	20	48	,	,	PUNCT
fsr-3916	20	49	and	and	CCONJ
fsr-3916	20	50	on	on	ADP
fsr-3916	20	51	how	how	SCONJ
fsr-3916	20	52	successful	successful	ADJ
fsr-3916	20	53	mutual	mutual	ADJ
fsr-3916	20	54	funds	fund	NOUN
fsr-3916	20	55	are	be	AUX
fsr-3916	20	56	in	in	ADP
fsr-3916	20	57	timing	time	VERB
fsr-3916	20	58	movements	movement	NOUN
fsr-3916	20	59	in	in	ADP
fsr-3916	20	60	the	the	DET
fsr-3916	20	61	market	market	NOUN
fsr-3916	20	62	or	or	CCONJ
fsr-3916	20	63	its	its	PRON
fsr-3916	20	64	volatility	volatility	NOUN
fsr-3916	20	65	.	.	PUNCT
fsr-3916	21	1	the	the	DET
fsr-3916	21	2	academic	academic	ADJ
fsr-3916	21	3	community	community	NOUN
fsr-3916	21	4	is	be	AUX
fsr-3916	21	5	divided	divide	VERB
fsr-3916	21	6	on	on	ADP
fsr-3916	21	7	whether	whether	SCONJ
fsr-3916	21	8	the	the	DET
fsr-3916	21	9	investment	investment	NOUN
fsr-3916	21	10	community	community	NOUN
fsr-3916	21	11	places	place	VERB
fsr-3916	21	12	too	too	ADV
fsr-3916	21	13	little	little	ADJ
fsr-3916	21	14	or	or	CCONJ
fsr-3916	21	15	too	too	ADV
fsr-3916	21	16	much	much	ADJ
fsr-3916	21	17	reliance	reliance	NOUN
fsr-3916	21	18	on	on	ADP
fsr-3916	21	19	the	the	DET
fsr-3916	21	20	earnings	earning	NOUN
fsr-3916	21	21	forecasts	forecast	NOUN
fsr-3916	21	22	of	of	ADP
fsr-3916	21	23	analysts	analyst	NOUN
fsr-3916	21	24	.	.	PUNCT
fsr-3916	22	1	brown	brown	PROPN
fsr-3916	22	2	(	(	PUNCT
fsr-3916	22	3	1996	1996	NUM
fsr-3916	22	4	)	)	PUNCT
fsr-3916	22	5	argues	argue	VERB
fsr-3916	22	6	that	that	SCONJ
fsr-3916	22	7	the	the	DET
fsr-3916	22	8	reliance	reliance	NOUN
fsr-3916	22	9	is	be	AUX
fsr-3916	22	10	too	too	ADV
fsr-3916	22	11	little	little	ADJ
fsr-3916	22	12	,	,	PUNCT
fsr-3916	22	13	dreman	dreman	NOUN
fsr-3916	22	14	and	and	CCONJ
fsr-3916	22	15	berry	berry	NOUN
fsr-3916	22	16	(	(	PUNCT
fsr-3916	22	17	1995	1995	NUM
fsr-3916	22	18	)	)	PUNCT
fsr-3916	22	19	argue	argue	VERB
fsr-3916	22	20	that	that	SCONJ
fsr-3916	22	21	the	the	DET
fsr-3916	22	22	reliance	reliance	NOUN
fsr-3916	22	23	is	be	AUX
fsr-3916	22	24	too	too	ADV
fsr-3916	22	25	much	much	ADJ
fsr-3916	22	26	.	.	PUNCT
fsr-3916	23	1	while	while	SCONJ
fsr-3916	23	2	no	no	DET
fsr-3916	23	3	one	one	NOUN
fsr-3916	23	4	appears	appear	VERB
fsr-3916	23	5	to	to	PART
fsr-3916	23	6	have	have	AUX
fsr-3916	23	7	formulated	formulate	VERB
fsr-3916	23	8	and	and	CCONJ
fsr-3916	23	9	tested	test	VERB
fsr-3916	23	10	methods	method	NOUN
fsr-3916	23	11	for	for	ADP
fsr-3916	23	12	domestic	domestic	ADJ
fsr-3916	23	13	market	market	NOUN
fsr-3916	23	14	timing	timing	NOUN
fsr-3916	23	15	using	use	VERB
fsr-3916	23	16	consensus	consensus	NOUN
fsr-3916	23	17	forecasts	forecast	NOUN
fsr-3916	23	18	of	of	ADP
fsr-3916	23	19	earnings	earning	NOUN
fsr-3916	23	20	per	per	ADP
fsr-3916	23	21	share	share	NOUN
fsr-3916	23	22	,	,	PUNCT
fsr-3916	23	23	at	at	ADP
fsr-3916	23	24	least	least	ADV
fsr-3916	23	25	two	two	NUM
fsr-3916	23	26	studies	study	NOUN
fsr-3916	23	27	examine	examine	VERB
fsr-3916	23	28	methods	method	NOUN
fsr-3916	23	29	for	for	ADP
fsr-3916	23	30	domestic	domestic	ADJ
fsr-3916	23	31	or	or	CCONJ
fsr-3916	23	32	global	global	ADJ
fsr-3916	23	33	asset	asset	NOUN
fsr-3916	23	34	allocation	allocation	NOUN
fsr-3916	23	35	using	use	VERB
fsr-3916	23	36	consensus	consensus	NOUN
fsr-3916	23	37	forecasts	forecast	NOUN
fsr-3916	23	38	of	of	ADP
fsr-3916	23	39	earnings	earning	NOUN
fsr-3916	23	40	per	per	ADP
fsr-3916	23	41	share	share	NOUN
fsr-3916	23	42	by	by	ADP
fsr-3916	23	43	analysts	analyst	NOUN
fsr-3916	23	44	.	.	PUNCT
fsr-3916	24	1	emanuelli	emanuelli	PROPN
fsr-3916	24	2	and	and	CCONJ
fsr-3916	24	3	pearson	pearson	PROPN
fsr-3916	24	4	(	(	PUNCT
fsr-3916	24	5	1994	1994	NUM
fsr-3916	24	6	)	)	PUNCT
fsr-3916	24	7	find	find	VERB
fsr-3916	24	8	that	that	SCONJ
fsr-3916	24	9	aggregate	aggregate	VERB
fsr-3916	24	10	forecasts	forecast	NOUN
fsr-3916	24	11	of	of	ADP
fsr-3916	24	12	earnings	earning	NOUN
fsr-3916	24	13	per	per	ADP
fsr-3916	24	14	share	share	NOUN
fsr-3916	24	15	by	by	ADP
fsr-3916	24	16	analysts	analyst	NOUN
fsr-3916	24	17	(	(	PUNCT
fsr-3916	24	18	a	a	DET
fsr-3916	24	19	bottom	bottom	ADJ
fsr-3916	24	20	-	-	PUNCT
fsr-3916	24	21	up	up	ADP
fsr-3916	24	22	approach	approach	NOUN
fsr-3916	24	23	)	)	PUNCT
fsr-3916	24	24	improves	improve	VERB
fsr-3916	24	25	country	country	NOUN
fsr-3916	24	26	selection	selection	NOUN
fsr-3916	24	27	(	(	PUNCT
fsr-3916	24	28	a	a	DET
fsr-3916	24	29	top	top	ADJ
fsr-3916	24	30	-	-	PUNCT
fsr-3916	24	31	down	down	ADP
fsr-3916	24	32	approach	approach	NOUN
fsr-3916	24	33	)	)	PUNCT
fsr-3916	24	34	,	,	PUNCT
fsr-3916	24	35	and	and	CCONJ
fsr-3916	24	36	that	that	SCONJ
fsr-3916	24	37	the	the	DET
fsr-3916	24	38	earnings	earning	NOUN
fsr-3916	24	39	-	-	PUNCT
fsr-3916	24	40	estimate	estimate	NOUN
fsr-3916	24	41	revision	revision	NOUN
fsr-3916	24	42	ratio	ratio	NOUN
fsr-3916	24	43	(	(	PUNCT
fsr-3916	24	44	an	an	DET
fsr-3916	24	45	aggregate	aggregate	ADJ
fsr-3916	24	46	measure	measure	NOUN
fsr-3916	24	47	of	of	ADP
fsr-3916	24	48	changes	change	NOUN
fsr-3916	24	49	in	in	ADP
fsr-3916	24	50	analysts	analyst	NOUN
fsr-3916	24	51	’	’	PART
fsr-3916	24	52	forecasts	forecast	NOUN
fsr-3916	24	53	of	of	ADP
fsr-3916	24	54	earnings	earning	NOUN
fsr-3916	24	55	per	per	ADP
fsr-3916	24	56	share	share	NOUN
fsr-3916	24	57	)	)	PUNCT
fsr-3916	24	58	enhances	enhance	VERB
fsr-3916	24	59	returns	return	NOUN
fsr-3916	24	60	from	from	ADP
fsr-3916	24	61	international	international	ADJ
fsr-3916	24	62	equity	equity	NOUN
fsr-3916	24	63	allocation	allocation	NOUN
fsr-3916	24	64	over	over	ADP
fsr-3916	24	65	their	their	PRON
fsr-3916	24	66	studied	study	VERB
fsr-3916	24	67	52	52	NUM
fsr-3916	24	68	-	-	PUNCT
fsr-3916	24	69	month	month	NOUN
fsr-3916	24	70	test	test	NOUN
fsr-3916	24	71	period	period	NOUN
fsr-3916	24	72	.	.	PUNCT
fsr-3916	25	1	similarly	similarly	ADV
fsr-3916	25	2	,	,	PUNCT
fsr-3916	25	3	bercel	bercel	NOUN
fsr-3916	25	4	(	(	PUNCT
fsr-3916	25	5	1994	1994	NUM
fsr-3916	25	6	)	)	PUNCT
fsr-3916	25	7	finds	find	VERB
fsr-3916	25	8	that	that	SCONJ
fsr-3916	25	9	the	the	DET
fsr-3916	25	10	forecast	forecast	NOUN
fsr-3916	25	11	data	datum	NOUN
fsr-3916	25	12	of	of	ADP
fsr-3916	25	13	u.s	u.s	PROPN
fsr-3916	25	14	.	.	PROPN
fsr-3916	25	15	and	and	CCONJ
fsr-3916	25	16	non	non	PROPN
fsr-3916	25	17	-	-	ADJ
fsr-3916	25	18	u.s	u.s	PROPN
fsr-3916	25	19	.	.	PROPN
fsr-3916	25	20	analysts	analyst	NOUN
fsr-3916	25	21	,	,	PUNCT
fsr-3916	25	22	as	as	SCONJ
fsr-3916	25	23	measured	measure	VERB
fsr-3916	25	24	by	by	ADP
fsr-3916	25	25	changes	change	NOUN
fsr-3916	25	26	in	in	ADP
fsr-3916	25	27	the	the	DET
fsr-3916	25	28	forecasts	forecast	NOUN
fsr-3916	25	29	of	of	ADP
fsr-3916	25	30	earnings	earning	NOUN
fsr-3916	25	31	per	per	ADP
fsr-3916	25	32	share	share	NOUN
fsr-3916	25	33	by	by	ADP
fsr-3916	25	34	analysts	analyst	NOUN
fsr-3916	25	35	and	and	CCONJ
fsr-3916	25	36	the	the	DET
fsr-3916	25	37	number	number	NOUN
fsr-3916	25	38	of	of	ADP
fsr-3916	25	39	analysts	analyst	NOUN
fsr-3916	25	40	changing	change	VERB
fsr-3916	25	41	their	their	PRON
fsr-3916	25	42	forecasts	forecast	NOUN
fsr-3916	25	43	,	,	PUNCT
fsr-3916	25	44	can	can	AUX
fsr-3916	25	45	be	be	AUX
fsr-3916	25	46	used	use	VERB
fsr-3916	25	47	to	to	PART
fsr-3916	25	48	generate	generate	VERB
fsr-3916	25	49	abnormal	abnormal	ADJ
fsr-3916	25	50	returns	return	NOUN
fsr-3916	25	51	in	in	ADP
fsr-3916	25	52	seven	seven	NUM
fsr-3916	25	53	international	international	ADJ
fsr-3916	25	54	markets	market	NOUN
fsr-3916	25	55	.	.	PUNCT
fsr-3916	26	1	our	our	PRON
fsr-3916	26	2	contribution	contribution	NOUN
fsr-3916	26	3	is	be	AUX
fsr-3916	26	4	to	to	PART
fsr-3916	26	5	test	test	VERB
fsr-3916	26	6	whether	whether	SCONJ
fsr-3916	26	7	a	a	DET
fsr-3916	26	8	market	market	NOUN
fsr-3916	26	9	timing	timing	NOUN
fsr-3916	26	10	strategy	strategy	NOUN
fsr-3916	26	11	using	use	VERB
fsr-3916	26	12	the	the	DET
fsr-3916	26	13	signals	signal	NOUN
fsr-3916	26	14	based	base	VERB
fsr-3916	26	15	on	on	ADP
fsr-3916	26	16	the	the	DET
fsr-3916	26	17	bottom	bottom	ADJ
fsr-3916	26	18	-	-	PUNCT
fsr-3916	26	19	up	up	ADP
fsr-3916	26	20	consensus	consensus	NOUN
fsr-3916	26	21	forecasts	forecast	NOUN
fsr-3916	26	22	of	of	ADP
fsr-3916	26	23	earnings	earning	NOUN
fsr-3916	26	24	per	per	ADP
fsr-3916	26	25	share	share	NOUN
fsr-3916	26	26	by	by	ADP
fsr-3916	26	27	analysts	analyst	NOUN
fsr-3916	26	28	and	and	CCONJ
fsr-3916	26	29	the	the	DET
fsr-3916	26	30	top	top	ADJ
fsr-3916	26	31	-	-	PUNCT
fsr-3916	26	32	down	down	ADP
fsr-3916	26	33	consensus	consensus	NOUN
fsr-3916	26	34	forecasts	forecast	NOUN
fsr-3916	26	35	of	of	ADP
fsr-3916	26	36	earnings	earning	NOUN
fsr-3916	26	37	per	per	ADP
fsr-3916	26	38	share	share	NOUN
fsr-3916	26	39	by	by	ADP
fsr-3916	26	40	market	market	NOUN
fsr-3916	26	41	strategists	strategist	NOUN
fsr-3916	26	42	for	for	ADP
fsr-3916	26	43	the	the	DET
fsr-3916	26	44	s&p	s&p	PROPN
fsr-3916	26	45	500	500	NUM
fsr-3916	26	46	generates	generate	VERB
fsr-3916	26	47	superior	superior	ADJ
fsr-3916	26	48	investment	investment	NOUN
fsr-3916	26	49	performance	performance	NOUN
fsr-3916	26	50	.	.	PUNCT
fsr-3916	27	1	we	we	PRON
fsr-3916	27	2	also	also	ADV
fsr-3916	27	3	examine	examine	VERB
fsr-3916	27	4	whether	whether	SCONJ
fsr-3916	27	5	better	well	ADJ
fsr-3916	27	6	market	market	NOUN
fsr-3916	27	7	timing	timing	NOUN
fsr-3916	27	8	performance	performance	NOUN
fsr-3916	27	9	is	be	AUX
fsr-3916	27	10	achievable	achievable	ADJ
fsr-3916	27	11	using	use	VERB
fsr-3916	27	12	the	the	DET
fsr-3916	27	13	direction	direction	NOUN
fsr-3916	27	14	of	of	ADP
fsr-3916	27	15	these	these	DET
fsr-3916	27	16	consensus	consensus	NOUN
fsr-3916	27	17	forecast	forecast	NOUN
fsr-3916	27	18	revisions	revision	NOUN
fsr-3916	27	19	by	by	ADP
fsr-3916	27	20	market	market	NOUN
fsr-3916	27	21	strategists	strategist	NOUN
fsr-3916	27	22	and	and	CCONJ
fsr-3916	27	23	analysts	analyst	NOUN
fsr-3916	27	24	,	,	PUNCT
fsr-3916	27	25	or	or	CCONJ
fsr-3916	27	26	the	the	DET
fsr-3916	27	27	directional	directional	ADJ
fsr-3916	27	28	net	net	ADJ
fsr-3916	27	29	number	number	NOUN
fsr-3916	27	30	of	of	ADP
fsr-3916	27	31	such	such	ADJ
fsr-3916	27	32	forecasts	forecast	NOUN
fsr-3916	27	33	revised	revise	VERB
fsr-3916	27	34	up	up	ADP
fsr-3916	27	35	or	or	CCONJ
fsr-3916	27	36	down	down	ADV
fsr-3916	27	37	by	by	ADP
fsr-3916	27	38	market	market	NOUN
fsr-3916	27	39	strategists	strategist	NOUN
fsr-3916	27	40	and	and	CCONJ
fsr-3916	27	41	analysts	analyst	NOUN
fsr-3916	27	42	.	.	PUNCT
fsr-3916	28	1	the	the	DET
fsr-3916	28	2	latter	latter	ADJ
fsr-3916	28	3	switching	switch	VERB
fsr-3916	28	4	rules	rule	NOUN
fsr-3916	28	5	are	be	AUX
fsr-3916	28	6	similar	similar	ADJ
fsr-3916	28	7	to	to	ADP
fsr-3916	28	8	those	those	PRON
fsr-3916	28	9	used	use	VERB
fsr-3916	28	10	by	by	ADP
fsr-3916	28	11	emanuelli	emanuelli	PROPN
fsr-3916	28	12	and	and	CCONJ
fsr-3916	28	13	pearson	pearson	PROPN
fsr-3916	28	14	(	(	PUNCT
fsr-3916	28	15	1994	1994	NUM
fsr-3916	28	16	)	)	PUNCT
fsr-3916	28	17	and	and	CCONJ
fsr-3916	28	18	bercel	bercel	NOUN
fsr-3916	28	19	(	(	PUNCT
fsr-3916	28	20	1994	1994	NUM
fsr-3916	28	21	)	)	PUNCT
fsr-3916	28	22	to	to	PART
fsr-3916	28	23	obtain	obtain	VERB
fsr-3916	28	24	superior	superior	ADJ
fsr-3916	28	25	country	country	NOUN
fsr-3916	28	26	timing	time	VERB
fsr-3916	28	27	investment	investment	NOUN
fsr-3916	28	28	performance	performance	NOUN
fsr-3916	28	29	.	.	PUNCT
fsr-3916	29	1	our	our	PRON
fsr-3916	29	2	research	research	NOUN
fsr-3916	29	3	results	result	NOUN
fsr-3916	29	4	in	in	ADP
fsr-3916	29	5	four	four	NUM
fsr-3916	29	6	major	major	ADJ
fsr-3916	29	7	findings	finding	NOUN
fsr-3916	29	8	.	.	PUNCT
fsr-3916	30	1	first	first	ADV
fsr-3916	30	2	,	,	PUNCT
fsr-3916	30	3	we	we	PRON
fsr-3916	30	4	find	find	VERB
fsr-3916	30	5	a	a	DET
fsr-3916	30	6	significant	significant	ADJ
fsr-3916	30	7	optimism	optimism	NOUN
fsr-3916	30	8	bias	bias	NOUN
fsr-3916	30	9	in	in	ADP
fsr-3916	30	10	bottom	bottom	ADJ
fsr-3916	30	11	-	-	PUNCT
fsr-3916	30	12	up	up	NOUN
fsr-3916	30	13	and	and	CCONJ
fsr-3916	30	14	top	top	ADJ
fsr-3916	30	15	-	-	PUNCT
fsr-3916	30	16	down	down	ADP
fsr-3916	30	17	forecasts	forecast	NOUN
fsr-3916	30	18	of	of	ADP
fsr-3916	30	19	earnings	earning	NOUN
fsr-3916	30	20	per	per	ADP
fsr-3916	30	21	share	share	NOUN
fsr-3916	30	22	by	by	ADP
fsr-3916	30	23	analysts	analyst	NOUN
fsr-3916	30	24	for	for	ADP
fsr-3916	30	25	the	the	DET
fsr-3916	30	26	s&p	s&p	PROPN
fsr-3916	30	27	500	500	NUM
fsr-3916	30	28	index	index	NOUN
fsr-3916	30	29	for	for	ADP
fsr-3916	30	30	the	the	DET
fsr-3916	30	31	current	current	ADJ
fsr-3916	30	32	fiscal	fiscal	ADJ
fsr-3916	30	33	year	year	NOUN
fsr-3916	30	34	(	(	PUNCT
fsr-3916	30	35	fy1	fy1	NOUN
fsr-3916	30	36	)	)	PUNCT
fsr-3916	30	37	and	and	CCONJ
fsr-3916	30	38	subsequent	subsequent	ADJ
fsr-3916	30	39	fiscal	fiscal	ADJ
fsr-3916	30	40	year	year	NOUN
fsr-3916	30	41	(	(	PUNCT
fsr-3916	30	42	fy2	fy2	NOUN
fsr-3916	30	43	)	)	PUNCT
fsr-3916	30	44	.	.	PUNCT
fsr-3916	31	1	second	second	ADJ
fsr-3916	31	2	,	,	PUNCT
fsr-3916	31	3	we	we	PRON
fsr-3916	31	4	find	find	VERB
fsr-3916	31	5	that	that	SCONJ
fsr-3916	31	6	the	the	DET
fsr-3916	31	7	optimism	optimism	NOUN
fsr-3916	31	8	bias	bias	NOUN
fsr-3916	31	9	is	be	AUX
fsr-3916	31	10	significantly	significantly	ADV
fsr-3916	31	11	higher	high	ADJ
fsr-3916	31	12	in	in	ADP
fsr-3916	31	13	the	the	DET
fsr-3916	31	14	bottom	bottom	NOUN
fsr-3916	31	15	-	-	PUNCT
fsr-3916	31	16	up	up	ADP
fsr-3916	31	17	forecasts	forecast	NOUN
fsr-3916	31	18	compared	compare	VERB
fsr-3916	31	19	to	to	ADP
fsr-3916	31	20	the	the	DET
fsr-3916	31	21	top	top	ADJ
fsr-3916	31	22	-	-	PUNCT
fsr-3916	31	23	down	down	ADP
fsr-3916	31	24	forecasts	forecast	NOUN
fsr-3916	31	25	on	on	ADP
fsr-3916	31	26	average	average	ADJ
fsr-3916	31	27	,	,	PUNCT
fsr-3916	31	28	and	and	CCONJ
fsr-3916	31	29	in	in	ADP
fsr-3916	31	30	each	each	PRON
fsr-3916	31	31	of	of	ADP
fsr-3916	31	32	the	the	DET
fsr-3916	31	33	months	month	NOUN
fsr-3916	31	34	approaching	approach	VERB
fsr-3916	31	35	the	the	DET
fsr-3916	31	36	month	month	NOUN
fsr-3916	31	37	during	during	ADP
fsr-3916	31	38	each	each	DET
fsr-3916	31	39	year	year	NOUN
fsr-3916	31	40	in	in	ADP
fsr-3916	31	41	which	which	PRON
fsr-3916	31	42	i	i	PROPN
fsr-3916	31	43	/	/	SYM
fsr-3916	31	44	b	b	PROPN
fsr-3916	31	45	/	/	SYM
fsr-3916	31	46	e	e	NOUN
fsr-3916	31	47	/	/	SYM
fsr-3916	31	48	s	s	PART
fsr-3916	31	49	updates	update	VERB
fsr-3916	31	50	the	the	DET
fsr-3916	31	51	actual	actual	ADJ
fsr-3916	31	52	earnings	earning	NOUN
fsr-3916	31	53	per	per	ADP
fsr-3916	31	54	share	share	NOUN
fsr-3916	31	55	for	for	ADP
fsr-3916	31	56	the	the	DET
fsr-3916	31	57	s&p	s&p	PROPN
fsr-3916	31	58	500	500	NUM
fsr-3916	31	59	index	index	NOUN
fsr-3916	31	60	.	.	PUNCT
fsr-3916	32	1	third	third	ADJ
fsr-3916	32	2	,	,	PUNCT
fsr-3916	32	3	we	we	PRON
fsr-3916	32	4	find	find	VERB
fsr-3916	32	5	that	that	SCONJ
fsr-3916	32	6	not	not	PART
fsr-3916	32	7	only	only	ADV
fsr-3916	32	8	do	do	AUX
fsr-3916	32	9	these	these	DET
fsr-3916	32	10	optimism	optimism	NOUN
fsr-3916	32	11	biases	bias	NOUN
fsr-3916	32	12	decrease	decrease	VERB
fsr-3916	32	13	over	over	ADP
fsr-3916	32	14	the	the	DET
fsr-3916	32	15	year	year	NOUN
fsr-3916	32	16	but	but	CCONJ
fsr-3916	32	17	that	that	SCONJ
fsr-3916	32	18	the	the	DET
fsr-3916	32	19	biases	bias	NOUN
fsr-3916	32	20	exhibit	exhibit	VERB
fsr-3916	32	21	temporary	temporary	ADJ
fsr-3916	32	22	reversal	reversal	NOUN
fsr-3916	32	23	in	in	ADP
fsr-3916	32	24	january	january	PROPN
fsr-3916	32	25	prior	prior	ADV
fsr-3916	32	26	to	to	ADP
fsr-3916	32	27	the	the	DET
fsr-3916	32	28	month	month	NOUN
fsr-3916	32	29	during	during	ADP
fsr-3916	32	30	each	each	DET
fsr-3916	32	31	year	year	NOUN
fsr-3916	32	32	in	in	ADP
fsr-3916	32	33	which	which	PRON
fsr-3916	32	34	i	i	PROPN
fsr-3916	32	35	/	/	SYM
fsr-3916	32	36	b	b	PROPN
fsr-3916	32	37	/	/	SYM
fsr-3916	32	38	e	e	NOUN
fsr-3916	32	39	/	/	SYM
fsr-3916	32	40	s	s	PART
fsr-3916	32	41	updates	update	VERB
fsr-3916	32	42	the	the	DET
fsr-3916	32	43	actual	actual	ADJ
fsr-3916	32	44	earnings	earning	NOUN
fsr-3916	32	45	per	per	ADP
fsr-3916	32	46	share	share	NOUN
fsr-3916	32	47	for	for	ADP
fsr-3916	32	48	the	the	DET
fsr-3916	32	49	s&p	s&p	PROPN
fsr-3916	32	50	500	500	NUM
fsr-3916	32	51	index	index	NOUN
fsr-3916	32	52	.	.	PUNCT
fsr-3916	33	1	fourth	fourth	ADJ
fsr-3916	33	2	,	,	PUNCT
fsr-3916	33	3	we	we	PRON
fsr-3916	33	4	demonstrate	demonstrate	VERB
fsr-3916	33	5	that	that	SCONJ
fsr-3916	33	6	a	a	DET
fsr-3916	33	7	market	market	NOUN
fsr-3916	33	8	timer	timer	NOUN
fsr-3916	33	9	using	use	VERB
fsr-3916	33	10	parsimonious	parsimonious	ADJ
fsr-3916	33	11	switching	switching	NOUN
fsr-3916	33	12	rules	rule	NOUN
fsr-3916	33	13	based	base	VERB
fsr-3916	33	14	on	on	ADP
fsr-3916	33	15	the	the	DET
fsr-3916	33	16	top	top	NOUN
fsr-3916	33	17	-	-	PUNCT
fsr-3916	33	18	down	down	NOUN
fsr-3916	33	19	(	(	PUNCT
fsr-3916	33	20	bottom	bottom	NOUN
fsr-3916	33	21	-	-	PUNCT
fsr-3916	33	22	up	up	NOUN
fsr-3916	33	23	)	)	PUNCT
fsr-3916	33	24	consensus	consensus	NOUN
fsr-3916	33	25	126	126	NUM
fsr-3916	33	26	r.	r.	PROPN
fsr-3916	33	27	chung	chung	PROPN
fsr-3916	33	28	,	,	PUNCT
fsr-3916	33	29	l.	l.	PROPN
fsr-3916	33	30	kryzanowski	kryzanowski	PROPN
fsr-3916	33	31	/	/	SYM
fsr-3916	33	32	financial	financial	ADJ
fsr-3916	33	33	services	service	NOUN
fsr-3916	33	34	review	review	VERB
fsr-3916	33	35	9	9	NUM
fsr-3916	33	36	(	(	PUNCT
fsr-3916	33	37	2000	2000	NUM
fsr-3916	33	38	)	)	PUNCT
fsr-3916	33	39	125–144	125–144	NUM
fsr-3916	33	40	forecasts	forecast	NOUN
fsr-3916	33	41	of	of	ADP
fsr-3916	33	42	earnings	earning	NOUN
fsr-3916	33	43	per	per	ADP
fsr-3916	33	44	share	share	NOUN
fsr-3916	33	45	by	by	ADP
fsr-3916	33	46	market	market	NOUN
fsr-3916	33	47	strategists	strategist	NOUN
fsr-3916	33	48	(	(	PUNCT
fsr-3916	33	49	financial	financial	ADJ
fsr-3916	33	50	analysts	analyst	NOUN
fsr-3916	33	51	)	)	PUNCT
fsr-3916	33	52	or	or	CCONJ
fsr-3916	33	53	various	various	ADJ
fsr-3916	33	54	directional	directional	ADJ
fsr-3916	33	55	measures	measure	NOUN
fsr-3916	33	56	of	of	ADP
fsr-3916	33	57	forecast	forecast	NOUN
fsr-3916	33	58	revisions	revision	NOUN
fsr-3916	33	59	can	can	AUX
fsr-3916	33	60	not	not	PART
fsr-3916	33	61	generate	generate	VERB
fsr-3916	33	62	a	a	DET
fsr-3916	33	63	free	free	ADJ
fsr-3916	33	64	lunch	lunch	NOUN
fsr-3916	33	65	or	or	CCONJ
fsr-3916	33	66	positive	positive	ADJ
fsr-3916	33	67	alpha	alpha	NOUN
fsr-3916	33	68	(	(	PUNCT
fsr-3916	33	69	i.e.	i.e.	X
fsr-3916	33	70	,	,	PUNCT
fsr-3916	33	71	superior	superior	ADJ
fsr-3916	33	72	investment	investment	NOUN
fsr-3916	33	73	performance	performance	NOUN
fsr-3916	33	74	)	)	PUNCT
fsr-3916	33	75	.	.	PUNCT
fsr-3916	34	1	the	the	DET
fsr-3916	34	2	next	next	ADJ
fsr-3916	34	3	section	section	NOUN
fsr-3916	34	4	addresses	address	VERB
fsr-3916	34	5	individual	individual	ADJ
fsr-3916	34	6	investor	investor	NOUN
fsr-3916	34	7	usage	usage	NOUN
fsr-3916	34	8	of	of	ADP
fsr-3916	34	9	market	market	NOUN
fsr-3916	34	10	timing	timing	NOUN
fsr-3916	34	11	.	.	PUNCT
fsr-3916	35	1	the	the	DET
fsr-3916	35	2	third	third	ADJ
fsr-3916	35	3	section	section	NOUN
fsr-3916	35	4	provides	provide	VERB
fsr-3916	35	5	a	a	DET
fsr-3916	35	6	review	review	NOUN
fsr-3916	35	7	of	of	ADP
fsr-3916	35	8	the	the	DET
fsr-3916	35	9	relevant	relevant	ADJ
fsr-3916	35	10	literatures	literature	NOUN
fsr-3916	35	11	.	.	PUNCT
fsr-3916	36	1	the	the	DET
fsr-3916	36	2	fourth	fourth	ADJ
fsr-3916	36	3	section	section	NOUN
fsr-3916	36	4	examines	examine	VERB
fsr-3916	36	5	the	the	DET
fsr-3916	36	6	bias	bias	NOUN
fsr-3916	36	7	in	in	ADP
fsr-3916	36	8	consensus	consensus	NOUN
fsr-3916	36	9	top	top	ADJ
fsr-3916	36	10	-	-	PUNCT
fsr-3916	36	11	down	down	ADP
fsr-3916	36	12	forecasts	forecast	NOUN
fsr-3916	36	13	of	of	ADP
fsr-3916	36	14	earnings	earning	NOUN
fsr-3916	36	15	per	per	ADP
fsr-3916	36	16	share	share	NOUN
fsr-3916	36	17	for	for	ADP
fsr-3916	36	18	the	the	DET
fsr-3916	36	19	s&p	s&p	PROPN
fsr-3916	36	20	500	500	NUM
fsr-3916	36	21	of	of	ADP
fsr-3916	36	22	market	market	NOUN
fsr-3916	36	23	strategists	strategist	NOUN
fsr-3916	36	24	and	and	CCONJ
fsr-3916	36	25	the	the	DET
fsr-3916	36	26	bottom	bottom	ADJ
fsr-3916	36	27	-	-	PUNCT
fsr-3916	36	28	up	up	ADP
fsr-3916	36	29	equivalents	equivalent	NOUN
fsr-3916	36	30	for	for	ADP
fsr-3916	36	31	financial	financial	ADJ
fsr-3916	36	32	analysts	analyst	NOUN
fsr-3916	36	33	for	for	ADP
fsr-3916	36	34	each	each	PRON
fsr-3916	36	35	of	of	ADP
fsr-3916	36	36	the	the	DET
fsr-3916	36	37	next	next	ADJ
fsr-3916	36	38	two	two	NUM
fsr-3916	36	39	years	year	NOUN
fsr-3916	36	40	.	.	PUNCT
fsr-3916	37	1	the	the	DET
fsr-3916	37	2	fifth	fifth	ADJ
fsr-3916	37	3	section	section	NOUN
fsr-3916	37	4	discusses	discuss	VERB
fsr-3916	37	5	the	the	DET
fsr-3916	37	6	data	datum	NOUN
fsr-3916	37	7	.	.	PUNCT
fsr-3916	38	1	the	the	DET
fsr-3916	38	2	sixth	sixth	ADJ
fsr-3916	38	3	and	and	CCONJ
fsr-3916	38	4	seventh	seventh	ADJ
fsr-3916	38	5	sections	section	NOUN
fsr-3916	38	6	evaluate	evaluate	VERB
fsr-3916	38	7	the	the	DET
fsr-3916	38	8	market	market	NOUN
fsr-3916	38	9	timing	timing	NOUN
fsr-3916	38	10	performance	performance	NOUN
fsr-3916	38	11	of	of	ADP
fsr-3916	38	12	switching	switch	VERB
fsr-3916	38	13	rules	rule	NOUN
fsr-3916	38	14	based	base	VERB
fsr-3916	38	15	on	on	ADP
fsr-3916	38	16	consensus	consensus	NOUN
fsr-3916	38	17	forecasts	forecast	NOUN
fsr-3916	38	18	of	of	ADP
fsr-3916	38	19	s&p	s&p	PROPN
fsr-3916	38	20	500	500	NUM
fsr-3916	38	21	earnings	earning	NOUN
fsr-3916	38	22	per	per	ADP
fsr-3916	38	23	share	share	NOUN
fsr-3916	38	24	and	and	CCONJ
fsr-3916	38	25	revisions	revision	NOUN
fsr-3916	38	26	thereof	thereof	ADV
fsr-3916	38	27	,	,	PUNCT
fsr-3916	38	28	respectively	respectively	ADV
fsr-3916	38	29	.	.	PUNCT
fsr-3916	39	1	we	we	PRON
fsr-3916	39	2	end	end	VERB
fsr-3916	39	3	with	with	ADP
fsr-3916	39	4	some	some	DET
fsr-3916	39	5	concluding	concluding	NOUN
fsr-3916	39	6	remarks	remark	NOUN
fsr-3916	39	7	.	.	PUNCT
fsr-3916	40	1	2	2	X
fsr-3916	40	2	.	.	X
fsr-3916	40	3	market	market	NOUN
fsr-3916	40	4	timing	timing	NOUN
fsr-3916	40	5	and	and	CCONJ
fsr-3916	40	6	the	the	DET
fsr-3916	40	7	individual	individual	ADJ
fsr-3916	40	8	investor	investor	NOUN
fsr-3916	40	9	market	market	NOUN
fsr-3916	40	10	timers	timer	NOUN
fsr-3916	40	11	are	be	AUX
fsr-3916	40	12	fund	fund	NOUN
fsr-3916	40	13	managers	manager	NOUN
fsr-3916	40	14	,	,	PUNCT
fsr-3916	40	15	registered	register	VERB
fsr-3916	40	16	investment	investment	NOUN
fsr-3916	40	17	advisors	advisor	NOUN
fsr-3916	40	18	,	,	PUNCT
fsr-3916	40	19	accounts	account	NOUN
fsr-3916	40	20	,	,	PUNCT
fsr-3916	40	21	agents	agent	NOUN
fsr-3916	40	22	of	of	ADP
fsr-3916	40	23	record	record	NOUN
fsr-3916	40	24	and	and	CCONJ
fsr-3916	40	25	other	other	ADJ
fsr-3916	40	26	qualified	qualified	ADJ
fsr-3916	40	27	persons	person	NOUN
fsr-3916	40	28	who	who	PRON
fsr-3916	40	29	make	make	VERB
fsr-3916	40	30	market	market	NOUN
fsr-3916	40	31	timing	timing	NOUN
fsr-3916	40	32	decisions	decision	NOUN
fsr-3916	40	33	and	and	CCONJ
fsr-3916	40	34	recommendations	recommendation	NOUN
fsr-3916	40	35	on	on	ADP
fsr-3916	40	36	behalf	behalf	NOUN
fsr-3916	40	37	of	of	ADP
fsr-3916	40	38	individual	individual	ADJ
fsr-3916	40	39	investors	investor	NOUN
fsr-3916	40	40	,	,	PUNCT
fsr-3916	40	41	or	or	CCONJ
fsr-3916	40	42	effect	effect	VERB
fsr-3916	40	43	such	such	ADJ
fsr-3916	40	44	transactions	transaction	NOUN
fsr-3916	40	45	on	on	ADP
fsr-3916	40	46	the	the	DET
fsr-3916	40	47	instructions	instruction	NOUN
fsr-3916	40	48	of	of	ADP
fsr-3916	40	49	individual	individual	ADJ
fsr-3916	40	50	investors	investor	NOUN
fsr-3916	40	51	.	.	PUNCT
fsr-3916	41	1	a	a	DET
fsr-3916	41	2	market	market	NOUN
fsr-3916	41	3	timer	timer	NOUN
fsr-3916	41	4	’s	’s	PART
fsr-3916	41	5	goal	goal	NOUN
fsr-3916	41	6	is	be	AUX
fsr-3916	41	7	to	to	PART
fsr-3916	41	8	improve	improve	VERB
fsr-3916	41	9	risk	risk	NOUN
fsr-3916	41	10	-	-	PUNCT
fsr-3916	41	11	adjusted	adjust	VERB
fsr-3916	41	12	performance	performance	NOUN
fsr-3916	41	13	by	by	ADP
fsr-3916	41	14	reducing	reduce	VERB
fsr-3916	41	15	risk	risk	NOUN
fsr-3916	41	16	and/or	and/or	CCONJ
fsr-3916	41	17	enhancing	enhance	VERB
fsr-3916	41	18	return	return	NOUN
fsr-3916	41	19	.	.	PUNCT
fsr-3916	42	1	unlike	unlike	ADP
fsr-3916	42	2	other	other	ADJ
fsr-3916	42	3	forms	form	NOUN
fsr-3916	42	4	of	of	ADP
fsr-3916	42	5	active	active	ADJ
fsr-3916	42	6	asset	asset	NOUN
fsr-3916	42	7	allocation	allocation	NOUN
fsr-3916	42	8	,	,	PUNCT
fsr-3916	42	9	market	market	NOUN
fsr-3916	42	10	timers	timer	NOUN
fsr-3916	42	11	are	be	AUX
fsr-3916	42	12	100	100	NUM
fsr-3916	42	13	%	%	NOUN
fsr-3916	42	14	invested	invest	VERB
fsr-3916	42	15	in	in	ADP
fsr-3916	42	16	equities	equity	NOUN
fsr-3916	42	17	or	or	CCONJ
fsr-3916	42	18	in	in	ADP
fsr-3916	42	19	cash	cash	NOUN
fsr-3916	42	20	,	,	PUNCT
fsr-3916	42	21	or	or	CCONJ
fsr-3916	42	22	are	be	AUX
fsr-3916	42	23	long	long	ADJ
fsr-3916	42	24	in	in	ADP
fsr-3916	42	25	one	one	NUM
fsr-3916	42	26	of	of	ADP
fsr-3916	42	27	these	these	DET
fsr-3916	42	28	asset	asset	NOUN
fsr-3916	42	29	classes	class	NOUN
fsr-3916	42	30	and	and	CCONJ
fsr-3916	42	31	short	short	ADJ
fsr-3916	42	32	in	in	ADP
fsr-3916	42	33	the	the	DET
fsr-3916	42	34	other	other	ADJ
fsr-3916	42	35	.	.	PUNCT
fsr-3916	43	1	market	market	NOUN
fsr-3916	43	2	timers	timer	NOUN
fsr-3916	43	3	manage	manage	VERB
fsr-3916	43	4	considerable	considerable	ADJ
fsr-3916	43	5	capital	capital	NOUN
fsr-3916	43	6	.	.	PUNCT
fsr-3916	44	1	to	to	PART
fsr-3916	44	2	illustrate	illustrate	VERB
fsr-3916	44	3	,	,	PUNCT
fsr-3916	44	4	the	the	DET
fsr-3916	44	5	more	more	ADJ
fsr-3916	44	6	than	than	ADP
fsr-3916	44	7	200	200	NUM
fsr-3916	44	8	members	member	NOUN
fsr-3916	44	9	of	of	ADP
fsr-3916	44	10	the	the	DET
fsr-3916	44	11	society	society	NOUN
fsr-3916	44	12	of	of	ADP
fsr-3916	44	13	asset	asset	NOUN
fsr-3916	44	14	allocators	allocator	NOUN
fsr-3916	44	15	and	and	CCONJ
fsr-3916	44	16	fund	fund	NOUN
fsr-3916	44	17	timers	timer	NOUN
fsr-3916	44	18	,	,	PUNCT
fsr-3916	44	19	inc	inc	PROPN
fsr-3916	44	20	.	.	PROPN
fsr-3916	44	21	or	or	CCONJ
fsr-3916	44	22	saafti	saafti	VERB
fsr-3916	44	23	manage	manage	VERB
fsr-3916	44	24	an	an	DET
fsr-3916	44	25	estimated	estimate	VERB
fsr-3916	44	26	$	$	SYM
fsr-3916	44	27	14	14	NUM
fsr-3916	44	28	billion	billion	NUM
fsr-3916	44	29	(	(	PUNCT
fsr-3916	44	30	http://www.saafti.com/advisors/saafti/home.asp	http://www.saafti.com/advisors/saafti/home.asp	NOUN
fsr-3916	44	31	,	,	PUNCT
fsr-3916	44	32	july	july	PROPN
fsr-3916	44	33	24	24	NUM
fsr-3916	44	34	,	,	PUNCT
fsr-3916	44	35	2000	2000	NUM
fsr-3916	44	36	)	)	PUNCT
fsr-3916	44	37	.	.	PUNCT
fsr-3916	45	1	various	various	ADJ
fsr-3916	45	2	service	service	NOUN
fsr-3916	45	3	providers	provider	NOUN
fsr-3916	45	4	expend	expend	VERB
fsr-3916	45	5	considerable	considerable	ADJ
fsr-3916	45	6	resources	resource	NOUN
fsr-3916	45	7	to	to	PART
fsr-3916	45	8	provide	provide	VERB
fsr-3916	45	9	market	market	NOUN
fsr-3916	45	10	-	-	PUNCT
fsr-3916	45	11	timing	timing	NOUN
fsr-3916	45	12	recommendations	recommendation	NOUN
fsr-3916	45	13	to	to	ADP
fsr-3916	45	14	individual	individual	ADJ
fsr-3916	45	15	investors	investor	NOUN
fsr-3916	45	16	,	,	PUNCT
fsr-3916	45	17	and	and	CCONJ
fsr-3916	45	18	to	to	PART
fsr-3916	45	19	evaluate	evaluate	VERB
fsr-3916	45	20	the	the	DET
fsr-3916	45	21	performance	performance	NOUN
fsr-3916	45	22	of	of	ADP
fsr-3916	45	23	these	these	DET
fsr-3916	45	24	recommendations	recommendation	NOUN
fsr-3916	45	25	.	.	PUNCT
fsr-3916	46	1	three	three	NUM
fsr-3916	46	2	examples	example	NOUN
fsr-3916	46	3	follow	follow	VERB
fsr-3916	46	4	.	.	PUNCT
fsr-3916	47	1	first	first	ADV
fsr-3916	47	2	,	,	PUNCT
fsr-3916	47	3	hulbert	hulbert	PROPN
fsr-3916	47	4	financial	financial	PROPN
fsr-3916	47	5	digest(see	digest(see	PROPN
fsr-3916	47	6	http://www.hulbertdigest.com/	http://www.hulbertdigest.com/	PROPN
fsr-3916	47	7	)	)	PUNCT
fsr-3916	47	8	calculates	calculate	VERB
fsr-3916	47	9	“	"	PUNCT
fsr-3916	47	10	timing	timing	VERB
fsr-3916	47	11	-	-	PUNCT
fsr-3916	47	12	only	only	ADV
fsr-3916	47	13	”	"	PUNCT
fsr-3916	47	14	returns	return	NOUN
fsr-3916	47	15	for	for	ADP
fsr-3916	47	16	investment	investment	NOUN
fsr-3916	47	17	newsletters	newsletter	NOUN
fsr-3916	47	18	.	.	PUNCT
fsr-3916	48	1	about	about	ADV
fsr-3916	48	2	one	one	NUM
fsr-3916	48	3	-	-	PUNCT
fsr-3916	48	4	half	half	NOUN
fsr-3916	48	5	of	of	ADP
fsr-3916	48	6	the	the	DET
fsr-3916	48	7	newsletters	newsletter	NOUN
fsr-3916	48	8	it	it	PRON
fsr-3916	48	9	monitors	monitor	VERB
fsr-3916	48	10	provide	provide	VERB
fsr-3916	48	11	timing	timing	NOUN
fsr-3916	48	12	signals	signal	NOUN
fsr-3916	48	13	and	and	CCONJ
fsr-3916	48	14	have	have	VERB
fsr-3916	48	15	significant	significant	ADJ
fsr-3916	48	16	individual	individual	ADJ
fsr-3916	48	17	subscribers	subscriber	NOUN
fsr-3916	48	18	(	(	PUNCT
fsr-3916	48	19	according	accord	VERB
fsr-3916	48	20	to	to	ADP
fsr-3916	48	21	an	an	DET
fsr-3916	48	22	e	e	NOUN
fsr-3916	48	23	-	-	NOUN
fsr-3916	48	24	mail	mail	NOUN
fsr-3916	48	25	response	response	NOUN
fsr-3916	48	26	from	from	ADP
fsr-3916	48	27	mark	mark	PROPN
fsr-3916	48	28	hulbert	hulbert	PROPN
fsr-3916	48	29	dated	date	VERB
fsr-3916	48	30	20	20	NUM
fsr-3916	48	31	july	july	PROPN
fsr-3916	48	32	2000	2000	NUM
fsr-3916	48	33	)	)	PUNCT
fsr-3916	48	34	.	.	PUNCT
fsr-3916	49	1	second	second	ADJ
fsr-3916	49	2	,	,	PUNCT
fsr-3916	49	3	moniresearch	moniresearch	NOUN
fsr-3916	49	4	newsletter	newsletter	NOUN
fsr-3916	49	5	(	(	PUNCT
fsr-3916	49	6	see	see	VERB
fsr-3916	49	7	http://www.moniresearch.com/	http://www.moniresearch.com/	NOUN
fsr-3916	49	8	)	)	PUNCT
fsr-3916	49	9	tracks	track	NOUN
fsr-3916	49	10	and	and	CCONJ
fsr-3916	49	11	measures	measure	NOUN
fsr-3916	49	12	the	the	DET
fsr-3916	49	13	performance	performance	NOUN
fsr-3916	49	14	of	of	ADP
fsr-3916	49	15	client	client	NOUN
fsr-3916	49	16	accounts	account	NOUN
fsr-3916	49	17	of	of	ADP
fsr-3916	49	18	100	100	NUM
fsr-3916	49	19	timing	timing	NOUN
fsr-3916	49	20	-	-	PUNCT
fsr-3916	49	21	only	only	ADV
fsr-3916	49	22	money	money	NOUN
fsr-3916	49	23	managers	manager	NOUN
fsr-3916	49	24	,	,	PUNCT
fsr-3916	49	25	including	include	VERB
fsr-3916	49	26	rydex	rydex	NOUN
fsr-3916	49	27	funds	fund	NOUN
fsr-3916	49	28	,	,	PUNCT
fsr-3916	49	29	profund	profund	NOUN
fsr-3916	49	30	timers	timer	NOUN
fsr-3916	49	31	and	and	CCONJ
fsr-3916	49	32	mutual	mutual	ADJ
fsr-3916	49	33	funds	fund	NOUN
fsr-3916	49	34	.	.	PUNCT
fsr-3916	50	1	third	third	ADJ
fsr-3916	50	2	,	,	PUNCT
fsr-3916	50	3	timer	timer	NOUN
fsr-3916	50	4	digestmonitors	digestmonitor	NOUN
fsr-3916	50	5	over	over	ADP
fsr-3916	50	6	100	100	NUM
fsr-3916	50	7	of	of	ADP
fsr-3916	50	8	the	the	DET
fsr-3916	50	9	leading	lead	VERB
fsr-3916	50	10	market	market	NOUN
fsr-3916	50	11	timing	timing	NOUN
fsr-3916	50	12	models	model	NOUN
fsr-3916	50	13	,	,	PUNCT
fsr-3916	50	14	and	and	CCONJ
fsr-3916	50	15	provides	provide	VERB
fsr-3916	50	16	commentary	commentary	NOUN
fsr-3916	50	17	on	on	ADP
fsr-3916	50	18	the	the	DET
fsr-3916	50	19	top	top	ADJ
fsr-3916	50	20	funds	fund	NOUN
fsr-3916	50	21	based	base	VERB
fsr-3916	50	22	on	on	ADP
fsr-3916	50	23	their	their	PRON
fsr-3916	50	24	ranking	ranking	NOUN
fsr-3916	50	25	of	of	ADP
fsr-3916	50	26	performance	performance	NOUN
fsr-3916	50	27	.	.	PUNCT
fsr-3916	51	1	in	in	ADP
fsr-3916	51	2	practice	practice	NOUN
fsr-3916	51	3	,	,	PUNCT
fsr-3916	51	4	timers	timer	NOUN
fsr-3916	51	5	use	use	VERB
fsr-3916	51	6	a	a	DET
fsr-3916	51	7	variety	variety	NOUN
fsr-3916	51	8	of	of	ADP
fsr-3916	51	9	investment	investment	NOUN
fsr-3916	51	10	products	product	NOUN
fsr-3916	51	11	to	to	PART
fsr-3916	51	12	effect	effect	VERB
fsr-3916	51	13	their	their	PRON
fsr-3916	51	14	timing	timing	NOUN
fsr-3916	51	15	strategies	strategy	NOUN
fsr-3916	51	16	,	,	PUNCT
fsr-3916	51	17	including	include	VERB
fsr-3916	51	18	mutual	mutual	ADJ
fsr-3916	51	19	funds	fund	NOUN
fsr-3916	51	20	(	(	PUNCT
fsr-3916	51	21	e.g.	e.g.	ADV
fsr-3916	51	22	,	,	PUNCT
fsr-3916	51	23	bull	bull	NOUN
fsr-3916	51	24	and	and	CCONJ
fsr-3916	51	25	bear	bear	NOUN
fsr-3916	51	26	funds	fund	NOUN
fsr-3916	51	27	designed	design	VERB
fsr-3916	51	28	to	to	PART
fsr-3916	51	29	correlate	correlate	VERB
fsr-3916	51	30	positively	positively	ADV
fsr-3916	51	31	and	and	CCONJ
fsr-3916	51	32	negatively	negatively	ADV
fsr-3916	51	33	with	with	ADP
fsr-3916	51	34	the	the	DET
fsr-3916	51	35	major	major	ADJ
fsr-3916	51	36	indices	index	NOUN
fsr-3916	51	37	)	)	PUNCT
fsr-3916	51	38	,	,	PUNCT
fsr-3916	51	39	variable	variable	ADJ
fsr-3916	51	40	annuities	annuity	NOUN
fsr-3916	51	41	,	,	PUNCT
fsr-3916	51	42	equity	equity	NOUN
fsr-3916	51	43	baskets	basket	NOUN
fsr-3916	51	44	,	,	PUNCT
fsr-3916	51	45	exchange	exchange	NOUN
fsr-3916	51	46	-	-	PUNCT
fsr-3916	51	47	traded	trade	VERB
fsr-3916	51	48	index	index	NOUN
fsr-3916	51	49	-	-	PUNCT
fsr-3916	51	50	linked	link	VERB
fsr-3916	51	51	securities	security	NOUN
fsr-3916	51	52	(	(	PUNCT
fsr-3916	51	53	e.g.	e.g.	ADV
fsr-3916	51	54	,	,	PUNCT
fsr-3916	51	55	s&p	s&p	PROPN
fsr-3916	51	56	500	500	NUM
fsr-3916	51	57	depository	depository	NOUN
fsr-3916	51	58	receipts	receipt	NOUN
fsr-3916	51	59	or	or	CCONJ
fsr-3916	51	60	spdrs	spdr	NOUN
fsr-3916	51	61	,	,	PUNCT
fsr-3916	51	62	worldwide	worldwide	ADV
fsr-3916	51	63	equity	equity	NOUN
fsr-3916	51	64	benchmark	benchmark	NOUN
fsr-3916	51	65	shares	share	NOUN
fsr-3916	51	66	or	or	CCONJ
fsr-3916	51	67	webs	webs	NOUN
fsr-3916	51	68	or	or	CCONJ
fsr-3916	51	69	i	i	PRON
fsr-3916	51	70	shares	share	VERB
fsr-3916	51	71	,	,	PUNCT
fsr-3916	51	72	djia	djia	PROPN
fsr-3916	51	73	depository	depository	NOUN
fsr-3916	51	74	receipts	receipt	NOUN
fsr-3916	51	75	or	or	CCONJ
fsr-3916	51	76	diamonds	diamond	NOUN
fsr-3916	51	77	and	and	CCONJ
fsr-3916	51	78	nasdaq	nasdaq	PROPN
fsr-3916	51	79	100	100	NUM
fsr-3916	51	80	trust	trust	NOUN
fsr-3916	51	81	units	unit	NOUN
fsr-3916	51	82	or	or	CCONJ
fsr-3916	51	83	qqq	qqq	NOUN
fsr-3916	51	84	)	)	PUNCT
fsr-3916	51	85	,	,	PUNCT
fsr-3916	51	86	and	and	CCONJ
fsr-3916	51	87	futures	future	NOUN
fsr-3916	51	88	on	on	ADP
fsr-3916	51	89	the	the	DET
fsr-3916	51	90	national	national	ADJ
fsr-3916	51	91	market	market	NOUN
fsr-3916	51	92	indexes	index	NOUN
fsr-3916	51	93	.	.	PUNCT
fsr-3916	52	1	a	a	DET
fsr-3916	52	2	number	number	NOUN
fsr-3916	52	3	of	of	ADP
fsr-3916	52	4	individual	individual	ADJ
fsr-3916	52	5	investors	investor	NOUN
fsr-3916	52	6	confine	confine	VERB
fsr-3916	52	7	their	their	PRON
fsr-3916	52	8	timing	timing	NOUN
fsr-3916	52	9	decisions	decision	NOUN
fsr-3916	52	10	to	to	ADP
fsr-3916	52	11	their	their	PRON
fsr-3916	52	12	variable	variable	ADJ
fsr-3916	52	13	annuity	annuity	NOUN
fsr-3916	52	14	and	and	CCONJ
fsr-3916	52	15	retirement	retirement	NOUN
fsr-3916	52	16	savings	saving	NOUN
fsr-3916	52	17	plan	plan	NOUN
fsr-3916	52	18	accounts	account	NOUN
fsr-3916	52	19	(	(	PUNCT
fsr-3916	52	20	i.e.	i.e.	X
fsr-3916	52	21	,	,	PUNCT
fsr-3916	52	22	self	self	NOUN
fsr-3916	52	23	-	-	PUNCT
fsr-3916	52	24	directed	direct	VERB
fsr-3916	52	25	ira	ira	PROPN
fsr-3916	52	26	,	,	PUNCT
fsr-3916	52	27	401k	401k	PROPN
fsr-3916	52	28	or	or	CCONJ
fsr-3916	52	29	keogh	keogh	PROPN
fsr-3916	52	30	accounts	account	NOUN
fsr-3916	52	31	)	)	PUNCT
fsr-3916	52	32	to	to	PART
fsr-3916	52	33	minimize	minimize	VERB
fsr-3916	52	34	the	the	DET
fsr-3916	52	35	tax	tax	NOUN
fsr-3916	52	36	impact	impact	NOUN
fsr-3916	52	37	of	of	ADP
fsr-3916	52	38	effecting	effect	VERB
fsr-3916	52	39	timing	timing	NOUN
fsr-3916	52	40	decisions	decision	NOUN
fsr-3916	52	41	.	.	PUNCT
fsr-3916	53	1	the	the	DET
fsr-3916	53	2	practice	practice	NOUN
fsr-3916	53	3	of	of	ADP
fsr-3916	53	4	timing	timing	NOUN
fsr-3916	53	5	necessarily	necessarily	ADV
fsr-3916	53	6	converts	convert	VERB
fsr-3916	53	7	an	an	DET
fsr-3916	53	8	unrealized	unrealized	ADJ
fsr-3916	53	9	capital	capital	NOUN
fsr-3916	53	10	gain	gain	NOUN
fsr-3916	53	11	into	into	ADP
fsr-3916	53	12	an	an	DET
fsr-3916	53	13	immediate	immediate	ADJ
fsr-3916	53	14	realized	realize	VERB
fsr-3916	53	15	gain	gain	NOUN
fsr-3916	53	16	and	and	CCONJ
fsr-3916	53	17	an	an	DET
fsr-3916	53	18	associated	associated	ADJ
fsr-3916	53	19	tax	tax	NOUN
fsr-3916	53	20	liability	liability	NOUN
fsr-3916	53	21	(	(	PUNCT
fsr-3916	53	22	jeffrey	jeffrey	PROPN
fsr-3916	53	23	&	&	CCONJ
fsr-3916	53	24	arnott	arnott	PROPN
fsr-3916	53	25	,	,	PUNCT
fsr-3916	53	26	1993	1993	NUM
fsr-3916	53	27	)	)	PUNCT
fsr-3916	53	28	.	.	PUNCT
fsr-3916	54	1	127r	127r	PROPN
fsr-3916	54	2	.	.	PUNCT
fsr-3916	55	1	chung	chung	PROPN
fsr-3916	55	2	,	,	PUNCT
fsr-3916	55	3	l.	l.	PROPN
fsr-3916	55	4	kryzanowski	kryzanowski	PROPN
fsr-3916	55	5	/	/	SYM
fsr-3916	55	6	financial	financial	ADJ
fsr-3916	55	7	services	service	NOUN
fsr-3916	55	8	review	review	VERB
fsr-3916	55	9	9	9	NUM
fsr-3916	55	10	(	(	PUNCT
fsr-3916	55	11	2000	2000	NUM
fsr-3916	55	12	)	)	PUNCT
fsr-3916	55	13	125–144	125–144	NUM
fsr-3916	55	14	market	market	NOUN
fsr-3916	55	15	-	-	PUNCT
fsr-3916	55	16	timing	timing	NOUN
fsr-3916	55	17	using	use	VERB
fsr-3916	55	18	variable	variable	ADJ
fsr-3916	55	19	annuity	annuity	NOUN
fsr-3916	55	20	accounts	account	NOUN
fsr-3916	55	21	and	and	CCONJ
fsr-3916	55	22	mutual	mutual	ADJ
fsr-3916	55	23	funds	fund	NOUN
fsr-3916	55	24	cause	cause	VERB
fsr-3916	55	25	concern	concern	NOUN
fsr-3916	55	26	among	among	ADP
fsr-3916	55	27	the	the	DET
fsr-3916	55	28	sponsors	sponsor	NOUN
fsr-3916	55	29	and	and	CCONJ
fsr-3916	55	30	managers	manager	NOUN
fsr-3916	55	31	of	of	ADP
fsr-3916	55	32	these	these	DET
fsr-3916	55	33	plans	plan	NOUN
fsr-3916	55	34	due	due	ADP
fsr-3916	55	35	to	to	ADP
fsr-3916	55	36	their	their	PRON
fsr-3916	55	37	allegedly	allegedly	ADV
fsr-3916	55	38	adverse	adverse	ADJ
fsr-3916	55	39	effect	effect	NOUN
fsr-3916	55	40	on	on	ADP
fsr-3916	55	41	fund	fund	NOUN
fsr-3916	55	42	performance	performance	NOUN
fsr-3916	55	43	(	(	PUNCT
fsr-3916	55	44	koco	koco	NOUN
fsr-3916	55	45	,	,	PUNCT
fsr-3916	55	46	1995	1995	NUM
fsr-3916	55	47	)	)	PUNCT
fsr-3916	55	48	.	.	PUNCT
fsr-3916	56	1	the	the	DET
fsr-3916	56	2	actions	action	NOUN
fsr-3916	56	3	of	of	ADP
fsr-3916	56	4	market	market	NOUN
fsr-3916	56	5	timers	timer	NOUN
fsr-3916	56	6	(	(	PUNCT
fsr-3916	56	7	short	short	ADJ
fsr-3916	56	8	-	-	PUNCT
fsr-3916	56	9	term	term	NOUN
fsr-3916	56	10	investors	investor	NOUN
fsr-3916	56	11	)	)	PUNCT
fsr-3916	56	12	allegedly	allegedly	ADV
fsr-3916	56	13	drives	drive	VERB
fsr-3916	56	14	up	up	ADP
fsr-3916	56	15	fund	fund	NOUN
fsr-3916	56	16	costs	cost	NOUN
fsr-3916	56	17	that	that	PRON
fsr-3916	56	18	are	be	AUX
fsr-3916	56	19	primarily	primarily	ADV
fsr-3916	56	20	borne	bear	VERB
fsr-3916	56	21	by	by	ADP
fsr-3916	56	22	long	long	ADJ
fsr-3916	56	23	-	-	PUNCT
fsr-3916	56	24	term	term	NOUN
fsr-3916	56	25	unitholders	unitholder	NOUN
fsr-3916	56	26	.	.	PUNCT
fsr-3916	57	1	these	these	DET
fsr-3916	57	2	costs	cost	NOUN
fsr-3916	57	3	include	include	VERB
fsr-3916	57	4	higher	high	ADJ
fsr-3916	57	5	taxes	taxis	NOUN
fsr-3916	57	6	,	,	PUNCT
fsr-3916	57	7	trade	trade	NOUN
fsr-3916	57	8	costs	cost	NOUN
fsr-3916	57	9	incurred	incur	VERB
fsr-3916	57	10	to	to	PART
fsr-3916	57	11	fund	fund	VERB
fsr-3916	57	12	redemptions	redemption	NOUN
fsr-3916	57	13	and	and	CCONJ
fsr-3916	57	14	to	to	PART
fsr-3916	57	15	invest	invest	VERB
fsr-3916	57	16	inflows	inflow	NOUN
fsr-3916	57	17	,	,	PUNCT
fsr-3916	57	18	and	and	CCONJ
fsr-3916	57	19	larger	large	ADJ
fsr-3916	57	20	cash	cash	NOUN
fsr-3916	57	21	balances	balance	NOUN
fsr-3916	57	22	to	to	PART
fsr-3916	57	23	protect	protect	VERB
fsr-3916	57	24	against	against	ADP
fsr-3916	57	25	unexpected	unexpected	ADJ
fsr-3916	57	26	large	large	ADJ
fsr-3916	57	27	redemptions	redemption	NOUN
fsr-3916	57	28	or	or	CCONJ
fsr-3916	57	29	as	as	ADP
fsr-3916	57	30	the	the	DET
fsr-3916	57	31	result	result	NOUN
fsr-3916	57	32	of	of	ADP
fsr-3916	57	33	unexpected	unexpected	ADJ
fsr-3916	57	34	large	large	ADJ
fsr-3916	57	35	cash	cash	NOUN
fsr-3916	57	36	purchases	purchase	NOUN
fsr-3916	57	37	of	of	ADP
fsr-3916	57	38	fund	fund	NOUN
fsr-3916	57	39	units	unit	NOUN
fsr-3916	57	40	.	.	PUNCT
fsr-3916	58	1	to	to	PART
fsr-3916	58	2	alleviate	alleviate	VERB
fsr-3916	58	3	these	these	DET
fsr-3916	58	4	problems	problem	NOUN
fsr-3916	58	5	,	,	PUNCT
fsr-3916	58	6	many	many	ADJ
fsr-3916	58	7	companies	company	NOUN
fsr-3916	58	8	impose	impose	VERB
fsr-3916	58	9	redemption	redemption	NOUN
fsr-3916	58	10	fees	fee	NOUN
fsr-3916	58	11	,	,	PUNCT
fsr-3916	58	12	minimal	minimal	ADJ
fsr-3916	58	13	holding	holding	NOUN
fsr-3916	58	14	periods	period	NOUN
fsr-3916	58	15	and	and	CCONJ
fsr-3916	58	16	limits	limit	NOUN
fsr-3916	58	17	on	on	ADP
fsr-3916	58	18	transaction	transaction	NOUN
fsr-3916	58	19	sizes	size	NOUN
fsr-3916	58	20	by	by	ADP
fsr-3916	58	21	their	their	PRON
fsr-3916	58	22	unitholders	unitholder	NOUN
fsr-3916	58	23	or	or	CCONJ
fsr-3916	58	24	shareholders	shareholder	NOUN
fsr-3916	58	25	.	.	PUNCT
fsr-3916	59	1	others	other	NOUN
fsr-3916	59	2	(	(	PUNCT
fsr-3916	59	3	such	such	ADJ
fsr-3916	59	4	as	as	ADP
fsr-3916	59	5	rydex	rydex	PROPN
fsr-3916	59	6	series	series	PROPN
fsr-3916	59	7	trust	trust	PROPN
fsr-3916	59	8	,	,	PUNCT
fsr-3916	59	9	profund	profund	NOUN
fsr-3916	59	10	advisors	advisor	NOUN
fsr-3916	59	11	and	and	CCONJ
fsr-3916	59	12	protomac	protomac	NOUN
fsr-3916	59	13	funds	fund	NOUN
fsr-3916	59	14	)	)	PUNCT
fsr-3916	59	15	have	have	VERB
fsr-3916	59	16	investment	investment	NOUN
fsr-3916	59	17	vehicles	vehicle	NOUN
fsr-3916	59	18	to	to	PART
fsr-3916	59	19	cater	cater	VERB
fsr-3916	59	20	to	to	ADP
fsr-3916	59	21	this	this	DET
fsr-3916	59	22	active	active	ADJ
fsr-3916	59	23	investment	investment	NOUN
fsr-3916	59	24	market	market	NOUN
fsr-3916	59	25	.	.	PUNCT
fsr-3916	60	1	in	in	ADP
fsr-3916	60	2	may	may	PROPN
fsr-3916	60	3	2000	2000	NUM
fsr-3916	60	4	,	,	PUNCT
fsr-3916	60	5	the	the	DET
fsr-3916	60	6	vanguard	vanguard	PROPN
fsr-3916	60	7	group	group	NOUN
fsr-3916	60	8	announced	announce	VERB
fsr-3916	60	9	that	that	SCONJ
fsr-3916	60	10	it	it	PRON
fsr-3916	60	11	had	have	AUX
fsr-3916	60	12	filed	file	VERB
fsr-3916	60	13	with	with	ADP
fsr-3916	60	14	the	the	DET
fsr-3916	60	15	sec	sec	PROPN
fsr-3916	60	16	to	to	PART
fsr-3916	60	17	offer	offer	VERB
fsr-3916	60	18	exchange	exchange	NOUN
fsr-3916	60	19	traded	trade	VERB
fsr-3916	60	20	funds	fund	NOUN
fsr-3916	60	21	(	(	PUNCT
fsr-3916	60	22	so	so	ADV
fsr-3916	60	23	-	-	PUNCT
fsr-3916	60	24	called	call	VERB
fsr-3916	60	25	viper	viper	NOUN
fsr-3916	60	26	shares	share	NOUN
fsr-3916	60	27	)	)	PUNCT
fsr-3916	60	28	on	on	ADP
fsr-3916	60	29	five	five	NUM
fsr-3916	60	30	of	of	ADP
fsr-3916	60	31	its	its	PRON
fsr-3916	60	32	most	most	ADV
fsr-3916	60	33	prominent	prominent	ADJ
fsr-3916	60	34	index	index	NOUN
fsr-3916	60	35	funds	fund	NOUN
fsr-3916	60	36	(	(	PUNCT
fsr-3916	60	37	see	see	VERB
fsr-3916	60	38	http	http	ADV
fsr-3916	60	39	:	:	PUNCT
fsr-3916	60	40	www.saafti.com/advisors/	www.saafti.com/advisors/	PROPN
fsr-3916	60	41	saafti	saafti	PROPN
fsr-3916	60	42	/	/	SYM
fsr-3916	60	43	newsletter.asp?storyid584623	newsletter.asp?storyid584623	ADJ
fsr-3916	60	44	)	)	PUNCT
fsr-3916	60	45	.	.	PUNCT
fsr-3916	61	1	these	these	DET
fsr-3916	61	2	viper	viper	NOUN
fsr-3916	61	3	shares	share	NOUN
fsr-3916	61	4	,	,	PUNCT
fsr-3916	61	5	which	which	PRON
fsr-3916	61	6	are	be	AUX
fsr-3916	61	7	to	to	PART
fsr-3916	61	8	be	be	AUX
fsr-3916	61	9	listed	list	VERB
fsr-3916	61	10	on	on	ADP
fsr-3916	61	11	the	the	DET
fsr-3916	61	12	amex	amex	NOUN
fsr-3916	61	13	,	,	PUNCT
fsr-3916	61	14	offer	offer	VERB
fsr-3916	61	15	investors	investor	NOUN
fsr-3916	61	16	advantages	advantage	NOUN
fsr-3916	61	17	in	in	ADP
fsr-3916	61	18	terms	term	NOUN
fsr-3916	61	19	of	of	ADP
fsr-3916	61	20	tax	tax	NOUN
fsr-3916	61	21	efficiencies	efficiency	NOUN
fsr-3916	61	22	,	,	PUNCT
fsr-3916	61	23	minimal	minimal	ADJ
fsr-3916	61	24	expense	expense	NOUN
fsr-3916	61	25	ratios	ratio	NOUN
fsr-3916	61	26	,	,	PUNCT
fsr-3916	61	27	and	and	CCONJ
fsr-3916	61	28	continuous	continuous	ADJ
fsr-3916	61	29	trading	trading	NOUN
fsr-3916	61	30	possibilities	possibility	NOUN
fsr-3916	61	31	with	with	ADP
fsr-3916	61	32	prices	price	NOUN
fsr-3916	61	33	continuously	continuously	ADV
fsr-3916	61	34	marked	mark	VERB
fsr-3916	61	35	-	-	PUNCT
fsr-3916	61	36	to	to	ADP
fsr-3916	61	37	-	-	PUNCT
fsr-3916	61	38	market	market	NOUN
fsr-3916	61	39	and	and	CCONJ
fsr-3916	61	40	minimal	minimal	ADJ
fsr-3916	61	41	trade	trade	NOUN
fsr-3916	61	42	impediments	impediment	NOUN
fsr-3916	61	43	.	.	PUNCT
fsr-3916	62	1	3	3	X
fsr-3916	62	2	.	.	X
fsr-3916	62	3	literature	literature	NOUN
fsr-3916	62	4	survey	survey	PROPN
fsr-3916	62	5	3.1	3.1	NUM
fsr-3916	62	6	.	.	PUNCT
fsr-3916	62	7	bias	bias	NOUN
fsr-3916	62	8	in	in	ADP
fsr-3916	62	9	the	the	DET
fsr-3916	62	10	forecasts	forecast	NOUN
fsr-3916	62	11	by	by	ADP
fsr-3916	62	12	analysts	analyst	NOUN
fsr-3916	62	13	and	and	CCONJ
fsr-3916	62	14	strategists	strategist	NOUN
fsr-3916	62	15	numerous	numerous	ADJ
fsr-3916	62	16	studies	study	NOUN
fsr-3916	62	17	examine	examine	VERB
fsr-3916	62	18	whether	whether	SCONJ
fsr-3916	62	19	or	or	CCONJ
fsr-3916	62	20	not	not	PART
fsr-3916	62	21	analysts	analyst	NOUN
fsr-3916	62	22	produce	produce	VERB
fsr-3916	62	23	unbiased	unbiased	ADJ
fsr-3916	62	24	forecasts	forecast	NOUN
fsr-3916	62	25	of	of	ADP
fsr-3916	62	26	investment	investment	NOUN
fsr-3916	62	27	-	-	PUNCT
fsr-3916	62	28	relevant	relevant	ADJ
fsr-3916	62	29	information	information	NOUN
fsr-3916	62	30	such	such	ADJ
fsr-3916	62	31	as	as	ADP
fsr-3916	62	32	earning	earn	VERB
fsr-3916	62	33	per	per	ADP
fsr-3916	62	34	share	share	NOUN
fsr-3916	62	35	(	(	PUNCT
fsr-3916	62	36	eps	eps	PROPN
fsr-3916	62	37	)	)	PUNCT
fsr-3916	62	38	,	,	PUNCT
fsr-3916	62	39	and	and	CCONJ
fsr-3916	62	40	whether	whether	SCONJ
fsr-3916	62	41	or	or	CCONJ
fsr-3916	62	42	not	not	PART
fsr-3916	62	43	analysts	analyst	NOUN
fsr-3916	62	44	systematically	systematically	ADV
fsr-3916	62	45	underreact	underreact	ADJ
fsr-3916	62	46	or	or	CCONJ
fsr-3916	62	47	overreact	overreact	VERB
fsr-3916	62	48	to	to	ADP
fsr-3916	62	49	new	new	ADJ
fsr-3916	62	50	information	information	NOUN
fsr-3916	62	51	.	.	PUNCT
fsr-3916	63	1	brous	brous	ADJ
fsr-3916	63	2	(	(	PUNCT
fsr-3916	63	3	1992	1992	NUM
fsr-3916	63	4	)	)	PUNCT
fsr-3916	63	5	,	,	PUNCT
fsr-3916	63	6	brous	brous	ADJ
fsr-3916	63	7	and	and	CCONJ
fsr-3916	63	8	kini	kini	X
fsr-3916	63	9	(	(	PUNCT
fsr-3916	63	10	1993	1993	NUM
fsr-3916	63	11	)	)	PUNCT
fsr-3916	63	12	,	,	PUNCT
fsr-3916	63	13	francis	francis	PROPN
fsr-3916	63	14	and	and	CCONJ
fsr-3916	63	15	philbrick	philbrick	PROPN
fsr-3916	63	16	(	(	PUNCT
fsr-3916	63	17	1993	1993	NUM
fsr-3916	63	18	)	)	PUNCT
fsr-3916	63	19	,	,	PUNCT
fsr-3916	63	20	kang	kang	PROPN
fsr-3916	63	21	,	,	PUNCT
fsr-3916	63	22	o’brien	o’brien	PROPN
