id	sid	tid	token	lemma	pos
fbem-12596	1	1	frontiers	frontier	NOUN
fbem-12596	1	2	in	in	ADP
fbem-12596	1	3	business	business	NOUN
fbem-12596	1	4	,	,	PUNCT
fbem-12596	1	5	economics	economic	NOUN
fbem-12596	1	6	and	and	CCONJ
fbem-12596	1	7	management	management	NOUN
fbem-12596	1	8	issn	issn	PROPN
fbem-12596	1	9	:	:	PUNCT
fbem-12596	1	10	2766	2766	NUM
fbem-12596	1	11	-	-	PUNCT
fbem-12596	1	12	824x	824x	NUM
fbem-12596	1	13	|	|	ADJ
fbem-12596	1	14	vol	vol	NOUN
fbem-12596	1	15	.	.	PUNCT
fbem-12596	2	1	11	11	NUM
fbem-12596	2	2	,	,	PUNCT
fbem-12596	2	3	no	no	INTJ
fbem-12596	2	4	.	.	NOUN
fbem-12596	2	5	2	2	NUM
fbem-12596	2	6	,	,	PUNCT
fbem-12596	2	7	2023	2023	NUM
fbem-12596	2	8	228	228	NUM
fbem-12596	2	9	fof	fof	ADJ
fbem-12596	2	10	and	and	CCONJ
fbem-12596	2	11	risk	risk	NOUN
fbem-12596	2	12	parity	parity	NOUN
fbem-12596	2	13	model	model	NOUN
fbem-12596	2	14	qing	qing	PROPN
fbem-12596	2	15	zhang1	zhang1	PROPN
fbem-12596	2	16	,	,	PUNCT
fbem-12596	2	17	*	*	PUNCT
fbem-12596	3	1	1school	1school	NUM
fbem-12596	3	2	of	of	ADP
fbem-12596	3	3	business	business	NOUN
fbem-12596	3	4	,	,	PUNCT
fbem-12596	3	5	east	east	PROPN
fbem-12596	3	6	china	china	PROPN
fbem-12596	3	7	university	university	PROPN
fbem-12596	3	8	of	of	ADP
fbem-12596	3	9	political	political	ADJ
fbem-12596	3	10	science	science	NOUN
fbem-12596	3	11	and	and	CCONJ
fbem-12596	3	12	law	law	NOUN
fbem-12596	3	13	,	,	PUNCT
fbem-12596	3	14	shanghai	shanghai	PROPN
fbem-12596	3	15	,	,	PUNCT
fbem-12596	3	16	china	china	PROPN
fbem-12596	3	17	*	*	PUNCT
fbem-12596	3	18	corresponding	correspond	VERB
fbem-12596	3	19	author	author	NOUN
fbem-12596	3	20	email	email	NOUN
fbem-12596	3	21	:	:	PUNCT
fbem-12596	3	22	afrachina@163.com	afrachina@163.com	PROPN
fbem-12596	3	23	abstract	abstract	NOUN
fbem-12596	3	24	:	:	PUNCT
fbem-12596	3	25	fof	fof	PROPN
fbem-12596	3	26	has	have	VERB
fbem-12596	3	27	a	a	DET
fbem-12596	3	28	history	history	NOUN
fbem-12596	3	29	of	of	ADP
fbem-12596	3	30	decades	decade	NOUN
fbem-12596	3	31	of	of	ADP
fbem-12596	3	32	operation	operation	NOUN
fbem-12596	3	33	and	and	CCONJ
fbem-12596	3	34	development	development	NOUN
fbem-12596	3	35	in	in	ADP
fbem-12596	3	36	the	the	DET
fbem-12596	3	37	united	united	PROPN
fbem-12596	3	38	states	states	PROPN
fbem-12596	3	39	,	,	PUNCT
fbem-12596	3	40	and	and	CCONJ
fbem-12596	3	41	has	have	VERB
fbem-12596	3	42	a	a	DET
fbem-12596	3	43	relatively	relatively	ADV
fbem-12596	3	44	mature	mature	ADJ
fbem-12596	3	45	market	market	NOUN
fbem-12596	3	46	.	.	PUNCT
fbem-12596	4	1	however	however	ADV
fbem-12596	4	2	,	,	PUNCT
fbem-12596	4	3	it	it	PRON
fbem-12596	4	4	is	be	AUX
fbem-12596	4	5	a	a	DET
fbem-12596	4	6	newly	newly	ADV
fbem-12596	4	7	emerging	emerge	VERB
fbem-12596	4	8	thing	thing	NOUN
fbem-12596	4	9	in	in	ADP
fbem-12596	4	10	china	china	PROPN
fbem-12596	4	11	.	.	PUNCT
fbem-12596	5	1	due	due	ADP
fbem-12596	5	2	to	to	ADP
fbem-12596	5	3	its	its	PRON
fbem-12596	5	4	low	low	ADJ
fbem-12596	5	5	risk	risk	NOUN
fbem-12596	5	6	nature	nature	NOUN
fbem-12596	5	7	,	,	PUNCT
fbem-12596	5	8	fof	fof	PROPN
fbem-12596	5	9	is	be	AUX
fbem-12596	5	10	already	already	ADV
fbem-12596	5	11	the	the	DET
fbem-12596	5	12	main	main	ADJ
fbem-12596	5	13	target	target	NOUN
fbem-12596	5	14	of	of	ADP
fbem-12596	5	15	pension	pension	NOUN
fbem-12596	5	16	investment	investment	NOUN
fbem-12596	5	17	.	.	PUNCT
fbem-12596	6	1	with	with	ADP
fbem-12596	6	2	the	the	DET
fbem-12596	6	3	increasing	increase	VERB
fbem-12596	6	4	downward	downward	ADJ
fbem-12596	6	5	pressure	pressure	NOUN
fbem-12596	6	6	on	on	ADP
fbem-12596	6	7	the	the	DET
fbem-12596	6	8	global	global	ADJ
fbem-12596	6	9	economy	economy	NOUN
fbem-12596	6	10	,	,	PUNCT
fbem-12596	6	11	the	the	DET
fbem-12596	6	12	demand	demand	NOUN
fbem-12596	6	13	and	and	CCONJ
fbem-12596	6	14	interest	interest	NOUN
fbem-12596	6	15	of	of	ADP
fbem-12596	6	16	individual	individual	ADJ
fbem-12596	6	17	and	and	CCONJ
fbem-12596	6	18	institutional	institutional	ADJ
fbem-12596	6	19	investors	investor	NOUN
fbem-12596	6	20	in	in	ADP
fbem-12596	6	21	fof	fof	PROPN
fbem-12596	6	22	are	be	AUX
fbem-12596	6	23	also	also	ADV
fbem-12596	6	24	increasing	increase	VERB
fbem-12596	6	25	.	.	PUNCT
fbem-12596	7	1	the	the	DET
fbem-12596	7	2	development	development	NOUN
fbem-12596	7	3	of	of	ADP
fbem-12596	7	4	fof	fof	PROPN
fbem-12596	7	5	in	in	ADP
fbem-12596	7	6	china	china	PROPN
fbem-12596	7	7	has	have	AUX
fbem-12596	7	8	not	not	PART
fbem-12596	7	9	been	be	AUX
fbem-12596	7	10	smooth	smooth	ADJ
fbem-12596	7	11	,	,	PUNCT
fbem-12596	7	12	and	and	CCONJ
fbem-12596	7	13	many	many	ADJ
fbem-12596	7	14	issues	issue	NOUN
fbem-12596	7	15	can	can	AUX
fbem-12596	7	16	not	not	PART
fbem-12596	7	17	be	be	AUX
fbem-12596	7	18	separated	separate	VERB
fbem-12596	7	19	from	from	ADP
fbem-12596	7	20	the	the	DET
fbem-12596	7	21	core	core	NOUN
fbem-12596	7	22	issue	issue	NOUN
fbem-12596	7	23	of	of	ADP
fbem-12596	7	24	fof	fof	NOUN
fbem-12596	7	25	,	,	PUNCT
fbem-12596	7	26	which	which	PRON
fbem-12596	7	27	is	be	AUX
fbem-12596	7	28	asset	asset	NOUN
fbem-12596	7	29	allocation	allocation	NOUN
fbem-12596	7	30	.	.	PUNCT
fbem-12596	8	1	from	from	ADP
fbem-12596	8	2	the	the	DET
fbem-12596	8	3	perspective	perspective	NOUN
fbem-12596	8	4	of	of	ADP
fbem-12596	8	5	asset	asset	NOUN
fbem-12596	8	6	allocation	allocation	NOUN
fbem-12596	8	7	,	,	PUNCT
fbem-12596	8	8	this	this	DET
fbem-12596	8	9	article	article	NOUN
fbem-12596	8	10	selects	select	VERB
fbem-12596	8	11	the	the	DET
fbem-12596	8	12	trading	trading	NOUN
fbem-12596	8	13	data	datum	NOUN
fbem-12596	8	14	of	of	ADP
fbem-12596	8	15	three	three	NUM
fbem-12596	8	16	indices	index	NOUN
fbem-12596	8	17	in	in	ADP
fbem-12596	8	18	the	the	DET
fbem-12596	8	19	global	global	ADJ
fbem-12596	8	20	stock	stock	NOUN
fbem-12596	8	21	market	market	NOUN
fbem-12596	8	22	in	in	ADP
fbem-12596	8	23	the	the	DET
fbem-12596	8	24	past	past	ADJ
fbem-12596	8	25	four	four	NUM
fbem-12596	8	26	years	year	NOUN
fbem-12596	8	27	for	for	ADP
fbem-12596	8	28	empirical	empirical	ADJ
fbem-12596	8	29	analysis	analysis	NOUN
fbem-12596	8	30	.	.	PUNCT
fbem-12596	9	1	through	through	ADP
fbem-12596	9	2	the	the	DET
fbem-12596	9	3	selected	select	VERB
fbem-12596	9	4	performance	performance	NOUN
fbem-12596	9	5	evaluation	evaluation	NOUN
fbem-12596	9	6	indicators	indicator	NOUN
fbem-12596	9	7	,	,	PUNCT
fbem-12596	9	8	the	the	DET
fbem-12596	9	9	risk	risk	NOUN
fbem-12596	9	10	parity	parity	NOUN
fbem-12596	9	11	model	model	NOUN
fbem-12596	9	12	,	,	PUNCT
fbem-12596	9	13	equal	equal	ADJ
fbem-12596	9	14	volatility	volatility	NOUN
fbem-12596	9	15	model	model	NOUN
fbem-12596	9	16	,	,	PUNCT
fbem-12596	9	17	and	and	CCONJ
fbem-12596	9	18	equal	equal	ADJ
fbem-12596	9	19	weight	weight	NOUN
fbem-12596	9	20	model	model	NOUN
fbem-12596	9	21	are	be	AUX
fbem-12596	9	22	visually	visually	ADV
fbem-12596	9	23	compared	compare	VERB
fbem-12596	9	24	in	in	ADP
fbem-12596	9	25	terms	term	NOUN
fbem-12596	9	26	of	of	ADP
fbem-12596	9	27	risk	risk	NOUN
fbem-12596	9	28	and	and	CCONJ
fbem-12596	9	29	return	return	NOUN
fbem-12596	9	30	,	,	PUNCT
fbem-12596	9	31	proving	prove	VERB
fbem-12596	9	32	that	that	SCONJ
fbem-12596	9	33	the	the	DET
fbem-12596	9	34	risk	risk	NOUN
fbem-12596	9	35	parity	parity	NOUN
fbem-12596	9	36	model	model	NOUN
fbem-12596	9	37	has	have	VERB
fbem-12596	9	38	good	good	ADJ
fbem-12596	9	39	risk	risk	NOUN
fbem-12596	9	40	diversification	diversification	NOUN
fbem-12596	9	41	effect	effect	NOUN
fbem-12596	9	42	and	and	CCONJ
fbem-12596	9	43	returns	return	VERB
fbem-12596	9	44	ability	ability	NOUN
fbem-12596	9	45	on	on	ADP
fbem-12596	9	46	this	this	DET
fbem-12596	9	47	basis	basis	NOUN
fbem-12596	9	48	,	,	PUNCT
fbem-12596	9	49	at	at	ADP
fbem-12596	9	50	the	the	DET
fbem-12596	9	51	end	end	NOUN
fbem-12596	9	52	of	of	ADP
fbem-12596	9	53	the	the	DET
fbem-12596	9	54	article	article	NOUN
fbem-12596	9	55	,	,	PUNCT
fbem-12596	9	56	a	a	DET
fbem-12596	9	57	summary	summary	NOUN
fbem-12596	9	58	of	of	ADP
fbem-12596	9	59	the	the	DET
fbem-12596	9	60	entire	entire	ADJ
fbem-12596	9	61	article	article	NOUN
fbem-12596	9	62	is	be	AUX
fbem-12596	9	63	provided	provide	VERB
fbem-12596	9	64	and	and	CCONJ
fbem-12596	9	65	suggestions	suggestion	NOUN
fbem-12596	9	66	for	for	ADP
fbem-12596	9	67	the	the	DET
fbem-12596	9	68	application	application	NOUN
fbem-12596	9	69	of	of	ADP
fbem-12596	9	70	the	the	DET
fbem-12596	9	71	risk	risk	NOUN
fbem-12596	9	72	parity	parity	NOUN
fbem-12596	9	73	model	model	NOUN
fbem-12596	9	74	in	in	ADP
fbem-12596	9	75	fof	fof	PROPN
fbem-12596	9	76	are	be	AUX
fbem-12596	9	77	proposed	propose	VERB
fbem-12596	9	78	.	.	PUNCT
fbem-12596	10	1	keywords	keyword	NOUN
fbem-12596	10	2	:	:	PUNCT
fbem-12596	10	3	fof	fof	ADJ
fbem-12596	10	4	,	,	PUNCT
fbem-12596	10	5	risk	risk	NOUN
fbem-12596	10	6	parity	parity	NOUN
fbem-12596	10	7	model	model	NOUN
fbem-12596	10	8	,	,	PUNCT
fbem-12596	10	9	performance	performance	NOUN
fbem-12596	10	10	evaluation	evaluation	NOUN
fbem-12596	10	11	indicators	indicator	NOUN
fbem-12596	10	12	.	.	PUNCT
fbem-12596	11	1	1	1	X
fbem-12596	11	2	.	.	X
fbem-12596	11	3	introduction	introduction	NOUN
fbem-12596	11	4	1.1	1.1	NUM
fbem-12596	11	5	.	.	PUNCT
fbem-12596	12	1	research	research	NOUN
fbem-12596	12	2	background	background	NOUN
fbem-12596	12	3	fof	fof	NOUN
fbem-12596	12	4	,	,	PUNCT
fbem-12596	12	5	also	also	ADV
fbem-12596	12	6	known	know	VERB
fbem-12596	12	7	as	as	ADP
fbem-12596	12	8	fund	fund	NOUN
fbem-12596	12	9	of	of	ADP
fbem-12596	12	10	funds	fund	NOUN
fbem-12596	12	11	,	,	PUNCT
fbem-12596	12	12	is	be	AUX
fbem-12596	12	13	a	a	DET
fbem-12596	12	14	special	special	ADJ
fbem-12596	12	15	form	form	NOUN
fbem-12596	12	16	of	of	ADP
fbem-12596	12	17	fund	fund	NOUN
fbem-12596	12	18	that	that	PRON
fbem-12596	12	19	does	do	AUX
fbem-12596	12	20	not	not	PART
fbem-12596	12	21	invest	invest	VERB
fbem-12596	12	22	in	in	ADP
fbem-12596	12	23	traditional	traditional	ADJ
fbem-12596	12	24	investment	investment	NOUN
fbem-12596	12	25	targets	target	NOUN
fbem-12596	12	26	such	such	ADJ
fbem-12596	12	27	as	as	ADP
fbem-12596	12	28	stocks	stock	NOUN
fbem-12596	12	29	and	and	CCONJ
fbem-12596	12	30	bonds	bond	NOUN
fbem-12596	12	31	,	,	PUNCT
fbem-12596	12	32	but	but	CCONJ
fbem-12596	12	33	indirectly	indirectly	ADV
fbem-12596	12	34	invests	invest	VERB
fbem-12596	12	35	in	in	ADP
fbem-12596	12	36	underlying	underlie	VERB
fbem-12596	12	37	assets	asset	NOUN
fbem-12596	12	38	by	by	ADP
fbem-12596	12	39	investing	invest	VERB
fbem-12596	12	40	in	in	ADP
fbem-12596	12	41	other	other	ADJ
fbem-12596	12	42	funds	fund	NOUN
fbem-12596	12	43	.	.	PUNCT
fbem-12596	13	1	according	accord	VERB
fbem-12596	13	2	to	to	ADP
fbem-12596	13	3	the	the	DET
fbem-12596	13	4	nature	nature	NOUN
fbem-12596	13	5	of	of	ADP
fbem-12596	13	6	investment	investment	NOUN
fbem-12596	13	7	objects	object	NOUN
fbem-12596	13	8	,	,	PUNCT
fbem-12596	13	9	fofs	fof	NOUN
fbem-12596	13	10	can	can	AUX
fbem-12596	13	11	be	be	AUX
fbem-12596	13	12	roughly	roughly	ADV
fbem-12596	13	13	divided	divide	VERB
fbem-12596	13	14	into	into	ADP
fbem-12596	13	15	three	three	NUM
fbem-12596	13	16	types	type	NOUN
fbem-12596	13	17	.	.	PUNCT
fbem-12596	14	1	one	one	NUM
fbem-12596	14	2	type	type	NOUN
fbem-12596	14	3	is	be	AUX
fbem-12596	14	4	fofs	fof	NOUN
fbem-12596	14	5	that	that	PRON
fbem-12596	14	6	invest	invest	VERB
fbem-12596	14	7	in	in	ADP
fbem-12596	14	8	hedge	hedge	NOUN
fbem-12596	14	9	funds	fund	NOUN
fbem-12596	14	10	(	(	PUNCT
fbem-12596	14	11	fohf	fohf	PROPN
fbem-12596	14	12	)	)	PUNCT
fbem-12596	14	13	.	.	PUNCT
fbem-12596	15	1	the	the	DET
fbem-12596	15	2	earliest	early	ADJ
fbem-12596	15	3	fof	fof	NOUN
fbem-12596	15	4	was	be	AUX
fbem-12596	15	5	leveraged	leveraged	ADJ
fbem-12596	15	6	capital	capital	NOUN
fbem-12596	15	7	holdings	holding	NOUN
fbem-12596	15	8	launched	launch	VERB
fbem-12596	15	9	by	by	ADP
fbem-12596	15	10	the	the	DET
fbem-12596	15	11	rothschild	rothschild	PROPN
fbem-12596	15	12	family	family	NOUN
fbem-12596	15	13	in	in	ADP
fbem-12596	15	14	the	the	DET
fbem-12596	15	15	late	late	ADJ
fbem-12596	15	16	1960s	1960	NOUN
fbem-12596	15	17	,	,	PUNCT
fbem-12596	15	18	which	which	PRON
fbem-12596	15	19	belongs	belong	VERB
fbem-12596	15	20	to	to	PART
fbem-12596	15	21	fohf	fohf	VERB
fbem-12596	15	22	;	;	PUNCT
fbem-12596	15	23	one	one	NUM
fbem-12596	15	24	type	type	NOUN
fbem-12596	15	25	is	be	AUX
fbem-12596	15	26	fof	fof	ADJ
fbem-12596	15	27	(	(	PUNCT
fbem-12596	15	28	pefof	pefof	NOUN
fbem-12596	15	29	)	)	PUNCT
fbem-12596	15	30	,	,	PUNCT
fbem-12596	15	31	which	which	PRON
fbem-12596	15	32	invests	invest	VERB
fbem-12596	15	33	in	in	ADP
fbem-12596	15	34	private	private	ADJ
fbem-12596	15	35	equity	equity	NOUN
fbem-12596	15	36	funds	fund	NOUN
fbem-12596	15	37	.	.	PUNCT
fbem-12596	16	1	it	it	PRON
fbem-12596	16	2	first	first	ADV
fbem-12596	16	3	emerged	emerge	VERB
fbem-12596	16	4	in	in	ADP
fbem-12596	16	5	the	the	DET
fbem-12596	16	6	united	united	PROPN
fbem-12596	16	7	states	states	PROPN
fbem-12596	16	8	in	in	ADP
fbem-12596	16	9	the	the	DET
fbem-12596	16	10	1970s	1970	NOUN
fbem-12596	16	11	,	,	PUNCT
fbem-12596	16	12	while	while	SCONJ
fbem-12596	16	13	the	the	DET
fbem-12596	16	14	first	first	ADJ
fbem-12596	16	15	private	private	ADJ
fbem-12596	16	16	fof	fof	NOUN
fbem-12596	16	17	in	in	ADP
fbem-12596	16	18	china	china	PROPN
fbem-12596	16	19	was	be	AUX
fbem-12596	16	20	china	china	PROPN
fbem-12596	16	21	merchants	merchant	NOUN
fbem-12596	16	22	fund	fund	NOUN
fbem-12596	16	23	treasure	treasure	NOUN
fbem-12596	16	24	launched	launch	VERB
fbem-12596	16	25	by	by	ADP
fbem-12596	16	26	china	china	PROPN
fbem-12596	16	27	merchants	merchant	NOUN
fbem-12596	16	28	securities	security	NOUN
fbem-12596	16	29	in	in	ADP
fbem-12596	16	30	2005	2005	NUM
fbem-12596	16	31	;	;	PUNCT
fbem-12596	16	32	one	one	NUM
fbem-12596	16	33	type	type	NOUN
fbem-12596	16	34	is	be	AUX
fbem-12596	16	35	fofs	fof	NOUN
fbem-12596	16	36	that	that	PRON
fbem-12596	16	37	invest	invest	VERB
fbem-12596	16	38	in	in	ADP
fbem-12596	16	39	public	public	ADJ
fbem-12596	16	40	funds	fund	NOUN
fbem-12596	16	41	.	.	PUNCT
fbem-12596	17	1	the	the	DET
fbem-12596	17	2	world	world	NOUN
fbem-12596	17	3	's	's	PART
fbem-12596	17	4	first	first	ADJ
fbem-12596	17	5	truly	truly	ADV
fbem-12596	17	6	public	public	ADJ
fbem-12596	17	7	fofs	fof	NOUN
fbem-12596	17	8	were	be	AUX
fbem-12596	17	9	launched	launch	VERB
fbem-12596	17	10	by	by	ADP
fbem-12596	17	11	the	the	DET
fbem-12596	17	12	pioneer	pioneer	PROPN
fbem-12596	17	13	fund	fund	NOUN
fbem-12596	17	14	in	in	ADP
fbem-12596	17	15	the	the	DET
fbem-12596	17	16	united	united	PROPN
fbem-12596	17	17	states	states	PROPN
fbem-12596	17	18	,	,	PUNCT
fbem-12596	17	19	while	while	SCONJ
fbem-12596	17	20	china	china	PROPN
fbem-12596	17	21	did	do	AUX
fbem-12596	17	22	not	not	PART
fbem-12596	17	23	receive	receive	VERB
fbem-12596	17	24	the	the	DET
fbem-12596	17	25	first	first	ADJ
fbem-12596	17	26	batch	batch	NOUN
fbem-12596	17	27	of	of	ADP
fbem-12596	17	28	public	public	ADJ
fbem-12596	17	29	fofs	fof	NOUN
fbem-12596	17	30	until	until	ADP
fbem-12596	17	31	september	september	PROPN
fbem-12596	17	32	2017	2017	NUM
fbem-12596	17	33	.	.	PUNCT
fbem-12596	18	1	fof	fof	PROPN
fbem-12596	18	2	has	have	VERB
fbem-12596	18	3	four	four	NUM
fbem-12596	18	4	modes	mode	NOUN
fbem-12596	18	5	:	:	PUNCT
fbem-12596	18	6	internal	internal	ADJ
fbem-12596	18	7	manager	manager	NOUN
fbem-12596	18	8	/	/	SYM
fbem-12596	18	9	self	self	NOUN
fbem-12596	18	10	owned	own	VERB
fbem-12596	18	11	fund	fund	NOUN
fbem-12596	18	12	,	,	PUNCT
fbem-12596	18	13	internal	internal	ADJ
fbem-12596	18	14	manager	manager	NOUN
fbem-12596	18	15	/	/	SYM
fbem-12596	18	16	market	market	NOUN
fbem-12596	18	17	fund	fund	NOUN
fbem-12596	18	18	,	,	PUNCT
fbem-12596	18	19	external	external	ADJ
fbem-12596	18	20	manager	manager	NOUN
fbem-12596	18	21	/	/	SYM
fbem-12596	18	22	self	self	NOUN
fbem-12596	18	23	owned	own	VERB
fbem-12596	18	24	fund	fund	NOUN
fbem-12596	18	25	,	,	PUNCT
fbem-12596	18	26	and	and	CCONJ
fbem-12596	18	27	external	external	ADJ
fbem-12596	18	28	manager	manager	NOUN
fbem-12596	18	29	/	/	SYM
fbem-12596	18	30	market	market	NOUN
fbem-12596	18	31	fund	fund	NOUN
fbem-12596	18	32	.	.	PUNCT
fbem-12596	19	1	the	the	DET
fbem-12596	19	2	first	first	ADJ
fbem-12596	19	3	model	model	NOUN
fbem-12596	19	4	is	be	AUX
fbem-12596	19	5	often	often	ADV
fbem-12596	19	6	adopted	adopt	VERB
fbem-12596	19	7	by	by	ADP
fbem-12596	19	8	companies	company	NOUN
fbem-12596	19	9	with	with	ADP
fbem-12596	19	10	large	large	ADJ
fbem-12596	19	11	scale	scale	NOUN
fbem-12596	19	12	,	,	PUNCT
fbem-12596	19	13	rich	rich	ADJ
fbem-12596	19	14	product	product	NOUN
fbem-12596	19	15	types	type	NOUN
fbem-12596	19	16	,	,	PUNCT
fbem-12596	19	17	and	and	CCONJ
fbem-12596	19	18	strong	strong	ADJ
fbem-12596	19	19	operational	operational	ADJ
fbem-12596	19	20	management	management	NOUN
fbem-12596	19	21	capabilities	capability	NOUN
fbem-12596	19	22	.	.	PUNCT
fbem-12596	20	1	under	under	ADP
fbem-12596	20	2	this	this	DET
fbem-12596	20	3	model	model	NOUN
fbem-12596	20	4	,	,	PUNCT
fbem-12596	20	5	fof	fof	ADJ
fbem-12596	20	6	issuing	issue	VERB
fbem-12596	20	7	companies	company	NOUN
fbem-12596	20	8	manage	manage	VERB
fbem-12596	20	9	and	and	CCONJ
fbem-12596	20	10	invest	invest	VERB
fbem-12596	20	11	in	in	ADP
fbem-12596	20	12	their	their	PRON
fbem-12596	20	13	own	own	ADJ
fbem-12596	20	14	fund	fund	NOUN
fbem-12596	20	15	products	product	NOUN
fbem-12596	20	16	,	,	PUNCT
fbem-12596	20	17	represented	represent	VERB
fbem-12596	20	18	by	by	ADP
fbem-12596	20	19	pioneer	pioneer	PROPN
fbem-12596	20	20	fund	fund	NOUN
fbem-12596	20	21	company	company	NOUN
fbem-12596	20	22	.	.	PUNCT
fbem-12596	21	1	due	due	ADP
fbem-12596	21	2	to	to	ADP
fbem-12596	21	3	the	the	DET
fbem-12596	21	4	fact	fact	NOUN
fbem-12596	21	5	that	that	SCONJ
fbem-12596	21	6	both	both	CCONJ
fbem-12596	21	7	the	the	DET
fbem-12596	21	8	operational	operational	ADJ
fbem-12596	21	9	management	management	NOUN
fbem-12596	21	10	team	team	NOUN
fbem-12596	21	11	and	and	CCONJ
fbem-12596	21	12	investment	investment	NOUN
fbem-12596	21	13	targets	target	NOUN
fbem-12596	21	14	belong	belong	VERB
fbem-12596	21	15	to	to	ADP
fbem-12596	21	16	their	their	PRON
fbem-12596	21	17	own	own	ADJ
fbem-12596	21	18	companies	company	NOUN
fbem-12596	21	19	and	and	CCONJ
fbem-12596	21	20	have	have	VERB
fbem-12596	21	21	lower	low	ADJ
fbem-12596	21	22	costs	cost	NOUN
fbem-12596	21	23	,	,	PUNCT
fbem-12596	21	24	pioneer	pioneer	NOUN
fbem-12596	21	25	fund	fund	NOUN
fbem-12596	21	26	even	even	ADV
fbem-12596	21	27	implements	implement	VERB
fbem-12596	21	28	zero	zero	NUM
fbem-12596	21	29	fees	fee	NOUN
fbem-12596	21	30	for	for	ADP
fbem-12596	21	31	the	the	DET
fbem-12596	21	32	master	master	NOUN
fbem-12596	21	33	fund	fund	NOUN
fbem-12596	21	34	,	,	PUNCT
fbem-12596	21	35	which	which	PRON
fbem-12596	21	36	to	to	ADP
fbem-12596	21	37	a	a	DET
fbem-12596	21	38	considerable	considerable	ADJ
fbem-12596	21	39	extent	extent	NOUN
fbem-12596	21	40	solves	solve	VERB
fbem-12596	21	41	the	the	DET
fbem-12596	21	42	inherent	inherent	ADJ
fbem-12596	21	43	defect	defect	NOUN
fbem-12596	21	44	of	of	ADP
fbem-12596	21	45	fof	fof	NOUN
fbem-12596	21	46	's	's	PART
fbem-12596	21	47	dual	dual	ADJ
fbem-12596	21	48	fees	fee	NOUN
fbem-12596	21	49	.	.	PUNCT
fbem-12596	22	1	the	the	DET
fbem-12596	22	2	second	second	ADJ
fbem-12596	22	3	model	model	NOUN
fbem-12596	22	4	has	have	VERB
fbem-12596	22	5	more	more	ADJ
fbem-12596	22	6	choices	choice	NOUN
fbem-12596	22	7	in	in	ADP
fbem-12596	22	8	selecting	select	VERB
fbem-12596	22	9	investment	investment	NOUN
fbem-12596	22	10	targets	target	NOUN
fbem-12596	22	11	compared	compare	VERB
fbem-12596	22	12	to	to	ADP
fbem-12596	22	13	the	the	DET
fbem-12596	22	14	first	first	ADJ
fbem-12596	22	15	model	model	NOUN
fbem-12596	22	16	,	,	PUNCT
fbem-12596	22	17	which	which	PRON
fbem-12596	22	18	to	to	ADP
fbem-12596	22	19	some	some	DET
fbem-12596	22	20	extent	extent	NOUN
fbem-12596	22	21	avoids	avoid	VERB
fbem-12596	22	22	the	the	DET
fbem-12596	22	23	moral	moral	ADJ
fbem-12596	22	24	risks	risk	NOUN
fbem-12596	22	25	brought	bring	VERB
fbem-12596	22	26	by	by	ADP
fbem-12596	22	27	internal	internal	ADJ
fbem-12596	22	28	operations	operation	NOUN
fbem-12596	22	29	.	.	PUNCT
fbem-12596	23	1	however	however	ADV
fbem-12596	23	2	,	,	PUNCT
fbem-12596	23	3	it	it	PRON
fbem-12596	23	4	also	also	ADV
fbem-12596	23	5	has	have	VERB
fbem-12596	23	6	insufficient	insufficient	ADJ
fbem-12596	23	7	advantages	advantage	NOUN
fbem-12596	23	8	in	in	ADP
fbem-12596	23	9	avoiding	avoid	VERB
fbem-12596	23	10	double	double	ADJ
fbem-12596	23	11	fees	fee	NOUN
fbem-12596	23	12	and	and	CCONJ
fbem-12596	23	13	reduces	reduce	VERB
fbem-12596	23	14	its	its	PRON
fbem-12596	23	15	attractiveness	attractiveness	NOUN
fbem-12596	23	16	to	to	ADP
fbem-12596	23	17	investors	investor	NOUN
fbem-12596	23	18	.	.	PUNCT
fbem-12596	24	1	fund	fund	NOUN
fbem-12596	24	2	companies	company	NOUN
fbem-12596	24	3	adopting	adopt	VERB
fbem-12596	24	4	this	this	DET
fbem-12596	24	5	model	model	NOUN
fbem-12596	24	6	mostly	mostly	ADV
fbem-12596	24	7	have	have	VERB
fbem-12596	24	8	a	a	DET
fbem-12596	24	9	high	high	ADJ
fbem-12596	24	10	-	-	PUNCT
fbem-12596	24	11	quality	quality	NOUN
fbem-12596	24	12	and	and	CCONJ
fbem-12596	24	13	stable	stable	ADJ
fbem-12596	24	14	customer	customer	NOUN
fbem-12596	24	15	base	base	NOUN
fbem-12596	24	16	,	,	PUNCT
fbem-12596	24	17	represented	represent	VERB
fbem-12596	24	18	by	by	ADP
fbem-12596	24	19	john	john	PROPN
fbem-12596	24	20	hancock	hancock	PROPN
fbem-12596	24	21	fund	fund	PROPN
fbem-12596	24	22	company	company	NOUN
fbem-12596	24	23	.	.	PUNCT
fbem-12596	25	1	the	the	DET
fbem-12596	25	2	third	third	ADJ
fbem-12596	25	3	model	model	NOUN
fbem-12596	25	4	has	have	VERB
fbem-12596	25	5	significant	significant	ADJ
fbem-12596	25	6	advantages	advantage	NOUN
fbem-12596	25	7	in	in	ADP
fbem-12596	25	8	complementing	complement	VERB
fbem-12596	25	9	external	external	ADJ
fbem-12596	25	10	managers	manager	NOUN
fbem-12596	25	11	and	and	CCONJ
fbem-12596	25	12	issuing	issue	VERB
fbem-12596	25	13	companies	company	NOUN
fbem-12596	25	14	,	,	PUNCT
fbem-12596	25	15	taking	take	VERB
fbem-12596	25	16	into	into	ADP
fbem-12596	25	17	account	account	NOUN
fbem-12596	25	18	the	the	DET
fbem-12596	25	19	professionalism	professionalism	NOUN
fbem-12596	25	20	of	of	ADP
fbem-12596	25	21	external	external	ADJ
fbem-12596	25	22	managers	manager	NOUN
fbem-12596	25	23	and	and	CCONJ
fbem-12596	25	24	good	good	ADJ
fbem-12596	25	25	risk	risk	NOUN
fbem-12596	25	26	aversion	aversion	NOUN
fbem-12596	25	27	.	.	PUNCT
fbem-12596	26	1	it	it	PRON
fbem-12596	26	2	is	be	AUX
fbem-12596	26	3	currently	currently	ADV
fbem-12596	26	4	the	the	DET
fbem-12596	26	5	mainstream	mainstream	NOUN
fbem-12596	26	6	model	model	NOUN
fbem-12596	26	7	,	,	PUNCT
fbem-12596	26	8	and	and	CCONJ
fbem-12596	26	9	a	a	DET
fbem-12596	26	10	large	large	ADJ
fbem-12596	26	11	number	number	NOUN
fbem-12596	26	12	of	of	ADP
fbem-12596	26	13	companies	company	NOUN
fbem-12596	26	14	have	have	AUX
fbem-12596	26	15	adopted	adopt	VERB
fbem-12596	26	16	this	this	DET
fbem-12596	26	17	model	model	NOUN
fbem-12596	26	18	,	,	PUNCT
fbem-12596	26	19	represented	represent	VERB
fbem-12596	26	20	by	by	ADP
fbem-12596	26	21	fidelity	fidelity	PROPN
fbem-12596	26	22	fund	fund	NOUN
fbem-12596	26	23	in	in	ADP
fbem-12596	26	24	the	the	DET
fbem-12596	26	25	united	united	PROPN
fbem-12596	26	26	states	states	PROPN
fbem-12596	26	27	.	.	PUNCT
fbem-12596	27	1	the	the	DET
fbem-12596	27	2	fourth	fourth	ADJ
fbem-12596	27	3	model	model	NOUN
fbem-12596	27	4	has	have	VERB
fbem-12596	27	5	lower	low	ADJ
fbem-12596	27	6	requirements	requirement	NOUN
fbem-12596	27	7	for	for	ADP
fbem-12596	27	8	issuing	issue	VERB
fbem-12596	27	9	companies	company	NOUN
fbem-12596	27	10	and	and	CCONJ
fbem-12596	27	11	does	do	AUX
fbem-12596	27	12	not	not	PART
fbem-12596	27	13	impose	impose	VERB
fbem-12596	27	14	restrictions	restriction	NOUN
fbem-12596	27	15	on	on	ADP
fbem-12596	27	16	the	the	DET
fbem-12596	27	17	investment	investment	NOUN
fbem-12596	27	18	targets	target	NOUN
fbem-12596	27	19	of	of	ADP
fbem-12596	27	20	external	external	ADJ
fbem-12596	27	21	managers	manager	NOUN
fbem-12596	27	22	.	.	PUNCT
fbem-12596	28	1	institutions	institution	NOUN
fbem-12596	28	2	that	that	PRON
fbem-12596	28	3	adopt	adopt	VERB
fbem-12596	28	4	this	this	DET
fbem-12596	28	5	model	model	NOUN
fbem-12596	28	6	often	often	ADV
fbem-12596	28	7	have	have	VERB
fbem-12596	28	8	prominent	prominent	ADJ
fbem-12596	28	9	channel	channel	NOUN
fbem-12596	28	10	advantages	advantage	NOUN
fbem-12596	28	11	,	,	PUNCT
fbem-12596	28	12	typically	typically	ADV
fbem-12596	28	13	represented	represent	VERB
fbem-12596	28	14	by	by	ADP
fbem-12596	28	15	banks	bank	NOUN
fbem-12596	28	16	and	and	CCONJ
fbem-12596	28	17	insurance	insurance	NOUN
fbem-12596	28	18	.	.	PUNCT
fbem-12596	29	1	fof	fof	PROPN
fbem-12596	29	2	,	,	PUNCT
fbem-12596	29	3	due	due	ADP
fbem-12596	29	4	to	to	ADP
fbem-12596	29	5	its	its	PRON
fbem-12596	29	6	inherent	inherent	ADJ
fbem-12596	29	7	nature	nature	NOUN
fbem-12596	29	8	of	of	ADP
fbem-12596	29	9	secondary	secondary	ADJ
fbem-12596	29	10	diversification	diversification	NOUN
fbem-12596	29	11	of	of	ADP
fbem-12596	29	12	investment	investment	NOUN
fbem-12596	29	13	risks	risk	NOUN
fbem-12596	29	14	,	,	PUNCT
fbem-12596	29	15	naturally	naturally	ADV
fbem-12596	29	16	has	have	VERB
fbem-12596	29	17	a	a	DET
fbem-12596	29	18	low	low	ADJ
fbem-12596	29	19	risk	risk	NOUN
fbem-12596	29	20	nature	nature	NOUN
fbem-12596	29	21	.	.	PUNCT
fbem-12596	30	1	pefof	pefof	PROPN
fbem-12596	30	2	helps	help	VERB
fbem-12596	30	3	small	small	ADJ
fbem-12596	30	4	and	and	CCONJ
fbem-12596	30	5	medium	medium	ADJ
fbem-12596	30	6	-	-	PUNCT
fbem-12596	30	7	sized	sized	ADJ
fbem-12596	30	8	investors	investor	NOUN
fbem-12596	30	9	bypass	bypass	VERB
fbem-12596	30	10	the	the	DET
fbem-12596	30	11	high	high	ADJ
fbem-12596	30	12	threshold	threshold	NOUN
fbem-12596	30	13	of	of	ADP
fbem-12596	30	14	private	private	ADJ
fbem-12596	30	15	equity	equity	NOUN
fbem-12596	30	16	funds	fund	NOUN
fbem-12596	30	17	,	,	PUNCT
fbem-12596	30	18	and	and	CCONJ
fbem-12596	30	19	the	the	DET
fbem-12596	30	20	401k	401k	NOUN
fbem-12596	30	21	plan	plan	NOUN
fbem-12596	30	22	in	in	ADP
fbem-12596	30	23	the	the	DET
fbem-12596	30	24	united	united	PROPN
fbem-12596	30	25	states	states	PROPN
fbem-12596	30	26	has	have	AUX
fbem-12596	30	27	led	lead	VERB
fbem-12596	30	28	to	to	ADP
fbem-12596	30	29	a	a	DET
fbem-12596	30	30	surge	surge	NOUN
fbem-12596	30	31	in	in	ADP
fbem-12596	30	32	investment	investment	NOUN
fbem-12596	30	33	demand	demand	NOUN
fbem-12596	30	34	for	for	ADP
fbem-12596	30	35	pension	pension	NOUN
fbem-12596	30	36	funds	fund	NOUN
fbem-12596	30	37	.	.	PUNCT
fbem-12596	31	1	chinese	chinese	ADJ
fbem-12596	31	2	regulatory	regulatory	ADJ
fbem-12596	31	3	authorities	authority	NOUN
fbem-12596	31	4	are	be	AUX
fbem-12596	31	5	also	also	ADV
fbem-12596	31	6	pushing	push	VERB
fbem-12596	31	7	public	public	ADJ
fbem-12596	31	8	funds	fund	NOUN
fbem-12596	31	9	to	to	PART
fbem-12596	31	10	be	be	AUX
fbem-12596	31	11	included	include	VERB
fbem-12596	31	12	in	in	ADP
fbem-12596	31	13	the	the	DET
fbem-12596	31	14	investment	investment	NOUN
fbem-12596	31	15	scope	scope	NOUN
fbem-12596	31	16	of	of	ADP
fbem-12596	31	17	personal	personal	ADJ
fbem-12596	31	18	tax	tax	NOUN
fbem-12596	31	19	deferred	defer	VERB
fbem-12596	31	20	commercial	commercial	ADJ
fbem-12596	31	21	pension	pension	NOUN
fbem-12596	31	22	funds	fund	NOUN
fbem-12596	31	23	,	,	PUNCT
fbem-12596	31	24	which	which	PRON
fbem-12596	31	25	are	be	AUX
fbem-12596	31	26	strong	strong	ADJ
fbem-12596	31	27	driving	drive	VERB
fbem-12596	31	28	forces	force	NOUN
fbem-12596	31	29	for	for	ADP
fbem-12596	31	30	the	the	DET
fbem-12596	31	31	rapid	rapid	ADJ
fbem-12596	31	32	development	development	NOUN
fbem-12596	31	33	of	of	ADP
fbem-12596	31	34	fof	fof	PROPN
fbem-12596	31	35	.	.	PUNCT
fbem-12596	32	1	china	china	PROPN
fbem-12596	32	2	's	's	PART
fbem-12596	32	3	fof	fof	ADJ
fbem-12596	32	4	issuance	issuance	NOUN
fbem-12596	32	5	was	be	AUX
fbem-12596	32	6	once	once	ADV
fbem-12596	32	7	cold	cold	ADJ
fbem-12596	32	8	,	,	PUNCT
fbem-12596	32	9	with	with	ADP
fbem-12596	32	10	a	a	DET
fbem-12596	32	11	total	total	ADJ
fbem-12596	32	12	initial	initial	ADJ
fbem-12596	32	13	fundraising	fundraising	NOUN
fbem-12596	32	14	of	of	ADP
fbem-12596	32	15	16.636	16.636	NUM
fbem-12596	32	16	billion	billion	NUM
fbem-12596	32	17	yuan	yuan	NOUN
fbem-12596	32	18	for	for	ADP
fbem-12596	32	19	the	the	DET
fbem-12596	32	20	first	first	ADJ
fbem-12596	32	21	batch	batch	NOUN
fbem-12596	32	22	of	of	ADP
fbem-12596	32	23	six	six	NUM
fbem-12596	32	24	fofs	fof	NOUN
fbem-12596	32	25	.	.	PUNCT
fbem-12596	33	1	however	however	ADV
fbem-12596	33	2	,	,	PUNCT
fbem-12596	33	3	at	at	ADP
fbem-12596	33	4	the	the	DET
fbem-12596	33	5	beginning	beginning	NOUN
fbem-12596	33	6	of	of	ADP
fbem-12596	33	7	2019	2019	NUM
fbem-12596	33	8	,	,	PUNCT
fbem-12596	33	9	the	the	DET
fbem-12596	33	10	scale	scale	NOUN
fbem-12596	33	11	had	have	AUX
fbem-12596	33	12	shrunk	shrink	VERB
fbem-12596	33	13	to	to	ADP
fbem-12596	33	14	6.2	6.2	NUM
fbem-12596	33	15	billion	billion	NUM
fbem-12596	33	16	yuan	yuan	NOUN
fbem-12596	33	17	,	,	PUNCT
fbem-12596	33	18	a	a	DET
fbem-12596	33	19	decrease	decrease	NOUN
fbem-12596	33	20	of	of	ADP
fbem-12596	33	21	over	over	ADP
fbem-12596	33	22	60	60	NUM
fbem-12596	33	23	%	%	NOUN
fbem-12596	33	24	.	.	PUNCT
fbem-12596	34	1	after	after	ADP
fbem-12596	34	2	a	a	DET
fbem-12596	34	3	year	year	NOUN
fbem-12596	34	4	of	of	ADP
fbem-12596	34	5	development	development	NOUN
fbem-12596	34	6	,	,	PUNCT
fbem-12596	34	7	the	the	DET
fbem-12596	34	8	number	number	NOUN
fbem-12596	34	9	and	and	CCONJ
fbem-12596	34	10	scale	scale	NOUN
fbem-12596	34	11	of	of	ADP
fbem-12596	34	12	fof	fof	ADJ
fbem-12596	34	13	products	product	NOUN
fbem-12596	34	14	have	have	AUX
fbem-12596	34	15	increased	increase	VERB
fbem-12596	34	16	,	,	PUNCT
fbem-12596	34	17	with	with	ADP
fbem-12596	34	18	a	a	DET
fbem-12596	34	19	total	total	NOUN
fbem-12596	34	20	of	of	ADP
fbem-12596	34	21	91	91	NUM
fbem-12596	34	22	fofs	fof	NOUN
fbem-12596	34	23	reaching	reach	VERB
fbem-12596	34	24	25.993	25.993	NUM
fbem-12596	34	25	billion	billion	NUM
fbem-12596	34	26	yuan	yuan	NOUN
fbem-12596	34	27	,	,	PUNCT
fbem-12596	34	28	of	of	ADP
fbem-12596	34	29	which	which	PRON
fbem-12596	34	30	pension	pension	NOUN
fbem-12596	34	31	target	target	NOUN
fbem-12596	34	32	funds	fund	NOUN
fbem-12596	34	33	account	account	VERB
fbem-12596	34	34	for	for	ADP
fbem-12596	34	35	nearly	nearly	ADV
fbem-12596	34	36	70	70	NUM
fbem-12596	34	37	%	%	NOUN
fbem-12596	34	38	,	,	PUNCT
fbem-12596	34	39	and	and	CCONJ
fbem-12596	34	40	the	the	DET
fbem-12596	34	41	average	average	ADJ
fbem-12596	34	42	annualized	annualize	VERB
fbem-12596	34	43	return	return	NOUN
fbem-12596	34	44	rate	rate	NOUN
fbem-12596	34	45	is	be	AUX
fbem-12596	34	46	close	close	ADJ
fbem-12596	34	47	to	to	PART
fbem-12596	34	48	6	6	NUM
fbem-12596	34	49	%	%	NOUN
fbem-12596	34	50	.	.	PUNCT
fbem-12596	35	1	china	china	PROPN
fbem-12596	35	2	's	's	PART
fbem-12596	35	3	fof	fof	NOUN
fbem-12596	35	4	started	start	VERB
fbem-12596	35	5	and	and	CCONJ
fbem-12596	35	6	developed	develop	VERB
fbem-12596	35	7	relatively	relatively	ADV
fbem-12596	35	8	late	late	ADV
fbem-12596	35	9	,	,	PUNCT
fbem-12596	35	10	and	and	CCONJ
fbem-12596	35	11	the	the	DET
fbem-12596	35	12	cultivation	cultivation	NOUN
fbem-12596	35	13	and	and	CCONJ
fbem-12596	35	14	operation	operation	NOUN
fbem-12596	35	15	of	of	ADP
fbem-12596	35	16	the	the	DET
fbem-12596	35	17	fof	fof	PROPN
fbem-12596	35	18	investment	investment	NOUN
fbem-12596	35	19	management	management	NOUN
fbem-12596	35	20	team	team	NOUN
fbem-12596	35	21	is	be	AUX
fbem-12596	35	22	not	not	PART
fbem-12596	35	23	as	as	ADV
fbem-12596	35	24	mature	mature	ADJ
fbem-12596	35	25	as	as	ADP
fbem-12596	35	26	the	the	DET
fbem-12596	35	27	united	united	PROPN
fbem-12596	35	28	states	states	PROPN
fbem-12596	35	29	.	.	PUNCT
fbem-12596	36	1	there	there	PRON
fbem-12596	36	2	is	be	VERB
fbem-12596	36	3	still	still	ADV
fbem-12596	36	4	a	a	DET
fbem-12596	36	5	significant	significant	ADJ
fbem-12596	36	6	gap	gap	NOUN
fbem-12596	36	7	between	between	ADP
fbem-12596	36	8	investment	investment	NOUN
fbem-12596	36	9	decision	decision	NOUN
fbem-12596	36	10	-	-	PUNCT
fbem-12596	36	11	making	making	NOUN
fbem-12596	36	12	,	,	PUNCT
fbem-12596	36	13	asset	asset	NOUN
fbem-12596	36	14	allocation	allocation	NOUN
fbem-12596	36	15	,	,	PUNCT
fbem-12596	36	16	and	and	CCONJ
fbem-12596	36	17	government	government	NOUN
