id	sid	tid	token	lemma	pos
fsr-3991	1	1	financial	financial	PROPN
fsr-3991	1	2	services	service	NOUN
fsr-3991	1	3	review	review	PROPN
fsr-3991	1	4	,	,	PUNCT
fsr-3991	1	5	33(1	33(1	NUM
fsr-3991	1	6	)	)	PUNCT
fsr-3991	1	7	142	142	NUM
fsr-3991	1	8	assessing	assess	VERB
fsr-3991	1	9	the	the	DET
fsr-3991	1	10	impact	impact	NOUN
fsr-3991	1	11	of	of	ADP
fsr-3991	1	12	rebalancing	rebalancing	NOUN
fsr-3991	1	13	on	on	ADP
fsr-3991	1	14	equal	equal	ADV
fsr-3991	1	15	-	-	PUNCT
fsr-3991	1	16	weighted	weight	VERB
fsr-3991	1	17	and	and	CCONJ
fsr-3991	1	18	value	value	NOUN
fsr-3991	1	19	-	-	PUNCT
fsr-3991	1	20	weighted	weight	VERB
fsr-3991	1	21	portfolios	portfolio	NOUN
fsr-3991	1	22	over	over	ADP
fsr-3991	1	23	five	five	NUM
fsr-3991	1	24	decades	decade	NOUN
fsr-3991	1	25	rama	rama	PROPN
fsr-3991	1	26	malladi1	malladi1	NOUN
fsr-3991	1	27	and	and	CCONJ
fsr-3991	1	28	alexander	alexander	PROPN
fsr-3991	1	29	stanoyevitch2	stanoyevitch2	PROPN
fsr-3991	2	1	abstract	abstract	ADP
fsr-3991	2	2	this	this	DET
fsr-3991	2	3	study	study	NOUN
fsr-3991	2	4	investigates	investigate	VERB
fsr-3991	2	5	the	the	DET
fsr-3991	2	6	impact	impact	NOUN
fsr-3991	2	7	of	of	ADP
fsr-3991	2	8	transaction	transaction	NOUN
fsr-3991	2	9	costs	cost	NOUN
fsr-3991	2	10	on	on	ADP
fsr-3991	2	11	the	the	DET
fsr-3991	2	12	performance	performance	NOUN
fsr-3991	2	13	differential	differential	NOUN
fsr-3991	2	14	between	between	ADP
fsr-3991	2	15	equal	equal	ADJ
fsr-3991	2	16	-	-	PUNCT
fsr-3991	2	17	weighted	weight	VERB
fsr-3991	2	18	portfolios	portfolio	NOUN
fsr-3991	2	19	(	(	PUNCT
fsr-3991	2	20	ewps	ewps	NOUN
fsr-3991	2	21	)	)	PUNCT
fsr-3991	2	22	and	and	CCONJ
fsr-3991	2	23	value	value	NOUN
fsr-3991	2	24	-	-	PUNCT
fsr-3991	2	25	weighted	weight	VERB
fsr-3991	2	26	portfolios	portfolio	NOUN
fsr-3991	2	27	(	(	PUNCT
fsr-3991	2	28	vwps	vwps	NOUN
fsr-3991	2	29	)	)	PUNCT
fsr-3991	2	30	.	.	PUNCT
fsr-3991	3	1	employing	employ	VERB
fsr-3991	3	2	a	a	DET
fsr-3991	3	3	comprehensive	comprehensive	ADJ
fsr-3991	3	4	dataset	dataset	NOUN
fsr-3991	3	5	of	of	ADP
fsr-3991	3	6	181	181	NUM
fsr-3991	3	7	stocks	stock	NOUN
fsr-3991	3	8	from	from	ADP
fsr-3991	3	9	1970	1970	NUM
fsr-3991	3	10	to	to	ADP
fsr-3991	3	11	2023	2023	NUM
fsr-3991	3	12	,	,	PUNCT
fsr-3991	3	13	we	we	PRON
fsr-3991	3	14	utilize	utilize	VERB
fsr-3991	3	15	paired	pair	VERB
fsr-3991	3	16	two	two	NUM
fsr-3991	3	17	-	-	PUNCT
fsr-3991	3	18	sample	sample	NOUN
fsr-3991	3	19	tests	test	NOUN
fsr-3991	3	20	to	to	PART
fsr-3991	3	21	identify	identify	VERB
fsr-3991	3	22	statistically	statistically	ADV
fsr-3991	3	23	significant	significant	ADJ
fsr-3991	3	24	differences	difference	NOUN
fsr-3991	3	25	in	in	ADP
fsr-3991	3	26	turnover	turnover	NOUN
fsr-3991	3	27	and	and	CCONJ
fsr-3991	3	28	riskadjusted	riskadjusted	ADJ
fsr-3991	3	29	returns	return	NOUN
fsr-3991	3	30	.	.	PUNCT
fsr-3991	4	1	our	our	PRON
fsr-3991	4	2	findings	finding	NOUN
fsr-3991	4	3	reveal	reveal	VERB
fsr-3991	4	4	a	a	DET
fsr-3991	4	5	substantial	substantial	ADJ
fsr-3991	4	6	performance	performance	NOUN
fsr-3991	4	7	advantage	advantage	NOUN
fsr-3991	4	8	for	for	ADP
fsr-3991	4	9	ewps	ewps	NOUN
fsr-3991	4	10	,	,	PUNCT
fsr-3991	4	11	with	with	ADP
fsr-3991	4	12	annualized	annualize	VERB
fsr-3991	4	13	return	return	NOUN
fsr-3991	4	14	surpluses	surplus	NOUN
fsr-3991	4	15	ranging	range	VERB
fsr-3991	4	16	from	from	ADP
fsr-3991	4	17	115	115	NUM
fsr-3991	4	18	to	to	PART
fsr-3991	4	19	188	188	NUM
fsr-3991	4	20	basis	basis	NOUN
fsr-3991	4	21	points	point	NOUN
fsr-3991	4	22	over	over	ADP
fsr-3991	4	23	vwps	vwps	NOUN
fsr-3991	4	24	,	,	PUNCT
fsr-3991	4	25	depending	depend	VERB
fsr-3991	4	26	on	on	ADP
fsr-3991	4	27	the	the	DET
fsr-3991	4	28	assumed	assume	VERB
fsr-3991	4	29	transaction	transaction	NOUN
fsr-3991	4	30	cost	cost	NOUN
fsr-3991	4	31	level	level	NOUN
fsr-3991	4	32	.	.	PUNCT
fsr-3991	5	1	notably	notably	ADV
fsr-3991	5	2	,	,	PUNCT
fsr-3991	5	3	this	this	DET
fsr-3991	5	4	outperformance	outperformance	NOUN
fsr-3991	5	5	persists	persist	VERB
fsr-3991	5	6	until	until	SCONJ
fsr-3991	5	7	transaction	transaction	NOUN
fsr-3991	5	8	costs	cost	NOUN
fsr-3991	5	9	reach	reach	VERB
fsr-3991	5	10	a	a	DET
fsr-3991	5	11	critical	critical	ADJ
fsr-3991	5	12	threshold	threshold	NOUN
fsr-3991	5	13	of	of	ADP
fsr-3991	5	14	728	728	NUM
fsr-3991	5	15	basis	basis	NOUN
fsr-3991	5	16	points	point	NOUN
fsr-3991	5	17	of	of	ADP
fsr-3991	5	18	portfolio	portfolio	NOUN
fsr-3991	5	19	turnover	turnover	NOUN
fsr-3991	5	20	.	.	PUNCT
fsr-3991	6	1	the	the	DET
fsr-3991	6	2	analysis	analysis	NOUN
fsr-3991	6	3	further	far	ADV
fsr-3991	6	4	demonstrates	demonstrate	VERB
fsr-3991	6	5	that	that	SCONJ
fsr-3991	6	6	ewps	ewps	PROPN
fsr-3991	6	7	outperform	outperform	NOUN
fsr-3991	6	8	vwps	vwps	NOUN
fsr-3991	6	9	in	in	ADP
fsr-3991	6	10	94.5	94.5	NUM
fsr-3991	6	11	%	%	NOUN
fsr-3991	6	12	of	of	ADP
fsr-3991	6	13	scenarios	scenario	NOUN
fsr-3991	6	14	devoid	devoid	ADJ
fsr-3991	6	15	of	of	ADP
fsr-3991	6	16	transaction	transaction	NOUN
fsr-3991	6	17	costs	cost	NOUN
fsr-3991	6	18	,	,	PUNCT
fsr-3991	6	19	declining	decline	VERB
fsr-3991	6	20	to	to	ADP
fsr-3991	6	21	84	84	NUM
fsr-3991	6	22	%	%	NOUN
fsr-3991	6	23	when	when	SCONJ
fsr-3991	6	24	incorporating	incorporate	VERB
fsr-3991	6	25	realistic	realistic	ADJ
fsr-3991	6	26	cost	cost	NOUN
fsr-3991	6	27	assumptions	assumption	NOUN
fsr-3991	6	28	.	.	PUNCT
fsr-3991	7	1	these	these	DET
fsr-3991	7	2	results	result	NOUN
fsr-3991	7	3	highlight	highlight	VERB
fsr-3991	7	4	the	the	DET
fsr-3991	7	5	potential	potential	NOUN
fsr-3991	7	6	of	of	ADP
fsr-3991	7	7	ewps	ewps	NOUN
fsr-3991	7	8	to	to	PART
fsr-3991	7	9	exploit	exploit	VERB
fsr-3991	7	10	diversification	diversification	NOUN
fsr-3991	7	11	benefits	benefit	NOUN
fsr-3991	7	12	but	but	CCONJ
fsr-3991	7	13	also	also	ADV
fsr-3991	7	14	emphasize	emphasize	VERB
fsr-3991	7	15	the	the	DET
fsr-3991	7	16	crucial	crucial	ADJ
fsr-3991	7	17	role	role	NOUN
fsr-3991	7	18	of	of	ADP
fsr-3991	7	19	transaction	transaction	NOUN
fsr-3991	7	20	costs	cost	NOUN
fsr-3991	7	21	in	in	ADP
fsr-3991	7	22	moderating	moderate	VERB
fsr-3991	7	23	their	their	PRON
fsr-3991	7	24	outperformance	outperformance	NOUN
fsr-3991	7	25	.	.	PUNCT
fsr-3991	8	1	creative	creative	ADJ
fsr-3991	8	2	commons	commons	PROPN
fsr-3991	8	3	license	license	NOUN
fsr-3991	8	4	this	this	DET
fsr-3991	8	5	work	work	NOUN
fsr-3991	8	6	is	be	AUX
fsr-3991	8	7	licensed	license	VERB
fsr-3991	8	8	under	under	ADP
fsr-3991	8	9	a	a	DET
fsr-3991	8	10	creative	creative	ADJ
fsr-3991	8	11	commons	common	NOUN
fsr-3991	8	12	attribution	attribution	NOUN
fsr-3991	8	13	-	-	PUNCT
fsr-3991	8	14	noncommercial	noncommercial	ADJ
fsr-3991	8	15	4.0	4.0	NUM
fsr-3991	8	16	license	license	NOUN
fsr-3991	8	17	recommended	recommend	VERB
fsr-3991	8	18	citation	citation	NOUN
fsr-3991	8	19	malladi	malladi	NOUN
fsr-3991	8	20	,	,	PUNCT
fsr-3991	8	21	r.	r.	PROPN
fsr-3991	8	22	,	,	PUNCT
fsr-3991	8	23	&	&	CCONJ
fsr-3991	8	24	stanoyevitch	stanoyevitch	PROPN
fsr-3991	8	25	,	,	PUNCT
fsr-3991	8	26	a.	a.	NOUN
fsr-3991	8	27	assessing	assess	VERB
fsr-3991	8	28	the	the	DET
fsr-3991	8	29	impact	impact	NOUN
fsr-3991	8	30	of	of	ADP
fsr-3991	8	31	rebalancing	rebalancing	NOUN
fsr-3991	8	32	on	on	ADP
fsr-3991	8	33	equal	equal	ADV
fsr-3991	8	34	-	-	PUNCT
fsr-3991	8	35	weighted	weight	VERB
fsr-3991	8	36	and	and	CCONJ
fsr-3991	8	37	valued	value	VERB
fsr-3991	8	38	-	-	PUNCT
fsr-3991	8	39	weighted	weight	VERB
fsr-3991	8	40	portfolios	portfolio	NOUN
fsr-3991	8	41	over	over	ADP
fsr-3991	8	42	five	five	NUM
fsr-3991	8	43	decades	decade	NOUN
fsr-3991	8	44	.	.	PUNCT
fsr-3991	9	1	financial	financial	ADJ
fsr-3991	9	2	services	service	NOUN
fsr-3991	9	3	review	review	PROPN
fsr-3991	9	4	,	,	PUNCT
fsr-3991	9	5	33(1	33(1	NUM
fsr-3991	9	6	)	)	PUNCT
fsr-3991	9	7	,	,	PUNCT
fsr-3991	9	8	142	142	NUM
fsr-3991	9	9	-	-	SYM
fsr-3991	9	10	164	164	NUM
fsr-3991	9	11	.	.	PUNCT
fsr-3991	9	12	introduction	introduction	NOUN
fsr-3991	9	13	since	since	SCONJ
fsr-3991	9	14	the	the	DET
fsr-3991	9	15	inception	inception	NOUN
fsr-3991	9	16	of	of	ADP
fsr-3991	9	17	the	the	DET
fsr-3991	9	18	s&p	s&p	PROPN
fsr-3991	9	19	500	500	NUM
fsr-3991	9	20	in	in	ADP
fsr-3991	9	21	1957	1957	NUM
fsr-3991	9	22	,	,	PUNCT
fsr-3991	9	23	market	market	NOUN
fsr-3991	9	24	capitalization	capitalization	NOUN
fsr-3991	9	25	weighting	weighting	NOUN
fsr-3991	9	26	has	have	AUX
fsr-3991	9	27	stood	stand	VERB
fsr-3991	9	28	as	as	ADP
fsr-3991	9	29	the	the	DET
fsr-3991	9	30	dominant	dominant	ADJ
fsr-3991	9	31	indexing	indexing	NOUN
fsr-3991	9	32	approach	approach	NOUN
fsr-3991	9	33	,	,	PUNCT
fsr-3991	9	34	steadfastly	steadfastly	ADV
fsr-3991	9	35	maintaining	maintain	VERB
fsr-3991	9	36	its	its	PRON
fsr-3991	9	37	influence	influence	NOUN
fsr-3991	9	38	over	over	ADP
fsr-3991	9	39	indices	index	NOUN
fsr-3991	9	40	.	.	PUNCT
fsr-3991	10	1	the	the	DET
fsr-3991	10	2	1970s	1970	NOUN
fsr-3991	10	3	witnessed	witness	VERB
fsr-3991	10	4	the	the	DET
fsr-3991	10	5	emergence	emergence	NOUN
fsr-3991	10	6	of	of	ADP
fsr-3991	10	7	index	index	NOUN
fsr-3991	10	8	mutual	mutual	ADJ
fsr-3991	10	9	funds	fund	NOUN
fsr-3991	10	10	,	,	PUNCT
fsr-3991	10	11	followed	follow	VERB
fsr-3991	10	12	by	by	ADP
fsr-3991	10	13	the	the	DET
fsr-3991	10	14	introduction	introduction	NOUN
fsr-3991	10	15	of	of	ADP
fsr-3991	10	16	index	index	NOUN
fsr-3991	10	17	etfs	etfs	NOUN
fsr-3991	10	18	in	in	ADP
fsr-3991	10	19	the	the	DET
fsr-3991	10	20	1990s	1990s	NUM
fsr-3991	10	21	.	.	PUNCT
fsr-3991	11	1	as	as	ADP
fsr-3991	11	2	of	of	ADP
fsr-3991	11	3	the	the	DET
fsr-3991	11	4	close	close	NOUN
fsr-3991	11	5	of	of	ADP
fsr-3991	11	6	2022	2022	NUM
fsr-3991	11	7	,	,	PUNCT
fsr-3991	11	8	the	the	DET
fsr-3991	11	9	combined	combine	VERB
fsr-3991	11	10	net	net	ADJ
fsr-3991	11	11	assets	asset	NOUN
fsr-3991	11	12	in	in	ADP
fsr-3991	11	13	these	these	DET
fsr-3991	11	14	categories	category	NOUN
fsr-3991	11	15	had	have	AUX
fsr-3991	11	16	skyrocketed	skyrocket	VERB
fsr-3991	11	17	to	to	ADP
fsr-3991	11	18	$	$	SYM
fsr-3991	11	19	10.9	10.9	NUM
fsr-3991	11	20	trillion	trillion	NUM
fsr-3991	11	21	.	.	PUNCT
fsr-3991	12	1	notably	notably	ADV
fsr-3991	12	2	,	,	PUNCT
fsr-3991	12	3	index	index	NOUN
fsr-3991	12	4	mutual	mutual	ADJ
fsr-3991	12	5	funds	fund	NOUN
fsr-3991	12	6	and	and	CCONJ
fsr-3991	12	7	index	index	NOUN
fsr-3991	12	8	etfs	etfs	PROPN
fsr-3991	12	9	jointly	jointly	ADV
fsr-3991	12	10	constituted	constitute	VERB
fsr-3991	12	11	46	46	NUM
fsr-3991	12	12	percent	percent	NOUN
fsr-3991	12	13	of	of	ADP
fsr-3991	12	14	assets	asset	NOUN
fsr-3991	12	15	in	in	ADP
fsr-3991	12	16	long	long	ADJ
fsr-3991	12	17	-	-	PUNCT
fsr-3991	12	18	term	term	NOUN
fsr-3991	12	19	funds	fund	NOUN
fsr-3991	12	20	,	,	PUNCT
fsr-3991	12	21	a	a	DET
fsr-3991	12	22	substantial	substantial	ADJ
fsr-3991	12	23	leap	leap	NOUN
fsr-3991	12	24	from	from	ADP
fsr-3991	12	25	1	1	NUM
fsr-3991	12	26	corresponding	correspond	VERB
fsr-3991	12	27	author	author	NOUN
fsr-3991	12	28	(	(	PUNCT
fsr-3991	12	29	rmalladi@csudh.edu	rmalladi@csudh.edu	PROPN
fsr-3991	12	30	)	)	PUNCT
fsr-3991	12	31	.	.	PUNCT
fsr-3991	13	1	california	california	PROPN
fsr-3991	13	2	state	state	PROPN
fsr-3991	13	3	university	university	PROPN
fsr-3991	13	4	,	,	PUNCT
fsr-3991	13	5	dominguez	dominguez	PROPN
fsr-3991	13	6	hills	hills	PROPN
fsr-3991	13	7	,	,	PUNCT
fsr-3991	13	8	carson	carson	PROPN
fsr-3991	13	9	,	,	PUNCT
fsr-3991	13	10	ca	ca	PROPN
fsr-3991	13	11	,	,	PUNCT
fsr-3991	13	12	usa	usa	PROPN
fsr-3991	13	13	.	.	PROPN
fsr-3991	13	14	2	2	NUM
fsr-3991	13	15	california	california	PROPN
fsr-3991	13	16	state	state	PROPN
fsr-3991	13	17	university	university	PROPN
fsr-3991	13	18	,	,	PUNCT
fsr-3991	13	19	dominguez	dominguez	PROPN
fsr-3991	13	20	hills	hills	PROPN
fsr-3991	13	21	,	,	PUNCT
fsr-3991	13	22	carson	carson	PROPN
fsr-3991	13	23	,	,	PUNCT
fsr-3991	13	24	ca	ca	PROPN
fsr-3991	13	25	,	,	PUNCT
fsr-3991	13	26	usa	usa	PROPN
fsr-3991	13	27	.	.	PUNCT
fsr-3991	14	1	the	the	DET
fsr-3991	14	2	22	22	NUM
fsr-3991	14	3	percent	percent	NOUN
fsr-3991	14	4	recorded	record	VERB
fsr-3991	14	5	in	in	ADP
fsr-3991	14	6	2012	2012	NUM
fsr-3991	14	7	(	(	PUNCT
fsr-3991	14	8	investment	investment	NOUN
fsr-3991	14	9	company	company	NOUN
fsr-3991	14	10	institute	institute	NOUN
fsr-3991	14	11	,	,	PUNCT
fsr-3991	14	12	2023	2023	NUM
fsr-3991	14	13	)	)	PUNCT
fsr-3991	14	14	.	.	PUNCT
fsr-3991	15	1	aligned	align	VERB
fsr-3991	15	2	with	with	ADP
fsr-3991	15	3	the	the	DET
fsr-3991	15	4	capital	capital	NOUN
fsr-3991	15	5	asset	asset	NOUN
fsr-3991	15	6	pricing	pricing	NOUN
fsr-3991	15	7	model	model	NOUN
fsr-3991	15	8	(	(	PUNCT
fsr-3991	15	9	capm	capm	PROPN
fsr-3991	15	10	)	)	PUNCT
fsr-3991	15	11	proposed	propose	VERB
fsr-3991	15	12	by	by	ADP
fsr-3991	15	13	sharpe	sharpe	PROPN
fsr-3991	15	14	(	(	PUNCT
fsr-3991	15	15	1964	1964	NUM
fsr-3991	15	16	)	)	PUNCT
fsr-3991	15	17	and	and	CCONJ
fsr-3991	15	18	lintner	lintner	X
fsr-3991	15	19	(	(	PUNCT
fsr-3991	15	20	1969	1969	NUM
fsr-3991	15	21	)	)	PUNCT
fsr-3991	15	22	,	,	PUNCT
fsr-3991	15	23	the	the	DET
fsr-3991	15	24	market	market	NOUN
fsr-3991	15	25	-	-	PUNCT
fsr-3991	15	26	cap	cap	NOUN
fsr-3991	15	27	weighted	weight	VERB
fsr-3991	15	28	approach	approach	NOUN
fsr-3991	15	29	—	—	PUNCT
fsr-3991	15	30	also	also	ADV
fsr-3991	15	31	known	know	VERB
fsr-3991	15	32	as	as	ADP
fsr-3991	15	33	the	the	DET
fsr-3991	15	34	value	value	NOUN
fsr-3991	15	35	-	-	PUNCT
fsr-3991	15	36	weight	weight	NOUN
fsr-3991	15	37	(	(	PUNCT
fsr-3991	15	38	vw	vw	NOUN
fsr-3991	15	39	)	)	PUNCT
fsr-3991	15	40	approach	approach	NOUN
fsr-3991	15	41	—	—	PUNCT
fsr-3991	15	42	has	have	AUX
fsr-3991	15	43	been	be	AUX
fsr-3991	15	44	a	a	DET
fsr-3991	15	45	consistent	consistent	ADJ
fsr-3991	15	46	force	force	NOUN
fsr-3991	15	47	.	.	PUNCT
fsr-3991	16	1	drawing	draw	VERB
fsr-3991	16	2	on	on	ADP
fsr-3991	16	3	the	the	DET
fsr-3991	16	4	foundational	foundational	ADJ
fsr-3991	16	5	principles	principle	NOUN
fsr-3991	16	6	of	of	ADP
fsr-3991	16	7	markowitz	markowitz	PROPN
fsr-3991	16	8	(	(	PUNCT
fsr-3991	16	9	1952	1952	NUM
fsr-3991	16	10	)	)	PUNCT
fsr-3991	16	11	,	,	PUNCT
fsr-3991	16	12	sharpe	sharpe	PROPN
fsr-3991	16	13	(	(	PUNCT
fsr-3991	16	14	1964	1964	NUM
fsr-3991	16	15	)	)	PUNCT
fsr-3991	16	16	,	,	PUNCT
fsr-3991	16	17	and	and	CCONJ
fsr-3991	16	18	others	other	NOUN
fsr-3991	16	19	,	,	PUNCT
fsr-3991	16	20	the	the	DET
fsr-3991	16	21	finance	finance	NOUN
fsr-3991	16	22	sector	sector	NOUN
fsr-3991	16	23	has	have	AUX
fsr-3991	16	24	translated	translate	VERB
fsr-3991	16	25	these	these	DET
fsr-3991	16	26	insights	insight	NOUN
fsr-3991	16	27	into	into	ADP
fsr-3991	16	28	trillions	trillion	NOUN
fsr-3991	16	29	of	of	ADP
fsr-3991	16	30	dollars	dollar	NOUN
fsr-3991	16	31	allocated	allocate	VERB
fsr-3991	16	32	to	to	ADP
fsr-3991	16	33	or	or	CCONJ
fsr-3991	16	34	measured	measure	VERB
fsr-3991	16	35	against	against	ADP
fsr-3991	16	36	market	market	NOUN
fsr-3991	16	37	indexes	index	NOUN
fsr-3991	16	38	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	PROPN
fsr-3991	16	39	mailto:rmalladi@csudh.edu	mailto:rmalladi@csudh.edu	PROPN
fsr-3991	16	40	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	PROPN
fsr-3991	16	41	malladi	malladi	NOUN
fsr-3991	16	42	&	&	CCONJ
fsr-3991	16	43	stanoyevitch	stanoyevitch	VERB
fsr-3991	16	44	143	143	NUM
fsr-3991	16	45	such	such	ADJ
fsr-3991	16	46	as	as	ADP
fsr-3991	16	47	the	the	DET
fsr-3991	16	48	s&p	s&p	PROPN
fsr-3991	16	49	500	500	NUM
fsr-3991	16	50	or	or	CCONJ
fsr-3991	16	51	russell	russell	PROPN
fsr-3991	16	52	1000	1000	NUM
fsr-3991	16	53	(	(	PUNCT
fsr-3991	16	54	r.	r.	PROPN
fsr-3991	16	55	d.	d.	PROPN
fsr-3991	16	56	arnott	arnott	PROPN
fsr-3991	16	57	et	et	PROPN
fsr-3991	16	58	al	al	PROPN
fsr-3991	16	59	.	.	PROPN
fsr-3991	16	60	,	,	PUNCT
fsr-3991	16	61	2005	2005	NUM
fsr-3991	16	62	)	)	PUNCT
fsr-3991	16	63	.	.	PUNCT
fsr-3991	17	1	the	the	DET
fsr-3991	17	2	efficient	efficient	ADJ
fsr-3991	17	3	market	market	NOUN
fsr-3991	17	4	hypothesis	hypothesis	NOUN
fsr-3991	17	5	(	(	PUNCT
fsr-3991	17	6	emh	emh	PROPN
fsr-3991	17	7	)	)	PUNCT
fsr-3991	17	8	by	by	ADP
fsr-3991	17	9	fama	fama	PROPN
fsr-3991	17	10	(	(	PUNCT
fsr-3991	17	11	1970	1970	NUM
fsr-3991	17	12	)	)	PUNCT
fsr-3991	17	13	posits	posit	NOUN
fsr-3991	17	14	that	that	PRON
fsr-3991	17	15	a	a	DET
fsr-3991	17	16	vw	vw	PROPN
fsr-3991	17	17	index	index	NOUN
fsr-3991	17	18	signifies	signify	VERB
fsr-3991	17	19	an	an	DET
fsr-3991	17	20	optimal	optimal	ADJ
fsr-3991	17	21	mean	mean	ADJ
fsr-3991	17	22	-	-	PUNCT
fsr-3991	17	23	variance	variance	NOUN
fsr-3991	17	24	efficient	efficient	ADJ
fsr-3991	17	25	investment	investment	NOUN
fsr-3991	17	26	.	.	PUNCT
fsr-3991	18	1	however	however	ADV
fsr-3991	18	2	,	,	PUNCT
fsr-3991	18	3	debates	debate	NOUN
fsr-3991	18	4	on	on	ADP
fsr-3991	18	5	market	market	NOUN
fsr-3991	18	6	efficiency	efficiency	NOUN
fsr-3991	18	7	,	,	PUNCT
fsr-3991	18	8	notably	notably	ADV
fsr-3991	18	9	fueled	fuel	VERB
fsr-3991	18	10	by	by	ADP
fsr-3991	18	11	roll	roll	NOUN
fsr-3991	18	12	's	's	PART
fsr-3991	18	13	critique	critique	NOUN
fsr-3991	18	14	(	(	PUNCT
fsr-3991	18	15	1977	1977	NUM
fsr-3991	18	16	)	)	PUNCT
fsr-3991	18	17	,	,	PUNCT
fsr-3991	18	18	persist	persist	NOUN
fsr-3991	18	19	.	.	PUNCT
fsr-3991	19	1	various	various	ADJ
fsr-3991	19	2	alternatives	alternative	NOUN
fsr-3991	19	3	to	to	ADP
fsr-3991	19	4	vw	vw	PROPN
fsr-3991	19	5	indices	index	NOUN
fsr-3991	19	6	,	,	PUNCT
fsr-3991	19	7	including	include	VERB
fsr-3991	19	8	fundamental	fundamental	ADJ
fsr-3991	19	9	indexing	indexing	NOUN
fsr-3991	19	10	(	(	PUNCT
fsr-3991	19	11	r.	r.	PROPN
fsr-3991	19	12	d.	d.	PROPN
fsr-3991	19	13	arnott	arnott	PROPN
fsr-3991	19	14	et	et	PROPN
fsr-3991	19	15	al	al	PROPN
fsr-3991	19	16	.	.	PROPN
fsr-3991	19	17	,	,	PUNCT
fsr-3991	19	18	2005	2005	NUM
fsr-3991	19	19	)	)	PUNCT
fsr-3991	19	20	,	,	PUNCT
fsr-3991	19	21	smart	smart	ADJ
fsr-3991	19	22	beta	beta	NOUN
fsr-3991	19	23	(	(	PUNCT
fsr-3991	19	24	amenc	amenc	PROPN
fsr-3991	19	25	et	et	PROPN
fsr-3991	19	26	al	al	PROPN
fsr-3991	19	27	.	.	PROPN
fsr-3991	19	28	,	,	PUNCT
fsr-3991	19	29	2011	2011	NUM
fsr-3991	19	30	;	;	PUNCT
fsr-3991	19	31	amenc	amenc	PROPN
fsr-3991	19	32	&	&	CCONJ
fsr-3991	19	33	goltz	goltz	PROPN
fsr-3991	19	34	,	,	PUNCT
fsr-3991	19	35	2013	2013	NUM
fsr-3991	19	36	;	;	PUNCT
fsr-3991	19	37	amenc	amenc	PROPN
fsr-3991	19	38	&	&	CCONJ
fsr-3991	19	39	sourd	sourd	PROPN
fsr-3991	19	40	,	,	PUNCT
fsr-3991	19	41	2005	2005	NUM
fsr-3991	19	42	)	)	PUNCT
fsr-3991	19	43	,	,	PUNCT
fsr-3991	19	44	and	and	CCONJ
fsr-3991	19	45	equalweighted	equalweighte	VERB
fsr-3991	19	46	(	(	PUNCT
fsr-3991	19	47	ew	ew	NOUN
fsr-3991	19	48	)	)	PUNCT
fsr-3991	19	49	indices	index	NOUN
fsr-3991	19	50	(	(	PUNCT
fsr-3991	19	51	demiguel	demiguel	NOUN
fsr-3991	19	52	et	et	PROPN
fsr-3991	19	53	al	al	PROPN
fsr-3991	19	54	.	.	PROPN
fsr-3991	19	55	,	,	PUNCT
fsr-3991	19	56	2009	2009	NUM
fsr-3991	19	57	;	;	PUNCT
fsr-3991	19	58	malladi	malladi	NOUN
fsr-3991	19	59	&	&	CCONJ
fsr-3991	19	60	fabozzi	fabozzi	PROPN
fsr-3991	19	61	,	,	PUNCT
fsr-3991	19	62	2017	2017	NUM
fsr-3991	19	63	;	;	PUNCT
fsr-3991	19	64	plyakha	plyakha	PROPN
fsr-3991	19	65	et	et	PROPN
fsr-3991	19	66	al	al	PROPN
fsr-3991	19	67	.	.	PROPN
fsr-3991	19	68	,	,	PUNCT
fsr-3991	19	69	2012	2012	NUM
fsr-3991	19	70	)	)	PUNCT
fsr-3991	19	71	,	,	PUNCT
fsr-3991	19	72	have	have	AUX
fsr-3991	19	73	been	be	AUX
fsr-3991	19	74	proposed	propose	VERB
fsr-3991	19	75	.	.	PUNCT
fsr-3991	20	1	fundamental	fundamental	ADJ
fsr-3991	20	2	indexing	indexing	NOUN
fsr-3991	20	3	incorporates	incorporate	VERB
fsr-3991	20	4	factors	factor	NOUN
fsr-3991	20	5	like	like	SCONJ
fsr-3991	20	6	earnings	earning	NOUN
fsr-3991	20	7	to	to	PART
fsr-3991	20	8	capture	capture	VERB
fsr-3991	20	9	robust	robust	ADJ
fsr-3991	20	10	financial	financial	ADJ
fsr-3991	20	11	fundamentals	fundamental	NOUN
fsr-3991	20	12	,	,	PUNCT
fsr-3991	20	13	while	while	SCONJ
fsr-3991	20	14	smart	smart	ADJ
fsr-3991	20	15	beta	beta	ADJ
fsr-3991	20	16	utilizes	utilize	VERB
fsr-3991	20	17	alternative	alternative	ADJ
fsr-3991	20	18	factor	factor	NOUN
fsr-3991	20	19	weighting	weight	VERB
fsr-3991	20	20	methods	method	NOUN
fsr-3991	20	21	like	like	ADP
fsr-3991	20	22	volatility	volatility	NOUN
fsr-3991	20	23	to	to	PART
fsr-3991	20	24	enhance	enhance	VERB
fsr-3991	20	25	returns	return	NOUN
fsr-3991	20	26	(	(	PUNCT
fsr-3991	20	27	amenc	amenc	NOUN
fsr-3991	20	28	et	et	PROPN
fsr-3991	20	29	al	al	PROPN
fsr-3991	20	30	.	.	PROPN
fsr-3991	20	31	,	,	PUNCT
fsr-3991	20	32	2016	2016	NUM
fsr-3991	20	33	)	)	PUNCT
fsr-3991	20	34	.	.	PUNCT
fsr-3991	21	1	the	the	DET
fsr-3991	21	2	primary	primary	ADJ
fsr-3991	21	3	objective	objective	NOUN
fsr-3991	21	4	of	of	ADP
fsr-3991	21	5	this	this	DET
fsr-3991	21	6	paper	paper	NOUN
fsr-3991	21	7	is	be	AUX
fsr-3991	21	8	to	to	PART
fsr-3991	21	9	conduct	conduct	VERB
fsr-3991	21	10	a	a	DET
fsr-3991	21	11	performance	performance	NOUN
fsr-3991	21	12	comparison	comparison	NOUN
fsr-3991	21	13	between	between	ADP
fsr-3991	21	14	equalweighted	equalweighte	VERB
fsr-3991	21	15	portfolios	portfolio	NOUN
fsr-3991	21	16	(	(	PUNCT
fsr-3991	21	17	ewp	ewp	PROPN
fsr-3991	21	18	)	)	PUNCT
fsr-3991	21	19	and	and	CCONJ
fsr-3991	21	20	value	value	NOUN
fsr-3991	21	21	-	-	PUNCT
fsr-3991	21	22	weighted	weight	VERB
fsr-3991	21	23	portfolios	portfolio	NOUN
fsr-3991	21	24	(	(	PUNCT
fsr-3991	21	25	vwp	vwp	PROPN
fsr-3991	21	26	)	)	PUNCT
fsr-3991	21	27	,	,	PUNCT
fsr-3991	21	28	with	with	ADP
fsr-3991	21	29	a	a	DET
fsr-3991	21	30	particular	particular	ADJ
fsr-3991	21	31	emphasis	emphasis	NOUN
fsr-3991	21	32	on	on	ADP
fsr-3991	21	33	the	the	DET
fsr-3991	21	34	influence	influence	NOUN
fsr-3991	21	35	of	of	ADP
fsr-3991	21	36	transaction	transaction	NOUN
fsr-3991	21	37	costs	cost	NOUN
fsr-3991	21	38	.	.	PUNCT
fsr-3991	22	1	the	the	DET
fsr-3991	22	2	intentional	intentional	ADJ
fsr-3991	22	3	concentration	concentration	NOUN
fsr-3991	22	4	on	on	ADP
fsr-3991	22	5	an	an	DET
fsr-3991	22	6	equal	equal	ADJ
fsr-3991	22	7	-	-	PUNCT
fsr-3991	22	8	weighted	weight	VERB
fsr-3991	22	9	index	index	NOUN
fsr-3991	22	10	in	in	ADP
fsr-3991	22	11	this	this	DET
fsr-3991	22	12	study	study	NOUN
fsr-3991	22	13	is	be	AUX
fsr-3991	22	14	designed	design	VERB
fsr-3991	22	15	to	to	PART
fsr-3991	22	16	ensure	ensure	VERB
fsr-3991	22	17	clarity	clarity	NOUN
fsr-3991	22	18	and	and	CCONJ
fsr-3991	22	19	specificity	specificity	NOUN
fsr-3991	22	20	,	,	PUNCT
fsr-3991	22	21	facilitating	facilitate	VERB
fsr-3991	22	22	a	a	DET
fsr-3991	22	23	more	more	ADV
fsr-3991	22	24	thorough	thorough	ADJ
fsr-3991	22	25	examination	examination	NOUN
fsr-3991	22	26	of	of	ADP
fsr-3991	22	27	the	the	DET
fsr-3991	22	28	effects	effect	NOUN
fsr-3991	22	29	of	of	ADP
fsr-3991	22	30	equal	equal	ADJ
fsr-3991	22	31	weighting	weighting	NOUN
fsr-3991	22	32	without	without	ADP
fsr-3991	22	33	introducing	introduce	VERB
fsr-3991	22	34	the	the	DET
fsr-3991	22	35	complexities	complexity	NOUN
fsr-3991	22	36	associated	associate	VERB
fsr-3991	22	37	with	with	ADP
fsr-3991	22	38	smart	smart	ADJ
fsr-3991	22	39	beta	beta	NOUN
fsr-3991	22	40	or	or	CCONJ
fsr-3991	22	41	fundamental	fundamental	ADJ
fsr-3991	22	42	indices	index	NOUN
fsr-3991	22	43	.	.	PUNCT
fsr-3991	23	1	theoretically	theoretically	ADV
fsr-3991	23	2	,	,	PUNCT
fsr-3991	23	3	ewp	ewp	PROPN
fsr-3991	23	4	can	can	AUX
fsr-3991	23	5	outperform	outperform	VERB
fsr-3991	23	6	a	a	DET
fsr-3991	23	7	given	give	VERB
fsr-3991	23	8	vw	vw	NOUN
fsr-3991	23	9	index	index	NOUN
fsr-3991	23	10	using	use	VERB
fsr-3991	23	11	the	the	DET
fsr-3991	23	12	same	same	ADJ
fsr-3991	23	13	index	index	NOUN
fsr-3991	23	14	constituents	constituent	NOUN
fsr-3991	23	15	.	.	PUNCT
fsr-3991	24	1	this	this	PRON
fsr-3991	24	2	allows	allow	VERB
fsr-3991	24	3	us	we	PRON
fsr-3991	24	4	to	to	PART
fsr-3991	24	5	create	create	VERB
fsr-3991	24	6	an	an	DET
fsr-3991	24	7	ewp	ewp	NOUN
fsr-3991	24	8	from	from	ADP
fsr-3991	24	9	a	a	DET
fsr-3991	24	10	passive	passive	ADJ
fsr-3991	24	11	investable	investable	ADJ
fsr-3991	24	12	vw	vw	NOUN
fsr-3991	24	13	index	index	NOUN
fsr-3991	24	14	and	and	CCONJ
fsr-3991	24	15	surpass	surpass	VERB
fsr-3991	24	16	its	its	PRON
fsr-3991	24	17	return	return	NOUN
fsr-3991	24	18	.	.	PUNCT
fsr-3991	25	1	the	the	DET
fsr-3991	25	2	findings	finding	NOUN
fsr-3991	25	3	of	of	ADP
fsr-3991	25	4	this	this	DET
fsr-3991	25	5	study	study	NOUN
fsr-3991	25	6	will	will	AUX
fsr-3991	25	7	be	be	AUX
fsr-3991	25	8	of	of	ADP
fsr-3991	25	9	interest	interest	NOUN
fsr-3991	25	10	to	to	ADP
fsr-3991	25	11	both	both	DET
fsr-3991	25	12	investors	investor	NOUN
fsr-3991	25	13	and	and	CCONJ
fsr-3991	25	14	academics	academic	NOUN
fsr-3991	25	15	.	.	PUNCT
fsr-3991	26	1	investors	investor	NOUN
fsr-3991	26	2	will	will	AUX
fsr-3991	26	3	benefit	benefit	VERB
fsr-3991	26	4	from	from	ADP
fsr-3991	26	5	a	a	DET
fsr-3991	26	6	better	well	ADJ
fsr-3991	26	7	understanding	understanding	NOUN
fsr-3991	26	8	of	of	ADP
fsr-3991	26	9	the	the	DET
fsr-3991	26	10	risks	risk	NOUN
fsr-3991	26	11	and	and	CCONJ
fsr-3991	26	12	returns	return	NOUN
fsr-3991	26	13	of	of	ADP
fsr-3991	26	14	ewps	ewps	NOUN
fsr-3991	26	15	,	,	PUNCT
fsr-3991	26	16	as	as	ADV
fsr-3991	26	17	well	well	ADV
fsr-3991	26	18	as	as	ADP
fsr-3991	26	19	the	the	DET
fsr-3991	26	20	factors	factor	NOUN
fsr-3991	26	21	that	that	PRON
fsr-3991	26	22	influence	influence	VERB
fsr-3991	26	23	their	their	PRON
fsr-3991	26	24	performance	performance	NOUN
fsr-3991	26	25	.	.	PUNCT
fsr-3991	27	1	academics	academic	NOUN
fsr-3991	27	2	will	will	AUX
fsr-3991	27	3	benefit	benefit	VERB
fsr-3991	27	4	from	from	ADP
fsr-3991	27	5	a	a	DET
fsr-3991	27	6	more	more	ADV
fsr-3991	27	7	rigorous	rigorous	ADJ
fsr-3991	27	8	and	and	CCONJ
fsr-3991	27	9	comprehensive	comprehensive	ADJ
fsr-3991	27	10	empirical	empirical	ADJ
fsr-3991	27	11	analysis	analysis	NOUN
fsr-3991	27	12	of	of	ADP
fsr-3991	27	13	ewps	ewps	NOUN
fsr-3991	27	14	.	.	PUNCT
fsr-3991	28	1	the	the	DET
fsr-3991	28	2	rest	rest	NOUN
fsr-3991	28	3	of	of	ADP
fsr-3991	28	4	the	the	DET
fsr-3991	28	5	paper	paper	NOUN
fsr-3991	28	6	is	be	AUX
fsr-3991	28	7	organized	organize	VERB
fsr-3991	28	8	as	as	SCONJ
fsr-3991	28	9	follows	follow	VERB
fsr-3991	28	10	:	:	PUNCT
fsr-3991	28	11	the	the	DET
fsr-3991	28	12	next	next	ADJ
fsr-3991	28	13	section	section	NOUN
fsr-3991	28	14	reviews	review	VERB
fsr-3991	28	15	the	the	DET
fsr-3991	28	16	current	current	ADJ
fsr-3991	28	17	literature	literature	NOUN
fsr-3991	28	18	.	.	PUNCT
fsr-3991	29	1	the	the	DET
fsr-3991	29	2	section	section	NOUN
fsr-3991	29	3	on	on	ADP
fsr-3991	29	4	data	datum	NOUN
fsr-3991	29	5	explains	explain	VERB
fsr-3991	29	6	how	how	SCONJ
fsr-3991	29	7	181	181	NUM
fsr-3991	29	8	stock	stock	NOUN
fsr-3991	29	9	data	datum	NOUN
fsr-3991	29	10	from	from	ADP
fsr-3991	29	11	1970	1970	NUM
fsr-3991	29	12	to	to	ADP
fsr-3991	29	13	2023	2023	NUM
fsr-3991	29	14	are	be	AUX
fsr-3991	29	15	used	use	VERB
fsr-3991	29	16	in	in	ADP
fsr-3991	29	17	this	this	DET
fsr-3991	29	18	study	study	NOUN
fsr-3991	29	19	.	.	PUNCT
fsr-3991	30	1	the	the	DET
fsr-3991	30	2	methodology	methodology	NOUN
fsr-3991	30	3	section	section	NOUN
fsr-3991	30	4	describes	describe	VERB
fsr-3991	30	5	the	the	DET
fsr-3991	30	6	exhaustive	exhaustive	ADJ
fsr-3991	30	7	random	random	ADJ
fsr-3991	30	8	sampling	sampling	NOUN
fsr-3991	30	9	method	method	NOUN
fsr-3991	30	10	deployed	deploy	VERB
fsr-3991	30	11	in	in	ADP
fsr-3991	30	12	this	this	DET
fsr-3991	30	13	paper	paper	NOUN
fsr-3991	30	14	,	,	PUNCT
fsr-3991	30	15	followed	follow	VERB
fsr-3991	30	16	by	by	ADP
fsr-3991	30	17	the	the	DET
fsr-3991	30	18	results	result	NOUN
fsr-3991	30	19	and	and	CCONJ
fsr-3991	30	20	discussion	discussion	NOUN
fsr-3991	30	21	.	.	PUNCT
fsr-3991	31	1	the	the	DET
fsr-3991	31	2	final	final	ADJ
fsr-3991	31	3	section	section	NOUN
fsr-3991	31	4	presents	present	VERB
fsr-3991	31	5	conclusions	conclusion	NOUN
fsr-3991	31	6	and	and	CCONJ
fsr-3991	31	7	identifies	identify	VERB
fsr-3991	31	8	the	the	DET
fsr-3991	31	9	scope	scope	NOUN
fsr-3991	31	10	for	for	ADP
fsr-3991	31	11	further	further	ADJ
fsr-3991	31	12	research	research	NOUN
fsr-3991	31	13	.	.	PUNCT
fsr-3991	32	1	the	the	DET
fsr-3991	32	2	literature	literature	NOUN
fsr-3991	32	3	of	of	ADP
fsr-3991	32	4	equal	equal	ADJ
fsr-3991	32	5	-	-	PUNCT
fsr-3991	32	6	weighted	weight	VERB
fsr-3991	32	7	portfolios	portfolio	NOUN
fsr-3991	32	8	academic	academic	ADJ
fsr-3991	32	9	studies	study	NOUN
fsr-3991	32	10	(	(	PUNCT
fsr-3991	32	11	demiguel	demiguel	NOUN
fsr-3991	32	12	et	et	PROPN
fsr-3991	32	13	al	al	PROPN
fsr-3991	32	14	.	.	PROPN
fsr-3991	32	15	,	,	PUNCT
fsr-3991	32	16	2009	2009	NUM
fsr-3991	32	17	;	;	PUNCT
fsr-3991	32	18	malladi	malladi	NOUN
fsr-3991	32	19	&	&	CCONJ
fsr-3991	32	20	fabozzi	fabozzi	PROPN
fsr-3991	32	21	,	,	PUNCT
fsr-3991	32	22	2017	2017	NUM
fsr-3991	32	23	;	;	PUNCT
fsr-3991	32	24	plyakha	plyakha	PROPN
fsr-3991	32	25	et	et	PROPN
fsr-3991	32	26	al	al	PROPN
fsr-3991	32	27	.	.	PROPN
fsr-3991	32	28	,	,	PUNCT
fsr-3991	32	29	2012	2012	NUM
fsr-3991	32	30	,	,	PUNCT
fsr-3991	32	31	2021	2021	NUM
fsr-3991	32	32	)	)	PUNCT
fsr-3991	32	33	suggest	suggest	VERB
fsr-3991	32	34	that	that	SCONJ
fsr-3991	32	35	portfolios	portfolio	NOUN
fsr-3991	32	36	employing	employ	VERB
fsr-3991	32	37	equalweighting	equalweighte	VERB
fsr-3991	32	38	(	(	PUNCT
fsr-3991	32	39	or	or	CCONJ
fsr-3991	32	40	1	1	NUM
fsr-3991	32	41	/	/	SYM
fsr-3991	32	42	n	n	PRON
fsr-3991	32	43	portfolios	portfolio	NOUN
fsr-3991	32	44	)	)	PUNCT
fsr-3991	32	45	exhibit	exhibit	VERB
fsr-3991	32	46	superior	superior	ADJ
fsr-3991	32	47	performance	performance	NOUN
fsr-3991	32	48	compared	compare	VERB
fsr-3991	32	49	to	to	ADP
fsr-3991	32	50	other	other	ADJ
fsr-3991	32	51	portfolio	portfolio	NOUN
fsr-3991	32	52	strategies	strategy	NOUN
fsr-3991	32	53	.	.	PUNCT
fsr-3991	33	1	the	the	DET
fsr-3991	33	2	benefits	benefit	NOUN
fsr-3991	33	3	of	of	ADP
fsr-3991	33	4	an	an	DET
fsr-3991	33	5	equal	equal	ADV
fsr-3991	33	6	-	-	PUNCT
fsr-3991	33	7	weighted	weight	VERB
fsr-3991	33	8	portfolio	portfolio	NOUN
fsr-3991	33	9	(	(	PUNCT
fsr-3991	33	10	ewp	ewp	PROPN
fsr-3991	33	11	)	)	PUNCT
fsr-3991	33	12	are	be	AUX
fsr-3991	33	13	well	well	ADV
fsr-3991	33	14	documented	document	VERB
fsr-3991	33	15	.	.	PUNCT
fsr-3991	34	1	none	none	NOUN
fsr-3991	34	2	of	of	ADP
fsr-3991	34	3	the	the	DET
fsr-3991	34	4	14	14	NUM
fsr-3991	34	5	models	model	NOUN
fsr-3991	34	6	assessed	assess	VERB
fsr-3991	34	7	in	in	ADP
fsr-3991	34	8	demiguel	demiguel	NOUN
fsr-3991	34	9	et	et	PROPN
fsr-3991	34	10	al	al	PROPN
fsr-3991	34	11	.	.	PROPN
fsr-3991	34	12	(	(	PUNCT
fsr-3991	34	13	2009	2009	NUM
fsr-3991	34	14	)	)	PUNCT
fsr-3991	34	15	across	across	ADP
fsr-3991	34	16	seven	seven	NUM
fsr-3991	34	17	empirical	empirical	ADJ
fsr-3991	34	18	datasets	dataset	NOUN
fsr-3991	34	19	consistently	consistently	ADV
fsr-3991	34	20	outperforms	outperform	VERB
fsr-3991	34	21	the	the	DET
fsr-3991	34	22	ewp	ewp	PROPN
fsr-3991	34	23	in	in	ADP
fsr-3991	34	24	sharpe	sharpe	PROPN
fsr-3991	34	25	ratio	ratio	NOUN
fsr-3991	34	26	,	,	PUNCT
fsr-3991	34	27	certainty	certainty	NOUN
fsr-3991	34	28	-	-	PUNCT
fsr-3991	34	29	equivalent	equivalent	ADJ
fsr-3991	34	30	return	return	NOUN
fsr-3991	34	31	,	,	PUNCT
fsr-3991	34	32	or	or	CCONJ
fsr-3991	34	33	turnover	turnover	NOUN
fsr-3991	34	34	.	.	PUNCT
fsr-3991	35	1	malladi	malladi	NOUN
fsr-3991	35	2	and	and	CCONJ
fsr-3991	35	3	fabozzi	fabozzi	NOUN
fsr-3991	35	4	(	(	PUNCT
fsr-3991	35	5	2017	2017	NUM
fsr-3991	35	6	)	)	PUNCT
fsr-3991	35	7	demonstrated	demonstrate	VERB
fsr-3991	35	8	,	,	PUNCT
fsr-3991	35	9	using	use	VERB
fsr-3991	35	10	theory	theory	NOUN
fsr-3991	35	11	,	,	PUNCT
fsr-3991	35	12	simulation	simulation	NOUN
fsr-3991	35	13	,	,	PUNCT
fsr-3991	35	14	and	and	CCONJ
fsr-3991	35	15	realworld	realworld	PROPN
fsr-3991	35	16	data	data	PROPN
fsr-3991	35	17	from	from	ADP
fsr-3991	35	18	1926	1926	NUM
fsr-3991	35	19	to	to	ADP
fsr-3991	35	20	2014	2014	NUM
fsr-3991	35	21	,	,	PUNCT
fsr-3991	35	22	that	that	PRON
fsr-3991	35	23	ewp	ewp	PROPN
fsr-3991	35	24	outperforms	outperform	VERB
fsr-3991	35	25	the	the	DET
fsr-3991	35	26	value	value	NOUN
fsr-3991	35	27	-	-	PUNCT
fsr-3991	35	28	weighted	weight	VERB
fsr-3991	35	29	portfolio	portfolio	NOUN
fsr-3991	35	30	(	(	PUNCT
fsr-3991	35	31	vwp	vwp	PROPN
fsr-3991	35	32	)	)	PUNCT
fsr-3991	35	33	.	.	PUNCT
fsr-3991	36	1	moreover	moreover	ADV
fsr-3991	36	2	,	,	PUNCT
fsr-3991	36	3	in	in	ADP
fsr-3991	36	4	a	a	DET
fsr-3991	36	5	two	two	NUM
fsr-3991	36	6	-	-	PUNCT
fsr-3991	36	7	stock	stock	NOUN
fsr-3991	36	8	,	,	PUNCT
fsr-3991	36	9	two	two	NUM
fsr-3991	36	10	-	-	PUNCT
fsr-3991	36	11	period	period	NOUN
fsr-3991	36	12	setting	setting	NOUN
fsr-3991	36	13	,	,	PUNCT
fsr-3991	36	14	they	they	PRON
fsr-3991	36	15	demonstrate	demonstrate	VERB
fsr-3991	36	16	that	that	SCONJ
fsr-3991	36	17	a	a	DET
fsr-3991	36	18	significant	significant	ADJ
fsr-3991	36	19	portion	portion	NOUN
fsr-3991	36	20	of	of	ADP
fsr-3991	36	21	the	the	DET
fsr-3991	36	22	excess	excess	ADJ
fsr-3991	36	23	return	return	NOUN
fsr-3991	36	24	is	be	AUX
fsr-3991	36	25	attributable	attributable	ADJ
fsr-3991	36	26	to	to	ADP
fsr-3991	36	27	portfolio	portfolio	NOUN
fsr-3991	36	28	rebalancing	rebalancing	NOUN
fsr-3991	36	29	.	.	PUNCT
fsr-3991	37	1	importantly	importantly	ADV
fsr-3991	37	2	,	,	PUNCT
fsr-3991	37	3	they	they	PRON
fsr-3991	37	4	illustrate	illustrate	VERB
fsr-3991	37	5	that	that	SCONJ
fsr-3991	37	6	,	,	PUNCT
fsr-3991	37	7	despite	despite	SCONJ
fsr-3991	37	8	higher	high	ADJ
fsr-3991	37	9	turnover	turnover	NOUN
fsr-3991	37	10	costs	cost	NOUN
fsr-3991	37	11	associated	associate	VERB
fsr-3991	37	12	with	with	ADP
fsr-3991	37	13	equal	equal	ADJ
fsr-3991	37	14	weighting	weighting	NOUN
fsr-3991	37	15	,	,	PUNCT
fsr-3991	37	16	the	the	DET
fsr-3991	37	17	excess	excess	ADJ
fsr-3991	37	18	returns	return	NOUN
fsr-3991	37	19	surpass	surpass	VERB
fsr-3991	37	20	the	the	DET
fsr-3991	37	21	increased	increase	VERB
fsr-3991	37	22	expenses	expense	NOUN
fsr-3991	37	23	,	,	PUNCT
fsr-3991	37	24	making	make	VERB
fsr-3991	37	25	equal	equal	ADJ
fsr-3991	37	26	weighting	weighting	NOUN
fsr-3991	37	27	economically	economically	ADV
fsr-3991	37	28	justified	justified	ADJ
fsr-3991	37	29	.	.	PUNCT
fsr-3991	38	1	plyakha	plyakha	NOUN
fsr-3991	38	2	et	et	PROPN
fsr-3991	38	3	al	al	PROPN
fsr-3991	38	4	.	.	PROPN
fsr-3991	39	1	(	(	PUNCT
fsr-3991	39	2	2021	2021	NUM
fsr-3991	39	3	)	)	PUNCT
fsr-3991	39	4	find	find	VERB
fsr-3991	39	5	that	that	SCONJ
fsr-3991	39	6	,	,	PUNCT
fsr-3991	39	7	despite	despite	SCONJ
fsr-3991	39	8	accounting	account	VERB
fsr-3991	39	9	for	for	ADP
fsr-3991	39	10	a	a	DET
fsr-3991	39	11	fifty	fifty	NUM
fsr-3991	39	12	basis	basis	NOUN
fsr-3991	39	13	point	point	NOUN
fsr-3991	39	14	transaction	transaction	NOUN
fsr-3991	39	15	cost	cost	NOUN
fsr-3991	39	16	,	,	PUNCT
fsr-3991	39	17	the	the	DET
fsr-3991	39	18	monthly	monthly	ADV
fsr-3991	39	19	-	-	PUNCT
fsr-3991	39	20	rebalanced	rebalance	VERB
fsr-3991	39	21	ewp	ewp	PROPN
fsr-3991	39	22	surpasses	surpass	VERB
fsr-3991	39	23	vwp	vwp	PROPN
fsr-3991	39	24	in	in	ADP
fsr-3991	39	25	terms	term	NOUN
fsr-3991	39	26	of	of	ADP
fsr-3991	39	27	total	total	ADJ
fsr-3991	39	28	mean	mean	NOUN
fsr-3991	39	29	return	return	NOUN
fsr-3991	39	30	and	and	CCONJ
fsr-3991	39	31	oneand	oneand	CCONJ
fsr-3991	39	32	four	four	NUM
fsr-3991	39	33	-	-	PUNCT
fsr-3991	39	34	factor	factor	NOUN
fsr-3991	39	35	alphas	alpha	NOUN
fsr-3991	39	36	.	.	PUNCT
fsr-3991	40	1	three	three	NUM
fsr-3991	40	2	historical	historical	ADJ
fsr-3991	40	3	explanations	explanation	NOUN
fsr-3991	40	4	in	in	ADP
fsr-3991	40	5	academic	academic	ADJ
fsr-3991	40	6	literature	literature	NOUN
fsr-3991	40	7	account	account	VERB
fsr-3991	40	8	for	for	ADP
fsr-3991	40	9	the	the	DET
fsr-3991	40	10	distinctions	distinction	NOUN
fsr-3991	40	11	between	between	ADP
fsr-3991	40	12	ewp	ewp	PROPN
fsr-3991	40	13	and	and	CCONJ
fsr-3991	40	14	vwp	vwp	PROPN
fsr-3991	40	15	:	:	PUNCT
fsr-3991	40	16	the	the	DET
fsr-3991	40	17	noisy	noisy	ADJ
fsr-3991	40	18	market	market	NOUN
fsr-3991	40	19	hypothesis	hypothesis	NOUN
fsr-3991	40	20	,	,	PUNCT
fsr-3991	40	21	illiquidity	illiquidity	NOUN
fsr-3991	40	22	,	,	PUNCT
fsr-3991	40	23	and	and	CCONJ
fsr-3991	40	24	autocorrelation	autocorrelation	NOUN
fsr-3991	40	25	(	(	PUNCT
fsr-3991	40	26	pae	pae	NOUN
fsr-3991	40	27	&	&	CCONJ
fsr-3991	40	28	sabbaghi	sabbaghi	PROPN
fsr-3991	40	29	,	,	PUNCT
fsr-3991	40	30	2015	2015	NUM
fsr-3991	40	31	)	)	PUNCT
fsr-3991	40	32	.	.	PUNCT
fsr-3991	41	1	the	the	DET
fsr-3991	41	2	noisy	noisy	ADJ
fsr-3991	41	3	market	market	NOUN
fsr-3991	41	4	hypothesis	hypothesis	NOUN
fsr-3991	41	5	of	of	ADP
fsr-3991	41	6	arnott	arnott	PROPN
fsr-3991	41	7	(	(	PUNCT
fsr-3991	41	8	2006	2006	NUM
fsr-3991	41	9	)	)	PUNCT
fsr-3991	41	10	posits	posit	NOUN
fsr-3991	41	11	that	that	SCONJ
fsr-3991	41	12	market	market	NOUN
fsr-3991	41	13	errors	error	NOUN
fsr-3991	41	14	or	or	CCONJ
fsr-3991	41	15	value	value	NOUN
fsr-3991	41	16	tilting	tilting	NOUN
fsr-3991	41	17	lead	lead	NOUN
fsr-3991	41	18	to	to	ADP
fsr-3991	41	19	inflated	inflated	ADJ
fsr-3991	41	20	market	market	NOUN
fsr-3991	41	21	capitalizations	capitalization	NOUN
fsr-3991	41	22	of	of	ADP
fsr-3991	41	23	overvalued	overvalue	VERB
fsr-3991	41	24	stocks	stock	NOUN
fsr-3991	41	25	,	,	PUNCT
fsr-3991	41	26	resulting	result	VERB
fsr-3991	41	27	in	in	ADP
fsr-3991	41	28	lower	low	ADJ
fsr-3991	41	29	expected	expect	VERB
fsr-3991	41	30	returns	return	NOUN
fsr-3991	41	31	for	for	ADP
fsr-3991	41	32	large	large	ADJ
fsr-3991	41	33	-	-	PUNCT
fsr-3991	41	34	cap	cap	NOUN
fsr-3991	41	35	stocks	stock	NOUN
fsr-3991	41	36	and	and	CCONJ
fsr-3991	41	37	higher	high	ADJ
fsr-3991	41	38	expected	expect	VERB
fsr-3991	41	39	returns	return	NOUN
fsr-3991	41	40	for	for	ADP
fsr-3991	41	41	undervalued	undervalue	VERB
fsr-3991	41	42	small	small	ADJ
fsr-3991	41	43	-	-	PUNCT
fsr-3991	41	44	cap	cap	NOUN
fsr-3991	41	45	stocks	stock	NOUN
fsr-3991	41	46	.	.	PUNCT
fsr-3991	42	1	as	as	ADP
fsr-3991	42	2	a	a	DET
fsr-3991	42	3	result	result	NOUN
fsr-3991	42	4	,	,	PUNCT
fsr-3991	42	5	the	the	DET
fsr-3991	42	6	vwp	vwp	NOUN
fsr-3991	42	7	is	be	AUX
fsr-3991	42	8	sub	sub	ADJ
fsr-3991	42	9	-	-	ADJ
fsr-3991	42	10	optimal	optimal	ADJ
fsr-3991	42	11	(	(	PUNCT
fsr-3991	42	12	hsu	hsu	PROPN
fsr-3991	42	13	,	,	PUNCT
fsr-3991	42	14	2006	2006	NUM
fsr-3991	42	15	)	)	PUNCT
fsr-3991	42	16	.	.	PUNCT
fsr-3991	43	1	the	the	DET
fsr-3991	43	2	elevated	elevated	ADJ
fsr-3991	43	3	illiquidity	illiquidity	NOUN
fsr-3991	43	4	premium	premium	NOUN
fsr-3991	43	5	linked	link	VERB
fsr-3991	43	6	to	to	ADP
fsr-3991	43	7	small	small	ADJ
fsr-3991	43	8	firms	firm	NOUN
fsr-3991	43	9	can	can	AUX
fsr-3991	43	10	lead	lead	VERB
fsr-3991	43	11	to	to	ADP
fsr-3991	43	12	an	an	DET
fsr-3991	43	13	ewp	ewp	PROPN
fsr-3991	43	14	demonstrating	demonstrate	VERB
fsr-3991	43	15	superior	superior	ADJ
fsr-3991	43	16	returns	return	NOUN
fsr-3991	43	17	and	and	CCONJ
fsr-3991	43	18	increased	increase	VERB
fsr-3991	43	19	volatility	volatility	NOUN
fsr-3991	43	20	compared	compare	VERB
fsr-3991	43	21	to	to	ADP
fsr-3991	43	22	a	a	DET
fsr-3991	43	23	vwp	vwp	NOUN
fsr-3991	43	24	(	(	PUNCT
fsr-3991	43	25	amihud	amihud	PROPN
fsr-3991	43	26	,	,	PUNCT
fsr-3991	43	27	2002	2002	NUM
fsr-3991	43	28	;	;	PUNCT
fsr-3991	43	29	malladi	malladi	NOUN
fsr-3991	43	30	&	&	CCONJ
fsr-3991	43	31	fabozzi	fabozzi	PROPN
fsr-3991	43	32	,	,	PUNCT
fsr-3991	43	33	2017	2017	NUM
fsr-3991	43	34	)	)	PUNCT
fsr-3991	43	35	.	.	PUNCT
fsr-3991	44	1	the	the	DET
fsr-3991	44	2	heightened	heighten	VERB
fsr-3991	44	3	autocorrelation	autocorrelation	NOUN
fsr-3991	44	4	of	of	ADP
fsr-3991	44	5	an	an	DET
fsr-3991	44	6	ewp	ewp	PROPN
fsr-3991	44	7	could	could	AUX
fsr-3991	44	8	result	result	VERB
fsr-3991	44	9	in	in	ADP
fsr-3991	44	10	a	a	DET
fsr-3991	44	11	higher	high	ADJ
fsr-3991	44	12	return	return	NOUN
fsr-3991	44	13	compared	compare	VERB
fsr-3991	44	14	to	to	ADP
fsr-3991	44	15	a	a	DET
fsr-3991	44	16	vwp	vwp	NOUN
fsr-3991	44	17	(	(	PUNCT
fsr-3991	44	18	atchison	atchison	PROPN
fsr-3991	44	19	et	et	PROPN
fsr-3991	44	20	al	al	PROPN
fsr-3991	44	21	.	.	PROPN
fsr-3991	44	22	,	,	PUNCT