fsr-3916	63	23	and	and	CCONJ
fsr-3916	63	24	sivaramakrishnan	sivaramakrishnan	NOUN
fsr-3916	63	25	(	(	PUNCT
fsr-3916	63	26	1994	1994	NUM
fsr-3916	63	27	)	)	PUNCT
fsr-3916	63	28	and	and	CCONJ
fsr-3916	63	29	dreman	dreman	NOUN
fsr-3916	63	30	and	and	CCONJ
fsr-3916	63	31	berry	berry	NOUN
fsr-3916	63	32	(	(	PUNCT
fsr-3916	63	33	1995	1995	NUM
fsr-3916	63	34	)	)	PUNCT
fsr-3916	63	35	find	find	VERB
fsr-3916	63	36	that	that	SCONJ
fsr-3916	63	37	analysts	analyst	NOUN
fsr-3916	63	38	normally	normally	ADV
fsr-3916	63	39	produce	produce	VERB
fsr-3916	63	40	upwardly	upwardly	NOUN
fsr-3916	63	41	biased	bias	VERB
fsr-3916	63	42	forecasts	forecast	NOUN
fsr-3916	63	43	of	of	ADP
fsr-3916	63	44	earnings	earning	NOUN
fsr-3916	63	45	per	per	ADP
fsr-3916	63	46	share	share	NOUN
fsr-3916	63	47	.	.	PUNCT
fsr-3916	64	1	harris	harris	PROPN
fsr-3916	64	2	(	(	PUNCT
fsr-3916	64	3	1999	1999	NUM
fsr-3916	64	4	)	)	PUNCT
fsr-3916	64	5	finds	find	VERB
fsr-3916	64	6	a	a	DET
fsr-3916	64	7	similar	similar	ADJ
fsr-3916	64	8	bias	bias	NOUN
fsr-3916	64	9	in	in	ADP
fsr-3916	64	10	the	the	DET
fsr-3916	64	11	long	long	ADV
fsr-3916	64	12	-	-	PUNCT
fsr-3916	64	13	run	run	VERB
fsr-3916	64	14	forecasts	forecast	NOUN
fsr-3916	64	15	of	of	ADP
fsr-3916	64	16	analysts	analyst	NOUN
fsr-3916	64	17	.	.	PUNCT
fsr-3916	65	1	while	while	SCONJ
fsr-3916	65	2	debondt	debondt	NOUN
fsr-3916	65	3	and	and	CCONJ
fsr-3916	65	4	thaler	thaler	PROPN
fsr-3916	65	5	(	(	PUNCT
fsr-3916	65	6	1990	1990	NUM
fsr-3916	65	7	)	)	PUNCT
fsr-3916	65	8	find	find	VERB
fsr-3916	65	9	that	that	SCONJ
fsr-3916	65	10	analysts	analyst	NOUN
fsr-3916	65	11	systematically	systematically	ADV
fsr-3916	65	12	overreact	overreact	VERB
fsr-3916	65	13	to	to	ADP
fsr-3916	65	14	new	new	ADJ
fsr-3916	65	15	information	information	NOUN
fsr-3916	65	16	,	,	PUNCT
fsr-3916	65	17	ali	ali	PROPN
fsr-3916	65	18	,	,	PUNCT
fsr-3916	65	19	klein	klein	PROPN
fsr-3916	65	20	and	and	CCONJ
fsr-3916	65	21	rosenfeld	rosenfeld	PROPN
fsr-3916	65	22	(	(	PUNCT
fsr-3916	65	23	1992	1992	NUM
fsr-3916	65	24	)	)	PUNCT
fsr-3916	65	25	,	,	PUNCT
fsr-3916	65	26	elliot	elliot	PROPN
fsr-3916	65	27	,	,	PUNCT
fsr-3916	65	28	philbrick	philbrick	NOUN
fsr-3916	65	29	and	and	CCONJ
fsr-3916	65	30	wiedman	wiedman	NOUN
fsr-3916	65	31	(	(	PUNCT
fsr-3916	65	32	1995	1995	NUM
fsr-3916	65	33	)	)	PUNCT
fsr-3916	65	34	and	and	CCONJ
fsr-3916	65	35	teoh	teoh	PROPN
fsr-3916	65	36	and	and	CCONJ
fsr-3916	65	37	wong	wong	PROPN
fsr-3916	65	38	(	(	PUNCT
fsr-3916	65	39	1997	1997	NUM
fsr-3916	65	40	)	)	PUNCT
fsr-3916	65	41	find	find	VERB
fsr-3916	65	42	evidence	evidence	NOUN
fsr-3916	65	43	that	that	PRON
fsr-3916	65	44	suggests	suggest	VERB
fsr-3916	65	45	that	that	SCONJ
fsr-3916	65	46	analysts	analyst	NOUN
fsr-3916	65	47	systematically	systematically	ADV
fsr-3916	65	48	underreact	underreact	ADJ
fsr-3916	65	49	to	to	ADP
fsr-3916	65	50	new	new	ADJ
fsr-3916	65	51	information	information	NOUN
fsr-3916	65	52	.	.	PUNCT
fsr-3916	66	1	easterwood	easterwood	PROPN
fsr-3916	66	2	and	and	CCONJ
fsr-3916	66	3	nutt	nutt	PROPN
fsr-3916	66	4	(	(	PUNCT
fsr-3916	66	5	1999	1999	NUM
fsr-3916	66	6	)	)	PUNCT
fsr-3916	66	7	report	report	NOUN
fsr-3916	66	8	that	that	SCONJ
fsr-3916	66	9	the	the	DET
fsr-3916	66	10	reaction	reaction	NOUN
fsr-3916	66	11	of	of	ADP
fsr-3916	66	12	analysts	analyst	NOUN
fsr-3916	66	13	depends	depend	VERB
fsr-3916	66	14	upon	upon	SCONJ
fsr-3916	66	15	the	the	DET
fsr-3916	66	16	nature	nature	NOUN
fsr-3916	66	17	of	of	ADP
fsr-3916	66	18	the	the	DET
fsr-3916	66	19	information	information	NOUN
fsr-3916	66	20	that	that	PRON
fsr-3916	66	21	becomes	become	VERB
fsr-3916	66	22	available	available	ADJ
fsr-3916	66	23	.	.	PUNCT
fsr-3916	67	1	specifically	specifically	ADV
fsr-3916	67	2	,	,	PUNCT
fsr-3916	67	3	their	their	PRON
fsr-3916	67	4	evidence	evidence	NOUN
fsr-3916	67	5	indicates	indicate	VERB
fsr-3916	67	6	that	that	SCONJ
fsr-3916	67	7	analysts	analyst	NOUN
fsr-3916	67	8	underreact	underreact	VERB
fsr-3916	67	9	to	to	ADP
fsr-3916	67	10	new	new	ADJ
fsr-3916	67	11	negative	negative	ADJ
fsr-3916	67	12	information	information	NOUN
fsr-3916	67	13	,	,	PUNCT
fsr-3916	67	14	do	do	AUX
fsr-3916	67	15	not	not	PART
fsr-3916	67	16	react	react	VERB
fsr-3916	67	17	in	in	ADP
fsr-3916	67	18	the	the	DET
fsr-3916	67	19	absence	absence	NOUN
fsr-3916	67	20	of	of	ADP
fsr-3916	67	21	new	new	ADJ
fsr-3916	67	22	information	information	NOUN
fsr-3916	67	23	,	,	PUNCT
fsr-3916	67	24	and	and	CCONJ
fsr-3916	67	25	overreact	overreact	VERB
fsr-3916	67	26	to	to	ADP
fsr-3916	67	27	new	new	ADJ
fsr-3916	67	28	positive	positive	ADJ
fsr-3916	67	29	information	information	NOUN
fsr-3916	67	30	.	.	PUNCT
fsr-3916	68	1	they	they	PRON
fsr-3916	68	2	conclude	conclude	VERB
fsr-3916	68	3	that	that	SCONJ
fsr-3916	68	4	their	their	PRON
fsr-3916	68	5	results	result	NOUN
fsr-3916	68	6	are	be	AUX
fsr-3916	68	7	consistent	consistent	ADJ
fsr-3916	68	8	with	with	ADP
fsr-3916	68	9	the	the	DET
fsr-3916	68	10	hypothesis	hypothesis	NOUN
fsr-3916	68	11	that	that	PRON
fsr-3916	68	12	analysts	analyst	NOUN
fsr-3916	68	13	are	be	AUX
fsr-3916	68	14	systematically	systematically	ADV
fsr-3916	68	15	optimistic	optimistic	ADJ
fsr-3916	68	16	in	in	ADP
fsr-3916	68	17	their	their	PRON
fsr-3916	68	18	interpretation	interpretation	NOUN
fsr-3916	68	19	of	of	ADP
fsr-3916	68	20	new	new	ADJ
fsr-3916	68	21	information	information	NOUN
fsr-3916	68	22	.	.	PUNCT
fsr-3916	69	1	lin	lin	PROPN
fsr-3916	69	2	and	and	CCONJ
fsr-3916	69	3	mcnichols	mcnichols	PROPN
fsr-3916	69	4	(	(	PUNCT
fsr-3916	69	5	1998	1998	NUM
fsr-3916	69	6	)	)	PUNCT
fsr-3916	69	7	report	report	NOUN
fsr-3916	69	8	that	that	SCONJ
fsr-3916	69	9	the	the	DET
fsr-3916	69	10	optimism	optimism	NOUN
fsr-3916	69	11	of	of	ADP
fsr-3916	69	12	earnings	earning	NOUN
fsr-3916	69	13	forecasts	forecast	NOUN
fsr-3916	69	14	by	by	ADP
fsr-3916	69	15	analysts	analyst	NOUN
fsr-3916	69	16	depends	depend	VERB
fsr-3916	69	17	upon	upon	SCONJ
fsr-3916	69	18	their	their	PRON
fsr-3916	69	19	underwriting	underwriting	NOUN
fsr-3916	69	20	relationships	relationship	NOUN
fsr-3916	69	21	.	.	PUNCT
fsr-3916	70	1	lead	lead	NOUN
fsr-3916	70	2	and	and	CCONJ
fsr-3916	70	3	co	co	ADJ
fsr-3916	70	4	-	-	NOUN
fsr-3916	70	5	underwriter	underwriter	ADJ
fsr-3916	70	6	forecasts	forecast	NOUN
fsr-3916	70	7	of	of	ADP
fsr-3916	70	8	earnings	earning	NOUN
fsr-3916	70	9	growth	growth	NOUN
fsr-3916	70	10	are	be	AUX
fsr-3916	70	11	significantly	significantly	ADV
fsr-3916	70	12	more	more	ADV
fsr-3916	70	13	favorable	favorable	ADJ
fsr-3916	70	14	than	than	ADP
fsr-3916	70	15	those	those	PRON
fsr-3916	70	16	made	make	VERB
fsr-3916	70	17	by	by	ADP
fsr-3916	70	18	unaffiliated	unaffiliated	ADJ
fsr-3916	70	19	analysts	analyst	NOUN
fsr-3916	70	20	.	.	PUNCT
fsr-3916	71	1	das	das	PROPN
fsr-3916	71	2	,	,	PUNCT
fsr-3916	71	3	levine	levine	PROPN
fsr-3916	71	4	and	and	CCONJ
fsr-3916	71	5	sivaramakrishnan	sivaramakrishnan	PROPN
fsr-3916	71	6	(	(	PUNCT
fsr-3916	71	7	1998	1998	NUM
fsr-3916	71	8	)	)	PUNCT
fsr-3916	71	9	find	find	VERB
fsr-3916	71	10	that	that	SCONJ
fsr-3916	71	11	analysts	analyst	NOUN
fsr-3916	71	12	issue	issue	VERB
fsr-3916	71	13	more	more	ADV
fsr-3916	71	14	optimistic	optimistic	ADJ
fsr-3916	71	15	forecasts	forecast	NOUN
fsr-3916	71	16	for	for	ADP
fsr-3916	71	17	low	low	ADJ
fsr-3916	71	18	predictability	predictability	NOUN
fsr-3916	71	19	firms	firm	NOUN
fsr-3916	71	20	.	.	PUNCT
fsr-3916	72	1	chopra	chopra	PROPN
fsr-3916	72	2	(	(	PUNCT
fsr-3916	72	3	1998	1998	NUM
fsr-3916	72	4	)	)	PUNCT
fsr-3916	72	5	finds	find	VERB
fsr-3916	72	6	that	that	SCONJ
fsr-3916	72	7	the	the	DET
fsr-3916	72	8	average	average	ADJ
fsr-3916	72	9	consensus	consensus	NOUN
fsr-3916	72	10	earnings	earning	NOUN
fsr-3916	72	11	per	per	ADP
fsr-3916	72	12	share	share	NOUN
fsr-3916	72	13	growth	growth	NOUN
fsr-3916	72	14	forecasts	forecast	NOUN
fsr-3916	72	15	made	make	VERB
fsr-3916	72	16	by	by	ADP
fsr-3916	72	17	analysts	analyst	NOUN
fsr-3916	72	18	for	for	ADP
fsr-3916	72	19	the	the	DET
fsr-3916	72	20	s&p	s&p	PROPN
fsr-3916	72	21	500	500	NUM
fsr-3916	72	22	index	index	NOUN
fsr-3916	72	23	over	over	ADP
fsr-3916	72	24	the	the	DET
fsr-3916	72	25	1985–1997	1985–1997	NUM
fsr-3916	72	26	time	time	NOUN
fsr-3916	72	27	period	period	NOUN
fsr-3916	72	28	is	be	AUX
fsr-3916	72	29	almost	almost	ADV
fsr-3916	72	30	twice	twice	DET
fsr-3916	72	31	the	the	DET
fsr-3916	72	32	actual	actual	ADJ
fsr-3916	72	33	128	128	NUM
fsr-3916	72	34	r.	r.	PROPN
fsr-3916	72	35	chung	chung	PROPN
fsr-3916	72	36	,	,	PUNCT
fsr-3916	72	37	l.	l.	PROPN
fsr-3916	72	38	kryzanowski	kryzanowski	PROPN
fsr-3916	72	39	/	/	SYM
fsr-3916	72	40	financial	financial	ADJ
fsr-3916	72	41	services	service	NOUN
fsr-3916	72	42	review	review	VERB
fsr-3916	72	43	9	9	NUM
fsr-3916	72	44	(	(	PUNCT
fsr-3916	72	45	2000	2000	NUM
fsr-3916	72	46	)	)	PUNCT
fsr-3916	72	47	125–144	125–144	NUM
fsr-3916	72	48	growth	growth	NOUN
fsr-3916	72	49	rate	rate	NOUN
fsr-3916	72	50	,	,	PUNCT
fsr-3916	72	51	and	and	CCONJ
fsr-3916	72	52	is	be	AUX
fsr-3916	72	53	revised	revise	VERB
fsr-3916	72	54	downward	downward	ADV
fsr-3916	72	55	continuously	continuously	ADV
fsr-3916	72	56	over	over	ADP
fsr-3916	72	57	the	the	DET
fsr-3916	72	58	course	course	NOUN
fsr-3916	72	59	of	of	ADP
fsr-3916	72	60	the	the	DET
fsr-3916	72	61	year	year	NOUN
fsr-3916	72	62	.	.	PUNCT
fsr-3916	73	1	chung	chung	PROPN
fsr-3916	73	2	and	and	CCONJ
fsr-3916	73	3	kryzanowski	kryzanowski	PROPN
fsr-3916	73	4	(	(	PUNCT
fsr-3916	73	5	1999	1999	NUM
fsr-3916	73	6	)	)	PUNCT
fsr-3916	73	7	examine	examine	VERB
fsr-3916	73	8	the	the	DET
fsr-3916	73	9	top	top	ADJ
fsr-3916	73	10	-	-	PUNCT
fsr-3916	73	11	down	down	ADP
fsr-3916	73	12	forecast	forecast	NOUN
fsr-3916	73	13	accuracy	accuracy	NOUN
fsr-3916	73	14	and	and	CCONJ
fsr-3916	73	15	divergence	divergence	NOUN
fsr-3916	73	16	of	of	ADP
fsr-3916	73	17	market	market	NOUN
fsr-3916	73	18	strategists	strategist	NOUN
fsr-3916	73	19	for	for	ADP
fsr-3916	73	20	quarterly	quarterly	ADJ
fsr-3916	73	21	earnings	earning	NOUN
fsr-3916	73	22	per	per	ADP
fsr-3916	73	23	share	share	NOUN
fsr-3916	73	24	forecasts	forecast	NOUN
fsr-3916	73	25	for	for	ADP
fsr-3916	73	26	the	the	DET
fsr-3916	73	27	s&p400	s&p400	NOUN
fsr-3916	73	28	and	and	CCONJ
fsr-3916	73	29	s&p	s&p	PROPN
fsr-3916	73	30	500	500	NUM
fsr-3916	73	31	indexes	index	NOUN
fsr-3916	73	32	.	.	PUNCT
fsr-3916	74	1	they	they	PRON
fsr-3916	74	2	find	find	VERB
fsr-3916	74	3	that	that	SCONJ
fsr-3916	74	4	such	such	ADJ
fsr-3916	74	5	forecasts	forecast	NOUN
fsr-3916	74	6	are	be	AUX
fsr-3916	74	7	,	,	PUNCT
fsr-3916	74	8	on	on	ADP
fsr-3916	74	9	average	average	ADJ
fsr-3916	74	10	,	,	PUNCT
fsr-3916	74	11	optimistically	optimistically	ADV
fsr-3916	74	12	biased	bias	VERB
fsr-3916	74	13	,	,	PUNCT
fsr-3916	74	14	and	and	CCONJ
fsr-3916	74	15	that	that	SCONJ
fsr-3916	74	16	the	the	DET
fsr-3916	74	17	bias	bias	NOUN
fsr-3916	74	18	is	be	AUX
fsr-3916	74	19	positively	positively	ADV
fsr-3916	74	20	related	relate	VERB
fsr-3916	74	21	with	with	ADP
fsr-3916	74	22	both	both	CCONJ
fsr-3916	74	23	the	the	DET
fsr-3916	74	24	number	number	NOUN
fsr-3916	74	25	of	of	ADP
fsr-3916	74	26	market	market	NOUN
fsr-3916	74	27	strategists	strategist	NOUN
fsr-3916	74	28	reporting	report	VERB
fsr-3916	74	29	their	their	PRON
fsr-3916	74	30	forecasts	forecast	NOUN
fsr-3916	74	31	to	to	ADP
fsr-3916	74	32	i	i	PRON
fsr-3916	74	33	/	/	SYM
fsr-3916	74	34	b	b	PROPN
fsr-3916	74	35	/	/	SYM
fsr-3916	74	36	e	e	NOUN
fsr-3916	74	37	/	/	SYM
fsr-3916	74	38	s	s	PART
fsr-3916	74	39	each	each	DET
fsr-3916	74	40	month	month	NOUN
fsr-3916	74	41	,	,	PUNCT
fsr-3916	74	42	and	and	CCONJ
fsr-3916	74	43	the	the	DET
fsr-3916	74	44	coefficient	coefficient	NOUN
fsr-3916	74	45	of	of	ADP
fsr-3916	74	46	variation	variation	NOUN
fsr-3916	74	47	of	of	ADP
fsr-3916	74	48	such	such	ADJ
fsr-3916	74	49	forecasts	forecast	NOUN
fsr-3916	74	50	.	.	PUNCT
fsr-3916	75	1	3.2	3.2	NUM
fsr-3916	75	2	.	.	PUNCT
fsr-3916	76	1	efficacy	efficacy	NOUN
fsr-3916	76	2	of	of	ADP
fsr-3916	76	3	market	market	NOUN
fsr-3916	76	4	timing	timing	NOUN
fsr-3916	76	5	strategies	strategy	NOUN
fsr-3916	76	6	and	and	CCONJ
fsr-3916	76	7	market	market	NOUN
fsr-3916	76	8	timers	timer	NOUN
fsr-3916	76	9	a	a	DET
fsr-3916	76	10	number	number	NOUN
fsr-3916	76	11	of	of	ADP
fsr-3916	76	12	papers	paper	NOUN
fsr-3916	76	13	calculate	calculate	VERB
fsr-3916	76	14	the	the	DET
fsr-3916	76	15	required	require	VERB
fsr-3916	76	16	forecasting	forecasting	NOUN
fsr-3916	76	17	ability	ability	NOUN
fsr-3916	76	18	to	to	PART
fsr-3916	76	19	successfully	successfully	ADV
fsr-3916	76	20	time	time	VERB
fsr-3916	76	21	the	the	DET
fsr-3916	76	22	market	market	NOUN
fsr-3916	76	23	or	or	CCONJ
fsr-3916	76	24	simulate	simulate	VERB
fsr-3916	76	25	the	the	DET
fsr-3916	76	26	performance	performance	NOUN
fsr-3916	76	27	of	of	ADP
fsr-3916	76	28	investors	investor	NOUN
fsr-3916	76	29	with	with	ADP
fsr-3916	76	30	different	different	ADJ
fsr-3916	76	31	forecasting	forecasting	NOUN
fsr-3916	76	32	abilities	ability	NOUN
fsr-3916	76	33	.	.	PUNCT
fsr-3916	77	1	sharpe	sharpe	PROPN
fsr-3916	77	2	(	(	PUNCT
fsr-3916	77	3	1975	1975	NUM
fsr-3916	77	4	)	)	PUNCT
fsr-3916	77	5	calculates	calculate	VERB
fsr-3916	77	6	that	that	SCONJ
fsr-3916	77	7	a	a	DET
fsr-3916	77	8	market	market	NOUN
fsr-3916	77	9	timer	timer	NOUN
fsr-3916	77	10	needs	need	VERB
fsr-3916	77	11	to	to	PART
fsr-3916	77	12	be	be	AUX
fsr-3916	77	13	correct	correct	ADJ
fsr-3916	77	14	over	over	ADP
fsr-3916	77	15	75	75	NUM
fsr-3916	77	16	%	%	NOUN
fsr-3916	77	17	of	of	ADP
fsr-3916	77	18	the	the	DET
fsr-3916	77	19	time	time	NOUN
fsr-3916	77	20	to	to	PART
fsr-3916	77	21	outperform	outperform	VERB
fsr-3916	77	22	a	a	DET
fsr-3916	77	23	passive	passive	ADJ
fsr-3916	77	24	,	,	PUNCT
fsr-3916	77	25	all	all	DET
fsr-3916	77	26	-	-	PUNCT
fsr-3916	77	27	equity	equity	NOUN
fsr-3916	77	28	portfolio	portfolio	NOUN
fsr-3916	77	29	.	.	PUNCT
fsr-3916	78	1	clarke	clarke	PROPN
fsr-3916	78	2	,	,	PUNCT
fsr-3916	78	3	fit	fit	PROPN
fsr-3916	78	4	,	,	PUNCT
fsr-3916	78	5	gerald	gerald	PROPN
fsr-3916	78	6	,	,	PUNCT
fsr-3916	78	7	berent	berent	NOUN
fsr-3916	78	8	and	and	CCONJ
fsr-3916	78	9	statman	statman	NOUN
fsr-3916	78	10	(	(	PUNCT
fsr-3916	78	11	1989	1989	NUM
fsr-3916	78	12	)	)	PUNCT
fsr-3916	78	13	use	use	VERB
fsr-3916	78	14	simulation	simulation	NOUN
fsr-3916	78	15	to	to	PART
fsr-3916	78	16	conclude	conclude	VERB
fsr-3916	78	17	that	that	SCONJ
fsr-3916	78	18	a	a	DET
fsr-3916	78	19	market	market	NOUN
fsr-3916	78	20	timer	timer	NOUN
fsr-3916	78	21	with	with	ADP
fsr-3916	78	22	even	even	ADV
fsr-3916	78	23	modest	modest	ADJ
fsr-3916	78	24	amounts	amount	NOUN
fsr-3916	78	25	of	of	ADP
fsr-3916	78	26	information	information	NOUN
fsr-3916	78	27	who	who	PRON
fsr-3916	78	28	follows	follow	VERB
fsr-3916	78	29	optimal	optimal	ADJ
fsr-3916	78	30	decision	decision	NOUN
fsr-3916	78	31	rules	rule	NOUN
fsr-3916	78	32	can	can	AUX
fsr-3916	78	33	outperform	outperform	VERB
fsr-3916	78	34	a	a	DET
fsr-3916	78	35	buy	buy	VERB
fsr-3916	78	36	-	-	PUNCT
fsr-3916	78	37	and	and	CCONJ
fsr-3916	78	38	-	-	PUNCT
fsr-3916	78	39	hold	hold	VERB
fsr-3916	78	40	investor	investor	NOUN
fsr-3916	78	41	.	.	PUNCT
fsr-3916	79	1	beebower	beebower	NOUN
fsr-3916	79	2	and	and	CCONJ
fsr-3916	79	3	varikooty	varikooty	ADJ
fsr-3916	79	4	(	(	PUNCT
fsr-3916	79	5	1991	1991	NUM
fsr-3916	79	6	)	)	PUNCT
fsr-3916	79	7	demonstrate	demonstrate	VERB
fsr-3916	79	8	that	that	SCONJ
fsr-3916	79	9	most	most	ADJ
fsr-3916	79	10	of	of	ADP
fsr-3916	79	11	the	the	DET
fsr-3916	79	12	common	common	ADJ
fsr-3916	79	13	tests	test	NOUN
fsr-3916	79	14	for	for	ADP
fsr-3916	79	15	detecting	detect	VERB
fsr-3916	79	16	significant	significant	ADJ
fsr-3916	79	17	ability	ability	NOUN
fsr-3916	79	18	to	to	PART
fsr-3916	79	19	generate	generate	VERB
fsr-3916	79	20	excess	excess	ADJ
fsr-3916	79	21	returns	return	NOUN
fsr-3916	79	22	of	of	ADP
fsr-3916	79	23	up	up	ADP
fsr-3916	79	24	to	to	PART
fsr-3916	79	25	two	two	NUM
fsr-3916	79	26	percentage	percentage	NOUN
fsr-3916	79	27	require	require	NOUN
fsr-3916	79	28	assessment	assessment	NOUN
fsr-3916	79	29	time	time	NOUN
fsr-3916	79	30	periods	period	NOUN
fsr-3916	79	31	well	well	ADV
fsr-3916	79	32	beyond	beyond	ADP
fsr-3916	79	33	human	human	ADJ
fsr-3916	79	34	life	life	NOUN
fsr-3916	79	35	expectancy	expectancy	NOUN
fsr-3916	79	36	.	.	PUNCT
fsr-3916	80	1	shilling	shilling	NOUN
fsr-3916	80	2	(	(	PUNCT
fsr-3916	80	3	1992	1992	NUM
fsr-3916	80	4	)	)	PUNCT
fsr-3916	80	5	shows	show	VERB
fsr-3916	80	6	that	that	SCONJ
fsr-3916	80	7	being	be	AUX
fsr-3916	80	8	long	long	ADJ
fsr-3916	80	9	in	in	ADP
fsr-3916	80	10	stocks	stock	NOUN
fsr-3916	80	11	during	during	ADP
fsr-3916	80	12	bull	bull	NOUN
fsr-3916	80	13	markets	market	NOUN
fsr-3916	80	14	is	be	AUX
fsr-3916	80	15	not	not	PART
fsr-3916	80	16	as	as	ADV
fsr-3916	80	17	profitable	profitable	ADJ
fsr-3916	80	18	as	as	ADP
fsr-3916	80	19	being	be	AUX
fsr-3916	80	20	out	out	ADP
fsr-3916	80	21	of	of	ADP
fsr-3916	80	22	the	the	DET
fsr-3916	80	23	market	market	NOUN
fsr-3916	80	24	during	during	ADP
fsr-3916	80	25	bear	bear	NOUN
fsr-3916	80	26	markets	market	NOUN
fsr-3916	80	27	even	even	ADV
fsr-3916	80	28	if	if	SCONJ
fsr-3916	80	29	an	an	DET
fsr-3916	80	30	investor	investor	NOUN
fsr-3916	80	31	is	be	AUX
fsr-3916	80	32	not	not	PART
fsr-3916	80	33	invested	invest	VERB
fsr-3916	80	34	in	in	ADP
fsr-3916	80	35	many	many	ADJ
fsr-3916	80	36	major	major	ADJ
fsr-3916	80	37	bull	bull	NOUN
fsr-3916	80	38	markets	market	NOUN
fsr-3916	80	39	.	.	PUNCT
fsr-3916	81	1	reichenstein	reichenstein	NOUN
fsr-3916	81	2	and	and	CCONJ
fsr-3916	81	3	rich	rich	ADJ
fsr-3916	81	4	(	(	PUNCT
fsr-3916	81	5	1994	1994	NUM
fsr-3916	81	6	)	)	PUNCT
fsr-3916	81	7	propose	propose	VERB
fsr-3916	81	8	that	that	SCONJ
fsr-3916	81	9	some	some	DET
fsr-3916	81	10	market	market	NOUN
fsr-3916	81	11	timing	timing	NOUN
fsr-3916	81	12	is	be	AUX
fsr-3916	81	13	justified	justify	VERB
fsr-3916	81	14	by	by	ADP
fsr-3916	81	15	the	the	DET
fsr-3916	81	16	empirical	empirical	ADJ
fsr-3916	81	17	evidence	evidence	NOUN
fsr-3916	81	18	on	on	ADP
fsr-3916	81	19	the	the	DET
fsr-3916	81	20	partial	partial	ADJ
fsr-3916	81	21	predictability	predictability	NOUN
fsr-3916	81	22	of	of	ADP
fsr-3916	81	23	stock	stock	NOUN
fsr-3916	81	24	returns	return	NOUN
fsr-3916	81	25	in	in	ADP
fsr-3916	81	26	the	the	DET
fsr-3916	81	27	long	long	ADJ
fsr-3916	81	28	-	-	PUNCT
fsr-3916	81	29	term	term	NOUN
fsr-3916	81	30	.	.	PUNCT
fsr-3916	82	1	bierman	bierman	PROPN
fsr-3916	82	2	(	(	PUNCT
fsr-3916	82	3	1995	1995	NUM
fsr-3916	82	4	)	)	PUNCT
fsr-3916	82	5	argues	argue	VERB
fsr-3916	82	6	that	that	SCONJ
fsr-3916	82	7	market	market	NOUN
fsr-3916	82	8	timing	timing	NOUN
fsr-3916	82	9	is	be	AUX
fsr-3916	82	10	an	an	DET
fsr-3916	82	11	art	art	NOUN
fsr-3916	82	12	and	and	CCONJ
fsr-3916	82	13	not	not	PART
fsr-3916	82	14	a	a	DET
fsr-3916	82	15	science	science	NOUN
fsr-3916	82	16	,	,	PUNCT
fsr-3916	82	17	since	since	SCONJ
fsr-3916	82	18	economists	economist	NOUN
fsr-3916	82	19	need	need	VERB
fsr-3916	82	20	hindsight	hindsight	ADJ
fsr-3916	82	21	to	to	PART
fsr-3916	82	22	identify	identify	VERB
fsr-3916	82	23	market	market	NOUN
fsr-3916	82	24	bubbles	bubble	NOUN
fsr-3916	82	25	.	.	PUNCT
fsr-3916	83	1	wagner	wagner	PROPN
fsr-3916	83	2	(	(	PUNCT
fsr-3916	83	3	1997	1997	NUM
fsr-3916	83	4	)	)	PUNCT
fsr-3916	83	5	finds	find	VERB
fsr-3916	83	6	that	that	SCONJ
fsr-3916	83	7	a	a	DET
fsr-3916	83	8	timer	timer	NOUN
fsr-3916	83	9	could	could	AUX
fsr-3916	83	10	miss	miss	VERB
fsr-3916	83	11	as	as	ADV
fsr-3916	83	12	much	much	ADJ
fsr-3916	83	13	as	as	ADP
fsr-3916	83	14	20	20	NUM
fsr-3916	83	15	%	%	NOUN
fsr-3916	83	16	of	of	ADP
fsr-3916	83	17	the	the	DET
fsr-3916	83	18	tops	top	NOUN
fsr-3916	83	19	and	and	CCONJ
fsr-3916	83	20	bottoms	bottom	NOUN
fsr-3916	83	21	of	of	ADP
fsr-3916	83	22	the	the	DET
fsr-3916	83	23	s&p	s&p	PROPN
fsr-3916	83	24	500	500	NUM
fsr-3916	83	25	over	over	ADP
fsr-3916	83	26	the	the	DET
fsr-3916	83	27	108	108	NUM
fsr-3916	83	28	years	year	NOUN
fsr-3916	83	29	since	since	SCONJ
fsr-3916	83	30	1885	1885	NUM
fsr-3916	83	31	and	and	CCONJ
fsr-3916	83	32	still	still	ADV
fsr-3916	83	33	match	match	VERB
fsr-3916	83	34	the	the	DET
fsr-3916	83	35	average	average	ADJ
fsr-3916	83	36	performance	performance	NOUN
fsr-3916	83	37	of	of	ADP
fsr-3916	83	38	a	a	DET
fsr-3916	83	39	buy	buy	VERB
fsr-3916	83	40	-	-	PUNCT
fsr-3916	83	41	and	and	CCONJ
fsr-3916	83	42	-	-	PUNCT
fsr-3916	83	43	hold	hold	VERB
fsr-3916	83	44	investor	investor	NOUN
fsr-3916	83	45	.	.	PUNCT
fsr-3916	84	1	a	a	DET
fsr-3916	84	2	number	number	NOUN
fsr-3916	84	3	of	of	ADP
fsr-3916	84	4	papers	paper	NOUN
fsr-3916	84	5	report	report	VERB
fsr-3916	84	6	on	on	ADP
fsr-3916	84	7	the	the	DET
fsr-3916	84	8	effectiveness	effectiveness	NOUN
fsr-3916	84	9	of	of	ADP
fsr-3916	84	10	specific	specific	ADJ
fsr-3916	84	11	market	market	NOUN
fsr-3916	84	12	timing	timing	NOUN
fsr-3916	84	13	strategies	strategy	NOUN
fsr-3916	84	14	or	or	CCONJ
fsr-3916	84	15	market	market	NOUN
fsr-3916	84	16	timers	timer	NOUN
fsr-3916	84	17	.	.	PUNCT
fsr-3916	85	1	hardy	hardy	ADJ
fsr-3916	85	2	(	(	PUNCT
fsr-3916	85	3	1990	1990	NUM
fsr-3916	85	4	)	)	PUNCT
fsr-3916	85	5	concludes	conclude	VERB
fsr-3916	85	6	that	that	SCONJ
fsr-3916	85	7	regression	regression	NOUN
fsr-3916	85	8	forecasts	forecast	NOUN
fsr-3916	85	9	using	use	VERB
fsr-3916	85	10	models	model	NOUN
fsr-3916	85	11	with	with	ADP
fsr-3916	85	12	macro	macro	ADJ
fsr-3916	85	13	variables	variable	NOUN
fsr-3916	85	14	are	be	AUX
fsr-3916	85	15	so	so	ADV
fsr-3916	85	16	good	good	ADJ
fsr-3916	85	17	that	that	SCONJ
fsr-3916	85	18	tactical	tactical	ADJ
fsr-3916	85	19	asset	asset	NOUN
fsr-3916	85	20	allocation	allocation	NOUN
fsr-3916	85	21	can	can	AUX
fsr-3916	85	22	improve	improve	VERB
fsr-3916	85	23	the	the	DET
fsr-3916	85	24	gross	gross	ADJ
fsr-3916	85	25	return	return	NOUN
fsr-3916	85	26	/	/	SYM
fsr-3916	85	27	risk	risk	NOUN
fsr-3916	85	28	trade	trade	NOUN
fsr-3916	85	29	-	-	PUNCT
fsr-3916	85	30	off	off	NOUN
fsr-3916	85	31	considerably	considerably	ADV
fsr-3916	85	32	,	,	PUNCT
fsr-3916	85	33	even	even	ADV
fsr-3916	85	34	for	for	SCONJ
fsr-3916	85	35	investment	investment	NOUN
fsr-3916	85	36	portfolios	portfolio	NOUN
fsr-3916	85	37	confined	confine	VERB
fsr-3916	85	38	solely	solely	ADV
fsr-3916	85	39	to	to	ADP
fsr-3916	85	40	domestic	domestic	ADJ
fsr-3916	85	41	assets	asset	NOUN
fsr-3916	85	42	.	.	PUNCT
fsr-3916	86	1	wagner	wagner	PROPN
fsr-3916	86	2	,	,	PUNCT
fsr-3916	86	3	shellans	shellan	NOUN
fsr-3916	86	4	and	and	CCONJ
fsr-3916	86	5	paul	paul	PROPN
fsr-3916	86	6	(	(	PUNCT
fsr-3916	86	7	1992	1992	NUM
fsr-3916	86	8	)	)	PUNCT
fsr-3916	86	9	examine	examine	VERB
fsr-3916	86	10	the	the	DET
fsr-3916	86	11	performance	performance	NOUN
fsr-3916	86	12	of	of	ADP
fsr-3916	86	13	twenty	twenty	NUM
fsr-3916	86	14	-	-	PUNCT
fsr-3916	86	15	five	five	NUM
fsr-3916	86	16	investment	investment	NOUN
fsr-3916	86	17	advisors	advisor	NOUN
fsr-3916	86	18	who	who	PRON
fsr-3916	86	19	performed	perform	VERB
fsr-3916	86	20	market	market	NOUN
fsr-3916	86	21	-	-	PUNCT
fsr-3916	86	22	timing	time	VERB
fsr-3916	86	23	services	service	NOUN
fsr-3916	86	24	for	for	ADP
fsr-3916	86	25	clients	client	NOUN
fsr-3916	86	26	and	and	CCONJ
fsr-3916	86	27	were	be	AUX
fsr-3916	86	28	monitored	monitor	VERB
fsr-3916	86	29	by	by	ADP
fsr-3916	86	30	the	the	DET
fsr-3916	86	31	newsletter	newsletter	NOUN
fsr-3916	86	32	published	publish	VERB
fsr-3916	86	33	by	by	ADP
fsr-3916	86	34	moniresearch	moniresearch	NOUN
fsr-3916	86	35	.	.	PUNCT
fsr-3916	87	1	for	for	ADP
fsr-3916	87	2	the	the	DET
fsr-3916	87	3	period	period	NOUN
fsr-3916	87	4	of	of	ADP
fsr-3916	87	5	october	october	PROPN
fsr-3916	87	6	1985	1985	NUM
fsr-3916	87	7	through	through	ADP
fsr-3916	87	8	the	the	DET
fsr-3916	87	9	end	end	NOUN
fsr-3916	87	10	of	of	ADP
fsr-3916	87	11	september	september	PROPN
fsr-3916	87	12	1990	1990	NUM
fsr-3916	87	13	,	,	PUNCT
fsr-3916	87	14	they	they	PRON
fsr-3916	87	15	find	find	VERB
fsr-3916	87	16	that	that	SCONJ
fsr-3916	87	17	these	these	DET
fsr-3916	87	18	advisors	advisor	NOUN
fsr-3916	87	19	outperformed	outperform	VERB
fsr-3916	87	20	a	a	DET
fsr-3916	87	21	buy	buy	VERB
fsr-3916	87	22	-	-	PUNCT
fsr-3916	87	23	and	and	CCONJ
fsr-3916	87	24	-	-	PUNCT
fsr-3916	87	25	hold	hold	VERB
fsr-3916	87	26	strategy	strategy	NOUN
fsr-3916	87	27	.	.	PUNCT
fsr-3916	88	1	brocato	brocato	NOUN
fsr-3916	88	2	and	and	CCONJ
fsr-3916	88	3	chandy	chandy	ADJ
fsr-3916	88	4	(	(	PUNCT
fsr-3916	88	5	1994	1994	NUM
fsr-3916	88	6	)	)	PUNCT
fsr-3916	88	7	argue	argue	VERB
fsr-3916	88	8	that	that	SCONJ
fsr-3916	88	9	selection	selection	NOUN
fsr-3916	88	10	bias	bias	NOUN
fsr-3916	88	11	can	can	AUX
fsr-3916	88	12	easily	easily	ADV
fsr-3916	88	13	produce	produce	VERB
fsr-3916	88	14	the	the	DET
fsr-3916	88	15	results	result	NOUN
fsr-3916	88	16	reported	report	VERB
fsr-3916	88	17	by	by	ADP
fsr-3916	88	18	wagner	wagner	PROPN
fsr-3916	88	19	et	et	PROPN
fsr-3916	88	20	al	al	PROPN
fsr-3916	88	21	.	.	PROPN
fsr-3916	89	1	(	(	PUNCT
fsr-3916	89	2	1992	1992	NUM
fsr-3916	89	3	)	)	PUNCT
fsr-3916	89	4	.	.	PUNCT
fsr-3916	90	1	brocato	brocato	NOUN
fsr-3916	90	2	and	and	CCONJ
fsr-3916	90	3	chandy	chandy	ADJ
fsr-3916	90	4	(	(	PUNCT
fsr-3916	90	5	1994	1994	NUM
fsr-3916	90	6	)	)	PUNCT
fsr-3916	90	7	find	find	VERB
fsr-3916	90	8	that	that	SCONJ
fsr-3916	90	9	the	the	DET
fsr-3916	90	10	average	average	ADJ
fsr-3916	90	11	record	record	NOUN
fsr-3916	90	12	of	of	ADP
fsr-3916	90	13	their	their	PRON
fsr-3916	90	14	twenty	twenty	NUM
fsr-3916	90	15	-	-	PUNCT
fsr-3916	90	16	five	five	NUM
fsr-3916	90	17	random	random	ADJ
fsr-3916	90	18	timers	timer	NOUN
fsr-3916	90	19	is	be	AUX
fsr-3916	90	20	identical	identical	ADJ
fsr-3916	90	21	to	to	ADP
fsr-3916	90	22	the	the	DET
fsr-3916	90	23	average	average	ADJ
fsr-3916	90	24	record	record	NOUN
fsr-3916	90	25	of	of	ADP
fsr-3916	90	26	the	the	DET
fsr-3916	90	27	twenty	twenty	NUM
fsr-3916	90	28	-	-	PUNCT
fsr-3916	90	29	five	five	NUM
fsr-3916	90	30	real	real	ADJ
fsr-3916	90	31	timers	timer	NOUN
fsr-3916	90	32	studied	study	VERB
fsr-3916	90	33	by	by	ADP
fsr-3916	90	34	wagner	wagner	PROPN
fsr-3916	90	35	et	et	PROPN
fsr-3916	90	36	al	al	PROPN
fsr-3916	90	37	.	.	PROPN
fsr-3916	91	1	(	(	PUNCT
fsr-3916	91	2	1992	1992	NUM
fsr-3916	91	3	)	)	PUNCT
fsr-3916	91	4	.	.	PUNCT
fsr-3916	92	1	larsen	larsen	PROPN
fsr-3916	92	2	and	and	CCONJ
fsr-3916	92	3	wozniak	wozniak	PROPN
fsr-3916	92	4	(	(	PUNCT
fsr-3916	92	5	1994/95	1994/95	NUM
fsr-3916	92	6	,	,	PUNCT
fsr-3916	92	7	1995	1995	NUM
fsr-3916	92	8	)	)	PUNCT
fsr-3916	92	9	find	find	VERB
fsr-3916	92	10	support	support	NOUN
fsr-3916	92	11	over	over	ADP
fsr-3916	92	12	the	the	DET
fsr-3916	92	13	1977–1992	1977–1992	NUM
fsr-3916	92	14	period	period	NOUN
fsr-3916	92	15	for	for	ADP
fsr-3916	92	16	market	market	NOUN
fsr-3916	92	17	timing	timing	NOUN
fsr-3916	92	18	in	in	ADP
fsr-3916	92	19	the	the	DET
fsr-3916	92	20	real	real	ADJ
fsr-3916	92	21	world	world	NOUN
fsr-3916	92	22	based	base	VERB
fsr-3916	92	23	on	on	ADP
fsr-3916	92	24	results	result	NOUN
fsr-3916	92	25	for	for	ADP
fsr-3916	92	26	a	a	DET
fsr-3916	92	27	discrete	discrete	ADJ
fsr-3916	92	28	timing	timing	NOUN
fsr-3916	92	29	regression	regression	NOUN
fsr-3916	92	30	model	model	NOUN
fsr-3916	92	31	for	for	ADP
fsr-3916	92	32	market	market	NOUN
fsr-3916	92	33	timing	timing	NOUN
fsr-3916	92	34	.	.	PUNCT
fsr-3916	93	1	over	over	ADP
fsr-3916	93	2	the	the	DET
fsr-3916	93	3	period	period	NOUN
fsr-3916	93	4	studied	study	VERB
fsr-3916	93	5	by	by	ADP
fsr-3916	93	6	brocato	brocato	NOUN
fsr-3916	93	7	and	and	CCONJ
fsr-3916	93	8	chandy	chandy	NOUN
fsr-3916	93	9	(	(	PUNCT
fsr-3916	93	10	1994	1994	NUM
fsr-3916	93	11	)	)	PUNCT
fsr-3916	93	12	,	,	PUNCT
fsr-3916	93	13	larsen	larsen	PROPN
fsr-3916	93	14	and	and	CCONJ
fsr-3916	93	15	wozniak	wozniak	PROPN
fsr-3916	93	16	(	(	PUNCT
fsr-3916	93	17	1994/95	1994/95	NUM
fsr-3916	93	18	,	,	PUNCT
fsr-3916	93	19	1995	1995	NUM
fsr-3916	93	20	)	)	PUNCT
fsr-3916	93	21	find	find	VERB
fsr-3916	93	22	significantly	significantly	ADV
fsr-3916	93	23	superior	superior	ADJ
fsr-3916	93	24	results	result	NOUN
fsr-3916	93	25	for	for	ADP
fsr-3916	93	26	their	their	PRON
fsr-3916	93	27	method	method	NOUN
fsr-3916	93	28	of	of	ADP
fsr-3916	93	29	market	market	NOUN
fsr-3916	93	30	timing	timing	NOUN
fsr-3916	93	31	compared	compare	VERB
fsr-3916	93	32	to	to	ADP
fsr-3916	93	33	the	the	DET
fsr-3916	93	34	randomization	randomization	NOUN
fsr-3916	93	35	strategy	strategy	NOUN
fsr-3916	93	36	of	of	ADP
fsr-3916	93	37	brocato	brocato	NOUN
fsr-3916	93	38	and	and	CCONJ
fsr-3916	93	39	chandy	chandy	NOUN
fsr-3916	93	40	for	for	ADP
fsr-3916	93	41	out	out	ADV
fsr-3916	93	42	-	-	PUNCT
fsr-3916	93	43	of	of	ADP
fsr-3916	93	44	-	-	PUNCT
fsr-3916	93	45	sample	sample	NOUN
fsr-3916	93	46	tests	test	NOUN
fsr-3916	93	47	.	.	PUNCT
fsr-3916	94	1	brocato	brocato	NOUN
fsr-3916	94	2	and	and	CCONJ
fsr-3916	94	3	chandy	chandy	ADJ
fsr-3916	94	4	(	(	PUNCT
fsr-3916	94	5	1995	1995	NUM
fsr-3916	94	6	)	)	PUNCT
fsr-3916	94	7	question	question	VERB
fsr-3916	94	8	the	the	DET
fsr-3916	94	9	robustness	robustness	NOUN
fsr-3916	94	10	of	of	ADP
fsr-3916	94	11	the	the	DET
fsr-3916	94	12	conclusions	conclusion	NOUN
fsr-3916	94	13	of	of	ADP
fsr-3916	94	14	larsen	larsen	PROPN
fsr-3916	94	15	and	and	CCONJ
fsr-3916	94	16	wozniak	wozniak	PROPN
fsr-3916	94	17	129r	129r	PROPN
fsr-3916	94	18	.	.	PUNCT
fsr-3916	95	1	chung	chung	PROPN
fsr-3916	95	2	,	,	PUNCT
fsr-3916	95	3	l.	l.	PROPN
fsr-3916	95	4	kryzanowski	kryzanowski	PROPN
fsr-3916	95	5	/	/	SYM
fsr-3916	95	6	financial	financial	ADJ
fsr-3916	95	7	services	service	NOUN
fsr-3916	95	8	review	review	VERB
fsr-3916	95	9	9	9	NUM
fsr-3916	95	10	(	(	PUNCT
fsr-3916	95	11	2000	2000	NUM
fsr-3916	95	12	)	)	PUNCT
fsr-3916	96	1	125–144	125–144	NUM
fsr-3916	96	2	(	(	PUNCT
fsr-3916	96	3	1994/95	1994/95	NUM
fsr-3916	96	4	,	,	PUNCT
fsr-3916	96	5	1995	1995	NUM
fsr-3916	96	6	)	)	PUNCT
fsr-3916	96	7	to	to	ADP
fsr-3916	96	8	the	the	DET
fsr-3916	96	9	imposition	imposition	NOUN
fsr-3916	96	10	of	of	ADP
fsr-3916	96	11	realistic	realistic	ADJ
fsr-3916	96	12	transaction	transaction	NOUN
fsr-3916	96	13	costs	cost	NOUN
fsr-3916	96	14	and	and	CCONJ
fsr-3916	96	15	taxes	taxis	NOUN
fsr-3916	96	16	to	to	ADP
fsr-3916	96	17	the	the	DET
fsr-3916	96	18	market	market	NOUN
fsr-3916	96	19	-	-	PUNCT
fsr-3916	96	20	timing	timing	NOUN
fsr-3916	96	21	results	result	NOUN
fsr-3916	96	22	.	.	PUNCT
fsr-3916	97	1	reichenstein	reichenstein	NOUN
fsr-3916	97	2	and	and	CCONJ
fsr-3916	97	3	rich	rich	ADJ
fsr-3916	97	4	(	(	PUNCT
fsr-3916	97	5	1993	1993	NUM
fsr-3916	97	6	)	)	PUNCT
fsr-3916	97	7	report	report	NOUN
fsr-3916	97	8	that	that	SCONJ
fsr-3916	97	9	timing	time	VERB
fsr-3916	97	10	portfolios	portfolio	NOUN
fsr-3916	97	11	based	base	VERB
fsr-3916	97	12	on	on	ADP
fsr-3916	97	13	market	market	NOUN
fsr-3916	97	14	risk	risk	NOUN
fsr-3916	97	15	premium	premium	NOUN
fsr-3916	97	16	display	display	VERB
fsr-3916	97	17	a	a	DET
fsr-3916	97	18	stronger	strong	ADJ
fsr-3916	97	19	ability	ability	NOUN
fsr-3916	97	20	to	to	PART
fsr-3916	97	21	time	time	VERB
fsr-3916	97	22	the	the	DET
fsr-3916	97	23	market	market	NOUN
fsr-3916	97	24	than	than	ADP
fsr-3916	97	25	those	those	PRON
fsr-3916	97	26	based	base	VERB
fsr-3916	97	27	on	on	ADP
fsr-3916	97	28	dividend	dividend	NOUN
fsr-3916	97	29	yield	yield	NOUN
fsr-3916	97	30	and	and	CCONJ
fsr-3916	97	31	earnings	earning	NOUN
fsr-3916	97	32	-	-	PUNCT
fsr-3916	97	33	price	price	NOUN
fsr-3916	97	34	ratio	ratio	NOUN
fsr-3916	97	35	.	.	PUNCT
fsr-3916	98	1	fuller	full	ADJ
fsr-3916	98	2	and	and	CCONJ
fsr-3916	98	3	kling	kling	PROPN
fsr-3916	98	4	(	(	PUNCT
fsr-3916	98	5	1994	1994	NUM
fsr-3916	98	6	)	)	PUNCT
fsr-3916	98	7	find	find	VERB
fsr-3916	98	8	that	that	SCONJ
fsr-3916	98	9	the	the	DET
fsr-3916	98	10	models	model	NOUN
fsr-3916	98	11	studied	study	VERB
fsr-3916	98	12	by	by	ADP
fsr-3916	98	13	fama	fama	PROPN
fsr-3916	98	14	and	and	CCONJ
fsr-3916	98	15	french	french	ADJ
fsr-3916	98	16	(	(	PUNCT
fsr-3916	98	17	1989	1989	NUM
fsr-3916	98	18	)	)	PUNCT
fsr-3916	98	19	are	be	AUX
fsr-3916	98	20	not	not	PART
fsr-3916	98	21	reliable	reliable	ADJ
fsr-3916	98	22	signal	signal	NOUN
fsr-3916	98	23	generators	generator	NOUN
fsr-3916	98	24	for	for	ADP
fsr-3916	98	25	market	market	NOUN
fsr-3916	98	26	timing	timing	NOUN
fsr-3916	98	27	when	when	SCONJ
fsr-3916	98	28	trading	trading	NOUN
fsr-3916	98	29	costs	cost	NOUN
fsr-3916	98	30	,	,	PUNCT
fsr-3916	98	31	subperiods	subperiod	NOUN
fsr-3916	98	32	and	and	CCONJ
fsr-3916	98	33	consistency	consistency	NOUN
fsr-3916	98	34	across	across	ADP
fsr-3916	98	35	models	model	NOUN
fsr-3916	98	36	is	be	AUX
fsr-3916	98	37	considered	consider	VERB
fsr-3916	98	38	.	.	PUNCT
fsr-3916	99	1	prather	prather	PROPN
fsr-3916	99	2	and	and	CCONJ
fsr-3916	99	3	bertin	bertin	PROPN
fsr-3916	99	4	(	(	PUNCT
fsr-3916	99	5	1998	1998	NUM
fsr-3916	99	6	)	)	PUNCT
fsr-3916	99	7	find	find	VERB
fsr-3916	99	8	performance	performance	NOUN
fsr-3916	99	9	that	that	PRON
fsr-3916	99	10	is	be	AUX
fsr-3916	99	11	superior	superior	ADJ
fsr-3916	99	12	to	to	ADP
fsr-3916	99	13	a	a	DET
fsr-3916	99	14	passive	passive	ADJ
fsr-3916	99	15	buy	buy	NOUN
fsr-3916	99	16	-	-	PUNCT
fsr-3916	99	17	and	and	CCONJ
fsr-3916	99	18	-	-	PUNCT
fsr-3916	99	19	hold	hold	VERB
fsr-3916	99	20	strategy	strategy	NOUN
fsr-3916	99	21	for	for	ADP
fsr-3916	99	22	a	a	DET
fsr-3916	99	23	market	market	NOUN
fsr-3916	99	24	timing	timing	NOUN
fsr-3916	99	25	trading	trading	NOUN
fsr-3916	99	26	rule	rule	NOUN
fsr-3916	99	27	that	that	PRON
fsr-3916	99	28	uses	use	VERB
fsr-3916	99	29	the	the	DET
fsr-3916	99	30	public	public	ADJ
fsr-3916	99	31	information	information	NOUN
fsr-3916	99	32	contained	contain	VERB
fsr-3916	99	33	in	in	ADP
fsr-3916	99	34	discount	discount	NOUN
fsr-3916	99	35	rate	rate	NOUN
fsr-3916	99	36	changes	change	NOUN
fsr-3916	99	37	to	to	PART
fsr-3916	99	38	signal	signal	VERB
fsr-3916	99	39	entry	entry	NOUN
fsr-3916	99	40	and	and	CCONJ
fsr-3916	99	41	exit	exit	NOUN
fsr-3916	99	42	into	into	ADP
fsr-3916	99	43	the	the	DET
fsr-3916	99	44	stock	stock	NOUN
fsr-3916	99	45	market	market	NOUN
fsr-3916	99	46	.	.	PUNCT
fsr-3916	100	1	breen	breen	PROPN
fsr-3916	100	2	,	,	PUNCT
fsr-3916	100	3	glosten	glosten	ADJ
fsr-3916	100	4	and	and	CCONJ
fsr-3916	100	5	jagannathan	jagannathan	PROPN
fsr-3916	100	6	(	(	PUNCT
fsr-3916	100	7	1989	1989	NUM
fsr-3916	100	8	)	)	PUNCT
fsr-3916	100	9	find	find	VERB
fsr-3916	100	10	that	that	SCONJ
fsr-3916	100	11	a	a	DET
fsr-3916	100	12	portfolio	portfolio	NOUN
fsr-3916	100	13	managed	manage	VERB
fsr-3916	100	14	by	by	ADP
fsr-3916	100	15	the	the	DET
fsr-3916	100	16	predictions	prediction	NOUN
fsr-3916	100	17	of	of	ADP
fsr-3916	100	18	a	a	DET
fsr-3916	100	19	three	three	NUM
fsr-3916	100	20	-	-	PUNCT
fsr-3916	100	21	year	year	NOUN
fsr-3916	100	22	rolling	rolling	ADJ
fsr-3916	100	23	regression	regression	NOUN
fsr-3916	100	24	of	of	ADP
fsr-3916	100	25	excess	excess	ADJ
fsr-3916	100	26	stock	stock	NOUN
fsr-3916	100	27	return	return	NOUN
fsr-3916	100	28	on	on	ADP
fsr-3916	100	29	the	the	DET
fsr-3916	100	30	one	one	NUM
fsr-3916	100	31	-	-	PUNCT
fsr-3916	100	32	month	month	NOUN
fsr-3916	100	33	risk	risk	NOUN
fsr-3916	100	34	-	-	PUNCT
fsr-3916	100	35	free	free	ADJ
fsr-3916	100	36	rate	rate	NOUN
fsr-3916	100	37	is	be	AUX
fsr-3916	100	38	worth	worth	ADJ
fsr-3916	100	39	an	an	DET
fsr-3916	100	40	annual	annual	ADJ
fsr-3916	100	41	management	management	NOUN
fsr-3916	100	42	fee	fee	NOUN
fsr-3916	100	43	of	of	ADP
fsr-3916	100	44	2	2	NUM
fsr-3916	100	45	%	%	NOUN
fsr-3916	100	46	of	of	ADP
fsr-3916	100	47	the	the	DET
fsr-3916	100	48	value	value	NOUN
fsr-3916	100	49	of	of	ADP
fsr-3916	100	50	the	the	DET
fsr-3916	100	51	assets	asset	NOUN
fsr-3916	100	52	managed	manage	VERB
fsr-3916	100	53	.	.	PUNCT
fsr-3916	101	1	lee	lee	PROPN
fsr-3916	101	2	(	(	PUNCT
fsr-3916	101	3	1997	1997	NUM
fsr-3916	101	4	)	)	PUNCT
fsr-3916	101	5	finds	find	VERB
fsr-3916	101	6	that	that	SCONJ
fsr-3916	101	7	the	the	DET
fsr-3916	101	8	value	value	NOUN
fsr-3916	101	9	added	add	VERB
fsr-3916	101	10	by	by	ADP
fsr-3916	101	11	market	market	NOUN
fsr-3916	101	12	timing	timing	NOUN
fsr-3916	101	13	identified	identify	VERB
fsr-3916	101	14	by	by	ADP
fsr-3916	101	15	breen	breen	PROPN
fsr-3916	101	16	et	et	PROPN
fsr-3916	101	17	al	al	PROPN
fsr-3916	101	18	.	.	PROPN
fsr-3916	101	19	(	(	PUNCT
fsr-3916	101	20	1989	1989	NUM
fsr-3916	101	21	)	)	PUNCT
fsr-3916	101	22	is	be	AUX
fsr-3916	101	23	completely	completely	ADV
fsr-3916	101	24	eroded	erode	VERB
fsr-3916	101	25	by	by	ADP
fsr-3916	101	26	april	april	PROPN
fsr-3916	101	27	1989	1989	NUM
fsr-3916	101	28	,	,	PUNCT
fsr-3916	101	29	and	and	CCONJ
fsr-3916	101	30	becomes	become	VERB
fsr-3916	101	31	negative	negative	ADJ
fsr-3916	101	32	when	when	SCONJ
fsr-3916	101	33	the	the	DET
fsr-3916	101	34	studied	study	VERB
fsr-3916	101	35	time	time	NOUN
fsr-3916	101	36	period	period	NOUN
fsr-3916	101	37	includes	include	VERB
fsr-3916	101	38	observations	observation	NOUN
fsr-3916	101	39	after	after	ADP
fsr-3916	101	40	april	april	PROPN
fsr-3916	101	41	1989	1989	NUM
fsr-3916	101	42	.	.	PUNCT
fsr-3916	102	1	copeland	copeland	PROPN
fsr-3916	102	2	and	and	CCONJ
fsr-3916	102	3	copeland	copeland	PROPN
fsr-3916	102	4	(	(	PUNCT
fsr-3916	102	5	1999	1999	NUM
fsr-3916	102	6	)	)	PUNCT
fsr-3916	102	7	test	test	NOUN
fsr-3916	102	8	changes	change	NOUN
fsr-3916	102	9	in	in	ADP
fsr-3916	102	10	the	the	DET
fsr-3916	102	11	implied	imply	VERB
fsr-3916	102	12	volatility	volatility	NOUN
fsr-3916	102	13	of	of	ADP
fsr-3916	102	14	options	option	NOUN
fsr-3916	102	15	on	on	ADP
fsr-3916	102	16	stock	stock	NOUN
fsr-3916	102	17	index	index	NOUN
fsr-3916	102	18	futures	future	NOUN
fsr-3916	102	19	as	as	ADP
fsr-3916	102	20	market	market	NOUN
fsr-3916	102	21	-	-	PUNCT
fsr-3916	102	22	timing	timing	NOUN
fsr-3916	102	23	strategies	strategy	NOUN
fsr-3916	102	24	for	for	ADP
fsr-3916	102	25	reallocating	reallocate	VERB
fsr-3916	102	26	assets	asset	NOUN
fsr-3916	102	27	among	among	ADP
fsr-3916	102	28	portfolios	portfolio	NOUN
fsr-3916	102	29	of	of	ADP
fsr-3916	102	30	various	various	ADJ
fsr-3916	102	31	sizes	size	NOUN
fsr-3916	102	32	and	and	CCONJ
fsr-3916	102	33	styles	style	NOUN
fsr-3916	102	34	.	.	PUNCT
fsr-3916	103	1	they	they	PRON
fsr-3916	103	2	conclude	conclude	VERB
fsr-3916	103	3	that	that	SCONJ
fsr-3916	103	4	market	market	NOUN
fsr-3916	103	5	timing	timing	NOUN
fsr-3916	103	6	may	may	AUX
fsr-3916	103	7	be	be	AUX
fsr-3916	103	8	feasible	feasible	ADJ
fsr-3916	103	9	at	at	ADP
fsr-3916	103	10	least	least	ADJ
fsr-3916	103	11	for	for	ADP
fsr-3916	103	12	portfolio	portfolio	NOUN
fsr-3916	103	13	yield	yield	NOUN
fsr-3916	103	14	enhancement	enhancement	NOUN
fsr-3916	103	15	.	.	PUNCT
fsr-3916	104	1	due	due	ADP
fsr-3916	104	2	to	to	ADP
fsr-3916	104	3	the	the	DET
fsr-3916	104	4	large	large	ADJ
fsr-3916	104	5	number	number	NOUN
fsr-3916	104	6	of	of	ADP
fsr-3916	104	7	studies	study	NOUN
fsr-3916	104	8	(	(	PUNCT
fsr-3916	104	9	e.g.	e.g.	ADV
fsr-3916	104	10	,	,	PUNCT
fsr-3916	104	11	ferson	ferson	NOUN
fsr-3916	104	12	and	and	CCONJ
fsr-3916	104	13	schadt	schadt	NOUN
fsr-3916	104	14	,	,	PUNCT
fsr-3916	104	15	1996	1996	NUM
fsr-3916	104	16	;	;	PUNCT
fsr-3916	104	17	kryzanowski	kryzanowski	PROPN
fsr-3916	104	18	,	,	PUNCT
fsr-3916	104	19	lalancette	lalancette	NOUN
fsr-3916	104	20	&	&	CCONJ
fsr-3916	104	21	to	to	ADP
fsr-3916	104	22	1997	1997	NUM
fsr-3916	104	23	)	)	PUNCT
fsr-3916	104	24	that	that	PRON
fsr-3916	104	25	assess	assess	VERB
fsr-3916	104	26	the	the	DET
fsr-3916	104	27	market	market	NOUN
fsr-3916	104	28	-	-	PUNCT
fsr-3916	104	29	timing	timing	NOUN
fsr-3916	104	30	ability	ability	NOUN
fsr-3916	104	31	of	of	ADP
fsr-3916	104	32	mutual	mutual	ADJ
fsr-3916	104	33	fund	fund	NOUN
fsr-3916	104	34	managers	manager	NOUN
fsr-3916	104	35	in	in	ADP
fsr-3916	104	36	various	various	ADJ
fsr-3916	104	37	countries	country	NOUN
fsr-3916	104	38	,	,	PUNCT
fsr-3916	104	39	we	we	PRON
fsr-3916	104	40	only	only	ADV
fsr-3916	104	41	note	note	VERB
fsr-3916	104	42	herein	herein	ADJ
fsr-3916	104	43	due	due	ADJ
fsr-3916	104	44	to	to	ADP
fsr-3916	104	45	journal	journal	ADJ
fsr-3916	104	46	space	space	NOUN
fsr-3916	104	47	constraints	constraint	NOUN
fsr-3916	104	48	that	that	SCONJ
fsr-3916	104	49	these	these	DET
fsr-3916	104	50	studies	study	NOUN
fsr-3916	104	51	predominantly	predominantly	ADV
fsr-3916	104	52	report	report	VERB
fsr-3916	104	53	evidence	evidence	NOUN
fsr-3916	104	54	of	of	ADP
fsr-3916	104	55	little	little	ADJ
fsr-3916	104	56	or	or	CCONJ
fsr-3916	104	57	poor	poor	ADJ
fsr-3916	104	58	market	market	NOUN
fsr-3916	104	59	-	-	PUNCT
fsr-3916	104	60	timing	timing	NOUN
fsr-3916	104	61	ability	ability	NOUN
fsr-3916	104	62	.	.	PUNCT
fsr-3916	105	1	a	a	DET
fsr-3916	105	2	recent	recent	ADJ
fsr-3916	105	3	exception	exception	NOUN
fsr-3916	105	4	is	be	AUX
fsr-3916	105	5	the	the	DET
fsr-3916	105	6	study	study	NOUN
fsr-3916	105	7	by	by	ADP
fsr-3916	105	8	busse	busse	PROPN
fsr-3916	105	9	(	(	PUNCT
fsr-3916	105	10	1999	1999	NUM
fsr-3916	105	11	)	)	PUNCT
fsr-3916	105	12	who	who	PRON
fsr-3916	105	13	finds	find	VERB
fsr-3916	105	14	that	that	SCONJ
fsr-3916	105	15	market	market	NOUN
fsr-3916	105	16	volatility	volatility	NOUN
fsr-3916	105	17	timing	timing	NOUN
fsr-3916	105	18	(	(	PUNCT
fsr-3916	105	19	as	as	SCONJ
fsr-3916	105	20	opposed	oppose	VERB
fsr-3916	105	21	to	to	ADP
fsr-3916	105	22	market	market	NOUN
fsr-3916	105	23	timing	timing	NOUN
fsr-3916	105	24	)	)	PUNCT
fsr-3916	105	25	has	have	AUX
fsr-3916	105	26	led	lead	VERB
fsr-3916	105	27	to	to	ADP
fsr-3916	105	28	higher	high	ADJ
fsr-3916	105	29	risk	risk	NOUN
fsr-3916	105	30	-	-	PUNCT
fsr-3916	105	31	adjusted	adjust	VERB
fsr-3916	105	32	returns	return	NOUN
fsr-3916	105	33	.	.	PUNCT
fsr-3916	106	1	graham	graham	PROPN
fsr-3916	106	2	and	and	CCONJ
fsr-3916	106	3	harvey	harvey	PROPN
fsr-3916	106	4	(	(	PUNCT
fsr-3916	106	5	1994	1994	NUM
fsr-3916	106	6	,	,	PUNCT
fsr-3916	106	7	1996	1996	NUM
fsr-3916	106	8	,	,	PUNCT
fsr-3916	106	9	1997	1997	NUM
fsr-3916	106	10	)	)	PUNCT
fsr-3916	106	11	examine	examine	VERB
fsr-3916	106	12	the	the	DET
fsr-3916	106	13	performance	performance	NOUN
fsr-3916	106	14	of	of	ADP
fsr-3916	106	15	the	the	DET
fsr-3916	106	16	asset	asset	NOUN
fsr-3916	106	17	-	-	PUNCT
fsr-3916	106	18	allocation	allocation	NOUN
fsr-3916	106	19	strategies	strategy	NOUN
fsr-3916	106	20	of	of	ADP
fsr-3916	106	21	326	326	NUM
fsr-3916	106	22	newsletters	newsletter	NOUN
fsr-3916	106	23	drawn	draw	VERB
fsr-3916	106	24	from	from	ADP
fsr-3916	106	25	thehulbert	thehulbert	ADJ
fsr-3916	106	26	financial	financial	ADJ
fsr-3916	106	27	digestfor	digestfor	VERB
fsr-3916	106	28	the	the	DET
fsr-3916	106	29	1983–95	1983–95	NUM
fsr-3916	106	30	period	period	NOUN
fsr-3916	106	31	.	.	PUNCT
fsr-3916	107	1	they	they	PRON
fsr-3916	107	2	find	find	VERB
fsr-3916	107	3	that	that	SCONJ
fsr-3916	107	4	the	the	DET
fsr-3916	107	5	group	group	NOUN
fsr-3916	107	6	appears	appear	VERB
fsr-3916	107	7	not	not	PART
fsr-3916	107	8	to	to	PART
fsr-3916	107	9	possess	possess	VERB
fsr-3916	107	10	any	any	DET
fsr-3916	107	11	special	special	ADJ
fsr-3916	107	12	information	information	NOUN
fsr-3916	107	13	about	about	ADP
fsr-3916	107	14	the	the	DET
fsr-3916	107	15	future	future	ADJ
fsr-3916	107	16	direction	direction	NOUN
fsr-3916	107	17	of	of	ADP
fsr-3916	107	18	the	the	DET
fsr-3916	107	19	market	market	NOUN
fsr-3916	107	20	.	.	PUNCT
fsr-3916	108	1	4	4	X
fsr-3916	108	2	.	.	X
fsr-3916	108	3	data	datum	NOUN
fsr-3916	108	4	we	we	PRON
fsr-3916	108	5	use	use	VERB
fsr-3916	108	6	the	the	DET
fsr-3916	108	7	annual	annual	ADJ
fsr-3916	108	8	estimates	estimate	NOUN
fsr-3916	108	9	of	of	ADP
fsr-3916	108	10	earnings	earning	NOUN
fsr-3916	108	11	per	per	ADP
fsr-3916	108	12	share	share	NOUN
fsr-3916	108	13	for	for	ADP
fsr-3916	108	14	the	the	DET
fsr-3916	108	15	current	current	ADJ
fsr-3916	108	16	and	and	CCONJ
fsr-3916	108	17	subsequent	subsequent	ADJ
fsr-3916	108	18	fiscal	fiscal	ADJ
fsr-3916	108	19	year	year	NOUN
fsr-3916	108	20	(	(	PUNCT
fsr-3916	108	21	fy1	fy1	NOUN
fsr-3916	108	22	and	and	CCONJ
fsr-3916	108	23	fy2	fy2	NOUN
fsr-3916	108	24	)	)	PUNCT
fsr-3916	108	25	for	for	ADP
fsr-3916	108	26	the	the	DET
fsr-3916	108	27	s&p	s&p	PROPN
fsr-3916	108	28	500	500	NUM
fsr-3916	108	29	index	index	NOUN
fsr-3916	108	30	that	that	PRON
fsr-3916	108	31	are	be	AUX
fsr-3916	108	32	available	available	ADJ
fsr-3916	108	33	from	from	ADP
fsr-3916	108	34	i	i	PROPN
fsr-3916	108	35	/	/	SYM
fsr-3916	108	36	b	b	PROPN
fsr-3916	108	37	/	/	SYM
fsr-3916	108	38	e	e	NOUN
fsr-3916	108	39	/	/	SYM
fsr-3916	108	40	s	s	X
fsr-3916	108	41	on	on	ADP
fsr-3916	108	42	both	both	CCONJ
fsr-3916	108	43	a	a	DET
fsr-3916	108	44	top	top	ADJ
fsr-3916	108	45	-	-	PUNCT
fsr-3916	108	46	down	down	NOUN
fsr-3916	108	47	and	and	CCONJ
fsr-3916	108	48	bottom	bottom	NOUN
fsr-3916	108	49	-	-	PUNCT
fsr-3916	108	50	up	up	ADP
fsr-3916	108	51	basis	basis	NOUN
fsr-3916	108	52	.	.	PUNCT
fsr-3916	109	1	our	our	PRON
fsr-3916	109	2	data	datum	NOUN
fsr-3916	109	3	set	set	VERB
fsr-3916	109	4	consists	consist	VERB
fsr-3916	109	5	of	of	ADP
fsr-3916	109	6	218	218	NUM
fsr-3916	109	7	months	month	NOUN
fsr-3916	109	8	of	of	ADP
fsr-3916	109	9	such	such	ADJ
fsr-3916	109	10	annual	annual	ADJ
fsr-3916	109	11	forecasts	forecast	NOUN
fsr-3916	109	12	over	over	ADP
fsr-3916	109	13	the	the	DET
fsr-3916	109	14	period	period	NOUN
fsr-3916	109	15	from	from	ADP
fsr-3916	109	16	january	january	PROPN
fsr-3916	109	17	1982	1982	NUM
fsr-3916	109	18	through	through	ADP
fsr-3916	109	19	february	february	PROPN
fsr-3916	109	20	2000	2000	NUM
fsr-3916	109	21	.	.	PUNCT
fsr-3916	110	1	each	each	DET
fsr-3916	110	2	top	top	ADJ
fsr-3916	110	3	-	-	PUNCT
fsr-3916	110	4	down	down	ADP
fsr-3916	110	5	consensus	consensus	NOUN
fsr-3916	110	6	forecast	forecast	NOUN
fsr-3916	110	7	is	be	AUX
fsr-3916	110	8	the	the	DET
fsr-3916	110	9	cross	cross	ADJ
fsr-3916	110	10	-	-	ADJ
fsr-3916	110	11	sectional	sectional	ADJ
fsr-3916	110	12	average	average	NOUN
fsr-3916	110	13	of	of	ADP
fsr-3916	110	14	the	the	DET
fsr-3916	110	15	individual	individual	ADJ
fsr-3916	110	16	forecasts	forecast	NOUN
fsr-3916	110	17	of	of	ADP
fsr-3916	110	18	earnings	earning	NOUN
fsr-3916	110	19	per	per	ADP
fsr-3916	110	20	share	share	NOUN
fsr-3916	110	21	for	for	ADP
fsr-3916	110	22	the	the	DET
fsr-3916	110	23	s&p	s&p	PROPN
fsr-3916	110	24	500	500	NUM
fsr-3916	110	25	made	make	VERB
fsr-3916	110	26	by	by	ADP
fsr-3916	110	27	market	market	NOUN
fsr-3916	110	28	strategists	strategist	NOUN
fsr-3916	110	29	each	each	DET
fsr-3916	110	30	month	month	NOUN
fsr-3916	110	31	.	.	PUNCT
fsr-3916	111	1	for	for	ADP
fsr-3916	111	2	the	the	DET