fbem-12596	36	18	regulation	regulation	NOUN
fbem-12596	36	19	compared	compare	VERB
fbem-12596	36	20	to	to	ADP
fbem-12596	36	21	the	the	DET
fbem-12596	36	22	united	united	PROPN
fbem-12596	36	23	states	states	PROPN
fbem-12596	36	24	.	.	PUNCT
fbem-12596	37	1	one	one	NUM
fbem-12596	37	2	important	important	ADJ
fbem-12596	37	3	reason	reason	NOUN
fbem-12596	37	4	for	for	ADP
fbem-12596	37	5	the	the	DET
fbem-12596	37	6	previous	previous	ADJ
fbem-12596	37	7	setbacks	setback	NOUN
fbem-12596	37	8	in	in	ADP
fbem-12596	37	9	fof	fof	ADJ
fbem-12596	37	10	development	development	NOUN
fbem-12596	37	11	is	be	AUX
fbem-12596	37	12	excessive	excessive	ADJ
fbem-12596	37	13	stability	stability	NOUN
fbem-12596	37	14	.	.	PUNCT
fbem-12596	38	1	overallocation	overallocation	NOUN
fbem-12596	38	2	of	of	ADP
fbem-12596	38	3	monetary	monetary	ADJ
fbem-12596	38	4	funds	fund	NOUN
fbem-12596	38	5	and	and	CCONJ
fbem-12596	38	6	double	double	ADJ
fbem-12596	38	7	fees	fee	NOUN
fbem-12596	38	8	have	have	AUX
fbem-12596	38	9	led	lead	VERB
fbem-12596	38	10	to	to	ADP
fbem-12596	38	11	poor	poor	ADJ
fbem-12596	38	12	early	early	ADJ
fbem-12596	38	13	performance	performance	NOUN
fbem-12596	38	14	of	of	ADP
fbem-12596	38	15	fof	fof	NOUN
fbem-12596	38	16	,	,	PUNCT
fbem-12596	38	17	which	which	PRON
fbem-12596	38	18	is	be	AUX
fbem-12596	38	19	a	a	DET
fbem-12596	38	20	typical	typical	ADJ
fbem-12596	38	21	manifestation	manifestation	NOUN
fbem-12596	38	22	of	of	ADP
fbem-12596	38	23	improper	improper	ADJ
fbem-12596	38	24	asset	asset	NOUN
fbem-12596	38	25	allocation	allocation	NOUN
fbem-12596	38	26	,	,	PUNCT
fbem-12596	38	27	the	the	DET
fbem-12596	38	28	allocation	allocation	NOUN
fbem-12596	38	29	of	of	ADP
fbem-12596	38	30	underlying	underlie	VERB
fbem-12596	38	31	assets	asset	NOUN
fbem-12596	38	32	is	be	AUX
fbem-12596	38	33	the	the	DET
fbem-12596	38	34	core	core	NOUN
fbem-12596	38	35	of	of	ADP
fbem-12596	38	36	fof	fof	PROPN
fbem-12596	38	37	.	.	PUNCT
fbem-12596	39	1	reasonable	reasonable	ADJ
fbem-12596	39	2	allocation	allocation	NOUN
fbem-12596	39	3	of	of	ADP
fbem-12596	39	4	underlying	underlie	VERB
fbem-12596	39	5	assets	asset	NOUN
fbem-12596	39	6	can	can	AUX
fbem-12596	39	7	prevent	prevent	VERB
fbem-12596	39	8	the	the	DET
fbem-12596	39	9	risk	risk	NOUN
fbem-12596	39	10	of	of	ADP
fbem-12596	39	11	the	the	DET
fbem-12596	39	12	asset	asset	NOUN
fbem-12596	39	13	portfolio	portfolio	NOUN
fbem-12596	39	14	from	from	ADP
fbem-12596	39	15	being	be	AUX
fbem-12596	39	16	concentrated	concentrate	VERB
fbem-12596	39	17	on	on	ADP
fbem-12596	39	18	a	a	DET
fbem-12596	39	19	particular	particular	ADJ
fbem-12596	39	20	asset	asset	NOUN
fbem-12596	39	21	within	within	ADP
fbem-12596	39	22	the	the	DET
fbem-12596	39	23	portfolio	portfolio	NOUN
fbem-12596	39	24	,	,	PUNCT
fbem-12596	39	25	and	and	CCONJ
fbem-12596	39	26	minimize	minimize	VERB
fbem-12596	39	27	the	the	DET
fbem-12596	39	28	risk	risk	NOUN
fbem-12596	39	29	by	by	ADP
fbem-12596	39	30	diversifying	diversify	VERB
fbem-12596	39	31	the	the	DET
fbem-12596	39	32	risk	risk	NOUN
fbem-12596	39	33	at	at	ADP
fbem-12596	39	34	a	a	DET
fbem-12596	39	35	given	give	VERB
fbem-12596	39	36	expected	expect	VERB
fbem-12596	39	37	229	229	NUM
fbem-12596	39	38	return	return	NOUN
fbem-12596	39	39	level	level	NOUN
fbem-12596	39	40	,	,	PUNCT
fbem-12596	39	41	or	or	CCONJ
fbem-12596	39	42	pursuing	pursue	VERB
fbem-12596	39	43	maximum	maximum	ADJ
fbem-12596	39	44	returns	return	NOUN
fbem-12596	39	45	at	at	ADP
fbem-12596	39	46	a	a	DET
fbem-12596	39	47	given	give	VERB
fbem-12596	39	48	risk	risk	NOUN
fbem-12596	39	49	level	level	NOUN
fbem-12596	39	50	,	,	PUNCT
fbem-12596	39	51	greatly	greatly	ADV
fbem-12596	39	52	improving	improve	VERB
fbem-12596	39	53	the	the	DET
fbem-12596	39	54	performance	performance	NOUN
fbem-12596	39	55	of	of	ADP
fbem-12596	39	56	the	the	DET
fbem-12596	39	57	asset	asset	NOUN
fbem-12596	39	58	portfolio	portfolio	NOUN
fbem-12596	39	59	and	and	CCONJ
fbem-12596	39	60	enhancing	enhance	VERB
fbem-12596	39	61	its	its	PRON
fbem-12596	39	62	attractiveness	attractiveness	NOUN
fbem-12596	39	63	.	.	PUNCT
fbem-12596	40	1	with	with	ADP
fbem-12596	40	2	the	the	DET
fbem-12596	40	3	increasing	increase	VERB
fbem-12596	40	4	trade	trade	NOUN
fbem-12596	40	5	frictions	friction	NOUN
fbem-12596	40	6	between	between	ADP
fbem-12596	40	7	china	china	PROPN
fbem-12596	40	8	and	and	CCONJ
fbem-12596	40	9	the	the	DET
fbem-12596	40	10	united	united	PROPN
fbem-12596	40	11	states	states	PROPN
fbem-12596	40	12	and	and	CCONJ
fbem-12596	40	13	the	the	DET
fbem-12596	40	14	increasing	increase	VERB
fbem-12596	40	15	downward	downward	ADJ
fbem-12596	40	16	pressure	pressure	NOUN
fbem-12596	40	17	on	on	ADP
fbem-12596	40	18	the	the	DET
fbem-12596	40	19	global	global	ADJ
fbem-12596	40	20	economy	economy	NOUN
fbem-12596	40	21	,	,	PUNCT
fbem-12596	40	22	various	various	ADJ
fbem-12596	40	23	assets	asset	NOUN
fbem-12596	40	24	around	around	ADP
fbem-12596	40	25	the	the	DET
fbem-12596	40	26	world	world	NOUN
fbem-12596	40	27	are	be	AUX
fbem-12596	40	28	inevitably	inevitably	ADV
fbem-12596	40	29	more	more	ADV
fbem-12596	40	30	volatile	volatile	ADJ
fbem-12596	40	31	.	.	PUNCT
fbem-12596	41	1	in	in	ADP
fbem-12596	41	2	the	the	DET
fbem-12596	41	3	situation	situation	NOUN
fbem-12596	41	4	where	where	SCONJ
fbem-12596	41	5	the	the	DET
fbem-12596	41	6	offensive	offensive	ADJ
fbem-12596	41	7	and	and	CCONJ
fbem-12596	41	8	defensive	defensive	ADJ
fbem-12596	41	9	nature	nature	NOUN
fbem-12596	41	10	of	of	ADP
fbem-12596	41	11	asset	asset	NOUN
fbem-12596	41	12	portfolios	portfolio	NOUN
fbem-12596	41	13	configured	configure	VERB
fbem-12596	41	14	according	accord	VERB
fbem-12596	41	15	to	to	ADP
fbem-12596	41	16	traditional	traditional	ADJ
fbem-12596	41	17	methods	method	NOUN
fbem-12596	41	18	is	be	AUX
fbem-12596	41	19	increasingly	increasingly	ADV
fbem-12596	41	20	unsatisfactory	unsatisfactory	ADJ
fbem-12596	41	21	,	,	PUNCT
fbem-12596	41	22	the	the	DET
fbem-12596	41	23	exploration	exploration	NOUN
fbem-12596	41	24	of	of	ADP
fbem-12596	41	25	a	a	DET
fbem-12596	41	26	new	new	ADJ
fbem-12596	41	27	and	and	CCONJ
fbem-12596	41	28	more	more	ADV
fbem-12596	41	29	stable	stable	ADJ
fbem-12596	41	30	and	and	CCONJ
fbem-12596	41	31	profitable	profitable	ADJ
fbem-12596	41	32	asset	asset	NOUN
fbem-12596	41	33	allocation	allocation	NOUN
fbem-12596	41	34	method	method	NOUN
fbem-12596	41	35	becomes	become	VERB
fbem-12596	41	36	more	more	ADV
fbem-12596	41	37	reasonable	reasonable	ADJ
fbem-12596	41	38	and	and	CCONJ
fbem-12596	41	39	urgent	urgent	ADJ
fbem-12596	41	40	.	.	PUNCT
fbem-12596	42	1	1.2	1.2	NUM
fbem-12596	42	2	.	.	PUNCT
fbem-12596	42	3	research	research	NOUN
fbem-12596	42	4	background	background	NOUN
fbem-12596	42	5	this	this	DET
fbem-12596	42	6	article	article	NOUN
fbem-12596	42	7	first	first	ADV
fbem-12596	42	8	introduces	introduce	VERB
fbem-12596	42	9	the	the	DET
fbem-12596	42	10	relevant	relevant	ADJ
fbem-12596	42	11	background	background	NOUN
fbem-12596	42	12	of	of	ADP
fbem-12596	42	13	fof	fof	NOUN
fbem-12596	42	14	and	and	CCONJ
fbem-12596	42	15	the	the	DET
fbem-12596	42	16	development	development	NOUN
fbem-12596	42	17	process	process	NOUN
fbem-12596	42	18	of	of	ADP
fbem-12596	42	19	asset	asset	NOUN
fbem-12596	42	20	allocation	allocation	NOUN
fbem-12596	42	21	methods	method	NOUN
fbem-12596	42	22	.	.	PUNCT
fbem-12596	43	1	based	base	VERB
fbem-12596	43	2	on	on	ADP
fbem-12596	43	3	the	the	DET
fbem-12596	43	4	actual	actual	ADJ
fbem-12596	43	5	situation	situation	NOUN
fbem-12596	43	6	of	of	ADP
fbem-12596	43	7	global	global	ADJ
fbem-12596	43	8	capital	capital	NOUN
fbem-12596	43	9	markets	market	NOUN
fbem-12596	43	10	,	,	PUNCT
fbem-12596	43	11	risk	risk	NOUN
fbem-12596	43	12	parity	parity	NOUN
fbem-12596	43	13	portfolios	portfolio	NOUN
fbem-12596	43	14	,	,	PUNCT
fbem-12596	43	15	equal	equal	ADJ
fbem-12596	43	16	weight	weight	NOUN
fbem-12596	43	17	portfolios	portfolio	NOUN
fbem-12596	43	18	,	,	PUNCT
fbem-12596	43	19	and	and	CCONJ
fbem-12596	43	20	equal	equal	ADJ
fbem-12596	43	21	volatility	volatility	NOUN
fbem-12596	43	22	portfolios	portfolio	NOUN
fbem-12596	43	23	are	be	AUX
fbem-12596	43	24	constructed	construct	VERB
fbem-12596	43	25	.	.	PUNCT
fbem-12596	44	1	using	use	VERB
fbem-12596	44	2	the	the	DET
fbem-12596	44	3	data	datum	NOUN
fbem-12596	44	4	of	of	ADP
fbem-12596	44	5	each	each	DET
fbem-12596	44	6	portfolio	portfolio	NOUN
fbem-12596	44	7	for	for	ADP
fbem-12596	44	8	quantitative	quantitative	ADJ
fbem-12596	44	9	analysis	analysis	NOUN
fbem-12596	44	10	,	,	PUNCT
fbem-12596	44	11	comparable	comparable	ADJ
fbem-12596	44	12	performance	performance	NOUN
fbem-12596	44	13	evaluation	evaluation	NOUN
fbem-12596	44	14	indicators	indicator	NOUN
fbem-12596	44	15	are	be	AUX
fbem-12596	44	16	obtained	obtain	VERB
fbem-12596	44	17	to	to	PART
fbem-12596	44	18	explore	explore	VERB
fbem-12596	44	19	whether	whether	SCONJ
fbem-12596	44	20	risk	risk	NOUN
fbem-12596	44	21	parity	parity	NOUN
fbem-12596	44	22	portfolios	portfolio	NOUN
fbem-12596	44	23	can	can	AUX
fbem-12596	44	24	achieve	achieve	VERB
fbem-12596	44	25	better	well	ADJ
fbem-12596	44	26	performance	performance	NOUN
fbem-12596	44	27	,	,	PUNCT
fbem-12596	44	28	and	and	CCONJ
fbem-12596	44	29	then	then	ADV
fbem-12596	44	30	discuss	discuss	VERB
fbem-12596	44	31	the	the	DET
fbem-12596	44	32	advantages	advantage	NOUN
fbem-12596	44	33	and	and	CCONJ
fbem-12596	44	34	disadvantages	disadvantage	NOUN
fbem-12596	44	35	of	of	ADP
fbem-12596	44	36	risk	risk	NOUN
fbem-12596	44	37	parity	parity	NOUN
fbem-12596	44	38	portfolios	portfolio	NOUN
fbem-12596	44	39	.	.	PUNCT
fbem-12596	45	1	finally	finally	ADV
fbem-12596	45	2	,	,	PUNCT
fbem-12596	45	3	this	this	DET
fbem-12596	45	4	article	article	NOUN
fbem-12596	45	5	discusses	discuss	VERB
fbem-12596	45	6	the	the	DET
fbem-12596	45	7	improvement	improvement	NOUN
fbem-12596	45	8	direction	direction	NOUN
fbem-12596	45	9	and	and	CCONJ
fbem-12596	45	10	development	development	NOUN
fbem-12596	45	11	prospects	prospect	NOUN
fbem-12596	45	12	of	of	ADP
fbem-12596	45	13	risk	risk	NOUN
fbem-12596	45	14	parity	parity	NOUN
fbem-12596	45	15	portfolios	portfolio	NOUN
fbem-12596	45	16	in	in	ADP
fbem-12596	45	17	fof	fof	NOUN
fbem-12596	45	18	based	base	VERB
fbem-12596	45	19	on	on	ADP
fbem-12596	45	20	their	their	PRON
fbem-12596	45	21	performance	performance	NOUN
fbem-12596	45	22	.	.	PUNCT
fbem-12596	46	1	this	this	DET
fbem-12596	46	2	article	article	NOUN
fbem-12596	46	3	consists	consist	VERB
fbem-12596	46	4	of	of	ADP
fbem-12596	46	5	four	four	NUM
fbem-12596	46	6	parts	part	NOUN
fbem-12596	46	7	:	:	PUNCT
fbem-12596	46	8	the	the	DET
fbem-12596	46	9	first	first	ADJ
fbem-12596	46	10	part	part	NOUN
fbem-12596	46	11	introduces	introduce	VERB
fbem-12596	46	12	the	the	DET
fbem-12596	46	13	main	main	ADJ
fbem-12596	46	14	categories	category	NOUN
fbem-12596	46	15	and	and	CCONJ
fbem-12596	46	16	four	four	NUM
fbem-12596	46	17	operational	operational	ADJ
fbem-12596	46	18	models	model	NOUN
fbem-12596	46	19	of	of	ADP
fbem-12596	46	20	fof	fof	NOUN
fbem-12596	46	21	,	,	PUNCT
fbem-12596	46	22	and	and	CCONJ
fbem-12596	46	23	briefly	briefly	ADV
fbem-12596	46	24	explains	explain	VERB
fbem-12596	46	25	the	the	DET
fbem-12596	46	26	development	development	NOUN
fbem-12596	46	27	drivers	driver	NOUN
fbem-12596	46	28	of	of	ADP
fbem-12596	46	29	fof	fof	NOUN
fbem-12596	46	30	.	.	PUNCT
fbem-12596	47	1	although	although	SCONJ
fbem-12596	47	2	fof	fof	PROPN
fbem-12596	47	3	has	have	AUX
fbem-12596	47	4	received	receive	VERB
fbem-12596	47	5	increasing	increase	VERB
fbem-12596	47	6	attention	attention	NOUN
fbem-12596	47	7	from	from	ADP
fbem-12596	47	8	the	the	DET
fbem-12596	47	9	chinese	chinese	ADJ
fbem-12596	47	10	academic	academic	ADJ
fbem-12596	47	11	community	community	NOUN
fbem-12596	47	12	recently	recently	ADV
fbem-12596	47	13	,	,	PUNCT
fbem-12596	47	14	and	and	CCONJ
fbem-12596	47	15	more	more	ADJ
fbem-12596	47	16	and	and	CCONJ
fbem-12596	47	17	more	more	ADJ
fbem-12596	47	18	institutions	institution	NOUN
fbem-12596	47	19	have	have	AUX
fbem-12596	47	20	increased	increase	VERB
fbem-12596	47	21	their	their	PRON
fbem-12596	47	22	exploration	exploration	NOUN
fbem-12596	47	23	of	of	ADP
fbem-12596	47	24	fof	fof	NOUN
fbem-12596	47	25	,	,	PUNCT
fbem-12596	47	26	there	there	PRON
fbem-12596	47	27	is	be	VERB
fbem-12596	47	28	still	still	ADV
fbem-12596	47	29	a	a	DET
fbem-12596	47	30	long	long	ADJ
fbem-12596	47	31	way	way	NOUN
fbem-12596	47	32	to	to	PART
fbem-12596	47	33	go	go	VERB
fbem-12596	47	34	in	in	ADP
fbem-12596	47	35	terms	term	NOUN
fbem-12596	47	36	of	of	ADP
fbem-12596	47	37	the	the	DET
fbem-12596	47	38	development	development	NOUN
fbem-12596	47	39	of	of	ADP
fbem-12596	47	40	fof	fof	PROPN
fbem-12596	47	41	in	in	ADP
fbem-12596	47	42	china	china	PROPN
fbem-12596	47	43	and	and	CCONJ
fbem-12596	47	44	research	research	NOUN
fbem-12596	47	45	on	on	ADP
fbem-12596	47	46	asset	asset	NOUN
fbem-12596	47	47	allocation	allocation	NOUN
fbem-12596	47	48	methods	method	NOUN
fbem-12596	47	49	.	.	PUNCT
fbem-12596	48	1	afterwards	afterwards	ADV
fbem-12596	48	2	,	,	PUNCT
fbem-12596	48	3	a	a	DET
fbem-12596	48	4	brief	brief	ADJ
fbem-12596	48	5	introduction	introduction	NOUN
fbem-12596	48	6	was	be	AUX
fbem-12596	48	7	given	give	VERB
fbem-12596	48	8	to	to	ADP
fbem-12596	48	9	the	the	DET
fbem-12596	48	10	current	current	ADJ
fbem-12596	48	11	research	research	NOUN
fbem-12596	48	12	status	status	NOUN
fbem-12596	48	13	both	both	CCONJ
fbem-12596	48	14	domestically	domestically	ADV
fbem-12596	48	15	and	and	CCONJ
fbem-12596	48	16	internationally	internationally	ADV
fbem-12596	48	17	,	,	PUNCT
fbem-12596	48	18	focusing	focus	VERB
fbem-12596	48	19	mainly	mainly	ADV
fbem-12596	48	20	on	on	ADP
fbem-12596	48	21	the	the	DET
fbem-12596	48	22	development	development	NOUN
fbem-12596	48	23	process	process	NOUN
fbem-12596	48	24	and	and	CCONJ
fbem-12596	48	25	empirical	empirical	ADJ
fbem-12596	48	26	research	research	NOUN
fbem-12596	48	27	of	of	ADP
fbem-12596	48	28	asset	asset	NOUN
fbem-12596	48	29	allocation	allocation	NOUN
fbem-12596	48	30	methods	method	NOUN
fbem-12596	48	31	.	.	PUNCT
fbem-12596	49	1	finally	finally	ADV
fbem-12596	49	2	,	,	PUNCT
fbem-12596	49	3	the	the	DET
fbem-12596	49	4	research	research	NOUN
fbem-12596	49	5	content	content	NOUN
fbem-12596	49	6	and	and	CCONJ
fbem-12596	49	7	significance	significance	NOUN
fbem-12596	49	8	of	of	ADP
fbem-12596	49	9	this	this	DET
fbem-12596	49	10	article	article	NOUN
fbem-12596	49	11	were	be	AUX
fbem-12596	49	12	introduced	introduce	VERB
fbem-12596	49	13	.	.	PUNCT
fbem-12596	50	1	the	the	DET
fbem-12596	50	2	second	second	ADJ
fbem-12596	50	3	part	part	NOUN
fbem-12596	50	4	is	be	AUX
fbem-12596	50	5	mainly	mainly	ADV
fbem-12596	50	6	divided	divide	VERB
fbem-12596	50	7	into	into	ADP
fbem-12596	50	8	two	two	NUM
fbem-12596	50	9	sections	section	NOUN
fbem-12596	50	10	.	.	PUNCT
fbem-12596	51	1	the	the	DET
fbem-12596	51	2	first	first	ADJ
fbem-12596	51	3	section	section	NOUN
fbem-12596	51	4	introduces	introduce	VERB
fbem-12596	51	5	the	the	DET
fbem-12596	51	6	theoretical	theoretical	ADJ
fbem-12596	51	7	basis	basis	NOUN
fbem-12596	51	8	of	of	ADP
fbem-12596	51	9	the	the	DET
fbem-12596	51	10	three	three	NUM
fbem-12596	51	11	asset	asset	NOUN
fbem-12596	51	12	allocation	allocation	NOUN
fbem-12596	51	13	methods	method	NOUN
fbem-12596	51	14	used	use	VERB
fbem-12596	51	15	in	in	ADP
fbem-12596	51	16	the	the	DET
fbem-12596	51	17	empirical	empirical	ADJ
fbem-12596	51	18	analysis	analysis	NOUN
fbem-12596	51	19	of	of	ADP
fbem-12596	51	20	this	this	DET
fbem-12596	51	21	article	article	NOUN
fbem-12596	51	22	,	,	PUNCT
fbem-12596	51	23	namely	namely	ADV
fbem-12596	51	24	the	the	DET
fbem-12596	51	25	equal	equal	ADJ
fbem-12596	51	26	weight	weight	NOUN
fbem-12596	51	27	model	model	NOUN
fbem-12596	51	28	,	,	PUNCT
fbem-12596	51	29	equal	equal	ADJ
fbem-12596	51	30	volatility	volatility	NOUN
fbem-12596	51	31	model	model	NOUN
fbem-12596	51	32	,	,	PUNCT
fbem-12596	51	33	and	and	CCONJ
fbem-12596	51	34	risk	risk	NOUN
fbem-12596	51	35	parity	parity	NOUN
fbem-12596	51	36	model	model	NOUN
fbem-12596	51	37	.	.	PUNCT
fbem-12596	52	1	the	the	DET
fbem-12596	52	2	focus	focus	NOUN
fbem-12596	52	3	is	be	AUX
fbem-12596	52	4	on	on	ADP
fbem-12596	52	5	the	the	DET
fbem-12596	52	6	theoretical	theoretical	ADJ
fbem-12596	52	7	introduction	introduction	NOUN
fbem-12596	52	8	and	and	CCONJ
fbem-12596	52	9	calculation	calculation	NOUN
fbem-12596	52	10	process	process	NOUN
fbem-12596	52	11	of	of	ADP
fbem-12596	52	12	the	the	DET
fbem-12596	52	13	risk	risk	NOUN
fbem-12596	52	14	parity	parity	NOUN
fbem-12596	52	15	model	model	NOUN
fbem-12596	52	16	,	,	PUNCT
fbem-12596	52	17	and	and	CCONJ
fbem-12596	52	18	a	a	DET
fbem-12596	52	19	brief	brief	ADJ
fbem-12596	52	20	analysis	analysis	NOUN
fbem-12596	52	21	of	of	ADP
fbem-12596	52	22	the	the	DET
fbem-12596	52	23	advantages	advantage	NOUN
fbem-12596	52	24	and	and	CCONJ
fbem-12596	52	25	disadvantages	disadvantage	NOUN
fbem-12596	52	26	of	of	ADP
fbem-12596	52	27	the	the	DET
fbem-12596	52	28	three	three	NUM
fbem-12596	52	29	models	model	NOUN
fbem-12596	52	30	.	.	PUNCT
fbem-12596	53	1	the	the	DET
fbem-12596	53	2	second	second	ADJ
fbem-12596	53	3	section	section	NOUN
fbem-12596	53	4	introduces	introduce	VERB
fbem-12596	53	5	the	the	DET
fbem-12596	53	6	performance	performance	NOUN
fbem-12596	53	7	evaluation	evaluation	NOUN
fbem-12596	53	8	indicators	indicator	NOUN
fbem-12596	53	9	used	use	VERB
fbem-12596	53	10	for	for	ADP
fbem-12596	53	11	performance	performance	NOUN
fbem-12596	53	12	comparison	comparison	NOUN
fbem-12596	53	13	of	of	ADP
fbem-12596	53	14	investment	investment	NOUN
fbem-12596	53	15	portfolios	portfolio	NOUN
fbem-12596	53	16	constructed	construct	VERB
fbem-12596	53	17	using	use	VERB
fbem-12596	53	18	three	three	NUM
fbem-12596	53	19	models	model	NOUN
fbem-12596	53	20	in	in	ADP
fbem-12596	53	21	the	the	DET
fbem-12596	53	22	empirical	empirical	ADJ
fbem-12596	53	23	analysis	analysis	NOUN
fbem-12596	53	24	section	section	NOUN
fbem-12596	53	25	,	,	PUNCT
fbem-12596	53	26	including	include	VERB
fbem-12596	53	27	volatility	volatility	NOUN
fbem-12596	53	28	,	,	PUNCT
fbem-12596	53	29	cumulative	cumulative	ADJ
fbem-12596	53	30	return	return	NOUN
fbem-12596	53	31	,	,	PUNCT
fbem-12596	53	32	annualized	annualize	VERB
fbem-12596	53	33	return	return	NOUN
fbem-12596	53	34	,	,	PUNCT
fbem-12596	53	35	maximum	maximum	ADJ
fbem-12596	53	36	pullback	pullback	NOUN
fbem-12596	53	37	,	,	PUNCT
fbem-12596	53	38	and	and	CCONJ
fbem-12596	53	39	karma	karma	NOUN
fbem-12596	53	40	ratio	ratio	NOUN
fbem-12596	53	41	.	.	PUNCT
fbem-12596	54	1	the	the	DET
fbem-12596	54	2	third	third	ADJ
fbem-12596	54	3	part	part	NOUN
fbem-12596	54	4	is	be	AUX
fbem-12596	54	5	empirical	empirical	ADJ
fbem-12596	54	6	analysis	analysis	NOUN
fbem-12596	54	7	,	,	PUNCT
fbem-12596	54	8	which	which	PRON
fbem-12596	54	9	uses	use	VERB
fbem-12596	54	10	recent	recent	ADJ
fbem-12596	54	11	global	global	ADJ
fbem-12596	54	12	financial	financial	ADJ
fbem-12596	54	13	market	market	NOUN
fbem-12596	54	14	index	index	NOUN
fbem-12596	54	15	data	datum	NOUN
fbem-12596	54	16	to	to	PART
fbem-12596	54	17	explain	explain	VERB
fbem-12596	54	18	the	the	DET
fbem-12596	54	19	construction	construction	NOUN
fbem-12596	54	20	process	process	NOUN
fbem-12596	54	21	and	and	CCONJ
fbem-12596	54	22	conduct	conduct	VERB
fbem-12596	54	23	data	datum	NOUN
fbem-12596	54	24	processing	processing	NOUN
fbem-12596	54	25	.	.	PUNCT
fbem-12596	55	1	performance	performance	NOUN
fbem-12596	55	2	evaluation	evaluation	NOUN
fbem-12596	55	3	indicators	indicator	NOUN
fbem-12596	55	4	are	be	AUX
fbem-12596	55	5	used	use	VERB
fbem-12596	55	6	to	to	PART
fbem-12596	55	7	compare	compare	VERB
fbem-12596	55	8	and	and	CCONJ
fbem-12596	55	9	examine	examine	VERB
fbem-12596	55	10	the	the	DET
fbem-12596	55	11	performance	performance	NOUN
fbem-12596	55	12	of	of	ADP
fbem-12596	55	13	risk	risk	NOUN
fbem-12596	55	14	parity	parity	NOUN
fbem-12596	55	15	portfolios	portfolio	NOUN
fbem-12596	55	16	,	,	PUNCT
fbem-12596	55	17	and	and	CCONJ
fbem-12596	55	18	based	base	VERB
fbem-12596	55	19	on	on	ADP
fbem-12596	55	20	their	their	PRON
fbem-12596	55	21	performance	performance	NOUN
fbem-12596	55	22	,	,	PUNCT
fbem-12596	55	23	a	a	DET
fbem-12596	55	24	brief	brief	ADJ
fbem-12596	55	25	discussion	discussion	NOUN
fbem-12596	55	26	is	be	AUX
fbem-12596	55	27	conducted	conduct	VERB
fbem-12596	55	28	on	on	ADP
fbem-12596	55	29	the	the	DET
fbem-12596	55	30	advantages	advantage	NOUN
fbem-12596	55	31	and	and	CCONJ
fbem-12596	55	32	disadvantages	disadvantage	NOUN
fbem-12596	55	33	of	of	ADP
fbem-12596	55	34	risk	risk	NOUN
fbem-12596	55	35	parity	parity	NOUN
fbem-12596	55	36	portfolios	portfolio	NOUN
fbem-12596	55	37	and	and	CCONJ
fbem-12596	55	38	the	the	DET
fbem-12596	55	39	other	other	ADJ
fbem-12596	55	40	two	two	NUM
fbem-12596	55	41	asset	asset	NOUN
fbem-12596	55	42	allocation	allocation	NOUN
fbem-12596	55	43	models	model	NOUN
fbem-12596	55	44	,	,	PUNCT
fbem-12596	55	45	and	and	CCONJ
fbem-12596	55	46	a	a	DET
fbem-12596	55	47	brief	brief	ADJ
fbem-12596	55	48	analysis	analysis	NOUN
fbem-12596	55	49	is	be	AUX
fbem-12596	55	50	conducted	conduct	VERB
fbem-12596	55	51	to	to	PART
fbem-12596	55	52	address	address	VERB
fbem-12596	55	53	the	the	DET
fbem-12596	55	54	issues	issue	NOUN
fbem-12596	55	55	involved	involve	VERB
fbem-12596	55	56	.	.	PUNCT
fbem-12596	56	1	the	the	DET
fbem-12596	56	2	fourth	fourth	ADJ
fbem-12596	56	3	part	part	NOUN
fbem-12596	56	4	is	be	AUX
fbem-12596	56	5	the	the	DET
fbem-12596	56	6	conclusion	conclusion	NOUN
fbem-12596	56	7	of	of	ADP
fbem-12596	56	8	this	this	DET
fbem-12596	56	9	article	article	NOUN
fbem-12596	56	10	.	.	PUNCT
fbem-12596	57	1	based	base	VERB
fbem-12596	57	2	on	on	ADP
fbem-12596	57	3	the	the	DET
fbem-12596	57	4	previous	previous	ADJ
fbem-12596	57	5	discussion	discussion	NOUN
fbem-12596	57	6	,	,	PUNCT
fbem-12596	57	7	the	the	DET
fbem-12596	57	8	total	total	ADJ
fbem-12596	57	9	price	price	NOUN
fbem-12596	57	10	and	and	CCONJ
fbem-12596	57	11	evaluation	evaluation	NOUN
fbem-12596	57	12	are	be	AUX
fbem-12596	57	13	conducted	conduct	VERB
fbem-12596	57	14	,	,	PUNCT
fbem-12596	57	15	and	and	CCONJ
fbem-12596	57	16	it	it	PRON
fbem-12596	57	17	is	be	AUX
fbem-12596	57	18	concluded	conclude	VERB
fbem-12596	57	19	that	that	SCONJ
fbem-12596	57	20	the	the	DET
fbem-12596	57	21	risk	risk	NOUN
fbem-12596	57	22	parity	parity	NOUN
fbem-12596	57	23	model	model	NOUN
fbem-12596	57	24	has	have	VERB
fbem-12596	57	25	good	good	ADJ
fbem-12596	57	26	results	result	NOUN
fbem-12596	57	27	in	in	ADP
fbem-12596	57	28	asset	asset	NOUN
fbem-12596	57	29	allocation	allocation	NOUN
fbem-12596	57	30	.	.	PUNCT
fbem-12596	58	1	at	at	ADP
fbem-12596	58	2	the	the	DET
fbem-12596	58	3	same	same	ADJ
fbem-12596	58	4	time	time	NOUN
fbem-12596	58	5	,	,	PUNCT
fbem-12596	58	6	the	the	DET
fbem-12596	58	7	future	future	ADJ
fbem-12596	58	8	development	development	NOUN
fbem-12596	58	9	direction	direction	NOUN
fbem-12596	58	10	of	of	ADP
fbem-12596	58	11	the	the	DET
fbem-12596	58	12	application	application	NOUN
fbem-12596	58	13	of	of	ADP
fbem-12596	58	14	the	the	DET
fbem-12596	58	15	risk	risk	NOUN
fbem-12596	58	16	parity	parity	NOUN
fbem-12596	58	17	model	model	NOUN
fbem-12596	58	18	in	in	ADP
fbem-12596	58	19	fof	fof	PROPN
fbem-12596	58	20	is	be	AUX
fbem-12596	58	21	briefly	briefly	ADV
fbem-12596	58	22	explained	explain	VERB
fbem-12596	58	23	.	.	PUNCT
fbem-12596	59	1	with	with	ADP
fbem-12596	59	2	the	the	DET
fbem-12596	59	3	increasing	increase	VERB
fbem-12596	59	4	downward	downward	ADJ
fbem-12596	59	5	pressure	pressure	NOUN
fbem-12596	59	6	on	on	ADP
fbem-12596	59	7	economies	economy	NOUN
fbem-12596	59	8	in	in	ADP
fbem-12596	59	9	various	various	ADJ
fbem-12596	59	10	countries	country	NOUN
fbem-12596	59	11	,	,	PUNCT
fbem-12596	59	12	the	the	DET
fbem-12596	59	13	volatility	volatility	NOUN
fbem-12596	59	14	of	of	ADP
fbem-12596	59	15	global	global	ADJ
fbem-12596	59	16	financial	financial	ADJ
fbem-12596	59	17	assets	asset	NOUN
fbem-12596	59	18	has	have	AUX
fbem-12596	59	19	increased	increase	VERB
fbem-12596	59	20	to	to	ADP
fbem-12596	59	21	varying	vary	VERB
fbem-12596	59	22	degrees	degree	NOUN
fbem-12596	59	23	,	,	PUNCT
fbem-12596	59	24	and	and	CCONJ
fbem-12596	59	25	the	the	DET
fbem-12596	59	26	effectiveness	effectiveness	NOUN
fbem-12596	59	27	of	of	ADP
fbem-12596	59	28	old	old	ADJ
fbem-12596	59	29	asset	asset	NOUN
fbem-12596	59	30	allocation	allocation	NOUN
fbem-12596	59	31	strategies	strategy	NOUN
fbem-12596	59	32	is	be	AUX
fbem-12596	59	33	increasingly	increasingly	ADV
fbem-12596	59	34	being	be	AUX
fbem-12596	59	35	questioned	question	VERB
fbem-12596	59	36	.	.	PUNCT
fbem-12596	60	1	in	in	ADP
fbem-12596	60	2	this	this	DET
fbem-12596	60	3	context	context	NOUN
fbem-12596	60	4	and	and	CCONJ
fbem-12596	60	5	environment	environment	NOUN
fbem-12596	60	6	,	,	PUNCT
fbem-12596	60	7	the	the	DET
fbem-12596	60	8	theory	theory	NOUN
fbem-12596	60	9	of	of	ADP
fbem-12596	60	10	risk	risk	NOUN
fbem-12596	60	11	parity	parity	NOUN
fbem-12596	60	12	has	have	AUX
fbem-12596	60	13	emerged	emerge	VERB
fbem-12596	60	14	,	,	PUNCT
fbem-12596	60	15	and	and	CCONJ
fbem-12596	60	16	empirical	empirical	ADJ
fbem-12596	60	17	analysis	analysis	NOUN
fbem-12596	60	18	of	of	ADP
fbem-12596	60	19	its	its	PRON
fbem-12596	60	20	effectiveness	effectiveness	NOUN
fbem-12596	60	21	is	be	AUX
fbem-12596	60	22	necessary	necessary	ADJ
fbem-12596	60	23	.	.	PUNCT
fbem-12596	61	1	due	due	ADP
fbem-12596	61	2	to	to	ADP
fbem-12596	61	3	various	various	ADJ
fbem-12596	61	4	reasons	reason	NOUN
fbem-12596	61	5	such	such	ADJ
fbem-12596	61	6	as	as	ADP
fbem-12596	61	7	external	external	ADJ
fbem-12596	61	8	regulatory	regulatory	ADJ
fbem-12596	61	9	support	support	NOUN
fbem-12596	61	10	and	and	CCONJ
fbem-12596	61	11	internal	internal	ADJ
fbem-12596	61	12	operational	operational	ADJ
fbem-12596	61	13	management	management	NOUN
fbem-12596	61	14	,	,	PUNCT
fbem-12596	61	15	fof	fof	PROPN
fbem-12596	61	16	has	have	AUX
fbem-12596	61	17	not	not	PART
fbem-12596	61	18	fully	fully	ADV
fbem-12596	61	19	utilized	utilize	VERB
fbem-12596	61	20	its	its	PRON
fbem-12596	61	21	inherent	inherent	ADJ
fbem-12596	61	22	advantages	advantage	NOUN
fbem-12596	61	23	in	in	ADP
fbem-12596	61	24	china	china	PROPN
fbem-12596	61	25	,	,	PUNCT
fbem-12596	61	26	and	and	CCONJ
fbem-12596	61	27	its	its	PRON
fbem-12596	61	28	development	development	NOUN
fbem-12596	61	29	is	be	AUX
fbem-12596	61	30	not	not	PART
fbem-12596	61	31	smooth	smooth	ADJ
fbem-12596	61	32	.	.	PUNCT
fbem-12596	62	1	ultimately	ultimately	ADV
fbem-12596	62	2	,	,	PUNCT
fbem-12596	62	3	it	it	PRON
fbem-12596	62	4	is	be	AUX
fbem-12596	62	5	a	a	DET
fbem-12596	62	6	problem	problem	NOUN
fbem-12596	62	7	of	of	ADP
fbem-12596	62	8	asset	asset	NOUN
fbem-12596	62	9	allocation	allocation	NOUN
fbem-12596	62	10	.	.	PUNCT
fbem-12596	63	1	this	this	DET
fbem-12596	63	2	article	article	NOUN
fbem-12596	63	3	takes	take	VERB
fbem-12596	63	4	fof	fof	NOUN
fbem-12596	63	5	as	as	ADP
fbem-12596	63	6	the	the	DET
fbem-12596	63	7	theme	theme	NOUN
fbem-12596	63	8	,	,	PUNCT
fbem-12596	63	9	conducts	conduct	VERB
fbem-12596	63	10	empirical	empirical	ADJ
fbem-12596	63	11	analysis	analysis	NOUN
fbem-12596	63	12	on	on	ADP
fbem-12596	63	13	the	the	DET
fbem-12596	63	14	risk	risk	NOUN
fbem-12596	63	15	parity	parity	NOUN
fbem-12596	63	16	method	method	NOUN
fbem-12596	63	17	,	,	PUNCT
fbem-12596	63	18	discusses	discuss	VERB
fbem-12596	63	19	the	the	DET
fbem-12596	63	20	improvement	improvement	NOUN
fbem-12596	63	21	direction	direction	NOUN
fbem-12596	63	22	of	of	ADP
fbem-12596	63	23	the	the	DET
fbem-12596	63	24	risk	risk	NOUN
fbem-12596	63	25	parity	parity	NOUN
fbem-12596	63	26	method	method	NOUN
fbem-12596	63	27	in	in	ADP
fbem-12596	63	28	practical	practical	ADJ
fbem-12596	63	29	application	application	NOUN
fbem-12596	63	30	through	through	ADP
fbem-12596	63	31	the	the	DET
fbem-12596	63	32	performance	performance	NOUN
fbem-12596	63	33	of	of	ADP
fbem-12596	63	34	the	the	DET
fbem-12596	63	35	risk	risk	NOUN
fbem-12596	63	36	parity	parity	NOUN
fbem-12596	63	37	combination	combination	NOUN
fbem-12596	63	38	,	,	PUNCT
fbem-12596	63	39	and	and	CCONJ
fbem-12596	63	40	summarizes	summarize	VERB
fbem-12596	63	41	the	the	DET
fbem-12596	63	42	inspiration	inspiration	NOUN
fbem-12596	63	43	drawn	draw	VERB
fbem-12596	63	44	from	from	ADP
fbem-12596	63	45	it	it	PRON
fbem-12596	63	46	.	.	PUNCT
fbem-12596	64	1	2	2	X
fbem-12596	64	2	.	.	X
fbem-12596	64	3	literature	literature	NOUN
fbem-12596	64	4	review	review	VERB
fbem-12596	64	5	the	the	DET
fbem-12596	64	6	early	early	ADJ
fbem-12596	64	7	asset	asset	NOUN
fbem-12596	64	8	allocation	allocation	NOUN
fbem-12596	64	9	methods	method	NOUN
fbem-12596	64	10	commonly	commonly	ADV
fbem-12596	64	11	used	use	VERB
fbem-12596	64	12	by	by	ADP
fbem-12596	64	13	people	people	NOUN
fbem-12596	64	14	were	be	AUX
fbem-12596	64	15	mainly	mainly	ADV
fbem-12596	64	16	based	base	VERB
fbem-12596	64	17	on	on	ADP
fbem-12596	64	18	equal	equal	ADJ
fbem-12596	64	19	weight	weight	NOUN
fbem-12596	64	20	combinations	combination	NOUN
fbem-12596	64	21	and	and	CCONJ
fbem-12596	64	22	the	the	DET
fbem-12596	64	23	40	40	NUM
fbem-12596	64	24	-	-	SYM
fbem-12596	64	25	60	60	NUM
fbem-12596	64	26	rule	rule	NOUN
fbem-12596	64	27	.	.	PUNCT
fbem-12596	65	1	the	the	DET
fbem-12596	65	2	equal	equal	ADJ
fbem-12596	65	3	weight	weight	NOUN
fbem-12596	65	4	combination	combination	NOUN
fbem-12596	65	5	,	,	PUNCT
fbem-12596	65	6	as	as	SCONJ
fbem-12596	65	7	the	the	DET
fbem-12596	65	8	name	name	NOUN
fbem-12596	65	9	suggests	suggest	VERB
fbem-12596	65	10	,	,	PUNCT
fbem-12596	65	11	refers	refer	VERB
fbem-12596	65	12	to	to	ADP
fbem-12596	65	13	the	the	DET
fbem-12596	65	14	allocation	allocation	NOUN
fbem-12596	65	15	of	of	ADP
fbem-12596	65	16	the	the	DET
fbem-12596	65	17	same	same	ADJ
fbem-12596	65	18	weight	weight	NOUN
fbem-12596	65	19	to	to	ADP
fbem-12596	65	20	each	each	DET
fbem-12596	65	21	asset	asset	NOUN
fbem-12596	65	22	in	in	ADP
fbem-12596	65	23	the	the	DET
fbem-12596	65	24	asset	asset	NOUN
fbem-12596	65	25	portfolio	portfolio	NOUN
fbem-12596	65	26	,	,	PUNCT
fbem-12596	65	27	while	while	SCONJ
fbem-12596	65	28	the	the	DET
fbem-12596	65	29	40	40	NUM
fbem-12596	65	30	-	-	SYM
fbem-12596	65	31	60	60	NUM
fbem-12596	65	32	rule	rule	NOUN
fbem-12596	65	33	refers	refer	VERB
fbem-12596	65	34	to	to	ADP
fbem-12596	65	35	stocks	stock	NOUN
fbem-12596	65	36	accounting	account	VERB
fbem-12596	65	37	for	for	ADP
fbem-12596	65	38	60	60	NUM
fbem-12596	65	39	%	%	NOUN
fbem-12596	65	40	and	and	CCONJ
fbem-12596	65	41	bonds	bond	NOUN
fbem-12596	65	42	accounting	account	VERB
fbem-12596	65	43	for	for	ADP
fbem-12596	65	44	40	40	NUM
fbem-12596	65	45	%	%	NOUN
fbem-12596	65	46	of	of	ADP
fbem-12596	65	47	the	the	DET
fbem-12596	65	48	asset	asset	NOUN
fbem-12596	65	49	portfolio	portfolio	NOUN
fbem-12596	65	50	.	.	PUNCT
fbem-12596	66	1	this	this	DET
fbem-12596	66	2	asset	asset	NOUN
fbem-12596	66	3	allocation	allocation	NOUN
fbem-12596	66	4	method	method	NOUN
fbem-12596	66	5	originated	originate	VERB
fbem-12596	66	6	from	from	ADP
fbem-12596	66	7	the	the	DET
fbem-12596	66	8	modern	modern	ADJ
fbem-12596	66	9	portfolio	portfolio	NOUN
fbem-12596	66	10	theory	theory	NOUN
fbem-12596	66	11	that	that	PRON
fbem-12596	66	12	became	become	VERB
fbem-12596	66	13	popular	popular	ADJ
fbem-12596	66	14	in	in	ADP
fbem-12596	66	15	the	the	DET
fbem-12596	66	16	late	late	ADJ
fbem-12596	66	17	1950s	1950s	NUM
fbem-12596	66	18	,	,	PUNCT
fbem-12596	66	19	and	and	CCONJ
fbem-12596	66	20	both	both	DET
fbem-12596	66	21	methods	method	NOUN
fbem-12596	66	22	belong	belong	VERB
fbem-12596	66	23	to	to	ADP
fbem-12596	66	24	constant	constant	ADJ
fbem-12596	66	25	mixing	mixing	NOUN
fbem-12596	66	26	strategies	strategy	NOUN
fbem-12596	66	27	.	.	PUNCT
fbem-12596	67	1	although	although	SCONJ
fbem-12596	67	2	the	the	DET
fbem-12596	67	3	constant	constant	ADJ
fbem-12596	67	4	mixed	mixed	ADJ
fbem-12596	67	5	strategy	strategy	NOUN
fbem-12596	67	6	has	have	VERB
fbem-12596	67	7	a	a	DET
fbem-12596	67	8	certain	certain	ADJ
fbem-12596	67	9	degree	degree	NOUN
fbem-12596	67	10	of	of	ADP
fbem-12596	67	11	risk	risk	NOUN
fbem-12596	67	12	diversification	diversification	NOUN
fbem-12596	67	13	,	,	PUNCT
fbem-12596	67	14	both	both	DET
fbem-12596	67	15	profitability	profitability	NOUN
fbem-12596	67	16	and	and	CCONJ
fbem-12596	67	17	stability	stability	NOUN
fbem-12596	67	18	are	be	AUX
fbem-12596	67	19	not	not	PART
fbem-12596	67	20	satisfactory	satisfactory	ADJ
fbem-12596	67	21	.	.	PUNCT