fsr-3991	44	23	1987	1987	NUM
fsr-3991	44	24	)	)	PUNCT
fsr-3991	44	25	.	.	PUNCT
fsr-3991	45	1	two	two	NUM
fsr-3991	45	2	recent	recent	ADJ
fsr-3991	45	3	additions	addition	NOUN
fsr-3991	45	4	to	to	ADP
fsr-3991	45	5	the	the	DET
fsr-3991	45	6	three	three	NUM
fsr-3991	45	7	prior	prior	ADJ
fsr-3991	45	8	explanations	explanation	NOUN
fsr-3991	45	9	include	include	VERB
fsr-3991	45	10	size	size	NOUN
fsr-3991	45	11	and	and	CCONJ
fsr-3991	45	12	the	the	DET
fsr-3991	45	13	rebalancing	rebalancing	NOUN
fsr-3991	45	14	financial	financial	ADJ
fsr-3991	45	15	services	service	NOUN
fsr-3991	45	16	review	review	PROPN
fsr-3991	45	17	,	,	PUNCT
fsr-3991	45	18	33(1	33(1	NUM
fsr-3991	45	19	)	)	PUNCT
fsr-3991	45	20	144	144	NUM
fsr-3991	45	21	effect	effect	NOUN
fsr-3991	45	22	.	.	PUNCT
fsr-3991	46	1	plyakha	plyakha	NOUN
fsr-3991	46	2	et	et	PROPN
fsr-3991	46	3	al	al	PROPN
fsr-3991	46	4	.	.	PROPN
fsr-3991	47	1	(	(	PUNCT
fsr-3991	47	2	2012	2012	NUM
fsr-3991	47	3	,	,	PUNCT
fsr-3991	47	4	2021	2021	NUM
fsr-3991	47	5	)	)	PUNCT
fsr-3991	47	6	reported	report	VERB
fsr-3991	47	7	that	that	SCONJ
fsr-3991	47	8	58	58	NUM
fsr-3991	47	9	%	%	NOUN
fsr-3991	47	10	of	of	ADP
fsr-3991	47	11	ewp	ewp	PROPN
fsr-3991	47	12	's	's	PART
fsr-3991	47	13	total	total	ADJ
fsr-3991	47	14	excess	excess	ADJ
fsr-3991	47	15	mean	mean	NOUN
fsr-3991	47	16	return	return	NOUN
fsr-3991	47	17	over	over	ADP
fsr-3991	47	18	vwp	vwp	PROPN
fsr-3991	47	19	is	be	AUX
fsr-3991	47	20	attributable	attributable	ADJ
fsr-3991	47	21	to	to	ADP
fsr-3991	47	22	the	the	DET
fsr-3991	47	23	systematic	systematic	ADJ
fsr-3991	47	24	component	component	NOUN
fsr-3991	47	25	,	,	PUNCT
fsr-3991	47	26	compensating	compensate	VERB
fsr-3991	47	27	for	for	ADP
fsr-3991	47	28	exposure	exposure	NOUN
fsr-3991	47	29	to	to	ADP
fsr-3991	47	30	smaller	small	ADJ
fsr-3991	47	31	stocks	stock	NOUN
fsr-3991	47	32	as	as	SCONJ
fsr-3991	47	33	anticipated	anticipate	VERB
fsr-3991	47	34	.	.	PUNCT
fsr-3991	48	1	however	however	ADV
fsr-3991	48	2	,	,	PUNCT
fsr-3991	48	3	42	42	NUM
fsr-3991	48	4	%	%	NOUN
fsr-3991	48	5	is	be	AUX
fsr-3991	48	6	derived	derive	VERB
fsr-3991	48	7	from	from	ADP
fsr-3991	48	8	the	the	DET
fsr-3991	48	9	difference	difference	NOUN
fsr-3991	48	10	in	in	ADP
fsr-3991	48	11	alphas	alpha	NOUN
fsr-3991	48	12	,	,	PUNCT
fsr-3991	48	13	primarily	primarily	ADV
fsr-3991	48	14	influenced	influence	VERB
fsr-3991	48	15	by	by	ADP
fsr-3991	48	16	the	the	DET
fsr-3991	48	17	rebalancing	rebalancing	NOUN
fsr-3991	48	18	effect	effect	NOUN
fsr-3991	48	19	(	(	PUNCT
fsr-3991	48	20	i.e.	i.e.	X
fsr-3991	48	21	,	,	PUNCT
fsr-3991	48	22	monthly	monthly	ADJ
fsr-3991	48	23	rebalancing	rebalancing	NOUN
fsr-3991	48	24	to	to	PART
fsr-3991	48	25	maintain	maintain	VERB
fsr-3991	48	26	constant	constant	ADJ
fsr-3991	48	27	weights	weight	NOUN
fsr-3991	48	28	in	in	ADP
fsr-3991	48	29	the	the	DET
fsr-3991	48	30	ewp	ewp	PROPN
fsr-3991	48	31	)	)	PUNCT
fsr-3991	48	32	.	.	PUNCT
fsr-3991	49	1	additionally	additionally	ADV
fsr-3991	49	2	,	,	PUNCT
fsr-3991	49	3	malladi	malladi	NOUN
fsr-3991	49	4	and	and	CCONJ
fsr-3991	49	5	fabozzi	fabozzi	NOUN
fsr-3991	49	6	(	(	PUNCT
fsr-3991	49	7	2017	2017	NUM
fsr-3991	49	8	)	)	PUNCT
fsr-3991	49	9	found	find	VERB
fsr-3991	49	10	that	that	SCONJ
fsr-3991	49	11	85	85	NUM
fsr-3991	49	12	%	%	NOUN
fsr-3991	49	13	of	of	ADP
fsr-3991	49	14	ewp	ewp	PROPN
fsr-3991	49	15	's	's	PART
fsr-3991	49	16	excess	excess	ADJ
fsr-3991	49	17	returns	return	NOUN
fsr-3991	49	18	can	can	AUX
fsr-3991	49	19	be	be	AUX
fsr-3991	49	20	attributed	attribute	VERB
fsr-3991	49	21	to	to	ADP
fsr-3991	49	22	the	the	DET
fsr-3991	49	23	rebalancing	rebalancing	NOUN
fsr-3991	49	24	effect	effect	NOUN
fsr-3991	49	25	.	.	PUNCT
fsr-3991	50	1	divergences	divergence	NOUN
fsr-3991	50	2	exist	exist	VERB
fsr-3991	50	3	between	between	ADP
fsr-3991	50	4	these	these	DET
fsr-3991	50	5	two	two	NUM
fsr-3991	50	6	studies	study	NOUN
fsr-3991	50	7	regarding	regard	VERB
fsr-3991	50	8	the	the	DET
fsr-3991	50	9	analysis	analysis	NOUN
fsr-3991	50	10	timeframe	timeframe	NOUN
fsr-3991	50	11	and	and	CCONJ
fsr-3991	50	12	transaction	transaction	NOUN
fsr-3991	50	13	costs	cost	NOUN
fsr-3991	50	14	.	.	PUNCT
fsr-3991	51	1	the	the	DET
fsr-3991	51	2	former	former	ADJ
fsr-3991	51	3	investigated	investigate	VERB
fsr-3991	51	4	up	up	ADV
fsr-3991	51	5	to	to	ADP
fsr-3991	51	6	300	300	NUM
fsr-3991	51	7	stocks	stock	NOUN
fsr-3991	51	8	between	between	ADP
fsr-3991	51	9	1967	1967	NUM
fsr-3991	51	10	and	and	CCONJ
fsr-3991	51	11	2009	2009	NUM
fsr-3991	51	12	,	,	PUNCT
fsr-3991	51	13	accounting	account	VERB
fsr-3991	51	14	for	for	ADP
fsr-3991	51	15	50	50	NUM
fsr-3991	51	16	basis	basis	NOUN
fsr-3991	51	17	points	point	NOUN
fsr-3991	51	18	(	(	PUNCT
fsr-3991	51	19	bps	bps	NOUN
fsr-3991	51	20	)	)	PUNCT
fsr-3991	51	21	in	in	ADP
fsr-3991	51	22	transaction	transaction	NOUN
fsr-3991	51	23	costs	cost	NOUN
fsr-3991	51	24	.	.	PUNCT
fsr-3991	52	1	conversely	conversely	ADV
fsr-3991	52	2	,	,	PUNCT
fsr-3991	52	3	the	the	DET
fsr-3991	52	4	latter	latter	ADJ
fsr-3991	52	5	study	study	NOUN
fsr-3991	52	6	examined	examine	VERB
fsr-3991	52	7	500	500	NUM
fsr-3991	52	8	stocks	stock	NOUN
fsr-3991	52	9	from	from	ADP
fsr-3991	52	10	1926	1926	NUM
fsr-3991	52	11	to	to	ADP
fsr-3991	52	12	2014	2014	NUM
fsr-3991	52	13	,	,	PUNCT
fsr-3991	52	14	factoring	factor	VERB
fsr-3991	52	15	in	in	ADP
fsr-3991	52	16	a	a	DET
fsr-3991	52	17	transaction	transaction	NOUN
fsr-3991	52	18	cost	cost	NOUN
fsr-3991	52	19	of	of	ADP
fsr-3991	52	20	169	169	NUM
fsr-3991	52	21	bps	bps	NOUN
fsr-3991	52	22	.	.	PUNCT
fsr-3991	53	1	swade	swade	PROPN
fsr-3991	53	2	et	et	PROPN
fsr-3991	53	3	al	al	PROPN
fsr-3991	53	4	.	.	PROPN
fsr-3991	54	1	(	(	PUNCT
fsr-3991	54	2	2023	2023	NUM
fsr-3991	54	3	)	)	PUNCT
fsr-3991	54	4	show	show	VERB
fsr-3991	54	5	that	that	SCONJ
fsr-3991	54	6	ewp	ewp	PROPN
fsr-3991	54	7	consistently	consistently	ADV
fsr-3991	54	8	surpasses	surpass	VERB
fsr-3991	54	9	vwp	vwp	PROPN
fsr-3991	54	10	,	,	PUNCT
fsr-3991	54	11	regardless	regardless	ADV
fsr-3991	54	12	of	of	ADP
fsr-3991	54	13	the	the	DET
fsr-3991	54	14	rebalancing	rebalancing	NOUN
fsr-3991	54	15	frequency	frequency	NOUN
fsr-3991	54	16	spanning	span	VERB
fsr-3991	54	17	from	from	ADP
fsr-3991	54	18	1	1	NUM
fsr-3991	54	19	month	month	NOUN
fsr-3991	54	20	to	to	ADP
fsr-3991	54	21	60	60	NUM
fsr-3991	54	22	months	month	NOUN
fsr-3991	54	23	.	.	PUNCT
fsr-3991	55	1	notably	notably	ADV
fsr-3991	55	2	,	,	PUNCT
fsr-3991	55	3	the	the	DET
fsr-3991	55	4	highest	high	ADJ
fsr-3991	55	5	level	level	NOUN
fsr-3991	55	6	of	of	ADP
fsr-3991	55	7	outperformance	outperformance	NOUN
fsr-3991	55	8	occurs	occur	VERB
fsr-3991	55	9	with	with	ADP
fsr-3991	55	10	monthly	monthly	ADJ
fsr-3991	55	11	rebalancing	rebalancing	NOUN
fsr-3991	55	12	.	.	PUNCT
fsr-3991	56	1	while	while	SCONJ
fsr-3991	56	2	ewp	ewp	PROPN
fsr-3991	56	3	generally	generally	ADV
fsr-3991	56	4	outperforms	outperform	VERB
fsr-3991	56	5	vwp	vwp	NOUN
fsr-3991	56	6	in	in	ADP
fsr-3991	56	7	the	the	DET
fsr-3991	56	8	long	long	ADJ
fsr-3991	56	9	term	term	NOUN
fsr-3991	56	10	,	,	PUNCT
fsr-3991	56	11	there	there	PRON
fsr-3991	56	12	are	be	VERB
fsr-3991	56	13	instances	instance	NOUN
fsr-3991	56	14	,	,	PUNCT
fsr-3991	56	15	particularly	particularly	ADV
fsr-3991	56	16	in	in	ADP
fsr-3991	56	17	short	short	ADJ
fsr-3991	56	18	-	-	PUNCT
fsr-3991	56	19	term	term	NOUN
fsr-3991	56	20	periods	period	NOUN
fsr-3991	56	21	,	,	PUNCT
fsr-3991	56	22	where	where	SCONJ
fsr-3991	56	23	ewp	ewp	PROPN
fsr-3991	56	24	may	may	AUX
fsr-3991	56	25	underperform	underperform	VERB
fsr-3991	56	26	vwp	vwp	PROPN
fsr-3991	56	27	(	(	PUNCT
fsr-3991	56	28	taljaard	taljaard	NOUN
fsr-3991	56	29	&	&	CCONJ
fsr-3991	56	30	maré	maré	PROPN
fsr-3991	56	31	,	,	PUNCT
fsr-3991	56	32	2021	2021	NUM
fsr-3991	56	33	)	)	PUNCT
fsr-3991	56	34	.	.	PUNCT
fsr-3991	57	1	the	the	DET
fsr-3991	57	2	existing	exist	VERB
fsr-3991	57	3	literature	literature	NOUN
fsr-3991	57	4	on	on	ADP
fsr-3991	57	5	ewp	ewp	PROPN
fsr-3991	57	6	broadly	broadly	ADV
fsr-3991	57	7	suggests	suggest	VERB
fsr-3991	57	8	that	that	SCONJ
fsr-3991	57	9	they	they	PRON
fsr-3991	57	10	generally	generally	ADV
fsr-3991	57	11	outperform	outperform	VERB
fsr-3991	57	12	vwp	vwp	NOUN
fsr-3991	57	13	in	in	ADP
fsr-3991	57	14	the	the	DET
fsr-3991	57	15	long	long	ADJ
fsr-3991	57	16	term	term	NOUN
fsr-3991	57	17	.	.	PUNCT
fsr-3991	58	1	however	however	ADV
fsr-3991	58	2	,	,	PUNCT
fsr-3991	58	3	some	some	DET
fsr-3991	58	4	important	important	ADJ
fsr-3991	58	5	questions	question	NOUN
fsr-3991	58	6	have	have	AUX
fsr-3991	58	7	not	not	PART
fsr-3991	58	8	yet	yet	ADV
fsr-3991	58	9	been	be	AUX
fsr-3991	58	10	fully	fully	ADV
fsr-3991	58	11	answered	answer	VERB
fsr-3991	58	12	,	,	PUNCT
fsr-3991	58	13	such	such	ADJ
fsr-3991	58	14	as	as	ADP
fsr-3991	58	15	the	the	DET
fsr-3991	58	16	statistical	statistical	ADJ
fsr-3991	58	17	significance	significance	NOUN
fsr-3991	58	18	of	of	ADP
fsr-3991	58	19	excess	excess	ADJ
fsr-3991	58	20	returns	return	NOUN
fsr-3991	58	21	in	in	ADP
fsr-3991	58	22	the	the	DET
fsr-3991	58	23	presence	presence	NOUN
fsr-3991	58	24	of	of	ADP
fsr-3991	58	25	transaction	transaction	NOUN
fsr-3991	58	26	costs	cost	NOUN
fsr-3991	58	27	,	,	PUNCT
fsr-3991	58	28	the	the	DET
fsr-3991	58	29	long	long	ADJ
fsr-3991	58	30	-	-	PUNCT
fsr-3991	58	31	term	term	NOUN
fsr-3991	58	32	consistency	consistency	NOUN
fsr-3991	58	33	of	of	ADP
fsr-3991	58	34	excess	excess	ADJ
fsr-3991	58	35	returns	return	NOUN
fsr-3991	58	36	,	,	PUNCT
fsr-3991	58	37	the	the	DET
fsr-3991	58	38	impact	impact	NOUN
fsr-3991	58	39	of	of	ADP
fsr-3991	58	40	turnover	turnover	NOUN
fsr-3991	58	41	on	on	ADP
fsr-3991	58	42	excess	excess	ADJ
fsr-3991	58	43	returns	return	NOUN
fsr-3991	58	44	,	,	PUNCT
fsr-3991	58	45	and	and	CCONJ
fsr-3991	58	46	the	the	DET
fsr-3991	58	47	potential	potential	NOUN
fsr-3991	58	48	for	for	ADP
fsr-3991	58	49	additional	additional	ADJ
fsr-3991	58	50	returns	return	NOUN
fsr-3991	58	51	by	by	ADP
fsr-3991	58	52	optimizing	optimize	VERB
fsr-3991	58	53	efficiency	efficiency	NOUN
fsr-3991	58	54	to	to	PART
fsr-3991	58	55	minimize	minimize	VERB
fsr-3991	58	56	transaction	transaction	NOUN
fsr-3991	58	57	costs	cost	NOUN
fsr-3991	58	58	.	.	PUNCT
fsr-3991	59	1	in	in	ADP
fsr-3991	59	2	this	this	DET
fsr-3991	59	3	study	study	NOUN
fsr-3991	59	4	,	,	PUNCT
fsr-3991	59	5	we	we	PRON
fsr-3991	59	6	aim	aim	VERB
fsr-3991	59	7	to	to	PART
fsr-3991	59	8	address	address	VERB
fsr-3991	59	9	these	these	DET
fsr-3991	59	10	unanswered	unanswered	ADJ
fsr-3991	59	11	research	research	NOUN
fsr-3991	59	12	questions	question	NOUN
fsr-3991	59	13	:	:	PUNCT
fsr-3991	59	14	•	•	NUM
fsr-3991	59	15	statistical	statistical	ADJ
fsr-3991	59	16	significance	significance	NOUN
fsr-3991	59	17	of	of	ADP
fsr-3991	59	18	excess	excess	ADJ
fsr-3991	59	19	returns	return	NOUN
fsr-3991	59	20	:	:	PUNCT
fsr-3991	59	21	do	do	AUX
fsr-3991	59	22	excess	excess	ADJ
fsr-3991	59	23	returns	return	NOUN
fsr-3991	59	24	demonstrate	demonstrate	VERB
fsr-3991	59	25	statistical	statistical	ADJ
fsr-3991	59	26	significance	significance	NOUN
fsr-3991	59	27	in	in	ADP
fsr-3991	59	28	the	the	DET
fsr-3991	59	29	presence	presence	NOUN
fsr-3991	59	30	of	of	ADP
fsr-3991	59	31	transaction	transaction	NOUN
fsr-3991	59	32	costs	cost	NOUN
fsr-3991	59	33	across	across	ADP
fsr-3991	59	34	extended	extended	ADJ
fsr-3991	59	35	time	time	NOUN
fsr-3991	59	36	frames	frame	NOUN
fsr-3991	59	37	?	?	PUNCT
fsr-3991	60	1	•	•	NUM
fsr-3991	60	2	long	long	ADJ
fsr-3991	60	3	-	-	PUNCT
fsr-3991	60	4	term	term	NOUN
fsr-3991	60	5	consistency	consistency	NOUN
fsr-3991	60	6	of	of	ADP
fsr-3991	60	7	excess	excess	ADJ
fsr-3991	60	8	returns	return	NOUN
fsr-3991	60	9	:	:	PUNCT
fsr-3991	60	10	how	how	SCONJ
fsr-3991	60	11	consistent	consistent	ADJ
fsr-3991	60	12	are	be	AUX
fsr-3991	60	13	excess	excess	ADJ
fsr-3991	60	14	returns	return	NOUN
fsr-3991	60	15	over	over	ADP
fsr-3991	60	16	decades	decade	NOUN
fsr-3991	60	17	for	for	ADP
fsr-3991	60	18	the	the	DET
fsr-3991	60	19	financial	financial	ADJ
fsr-3991	60	20	instrument	instrument	NOUN
fsr-3991	60	21	,	,	PUNCT
fsr-3991	60	22	and	and	CCONJ
fsr-3991	60	23	what	what	DET
fsr-3991	60	24	factors	factor	NOUN
fsr-3991	60	25	contribute	contribute	VERB
fsr-3991	60	26	to	to	ADP
fsr-3991	60	27	this	this	DET
fsr-3991	60	28	consistency	consistency	NOUN
fsr-3991	60	29	?	?	PUNCT
fsr-3991	61	1	•	•	NUM
fsr-3991	61	2	impact	impact	NOUN
fsr-3991	61	3	of	of	ADP
fsr-3991	61	4	turnover	turnover	NOUN
fsr-3991	61	5	on	on	ADP
fsr-3991	61	6	excess	excess	ADJ
fsr-3991	61	7	returns	return	NOUN
fsr-3991	61	8	:	:	PUNCT
fsr-3991	61	9	what	what	PRON
fsr-3991	61	10	are	be	AUX
fsr-3991	61	11	the	the	DET
fsr-3991	61	12	measurable	measurable	ADJ
fsr-3991	61	13	effects	effect	NOUN
fsr-3991	61	14	of	of	ADP
fsr-3991	61	15	turnover	turnover	NOUN
fsr-3991	61	16	on	on	ADP
fsr-3991	61	17	the	the	DET
fsr-3991	61	18	excess	excess	ADJ
fsr-3991	61	19	return	return	NOUN
fsr-3991	61	20	,	,	PUNCT
fsr-3991	61	21	providing	provide	VERB
fsr-3991	61	22	insights	insight	NOUN
fsr-3991	61	23	into	into	ADP
fsr-3991	61	24	the	the	DET
fsr-3991	61	25	financial	financial	ADJ
fsr-3991	61	26	instrument	instrument	NOUN
fsr-3991	61	27	's	's	PART
fsr-3991	61	28	dynamics	dynamic	NOUN
fsr-3991	61	29	?	?	PUNCT
fsr-3991	62	1	•	•	NUM
fsr-3991	62	2	efficiency	efficiency	NOUN
fsr-3991	62	3	optimization	optimization	NOUN
fsr-3991	62	4	and	and	CCONJ
fsr-3991	62	5	additional	additional	ADJ
fsr-3991	62	6	returns	return	NOUN
fsr-3991	62	7	:	:	PUNCT
fsr-3991	62	8	by	by	ADP
fsr-3991	62	9	optimizing	optimize	VERB
fsr-3991	62	10	efficiency	efficiency	NOUN
fsr-3991	62	11	to	to	PART
fsr-3991	62	12	minimize	minimize	VERB
fsr-3991	62	13	transaction	transaction	NOUN
fsr-3991	62	14	costs	cost	NOUN
fsr-3991	62	15	,	,	PUNCT
fsr-3991	62	16	what	what	DET
fsr-3991	62	17	additional	additional	ADJ
fsr-3991	62	18	returns	return	NOUN
fsr-3991	62	19	can	can	AUX
fsr-3991	62	20	a	a	DET
fsr-3991	62	21	firm	firm	ADJ
fsr-3991	62	22	generate	generate	NOUN
fsr-3991	62	23	,	,	PUNCT
fsr-3991	62	24	and	and	CCONJ
fsr-3991	62	25	to	to	ADP
fsr-3991	62	26	what	what	DET
fsr-3991	62	27	extent	extent	NOUN
fsr-3991	62	28	does	do	AUX
fsr-3991	62	29	this	this	PRON
fsr-3991	62	30	contribute	contribute	VERB
fsr-3991	62	31	to	to	ADP
fsr-3991	62	32	financial	financial	ADJ
fsr-3991	62	33	performance	performance	NOUN
fsr-3991	62	34	?	?	PUNCT
fsr-3991	63	1	data	datum	NOUN
fsr-3991	63	2	we	we	PRON
fsr-3991	63	3	create	create	VERB
fsr-3991	63	4	ewps	ewps	NOUN
fsr-3991	63	5	and	and	CCONJ
fsr-3991	63	6	vwps	vwps	NOUN
fsr-3991	63	7	of	of	ADP
fsr-3991	63	8	three	three	NUM
fsr-3991	63	9	stocks	stock	NOUN
fsr-3991	63	10	from	from	ADP
fsr-3991	63	11	a	a	DET
fsr-3991	63	12	pool	pool	NOUN
fsr-3991	63	13	of	of	ADP
fsr-3991	63	14	181	181	NUM
fsr-3991	63	15	stocks	stock	NOUN
fsr-3991	63	16	,	,	PUNCT
fsr-3991	63	17	using	use	VERB
fsr-3991	63	18	monthly	monthly	ADJ
fsr-3991	63	19	returns	return	NOUN
fsr-3991	63	20	from	from	ADP
fsr-3991	63	21	the	the	DET
fsr-3991	63	22	center	center	NOUN
fsr-3991	63	23	for	for	ADP
fsr-3991	63	24	research	research	NOUN
fsr-3991	63	25	in	in	ADP
fsr-3991	63	26	security	security	NOUN
fsr-3991	63	27	prices	price	NOUN
fsr-3991	63	28	(	(	PUNCT
fsr-3991	63	29	crsp	crsp	NOUN
fsr-3991	63	30	)	)	PUNCT
fsr-3991	63	31	from	from	ADP
fsr-3991	63	32	january	january	PROPN
fsr-3991	63	33	1	1	NUM
fsr-3991	63	34	,	,	PUNCT
fsr-3991	63	35	1970	1970	NUM
fsr-3991	63	36	,	,	PUNCT
fsr-3991	63	37	to	to	ADP
fsr-3991	63	38	january	january	PROPN
fsr-3991	63	39	1	1	NUM
fsr-3991	63	40	,	,	PUNCT
fsr-3991	63	41	2023	2023	NUM
fsr-3991	63	42	,	,	PUNCT
fsr-3991	63	43	to	to	PART
fsr-3991	63	44	enable	enable	VERB
fsr-3991	63	45	comparisons	comparison	NOUN
fsr-3991	63	46	and	and	CCONJ
fsr-3991	63	47	validations	validation	NOUN
fsr-3991	63	48	through	through	ADP
fsr-3991	63	49	mathematical	mathematical	ADJ
fsr-3991	63	50	proofs	proof	NOUN
fsr-3991	63	51	.	.	PUNCT
fsr-3991	64	1	however	however	ADV
fsr-3991	64	2	,	,	PUNCT
fsr-3991	64	3	in	in	ADP
fsr-3991	64	4	the	the	DET
fsr-3991	64	5	subsection	subsection	NOUN
fsr-3991	64	6	titled	title	VERB
fsr-3991	64	7	"	"	PUNCT
fsr-3991	64	8	robustness	robustness	NOUN
fsr-3991	64	9	checks	check	NOUN
fsr-3991	64	10	in	in	ADP
fsr-3991	64	11	a	a	DET
fsr-3991	64	12	larger	large	ADJ
fsr-3991	64	13	portfolio	portfolio	NOUN
fsr-3991	64	14	,	,	PUNCT
fsr-3991	64	15	"	"	PUNCT
fsr-3991	64	16	we	we	PRON
fsr-3991	64	17	show	show	VERB
fsr-3991	64	18	that	that	SCONJ
fsr-3991	64	19	our	our	PRON
fsr-3991	64	20	findings	finding	NOUN
fsr-3991	64	21	with	with	ADP
fsr-3991	64	22	three	three	NUM
fsr-3991	64	23	stocks	stock	NOUN
fsr-3991	64	24	hold	hold	VERB
fsr-3991	64	25	true	true	ADJ
fsr-3991	64	26	with	with	ADP
fsr-3991	64	27	a	a	DET
fsr-3991	64	28	portfolio	portfolio	NOUN
fsr-3991	64	29	of	of	ADP
fsr-3991	64	30	10	10	NUM
fsr-3991	64	31	stocks	stock	NOUN
fsr-3991	64	32	as	as	ADV
fsr-3991	64	33	well	well	ADV
fsr-3991	64	34	.	.	PUNCT
fsr-3991	65	1	the	the	DET
fsr-3991	65	2	181	181	NUM
fsr-3991	65	3	stocks	stock	NOUN
fsr-3991	65	4	in	in	ADP
fsr-3991	65	5	this	this	DET
fsr-3991	65	6	paper	paper	NOUN
fsr-3991	65	7	meet	meet	VERB
fsr-3991	65	8	two	two	NUM
fsr-3991	65	9	criteria	criterion	NOUN
fsr-3991	65	10	:	:	PUNCT
fsr-3991	65	11	1	1	X
fsr-3991	65	12	)	)	PUNCT
fsr-3991	65	13	636	636	NUM
fsr-3991	65	14	monthly	monthly	ADJ
fsr-3991	65	15	returns	return	NOUN
fsr-3991	65	16	from	from	ADP
fsr-3991	65	17	01/01/1970	01/01/1970	NUM
fsr-3991	65	18	to	to	ADP
fsr-3991	65	19	01/01/2023	01/01/2023	NUM
fsr-3991	65	20	,	,	PUNCT
fsr-3991	65	21	and	and	CCONJ
fsr-3991	65	22	2	2	X
fsr-3991	65	23	)	)	PUNCT
fsr-3991	65	24	a	a	DET
fsr-3991	65	25	minimum	minimum	ADJ
fsr-3991	65	26	market	market	NOUN
fsr-3991	65	27	capitalization	capitalization	NOUN
fsr-3991	65	28	of	of	ADP
fsr-3991	65	29	$	$	SYM
fsr-3991	65	30	1	1	NUM
fsr-3991	65	31	billion	billion	NUM
fsr-3991	65	32	on	on	ADP
fsr-3991	65	33	01/01/2023	01/01/2023	NUM
fsr-3991	65	34	to	to	PART
fsr-3991	65	35	ensure	ensure	VERB
fsr-3991	65	36	enough	enough	ADJ
fsr-3991	65	37	liquidity	liquidity	NOUN
fsr-3991	65	38	for	for	ADP
fsr-3991	65	39	monthly	monthly	ADJ
fsr-3991	65	40	portfolio	portfolio	NOUN
fsr-3991	65	41	adjustments	adjustment	NOUN
fsr-3991	65	42	.	.	PUNCT
fsr-3991	66	1	there	there	PRON
fsr-3991	66	2	are	be	VERB
fsr-3991	66	3	971,970	971,970	NUM
fsr-3991	66	4	unique	unique	ADJ
fsr-3991	66	5	ways	way	NOUN
fsr-3991	66	6	to	to	PART
fsr-3991	66	7	select	select	VERB
fsr-3991	66	8	three	three	NUM
fsr-3991	66	9	stocks	stock	NOUN
fsr-3991	66	10	from	from	ADP
fsr-3991	66	11	a	a	DET
fsr-3991	66	12	pool	pool	NOUN
fsr-3991	66	13	of	of	ADP
fsr-3991	66	14	181	181	NUM
fsr-3991	66	15	,	,	PUNCT
fsr-3991	66	16	as	as	ADP
fsr-3991	66	17	per	per	ADP
fsr-3991	66	18	the	the	DET
fsr-3991	66	19	combination	combination	NOUN
fsr-3991	66	20	formula	formula	NOUN
fsr-3991	66	21	𝑛𝐶𝑟	𝑛𝐶𝑟	NOUN
fsr-3991	66	22	=	=	SYM
fsr-3991	66	23	𝑛	𝑛	PROPN
fsr-3991	66	24	!	!	NOUN
fsr-3991	66	25	𝑟!(𝑛−𝑟	𝑟!(𝑛−𝑟	NUM
fsr-3991	66	26	)	)	PUNCT
fsr-3991	66	27	!	!	PUNCT
fsr-3991	67	1	,	,	PUNCT
fsr-3991	67	2	considering	consider	VERB
fsr-3991	67	3	unordered	unordered	ADJ
fsr-3991	67	4	selection	selection	NOUN
fsr-3991	67	5	.	.	PUNCT
fsr-3991	68	1	extending	extend	VERB
fsr-3991	68	2	malladi	malladi	NOUN
fsr-3991	68	3	and	and	CCONJ
fsr-3991	68	4	fabozzi	fabozzi	NOUN
fsr-3991	68	5	(	(	PUNCT
fsr-3991	68	6	2017	2017	NUM
fsr-3991	68	7	)	)	PUNCT
fsr-3991	68	8	two	two	NUM
fsr-3991	68	9	-	-	PUNCT
fsr-3991	68	10	stock	stock	NOUN
fsr-3991	68	11	portfolio	portfolio	NOUN
fsr-3991	68	12	model	model	NOUN
fsr-3991	68	13	,	,	PUNCT
fsr-3991	68	14	we	we	PRON
fsr-3991	68	15	applied	apply	VERB
fsr-3991	68	16	it	it	PRON
fsr-3991	68	17	to	to	ADP
fsr-3991	68	18	a	a	DET
fsr-3991	68	19	three	three	NUM
fsr-3991	68	20	-	-	PUNCT
fsr-3991	68	21	stock	stock	NOUN
fsr-3991	68	22	scenario	scenario	NOUN
fsr-3991	68	23	.	.	PUNCT
fsr-3991	69	1	we	we	PRON
fsr-3991	69	2	randomly	randomly	ADV
fsr-3991	69	3	chose	choose	VERB
fsr-3991	69	4	1,000	1,000	NUM
fsr-3991	69	5	combinations	combination	NOUN
fsr-3991	69	6	from	from	ADP
fsr-3991	69	7	the	the	DET
fsr-3991	69	8	971,970	971,970	NUM
fsr-3991	69	9	possibilities	possibility	NOUN
fsr-3991	69	10	through	through	ADP
fsr-3991	69	11	exhaustive	exhaustive	ADJ
fsr-3991	69	12	random	random	ADJ
fsr-3991	69	13	sampling	sampling	NOUN
fsr-3991	69	14	,	,	PUNCT
fsr-3991	69	15	calculating	calculate	VERB
fsr-3991	69	16	portfolio	portfolio	NOUN
fsr-3991	69	17	performance	performance	NOUN
fsr-3991	69	18	metrics	metric	NOUN
fsr-3991	69	19	and	and	CCONJ
fsr-3991	69	20	summary	summary	NOUN
fsr-3991	69	21	statistics	statistic	NOUN
fsr-3991	69	22	from	from	ADP
fsr-3991	69	23	01/01/1970	01/01/1970	NUM
fsr-3991	69	24	to	to	ADP
fsr-3991	69	25	01/01/2023	01/01/2023	NUM
fsr-3991	69	26	.	.	PUNCT
fsr-3991	70	1	tables	table	NOUN
fsr-3991	70	2	1	1	NUM
fsr-3991	70	3	and	and	CCONJ
fsr-3991	70	4	2	2	NUM
fsr-3991	70	5	present	present	ADJ
fsr-3991	70	6	summary	summary	NOUN
fsr-3991	70	7	statistics	statistic	NOUN
fsr-3991	70	8	and	and	CCONJ
fsr-3991	70	9	a	a	DET
fsr-3991	70	10	list	list	NOUN
fsr-3991	70	11	of	of	ADP
fsr-3991	70	12	the	the	DET
fsr-3991	70	13	181	181	NUM
fsr-3991	70	14	stocks	stock	NOUN
fsr-3991	70	15	,	,	PUNCT
fsr-3991	70	16	respectively	respectively	ADV
fsr-3991	70	17	.	.	PUNCT
fsr-3991	71	1	malladi	malladi	PROPN
fsr-3991	71	2	&	&	CCONJ
fsr-3991	71	3	stanoyevitch	stanoyevitch	VERB
fsr-3991	71	4	145	145	NUM
fsr-3991	71	5	table	table	NOUN
fsr-3991	71	6	1	1	NUM
fsr-3991	71	7	.	.	PUNCT
fsr-3991	72	1	summary	summary	NOUN
fsr-3991	72	2	statistics	statistic	NOUN
fsr-3991	72	3	for	for	ADP
fsr-3991	72	4	variables	variable	NOUN
fsr-3991	72	5	in	in	ADP
fsr-3991	72	6	the	the	DET
fsr-3991	72	7	study	study	NOUN
fsr-3991	72	8	monthly	monthly	ADJ
fsr-3991	72	9	data	datum	NOUN
fsr-3991	72	10	stock	stock	NOUN
fsr-3991	72	11	price	price	NOUN
fsr-3991	72	12	stock	stock	NOUN
fsr-3991	72	13	return	return	NOUN
fsr-3991	72	14	shares	share	NOUN
fsr-3991	72	15	outstanding	outstanding	ADJ
fsr-3991	72	16	(	(	PUNCT
fsr-3991	72	17	in	in	ADP
fsr-3991	72	18	thousands	thousand	NOUN
fsr-3991	72	19	)	)	PUNCT
fsr-3991	72	20	market	market	NOUN
fsr-3991	72	21	cap	cap	NOUN
fsr-3991	72	22	(	(	PUNCT
fsr-3991	72	23	in	in	ADP
fsr-3991	72	24	millions	million	NOUN
fsr-3991	72	25	,	,	PUNCT
fsr-3991	72	26	$	$	SYM
fsr-3991	72	27	)	)	PUNCT
fsr-3991	72	28	mean	mean	VERB
fsr-3991	72	29	47.22	47.22	NUM
fsr-3991	72	30	0.0124	0.0124	NUM
fsr-3991	72	31	315,957	315,957	NUM
fsr-3991	72	32	16,527	16,527	NUM
fsr-3991	72	33	median	median	NOUN
fsr-3991	72	34	36.92	36.92	NUM
fsr-3991	72	35	0.0103	0.0103	NUM
fsr-3991	72	36	80,944	80,944	NUM
fsr-3991	72	37	3,034	3,034	NUM
fsr-3991	72	38	standard	standard	ADJ
fsr-3991	72	39	error	error	NOUN
fsr-3991	72	40	0.12	0.12	NUM
fsr-3991	72	41	0.0003	0.0003	NUM
fsr-3991	72	42	2,345	2,345	NUM
fsr-3991	72	43	122	122	NUM
fsr-3991	72	44	standard	standard	ADJ
fsr-3991	72	45	deviation	deviation	NOUN
fsr-3991	72	46	42.39	42.39	NUM
fsr-3991	72	47	0.0909	0.0909	NUM
fsr-3991	72	48	795,794	795,794	NUM
fsr-3991	72	49	41,248	41,248	NUM
fsr-3991	72	50	kurtosis	kurtosis	NOUN
fsr-3991	72	51	29.65	29.65	NUM
fsr-3991	72	52	11.4846	11.4846	NUM
fsr-3991	72	53	63.84	63.84	NUM
fsr-3991	72	54	35,665	35,665	NUM
fsr-3991	72	55	skewness	skewness	NOUN
fsr-3991	72	56	4.27	4.27	NUM
fsr-3991	72	57	0.8622	0.8622	NUM
fsr-3991	72	58	6.86	6.86	NUM
fsr-3991	72	59	5,265	5,265	NUM
fsr-3991	72	60	minimum	minimum	NOUN
fsr-3991	72	61	0.38	0.38	NUM
fsr-3991	72	62	(	(	PUNCT
fsr-3991	72	63	0.8323	0.8323	NUM
fsr-3991	72	64	)	)	PUNCT
fsr-3991	72	65	451.00	451.00	NUM
fsr-3991	72	66	0.69	0.69	NUM
fsr-3991	72	67	maximum	maximum	NOUN
fsr-3991	72	68	747.63	747.63	NUM
fsr-3991	72	69	2.1352	2.1352	NUM
fsr-3991	72	70	11,144,681	11,144,681	NUM
fsr-3991	72	71	581,099	581,099	NUM
fsr-3991	72	72	n	n	CCONJ
fsr-3991	72	73	,	,	PUNCT
fsr-3991	72	74	(	(	PUNCT
fsr-3991	72	75	181	181	NUM
fsr-3991	72	76	x	x	SYM
fsr-3991	72	77	636	636	NUM
fsr-3991	72	78	)	)	PUNCT
fsr-3991	72	79	115,116	115,116	NUM
fsr-3991	72	80	115,116	115,116	NUM
fsr-3991	72	81	115,116	115,116	NUM
fsr-3991	72	82	115,116	115,116	NUM
fsr-3991	72	83	•	•	NOUN
fsr-3991	72	84	the	the	DET
fsr-3991	72	85	monthly	monthly	ADJ
fsr-3991	72	86	data	datum	NOUN
fsr-3991	72	87	to	to	PART
fsr-3991	72	88	build	build	VERB
fsr-3991	72	89	ewp	ewp	PROPN
fsr-3991	72	90	and	and	CCONJ
fsr-3991	72	91	vwp	vwp	NOUN
fsr-3991	72	92	from	from	ADP
fsr-3991	72	93	01/01/1970	01/01/1970	NUM
fsr-3991	72	94	to	to	ADP
fsr-3991	72	95	01/01/2023	01/01/2023	NUM
fsr-3991	72	96	is	be	AUX
fsr-3991	72	97	shown	show	VERB
fsr-3991	72	98	below	below	ADP
fsr-3991	72	99	.	.	PUNCT
fsr-3991	73	1	•	•	NUM
fsr-3991	73	2	a	a	DET
fsr-3991	73	3	total	total	NOUN
fsr-3991	73	4	of	of	ADP
fsr-3991	73	5	115,116	115,116	NUM
fsr-3991	73	6	monthly	monthly	ADJ
fsr-3991	73	7	data	data	NOUN
fsr-3991	73	8	points	point	NOUN
fsr-3991	73	9	(	(	PUNCT
fsr-3991	73	10	181	181	NUM
fsr-3991	73	11	stocks	stock	NOUN
fsr-3991	73	12	x	x	SYM
fsr-3991	73	13	636	636	NUM
fsr-3991	73	14	months	month	NOUN
fsr-3991	73	15	)	)	PUNCT
fsr-3991	73	16	are	be	AUX
fsr-3991	73	17	used	use	VERB
fsr-3991	73	18	for	for	ADP
fsr-3991	73	19	analysis	analysis	NOUN
fsr-3991	73	20	.	.	PUNCT
fsr-3991	74	1	•	•	NUM
fsr-3991	74	2	a	a	DET
fsr-3991	74	3	median	median	ADJ
fsr-3991	74	4	company	company	NOUN
fsr-3991	74	5	in	in	ADP
fsr-3991	74	6	this	this	DET
fsr-3991	74	7	study	study	NOUN
fsr-3991	74	8	has	have	VERB
fsr-3991	74	9	a	a	DET
fsr-3991	74	10	stock	stock	NOUN
fsr-3991	74	11	price	price	NOUN
fsr-3991	74	12	of	of	ADP
fsr-3991	74	13	$	$	SYM
fsr-3991	74	14	36.92	36.92	NUM
fsr-3991	74	15	,	,	PUNCT
fsr-3991	74	16	yielded	yield	VERB
fsr-3991	74	17	a	a	DET
fsr-3991	74	18	monthly	monthly	ADJ
fsr-3991	74	19	total	total	ADJ
fsr-3991	74	20	return	return	NOUN
fsr-3991	74	21	of	of	ADP
fsr-3991	74	22	1.03	1.03	NUM
fsr-3991	74	23	%	%	NOUN
fsr-3991	74	24	(	(	PUNCT
fsr-3991	74	25	or	or	CCONJ
fsr-3991	74	26	annualized	annualize	VERB
fsr-3991	74	27	return	return	NOUN
fsr-3991	74	28	of	of	ADP
fsr-3991	74	29	13.08	13.08	NUM
fsr-3991	74	30	%	%	NOUN
fsr-3991	74	31	)	)	PUNCT
fsr-3991	74	32	,	,	PUNCT
fsr-3991	74	33	80.944	80.944	NUM
fsr-3991	74	34	million	million	NUM
fsr-3991	74	35	shares	share	NOUN
fsr-3991	74	36	outstanding	outstanding	ADJ
fsr-3991	74	37	,	,	PUNCT
fsr-3991	74	38	and	and	CCONJ
fsr-3991	74	39	a	a	DET
fsr-3991	74	40	$	$	SYM
fsr-3991	74	41	3.034	3.034	NUM
fsr-3991	74	42	billion	billion	NUM
fsr-3991	74	43	market	market	NOUN
fsr-3991	74	44	cap	cap	NOUN
fsr-3991	74	45	.	.	PUNCT
fsr-3991	75	1	•	•	NOUN
fsr-3991	75	2	one	one	PRON
fsr-3991	75	3	can	can	AUX
fsr-3991	75	4	observe	observe	VERB
fsr-3991	75	5	that	that	SCONJ
fsr-3991	75	6	monthly	monthly	ADJ
fsr-3991	75	7	stock	stock	NOUN
fsr-3991	75	8	returns	return	NOUN
fsr-3991	75	9	exhibit	exhibit	VERB
fsr-3991	75	10	positive	positive	ADJ
fsr-3991	75	11	skewness	skewness	NOUN
fsr-3991	75	12	and	and	CCONJ
fsr-3991	75	13	excess	excess	ADJ
fsr-3991	75	14	kurtosis	kurtosis	NOUN
fsr-3991	75	15	.	.	PUNCT
fsr-3991	76	1	table	table	NOUN
fsr-3991	76	2	1	1	NUM
fsr-3991	76	3	summarizes	summarize	NOUN
fsr-3991	76	4	key	key	ADJ
fsr-3991	76	5	statistics	statistic	NOUN
fsr-3991	76	6	related	relate	VERB
fsr-3991	76	7	to	to	ADP
fsr-3991	76	8	the	the	DET
fsr-3991	76	9	study	study	NOUN
fsr-3991	76	10	's	's	PART
fsr-3991	76	11	variables	variable	NOUN
fsr-3991	76	12	.	.	PUNCT
fsr-3991	77	1	it	it	PRON
fsr-3991	77	2	covers	cover	VERB
fsr-3991	77	3	monthly	monthly	ADJ
fsr-3991	77	4	data	datum	NOUN
fsr-3991	77	5	collected	collect	VERB
fsr-3991	77	6	from	from	ADP
fsr-3991	77	7	01/01/1970	01/01/1970	NUM
fsr-3991	77	8	to	to	ADP
fsr-3991	77	9	01/01/2023	01/01/2023	NUM
fsr-3991	77	10	,	,	PUNCT
fsr-3991	77	11	totaling	total	VERB
fsr-3991	77	12	115,116	115,116	NUM
fsr-3991	77	13	data	datum	NOUN
fsr-3991	77	14	points	point	NOUN
fsr-3991	77	15	from	from	ADP
fsr-3991	77	16	181	181	NUM
fsr-3991	77	17	stocks	stock	NOUN
fsr-3991	77	18	observed	observe	VERB
fsr-3991	77	19	over	over	ADP
fsr-3991	77	20	636	636	NUM
fsr-3991	77	21	months	month	NOUN
fsr-3991	77	22	.	.	PUNCT
fsr-3991	78	1	the	the	DET
fsr-3991	78	2	median	median	ADJ
fsr-3991	78	3	company	company	NOUN
fsr-3991	78	4	featured	feature	VERB
fsr-3991	78	5	in	in	ADP
fsr-3991	78	6	the	the	DET
fsr-3991	78	7	study	study	NOUN
fsr-3991	78	8	has	have	VERB
fsr-3991	78	9	a	a	DET
fsr-3991	78	10	stock	stock	NOUN
fsr-3991	78	11	price	price	NOUN
fsr-3991	78	12	of	of	ADP
fsr-3991	78	13	$	$	SYM
fsr-3991	78	14	36.92	36.92	NUM
fsr-3991	78	15	,	,	PUNCT
fsr-3991	78	16	delivering	deliver	VERB
fsr-3991	78	17	a	a	DET
fsr-3991	78	18	monthly	monthly	ADJ
fsr-3991	78	19	total	total	ADJ
fsr-3991	78	20	return	return	NOUN
fsr-3991	78	21	of	of	ADP
fsr-3991	78	22	1.03	1.03	NUM
fsr-3991	78	23	%	%	NOUN
fsr-3991	78	24	(	(	PUNCT
fsr-3991	78	25	equivalent	equivalent	ADJ
fsr-3991	78	26	to	to	ADP
fsr-3991	78	27	an	an	DET
fsr-3991	78	28	annualized	annualize	VERB
fsr-3991	78	29	return	return	NOUN
fsr-3991	78	30	of	of	ADP
fsr-3991	78	31	13.08	13.08	NUM
fsr-3991	78	32	%	%	NOUN
fsr-3991	78	33	)	)	PUNCT
fsr-3991	78	34	,	,	PUNCT
fsr-3991	78	35	with	with	ADP
fsr-3991	78	36	80.944	80.944	NUM
fsr-3991	78	37	million	million	NUM
fsr-3991	78	38	shares	share	NOUN
fsr-3991	78	39	outstanding	outstanding	ADJ
fsr-3991	78	40	and	and	CCONJ
fsr-3991	78	41	a	a	DET
fsr-3991	78	42	market	market	NOUN
fsr-3991	78	43	capitalization	capitalization	NOUN
fsr-3991	78	44	of	of	ADP
fsr-3991	78	45	$	$	SYM
fsr-3991	78	46	3.034	3.034	NUM
fsr-3991	78	47	billion	billion	NUM
fsr-3991	78	48	.	.	PUNCT
fsr-3991	79	1	an	an	DET
fsr-3991	79	2	important	important	ADJ
fsr-3991	79	3	observation	observation	NOUN
fsr-3991	79	4	from	from	ADP
fsr-3991	79	5	this	this	DET
fsr-3991	79	6	data	data	NOUN
fsr-3991	79	7	is	be	AUX
fsr-3991	79	8	that	that	SCONJ
fsr-3991	79	9	monthly	monthly	ADJ
fsr-3991	79	10	stock	stock	NOUN
fsr-3991	79	11	returns	return	NOUN
fsr-3991	79	12	exhibit	exhibit	VERB
fsr-3991	79	13	a	a	DET
fsr-3991	79	14	statistical	statistical	ADJ
fsr-3991	79	15	distribution	distribution	NOUN
fsr-3991	79	16	characterized	characterize	VERB
fsr-3991	79	17	by	by	ADP
fsr-3991	79	18	positive	positive	ADJ
fsr-3991	79	19	skewness	skewness	NOUN
fsr-3991	79	20	and	and	CCONJ
fsr-3991	79	21	excess	excess	ADJ
fsr-3991	79	22	kurtosis	kurtosis	NOUN
fsr-3991	79	23	,	,	PUNCT
fsr-3991	79	24	indicating	indicate	VERB
fsr-3991	79	25	certain	certain	ADJ
fsr-3991	79	26	asymmetry	asymmetry	NOUN
fsr-3991	79	27	and	and	CCONJ
fsr-3991	79	28	heavy	heavy	ADJ
fsr-3991	79	29	-	-	PUNCT
fsr-3991	79	30	tailedness	tailedness	NOUN
fsr-3991	79	31	in	in	ADP
fsr-3991	79	32	the	the	DET
fsr-3991	79	33	return	return	NOUN
fsr-3991	79	34	data	datum	NOUN
fsr-3991	79	35	.	.	PUNCT
fsr-3991	80	1	table	table	NOUN
fsr-3991	80	2	2	2	NUM
fsr-3991	80	3	displays	display	VERB
fsr-3991	80	4	a	a	DET
fsr-3991	80	5	roster	roster	NOUN
fsr-3991	80	6	of	of	ADP
fsr-3991	80	7	the	the	DET
fsr-3991	80	8	181	181	NUM
fsr-3991	80	9	stocks	stock	NOUN
fsr-3991	80	10	employed	employ	VERB
fsr-3991	80	11	in	in	ADP
fsr-3991	80	12	this	this	DET
fsr-3991	80	13	study	study	NOUN
fsr-3991	80	14	.	.	PUNCT
fsr-3991	81	1	the	the	DET
fsr-3991	81	2	criteria	criterion	NOUN
fsr-3991	81	3	for	for	ADP
fsr-3991	81	4	selecting	select	VERB
fsr-3991	81	5	these	these	DET
fsr-3991	81	6	stocks	stock	NOUN
fsr-3991	81	7	are	be	AUX
fsr-3991	81	8	uncomplicated	uncomplicated	ADJ
fsr-3991	81	9	and	and	CCONJ
fsr-3991	81	10	revolve	revolve	VERB
fsr-3991	81	11	around	around	ADP
fsr-3991	81	12	two	two	NUM
fsr-3991	81	13	conditions	condition	NOUN
fsr-3991	81	14	:	:	PUNCT
fsr-3991	81	15	firstly	firstly	ADV
fsr-3991	81	16	,	,	PUNCT
fsr-3991	81	17	these	these	DET
fsr-3991	81	18	stocks	stock	NOUN
fsr-3991	81	19	needed	need	VERB
fsr-3991	81	20	to	to	PART
fsr-3991	81	21	exhibit	exhibit	VERB
fsr-3991	81	22	uninterrupted	uninterrupted	ADJ
fsr-3991	81	23	monthly	monthly	ADJ
fsr-3991	81	24	returns	return	NOUN
fsr-3991	81	25	from	from	ADP
fsr-3991	81	26	01/01/1970	01/01/1970	NUM
fsr-3991	81	27	to	to	ADP
fsr-3991	81	28	01/01/2023	01/01/2023	NUM
fsr-3991	81	29	.	.	PUNCT
fsr-3991	82	1	secondly	secondly	ADV
fsr-3991	82	2	,	,	PUNCT
fsr-3991	82	3	as	as	ADP
fsr-3991	82	4	of	of	ADP
fsr-3991	82	5	01/01/2023	01/01/2023	NUM
fsr-3991	82	6	,	,	PUNCT
fsr-3991	82	7	they	they	PRON
fsr-3991	82	8	were	be	AUX
fsr-3991	82	9	required	require	VERB
fsr-3991	82	10	to	to	PART
fsr-3991	82	11	possess	possess	VERB
fsr-3991	82	12	a	a	DET
fsr-3991	82	13	market	market	NOUN
fsr-3991	82	14	capitalization	capitalization	NOUN
fsr-3991	82	15	of	of	ADP
fsr-3991	82	16	at	at	ADV
fsr-3991	82	17	least	least	ADV
fsr-3991	82	18	$	$	SYM
fsr-3991	82	19	1	1	NUM
fsr-3991	82	20	billion	billion	NUM
fsr-3991	82	21	.	.	PUNCT
fsr-3991	83	1	this	this	DET
fsr-3991	83	2	latter	latter	ADJ
fsr-3991	83	3	condition	condition	NOUN
fsr-3991	83	4	was	be	AUX
fsr-3991	83	5	essential	essential	ADJ
fsr-3991	83	6	to	to	PART
fsr-3991	83	7	guarantee	guarantee	VERB
fsr-3991	83	8	ample	ample	ADJ
fsr-3991	83	9	liquidity	liquidity	NOUN
fsr-3991	83	10	for	for	ADP
fsr-3991	83	11	the	the	DET
fsr-3991	83	12	monthly	monthly	ADJ
fsr-3991	83	13	portfolio	portfolio	NOUN
fsr-3991	83	14	rebalancing	rebalancing	NOUN
fsr-3991	83	15	process	process	NOUN
fsr-3991	83	16	,	,	PUNCT
fsr-3991	83	17	a	a	DET
fsr-3991	83	18	critical	critical	ADJ
fsr-3991	83	19	component	component	NOUN
fsr-3991	83	20	of	of	ADP
fsr-3991	83	21	the	the	DET
fsr-3991	83	22	study	study	NOUN
fsr-3991	83	23	's	's	PART
fsr-3991	83	24	analytical	analytical	ADJ
fsr-3991	83	25	framework	framework	NOUN
fsr-3991	83	26	.	.	PUNCT
fsr-3991	84	1	previous	previous	ADJ
fsr-3991	84	2	academic	academic	ADJ
fsr-3991	84	3	studies	study	NOUN
fsr-3991	84	4	(	(	PUNCT
fsr-3991	84	5	demiguel	demiguel	NOUN
fsr-3991	84	6	et	et	PROPN
fsr-3991	84	7	al	al	PROPN
fsr-3991	84	8	.	.	PROPN
fsr-3991	84	9	,	,	PUNCT
fsr-3991	84	10	2009	2009	NUM
fsr-3991	84	11	;	;	PUNCT
fsr-3991	84	12	malladi	malladi	NOUN
fsr-3991	84	13	&	&	CCONJ
fsr-3991	84	14	fabozzi	fabozzi	PROPN
fsr-3991	84	15	,	,	PUNCT
fsr-3991	84	16	2017	2017	NUM
fsr-3991	84	17	;	;	PUNCT
fsr-3991	84	18	plyakha	plyakha	PROPN
fsr-3991	84	19	et	et	PROPN
fsr-3991	84	20	al	al	PROPN
fsr-3991	84	21	.	.	PROPN
fsr-3991	84	22	,	,	PUNCT
fsr-3991	84	23	2012	2012	NUM
fsr-3991	84	24	,	,	PUNCT
fsr-3991	84	25	2021	2021	NUM
fsr-3991	84	26	)	)	PUNCT
fsr-3991	84	27	also	also	ADV
fsr-3991	84	28	established	establish	VERB
fsr-3991	84	29	a	a	DET
fsr-3991	84	30	minimum	minimum	ADJ
fsr-3991	84	31	market	market	NOUN
fsr-3991	84	32	capitalization	capitalization	NOUN
fsr-3991	84	33	threshold	threshold	NOUN
fsr-3991	84	34	to	to	PART
fsr-3991	84	35	prevent	prevent	VERB
fsr-3991	84	36	the	the	DET
fsr-3991	84	37	inclusion	inclusion	NOUN
fsr-3991	84	38	of	of	ADP
fsr-3991	84	39	companies	company	NOUN
fsr-3991	84	40	with	with	ADP
fsr-3991	84	41	very	very	ADV
fsr-3991	84	42	small	small	ADJ
fsr-3991	84	43	market	market	NOUN
fsr-3991	84	44	capitalizations	capitalization	NOUN
fsr-3991	84	45	that	that	PRON
fsr-3991	84	46	pose	pose	VERB
fsr-3991	84	47	challenges	challenge	NOUN
fsr-3991	84	48	for	for	ADP
fsr-3991	84	49	the	the	DET
fsr-3991	84	50	rebalancing	rebalancing	NOUN
fsr-3991	84	51	process	process	NOUN
fsr-3991	84	52	.	.	PUNCT
fsr-3991	85	1	financial	financial	ADJ
fsr-3991	85	2	services	service	NOUN
fsr-3991	85	3	review	review	PROPN
fsr-3991	85	4	,	,	PUNCT
fsr-3991	85	5	33(1	33(1	NUM
fsr-3991	85	6	)	)	PUNCT
fsr-3991	85	7	146	146	NUM
fsr-3991	85	8	table	table	NOUN
fsr-3991	85	9	2	2	NUM
fsr-3991	85	10	.	.	NOUN
fsr-3991	85	11	list	list	NOUN
fsr-3991	85	12	of	of	ADP
fsr-3991	85	13	181	181	NUM
fsr-3991	85	14	stocks	stock	NOUN
fsr-3991	85	15	used	use	VERB
fsr-3991	85	16	in	in	ADP
fsr-3991	85	17	this	this	DET
fsr-3991	85	18	study	study	NOUN
fsr-3991	85	19	the	the	DET
fsr-3991	85	20	selection	selection	NOUN
fsr-3991	85	21	criteria	criterion	NOUN
fsr-3991	85	22	are	be	AUX
fsr-3991	85	23	straightforward	straightforward	ADJ
fsr-3991	85	24	with	with	ADP
fsr-3991	85	25	two	two	NUM
fsr-3991	85	26	conditions	condition	NOUN
fsr-3991	85	27	:	:	PUNCT
fsr-3991	85	28	1	1	X
fsr-3991	85	29	)	)	PUNCT
fsr-3991	85	30	stocks	stock	NOUN
fsr-3991	85	31	have	have	VERB
fsr-3991	85	32	continuous	continuous	ADJ
fsr-3991	85	33	monthly	monthly	ADJ
fsr-3991	85	34	returns	return	NOUN
fsr-3991	85	35	from	from	ADP
fsr-3991	85	36	01/01/1970	01/01/1970	NUM
fsr-3991	85	37	to	to	ADP
fsr-3991	85	38	01/01/2023	01/01/2023	NUM
fsr-3991	85	39	;	;	PUNCT
fsr-3991	85	40	2	2	X
fsr-3991	85	41	)	)	PUNCT
fsr-3991	85	42	stocks	stock	NOUN
fsr-3991	85	43	have	have	VERB
fsr-3991	85	44	$	$	SYM
fsr-3991	85	45	1	1	NUM
fsr-3991	85	46	billion	billion	NUM
fsr-3991	85	47	market	market	NOUN
fsr-3991	85	48	capitalization	capitalization	NOUN
fsr-3991	85	49	on	on	ADP
fsr-3991	85	50	01/01/2023	01/01/2023	NUM
fsr-3991	85	51	(	(	PUNCT
fsr-3991	85	52	to	to	PART
fsr-3991	85	53	ensure	ensure	VERB
fsr-3991	85	54	enough	enough	ADJ
fsr-3991	85	55	liquidity	liquidity	NOUN
fsr-3991	85	56	for	for	ADP
fsr-3991	85	57	monthly	monthly	ADJ
fsr-3991	85	58	portfolio	portfolio	NOUN
fsr-3991	85	59	rebalancing	rebalancing	NOUN
fsr-3991	85	60	)	)	PUNCT
fsr-3991	85	61	.	.	PUNCT
fsr-3991	86	1	methodology	methodology	NOUN
fsr-3991	86	2	this	this	DET
fsr-3991	86	3	section	section	NOUN
fsr-3991	86	4	explains	explain	VERB
fsr-3991	86	5	the	the	DET
fsr-3991	86	6	steps	step	NOUN
fsr-3991	86	7	for	for	ADP
fsr-3991	86	8	the	the	DET
fsr-3991	86	9	ewp	ewp	PROPN
fsr-3991	86	10	and	and	CCONJ
fsr-3991	86	11	vwp	vwp	PROPN
fsr-3991	86	12	portfolio	portfolio	NOUN
fsr-3991	86	13	construction	construction	NOUN
fsr-3991	86	14	.	.	PUNCT
fsr-3991	87	1	for	for	ADP
fsr-3991	87	2	illustration	illustration	NOUN
fsr-3991	87	3	,	,	PUNCT
fsr-3991	87	4	we	we	PRON
fsr-3991	87	5	construct	construct	VERB
fsr-3991	87	6	two	two	NUM
fsr-3991	87	7	portfolios	portfolio	NOUN
fsr-3991	87	8	(	(	PUNCT
fsr-3991	87	9	ewp	ewp	PROPN
fsr-3991	87	10	and	and	CCONJ
fsr-3991	87	11	vwp	vwp	PROPN
fsr-3991	87	12	)	)	PUNCT
fsr-3991	87	13	comprising	comprise	VERB
fsr-3991	87	14	three	three	NUM
fsr-3991	87	15	stocks	stock	NOUN
fsr-3991	87	16	.	.	PUNCT
fsr-3991	88	1	we	we	PRON
fsr-3991	88	2	randomly	randomly	ADV
fsr-3991	88	3	picked	pick	VERB
fsr-3991	88	4	these	these	DET
fsr-3991	88	5	three	three	NUM
fsr-3991	88	6	stocks	stock	NOUN
fsr-3991	88	7	from	from	ADP
fsr-3991	88	8	our	our	PRON
fsr-3991	88	9	181	181	NUM
fsr-3991	88	10	stock	stock	NOUN
fsr-3991	88	11	pool	pool	NOUN
fsr-3991	88	12	.	.	PUNCT
fsr-3991	89	1	as	as	SCONJ
fsr-3991	89	2	shown	show	VERB
fsr-3991	89	3	previously	previously	ADV
fsr-3991	89	4	,	,	PUNCT
fsr-3991	89	5	971,970	971,970	NUM
fsr-3991	89	6	unique	unique	ADJ
fsr-3991	89	7	ways	way	NOUN
fsr-3991	89	8	of	of	ADP
fsr-3991	89	9	picking	pick	VERB
fsr-3991	89	10	three	three	NUM
fsr-3991	89	11	stocks	stock	NOUN
fsr-3991	89	12	from	from	ADP
fsr-3991	89	13	this	this	DET
fsr-3991	89	14	pool	pool	NOUN
fsr-3991	89	15	exist	exist	VERB
fsr-3991	89	16	.	.	PUNCT
fsr-3991	90	1	the	the	DET
fsr-3991	90	2	first	first	ADJ
fsr-3991	90	3	subsection	subsection	NOUN
fsr-3991	90	4	below	below	ADV
fsr-3991	90	5	demonstrates	demonstrate	VERB
fsr-3991	90	6	ewp	ewp	PROPN
fsr-3991	90	7	,	,	PUNCT
fsr-3991	90	8	and	and	CCONJ
fsr-3991	90	9	the	the	DET
fsr-3991	90	10	second	second	ADJ
fsr-3991	90	11	one	one	NUM
fsr-3991	90	12	displays	display	NOUN
fsr-3991	90	13	vwp	vwp	PROPN
fsr-3991	90	14	.	.	PUNCT
fsr-3991	91	1	equal	equal	ADJ
fsr-3991	91	2	-	-	PUNCT
fsr-3991	91	3	weighted	weight	VERB
fsr-3991	91	4	portfolios	portfolio	NOUN
fsr-3991	91	5	(	(	PUNCT
fsr-3991	91	6	ewp	ewp	PROPN
fsr-3991	91	7	)	)	PUNCT
fsr-3991	91	8	consider	consider	VERB
fsr-3991	91	9	v0	v0	NOUN
fsr-3991	91	10	as	as	ADP
fsr-3991	91	11	the	the	DET
fsr-3991	91	12	starting	start	VERB
fsr-3991	91	13	portfolio	portfolio	NOUN
fsr-3991	91	14	value	value	NOUN
fsr-3991	91	15	(	(	PUNCT
fsr-3991	91	16	in	in	ADP
fsr-3991	91	17	this	this	DET
fsr-3991	91	18	case	case	NOUN
fsr-3991	91	19	,	,	PUNCT