fsr-3916	111	3	interested	interested	ADJ
fsr-3916	111	4	reader	reader	NOUN
fsr-3916	111	5	,	,	PUNCT
fsr-3916	111	6	i	i	PROPN
fsr-3916	111	7	/	/	SYM
fsr-3916	111	8	b	b	PROPN
fsr-3916	111	9	/	/	SYM
fsr-3916	111	10	e	e	NOUN
fsr-3916	111	11	/	/	SYM
fsr-3916	111	12	s	s	X
fsr-3916	111	13	provides	provide	VERB
fsr-3916	111	14	both	both	PRON
fsr-3916	111	15	quarterly	quarterly	ADJ
fsr-3916	111	16	and	and	CCONJ
fsr-3916	111	17	annual	annual	ADJ
fsr-3916	111	18	top	top	ADJ
fsr-3916	111	19	-	-	PUNCT
fsr-3916	111	20	down	down	ADP
fsr-3916	111	21	consensus	consensus	NOUN
fsr-3916	111	22	forecasts	forecast	NOUN
fsr-3916	111	23	of	of	ADP
fsr-3916	111	24	earnings	earning	NOUN
fsr-3916	111	25	per	per	ADP
fsr-3916	111	26	share	share	NOUN
fsr-3916	111	27	for	for	ADP
fsr-3916	111	28	fy1	fy1	NOUN
fsr-3916	111	29	through	through	ADP
fsr-3916	111	30	fy3	fy3	NOUN
fsr-3916	111	31	under	under	ADP
fsr-3916	111	32	the	the	DET
fsr-3916	111	33	ticker	ticker	NOUN
fsr-3916	111	34	symbol	symbol	NOUN
fsr-3916	111	35	sap5	sap5	PROPN
fsr-3916	111	36	on	on	ADP
fsr-3916	111	37	a	a	DET
fsr-3916	111	38	regular	regular	ADJ
fsr-3916	111	39	basis	basis	NOUN
fsr-3916	111	40	.	.	PUNCT
fsr-3916	112	1	the	the	DET
fsr-3916	112	2	bottom	bottom	ADJ
fsr-3916	112	3	-	-	PUNCT
fsr-3916	112	4	up	up	ADP
fsr-3916	112	5	consensus	consensus	NOUN
fsr-3916	112	6	forecasts	forecast	NOUN
fsr-3916	112	7	of	of	ADP
fsr-3916	112	8	earnings	earning	NOUN
fsr-3916	112	9	per	per	ADP
fsr-3916	112	10	market	market	NOUN
fsr-3916	112	11	-	-	PUNCT
fsr-3916	112	12	weight	weight	NOUN
fsr-3916	112	13	share	share	NOUN
fsr-3916	112	14	are	be	AUX
fsr-3916	112	15	a	a	DET
fsr-3916	112	16	weightedaverage	weightedaverage	NOUN
fsr-3916	112	17	of	of	ADP
fsr-3916	112	18	the	the	DET
fsr-3916	112	19	consensus	consensus	NOUN
fsr-3916	112	20	forecasts	forecast	NOUN
fsr-3916	112	21	of	of	ADP
fsr-3916	112	22	the	the	DET
fsr-3916	112	23	earnings	earning	NOUN
fsr-3916	112	24	per	per	ADP
fsr-3916	112	25	share	share	NOUN
fsr-3916	112	26	for	for	ADP
fsr-3916	112	27	each	each	DET
fsr-3916	112	28	firm	firm	NOUN
fsr-3916	112	29	included	include	VERB
fsr-3916	112	30	in	in	ADP
fsr-3916	112	31	the	the	DET
fsr-3916	112	32	s&p	s&p	PROPN
fsr-3916	112	33	500	500	NUM
fsr-3916	112	34	,	,	PUNCT
fsr-3916	112	35	where	where	SCONJ
fsr-3916	112	36	each	each	DET
fsr-3916	112	37	weight	weight	NOUN
fsr-3916	112	38	is	be	AUX
fsr-3916	112	39	equal	equal	ADJ
fsr-3916	112	40	to	to	ADP
fsr-3916	112	41	the	the	DET
fsr-3916	112	42	weight	weight	NOUN
fsr-3916	112	43	of	of	ADP
fsr-3916	112	44	that	that	DET
fsr-3916	112	45	firm	firm	NOUN
fsr-3916	112	46	in	in	ADP
fsr-3916	112	47	calculating	calculate	VERB
fsr-3916	112	48	the	the	DET
fsr-3916	112	49	stock	stock	NOUN
fsr-3916	112	50	price	price	NOUN
fsr-3916	112	51	130	130	NUM
fsr-3916	112	52	r.	r.	PROPN
fsr-3916	112	53	chung	chung	PROPN
fsr-3916	112	54	,	,	PUNCT
fsr-3916	112	55	l.	l.	PROPN
fsr-3916	112	56	kryzanowski	kryzanowski	PROPN
fsr-3916	112	57	/	/	SYM
fsr-3916	112	58	financial	financial	ADJ
fsr-3916	112	59	services	service	NOUN
fsr-3916	112	60	review	review	VERB
fsr-3916	112	61	9	9	NUM
fsr-3916	112	62	(	(	PUNCT
fsr-3916	112	63	2000	2000	NUM
fsr-3916	112	64	)	)	PUNCT
fsr-3916	112	65	125–144	125–144	NUM
fsr-3916	112	66	index	index	NOUN
fsr-3916	112	67	for	for	ADP
fsr-3916	112	68	the	the	DET
fsr-3916	112	69	s&p	s&p	PROPN
fsr-3916	112	70	500	500	NUM
fsr-3916	112	71	.	.	PUNCT
fsr-3916	113	1	in	in	ADP
fsr-3916	113	2	other	other	ADJ
fsr-3916	113	3	words	word	NOUN
fsr-3916	113	4	,	,	PUNCT
fsr-3916	113	5	the	the	DET
fsr-3916	113	6	bottom	bottom	NOUN
fsr-3916	113	7	-	-	PUNCT
fsr-3916	113	8	up	up	ADP
fsr-3916	113	9	consensus	consensus	NOUN
fsr-3916	113	10	forecast	forecast	NOUN
fsr-3916	113	11	is	be	AUX
fsr-3916	113	12	a	a	DET
fsr-3916	113	13	market	market	NOUN
fsr-3916	113	14	-	-	PUNCT
fsr-3916	113	15	value	value	NOUN
fsr-3916	113	16	weighted	weight	VERB
fsr-3916	113	17	average	average	NOUN
fsr-3916	113	18	of	of	ADP
fsr-3916	113	19	the	the	DET
fsr-3916	113	20	consensus	consensus	NOUN
fsr-3916	113	21	forecasts	forecast	NOUN
fsr-3916	113	22	of	of	ADP
fsr-3916	113	23	earnings	earning	NOUN
fsr-3916	113	24	per	per	ADP
fsr-3916	113	25	share	share	NOUN
fsr-3916	113	26	for	for	ADP
fsr-3916	113	27	each	each	PRON
fsr-3916	113	28	of	of	ADP
fsr-3916	113	29	the	the	DET
fsr-3916	113	30	firms	firm	NOUN
fsr-3916	113	31	in	in	ADP
fsr-3916	113	32	the	the	DET
fsr-3916	113	33	s&p	s&p	PROPN
fsr-3916	113	34	500	500	NUM
fsr-3916	113	35	index	index	NOUN
fsr-3916	113	36	.	.	PUNCT
fsr-3916	114	1	for	for	ADP
fsr-3916	114	2	ease	ease	NOUN
fsr-3916	114	3	of	of	ADP
fsr-3916	114	4	exposition	exposition	NOUN
fsr-3916	114	5	,	,	PUNCT
fsr-3916	114	6	we	we	PRON
fsr-3916	114	7	refer	refer	VERB
fsr-3916	114	8	to	to	ADP
fsr-3916	114	9	this	this	DET
fsr-3916	114	10	value	value	NOUN
fsr-3916	114	11	as	as	ADP
fsr-3916	114	12	earnings	earning	NOUN
fsr-3916	114	13	per	per	ADP
fsr-3916	114	14	share	share	NOUN
fsr-3916	114	15	throughout	throughout	ADP
fsr-3916	114	16	this	this	DET
fsr-3916	114	17	paper	paper	NOUN
fsr-3916	114	18	.	.	PUNCT
fsr-3916	115	1	the	the	DET
fsr-3916	115	2	bottom	bottom	ADJ
fsr-3916	115	3	-	-	PUNCT
fsr-3916	115	4	up	up	ADP
fsr-3916	115	5	consensus	consensus	NOUN
fsr-3916	115	6	forecasts	forecast	NOUN
fsr-3916	115	7	of	of	ADP
fsr-3916	115	8	earnings	earning	NOUN
fsr-3916	115	9	per	per	ADP
fsr-3916	115	10	share	share	NOUN
fsr-3916	115	11	are	be	AUX
fsr-3916	115	12	available	available	ADJ
fsr-3916	115	13	from	from	ADP
fsr-3916	115	14	i	i	PROPN
fsr-3916	115	15	/	/	SYM
fsr-3916	115	16	b	b	PROPN
fsr-3916	115	17	/	/	SYM
fsr-3916	115	18	e	e	NOUN
fsr-3916	115	19	/	/	SYM
fsr-3916	115	20	s	s	X
fsr-3916	115	21	on	on	ADP
fsr-3916	115	22	a	a	DET
fsr-3916	115	23	regular	regular	ADJ
fsr-3916	115	24	basis	basis	NOUN
fsr-3916	115	25	but	but	CCONJ
fsr-3916	115	26	are	be	AUX
fsr-3916	115	27	not	not	PART
fsr-3916	115	28	included	include	VERB
fsr-3916	115	29	in	in	ADP
fsr-3916	115	30	the	the	DET
fsr-3916	115	31	data	data	NOUN
fsr-3916	115	32	package	package	NOUN
fsr-3916	115	33	commonly	commonly	ADV
fsr-3916	115	34	made	make	VERB
fsr-3916	115	35	available	available	ADJ
fsr-3916	115	36	to	to	ADP
fsr-3916	115	37	researchers	researcher	NOUN
fsr-3916	115	38	.	.	PUNCT
fsr-3916	116	1	5	5	X
fsr-3916	116	2	.	.	X
fsr-3916	116	3	s&p	s&p	PROPN
fsr-3916	116	4	500	500	NUM
fsr-3916	116	5	earnings	earning	NOUN
fsr-3916	116	6	forecasts	forecast	NOUN
fsr-3916	116	7	and	and	CCONJ
fsr-3916	116	8	their	their	PRON
fsr-3916	116	9	biases	bias	NOUN
fsr-3916	116	10	5.1	5.1	NUM
fsr-3916	116	11	.	.	PUNCT
fsr-3916	117	1	expectations	expectation	NOUN
fsr-3916	117	2	and	and	CCONJ
fsr-3916	117	3	methodology	methodology	NOUN
fsr-3916	117	4	the	the	DET
fsr-3916	117	5	s&p	s&p	PROPN
fsr-3916	117	6	500	500	NUM
fsr-3916	117	7	forecasts	forecast	NOUN
fsr-3916	117	8	of	of	ADP
fsr-3916	117	9	earnings	earning	NOUN
fsr-3916	117	10	per	per	ADP
fsr-3916	117	11	share	share	NOUN
fsr-3916	117	12	generated	generate	VERB
fsr-3916	117	13	by	by	ADP
fsr-3916	117	14	both	both	DET
fsr-3916	117	15	strategists	strategist	NOUN
fsr-3916	117	16	and	and	CCONJ
fsr-3916	117	17	analysts	analyst	NOUN
fsr-3916	117	18	studied	study	VERB
fsr-3916	117	19	herein	herein	NOUN
fsr-3916	117	20	are	be	AUX
fsr-3916	117	21	expected	expect	VERB
fsr-3916	117	22	to	to	PART
fsr-3916	117	23	display	display	VERB
fsr-3916	117	24	systematic	systematic	ADJ
fsr-3916	117	25	optimism	optimism	NOUN
fsr-3916	117	26	.	.	PUNCT
fsr-3916	118	1	as	as	ADV
fsr-3916	118	2	predominantly	predominantly	ADV
fsr-3916	118	3	sell	sell	NOUN
fsr-3916	118	4	-	-	PUNCT
fsr-3916	118	5	side	side	NOUN
fsr-3916	118	6	employees	employee	NOUN
fsr-3916	118	7	of	of	ADP
fsr-3916	118	8	brokerage	brokerage	NOUN
fsr-3916	118	9	and	and	CCONJ
fsr-3916	118	10	investment	investment	NOUN
fsr-3916	118	11	banking	banking	NOUN
fsr-3916	118	12	firms	firm	NOUN
fsr-3916	118	13	,	,	PUNCT
fsr-3916	118	14	these	these	DET
fsr-3916	118	15	sell	sell	VERB
fsr-3916	118	16	side	side	NOUN
fsr-3916	118	17	professionals	professional	NOUN
fsr-3916	118	18	have	have	VERB
fsr-3916	118	19	economic	economic	ADJ
fsr-3916	118	20	incentives	incentive	NOUN
fsr-3916	118	21	to	to	PART
fsr-3916	118	22	promote	promote	VERB
fsr-3916	118	23	stock	stock	NOUN
fsr-3916	118	24	purchase	purchase	NOUN
fsr-3916	118	25	rather	rather	ADV
fsr-3916	118	26	than	than	ADP
fsr-3916	118	27	to	to	PART
fsr-3916	118	28	produce	produce	VERB
fsr-3916	118	29	the	the	DET
fsr-3916	118	30	most	most	ADV
fsr-3916	118	31	accurate	accurate	ADJ
fsr-3916	118	32	forecasts	forecast	NOUN
fsr-3916	118	33	(	(	PUNCT
fsr-3916	118	34	womack	womack	NOUN
fsr-3916	118	35	,	,	PUNCT
fsr-3916	118	36	1996	1996	NUM
fsr-3916	118	37	;	;	PUNCT
fsr-3916	118	38	carleton	carleton	PROPN
fsr-3916	118	39	,	,	PUNCT
fsr-3916	118	40	chen	chen	PROPN
fsr-3916	118	41	&	&	CCONJ
fsr-3916	118	42	steiner	steiner	PROPN
fsr-3916	118	43	,	,	PUNCT
fsr-3916	118	44	1998	1998	NUM
fsr-3916	118	45	)	)	PUNCT
fsr-3916	118	46	.	.	PUNCT
fsr-3916	119	1	das	das	PROPN
fsr-3916	119	2	,	,	PUNCT
fsr-3916	119	3	levine	levine	PROPN
fsr-3916	119	4	and	and	CCONJ
fsr-3916	119	5	sivaramakrishnan	sivaramakrishnan	PROPN
fsr-3916	119	6	(	(	PUNCT
fsr-3916	119	7	1998	1998	NUM
fsr-3916	119	8	)	)	PUNCT
fsr-3916	119	9	assert	assert	VERB
fsr-3916	119	10	that	that	SCONJ
fsr-3916	119	11	analysts	analyst	NOUN
fsr-3916	119	12	may	may	AUX
fsr-3916	119	13	engage	engage	VERB
fsr-3916	119	14	in	in	ADP
fsr-3916	119	15	deliberate	deliberate	ADJ
fsr-3916	119	16	optimism	optimism	NOUN
fsr-3916	119	17	to	to	PART
fsr-3916	119	18	obtain	obtain	VERB
fsr-3916	119	19	private	private	ADJ
fsr-3916	119	20	information	information	NOUN
fsr-3916	119	21	from	from	ADP
fsr-3916	119	22	firm	firm	ADJ
fsr-3916	119	23	management	management	NOUN
fsr-3916	119	24	that	that	PRON
fsr-3916	119	25	can	can	AUX
fsr-3916	119	26	produce	produce	VERB
fsr-3916	119	27	earnings	earning	NOUN
fsr-3916	119	28	forecasts	forecast	NOUN
fsr-3916	119	29	that	that	PRON
fsr-3916	119	30	are	be	AUX
fsr-3916	119	31	substantially	substantially	ADV
fsr-3916	119	32	better	well	ADJ
fsr-3916	119	33	than	than	ADP
fsr-3916	119	34	those	those	PRON
fsr-3916	119	35	produced	produce	VERB
fsr-3916	119	36	from	from	ADP
fsr-3916	119	37	only	only	ADV
fsr-3916	119	38	using	use	VERB
fsr-3916	119	39	public	public	ADJ
fsr-3916	119	40	information	information	NOUN
fsr-3916	119	41	.	.	PUNCT
fsr-3916	120	1	furthermore	furthermore	ADV
fsr-3916	120	2	,	,	PUNCT
fsr-3916	120	3	the	the	DET
fsr-3916	120	4	s&p	s&p	PROPN
fsr-3916	120	5	500	500	NUM
fsr-3916	120	6	forecasts	forecast	NOUN
fsr-3916	120	7	of	of	ADP
fsr-3916	120	8	analysts	analyst	NOUN
fsr-3916	120	9	are	be	AUX
fsr-3916	120	10	expected	expect	VERB
fsr-3916	120	11	to	to	PART
fsr-3916	120	12	exhibit	exhibit	VERB
fsr-3916	120	13	more	more	ADV
fsr-3916	120	14	systematic	systematic	ADJ
fsr-3916	120	15	optimism	optimism	NOUN
fsr-3916	120	16	than	than	ADP
fsr-3916	120	17	those	those	PRON
fsr-3916	120	18	of	of	ADP
fsr-3916	120	19	strategists	strategist	NOUN
fsr-3916	120	20	because	because	SCONJ
fsr-3916	120	21	analysts	analyst	NOUN
fsr-3916	120	22	unlike	unlike	ADP
fsr-3916	120	23	strategists	strategist	NOUN
fsr-3916	120	24	derive	derive	VERB
fsr-3916	120	25	part	part	NOUN
fsr-3916	120	26	of	of	ADP
fsr-3916	120	27	their	their	PRON
fsr-3916	120	28	comparative	comparative	ADJ
fsr-3916	120	29	advantage	advantage	NOUN
fsr-3916	120	30	(	(	PUNCT
fsr-3916	120	31	expertise	expertise	NOUN
fsr-3916	120	32	)	)	PUNCT
fsr-3916	120	33	from	from	ADP
fsr-3916	120	34	their	their	PRON
fsr-3916	120	35	superior	superior	ADJ
fsr-3916	120	36	access	access	NOUN
fsr-3916	120	37	to	to	ADP
fsr-3916	120	38	the	the	DET
fsr-3916	120	39	top	top	ADJ
fsr-3916	120	40	management	management	NOUN
fsr-3916	120	41	of	of	ADP
fsr-3916	120	42	the	the	DET
fsr-3916	120	43	firms	firm	NOUN
fsr-3916	120	44	that	that	PRON
fsr-3916	120	45	they	they	PRON
fsr-3916	120	46	follow	follow	VERB
fsr-3916	120	47	,	,	PUNCT
fsr-3916	120	48	and	and	CCONJ
fsr-3916	120	49	analysts	analyst	NOUN
fsr-3916	120	50	do	do	AUX
fsr-3916	120	51	not	not	PART
fsr-3916	120	52	want	want	VERB
fsr-3916	120	53	to	to	PART
fsr-3916	120	54	jeopardize	jeopardize	VERB
fsr-3916	120	55	investment	investment	NOUN
fsr-3916	120	56	banking	banking	NOUN
fsr-3916	120	57	relationships	relationship	NOUN
fsr-3916	120	58	between	between	ADP
fsr-3916	120	59	the	the	DET
fsr-3916	120	60	firm	firm	NOUN
fsr-3916	120	61	they	they	PRON
fsr-3916	120	62	work	work	VERB
fsr-3916	120	63	for	for	ADP
fsr-3916	120	64	and	and	CCONJ
fsr-3916	120	65	the	the	DET
fsr-3916	120	66	firm	firm	NOUN
fsr-3916	120	67	for	for	ADP
fsr-3916	120	68	which	which	PRON
fsr-3916	120	69	they	they	PRON
fsr-3916	120	70	are	be	AUX
fsr-3916	120	71	forecasting	forecast	VERB
fsr-3916	120	72	earnings	earning	NOUN
fsr-3916	120	73	(	(	PUNCT
fsr-3916	120	74	womack	womack	NOUN
fsr-3916	120	75	,	,	PUNCT
fsr-3916	120	76	1996	1996	NUM
fsr-3916	120	77	)	)	PUNCT
fsr-3916	120	78	.	.	PUNCT
fsr-3916	121	1	many	many	ADJ
fsr-3916	121	2	examples	example	NOUN
fsr-3916	121	3	exist	exist	VERB
fsr-3916	121	4	where	where	SCONJ
fsr-3916	121	5	such	such	ADJ
fsr-3916	121	6	access	access	NOUN
fsr-3916	121	7	has	have	AUX
fsr-3916	121	8	been	be	AUX
fsr-3916	121	9	adversely	adversely	ADV
fsr-3916	121	10	affected	affect	VERB
fsr-3916	121	11	by	by	ADP
fsr-3916	121	12	a	a	DET
fsr-3916	121	13	less	less	ADJ
fsr-3916	121	14	than	than	ADP
fsr-3916	121	15	favorable	favorable	ADJ
fsr-3916	121	16	report	report	NOUN
fsr-3916	121	17	by	by	ADP
fsr-3916	121	18	an	an	DET
fsr-3916	121	19	analyst	analyst	NOUN
fsr-3916	121	20	(	(	PUNCT
fsr-3916	121	21	pratt	pratt	PROPN
fsr-3916	121	22	,	,	PUNCT
fsr-3916	121	23	1993	1993	NUM
fsr-3916	121	24	)	)	PUNCT
fsr-3916	121	25	.	.	PUNCT
fsr-3916	122	1	in	in	ADP
fsr-3916	122	2	addition	addition	NOUN
fsr-3916	122	3	,	,	PUNCT
fsr-3916	122	4	the	the	DET
fsr-3916	122	5	consensus	consensus	NOUN
fsr-3916	122	6	bottom	bottom	VERB
fsr-3916	122	7	-	-	PUNCT
fsr-3916	122	8	up	up	ADP
fsr-3916	122	9	forecasts	forecast	NOUN
fsr-3916	122	10	have	have	VERB
fsr-3916	122	11	a	a	DET
fsr-3916	122	12	selection	selection	NOUN
fsr-3916	122	13	bias	bias	NOUN
fsr-3916	122	14	not	not	PART
fsr-3916	122	15	present	present	ADJ
fsr-3916	122	16	in	in	ADP
fsr-3916	122	17	the	the	DET
fsr-3916	122	18	consensus	consensus	NOUN
fsr-3916	122	19	top	top	ADJ
fsr-3916	122	20	-	-	PUNCT
fsr-3916	122	21	down	down	ADP
fsr-3916	122	22	forecasts	forecast	NOUN
fsr-3916	122	23	caused	cause	VERB
fsr-3916	122	24	by	by	ADP
fsr-3916	122	25	analysts	analyst	NOUN
fsr-3916	122	26	discontinuing	discontinue	VERB
fsr-3916	122	27	the	the	DET
fsr-3916	122	28	production	production	NOUN
fsr-3916	122	29	of	of	ADP
fsr-3916	122	30	forecasts	forecast	NOUN
fsr-3916	122	31	for	for	ADP
fsr-3916	122	32	firms	firm	NOUN
fsr-3916	122	33	that	that	PRON
fsr-3916	122	34	do	do	AUX
fsr-3916	122	35	not	not	PART
fsr-3916	122	36	generate	generate	VERB
fsr-3916	122	37	sufficient	sufficient	ADJ
fsr-3916	122	38	commission	commission	NOUN
fsr-3916	122	39	revenues	revenue	NOUN
fsr-3916	122	40	for	for	ADP
fsr-3916	122	41	their	their	PRON
fsr-3916	122	42	employers	employer	NOUN
fsr-3916	122	43	or	or	CCONJ
fsr-3916	122	44	for	for	ADP
fsr-3916	122	45	which	which	PRON
fsr-3916	122	46	they	they	PRON
fsr-3916	122	47	are	be	AUX
fsr-3916	122	48	pessimistic	pessimistic	ADJ
fsr-3916	122	49	.	.	PUNCT
fsr-3916	123	1	the	the	DET
fsr-3916	123	2	decimal	decimal	ADJ
fsr-3916	123	3	forecast	forecast	NOUN
fsr-3916	123	4	error	error	NOUN
fsr-3916	123	5	in	in	ADP
fsr-3916	123	6	the	the	DET
fsr-3916	123	7	average	average	ADJ
fsr-3916	123	8	or	or	CCONJ
fsr-3916	123	9	consensus	consensus	NOUN
fsr-3916	123	10	fy1	fy1	NOUN
fsr-3916	123	11	and	and	CCONJ
fsr-3916	123	12	fy2	fy2	NOUN
fsr-3916	123	13	forecasts	forecast	NOUN
fsr-3916	123	14	of	of	ADP
fsr-3916	123	15	the	the	DET
fsr-3916	123	16	earnings	earning	NOUN
fsr-3916	123	17	per	per	ADP
fsr-3916	123	18	share	share	NOUN
fsr-3916	123	19	for	for	ADP
fsr-3916	123	20	the	the	DET
fsr-3916	123	21	s&p	s&p	PROPN
fsr-3916	123	22	500	500	NUM
fsr-3916	123	23	index	index	NOUN
fsr-3916	123	24	are	be	AUX
fsr-3916	123	25	calculated	calculate	VERB
fsr-3916	123	26	monthly	monthly	ADV
fsr-3916	123	27	for	for	ADP
fsr-3916	123	28	the	the	DET
fsr-3916	123	29	top	top	ADJ
fsr-3916	123	30	-	-	PUNCT
fsr-3916	123	31	down	down	ADP
fsr-3916	123	32	forecasts	forecast	NOUN
fsr-3916	123	33	made	make	VERB
fsr-3916	123	34	by	by	ADP
fsr-3916	123	35	market	market	NOUN
fsr-3916	123	36	strategists	strategist	NOUN
fsr-3916	123	37	and	and	CCONJ
fsr-3916	123	38	the	the	DET
fsr-3916	123	39	bottom	bottom	NOUN
fsr-3916	123	40	-	-	PUNCT
fsr-3916	123	41	up	up	ADP
fsr-3916	123	42	forecasts	forecast	NOUN
fsr-3916	123	43	made	make	VERB
fsr-3916	123	44	by	by	ADP
fsr-3916	123	45	financial	financial	ADJ
fsr-3916	123	46	analysts	analyst	NOUN
fsr-3916	123	47	.	.	PUNCT
fsr-3916	124	1	the	the	DET
fsr-3916	124	2	forecast	forecast	NOUN
fsr-3916	124	3	error	error	NOUN
fsr-3916	124	4	in	in	ADP
fsr-3916	124	5	month	month	NOUN
fsr-3916	124	6	t	t	NOUN
fsr-3916	124	7	in	in	ADP
fsr-3916	124	8	the	the	DET
fsr-3916	124	9	consensus	consensus	NOUN
fsr-3916	124	10	forecast	forecast	NOUN
fsr-3916	124	11	of	of	ADP
fsr-3916	124	12	the	the	DET
fsr-3916	124	13	earnings	earning	NOUN
fsr-3916	124	14	per	per	ADP
fsr-3916	124	15	share	share	NOUN
fsr-3916	124	16	for	for	ADP
fsr-3916	124	17	the	the	DET
fsr-3916	124	18	s&p	s&p	PROPN
fsr-3916	124	19	500	500	NUM
fsr-3916	124	20	index	index	NOUN
fsr-3916	124	21	for	for	ADP
fsr-3916	124	22	fiscal	fiscal	ADJ
fsr-3916	124	23	year	year	NOUN
fsr-3916	124	24	i	i	PRON
fsr-3916	124	25	(	(	PUNCT
fsr-3916	124	26	i5	i5	ADJ
fsr-3916	124	27	fy1	fy1	NOUN
fsr-3916	124	28	or	or	CCONJ
fsr-3916	124	29	fy2	fy2	NOUN
fsr-3916	124	30	)	)	PUNCT
fsr-3916	124	31	for	for	ADP
fsr-3916	124	32	reporting	report	VERB
fsr-3916	124	33	group	group	NOUN
fsr-3916	124	34	j	j	PROPN
fsr-3916	124	35	(	(	PUNCT
fsr-3916	124	36	j5	j5	PROPN
fsr-3916	124	37	strategists	strategist	NOUN
fsr-3916	124	38	or	or	CCONJ
fsr-3916	124	39	analysts	analyst	NOUN
fsr-3916	124	40	)	)	PUNCT
fsr-3916	124	41	in	in	ADP
fsr-3916	124	42	month	month	NOUN
fsr-3916	124	43	t	t	PROPN
fsr-3916	124	44	,	,	PUNCT
fsr-3916	124	45	feijt	feijt	NOUN
fsr-3916	124	46	,	,	PUNCT
fsr-3916	124	47	is	be	AUX
fsr-3916	124	48	given	give	VERB
fsr-3916	124	49	by	by	ADP
fsr-3916	124	50	:	:	PUNCT
fsr-3916	124	51	feijt	feijt	NOUN
fsr-3916	124	52	5	5	NUM
fsr-3916	124	53	(	(	PUNCT
fsr-3916	124	54	fijt	fijt	NOUN
fsr-3916	124	55	/aijt	/aijt	PUNCT
fsr-3916	124	56	)	)	PUNCT
fsr-3916	124	57	2	2	NUM
fsr-3916	124	58	1	1	NUM
fsr-3916	124	59	(	(	PUNCT
fsr-3916	124	60	1	1	NUM
fsr-3916	124	61	)	)	PUNCT
fsr-3916	124	62	where	where	SCONJ
fsr-3916	124	63	fijt	fijt	NOUN
fsr-3916	124	64	is	be	AUX
fsr-3916	124	65	the	the	DET
fsr-3916	124	66	consensus	consensus	NOUN
fsr-3916	124	67	forecast	forecast	NOUN
fsr-3916	124	68	in	in	ADP
fsr-3916	124	69	month	month	NOUN
fsr-3916	124	70	t	t	PROPN
fsr-3916	124	71	of	of	ADP
fsr-3916	124	72	earnings	earning	NOUN
fsr-3916	124	73	per	per	ADP
fsr-3916	124	74	share	share	NOUN
fsr-3916	124	75	for	for	ADP
fsr-3916	124	76	the	the	DET
fsr-3916	124	77	s&p	s&p	PROPN
fsr-3916	124	78	500	500	NUM
fsr-3916	124	79	index	index	NOUN
fsr-3916	124	80	for	for	ADP
fsr-3916	124	81	fiscal	fiscal	ADJ
fsr-3916	124	82	year	year	NOUN
fsr-3916	124	83	i	i	PRON
fsr-3916	124	84	for	for	ADP
fsr-3916	124	85	reporting	report	VERB
fsr-3916	124	86	group	group	PROPN
fsr-3916	124	87	j	j	PROPN
fsr-3916	124	88	;	;	PUNCT
fsr-3916	124	89	and	and	CCONJ
fsr-3916	124	90	aijt	aijt	ADV
fsr-3916	124	91	is	be	AUX
fsr-3916	124	92	the	the	DET
fsr-3916	124	93	actual	actual	ADJ
fsr-3916	124	94	earnings	earning	NOUN
fsr-3916	124	95	per	per	ADP
fsr-3916	124	96	share	share	NOUN
fsr-3916	124	97	for	for	ADP
fsr-3916	124	98	the	the	DET
fsr-3916	124	99	s&p	s&p	PROPN
fsr-3916	124	100	500	500	NUM
fsr-3916	124	101	index	index	NOUN
fsr-3916	124	102	for	for	ADP
fsr-3916	124	103	fiscal	fiscal	ADJ
fsr-3916	124	104	year	year	NOUN
fsr-3916	124	105	i	i	PRON
fsr-3916	124	106	that	that	PRON
fsr-3916	124	107	corresponds	correspond	VERB
fsr-3916	124	108	to	to	ADP
fsr-3916	124	109	the	the	DET
fsr-3916	124	110	forecast	forecast	NOUN
fsr-3916	124	111	made	make	VERB
fsr-3916	124	112	for	for	ADP
fsr-3916	124	113	fiscal	fiscal	ADJ
fsr-3916	124	114	year	year	NOUN
fsr-3916	124	115	i	i	PRON
fsr-3916	124	116	by	by	ADP
fsr-3916	124	117	reporting	report	VERB
fsr-3916	124	118	group	group	PROPN
fsr-3916	124	119	j	j	PROPN
fsr-3916	124	120	in	in	ADP
fsr-3916	124	121	forecast	forecast	NOUN
fsr-3916	124	122	month	month	NOUN
fsr-3916	124	123	t.	t.	PROPN
fsr-3916	124	124	131r	131r	PROPN
fsr-3916	124	125	.	.	PUNCT
fsr-3916	125	1	chung	chung	PROPN
fsr-3916	125	2	,	,	PUNCT
fsr-3916	125	3	l.	l.	PROPN
fsr-3916	125	4	kryzanowski	kryzanowski	PROPN
fsr-3916	125	5	/	/	SYM
fsr-3916	125	6	financial	financial	ADJ
fsr-3916	125	7	services	service	NOUN
fsr-3916	125	8	review	review	VERB
fsr-3916	125	9	9	9	NUM
fsr-3916	125	10	(	(	PUNCT
fsr-3916	125	11	2000	2000	NUM
fsr-3916	125	12	)	)	PUNCT
fsr-3916	126	1	125–144	125–144	NUM
fsr-3916	126	2	in	in	ADP
fsr-3916	126	3	the	the	DET
fsr-3916	126	4	i	i	PROPN
fsr-3916	126	5	/	/	SYM
fsr-3916	126	6	b	b	PROPN
fsr-3916	126	7	/	/	SYM
fsr-3916	126	8	e	e	NOUN
fsr-3916	126	9	/	/	SYM
fsr-3916	126	10	s	s	PART
fsr-3916	126	11	database	database	NOUN
fsr-3916	126	12	,	,	PUNCT
fsr-3916	126	13	the	the	DET
fsr-3916	126	14	top	top	ADJ
fsr-3916	126	15	-	-	PUNCT
fsr-3916	126	16	down	down	NOUN
fsr-3916	126	17	and	and	CCONJ
fsr-3916	126	18	bottom	bottom	NOUN
fsr-3916	126	19	-	-	PUNCT
fsr-3916	126	20	up	up	ADP
fsr-3916	126	21	forecast	forecast	NOUN
fsr-3916	126	22	horizons	horizon	NOUN
fsr-3916	126	23	for	for	ADP
fsr-3916	126	24	fy1	fy1	NOUN
fsr-3916	126	25	and	and	CCONJ
fsr-3916	126	26	fy2	fy2	NOUN
fsr-3916	126	27	are	be	AUX
fsr-3916	126	28	moved	move	VERB
fsr-3916	126	29	forward	forward	ADV
fsr-3916	126	30	by	by	ADP
fsr-3916	126	31	one	one	NUM
fsr-3916	126	32	year	year	NOUN
fsr-3916	126	33	at	at	ADP
fsr-3916	126	34	the	the	DET
fsr-3916	126	35	end	end	NOUN
fsr-3916	126	36	of	of	ADP
fsr-3916	126	37	march	march	PROPN
fsr-3916	126	38	and	and	CCONJ
fsr-3916	126	39	february	february	PROPN
fsr-3916	126	40	,	,	PUNCT
fsr-3916	126	41	respectively	respectively	ADV
fsr-3916	126	42	,	,	PUNCT
fsr-3916	126	43	of	of	ADP
fsr-3916	126	44	each	each	DET
fsr-3916	126	45	calendar	calendar	NOUN
fsr-3916	126	46	year	year	NOUN
fsr-3916	126	47	.	.	PUNCT
fsr-3916	127	1	as	as	SCONJ
fsr-3916	127	2	noted	note	VERB
fsr-3916	127	3	in	in	ADP
fsr-3916	127	4	section	section	NOUN
fsr-3916	127	5	two	two	NUM
fsr-3916	127	6	,	,	PUNCT
fsr-3916	127	7	the	the	DET
fsr-3916	127	8	practice	practice	NOUN
fsr-3916	127	9	of	of	ADP
fsr-3916	127	10	market	market	NOUN
fsr-3916	127	11	timing	timing	NOUN
fsr-3916	127	12	necessarily	necessarily	ADV
fsr-3916	127	13	converts	convert	VERB
fsr-3916	127	14	an	an	DET
fsr-3916	127	15	unrealized	unrealized	ADJ
fsr-3916	127	16	capital	capital	NOUN
fsr-3916	127	17	gain	gain	NOUN
fsr-3916	127	18	into	into	ADP
fsr-3916	127	19	an	an	DET
fsr-3916	127	20	immediate	immediate	ADJ
fsr-3916	127	21	realized	realize	VERB
fsr-3916	127	22	gain	gain	NOUN
fsr-3916	127	23	and	and	CCONJ
fsr-3916	127	24	an	an	DET
fsr-3916	127	25	associated	associated	ADJ
fsr-3916	127	26	tax	tax	NOUN
fsr-3916	127	27	liability	liability	NOUN
fsr-3916	127	28	(	(	PUNCT
fsr-3916	127	29	jeffrey	jeffrey	PROPN
fsr-3916	127	30	&	&	CCONJ
fsr-3916	127	31	arnott	arnott	PROPN
fsr-3916	127	32	,	,	PUNCT
fsr-3916	127	33	1993	1993	NUM
fsr-3916	127	34	)	)	PUNCT
fsr-3916	127	35	unless	unless	SCONJ
fsr-3916	127	36	the	the	DET
fsr-3916	127	37	timing	timing	NOUN
fsr-3916	127	38	transactions	transaction	NOUN
fsr-3916	127	39	are	be	AUX
fsr-3916	127	40	being	be	AUX
fsr-3916	127	41	incurred	incur	VERB
fsr-3916	127	42	in	in	ADP
fsr-3916	127	43	a	a	DET
fsr-3916	127	44	tax	tax	NOUN
fsr-3916	127	45	-	-	PUNCT
fsr-3916	127	46	deferred	defer	VERB
fsr-3916	127	47	account	account	NOUN
fsr-3916	127	48	.	.	PUNCT
fsr-3916	128	1	in	in	ADP
fsr-3916	128	2	the	the	DET
fsr-3916	128	3	following	follow	VERB
fsr-3916	128	4	tests	test	NOUN
fsr-3916	128	5	,	,	PUNCT
fsr-3916	128	6	we	we	PRON
fsr-3916	128	7	ignore	ignore	VERB
fsr-3916	128	8	tax	tax	NOUN
fsr-3916	128	9	considerations	consideration	NOUN
fsr-3916	128	10	.	.	PUNCT
fsr-3916	129	1	this	this	PRON
fsr-3916	129	2	turns	turn	VERB
fsr-3916	129	3	out	out	ADP
fsr-3916	129	4	not	not	PART
fsr-3916	129	5	to	to	PART
fsr-3916	129	6	be	be	AUX
fsr-3916	129	7	an	an	DET
fsr-3916	129	8	important	important	ADJ
fsr-3916	129	9	omission	omission	NOUN
fsr-3916	129	10	since	since	SCONJ
fsr-3916	129	11	our	our	PRON
fsr-3916	129	12	tested	test	VERB
fsr-3916	129	13	market	market	NOUN
fsr-3916	129	14	timing	timing	NOUN
fsr-3916	129	15	strategies	strategy	NOUN
fsr-3916	129	16	do	do	AUX
fsr-3916	129	17	not	not	PART
fsr-3916	129	18	outperform	outperform	VERB
fsr-3916	129	19	a	a	DET
fsr-3916	129	20	passive	passive	ADJ
fsr-3916	129	21	portfolio	portfolio	NOUN
fsr-3916	129	22	with	with	ADP
fsr-3916	129	23	an	an	DET
fsr-3916	129	24	equivalent	equivalent	ADJ
fsr-3916	129	25	average	average	ADJ
fsr-3916	129	26	level	level	NOUN
fsr-3916	129	27	of	of	ADP
fsr-3916	129	28	risk	risk	NOUN
fsr-3916	129	29	.	.	PUNCT
fsr-3916	130	1	5.2	5.2	NUM
fsr-3916	130	2	.	.	PUNCT
fsr-3916	131	1	the	the	DET
fsr-3916	131	2	results	result	NOUN
fsr-3916	131	3	the	the	DET
fsr-3916	131	4	mean	mean	ADJ
fsr-3916	131	5	and	and	CCONJ
fsr-3916	131	6	median	median	ADJ
fsr-3916	131	7	consensus	consensus	NOUN
fsr-3916	131	8	forecasts	forecast	NOUN
fsr-3916	131	9	of	of	ADP
fsr-3916	131	10	earnings	earning	NOUN
fsr-3916	131	11	per	per	ADP
fsr-3916	131	12	share	share	NOUN
fsr-3916	131	13	in	in	ADP
fsr-3916	131	14	dollars	dollar	NOUN
fsr-3916	131	15	for	for	ADP
fsr-3916	131	16	fy1	fy1	NOUN
fsr-3916	131	17	and	and	CCONJ
fsr-3916	131	18	fy2	fy2	NOUN
fsr-3916	131	19	for	for	ADP
fsr-3916	131	20	the	the	DET
fsr-3916	131	21	top	top	ADJ
fsr-3916	131	22	-	-	PUNCT
fsr-3916	131	23	down	down	NOUN
fsr-3916	131	24	and	and	CCONJ
fsr-3916	131	25	bottom	bottom	ADJ
fsr-3916	131	26	-	-	PUNCT
fsr-3916	131	27	up	up	ADP
fsr-3916	131	28	approaches	approach	NOUN
fsr-3916	131	29	are	be	AUX
fsr-3916	131	30	reported	report	VERB
fsr-3916	131	31	in	in	ADP
fsr-3916	131	32	the	the	DET
fsr-3916	131	33	first	first	ADJ
fsr-3916	131	34	two	two	NUM
fsr-3916	131	35	rows	row	NOUN
fsr-3916	131	36	of	of	ADP
fsr-3916	131	37	numbers	number	NOUN
fsr-3916	131	38	in	in	ADP
fsr-3916	131	39	panel	panel	NOUN
fsr-3916	131	40	a	a	PRON
fsr-3916	131	41	of	of	ADP
fsr-3916	131	42	table	table	NOUN
fsr-3916	131	43	1	1	NUM
fsr-3916	131	44	.	.	PUNCT
fsr-3916	132	1	although	although	SCONJ
fsr-3916	132	2	not	not	PART
fsr-3916	132	3	shown	show	VERB
fsr-3916	132	4	in	in	ADP
fsr-3916	132	5	the	the	DET
fsr-3916	132	6	panel	panel	NOUN
fsr-3916	132	7	,	,	PUNCT
fsr-3916	132	8	both	both	PRON
fsr-3916	132	9	of	of	ADP
fsr-3916	132	10	the	the	DET
fsr-3916	132	11	top	top	ADJ
fsr-3916	132	12	-	-	PUNCT
fsr-3916	132	13	down	down	ADP
fsr-3916	132	14	consensus	consensus	NOUN
fsr-3916	132	15	forecasts	forecast	NOUN
fsr-3916	132	16	of	of	ADP
fsr-3916	132	17	the	the	DET
fsr-3916	132	18	earnings	earning	NOUN
fsr-3916	132	19	per	per	ADP
fsr-3916	132	20	share	share	NOUN
fsr-3916	132	21	are	be	AUX
fsr-3916	132	22	significantly	significantly	ADV
fsr-3916	132	23	lower	low	ADJ
fsr-3916	132	24	than	than	ADP
fsr-3916	132	25	their	their	PRON
fsr-3916	132	26	bottom	bottom	ADJ
fsr-3916	132	27	-	-	PUNCT
fsr-3916	132	28	up	up	ADP
fsr-3916	132	29	counterparts	counterpart	NOUN
fsr-3916	132	30	at	at	ADP
fsr-3916	132	31	the	the	DET
fsr-3916	132	32	0.05	0.05	NUM
fsr-3916	132	33	level	level	NOUN
fsr-3916	132	34	(	(	PUNCT
fsr-3916	132	35	the	the	DET
fsr-3916	132	36	implied	imply	VERB
fsr-3916	132	37	significance	significance	NOUN
fsr-3916	132	38	level	level	NOUN
fsr-3916	132	39	from	from	ADP
fsr-3916	132	40	this	this	DET
fsr-3916	132	41	point	point	NOUN
fsr-3916	132	42	onwards	onwards	ADV
fsr-3916	132	43	unless	unless	SCONJ
fsr-3916	132	44	noted	note	VERB
fsr-3916	132	45	otherwise	otherwise	ADV
fsr-3916	132	46	)	)	PUNCT
fsr-3916	132	47	.	.	PUNCT
fsr-3916	133	1	the	the	DET
fsr-3916	133	2	mean	mean	ADJ
fsr-3916	133	3	and	and	CCONJ
fsr-3916	133	4	median	median	ADJ
fsr-3916	133	5	forecast	forecast	NOUN
fsr-3916	133	6	errors	error	NOUN
fsr-3916	133	7	are	be	AUX
fsr-3916	133	8	reported	report	VERB
fsr-3916	133	9	in	in	ADP
fsr-3916	133	10	the	the	DET
fsr-3916	133	11	last	last	ADJ
fsr-3916	133	12	two	two	NUM
fsr-3916	133	13	rows	row	NOUN
fsr-3916	133	14	,	,	PUNCT
fsr-3916	133	15	respectively	respectively	ADV
fsr-3916	133	16	,	,	PUNCT
fsr-3916	133	17	of	of	ADP
fsr-3916	133	18	panel	panel	NOUN
fsr-3916	133	19	a	a	PRON
fsr-3916	133	20	of	of	ADP
fsr-3916	133	21	table	table	NOUN
fsr-3916	133	22	1	1	NUM
fsr-3916	133	23	.	.	PUNCT
fsr-3916	134	1	the	the	DET
fsr-3916	134	2	bottom	bottom	NOUN
fsr-3916	134	3	-	-	PUNCT
fsr-3916	134	4	up	up	ADP
fsr-3916	134	5	forecasts	forecast	NOUN
fsr-3916	134	6	of	of	ADP
fsr-3916	134	7	financial	financial	ADJ
fsr-3916	134	8	analysts	analyst	NOUN
fsr-3916	134	9	exhibit	exhibit	VERB
fsr-3916	134	10	a	a	DET
fsr-3916	134	11	statistically	statistically	ADV
fsr-3916	134	12	significant	significant	ADJ
fsr-3916	134	13	mean	mean	NOUN
fsr-3916	134	14	optimism	optimism	NOUN
fsr-3916	134	15	bias	bias	NOUN
fsr-3916	134	16	of	of	ADP
fsr-3916	134	17	17.5	17.5	NUM
fsr-3916	134	18	%	%	NOUN
fsr-3916	134	19	and	and	CCONJ
fsr-3916	134	20	30.5	30.5	NUM
fsr-3916	134	21	%	%	NOUN
fsr-3916	134	22	for	for	ADP
fsr-3916	134	23	fy1	fy1	NOUN
fsr-3916	134	24	and	and	CCONJ
fsr-3916	134	25	fy2	fy2	NOUN
fsr-3916	134	26	,	,	PUNCT
fsr-3916	134	27	respectively	respectively	ADV
fsr-3916	134	28	.	.	PUNCT
fsr-3916	135	1	such	such	DET
fsr-3916	135	2	a	a	DET
fsr-3916	135	3	bias	bias	NOUN
fsr-3916	135	4	is	be	AUX
fsr-3916	135	5	identified	identify	VERB
fsr-3916	135	6	previously	previously	ADV
fsr-3916	135	7	by	by	ADP
fsr-3916	135	8	ali	ali	PROPN
fsr-3916	135	9	,	,	PUNCT
fsr-3916	135	10	klein	klein	PROPN
fsr-3916	135	11	and	and	CCONJ
fsr-3916	135	12	rosenfeld	rosenfeld	PROPN
fsr-3916	135	13	(	(	PUNCT
fsr-3916	135	14	1992	1992	NUM
fsr-3916	135	15	)	)	PUNCT
fsr-3916	135	16	,	,	PUNCT
fsr-3916	135	17	among	among	ADP
fsr-3916	135	18	others	other	NOUN
fsr-3916	135	19	.	.	PUNCT
fsr-3916	136	1	in	in	ADP
fsr-3916	136	2	a	a	DET
fsr-3916	136	3	similar	similar	ADJ
fsr-3916	136	4	but	but	CCONJ
fsr-3916	136	5	more	more	ADV
fsr-3916	136	6	muted	muted	ADJ
fsr-3916	136	7	vein	vein	NOUN
fsr-3916	136	8	,	,	PUNCT
fsr-3916	136	9	the	the	DET
fsr-3916	136	10	top	top	VERB
fsr-3916	136	11	-	-	PUNCT
fsr-3916	136	12	down	down	ADP
fsr-3916	136	13	forecasts	forecast	NOUN
fsr-3916	136	14	of	of	ADP
fsr-3916	136	15	market	market	NOUN
fsr-3916	136	16	strategists	strategist	NOUN
fsr-3916	136	17	exhibit	exhibit	VERB
fsr-3916	136	18	a	a	DET
fsr-3916	136	19	significant	significant	ADJ
fsr-3916	136	20	mean	mean	ADJ
fsr-3916	136	21	bias	bias	NOUN
fsr-3916	136	22	of	of	ADP
fsr-3916	136	23	7.7	7.7	NUM
fsr-3916	136	24	%	%	NOUN
fsr-3916	136	25	and	and	CCONJ
fsr-3916	136	26	12.0	12.0	NUM
fsr-3916	136	27	%	%	NOUN
fsr-3916	136	28	for	for	ADP
fsr-3916	136	29	fy1	fy1	NOUN
fsr-3916	136	30	and	and	CCONJ
fsr-3916	136	31	fy2	fy2	NOUN
fsr-3916	136	32	,	,	PUNCT
fsr-3916	136	33	respectively	respectively	ADV
fsr-3916	136	34	.	.	PUNCT
fsr-3916	137	1	although	although	SCONJ
fsr-3916	137	2	the	the	DET
fsr-3916	137	3	median	median	ADJ
fsr-3916	137	4	values	value	NOUN
fsr-3916	137	5	are	be	AUX
fsr-3916	137	6	consistently	consistently	ADV
fsr-3916	137	7	lower	low	ADJ
fsr-3916	137	8	,	,	PUNCT
fsr-3916	137	9	tests	test	NOUN
fsr-3916	137	10	using	use	VERB
fsr-3916	137	11	the	the	DET
fsr-3916	137	12	median	median	ADJ
fsr-3916	137	13	values	value	NOUN
fsr-3916	137	14	yield	yield	VERB
fsr-3916	137	15	similar	similar	ADJ
fsr-3916	137	16	inferences	inference	NOUN
fsr-3916	137	17	.	.	PUNCT
fsr-3916	138	1	interestingly	interestingly	ADV
fsr-3916	138	2	,	,	PUNCT
fsr-3916	138	3	all	all	PRON
fsr-3916	138	4	of	of	ADP
fsr-3916	138	5	these	these	DET
fsr-3916	138	6	biases	bias	NOUN
fsr-3916	138	7	are	be	AUX
fsr-3916	138	8	considerably	considerably	ADV
fsr-3916	138	9	higher	high	ADJ
fsr-3916	138	10	than	than	ADP
fsr-3916	138	11	the	the	DET
fsr-3916	138	12	values	value	NOUN
fsr-3916	138	13	reported	report	VERB
fsr-3916	138	14	in	in	ADP
fsr-3916	138	15	a	a	DET
fsr-3916	138	16	previous	previous	ADJ
fsr-3916	138	17	version	version	NOUN
fsr-3916	138	18	of	of	ADP
fsr-3916	138	19	this	this	DET
fsr-3916	138	20	paper	paper	NOUN
fsr-3916	138	21	for	for	ADP
fsr-3916	138	22	the	the	DET
fsr-3916	138	23	167	167	NUM
fsr-3916	138	24	-	-	PUNCT
fsr-3916	138	25	month	month	NOUN
fsr-3916	138	26	period	period	NOUN
fsr-3916	138	27	from	from	ADP
fsr-3916	138	28	january	january	PROPN
fsr-3916	138	29	1982	1982	NUM
fsr-3916	138	30	through	through	ADP
fsr-3916	138	31	november	november	PROPN
fsr-3916	138	32	1995	1995	NUM
fsr-3916	138	33	.	.	PUNCT
fsr-3916	139	1	specifically	specifically	ADV
fsr-3916	139	2	,	,	PUNCT
fsr-3916	139	3	for	for	ADP
fsr-3916	139	4	this	this	DET
fsr-3916	139	5	shorter	short	ADJ
fsr-3916	139	6	time	time	NOUN
fsr-3916	139	7	period	period	NOUN
fsr-3916	139	8	,	,	PUNCT
fsr-3916	139	9	the	the	DET
fsr-3916	139	10	mean	mean	ADJ
fsr-3916	139	11	optimism	optimism	NOUN
fsr-3916	139	12	biases	bias	NOUN
fsr-3916	139	13	of	of	ADP
fsr-3916	139	14	analysts	analyst	NOUN
fsr-3916	139	15	(	(	PUNCT
fsr-3916	139	16	strategists	strategist	NOUN
fsr-3916	139	17	)	)	PUNCT
fsr-3916	139	18	are	be	AUX
fsr-3916	139	19	a	a	DET
fsr-3916	139	20	significant	significant	ADJ
fsr-3916	139	21	8.0	8.0	NUM
fsr-3916	139	22	%	%	NOUN
fsr-3916	139	23	(	(	PUNCT
fsr-3916	139	24	insignificant	insignificant	ADJ
fsr-3916	139	25	–	–	PUNCT
fsr-3916	139	26	0.1	0.1	NUM
fsr-3916	139	27	%	%	NOUN
fsr-3916	139	28	)	)	PUNCT
fsr-3916	139	29	for	for	ADP
fsr-3916	139	30	fy1	fy1	NOUN
fsr-3916	139	31	,	,	PUNCT
fsr-3916	139	32	and	and	CCONJ
fsr-3916	139	33	a	a	DET
fsr-3916	139	34	significant	significant	ADJ
fsr-3916	139	35	19.2	19.2	NUM
fsr-3916	139	36	%	%	NOUN
fsr-3916	139	37	(	(	PUNCT
fsr-3916	139	38	significant	significant	ADJ
fsr-3916	139	39	3.5	3.5	NUM
fsr-3916	139	40	%	%	NOUN
fsr-3916	139	41	)	)	PUNCT
fsr-3916	139	42	for	for	ADP
fsr-3916	139	43	fy2	fy2	PROPN
fsr-3916	139	44	.	.	PUNCT
fsr-3916	140	1	the	the	DET
fsr-3916	140	2	quite	quite	ADV
fsr-3916	140	3	different	different	ADJ
fsr-3916	140	4	results	result	NOUN
fsr-3916	140	5	for	for	ADP
fsr-3916	140	6	the	the	DET
fsr-3916	140	7	two	two	NUM
fsr-3916	140	8	time	time	NOUN
fsr-3916	140	9	periods	period	NOUN
fsr-3916	140	10	suggest	suggest	VERB
fsr-3916	140	11	that	that	SCONJ
fsr-3916	140	12	the	the	DET
fsr-3916	140	13	optimistic	optimistic	ADJ
fsr-3916	140	14	biases	bias	NOUN
fsr-3916	140	15	of	of	ADP
fsr-3916	140	16	analysts	analyst	NOUN
fsr-3916	140	17	and	and	CCONJ
fsr-3916	140	18	of	of	ADP
fsr-3916	140	19	strategists	strategist	NOUN
fsr-3916	140	20	may	may	AUX
fsr-3916	140	21	vary	vary	VERB
fsr-3916	140	22	across	across	ADP
fsr-3916	140	23	both	both	PRON
fsr-3916	140	24	calendar	calendar	NOUN
fsr-3916	140	25	and	and	CCONJ
fsr-3916	140	26	relative	relative	ADJ
fsr-3916	140	27	time	time	NOUN
fsr-3916	140	28	,	,	PUNCT
fsr-3916	140	29	and	and	CCONJ
fsr-3916	140	30	that	that	SCONJ
fsr-3916	140	31	this	this	DET
fsr-3916	140	32	time	time	NOUN
fsr-3916	140	33	-	-	PUNCT
fsr-3916	140	34	variation	variation	NOUN
fsr-3916	140	35	will	will	AUX
fsr-3916	140	36	not	not	PART
fsr-3916	140	37	be	be	AUX
fsr-3916	140	38	reflected	reflect	VERB
fsr-3916	140	39	well	well	ADV
fsr-3916	140	40	in	in	ADP
fsr-3916	140	41	more	more	ADV
fsr-3916	140	42	parsimonious	parsimonious	ADJ
fsr-3916	140	43	markettiming	markettiming	NOUN
fsr-3916	140	44	strategies	strategy	NOUN
fsr-3916	140	45	without	without	ADP
fsr-3916	140	46	data	datum	NOUN
fsr-3916	140	47	snooping	snooping	NOUN
fsr-3916	140	48	.	.	PUNCT
fsr-3916	141	1	these	these	DET
fsr-3916	141	2	differences	difference	NOUN
fsr-3916	141	3	also	also	ADV
fsr-3916	141	4	suggest	suggest	VERB
fsr-3916	141	5	that	that	SCONJ
fsr-3916	141	6	the	the	DET
fsr-3916	141	7	optimistic	optimistic	ADJ
fsr-3916	141	8	biases	bias	NOUN
fsr-3916	141	9	of	of	ADP
fsr-3916	141	10	analysts	analyst	NOUN
fsr-3916	141	11	and	and	CCONJ
fsr-3916	141	12	of	of	ADP
fsr-3916	141	13	strategists	strategist	NOUN
fsr-3916	141	14	may	may	AUX
fsr-3916	141	15	be	be	AUX
fsr-3916	141	16	positively	positively	ADV
fsr-3916	141	17	related	relate	VERB
fsr-3916	141	18	to	to	ADP
fsr-3916	141	19	the	the	DET
fsr-3916	141	20	relative	relative	ADJ
fsr-3916	141	21	weight	weight	NOUN
fsr-3916	141	22	of	of	ADP
fsr-3916	141	23	bull	bull	NOUN
fsr-3916	141	24	market	market	NOUN
fsr-3916	141	25	months	month	NOUN
fsr-3916	141	26	in	in	ADP
fsr-3916	141	27	the	the	DET
fsr-3916	141	28	time	time	NOUN
fsr-3916	141	29	period	period	NOUN
fsr-3916	141	30	studied	study	VERB
fsr-3916	141	31	.	.	PUNCT
fsr-3916	142	1	these	these	PRON
fsr-3916	142	2	are	be	AUX
fsr-3916	142	3	topics	topic	NOUN
fsr-3916	142	4	for	for	ADP
fsr-3916	142	5	future	future	ADJ
fsr-3916	142	6	study	study	NOUN
fsr-3916	142	7	.	.	PUNCT
fsr-3916	143	1	the	the	DET
fsr-3916	143	2	four	four	NUM
fsr-3916	143	3	series	series	NOUN
fsr-3916	143	4	of	of	ADP
fsr-3916	143	5	average	average	ADJ
fsr-3916	143	6	forecast	forecast	NOUN
fsr-3916	143	7	errors	error	NOUN
fsr-3916	143	8	of	of	ADP
fsr-3916	143	9	earnings	earning	NOUN
fsr-3916	143	10	per	per	ADP
fsr-3916	143	11	share	share	NOUN
fsr-3916	143	12	relative	relative	ADJ
fsr-3916	143	13	to	to	ADP
fsr-3916	143	14	their	their	PRON
fsr-3916	143	15	respective	respective	ADJ
fsr-3916	143	16	annual	annual	ADJ
fsr-3916	143	17	switch	switch	NOUN
fsr-3916	143	18	months	month	NOUN
fsr-3916	143	19	are	be	AUX
fsr-3916	143	20	reported	report	VERB
fsr-3916	143	21	in	in	ADP
fsr-3916	143	22	panel	panel	NOUN
fsr-3916	143	23	b	b	PROPN
fsr-3916	143	24	of	of	ADP
fsr-3916	143	25	table	table	NOUN
fsr-3916	143	26	1	1	NUM
fsr-3916	143	27	.	.	PUNCT
fsr-3916	144	1	the	the	DET
fsr-3916	144	2	top	top	ADJ
fsr-3916	144	3	-	-	PUNCT
fsr-3916	144	4	down	down	NOUN
fsr-3916	144	5	and	and	CCONJ
fsr-3916	144	6	bottom	bottom	ADJ
fsr-3916	144	7	-	-	PUNCT
fsr-3916	144	8	up	up	ADP
fsr-3916	144	9	values	value	NOUN
fsr-3916	144	10	are	be	AUX
fsr-3916	144	11	relative	relative	ADJ
fsr-3916	144	12	to	to	ADP
fsr-3916	144	13	the	the	DET
fsr-3916	144	14	end	end	NOUN
fsr-3916	144	15	of	of	ADP
fsr-3916	144	16	march	march	PROPN
fsr-3916	144	17	and	and	CCONJ
fsr-3916	144	18	february	february	PROPN
fsr-3916	144	19	,	,	PUNCT
fsr-3916	144	20	respectively	respectively	ADV
fsr-3916	144	21	(	(	PUNCT
fsr-3916	144	22	i.e.	i.e.	X
fsr-3916	144	23	,	,	PUNCT
fsr-3916	144	24	their	their	PRON
fsr-3916	144	25	switch	switch	NOUN
fsr-3916	144	26	month	month	NOUN
fsr-3916	144	27	0	0	NUM
fsr-3916	144	28	)	)	PUNCT
fsr-3916	144	29	because	because	SCONJ
fsr-3916	144	30	,	,	PUNCT
fsr-3916	144	31	as	as	SCONJ
fsr-3916	144	32	noted	note	VERB
fsr-3916	144	33	above	above	ADV
fsr-3916	144	34	,	,	PUNCT
fsr-3916	144	35	the	the	DET
fsr-3916	144	36	year	year	NOUN
fsr-3916	144	37	-	-	PUNCT
fsr-3916	144	38	end	end	NOUN
fsr-3916	144	39	being	be	AUX
fsr-3916	144	40	forecasted	forecast	VERB
fsr-3916	144	41	is	be	AUX
fsr-3916	144	42	updated	update	VERB
fsr-3916	144	43	or	or	CCONJ
fsr-3916	144	44	advanced	advance	VERB
fsr-3916	144	45	by	by	ADP
fsr-3916	144	46	one	one	NUM
fsr-3916	144	47	year	year	NOUN
fsr-3916	144	48	on	on	ADP
fsr-3916	144	49	these	these	DET
fsr-3916	144	50	dates	date	NOUN
fsr-3916	144	51	in	in	ADP
fsr-3916	144	52	the	the	DET
fsr-3916	144	53	i	i	PROPN
fsr-3916	144	54	/	/	SYM
fsr-3916	144	55	b	b	PROPN
fsr-3916	144	56	/	/	SYM
fsr-3916	144	57	e	e	NOUN
fsr-3916	144	58	/	/	SYM
fsr-3916	144	59	s	s	PART
fsr-3916	144	60	database	database	NOUN
fsr-3916	144	61	.	.	PUNCT
fsr-3916	145	1	the	the	DET
fsr-3916	145	2	numbers	number	NOUN
fsr-3916	145	3	in	in	ADP
fsr-3916	145	4	this	this	DET
fsr-3916	145	5	panel	panel	NOUN
fsr-3916	145	6	are	be	AUX
fsr-3916	145	7	all	all	ADV
fsr-3916	145	8	positive	positive	ADJ
fsr-3916	145	9	,	,	PUNCT
fsr-3916	145	10	which	which	PRON
fsr-3916	145	11	signifies	signify	VERB
fsr-3916	145	12	optimism	optimism	NOUN
fsr-3916	145	13	biases	bias	NOUN
fsr-3916	145	14	in	in	ADP
fsr-3916	145	15	the	the	DET
fsr-3916	145	16	top	top	ADJ
fsr-3916	145	17	-	-	PUNCT
fsr-3916	145	18	down	down	NOUN
fsr-3916	145	19	and	and	CCONJ
fsr-3916	145	20	bottom	bottom	NOUN
fsr-3916	145	21	-	-	PUNCT
fsr-3916	145	22	up	up	ADP
fsr-3916	145	23	fy1	fy1	NOUN
fsr-3916	145	24	average	average	ADJ
fsr-3916	145	25	forecasts	forecast	NOUN
fsr-3916	145	26	.	.	PUNCT
fsr-3916	146	1	these	these	DET
fsr-3916	146	2	biases	bias	NOUN
fsr-3916	146	3	decrease	decrease	VERB
fsr-3916	146	4	over	over	ADP
fsr-3916	146	5	the	the	DET
fsr-3916	146	6	year	year	NOUN
fsr-3916	146	7	,	,	PUNCT
fsr-3916	146	8	as	as	SCONJ
fsr-3916	146	9	the	the	DET
fsr-3916	146	10	switch	switch	NOUN
fsr-3916	146	11	month	month	NOUN
fsr-3916	146	12	is	be	AUX
fsr-3916	146	13	approached	approach	VERB
fsr-3916	146	14	(	(	PUNCT
fsr-3916	146	15	i.e.	i.e.	X
fsr-3916	146	16	,	,	PUNCT
fsr-3916	146	17	actual	actual	ADJ
fsr-3916	146	18	values	value	NOUN
fsr-3916	146	19	of	of	ADP
fsr-3916	146	20	earnings	earning	NOUN
fsr-3916	146	21	per	per	ADP
fsr-3916	146	22	share	share	NOUN
fsr-3916	146	23	become	become	VERB
fsr-3916	146	24	known	know	VERB
fsr-3916	146	25	)	)	PUNCT
fsr-3916	146	26	.	.	PUNCT
fsr-3916	147	1	the	the	DET
fsr-3916	147	2	optimism	optimism	NOUN
fsr-3916	147	3	bias	bias	NOUN
fsr-3916	147	4	also	also	ADV
fsr-3916	147	5	decreases	decrease	VERB
fsr-3916	147	6	over	over	ADP
fsr-3916	147	7	the	the	DET
fsr-3916	147	8	eleven	eleven	NUM
fsr-3916	147	9	(	(	PUNCT
fsr-3916	147	10	ten	ten	NUM
fsr-3916	147	11	)	)	PUNCT
fsr-3916	147	12	months	month	NOUN
fsr-3916	147	13	up	up	ADP
fsr-3916	147	14	to	to	ADP
fsr-3916	147	15	the	the	DET
fsr-3916	147	16	first	first	ADJ
fsr-3916	147	17	month	month	NOUN
fsr-3916	147	18	prior	prior	ADV
fsr-3916	147	19	to	to	PART
fsr-3916	147	20	switch	switch	VERB
fsr-3916	147	21	for	for	ADP
fsr-3916	147	22	the	the	DET
fsr-3916	147	23	bottom	bottom	NOUN
fsr-3916	147	24	-	-	PUNCT
fsr-3916	147	25	up	up	ADP
fsr-3916	147	26	(	(	PUNCT
fsr-3916	147	27	top	top	NOUN
fsr-3916	147	28	-	-	PUNCT
fsr-3916	147	29	down	down	NOUN
fsr-3916	147	30	)	)	PUNCT
fsr-3916	147	31	fy2	fy2	PROPN
fsr-3916	147	32	average	average	ADJ
fsr-3916	147	33	132	132	NUM
fsr-3916	147	34	r.	r.	PROPN
fsr-3916	147	35	chung	chung	PROPN
fsr-3916	147	36	,	,	PUNCT
fsr-3916	147	37	l.	l.	PROPN
fsr-3916	147	38	kryzanowski	kryzanowski	PROPN
fsr-3916	147	39	/	/	SYM
fsr-3916	147	40	financial	financial	ADJ
fsr-3916	147	41	services	service	NOUN
fsr-3916	147	42	review	review	VERB
fsr-3916	147	43	9	9	NUM
fsr-3916	147	44	(	(	PUNCT
fsr-3916	147	45	2000	2000	NUM
fsr-3916	147	46	)	)	PUNCT
fsr-3916	147	47	125–144	125–144	NUM
fsr-3916	147	48	forecasts	forecast	NOUN
fsr-3916	147	49	,	,	PUNCT
fsr-3916	147	50	and	and	CCONJ
fsr-3916	147	51	increases	increase	NOUN
fsr-3916	147	52	in	in	ADP
fsr-3916	147	53	the	the	DET
fsr-3916	147	54	remaining	remain	VERB
fsr-3916	147	55	month	month	NOUN
fsr-3916	147	56	(	(	PUNCT
fsr-3916	147	57	two	two	NUM
fsr-3916	147	58	months	month	NOUN
fsr-3916	147	59	)	)	PUNCT
fsr-3916	147	60	prior	prior	ADV
fsr-3916	147	61	to	to	ADP
fsr-3916	147	62	the	the	DET
fsr-3916	147	63	switch	switch	NOUN
fsr-3916	147	64	month	month	NOUN
fsr-3916	147	65	of	of	ADP
fsr-3916	147	66	february	february	PROPN
fsr-3916	147	67	(	(	PUNCT
fsr-3916	147	68	march	march	PROPN
fsr-3916	147	69	)	)	PUNCT
fsr-3916	147	70	.	.	PUNCT
fsr-3916	148	1	whether	whether	SCONJ
fsr-3916	148	2	or	or	CCONJ
fsr-3916	148	3	not	not	PART
fsr-3916	148	4	the	the	DET
fsr-3916	148	5	temporary	temporary	ADJ
fsr-3916	148	6	increase	increase	NOUN
fsr-3916	148	7	in	in	ADP
fsr-3916	148	8	the	the	DET
fsr-3916	148	9	optimism	optimism	NOUN
fsr-3916	148	10	bias	bias	NOUN
fsr-3916	148	11	in	in	ADP
fsr-3916	148	12	january	january	PROPN
fsr-3916	148	13	for	for	ADP
fsr-3916	148	14	both	both	CCONJ
fsr-3916	148	15	the	the	DET
fsr-3916	148	16	top	top	ADJ
fsr-3916	148	17	-	-	PUNCT
fsr-3916	148	18	down	down	NOUN
fsr-3916	148	19	and	and	CCONJ
fsr-3916	148	20	bottom	bottom	NOUN
fsr-3916	148	21	-	-	PUNCT
fsr-3916	148	22	up	up	ADP
fsr-3916	148	23	consensus	consensus	NOUN
fsr-3916	148	24	forecasts	forecast	NOUN
fsr-3916	148	25	of	of	ADP
fsr-3916	148	26	earnings	earning	NOUN
fsr-3916	148	27	per	per	ADP
fsr-3916	148	28	share	share	NOUN
fsr-3916	148	29	for	for	ADP
fsr-3916	148	30	fy2	fy2	NOUN
fsr-3916	148	31	is	be	AUX
fsr-3916	148	32	related	relate	VERB
fsr-3916	148	33	to	to	ADP
fsr-3916	148	34	the	the	DET
fsr-3916	148	35	well	well	ADV
fsr-3916	148	36	-	-	PUNCT
fsr-3916	148	37	known	know	VERB
fsr-3916	148	38	january	january	PROPN
fsr-3916	148	39	anomaly	anomaly	NOUN
fsr-3916	148	40	requires	require	VERB
fsr-3916	148	41	further	further	ADJ
fsr-3916	148	42	study	study	NOUN
fsr-3916	148	43	.	.	PUNCT
fsr-3916	149	1	table	table	NOUN
fsr-3916	149	2	1	1	NUM
fsr-3916	149	3	average	average	ADJ
fsr-3916	149	4	consensus	consensus	NOUN
fsr-3916	149	5	forecasts	forecast	NOUN
fsr-3916	149	6	and	and	CCONJ
fsr-3916	149	7	forecast	forecast	VERB
fsr-3916	149	8	errors	error	NOUN
fsr-3916	149	9	for	for	ADP
fsr-3916	149	10	the	the	DET
fsr-3916	149	11	s&p	s&p	PROPN
fsr-3916	149	12	500	500	NUM
fsr-3916	149	13	index	index	NOUN
fsr-3916	149	14	measure	measure	NOUN
fsr-3916	149	15	for	for	ADP
fsr-3916	149	16	earnings	earning	NOUN
fsr-3916	149	17	per	per	ADP
fsr-3916	149	18	share	share	NOUN
fsr-3916	149	19	statisticc	statisticc	NOUN
fsr-3916	149	20	top	top	ADJ
fsr-3916	149	21	-	-	PUNCT
fsr-3916	149	22	down	down	ADP
fsr-3916	149	23	consensus	consensus	NOUN
fsr-3916	149	24	forecast	forecast	NOUN
fsr-3916	149	25	of	of	ADP
fsr-3916	149	26	earnings	earning	NOUN
fsr-3916	149	27	per	per	ADP
fsr-3916	149	28	share	share	NOUN
fsr-3916	149	29	by	by	ADP
fsr-3916	149	30	strategists	strategist	NOUN
fsr-3916	149	31	for	for	ADP
fsr-3916	149	32	fiscal	fiscal	ADJ
fsr-3916	149	33	year	year	NOUN
fsr-3916	149	34	bottom	bottom	ADJ
fsr-3916	149	35	-	-	PUNCT
fsr-3916	149	36	up	up	ADP
fsr-3916	149	37	consensus	consensus	NOUN
fsr-3916	149	38	forecast	forecast	NOUN
fsr-3916	149	39	of	of	ADP
fsr-3916	149	40	earnings	earning	NOUN
fsr-3916	149	41	per	per	ADP
fsr-3916	149	42	share	share	NOUN
fsr-3916	149	43	by	by	ADP
fsr-3916	149	44	analysts	analyst	NOUN
fsr-3916	149	45	for	for	ADP
fsr-3916	149	46	fiscal	fiscal	ADJ
fsr-3916	149	47	year	year	NOUN
fsr-3916	149	48	fy1d	fy1d	PROPN