fbem-12596	68	1	although	although	SCONJ
fbem-12596	68	2	the	the	DET
fbem-12596	68	3	operation	operation	NOUN
fbem-12596	68	4	is	be	AUX
fbem-12596	68	5	convenient	convenient	ADJ
fbem-12596	68	6	,	,	PUNCT
fbem-12596	68	7	it	it	PRON
fbem-12596	68	8	is	be	AUX
fbem-12596	68	9	possible	possible	ADJ
fbem-12596	68	10	that	that	SCONJ
fbem-12596	68	11	most	most	ADJ
fbem-12596	68	12	of	of	ADP
fbem-12596	68	13	the	the	DET
fbem-12596	68	14	risk	risk	NOUN
fbem-12596	68	15	is	be	AUX
fbem-12596	68	16	contributed	contribute	VERB
fbem-12596	68	17	by	by	ADP
fbem-12596	68	18	a	a	DET
fbem-12596	68	19	certain	certain	ADJ
fbem-12596	68	20	asset	asset	NOUN
fbem-12596	68	21	concentration	concentration	NOUN
fbem-12596	68	22	,	,	PUNCT
fbem-12596	68	23	and	and	CCONJ
fbem-12596	68	24	the	the	DET
fbem-12596	68	25	risk	risk	NOUN
fbem-12596	68	26	diversification	diversification	NOUN
fbem-12596	68	27	effect	effect	NOUN
fbem-12596	68	28	is	be	AUX
fbem-12596	68	29	not	not	PART
fbem-12596	68	30	satisfactory	satisfactory	ADJ
fbem-12596	68	31	.	.	PUNCT
fbem-12596	69	1	in	in	ADP
fbem-12596	69	2	1952	1952	NUM
fbem-12596	69	3	,	,	PUNCT
fbem-12596	69	4	markowitz	markowitz	PROPN
fbem-12596	69	5	proposed	propose	VERB
fbem-12596	69	6	the	the	DET
fbem-12596	69	7	mean	mean	ADJ
fbem-12596	69	8	variance	variance	NOUN
fbem-12596	69	9	method	method	NOUN
fbem-12596	69	10	,	,	PUNCT
fbem-12596	69	11	marking	mark	VERB
fbem-12596	69	12	a	a	DET
fbem-12596	69	13	huge	huge	ADJ
fbem-12596	69	14	leap	leap	NOUN
fbem-12596	69	15	in	in	ADP
fbem-12596	69	16	asset	asset	NOUN
fbem-12596	69	17	allocation	allocation	NOUN
fbem-12596	69	18	.	.	PUNCT
fbem-12596	70	1	investment	investment	NOUN
fbem-12596	70	2	portfolios	portfolio	NOUN
fbem-12596	70	3	can	can	AUX
fbem-12596	70	4	be	be	AUX
fbem-12596	70	5	constructed	construct	VERB
fbem-12596	70	6	based	base	VERB
fbem-12596	70	7	on	on	ADP
fbem-12596	70	8	quantitative	quantitative	ADJ
fbem-12596	70	9	analysis	analysis	NOUN
fbem-12596	70	10	.	.	PUNCT
fbem-12596	71	1	the	the	DET
fbem-12596	71	2	mean	mean	ADJ
fbem-12596	71	3	variance	variance	NOUN
fbem-12596	71	4	theory	theory	NOUN
fbem-12596	71	5	treats	treat	VERB
fbem-12596	71	6	the	the	DET
fbem-12596	71	7	price	price	NOUN
fbem-12596	71	8	change	change	NOUN
fbem-12596	71	9	of	of	ADP
fbem-12596	71	10	an	an	DET
fbem-12596	71	11	investment	investment	NOUN
fbem-12596	71	12	portfolio	portfolio	NOUN
fbem-12596	71	13	as	as	ADP
fbem-12596	71	14	a	a	DET
fbem-12596	71	15	random	random	ADJ
fbem-12596	71	16	variable	variable	NOUN
fbem-12596	71	17	,	,	PUNCT
fbem-12596	71	18	measures	measure	VERB
fbem-12596	71	19	returns	return	NOUN
fbem-12596	71	20	based	base	VERB
fbem-12596	71	21	on	on	ADP
fbem-12596	71	22	its	its	PRON
fbem-12596	71	23	mean	mean	NOUN
fbem-12596	71	24	,	,	PUNCT
fbem-12596	71	25	measures	measure	VERB
fbem-12596	71	26	risks	risk	NOUN
fbem-12596	71	27	based	base	VERB
fbem-12596	71	28	on	on	ADP
fbem-12596	71	29	its	its	PRON
fbem-12596	71	30	variance	variance	NOUN
fbem-12596	71	31	,	,	PUNCT
fbem-12596	71	32	and	and	CCONJ
fbem-12596	71	33	takes	take	VERB
fbem-12596	71	34	the	the	DET
fbem-12596	71	35	proportion	proportion	NOUN
fbem-12596	71	36	of	of	ADP
fbem-12596	71	37	various	various	ADJ
fbem-12596	71	38	securities	security	NOUN
fbem-12596	71	39	in	in	ADP
fbem-12596	71	40	the	the	DET
fbem-12596	71	41	investment	investment	NOUN
fbem-12596	71	42	portfolio	portfolio	NOUN
fbem-12596	71	43	as	as	ADP
fbem-12596	71	44	a	a	DET
fbem-12596	71	45	variable	variable	NOUN
fbem-12596	71	46	.	.	PUNCT
fbem-12596	72	1	therefore	therefore	ADV
fbem-12596	72	2	,	,	PUNCT
fbem-12596	72	3	the	the	DET
fbem-12596	72	4	problem	problem	NOUN
fbem-12596	72	5	of	of	ADP
fbem-12596	72	6	finding	find	VERB
fbem-12596	72	7	the	the	DET
fbem-12596	72	8	minimum	minimum	ADJ
fbem-12596	72	9	risk	risk	NOUN
fbem-12596	72	10	investment	investment	NOUN
fbem-12596	72	11	portfolio	portfolio	NOUN
fbem-12596	72	12	with	with	ADP
fbem-12596	72	13	a	a	DET
fbem-12596	72	14	certain	certain	ADJ
fbem-12596	72	15	return	return	NOUN
fbem-12596	72	16	is	be	AUX
fbem-12596	72	17	classified	classify	VERB
fbem-12596	72	18	as	as	ADP
fbem-12596	72	19	a	a	DET
fbem-12596	72	20	quadratic	quadratic	ADJ
fbem-12596	72	21	programming	programming	NOUN
fbem-12596	72	22	problem	problem	NOUN
fbem-12596	72	23	under	under	ADP
fbem-12596	72	24	linear	linear	ADJ
fbem-12596	72	25	constraints	constraint	NOUN
fbem-12596	72	26	.	.	PUNCT
fbem-12596	73	1	the	the	DET
fbem-12596	73	2	mean	mean	ADJ
fbem-12596	73	3	variance	variance	NOUN
fbem-12596	73	4	method	method	NOUN
fbem-12596	73	5	is	be	AUX
fbem-12596	73	6	an	an	DET
fbem-12596	73	7	important	important	ADJ
fbem-12596	73	8	foundation	foundation	NOUN
fbem-12596	73	9	of	of	ADP
fbem-12596	73	10	modern	modern	ADJ
fbem-12596	73	11	asset	asset	NOUN
fbem-12596	73	12	allocation	allocation	NOUN
fbem-12596	73	13	theory	theory	NOUN
fbem-12596	73	14	,	,	PUNCT
fbem-12596	73	15	but	but	CCONJ
fbem-12596	73	16	users	user	NOUN
fbem-12596	73	17	need	need	VERB
fbem-12596	73	18	to	to	PART
fbem-12596	73	19	be	be	AUX
fbem-12596	73	20	able	able	ADJ
fbem-12596	73	21	to	to	PART
fbem-12596	73	22	continuously	continuously	ADV
fbem-12596	73	23	and	and	CCONJ
fbem-12596	73	24	accurately	accurately	ADV
fbem-12596	73	25	estimate	estimate	VERB
fbem-12596	73	26	the	the	DET
fbem-12596	73	27	expected	expect	VERB
fbem-12596	73	28	returns	return	NOUN
fbem-12596	73	29	,	,	PUNCT
fbem-12596	73	30	risks	risk	NOUN
fbem-12596	73	31	,	,	PUNCT
fbem-12596	73	32	and	and	CCONJ
fbem-12596	73	33	correlation	correlation	NOUN
fbem-12596	73	34	coefficients	coefficient	NOUN
fbem-12596	73	35	of	of	ADP
fbem-12596	73	36	assets	asset	NOUN
fbem-12596	73	37	,	,	PUNCT
fbem-12596	73	38	and	and	CCONJ
fbem-12596	73	39	undergo	undergo	VERB
fbem-12596	73	40	extensive	extensive	ADJ
fbem-12596	73	41	calculations	calculation	NOUN
fbem-12596	73	42	,	,	PUNCT
fbem-12596	73	43	which	which	PRON
fbem-12596	73	44	is	be	AUX
fbem-12596	73	45	not	not	PART
fbem-12596	73	46	practical	practical	ADJ
fbem-12596	73	47	enough	enough	ADV
fbem-12596	73	48	.	.	PUNCT
fbem-12596	74	1	on	on	ADP
fbem-12596	74	2	the	the	DET
fbem-12596	74	3	basis	basis	NOUN
fbem-12596	74	4	of	of	ADP
fbem-12596	74	5	the	the	DET
fbem-12596	74	6	mean	mean	ADJ
fbem-12596	74	7	variance	variance	NOUN
fbem-12596	74	8	method	method	NOUN
fbem-12596	74	9	,	,	PUNCT
fbem-12596	74	10	sharp	sharp	ADJ
fbem-12596	74	11	,	,	PUNCT
fbem-12596	74	12	trino	trino	NOUN
fbem-12596	74	13	,	,	PUNCT
fbem-12596	74	14	and	and	CCONJ
fbem-12596	74	15	mosin	mosin	PROPN
fbem-12596	74	16	et	et	PROPN
fbem-12596	74	17	al	al	PROPN
fbem-12596	74	18	.	.	PROPN
fbem-12596	74	19	proposed	propose	VERB
fbem-12596	74	20	the	the	DET
fbem-12596	74	21	capital	capital	NOUN
fbem-12596	74	22	asset	asset	NOUN
fbem-12596	74	23	pricing	pricing	NOUN
fbem-12596	74	24	model	model	NOUN
fbem-12596	74	25	(	(	PUNCT
fbem-12596	74	26	capm	capm	PROPN
fbem-12596	74	27	)	)	PUNCT
fbem-12596	74	28	in	in	ADP
fbem-12596	74	29	1964	1964	NUM
fbem-12596	74	30	.	.	PUNCT
fbem-12596	75	1	capm	capm	PROPN
fbem-12596	75	2	uses	use	VERB
fbem-12596	75	3	a	a	DET
fbem-12596	75	4	simple	simple	ADJ
fbem-12596	75	5	linear	linear	NOUN
fbem-12596	75	6	relationship	relationship	NOUN
fbem-12596	75	7	table	table	NOUN
fbem-12596	75	8	to	to	PART
fbem-12596	75	9	express	express	VERB
fbem-12596	75	10	the	the	DET
fbem-12596	75	11	theoretical	theoretical	ADJ
fbem-12596	75	12	relationship	relationship	NOUN
fbem-12596	75	13	between	between	ADP
fbem-12596	75	14	the	the	DET
fbem-12596	75	15	expected	expect	VERB
fbem-12596	75	16	return	return	NOUN
fbem-12596	75	17	of	of	ADP
fbem-12596	75	18	an	an	DET
fbem-12596	75	19	asset	asset	NOUN
fbem-12596	75	20	and	and	CCONJ
fbem-12596	75	21	its	its	PRON
fbem-12596	75	22	risk	risk	NOUN
fbem-12596	75	23	,	,	PUNCT
fbem-12596	75	24	which	which	PRON
fbem-12596	75	25	considers	consider	VERB
fbem-12596	75	26	the	the	DET
fbem-12596	75	27	relationship	relationship	NOUN
fbem-12596	75	28	between	between	ADP
fbem-12596	75	29	the	the	DET
fbem-12596	75	30	expected	expect	VERB
fbem-12596	75	31	return	return	NOUN
fbem-12596	75	32	of	of	ADP
fbem-12596	75	33	an	an	DET
fbem-12596	75	34	asset	asset	NOUN
fbem-12596	75	35	and	and	CCONJ
fbem-12596	75	36	the	the	DET
fbem-12596	75	37	sensitivity	sensitivity	NOUN
fbem-12596	75	38	of	of	ADP
fbem-12596	75	39	the	the	DET
fbem-12596	75	40	asset	asset	NOUN
fbem-12596	75	41	to	to	PART
fbem-12596	75	42	risk	risk	VERB
fbem-12596	75	43	β	β	NOUN
fbem-12596	75	44	there	there	PRON
fbem-12596	75	45	is	be	VERB
fbem-12596	75	46	a	a	DET
fbem-12596	75	47	positive	positive	ADJ
fbem-12596	75	48	correlation	correlation	NOUN
fbem-12596	75	49	between	between	ADP
fbem-12596	75	50	values	value	NOUN
fbem-12596	75	51	.	.	PUNCT
fbem-12596	76	1	the	the	DET
fbem-12596	76	2	b	b	X
fbem-12596	76	3	-	-	PUNCT
fbem-12596	76	4	l	l	NOUN
fbem-12596	76	5	model	model	NOUN
fbem-12596	76	6	proposed	propose	VERB
fbem-12596	76	7	by	by	ADP
fbem-12596	76	8	fisher	fisher	PROPN
fbem-12596	76	9	black	black	PROPN
fbem-12596	76	10	and	and	CCONJ
fbem-12596	76	11	robert	robert	PROPN
fbem-12596	76	12	litterman	litterman	PROPN
fbem-12596	76	13	in	in	ADP
fbem-12596	76	14	1992	1992	NUM
fbem-12596	76	15	further	far	ADV
fbem-12596	76	16	improved	improve	VERB
fbem-12596	76	17	markowitz	markowitz	PROPN
fbem-12596	76	18	's	's	PART
fbem-12596	76	19	mean	mean	ADJ
fbem-12596	76	20	variance	variance	NOUN
fbem-12596	76	21	method	method	NOUN
fbem-12596	76	22	,	,	PUNCT
fbem-12596	76	23	introducing	introduce	VERB
fbem-12596	76	24	subjective	subjective	ADJ
fbem-12596	76	25	considerations	consideration	NOUN
fbem-12596	76	26	from	from	ADP
fbem-12596	76	27	investors	investor	NOUN
fbem-12596	76	28	.	.	PUNCT
fbem-12596	77	1	the	the	DET
fbem-12596	77	2	historical	historical	ADJ
fbem-12596	77	3	data	datum	NOUN
fbem-12596	77	4	method	method	NOUN
fbem-12596	77	5	used	use	VERB
fbem-12596	77	6	in	in	ADP
fbem-12596	77	7	the	the	DET
fbem-12596	77	8	model	model	NOUN
fbem-12596	77	9	is	be	AUX
fbem-12596	77	10	more	more	ADV
fbem-12596	77	11	widely	widely	ADV
fbem-12596	77	12	used	use	VERB
fbem-12596	77	13	than	than	ADP
fbem-12596	77	14	the	the	DET
fbem-12596	77	15	overly	overly	ADV
fbem-12596	77	16	subjective	subjective	ADJ
fbem-12596	77	17	scenario	scenario	NOUN
fbem-12596	77	18	analysis	analysis	NOUN
fbem-12596	77	19	method	method	NOUN
fbem-12596	77	20	.	.	PUNCT
fbem-12596	78	1	however	however	ADV
fbem-12596	78	2	,	,	PUNCT
fbem-12596	78	3	in	in	ADP
fbem-12596	78	4	the	the	DET
fbem-12596	78	5	practical	practical	ADJ
fbem-12596	78	6	application	application	NOUN
fbem-12596	78	7	of	of	ADP
fbem-12596	78	8	asset	asset	NOUN
fbem-12596	78	9	allocation	allocation	NOUN
fbem-12596	78	10	,	,	PUNCT
fbem-12596	78	11	the	the	DET
fbem-12596	78	12	mean	mean	ADJ
fbem-12596	78	13	variance	variance	NOUN
fbem-12596	78	14	method	method	NOUN
fbem-12596	78	15	still	still	ADV
fbem-12596	78	16	has	have	VERB
fbem-12596	78	17	a	a	DET
fbem-12596	78	18	significant	significant	ADJ
fbem-12596	78	19	flaw	flaw	NOUN
fbem-12596	78	20	,	,	PUNCT
fbem-12596	78	21	as	as	SCONJ
fbem-12596	78	22	it	it	PRON
fbem-12596	78	23	can	can	AUX
fbem-12596	78	24	not	not	PART
fbem-12596	78	25	guarantee	guarantee	VERB
fbem-12596	78	26	sufficient	sufficient	ADJ
fbem-12596	78	27	diversification	diversification	NOUN
fbem-12596	78	28	of	of	ADP
fbem-12596	78	29	investment	investment	NOUN
fbem-12596	78	30	portfolio	portfolio	NOUN
fbem-12596	78	31	risks	risk	NOUN
fbem-12596	78	32	.	.	PUNCT
fbem-12596	79	1	in	in	ADP
fbem-12596	79	2	the	the	DET
fbem-12596	79	3	230	230	NUM
fbem-12596	79	4	1990s	1990	NOUN
fbem-12596	79	5	,	,	PUNCT
fbem-12596	79	6	the	the	DET
fbem-12596	79	7	all	all	ADJ
fbem-12596	79	8	-	-	PUNCT
fbem-12596	79	9	weather	weather	NOUN
fbem-12596	79	10	strategy	strategy	NOUN
fbem-12596	79	11	of	of	ADP
fbem-12596	79	12	qiaoshui	qiaoshui	PROPN
fbem-12596	79	13	fund	fund	NOUN
fbem-12596	79	14	involved	involve	VERB
fbem-12596	79	15	the	the	DET
fbem-12596	79	16	strategic	strategic	ADJ
fbem-12596	79	17	idea	idea	NOUN
fbem-12596	79	18	of	of	ADP
fbem-12596	79	19	risk	risk	NOUN
fbem-12596	79	20	parity	parity	NOUN
fbem-12596	79	21	.	.	PUNCT
fbem-12596	80	1	in	in	ADP
fbem-12596	80	2	2005	2005	NUM
fbem-12596	80	3	,	,	PUNCT
fbem-12596	80	4	dr	dr	PROPN
fbem-12596	80	5	.	.	PROPN
fbem-12596	80	6	qian	qian	PROPN
fbem-12596	80	7	enping	enpe	VERB
fbem-12596	80	8	of	of	ADP
fbem-12596	80	9	pan'an	pan'an	ADJ
fbem-12596	80	10	fund	fund	NOUN
fbem-12596	80	11	proposed	propose	VERB
fbem-12596	80	12	the	the	DET
fbem-12596	80	13	risk	risk	NOUN
fbem-12596	80	14	parity	parity	NOUN
fbem-12596	80	15	theory	theory	NOUN
fbem-12596	80	16	for	for	ADP
fbem-12596	80	17	the	the	DET
fbem-12596	80	18	first	first	ADJ
fbem-12596	80	19	time	time	NOUN
fbem-12596	80	20	,	,	PUNCT
fbem-12596	80	21	which	which	PRON
fbem-12596	80	22	introduced	introduce	VERB
fbem-12596	80	23	the	the	DET
fbem-12596	80	24	concept	concept	NOUN
fbem-12596	80	25	of	of	ADP
fbem-12596	80	26	risk	risk	NOUN
fbem-12596	80	27	contribution	contribution	NOUN
fbem-12596	80	28	and	and	CCONJ
fbem-12596	80	29	attempted	attempt	VERB
fbem-12596	80	30	to	to	PART
fbem-12596	80	31	make	make	VERB
fbem-12596	80	32	the	the	DET
fbem-12596	80	33	risk	risk	NOUN
fbem-12596	80	34	contribution	contribution	NOUN
fbem-12596	80	35	of	of	ADP
fbem-12596	80	36	various	various	ADJ
fbem-12596	80	37	assets	asset	NOUN
fbem-12596	80	38	equal	equal	ADJ
fbem-12596	80	39	in	in	ADP
fbem-12596	80	40	order	order	NOUN
fbem-12596	80	41	to	to	PART
fbem-12596	80	42	achieve	achieve	VERB
fbem-12596	80	43	sufficient	sufficient	ADJ
fbem-12596	80	44	risk	risk	NOUN
fbem-12596	80	45	diversification	diversification	NOUN
fbem-12596	80	46	.	.	PUNCT
fbem-12596	81	1	in	in	ADP
fbem-12596	81	2	2011	2011	NUM
fbem-12596	81	3	,	,	PUNCT
fbem-12596	81	4	denis	denis	PROPN
fbem-12596	81	5	chaves	chaves	PROPN
fbem-12596	81	6	et	et	PROPN
fbem-12596	81	7	al	al	PROPN
fbem-12596	81	8	.	.	PROPN
fbem-12596	81	9	analyzed	analyze	VERB
fbem-12596	81	10	and	and	CCONJ
fbem-12596	81	11	proposed	propose	VERB
fbem-12596	81	12	that	that	SCONJ
fbem-12596	81	13	the	the	DET
fbem-12596	81	14	advantage	advantage	NOUN
fbem-12596	81	15	of	of	ADP
fbem-12596	81	16	the	the	DET
fbem-12596	81	17	leveraged	leverage	VERB
fbem-12596	81	18	risk	risk	NOUN
fbem-12596	81	19	parity	parity	NOUN
fbem-12596	81	20	model	model	NOUN
fbem-12596	81	21	over	over	ADP
fbem-12596	81	22	the	the	DET
fbem-12596	81	23	mean	mean	ADJ
fbem-12596	81	24	variance	variance	NOUN
fbem-12596	81	25	model	model	NOUN
fbem-12596	81	26	is	be	AUX
fbem-12596	81	27	that	that	SCONJ
fbem-12596	81	28	investors	investor	NOUN
fbem-12596	81	29	do	do	AUX
fbem-12596	81	30	not	not	PART
fbem-12596	81	31	need	need	VERB
fbem-12596	81	32	to	to	PART
fbem-12596	81	33	form	form	VERB
fbem-12596	81	34	investment	investment	NOUN
fbem-12596	81	35	portfolios	portfolio	NOUN
fbem-12596	81	36	based	base	VERB
fbem-12596	81	37	on	on	ADP
fbem-12596	81	38	their	their	PRON
fbem-12596	81	39	return	return	NOUN
fbem-12596	81	40	assumptions	assumption	NOUN
fbem-12596	81	41	,	,	PUNCT
fbem-12596	81	42	which	which	PRON
fbem-12596	81	43	can	can	AUX
fbem-12596	81	44	to	to	ADP
fbem-12596	81	45	some	some	DET
fbem-12596	81	46	extent	extent	NOUN
fbem-12596	81	47	reduce	reduce	VERB
fbem-12596	81	48	the	the	DET
fbem-12596	81	49	risk	risk	NOUN
fbem-12596	81	50	of	of	ADP
fbem-12596	81	51	asset	asset	NOUN
fbem-12596	81	52	allocation	allocation	NOUN
fbem-12596	81	53	decision	decision	NOUN
fbem-12596	81	54	bias	bias	NOUN
fbem-12596	81	55	caused	cause	VERB
fbem-12596	81	56	by	by	ADP
fbem-12596	81	57	uncertainty	uncertainty	NOUN
fbem-12596	81	58	.	.	PUNCT
fbem-12596	82	1	in	in	ADP
fbem-12596	82	2	china	china	PROPN
fbem-12596	82	3	,	,	PUNCT
fbem-12596	82	4	in	in	ADP
fbem-12596	82	5	2014	2014	NUM
fbem-12596	82	6	,	,	PUNCT
fbem-12596	82	7	based	base	VERB
fbem-12596	82	8	on	on	ADP
fbem-12596	82	9	the	the	DET
fbem-12596	82	10	mean	mean	ADJ
fbem-12596	82	11	variance	variance	NOUN
fbem-12596	82	12	method	method	NOUN
fbem-12596	82	13	,	,	PUNCT
fbem-12596	82	14	li	li	PROPN
fbem-12596	82	15	jinxin	jinxin	PROPN
fbem-12596	82	16	,	,	PUNCT
fbem-12596	82	17	tu	tu	PROPN
fbem-12596	82	18	wei	wei	PROPN
fbem-12596	82	19	,	,	PUNCT
fbem-12596	82	20	wang	wang	PROPN
fbem-12596	82	21	zhiguo	zhiguo	PROPN
fbem-12596	82	22	,	,	PUNCT
fbem-12596	82	23	and	and	CCONJ
fbem-12596	82	24	zou	zou	PROPN
fbem-12596	82	25	hengfu	hengfu	PROPN
fbem-12596	82	26	et	et	PROPN
fbem-12596	82	27	al	al	PROPN
fbem-12596	82	28	.	.	PROPN
fbem-12596	83	1	compared	compare	VERB
fbem-12596	83	2	investment	investment	NOUN
fbem-12596	83	3	portfolios	portfolio	NOUN
fbem-12596	83	4	under	under	ADP
fbem-12596	83	5	equal	equal	ADJ
fbem-12596	83	6	weight	weight	NOUN
fbem-12596	83	7	strategy	strategy	NOUN
fbem-12596	83	8	,	,	PUNCT
fbem-12596	83	9	mean	mean	ADJ
fbem-12596	83	10	variance	variance	NOUN
fbem-12596	83	11	strategy	strategy	NOUN
fbem-12596	83	12	,	,	PUNCT
fbem-12596	83	13	bayesian	bayesian	NOUN
fbem-12596	83	14	strategy	strategy	NOUN
fbem-12596	83	15	,	,	PUNCT
fbem-12596	83	16	and	and	CCONJ
fbem-12596	83	17	minimum	minimum	ADJ
fbem-12596	83	18	variance	variance	NOUN
fbem-12596	83	19	strategy	strategy	NOUN
fbem-12596	83	20	through	through	ADP
fbem-12596	83	21	empirical	empirical	ADJ
fbem-12596	83	22	research	research	NOUN
fbem-12596	83	23	based	base	VERB
fbem-12596	83	24	on	on	ADP
fbem-12596	83	25	monthly	monthly	ADJ
fbem-12596	83	26	data	datum	NOUN
fbem-12596	83	27	from	from	ADP
fbem-12596	83	28	the	the	DET
fbem-12596	83	29	chinese	chinese	ADJ
fbem-12596	83	30	stock	stock	NOUN
fbem-12596	83	31	market	market	NOUN
fbem-12596	83	32	.	.	PUNCT
fbem-12596	84	1	the	the	DET
fbem-12596	84	2	results	result	NOUN
fbem-12596	84	3	showed	show	VERB
fbem-12596	84	4	that	that	SCONJ
fbem-12596	84	5	parameter	parameter	NOUN
fbem-12596	84	6	uncertainty	uncertainty	NOUN
fbem-12596	84	7	would	would	AUX
fbem-12596	84	8	affect	affect	VERB
fbem-12596	84	9	the	the	DET
fbem-12596	84	10	performance	performance	NOUN
fbem-12596	84	11	of	of	ADP
fbem-12596	84	12	mean	mean	ADJ
fbem-12596	84	13	variance	variance	NOUN
fbem-12596	84	14	strategy	strategy	NOUN
fbem-12596	84	15	,	,	PUNCT
fbem-12596	84	16	and	and	CCONJ
fbem-12596	84	17	among	among	ADP
fbem-12596	84	18	them	they	PRON
fbem-12596	84	19	,	,	PUNCT
fbem-12596	84	20	equal	equal	ADJ
fbem-12596	84	21	weight	weight	NOUN
fbem-12596	84	22	strategy	strategy	NOUN
fbem-12596	84	23	performed	perform	VERB
fbem-12596	84	24	the	the	DET
fbem-12596	84	25	best	good	ADJ
fbem-12596	84	26	,	,	PUNCT
fbem-12596	84	27	it	it	PRON
fbem-12596	84	28	can	can	AUX
fbem-12596	84	29	be	be	AUX
fbem-12596	84	30	considered	consider	VERB
fbem-12596	84	31	as	as	ADP
fbem-12596	84	32	a	a	DET
fbem-12596	84	33	performance	performance	NOUN
fbem-12596	84	34	comparison	comparison	NOUN
fbem-12596	84	35	benchmark	benchmark	NOUN
fbem-12596	84	36	for	for	ADP
fbem-12596	84	37	asset	asset	NOUN
fbem-12596	84	38	allocation	allocation	NOUN
fbem-12596	84	39	in	in	ADP
fbem-12596	84	40	the	the	DET
fbem-12596	84	41	chinese	chinese	ADJ
fbem-12596	84	42	market	market	NOUN
fbem-12596	84	43	.	.	PUNCT
fbem-12596	85	1	in	in	ADP
fbem-12596	85	2	2018	2018	NUM
fbem-12596	85	3	,	,	PUNCT
fbem-12596	85	4	zhang	zhang	PROPN
fbem-12596	85	5	li	li	PROPN
fbem-12596	85	6	applied	apply	VERB
fbem-12596	85	7	modern	modern	ADJ
fbem-12596	85	8	asset	asset	NOUN
fbem-12596	85	9	allocation	allocation	NOUN
fbem-12596	85	10	models	model	NOUN
fbem-12596	85	11	to	to	PART
fbem-12596	85	12	fofs	fofs	VERB
fbem-12596	85	13	.	.	PUNCT
fbem-12596	86	1	through	through	ADP
fbem-12596	86	2	extensive	extensive	ADJ
fbem-12596	86	3	empirical	empirical	ADJ
fbem-12596	86	4	analysis	analysis	NOUN
fbem-12596	86	5	,	,	PUNCT
fbem-12596	86	6	it	it	PRON
fbem-12596	86	7	was	be	AUX
fbem-12596	86	8	found	find	VERB
fbem-12596	86	9	that	that	SCONJ
fbem-12596	86	10	in	in	ADP
fbem-12596	86	11	the	the	DET
fbem-12596	86	12	absence	absence	NOUN
fbem-12596	86	13	of	of	ADP
fbem-12596	86	14	leverage	leverage	NOUN
fbem-12596	86	15	,	,	PUNCT
fbem-12596	86	16	the	the	DET
fbem-12596	86	17	minimum	minimum	ADJ
fbem-12596	86	18	variance	variance	NOUN
fbem-12596	86	19	model	model	NOUN
fbem-12596	86	20	performed	perform	VERB
fbem-12596	86	21	the	the	DET
fbem-12596	86	22	best	good	ADJ
fbem-12596	86	23	in	in	ADP
fbem-12596	86	24	the	the	DET
fbem-12596	86	25	equal	equal	ADJ
fbem-12596	86	26	weight	weight	NOUN
fbem-12596	86	27	model	model	NOUN
fbem-12596	86	28	,	,	PUNCT
fbem-12596	86	29	minimum	minimum	ADJ
fbem-12596	86	30	variance	variance	NOUN
fbem-12596	86	31	model	model	NOUN
fbem-12596	86	32	,	,	PUNCT
fbem-12596	86	33	and	and	CCONJ
fbem-12596	86	34	risk	risk	NOUN
fbem-12596	86	35	parity	parity	NOUN
fbem-12596	86	36	model	model	NOUN
fbem-12596	86	37	,	,	PUNCT
fbem-12596	86	38	but	but	CCONJ
fbem-12596	86	39	the	the	DET
fbem-12596	86	40	returns	return	NOUN
fbem-12596	86	41	were	be	AUX
fbem-12596	86	42	too	too	ADV
fbem-12596	86	43	low	low	ADJ
fbem-12596	86	44	.	.	PUNCT
fbem-12596	87	1	after	after	ADP
fbem-12596	87	2	adding	add	VERB
fbem-12596	87	3	leverage	leverage	NOUN
fbem-12596	87	4	,	,	PUNCT
fbem-12596	87	5	the	the	DET
fbem-12596	87	6	annualized	annualize	VERB
fbem-12596	87	7	returns	return	NOUN
fbem-12596	87	8	of	of	ADP
fbem-12596	87	9	the	the	DET
fbem-12596	87	10	investment	investment	NOUN
fbem-12596	87	11	portfolio	portfolio	NOUN
fbem-12596	87	12	constructed	construct	VERB
fbem-12596	87	13	by	by	ADP
fbem-12596	87	14	the	the	DET
fbem-12596	87	15	risk	risk	NOUN
fbem-12596	87	16	parity	parity	NOUN
fbem-12596	87	17	model	model	NOUN
fbem-12596	87	18	also	also	ADV
fbem-12596	87	19	continued	continue	VERB
fbem-12596	87	20	to	to	PART
fbem-12596	87	21	improve	improve	VERB
fbem-12596	87	22	,	,	PUNCT
fbem-12596	87	23	relatively	relatively	ADV
fbem-12596	87	24	speaking	speak	VERB
fbem-12596	87	25	,	,	PUNCT
fbem-12596	87	26	performing	perform	VERB
fbem-12596	87	27	the	the	DET
fbem-12596	87	28	best	good	ADJ
fbem-12596	87	29	.	.	PUNCT
fbem-12596	88	1	in	in	ADP
fbem-12596	88	2	2019	2019	NUM
fbem-12596	88	3	,	,	PUNCT
fbem-12596	88	4	zheng	zheng	PROPN
fbem-12596	88	5	xia	xia	PROPN
fbem-12596	88	6	,	,	PUNCT
fbem-12596	88	7	wang	wang	PROPN
fbem-12596	88	8	jin	jin	PROPN
fbem-12596	88	9	,	,	PUNCT
fbem-12596	88	10	li	li	PROPN
fbem-12596	88	11	yue	yue	PROPN
fbem-12596	88	12	,	,	PUNCT
fbem-12596	88	13	and	and	CCONJ
fbem-12596	88	14	cui	cui	VERB
fbem-12596	88	15	yujie	yujie	PROPN
fbem-12596	88	16	et	et	PROPN
fbem-12596	88	17	al	al	PROPN
fbem-12596	88	18	.	.	PROPN
fbem-12596	88	19	proposed	propose	VERB
fbem-12596	88	20	a	a	DET
fbem-12596	88	21	quantitative	quantitative	ADJ
fbem-12596	88	22	analysis	analysis	NOUN
fbem-12596	88	23	method	method	NOUN
fbem-12596	88	24	for	for	ADP
fbem-12596	88	25	fof	fof	ADJ
fbem-12596	88	26	fund	fund	NOUN
fbem-12596	88	27	investment	investment	NOUN
fbem-12596	88	28	using	use	VERB
fbem-12596	88	29	the	the	DET
fbem-12596	88	30	risk	risk	NOUN
fbem-12596	88	31	parity	parity	NOUN
fbem-12596	88	32	model	model	NOUN
fbem-12596	88	33	.	.	PUNCT
fbem-12596	89	1	based	base	VERB
fbem-12596	89	2	on	on	ADP
fbem-12596	89	3	the	the	DET
fbem-12596	89	4	construction	construction	NOUN
fbem-12596	89	5	of	of	ADP
fbem-12596	89	6	investment	investment	NOUN
fbem-12596	89	7	portfolios	portfolio	NOUN
fbem-12596	89	8	and	and	CCONJ
fbem-12596	89	9	empirical	empirical	ADJ
fbem-12596	89	10	analysis	analysis	NOUN
fbem-12596	89	11	,	,	PUNCT
fbem-12596	89	12	they	they	PRON
fbem-12596	89	13	believed	believe	VERB
fbem-12596	89	14	that	that	SCONJ
fbem-12596	89	15	although	although	SCONJ
fbem-12596	89	16	the	the	DET
fbem-12596	89	17	annualized	annualize	VERB
fbem-12596	89	18	return	return	NOUN
fbem-12596	89	19	of	of	ADP
fbem-12596	89	20	the	the	DET
fbem-12596	89	21	risk	risk	NOUN
fbem-12596	89	22	parity	parity	NOUN
fbem-12596	89	23	model	model	NOUN
fbem-12596	89	24	was	be	AUX
fbem-12596	89	25	lower	low	ADJ
fbem-12596	89	26	than	than	ADP
fbem-12596	89	27	that	that	PRON
fbem-12596	89	28	of	of	ADP
fbem-12596	89	29	the	the	DET
fbem-12596	89	30	equal	equal	ADJ
fbem-12596	89	31	weight	weight	NOUN
fbem-12596	89	32	model	model	NOUN
fbem-12596	89	33	,	,	PUNCT
fbem-12596	89	34	the	the	DET
fbem-12596	89	35	annualized	annualize	VERB
fbem-12596	89	36	volatility	volatility	NOUN
fbem-12596	89	37	and	and	CCONJ
fbem-12596	89	38	sharpe	sharpe	NOUN
fbem-12596	89	39	ratio	ratio	NOUN
fbem-12596	89	40	of	of	ADP
fbem-12596	89	41	the	the	DET
fbem-12596	89	42	risk	risk	NOUN
fbem-12596	89	43	parity	parity	NOUN
fbem-12596	89	44	model	model	NOUN
fbem-12596	89	45	were	be	AUX
fbem-12596	89	46	better	well	ADJ
fbem-12596	89	47	than	than	ADP
fbem-12596	89	48	those	those	PRON
fbem-12596	89	49	of	of	ADP
fbem-12596	89	50	the	the	DET
fbem-12596	89	51	equal	equal	ADJ
fbem-12596	89	52	weight	weight	NOUN
fbem-12596	89	53	model	model	NOUN
fbem-12596	89	54	,	,	PUNCT
fbem-12596	89	55	this	this	PRON
fbem-12596	89	56	indicates	indicate	VERB
fbem-12596	89	57	that	that	SCONJ
fbem-12596	89	58	the	the	DET
fbem-12596	89	59	risk	risk	NOUN
fbem-12596	89	60	parity	parity	NOUN
fbem-12596	89	61	model	model	NOUN
fbem-12596	89	62	performs	perform	VERB
fbem-12596	89	63	well	well	ADV
fbem-12596	89	64	in	in	ADP
fbem-12596	89	65	dispersing	disperse	VERB
fbem-12596	89	66	risk	risk	NOUN
fbem-12596	89	67	but	but	CCONJ
fbem-12596	89	68	has	have	VERB
fbem-12596	89	69	poor	poor	ADJ
fbem-12596	89	70	profitability	profitability	NOUN
fbem-12596	89	71	.	.	PUNCT
fbem-12596	90	1	3	3	X
fbem-12596	90	2	.	.	X
fbem-12596	90	3	asset	asset	NOUN
fbem-12596	90	4	allocation	allocation	NOUN
fbem-12596	90	5	methods	method	NOUN
fbem-12596	90	6	and	and	CCONJ
fbem-12596	90	7	performance	performance	NOUN
fbem-12596	90	8	evaluation	evaluation	NOUN
fbem-12596	90	9	indicators	indicator	NOUN
fbem-12596	90	10	3.1	3.1	NUM
fbem-12596	90	11	.	.	PUNCT
fbem-12596	91	1	asset	asset	NOUN
fbem-12596	91	2	allocation	allocation	NOUN
fbem-12596	91	3	methods	method	NOUN
fbem-12596	91	4	the	the	DET
fbem-12596	91	5	three	three	NUM
fbem-12596	91	6	asset	asset	NOUN
fbem-12596	91	7	allocation	allocation	NOUN
fbem-12596	91	8	models	model	NOUN
fbem-12596	91	9	used	use	VERB
fbem-12596	91	10	in	in	ADP
fbem-12596	91	11	the	the	DET
fbem-12596	91	12	empirical	empirical	ADJ
fbem-12596	91	13	analysis	analysis	NOUN
fbem-12596	91	14	section	section	NOUN
fbem-12596	91	15	of	of	ADP
fbem-12596	91	16	this	this	DET
fbem-12596	91	17	article	article	NOUN
fbem-12596	91	18	are	be	AUX
fbem-12596	91	19	the	the	DET
fbem-12596	91	20	equal	equal	ADJ
fbem-12596	91	21	weight	weight	NOUN
fbem-12596	91	22	model	model	NOUN
fbem-12596	91	23	,	,	PUNCT
fbem-12596	91	24	the	the	DET
fbem-12596	91	25	equal	equal	ADJ
fbem-12596	91	26	volatility	volatility	NOUN
fbem-12596	91	27	model	model	NOUN
fbem-12596	91	28	,	,	PUNCT
fbem-12596	91	29	and	and	CCONJ
fbem-12596	91	30	the	the	DET
fbem-12596	91	31	risk	risk	NOUN
fbem-12596	91	32	parity	parity	NOUN
fbem-12596	91	33	model	model	NOUN
fbem-12596	91	34	.	.	PUNCT
fbem-12596	92	1	this	this	DET
fbem-12596	92	2	section	section	NOUN
fbem-12596	92	3	aims	aim	VERB
fbem-12596	92	4	to	to	PART
fbem-12596	92	5	clarify	clarify	VERB
fbem-12596	92	6	the	the	DET
fbem-12596	92	7	construction	construction	NOUN
fbem-12596	92	8	methods	method	NOUN
fbem-12596	92	9	of	of	ADP
fbem-12596	92	10	each	each	DET
fbem-12596	92	11	model	model	NOUN
fbem-12596	92	12	and	and	CCONJ
fbem-12596	92	13	provide	provide	VERB
fbem-12596	92	14	a	a	DET
fbem-12596	92	15	brief	brief	ADJ
fbem-12596	92	16	analysis	analysis	NOUN
fbem-12596	92	17	,	,	PUNCT
fbem-12596	92	18	mainly	mainly	ADV
fbem-12596	92	19	introducing	introduce	VERB
fbem-12596	92	20	the	the	DET
fbem-12596	92	21	risk	risk	NOUN
fbem-12596	92	22	parity	parity	NOUN
fbem-12596	92	23	combination	combination	NOUN
fbem-12596	92	24	.	.	PUNCT
fbem-12596	93	1	3.1.1	3.1.1	X
fbem-12596	93	2	.	.	PUNCT
fbem-12596	93	3	equal	equal	ADJ
fbem-12596	93	4	weight	weight	NOUN
fbem-12596	93	5	model	model	NOUN
fbem-12596	93	6	the	the	DET
fbem-12596	93	7	equal	equal	ADJ
fbem-12596	93	8	weight	weight	NOUN
fbem-12596	93	9	model	model	NOUN
fbem-12596	93	10	is	be	AUX
fbem-12596	93	11	the	the	DET
fbem-12596	93	12	most	most	ADV
fbem-12596	93	13	convenient	convenient	ADJ
fbem-12596	93	14	and	and	CCONJ
fbem-12596	93	15	feasible	feasible	ADJ
fbem-12596	93	16	asset	asset	NOUN
fbem-12596	93	17	allocation	allocation	NOUN
fbem-12596	93	18	method	method	NOUN
fbem-12596	93	19	for	for	ADP
fbem-12596	93	20	investors	investor	NOUN
fbem-12596	93	21	.	.	PUNCT
fbem-12596	94	1	the	the	DET
fbem-12596	94	2	equal	equal	ADJ
fbem-12596	94	3	weight	weight	NOUN
fbem-12596	94	4	model	model	NOUN
fbem-12596	94	5	,	,	PUNCT
fbem-12596	94	6	also	also	ADV
fbem-12596	94	7	known	know	VERB
fbem-12596	94	8	as	as	ADP
fbem-12596	94	9	the	the	DET
fbem-12596	94	10	constant	constant	ADJ
fbem-12596	94	11	proportion	proportion	NOUN
fbem-12596	94	12	investment	investment	NOUN
fbem-12596	94	13	method	method	NOUN
fbem-12596	94	14	,	,	PUNCT
fbem-12596	94	15	directly	directly	ADV
fbem-12596	94	16	assigns	assign	VERB
fbem-12596	94	17	the	the	DET
fbem-12596	94	18	same	same	ADJ
fbem-12596	94	19	weight	weight	NOUN
fbem-12596	94	20	to	to	ADP
fbem-12596	94	21	each	each	DET
fbem-12596	94	22	underlying	underlie	VERB
fbem-12596	94	23	asset	asset	NOUN
fbem-12596	94	24	without	without	ADP
fbem-12596	94	25	considering	consider	VERB
fbem-12596	94	26	issues	issue	NOUN
fbem-12596	94	27	such	such	ADJ
fbem-12596	94	28	as	as	ADP
fbem-12596	94	29	risk	risk	NOUN
fbem-12596	94	30	and	and	CCONJ
fbem-12596	94	31	expected	expect	VERB
fbem-12596	94	32	return	return	NOUN
fbem-12596	94	33	.	.	PUNCT
fbem-12596	95	1	the	the	DET
fbem-12596	95	2	threshold	threshold	NOUN
fbem-12596	95	3	for	for	ADP
fbem-12596	95	4	understanding	understanding	NOUN
fbem-12596	95	5	and	and	CCONJ
fbem-12596	95	6	application	application	NOUN
fbem-12596	95	7	is	be	AUX
fbem-12596	95	8	very	very	ADV
fbem-12596	95	9	small	small	ADJ
fbem-12596	95	10	,	,	PUNCT
fbem-12596	95	11	and	and	CCONJ
fbem-12596	95	12	the	the	DET
fbem-12596	95	13	calculation	calculation	NOUN
fbem-12596	95	14	and	and	CCONJ
fbem-12596	95	15	operating	operating	NOUN
fbem-12596	95	16	costs	cost	NOUN
fbem-12596	95	17	are	be	AUX
fbem-12596	95	18	extremely	extremely	ADV
fbem-12596	95	19	low	low	ADJ
fbem-12596	95	20	.	.	PUNCT
fbem-12596	96	1	the	the	DET
fbem-12596	96	2	formula	formula	NOUN
fbem-12596	96	3	for	for	ADP
fbem-12596	96	4	calculating	calculate	VERB
fbem-12596	96	5	the	the	DET
fbem-12596	96	6	weight	weight	NOUN
fbem-12596	96	7	is	be	AUX
fbem-12596	96	8	as	as	SCONJ
fbem-12596	96	9	follows	follow	VERB
fbem-12596	96	10	:	:	PUNCT
fbem-12596	96	11	ω	ω	NUM
fbem-12596	96	12	(	(	PUNCT
fbem-12596	96	13	1	1	NUM
fbem-12596	96	14	)	)	PUNCT
fbem-12596	96	15	where	where	SCONJ
fbem-12596	96	16	n	n	PRON
fbem-12596	96	17	is	be	AUX
fbem-12596	96	18	the	the	DET
fbem-12596	96	19	total	total	ADJ
fbem-12596	96	20	number	number	NOUN
fbem-12596	96	21	of	of	ADP
fbem-12596	96	22	types	type	NOUN
fbem-12596	96	23	of	of	ADP
fbem-12596	96	24	underlying	underlie	VERB
fbem-12596	96	25	assets	asset	NOUN
fbem-12596	96	26	,	,	PUNCT
fbem-12596	96	27	ωi	ωi	X
fbem-12596	96	28	is	be	AUX
fbem-12596	96	29	the	the	DET
fbem-12596	96	30	weight	weight	NOUN
fbem-12596	96	31	of	of	ADP
fbem-12596	96	32	any	any	DET
fbem-12596	96	33	underlying	underlying	ADJ
fbem-12596	96	34	asset	asset	NOUN
fbem-12596	96	35	.	.	PUNCT
fbem-12596	97	1	the	the	DET
fbem-12596	97	2	equal	equal	ADJ
fbem-12596	97	3	weight	weight	NOUN
fbem-12596	97	4	model	model	NOUN
fbem-12596	97	5	and	and	CCONJ
fbem-12596	97	6	the	the	DET
fbem-12596	97	7	40	40	NUM
fbem-12596	97	8	-	-	SYM
fbem-12596	97	9	60	60	NUM
fbem-12596	97	10	rule	rule	NOUN
fbem-12596	97	11	are	be	AUX
fbem-12596	97	12	collectively	collectively	ADV
fbem-12596	97	13	referred	refer	VERB
fbem-12596	97	14	to	to	ADP
fbem-12596	97	15	as	as	ADP
fbem-12596	97	16	constant	constant	ADJ
fbem-12596	97	17	mixed	mixed	ADJ
fbem-12596	97	18	strategies	strategy	NOUN
fbem-12596	97	19	.	.	PUNCT
fbem-12596	98	1	although	although	SCONJ
fbem-12596	98	2	their	their	PRON
fbem-12596	98	3	advantages	advantage	NOUN
fbem-12596	98	4	are	be	AUX
fbem-12596	98	5	obvious	obvious	ADJ
fbem-12596	98	6	,	,	PUNCT
fbem-12596	98	7	their	their	PRON
fbem-12596	98	8	disadvantages	disadvantage	NOUN
fbem-12596	98	9	are	be	AUX
fbem-12596	98	10	equally	equally	ADV
fbem-12596	98	11	prominent	prominent	ADJ
fbem-12596	98	12	.	.	PUNCT
fbem-12596	99	1	they	they	PRON
fbem-12596	99	2	are	be	AUX
fbem-12596	99	3	rigid	rigid	ADJ
fbem-12596	99	4	,	,	PUNCT
fbem-12596	99	5	making	make	VERB
fbem-12596	99	6	it	it	PRON
fbem-12596	99	7	difficult	difficult	ADJ