fsr-3991	91	20	$	$	SYM
fsr-3991	91	21	100	100	NUM
fsr-3991	91	22	)	)	PUNCT
fsr-3991	91	23	at	at	ADP
fsr-3991	91	24	month	month	NOUN
fsr-3991	91	25	t	t	PROPN
fsr-3991	91	26	=	=	SYM
fsr-3991	92	1	0	0	X
fsr-3991	92	2	.	.	PUNCT
fsr-3991	93	1	if	if	SCONJ
fsr-3991	93	2	m	m	NOUN
fsr-3991	93	3	is	be	AUX
fsr-3991	93	4	the	the	DET
fsr-3991	93	5	number	number	NOUN
fsr-3991	93	6	of	of	ADP
fsr-3991	93	7	stocks	stock	NOUN
fsr-3991	93	8	in	in	ADP
fsr-3991	93	9	the	the	DET
fsr-3991	93	10	portfolio	portfolio	NOUN
fsr-3991	93	11	,	,	PUNCT
fsr-3991	93	12	the	the	DET
fsr-3991	93	13	initial	initial	ADJ
fsr-3991	93	14	value	value	NOUN
fsr-3991	93	15	invested	invest	VERB
fsr-3991	93	16	in	in	ADP
fsr-3991	93	17	a	a	DET
fsr-3991	93	18	stock	stock	NOUN
fsr-3991	93	19	i	i	PRON
fsr-3991	93	20	,	,	PUNCT
fsr-3991	93	21	where	where	SCONJ
fsr-3991	93	22	i	i	PRON
fsr-3991	93	23	=	=	SYM
fsr-3991	93	24	1,2,	1,2,	NUM
fsr-3991	93	25	…	…	PUNCT
fsr-3991	93	26	,m	,m	PUNCT
fsr-3991	93	27	,	,	PUNCT
fsr-3991	93	28	is	be	AUX
fsr-3991	93	29	vi,0	vi,0	PROPN
fsr-3991	93	30	=	=	SYM
fsr-3991	93	31	v0	v0	NOUN
fsr-3991	93	32	/	/	SYM
fsr-3991	93	33	m.	m.	NOUN
fsr-3991	93	34	the	the	DET
fsr-3991	93	35	maximum	maximum	ADJ
fsr-3991	93	36	value	value	NOUN
fsr-3991	93	37	of	of	ADP
fsr-3991	93	38	m	m	PROPN
fsr-3991	93	39	is	be	AUX
fsr-3991	93	40	181	181	NUM
fsr-3991	93	41	in	in	ADP
fsr-3991	93	42	our	our	PRON
fsr-3991	93	43	dataset	dataset	NOUN
fsr-3991	93	44	.	.	PUNCT
fsr-3991	94	1	the	the	DET
fsr-3991	94	2	initial	initial	ADJ
fsr-3991	94	3	quantity	quantity	NOUN
fsr-3991	94	4	of	of	ADP
fsr-3991	94	5	stock	stock	NOUN
fsr-3991	94	6	i	i	PRON
fsr-3991	94	7	in	in	ADP
fsr-3991	94	8	the	the	DET
fsr-3991	94	9	portfolio	portfolio	NOUN
fsr-3991	94	10	at	at	ADP
fsr-3991	94	11	the	the	DET
fsr-3991	94	12	beginning	beginning	NOUN
fsr-3991	94	13	of	of	ADP
fsr-3991	94	14	the	the	DET
fsr-3991	94	15	month	month	NOUN
fsr-3991	94	16	t	t	NOUN
fsr-3991	94	17	=	=	SYM
fsr-3991	94	18	0	0	NUM
fsr-3991	94	19	,	,	PUNCT
fsr-3991	94	20	qi,0	qi,0	PROPN
fsr-3991	94	21	=	=	SYM
fsr-3991	94	22	vi,0	vi,0	PROPN
fsr-3991	94	23	/	/	SYM
fsr-3991	94	24	pi,0	pi,0	PROPN
fsr-3991	94	25	,	,	PUNCT
fsr-3991	94	26	where	where	SCONJ
fsr-3991	94	27	pi,0	pi,0	PROPN
fsr-3991	94	28	is	be	AUX
fsr-3991	94	29	the	the	DET
fsr-3991	94	30	price	price	NOUN
fsr-3991	94	31	of	of	ADP
fsr-3991	94	32	stock	stock	NOUN
fsr-3991	94	33	i	i	PRON
fsr-3991	94	34	at	at	ADP
fsr-3991	94	35	month	month	NOUN
fsr-3991	94	36	t	t	PROPN
fsr-3991	94	37	=	=	SYM
fsr-3991	94	38	0	0	X
fsr-3991	94	39	.	.	PUNCT
fsr-3991	94	40	malladi	malladi	PROPN
fsr-3991	94	41	&	&	CCONJ
fsr-3991	94	42	stanoyevitch	stanoyevitch	VERB
fsr-3991	94	43	147	147	NUM
fsr-3991	94	44	the	the	DET
fsr-3991	94	45	value	value	NOUN
fsr-3991	94	46	of	of	ADP
fsr-3991	94	47	t	t	PROPN
fsr-3991	94	48	ranges	range	VERB
fsr-3991	94	49	from	from	ADP
fsr-3991	94	50	0	0	NUM
fsr-3991	94	51	to	to	ADP
fsr-3991	94	52	636	636	NUM
fsr-3991	94	53	months	month	NOUN
fsr-3991	94	54	.	.	PUNCT
fsr-3991	95	1	the	the	DET
fsr-3991	95	2	portfolio	portfolio	NOUN
fsr-3991	95	3	value	value	NOUN
fsr-3991	95	4	before	before	ADP
fsr-3991	95	5	transaction	transaction	NOUN
fsr-3991	95	6	cost	cost	NOUN
fsr-3991	95	7	(	(	PUNCT
fsr-3991	95	8	tc	tc	NOUN
fsr-3991	95	9	)	)	PUNCT
fsr-3991	95	10	at	at	ADP
fsr-3991	95	11	the	the	DET
fsr-3991	95	12	end	end	NOUN
fsr-3991	95	13	of	of	ADP
fsr-3991	95	14	month	month	NOUN
fsr-3991	95	15	t	t	PROPN
fsr-3991	95	16	,	,	PUNCT
fsr-3991	95	17	denoted	denote	VERB
fsr-3991	95	18	as	as	ADP
fsr-3991	95	19	𝑉𝑡[𝑁𝑜	𝑉𝑡[𝑁𝑜	NOUN
fsr-3991	95	20	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	95	21	]	]	PUNCT
fsr-3991	95	22	,	,	PUNCT
fsr-3991	95	23	is	be	AUX
fsr-3991	95	24	computed	compute	VERB
fsr-3991	95	25	with	with	ADP
fsr-3991	95	26	equation	equation	NOUN
fsr-3991	95	27	(	(	PUNCT
fsr-3991	95	28	1	1	NUM
fsr-3991	95	29	)	)	PUNCT
fsr-3991	95	30	.	.	PUNCT
fsr-3991	96	1	𝑉𝑡[𝑁𝑜	𝑉𝑡[𝑁𝑜	NOUN
fsr-3991	96	2	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	96	3	]	]	PUNCT
fsr-3991	96	4	=	=	SYM
fsr-3991	96	5	∑	∑	PUNCT
fsr-3991	96	6	(	(	PUNCT
fsr-3991	96	7	𝑉𝑖,𝑡−1[𝑁𝑜	𝑉𝑖,𝑡−1[𝑁𝑜	NOUN
fsr-3991	96	8	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	96	9	]	]	PUNCT
fsr-3991	96	10	×	×	NOUN
fsr-3991	96	11	(	(	PUNCT
fsr-3991	96	12	1	1	NUM
fsr-3991	96	13	+	+	CCONJ
fsr-3991	96	14	𝑚	𝑚	X
fsr-3991	96	15	𝑖=1	𝑖=1	PROPN
fsr-3991	96	16	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
fsr-3991	96	17	)	)	PUNCT
fsr-3991	96	18	)	)	PUNCT
fsr-3991	96	19	(	(	PUNCT
fsr-3991	96	20	1	1	X
fsr-3991	96	21	)	)	PUNCT
fsr-3991	96	22	where	where	SCONJ
fsr-3991	96	23	𝑅𝑖,𝑡	𝑅𝑖,𝑡	NOUN
fsr-3991	96	24	is	be	AUX
fsr-3991	96	25	the	the	DET
fsr-3991	96	26	monthly	monthly	ADJ
fsr-3991	96	27	return	return	NOUN
fsr-3991	96	28	of	of	ADP
fsr-3991	96	29	stock	stock	NOUN
fsr-3991	96	30	i	i	PRON
fsr-3991	96	31	,	,	PUNCT
fsr-3991	96	32	between	between	ADP
fsr-3991	96	33	months	month	NOUN
fsr-3991	96	34	t-1	t-1	PROPN
fsr-3991	96	35	and	and	CCONJ
fsr-3991	96	36	t.	t.	PROPN
fsr-3991	96	37	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
fsr-3991	96	38	,	,	PUNCT
fsr-3991	96	39	return	return	VERB
fsr-3991	96	40	between	between	ADP
fsr-3991	96	41	t	t	PROPN
fsr-3991	96	42	and	and	CCONJ
fsr-3991	96	43	t-1	t-1	PROPN
fsr-3991	96	44	,	,	PUNCT
fsr-3991	96	45	is	be	AUX
fsr-3991	96	46	obtained	obtain	VERB
fsr-3991	96	47	from	from	ADP
fsr-3991	96	48	the	the	DET
fsr-3991	96	49	column	column	NOUN
fsr-3991	96	50	ret	ret	NOUN
fsr-3991	96	51	in	in	ADP
fsr-3991	96	52	the	the	DET
fsr-3991	96	53	msf	msf	NOUN
fsr-3991	96	54	table	table	NOUN
fsr-3991	96	55	in	in	ADP
fsr-3991	96	56	the	the	DET
fsr-3991	96	57	crsp	crsp	NOUN
fsr-3991	96	58	.	.	PUNCT
fsr-3991	97	1	𝑃𝑖,𝑡	𝑃𝑖,𝑡	NOUN
fsr-3991	97	2	is	be	AUX
fsr-3991	97	3	obtained	obtain	VERB
fsr-3991	97	4	from	from	ADP
fsr-3991	97	5	the	the	DET
fsr-3991	97	6	column	column	NOUN
fsr-3991	97	7	prc	prc	PROPN
fsr-3991	97	8	in	in	ADP
fsr-3991	97	9	the	the	DET
fsr-3991	97	10	msf	msf	NOUN
fsr-3991	97	11	table	table	NOUN
fsr-3991	97	12	in	in	ADP
fsr-3991	97	13	the	the	DET
fsr-3991	97	14	crsp	crsp	PROPN
fsr-3991	97	15	database	database	NOUN
fsr-3991	97	16	.	.	PUNCT
fsr-3991	98	1	in	in	ADP
fsr-3991	98	2	the	the	DET
fsr-3991	98	3	crsp	crsp	PROPN
fsr-3991	98	4	database	database	NOUN
fsr-3991	98	5	,	,	PUNCT
fsr-3991	98	6	returns	return	NOUN
fsr-3991	98	7	(	(	PUNCT
fsr-3991	98	8	ret	ret	NOUN
fsr-3991	98	9	)	)	PUNCT
fsr-3991	98	10	are	be	AUX
fsr-3991	98	11	already	already	ADV
fsr-3991	98	12	adjusted	adjust	VERB
fsr-3991	98	13	for	for	ADP
fsr-3991	98	14	stock	stock	NOUN
fsr-3991	98	15	splits	split	NOUN
fsr-3991	98	16	and	and	CCONJ
fsr-3991	98	17	dividends	dividend	NOUN
fsr-3991	98	18	─	─	VERB
fsr-3991	98	19	however	however	ADV
fsr-3991	98	20	,	,	PUNCT
fsr-3991	98	21	prices	price	NOUN
fsr-3991	98	22	(	(	PUNCT
fsr-3991	98	23	prc	prc	PROPN
fsr-3991	98	24	)	)	PUNCT
fsr-3991	98	25	and	and	CCONJ
fsr-3991	98	26	shares	share	NOUN
fsr-3991	98	27	outstanding	outstanding	ADJ
fsr-3991	98	28	(	(	PUNCT
fsr-3991	98	29	shrout	shrout	NOUN
fsr-3991	98	30	)	)	PUNCT
fsr-3991	98	31	are	be	AUX
fsr-3991	98	32	not	not	PART
fsr-3991	98	33	.	.	PUNCT
fsr-3991	99	1	the	the	DET
fsr-3991	99	2	ewp	ewp	PROPN
fsr-3991	99	3	monthly	monthly	ADJ
fsr-3991	99	4	return	return	NOUN
fsr-3991	99	5	without	without	ADP
fsr-3991	99	6	tc	tc	NOUN
fsr-3991	99	7	at	at	ADP
fsr-3991	99	8	the	the	DET
fsr-3991	99	9	end	end	NOUN
fsr-3991	99	10	of	of	ADP
fsr-3991	99	11	month	month	NOUN
fsr-3991	99	12	t	t	PROPN
fsr-3991	99	13	,	,	PUNCT
fsr-3991	99	14	denoted	denote	VERB
fsr-3991	99	15	as	as	ADP
fsr-3991	99	16	𝑅𝑡[𝑁𝑜	𝑅𝑡[𝑁𝑜	X
fsr-3991	99	17	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	99	18	]	]	PUNCT
fsr-3991	99	19	,	,	PUNCT
fsr-3991	99	20	is	be	AUX
fsr-3991	99	21	computed	compute	VERB
fsr-3991	99	22	with	with	ADP
fsr-3991	99	23	equation	equation	NOUN
fsr-3991	99	24	(	(	PUNCT
fsr-3991	99	25	2	2	NUM
fsr-3991	99	26	)	)	PUNCT
fsr-3991	99	27	.	.	PUNCT
fsr-3991	100	1	𝑅𝑡[𝑁𝑜	𝑅𝑡[𝑁𝑜	X
fsr-3991	100	2	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	100	3	]	]	PUNCT
fsr-3991	100	4	=	=	SYM
fsr-3991	100	5	𝑉𝑡[𝑁𝑜	𝑉𝑡[𝑁𝑜	NOUN
fsr-3991	100	6	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	100	7	]	]	PUNCT
fsr-3991	100	8	𝑉𝑡−1[𝑁𝑜	𝑉𝑡−1[𝑁𝑜	X
fsr-3991	100	9	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	100	10	]	]	PUNCT
fsr-3991	100	11	−	−	PROPN
fsr-3991	100	12	1	1	NUM
fsr-3991	100	13	(	(	PUNCT
fsr-3991	100	14	2	2	NUM
fsr-3991	100	15	)	)	PUNCT
fsr-3991	100	16	the	the	DET
fsr-3991	100	17	number	number	NOUN
fsr-3991	100	18	of	of	ADP
fsr-3991	100	19	stocks	stock	NOUN
fsr-3991	100	20	in	in	ADP
fsr-3991	100	21	the	the	DET
fsr-3991	100	22	ewp	ewp	PROPN
fsr-3991	100	23	at	at	ADP
fsr-3991	100	24	the	the	DET
fsr-3991	100	25	end	end	NOUN
fsr-3991	100	26	of	of	ADP
fsr-3991	100	27	month	month	NOUN
fsr-3991	100	28	t	t	PROPN
fsr-3991	100	29	,	,	PUNCT
fsr-3991	100	30	qi	qi	PROPN
fsr-3991	100	31	,	,	PUNCT
fsr-3991	100	32	t	t	PROPN
fsr-3991	100	33	,	,	PUNCT
fsr-3991	100	34	is	be	AUX
fsr-3991	100	35	computed	compute	VERB
fsr-3991	100	36	with	with	ADP
fsr-3991	100	37	equation	equation	NOUN
fsr-3991	100	38	(	(	PUNCT
fsr-3991	100	39	3	3	NUM
fsr-3991	100	40	)	)	PUNCT
fsr-3991	100	41	.	.	PUNCT
fsr-3991	101	1	if	if	SCONJ
fsr-3991	101	2	there	there	PRON
fsr-3991	101	3	is	be	VERB
fsr-3991	101	4	a	a	DET
fsr-3991	101	5	stock	stock	NOUN
fsr-3991	101	6	split	split	NOUN
fsr-3991	101	7	or	or	CCONJ
fsr-3991	101	8	buy	buy	VERB
fsr-3991	101	9	-	-	PUNCT
fsr-3991	101	10	back	back	NOUN
fsr-3991	101	11	during	during	ADP
fsr-3991	101	12	the	the	DET
fsr-3991	101	13	month	month	NOUN
fsr-3991	101	14	,	,	PUNCT
fsr-3991	101	15	the	the	DET
fsr-3991	101	16	qi	qi	PROPN
fsr-3991	101	17	,	,	PUNCT
fsr-3991	101	18	t	t	PROPN
fsr-3991	101	19	is	be	AUX
fsr-3991	101	20	adjusted	adjust	VERB
fsr-3991	101	21	accordingly	accordingly	ADV
fsr-3991	101	22	.	.	PUNCT
fsr-3991	102	1	the	the	DET
fsr-3991	102	2	portfolio	portfolio	NOUN
fsr-3991	102	3	is	be	AUX
fsr-3991	102	4	rebalanced	rebalance	VERB
fsr-3991	102	5	after	after	ADP
fsr-3991	102	6	the	the	DET
fsr-3991	102	7	end	end	NOUN
fsr-3991	102	8	of	of	ADP
fsr-3991	102	9	each	each	DET
fsr-3991	102	10	month	month	NOUN
fsr-3991	102	11	(	(	PUNCT
fsr-3991	102	12	before	before	SCONJ
fsr-3991	102	13	the	the	DET
fsr-3991	102	14	next	next	ADJ
fsr-3991	102	15	month	month	NOUN
fsr-3991	102	16	's	's	PART
fsr-3991	102	17	cycle	cycle	NOUN
fsr-3991	102	18	begins	begin	VERB
fsr-3991	102	19	)	)	PUNCT
fsr-3991	102	20	so	so	SCONJ
fsr-3991	102	21	that	that	SCONJ
fsr-3991	102	22	an	an	DET
fsr-3991	102	23	equal	equal	ADJ
fsr-3991	102	24	amount	amount	NOUN
fsr-3991	102	25	of	of	ADP
fsr-3991	102	26	portfolio	portfolio	NOUN
fsr-3991	102	27	value	value	NOUN
fsr-3991	102	28	is	be	AUX
fsr-3991	102	29	invested	invest	VERB
fsr-3991	102	30	in	in	ADP
fsr-3991	102	31	each	each	DET
fsr-3991	102	32	stock	stock	NOUN
fsr-3991	102	33	,	,	PUNCT
fsr-3991	102	34	i.e.	i.e.	X
fsr-3991	102	35	,	,	PUNCT
fsr-3991	102	36	𝑉1,𝑡	𝑉1,𝑡	ADJ
fsr-3991	102	37	=	=	SYM
fsr-3991	102	38	𝑉2,𝑡	𝑉2,𝑡	PROPN
fsr-3991	102	39	=	=	SYM
fsr-3991	102	40	⋯	⋯	VERB
fsr-3991	102	41	=	=	SYM
fsr-3991	102	42	𝑉𝑚,𝑡.	𝑉𝑚,𝑡.	PROPN
fsr-3991	102	43	𝑄𝑖,𝑡	𝑄𝑖,𝑡	NOUN
fsr-3991	102	44	=	=	SYM
fsr-3991	102	45	𝑉𝑡[𝑁𝑜	𝑉𝑡[𝑁𝑜	NOUN
fsr-3991	102	46	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	102	47	]	]	PUNCT
fsr-3991	102	48	𝑚	𝑚	ADP
fsr-3991	102	49	×	×	PROPN
fsr-3991	102	50	𝑃𝑖,𝑡	𝑃𝑖,𝑡	NOUN
fsr-3991	102	51	(	(	PUNCT
fsr-3991	102	52	3	3	NUM
fsr-3991	102	53	)	)	PUNCT
fsr-3991	102	54	the	the	DET
fsr-3991	102	55	ewp	ewp	PROPN
fsr-3991	102	56	monthly	monthly	ADJ
fsr-3991	102	57	turnover	turnover	NOUN
fsr-3991	102	58	(	(	PUNCT
fsr-3991	102	59	to	to	PART
fsr-3991	102	60	)	)	PUNCT
fsr-3991	102	61	at	at	ADP
fsr-3991	102	62	the	the	DET
fsr-3991	102	63	end	end	NOUN
fsr-3991	102	64	of	of	ADP
fsr-3991	102	65	month	month	NOUN
fsr-3991	102	66	t	t	PROPN
fsr-3991	102	67	,	,	PUNCT
fsr-3991	102	68	denoted	denote	VERB
fsr-3991	102	69	as	as	ADP
fsr-3991	102	70	𝑇𝑂𝑡	𝑇𝑂𝑡	NOUN
fsr-3991	102	71	,	,	PUNCT
fsr-3991	102	72	is	be	AUX
fsr-3991	102	73	computed	compute	VERB
fsr-3991	102	74	with	with	ADP
fsr-3991	102	75	equation	equation	NOUN
fsr-3991	102	76	(	(	PUNCT
fsr-3991	102	77	4	4	NUM
fsr-3991	102	78	)	)	PUNCT
fsr-3991	102	79	.	.	PUNCT
fsr-3991	103	1	𝑇𝑂𝑡	𝑇𝑂𝑡	NOUN
fsr-3991	103	2	=	=	PUNCT
fsr-3991	103	3	∑	∑	PROPN
fsr-3991	103	4	(	(	PUNCT
fsr-3991	103	5	𝑎𝑏𝑠(𝑄𝑖,𝑡−𝑄𝑖,𝑡−1	𝑎𝑏𝑠(𝑄𝑖,𝑡−𝑄𝑖,𝑡−1	PROPN
fsr-3991	103	6	)	)	PUNCT
fsr-3991	103	7	)	)	PUNCT
fsr-3991	104	1	𝑚	𝑚	X
fsr-3991	104	2	𝑖=1	𝑖=1	PUNCT
fsr-3991	104	3	∑	∑	PUNCT
fsr-3991	104	4	𝑄𝑖,𝑡−1	𝑄𝑖,𝑡−1	VERB
fsr-3991	104	5	𝑚	𝑚	X
fsr-3991	104	6	𝑖=1	𝑖=1	PROPN
fsr-3991	104	7	(	(	PUNCT
fsr-3991	104	8	4	4	X
fsr-3991	104	9	)	)	PUNCT
fsr-3991	104	10	portfolio	portfolio	NOUN
fsr-3991	104	11	turnover	turnover	NOUN
fsr-3991	104	12	incurs	incur	VERB
fsr-3991	104	13	transaction	transaction	NOUN
fsr-3991	104	14	costs	cost	NOUN
fsr-3991	104	15	(	(	PUNCT
fsr-3991	104	16	tc	tc	NOUN
fsr-3991	104	17	)	)	PUNCT
fsr-3991	104	18	and	and	CCONJ
fsr-3991	104	19	diminishes	diminish	VERB
fsr-3991	104	20	portfolio	portfolio	NOUN
fsr-3991	104	21	returns	return	NOUN
fsr-3991	104	22	.	.	PUNCT
fsr-3991	105	1	nevertheless	nevertheless	ADV
fsr-3991	105	2	,	,	PUNCT
fsr-3991	105	3	there	there	PRON
fsr-3991	105	4	remains	remain	VERB
fsr-3991	105	5	no	no	DET
fsr-3991	105	6	consensus	consensus	NOUN
fsr-3991	105	7	on	on	ADP
fsr-3991	105	8	the	the	DET
fsr-3991	105	9	exact	exact	ADJ
fsr-3991	105	10	tc	tc	NOUN
fsr-3991	105	11	.	.	PUNCT
fsr-3991	106	1	for	for	ADP
fsr-3991	106	2	instance	instance	NOUN
fsr-3991	106	3	,	,	PUNCT
fsr-3991	106	4	plyakha	plyakha	PROPN
fsr-3991	106	5	et	et	PROPN
fsr-3991	106	6	al	al	PROPN
fsr-3991	106	7	.	.	PROPN
fsr-3991	107	1	(	(	PUNCT
fsr-3991	107	2	2021	2021	NUM
fsr-3991	107	3	)	)	PUNCT
fsr-3991	107	4	apply	apply	VERB
fsr-3991	107	5	a	a	DET
fsr-3991	107	6	50	50	NUM
fsr-3991	107	7	basis	basis	NOUN
fsr-3991	107	8	point	point	NOUN
fsr-3991	107	9	(	(	PUNCT
fsr-3991	107	10	0.50	0.50	NUM
fsr-3991	107	11	%	%	NOUN
fsr-3991	107	12	bps	bps	NOUN
fsr-3991	107	13	)	)	PUNCT
fsr-3991	107	14	tc	tc	NOUN
fsr-3991	107	15	,	,	PUNCT
fsr-3991	107	16	citing	cite	VERB
fsr-3991	107	17	french	french	PROPN
fsr-3991	107	18	's	's	PART
fsr-3991	107	19	(	(	PUNCT
fsr-3991	107	20	2008	2008	NUM
fsr-3991	107	21	)	)	PUNCT
fsr-3991	107	22	claim	claim	VERB
fsr-3991	107	23	that	that	SCONJ
fsr-3991	107	24	trading	trading	NOUN
fsr-3991	107	25	costs	cost	NOUN
fsr-3991	107	26	for	for	ADP
fsr-3991	107	27	u.s	u.s	PROPN
fsr-3991	107	28	.	.	PROPN
fsr-3991	107	29	equity	equity	NOUN
fsr-3991	107	30	decreased	decrease	VERB
fsr-3991	107	31	from	from	ADP
fsr-3991	107	32	0.55	0.55	NUM
fsr-3991	107	33	%	%	NOUN
fsr-3991	107	34	of	of	ADP
fsr-3991	107	35	total	total	ADJ
fsr-3991	107	36	market	market	NOUN
fsr-3991	107	37	cap	cap	NOUN
fsr-3991	107	38	in	in	ADP
fsr-3991	107	39	1980	1980	NUM
fsr-3991	107	40	to	to	ADP
fsr-3991	107	41	just	just	ADV
fsr-3991	107	42	0.21	0.21	NUM
fsr-3991	107	43	%	%	NOUN
fsr-3991	107	44	in	in	ADP
fsr-3991	107	45	2006	2006	NUM
fsr-3991	107	46	.	.	PUNCT
fsr-3991	108	1	malladi	malladi	NOUN
fsr-3991	108	2	and	and	CCONJ
fsr-3991	108	3	fabozzi	fabozzi	NOUN
fsr-3991	108	4	(	(	PUNCT
fsr-3991	108	5	2017	2017	NUM
fsr-3991	108	6	)	)	PUNCT
fsr-3991	108	7	,	,	PUNCT
fsr-3991	108	8	however	however	ADV
fsr-3991	108	9	,	,	PUNCT
fsr-3991	108	10	opt	opt	VERB
fsr-3991	108	11	for	for	ADP
fsr-3991	108	12	a	a	DET
fsr-3991	108	13	more	more	ADV
fsr-3991	108	14	conservative	conservative	ADJ
fsr-3991	108	15	tc	tc	NOUN
fsr-3991	108	16	of	of	ADP
fsr-3991	108	17	169	169	NUM
fsr-3991	108	18	bps	bps	NOUN
fsr-3991	108	19	,	,	PUNCT
fsr-3991	108	20	based	base	VERB
fsr-3991	108	21	on	on	ADP
fsr-3991	108	22	edelen	edelen	PROPN
fsr-3991	108	23	et	et	PROPN
fsr-3991	108	24	al	al	PROPN
fsr-3991	108	25	.	.	PROPN
fsr-3991	108	26	's	's	PART
fsr-3991	108	27	(	(	PUNCT
fsr-3991	108	28	2013	2013	NUM
fsr-3991	108	29	)	)	PUNCT
fsr-3991	108	30	finding	find	VERB
fsr-3991	108	31	that	that	SCONJ
fsr-3991	108	32	the	the	DET
fsr-3991	108	33	average	average	ADJ
fsr-3991	108	34	tc	tc	NOUN
fsr-3991	108	35	is	be	AUX
fsr-3991	108	36	1.69	1.69	NUM
fsr-3991	108	37	%	%	NOUN
fsr-3991	108	38	for	for	ADP
fsr-3991	108	39	large	large	ADJ
fsr-3991	108	40	funds	fund	NOUN
fsr-3991	108	41	(	(	PUNCT
fsr-3991	108	42	averaging	average	VERB
fsr-3991	108	43	$	$	SYM
fsr-3991	108	44	2.88	2.88	NUM
fsr-3991	108	45	billion	billion	NUM
fsr-3991	108	46	in	in	ADP
fsr-3991	108	47	assets	asset	NOUN
fsr-3991	108	48	)	)	PUNCT
fsr-3991	108	49	and	and	CCONJ
fsr-3991	108	50	1.19	1.19	NUM
fsr-3991	108	51	%	%	NOUN
fsr-3991	108	52	for	for	ADP
fsr-3991	108	53	small	small	ADJ
fsr-3991	108	54	funds	fund	NOUN
fsr-3991	108	55	(	(	PUNCT
fsr-3991	108	56	averaging	average	VERB
fsr-3991	108	57	$	$	SYM
fsr-3991	108	58	164	164	NUM
fsr-3991	108	59	million	million	NUM
fsr-3991	108	60	in	in	ADP
fsr-3991	108	61	assets	asset	NOUN
fsr-3991	108	62	)	)	PUNCT
fsr-3991	108	63	,	,	PUNCT
fsr-3991	108	64	based	base	VERB
fsr-3991	108	65	on	on	ADP
fsr-3991	108	66	data	datum	NOUN
fsr-3991	108	67	from	from	ADP
fsr-3991	108	68	3,799	3,799	NUM
fsr-3991	108	69	open	open	ADJ
fsr-3991	108	70	-	-	PUNCT
fsr-3991	108	71	end	end	NOUN
fsr-3991	108	72	u.s	u.s	PROPN
fsr-3991	108	73	.	.	PROPN
fsr-3991	108	74	equity	equity	NOUN
fsr-3991	108	75	mutual	mutual	ADJ
fsr-3991	108	76	funds	fund	NOUN
fsr-3991	108	77	,	,	PUNCT
fsr-3991	108	78	using	use	VERB
fsr-3991	108	79	quarterly	quarterly	ADJ
fsr-3991	108	80	portfolio	portfolio	NOUN
fsr-3991	108	81	holdings	holding	NOUN
fsr-3991	108	82	from	from	ADP
fsr-3991	108	83	morningstar	morningstar	NOUN
fsr-3991	108	84	spanning	span	VERB
fsr-3991	108	85	1995	1995	NUM
fsr-3991	108	86	to	to	ADP
fsr-3991	108	87	2006	2006	NUM
fsr-3991	108	88	.	.	PUNCT
fsr-3991	109	1	our	our	PRON
fsr-3991	109	2	study	study	NOUN
fsr-3991	109	3	employs	employ	VERB
fsr-3991	109	4	the	the	DET
fsr-3991	109	5	conservative	conservative	ADJ
fsr-3991	109	6	169	169	NUM
fsr-3991	109	7	basis	basis	NOUN
fsr-3991	109	8	point	point	NOUN
fsr-3991	109	9	transaction	transaction	NOUN
fsr-3991	109	10	cost	cost	NOUN
fsr-3991	109	11	and	and	CCONJ
fsr-3991	109	12	demonstrates	demonstrate	VERB
fsr-3991	109	13	that	that	SCONJ
fsr-3991	109	14	if	if	SCONJ
fsr-3991	109	15	ewp	ewp	PROPN
fsr-3991	109	16	outperforms	outperform	VERB
fsr-3991	109	17	vwp	vwp	PROPN
fsr-3991	109	18	at	at	ADP
fsr-3991	109	19	169	169	NUM
fsr-3991	109	20	bps	bps	NOUN
fsr-3991	109	21	tc	tc	NOUN
fsr-3991	109	22	,	,	PUNCT
fsr-3991	109	23	it	it	PRON
fsr-3991	109	24	will	will	AUX
fsr-3991	109	25	thus	thus	ADV
fsr-3991	109	26	also	also	ADV
fsr-3991	109	27	outperform	outperform	VERB
fsr-3991	109	28	at	at	ADP
fsr-3991	109	29	the	the	DET
fsr-3991	109	30	lower	low	ADJ
fsr-3991	109	31	50	50	NUM
fsr-3991	109	32	bps	bps	NOUN
fsr-3991	109	33	.	.	PUNCT
fsr-3991	110	1	the	the	DET
fsr-3991	110	2	ewp	ewp	PROPN
fsr-3991	110	3	value	value	NOUN
fsr-3991	110	4	with	with	ADP
fsr-3991	110	5	tc	tc	NOUN
fsr-3991	110	6	at	at	ADP
fsr-3991	110	7	the	the	DET
fsr-3991	110	8	end	end	NOUN
fsr-3991	110	9	of	of	ADP
fsr-3991	110	10	month	month	NOUN
fsr-3991	110	11	t	t	PROPN
fsr-3991	110	12	,	,	PUNCT
fsr-3991	110	13	denoted	denote	VERB
fsr-3991	110	14	as	as	ADP
fsr-3991	110	15	𝑉𝑡[𝑇𝐶	𝑉𝑡[𝑇𝐶	NOUN
fsr-3991	110	16	]	]	PUNCT
fsr-3991	110	17	,	,	PUNCT
fsr-3991	110	18	is	be	AUX
fsr-3991	110	19	computed	compute	VERB
fsr-3991	110	20	with	with	ADP
fsr-3991	110	21	equation	equation	NOUN
fsr-3991	110	22	(	(	PUNCT
fsr-3991	110	23	5	5	NUM
fsr-3991	110	24	)	)	PUNCT
fsr-3991	110	25	.	.	PUNCT
fsr-3991	111	1	𝑉𝑡[𝑇𝐶	𝑉𝑡[𝑇𝐶	NOUN
fsr-3991	111	2	]	]	PUNCT
fsr-3991	111	3	=	=	SYM
fsr-3991	111	4	𝑉𝑡[𝑁𝑜	𝑉𝑡[𝑁𝑜	NOUN
fsr-3991	111	5	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	111	6	]	]	PUNCT
fsr-3991	111	7	×	×	NOUN
fsr-3991	111	8	(	(	PUNCT
fsr-3991	111	9	1	1	NUM
fsr-3991	111	10	−	−	NOUN
fsr-3991	111	11	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	111	12	×	×	NOUN
fsr-3991	111	13	𝑇𝑂𝑡	𝑇𝑂𝑡	NOUN
fsr-3991	111	14	)	)	PUNCT
fsr-3991	111	15	(	(	PUNCT
fsr-3991	111	16	5	5	X
fsr-3991	111	17	)	)	PUNCT
fsr-3991	111	18	the	the	DET
fsr-3991	111	19	𝑉𝑡[𝑇𝐶	𝑉𝑡[𝑇𝐶	NOUN
fsr-3991	111	20	]	]	PUNCT
fsr-3991	111	21	is	be	AUX
fsr-3991	111	22	recursively	recursively	ADV
fsr-3991	111	23	incorporated	incorporate	VERB
fsr-3991	111	24	into	into	ADP
fsr-3991	111	25	equation	equation	NOUN
fsr-3991	111	26	(	(	PUNCT
fsr-3991	111	27	1	1	X
fsr-3991	111	28	)	)	PUNCT
fsr-3991	111	29	starting	start	VERB
fsr-3991	111	30	from	from	ADP
fsr-3991	111	31	the	the	DET
fsr-3991	111	32	first	first	ADJ
fsr-3991	111	33	month	month	NOUN
fsr-3991	111	34	(	(	PUNCT
fsr-3991	111	35	i.e.	i.e.	X
fsr-3991	111	36	,	,	PUNCT
fsr-3991	111	37	t	t	NOUN
fsr-3991	111	38	=	=	SYM
fsr-3991	111	39	1	1	NUM
fsr-3991	111	40	)	)	PUNCT
fsr-3991	111	41	to	to	PART
fsr-3991	111	42	calculate	calculate	VERB
fsr-3991	111	43	the	the	DET
fsr-3991	111	44	monthly	monthly	ADJ
fsr-3991	111	45	portfolio	portfolio	NOUN
fsr-3991	111	46	value	value	NOUN
fsr-3991	111	47	and	and	CCONJ
fsr-3991	111	48	return	return	NOUN
fsr-3991	111	49	of	of	ADP
fsr-3991	111	50	ewp	ewp	PROPN
fsr-3991	111	51	for	for	ADP
fsr-3991	111	52	all	all	DET
fsr-3991	111	53	following	follow	VERB
fsr-3991	111	54	months	month	NOUN
fsr-3991	111	55	until	until	ADP
fsr-3991	111	56	01/01/2023	01/01/2023	NUM
fsr-3991	111	57	.	.	PUNCT
fsr-3991	112	1	the	the	DET
fsr-3991	112	2	initial	initial	ADJ
fsr-3991	112	3	condition	condition	NOUN
fsr-3991	112	4	property	property	NOUN
fsr-3991	112	5	that	that	PRON
fsr-3991	112	6	𝑉𝑡=0[𝑇𝐶	𝑉𝑡=0[𝑇𝐶	VERB
fsr-3991	112	7	]	]	PUNCT
fsr-3991	112	8	=	=	SYM
fsr-3991	112	9	𝑉𝑡=0[𝑁𝑜	𝑉𝑡=0[𝑁𝑜	NOUN
fsr-3991	112	10	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	112	11	]	]	PUNCT
fsr-3991	112	12	=	=	PUNCT
fsr-3991	112	13	𝑉0	𝑉0	NOUN
fsr-3991	112	14	is	be	AUX
fsr-3991	112	15	useful	useful	ADJ
fsr-3991	112	16	in	in	ADP
fsr-3991	112	17	this	this	DET
fsr-3991	112	18	recursive	recursive	ADJ
fsr-3991	112	19	process	process	NOUN
fsr-3991	112	20	.	.	PUNCT
fsr-3991	113	1	the	the	DET
fsr-3991	113	2	ewp	ewp	PROPN
fsr-3991	113	3	monthly	monthly	ADJ
fsr-3991	113	4	return	return	NOUN
fsr-3991	113	5	with	with	ADP
fsr-3991	113	6	tc	tc	NOUN
fsr-3991	113	7	at	at	ADP
fsr-3991	113	8	the	the	DET
fsr-3991	113	9	end	end	NOUN
fsr-3991	113	10	of	of	ADP
fsr-3991	113	11	month	month	NOUN
fsr-3991	113	12	t	t	PROPN
fsr-3991	113	13	,	,	PUNCT
fsr-3991	113	14	denoted	denote	VERB
fsr-3991	113	15	as	as	ADP
fsr-3991	113	16	𝑅𝑡[𝑇𝐶	𝑅𝑡[𝑇𝐶	NOUN
fsr-3991	113	17	]	]	PUNCT
fsr-3991	113	18	,	,	PUNCT
fsr-3991	113	19	is	be	AUX
fsr-3991	113	20	computed	compute	VERB
fsr-3991	113	21	with	with	ADP
fsr-3991	113	22	equation	equation	NOUN
fsr-3991	113	23	(	(	PUNCT
fsr-3991	113	24	6	6	NUM
fsr-3991	113	25	)	)	PUNCT
fsr-3991	113	26	.	.	PUNCT
fsr-3991	114	1	when	when	SCONJ
fsr-3991	114	2	tc	tc	NOUN
fsr-3991	114	3	=	=	SYM
fsr-3991	114	4	0	0	NUM
fsr-3991	114	5	,	,	PUNCT
fsr-3991	114	6	𝑅𝑡[𝑁𝑜	𝑅𝑡[𝑁𝑜	X
fsr-3991	114	7	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	114	8	]	]	PUNCT
fsr-3991	114	9	=	=	PUNCT
fsr-3991	114	10	𝑅𝑡[𝑇𝐶	𝑅𝑡[𝑇𝐶	NOUN
fsr-3991	114	11	]	]	PUNCT
fsr-3991	114	12	.	.	PUNCT
fsr-3991	115	1	𝑅𝑡[𝑇𝐶	𝑅𝑡[𝑇𝐶	PUNCT
fsr-3991	115	2	]	]	PUNCT
fsr-3991	115	3	=	=	PUNCT
fsr-3991	115	4	𝑉𝑡[𝑇𝐶	𝑉𝑡[𝑇𝐶	NOUN
fsr-3991	115	5	]	]	PUNCT
fsr-3991	115	6	𝑉𝑡−1[𝑇𝐶	𝑉𝑡−1[𝑇𝐶	NOUN
fsr-3991	115	7	]	]	PUNCT
fsr-3991	115	8	−	−	PROPN
fsr-3991	115	9	1	1	NUM
fsr-3991	115	10	(	(	PUNCT
fsr-3991	115	11	6	6	NUM
fsr-3991	115	12	)	)	PUNCT
fsr-3991	115	13	value	value	NOUN
fsr-3991	115	14	-	-	PUNCT
fsr-3991	115	15	weighted	weight	VERB
fsr-3991	115	16	portfolio	portfolio	NOUN
fsr-3991	115	17	(	(	PUNCT
fsr-3991	115	18	vwp	vwp	PROPN
fsr-3991	115	19	)	)	PUNCT
fsr-3991	115	20	we	we	PRON
fsr-3991	115	21	assume	assume	VERB
fsr-3991	115	22	that	that	SCONJ
fsr-3991	115	23	the	the	DET
fsr-3991	115	24	initial	initial	ADJ
fsr-3991	115	25	vwp	vwp	NOUN
fsr-3991	115	26	value	value	NOUN
fsr-3991	115	27	,	,	PUNCT
fsr-3991	115	28	denoted	denote	VERB
fsr-3991	115	29	as	as	ADP
fsr-3991	115	30	�	�	PROPN
fsr-3991	115	31	̂	̂	X
fsr-3991	115	32	�	�	NOUN
fsr-3991	115	33	0	0	NUM
fsr-3991	115	34	,	,	PUNCT
fsr-3991	115	35	is	be	AUX
fsr-3991	115	36	identical	identical	ADJ
fsr-3991	115	37	to	to	ADP
fsr-3991	115	38	the	the	DET
fsr-3991	115	39	starting	start	VERB
fsr-3991	115	40	portfolio	portfolio	NOUN
fsr-3991	115	41	value	value	NOUN
fsr-3991	115	42	,	,	PUNCT
fsr-3991	115	43	v0	v0	PROPN
fsr-3991	115	44	,	,	PUNCT
fsr-3991	115	45	in	in	ADP
fsr-3991	115	46	ewp	ewp	PROPN
fsr-3991	115	47	,	,	PUNCT
fsr-3991	115	48	which	which	PRON
fsr-3991	115	49	stands	stand	VERB
fsr-3991	115	50	at	at	ADP
fsr-3991	115	51	$	$	SYM
fsr-3991	115	52	100	100	NUM
fsr-3991	115	53	at	at	ADP
fsr-3991	115	54	month	month	NOUN
fsr-3991	115	55	t	t	NOUN
fsr-3991	115	56	=	=	SYM
fsr-3991	116	1	0	0	X
fsr-3991	116	2	.	.	PUNCT
fsr-3991	117	1	we	we	PRON
fsr-3991	117	2	employ	employ	VERB
fsr-3991	117	3	hat	hat	NOUN
fsr-3991	117	4	-	-	PUNCT
fsr-3991	117	5	accented	accent	VERB
fsr-3991	117	6	notation	notation	NOUN
fsr-3991	117	7	(	(	PUNCT
fsr-3991	117	8	ˆ	ˆ	NOUN
fsr-3991	117	9	)	)	PUNCT
fsr-3991	117	10	for	for	ADP
fsr-3991	117	11	vwp	vwp	NOUN
fsr-3991	117	12	to	to	PART
fsr-3991	117	13	differentiate	differentiate	VERB
fsr-3991	117	14	it	it	PRON
fsr-3991	117	15	from	from	ADP
fsr-3991	117	16	ewp	ewp	PROPN
fsr-3991	117	17	.	.	PUNCT
fsr-3991	118	1	in	in	ADP
fsr-3991	118	2	addition	addition	NOUN
fsr-3991	118	3	,	,	PUNCT
fsr-3991	118	4	vwp	vwp	PROPN
fsr-3991	118	5	incorporates	incorporate	VERB
fsr-3991	118	6	an	an	DET
fsr-3991	118	7	additional	additional	ADJ
fsr-3991	118	8	variable	variable	NOUN
fsr-3991	118	9	,	,	PUNCT
fsr-3991	118	10	denoted	denote	VERB
fsr-3991	118	11	as	as	ADP
fsr-3991	118	12	w	w	NOUN
fsr-3991	118	13	,	,	PUNCT
fsr-3991	118	14	representing	represent	VERB
fsr-3991	118	15	the	the	DET
fsr-3991	118	16	value	value	NOUN
fsr-3991	118	17	-	-	PUNCT
fsr-3991	118	18	weight	weight	NOUN
fsr-3991	118	19	of	of	ADP
fsr-3991	118	20	each	each	DET
fsr-3991	118	21	stock	stock	NOUN
fsr-3991	118	22	.	.	PUNCT
fsr-3991	119	1	the	the	DET
fsr-3991	119	2	weight	weight	NOUN
fsr-3991	119	3	of	of	ADP
fsr-3991	119	4	stock	stock	NOUN
fsr-3991	119	5	i	i	PRON
fsr-3991	119	6	in	in	ADP
fsr-3991	119	7	vwp	vwp	PROPN
fsr-3991	119	8	(	(	PUNCT
fsr-3991	119	9	based	base	VERB
fsr-3991	119	10	on	on	ADP
fsr-3991	119	11	the	the	DET
fsr-3991	119	12	market	market	NOUN
fsr-3991	119	13	cap	cap	NOUN
fsr-3991	119	14	)	)	PUNCT
fsr-3991	119	15	at	at	ADP
fsr-3991	119	16	the	the	DET
fsr-3991	119	17	beginning	beginning	NOUN
fsr-3991	119	18	of	of	ADP
fsr-3991	119	19	month	month	NOUN
fsr-3991	119	20	t	t	PROPN
fsr-3991	119	21	,	,	PUNCT
fsr-3991	119	22	denoted	denote	VERB
fsr-3991	119	23	as	as	ADP
fsr-3991	119	24	𝑊𝑡	𝑊𝑡	PROPN
fsr-3991	119	25	,	,	PUNCT
fsr-3991	119	26	is	be	AUX
fsr-3991	119	27	computed	compute	VERB
fsr-3991	119	28	with	with	ADP
fsr-3991	119	29	equation	equation	NOUN
fsr-3991	119	30	(	(	PUNCT
fsr-3991	119	31	7	7	NUM
fsr-3991	119	32	)	)	PUNCT
fsr-3991	119	33	.	.	PUNCT
fsr-3991	120	1	𝑊𝑖,𝑡	𝑊𝑖,𝑡	NOUN
fsr-3991	120	2	=	=	SYM
fsr-3991	120	3	𝑃𝑖,𝑡	𝑃𝑖,𝑡	PROPN
fsr-3991	120	4	×	×	NOUN
fsr-3991	120	5	𝑄𝑖,𝑡	𝑄𝑖,𝑡	NOUN
fsr-3991	120	6	∑	∑	PUNCT
fsr-3991	120	7	𝑃𝑖,𝑡	𝑃𝑖,𝑡	VERB
fsr-3991	120	8	×	×	NOUN
fsr-3991	120	9	𝑄𝑖,𝑡	𝑄𝑖,𝑡	VERB
fsr-3991	120	10	𝑚	𝑚	X
fsr-3991	120	11	𝑖=1	𝑖=1	PROPN
fsr-3991	120	12	(	(	PUNCT
fsr-3991	120	13	7	7	NUM
fsr-3991	120	14	)	)	PUNCT
fsr-3991	120	15	where	where	SCONJ
fsr-3991	120	16	𝑄𝑖,𝑡	𝑄𝑖,𝑡	NOUN
fsr-3991	120	17	is	be	AUX
fsr-3991	120	18	the	the	DET
fsr-3991	120	19	number	number	NOUN
fsr-3991	120	20	of	of	ADP
fsr-3991	120	21	stocks	stock	NOUN
fsr-3991	120	22	outstanding	outstanding	ADJ
fsr-3991	120	23	for	for	ADP
fsr-3991	120	24	stock	stock	NOUN
fsr-3991	120	25	i	i	PRON
fsr-3991	120	26	,	,	PUNCT
fsr-3991	120	27	in	in	ADP
fsr-3991	120	28	month	month	NOUN
fsr-3991	120	29	t.	t.	NOUN
fsr-3991	121	1	it	it	PRON
fsr-3991	121	2	is	be	AUX
fsr-3991	121	3	obtained	obtain	VERB
fsr-3991	121	4	from	from	ADP
fsr-3991	121	5	the	the	DET
fsr-3991	121	6	column	column	NOUN
fsr-3991	121	7	shrout	shrout	NOUN
fsr-3991	121	8	in	in	ADP
fsr-3991	121	9	the	the	DET
fsr-3991	121	10	msf	msf	NOUN
fsr-3991	121	11	table	table	NOUN
fsr-3991	121	12	in	in	ADP
fsr-3991	121	13	the	the	DET
fsr-3991	121	14	crsp	crsp	NOUN
fsr-3991	121	15	and	and	CCONJ
fsr-3991	121	16	represents	represent	VERB
fsr-3991	121	17	the	the	DET
fsr-3991	121	18	unadjusted	unadjusted	ADJ
fsr-3991	121	19	number	number	NOUN
fsr-3991	121	20	of	of	ADP
fsr-3991	121	21	publicly	publicly	ADV
fsr-3991	121	22	held	hold	VERB
fsr-3991	121	23	shares	share	NOUN
fsr-3991	121	24	recorded	record	VERB
fsr-3991	121	25	in	in	ADP
fsr-3991	121	26	1000s	1000s	NUM
fsr-3991	121	27	.	.	PUNCT
fsr-3991	122	1	it	it	PRON
fsr-3991	122	2	represents	represent	VERB
fsr-3991	122	3	the	the	DET
fsr-3991	122	4	actual	actual	ADJ
fsr-3991	122	5	,	,	PUNCT
fsr-3991	122	6	undiluted	undiluted	ADJ
fsr-3991	122	7	value	value	NOUN
fsr-3991	122	8	,	,	PUNCT
fsr-3991	122	9	so	so	ADV
fsr-3991	122	10	fractional	fractional	ADJ
fsr-3991	122	11	shares	share	NOUN
fsr-3991	122	12	are	be	AUX
fsr-3991	122	13	possible	possible	ADJ
fsr-3991	122	14	.	.	PUNCT
fsr-3991	123	1	considering	consider	VERB
fsr-3991	123	2	m	m	NOUN
fsr-3991	123	3	is	be	AUX
fsr-3991	123	4	the	the	DET
fsr-3991	123	5	number	number	NOUN
fsr-3991	123	6	of	of	ADP
fsr-3991	123	7	stocks	stock	NOUN
fsr-3991	123	8	in	in	ADP
fsr-3991	123	9	the	the	DET
fsr-3991	123	10	portfolio	portfolio	NOUN
fsr-3991	123	11	,	,	PUNCT
fsr-3991	123	12	the	the	DET
fsr-3991	123	13	initial	initial	ADJ
fsr-3991	123	14	value	value	NOUN
fsr-3991	123	15	invested	invest	VERB
fsr-3991	123	16	in	in	ADP
fsr-3991	123	17	a	a	DET
fsr-3991	123	18	stock	stock	NOUN
fsr-3991	123	19	i	i	PRON
fsr-3991	123	20	,	,	PUNCT
fsr-3991	123	21	(	(	PUNCT
fsr-3991	123	22	i	i	NOUN
fsr-3991	123	23	=	=	NOUN
fsr-3991	123	24	1,2,	1,2,	NUM
fsr-3991	123	25	…	…	SYM
fsr-3991	123	26	,m	,m	PUNCT
fsr-3991	123	27	)	)	PUNCT
fsr-3991	123	28	,	,	PUNCT
fsr-3991	123	29	is	be	AUX
fsr-3991	123	30	�	�	NOUN
fsr-3991	123	31	̂	̂	NOUN
fsr-3991	123	32	�	�	NOUN
fsr-3991	123	33	𝑖,0	𝑖,0	X
fsr-3991	123	34	=	=	SYM
fsr-3991	124	1	𝑊𝑖,0	𝑊𝑖,0	PROPN
fsr-3991	124	2	×	×	PROPN
fsr-3991	124	3	�	�	PROPN
fsr-3991	124	4	̂	̂	NOUN
fsr-3991	124	5	�	�	NOUN
fsr-3991	124	6	0	0	NUM
fsr-3991	124	7	.	.	PUNCT
fsr-3991	125	1	the	the	DET
fsr-3991	125	2	maximum	maximum	ADJ
fsr-3991	125	3	financial	financial	ADJ
fsr-3991	125	4	services	service	NOUN
fsr-3991	125	5	review	review	PROPN
fsr-3991	125	6	,	,	PUNCT
fsr-3991	125	7	33(1	33(1	NUM
fsr-3991	125	8	)	)	PUNCT
fsr-3991	125	9	148	148	NUM
fsr-3991	125	10	value	value	NOUN
fsr-3991	125	11	of	of	ADP
fsr-3991	125	12	m	m	PROPN
fsr-3991	125	13	is	be	AUX
fsr-3991	125	14	181	181	NUM
fsr-3991	125	15	in	in	ADP
fsr-3991	125	16	our	our	PRON
fsr-3991	125	17	dataset	dataset	NOUN
fsr-3991	125	18	.	.	PUNCT
fsr-3991	126	1	the	the	DET
fsr-3991	126	2	initial	initial	ADJ
fsr-3991	126	3	number	number	NOUN
fsr-3991	126	4	of	of	ADP
fsr-3991	126	5	stocks	stock	NOUN
fsr-3991	126	6	in	in	ADP
fsr-3991	126	7	the	the	DET
fsr-3991	126	8	portfolio	portfolio	NOUN
fsr-3991	126	9	at	at	ADP
fsr-3991	126	10	the	the	DET
fsr-3991	126	11	beginning	beginning	NOUN
fsr-3991	126	12	of	of	ADP
fsr-3991	126	13	the	the	DET
fsr-3991	126	14	month	month	NOUN
fsr-3991	126	15	t	t	NOUN
fsr-3991	126	16	=	=	SYM
fsr-3991	126	17	0	0	NUM
fsr-3991	126	18	,	,	PUNCT
fsr-3991	126	19	�	�	NOUN
fsr-3991	126	20	̂	̂	SYM
fsr-3991	126	21	�	�	PROPN
fsr-3991	126	22	𝑖,0=	𝑖,0=	PROPN
fsr-3991	126	23	�	�	PROPN
fsr-3991	126	24	̂	̂	PROPN
fsr-3991	126	25	�	�	PROPN
fsr-3991	126	26	𝑖,0	𝑖,0	SYM
fsr-3991	126	27	/	/	SYM
fsr-3991	126	28	�	�	PROPN
fsr-3991	126	29	̂	̂	NOUN
fsr-3991	126	30	�	�	NOUN
fsr-3991	126	31	𝑖,0	𝑖,0	PROPN
fsr-3991	126	32	,	,	PUNCT
fsr-3991	126	33	where	where	SCONJ
fsr-3991	126	34	�	�	PROPN
fsr-3991	126	35	̂	̂	SYM
fsr-3991	126	36	�	�	NOUN
fsr-3991	126	37	𝑖,0	𝑖,0	X
fsr-3991	126	38	is	be	AUX
fsr-3991	126	39	the	the	DET
fsr-3991	126	40	price	price	NOUN
fsr-3991	126	41	of	of	ADP
fsr-3991	126	42	stock	stock	NOUN
fsr-3991	126	43	i	i	PRON
fsr-3991	126	44	at	at	ADP
fsr-3991	126	45	month	month	NOUN
fsr-3991	126	46	t	t	PROPN
fsr-3991	126	47	=	=	SYM
fsr-3991	126	48	0	0	X
fsr-3991	126	49	.	.	PUNCT
fsr-3991	127	1	the	the	DET
fsr-3991	127	2	value	value	NOUN
fsr-3991	127	3	of	of	ADP
fsr-3991	127	4	t	t	PROPN
fsr-3991	127	5	ranges	range	VERB
fsr-3991	127	6	from	from	ADP
fsr-3991	127	7	0	0	NUM
fsr-3991	127	8	to	to	ADP
fsr-3991	127	9	636	636	NUM
fsr-3991	127	10	months	month	NOUN
fsr-3991	127	11	.	.	PUNCT
fsr-3991	128	1	the	the	DET
fsr-3991	128	2	portfolio	portfolio	NOUN
fsr-3991	128	3	value	value	NOUN
fsr-3991	128	4	before	before	ADP
fsr-3991	128	5	transaction	transaction	NOUN
fsr-3991	128	6	cost	cost	NOUN
fsr-3991	128	7	(	(	PUNCT
fsr-3991	128	8	tc	tc	NOUN
fsr-3991	128	9	)	)	PUNCT
fsr-3991	128	10	at	at	ADP
fsr-3991	128	11	the	the	DET
fsr-3991	128	12	end	end	NOUN
fsr-3991	128	13	of	of	ADP
fsr-3991	128	14	month	month	NOUN
fsr-3991	128	15	t	t	PROPN
fsr-3991	128	16	,	,	PUNCT
fsr-3991	128	17	denoted	denote	VERB
fsr-3991	128	18	as	as	ADP
fsr-3991	128	19	𝑉	𝑉	PROPN
fsr-3991	128	20	�	�	PROPN
fsr-3991	128	21	̂	̂	VERB
fsr-3991	128	22	�	�	NOUN
fsr-3991	128	23	[𝑁𝑜	[𝑁𝑜	X
fsr-3991	128	24	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	128	25	]	]	PUNCT
fsr-3991	128	26	,	,	PUNCT
fsr-3991	128	27	is	be	AUX
fsr-3991	128	28	computed	compute	VERB
fsr-3991	128	29	with	with	ADP
fsr-3991	128	30	equation	equation	NOUN
fsr-3991	128	31	(	(	PUNCT
fsr-3991	128	32	8)	8)	NUM
fsr-3991	128	33	.	.	PUNCT
fsr-3991	128	34	�	�	PROPN
fsr-3991	128	35	̂	̂	VERB
fsr-3991	128	36	�	�	PROPN
fsr-3991	128	37	𝑡[𝑁𝑜	𝑡[𝑁𝑜	NUM
fsr-3991	128	38	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	128	39	]	]	X
fsr-3991	128	40	=	=	SYM
fsr-3991	128	41	∑	∑	PUNCT
fsr-3991	128	42	(	(	PUNCT
fsr-3991	128	43	�	�	NOUN
fsr-3991	128	44	̂	̂	SYM
fsr-3991	128	45	�	�	NOUN
fsr-3991	128	46	𝑡−1[𝑁𝑜	𝑡−1[𝑁𝑜	PART
fsr-3991	128	47	𝑇𝐶	𝑇𝐶	X
fsr-3991	128	48	]	]	PUNCT
fsr-3991	128	49	×	×	NOUN
fsr-3991	128	50	𝑊𝑖,𝑡	𝑊𝑖,𝑡	PROPN
fsr-3991	128	51	×	×	NOUN
fsr-3991	128	52	(	(	PUNCT
fsr-3991	128	53	1	1	NUM
fsr-3991	128	54	+	+	CCONJ
fsr-3991	128	55	𝑚	𝑚	X
fsr-3991	128	56	𝑖=1	𝑖=1	PROPN
fsr-3991	128	57	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
fsr-3991	128	58	)	)	PUNCT
fsr-3991	128	59	)	)	PUNCT
fsr-3991	128	60	(	(	PUNCT
fsr-3991	128	61	8)	8)	NUM
fsr-3991	128	62	the	the	DET
fsr-3991	128	63	vwp	vwp	NOUN
fsr-3991	128	64	monthly	monthly	ADJ
fsr-3991	128	65	return	return	NOUN
fsr-3991	128	66	without	without	ADP
fsr-3991	128	67	tc	tc	NOUN
fsr-3991	128	68	at	at	ADP
fsr-3991	128	69	the	the	DET
fsr-3991	128	70	end	end	NOUN
fsr-3991	128	71	of	of	ADP
fsr-3991	128	72	month	month	NOUN
fsr-3991	128	73	t	t	PROPN
fsr-3991	128	74	,	,	PUNCT
fsr-3991	128	75	denoted	denote	VERB
fsr-3991	128	76	as	as	ADP
fsr-3991	128	77	𝑅	𝑅	PROPN
fsr-3991	128	78	�	�	PROPN
fsr-3991	128	79	̂	̂	VERB
fsr-3991	128	80	�	�	NOUN
fsr-3991	128	81	[𝑁𝑜	[𝑁𝑜	X
fsr-3991	128	82	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	128	83	]	]	PUNCT
fsr-3991	128	84	,	,	PUNCT
fsr-3991	128	85	is	be	AUX
fsr-3991	128	86	computed	compute	VERB
fsr-3991	128	87	with	with	ADP
fsr-3991	128	88	equation	equation	NOUN
fsr-3991	128	89	(	(	PUNCT
fsr-3991	128	90	9	9	NUM
fsr-3991	128	91	)	)	PUNCT
fsr-3991	128	92	.	.	PUNCT
fsr-3991	129	1	𝑅	𝑅	NOUN
fsr-3991	129	2	�	�	PROPN
fsr-3991	129	3	̂	̂	VERB
fsr-3991	129	4	�	�	NOUN
fsr-3991	129	5	[𝑁𝑜	[𝑁𝑜	X
fsr-3991	129	6	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	129	7	]	]	PUNCT
fsr-3991	129	8	=	=	SYM
fsr-3991	129	9	�	�	PROPN
fsr-3991	129	10	̂	̂	NOUN
fsr-3991	129	11	�	�	NOUN
fsr-3991	129	12	𝑡[𝑁𝑜	𝑡[𝑁𝑜	NUM
fsr-3991	129	13	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	129	14	]	]	PUNCT
fsr-3991	129	15	�	�	PROPN
fsr-3991	129	16	̂	̂	SYM
fsr-3991	129	17	�	�	NOUN
fsr-3991	129	18	𝑡−1[𝑁𝑜	𝑡−1[𝑁𝑜	NOUN
fsr-3991	129	19	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	129	20	]	]	PUNCT
fsr-3991	130	1	−	−	PROPN
fsr-3991	130	2	1	1	NUM
fsr-3991	130	3	(	(	PUNCT
fsr-3991	130	4	9	9	NUM
fsr-3991	130	5	)	)	PUNCT
fsr-3991	130	6	the	the	DET
fsr-3991	130	7	stock	stock	NOUN
fsr-3991	130	8	quantity	quantity	NOUN
fsr-3991	130	9	of	of	ADP
fsr-3991	130	10	stock	stock	NOUN
fsr-3991	130	11	i	i	PRON
fsr-3991	130	12	in	in	ADP
fsr-3991	130	13	the	the	DET
fsr-3991	130	14	vwp	vwp	NOUN
fsr-3991	130	15	at	at	ADP
fsr-3991	130	16	the	the	DET
fsr-3991	130	17	end	end	NOUN
fsr-3991	130	18	of	of	ADP
fsr-3991	130	19	month	month	NOUN
fsr-3991	130	20	t	t	PROPN
fsr-3991	130	21	,	,	PUNCT
fsr-3991	130	22	�	�	PROPN
fsr-3991	130	23	̂	̂	NOUN
fsr-3991	130	24	�	�	NOUN
fsr-3991	130	25	𝑖,𝑡	𝑖,𝑡	NOUN
fsr-3991	130	26	,	,	PUNCT
fsr-3991	130	27	is	be	AUX
fsr-3991	130	28	computed	compute	VERB
fsr-3991	130	29	with	with	ADP
fsr-3991	130	30	equation	equation	NOUN
fsr-3991	130	31	(	(	PUNCT
fsr-3991	130	32	10	10	NUM
fsr-3991	130	33	)	)	PUNCT
fsr-3991	130	34	.	.	PUNCT
fsr-3991	131	1	the	the	DET
fsr-3991	131	2	portfolio	portfolio	NOUN
fsr-3991	131	3	is	be	AUX
fsr-3991	131	4	rebalanced	rebalance	VERB
fsr-3991	131	5	after	after	ADP
fsr-3991	131	6	the	the	DET
fsr-3991	131	7	end	end	NOUN
fsr-3991	131	8	of	of	ADP
fsr-3991	131	9	each	each	DET
fsr-3991	131	10	month	month	NOUN
fsr-3991	131	11	(	(	PUNCT
fsr-3991	131	12	before	before	SCONJ
fsr-3991	131	13	the	the	DET
fsr-3991	131	14	next	next	ADJ
fsr-3991	131	15	month	month	NOUN
fsr-3991	131	16	's	's	PART
fsr-3991	131	17	cycle	cycle	NOUN
fsr-3991	131	18	begins	begin	VERB
fsr-3991	131	19	)	)	PUNCT
fsr-3991	131	20	such	such	ADJ
fsr-3991	131	21	that	that	SCONJ
fsr-3991	131	22	the	the	DET
fsr-3991	131	23	weighted	weight	VERB
fsr-3991	131	24	amount	amount	NOUN
fsr-3991	131	25	invested	invest	VERB
fsr-3991	131	26	in	in	ADP
fsr-3991	131	27	each	each	DET
fsr-3991	131	28	stock	stock	NOUN
fsr-3991	131	29	equals	equal	VERB
fsr-3991	131	30	the	the	DET
fsr-3991	131	31	market	market	NOUN
fsr-3991	131	32	cap	cap	NOUN
fsr-3991	131	33	weights	weight	NOUN
fsr-3991	131	34	,	,	PUNCT
fsr-3991	131	35	i.e.	i.e.	X
fsr-3991	131	36	,	,	PUNCT
fsr-3991	131	37	�	�	NOUN
fsr-3991	131	38	̂	̂	VERB
fsr-3991	131	39	�	�	NOUN
fsr-3991	131	40	𝑖,𝑡	𝑖,𝑡	NOUN
fsr-3991	131	41	�	�	NOUN
fsr-3991	131	42	̂	̂	NOUN
fsr-3991	131	43	�	�	NOUN
fsr-3991	131	44	𝑡	𝑡	NOUN
fsr-3991	131	45	=	=	NOUN
fsr-3991	131	46	𝑊𝑖,𝑡.	𝑊𝑖,𝑡.	ADJ
fsr-3991	131	47	if	if	SCONJ
fsr-3991	131	48	there	there	PRON
fsr-3991	131	49	is	be	VERB
fsr-3991	131	50	a	a	DET
fsr-3991	131	51	stock	stock	NOUN
fsr-3991	131	52	split	split	NOUN
fsr-3991	131	53	or	or	CCONJ
fsr-3991	131	54	buy	buy	VERB
fsr-3991	131	55	-	-	PUNCT
fsr-3991	131	56	back	back	NOUN
fsr-3991	131	57	during	during	ADP
fsr-3991	131	58	the	the	DET
fsr-3991	131	59	month	month	NOUN
fsr-3991	131	60	,	,	PUNCT
fsr-3991	131	61	the	the	DET
fsr-3991	131	62	�	�	PROPN
fsr-3991	131	63	̂	̂	NOUN
fsr-3991	131	64	�	�	NOUN
fsr-3991	131	65	𝑖,𝑡	𝑖,𝑡	NOUN
fsr-3991	131	66	is	be	AUX
fsr-3991	131	67	adjusted	adjust	VERB
fsr-3991	131	68	accordingly	accordingly	ADV
fsr-3991	131	69	.	.	PUNCT
fsr-3991	132	1	�	�	PROPN
fsr-3991	132	2	̂	̂	VERB
fsr-3991	132	3	�	�	NOUN
fsr-3991	132	4	𝑖,𝑡	𝑖,𝑡	NOUN
fsr-3991	132	5	=	=	SYM
fsr-3991	132	6	�	�	PROPN
fsr-3991	132	7	̂	̂	NOUN
fsr-3991	132	8	�	�	NOUN
fsr-3991	132	9	𝑡[𝑁𝑜	𝑡[𝑁𝑜	NUM
fsr-3991	132	10	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	132	11	]	]	PUNCT
fsr-3991	132	12	×	×	PROPN
fsr-3991	132	13	𝑊𝑖,𝑡	𝑊𝑖,𝑡	PROPN
fsr-3991	132	14	𝑃𝑖,𝑡	𝑃𝑖,𝑡	PROPN
fsr-3991	132	15	(	(	PUNCT
fsr-3991	132	16	10	10	NUM
fsr-3991	132	17	)	)	PUNCT
fsr-3991	132	18	the	the	DET
fsr-3991	132	19	vwp	vwp	NOUN
fsr-3991	132	20	monthly	monthly	ADJ
fsr-3991	132	21	turnover	turnover	NOUN
fsr-3991	132	22	(	(	PUNCT
fsr-3991	132	23	to	to	PART
fsr-3991	132	24	)	)	PUNCT
fsr-3991	132	25	at	at	ADP
fsr-3991	132	26	the	the	DET
fsr-3991	132	27	end	end	NOUN
fsr-3991	132	28	of	of	ADP
fsr-3991	132	29	month	month	NOUN
fsr-3991	132	30	t	t	PROPN
fsr-3991	132	31	,	,	PUNCT
fsr-3991	132	32	denoted	denote	VERB
fsr-3991	132	33	as	as	ADP
fsr-3991	132	34	𝑇	𝑇	PROPN
fsr-3991	132	35	�	�	PROPN