fsr-3916	149	49	fy2d	fy2d	PROPN
fsr-3916	149	50	fy1	fy1	NOUN
fsr-3916	149	51	fy2	fy2	PROPN
fsr-3916	149	52	panel	panel	NOUN
fsr-3916	149	53	a	a	DET
fsr-3916	149	54	:	:	PUNCT
fsr-3916	149	55	mean	mean	ADJ
fsr-3916	149	56	and	and	CCONJ
fsr-3916	149	57	median	median	ADJ
fsr-3916	149	58	consensus	consensus	NOUN
fsr-3916	149	59	forecasts	forecast	NOUN
fsr-3916	149	60	and	and	CCONJ
fsr-3916	149	61	forecast	forecast	VERB
fsr-3916	149	62	errors	error	NOUN
fsr-3916	149	63	of	of	ADP
fsr-3916	149	64	earnings	earning	NOUN
fsr-3916	149	65	per	per	ADP
fsr-3916	149	66	share	share	NOUN
fsr-3916	149	67	for	for	ADP
fsr-3916	149	68	the	the	DET
fsr-3916	149	69	s&p	s&p	PROPN
fsr-3916	149	70	500	500	NUM
fsr-3916	149	71	index	index	NOUN
fsr-3916	149	72	mean	mean	VERB
fsr-3916	149	73	25.97	25.97	NUM
fsr-3916	149	74	28.38	28.38	NUM
fsr-3916	149	75	28.53	28.53	NUM
fsr-3916	149	76	33.49	33.49	NUM
fsr-3916	149	77	forecasta	forecasta	ADJ
fsr-3916	149	78	median	median	NOUN
fsr-3916	149	79	23.03	23.03	NUM
fsr-3916	149	80	25.93	25.93	NUM
fsr-3916	149	81	25.78	25.78	NUM
fsr-3916	149	82	30.31	30.31	NUM
fsr-3916	149	83	mean	mean	NOUN
fsr-3916	149	84	0.0770	0.0770	NUM
fsr-3916	149	85	*	*	NOUN
fsr-3916	149	86	*	*	PUNCT
fsr-3916	149	87	0.1199	0.1199	NUM
fsr-3916	149	88	*	*	SYM
fsr-3916	149	89	*	*	NOUN
fsr-3916	149	90	0.1746	0.1746	NUM
fsr-3916	149	91	*	*	PUNCT
fsr-3916	149	92	*	*	PUNCT
fsr-3916	150	1	0.3053	0.3053	NUM
fsr-3916	150	2	*	*	PUNCT
fsr-3916	150	3	*	*	PUNCT
fsr-3916	150	4	forecast	forecast	PROPN
fsr-3916	150	5	errorb	errorb	NOUN
fsr-3916	150	6	median	median	NOUN
fsr-3916	150	7	0.0672	0.0672	NUM
fsr-3916	150	8	*	*	PUNCT
fsr-3916	150	9	*	*	PUNCT
fsr-3916	150	10	0.0953	0.0953	NUM
fsr-3916	150	11	*	*	PUNCT
fsr-3916	150	12	*	*	PUNCT
fsr-3916	151	1	0.1441	0.1441	NUM
fsr-3916	151	2	*	*	PUNCT
fsr-3916	151	3	*	*	NOUN
fsr-3916	151	4	0.2301	0.2301	NUM
fsr-3916	151	5	*	*	PUNCT
fsr-3916	151	6	*	*	PROPN
fsr-3916	151	7	panel	panel	NOUN
fsr-3916	151	8	b	b	NOUN
fsr-3916	151	9	:	:	PUNCT
fsr-3916	151	10	mean	mean	VERB
fsr-3916	151	11	consensus	consensus	NOUN
fsr-3916	151	12	forecast	forecast	NOUN
fsr-3916	151	13	errors	error	NOUN
fsr-3916	151	14	of	of	ADP
fsr-3916	151	15	earnings	earning	NOUN
fsr-3916	151	16	per	per	ADP
fsr-3916	151	17	share	share	NOUN
fsr-3916	151	18	for	for	ADP
fsr-3916	151	19	the	the	DET
fsr-3916	151	20	s&p	s&p	PROPN
fsr-3916	151	21	500	500	NUM
fsr-3916	151	22	index	index	NOUN
fsr-3916	151	23	relative	relative	ADJ
fsr-3916	151	24	to	to	ADP
fsr-3916	151	25	the	the	DET
fsr-3916	151	26	month	month	NOUN
fsr-3916	151	27	that	that	PRON
fsr-3916	151	28	i	i	PRON
fsr-3916	151	29	/	/	SYM
fsr-3916	151	30	b	b	X
fsr-3916	151	31	/	/	SYM
fsr-3916	151	32	e	e	NOUN
fsr-3916	151	33	/	/	SYM
fsr-3916	151	34	s	s	PART
fsr-3916	151	35	updates	update	VERB
fsr-3916	151	36	actual	actual	ADJ
fsr-3916	151	37	earnings	earning	NOUN
fsr-3916	151	38	per	per	ADP
fsr-3916	151	39	share	share	NOUN
fsr-3916	151	40	for	for	ADP
fsr-3916	151	41	the	the	DET
fsr-3916	151	42	s&p	s&p	PROPN
fsr-3916	151	43	500	500	NUM
fsr-3916	151	44	index	index	NOUN
fsr-3916	151	45	in	in	ADP
fsr-3916	151	46	its	its	PRON
fsr-3916	151	47	database	database	NOUN
fsr-3916	151	48	month	month	NOUN
fsr-3916	151	49	relative	relative	ADJ
fsr-3916	151	50	to	to	ADP
fsr-3916	151	51	i	i	PRON
fsr-3916	151	52	/	/	SYM
fsr-3916	151	53	b	b	X
fsr-3916	151	54	/	/	SYM
fsr-3916	151	55	e	e	NOUN
fsr-3916	151	56	/	/	SYM
fsr-3916	151	57	s	s	PART
fsr-3916	151	58	update	update	NOUN
fsr-3916	151	59	of	of	ADP
fsr-3916	151	60	actual	actual	ADJ
fsr-3916	151	61	earnings	earning	NOUN
fsr-3916	151	62	per	per	ADP
fsr-3916	151	63	share	share	NOUN
fsr-3916	151	64	top	top	ADJ
fsr-3916	151	65	-	-	PUNCT
fsr-3916	151	66	down	down	ADP
fsr-3916	151	67	consensus	consensus	NOUN
fsr-3916	151	68	forecast	forecast	NOUN
fsr-3916	151	69	of	of	ADP
fsr-3916	151	70	earnings	earning	NOUN
fsr-3916	151	71	per	per	ADP
fsr-3916	151	72	share	share	NOUN
fsr-3916	151	73	by	by	ADP
fsr-3916	151	74	strategists	strategist	NOUN
fsr-3916	151	75	for	for	ADP
fsr-3916	151	76	fiscal	fiscal	ADJ
fsr-3916	151	77	year	year	NOUN
fsr-3916	151	78	bottom	bottom	ADJ
fsr-3916	151	79	-	-	PUNCT
fsr-3916	151	80	up	up	ADP
fsr-3916	151	81	consensus	consensus	NOUN
fsr-3916	151	82	forecast	forecast	NOUN
fsr-3916	151	83	of	of	ADP
fsr-3916	151	84	earnings	earning	NOUN
fsr-3916	151	85	per	per	ADP
fsr-3916	151	86	share	share	NOUN
fsr-3916	151	87	by	by	ADP
fsr-3916	151	88	analysts	analyst	NOUN
fsr-3916	151	89	for	for	ADP
fsr-3916	151	90	fiscal	fiscal	ADJ
fsr-3916	151	91	year	year	NOUN
fsr-3916	151	92	fy1d	fy1d	PROPN
fsr-3916	151	93	fy2d	fy2d	PROPN
fsr-3916	151	94	fy1	fy1	NOUN
fsr-3916	151	95	fy2	fy2	NOUN
fsr-3916	151	96	212	212	NUM
fsr-3916	151	97	0.0884	0.0884	NUM
fsr-3916	151	98	0.1332	0.1332	NUM
fsr-3916	151	99	0.3020	0.3020	NUM
fsr-3916	151	100	0.4301	0.4301	NUM
fsr-3916	151	101	211	211	NUM
fsr-3916	151	102	0.0847	0.0847	NUM
fsr-3916	151	103	0.1302	0.1302	NUM
fsr-3916	151	104	0.2081	0.2081	NUM
fsr-3916	151	105	0.3508	0.3508	NUM
fsr-3916	151	106	210	210	NUM
fsr-3916	151	107	0.0944	0.0944	NUM
fsr-3916	151	108	0.1278	0.1278	NUM
fsr-3916	151	109	0.1995	0.1995	NUM
fsr-3916	151	110	0.3327	0.3327	NUM
fsr-3916	151	111	29	29	NUM
fsr-3916	151	112	0.0918	0.0918	NUM
fsr-3916	151	113	0.1272	0.1272	NUM
fsr-3916	151	114	0.2013	0.2013	NUM
fsr-3916	151	115	0.3156	0.3156	NUM
fsr-3916	151	116	28	28	NUM
fsr-3916	151	117	0.0915	0.0915	NUM
fsr-3916	151	118	0.1297	0.1297	NUM
fsr-3916	151	119	0.1904	0.1904	NUM
fsr-3916	151	120	0.3096	0.3096	NUM
fsr-3916	151	121	27	27	NUM
fsr-3916	151	122	0.0860	0.0860	NUM
fsr-3916	151	123	0.1309	0.1309	NUM
fsr-3916	152	1	0.1778	0.1778	NUM
fsr-3916	152	2	0.3020	0.3020	NUM
fsr-3916	152	3	26	26	NUM
fsr-3916	152	4	0.0786	0.0786	NUM
fsr-3916	152	5	0.1238	0.1238	NUM
fsr-3916	152	6	0.1670	0.1670	NUM
fsr-3916	152	7	0.2953	0.2953	NUM
fsr-3916	152	8	25	25	NUM
fsr-3916	152	9	0.0671	0.0671	NUM
fsr-3916	152	10	0.1164	0.1164	NUM
fsr-3916	152	11	0.1563	0.1563	NUM
fsr-3916	152	12	0.2863	0.2863	NUM
fsr-3916	152	13	24	24	NUM
fsr-3916	152	14	0.0584	0.0584	NUM
fsr-3916	152	15	0.1085	0.1085	NUM
fsr-3916	152	16	0.1413	0.1413	NUM
fsr-3916	152	17	0.2762	0.2762	NUM
fsr-3916	152	18	23	23	NUM
fsr-3916	152	19	0.0498	0.0498	NUM
fsr-3916	152	20	0.1009	0.1009	NUM
fsr-3916	152	21	0.1271	0.1271	NUM
fsr-3916	152	22	0.2622	0.2622	NUM
fsr-3916	152	23	22	22	NUM
fsr-3916	152	24	0.0454	0.0454	NUM
fsr-3916	152	25	0.1077	0.1077	NUM
fsr-3916	152	26	0.1177	0.1177	NUM
fsr-3916	152	27	0.2503	0.2503	NUM
fsr-3916	152	28	21	21	NUM
fsr-3916	152	29	0.1332	0.1332	NUM
fsr-3916	152	30	0.1052	0.1052	NUM
fsr-3916	152	31	0.1038	0.1038	NUM
fsr-3916	153	1	0.2506	0.2506	NUM
fsr-3916	153	2	mean	mean	NOUN
fsr-3916	153	3	and	and	CCONJ
fsr-3916	153	4	median	median	ADJ
fsr-3916	153	5	consensus	consensus	NOUN
fsr-3916	153	6	forecasts	forecast	NOUN
fsr-3916	153	7	and	and	CCONJ
fsr-3916	153	8	forecast	forecast	VERB
fsr-3916	153	9	errors	error	NOUN
fsr-3916	153	10	of	of	ADP
fsr-3916	153	11	earnings	earning	NOUN
fsr-3916	153	12	per	per	ADP
fsr-3916	153	13	share	share	NOUN
fsr-3916	153	14	for	for	ADP
fsr-3916	153	15	the	the	DET
fsr-3916	153	16	s&p	s&p	PROPN
fsr-3916	153	17	500	500	NUM
fsr-3916	153	18	made	make	VERB
fsr-3916	153	19	by	by	ADP
fsr-3916	153	20	strategists	strategist	NOUN
fsr-3916	153	21	and	and	CCONJ
fsr-3916	153	22	analysts	analyst	NOUN
fsr-3916	153	23	,	,	PUNCT
fsr-3916	153	24	and	and	CCONJ
fsr-3916	153	25	tests	test	NOUN
fsr-3916	153	26	of	of	ADP
fsr-3916	153	27	their	their	PRON
fsr-3916	153	28	significance	significance	NOUN
fsr-3916	153	29	,	,	PUNCT
fsr-3916	153	30	are	be	AUX
fsr-3916	153	31	presented	present	VERB
fsr-3916	153	32	in	in	ADP
fsr-3916	153	33	panel	panel	NOUN
fsr-3916	153	34	a.	a.	NOUN
fsr-3916	153	35	mean	mean	PROPN
fsr-3916	153	36	consensus	consensus	NOUN
fsr-3916	153	37	forecast	forecast	NOUN
fsr-3916	153	38	errors	error	NOUN
fsr-3916	153	39	of	of	ADP
fsr-3916	153	40	earnings	earning	NOUN
fsr-3916	153	41	per	per	ADP
fsr-3916	153	42	share	share	NOUN
fsr-3916	153	43	for	for	ADP
fsr-3916	153	44	the	the	DET
fsr-3916	153	45	s&p	s&p	PROPN
fsr-3916	153	46	500	500	NUM
fsr-3916	153	47	for	for	ADP
fsr-3916	153	48	the	the	DET
fsr-3916	153	49	months	month	NOUN
fsr-3916	153	50	prior	prior	ADV
fsr-3916	153	51	to	to	ADP
fsr-3916	153	52	the	the	DET
fsr-3916	153	53	month	month	NOUN
fsr-3916	153	54	that	that	PRON
fsr-3916	153	55	i	i	PRON
fsr-3916	153	56	/	/	SYM
fsr-3916	153	57	b	b	X
fsr-3916	153	58	/	/	SYM
fsr-3916	153	59	e	e	NOUN
fsr-3916	153	60	/	/	SYM
fsr-3916	153	61	s	s	VERB
fsr-3916	153	62	annually	annually	ADV
fsr-3916	153	63	updates	update	VERB
fsr-3916	153	64	the	the	DET
fsr-3916	153	65	actual	actual	ADJ
fsr-3916	153	66	annual	annual	ADJ
fsr-3916	153	67	earnings	earning	NOUN
fsr-3916	153	68	per	per	ADP
fsr-3916	153	69	share	share	NOUN
fsr-3916	153	70	for	for	ADP
fsr-3916	153	71	the	the	DET
fsr-3916	153	72	s&p	s&p	PROPN
fsr-3916	153	73	500	500	NUM
fsr-3916	153	74	are	be	AUX
fsr-3916	153	75	reported	report	VERB
fsr-3916	153	76	(	(	PUNCT
fsr-3916	153	77	without	without	ADP
fsr-3916	153	78	testing	testing	NOUN
fsr-3916	153	79	for	for	ADP
fsr-3916	153	80	their	their	PRON
fsr-3916	153	81	significance	significance	NOUN
fsr-3916	153	82	)	)	PUNCT
fsr-3916	153	83	in	in	ADP
fsr-3916	153	84	panel	panel	NOUN
fsr-3916	153	85	b.	b.	PROPN
fsr-3916	153	86	monthly	monthly	ADJ
fsr-3916	153	87	forecasts	forecast	NOUN
fsr-3916	153	88	are	be	AUX
fsr-3916	153	89	examined	examine	VERB
fsr-3916	153	90	for	for	ADP
fsr-3916	153	91	the	the	DET
fsr-3916	153	92	218	218	NUM
fsr-3916	153	93	month	month	NOUN
fsr-3916	153	94	period	period	NOUN
fsr-3916	153	95	from	from	ADP
fsr-3916	153	96	january	january	PROPN
fsr-3916	153	97	1982	1982	NUM
fsr-3916	153	98	through	through	ADP
fsr-3916	153	99	february	february	PROPN
fsr-3916	153	100	2000	2000	NUM
fsr-3916	153	101	.	.	PUNCT
fsr-3916	154	1	a	a	DET
fsr-3916	154	2	dollars	dollar	NOUN
fsr-3916	154	3	of	of	ADP
fsr-3916	154	4	earnings	earning	NOUN
fsr-3916	154	5	per	per	ADP
fsr-3916	154	6	share	share	NOUN
fsr-3916	154	7	for	for	ADP
fsr-3916	154	8	the	the	DET
fsr-3916	154	9	s&p	s&p	PROPN
fsr-3916	154	10	500	500	NUM
fsr-3916	154	11	index	index	NOUN
fsr-3916	154	12	.	.	PUNCT
fsr-3916	155	1	b	b	X
fsr-3916	155	2	forecast	forecast	NOUN
fsr-3916	155	3	error	error	NOUN
fsr-3916	155	4	is	be	AUX
fsr-3916	155	5	equal	equal	ADJ
fsr-3916	155	6	to	to	ADP
fsr-3916	155	7	the	the	DET
fsr-3916	155	8	[	[	X
fsr-3916	155	9	(	(	PUNCT
fsr-3916	155	10	forecast	forecast	NOUN
fsr-3916	155	11	earnings	earning	NOUN
fsr-3916	155	12	per	per	ADP
fsr-3916	155	13	share)4	share)4	NOUN
fsr-3916	155	14	(	(	PUNCT
fsr-3916	155	15	actual	actual	ADJ
fsr-3916	155	16	earnings	earning	NOUN
fsr-3916	155	17	per	per	ADP
fsr-3916	155	18	share)]21	share)]21	NOUN
fsr-3916	155	19	.	.	PUNCT
fsr-3916	156	1	c	c	NOUN
fsr-3916	156	2	tests	test	NOUN
fsr-3916	156	3	are	be	AUX
fsr-3916	156	4	conducted	conduct	VERB
fsr-3916	156	5	for	for	ADP
fsr-3916	156	6	forecast	forecast	NOUN
fsr-3916	156	7	errors	error	NOUN
fsr-3916	156	8	against	against	ADP
fsr-3916	156	9	zero	zero	NUM
fsr-3916	156	10	.	.	PUNCT
fsr-3916	157	1	d	d	NOUN
fsr-3916	157	2	fy1	fy1	NOUN
fsr-3916	157	3	and	and	CCONJ
fsr-3916	157	4	fy2	fy2	NOUN
fsr-3916	157	5	refer	refer	NOUN
fsr-3916	157	6	to	to	ADP
fsr-3916	157	7	the	the	DET
fsr-3916	157	8	current	current	ADJ
fsr-3916	157	9	and	and	CCONJ
fsr-3916	157	10	subsequent	subsequent	ADJ
fsr-3916	157	11	fiscal	fiscal	ADJ
fsr-3916	157	12	years	year	NOUN
fsr-3916	157	13	,	,	PUNCT
fsr-3916	157	14	respectively	respectively	ADV
fsr-3916	157	15	.	.	PUNCT
fsr-3916	158	1	*	*	PUNCT
fsr-3916	159	1	and	and	CCONJ
fsr-3916	159	2	*	*	PUNCT
fsr-3916	159	3	*	*	NOUN
fsr-3916	159	4	indicate	indicate	VERB
fsr-3916	159	5	significance	significance	NOUN
fsr-3916	159	6	at	at	ADP
fsr-3916	159	7	the	the	DET
fsr-3916	159	8	0.05	0.05	NUM
fsr-3916	159	9	and	and	CCONJ
fsr-3916	159	10	0.01	0.01	NUM
fsr-3916	159	11	levels	level	NOUN
fsr-3916	159	12	,	,	PUNCT
fsr-3916	159	13	respectively	respectively	ADV
fsr-3916	159	14	.	.	PUNCT
fsr-3916	160	1	133r	133r	PROPN
fsr-3916	160	2	.	.	PUNCT
fsr-3916	161	1	chung	chung	PROPN
fsr-3916	161	2	,	,	PUNCT
fsr-3916	161	3	l.	l.	PROPN
fsr-3916	161	4	kryzanowski	kryzanowski	PROPN
fsr-3916	161	5	/	/	SYM
fsr-3916	161	6	financial	financial	ADJ
fsr-3916	161	7	services	service	NOUN
fsr-3916	161	8	review	review	VERB
fsr-3916	161	9	9	9	NUM
fsr-3916	161	10	(	(	PUNCT
fsr-3916	161	11	2000	2000	NUM
fsr-3916	161	12	)	)	PUNCT
fsr-3916	162	1	125–144	125–144	NUM
fsr-3916	162	2	6	6	NUM
fsr-3916	162	3	.	.	PUNCT
fsr-3916	162	4	tests	test	NOUN
fsr-3916	162	5	of	of	ADP
fsr-3916	162	6	classical	classical	ADJ
fsr-3916	162	7	market	market	NOUN
fsr-3916	162	8	timing	timing	NOUN
fsr-3916	162	9	strategies	strategy	NOUN
fsr-3916	162	10	using	use	VERB
fsr-3916	162	11	consensus	consensus	NOUN
fsr-3916	162	12	s&p	s&p	PROPN
fsr-3916	162	13	500	500	NUM
fsr-3916	162	14	earnings	earning	NOUN
fsr-3916	162	15	forecasts	forecast	NOUN
fsr-3916	162	16	we	we	PRON
fsr-3916	162	17	now	now	ADV
fsr-3916	162	18	formulate	formulate	VERB
fsr-3916	162	19	and	and	CCONJ
fsr-3916	162	20	test	test	VERB
fsr-3916	162	21	several	several	ADJ
fsr-3916	162	22	possible	possible	ADJ
fsr-3916	162	23	methods	method	NOUN
fsr-3916	162	24	for	for	ADP
fsr-3916	162	25	market	market	NOUN
fsr-3916	162	26	timing	timing	NOUN
fsr-3916	162	27	using	use	VERB
fsr-3916	162	28	strategists	strategist	NOUN
fsr-3916	162	29	’	’	PART
fsr-3916	162	30	top	top	ADJ
fsr-3916	162	31	-	-	PUNCT
fsr-3916	162	32	down	down	NOUN
fsr-3916	162	33	and/or	and/or	CCONJ
fsr-3916	162	34	analysts	analyst	NOUN
fsr-3916	162	35	’	'	PUNCT
fsr-3916	162	36	bottom	bottom	ADJ
fsr-3916	162	37	-	-	PUNCT
fsr-3916	162	38	up	up	ADP
fsr-3916	162	39	forecasts	forecast	NOUN
fsr-3916	162	40	of	of	ADP
fsr-3916	162	41	earnings	earning	NOUN
fsr-3916	162	42	per	per	ADP
fsr-3916	162	43	share	share	NOUN
fsr-3916	162	44	for	for	ADP
fsr-3916	162	45	the	the	DET
fsr-3916	162	46	s&p	s&p	PROPN
fsr-3916	162	47	500	500	NUM
fsr-3916	162	48	index	index	NOUN
fsr-3916	162	49	for	for	ADP
fsr-3916	162	50	fy1	fy1	NOUN
fsr-3916	162	51	and	and	CCONJ
fsr-3916	162	52	fy2	fy2	NOUN
fsr-3916	162	53	to	to	PART
fsr-3916	162	54	generate	generate	VERB
fsr-3916	162	55	average	average	ADJ
fsr-3916	162	56	one	one	NUM
fsr-3916	162	57	-	-	PUNCT
fsr-3916	162	58	month	month	NOUN
fsr-3916	162	59	expected	expect	VERB
fsr-3916	162	60	returns	return	NOUN
fsr-3916	162	61	.	.	PUNCT
fsr-3916	163	1	the	the	DET
fsr-3916	163	2	market	market	NOUN
fsr-3916	163	3	timing	timing	NOUN
fsr-3916	163	4	is	be	AUX
fsr-3916	163	5	classical	classical	ADJ
fsr-3916	163	6	because	because	SCONJ
fsr-3916	163	7	the	the	DET
fsr-3916	163	8	switching	switch	VERB
fsr-3916	163	9	rule	rule	NOUN
fsr-3916	163	10	is	be	AUX
fsr-3916	163	11	based	base	VERB
fsr-3916	163	12	on	on	ADP
fsr-3916	163	13	a	a	DET
fsr-3916	163	14	comparison	comparison	NOUN
fsr-3916	163	15	of	of	ADP
fsr-3916	163	16	the	the	DET
fsr-3916	163	17	expected	expect	VERB
fsr-3916	163	18	return	return	NOUN
fsr-3916	163	19	on	on	ADP
fsr-3916	163	20	risky	risky	ADJ
fsr-3916	163	21	assets	asset	NOUN
fsr-3916	163	22	with	with	ADP
fsr-3916	163	23	that	that	PRON
fsr-3916	163	24	on	on	ADP
fsr-3916	163	25	risk	risk	NOUN
fsr-3916	163	26	-	-	PUNCT
fsr-3916	163	27	free	free	ADJ
fsr-3916	163	28	assets	asset	NOUN
fsr-3916	163	29	.	.	PUNCT
fsr-3916	164	1	we	we	PRON
fsr-3916	164	2	begin	begin	VERB
fsr-3916	164	3	with	with	ADP
fsr-3916	164	4	a	a	DET
fsr-3916	164	5	discussion	discussion	NOUN
fsr-3916	164	6	of	of	ADP
fsr-3916	164	7	our	our	PRON
fsr-3916	164	8	test	test	NOUN
fsr-3916	164	9	procedures	procedure	NOUN
fsr-3916	164	10	.	.	PUNCT
fsr-3916	165	1	6.1	6.1	NUM
fsr-3916	165	2	.	.	PUNCT
fsr-3916	165	3	test	test	NOUN
fsr-3916	165	4	procedures	procedure	NOUN
fsr-3916	165	5	unlike	unlike	ADP
fsr-3916	165	6	common	common	ADJ
fsr-3916	165	7	practice	practice	NOUN
fsr-3916	165	8	in	in	ADP
fsr-3916	165	9	the	the	DET
fsr-3916	165	10	literature	literature	NOUN
fsr-3916	165	11	(	(	PUNCT
fsr-3916	165	12	e.g.	e.g.	ADV
fsr-3916	165	13	,	,	PUNCT
fsr-3916	165	14	lee	lee	PROPN
fsr-3916	165	15	,	,	PUNCT
fsr-3916	165	16	1997	1997	NUM
fsr-3916	165	17	;	;	PUNCT
fsr-3916	165	18	wagner	wagner	PROPN
fsr-3916	165	19	,	,	PUNCT
fsr-3916	165	20	1997	1997	NUM
fsr-3916	165	21	)	)	PUNCT
fsr-3916	165	22	,	,	PUNCT
fsr-3916	165	23	we	we	PRON
fsr-3916	165	24	not	not	PART
fsr-3916	165	25	only	only	ADV
fsr-3916	165	26	examine	examine	VERB
fsr-3916	165	27	portfolio	portfolio	NOUN
fsr-3916	165	28	performance	performance	NOUN
fsr-3916	165	29	for	for	ADP
fsr-3916	165	30	investors	investor	NOUN
fsr-3916	165	31	whose	whose	DET
fsr-3916	165	32	natural	natural	ADJ
fsr-3916	165	33	or	or	CCONJ
fsr-3916	165	34	preferred	preferred	ADJ
fsr-3916	165	35	habitats	habitat	NOUN
fsr-3916	165	36	are	be	AUX
fsr-3916	165	37	to	to	PART
fsr-3916	165	38	remain	remain	VERB
fsr-3916	165	39	in	in	ADP
fsr-3916	165	40	stock	stock	NOUN
fsr-3916	165	41	(	(	PUNCT
fsr-3916	165	42	stock	stock	NOUN
fsr-3916	165	43	)	)	PUNCT
fsr-3916	165	44	or	or	CCONJ
fsr-3916	165	45	in	in	ADP
fsr-3916	165	46	cash	cash	NOUN
fsr-3916	165	47	(	(	PUNCT
fsr-3916	165	48	cash	cash	NOUN
fsr-3916	165	49	)	)	PUNCT
fsr-3916	165	50	but	but	CCONJ
fsr-3916	165	51	also	also	ADV
fsr-3916	165	52	in	in	ADP
fsr-3916	165	53	neither	neither	CCONJ
fsr-3916	165	54	(	(	PUNCT
fsr-3916	165	55	none	none	NOUN
fsr-3916	165	56	)	)	PUNCT
fsr-3916	165	57	.	.	PUNCT
fsr-3916	166	1	we	we	PRON
fsr-3916	166	2	assume	assume	VERB
fsr-3916	166	3	a	a	DET
fsr-3916	166	4	1	1	NUM
fsr-3916	166	5	%	%	NOUN
fsr-3916	166	6	transaction	transaction	NOUN
fsr-3916	166	7	cost	cost	NOUN
fsr-3916	166	8	for	for	ADP
fsr-3916	166	9	all	all	DET
fsr-3916	166	10	switches	switch	NOUN
fsr-3916	166	11	between	between	ADP
fsr-3916	166	12	all	all	DET
fsr-3916	166	13	equity	equity	NOUN
fsr-3916	166	14	as	as	SCONJ
fsr-3916	166	15	proxied	proxie	VERB
fsr-3916	166	16	by	by	ADP
fsr-3916	166	17	the	the	DET
fsr-3916	166	18	s&p	s&p	PROPN
fsr-3916	166	19	500	500	NUM
fsr-3916	166	20	index	index	NOUN
fsr-3916	166	21	and	and	CCONJ
fsr-3916	166	22	all	all	DET
fsr-3916	166	23	cash	cash	NOUN
fsr-3916	166	24	as	as	SCONJ
fsr-3916	166	25	proxied	proxie	VERB
fsr-3916	166	26	by	by	ADP
fsr-3916	166	27	30	30	NUM
fsr-3916	166	28	-	-	PUNCT
fsr-3916	166	29	day	day	NOUN
fsr-3916	166	30	t	t	PROPN
fsr-3916	166	31	-	-	PUNCT
fsr-3916	166	32	bills	bill	NOUN
fsr-3916	166	33	,	,	PUNCT
fsr-3916	166	34	and	and	CCONJ
fsr-3916	166	35	adjust	adjust	VERB
fsr-3916	166	36	the	the	DET
fsr-3916	166	37	switching	switch	VERB
fsr-3916	166	38	rules	rule	NOUN
fsr-3916	166	39	to	to	PART
fsr-3916	166	40	account	account	VERB
fsr-3916	166	41	for	for	ADP
fsr-3916	166	42	the	the	DET
fsr-3916	166	43	transaction	transaction	NOUN
fsr-3916	166	44	cost	cost	NOUN
fsr-3916	166	45	when	when	SCONJ
fsr-3916	166	46	switches	switch	NOUN
fsr-3916	166	47	are	be	AUX
fsr-3916	166	48	away	away	ADV
fsr-3916	166	49	from	from	ADP
fsr-3916	166	50	the	the	DET
fsr-3916	166	51	preferred	preferred	ADJ
fsr-3916	166	52	habitat	habitat	NOUN
fsr-3916	166	53	.	.	PUNCT
fsr-3916	167	1	our	our	PRON
fsr-3916	167	2	switching	switch	VERB
fsr-3916	167	3	cost	cost	NOUN
fsr-3916	167	4	is	be	AUX
fsr-3916	167	5	higher	high	ADJ
fsr-3916	167	6	than	than	ADP
fsr-3916	167	7	the	the	DET
fsr-3916	167	8	0.5	0.5	NUM
fsr-3916	167	9	%	%	NOUN
fsr-3916	167	10	rate	rate	NOUN
fsr-3916	167	11	used	use	VERB
fsr-3916	167	12	by	by	ADP
fsr-3916	167	13	fuller	full	ADJ
fsr-3916	167	14	and	and	CCONJ
fsr-3916	167	15	kling	kling	PROPN
fsr-3916	167	16	(	(	PUNCT
fsr-3916	167	17	1994	1994	NUM
fsr-3916	167	18	)	)	PUNCT
fsr-3916	167	19	.	.	PUNCT
fsr-3916	168	1	for	for	ADP
fsr-3916	168	2	those	those	DET
fsr-3916	168	3	investors	investor	NOUN
fsr-3916	168	4	without	without	ADP
fsr-3916	168	5	a	a	DET
fsr-3916	168	6	natural	natural	ADJ
fsr-3916	168	7	habitat	habitat	NOUN
fsr-3916	168	8	,	,	PUNCT
fsr-3916	168	9	the	the	DET
fsr-3916	168	10	switching	switch	VERB
fsr-3916	168	11	rules	rule	NOUN
fsr-3916	168	12	are	be	AUX
fsr-3916	168	13	examined	examine	VERB
fsr-3916	168	14	with	with	ADP
fsr-3916	168	15	and	and	CCONJ
fsr-3916	168	16	without	without	ADP
fsr-3916	168	17	a	a	DET
fsr-3916	168	18	transaction	transaction	NOUN
fsr-3916	168	19	cost	cost	NOUN
fsr-3916	168	20	charge	charge	NOUN
fsr-3916	168	21	for	for	ADP
fsr-3916	168	22	any	any	DET
fsr-3916	168	23	switch	switch	NOUN
fsr-3916	168	24	.	.	PUNCT
fsr-3916	169	1	the	the	DET
fsr-3916	169	2	switching	switch	VERB
fsr-3916	169	3	rules	rule	NOUN
fsr-3916	169	4	used	use	VERB
fsr-3916	169	5	are	be	AUX
fsr-3916	169	6	summarized	summarize	VERB
fsr-3916	169	7	in	in	ADP
fsr-3916	169	8	table	table	NOUN
fsr-3916	169	9	2	2	NUM
fsr-3916	169	10	.	.	PUNCT
fsr-3916	170	1	all	all	DET
fsr-3916	170	2	switches	switch	NOUN
fsr-3916	170	3	are	be	AUX
fsr-3916	170	4	based	base	VERB
fsr-3916	170	5	on	on	ADP
fsr-3916	170	6	a	a	DET
fsr-3916	170	7	comparison	comparison	NOUN
fsr-3916	170	8	of	of	ADP
fsr-3916	170	9	theexpectedone	theexpectedone	NOUN
fsr-3916	170	10	-	-	PUNCT
fsr-3916	170	11	month	month	NOUN
fsr-3916	170	12	-	-	PUNCT
fsr-3916	170	13	hence	hence	NOUN
fsr-3916	170	14	return	return	VERB
fsr-3916	170	15	on	on	ADP
fsr-3916	170	16	equity	equity	NOUN
fsr-3916	170	17	with	with	ADP
fsr-3916	170	18	the	the	DET
fsr-3916	170	19	current	current	ADJ
fsr-3916	170	20	onetable	onetable	ADJ
fsr-3916	170	21	2	2	NUM
fsr-3916	170	22	switching	switch	VERB
fsr-3916	170	23	rules	rule	NOUN
fsr-3916	170	24	for	for	ADP
fsr-3916	170	25	classical	classical	ADJ
fsr-3916	170	26	market	market	NOUN
fsr-3916	170	27	timing	timing	NOUN
fsr-3916	170	28	for	for	ADP
fsr-3916	170	29	various	various	ADJ
fsr-3916	170	30	natural	natural	ADJ
fsr-3916	170	31	habitatsa	habitatsa	NOUN
fsr-3916	170	32	switch	switch	NOUN
fsr-3916	170	33	to	to	ADP
fsr-3916	170	34	:	:	PUNCT
fsr-3916	170	35	c	c	X
fsr-3916	170	36	natural	natural	ADJ
fsr-3916	170	37	habitatb	habitatb	NOUN
fsr-3916	170	38	stockd	stockd	NOUN
fsr-3916	170	39	cashd	cashd	PROPN
fsr-3916	170	40	noned	none	VERB
fsr-3916	170	41	nonee	nonee	NOUN
fsr-3916	170	42	cash	cash	NOUN
fsr-3916	170	43	if	if	SCONJ
fsr-3916	170	44	predicted	predict	VERB
fsr-3916	170	45	s&p	s&p	PROPN
fsr-3916	170	46	500	500	NUM
fsr-3916	170	47	returnf	returnf	NOUN
fsr-3916	170	48	is	be	AUX
fsr-3916	170	49	less	less	ADJ
fsr-3916	170	50	than	than	ADP
fsr-3916	170	51	t	t	NOUN
fsr-3916	170	52	-	-	PUNCT
fsr-3916	170	53	bill	bill	NOUN
fsr-3916	170	54	returnf	returnf	PROPN
fsr-3916	170	55	minus	minus	CCONJ
fsr-3916	170	56	1	1	NUM
fsr-3916	170	57	%	%	NOUN
fsr-3916	170	58	less	less	ADJ
fsr-3916	170	59	than	than	SCONJ
fsr-3916	170	60	t	t	NOUN
fsr-3916	170	61	-	-	PUNCT
fsr-3916	170	62	bill	bill	NOUN
fsr-3916	170	63	return	return	VERB
fsr-3916	170	64	less	less	ADJ
fsr-3916	170	65	than	than	SCONJ
fsr-3916	170	66	t	t	NOUN
fsr-3916	170	67	-	-	PUNCT
fsr-3916	170	68	bill	bill	NOUN
fsr-3916	170	69	return	return	VERB
fsr-3916	170	70	minus	minus	CCONJ
fsr-3916	170	71	1	1	NUM
fsr-3916	170	72	%	%	NOUN
fsr-3916	170	73	less	less	ADJ
fsr-3916	170	74	than	than	ADP
fsr-3916	170	75	t	t	NOUN
fsr-3916	170	76	-	-	PUNCT
fsr-3916	170	77	bill	bill	NOUN
fsr-3916	170	78	return	return	NOUN
fsr-3916	170	79	stock	stock	NOUN
fsr-3916	170	80	if	if	SCONJ
fsr-3916	170	81	predicted	predict	VERB
fsr-3916	170	82	s&p	s&p	PROPN
fsr-3916	170	83	500	500	NUM
fsr-3916	170	84	return	return	NOUN
fsr-3916	170	85	is	be	AUX
fsr-3916	170	86	greater	great	ADJ
fsr-3916	170	87	than	than	ADP
fsr-3916	170	88	t	t	NOUN
fsr-3916	170	89	-	-	PUNCT
fsr-3916	170	90	bill	bill	NOUN
fsr-3916	170	91	return	return	VERB
fsr-3916	170	92	greater	great	ADJ
fsr-3916	170	93	than	than	ADP
fsr-3916	170	94	t	t	NOUN
fsr-3916	170	95	-	-	PUNCT
fsr-3916	170	96	bill	bill	NOUN
fsr-3916	170	97	return	return	NOUN
fsr-3916	170	98	plus	plus	CCONJ
fsr-3916	170	99	1	1	NUM
fsr-3916	170	100	%	%	NOUN
fsr-3916	170	101	greater	great	ADJ
fsr-3916	170	102	than	than	ADP
fsr-3916	170	103	t	t	NOUN
fsr-3916	170	104	-	-	PUNCT
fsr-3916	170	105	bill	bill	NOUN
fsr-3916	170	106	return	return	NOUN
fsr-3916	170	107	plus	plus	CCONJ
fsr-3916	170	108	1	1	NUM
fsr-3916	170	109	%	%	NOUN
fsr-3916	170	110	greater	great	ADJ
fsr-3916	170	111	than	than	ADP
fsr-3916	170	112	t	t	NOUN
fsr-3916	170	113	-	-	PUNCT
fsr-3916	170	114	bill	bill	NOUN
fsr-3916	170	115	return	return	NOUN
fsr-3916	170	116	this	this	DET
fsr-3916	170	117	table	table	NOUN
fsr-3916	170	118	provides	provide	VERB
fsr-3916	170	119	the	the	DET
fsr-3916	170	120	switching	switch	VERB
fsr-3916	170	121	rules	rule	NOUN
fsr-3916	170	122	used	use	VERB
fsr-3916	170	123	in	in	ADP
fsr-3916	170	124	market	market	NOUN
fsr-3916	170	125	timing	timing	NOUN
fsr-3916	170	126	using	use	VERB
fsr-3916	170	127	the	the	DET
fsr-3916	170	128	consensus	consensus	NOUN
fsr-3916	170	129	earnings	earning	NOUN
fsr-3916	170	130	per	per	ADP
fsr-3916	170	131	share	share	NOUN
fsr-3916	170	132	forecasts	forecast	NOUN
fsr-3916	170	133	for	for	ADP
fsr-3916	170	134	the	the	DET
fsr-3916	170	135	s&p	s&p	PROPN
fsr-3916	170	136	500	500	NUM
fsr-3916	170	137	made	make	VERB
fsr-3916	170	138	by	by	ADP
fsr-3916	170	139	market	market	NOUN
fsr-3916	170	140	strategists	strategist	NOUN
fsr-3916	170	141	and	and	CCONJ
fsr-3916	170	142	financial	financial	ADJ
fsr-3916	170	143	analysts	analyst	NOUN
fsr-3916	170	144	.	.	PUNCT
fsr-3916	171	1	the	the	DET
fsr-3916	171	2	market	market	NOUN
fsr-3916	171	3	timing	timing	NOUN
fsr-3916	171	4	is	be	AUX
fsr-3916	171	5	classical	classical	ADJ
fsr-3916	171	6	since	since	SCONJ
fsr-3916	171	7	the	the	DET
fsr-3916	171	8	portfolio	portfolio	NOUN
fsr-3916	171	9	is	be	AUX
fsr-3916	171	10	either	either	CCONJ
fsr-3916	171	11	fully	fully	ADV
fsr-3916	171	12	invested	invest	VERB
fsr-3916	171	13	in	in	ADP
fsr-3916	171	14	equities	equity	NOUN
fsr-3916	171	15	or	or	CCONJ
fsr-3916	171	16	in	in	ADP
fsr-3916	171	17	cash	cash	NOUN
fsr-3916	171	18	.	.	PUNCT
fsr-3916	172	1	transaction	transaction	NOUN
fsr-3916	172	2	costs	cost	NOUN
fsr-3916	172	3	are	be	AUX
fsr-3916	172	4	ignored	ignore	VERB
fsr-3916	172	5	and	and	CCONJ
fsr-3916	172	6	are	be	AUX
fsr-3916	172	7	considered	consider	VERB
fsr-3916	172	8	at	at	ADP
fsr-3916	172	9	a	a	DET
fsr-3916	172	10	rate	rate	NOUN
fsr-3916	172	11	of	of	ADP
fsr-3916	172	12	1	1	NUM
fsr-3916	172	13	%	%	NOUN
fsr-3916	172	14	of	of	ADP
fsr-3916	172	15	asset	asset	NOUN
fsr-3916	172	16	value	value	NOUN
fsr-3916	172	17	for	for	ADP
fsr-3916	172	18	each	each	DET
fsr-3916	172	19	switch	switch	NOUN
fsr-3916	172	20	.	.	PUNCT
fsr-3916	173	1	a	a	DET
fsr-3916	173	2	classical	classical	ADJ
fsr-3916	173	3	market	market	NOUN
fsr-3916	173	4	timing	timing	NOUN
fsr-3916	173	5	refers	refer	VERB
fsr-3916	173	6	to	to	ADP
fsr-3916	173	7	switching	switch	VERB
fsr-3916	173	8	between	between	ADP
fsr-3916	173	9	cash	cash	NOUN
fsr-3916	173	10	and	and	CCONJ
fsr-3916	173	11	equities	equity	NOUN
fsr-3916	173	12	based	base	VERB
fsr-3916	173	13	on	on	ADP
fsr-3916	173	14	market	market	NOUN
fsr-3916	173	15	expectations	expectation	NOUN
fsr-3916	173	16	.	.	PUNCT
fsr-3916	174	1	b	b	X
fsr-3916	174	2	the	the	DET
fsr-3916	174	3	natural	natural	ADJ
fsr-3916	174	4	habitats	habitat	NOUN
fsr-3916	174	5	are	be	AUX
fsr-3916	174	6	to	to	PART
fsr-3916	174	7	remain	remain	VERB
fsr-3916	174	8	in	in	ADP
fsr-3916	174	9	stock	stock	NOUN
fsr-3916	174	10	,	,	PUNCT
fsr-3916	174	11	in	in	ADP
fsr-3916	174	12	cash	cash	NOUN
fsr-3916	174	13	,	,	PUNCT
fsr-3916	174	14	and	and	CCONJ
fsr-3916	174	15	in	in	ADP
fsr-3916	174	16	neither	neither	CCONJ
fsr-3916	174	17	(	(	PUNCT
fsr-3916	174	18	none	none	NOUN
fsr-3916	174	19	)	)	PUNCT
fsr-3916	174	20	.	.	PUNCT
fsr-3916	175	1	c	c	NOUN
fsr-3916	175	2	the	the	DET
fsr-3916	175	3	switching	switch	VERB
fsr-3916	175	4	rules	rule	NOUN
fsr-3916	175	5	compare	compare	VERB
fsr-3916	175	6	the	the	DET
fsr-3916	175	7	predicted	predict	VERB
fsr-3916	175	8	return	return	NOUN
fsr-3916	175	9	on	on	ADP
fsr-3916	175	10	the	the	DET
fsr-3916	175	11	s&p	s&p	PROPN
fsr-3916	175	12	500	500	NUM
fsr-3916	175	13	with	with	ADP
fsr-3916	175	14	the	the	DET
fsr-3916	175	15	current	current	ADJ
fsr-3916	175	16	return	return	NOUN
fsr-3916	175	17	on	on	ADP
fsr-3916	175	18	t	t	PROPN
fsr-3916	175	19	-	-	PUNCT
fsr-3916	175	20	bills	bill	NOUN
fsr-3916	175	21	.	.	PUNCT
fsr-3916	176	1	d	d	NOUN
fsr-3916	176	2	switching	switch	VERB
fsr-3916	176	3	rule	rule	NOUN
fsr-3916	176	4	reflects	reflect	VERB
fsr-3916	176	5	a	a	DET
fsr-3916	176	6	1	1	NUM
fsr-3916	176	7	%	%	NOUN
fsr-3916	176	8	transaction	transaction	NOUN
fsr-3916	176	9	cost	cost	NOUN
fsr-3916	176	10	charge	charge	NOUN
fsr-3916	176	11	when	when	SCONJ
fsr-3916	176	12	moving	move	VERB
fsr-3916	176	13	away	away	ADV
fsr-3916	176	14	from	from	ADP
fsr-3916	176	15	this	this	DET
fsr-3916	176	16	natural	natural	ADJ
fsr-3916	176	17	habitat	habitat	NOUN
fsr-3916	176	18	.	.	PUNCT
fsr-3916	177	1	e	e	NOUN
fsr-3916	177	2	switching	switch	VERB
fsr-3916	177	3	rule	rule	NOUN
fsr-3916	177	4	reflects	reflect	VERB
fsr-3916	177	5	no	no	DET
fsr-3916	177	6	transaction	transaction	NOUN
fsr-3916	177	7	cost	cost	NOUN
fsr-3916	177	8	charge	charge	NOUN
fsr-3916	177	9	when	when	SCONJ
fsr-3916	177	10	moving	move	VERB
fsr-3916	177	11	away	away	ADV
fsr-3916	177	12	from	from	ADP
fsr-3916	177	13	this	this	DET
fsr-3916	177	14	natural	natural	ADJ
fsr-3916	177	15	habitat	habitat	NOUN
fsr-3916	177	16	.	.	PUNCT
fsr-3916	178	1	f	f	PUNCT
fsr-3916	179	1	the	the	DET
fsr-3916	179	2	return	return	NOUN
fsr-3916	179	3	on	on	ADP
fsr-3916	179	4	equities	equity	NOUN
fsr-3916	179	5	is	be	AUX
fsr-3916	179	6	proxied	proxie	VERB
fsr-3916	179	7	by	by	ADP
fsr-3916	179	8	the	the	DET
fsr-3916	179	9	return	return	NOUN
fsr-3916	179	10	on	on	ADP
fsr-3916	179	11	the	the	DET
fsr-3916	179	12	s&p	s&p	PROPN
fsr-3916	179	13	500	500	NUM
fsr-3916	179	14	index	index	NOUN
fsr-3916	179	15	and	and	CCONJ
fsr-3916	179	16	the	the	DET
fsr-3916	179	17	return	return	NOUN
fsr-3916	179	18	on	on	ADP
fsr-3916	179	19	cash	cash	NOUN
fsr-3916	179	20	is	be	AUX
fsr-3916	179	21	proxied	proxie	VERB
fsr-3916	179	22	by	by	ADP
fsr-3916	179	23	the	the	DET
fsr-3916	179	24	return	return	NOUN
fsr-3916	179	25	on	on	ADP
fsr-3916	179	26	t	t	PROPN
fsr-3916	179	27	-	-	PUNCT
fsr-3916	179	28	bills	bill	NOUN
fsr-3916	179	29	.	.	PUNCT
fsr-3916	180	1	134	134	NUM
fsr-3916	180	2	r.	r.	PROPN
fsr-3916	180	3	chung	chung	PROPN
fsr-3916	180	4	,	,	PUNCT
fsr-3916	180	5	l.	l.	PROPN
fsr-3916	180	6	kryzanowski	kryzanowski	PROPN
fsr-3916	180	7	/	/	SYM
fsr-3916	180	8	financial	financial	ADJ
fsr-3916	180	9	services	service	NOUN
fsr-3916	180	10	review	review	VERB
fsr-3916	180	11	9	9	NUM
fsr-3916	180	12	(	(	PUNCT
fsr-3916	180	13	2000	2000	NUM
fsr-3916	180	14	)	)	PUNCT
fsr-3916	180	15	125–144	125–144	NUM
fsr-3916	180	16	month	month	NOUN
fsr-3916	180	17	t	t	PROPN
fsr-3916	180	18	-	-	PUNCT
fsr-3916	180	19	bill	bill	NOUN
fsr-3916	180	20	rate	rate	NOUN
fsr-3916	180	21	,	,	PUNCT
fsr-3916	180	22	with	with	ADP
fsr-3916	180	23	or	or	CCONJ
fsr-3916	180	24	without	without	ADP
fsr-3916	180	25	an	an	DET
fsr-3916	180	26	adjustment	adjustment	NOUN
fsr-3916	180	27	for	for	ADP
fsr-3916	180	28	transaction	transaction	NOUN
fsr-3916	180	29	costs	cost	NOUN
fsr-3916	180	30	.	.	PUNCT
fsr-3916	181	1	as	as	SCONJ
fsr-3916	181	2	expected	expect	VERB
fsr-3916	181	3	,	,	PUNCT
fsr-3916	181	4	the	the	DET
fsr-3916	181	5	mean	mean	ADJ
fsr-3916	181	6	s&p	s&p	PROPN
fsr-3916	181	7	500	500	NUM
fsr-3916	181	8	monthly	monthly	ADJ
fsr-3916	181	9	return	return	NOUN
fsr-3916	181	10	of	of	ADP
fsr-3916	181	11	1.47	1.47	NUM
fsr-3916	181	12	%	%	NOUN
fsr-3916	181	13	is	be	AUX
fsr-3916	181	14	substantially	substantially	ADV
fsr-3916	181	15	higher	high	ADJ
fsr-3916	181	16	than	than	ADP
fsr-3916	181	17	the	the	DET
fsr-3916	181	18	corresponding	correspond	VERB
fsr-3916	181	19	return	return	NOUN
fsr-3916	181	20	of	of	ADP
fsr-3916	181	21	0.50	0.50	NUM
fsr-3916	181	22	%	%	NOUN
fsr-3916	181	23	for	for	ADP
fsr-3916	181	24	t	t	NOUN
fsr-3916	181	25	-	-	PUNCT
fsr-3916	181	26	bills	bill	NOUN
fsr-3916	181	27	over	over	ADP
fsr-3916	181	28	the	the	DET
fsr-3916	181	29	studied	studied	ADJ
fsr-3916	181	30	period	period	NOUN
fsr-3916	181	31	.	.	PUNCT
fsr-3916	182	1	we	we	PRON
fsr-3916	182	2	test	test	VERB
fsr-3916	182	3	the	the	DET
fsr-3916	182	4	predictive	predictive	ADJ
fsr-3916	182	5	value	value	NOUN
fsr-3916	182	6	of	of	ADP
fsr-3916	182	7	the	the	DET
fsr-3916	182	8	top	top	ADJ
fsr-3916	182	9	-	-	PUNCT
fsr-3916	182	10	down	down	ADP
fsr-3916	182	11	forecasts	forecast	NOUN
fsr-3916	182	12	supplied	supply	VERB
fsr-3916	182	13	by	by	ADP
fsr-3916	182	14	the	the	DET
fsr-3916	182	15	strategists	strategist	NOUN
fsr-3916	182	16	,	,	PUNCT
fsr-3916	182	17	the	the	DET
fsr-3916	182	18	bottom	bottom	NOUN
fsr-3916	182	19	-	-	PUNCT
fsr-3916	182	20	up	up	ADP
fsr-3916	182	21	forecasts	forecast	NOUN
fsr-3916	182	22	supplied	supply	VERB
fsr-3916	182	23	by	by	ADP
fsr-3916	182	24	the	the	DET
fsr-3916	182	25	analysts	analyst	NOUN
fsr-3916	182	26	,	,	PUNCT
fsr-3916	182	27	and	and	CCONJ
fsr-3916	182	28	both	both	CCONJ
fsr-3916	182	29	the	the	DET
fsr-3916	182	30	top	top	ADJ
fsr-3916	182	31	-	-	PUNCT
fsr-3916	182	32	down	down	NOUN
fsr-3916	182	33	and	and	CCONJ
fsr-3916	182	34	bottom	bottom	NOUN
fsr-3916	182	35	-	-	PUNCT
fsr-3916	182	36	up	up	ADP
fsr-3916	182	37	forecasts	forecast	NOUN
fsr-3916	182	38	(	(	PUNCT
fsr-3916	182	39	switch	switch	VERB
fsr-3916	182	40	if	if	SCONJ
fsr-3916	182	41	both	both	DET
fsr-3916	182	42	screens	screen	NOUN
fsr-3916	182	43	are	be	AUX
fsr-3916	182	44	satisfied	satisfied	ADJ
fsr-3916	182	45	separately	separately	ADV
fsr-3916	182	46	)	)	PUNCT
fsr-3916	182	47	.	.	PUNCT
fsr-3916	183	1	for	for	ADP
fsr-3916	183	2	each	each	PRON
fsr-3916	183	3	of	of	ADP
fsr-3916	183	4	these	these	DET
fsr-3916	183	5	three	three	NUM
fsr-3916	183	6	types	type	NOUN
fsr-3916	183	7	of	of	ADP
fsr-3916	183	8	consensus	consensus	NOUN
fsr-3916	183	9	forecasts	forecast	NOUN
fsr-3916	183	10	,	,	PUNCT
fsr-3916	183	11	we	we	PRON
fsr-3916	183	12	use	use	VERB
fsr-3916	183	13	two	two	NUM
fsr-3916	183	14	different	different	ADJ
fsr-3916	183	15	approaches	approach	NOUN
fsr-3916	183	16	for	for	ADP
fsr-3916	183	17	calculating	calculate	VERB
fsr-3916	183	18	the	the	DET
fsr-3916	183	19	expectedaverageone	expectedaverageone	NOUN
fsr-3916	183	20	-	-	PUNCT
fsr-3916	183	21	monthhence	monthhence	NOUN
fsr-3916	183	22	return	return	NOUN
fsr-3916	183	23	for	for	ADP
fsr-3916	183	24	the	the	DET
fsr-3916	183	25	s&p	s&p	PROPN
fsr-3916	183	26	,	,	PUNCT
fsr-3916	183	27	which	which	PRON
fsr-3916	183	28	is	be	AUX
fsr-3916	183	29	needed	need	VERB
fsr-3916	183	30	in	in	ADP
fsr-3916	183	31	the	the	DET
fsr-3916	183	32	switching	switch	VERB
fsr-3916	183	33	rules	rule	NOUN
fsr-3916	183	34	.	.	PUNCT
fsr-3916	184	1	thus	thus	ADV
fsr-3916	184	2	,	,	PUNCT
fsr-3916	184	3	our	our	PRON
fsr-3916	184	4	tests	test	NOUN
fsr-3916	184	5	of	of	ADP
fsr-3916	184	6	the	the	DET
fsr-3916	184	7	efficacy	efficacy	NOUN
fsr-3916	184	8	of	of	ADP
fsr-3916	184	9	market	market	NOUN
fsr-3916	184	10	timing	timing	NOUN
fsr-3916	184	11	also	also	ADV
fsr-3916	184	12	depend	depend	VERB
fsr-3916	184	13	upon	upon	SCONJ
fsr-3916	184	14	the	the	DET
fsr-3916	184	15	validity	validity	NOUN
fsr-3916	184	16	of	of	ADP
fsr-3916	184	17	these	these	DET
fsr-3916	184	18	models	model	NOUN
fsr-3916	184	19	in	in	ADP
fsr-3916	184	20	determining	determine	VERB
fsr-3916	184	21	what	what	PRON
fsr-3916	184	22	prices	price	NOUN
fsr-3916	184	23	will	will	AUX
fsr-3916	184	24	be	be	AUX
fsr-3916	184	25	in	in	ADP
fsr-3916	184	26	the	the	DET
fsr-3916	184	27	future	future	NOUN
fsr-3916	184	28	,	,	PUNCT
fsr-3916	184	29	and	and	CCONJ
fsr-3916	184	30	on	on	ADP
fsr-3916	184	31	the	the	DET
fsr-3916	184	32	validity	validity	NOUN
fsr-3916	184	33	of	of	ADP
fsr-3916	184	34	using	use	VERB
fsr-3916	184	35	consensus	consensus	NOUN
fsr-3916	184	36	forecasts	forecast	NOUN
fsr-3916	184	37	of	of	ADP
fsr-3916	184	38	earnings	earning	NOUN
fsr-3916	184	39	as	as	ADP
fsr-3916	184	40	a	a	DET
fsr-3916	184	41	proxy	proxy	NOUN
fsr-3916	184	42	for	for	ADP
fsr-3916	184	43	the	the	DET
fsr-3916	184	44	earnings	earning	NOUN
fsr-3916	184	45	expectations	expectation	NOUN
fsr-3916	184	46	that	that	PRON
fsr-3916	184	47	will	will	AUX
fsr-3916	184	48	be	be	AUX
fsr-3916	184	49	reflected	reflect	VERB
fsr-3916	184	50	in	in	ADP
fsr-3916	184	51	stock	stock	NOUN
fsr-3916	184	52	prices	price	NOUN
fsr-3916	184	53	at	at	ADP
fsr-3916	184	54	a	a	DET
fsr-3916	184	55	future	future	ADJ
fsr-3916	184	56	point	point	NOUN
fsr-3916	184	57	in	in	ADP
fsr-3916	184	58	time	time	NOUN
fsr-3916	184	59	.	.	PUNCT
fsr-3916	185	1	the	the	DET
fsr-3916	185	2	first	first	ADJ
fsr-3916	185	3	orcurrent	orcurrent	NOUN
fsr-3916	185	4	earnings	earning	NOUN
fsr-3916	185	5	-	-	PUNCT
fsr-3916	185	6	to	to	ADP
fsr-3916	185	7	-	-	PUNCT
fsr-3916	185	8	price	price	NOUN
fsr-3916	185	9	(	(	PUNCT
fsr-3916	185	10	e	e	NOUN
fsr-3916	185	11	/	/	SYM
fsr-3916	185	12	p)approach	p)approach	PROPN
fsr-3916	185	13	calculates	calculate	VERB
fsr-3916	185	14	the	the	DET
fsr-3916	185	15	predicted	predict	VERB
fsr-3916	185	16	one	one	NUM
fsr-3916	185	17	-	-	PUNCT
fsr-3916	185	18	month	month	NOUN
fsr-3916	185	19	return	return	NOUN
fsr-3916	185	20	as	as	ADP
fsr-3916	185	21	the	the	DET
fsr-3916	185	22	summation	summation	NOUN
fsr-3916	185	23	of	of	ADP
fsr-3916	185	24	the	the	DET
fsr-3916	185	25	two	two	NUM
fsr-3916	185	26	components	component	NOUN
fsr-3916	185	27	of	of	ADP
fsr-3916	185	28	expected	expect	VERB
fsr-3916	185	29	total	total	ADJ
fsr-3916	185	30	return	return	NOUN
fsr-3916	185	31	(	(	PUNCT
fsr-3916	185	32	i.e.	i.e.	X
fsr-3916	185	33	,	,	PUNCT
fsr-3916	185	34	dividend	dividend	NOUN
fsr-3916	185	35	yield	yield	NOUN
fsr-3916	185	36	plus	plus	CCONJ
fsr-3916	185	37	capital	capital	NOUN
fsr-3916	185	38	gain	gain	NOUN
fsr-3916	185	39	return	return	NOUN
fsr-3916	185	40	)	)	PUNCT
fsr-3916	185	41	,	,	PUNCT
fsr-3916	185	42	after	after	ADP
fsr-3916	185	43	calculating	calculate	VERB
fsr-3916	185	44	each	each	DET
fsr-3916	185	45	component	component	NOUN
fsr-3916	185	46	’s	’s	PART
fsr-3916	185	47	average	average	ADJ
fsr-3916	185	48	monthly	monthly	ADJ
fsr-3916	185	49	compound	compound	NOUN
fsr-3916	185	50	rate	rate	NOUN
fsr-3916	185	51	of	of	ADP
fsr-3916	185	52	return	return	NOUN
fsr-3916	185	53	over	over	ADP
fsr-3916	185	54	the	the	DET
fsr-3916	185	55	given	give	VERB
fsr-3916	185	56	forecast	forecast	NOUN
fsr-3916	185	57	horizon	horizon	NOUN
fsr-3916	185	58	.	.	PUNCT
fsr-3916	186	1	for	for	ADP
fsr-3916	186	2	example	example	NOUN
fsr-3916	186	3	,	,	PUNCT
fsr-3916	186	4	for	for	ADP
fsr-3916	186	5	a	a	DET
fsr-3916	186	6	forecast	forecast	NOUN
fsr-3916	186	7	horizon	horizon	NOUN
fsr-3916	186	8	of	of	ADP
fsr-3916	186	9	eight	eight	NUM
fsr-3916	186	10	months	month	NOUN
fsr-3916	186	11	,	,	PUNCT
fsr-3916	186	12	the	the	DET
fsr-3916	186	13	average	average	ADJ
fsr-3916	186	14	monthly	monthly	ADJ
fsr-3916	186	15	compound	compound	NOUN
fsr-3916	186	16	rate	rate	NOUN
fsr-3916	186	17	of	of	ADP
fsr-3916	186	18	capital	capital	NOUN
fsr-3916	186	19	gain	gain	NOUN
fsr-3916	186	20	is	be	AUX
fsr-3916	186	21	equal	equal	ADJ
fsr-3916	186	22	to	to	ADP
fsr-3916	186	23	the	the	DET
fsr-3916	186	24	eighth	eighth	ADJ
fsr-3916	186	25	root	root	NOUN
fsr-3916	186	26	of	of	ADP
fsr-3916	186	27	the	the	DET
fsr-3916	186	28	holding	hold	VERB
fsr-3916	186	29	period	period	NOUN
fsr-3916	186	30	rate	rate	NOUN
fsr-3916	186	31	of	of	ADP
fsr-3916	186	32	capital	capital	NOUN
fsr-3916	186	33	gain	gain	NOUN
fsr-3916	186	34	.	.	PUNCT
fsr-3916	187	1	the	the	DET
fsr-3916	187	2	capital	capital	NOUN
fsr-3916	187	3	gain	gain	NOUN
fsr-3916	187	4	component	component	NOUN
fsr-3916	187	5	of	of	ADP
fsr-3916	187	6	total	total	ADJ
fsr-3916	187	7	expected	expect	VERB
fsr-3916	187	8	return	return	NOUN
fsr-3916	187	9	uses	use	VERB
fsr-3916	187	10	the	the	DET
fsr-3916	187	11	price	price	NOUN
fsr-3916	187	12	predicted	predict	VERB
fsr-3916	187	13	for	for	ADP
fsr-3916	187	14	the	the	DET
fsr-3916	187	15	end	end	NOUN
fsr-3916	187	16	of	of	ADP
fsr-3916	187	17	the	the	DET
fsr-3916	187	18	forecast	forecast	NOUN
fsr-3916	187	19	horizon	horizon	NOUN
fsr-3916	187	20	.	.	PUNCT
fsr-3916	188	1	for	for	ADP
fsr-3916	188	2	example	example	NOUN
fsr-3916	188	3	,	,	PUNCT
fsr-3916	188	4	using	use	VERB
fsr-3916	188	5	the	the	DET
fsr-3916	188	6	top	top	ADJ
fsr-3916	188	7	-	-	PUNCT
fsr-3916	188	8	down	down	ADP
fsr-3916	188	9	consensus	consensus	NOUN
fsr-3916	188	10	forecast	forecast	NOUN
fsr-3916	188	11	for	for	ADP
fsr-3916	188	12	fy1	fy1	NOUN
fsr-3916	188	13	,	,	PUNCT
fsr-3916	188	14	the	the	DET
fsr-3916	188	15	predicted	predict	VERB
fsr-3916	188	16	or	or	CCONJ
fsr-3916	188	17	expected	expect	VERB
fsr-3916	188	18	price	price	NOUN
fsr-3916	188	19	of	of	ADP
fsr-3916	188	20	the	the	DET
fsr-3916	188	21	s&p	s&p	PROPN
fsr-3916	188	22	500	500	NUM
fsr-3916	188	23	at	at	ADP
fsr-3916	188	24	the	the	DET
fsr-3916	188	25	end	end	NOUN
fsr-3916	188	26	of	of	ADP
fsr-3916	188	27	the	the	DET
fsr-3916	188	28	forecast	forecast	NOUN
fsr-3916	188	29	horizon	horizon	NOUN
fsr-3916	188	30	(	(	PUNCT
fsr-3916	188	31	i.e.	i.e.	X
fsr-3916	188	32	,	,	PUNCT
fsr-3916	188	33	the	the	DET
fsr-3916	188	34	switch	switch	NOUN
fsr-3916	188	35	month	month	NOUN
fsr-3916	188	36	of	of	ADP
fsr-3916	188	37	march	march	PROPN
fsr-3916	188	38	)	)	PUNCT
fsr-3916	188	39	is	be	AUX
fsr-3916	188	40	obtained	obtain	VERB
fsr-3916	188	41	by	by	ADP
fsr-3916	188	42	multiplying	multiply	VERB
fsr-3916	188	43	the	the	DET
fsr-3916	188	44	current	current	ADJ
fsr-3916	188	45	month	month	NOUN
fsr-3916	188	46	’s	’s	PART
fsr-3916	188	47	consensus	consensus	NOUN
fsr-3916	188	48	top	top	ADJ
fsr-3916	188	49	-	-	PUNCT
fsr-3916	188	50	down	down	ADP
fsr-3916	188	51	forecast	forecast	NOUN
fsr-3916	188	52	of	of	ADP
fsr-3916	188	53	earnings	earning	NOUN
fsr-3916	188	54	per	per	ADP
fsr-3916	188	55	share	share	NOUN
fsr-3916	188	56	for	for	ADP
fsr-3916	188	57	the	the	DET
fsr-3916	188	58	s&p	s&p	PROPN
fsr-3916	188	59	500	500	NUM
fsr-3916	188	60	for	for	ADP
fsr-3916	188	61	fy1	fy1	NOUN
fsr-3916	188	62	by	by	ADP
fsr-3916	188	63	thecurrent	thecurrent	NOUN
fsr-3916	188	64	price	price	NOUN
fsr-3916	188	65	-	-	PUNCT
fsr-3916	188	66	to	to	ADP
fsr-3916	188	67	-	-	PUNCT
fsr-3916	188	68	earnings	earning	NOUN
fsr-3916	188	69	ratiofor	ratiofor	ADP
fsr-3916	188	70	the	the	DET
fsr-3916	188	71	s&p	s&p	PROPN
fsr-3916	188	72	500	500	NUM
fsr-3916	188	73	.	.	PUNCT
fsr-3916	189	1	alternatively	alternatively	ADV
fsr-3916	189	2	,	,	PUNCT
fsr-3916	189	3	it	it	PRON
fsr-3916	189	4	is	be	AUX
fsr-3916	189	5	obtained	obtain	VERB
fsr-3916	189	6	by	by	ADP
fsr-3916	189	7	dividing	divide	VERB
fsr-3916	189	8	this	this	DET
fsr-3916	189	9	consensus	consensus	NOUN
fsr-3916	189	10	forecast	forecast	NOUN
fsr-3916	189	11	by	by	ADP
fsr-3916	189	12	thecurrent	thecurrent	NOUN
fsr-3916	189	13	earningsto	earningsto	NOUN
fsr-3916	189	14	-	-	PUNCT
fsr-3916	189	15	price	price	NOUN
fsr-3916	189	16	ratio	ratio	NOUN
fsr-3916	189	17	that	that	PRON
fsr-3916	189	18	proxies	proxy	NOUN
fsr-3916	189	19	for	for	ADP
fsr-3916	189	20	the	the	DET
fsr-3916	189	21	market	market	NOUN
fsr-3916	189	22	’s	’s	PART
fsr-3916	189	23	current	current	ADJ
fsr-3916	189	24	rate	rate	NOUN
fsr-3916	189	25	of	of	ADP
fsr-3916	189	26	capitalization	capitalization	NOUN
fsr-3916	189	27	of	of	ADP
fsr-3916	189	28	a	a	DET
fsr-3916	189	29	dollar	dollar	NOUN
fsr-3916	189	30	of	of	ADP
fsr-3916	189	31	current	current	ADJ
fsr-3916	189	32	s&p	s&p	PROPN
fsr-3916	189	33	500	500	NUM
fsr-3916	189	34	earnings	earning	NOUN
fsr-3916	189	35	.	.	PUNCT
fsr-3916	190	1	the	the	DET
fsr-3916	190	2	dividend	dividend	NOUN
fsr-3916	190	3	yield	yield	NOUN
fsr-3916	190	4	component	component	NOUN
fsr-3916	190	5	of	of	ADP
fsr-3916	190	6	total	total	ADJ
fsr-3916	190	7	expected	expect	VERB
fsr-3916	190	8	return	return	NOUN
fsr-3916	190	9	uses	use	VERB
fsr-3916	190	10	the	the	DET
fsr-3916	190	11	average	average	ADJ
fsr-3916	190	12	monthly	monthly	ADJ
fsr-3916	190	13	compound	compound	NOUN
fsr-3916	190	14	rate	rate	NOUN
fsr-3916	190	15	that	that	PRON
fsr-3916	190	16	yields	yield	VERB
fsr-3916	190	17	the	the	DET
fsr-3916	190	18	current	current	ADJ
fsr-3916	190	19	month	month	NOUN
fsr-3916	190	20	’s	’s	PART
fsr-3916	190	21	annual	annual	ADJ
fsr-3916	190	22	dividend	dividend	NOUN
fsr-3916	190	23	yield	yield	NOUN
fsr-3916	190	24	.	.	PUNCT
fsr-3916	191	1	more	more	ADV
fsr-3916	191	2	formally	formally	ADV
fsr-3916	191	3	,	,	PUNCT
fsr-3916	191	4	the	the	DET
fsr-3916	191	5	expected	expect	VERB
fsr-3916	191	6	average	average	ADJ
fsr-3916	191	7	monthly	monthly	ADJ
fsr-3916	191	8	return	return	NOUN
fsr-3916	191	9	for	for	ADP
fsr-3916	191	10	an	an	DET
fsr-3916	191	11	investment	investment	NOUN
fsr-3916	191	12	at	at	ADP
fsr-3916	191	13	the	the	DET
fsr-3916	191	14	beginning	beginning	NOUN
fsr-3916	191	15	of	of	ADP
fsr-3916	191	16	month	month	NOUN
fsr-3916	191	17	t	t	NOUN
fsr-3916	191	18	in	in	ADP
fsr-3916	191	19	the	the	DET
fsr-3916	191	20	s&p	s&p	PROPN
fsr-3916	191	21	500	500	NUM
fsr-3916	191	22	index	index	NOUN
fsr-3916	191	23	based	base	VERB
fsr-3916	191	24	on	on	ADP
fsr-3916	191	25	the	the	DET
fsr-3916	191	26	expected	expect	VERB
fsr-3916	191	27	realization	realization	NOUN
fsr-3916	191	28	of	of	ADP
fsr-3916	191	29	the	the	DET
fsr-3916	191	30	consensus	consensus	NOUN
fsr-3916	191	31	forecast	forecast	NOUN
fsr-3916	191	32	of	of	ADP
fsr-3916	191	33	earnings	earning	NOUN
fsr-3916	191	34	per	per	ADP
fsr-3916	191	35	share	share	NOUN
fsr-3916	191	36	for	for	ADP
fsr-3916	191	37	fiscal	fiscal	ADJ
fsr-3916	191	38	year	year	NOUN
fsr-3916	191	39	i	i	PRON
fsr-3916	191	40	provided	provide	VERB
fsr-3916	191	41	to	to	ADP
fsr-3916	191	42	i	i	PRON
fsr-3916	191	43	/	/	SYM
fsr-3916	191	44	b	b	PROPN
fsr-3916	191	45	/	/	SYM
fsr-3916	191	46	e	e	NOUN
fsr-3916	191	47	/	/	SYM
fsr-3916	191	48	s	s	VERB
fsr-3916	191	49	by	by	ADP
fsr-3916	191	50	reporting	report	VERB
fsr-3916	191	51	group	group	NOUN
fsr-3916	191	52	j	j	PROPN
fsr-3916	191	53	that	that	PRON
fsr-3916	191	54	is	be	AUX
fsr-3916	191	55	available	available	ADJ
fsr-3916	191	56	at	at	ADP
fsr-3916	191	57	the	the	DET
fsr-3916	191	58	beginning	beginning	NOUN
fsr-3916	191	59	of	of	ADP
fsr-3916	191	60	month	month	NOUN
fsr-3916	191	61	t	t	PROPN
fsr-3916	191	62	,	,	PUNCT
fsr-3916	191	63	rijt	rijt	NOUN
fsr-3916	191	64	,	,	PUNCT
fsr-3916	191	65	is	be	AUX
fsr-3916	191	66	given	give	VERB
fsr-3916	191	67	by	by	ADP
fsr-3916	191	68	:	:	PUNCT
fsr-3916	191	69	rijt	rijt	NOUN
fsr-3916	191	70	5	5	NUM
fsr-3916	191	71	hffijtspt	hffijtspt	ADJ
fsr-3916	191	72	at	at	ADP
fsr-3916	191	73	ds	ds	PROPN
fsr-3916	191	74	1	1	NUM
fsr-3916	191	75	pt	pt	NOUN