fbem-12596	99	8	to	to	PART
fbem-12596	99	9	make	make	VERB
fbem-12596	99	10	timely	timely	ADJ
fbem-12596	99	11	adjustments	adjustment	NOUN
fbem-12596	99	12	and	and	CCONJ
fbem-12596	99	13	reactions	reaction	NOUN
fbem-12596	99	14	when	when	SCONJ
fbem-12596	99	15	the	the	DET
fbem-12596	99	16	market	market	NOUN
fbem-12596	99	17	environment	environment	NOUN
fbem-12596	99	18	undergoes	undergo	VERB
fbem-12596	99	19	significant	significant	ADJ
fbem-12596	99	20	changes	change	NOUN
fbem-12596	99	21	.	.	PUNCT
fbem-12596	100	1	even	even	ADV
fbem-12596	100	2	if	if	SCONJ
fbem-12596	100	3	there	there	PRON
fbem-12596	100	4	are	be	VERB
fbem-12596	100	5	many	many	ADJ
fbem-12596	100	6	types	type	NOUN
fbem-12596	100	7	of	of	ADP
fbem-12596	100	8	underlying	underlie	VERB
fbem-12596	100	9	assets	asset	NOUN
fbem-12596	100	10	,	,	PUNCT
fbem-12596	100	11	they	they	PRON
fbem-12596	100	12	may	may	AUX
fbem-12596	100	13	not	not	PART
fbem-12596	100	14	be	be	AUX
fbem-12596	100	15	able	able	ADJ
fbem-12596	100	16	to	to	PART
fbem-12596	100	17	fully	fully	ADV
fbem-12596	100	18	disperse	disperse	VERB
fbem-12596	100	19	risks	risk	NOUN
fbem-12596	100	20	,	,	PUNCT
fbem-12596	100	21	and	and	CCONJ
fbem-12596	100	22	asset	asset	NOUN
fbem-12596	100	23	portfolios	portfolio	NOUN
fbem-12596	100	24	are	be	AUX
fbem-12596	100	25	difficult	difficult	ADJ
fbem-12596	100	26	to	to	PART
fbem-12596	100	27	achieve	achieve	VERB
fbem-12596	100	28	both	both	CCONJ
fbem-12596	100	29	offensive	offensive	ADJ
fbem-12596	100	30	and	and	CCONJ
fbem-12596	100	31	defensive	defensive	ADJ
fbem-12596	100	32	qualities	quality	NOUN
fbem-12596	100	33	.	.	PUNCT
fbem-12596	101	1	3.1.2	3.1.2	X
fbem-12596	101	2	.	.	PUNCT
fbem-12596	101	3	equal	equal	ADJ
fbem-12596	101	4	volatility	volatility	NOUN
fbem-12596	101	5	model	model	NOUN
fbem-12596	101	6	a	a	DET
fbem-12596	101	7	commonly	commonly	ADV
fbem-12596	101	8	used	use	VERB
fbem-12596	101	9	approach	approach	NOUN
fbem-12596	101	10	is	be	AUX
fbem-12596	101	11	to	to	PART
fbem-12596	101	12	measure	measure	VERB
fbem-12596	101	13	the	the	DET
fbem-12596	101	14	variance	variance	NOUN
fbem-12596	101	15	or	or	CCONJ
fbem-12596	101	16	volatility	volatility	NOUN
fbem-12596	101	17	of	of	ADP
fbem-12596	101	18	asset	asset	NOUN
fbem-12596	101	19	or	or	CCONJ
fbem-12596	101	20	portfolio	portfolio	NOUN
fbem-12596	101	21	returns	return	NOUN
fbem-12596	101	22	to	to	PART
fbem-12596	101	23	measure	measure	VERB
fbem-12596	101	24	their	their	PRON
fbem-12596	101	25	risk	risk	NOUN
fbem-12596	101	26	level	level	NOUN
fbem-12596	101	27	.	.	PUNCT
fbem-12596	102	1	the	the	DET
fbem-12596	102	2	corresponding	corresponding	ADJ
fbem-12596	102	3	risk	risk	NOUN
fbem-12596	102	4	of	of	ADP
fbem-12596	102	5	high	high	ADJ
fbem-12596	102	6	volatility	volatility	NOUN
fbem-12596	102	7	is	be	AUX
fbem-12596	102	8	also	also	ADV
fbem-12596	102	9	considered	consider	VERB
fbem-12596	102	10	high	high	ADJ
fbem-12596	102	11	.	.	PUNCT
fbem-12596	103	1	therefore	therefore	ADV
fbem-12596	103	2	,	,	PUNCT
fbem-12596	103	3	a	a	DET
fbem-12596	103	4	reasonable	reasonable	ADJ
fbem-12596	103	5	approach	approach	NOUN
fbem-12596	103	6	is	be	AUX
fbem-12596	103	7	to	to	PART
fbem-12596	103	8	increase	increase	VERB
fbem-12596	103	9	the	the	DET
fbem-12596	103	10	proportion	proportion	NOUN
fbem-12596	103	11	of	of	ADP
fbem-12596	103	12	assets	asset	NOUN
fbem-12596	103	13	with	with	ADP
fbem-12596	103	14	low	low	ADJ
fbem-12596	103	15	volatility	volatility	NOUN
fbem-12596	103	16	in	in	ADP
fbem-12596	103	17	the	the	DET
fbem-12596	103	18	asset	asset	NOUN
fbem-12596	103	19	portfolio	portfolio	NOUN
fbem-12596	103	20	,	,	PUNCT
fbem-12596	103	21	reduce	reduce	VERB
fbem-12596	103	22	or	or	CCONJ
fbem-12596	103	23	even	even	ADV
fbem-12596	103	24	not	not	PART
fbem-12596	103	25	hold	hold	VERB
fbem-12596	103	26	assets	asset	NOUN
fbem-12596	103	27	with	with	ADP
fbem-12596	103	28	high	high	ADJ
fbem-12596	103	29	volatility	volatility	NOUN
fbem-12596	103	30	.	.	PUNCT
fbem-12596	104	1	this	this	PRON
fbem-12596	104	2	leads	lead	VERB
fbem-12596	104	3	to	to	ADP
fbem-12596	104	4	the	the	DET
fbem-12596	104	5	equivalent	equivalent	ADJ
fbem-12596	104	6	volatility	volatility	NOUN
fbem-12596	104	7	model	model	NOUN
fbem-12596	104	8	,	,	PUNCT
fbem-12596	104	9	and	and	CCONJ
fbem-12596	104	10	the	the	DET
fbem-12596	104	11	weight	weight	NOUN
fbem-12596	104	12	calculation	calculation	NOUN
fbem-12596	104	13	formula	formula	NOUN
fbem-12596	104	14	is	be	AUX
fbem-12596	104	15	as	as	SCONJ
fbem-12596	104	16	follows	follow	VERB
fbem-12596	104	17	:	:	PUNCT
fbem-12596	104	18	ω	ω	PROPN
fbem-12596	104	19	σ	σ	PROPN
fbem-12596	104	20	ω	ω	PROPN
fbem-12596	104	21	σ	σ	X
fbem-12596	104	22	(	(	PUNCT
fbem-12596	104	23	2	2	NUM
fbem-12596	104	24	)	)	PUNCT
fbem-12596	104	25	among	among	ADP
fbem-12596	104	26	ωi	ωi	PROPN
fbem-12596	104	27	and	and	CCONJ
fbem-12596	104	28	ωj	ωj	PROPN
fbem-12596	104	29	represents	represent	VERB
fbem-12596	104	30	the	the	DET
fbem-12596	104	31	weight	weight	NOUN
fbem-12596	104	32	of	of	ADP
fbem-12596	104	33	different	different	ADJ
fbem-12596	104	34	assets	asset	NOUN
fbem-12596	104	35	in	in	ADP
fbem-12596	104	36	the	the	DET
fbem-12596	104	37	asset	asset	NOUN
fbem-12596	104	38	portfolio	portfolio	NOUN
fbem-12596	104	39	,	,	PUNCT
fbem-12596	104	40	σi	σi	PRON
fbem-12596	104	41	and	and	CCONJ
fbem-12596	104	42	σj	σj	VERB
fbem-12596	104	43	represents	represent	VERB
fbem-12596	104	44	the	the	DET
fbem-12596	104	45	volatility	volatility	NOUN
fbem-12596	104	46	of	of	ADP
fbem-12596	104	47	the	the	DET
fbem-12596	104	48	corresponding	corresponding	ADJ
fbem-12596	104	49	asset	asset	NOUN
fbem-12596	104	50	.	.	PUNCT
fbem-12596	105	1	after	after	ADP
fbem-12596	105	2	simplification	simplification	NOUN
fbem-12596	105	3	,	,	PUNCT
fbem-12596	105	4	it	it	PRON
fbem-12596	105	5	can	can	AUX
fbem-12596	105	6	be	be	AUX
fbem-12596	105	7	concluded	conclude	VERB
fbem-12596	105	8	that	that	SCONJ
fbem-12596	105	9	:	:	PUNCT
fbem-12596	105	10	ω	ω	X
fbem-12596	105	11	∑	∑	PUNCT
fbem-12596	105	12	(	(	PUNCT
fbem-12596	105	13	3	3	NUM
fbem-12596	105	14	)	)	PUNCT
fbem-12596	105	15	where	where	SCONJ
fbem-12596	105	16	n	n	PRON
fbem-12596	105	17	is	be	AUX
fbem-12596	105	18	the	the	DET
fbem-12596	105	19	total	total	ADJ
fbem-12596	105	20	number	number	NOUN
fbem-12596	105	21	of	of	ADP
fbem-12596	105	22	types	type	NOUN
fbem-12596	105	23	of	of	ADP
fbem-12596	105	24	underlying	underlie	VERB
fbem-12596	105	25	assets	asset	NOUN
fbem-12596	105	26	.	.	PUNCT
fbem-12596	106	1	it	it	PRON
fbem-12596	106	2	can	can	AUX
fbem-12596	106	3	be	be	AUX
fbem-12596	106	4	seen	see	VERB
fbem-12596	106	5	that	that	SCONJ
fbem-12596	106	6	the	the	DET
fbem-12596	106	7	proportion	proportion	NOUN
fbem-12596	106	8	of	of	ADP
fbem-12596	106	9	the	the	DET
fbem-12596	106	10	underlying	underlie	VERB
fbem-12596	106	11	asset	asset	NOUN
fbem-12596	106	12	in	in	ADP
fbem-12596	106	13	the	the	DET
fbem-12596	106	14	equal	equal	ADJ
fbem-12596	106	15	volatility	volatility	NOUN
fbem-12596	106	16	model	model	NOUN
fbem-12596	106	17	decreases	decrease	VERB
fbem-12596	106	18	as	as	ADP
fbem-12596	106	19	its	its	PRON
fbem-12596	106	20	volatility	volatility	NOUN
fbem-12596	106	21	increases	increase	NOUN
fbem-12596	106	22	,	,	PUNCT
fbem-12596	106	23	and	and	CCONJ
fbem-12596	106	24	the	the	DET
fbem-12596	106	25	weight	weight	NOUN
fbem-12596	106	26	is	be	AUX
fbem-12596	106	27	inversely	inversely	ADV
fbem-12596	106	28	proportional	proportional	ADJ
fbem-12596	106	29	to	to	ADP
fbem-12596	106	30	the	the	DET
fbem-12596	106	31	volatility	volatility	NOUN
fbem-12596	106	32	.	.	PUNCT
fbem-12596	107	1	3.1.3	3.1.3	NUM
fbem-12596	107	2	.	.	PUNCT
fbem-12596	107	3	risk	risk	NOUN
fbem-12596	107	4	parity	parity	NOUN
fbem-12596	107	5	model	model	NOUN
fbem-12596	107	6	the	the	DET
fbem-12596	107	7	all	all	DET
fbem-12596	107	8	-	-	PUNCT
fbem-12596	107	9	weather	weather	NOUN
fbem-12596	107	10	strategy	strategy	NOUN
fbem-12596	107	11	of	of	ADP
fbem-12596	107	12	qiaoshui	qiaoshui	PROPN
fbem-12596	107	13	fund	fund	NOUN
fbem-12596	107	14	in	in	ADP
fbem-12596	107	15	the	the	DET
fbem-12596	107	16	1990s	1990	NOUN
fbem-12596	107	17	involved	involve	VERB
fbem-12596	107	18	the	the	DET
fbem-12596	107	19	idea	idea	NOUN
fbem-12596	107	20	of	of	ADP
fbem-12596	107	21	risk	risk	NOUN
fbem-12596	107	22	parity	parity	NOUN
fbem-12596	107	23	,	,	PUNCT
fbem-12596	107	24	and	and	CCONJ
fbem-12596	107	25	the	the	DET
fbem-12596	107	26	true	true	ADJ
fbem-12596	107	27	birth	birth	NOUN
fbem-12596	107	28	of	of	ADP
fbem-12596	107	29	risk	risk	NOUN
fbem-12596	107	30	parity	parity	NOUN
fbem-12596	107	31	theory	theory	NOUN
fbem-12596	107	32	originated	originate	VERB
fbem-12596	107	33	from	from	ADP
fbem-12596	107	34	a	a	DET
fbem-12596	107	35	paper	paper	NOUN
fbem-12596	107	36	published	publish	VERB
fbem-12596	107	37	by	by	ADP
fbem-12596	107	38	dr	dr	PROPN
fbem-12596	107	39	.	.	PROPN
fbem-12596	107	40	qian	qian	PROPN
fbem-12596	107	41	enping	enpe	VERB
fbem-12596	107	42	of	of	ADP
fbem-12596	107	43	pan'an	pan'an	ADJ
fbem-12596	107	44	fund	fund	NOUN
fbem-12596	107	45	,	,	PUNCT
fbem-12596	107	46	the	the	DET
fbem-12596	107	47	father	father	NOUN
fbem-12596	107	48	of	of	ADP
fbem-12596	107	49	risk	risk	NOUN
fbem-12596	107	50	parity	parity	NOUN
fbem-12596	107	51	,	,	PUNCT
fbem-12596	107	52	in	in	ADP
fbem-12596	107	53	2005	2005	NUM
fbem-12596	107	54	.	.	PUNCT
fbem-12596	108	1	on	on	ADP
fbem-12596	108	2	the	the	DET
fbem-12596	108	3	basis	basis	NOUN
fbem-12596	108	4	of	of	ADP
fbem-12596	108	5	analyzing	analyze	VERB
fbem-12596	108	6	the	the	DET
fbem-12596	108	7	development	development	NOUN
fbem-12596	108	8	process	process	NOUN
fbem-12596	108	9	of	of	ADP
fbem-12596	108	10	asset	asset	NOUN
fbem-12596	108	11	allocation	allocation	NOUN
fbem-12596	108	12	theory	theory	NOUN
fbem-12596	108	13	,	,	PUNCT
fbem-12596	108	14	he	he	PRON
fbem-12596	108	15	systematically	systematically	ADV
fbem-12596	108	16	proposed	propose	VERB
fbem-12596	108	17	the	the	DET
fbem-12596	108	18	risk	risk	NOUN
fbem-12596	108	19	parity	parity	NOUN
fbem-12596	108	20	theory	theory	NOUN
fbem-12596	108	21	,	,	PUNCT
fbem-12596	108	22	which	which	PRON
fbem-12596	108	23	does	do	AUX
fbem-12596	108	24	not	not	PART
fbem-12596	108	25	consider	consider	VERB
fbem-12596	108	26	the	the	DET
fbem-12596	108	27	return	return	NOUN
fbem-12596	108	28	rate	rate	NOUN
fbem-12596	108	29	of	of	ADP
fbem-12596	108	30	each	each	DET
fbem-12596	108	31	underlying	underlie	VERB
fbem-12596	108	32	asset	asset	NOUN
fbem-12596	108	33	and	and	CCONJ
fbem-12596	108	34	only	only	ADV
fbem-12596	108	35	determines	determine	VERB
fbem-12596	108	36	the	the	DET
fbem-12596	108	37	investment	investment	NOUN
fbem-12596	108	38	weight	weight	NOUN
fbem-12596	108	39	by	by	ADP
fbem-12596	108	40	making	make	VERB
fbem-12596	108	41	the	the	DET
fbem-12596	108	42	contribution	contribution	NOUN
fbem-12596	108	43	of	of	ADP
fbem-12596	108	44	each	each	DET
fbem-12596	108	45	asset	asset	NOUN
fbem-12596	108	46	to	to	ADP
fbem-12596	108	47	the	the	DET
fbem-12596	108	48	portfolio	portfolio	NOUN
fbem-12596	108	49	risk	risk	NOUN
fbem-12596	108	50	equal	equal	ADJ
fbem-12596	108	51	,	,	PUNCT
fbem-12596	108	52	thereby	thereby	ADV
fbem-12596	108	53	controlling	control	VERB
fbem-12596	108	54	the	the	DET
fbem-12596	108	55	total	total	ADJ
fbem-12596	108	56	risk	risk	NOUN
fbem-12596	108	57	of	of	ADP
fbem-12596	108	58	the	the	DET
fbem-12596	108	59	investment	investment	NOUN
fbem-12596	108	60	portfolio	portfolio	NOUN
fbem-12596	108	61	.	.	PUNCT
fbem-12596	109	1	taking	take	VERB
fbem-12596	109	2	an	an	DET
fbem-12596	109	3	investment	investment	NOUN
fbem-12596	109	4	portfolio	portfolio	NOUN
fbem-12596	109	5	containing	contain	VERB
fbem-12596	109	6	n	n	CCONJ
fbem-12596	109	7	assets	asset	NOUN
fbem-12596	109	8	as	as	ADP
fbem-12596	109	9	an	an	DET
fbem-12596	109	10	example	example	NOUN
fbem-12596	109	11	:	:	PUNCT
fbem-12596	109	12	r	r	NOUN
fbem-12596	109	13	∑	∑	PROPN
fbem-12596	109	14	ω	ω	NUM
fbem-12596	109	15	r	r	NOUN
fbem-12596	109	16	(	(	PUNCT
fbem-12596	109	17	4	4	NUM
fbem-12596	109	18	)	)	PUNCT
fbem-12596	109	19	among	among	ADP
fbem-12596	109	20	them	they	PRON
fbem-12596	109	21	,	,	PUNCT
fbem-12596	109	22	rp	rp	PROPN
fbem-12596	109	23	is	be	AUX
fbem-12596	109	24	the	the	DET
fbem-12596	109	25	return	return	NOUN
fbem-12596	109	26	on	on	ADP
fbem-12596	109	27	the	the	DET
fbem-12596	109	28	investment	investment	NOUN
fbem-12596	109	29	portfolio	portfolio	NOUN
fbem-12596	109	30	,	,	PUNCT
fbem-12596	109	31	and	and	CCONJ
fbem-12596	109	32	ri	ri	PROPN
fbem-12596	109	33	is	be	AUX
fbem-12596	109	34	the	the	DET
fbem-12596	109	35	return	return	NOUN
fbem-12596	109	36	on	on	ADP
fbem-12596	109	37	the	the	DET
fbem-12596	109	38	i	i	PROPN
fbem-12596	109	39	-	-	PUNCT
fbem-12596	109	40	th	th	X
fbem-12596	109	41	asset	asset	NOUN
fbem-12596	109	42	,	,	PUNCT
fbem-12596	109	43	ωi	ωi	X
fbem-12596	109	44	is	be	AUX
fbem-12596	109	45	the	the	DET
fbem-12596	109	46	proportion	proportion	NOUN
fbem-12596	109	47	of	of	ADP
fbem-12596	109	48	the	the	DET
fbem-12596	109	49	i	i	PROPN
fbem-12596	109	50	-	-	PUNCT
fbem-12596	109	51	th	th	X
fbem-12596	109	52	asset	asset	NOUN
fbem-12596	109	53	in	in	ADP
fbem-12596	109	54	the	the	DET
fbem-12596	109	55	investment	investment	NOUN
fbem-12596	109	56	portfolio	portfolio	NOUN
fbem-12596	109	57	,	,	PUNCT
fbem-12596	109	58	and	and	CCONJ
fbem-12596	109	59	satisfies	satisfie	NOUN
fbem-12596	109	60	:	:	PUNCT
fbem-12596	109	61	∑	∑	PROPN
fbem-12596	109	62	ω	ω	NUM
fbem-12596	109	63	1	1	NUM
fbem-12596	109	64	(	(	PUNCT
fbem-12596	109	65	5	5	NUM
fbem-12596	109	66	)	)	PUNCT
fbem-12596	109	67	in	in	ADP
fbem-12596	109	68	the	the	DET
fbem-12596	109	69	risk	risk	NOUN
fbem-12596	109	70	parity	parity	NOUN
fbem-12596	109	71	model	model	NOUN
fbem-12596	109	72	,	,	PUNCT
fbem-12596	109	73	the	the	DET
fbem-12596	109	74	standard	standard	ADJ
fbem-12596	109	75	deviation	deviation	NOUN
fbem-12596	109	76	of	of	ADP
fbem-12596	109	77	asset	asset	NOUN
fbem-12596	109	78	return	return	NOUN
fbem-12596	109	79	is	be	AUX
fbem-12596	109	80	used	use	VERB
fbem-12596	109	81	to	to	PART
fbem-12596	109	82	measure	measure	VERB
fbem-12596	109	83	risk	risk	NOUN
fbem-12596	109	84	,	,	PUNCT
fbem-12596	109	85	and	and	CCONJ
fbem-12596	109	86	the	the	DET
fbem-12596	109	87	risk	risk	NOUN
fbem-12596	109	88	of	of	ADP
fbem-12596	109	89	the	the	DET
fbem-12596	109	90	investment	investment	NOUN
fbem-12596	109	91	portfolio	portfolio	NOUN
fbem-12596	109	92	is	be	AUX
fbem-12596	109	93	:	:	PUNCT
fbem-12596	109	94	σ	σ	PROPN
fbem-12596	109	95	∑	∑	PROPN
fbem-12596	109	96	∑	∑	PROPN
fbem-12596	109	97	ω	ω	PROPN
fbem-12596	109	98	ω	ω	NUM
fbem-12596	109	99	cov	cov	PROPN
fbem-12596	109	100	r	r	NOUN
fbem-12596	109	101	,	,	PUNCT
fbem-12596	109	102	r	r	NOUN
fbem-12596	109	103	(	(	PUNCT
fbem-12596	109	104	6	6	NUM
fbem-12596	109	105	)	)	PUNCT
fbem-12596	109	106	231	231	NUM
fbem-12596	109	107	among	among	ADP
fbem-12596	109	108	σp	σp	PROPN
fbem-12596	109	109	is	be	AUX
fbem-12596	109	110	the	the	DET
fbem-12596	109	111	risk	risk	NOUN
fbem-12596	109	112	of	of	ADP
fbem-12596	109	113	the	the	DET
fbem-12596	109	114	asset	asset	NOUN
fbem-12596	109	115	portfolio	portfolio	NOUN
fbem-12596	109	116	,	,	PUNCT
fbem-12596	109	117	and	and	CCONJ
fbem-12596	109	118	mrci	mrci	NOUN
fbem-12596	109	119	is	be	AUX
fbem-12596	109	120	the	the	DET
fbem-12596	109	121	marginal	marginal	ADJ
fbem-12596	109	122	risk	risk	NOUN
fbem-12596	109	123	contribution	contribution	NOUN
fbem-12596	109	124	of	of	ADP
fbem-12596	109	125	asset	asset	NOUN
fbem-12596	109	126	i	i	PRON
fbem-12596	109	127	to	to	ADP
fbem-12596	109	128	the	the	DET
fbem-12596	109	129	asset	asset	NOUN
fbem-12596	109	130	portfolio	portfolio	NOUN
fbem-12596	109	131	,	,	PUNCT
fbem-12596	109	132	i.e.	i.e.	X
fbem-12596	109	133	the	the	DET
fbem-12596	109	134	weight	weight	NOUN
fbem-12596	109	135	of	of	ADP
fbem-12596	109	136	asset	asset	NOUN
fbem-12596	109	137	ωi	ωi	NOUN
fbem-12596	109	138	caused	cause	VERB
fbem-12596	109	139	by	by	ADP
fbem-12596	109	140	the	the	DET
fbem-12596	109	141	growth	growth	NOUN
fbem-12596	109	142	of	of	ADP
fbem-12596	109	143	σp	σp	ADP
fbem-12596	109	144	the	the	DET
fbem-12596	109	145	growth	growth	NOUN
fbem-12596	109	146	of	of	ADP
fbem-12596	109	147	p	p	NOUN
fbem-12596	109	148	can	can	AUX
fbem-12596	109	149	be	be	AUX
fbem-12596	109	150	determined	determine	VERB
fbem-12596	109	151	by	by	ADP
fbem-12596	109	152	taking	take	VERB
fbem-12596	109	153	the	the	DET
fbem-12596	109	154	partial	partial	ADJ
fbem-12596	109	155	derivative	derivative	NOUN
fbem-12596	109	156	of	of	ADP
fbem-12596	109	157	σp	σp	PROPN
fbem-12596	109	158	yields	yield	NOUN
fbem-12596	109	159	:	:	PUNCT
fbem-12596	109	160	mrc	mrc	NOUN
fbem-12596	109	161	∑	∑	PUNCT
fbem-12596	109	162	,	,	PUNCT
fbem-12596	109	163	,	,	PUNCT
fbem-12596	109	164	(	(	PUNCT
fbem-12596	109	165	7	7	X
fbem-12596	109	166	)	)	PUNCT
fbem-12596	109	167	furthermore	furthermore	ADV
fbem-12596	109	168	,	,	PUNCT
fbem-12596	109	169	the	the	DET
fbem-12596	109	170	total	total	ADJ
fbem-12596	109	171	risk	risk	NOUN
fbem-12596	109	172	contribution	contribution	NOUN
fbem-12596	109	173	of	of	ADP
fbem-12596	109	174	asset	asset	NOUN
fbem-12596	109	175	i	i	PRON
fbem-12596	109	176	to	to	ADP
fbem-12596	109	177	the	the	DET
fbem-12596	109	178	investment	investment	NOUN
fbem-12596	109	179	portfolio	portfolio	NOUN
fbem-12596	109	180	,	,	PUNCT
fbem-12596	109	181	trci	trci	ADJ
fbem-12596	109	182	,	,	PUNCT
fbem-12596	109	183	is	be	AUX
fbem-12596	109	184	:	:	PUNCT
fbem-12596	109	185	trc	trc	PROPN
fbem-12596	109	186	ω	ω	PROPN
fbem-12596	109	187	∑	∑	PROPN
fbem-12596	109	188	,	,	PUNCT
fbem-12596	109	189	ω	ω	PROPN
fbem-12596	109	190	,	,	PUNCT
fbem-12596	109	191	(	(	PUNCT
fbem-12596	109	192	8)	8)	NUM
fbem-12596	109	193	namely	namely	ADV
fbem-12596	109	194	:	:	PUNCT
fbem-12596	109	195	ω	ω	NUM
fbem-12596	109	196	β	β	X
fbem-12596	109	197	(	(	PUNCT
fbem-12596	109	198	9	9	NUM
fbem-12596	109	199	)	)	PUNCT
fbem-12596	109	200	among	among	ADP
fbem-12596	109	201	them	they	PRON
fbem-12596	109	202	β	β	X
fbem-12596	109	203	,	,	PUNCT
fbem-12596	109	204	,	,	PUNCT
fbem-12596	109	205	the	the	DET
fbem-12596	109	206	value	value	NOUN
fbem-12596	109	207	of	of	ADP
fbem-12596	109	208	asset	asset	NOUN
fbem-12596	109	209	i	i	PRON
fbem-12596	109	210	β	β	PROPN
fbem-12596	109	211	coefficient	coefficient	NOUN
fbem-12596	109	212	,	,	PUNCT
fbem-12596	109	213	which	which	PRON
fbem-12596	109	214	measures	measure	VERB
fbem-12596	109	215	the	the	DET
fbem-12596	109	216	sensitivity	sensitivity	NOUN
fbem-12596	109	217	of	of	ADP
fbem-12596	109	218	asset	asset	NOUN
fbem-12596	109	219	i	i	PRON
fbem-12596	109	220	to	to	ADP
fbem-12596	109	221	portfolio	portfolio	NOUN
fbem-12596	109	222	fluctuations	fluctuation	NOUN
fbem-12596	109	223	.	.	PUNCT
fbem-12596	110	1	and	and	CCONJ
fbem-12596	110	2	observe	observe	VERB
fbem-12596	110	3	σp	σp	PROPN
fbem-12596	110	4	can	can	AUX
fbem-12596	110	5	be	be	AUX
fbem-12596	110	6	obtained	obtain	VERB
fbem-12596	110	7	:	:	PUNCT
fbem-12596	110	8	σ	σ	PROPN
fbem-12596	110	9	∑	∑	PROPN
fbem-12596	110	10	∑	∑	PROPN
fbem-12596	110	11	,	,	PUNCT
fbem-12596	110	12	∑	∑	PROPN
fbem-12596	110	13	trc	trc	PROPN
fbem-12596	110	14	(	(	PUNCT
fbem-12596	110	15	10	10	NUM
fbem-12596	110	16	)	)	PUNCT
fbem-12596	110	17	from	from	ADP
fbem-12596	110	18	this	this	PRON
fbem-12596	110	19	,	,	PUNCT
fbem-12596	110	20	it	it	PRON
fbem-12596	110	21	can	can	AUX
fbem-12596	110	22	be	be	AUX
fbem-12596	110	23	seen	see	VERB
fbem-12596	110	24	that	that	SCONJ
fbem-12596	110	25	the	the	DET
fbem-12596	110	26	risk	risk	NOUN
fbem-12596	110	27	contribution	contribution	NOUN
fbem-12596	110	28	weight	weight	NOUN
fbem-12596	110	29	of	of	ADP
fbem-12596	110	30	asset	asset	NOUN
fbem-12596	110	31	i	i	PRON
fbem-12596	110	32	to	to	ADP
fbem-12596	110	33	the	the	DET
fbem-12596	110	34	investment	investment	NOUN
fbem-12596	110	35	portfolio	portfolio	NOUN
fbem-12596	110	36	is	be	AUX
fbem-12596	110	37	not	not	PART
fbem-12596	110	38	equal	equal	ADJ
fbem-12596	110	39	to	to	ADP
fbem-12596	110	40	ωi	ωi	NOUN
fbem-12596	110	41	,	,	PUNCT
fbem-12596	110	42	but	but	CCONJ
fbem-12596	110	43	rather	rather	ADV
fbem-12596	110	44	the	the	DET
fbem-12596	110	45	ratio	ratio	NOUN
fbem-12596	110	46	of	of	ADP
fbem-12596	110	47	ωi	ωi	NUM
fbem-12596	110	48	to	to	PART
fbem-12596	110	49	asset	asset	VERB
fbem-12596	110	50	i	i	PRON
fbem-12596	110	51	β	β	VERB
fbem-12596	110	52	the	the	DET
fbem-12596	110	53	product	product	NOUN
fbem-12596	110	54	of	of	ADP
fbem-12596	110	55	coefficients	coefficient	NOUN
fbem-12596	110	56	.	.	PUNCT
fbem-12596	111	1	when	when	SCONJ
fbem-12596	111	2	there	there	PRON
fbem-12596	111	3	are	be	VERB
fbem-12596	111	4	too	too	ADV
fbem-12596	111	5	many	many	ADJ
fbem-12596	111	6	types	type	NOUN
fbem-12596	111	7	of	of	ADP
fbem-12596	111	8	assets	asset	NOUN
fbem-12596	111	9	in	in	ADP
fbem-12596	111	10	the	the	DET
fbem-12596	111	11	portfolio	portfolio	NOUN
fbem-12596	111	12	,	,	PUNCT
fbem-12596	111	13	the	the	DET
fbem-12596	111	14	above	above	ADJ
fbem-12596	111	15	equation	equation	NOUN
fbem-12596	111	16	may	may	AUX
fbem-12596	111	17	not	not	PART
fbem-12596	111	18	be	be	AUX
fbem-12596	111	19	able	able	ADJ
fbem-12596	111	20	to	to	PART
fbem-12596	111	21	obtain	obtain	VERB
fbem-12596	111	22	an	an	DET
fbem-12596	111	23	analytical	analytical	ADJ
fbem-12596	111	24	solution	solution	NOUN
fbem-12596	111	25	.	.	PUNCT
fbem-12596	112	1	maillard	maillard	NOUN
fbem-12596	112	2	proposed	propose	VERB
fbem-12596	112	3	the	the	DET
fbem-12596	112	4	following	follow	VERB
fbem-12596	112	5	method	method	NOUN
fbem-12596	112	6	in	in	ADP
fbem-12596	112	7	2010	2010	NUM
fbem-12596	112	8	to	to	PART
fbem-12596	112	9	solve	solve	VERB
fbem-12596	112	10	this	this	DET
fbem-12596	112	11	problem	problem	NOUN
fbem-12596	112	12	:	:	PUNCT
fbem-12596	112	13	⎩	⎩	NUM
fbem-12596	112	14	⎪	⎪	NOUN
fbem-12596	112	15	⎨	⎨	ADJ
fbem-12596	112	16	⎪	⎪	NOUN
fbem-12596	112	17	⎧	⎧	PROPN
fbem-12596	112	18	x	x	PROPN
fbem-12596	112	19	∗	∗	X
fbem-12596	112	20	arg	arg	NOUN
fbem-12596	112	21	min	min	PROPN
fbem-12596	112	22	f	f	PROPN
fbem-12596	112	23	x	x	PROPN
fbem-12596	112	24	s.	s.	PROPN
fbem-12596	112	25	t.	t.	PROPN
fbem-12596	112	26	∑	∑	PROPN
fbem-12596	112	27	x	x	PROPN
fbem-12596	112	28	1	1	NUM
fbem-12596	112	29	0	0	NUM
fbem-12596	112	30	x	x	SYM
fbem-12596	112	31	1	1	NUM
fbem-12596	112	32	f	f	NOUN
fbem-12596	112	33	x	x	X
fbem-12596	112	34	∑	∑	PROPN
fbem-12596	112	35	∑	∑	PROPN
fbem-12596	112	36	trc	trc	PROPN
fbem-12596	112	37	trc	trc	PROPN
fbem-12596	112	38	(	(	PUNCT
fbem-12596	112	39	11	11	NUM
fbem-12596	112	40	)	)	PUNCT
fbem-12596	112	41	3.1.4	3.1.4	NUM
fbem-12596	112	42	.	.	PUNCT
fbem-12596	113	1	comparative	comparative	ADJ
fbem-12596	113	2	analysis	analysis	NOUN
fbem-12596	113	3	from	from	ADP
fbem-12596	113	4	the	the	DET
fbem-12596	113	5	above	above	NOUN
fbem-12596	113	6	,	,	PUNCT
fbem-12596	113	7	it	it	PRON
fbem-12596	113	8	can	can	AUX
fbem-12596	113	9	be	be	AUX
fbem-12596	113	10	seen	see	VERB
fbem-12596	113	11	that	that	SCONJ
fbem-12596	113	12	different	different	ADJ
fbem-12596	113	13	asset	asset	NOUN
fbem-12596	113	14	allocation	allocation	NOUN
fbem-12596	113	15	models	model	NOUN
fbem-12596	113	16	have	have	VERB
fbem-12596	113	17	different	different	ADJ
fbem-12596	113	18	starting	starting	NOUN
fbem-12596	113	19	points	point	NOUN
fbem-12596	113	20	and	and	CCONJ
fbem-12596	113	21	different	different	ADJ
fbem-12596	113	22	methods	method	NOUN
fbem-12596	113	23	for	for	ADP
fbem-12596	113	24	determining	determine	VERB
fbem-12596	113	25	asset	asset	NOUN
fbem-12596	113	26	allocation	allocation	NOUN
fbem-12596	113	27	weights	weight	NOUN
fbem-12596	113	28	,	,	PUNCT
fbem-12596	113	29	as	as	SCONJ
fbem-12596	113	30	listed	list	VERB
fbem-12596	113	31	below	below	ADV
fbem-12596	113	32	:	:	PUNCT
fbem-12596	113	33	equal	equal	ADJ
fbem-12596	113	34	weight	weight	NOUN
fbem-12596	113	35	model	model	NOUN
fbem-12596	113	36	:	:	PUNCT
fbem-12596	113	37	equal	equal	ADJ
fbem-12596	113	38	volatility	volatility	NOUN
fbem-12596	113	39	model	model	NOUN
fbem-12596	113	40	:	:	PUNCT
fbem-12596	113	41	risk	risk	NOUN
fbem-12596	113	42	parity	parity	NOUN
fbem-12596	113	43	model	model	NOUN
fbem-12596	113	44	:	:	PUNCT
fbem-12596	113	45	the	the	DET
fbem-12596	113	46	three	three	NUM
fbem-12596	113	47	asset	asset	NOUN
fbem-12596	113	48	allocation	allocation	NOUN
fbem-12596	113	49	models	model	NOUN
fbem-12596	113	50	all	all	PRON
fbem-12596	113	51	focus	focus	VERB
fbem-12596	113	52	on	on	ADP
fbem-12596	113	53	risk	risk	NOUN
fbem-12596	113	54	diversification	diversification	NOUN
fbem-12596	113	55	,	,	PUNCT
fbem-12596	113	56	but	but	CCONJ
fbem-12596	113	57	their	their	PRON
fbem-12596	113	58	methods	method	NOUN
fbem-12596	113	59	are	be	AUX
fbem-12596	113	60	different	different	ADJ
fbem-12596	113	61	,	,	PUNCT
fbem-12596	113	62	so	so	CCONJ
fbem-12596	113	63	the	the	DET
fbem-12596	113	64	performance	performance	NOUN
fbem-12596	113	65	of	of	ADP
fbem-12596	113	66	the	the	DET
fbem-12596	113	67	final	final	ADJ
fbem-12596	113	68	investment	investment	NOUN
fbem-12596	113	69	portfolio	portfolio	NOUN
fbem-12596	113	70	will	will	AUX
fbem-12596	113	71	also	also	ADV
fbem-12596	113	72	vary	vary	VERB
fbem-12596	113	73	.	.	PUNCT
fbem-12596	114	1	3.2	3.2	NUM
fbem-12596	114	2	.	.	PUNCT
fbem-12596	115	1	performance	performance	NOUN
fbem-12596	115	2	evaluation	evaluation	NOUN
fbem-12596	115	3	indicators	indicator	NOUN
fbem-12596	115	4	the	the	DET
fbem-12596	115	5	performance	performance	NOUN
fbem-12596	115	6	of	of	ADP
fbem-12596	115	7	investment	investment	NOUN
fbem-12596	115	8	portfolios	portfolio	NOUN
fbem-12596	115	9	needs	need	VERB
fbem-12596	115	10	to	to	PART
fbem-12596	115	11	be	be	AUX
fbem-12596	115	12	rationally	rationally	ADV
fbem-12596	115	13	evaluated	evaluate	VERB
fbem-12596	115	14	through	through	ADP
fbem-12596	115	15	a	a	DET
fbem-12596	115	16	series	series	NOUN
fbem-12596	115	17	of	of	ADP
fbem-12596	115	18	performance	performance	NOUN
fbem-12596	115	19	evaluation	evaluation	NOUN
fbem-12596	115	20	indicators	indicator	NOUN
fbem-12596	115	21	.	.	PUNCT
fbem-12596	116	1	this	this	DET
fbem-12596	116	2	article	article	NOUN
fbem-12596	116	3	mainly	mainly	ADV
fbem-12596	116	4	uses	use	VERB
fbem-12596	116	5	five	five	NUM
fbem-12596	116	6	commonly	commonly	ADV
fbem-12596	116	7	used	use	VERB
fbem-12596	116	8	indicators	indicator	NOUN
fbem-12596	116	9	to	to	PART
fbem-12596	116	10	evaluate	evaluate	VERB
fbem-12596	116	11	fund	fund	NOUN
fbem-12596	116	12	performance	performance	NOUN
fbem-12596	116	13	,	,	PUNCT
fbem-12596	116	14	namely	namely	ADV
fbem-12596	116	15	volatility	volatility	NOUN
fbem-12596	116	16	,	,	PUNCT
fbem-12596	116	17	cumulative	cumulative	ADJ
fbem-12596	116	18	return	return	NOUN
fbem-12596	116	19	,	,	PUNCT
fbem-12596	116	20	annualized	annualize	VERB
fbem-12596	116	21	return	return	NOUN
fbem-12596	116	22	,	,	PUNCT
fbem-12596	116	23	maximum	maximum	ADJ
fbem-12596	116	24	pullback	pullback	NOUN
fbem-12596	116	25	,	,	PUNCT
fbem-12596	116	26	and	and	CCONJ
fbem-12596	116	27	karma	karma	NOUN
fbem-12596	116	28	ratio	ratio	NOUN
fbem-12596	116	29	.	.	PUNCT
fbem-12596	117	1	3.2.1	3.2.1	NUM
fbem-12596	117	2	.	.	PUNCT
fbem-12596	118	1	volatility	volatility	NOUN
fbem-12596	118	2	volatility	volatility	NOUN
fbem-12596	118	3	is	be	AUX
fbem-12596	118	4	used	use	VERB
fbem-12596	118	5	to	to	PART
fbem-12596	118	6	describe	describe	VERB
fbem-12596	118	7	the	the	DET
fbem-12596	118	8	stability	stability	NOUN
fbem-12596	118	9	of	of	ADP
fbem-12596	118	10	financial	financial	ADJ
fbem-12596	118	11	asset	asset	NOUN
fbem-12596	118	12	prices	price	NOUN
fbem-12596	118	13	,	,	PUNCT
fbem-12596	118	14	measure	measure	VERB
fbem-12596	118	15	the	the	DET
fbem-12596	118	16	uncertainty	uncertainty	NOUN
fbem-12596	118	17	of	of	ADP
fbem-12596	118	18	asset	asset	NOUN
fbem-12596	118	19	returns	return	NOUN
fbem-12596	118	20	,	,	PUNCT
fbem-12596	118	21	and	and	CCONJ
fbem-12596	118	22	reflect	reflect	VERB
fbem-12596	118	23	the	the	DET
fbem-12596	118	24	risk	risk	NOUN
fbem-12596	118	25	level	level	NOUN
fbem-12596	118	26	of	of	ADP
fbem-12596	118	27	asset	asset	NOUN
fbem-12596	118	28	value	value	NOUN
fbem-12596	118	29	.	.	PUNCT
fbem-12596	119	1	the	the	PRON
fbem-12596	119	2	higher	high	ADJ
fbem-12596	119	3	the	the	DET
fbem-12596	119	4	volatility	volatility	NOUN
fbem-12596	119	5	,	,	PUNCT
fbem-12596	119	6	the	the	PRON
fbem-12596	119	7	greater	great	ADJ
fbem-12596	119	8	the	the	DET
fbem-12596	119	9	volatility	volatility	NOUN
fbem-12596	119	10	of	of	ADP
fbem-12596	119	11	financial	financial	ADJ
fbem-12596	119	12	asset	asset	NOUN
fbem-12596	119	13	prices	price	NOUN
fbem-12596	119	14	,	,	PUNCT
fbem-12596	119	15	and	and	CCONJ
fbem-12596	119	16	the	the	PRON
fbem-12596	119	17	greater	great	ADJ
fbem-12596	119	18	the	the	DET
fbem-12596	119	19	uncertainty	uncertainty	NOUN
fbem-12596	119	20	of	of	ADP
fbem-12596	119	21	asset	asset	NOUN
fbem-12596	119	22	returns	return	NOUN
fbem-12596	119	23	;	;	PUNCT
fbem-12596	119	24	the	the	PRON
fbem-12596	119	25	lower	low	ADJ
fbem-12596	119	26	the	the	DET
fbem-12596	119	27	volatility	volatility	NOUN
fbem-12596	119	28	,	,	PUNCT
fbem-12596	119	29	the	the	PRON
fbem-12596	119	30	smaller	small	ADJ
fbem-12596	119	31	the	the	DET
fbem-12596	119	32	volatility	volatility	NOUN
fbem-12596	119	33	of	of	ADP
fbem-12596	119	34	financial	financial	ADJ
fbem-12596	119	35	asset	asset	NOUN
fbem-12596	119	36	prices	price	NOUN
fbem-12596	119	37	,	,	PUNCT
fbem-12596	119	38	and	and	CCONJ
fbem-12596	119	39	the	the	DET
fbem-12596	119	40	more	more	ADV
fbem-12596	119	41	deterministic	deterministic	ADJ
fbem-12596	119	42	the	the	DET
fbem-12596	119	43	asset	asset	NOUN
fbem-12596	119	44	yield	yield	NOUN
fbem-12596	119	45	.	.	PUNCT
fbem-12596	120	1	the	the	DET
fbem-12596	120	2	formula	formula	NOUN
fbem-12596	120	3	is	be	AUX
fbem-12596	120	4	as	as	SCONJ
fbem-12596	120	5	follows	follow	VERB
fbem-12596	120	6	:	:	PUNCT
fbem-12596	120	7	σ	σ	X
fbem-12596	120	8	∑	∑	PROPN
fbem-12596	120	9	r	r	NOUN
fbem-12596	120	10	r	r	NOUN
fbem-12596	120	11	(	(	PUNCT
fbem-12596	120	12	12	12	NUM
fbem-12596	120	13	)	)	PUNCT
fbem-12596	120	14	where	where	SCONJ
fbem-12596	120	15	n	n	PRON
fbem-12596	120	16	is	be	AUX
fbem-12596	120	17	the	the	DET
fbem-12596	120	18	total	total	ADJ
fbem-12596	120	19	number	number	NOUN
fbem-12596	120	20	of	of	ADP
fbem-12596	120	21	trading	trading	NOUN
fbem-12596	120	22	days	day	NOUN
fbem-12596	120	23	,	,	PUNCT
fbem-12596	120	24	ri	ri	PROPN
fbem-12596	120	25	is	be	AUX
fbem-12596	120	26	the	the	DET
fbem-12596	120	27	yield	yield	NOUN
fbem-12596	120	28	of	of	ADP
fbem-12596	120	29	the	the	DET
fbem-12596	120	30	underlying	underlie	VERB
fbem-12596	120	31	asset	asset	NOUN
fbem-12596	120	32	on	on	ADP
fbem-12596	120	33	day	day	NOUN
fbem-12596	120	34	i	i	PRON
fbem-12596	120	35	,	,	PUNCT
fbem-12596	120	36	and	and	CCONJ
fbem-12596	120	37	r	r	NOUN
fbem-12596	120	38	is	be	AUX
fbem-12596	120	39	the	the	DET
fbem-12596	120	40	average	average	ADJ
fbem-12596	120	41	daily	daily	ADJ
fbem-12596	120	42	frequency	frequency	NOUN
fbem-12596	120	43	yield	yield	NOUN
fbem-12596	120	44	of	of	ADP
fbem-12596	120	45	the	the	DET
fbem-12596	120	46	underlying	underlie	VERB
fbem-12596	120	47	asset	asset	NOUN
fbem-12596	120	48	within	within	ADP
fbem-12596	120	49	the	the	DET
fbem-12596	120	50	selected	select	VERB
fbem-12596	120	51	area	area	NOUN
fbem-12596	120	52	.	.	PUNCT
fbem-12596	121	1	assuming	assume	VERB
fbem-12596	121	2	that	that	SCONJ
fbem-12596	121	3	the	the	DET
fbem-12596	121	4	daily	daily	ADJ
fbem-12596	121	5	return	return	NOUN
fbem-12596	121	6	on	on	ADP
fbem-12596	121	7	assets	asset	NOUN
fbem-12596	121	8	is	be	AUX
fbem-12596	121	9	independently	independently	ADV
fbem-12596	121	10	and	and	CCONJ
fbem-12596	121	11	identically	identically	ADV
fbem-12596	121	12	distributed	distribute	VERB
fbem-12596	121	13	,	,	PUNCT
fbem-12596	121	14	according	accord	VERB
fbem-12596	121	15	to	to	ADP
fbem-12596	121	16	the	the	DET
fbem-12596	121	17	rule	rule	NOUN
fbem-12596	121	18	of	of	ADP
fbem-12596	121	19	'	'	PUNCT
fbem-12596	121	20	uncertainty	uncertainty	NOUN
fbem-12596	121	21	is	be	AUX
fbem-12596	121	22	proportional	proportional	ADJ
fbem-12596	121	23	to	to	ADP
fbem-12596	121	24	time	time	NOUN
fbem-12596	121	25	length	length	NOUN
fbem-12596	121	26	'	'	PUNCT
fbem-12596	121	27	,	,	PUNCT
fbem-12596	121	28	the	the	DET
fbem-12596	121	29	standard	standard	ADJ
fbem-12596	121	30	deviation	deviation	NOUN
fbem-12596	121	31	of	of	ADP
fbem-12596	121	32	the	the	DET
fbem-12596	121	33	t	t	PROPN
fbem-12596	121	34	-	-	PUNCT