fsr-3991	132	36	̂	̂	SYM
fsr-3991	132	37	�	�	NOUN
fsr-3991	132	38	𝑡	𝑡	NOUN
fsr-3991	132	39	,	,	PUNCT
fsr-3991	132	40	is	be	AUX
fsr-3991	132	41	computed	compute	VERB
fsr-3991	132	42	with	with	ADP
fsr-3991	132	43	equation	equation	NOUN
fsr-3991	132	44	(	(	PUNCT
fsr-3991	132	45	11	11	NUM
fsr-3991	132	46	)	)	PUNCT
fsr-3991	132	47	and	and	CCONJ
fsr-3991	132	48	the	the	DET
fsr-3991	132	49	vwp	vwp	NOUN
fsr-3991	132	50	value	value	NOUN
fsr-3991	132	51	with	with	ADP
fsr-3991	132	52	tc	tc	NOUN
fsr-3991	132	53	,	,	PUNCT
fsr-3991	132	54	denoted	denote	VERB
fsr-3991	132	55	as	as	ADP
fsr-3991	132	56	�	�	NOUN
fsr-3991	132	57	̂	̂	X
fsr-3991	132	58	�	�	NOUN
fsr-3991	132	59	𝑡[𝑇𝐶	𝑡[𝑇𝐶	NOUN
fsr-3991	132	60	]	]	PUNCT
fsr-3991	132	61	,	,	PUNCT
fsr-3991	132	62	is	be	AUX
fsr-3991	132	63	computed	compute	VERB
fsr-3991	132	64	with	with	ADP
fsr-3991	132	65	equation	equation	NOUN
fsr-3991	132	66	(	(	PUNCT
fsr-3991	132	67	12	12	NUM
fsr-3991	132	68	)	)	PUNCT
fsr-3991	132	69	.	.	PUNCT
fsr-3991	133	1	𝑇	𝑇	PROPN
fsr-3991	133	2	�	�	PROPN
fsr-3991	133	3	̂	̂	NOUN
fsr-3991	133	4	�	�	NOUN
fsr-3991	133	5	𝑡	𝑡	NOUN
fsr-3991	133	6	=	=	NOUN
fsr-3991	133	7	∑	∑	PUNCT
fsr-3991	133	8	(	(	PUNCT
fsr-3991	133	9	𝑎𝑏𝑠(	𝑎𝑏𝑠(	NOUN
fsr-3991	133	10	�	�	PROPN
fsr-3991	133	11	̂	̂	SYM
fsr-3991	133	12	�	�	PROPN
fsr-3991	133	13	𝑖,𝑡−	𝑖,𝑡−	PROPN
fsr-3991	133	14	�	�	PROPN
fsr-3991	133	15	̂	̂	NOUN
fsr-3991	133	16	�	�	NOUN
fsr-3991	133	17	𝑖,𝑡−1	𝑖,𝑡−1	NUM
fsr-3991	133	18	)	)	PUNCT
fsr-3991	133	19	)	)	PUNCT
fsr-3991	133	20	𝑚	𝑚	X
fsr-3991	133	21	𝑖=1	𝑖=1	PUNCT
fsr-3991	133	22	∑	∑	PUNCT
fsr-3991	133	23	�	�	PROPN
fsr-3991	133	24	̂	̂	SYM
fsr-3991	133	25	�	�	NOUN
fsr-3991	133	26	𝑖,𝑡−1	𝑖,𝑡−1	NUM
fsr-3991	133	27	𝑚	𝑚	NOUN
fsr-3991	133	28	𝑖=1	𝑖=1	PROPN
fsr-3991	133	29	(	(	PUNCT
fsr-3991	133	30	11	11	NUM
fsr-3991	133	31	)	)	PUNCT
fsr-3991	133	32	�	�	PROPN
fsr-3991	133	33	̂	̂	NOUN
fsr-3991	133	34	�	�	NOUN
fsr-3991	133	35	𝑡[𝑇𝐶	𝑡[𝑇𝐶	NOUN
fsr-3991	133	36	]	]	PUNCT
fsr-3991	133	37	=	=	SYM
fsr-3991	133	38	�	�	PROPN
fsr-3991	133	39	̂	̂	NOUN
fsr-3991	133	40	�	�	NOUN
fsr-3991	133	41	𝑡[𝑁𝑜	𝑡[𝑁𝑜	NUM
fsr-3991	133	42	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	133	43	]	]	PUNCT
fsr-3991	133	44	×	×	NOUN
fsr-3991	133	45	(	(	PUNCT
fsr-3991	133	46	1	1	NUM
fsr-3991	133	47	−	−	NOUN
fsr-3991	133	48	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	133	49	×	×	PROPN
fsr-3991	133	50	𝑇	𝑇	PROPN
fsr-3991	133	51	�	�	PROPN
fsr-3991	133	52	̂	̂	NOUN
fsr-3991	133	53	�	�	NOUN
fsr-3991	133	54	𝑡	𝑡	NOUN
fsr-3991	133	55	)	)	PUNCT
fsr-3991	133	56	(	(	PUNCT
fsr-3991	133	57	12	12	NUM
fsr-3991	133	58	)	)	PUNCT
fsr-3991	133	59	the	the	DET
fsr-3991	133	60	�	�	PROPN
fsr-3991	133	61	̂	̂	NOUN
fsr-3991	133	62	�	�	NOUN
fsr-3991	133	63	𝑡[𝑇𝐶	𝑡[𝑇𝐶	NOUN
fsr-3991	133	64	]	]	PUNCT
fsr-3991	133	65	is	be	AUX
fsr-3991	133	66	recursively	recursively	ADV
fsr-3991	133	67	incorporated	incorporate	VERB
fsr-3991	133	68	into	into	ADP
fsr-3991	133	69	equation	equation	NOUN
fsr-3991	133	70	(	(	PUNCT
fsr-3991	133	71	8)	8)	NUM
fsr-3991	133	72	starting	start	VERB
fsr-3991	133	73	from	from	ADP
fsr-3991	133	74	the	the	DET
fsr-3991	133	75	first	first	ADJ
fsr-3991	133	76	month	month	NOUN
fsr-3991	133	77	(	(	PUNCT
fsr-3991	133	78	i.e.	i.e.	X
fsr-3991	133	79	,	,	PUNCT
fsr-3991	133	80	t	t	NOUN
fsr-3991	133	81	=	=	SYM
fsr-3991	133	82	1	1	NUM
fsr-3991	133	83	)	)	PUNCT
fsr-3991	133	84	to	to	PART
fsr-3991	133	85	calculate	calculate	VERB
fsr-3991	133	86	the	the	DET
fsr-3991	133	87	monthly	monthly	ADJ
fsr-3991	133	88	portfolio	portfolio	NOUN
fsr-3991	133	89	value	value	NOUN
fsr-3991	133	90	and	and	CCONJ
fsr-3991	133	91	return	return	NOUN
fsr-3991	133	92	of	of	ADP
fsr-3991	133	93	vwp	vwp	NOUN
fsr-3991	133	94	for	for	ADP
fsr-3991	133	95	all	all	DET
fsr-3991	133	96	following	follow	VERB
fsr-3991	133	97	months	month	NOUN
fsr-3991	133	98	until	until	ADP
fsr-3991	133	99	01/01/2023	01/01/2023	NUM
fsr-3991	133	100	.	.	PUNCT
fsr-3991	134	1	the	the	DET
fsr-3991	134	2	initial	initial	ADJ
fsr-3991	134	3	condition	condition	NOUN
fsr-3991	134	4	property	property	NOUN
fsr-3991	134	5	that	that	PRON
fsr-3991	134	6	�	�	PROPN
fsr-3991	134	7	̂	̂	NOUN
fsr-3991	134	8	�	�	X
fsr-3991	134	9	𝑡=0[𝑇𝐶	𝑡=0[𝑇𝐶	NOUN
fsr-3991	134	10	]	]	PUNCT
fsr-3991	134	11	=	=	SYM
fsr-3991	134	12	�	�	PROPN
fsr-3991	134	13	̂	̂	NOUN
fsr-3991	134	14	�	�	NOUN
fsr-3991	134	15	𝑡=0[𝑁𝑜	𝑡=0[𝑁𝑜	NOUN
fsr-3991	134	16	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	134	17	]	]	PUNCT
fsr-3991	134	18	=	=	SYM
fsr-3991	134	19	�	�	PROPN
fsr-3991	134	20	̂	̂	NOUN
fsr-3991	134	21	�	�	NOUN
fsr-3991	134	22	0	0	NUM
fsr-3991	134	23	is	be	AUX
fsr-3991	134	24	useful	useful	ADJ
fsr-3991	134	25	in	in	ADP
fsr-3991	134	26	this	this	DET
fsr-3991	134	27	recursive	recursive	ADJ
fsr-3991	134	28	process	process	NOUN
fsr-3991	134	29	.	.	PUNCT
fsr-3991	135	1	the	the	DET
fsr-3991	135	2	vwp	vwp	PROPN
fsr-3991	135	3	monthly	monthly	ADJ
fsr-3991	135	4	return	return	NOUN
fsr-3991	135	5	with	with	ADP
fsr-3991	135	6	tc	tc	NOUN
fsr-3991	135	7	at	at	ADP
fsr-3991	135	8	the	the	DET
fsr-3991	135	9	end	end	NOUN
fsr-3991	135	10	of	of	ADP
fsr-3991	135	11	month	month	NOUN
fsr-3991	135	12	t	t	PROPN
fsr-3991	135	13	,	,	PUNCT
fsr-3991	135	14	denoted	denote	VERB
fsr-3991	135	15	as	as	ADP
fsr-3991	135	16	�	�	NOUN
fsr-3991	135	17	̂	̂	X
fsr-3991	135	18	�	�	NOUN
fsr-3991	135	19	𝑡[𝑇𝐶	𝑡[𝑇𝐶	NOUN
fsr-3991	135	20	]	]	PUNCT
fsr-3991	135	21	,	,	PUNCT
fsr-3991	135	22	is	be	AUX
fsr-3991	135	23	computed	compute	VERB
fsr-3991	135	24	with	with	ADP
fsr-3991	135	25	equation	equation	NOUN
fsr-3991	135	26	(	(	PUNCT
fsr-3991	135	27	13	13	NUM
fsr-3991	135	28	)	)	PUNCT
fsr-3991	135	29	.	.	PUNCT
fsr-3991	136	1	when	when	SCONJ
fsr-3991	136	2	tc	tc	NOUN
fsr-3991	136	3	=	=	SYM
fsr-3991	136	4	0	0	NUM
fsr-3991	136	5	,	,	PUNCT
fsr-3991	136	6	�	�	NOUN
fsr-3991	136	7	̂	̂	SYM
fsr-3991	136	8	�	�	NOUN
fsr-3991	136	9	𝑡[𝑁𝑜	𝑡[𝑁𝑜	NUM
fsr-3991	136	10	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	136	11	]	]	PUNCT
fsr-3991	136	12	=	=	SYM
fsr-3991	136	13	�	�	PROPN
fsr-3991	136	14	̂	̂	NOUN
fsr-3991	136	15	�	�	NOUN
fsr-3991	136	16	𝑡[𝑇𝐶	𝑡[𝑇𝐶	NOUN
fsr-3991	136	17	]	]	PUNCT
fsr-3991	136	18	.	.	PUNCT
fsr-3991	136	19	�	�	PROPN
fsr-3991	136	20	̂	̂	NOUN
fsr-3991	136	21	�	�	NOUN
fsr-3991	136	22	𝑡[𝑇𝐶	𝑡[𝑇𝐶	NOUN
fsr-3991	136	23	]	]	PUNCT
fsr-3991	136	24	=	=	SYM
fsr-3991	136	25	�	�	PROPN
fsr-3991	136	26	̂	̂	NOUN
fsr-3991	136	27	�	�	NOUN
fsr-3991	136	28	𝑡[𝑇𝐶	𝑡[𝑇𝐶	PROPN
fsr-3991	136	29	]	]	PUNCT
fsr-3991	136	30	�	�	PROPN
fsr-3991	136	31	̂	̂	NOUN
fsr-3991	136	32	�	�	NOUN
fsr-3991	136	33	𝑡−1[𝑇𝐶	𝑡−1[𝑇𝐶	NOUN
fsr-3991	136	34	]	]	PUNCT
fsr-3991	136	35	−	−	PROPN
fsr-3991	136	36	1	1	NUM
fsr-3991	136	37	(	(	PUNCT
fsr-3991	136	38	13	13	NUM
fsr-3991	136	39	)	)	PUNCT
fsr-3991	136	40	results	result	NOUN
fsr-3991	136	41	and	and	CCONJ
fsr-3991	136	42	discussion	discussion	NOUN
fsr-3991	136	43	this	this	DET
fsr-3991	136	44	section	section	NOUN
fsr-3991	136	45	summarizes	summarize	VERB
fsr-3991	136	46	the	the	DET
fsr-3991	136	47	results	result	NOUN
fsr-3991	136	48	presented	present	VERB
fsr-3991	136	49	above	above	ADV
fsr-3991	136	50	.	.	PUNCT
fsr-3991	137	1	figure	figure	NOUN
fsr-3991	137	2	1	1	NUM
fsr-3991	137	3	,	,	PUNCT
fsr-3991	137	4	titled	title	VERB
fsr-3991	137	5	"	"	PUNCT
fsr-3991	137	6	portfolio	portfolio	NOUN
fsr-3991	137	7	ending	end	VERB
fsr-3991	137	8	value	value	NOUN
fsr-3991	137	9	(	(	PUNCT
fsr-3991	137	10	kernel	kernel	PROPN
fsr-3991	137	11	density	density	PROPN
fsr-3991	137	12	diagram	diagram	PROPN
fsr-3991	137	13	)	)	PUNCT
fsr-3991	137	14	,	,	PUNCT
fsr-3991	137	15	"	"	PUNCT
fsr-3991	137	16	illustrates	illustrate	VERB
fsr-3991	137	17	the	the	DET
fsr-3991	137	18	kernel	kernel	PROPN
fsr-3991	137	19	density	density	NOUN
fsr-3991	137	20	for	for	ADP
fsr-3991	137	21	four	four	NUM
fsr-3991	137	22	portfolio	portfolio	NOUN
fsr-3991	137	23	ending	end	VERB
fsr-3991	137	24	values	value	NOUN
fsr-3991	137	25	described	describe	VERB
fsr-3991	137	26	in	in	ADP
fsr-3991	137	27	section	section	NOUN
fsr-3991	137	28	(	(	PUNCT
fsr-3991	137	29	4	4	NUM
fsr-3991	137	30	)	)	PUNCT
fsr-3991	137	31	(	(	PUNCT
fsr-3991	137	32	i.e.	i.e.	X
fsr-3991	137	33	,	,	PUNCT
fsr-3991	137	34	𝑉𝑡[𝑁𝑜	𝑉𝑡[𝑁𝑜	NOUN
fsr-3991	137	35	𝑇𝐶	𝑇𝐶	ADJ
fsr-3991	137	36	]	]	PUNCT
fsr-3991	137	37	,	,	PUNCT
fsr-3991	137	38	𝑉𝑡[𝑇𝐶	𝑉𝑡[𝑇𝐶	ADP
fsr-3991	137	39	]	]	PUNCT
fsr-3991	137	40	,	,	PUNCT
fsr-3991	137	41	�	�	PROPN
fsr-3991	137	42	̂	̂	SYM
fsr-3991	137	43	�	�	PROPN
fsr-3991	137	44	𝑡[𝑁𝑜	𝑡[𝑁𝑜	NUM
fsr-3991	137	45	𝑇𝐶	𝑇𝐶	PROPN
fsr-3991	137	46	]	]	PUNCT
fsr-3991	137	47	,	,	PUNCT
fsr-3991	137	48	and	and	CCONJ
fsr-3991	137	49	�	�	PROPN
fsr-3991	137	50	̂	̂	NOUN
fsr-3991	137	51	�	�	NOUN
fsr-3991	137	52	𝑡[𝑇𝐶	𝑡[𝑇𝐶	NOUN
fsr-3991	137	53	]	]	PUNCT
fsr-3991	137	54	)	)	PUNCT
fsr-3991	137	55	.	.	PUNCT
fsr-3991	138	1	a	a	DET
fsr-3991	138	2	kernel	kernel	PROPN
fsr-3991	138	3	density	density	PROPN
fsr-3991	138	4	diagram	diagram	NOUN
fsr-3991	138	5	is	be	AUX
fsr-3991	138	6	a	a	DET
fsr-3991	138	7	non	non	ADJ
fsr-3991	138	8	-	-	ADJ
fsr-3991	138	9	parametric	parametric	ADJ
fsr-3991	138	10	way	way	NOUN
fsr-3991	138	11	to	to	PART
fsr-3991	138	12	estimate	estimate	VERB
fsr-3991	138	13	the	the	DET
fsr-3991	138	14	probability	probability	NOUN
fsr-3991	138	15	density	density	NOUN
fsr-3991	138	16	function	function	NOUN
fsr-3991	138	17	of	of	ADP
fsr-3991	138	18	a	a	DET
fsr-3991	138	19	random	random	ADJ
fsr-3991	138	20	variable	variable	NOUN
fsr-3991	138	21	.	.	PUNCT
fsr-3991	139	1	it	it	PRON
fsr-3991	139	2	is	be	AUX
fsr-3991	139	3	a	a	DET
fsr-3991	139	4	smooth	smooth	ADJ
fsr-3991	139	5	curve	curve	NOUN
fsr-3991	139	6	that	that	PRON
fsr-3991	139	7	shows	show	VERB
fsr-3991	139	8	how	how	SCONJ
fsr-3991	139	9	likely	likely	ADJ
fsr-3991	139	10	it	it	PRON
fsr-3991	139	11	is	be	AUX
fsr-3991	139	12	to	to	PART
fsr-3991	139	13	find	find	VERB
fsr-3991	139	14	a	a	DET
fsr-3991	139	15	data	data	NOUN
fsr-3991	139	16	point	point	NOUN
fsr-3991	139	17	at	at	ADP
fsr-3991	139	18	any	any	DET
fsr-3991	139	19	given	give	VERB
fsr-3991	139	20	value	value	NOUN
fsr-3991	139	21	.	.	PUNCT
fsr-3991	140	1	kernel	kernel	PROPN
fsr-3991	140	2	density	density	PROPN
fsr-3991	140	3	diagrams	diagram	NOUN
fsr-3991	140	4	are	be	AUX
fsr-3991	140	5	useful	useful	ADJ
fsr-3991	140	6	for	for	ADP
fsr-3991	140	7	visualizing	visualize	VERB
fsr-3991	140	8	data	datum	NOUN
fsr-3991	140	9	distribution	distribution	NOUN
fsr-3991	140	10	and	and	CCONJ
fsr-3991	140	11	comparing	compare	VERB
fsr-3991	140	12	the	the	DET
fsr-3991	140	13	distributions	distribution	NOUN
fsr-3991	140	14	of	of	ADP
fsr-3991	140	15	different	different	ADJ
fsr-3991	140	16	data	datum	NOUN
fsr-3991	140	17	groups	group	NOUN
fsr-3991	140	18	.	.	PUNCT
fsr-3991	141	1	malladi	malladi	NOUN
fsr-3991	141	2	&	&	CCONJ
fsr-3991	141	3	stanoyevitch	stanoyevitch	VERB
fsr-3991	141	4	149	149	NUM
fsr-3991	141	5	figure	figure	NOUN
fsr-3991	141	6	1	1	NUM
fsr-3991	141	7	.	.	PUNCT
fsr-3991	142	1	portfolio	portfolio	NOUN
fsr-3991	142	2	ending	end	VERB
fsr-3991	142	3	value	value	NOUN
fsr-3991	142	4	(	(	PUNCT
fsr-3991	142	5	kernel	kernel	PROPN
fsr-3991	142	6	density	density	PROPN
fsr-3991	142	7	diagram	diagram	PROPN
fsr-3991	142	8	)	)	PUNCT
fsr-3991	142	9	•	•	ADP
fsr-3991	142	10	this	this	DET
fsr-3991	142	11	figure	figure	NOUN
fsr-3991	142	12	displays	display	VERB
fsr-3991	142	13	the	the	DET
fsr-3991	142	14	kernel	kernel	PROPN
fsr-3991	142	15	density	density	NOUN
fsr-3991	142	16	for	for	ADP
fsr-3991	142	17	four	four	NUM
fsr-3991	142	18	portfolio	portfolio	NOUN
fsr-3991	142	19	ending	end	VERB
fsr-3991	142	20	values	value	NOUN
fsr-3991	142	21	(	(	PUNCT
fsr-3991	142	22	vwp	vwp	PROPN
fsr-3991	142	23	,	,	PUNCT
fsr-3991	142	24	ewp	ewp	PROPN
fsr-3991	142	25	;	;	PUNCT
fsr-3991	142	26	with	with	ADP
fsr-3991	142	27	&	&	CCONJ
fsr-3991	142	28	without	without	ADP
fsr-3991	142	29	transaction	transaction	NOUN
fsr-3991	142	30	costs	cost	NOUN
fsr-3991	142	31	,	,	PUNCT
fsr-3991	142	32	tc	tc	NOUN
fsr-3991	142	33	)	)	PUNCT
fsr-3991	142	34	.	.	PUNCT
fsr-3991	143	1	•	•	NUM
fsr-3991	143	2	1,000	1,000	NUM
fsr-3991	143	3	ewp	ewp	NOUN
fsr-3991	143	4	and	and	CCONJ
fsr-3991	143	5	vwp	vwp	NOUN
fsr-3991	143	6	portfolios	portfolio	NOUN
fsr-3991	143	7	are	be	AUX
fsr-3991	143	8	constructed	construct	VERB
fsr-3991	143	9	using	use	VERB
fsr-3991	143	10	three	three	NUM
fsr-3991	143	11	randomly	randomly	ADV
fsr-3991	143	12	selected	select	VERB
fsr-3991	143	13	stocks	stock	NOUN
fsr-3991	143	14	.	.	PUNCT
fsr-3991	144	1	the	the	DET
fsr-3991	144	2	average	average	ADJ
fsr-3991	144	3	portfolio	portfolio	NOUN
fsr-3991	144	4	values	value	NOUN
fsr-3991	144	5	are	be	AUX
fsr-3991	144	6	shown	show	VERB
fsr-3991	144	7	below	below	ADP
fsr-3991	144	8	.	.	PUNCT
fsr-3991	145	1	each	each	DET
fsr-3991	145	2	run	run	NOUN
fsr-3991	145	3	examines	examine	VERB
fsr-3991	145	4	the	the	DET
fsr-3991	145	5	portfolio	portfolio	NOUN
fsr-3991	145	6	for	for	ADP
fsr-3991	145	7	the	the	DET
fsr-3991	145	8	whole	whole	ADJ
fsr-3991	145	9	period	period	NOUN
fsr-3991	145	10	using	use	VERB
fsr-3991	145	11	monthly	monthly	ADJ
fsr-3991	145	12	returns	return	NOUN
fsr-3991	145	13	from	from	ADP
fsr-3991	145	14	01/01/1970	01/01/1970	NUM
fsr-3991	145	15	to	to	ADP
fsr-3991	145	16	01/01/2023	01/01/2023	NUM
fsr-3991	145	17	.	.	PUNCT
fsr-3991	146	1	tc	tc	NOUN
fsr-3991	146	2	=	=	NOUN
fsr-3991	147	1	1.69	1.69	NUM
fsr-3991	147	2	%	%	NOUN
fsr-3991	147	3	of	of	ADP
fsr-3991	147	4	portfolio	portfolio	NOUN
fsr-3991	147	5	turnover	turnover	NOUN
fsr-3991	147	6	.	.	PUNCT
fsr-3991	148	1	•	•	NUM
fsr-3991	148	2	a	a	DET
fsr-3991	148	3	'	'	PUNCT
fsr-3991	148	4	shorter	short	ADJ
fsr-3991	148	5	and	and	CCONJ
fsr-3991	148	6	right	right	ADV
fsr-3991	148	7	-	-	PUNCT
fsr-3991	148	8	shifted	shift	VERB
fsr-3991	148	9	ewp	ewp	PROPN
fsr-3991	148	10	kernel	kernel	PROPN
fsr-3991	148	11	density	density	PROPN
fsr-3991	148	12	'	'	PUNCT
fsr-3991	148	13	suggests	suggest	VERB
fsr-3991	148	14	a	a	DET
fsr-3991	148	15	lower	low	ADJ
fsr-3991	148	16	and	and	CCONJ
fsr-3991	148	17	right	right	ADV
fsr-3991	148	18	-	-	PUNCT
fsr-3991	148	19	shifted	shift	VERB
fsr-3991	148	20	data	data	NOUN
fsr-3991	148	21	distribution	distribution	NOUN
fsr-3991	148	22	with	with	ADP
fsr-3991	148	23	most	most	ADJ
fsr-3991	148	24	points	point	NOUN
fsr-3991	148	25	concentrated	concentrate	VERB
fsr-3991	148	26	on	on	ADP
fsr-3991	148	27	the	the	DET
fsr-3991	148	28	higher	high	ADJ
fsr-3991	148	29	values	value	NOUN
fsr-3991	148	30	,	,	PUNCT
fsr-3991	148	31	indicating	indicate	VERB
fsr-3991	148	32	a	a	DET
fsr-3991	148	33	shift	shift	NOUN
fsr-3991	148	34	in	in	ADP
fsr-3991	148	35	central	central	ADJ
fsr-3991	148	36	tendency	tendency	NOUN
fsr-3991	148	37	towards	towards	ADP
fsr-3991	148	38	higher	high	ADJ
fsr-3991	148	39	values	value	NOUN
fsr-3991	148	40	.	.	PUNCT
fsr-3991	149	1	•	•	NUM
fsr-3991	149	2	transaction	transaction	NOUN
fsr-3991	149	3	costs	cost	NOUN
fsr-3991	149	4	significantly	significantly	ADV
fsr-3991	149	5	affect	affect	VERB
fsr-3991	149	6	ewp	ewp	PROPN
fsr-3991	149	7	negatively	negatively	ADV
fsr-3991	149	8	,	,	PUNCT
fsr-3991	149	9	whereas	whereas	SCONJ
fsr-3991	149	10	their	their	PRON
fsr-3991	149	11	impact	impact	NOUN
fsr-3991	149	12	on	on	ADP
fsr-3991	149	13	vwp	vwp	PROPN
fsr-3991	149	14	is	be	AUX
fsr-3991	149	15	relatively	relatively	ADV
fsr-3991	149	16	minor	minor	ADJ
fsr-3991	149	17	.	.	PUNCT
fsr-3991	150	1	figure	figure	NOUN
fsr-3991	150	2	1	1	NUM
fsr-3991	150	3	presents	present	VERB
fsr-3991	150	4	the	the	DET
fsr-3991	150	5	results	result	NOUN
fsr-3991	150	6	of	of	ADP
fsr-3991	150	7	constructing	construct	VERB
fsr-3991	150	8	1,000	1,000	NUM
fsr-3991	150	9	ewp	ewp	NOUN
fsr-3991	150	10	and	and	CCONJ
fsr-3991	150	11	vwp	vwp	NOUN
fsr-3991	150	12	portfolios	portfolio	NOUN
fsr-3991	150	13	,	,	PUNCT
fsr-3991	150	14	each	each	PRON
fsr-3991	150	15	comprised	comprise	VERB
fsr-3991	150	16	of	of	ADP
fsr-3991	150	17	three	three	NUM
fsr-3991	150	18	randomly	randomly	ADV
fsr-3991	150	19	selected	select	VERB
fsr-3991	150	20	stocks	stock	NOUN
fsr-3991	150	21	,	,	PUNCT
fsr-3991	150	22	and	and	CCONJ
fsr-3991	150	23	then	then	ADV
fsr-3991	150	24	showcases	showcase	VERB
fsr-3991	150	25	the	the	DET
fsr-3991	150	26	average	average	ADJ
fsr-3991	150	27	portfolio	portfolio	NOUN
fsr-3991	150	28	values	value	NOUN
fsr-3991	150	29	.	.	PUNCT
fsr-3991	151	1	these	these	DET
fsr-3991	151	2	portfolios	portfolio	NOUN
fsr-3991	151	3	are	be	AUX
fsr-3991	151	4	examined	examine	VERB
fsr-3991	151	5	over	over	ADP
fsr-3991	151	6	the	the	DET
fsr-3991	151	7	entire	entire	ADJ
fsr-3991	151	8	period	period	NOUN
fsr-3991	151	9	,	,	PUNCT
fsr-3991	151	10	employing	employ	VERB
fsr-3991	151	11	monthly	monthly	ADJ
fsr-3991	151	12	returns	return	NOUN
fsr-3991	151	13	from	from	ADP
fsr-3991	151	14	january	january	PROPN
fsr-3991	151	15	1	1	NUM
fsr-3991	151	16	,	,	PUNCT
fsr-3991	151	17	1970	1970	NUM
fsr-3991	151	18	,	,	PUNCT
fsr-3991	151	19	to	to	ADP
fsr-3991	151	20	january	january	PROPN
fsr-3991	151	21	1	1	NUM
fsr-3991	151	22	,	,	PUNCT
fsr-3991	151	23	2023	2023	NUM
fsr-3991	151	24	.	.	PUNCT
fsr-3991	152	1	the	the	DET
fsr-3991	152	2	shorter	short	ADJ
fsr-3991	152	3	and	and	CCONJ
fsr-3991	152	4	right	right	ADV
fsr-3991	152	5	-	-	PUNCT
fsr-3991	152	6	shifted	shift	VERB
fsr-3991	152	7	ewp	ewp	PROPN
fsr-3991	152	8	kernel	kernel	PROPN
fsr-3991	152	9	density	density	PROPN
fsr-3991	152	10	indicates	indicate	VERB
fsr-3991	152	11	a	a	DET
fsr-3991	152	12	concentration	concentration	NOUN
fsr-3991	152	13	of	of	ADP
fsr-3991	152	14	data	datum	NOUN
fsr-3991	152	15	points	point	NOUN
fsr-3991	152	16	toward	toward	ADP
fsr-3991	152	17	higher	high	ADJ
fsr-3991	152	18	values	value	NOUN
fsr-3991	152	19	,	,	PUNCT
fsr-3991	152	20	suggesting	suggest	VERB
fsr-3991	152	21	that	that	SCONJ
fsr-3991	152	22	ewp	ewp	PROPN
fsr-3991	152	23	portfolios	portfolio	NOUN
fsr-3991	152	24	have	have	VERB
fsr-3991	152	25	a	a	DET
fsr-3991	152	26	higher	high	ADJ
fsr-3991	152	27	potential	potential	NOUN
fsr-3991	152	28	to	to	PART
fsr-3991	152	29	generate	generate	VERB
fsr-3991	152	30	higher	high	ADJ
fsr-3991	152	31	returns	return	NOUN
fsr-3991	152	32	than	than	ADP
fsr-3991	152	33	vwp	vwp	PROPN
fsr-3991	152	34	.	.	PUNCT
fsr-3991	153	1	the	the	DET
fsr-3991	153	2	kernel	kernel	PROPN
fsr-3991	153	3	density	density	PROPN
fsr-3991	153	4	diagram	diagram	PROPN
fsr-3991	153	5	also	also	ADV
fsr-3991	153	6	shows	show	VERB
fsr-3991	153	7	that	that	SCONJ
fsr-3991	153	8	transaction	transaction	NOUN
fsr-3991	153	9	costs	cost	NOUN
fsr-3991	153	10	significantly	significantly	ADV
fsr-3991	153	11	negatively	negatively	ADV
fsr-3991	153	12	impact	impact	VERB
fsr-3991	153	13	ewp	ewp	ADJ
fsr-3991	153	14	portfolios	portfolio	NOUN
fsr-3991	153	15	but	but	CCONJ
fsr-3991	153	16	only	only	ADV
fsr-3991	153	17	have	have	VERB
fsr-3991	153	18	a	a	DET
fsr-3991	153	19	minor	minor	ADJ
fsr-3991	153	20	impact	impact	NOUN
fsr-3991	153	21	on	on	ADP
fsr-3991	153	22	vwp	vwp	NOUN
fsr-3991	153	23	portfolios	portfolio	NOUN
fsr-3991	153	24	.	.	PUNCT
fsr-3991	154	1	this	this	PRON
fsr-3991	154	2	is	be	AUX
fsr-3991	154	3	because	because	SCONJ
fsr-3991	154	4	ewp	ewp	ADJ
fsr-3991	154	5	portfolios	portfolio	NOUN
fsr-3991	154	6	rebalance	rebalance	VERB
fsr-3991	154	7	more	more	ADJ
fsr-3991	154	8	financial	financial	ADJ
fsr-3991	154	9	services	service	NOUN
fsr-3991	154	10	review	review	NOUN
fsr-3991	154	11	,	,	PUNCT
fsr-3991	154	12	33(1	33(1	NUM
fsr-3991	154	13	)	)	PUNCT
fsr-3991	154	14	150	150	NUM
fsr-3991	154	15	frequently	frequently	ADV
fsr-3991	154	16	than	than	ADP
fsr-3991	154	17	vwp	vwp	NOUN
fsr-3991	154	18	portfolios	portfolio	NOUN
fsr-3991	154	19	,	,	PUNCT
fsr-3991	154	20	resulting	result	VERB
fsr-3991	154	21	in	in	ADP
fsr-3991	154	22	higher	high	ADJ
fsr-3991	154	23	turnover	turnover	NOUN
fsr-3991	154	24	and	and	CCONJ
fsr-3991	154	25	transaction	transaction	NOUN
fsr-3991	154	26	costs	cost	NOUN
fsr-3991	154	27	.	.	PUNCT
fsr-3991	155	1	it	it	PRON
fsr-3991	155	2	is	be	AUX
fsr-3991	155	3	important	important	ADJ
fsr-3991	155	4	to	to	PART
fsr-3991	155	5	note	note	VERB
fsr-3991	155	6	that	that	SCONJ
fsr-3991	155	7	the	the	DET
fsr-3991	155	8	results	result	NOUN
fsr-3991	155	9	shown	show	VERB
fsr-3991	155	10	in	in	ADP
fsr-3991	155	11	figure	figure	NOUN
fsr-3991	155	12	1	1	NUM
fsr-3991	155	13	are	be	AUX
fsr-3991	155	14	based	base	VERB
fsr-3991	155	15	on	on	ADP
fsr-3991	155	16	historical	historical	ADJ
fsr-3991	155	17	data	datum	NOUN
fsr-3991	155	18	and	and	CCONJ
fsr-3991	155	19	may	may	AUX
fsr-3991	155	20	not	not	PART
fsr-3991	155	21	represent	represent	VERB
fsr-3991	155	22	future	future	ADJ
fsr-3991	155	23	performance	performance	NOUN
fsr-3991	155	24	.	.	PUNCT
fsr-3991	156	1	investors	investor	NOUN
fsr-3991	156	2	should	should	AUX
fsr-3991	156	3	carefully	carefully	ADV
fsr-3991	156	4	consider	consider	VERB
fsr-3991	156	5	their	their	PRON
fsr-3991	156	6	risk	risk	NOUN
fsr-3991	156	7	tolerance	tolerance	NOUN
fsr-3991	156	8	and	and	CCONJ
fsr-3991	156	9	investment	investment	NOUN
fsr-3991	156	10	goals	goal	NOUN
fsr-3991	156	11	before	before	ADP
fsr-3991	156	12	deciding	decide	VERB
fsr-3991	156	13	whether	whether	SCONJ
fsr-3991	156	14	to	to	PART
fsr-3991	156	15	invest	invest	VERB
fsr-3991	156	16	in	in	ADP
fsr-3991	156	17	ewp	ewp	PROPN
fsr-3991	156	18	or	or	CCONJ
fsr-3991	156	19	vwp	vwp	NOUN
fsr-3991	156	20	portfolios	portfolio	NOUN
fsr-3991	156	21	.	.	PUNCT
fsr-3991	157	1	table	table	NOUN
fsr-3991	157	2	3	3	NUM
fsr-3991	157	3	provides	provide	VERB
fsr-3991	157	4	a	a	DET
fsr-3991	157	5	detailed	detailed	ADJ
fsr-3991	157	6	overview	overview	NOUN
fsr-3991	157	7	of	of	ADP
fsr-3991	157	8	the	the	DET
fsr-3991	157	9	four	four	NUM
fsr-3991	157	10	portfolios	portfolio	NOUN
fsr-3991	157	11	'	'	PART
fsr-3991	157	12	monthly	monthly	ADJ
fsr-3991	157	13	and	and	CCONJ
fsr-3991	157	14	annualized	annualize	VERB
fsr-3991	157	15	returns	return	NOUN
fsr-3991	157	16	.	.	PUNCT
fsr-3991	158	1	the	the	DET
fsr-3991	158	2	table	table	NOUN
fsr-3991	158	3	shows	show	VERB
fsr-3991	158	4	that	that	SCONJ
fsr-3991	158	5	the	the	DET
fsr-3991	158	6	median	median	NOUN
fsr-3991	158	7	and	and	CCONJ
fsr-3991	158	8	mean	mean	VERB
fsr-3991	158	9	annualized	annualize	VERB
fsr-3991	158	10	returns	return	NOUN
fsr-3991	158	11	are	be	AUX
fsr-3991	158	12	highest	high	ADJ
fsr-3991	158	13	for	for	ADP
fsr-3991	158	14	ewp	ewp	ADJ
fsr-3991	158	15	portfolios	portfolio	NOUN
fsr-3991	158	16	without	without	ADP
fsr-3991	158	17	transaction	transaction	NOUN
fsr-3991	158	18	costs	cost	NOUN
fsr-3991	158	19	and	and	CCONJ
fsr-3991	158	20	lowest	low	ADJ
fsr-3991	158	21	for	for	ADP
fsr-3991	158	22	vwp	vwp	NOUN
fsr-3991	158	23	portfolios	portfolio	NOUN
fsr-3991	158	24	with	with	ADP
fsr-3991	158	25	transaction	transaction	NOUN
fsr-3991	158	26	costs	cost	NOUN
fsr-3991	158	27	.	.	PUNCT
fsr-3991	159	1	this	this	PRON
fsr-3991	159	2	means	mean	VERB
fsr-3991	159	3	that	that	SCONJ
fsr-3991	159	4	ewp	ewp	PROPN
fsr-3991	159	5	portfolios	portfolio	NOUN
fsr-3991	159	6	have	have	VERB
fsr-3991	159	7	the	the	DET
fsr-3991	159	8	potential	potential	NOUN
fsr-3991	159	9	to	to	PART
fsr-3991	159	10	generate	generate	VERB
fsr-3991	159	11	higher	high	ADJ
fsr-3991	159	12	risk	risk	NOUN
fsr-3991	159	13	-	-	PUNCT
fsr-3991	159	14	adjusted	adjust	VERB
fsr-3991	159	15	returns	return	NOUN
fsr-3991	159	16	than	than	ADP
fsr-3991	159	17	vwp	vwp	NOUN
fsr-3991	159	18	portfolios	portfolio	NOUN
fsr-3991	159	19	,	,	PUNCT
fsr-3991	159	20	but	but	CCONJ
fsr-3991	159	21	they	they	PRON
fsr-3991	159	22	may	may	AUX
fsr-3991	159	23	have	have	VERB
fsr-3991	159	24	a	a	DET
fsr-3991	159	25	higher	high	ADJ
fsr-3991	159	26	standard	standard	ADJ
fsr-3991	159	27	deviation	deviation	NOUN
fsr-3991	159	28	(	(	PUNCT
fsr-3991	159	29	riskier	riskier	NOUN
fsr-3991	159	30	)	)	PUNCT
fsr-3991	159	31	.	.	PUNCT
fsr-3991	160	1	the	the	DET
fsr-3991	160	2	table	table	NOUN
fsr-3991	160	3	also	also	ADV
fsr-3991	160	4	shows	show	VERB
fsr-3991	160	5	that	that	SCONJ
fsr-3991	160	6	transaction	transaction	NOUN
fsr-3991	160	7	costs	cost	NOUN
fsr-3991	160	8	significantly	significantly	ADV
fsr-3991	160	9	negatively	negatively	ADV
fsr-3991	160	10	impact	impact	VERB
fsr-3991	160	11	the	the	DET
fsr-3991	160	12	performance	performance	NOUN
fsr-3991	160	13	of	of	ADP
fsr-3991	160	14	ewp	ewp	PROPN
fsr-3991	160	15	portfolios	portfolio	NOUN
fsr-3991	160	16	.	.	PUNCT
fsr-3991	161	1	table	table	NOUN
fsr-3991	161	2	3	3	NUM
fsr-3991	161	3	.	.	PUNCT
fsr-3991	161	4	monthly	monthly	ADJ
fsr-3991	161	5	and	and	CCONJ
fsr-3991	161	6	annualized	annualize	VERB
fsr-3991	161	7	returns	return	NOUN
fsr-3991	161	8	of	of	ADP
fsr-3991	161	9	four	four	NUM
fsr-3991	161	10	portfolios	portfolio	NOUN
fsr-3991	161	11	monthly	monthly	ADJ
fsr-3991	161	12	return	return	NOUN
fsr-3991	161	13	and	and	CCONJ
fsr-3991	161	14	risk	risk	NOUN
fsr-3991	161	15	(	(	PUNCT
fsr-3991	161	16	m=3	m=3	PROPN
fsr-3991	161	17	,	,	PUNCT
fsr-3991	161	18	n	n	NOUN
fsr-3991	161	19	=	=	SYM
fsr-3991	161	20	635,000	635,000	NUM
fsr-3991	161	21	)	)	PUNCT
fsr-3991	162	1	vwp	vwp	NOUN
fsr-3991	162	2	ewp	ewp	INTJ
fsr-3991	163	1	no	no	INTJ
fsr-3991	163	2	tc	tc	INTJ
fsr-3991	163	3	tc	tc	INTJ
fsr-3991	164	1	no	no	DET
fsr-3991	164	2	tc	tc	NOUN
fsr-3991	164	3	tc	tc	NOUN
fsr-3991	164	4	mean	mean	NOUN
fsr-3991	164	5	0.0108	0.0108	NUM
fsr-3991	165	1	0.0107	0.0107	NUM
fsr-3991	165	2	0.0124	0.0124	NUM
fsr-3991	165	3	0.0115	0.0115	NUM
fsr-3991	165	4	median	median	NOUN
fsr-3991	165	5	0.0109	0.0109	NUM
fsr-3991	165	6	0.0108	0.0108	NUM
fsr-3991	165	7	0.0120	0.0120	NUM
fsr-3991	165	8	0.0113	0.0113	NUM
fsr-3991	165	9	stdev	stdev	NOUN
fsr-3991	165	10	0.0648	0.0648	NUM
fsr-3991	165	11	0.0647	0.0647	NUM
fsr-3991	165	12	0.0641	0.0641	NUM
fsr-3991	165	13	0.0640	0.0640	NUM
fsr-3991	165	14	annual	annual	ADJ
fsr-3991	165	15	return	return	NOUN
fsr-3991	165	16	,	,	PUNCT
fsr-3991	165	17	risk	risk	NOUN
fsr-3991	165	18	,	,	PUNCT
fsr-3991	165	19	and	and	CCONJ
fsr-3991	165	20	risk	risk	NOUN
fsr-3991	165	21	-	-	PUNCT
fsr-3991	165	22	adjusted	adjust	VERB
fsr-3991	165	23	return	return	NOUN
fsr-3991	165	24	vwp	vwp	NOUN
fsr-3991	165	25	ewp	ewp	INTJ
fsr-3991	166	1	no	no	INTJ
fsr-3991	166	2	tc	tc	INTJ
fsr-3991	166	3	tc	tc	INTJ
fsr-3991	167	1	no	no	DET
fsr-3991	167	2	tc	tc	NOUN
fsr-3991	167	3	tc	tc	NOUN
fsr-3991	167	4	mean	mean	NOUN
fsr-3991	167	5	0.1373	0.1373	NUM
fsr-3991	167	6	0.1363	0.1363	NUM
fsr-3991	167	7	0.1592	0.1592	NUM
fsr-3991	167	8	0.1477	0.1477	NUM
fsr-3991	167	9	median	median	NOUN
fsr-3991	167	10	0.1390	0.1390	NUM
fsr-3991	167	11	0.1380	0.1380	NUM
fsr-3991	167	12	0.1533	0.1533	NUM
fsr-3991	167	13	0.1441	0.1441	NUM
fsr-3991	167	14	stdev	stdev	NOUN
fsr-3991	167	15	0.2243	0.2243	NUM
fsr-3991	167	16	0.2243	0.2243	NUM
fsr-3991	167	17	0.2219	0.2219	NUM
fsr-3991	167	18	0.2216	0.2216	NUM
fsr-3991	167	19	sharpe	sharpe	PROPN
fsr-3991	167	20	ratio	ratio	NOUN
fsr-3991	167	21	0.3891	0.3891	NUM
fsr-3991	167	22	0.3847	0.3847	NUM
fsr-3991	167	23	0.4918	0.4918	NUM
fsr-3991	167	24	0.4410	0.4410	NUM
fsr-3991	167	25	monthly	monthly	ADJ
fsr-3991	167	26	portfolio	portfolio	NOUN
fsr-3991	167	27	turnover	turnover	NOUN
fsr-3991	167	28	vwp	vwp	NOUN
fsr-3991	167	29	ewp	ewp	PROPN
fsr-3991	167	30	mean	mean	VERB
fsr-3991	167	31	0.0042	0.0042	NUM
fsr-3991	167	32	0.0488	0.0488	NUM
fsr-3991	167	33	median	median	NOUN
fsr-3991	167	34	0.0010	0.0010	NUM
fsr-3991	167	35	0.0384	0.0384	NUM
fsr-3991	167	36	stdev	stdev	NOUN
fsr-3991	167	37	0.0252	0.0252	NUM
fsr-3991	167	38	0.0441	0.0441	NUM
fsr-3991	167	39	correlations	correlation	NOUN
fsr-3991	167	40	ewp	ewp	VERB
fsr-3991	167	41	(	(	PUNCT
fsr-3991	167	42	no	no	DET
fsr-3991	167	43	tc	tc	NOUN
fsr-3991	167	44	)	)	PUNCT
fsr-3991	167	45	ewp	ewp	NOUN
fsr-3991	167	46	(	(	PUNCT
fsr-3991	167	47	tc	tc	NOUN
fsr-3991	167	48	)	)	PUNCT
fsr-3991	167	49	vwp	vwp	NOUN
fsr-3991	167	50	(	(	PUNCT
fsr-3991	167	51	no	no	DET
fsr-3991	167	52	tc	tc	NOUN
fsr-3991	167	53	)	)	PUNCT
fsr-3991	167	54	vwp	vwp	NOUN
fsr-3991	167	55	(	(	PUNCT
fsr-3991	167	56	tc	tc	NOUN
fsr-3991	167	57	)	)	PUNCT
fsr-3991	167	58	ewp	ewp	NOUN
fsr-3991	167	59	(	(	PUNCT
fsr-3991	167	60	no	no	DET
fsr-3991	167	61	tc	tc	NOUN
fsr-3991	167	62	)	)	PUNCT
fsr-3991	167	63	1.0000	1.0000	NUM
fsr-3991	167	64	ewp	ewp	X
fsr-3991	167	65	(	(	PUNCT
fsr-3991	167	66	tc	tc	NOUN
fsr-3991	167	67	)	)	PUNCT
fsr-3991	167	68	0.9944	0.9944	NUM
fsr-3991	167	69	1.0000	1.0000	NUM
fsr-3991	167	70	vwp	vwp	NOUN
fsr-3991	167	71	(	(	PUNCT
fsr-3991	167	72	no	no	DET
fsr-3991	167	73	tc	tc	NOUN
fsr-3991	167	74	)	)	PUNCT
fsr-3991	167	75	0.6354	0.6354	NUM
fsr-3991	167	76	0.6568	0.6568	NUM
fsr-3991	167	77	1.0000	1.0000	NUM
fsr-3991	167	78	vwp	vwp	NOUN
fsr-3991	167	79	(	(	PUNCT
fsr-3991	167	80	tc	tc	NOUN
fsr-3991	167	81	)	)	PUNCT
fsr-3991	167	82	0.6356	0.6356	NUM
fsr-3991	167	83	0.6570	0.6570	NUM
fsr-3991	167	84	0.9998	0.9998	NUM
fsr-3991	167	85	1.0000	1.0000	NUM
fsr-3991	167	86	•	•	NUM
fsr-3991	167	87	1,000	1,000	NUM
fsr-3991	167	88	ewp	ewp	NOUN
fsr-3991	167	89	and	and	CCONJ
fsr-3991	167	90	vwp	vwp	NOUN
fsr-3991	167	91	portfolios	portfolio	NOUN
fsr-3991	167	92	are	be	AUX
fsr-3991	167	93	constructed	construct	VERB
fsr-3991	167	94	using	use	VERB
fsr-3991	167	95	three	three	NUM
fsr-3991	167	96	randomly	randomly	ADV
fsr-3991	167	97	selected	select	VERB
fsr-3991	167	98	stocks	stock	NOUN
fsr-3991	167	99	.	.	PUNCT
fsr-3991	168	1	•	•	NOUN
fsr-3991	168	2	each	each	DET
fsr-3991	168	3	run	run	NOUN
fsr-3991	168	4	examines	examine	VERB
fsr-3991	168	5	the	the	DET
fsr-3991	168	6	portfolio	portfolio	NOUN
fsr-3991	168	7	for	for	ADP
fsr-3991	168	8	the	the	DET
fsr-3991	168	9	whole	whole	ADJ
fsr-3991	168	10	period	period	NOUN
fsr-3991	168	11	using	use	VERB
fsr-3991	168	12	monthly	monthly	ADJ
fsr-3991	168	13	returns	return	NOUN
fsr-3991	168	14	from	from	ADP
fsr-3991	168	15	01/01/1970	01/01/1970	NUM
fsr-3991	168	16	to	to	ADP
fsr-3991	168	17	01/01/2023	01/01/2023	NUM
fsr-3991	168	18	.	.	PUNCT
fsr-3991	169	1	•	•	NUM
fsr-3991	169	2	since	since	SCONJ
fsr-3991	169	3	each	each	DET
fsr-3991	169	4	stock	stock	NOUN
fsr-3991	169	5	has	have	VERB
fsr-3991	169	6	636	636	NUM
fsr-3991	169	7	monthly	monthly	ADJ
fsr-3991	169	8	prices	price	NOUN
fsr-3991	169	9	(	(	PUNCT
fsr-3991	169	10	or	or	CCONJ
fsr-3991	169	11	635	635	NUM
fsr-3991	169	12	returns	return	NOUN
fsr-3991	169	13	)	)	PUNCT
fsr-3991	169	14	,	,	PUNCT
fsr-3991	169	15	one	one	PRON
fsr-3991	169	16	can	can	AUX
fsr-3991	169	17	have	have	VERB
fsr-3991	169	18	n	n	NOUN
fsr-3991	169	19	=	=	SYM
fsr-3991	169	20	635,000	635,000	NUM
fsr-3991	169	21	(	(	PUNCT
fsr-3991	169	22	635	635	NUM
fsr-3991	169	23	x	x	SYM
fsr-3991	169	24	1,000	1,000	NUM
fsr-3991	169	25	)	)	PUNCT
fsr-3991	169	26	.	.	PUNCT
fsr-3991	170	1	•	•	NUM
fsr-3991	170	2	the	the	DET
fsr-3991	170	3	annualized	annualize	VERB
fsr-3991	170	4	returns	return	NOUN
fsr-3991	170	5	are	be	AUX
fsr-3991	170	6	derived	derive	VERB
fsr-3991	170	7	from	from	ADP
fsr-3991	170	8	the	the	DET
fsr-3991	170	9	monthly	monthly	ADJ
fsr-3991	170	10	returns	return	NOUN
fsr-3991	170	11	using	use	VERB
fsr-3991	170	12	the	the	DET
fsr-3991	170	13	formula	formula	NOUN
fsr-3991	170	14	:	:	PUNCT
fsr-3991	170	15	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	PROPN
fsr-3991	170	16	=	=	SYM
fsr-3991	170	17	(	(	PUNCT
fsr-3991	170	18	1	1	NUM
fsr-3991	170	19	+	+	NUM
fsr-3991	170	20	𝑅𝑚𝑜𝑛𝑡ℎ)12	𝑅𝑚𝑜𝑛𝑡ℎ)12	NOUN
fsr-3991	170	21	−	−	NOUN
fsr-3991	171	1	1	1	NUM
fsr-3991	171	2	.	.	NUM
fsr-3991	171	3	•	•	NOUN
fsr-3991	171	4	the	the	DET
fsr-3991	171	5	median	median	ADJ
fsr-3991	171	6	annualized	annualize	VERB
fsr-3991	171	7	returns	return	NOUN
fsr-3991	171	8	in	in	ADP
fsr-3991	171	9	descending	descend	VERB
fsr-3991	171	10	order	order	NOUN
fsr-3991	171	11	for	for	ADP
fsr-3991	171	12	the	the	DET
fsr-3991	171	13	portfolios	portfolio	NOUN
fsr-3991	171	14	are	be	AUX
fsr-3991	171	15	as	as	SCONJ
fsr-3991	171	16	follows	follow	VERB
fsr-3991	171	17	:	:	PUNCT
fsr-3991	171	18	tc	tc	NUM
fsr-3991	171	19	=	=	SYM
fsr-3991	171	20	1.69	1.69	NUM
fsr-3991	171	21	%	%	NOUN
fsr-3991	171	22	of	of	ADP
fsr-3991	171	23	portfolio	portfolio	NOUN
fsr-3991	171	24	turnover	turnover	NOUN
fsr-3991	171	25	.	.	PUNCT
fsr-3991	172	1	malladi	malladi	PROPN
fsr-3991	172	2	&	&	CCONJ
fsr-3991	172	3	stanoyevitch	stanoyevitch	VERB
fsr-3991	172	4	151	151	NUM
fsr-3991	172	5	•	•	NOUN
fsr-3991	172	6	ewp	ewp	PROPN
fsr-3991	172	7	(	(	PUNCT
fsr-3991	172	8	no	no	DET
fsr-3991	172	9	tc	tc	NOUN
fsr-3991	172	10	):	):	PUNCT
fsr-3991	172	11	0.1533	0.1533	NUM
fsr-3991	172	12	,	,	PUNCT
fsr-3991	172	13	ewp	ewp	PROPN
fsr-3991	172	14	(	(	PUNCT
fsr-3991	172	15	tc	tc	NOUN
fsr-3991	172	16	):	):	PUNCT
fsr-3991	172	17	0.1441	0.1441	NUM
fsr-3991	172	18	,	,	PUNCT
fsr-3991	172	19	vwp	vwp	PROPN
fsr-3991	172	20	(	(	PUNCT
fsr-3991	172	21	no	no	DET
fsr-3991	172	22	tc	tc	NOUN
fsr-3991	172	23	):	):	PUNCT
fsr-3991	172	24	0.1390	0.1390	NUM
fsr-3991	172	25	,	,	PUNCT
fsr-3991	172	26	and	and	CCONJ
fsr-3991	172	27	vwp	vwp	NOUN
fsr-3991	172	28	(	(	PUNCT
fsr-3991	172	29	tc	tc	NOUN
fsr-3991	172	30	):	):	PUNCT
fsr-3991	172	31	0.1380	0.1380	NUM
fsr-3991	172	32	.	.	PUNCT
fsr-3991	173	1	•	•	NOUN
fsr-3991	173	2	the	the	DET
fsr-3991	173	3	mean	mean	ADJ
fsr-3991	173	4	values	value	NOUN
fsr-3991	173	5	are	be	AUX
fsr-3991	173	6	0.1592	0.1592	NUM
fsr-3991	173	7	,	,	PUNCT
fsr-3991	173	8	0.1477	0.1477	NUM
fsr-3991	173	9	,	,	PUNCT
fsr-3991	173	10	0.1373	0.1373	NUM
fsr-3991	173	11	,	,	PUNCT
fsr-3991	173	12	and	and	CCONJ
fsr-3991	173	13	0.1363	0.1363	NUM
fsr-3991	173	14	,	,	PUNCT
fsr-3991	173	15	respectively	respectively	ADV
fsr-3991	173	16	.	.	PUNCT
fsr-3991	174	1	•	•	NUM
fsr-3991	174	2	the	the	DET
fsr-3991	174	3	standard	standard	ADJ
fsr-3991	174	4	deviations	deviation	NOUN
fsr-3991	174	5	of	of	ADP
fsr-3991	174	6	annual	annual	ADJ
fsr-3991	174	7	returns	return	NOUN
fsr-3991	174	8	are	be	AUX
fsr-3991	174	9	0.2219	0.2219	NUM
fsr-3991	174	10	,	,	PUNCT
fsr-3991	174	11	0.2216	0.2216	NUM
fsr-3991	174	12	,	,	PUNCT
fsr-3991	174	13	0.2243	0.2243	NUM
fsr-3991	174	14	,	,	PUNCT
fsr-3991	174	15	and	and	CCONJ
fsr-3991	174	16	0.2243	0.2243	NUM
fsr-3991	174	17	,	,	PUNCT
fsr-3991	174	18	respectively	respectively	ADV
fsr-3991	174	19	.	.	PUNCT
fsr-3991	175	1	•	•	NUM
fsr-3991	175	2	assuming	assume	VERB
fsr-3991	175	3	a	a	DET
fsr-3991	175	4	5	5	NUM
fsr-3991	175	5	%	%	NOUN
fsr-3991	175	6	risk	risk	NOUN
fsr-3991	175	7	-	-	PUNCT
fsr-3991	175	8	free	free	ADJ
fsr-3991	175	9	rate	rate	NOUN
fsr-3991	175	10	,	,	PUNCT
fsr-3991	175	11	the	the	DET
fsr-3991	175	12	sharpe	sharpe	PROPN
fsr-3991	175	13	ratios	ratio	NOUN
fsr-3991	175	14	,	,	PUNCT
fsr-3991	175	15	computed	compute	VERB
fsr-3991	175	16	as	as	ADP
fsr-3991	175	17	(	(	PUNCT
fsr-3991	175	18	mean	mean	INTJ
fsr-3991	175	19	–	–	PUNCT
fsr-3991	175	20	rf)/stdev	rf)/stdev	PROPN
fsr-3991	175	21	,	,	PUNCT
fsr-3991	175	22	are	be	AUX
fsr-3991	175	23	0.49	0.49	NUM
fsr-3991	175	24	,	,	PUNCT
fsr-3991	175	25	0.44	0.44	NUM
fsr-3991	175	26	,	,	PUNCT
fsr-3991	175	27	0.39	0.39	NUM
fsr-3991	175	28	,	,	PUNCT
fsr-3991	175	29	and	and	CCONJ
fsr-3991	175	30	0.38	0.38	NUM
fsr-3991	175	31	,	,	PUNCT
fsr-3991	175	32	respectively	respectively	ADV
fsr-3991	175	33	.	.	PUNCT
fsr-3991	176	1	•	•	NUM
fsr-3991	176	2	the	the	DET
fsr-3991	176	3	correlation	correlation	NOUN
fsr-3991	176	4	matrix	matrix	NOUN
fsr-3991	176	5	in	in	ADP
fsr-3991	176	6	the	the	DET
fsr-3991	176	7	lower	low	ADJ
fsr-3991	176	8	panel	panel	NOUN
fsr-3991	176	9	shows	show	VERB
fsr-3991	176	10	that	that	SCONJ
fsr-3991	176	11	vwp	vwp	PROPN
fsr-3991	176	12	and	and	CCONJ
fsr-3991	176	13	ewp	ewp	PROPN
fsr-3991	176	14	have	have	VERB
fsr-3991	176	15	a	a	DET
fsr-3991	176	16	monthly	monthly	ADJ
fsr-3991	176	17	correlation	correlation	NOUN
fsr-3991	176	18	of	of	ADP
fsr-3991	176	19	0.6354	0.6354	NUM
fsr-3991	176	20	without	without	ADP
fsr-3991	176	21	tc	tc	NOUN
fsr-3991	176	22	and	and	CCONJ
fsr-3991	176	23	0.6570	0.6570	NUM
fsr-3991	176	24	with	with	ADP
fsr-3991	176	25	tc	tc	NOUN
fsr-3991	176	26	.	.	PUNCT
fsr-3991	176	27	to	to	PART
fsr-3991	176	28	calculate	calculate	VERB
fsr-3991	176	29	the	the	DET
fsr-3991	176	30	annualized	annualize	VERB
fsr-3991	176	31	returns	return	NOUN
fsr-3991	176	32	,	,	PUNCT
fsr-3991	176	33	the	the	DET
fsr-3991	176	34	formula	formula	NOUN
fsr-3991	176	35	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	PROPN
fsr-3991	176	36	=	=	PUNCT
fsr-3991	176	37	(	(	PUNCT
fsr-3991	176	38	1	1	NUM
fsr-3991	176	39	+	+	NUM
fsr-3991	176	40	𝑅𝑚𝑜𝑛𝑡ℎ)12	𝑅𝑚𝑜𝑛𝑡ℎ)12	NOUN
fsr-3991	176	41	−	−	NOUN
fsr-3991	176	42	1	1	NUM
fsr-3991	176	43	is	be	AUX
fsr-3991	176	44	applied	apply	VERB
fsr-3991	176	45	to	to	ADP
fsr-3991	176	46	the	the	DET
fsr-3991	176	47	monthly	monthly	ADJ
fsr-3991	176	48	returns	return	NOUN
fsr-3991	176	49	.	.	PUNCT
fsr-3991	177	1	this	this	DET
fsr-3991	177	2	transformation	transformation	NOUN
fsr-3991	177	3	accounts	account	VERB
fsr-3991	177	4	for	for	ADP
fsr-3991	177	5	compounding	compound	VERB
fsr-3991	177	6	over	over	ADP
fsr-3991	177	7	one	one	NUM
fsr-3991	177	8	year	year	NOUN
fsr-3991	177	9	.	.	PUNCT
fsr-3991	178	1	the	the	DET
fsr-3991	178	2	resulting	result	VERB
fsr-3991	178	3	median	median	ADJ
fsr-3991	178	4	annualized	annualize	VERB
fsr-3991	178	5	returns	return	NOUN
fsr-3991	178	6	for	for	ADP
fsr-3991	178	7	the	the	DET
fsr-3991	178	8	portfolios	portfolio	NOUN
fsr-3991	178	9	,	,	PUNCT
fsr-3991	178	10	presented	present	VERB
fsr-3991	178	11	in	in	ADP
fsr-3991	178	12	descending	descend	VERB
fsr-3991	178	13	order	order	NOUN
fsr-3991	178	14	,	,	PUNCT
fsr-3991	178	15	are	be	AUX
fsr-3991	178	16	as	as	SCONJ
fsr-3991	178	17	follows	follow	VERB
fsr-3991	178	18	:	:	PUNCT
fsr-3991	178	19	ewp	ewp	PROPN
fsr-3991	178	20	(	(	PUNCT
fsr-3991	178	21	no	no	DET
fsr-3991	178	22	tc	tc	NOUN
fsr-3991	178	23	)	)	PUNCT
fsr-3991	178	24	with	with	ADP
fsr-3991	178	25	a	a	DET
fsr-3991	178	26	value	value	NOUN
fsr-3991	178	27	of	of	ADP
fsr-3991	178	28	0.1533	0.1533	NUM
fsr-3991	178	29	,	,	PUNCT
fsr-3991	178	30	ewp	ewp	PROPN
fsr-3991	178	31	(	(	PUNCT
fsr-3991	178	32	tc	tc	NOUN
fsr-3991	178	33	)	)	PUNCT
fsr-3991	178	34	with	with	ADP
fsr-3991	178	35	0.1441	0.1441	NUM
fsr-3991	178	36	,	,	PUNCT
fsr-3991	178	37	vwp	vwp	PROPN
fsr-3991	178	38	(	(	PUNCT
fsr-3991	178	39	no	no	DET
fsr-3991	178	40	tc	tc	NOUN
fsr-3991	178	41	)	)	PUNCT
fsr-3991	178	42	with	with	ADP
fsr-3991	178	43	0.1390	0.1390	NUM
fsr-3991	178	44	,	,	PUNCT
fsr-3991	178	45	and	and	CCONJ
fsr-3991	178	46	vwp	vwp	NOUN
fsr-3991	178	47	(	(	PUNCT
fsr-3991	178	48	tc	tc	NOUN
fsr-3991	178	49	)	)	PUNCT
fsr-3991	178	50	with	with	ADP
fsr-3991	178	51	0.1380	0.1380	NUM
fsr-3991	178	52	.	.	PUNCT
fsr-3991	179	1	additionally	additionally	ADV
fsr-3991	179	2	,	,	PUNCT
fsr-3991	179	3	the	the	DET
fsr-3991	179	4	mean	mean	ADJ
fsr-3991	179	5	values	value	NOUN
fsr-3991	179	6	for	for	ADP
fsr-3991	179	7	these	these	DET
fsr-3991	179	8	portfolios	portfolio	NOUN
fsr-3991	179	9	are	be	AUX
fsr-3991	179	10	calculated	calculate	VERB
fsr-3991	179	11	,	,	PUNCT
fsr-3991	179	12	and	and	CCONJ
fsr-3991	179	13	they	they	PRON
fsr-3991	179	14	are	be	AUX
fsr-3991	179	15	as	as	SCONJ
fsr-3991	179	16	follows	follow	VERB
fsr-3991	179	17	:	:	PUNCT
fsr-3991	179	18	0.1592	0.1592	NUM
fsr-3991	179	19	for	for	ADP
fsr-3991	179	20	ewp	ewp	PROPN
fsr-3991	179	21	(	(	PUNCT
fsr-3991	179	22	no	no	DET
fsr-3991	179	23	tc	tc	NOUN
fsr-3991	179	24	)	)	PUNCT
fsr-3991	179	25	,	,	PUNCT
fsr-3991	179	26	0.1477	0.1477	NUM
fsr-3991	179	27	for	for	ADP
fsr-3991	179	28	ewp	ewp	PROPN
fsr-3991	179	29	(	(	PUNCT
fsr-3991	179	30	tc	tc	NOUN
fsr-3991	179	31	)	)	PUNCT
fsr-3991	179	32	,	,	PUNCT
fsr-3991	179	33	0.1373	0.1373	NUM
fsr-3991	179	34	for	for	ADP
fsr-3991	179	35	vwp	vwp	NOUN
fsr-3991	179	36	(	(	PUNCT
fsr-3991	179	37	no	no	DET
fsr-3991	179	38	tc	tc	NOUN
fsr-3991	179	39	)	)	PUNCT
fsr-3991	179	40	,	,	PUNCT
fsr-3991	179	41	and	and	CCONJ
fsr-3991	179	42	0.1363	0.1363	NUM
fsr-3991	179	43	for	for	ADP
fsr-3991	179	44	vwp	vwp	PROPN
fsr-3991	179	45	(	(	PUNCT
fsr-3991	179	46	tc	tc	NOUN
fsr-3991	179	47	)	)	PUNCT
fsr-3991	179	48	.	.	PUNCT
fsr-3991	180	1	furthermore	furthermore	ADV
fsr-3991	180	2	,	,	PUNCT
fsr-3991	180	3	the	the	DET