fsr-3916	191	76	dg	dg	PROPN
fsr-3916	191	77	1	1	NUM
fsr-3916	191	78	sij	sij	PROPN
fsr-3916	191	79	2	2	NUM
fsr-3916	191	80	1j	1j	NUM
fsr-3916	191	81	1	1	NUM
fsr-3916	191	82	@~dt	@~dt	ADJ
fsr-3916	191	83	!	!	PUNCT
fsr-3916	191	84	1	1	NUM
fsr-3916	191	85	12	12	NUM
fsr-3916	191	86	2	2	NUM
fsr-3916	191	87	1	1	NUM
fsr-3916	191	88	#	#	NOUN
fsr-3916	191	89	(	(	PUNCT
fsr-3916	191	90	2	2	NUM
fsr-3916	191	91	)	)	PUNCT
fsr-3916	191	92	where	where	SCONJ
fsr-3916	191	93	fijt	fijt	NOUN
fsr-3916	191	94	is	be	AUX
fsr-3916	191	95	the	the	DET
fsr-3916	191	96	consensus	consensus	NOUN
fsr-3916	191	97	forecast	forecast	NOUN
fsr-3916	191	98	of	of	ADP
fsr-3916	191	99	earnings	earning	NOUN
fsr-3916	191	100	per	per	ADP
fsr-3916	191	101	share	share	NOUN
fsr-3916	191	102	for	for	ADP
fsr-3916	191	103	the	the	DET
fsr-3916	191	104	s&p	s&p	PROPN
fsr-3916	191	105	500	500	NUM
fsr-3916	191	106	index	index	NOUN
fsr-3916	191	107	for	for	ADP
fsr-3916	191	108	fiscal	fiscal	ADJ
fsr-3916	191	109	year	year	NOUN
fsr-3916	191	110	i	i	PRON
fsr-3916	191	111	(	(	PUNCT
fsr-3916	191	112	i5	i5	ADJ
fsr-3916	191	113	fy1	fy1	NOUN
fsr-3916	191	114	or	or	CCONJ
fsr-3916	191	115	fy2	fy2	NOUN
fsr-3916	191	116	)	)	PUNCT
fsr-3916	191	117	provided	provide	VERB
fsr-3916	191	118	to	to	ADP
fsr-3916	191	119	i	i	PRON
fsr-3916	191	120	/	/	SYM
fsr-3916	191	121	b	b	PROPN
fsr-3916	191	122	/	/	SYM
fsr-3916	191	123	e	e	NOUN
fsr-3916	191	124	/	/	SYM
fsr-3916	191	125	s	s	VERB
fsr-3916	191	126	by	by	ADP
fsr-3916	191	127	reporting	report	VERB
fsr-3916	191	128	group	group	NOUN
fsr-3916	191	129	j	j	PROPN
fsr-3916	191	130	(	(	PUNCT
fsr-3916	191	131	j5	j5	PROPN
fsr-3916	191	132	strategist	strategist	NOUN
fsr-3916	191	133	or	or	CCONJ
fsr-3916	191	134	analysts	analyst	NOUN
fsr-3916	191	135	)	)	PUNCT
fsr-3916	191	136	that	that	PRON
fsr-3916	191	137	is	be	AUX
fsr-3916	191	138	available	available	ADJ
fsr-3916	191	139	at	at	ADP
fsr-3916	191	140	the	the	DET
fsr-3916	191	141	beginning	beginning	NOUN
fsr-3916	191	142	of	of	ADP
fsr-3916	191	143	month	month	NOUN
fsr-3916	191	144	t	t	PROPN
fsr-3916	191	145	;	;	PUNCT
fsr-3916	191	146	pt	pt	X
fsr-3916	191	147	is	be	AUX
fsr-3916	191	148	the	the	DET
fsr-3916	191	149	actual	actual	ADJ
fsr-3916	191	150	price	price	NOUN
fsr-3916	191	151	or	or	CCONJ
fsr-3916	191	152	level	level	NOUN
fsr-3916	191	153	of	of	ADP
fsr-3916	191	154	the	the	DET
fsr-3916	191	155	s&p	s&p	PROPN
fsr-3916	191	156	500	500	NUM
fsr-3916	191	157	index	index	NOUN
fsr-3916	191	158	at	at	ADP
fsr-3916	191	159	the	the	DET
fsr-3916	191	160	beginning	beginning	NOUN
fsr-3916	191	161	of	of	ADP
fsr-3916	191	162	month	month	NOUN
fsr-3916	191	163	t	t	PROPN
fsr-3916	191	164	;	;	PUNCT
fsr-3916	191	165	and	and	CCONJ
fsr-3916	191	166	sij	sij	PROPN
fsr-3916	191	167	is	be	AUX
fsr-3916	191	168	the	the	DET
fsr-3916	191	169	number	number	NOUN
fsr-3916	191	170	of	of	ADP
fsr-3916	191	171	months	month	NOUN
fsr-3916	191	172	from	from	ADP
fsr-3916	191	173	the	the	DET
fsr-3916	191	174	beginning	beginning	NOUN
fsr-3916	191	175	of	of	ADP
fsr-3916	191	176	month	month	NOUN
fsr-3916	191	177	t	t	PROPN
fsr-3916	191	178	135r	135r	PROPN
fsr-3916	191	179	.	.	PUNCT
fsr-3916	192	1	chung	chung	PROPN
fsr-3916	192	2	,	,	PUNCT
fsr-3916	192	3	l.	l.	PROPN
fsr-3916	192	4	kryzanowski	kryzanowski	PROPN
fsr-3916	192	5	/	/	SYM
fsr-3916	192	6	financial	financial	ADJ
fsr-3916	192	7	services	service	NOUN
fsr-3916	192	8	review	review	VERB
fsr-3916	192	9	9	9	NUM
fsr-3916	192	10	(	(	PUNCT
fsr-3916	192	11	2000	2000	NUM
fsr-3916	192	12	)	)	PUNCT
fsr-3916	193	1	125–144	125–144	NUM
fsr-3916	193	2	to	to	ADP
fsr-3916	193	3	the	the	DET
fsr-3916	193	4	switch	switch	NOUN
fsr-3916	193	5	month	month	NOUN
fsr-3916	193	6	that	that	PRON
fsr-3916	193	7	is	be	AUX
fsr-3916	193	8	relevant	relevant	ADJ
fsr-3916	193	9	for	for	ADP
fsr-3916	193	10	fiscal	fiscal	ADJ
fsr-3916	193	11	year	year	NOUN
fsr-3916	193	12	i	i	PRON
fsr-3916	193	13	for	for	ADP
fsr-3916	193	14	a	a	DET
fsr-3916	193	15	forecast	forecast	NOUN
fsr-3916	193	16	to	to	ADP
fsr-3916	193	17	i	i	PRON
fsr-3916	193	18	/	/	SYM
fsr-3916	193	19	b	b	X
fsr-3916	193	20	/	/	SYM
fsr-3916	193	21	e	e	NOUN
fsr-3916	193	22	/	/	SYM
fsr-3916	193	23	s	s	VERB
fsr-3916	193	24	by	by	ADP
fsr-3916	193	25	reporting	report	VERB
fsr-3916	193	26	group	group	NOUN
fsr-3916	193	27	j.	j.	PROPN
fsr-3916	193	28	cancelling	cancel	VERB
fsr-3916	193	29	out	out	ADP
fsr-3916	193	30	the	the	DET
fsr-3916	193	31	pt	pt	PROPN
fsr-3916	193	32	terms	term	NOUN
fsr-3916	193	33	in	in	ADP
fsr-3916	193	34	eq	eq	ADP
fsr-3916	193	35	.	.	PUNCT
fsr-3916	194	1	(	(	PUNCT
fsr-3916	194	2	2	2	NUM
fsr-3916	194	3	)	)	PUNCT
fsr-3916	194	4	and	and	CCONJ
fsr-3916	194	5	rearranging	rearrange	VERB
fsr-3916	194	6	(	(	PUNCT
fsr-3916	194	7	2	2	NUM
fsr-3916	194	8	)	)	PUNCT
fsr-3916	194	9	yields	yield	NOUN
fsr-3916	194	10	:	:	PUNCT
fsr-3916	194	11	rijt	rijt	NOUN
fsr-3916	194	12	5	5	NUM
fsr-3916	194	13	fsfijt	fsfijt	NOUN
fsr-3916	194	14	at	at	ADP
fsr-3916	194	15	d	d	PROPN
fsr-3916	194	16	1	1	NUM
fsr-3916	194	17	sij	sij	PROPN
fsr-3916	194	18	2	2	NUM
fsr-3916	194	19	1	1	NUM
fsr-3916	194	20	g	g	NOUN
fsr-3916	194	21	1	1	NUM
fsr-3916	194	22	@~dt	@~dt	ADJ
fsr-3916	194	23	!	!	PUNCT
fsr-3916	195	1	1	1	NUM
fsr-3916	195	2	12	12	NUM
fsr-3916	195	3	2	2	NUM
fsr-3916	195	4	1	1	NUM
fsr-3916	195	5	#	#	NOUN
fsr-3916	195	6	(	(	PUNCT
fsr-3916	195	7	3	3	NUM
fsr-3916	195	8	)	)	PUNCT
fsr-3916	195	9	thus	thus	ADV
fsr-3916	195	10	,	,	PUNCT
fsr-3916	195	11	the	the	DET
fsr-3916	195	12	return	return	NOUN
fsr-3916	195	13	estimated	estimate	VERB
fsr-3916	195	14	using	use	VERB
fsr-3916	195	15	the	the	DET
fsr-3916	195	16	first	first	ADJ
fsr-3916	195	17	approach	approach	NOUN
fsr-3916	195	18	is	be	AUX
fsr-3916	195	19	equivalent	equivalent	ADJ
fsr-3916	195	20	to	to	ADP
fsr-3916	195	21	that	that	PRON
fsr-3916	195	22	obtained	obtain	VERB
fsr-3916	195	23	using	use	VERB
fsr-3916	195	24	a	a	DET
fsr-3916	195	25	gordon	gordon	PROPN
fsr-3916	195	26	valuation	valuation	NOUN
fsr-3916	195	27	model	model	PROPN
fsr-3916	195	28	,	,	PUNCT
fsr-3916	195	29	when	when	SCONJ
fsr-3916	195	30	the	the	DET
fsr-3916	195	31	capital	capital	NOUN
fsr-3916	195	32	gain	gain	VERB
fsr-3916	195	33	component	component	NOUN
fsr-3916	195	34	of	of	ADP
fsr-3916	195	35	total	total	ADJ
fsr-3916	195	36	expected	expect	VERB
fsr-3916	195	37	return	return	NOUN
fsr-3916	195	38	is	be	AUX
fsr-3916	195	39	estimated	estimate	VERB
fsr-3916	195	40	as	as	ADP
fsr-3916	195	41	the	the	DET
fsr-3916	195	42	average	average	ADJ
fsr-3916	195	43	monthly	monthly	ADJ
fsr-3916	195	44	compound	compound	NOUN
fsr-3916	195	45	rate	rate	NOUN
fsr-3916	195	46	of	of	ADP
fsr-3916	195	47	change	change	NOUN
fsr-3916	195	48	in	in	ADP
fsr-3916	195	49	the	the	DET
fsr-3916	195	50	consensus	consensus	NOUN
fsr-3916	195	51	forecast	forecast	NOUN
fsr-3916	195	52	of	of	ADP
fsr-3916	195	53	earnings	earning	NOUN
fsr-3916	195	54	per	per	ADP
fsr-3916	195	55	share	share	NOUN
fsr-3916	195	56	for	for	ADP
fsr-3916	195	57	fy1	fy1	NOUN
fsr-3916	195	58	(	(	PUNCT
fsr-3916	195	59	or	or	CCONJ
fsr-3916	195	60	fy2	fy2	NOUN
fsr-3916	195	61	)	)	PUNCT
fsr-3916	195	62	for	for	ADP
fsr-3916	195	63	the	the	DET
fsr-3916	195	64	current	current	ADJ
fsr-3916	195	65	month	month	NOUN
fsr-3916	195	66	when	when	SCONJ
fsr-3916	195	67	benchmarked	benchmarke	VERB
fsr-3916	195	68	against	against	ADP
fsr-3916	195	69	the	the	DET
fsr-3916	195	70	most	most	ADV
fsr-3916	195	71	current	current	ADJ
fsr-3916	195	72	actual	actual	ADJ
fsr-3916	195	73	earnings	earning	NOUN
fsr-3916	195	74	per	per	ADP
fsr-3916	195	75	share	share	NOUN
fsr-3916	195	76	available	available	ADJ
fsr-3916	195	77	at	at	ADP
fsr-3916	195	78	the	the	DET
fsr-3916	195	79	beginning	beginning	NOUN
fsr-3916	195	80	of	of	ADP
fsr-3916	195	81	that	that	DET
fsr-3916	195	82	month	month	NOUN
fsr-3916	195	83	.	.	PUNCT
fsr-3916	196	1	the	the	DET
fsr-3916	196	2	equivalence	equivalence	NOUN
fsr-3916	196	3	of	of	ADP
fsr-3916	196	4	the	the	DET
fsr-3916	196	5	approaches	approach	NOUN
fsr-3916	196	6	assumes	assume	VERB
fsr-3916	196	7	that	that	SCONJ
fsr-3916	196	8	the	the	DET
fsr-3916	196	9	dividend	dividend	NOUN
fsr-3916	196	10	payout	payout	NOUN
fsr-3916	196	11	ratio	ratio	NOUN
fsr-3916	196	12	remains	remain	VERB
fsr-3916	196	13	constant	constant	ADJ
fsr-3916	196	14	.	.	PUNCT
fsr-3916	197	1	the	the	DET
fsr-3916	197	2	second	second	ADJ
fsr-3916	197	3	orpremiumapproach	orpremiumapproach	NOUN
fsr-3916	197	4	replaces	replace	VERB
fsr-3916	197	5	the	the	DET
fsr-3916	197	6	reciprocal	reciprocal	NOUN
fsr-3916	197	7	of	of	ADP
fsr-3916	197	8	thecurrent	thecurrent	NOUN
fsr-3916	197	9	earnings	earning	NOUN
fsr-3916	197	10	-	-	PUNCT
fsr-3916	197	11	to	to	ADP
fsr-3916	197	12	-	-	PUNCT
fsr-3916	197	13	price	price	NOUN
fsr-3916	197	14	in	in	ADP
fsr-3916	197	15	eq	eq	ADP
fsr-3916	197	16	.	.	PUNCT
fsr-3916	198	1	(	(	PUNCT
fsr-3916	198	2	2	2	NUM
fsr-3916	198	3	)	)	PUNCT
fsr-3916	198	4	with	with	ADP
fsr-3916	198	5	a	a	DET
fsr-3916	198	6	premium	premium	NOUN
fsr-3916	198	7	-	-	PUNCT
fsr-3916	198	8	based	base	VERB
fsr-3916	198	9	earnings	earning	NOUN
fsr-3916	198	10	-	-	PUNCT
fsr-3916	198	11	to	to	ADP
fsr-3916	198	12	-	-	PUNCT
fsr-3916	198	13	price	price	NOUN
fsr-3916	198	14	,	,	PUNCT
fsr-3916	198	15	which	which	PRON
fsr-3916	198	16	is	be	AUX
fsr-3916	198	17	calculated	calculate	VERB
fsr-3916	198	18	as	as	ADP
fsr-3916	198	19	the	the	DET
fsr-3916	198	20	current	current	ADJ
fsr-3916	198	21	risk	risk	NOUN
fsr-3916	198	22	-	-	PUNCT
fsr-3916	198	23	free	free	ADJ
fsr-3916	198	24	rate	rate	NOUN
fsr-3916	198	25	plus	plus	CCONJ
fsr-3916	198	26	the	the	DET
fsr-3916	198	27	historical	historical	ADJ
fsr-3916	198	28	average	average	ADJ
fsr-3916	198	29	premium	premium	NOUN
fsr-3916	198	30	of	of	ADP
fsr-3916	198	31	earnings	earning	NOUN
fsr-3916	198	32	-	-	PUNCT
fsr-3916	198	33	to	to	ADP
fsr-3916	198	34	-	-	PUNCT
fsr-3916	198	35	price	price	NOUN
fsr-3916	198	36	over	over	ADP
fsr-3916	198	37	the	the	DET
fsr-3916	198	38	return	return	NOUN
fsr-3916	198	39	on	on	ADP
fsr-3916	198	40	one	one	NUM
fsr-3916	198	41	-	-	PUNCT
fsr-3916	198	42	month	month	NOUN
fsr-3916	198	43	t	t	PROPN
fsr-3916	198	44	-	-	PUNCT
fsr-3916	198	45	bills	bill	NOUN
fsr-3916	198	46	.	.	PUNCT
fsr-3916	199	1	the	the	DET
fsr-3916	199	2	historic	historic	ADJ
fsr-3916	199	3	premium	premium	NOUN
fsr-3916	199	4	is	be	AUX
fsr-3916	199	5	proxied	proxie	VERB
fsr-3916	199	6	by	by	ADP
fsr-3916	199	7	the	the	DET
fsr-3916	199	8	most	most	ADV
fsr-3916	199	9	recent	recent	ADJ
fsr-3916	199	10	36	36	NUM
fsr-3916	199	11	-	-	PUNCT
fsr-3916	199	12	month	month	NOUN
fsr-3916	199	13	movingaverage	movingaverage	NOUN
fsr-3916	199	14	premium	premium	NOUN
fsr-3916	199	15	.	.	PUNCT
fsr-3916	200	1	the	the	DET
fsr-3916	200	2	metric	metric	NOUN
fsr-3916	200	3	proposed	propose	VERB
fsr-3916	200	4	by	by	ADP
fsr-3916	200	5	elton	elton	PROPN
fsr-3916	200	6	and	and	CCONJ
fsr-3916	200	7	gruber	gruber	PROPN
fsr-3916	200	8	(	(	PUNCT
fsr-3916	200	9	1991	1991	NUM
fsr-3916	200	10	)	)	PUNCT
fsr-3916	200	11	is	be	AUX
fsr-3916	200	12	used	use	VERB
fsr-3916	200	13	to	to	PART
fsr-3916	200	14	measure	measure	VERB
fsr-3916	200	15	market	market	NOUN
fsr-3916	200	16	timing	timing	NOUN
fsr-3916	200	17	ability	ability	NOUN
fsr-3916	200	18	for	for	ADP
fsr-3916	200	19	each	each	DET
fsr-3916	200	20	portfolio	portfolio	NOUN
fsr-3916	200	21	.	.	PUNCT
fsr-3916	201	1	the	the	DET
fsr-3916	201	2	proposed	propose	VERB
fsr-3916	201	3	metric	metric	NOUN
fsr-3916	201	4	for	for	ADP
fsr-3916	201	5	month	month	NOUN
fsr-3916	201	6	t	t	PROPN
fsr-3916	201	7	is	be	AUX
fsr-3916	201	8	equal	equal	ADJ
fsr-3916	201	9	to	to	ADP
fsr-3916	201	10	the	the	DET
fsr-3916	201	11	excess	excess	ADJ
fsr-3916	201	12	return	return	NOUN
fsr-3916	201	13	on	on	ADP
fsr-3916	201	14	the	the	DET
fsr-3916	201	15	portfolio	portfolio	NOUN
fsr-3916	201	16	for	for	ADP
fsr-3916	201	17	month	month	NOUN
fsr-3916	201	18	tminus	tminus	NOUN
fsr-3916	201	19	the	the	DET
fsr-3916	201	20	excess	excess	ADJ
fsr-3916	201	21	return	return	NOUN
fsr-3916	201	22	that	that	PRON
fsr-3916	201	23	would	would	AUX
fsr-3916	201	24	have	have	AUX
fsr-3916	201	25	been	be	AUX
fsr-3916	201	26	obtained	obtain	VERB
fsr-3916	201	27	on	on	ADP
fsr-3916	201	28	the	the	DET
fsr-3916	201	29	portfolio	portfolio	NOUN
fsr-3916	201	30	in	in	ADP
fsr-3916	201	31	month	month	NOUN
fsr-3916	201	32	t	t	PROPN
fsr-3916	201	33	if	if	SCONJ
fsr-3916	201	34	the	the	DET
fsr-3916	201	35	portfolio	portfolio	NOUN
fsr-3916	201	36	maintained	maintain	VERB
fsr-3916	201	37	its	its	PRON
fsr-3916	201	38	average	average	ADJ
fsr-3916	201	39	actual	actual	ADJ
fsr-3916	201	40	beta	beta	NOUN
fsr-3916	201	41	at	at	ADV
fsr-3916	201	42	all	all	DET
fsr-3916	201	43	points	point	NOUN
fsr-3916	201	44	in	in	ADP
fsr-3916	201	45	time	time	NOUN
fsr-3916	201	46	.	.	PUNCT
fsr-3916	202	1	more	more	ADV
fsr-3916	202	2	formally	formally	ADV
fsr-3916	202	3	,	,	PUNCT
fsr-3916	202	4	the	the	DET
fsr-3916	202	5	proposed	propose	VERB
fsr-3916	202	6	metric	metric	NOUN
fsr-3916	202	7	,	,	PUNCT
fsr-3916	202	8	dt	dt	X
fsr-3916	202	9	,	,	PUNCT
fsr-3916	202	10	for	for	ADP
fsr-3916	202	11	month	month	NOUN
fsr-3916	202	12	t	t	PROPN
fsr-3916	202	13	is	be	AUX
fsr-3916	202	14	:	:	PUNCT
fsr-3916	202	15	dt	dt	PROPN
fsr-3916	202	16	5	5	NUM
fsr-3916	202	17	r	r	NOUN
fsr-3916	202	18	t	t	NOUN
fsr-3916	202	19	2	2	NUM
fsr-3916	202	20	rb	rb	PROPN
fsr-3916	202	21	*	*	PROPN
fsr-3916	202	22	t	t	PROPN
fsr-3916	202	23	(	(	PUNCT
fsr-3916	202	24	4	4	NUM
fsr-3916	202	25	)	)	PUNCT
fsr-3916	202	26	where	where	SCONJ
fsr-3916	202	27	rt	rt	PROPN
fsr-3916	202	28	is	be	AUX
fsr-3916	202	29	the	the	DET
fsr-3916	202	30	excess	excess	ADJ
fsr-3916	202	31	return	return	NOUN
fsr-3916	202	32	on	on	ADP
fsr-3916	202	33	the	the	DET
fsr-3916	202	34	portfolio	portfolio	NOUN
fsr-3916	202	35	for	for	ADP
fsr-3916	202	36	month	month	NOUN
fsr-3916	202	37	t	t	PROPN
fsr-3916	202	38	,	,	PUNCT
fsr-3916	202	39	and	and	CCONJ
fsr-3916	202	40	rb*t	rb*t	NOUN
fsr-3916	202	41	is	be	AUX
fsr-3916	202	42	the	the	DET
fsr-3916	202	43	excess	excess	ADJ
fsr-3916	202	44	return	return	NOUN
fsr-3916	202	45	that	that	PRON
fsr-3916	202	46	would	would	AUX
fsr-3916	202	47	have	have	AUX
fsr-3916	202	48	been	be	AUX
fsr-3916	202	49	obtained	obtain	VERB
fsr-3916	202	50	on	on	ADP
fsr-3916	202	51	the	the	DET
fsr-3916	202	52	portfolio	portfolio	NOUN
fsr-3916	202	53	in	in	ADP
fsr-3916	202	54	month	month	NOUN
fsr-3916	202	55	t	t	PROPN
fsr-3916	202	56	if	if	SCONJ
fsr-3916	202	57	the	the	DET
fsr-3916	202	58	portfolio	portfolio	NOUN
fsr-3916	202	59	maintained	maintain	VERB
fsr-3916	202	60	its	its	PRON
fsr-3916	202	61	average	average	ADJ
fsr-3916	202	62	actual	actual	ADJ
fsr-3916	202	63	beta	beta	NOUN
fsr-3916	202	64	(	(	PUNCT
fsr-3916	202	65	represented	represent	VERB
fsr-3916	202	66	byb	byb	PROPN
fsr-3916	202	67	*	*	PUNCT
fsr-3916	202	68	)	)	PUNCT
fsr-3916	202	69	at	at	ADV
fsr-3916	202	70	all	all	DET
fsr-3916	202	71	points	point	NOUN
fsr-3916	202	72	in	in	ADP
fsr-3916	202	73	time	time	NOUN
fsr-3916	202	74	.	.	PUNCT
fsr-3916	203	1	this	this	DET
fsr-3916	203	2	average	average	ADJ
fsr-3916	203	3	actual	actual	ADJ
fsr-3916	203	4	beta	beta	NOUN
fsr-3916	203	5	portfolio	portfolio	NOUN
fsr-3916	203	6	represents	represent	VERB
fsr-3916	203	7	a	a	DET
fsr-3916	203	8	buy	buy	VERB
fsr-3916	203	9	-	-	PUNCT
fsr-3916	203	10	and	and	CCONJ
fsr-3916	203	11	-	-	PUNCT
fsr-3916	203	12	hold	hold	VERB
fsr-3916	203	13	portfolio	portfolio	NOUN
fsr-3916	203	14	with	with	ADP
fsr-3916	203	15	a	a	DET
fsr-3916	203	16	holding	hold	VERB
fsr-3916	203	17	period	period	NOUN
fsr-3916	203	18	equivalent	equivalent	ADJ
fsr-3916	203	19	to	to	ADP
fsr-3916	203	20	the	the	DET
fsr-3916	203	21	time	time	NOUN
fsr-3916	203	22	period	period	NOUN
fsr-3916	203	23	studied	study	VERB
fsr-3916	203	24	,	,	PUNCT
fsr-3916	203	25	namely	namely	ADV
fsr-3916	203	26	,	,	PUNCT
fsr-3916	203	27	218	218	NUM
fsr-3916	203	28	months	month	NOUN
fsr-3916	203	29	or	or	CCONJ
fsr-3916	203	30	slightly	slightly	ADV
fsr-3916	203	31	over	over	ADP
fsr-3916	203	32	18	18	NUM
fsr-3916	203	33	years	year	NOUN
fsr-3916	203	34	.	.	PUNCT
fsr-3916	204	1	each	each	DET
fsr-3916	204	2	excess	excess	ADJ
fsr-3916	204	3	return	return	NOUN
fsr-3916	204	4	for	for	ADP
fsr-3916	204	5	the	the	DET
fsr-3916	204	6	portfolio	portfolio	NOUN
fsr-3916	204	7	is	be	AUX
fsr-3916	204	8	obtained	obtain	VERB
fsr-3916	204	9	by	by	ADP
fsr-3916	204	10	subtracting	subtract	VERB
fsr-3916	204	11	the	the	DET
fsr-3916	204	12	t	t	PROPN
fsr-3916	204	13	-	-	PUNCT
fsr-3916	204	14	bill	bill	NOUN
fsr-3916	204	15	rate	rate	NOUN
fsr-3916	204	16	from	from	ADP
fsr-3916	204	17	the	the	DET
fsr-3916	204	18	portfolio	portfolio	NOUN
fsr-3916	204	19	’s	’s	PART
fsr-3916	204	20	return	return	NOUN
fsr-3916	204	21	.	.	PUNCT
fsr-3916	205	1	this	this	DET
fsr-3916	205	2	metric	metric	ADJ
fsr-3916	205	3	correctly	correctly	ADV
fsr-3916	205	4	measures	measure	VERB
fsr-3916	205	5	performance	performance	NOUN
fsr-3916	205	6	given	give	VERB
fsr-3916	205	7	market	market	NOUN
fsr-3916	205	8	timing	timing	NOUN
fsr-3916	205	9	because	because	SCONJ
fsr-3916	205	10	additional	additional	ADJ
fsr-3916	205	11	information	information	NOUN
fsr-3916	205	12	is	be	AUX
fsr-3916	205	13	used	use	VERB
fsr-3916	205	14	which	which	PRON
fsr-3916	205	15	is	be	AUX
fsr-3916	205	16	not	not	PART
fsr-3916	205	17	available	available	ADJ
fsr-3916	205	18	to	to	ADP
fsr-3916	205	19	an	an	DET
fsr-3916	205	20	outside	outside	ADJ
fsr-3916	205	21	performance	performance	NOUN
fsr-3916	205	22	assessor	assessor	NOUN
fsr-3916	205	23	.	.	PUNCT
fsr-3916	206	1	namely	namely	ADV
fsr-3916	206	2	,	,	PUNCT
fsr-3916	206	3	in	in	ADP
fsr-3916	206	4	addition	addition	NOUN
fsr-3916	206	5	to	to	ADP
fsr-3916	206	6	the	the	DET
fsr-3916	206	7	time	time	NOUN
fsr-3916	206	8	-	-	PUNCT
fsr-3916	206	9	series	series	NOUN
fsr-3916	206	10	of	of	ADP
fsr-3916	206	11	returns	return	NOUN
fsr-3916	206	12	for	for	ADP
fsr-3916	206	13	the	the	DET
fsr-3916	206	14	risk	risk	NOUN
fsr-3916	206	15	-	-	PUNCT
fsr-3916	206	16	free	free	ADJ
fsr-3916	206	17	and	and	CCONJ
fsr-3916	206	18	risky	risky	ADJ
fsr-3916	206	19	assets	asset	NOUN
fsr-3916	206	20	,	,	PUNCT
fsr-3916	206	21	we	we	PRON
fsr-3916	206	22	know	know	VERB
fsr-3916	206	23	and	and	CCONJ
fsr-3916	206	24	use	use	VERB
fsr-3916	206	25	the	the	DET
fsr-3916	206	26	portfolio	portfolio	NOUN
fsr-3916	206	27	proportions	proportion	NOUN
fsr-3916	206	28	at	at	ADP
fsr-3916	206	29	each	each	DET
fsr-3916	206	30	point	point	NOUN
fsr-3916	206	31	in	in	ADP
fsr-3916	206	32	time	time	NOUN
fsr-3916	206	33	in	in	ADP
fsr-3916	206	34	measuring	measure	VERB
fsr-3916	206	35	portfolio	portfolio	NOUN
fsr-3916	206	36	performance	performance	NOUN
fsr-3916	206	37	.	.	PUNCT
fsr-3916	207	1	for	for	ADP
fsr-3916	207	2	example	example	NOUN
fsr-3916	207	3	,	,	PUNCT
fsr-3916	207	4	if	if	SCONJ
fsr-3916	207	5	a	a	DET
fsr-3916	207	6	portfolio	portfolio	NOUN
fsr-3916	207	7	is	be	AUX
fsr-3916	207	8	invested	invest	VERB
fsr-3916	207	9	in	in	ADP
fsr-3916	207	10	equities	equity	NOUN
fsr-3916	207	11	for	for	ADP
fsr-3916	207	12	85	85	NUM
fsr-3916	207	13	%	%	NOUN
fsr-3916	207	14	of	of	ADP
fsr-3916	207	15	the	the	DET
fsr-3916	207	16	months	month	NOUN
fsr-3916	207	17	,	,	PUNCT
fsr-3916	207	18	then	then	ADV
fsr-3916	207	19	we	we	PRON
fsr-3916	207	20	know	know	VERB
fsr-3916	207	21	that	that	SCONJ
fsr-3916	207	22	its	its	PRON
fsr-3916	207	23	average	average	ADJ
fsr-3916	207	24	beta	beta	NOUN
fsr-3916	207	25	is	be	AUX
fsr-3916	207	26	0.85	0.85	NUM
fsr-3916	207	27	.	.	PUNCT
fsr-3916	208	1	6.2	6.2	NUM
fsr-3916	208	2	.	.	PUNCT
fsr-3916	209	1	test	test	NOUN
fsr-3916	209	2	results	result	VERB
fsr-3916	209	3	the	the	DET
fsr-3916	209	4	mean	mean	NOUN
fsr-3916	209	5	and	and	CCONJ
fsr-3916	209	6	median	median	ADJ
fsr-3916	209	7	one	one	NUM
fsr-3916	209	8	-	-	PUNCT
fsr-3916	209	9	month	month	NOUN
fsr-3916	209	10	forecast	forecast	NOUN
fsr-3916	209	11	errors	error	NOUN
fsr-3916	209	12	for	for	ADP
fsr-3916	209	13	the	the	DET
fsr-3916	209	14	s&p	s&p	PROPN
fsr-3916	209	15	500	500	NUM
fsr-3916	209	16	returns	return	NOUN
fsr-3916	209	17	for	for	ADP
fsr-3916	209	18	the	the	DET
fsr-3916	209	19	two	two	NUM
fsr-3916	209	20	return	return	NOUN
fsr-3916	209	21	prediction	prediction	NOUN
fsr-3916	209	22	methods	method	NOUN
fsr-3916	209	23	using	use	VERB
fsr-3916	209	24	the	the	DET
fsr-3916	209	25	two	two	NUM
fsr-3916	209	26	types	type	NOUN
fsr-3916	209	27	of	of	ADP
fsr-3916	209	28	s&p	s&p	PROPN
fsr-3916	209	29	500	500	NUM
fsr-3916	209	30	forecasts	forecast	NOUN
fsr-3916	209	31	for	for	ADP
fsr-3916	209	32	the	the	DET
fsr-3916	209	33	two	two	NUM
fsr-3916	209	34	fiscal	fiscal	ADJ
fsr-3916	209	35	years	year	NOUN
fsr-3916	209	36	are	be	AUX
fsr-3916	209	37	presented	present	VERB
fsr-3916	209	38	in	in	ADP
fsr-3916	209	39	table	table	NOUN
fsr-3916	209	40	3	3	NUM
fsr-3916	209	41	.	.	PUNCT
fsr-3916	210	1	as	as	SCONJ
fsr-3916	210	2	expected	expect	VERB
fsr-3916	210	3	based	base	VERB
fsr-3916	210	4	on	on	ADP
fsr-3916	210	5	earlier	early	ADJ
fsr-3916	210	6	results	result	NOUN
fsr-3916	210	7	,	,	PUNCT
fsr-3916	210	8	the	the	DET
fsr-3916	210	9	forecast	forecast	NOUN
fsr-3916	210	10	returns	return	NOUN
fsr-3916	210	11	are	be	AUX
fsr-3916	210	12	significantly	significantly	ADV
fsr-3916	210	13	higher	high	ADJ
fsr-3916	210	14	for	for	ADP
fsr-3916	210	15	the	the	DET
fsr-3916	210	16	bottom	bottom	ADJ
fsr-3916	210	17	-	-	PUNCT
fsr-3916	210	18	up	up	ADP
fsr-3916	210	19	forecasts	forecast	NOUN
fsr-3916	210	20	compared	compare	VERB
fsr-3916	210	21	to	to	ADP
fsr-3916	210	22	the	the	DET
fsr-3916	210	23	top	top	ADJ
fsr-3916	210	24	-	-	PUNCT
fsr-3916	210	25	down	down	ADP
fsr-3916	210	26	forecasts	forecast	NOUN
fsr-3916	210	27	.	.	PUNCT
fsr-3916	211	1	for	for	ADP
fsr-3916	211	2	the	the	DET
fsr-3916	211	3	136	136	NUM
fsr-3916	211	4	r.	r.	PROPN
fsr-3916	211	5	chung	chung	PROPN
fsr-3916	211	6	,	,	PUNCT
fsr-3916	211	7	l.	l.	PROPN
fsr-3916	211	8	kryzanowski	kryzanowski	PROPN
fsr-3916	211	9	/	/	SYM
fsr-3916	211	10	financial	financial	ADJ
fsr-3916	211	11	services	service	NOUN
fsr-3916	211	12	review	review	VERB
fsr-3916	211	13	9	9	NUM
fsr-3916	211	14	(	(	PUNCT
fsr-3916	211	15	2000	2000	NUM
fsr-3916	211	16	)	)	PUNCT
fsr-3916	211	17	125–144	125–144	NUM
fsr-3916	211	18	bottom	bottom	ADJ
fsr-3916	211	19	-	-	PUNCT
fsr-3916	211	20	up	up	ADP
fsr-3916	211	21	forecasts	forecast	NOUN
fsr-3916	211	22	,	,	PUNCT
fsr-3916	211	23	the	the	DET
fsr-3916	211	24	forecasted	forecast	VERB
fsr-3916	211	25	returns	return	NOUN
fsr-3916	211	26	are	be	AUX
fsr-3916	211	27	significant	significant	ADJ
fsr-3916	211	28	(	(	PUNCT
fsr-3916	211	29	and	and	CCONJ
fsr-3916	211	30	higher	high	ADJ
fsr-3916	211	31	than	than	ADP
fsr-3916	211	32	actual	actual	ADJ
fsr-3916	211	33	)	)	PUNCT
fsr-3916	211	34	for	for	ADP
fsr-3916	211	35	only	only	ADJ
fsr-3916	211	36	fy1	fy1	NOUN
fsr-3916	211	37	using	use	VERB
fsr-3916	211	38	both	both	DET
fsr-3916	211	39	thecurrent	thecurrent	NOUN
fsr-3916	211	40	e	e	NOUN
fsr-3916	211	41	/	/	NOUN
fsr-3916	211	42	pandpremiumapproaches	pandpremiumapproache	NOUN
fsr-3916	211	43	.	.	PUNCT
fsr-3916	212	1	for	for	ADP
fsr-3916	212	2	the	the	DET
fsr-3916	212	3	top	top	ADJ
fsr-3916	212	4	-	-	PUNCT
fsr-3916	212	5	down	down	ADP
fsr-3916	212	6	forecasts	forecast	NOUN
fsr-3916	212	7	,	,	PUNCT
fsr-3916	212	8	the	the	DET
fsr-3916	212	9	forecasted	forecast	VERB
fsr-3916	212	10	returns	return	NOUN
fsr-3916	212	11	are	be	AUX
fsr-3916	212	12	significant	significant	ADJ
fsr-3916	212	13	(	(	PUNCT
fsr-3916	212	14	and	and	CCONJ
fsr-3916	212	15	higher	high	ADJ
fsr-3916	212	16	than	than	ADP
fsr-3916	212	17	actual	actual	ADJ
fsr-3916	212	18	)	)	PUNCT
fsr-3916	212	19	only	only	ADV
fsr-3916	212	20	for	for	ADP
fsr-3916	212	21	fy1	fy1	NOUN
fsr-3916	212	22	using	use	VERB
fsr-3916	212	23	thecurrent	thecurrent	NOUN
fsr-3916	212	24	e	e	PROPN
fsr-3916	212	25	/	/	SYM
fsr-3916	212	26	p	p	NOUN
fsr-3916	212	27	approach	approach	NOUN
fsr-3916	212	28	.	.	PUNCT
fsr-3916	213	1	four	four	NUM
fsr-3916	213	2	summary	summary	NOUN
fsr-3916	213	3	statistics	statistic	NOUN
fsr-3916	213	4	for	for	ADP
fsr-3916	213	5	each	each	DET
fsr-3916	213	6	set	set	NOUN
fsr-3916	213	7	of	of	ADP
fsr-3916	213	8	24	24	NUM
fsr-3916	213	9	portfolios	portfolio	NOUN
fsr-3916	213	10	grouped	group	VERB
fsr-3916	213	11	by	by	ADP
fsr-3916	213	12	return	return	NOUN
fsr-3916	213	13	prediction	prediction	NOUN
fsr-3916	213	14	method	method	NOUN
fsr-3916	213	15	are	be	AUX
fsr-3916	213	16	examined	examine	VERB
fsr-3916	213	17	next	next	ADV
fsr-3916	213	18	.	.	PUNCT
fsr-3916	214	1	the	the	DET
fsr-3916	214	2	portfolios	portfolio	NOUN
fsr-3916	214	3	within	within	ADP
fsr-3916	214	4	each	each	DET
fsr-3916	214	5	set	set	NOUN
fsr-3916	214	6	are	be	AUX
fsr-3916	214	7	differentiated	differentiate	VERB
fsr-3916	214	8	by	by	ADP
fsr-3916	214	9	preferred	preferred	ADJ
fsr-3916	214	10	habitat	habitat	NOUN
fsr-3916	214	11	(	(	PUNCT
fsr-3916	214	12	four	four	NUM
fsr-3916	214	13	possibilities	possibility	NOUN
fsr-3916	214	14	)	)	PUNCT
fsr-3916	214	15	,	,	PUNCT
fsr-3916	214	16	type	type	NOUN
fsr-3916	214	17	of	of	ADP
fsr-3916	214	18	consensus	consensus	NOUN
fsr-3916	214	19	(	(	PUNCT
fsr-3916	214	20	three	three	NUM
fsr-3916	214	21	possibilities	possibility	NOUN
fsr-3916	214	22	)	)	PUNCT
fsr-3916	214	23	and	and	CCONJ
fsr-3916	214	24	forecast	forecast	NOUN
fsr-3916	214	25	horizon	horizon	NOUN
fsr-3916	214	26	(	(	PUNCT
fsr-3916	214	27	two	two	NUM
fsr-3916	214	28	possibilities	possibility	NOUN
fsr-3916	214	29	)	)	PUNCT
fsr-3916	214	30	.	.	PUNCT
fsr-3916	215	1	the	the	DET
fsr-3916	215	2	statistics	statistic	NOUN
fsr-3916	215	3	include	include	VERB
fsr-3916	215	4	the	the	DET
fsr-3916	215	5	mean	mean	ADJ
fsr-3916	215	6	and	and	CCONJ
fsr-3916	215	7	median	median	ADJ
fsr-3916	215	8	performance	performance	NOUN
fsr-3916	215	9	metric	metric	NOUN
fsr-3916	215	10	,	,	PUNCT
fsr-3916	215	11	the	the	DET
fsr-3916	215	12	number	number	NOUN
fsr-3916	215	13	of	of	ADP
fsr-3916	215	14	switches	switch	NOUN
fsr-3916	215	15	,	,	PUNCT
fsr-3916	215	16	and	and	CCONJ
fsr-3916	215	17	the	the	DET
fsr-3916	215	18	average	average	ADJ
fsr-3916	215	19	beta	beta	NOUN
fsr-3916	215	20	over	over	ADP
fsr-3916	215	21	the	the	DET
fsr-3916	215	22	218	218	NUM
fsr-3916	215	23	-	-	PUNCT
fsr-3916	215	24	month	month	NOUN
fsr-3916	215	25	period	period	NOUN
fsr-3916	215	26	.	.	PUNCT
fsr-3916	216	1	we	we	PRON
fsr-3916	216	2	also	also	ADV
fsr-3916	216	3	emphasize	emphasize	VERB
fsr-3916	216	4	the	the	DET
fsr-3916	216	5	results	result	NOUN
fsr-3916	216	6	for	for	ADP
fsr-3916	216	7	the	the	DET
fsr-3916	216	8	lowest	low	ADJ
fsr-3916	216	9	hurdle	hurdle	NOUN
fsr-3916	216	10	to	to	ADP
fsr-3916	216	11	the	the	DET
fsr-3916	216	12	achievement	achievement	NOUN
fsr-3916	216	13	of	of	ADP
fsr-3916	216	14	superior	superior	ADJ
fsr-3916	216	15	performance	performance	NOUN
fsr-3916	216	16	,	,	PUNCT
fsr-3916	216	17	that	that	ADV
fsr-3916	216	18	is	is	ADV
fsr-3916	216	19	,	,	PUNCT
fsr-3916	216	20	the	the	DET
fsr-3916	216	21	case	case	NOUN
fsr-3916	216	22	of	of	ADP
fsr-3916	216	23	an	an	DET
fsr-3916	216	24	investor	investor	NOUN
fsr-3916	216	25	who	who	PRON
fsr-3916	216	26	has	have	VERB
fsr-3916	216	27	no	no	DET
fsr-3916	216	28	preferred	preferred	ADJ
fsr-3916	216	29	habitat	habitat	NOUN
fsr-3916	216	30	and	and	CCONJ
fsr-3916	216	31	encounters	encounter	VERB
fsr-3916	216	32	no	no	DET
fsr-3916	216	33	transaction	transaction	NOUN
fsr-3916	216	34	costs	cost	NOUN
fsr-3916	216	35	in	in	ADP
fsr-3916	216	36	making	make	VERB
fsr-3916	216	37	switches	switch	NOUN
fsr-3916	216	38	.	.	PUNCT
fsr-3916	217	1	the	the	DET
fsr-3916	217	2	summary	summary	NOUN
fsr-3916	217	3	results	result	VERB
fsr-3916	217	4	for	for	ADP
fsr-3916	217	5	the	the	DET
fsr-3916	217	6	portfolios	portfolio	NOUN
fsr-3916	217	7	using	use	VERB
fsr-3916	217	8	thecurrent	thecurrent	NOUN
fsr-3916	217	9	e	e	PROPN
fsr-3916	217	10	/	/	SYM
fsr-3916	217	11	p	p	NOUN
fsr-3916	217	12	and	and	CCONJ
fsr-3916	217	13	premium	premium	NOUN
fsr-3916	217	14	return	return	NOUN
fsr-3916	217	15	prediction	prediction	NOUN
fsr-3916	217	16	methods	method	NOUN
fsr-3916	217	17	are	be	AUX
fsr-3916	217	18	presented	present	VERB
fsr-3916	217	19	in	in	ADP
fsr-3916	217	20	panels	panel	NOUN
fsr-3916	217	21	a	a	PRON
fsr-3916	217	22	and	and	CCONJ
fsr-3916	217	23	b	b	NOUN
fsr-3916	217	24	of	of	ADP
fsr-3916	217	25	table	table	NOUN
fsr-3916	217	26	4	4	NUM
fsr-3916	217	27	,	,	PUNCT
fsr-3916	217	28	respectively	respectively	ADV
fsr-3916	217	29	.	.	PUNCT
fsr-3916	218	1	first	first	ADV
fsr-3916	218	2	,	,	PUNCT
fsr-3916	218	3	all	all	PRON
fsr-3916	218	4	of	of	ADP
fsr-3916	218	5	the	the	DET
fsr-3916	218	6	mean	mean	ADJ
fsr-3916	218	7	performance	performance	NOUN
fsr-3916	218	8	metrics	metric	NOUN
fsr-3916	218	9	are	be	AUX
fsr-3916	218	10	not	not	PART
fsr-3916	218	11	statistically	statistically	ADV
fsr-3916	218	12	significant	significant	ADJ
fsr-3916	218	13	,	,	PUNCT
fsr-3916	218	14	and	and	CCONJ
fsr-3916	218	15	all	all	DET
fsr-3916	218	16	significant	significant	ADJ
fsr-3916	218	17	median	median	ADJ
fsr-3916	218	18	performance	performance	NOUN
fsr-3916	218	19	metrics	metric	NOUN
fsr-3916	218	20	are	be	AUX
fsr-3916	218	21	negative	negative	ADJ
fsr-3916	218	22	.	.	PUNCT
fsr-3916	219	1	thus	thus	ADV
fsr-3916	219	2	,	,	PUNCT
fsr-3916	219	3	these	these	DET
fsr-3916	219	4	test	test	NOUN
fsr-3916	219	5	results	result	NOUN
fsr-3916	219	6	are	be	AUX
fsr-3916	219	7	consistent	consistent	ADJ
fsr-3916	219	8	with	with	ADP
fsr-3916	219	9	the	the	DET
fsr-3916	219	10	notion	notion	NOUN
fsr-3916	219	11	of	of	ADP
fsr-3916	219	12	sharpe	sharpe	PROPN
fsr-3916	219	13	(	(	PUNCT
fsr-3916	219	14	1975	1975	NUM
fsr-3916	219	15	)	)	PUNCT
fsr-3916	219	16	that	that	PRON
fsr-3916	219	17	superior	superior	ADJ
fsr-3916	219	18	market	market	NOUN
fsr-3916	219	19	timing	timing	NOUN
fsr-3916	219	20	is	be	AUX
fsr-3916	219	21	extremely	extremely	ADV
fsr-3916	219	22	difficult	difficult	ADJ
fsr-3916	219	23	to	to	PART
fsr-3916	219	24	achieve	achieve	VERB
fsr-3916	219	25	using	use	VERB
fsr-3916	219	26	the	the	DET
fsr-3916	219	27	switching	switch	VERB
fsr-3916	219	28	rules	rule	NOUN
fsr-3916	219	29	and	and	CCONJ
fsr-3916	219	30	signals	signal	NOUN
fsr-3916	219	31	tested	test	VERB
fsr-3916	219	32	to	to	ADP
fsr-3916	219	33	this	this	DET
fsr-3916	219	34	point	point	NOUN
fsr-3916	219	35	.	.	PUNCT
fsr-3916	220	1	second	second	ADJ
fsr-3916	220	2	,	,	PUNCT
fsr-3916	220	3	even	even	ADV
fsr-3916	220	4	for	for	ADP
fsr-3916	220	5	the	the	DET
fsr-3916	220	6	lowest	low	ADJ
fsr-3916	220	7	hurdle	hurdle	NOUN
fsr-3916	220	8	to	to	ADP
fsr-3916	220	9	performance	performance	NOUN
fsr-3916	220	10	represented	represent	VERB
fsr-3916	220	11	by	by	ADP
fsr-3916	220	12	the	the	DET
fsr-3916	220	13	last	last	ADJ
fsr-3916	220	14	(	(	PUNCT
fsr-3916	220	15	right	right	ADV
fsr-3916	220	16	-	-	PUNCT
fsr-3916	220	17	most	most	ADJ
fsr-3916	220	18	)	)	PUNCT
fsr-3916	220	19	column	column	NOUN
fsr-3916	220	20	in	in	ADP
fsr-3916	220	21	both	both	DET
fsr-3916	220	22	panels	panel	NOUN
fsr-3916	220	23	of	of	ADP
fsr-3916	220	24	table	table	NOUN
fsr-3916	220	25	4	4	NUM
fsr-3916	220	26	,	,	PUNCT
fsr-3916	220	27	the	the	DET
fsr-3916	220	28	mean	mean	ADJ
fsr-3916	220	29	performance	performance	NOUN
fsr-3916	220	30	is	be	AUX
fsr-3916	220	31	not	not	PART
fsr-3916	220	32	significant	significant	ADJ
fsr-3916	220	33	.	.	PUNCT
fsr-3916	221	1	thus	thus	ADV
fsr-3916	221	2	,	,	PUNCT
fsr-3916	221	3	even	even	ADV
fsr-3916	221	4	when	when	SCONJ
fsr-3916	221	5	no	no	DET
fsr-3916	221	6	transaction	transaction	NOUN
fsr-3916	221	7	costs	cost	NOUN
fsr-3916	221	8	are	be	AUX
fsr-3916	221	9	incurred	incur	VERB
fsr-3916	221	10	for	for	ADP
fsr-3916	221	11	switching	switch	VERB
fsr-3916	221	12	between	between	ADP
fsr-3916	221	13	equities	equity	NOUN
fsr-3916	221	14	and	and	CCONJ
fsr-3916	221	15	cash	cash	NOUN
fsr-3916	221	16	or	or	CCONJ
fsr-3916	221	17	vice	vice	NOUN
fsr-3916	221	18	versa	versa	ADV
fsr-3916	221	19	,	,	PUNCT
fsr-3916	221	20	the	the	DET
fsr-3916	221	21	portfolios	portfolio	NOUN
fsr-3916	221	22	formed	form	VERB
fsr-3916	221	23	using	use	VERB
fsr-3916	221	24	our	our	PRON
fsr-3916	221	25	market	market	NOUN
fsr-3916	221	26	timing	timing	NOUN
fsr-3916	221	27	strategies	strategy	NOUN
fsr-3916	221	28	exhibit	exhibit	VERB
fsr-3916	221	29	a	a	DET
fsr-3916	221	30	table	table	NOUN
fsr-3916	221	31	3	3	NUM
fsr-3916	221	32	average	average	ADJ
fsr-3916	221	33	monthly	monthly	ADJ
fsr-3916	221	34	return	return	NOUN
fsr-3916	221	35	forecast	forecast	NOUN
fsr-3916	221	36	errors	error	NOUN
fsr-3916	221	37	for	for	ADP
fsr-3916	221	38	the	the	DET
fsr-3916	221	39	s&p	s&p	PROPN
fsr-3916	221	40	500	500	NUM
fsr-3916	221	41	index	index	NOUN
fsr-3916	221	42	for	for	ADP
fsr-3916	221	43	various	various	ADJ
fsr-3916	221	44	return	return	NOUN
fsr-3916	221	45	prediction	prediction	NOUN
fsr-3916	221	46	methods	method	NOUN
fsr-3916	221	47	,	,	PUNCT
fsr-3916	221	48	forward	forward	ADJ
fsr-3916	221	49	earnings	earning	NOUN
fsr-3916	221	50	forecasts	forecast	NOUN
fsr-3916	221	51	and	and	CCONJ
fsr-3916	221	52	forecaster	forecaster	NOUN
fsr-3916	221	53	typea	typea	NOUN
fsr-3916	221	54	return	return	NOUN
fsr-3916	221	55	prediction	prediction	NOUN
fsr-3916	221	56	methodb	methodb	NOUN
fsr-3916	221	57	statisticc	statisticc	ADJ
fsr-3916	221	58	top	top	ADJ
fsr-3916	221	59	-	-	PUNCT
fsr-3916	221	60	down	down	ADP
fsr-3916	221	61	consensus	consensus	NOUN
fsr-3916	221	62	forecasts	forecast	NOUN
fsr-3916	221	63	of	of	ADP
fsr-3916	221	64	earnings	earning	NOUN
fsr-3916	221	65	per	per	ADP
fsr-3916	221	66	share	share	NOUN
fsr-3916	221	67	by	by	ADP
fsr-3916	221	68	strategists	strategist	NOUN
fsr-3916	221	69	for	for	ADP
fsr-3916	221	70	fiscal	fiscal	ADJ
fsr-3916	221	71	year	year	NOUN
fsr-3916	221	72	bottom	bottom	ADJ
fsr-3916	221	73	-	-	PUNCT
fsr-3916	221	74	up	up	ADP
fsr-3916	221	75	consensus	consensus	NOUN
fsr-3916	221	76	forecasts	forecast	NOUN
fsr-3916	221	77	of	of	ADP
fsr-3916	221	78	earnings	earning	NOUN
fsr-3916	221	79	per	per	ADP
fsr-3916	221	80	share	share	NOUN
fsr-3916	221	81	by	by	ADP
fsr-3916	221	82	analysts	analyst	NOUN
fsr-3916	221	83	for	for	ADP
fsr-3916	221	84	fiscal	fiscal	ADJ
fsr-3916	221	85	year	year	NOUN
fsr-3916	221	86	fy1	fy1	NOUN
fsr-3916	221	87	fy2	fy2	NOUN
fsr-3916	221	88	fy1	fy1	NOUN
fsr-3916	221	89	fy2	fy2	NOUN
fsr-3916	221	90	mean	mean	NOUN
fsr-3916	221	91	0.0206	0.0206	NUM
fsr-3916	221	92	*	*	PUNCT
fsr-3916	221	93	*	*	PUNCT
fsr-3916	221	94	20.0031	20.0031	NUM
fsr-3916	221	95	0.0407	0.0407	NUM
fsr-3916	221	96	*	*	PUNCT
fsr-3916	221	97	*	*	PROPN
fsr-3916	221	98	0.0056	0.0056	NUM
fsr-3916	221	99	current	current	ADJ
fsr-3916	221	100	e	e	NOUN
fsr-3916	221	101	/	/	SYM
fsr-3916	221	102	p	p	NOUN
fsr-3916	221	103	median	median	NOUN
fsr-3916	221	104	0.0144	0.0144	NUM
fsr-3916	221	105	*	*	PROPN
fsr-3916	221	106	*	*	NOUN
fsr-3916	221	107	20.0023	20.0023	NUM
fsr-3916	221	108	0.0261	0.0261	NUM
fsr-3916	221	109	*	*	PUNCT
fsr-3916	221	110	*	*	PUNCT
fsr-3916	222	1	0.0037	0.0037	NUM
fsr-3916	222	2	mean	mean	NOUN
fsr-3916	222	3	20.0066	20.0066	NUM
fsr-3916	222	4	20.0054	20.0054	NUM
fsr-3916	222	5	0.0154	0.0154	NUM
fsr-3916	222	6	*	*	NOUN
fsr-3916	222	7	0.0036	0.0036	NUM
fsr-3916	222	8	premium	premium	NOUN
fsr-3916	222	9	median	median	NOUN
fsr-3916	222	10	20.0019	20.0019	NUM
fsr-3916	222	11	20.0040	20.0040	NUM
fsr-3916	222	12	0.0127	0.0127	NUM
fsr-3916	222	13	*	*	NOUN
fsr-3916	222	14	0.0028	0.0028	NUM
fsr-3916	222	15	this	this	DET
fsr-3916	222	16	table	table	NOUN
fsr-3916	222	17	reports	report	VERB
fsr-3916	222	18	the	the	DET
fsr-3916	222	19	mean	mean	NOUN
fsr-3916	222	20	and	and	CCONJ
fsr-3916	222	21	median	median	ADJ
fsr-3916	222	22	monthly	monthly	ADJ
fsr-3916	222	23	return	return	NOUN
fsr-3916	222	24	forecast	forecast	NOUN
fsr-3916	222	25	errors	error	NOUN
fsr-3916	222	26	,	,	PUNCT
fsr-3916	222	27	and	and	CCONJ
fsr-3916	222	28	tests	test	NOUN
fsr-3916	222	29	of	of	ADP
fsr-3916	222	30	their	their	PRON
fsr-3916	222	31	significance	significance	NOUN
fsr-3916	222	32	,	,	PUNCT
fsr-3916	222	33	for	for	ADP
fsr-3916	222	34	various	various	ADJ
fsr-3916	222	35	combinations	combination	NOUN
fsr-3916	222	36	of	of	ADP
fsr-3916	222	37	return	return	NOUN
fsr-3916	222	38	prediction	prediction	NOUN
fsr-3916	222	39	method	method	NOUN
fsr-3916	222	40	,	,	PUNCT
fsr-3916	222	41	fiscal	fiscal	ADJ
fsr-3916	222	42	year	year	NOUN
fsr-3916	222	43	end	end	NOUN
fsr-3916	222	44	and	and	CCONJ
fsr-3916	222	45	type	type	NOUN
fsr-3916	222	46	of	of	ADP
fsr-3916	222	47	forecasters	forecaster	NOUN
fsr-3916	222	48	.	.	PUNCT
fsr-3916	223	1	the	the	DET
fsr-3916	223	2	return	return	NOUN
fsr-3916	223	3	prediction	prediction	NOUN
fsr-3916	223	4	methods	method	NOUN
fsr-3916	223	5	are	be	AUX
fsr-3916	223	6	the	the	DET
fsr-3916	223	7	current	current	ADJ
fsr-3916	223	8	earnings	earning	NOUN
fsr-3916	223	9	-	-	PUNCT
fsr-3916	223	10	to	to	ADP
fsr-3916	223	11	-	-	PUNCT
fsr-3916	223	12	price	price	NOUN
fsr-3916	223	13	(	(	PUNCT
fsr-3916	223	14	e	e	NOUN
fsr-3916	223	15	/	/	SYM
fsr-3916	223	16	p	p	NOUN
fsr-3916	223	17	)	)	PUNCT
fsr-3916	223	18	and	and	CCONJ
fsr-3916	223	19	premium	premium	NOUN
fsr-3916	223	20	approaches	approach	NOUN
fsr-3916	223	21	.	.	PUNCT
fsr-3916	224	1	the	the	DET
fsr-3916	224	2	fiscal	fiscal	ADJ
fsr-3916	224	3	year	year	NOUN
fsr-3916	224	4	forecasts	forecast	NOUN
fsr-3916	224	5	are	be	AUX
fsr-3916	224	6	for	for	ADP
fsr-3916	224	7	the	the	DET
fsr-3916	224	8	next	next	ADJ
fsr-3916	224	9	year	year	NOUN
fsr-3916	224	10	(	(	PUNCT
fsr-3916	224	11	fy1	fy1	NOUN
fsr-3916	224	12	)	)	PUNCT
fsr-3916	224	13	and	and	CCONJ
fsr-3916	224	14	the	the	DET
fsr-3916	224	15	following	following	ADJ
fsr-3916	224	16	year	year	NOUN
fsr-3916	224	17	(	(	PUNCT
fsr-3916	224	18	fy2	fy2	NOUN
fsr-3916	224	19	)	)	PUNCT
fsr-3916	224	20	.	.	PUNCT
fsr-3916	225	1	the	the	DET
fsr-3916	225	2	forecaster	forecaster	ADJ
fsr-3916	225	3	type	type	NOUN
fsr-3916	225	4	is	be	AUX
fsr-3916	225	5	top	top	ADJ
fsr-3916	225	6	-	-	PUNCT
fsr-3916	225	7	down	down	NOUN
fsr-3916	225	8	for	for	ADP
fsr-3916	225	9	forecasts	forecast	NOUN
fsr-3916	225	10	made	make	VERB
fsr-3916	225	11	by	by	ADP
fsr-3916	225	12	market	market	NOUN
fsr-3916	225	13	strategists	strategist	NOUN
fsr-3916	225	14	,	,	PUNCT
fsr-3916	225	15	and	and	CCONJ
fsr-3916	225	16	bottom	bottom	NOUN
fsr-3916	225	17	-	-	PUNCT
fsr-3916	225	18	up	up	NOUN
fsr-3916	225	19	for	for	ADP
fsr-3916	225	20	forecasts	forecast	NOUN
fsr-3916	225	21	made	make	VERB
fsr-3916	225	22	by	by	ADP
fsr-3916	225	23	financial	financial	ADJ
fsr-3916	225	24	analysts	analyst	NOUN
fsr-3916	225	25	.	.	PUNCT
fsr-3916	226	1	a	a	DET
fsr-3916	226	2	the	the	DET
fsr-3916	226	3	forecast	forecast	NOUN
fsr-3916	226	4	errors	error	NOUN
fsr-3916	226	5	are	be	AUX
fsr-3916	226	6	equal	equal	ADJ
fsr-3916	226	7	to	to	ADP
fsr-3916	226	8	the	the	DET
fsr-3916	226	9	predicted	predict	VERB
fsr-3916	226	10	minus	minus	ADP
fsr-3916	226	11	the	the	DET
fsr-3916	226	12	actual	actual	ADJ
fsr-3916	226	13	return	return	NOUN
fsr-3916	226	14	for	for	ADP
fsr-3916	226	15	the	the	DET
fsr-3916	226	16	s&p	s&p	PROPN
fsr-3916	226	17	500	500	NUM
fsr-3916	226	18	index	index	NOUN
fsr-3916	226	19	for	for	ADP
fsr-3916	226	20	each	each	PRON
fsr-3916	226	21	of	of	ADP
fsr-3916	226	22	the	the	DET
fsr-3916	226	23	months	month	NOUN
fsr-3916	226	24	from	from	ADP
fsr-3916	226	25	january	january	PROPN
fsr-3916	226	26	1982	1982	NUM
fsr-3916	226	27	through	through	ADP
fsr-3916	226	28	february	february	PROPN
fsr-3916	226	29	2000	2000	NUM
fsr-3916	226	30	.	.	PUNCT
fsr-3916	227	1	b	b	X
fsr-3916	227	2	the	the	DET
fsr-3916	227	3	return	return	NOUN
fsr-3916	227	4	prediction	prediction	NOUN
fsr-3916	227	5	methods	method	NOUN
fsr-3916	227	6	are	be	AUX
fsr-3916	227	7	thecurrent	thecurrent	ADJ
fsr-3916	227	8	earnings	earning	NOUN
fsr-3916	227	9	-	-	PUNCT
fsr-3916	227	10	to	to	ADP
fsr-3916	227	11	-	-	PUNCT
fsr-3916	227	12	price	price	NOUN
fsr-3916	227	13	or	or	CCONJ
fsr-3916	227	14	e	e	NOUN
fsr-3916	227	15	/	/	SYM
fsr-3916	227	16	papproach	papproach	ADV
fsr-3916	227	17	,	,	PUNCT
fsr-3916	227	18	and	and	CCONJ
fsr-3916	227	19	thepremiumapproach	thepremiumapproach	NOUN
fsr-3916	227	20	.	.	PUNCT
fsr-3916	228	1	these	these	DET
fsr-3916	228	2	two	two	NUM
fsr-3916	228	3	models	model	NOUN
fsr-3916	228	4	are	be	AUX
fsr-3916	228	5	discussed	discuss	VERB
fsr-3916	228	6	at	at	ADP
fsr-3916	228	7	length	length	NOUN
fsr-3916	228	8	in	in	ADP
fsr-3916	228	9	the	the	DET
fsr-3916	228	10	body	body	NOUN
fsr-3916	228	11	of	of	ADP
fsr-3916	228	12	this	this	DET
fsr-3916	228	13	article	article	NOUN
fsr-3916	228	14	.	.	PUNCT
fsr-3916	229	1	c	c	PROPN
fsr-3916	229	2	tests	test	NOUN
fsr-3916	229	3	are	be	AUX
fsr-3916	229	4	conducted	conduct	VERB
fsr-3916	229	5	to	to	PART
fsr-3916	229	6	determine	determine	VERB
fsr-3916	229	7	if	if	SCONJ
fsr-3916	229	8	the	the	DET
fsr-3916	229	9	forecast	forecast	NOUN
fsr-3916	229	10	errors	error	NOUN
fsr-3916	229	11	are	be	AUX
fsr-3916	229	12	different	different	ADJ
fsr-3916	229	13	from	from	ADP
fsr-3916	229	14	zero	zero	NUM
fsr-3916	229	15	.	.	PUNCT
fsr-3916	230	1	*	*	PUNCT
fsr-3916	231	1	and	and	CCONJ
fsr-3916	231	2	*	*	PUNCT
fsr-3916	231	3	*	*	NOUN
fsr-3916	231	4	indicate	indicate	VERB
fsr-3916	231	5	significance	significance	NOUN
fsr-3916	231	6	at	at	ADP
fsr-3916	231	7	the	the	DET
fsr-3916	231	8	0.05	0.05	NUM
fsr-3916	231	9	and	and	CCONJ
fsr-3916	231	10	0.01	0.01	NUM
fsr-3916	231	11	levels	level	NOUN
fsr-3916	231	12	,	,	PUNCT
fsr-3916	231	13	respectively	respectively	ADV
fsr-3916	231	14	.	.	PUNCT
fsr-3916	232	1	137r	137r	NOUN
fsr-3916	232	2	.	.	PUNCT
fsr-3916	233	1	chung	chung	PROPN
fsr-3916	233	2	,	,	PUNCT
fsr-3916	233	3	l.	l.	PROPN
fsr-3916	233	4	kryzanowski	kryzanowski	PROPN
fsr-3916	233	5	/	/	SYM
fsr-3916	233	6	financial	financial	ADJ
fsr-3916	233	7	services	service	NOUN
fsr-3916	233	8	review	review	VERB
fsr-3916	233	9	9	9	NUM
fsr-3916	233	10	(	(	PUNCT
fsr-3916	233	11	2000	2000	NUM
fsr-3916	233	12	)	)	PUNCT
fsr-3916	233	13	125–144	125–144	NUM
fsr-3916	233	14	table	table	NOUN
fsr-3916	233	15	4	4	NUM
fsr-3916	233	16	summary	summary	NOUN
fsr-3916	233	17	statistics	statistic	NOUN
fsr-3916	233	18	for	for	ADP
fsr-3916	233	19	performance	performance	NOUN
fsr-3916	233	20	,	,	PUNCT
fsr-3916	233	21	risk	risk	NOUN
fsr-3916	233	22	and	and	CCONJ
fsr-3916	233	23	activity	activity	NOUN
fsr-3916	233	24	for	for	ADP
fsr-3916	233	25	portfolios	portfolio	NOUN
fsr-3916	233	26	actively	actively	ADV
fsr-3916	233	27	managed	manage	VERB
fsr-3916	233	28	using	use	VERB
fsr-3916	233	29	the	the	DET
fsr-3916	233	30	current	current	ADJ
fsr-3916	233	31	e	e	NOUN
fsr-3916	233	32	/	/	SYM
fsr-3916	233	33	p	p	NOUN
fsr-3916	233	34	return	return	NOUN
fsr-3916	233	35	prediction	prediction	NOUN
fsr-3916	233	36	and	and	CCONJ
fsr-3916	233	37	premium	premium	NOUN
fsr-3916	233	38	approaches	approach	NOUN
fsr-3916	233	39	and	and	CCONJ
fsr-3916	233	40	consensus	consensus	NOUN
fsr-3916	233	41	earnings	earning	NOUN
fsr-3916	233	42	forecasts	forecast	NOUN
fsr-3916	233	43	panel	panel	VERB
fsr-3916	233	44	a	a	X
fsr-3916	233	45	:	:	PUNCT
fsr-3916	233	46	various	various	ADJ
fsr-3916	233	47	portfolio	portfolio	NOUN
fsr-3916	233	48	statistics	statistic	NOUN
fsr-3916	233	49	for	for	ADP
fsr-3916	233	50	timing	time	VERB
fsr-3916	233	51	portfolios	portfolio	NOUN
fsr-3916	233	52	using	use	VERB
fsr-3916	233	53	current	current	ADJ
fsr-3916	233	54	e	e	NOUN
fsr-3916	233	55	/	/	SYM
fsr-3916	233	56	p	p	NOUN
fsr-3916	233	57	return	return	NOUN
fsr-3916	233	58	prediction	prediction	NOUN
fsr-3916	233	59	approach	approach	NOUN
fsr-3916	233	60	type	type	NOUN
fsr-3916	233	61	of	of	ADP
fsr-3916	233	62	consensus	consensus	NOUN
fsr-3916	233	63	forecast	forecast	NOUN
fsr-3916	233	64	of	of	ADP
fsr-3916	233	65	earnings	earning	NOUN
fsr-3916	233	66	per	per	ADP
fsr-3916	233	67	share	share	NOUN
fsr-3916	233	68	used	use	VERB
fsr-3916	233	69	statistica	statistica	PROPN
fsr-3916	233	70	natural	natural	ADJ
fsr-3916	233	71	habitate	habitate	NOUN
fsr-3916	233	72	stockf	stockf	NOUN
fsr-3916	233	73	cashf	cashf	VERB
fsr-3916	233	74	nonef	nonef	PROPN
fsr-3916	233	75	noneg	noneg	PROPN
fsr-3916	233	76	consensus	consensus	PROPN
fsr-3916	233	77	top	top	ADJ
fsr-3916	233	78	-	-	PUNCT
fsr-3916	233	79	down	down	ADP
fsr-3916	233	80	forecasts	forecast	NOUN
fsr-3916	233	81	of	of	ADP
fsr-3916	233	82	earnings	earning	NOUN
fsr-3916	233	83	per	per	ADP
fsr-3916	233	84	share	share	NOUN
fsr-3916	233	85	for	for	ADP
fsr-3916	233	86	fy1	fy1	NOUN
fsr-3916	233	87	by	by	ADP
fsr-3916	233	88	strategists	strategist	NOUN
fsr-3916	233	89	meanb	meanb	VERB
fsr-3916	233	90	20.0011	20.0011	NUM
fsr-3916	233	91	20.0020	20.0020	NUM
fsr-3916	233	92	20.0011	20.0011	NUM
fsr-3916	233	93	20.0020	20.0020	NUM
fsr-3916	233	94	medianb	medianb	NOUN
fsr-3916	233	95	20.0017	20.0017	NUM
fsr-3916	233	96	20.0041	20.0041	NUM
fsr-3916	233	97	*	*	SYM
fsr-3916	233	98	20.0024	20.0024	NUM
fsr-3916	233	99	20.0030	20.0030	NUM
fsr-3916	233	100	#	#	NOUN
fsr-3916	233	101	of	of	ADP
fsr-3916	233	102	switchesc	switchesc	NOUN
fsr-3916	233	103	8	8	NUM
fsr-3916	233	104	9	9	NUM
fsr-3916	233	105	6	6	NUM
fsr-3916	233	106	10	10	NUM
fsr-3916	233	107	betad	betad	NOUN
fsr-3916	233	108	0.940	0.940	NUM
fsr-3916	233	109	0.830	0.830	NUM
fsr-3916	233	110	0.890	0.890	NUM
fsr-3916	233	111	0.890	0.890	NUM
fsr-3916	233	112	consensus	consensus	NOUN
fsr-3916	233	113	top	top	ADJ
fsr-3916	233	114	-	-	PUNCT
fsr-3916	233	115	down	down	ADP
fsr-3916	233	116	forecasts	forecast	NOUN
fsr-3916	233	117	of	of	ADP
fsr-3916	233	118	earnings	earning	NOUN
fsr-3916	233	119	per	per	ADP
fsr-3916	233	120	share	share	NOUN
fsr-3916	233	121	for	for	ADP
fsr-3916	233	122	fy2	fy2	NOUN
fsr-3916	233	123	by	by	ADP
fsr-3916	233	124	strategists	strategist	NOUN
fsr-3916	233	125	mean	mean	VERB
fsr-3916	233	126	20.0001	20.0001	NUM
fsr-3916	233	127	0.0003	0.0003	NUM
fsr-3916	233	128	0.0001	0.0001	NUM
fsr-3916	233	129	0.0011	0.0011	NUM
fsr-3916	233	130	median	median	NOUN
fsr-3916	233	131	0.0006	0.0006	NUM
fsr-3916	233	132	20.0048	20.0048	NUM
fsr-3916	233	133	*	*	SYM
fsr-3916	233	134	*	*	NOUN
fsr-3916	234	1	0.0004	0.0004	NUM
fsr-3916	234	2	20.0039	20.0039	NUM
fsr-3916	234	3	*	*	PUNCT
fsr-3916	234	4	#	#	NOUN
fsr-3916	234	5	of	of	ADP
fsr-3916	234	6	switches	switch	NOUN
fsr-3916	234	7	2	2	NUM
fsr-3916	234	8	8	8	NUM
fsr-3916	234	9	2	2	NUM
fsr-3916	234	10	18	18	NUM
fsr-3916	234	11	beta	beta	NOUN
fsr-3916	234	12	0.995	0.995	NUM
fsr-3916	234	13	0.491	0.491	NUM
fsr-3916	234	14	0.973	0.973	NUM
fsr-3916	234	15	0.794	0.794	NUM
fsr-3916	234	16	consensus	consensus	NOUN
fsr-3916	234	17	bottom	bottom	ADJ
fsr-3916	234	18	-	-	PUNCT