fbem-12596	121	35	day	day	NOUN
fbem-12596	121	36	return	return	NOUN
fbem-12596	121	37	is	be	AUX
fbem-12596	121	38	t	t	PROPN
fbem-12596	121	39	times	time	NOUN
fbem-12596	121	40	the	the	DET
fbem-12596	121	41	root	root	NOUN
fbem-12596	121	42	of	of	ADP
fbem-12596	121	43	the	the	DET
fbem-12596	121	44	daily	daily	ADJ
fbem-12596	121	45	return	return	NOUN
fbem-12596	121	46	standard	standard	ADJ
fbem-12596	121	47	deviation	deviation	NOUN
fbem-12596	121	48	.	.	PUNCT
fbem-12596	122	1	the	the	DET
fbem-12596	122	2	yield	yield	NOUN
fbem-12596	122	3	data	datum	NOUN
fbem-12596	122	4	used	use	VERB
fbem-12596	122	5	in	in	ADP
fbem-12596	122	6	this	this	DET
fbem-12596	122	7	article	article	NOUN
fbem-12596	122	8	is	be	AUX
fbem-12596	122	9	the	the	DET
fbem-12596	122	10	daily	daily	ADJ
fbem-12596	122	11	frequency	frequency	NOUN
fbem-12596	122	12	yield	yield	NOUN
fbem-12596	122	13	.	.	PUNCT
fbem-12596	123	1	as	as	SCONJ
fbem-12596	123	2	people	people	NOUN
fbem-12596	123	3	are	be	AUX
fbem-12596	123	4	more	more	ADV
fbem-12596	123	5	concerned	concerned	ADJ
fbem-12596	123	6	about	about	ADP
fbem-12596	123	7	the	the	DET
fbem-12596	123	8	actual	actual	ADJ
fbem-12596	123	9	trading	trading	NOUN
fbem-12596	123	10	days	day	NOUN
fbem-12596	123	11	,	,	PUNCT
fbem-12596	123	12	and	and	CCONJ
fbem-12596	123	13	the	the	DET
fbem-12596	123	14	annual	annual	ADJ
fbem-12596	123	15	trading	trading	NOUN
fbem-12596	123	16	days	day	NOUN
fbem-12596	123	17	are	be	AUX
fbem-12596	123	18	about	about	ADV
fbem-12596	123	19	252	252	NUM
fbem-12596	123	20	days	day	NOUN
fbem-12596	123	21	,	,	PUNCT
fbem-12596	123	22	the	the	DET
fbem-12596	123	23	annualized	annualize	VERB
fbem-12596	123	24	volatility	volatility	NOUN
fbem-12596	123	25	calculation	calculation	NOUN
fbem-12596	123	26	formula	formula	NOUN
fbem-12596	123	27	is	be	AUX
fbem-12596	123	28	as	as	SCONJ
fbem-12596	123	29	follows	follow	VERB
fbem-12596	123	30	:	:	PUNCT
fbem-12596	123	31	σ	σ	X
fbem-12596	123	32	∑	∑	PROPN
fbem-12596	123	33	r	r	NOUN
fbem-12596	123	34	r	r	NOUN
fbem-12596	123	35	(	(	PUNCT
fbem-12596	123	36	13	13	NUM
fbem-12596	123	37	)	)	PUNCT
fbem-12596	123	38	3.2.2	3.2.2	NUM
fbem-12596	123	39	.	.	PUNCT
fbem-12596	123	40	accumulated	accumulate	VERB
fbem-12596	123	41	yield	yield	NOUN
fbem-12596	123	42	among	among	ADP
fbem-12596	123	43	all	all	DET
fbem-12596	123	44	performance	performance	NOUN
fbem-12596	123	45	evaluation	evaluation	NOUN
fbem-12596	123	46	indicators	indicator	NOUN
fbem-12596	123	47	,	,	PUNCT
fbem-12596	123	48	cumulative	cumulative	ADJ
fbem-12596	123	49	rate	rate	NOUN
fbem-12596	123	50	of	of	ADP
fbem-12596	123	51	return	return	NOUN
fbem-12596	123	52	is	be	AUX
fbem-12596	123	53	the	the	DET
fbem-12596	123	54	most	most	ADV
fbem-12596	123	55	intuitive	intuitive	ADJ
fbem-12596	123	56	and	and	CCONJ
fbem-12596	123	57	understandable	understandable	ADJ
fbem-12596	123	58	evaluation	evaluation	NOUN
fbem-12596	123	59	indicator	indicator	NOUN
fbem-12596	123	60	.	.	PUNCT
fbem-12596	124	1	the	the	DET
fbem-12596	124	2	cumulative	cumulative	ADJ
fbem-12596	124	3	rate	rate	NOUN
fbem-12596	124	4	of	of	ADP
fbem-12596	124	5	return	return	NOUN
fbem-12596	124	6	refers	refer	VERB
fbem-12596	124	7	to	to	ADP
fbem-12596	124	8	the	the	DET
fbem-12596	124	9	cumulative	cumulative	ADJ
fbem-12596	124	10	return	return	NOUN
fbem-12596	124	11	from	from	ADP
fbem-12596	124	12	the	the	DET
fbem-12596	124	13	beginning	beginning	NOUN
fbem-12596	124	14	of	of	ADP
fbem-12596	124	15	portfolio	portfolio	NOUN
fbem-12596	124	16	construction	construction	NOUN
fbem-12596	124	17	to	to	ADP
fbem-12596	124	18	the	the	DET
fbem-12596	124	19	end	end	NOUN
fbem-12596	124	20	of	of	ADP
fbem-12596	124	21	operational	operational	ADJ
fbem-12596	124	22	management	management	NOUN
fbem-12596	124	23	,	,	PUNCT
fbem-12596	124	24	considering	consider	VERB
fbem-12596	124	25	only	only	ADV
fbem-12596	124	26	the	the	DET
fbem-12596	124	27	final	final	ADJ
fbem-12596	124	28	relative	relative	ADJ
fbem-12596	124	29	initial	initial	ADJ
fbem-12596	124	30	return	return	NOUN
fbem-12596	124	31	of	of	ADP
fbem-12596	124	32	the	the	DET
fbem-12596	124	33	portfolio	portfolio	NOUN
fbem-12596	124	34	.	.	PUNCT
fbem-12596	125	1	the	the	DET
fbem-12596	125	2	formula	formula	NOUN
fbem-12596	125	3	is	be	AUX
fbem-12596	125	4	as	as	SCONJ
fbem-12596	125	5	follows	follow	VERB
fbem-12596	125	6	:	:	PUNCT
fbem-12596	125	7	r	r	NOUN
fbem-12596	125	8	1	1	NUM
fbem-12596	125	9	(	(	PUNCT
fbem-12596	125	10	14	14	NUM
fbem-12596	125	11	)	)	PUNCT
fbem-12596	125	12	among	among	ADP
fbem-12596	125	13	them	they	PRON
fbem-12596	125	14	,	,	PUNCT
fbem-12596	125	15	pn	pn	PROPN
fbem-12596	125	16	is	be	AUX
fbem-12596	125	17	the	the	DET
fbem-12596	125	18	value	value	NOUN
fbem-12596	125	19	of	of	ADP
fbem-12596	125	20	the	the	DET
fbem-12596	125	21	investment	investment	NOUN
fbem-12596	125	22	portfolio	portfolio	NOUN
fbem-12596	125	23	at	at	ADP
fbem-12596	125	24	the	the	DET
fbem-12596	125	25	end	end	NOUN
fbem-12596	125	26	of	of	ADP
fbem-12596	125	27	the	the	DET
fbem-12596	125	28	selected	select	VERB
fbem-12596	125	29	interval	interval	NOUN
fbem-12596	125	30	,	,	PUNCT
fbem-12596	125	31	and	and	CCONJ
fbem-12596	125	32	p0	p0	NOUN
fbem-12596	125	33	is	be	AUX
fbem-12596	125	34	the	the	DET
fbem-12596	125	35	initial	initial	ADJ
fbem-12596	125	36	value	value	NOUN
fbem-12596	125	37	of	of	ADP
fbem-12596	125	38	the	the	DET
fbem-12596	125	39	selected	select	VERB
fbem-12596	125	40	interval	interval	NOUN
fbem-12596	125	41	.	.	PUNCT
fbem-12596	126	1	at	at	ADP
fbem-12596	126	2	the	the	DET
fbem-12596	126	3	same	same	ADJ
fbem-12596	126	4	time	time	NOUN
fbem-12596	126	5	,	,	PUNCT
fbem-12596	126	6	due	due	ADP
fbem-12596	126	7	to	to	ADP
fbem-12596	126	8	the	the	DET
fbem-12596	126	9	different	different	ADJ
fbem-12596	126	10	investment	investment	NOUN
fbem-12596	126	11	durations	duration	NOUN
fbem-12596	126	12	of	of	ADP
fbem-12596	126	13	different	different	ADJ
fbem-12596	126	14	assets	asset	NOUN
fbem-12596	126	15	or	or	CCONJ
fbem-12596	126	16	the	the	DET
fbem-12596	126	17	different	different	ADJ
fbem-12596	126	18	observation	observation	NOUN
fbem-12596	126	19	perspectives	perspective	NOUN
fbem-12596	126	20	of	of	ADP
fbem-12596	126	21	different	different	ADJ
fbem-12596	126	22	investors	investor	NOUN
fbem-12596	126	23	,	,	PUNCT
fbem-12596	126	24	the	the	DET
fbem-12596	126	25	cumulative	cumulative	ADJ
fbem-12596	126	26	rate	rate	NOUN
fbem-12596	126	27	of	of	ADP
fbem-12596	126	28	return	return	NOUN
fbem-12596	126	29	alone	alone	ADV
fbem-12596	126	30	sometimes	sometimes	ADV
fbem-12596	126	31	can	can	AUX
fbem-12596	126	32	not	not	PART
fbem-12596	126	33	be	be	AUX
fbem-12596	126	34	directly	directly	ADV
fbem-12596	126	35	used	use	VERB
fbem-12596	126	36	to	to	PART
fbem-12596	126	37	compare	compare	VERB
fbem-12596	126	38	the	the	DET
fbem-12596	126	39	returns	return	NOUN
fbem-12596	126	40	of	of	ADP
fbem-12596	126	41	different	different	ADJ
fbem-12596	126	42	assets	asset	NOUN
fbem-12596	126	43	.	.	PUNCT
fbem-12596	127	1	therefore	therefore	ADV
fbem-12596	127	2	,	,	PUNCT
fbem-12596	127	3	the	the	DET
fbem-12596	127	4	cumulative	cumulative	ADJ
fbem-12596	127	5	rate	rate	NOUN
fbem-12596	127	6	of	of	ADP
fbem-12596	127	7	return	return	NOUN
fbem-12596	127	8	is	be	AUX
fbem-12596	127	9	often	often	ADV
fbem-12596	127	10	converted	convert	VERB
fbem-12596	127	11	into	into	ADP
fbem-12596	127	12	an	an	DET
fbem-12596	127	13	annualized	annualize	VERB
fbem-12596	127	14	rate	rate	NOUN
fbem-12596	127	15	of	of	ADP
fbem-12596	127	16	return	return	NOUN
fbem-12596	127	17	ry	ry	INTJ
fbem-12596	127	18	for	for	ADP
fbem-12596	127	19	intuitive	intuitive	ADJ
fbem-12596	127	20	comparison	comparison	NOUN
fbem-12596	127	21	.	.	PUNCT
fbem-12596	128	1	it	it	PRON
fbem-12596	128	2	is	be	AUX
fbem-12596	128	3	a	a	DET
fbem-12596	128	4	theoretical	theoretical	ADJ
fbem-12596	128	5	return	return	NOUN
fbem-12596	128	6	rather	rather	ADV
fbem-12596	128	7	than	than	ADP
fbem-12596	128	8	an	an	DET
fbem-12596	128	9	actual	actual	ADJ
fbem-12596	128	10	return	return	NOUN
fbem-12596	128	11	,	,	PUNCT
fbem-12596	128	12	representing	represent	VERB
fbem-12596	128	13	the	the	DET
fbem-12596	128	14	theoretical	theoretical	ADJ
fbem-12596	128	15	return	return	NOUN
fbem-12596	128	16	of	of	ADP
fbem-12596	128	17	the	the	DET
fbem-12596	128	18	underlying	underlie	VERB
fbem-12596	128	19	asset	asset	NOUN
fbem-12596	128	20	when	when	SCONJ
fbem-12596	128	21	the	the	DET
fbem-12596	128	22	investment	investment	NOUN
fbem-12596	128	23	period	period	NOUN
fbem-12596	128	24	is	be	AUX
fbem-12596	128	25	one	one	NUM
fbem-12596	128	26	year	year	NOUN
fbem-12596	128	27	.	.	PUNCT
fbem-12596	129	1	the	the	DET
fbem-12596	129	2	calculation	calculation	NOUN
fbem-12596	129	3	formula	formula	NOUN
fbem-12596	129	4	is	be	AUX
fbem-12596	129	5	as	as	SCONJ
fbem-12596	129	6	follows	follow	VERB
fbem-12596	129	7	:	:	PUNCT
fbem-12596	129	8	r	r	NOUN
fbem-12596	129	9	/investment	/investment	NOUN
fbem-12596	129	10	days	day	NOUN
fbem-12596	129	11	∗	∗	NOUN
fbem-12596	129	12	365	365	NUM
fbem-12596	129	13	100	100	NUM
fbem-12596	129	14	%	%	NOUN
fbem-12596	129	15	(	(	PUNCT
fbem-12596	129	16	15	15	NUM
fbem-12596	129	17	)	)	PUNCT
fbem-12596	129	18	or	or	CCONJ
fbem-12596	129	19	:	:	PUNCT
fbem-12596	129	20	r	r	NOUN
fbem-12596	129	21	√1	√1	ADV
fbem-12596	129	22	r	r	NOUN
fbem-12596	129	23	1	1	NUM
fbem-12596	129	24	(	(	PUNCT
fbem-12596	129	25	16	16	NUM
fbem-12596	129	26	)	)	PUNCT
fbem-12596	129	27	among	among	ADP
fbem-12596	129	28	them	they	PRON
fbem-12596	129	29	,	,	PUNCT
fbem-12596	129	30	r	r	NOUN
fbem-12596	129	31	is	be	AUX
fbem-12596	129	32	the	the	DET
fbem-12596	129	33	cumulative	cumulative	ADJ
fbem-12596	129	34	rate	rate	NOUN
fbem-12596	129	35	of	of	ADP
fbem-12596	129	36	return	return	NOUN
fbem-12596	129	37	,	,	PUNCT
fbem-12596	129	38	and	and	CCONJ
fbem-12596	129	39	t	t	PROPN
fbem-12596	129	40	is	be	AUX
fbem-12596	129	41	the	the	DET
fbem-12596	129	42	cumulative	cumulative	ADJ
fbem-12596	129	43	investment	investment	NOUN
fbem-12596	129	44	time	time	NOUN
fbem-12596	129	45	calculated	calculate	VERB
fbem-12596	129	46	in	in	ADP
fbem-12596	129	47	years	year	NOUN
fbem-12596	129	48	.	.	PUNCT
fbem-12596	130	1	this	this	DET
fbem-12596	130	2	form	form	NOUN
fbem-12596	130	3	of	of	ADP
fbem-12596	130	4	annualized	annualize	VERB
fbem-12596	130	5	rate	rate	NOUN
fbem-12596	130	6	of	of	ADP
fbem-12596	130	7	return	return	NOUN
fbem-12596	130	8	calculation	calculation	NOUN
fbem-12596	130	9	formula	formula	NOUN
fbem-12596	130	10	implies	imply	VERB
fbem-12596	130	11	the	the	DET
fbem-12596	130	12	assumption	assumption	NOUN
fbem-12596	130	13	of	of	ADP
fbem-12596	130	14	compound	compound	NOUN
fbem-12596	130	15	interest	interest	NOUN
fbem-12596	130	16	per	per	ADP
fbem-12596	130	17	year	year	NOUN
fbem-12596	130	18	.	.	PUNCT
fbem-12596	131	1	3.2.3	3.2.3	X
fbem-12596	131	2	.	.	X
fbem-12596	131	3	maximum	maximum	INTJ
fbem-12596	131	4	drawdown	drawdown	NOUN
fbem-12596	131	5	the	the	DET
fbem-12596	131	6	meaning	meaning	NOUN
fbem-12596	131	7	of	of	ADP
fbem-12596	131	8	the	the	DET
fbem-12596	131	9	maximum	maximum	ADJ
fbem-12596	131	10	pullback	pullback	NOUN
fbem-12596	131	11	rate	rate	NOUN
fbem-12596	131	12	is	be	AUX
fbem-12596	131	13	the	the	DET
fbem-12596	131	14	maximum	maximum	ADJ
fbem-12596	131	15	value	value	NOUN
fbem-12596	131	16	of	of	ADP
fbem-12596	131	17	the	the	DET
fbem-12596	131	18	yield	yield	NOUN
fbem-12596	131	19	pullback	pullback	NOUN
fbem-12596	131	20	range	range	NOUN
fbem-12596	131	21	when	when	SCONJ
fbem-12596	131	22	the	the	DET
fbem-12596	131	23	net	net	ADJ
fbem-12596	131	24	232	232	NUM
fbem-12596	131	25	value	value	NOUN
fbem-12596	131	26	of	of	ADP
fbem-12596	131	27	the	the	DET
fbem-12596	131	28	product	product	NOUN
fbem-12596	131	29	drops	drop	VERB
fbem-12596	131	30	from	from	ADP
fbem-12596	131	31	this	this	DET
fbem-12596	131	32	point	point	NOUN
fbem-12596	131	33	to	to	ADP
fbem-12596	131	34	the	the	DET
fbem-12596	131	35	lowest	low	ADJ
fbem-12596	131	36	point	point	NOUN
fbem-12596	131	37	at	at	ADP
fbem-12596	131	38	any	any	DET
fbem-12596	131	39	time	time	NOUN
fbem-12596	131	40	point	point	NOUN
fbem-12596	131	41	within	within	ADP
fbem-12596	131	42	the	the	DET
fbem-12596	131	43	target	target	NOUN
fbem-12596	131	44	cycle	cycle	NOUN
fbem-12596	131	45	.	.	PUNCT
fbem-12596	132	1	simply	simply	ADV
fbem-12596	132	2	put	put	VERB
fbem-12596	132	3	,	,	PUNCT
fbem-12596	132	4	it	it	PRON
fbem-12596	132	5	is	be	AUX
fbem-12596	132	6	the	the	DET
fbem-12596	132	7	maximum	maximum	ADJ
fbem-12596	132	8	proportion	proportion	NOUN
fbem-12596	132	9	of	of	ADP
fbem-12596	132	10	losses	loss	NOUN
fbem-12596	132	11	that	that	PRON
fbem-12596	132	12	investors	investor	NOUN
fbem-12596	132	13	may	may	AUX
fbem-12596	132	14	experience	experience	VERB
fbem-12596	132	15	during	during	ADP
fbem-12596	132	16	this	this	DET
fbem-12596	132	17	period	period	NOUN
fbem-12596	132	18	.	.	PUNCT
fbem-12596	133	1	the	the	DET
fbem-12596	133	2	maximum	maximum	ADJ
fbem-12596	133	3	pullback	pullback	NOUN
fbem-12596	133	4	is	be	AUX
fbem-12596	133	5	used	use	VERB
fbem-12596	133	6	to	to	PART
fbem-12596	133	7	measure	measure	VERB
fbem-12596	133	8	the	the	DET
fbem-12596	133	9	worst	bad	ADJ
fbem-12596	133	10	-	-	PUNCT
fbem-12596	133	11	case	case	NOUN
fbem-12596	133	12	scenario	scenario	NOUN
fbem-12596	133	13	that	that	PRON
fbem-12596	133	14	may	may	AUX
fbem-12596	133	15	occur	occur	VERB
fbem-12596	133	16	after	after	ADP
fbem-12596	133	17	buying	buy	VERB
fbem-12596	133	18	the	the	DET
fbem-12596	133	19	underlying	underlie	VERB
fbem-12596	133	20	asset	asset	NOUN
fbem-12596	133	21	,	,	PUNCT
fbem-12596	133	22	and	and	CCONJ
fbem-12596	133	23	is	be	AUX
fbem-12596	133	24	an	an	DET
fbem-12596	133	25	important	important	ADJ
fbem-12596	133	26	risk	risk	NOUN
fbem-12596	133	27	indicator	indicator	NOUN
fbem-12596	133	28	.	.	PUNCT
fbem-12596	134	1	in	in	ADP
fbem-12596	134	2	the	the	DET
fbem-12596	134	3	field	field	NOUN
fbem-12596	134	4	of	of	ADP
fbem-12596	134	5	hedge	hedge	NOUN
fbem-12596	134	6	funds	fund	NOUN
fbem-12596	134	7	and	and	CCONJ
fbem-12596	134	8	quantitative	quantitative	ADJ
fbem-12596	134	9	trading	trading	NOUN
fbem-12596	134	10	,	,	PUNCT
fbem-12596	134	11	the	the	DET
fbem-12596	134	12	maximum	maximum	ADJ
fbem-12596	134	13	pullback	pullback	NOUN
fbem-12596	134	14	is	be	AUX
fbem-12596	134	15	often	often	ADV
fbem-12596	134	16	more	more	ADV
fbem-12596	134	17	important	important	ADJ
fbem-12596	134	18	than	than	ADP
fbem-12596	134	19	volatility	volatility	NOUN
fbem-12596	134	20	.	.	PUNCT
fbem-12596	135	1	the	the	DET
fbem-12596	135	2	maximum	maximum	ADJ
fbem-12596	135	3	pullback	pullback	NOUN
fbem-12596	135	4	may	may	AUX
fbem-12596	135	5	not	not	PART
fbem-12596	135	6	necessarily	necessarily	ADV
fbem-12596	135	7	be	be	AUX
fbem-12596	135	8	the	the	DET
fbem-12596	135	9	difference	difference	NOUN
fbem-12596	135	10	between	between	ADP
fbem-12596	135	11	the	the	DET
fbem-12596	135	12	highest	high	ADJ
fbem-12596	135	13	and	and	CCONJ
fbem-12596	135	14	lowest	low	ADJ
fbem-12596	135	15	points	point	NOUN
fbem-12596	135	16	of	of	ADP
fbem-12596	135	17	the	the	DET
fbem-12596	135	18	portfolio	portfolio	NOUN
fbem-12596	135	19	value	value	NOUN
fbem-12596	135	20	divided	divide	VERB
fbem-12596	135	21	by	by	ADP
fbem-12596	135	22	the	the	DET
fbem-12596	135	23	highest	high	ADJ
fbem-12596	135	24	point	point	NOUN
fbem-12596	135	25	.	.	PUNCT
fbem-12596	136	1	if	if	SCONJ
fbem-12596	136	2	an	an	DET
fbem-12596	136	3	investor	investor	NOUN
fbem-12596	136	4	purchases	purchase	NOUN
fbem-12596	136	5	when	when	SCONJ
fbem-12596	136	6	the	the	DET
fbem-12596	136	7	underlying	underlie	VERB
fbem-12596	136	8	asset	asset	NOUN
fbem-12596	136	9	price	price	NOUN
fbem-12596	136	10	drops	drop	NOUN
fbem-12596	136	11	,	,	PUNCT
fbem-12596	136	12	the	the	DET
fbem-12596	136	13	maximum	maximum	ADJ
fbem-12596	136	14	pullback	pullback	NOUN
fbem-12596	136	15	may	may	AUX
fbem-12596	136	16	also	also	ADV
fbem-12596	136	17	occur	occur	VERB
fbem-12596	136	18	,	,	PUNCT
fbem-12596	136	19	as	as	SCONJ
fbem-12596	136	20	follows	follow	VERB
fbem-12596	136	21	:	:	PUNCT
fbem-12596	136	22	u	u	PROPN
fbem-12596	136	23	max	max	PROPN
fbem-12596	136	24	(	(	PUNCT
fbem-12596	136	25	17	17	NUM
fbem-12596	136	26	)	)	PUNCT
fbem-12596	136	27	among	among	ADP
fbem-12596	136	28	them	they	PRON
fbem-12596	136	29	,	,	PUNCT
fbem-12596	136	30	i	i	PRON
fbem-12596	136	31	is	be	AUX
fbem-12596	136	32	any	any	DET
fbem-12596	136	33	day	day	NOUN
fbem-12596	136	34	,	,	PUNCT
fbem-12596	136	35	and	and	CCONJ
fbem-12596	136	36	di	di	NOUN
fbem-12596	136	37	is	be	AUX
fbem-12596	136	38	the	the	DET
fbem-12596	136	39	net	net	ADJ
fbem-12596	136	40	value	value	NOUN
fbem-12596	136	41	on	on	ADP
fbem-12596	136	42	the	the	DET
fbem-12596	136	43	ith	ith	PROPN
fbem-12596	136	44	day	day	NOUN
fbem-12596	136	45	.	.	PUNCT
fbem-12596	137	1	during	during	ADP
fbem-12596	137	2	operation	operation	NOUN
fbem-12596	137	3	,	,	PUNCT
fbem-12596	137	4	it	it	PRON
fbem-12596	137	5	can	can	AUX
fbem-12596	137	6	be	be	AUX
fbem-12596	137	7	essentially	essentially	ADV
fbem-12596	137	8	understood	understand	VERB
fbem-12596	137	9	as	as	ADP
fbem-12596	137	10	evaluating	evaluate	VERB
fbem-12596	137	11	the	the	DET
fbem-12596	137	12	pullback	pullback	NOUN
fbem-12596	137	13	rate	rate	NOUN
fbem-12596	137	14	at	at	ADP
fbem-12596	137	15	each	each	DET
fbem-12596	137	16	time	time	NOUN
fbem-12596	137	17	point	point	NOUN
fbem-12596	137	18	and	and	CCONJ
fbem-12596	137	19	taking	take	VERB
fbem-12596	137	20	the	the	DET
fbem-12596	137	21	maximum	maximum	ADJ
fbem-12596	137	22	value	value	NOUN
fbem-12596	137	23	.	.	PUNCT
fbem-12596	138	1	in	in	ADP
fbem-12596	138	2	excel	excel	PROPN
fbem-12596	138	3	,	,	PUNCT
fbem-12596	138	4	the	the	DET
fbem-12596	138	5	daily	daily	ADJ
fbem-12596	138	6	net	net	ADJ
fbem-12596	138	7	worth	worth	NOUN
fbem-12596	138	8	can	can	AUX
fbem-12596	138	9	be	be	AUX
fbem-12596	138	10	subtracted	subtract	VERB
fbem-12596	138	11	from	from	ADP
fbem-12596	138	12	the	the	DET
fbem-12596	138	13	lowest	low	ADJ
fbem-12596	138	14	net	net	ADJ
fbem-12596	138	15	worth	worth	NOUN
fbem-12596	138	16	on	on	ADP
fbem-12596	138	17	that	that	DET
fbem-12596	138	18	day	day	NOUN
fbem-12596	138	19	and	and	CCONJ
fbem-12596	138	20	subsequent	subsequent	ADJ
fbem-12596	138	21	trading	trading	NOUN
fbem-12596	138	22	days	day	NOUN
fbem-12596	138	23	,	,	PUNCT
fbem-12596	138	24	and	and	CCONJ
fbem-12596	138	25	then	then	ADV
fbem-12596	138	26	divided	divide	VERB
fbem-12596	138	27	by	by	ADP
fbem-12596	138	28	the	the	DET
fbem-12596	138	29	daily	daily	ADJ
fbem-12596	138	30	net	net	ADJ
fbem-12596	138	31	worth	worth	NOUN
fbem-12596	138	32	to	to	PART
fbem-12596	138	33	obtain	obtain	VERB
fbem-12596	138	34	the	the	DET
fbem-12596	138	35	daily	daily	ADJ
fbem-12596	138	36	withdrawal	withdrawal	NOUN
fbem-12596	138	37	rate	rate	NOUN
fbem-12596	138	38	.	.	PUNCT
fbem-12596	139	1	finally	finally	ADV
fbem-12596	139	2	,	,	PUNCT
fbem-12596	139	3	the	the	DET
fbem-12596	139	4	maximum	maximum	ADJ
fbem-12596	139	5	daily	daily	ADJ
fbem-12596	139	6	withdrawal	withdrawal	NOUN
fbem-12596	139	7	rate	rate	NOUN
fbem-12596	139	8	is	be	AUX
fbem-12596	139	9	taken	take	VERB
fbem-12596	139	10	as	as	ADP
fbem-12596	139	11	the	the	DET
fbem-12596	139	12	maximum	maximum	ADJ
fbem-12596	139	13	withdrawal	withdrawal	NOUN
fbem-12596	139	14	rate	rate	NOUN
fbem-12596	139	15	.	.	PUNCT
fbem-12596	140	1	3.2.4	3.2.4	NUM
fbem-12596	140	2	.	.	PUNCT
fbem-12596	141	1	karma	karma	NOUN
fbem-12596	141	2	ratio	ratio	NOUN
fbem-12596	141	3	the	the	DET
fbem-12596	141	4	kama	kama	PROPN
fbem-12596	141	5	ratio	ratio	NOUN
fbem-12596	141	6	is	be	AUX
fbem-12596	141	7	a	a	DET
fbem-12596	141	8	performance	performance	NOUN
fbem-12596	141	9	evaluation	evaluation	NOUN
fbem-12596	141	10	indicator	indicator	NOUN
fbem-12596	141	11	first	first	ADV
fbem-12596	141	12	proposed	propose	VERB
fbem-12596	141	13	by	by	ADP
fbem-12596	141	14	terry	terry	PROPN
fbem-12596	141	15	young	young	PROPN
fbem-12596	141	16	in	in	ADP
fbem-12596	141	17	1991	1991	NUM
fbem-12596	141	18	,	,	PUNCT
fbem-12596	141	19	mainly	mainly	ADV
fbem-12596	141	20	studying	study	VERB
fbem-12596	141	21	the	the	DET
fbem-12596	141	22	relationship	relationship	NOUN
fbem-12596	141	23	between	between	ADP
fbem-12596	141	24	the	the	DET
fbem-12596	141	25	maximum	maximum	ADJ
fbem-12596	141	26	pullback	pullback	NOUN
fbem-12596	141	27	rate	rate	NOUN
fbem-12596	141	28	and	and	CCONJ
fbem-12596	141	29	the	the	DET
fbem-12596	141	30	return	return	NOUN
fbem-12596	141	31	rate	rate	NOUN
fbem-12596	141	32	.	.	PUNCT
fbem-12596	142	1	the	the	DET
fbem-12596	142	2	calculation	calculation	NOUN
fbem-12596	142	3	formula	formula	NOUN
fbem-12596	142	4	is	be	AUX
fbem-12596	142	5	as	as	SCONJ
fbem-12596	142	6	follows	follow	VERB
fbem-12596	142	7	:	:	PUNCT
fbem-12596	142	8	c	c	NOUN
fbem-12596	142	9	(	(	PUNCT
fbem-12596	142	10	18	18	NUM
fbem-12596	142	11	)	)	PUNCT
fbem-12596	142	12	among	among	ADP
fbem-12596	142	13	them	they	PRON
fbem-12596	142	14	,	,	PUNCT
fbem-12596	142	15	c	c	PROPN
fbem-12596	142	16	represents	represent	VERB
fbem-12596	142	17	the	the	DET
fbem-12596	142	18	karma	karma	NOUN
fbem-12596	142	19	ratio	ratio	NOUN
fbem-12596	142	20	,	,	PUNCT
fbem-12596	142	21	u	u	PRON
fbem-12596	142	22	represents	represent	VERB
fbem-12596	142	23	the	the	DET
fbem-12596	142	24	historical	historical	ADJ
fbem-12596	142	25	maximum	maximum	ADJ
fbem-12596	142	26	pullback	pullback	NOUN
fbem-12596	142	27	,	,	PUNCT
fbem-12596	142	28	r	r	NOUN
fbem-12596	142	29	is	be	AUX
fbem-12596	142	30	the	the	DET
fbem-12596	142	31	annualized	annualize	VERB
fbem-12596	142	32	return	return	NOUN
fbem-12596	142	33	of	of	ADP
fbem-12596	142	34	the	the	DET
fbem-12596	142	35	underlying	underlie	VERB
fbem-12596	142	36	asset	asset	NOUN
fbem-12596	142	37	,	,	PUNCT
fbem-12596	142	38	and	and	CCONJ
fbem-12596	142	39	a	a	DET
fbem-12596	142	40	higher	high	ADJ
fbem-12596	142	41	karma	karma	NOUN
fbem-12596	142	42	ratio	ratio	NOUN
fbem-12596	142	43	indicates	indicate	VERB
fbem-12596	142	44	a	a	DET
fbem-12596	142	45	higher	high	ADJ
fbem-12596	142	46	return	return	NOUN
fbem-12596	142	47	for	for	ADP
fbem-12596	142	48	the	the	DET
fbem-12596	142	49	fund	fund	NOUN
fbem-12596	142	50	when	when	SCONJ
fbem-12596	142	51	it	it	PRON
fbem-12596	142	52	bears	bear	VERB
fbem-12596	142	53	the	the	DET
fbem-12596	142	54	maximum	maximum	ADJ
fbem-12596	142	55	loss	loss	NOUN
fbem-12596	142	56	per	per	ADP
fbem-12596	142	57	unit	unit	NOUN
fbem-12596	142	58	.	.	PUNCT
fbem-12596	143	1	it	it	PRON
fbem-12596	143	2	can	can	AUX
fbem-12596	143	3	be	be	AUX
fbem-12596	143	4	seen	see	VERB
fbem-12596	143	5	that	that	SCONJ
fbem-12596	143	6	the	the	DET
fbem-12596	143	7	performance	performance	NOUN
fbem-12596	143	8	and	and	CCONJ
fbem-12596	143	9	risk	risk	NOUN
fbem-12596	143	10	level	level	NOUN
fbem-12596	143	11	of	of	ADP
fbem-12596	143	12	the	the	DET
fbem-12596	143	13	underlying	underlie	VERB
fbem-12596	143	14	asset	asset	NOUN
fbem-12596	143	15	can	can	AUX
fbem-12596	143	16	not	not	PART
fbem-12596	143	17	be	be	AUX
fbem-12596	143	18	solely	solely	ADV
fbem-12596	143	19	viewed	view	VERB
fbem-12596	143	20	from	from	ADP
fbem-12596	143	21	the	the	DET
fbem-12596	143	22	level	level	NOUN
fbem-12596	143	23	of	of	ADP
fbem-12596	143	24	maximum	maximum	ADJ
fbem-12596	143	25	pullback	pullback	NOUN
fbem-12596	143	26	.	.	PUNCT
fbem-12596	144	1	assets	asset	NOUN
fbem-12596	144	2	with	with	ADP
fbem-12596	144	3	a	a	DET
fbem-12596	144	4	high	high	ADJ
fbem-12596	144	5	karma	karma	NOUN
fbem-12596	144	6	ratio	ratio	NOUN
fbem-12596	144	7	may	may	AUX
fbem-12596	144	8	still	still	ADV
fbem-12596	144	9	obtain	obtain	VERB
fbem-12596	144	10	greater	great	ADJ
fbem-12596	144	11	returns	return	NOUN
fbem-12596	144	12	while	while	SCONJ
fbem-12596	144	13	bearing	bear	VERB
fbem-12596	144	14	smaller	small	ADJ
fbem-12596	144	15	risks	risk	NOUN
fbem-12596	144	16	.	.	PUNCT
fbem-12596	145	1	3.3	3.3	NUM
fbem-12596	145	2	.	.	PUNCT
fbem-12596	145	3	overview	overview	NOUN
fbem-12596	145	4	of	of	ADP
fbem-12596	145	5	this	this	DET
fbem-12596	145	6	chapter	chapter	NOUN
fbem-12596	145	7	this	this	DET
fbem-12596	145	8	chapter	chapter	NOUN
fbem-12596	145	9	consists	consist	VERB
fbem-12596	145	10	of	of	ADP
fbem-12596	145	11	two	two	NUM
fbem-12596	145	12	sections	section	NOUN
fbem-12596	145	13	.	.	PUNCT
fbem-12596	146	1	the	the	DET
fbem-12596	146	2	first	first	ADJ
fbem-12596	146	3	section	section	NOUN
fbem-12596	146	4	introduces	introduce	VERB
fbem-12596	146	5	the	the	DET
fbem-12596	146	6	three	three	NUM
fbem-12596	146	7	asset	asset	NOUN
fbem-12596	146	8	allocation	allocation	NOUN
fbem-12596	146	9	models	model	NOUN
fbem-12596	146	10	adopted	adopt	VERB
fbem-12596	146	11	in	in	ADP
fbem-12596	146	12	this	this	DET
fbem-12596	146	13	article	article	NOUN
fbem-12596	146	14	and	and	CCONJ
fbem-12596	146	15	focuses	focus	VERB
fbem-12596	146	16	on	on	ADP
fbem-12596	146	17	analyzing	analyze	VERB
fbem-12596	146	18	the	the	DET
fbem-12596	146	19	theoretical	theoretical	ADJ
fbem-12596	146	20	basis	basis	NOUN
fbem-12596	146	21	for	for	ADP
fbem-12596	146	22	solving	solve	VERB
fbem-12596	146	23	the	the	DET
fbem-12596	146	24	asset	asset	NOUN
fbem-12596	146	25	allocation	allocation	NOUN
fbem-12596	146	26	weights	weight	NOUN
fbem-12596	146	27	of	of	ADP
fbem-12596	146	28	each	each	DET
fbem-12596	146	29	model	model	NOUN
fbem-12596	146	30	.	.	PUNCT
fbem-12596	147	1	it	it	PRON
fbem-12596	147	2	also	also	ADV
fbem-12596	147	3	briefly	briefly	ADV
fbem-12596	147	4	analyzes	analyze	VERB
fbem-12596	147	5	the	the	DET
fbem-12596	147	6	characteristics	characteristic	NOUN
fbem-12596	147	7	and	and	CCONJ
fbem-12596	147	8	advantages	advantage	NOUN
fbem-12596	147	9	and	and	CCONJ
fbem-12596	147	10	disadvantages	disadvantage	NOUN
fbem-12596	147	11	of	of	ADP
fbem-12596	147	12	each	each	DET
fbem-12596	147	13	model	model	NOUN
fbem-12596	147	14	.	.	PUNCT
fbem-12596	148	1	the	the	DET
fbem-12596	148	2	second	second	ADJ
fbem-12596	148	3	section	section	NOUN
fbem-12596	148	4	explains	explain	VERB
fbem-12596	148	5	and	and	CCONJ
fbem-12596	148	6	introduces	introduce	VERB
fbem-12596	148	7	the	the	DET
fbem-12596	148	8	performance	performance	NOUN
fbem-12596	148	9	evaluation	evaluation	NOUN
fbem-12596	148	10	indicators	indicator	NOUN
fbem-12596	148	11	adopted	adopt	VERB
fbem-12596	148	12	in	in	ADP
fbem-12596	148	13	this	this	DET
fbem-12596	148	14	article	article	NOUN
fbem-12596	148	15	and	and	CCONJ
fbem-12596	148	16	the	the	DET
fbem-12596	148	17	theoretical	theoretical	ADJ
fbem-12596	148	18	basis	basis	NOUN
fbem-12596	148	19	for	for	ADP
fbem-12596	148	20	calculating	calculate	VERB
fbem-12596	148	21	each	each	DET
fbem-12596	148	22	indicator	indicator	NOUN
fbem-12596	148	23	.	.	PUNCT
fbem-12596	149	1	on	on	ADP
fbem-12596	149	2	top	top	NOUN
fbem-12596	149	3	of	of	ADP
fbem-12596	149	4	this	this	PRON
fbem-12596	149	5	,	,	PUNCT
fbem-12596	149	6	it	it	PRON
fbem-12596	149	7	briefly	briefly	ADV
fbem-12596	149	8	analyzes	analyze	VERB
fbem-12596	149	9	the	the	DET
fbem-12596	149	10	characteristics	characteristic	NOUN
fbem-12596	149	11	and	and	CCONJ
fbem-12596	149	12	inspection	inspection	NOUN
fbem-12596	149	13	aspects	aspect	NOUN
fbem-12596	149	14	of	of	ADP
fbem-12596	149	15	each	each	DET
fbem-12596	149	16	indicator	indicator	NOUN
fbem-12596	149	17	.	.	PUNCT
fbem-12596	150	1	4	4	X
fbem-12596	150	2	.	.	X
fbem-12596	150	3	research	research	NOUN
fbem-12596	150	4	design	design	NOUN
fbem-12596	150	5	and	and	CCONJ
fbem-12596	150	6	empirical	empirical	ADJ
fbem-12596	150	7	analysis	analysis	NOUN
fbem-12596	150	8	4.1	4.1	NUM
fbem-12596	150	9	.	.	PUNCT
fbem-12596	151	1	data	datum	NOUN
fbem-12596	151	2	selection	selection	NOUN
fbem-12596	151	3	due	due	ADP
fbem-12596	151	4	to	to	ADP
fbem-12596	151	5	the	the	DET
fbem-12596	151	6	background	background	NOUN
fbem-12596	151	7	of	of	ADP
fbem-12596	151	8	fof	fof	NOUN
fbem-12596	151	9	in	in	ADP
fbem-12596	151	10	this	this	DET
fbem-12596	151	11	article	article	NOUN
fbem-12596	151	12	,	,	PUNCT
fbem-12596	151	13	and	and	CCONJ
fbem-12596	151	14	the	the	DET
fbem-12596	151	15	core	core	NOUN
fbem-12596	151	16	of	of	ADP
fbem-12596	151	17	fof	fof	PROPN
fbem-12596	151	18	lies	lie	VERB
fbem-12596	151	19	in	in	ADP
fbem-12596	151	20	asset	asset	NOUN
fbem-12596	151	21	allocation	allocation	NOUN
fbem-12596	151	22	rather	rather	ADV
fbem-12596	151	23	than	than	ADP
fbem-12596	151	24	the	the	DET
fbem-12596	151	25	selection	selection	NOUN
fbem-12596	151	26	of	of	ADP
fbem-12596	151	27	underlying	underlie	VERB
fbem-12596	151	28	assets	asset	NOUN
fbem-12596	151	29	,	,	PUNCT
fbem-12596	151	30	this	this	DET
fbem-12596	151	31	article	article	NOUN
fbem-12596	151	32	uses	use	VERB
fbem-12596	151	33	stock	stock	NOUN
fbem-12596	151	34	indices	index	NOUN
fbem-12596	151	35	as	as	ADP
fbem-12596	151	36	the	the	DET
fbem-12596	151	37	underlying	underlie	VERB
fbem-12596	151	38	assets	asset	NOUN
fbem-12596	151	39	.	.	PUNCT
fbem-12596	152	1	in	in	ADP
fbem-12596	152	2	order	order	NOUN
fbem-12596	152	3	to	to	PART
fbem-12596	152	4	reduce	reduce	VERB
fbem-12596	152	5	the	the	DET
fbem-12596	152	6	possibility	possibility	NOUN
fbem-12596	152	7	of	of	ADP
fbem-12596	152	8	the	the	DET
fbem-12596	152	9	underlying	underlie	VERB
fbem-12596	152	10	assets	asset	NOUN
fbem-12596	152	11	being	be	AUX
fbem-12596	152	12	jointly	jointly	ADV
fbem-12596	152	13	affected	affect	VERB
fbem-12596	152	14	by	by	ADP
fbem-12596	152	15	the	the	DET
fbem-12596	152	16	same	same	ADJ
fbem-12596	152	17	factors	factor	NOUN
fbem-12596	152	18	,	,	PUNCT
fbem-12596	152	19	such	such	ADJ
fbem-12596	152	20	as	as	ADP
fbem-12596	152	21	domestic	domestic	ADJ
fbem-12596	152	22	policy	policy	NOUN
fbem-12596	152	23	factors	factor	NOUN
fbem-12596	152	24	,	,	PUNCT
fbem-12596	152	25	changes	change	NOUN
fbem-12596	152	26	in	in	ADP
fbem-12596	152	27	domestic	domestic	ADJ
fbem-12596	152	28	market	market	NOUN
fbem-12596	152	29	environment	environment	NOUN
fbem-12596	152	30	,	,	PUNCT
fbem-12596	152	31	or	or	CCONJ
fbem-12596	152	32	changes	change	NOUN
fbem-12596	152	33	in	in	ADP
fbem-12596	152	34	interest	interest	NOUN
fbem-12596	152	35	rates	rate	NOUN
fbem-12596	152	36	and	and	CCONJ
fbem-12596	152	37	inflation	inflation	NOUN
fbem-12596	152	38	levels	level	NOUN
fbem-12596	152	39	,	,	PUNCT
fbem-12596	152	40	this	this	DET
fbem-12596	152	41	article	article	NOUN
fbem-12596	152	42	chooses	choose	VERB
fbem-12596	152	43	representative	representative	ADJ
fbem-12596	152	44	stock	stock	NOUN
fbem-12596	152	45	market	market	NOUN
fbem-12596	152	46	indices	index	NOUN
fbem-12596	152	47	in	in	ADP
fbem-12596	152	48	the	the	DET
fbem-12596	152	49	global	global	ADJ
fbem-12596	152	50	financial	financial	ADJ
fbem-12596	152	51	market	market	NOUN
fbem-12596	152	52	,	,	PUNCT
fbem-12596	152	53	such	such	ADJ
fbem-12596	152	54	as	as	ADP
fbem-12596	152	55	the	the	DET
fbem-12596	152	56	s&p	s&p	PROPN
fbem-12596	152	57	500	500	NUM
fbem-12596	152	58	index	index	NOUN
fbem-12596	152	59	,	,	PUNCT
fbem-12596	152	60	the	the	DET
fbem-12596	152	61	shanghai	shanghai	PROPN
fbem-12596	152	62	shenzhen	shenzhen	PROPN
fbem-12596	152	63	300	300	NUM
fbem-12596	152	64	index	index	NOUN
fbem-12596	152	65	,	,	PUNCT
fbem-12596	152	66	and	and	CCONJ
fbem-12596	152	67	the	the	DET
fbem-12596	152	68	german	german	ADJ
fbem-12596	152	69	dax30	dax30	PROPN
fbem-12596	152	70	index	index	NOUN
fbem-12596	152	71	,	,	PUNCT
fbem-12596	152	72	from	from	ADP
fbem-12596	152	73	the	the	DET
fbem-12596	152	74	united	united	PROPN
fbem-12596	152	75	states	states	PROPN
fbem-12596	152	76	,	,	PUNCT
fbem-12596	152	77	china	china	PROPN
fbem-12596	152	78	,	,	PUNCT
fbem-12596	152	79	and	and	CCONJ
fbem-12596	152	80	germany	germany	PROPN
fbem-12596	152	81	.	.	PUNCT
fbem-12596	153	1	in	in	ADP
fbem-12596	153	2	addition	addition	NOUN
fbem-12596	153	3	,	,	PUNCT
fbem-12596	153	4	due	due	ADP
fbem-12596	153	5	to	to	ADP
fbem-12596	153	6	the	the	DET
fbem-12596	153	7	fact	fact	NOUN
fbem-12596	153	8	that	that	SCONJ
fbem-12596	153	9	the	the	PRON
fbem-12596	153	10	longer	long	ADJ
fbem-12596	153	11	the	the	DET
fbem-12596	153	12	interval	interval	NOUN
fbem-12596	153	13	selected	select	VERB
fbem-12596	153	14	for	for	ADP
fbem-12596	153	15	empirical	empirical	ADJ
fbem-12596	153	16	analysis	analysis	NOUN
fbem-12596	153	17	is	be	AUX
fbem-12596	153	18	not	not	PART
fbem-12596	153	19	necessarily	necessarily	ADV
fbem-12596	153	20	the	the	DET
fbem-12596	153	21	better	well	ADJ
fbem-12596	153	22	,	,	PUNCT
fbem-12596	153	23	as	as	SCONJ
fbem-12596	153	24	data	datum	NOUN
fbem-12596	153	25	from	from	ADP
fbem-12596	153	26	too	too	ADV