fsr-3991	180	4	standard	standard	ADJ
fsr-3991	180	5	deviations	deviation	NOUN
fsr-3991	180	6	of	of	ADP
fsr-3991	180	7	the	the	DET
fsr-3991	180	8	annual	annual	ADJ
fsr-3991	180	9	returns	return	NOUN
fsr-3991	180	10	are	be	AUX
fsr-3991	180	11	calculated	calculate	VERB
fsr-3991	180	12	,	,	PUNCT
fsr-3991	180	13	yielding	yield	VERB
fsr-3991	180	14	values	value	NOUN
fsr-3991	180	15	of	of	ADP
fsr-3991	180	16	0.2219	0.2219	NUM
fsr-3991	180	17	for	for	ADP
fsr-3991	180	18	ewp	ewp	PROPN
fsr-3991	180	19	(	(	PUNCT
fsr-3991	180	20	no	no	DET
fsr-3991	180	21	tc	tc	NOUN
fsr-3991	180	22	)	)	PUNCT
fsr-3991	180	23	,	,	PUNCT
fsr-3991	180	24	0.2216	0.2216	NUM
fsr-3991	180	25	for	for	ADP
fsr-3991	180	26	ewp	ewp	PROPN
fsr-3991	180	27	(	(	PUNCT
fsr-3991	180	28	tc	tc	NOUN
fsr-3991	180	29	)	)	PUNCT
fsr-3991	180	30	,	,	PUNCT
fsr-3991	180	31	0.2243	0.2243	NUM
fsr-3991	180	32	for	for	ADP
fsr-3991	180	33	vwp	vwp	PROPN
fsr-3991	180	34	(	(	PUNCT
fsr-3991	180	35	no	no	DET
fsr-3991	180	36	tc	tc	NOUN
fsr-3991	180	37	)	)	PUNCT
fsr-3991	180	38	,	,	PUNCT
fsr-3991	180	39	and	and	CCONJ
fsr-3991	180	40	0.2243	0.2243	NUM
fsr-3991	180	41	for	for	ADP
fsr-3991	180	42	vwp	vwp	PROPN
fsr-3991	180	43	(	(	PUNCT
fsr-3991	180	44	tc	tc	NOUN
fsr-3991	180	45	)	)	PUNCT
fsr-3991	180	46	.	.	PUNCT
fsr-3991	181	1	the	the	DET
fsr-3991	181	2	vwp	vwp	PROPN
fsr-3991	181	3	and	and	CCONJ
fsr-3991	181	4	ewp	ewp	PROPN
fsr-3991	181	5	have	have	VERB
fsr-3991	181	6	a	a	DET
fsr-3991	181	7	monthly	monthly	ADJ
fsr-3991	181	8	correlation	correlation	NOUN
fsr-3991	181	9	of	of	ADP
fsr-3991	181	10	0.6354	0.6354	NUM
fsr-3991	181	11	without	without	ADP
fsr-3991	181	12	tc	tc	NOUN
fsr-3991	181	13	and	and	CCONJ
fsr-3991	181	14	0.6570	0.6570	NUM
fsr-3991	181	15	with	with	ADP
fsr-3991	181	16	tc	tc	NOUN
fsr-3991	181	17	.	.	PUNCT
fsr-3991	182	1	the	the	DET
fsr-3991	182	2	10	10	NUM
fsr-3991	182	3	-	-	PUNCT
fsr-3991	182	4	year	year	NOUN
fsr-3991	182	5	us	us	PROPN
fsr-3991	182	6	treasury	treasury	PROPN
fsr-3991	182	7	bond	bond	NOUN
fsr-3991	182	8	yield	yield	NOUN
fsr-3991	182	9	at	at	ADP
fsr-3991	182	10	the	the	DET
fsr-3991	182	11	end	end	NOUN
fsr-3991	182	12	of	of	ADP
fsr-3991	182	13	each	each	DET
fsr-3991	182	14	year	year	NOUN
fsr-3991	182	15	is	be	AUX
fsr-3991	182	16	sourced	source	VERB
fsr-3991	182	17	from	from	ADP
fsr-3991	182	18	the	the	DET
fsr-3991	182	19	federal	federal	PROPN
fsr-3991	182	20	reserve	reserve	PROPN
fsr-3991	182	21	of	of	ADP
fsr-3991	182	22	st	st	PROPN
fsr-3991	182	23	.	.	PROPN
fsr-3991	182	24	louis	louis	PROPN
fsr-3991	182	25	(	(	PUNCT
fsr-3991	182	26	fred	fred	PROPN
fsr-3991	182	27	)	)	PUNCT
fsr-3991	182	28	and	and	CCONJ
fsr-3991	182	29	compiled	compile	VERB
fsr-3991	182	30	by	by	ADP
fsr-3991	182	31	professor	professor	NOUN
fsr-3991	182	32	damodaran3	damodaran3	NOUN
fsr-3991	182	33	.	.	PUNCT
fsr-3991	183	1	the	the	DET
fsr-3991	183	2	average	average	ADJ
fsr-3991	183	3	yield	yield	NOUN
fsr-3991	183	4	from	from	ADP
fsr-3991	183	5	1970	1970	NUM
fsr-3991	183	6	to	to	ADP
fsr-3991	183	7	2023	2023	NUM
fsr-3991	183	8	is	be	AUX
fsr-3991	183	9	rounded	round	VERB
fsr-3991	183	10	to	to	ADP
fsr-3991	183	11	5	5	NUM
fsr-3991	183	12	%	%	NOUN
fsr-3991	183	13	and	and	CCONJ
fsr-3991	183	14	used	use	VERB
fsr-3991	183	15	as	as	ADP
fsr-3991	183	16	the	the	DET
fsr-3991	183	17	risk	risk	NOUN
fsr-3991	183	18	-	-	PUNCT
fsr-3991	183	19	free	free	ADJ
fsr-3991	183	20	rate	rate	NOUN
fsr-3991	183	21	.	.	PUNCT
fsr-3991	184	1	this	this	DET
fsr-3991	184	2	rate	rate	NOUN
fsr-3991	184	3	enables	enable	VERB
fsr-3991	184	4	the	the	DET
fsr-3991	184	5	computation	computation	NOUN
fsr-3991	184	6	of	of	ADP
fsr-3991	184	7	sharpe	sharpe	PROPN
fsr-3991	184	8	ratios	ratio	NOUN
fsr-3991	184	9	to	to	PART
fsr-3991	184	10	assess	assess	VERB
fsr-3991	184	11	the	the	DET
fsr-3991	184	12	risk	risk	NOUN
fsr-3991	184	13	-	-	PUNCT
fsr-3991	184	14	adjusted	adjust	VERB
fsr-3991	184	15	performance	performance	NOUN
fsr-3991	184	16	of	of	ADP
fsr-3991	184	17	each	each	DET
fsr-3991	184	18	portfolio	portfolio	NOUN
fsr-3991	184	19	.	.	PUNCT
fsr-3991	185	1	the	the	DET
fsr-3991	185	2	sharpe	sharpe	PROPN
fsr-3991	185	3	ratio	ratio	PROPN
fsr-3991	185	4	,	,	PUNCT
fsr-3991	185	5	computed	compute	VERB
fsr-3991	185	6	as	as	ADP
fsr-3991	185	7	(	(	PUNCT
fsr-3991	185	8	mean	mean	ADV
fsr-3991	185	9	annualized	annualize	VERB
fsr-3991	185	10	return	return	NOUN
fsr-3991	185	11	–	–	PUNCT
fsr-3991	185	12	annual	annual	ADJ
fsr-3991	185	13	risk	risk	NOUN
fsr-3991	185	14	-	-	PUNCT
fsr-3991	185	15	free	free	ADJ
fsr-3991	185	16	rate	rate	NOUN
fsr-3991	185	17	)	)	PUNCT
fsr-3991	185	18	/	/	SYM
fsr-3991	185	19	standard	standard	ADJ
fsr-3991	185	20	deviation	deviation	NOUN
fsr-3991	185	21	of	of	ADP
fsr-3991	185	22	annualized	annualize	VERB
fsr-3991	185	23	return	return	NOUN
fsr-3991	185	24	,	,	PUNCT
fsr-3991	185	25	quantifies	quantify	VERB
fsr-3991	185	26	the	the	DET
fsr-3991	185	27	return	return	NOUN
fsr-3991	185	28	achieved	achieve	VERB
fsr-3991	185	29	per	per	ADP
fsr-3991	185	30	unit	unit	NOUN
fsr-3991	185	31	of	of	ADP
fsr-3991	185	32	risk	risk	NOUN
fsr-3991	185	33	taken	take	VERB
fsr-3991	185	34	.	.	PUNCT
fsr-3991	186	1	the	the	DET
fsr-3991	186	2	observed	observed	ADJ
fsr-3991	186	3	sharpe	sharpe	PROPN
fsr-3991	186	4	ratios	ratio	NOUN
fsr-3991	186	5	,	,	PUNCT
fsr-3991	186	6	denoting	denote	VERB
fsr-3991	186	7	the	the	DET
fsr-3991	186	8	risk	risk	NOUN
fsr-3991	186	9	-	-	PUNCT
fsr-3991	186	10	adjusted	adjust	VERB
fsr-3991	186	11	performance	performance	NOUN
fsr-3991	186	12	,	,	PUNCT
fsr-3991	186	13	were	be	AUX
fsr-3991	186	14	determined	determine	VERB
fsr-3991	186	15	as	as	ADP
fsr-3991	186	16	0.49	0.49	NUM
fsr-3991	186	17	for	for	ADP
fsr-3991	186	18	ewp	ewp	PROPN
fsr-3991	186	19	(	(	PUNCT
fsr-3991	186	20	no	no	DET
fsr-3991	186	21	tc	tc	NOUN
fsr-3991	186	22	)	)	PUNCT
fsr-3991	186	23	and	and	CCONJ
fsr-3991	186	24	0.44	0.44	NUM
fsr-3991	186	25	for	for	ADP
fsr-3991	186	26	ewp	ewp	PROPN
fsr-3991	186	27	(	(	PUNCT
fsr-3991	186	28	tc	tc	NOUN
fsr-3991	186	29	)	)	PUNCT
fsr-3991	186	30	,	,	PUNCT
fsr-3991	186	31	followed	follow	VERB
fsr-3991	186	32	by	by	ADP
fsr-3991	186	33	0.39	0.39	NUM
fsr-3991	186	34	for	for	ADP
fsr-3991	186	35	vwp	vwp	NOUN
fsr-3991	186	36	(	(	PUNCT
fsr-3991	186	37	no	no	DET
fsr-3991	186	38	tc	tc	NOUN
fsr-3991	186	39	)	)	PUNCT
fsr-3991	186	40	and	and	CCONJ
fsr-3991	186	41	0.38	0.38	NUM
fsr-3991	186	42	for	for	ADP
fsr-3991	186	43	vwp	vwp	PROPN
fsr-3991	186	44	(	(	PUNCT
fsr-3991	186	45	tc	tc	NOUN
fsr-3991	186	46	)	)	PUNCT
fsr-3991	186	47	,	,	PUNCT
fsr-3991	186	48	portraying	portray	VERB
fsr-3991	186	49	a	a	DET
fsr-3991	186	50	comprehensive	comprehensive	ADJ
fsr-3991	186	51	perspective	perspective	NOUN
fsr-3991	186	52	on	on	ADP
fsr-3991	186	53	the	the	DET
fsr-3991	186	54	relative	relative	ADJ
fsr-3991	186	55	risk	risk	NOUN
fsr-3991	186	56	-	-	PUNCT
fsr-3991	186	57	adjusted	adjust	VERB
fsr-3991	186	58	performance	performance	NOUN
fsr-3991	186	59	of	of	ADP
fsr-3991	186	60	these	these	DET
fsr-3991	186	61	portfolios	portfolio	NOUN
fsr-3991	186	62	.	.	PUNCT
fsr-3991	187	1	figure	figure	NOUN
fsr-3991	187	2	2	2	NUM
fsr-3991	187	3	depicts	depict	VERB
fsr-3991	187	4	the	the	DET
fsr-3991	187	5	four	four	NUM
fsr-3991	187	6	portfolios	portfolio	NOUN
fsr-3991	187	7	'	'	PART
fsr-3991	187	8	historical	historical	ADJ
fsr-3991	187	9	median	median	NOUN
fsr-3991	187	10	and	and	CCONJ
fsr-3991	187	11	mean	mean	ADJ
fsr-3991	187	12	values	value	NOUN
fsr-3991	187	13	.	.	PUNCT
fsr-3991	188	1	figure	figure	VERB
fsr-3991	188	2	3	3	NUM
fsr-3991	188	3	displays	display	VERB
fsr-3991	188	4	the	the	DET
fsr-3991	188	5	four	four	NUM
fsr-3991	188	6	portfolios	portfolio	NOUN
fsr-3991	188	7	'	'	PART
fsr-3991	188	8	mean	mean	VERB
fsr-3991	188	9	annualized	annualize	VERB
fsr-3991	188	10	return	return	NOUN
fsr-3991	188	11	kernel	kernel	NOUN
fsr-3991	188	12	densities	density	NOUN
fsr-3991	188	13	.	.	PUNCT
fsr-3991	189	1	the	the	DET
fsr-3991	189	2	mean	mean	ADJ
fsr-3991	189	3	portfolio	portfolio	NOUN
fsr-3991	189	4	values	value	NOUN
fsr-3991	189	5	are	be	AUX
fsr-3991	189	6	higher	high	ADJ
fsr-3991	189	7	than	than	ADP
fsr-3991	189	8	the	the	DET
fsr-3991	189	9	median	median	NOUN
fsr-3991	189	10	.	.	PUNCT
fsr-3991	190	1	without	without	ADP
fsr-3991	190	2	transaction	transaction	NOUN
fsr-3991	190	3	costs	cost	NOUN
fsr-3991	190	4	,	,	PUNCT
fsr-3991	190	5	ewp	ewp	PROPN
fsr-3991	190	6	's	's	PART
fsr-3991	190	7	ending	end	VERB
fsr-3991	190	8	value	value	NOUN
fsr-3991	190	9	surpasses	surpasse	NOUN
fsr-3991	190	10	vwp	vwp	PROPN
fsr-3991	190	11	94.5	94.5	NUM
fsr-3991	190	12	%	%	NOUN
fsr-3991	190	13	of	of	ADP
fsr-3991	190	14	the	the	DET
fsr-3991	190	15	time	time	NOUN
fsr-3991	190	16	(	(	PUNCT
fsr-3991	190	17	and	and	CCONJ
fsr-3991	190	18	84.0	84.0	NUM
fsr-3991	190	19	%	%	NOUN
fsr-3991	190	20	with	with	ADP
fsr-3991	190	21	tc	tc	NOUN
fsr-3991	190	22	)	)	PUNCT
fsr-3991	190	23	.	.	PUNCT
fsr-3991	191	1	ewp	ewp	PROPN
fsr-3991	191	2	's	's	PART
fsr-3991	191	3	mean	mean	ADJ
fsr-3991	191	4	and	and	CCONJ
fsr-3991	191	5	standard	standard	ADJ
fsr-3991	191	6	deviation	deviation	NOUN
fsr-3991	191	7	of	of	ADP
fsr-3991	191	8	monthly	monthly	ADJ
fsr-3991	191	9	returns	return	NOUN
fsr-3991	191	10	exceeds	exceed	VERB
fsr-3991	191	11	vwp	vwp	PROPN
fsr-3991	191	12	90.9	90.9	NUM
fsr-3991	191	13	%	%	NOUN
fsr-3991	191	14	of	of	ADP
fsr-3991	191	15	the	the	DET
fsr-3991	191	16	time	time	NOUN
fsr-3991	191	17	without	without	ADP
fsr-3991	191	18	tc	tc	PROPN
fsr-3991	191	19	(	(	PUNCT
fsr-3991	191	20	80.5	80.5	NUM
fsr-3991	191	21	%	%	NOUN
fsr-3991	191	22	with	with	ADP
fsr-3991	191	23	tc	tc	NOUN
fsr-3991	191	24	)	)	PUNCT
fsr-3991	191	25	.	.	PUNCT
fsr-3991	192	1	3	3	NUM
fsr-3991	192	2	historical	historical	ADJ
fsr-3991	192	3	returns	return	NOUN
fsr-3991	192	4	on	on	ADP
fsr-3991	192	5	stocks	stock	NOUN
fsr-3991	192	6	,	,	PUNCT
fsr-3991	192	7	bonds	bond	NOUN
fsr-3991	192	8	and	and	CCONJ
fsr-3991	192	9	bills	bill	NOUN
fsr-3991	192	10	:	:	PUNCT
fsr-3991	192	11	19282023	19282023	NUM
fsr-3991	192	12	:	:	PUNCT
fsr-3991	192	13	https://pages.stern.nyu.edu/~adamodar/	https://pages.stern.nyu.edu/~adamodar/	PROPN
fsr-3991	192	14	https://pages.stern.nyu.edu/~adamodar/	https://pages.stern.nyu.edu/~adamodar/	PROPN
fsr-3991	192	15	financial	financial	PROPN
fsr-3991	192	16	services	service	NOUN
fsr-3991	192	17	review	review	PROPN
fsr-3991	192	18	,	,	PUNCT
fsr-3991	192	19	33(1	33(1	NUM
fsr-3991	192	20	)	)	PUNCT
fsr-3991	192	21	152	152	NUM
fsr-3991	192	22	figure	figure	NOUN
fsr-3991	192	23	2	2	NUM
fsr-3991	192	24	.	.	NOUN
fsr-3991	192	25	historical	historical	ADJ
fsr-3991	192	26	portfolio	portfolio	NOUN
fsr-3991	192	27	median	median	PROPN
fsr-3991	192	28	(	(	PUNCT
fsr-3991	192	29	left	left	ADJ
fsr-3991	192	30	)	)	PUNCT
fsr-3991	192	31	and	and	CCONJ
fsr-3991	192	32	mean	mean	ADJ
fsr-3991	192	33	(	(	PUNCT
fsr-3991	192	34	right	right	ADJ
fsr-3991	192	35	)	)	PUNCT
fsr-3991	192	36	value	value	NOUN
fsr-3991	192	37	•	•	ADP
fsr-3991	192	38	the	the	DET
fsr-3991	192	39	y	y	ADJ
fsr-3991	192	40	-	-	PUNCT
fsr-3991	192	41	axis	axis	NOUN
fsr-3991	192	42	scale	scale	NOUN
fsr-3991	192	43	on	on	ADP
fsr-3991	192	44	the	the	DET
fsr-3991	192	45	right	right	ADJ
fsr-3991	192	46	chart	chart	NOUN
fsr-3991	192	47	is	be	AUX
fsr-3991	192	48	higher	high	ADJ
fsr-3991	192	49	than	than	ADP
fsr-3991	192	50	that	that	PRON
fsr-3991	192	51	of	of	ADP
fsr-3991	192	52	the	the	DET
fsr-3991	192	53	left	left	NOUN
fsr-3991	192	54	(	(	PUNCT
fsr-3991	192	55	10	10	NUM
fsr-3991	192	56	x	x	SYM
fsr-3991	192	57	104	104	NUM
fsr-3991	192	58	compared	compare	VERB
fsr-3991	192	59	to	to	ADP
fsr-3991	192	60	7	7	NUM
fsr-3991	192	61	x	x	SYM
fsr-3991	192	62	104	104	NUM
fsr-3991	192	63	)	)	PUNCT
fsr-3991	192	64	.	.	PUNCT
fsr-3991	193	1	•	•	NOUN
fsr-3991	193	2	the	the	DET
fsr-3991	193	3	two	two	NUM
fsr-3991	193	4	figures	figure	NOUN
fsr-3991	193	5	display	display	VERB
fsr-3991	193	6	ending	end	VERB
fsr-3991	193	7	values	value	NOUN
fsr-3991	193	8	for	for	ADP
fsr-3991	193	9	four	four	NUM
fsr-3991	193	10	portfolios	portfolio	NOUN
fsr-3991	193	11	(	(	PUNCT
fsr-3991	193	12	vwp	vwp	PROPN
fsr-3991	193	13	,	,	PUNCT
fsr-3991	193	14	ewp	ewp	PROPN
fsr-3991	193	15	,	,	PUNCT
fsr-3991	193	16	with	with	ADP
fsr-3991	193	17	and	and	CCONJ
fsr-3991	193	18	without	without	ADP
fsr-3991	193	19	transaction	transaction	NOUN
fsr-3991	193	20	costs	cost	NOUN
fsr-3991	193	21	,	,	PUNCT
fsr-3991	193	22	tc	tc	NOUN
fsr-3991	193	23	)	)	PUNCT
fsr-3991	193	24	.	.	PUNCT
fsr-3991	194	1	tc	tc	NOUN
fsr-3991	194	2	=	=	SYM
fsr-3991	195	1	1.69	1.69	NUM
fsr-3991	195	2	%	%	NOUN
fsr-3991	195	3	of	of	ADP
fsr-3991	195	4	portfolio	portfolio	NOUN
fsr-3991	195	5	turnover	turnover	NOUN
fsr-3991	195	6	.	.	PUNCT
fsr-3991	196	1	•	•	NUM
fsr-3991	196	2	1,000	1,000	NUM
fsr-3991	196	3	ewp	ewp	NOUN
fsr-3991	196	4	and	and	CCONJ
fsr-3991	196	5	vwp	vwp	NOUN
fsr-3991	196	6	portfolios	portfolio	NOUN
fsr-3991	196	7	are	be	AUX
fsr-3991	196	8	constructed	construct	VERB
fsr-3991	196	9	using	use	VERB
fsr-3991	196	10	three	three	NUM
fsr-3991	196	11	randomly	randomly	ADV
fsr-3991	196	12	selected	select	VERB
fsr-3991	196	13	stocks	stock	NOUN
fsr-3991	196	14	.	.	PUNCT
fsr-3991	197	1	the	the	DET
fsr-3991	197	2	median	median	ADJ
fsr-3991	197	3	portfolio	portfolio	NOUN
fsr-3991	197	4	values	value	NOUN
fsr-3991	197	5	are	be	AUX
fsr-3991	197	6	on	on	ADP
fsr-3991	197	7	the	the	DET
fsr-3991	197	8	left	left	NOUN
fsr-3991	197	9	,	,	PUNCT
fsr-3991	197	10	and	and	CCONJ
fsr-3991	197	11	the	the	DET
fsr-3991	197	12	mean	mean	NOUN
fsr-3991	197	13	is	be	AUX
fsr-3991	197	14	on	on	ADP
fsr-3991	197	15	the	the	DET
fsr-3991	197	16	right	right	NOUN
fsr-3991	197	17	.	.	PUNCT
fsr-3991	198	1	each	each	DET
fsr-3991	198	2	run	run	NOUN
fsr-3991	198	3	examines	examine	VERB
fsr-3991	198	4	the	the	DET
fsr-3991	198	5	portfolio	portfolio	NOUN
fsr-3991	198	6	for	for	ADP
fsr-3991	198	7	the	the	DET
fsr-3991	198	8	whole	whole	ADJ
fsr-3991	198	9	period	period	NOUN
fsr-3991	198	10	using	use	VERB
fsr-3991	198	11	monthly	monthly	ADJ
fsr-3991	198	12	returns	return	NOUN
fsr-3991	198	13	from	from	ADP
fsr-3991	198	14	01/01/1970	01/01/1970	NUM
fsr-3991	198	15	to	to	ADP
fsr-3991	198	16	01/01/2023	01/01/2023	NUM
fsr-3991	198	17	.	.	PUNCT
fsr-3991	199	1	malladi	malladi	PROPN
fsr-3991	199	2	&	&	CCONJ
fsr-3991	199	3	stanoyevitch	stanoyevitch	VERB
fsr-3991	199	4	153	153	NUM
fsr-3991	199	5	•	•	NOUN
fsr-3991	199	6	without	without	ADP
fsr-3991	199	7	tc	tc	NOUN
fsr-3991	199	8	,	,	PUNCT
fsr-3991	199	9	ewp	ewp	PROPN
fsr-3991	199	10	's	's	PART
fsr-3991	199	11	ending	end	VERB
fsr-3991	199	12	value	value	NOUN
fsr-3991	199	13	surpasses	surpasse	NOUN
fsr-3991	199	14	vwp	vwp	PROPN
fsr-3991	199	15	94.5	94.5	NUM
fsr-3991	199	16	%	%	NOUN
fsr-3991	199	17	of	of	ADP
fsr-3991	199	18	the	the	DET
fsr-3991	199	19	time	time	NOUN
fsr-3991	199	20	(	(	PUNCT
fsr-3991	199	21	and	and	CCONJ
fsr-3991	199	22	84.0	84.0	NUM
fsr-3991	199	23	%	%	NOUN
fsr-3991	199	24	with	with	ADP
fsr-3991	199	25	tc	tc	NOUN
fsr-3991	199	26	)	)	PUNCT
fsr-3991	199	27	.	.	PUNCT
fsr-3991	200	1	•	•	NOUN
fsr-3991	200	2	the	the	DET
fsr-3991	200	3	ewp	ewp	PROPN
fsr-3991	200	4	’s	’s	PART
fsr-3991	200	5	mean	mean	ADJ
fsr-3991	200	6	/	/	SYM
fsr-3991	200	7	standard	standard	ADJ
fsr-3991	200	8	deviation	deviation	NOUN
fsr-3991	200	9	of	of	ADP
fsr-3991	200	10	monthly	monthly	ADJ
fsr-3991	200	11	returns	return	NOUN
fsr-3991	200	12	surpasses	surpass	VERB
fsr-3991	200	13	vwp	vwp	PROPN
fsr-3991	200	14	90.9	90.9	NUM
fsr-3991	200	15	%	%	NOUN
fsr-3991	200	16	of	of	ADP
fsr-3991	200	17	the	the	DET
fsr-3991	200	18	time	time	NOUN
fsr-3991	200	19	without	without	ADP
fsr-3991	200	20	tc	tc	PROPN
fsr-3991	200	21	(	(	PUNCT
fsr-3991	200	22	80.5	80.5	NUM
fsr-3991	200	23	%	%	NOUN
fsr-3991	200	24	with	with	ADP
fsr-3991	200	25	tc	tc	NOUN
fsr-3991	200	26	)	)	PUNCT
fsr-3991	200	27	.	.	PUNCT
fsr-3991	201	1	•	•	NOUN
fsr-3991	201	2	for	for	ADP
fsr-3991	201	3	$	$	SYM
fsr-3991	201	4	100	100	NUM
fsr-3991	201	5	invested	invest	VERB
fsr-3991	201	6	on	on	ADP
fsr-3991	201	7	01/01/1970	01/01/1970	NUM
fsr-3991	201	8	,	,	PUNCT
fsr-3991	201	9	the	the	DET
fsr-3991	201	10	median	median	ADJ
fsr-3991	201	11	portfolio	portfolio	NOUN
fsr-3991	201	12	ending	end	VERB
fsr-3991	201	13	values	value	NOUN
fsr-3991	201	14	on	on	ADP
fsr-3991	201	15	01/01/2023	01/01/2023	NUM
fsr-3991	201	16	are	be	AUX
fsr-3991	201	17	as	as	SCONJ
fsr-3991	201	18	follows	follow	VERB
fsr-3991	201	19	:	:	PUNCT
fsr-3991	201	20	ewp	ewp	PROPN
fsr-3991	201	21	(	(	PUNCT
fsr-3991	201	22	no	no	DET
fsr-3991	201	23	tc	tc	NOUN
fsr-3991	201	24	):	):	PUNCT
fsr-3991	201	25	$	$	SYM
fsr-3991	201	26	69,638	69,638	NUM
fsr-3991	201	27	,	,	PUNCT
fsr-3991	201	28	ewp	ewp	PROPN
fsr-3991	201	29	(	(	PUNCT
fsr-3991	201	30	tc	tc	NOUN
fsr-3991	201	31	):	):	PUNCT
fsr-3991	201	32	$	$	SYM
fsr-3991	201	33	43,079	43,079	NUM
fsr-3991	201	34	,	,	PUNCT
fsr-3991	201	35	vwp	vwp	PROPN
fsr-3991	201	36	(	(	PUNCT
fsr-3991	201	37	no	no	DET
fsr-3991	201	38	tc	tc	NOUN
fsr-3991	201	39	):	):	PUNCT
fsr-3991	201	40	$	$	SYM
fsr-3991	201	41	25,543	25,543	NUM
fsr-3991	201	42	,	,	PUNCT
fsr-3991	201	43	and	and	CCONJ
fsr-3991	201	44	vwp	vwp	NOUN
fsr-3991	201	45	(	(	PUNCT
fsr-3991	201	46	tc	tc	NOUN
fsr-3991	201	47	):	):	PUNCT
fsr-3991	201	48	$	$	SYM
fsr-3991	201	49	24,320	24,320	NUM
fsr-3991	201	50	.	.	PUNCT
fsr-3991	202	1	the	the	DET
fsr-3991	202	2	mean	mean	ADJ
fsr-3991	202	3	values	value	NOUN
fsr-3991	202	4	are	be	AUX
fsr-3991	202	5	$	$	SYM
fsr-3991	202	6	99,731	99,731	NUM
fsr-3991	202	7	,	,	PUNCT
fsr-3991	202	8	$	$	SYM
fsr-3991	202	9	57,795	57,795	NUM
fsr-3991	202	10	,	,	PUNCT
fsr-3991	202	11	$	$	SYM
fsr-3991	202	12	37,268	37,268	NUM
fsr-3991	202	13	,	,	PUNCT
fsr-3991	202	14	and	and	CCONJ
fsr-3991	202	15	$	$	SYM
fsr-3991	202	16	35,488	35,488	NUM
fsr-3991	202	17	,	,	PUNCT
fsr-3991	202	18	respectively	respectively	ADV
fsr-3991	202	19	.	.	PUNCT
fsr-3991	203	1	figure	figure	NOUN
fsr-3991	203	2	3	3	NUM
fsr-3991	203	3	.	.	PUNCT
fsr-3991	204	1	portfolio	portfolio	NOUN
fsr-3991	204	2	mean	mean	VERB
fsr-3991	204	3	annualized	annualize	VERB
fsr-3991	204	4	return	return	NOUN
fsr-3991	204	5	(	(	PUNCT
fsr-3991	204	6	kernel	kernel	PROPN
fsr-3991	204	7	density	density	PROPN
fsr-3991	204	8	diagram	diagram	PROPN
fsr-3991	204	9	)	)	PUNCT
fsr-3991	204	10	•	•	ADP
fsr-3991	204	11	this	this	DET
fsr-3991	204	12	figure	figure	NOUN
fsr-3991	204	13	shows	show	VERB
fsr-3991	204	14	the	the	DET
fsr-3991	204	15	mean	mean	ADV
fsr-3991	204	16	annualized	annualize	VERB
fsr-3991	204	17	return	return	NOUN
fsr-3991	204	18	kernel	kernel	NOUN
fsr-3991	204	19	density	density	NOUN
fsr-3991	204	20	for	for	ADP
fsr-3991	204	21	four	four	NUM
fsr-3991	204	22	portfolios	portfolio	NOUN
fsr-3991	204	23	(	(	PUNCT
fsr-3991	204	24	vwp	vwp	PROPN
fsr-3991	204	25	,	,	PUNCT
fsr-3991	204	26	ewp	ewp	PROPN
fsr-3991	204	27	;	;	PUNCT
fsr-3991	204	28	with	with	ADP
fsr-3991	204	29	&	&	CCONJ
fsr-3991	204	30	without	without	ADP
fsr-3991	204	31	transaction	transaction	NOUN
fsr-3991	204	32	costs	cost	NOUN
fsr-3991	204	33	,	,	PUNCT
fsr-3991	204	34	tc	tc	NOUN
fsr-3991	204	35	)	)	PUNCT
fsr-3991	204	36	.	.	PUNCT
fsr-3991	205	1	•	•	NUM
fsr-3991	205	2	1,000	1,000	NUM
fsr-3991	205	3	ewp	ewp	NOUN
fsr-3991	205	4	and	and	CCONJ
fsr-3991	205	5	vwp	vwp	NOUN
fsr-3991	205	6	portfolios	portfolio	NOUN
fsr-3991	205	7	are	be	AUX
fsr-3991	205	8	constructed	construct	VERB
fsr-3991	205	9	using	use	VERB
fsr-3991	205	10	three	three	NUM
fsr-3991	205	11	randomly	randomly	ADV
fsr-3991	205	12	selected	select	VERB
fsr-3991	205	13	stocks	stock	NOUN
fsr-3991	205	14	.	.	PUNCT
fsr-3991	206	1	the	the	DET
fsr-3991	206	2	annualized	annualize	VERB
fsr-3991	206	3	returns	return	NOUN
fsr-3991	206	4	are	be	AUX
fsr-3991	206	5	derived	derive	VERB
fsr-3991	206	6	from	from	ADP
fsr-3991	206	7	the	the	DET
fsr-3991	206	8	monthly	monthly	ADJ
fsr-3991	206	9	returns	return	NOUN
fsr-3991	206	10	using	use	VERB
fsr-3991	206	11	the	the	DET
fsr-3991	206	12	formula	formula	NOUN
fsr-3991	206	13	:	:	PUNCT
fsr-3991	206	14	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	PROPN
fsr-3991	206	15	=	=	SYM
fsr-3991	206	16	(	(	PUNCT
fsr-3991	206	17	1	1	NUM
fsr-3991	206	18	+	+	NUM
fsr-3991	206	19	𝑅𝑚𝑜𝑛𝑡ℎ)12	𝑅𝑚𝑜𝑛𝑡ℎ)12	NOUN
fsr-3991	206	20	−	−	NOUN
fsr-3991	206	21	1	1	NUM
fsr-3991	206	22	.	.	NUM
fsr-3991	206	23	•	•	NOUN
fsr-3991	207	1	each	each	DET
fsr-3991	207	2	run	run	NOUN
fsr-3991	207	3	examines	examine	VERB
fsr-3991	207	4	the	the	DET
fsr-3991	207	5	portfolio	portfolio	NOUN
fsr-3991	207	6	for	for	ADP
fsr-3991	207	7	the	the	DET
fsr-3991	207	8	whole	whole	ADJ
fsr-3991	207	9	period	period	NOUN
fsr-3991	207	10	using	use	VERB
fsr-3991	207	11	monthly	monthly	ADJ
fsr-3991	207	12	returns	return	NOUN
fsr-3991	207	13	from	from	ADP
fsr-3991	207	14	01/01/1970	01/01/1970	NUM
fsr-3991	207	15	to	to	ADP
fsr-3991	207	16	01/01/2023	01/01/2023	NUM
fsr-3991	207	17	.	.	PUNCT
fsr-3991	208	1	tc	tc	NOUN
fsr-3991	208	2	=	=	NOUN
fsr-3991	209	1	1.69	1.69	NUM
fsr-3991	209	2	%	%	NOUN
fsr-3991	209	3	of	of	ADP
fsr-3991	209	4	portfolio	portfolio	NOUN
fsr-3991	209	5	turnover	turnover	NOUN
fsr-3991	209	6	.	.	PUNCT
fsr-3991	210	1	•	•	NOUN
fsr-3991	210	2	transaction	transaction	NOUN
fsr-3991	210	3	costs	cost	NOUN
fsr-3991	210	4	notably	notably	ADV
fsr-3991	210	5	harm	harm	VERB
fsr-3991	210	6	ewp	ewp	PROPN
fsr-3991	210	7	but	but	CCONJ
fsr-3991	210	8	have	have	VERB
fsr-3991	210	9	a	a	DET
fsr-3991	210	10	minor	minor	ADJ
fsr-3991	210	11	impact	impact	NOUN
fsr-3991	210	12	on	on	ADP
fsr-3991	210	13	vwp	vwp	PROPN
fsr-3991	210	14	.	.	PUNCT
fsr-3991	211	1	•	•	NUM
fsr-3991	211	2	the	the	DET
fsr-3991	211	3	peak	peak	NOUN
fsr-3991	211	4	of	of	ADP
fsr-3991	211	5	a	a	DET
fsr-3991	211	6	kernel	kernel	PROPN
fsr-3991	211	7	density	density	NOUN
fsr-3991	211	8	diagram	diagram	NOUN
fsr-3991	211	9	represents	represent	VERB
fsr-3991	211	10	the	the	DET
fsr-3991	211	11	mode	mode	NOUN
fsr-3991	211	12	or	or	CCONJ
fsr-3991	211	13	the	the	DET
fsr-3991	211	14	most	most	ADV
fsr-3991	211	15	probable	probable	ADJ
fsr-3991	211	16	value	value	NOUN
fsr-3991	211	17	in	in	ADP
fsr-3991	211	18	the	the	DET
fsr-3991	211	19	dataset	dataset	NOUN
fsr-3991	211	20	.	.	PUNCT
fsr-3991	212	1	the	the	DET
fsr-3991	212	2	two	two	NUM
fsr-3991	212	3	ewps	ewps	NOUN
fsr-3991	212	4	have	have	VERB
fsr-3991	212	5	higher	high	ADJ
fsr-3991	212	6	modes	mode	NOUN
fsr-3991	212	7	.	.	PUNCT
fsr-3991	213	1	•	•	NOUN
fsr-3991	213	2	the	the	DET
fsr-3991	213	3	median	median	ADJ
fsr-3991	213	4	annualized	annualize	VERB
fsr-3991	213	5	returns	return	NOUN
fsr-3991	213	6	for	for	ADP
fsr-3991	213	7	the	the	DET
fsr-3991	213	8	portfolios	portfolio	NOUN
fsr-3991	213	9	are	be	AUX
fsr-3991	213	10	as	as	SCONJ
fsr-3991	213	11	follows	follow	VERB
fsr-3991	213	12	:	:	PUNCT
fsr-3991	213	13	ewp	ewp	PROPN
fsr-3991	213	14	(	(	PUNCT
fsr-3991	213	15	no	no	DET
fsr-3991	213	16	tc	tc	NOUN
fsr-3991	213	17	):	):	PUNCT
fsr-3991	213	18	0.1533	0.1533	NUM
fsr-3991	213	19	,	,	PUNCT
fsr-3991	213	20	ewp	ewp	PROPN
fsr-3991	213	21	(	(	PUNCT
fsr-3991	213	22	tc	tc	NOUN
fsr-3991	213	23	):	):	PUNCT
fsr-3991	213	24	0.1441	0.1441	NUM
fsr-3991	213	25	,	,	PUNCT
fsr-3991	213	26	vwp	vwp	PROPN
fsr-3991	213	27	(	(	PUNCT
fsr-3991	213	28	no	no	DET
fsr-3991	213	29	tc	tc	NOUN
fsr-3991	213	30	):	):	PUNCT
fsr-3991	213	31	0.1390	0.1390	NUM
fsr-3991	213	32	,	,	PUNCT
fsr-3991	213	33	and	and	CCONJ
fsr-3991	213	34	vwp	vwp	NOUN
fsr-3991	213	35	(	(	PUNCT
fsr-3991	213	36	tc	tc	NOUN
fsr-3991	213	37	):	):	PUNCT
fsr-3991	213	38	0.1380	0.1380	NUM
fsr-3991	213	39	.	.	PUNCT
fsr-3991	214	1	the	the	DET
fsr-3991	214	2	mean	mean	ADJ
fsr-3991	214	3	values	value	NOUN
fsr-3991	214	4	are	be	AUX
fsr-3991	214	5	0.1592	0.1592	NUM
fsr-3991	214	6	,	,	PUNCT
fsr-3991	214	7	0.1477	0.1477	NUM
fsr-3991	214	8	,	,	PUNCT
fsr-3991	214	9	0.1373	0.1373	NUM
fsr-3991	214	10	,	,	PUNCT
fsr-3991	214	11	and	and	CCONJ
fsr-3991	214	12	0.1363	0.1363	NUM
fsr-3991	214	13	,	,	PUNCT
fsr-3991	214	14	respectively	respectively	ADV
fsr-3991	214	15	.	.	PUNCT
fsr-3991	215	1	the	the	DET
fsr-3991	215	2	standard	standard	ADJ
fsr-3991	215	3	deviations	deviation	NOUN
fsr-3991	215	4	of	of	ADP
fsr-3991	215	5	annual	annual	ADJ
fsr-3991	215	6	returns	return	NOUN
fsr-3991	215	7	are	be	AUX
fsr-3991	215	8	0.2219	0.2219	NUM
fsr-3991	215	9	,	,	PUNCT
fsr-3991	215	10	0.2216	0.2216	NUM
fsr-3991	215	11	,	,	PUNCT
fsr-3991	215	12	0.2243	0.2243	NUM
fsr-3991	215	13	,	,	PUNCT
fsr-3991	215	14	and	and	CCONJ
fsr-3991	215	15	0.2243	0.2243	NUM
fsr-3991	215	16	,	,	PUNCT
fsr-3991	215	17	respectively	respectively	ADV
fsr-3991	215	18	.	.	PUNCT
fsr-3991	216	1	financial	financial	ADJ
fsr-3991	216	2	services	service	NOUN
fsr-3991	216	3	review	review	PROPN
fsr-3991	216	4	,	,	PUNCT
fsr-3991	216	5	33(1	33(1	NUM
fsr-3991	216	6	)	)	PUNCT
fsr-3991	216	7	154	154	NUM
fsr-3991	216	8	for	for	ADP
fsr-3991	216	9	an	an	DET
fsr-3991	216	10	initial	initial	ADJ
fsr-3991	216	11	investment	investment	NOUN
fsr-3991	216	12	of	of	ADP
fsr-3991	216	13	$	$	SYM
fsr-3991	216	14	100	100	NUM
fsr-3991	216	15	on	on	ADP
fsr-3991	216	16	january	january	PROPN
fsr-3991	216	17	1	1	NUM
fsr-3991	216	18	,	,	PUNCT
fsr-3991	216	19	1970	1970	NUM
fsr-3991	216	20	,	,	PUNCT
fsr-3991	216	21	the	the	DET
fsr-3991	216	22	median	median	ADJ
fsr-3991	216	23	portfolio	portfolio	NOUN
fsr-3991	216	24	ending	end	VERB
fsr-3991	216	25	values	value	NOUN
fsr-3991	216	26	on	on	ADP
fsr-3991	216	27	january	january	PROPN
fsr-3991	216	28	1	1	NUM
fsr-3991	216	29	,	,	PUNCT
fsr-3991	216	30	2023	2023	NUM
fsr-3991	216	31	,	,	PUNCT
fsr-3991	216	32	are	be	AUX
fsr-3991	216	33	as	as	SCONJ
fsr-3991	216	34	follows	follow	VERB
fsr-3991	216	35	:	:	PUNCT
fsr-3991	216	36	ewp	ewp	PROPN
fsr-3991	216	37	(	(	PUNCT
fsr-3991	216	38	no	no	DET
fsr-3991	216	39	tc	tc	NOUN
fsr-3991	216	40	)	)	PUNCT
fsr-3991	216	41	at	at	ADP
fsr-3991	216	42	$	$	SYM
fsr-3991	216	43	69,638	69,638	NUM
fsr-3991	216	44	,	,	PUNCT
fsr-3991	216	45	ewp	ewp	PROPN
fsr-3991	216	46	(	(	PUNCT
fsr-3991	216	47	tc	tc	NOUN
fsr-3991	216	48	)	)	PUNCT
fsr-3991	216	49	at	at	ADP
fsr-3991	216	50	$	$	SYM
fsr-3991	216	51	43,079	43,079	NUM
fsr-3991	216	52	,	,	PUNCT
fsr-3991	216	53	vwp	vwp	PROPN
fsr-3991	216	54	(	(	PUNCT
fsr-3991	216	55	no	no	DET
fsr-3991	216	56	tc	tc	NOUN
fsr-3991	216	57	)	)	PUNCT
fsr-3991	216	58	at	at	ADP
fsr-3991	216	59	$	$	SYM
fsr-3991	216	60	25,543	25,543	NUM
fsr-3991	216	61	,	,	PUNCT
fsr-3991	216	62	and	and	CCONJ
fsr-3991	216	63	vwp	vwp	NOUN
fsr-3991	216	64	(	(	PUNCT
fsr-3991	216	65	tc	tc	NOUN
fsr-3991	216	66	)	)	PUNCT
fsr-3991	216	67	at	at	ADP
fsr-3991	216	68	$	$	SYM
fsr-3991	216	69	24,320	24,320	NUM
fsr-3991	216	70	.	.	PUNCT
fsr-3991	217	1	the	the	DET
fsr-3991	217	2	mean	mean	ADJ
fsr-3991	217	3	values	value	NOUN
fsr-3991	217	4	for	for	ADP
fsr-3991	217	5	the	the	DET
fsr-3991	217	6	portfolios	portfolio	NOUN
fsr-3991	217	7	are	be	AUX
fsr-3991	217	8	$	$	SYM
fsr-3991	217	9	99,731	99,731	NUM
fsr-3991	217	10	,	,	PUNCT
fsr-3991	217	11	$	$	SYM
fsr-3991	217	12	57,795	57,795	NUM
fsr-3991	217	13	,	,	PUNCT
fsr-3991	217	14	$	$	SYM
fsr-3991	217	15	37,268	37,268	NUM
fsr-3991	217	16	,	,	PUNCT
fsr-3991	217	17	and	and	CCONJ
fsr-3991	217	18	$	$	SYM
fsr-3991	217	19	35,488	35,488	NUM
fsr-3991	217	20	,	,	PUNCT
fsr-3991	217	21	respectively	respectively	ADV
fsr-3991	217	22	.	.	PUNCT
fsr-3991	218	1	when	when	SCONJ
fsr-3991	218	2	the	the	DET
fsr-3991	218	3	mean	mean	ADJ
fsr-3991	218	4	portfolio	portfolio	NOUN
fsr-3991	218	5	values	value	NOUN
fsr-3991	218	6	are	be	AUX
fsr-3991	218	7	higher	high	ADJ
fsr-3991	218	8	than	than	ADP
fsr-3991	218	9	the	the	DET
fsr-3991	218	10	median	median	NOUN
fsr-3991	218	11	,	,	PUNCT
fsr-3991	218	12	the	the	DET
fsr-3991	218	13	distribution	distribution	NOUN
fsr-3991	218	14	of	of	ADP
fsr-3991	218	15	portfolio	portfolio	NOUN
fsr-3991	218	16	values	value	NOUN
fsr-3991	218	17	is	be	AUX
fsr-3991	218	18	positively	positively	ADV
fsr-3991	218	19	skewed	skewed	ADJ
fsr-3991	218	20	.	.	PUNCT
fsr-3991	219	1	this	this	PRON
fsr-3991	219	2	means	mean	VERB
fsr-3991	219	3	there	there	PRON
fsr-3991	219	4	are	be	VERB
fsr-3991	219	5	more	more	ADJ
fsr-3991	219	6	portfolios	portfolio	NOUN
fsr-3991	219	7	with	with	ADP
fsr-3991	219	8	lower	low	ADJ
fsr-3991	219	9	values	value	NOUN
fsr-3991	219	10	than	than	ADP
fsr-3991	219	11	those	those	PRON
fsr-3991	219	12	with	with	ADP
fsr-3991	219	13	higher	high	ADJ
fsr-3991	219	14	values	value	NOUN
fsr-3991	219	15	,	,	PUNCT
fsr-3991	219	16	but	but	CCONJ
fsr-3991	219	17	the	the	DET
fsr-3991	219	18	few	few	ADJ
fsr-3991	219	19	portfolios	portfolio	NOUN
fsr-3991	219	20	with	with	ADP
fsr-3991	219	21	very	very	ADV
fsr-3991	219	22	high	high	ADJ
fsr-3991	219	23	values	value	NOUN
fsr-3991	219	24	are	be	AUX
fsr-3991	219	25	enough	enough	ADJ
fsr-3991	219	26	to	to	PART
fsr-3991	219	27	pull	pull	VERB
fsr-3991	219	28	the	the	DET
fsr-3991	219	29	mean	mean	NOUN
fsr-3991	219	30	above	above	ADP
fsr-3991	219	31	the	the	DET
fsr-3991	219	32	median	median	NOUN
fsr-3991	219	33	.	.	PUNCT
fsr-3991	220	1	positively	positively	ADV
fsr-3991	220	2	skewed	skewed	ADJ
fsr-3991	220	3	distributions	distribution	NOUN
fsr-3991	220	4	are	be	AUX
fsr-3991	220	5	often	often	ADV
fsr-3991	220	6	seen	see	VERB
fsr-3991	220	7	in	in	ADP
fsr-3991	220	8	financial	financial	ADJ
fsr-3991	220	9	markets	market	NOUN
fsr-3991	220	10	like	like	ADP
fsr-3991	220	11	the	the	DET
fsr-3991	220	12	stock	stock	NOUN
fsr-3991	220	13	market	market	NOUN
fsr-3991	220	14	.	.	PUNCT
fsr-3991	221	1	this	this	PRON
fsr-3991	221	2	is	be	AUX
fsr-3991	221	3	because	because	SCONJ
fsr-3991	221	4	a	a	DET
fsr-3991	221	5	few	few	ADJ
fsr-3991	221	6	stocks	stock	NOUN
fsr-3991	221	7	outperform	outperform	VERB
fsr-3991	221	8	the	the	DET
fsr-3991	221	9	market	market	NOUN
fsr-3991	221	10	by	by	ADP
fsr-3991	221	11	a	a	DET
fsr-3991	221	12	large	large	ADJ
fsr-3991	221	13	margin	margin	NOUN
fsr-3991	221	14	.	.	PUNCT
fsr-3991	222	1	investors	investor	NOUN
fsr-3991	222	2	should	should	AUX
fsr-3991	222	3	be	be	AUX
fsr-3991	222	4	aware	aware	ADJ
fsr-3991	222	5	of	of	ADP
fsr-3991	222	6	the	the	DET
fsr-3991	222	7	skewness	skewness	NOUN
fsr-3991	222	8	of	of	ADP
fsr-3991	222	9	a	a	DET
fsr-3991	222	10	distribution	distribution	NOUN
fsr-3991	222	11	before	before	ADP
fsr-3991	222	12	investing	invest	VERB
fsr-3991	222	13	in	in	ADP
fsr-3991	222	14	it	it	PRON
fsr-3991	222	15	.	.	PUNCT
fsr-3991	223	1	positively	positively	ADV
fsr-3991	223	2	skewed	skewed	ADJ
fsr-3991	223	3	distributions	distribution	NOUN
fsr-3991	223	4	can	can	AUX
fsr-3991	223	5	offer	offer	VERB
fsr-3991	223	6	the	the	DET
fsr-3991	223	7	potential	potential	NOUN
fsr-3991	223	8	for	for	ADP
fsr-3991	223	9	high	high	ADJ
fsr-3991	223	10	returns	return	NOUN
fsr-3991	223	11	but	but	CCONJ
fsr-3991	223	12	also	also	ADV
fsr-3991	223	13	have	have	VERB
fsr-3991	223	14	a	a	DET
fsr-3991	223	15	higher	high	ADJ
fsr-3991	223	16	risk	risk	NOUN
fsr-3991	223	17	of	of	ADP
fsr-3991	223	18	loss	loss	NOUN
fsr-3991	223	19	.	.	PUNCT
fsr-3991	224	1	such	such	DET
fsr-3991	224	2	a	a	DET
fsr-3991	224	3	distribution	distribution	NOUN
fsr-3991	224	4	is	be	AUX
fsr-3991	224	5	expected	expect	VERB
fsr-3991	224	6	and	and	CCONJ
fsr-3991	224	7	can	can	AUX
fsr-3991	224	8	be	be	AUX
fsr-3991	224	9	approximated	approximate	VERB
fsr-3991	224	10	as	as	ADP
fsr-3991	224	11	log	log	NOUN
fsr-3991	224	12	-	-	PUNCT
fsr-3991	224	13	normal	normal	ADJ
fsr-3991	224	14	if	if	SCONJ
fsr-3991	224	15	the	the	DET
fsr-3991	224	16	price	price	NOUN
fsr-3991	224	17	process	process	NOUN
fsr-3991	224	18	follows	follow	VERB
fsr-3991	224	19	a	a	DET
fsr-3991	224	20	geometric	geometric	ADJ
fsr-3991	224	21	brownian	brownian	ADJ
fsr-3991	224	22	motion	motion	NOUN
fsr-3991	224	23	.	.	PUNCT
fsr-3991	225	1	for	for	ADP
fsr-3991	225	2	a	a	DET
fsr-3991	225	3	robustness	robustness	NOUN
fsr-3991	225	4	check	check	NOUN
fsr-3991	225	5	,	,	PUNCT
fsr-3991	225	6	as	as	SCONJ
fsr-3991	225	7	shown	show	VERB
fsr-3991	225	8	in	in	ADP
fsr-3991	225	9	table	table	NOUN
fsr-3991	225	10	4	4	NUM
fsr-3991	225	11	,	,	PUNCT
fsr-3991	225	12	a	a	DET
fsr-3991	225	13	paired	pair	VERB
fsr-3991	225	14	two	two	NUM
fsr-3991	225	15	-	-	PUNCT
fsr-3991	225	16	sample	sample	NOUN
fsr-3991	225	17	test	test	NOUN
fsr-3991	225	18	was	be	AUX
fsr-3991	225	19	conducted	conduct	VERB
fsr-3991	225	20	to	to	PART
fsr-3991	225	21	assess	assess	VERB
fsr-3991	225	22	the	the	DET
fsr-3991	225	23	similarity	similarity	NOUN
fsr-3991	225	24	of	of	ADP
fsr-3991	225	25	means	mean	NOUN
fsr-3991	225	26	between	between	ADP
fsr-3991	225	27	vwp	vwp	PROPN
fsr-3991	225	28	and	and	CCONJ
fsr-3991	225	29	ewp	ewp	PROPN
fsr-3991	225	30	.	.	PUNCT
fsr-3991	226	1	this	this	DET
fsr-3991	226	2	test	test	NOUN
fsr-3991	226	3	,	,	PUNCT
fsr-3991	226	4	evaluating	evaluate	VERB
fsr-3991	226	5	whether	whether	SCONJ
fsr-3991	226	6	the	the	DET
fsr-3991	226	7	paired	pair	VERB
fsr-3991	226	8	sample	sample	NOUN
fsr-3991	226	9	means	mean	VERB
fsr-3991	226	10	are	be	AUX
fsr-3991	226	11	equivalent	equivalent	ADJ
fsr-3991	226	12	,	,	PUNCT
fsr-3991	226	13	consistently	consistently	ADV
fsr-3991	226	14	yielded	yield	VERB
fsr-3991	226	15	a	a	DET
fsr-3991	226	16	pvalue	pvalue	NOUN
fsr-3991	226	17	of	of	ADP
fsr-3991	226	18	0	0	NUM
fsr-3991	226	19	across	across	ADP
fsr-3991	226	20	all	all	DET
fsr-3991	226	21	three	three	NUM
fsr-3991	226	22	instances	instance	NOUN
fsr-3991	226	23	in	in	ADP
fsr-3991	226	24	the	the	DET
fsr-3991	226	25	data	datum	NOUN
fsr-3991	226	26	.	.	PUNCT
fsr-3991	227	1	this	this	DET
fsr-3991	227	2	outcome	outcome	NOUN
fsr-3991	227	3	strongly	strongly	ADV
fsr-3991	227	4	suggests	suggest	VERB
fsr-3991	227	5	substantial	substantial	ADJ
fsr-3991	227	6	divergence	divergence	NOUN
fsr-3991	227	7	between	between	ADP
fsr-3991	227	8	the	the	DET
fsr-3991	227	9	mean	mean	ADJ
fsr-3991	227	10	values	value	NOUN
fsr-3991	227	11	of	of	ADP
fsr-3991	227	12	vwp	vwp	NOUN
fsr-3991	227	13	and	and	CCONJ
fsr-3991	227	14	ewp	ewp	PROPN
fsr-3991	227	15	in	in	ADP
fsr-3991	227	16	each	each	DET
fsr-3991	227	17	case	case	NOUN
fsr-3991	227	18	,	,	PUNCT
fsr-3991	227	19	consequently	consequently	ADV
fsr-3991	227	20	leading	lead	VERB
fsr-3991	227	21	to	to	ADP
fsr-3991	227	22	the	the	DET
fsr-3991	227	23	rejection	rejection	NOUN
fsr-3991	227	24	of	of	ADP
fsr-3991	227	25	the	the	DET
fsr-3991	227	26	hypothesis	hypothesis	NOUN
fsr-3991	227	27	proposing	propose	VERB
fsr-3991	227	28	their	their	PRON
fsr-3991	227	29	equality	equality	NOUN
fsr-3991	227	30	.	.	PUNCT
fsr-3991	228	1	table	table	NOUN
fsr-3991	228	2	4	4	NUM
fsr-3991	228	3	.	.	PUNCT
fsr-3991	228	4	statistical	statistical	ADJ
fsr-3991	228	5	significance	significance	NOUN
fsr-3991	228	6	tests	test	VERB
fsr-3991	228	7	paired	pair	VERB
fsr-3991	228	8	test	test	NOUN
fsr-3991	228	9	type	type	NOUN
fsr-3991	228	10	,	,	PUNCT
fsr-3991	229	1	same	same	ADJ
fsr-3991	229	2	mean	mean	NOUN
fsr-3991	229	3	mean	mean	NOUN
fsr-3991	229	4	vwp	vwp	PROPN
fsr-3991	229	5	mean	mean	VERB
fsr-3991	229	6	ewp	ewp	PROPN
fsr-3991	230	1	p	p	ADJ
fsr-3991	230	2	-	-	PUNCT
fsr-3991	230	3	value	value	NOUN
fsr-3991	230	4	(	(	PUNCT
fsr-3991	230	5	two	two	NUM
fsr-3991	230	6	-	-	PUNCT
fsr-3991	230	7	sided	sided	ADJ
fsr-3991	230	8	)	)	PUNCT
fsr-3991	230	9	ci	ci	NOUN
fsr-3991	230	10	of	of	ADP
fsr-3991	230	11	difference	difference	NOUN
fsr-3991	230	12	t	t	PROPN
fsr-3991	230	13	-	-	PUNCT
fsr-3991	230	14	stat	stat	NOUN
fsr-3991	230	15	df	df	PROPN
fsr-3991	230	16	portfolio	portfolio	PROPN
fsr-3991	230	17	monthly	monthly	ADJ
fsr-3991	230	18	turnovers	turnover	NOUN
fsr-3991	230	19	0.0042	0.0042	NUM
fsr-3991	230	20	0.0488	0.0488	NUM
fsr-3991	230	21	0.0000	0.0000	NUM
fsr-3991	230	22	*	*	PUNCT
fsr-3991	230	23	*	*	PUNCT
fsr-3991	230	24	*	*	PUNCT
fsr-3991	230	25	0.0447	0.0447	NUM
fsr-3991	230	26	to	to	ADP
fsr-3991	230	27	0.0444	0.0444	NUM
fsr-3991	230	28	807.73	807.73	NUM
fsr-3991	230	29	634,999	634,999	NUM
fsr-3991	230	30	annualized	annualize	VERB
fsr-3991	230	31	returns	return	NOUN
fsr-3991	230	32	(	(	PUNCT
fsr-3991	230	33	no	no	DET
fsr-3991	230	34	tc	tc	NOUN
fsr-3991	230	35	)	)	PUNCT
fsr-3991	230	36	0.1373	0.1373	NUM
fsr-3991	230	37	0.1592	0.1592	NUM
fsr-3991	230	38	0.0000	0.0000	NUM
fsr-3991	230	39	*	*	PUNCT
fsr-3991	231	1	*	*	PUNCT
fsr-3991	231	2	*	*	PUNCT
fsr-3991	231	3	0.0229	0.0229	NUM
fsr-3991	231	4	to	to	ADP
fsr-3991	231	5	0.0209	0.0209	NUM
fsr-3991	231	6	41.47	41.47	NUM
fsr-3991	231	7	999	999	NUM
fsr-3991	231	8	annualized	annualize	VERB
fsr-3991	231	9	returns	return	NOUN
fsr-3991	231	10	(	(	PUNCT
fsr-3991	231	11	with	with	ADP
fsr-3991	231	12	tc	tc	NOUN
fsr-3991	231	13	)	)	PUNCT
fsr-3991	231	14	0.1363	0.1363	NUM
fsr-3991	231	15	0.1477	0.1477	NUM
fsr-3991	231	16	0.0000	0.0000	NUM
fsr-3991	231	17	*	*	PUNCT
fsr-3991	232	1	*	*	PUNCT
fsr-3991	232	2	*	*	PUNCT
fsr-3991	232	3	0.0124	0.0124	NUM
fsr-3991	232	4	to	to	ADP
fsr-3991	232	5	0.0105	0.0105	NUM
fsr-3991	232	6	23.07	23.07	NUM
fsr-3991	232	7	999	999	NUM
fsr-3991	232	8	standard	standard	ADJ
fsr-3991	232	9	deviation	deviation	NOUN
fsr-3991	232	10	of	of	ADP
fsr-3991	232	11	returns	return	NOUN
fsr-3991	232	12	(	(	PUNCT
fsr-3991	232	13	no	no	DET
fsr-3991	232	14	tc	tc	NOUN
fsr-3991	232	15	)	)	PUNCT
fsr-3991	232	16	0.2243	0.2243	NUM
fsr-3991	232	17	0.2219	0.2219	NUM
fsr-3991	232	18	0.015	0.015	NUM
fsr-3991	232	19	*	*	PUNCT
fsr-3991	232	20	0.0042	0.0042	NUM
fsr-3991	232	21	to	to	ADP
fsr-3991	232	22	0.0005	0.0005	NUM
fsr-3991	232	23	2.44	2.44	NUM
fsr-3991	232	24	999	999	NUM
fsr-3991	232	25	standard	standard	ADJ
fsr-3991	232	26	deviation	deviation	NOUN
fsr-3991	232	27	of	of	ADP
fsr-3991	232	28	returns	return	NOUN
fsr-3991	232	29	(	(	PUNCT
fsr-3991	232	30	tc	tc	NOUN
fsr-3991	232	31	)	)	PUNCT
fsr-3991	232	32	0.2243	0.2243	NUM
fsr-3991	233	1	0.2216	0.2216	NUM
fsr-3991	233	2	0.0067	0.0067	NUM
fsr-3991	233	3	*	*	PUNCT
fsr-3991	233	4	*	*	PUNCT
fsr-3991	233	5	0.0045	0.0045	NUM
fsr-3991	233	6	to	to	ADP
fsr-3991	233	7	0.0007	0.0007	NUM
fsr-3991	233	8	2.72	2.72	NUM
fsr-3991	233	9	999	999	NUM
fsr-3991	233	10	•	•	ADP
fsr-3991	233	11	a	a	DET
fsr-3991	233	12	paired	pair	VERB
fsr-3991	233	13	samples	sample	NOUN
fsr-3991	233	14	test	test	NOUN
fsr-3991	233	15	assesses	assess	VERB
fsr-3991	233	16	the	the	DET
fsr-3991	233	17	difference	difference	NOUN
fsr-3991	233	18	between	between	ADP
fsr-3991	233	19	two	two	NUM
fsr-3991	233	20	sets	set	NOUN
fsr-3991	233	21	of	of	ADP
fsr-3991	233	22	paired	pair	VERB
fsr-3991	233	23	observations	observation	NOUN
fsr-3991	233	24	or	or	CCONJ
fsr-3991	233	25	measurements	measurement	NOUN
fsr-3991	233	26	.	.	PUNCT
fsr-3991	234	1	it	it	PRON
fsr-3991	234	2	is	be	AUX
fsr-3991	234	3	used	use	VERB
fsr-3991	234	4	when	when	SCONJ
fsr-3991	234	5	each	each	DET
fsr-3991	234	6	observation	observation	NOUN
fsr-3991	234	7	in	in	ADP
fsr-3991	234	8	one	one	NUM
fsr-3991	234	9	set	set	NOUN
fsr-3991	234	10	relates	relate	VERB
fsr-3991	234	11	to	to	ADP
fsr-3991	234	12	a	a	DET
fsr-3991	234	13	specific	specific	ADJ
fsr-3991	234	14	observation	observation	NOUN
fsr-3991	234	15	in	in	ADP
fsr-3991	234	16	the	the	DET
fsr-3991	234	17	other	other	ADJ
fsr-3991	234	18	.	.	PUNCT
fsr-3991	235	1	•	•	NUM
fsr-3991	235	2	1,000	1,000	NUM
fsr-3991	235	3	ewp	ewp	NOUN
fsr-3991	235	4	and	and	CCONJ
fsr-3991	235	5	vwp	vwp	NOUN
fsr-3991	235	6	portfolios	portfolio	NOUN
fsr-3991	235	7	are	be	AUX
fsr-3991	235	8	constructed	construct	VERB
fsr-3991	235	9	using	use	VERB
fsr-3991	235	10	three	three	NUM
fsr-3991	235	11	randomly	randomly	ADV
fsr-3991	235	12	selected	select	VERB
fsr-3991	235	13	stocks	stock	NOUN
fsr-3991	235	14	.	.	PUNCT
fsr-3991	236	1	each	each	DET
fsr-3991	236	2	run	run	NOUN
fsr-3991	236	3	examines	examine	VERB
fsr-3991	236	4	the	the	DET
fsr-3991	236	5	portfolio	portfolio	NOUN
fsr-3991	236	6	for	for	ADP
fsr-3991	236	7	the	the	DET
fsr-3991	236	8	whole	whole	ADJ
fsr-3991	236	9	period	period	NOUN
fsr-3991	236	10	using	use	VERB
fsr-3991	236	11	monthly	monthly	ADJ
fsr-3991	236	12	returns	return	NOUN
fsr-3991	236	13	from	from	ADP
fsr-3991	236	14	01/01/1970	01/01/1970	NUM
fsr-3991	236	15	to	to	ADP
fsr-3991	236	16	01/01/2023	01/01/2023	NUM