fsr-3916	234	19	up	up	ADP
fsr-3916	234	20	forecasts	forecast	NOUN
fsr-3916	234	21	of	of	ADP
fsr-3916	234	22	earnings	earning	NOUN
fsr-3916	234	23	per	per	ADP
fsr-3916	234	24	share	share	NOUN
fsr-3916	234	25	for	for	ADP
fsr-3916	234	26	fy1	fy1	NOUN
fsr-3916	234	27	by	by	ADP
fsr-3916	234	28	analysts	analyst	NOUN
fsr-3916	234	29	mean	mean	VERB
fsr-3916	234	30	20.0006	20.0006	NUM
fsr-3916	234	31	20.0009	20.0009	NUM
fsr-3916	234	32	20.0007	20.0007	NUM
fsr-3916	234	33	20.0006	20.0006	NUM
fsr-3916	234	34	median	median	NOUN
fsr-3916	234	35	20.0001	20.0001	NUM
fsr-3916	234	36	20.0007	20.0007	NUM
fsr-3916	234	37	20.0005	20.0005	NUM
fsr-3916	234	38	20.0003	20.0003	NUM
fsr-3916	234	39	#	#	NOUN
fsr-3916	234	40	of	of	ADP
fsr-3916	234	41	switches	switch	NOUN
fsr-3916	234	42	4	4	NUM
fsr-3916	234	43	5	5	NUM
fsr-3916	234	44	4	4	NUM
fsr-3916	234	45	4	4	NUM
fsr-3916	234	46	beta	beta	NOUN
fsr-3916	234	47	0.973	0.973	NUM
fsr-3916	234	48	0.950	0.950	NUM
fsr-3916	234	49	0.968	0.968	NUM
fsr-3916	234	50	0.954	0.954	NUM
fsr-3916	234	51	consensus	consensus	NOUN
fsr-3916	234	52	bottom	bottom	ADJ
fsr-3916	234	53	-	-	PUNCT
fsr-3916	234	54	up	up	ADP
fsr-3916	234	55	forecasts	forecast	NOUN
fsr-3916	234	56	of	of	ADP
fsr-3916	234	57	earnings	earning	NOUN
fsr-3916	234	58	per	per	ADP
fsr-3916	234	59	share	share	NOUN
fsr-3916	234	60	for	for	ADP
fsr-3916	234	61	fy2	fy2	NOUN
fsr-3916	234	62	by	by	ADP
fsr-3916	234	63	analysts	analyst	NOUN
fsr-3916	234	64	mean	mean	VERB
fsr-3916	234	65	20.0001	20.0001	NUM
fsr-3916	234	66	0.0004	0.0004	NUM
fsr-3916	234	67	20.0001	20.0001	NUM
fsr-3916	234	68	20.0001	20.0001	NUM
fsr-3916	234	69	median	median	NOUN
fsr-3916	234	70	0.0006	0.0006	NUM
fsr-3916	234	71	0.0004	0.0004	NUM
fsr-3916	234	72	0.0006	0.0006	NUM
fsr-3916	234	73	0.0006	0.0006	NUM
fsr-3916	234	74	#	#	NOUN
fsr-3916	234	75	of	of	ADP
fsr-3916	234	76	switches	switch	NOUN
fsr-3916	234	77	2	2	NUM
fsr-3916	234	78	3	3	NUM
fsr-3916	234	79	2	2	NUM
fsr-3916	234	80	2	2	NUM
fsr-3916	234	81	beta	beta	NOUN
fsr-3916	234	82	0.995	0.995	NUM
fsr-3916	234	83	0.977	0.977	NUM
fsr-3916	234	84	0.995	0.995	NUM
fsr-3916	234	85	0.995	0.995	NUM
fsr-3916	234	86	consensus	consensus	NOUN
fsr-3916	234	87	top	top	ADJ
fsr-3916	234	88	-	-	PUNCT
fsr-3916	234	89	down	down	ADP
fsr-3916	234	90	forecasts	forecast	NOUN
fsr-3916	234	91	of	of	ADP
fsr-3916	234	92	strategists	strategist	NOUN
fsr-3916	234	93	and	and	CCONJ
fsr-3916	234	94	bottomup	bottomup	VERB
fsr-3916	234	95	forecasts	forecast	NOUN
fsr-3916	234	96	of	of	ADP
fsr-3916	234	97	analysts	analyst	NOUN
fsr-3916	234	98	for	for	ADP
fsr-3916	234	99	earnings	earning	NOUN
fsr-3916	234	100	per	per	ADP
fsr-3916	234	101	share	share	NOUN
fsr-3916	234	102	for	for	ADP
fsr-3916	234	103	fy1	fy1	NOUN
fsr-3916	234	104	(	(	PUNCT
fsr-3916	234	105	switches	switch	NOUN
fsr-3916	234	106	occur	occur	VERB
fsr-3916	234	107	only	only	ADV
fsr-3916	234	108	if	if	SCONJ
fsr-3916	234	109	both	both	DET
fsr-3916	234	110	screens	screen	NOUN
fsr-3916	234	111	are	be	AUX
fsr-3916	234	112	satisfied	satisfied	ADJ
fsr-3916	234	113	)	)	PUNCT
fsr-3916	234	114	mean	mean	VERB
fsr-3916	234	115	20.0001	20.0001	NUM
fsr-3916	234	116	20.0001	20.0001	NUM
fsr-3916	234	117	20.0001	20.0001	NUM
fsr-3916	234	118	20.0001	20.0001	NUM
fsr-3916	234	119	median	median	NOUN
fsr-3916	234	120	0.0006	0.0006	NUM
fsr-3916	234	121	20.0011	20.0011	NUM
fsr-3916	234	122	0.0006	0.0006	NUM
fsr-3916	234	123	0.0006	0.0006	NUM
fsr-3916	234	124	#	#	NOUN
fsr-3916	234	125	of	of	ADP
fsr-3916	234	126	switches	switch	NOUN
fsr-3916	234	127	2	2	NUM
fsr-3916	234	128	1	1	NUM
fsr-3916	234	129	2	2	NUM
fsr-3916	234	130	2	2	NUM
fsr-3916	234	131	beta	beta	NOUN
fsr-3916	234	132	0.995	0.995	NUM
fsr-3916	234	133	0.936	0.936	NUM
fsr-3916	234	134	0.995	0.995	NUM
fsr-3916	234	135	0.995	0.995	NUM
fsr-3916	234	136	consensus	consensus	NOUN
fsr-3916	234	137	top	top	ADJ
fsr-3916	234	138	-	-	PUNCT
fsr-3916	234	139	down	down	ADP
fsr-3916	234	140	forecasts	forecast	NOUN
fsr-3916	234	141	of	of	ADP
fsr-3916	234	142	strategists	strategist	NOUN
fsr-3916	234	143	and	and	CCONJ
fsr-3916	234	144	bottomup	bottomup	VERB
fsr-3916	234	145	forecasts	forecast	NOUN
fsr-3916	234	146	of	of	ADP
fsr-3916	234	147	analysts	analyst	NOUN
fsr-3916	234	148	for	for	ADP
fsr-3916	234	149	earnings	earning	NOUN
fsr-3916	234	150	per	per	ADP
fsr-3916	234	151	share	share	NOUN
fsr-3916	234	152	for	for	ADP
fsr-3916	234	153	fy2	fy2	PROPN
fsr-3916	234	154	(	(	PUNCT
fsr-3916	234	155	switches	switch	NOUN
fsr-3916	234	156	occur	occur	VERB
fsr-3916	234	157	only	only	ADV
fsr-3916	234	158	if	if	SCONJ
fsr-3916	234	159	both	both	DET
fsr-3916	234	160	screens	screen	NOUN
fsr-3916	234	161	are	be	AUX
fsr-3916	234	162	satisfied	satisfied	ADJ
fsr-3916	234	163	)	)	PUNCT
fsr-3916	234	164	mean	mean	VERB
fsr-3916	234	165	20.0001	20.0001	NUM
fsr-3916	234	166	20.0001	20.0001	NUM
fsr-3916	234	167	20.0001	20.0001	NUM
fsr-3916	234	168	20.0001	20.0001	NUM
fsr-3916	234	169	median	median	NOUN
fsr-3916	234	170	0.0006	0.0006	NUM
fsr-3916	234	171	20.0011	20.0011	NUM
fsr-3916	234	172	0.0006	0.0006	NUM
fsr-3916	234	173	0.0006	0.0006	NUM
fsr-3916	234	174	#	#	NOUN
fsr-3916	234	175	of	of	ADP
fsr-3916	234	176	switches	switch	NOUN
fsr-3916	234	177	2	2	NUM
fsr-3916	234	178	1	1	NUM
fsr-3916	234	179	2	2	NUM
fsr-3916	234	180	2	2	NUM
fsr-3916	234	181	beta	beta	NOUN
fsr-3916	234	182	0.995	0.995	NUM
fsr-3916	234	183	0.936	0.936	NUM
fsr-3916	234	184	0.995	0.995	NUM
fsr-3916	234	185	0.995	0.995	NUM
fsr-3916	234	186	panel	panel	NOUN
fsr-3916	234	187	b	b	NOUN
fsr-3916	234	188	:	:	PUNCT
fsr-3916	234	189	various	various	ADJ
fsr-3916	234	190	portfolio	portfolio	NOUN
fsr-3916	234	191	statistics	statistic	NOUN
fsr-3916	234	192	for	for	ADP
fsr-3916	234	193	timing	time	VERB
fsr-3916	234	194	portfolios	portfolio	NOUN
fsr-3916	234	195	using	use	VERB
fsr-3916	234	196	premium	premium	NOUN
fsr-3916	234	197	return	return	NOUN
fsr-3916	234	198	prediction	prediction	NOUN
fsr-3916	234	199	approach	approach	NOUN
fsr-3916	234	200	type	type	NOUN
fsr-3916	234	201	of	of	ADP
fsr-3916	234	202	consensus	consensus	NOUN
fsr-3916	234	203	forecast	forecast	NOUN
fsr-3916	234	204	of	of	ADP
fsr-3916	234	205	earnings	earning	NOUN
fsr-3916	234	206	per	per	ADP
fsr-3916	234	207	share	share	NOUN
fsr-3916	234	208	used	use	VERB
fsr-3916	234	209	statistica	statistica	PROPN
fsr-3916	234	210	natural	natural	ADJ
fsr-3916	234	211	habitata	habitata	PROPN
fsr-3916	234	212	stockf	stockf	NOUN
fsr-3916	234	213	cashf	cashf	VERB
fsr-3916	234	214	nonef	nonef	PROPN
fsr-3916	234	215	noneg	noneg	PROPN
fsr-3916	234	216	consensus	consensus	PROPN
fsr-3916	234	217	top	top	ADJ
fsr-3916	234	218	-	-	PUNCT
fsr-3916	234	219	down	down	ADP
fsr-3916	234	220	forecasts	forecast	NOUN
fsr-3916	234	221	of	of	ADP
fsr-3916	234	222	earnings	earning	NOUN
fsr-3916	234	223	per	per	ADP
fsr-3916	234	224	share	share	NOUN
fsr-3916	234	225	for	for	ADP
fsr-3916	234	226	fy1	fy1	NOUN
fsr-3916	234	227	by	by	ADP
fsr-3916	234	228	strategists	strategist	NOUN
fsr-3916	234	229	meanb	meanb	VERB
fsr-3916	234	230	0.0003	0.0003	NUM
fsr-3916	234	231	0	0	NUM
fsr-3916	234	232	0.0002	0.0002	NUM
fsr-3916	234	233	20.0002	20.0002	NUM
fsr-3916	234	234	medianb	medianb	NOUN
fsr-3916	234	235	20.0059	20.0059	NUM
fsr-3916	234	236	*	*	SYM
fsr-3916	234	237	*	*	NOUN
fsr-3916	234	238	20.0050	20.0050	NUM
fsr-3916	234	239	*	*	SYM
fsr-3916	234	240	20.0051	20.0051	NUM
fsr-3916	234	241	*	*	PUNCT
fsr-3916	234	242	*	*	NOUN
fsr-3916	234	243	20.0055	20.0055	NUM
fsr-3916	234	244	*	*	NOUN
fsr-3916	234	245	*	*	PUNCT
fsr-3916	234	246	#	#	PROPN
fsr-3916	234	247	of	of	ADP
fsr-3916	234	248	switchesc	switchesc	NOUN
fsr-3916	234	249	11	11	NUM
fsr-3916	234	250	6	6	NUM
fsr-3916	234	251	7	7	NUM
fsr-3916	234	252	13	13	NUM
fsr-3916	234	253	betad	betad	NOUN
fsr-3916	234	254	0.560	0.560	NUM
fsr-3916	234	255	0.467	0.467	NUM
fsr-3916	234	256	0.478	0.478	NUM
fsr-3916	234	257	0.528	0.528	NUM
fsr-3916	234	258	consensus	consensus	NOUN
fsr-3916	234	259	top	top	ADJ
fsr-3916	234	260	-	-	PUNCT
fsr-3916	234	261	down	down	ADP
fsr-3916	234	262	forecasts	forecast	NOUN
fsr-3916	234	263	of	of	ADP
fsr-3916	234	264	earnings	earning	NOUN
fsr-3916	234	265	per	per	ADP
fsr-3916	234	266	share	share	NOUN
fsr-3916	234	267	for	for	ADP
fsr-3916	234	268	fy2	fy2	NOUN
fsr-3916	234	269	by	by	ADP
fsr-3916	234	270	strategists	strategist	NOUN
fsr-3916	234	271	mean	mean	VERB
fsr-3916	234	272	0.0013	0.0013	NUM
fsr-3916	234	273	20.0004	20.0004	NUM
fsr-3916	234	274	0.0011	0.0011	NUM
fsr-3916	234	275	0.0011	0.0011	NUM
fsr-3916	234	276	median	median	NOUN
fsr-3916	234	277	20.0016	20.0016	NUM
fsr-3916	234	278	20.0047	20.0047	NUM
fsr-3916	234	279	*	*	SYM
fsr-3916	234	280	*	*	NOUN
fsr-3916	234	281	20.0038	20.0038	NUM
fsr-3916	234	282	20.0064	20.0064	NUM
fsr-3916	234	283	*	*	SYM
fsr-3916	234	284	*	*	PUNCT
fsr-3916	234	285	#	#	NOUN
fsr-3916	234	286	of	of	ADP
fsr-3916	234	287	switches	switch	NOUN
fsr-3916	234	288	5	5	NUM
fsr-3916	234	289	4	4	NUM
fsr-3916	234	290	3	3	NUM
fsr-3916	234	291	11	11	NUM
fsr-3916	234	292	beta	beta	NOUN
fsr-3916	234	293	0.830	0.830	NUM
fsr-3916	234	294	0.451	0.451	NUM
fsr-3916	234	295	0.808	0.808	NUM
fsr-3916	234	296	0.632	0.632	NUM
fsr-3916	234	297	consensus	consensus	NOUN
fsr-3916	234	298	bottom	bottom	VERB
fsr-3916	234	299	-	-	PUNCT
fsr-3916	234	300	up	up	ADP
fsr-3916	234	301	forecasts	forecast	NOUN
fsr-3916	234	302	of	of	ADP
fsr-3916	234	303	earnings	earning	NOUN
fsr-3916	234	304	per	per	ADP
fsr-3916	234	305	share	share	NOUN
fsr-3916	234	306	for	for	ADP
fsr-3916	234	307	fy1	fy1	NOUN
fsr-3916	234	308	by	by	ADP
fsr-3916	234	309	analysts	analyst	NOUN
fsr-3916	234	310	mean	mean	VERB
fsr-3916	234	311	0.0006	0.0006	NUM
fsr-3916	234	312	0.0010	0.0010	NUM
fsr-3916	234	313	0.0008	0.0008	NUM
fsr-3916	234	314	0.0017	0.0017	NUM
fsr-3916	234	315	median	median	NOUN
fsr-3916	234	316	20.0074	20.0074	NUM
fsr-3916	234	317	*	*	NOUN
fsr-3916	234	318	20.0060	20.0060	NUM
fsr-3916	234	319	*	*	SYM
fsr-3916	234	320	*	*	NOUN
fsr-3916	234	321	20.0064	20.0064	NUM
fsr-3916	234	322	*	*	SYM
fsr-3916	234	323	*	*	NOUN
fsr-3916	234	324	20.0067	20.0067	NUM
fsr-3916	234	325	*	*	NOUN
fsr-3916	234	326	*	*	NOUN
fsr-3916	234	327	#	#	NOUN
fsr-3916	234	328	of	of	ADP
fsr-3916	234	329	switches	switch	NOUN
fsr-3916	234	330	16	16	NUM
fsr-3916	234	331	9	9	NUM
fsr-3916	234	332	10	10	NUM
fsr-3916	234	333	18	18	NUM
fsr-3916	234	334	beta	beta	NOUN
fsr-3916	234	335	0.720	0.720	NUM
fsr-3916	234	336	0.577	0.577	NUM
fsr-3916	234	337	0.621	0.621	NUM
fsr-3916	234	338	0.654	0.654	NUM
fsr-3916	234	339	(	(	PUNCT
fsr-3916	234	340	continued	continue	VERB
fsr-3916	234	341	on	on	ADP
fsr-3916	234	342	next	next	ADJ
fsr-3916	234	343	page	page	NOUN
fsr-3916	234	344	)	)	PUNCT
fsr-3916	234	345	138	138	NUM
fsr-3916	234	346	r.	r.	PROPN
fsr-3916	234	347	chung	chung	PROPN
fsr-3916	234	348	,	,	PUNCT
fsr-3916	234	349	l.	l.	PROPN
fsr-3916	234	350	kryzanowski	kryzanowski	PROPN
fsr-3916	234	351	/	/	SYM
fsr-3916	234	352	financial	financial	ADJ
fsr-3916	234	353	services	service	NOUN
fsr-3916	234	354	review	review	VERB
fsr-3916	234	355	9	9	NUM
fsr-3916	234	356	(	(	PUNCT
fsr-3916	234	357	2000	2000	NUM
fsr-3916	234	358	)	)	PUNCT
fsr-3916	234	359	125–144	125–144	NUM
fsr-3916	234	360	performance	performance	NOUN
fsr-3916	234	361	that	that	PRON
fsr-3916	234	362	is	be	AUX
fsr-3916	234	363	not	not	PART
fsr-3916	234	364	significantly	significantly	ADV
fsr-3916	234	365	different	different	ADJ
fsr-3916	234	366	than	than	ADP
fsr-3916	234	367	a	a	DET
fsr-3916	234	368	passive	passive	ADJ
fsr-3916	234	369	buy	buy	NOUN
fsr-3916	234	370	-	-	PUNCT
fsr-3916	234	371	and	and	CCONJ
fsr-3916	234	372	-	-	PUNCT
fsr-3916	234	373	hold	hold	VERB
fsr-3916	234	374	strategy	strategy	NOUN
fsr-3916	234	375	.	.	PUNCT
fsr-3916	235	1	third	third	ADJ
fsr-3916	235	2	,	,	PUNCT
fsr-3916	235	3	both	both	DET
fsr-3916	235	4	models	model	NOUN
fsr-3916	235	5	result	result	VERB
fsr-3916	235	6	in	in	ADP
fsr-3916	235	7	a	a	DET
fsr-3916	235	8	low	low	ADJ
fsr-3916	235	9	rate	rate	NOUN
fsr-3916	235	10	of	of	ADP
fsr-3916	235	11	switching	switch	VERB
fsr-3916	235	12	between	between	ADP
fsr-3916	235	13	an	an	DET
fsr-3916	235	14	all	all	DET
fsr-3916	235	15	-	-	PUNCT
fsr-3916	235	16	equity	equity	NOUN
fsr-3916	235	17	and	and	CCONJ
fsr-3916	235	18	an	an	DET
fsr-3916	235	19	all	all	ADV
fsr-3916	235	20	-	-	PUNCT
fsr-3916	235	21	t	t	NOUN
fsr-3916	235	22	-	-	PUNCT
fsr-3916	235	23	bill	bill	NOUN
fsr-3916	235	24	portfolio	portfolio	NOUN
fsr-3916	235	25	.	.	PUNCT
fsr-3916	236	1	specifically	specifically	ADV
fsr-3916	236	2	,	,	PUNCT
fsr-3916	236	3	only	only	ADV
fsr-3916	236	4	2	2	NUM
fsr-3916	236	5	of	of	ADP
fsr-3916	236	6	the	the	DET
fsr-3916	236	7	24	24	NUM
fsr-3916	236	8	portfolios	portfolio	NOUN
fsr-3916	236	9	based	base	VERB
fsr-3916	236	10	on	on	ADP
fsr-3916	236	11	signals	signal	NOUN
fsr-3916	236	12	from	from	ADP
fsr-3916	236	13	thecurrent	thecurrent	NOUN
fsr-3916	236	14	e	e	PROPN
fsr-3916	236	15	/	/	SYM
fsr-3916	236	16	pmodel	pmodel	NOUN
fsr-3916	236	17	have	have	VERB
fsr-3916	236	18	10	10	NUM
fsr-3916	236	19	or	or	CCONJ
fsr-3916	236	20	more	more	ADJ
fsr-3916	236	21	switches	switch	NOUN
fsr-3916	236	22	,	,	PUNCT
fsr-3916	236	23	and	and	CCONJ
fsr-3916	236	24	only	only	ADV
fsr-3916	236	25	6	6	NUM
fsr-3916	236	26	of	of	ADP
fsr-3916	236	27	the	the	DET
fsr-3916	236	28	24	24	NUM
fsr-3916	236	29	portfolios	portfolio	NOUN
fsr-3916	236	30	based	base	VERB
fsr-3916	236	31	on	on	ADP
fsr-3916	236	32	signals	signal	NOUN
fsr-3916	236	33	from	from	ADP
fsr-3916	236	34	thepremium	thepremium	NOUN
fsr-3916	236	35	model	model	NOUN
fsr-3916	236	36	have	have	VERB
fsr-3916	236	37	10	10	NUM
fsr-3916	236	38	or	or	CCONJ
fsr-3916	236	39	more	more	ADJ
fsr-3916	236	40	switches	switch	NOUN
fsr-3916	236	41	.	.	PUNCT
fsr-3916	237	1	the	the	DET
fsr-3916	237	2	maximum	maximum	ADJ
fsr-3916	237	3	number	number	NOUN
fsr-3916	237	4	of	of	ADP
fsr-3916	237	5	switches	switch	NOUN
fsr-3916	237	6	is	be	AUX
fsr-3916	237	7	18	18	NUM
fsr-3916	237	8	for	for	ADP
fsr-3916	237	9	both	both	DET
fsr-3916	237	10	signal	signal	NOUN
fsr-3916	237	11	-	-	PUNCT
fsr-3916	237	12	switching	switch	VERB
fsr-3916	237	13	approaches	approach	NOUN
fsr-3916	237	14	.	.	PUNCT
fsr-3916	238	1	this	this	PRON
fsr-3916	238	2	still	still	ADV
fsr-3916	238	3	represents	represent	VERB
fsr-3916	238	4	an	an	DET
fsr-3916	238	5	average	average	ADJ
fsr-3916	238	6	holding	hold	VERB
fsr-3916	238	7	period	period	NOUN
fsr-3916	238	8	of	of	ADP
fsr-3916	238	9	slightly	slightly	ADV
fsr-3916	238	10	less	less	ADJ
fsr-3916	238	11	than	than	ADP
fsr-3916	238	12	a	a	PRON
fsr-3916	238	13	year	year	NOUN
fsr-3916	238	14	(	(	PUNCT
fsr-3916	238	15	i.e.	i.e.	X
fsr-3916	238	16	,	,	PUNCT
fsr-3916	238	17	218	218	NUM
fsr-3916	238	18	months	month	NOUN
fsr-3916	238	19	divided	divide	VERB
fsr-3916	238	20	by	by	ADP
fsr-3916	238	21	19	19	NUM
fsr-3916	238	22	)	)	PUNCT
fsr-3916	238	23	.	.	PUNCT
fsr-3916	239	1	fourth	fourth	ADJ
fsr-3916	239	2	,	,	PUNCT
fsr-3916	239	3	all	all	PRON
fsr-3916	239	4	of	of	ADP
fsr-3916	239	5	the	the	DET
fsr-3916	239	6	portfolios	portfolio	NOUN
fsr-3916	239	7	are	be	AUX
fsr-3916	239	8	invested	invest	VERB
fsr-3916	239	9	in	in	ADP
fsr-3916	239	10	equities	equity	NOUN
fsr-3916	239	11	for	for	ADP
fsr-3916	239	12	more	more	ADJ
fsr-3916	239	13	than	than	ADP
fsr-3916	239	14	63	63	NUM
fsr-3916	239	15	%	%	NOUN
fsr-3916	239	16	of	of	ADP
fsr-3916	239	17	the	the	DET
fsr-3916	239	18	months	month	NOUN
fsr-3916	239	19	,	,	PUNCT
fsr-3916	239	20	where	where	SCONJ
fsr-3916	239	21	63	63	NUM
fsr-3916	239	22	%	%	NOUN
fsr-3916	239	23	is	be	AUX
fsr-3916	239	24	the	the	DET
fsr-3916	239	25	proportion	proportion	NOUN
fsr-3916	239	26	of	of	ADP
fsr-3916	239	27	the	the	DET
fsr-3916	239	28	months	month	NOUN
fsr-3916	239	29	for	for	ADP
fsr-3916	239	30	which	which	PRON
fsr-3916	239	31	the	the	DET
fsr-3916	239	32	returns	return	NOUN
fsr-3916	239	33	on	on	ADP
fsr-3916	239	34	the	the	DET
fsr-3916	239	35	s&p	s&p	PROPN
fsr-3916	239	36	500	500	NUM
fsr-3916	239	37	index	index	NOUN
fsr-3916	239	38	exceed	exceed	VERB
fsr-3916	239	39	the	the	DET
fsr-3916	239	40	returns	return	NOUN
fsr-3916	239	41	on	on	ADP
fsr-3916	239	42	t	t	NOUN
fsr-3916	239	43	-	-	PUNCT
fsr-3916	239	44	bills	bill	NOUN
fsr-3916	239	45	for	for	ADP
fsr-3916	239	46	the	the	DET
fsr-3916	239	47	218	218	NUM
fsr-3916	239	48	month	month	NOUN
fsr-3916	239	49	period	period	NOUN
fsr-3916	239	50	we	we	PRON
fsr-3916	239	51	study	study	VERB
fsr-3916	239	52	herein	herein	NOUN
fsr-3916	239	53	.	.	PUNCT
fsr-3916	240	1	this	this	PRON
fsr-3916	240	2	is	be	AUX
fsr-3916	240	3	easily	easily	ADV
fsr-3916	240	4	seen	see	VERB
fsr-3916	240	5	if	if	SCONJ
fsr-3916	240	6	one	one	PRON
fsr-3916	240	7	recalls	recall	VERB
fsr-3916	240	8	that	that	SCONJ
fsr-3916	240	9	the	the	DET
fsr-3916	240	10	proportion	proportion	NOUN
fsr-3916	240	11	of	of	ADP
fsr-3916	240	12	the	the	DET
fsr-3916	240	13	months	month	NOUN
fsr-3916	240	14	each	each	DET
fsr-3916	240	15	portfolio	portfolio	NOUN
fsr-3916	240	16	is	be	AUX
fsr-3916	240	17	invested	invest	VERB
fsr-3916	240	18	in	in	ADP
fsr-3916	240	19	equities	equity	NOUN
fsr-3916	240	20	is	be	AUX
fsr-3916	240	21	equal	equal	ADJ
fsr-3916	240	22	to	to	ADP
fsr-3916	240	23	its	its	PRON
fsr-3916	240	24	beta	beta	NOUN
fsr-3916	240	25	.	.	PUNCT
fsr-3916	240	26	table	table	NOUN
fsr-3916	240	27	4(continued	4(continued	NUM
fsr-3916	240	28	)	)	PUNCT
fsr-3916	240	29	consensus	consensus	NOUN
fsr-3916	240	30	bottom	bottom	VERB
fsr-3916	240	31	-	-	PUNCT
fsr-3916	240	32	up	up	ADP
fsr-3916	240	33	forecasts	forecast	NOUN
fsr-3916	240	34	of	of	ADP
fsr-3916	240	35	earnings	earning	NOUN
fsr-3916	240	36	per	per	ADP
fsr-3916	240	37	share	share	NOUN
fsr-3916	240	38	for	for	ADP
fsr-3916	240	39	fy2	fy2	NOUN
fsr-3916	240	40	by	by	ADP
fsr-3916	240	41	analysts	analyst	NOUN
fsr-3916	240	42	mean	mean	VERB
fsr-3916	240	43	0.0001	0.0001	NUM
fsr-3916	240	44	0.0012	0.0012	NUM
fsr-3916	240	45	0.0001	0.0001	NUM
fsr-3916	240	46	0.0002	0.0002	NUM
fsr-3916	240	47	median	median	NOUN
fsr-3916	240	48	0.0025	0.0025	NUM
fsr-3916	240	49	20.0016	20.0016	NUM
fsr-3916	240	50	0.0025	0.0025	NUM
fsr-3916	240	51	0.0008	0.0008	NUM
fsr-3916	240	52	#	#	NOUN
fsr-3916	240	53	of	of	ADP
fsr-3916	240	54	switches	switch	NOUN
fsr-3916	240	55	0	0	NUM
fsr-3916	240	56	4	4	NUM
fsr-3916	240	57	0	0	NUM
fsr-3916	240	58	6	6	NUM
fsr-3916	240	59	beta	beta	NOUN
fsr-3916	240	60	1	1	NUM
fsr-3916	240	61	0.824	0.824	NUM
fsr-3916	240	62	1	1	NUM
fsr-3916	240	63	0.973	0.973	NUM
fsr-3916	240	64	consensus	consensus	NOUN
fsr-3916	240	65	top	top	ADJ
fsr-3916	240	66	-	-	PUNCT
fsr-3916	240	67	down	down	ADP
fsr-3916	240	68	forecasts	forecast	NOUN
fsr-3916	240	69	of	of	ADP
fsr-3916	240	70	strategists	strategist	NOUN
fsr-3916	240	71	and	and	CCONJ
fsr-3916	240	72	bottomup	bottomup	VERB
fsr-3916	240	73	forecasts	forecast	NOUN
fsr-3916	240	74	of	of	ADP
fsr-3916	240	75	analysts	analyst	NOUN
fsr-3916	240	76	for	for	ADP
fsr-3916	240	77	earnings	earning	NOUN
fsr-3916	240	78	per	per	ADP
fsr-3916	240	79	share	share	NOUN
fsr-3916	240	80	for	for	ADP
fsr-3916	240	81	fy1	fy1	NOUN
fsr-3916	240	82	(	(	PUNCT
fsr-3916	240	83	switches	switch	NOUN
fsr-3916	240	84	occur	occur	VERB
fsr-3916	240	85	only	only	ADV
fsr-3916	240	86	if	if	SCONJ
fsr-3916	240	87	both	both	DET
fsr-3916	240	88	screens	screen	NOUN
fsr-3916	240	89	are	be	AUX
fsr-3916	240	90	satisfied	satisfied	ADJ
fsr-3916	240	91	)	)	PUNCT
fsr-3916	240	92	mean	mean	VERB
fsr-3916	241	1	0.0001	0.0001	NUM
fsr-3916	241	2	0.0018	0.0018	NUM
fsr-3916	241	3	0.0001	0.0001	NUM
fsr-3916	241	4	0.0010	0.0010	NUM
fsr-3916	241	5	median	median	NOUN
fsr-3916	241	6	0.0025	0.0025	NUM
fsr-3916	241	7	20.0015	20.0015	NUM
fsr-3916	241	8	0.0025	0.0025	NUM
fsr-3916	241	9	20.0014	20.0014	NUM
fsr-3916	241	10	#	#	NOUN
fsr-3916	241	11	of	of	ADP
fsr-3916	241	12	switches	switch	NOUN
fsr-3916	241	13	0	0	NUM
fsr-3916	241	14	4	4	NUM
fsr-3916	241	15	0	0	NUM
fsr-3916	241	16	3	3	NUM
fsr-3916	241	17	beta	beta	NOUN
fsr-3916	241	18	1	1	NUM
fsr-3916	241	19	0.819	0.819	NUM
fsr-3916	241	20	1	1	NUM
fsr-3916	241	21	0.868	0.868	NUM
fsr-3916	241	22	consensus	consensus	NOUN
fsr-3916	241	23	top	top	ADJ
fsr-3916	241	24	-	-	PUNCT
fsr-3916	241	25	down	down	ADP
fsr-3916	241	26	forecasts	forecast	NOUN
fsr-3916	241	27	of	of	ADP
fsr-3916	241	28	strategists	strategist	NOUN
fsr-3916	241	29	and	and	CCONJ
fsr-3916	241	30	bottomup	bottomup	VERB
fsr-3916	241	31	forecasts	forecast	NOUN
fsr-3916	241	32	of	of	ADP
fsr-3916	241	33	analysts	analyst	NOUN
fsr-3916	241	34	for	for	ADP
fsr-3916	241	35	earnings	earning	NOUN
fsr-3916	241	36	per	per	ADP
fsr-3916	241	37	share	share	NOUN
fsr-3916	241	38	for	for	ADP
fsr-3916	241	39	fy2	fy2	PROPN
fsr-3916	241	40	(	(	PUNCT
fsr-3916	241	41	switches	switch	NOUN
fsr-3916	241	42	occur	occur	VERB
fsr-3916	241	43	only	only	ADV
fsr-3916	241	44	if	if	SCONJ
fsr-3916	241	45	both	both	DET
fsr-3916	241	46	screens	screen	NOUN
fsr-3916	241	47	are	be	AUX
fsr-3916	241	48	satisfied	satisfied	ADJ
fsr-3916	241	49	)	)	PUNCT
fsr-3916	241	50	mean	mean	VERB
fsr-3916	241	51	0.0001	0.0001	NUM
fsr-3916	241	52	20.0001	20.0001	NUM
fsr-3916	241	53	0.0001	0.0001	NUM
fsr-3916	241	54	0.0010	0.0010	NUM
fsr-3916	241	55	median	median	NOUN
fsr-3916	241	56	0.0025	0.0025	NUM
fsr-3916	241	57	20.0011	20.0011	NUM
fsr-3916	241	58	0.0025	0.0025	NUM
fsr-3916	241	59	20.0014	20.0014	NUM
fsr-3916	241	60	#	#	NOUN
fsr-3916	241	61	of	of	ADP
fsr-3916	241	62	switches	switch	NOUN
fsr-3916	241	63	0	0	NUM
fsr-3916	241	64	1	1	NUM
fsr-3916	241	65	0	0	NUM
fsr-3916	241	66	3	3	NUM
fsr-3916	241	67	beta	beta	NOUN
fsr-3916	241	68	1	1	NUM
fsr-3916	241	69	0.936	0.936	NUM
fsr-3916	241	70	1	1	NUM
fsr-3916	241	71	0.868	0.868	NUM
fsr-3916	241	72	panel	panel	NOUN
fsr-3916	241	73	a	a	PRON
fsr-3916	241	74	provides	provide	VERB
fsr-3916	241	75	the	the	DET
fsr-3916	241	76	mean	mean	ADJ
fsr-3916	241	77	and	and	CCONJ
fsr-3916	241	78	median	median	ADJ
fsr-3916	241	79	differential	differential	NOUN
fsr-3916	241	80	performance	performance	NOUN
fsr-3916	241	81	(	(	PUNCT
fsr-3916	241	82	and	and	CCONJ
fsr-3916	241	83	tests	test	NOUN
fsr-3916	241	84	of	of	ADP
fsr-3916	241	85	their	their	PRON
fsr-3916	241	86	significance	significance	NOUN
fsr-3916	241	87	)	)	PUNCT
fsr-3916	241	88	,	,	PUNCT
fsr-3916	241	89	average	average	ADJ
fsr-3916	241	90	beta	beta	NOUN
fsr-3916	241	91	and	and	CCONJ
fsr-3916	241	92	number	number	NOUN
fsr-3916	241	93	of	of	ADP
fsr-3916	241	94	switches	switch	NOUN
fsr-3916	241	95	for	for	ADP
fsr-3916	241	96	the	the	DET
fsr-3916	241	97	portfolios	portfolio	NOUN
fsr-3916	241	98	that	that	PRON
fsr-3916	241	99	are	be	AUX
fsr-3916	241	100	actively	actively	ADV
fsr-3916	241	101	managed	manage	VERB
fsr-3916	241	102	using	use	VERB
fsr-3916	241	103	the	the	DET
fsr-3916	241	104	current	current	ADJ
fsr-3916	241	105	earnings	earning	NOUN
fsr-3916	241	106	-	-	PUNCT
fsr-3916	241	107	to	to	ADP
fsr-3916	241	108	-	-	PUNCT
fsr-3916	241	109	price	price	NOUN
fsr-3916	241	110	(	(	PUNCT
fsr-3916	241	111	current	current	ADJ
fsr-3916	241	112	e	e	NOUN
fsr-3916	241	113	/	/	SYM
fsr-3916	241	114	p	p	NOUN
fsr-3916	241	115	)	)	PUNCT
fsr-3916	241	116	return	return	NOUN
fsr-3916	241	117	prediction	prediction	NOUN
fsr-3916	241	118	approach	approach	NOUN
fsr-3916	241	119	and	and	CCONJ
fsr-3916	241	120	the	the	DET
fsr-3916	241	121	consensus	consensus	NOUN
fsr-3916	241	122	forecasts	forecast	NOUN
fsr-3916	241	123	for	for	ADP
fsr-3916	241	124	earnings	earning	NOUN
fsr-3916	241	125	per	per	ADP
fsr-3916	241	126	share	share	NOUN
fsr-3916	241	127	for	for	ADP
fsr-3916	241	128	the	the	DET
fsr-3916	241	129	s&p	s&p	PROPN
fsr-3916	241	130	500	500	NUM
fsr-3916	241	131	index	index	NOUN
fsr-3916	241	132	for	for	ADP
fsr-3916	241	133	fiscal	fiscal	ADJ
fsr-3916	241	134	year	year	NOUN
fsr-3916	241	135	fy1	fy1	NOUN
fsr-3916	241	136	(	(	PUNCT
fsr-3916	241	137	fy2	fy2	NOUN
fsr-3916	241	138	)	)	PUNCT
fsr-3916	241	139	made	make	VERB
fsr-3916	241	140	by	by	ADP
fsr-3916	241	141	either	either	DET
fsr-3916	241	142	strategists	strategist	NOUN
fsr-3916	241	143	or	or	CCONJ
fsr-3916	241	144	analysts	analyst	NOUN
fsr-3916	241	145	.	.	PUNCT
fsr-3916	242	1	panel	panel	NOUN
fsr-3916	242	2	b	b	PROPN
fsr-3916	242	3	provides	provide	VERB
fsr-3916	242	4	the	the	DET
fsr-3916	242	5	same	same	ADJ
fsr-3916	242	6	information	information	NOUN
fsr-3916	242	7	except	except	SCONJ
fsr-3916	242	8	that	that	SCONJ
fsr-3916	242	9	the	the	DET
fsr-3916	242	10	premium	premium	NOUN
fsr-3916	242	11	return	return	NOUN
fsr-3916	242	12	prediction	prediction	NOUN
fsr-3916	242	13	approach	approach	NOUN
fsr-3916	242	14	is	be	AUX
fsr-3916	242	15	used	use	VERB
fsr-3916	242	16	.	.	PUNCT
fsr-3916	243	1	a	a	DET
fsr-3916	243	2	tests	test	NOUN
fsr-3916	243	3	are	be	AUX
fsr-3916	243	4	conducted	conduct	VERB
fsr-3916	243	5	to	to	PART
fsr-3916	243	6	determine	determine	VERB
fsr-3916	243	7	if	if	SCONJ
fsr-3916	243	8	the	the	DET
fsr-3916	243	9	mean	mean	ADJ
fsr-3916	243	10	and	and	CCONJ
fsr-3916	243	11	median	median	ADJ
fsr-3916	243	12	performance	performance	NOUN
fsr-3916	243	13	metrics	metric	NOUN
fsr-3916	243	14	are	be	AUX
fsr-3916	243	15	significantly	significantly	ADV
fsr-3916	243	16	different	different	ADJ
fsr-3916	243	17	from	from	ADP
fsr-3916	243	18	zero	zero	NUM
fsr-3916	243	19	.	.	PUNCT
fsr-3916	244	1	b	b	X
fsr-3916	244	2	the	the	DET
fsr-3916	244	3	mean	mean	ADJ
fsr-3916	244	4	and	and	CCONJ
fsr-3916	244	5	median	median	ADJ
fsr-3916	244	6	market	market	NOUN
fsr-3916	244	7	timing	timing	NOUN
fsr-3916	244	8	performance	performance	NOUN
fsr-3916	244	9	metric	metric	ADJ
fsr-3916	244	10	for	for	ADP
fsr-3916	244	11	month	month	NOUN
fsr-3916	244	12	t	t	PROPN
fsr-3916	244	13	is	be	AUX
fsr-3916	244	14	equal	equal	ADJ
fsr-3916	244	15	to	to	ADP
fsr-3916	244	16	the	the	DET
fsr-3916	244	17	(	(	PUNCT
fsr-3916	244	18	excess	excess	ADJ
fsr-3916	244	19	return	return	NOUN
fsr-3916	244	20	on	on	ADP
fsr-3916	244	21	the	the	DET
fsr-3916	244	22	portfolio	portfolio	NOUN
fsr-3916	244	23	for	for	ADP
fsr-3916	244	24	month	month	NOUN
fsr-3916	244	25	t)-(the	t)-(the	DET
fsr-3916	244	26	excess	excess	ADJ
fsr-3916	244	27	return	return	NOUN
fsr-3916	244	28	that	that	PRON
fsr-3916	244	29	would	would	AUX
fsr-3916	244	30	have	have	AUX
fsr-3916	244	31	been	be	AUX
fsr-3916	244	32	obtained	obtain	VERB
fsr-3916	244	33	on	on	ADP
fsr-3916	244	34	the	the	DET
fsr-3916	244	35	portfolio	portfolio	NOUN
fsr-3916	244	36	in	in	ADP
fsr-3916	244	37	month	month	NOUN
fsr-3916	244	38	t	t	PROPN
fsr-3916	244	39	if	if	SCONJ
fsr-3916	244	40	the	the	DET
fsr-3916	244	41	portfolio	portfolio	NOUN
fsr-3916	244	42	maintained	maintain	VERB
fsr-3916	244	43	its	its	PRON
fsr-3916	244	44	average	average	ADJ
fsr-3916	244	45	actual	actual	ADJ
fsr-3916	244	46	beta	beta	NOUN
fsr-3916	244	47	at	at	ADV
fsr-3916	244	48	all	all	DET
fsr-3916	244	49	points	point	NOUN
fsr-3916	244	50	in	in	ADP
fsr-3916	244	51	time	time	NOUN
fsr-3916	244	52	)	)	PUNCT
fsr-3916	244	53	.	.	PUNCT
fsr-3916	245	1	c	c	VERB
fsr-3916	245	2	the	the	DET
fsr-3916	245	3	number	number	NOUN
fsr-3916	245	4	of	of	ADP
fsr-3916	245	5	switches	switch	NOUN
fsr-3916	245	6	is	be	AUX
fsr-3916	245	7	the	the	DET
fsr-3916	245	8	number	number	NOUN
fsr-3916	245	9	of	of	ADP
fsr-3916	245	10	switches	switch	NOUN
fsr-3916	245	11	from	from	ADP
fsr-3916	245	12	equity	equity	NOUN
fsr-3916	245	13	to	to	ADP
fsr-3916	245	14	cash	cash	NOUN
fsr-3916	245	15	or	or	CCONJ
fsr-3916	245	16	vice	vice	NOUN
fsr-3916	245	17	versa	versa	ADV
fsr-3916	245	18	.	.	PUNCT
fsr-3916	246	1	d	d	X
fsr-3916	246	2	the	the	DET
fsr-3916	246	3	average	average	ADJ
fsr-3916	246	4	beta	beta	NOUN
fsr-3916	246	5	is	be	AUX
fsr-3916	246	6	the	the	DET
fsr-3916	246	7	mean	mean	ADJ
fsr-3916	246	8	beta	beta	NOUN
fsr-3916	246	9	over	over	ADP
fsr-3916	246	10	the	the	DET
fsr-3916	246	11	218	218	NUM
fsr-3916	246	12	month	month	NOUN
fsr-3916	246	13	period	period	NOUN
fsr-3916	246	14	for	for	ADP
fsr-3916	246	15	the	the	DET
fsr-3916	246	16	current	current	ADJ
fsr-3916	246	17	e	e	NOUN
fsr-3916	246	18	/	/	SYM
fsr-3916	246	19	p	p	NOUN
fsr-3916	246	20	return	return	NOUN
fsr-3916	246	21	prediction	prediction	NOUN
fsr-3916	246	22	approach	approach	NOUN
fsr-3916	246	23	,	,	PUNCT
fsr-3916	246	24	and	and	CCONJ
fsr-3916	246	25	over	over	ADP
fsr-3916	246	26	a	a	DET
fsr-3916	246	27	182	182	NUM
fsr-3916	246	28	month	month	NOUN
fsr-3916	246	29	period	period	NOUN
fsr-3916	246	30	for	for	ADP
fsr-3916	246	31	the	the	DET
fsr-3916	246	32	premium	premium	NOUN
fsr-3916	246	33	return	return	NOUN
fsr-3916	246	34	prediction	prediction	NOUN
fsr-3916	246	35	approach	approach	NOUN
fsr-3916	246	36	where	where	SCONJ
fsr-3916	246	37	the	the	DET
fsr-3916	246	38	first	first	ADJ
fsr-3916	246	39	three	three	NUM
fsr-3916	246	40	years	year	NOUN
fsr-3916	246	41	are	be	AUX
fsr-3916	246	42	lost	lose	VERB
fsr-3916	246	43	in	in	ADP
fsr-3916	246	44	calculating	calculate	VERB
fsr-3916	246	45	the	the	DET
fsr-3916	246	46	return	return	NOUN
fsr-3916	246	47	premium	premium	NOUN
fsr-3916	246	48	.	.	PUNCT
fsr-3916	247	1	e	e	X
fsr-3916	247	2	the	the	DET
fsr-3916	247	3	preferred	prefer	VERB
fsr-3916	247	4	habitats	habitat	NOUN
fsr-3916	247	5	are	be	AUX
fsr-3916	247	6	stock	stock	NOUN
fsr-3916	247	7	,	,	PUNCT
fsr-3916	247	8	cash	cash	NOUN
fsr-3916	247	9	and	and	CCONJ
fsr-3916	247	10	neither	neither	CCONJ
fsr-3916	247	11	(	(	PUNCT
fsr-3916	247	12	or	or	CCONJ
fsr-3916	247	13	none	none	NOUN
fsr-3916	247	14	)	)	PUNCT
fsr-3916	247	15	.	.	PUNCT
fsr-3916	248	1	f	f	PROPN
fsr-3916	248	2	switching	switch	VERB
fsr-3916	248	3	rule	rule	NOUN
fsr-3916	248	4	reflects	reflect	VERB
fsr-3916	248	5	a	a	DET
fsr-3916	248	6	transaction	transaction	NOUN
fsr-3916	248	7	cost	cost	NOUN
fsr-3916	248	8	charge	charge	NOUN
fsr-3916	248	9	of	of	ADP
fsr-3916	248	10	1	1	NUM
fsr-3916	248	11	%	%	NOUN
fsr-3916	248	12	when	when	SCONJ
fsr-3916	248	13	moving	move	VERB
fsr-3916	248	14	away	away	ADV
fsr-3916	248	15	from	from	ADP
fsr-3916	248	16	this	this	DET
fsr-3916	248	17	preferred	prefer	VERB
fsr-3916	248	18	habitat	habitat	NOUN
fsr-3916	248	19	.	.	PUNCT
fsr-3916	249	1	g	g	NOUN
fsr-3916	249	2	switching	switch	VERB
fsr-3916	249	3	rule	rule	NOUN
fsr-3916	249	4	reflects	reflect	VERB
fsr-3916	249	5	no	no	DET
fsr-3916	249	6	transaction	transaction	NOUN
fsr-3916	249	7	cost	cost	NOUN
fsr-3916	249	8	charge	charge	NOUN
fsr-3916	249	9	when	when	SCONJ
fsr-3916	249	10	moving	move	VERB
fsr-3916	249	11	away	away	ADV
fsr-3916	249	12	from	from	ADP
fsr-3916	249	13	this	this	DET
fsr-3916	249	14	preferred	preferred	ADJ
fsr-3916	249	15	habitat	habitat	NOUN
fsr-3916	249	16	.	.	PUNCT
fsr-3916	250	1	“	"	PUNCT
fsr-3916	250	2	*	*	PUNCT
fsr-3916	250	3	”	"	PUNCT
fsr-3916	250	4	and	and	CCONJ
fsr-3916	250	5	“	"	PUNCT
fsr-3916	250	6	*	*	PUNCT
fsr-3916	250	7	*	*	NOUN
fsr-3916	250	8	”	"	PUNCT
fsr-3916	250	9	indicate	indicate	VERB
fsr-3916	250	10	significance	significance	NOUN
fsr-3916	250	11	at	at	ADP
fsr-3916	250	12	the	the	DET
fsr-3916	250	13	0.05	0.05	NUM
fsr-3916	250	14	and	and	CCONJ
fsr-3916	250	15	0.01	0.01	NUM
fsr-3916	250	16	levels	level	NOUN
fsr-3916	250	17	,	,	PUNCT
fsr-3916	250	18	respectively	respectively	ADV
fsr-3916	250	19	.	.	PUNCT
fsr-3916	251	1	139r	139r	PROPN
fsr-3916	251	2	.	.	PUNCT
fsr-3916	252	1	chung	chung	PROPN
fsr-3916	252	2	,	,	PUNCT
fsr-3916	252	3	l.	l.	PROPN
fsr-3916	252	4	kryzanowski	kryzanowski	PROPN
fsr-3916	252	5	/	/	SYM
fsr-3916	252	6	financial	financial	ADJ
fsr-3916	252	7	services	service	NOUN
fsr-3916	252	8	review	review	VERB
fsr-3916	252	9	9	9	NUM
fsr-3916	252	10	(	(	PUNCT
fsr-3916	252	11	2000	2000	NUM
fsr-3916	252	12	)	)	PUNCT
fsr-3916	253	1	125–144	125–144	NUM
fsr-3916	253	2	7	7	NUM
fsr-3916	253	3	.	.	PUNCT
fsr-3916	253	4	tests	test	NOUN
fsr-3916	253	5	of	of	ADP
fsr-3916	253	6	market	market	NOUN
fsr-3916	253	7	timing	timing	NOUN
fsr-3916	253	8	strategies	strategy	NOUN
fsr-3916	253	9	using	use	VERB
fsr-3916	253	10	consensus	consensus	NOUN
fsr-3916	253	11	s&p	s&p	PROPN
fsr-3916	253	12	500	500	NUM
fsr-3916	253	13	earnings	earning	NOUN
fsr-3916	253	14	forecast	forecast	NOUN
fsr-3916	253	15	revisions	revision	NOUN
fsr-3916	253	16	we	we	PRON
fsr-3916	253	17	now	now	ADV
fsr-3916	253	18	test	test	VERB
fsr-3916	253	19	market	market	NOUN
fsr-3916	253	20	timing	timing	NOUN
fsr-3916	253	21	performance	performance	NOUN
fsr-3916	253	22	using	use	VERB
fsr-3916	253	23	switching	switch	VERB
fsr-3916	253	24	rules	rule	NOUN
fsr-3916	253	25	based	base	VERB
fsr-3916	253	26	on	on	ADP
fsr-3916	253	27	the	the	DET
fsr-3916	253	28	direction	direction	NOUN
fsr-3916	253	29	of	of	ADP
fsr-3916	253	30	consensus	consensus	NOUN
fsr-3916	253	31	forecast	forecast	NOUN
fsr-3916	253	32	revisions	revision	NOUN
fsr-3916	253	33	and	and	CCONJ
fsr-3916	253	34	in	in	ADP
fsr-3916	253	35	the	the	DET
fsr-3916	253	36	directional	directional	ADJ
fsr-3916	253	37	net	net	ADJ
fsr-3916	253	38	number	number	NOUN
fsr-3916	253	39	of	of	ADP
fsr-3916	253	40	forecasts	forecast	NOUN
fsr-3916	253	41	revised	revise	VERB
fsr-3916	253	42	up	up	ADP
fsr-3916	253	43	and	and	CCONJ
fsr-3916	253	44	down	down	ADV
fsr-3916	253	45	.	.	PUNCT
fsr-3916	254	1	the	the	DET
fsr-3916	254	2	first	first	ADJ
fsr-3916	254	3	switching	switching	NOUN
fsr-3916	254	4	rule	rule	NOUN
fsr-3916	254	5	,	,	PUNCT
fsr-3916	254	6	directional	directional	ADJ
fsr-3916	254	7	consensus	consensus	NOUN
fsr-3916	254	8	,	,	PUNCT
fsr-3916	254	9	favors	favor	VERB
fsr-3916	254	10	equity	equity	NOUN
fsr-3916	254	11	when	when	SCONJ
fsr-3916	254	12	the	the	DET
fsr-3916	254	13	consensus	consensus	NOUN
fsr-3916	254	14	forecast	forecast	NOUN
fsr-3916	254	15	of	of	ADP
fsr-3916	254	16	earnings	earning	NOUN
fsr-3916	254	17	per	per	ADP
fsr-3916	254	18	share	share	NOUN
fsr-3916	254	19	is	be	AUX
fsr-3916	254	20	revised	revise	VERB
fsr-3916	254	21	up	up	ADP
fsr-3916	254	22	for	for	ADP
fsr-3916	254	23	this	this	DET
fsr-3916	254	24	month	month	NOUN
fsr-3916	254	25	compared	compare	VERB
fsr-3916	254	26	to	to	ADP
fsr-3916	254	27	last	last	ADJ
fsr-3916	254	28	,	,	PUNCT
fsr-3916	254	29	and	and	CCONJ
fsr-3916	254	30	vice	vice	ADV
fsr-3916	254	31	versa	versa	ADV
fsr-3916	254	32	if	if	SCONJ
fsr-3916	254	33	it	it	PRON
fsr-3916	254	34	is	be	AUX
fsr-3916	254	35	lowered	lower	VERB
fsr-3916	254	36	.	.	PUNCT
fsr-3916	255	1	thus	thus	ADV
fsr-3916	255	2	,	,	PUNCT
fsr-3916	255	3	for	for	ADP
fsr-3916	255	4	an	an	DET
fsr-3916	255	5	upward	upward	ADJ
fsr-3916	255	6	directional	directional	ADJ
fsr-3916	255	7	consensus	consensus	NOUN
fsr-3916	255	8	signal	signal	NOUN
fsr-3916	255	9	,	,	PUNCT
fsr-3916	255	10	the	the	DET
fsr-3916	255	11	portfolio	portfolio	NOUN
fsr-3916	255	12	switches	switch	VERB
fsr-3916	255	13	to	to	ADP
fsr-3916	255	14	equity	equity	NOUN
fsr-3916	255	15	if	if	SCONJ
fsr-3916	255	16	it	it	PRON
fsr-3916	255	17	is	be	AUX
fsr-3916	255	18	already	already	ADV
fsr-3916	255	19	in	in	ADP
fsr-3916	255	20	cash	cash	NOUN
fsr-3916	255	21	,	,	PUNCT
fsr-3916	255	22	and	and	CCONJ
fsr-3916	255	23	remains	remain	VERB
fsr-3916	255	24	in	in	ADP
fsr-3916	255	25	equity	equity	NOUN
fsr-3916	255	26	if	if	SCONJ
fsr-3916	255	27	it	it	PRON
fsr-3916	255	28	is	be	AUX
fsr-3916	255	29	already	already	ADV
fsr-3916	255	30	in	in	ADP
fsr-3916	255	31	equity	equity	NOUN
fsr-3916	255	32	.	.	PUNCT
fsr-3916	256	1	similarly	similarly	ADV
fsr-3916	256	2	,	,	PUNCT
fsr-3916	256	3	for	for	ADP
fsr-3916	256	4	a	a	DET
fsr-3916	256	5	downward	downward	ADJ
fsr-3916	256	6	directional	directional	ADJ
fsr-3916	256	7	consensus	consensus	NOUN
fsr-3916	256	8	signal	signal	NOUN
fsr-3916	256	9	,	,	PUNCT
fsr-3916	256	10	the	the	DET
fsr-3916	256	11	portfolio	portfolio	NOUN
fsr-3916	256	12	switches	switch	VERB
fsr-3916	256	13	to	to	PART
fsr-3916	256	14	cash	cash	VERB
fsr-3916	256	15	if	if	SCONJ
fsr-3916	256	16	it	it	PRON
fsr-3916	256	17	is	be	AUX
fsr-3916	256	18	already	already	ADV
fsr-3916	256	19	in	in	ADP
fsr-3916	256	20	equity	equity	NOUN
fsr-3916	256	21	,	,	PUNCT
fsr-3916	256	22	and	and	CCONJ
fsr-3916	256	23	remains	remain	VERB
fsr-3916	256	24	in	in	ADP
fsr-3916	256	25	cash	cash	NOUN
fsr-3916	256	26	if	if	SCONJ
fsr-3916	256	27	it	it	PRON
fsr-3916	256	28	is	be	AUX
fsr-3916	256	29	already	already	ADV
fsr-3916	256	30	in	in	ADP
fsr-3916	256	31	cash	cash	NOUN
fsr-3916	256	32	.	.	PUNCT
fsr-3916	257	1	the	the	DET
fsr-3916	257	2	second	second	ADJ
fsr-3916	257	3	switching	switching	NOUN
fsr-3916	257	4	rule	rule	NOUN
fsr-3916	257	5	,	,	PUNCT
fsr-3916	257	6	directional	directional	ADJ
fsr-3916	257	7	number	number	NOUN
fsr-3916	257	8	,	,	PUNCT
fsr-3916	257	9	favors	favor	VERB
fsr-3916	257	10	equity	equity	NOUN
fsr-3916	257	11	when	when	SCONJ
fsr-3916	257	12	the	the	DET
fsr-3916	257	13	number	number	NOUN
fsr-3916	257	14	of	of	ADP
fsr-3916	257	15	strategists	strategist	NOUN
fsr-3916	257	16	revising	revise	VERB
fsr-3916	257	17	their	their	PRON
fsr-3916	257	18	top	top	ADJ
fsr-3916	257	19	-	-	PUNCT
fsr-3916	257	20	down	down	ADP
fsr-3916	257	21	forecasts	forecast	NOUN
fsr-3916	257	22	of	of	ADP
fsr-3916	257	23	earnings	earning	NOUN
fsr-3916	257	24	per	per	ADP
fsr-3916	257	25	share	share	NOUN
fsr-3916	257	26	upward	upward	ADV
fsr-3916	257	27	this	this	DET
fsr-3916	257	28	month	month	NOUN
fsr-3916	257	29	exceeds	exceed	VERB
fsr-3916	257	30	the	the	DET
fsr-3916	257	31	number	number	NOUN
fsr-3916	257	32	revising	revise	VERB
fsr-3916	257	33	them	they	PRON
fsr-3916	257	34	downwards	downward	NOUN
fsr-3916	257	35	,	,	PUNCT
fsr-3916	257	36	and	and	CCONJ
fsr-3916	257	37	vice	vice	ADV
fsr-3916	257	38	versa	versa	ADV
fsr-3916	257	39	if	if	SCONJ
fsr-3916	257	40	the	the	DET
fsr-3916	257	41	number	number	NOUN
fsr-3916	257	42	of	of	ADP
fsr-3916	257	43	revisions	revision	NOUN
fsr-3916	257	44	upwards	upwards	ADV
fsr-3916	257	45	is	be	AUX
fsr-3916	257	46	less	less	ADJ
fsr-3916	257	47	than	than	ADP
fsr-3916	257	48	the	the	DET
fsr-3916	257	49	number	number	NOUN
fsr-3916	257	50	downwards	downward	NOUN
fsr-3916	257	51	.	.	PUNCT
fsr-3916	258	1	thus	thus	ADV
fsr-3916	258	2	,	,	PUNCT
fsr-3916	258	3	for	for	ADP
fsr-3916	258	4	an	an	DET
fsr-3916	258	5	upward	upward	ADJ
fsr-3916	258	6	directional	directional	ADJ
fsr-3916	258	7	number	number	NOUN
fsr-3916	258	8	signal	signal	NOUN
fsr-3916	258	9	,	,	PUNCT
fsr-3916	258	10	the	the	DET
fsr-3916	258	11	portfolio	portfolio	NOUN
fsr-3916	258	12	switches	switch	VERB
fsr-3916	258	13	to	to	ADP
fsr-3916	258	14	equity	equity	NOUN
fsr-3916	258	15	if	if	SCONJ
fsr-3916	258	16	it	it	PRON
fsr-3916	258	17	is	be	AUX
fsr-3916	258	18	already	already	ADV
fsr-3916	258	19	in	in	ADP
fsr-3916	258	20	cash	cash	NOUN
fsr-3916	258	21	,	,	PUNCT
fsr-3916	258	22	and	and	CCONJ
fsr-3916	258	23	remains	remain	VERB
fsr-3916	258	24	in	in	ADP
fsr-3916	258	25	equity	equity	NOUN
fsr-3916	258	26	if	if	SCONJ
fsr-3916	258	27	it	it	PRON
fsr-3916	258	28	is	be	AUX
fsr-3916	258	29	already	already	ADV
fsr-3916	258	30	in	in	ADP
fsr-3916	258	31	equity	equity	NOUN
fsr-3916	258	32	.	.	PUNCT
fsr-3916	259	1	similarly	similarly	ADV
fsr-3916	259	2	,	,	PUNCT
fsr-3916	259	3	for	for	ADP
fsr-3916	259	4	a	a	DET
fsr-3916	259	5	downward	downward	ADJ
fsr-3916	259	6	directional	directional	ADJ
fsr-3916	259	7	number	number	NOUN
fsr-3916	259	8	signal	signal	NOUN
fsr-3916	259	9	,	,	PUNCT
fsr-3916	259	10	the	the	DET
fsr-3916	259	11	portfolio	portfolio	NOUN
fsr-3916	259	12	switches	switch	VERB
fsr-3916	259	13	to	to	PART
fsr-3916	259	14	cash	cash	VERB
fsr-3916	259	15	if	if	SCONJ
fsr-3916	259	16	it	it	PRON
fsr-3916	259	17	is	be	AUX
fsr-3916	259	18	already	already	ADV
fsr-3916	259	19	in	in	ADP
fsr-3916	259	20	equity	equity	NOUN
fsr-3916	259	21	,	,	PUNCT
fsr-3916	259	22	and	and	CCONJ
fsr-3916	259	23	remains	remain	VERB
fsr-3916	259	24	in	in	ADP
fsr-3916	259	25	cash	cash	NOUN
fsr-3916	259	26	if	if	SCONJ
fsr-3916	259	27	it	it	PRON
fsr-3916	259	28	is	be	AUX
fsr-3916	259	29	already	already	ADV
fsr-3916	259	30	in	in	ADP
fsr-3916	259	31	cash	cash	NOUN
fsr-3916	259	32	.	.	PUNCT
fsr-3916	260	1	the	the	DET
fsr-3916	260	2	second	second	ADJ
fsr-3916	260	3	switching	switching	NOUN
fsr-3916	260	4	rule	rule	NOUN
fsr-3916	260	5	is	be	AUX
fsr-3916	260	6	not	not	PART
fsr-3916	260	7	implemented	implement	VERB
fsr-3916	260	8	using	use	VERB
fsr-3916	260	9	the	the	DET
fsr-3916	260	10	analyst	analyst	NOUN
fsr-3916	260	11	bottom	bottom	ADJ
fsr-3916	260	12	-	-	PUNCT
fsr-3916	260	13	up	up	ADP
fsr-3916	260	14	forecasts	forecast	NOUN
fsr-3916	260	15	because	because	SCONJ
fsr-3916	260	16	the	the	DET
fsr-3916	260	17	data	datum	NOUN
fsr-3916	260	18	for	for	ADP
fsr-3916	260	19	doing	do	VERB
fsr-3916	260	20	such	such	ADJ
fsr-3916	260	21	are	be	AUX
fsr-3916	260	22	not	not	PART
fsr-3916	260	23	available	available	ADJ
fsr-3916	260	24	.	.	PUNCT
fsr-3916	261	1	the	the	DET
fsr-3916	261	2	proportions	proportion	NOUN
fsr-3916	261	3	of	of	ADP
fsr-3916	261	4	the	the	DET
fsr-3916	261	5	periods	period	NOUN
fsr-3916	261	6	classified	classified	ADJ
fsr-3916	261	7	bydirectional	bydirectional	ADJ
fsr-3916	261	8	consensusanddirectional	consensusanddirectional	ADJ
fsr-3916	261	9	number	number	NOUN
fsr-3916	261	10	are	be	AUX
fsr-3916	261	11	presented	present	VERB
fsr-3916	261	12	in	in	ADP
fsr-3916	261	13	table	table	NOUN
fsr-3916	261	14	5	5	NUM
fsr-3916	261	15	.	.	PUNCT
fsr-3916	262	1	given	give	VERB
fsr-3916	262	2	the	the	DET
fsr-3916	262	3	forecast	forecast	NOUN
fsr-3916	262	4	revision	revision	NOUN
fsr-3916	262	5	patterns	pattern	NOUN
fsr-3916	262	6	identified	identify	VERB
fsr-3916	262	7	in	in	ADP
fsr-3916	262	8	section	section	NOUN
fsr-3916	262	9	five	five	NUM
fsr-3916	262	10	,	,	PUNCT
fsr-3916	262	11	it	it	PRON
fsr-3916	262	12	is	be	AUX
fsr-3916	262	13	not	not	PART
fsr-3916	262	14	surprising	surprising	ADJ
fsr-3916	262	15	that	that	SCONJ
fsr-3916	262	16	the	the	DET
fsr-3916	262	17	proportion	proportion	NOUN
fsr-3916	262	18	of	of	ADP
fsr-3916	262	19	down	down	ADJ
fsr-3916	262	20	periods	period	NOUN
fsr-3916	262	21	almost	almost	ADV
fsr-3916	262	22	always	always	ADV
fsr-3916	262	23	exceeds	exceed	VERB
fsr-3916	262	24	that	that	PRON
fsr-3916	262	25	for	for	ADP
fsr-3916	262	26	up	up	ADP
fsr-3916	262	27	periods	period	NOUN
fsr-3916	262	28	.	.	PUNCT
fsr-3916	263	1	four	four	NUM
fsr-3916	263	2	summary	summary	NOUN
fsr-3916	263	3	statistics	statistic	NOUN
fsr-3916	263	4	for	for	ADP
fsr-3916	263	5	the	the	DET
fsr-3916	263	6	portfolios	portfolio	NOUN
fsr-3916	263	7	using	use	VERB
fsr-3916	263	8	thedirectional	thedirectional	ADJ
fsr-3916	263	9	consensusand	consensusand	PROPN
fsr-3916	263	10	directional	directional	ADJ
fsr-3916	263	11	numberswitching	numberswitching	NOUN
fsr-3916	263	12	rules	rule	NOUN
fsr-3916	263	13	are	be	AUX
fsr-3916	263	14	presented	present	VERB
fsr-3916	263	15	in	in	ADP
fsr-3916	263	16	table	table	NOUN
fsr-3916	263	17	6	6	NUM
fsr-3916	263	18	.	.	PUNCT
fsr-3916	263	19	compared	compare	VERB
fsr-3916	263	20	to	to	ADP
fsr-3916	263	21	the	the	DET
fsr-3916	263	22	findings	finding	NOUN
fsr-3916	263	23	reported	report	VERB
fsr-3916	263	24	in	in	ADP
fsr-3916	263	25	the	the	DET
fsr-3916	263	26	table	table	NOUN
fsr-3916	263	27	5	5	NUM
fsr-3916	263	28	proportion	proportion	NOUN
fsr-3916	263	29	of	of	ADP
fsr-3916	263	30	periods	period	NOUN
fsr-3916	263	31	classified	classify	VERB
fsr-3916	263	32	by	by	ADP
fsr-3916	263	33	directional	directional	ADJ
fsr-3916	263	34	consensus	consensus	NOUN
fsr-3916	263	35	and	and	CCONJ
fsr-3916	263	36	the	the	DET
fsr-3916	263	37	directional	directional	ADJ
fsr-3916	263	38	number	number	NOUN
fsr-3916	263	39	of	of	ADP
fsr-3916	263	40	signals	signal	NOUN
fsr-3916	263	41	measure	measure	NOUN
fsr-3916	263	42	of	of	ADP
fsr-3916	263	43	revisions	revision	NOUN
fsr-3916	263	44	of	of	ADP
fsr-3916	263	45	earnings	earning	NOUN
fsr-3916	263	46	per	per	ADP
fsr-3916	263	47	share	share	NOUN
fsr-3916	263	48	by	by	ADP
fsr-3916	263	49	strategists	strategist	NOUN
fsr-3916	263	50	or	or	CCONJ
fsr-3916	263	51	analysts	analyst	NOUN
fsr-3916	263	52	direction	direction	NOUN
fsr-3916	263	53	of	of	ADP
fsr-3916	263	54	revisions	revision	NOUN
fsr-3916	263	55	in	in	ADP
fsr-3916	263	56	earnings	earning	NOUN
fsr-3916	263	57	per	per	ADP
fsr-3916	263	58	share	share	NOUN
fsr-3916	263	59	for	for	ADP
fsr-3916	263	60	the	the	DET
fsr-3916	263	61	month	month	NOUN
fsr-3916	263	62	top	top	ADJ
fsr-3916	263	63	-	-	PUNCT
fsr-3916	263	64	down	down	ADP
fsr-3916	263	65	consensus	consensus	NOUN
fsr-3916	263	66	forecasts	forecast	NOUN
fsr-3916	263	67	of	of	ADP
fsr-3916	263	68	earnings	earning	NOUN
fsr-3916	263	69	per	per	ADP
fsr-3916	263	70	share	share	NOUN
fsr-3916	263	71	by	by	ADP
fsr-3916	263	72	strategists	strategist	NOUN
fsr-3916	263	73	for	for	ADP
fsr-3916	263	74	fiscal	fiscal	ADJ
fsr-3916	263	75	year	year	NOUN
fsr-3916	263	76	bottom	bottom	ADJ
fsr-3916	263	77	-	-	PUNCT
fsr-3916	263	78	up	up	ADP
fsr-3916	263	79	consensus	consensus	NOUN
fsr-3916	263	80	forecasts	forecast	NOUN
fsr-3916	263	81	of	of	ADP
fsr-3916	263	82	earnings	earning	NOUN
fsr-3916	263	83	per	per	ADP
fsr-3916	263	84	share	share	NOUN
fsr-3916	263	85	by	by	ADP
fsr-3916	263	86	analysts	analyst	NOUN
fsr-3916	263	87	for	for	ADP
fsr-3916	263	88	fiscal	fiscal	ADJ
fsr-3916	263	89	year	year	NOUN
fsr-3916	263	90	fy1	fy1	NOUN
fsr-3916	263	91	fy2	fy2	NOUN
fsr-3916	263	92	fy1	fy1	NOUN
fsr-3916	263	93	fy2	fy2	PRON
fsr-3916	263	94	directional	directional	ADJ
fsr-3916	263	95	consensus	consensus	NOUN
fsr-3916	263	96	up	up	ADV
fsr-3916	263	97	0.40	0.40	NUM
fsr-3916	263	98	0.48	0.48	NUM
fsr-3916	263	99	0.26	0.26	NUM
fsr-3916	263	100	0.28	0.28	NUM
fsr-3916	263	101	directional	directional	NOUN
fsr-3916	263	102	consensusa	consensusa	NOUN
fsr-3916	263	103	down	down	ADV
fsr-3916	263	104	0.57	0.57	NUM
fsr-3916	263	105	0.48	0.48	NUM
fsr-3916	263	106	0.72	0.72	NUM
fsr-3916	263	107	0.71	0.71	NUM
fsr-3916	263	108	directional	directional	NOUN
fsr-3916	263	109	numberb	numberb	NOUN
fsr-3916	263	110	up	up	ADV
fsr-3916	263	111	0.33	0.33	NUM
fsr-3916	263	112	0.39	0.39	NUM
fsr-3916	263	113	directional	directional	ADJ
fsr-3916	263	114	numberb	numberb	NOUN
fsr-3916	263	115	down	down	ADV
fsr-3916	263	116	0.56	0.56	NUM
fsr-3916	263	117	0.44	0.44	NUM
fsr-3916	263	118	this	this	DET
fsr-3916	263	119	table	table	NOUN
fsr-3916	263	120	reports	report	VERB
fsr-3916	263	121	the	the	DET
fsr-3916	263	122	proportion	proportion	NOUN
fsr-3916	263	123	of	of	ADP
fsr-3916	263	124	periods	period	NOUN
fsr-3916	263	125	classified	classify	VERB
fsr-3916	263	126	by	by	ADP
fsr-3916	263	127	directional	directional	ADJ
fsr-3916	263	128	consensus	consensus	NOUN
fsr-3916	263	129	and	and	CCONJ
fsr-3916	263	130	by	by	ADP
fsr-3916	263	131	directional	directional	ADJ
fsr-3916	263	132	number	number	NOUN
fsr-3916	263	133	for	for	ADP
fsr-3916	263	134	fiscal	fiscal	ADJ
fsr-3916	263	135	years	year	NOUN