fbem-12596	153	27	long	long	ADJ
fbem-12596	153	28	ago	ago	ADV
fbem-12596	153	29	may	may	AUX
fbem-12596	153	30	not	not	PART
fbem-12596	153	31	have	have	VERB
fbem-12596	153	32	much	much	ADJ
fbem-12596	153	33	reference	reference	NOUN
fbem-12596	153	34	value	value	NOUN
fbem-12596	153	35	for	for	ADP
fbem-12596	153	36	current	current	ADJ
fbem-12596	153	37	investment	investment	NOUN
fbem-12596	153	38	decisions	decision	NOUN
fbem-12596	153	39	,	,	PUNCT
fbem-12596	153	40	and	and	CCONJ
fbem-12596	153	41	selecting	select	VERB
fbem-12596	153	42	an	an	DET
fbem-12596	153	43	interval	interval	NOUN
fbem-12596	153	44	that	that	PRON
fbem-12596	153	45	is	be	AUX
fbem-12596	153	46	too	too	ADV
fbem-12596	153	47	short	short	ADJ
fbem-12596	153	48	is	be	AUX
fbem-12596	153	49	also	also	ADV
fbem-12596	153	50	not	not	PART
fbem-12596	153	51	good	good	ADJ
fbem-12596	153	52	,	,	PUNCT
fbem-12596	153	53	which	which	PRON
fbem-12596	153	54	can	can	AUX
fbem-12596	153	55	not	not	PART
fbem-12596	153	56	reflect	reflect	VERB
fbem-12596	153	57	the	the	DET
fbem-12596	153	58	true	true	ADJ
fbem-12596	153	59	operating	operating	NOUN
fbem-12596	153	60	level	level	NOUN
fbem-12596	153	61	,	,	PUNCT
fbem-12596	153	62	return	return	VERB
fbem-12596	153	63	situation	situation	NOUN
fbem-12596	153	64	,	,	PUNCT
fbem-12596	153	65	and	and	CCONJ
fbem-12596	153	66	the	the	DET
fbem-12596	153	67	impact	impact	NOUN
fbem-12596	153	68	of	of	ADP
fbem-12596	153	69	excluding	exclude	VERB
fbem-12596	153	70	short	short	ADJ
fbem-12596	153	71	-	-	PUNCT
fbem-12596	153	72	term	term	NOUN
fbem-12596	153	73	contingency	contingency	NOUN
fbem-12596	153	74	factors	factor	NOUN
fbem-12596	153	75	.	.	PUNCT
fbem-12596	154	1	therefore	therefore	ADV
fbem-12596	154	2	,	,	PUNCT
fbem-12596	154	3	this	this	DET
fbem-12596	154	4	article	article	NOUN
fbem-12596	154	5	selects	select	VERB
fbem-12596	154	6	the	the	DET
fbem-12596	154	7	closing	closing	NOUN
fbem-12596	154	8	price	price	NOUN
fbem-12596	154	9	data	datum	NOUN
fbem-12596	154	10	of	of	ADP
fbem-12596	154	11	the	the	DET
fbem-12596	154	12	three	three	NUM
fbem-12596	154	13	major	major	ADJ
fbem-12596	154	14	stock	stock	NOUN
fbem-12596	154	15	indices	index	NOUN
fbem-12596	154	16	from	from	ADP
fbem-12596	154	17	july	july	PROPN
fbem-12596	154	18	1	1	NUM
fbem-12596	154	19	,	,	PUNCT
fbem-12596	154	20	2015	2015	NUM
fbem-12596	154	21	to	to	ADP
fbem-12596	154	22	december	december	PROPN
fbem-12596	154	23	31	31	NUM
fbem-12596	154	24	,	,	PUNCT
fbem-12596	154	25	2019	2019	NUM
fbem-12596	154	26	,	,	PUNCT
fbem-12596	154	27	which	which	PRON
fbem-12596	154	28	is	be	AUX
fbem-12596	154	29	a	a	DET
fbem-12596	154	30	total	total	NOUN
fbem-12596	154	31	of	of	ADP
fbem-12596	154	32	four	four	NUM
fbem-12596	154	33	and	and	CCONJ
fbem-12596	154	34	a	a	DET
fbem-12596	154	35	half	half	NOUN
fbem-12596	154	36	years	year	NOUN
fbem-12596	154	37	.	.	PUNCT
fbem-12596	155	1	in	in	ADP
fbem-12596	155	2	addition	addition	NOUN
fbem-12596	155	3	,	,	PUNCT
fbem-12596	155	4	due	due	ADP
fbem-12596	155	5	to	to	ADP
fbem-12596	155	6	differences	difference	NOUN
fbem-12596	155	7	in	in	ADP
fbem-12596	155	8	social	social	ADJ
fbem-12596	155	9	culture	culture	NOUN
fbem-12596	155	10	,	,	PUNCT
fbem-12596	155	11	policy	policy	NOUN
fbem-12596	155	12	systems	system	NOUN
fbem-12596	155	13	,	,	PUNCT
fbem-12596	155	14	and	and	CCONJ
fbem-12596	155	15	other	other	ADJ
fbem-12596	155	16	factors	factor	NOUN
fbem-12596	155	17	in	in	ADP
fbem-12596	155	18	different	different	ADJ
fbem-12596	155	19	countries	country	NOUN
fbem-12596	155	20	,	,	PUNCT
fbem-12596	155	21	the	the	DET
fbem-12596	155	22	trading	trading	NOUN
fbem-12596	155	23	days	day	NOUN
fbem-12596	155	24	of	of	ADP
fbem-12596	155	25	stock	stock	NOUN
fbem-12596	155	26	markets	market	NOUN
fbem-12596	155	27	vary	vary	VERB
fbem-12596	155	28	.	.	PUNCT
fbem-12596	156	1	the	the	DET
fbem-12596	156	2	approach	approach	NOUN
fbem-12596	156	3	adopted	adopt	VERB
fbem-12596	156	4	in	in	ADP
fbem-12596	156	5	this	this	DET
fbem-12596	156	6	article	article	NOUN
fbem-12596	156	7	is	be	AUX
fbem-12596	156	8	that	that	SCONJ
fbem-12596	156	9	as	as	ADV
fbem-12596	156	10	long	long	ADV
fbem-12596	156	11	as	as	SCONJ
fbem-12596	156	12	one	one	NUM
fbem-12596	156	13	country	country	NOUN
fbem-12596	156	14	's	's	PART
fbem-12596	156	15	stock	stock	NOUN
fbem-12596	156	16	market	market	NOUN
fbem-12596	156	17	is	be	AUX
fbem-12596	156	18	trading	trade	VERB
fbem-12596	156	19	on	on	ADP
fbem-12596	156	20	a	a	DET
fbem-12596	156	21	certain	certain	ADJ
fbem-12596	156	22	day	day	NOUN
fbem-12596	156	23	,	,	PUNCT
fbem-12596	156	24	and	and	CCONJ
fbem-12596	156	25	if	if	SCONJ
fbem-12596	156	26	there	there	PRON
fbem-12596	156	27	is	be	VERB
fbem-12596	156	28	no	no	DET
fbem-12596	156	29	trading	trading	NOUN
fbem-12596	156	30	data	datum	NOUN
fbem-12596	156	31	in	in	ADP
fbem-12596	156	32	the	the	DET
fbem-12596	156	33	two	two	NUM
fbem-12596	156	34	countries	country	NOUN
fbem-12596	156	35	,	,	PUNCT
fbem-12596	156	36	the	the	DET
fbem-12596	156	37	trading	trading	NOUN
fbem-12596	156	38	data	datum	NOUN
fbem-12596	156	39	from	from	ADP
fbem-12596	156	40	the	the	DET
fbem-12596	156	41	previous	previous	ADJ
fbem-12596	156	42	day	day	NOUN
fbem-12596	156	43	should	should	AUX
fbem-12596	156	44	be	be	AUX
fbem-12596	156	45	extended	extend	VERB
fbem-12596	156	46	to	to	PART
fbem-12596	156	47	ensure	ensure	VERB
fbem-12596	156	48	the	the	DET
fbem-12596	156	49	completeness	completeness	NOUN
fbem-12596	156	50	and	and	CCONJ
fbem-12596	156	51	ease	ease	NOUN
fbem-12596	156	52	of	of	ADP
fbem-12596	156	53	processing	processing	NOUN
fbem-12596	156	54	of	of	ADP
fbem-12596	156	55	the	the	DET
fbem-12596	156	56	data	datum	NOUN
fbem-12596	156	57	.	.	PUNCT
fbem-12596	157	1	after	after	ADP
fbem-12596	157	2	adjustment	adjustment	NOUN
fbem-12596	157	3	,	,	PUNCT
fbem-12596	157	4	there	there	PRON
fbem-12596	157	5	were	be	VERB
fbem-12596	157	6	a	a	DET
fbem-12596	157	7	total	total	NOUN
fbem-12596	157	8	of	of	ADP
fbem-12596	157	9	1172	1172	NUM
fbem-12596	157	10	trading	trading	NOUN
fbem-12596	157	11	days	day	NOUN
fbem-12596	157	12	of	of	ADP
fbem-12596	157	13	data	datum	NOUN
fbem-12596	157	14	,	,	PUNCT
fbem-12596	157	15	of	of	ADP
fbem-12596	157	16	which	which	PRON
fbem-12596	157	17	132	132	NUM
fbem-12596	157	18	trading	trading	NOUN
fbem-12596	157	19	days	day	NOUN
fbem-12596	157	20	from	from	ADP
fbem-12596	157	21	july	july	PROPN
fbem-12596	157	22	1	1	NUM
fbem-12596	157	23	,	,	PUNCT
fbem-12596	157	24	2015	2015	NUM
fbem-12596	157	25	to	to	ADP
fbem-12596	157	26	december	december	PROPN
fbem-12596	157	27	31	31	NUM
fbem-12596	157	28	,	,	PUNCT
fbem-12596	157	29	2015	2015	NUM
fbem-12596	157	30	were	be	AUX
fbem-12596	157	31	only	only	ADV
fbem-12596	157	32	used	use	VERB
fbem-12596	157	33	for	for	ADP
fbem-12596	157	34	initial	initial	ADJ
fbem-12596	157	35	calculations	calculation	NOUN
fbem-12596	157	36	and	and	CCONJ
fbem-12596	157	37	not	not	PART
fbem-12596	157	38	for	for	ADP
fbem-12596	157	39	other	other	ADJ
fbem-12596	157	40	purposes	purpose	NOUN
fbem-12596	157	41	.	.	PUNCT
fbem-12596	158	1	the	the	DET
fbem-12596	158	2	actual	actual	ADJ
fbem-12596	158	3	data	datum	NOUN
fbem-12596	158	4	used	use	VERB
fbem-12596	158	5	for	for	ADP
fbem-12596	158	6	empirical	empirical	ADJ
fbem-12596	158	7	analysis	analysis	NOUN
fbem-12596	158	8	was	be	AUX
fbem-12596	158	9	1040	1040	NUM
fbem-12596	158	10	trading	trading	NOUN
fbem-12596	158	11	days	day	NOUN
fbem-12596	158	12	from	from	ADP
fbem-12596	158	13	january	january	PROPN
fbem-12596	158	14	4	4	NUM
fbem-12596	158	15	,	,	PUNCT
fbem-12596	158	16	2016	2016	NUM
fbem-12596	158	17	to	to	ADP
fbem-12596	158	18	december	december	PROPN
fbem-12596	158	19	31	31	NUM
fbem-12596	158	20	,	,	PUNCT
fbem-12596	158	21	2019	2019	NUM
fbem-12596	158	22	.	.	PUNCT
fbem-12596	159	1	4.2	4.2	NUM
fbem-12596	159	2	.	.	PUNCT
fbem-12596	160	1	data	datum	NOUN
fbem-12596	160	2	statistics	statistic	NOUN
fbem-12596	160	3	after	after	ADP
fbem-12596	160	4	selecting	select	VERB
fbem-12596	160	5	the	the	DET
fbem-12596	160	6	data	datum	NOUN
fbem-12596	160	7	as	as	SCONJ
fbem-12596	160	8	mentioned	mention	VERB
fbem-12596	160	9	earlier	early	ADV
fbem-12596	160	10	,	,	PUNCT
fbem-12596	160	11	this	this	DET
fbem-12596	160	12	section	section	NOUN
fbem-12596	160	13	conducted	conduct	VERB
fbem-12596	160	14	a	a	DET
fbem-12596	160	15	brief	brief	ADJ
fbem-12596	160	16	statistical	statistical	ADJ
fbem-12596	160	17	analysis	analysis	NOUN
fbem-12596	160	18	on	on	ADP
fbem-12596	160	19	the	the	DET
fbem-12596	160	20	original	original	ADJ
fbem-12596	160	21	stock	stock	NOUN
fbem-12596	160	22	index	index	NOUN
fbem-12596	160	23	data	datum	NOUN
fbem-12596	160	24	and	and	CCONJ
fbem-12596	160	25	obtained	obtain	VERB
fbem-12596	160	26	the	the	DET
fbem-12596	160	27	following	follow	VERB
fbem-12596	160	28	chart	chart	NOUN
fbem-12596	160	29	(	(	PUNCT
fbem-12596	160	30	see	see	VERB
fbem-12596	160	31	figure	figure	NOUN
fbem-12596	160	32	1	1	NUM
fbem-12596	160	33	):	):	PUNCT
fbem-12596	160	34	from	from	ADP
fbem-12596	160	35	the	the	DET
fbem-12596	160	36	above	above	ADJ
fbem-12596	160	37	stock	stock	NOUN
fbem-12596	160	38	index	index	NOUN
fbem-12596	160	39	net	net	ADJ
fbem-12596	160	40	value	value	NOUN
fbem-12596	160	41	trend	trend	NOUN
fbem-12596	160	42	chart	chart	NOUN
fbem-12596	160	43	,	,	PUNCT
fbem-12596	160	44	it	it	PRON
fbem-12596	160	45	can	can	AUX
fbem-12596	160	46	be	be	AUX
fbem-12596	160	47	seen	see	VERB
fbem-12596	160	48	that	that	SCONJ
fbem-12596	160	49	all	all	DET
fbem-12596	160	50	three	three	NUM
fbem-12596	160	51	major	major	ADJ
fbem-12596	160	52	stock	stock	NOUN
fbem-12596	160	53	indices	index	NOUN
fbem-12596	160	54	have	have	AUX
fbem-12596	160	55	roughly	roughly	ADV
fbem-12596	160	56	gone	go	VERB
fbem-12596	160	57	through	through	ADP
fbem-12596	160	58	a	a	DET
fbem-12596	160	59	process	process	NOUN
fbem-12596	160	60	of	of	ADP
fbem-12596	160	61	first	first	ADJ
fbem-12596	160	62	rising	rise	VERB
fbem-12596	160	63	,	,	PUNCT
fbem-12596	160	64	then	then	ADV
fbem-12596	160	65	falling	fall	VERB
fbem-12596	160	66	,	,	PUNCT
fbem-12596	160	67	and	and	CCONJ
fbem-12596	160	68	then	then	ADV
fbem-12596	160	69	rising	rise	VERB
fbem-12596	160	70	.	.	PUNCT
fbem-12596	161	1	the	the	DET
fbem-12596	161	2	decline	decline	NOUN
fbem-12596	161	3	process	process	NOUN
fbem-12596	161	4	of	of	ADP
fbem-12596	161	5	the	the	DET
fbem-12596	161	6	s&p	s&p	PROPN
fbem-12596	161	7	500	500	NUM
fbem-12596	161	8	index	index	NOUN
fbem-12596	161	9	occurred	occur	VERB
fbem-12596	161	10	in	in	ADP
fbem-12596	161	11	a	a	DET
fbem-12596	161	12	relatively	relatively	ADV
fbem-12596	161	13	short	short	ADJ
fbem-12596	161	14	period	period	NOUN
fbem-12596	161	15	of	of	ADP
fbem-12596	161	16	time	time	NOUN
fbem-12596	161	17	and	and	CCONJ
fbem-12596	161	18	quickly	quickly	ADV
fbem-12596	161	19	recovered	recover	VERB
fbem-12596	161	20	,	,	PUNCT
fbem-12596	161	21	while	while	SCONJ
fbem-12596	161	22	compared	compare	VERB
fbem-12596	161	23	to	to	ADP
fbem-12596	161	24	germany	germany	PROPN
fbem-12596	161	25	's	's	PART
fbem-12596	161	26	dax30	dax30	PROPN
fbem-12596	161	27	and	and	CCONJ
fbem-12596	161	28	shanghai	shanghai	PROPN
fbem-12596	161	29	shenzhen	shenzhen	PROPN
fbem-12596	161	30	300	300	NUM
fbem-12596	161	31	,	,	PUNCT
fbem-12596	161	32	the	the	DET
fbem-12596	161	33	change	change	NOUN
fbem-12596	161	34	curve	curve	NOUN
fbem-12596	161	35	is	be	AUX
fbem-12596	161	36	more	more	ADV
fbem-12596	161	37	gentle	gentle	ADJ
fbem-12596	161	38	,	,	PUNCT
fbem-12596	161	39	and	and	CCONJ
fbem-12596	161	40	the	the	DET
fbem-12596	161	41	market	market	NOUN
fbem-12596	161	42	recovery	recovery	NOUN
fbem-12596	161	43	also	also	ADV
fbem-12596	161	44	took	take	VERB
fbem-12596	161	45	more	more	ADJ
fbem-12596	161	46	time	time	NOUN
fbem-12596	161	47	.	.	PUNCT
fbem-12596	162	1	from	from	ADP
fbem-12596	162	2	the	the	DET
fbem-12596	162	3	graph	graph	NOUN
fbem-12596	162	4	,	,	PUNCT
fbem-12596	162	5	it	it	PRON
fbem-12596	162	6	can	can	AUX
fbem-12596	162	7	be	be	AUX
fbem-12596	162	8	intuitively	intuitively	ADV
fbem-12596	162	9	seen	see	VERB
fbem-12596	162	10	that	that	SCONJ
fbem-12596	162	11	the	the	DET
fbem-12596	162	12	s&p	s&p	PROPN
fbem-12596	162	13	500	500	NUM
fbem-12596	162	14	index	index	NOUN
fbem-12596	162	15	performed	perform	VERB
fbem-12596	162	16	the	the	DET
fbem-12596	162	17	best	good	ADJ
fbem-12596	162	18	and	and	CCONJ
fbem-12596	162	19	achieved	achieve	VERB
fbem-12596	162	20	high	high	ADJ
fbem-12596	162	21	returns	return	NOUN
fbem-12596	162	22	over	over	ADP
fbem-12596	162	23	a	a	DET
fbem-12596	162	24	four	four	NUM
fbem-12596	162	25	-	-	PUNCT
fbem-12596	162	26	year	year	NOUN
fbem-12596	162	27	period	period	NOUN
fbem-12596	162	28	,	,	PUNCT
fbem-12596	162	29	with	with	ADP
fbem-12596	162	30	a	a	DET
fbem-12596	162	31	significant	significant	ADJ
fbem-12596	162	32	increase	increase	NOUN
fbem-12596	162	33	in	in	ADP
fbem-12596	162	34	the	the	DET
fbem-12596	162	35	net	net	ADJ
fbem-12596	162	36	value	value	NOUN
fbem-12596	162	37	of	of	ADP
fbem-12596	162	38	the	the	DET
fbem-12596	162	39	index	index	NOUN
fbem-12596	162	40	.	.	PUNCT
fbem-12596	163	1	compared	compare	VERB
fbem-12596	163	2	to	to	ADP
fbem-12596	163	3	this	this	PRON
fbem-12596	163	4	,	,	PUNCT
fbem-12596	163	5	the	the	DET
fbem-12596	163	6	dax30	dax30	PROPN
fbem-12596	163	7	index	index	NOUN
fbem-12596	163	8	in	in	ADP
fbem-12596	163	9	germany	germany	PROPN
fbem-12596	163	10	performed	perform	VERB
fbem-12596	163	11	second	second	ADV
fbem-12596	163	12	,	,	PUNCT
fbem-12596	163	13	with	with	ADP
fbem-12596	163	14	growth	growth	NOUN
fbem-12596	163	15	performance	performance	NOUN
fbem-12596	163	16	similar	similar	ADJ
fbem-12596	163	17	to	to	ADP
fbem-12596	163	18	the	the	DET
fbem-12596	163	19	s&p	s&p	PROPN
fbem-12596	163	20	500	500	NUM
fbem-12596	163	21	in	in	ADP
fbem-12596	163	22	the	the	DET
fbem-12596	163	23	first	first	ADJ
fbem-12596	163	24	two	two	NUM
fbem-12596	163	25	years	year	NOUN
fbem-12596	163	26	of	of	ADP
fbem-12596	163	27	the	the	DET
fbem-12596	163	28	four	four	NUM
fbem-12596	163	29	years	year	NOUN
fbem-12596	163	30	,	,	PUNCT
fbem-12596	163	31	and	and	CCONJ
fbem-12596	163	32	significantly	significantly	ADV
fbem-12596	163	33	lower	low	ADJ
fbem-12596	163	34	than	than	ADP
fbem-12596	163	35	the	the	DET
fbem-12596	163	36	s&p	s&p	PROPN
fbem-12596	163	37	500	500	NUM
fbem-12596	163	38	in	in	ADP
fbem-12596	163	39	the	the	DET
fbem-12596	163	40	latter	latter	ADJ
fbem-12596	163	41	two	two	NUM
fbem-12596	163	42	years	year	NOUN
fbem-12596	163	43	,	,	PUNCT
fbem-12596	163	44	with	with	ADP
fbem-12596	163	45	a	a	DET
fbem-12596	163	46	significant	significant	ADJ
fbem-12596	163	47	difference	difference	NOUN
fbem-12596	163	48	.	.	PUNCT
fbem-12596	164	1	the	the	DET
fbem-12596	164	2	net	net	ADJ
fbem-12596	164	3	value	value	NOUN
fbem-12596	164	4	growth	growth	NOUN
fbem-12596	164	5	of	of	ADP
fbem-12596	164	6	the	the	DET
fbem-12596	164	7	index	index	NOUN
fbem-12596	164	8	was	be	AUX
fbem-12596	164	9	average	average	ADJ
fbem-12596	164	10	in	in	ADP
fbem-12596	164	11	the	the	DET
fbem-12596	164	12	four	four	NUM
fbem-12596	164	13	years	year	NOUN
fbem-12596	164	14	.	.	PUNCT
fbem-12596	165	1	the	the	DET
fbem-12596	165	2	worst	bad	ADJ
fbem-12596	165	3	performing	perform	VERB
fbem-12596	165	4	index	index	NOUN
fbem-12596	165	5	is	be	AUX
fbem-12596	165	6	the	the	DET
fbem-12596	165	7	shanghai	shanghai	PROPN
fbem-12596	165	8	and	and	CCONJ
fbem-12596	165	9	shenzhen	shenzhen	PROPN
fbem-12596	165	10	300	300	NUM
fbem-12596	165	11	index	index	NOUN
fbem-12596	165	12	,	,	PUNCT
fbem-12596	165	13	which	which	PRON
fbem-12596	165	14	has	have	AUX
fbem-12596	165	15	performed	perform	VERB
fbem-12596	165	16	significantly	significantly	ADV
fbem-12596	165	17	lower	low	ADJ
fbem-12596	165	18	than	than	ADP
fbem-12596	165	19	the	the	DET
fbem-12596	165	20	first	first	ADJ
fbem-12596	165	21	two	two	NUM
fbem-12596	165	22	indices	index	NOUN
fbem-12596	165	23	in	in	ADP
fbem-12596	165	24	the	the	DET
fbem-12596	165	25	first	first	ADJ
fbem-12596	165	26	three	three	NUM
fbem-12596	165	27	years	year	NOUN
fbem-12596	165	28	of	of	ADP
fbem-12596	165	29	the	the	DET
fbem-12596	165	30	four	four	NUM
fbem-12596	165	31	years	year	NOUN
fbem-12596	165	32	.	.	PUNCT
fbem-12596	166	1	during	during	ADP
fbem-12596	166	2	this	this	DET
fbem-12596	166	3	period	period	NOUN
fbem-12596	166	4	,	,	PUNCT
fbem-12596	166	5	the	the	DET
fbem-12596	166	6	net	net	ADJ
fbem-12596	166	7	value	value	NOUN
fbem-12596	166	8	only	only	ADV
fbem-12596	166	9	approached	approach	VERB
fbem-12596	166	10	germany	germany	PROPN
fbem-12596	166	11	's	's	PART
fbem-12596	166	12	dax30	dax30	PROPN
fbem-12596	166	13	for	for	ADP
fbem-12596	166	14	a	a	DET
fbem-12596	166	15	short	short	ADJ
fbem-12596	166	16	period	period	NOUN
fbem-12596	166	17	of	of	ADP
fbem-12596	166	18	time	time	NOUN
fbem-12596	166	19	,	,	PUNCT
fbem-12596	166	20	and	and	CCONJ
fbem-12596	166	21	then	then	ADV
fbem-12596	166	22	fell	fall	VERB
fbem-12596	166	23	significantly	significantly	ADV
fbem-12596	166	24	behind	behind	ADV
fbem-12596	166	25	in	in	ADP
fbem-12596	166	26	the	the	DET
fbem-12596	166	27	subsequent	subsequent	ADJ
fbem-12596	166	28	decline	decline	NOUN
fbem-12596	166	29	process	process	NOUN
fbem-12596	166	30	.	.	PUNCT
fbem-12596	167	1	in	in	ADP
fbem-12596	167	2	the	the	DET
fbem-12596	167	3	last	last	ADJ
fbem-12596	167	4	year	year	NOUN
fbem-12596	167	5	,	,	PUNCT
fbem-12596	167	6	the	the	DET
fbem-12596	167	7	net	net	ADJ
fbem-12596	167	8	worth	worth	NOUN
fbem-12596	167	9	gradually	gradually	ADV
fbem-12596	167	10	approached	approach	VERB
fbem-12596	167	11	the	the	DET
fbem-12596	167	12	german	german	ADJ
fbem-12596	167	13	dax30	dax30	PROPN
fbem-12596	167	14	index	index	NOUN
fbem-12596	167	15	,	,	PUNCT
fbem-12596	167	16	and	and	CCONJ
fbem-12596	167	17	the	the	DET
fbem-12596	167	18	final	final	ADJ
fbem-12596	167	19	net	net	ADJ
fbem-12596	167	20	worth	worth	ADJ
fbem-12596	167	21	growth	growth	NOUN
fbem-12596	167	22	was	be	AUX
fbem-12596	167	23	the	the	DET
fbem-12596	167	24	lowest	low	ADJ
fbem-12596	167	25	.	.	PUNCT
fbem-12596	168	1	the	the	DET
fbem-12596	168	2	detailed	detailed	ADJ
fbem-12596	168	3	statistical	statistical	ADJ
fbem-12596	168	4	indicators	indicator	NOUN
fbem-12596	168	5	are	be	AUX
fbem-12596	168	6	shown	show	VERB
fbem-12596	168	7	in	in	ADP
fbem-12596	168	8	the	the	DET
fbem-12596	168	9	table	table	NOUN
fbem-12596	168	10	below	below	ADV
fbem-12596	168	11	(	(	PUNCT
fbem-12596	168	12	see	see	VERB
fbem-12596	168	13	table	table	NOUN
fbem-12596	168	14	1	1	NUM
fbem-12596	168	15	)	)	PUNCT
fbem-12596	168	16	:	:	PUNCT
fbem-12596	168	17	233	233	NUM
fbem-12596	168	18	figure	figure	NOUN
fbem-12596	168	19	1	1	NUM
fbem-12596	168	20	.	.	PUNCT
fbem-12596	168	21	three	three	NUM
fbem-12596	168	22	major	major	ADJ
fbem-12596	168	23	stock	stock	NOUN
fbem-12596	168	24	index	index	NOUN
fbem-12596	168	25	net	net	ADJ
fbem-12596	168	26	worth	worth	ADJ
fbem-12596	168	27	trend	trend	NOUN
fbem-12596	168	28	charts	chart	NOUN
fbem-12596	168	29	table	table	NOUN
fbem-12596	168	30	1	1	NUM
fbem-12596	168	31	.	.	PUNCT
fbem-12596	168	32	three	three	NUM
fbem-12596	168	33	major	major	ADJ
fbem-12596	168	34	stock	stock	NOUN
fbem-12596	168	35	index	index	NOUN
fbem-12596	168	36	net	net	ADJ
fbem-12596	168	37	worth	worth	ADJ
fbem-12596	168	38	trend	trend	NOUN
fbem-12596	168	39	charts	chart	NOUN
fbem-12596	168	40	mean	mean	VERB
fbem-12596	168	41	annuali	annuali	PROPN
fbem-12596	168	42	zed	zed	PROPN
fbem-12596	168	43	volatility	volatility	NOUN
fbem-12596	168	44	min	min	PROPN
fbem-12596	168	45	max	max	PROPN
fbem-12596	168	46	accumulated	accumulate	VERB
fbem-12596	168	47	yield	yield	NOUN
fbem-12596	168	48	annuali	annuali	VERB
fbem-12596	168	49	-	-	PUNCT
fbem-12596	168	50	zed	ze	VERB
fbem-12596	168	51	return	return	VERB
fbem-12596	168	52	maximum	maximum	ADJ
fbem-12596	168	53	drawdown	drawdown	ADJ
fbem-12596	168	54	karma	karma	NOUN
fbem-12596	168	55	ratio	ratio	PROPN
fbem-12596	168	56	sharpe	sharpe	PROPN
fbem-12596	168	57	ratio	ratio	PROPN
fbem-12596	168	58	s&p	s&p	PROPN
fbem-12596	168	59	500	500	NUM
fbem-12596	168	60	0.047	0.047	NUM
fbem-12596	168	61	%	%	NOUN
fbem-12596	168	62	12.726	12.726	NUM
fbem-12596	168	63	%	%	NOUN
fbem-12596	168	64	-4.182	-4.182	NOUN
fbem-12596	168	65	%	%	NOUN
fbem-12596	168	66	5.052	5.052	NUM
fbem-12596	168	67	%	%	NOUN
fbem-12596	168	68	60.113	60.113	NUM
fbem-12596	168	69	%	%	NOUN
fbem-12596	168	70	12.488	12.488	NUM
fbem-12596	168	71	%	%	NOUN
fbem-12596	168	72	20.178	20.178	NUM
fbem-12596	168	73	%	%	NOUN
fbem-12596	168	74	0.619	0.619	NUM
fbem-12596	168	75	0.845	0.845	NUM
fbem-12596	168	76	csi	csi	PROPN
fbem-12596	168	77	300	300	NUM
fbem-12596	168	78	0.016	0.016	NUM
fbem-12596	168	79	%	%	NOUN
fbem-12596	168	80	18.464	18.464	NUM
fbem-12596	168	81	%	%	NOUN
fbem-12596	168	82	-7.020	-7.020	ADP
fbem-12596	168	83	%	%	NOUN
fbem-12596	168	84	5.948	5.948	NUM
fbem-12596	168	85	%	%	NOUN
fbem-12596	168	86	18.089	18.089	NUM
fbem-12596	168	87	%	%	NOUN
fbem-12596	168	88	4.244	4.244	NUM
fbem-12596	168	89	%	%	NOUN
fbem-12596	168	90	32.462	32.462	NUM
fbem-12596	168	91	%	%	NOUN
fbem-12596	168	92	0.131	0.131	NUM
fbem-12596	168	93	0.083	0.083	NUM
fbem-12596	168	94	germany	germany	PROPN
fbem-12596	168	95	dax30	dax30	PROPN
fbem-12596	168	96	0.025	0.025	NUM
fbem-12596	168	97	%	%	NOUN
fbem-12596	168	98	15.472	15.472	NUM
fbem-12596	168	99	%	%	NOUN
fbem-12596	168	100	-6.823	-6.823	NOUN
fbem-12596	168	101	%	%	NOUN
fbem-12596	168	102	3.506	3.506	NUM
fbem-12596	168	103	%	%	NOUN
fbem-12596	168	104	28.838	28.838	NUM
fbem-12596	168	105	%	%	NOUN
fbem-12596	168	106	6.540	6.540	NUM
fbem-12596	168	107	%	%	NOUN
fbem-12596	168	108	23.438	23.438	NUM
fbem-12596	168	109	%	%	NOUN
fbem-12596	168	110	0.279	0.279	NUM
fbem-12596	168	111	0.427	0.427	NUM
fbem-12596	168	112	from	from	ADP
fbem-12596	168	113	the	the	DET
fbem-12596	168	114	table	table	NOUN
fbem-12596	168	115	,	,	PUNCT
fbem-12596	168	116	it	it	PRON
fbem-12596	168	117	can	can	AUX
fbem-12596	168	118	be	be	AUX
fbem-12596	168	119	seen	see	VERB
fbem-12596	168	120	that	that	SCONJ
fbem-12596	168	121	the	the	DET
fbem-12596	168	122	cumulative	cumulative	ADJ
fbem-12596	168	123	returns	return	NOUN
fbem-12596	168	124	of	of	ADP
fbem-12596	168	125	the	the	DET
fbem-12596	168	126	three	three	NUM
fbem-12596	168	127	major	major	ADJ
fbem-12596	168	128	stock	stock	NOUN
fbem-12596	168	129	indices	index	NOUN
fbem-12596	168	130	are	be	AUX
fbem-12596	168	131	all	all	ADV
fbem-12596	168	132	positive	positive	ADJ
fbem-12596	168	133	,	,	PUNCT
fbem-12596	168	134	with	with	ADP
fbem-12596	168	135	the	the	DET
fbem-12596	168	136	s&p	s&p	PROPN
fbem-12596	168	137	500	500	NUM
fbem-12596	168	138	performing	perform	VERB
fbem-12596	168	139	best	good	ADJ
fbem-12596	168	140	at	at	ADP
fbem-12596	168	141	60	60	NUM
fbem-12596	168	142	%	%	NOUN
fbem-12596	168	143	and	and	CCONJ
fbem-12596	168	144	the	the	DET
fbem-12596	168	145	shanghai	shanghai	PROPN
fbem-12596	168	146	and	and	CCONJ
fbem-12596	168	147	shenzhen	shenzhen	PROPN
fbem-12596	168	148	300	300	NUM
fbem-12596	168	149	performing	perform	VERB
fbem-12596	168	150	worst	bad	ADJ
fbem-12596	168	151	.	.	PUNCT
fbem-12596	169	1	in	in	ADP
fbem-12596	169	2	terms	term	NOUN
fbem-12596	169	3	of	of	ADP
fbem-12596	169	4	maximum	maximum	ADJ
fbem-12596	169	5	pullback	pullback	NOUN
fbem-12596	169	6	,	,	PUNCT
fbem-12596	169	7	the	the	DET
fbem-12596	169	8	s&p	s&p	PROPN
fbem-12596	169	9	500	500	NUM
fbem-12596	169	10	has	have	VERB
fbem-12596	169	11	the	the	DET
fbem-12596	169	12	highest	high	ADJ
fbem-12596	169	13	risk	risk	NOUN
fbem-12596	169	14	,	,	PUNCT
fbem-12596	169	15	with	with	ADP
fbem-12596	169	16	a	a	DET
fbem-12596	169	17	possible	possible	ADJ
fbem-12596	169	18	loss	loss	NOUN
fbem-12596	169	19	ratio	ratio	NOUN
fbem-12596	169	20	of	of	ADP
fbem-12596	169	21	up	up	ADP
fbem-12596	169	22	to	to	PART
fbem-12596	169	23	20	20	NUM
fbem-12596	169	24	%	%	NOUN
fbem-12596	169	25	.	.	PUNCT
fbem-12596	170	1	the	the	DET
fbem-12596	170	2	german	german	ADJ
fbem-12596	170	3	dax30	dax30	PROPN
fbem-12596	170	4	index	index	NOUN
fbem-12596	170	5	has	have	VERB
fbem-12596	170	6	the	the	DET
fbem-12596	170	7	lowest	low	ADJ
fbem-12596	170	8	risk	risk	NOUN
fbem-12596	170	9	.	.	PUNCT
fbem-12596	171	1	from	from	ADP
fbem-12596	171	2	the	the	DET
fbem-12596	171	3	perspective	perspective	NOUN
fbem-12596	171	4	of	of	ADP
fbem-12596	171	5	volatility	volatility	NOUN
fbem-12596	171	6	,	,	PUNCT
fbem-12596	171	7	the	the	DET
fbem-12596	171	8	s&p	s&p	PROPN
fbem-12596	171	9	500	500	NUM
fbem-12596	171	10	has	have	VERB
fbem-12596	171	11	the	the	DET
fbem-12596	171	12	best	good	ADJ
fbem-12596	171	13	stability	stability	NOUN
fbem-12596	171	14	,	,	PUNCT
fbem-12596	171	15	while	while	SCONJ
fbem-12596	171	16	the	the	DET
fbem-12596	171	17	shanghai	shanghai	PROPN
fbem-12596	171	18	and	and	CCONJ
fbem-12596	171	19	shenzhen	shenzhen	PROPN
fbem-12596	171	20	300	300	NUM
fbem-12596	171	21	index	index	NOUN
fbem-12596	171	22	has	have	VERB
fbem-12596	171	23	the	the	DET
fbem-12596	171	24	worst	bad	ADJ
fbem-12596	171	25	stability	stability	NOUN
fbem-12596	171	26	.	.	PUNCT
fbem-12596	172	1	based	base	VERB
fbem-12596	172	2	on	on	ADP
fbem-12596	172	3	other	other	ADJ
fbem-12596	172	4	indicators	indicator	NOUN
fbem-12596	172	5	,	,	PUNCT
fbem-12596	172	6	it	it	PRON
fbem-12596	172	7	can	can	AUX
fbem-12596	172	8	be	be	AUX
fbem-12596	172	9	concluded	conclude	VERB
fbem-12596	172	10	that	that	SCONJ
fbem-12596	172	11	the	the	DET
fbem-12596	172	12	s&p	s&p	PROPN
fbem-12596	172	13	500	500	NUM
fbem-12596	172	14	index	index	NOUN
fbem-12596	172	15	has	have	VERB
fbem-12596	172	16	the	the	DET
fbem-12596	172	17	best	good	ADJ
fbem-12596	172	18	performance	performance	NOUN
fbem-12596	172	19	among	among	ADP
fbem-12596	172	20	the	the	DET
fbem-12596	172	21	three	three	NUM
fbem-12596	172	22	major	major	ADJ
fbem-12596	172	23	stock	stock	NOUN
fbem-12596	172	24	indices	index	NOUN
fbem-12596	172	25	and	and	CCONJ
fbem-12596	172	26	is	be	AUX
fbem-12596	172	27	significantly	significantly	ADV
fbem-12596	172	28	better	well	ADJ
fbem-12596	172	29	than	than	ADP
fbem-12596	172	30	the	the	DET
fbem-12596	172	31	other	other	ADJ
fbem-12596	172	32	two	two	NUM
fbem-12596	172	33	.	.	PUNCT
fbem-12596	172	34	except	except	SCONJ
fbem-12596	172	35	for	for	ADP
fbem-12596	172	36	the	the	DET
fbem-12596	172	37	relatively	relatively	ADV
fbem-12596	172	38	high	high	ADJ
fbem-12596	172	39	correlation	correlation	NOUN
fbem-12596	172	40	between	between	ADP
fbem-12596	172	41	the	the	DET
fbem-12596	172	42	s&p	s&p	PROPN
fbem-12596	172	43	500	500	NUM
fbem-12596	172	44	and	and	CCONJ
fbem-12596	172	45	the	the	DET
fbem-12596	172	46	german	german	ADJ
fbem-12596	172	47	dax30	dax30	PROPN
fbem-12596	172	48	,	,	PUNCT
fbem-12596	172	49	the	the	DET
fbem-12596	172	50	correlation	correlation	NOUN
fbem-12596	172	51	between	between	ADP
fbem-12596	172	52	the	the	DET
fbem-12596	172	53	s&p	s&p	PROPN
fbem-12596	172	54	500	500	NUM
fbem-12596	172	55	and	and	CCONJ
fbem-12596	172	56	the	the	DET
fbem-12596	172	57	shanghai	shanghai	PROPN
fbem-12596	172	58	shenzhen	shenzhen	PROPN
fbem-12596	172	59	300	300	NUM
fbem-12596	172	60	,	,	PUNCT
fbem-12596	172	61	as	as	ADV
fbem-12596	172	62	well	well	ADV
fbem-12596	172	63	as	as	ADP
fbem-12596	172	64	the	the	DET
fbem-12596	172	65	shanghai	shanghai	PROPN
fbem-12596	172	66	shenzhen	shenzhen	PROPN
fbem-12596	172	67	300	300	NUM
fbem-12596	172	68	and	and	CCONJ
fbem-12596	172	69	the	the	DET
fbem-12596	172	70	german	german	ADJ
fbem-12596	172	71	dax30	dax30	PROPN
fbem-12596	172	72	,	,	PUNCT
fbem-12596	172	73	is	be	AUX
fbem-12596	172	74	relatively	relatively	ADV
fbem-12596	172	75	low	low	ADJ
fbem-12596	172	76	,	,	PUNCT
fbem-12596	172	77	indicating	indicate	VERB
fbem-12596	172	78	that	that	SCONJ
fbem-12596	172	79	risk	risk	NOUN
fbem-12596	172	80	diversification	diversification	NOUN
fbem-12596	172	81	is	be	AUX
fbem-12596	172	82	possible	possible	ADJ
fbem-12596	172	83	and	and	CCONJ
fbem-12596	172	84	necessary	necessary	ADJ
fbem-12596	172	85	.	.	PUNCT
fbem-12596	173	1	4.3	4.3	NUM
fbem-12596	173	2	.	.	PUNCT
fbem-12596	173	3	model	model	NOUN
fbem-12596	173	4	construction	construction	PROPN
fbem-12596	173	5	4.3.1	4.3.1	PROPN
fbem-12596	173	6	.	.	PUNCT
fbem-12596	173	7	preparation	preparation	NOUN
fbem-12596	173	8	for	for	ADP
fbem-12596	173	9	building	build	VERB
fbem-12596	173	10	the	the	DET
fbem-12596	173	11	model	model	NOUN
fbem-12596	173	12	before	before	ADP
fbem-12596	173	13	conducting	conduct	VERB
fbem-12596	173	14	performance	performance	NOUN
fbem-12596	173	15	comparative	comparative	ADJ
fbem-12596	173	16	analysis	analysis	NOUN
fbem-12596	173	17	,	,	PUNCT
fbem-12596	173	18	the	the	DET
fbem-12596	173	19	specific	specific	ADJ
fbem-12596	173	20	construction	construction	NOUN
fbem-12596	173	21	process	process	NOUN
fbem-12596	173	22	is	be	AUX
fbem-12596	173	23	as	as	SCONJ
fbem-12596	173	24	follows	follow	VERB
fbem-12596	173	25	:	:	PUNCT
fbem-12596	173	26	1	1	X
fbem-12596	173	27	.	.	X
fbem-12596	173	28	data	datum	NOUN
fbem-12596	173	29	range	range	NOUN
fbem-12596	173	30	:	:	PUNCT
fbem-12596	173	31	from	from	ADP
fbem-12596	173	32	july	july	PROPN
fbem-12596	173	33	1	1	NUM
fbem-12596	173	34	,	,	PUNCT
fbem-12596	173	35	2015	2015	NUM
fbem-12596	173	36	to	to	ADP
fbem-12596	173	37	december	december	PROPN
fbem-12596	173	38	31	31	NUM
fbem-12596	173	39	,	,	PUNCT
fbem-12596	173	40	2019	2019	NUM
fbem-12596	173	41	,	,	PUNCT
fbem-12596	173	42	the	the	DET
fbem-12596	173	43	data	datum	NOUN
fbem-12596	173	44	from	from	ADP
fbem-12596	173	45	july	july	PROPN
fbem-12596	173	46	1	1	NUM
fbem-12596	173	47	,	,	PUNCT
fbem-12596	173	48	2015	2015	NUM
fbem-12596	173	49	to	to	ADP
fbem-12596	173	50	december	december	PROPN
fbem-12596	173	51	31	31	NUM
fbem-12596	173	52	,	,	PUNCT
fbem-12596	173	53	2015	2015	NUM
fbem-12596	173	54	is	be	AUX
fbem-12596	173	55	only	only	ADV
fbem-12596	173	56	used	use	VERB
fbem-12596	173	57	for	for	ADP
fbem-12596	173	58	weight	weight	NOUN
fbem-12596	173	59	calculation	calculation	NOUN
fbem-12596	173	60	on	on	ADP
fbem-12596	173	61	january	january	PROPN
fbem-12596	173	62	1	1	NUM
fbem-12596	173	63	,	,	PUNCT
fbem-12596	173	64	2016	2016	NUM
fbem-12596	173	65	,	,	PUNCT
fbem-12596	173	66	and	and	CCONJ
fbem-12596	173	67	the	the	DET
fbem-12596	173	68	actual	actual	ADJ
fbem-12596	173	69	observation	observation	NOUN
fbem-12596	173	70	period	period	NOUN
fbem-12596	173	71	is	be	AUX
fbem-12596	173	72	from	from	ADP
fbem-12596	173	73	january	january	PROPN
fbem-12596	173	74	1	1	NUM
fbem-12596	173	75	,	,	PUNCT
fbem-12596	173	76	2016	2016	NUM
fbem-12596	173	77	to	to	ADP
fbem-12596	173	78	december	december	PROPN
fbem-12596	173	79	31	31	NUM
fbem-12596	173	80	,	,	PUNCT
fbem-12596	173	81	2019	2019	NUM
fbem-12596	173	82	.	.	X
fbem-12596	174	1	2	2	X
fbem-12596	174	2	.	.	X
fbem-12596	174	3	frequency	frequency	NOUN
fbem-12596	174	4	of	of	ADP
fbem-12596	174	5	warehouse	warehouse	NOUN
fbem-12596	174	6	adjustment	adjustment	NOUN
fbem-12596	174	7	:	:	PUNCT
fbem-12596	174	8	the	the	DET
fbem-12596	174	9	weight	weight	NOUN
fbem-12596	174	10	is	be	AUX
fbem-12596	174	11	adjusted	adjust	VERB
fbem-12596	174	12	every	every	DET
fbem-12596	174	13	three	three	NUM
fbem-12596	174	14	months	month	NOUN
fbem-12596	174	15	,	,	PUNCT
fbem-12596	174	16	that	that	ADV
fbem-12596	174	17	is	is	ADV
fbem-12596	174	18	,	,	PUNCT
fbem-12596	174	19	on	on	ADP
fbem-12596	174	20	january	january	PROPN
fbem-12596	174	21	1st	1st	NOUN
fbem-12596	174	22	,	,	PUNCT
fbem-12596	174	23	april	april	PROPN
fbem-12596	174	24	1st	1st	NOUN
fbem-12596	174	25	,	,	PUNCT
fbem-12596	174	26	july	july	PROPN
fbem-12596	174	27	1st	1st	NOUN
fbem-12596	174	28	,	,	PUNCT
fbem-12596	174	29	and	and	CCONJ
fbem-12596	174	30	october	october	PROPN
fbem-12596	174	31	1st	1st	NOUN
fbem-12596	174	32	each	each	DET
fbem-12596	174	33	year	year	NOUN
fbem-12596	174	34	.	.	PUNCT
fbem-12596	175	1	3	3	X
fbem-12596	175	2	.	.	X
fbem-12596	175	3	sample	sample	NOUN
fbem-12596	175	4	interval	interval	NOUN
fbem-12596	175	5	for	for	ADP
fbem-12596	175	6	position	position	NOUN
fbem-12596	175	7	adjustment	adjustment	NOUN
fbem-12596	175	8	:	:	PUNCT
fbem-12596	175	9	calculate	calculate	VERB
fbem-12596	175	10	new	new	ADJ
fbem-12596	175	11	asset	asset	NOUN
fbem-12596	175	12	allocation	allocation	NOUN
fbem-12596	175	13	weights	weight	NOUN
fbem-12596	175	14	based	base	VERB
fbem-12596	175	15	on	on	ADP
fbem-12596	175	16	the	the	DET
fbem-12596	175	17	transaction	transaction	NOUN
fbem-12596	175	18	data	datum	NOUN
fbem-12596	175	19	from	from	ADP
fbem-12596	175	20	the	the	DET
fbem-12596	175	21	first	first	ADJ