fsr-3991	236	17	,	,	PUNCT
fsr-3991	236	18	i.e.	i.e.	X
fsr-3991	236	19	,	,	PUNCT
fsr-3991	236	20	636	636	NUM
fsr-3991	236	21	monthly	monthly	ADJ
fsr-3991	236	22	prices	price	NOUN
fsr-3991	236	23	(	(	PUNCT
fsr-3991	236	24	or	or	CCONJ
fsr-3991	236	25	635	635	NUM
fsr-3991	236	26	returns	return	NOUN
fsr-3991	236	27	)	)	PUNCT
fsr-3991	236	28	.	.	PUNCT
fsr-3991	237	1	tc	tc	NOUN
fsr-3991	237	2	=	=	SYM
fsr-3991	237	3	1.69	1.69	NUM
fsr-3991	237	4	%	%	NOUN
fsr-3991	237	5	of	of	ADP
fsr-3991	237	6	portfolio	portfolio	NOUN
fsr-3991	237	7	turnover	turnover	NOUN
fsr-3991	237	8	.	.	PUNCT
fsr-3991	238	1	•	•	NOUN
fsr-3991	238	2	in	in	ADP
fsr-3991	238	3	a	a	DET
fsr-3991	238	4	paired	pair	VERB
fsr-3991	238	5	t	t	NOUN
fsr-3991	238	6	-	-	PUNCT
fsr-3991	238	7	test	test	NOUN
fsr-3991	238	8	,	,	PUNCT
fsr-3991	238	9	when	when	SCONJ
fsr-3991	238	10	comparing	compare	VERB
fsr-3991	238	11	two	two	NUM
fsr-3991	238	12	groups	group	NOUN
fsr-3991	238	13	or	or	CCONJ
fsr-3991	238	14	conditions	condition	NOUN
fsr-3991	238	15	,	,	PUNCT
fsr-3991	238	16	the	the	DET
fsr-3991	238	17	degrees	degree	NOUN
fsr-3991	238	18	of	of	ADP
fsr-3991	238	19	freedom	freedom	NOUN
fsr-3991	238	20	(	(	PUNCT
fsr-3991	238	21	df	df	NOUN
fsr-3991	238	22	)	)	PUNCT
fsr-3991	238	23	are	be	AUX
fsr-3991	238	24	calculated	calculate	VERB
fsr-3991	238	25	as	as	ADP
fsr-3991	238	26	n	n	ADV
fsr-3991	238	27	1	1	NUM
fsr-3991	238	28	,	,	PUNCT
fsr-3991	238	29	where	where	SCONJ
fsr-3991	238	30	n	n	PRON
fsr-3991	238	31	is	be	AUX
fsr-3991	238	32	the	the	DET
fsr-3991	238	33	number	number	NOUN
fsr-3991	238	34	of	of	ADP
fsr-3991	238	35	paired	pair	VERB
fsr-3991	238	36	observations	observation	NOUN
fsr-3991	238	37	.	.	PUNCT
fsr-3991	239	1	this	this	PRON
fsr-3991	239	2	accounts	account	VERB
fsr-3991	239	3	for	for	ADP
fsr-3991	239	4	the	the	DET
fsr-3991	239	5	constraint	constraint	NOUN
fsr-3991	239	6	imposed	impose	VERB
fsr-3991	239	7	by	by	ADP
fsr-3991	239	8	using	use	VERB
fsr-3991	239	9	the	the	DET
fsr-3991	239	10	paired	pair	VERB
fsr-3991	239	11	differences	difference	NOUN
fsr-3991	239	12	to	to	PART
fsr-3991	239	13	estimate	estimate	VERB
fsr-3991	239	14	the	the	DET
fsr-3991	239	15	mean	mean	ADJ
fsr-3991	239	16	difference	difference	NOUN
fsr-3991	239	17	.	.	PUNCT
fsr-3991	240	1	•	•	NUM
fsr-3991	240	2	the	the	DET
fsr-3991	240	3	same	same	ADJ
fsr-3991	240	4	mean	mean	NOUN
fsr-3991	240	5	test	test	NOUN
fsr-3991	240	6	evaluates	evaluate	VERB
fsr-3991	240	7	whether	whether	SCONJ
fsr-3991	240	8	the	the	DET
fsr-3991	240	9	averages	average	NOUN
fsr-3991	240	10	of	of	ADP
fsr-3991	240	11	the	the	DET
fsr-3991	240	12	paired	pair	VERB
fsr-3991	240	13	samples	sample	NOUN
fsr-3991	240	14	(	(	PUNCT
fsr-3991	240	15	vwp	vwp	NOUN
fsr-3991	240	16	and	and	CCONJ
fsr-3991	240	17	ewp	ewp	PROPN
fsr-3991	240	18	)	)	PUNCT
fsr-3991	240	19	are	be	AUX
fsr-3991	240	20	identical	identical	ADJ
fsr-3991	240	21	or	or	CCONJ
fsr-3991	240	22	distinct	distinct	ADJ
fsr-3991	240	23	.	.	PUNCT
fsr-3991	241	1	the	the	DET
fsr-3991	241	2	confidence	confidence	NOUN
fsr-3991	241	3	interval	interval	NOUN
fsr-3991	241	4	(	(	PUNCT
fsr-3991	241	5	ci	ci	NOUN
fsr-3991	241	6	)	)	PUNCT
fsr-3991	241	7	of	of	ADP
fsr-3991	241	8	the	the	DET
fsr-3991	241	9	mean	mean	ADJ
fsr-3991	241	10	difference	difference	NOUN
fsr-3991	241	11	is	be	AUX
fsr-3991	241	12	provided	provide	VERB
fsr-3991	241	13	for	for	ADP
fsr-3991	241	14	each	each	DET
fsr-3991	241	15	test	test	NOUN
fsr-3991	241	16	.	.	PUNCT
fsr-3991	242	1	•	•	ADV
fsr-3991	242	2	across	across	ADP
fsr-3991	242	3	all	all	DET
fsr-3991	242	4	three	three	NUM
fsr-3991	242	5	tests	test	NOUN
fsr-3991	242	6	in	in	ADP
fsr-3991	242	7	the	the	DET
fsr-3991	242	8	provided	provide	VERB
fsr-3991	242	9	data	datum	NOUN
fsr-3991	242	10	,	,	PUNCT
fsr-3991	242	11	a	a	DET
fsr-3991	242	12	p	p	NOUN
fsr-3991	242	13	-	-	PUNCT
fsr-3991	242	14	value	value	NOUN
fsr-3991	242	15	of	of	ADP
fsr-3991	242	16	0	0	NUM
fsr-3991	242	17	was	be	AUX
fsr-3991	242	18	obtained	obtain	VERB
fsr-3991	242	19	,	,	PUNCT
fsr-3991	242	20	implying	imply	VERB
fsr-3991	242	21	significant	significant	ADJ
fsr-3991	242	22	divergence	divergence	NOUN
fsr-3991	242	23	between	between	ADP
fsr-3991	242	24	the	the	DET
fsr-3991	242	25	means	mean	NOUN
fsr-3991	242	26	of	of	ADP
fsr-3991	242	27	vwp	vwp	NOUN
fsr-3991	242	28	and	and	CCONJ
fsr-3991	242	29	ewp	ewp	PROPN
fsr-3991	242	30	in	in	ADP
fsr-3991	242	31	each	each	DET
fsr-3991	242	32	scenario	scenario	NOUN
fsr-3991	242	33	.	.	PUNCT
fsr-3991	243	1	•	•	NOUN
fsr-3991	243	2	this	this	PRON
fsr-3991	243	3	substantiates	substantiate	VERB
fsr-3991	243	4	the	the	DET
fsr-3991	243	5	rejection	rejection	NOUN
fsr-3991	243	6	of	of	ADP
fsr-3991	243	7	the	the	DET
fsr-3991	243	8	hypothesis	hypothesis	NOUN
fsr-3991	243	9	,	,	PUNCT
fsr-3991	243	10	stating	state	VERB
fsr-3991	243	11	that	that	SCONJ
fsr-3991	243	12	the	the	DET
fsr-3991	243	13	means	mean	NOUN
fsr-3991	243	14	are	be	AUX
fsr-3991	243	15	equal	equal	ADJ
fsr-3991	243	16	.	.	PUNCT
fsr-3991	244	1	•	•	INTJ
fsr-3991	244	2	we	we	PRON
fsr-3991	244	3	conclude	conclude	VERB
fsr-3991	244	4	that	that	SCONJ
fsr-3991	244	5	the	the	DET
fsr-3991	244	6	turnover	turnover	NOUN
fsr-3991	244	7	and	and	CCONJ
fsr-3991	244	8	returns	return	NOUN
fsr-3991	244	9	of	of	ADP
fsr-3991	244	10	vwp	vwp	NOUN
fsr-3991	244	11	and	and	CCONJ
fsr-3991	244	12	ewp	ewp	PROPN
fsr-3991	244	13	exhibit	exhibit	VERB
fsr-3991	244	14	statistically	statistically	ADV
fsr-3991	244	15	significant	significant	ADJ
fsr-3991	244	16	differences	difference	NOUN
fsr-3991	244	17	in	in	ADP
fsr-3991	244	18	their	their	PRON
fsr-3991	244	19	means	mean	NOUN
fsr-3991	244	20	.	.	PUNCT
fsr-3991	245	1	malladi	malladi	NOUN
fsr-3991	245	2	&	&	CCONJ
fsr-3991	245	3	stanoyevitch	stanoyevitch	VERB
fsr-3991	245	4	155	155	NUM
fsr-3991	245	5	•	•	NUM
fsr-3991	245	6	the	the	DET
fsr-3991	245	7	asterisk	asterisk	NOUN
fsr-3991	245	8	(	(	PUNCT
fsr-3991	245	9	*	*	NOUN
fsr-3991	245	10	)	)	PUNCT
fsr-3991	245	11	denotes	denote	VERB
fsr-3991	245	12	the	the	DET
fsr-3991	245	13	significance	significance	NOUN
fsr-3991	245	14	level	level	NOUN
fsr-3991	245	15	,	,	PUNCT
fsr-3991	245	16	*	*	VERB
fsr-3991	245	17	indicates	indicate	VERB
fsr-3991	245	18	a	a	DET
fsr-3991	245	19	p	p	ADJ
fsr-3991	245	20	-	-	PUNCT
fsr-3991	245	21	value	value	NOUN
fsr-3991	245	22	less	less	ADJ
fsr-3991	245	23	than	than	ADP
fsr-3991	245	24	0.05	0.05	NUM
fsr-3991	245	25	,	,	PUNCT
fsr-3991	245	26	*	*	PUNCT
fsr-3991	245	27	*	*	PUNCT
fsr-3991	245	28	for	for	ADP
fsr-3991	245	29	a	a	DET
fsr-3991	245	30	p	p	NOUN
fsr-3991	245	31	-	-	PUNCT
fsr-3991	245	32	value	value	NOUN
fsr-3991	245	33	less	less	ADJ
fsr-3991	245	34	than	than	ADP
fsr-3991	245	35	0.01	0.01	NUM
fsr-3991	245	36	,	,	PUNCT
fsr-3991	245	37	and	and	CCONJ
fsr-3991	245	38	*	*	PUNCT
fsr-3991	245	39	*	*	PUNCT
fsr-3991	245	40	*	*	PUNCT
fsr-3991	245	41	for	for	ADP
fsr-3991	245	42	a	a	DET
fsr-3991	245	43	p	p	NOUN
fsr-3991	245	44	-	-	PUNCT
fsr-3991	245	45	value	value	NOUN
fsr-3991	245	46	less	less	ADJ
fsr-3991	245	47	than	than	ADP
fsr-3991	245	48	0.001	0.001	NUM
fsr-3991	245	49	.	.	PUNCT
fsr-3991	246	1	figure	figure	VERB
fsr-3991	246	2	4	4	NUM
fsr-3991	246	3	analyses	analysis	NOUN
fsr-3991	246	4	monthly	monthly	ADJ
fsr-3991	246	5	portfolio	portfolio	NOUN
fsr-3991	246	6	turnover	turnover	NOUN
fsr-3991	246	7	for	for	ADP
fsr-3991	246	8	four	four	NUM
fsr-3991	246	9	portfolios	portfolio	NOUN
fsr-3991	246	10	.	.	PUNCT
fsr-3991	247	1	the	the	DET
fsr-3991	247	2	left	left	ADJ
fsr-3991	247	3	part	part	NOUN
fsr-3991	247	4	of	of	ADP
fsr-3991	247	5	the	the	DET
fsr-3991	247	6	figure	figure	NOUN
fsr-3991	247	7	indicates	indicate	VERB
fsr-3991	247	8	that	that	SCONJ
fsr-3991	247	9	ewp	ewp	PROPN
fsr-3991	247	10	exhibits	exhibit	VERB
fsr-3991	247	11	significantly	significantly	ADV
fsr-3991	247	12	higher	high	ADJ
fsr-3991	247	13	monthly	monthly	ADJ
fsr-3991	247	14	portfolio	portfolio	NOUN
fsr-3991	247	15	turnover	turnover	NOUN
fsr-3991	247	16	than	than	ADP
fsr-3991	247	17	vwp	vwp	PROPN
fsr-3991	247	18	,	,	PUNCT
fsr-3991	247	19	with	with	ADP
fsr-3991	247	20	a	a	DET
fsr-3991	247	21	median	median	ADJ
fsr-3991	247	22	ratio	ratio	NOUN
fsr-3991	247	23	of	of	ADP
fsr-3991	247	24	34.7	34.7	NUM
fsr-3991	247	25	and	and	CCONJ
fsr-3991	247	26	a	a	DET
fsr-3991	247	27	mean	mean	ADJ
fsr-3991	247	28	ratio	ratio	NOUN
fsr-3991	247	29	of	of	ADP
fsr-3991	247	30	11.4	11.4	NUM
fsr-3991	247	31	of	of	ADP
fsr-3991	247	32	ewp	ewp	PROPN
fsr-3991	247	33	monthly	monthly	ADJ
fsr-3991	247	34	turnover	turnover	NOUN
fsr-3991	247	35	to	to	PART
fsr-3991	247	36	vwp	vwp	VERB
fsr-3991	247	37	monthly	monthly	ADJ
fsr-3991	247	38	turnover	turnover	NOUN
fsr-3991	247	39	.	.	PUNCT
fsr-3991	248	1	this	this	PRON
fsr-3991	248	2	heightened	heighten	VERB
fsr-3991	248	3	turnover	turnover	NOUN
fsr-3991	248	4	increases	increase	VERB
fsr-3991	248	5	transaction	transaction	NOUN
fsr-3991	248	6	costs	cost	NOUN
fsr-3991	248	7	,	,	PUNCT
fsr-3991	248	8	primarily	primarily	ADV
fsr-3991	248	9	impacting	impact	VERB
fsr-3991	248	10	ewp	ewp	PROPN
fsr-3991	248	11	(	(	PUNCT
fsr-3991	248	12	tc	tc	NOUN
fsr-3991	248	13	)	)	PUNCT
fsr-3991	248	14	returns	return	NOUN
fsr-3991	248	15	,	,	PUNCT
fsr-3991	248	16	which	which	PRON
fsr-3991	248	17	are	be	AUX
fsr-3991	248	18	notably	notably	ADV
fsr-3991	248	19	lower	low	ADJ
fsr-3991	248	20	than	than	ADP
fsr-3991	248	21	ewp	ewp	PROPN
fsr-3991	248	22	(	(	PUNCT
fsr-3991	248	23	no	no	DET
fsr-3991	248	24	tc	tc	NOUN
fsr-3991	248	25	)	)	PUNCT
fsr-3991	248	26	.	.	PUNCT
fsr-3991	249	1	figure	figure	VERB
fsr-3991	249	2	4	4	NUM
fsr-3991	249	3	.	.	NOUN
fsr-3991	249	4	monthly	monthly	ADJ
fsr-3991	249	5	portfolio	portfolio	NOUN
fsr-3991	249	6	turnover	turnover	NOUN
fsr-3991	249	7	(	(	PUNCT
fsr-3991	249	8	kernel	kernel	NOUN
fsr-3991	249	9	density	density	NOUN
fsr-3991	249	10	diagram	diagram	NOUN
fsr-3991	249	11	on	on	ADP
fsr-3991	249	12	the	the	DET
fsr-3991	249	13	left	left	ADJ
fsr-3991	249	14	and	and	CCONJ
fsr-3991	249	15	historical	historical	ADJ
fsr-3991	249	16	trend	trend	NOUN
fsr-3991	249	17	on	on	ADP
fsr-3991	249	18	the	the	DET
fsr-3991	249	19	right	right	NOUN
fsr-3991	249	20	)	)	PUNCT
fsr-3991	249	21	financial	financial	ADJ
fsr-3991	249	22	services	service	NOUN
fsr-3991	249	23	review	review	PROPN
fsr-3991	249	24	,	,	PUNCT
fsr-3991	249	25	33(1	33(1	NUM
fsr-3991	249	26	)	)	PUNCT
fsr-3991	249	27	156	156	NUM
fsr-3991	249	28	•	•	NOUN
fsr-3991	249	29	these	these	DET
fsr-3991	249	30	figures	figure	NOUN
fsr-3991	249	31	show	show	VERB
fsr-3991	249	32	four	four	NUM
fsr-3991	249	33	portfolios	portfolio	NOUN
fsr-3991	249	34	'	'	PART
fsr-3991	249	35	monthly	monthly	ADJ
fsr-3991	249	36	portfolio	portfolio	NOUN
fsr-3991	249	37	turnover	turnover	NOUN
fsr-3991	249	38	(	(	PUNCT
fsr-3991	249	39	vwp	vwp	PROPN
fsr-3991	249	40	,	,	PUNCT
fsr-3991	249	41	ewp	ewp	PROPN
fsr-3991	249	42	;	;	PUNCT
fsr-3991	249	43	with	with	ADP
fsr-3991	249	44	&	&	CCONJ
fsr-3991	249	45	without	without	ADP
fsr-3991	249	46	transaction	transaction	NOUN
fsr-3991	249	47	costs	cost	NOUN
fsr-3991	249	48	,	,	PUNCT
fsr-3991	249	49	tc	tc	NOUN
fsr-3991	249	50	)	)	PUNCT
fsr-3991	249	51	.	.	PUNCT
fsr-3991	250	1	tc	tc	NOUN
fsr-3991	250	2	=	=	SYM
fsr-3991	251	1	1.69	1.69	NUM
fsr-3991	251	2	%	%	NOUN
fsr-3991	251	3	of	of	ADP
fsr-3991	251	4	portfolio	portfolio	NOUN
fsr-3991	251	5	turnover	turnover	NOUN
fsr-3991	251	6	.	.	PUNCT
fsr-3991	252	1	•	•	NUM
fsr-3991	252	2	1,000	1,000	NUM
fsr-3991	252	3	ewp	ewp	NOUN
fsr-3991	252	4	and	and	CCONJ
fsr-3991	252	5	vwp	vwp	NOUN
fsr-3991	252	6	portfolios	portfolio	NOUN
fsr-3991	252	7	are	be	AUX
fsr-3991	252	8	constructed	construct	VERB
fsr-3991	252	9	using	use	VERB
fsr-3991	252	10	three	three	NUM
fsr-3991	252	11	randomly	randomly	ADV
fsr-3991	252	12	selected	select	VERB
fsr-3991	252	13	stocks	stock	NOUN
fsr-3991	252	14	.	.	PUNCT
fsr-3991	253	1	each	each	DET
fsr-3991	253	2	run	run	NOUN
fsr-3991	253	3	examines	examine	VERB
fsr-3991	253	4	the	the	DET
fsr-3991	253	5	portfolio	portfolio	NOUN
fsr-3991	253	6	for	for	ADP
fsr-3991	253	7	the	the	DET
fsr-3991	253	8	whole	whole	ADJ
fsr-3991	253	9	period	period	NOUN
fsr-3991	253	10	using	use	VERB
fsr-3991	253	11	monthly	monthly	ADJ
fsr-3991	253	12	returns	return	NOUN
fsr-3991	253	13	from	from	ADP
fsr-3991	253	14	01/01/1970	01/01/1970	NUM
fsr-3991	253	15	to	to	ADP
fsr-3991	253	16	01/01/2023	01/01/2023	NUM
fsr-3991	253	17	.	.	PUNCT
fsr-3991	254	1	•	•	NUM
fsr-3991	254	2	the	the	DET
fsr-3991	254	3	figure	figure	NOUN
fsr-3991	254	4	on	on	ADP
fsr-3991	254	5	the	the	DET
fsr-3991	254	6	left	left	NOUN
fsr-3991	254	7	shows	show	VERB
fsr-3991	254	8	that	that	SCONJ
fsr-3991	254	9	ewp	ewp	PROPN
fsr-3991	254	10	has	have	VERB
fsr-3991	254	11	an	an	DET
fsr-3991	254	12	order	order	NOUN
fsr-3991	254	13	of	of	ADP
fsr-3991	254	14	magnitude	magnitude	NOUN
fsr-3991	254	15	higher	high	ADJ
fsr-3991	254	16	portfolio	portfolio	NOUN
fsr-3991	254	17	turnover	turnover	NOUN
fsr-3991	254	18	than	than	ADP
fsr-3991	254	19	the	the	DET
fsr-3991	254	20	vwp	vwp	PROPN
fsr-3991	254	21	.	.	PUNCT
fsr-3991	255	1	•	•	NUM
fsr-3991	255	2	the	the	DET
fsr-3991	255	3	ratio	ratio	NOUN
fsr-3991	255	4	of	of	ADP
fsr-3991	255	5	ewp	ewp	PROPN
fsr-3991	255	6	monthly	monthly	ADJ
fsr-3991	255	7	turnover	turnover	NOUN
fsr-3991	255	8	to	to	PART
fsr-3991	255	9	vwp	vwp	VERB
fsr-3991	255	10	monthly	monthly	ADJ
fsr-3991	255	11	turnover	turnover	NOUN
fsr-3991	255	12	has	have	VERB
fsr-3991	255	13	a	a	DET
fsr-3991	255	14	median	median	NOUN
fsr-3991	255	15	of	of	ADP
fsr-3991	255	16	34.7	34.7	NUM
fsr-3991	255	17	and	and	CCONJ
fsr-3991	255	18	a	a	DET
fsr-3991	255	19	mean	mean	NOUN
fsr-3991	255	20	of	of	ADP
fsr-3991	255	21	11.4	11.4	NUM
fsr-3991	255	22	.	.	PUNCT
fsr-3991	256	1	•	•	NUM
fsr-3991	256	2	high	high	ADJ
fsr-3991	256	3	turnover	turnover	NOUN
fsr-3991	256	4	results	result	NOUN
fsr-3991	256	5	in	in	ADP
fsr-3991	256	6	high	high	ADJ
fsr-3991	256	7	transaction	transaction	NOUN
fsr-3991	256	8	costs	cost	NOUN
fsr-3991	256	9	,	,	PUNCT
fsr-3991	256	10	primarily	primarily	ADV
fsr-3991	256	11	causing	cause	VERB
fsr-3991	256	12	ewp	ewp	PROPN
fsr-3991	256	13	(	(	PUNCT
fsr-3991	256	14	tc	tc	NOUN
fsr-3991	256	15	)	)	PUNCT
fsr-3991	256	16	returns	return	NOUN
fsr-3991	256	17	to	to	PART
fsr-3991	256	18	be	be	AUX
fsr-3991	256	19	significantly	significantly	ADV
fsr-3991	256	20	lower	low	ADJ
fsr-3991	256	21	than	than	ADP
fsr-3991	256	22	ewp	ewp	PROPN
fsr-3991	256	23	(	(	PUNCT
fsr-3991	256	24	no	no	PRON
fsr-3991	256	25	tc	tc	NOUN
fsr-3991	256	26	)	)	PUNCT
fsr-3991	256	27	returns	return	NOUN
fsr-3991	256	28	.	.	PUNCT
fsr-3991	257	1	•	•	NUM
fsr-3991	257	2	the	the	DET
fsr-3991	257	3	median	median	ADJ
fsr-3991	257	4	annualized	annualize	VERB
fsr-3991	257	5	returns	return	NOUN
fsr-3991	257	6	for	for	ADP
fsr-3991	257	7	the	the	DET
fsr-3991	257	8	portfolios	portfolio	NOUN
fsr-3991	257	9	are	be	AUX
fsr-3991	257	10	as	as	SCONJ
fsr-3991	257	11	follows	follow	VERB
fsr-3991	257	12	:	:	PUNCT
fsr-3991	257	13	ewp	ewp	PROPN
fsr-3991	257	14	(	(	PUNCT
fsr-3991	257	15	no	no	DET
fsr-3991	257	16	tc	tc	NOUN
fsr-3991	257	17	):	):	PUNCT
fsr-3991	257	18	0.1585	0.1585	NUM
fsr-3991	257	19	,	,	PUNCT
fsr-3991	257	20	ewp	ewp	X
fsr-3991	257	21	(	(	PUNCT
fsr-3991	257	22	tc	tc	NOUN
fsr-3991	257	23	):	):	PUNCT
fsr-3991	257	24	0.1476	0.1476	NUM
fsr-3991	257	25	,	,	PUNCT
fsr-3991	257	26	vwp	vwp	PROPN
fsr-3991	257	27	(	(	PUNCT
fsr-3991	257	28	no	no	DET
fsr-3991	257	29	tc	tc	NOUN
fsr-3991	257	30	):	):	PUNCT
fsr-3991	257	31	0.1374	0.1374	NUM
fsr-3991	257	32	,	,	PUNCT
fsr-3991	257	33	and	and	CCONJ
fsr-3991	257	34	vwp	vwp	NOUN
fsr-3991	257	35	(	(	PUNCT
fsr-3991	257	36	tc	tc	NOUN
fsr-3991	257	37	):	):	PUNCT
fsr-3991	257	38	0.1365	0.1365	NUM
fsr-3991	257	39	.	.	PUNCT
fsr-3991	258	1	the	the	DET
fsr-3991	258	2	mean	mean	ADJ
fsr-3991	258	3	values	value	NOUN
fsr-3991	258	4	are	be	AUX
fsr-3991	258	5	0.1600	0.1600	NUM
fsr-3991	258	6	,	,	PUNCT
fsr-3991	258	7	0.1485	0.1485	NUM
fsr-3991	258	8	,	,	PUNCT
fsr-3991	258	9	0.1376	0.1376	NUM
fsr-3991	258	10	,	,	PUNCT
fsr-3991	258	11	and	and	CCONJ
fsr-3991	258	12	0.1366	0.1366	NUM
fsr-3991	258	13	,	,	PUNCT
fsr-3991	258	14	respectively	respectively	ADV
fsr-3991	258	15	.	.	PUNCT
fsr-3991	259	1	the	the	DET
fsr-3991	259	2	annual	annual	ADJ
fsr-3991	259	3	returns	return	NOUN
fsr-3991	259	4	exhibit	exhibit	VERB
fsr-3991	259	5	standard	standard	ADJ
fsr-3991	259	6	deviations	deviation	NOUN
fsr-3991	259	7	of	of	ADP
fsr-3991	259	8	0.2198	0.2198	NUM
fsr-3991	259	9	,	,	PUNCT
fsr-3991	259	10	0.2195	0.2195	NUM
fsr-3991	259	11	,	,	PUNCT
fsr-3991	259	12	0.2232	0.2232	NUM
fsr-3991	259	13	,	,	PUNCT
fsr-3991	259	14	and	and	CCONJ
fsr-3991	259	15	0.2232	0.2232	NUM
fsr-3991	259	16	,	,	PUNCT
fsr-3991	259	17	respectively	respectively	ADV
fsr-3991	259	18	.	.	PUNCT
fsr-3991	260	1	•	•	NUM
fsr-3991	260	2	the	the	DET
fsr-3991	260	3	figure	figure	NOUN
fsr-3991	260	4	on	on	ADP
fsr-3991	260	5	the	the	DET
fsr-3991	260	6	right	right	NOUN
fsr-3991	260	7	shows	show	VERB
fsr-3991	260	8	the	the	DET
fsr-3991	260	9	relative	relative	ADJ
fsr-3991	260	10	turnover	turnover	NOUN
fsr-3991	260	11	of	of	ADP
fsr-3991	260	12	ewp	ewp	PROPN
fsr-3991	260	13	compared	compare	VERB
fsr-3991	260	14	to	to	ADP
fsr-3991	260	15	ewp	ewp	VERB
fsr-3991	260	16	since	since	SCONJ
fsr-3991	260	17	1970	1970	NUM
fsr-3991	260	18	.	.	PUNCT
fsr-3991	261	1	ewp	ewp	PROPN
fsr-3991	261	2	turnovers	turnover	NOUN
fsr-3991	261	3	increase	increase	VERB
fsr-3991	261	4	when	when	SCONJ
fsr-3991	261	5	returns	return	NOUN
fsr-3991	261	6	are	be	AUX
fsr-3991	261	7	large	large	ADJ
fsr-3991	261	8	(	(	PUNCT
fsr-3991	261	9	either	either	CCONJ
fsr-3991	261	10	positive	positive	ADJ
fsr-3991	261	11	or	or	CCONJ
fsr-3991	261	12	negative	negative	ADJ
fsr-3991	261	13	)	)	PUNCT
fsr-3991	261	14	.	.	PUNCT
fsr-3991	262	1	the	the	DET
fsr-3991	262	2	next	next	ADJ
fsr-3991	262	3	figure	figure	NOUN
fsr-3991	262	4	(	(	PUNCT
fsr-3991	262	5	5	5	NUM
fsr-3991	262	6	)	)	PUNCT
fsr-3991	262	7	shows	show	VERB
fsr-3991	262	8	the	the	DET
fsr-3991	262	9	monthly	monthly	ADJ
fsr-3991	262	10	stock	stock	NOUN
fsr-3991	262	11	return	return	NOUN
fsr-3991	262	12	trend	trend	NOUN
fsr-3991	262	13	.	.	PUNCT
fsr-3991	263	1	figure	figure	NOUN
fsr-3991	263	2	4	4	NUM
fsr-3991	263	3	shows	show	VERB
fsr-3991	263	4	that	that	SCONJ
fsr-3991	263	5	ewp	ewp	PROPN
fsr-3991	263	6	portfolios	portfolio	NOUN
fsr-3991	263	7	are	be	AUX
fsr-3991	263	8	more	more	ADV
fsr-3991	263	9	expensive	expensive	ADJ
fsr-3991	263	10	to	to	PART
fsr-3991	263	11	maintain	maintain	VERB
fsr-3991	263	12	than	than	ADP
fsr-3991	263	13	vwp	vwp	NOUN
fsr-3991	263	14	portfolios	portfolio	NOUN
fsr-3991	263	15	.	.	PUNCT
fsr-3991	264	1	this	this	PRON
fsr-3991	264	2	is	be	AUX
fsr-3991	264	3	because	because	SCONJ
fsr-3991	264	4	ewp	ewp	ADJ
fsr-3991	264	5	portfolios	portfolio	NOUN
fsr-3991	264	6	need	need	VERB
fsr-3991	264	7	to	to	PART
fsr-3991	264	8	be	be	AUX
fsr-3991	264	9	rebalanced	rebalance	VERB
fsr-3991	264	10	more	more	ADV
fsr-3991	264	11	frequently	frequently	ADV
fsr-3991	264	12	,	,	PUNCT
fsr-3991	264	13	which	which	PRON
fsr-3991	264	14	results	result	VERB
fsr-3991	264	15	in	in	ADP
fsr-3991	264	16	higher	high	ADJ
fsr-3991	264	17	transaction	transaction	NOUN
fsr-3991	264	18	costs	cost	NOUN
fsr-3991	264	19	.	.	PUNCT
fsr-3991	265	1	the	the	DET
fsr-3991	265	2	figure	figure	NOUN
fsr-3991	265	3	on	on	ADP
fsr-3991	265	4	the	the	DET
fsr-3991	265	5	right	right	NOUN
fsr-3991	265	6	suggests	suggest	VERB
fsr-3991	265	7	that	that	SCONJ
fsr-3991	265	8	ewp	ewp	PROPN
fsr-3991	265	9	portfolio	portfolio	NOUN
fsr-3991	265	10	managers	manager	NOUN
fsr-3991	265	11	are	be	AUX
fsr-3991	265	12	more	more	ADV
fsr-3991	265	13	active	active	ADJ
fsr-3991	265	14	traders	trader	NOUN
fsr-3991	265	15	when	when	SCONJ
fsr-3991	265	16	market	market	NOUN
fsr-3991	265	17	returns	return	NOUN
fsr-3991	265	18	are	be	AUX
fsr-3991	265	19	high	high	ADJ
fsr-3991	265	20	.	.	PUNCT
fsr-3991	266	1	on	on	ADP
fsr-3991	266	2	the	the	DET
fsr-3991	266	3	right	right	ADJ
fsr-3991	266	4	side	side	NOUN
fsr-3991	266	5	of	of	ADP
fsr-3991	266	6	the	the	DET
fsr-3991	266	7	figure	figure	NOUN
fsr-3991	266	8	,	,	PUNCT
fsr-3991	266	9	the	the	DET
fsr-3991	266	10	relative	relative	ADJ
fsr-3991	266	11	turnover	turnover	NOUN
fsr-3991	266	12	of	of	ADP
fsr-3991	266	13	ewp	ewp	PROPN
fsr-3991	266	14	compared	compare	VERB
fsr-3991	266	15	to	to	ADP
fsr-3991	266	16	vwp	vwp	PROPN
fsr-3991	266	17	since	since	SCONJ
fsr-3991	266	18	1970	1970	NUM
fsr-3991	266	19	is	be	AUX
fsr-3991	266	20	displayed	display	VERB
fsr-3991	266	21	.	.	PUNCT
fsr-3991	267	1	notably	notably	ADV
fsr-3991	267	2	,	,	PUNCT
fsr-3991	267	3	ewp	ewp	PROPN
fsr-3991	267	4	turnovers	turnover	NOUN
fsr-3991	267	5	increase	increase	VERB
fsr-3991	267	6	during	during	ADP
fsr-3991	267	7	periods	period	NOUN
fsr-3991	267	8	of	of	ADP
fsr-3991	267	9	large	large	ADJ
fsr-3991	267	10	positive	positive	ADJ
fsr-3991	267	11	or	or	CCONJ
fsr-3991	267	12	negative	negative	ADJ
fsr-3991	267	13	returns	return	NOUN
fsr-3991	267	14	.	.	PUNCT
fsr-3991	268	1	this	this	DET
fsr-3991	268	2	relationship	relationship	NOUN
fsr-3991	268	3	between	between	ADP
fsr-3991	268	4	turnover	turnover	NOUN
fsr-3991	268	5	and	and	CCONJ
fsr-3991	268	6	returns	return	NOUN
fsr-3991	268	7	is	be	AUX
fsr-3991	268	8	further	far	ADV
fsr-3991	268	9	explored	explore	VERB
fsr-3991	268	10	in	in	ADP
fsr-3991	268	11	figure	figure	NOUN
fsr-3991	268	12	5	5	NUM
fsr-3991	268	13	,	,	PUNCT
fsr-3991	268	14	which	which	PRON
fsr-3991	268	15	examines	examine	VERB
fsr-3991	268	16	the	the	DET
fsr-3991	268	17	monthly	monthly	ADJ
fsr-3991	268	18	stock	stock	NOUN
fsr-3991	268	19	return	return	NOUN
fsr-3991	268	20	trend	trend	NOUN
fsr-3991	268	21	.	.	PUNCT
fsr-3991	269	1	figure	figure	NOUN
fsr-3991	269	2	5	5	NUM
fsr-3991	269	3	presents	present	VERB
fsr-3991	269	4	the	the	DET
fsr-3991	269	5	average	average	ADJ
fsr-3991	269	6	monthly	monthly	ADJ
fsr-3991	269	7	stock	stock	NOUN
fsr-3991	269	8	returns	return	NOUN
fsr-3991	269	9	for	for	ADP
fsr-3991	269	10	all	all	DET
fsr-3991	269	11	181	181	NUM
fsr-3991	269	12	stocks	stock	NOUN
fsr-3991	269	13	included	include	VERB
fsr-3991	269	14	in	in	ADP
fsr-3991	269	15	the	the	DET
fsr-3991	269	16	study	study	NOUN
fsr-3991	269	17	.	.	PUNCT
fsr-3991	270	1	the	the	DET
fsr-3991	270	2	chart	chart	NOUN
fsr-3991	270	3	highlights	highlight	VERB
fsr-3991	270	4	substantial	substantial	ADJ
fsr-3991	270	5	stock	stock	NOUN
fsr-3991	270	6	return	return	NOUN
fsr-3991	270	7	fluctuations	fluctuation	NOUN
fsr-3991	270	8	,	,	PUNCT
fsr-3991	270	9	particularly	particularly	ADV
fsr-3991	270	10	in	in	ADP
fsr-3991	270	11	1974	1974	NUM
fsr-3991	270	12	,	,	PUNCT
fsr-3991	270	13	2008	2008	NUM
fsr-3991	270	14	,	,	PUNCT
fsr-3991	270	15	2000	2000	NUM
fsr-3991	270	16	,	,	PUNCT
fsr-3991	270	17	and	and	CCONJ
fsr-3991	270	18	2018	2018	NUM
fsr-3991	270	19	.	.	PUNCT
fsr-3991	271	1	interestingly	interestingly	ADV
fsr-3991	271	2	,	,	PUNCT
fsr-3991	271	3	these	these	DET
fsr-3991	271	4	same	same	ADJ
fsr-3991	271	5	years	year	NOUN
fsr-3991	271	6	coincide	coincide	VERB
fsr-3991	271	7	with	with	ADP
fsr-3991	271	8	a	a	DET
fsr-3991	271	9	pronounced	pronounce	VERB
fsr-3991	271	10	spike	spike	NOUN
fsr-3991	271	11	in	in	ADP
fsr-3991	271	12	ewp	ewp	PROPN
fsr-3991	271	13	turnover	turnover	NOUN
fsr-3991	271	14	,	,	PUNCT
fsr-3991	271	15	as	as	SCONJ
fsr-3991	271	16	observed	observe	VERB
fsr-3991	271	17	in	in	ADP
fsr-3991	271	18	figure	figure	NOUN
fsr-3991	271	19	4	4	NUM
fsr-3991	271	20	.	.	PUNCT
fsr-3991	272	1	this	this	DET
fsr-3991	272	2	alignment	alignment	NOUN
fsr-3991	272	3	malladi	malladi	NOUN
fsr-3991	272	4	&	&	CCONJ
fsr-3991	272	5	stanoyevitch	stanoyevitch	PROPN
fsr-3991	272	6	157	157	NUM
fsr-3991	272	7	suggests	suggest	VERB
fsr-3991	272	8	a	a	DET
fsr-3991	272	9	relationship	relationship	NOUN
fsr-3991	272	10	between	between	ADP
fsr-3991	272	11	significant	significant	ADJ
fsr-3991	272	12	fluctuations	fluctuation	NOUN
fsr-3991	272	13	in	in	ADP
fsr-3991	272	14	stock	stock	NOUN
fsr-3991	272	15	returns	return	NOUN
fsr-3991	272	16	and	and	CCONJ
fsr-3991	272	17	corresponding	corresponding	ADJ
fsr-3991	272	18	increases	increase	NOUN
fsr-3991	272	19	in	in	ADP
fsr-3991	272	20	ewp	ewp	PROPN
fsr-3991	272	21	turnover	turnover	NOUN
fsr-3991	272	22	,	,	PUNCT
fsr-3991	272	23	shedding	shed	VERB
fsr-3991	272	24	light	light	NOUN
fsr-3991	272	25	on	on	ADP
fsr-3991	272	26	the	the	DET
fsr-3991	272	27	interplay	interplay	NOUN
fsr-3991	272	28	between	between	ADP
fsr-3991	272	29	market	market	NOUN
fsr-3991	272	30	dynamics	dynamic	NOUN
fsr-3991	272	31	and	and	CCONJ
fsr-3991	272	32	portfolio	portfolio	NOUN
fsr-3991	272	33	turnover	turnover	NOUN
fsr-3991	272	34	during	during	ADP
fsr-3991	272	35	these	these	DET
fsr-3991	272	36	particular	particular	ADJ
fsr-3991	272	37	years	year	NOUN
fsr-3991	272	38	.	.	PUNCT
fsr-3991	273	1	figure	figure	NOUN
fsr-3991	273	2	5	5	NUM
fsr-3991	273	3	.	.	PUNCT
fsr-3991	274	1	average	average	ADJ
fsr-3991	274	2	monthly	monthly	ADJ
fsr-3991	274	3	stock	stock	NOUN
fsr-3991	274	4	returns	return	NOUN
fsr-3991	274	5	•	•	ADP
fsr-3991	274	6	this	this	DET
fsr-3991	274	7	chart	chart	NOUN
fsr-3991	274	8	displays	display	VERB
fsr-3991	274	9	the	the	DET
fsr-3991	274	10	monthly	monthly	ADJ
fsr-3991	274	11	average	average	ADJ
fsr-3991	274	12	return	return	NOUN
fsr-3991	274	13	of	of	ADP
fsr-3991	274	14	all	all	DET
fsr-3991	274	15	181	181	NUM
fsr-3991	274	16	stocks	stock	NOUN
fsr-3991	274	17	in	in	ADP
fsr-3991	274	18	this	this	DET
fsr-3991	274	19	study	study	NOUN
fsr-3991	274	20	from	from	ADP
fsr-3991	274	21	01/01/1970	01/01/1970	NUM
fsr-3991	274	22	to	to	ADP
fsr-3991	274	23	01/01/2023	01/01/2023	NUM
fsr-3991	274	24	.	.	PUNCT
fsr-3991	275	1	•	•	NOUN
fsr-3991	275	2	this	this	DET
fsr-3991	275	3	chart	chart	NOUN
fsr-3991	275	4	reveals	reveal	VERB
fsr-3991	275	5	large	large	ADJ
fsr-3991	275	6	stock	stock	NOUN
fsr-3991	275	7	return	return	NOUN
fsr-3991	275	8	fluctuations	fluctuation	NOUN
fsr-3991	275	9	in	in	ADP
fsr-3991	275	10	1974	1974	NUM
fsr-3991	275	11	,	,	PUNCT
fsr-3991	275	12	2008	2008	NUM
fsr-3991	275	13	,	,	PUNCT
fsr-3991	275	14	2000	2000	NUM
fsr-3991	275	15	,	,	PUNCT
fsr-3991	275	16	and	and	CCONJ
fsr-3991	275	17	2018	2018	NUM
fsr-3991	275	18	.	.	PUNCT
fsr-3991	276	1	•	•	NOUN
fsr-3991	276	2	the	the	DET
fsr-3991	276	3	same	same	ADJ
fsr-3991	276	4	years	year	NOUN
fsr-3991	276	5	exhibit	exhibit	VERB
fsr-3991	276	6	a	a	DET
fsr-3991	276	7	noticeable	noticeable	ADJ
fsr-3991	276	8	ewp	ewp	PROPN
fsr-3991	276	9	turnover	turnover	NOUN
fsr-3991	276	10	spike	spike	NOUN
fsr-3991	276	11	(	(	PUNCT
fsr-3991	276	12	figure	figure	NOUN
fsr-3991	276	13	4	4	NUM
fsr-3991	276	14	,	,	PUNCT
fsr-3991	276	15	right	right	ADJ
fsr-3991	276	16	)	)	PUNCT
fsr-3991	276	17	.	.	PUNCT
fsr-3991	277	1	figure	figure	VERB
fsr-3991	277	2	6	6	NUM
fsr-3991	277	3	presents	present	NOUN
fsr-3991	277	4	the	the	DET
fsr-3991	277	5	portfolio	portfolio	NOUN
fsr-3991	277	6	mean	mean	VERB
fsr-3991	277	7	annualized	annualize	VERB
fsr-3991	277	8	returns	return	NOUN
fsr-3991	277	9	by	by	ADP
fsr-3991	277	10	decade	decade	NOUN
fsr-3991	277	11	,	,	PUNCT
fsr-3991	277	12	showcasing	showcase	VERB
fsr-3991	277	13	the	the	DET
fsr-3991	277	14	culmination	culmination	NOUN
fsr-3991	277	15	value	value	NOUN
fsr-3991	277	16	of	of	ADP
fsr-3991	277	17	a	a	DET
fsr-3991	277	18	portfolio	portfolio	NOUN
fsr-3991	277	19	after	after	ADP
fsr-3991	277	20	a	a	DET
fsr-3991	277	21	$	$	SYM
fsr-3991	277	22	100	100	NUM
fsr-3991	277	23	investment	investment	NOUN
fsr-3991	277	24	made	make	VERB
fsr-3991	277	25	at	at	ADP
fsr-3991	277	26	the	the	DET
fsr-3991	277	27	initiation	initiation	NOUN
fsr-3991	277	28	of	of	ADP
fsr-3991	277	29	each	each	DET
fsr-3991	277	30	decade	decade	NOUN
fsr-3991	277	31	.	.	PUNCT
fsr-3991	278	1	when	when	SCONJ
fsr-3991	278	2	considering	consider	VERB
fsr-3991	278	3	instances	instance	NOUN
fsr-3991	278	4	lacking	lack	VERB
fsr-3991	278	5	transaction	transaction	NOUN
fsr-3991	278	6	costs	cost	NOUN
fsr-3991	278	7	,	,	PUNCT
fsr-3991	278	8	the	the	DET
fsr-3991	278	9	ewp	ewp	PROPN
fsr-3991	278	10	consistently	consistently	ADV
fsr-3991	278	11	outperforms	outperform	VERB
fsr-3991	278	12	,	,	PUNCT
fsr-3991	278	13	yielding	yield	VERB
fsr-3991	278	14	a	a	DET
fsr-3991	278	15	higher	high	ADJ
fsr-3991	278	16	ending	ending	NOUN
fsr-3991	278	17	value	value	NOUN
fsr-3991	278	18	in	in	ADP
fsr-3991	278	19	each	each	PRON
fsr-3991	278	20	of	of	ADP
fsr-3991	278	21	the	the	DET
fsr-3991	278	22	five	five	NUM
fsr-3991	278	23	decades	decade	NOUN
fsr-3991	278	24	.	.	PUNCT
fsr-3991	279	1	however	however	ADV
fsr-3991	279	2	,	,	PUNCT
fsr-3991	279	3	when	when	SCONJ
fsr-3991	279	4	transaction	transaction	NOUN
fsr-3991	279	5	costs	cost	NOUN
fsr-3991	279	6	are	be	AUX
fsr-3991	279	7	factored	factor	VERB
fsr-3991	279	8	in	in	ADP
fsr-3991	279	9	,	,	PUNCT
fsr-3991	279	10	the	the	DET
fsr-3991	279	11	ewp	ewp	PROPN
fsr-3991	279	12	yields	yield	VERB
fsr-3991	279	13	a	a	DET
fsr-3991	279	14	higher	high	ADJ
fsr-3991	279	15	ending	ending	NOUN
fsr-3991	279	16	value	value	NOUN
fsr-3991	279	17	in	in	ADP
fsr-3991	279	18	four	four	NUM
fsr-3991	279	19	out	out	ADP
fsr-3991	279	20	of	of	ADP
fsr-3991	279	21	five	five	NUM
fsr-3991	279	22	decades	decade	NOUN
fsr-3991	279	23	,	,	PUNCT
fsr-3991	279	24	except	except	SCONJ
fsr-3991	279	25	from	from	ADP
fsr-3991	279	26	1983	1983	NUM
fsr-3991	279	27	to	to	ADP
fsr-3991	279	28	1992	1992	NUM
fsr-3991	279	29	.	.	PUNCT
fsr-3991	280	1	financial	financial	ADJ
fsr-3991	280	2	services	service	NOUN
fsr-3991	280	3	review	review	PROPN
fsr-3991	280	4	,	,	PUNCT
fsr-3991	280	5	33(1	33(1	NUM
fsr-3991	280	6	)	)	PUNCT
fsr-3991	280	7	158	158	NUM
fsr-3991	280	8	figure	figure	NOUN
fsr-3991	280	9	6	6	NUM
fsr-3991	280	10	.	.	PUNCT
fsr-3991	281	1	portfolio	portfolio	NOUN
fsr-3991	281	2	mean	mean	VERB
fsr-3991	281	3	annualized	annualize	VERB
fsr-3991	281	4	returns	return	NOUN
fsr-3991	281	5	by	by	ADP
fsr-3991	281	6	decade	decade	NOUN
fsr-3991	281	7	•	•	ADP
fsr-3991	281	8	the	the	DET
fsr-3991	281	9	provided	provide	VERB
fsr-3991	281	10	chart	chart	NOUN
fsr-3991	281	11	illustrates	illustrate	VERB
fsr-3991	281	12	the	the	DET
fsr-3991	281	13	decade	decade	NOUN
fsr-3991	281	14	-	-	PUNCT
fsr-3991	281	15	end	end	NOUN
fsr-3991	281	16	value	value	NOUN
fsr-3991	281	17	of	of	ADP
fsr-3991	281	18	a	a	DET
fsr-3991	281	19	portfolio	portfolio	NOUN
fsr-3991	281	20	following	follow	VERB
fsr-3991	281	21	a	a	DET
fsr-3991	281	22	$	$	SYM
fsr-3991	281	23	100	100	NUM
fsr-3991	281	24	investment	investment	NOUN
fsr-3991	281	25	at	at	ADP
fsr-3991	281	26	the	the	DET
fsr-3991	281	27	start	start	NOUN
fsr-3991	281	28	of	of	ADP
fsr-3991	281	29	each	each	DET
fsr-3991	281	30	decade	decade	NOUN
fsr-3991	281	31	.	.	PUNCT
fsr-3991	282	1	•	•	NUM
fsr-3991	282	2	ewp	ewp	NOUN
fsr-3991	282	3	consistently	consistently	ADV
fsr-3991	282	4	yields	yield	VERB
fsr-3991	282	5	a	a	DET
fsr-3991	282	6	superior	superior	ADJ
fsr-3991	282	7	ending	ending	NOUN
fsr-3991	282	8	value	value	NOUN
fsr-3991	282	9	across	across	ADP
fsr-3991	282	10	all	all	DET
fsr-3991	282	11	five	five	NUM
fsr-3991	282	12	decades	decade	NOUN
fsr-3991	282	13	in	in	ADP
fsr-3991	282	14	scenarios	scenario	NOUN
fsr-3991	282	15	without	without	ADP
fsr-3991	282	16	transaction	transaction	NOUN
fsr-3991	282	17	costs	cost	NOUN
fsr-3991	282	18	.	.	PUNCT
fsr-3991	283	1	•	•	NUM
fsr-3991	283	2	ewp	ewp	PROPN
fsr-3991	283	3	demonstrates	demonstrate	VERB
fsr-3991	283	4	a	a	DET
fsr-3991	283	5	higher	high	ADJ
fsr-3991	283	6	ending	ending	NOUN
fsr-3991	283	7	value	value	NOUN
fsr-3991	283	8	in	in	ADP
fsr-3991	283	9	four	four	NUM
fsr-3991	283	10	out	out	ADP
fsr-3991	283	11	of	of	ADP
fsr-3991	283	12	five	five	NUM
fsr-3991	283	13	decades	decade	NOUN
fsr-3991	283	14	,	,	PUNCT
fsr-3991	283	15	excluding	exclude	VERB
fsr-3991	283	16	the	the	DET
fsr-3991	283	17	1983	1983	NUM
fsr-3991	283	18	-	-	SYM
fsr-3991	283	19	92	92	NUM
fsr-3991	283	20	period	period	NOUN
fsr-3991	283	21	.	.	PUNCT
fsr-3991	284	1	tc	tc	NOUN
fsr-3991	284	2	=	=	NOUN
fsr-3991	285	1	1.69	1.69	NUM
fsr-3991	285	2	%	%	NOUN
fsr-3991	285	3	of	of	ADP
fsr-3991	285	4	portfolio	portfolio	NOUN
fsr-3991	285	5	turnover	turnover	NOUN
fsr-3991	285	6	.	.	PUNCT
fsr-3991	286	1	various	various	ADJ
fsr-3991	286	2	comparisons	comparison	NOUN
fsr-3991	286	3	are	be	AUX
fsr-3991	286	4	conducted	conduct	VERB
fsr-3991	286	5	with	with	ADP
fsr-3991	286	6	plyakha	plyakha	PROPN
fsr-3991	286	7	et	et	PROPN
fsr-3991	286	8	al	al	PROPN
fsr-3991	286	9	.	.	PROPN
fsr-3991	287	1	(	(	PUNCT
fsr-3991	287	2	2021	2021	NUM
fsr-3991	287	3	)	)	PUNCT
fsr-3991	287	4	at	at	ADP
fsr-3991	287	5	50	50	NUM
fsr-3991	287	6	basis	basis	NOUN
fsr-3991	287	7	points	point	NOUN
fsr-3991	287	8	(	(	PUNCT
fsr-3991	287	9	bps	bps	NOUN
fsr-3991	287	10	)	)	PUNCT
fsr-3991	287	11	and	and	CCONJ
fsr-3991	287	12	malladi	malladi	NOUN
fsr-3991	287	13	and	and	CCONJ
fsr-3991	287	14	fabozzi	fabozzi	NOUN
fsr-3991	287	15	(	(	PUNCT
fsr-3991	287	16	2017	2017	NUM
fsr-3991	287	17	)	)	PUNCT
fsr-3991	287	18	at	at	ADP
fsr-3991	287	19	169	169	NUM
fsr-3991	287	20	bps	bps	NOUN
fsr-3991	287	21	.	.	PUNCT
fsr-3991	288	1	plyakha	plyakha	NOUN
fsr-3991	288	2	et	et	PROPN
fsr-3991	288	3	al	al	PROPN
fsr-3991	288	4	.	.	PROPN
fsr-3991	289	1	note	note	VERB
fsr-3991	289	2	that	that	SCONJ
fsr-3991	289	3	at	at	ADP
fsr-3991	289	4	50	50	NUM
fsr-3991	289	5	bps	bps	NOUN
fsr-3991	289	6	tc	tc	NOUN
fsr-3991	289	7	,	,	PUNCT
fsr-3991	289	8	the	the	DET
fsr-3991	289	9	equal	equal	ADV
fsr-3991	289	10	-	-	PUNCT
fsr-3991	289	11	weighted	weight	VERB
fsr-3991	289	12	portfolio	portfolio	NOUN
fsr-3991	289	13	(	(	PUNCT
fsr-3991	289	14	ewp	ewp	PROPN
fsr-3991	289	15	)	)	PUNCT
fsr-3991	289	16	surpasses	surpass	VERB
fsr-3991	289	17	the	the	DET
fsr-3991	289	18	value	value	NOUN
fsr-3991	289	19	-	-	PUNCT
fsr-3991	289	20	weighted	weight	VERB
fsr-3991	289	21	portfolio	portfolio	NOUN
fsr-3991	289	22	(	(	PUNCT
fsr-3991	289	23	vwp	vwp	PROPN
fsr-3991	289	24	)	)	PUNCT
fsr-3991	289	25	with	with	ADP
fsr-3991	289	26	mean	mean	ADJ
fsr-3991	289	27	annual	annual	ADJ
fsr-3991	289	28	returns	return	NOUN
fsr-3991	289	29	of	of	ADP
fsr-3991	289	30	13.19	13.19	NUM
fsr-3991	289	31	%	%	NOUN
fsr-3991	289	32	and	and	CCONJ
fsr-3991	289	33	10.48	10.48	NUM
fsr-3991	289	34	%	%	NOUN
fsr-3991	289	35	,	,	PUNCT
fsr-3991	289	36	respectively	respectively	ADV
fsr-3991	289	37	,	,	PUNCT
fsr-3991	289	38	equating	equate	VERB
fsr-3991	289	39	to	to	ADP
fsr-3991	289	40	an	an	DET
fsr-3991	289	41	excess	excess	ADJ
fsr-3991	289	42	return	return	NOUN
fsr-3991	289	43	of	of	ADP
fsr-3991	289	44	271	271	NUM
fsr-3991	289	45	basis	basis	NOUN
fsr-3991	289	46	points	point	NOUN
fsr-3991	289	47	.	.	PUNCT
fsr-3991	290	1	similarly	similarly	ADV
fsr-3991	290	2	,	,	PUNCT
fsr-3991	290	3	malladi	malladi	NOUN
fsr-3991	290	4	and	and	CCONJ
fsr-3991	290	5	fabozzi	fabozzi	NOUN
fsr-3991	290	6	demonstrate	demonstrate	NOUN
fsr-3991	290	7	at	at	ADP
fsr-3991	290	8	169	169	NUM
fsr-3991	290	9	bps	bps	NOUN
fsr-3991	290	10	tc	tc	NOUN
fsr-3991	290	11	that	that	PRON
fsr-3991	290	12	the	the	DET
fsr-3991	290	13	ewp	ewp	PROPN
fsr-3991	290	14	outperforms	outperform	VERB
fsr-3991	290	15	the	the	DET
fsr-3991	290	16	vwp	vwp	NOUN
fsr-3991	290	17	,	,	PUNCT
fsr-3991	290	18	securing	secure	VERB
fsr-3991	290	19	mean	mean	VERB
fsr-3991	290	20	annual	annual	ADJ
fsr-3991	290	21	returns	return	NOUN
fsr-3991	290	22	of	of	ADP
fsr-3991	290	23	13.88	13.88	NUM
fsr-3991	290	24	%	%	NOUN
fsr-3991	290	25	and	and	CCONJ
fsr-3991	290	26	12.87	12.87	NUM
fsr-3991	290	27	%	%	NOUN
fsr-3991	290	28	,	,	PUNCT
fsr-3991	290	29	respectively	respectively	ADV
fsr-3991	290	30	,	,	PUNCT
fsr-3991	290	31	with	with	ADP
fsr-3991	290	32	an	an	DET
fsr-3991	290	33	excess	excess	ADJ
fsr-3991	290	34	return	return	NOUN
fsr-3991	290	35	of	of	ADP
fsr-3991	290	36	101	101	NUM
fsr-3991	290	37	basis	basis	NOUN
fsr-3991	290	38	points	point	NOUN
fsr-3991	290	39	.	.	PUNCT
fsr-3991	291	1	figure	figure	NOUN
fsr-3991	291	2	7	7	NUM
fsr-3991	291	3	displays	display	VERB
fsr-3991	291	4	the	the	DET
fsr-3991	291	5	impact	impact	NOUN
fsr-3991	291	6	of	of	ADP
fsr-3991	291	7	tc	tc	NOUN
fsr-3991	291	8	on	on	ADP
fsr-3991	291	9	the	the	DET
fsr-3991	291	10	ewp	ewp	PROPN
fsr-3991	291	11	and	and	CCONJ
fsr-3991	291	12	vwp	vwp	NOUN
fsr-3991	291	13	returns	return	NOUN
fsr-3991	291	14	.	.	PUNCT
fsr-3991	292	1	additionally	additionally	ADV
fsr-3991	292	2	,	,	PUNCT
fsr-3991	292	3	our	our	PRON
fsr-3991	292	4	findings	finding	NOUN
fsr-3991	292	5	reveal	reveal	VERB
fsr-3991	292	6	a	a	DET
fsr-3991	292	7	statistically	statistically	ADV
fsr-3991	292	8	significant	significant	ADJ
fsr-3991	292	9	excess	excess	ADJ
fsr-3991	292	10	annualized	annualize	VERB
fsr-3991	292	11	return	return	NOUN
fsr-3991	292	12	of	of	ADP
fsr-3991	292	13	188	188	NUM
fsr-3991	292	14	basis	basis	NOUN
fsr-3991	292	15	points	point	NOUN
fsr-3991	292	16	for	for	ADP
fsr-3991	292	17	the	the	DET
fsr-3991	292	18	ewp	ewp	PROPN
fsr-3991	292	19	over	over	ADP
fsr-3991	292	20	the	the	DET
fsr-3991	292	21	vwp	vwp	NOUN
fsr-3991	292	22	when	when	SCONJ
fsr-3991	292	23	tc	tc	NOUN
fsr-3991	292	24	=	=	SYM
fsr-3991	292	25	50	50	NUM
fsr-3991	292	26	bps	bps	NOUN
fsr-3991	292	27	and	and	CCONJ
fsr-3991	292	28	115	115	NUM
fsr-3991	292	29	basis	basis	NOUN
fsr-3991	292	30	points	point	NOUN
fsr-3991	292	31	when	when	SCONJ
fsr-3991	292	32	tc	tc	NOUN
fsr-3991	292	33	=	=	SYM
fsr-3991	292	34	169	169	NUM
fsr-3991	292	35	bps	bps	NOUN
fsr-3991	292	36	.	.	PUNCT
fsr-3991	293	1	notably	notably	ADV
fsr-3991	293	2	,	,	PUNCT
fsr-3991	293	3	figure	figure	VERB
fsr-3991	293	4	7	7	NUM
fsr-3991	293	5	shows	show	VERB
fsr-3991	293	6	that	that	SCONJ
fsr-3991	293	7	when	when	SCONJ
fsr-3991	293	8	tc	tc	NOUN
fsr-3991	293	9	reaches	reach	VERB
fsr-3991	293	10	728	728	NUM
fsr-3991	293	11	basis	basis	NOUN
fsr-3991	293	12	points	point	NOUN
fsr-3991	293	13	of	of	ADP
fsr-3991	293	14	portfolio	portfolio	NOUN
fsr-3991	293	15	turnover	turnover	NOUN
fsr-3991	293	16	,	,	PUNCT
fsr-3991	293	17	the	the	DET
fsr-3991	293	18	ewp	ewp	PROPN
fsr-3991	293	19	and	and	CCONJ
fsr-3991	293	20	vwp	vwp	PROPN
fsr-3991	293	21	portfolio	portfolio	NOUN
fsr-3991	293	22	returns	return	NOUN
fsr-3991	293	23	converge	converge	VERB
fsr-3991	293	24	,	,	PUNCT
fsr-3991	293	25	suggesting	suggest	VERB
fsr-3991	293	26	a	a	DET
fsr-3991	293	27	pivotal	pivotal	ADJ
fsr-3991	293	28	threshold	threshold	NOUN
fsr-3991	293	29	for	for	ADP
fsr-3991	293	30	these	these	DET
fsr-3991	293	31	portfolios	portfolio	NOUN
fsr-3991	293	32	.	.	PUNCT
fsr-3991	294	1	malladi	malladi	NOUN
fsr-3991	294	2	&	&	CCONJ
fsr-3991	294	3	stanoyevitch	stanoyevitch	VERB
fsr-3991	294	4	159	159	NUM
fsr-3991	294	5	figure	figure	NOUN
fsr-3991	294	6	7	7	NUM
fsr-3991	294	7	.	.	PUNCT
fsr-3991	294	8	impact	impact	NOUN
fsr-3991	294	9	of	of	ADP
fsr-3991	294	10	transaction	transaction	NOUN
fsr-3991	294	11	costs	cost	NOUN
fsr-3991	294	12	on	on	ADP
fsr-3991	294	13	portfolio	portfolio	NOUN
fsr-3991	294	14	return	return	NOUN
fsr-3991	294	15	transaction	transaction	NOUN
fsr-3991	294	16	cost	cost	NOUN
fsr-3991	294	17	(	(	PUNCT
fsr-3991	294	18	tc	tc	NOUN
fsr-3991	294	19	,	,	PUNCT
fsr-3991	294	20	bps	bps	NOUN
fsr-3991	294	21	)	)	PUNCT
fsr-3991	294	22	0	0	NUM
fsr-3991	295	1	50	50	NUM
fsr-3991	295	2	100	100	NUM
fsr-3991	295	3	169	169	NUM
fsr-3991	295	4	annualized	annualize	VERB
fsr-3991	295	5	returns	return	NOUN
fsr-3991	295	6	(	(	PUNCT
fsr-3991	295	7	vwp	vwp	NOUN
fsr-3991	295	8	)	)	PUNCT
fsr-3991	295	9	0.1374	0.1374	NUM
fsr-3991	295	10	0.1371	0.1371	NUM
fsr-3991	295	11	0.1368	0.1368	NUM
fsr-3991	295	12	0.1364	0.1364	NUM
fsr-3991	295	13	annualized	annualize	VERB
fsr-3991	295	14	returns	return	NOUN
fsr-3991	295	15	(	(	PUNCT
fsr-3991	295	16	ewp	ewp	PROPN
fsr-3991	295	17	)	)	PUNCT
fsr-3991	295	18	0.1593	0.1593	NUM
fsr-3991	295	19	0.1559	0.1559	NUM
fsr-3991	295	20	0.1525	0.1525	NUM
fsr-3991	295	21	0.1479	0.1479	NUM
fsr-3991	295	22	excess	excess	ADJ
fsr-3991	295	23	return	return	NOUN
fsr-3991	295	24	(	(	PUNCT