fsr-3916	263	136	fy1	fy1	NOUN
fsr-3916	263	137	and	and	CCONJ
fsr-3916	263	138	fy2	fy2	NOUN
fsr-3916	263	139	for	for	ADP
fsr-3916	263	140	consensus	consensus	NOUN
fsr-3916	263	141	forecasts	forecast	NOUN
fsr-3916	263	142	by	by	ADP
fsr-3916	263	143	strategists	strategist	NOUN
fsr-3916	263	144	and	and	CCONJ
fsr-3916	263	145	analysts	analyst	NOUN
fsr-3916	263	146	.	.	PUNCT
fsr-3916	264	1	the	the	DET
fsr-3916	264	2	directional	directional	ADJ
fsr-3916	264	3	consensus	consensus	NOUN
fsr-3916	264	4	signal	signal	NOUN
fsr-3916	264	5	is	be	AUX
fsr-3916	264	6	based	base	VERB
fsr-3916	264	7	on	on	ADP
fsr-3916	264	8	the	the	DET
fsr-3916	264	9	directional	directional	ADJ
fsr-3916	264	10	change	change	NOUN
fsr-3916	264	11	(	(	PUNCT
fsr-3916	264	12	up	up	ADV
fsr-3916	264	13	or	or	CCONJ
fsr-3916	264	14	down	down	ADV
fsr-3916	264	15	)	)	PUNCT
fsr-3916	264	16	in	in	ADP
fsr-3916	264	17	the	the	DET
fsr-3916	264	18	consensus	consensus	NOUN
fsr-3916	264	19	forecast	forecast	NOUN
fsr-3916	264	20	of	of	ADP
fsr-3916	264	21	earnings	earning	NOUN
fsr-3916	264	22	per	per	ADP
fsr-3916	264	23	share	share	NOUN
fsr-3916	264	24	for	for	ADP
fsr-3916	264	25	the	the	DET
fsr-3916	264	26	s&p	s&p	PROPN
fsr-3916	264	27	500	500	NUM
fsr-3916	264	28	index	index	NOUN
fsr-3916	264	29	.	.	PUNCT
fsr-3916	265	1	the	the	DET
fsr-3916	265	2	directional	directional	ADJ
fsr-3916	265	3	number	number	NOUN
fsr-3916	265	4	signal	signal	NOUN
fsr-3916	265	5	is	be	AUX
fsr-3916	265	6	based	base	VERB
fsr-3916	265	7	on	on	ADP
fsr-3916	265	8	the	the	DET
fsr-3916	265	9	number	number	NOUN
fsr-3916	265	10	of	of	ADP
fsr-3916	265	11	forecasts	forecast	NOUN
fsr-3916	265	12	increased	increase	VERB
fsr-3916	265	13	by	by	ADP
fsr-3916	265	14	strategists	strategist	NOUN
fsr-3916	265	15	minus	minus	ADP
fsr-3916	265	16	the	the	DET
fsr-3916	265	17	number	number	NOUN
fsr-3916	265	18	of	of	ADP
fsr-3916	265	19	forecasts	forecast	NOUN
fsr-3916	265	20	decreased	decrease	VERB
fsr-3916	265	21	by	by	ADP
fsr-3916	265	22	strategists	strategist	NOUN
fsr-3916	265	23	for	for	ADP
fsr-3916	265	24	earnings	earning	NOUN
fsr-3916	265	25	per	per	ADP
fsr-3916	265	26	share	share	NOUN
fsr-3916	265	27	for	for	ADP
fsr-3916	265	28	the	the	DET
fsr-3916	265	29	s&p	s&p	PROPN
fsr-3916	265	30	500	500	NUM
fsr-3916	265	31	index	index	NOUN
fsr-3916	265	32	for	for	ADP
fsr-3916	265	33	each	each	DET
fsr-3916	265	34	month	month	NOUN
fsr-3916	265	35	t.	t.	PROPN
fsr-3916	265	36	a	a	DET
fsr-3916	265	37	the	the	DET
fsr-3916	265	38	directional	directional	ADJ
fsr-3916	265	39	consensus	consensus	NOUN
fsr-3916	265	40	is	be	AUX
fsr-3916	265	41	up	up	ADV
fsr-3916	265	42	(	(	PUNCT
fsr-3916	265	43	down	down	ADP
fsr-3916	265	44	)	)	PUNCT
fsr-3916	265	45	when	when	SCONJ
fsr-3916	265	46	the	the	DET
fsr-3916	265	47	consensus	consensus	NOUN
fsr-3916	265	48	forecasts	forecast	NOUN
fsr-3916	265	49	of	of	ADP
fsr-3916	265	50	earnings	earning	NOUN
fsr-3916	265	51	per	per	ADP
fsr-3916	265	52	share	share	NOUN
fsr-3916	265	53	are	be	AUX
fsr-3916	265	54	revised	revise	VERB
fsr-3916	265	55	up	up	ADP
fsr-3916	265	56	(	(	PUNCT
fsr-3916	265	57	down	down	ADV
fsr-3916	265	58	)	)	PUNCT
fsr-3916	265	59	for	for	ADP
fsr-3916	265	60	this	this	DET
fsr-3916	265	61	month	month	NOUN
fsr-3916	265	62	compared	compare	VERB
fsr-3916	265	63	to	to	ADP
fsr-3916	265	64	last	last	ADJ
fsr-3916	265	65	month	month	NOUN
fsr-3916	265	66	by	by	ADP
fsr-3916	265	67	strategists	strategist	NOUN
fsr-3916	265	68	for	for	ADP
fsr-3916	265	69	top	top	ADJ
fsr-3916	265	70	-	-	PUNCT
fsr-3916	265	71	down	down	ADP
fsr-3916	265	72	forecasts	forecast	NOUN
fsr-3916	265	73	or	or	CCONJ
fsr-3916	265	74	by	by	ADP
fsr-3916	265	75	analysts	analyst	NOUN
fsr-3916	265	76	for	for	ADP
fsr-3916	265	77	bottom	bottom	ADJ
fsr-3916	265	78	-	-	PUNCT
fsr-3916	265	79	up	up	ADP
fsr-3916	265	80	forecasts	forecast	NOUN
fsr-3916	265	81	.	.	PUNCT
fsr-3916	266	1	b	b	X
fsr-3916	267	1	the	the	DET
fsr-3916	267	2	directional	directional	ADJ
fsr-3916	267	3	number	number	NOUN
fsr-3916	267	4	is	be	AUX
fsr-3916	267	5	up	up	ADV
fsr-3916	267	6	(	(	PUNCT
fsr-3916	267	7	down	down	ADP
fsr-3916	267	8	)	)	PUNCT
fsr-3916	267	9	when	when	SCONJ
fsr-3916	267	10	the	the	DET
fsr-3916	267	11	number	number	NOUN
fsr-3916	267	12	of	of	ADP
fsr-3916	267	13	strategists	strategist	NOUN
fsr-3916	267	14	revising	revise	VERB
fsr-3916	267	15	their	their	PRON
fsr-3916	267	16	top	top	ADJ
fsr-3916	267	17	-	-	PUNCT
fsr-3916	267	18	down	down	ADP
fsr-3916	267	19	forecasts	forecast	NOUN
fsr-3916	267	20	of	of	ADP
fsr-3916	267	21	earnings	earning	NOUN
fsr-3916	267	22	per	per	ADP
fsr-3916	267	23	share	share	NOUN
fsr-3916	267	24	upwards	upwards	ADV
fsr-3916	267	25	this	this	DET
fsr-3916	267	26	month	month	NOUN
fsr-3916	267	27	exceeds	exceed	NOUN
fsr-3916	267	28	(	(	PUNCT
fsr-3916	267	29	is	be	AUX
fsr-3916	267	30	less	less	ADJ
fsr-3916	267	31	than	than	ADP
fsr-3916	267	32	)	)	PUNCT
fsr-3916	267	33	the	the	DET
fsr-3916	267	34	number	number	NOUN
fsr-3916	267	35	revising	revise	VERB
fsr-3916	267	36	them	they	PRON
fsr-3916	267	37	downwards	downward	NOUN
fsr-3916	267	38	.	.	PUNCT
fsr-3916	268	1	140	140	NUM
fsr-3916	268	2	r.	r.	PROPN
fsr-3916	268	3	chung	chung	PROPN
fsr-3916	268	4	,	,	PUNCT
fsr-3916	268	5	l.	l.	PROPN
fsr-3916	268	6	kryzanowski	kryzanowski	PROPN
fsr-3916	268	7	/	/	SYM
fsr-3916	268	8	financial	financial	ADJ
fsr-3916	268	9	services	service	NOUN
fsr-3916	268	10	review	review	VERB
fsr-3916	268	11	9	9	NUM
fsr-3916	268	12	(	(	PUNCT
fsr-3916	268	13	2000	2000	NUM
fsr-3916	268	14	)	)	PUNCT
fsr-3916	268	15	125–144	125–144	NUM
fsr-3916	268	16	table	table	NOUN
fsr-3916	268	17	6	6	NUM
fsr-3916	268	18	summary	summary	NOUN
fsr-3916	268	19	statistics	statistic	NOUN
fsr-3916	268	20	for	for	ADP
fsr-3916	268	21	performance	performance	NOUN
fsr-3916	268	22	,	,	PUNCT
fsr-3916	268	23	risk	risk	NOUN
fsr-3916	268	24	and	and	CCONJ
fsr-3916	268	25	activity	activity	NOUN
fsr-3916	268	26	for	for	ADP
fsr-3916	268	27	portfolios	portfolio	NOUN
fsr-3916	268	28	actively	actively	ADV
fsr-3916	268	29	managed	manage	VERB
fsr-3916	268	30	using	use	VERB
fsr-3916	268	31	the	the	DET
fsr-3916	268	32	directional	directional	ADJ
fsr-3916	268	33	consensus	consensus	NOUN
fsr-3916	268	34	and	and	CCONJ
fsr-3916	268	35	directional	directional	ADJ
fsr-3916	268	36	number	number	NOUN
fsr-3916	268	37	signals	signal	NOUN
fsr-3916	268	38	for	for	ADP
fsr-3916	268	39	market	market	NOUN
fsr-3916	268	40	timing	timing	NOUN
fsr-3916	268	41	type	type	NOUN
fsr-3916	268	42	of	of	ADP
fsr-3916	268	43	forecast	forecast	NOUN
fsr-3916	268	44	of	of	ADP
fsr-3916	268	45	earnings	earning	NOUN
fsr-3916	268	46	per	per	ADP
fsr-3916	268	47	share	share	NOUN
fsr-3916	268	48	used	use	VERB
fsr-3916	268	49	statistica	statistica	NOUN
fsr-3916	268	50	switching	switch	VERB
fsr-3916	268	51	rule	rule	NOUN
fsr-3916	268	52	based	base	VERB
fsr-3916	268	53	on	on	ADP
fsr-3916	268	54	directional	directional	ADJ
fsr-3916	268	55	consensuse	consensuse	NOUN
fsr-3916	268	56	directional	directional	ADJ
fsr-3916	268	57	numberf	numberf	NOUN
fsr-3916	268	58	top	top	ADJ
fsr-3916	268	59	-	-	PUNCT
fsr-3916	268	60	down	down	ADP
fsr-3916	268	61	forecasts	forecast	NOUN
fsr-3916	268	62	of	of	ADP
fsr-3916	268	63	earnings	earning	NOUN
fsr-3916	268	64	per	per	ADP
fsr-3916	268	65	share	share	NOUN
fsr-3916	268	66	for	for	ADP
fsr-3916	268	67	fy1	fy1	NOUN
fsr-3916	268	68	by	by	ADP
fsr-3916	268	69	strategists	strategist	NOUN
fsr-3916	268	70	meanb	meanb	VERB
fsr-3916	268	71	20.0039	20.0039	NUM
fsr-3916	268	72	20.0020	20.0020	NUM
fsr-3916	268	73	medianb	medianb	NOUN
fsr-3916	268	74	20.0043	20.0043	NUM
fsr-3916	268	75	*	*	PUNCT
fsr-3916	268	76	*	*	NOUN
fsr-3916	268	77	20.0032	20.0032	NUM
fsr-3916	268	78	*	*	NOUN
fsr-3916	268	79	*	*	PUNCT
fsr-3916	268	80	#	#	NOUN
fsr-3916	268	81	of	of	ADP
fsr-3916	268	82	switchesc	switchesc	NOUN
fsr-3916	268	83	57	57	NUM
fsr-3916	268	84	31	31	NUM
fsr-3916	268	85	betad	betad	NOUN
fsr-3916	268	86	0.393	0.393	NUM
fsr-3916	268	87	0.369	0.369	NUM
fsr-3916	268	88	top	top	ADJ
fsr-3916	268	89	-	-	PUNCT
fsr-3916	268	90	down	down	ADP
fsr-3916	268	91	forecasts	forecast	NOUN
fsr-3916	268	92	of	of	ADP
fsr-3916	268	93	earnings	earning	NOUN
fsr-3916	268	94	per	per	ADP
fsr-3916	268	95	share	share	NOUN
fsr-3916	268	96	for	for	ADP
fsr-3916	268	97	fy2	fy2	NOUN
fsr-3916	268	98	by	by	ADP
fsr-3916	268	99	strategists	strategist	NOUN
fsr-3916	268	100	mean	mean	VERB
fsr-3916	268	101	20.0057	20.0057	NUM
fsr-3916	268	102	*	*	SYM
fsr-3916	268	103	*	*	NOUN
fsr-3916	268	104	20.0034	20.0034	NUM
fsr-3916	268	105	median	median	NOUN
fsr-3916	268	106	20.0055	20.0055	NUM
fsr-3916	268	107	*	*	SYM
fsr-3916	268	108	*	*	X
fsr-3916	268	109	20.0048	20.0048	NUM
fsr-3916	268	110	*	*	NOUN
fsr-3916	268	111	*	*	PUNCT
fsr-3916	268	112	#	#	NOUN
fsr-3916	268	113	of	of	ADP
fsr-3916	268	114	switches	switch	NOUN
fsr-3916	268	115	83	83	NUM
fsr-3916	268	116	47	47	NUM
fsr-3916	268	117	beta	beta	NOUN
fsr-3916	268	118	0.471	0.471	NUM
fsr-3916	268	119	0.456	0.456	NUM
fsr-3916	268	120	bottom	bottom	NUM
fsr-3916	268	121	-	-	PUNCT
fsr-3916	268	122	up	up	ADP
fsr-3916	268	123	forecasts	forecast	NOUN
fsr-3916	268	124	of	of	ADP
fsr-3916	268	125	earnings	earning	NOUN
fsr-3916	268	126	per	per	ADP
fsr-3916	268	127	share	share	NOUN
fsr-3916	268	128	for	for	ADP
fsr-3916	268	129	fy1	fy1	NOUN
fsr-3916	268	130	by	by	ADP
fsr-3916	268	131	analysts	analyst	NOUN
fsr-3916	268	132	mean	mean	VERB
fsr-3916	268	133	20.0025	20.0025	NUM
fsr-3916	268	134	*	*	NOUN
fsr-3916	268	135	*	*	PROPN
fsr-3916	268	136	median	median	PROPN
fsr-3916	268	137	20.0031	20.0031	NUM
fsr-3916	268	138	*	*	PUNCT
fsr-3916	268	139	*	*	PUNCT
fsr-3916	268	140	#	#	NOUN
fsr-3916	268	141	of	of	ADP
fsr-3916	268	142	switches	switch	NOUN
fsr-3916	268	143	56	56	NUM
fsr-3916	268	144	beta	beta	ADJ
fsr-3916	268	145	0.257	0.257	NUM
fsr-3916	268	146	bottom	bottom	ADJ
fsr-3916	268	147	-	-	PUNCT
fsr-3916	268	148	up	up	ADP
fsr-3916	268	149	forecasts	forecast	NOUN
fsr-3916	268	150	for	for	ADP
fsr-3916	268	151	earnings	earning	NOUN
fsr-3916	268	152	per	per	ADP
fsr-3916	268	153	share	share	NOUN
fsr-3916	268	154	for	for	ADP
fsr-3916	268	155	fy2	fy2	NOUN
fsr-3916	268	156	by	by	ADP
fsr-3916	268	157	analysts	analyst	NOUN
fsr-3916	268	158	mean	mean	VERB
fsr-3916	268	159	20.0042	20.0042	NUM
fsr-3916	268	160	median	median	NOUN
fsr-3916	268	161	20.0036	20.0036	NUM
fsr-3916	268	162	*	*	PUNCT
fsr-3916	268	163	*	*	PUNCT
fsr-3916	268	164	#	#	NOUN
fsr-3916	268	165	of	of	ADP
fsr-3916	268	166	switches	switch	NOUN
fsr-3916	268	167	62	62	NUM
fsr-3916	268	168	beta	beta	NOUN
fsr-3916	268	169	0.282	0.282	NUM
fsr-3916	268	170	top	top	ADJ
fsr-3916	268	171	-	-	PUNCT
fsr-3916	268	172	down	down	ADP
fsr-3916	268	173	forecasts	forecast	NOUN
fsr-3916	268	174	of	of	ADP
fsr-3916	268	175	earnings	earning	NOUN
fsr-3916	268	176	per	per	ADP
fsr-3916	268	177	share	share	NOUN
fsr-3916	268	178	by	by	ADP
fsr-3916	268	179	strategists	strategist	NOUN
fsr-3916	268	180	and	and	CCONJ
fsr-3916	268	181	bottom	bottom	ADJ
fsr-3916	268	182	-	-	PUNCT
fsr-3916	268	183	up	up	ADP
fsr-3916	268	184	forecasts	forecast	NOUN
fsr-3916	268	185	of	of	ADP
fsr-3916	268	186	earnings	earning	NOUN
fsr-3916	268	187	per	per	ADP
fsr-3916	268	188	share	share	NOUN
fsr-3916	268	189	by	by	ADP
fsr-3916	268	190	analysts	analyst	NOUN
fsr-3916	268	191	for	for	ADP
fsr-3916	268	192	fy1	fy1	NOUN
fsr-3916	268	193	(	(	PUNCT
fsr-3916	268	194	switches	switch	NOUN
fsr-3916	268	195	occur	occur	VERB
fsr-3916	268	196	only	only	ADV
fsr-3916	268	197	if	if	SCONJ
fsr-3916	268	198	both	both	DET
fsr-3916	268	199	screens	screen	NOUN
fsr-3916	268	200	are	be	AUX
fsr-3916	268	201	satisfied	satisfied	ADJ
fsr-3916	268	202	)	)	PUNCT
fsr-3916	268	203	mean	mean	VERB
fsr-3916	269	1	20.0007	20.0007	NUM
fsr-3916	269	2	median	median	NOUN
fsr-3916	269	3	20.0022	20.0022	NUM
fsr-3916	269	4	*	*	PUNCT
fsr-3916	269	5	*	*	PUNCT
fsr-3916	269	6	#	#	NOUN
fsr-3916	269	7	of	of	ADP
fsr-3916	269	8	switches	switch	NOUN
fsr-3916	269	9	11	11	NUM
fsr-3916	269	10	beta	beta	NOUN
fsr-3916	269	11	0.214	0.214	NUM
fsr-3916	269	12	top	top	ADJ
fsr-3916	269	13	-	-	PUNCT
fsr-3916	269	14	down	down	ADP
fsr-3916	269	15	forecasts	forecast	NOUN
fsr-3916	269	16	of	of	ADP
fsr-3916	269	17	earnings	earning	NOUN
fsr-3916	269	18	per	per	ADP
fsr-3916	269	19	share	share	NOUN
fsr-3916	269	20	by	by	ADP
fsr-3916	269	21	strategists	strategist	NOUN
fsr-3916	269	22	and	and	CCONJ
fsr-3916	269	23	bottom	bottom	ADJ
fsr-3916	269	24	-	-	PUNCT
fsr-3916	269	25	up	up	ADP
fsr-3916	269	26	forecasts	forecast	NOUN
fsr-3916	269	27	of	of	ADP
fsr-3916	269	28	earnings	earning	NOUN
fsr-3916	269	29	per	per	ADP
fsr-3916	269	30	share	share	NOUN
fsr-3916	269	31	by	by	ADP
fsr-3916	269	32	analysts	analyst	NOUN
fsr-3916	269	33	for	for	ADP
fsr-3916	269	34	fy2	fy2	PROPN
fsr-3916	269	35	(	(	PUNCT
fsr-3916	269	36	switches	switch	NOUN
fsr-3916	269	37	occur	occur	VERB
fsr-3916	269	38	only	only	ADV
fsr-3916	269	39	if	if	SCONJ
fsr-3916	269	40	both	both	DET
fsr-3916	269	41	screens	screen	NOUN
fsr-3916	269	42	are	be	AUX
fsr-3916	269	43	satisfied	satisfied	ADJ
fsr-3916	269	44	)	)	PUNCT
fsr-3916	269	45	mean	mean	VERB
fsr-3916	269	46	20.0007	20.0007	NUM
fsr-3916	269	47	median	median	NOUN
fsr-3916	269	48	20.0022	20.0022	NUM
fsr-3916	269	49	*	*	PUNCT
fsr-3916	269	50	*	*	PUNCT
fsr-3916	269	51	#	#	NOUN
fsr-3916	269	52	of	of	ADP
fsr-3916	269	53	switches	switch	NOUN
fsr-3916	269	54	11	11	NUM
fsr-3916	269	55	beta	beta	NOUN
fsr-3916	269	56	0.214	0.214	NUM
fsr-3916	269	57	panel	panel	NOUN
fsr-3916	269	58	a	a	PRON
fsr-3916	269	59	provides	provide	VERB
fsr-3916	269	60	the	the	DET
fsr-3916	269	61	mean	mean	ADJ
fsr-3916	269	62	and	and	CCONJ
fsr-3916	269	63	median	median	ADJ
fsr-3916	269	64	differential	differential	NOUN
fsr-3916	269	65	performance	performance	NOUN
fsr-3916	269	66	(	(	PUNCT
fsr-3916	269	67	and	and	CCONJ
fsr-3916	269	68	tests	test	NOUN
fsr-3916	269	69	of	of	ADP
fsr-3916	269	70	their	their	PRON
fsr-3916	269	71	significance	significance	NOUN
fsr-3916	269	72	)	)	PUNCT
fsr-3916	269	73	,	,	PUNCT
fsr-3916	269	74	average	average	ADJ
fsr-3916	269	75	beta	beta	NOUN
fsr-3916	269	76	and	and	CCONJ
fsr-3916	269	77	number	number	NOUN
fsr-3916	269	78	of	of	ADP
fsr-3916	269	79	switches	switch	NOUN
fsr-3916	269	80	for	for	ADP
fsr-3916	269	81	the	the	DET
fsr-3916	269	82	portfolios	portfolio	NOUN
fsr-3916	269	83	that	that	PRON
fsr-3916	269	84	are	be	AUX
fsr-3916	269	85	actively	actively	ADV
fsr-3916	269	86	managed	manage	VERB
fsr-3916	269	87	using	use	VERB
fsr-3916	269	88	the	the	DET
fsr-3916	269	89	directional	directional	ADJ
fsr-3916	269	90	consensus	consensus	NOUN
fsr-3916	269	91	and	and	CCONJ
fsr-3916	269	92	the	the	DET
fsr-3916	269	93	directional	directional	ADJ
fsr-3916	269	94	number	number	NOUN
fsr-3916	269	95	signals	signal	NOUN
fsr-3916	269	96	based	base	VERB
fsr-3916	269	97	on	on	ADP
fsr-3916	269	98	the	the	DET
fsr-3916	269	99	earnings	earning	NOUN
fsr-3916	269	100	per	per	ADP
fsr-3916	269	101	share	share	NOUN
fsr-3916	269	102	forecast	forecast	NOUN
fsr-3916	269	103	for	for	ADP
fsr-3916	269	104	the	the	DET
fsr-3916	269	105	s&p	s&p	PROPN
fsr-3916	269	106	500	500	NUM
fsr-3916	269	107	index	index	NOUN
fsr-3916	269	108	for	for	ADP
fsr-3916	269	109	fiscal	fiscal	ADJ
fsr-3916	269	110	years	year	NOUN
fsr-3916	269	111	fy1	fy1	NOUN
fsr-3916	269	112	and	and	CCONJ
fsr-3916	269	113	fy2	fy2	NOUN
fsr-3916	269	114	by	by	ADP
fsr-3916	269	115	strategists	strategist	NOUN
fsr-3916	269	116	and	and	CCONJ
fsr-3916	269	117	analysts	analyst	NOUN
fsr-3916	269	118	.	.	PUNCT
fsr-3916	270	1	the	the	DET
fsr-3916	270	2	directional	directional	ADJ
fsr-3916	270	3	consensus	consensus	NOUN
fsr-3916	270	4	signal	signal	NOUN
fsr-3916	270	5	is	be	AUX
fsr-3916	270	6	based	base	VERB
fsr-3916	270	7	on	on	ADP
fsr-3916	270	8	the	the	DET
fsr-3916	270	9	directional	directional	ADJ
fsr-3916	270	10	change	change	NOUN
fsr-3916	270	11	(	(	PUNCT
fsr-3916	270	12	up	up	ADV
fsr-3916	270	13	or	or	CCONJ
fsr-3916	270	14	down	down	ADV
fsr-3916	270	15	)	)	PUNCT
fsr-3916	270	16	in	in	ADP
fsr-3916	270	17	the	the	DET
fsr-3916	270	18	consensus	consensus	NOUN
fsr-3916	270	19	forecast	forecast	NOUN
fsr-3916	270	20	of	of	ADP
fsr-3916	270	21	earnings	earning	NOUN
fsr-3916	270	22	per	per	ADP
fsr-3916	270	23	share	share	NOUN
fsr-3916	270	24	for	for	ADP
fsr-3916	270	25	the	the	DET
fsr-3916	270	26	s&p	s&p	PROPN
fsr-3916	270	27	500	500	NUM
fsr-3916	270	28	index	index	NOUN
fsr-3916	270	29	.	.	PUNCT
fsr-3916	271	1	the	the	DET
fsr-3916	271	2	directional	directional	ADJ
fsr-3916	271	3	number	number	NOUN
fsr-3916	271	4	signal	signal	NOUN
fsr-3916	271	5	is	be	AUX
fsr-3916	271	6	based	base	VERB
fsr-3916	271	7	on	on	ADP
fsr-3916	271	8	the	the	DET
fsr-3916	271	9	number	number	NOUN
fsr-3916	271	10	of	of	ADP
fsr-3916	271	11	forecasts	forecast	NOUN
fsr-3916	271	12	increased	increase	VERB
fsr-3916	271	13	by	by	ADP
fsr-3916	271	14	strategists	strategist	NOUN
fsr-3916	271	15	minus	minus	ADP
fsr-3916	271	16	the	the	DET
fsr-3916	271	17	number	number	NOUN
fsr-3916	271	18	of	of	ADP
fsr-3916	271	19	forecasts	forecast	NOUN
fsr-3916	271	20	decreased	decrease	VERB
fsr-3916	271	21	by	by	ADP
fsr-3916	271	22	strategists	strategist	NOUN
fsr-3916	271	23	for	for	ADP
fsr-3916	271	24	earnings	earning	NOUN
fsr-3916	271	25	per	per	ADP
fsr-3916	271	26	share	share	NOUN
fsr-3916	271	27	for	for	ADP
fsr-3916	271	28	the	the	DET
fsr-3916	271	29	s&p	s&p	PROPN
fsr-3916	271	30	500	500	NUM
fsr-3916	271	31	index	index	NOUN
fsr-3916	271	32	for	for	ADP
fsr-3916	271	33	each	each	DET
fsr-3916	271	34	month	month	NOUN
fsr-3916	271	35	t.	t.	PROPN
fsr-3916	271	36	a	a	DET
fsr-3916	271	37	tests	test	NOUN
fsr-3916	271	38	are	be	AUX
fsr-3916	271	39	conducted	conduct	VERB
fsr-3916	271	40	to	to	PART
fsr-3916	271	41	determine	determine	VERB
fsr-3916	271	42	if	if	SCONJ
fsr-3916	271	43	the	the	DET
fsr-3916	271	44	mean	mean	ADJ
fsr-3916	271	45	and	and	CCONJ
fsr-3916	271	46	median	median	ADJ
fsr-3916	271	47	performance	performance	NOUN
fsr-3916	271	48	metrics	metric	NOUN
fsr-3916	271	49	are	be	AUX
fsr-3916	271	50	significantly	significantly	ADV
fsr-3916	271	51	different	different	ADJ
fsr-3916	271	52	from	from	ADP
fsr-3916	271	53	zero	zero	NUM
fsr-3916	271	54	.	.	PUNCT
fsr-3916	272	1	b	b	X
fsr-3916	272	2	the	the	DET
fsr-3916	272	3	mean	mean	ADJ
fsr-3916	272	4	and	and	CCONJ
fsr-3916	272	5	median	median	ADJ
fsr-3916	272	6	market	market	NOUN
fsr-3916	272	7	timing	timing	NOUN
fsr-3916	272	8	performance	performance	NOUN
fsr-3916	272	9	metrics	metric	NOUN
fsr-3916	272	10	for	for	ADP
fsr-3916	272	11	month	month	NOUN
fsr-3916	272	12	t	t	PROPN
fsr-3916	272	13	is	be	AUX
fsr-3916	272	14	equal	equal	ADJ
fsr-3916	272	15	to	to	ADP
fsr-3916	272	16	the	the	DET
fsr-3916	272	17	(	(	PUNCT
fsr-3916	272	18	excess	excess	ADJ
fsr-3916	272	19	return	return	NOUN
fsr-3916	272	20	on	on	ADP
fsr-3916	272	21	the	the	DET
fsr-3916	272	22	portfolio	portfolio	NOUN
fsr-3916	272	23	for	for	ADP
fsr-3916	272	24	month	month	NOUN
fsr-3916	272	25	t	t	PROPN
fsr-3916	272	26	)	)	PUNCT
fsr-3916	272	27	(	(	PUNCT
fsr-3916	272	28	the	the	DET
fsr-3916	272	29	excess	excess	ADJ
fsr-3916	272	30	return	return	NOUN
fsr-3916	272	31	that	that	PRON
fsr-3916	272	32	would	would	AUX
fsr-3916	272	33	have	have	AUX
fsr-3916	272	34	been	be	AUX
fsr-3916	272	35	obtained	obtain	VERB
fsr-3916	272	36	on	on	ADP
fsr-3916	272	37	the	the	DET
fsr-3916	272	38	portfolio	portfolio	NOUN
fsr-3916	272	39	in	in	ADP
fsr-3916	272	40	month	month	NOUN
fsr-3916	272	41	t	t	PROPN
fsr-3916	272	42	if	if	SCONJ
fsr-3916	272	43	the	the	DET
fsr-3916	272	44	portfolio	portfolio	NOUN
fsr-3916	272	45	maintained	maintain	VERB
fsr-3916	272	46	its	its	PRON
fsr-3916	272	47	average	average	ADJ
fsr-3916	272	48	actual	actual	ADJ
fsr-3916	272	49	beta	beta	NOUN
fsr-3916	272	50	at	at	ADV
fsr-3916	272	51	all	all	DET
fsr-3916	272	52	points	point	NOUN
fsr-3916	272	53	in	in	ADP
fsr-3916	272	54	time	time	NOUN
fsr-3916	272	55	)	)	PUNCT
fsr-3916	272	56	.	.	PUNCT
fsr-3916	273	1	c	c	VERB
fsr-3916	273	2	the	the	DET
fsr-3916	273	3	number	number	NOUN
fsr-3916	273	4	of	of	ADP
fsr-3916	273	5	switches	switch	NOUN
fsr-3916	273	6	is	be	AUX
fsr-3916	273	7	the	the	DET
fsr-3916	273	8	number	number	NOUN
fsr-3916	273	9	of	of	ADP
fsr-3916	273	10	switches	switch	NOUN
fsr-3916	273	11	from	from	ADP
fsr-3916	273	12	equity	equity	NOUN
fsr-3916	273	13	to	to	ADP
fsr-3916	273	14	cash	cash	NOUN
fsr-3916	273	15	or	or	CCONJ
fsr-3916	273	16	vice	vice	NOUN
fsr-3916	273	17	versa	versa	ADV
fsr-3916	273	18	.	.	PUNCT
fsr-3916	274	1	d	d	X
fsr-3916	274	2	the	the	DET
fsr-3916	274	3	average	average	ADJ
fsr-3916	274	4	beta	beta	NOUN
fsr-3916	274	5	is	be	AUX
fsr-3916	274	6	the	the	DET
fsr-3916	274	7	mean	mean	ADJ
fsr-3916	274	8	beta	beta	NOUN
fsr-3916	274	9	over	over	ADP
fsr-3916	274	10	the	the	DET
fsr-3916	274	11	218	218	NUM
fsr-3916	274	12	month	month	NOUN
fsr-3916	274	13	period	period	NOUN
fsr-3916	274	14	.	.	PUNCT
fsr-3916	275	1	e	e	X
fsr-3916	275	2	the	the	DET
fsr-3916	275	3	directional	directional	ADJ
fsr-3916	275	4	consensus	consensus	NOUN
fsr-3916	275	5	switching	switch	VERB
fsr-3916	275	6	rule	rule	NOUN
fsr-3916	275	7	favors	favor	VERB
fsr-3916	275	8	equity	equity	NOUN
fsr-3916	275	9	when	when	SCONJ
fsr-3916	275	10	the	the	DET
fsr-3916	275	11	consensus	consensus	NOUN
fsr-3916	275	12	forecasts	forecast	NOUN
fsr-3916	275	13	of	of	ADP
fsr-3916	275	14	earnings	earning	NOUN
fsr-3916	275	15	per	per	ADP
fsr-3916	275	16	share	share	NOUN
fsr-3916	275	17	are	be	AUX
fsr-3916	275	18	revised	revise	VERB
fsr-3916	275	19	up	up	ADP
fsr-3916	275	20	for	for	ADP
fsr-3916	275	21	this	this	DET
fsr-3916	275	22	month	month	NOUN
fsr-3916	275	23	compared	compare	VERB
fsr-3916	275	24	to	to	ADP
fsr-3916	275	25	last	last	ADJ
fsr-3916	275	26	month	month	NOUN
fsr-3916	275	27	,	,	PUNCT
fsr-3916	275	28	and	and	CCONJ
fsr-3916	275	29	vice	vice	ADV
fsr-3916	275	30	versa	versa	ADV
fsr-3916	275	31	if	if	SCONJ
fsr-3916	275	32	it	it	PRON
fsr-3916	275	33	is	be	AUX
fsr-3916	275	34	lowered	lower	VERB
fsr-3916	275	35	.	.	PUNCT
fsr-3916	276	1	f	f	PROPN
fsr-3916	277	1	the	the	PRON
fsr-3916	277	2	directional	directional	ADJ
fsr-3916	277	3	number	number	NOUN
fsr-3916	277	4	switching	switch	VERB
fsr-3916	277	5	rule	rule	NOUN
fsr-3916	277	6	favours	favour	VERB
fsr-3916	277	7	equity	equity	NOUN
fsr-3916	277	8	when	when	SCONJ
fsr-3916	277	9	the	the	DET
fsr-3916	277	10	number	number	NOUN
fsr-3916	277	11	of	of	ADP
fsr-3916	277	12	strategists	strategist	NOUN
fsr-3916	277	13	revising	revise	VERB
fsr-3916	277	14	their	their	PRON
fsr-3916	277	15	top	top	ADJ
fsr-3916	277	16	-	-	PUNCT
fsr-3916	277	17	down	down	ADP
fsr-3916	277	18	forecasts	forecast	NOUN
fsr-3916	277	19	of	of	ADP
fsr-3916	277	20	earnings	earning	NOUN
fsr-3916	277	21	per	per	ADP
fsr-3916	277	22	share	share	NOUN
fsr-3916	277	23	upwards	upwards	ADV
fsr-3916	277	24	this	this	DET
fsr-3916	277	25	month	month	NOUN
fsr-3916	277	26	exceeds	exceed	VERB
fsr-3916	277	27	the	the	DET
fsr-3916	277	28	number	number	NOUN
fsr-3916	277	29	revising	revise	VERB
fsr-3916	277	30	them	they	PRON
fsr-3916	277	31	downwards	downward	NOUN
fsr-3916	277	32	,	,	PUNCT
fsr-3916	277	33	and	and	CCONJ
fsr-3916	277	34	vice	vice	ADV
fsr-3916	277	35	versa	versa	ADV
fsr-3916	277	36	if	if	SCONJ
fsr-3916	277	37	the	the	DET
fsr-3916	277	38	number	number	NOUN
fsr-3916	277	39	of	of	ADP
fsr-3916	277	40	revisions	revision	NOUN
fsr-3916	277	41	upwards	upwards	ADV
fsr-3916	277	42	is	be	AUX
fsr-3916	277	43	less	less	ADJ
fsr-3916	277	44	than	than	ADP
fsr-3916	277	45	the	the	DET
fsr-3916	277	46	number	number	NOUN
fsr-3916	277	47	downwards	downward	NOUN
fsr-3916	277	48	.	.	PUNCT
fsr-3916	278	1	this	this	DET
fsr-3916	278	2	signal	signal	NOUN
fsr-3916	278	3	is	be	AUX
fsr-3916	278	4	not	not	PART
fsr-3916	278	5	available	available	ADJ
fsr-3916	278	6	for	for	ADP
fsr-3916	278	7	analysts	analyst	NOUN
fsr-3916	278	8	.	.	PUNCT
fsr-3916	279	1	*	*	PUNCT
fsr-3916	280	1	and	and	CCONJ
fsr-3916	280	2	*	*	PUNCT
fsr-3916	280	3	*	*	NOUN
fsr-3916	280	4	indicate	indicate	VERB
fsr-3916	280	5	significance	significance	NOUN
fsr-3916	280	6	at	at	ADP
fsr-3916	280	7	the	the	DET
fsr-3916	280	8	0.05	0.05	NUM
fsr-3916	280	9	and	and	CCONJ
fsr-3916	280	10	0.01	0.01	NUM
fsr-3916	280	11	levels	level	NOUN
fsr-3916	280	12	,	,	PUNCT
fsr-3916	280	13	respectively	respectively	ADV
fsr-3916	280	14	.	.	PUNCT
fsr-3916	281	1	141r	141r	NOUN
fsr-3916	281	2	.	.	PUNCT
fsr-3916	282	1	chung	chung	PROPN
fsr-3916	282	2	,	,	PUNCT
fsr-3916	282	3	l.	l.	PROPN
fsr-3916	282	4	kryzanowski	kryzanowski	PROPN
fsr-3916	282	5	/	/	SYM
fsr-3916	282	6	financial	financial	ADJ
fsr-3916	282	7	services	service	NOUN
fsr-3916	282	8	review	review	VERB
fsr-3916	282	9	9	9	NUM
fsr-3916	282	10	(	(	PUNCT
fsr-3916	282	11	2000	2000	NUM
fsr-3916	282	12	)	)	PUNCT
fsr-3916	282	13	125–144	125–144	NUM
fsr-3916	282	14	previous	previous	ADJ
fsr-3916	282	15	section	section	NOUN
fsr-3916	282	16	,	,	PUNCT
fsr-3916	282	17	the	the	DET
fsr-3916	282	18	portfolios	portfolio	NOUN
fsr-3916	282	19	exhibit	exhibit	VERB
fsr-3916	282	20	substantially	substantially	ADV
fsr-3916	282	21	more	more	ADJ
fsr-3916	282	22	switches	switch	NOUN
fsr-3916	282	23	,	,	PUNCT
fsr-3916	282	24	and	and	CCONJ
fsr-3916	282	25	are	be	AUX
fsr-3916	282	26	invested	invest	VERB
fsr-3916	282	27	in	in	ADP
fsr-3916	282	28	equities	equity	NOUN
fsr-3916	282	29	in	in	ADP
fsr-3916	282	30	less	less	ADJ
fsr-3916	282	31	than	than	ADP
fsr-3916	282	32	50	50	NUM
fsr-3916	282	33	%	%	NOUN
fsr-3916	282	34	of	of	ADP
fsr-3916	282	35	the	the	DET
fsr-3916	282	36	218	218	NUM
fsr-3916	282	37	months	month	NOUN
fsr-3916	282	38	.	.	PUNCT
fsr-3916	283	1	this	this	DET
fsr-3916	283	2	low	low	ADJ
fsr-3916	283	3	proportion	proportion	NOUN
fsr-3916	283	4	on	on	ADP
fsr-3916	283	5	being	be	AUX
fsr-3916	283	6	in	in	ADP
fsr-3916	283	7	equities	equity	NOUN
fsr-3916	283	8	is	be	AUX
fsr-3916	283	9	probably	probably	ADV
fsr-3916	283	10	due	due	ADJ
fsr-3916	283	11	to	to	ADP
fsr-3916	283	12	the	the	DET
fsr-3916	283	13	downward	downward	ADJ
fsr-3916	283	14	revision	revision	NOUN
fsr-3916	283	15	in	in	ADP
fsr-3916	283	16	consensus	consensus	NOUN
fsr-3916	283	17	earnings	earning	NOUN
fsr-3916	283	18	per	per	ADP
fsr-3916	283	19	share	share	NOUN
fsr-3916	283	20	in	in	ADP
fsr-3916	283	21	time	time	NOUN
fsr-3916	283	22	relative	relative	ADJ
fsr-3916	283	23	to	to	ADP
fsr-3916	283	24	the	the	DET
fsr-3916	283	25	switching	switch	VERB
fsr-3916	283	26	month	month	NOUN
fsr-3916	283	27	.	.	PUNCT
fsr-3916	284	1	thus	thus	ADV
fsr-3916	284	2	,	,	PUNCT
fsr-3916	284	3	not	not	PART
fsr-3916	284	4	surprisingly	surprisingly	ADV
fsr-3916	284	5	,	,	PUNCT
fsr-3916	284	6	all	all	PRON
fsr-3916	284	7	of	of	ADP
fsr-3916	284	8	the	the	DET
fsr-3916	284	9	median	median	ADJ
fsr-3916	284	10	performance	performance	NOUN
fsr-3916	284	11	metrics	metric	NOUN
fsr-3916	284	12	are	be	AUX
fsr-3916	284	13	negative	negative	ADJ
fsr-3916	284	14	and	and	CCONJ
fsr-3916	284	15	significant	significant	ADJ
fsr-3916	284	16	,	,	PUNCT
fsr-3916	284	17	and	and	CCONJ
fsr-3916	284	18	all	all	PRON
fsr-3916	284	19	of	of	ADP
fsr-3916	284	20	the	the	DET
fsr-3916	284	21	mean	mean	ADJ
fsr-3916	284	22	performance	performance	NOUN
fsr-3916	284	23	metrics	metric	NOUN
fsr-3916	284	24	are	be	AUX
fsr-3916	284	25	negative	negative	ADJ
fsr-3916	284	26	although	although	SCONJ
fsr-3916	284	27	only	only	ADV
fsr-3916	284	28	two	two	NUM
fsr-3916	284	29	are	be	AUX
fsr-3916	284	30	significant	significant	ADJ
fsr-3916	284	31	.	.	PUNCT
fsr-3916	285	1	once	once	ADV
fsr-3916	285	2	again	again	ADV
fsr-3916	285	3	,	,	PUNCT
fsr-3916	285	4	superior	superior	ADJ
fsr-3916	285	5	timing	timing	NOUN
fsr-3916	285	6	performance	performance	NOUN
fsr-3916	285	7	is	be	AUX
fsr-3916	285	8	not	not	PART
fsr-3916	285	9	achieved	achieve	VERB
fsr-3916	285	10	!	!	PUNCT
fsr-3916	286	1	as	as	ADP
fsr-3916	286	2	a	a	DET
fsr-3916	286	3	further	further	ADJ
fsr-3916	286	4	test	test	NOUN
fsr-3916	286	5	of	of	ADP
fsr-3916	286	6	robustness	robustness	NOUN
fsr-3916	286	7	designed	design	VERB
fsr-3916	286	8	to	to	PART
fsr-3916	286	9	reduce	reduce	VERB
fsr-3916	286	10	the	the	DET
fsr-3916	286	11	influence	influence	NOUN
fsr-3916	286	12	of	of	ADP
fsr-3916	286	13	bull	bull	NOUN
fsr-3916	286	14	market	market	NOUN
fsr-3916	286	15	months	month	NOUN
fsr-3916	286	16	in	in	ADP
fsr-3916	286	17	our	our	PRON
fsr-3916	286	18	sample	sample	NOUN
fsr-3916	286	19	,	,	PUNCT
fsr-3916	286	20	we	we	PRON
fsr-3916	286	21	rerun	rerun	VERB
fsr-3916	286	22	all	all	PRON
fsr-3916	286	23	of	of	ADP
fsr-3916	286	24	the	the	DET
fsr-3916	286	25	market	market	NOUN
fsr-3916	286	26	timing	timing	NOUN
fsr-3916	286	27	tests	test	NOUN
fsr-3916	286	28	reported	report	VERB
fsr-3916	286	29	in	in	ADP
fsr-3916	286	30	this	this	DET
fsr-3916	286	31	section	section	NOUN
fsr-3916	286	32	and	and	CCONJ
fsr-3916	286	33	the	the	DET
fsr-3916	286	34	previous	previous	ADJ
fsr-3916	286	35	section	section	NOUN
fsr-3916	286	36	using	use	VERB
fsr-3916	286	37	data	datum	NOUN
fsr-3916	286	38	for	for	ADP
fsr-3916	286	39	the	the	DET
fsr-3916	286	40	shorter	short	ADJ
fsr-3916	286	41	167	167	NUM
fsr-3916	286	42	-	-	PUNCT
fsr-3916	286	43	month	month	NOUN
fsr-3916	286	44	time	time	NOUN
fsr-3916	286	45	period	period	NOUN
fsr-3916	286	46	from	from	ADP
fsr-3916	286	47	january	january	PROPN
fsr-3916	286	48	1982	1982	NUM
fsr-3916	286	49	through	through	ADP
fsr-3916	286	50	november	november	PROPN
fsr-3916	286	51	1995	1995	NUM
fsr-3916	286	52	.	.	PUNCT
fsr-3916	287	1	these	these	DET
fsr-3916	287	2	results	result	NOUN
fsr-3916	287	3	(	(	PUNCT
fsr-3916	287	4	unreported	unreported	ADJ
fsr-3916	287	5	to	to	PART
fsr-3916	287	6	conserve	conserve	VERB
fsr-3916	287	7	valuable	valuable	ADJ
fsr-3916	287	8	journal	journal	PROPN
fsr-3916	287	9	space	space	NOUN
fsr-3916	287	10	)	)	PUNCT
fsr-3916	287	11	are	be	AUX
fsr-3916	287	12	not	not	PART
fsr-3916	287	13	materially	materially	ADV
fsr-3916	287	14	different	different	ADJ
fsr-3916	287	15	than	than	ADP
fsr-3916	287	16	those	those	DET
fsr-3916	287	17	reported	report	VERB
fsr-3916	287	18	herein	herein	NOUN
fsr-3916	287	19	.	.	PUNCT
fsr-3916	288	1	8	8	NUM
fsr-3916	288	2	.	.	X
fsr-3916	288	3	concluding	conclude	VERB
fsr-3916	288	4	remarks	remark	NOUN
fsr-3916	288	5	our	our	PRON
fsr-3916	288	6	findings	finding	NOUN
fsr-3916	288	7	have	have	VERB
fsr-3916	288	8	at	at	ADV
fsr-3916	288	9	least	least	ADV
fsr-3916	288	10	three	three	NUM
fsr-3916	288	11	important	important	ADJ
fsr-3916	288	12	implications	implication	NOUN
fsr-3916	288	13	for	for	ADP
fsr-3916	288	14	individual	individual	ADJ
fsr-3916	288	15	investors	investor	NOUN
fsr-3916	288	16	(	(	PUNCT
fsr-3916	288	17	and	and	CCONJ
fsr-3916	288	18	other	other	ADJ
fsr-3916	288	19	investment	investment	NOUN
fsr-3916	288	20	professionals	professional	NOUN
fsr-3916	288	21	)	)	PUNCT
fsr-3916	288	22	.	.	PUNCT
fsr-3916	289	1	first	first	ADV
fsr-3916	289	2	,	,	PUNCT
fsr-3916	289	3	they	they	PRON
fsr-3916	289	4	show	show	VERB
fsr-3916	289	5	that	that	SCONJ
fsr-3916	289	6	individual	individual	ADJ
fsr-3916	289	7	investors	investor	NOUN
fsr-3916	289	8	should	should	AUX
fsr-3916	289	9	use	use	VERB
fsr-3916	289	10	the	the	DET
fsr-3916	289	11	less	less	ADV
fsr-3916	289	12	optimistically	optimistically	ADV
fsr-3916	289	13	biased	biased	ADJ
fsr-3916	289	14	forecasts	forecast	NOUN
fsr-3916	289	15	of	of	ADP
fsr-3916	289	16	market	market	NOUN
fsr-3916	289	17	earnings	earning	NOUN
fsr-3916	289	18	that	that	PRON
fsr-3916	289	19	are	be	AUX
fsr-3916	289	20	provided	provide	VERB
fsr-3916	289	21	by	by	ADP
fsr-3916	289	22	strategists	strategist	NOUN
fsr-3916	289	23	and	and	CCONJ
fsr-3916	289	24	not	not	PART
fsr-3916	289	25	those	those	PRON
fsr-3916	289	26	obtained	obtain	VERB
fsr-3916	289	27	by	by	ADP
fsr-3916	289	28	aggregating	aggregate	VERB
fsr-3916	289	29	the	the	DET
fsr-3916	289	30	bottom	bottom	NOUN
fsr-3916	289	31	-	-	PUNCT
fsr-3916	289	32	up	up	ADP
fsr-3916	289	33	forecasts	forecast	NOUN
fsr-3916	289	34	of	of	ADP
fsr-3916	289	35	analysts	analyst	NOUN
fsr-3916	289	36	.	.	PUNCT
fsr-3916	290	1	second	second	ADV
fsr-3916	290	2	,	,	PUNCT
fsr-3916	290	3	our	our	PRON
fsr-3916	290	4	findings	finding	NOUN
fsr-3916	290	5	suggest	suggest	VERB
fsr-3916	290	6	that	that	SCONJ
fsr-3916	290	7	individual	individual	ADJ
fsr-3916	290	8	investors	investor	NOUN
fsr-3916	290	9	could	could	AUX
fsr-3916	290	10	use	use	VERB
fsr-3916	290	11	the	the	DET
fsr-3916	290	12	difference	difference	NOUN
fsr-3916	290	13	between	between	ADP
fsr-3916	290	14	bottom	bottom	NOUN
fsr-3916	290	15	-	-	PUNCT
fsr-3916	290	16	up	up	NOUN
fsr-3916	290	17	and	and	CCONJ
fsr-3916	290	18	top	top	ADJ
fsr-3916	290	19	-	-	PUNCT
fsr-3916	290	20	down	down	ADP
fsr-3916	290	21	forecasts	forecast	NOUN
fsr-3916	290	22	of	of	ADP
fsr-3916	290	23	market	market	NOUN
fsr-3916	290	24	earnings	earning	NOUN
fsr-3916	290	25	to	to	PART
fsr-3916	290	26	extract	extract	VERB
fsr-3916	290	27	some	some	DET
fsr-3916	290	28	information	information	NOUN
fsr-3916	290	29	about	about	ADP
fsr-3916	290	30	the	the	DET
fsr-3916	290	31	level	level	NOUN
fsr-3916	290	32	of	of	ADP
fsr-3916	290	33	overoptimism	overoptimism	NOUN
fsr-3916	290	34	in	in	ADP
fsr-3916	290	35	analyst	analyst	NOUN
fsr-3916	290	36	forecasts	forecast	NOUN
fsr-3916	290	37	.	.	PUNCT
fsr-3916	291	1	third	third	ADV
fsr-3916	291	2	,	,	PUNCT
fsr-3916	291	3	our	our	PRON
fsr-3916	291	4	findings	finding	NOUN
fsr-3916	291	5	provide	provide	VERB
fsr-3916	291	6	additional	additional	ADJ
fsr-3916	291	7	support	support	NOUN
fsr-3916	291	8	for	for	ADP
fsr-3916	291	9	the	the	DET
fsr-3916	291	10	warning	warning	NOUN
fsr-3916	291	11	by	by	ADP
fsr-3916	291	12	sharpe	sharpe	PROPN
fsr-3916	291	13	(	(	PUNCT
fsr-3916	291	14	1975	1975	NUM
fsr-3916	291	15	,	,	PUNCT
fsr-3916	291	16	p.	p.	NOUN
fsr-3916	291	17	61	61	NUM
fsr-3916	291	18	)	)	PUNCT
fsr-3916	291	19	that	that	SCONJ
fsr-3916	291	20	only	only	ADV
fsr-3916	291	21	investors	investor	NOUN
fsr-3916	291	22	“	"	PUNCT
fsr-3916	291	23	with	with	ADP
fsr-3916	291	24	truly	truly	ADV
fsr-3916	291	25	superior	superior	ADJ
fsr-3916	291	26	predictive	predictive	ADJ
fsr-3916	291	27	ability	ability	NOUN
fsr-3916	291	28	should	should	AUX
fsr-3916	291	29	even	even	ADV
fsr-3916	291	30	attempt	attempt	VERB
fsr-3916	291	31	to	to	PART
fsr-3916	291	32	time	time	VERB
fsr-3916	291	33	the	the	DET
fsr-3916	291	34	market	market	NOUN
fsr-3916	291	35	.	.	PUNCT
fsr-3916	291	36	”	"	PUNCT
fsr-3916	292	1	although	although	SCONJ
fsr-3916	292	2	some	some	DET
fsr-3916	292	3	authors	author	NOUN
fsr-3916	292	4	demonstrate	demonstrate	VERB
fsr-3916	292	5	that	that	SCONJ
fsr-3916	292	6	only	only	ADV
fsr-3916	292	7	a	a	DET
fsr-3916	292	8	modest	modest	ADJ
fsr-3916	292	9	amount	amount	NOUN
fsr-3916	292	10	of	of	ADP
fsr-3916	292	11	information	information	NOUN
fsr-3916	292	12	can	can	AUX
fsr-3916	292	13	lead	lead	VERB
fsr-3916	292	14	to	to	ADP
fsr-3916	292	15	superior	superior	ADJ
fsr-3916	292	16	investment	investment	NOUN
fsr-3916	292	17	performance	performance	NOUN
fsr-3916	292	18	,	,	PUNCT
fsr-3916	292	19	the	the	DET
fsr-3916	292	20	required	require	VERB
fsr-3916	292	21	informational	informational	ADJ
fsr-3916	292	22	advantage	advantage	NOUN
fsr-3916	292	23	does	do	AUX
fsr-3916	292	24	not	not	PART
fsr-3916	292	25	appear	appear	VERB
fsr-3916	292	26	to	to	PART
fsr-3916	292	27	be	be	AUX
fsr-3916	292	28	obtainable	obtainable	ADJ
fsr-3916	292	29	from	from	ADP
fsr-3916	292	30	the	the	DET
fsr-3916	292	31	switching	switch	VERB
fsr-3916	292	32	rules	rule	NOUN
fsr-3916	292	33	tested	test	VERB
fsr-3916	292	34	herein	herein	NOUN
fsr-3916	292	35	.	.	PUNCT
fsr-3916	293	1	these	these	DET
fsr-3916	293	2	rules	rule	NOUN
fsr-3916	293	3	are	be	AUX
fsr-3916	293	4	based	base	VERB
fsr-3916	293	5	on	on	ADP
fsr-3916	293	6	consensus	consensus	NOUN
fsr-3916	293	7	forecasts	forecast	NOUN
fsr-3916	293	8	of	of	ADP
fsr-3916	293	9	market	market	NOUN
fsr-3916	293	10	earnings	earning	NOUN
fsr-3916	293	11	supplied	supply	VERB
fsr-3916	293	12	by	by	ADP
fsr-3916	293	13	strategists	strategist	NOUN
fsr-3916	293	14	or	or	CCONJ
fsr-3916	293	15	analysts	analyst	NOUN
fsr-3916	293	16	or	or	CCONJ
fsr-3916	293	17	both	both	PRON
fsr-3916	293	18	,	,	PUNCT
fsr-3916	293	19	on	on	ADP
fsr-3916	293	20	the	the	DET
fsr-3916	293	21	direction	direction	NOUN
fsr-3916	293	22	of	of	ADP
fsr-3916	293	23	consensus	consensus	NOUN
fsr-3916	293	24	forecast	forecast	NOUN
fsr-3916	293	25	revisions	revision	NOUN
fsr-3916	293	26	,	,	PUNCT
fsr-3916	293	27	and	and	CCONJ
fsr-3916	293	28	on	on	ADP
fsr-3916	293	29	the	the	DET
fsr-3916	293	30	directional	directional	ADJ
fsr-3916	293	31	number	number	NOUN
fsr-3916	293	32	of	of	ADP
fsr-3916	293	33	such	such	ADJ
fsr-3916	293	34	forecasts	forecast	NOUN
fsr-3916	293	35	revised	revise	VERB
fsr-3916	293	36	up	up	ADP
fsr-3916	293	37	and	and	CCONJ
fsr-3916	293	38	down	down	ADV
fsr-3916	293	39	.	.	PUNCT
fsr-3916	294	1	since	since	SCONJ
fsr-3916	294	2	we	we	PRON
fsr-3916	294	3	test	test	VERB
fsr-3916	294	4	the	the	DET
fsr-3916	294	5	joint	joint	ADJ
fsr-3916	294	6	hypothesis	hypothesis	NOUN
fsr-3916	294	7	that	that	PRON
fsr-3916	294	8	market	market	NOUN
fsr-3916	294	9	timing	timing	NOUN
fsr-3916	294	10	is	be	AUX
fsr-3916	294	11	valuable	valuable	ADJ
fsr-3916	294	12	and	and	CCONJ
fsr-3916	294	13	that	that	SCONJ
fsr-3916	294	14	it	it	PRON
fsr-3916	294	15	can	can	AUX
fsr-3916	294	16	be	be	AUX
fsr-3916	294	17	implemented	implement	VERB
fsr-3916	294	18	using	use	VERB
fsr-3916	294	19	our	our	PRON
fsr-3916	294	20	timing	timing	NOUN
fsr-3916	294	21	signals	signal	NOUN
fsr-3916	294	22	and	and	CCONJ
fsr-3916	294	23	data	datum	NOUN
fsr-3916	294	24	inputs	input	NOUN
fsr-3916	294	25	,	,	PUNCT
fsr-3916	294	26	whether	whether	SCONJ
fsr-3916	294	27	or	or	CCONJ
fsr-3916	294	28	not	not	PART
fsr-3916	294	29	the	the	DET
fsr-3916	294	30	conclusions	conclusion	NOUN
fsr-3916	294	31	of	of	ADP
fsr-3916	294	32	this	this	DET
fsr-3916	294	33	study	study	NOUN
fsr-3916	294	34	are	be	AUX
fsr-3916	294	35	robust	robust	ADJ
fsr-3916	294	36	to	to	ADP
fsr-3916	294	37	the	the	DET
fsr-3916	294	38	use	use	NOUN
fsr-3916	294	39	of	of	ADP
fsr-3916	294	40	more	more	ADJ
fsr-3916	294	41	refined	refined	ADJ
fsr-3916	294	42	switching	switching	NOUN
fsr-3916	294	43	rules	rule	NOUN
fsr-3916	294	44	using	use	VERB
fsr-3916	294	45	the	the	DET
fsr-3916	294	46	same	same	ADJ
fsr-3916	294	47	or	or	CCONJ
fsr-3916	294	48	similar	similar	ADJ
fsr-3916	294	49	data	datum	NOUN
fsr-3916	294	50	input	input	NOUN
fsr-3916	294	51	remains	remain	VERB
fsr-3916	294	52	for	for	ADP
fsr-3916	294	53	future	future	ADJ
fsr-3916	294	54	study	study	NOUN
fsr-3916	294	55	.	.	PUNCT
fsr-3916	295	1	acknowledgments	acknowledgment	NOUN
fsr-3916	295	2	financial	financial	ADJ
fsr-3916	295	3	support	support	NOUN
fsr-3916	295	4	from	from	ADP
fsr-3916	295	5	fcar	fcar	ADJ
fsr-3916	295	6	(	(	PUNCT
fsr-3916	295	7	fonds	fond	NOUN
fsr-3916	295	8	pour	pour	VERB
fsr-3916	295	9	la	la	X
fsr-3916	295	10	formation	formation	NOUN
fsr-3916	295	11	de	de	X
fsr-3916	295	12	chercheurs	chercheurs	X
fsr-3916	295	13	et	et	PROPN
fsr-3916	295	14	l’aide	l’aide	NOUN
fsr-3916	295	15	a	a	DET
fsr-3916	295	16	`	`	PUNCT
fsr-3916	295	17	la	la	X
fsr-3916	295	18	recherche	recherche	X
fsr-3916	295	19	)	)	PUNCT
fsr-3916	295	20	and	and	CCONJ
fsr-3916	295	21	sshrc	sshrc	NOUN
fsr-3916	295	22	(	(	PUNCT
fsr-3916	295	23	social	social	ADJ
fsr-3916	295	24	sciences	science	NOUN
fsr-3916	295	25	and	and	CCONJ
fsr-3916	295	26	humanities	humanity	NOUN
fsr-3916	295	27	research	research	PROPN
fsr-3916	295	28	council	council	PROPN
fsr-3916	295	29	of	of	ADP
fsr-3916	295	30	canada	canada	PROPN
fsr-3916	295	31	)	)	PUNCT
fsr-3916	295	32	are	be	AUX
fsr-3916	295	33	gratefully	gratefully	ADV
fsr-3916	295	34	acknowledged	acknowledge	VERB
fsr-3916	295	35	.	.	PUNCT
fsr-3916	296	1	we	we	PRON
fsr-3916	296	2	appreciate	appreciate	VERB
fsr-3916	296	3	the	the	DET
fsr-3916	296	4	constructive	constructive	ADJ
fsr-3916	296	5	comments	comment	NOUN
fsr-3916	296	6	received	receive	VERB
fsr-3916	296	7	from	from	ADP
fsr-3916	296	8	the	the	DET
fsr-3916	296	9	editor	editor	NOUN
fsr-3916	296	10	and	and	CCONJ
fsr-3916	296	11	two	two	NUM
fsr-3916	296	12	referees	referee	NOUN
fsr-3916	296	13	of	of	ADP
fsr-3916	296	14	this	this	DET
fsr-3916	296	15	review	review	NOUN
fsr-3916	296	16	,	,	PUNCT
fsr-3916	296	17	and	and	CCONJ
fsr-3916	296	18	the	the	DET
fsr-3916	296	19	analyst	analyst	NOUN
fsr-3916	296	20	and	and	CCONJ
fsr-3916	296	21	strategist	strategist	NOUN
fsr-3916	296	22	data	datum	NOUN
fsr-3916	296	23	supplied	supply	VERB
fsr-3916	296	24	by	by	ADP
fsr-3916	296	25	i	i	PROPN
fsr-3916	296	26	/	/	SYM
fsr-3916	296	27	b	b	PROPN
fsr-3916	296	28	/	/	SYM
fsr-3916	296	29	e	e	NOUN
fsr-3916	296	30	/	/	SYM
fsr-3916	296	31	s	s	PROPN
fsr-3916	296	32	inc	inc	PROPN
fsr-3916	296	33	.	.	PROPN
fsr-3916	296	34	all	all	DET
fsr-3916	296	35	remaining	remain	VERB
fsr-3916	296	36	errors	error	NOUN
fsr-3916	296	37	are	be	AUX
fsr-3916	296	38	the	the	DET
fsr-3916	296	39	authors	author	NOUN
fsr-3916	296	40	’	’	PART
fsr-3916	296	41	responsibility	responsibility	NOUN
fsr-3916	296	42	.	.	PUNCT
fsr-3916	297	1	142	142	NUM
fsr-3916	297	2	r.	r.	PROPN
fsr-3916	297	3	chung	chung	PROPN
fsr-3916	297	4	,	,	PUNCT
fsr-3916	297	5	l.	l.	PROPN
fsr-3916	297	6	kryzanowski	kryzanowski	PROPN
fsr-3916	297	7	/	/	SYM
fsr-3916	297	8	financial	financial	ADJ
fsr-3916	297	9	services	service	NOUN
fsr-3916	297	10	review	review	VERB
fsr-3916	297	11	9	9	NUM
fsr-3916	297	12	(	(	PUNCT
fsr-3916	297	13	2000	2000	NUM
fsr-3916	297	14	)	)	PUNCT
fsr-3916	298	1	125–144	125–144	NUM
fsr-3916	298	2	references	reference	NOUN
fsr-3916	298	3	ali	ali	PROPN
fsr-3916	298	4	,	,	PUNCT
fsr-3916	298	5	a.	a.	PROPN
fsr-3916	298	6	,	,	PUNCT
fsr-3916	298	7	klein	klein	PROPN
fsr-3916	298	8	,	,	PUNCT
fsr-3916	298	9	a.	a.	PROPN
fsr-3916	298	10	,	,	PUNCT
fsr-3916	298	11	&	&	CCONJ
fsr-3916	298	12	rosenfeld	rosenfeld	PROPN
fsr-3916	298	13	,	,	PUNCT
fsr-3916	298	14	j.	j.	PROPN
fsr-3916	298	15	(	(	PUNCT
fsr-3916	298	16	1992	1992	NUM
fsr-3916	298	17	)	)	PUNCT
fsr-3916	298	18	.	.	PUNCT
fsr-3916	299	1	analysts	analyst	NOUN
fsr-3916	299	2	’	'	PUNCT
fsr-3916	299	3	use	use	NOUN
fsr-3916	299	4	of	of	ADP
fsr-3916	299	5	information	information	NOUN
fsr-3916	299	6	about	about	ADP
fsr-3916	299	7	permanent	permanent	ADJ
fsr-3916	299	8	and	and	CCONJ
fsr-3916	299	9	transitory	transitory	ADJ
fsr-3916	299	10	earnings	earning	NOUN
fsr-3916	299	11	components	component	NOUN
fsr-3916	299	12	in	in	ADP
fsr-3916	299	13	forecasting	forecast	VERB
fsr-3916	299	14	annual	annual	ADJ
fsr-3916	299	15	eps.the	eps.the	DET
fsr-3916	299	16	accounting	accounting	NOUN
fsr-3916	299	17	review	review	NOUN
fsr-3916	299	18	,	,	PUNCT
fsr-3916	299	19	30(1	30(1	NUM
fsr-3916	299	20	)	)	PUNCT
fsr-3916	299	21	,	,	PUNCT
fsr-3916	299	22	183–198	183–198	NUM
fsr-3916	299	23	.	.	PUNCT
fsr-3916	300	1	beebower	beebower	PROPN
fsr-3916	300	2	,	,	PUNCT
fsr-3916	300	3	g.	g.	PROPN
fsr-3916	300	4	l.	l.	PROPN
fsr-3916	300	5	,	,	PUNCT
fsr-3916	300	6	&	&	CCONJ
fsr-3916	300	7	varikooty	varikooty	PROPN
fsr-3916	300	8	,	,	PUNCT
fsr-3916	300	9	a.	a.	NOUN
fsr-3916	300	10	p.	p.	NOUN
fsr-3916	300	11	(	(	PUNCT
fsr-3916	300	12	1991	1991	NUM
fsr-3916	300	13	)	)	PUNCT
fsr-3916	300	14	.	.	PUNCT
fsr-3916	301	1	measuring	measure	VERB
fsr-3916	301	2	market	market	NOUN
fsr-3916	301	3	timing	time	VERB
fsr-3916	301	4	strategies.financial	strategies.financial	ADJ
fsr-3916	301	5	analysts	analyst	NOUN
fsr-3916	301	6	journal	journal	NOUN
fsr-3916	301	7	,	,	PUNCT
fsr-3916	301	8	47(6	47(6	NUM
fsr-3916	301	9	)	)	PUNCT
fsr-3916	301	10	,	,	PUNCT
fsr-3916	301	11	78–92	78–92	X
fsr-3916	301	12	.	.	PUNCT
fsr-3916	301	13	bercel	bercel	PROPN
fsr-3916	301	14	,	,	PUNCT
fsr-3916	301	15	a.	a.	NOUN
fsr-3916	301	16	(	(	PUNCT
fsr-3916	301	17	1994	1994	NUM
fsr-3916	301	18	)	)	PUNCT
fsr-3916	301	19	.	.	PUNCT
fsr-3916	302	1	consensus	consensus	NOUN
fsr-3916	302	2	expectations	expectation	NOUN
fsr-3916	302	3	and	and	CCONJ
fsr-3916	302	4	international	international	ADJ
fsr-3916	302	5	equity	equity	NOUN
fsr-3916	302	6	returns.financial	returns.financial	PROPN
fsr-3916	302	7	analysts	analyst	NOUN
fsr-3916	302	8	journal	journal	NOUN
fsr-3916	302	9	,	,	PUNCT
fsr-3916	302	10	50(4	50(4	NUM
fsr-3916	302	11	)	)	PUNCT
fsr-3916	302	12	,	,	PUNCT
fsr-3916	302	13	76–80	76–80	NUM
fsr-3916	302	14	.	.	PUNCT
fsr-3916	303	1	bierman	bierman	PROPN
fsr-3916	303	2	,	,	PUNCT
fsr-3916	303	3	h.	h.	PROPN
fsr-3916	303	4	jr	jr	PROPN
fsr-3916	303	5	.	.	PROPN
fsr-3916	303	6	(	(	PUNCT
fsr-3916	303	7	1995	1995	NUM
fsr-3916	303	8	)	)	PUNCT
fsr-3916	303	9	.	.	PUNCT
fsr-3916	304	1	bubbles	bubble	NOUN
fsr-3916	304	2	,	,	PUNCT
fsr-3916	304	3	theory	theory	NOUN
fsr-3916	304	4	,	,	PUNCT
fsr-3916	304	5	and	and	CCONJ
fsr-3916	304	6	market	market	NOUN
fsr-3916	304	7	timing.the	timing.the	DET
fsr-3916	304	8	journal	journal	NOUN
fsr-3916	304	9	of	of	ADP
fsr-3916	304	10	portfolio	portfolio	NOUN
fsr-3916	304	11	management	management	NOUN
fsr-3916	304	12	,	,	PUNCT
fsr-3916	304	13	22(1	22(1	NUM
fsr-3916	304	14	)	)	PUNCT
fsr-3916	304	15	,	,	PUNCT
fsr-3916	304	16	54–56	54–56	NUM
fsr-3916	304	17	.	.	PUNCT
fsr-3916	305	1	bodie	bodie	PROPN
fsr-3916	305	2	,	,	PUNCT
fsr-3916	305	3	z.	z.	PROPN
fsr-3916	305	4	,	,	PUNCT
fsr-3916	305	5	kane	kane	PROPN
fsr-3916	305	6	,	,	PUNCT
fsr-3916	305	7	a.	a.	PROPN
fsr-3916	305	8	,	,	PUNCT
fsr-3916	305	9	&	&	CCONJ
fsr-3916	305	10	marcus	marcus	PROPN
fsr-3916	305	11	,	,	PUNCT
fsr-3916	305	12	a.	a.	PROPN
fsr-3916	305	13	j.	j.	PROPN
fsr-3916	305	14	(	(	PUNCT
fsr-3916	305	15	1999).investments(fourth	1999).investments(fourth	NUM
fsr-3916	305	16	edition	edition	NOUN
fsr-3916	305	17	)	)	PUNCT
fsr-3916	305	18	.	.	PUNCT
fsr-3916	306	1	new	new	PROPN
fsr-3916	306	2	york	york	PROPN
fsr-3916	306	3	:	:	PUNCT
fsr-3916	306	4	irwin	irwin	PROPN
fsr-3916	306	5	mcgraw	mcgraw	PROPN
fsr-3916	306	6	hill	hill	PROPN
fsr-3916	306	7	.	.	PUNCT
fsr-3916	307	1	breen	breen	PROPN
fsr-3916	307	2	,	,	PUNCT
fsr-3916	307	3	w.	w.	PROPN
fsr-3916	307	4	,	,	PUNCT
fsr-3916	307	5	glosten	glosten	PROPN
fsr-3916	307	6	,	,	PUNCT
fsr-3916	307	7	l.	l.	PROPN
fsr-3916	307	8	r.	r.	PROPN
fsr-3916	307	9	,	,	PUNCT
fsr-3916	307	10	&	&	CCONJ
fsr-3916	307	11	jagannathan	jagannathan	PROPN
fsr-3916	307	12	,	,	PUNCT
fsr-3916	307	13	r.	r.	PROPN
fsr-3916	307	14	(	(	PUNCT
fsr-3916	307	15	1989	1989	NUM
fsr-3916	307	16	)	)	PUNCT
fsr-3916	307	17	.	.	PUNCT
fsr-3916	308	1	economic	economic	ADJ
fsr-3916	308	2	significance	significance	NOUN
fsr-3916	308	3	of	of	ADP
fsr-3916	308	4	predictable	predictable	ADJ
fsr-3916	308	5	variations	variation	NOUN
fsr-3916	308	6	in	in	ADP