fbem-12596	175	22	half	half	NOUN
fbem-12596	175	23	of	of	ADP
fbem-12596	175	24	each	each	DET
fbem-12596	175	25	position	position	NOUN
fbem-12596	175	26	adjustment	adjustment	NOUN
fbem-12596	175	27	.	.	PUNCT
fbem-12596	176	1	4	4	X
fbem-12596	176	2	.	.	X
fbem-12596	176	3	underlying	underlie	VERB
fbem-12596	176	4	assets	asset	NOUN
fbem-12596	176	5	:	:	PUNCT
fbem-12596	176	6	s&p	s&p	PROPN
fbem-12596	176	7	500	500	NUM
fbem-12596	176	8	index	index	NOUN
fbem-12596	176	9	,	,	PUNCT
fbem-12596	176	10	shanghai	shanghai	PROPN
fbem-12596	176	11	and	and	CCONJ
fbem-12596	176	12	shenzhen	shenzhen	PROPN
fbem-12596	176	13	300	300	NUM
fbem-12596	176	14	index	index	NOUN
fbem-12596	176	15	,	,	PUNCT
fbem-12596	176	16	and	and	CCONJ
fbem-12596	176	17	german	german	ADJ
fbem-12596	176	18	dax30	dax30	PROPN
fbem-12596	176	19	index	index	NOUN
fbem-12596	176	20	.	.	PUNCT
fbem-12596	177	1	5	5	X
fbem-12596	177	2	.	.	PUNCT
fbem-12596	177	3	model	model	NOUN
fbem-12596	177	4	selection	selection	NOUN
fbem-12596	177	5	:	:	PUNCT
fbem-12596	177	6	equal	equal	ADJ
fbem-12596	177	7	weight	weight	NOUN
fbem-12596	177	8	model	model	NOUN
fbem-12596	177	9	,	,	PUNCT
fbem-12596	177	10	equal	equal	ADJ
fbem-12596	177	11	volatility	volatility	NOUN
fbem-12596	177	12	model	model	NOUN
fbem-12596	177	13	,	,	PUNCT
fbem-12596	177	14	and	and	CCONJ
fbem-12596	177	15	risk	risk	NOUN
fbem-12596	177	16	parity	parity	NOUN
fbem-12596	177	17	model	model	NOUN
fbem-12596	177	18	.	.	PUNCT
fbem-12596	178	1	4.3.2	4.3.2	X
fbem-12596	178	2	.	.	PUNCT
fbem-12596	179	1	calculation	calculation	NOUN
fbem-12596	179	2	issues	issue	NOUN
fbem-12596	179	3	related	relate	VERB
fbem-12596	179	4	to	to	ADP
fbem-12596	179	5	asset	asset	NOUN
fbem-12596	179	6	allocation	allocation	NOUN
fbem-12596	179	7	models	model	NOUN
fbem-12596	179	8	the	the	DET
fbem-12596	179	9	core	core	NOUN
fbem-12596	179	10	formula	formula	NOUN
fbem-12596	179	11	of	of	ADP
fbem-12596	179	12	the	the	DET
fbem-12596	179	13	risk	risk	NOUN
fbem-12596	179	14	parity	parity	NOUN
fbem-12596	179	15	model	model	NOUN
fbem-12596	179	16	was	be	AUX
fbem-12596	179	17	explained	explain	VERB
fbem-12596	179	18	earlier	early	ADV
fbem-12596	179	19	:	:	PUNCT
fbem-12596	179	20	𝑇𝑅𝐶	𝑇𝑅𝐶	PROPN
fbem-12596	179	21	𝑇𝑅𝐶	𝑇𝑅𝐶	PROPN
fbem-12596	179	22	(	(	PUNCT
fbem-12596	179	23	19	19	NUM
fbem-12596	179	24	)	)	PUNCT
fbem-12596	179	25	for	for	ADP
fbem-12596	179	26	any	any	PRON
fbem-12596	179	27	i	i	PROPN
fbem-12596	179	28	,	,	PUNCT
fbem-12596	179	29	j	j	PROPN
fbem-12596	179	30	,	,	PUNCT
fbem-12596	179	31	both	both	PRON
fbem-12596	179	32	hold	hold	VERB
fbem-12596	179	33	true	true	ADJ
fbem-12596	179	34	.	.	PUNCT
fbem-12596	180	1	therefore	therefore	ADV
fbem-12596	180	2	,	,	PUNCT
fbem-12596	180	3	in	in	ADP
fbem-12596	180	4	the	the	DET
fbem-12596	180	5	calculation	calculation	NOUN
fbem-12596	180	6	of	of	ADP
fbem-12596	180	7	the	the	DET
fbem-12596	180	8	risk	risk	NOUN
fbem-12596	180	9	parity	parity	NOUN
fbem-12596	180	10	model	model	NOUN
fbem-12596	180	11	in	in	ADP
fbem-12596	180	12	this	this	DET
fbem-12596	180	13	article	article	NOUN
fbem-12596	180	14	𝑇𝑅𝐶	𝑇𝑅𝐶	NOUN
fbem-12596	180	15	𝑇𝑅𝐶	𝑇𝑅𝐶	NOUN
fbem-12596	180	16	𝑇𝑅𝐶	𝑇𝑅𝐶	NOUN
fbem-12596	180	17	,	,	PUNCT
fbem-12596	180	18	it	it	PRON
fbem-12596	180	19	can	can	AUX
fbem-12596	180	20	be	be	AUX
fbem-12596	180	21	simplified	simplify	VERB
fbem-12596	180	22	as	as	SCONJ
fbem-12596	180	23	follows	follow	VERB
fbem-12596	180	24	:	:	PUNCT
fbem-12596	180	25	ω	ω	NUM
fbem-12596	180	26	,	,	PUNCT
fbem-12596	180	27	ω	ω	PROPN
fbem-12596	180	28	,	,	PUNCT
fbem-12596	180	29	ω	ω	PROPN
fbem-12596	180	30	,	,	PUNCT
fbem-12596	180	31	(	(	PUNCT
fbem-12596	180	32	20	20	NUM
fbem-12596	180	33	)	)	PUNCT
fbem-12596	180	34	namely	namely	ADV
fbem-12596	180	35	ω	ω	NUM
fbem-12596	180	36	cov	cov	NOUN
fbem-12596	180	37	r	r	NOUN
fbem-12596	180	38	,	,	PUNCT
fbem-12596	180	39	ω	ω	PROPN
fbem-12596	181	1	r	r	NOUN
fbem-12596	181	2	ω	ω	PROPN
fbem-12596	181	3	r	r	NOUN
fbem-12596	181	4	ω	ω	PROPN
fbem-12596	181	5	r	r	NOUN
fbem-12596	181	6	ω	ω	NUM
fbem-12596	181	7	cov	cov	NOUN
fbem-12596	181	8	r	r	NOUN
fbem-12596	181	9	,	,	PUNCT
fbem-12596	181	10	ω	ω	PROPN
fbem-12596	181	11	r	r	NOUN
fbem-12596	181	12	ω	ω	PROPN
fbem-12596	181	13	r	r	NOUN
fbem-12596	181	14	ω	ω	PROPN
fbem-12596	181	15	r	r	NOUN
fbem-12596	181	16	ω	ω	NUM
fbem-12596	181	17	cov	cov	NOUN
fbem-12596	181	18	r	r	NOUN
fbem-12596	181	19	,	,	PUNCT
fbem-12596	181	20	ω	ω	PROPN
fbem-12596	181	21	r	r	NOUN
fbem-12596	181	22	ω	ω	PROPN
fbem-12596	181	23	r	r	NOUN
fbem-12596	181	24	ω	ω	PROPN
fbem-12596	181	25	r	r	NOUN
fbem-12596	181	26	(	(	PUNCT
fbem-12596	181	27	21	21	NUM
fbem-12596	181	28	)	)	PUNCT
fbem-12596	181	29	0.6000000000	0.6000000000	NUM
fbem-12596	181	30	0.8000000000	0.8000000000	NUM
fbem-12596	181	31	1.0000000000	1.0000000000	NUM
fbem-12596	181	32	1.2000000000	1.2000000000	NUM
fbem-12596	181	33	1.4000000000	1.4000000000	NUM
fbem-12596	181	34	1.6000000000	1.6000000000	NUM
fbem-12596	181	35	20	20	NUM
fbem-12596	181	36	16	16	NUM
fbem-12596	181	37	-	-	SYM
fbem-12596	181	38	1	1	NUM
fbem-12596	181	39	-	-	SYM
fbem-12596	181	40	1	1	NUM
fbem-12596	181	41	20	20	NUM
fbem-12596	181	42	16	16	NUM
fbem-12596	181	43	-	-	PUNCT
fbem-12596	181	44	4	4	NUM
fbem-12596	181	45	-	-	SYM
fbem-12596	181	46	1	1	NUM
fbem-12596	181	47	20	20	NUM
fbem-12596	181	48	16	16	NUM
fbem-12596	181	49	-	-	PUNCT
fbem-12596	181	50	7	7	NUM
fbem-12596	181	51	-	-	SYM
fbem-12596	181	52	1	1	NUM
fbem-12596	181	53	20	20	NUM
fbem-12596	181	54	16	16	NUM
fbem-12596	181	55	-	-	SYM
fbem-12596	181	56	10	10	NUM
fbem-12596	181	57	-1	-1	SYM
fbem-12596	181	58	20	20	NUM
fbem-12596	181	59	17	17	NUM
fbem-12596	181	60	-	-	SYM
fbem-12596	181	61	1	1	NUM
fbem-12596	181	62	-	-	SYM
fbem-12596	181	63	1	1	NUM
fbem-12596	181	64	20	20	NUM
fbem-12596	181	65	17	17	NUM
fbem-12596	181	66	-	-	SYM
fbem-12596	181	67	4	4	NUM
fbem-12596	181	68	-	-	SYM
fbem-12596	181	69	1	1	NUM
fbem-12596	181	70	20	20	NUM
fbem-12596	181	71	17	17	NUM
fbem-12596	181	72	-	-	SYM
fbem-12596	181	73	7	7	NUM
fbem-12596	181	74	-	-	SYM
fbem-12596	181	75	1	1	NUM
fbem-12596	181	76	20	20	NUM
fbem-12596	181	77	17	17	NUM
fbem-12596	181	78	-	-	SYM
fbem-12596	181	79	10	10	NUM
fbem-12596	181	80	-1	-1	SYM
fbem-12596	181	81	20	20	NUM
fbem-12596	181	82	18	18	NUM
fbem-12596	181	83	-	-	SYM
fbem-12596	181	84	1	1	NUM
fbem-12596	181	85	-	-	SYM
fbem-12596	181	86	1	1	NUM
fbem-12596	181	87	20	20	NUM
fbem-12596	181	88	18	18	NUM
fbem-12596	181	89	-	-	SYM
fbem-12596	181	90	4	4	NUM
fbem-12596	181	91	-	-	SYM
fbem-12596	181	92	1	1	NUM
fbem-12596	181	93	20	20	NUM
fbem-12596	181	94	18	18	NUM
fbem-12596	181	95	-	-	SYM
fbem-12596	181	96	7	7	NUM
fbem-12596	181	97	-	-	SYM
fbem-12596	181	98	1	1	NUM
fbem-12596	181	99	20	20	NUM
fbem-12596	181	100	18	18	NUM
fbem-12596	181	101	-	-	SYM
fbem-12596	181	102	10	10	NUM
fbem-12596	181	103	-1	-1	SYM
fbem-12596	181	104	20	20	NUM
fbem-12596	181	105	19	19	NUM
fbem-12596	181	106	-	-	PUNCT
fbem-12596	181	107	1	1	NUM
fbem-12596	181	108	-	-	SYM
fbem-12596	181	109	1	1	NUM
fbem-12596	181	110	20	20	NUM
fbem-12596	181	111	19	19	NUM
fbem-12596	181	112	-	-	PUNCT
fbem-12596	181	113	4	4	NUM
fbem-12596	181	114	-	-	SYM
fbem-12596	181	115	1	1	NUM
fbem-12596	181	116	20	20	NUM
fbem-12596	181	117	19	19	NUM
fbem-12596	181	118	-	-	PUNCT
fbem-12596	181	119	7	7	NUM
fbem-12596	181	120	-	-	SYM
fbem-12596	181	121	1	1	NUM
fbem-12596	181	122	20	20	NUM
fbem-12596	181	123	19	19	NUM
fbem-12596	181	124	-	-	SYM
fbem-12596	181	125	10	10	NUM
fbem-12596	181	126	-1	-1	NOUN
fbem-12596	181	127	net	net	ADJ
fbem-12596	181	128	value	value	NOUN
fbem-12596	181	129	of	of	ADP
fbem-12596	181	130	the	the	DET
fbem-12596	181	131	s&p	s&p	PROPN
fbem-12596	181	132	500	500	NUM
fbem-12596	181	133	index	index	NOUN
fbem-12596	181	134	net	net	ADJ
fbem-12596	181	135	value	value	NOUN
fbem-12596	181	136	of	of	ADP
fbem-12596	181	137	the	the	DET
fbem-12596	181	138	shanghai	shanghai	PROPN
fbem-12596	181	139	and	and	CCONJ
fbem-12596	181	140	shenzhen	shenzhen	PROPN
fbem-12596	181	141	500	500	NUM
fbem-12596	181	142	index	index	NOUN
fbem-12596	181	143	net	net	ADJ
fbem-12596	181	144	value	value	NOUN
fbem-12596	181	145	of	of	ADP
fbem-12596	181	146	german	german	ADJ
fbem-12596	181	147	dax30	dax30	PROPN
fbem-12596	181	148	index	index	NOUN
fbem-12596	181	149	234	234	NUM
fbem-12596	181	150	namely	namely	ADV
fbem-12596	181	151	ω	ω	NUM
fbem-12596	181	152	d	d	PROPN
fbem-12596	181	153	ω	ω	PROPN
fbem-12596	181	154	ω	ω	PROPN
fbem-12596	181	155	cov	cov	PROPN
fbem-12596	181	156	r	r	NOUN
fbem-12596	181	157	,	,	PUNCT
fbem-12596	181	158	r	r	PROPN
fbem-12596	181	159	ω	ω	PROPN
fbem-12596	181	160	d	d	PROPN
fbem-12596	181	161	ω	ω	PROPN
fbem-12596	181	162	ω	ω	PROPN
fbem-12596	181	163	cov	cov	PROPN
fbem-12596	181	164	r	r	NOUN
fbem-12596	181	165	,	,	PUNCT
fbem-12596	181	166	r	r	PROPN
fbem-12596	181	167	ω	ω	PROPN
fbem-12596	181	168	d	d	PROPN
fbem-12596	181	169	ω	ω	PROPN
fbem-12596	181	170	ω	ω	PROPN
fbem-12596	181	171	cov	cov	PROPN
fbem-12596	181	172	r	r	NOUN
fbem-12596	181	173	,	,	PUNCT
fbem-12596	181	174	r	r	PROPN
fbem-12596	181	175	ω	ω	PROPN
fbem-12596	181	176	d	d	PROPN
fbem-12596	181	177	ω	ω	PROPN
fbem-12596	181	178	ω	ω	PROPN
fbem-12596	181	179	cov	cov	PROPN
fbem-12596	181	180	r	r	NOUN
fbem-12596	181	181	,	,	PUNCT
fbem-12596	181	182	r	r	PROPN
fbem-12596	181	183	ω	ω	PROPN
fbem-12596	181	184	ω	ω	NUM
fbem-12596	181	185	ω	ω	PROPN
fbem-12596	181	186	1	1	NUM
fbem-12596	181	187	(	(	PUNCT
fbem-12596	181	188	22	22	NUM
fbem-12596	181	189	)	)	PUNCT
fbem-12596	181	190	by	by	ADP
fbem-12596	181	191	combining	combine	VERB
fbem-12596	181	192	the	the	DET
fbem-12596	181	193	𝜔	𝜔	NOUN
fbem-12596	181	194	𝜔	𝜔	PART
fbem-12596	181	195	𝜔	𝜔	NOUN
fbem-12596	181	196	of	of	ADP
fbem-12596	181	197	the	the	DET
fbem-12596	181	198	equal	equal	ADJ
fbem-12596	181	199	weight	weight	NOUN
fbem-12596	181	200	model	model	NOUN
fbem-12596	181	201	and	and	CCONJ
fbem-12596	181	202	the	the	DET
fbem-12596	181	203	𝜔	𝜔	X
fbem-12596	181	204	𝜎	𝜎	ADJ
fbem-12596	181	205	𝜔	𝜔	X
fbem-12596	181	206	𝜎	𝜎	ADP
fbem-12596	181	207	𝜔	𝜔	X
fbem-12596	181	208	𝜎	𝜎	NOUN
fbem-12596	181	209	of	of	ADP
fbem-12596	181	210	the	the	DET
fbem-12596	181	211	equal	equal	ADJ
fbem-12596	181	212	volatility	volatility	NOUN
fbem-12596	181	213	model	model	NOUN
fbem-12596	181	214	mentioned	mention	VERB
fbem-12596	181	215	earlier	early	ADV
fbem-12596	181	216	,	,	PUNCT
fbem-12596	181	217	the	the	DET
fbem-12596	181	218	investment	investment	NOUN
fbem-12596	181	219	weights	weight	NOUN
fbem-12596	181	220	of	of	ADP
fbem-12596	181	221	each	each	DET
fbem-12596	181	222	asset	asset	NOUN
fbem-12596	181	223	for	for	ADP
fbem-12596	181	224	each	each	DET
fbem-12596	181	225	portfolio	portfolio	NOUN
fbem-12596	181	226	adjustment	adjustment	NOUN
fbem-12596	181	227	can	can	AUX
fbem-12596	181	228	be	be	AUX
fbem-12596	181	229	calculated	calculate	VERB
fbem-12596	181	230	.	.	PUNCT
fbem-12596	182	1	the	the	DET
fbem-12596	182	2	weight	weight	NOUN
fbem-12596	182	3	of	of	ADP
fbem-12596	182	4	each	each	DET
fbem-12596	182	5	asset	asset	NOUN
fbem-12596	182	6	in	in	ADP
fbem-12596	182	7	the	the	DET
fbem-12596	182	8	equal	equal	ADJ
fbem-12596	182	9	weight	weight	NOUN
fbem-12596	182	10	model	model	NOUN
fbem-12596	182	11	is	be	AUX
fbem-12596	182	12	always	always	ADV
fbem-12596	182	13	1/3	1/3	NUM
fbem-12596	182	14	,	,	PUNCT
fbem-12596	182	15	so	so	SCONJ
fbem-12596	182	16	there	there	PRON
fbem-12596	182	17	will	will	AUX
fbem-12596	182	18	be	be	AUX
fbem-12596	182	19	no	no	DET
fbem-12596	182	20	further	further	ADJ
fbem-12596	182	21	illustration	illustration	NOUN
fbem-12596	182	22	or	or	CCONJ
fbem-12596	182	23	discussion	discussion	NOUN
fbem-12596	182	24	here	here	ADV
fbem-12596	182	25	.	.	PUNCT
fbem-12596	183	1	firstly	firstly	ADV
fbem-12596	183	2	,	,	PUNCT
fbem-12596	183	3	the	the	DET
fbem-12596	183	4	weight	weight	NOUN
fbem-12596	183	5	calculation	calculation	NOUN
fbem-12596	183	6	results	result	NOUN
fbem-12596	183	7	of	of	ADP
fbem-12596	183	8	a	a	DET
fbem-12596	183	9	total	total	NOUN
fbem-12596	183	10	of	of	ADP
fbem-12596	183	11	16	16	NUM
fbem-12596	183	12	position	position	NOUN
fbem-12596	183	13	adjustments	adjustment	NOUN
fbem-12596	183	14	using	use	VERB
fbem-12596	183	15	the	the	DET
fbem-12596	183	16	equal	equal	ADJ
fbem-12596	183	17	volatility	volatility	NOUN
fbem-12596	183	18	model	model	NOUN
fbem-12596	183	19	over	over	ADP
fbem-12596	183	20	four	four	NUM
fbem-12596	183	21	years	year	NOUN
fbem-12596	183	22	are	be	AUX
fbem-12596	183	23	shown	show	VERB
fbem-12596	183	24	in	in	ADP
fbem-12596	183	25	the	the	DET
fbem-12596	183	26	following	follow	VERB
fbem-12596	183	27	(	(	PUNCT
fbem-12596	183	28	see	see	VERB
fbem-12596	183	29	figure	figure	NOUN
fbem-12596	183	30	2	2	NUM
fbem-12596	183	31	):	):	PUNCT
fbem-12596	183	32	figure	figure	NOUN
fbem-12596	183	33	2	2	NUM
fbem-12596	183	34	.	.	PUNCT
fbem-12596	183	35	figure	figure	NOUN
fbem-12596	183	36	of	of	ADP
fbem-12596	183	37	changes	change	NOUN
fbem-12596	183	38	in	in	ADP
fbem-12596	183	39	asset	asset	NOUN
fbem-12596	183	40	weights	weight	NOUN
fbem-12596	183	41	for	for	ADP
fbem-12596	183	42	equal	equal	ADJ
fbem-12596	183	43	volatility	volatility	NOUN
fbem-12596	183	44	models	model	NOUN
fbem-12596	183	45	from	from	ADP
fbem-12596	183	46	the	the	DET
fbem-12596	183	47	graph	graph	NOUN
fbem-12596	183	48	,	,	PUNCT
fbem-12596	183	49	it	it	PRON
fbem-12596	183	50	can	can	AUX
fbem-12596	183	51	be	be	AUX
fbem-12596	183	52	seen	see	VERB
fbem-12596	183	53	that	that	SCONJ
fbem-12596	183	54	as	as	SCONJ
fbem-12596	183	55	the	the	DET
fbem-12596	183	56	risk	risk	NOUN
fbem-12596	183	57	profile	profile	NOUN
fbem-12596	183	58	of	of	ADP
fbem-12596	183	59	the	the	DET
fbem-12596	183	60	three	three	NUM
fbem-12596	183	61	types	type	NOUN
fbem-12596	183	62	of	of	ADP
fbem-12596	183	63	assets	asset	NOUN
fbem-12596	183	64	continues	continue	VERB
fbem-12596	183	65	to	to	PART
fbem-12596	183	66	change	change	VERB
fbem-12596	183	67	,	,	PUNCT
fbem-12596	183	68	the	the	DET
fbem-12596	183	69	weight	weight	NOUN
fbem-12596	183	70	ratios	ratio	NOUN
fbem-12596	183	71	of	of	ADP
fbem-12596	183	72	the	the	DET
fbem-12596	183	73	three	three	NUM
fbem-12596	183	74	major	major	ADJ
fbem-12596	183	75	stock	stock	NOUN
fbem-12596	183	76	indices	index	NOUN
fbem-12596	183	77	are	be	AUX
fbem-12596	183	78	also	also	ADV
fbem-12596	183	79	constantly	constantly	ADV
fbem-12596	183	80	changing	change	VERB
fbem-12596	183	81	.	.	PUNCT
fbem-12596	184	1	the	the	DET
fbem-12596	184	2	proportion	proportion	NOUN
fbem-12596	184	3	of	of	ADP
fbem-12596	184	4	the	the	DET
fbem-12596	184	5	s&p	s&p	PROPN
fbem-12596	184	6	500	500	NUM
fbem-12596	184	7	index	index	NOUN
fbem-12596	184	8	in	in	ADP
fbem-12596	184	9	the	the	DET
fbem-12596	184	10	first	first	ADJ
fbem-12596	184	11	two	two	NUM
fbem-12596	184	12	years	year	NOUN
fbem-12596	184	13	has	have	AUX
fbem-12596	184	14	slowly	slowly	ADV
fbem-12596	184	15	declined	decline	VERB
fbem-12596	184	16	steadily	steadily	ADV
fbem-12596	184	17	,	,	PUNCT
fbem-12596	184	18	while	while	SCONJ
fbem-12596	184	19	the	the	DET
fbem-12596	184	20	weight	weight	NOUN
fbem-12596	184	21	of	of	ADP
fbem-12596	184	22	the	the	DET
fbem-12596	184	23	latter	latter	ADJ
fbem-12596	184	24	two	two	NUM
fbem-12596	184	25	years	year	NOUN
fbem-12596	184	26	has	have	AUX
fbem-12596	184	27	fluctuated	fluctuate	VERB
fbem-12596	184	28	greatly	greatly	ADV
fbem-12596	184	29	,	,	PUNCT
fbem-12596	184	30	indicating	indicate	VERB
fbem-12596	184	31	that	that	SCONJ
fbem-12596	184	32	the	the	DET
fbem-12596	184	33	risk	risk	NOUN
fbem-12596	184	34	of	of	ADP
fbem-12596	184	35	the	the	DET
fbem-12596	184	36	s&p	s&p	PROPN
fbem-12596	184	37	500	500	NUM
fbem-12596	184	38	index	index	NOUN
fbem-12596	184	39	in	in	ADP
fbem-12596	184	40	the	the	DET
fbem-12596	184	41	first	first	ADJ
fbem-12596	184	42	two	two	NUM
fbem-12596	184	43	years	year	NOUN
fbem-12596	184	44	is	be	AUX
fbem-12596	184	45	relatively	relatively	ADV
fbem-12596	184	46	low	low	ADJ
fbem-12596	184	47	and	and	CCONJ
fbem-12596	184	48	stable	stable	ADJ
fbem-12596	184	49	,	,	PUNCT
fbem-12596	184	50	while	while	SCONJ
fbem-12596	184	51	the	the	DET
fbem-12596	184	52	stability	stability	NOUN
fbem-12596	184	53	of	of	ADP
fbem-12596	184	54	the	the	DET
fbem-12596	184	55	risk	risk	NOUN
fbem-12596	184	56	situation	situation	NOUN
fbem-12596	184	57	in	in	ADP
fbem-12596	184	58	the	the	DET
fbem-12596	184	59	latter	latter	ADJ
fbem-12596	184	60	two	two	NUM
fbem-12596	184	61	years	year	NOUN
fbem-12596	184	62	has	have	AUX
fbem-12596	184	63	deteriorated	deteriorate	VERB
fbem-12596	184	64	.	.	PUNCT
fbem-12596	185	1	the	the	DET
fbem-12596	185	2	weight	weight	NOUN
fbem-12596	185	3	ratio	ratio	NOUN
fbem-12596	185	4	of	of	ADP
fbem-12596	185	5	the	the	DET
fbem-12596	185	6	shanghai	shanghai	PROPN
fbem-12596	185	7	and	and	CCONJ
fbem-12596	185	8	shenzhen	shenzhen	PROPN
fbem-12596	185	9	300	300	NUM
fbem-12596	185	10	index	index	NOUN
fbem-12596	185	11	gradually	gradually	ADV
fbem-12596	185	12	increased	increase	VERB
fbem-12596	185	13	in	in	ADP
fbem-12596	185	14	the	the	DET
fbem-12596	185	15	first	first	ADJ
fbem-12596	185	16	two	two	NUM
fbem-12596	185	17	years	year	NOUN
fbem-12596	185	18	and	and	CCONJ
fbem-12596	185	19	then	then	ADV
fbem-12596	185	20	remained	remain	VERB
fbem-12596	185	21	roughly	roughly	ADV
fbem-12596	185	22	stable	stable	ADJ
fbem-12596	185	23	,	,	PUNCT
fbem-12596	185	24	while	while	SCONJ
fbem-12596	185	25	it	it	PRON
fbem-12596	185	26	decreased	decrease	VERB
fbem-12596	185	27	in	in	ADP
fbem-12596	185	28	volatility	volatility	NOUN
fbem-12596	185	29	in	in	ADP
fbem-12596	185	30	the	the	DET
fbem-12596	185	31	latter	latter	ADJ
fbem-12596	185	32	two	two	NUM
fbem-12596	185	33	years	year	NOUN
fbem-12596	185	34	.	.	PUNCT
fbem-12596	186	1	the	the	DET
fbem-12596	186	2	situation	situation	NOUN
fbem-12596	186	3	of	of	ADP
fbem-12596	186	4	the	the	DET
fbem-12596	186	5	german	german	ADJ
fbem-12596	186	6	dax30	dax30	PROPN
fbem-12596	186	7	index	index	NOUN
fbem-12596	186	8	is	be	AUX
fbem-12596	186	9	exactly	exactly	ADV
fbem-12596	186	10	the	the	DET
fbem-12596	186	11	opposite	opposite	NOUN
fbem-12596	186	12	,	,	PUNCT
fbem-12596	186	13	that	that	ADV
fbem-12596	186	14	is	is	ADV
fbem-12596	186	15	,	,	PUNCT
fbem-12596	186	16	it	it	PRON
fbem-12596	186	17	decreased	decrease	VERB
fbem-12596	186	18	in	in	ADP
fbem-12596	186	19	the	the	DET
fbem-12596	186	20	first	first	ADJ
fbem-12596	186	21	two	two	NUM
fbem-12596	186	22	years	year	NOUN
fbem-12596	186	23	and	and	CCONJ
fbem-12596	186	24	then	then	ADV
fbem-12596	186	25	remained	remain	VERB
fbem-12596	186	26	stable	stable	ADJ
fbem-12596	186	27	,	,	PUNCT
fbem-12596	186	28	and	and	CCONJ
fbem-12596	186	29	rose	rise	VERB
fbem-12596	186	30	in	in	ADP
fbem-12596	186	31	volatility	volatility	NOUN
fbem-12596	186	32	in	in	ADP
fbem-12596	186	33	the	the	DET
fbem-12596	186	34	latter	latter	ADJ
fbem-12596	186	35	two	two	NUM
fbem-12596	186	36	years	year	NOUN
fbem-12596	186	37	.	.	PUNCT
fbem-12596	187	1	overall	overall	ADV
fbem-12596	187	2	,	,	PUNCT
fbem-12596	187	3	throughout	throughout	ADP
fbem-12596	187	4	the	the	DET
fbem-12596	187	5	entire	entire	ADJ
fbem-12596	187	6	data	datum	NOUN
fbem-12596	187	7	range	range	NOUN
fbem-12596	187	8	,	,	PUNCT
fbem-12596	187	9	the	the	DET
fbem-12596	187	10	risk	risk	NOUN
fbem-12596	187	11	of	of	ADP
fbem-12596	187	12	the	the	DET
fbem-12596	187	13	s&p	s&p	PROPN
fbem-12596	187	14	500	500	NUM
fbem-12596	187	15	index	index	NOUN
fbem-12596	187	16	has	have	AUX
fbem-12596	187	17	increased	increase	VERB
fbem-12596	187	18	and	and	CCONJ
fbem-12596	187	19	the	the	DET
fbem-12596	187	20	stability	stability	NOUN
fbem-12596	187	21	of	of	ADP
fbem-12596	187	22	the	the	DET
fbem-12596	187	23	risk	risk	NOUN
fbem-12596	187	24	profile	profile	NOUN
fbem-12596	187	25	has	have	AUX
fbem-12596	187	26	deteriorated	deteriorate	VERB
fbem-12596	187	27	.	.	PUNCT
fbem-12596	188	1	the	the	DET
fbem-12596	188	2	risk	risk	NOUN
fbem-12596	188	3	level	level	NOUN
fbem-12596	188	4	of	of	ADP
fbem-12596	188	5	the	the	DET
fbem-12596	188	6	shanghai	shanghai	PROPN
fbem-12596	188	7	and	and	CCONJ
fbem-12596	188	8	shenzhen	shenzhen	PROPN
fbem-12596	188	9	300	300	NUM
fbem-12596	188	10	index	index	NOUN
fbem-12596	188	11	has	have	AUX
fbem-12596	188	12	been	be	AUX
fbem-12596	188	13	fluctuating	fluctuate	VERB
fbem-12596	188	14	,	,	PUNCT
fbem-12596	188	15	while	while	SCONJ
fbem-12596	188	16	the	the	DET
fbem-12596	188	17	risk	risk	NOUN
fbem-12596	188	18	profile	profile	NOUN
fbem-12596	188	19	of	of	ADP
fbem-12596	188	20	the	the	DET
fbem-12596	188	21	german	german	ADJ
fbem-12596	188	22	dax30	dax30	PROPN
fbem-12596	188	23	index	index	NOUN
fbem-12596	188	24	has	have	AUX
fbem-12596	188	25	decreased	decrease	VERB
fbem-12596	188	26	despite	despite	SCONJ
fbem-12596	188	27	fluctuations	fluctuation	NOUN
fbem-12596	188	28	.	.	PUNCT
fbem-12596	189	1	in	in	ADP
fbem-12596	189	2	addition	addition	NOUN
fbem-12596	189	3	,	,	PUNCT
fbem-12596	189	4	since	since	SCONJ
fbem-12596	189	5	this	this	DET
fbem-12596	189	6	article	article	NOUN
fbem-12596	189	7	does	do	AUX
fbem-12596	189	8	not	not	PART
fbem-12596	189	9	consider	consider	VERB
fbem-12596	189	10	the	the	DET
fbem-12596	189	11	special	special	ADJ
fbem-12596	189	12	situation	situation	NOUN
fbem-12596	189	13	of	of	ADP
fbem-12596	189	14	short	short	ADJ
fbem-12596	189	15	selling	selling	NOUN
fbem-12596	189	16	for	for	ADP
fbem-12596	189	17	comparative	comparative	ADJ
fbem-12596	189	18	analysis	analysis	NOUN
fbem-12596	189	19	of	of	ADP
fbem-12596	189	20	three	three	NUM
fbem-12596	189	21	asset	asset	NOUN
fbem-12596	189	22	allocation	allocation	NOUN
fbem-12596	189	23	portfolios	portfolio	NOUN
fbem-12596	189	24	,	,	PUNCT
fbem-12596	189	25	there	there	PRON
fbem-12596	189	26	is	be	VERB
fbem-12596	189	27	an	an	DET
fbem-12596	189	28	additional	additional	ADJ
fbem-12596	189	29	condition	condition	NOUN
fbem-12596	189	30	in	in	ADP
fbem-12596	189	31	the	the	DET
fbem-12596	189	32	weight	weight	NOUN
fbem-12596	189	33	calculation	calculation	NOUN
fbem-12596	189	34	of	of	ADP
fbem-12596	189	35	the	the	DET
fbem-12596	189	36	risk	risk	NOUN
fbem-12596	189	37	parity	parity	NOUN
fbem-12596	189	38	model	model	NOUN
fbem-12596	189	39	,	,	PUNCT
fbem-12596	189	40	which	which	PRON
fbem-12596	189	41	is	be	AUX
fbem-12596	189	42	.	.	PUNCT
fbem-12596	190	1	based	base	VERB
fbem-12596	190	2	on	on	ADP
fbem-12596	190	3	this	this	PRON
fbem-12596	190	4	,	,	PUNCT
fbem-12596	190	5	the	the	DET
fbem-12596	190	6	weight	weight	NOUN
fbem-12596	190	7	calculation	calculation	NOUN
fbem-12596	190	8	results	result	NOUN
fbem-12596	190	9	of	of	ADP
fbem-12596	190	10	16	16	NUM
fbem-12596	190	11	positions	position	NOUN
fbem-12596	190	12	adjustment	adjustment	NOUN
fbem-12596	190	13	are	be	AUX
fbem-12596	190	14	shown	show	VERB
fbem-12596	190	15	in	in	ADP
fbem-12596	190	16	the	the	DET
fbem-12596	190	17	following	follow	VERB
fbem-12596	190	18	(	(	PUNCT
fbem-12596	190	19	see	see	VERB
fbem-12596	190	20	figure	figure	NOUN
fbem-12596	190	21	3	3	NUM
fbem-12596	190	22	):	):	PUNCT
fbem-12596	190	23	figure	figure	NOUN
fbem-12596	190	24	3	3	NUM
fbem-12596	190	25	.	.	NOUN
fbem-12596	190	26	risk	risk	NOUN
fbem-12596	190	27	parity	parity	NOUN
fbem-12596	190	28	model	model	NOUN
fbem-12596	190	29	underlying	underlie	VERB
fbem-12596	190	30	asset	asset	NOUN
fbem-12596	190	31	weight	weight	NOUN
fbem-12596	190	32	change	change	NOUN
fbem-12596	190	33	chart	chart	NOUN
fbem-12596	190	34	0	0	NUM
fbem-12596	190	35	%	%	NOUN
fbem-12596	190	36	5	5	NUM
fbem-12596	190	37	%	%	NOUN
fbem-12596	190	38	10	10	NUM
fbem-12596	190	39	%	%	NOUN
fbem-12596	190	40	15	15	NUM
fbem-12596	190	41	%	%	NOUN
fbem-12596	190	42	20	20	NUM
fbem-12596	190	43	%	%	NOUN
fbem-12596	190	44	25	25	NUM
fbem-12596	190	45	%	%	NOUN
fbem-12596	190	46	30	30	NUM
fbem-12596	190	47	%	%	NOUN
fbem-12596	190	48	35	35	NUM
fbem-12596	190	49	%	%	NOUN
fbem-12596	190	50	40	40	NUM
fbem-12596	190	51	%	%	NOUN
fbem-12596	190	52	45	45	NUM
fbem-12596	190	53	%	%	NOUN
fbem-12596	190	54	50	50	NUM
fbem-12596	190	55	%	%	NOUN
fbem-12596	191	1	42	42	NUM
fbem-12596	191	2	37	37	NUM
fbem-12596	191	3	3	3	NUM
fbem-12596	191	4	42	42	NUM
fbem-12596	191	5	46	46	NUM
fbem-12596	191	6	1	1	NUM
fbem-12596	191	7	42	42	NUM
fbem-12596	191	8	55	55	NUM
fbem-12596	191	9	2	2	NUM
fbem-12596	191	10	42	42	NUM
fbem-12596	191	11	64	64	NUM
fbem-12596	191	12	6	6	NUM
fbem-12596	191	13	42	42	NUM
fbem-12596	191	14	73	73	NUM
fbem-12596	191	15	7	7	NUM
fbem-12596	191	16	42	42	NUM
fbem-12596	191	17	82	82	NUM
fbem-12596	191	18	8	8	NUM
fbem-12596	191	19	42	42	NUM
fbem-12596	191	20	91	91	NUM
fbem-12596	191	21	9	9	NUM
fbem-12596	191	22	43	43	NUM
fbem-12596	191	23	01	01	NUM
fbem-12596	191	24	0	0	NUM
fbem-12596	191	25	43	43	NUM
fbem-12596	191	26	10	10	NUM
fbem-12596	191	27	2	2	NUM
fbem-12596	191	28	43	43	NUM
fbem-12596	191	29	19	19	NUM
fbem-12596	191	30	2	2	NUM
fbem-12596	191	31	43	43	NUM
fbem-12596	191	32	28	28	NUM
fbem-12596	191	33	3	3	NUM
fbem-12596	191	34	43	43	NUM
fbem-12596	191	35	37	37	NUM
fbem-12596	191	36	4	4	NUM
fbem-12596	191	37	43	43	NUM
fbem-12596	191	38	46	46	NUM
fbem-12596	191	39	7	7	NUM
fbem-12596	191	40	43	43	NUM
fbem-12596	191	41	55	55	NUM
fbem-12596	191	42	6	6	NUM
fbem-12596	191	43	43	43	NUM
fbem-12596	191	44	64	64	NUM
fbem-12596	191	45	7	7	NUM
fbem-12596	191	46	43	43	NUM
fbem-12596	191	47	73	73	NUM
fbem-12596	191	48	9	9	NUM
fbem-12596	191	49	s&p	s&p	PROPN
fbem-12596	191	50	500	500	NUM
fbem-12596	191	51	csi	csi	PROPN
fbem-12596	191	52	300	300	NUM
fbem-12596	191	53	germany	germany	PROPN
fbem-12596	191	54	dax30	dax30	PROPN
fbem-12596	191	55	0	0	NUM
fbem-12596	191	56	%	%	NOUN
fbem-12596	191	57	5	5	NUM
fbem-12596	191	58	%	%	NOUN
fbem-12596	191	59	10	10	NUM
fbem-12596	191	60	%	%	NOUN
fbem-12596	191	61	15	15	NUM
fbem-12596	191	62	%	%	NOUN
fbem-12596	191	63	20	20	NUM
fbem-12596	191	64	%	%	NOUN
fbem-12596	191	65	25	25	NUM
fbem-12596	191	66	%	%	NOUN
fbem-12596	191	67	30	30	NUM
fbem-12596	191	68	%	%	NOUN
fbem-12596	191	69	35	35	NUM
fbem-12596	191	70	%	%	NOUN
fbem-12596	191	71	40	40	NUM
fbem-12596	191	72	%	%	NOUN
fbem-12596	191	73	45	45	NUM
fbem-12596	191	74	%	%	NOUN
fbem-12596	191	75	50	50	NUM
fbem-12596	191	76	%	%	NOUN
fbem-12596	191	77	42	42	NUM
fbem-12596	191	78	37	37	NUM
fbem-12596	191	79	3	3	NUM
fbem-12596	191	80	42	42	NUM
fbem-12596	191	81	46	46	NUM
fbem-12596	191	82	1	1	NUM
fbem-12596	191	83	42	42	NUM
fbem-12596	191	84	55	55	NUM
fbem-12596	191	85	2	2	NUM
fbem-12596	191	86	42	42	NUM
fbem-12596	191	87	64	64	NUM
fbem-12596	191	88	6	6	NUM
fbem-12596	191	89	42	42	NUM
fbem-12596	191	90	73	73	NUM
fbem-12596	191	91	7	7	NUM
fbem-12596	191	92	42	42	NUM
fbem-12596	191	93	82	82	NUM
fbem-12596	191	94	8	8	NUM
fbem-12596	191	95	42	42	NUM
fbem-12596	191	96	91	91	NUM
fbem-12596	191	97	9	9	NUM
fbem-12596	191	98	43	43	NUM
fbem-12596	191	99	01	01	NUM
fbem-12596	191	100	0	0	NUM
fbem-12596	191	101	43	43	NUM
fbem-12596	191	102	10	10	NUM
fbem-12596	191	103	2	2	NUM
fbem-12596	191	104	43	43	NUM
fbem-12596	191	105	19	19	NUM
fbem-12596	191	106	2	2	NUM
fbem-12596	191	107	43	43	NUM
fbem-12596	191	108	28	28	NUM
fbem-12596	191	109	3	3	NUM
fbem-12596	191	110	43	43	NUM
fbem-12596	191	111	37	37	NUM
fbem-12596	191	112	4	4	NUM
fbem-12596	191	113	43	43	NUM
fbem-12596	191	114	46	46	NUM
fbem-12596	191	115	7	7	NUM
fbem-12596	191	116	43	43	NUM
fbem-12596	191	117	55	55	NUM
fbem-12596	191	118	6	6	NUM
fbem-12596	191	119	43	43	NUM
fbem-12596	191	120	64	64	NUM
fbem-12596	191	121	7	7	NUM
fbem-12596	191	122	43	43	NUM
fbem-12596	191	123	73	73	NUM
fbem-12596	191	124	9	9	NUM
fbem-12596	191	125	s&p	s&p	PROPN
fbem-12596	191	126	500	500	NUM
fbem-12596	191	127	csi	csi	PROPN
fbem-12596	191	128	300	300	NUM
fbem-12596	191	129	germany	germany	PROPN
fbem-12596	191	130	dax30	dax30	PROPN
fbem-12596	191	131	235	235	NUM
fbem-12596	191	132	firstly	firstly	ADV
fbem-12596	191	133	,	,	PUNCT
fbem-12596	191	134	it	it	PRON
fbem-12596	191	135	can	can	AUX
fbem-12596	191	136	be	be	AUX
fbem-12596	191	137	seen	see	VERB
fbem-12596	191	138	from	from	ADP
fbem-12596	191	139	the	the	DET
fbem-12596	191	140	graph	graph	NOUN
fbem-12596	191	141	that	that	SCONJ
fbem-12596	191	142	the	the	DET
fbem-12596	191	143	changes	change	NOUN
fbem-12596	191	144	in	in	ADP
fbem-12596	191	145	the	the	DET
fbem-12596	191	146	weight	weight	NOUN
fbem-12596	191	147	ratios	ratio	NOUN
fbem-12596	191	148	of	of	ADP
fbem-12596	191	149	the	the	DET
fbem-12596	191	150	three	three	NUM
fbem-12596	191	151	major	major	ADJ
fbem-12596	191	152	stock	stock	NOUN
fbem-12596	191	153	indices	index	NOUN
fbem-12596	191	154	in	in	ADP
fbem-12596	191	155	the	the	DET
fbem-12596	191	156	risk	risk	NOUN
fbem-12596	191	157	parity	parity	NOUN
fbem-12596	191	158	model	model	NOUN
fbem-12596	191	159	are	be	AUX
fbem-12596	191	160	relatively	relatively	ADV
fbem-12596	191	161	similar	similar	ADJ
fbem-12596	191	162	to	to	ADP
fbem-12596	191	163	those	those	PRON
fbem-12596	191	164	in	in	ADP
fbem-12596	191	165	the	the	DET
fbem-12596	191	166	equi	equi	NOUN
fbem-12596	191	167	volatility	volatility	NOUN
fbem-12596	191	168	model	model	NOUN
fbem-12596	191	169	.	.	PUNCT
fbem-12596	192	1	the	the	DET
fbem-12596	192	2	s&p	s&p	PROPN
fbem-12596	192	3	500	500	NUM
fbem-12596	192	4	index	index	NOUN
fbem-12596	192	5	first	first	ADV
fbem-12596	192	6	stabilized	stabilize	VERB
fbem-12596	192	7	and	and	CCONJ
fbem-12596	192	8	then	then	ADV
fbem-12596	192	9	fluctuated	fluctuate	VERB
fbem-12596	192	10	,	,	PUNCT
fbem-12596	192	11	with	with	ADP
fbem-12596	192	12	an	an	DET
fbem-12596	192	13	overall	overall	ADJ
fbem-12596	192	14	decline	decline	NOUN
fbem-12596	192	15	.	.	PUNCT
fbem-12596	193	1	the	the	DET
fbem-12596	193	2	german	german	ADJ
fbem-12596	193	3	dax30	dax30	PROPN
fbem-12596	193	4	index	index	NOUN
fbem-12596	193	5	first	first	ADV
fbem-12596	193	6	fell	fall	VERB
fbem-12596	193	7	,	,	PUNCT
fbem-12596	193	8	then	then	ADV
fbem-12596	193	9	stabilized	stabilize	VERB
fbem-12596	193	10	,	,	PUNCT
fbem-12596	193	11	and	and	CCONJ
fbem-12596	193	12	then	then	ADV
fbem-12596	193	13	rose	rise	VERB
fbem-12596	193	14	amidst	amidst	ADP
fbem-12596	193	15	fluctuations	fluctuation	NOUN
fbem-12596	193	16	.	.	PUNCT
fbem-12596	194	1	however	however	ADV
fbem-12596	194	2	,	,	PUNCT
fbem-12596	194	3	in	in	ADP
fbem-12596	194	4	the	the	DET
fbem-12596	194	5	first	first	ADJ
fbem-12596	194	6	two	two	NUM
fbem-12596	194	7	years	year	NOUN
fbem-12596	194	8	,	,	PUNCT
fbem-12596	194	9	with	with	ADP
fbem-12596	194	10	the	the	DET
fbem-12596	194	11	decline	decline	NOUN
fbem-12596	194	12	of	of	ADP
fbem-12596	194	13	the	the	DET
fbem-12596	194	14	s&p	s&p	PROPN
fbem-12596	194	15	500	500	NUM
fbem-12596	194	16	index	index	NOUN
fbem-12596	194	17	and	and	CCONJ
fbem-12596	194	18	the	the	DET
fbem-12596	194	19	increase	increase	NOUN
fbem-12596	194	20	of	of	ADP
fbem-12596	194	21	the	the	DET
fbem-12596	194	22	shanghai	shanghai	PROPN
fbem-12596	194	23	and	and	CCONJ
fbem-12596	194	24	shenzhen	shenzhen	PROPN
fbem-12596	194	25	300	300	NUM
fbem-12596	194	26	index	index	NOUN
fbem-12596	194	27	,	,	PUNCT
fbem-12596	194	28	their	their	PRON
fbem-12596	194	29	proportions	proportion	NOUN
fbem-12596	194	30	were	be	AUX
fbem-12596	194	31	similar	similar	ADJ
fbem-12596	194	32	for	for	ADP
fbem-12596	194	33	a	a	DET
fbem-12596	194	34	period	period	NOUN
fbem-12596	194	35	of	of	ADP
fbem-12596	194	36	time	time	NOUN
fbem-12596	194	37	,	,	PUNCT
fbem-12596	194	38	and	and	CCONJ
fbem-12596	194	39	occasionally	occasionally	ADV
fbem-12596	194	40	the	the	DET
fbem-12596	194	41	proportion	proportion	NOUN
fbem-12596	194	42	of	of	ADP
fbem-12596	194	43	the	the	DET
fbem-12596	194	44	shanghai	shanghai	PROPN
fbem-12596	194	45	and	and	CCONJ
fbem-12596	194	46	shenzhen	shenzhen	PROPN
fbem-12596	194	47	300	300	NUM
fbem-12596	194	48	index	index	NOUN
fbem-12596	194	49	even	even	ADV
fbem-12596	194	50	exceeded	exceed	VERB
fbem-12596	194	51	that	that	PRON
fbem-12596	194	52	of	of	ADP
fbem-12596	194	53	the	the	DET
fbem-12596	194	54	s&p	s&p	PROPN
fbem-12596	194	55	500	500	NUM
fbem-12596	194	56	index	index	NOUN
fbem-12596	194	57	.	.	PUNCT
fbem-12596	195	1	overall	overall	ADJ
fbem-12596	195	2	,	,	PUNCT
fbem-12596	195	3	in	in	ADP
fbem-12596	195	4	both	both	DET
fbem-12596	195	5	models	model	NOUN
fbem-12596	195	6	,	,	PUNCT
fbem-12596	195	7	the	the	DET
fbem-12596	195	8	average	average	ADJ
fbem-12596	195	9	weight	weight	NOUN
fbem-12596	195	10	of	of	ADP
fbem-12596	195	11	the	the	DET
fbem-12596	195	12	s&p	s&p	PROPN
fbem-12596	195	13	500	500	NUM
fbem-12596	195	14	index	index	NOUN
fbem-12596	195	15	is	be	AUX
fbem-12596	195	16	the	the	DET
fbem-12596	195	17	largest	large	ADJ
fbem-12596	195	18	,	,	PUNCT
fbem-12596	195	19	and	and	CCONJ
fbem-12596	195	20	the	the	DET