fsr-3991	295	25	ewp	ewp	PROPN
fsr-3991	295	26	vwp	vwp	PROPN
fsr-3991	295	27	)	)	PUNCT
fsr-3991	295	28	0.0219	0.0219	NUM
fsr-3991	295	29	0.0188	0.0188	NUM
fsr-3991	295	30	0.0157	0.0157	NUM
fsr-3991	295	31	0.0115	0.0115	NUM
fsr-3991	295	32	standard	standard	ADJ
fsr-3991	295	33	deviation	deviation	NOUN
fsr-3991	295	34	of	of	ADP
fsr-3991	295	35	returns	return	NOUN
fsr-3991	295	36	(	(	PUNCT
fsr-3991	295	37	vwp	vwp	PROPN
fsr-3991	295	38	)	)	PUNCT
fsr-3991	295	39	0.2215	0.2215	NUM
fsr-3991	296	1	0.2215	0.2215	NUM
fsr-3991	296	2	0.2215	0.2215	NUM
fsr-3991	296	3	0.2215	0.2215	NUM
fsr-3991	296	4	standard	standard	ADJ
fsr-3991	296	5	deviation	deviation	NOUN
fsr-3991	296	6	of	of	ADP
fsr-3991	296	7	returns	return	NOUN
fsr-3991	296	8	(	(	PUNCT
fsr-3991	296	9	ewp	ewp	PROPN
fsr-3991	296	10	)	)	PUNCT
fsr-3991	296	11	0.2191	0.2191	NUM
fsr-3991	297	1	0.2190	0.2190	NUM
fsr-3991	297	2	0.2190	0.2190	NUM
fsr-3991	297	3	0.2189	0.2189	NUM
fsr-3991	297	4	•	•	NOUN
fsr-3991	297	5	the	the	DET
fsr-3991	297	6	chart	chart	NOUN
fsr-3991	297	7	demonstrates	demonstrate	VERB
fsr-3991	297	8	how	how	SCONJ
fsr-3991	297	9	tc	tc	INTJ
fsr-3991	297	10	(	(	PUNCT
fsr-3991	297	11	on	on	ADP
fsr-3991	297	12	the	the	DET
fsr-3991	297	13	x	x	NOUN
fsr-3991	297	14	-	-	NOUN
fsr-3991	297	15	axis	axis	ADJ
fsr-3991	297	16	)	)	PUNCT
fsr-3991	297	17	affects	affect	VERB
fsr-3991	297	18	ewp	ewp	PROPN
fsr-3991	297	19	and	and	CCONJ
fsr-3991	297	20	vwp	vwp	PROPN
fsr-3991	297	21	portfolio	portfolio	NOUN
fsr-3991	297	22	returns	return	NOUN
fsr-3991	297	23	(	(	PUNCT
fsr-3991	297	24	on	on	ADP
fsr-3991	297	25	the	the	DET
fsr-3991	297	26	y	y	NOUN
fsr-3991	297	27	-	-	PUNCT
fsr-3991	297	28	axis	axis	NOUN
fsr-3991	297	29	)	)	PUNCT
fsr-3991	297	30	.	.	PUNCT
fsr-3991	298	1	•	•	NUM
fsr-3991	298	2	1,000	1,000	NUM
fsr-3991	298	3	ewp	ewp	NOUN
fsr-3991	298	4	and	and	CCONJ
fsr-3991	298	5	vwp	vwp	NOUN
fsr-3991	298	6	portfolios	portfolio	NOUN
fsr-3991	298	7	are	be	AUX
fsr-3991	298	8	constructed	construct	VERB
fsr-3991	298	9	using	use	VERB
fsr-3991	298	10	three	three	NUM
fsr-3991	298	11	randomly	randomly	ADV
fsr-3991	298	12	selected	select	VERB
fsr-3991	298	13	stocks	stock	NOUN
fsr-3991	298	14	.	.	PUNCT
fsr-3991	299	1	each	each	DET
fsr-3991	299	2	run	run	NOUN
fsr-3991	299	3	examines	examine	VERB
fsr-3991	299	4	the	the	DET
fsr-3991	299	5	portfolio	portfolio	NOUN
fsr-3991	299	6	for	for	ADP
fsr-3991	299	7	the	the	DET
fsr-3991	299	8	whole	whole	ADJ
fsr-3991	299	9	period	period	NOUN
fsr-3991	299	10	using	use	VERB
fsr-3991	299	11	monthly	monthly	ADJ
fsr-3991	299	12	returns	return	NOUN
fsr-3991	299	13	from	from	ADP
fsr-3991	299	14	01/01/1970	01/01/1970	NUM
fsr-3991	299	15	to	to	ADP
fsr-3991	299	16	01/01/2023	01/01/2023	NUM
fsr-3991	299	17	.	.	PUNCT
fsr-3991	300	1	thick	thick	ADJ
fsr-3991	300	2	lines	line	NOUN
fsr-3991	300	3	depict	depict	VERB
fsr-3991	300	4	exhaustive	exhaustive	ADJ
fsr-3991	300	5	random	random	ADJ
fsr-3991	300	6	sampling	sampling	NOUN
fsr-3991	300	7	,	,	PUNCT
fsr-3991	300	8	while	while	SCONJ
fsr-3991	300	9	lighter	light	ADJ
fsr-3991	300	10	dotted	dotted	ADJ
fsr-3991	300	11	lines	line	NOUN
fsr-3991	300	12	represent	represent	VERB
fsr-3991	300	13	trendlines	trendline	NOUN
fsr-3991	300	14	.	.	PUNCT
fsr-3991	301	1	•	•	NUM
fsr-3991	301	2	plyakha	plyakha	PROPN
fsr-3991	301	3	et	et	PROPN
fsr-3991	301	4	al	al	PROPN
fsr-3991	301	5	.	.	PROPN
fsr-3991	302	1	(	(	PUNCT
fsr-3991	302	2	2021	2021	NUM
fsr-3991	302	3	)	)	PUNCT
fsr-3991	302	4	show	show	VERB
fsr-3991	302	5	that	that	SCONJ
fsr-3991	302	6	at	at	ADP
fsr-3991	302	7	50	50	NUM
fsr-3991	302	8	bps	bps	NOUN
fsr-3991	302	9	,	,	PUNCT
fsr-3991	302	10	tc	tc	NOUN
fsr-3991	302	11	ewp	ewp	PROPN
fsr-3991	302	12	outperforms	outperform	VERB
fsr-3991	302	13	vwp	vwp	PROPN
fsr-3991	302	14	,	,	PUNCT
fsr-3991	302	15	with	with	ADP
fsr-3991	302	16	mean	mean	ADJ
fsr-3991	302	17	annual	annual	ADJ
fsr-3991	302	18	returns	return	NOUN
fsr-3991	302	19	of	of	ADP
fsr-3991	302	20	13.19	13.19	NUM
fsr-3991	302	21	%	%	NOUN
fsr-3991	302	22	and	and	CCONJ
fsr-3991	302	23	10.48	10.48	NUM
fsr-3991	302	24	%	%	NOUN
fsr-3991	302	25	,	,	PUNCT
fsr-3991	302	26	respectively	respectively	ADV
fsr-3991	302	27	(	(	PUNCT
fsr-3991	302	28	or	or	CCONJ
fsr-3991	302	29	271	271	NUM
fsr-3991	302	30	bps	bps	NOUN
fsr-3991	302	31	excess	excess	ADJ
fsr-3991	302	32	returns	return	NOUN
fsr-3991	302	33	)	)	PUNCT
fsr-3991	302	34	.	.	PUNCT
fsr-3991	303	1	•	•	NUM
fsr-3991	303	2	malladi	malladi	NOUN
fsr-3991	303	3	and	and	CCONJ
fsr-3991	303	4	fabozzi	fabozzi	NOUN
fsr-3991	303	5	(	(	PUNCT
fsr-3991	303	6	2017	2017	NUM
fsr-3991	303	7	)	)	PUNCT
fsr-3991	303	8	demonstrate	demonstrate	VERB
fsr-3991	303	9	that	that	SCONJ
fsr-3991	303	10	at	at	ADP
fsr-3991	303	11	169	169	NUM
fsr-3991	303	12	bps	bps	NOUN
fsr-3991	303	13	tc	tc	NOUN
fsr-3991	303	14	,	,	PUNCT
fsr-3991	303	15	ewp	ewp	PROPN
fsr-3991	303	16	outperforms	outperform	VERB
fsr-3991	303	17	vwp	vwp	PROPN
fsr-3991	303	18	,	,	PUNCT
fsr-3991	303	19	with	with	ADP
fsr-3991	303	20	mean	mean	ADJ
fsr-3991	303	21	annual	annual	ADJ
fsr-3991	303	22	returns	return	NOUN
fsr-3991	303	23	of	of	ADP
fsr-3991	303	24	13.88	13.88	NUM
fsr-3991	303	25	%	%	NOUN
fsr-3991	303	26	and	and	CCONJ
fsr-3991	303	27	12.87	12.87	NUM
fsr-3991	303	28	%	%	NOUN
fsr-3991	303	29	,	,	PUNCT
fsr-3991	303	30	respectively	respectively	ADV
fsr-3991	303	31	(	(	PUNCT
fsr-3991	303	32	or	or	CCONJ
fsr-3991	303	33	101	101	NUM
fsr-3991	303	34	bps	bps	NOUN
fsr-3991	303	35	excess	excess	ADJ
fsr-3991	303	36	returns	return	NOUN
fsr-3991	303	37	)	)	PUNCT
fsr-3991	303	38	.	.	PUNCT
fsr-3991	304	1	•	•	INTJ
fsr-3991	304	2	we	we	PRON
fsr-3991	304	3	report	report	VERB
fsr-3991	304	4	that	that	SCONJ
fsr-3991	304	5	the	the	DET
fsr-3991	304	6	ewp	ewp	PROPN
fsr-3991	304	7	achieves	achieve	VERB
fsr-3991	304	8	a	a	DET
fsr-3991	304	9	statistically	statistically	ADV
fsr-3991	304	10	significant	significant	ADJ
fsr-3991	304	11	excess	excess	ADJ
fsr-3991	304	12	annualized	annualize	VERB
fsr-3991	304	13	return	return	NOUN
fsr-3991	304	14	over	over	ADP
fsr-3991	304	15	the	the	DET
fsr-3991	304	16	vwp	vwp	NOUN
fsr-3991	304	17	of	of	ADP
fsr-3991	304	18	188	188	NUM
fsr-3991	304	19	bps	bps	NOUN
fsr-3991	304	20	when	when	SCONJ
fsr-3991	304	21	tc	tc	NOUN
fsr-3991	304	22	=	=	SYM
fsr-3991	304	23	50	50	NUM
fsr-3991	304	24	bps	bps	NOUN
fsr-3991	304	25	and	and	CCONJ
fsr-3991	304	26	115	115	NUM
fsr-3991	304	27	bps	bps	NOUN
fsr-3991	304	28	when	when	SCONJ
fsr-3991	304	29	tc	tc	NOUN
fsr-3991	304	30	=	=	SYM
fsr-3991	304	31	169	169	NUM
fsr-3991	304	32	bps	bps	NOUN
fsr-3991	304	33	.	.	NOUN
fsr-3991	304	34	•	•	NUM
fsr-3991	304	35	when	when	SCONJ
fsr-3991	304	36	tc	tc	NOUN
fsr-3991	304	37	reaches	reach	VERB
fsr-3991	304	38	728	728	NUM
fsr-3991	304	39	bps	bps	NOUN
fsr-3991	304	40	of	of	ADP
fsr-3991	304	41	portfolio	portfolio	NOUN
fsr-3991	304	42	turnover	turnover	NOUN
fsr-3991	304	43	,	,	PUNCT
fsr-3991	304	44	ewp	ewp	PROPN
fsr-3991	304	45	and	and	CCONJ
fsr-3991	304	46	vwp	vwp	NOUN
fsr-3991	304	47	returns	return	NOUN
fsr-3991	304	48	converge	converge	VERB
fsr-3991	304	49	.	.	PUNCT
fsr-3991	305	1	robustness	robustness	NOUN
fsr-3991	305	2	checks	check	NOUN
fsr-3991	305	3	in	in	ADP
fsr-3991	305	4	a	a	DET
fsr-3991	305	5	larger	large	ADJ
fsr-3991	305	6	portfolio	portfolio	NOUN
fsr-3991	305	7	so	so	ADV
fsr-3991	305	8	far	far	ADV
fsr-3991	305	9	,	,	PUNCT
fsr-3991	305	10	we	we	PRON
fsr-3991	305	11	have	have	AUX
fsr-3991	305	12	used	use	VERB
fsr-3991	305	13	three	three	NUM
fsr-3991	305	14	stocks	stock	NOUN
fsr-3991	305	15	in	in	ADP
fsr-3991	305	16	our	our	PRON
fsr-3991	305	17	analysis	analysis	NOUN
fsr-3991	305	18	to	to	PART
fsr-3991	305	19	facilitate	facilitate	VERB
fsr-3991	305	20	easier	easy	ADJ
fsr-3991	305	21	comparisons	comparison	NOUN
fsr-3991	305	22	and	and	CCONJ
fsr-3991	305	23	validations	validation	NOUN
fsr-3991	305	24	through	through	ADP
fsr-3991	305	25	mathematical	mathematical	ADJ
fsr-3991	305	26	proofs	proof	NOUN
fsr-3991	305	27	.	.	PUNCT
fsr-3991	306	1	in	in	ADP
fsr-3991	306	2	this	this	DET
fsr-3991	306	3	subsection	subsection	NOUN
fsr-3991	306	4	,	,	PUNCT
fsr-3991	306	5	we	we	PRON
fsr-3991	306	6	increase	increase	VERB
fsr-3991	306	7	the	the	DET
fsr-3991	306	8	number	number	NOUN
fsr-3991	306	9	of	of	ADP
fsr-3991	306	10	stocks	stock	NOUN
fsr-3991	306	11	to	to	ADP
fsr-3991	306	12	ten	ten	NUM
fsr-3991	306	13	to	to	PART
fsr-3991	306	14	demonstrate	demonstrate	VERB
fsr-3991	306	15	the	the	DET
fsr-3991	306	16	robustness	robustness	NOUN
fsr-3991	306	17	of	of	ADP
fsr-3991	306	18	our	our	PRON
fsr-3991	306	19	results	result	NOUN
fsr-3991	306	20	.	.	PUNCT
fsr-3991	307	1	the	the	DET
fsr-3991	307	2	findings	finding	NOUN
fsr-3991	307	3	with	with	ADP
fsr-3991	307	4	a	a	DET
fsr-3991	307	5	larger	large	ADJ
fsr-3991	307	6	number	number	NOUN
fsr-3991	307	7	of	of	ADP
fsr-3991	307	8	securities	security	NOUN
fsr-3991	307	9	y	y	NOUN
fsr-3991	307	10	=	=	PUNCT
fsr-3991	307	11	-0.0038x	-0.0038x	PROPN
fsr-3991	307	12	+	+	NOUN
fsr-3991	307	13	0.1633	0.1633	NUM
fsr-3991	307	14	r²	r²	NOUN
fsr-3991	307	15	=	=	NOUN
fsr-3991	307	16	0.9939	0.9939	NUM
fsr-3991	307	17	y	y	NOUN
fsr-3991	307	18	=	=	PUNCT
fsr-3991	307	19	-0.0003x	-0.0003x	PROPN
fsr-3991	308	1	+	+	NUM
fsr-3991	308	2	0.1378	0.1378	NUM
fsr-3991	308	3	r²	r²	NOUN
fsr-3991	308	4	=	=	NOUN
fsr-3991	308	5	0.9945	0.9945	NUM
fsr-3991	308	6	0.1300	0.1300	NUM
fsr-3991	308	7	0.1350	0.1350	NUM
fsr-3991	308	8	0.1400	0.1400	NUM
fsr-3991	308	9	0.1450	0.1450	NUM
fsr-3991	308	10	0.1500	0.1500	NUM
fsr-3991	308	11	0.1550	0.1550	NUM
fsr-3991	308	12	0.1600	0.1600	NUM
fsr-3991	308	13	0	0	NUM
fsr-3991	308	14	50	50	NUM
fsr-3991	308	15	100	100	NUM
fsr-3991	308	16	169	169	NUM
fsr-3991	308	17	an	an	DET
fsr-3991	308	18	nu	nu	INTJ
fsr-3991	308	19	al	al	PROPN
fsr-3991	308	20	iz	iz	INTJ
fsr-3991	309	1	ed	ed	NOUN
fsr-3991	309	2	r	r	NOUN
fsr-3991	309	3	et	et	NOUN
fsr-3991	309	4	ur	ur	INTJ
fsr-3991	310	1	n	n	ADV
fsr-3991	310	2	tc	tc	NOUN
fsr-3991	310	3	=	=	SYM
fsr-3991	310	4	728	728	NUM
fsr-3991	310	5	bps	bps	NOUN
fsr-3991	310	6	ewp	ewp	PROPN
fsr-3991	310	7	vwp	vwp	PROPN
fsr-3991	310	8	financial	financial	PROPN
fsr-3991	310	9	services	services	PROPN
fsr-3991	310	10	review	review	PROPN
fsr-3991	310	11	,	,	PUNCT
fsr-3991	310	12	33(1	33(1	NUM
fsr-3991	310	13	)	)	PUNCT
fsr-3991	310	14	160	160	NUM
fsr-3991	310	15	maintain	maintain	VERB
fsr-3991	310	16	the	the	DET
fsr-3991	310	17	integrity	integrity	NOUN
fsr-3991	310	18	of	of	ADP
fsr-3991	310	19	our	our	PRON
fsr-3991	310	20	initial	initial	ADJ
fsr-3991	310	21	results	result	NOUN
fsr-3991	310	22	with	with	ADP
fsr-3991	310	23	three	three	NUM
fsr-3991	310	24	stocks	stock	NOUN
fsr-3991	310	25	.	.	PUNCT
fsr-3991	311	1	there	there	PRON
fsr-3991	311	2	are	be	VERB
fsr-3991	311	3	8.074	8.074	NUM
fsr-3991	311	4	quadrillion	quadrillion	NOUN
fsr-3991	311	5	unique	unique	ADJ
fsr-3991	311	6	ways	way	NOUN
fsr-3991	311	7	to	to	PART
fsr-3991	311	8	select	select	VERB
fsr-3991	311	9	ten	ten	NUM
fsr-3991	311	10	stocks	stock	NOUN
fsr-3991	311	11	from	from	ADP
fsr-3991	311	12	a	a	DET
fsr-3991	311	13	pool	pool	NOUN
fsr-3991	311	14	of	of	ADP
fsr-3991	311	15	181	181	NUM
fsr-3991	311	16	,	,	PUNCT
fsr-3991	311	17	as	as	ADP
fsr-3991	311	18	per	per	ADP
fsr-3991	311	19	the	the	DET
fsr-3991	311	20	combination	combination	NOUN
fsr-3991	311	21	formula	formula	NOUN
fsr-3991	311	22	𝑛𝐶𝑟	𝑛𝐶𝑟	NOUN
fsr-3991	311	23	=	=	SYM
fsr-3991	311	24	𝑛	𝑛	PROPN
fsr-3991	311	25	!	!	NOUN
fsr-3991	311	26	𝑟!(𝑛−𝑟	𝑟!(𝑛−𝑟	NUM
fsr-3991	311	27	)	)	PUNCT
fsr-3991	311	28	!	!	PUNCT
fsr-3991	312	1	,	,	PUNCT
fsr-3991	312	2	considering	consider	VERB
fsr-3991	312	3	unordered	unordered	ADJ
fsr-3991	312	4	selection	selection	NOUN
fsr-3991	312	5	.	.	PUNCT
fsr-3991	313	1	given	give	VERB
fsr-3991	313	2	the	the	DET
fsr-3991	313	3	impracticality	impracticality	NOUN
fsr-3991	313	4	of	of	ADP
fsr-3991	313	5	exhaustively	exhaustively	ADV
fsr-3991	313	6	analyzing	analyze	VERB
fsr-3991	313	7	quadrillions	quadrillion	NOUN
fsr-3991	313	8	of	of	ADP
fsr-3991	313	9	portfolios	portfolio	NOUN
fsr-3991	313	10	,	,	PUNCT
fsr-3991	313	11	we	we	PRON
fsr-3991	313	12	created	create	VERB
fsr-3991	313	13	1,000	1,000	NUM
fsr-3991	313	14	portfolios	portfolio	NOUN
fsr-3991	313	15	of	of	ADP
fsr-3991	313	16	ten	ten	NUM
fsr-3991	313	17	randomly	randomly	ADV
fsr-3991	313	18	selected	select	VERB
fsr-3991	313	19	stocks	stock	NOUN
fsr-3991	313	20	each	each	PRON
fsr-3991	313	21	for	for	ADP
fsr-3991	313	22	our	our	PRON
fsr-3991	313	23	analysis	analysis	NOUN
fsr-3991	313	24	.	.	PUNCT
fsr-3991	314	1	the	the	DET
fsr-3991	314	2	results	result	NOUN
fsr-3991	314	3	of	of	ADP
fsr-3991	314	4	both	both	DET
fsr-3991	314	5	threeand	threeand	NOUN
fsr-3991	314	6	ten	ten	NUM
fsr-3991	314	7	-	-	PUNCT
fsr-3991	314	8	stock	stock	NOUN
fsr-3991	314	9	portfolios	portfolio	NOUN
fsr-3991	314	10	are	be	AUX
fsr-3991	314	11	presented	present	VERB
fsr-3991	314	12	in	in	ADP
fsr-3991	314	13	table	table	NOUN
fsr-3991	314	14	5	5	NUM
fsr-3991	314	15	.	.	PUNCT
fsr-3991	315	1	the	the	DET
fsr-3991	315	2	results	result	NOUN
fsr-3991	315	3	of	of	ADP
fsr-3991	315	4	the	the	DET
fsr-3991	315	5	analysis	analysis	NOUN
fsr-3991	315	6	are	be	AUX
fsr-3991	315	7	robust	robust	ADJ
fsr-3991	315	8	,	,	PUNCT
fsr-3991	315	9	as	as	SCONJ
fsr-3991	315	10	evidenced	evidence	VERB
fsr-3991	315	11	by	by	ADP
fsr-3991	315	12	consistent	consistent	ADJ
fsr-3991	315	13	patterns	pattern	NOUN
fsr-3991	315	14	across	across	ADP
fsr-3991	315	15	different	different	ADJ
fsr-3991	315	16	portfolio	portfolio	NOUN
fsr-3991	315	17	types	type	NOUN
fsr-3991	315	18	and	and	CCONJ
fsr-3991	315	19	varying	vary	VERB
fsr-3991	315	20	numbers	number	NOUN
fsr-3991	315	21	of	of	ADP
fsr-3991	315	22	stocks	stock	NOUN
fsr-3991	315	23	(	(	PUNCT
fsr-3991	315	24	m	m	NOUN
fsr-3991	315	25	)	)	PUNCT
fsr-3991	315	26	.	.	PUNCT
fsr-3991	316	1	for	for	ADP
fsr-3991	316	2	both	both	DET
fsr-3991	316	3	vwp	vwp	PROPN
fsr-3991	316	4	and	and	CCONJ
fsr-3991	316	5	ewp	ewp	PROPN
fsr-3991	316	6	,	,	PUNCT
fsr-3991	316	7	as	as	SCONJ
fsr-3991	316	8	the	the	DET
fsr-3991	316	9	number	number	NOUN
fsr-3991	316	10	of	of	ADP
fsr-3991	316	11	stocks	stock	NOUN
fsr-3991	316	12	increases	increase	VERB
fsr-3991	316	13	from	from	ADP
fsr-3991	316	14	three	three	NUM
fsr-3991	316	15	to	to	PART
fsr-3991	316	16	ten	ten	NUM
fsr-3991	316	17	,	,	PUNCT
fsr-3991	316	18	the	the	DET
fsr-3991	316	19	standard	standard	ADJ
fsr-3991	316	20	deviation	deviation	NOUN
fsr-3991	316	21	of	of	ADP
fsr-3991	316	22	returns	return	NOUN
fsr-3991	316	23	decreases	decrease	VERB
fsr-3991	316	24	significantly	significantly	ADV
fsr-3991	316	25	,	,	PUNCT
fsr-3991	316	26	as	as	SCONJ
fsr-3991	316	27	expected	expect	VERB
fsr-3991	316	28	(	(	PUNCT
fsr-3991	316	29	e.g.	e.g.	ADV
fsr-3991	316	30	,	,	PUNCT
fsr-3991	316	31	annual	annual	ADJ
fsr-3991	316	32	stdev	stdev	NOUN
fsr-3991	316	33	decreased	decrease	VERB
fsr-3991	316	34	from	from	ADP
fsr-3991	316	35	22	22	NUM
fsr-3991	316	36	%	%	NOUN
fsr-3991	316	37	to	to	ADP
fsr-3991	316	38	16	16	NUM
fsr-3991	316	39	%	%	NOUN
fsr-3991	316	40	for	for	ADP
fsr-3991	316	41	ewp	ewp	NOUN
fsr-3991	316	42	and	and	CCONJ
fsr-3991	316	43	to	to	ADP
fsr-3991	316	44	14	14	NUM
fsr-3991	316	45	%	%	NOUN
fsr-3991	316	46	for	for	ADP
fsr-3991	316	47	vwp	vwp	PROPN
fsr-3991	316	48	)	)	PUNCT
fsr-3991	316	49	.	.	PUNCT
fsr-3991	317	1	ewp	ewp	PROPN
fsr-3991	318	1	mean	mean	VERB
fsr-3991	318	2	and	and	CCONJ
fsr-3991	318	3	median	median	ADJ
fsr-3991	318	4	returns	return	NOUN
fsr-3991	318	5	exceed	exceed	VERB
fsr-3991	318	6	those	those	PRON
fsr-3991	318	7	of	of	ADP
fsr-3991	318	8	vwp	vwp	NOUN
fsr-3991	318	9	in	in	ADP
fsr-3991	318	10	both	both	DET
fsr-3991	318	11	cases	case	NOUN
fsr-3991	318	12	(	(	PUNCT
fsr-3991	318	13	i.e.	i.e.	X
fsr-3991	318	14	,	,	PUNCT
fsr-3991	318	15	m	m	VERB
fsr-3991	318	16	=	=	SYM
fsr-3991	318	17	3	3	NUM
fsr-3991	318	18	and	and	CCONJ
fsr-3991	318	19	m	m	PROPN
fsr-3991	318	20	=	=	NOUN
fsr-3991	318	21	10	10	NUM
fsr-3991	318	22	)	)	PUNCT
fsr-3991	318	23	.	.	PUNCT
fsr-3991	319	1	ewp	ewp	PROPN
fsr-3991	319	2	maintained	maintain	VERB
fsr-3991	319	3	higher	high	ADJ
fsr-3991	319	4	returns	return	NOUN
fsr-3991	319	5	than	than	ADP
fsr-3991	319	6	vwp	vwp	NOUN
fsr-3991	319	7	in	in	ADP
fsr-3991	319	8	both	both	DET
fsr-3991	319	9	cases	case	NOUN
fsr-3991	319	10	.	.	PUNCT
fsr-3991	320	1	both	both	DET
fsr-3991	320	2	strategies	strategy	NOUN
fsr-3991	320	3	experienced	experience	VERB
fsr-3991	320	4	significant	significant	ADJ
fsr-3991	320	5	risk	risk	NOUN
fsr-3991	320	6	reduction	reduction	NOUN
fsr-3991	320	7	and	and	CCONJ
fsr-3991	320	8	improved	improve	VERB
fsr-3991	320	9	sharpe	sharpe	NOUN
fsr-3991	320	10	ratios	ratio	NOUN
fsr-3991	320	11	with	with	ADP
fsr-3991	320	12	an	an	DET
fsr-3991	320	13	increased	increase	VERB
fsr-3991	320	14	number	number	NOUN
fsr-3991	320	15	of	of	ADP
fsr-3991	320	16	stocks	stock	NOUN
fsr-3991	320	17	.	.	PUNCT
fsr-3991	321	1	transaction	transaction	NOUN
fsr-3991	321	2	cost	cost	NOUN
fsr-3991	321	3	impact	impact	NOUN
fsr-3991	321	4	decreased	decrease	VERB
fsr-3991	321	5	significantly	significantly	ADV
fsr-3991	321	6	for	for	ADP
fsr-3991	321	7	ewp	ewp	PROPN
fsr-3991	321	8	as	as	SCONJ
fsr-3991	321	9	the	the	DET
fsr-3991	321	10	number	number	NOUN
fsr-3991	321	11	of	of	ADP
fsr-3991	321	12	stocks	stock	NOUN
fsr-3991	321	13	increased	increase	VERB
fsr-3991	321	14	,	,	PUNCT
fsr-3991	321	15	while	while	SCONJ
fsr-3991	321	16	it	it	PRON
fsr-3991	321	17	remained	remain	VERB
fsr-3991	321	18	minimal	minimal	ADJ
fsr-3991	321	19	for	for	ADP
fsr-3991	321	20	vwp	vwp	NOUN
fsr-3991	321	21	in	in	ADP
fsr-3991	321	22	both	both	DET
fsr-3991	321	23	cases	case	NOUN
fsr-3991	321	24	.	.	PUNCT
fsr-3991	322	1	these	these	DET
fsr-3991	322	2	results	result	NOUN
fsr-3991	322	3	align	align	VERB
fsr-3991	322	4	with	with	ADP
fsr-3991	322	5	portfolio	portfolio	NOUN
fsr-3991	322	6	theory	theory	NOUN
fsr-3991	322	7	:	:	PUNCT
fsr-3991	322	8	increased	increase	VERB
fsr-3991	322	9	diversification	diversification	NOUN
fsr-3991	322	10	leads	lead	VERB
fsr-3991	322	11	to	to	ADP
fsr-3991	322	12	lower	low	ADJ
fsr-3991	322	13	risk	risk	NOUN
fsr-3991	322	14	,	,	PUNCT
fsr-3991	322	15	equal	equal	ADJ
fsr-3991	322	16	-	-	PUNCT
fsr-3991	322	17	weighting	weight	VERB
fsr-3991	322	18	outperforms	outperform	NOUN
fsr-3991	322	19	value	value	NOUN
fsr-3991	322	20	-	-	PUNCT
fsr-3991	322	21	weighting	weighting	NOUN
fsr-3991	322	22	in	in	ADP
fsr-3991	322	23	terms	term	NOUN
fsr-3991	322	24	of	of	ADP
fsr-3991	322	25	returns	return	NOUN
fsr-3991	322	26	and	and	CCONJ
fsr-3991	322	27	risk	risk	NOUN
fsr-3991	322	28	-	-	PUNCT
fsr-3991	322	29	adjusted	adjust	VERB
fsr-3991	322	30	returns	return	NOUN
fsr-3991	322	31	,	,	PUNCT
fsr-3991	322	32	and	and	CCONJ
fsr-3991	322	33	the	the	DET
fsr-3991	322	34	impact	impact	NOUN
fsr-3991	322	35	of	of	ADP
fsr-3991	322	36	transaction	transaction	NOUN
fsr-3991	322	37	costs	cost	NOUN
fsr-3991	322	38	on	on	ADP
fsr-3991	322	39	equal	equal	ADJ
fsr-3991	322	40	-	-	PUNCT
fsr-3991	322	41	weighted	weight	VERB
fsr-3991	322	42	portfolios	portfolio	NOUN
fsr-3991	322	43	decreases	decrease	VERB
fsr-3991	322	44	with	with	ADP
fsr-3991	322	45	more	more	ADJ
fsr-3991	322	46	stocks	stock	NOUN
fsr-3991	322	47	,	,	PUNCT
fsr-3991	322	48	likely	likely	ADJ
fsr-3991	322	49	due	due	ADJ
fsr-3991	322	50	to	to	ADP
fsr-3991	322	51	reduced	reduce	VERB
fsr-3991	322	52	rebalancing	rebalancing	NOUN
fsr-3991	322	53	needs	need	NOUN
fsr-3991	322	54	.	.	PUNCT
fsr-3991	323	1	the	the	DET
fsr-3991	323	2	consistent	consistent	ADJ
fsr-3991	323	3	decrease	decrease	NOUN
fsr-3991	323	4	in	in	ADP
fsr-3991	323	5	returns	return	NOUN
fsr-3991	323	6	as	as	SCONJ
fsr-3991	323	7	transaction	transaction	NOUN
fsr-3991	323	8	costs	cost	NOUN
fsr-3991	323	9	increase	increase	VERB
fsr-3991	323	10	,	,	PUNCT
fsr-3991	323	11	the	the	DET
fsr-3991	323	12	consistent	consistent	ADJ
fsr-3991	323	13	outperformance	outperformance	NOUN
fsr-3991	323	14	of	of	ADP
fsr-3991	323	15	ewp	ewp	PROPN
fsr-3991	323	16	over	over	ADP
fsr-3991	323	17	vwp	vwp	PROPN
fsr-3991	323	18	,	,	PUNCT
fsr-3991	323	19	and	and	CCONJ
fsr-3991	323	20	the	the	DET
fsr-3991	323	21	reduction	reduction	NOUN
fsr-3991	323	22	in	in	ADP
fsr-3991	323	23	risk	risk	NOUN
fsr-3991	323	24	as	as	SCONJ
fsr-3991	323	25	the	the	DET
fsr-3991	323	26	number	number	NOUN
fsr-3991	323	27	of	of	ADP
fsr-3991	323	28	stocks	stock	NOUN
fsr-3991	323	29	in	in	ADP
fsr-3991	323	30	the	the	DET
fsr-3991	323	31	portfolio	portfolio	NOUN
fsr-3991	323	32	increases	increase	NOUN
fsr-3991	323	33	reinforce	reinforce	VERB
fsr-3991	323	34	the	the	DET
fsr-3991	323	35	reliability	reliability	NOUN
fsr-3991	323	36	and	and	CCONJ
fsr-3991	323	37	robustness	robustness	NOUN
fsr-3991	323	38	of	of	ADP
fsr-3991	323	39	the	the	DET
fsr-3991	323	40	results	result	NOUN
fsr-3991	323	41	,	,	PUNCT
fsr-3991	323	42	demonstrating	demonstrate	VERB
fsr-3991	323	43	that	that	SCONJ
fsr-3991	323	44	the	the	DET
fsr-3991	323	45	observed	observed	ADJ
fsr-3991	323	46	trends	trend	NOUN
fsr-3991	323	47	are	be	AUX
fsr-3991	323	48	not	not	PART
fsr-3991	323	49	anomalies	anomaly	NOUN
fsr-3991	323	50	but	but	CCONJ
fsr-3991	323	51	reflective	reflective	ADJ
fsr-3991	323	52	of	of	ADP
fsr-3991	323	53	underlying	underlie	VERB
fsr-3991	323	54	market	market	NOUN
fsr-3991	323	55	dynamics	dynamic	NOUN
fsr-3991	323	56	and	and	CCONJ
fsr-3991	323	57	portfolio	portfolio	NOUN
fsr-3991	323	58	characteristics	characteristic	NOUN
fsr-3991	323	59	.	.	PUNCT
fsr-3991	324	1	conclusions	conclusion	NOUN
fsr-3991	324	2	in	in	ADP
fsr-3991	324	3	conclusion	conclusion	NOUN
fsr-3991	324	4	,	,	PUNCT
fsr-3991	324	5	the	the	DET
fsr-3991	324	6	paper	paper	NOUN
fsr-3991	324	7	's	's	PART
fsr-3991	324	8	results	result	NOUN
fsr-3991	324	9	based	base	VERB
fsr-3991	324	10	on	on	ADP
fsr-3991	324	11	the	the	DET
fsr-3991	324	12	methodology	methodology	NOUN
fsr-3991	324	13	and	and	CCONJ
fsr-3991	324	14	data	datum	NOUN
fsr-3991	324	15	presented	present	VERB
fsr-3991	324	16	demonstrate	demonstrate	VERB
fsr-3991	324	17	several	several	ADJ
fsr-3991	324	18	key	key	ADJ
fsr-3991	324	19	findings	finding	NOUN
fsr-3991	324	20	.	.	PUNCT
fsr-3991	325	1	ewp	ewp	PROPN
fsr-3991	325	2	portfolios	portfolio	NOUN
fsr-3991	325	3	exhibit	exhibit	VERB
fsr-3991	325	4	the	the	DET
fsr-3991	325	5	potential	potential	NOUN
fsr-3991	325	6	for	for	ADP
fsr-3991	325	7	higher	high	ADJ
fsr-3991	325	8	risk	risk	NOUN
fsr-3991	325	9	-	-	PUNCT
fsr-3991	325	10	adjusted	adjust	VERB
fsr-3991	325	11	returns	return	NOUN
fsr-3991	325	12	,	,	PUNCT
fsr-3991	325	13	particularly	particularly	ADV
fsr-3991	325	14	in	in	ADP
fsr-3991	325	15	the	the	DET
fsr-3991	325	16	absence	absence	NOUN
fsr-3991	325	17	of	of	ADP
fsr-3991	325	18	transaction	transaction	NOUN
fsr-3991	325	19	costs	cost	NOUN
fsr-3991	325	20	.	.	PUNCT
fsr-3991	326	1	transaction	transaction	NOUN
fsr-3991	326	2	costs	cost	NOUN
fsr-3991	326	3	significantly	significantly	ADV
fsr-3991	326	4	impact	impact	VERB
fsr-3991	326	5	the	the	DET
fsr-3991	326	6	performance	performance	NOUN
fsr-3991	326	7	of	of	ADP
fsr-3991	326	8	ewp	ewp	PROPN
fsr-3991	326	9	portfolios	portfolio	NOUN
fsr-3991	326	10	.	.	PUNCT
fsr-3991	327	1	moreover	moreover	ADV
fsr-3991	327	2	,	,	PUNCT
fsr-3991	327	3	ewp	ewp	PROPN
fsr-3991	327	4	portfolios	portfolio	NOUN
fsr-3991	327	5	tend	tend	VERB
fsr-3991	327	6	to	to	PART
fsr-3991	327	7	have	have	VERB
fsr-3991	327	8	higher	high	ADJ
fsr-3991	327	9	turnover	turnover	NOUN
fsr-3991	327	10	,	,	PUNCT
fsr-3991	327	11	leading	lead	VERB
fsr-3991	327	12	to	to	ADP
fsr-3991	327	13	increased	increase	VERB
fsr-3991	327	14	transaction	transaction	NOUN
fsr-3991	327	15	costs	cost	NOUN
fsr-3991	327	16	,	,	PUNCT
fsr-3991	327	17	especially	especially	ADV
fsr-3991	327	18	during	during	ADP
fsr-3991	327	19	periods	period	NOUN
fsr-3991	327	20	of	of	ADP
fsr-3991	327	21	significant	significant	ADJ
fsr-3991	327	22	market	market	NOUN
fsr-3991	327	23	returns	return	NOUN
fsr-3991	327	24	.	.	PUNCT
fsr-3991	328	1	these	these	DET
fsr-3991	328	2	results	result	NOUN
fsr-3991	328	3	highlight	highlight	VERB
fsr-3991	328	4	the	the	DET
fsr-3991	328	5	trade	trade	NOUN
fsr-3991	328	6	-	-	PUNCT
fsr-3991	328	7	offs	off	NOUN
fsr-3991	328	8	between	between	ADP
fsr-3991	328	9	higher	high	ADJ
fsr-3991	328	10	return	return	NOUN
fsr-3991	328	11	potential	potential	ADJ
fsr-3991	328	12	and	and	CCONJ
fsr-3991	328	13	increased	increase	VERB
fsr-3991	328	14	costs	cost	NOUN
fsr-3991	328	15	associated	associate	VERB
fsr-3991	328	16	with	with	ADP
fsr-3991	328	17	ewp	ewp	PROPN
fsr-3991	328	18	portfolios	portfolio	NOUN
fsr-3991	328	19	.	.	PUNCT
fsr-3991	329	1	investors	investor	NOUN
fsr-3991	329	2	should	should	AUX
fsr-3991	329	3	carefully	carefully	ADV
fsr-3991	329	4	consider	consider	VERB
fsr-3991	329	5	their	their	PRON
fsr-3991	329	6	risk	risk	NOUN
fsr-3991	329	7	tolerance	tolerance	NOUN
fsr-3991	329	8	and	and	CCONJ
fsr-3991	329	9	investment	investment	NOUN
fsr-3991	329	10	objectives	objective	NOUN
fsr-3991	329	11	when	when	SCONJ
fsr-3991	329	12	choosing	choose	VERB
fsr-3991	329	13	between	between	ADP
fsr-3991	329	14	ewp	ewp	PROPN
fsr-3991	329	15	and	and	CCONJ
fsr-3991	329	16	vwp	vwp	NOUN
fsr-3991	329	17	portfolios	portfolio	NOUN
fsr-3991	329	18	,	,	PUNCT
fsr-3991	329	19	considering	consider	VERB
fsr-3991	329	20	the	the	DET
fsr-3991	329	21	complex	complex	ADJ
fsr-3991	329	22	relationship	relationship	NOUN
fsr-3991	329	23	between	between	ADP
fsr-3991	329	24	turnover	turnover	NOUN
fsr-3991	329	25	,	,	PUNCT
fsr-3991	329	26	transaction	transaction	NOUN
fsr-3991	329	27	costs	cost	NOUN
fsr-3991	329	28	,	,	PUNCT
fsr-3991	329	29	and	and	CCONJ
fsr-3991	329	30	market	market	NOUN
fsr-3991	329	31	dynamics	dynamic	NOUN
fsr-3991	329	32	.	.	PUNCT
fsr-3991	330	1	future	future	ADJ
fsr-3991	330	2	research	research	NOUN
fsr-3991	330	3	in	in	ADP
fsr-3991	330	4	this	this	DET
fsr-3991	330	5	area	area	NOUN
fsr-3991	330	6	may	may	AUX
fsr-3991	330	7	encompass	encompass	VERB
fsr-3991	330	8	the	the	DET
fsr-3991	330	9	following	following	ADJ
fsr-3991	330	10	directions	direction	NOUN
fsr-3991	330	11	:	:	PUNCT
fsr-3991	330	12	•	•	NUM
fsr-3991	330	13	transaction	transaction	NOUN
fsr-3991	330	14	cost	cost	NOUN
fsr-3991	330	15	optimization	optimization	NOUN
fsr-3991	330	16	:	:	PUNCT
fsr-3991	330	17	investigating	investigate	VERB
fsr-3991	330	18	strategies	strategy	NOUN
fsr-3991	330	19	and	and	CCONJ
fsr-3991	330	20	methodologies	methodology	NOUN
fsr-3991	330	21	to	to	PART
fsr-3991	330	22	minimize	minimize	VERB
fsr-3991	330	23	transaction	transaction	NOUN
fsr-3991	330	24	costs	cost	NOUN
fsr-3991	330	25	in	in	ADP
fsr-3991	330	26	ewp	ewp	PROPN
fsr-3991	330	27	portfolios	portfolio	NOUN
fsr-3991	330	28	,	,	PUNCT
fsr-3991	330	29	potentially	potentially	ADV
fsr-3991	330	30	through	through	ADP
fsr-3991	330	31	advanced	advanced	ADJ
fsr-3991	330	32	algorithms	algorithm	NOUN
fsr-3991	330	33	or	or	CCONJ
fsr-3991	330	34	trading	trading	NOUN
fsr-3991	330	35	techniques	technique	NOUN
fsr-3991	330	36	.	.	PUNCT
fsr-3991	331	1	•	•	NOUN
fsr-3991	331	2	incorporating	incorporate	VERB
fsr-3991	331	3	various	various	ADJ
fsr-3991	331	4	transaction	transaction	NOUN
fsr-3991	331	5	costs	cost	NOUN
fsr-3991	331	6	by	by	ADP
fsr-3991	331	7	periods	period	NOUN
fsr-3991	331	8	:	:	PUNCT
fsr-3991	331	9	we	we	PRON
fsr-3991	331	10	kept	keep	VERB
fsr-3991	331	11	transaction	transaction	NOUN
fsr-3991	331	12	costs	cost	NOUN
fsr-3991	331	13	fixed	fix	VERB
fsr-3991	331	14	to	to	PART
fsr-3991	331	15	ensure	ensure	VERB
fsr-3991	331	16	consistency	consistency	NOUN
fsr-3991	331	17	with	with	ADP
fsr-3991	331	18	previous	previous	ADJ
fsr-3991	331	19	studies	study	NOUN
fsr-3991	331	20	and	and	CCONJ
fsr-3991	331	21	facilitate	facilitate	VERB
fsr-3991	331	22	cross	cross	NOUN
fsr-3991	331	23	-	-	NOUN
fsr-3991	331	24	comparison	comparison	ADJ
fsr-3991	331	25	,	,	PUNCT
fsr-3991	331	26	as	as	SCONJ
fsr-3991	331	27	shown	show	VERB
fsr-3991	331	28	in	in	ADP
fsr-3991	331	29	figure	figure	NOUN
fsr-3991	331	30	7	7	NUM
fsr-3991	331	31	.	.	PUNCT
fsr-3991	331	32	incorporating	incorporate	VERB
fsr-3991	331	33	transaction	transaction	NOUN
fsr-3991	331	34	costs	cost	NOUN
fsr-3991	331	35	by	by	ADP
fsr-3991	331	36	period	period	NOUN
fsr-3991	331	37	is	be	AUX
fsr-3991	331	38	a	a	DET
fsr-3991	331	39	valuable	valuable	ADJ
fsr-3991	331	40	direction	direction	NOUN
fsr-3991	331	41	for	for	ADP
fsr-3991	331	42	future	future	ADJ
fsr-3991	331	43	research	research	NOUN
fsr-3991	331	44	.	.	PUNCT
fsr-3991	332	1	•	•	INTJ
fsr-3991	332	2	we	we	PRON
fsr-3991	332	3	randomly	randomly	ADV
fsr-3991	332	4	chose	choose	VERB
fsr-3991	332	5	1,000	1,000	NUM
fsr-3991	332	6	combinations	combination	NOUN
fsr-3991	332	7	(	(	PUNCT
fsr-3991	332	8	of	of	ADP
fsr-3991	332	9	three	three	NUM
fsr-3991	332	10	stocks	stock	NOUN
fsr-3991	332	11	)	)	PUNCT
fsr-3991	332	12	from	from	ADP
fsr-3991	332	13	the	the	DET
fsr-3991	332	14	971,970	971,970	NUM
fsr-3991	332	15	possibilities	possibility	NOUN
fsr-3991	332	16	through	through	ADP
fsr-3991	332	17	exhaustive	exhaustive	ADJ
fsr-3991	332	18	random	random	ADJ
fsr-3991	332	19	sampling	sampling	NOUN
fsr-3991	332	20	(	(	PUNCT
fsr-3991	332	21	from	from	ADP
fsr-3991	332	22	the	the	DET
fsr-3991	332	23	available	available	ADJ
fsr-3991	332	24	pool	pool	NOUN
fsr-3991	332	25	of	of	ADP
fsr-3991	332	26	181	181	NUM
fsr-3991	332	27	stocks	stock	NOUN
fsr-3991	332	28	)	)	PUNCT
fsr-3991	332	29	.	.	PUNCT
fsr-3991	333	1	this	this	DET
fsr-3991	333	2	pool	pool	NOUN
fsr-3991	333	3	could	could	AUX
fsr-3991	333	4	typically	typically	ADV
fsr-3991	333	5	originate	originate	VERB
fsr-3991	333	6	from	from	ADP
fsr-3991	333	7	an	an	DET
fsr-3991	333	8	investment	investment	NOUN
fsr-3991	333	9	firm	firm	NOUN
fsr-3991	333	10	's	's	PART
fsr-3991	333	11	stock	stock	NOUN
fsr-3991	333	12	selection	selection	NOUN
fsr-3991	333	13	methodology	methodology	NOUN
fsr-3991	333	14	,	,	PUNCT
fsr-3991	333	15	an	an	DET
fsr-3991	333	16	index	index	NOUN
fsr-3991	333	17	,	,	PUNCT
fsr-3991	333	18	or	or	CCONJ
fsr-3991	333	19	similar	similar	ADJ
fsr-3991	333	20	sources	source	NOUN
fsr-3991	333	21	.	.	PUNCT
fsr-3991	334	1	researchers	researcher	NOUN
fsr-3991	334	2	are	be	AUX
fsr-3991	334	3	encouraged	encourage	VERB
fsr-3991	334	4	to	to	PART
fsr-3991	334	5	experiment	experiment	VERB
fsr-3991	334	6	with	with	ADP
fsr-3991	334	7	different	different	ADJ
fsr-3991	334	8	pools	pool	NOUN
fsr-3991	334	9	and	and	CCONJ
fsr-3991	334	10	varying	vary	VERB
fsr-3991	334	11	numbers	number	NOUN
fsr-3991	334	12	of	of	ADP
fsr-3991	334	13	stocks	stock	NOUN
fsr-3991	334	14	in	in	ADP
fsr-3991	334	15	the	the	DET
fsr-3991	334	16	portfolio	portfolio	NOUN
fsr-3991	334	17	.	.	PUNCT
fsr-3991	335	1	•	•	NUM
fsr-3991	335	2	asset	asset	NOUN
fsr-3991	335	3	class	class	NOUN
fsr-3991	335	4	expansion	expansion	NOUN
fsr-3991	335	5	:	:	PUNCT
fsr-3991	335	6	extending	extend	VERB
fsr-3991	335	7	the	the	DET
fsr-3991	335	8	research	research	NOUN
fsr-3991	335	9	to	to	PART
fsr-3991	335	10	include	include	VERB
fsr-3991	335	11	various	various	ADJ
fsr-3991	335	12	asset	asset	NOUN
fsr-3991	335	13	classes	class	NOUN
fsr-3991	335	14	beyond	beyond	ADP
fsr-3991	335	15	equities	equity	NOUN
fsr-3991	335	16	,	,	PUNCT
fsr-3991	335	17	such	such	ADJ
fsr-3991	335	18	as	as	ADP
fsr-3991	335	19	fixed	fix	VERB
fsr-3991	335	20	income	income	NOUN
fsr-3991	335	21	,	,	PUNCT
fsr-3991	335	22	real	real	ADJ
fsr-3991	335	23	estate	estate	NOUN
fsr-3991	335	24	,	,	PUNCT
fsr-3991	335	25	or	or	CCONJ
fsr-3991	335	26	alternative	alternative	ADJ
fsr-3991	335	27	investments	investment	NOUN
fsr-3991	335	28	,	,	PUNCT
fsr-3991	335	29	to	to	PART
fsr-3991	335	30	understand	understand	VERB
fsr-3991	335	31	how	how	SCONJ
fsr-3991	335	32	ewp	ewp	ADJ
fsr-3991	335	33	and	and	CCONJ
fsr-3991	335	34	vwp	vwp	NOUN
fsr-3991	335	35	strategies	strategy	NOUN
fsr-3991	335	36	perform	perform	VERB
fsr-3991	335	37	in	in	ADP
fsr-3991	335	38	diverse	diverse	ADJ
fsr-3991	335	39	investment	investment	NOUN
fsr-3991	335	40	landscapes	landscape	NOUN
fsr-3991	335	41	.	.	PUNCT
fsr-3991	336	1	•	•	NUM
fsr-3991	336	2	machine	machine	NOUN
fsr-3991	336	3	learning	learn	VERB
fsr-3991	336	4	applications	application	NOUN
fsr-3991	336	5	:	:	PUNCT
fsr-3991	336	6	leveraging	leverage	VERB
fsr-3991	336	7	machine	machine	NOUN
fsr-3991	336	8	learning	learning	NOUN
fsr-3991	336	9	and	and	CCONJ
fsr-3991	336	10	predictive	predictive	ADJ
fsr-3991	336	11	modeling	modeling	NOUN
fsr-3991	336	12	techniques	technique	NOUN
fsr-3991	336	13	to	to	PART
fsr-3991	336	14	forecast	forecast	VERB
fsr-3991	336	15	future	future	ADJ
fsr-3991	336	16	returns	return	NOUN
fsr-3991	336	17	,	,	PUNCT
fsr-3991	336	18	turnover	turnover	NOUN
fsr-3991	336	19	,	,	PUNCT
fsr-3991	336	20	and	and	CCONJ
fsr-3991	336	21	transaction	transaction	NOUN
fsr-3991	336	22	costs	cost	NOUN
fsr-3991	336	23	for	for	ADP
fsr-3991	336	24	both	both	CCONJ
fsr-3991	336	25	ewp	ewp	PROPN
fsr-3991	336	26	malladi	malladi	PROPN
fsr-3991	336	27	&	&	CCONJ
fsr-3991	336	28	stanoyevitch	stanoyevitch	PROPN
fsr-3991	336	29	161	161	NUM
fsr-3991	336	30	and	and	CCONJ
fsr-3991	336	31	vwp	vwp	NOUN
fsr-3991	336	32	portfolios	portfolio	NOUN
fsr-3991	336	33	,	,	PUNCT
fsr-3991	336	34	offering	offer	VERB
fsr-3991	336	35	predictive	predictive	ADJ
fsr-3991	336	36	insights	insight	NOUN
fsr-3991	336	37	into	into	ADP
fsr-3991	336	38	portfolio	portfolio	NOUN
fsr-3991	336	39	management	management	NOUN
fsr-3991	336	40	.	.	PUNCT
fsr-3991	337	1	•	•	NUM
fsr-3991	337	2	global	global	ADJ
fsr-3991	337	3	market	market	NOUN
fsr-3991	337	4	comparisons	comparison	NOUN
fsr-3991	337	5	:	:	PUNCT
fsr-3991	337	6	conducting	conduct	VERB
fsr-3991	337	7	comparative	comparative	ADJ
fsr-3991	337	8	analyses	analysis	NOUN
fsr-3991	337	9	of	of	ADP
fsr-3991	337	10	ewp	ewp	PROPN
fsr-3991	337	11	and	and	CCONJ
fsr-3991	337	12	vwp	vwp	NOUN
fsr-3991	337	13	strategies	strategy	NOUN
fsr-3991	337	14	in	in	ADP
fsr-3991	337	15	different	different	ADJ
fsr-3991	337	16	global	global	ADJ
fsr-3991	337	17	markets	market	NOUN
fsr-3991	337	18	and	and	CCONJ
fsr-3991	337	19	examining	examine	VERB
fsr-3991	337	20	the	the	DET
fsr-3991	337	21	influence	influence	NOUN
fsr-3991	337	22	of	of	ADP
fsr-3991	337	23	cross	cross	ADJ
fsr-3991	337	24	-	-	ADJ
fsr-3991	337	25	border	border	ADJ
fsr-3991	337	26	investment	investment	NOUN
fsr-3991	337	27	considerations	consideration	NOUN
fsr-3991	337	28	.	.	PUNCT
fsr-3991	338	1	these	these	DET
fsr-3991	338	2	research	research	NOUN
fsr-3991	338	3	avenues	avenue	NOUN
fsr-3991	338	4	can	can	AUX
fsr-3991	338	5	collectively	collectively	ADV
fsr-3991	338	6	contribute	contribute	VERB
fsr-3991	338	7	to	to	ADP
fsr-3991	338	8	a	a	DET
fsr-3991	338	9	more	more	ADV
fsr-3991	338	10	comprehensive	comprehensive	ADJ
fsr-3991	338	11	understanding	understanding	NOUN
fsr-3991	338	12	of	of	ADP
fsr-3991	338	13	the	the	DET
fsr-3991	338	14	dynamics	dynamic	NOUN
fsr-3991	338	15	and	and	CCONJ
fsr-3991	338	16	implications	implication	NOUN
fsr-3991	338	17	of	of	ADP
fsr-3991	338	18	ewp	ewp	PROPN
fsr-3991	338	19	and	and	CCONJ
fsr-3991	338	20	vwp	vwp	PROPN
fsr-3991	338	21	portfolio	portfolio	NOUN
fsr-3991	338	22	management	management	NOUN
fsr-3991	338	23	in	in	ADP
fsr-3991	338	24	various	various	ADJ
fsr-3991	338	25	contexts	contexts	NOUN
fsr-3991	338	26	,	,	PUNCT
fsr-3991	338	27	offering	offer	VERB
fsr-3991	338	28	valuable	valuable	ADJ
fsr-3991	338	29	insights	insight	NOUN
fsr-3991	338	30	for	for	ADP
fsr-3991	338	31	investors	investor	NOUN
fsr-3991	338	32	and	and	CCONJ
fsr-3991	338	33	portfolio	portfolio	NOUN
fsr-3991	338	34	managers	manager	NOUN
fsr-3991	338	35	.	.	PUNCT
fsr-3991	339	1	financial	financial	ADJ
fsr-3991	339	2	services	service	NOUN
fsr-3991	339	3	review	review	PROPN
fsr-3991	339	4	,	,	PUNCT
fsr-3991	339	5	33(1	33(1	NUM
fsr-3991	339	6	)	)	PUNCT
fsr-3991	339	7	162	162	NUM
fsr-3991	339	8	table	table	NOUN
fsr-3991	339	9	5	5	NUM
fsr-3991	339	10	.	.	PUNCT
fsr-3991	339	11	robustness	robustness	NOUN
fsr-3991	339	12	check	check	NOUN
fsr-3991	339	13	in	in	ADP
fsr-3991	339	14	a	a	DET
fsr-3991	339	15	3	3	NUM
fsr-3991	339	16	-	-	PUNCT
fsr-3991	339	17	stock	stock	NOUN
fsr-3991	339	18	(	(	PUNCT
fsr-3991	339	19	left	leave	VERB
fsr-3991	339	20	panel	panel	NOUN
fsr-3991	339	21	)	)	PUNCT
fsr-3991	339	22	and	and	CCONJ
fsr-3991	339	23	10	10	NUM
fsr-3991	339	24	-	-	PUNCT
fsr-3991	339	25	stock	stock	NOUN
fsr-3991	339	26	(	(	PUNCT
fsr-3991	339	27	right	right	ADJ
fsr-3991	339	28	panel	panel	NOUN
fsr-3991	339	29	)	)	PUNCT
fsr-3991	339	30	portfolio	portfolio	NOUN
fsr-3991	339	31	•	•	NUM
fsr-3991	339	32	1,000	1,000	NUM
fsr-3991	339	33	ewp	ewp	NOUN
fsr-3991	339	34	and	and	CCONJ
fsr-3991	339	35	vwp	vwp	NOUN
fsr-3991	339	36	portfolios	portfolio	NOUN
fsr-3991	339	37	are	be	AUX
fsr-3991	339	38	constructed	construct	VERB
fsr-3991	339	39	using	use	VERB
fsr-3991	339	40	three	three	NUM
fsr-3991	339	41	(	(	PUNCT
fsr-3991	339	42	left	left	ADJ
fsr-3991	339	43	panel	panel	NOUN
fsr-3991	339	44	)	)	PUNCT
fsr-3991	339	45	or	or	CCONJ
fsr-3991	339	46	ten	ten	NUM
fsr-3991	339	47	(	(	PUNCT
fsr-3991	339	48	right	right	ADJ
fsr-3991	339	49	panel	panel	NOUN
fsr-3991	339	50	)	)	PUNCT
fsr-3991	339	51	randomly	randomly	ADV
fsr-3991	339	52	selected	select	VERB
fsr-3991	339	53	stocks	stock	NOUN
fsr-3991	339	54	.	.	PUNCT
fsr-3991	340	1	•	•	NOUN
fsr-3991	340	2	each	each	DET
fsr-3991	340	3	run	run	NOUN
fsr-3991	340	4	examines	examine	VERB
fsr-3991	340	5	the	the	DET
fsr-3991	340	6	portfolio	portfolio	NOUN
fsr-3991	340	7	for	for	ADP
fsr-3991	340	8	the	the	DET
fsr-3991	340	9	whole	whole	ADJ
fsr-3991	340	10	period	period	NOUN
fsr-3991	340	11	using	use	VERB
fsr-3991	340	12	monthly	monthly	ADJ
fsr-3991	340	13	returns	return	NOUN
fsr-3991	340	14	from	from	ADP
fsr-3991	340	15	01/01/1970	01/01/1970	NUM
fsr-3991	340	16	to	to	ADP
fsr-3991	340	17	01/01/2023	01/01/2023	NUM
fsr-3991	340	18	.	.	PUNCT
fsr-3991	341	1	•	•	NUM
fsr-3991	341	2	since	since	SCONJ
fsr-3991	341	3	each	each	DET
fsr-3991	341	4	stock	stock	NOUN
fsr-3991	341	5	has	have	VERB
fsr-3991	341	6	636	636	NUM
fsr-3991	341	7	monthly	monthly	ADJ
fsr-3991	341	8	prices	price	NOUN
fsr-3991	341	9	(	(	PUNCT
fsr-3991	341	10	or	or	CCONJ
fsr-3991	341	11	635	635	NUM
fsr-3991	341	12	returns	return	NOUN
fsr-3991	341	13	)	)	PUNCT
fsr-3991	341	14	,	,	PUNCT
fsr-3991	341	15	one	one	PRON
fsr-3991	341	16	can	can	AUX
fsr-3991	341	17	have	have	VERB
fsr-3991	341	18	n	n	NOUN
fsr-3991	341	19	=	=	SYM
fsr-3991	341	20	635,000	635,000	NUM
fsr-3991	341	21	(	(	PUNCT
fsr-3991	341	22	635	635	NUM
fsr-3991	341	23	x	x	SYM
fsr-3991	341	24	1,000	1,000	NUM
fsr-3991	341	25	)	)	PUNCT
fsr-3991	341	26	.	.	PUNCT
fsr-3991	342	1	•	•	NUM
fsr-3991	342	2	the	the	DET
fsr-3991	342	3	annualized	annualize	VERB
fsr-3991	342	4	returns	return	NOUN
fsr-3991	342	5	are	be	AUX
fsr-3991	342	6	derived	derive	VERB
fsr-3991	342	7	from	from	ADP
fsr-3991	342	8	the	the	DET
fsr-3991	342	9	monthly	monthly	ADJ
fsr-3991	342	10	returns	return	NOUN
fsr-3991	342	11	using	use	VERB
fsr-3991	342	12	the	the	DET
fsr-3991	342	13	formula	formula	NOUN
fsr-3991	342	14	:	:	PUNCT
fsr-3991	342	15	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	𝑅𝐴𝑛𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑	PROPN
fsr-3991	342	16	=	=	SYM
fsr-3991	342	17	(	(	PUNCT
fsr-3991	342	18	1	1	NUM
fsr-3991	342	19	+	+	NUM
fsr-3991	342	20	𝑅𝑚𝑜𝑛𝑡ℎ)12	𝑅𝑚𝑜𝑛𝑡ℎ)12	NOUN
fsr-3991	342	21	−	−	NOUN
fsr-3991	343	1	1	1	NUM
fsr-3991	343	2	.	.	NUM
fsr-3991	343	3	•	•	NUM
fsr-3991	343	4	the	the	DET
fsr-3991	343	5	results	result	NOUN
fsr-3991	343	6	of	of	ADP
fsr-3991	343	7	the	the	DET
fsr-3991	343	8	analysis	analysis	NOUN
fsr-3991	343	9	are	be	AUX
fsr-3991	343	10	robust	robust	ADJ
fsr-3991	343	11	,	,	PUNCT
fsr-3991	343	12	as	as	SCONJ
fsr-3991	343	13	evidenced	evidence	VERB
fsr-3991	343	14	by	by	ADP
fsr-3991	343	15	consistent	consistent	ADJ
fsr-3991	343	16	patterns	pattern	NOUN
fsr-3991	343	17	across	across	ADP
fsr-3991	343	18	different	different	ADJ
fsr-3991	343	19	portfolio	portfolio	NOUN