fsr-3916	308	7	stock	stock	NOUN
fsr-3916	308	8	index	index	NOUN
fsr-3916	308	9	returns.journal	returns.journal	PROPN
fsr-3916	308	10	of	of	ADP
fsr-3916	308	11	finance	finance	NOUN
fsr-3916	308	12	,	,	PUNCT
fsr-3916	308	13	44,1177–1189	44,1177–1189	PROPN
fsr-3916	308	14	.	.	PUNCT
fsr-3916	308	15	brocato	brocato	PROPN
fsr-3916	308	16	,	,	PUNCT
fsr-3916	308	17	j.	j.	PROPN
fsr-3916	308	18	,	,	PUNCT
fsr-3916	308	19	&	&	CCONJ
fsr-3916	308	20	chandy	chandy	NOUN
fsr-3916	308	21	,	,	PUNCT
fsr-3916	308	22	p.	p.	PROPN
fsr-3916	308	23	r.	r.	PROPN
fsr-3916	308	24	(	(	PUNCT
fsr-3916	308	25	1994	1994	NUM
fsr-3916	308	26	)	)	PUNCT
fsr-3916	308	27	.	.	PUNCT
fsr-3916	309	1	does	do	AUX
fsr-3916	309	2	market	market	NOUN
fsr-3916	309	3	timing	timing	NOUN
fsr-3916	309	4	really	really	ADV
fsr-3916	309	5	work	work	VERB
fsr-3916	309	6	in	in	ADP
fsr-3916	309	7	the	the	DET
fsr-3916	309	8	real	real	ADJ
fsr-3916	309	9	world?the	world?the	PROPN
fsr-3916	309	10	journal	journal	PROPN
fsr-3916	309	11	of	of	ADP
fsr-3916	309	12	portfolio	portfolio	NOUN
fsr-3916	309	13	management	management	NOUN
fsr-3916	309	14	,	,	PUNCT
fsr-3916	309	15	20(2	20(2	NUM
fsr-3916	309	16	)	)	PUNCT
fsr-3916	309	17	,	,	PUNCT
fsr-3916	309	18	39–44	39–44	NUM
fsr-3916	309	19	.	.	PUNCT
fsr-3916	310	1	brocato	brocato	PROPN
fsr-3916	310	2	,	,	PUNCT
fsr-3916	310	3	j.	j.	PROPN
fsr-3916	310	4	,	,	PUNCT
fsr-3916	310	5	&	&	CCONJ
fsr-3916	310	6	chandy	chandy	NOUN
fsr-3916	310	7	,	,	PUNCT
fsr-3916	310	8	p.	p.	PROPN
fsr-3916	310	9	r.	r.	PROPN
fsr-3916	310	10	(	(	PUNCT
fsr-3916	310	11	1995	1995	NUM
fsr-3916	310	12	)	)	PUNCT
fsr-3916	310	13	.	.	PUNCT
fsr-3916	311	1	market	market	NOUN
fsr-3916	311	2	timing	timing	NOUN
fsr-3916	311	3	can	can	AUX
fsr-3916	311	4	work	work	VERB
fsr-3916	311	5	in	in	ADP
fsr-3916	311	6	the	the	DET
fsr-3916	311	7	real	real	ADJ
fsr-3916	311	8	world	world	NOUN
fsr-3916	311	9	:	:	PUNCT
fsr-3916	311	10	comment.journal	comment.journal	PROPN
fsr-3916	311	11	of	of	ADP
fsr-3916	311	12	portfolio	portfolio	NOUN
fsr-3916	311	13	management	management	NOUN
fsr-3916	311	14	,	,	PUNCT
fsr-3916	311	15	21(3	21(3	NUM
fsr-3916	311	16	)	)	PUNCT
fsr-3916	311	17	,	,	PUNCT
fsr-3916	311	18	82–84	82–84	NOUN
fsr-3916	311	19	.	.	PUNCT
fsr-3916	312	1	brous	brous	ADJ
fsr-3916	312	2	,	,	PUNCT
fsr-3916	312	3	p.	p.	NOUN
fsr-3916	312	4	a.	a.	NOUN
fsr-3916	313	1	(	(	PUNCT
fsr-3916	313	2	1992	1992	NUM
fsr-3916	313	3	)	)	PUNCT
fsr-3916	313	4	.	.	PUNCT
fsr-3916	314	1	common	common	ADJ
fsr-3916	314	2	stock	stock	NOUN
fsr-3916	314	3	offerings	offering	NOUN
fsr-3916	314	4	and	and	CCONJ
fsr-3916	314	5	earnings	earning	NOUN
fsr-3916	314	6	expectations	expectation	NOUN
fsr-3916	314	7	:	:	PUNCT
fsr-3916	314	8	a	a	DET
fsr-3916	314	9	test	test	NOUN
fsr-3916	314	10	of	of	ADP
fsr-3916	314	11	the	the	DET
fsr-3916	314	12	release	release	NOUN
fsr-3916	314	13	of	of	ADP
fsr-3916	314	14	unfavorable	unfavorable	ADJ
fsr-3916	314	15	information.journal	information.journal	PROPN
fsr-3916	314	16	of	of	ADP
fsr-3916	314	17	finance	finance	NOUN
fsr-3916	314	18	,	,	PUNCT
fsr-3916	314	19	47,1517–1536	47,1517–1536	PROPN
fsr-3916	314	20	.	.	PUNCT
fsr-3916	314	21	brous	brous	ADJ
fsr-3916	314	22	,	,	PUNCT
fsr-3916	314	23	p.	p.	NOUN
fsr-3916	314	24	a.	a.	PROPN
fsr-3916	314	25	,	,	PUNCT
fsr-3916	314	26	&	&	CCONJ
fsr-3916	314	27	kini	kini	PROPN
fsr-3916	314	28	,	,	PUNCT
fsr-3916	314	29	o.	o.	INTJ
fsr-3916	314	30	(	(	PUNCT
fsr-3916	314	31	1993	1993	NUM
fsr-3916	314	32	)	)	PUNCT
fsr-3916	314	33	.	.	PUNCT
fsr-3916	315	1	a	a	DET
fsr-3916	315	2	reexamination	reexamination	NOUN
fsr-3916	315	3	of	of	ADP
fsr-3916	315	4	analysts	analyst	NOUN
fsr-3916	315	5	earnings	earning	NOUN
fsr-3916	315	6	forecasts	forecast	NOUN
fsr-3916	315	7	for	for	ADP
fsr-3916	315	8	takeover	takeover	NOUN
fsr-3916	315	9	targets.journal	targets.journal	PROPN
fsr-3916	315	10	of	of	ADP
fsr-3916	315	11	financial	financial	ADJ
fsr-3916	315	12	economics	economic	NOUN
fsr-3916	315	13	,	,	PUNCT
fsr-3916	315	14	33,201–226	33,201–226	PROPN
fsr-3916	315	15	.	.	PUNCT
fsr-3916	315	16	brown	brown	PROPN
fsr-3916	315	17	,	,	PUNCT
fsr-3916	315	18	l.	l.	PROPN
fsr-3916	315	19	d.	d.	PROPN
fsr-3916	315	20	(	(	PUNCT
fsr-3916	315	21	1996	1996	NUM
fsr-3916	315	22	)	)	PUNCT
fsr-3916	315	23	.	.	PUNCT
fsr-3916	316	1	analyst	analyst	NOUN
fsr-3916	316	2	forecasting	forecasting	NOUN
fsr-3916	316	3	errors	error	NOUN
fsr-3916	316	4	and	and	CCONJ
fsr-3916	316	5	their	their	PRON
fsr-3916	316	6	implications	implication	NOUN
fsr-3916	316	7	for	for	ADP
fsr-3916	316	8	security	security	NOUN
fsr-3916	316	9	analysis	analysis	NOUN
fsr-3916	316	10	:	:	PUNCT
fsr-3916	316	11	an	an	DET
fsr-3916	316	12	alternative	alternative	ADJ
fsr-3916	316	13	perspective.financial	perspective.financial	ADJ
fsr-3916	316	14	analysts	analyst	NOUN
fsr-3916	316	15	journal	journal	NOUN
fsr-3916	316	16	,	,	PUNCT
fsr-3916	316	17	52,40–47	52,40–47	NUM
fsr-3916	316	18	.	.	PUNCT
fsr-3916	316	19	busse	busse	PROPN
fsr-3916	316	20	,	,	PUNCT
fsr-3916	316	21	j.	j.	PROPN
fsr-3916	316	22	a.	a.	PROPN
fsr-3916	316	23	(	(	PUNCT
fsr-3916	316	24	1999	1999	NUM
fsr-3916	316	25	)	)	PUNCT
fsr-3916	316	26	.	.	PUNCT
fsr-3916	317	1	volatility	volatility	NOUN
fsr-3916	317	2	timing	timing	NOUN
fsr-3916	317	3	in	in	ADP
fsr-3916	317	4	mutual	mutual	ADJ
fsr-3916	317	5	funds	fund	NOUN
fsr-3916	317	6	:	:	PUNCT
fsr-3916	317	7	evidence	evidence	NOUN
fsr-3916	317	8	from	from	ADP
fsr-3916	317	9	daily	daily	ADJ
fsr-3916	317	10	returns.the	returns.the	DET
fsr-3916	317	11	review	review	NOUN
fsr-3916	317	12	of	of	ADP
fsr-3916	317	13	financial	financial	ADJ
fsr-3916	317	14	studies	study	NOUN
fsr-3916	317	15	,	,	PUNCT
fsr-3916	317	16	12(5	12(5	NUM
fsr-3916	317	17	)	)	PUNCT
fsr-3916	317	18	,	,	PUNCT
fsr-3916	317	19	1009–1041	1009–1041	NUM
fsr-3916	317	20	.	.	PUNCT
fsr-3916	318	1	carleton	carleton	PROPN
fsr-3916	318	2	,	,	PUNCT
fsr-3916	318	3	w.	w.	PROPN
fsr-3916	318	4	t.	t.	PROPN
fsr-3916	318	5	,	,	PUNCT
fsr-3916	318	6	chen	chen	PROPN
fsr-3916	318	7	,	,	PUNCT
fsr-3916	318	8	c.	c.	PROPN
fsr-3916	318	9	r.	r.	PROPN
fsr-3916	318	10	,	,	PUNCT
fsr-3916	318	11	&	&	CCONJ
fsr-3916	318	12	steiner	steiner	PROPN
fsr-3916	318	13	,	,	PUNCT
fsr-3916	318	14	t.	t.	PROPN
fsr-3916	318	15	l.	l.	PROPN
fsr-3916	318	16	(	(	PUNCT
fsr-3916	318	17	1998	1998	NUM
fsr-3916	318	18	)	)	PUNCT
fsr-3916	318	19	.	.	PUNCT
fsr-3916	319	1	optimism	optimism	NOUN
fsr-3916	319	2	biases	bias	NOUN
fsr-3916	319	3	among	among	ADP
fsr-3916	319	4	brokerage	brokerage	NOUN
fsr-3916	319	5	and	and	CCONJ
fsr-3916	319	6	non	non	ADJ
fsr-3916	319	7	-	-	ADJ
fsr-3916	319	8	brokerage	brokerage	ADJ
fsr-3916	319	9	firm	firm	NOUN
fsr-3916	319	10	’s	’s	PART
fsr-3916	319	11	equity	equity	NOUN
fsr-3916	319	12	recommendations	recommendation	NOUN
fsr-3916	319	13	:	:	PUNCT
fsr-3916	319	14	agency	agency	NOUN
fsr-3916	319	15	costs	cost	NOUN
fsr-3916	319	16	in	in	ADP
fsr-3916	319	17	the	the	DET
fsr-3916	319	18	investment	investment	NOUN
fsr-3916	319	19	industry.financial	industry.financial	ADJ
fsr-3916	319	20	management	management	NOUN
fsr-3916	319	21	,	,	PUNCT
fsr-3916	319	22	27,17–30	27,17–30	PROPN
fsr-3916	319	23	.	.	PUNCT
fsr-3916	320	1	chopra	chopra	PROPN
fsr-3916	320	2	,	,	PUNCT
fsr-3916	320	3	v.	v.	PROPN
fsr-3916	320	4	k.	k.	PROPN
fsr-3916	320	5	(	(	PUNCT
fsr-3916	320	6	1998	1998	NUM
fsr-3916	320	7	)	)	PUNCT
fsr-3916	320	8	.	.	PUNCT
fsr-3916	321	1	why	why	SCONJ
fsr-3916	321	2	so	so	ADV
fsr-3916	321	3	much	much	ADJ
fsr-3916	321	4	error	error	NOUN
fsr-3916	321	5	in	in	ADP
fsr-3916	321	6	analysts	analyst	NOUN
fsr-3916	321	7	earning	earn	VERB
fsr-3916	321	8	forecasts?financial	forecasts?financial	PROPN
fsr-3916	321	9	analysts	analyst	NOUN
fsr-3916	321	10	journal	journal	NOUN
fsr-3916	321	11	,	,	PUNCT
fsr-3916	321	12	54(6	54(6	NUM
fsr-3916	321	13	)	)	PUNCT
fsr-3916	321	14	,	,	PUNCT
fsr-3916	321	15	35–42	35–42	NUM
fsr-3916	321	16	.	.	PUNCT
fsr-3916	321	17	chung	chung	PROPN
fsr-3916	321	18	,	,	PUNCT
fsr-3916	321	19	r.	r.	PROPN
fsr-3916	321	20	,	,	PUNCT
fsr-3916	321	21	&	&	CCONJ
fsr-3916	321	22	kryzanowski	kryzanowski	PROPN
fsr-3916	321	23	,	,	PUNCT
fsr-3916	321	24	l.	l.	PROPN
fsr-3916	321	25	(	(	PUNCT
fsr-3916	321	26	1999	1999	NUM
fsr-3916	321	27	)	)	PUNCT
fsr-3916	321	28	.	.	PUNCT
fsr-3916	322	1	accuracy	accuracy	NOUN
fsr-3916	322	2	of	of	ADP
fsr-3916	322	3	consensus	consensus	NOUN
fsr-3916	322	4	expectations	expectation	NOUN
fsr-3916	322	5	for	for	ADP
fsr-3916	322	6	top	top	ADJ
fsr-3916	322	7	-	-	PUNCT
fsr-3916	322	8	down	down	ADP
fsr-3916	322	9	earnings	earning	NOUN
fsr-3916	322	10	per	per	ADP
fsr-3916	322	11	share	share	NOUN
fsr-3916	322	12	forecasts	forecast	NOUN
fsr-3916	322	13	for	for	ADP
fsr-3916	322	14	two	two	NUM
fsr-3916	322	15	s&p	s&p	PROPN
fsr-3916	322	16	indexes.applied	indexes.applie	VERB
fsr-3916	322	17	financial	financial	ADJ
fsr-3916	322	18	economics	economic	NOUN
fsr-3916	322	19	,	,	PUNCT
fsr-3916	322	20	9,233–238	9,233–238	NUM
fsr-3916	322	21	.	.	PUNCT
fsr-3916	323	1	clarke	clarke	PROPN
fsr-3916	323	2	,	,	PUNCT
fsr-3916	323	3	r.	r.	PROPN
fsr-3916	323	4	g.	g.	PROPN
fsr-3916	323	5	,	,	PUNCT
fsr-3916	323	6	fitzgerald	fitzgerald	PROPN
fsr-3916	323	7	,	,	PUNCT
fsr-3916	323	8	m.	m.	NOUN
fsr-3916	323	9	t.	t.	PROPN
fsr-3916	323	10	,	,	PUNCT
fsr-3916	323	11	berent	berent	NOUN
fsr-3916	323	12	,	,	PUNCT
fsr-3916	323	13	p.	p.	NOUN
fsr-3916	323	14	,	,	PUNCT
fsr-3916	323	15	&	&	CCONJ
fsr-3916	323	16	statman	statman	PROPN
fsr-3916	323	17	,	,	PUNCT
fsr-3916	323	18	m.	m.	NOUN
fsr-3916	323	19	(	(	PUNCT
fsr-3916	323	20	1989	1989	NUM
fsr-3916	323	21	)	)	PUNCT
fsr-3916	323	22	.	.	PUNCT
fsr-3916	324	1	market	market	NOUN
fsr-3916	324	2	timing	timing	NOUN
fsr-3916	324	3	with	with	ADP
fsr-3916	324	4	imperfect	imperfect	ADJ
fsr-3916	324	5	information	information	NOUN
fsr-3916	324	6	.	.	PUNCT
fsr-3916	325	1	financial	financial	ADJ
fsr-3916	325	2	analysts	analyst	NOUN
fsr-3916	325	3	journal	journal	NOUN
fsr-3916	325	4	,	,	PUNCT
fsr-3916	325	5	45(6	45(6	NUM
fsr-3916	325	6	)	)	PUNCT
fsr-3916	325	7	,	,	PUNCT
fsr-3916	325	8	27–36	27–36	NUM
fsr-3916	325	9	.	.	PUNCT
fsr-3916	326	1	copeland	copeland	PROPN
fsr-3916	326	2	,	,	PUNCT
fsr-3916	326	3	m.	m.	NOUN
fsr-3916	326	4	m.	m.	NOUN
fsr-3916	326	5	,	,	PUNCT
fsr-3916	326	6	&	&	CCONJ
fsr-3916	326	7	copeland	copeland	PROPN
fsr-3916	326	8	,	,	PUNCT
fsr-3916	326	9	t.	t.	PROPN
fsr-3916	326	10	e.	e.	PROPN
fsr-3916	326	11	(	(	PUNCT
fsr-3916	326	12	1999	1999	NUM
fsr-3916	326	13	)	)	PUNCT
fsr-3916	326	14	.	.	PUNCT
fsr-3916	327	1	market	market	NOUN
fsr-3916	327	2	timing	timing	NOUN
fsr-3916	327	3	:	:	PUNCT
fsr-3916	327	4	style	style	NOUN
fsr-3916	327	5	and	and	CCONJ
fsr-3916	327	6	size	size	NOUN
fsr-3916	327	7	rotation	rotation	NOUN
fsr-3916	327	8	using	use	VERB
fsr-3916	327	9	the	the	DET
fsr-3916	327	10	vix.financial	vix.financial	ADJ
fsr-3916	327	11	analysts	analyst	NOUN
fsr-3916	327	12	journal	journal	NOUN
fsr-3916	327	13	,	,	PUNCT
fsr-3916	327	14	55,73–81	55,73–81	NUM
fsr-3916	327	15	.	.	PUNCT
fsr-3916	328	1	das	das	PROPN
fsr-3916	328	2	,	,	PUNCT
fsr-3916	328	3	s.	s.	PROPN
fsr-3916	328	4	,	,	PUNCT
fsr-3916	328	5	levine	levine	PROPN
fsr-3916	328	6	,	,	PUNCT
fsr-3916	328	7	c.	c.	PROPN
fsr-3916	328	8	b.	b.	PROPN
fsr-3916	328	9	,	,	PUNCT
fsr-3916	328	10	&	&	CCONJ
fsr-3916	328	11	sivaramakrishnan	sivaramakrishnan	PROPN
fsr-3916	328	12	,	,	PUNCT
fsr-3916	328	13	k.	k.	PROPN
fsr-3916	328	14	(	(	PUNCT
fsr-3916	328	15	1998	1998	NUM
fsr-3916	328	16	)	)	PUNCT
fsr-3916	328	17	.	.	PUNCT
fsr-3916	329	1	earnings	earning	NOUN
fsr-3916	329	2	predictability	predictability	NOUN
fsr-3916	329	3	and	and	CCONJ
fsr-3916	329	4	bias	bias	NOUN
fsr-3916	329	5	in	in	ADP
fsr-3916	329	6	analysts	analyst	NOUN
fsr-3916	329	7	’	’	PART
fsr-3916	329	8	earnings	earning	NOUN
fsr-3916	329	9	forecasts.the	forecasts.the	DET
fsr-3916	329	10	accounting	accounting	NOUN
fsr-3916	329	11	review	review	NOUN
fsr-3916	329	12	,	,	PUNCT
fsr-3916	329	13	73(2	73(2	NUM
fsr-3916	329	14	)	)	PUNCT
fsr-3916	329	15	,	,	PUNCT
fsr-3916	329	16	277–294	277–294	NUM
fsr-3916	329	17	.	.	PUNCT
fsr-3916	330	1	debondt	debondt	PROPN
fsr-3916	330	2	,	,	PUNCT
fsr-3916	330	3	w.	w.	PROPN
fsr-3916	330	4	f.	f.	PROPN
fsr-3916	330	5	m.	m.	PROPN
fsr-3916	330	6	,	,	PUNCT
fsr-3916	330	7	&	&	CCONJ
fsr-3916	330	8	thaler	thaler	PROPN
fsr-3916	330	9	,	,	PUNCT
fsr-3916	330	10	r.	r.	PROPN
fsr-3916	330	11	m.	m.	PROPN
fsr-3916	330	12	(	(	PUNCT
fsr-3916	330	13	1990	1990	NUM
fsr-3916	330	14	)	)	PUNCT
fsr-3916	330	15	.	.	PUNCT
fsr-3916	331	1	do	do	VERB
fsr-3916	331	2	security	security	NOUN
fsr-3916	331	3	analysts	analyst	NOUN
fsr-3916	331	4	overreact?american	overreact?american	PROPN
fsr-3916	331	5	economic	economic	ADJ
fsr-3916	331	6	review	review	NOUN
fsr-3916	331	7	,	,	PUNCT
fsr-3916	331	8	80	80	NUM
fsr-3916	331	9	,	,	PUNCT
fsr-3916	331	10	52–57	52–57	NUM
fsr-3916	331	11	.	.	PUNCT
fsr-3916	332	1	dreman	dreman	NOUN
fsr-3916	332	2	,	,	PUNCT
fsr-3916	332	3	d.	d.	PROPN
fsr-3916	332	4	n.	n.	PROPN
fsr-3916	332	5	,	,	PUNCT
fsr-3916	332	6	&	&	CCONJ
fsr-3916	332	7	berry	berry	PROPN
fsr-3916	332	8	,	,	PUNCT
fsr-3916	332	9	m.	m.	NOUN
fsr-3916	332	10	a.	a.	NOUN
fsr-3916	332	11	(	(	PUNCT
fsr-3916	332	12	1995	1995	NUM
fsr-3916	332	13	)	)	PUNCT
fsr-3916	332	14	.	.	PUNCT
fsr-3916	333	1	analyst	analyst	NOUN
fsr-3916	333	2	forecasting	forecasting	NOUN
fsr-3916	333	3	errors	error	NOUN
fsr-3916	333	4	and	and	CCONJ
fsr-3916	333	5	their	their	PRON
fsr-3916	333	6	implications	implication	NOUN
fsr-3916	333	7	for	for	ADP
fsr-3916	333	8	security	security	NOUN
fsr-3916	333	9	analysis	analysis	NOUN
fsr-3916	333	10	.	.	PUNCT
fsr-3916	334	1	financial	financial	ADJ
fsr-3916	334	2	analysts	analyst	NOUN
fsr-3916	334	3	journal	journal	NOUN
fsr-3916	334	4	,	,	PUNCT
fsr-3916	334	5	51(3	51(3	NUM
fsr-3916	334	6	)	)	PUNCT
fsr-3916	334	7	,	,	PUNCT
fsr-3916	334	8	30–41	30–41	NUM
fsr-3916	334	9	.	.	PUNCT
fsr-3916	334	10	easterwood	easterwood	PROPN
fsr-3916	334	11	,	,	PUNCT
fsr-3916	334	12	j.	j.	PROPN
fsr-3916	334	13	c.	c.	PROPN
fsr-3916	334	14	,	,	PUNCT
fsr-3916	334	15	&	&	CCONJ
fsr-3916	334	16	nutt	nutt	PROPN
fsr-3916	334	17	,	,	PUNCT
fsr-3916	334	18	s.	s.	PROPN
fsr-3916	334	19	r.	r.	PROPN
fsr-3916	334	20	(	(	PUNCT
fsr-3916	334	21	1999	1999	NUM
fsr-3916	334	22	)	)	PUNCT
fsr-3916	334	23	.	.	PUNCT
fsr-3916	335	1	inefficiency	inefficiency	NOUN
fsr-3916	335	2	in	in	ADP
fsr-3916	335	3	analysts	analyst	NOUN
fsr-3916	335	4	’	’	PART
fsr-3916	335	5	earnings	earning	NOUN
fsr-3916	335	6	forecasts	forecast	NOUN
fsr-3916	335	7	:	:	PUNCT
fsr-3916	335	8	systematic	systematic	ADJ
fsr-3916	335	9	misreaction	misreaction	NOUN
fsr-3916	335	10	or	or	CCONJ
fsr-3916	335	11	systematic	systematic	ADJ
fsr-3916	335	12	optimism?the	optimism?the	DET
fsr-3916	335	13	journal	journal	NOUN
fsr-3916	335	14	of	of	ADP
fsr-3916	335	15	finance	finance	NOUN
fsr-3916	335	16	,	,	PUNCT
fsr-3916	335	17	54(5	54(5	NUM
fsr-3916	335	18	)	)	PUNCT
fsr-3916	335	19	,	,	PUNCT
fsr-3916	335	20	1777–1797	1777–1797	NUM
fsr-3916	335	21	.	.	PUNCT
fsr-3916	336	1	elliott	elliott	PROPN
fsr-3916	336	2	,	,	PUNCT
fsr-3916	336	3	j.	j.	PROPN
fsr-3916	336	4	a.	a.	PROPN
fsr-3916	336	5	,	,	PUNCT
fsr-3916	336	6	philbrick	philbrick	PROPN
fsr-3916	336	7	,	,	PUNCT
fsr-3916	336	8	d.	d.	PROPN
fsr-3916	336	9	r.	r.	PROPN
fsr-3916	336	10	,	,	PUNCT
fsr-3916	336	11	&	&	CCONJ
fsr-3916	336	12	wiedman	wiedman	NOUN
fsr-3916	336	13	,	,	PUNCT
fsr-3916	336	14	c.	c.	PROPN
fsr-3916	336	15	i.	i.	PROPN
fsr-3916	336	16	(	(	PUNCT
fsr-3916	336	17	1995	1995	NUM
fsr-3916	336	18	)	)	PUNCT
fsr-3916	336	19	.	.	PUNCT
fsr-3916	337	1	evidence	evidence	NOUN
fsr-3916	337	2	from	from	ADP
fsr-3916	337	3	archival	archival	NOUN
fsr-3916	337	4	data	datum	NOUN
fsr-3916	337	5	on	on	ADP
fsr-3916	337	6	the	the	DET
fsr-3916	337	7	relation	relation	NOUN
fsr-3916	337	8	between	between	ADP
fsr-3916	337	9	security	security	NOUN
fsr-3916	337	10	analysts	analyst	NOUN
fsr-3916	337	11	’	'	PUNCT
fsr-3916	337	12	forecast	forecast	NOUN
fsr-3916	337	13	errors	error	NOUN
fsr-3916	337	14	and	and	CCONJ
fsr-3916	337	15	prior	prior	ADJ
fsr-3916	337	16	forecast	forecast	NOUN
fsr-3916	337	17	revisions.contemporary	revisions.contemporary	ADJ
fsr-3916	337	18	accounting	accounting	NOUN
fsr-3916	337	19	research	research	NOUN
fsr-3916	337	20	,	,	PUNCT
fsr-3916	337	21	11	11	NUM
fsr-3916	337	22	,	,	PUNCT
fsr-3916	337	23	919–938	919–938	NUM
fsr-3916	337	24	.	.	PUNCT
fsr-3916	338	1	elton	elton	PROPN
fsr-3916	338	2	,	,	PUNCT
fsr-3916	338	3	e.	e.	PROPN
fsr-3916	338	4	j.	j.	PROPN
fsr-3916	338	5	,	,	PUNCT
fsr-3916	338	6	&	&	CCONJ
fsr-3916	338	7	gruber	gruber	PROPN
fsr-3916	338	8	,	,	PUNCT
fsr-3916	338	9	m.	m.	NOUN
fsr-3916	338	10	j.	j.	PROPN
fsr-3916	338	11	(	(	PUNCT
fsr-3916	338	12	1991	1991	NUM
fsr-3916	338	13	)	)	PUNCT
fsr-3916	338	14	.	.	PUNCT
fsr-3916	339	1	differential	differential	ADJ
fsr-3916	339	2	information	information	NOUN
fsr-3916	339	3	and	and	CCONJ
fsr-3916	339	4	timing	time	VERB
fsr-3916	339	5	ability.journal	ability.journal	ADJ
fsr-3916	339	6	of	of	ADP
fsr-3916	339	7	banking	banking	NOUN
fsr-3916	339	8	and	and	CCONJ
fsr-3916	339	9	finance	finance	NOUN
fsr-3916	339	10	,	,	PUNCT
fsr-3916	339	11	15(1	15(1	NUM
fsr-3916	339	12	)	)	PUNCT
fsr-3916	339	13	,	,	PUNCT
fsr-3916	339	14	117–131	117–131	NUM
fsr-3916	339	15	.	.	PUNCT
fsr-3916	340	1	emanuelli	emanuelli	PROPN
fsr-3916	340	2	,	,	PUNCT
fsr-3916	340	3	j.	j.	PROPN
fsr-3916	340	4	f.	f.	PROPN
fsr-3916	340	5	,	,	PUNCT
fsr-3916	340	6	&	&	CCONJ
fsr-3916	340	7	pearson	pearson	PROPN
fsr-3916	340	8	,	,	PUNCT
fsr-3916	340	9	r.	r.	PROPN
fsr-3916	340	10	g.	g.	PROPN
fsr-3916	340	11	(	(	PUNCT
fsr-3916	340	12	1994	1994	NUM
fsr-3916	340	13	)	)	PUNCT
fsr-3916	340	14	.	.	PUNCT
fsr-3916	341	1	using	use	VERB
fsr-3916	341	2	earnings	earning	NOUN
fsr-3916	341	3	estimates	estimate	NOUN
fsr-3916	341	4	for	for	ADP
fsr-3916	341	5	global	global	ADJ
fsr-3916	341	6	asset	asset	NOUN
fsr-3916	341	7	allocation.financial	allocation.financial	PROPN
fsr-3916	341	8	analyst	analyst	NOUN
fsr-3916	341	9	journal	journal	NOUN
fsr-3916	341	10	,	,	PUNCT
fsr-3916	341	11	50(2	50(2	NUM
fsr-3916	341	12	)	)	PUNCT
fsr-3916	341	13	,	,	PUNCT
fsr-3916	341	14	60–72	60–72	PROPN
fsr-3916	341	15	.	.	PUNCT
fsr-3916	342	1	francis	francis	PROPN
fsr-3916	342	2	,	,	PUNCT
fsr-3916	342	3	j.	j.	PROPN
fsr-3916	342	4	,	,	PUNCT
fsr-3916	342	5	&	&	CCONJ
fsr-3916	342	6	philbrick	philbrick	PROPN
fsr-3916	342	7	,	,	PUNCT
fsr-3916	342	8	d.	d.	PROPN
fsr-3916	342	9	r.	r.	PROPN
fsr-3916	342	10	(	(	PUNCT
fsr-3916	342	11	1993	1993	NUM
fsr-3916	342	12	)	)	PUNCT
fsr-3916	342	13	.	.	PUNCT
fsr-3916	343	1	analysts	analyst	NOUN
fsr-3916	343	2	’	’	PART
fsr-3916	343	3	decisions	decision	NOUN
fsr-3916	343	4	as	as	ADP
fsr-3916	343	5	products	product	NOUN
fsr-3916	343	6	of	of	ADP
fsr-3916	343	7	a	a	DET
fsr-3916	343	8	multi	multi	ADJ
fsr-3916	343	9	-	-	NOUN
fsr-3916	343	10	task	task	ADJ
fsr-3916	343	11	environment.journal	environment.journal	PROPN
fsr-3916	343	12	of	of	ADP
fsr-3916	343	13	accounting	accounting	NOUN
fsr-3916	343	14	research	research	NOUN
fsr-3916	343	15	,	,	PUNCT
fsr-3916	343	16	31,216–230	31,216–230	PROPN
fsr-3916	343	17	.	.	PUNCT
fsr-3916	344	1	143r	143r	PROPN
fsr-3916	344	2	.	.	PUNCT
fsr-3916	345	1	chung	chung	PROPN
fsr-3916	345	2	,	,	PUNCT
fsr-3916	345	3	l.	l.	PROPN
fsr-3916	345	4	kryzanowski	kryzanowski	PROPN
fsr-3916	345	5	/	/	SYM
fsr-3916	345	6	financial	financial	ADJ
fsr-3916	345	7	services	service	NOUN
fsr-3916	345	8	review	review	VERB
fsr-3916	345	9	9	9	NUM
fsr-3916	345	10	(	(	PUNCT
fsr-3916	345	11	2000	2000	NUM
fsr-3916	345	12	)	)	PUNCT
fsr-3916	346	1	125–144	125–144	NUM
fsr-3916	346	2	fama	fama	NOUN
fsr-3916	346	3	,	,	PUNCT
fsr-3916	346	4	e.	e.	PROPN
fsr-3916	346	5	f.	f.	PROPN
fsr-3916	346	6	,	,	PUNCT
fsr-3916	346	7	&	&	CCONJ
fsr-3916	346	8	french	french	PROPN
fsr-3916	346	9	,	,	PUNCT
fsr-3916	346	10	k.	k.	PROPN
fsr-3916	346	11	r.	r.	PROPN
fsr-3916	346	12	(	(	PUNCT
fsr-3916	346	13	1989	1989	NUM
fsr-3916	346	14	)	)	PUNCT
fsr-3916	346	15	.	.	PUNCT
fsr-3916	347	1	business	business	NOUN
fsr-3916	347	2	conditions	condition	NOUN
fsr-3916	347	3	and	and	CCONJ
fsr-3916	347	4	expected	expect	VERB
fsr-3916	347	5	returns	return	NOUN
fsr-3916	347	6	on	on	ADP
fsr-3916	347	7	stocks	stock	NOUN
fsr-3916	347	8	and	and	CCONJ
fsr-3916	347	9	bonds.journal	bonds.journal	PROPN
fsr-3916	347	10	of	of	ADP
fsr-3916	347	11	financial	financial	ADJ
fsr-3916	347	12	economics	economic	NOUN
fsr-3916	347	13	,	,	PUNCT
fsr-3916	347	14	25,23–49	25,23–49	NUM
fsr-3916	347	15	.	.	PUNCT
fsr-3916	348	1	ferson	ferson	PROPN
fsr-3916	348	2	,	,	PUNCT
fsr-3916	348	3	w.	w.	PROPN
fsr-3916	348	4	e.	e.	PROPN
fsr-3916	348	5	,	,	PUNCT
fsr-3916	348	6	&	&	CCONJ
fsr-3916	348	7	schadt	schadt	PROPN
fsr-3916	348	8	,	,	PUNCT
fsr-3916	348	9	r.	r.	PROPN
fsr-3916	348	10	w.	w.	PROPN
fsr-3916	348	11	(	(	PUNCT
fsr-3916	348	12	1996	1996	NUM
fsr-3916	348	13	)	)	PUNCT
fsr-3916	348	14	.	.	PUNCT
fsr-3916	349	1	measuring	measure	VERB
fsr-3916	349	2	fund	fund	NOUN
fsr-3916	349	3	strategy	strategy	NOUN
fsr-3916	349	4	and	and	CCONJ
fsr-3916	349	5	performance	performance	NOUN
fsr-3916	349	6	in	in	ADP
fsr-3916	349	7	changing	change	VERB
fsr-3916	349	8	economic	economic	ADJ
fsr-3916	349	9	conditions.journal	conditions.journal	PROPN
fsr-3916	349	10	of	of	ADP
fsr-3916	349	11	finance	finance	NOUN
fsr-3916	349	12	,	,	PUNCT
fsr-3916	349	13	51(2	51(2	NUM
fsr-3916	349	14	)	)	PUNCT
fsr-3916	349	15	,	,	PUNCT
fsr-3916	349	16	425–461	425–461	NUM
fsr-3916	349	17	.	.	PUNCT
fsr-3916	349	18	fuller	full	ADJ
fsr-3916	349	19	,	,	PUNCT
fsr-3916	349	20	r.	r.	PROPN
fsr-3916	349	21	j.	j.	PROPN
fsr-3916	349	22	,	,	PUNCT
fsr-3916	349	23	&	&	CCONJ
fsr-3916	349	24	kling	kling	PROPN
fsr-3916	349	25	,	,	PUNCT
fsr-3916	349	26	j.	j.	PROPN
fsr-3916	349	27	l.	l.	PROPN
fsr-3916	349	28	(	(	PUNCT
fsr-3916	349	29	1994	1994	NUM
fsr-3916	349	30	)	)	PUNCT
fsr-3916	349	31	.	.	PUNCT
fsr-3916	350	1	can	can	AUX
fsr-3916	350	2	regression	regression	VERB
fsr-3916	350	3	-	-	PUNCT
fsr-3916	350	4	based	base	VERB
fsr-3916	350	5	models	model	NOUN
fsr-3916	350	6	predict	predict	VERB
fsr-3916	350	7	stock	stock	NOUN
fsr-3916	350	8	and	and	CCONJ
fsr-3916	350	9	bond	bond	NOUN
fsr-3916	350	10	returns?the	returns?the	DET
fsr-3916	350	11	journal	journal	NOUN
fsr-3916	350	12	of	of	ADP
fsr-3916	350	13	portfolio	portfolio	NOUN
fsr-3916	350	14	management	management	NOUN
fsr-3916	350	15	,	,	PUNCT
fsr-3916	350	16	20(3	20(3	NOUN
fsr-3916	350	17	)	)	PUNCT
fsr-3916	350	18	,	,	PUNCT
fsr-3916	350	19	56–63	56–63	NUM
fsr-3916	350	20	.	.	PUNCT
fsr-3916	351	1	graham	graham	PROPN
fsr-3916	351	2	,	,	PUNCT
fsr-3916	351	3	b.	b.	PROPN
fsr-3916	351	4	(	(	PUNCT
fsr-3916	351	5	1954).the	1954).the	NUM
fsr-3916	351	6	intelligent	intelligent	ADJ
fsr-3916	351	7	investor.new	investor.new	PROPN
fsr-3916	351	8	york	york	PROPN
fsr-3916	351	9	:	:	PUNCT
fsr-3916	351	10	harper	harper	NOUN
fsr-3916	351	11	.	.	PUNCT
fsr-3916	352	1	graham	graham	PROPN
fsr-3916	352	2	,	,	PUNCT
fsr-3916	352	3	j.	j.	PROPN
fsr-3916	352	4	r.	r.	PROPN
fsr-3916	352	5	,	,	PUNCT
fsr-3916	352	6	&	&	CCONJ
fsr-3916	352	7	harvey	harvey	PROPN
fsr-3916	352	8	,	,	PUNCT
fsr-3916	352	9	c.	c.	PROPN
fsr-3916	352	10	r.	r.	PROPN
fsr-3916	352	11	(	(	PUNCT
fsr-3916	352	12	1994	1994	NUM
fsr-3916	352	13	)	)	PUNCT
fsr-3916	352	14	.	.	PUNCT
fsr-3916	353	1	market	market	NOUN
fsr-3916	353	2	timing	timing	NOUN
fsr-3916	353	3	ability	ability	NOUN
fsr-3916	353	4	and	and	CCONJ
fsr-3916	353	5	volatility	volatility	NOUN
fsr-3916	353	6	implied	imply	VERB
fsr-3916	353	7	in	in	ADP
fsr-3916	353	8	investment	investment	NOUN
fsr-3916	353	9	newsletters	newsletter	NOUN
fsr-3916	353	10	’	'	PUNCT
fsr-3916	353	11	asset	asset	NOUN
fsr-3916	353	12	allocation	allocation	NOUN
fsr-3916	353	13	recommendations.working	recommendations.worke	VERB
fsr-3916	353	14	paper	paper	NOUN
fsr-3916	353	15	,	,	PUNCT
fsr-3916	353	16	5597.national	5597.national	ADJ
fsr-3916	353	17	bureau	bureau	NOUN
fsr-3916	353	18	of	of	ADP
fsr-3916	353	19	economic	economic	ADJ
fsr-3916	353	20	research	research	NOUN
fsr-3916	353	21	.	.	PUNCT
fsr-3916	354	1	graham	graham	PROPN
fsr-3916	354	2	,	,	PUNCT
fsr-3916	354	3	j.	j.	PROPN
fsr-3916	354	4	r.	r.	PROPN
fsr-3916	354	5	,	,	PUNCT
fsr-3916	354	6	&	&	CCONJ
fsr-3916	354	7	harvey	harvey	PROPN
fsr-3916	354	8	,	,	PUNCT
fsr-3916	354	9	c.	c.	PROPN
fsr-3916	354	10	r.	r.	PROPN
fsr-3916	354	11	(	(	PUNCT
fsr-3916	354	12	1996	1996	NUM
fsr-3916	354	13	)	)	PUNCT
fsr-3916	354	14	.	.	PUNCT
fsr-3916	355	1	market	market	NOUN
fsr-3916	355	2	timing	timing	NOUN
fsr-3916	355	3	ability	ability	NOUN
fsr-3916	355	4	and	and	CCONJ
fsr-3916	355	5	volatility	volatility	NOUN
fsr-3916	355	6	implied	imply	VERB
fsr-3916	355	7	in	in	ADP
fsr-3916	355	8	investment	investment	NOUN
fsr-3916	355	9	newsletters	newsletter	NOUN
fsr-3916	355	10	’	'	PUNCT
fsr-3916	355	11	asset	asset	NOUN
fsr-3916	355	12	allocation	allocation	NOUN
fsr-3916	355	13	recommendations.journal	recommendations.journal	PROPN
fsr-3916	355	14	of	of	ADP
fsr-3916	355	15	financial	financial	ADJ
fsr-3916	355	16	economics	economic	NOUN
fsr-3916	355	17	,	,	PUNCT
fsr-3916	355	18	42(3	42(3	NUM
fsr-3916	355	19	)	)	PUNCT
fsr-3916	355	20	,	,	PUNCT
fsr-3916	355	21	397–422	397–422	NUM
fsr-3916	355	22	.	.	PUNCT
fsr-3916	356	1	graham	graham	PROPN
fsr-3916	356	2	,	,	PUNCT
fsr-3916	356	3	j.	j.	PROPN
fsr-3916	356	4	r.	r.	PROPN
fsr-3916	356	5	,	,	PUNCT
fsr-3916	356	6	&	&	CCONJ
fsr-3916	356	7	harvey	harvey	PROPN
fsr-3916	356	8	,	,	PUNCT
fsr-3916	356	9	c.	c.	PROPN
fsr-3916	356	10	r.	r.	PROPN
fsr-3916	356	11	(	(	PUNCT
fsr-3916	356	12	1997	1997	NUM
fsr-3916	356	13	)	)	PUNCT
fsr-3916	356	14	.	.	PUNCT
fsr-3916	357	1	grading	grade	VERB
fsr-3916	357	2	the	the	DET
fsr-3916	357	3	performance	performance	NOUN
fsr-3916	357	4	of	of	ADP
fsr-3916	357	5	market	market	NOUN
fsr-3916	357	6	-	-	PUNCT
fsr-3916	357	7	timing	time	VERB
fsr-3916	357	8	newsletters.financial	newsletters.financial	ADJ
fsr-3916	357	9	analysts	analyst	NOUN
fsr-3916	357	10	journal	journal	NOUN
fsr-3916	357	11	,	,	PUNCT
fsr-3916	357	12	53(6	53(6	PROPN
fsr-3916	357	13	)	)	PUNCT
fsr-3916	357	14	,	,	PUNCT
fsr-3916	357	15	54–66	54–66	NUM
fsr-3916	357	16	.	.	PUNCT
fsr-3916	358	1	hardy	hardy	ADJ
fsr-3916	358	2	,	,	PUNCT
fsr-3916	358	3	d.	d.	PROPN
fsr-3916	358	4	c.	c.	PROPN
fsr-3916	358	5	(	(	PUNCT
fsr-3916	358	6	1990	1990	NUM
fsr-3916	358	7	)	)	PUNCT
fsr-3916	358	8	.	.	PUNCT
fsr-3916	359	1	market	market	NOUN
fsr-3916	359	2	timing	timing	NOUN
fsr-3916	359	3	and	and	CCONJ
fsr-3916	359	4	international	international	ADJ
fsr-3916	359	5	diversification.the	diversification.the	DET
fsr-3916	359	6	journal	journal	NOUN
fsr-3916	359	7	of	of	ADP
fsr-3916	359	8	portfolio	portfolio	NOUN
fsr-3916	359	9	management	management	NOUN
fsr-3916	359	10	,	,	PUNCT
fsr-3916	359	11	16(4	16(4	NUM
fsr-3916	359	12	)	)	PUNCT
fsr-3916	359	13	,	,	PUNCT
fsr-3916	359	14	23–27	23–27	NUM
fsr-3916	359	15	.	.	PUNCT
fsr-3916	359	16	harris	harris	PROPN
fsr-3916	359	17	,	,	PUNCT
fsr-3916	359	18	r.	r.	PROPN
fsr-3916	359	19	d.	d.	PROPN
fsr-3916	359	20	f.	f.	PROPN
fsr-3916	359	21	(	(	PUNCT
fsr-3916	359	22	1999	1999	NUM
fsr-3916	359	23	)	)	PUNCT
fsr-3916	359	24	.	.	PUNCT
fsr-3916	360	1	the	the	DET
fsr-3916	360	2	accuracy	accuracy	NOUN
fsr-3916	360	3	,	,	PUNCT
fsr-3916	360	4	bias	bias	NOUN
fsr-3916	360	5	and	and	CCONJ
fsr-3916	360	6	efficiency	efficiency	NOUN
fsr-3916	360	7	of	of	ADP
fsr-3916	360	8	analysts	analyst	NOUN
fsr-3916	360	9	’	'	PUNCT
fsr-3916	360	10	long	long	ADV
fsr-3916	360	11	run	run	VERB
fsr-3916	360	12	earnings	earning	NOUN
fsr-3916	360	13	growth	growth	NOUN
fsr-3916	360	14	forecasts.journal	forecasts.journal	ADJ
fsr-3916	360	15	of	of	ADP
fsr-3916	360	16	business	business	NOUN
fsr-3916	360	17	finance	finance	NOUN
fsr-3916	360	18	and	and	CCONJ
fsr-3916	360	19	accounting	accounting	NOUN
fsr-3916	360	20	,	,	PUNCT
fsr-3916	360	21	26,5/6	26,5/6	PROPN
fsr-3916	360	22	,	,	PUNCT
fsr-3916	360	23	725–755	725–755	NUM
fsr-3916	360	24	.	.	PUNCT
fsr-3916	361	1	jeffrey	jeffrey	PROPN
fsr-3916	361	2	,	,	PUNCT
fsr-3916	361	3	r.	r.	PROPN
fsr-3916	361	4	h.	h.	PROPN
fsr-3916	361	5	,	,	PUNCT
fsr-3916	361	6	&	&	CCONJ
fsr-3916	361	7	arnott	arnott	PROPN
fsr-3916	361	8	,	,	PUNCT
fsr-3916	361	9	r.	r.	PROPN
fsr-3916	361	10	d.	d.	PROPN
fsr-3916	361	11	(	(	PUNCT
fsr-3916	361	12	1993	1993	NUM
fsr-3916	361	13	)	)	PUNCT
fsr-3916	361	14	.	.	PUNCT
fsr-3916	361	15	is	be	AUX
fsr-3916	361	16	your	your	PRON
fsr-3916	361	17	alpha	alpha	NOUN
fsr-3916	361	18	big	big	ADJ
fsr-3916	361	19	enough	enough	ADV
fsr-3916	361	20	to	to	PART
fsr-3916	361	21	cover	cover	VERB
fsr-3916	361	22	its	its	PRON
fsr-3916	361	23	taxes?the	taxes?the	DET
fsr-3916	361	24	journal	journal	NOUN
fsr-3916	361	25	of	of	ADP
fsr-3916	361	26	portfolio	portfolio	NOUN
fsr-3916	361	27	management	management	PROPN
fsr-3916	361	28	,	,	PUNCT
fsr-3916	361	29	19(3	19(3	NUM
fsr-3916	361	30	)	)	PUNCT
fsr-3916	361	31	,	,	PUNCT
fsr-3916	361	32	15–25	15–25	NUM
fsr-3916	361	33	.	.	PUNCT
fsr-3916	362	1	kang	kang	PROPN
fsr-3916	362	2	,	,	PUNCT
fsr-3916	362	3	s	s	PROPN
fsr-3916	362	4	-	-	PROPN
fsr-3916	362	5	h.	h.	NOUN
fsr-3916	362	6	,	,	PUNCT
fsr-3916	362	7	o’brien	o’brien	PROPN
fsr-3916	362	8	,	,	PUNCT
fsr-3916	362	9	j.	j.	PROPN
fsr-3916	362	10	,	,	PUNCT
fsr-3916	362	11	&	&	CCONJ
fsr-3916	362	12	sivaramakrishnan	sivaramakrishnan	PROPN
fsr-3916	362	13	,	,	PUNCT
fsr-3916	362	14	k.	k.	PROPN
fsr-3916	362	15	(	(	PUNCT
fsr-3916	362	16	1994	1994	NUM
fsr-3916	362	17	)	)	PUNCT
fsr-3916	362	18	.	.	PUNCT
fsr-3916	363	1	analysts	analyst	NOUN
fsr-3916	363	2	’	’	PART
fsr-3916	363	3	interim	interim	ADJ
fsr-3916	363	4	earnings	earning	NOUN
fsr-3916	363	5	forecasts	forecast	NOUN
fsr-3916	363	6	:	:	PUNCT
fsr-3916	363	7	evidence	evidence	NOUN
fsr-3916	363	8	on	on	ADP
fsr-3916	363	9	the	the	DET
fsr-3916	363	10	forecasting	forecasting	NOUN
fsr-3916	363	11	process.journal	process.journal	PROPN
fsr-3916	363	12	of	of	ADP
fsr-3916	363	13	accounting	accounting	NOUN
fsr-3916	363	14	research	research	NOUN
fsr-3916	363	15	,	,	PUNCT
fsr-3916	363	16	32,103–112	32,103–112	PROPN
fsr-3916	363	17	.	.	PUNCT
fsr-3916	364	1	koco	koco	PROPN
fsr-3916	364	2	,	,	PUNCT
fsr-3916	364	3	l.	l.	PROPN
fsr-3916	364	4	(	(	PUNCT
fsr-3916	364	5	1995	1995	NUM
fsr-3916	364	6	)	)	PUNCT
fsr-3916	364	7	.	.	PUNCT
fsr-3916	365	1	variable	variable	ADJ
fsr-3916	365	2	annuity	annuity	NOUN
fsr-3916	365	3	market	market	NOUN
fsr-3916	365	4	timing	timing	NOUN
fsr-3916	365	5	spurs	spur	VERB
fsr-3916	365	6	guidelines	guideline	NOUN
fsr-3916	365	7	,	,	PUNCT
fsr-3916	365	8	national	national	ADJ
fsr-3916	365	9	underwriter	underwriter	NOUN
fsr-3916	365	10	,	,	PUNCT
fsr-3916	365	11	january	january	PROPN
fsr-3916	365	12	23	23	NUM
fsr-3916	365	13	,	,	PUNCT
fsr-3916	365	14	7	7	NUM
fsr-3916	365	15	&	&	CCONJ
fsr-3916	365	16	13	13	NUM
fsr-3916	365	17	.	.	PUNCT
fsr-3916	366	1	kryzanowski	kryzanowski	PROPN
fsr-3916	366	2	,	,	PUNCT
fsr-3916	366	3	l.	l.	PROPN
fsr-3916	366	4	,	,	PUNCT
fsr-3916	366	5	lalancette	lalancette	PROPN
fsr-3916	366	6	,	,	PUNCT
fsr-3916	366	7	s.	s.	PROPN
fsr-3916	366	8	,	,	PUNCT
fsr-3916	366	9	&	&	CCONJ
fsr-3916	366	10	to	to	ADP
fsr-3916	366	11	,	,	PUNCT
fsr-3916	366	12	m.	m.	NOUN
fsr-3916	366	13	c.	c.	PROPN
fsr-3916	366	14	(	(	PUNCT
fsr-3916	366	15	1997	1997	NUM
fsr-3916	366	16	)	)	PUNCT
fsr-3916	366	17	.	.	PUNCT
fsr-3916	367	1	performance	performance	NOUN
fsr-3916	367	2	attribution	attribution	NOUN
fsr-3916	367	3	using	use	VERB
fsr-3916	367	4	an	an	DET
fsr-3916	367	5	apt	apt	ADJ
fsr-3916	367	6	with	with	ADP
fsr-3916	367	7	prespecified	prespecified	ADJ
fsr-3916	367	8	macrofactors	macrofactor	NOUN
fsr-3916	367	9	and	and	CCONJ
fsr-3916	367	10	time	time	NOUN
fsr-3916	367	11	-	-	PUNCT
fsr-3916	367	12	varying	vary	VERB
fsr-3916	367	13	risk	risk	NOUN
fsr-3916	367	14	premia	premia	NOUN
fsr-3916	367	15	and	and	CCONJ
fsr-3916	367	16	betas.journal	betas.journal	ADJ
fsr-3916	367	17	of	of	ADP
fsr-3916	367	18	financial	financial	ADJ
fsr-3916	367	19	and	and	CCONJ
fsr-3916	367	20	quantitative	quantitative	ADJ
fsr-3916	367	21	analysis	analysis	NOUN
fsr-3916	367	22	,	,	PUNCT
fsr-3916	367	23	32(2	32(2	NUM
fsr-3916	367	24	)	)	PUNCT
fsr-3916	367	25	,	,	PUNCT
fsr-3916	367	26	183–204	183–204	NUM
fsr-3916	367	27	.	.	PUNCT
fsr-3916	368	1	larsen	larsen	PROPN
fsr-3916	368	2	,	,	PUNCT
fsr-3916	368	3	g.	g.	PROPN
fsr-3916	368	4	a.	a.	PROPN
fsr-3916	368	5	jr	jr	PROPN
fsr-3916	368	6	.	.	PROPN
fsr-3916	368	7	,	,	PUNCT
fsr-3916	368	8	&	&	CCONJ
fsr-3916	368	9	wozniak	wozniak	PROPN
fsr-3916	368	10	,	,	PUNCT
fsr-3916	368	11	g.	g.	PROPN
fsr-3916	368	12	d.	d.	PROPN
fsr-3916	368	13	(	(	PUNCT
fsr-3916	368	14	1994/95	1994/95	NUM
fsr-3916	368	15	)	)	PUNCT
fsr-3916	368	16	.	.	PUNCT
fsr-3916	369	1	market	market	NOUN
fsr-3916	369	2	timing	timing	NOUN
fsr-3916	369	3	for	for	ADP
fsr-3916	369	4	active	active	ADJ
fsr-3916	369	5	asset	asset	NOUN
fsr-3916	369	6	allocation	allocation	NOUN
fsr-3916	369	7	:	:	PUNCT
fsr-3916	369	8	a	a	DET
fsr-3916	369	9	discrete	discrete	ADJ
fsr-3916	369	10	regression	regression	NOUN
fsr-3916	369	11	approach.journal	approach.journal	ADJ
fsr-3916	369	12	of	of	ADP
fsr-3916	369	13	applied	apply	VERB
fsr-3916	369	14	business	business	NOUN
fsr-3916	369	15	research	research	NOUN
fsr-3916	369	16	,	,	PUNCT
fsr-3916	369	17	11(1	11(1	NUM
fsr-3916	369	18	)	)	PUNCT
fsr-3916	369	19	,	,	PUNCT
fsr-3916	369	20	125–143	125–143	NUM
fsr-3916	369	21	.	.	PUNCT
fsr-3916	370	1	larsen	larsen	PROPN
fsr-3916	370	2	,	,	PUNCT
fsr-3916	370	3	g.	g.	PROPN
fsr-3916	370	4	a.	a.	PROPN
fsr-3916	370	5	jr	jr	PROPN
fsr-3916	370	6	.	.	PROPN
fsr-3916	370	7	,	,	PUNCT
fsr-3916	370	8	&	&	CCONJ
fsr-3916	370	9	wozniak	wozniak	PROPN
fsr-3916	370	10	,	,	PUNCT
fsr-3916	370	11	g.	g.	PROPN
fsr-3916	370	12	d.	d.	PROPN
fsr-3916	370	13	(	(	PUNCT
fsr-3916	370	14	1995	1995	NUM
fsr-3916	370	15	)	)	PUNCT
fsr-3916	370	16	.	.	PUNCT
fsr-3916	371	1	market	market	NOUN
fsr-3916	371	2	timing	timing	NOUN
fsr-3916	371	3	can	can	AUX
fsr-3916	371	4	work	work	VERB
fsr-3916	371	5	in	in	ADP
fsr-3916	371	6	the	the	DET
fsr-3916	371	7	real	real	ADJ
fsr-3916	371	8	world.the	world.the	PRON
fsr-3916	371	9	journal	journal	NOUN
fsr-3916	371	10	of	of	ADP
fsr-3916	371	11	portfolio	portfolio	NOUN
fsr-3916	371	12	management	management	NOUN
fsr-3916	371	13	,	,	PUNCT
fsr-3916	371	14	21(3	21(3	NUM
fsr-3916	371	15	)	)	PUNCT
fsr-3916	371	16	,	,	PUNCT
fsr-3916	371	17	74–81	74–81	NUM
fsr-3916	371	18	.	.	PUNCT
fsr-3916	372	1	lee	lee	PROPN
fsr-3916	372	2	,	,	PUNCT
fsr-3916	372	3	w.	w.	PROPN
fsr-3916	372	4	(	(	PUNCT
fsr-3916	372	5	1997	1997	NUM
fsr-3916	372	6	)	)	PUNCT
fsr-3916	372	7	.	.	PUNCT
fsr-3916	373	1	market	market	NOUN
fsr-3916	373	2	timing	timing	NOUN
fsr-3916	373	3	and	and	CCONJ
fsr-3916	373	4	short	short	ADJ
fsr-3916	373	5	-	-	PUNCT
fsr-3916	373	6	term	term	NOUN
fsr-3916	373	7	interest	interest	NOUN
fsr-3916	373	8	rates.the	rates.the	DET
fsr-3916	373	9	journal	journal	NOUN
fsr-3916	373	10	of	of	ADP
fsr-3916	373	11	portfolio	portfolio	NOUN
fsr-3916	373	12	management	management	NOUN
fsr-3916	373	13	,	,	PUNCT
fsr-3916	373	14	23(3	23(3	NUM
fsr-3916	373	15	)	)	PUNCT
fsr-3916	373	16	,	,	PUNCT
fsr-3916	373	17	35–46	35–46	NUM
fsr-3916	373	18	.	.	PUNCT
fsr-3916	374	1	lin	lin	PROPN
fsr-3916	374	2	,	,	PUNCT
fsr-3916	374	3	h.-w	h.-w	PROPN
fsr-3916	374	4	.	.	PROPN
fsr-3916	374	5	,	,	PUNCT
fsr-3916	374	6	&	&	CCONJ
fsr-3916	374	7	mcnichols	mcnichols	PROPN
fsr-3916	374	8	,	,	PUNCT
fsr-3916	374	9	m.	m.	PROPN
fsr-3916	374	10	f.	f.	PROPN
fsr-3916	374	11	(	(	PUNCT
fsr-3916	374	12	1998	1998	NUM
fsr-3916	374	13	)	)	PUNCT
fsr-3916	374	14	.	.	PUNCT
fsr-3916	375	1	underwriting	underwrite	VERB
fsr-3916	375	2	relationships	relationship	NOUN
fsr-3916	375	3	,	,	PUNCT
fsr-3916	375	4	analysts	analyst	NOUN
fsr-3916	375	5	’	’	PART
fsr-3916	375	6	earnings	earning	NOUN
fsr-3916	375	7	forecasts	forecast	NOUN
fsr-3916	375	8	and	and	CCONJ
fsr-3916	375	9	investment	investment	NOUN
fsr-3916	375	10	recommendations.journal	recommendations.journal	PROPN
fsr-3916	375	11	of	of	ADP
fsr-3916	375	12	accounting	accounting	NOUN
fsr-3916	375	13	and	and	CCONJ
fsr-3916	375	14	economics	economic	NOUN
fsr-3916	375	15	,	,	PUNCT
fsr-3916	375	16	25(1	25(1	NUM
fsr-3916	375	17	)	)	PUNCT
fsr-3916	375	18	,	,	PUNCT
fsr-3916	375	19	101–127	101–127	NUM
fsr-3916	375	20	.	.	PUNCT
fsr-3916	376	1	prather	prather	PROPN
fsr-3916	376	2	,	,	PUNCT
fsr-3916	376	3	l.	l.	PROPN
fsr-3916	376	4	,	,	PUNCT
fsr-3916	376	5	&	&	CCONJ
fsr-3916	376	6	bertin	bertin	PROPN
fsr-3916	376	7	,	,	PUNCT
fsr-3916	376	8	w.	w.	PROPN
fsr-3916	376	9	j.	j.	PROPN
fsr-3916	376	10	(	(	PUNCT
fsr-3916	376	11	1998	1998	NUM
fsr-3916	376	12	)	)	PUNCT
fsr-3916	376	13	.	.	PUNCT
fsr-3916	377	1	the	the	DET
fsr-3916	377	2	implication	implication	NOUN
fsr-3916	377	3	of	of	ADP
fsr-3916	377	4	discount	discount	NOUN
fsr-3916	377	5	rate	rate	NOUN
fsr-3916	377	6	changes	change	NOUN
fsr-3916	377	7	for	for	ADP
fsr-3916	377	8	market	market	NOUN
fsr-3916	377	9	timing.review	timing.review	NOUN
fsr-3916	377	10	of	of	ADP
fsr-3916	377	11	financial	financial	ADJ
fsr-3916	377	12	economics	economic	NOUN
fsr-3916	377	13	,	,	PUNCT
fsr-3916	377	14	7(1	7(1	NUM
fsr-3916	377	15	)	)	PUNCT
fsr-3916	377	16	,	,	PUNCT
fsr-3916	377	17	21–33	21–33	NUM
fsr-3916	377	18	.	.	PUNCT
fsr-3916	377	19	pratt	pratt	PROPN
fsr-3916	377	20	,	,	PUNCT
fsr-3916	377	21	t.	t.	PROPN
fsr-3916	377	22	(	(	PUNCT
fsr-3916	377	23	1993	1993	NUM
fsr-3916	377	24	)	)	PUNCT
fsr-3916	377	25	.	.	PUNCT
fsr-3916	378	1	wall	wall	PROPN
fsr-3916	378	2	street	street	PROPN
fsr-3916	378	3	’s	’s	PART
fsr-3916	378	4	four	four	NUM
fsr-3916	378	5	-	-	PUNCT
fsr-3916	378	6	letter	letter	NOUN
fsr-3916	378	7	word.investment	word.investment	NOUN
fsr-3916	378	8	dealer	dealer	NOUN
fsr-3916	378	9	’s	’s	PART
fsr-3916	378	10	digest	digest	NOUN
fsr-3916	378	11	,	,	PUNCT
fsr-3916	378	12	march	march	PROPN
fsr-3916	378	13	,	,	PUNCT
fsr-3916	378	14	29	29	NUM
fsr-3916	378	15	,	,	PUNCT
fsr-3916	378	16	18–22	18–22	NUM
fsr-3916	378	17	.	.	PUNCT
fsr-3916	379	1	reichenstein	reichenstein	PROPN
fsr-3916	379	2	,	,	PUNCT
fsr-3916	379	3	w.	w.	PROPN
fsr-3916	379	4	,	,	PUNCT
fsr-3916	379	5	&	&	CCONJ
fsr-3916	379	6	rich	rich	ADJ
fsr-3916	379	7	,	,	PUNCT
fsr-3916	379	8	s.	s.	PROPN
fsr-3916	379	9	p.	p.	PROPN
fsr-3916	379	10	(	(	PUNCT
fsr-3916	379	11	1993	1993	NUM
fsr-3916	379	12	)	)	PUNCT
fsr-3916	379	13	.	.	PUNCT
fsr-3916	380	1	market	market	NOUN
fsr-3916	380	2	timing	timing	NOUN
fsr-3916	380	3	for	for	ADP
fsr-3916	380	4	the	the	DET
fsr-3916	380	5	individual	individual	ADJ
fsr-3916	380	6	investor	investor	NOUN
fsr-3916	380	7	:	:	PUNCT
fsr-3916	380	8	using	use	VERB
fsr-3916	380	9	the	the	DET
fsr-3916	380	10	predictability	predictability	NOUN
fsr-3916	380	11	of	of	ADP
fsr-3916	380	12	long	long	ADJ
fsr-3916	380	13	-	-	PUNCT
fsr-3916	380	14	horizon	horizon	NOUN
fsr-3916	380	15	stock	stock	NOUN
fsr-3916	380	16	returns	return	NOUN
fsr-3916	380	17	to	to	PART
fsr-3916	380	18	enhance	enhance	VERB
fsr-3916	380	19	portfolio	portfolio	NOUN
fsr-3916	380	20	performance.financial	performance.financial	PROPN
fsr-3916	380	21	services	service	NOUN
fsr-3916	380	22	review	review	NOUN
fsr-3916	380	23	,	,	PUNCT
fsr-3916	380	24	3(1	3(1	NUM
fsr-3916	380	25	)	)	PUNCT
fsr-3916	380	26	,	,	PUNCT
fsr-3916	380	27	29–43	29–43	NUM
fsr-3916	380	28	.	.	PUNCT
fsr-3916	381	1	reichenstein	reichenstein	PROPN
fsr-3916	381	2	,	,	PUNCT
fsr-3916	381	3	w.	w.	PROPN
fsr-3916	381	4	,	,	PUNCT
fsr-3916	381	5	&	&	CCONJ
fsr-3916	381	6	rich	rich	ADJ
fsr-3916	381	7	,	,	PUNCT
fsr-3916	381	8	s.	s.	PROPN
fsr-3916	381	9	p.	p.	PROPN
fsr-3916	381	10	(	(	PUNCT
fsr-3916	381	11	1994	1994	NUM
fsr-3916	381	12	)	)	PUNCT
fsr-3916	381	13	.	.	PUNCT
fsr-3916	382	1	predicting	predict	VERB
fsr-3916	382	2	long	long	ADJ
fsr-3916	382	3	-	-	PUNCT
fsr-3916	382	4	horizon	horizon	NOUN
fsr-3916	382	5	stock	stock	NOUN
fsr-3916	382	6	returns	return	NOUN
fsr-3916	382	7	:	:	PUNCT
fsr-3916	382	8	evidence	evidence	NOUN
fsr-3916	382	9	and	and	CCONJ
fsr-3916	382	10	implications	implication	NOUN
fsr-3916	382	11	.	.	PUNCT
fsr-3916	383	1	financial	financial	ADJ
fsr-3916	383	2	analysts	analyst	NOUN
fsr-3916	383	3	journal	journal	NOUN
fsr-3916	383	4	,	,	PUNCT
fsr-3916	383	5	50(1	50(1	PROPN
fsr-3916	383	6	)	)	PUNCT
fsr-3916	383	7	,	,	PUNCT
fsr-3916	383	8	73–76	73–76	NUM
fsr-3916	383	9	.	.	PUNCT
fsr-3916	384	1	reilly	reilly	PROPN
fsr-3916	384	2	,	,	PUNCT
fsr-3916	384	3	f.	f.	PROPN
fsr-3916	384	4	r.	r.	PROPN
fsr-3916	384	5	,	,	PUNCT
fsr-3916	384	6	&	&	CCONJ
fsr-3916	384	7	brown	brown	PROPN
fsr-3916	384	8	,	,	PUNCT
fsr-3916	384	9	k.	k.	PROPN
fsr-3916	384	10	c.	c.	PROPN
fsr-3916	385	1	(	(	PUNCT
fsr-3916	385	2	2000).investment	2000).investment	NUM
fsr-3916	385	3	analysis	analysis	NOUN
fsr-3916	385	4	and	and	CCONJ
fsr-3916	385	5	portfolio	portfolio	NOUN
fsr-3916	385	6	management(sixth	management(sixth	PROPN
fsr-3916	385	7	edition	edition	NOUN
fsr-3916	385	8	)	)	PUNCT
fsr-3916	385	9	.	.	PUNCT
fsr-3916	386	1	new	new	PROPN
fsr-3916	386	2	york	york	PROPN
fsr-3916	386	3	:	:	PUNCT
fsr-3916	386	4	the	the	DET
fsr-3916	386	5	dryden	dryden	PROPN
fsr-3916	386	6	press	press	PROPN
fsr-3916	386	7	.	.	PUNCT
fsr-3916	387	1	sharpe	sharpe	PROPN
fsr-3916	387	2	,	,	PUNCT
fsr-3916	387	3	w.	w.	PROPN
fsr-3916	387	4	f.	f.	PROPN
fsr-3916	387	5	(	(	PUNCT
fsr-3916	387	6	1975	1975	NUM
fsr-3916	387	7	)	)	PUNCT
fsr-3916	387	8	.	.	PUNCT
fsr-3916	388	1	likely	likely	ADJ
fsr-3916	388	2	gains	gain	NOUN
fsr-3916	388	3	from	from	ADP
fsr-3916	388	4	market	market	NOUN
fsr-3916	388	5	timing.financial	timing.financial	PROPN
fsr-3916	388	6	analysts	analyst	NOUN
fsr-3916	388	7	journal	journal	NOUN
fsr-3916	388	8	,	,	PUNCT
fsr-3916	388	9	31(2	31(2	NUM
fsr-3916	388	10	)	)	PUNCT
fsr-3916	388	11	,	,	PUNCT
fsr-3916	388	12	60–69	60–69	NUM
fsr-3916	388	13	.	.	PUNCT
fsr-3916	389	1	shilling	shilling	NOUN
fsr-3916	389	2	,	,	PUNCT
fsr-3916	389	3	a.	a.	NOUN
fsr-3916	389	4	g.	g.	PROPN
fsr-3916	389	5	(	(	PUNCT
fsr-3916	389	6	1992	1992	NUM
fsr-3916	389	7	)	)	PUNCT
fsr-3916	389	8	.	.	PUNCT
fsr-3916	390	1	market	market	NOUN
fsr-3916	390	2	timing	timing	NOUN
fsr-3916	390	3	:	:	PUNCT
fsr-3916	390	4	better	well	ADJ
fsr-3916	390	5	than	than	ADP
fsr-3916	390	6	a	a	DET
fsr-3916	390	7	buy	buy	NOUN
fsr-3916	390	8	-	-	PUNCT
fsr-3916	390	9	hold	hold	NOUN
fsr-3916	390	10	strategy.financial	strategy.financial	ADJ
fsr-3916	390	11	analysts	analyst	NOUN
fsr-3916	390	12	journal	journal	NOUN
fsr-3916	390	13	,	,	PUNCT
fsr-3916	390	14	48(2	48(2	NUM
fsr-3916	390	15	)	)	PUNCT
fsr-3916	390	16	,	,	PUNCT
fsr-3916	390	17	46–50	46–50	NOUN
fsr-3916	390	18	.	.	PUNCT
fsr-3916	391	1	teoh	teoh	PROPN
fsr-3916	391	2	,	,	PUNCT
fsr-3916	391	3	s.	s.	PROPN
fsr-3916	391	4	h.	h.	PROPN
fsr-3916	391	5	,	,	PUNCT
fsr-3916	391	6	&	&	CCONJ
fsr-3916	391	7	wong	wong	PROPN
fsr-3916	391	8	,	,	PUNCT
fsr-3916	391	9	t.	t.	PROPN
fsr-3916	391	10	(	(	PUNCT
fsr-3916	391	11	1997	1997	NUM
fsr-3916	391	12	)	)	PUNCT
fsr-3916	391	13	.	.	PUNCT
fsr-3916	392	1	analysts	analyst	NOUN
fsr-3916	392	2	’	’	PART
fsr-3916	392	3	credulity	credulity	NOUN
fsr-3916	392	4	about	about	ADP
fsr-3916	392	5	reported	report	VERB
fsr-3916	392	6	earnings	earning	NOUN
fsr-3916	392	7	as	as	ADP
fsr-3916	392	8	overoptimism	overoptimism	NOUN
fsr-3916	392	9	in	in	ADP
fsr-3916	392	10	new	new	ADJ
fsr-3916	392	11	equity	equity	NOUN
fsr-3916	392	12	issues	issue	NOUN
fsr-3916	392	13	,	,	PUNCT
fsr-3916	392	14	working	working	NOUN
fsr-3916	392	15	paper	paper	NOUN
fsr-3916	392	16	,	,	PUNCT
fsr-3916	392	17	university	university	PROPN
fsr-3916	392	18	of	of	ADP
fsr-3916	392	19	michigan	michigan	PROPN
fsr-3916	392	20	.	.	PUNCT
fsr-3916	393	1	wagner	wagner	PROPN
fsr-3916	393	2	,	,	PUNCT
fsr-3916	393	3	j.	j.	PROPN
fsr-3916	393	4	c.	c.	PROPN
fsr-3916	393	5	,	,	PUNCT
fsr-3916	393	6	shellans	shellan	NOUN
fsr-3916	393	7	,	,	PUNCT
fsr-3916	393	8	s.	s.	PROPN
fsr-3916	393	9	,	,	PUNCT
fsr-3916	393	10	&	&	CCONJ
fsr-3916	393	11	paul	paul	PROPN
fsr-3916	393	12	,	,	PUNCT
fsr-3916	393	13	r.	r.	PROPN
fsr-3916	393	14	(	(	PUNCT
fsr-3916	393	15	1992	1992	NUM
fsr-3916	393	16	)	)	PUNCT
fsr-3916	393	17	.	.	PUNCT
fsr-3916	394	1	market	market	NOUN
fsr-3916	394	2	timing	timing	NOUN
fsr-3916	394	3	works	work	VERB
fsr-3916	394	4	where	where	SCONJ
fsr-3916	394	5	it	it	PRON
fsr-3916	394	6	matters	matter	VERB
fsr-3916	394	7	most	most	ADV
fsr-3916	394	8	.	.	PUNCT
fsr-3916	394	9	.	.	PUNCT
fsr-3916	394	10	.	.	PUNCT
fsr-3916	395	1	in	in	ADP
fsr-3916	395	2	the	the	DET
fsr-3916	395	3	real	real	ADJ
fsr-3916	395	4	world	world	NOUN
fsr-3916	395	5	.	.	PUNCT
fsr-3916	396	1	the	the	DET
fsr-3916	396	2	journal	journal	PROPN
fsr-3916	396	3	of	of	ADP
fsr-3916	396	4	portfolio	portfolio	NOUN
fsr-3916	396	5	management	management	NOUN
fsr-3916	396	6	,	,	PUNCT
fsr-3916	396	7	18(4	18(4	NUM
fsr-3916	396	8	)	)	PUNCT
fsr-3916	396	9	,	,	PUNCT
fsr-3916	396	10	86–90	86–90	NUM
fsr-3916	396	11	.	.	PUNCT
fsr-3916	397	1	wagner	wagner	PROPN
fsr-3916	397	2	,	,	PUNCT
fsr-3916	397	3	j.	j.	PROPN
fsr-3916	397	4	c.	c.	PROPN
fsr-3916	397	5	(	(	PUNCT
fsr-3916	397	6	1997	1997	NUM
fsr-3916	397	7	)	)	PUNCT
fsr-3916	397	8	.	.	PUNCT
fsr-3916	398	1	why	why	SCONJ
fsr-3916	398	2	market	market	NOUN
fsr-3916	398	3	timing	time	VERB
fsr-3916	398	4	works.journal	works.journal	ADJ
fsr-3916	398	5	of	of	ADP
fsr-3916	398	6	investing	investing	NOUN
fsr-3916	398	7	,	,	PUNCT
fsr-3916	398	8	6(2	6(2	NUM
fsr-3916	398	9	)	)	PUNCT
fsr-3916	398	10	,	,	PUNCT
fsr-3916	399	1	78–81	78–81	NUM
fsr-3916	399	2	.	.	PUNCT
fsr-3916	399	3	womack	womack	PROPN
fsr-3916	399	4	,	,	PUNCT
fsr-3916	399	5	k.	k.	PROPN
fsr-3916	399	6	l.	l.	PROPN
fsr-3916	399	7	(	(	PUNCT
fsr-3916	399	8	1996	1996	NUM
fsr-3916	399	9	)	)	PUNCT
fsr-3916	399	10	.	.	PUNCT
fsr-3916	400	1	do	do	AUX
fsr-3916	400	2	brokerage	brokerage	NOUN
fsr-3916	400	3	analysts	analyst	NOUN
fsr-3916	400	4	’	’	PART
fsr-3916	400	5	recommendations	recommendation	NOUN
fsr-3916	400	6	have	have	VERB
fsr-3916	400	7	investment	investment	NOUN
fsr-3916	400	8	value?journal	value?journal	PROPN
fsr-3916	400	9	of	of	ADP
fsr-3916	400	10	finance	finance	NOUN
fsr-3916	400	11	,	,	PUNCT
fsr-3916	400	12	51	51	NUM
fsr-3916	400	13	,	,	PUNCT
fsr-3916	400	14	137–167	137–167	NUM
fsr-3916	400	15	.	.	PUNCT
fsr-3916	401	1	144	144	NUM
fsr-3916	401	2	r.	r.	PROPN
fsr-3916	401	3	chung	chung	PROPN
fsr-3916	401	4	,	,	PUNCT
fsr-3916	401	5	l.	l.	PROPN
fsr-3916	401	6	kryzanowski	kryzanowski	PROPN
fsr-3916	401	7	/	/	SYM
fsr-3916	401	8	financial	financial	ADJ
fsr-3916	401	9	services	service	NOUN
fsr-3916	401	10	review	review	VERB
fsr-3916	401	11	9	9	NUM
fsr-3916	401	12	(	(	PUNCT
fsr-3916	401	13	2000	2000	NUM
fsr-3916	401	14	)	)	PUNCT
fsr-3916	401	15	125–144	125–144	NUM