fsr-3991	343	20	types	type	NOUN
fsr-3991	343	21	and	and	CCONJ
fsr-3991	343	22	varying	vary	VERB
fsr-3991	343	23	numbers	number	NOUN
fsr-3991	343	24	of	of	ADP
fsr-3991	343	25	stocks	stock	NOUN
fsr-3991	343	26	(	(	PUNCT
fsr-3991	343	27	m	m	NOUN
fsr-3991	343	28	)	)	PUNCT
fsr-3991	343	29	.	.	PUNCT
fsr-3991	344	1	for	for	ADP
fsr-3991	344	2	both	both	DET
fsr-3991	344	3	vwp	vwp	PROPN
fsr-3991	344	4	and	and	CCONJ
fsr-3991	344	5	ewp	ewp	PROPN
fsr-3991	344	6	,	,	PUNCT
fsr-3991	344	7	as	as	SCONJ
fsr-3991	344	8	the	the	DET
fsr-3991	344	9	number	number	NOUN
fsr-3991	344	10	of	of	ADP
fsr-3991	344	11	stocks	stock	NOUN
fsr-3991	344	12	increases	increase	VERB
fsr-3991	344	13	from	from	ADP
fsr-3991	344	14	three	three	NUM
fsr-3991	344	15	to	to	PART
fsr-3991	344	16	ten	ten	NUM
fsr-3991	344	17	,	,	PUNCT
fsr-3991	344	18	the	the	DET
fsr-3991	344	19	standard	standard	ADJ
fsr-3991	344	20	deviation	deviation	NOUN
fsr-3991	344	21	of	of	ADP
fsr-3991	344	22	returns	return	NOUN
fsr-3991	344	23	decreases	decrease	VERB
fsr-3991	344	24	significantly	significantly	ADV
fsr-3991	344	25	,	,	PUNCT
fsr-3991	344	26	as	as	SCONJ
fsr-3991	344	27	expected	expect	VERB
fsr-3991	344	28	(	(	PUNCT
fsr-3991	344	29	e.g.	e.g.	ADV
fsr-3991	344	30	,	,	PUNCT
fsr-3991	344	31	annual	annual	ADJ
fsr-3991	344	32	stdev	stdev	NOUN
fsr-3991	344	33	decreased	decrease	VERB
fsr-3991	344	34	from	from	ADP
fsr-3991	344	35	22	22	NUM
fsr-3991	344	36	%	%	NOUN
fsr-3991	344	37	to	to	ADP
fsr-3991	344	38	16	16	NUM
fsr-3991	344	39	%	%	NOUN
fsr-3991	344	40	for	for	ADP
fsr-3991	344	41	ewp	ewp	NOUN
fsr-3991	344	42	and	and	CCONJ
fsr-3991	344	43	to	to	ADP
fsr-3991	344	44	14	14	NUM
fsr-3991	344	45	%	%	NOUN
fsr-3991	344	46	for	for	ADP
fsr-3991	344	47	vwp	vwp	PROPN
fsr-3991	344	48	)	)	PUNCT
fsr-3991	344	49	.	.	PUNCT
fsr-3991	345	1	ewp	ewp	PROPN
fsr-3991	346	1	mean	mean	VERB
fsr-3991	346	2	and	and	CCONJ
fsr-3991	346	3	median	median	ADJ
fsr-3991	346	4	returns	return	NOUN
fsr-3991	346	5	exceed	exceed	VERB
fsr-3991	346	6	those	those	PRON
fsr-3991	346	7	of	of	ADP
fsr-3991	346	8	vwp	vwp	NOUN
fsr-3991	346	9	in	in	ADP
fsr-3991	346	10	both	both	DET
fsr-3991	346	11	cases	case	NOUN
fsr-3991	346	12	(	(	PUNCT
fsr-3991	346	13	i.e.	i.e.	X
fsr-3991	346	14	,	,	PUNCT
fsr-3991	346	15	m	m	VERB
fsr-3991	346	16	=	=	SYM
fsr-3991	346	17	3	3	NUM
fsr-3991	346	18	and	and	CCONJ
fsr-3991	346	19	m	m	PROPN
fsr-3991	346	20	=	=	NOUN
fsr-3991	346	21	10	10	NUM
fsr-3991	346	22	)	)	PUNCT
fsr-3991	346	23	.	.	PUNCT
fsr-3991	347	1	•	•	NUM
fsr-3991	347	2	despite	despite	SCONJ
fsr-3991	347	3	these	these	DET
fsr-3991	347	4	reductions	reduction	NOUN
fsr-3991	347	5	in	in	ADP
fsr-3991	347	6	returns	return	NOUN
fsr-3991	347	7	,	,	PUNCT
fsr-3991	347	8	the	the	DET
fsr-3991	347	9	standard	standard	ADJ
fsr-3991	347	10	deviations	deviation	NOUN
fsr-3991	347	11	of	of	ADP
fsr-3991	347	12	the	the	DET
fsr-3991	347	13	portfolios	portfolio	NOUN
fsr-3991	347	14	show	show	VERB
fsr-3991	347	15	minimal	minimal	ADJ
fsr-3991	347	16	change	change	NOUN
fsr-3991	347	17	,	,	PUNCT
fsr-3991	347	18	indicating	indicate	VERB
fsr-3991	347	19	that	that	SCONJ
fsr-3991	347	20	risk	risk	NOUN
fsr-3991	347	21	levels	level	NOUN
fsr-3991	347	22	remain	remain	VERB
fsr-3991	347	23	relatively	relatively	ADV
fsr-3991	347	24	stable	stable	ADJ
fsr-3991	347	25	regardless	regardless	ADV
fsr-3991	347	26	of	of	ADP
fsr-3991	347	27	transaction	transaction	NOUN
fsr-3991	347	28	costs	cost	NOUN
fsr-3991	347	29	and	and	CCONJ
fsr-3991	347	30	the	the	DET
fsr-3991	347	31	number	number	NOUN
fsr-3991	347	32	of	of	ADP
fsr-3991	347	33	stocks	stock	NOUN
fsr-3991	347	34	in	in	ADP
fsr-3991	347	35	the	the	DET
fsr-3991	347	36	portfolio	portfolio	NOUN
fsr-3991	347	37	.	.	PUNCT
fsr-3991	348	1	•	•	NUM
fsr-3991	348	2	the	the	DET
fsr-3991	348	3	sharpe	sharpe	PROPN
fsr-3991	348	4	ratio	ratio	NOUN
fsr-3991	348	5	,	,	PUNCT
fsr-3991	348	6	a	a	DET
fsr-3991	348	7	measure	measure	NOUN
fsr-3991	348	8	of	of	ADP
fsr-3991	348	9	risk	risk	NOUN
fsr-3991	348	10	-	-	PUNCT
fsr-3991	348	11	adjusted	adjust	VERB
fsr-3991	348	12	return	return	NOUN
fsr-3991	348	13	,	,	PUNCT
fsr-3991	348	14	consistently	consistently	ADV
fsr-3991	348	15	decreases	decrease	VERB
fsr-3991	348	16	with	with	ADP
fsr-3991	348	17	the	the	DET
fsr-3991	348	18	inclusion	inclusion	NOUN
fsr-3991	348	19	of	of	ADP
fsr-3991	348	20	transaction	transaction	NOUN
fsr-3991	348	21	costs	cost	NOUN
fsr-3991	348	22	,	,	PUNCT
fsr-3991	348	23	highlighting	highlight	VERB
fsr-3991	348	24	the	the	DET
fsr-3991	348	25	impact	impact	NOUN
fsr-3991	348	26	on	on	ADP
fsr-3991	348	27	overall	overall	ADJ
fsr-3991	348	28	performance	performance	NOUN
fsr-3991	348	29	.	.	PUNCT
fsr-3991	349	1	•	•	NUM
fsr-3991	349	2	the	the	DET
fsr-3991	349	3	consistent	consistent	ADJ
fsr-3991	349	4	decrease	decrease	NOUN
fsr-3991	349	5	in	in	ADP
fsr-3991	349	6	returns	return	NOUN
fsr-3991	349	7	and	and	CCONJ
fsr-3991	349	8	sharpe	sharpe	NOUN
fsr-3991	349	9	ratios	ratio	NOUN
fsr-3991	349	10	across	across	ADP
fsr-3991	349	11	different	different	ADJ
fsr-3991	349	12	configurations	configuration	NOUN
fsr-3991	349	13	(	(	PUNCT
fsr-3991	349	14	monthly	monthly	ADJ
fsr-3991	349	15	and	and	CCONJ
fsr-3991	349	16	annual	annual	ADJ
fsr-3991	349	17	returns	return	NOUN
fsr-3991	349	18	,	,	PUNCT
fsr-3991	349	19	with	with	ADP
fsr-3991	349	20	and	and	CCONJ
fsr-3991	349	21	without	without	ADP
fsr-3991	349	22	transaction	transaction	NOUN
fsr-3991	349	23	costs	cost	NOUN
fsr-3991	349	24	)	)	PUNCT
fsr-3991	349	25	reinforces	reinforce	VERB
fsr-3991	349	26	the	the	DET
fsr-3991	349	27	reliability	reliability	NOUN
fsr-3991	349	28	and	and	CCONJ
fsr-3991	349	29	robustness	robustness	NOUN
fsr-3991	349	30	of	of	ADP
fsr-3991	349	31	the	the	DET
fsr-3991	349	32	results	result	NOUN
fsr-3991	349	33	,	,	PUNCT
fsr-3991	349	34	demonstrating	demonstrate	VERB
fsr-3991	349	35	that	that	SCONJ
fsr-3991	349	36	the	the	DET
fsr-3991	349	37	observed	observed	ADJ
fsr-3991	349	38	trends	trend	NOUN
fsr-3991	349	39	are	be	AUX
fsr-3991	349	40	reflective	reflective	ADJ
fsr-3991	349	41	of	of	ADP
fsr-3991	349	42	underlying	underlie	VERB
fsr-3991	349	43	market	market	NOUN
fsr-3991	349	44	dynamics	dynamic	NOUN
fsr-3991	349	45	and	and	CCONJ
fsr-3991	349	46	portfolio	portfolio	NOUN
fsr-3991	349	47	characteristics	characteristic	NOUN
fsr-3991	349	48	.	.	PUNCT
fsr-3991	350	1	monthly	monthly	ADJ
fsr-3991	350	2	return	return	NOUN
fsr-3991	350	3	and	and	CCONJ
fsr-3991	350	4	risk	risk	NOUN
fsr-3991	350	5	(	(	PUNCT
fsr-3991	350	6	m=3	m=3	PROPN
fsr-3991	350	7	,	,	PUNCT
fsr-3991	350	8	n	n	NOUN
fsr-3991	350	9	=	=	SYM
fsr-3991	350	10	635,000	635,000	NUM
fsr-3991	350	11	)	)	PUNCT
fsr-3991	350	12	vwp	vwp	NOUN
fsr-3991	351	1	ewp	ewp	INTJ
fsr-3991	352	1	no	no	INTJ
fsr-3991	352	2	tc	tc	INTJ
fsr-3991	352	3	tc	tc	INTJ
fsr-3991	353	1	no	no	DET
fsr-3991	353	2	tc	tc	NOUN
fsr-3991	353	3	tc	tc	NOUN
fsr-3991	353	4	mean	mean	NOUN
fsr-3991	353	5	0.0108	0.0108	NUM
fsr-3991	354	1	0.0107	0.0107	NUM
fsr-3991	354	2	0.0124	0.0124	NUM
fsr-3991	354	3	0.0115	0.0115	NUM
fsr-3991	354	4	median	median	NOUN
fsr-3991	354	5	0.0109	0.0109	NUM
fsr-3991	354	6	0.0108	0.0108	NUM
fsr-3991	354	7	0.0120	0.0120	NUM
fsr-3991	354	8	0.0113	0.0113	NUM
fsr-3991	354	9	stdev	stdev	NOUN
fsr-3991	354	10	0.0648	0.0648	NUM
fsr-3991	354	11	0.0647	0.0647	NUM
fsr-3991	354	12	0.0641	0.0641	NUM
fsr-3991	354	13	0.0640	0.0640	NUM
fsr-3991	354	14	annual	annual	ADJ
fsr-3991	354	15	return	return	NOUN
fsr-3991	354	16	,	,	PUNCT
fsr-3991	354	17	risk	risk	NOUN
fsr-3991	354	18	,	,	PUNCT
fsr-3991	354	19	and	and	CCONJ
fsr-3991	354	20	risk	risk	NOUN
fsr-3991	354	21	-	-	PUNCT
fsr-3991	354	22	adjusted	adjust	VERB
fsr-3991	354	23	return	return	NOUN
fsr-3991	354	24	vwp	vwp	NOUN
fsr-3991	354	25	ewp	ewp	INTJ
fsr-3991	355	1	no	no	INTJ
fsr-3991	355	2	tc	tc	INTJ
fsr-3991	355	3	tc	tc	INTJ
fsr-3991	356	1	no	no	DET
fsr-3991	356	2	tc	tc	NOUN
fsr-3991	356	3	tc	tc	NOUN
fsr-3991	356	4	mean	mean	NOUN
fsr-3991	356	5	0.1373	0.1373	NUM
fsr-3991	356	6	0.1363	0.1363	NUM
fsr-3991	356	7	0.1592	0.1592	NUM
fsr-3991	356	8	0.1477	0.1477	NUM
fsr-3991	356	9	median	median	NOUN
fsr-3991	356	10	0.1390	0.1390	NUM
fsr-3991	356	11	0.1380	0.1380	NUM
fsr-3991	356	12	0.1533	0.1533	NUM
fsr-3991	356	13	0.1441	0.1441	NUM
fsr-3991	356	14	stdev	stdev	NOUN
fsr-3991	356	15	0.2243	0.2243	NUM
fsr-3991	356	16	0.2243	0.2243	NUM
fsr-3991	356	17	0.2219	0.2219	NUM
fsr-3991	356	18	0.2216	0.2216	NUM
fsr-3991	356	19	sharpe	sharpe	PROPN
fsr-3991	356	20	ratio	ratio	NOUN
fsr-3991	356	21	0.3891	0.3891	NUM
fsr-3991	356	22	0.3847	0.3847	NUM
fsr-3991	356	23	0.4918	0.4918	NUM
fsr-3991	356	24	0.4410	0.4410	NUM
fsr-3991	356	25	monthly	monthly	ADJ
fsr-3991	356	26	return	return	NOUN
fsr-3991	356	27	and	and	CCONJ
fsr-3991	356	28	risk	risk	NOUN
fsr-3991	356	29	(	(	PUNCT
fsr-3991	356	30	m=10	m=10	NOUN
fsr-3991	356	31	,	,	PUNCT
fsr-3991	356	32	n	n	NOUN
fsr-3991	356	33	=	=	SYM
fsr-3991	357	1	635,000	635,000	NUM
fsr-3991	357	2	)	)	PUNCT
fsr-3991	357	3	vwp	vwp	NOUN
fsr-3991	357	4	ewp	ewp	INTJ
fsr-3991	358	1	no	no	INTJ
fsr-3991	358	2	tc	tc	INTJ
fsr-3991	358	3	tc	tc	INTJ
fsr-3991	359	1	no	no	DET
fsr-3991	359	2	tc	tc	NOUN
fsr-3991	359	3	tc	tc	NOUN
fsr-3991	359	4	mean	mean	VERB
fsr-3991	359	5	0.0099	0.0099	NUM
fsr-3991	359	6	0.0099	0.0099	NUM
fsr-3991	359	7	0.0123	0.0123	NUM
fsr-3991	359	8	0.0123	0.0123	NUM
fsr-3991	359	9	median	median	NOUN
fsr-3991	359	10	0.0117	0.0117	NUM
fsr-3991	359	11	0.0116	0.0116	NUM
fsr-3991	359	12	0.0144	0.0144	NUM
fsr-3991	359	13	0.0143	0.0143	NUM
fsr-3991	359	14	stdev	stdev	NOUN
fsr-3991	360	1	0.0417	0.0417	NUM
fsr-3991	360	2	0.0417	0.0417	NUM
fsr-3991	360	3	0.0465	0.0465	NUM
fsr-3991	360	4	0.0465	0.0465	NUM
fsr-3991	360	5	annual	annual	ADJ
fsr-3991	360	6	return	return	NOUN
fsr-3991	360	7	,	,	PUNCT
fsr-3991	360	8	risk	risk	NOUN
fsr-3991	360	9	,	,	PUNCT
fsr-3991	360	10	and	and	CCONJ
fsr-3991	360	11	risk	risk	NOUN
fsr-3991	360	12	-	-	PUNCT
fsr-3991	360	13	adjusted	adjust	VERB
fsr-3991	361	1	return	return	NOUN
fsr-3991	361	2	vwp	vwp	NOUN
fsr-3991	361	3	ewp	ewp	INTJ
fsr-3991	362	1	no	no	INTJ
fsr-3991	362	2	tc	tc	INTJ
fsr-3991	362	3	tc	tc	INTJ
fsr-3991	363	1	no	no	PRON
fsr-3991	363	2	tc	tc	NOUN
fsr-3991	363	3	tc	tc	NOUN
fsr-3991	363	4	mean	mean	NOUN
fsr-3991	363	5	0.1259	0.1259	NUM
fsr-3991	363	6	0.1249	0.1249	NUM
fsr-3991	363	7	0.1582	0.1582	NUM
fsr-3991	363	8	0.1574	0.1574	NUM
fsr-3991	363	9	median	median	NOUN
fsr-3991	363	10	0.1498	0.1498	NUM
fsr-3991	363	11	0.1486	0.1486	NUM
fsr-3991	363	12	0.1873	0.1873	NUM
fsr-3991	363	13	0.1862	0.1862	NUM
fsr-3991	363	14	stdev	stdev	NOUN
fsr-3991	363	15	0.1445	0.1445	NUM
fsr-3991	363	16	0.1445	0.1445	NUM
fsr-3991	363	17	0.1610	0.1610	NUM
fsr-3991	363	18	0.1611	0.1611	NUM
fsr-3991	363	19	sharpe	sharpe	PROPN
fsr-3991	363	20	ratio	ratio	NOUN
fsr-3991	363	21	0.5254	0.5254	NUM
fsr-3991	363	22	0.5185	0.5185	NUM
fsr-3991	363	23	0.6721	0.6721	NUM
fsr-3991	363	24	0.6668	0.6668	NUM
fsr-3991	363	25	financial	financial	ADJ
fsr-3991	363	26	services	service	NOUN
fsr-3991	363	27	review	review	NOUN
fsr-3991	363	28	,	,	PUNCT
fsr-3991	363	29	33(1	33(1	NUM
fsr-3991	363	30	)	)	PUNCT
fsr-3991	363	31	163	163	NUM
fsr-3991	363	32	references	reference	NOUN
fsr-3991	363	33	amenc	amenc	PROPN
fsr-3991	363	34	,	,	PUNCT
fsr-3991	363	35	n.	n.	NOUN
fsr-3991	363	36	,	,	PUNCT
fsr-3991	363	37	&	&	CCONJ
fsr-3991	363	38	goltz	goltz	NOUN
fsr-3991	363	39	,	,	PUNCT
fsr-3991	363	40	f.	f.	PROPN
fsr-3991	363	41	(	(	PUNCT
fsr-3991	363	42	2013	2013	NUM
fsr-3991	363	43	)	)	PUNCT
fsr-3991	363	44	.	.	PUNCT
fsr-3991	364	1	smart	smart	ADJ
fsr-3991	364	2	beta	beta	ADJ
fsr-3991	364	3	2.0	2.0	NUM
fsr-3991	364	4	.	.	PUNCT
fsr-3991	365	1	the	the	DET
fsr-3991	365	2	journal	journal	NOUN
fsr-3991	365	3	of	of	ADP
fsr-3991	365	4	index	index	NOUN
fsr-3991	365	5	investing	investing	NOUN
fsr-3991	365	6	,	,	PUNCT
fsr-3991	365	7	4(3	4(3	NUM
fsr-3991	365	8	)	)	PUNCT
fsr-3991	365	9	,	,	PUNCT
fsr-3991	365	10	15–23	15–23	NUM
fsr-3991	365	11	.	.	PUNCT
fsr-3991	366	1	https://doi.org/10.3905/jii.2013.4.3.015	https://doi.org/10.3905/jii.2013.4.3.015	PROPN
fsr-3991	366	2	amenc	amenc	PROPN
fsr-3991	366	3	,	,	PUNCT
fsr-3991	366	4	n.	n.	NOUN
fsr-3991	366	5	,	,	PUNCT
fsr-3991	366	6	goltz	goltz	NOUN
fsr-3991	366	7	,	,	PUNCT
fsr-3991	366	8	f.	f.	PROPN
fsr-3991	366	9	,	,	PUNCT
fsr-3991	366	10	&	&	CCONJ
fsr-3991	366	11	lodh	lodh	PROPN
fsr-3991	366	12	,	,	PUNCT
fsr-3991	366	13	a.	a.	NOUN
fsr-3991	366	14	(	(	PUNCT
fsr-3991	366	15	2016	2016	NUM
fsr-3991	366	16	)	)	PUNCT
fsr-3991	366	17	.	.	PUNCT
fsr-3991	367	1	smart	smart	ADJ
fsr-3991	367	2	beta	beta	NOUN
fsr-3991	367	3	is	be	AUX
fsr-3991	367	4	not	not	PART
fsr-3991	367	5	monkey	monkey	NOUN
fsr-3991	367	6	business	business	NOUN
fsr-3991	367	7	.	.	PUNCT
fsr-3991	368	1	the	the	DET
fsr-3991	368	2	journal	journal	PROPN
fsr-3991	368	3	of	of	ADP
fsr-3991	368	4	index	index	NOUN
fsr-3991	368	5	investing	investing	NOUN
fsr-3991	368	6	,	,	PUNCT
fsr-3991	368	7	6(4	6(4	PROPN
fsr-3991	368	8	)	)	PUNCT
fsr-3991	368	9	,	,	PUNCT
fsr-3991	368	10	12–29	12–29	NUM
fsr-3991	368	11	.	.	PUNCT
fsr-3991	369	1	https://doi.org/10.3905/jii.2016.6.4.012	https://doi.org/10.3905/jii.2016.6.4.012	PROPN
fsr-3991	369	2	amenc	amenc	PROPN
fsr-3991	369	3	,	,	PUNCT
fsr-3991	369	4	n.	n.	NOUN
fsr-3991	369	5	,	,	PUNCT
fsr-3991	369	6	goltz	goltz	NOUN
fsr-3991	369	7	,	,	PUNCT
fsr-3991	369	8	f.	f.	PROPN
fsr-3991	369	9	,	,	PUNCT
fsr-3991	369	10	&	&	CCONJ
fsr-3991	369	11	martellini	martellini	PROPN
fsr-3991	369	12	,	,	PUNCT
fsr-3991	369	13	l.	l.	PROPN
fsr-3991	369	14	(	(	PUNCT
fsr-3991	369	15	2011	2011	NUM
fsr-3991	369	16	)	)	PUNCT
fsr-3991	369	17	.	.	PUNCT
fsr-3991	370	1	“	"	PUNCT
fsr-3991	370	2	a	a	DET
fsr-3991	370	3	survey	survey	NOUN
fsr-3991	370	4	of	of	ADP
fsr-3991	370	5	alternative	alternative	ADJ
fsr-3991	370	6	equity	equity	NOUN
fsr-3991	370	7	index	index	NOUN
fsr-3991	370	8	strategies	strategy	NOUN
fsr-3991	370	9	”	"	PUNCT
fsr-3991	370	10	:	:	PUNCT
fsr-3991	370	11	a	a	DET
fsr-3991	370	12	comment	comment	NOUN
fsr-3991	370	13	.	.	PUNCT
fsr-3991	371	1	financial	financial	ADJ
fsr-3991	371	2	analysts	analyst	NOUN
fsr-3991	371	3	journal	journal	NOUN
fsr-3991	371	4	,	,	PUNCT
fsr-3991	371	5	67(6	67(6	NUM
fsr-3991	371	6	)	)	PUNCT
fsr-3991	371	7	,	,	PUNCT
fsr-3991	371	8	14–16	14–16	NUM
fsr-3991	371	9	.	.	PUNCT
fsr-3991	372	1	https://doi.org/10.2469/faj.v67.n6.8	https://doi.org/10.2469/faj.v67.n6.8	PROPN
fsr-3991	372	2	amenc	amenc	PROPN
fsr-3991	372	3	,	,	PUNCT
fsr-3991	372	4	n.	n.	NOUN
fsr-3991	372	5	,	,	PUNCT
fsr-3991	372	6	&	&	CCONJ
fsr-3991	372	7	sourd	sourd	PROPN
fsr-3991	372	8	,	,	PUNCT
fsr-3991	372	9	v.	v.	PROPN
fsr-3991	372	10	l.	l.	PROPN
fsr-3991	372	11	(	(	PUNCT
fsr-3991	372	12	2005	2005	NUM
fsr-3991	372	13	)	)	PUNCT
fsr-3991	372	14	.	.	PUNCT
fsr-3991	373	1	portfolio	portfolio	NOUN
fsr-3991	373	2	theory	theory	NOUN
fsr-3991	373	3	and	and	CCONJ
fsr-3991	373	4	performance	performance	NOUN
fsr-3991	373	5	analysis	analysis	NOUN
fsr-3991	373	6	.	.	PUNCT
fsr-3991	374	1	john	john	PROPN
fsr-3991	374	2	wiley	wiley	PROPN
fsr-3991	374	3	&	&	CCONJ
fsr-3991	374	4	sons	son	NOUN
fsr-3991	374	5	.	.	PUNCT
fsr-3991	375	1	amihud	amihud	PROPN
fsr-3991	375	2	,	,	PUNCT
fsr-3991	375	3	y.	y.	PROPN
fsr-3991	375	4	(	(	PUNCT
fsr-3991	375	5	2002	2002	NUM
fsr-3991	375	6	)	)	PUNCT
fsr-3991	375	7	.	.	PUNCT
fsr-3991	376	1	illiquidity	illiquidity	NOUN
fsr-3991	376	2	and	and	CCONJ
fsr-3991	376	3	stock	stock	NOUN
fsr-3991	376	4	returns	return	NOUN
fsr-3991	376	5	:	:	PUNCT
fsr-3991	376	6	cross	cross	NOUN
fsr-3991	376	7	-	-	NOUN
fsr-3991	376	8	section	section	NOUN
fsr-3991	376	9	and	and	CCONJ
fsr-3991	376	10	time	time	NOUN
fsr-3991	376	11	-	-	PUNCT
fsr-3991	376	12	series	series	NOUN
fsr-3991	376	13	effects	effect	NOUN
fsr-3991	376	14	.	.	PUNCT
fsr-3991	377	1	journal	journal	NOUN
fsr-3991	377	2	of	of	ADP
fsr-3991	377	3	financial	financial	ADJ
fsr-3991	377	4	markets	market	NOUN
fsr-3991	377	5	,	,	PUNCT
fsr-3991	377	6	5(1	5(1	NUM
fsr-3991	377	7	)	)	PUNCT
fsr-3991	377	8	,	,	PUNCT
fsr-3991	377	9	31–56	31–56	NUM
fsr-3991	377	10	.	.	PUNCT
fsr-3991	378	1	https://doi.org/10.1016/s13864181(01)00024-6	https://doi.org/10.1016/s13864181(01)00024-6	PROPN
fsr-3991	378	2	arnott	arnott	PROPN
fsr-3991	378	3	,	,	PUNCT
fsr-3991	378	4	r.	r.	PROPN
fsr-3991	378	5	(	(	PUNCT
fsr-3991	378	6	2006	2006	NUM
fsr-3991	378	7	)	)	PUNCT
fsr-3991	378	8	.	.	PUNCT
fsr-3991	379	1	orthodoxy	orthodoxy	ADJ
fsr-3991	379	2	overwrought	overwrought	NOUN
fsr-3991	379	3	.	.	PUNCT
fsr-3991	380	1	institutional	institutional	ADJ
fsr-3991	380	2	investor	investor	NOUN
fsr-3991	380	3	.	.	PUNCT
fsr-3991	381	1	https://www.researchaffiliates.com/content/d	https://www.researchaffiliates.com/content/d	PROPN
fsr-3991	381	2	am	am	AUX
fsr-3991	381	3	/	/	SYM
fsr-3991	381	4	ra	ra	NOUN
fsr-3991	381	5	/	/	SYM
fsr-3991	381	6	publications	publication	NOUN
fsr-3991	381	7	/	/	SYM
fsr-3991	381	8	pdf	pdf	NOUN
fsr-3991	381	9	/	/	SYM
fsr-3991	381	10	p-2006	p-2006	PROPN
fsr-3991	381	11	-	-	PUNCT
fsr-3991	381	12	dec	dec	ADJ
fsr-3991	381	13	-	-	ADJ
fsr-3991	381	14	anoverwrought	anoverwrought	ADJ
fsr-3991	381	15	-	-	PUNCT
fsr-3991	381	16	orthodoxy.pdf	orthodoxy.pdf	PROPN
fsr-3991	381	17	arnott	arnott	PROPN
fsr-3991	381	18	,	,	PUNCT
fsr-3991	381	19	r.	r.	PROPN
fsr-3991	381	20	d.	d.	PROPN
fsr-3991	381	21	,	,	PUNCT
fsr-3991	381	22	hsu	hsu	PROPN
fsr-3991	381	23	,	,	PUNCT
fsr-3991	381	24	j.	j.	PROPN
fsr-3991	381	25	,	,	PUNCT
fsr-3991	381	26	&	&	CCONJ
fsr-3991	381	27	moore	moore	PROPN
fsr-3991	381	28	,	,	PUNCT
fsr-3991	381	29	p.	p.	PROPN
fsr-3991	381	30	(	(	PUNCT
fsr-3991	381	31	2005	2005	NUM
fsr-3991	381	32	)	)	PUNCT
fsr-3991	381	33	.	.	PUNCT
fsr-3991	382	1	fundamental	fundamental	ADJ
fsr-3991	382	2	indexation	indexation	NOUN
fsr-3991	382	3	.	.	PUNCT
fsr-3991	383	1	financial	financial	ADJ
fsr-3991	383	2	analysts	analyst	NOUN
fsr-3991	383	3	journal	journal	NOUN
fsr-3991	383	4	,	,	PUNCT
fsr-3991	383	5	61(2	61(2	NUM
fsr-3991	383	6	)	)	PUNCT
fsr-3991	383	7	,	,	PUNCT
fsr-3991	383	8	83–99	83–99	NUM
fsr-3991	383	9	.	.	PUNCT
fsr-3991	384	1	https://doi.org/10.2469/faj.v61.n2.2718	https://doi.org/10.2469/faj.v61.n2.2718	PROPN
fsr-3991	384	2	atchison	atchison	PROPN
fsr-3991	384	3	,	,	PUNCT
fsr-3991	384	4	m.	m.	PROPN
fsr-3991	384	5	d.	d.	PROPN
fsr-3991	384	6	,	,	PUNCT
fsr-3991	384	7	butler	butler	PROPN
fsr-3991	384	8	,	,	PUNCT
fsr-3991	384	9	k.	k.	PROPN
fsr-3991	384	10	c.	c.	PROPN
fsr-3991	384	11	,	,	PUNCT
fsr-3991	384	12	&	&	CCONJ
fsr-3991	384	13	simonds	simonds	PROPN
fsr-3991	384	14	,	,	PUNCT
fsr-3991	384	15	r.	r.	PROPN
fsr-3991	384	16	r.	r.	PROPN
fsr-3991	384	17	(	(	PUNCT
fsr-3991	384	18	1987	1987	NUM
fsr-3991	384	19	)	)	PUNCT
fsr-3991	384	20	.	.	PUNCT
fsr-3991	385	1	nonsynchronous	nonsynchronous	ADJ
fsr-3991	385	2	security	security	NOUN
fsr-3991	385	3	trading	trading	NOUN
fsr-3991	385	4	and	and	CCONJ
fsr-3991	385	5	market	market	NOUN
fsr-3991	385	6	index	index	NOUN
fsr-3991	385	7	autocorrelation	autocorrelation	NOUN
fsr-3991	385	8	.	.	PUNCT
fsr-3991	386	1	the	the	DET
fsr-3991	386	2	journal	journal	PROPN
fsr-3991	386	3	of	of	ADP
fsr-3991	386	4	finance	finance	NOUN
fsr-3991	386	5	,	,	PUNCT
fsr-3991	386	6	42(1	42(1	NOUN
fsr-3991	386	7	)	)	PUNCT
fsr-3991	386	8	,	,	PUNCT
fsr-3991	386	9	111–118	111–118	NUM
fsr-3991	386	10	.	.	PUNCT
fsr-3991	387	1	https://doi.org/10.2307/2328422	https://doi.org/10.2307/2328422	NOUN
fsr-3991	387	2	demiguel	demiguel	NOUN
fsr-3991	387	3	,	,	PUNCT
fsr-3991	387	4	v.	v.	ADV
fsr-3991	387	5	,	,	PUNCT
fsr-3991	387	6	garlappi	garlappi	NOUN
fsr-3991	387	7	,	,	PUNCT
fsr-3991	387	8	l.	l.	PROPN
fsr-3991	387	9	,	,	PUNCT
fsr-3991	387	10	&	&	CCONJ
fsr-3991	387	11	uppal	uppal	PROPN
fsr-3991	387	12	,	,	PUNCT
fsr-3991	387	13	r.	r.	PROPN
fsr-3991	387	14	(	(	PUNCT
fsr-3991	387	15	2009	2009	NUM
fsr-3991	387	16	)	)	PUNCT
fsr-3991	387	17	.	.	PUNCT
fsr-3991	388	1	optimal	optimal	ADJ
fsr-3991	388	2	versus	versus	ADP
fsr-3991	388	3	naive	naive	ADJ
fsr-3991	388	4	diversification	diversification	NOUN
fsr-3991	388	5	:	:	PUNCT
fsr-3991	388	6	how	how	SCONJ
fsr-3991	388	7	inefficient	inefficient	ADJ
fsr-3991	388	8	is	be	AUX
fsr-3991	388	9	the	the	DET
fsr-3991	388	10	1	1	NUM
fsr-3991	388	11	/	/	SYM
fsr-3991	388	12	n	n	CCONJ
fsr-3991	388	13	portfolio	portfolio	NOUN
fsr-3991	388	14	strategy	strategy	NOUN
fsr-3991	388	15	?	?	PUNCT
fsr-3991	389	1	the	the	DET
fsr-3991	389	2	review	review	NOUN
fsr-3991	389	3	of	of	ADP
fsr-3991	389	4	financial	financial	ADJ
fsr-3991	389	5	studies	study	NOUN
fsr-3991	389	6	,	,	PUNCT
fsr-3991	389	7	22(5	22(5	NOUN
fsr-3991	389	8	)	)	PUNCT
fsr-3991	389	9	,	,	PUNCT
fsr-3991	389	10	1915	1915	NUM
fsr-3991	389	11	–	–	PUNCT
fsr-3991	389	12	1953	1953	NUM
fsr-3991	389	13	.	.	PUNCT
fsr-3991	390	1	https://doi.org/10.1093/rfs/hhm075	https://doi.org/10.1093/rfs/hhm075	PROPN
fsr-3991	390	2	edelen	edelen	PROPN
fsr-3991	390	3	,	,	PUNCT
fsr-3991	390	4	r.	r.	PROPN
fsr-3991	390	5	,	,	PUNCT
fsr-3991	390	6	evans	evans	PROPN
fsr-3991	390	7	,	,	PUNCT
fsr-3991	390	8	r.	r.	PROPN
fsr-3991	390	9	,	,	PUNCT
fsr-3991	390	10	&	&	CCONJ
fsr-3991	390	11	kadlec	kadlec	PROPN
fsr-3991	390	12	,	,	PUNCT
fsr-3991	390	13	g.	g.	PROPN
fsr-3991	390	14	(	(	PUNCT
fsr-3991	390	15	2013	2013	NUM
fsr-3991	390	16	)	)	PUNCT
fsr-3991	390	17	.	.	PUNCT
fsr-3991	391	1	shedding	shed	VERB
fsr-3991	391	2	light	light	NOUN
fsr-3991	391	3	on	on	ADP
fsr-3991	391	4	“	"	PUNCT
fsr-3991	391	5	invisible	invisible	ADJ
fsr-3991	391	6	”	"	PUNCT
fsr-3991	391	7	costs	cost	NOUN
fsr-3991	391	8	:	:	PUNCT
fsr-3991	391	9	trading	trading	NOUN
fsr-3991	391	10	costs	cost	NOUN
fsr-3991	391	11	and	and	CCONJ
fsr-3991	391	12	mutual	mutual	ADJ
fsr-3991	391	13	fund	fund	NOUN
fsr-3991	391	14	performance	performance	NOUN
fsr-3991	391	15	.	.	PUNCT
fsr-3991	392	1	financial	financial	ADJ
fsr-3991	392	2	analysts	analyst	NOUN
fsr-3991	392	3	journal	journal	NOUN
fsr-3991	392	4	,	,	PUNCT
fsr-3991	392	5	69(1	69(1	NUM
fsr-3991	392	6	)	)	PUNCT
fsr-3991	392	7	,	,	PUNCT
fsr-3991	392	8	33–44	33–44	NUM
fsr-3991	392	9	.	.	PUNCT
fsr-3991	393	1	https://doi.org/10.2469/faj.v69.n1.6	https://doi.org/10.2469/faj.v69.n1.6	PROPN
fsr-3991	393	2	fama	fama	PROPN
fsr-3991	393	3	,	,	PUNCT
fsr-3991	393	4	e.	e.	PROPN
fsr-3991	393	5	f.	f.	PROPN
fsr-3991	393	6	(	(	PUNCT
fsr-3991	393	7	1970	1970	NUM
fsr-3991	393	8	)	)	PUNCT
fsr-3991	393	9	.	.	PUNCT
fsr-3991	394	1	efficient	efficient	ADJ
fsr-3991	394	2	capital	capital	NOUN
fsr-3991	394	3	markets	market	NOUN
fsr-3991	394	4	:	:	PUNCT
fsr-3991	394	5	a	a	DET
fsr-3991	394	6	review	review	NOUN
fsr-3991	394	7	of	of	ADP
fsr-3991	394	8	theory	theory	NOUN
fsr-3991	394	9	and	and	CCONJ
fsr-3991	394	10	empirical	empirical	ADJ
fsr-3991	394	11	work	work	NOUN
fsr-3991	394	12	.	.	PUNCT
fsr-3991	395	1	the	the	DET
fsr-3991	395	2	journal	journal	PROPN
fsr-3991	395	3	of	of	ADP
fsr-3991	395	4	finance	finance	NOUN
fsr-3991	395	5	,	,	PUNCT
fsr-3991	395	6	25(2	25(2	NUM
fsr-3991	395	7	)	)	PUNCT
fsr-3991	395	8	,	,	PUNCT
fsr-3991	395	9	383–417	383–417	NUM
fsr-3991	395	10	.	.	PUNCT
fsr-3991	396	1	https://doi.org/10.2307/2325486	https://doi.org/10.2307/2325486	PROPN
fsr-3991	396	2	french	french	PROPN
fsr-3991	396	3	,	,	PUNCT
fsr-3991	396	4	k.	k.	PROPN
fsr-3991	396	5	r.	r.	PROPN
fsr-3991	396	6	(	(	PUNCT
fsr-3991	396	7	2008	2008	NUM
fsr-3991	396	8	)	)	PUNCT
fsr-3991	396	9	.	.	PUNCT
fsr-3991	397	1	presidential	presidential	ADJ
fsr-3991	397	2	address	address	NOUN
fsr-3991	397	3	:	:	PUNCT
fsr-3991	397	4	the	the	DET
fsr-3991	397	5	cost	cost	NOUN
fsr-3991	397	6	of	of	ADP
fsr-3991	397	7	active	active	ADJ
fsr-3991	397	8	investing	investing	NOUN
fsr-3991	397	9	.	.	PUNCT
fsr-3991	398	1	the	the	DET
fsr-3991	398	2	journal	journal	PROPN
fsr-3991	398	3	of	of	ADP
fsr-3991	398	4	finance	finance	NOUN
fsr-3991	398	5	,	,	PUNCT
fsr-3991	398	6	63(4	63(4	NOUN
fsr-3991	398	7	)	)	PUNCT
fsr-3991	398	8	,	,	PUNCT
fsr-3991	398	9	1537–1573	1537–1573	NUM
fsr-3991	398	10	.	.	PUNCT
fsr-3991	399	1	https://doi.org/10.1111/j.15406261.2008.01368.x	https://doi.org/10.1111/j.15406261.2008.01368.x	X
fsr-3991	400	1	hsu	hsu	PROPN
fsr-3991	400	2	,	,	PUNCT
fsr-3991	400	3	j.	j.	PROPN
fsr-3991	400	4	c.	c.	PROPN
fsr-3991	400	5	(	(	PUNCT
fsr-3991	400	6	2006	2006	NUM
fsr-3991	400	7	)	)	PUNCT
fsr-3991	400	8	.	.	PUNCT
fsr-3991	401	1	cap	cap	NOUN
fsr-3991	401	2	-	-	PUNCT
fsr-3991	401	3	weighted	weight	VERB
fsr-3991	401	4	portfolios	portfolio	NOUN
fsr-3991	401	5	are	be	AUX
fsr-3991	401	6	sub	sub	ADJ
fsr-3991	401	7	-	-	ADJ
fsr-3991	401	8	optimal	optimal	ADJ
fsr-3991	401	9	portfolios	portfolio	NOUN
fsr-3991	401	10	(	(	PUNCT
fsr-3991	401	11	ssrn	ssrn	PROPN
fsr-3991	401	12	scholarly	scholarly	ADJ
fsr-3991	401	13	paper	paper	NOUN
fsr-3991	401	14	934425	934425	NUM
fsr-3991	401	15	)	)	PUNCT
fsr-3991	401	16	.	.	PUNCT
fsr-3991	402	1	https://papers.ssrn.com/abstract=934425	https://papers.ssrn.com/abstract=934425	PROPN
fsr-3991	402	2	investment	investment	PROPN
fsr-3991	402	3	company	company	PROPN
fsr-3991	402	4	institute	institute	PROPN
fsr-3991	402	5	.	.	PUNCT
fsr-3991	403	1	(	(	PUNCT
fsr-3991	403	2	2023	2023	NUM
fsr-3991	403	3	)	)	PUNCT
fsr-3991	403	4	.	.	PUNCT
fsr-3991	404	1	2023	2023	NUM
fsr-3991	404	2	investment	investment	NOUN
fsr-3991	404	3	company	company	NOUN
fsr-3991	404	4	fact	fact	NOUN
fsr-3991	404	5	book	book	NOUN
fsr-3991	404	6	,	,	PUNCT
fsr-3991	404	7	p.	p.	NOUN
fsr-3991	404	8	22	22	NUM
fsr-3991	404	9	.	.	PUNCT
fsr-3991	405	1	https://www.icifactbook.org/	https://www.icifactbook.org/	PROPN
fsr-3991	405	2	lintner	lintner	PROPN
fsr-3991	405	3	,	,	PUNCT
fsr-3991	405	4	j.	j.	PROPN
fsr-3991	405	5	(	(	PUNCT
fsr-3991	405	6	1969	1969	NUM
fsr-3991	405	7	)	)	PUNCT
fsr-3991	405	8	.	.	PUNCT
fsr-3991	406	1	the	the	DET
fsr-3991	406	2	valuation	valuation	NOUN
fsr-3991	406	3	of	of	ADP
fsr-3991	406	4	risk	risk	NOUN
fsr-3991	406	5	assets	asset	NOUN
fsr-3991	406	6	and	and	CCONJ
fsr-3991	406	7	the	the	DET
fsr-3991	406	8	selection	selection	NOUN
fsr-3991	406	9	of	of	ADP
fsr-3991	406	10	risky	risky	ADJ
fsr-3991	406	11	investments	investment	NOUN
fsr-3991	406	12	in	in	ADP
fsr-3991	406	13	stock	stock	NOUN
fsr-3991	406	14	portfolios	portfolio	NOUN
fsr-3991	406	15	and	and	CCONJ
fsr-3991	406	16	capital	capital	NOUN
fsr-3991	406	17	budgets	budget	NOUN
fsr-3991	406	18	:	:	PUNCT
fsr-3991	406	19	a	a	DET
fsr-3991	406	20	reply	reply	NOUN
fsr-3991	406	21	.	.	PUNCT
fsr-3991	407	1	the	the	DET
fsr-3991	407	2	review	review	NOUN
fsr-3991	407	3	of	of	ADP
fsr-3991	407	4	economics	economic	NOUN
fsr-3991	407	5	and	and	CCONJ
fsr-3991	407	6	statistics	statistic	NOUN
fsr-3991	407	7	,	,	PUNCT
fsr-3991	407	8	51(2	51(2	NUM
fsr-3991	407	9	)	)	PUNCT
fsr-3991	407	10	,	,	PUNCT
fsr-3991	407	11	222–224	222–224	NUM
fsr-3991	407	12	.	.	PUNCT
fsr-3991	408	1	https://doi.org/10.2307/1926735	https://doi.org/10.2307/1926735	ADP
fsr-3991	408	2	malladi	malladi	NOUN
fsr-3991	408	3	,	,	PUNCT
fsr-3991	408	4	r.	r.	PROPN
fsr-3991	408	5	,	,	PUNCT
fsr-3991	408	6	&	&	CCONJ
fsr-3991	408	7	fabozzi	fabozzi	PROPN
fsr-3991	408	8	,	,	PUNCT
fsr-3991	408	9	f.	f.	PROPN
fsr-3991	408	10	j.	j.	PROPN
fsr-3991	408	11	(	(	PUNCT
fsr-3991	408	12	2017	2017	NUM
fsr-3991	408	13	)	)	PUNCT
fsr-3991	408	14	.	.	PUNCT
fsr-3991	409	1	equalweighted	equalweighte	VERB
fsr-3991	409	2	strategy	strategy	NOUN
fsr-3991	409	3	:	:	PUNCT
fsr-3991	409	4	why	why	SCONJ
fsr-3991	409	5	it	it	PRON
fsr-3991	409	6	outperforms	outperform	VERB
fsr-3991	409	7	valueweighted	valueweighted	ADJ
fsr-3991	409	8	strategies	strategy	NOUN
fsr-3991	409	9	?	?	PUNCT
fsr-3991	410	1	theory	theory	NOUN
fsr-3991	410	2	and	and	CCONJ
fsr-3991	410	3	evidence	evidence	NOUN
fsr-3991	410	4	.	.	PUNCT
fsr-3991	411	1	journal	journal	NOUN
fsr-3991	411	2	of	of	ADP
fsr-3991	411	3	asset	asset	NOUN
fsr-3991	411	4	management	management	NOUN
fsr-3991	411	5	,	,	PUNCT
fsr-3991	411	6	18(3	18(3	NUM
fsr-3991	411	7	)	)	PUNCT
fsr-3991	411	8	,	,	PUNCT
fsr-3991	411	9	188	188	NUM
fsr-3991	411	10	–	–	SYM
fsr-3991	411	11	208	208	NUM
fsr-3991	411	12	.	.	PUNCT
fsr-3991	412	1	https://doi.org/10.1057/s41260-0160033-4	https://doi.org/10.1057/s41260-0160033-4	PROPN
fsr-3991	412	2	markowitz	markowitz	PROPN
fsr-3991	412	3	,	,	PUNCT
fsr-3991	412	4	h.	h.	PROPN
fsr-3991	412	5	(	(	PUNCT
fsr-3991	412	6	1952	1952	NUM
fsr-3991	412	7	)	)	PUNCT
fsr-3991	412	8	.	.	PUNCT
fsr-3991	413	1	portfolio	portfolio	NOUN
fsr-3991	413	2	selection	selection	PROPN
fsr-3991	413	3	*	*	PUNCT
fsr-3991	413	4	.	.	PUNCT
fsr-3991	414	1	the	the	DET
fsr-3991	414	2	journal	journal	PROPN
fsr-3991	414	3	of	of	ADP
fsr-3991	414	4	finance	finance	NOUN
fsr-3991	414	5	,	,	PUNCT
fsr-3991	414	6	7(1	7(1	NUM
fsr-3991	414	7	)	)	PUNCT
fsr-3991	414	8	,	,	PUNCT
fsr-3991	414	9	77–91	77–91	NUM
fsr-3991	414	10	.	.	PUNCT
fsr-3991	415	1	https://doi.org/10.1111/j.15406261.1952.tb01525.x	https://doi.org/10.1111/j.15406261.1952.tb01525.x	PROPN
fsr-3991	415	2	pae	pae	NOUN
fsr-3991	415	3	,	,	PUNCT
fsr-3991	415	4	y.	y.	PROPN
fsr-3991	415	5	,	,	PUNCT
fsr-3991	415	6	&	&	CCONJ
fsr-3991	415	7	sabbaghi	sabbaghi	PROPN
fsr-3991	415	8	,	,	PUNCT
fsr-3991	415	9	n.	n.	NOUN
fsr-3991	415	10	(	(	PUNCT
fsr-3991	415	11	2015	2015	NUM
fsr-3991	415	12	)	)	PUNCT
fsr-3991	415	13	.	.	PUNCT
fsr-3991	416	1	equally	equally	ADV
fsr-3991	416	2	weighted	weight	VERB
fsr-3991	416	3	portfolios	portfolio	NOUN
fsr-3991	416	4	vs	vs	ADP
fsr-3991	416	5	value	value	NOUN
fsr-3991	416	6	weighted	weight	VERB
fsr-3991	416	7	portfolios	portfolio	NOUN
fsr-3991	416	8	:	:	PUNCT
fsr-3991	416	9	reasons	reason	NOUN
fsr-3991	416	10	for	for	ADP
fsr-3991	416	11	differing	differ	VERB
fsr-3991	416	12	betas	beta	NOUN
fsr-3991	416	13	.	.	PUNCT
fsr-3991	417	1	journal	journal	NOUN
fsr-3991	417	2	of	of	ADP
fsr-3991	417	3	financial	financial	ADJ
fsr-3991	417	4	stability	stability	NOUN
fsr-3991	417	5	,	,	PUNCT
fsr-3991	417	6	18	18	NUM
fsr-3991	417	7	,	,	PUNCT
fsr-3991	417	8	203–207	203–207	NUM
fsr-3991	417	9	.	.	PUNCT
fsr-3991	418	1	https://doi.org/10.1016/j.jfs.2015.04.006	https://doi.org/10.1016/j.jfs.2015.04.006	ADJ
fsr-3991	418	2	plyakha	plyakha	NOUN
fsr-3991	418	3	,	,	PUNCT
fsr-3991	418	4	y.	y.	NOUN
fsr-3991	418	5	,	,	PUNCT
fsr-3991	418	6	uppal	uppal	PROPN
fsr-3991	418	7	,	,	PUNCT
fsr-3991	418	8	r.	r.	PROPN
fsr-3991	418	9	,	,	PUNCT
fsr-3991	418	10	&	&	CCONJ
fsr-3991	418	11	vilkov	vilkov	PROPN
fsr-3991	418	12	,	,	PUNCT
fsr-3991	418	13	g.	g.	PROPN
fsr-3991	418	14	(	(	PUNCT
fsr-3991	418	15	2012	2012	NUM
fsr-3991	418	16	)	)	PUNCT
fsr-3991	418	17	.	.	PUNCT
fsr-3991	419	1	why	why	SCONJ
fsr-3991	419	2	does	do	AUX
fsr-3991	419	3	an	an	DET
fsr-3991	419	4	equal	equal	ADV
fsr-3991	419	5	-	-	PUNCT
fsr-3991	419	6	weighted	weight	VERB
fsr-3991	419	7	portfolio	portfolio	NOUN
fsr-3991	419	8	outperform	outperform	NOUN
fsr-3991	419	9	valueand	valueand	ADJ
fsr-3991	419	10	price	price	NOUN
fsr-3991	419	11	-	-	PUNCT
fsr-3991	419	12	weighted	weight	VERB
fsr-3991	419	13	portfolios	portfolio	NOUN
fsr-3991	419	14	?	?	PUNCT
fsr-3991	420	1	(	(	PUNCT
fsr-3991	420	2	ssrn	ssrn	PROPN
fsr-3991	420	3	scholarly	scholarly	ADJ
fsr-3991	420	4	paper	paper	NOUN
fsr-3991	420	5	i	i	PROPN
fsr-3991	420	6	d	d	PROPN
fsr-3991	420	7	2724535	2724535	NUM
fsr-3991	420	8	)	)	PUNCT
fsr-3991	420	9	.	.	PUNCT
fsr-3991	421	1	social	social	ADJ
fsr-3991	421	2	science	science	PROPN
fsr-3991	421	3	research	research	NOUN
fsr-3991	421	4	network	network	NOUN
fsr-3991	421	5	.	.	PUNCT
fsr-3991	422	1	https://doi.org/10.2139/ssrn.2724535	https://doi.org/10.2139/ssrn.2724535	PROPN
fsr-3991	422	2	financial	financial	PROPN
fsr-3991	422	3	services	service	NOUN
fsr-3991	422	4	review	review	PROPN
fsr-3991	422	5	,	,	PUNCT
fsr-3991	422	6	33(1	33(1	NUM
fsr-3991	422	7	)	)	PUNCT
fsr-3991	422	8	164	164	NUM
fsr-3991	422	9	plyakha	plyakha	NOUN
fsr-3991	422	10	,	,	PUNCT
fsr-3991	422	11	y.	y.	NOUN
fsr-3991	422	12	,	,	PUNCT
fsr-3991	422	13	uppal	uppal	PROPN
fsr-3991	422	14	,	,	PUNCT
fsr-3991	422	15	r.	r.	PROPN
fsr-3991	422	16	,	,	PUNCT
fsr-3991	422	17	&	&	CCONJ
fsr-3991	422	18	vilkov	vilkov	PROPN
fsr-3991	422	19	,	,	PUNCT
fsr-3991	422	20	g.	g.	PROPN
fsr-3991	422	21	(	(	PUNCT
fsr-3991	422	22	2021	2021	NUM
fsr-3991	422	23	)	)	PUNCT
fsr-3991	422	24	.	.	PUNCT
fsr-3991	423	1	equal	equal	ADJ
fsr-3991	423	2	or	or	CCONJ
fsr-3991	423	3	value	value	NOUN
fsr-3991	423	4	weighting	weighting	NOUN
fsr-3991	423	5	?	?	PUNCT
fsr-3991	424	1	implications	implication	NOUN
fsr-3991	424	2	for	for	ADP
fsr-3991	424	3	asset	asset	NOUN
fsr-3991	424	4	-	-	PUNCT
fsr-3991	424	5	pricing	pricing	NOUN
fsr-3991	424	6	tests	test	NOUN
fsr-3991	424	7	.	.	PUNCT
fsr-3991	425	1	in	in	ADP
fsr-3991	425	2	c.	c.	PROPN
fsr-3991	425	3	zopounidis	zopounidis	PROPN
fsr-3991	425	4	,	,	PUNCT
fsr-3991	425	5	r.	r.	PROPN
fsr-3991	425	6	benkraiem	benkraiem	PROPN
fsr-3991	425	7	,	,	PUNCT
fsr-3991	425	8	&	&	CCONJ
fsr-3991	425	9	i.	i.	PROPN
fsr-3991	425	10	kalaitzoglou	kalaitzoglou	PROPN
fsr-3991	425	11	(	(	PUNCT
fsr-3991	425	12	eds	ed	NOUN
fsr-3991	425	13	.	.	PUNCT
fsr-3991	425	14	)	)	PUNCT
fsr-3991	425	15	,	,	PUNCT
fsr-3991	425	16	financial	financial	ADJ
fsr-3991	425	17	risk	risk	NOUN
fsr-3991	425	18	management	management	NOUN
fsr-3991	425	19	and	and	CCONJ
fsr-3991	425	20	modeling	modeling	NOUN
fsr-3991	425	21	(	(	PUNCT
fsr-3991	425	22	pp	pp	ADJ
fsr-3991	425	23	.	.	PUNCT
fsr-3991	425	24	295–347	295–347	NUM
fsr-3991	425	25	)	)	PUNCT
fsr-3991	425	26	.	.	PUNCT
fsr-3991	426	1	springer	springer	NOUN
fsr-3991	426	2	international	international	ADJ
fsr-3991	426	3	publishing	publishing	NOUN
fsr-3991	426	4	.	.	PUNCT
fsr-3991	427	1	https://doi.org/10.1007/978-3030-66691-0_9	https://doi.org/10.1007/978-3030-66691-0_9	NOUN
fsr-3991	427	2	roll	roll	PROPN
fsr-3991	427	3	,	,	PUNCT
fsr-3991	427	4	r.	r.	PROPN
fsr-3991	427	5	(	(	PUNCT
fsr-3991	427	6	1977	1977	NUM
fsr-3991	427	7	)	)	PUNCT
fsr-3991	427	8	.	.	PUNCT
fsr-3991	428	1	a	a	DET
fsr-3991	428	2	critique	critique	NOUN
fsr-3991	428	3	of	of	ADP
fsr-3991	428	4	the	the	DET
fsr-3991	428	5	asset	asset	NOUN
fsr-3991	428	6	pricing	pricing	NOUN
fsr-3991	428	7	theory	theory	NOUN
fsr-3991	428	8	’s	’s	PART
fsr-3991	428	9	tests	test	VERB
fsr-3991	428	10	part	part	NOUN
fsr-3991	429	1	i	i	PRON
fsr-3991	429	2	:	:	PUNCT
fsr-3991	429	3	on	on	ADP
fsr-3991	429	4	past	past	NOUN
fsr-3991	429	5	and	and	CCONJ
fsr-3991	429	6	potential	potential	ADJ
fsr-3991	429	7	testability	testability	NOUN
fsr-3991	429	8	of	of	ADP
fsr-3991	429	9	the	the	DET
fsr-3991	429	10	theory	theory	NOUN
fsr-3991	429	11	.	.	PUNCT
fsr-3991	430	1	journal	journal	NOUN
fsr-3991	430	2	of	of	ADP
fsr-3991	430	3	financial	financial	ADJ
fsr-3991	430	4	economics	economic	NOUN
fsr-3991	430	5	,	,	PUNCT
fsr-3991	430	6	4(2	4(2	NUM
fsr-3991	430	7	)	)	PUNCT
fsr-3991	430	8	,	,	PUNCT
fsr-3991	430	9	129–176	129–176	NUM
fsr-3991	430	10	.	.	PUNCT
fsr-3991	431	1	https://doi.org/10.1016/0304405x(77)90009-5	https://doi.org/10.1016/0304405x(77)90009-5	PROPN
fsr-3991	431	2	sharpe	sharpe	PROPN
fsr-3991	431	3	,	,	PUNCT
fsr-3991	431	4	w.	w.	PROPN
fsr-3991	431	5	f.	f.	PROPN
fsr-3991	431	6	(	(	PUNCT
fsr-3991	431	7	1964	1964	NUM
fsr-3991	431	8	)	)	PUNCT
fsr-3991	431	9	.	.	PUNCT
fsr-3991	432	1	capital	capital	NOUN
fsr-3991	432	2	asset	asset	NOUN
fsr-3991	432	3	prices	price	NOUN
fsr-3991	432	4	:	:	PUNCT
fsr-3991	432	5	a	a	DET
fsr-3991	432	6	theory	theory	NOUN
fsr-3991	432	7	of	of	ADP
fsr-3991	432	8	market	market	NOUN
fsr-3991	432	9	equilibrium	equilibrium	NOUN
fsr-3991	432	10	under	under	ADP
fsr-3991	432	11	conditions	condition	NOUN
fsr-3991	432	12	of	of	ADP
fsr-3991	432	13	risk	risk	NOUN
fsr-3991	432	14	.	.	PUNCT
fsr-3991	433	1	the	the	DET
fsr-3991	433	2	journal	journal	PROPN
fsr-3991	433	3	of	of	ADP
fsr-3991	433	4	finance	finance	NOUN
fsr-3991	433	5	,	,	PUNCT
fsr-3991	433	6	19(3	19(3	NUM
fsr-3991	433	7	)	)	PUNCT
fsr-3991	433	8	,	,	PUNCT
fsr-3991	433	9	425–442	425–442	NUM
fsr-3991	433	10	.	.	PUNCT
fsr-3991	434	1	https://doi.org/10.1111/j.15406261.1964.tb02865.x	https://doi.org/10.1111/j.15406261.1964.tb02865.x	PROPN
fsr-3991	434	2	swade	swade	PROPN
fsr-3991	434	3	,	,	PUNCT
fsr-3991	434	4	a.	a.	PROPN
fsr-3991	434	5	,	,	PUNCT
fsr-3991	434	6	nolte	nolte	PROPN
fsr-3991	434	7	,	,	PUNCT
fsr-3991	434	8	s.	s.	PROPN
fsr-3991	434	9	,	,	PUNCT
fsr-3991	434	10	shackleton	shackleton	PROPN
fsr-3991	434	11	,	,	PUNCT
fsr-3991	434	12	m.	m.	NOUN
fsr-3991	434	13	,	,	PUNCT
fsr-3991	434	14	&	&	CCONJ
fsr-3991	434	15	lohre	lohre	PROPN
fsr-3991	434	16	,	,	PUNCT
fsr-3991	434	17	h.	h.	PROPN
fsr-3991	434	18	(	(	PUNCT
fsr-3991	434	19	2023	2023	NUM
fsr-3991	434	20	)	)	PUNCT
fsr-3991	434	21	.	.	PUNCT
fsr-3991	435	1	why	why	SCONJ
fsr-3991	435	2	do	do	AUX
fsr-3991	435	3	equally	equally	ADV
fsr-3991	435	4	weighted	weight	VERB
fsr-3991	435	5	portfolios	portfolio	NOUN
fsr-3991	435	6	beat	beat	VERB
fsr-3991	435	7	value	value	NOUN
fsr-3991	435	8	-	-	PUNCT
fsr-3991	435	9	weighted	weight	VERB
fsr-3991	435	10	ones	one	NOUN
fsr-3991	435	11	?	?	PUNCT
fsr-3991	436	1	the	the	DET
fsr-3991	436	2	journal	journal	PROPN
fsr-3991	436	3	of	of	ADP
fsr-3991	436	4	portfolio	portfolio	NOUN
fsr-3991	436	5	management	management	NOUN
fsr-3991	436	6	,	,	PUNCT
fsr-3991	436	7	49(5	49(5	NUM
fsr-3991	436	8	)	)	PUNCT
fsr-3991	436	9	,	,	PUNCT
fsr-3991	436	10	167–187	167–187	NUM
fsr-3991	436	11	.	.	PUNCT
fsr-3991	437	1	https://doi.org/10.3905/jpm.2023.1.482	https://doi.org/10.3905/jpm.2023.1.482	NOUN
fsr-3991	437	2	taljaard	taljaard	PROPN
fsr-3991	437	3	,	,	PUNCT
fsr-3991	437	4	b.	b.	PROPN
fsr-3991	437	5	h.	h.	PROPN
fsr-3991	437	6	,	,	PUNCT
fsr-3991	437	7	&	&	CCONJ
fsr-3991	437	8	maré	maré	PROPN
fsr-3991	437	9	,	,	PUNCT
fsr-3991	437	10	e.	e.	PROPN
fsr-3991	437	11	(	(	PUNCT
fsr-3991	437	12	2021	2021	NUM
fsr-3991	437	13	)	)	PUNCT
fsr-3991	437	14	.	.	PUNCT
fsr-3991	438	1	why	why	SCONJ
fsr-3991	438	2	has	have	AUX
fsr-3991	438	3	the	the	DET
fsr-3991	438	4	equal	equal	ADJ
fsr-3991	438	5	weight	weight	NOUN
fsr-3991	438	6	portfolio	portfolio	NOUN
fsr-3991	438	7	underperformed	underperform	VERB
fsr-3991	438	8	and	and	CCONJ
fsr-3991	438	9	what	what	PRON
fsr-3991	438	10	can	can	AUX
fsr-3991	438	11	we	we	PRON
fsr-3991	438	12	do	do	VERB
fsr-3991	438	13	about	about	ADP
fsr-3991	438	14	it	it	PRON
fsr-3991	438	15	?	?	PUNCT
fsr-3991	439	1	quantitative	quantitative	ADJ
fsr-3991	439	2	finance	finance	NOUN
fsr-3991	439	3	,	,	PUNCT
fsr-3991	439	4	21(11	21(11	NUM
fsr-3991	439	5	)	)	PUNCT
fsr-3991	439	6	,	,	PUNCT
fsr-3991	439	7	1855–1868	1855–1868	NUM
fsr-3991	439	8	.	.	PUNCT
fsr-3991	440	1	https://doi.org/10.1080/14697688.2021.1889	https://doi.org/10.1080/14697688.2021.1889	NOUN
fsr-3991	440	2	020	020	NUM
fsr-3991	440	3	disclosure	disclosure	NOUN
fsr-3991	440	4	statements	statement	NOUN
fsr-3991	440	5	funding	funding	NOUN
fsr-3991	440	6	:	:	PUNCT
fsr-3991	440	7	this	this	DET
fsr-3991	440	8	study	study	NOUN
fsr-3991	440	9	has	have	AUX
fsr-3991	440	10	not	not	PART
fsr-3991	440	11	been	be	AUX
fsr-3991	440	12	funded	fund	VERB
fsr-3991	440	13	by	by	ADP
fsr-3991	440	14	any	any	DET
fsr-3991	440	15	entity	entity	NOUN
fsr-3991	440	16	.	.	PUNCT
fsr-3991	441	1	conflict	conflict	NOUN
fsr-3991	441	2	of	of	ADP
fsr-3991	441	3	interest	interest	NOUN
fsr-3991	441	4	:	:	PUNCT
fsr-3991	441	5	authors	author	NOUN
fsr-3991	441	6	do	do	AUX
fsr-3991	441	7	not	not	PART
fsr-3991	441	8	have	have	VERB
fsr-3991	441	9	any	any	DET
fsr-3991	441	10	conflicts	conflict	NOUN
fsr-3991	441	11	of	of	ADP
fsr-3991	441	12	interest	interest	NOUN
fsr-3991	441	13	associated	associate	VERB
fsr-3991	441	14	with	with	ADP
fsr-3991	441	15	this	this	DET
fsr-3991	441	16	article	article	NOUN
fsr-3991	441	17	.	.	PUNCT
fsr-3991	442	1	ethical	ethical	ADJ
fsr-3991	442	2	approval	approval	NOUN
fsr-3991	442	3	:	:	PUNCT
fsr-3991	442	4	this	this	DET
fsr-3991	442	5	article	article	NOUN
fsr-3991	442	6	does	do	AUX
fsr-3991	442	7	not	not	PART
fsr-3991	442	8	contain	contain	VERB
fsr-3991	442	9	any	any	DET
fsr-3991	442	10	studies	study	NOUN
fsr-3991	442	11	with	with	ADP
fsr-3991	442	12	human	human	ADJ
fsr-3991	442	13	participants	participant	NOUN
fsr-3991	442	14	or	or	CCONJ
fsr-3991	442	15	animals	animal	NOUN
fsr-3991	442	16	.	.	PUNCT