fbem-12596	195	21	weights	weight	NOUN
fbem-12596	195	22	are	be	AUX
fbem-12596	195	23	generally	generally	ADV
fbem-12596	195	24	maintained	maintain	VERB
fbem-12596	195	25	at	at	ADP
fbem-12596	195	26	high	high	ADJ
fbem-12596	195	27	levels	level	NOUN
fbem-12596	195	28	.	.	PUNCT
fbem-12596	196	1	this	this	PRON
fbem-12596	196	2	is	be	AUX
fbem-12596	196	3	due	due	ADJ
fbem-12596	196	4	to	to	ADP
fbem-12596	196	5	the	the	DET
fbem-12596	196	6	good	good	ADJ
fbem-12596	196	7	returns	return	NOUN
fbem-12596	196	8	and	and	CCONJ
fbem-12596	196	9	risk	risk	NOUN
fbem-12596	196	10	levels	level	NOUN
fbem-12596	196	11	of	of	ADP
fbem-12596	196	12	the	the	DET
fbem-12596	196	13	s&p	s&p	PROPN
fbem-12596	196	14	500	500	NUM
fbem-12596	196	15	index	index	NOUN
fbem-12596	196	16	itself	itself	PRON
fbem-12596	196	17	.	.	PUNCT
fbem-12596	197	1	the	the	DET
fbem-12596	197	2	weight	weight	NOUN
fbem-12596	197	3	change	change	NOUN
fbem-12596	197	4	charts	chart	NOUN
fbem-12596	197	5	of	of	ADP
fbem-12596	197	6	both	both	DET
fbem-12596	197	7	asset	asset	NOUN
fbem-12596	197	8	allocation	allocation	NOUN
fbem-12596	197	9	models	model	NOUN
fbem-12596	197	10	show	show	VERB
fbem-12596	197	11	that	that	SCONJ
fbem-12596	197	12	the	the	DET
fbem-12596	197	13	risk	risk	NOUN
fbem-12596	197	14	level	level	NOUN
fbem-12596	197	15	of	of	ADP
fbem-12596	197	16	the	the	DET
fbem-12596	197	17	shanghai	shanghai	PROPN
fbem-12596	197	18	and	and	CCONJ
fbem-12596	197	19	shenzhen	shenzhen	PROPN
fbem-12596	197	20	300	300	NUM
fbem-12596	197	21	index	index	NOUN
fbem-12596	197	22	is	be	AUX
fbem-12596	197	23	gradually	gradually	ADV
fbem-12596	197	24	increasing	increase	VERB
fbem-12596	197	25	,	,	PUNCT
fbem-12596	197	26	while	while	SCONJ
fbem-12596	197	27	the	the	DET
fbem-12596	197	28	risk	risk	NOUN
fbem-12596	197	29	level	level	NOUN
fbem-12596	197	30	of	of	ADP
fbem-12596	197	31	the	the	DET
fbem-12596	197	32	german	german	ADJ
fbem-12596	197	33	dax30	dax30	PROPN
fbem-12596	197	34	index	index	NOUN
fbem-12596	197	35	is	be	AUX
fbem-12596	197	36	gradually	gradually	ADV
fbem-12596	197	37	decreasing	decrease	VERB
fbem-12596	197	38	.	.	PUNCT
fbem-12596	198	1	4.3.3	4.3.3	X
fbem-12596	198	2	.	.	PUNCT
fbem-12596	199	1	performance	performance	NOUN
fbem-12596	199	2	comparison	comparison	NOUN
fbem-12596	199	3	analysis	analysis	NOUN
fbem-12596	199	4	this	this	DET
fbem-12596	199	5	article	article	NOUN
fbem-12596	199	6	assumes	assume	VERB
fbem-12596	199	7	that	that	SCONJ
fbem-12596	199	8	the	the	DET
fbem-12596	199	9	initial	initial	ADJ
fbem-12596	199	10	value	value	NOUN
fbem-12596	199	11	of	of	ADP
fbem-12596	199	12	each	each	DET
fbem-12596	199	13	asset	asset	NOUN
fbem-12596	199	14	allocation	allocation	NOUN
fbem-12596	199	15	portfolio	portfolio	NOUN
fbem-12596	199	16	is	be	AUX
fbem-12596	199	17	1	1	NUM
fbem-12596	199	18	for	for	ADP
fbem-12596	199	19	comparison	comparison	NOUN
fbem-12596	199	20	,	,	PUNCT
fbem-12596	199	21	making	make	VERB
fbem-12596	199	22	it	it	PRON
fbem-12596	199	23	more	more	ADV
fbem-12596	199	24	intuitive	intuitive	ADJ
fbem-12596	199	25	to	to	PART
fbem-12596	199	26	examine	examine	VERB
fbem-12596	199	27	the	the	DET
fbem-12596	199	28	rise	rise	NOUN
fbem-12596	199	29	and	and	CCONJ
fbem-12596	199	30	fall	fall	NOUN
fbem-12596	199	31	of	of	ADP
fbem-12596	199	32	returns	return	NOUN
fbem-12596	199	33	.	.	PUNCT
fbem-12596	200	1	the	the	DET
fbem-12596	200	2	return	return	NOUN
fbem-12596	200	3	of	of	ADP
fbem-12596	200	4	asset	asset	NOUN
fbem-12596	200	5	allocation	allocation	NOUN
fbem-12596	200	6	portfolios	portfolio	NOUN
fbem-12596	200	7	is	be	AUX
fbem-12596	200	8	calculated	calculate	VERB
fbem-12596	200	9	by	by	ADP
fbem-12596	200	10	weighting	weight	VERB
fbem-12596	200	11	the	the	DET
fbem-12596	200	12	returns	return	NOUN
fbem-12596	200	13	of	of	ADP
fbem-12596	200	14	each	each	DET
fbem-12596	200	15	stock	stock	NOUN
fbem-12596	200	16	index	index	NOUN
fbem-12596	200	17	.	.	PUNCT
fbem-12596	201	1	therefore	therefore	ADV
fbem-12596	201	2	,	,	PUNCT
fbem-12596	201	3	the	the	DET
fbem-12596	201	4	daily	daily	ADJ
fbem-12596	201	5	net	net	ADJ
fbem-12596	201	6	worth	worth	ADJ
fbem-12596	201	7	changes	change	NOUN
fbem-12596	201	8	of	of	ADP
fbem-12596	201	9	equal	equal	ADJ
fbem-12596	201	10	weight	weight	NOUN
fbem-12596	201	11	portfolios	portfolio	NOUN
fbem-12596	201	12	,	,	PUNCT
fbem-12596	201	13	equal	equal	ADJ
fbem-12596	201	14	volatility	volatility	NOUN
fbem-12596	201	15	portfolios	portfolio	NOUN
fbem-12596	201	16	,	,	PUNCT
fbem-12596	201	17	and	and	CCONJ
fbem-12596	201	18	risk	risk	NOUN
fbem-12596	201	19	parity	parity	NOUN
fbem-12596	201	20	portfolios	portfolio	NOUN
fbem-12596	201	21	are	be	AUX
fbem-12596	201	22	shown	show	VERB
fbem-12596	201	23	in	in	ADP
fbem-12596	201	24	the	the	DET
fbem-12596	201	25	following	follow	VERB
fbem-12596	201	26	(	(	PUNCT
fbem-12596	201	27	see	see	VERB
fbem-12596	201	28	figure	figure	NOUN
fbem-12596	201	29	4	4	NUM
fbem-12596	201	30	):	):	PUNCT
fbem-12596	201	31	figure	figure	NOUN
fbem-12596	201	32	4	4	NUM
fbem-12596	201	33	.	.	PUNCT
fbem-12596	201	34	trend	trend	NOUN
fbem-12596	201	35	chart	chart	NOUN
fbem-12596	201	36	of	of	ADP
fbem-12596	201	37	changes	change	NOUN
fbem-12596	201	38	in	in	ADP
fbem-12596	201	39	net	net	ADJ
fbem-12596	201	40	asset	asset	NOUN
fbem-12596	201	41	value	value	NOUN
fbem-12596	201	42	of	of	ADP
fbem-12596	201	43	asset	asset	NOUN
fbem-12596	201	44	portfolio	portfolio	NOUN
fbem-12596	201	45	from	from	ADP
fbem-12596	201	46	the	the	DET
fbem-12596	201	47	graph	graph	NOUN
fbem-12596	201	48	,	,	PUNCT
fbem-12596	201	49	it	it	PRON
fbem-12596	201	50	can	can	AUX
fbem-12596	201	51	be	be	AUX
fbem-12596	201	52	seen	see	VERB
fbem-12596	201	53	that	that	SCONJ
fbem-12596	201	54	the	the	DET
fbem-12596	201	55	most	most	ADV
fbem-12596	201	56	intuitive	intuitive	ADJ
fbem-12596	201	57	manifestation	manifestation	NOUN
fbem-12596	201	58	is	be	AUX
fbem-12596	201	59	that	that	SCONJ
fbem-12596	201	60	the	the	DET
fbem-12596	201	61	net	net	ADJ
fbem-12596	201	62	value	value	NOUN
fbem-12596	201	63	change	change	NOUN
fbem-12596	201	64	of	of	ADP
fbem-12596	201	65	the	the	DET
fbem-12596	201	66	risk	risk	NOUN
fbem-12596	201	67	parity	parity	NOUN
fbem-12596	201	68	combination	combination	NOUN
fbem-12596	201	69	highly	highly	ADV
fbem-12596	201	70	coincides	coincide	VERB
fbem-12596	201	71	with	with	ADP
fbem-12596	201	72	the	the	DET
fbem-12596	201	73	net	net	ADJ
fbem-12596	201	74	value	value	NOUN
fbem-12596	201	75	change	change	NOUN
fbem-12596	201	76	of	of	ADP
fbem-12596	201	77	the	the	DET
fbem-12596	201	78	equal	equal	ADJ
fbem-12596	201	79	volatility	volatility	NOUN
fbem-12596	201	80	combination	combination	NOUN
fbem-12596	201	81	,	,	PUNCT
fbem-12596	201	82	with	with	ADP
fbem-12596	201	83	only	only	ADV
fbem-12596	201	84	a	a	DET
fbem-12596	201	85	slight	slight	ADJ
fbem-12596	201	86	separation	separation	NOUN
fbem-12596	201	87	in	in	ADP
fbem-12596	201	88	2017	2017	NUM
fbem-12596	201	89	.	.	PUNCT
fbem-12596	202	1	in	in	ADP
fbem-12596	202	2	the	the	DET
fbem-12596	202	3	first	first	ADJ
fbem-12596	202	4	two	two	NUM
fbem-12596	202	5	years	year	NOUN
fbem-12596	202	6	,	,	PUNCT
fbem-12596	202	7	the	the	DET
fbem-12596	202	8	net	net	ADJ
fbem-12596	202	9	worth	worth	NOUN
fbem-12596	202	10	of	of	ADP
fbem-12596	202	11	risk	risk	NOUN
fbem-12596	202	12	parity	parity	NOUN
fbem-12596	202	13	and	and	CCONJ
fbem-12596	202	14	equal	equal	ADJ
fbem-12596	202	15	volatility	volatility	NOUN
fbem-12596	202	16	portfolios	portfolio	NOUN
fbem-12596	202	17	did	do	AUX
fbem-12596	202	18	not	not	PART
fbem-12596	202	19	have	have	VERB
fbem-12596	202	20	a	a	DET
fbem-12596	202	21	significant	significant	ADJ
fbem-12596	202	22	advantage	advantage	NOUN
fbem-12596	202	23	over	over	ADP
fbem-12596	202	24	equal	equal	ADJ
fbem-12596	202	25	weight	weight	NOUN
fbem-12596	202	26	portfolios	portfolio	NOUN
fbem-12596	202	27	.	.	PUNCT
fbem-12596	203	1	for	for	ADP
fbem-12596	203	2	a	a	DET
fbem-12596	203	3	short	short	ADJ
fbem-12596	203	4	period	period	NOUN
fbem-12596	203	5	of	of	ADP
fbem-12596	203	6	time	time	NOUN
fbem-12596	203	7	,	,	PUNCT
fbem-12596	203	8	the	the	DET
fbem-12596	203	9	net	net	ADJ
fbem-12596	203	10	worth	worth	NOUN
fbem-12596	203	11	of	of	ADP
fbem-12596	203	12	medium	medium	ADJ
fbem-12596	203	13	weight	weight	NOUN
fbem-12596	203	14	portfolios	portfolio	NOUN
fbem-12596	203	15	even	even	ADV
fbem-12596	203	16	slightly	slightly	ADV
fbem-12596	203	17	exceeded	exceed	VERB
fbem-12596	203	18	the	the	DET
fbem-12596	203	19	other	other	ADJ
fbem-12596	203	20	two	two	NUM
fbem-12596	203	21	asset	asset	NOUN
fbem-12596	203	22	allocation	allocation	NOUN
fbem-12596	203	23	portfolios	portfolio	NOUN
fbem-12596	203	24	.	.	PUNCT
fbem-12596	204	1	however	however	ADV
fbem-12596	204	2	,	,	PUNCT
fbem-12596	204	3	in	in	ADP
fbem-12596	204	4	the	the	DET
fbem-12596	204	5	following	follow	VERB
fbem-12596	204	6	two	two	NUM
fbem-12596	204	7	years	year	NOUN
fbem-12596	204	8	,	,	PUNCT
fbem-12596	204	9	the	the	DET
fbem-12596	204	10	net	net	ADJ
fbem-12596	204	11	worth	worth	NOUN
fbem-12596	204	12	of	of	ADP
fbem-12596	204	13	risk	risk	NOUN
fbem-12596	204	14	parity	parity	NOUN
fbem-12596	204	15	and	and	CCONJ
fbem-12596	204	16	equal	equal	ADJ
fbem-12596	204	17	volatility	volatility	NOUN
fbem-12596	204	18	portfolios	portfolio	NOUN
fbem-12596	204	19	showed	show	VERB
fbem-12596	204	20	a	a	DET
fbem-12596	204	21	separation	separation	NOUN
fbem-12596	204	22	trend	trend	NOUN
fbem-12596	204	23	from	from	ADP
fbem-12596	204	24	equal	equal	ADJ
fbem-12596	204	25	weight	weight	NOUN
fbem-12596	204	26	portfolios	portfolio	NOUN
fbem-12596	204	27	,	,	PUNCT
fbem-12596	204	28	significantly	significantly	ADV
fbem-12596	204	29	leading	lead	VERB
fbem-12596	204	30	them	they	PRON
fbem-12596	204	31	to	to	PART
fbem-12596	204	32	equal	equal	ADJ
fbem-12596	204	33	weight	weight	NOUN
fbem-12596	204	34	portfolios	portfolio	NOUN
fbem-12596	204	35	.	.	PUNCT
fbem-12596	205	1	the	the	DET
fbem-12596	205	2	equal	equal	ADJ
fbem-12596	205	3	weight	weight	NOUN
fbem-12596	205	4	combination	combination	NOUN
fbem-12596	205	5	has	have	AUX
fbem-12596	205	6	been	be	AUX
fbem-12596	205	7	showing	show	VERB
fbem-12596	205	8	a	a	DET
fbem-12596	205	9	fluctuating	fluctuate	VERB
fbem-12596	205	10	upward	upward	ADJ
fbem-12596	205	11	trend	trend	NOUN
fbem-12596	205	12	in	in	ADP
fbem-12596	205	13	the	the	DET
fbem-12596	205	14	first	first	ADJ
fbem-12596	205	15	two	two	NUM
fbem-12596	205	16	years	year	NOUN
fbem-12596	205	17	,	,	PUNCT
fbem-12596	205	18	reaching	reach	VERB
fbem-12596	205	19	its	its	PRON
fbem-12596	205	20	peak	peak	NOUN
fbem-12596	205	21	in	in	ADP
fbem-12596	205	22	net	net	ADJ
fbem-12596	205	23	worth	worth	NOUN
fbem-12596	205	24	around	around	ADP
fbem-12596	205	25	the	the	DET
fbem-12596	205	26	beginning	beginning	NOUN
fbem-12596	205	27	of	of	ADP
fbem-12596	205	28	2018	2018	NUM
fbem-12596	205	29	,	,	PUNCT
fbem-12596	205	30	and	and	CCONJ
fbem-12596	205	31	then	then	ADV
fbem-12596	205	32	decreasing	decrease	VERB
fbem-12596	205	33	in	in	ADP
fbem-12596	205	34	volatility	volatility	NOUN
fbem-12596	205	35	.	.	PUNCT
fbem-12596	206	1	it	it	PRON
fbem-12596	206	2	reached	reach	VERB
fbem-12596	206	3	its	its	PRON
fbem-12596	206	4	minimum	minimum	ADJ
fbem-12596	206	5	net	net	ADJ
fbem-12596	206	6	worth	worth	NOUN
fbem-12596	206	7	in	in	ADP
fbem-12596	206	8	the	the	DET
fbem-12596	206	9	following	follow	VERB
fbem-12596	206	10	two	two	NUM
fbem-12596	206	11	years	year	NOUN
fbem-12596	206	12	around	around	ADP
fbem-12596	206	13	the	the	DET
fbem-12596	206	14	end	end	NOUN
fbem-12596	206	15	of	of	ADP
fbem-12596	206	16	2018	2018	NUM
fbem-12596	206	17	,	,	PUNCT
fbem-12596	206	18	and	and	CCONJ
fbem-12596	206	19	although	although	SCONJ
fbem-12596	206	20	it	it	PRON
fbem-12596	206	21	rose	rise	VERB
fbem-12596	206	22	in	in	ADP
fbem-12596	206	23	volatility	volatility	NOUN
fbem-12596	206	24	,	,	PUNCT
fbem-12596	206	25	it	it	PRON
fbem-12596	206	26	did	do	AUX
fbem-12596	206	27	not	not	PART
fbem-12596	206	28	reach	reach	VERB
fbem-12596	206	29	its	its	PRON
fbem-12596	206	30	peak	peak	NOUN
fbem-12596	206	31	in	in	ADP
fbem-12596	206	32	early	early	ADJ
fbem-12596	206	33	2018	2018	NUM
fbem-12596	206	34	.	.	PUNCT
fbem-12596	207	1	the	the	DET
fbem-12596	207	2	net	net	ADJ
fbem-12596	207	3	worth	worth	ADJ
fbem-12596	207	4	changes	change	NOUN
fbem-12596	207	5	of	of	ADP
fbem-12596	207	6	the	the	DET
fbem-12596	207	7	equal	equal	ADJ
fbem-12596	207	8	volatility	volatility	NOUN
fbem-12596	207	9	portfolio	portfolio	NOUN
fbem-12596	207	10	and	and	CCONJ
fbem-12596	207	11	the	the	DET
fbem-12596	207	12	risk	risk	NOUN
fbem-12596	207	13	parity	parity	NOUN
fbem-12596	207	14	portfolio	portfolio	NOUN
fbem-12596	207	15	are	be	AUX
fbem-12596	207	16	similar	similar	ADJ
fbem-12596	207	17	,	,	PUNCT
fbem-12596	207	18	but	but	CCONJ
fbem-12596	207	19	the	the	DET
fbem-12596	207	20	difference	difference	NOUN
fbem-12596	207	21	is	be	AUX
fbem-12596	207	22	that	that	SCONJ
fbem-12596	207	23	the	the	DET
fbem-12596	207	24	net	net	ADJ
fbem-12596	207	25	worth	worth	NOUN
fbem-12596	207	26	of	of	ADP
fbem-12596	207	27	the	the	DET
fbem-12596	207	28	investment	investment	NOUN
fbem-12596	207	29	portfolio	portfolio	NOUN
fbem-12596	207	30	constructed	construct	VERB
fbem-12596	207	31	through	through	ADP
fbem-12596	207	32	these	these	DET
fbem-12596	207	33	two	two	NUM
fbem-12596	207	34	models	model	NOUN
fbem-12596	207	35	exceeded	exceed	VERB
fbem-12596	207	36	its	its	PRON
fbem-12596	207	37	peak	peak	NOUN
fbem-12596	207	38	around	around	ADP
fbem-12596	207	39	early	early	ADJ
fbem-12596	207	40	2018	2018	NUM
fbem-12596	207	41	,	,	PUNCT
fbem-12596	207	42	reaching	reach	VERB
fbem-12596	207	43	its	its	PRON
fbem-12596	207	44	maximum	maximum	ADJ
fbem-12596	207	45	value	value	NOUN
fbem-12596	207	46	throughout	throughout	ADP
fbem-12596	207	47	the	the	DET
fbem-12596	207	48	entire	entire	ADJ
fbem-12596	207	49	observation	observation	NOUN
fbem-12596	207	50	period	period	NOUN
fbem-12596	207	51	.	.	PUNCT
fbem-12596	208	1	simple	simple	ADJ
fbem-12596	208	2	observation	observation	NOUN
fbem-12596	208	3	alone	alone	ADV
fbem-12596	208	4	can	can	AUX
fbem-12596	208	5	not	not	PART
fbem-12596	208	6	directly	directly	ADV
fbem-12596	208	7	determine	determine	VERB
fbem-12596	208	8	the	the	DET
fbem-12596	208	9	performance	performance	NOUN
fbem-12596	208	10	of	of	ADP
fbem-12596	208	11	asset	asset	NOUN
fbem-12596	208	12	portfolios	portfolio	NOUN
fbem-12596	208	13	,	,	PUNCT
fbem-12596	208	14	and	and	CCONJ
fbem-12596	208	15	the	the	DET
fbem-12596	208	16	rise	rise	NOUN
fbem-12596	208	17	or	or	CCONJ
fbem-12596	208	18	fall	fall	VERB
fbem-12596	208	19	in	in	ADP
fbem-12596	208	20	net	net	ADJ
fbem-12596	208	21	worth	worth	NOUN
fbem-12596	208	22	alone	alone	ADV
fbem-12596	208	23	is	be	AUX
fbem-12596	208	24	not	not	PART
fbem-12596	208	25	the	the	DET
fbem-12596	208	26	entire	entire	ADJ
fbem-12596	208	27	performance	performance	NOUN
fbem-12596	208	28	of	of	ADP
fbem-12596	208	29	asset	asset	NOUN
fbem-12596	208	30	portfolios	portfolio	NOUN
fbem-12596	208	31	.	.	PUNCT
fbem-12596	209	1	therefore	therefore	ADV
fbem-12596	209	2	,	,	PUNCT
fbem-12596	209	3	the	the	DET
fbem-12596	209	4	performance	performance	NOUN
fbem-12596	209	5	evaluation	evaluation	NOUN
fbem-12596	209	6	indicators	indicator	NOUN
fbem-12596	209	7	obtained	obtain	VERB
fbem-12596	209	8	by	by	ADP
fbem-12596	209	9	processing	process	VERB
fbem-12596	209	10	the	the	DET
fbem-12596	209	11	yield	yield	NOUN
fbem-12596	209	12	data	datum	NOUN
fbem-12596	209	13	of	of	ADP
fbem-12596	209	14	the	the	DET
fbem-12596	209	15	three	three	NUM
fbem-12596	209	16	portfolios	portfolio	NOUN
fbem-12596	209	17	are	be	AUX
fbem-12596	209	18	shown	show	VERB
fbem-12596	209	19	in	in	ADP
fbem-12596	209	20	the	the	DET
fbem-12596	209	21	following	follow	VERB
fbem-12596	209	22	(	(	PUNCT
fbem-12596	209	23	see	see	VERB
fbem-12596	209	24	table	table	NOUN
fbem-12596	209	25	2	2	NUM
fbem-12596	209	26	):	):	PUNCT
fbem-12596	209	27	0.8000000000	0.8000000000	NUM
fbem-12596	209	28	0.9000000000	0.9000000000	NUM
fbem-12596	209	29	1.0000000000	1.0000000000	NUM
fbem-12596	209	30	1.1000000000	1.1000000000	NUM
fbem-12596	209	31	1.2000000000	1.2000000000	NUM
fbem-12596	209	32	1.3000000000	1.3000000000	NUM
fbem-12596	209	33	1.4000000000	1.4000000000	NUM
fbem-12596	209	34	2016	2016	NUM
fbem-12596	209	35	-	-	SYM
fbem-12596	209	36	1	1	NUM
fbem-12596	209	37	-	-	SYM
fbem-12596	209	38	1	1	NUM
fbem-12596	209	39	2017	2017	NUM
fbem-12596	209	40	-	-	SYM
fbem-12596	209	41	1	1	NUM
fbem-12596	209	42	-	-	SYM
fbem-12596	209	43	1	1	NUM
fbem-12596	209	44	2018	2018	NUM
fbem-12596	209	45	-	-	SYM
fbem-12596	209	46	1	1	NUM
fbem-12596	209	47	-	-	SYM
fbem-12596	209	48	1	1	NUM
fbem-12596	209	49	2019	2019	NUM
fbem-12596	209	50	-	-	SYM
fbem-12596	209	51	1	1	NUM
fbem-12596	209	52	-	-	SYM
fbem-12596	209	53	1	1	NUM
fbem-12596	209	54	net	net	ADJ
fbem-12596	209	55	value	value	NOUN
fbem-12596	209	56	of	of	ADP
fbem-12596	209	57	equal	equal	ADJ
fbem-12596	209	58	weight	weight	NOUN
fbem-12596	209	59	combination	combination	NOUN
fbem-12596	209	60	net	net	ADJ
fbem-12596	209	61	value	value	NOUN
fbem-12596	209	62	of	of	ADP
fbem-12596	209	63	risk	risk	NOUN
fbem-12596	209	64	parity	parity	NOUN
fbem-12596	209	65	portfolio	portfolio	NOUN
fbem-12596	209	66	net	net	ADJ
fbem-12596	209	67	value	value	NOUN
fbem-12596	209	68	of	of	ADP
fbem-12596	209	69	equal	equal	ADJ
fbem-12596	209	70	volatility	volatility	NOUN
fbem-12596	209	71	portfolio	portfolio	NOUN
fbem-12596	209	72	236	236	NUM
fbem-12596	209	73	table	table	NOUN
fbem-12596	209	74	2	2	NUM
fbem-12596	209	75	.	.	PUNCT
fbem-12596	209	76	statistical	statistical	ADJ
fbem-12596	209	77	table	table	NOUN
fbem-12596	209	78	of	of	ADP
fbem-12596	209	79	performance	performance	NOUN
fbem-12596	209	80	indicators	indicator	NOUN
fbem-12596	209	81	for	for	ADP
fbem-12596	209	82	each	each	DET
fbem-12596	209	83	combination	combination	NOUN
fbem-12596	209	84	accumulated	accumulate	VERB
fbem-12596	209	85	yield	yield	NOUN
fbem-12596	209	86	annualized	annualize	VERB
fbem-12596	209	87	return	return	NOUN
fbem-12596	209	88	annualized	annualize	VERB
fbem-12596	209	89	volatility	volatility	NOUN
fbem-12596	209	90	maximum	maximum	ADJ
fbem-12596	209	91	drawdown	drawdown	ADJ
fbem-12596	209	92	karma	karma	NOUN
fbem-12596	209	93	ratio	ratio	NOUN
fbem-12596	209	94	equal	equal	ADJ
fbem-12596	209	95	weight	weight	NOUN
fbem-12596	209	96	combination	combination	NOUN
fbem-12596	209	97	26.616347	26.616347	NUM
fbem-12596	209	98	%	%	NOUN
fbem-12596	209	99	6.077297	6.077297	NUM
fbem-12596	209	100	%	%	NOUN
fbem-12596	209	101	13.173657	13.173657	NUM
fbem-12596	209	102	%	%	NOUN
fbem-12596	209	103	25.269046	25.269046	NUM
fbem-12596	209	104	%	%	NOUN
fbem-12596	209	105	0.240504	0.240504	NUM
fbem-12596	209	106	risk	risk	NOUN
fbem-12596	209	107	parity	parity	NOUN
fbem-12596	209	108	portfolio	portfolio	NOUN
fbem-12596	209	109	39.028176	39.028176	NUM
fbem-12596	209	110	%	%	NOUN
fbem-12596	209	111	8.586468	8.586468	NUM
fbem-12596	209	112	%	%	NOUN
fbem-12596	209	113	11.007566	11.007566	NUM
fbem-12596	209	114	%	%	NOUN
fbem-12596	209	115	23.267185	23.267185	NUM
fbem-12596	209	116	%	%	NOUN
fbem-12596	209	117	0.369038	0.369038	NUM
fbem-12596	209	118	equal	equal	ADJ
fbem-12596	209	119	volatility	volatility	NOUN
fbem-12596	209	120	combination	combination	NOUN
fbem-12596	209	121	39.484293	39.484293	NUM
fbem-12596	209	122	%	%	NOUN
fbem-12596	209	123	8.675420	8.675420	NUM
fbem-12596	209	124	%	%	NOUN
fbem-12596	209	125	11.020867	11.020867	NUM
fbem-12596	209	126	%	%	NOUN
fbem-12596	209	127	23.094413	23.094413	NUM
fbem-12596	209	128	%	%	NOUN
fbem-12596	209	129	0.375650	0.375650	NUM
fbem-12596	209	130	from	from	ADP
fbem-12596	209	131	the	the	DET
fbem-12596	209	132	table	table	NOUN
fbem-12596	209	133	,	,	PUNCT
fbem-12596	209	134	it	it	PRON
fbem-12596	209	135	can	can	AUX
fbem-12596	209	136	be	be	AUX
fbem-12596	209	137	seen	see	VERB
fbem-12596	209	138	that	that	SCONJ
fbem-12596	209	139	the	the	DET
fbem-12596	209	140	equiweighted	equiweighte	VERB
fbem-12596	209	141	portfolio	portfolio	NOUN
fbem-12596	209	142	has	have	VERB
fbem-12596	209	143	the	the	DET
fbem-12596	209	144	lowest	low	ADJ
fbem-12596	209	145	return	return	NOUN
fbem-12596	209	146	rate	rate	NOUN
fbem-12596	209	147	,	,	PUNCT
fbem-12596	209	148	the	the	DET
fbem-12596	209	149	highest	high	ADJ
fbem-12596	209	150	volatility	volatility	NOUN
fbem-12596	209	151	and	and	CCONJ
fbem-12596	209	152	maximum	maximum	ADJ
fbem-12596	209	153	pullback	pullback	NOUN
fbem-12596	209	154	mean	mean	VERB
fbem-12596	209	155	the	the	DET
fbem-12596	209	156	highest	high	ADJ
fbem-12596	209	157	level	level	NOUN
fbem-12596	209	158	of	of	ADP
fbem-12596	209	159	risk	risk	NOUN
fbem-12596	209	160	,	,	PUNCT
fbem-12596	209	161	and	and	CCONJ
fbem-12596	209	162	the	the	DET
fbem-12596	209	163	lowest	low	ADJ
fbem-12596	209	164	karma	karma	NOUN
fbem-12596	209	165	ratio	ratio	NOUN
fbem-12596	209	166	means	mean	VERB
fbem-12596	209	167	the	the	DET
fbem-12596	209	168	lowest	low	ADJ
fbem-12596	209	169	return	return	NOUN
fbem-12596	209	170	obtained	obtain	VERB
fbem-12596	209	171	by	by	ADP
fbem-12596	209	172	bearing	bear	VERB
fbem-12596	209	173	the	the	DET
fbem-12596	209	174	maximum	maximum	ADJ
fbem-12596	209	175	loss	loss	NOUN
fbem-12596	209	176	per	per	ADP
fbem-12596	209	177	unit	unit	NOUN
fbem-12596	209	178	.	.	PUNCT
fbem-12596	210	1	regardless	regardless	ADV
fbem-12596	210	2	of	of	ADP
fbem-12596	210	3	which	which	DET
fbem-12596	210	4	dimension	dimension	NOUN
fbem-12596	210	5	,	,	PUNCT
fbem-12596	210	6	the	the	DET
fbem-12596	210	7	performance	performance	NOUN
fbem-12596	210	8	of	of	ADP
fbem-12596	210	9	the	the	DET
fbem-12596	210	10	equiweighted	equiweighte	VERB
fbem-12596	210	11	portfolio	portfolio	NOUN
fbem-12596	210	12	is	be	AUX
fbem-12596	210	13	the	the	DET
fbem-12596	210	14	worst	bad	ADJ
fbem-12596	210	15	.	.	PUNCT
fbem-12596	211	1	at	at	ADP
fbem-12596	211	2	the	the	DET
fbem-12596	211	3	same	same	ADJ
fbem-12596	211	4	time	time	NOUN
fbem-12596	211	5	,	,	PUNCT
fbem-12596	211	6	consistent	consistent	ADJ
fbem-12596	211	7	with	with	ADP
fbem-12596	211	8	the	the	DET
fbem-12596	211	9	previous	previous	ADJ
fbem-12596	211	10	direct	direct	ADJ
fbem-12596	211	11	observation	observation	NOUN
fbem-12596	211	12	of	of	ADP
fbem-12596	211	13	the	the	DET
fbem-12596	211	14	net	net	ADJ
fbem-12596	211	15	worth	worth	ADJ
fbem-12596	211	16	change	change	NOUN
fbem-12596	211	17	chart	chart	NOUN
fbem-12596	211	18	,	,	PUNCT
fbem-12596	211	19	the	the	DET
fbem-12596	211	20	performance	performance	NOUN
fbem-12596	211	21	of	of	ADP
fbem-12596	211	22	the	the	DET
fbem-12596	211	23	risk	risk	NOUN
fbem-12596	211	24	parity	parity	NOUN
fbem-12596	211	25	combination	combination	NOUN
fbem-12596	211	26	and	and	CCONJ
fbem-12596	211	27	the	the	DET
fbem-12596	211	28	equal	equal	ADJ
fbem-12596	211	29	volatility	volatility	NOUN
fbem-12596	211	30	combination	combination	NOUN
fbem-12596	211	31	is	be	AUX
fbem-12596	211	32	very	very	ADV
fbem-12596	211	33	close	close	ADJ
fbem-12596	211	34	.	.	PUNCT
fbem-12596	212	1	the	the	DET
fbem-12596	212	2	annualized	annualize	VERB
fbem-12596	212	3	return	return	NOUN
fbem-12596	212	4	of	of	ADP
fbem-12596	212	5	the	the	DET
fbem-12596	212	6	risk	risk	NOUN
fbem-12596	212	7	parity	parity	NOUN
fbem-12596	212	8	combination	combination	NOUN
fbem-12596	212	9	is	be	AUX
fbem-12596	212	10	0.09	0.09	NUM
fbem-12596	212	11	%	%	NOUN
fbem-12596	212	12	lower	low	ADJ
fbem-12596	212	13	than	than	ADP
fbem-12596	212	14	the	the	DET
fbem-12596	212	15	equal	equal	ADJ
fbem-12596	212	16	volatility	volatility	NOUN
fbem-12596	212	17	combination	combination	NOUN
fbem-12596	212	18	,	,	PUNCT
fbem-12596	212	19	the	the	DET
fbem-12596	212	20	annualized	annualize	VERB
fbem-12596	212	21	volatility	volatility	NOUN
fbem-12596	212	22	is	be	AUX
fbem-12596	212	23	0.02	0.02	NUM
fbem-12596	212	24	%	%	NOUN
fbem-12596	212	25	lower	low	ADJ
fbem-12596	212	26	than	than	ADP
fbem-12596	212	27	the	the	DET
fbem-12596	212	28	equal	equal	ADJ
fbem-12596	212	29	volatility	volatility	NOUN
fbem-12596	212	30	combination	combination	NOUN
fbem-12596	212	31	,	,	PUNCT
fbem-12596	212	32	the	the	DET
fbem-12596	212	33	maximum	maximum	ADJ
fbem-12596	212	34	pullback	pullback	NOUN
fbem-12596	212	35	is	be	AUX
fbem-12596	212	36	0.15	0.15	NUM
fbem-12596	212	37	%	%	NOUN
fbem-12596	212	38	higher	high	ADJ
fbem-12596	212	39	than	than	ADP
fbem-12596	212	40	the	the	DET
fbem-12596	212	41	equal	equal	ADJ
fbem-12596	212	42	volatility	volatility	NOUN
fbem-12596	212	43	combination	combination	NOUN
fbem-12596	212	44	,	,	PUNCT
fbem-12596	212	45	and	and	CCONJ
fbem-12596	212	46	the	the	DET
fbem-12596	212	47	karma	karma	NOUN
fbem-12596	212	48	ratio	ratio	NOUN
fbem-12596	212	49	is	be	AUX
fbem-12596	212	50	0.006	0.006	NUM
fbem-12596	212	51	lower	low	ADJ
fbem-12596	212	52	than	than	ADP
fbem-12596	212	53	the	the	DET
fbem-12596	212	54	equal	equal	ADJ
fbem-12596	212	55	volatility	volatility	NOUN
fbem-12596	212	56	combination	combination	NOUN
fbem-12596	212	57	.	.	PUNCT
fbem-12596	213	1	this	this	PRON
fbem-12596	213	2	means	mean	VERB
fbem-12596	213	3	that	that	SCONJ
fbem-12596	213	4	the	the	DET
fbem-12596	213	5	return	return	NOUN
fbem-12596	213	6	of	of	ADP
fbem-12596	213	7	the	the	DET
fbem-12596	213	8	risk	risk	NOUN
fbem-12596	213	9	parity	parity	NOUN
fbem-12596	213	10	combination	combination	NOUN
fbem-12596	213	11	is	be	AUX
fbem-12596	213	12	slightly	slightly	ADV
fbem-12596	213	13	lower	low	ADJ
fbem-12596	213	14	than	than	ADP
fbem-12596	213	15	the	the	DET
fbem-12596	213	16	equal	equal	ADJ
fbem-12596	213	17	volatility	volatility	NOUN
fbem-12596	213	18	combination	combination	NOUN
fbem-12596	213	19	,	,	PUNCT
fbem-12596	213	20	and	and	CCONJ
fbem-12596	213	21	the	the	DET
fbem-12596	213	22	risk	risk	NOUN
fbem-12596	213	23	level	level	NOUN
fbem-12596	213	24	is	be	AUX
fbem-12596	213	25	also	also	ADV
fbem-12596	213	26	slightly	slightly	ADV
fbem-12596	213	27	lower	low	ADJ
fbem-12596	213	28	than	than	ADP
fbem-12596	213	29	the	the	DET
fbem-12596	213	30	equal	equal	ADJ
fbem-12596	213	31	volatility	volatility	NOUN
fbem-12596	213	32	combination	combination	NOUN
fbem-12596	213	33	,	,	PUNCT
fbem-12596	213	34	but	but	CCONJ
fbem-12596	213	35	the	the	DET
fbem-12596	213	36	difference	difference	NOUN
fbem-12596	213	37	is	be	AUX
fbem-12596	213	38	extremely	extremely	ADV
fbem-12596	213	39	limited	limited	ADJ
fbem-12596	213	40	.	.	PUNCT
fbem-12596	214	1	4.4	4.4	NUM
fbem-12596	214	2	.	.	PUNCT
fbem-12596	215	1	summary	summary	NOUN
fbem-12596	215	2	and	and	CCONJ
fbem-12596	215	3	analysis	analysis	NOUN
fbem-12596	215	4	based	base	VERB
fbem-12596	215	5	on	on	ADP
fbem-12596	215	6	the	the	DET
fbem-12596	215	7	previous	previous	ADJ
fbem-12596	215	8	discussion	discussion	NOUN
fbem-12596	215	9	,	,	PUNCT
fbem-12596	215	10	this	this	DET
fbem-12596	215	11	section	section	NOUN
fbem-12596	215	12	mainly	mainly	ADV
fbem-12596	215	13	selects	select	VERB
fbem-12596	215	14	the	the	DET
fbem-12596	215	15	three	three	NUM
fbem-12596	215	16	major	major	ADJ
fbem-12596	215	17	stock	stock	NOUN
fbem-12596	215	18	indices	index	NOUN
fbem-12596	215	19	as	as	ADP
fbem-12596	215	20	the	the	DET
fbem-12596	215	21	underlying	underlie	VERB
fbem-12596	215	22	assets	asset	NOUN
fbem-12596	215	23	,	,	PUNCT
fbem-12596	215	24	selects	select	VERB
fbem-12596	215	25	the	the	DET
fbem-12596	215	26	equal	equal	ADJ
fbem-12596	215	27	weight	weight	NOUN
fbem-12596	215	28	model	model	NOUN
fbem-12596	215	29	,	,	PUNCT
fbem-12596	215	30	equal	equal	ADJ
fbem-12596	215	31	volatility	volatility	NOUN
fbem-12596	215	32	model	model	NOUN
fbem-12596	215	33	,	,	PUNCT
fbem-12596	215	34	and	and	CCONJ
fbem-12596	215	35	risk	risk	NOUN
fbem-12596	215	36	parity	parity	NOUN
fbem-12596	215	37	model	model	NOUN
fbem-12596	215	38	,	,	PUNCT
fbem-12596	215	39	and	and	CCONJ
fbem-12596	215	40	conducts	conduct	VERB
fbem-12596	215	41	empirical	empirical	ADJ
fbem-12596	215	42	analysis	analysis	NOUN
fbem-12596	215	43	on	on	ADP
fbem-12596	215	44	market	market	NOUN
fbem-12596	215	45	trading	trading	NOUN
fbem-12596	215	46	data	datum	NOUN
fbem-12596	215	47	in	in	ADP
fbem-12596	215	48	the	the	DET
fbem-12596	215	49	past	past	ADJ
fbem-12596	215	50	four	four	NUM
fbem-12596	215	51	years	year	NOUN
fbem-12596	215	52	based	base	VERB
fbem-12596	215	53	on	on	ADP
fbem-12596	215	54	the	the	DET
fbem-12596	215	55	determination	determination	NOUN
fbem-12596	215	56	and	and	CCONJ
fbem-12596	215	57	explanation	explanation	NOUN
fbem-12596	215	58	of	of	ADP
fbem-12596	215	59	several	several	ADJ
fbem-12596	215	60	performance	performance	NOUN
fbem-12596	215	61	evaluation	evaluation	NOUN
fbem-12596	215	62	indicators	indicator	NOUN
fbem-12596	215	63	.	.	PUNCT
fbem-12596	216	1	from	from	ADP
fbem-12596	216	2	the	the	DET
fbem-12596	216	3	results	result	NOUN
fbem-12596	216	4	of	of	ADP
fbem-12596	216	5	empirical	empirical	ADJ
fbem-12596	216	6	analysis	analysis	NOUN
fbem-12596	216	7	,	,	PUNCT
fbem-12596	216	8	it	it	PRON
fbem-12596	216	9	can	can	AUX
fbem-12596	216	10	be	be	AUX
fbem-12596	216	11	seen	see	VERB
fbem-12596	216	12	that	that	SCONJ
fbem-12596	216	13	when	when	SCONJ
fbem-12596	216	14	the	the	DET
fbem-12596	216	15	volatility	volatility	NOUN
fbem-12596	216	16	of	of	ADP
fbem-12596	216	17	the	the	DET
fbem-12596	216	18	underlying	underlie	VERB
fbem-12596	216	19	asset	asset	NOUN
fbem-12596	216	20	price	price	NOUN
fbem-12596	216	21	is	be	AUX
fbem-12596	216	22	not	not	PART
fbem-12596	216	23	high	high	ADJ
fbem-12596	216	24	,	,	PUNCT
fbem-12596	216	25	the	the	DET
fbem-12596	216	26	net	net	ADJ
fbem-12596	216	27	worth	worth	ADJ
fbem-12596	216	28	growth	growth	NOUN
fbem-12596	216	29	of	of	ADP
fbem-12596	216	30	the	the	DET
fbem-12596	216	31	equal	equal	ADJ
fbem-12596	216	32	weight	weight	NOUN
fbem-12596	216	33	combination	combination	NOUN
fbem-12596	216	34	may	may	AUX
fbem-12596	216	35	occasionally	occasionally	ADV
fbem-12596	216	36	exceed	exceed	VERB
fbem-12596	216	37	that	that	PRON
fbem-12596	216	38	of	of	ADP
fbem-12596	216	39	the	the	DET
fbem-12596	216	40	risk	risk	NOUN
fbem-12596	216	41	parity	parity	NOUN
fbem-12596	216	42	combination	combination	NOUN
fbem-12596	216	43	and	and	CCONJ
fbem-12596	216	44	the	the	DET
fbem-12596	216	45	equal	equal	ADJ
fbem-12596	216	46	volatility	volatility	NOUN
fbem-12596	216	47	combination	combination	NOUN
fbem-12596	216	48	,	,	PUNCT
fbem-12596	216	49	but	but	CCONJ
fbem-12596	216	50	the	the	DET
fbem-12596	216	51	degree	degree	NOUN
fbem-12596	216	52	of	of	ADP
fbem-12596	216	53	exceeding	exceed	VERB
fbem-12596	216	54	is	be	AUX
fbem-12596	216	55	limited	limited	ADJ
fbem-12596	216	56	.	.	PUNCT
fbem-12596	217	1	once	once	SCONJ
fbem-12596	217	2	the	the	DET
fbem-12596	217	3	volatility	volatility	NOUN
fbem-12596	217	4	of	of	ADP
fbem-12596	217	5	the	the	DET
fbem-12596	217	6	underlying	underlie	VERB
fbem-12596	217	7	asset	asset	NOUN
fbem-12596	217	8	increases	increase	NOUN
fbem-12596	217	9	,	,	PUNCT
fbem-12596	217	10	the	the	DET
fbem-12596	217	11	performance	performance	NOUN
fbem-12596	217	12	of	of	ADP
fbem-12596	217	13	the	the	DET
fbem-12596	217	14	equal	equal	ADJ
fbem-12596	217	15	weight	weight	NOUN
fbem-12596	217	16	combination	combination	NOUN
fbem-12596	217	17	will	will	AUX
fbem-12596	217	18	deteriorate	deteriorate	VERB
fbem-12596	217	19	,	,	PUNCT
fbem-12596	217	20	and	and	CCONJ
fbem-12596	217	21	good	good	ADJ
fbem-12596	217	22	market	market	NOUN
fbem-12596	217	23	performance	performance	NOUN
fbem-12596	217	24	can	can	AUX
fbem-12596	217	25	not	not	PART
fbem-12596	217	26	bring	bring	VERB
fbem-12596	217	27	better	well	ADJ
fbem-12596	217	28	returns	return	NOUN
fbem-12596	217	29	to	to	ADP
fbem-12596	217	30	investors	investor	NOUN
fbem-12596	217	31	,	,	PUNCT
fbem-12596	217	32	when	when	SCONJ
fbem-12596	217	33	the	the	DET
fbem-12596	217	34	market	market	NOUN
fbem-12596	217	35	performs	perform	VERB
fbem-12596	217	36	poorly	poorly	ADV
fbem-12596	217	37	,	,	PUNCT
fbem-12596	217	38	it	it	PRON
fbem-12596	217	39	actually	actually	ADV
fbem-12596	217	40	bears	bear	VERB
fbem-12596	217	41	more	more	ADJ
fbem-12596	217	42	losses	loss	NOUN
fbem-12596	217	43	.	.	PUNCT
fbem-12596	218	1	overall	overall	ADV
fbem-12596	218	2	,	,	PUNCT
fbem-12596	218	3	although	although	SCONJ
fbem-12596	218	4	equal	equal	ADJ
fbem-12596	218	5	weight	weight	NOUN
fbem-12596	218	6	portfolios	portfolio	NOUN
fbem-12596	218	7	have	have	VERB
fbem-12596	218	8	certain	certain	ADJ
fbem-12596	218	9	risk	risk	NOUN
fbem-12596	218	10	diversification	diversification	NOUN
fbem-12596	218	11	effects	effect	NOUN
fbem-12596	218	12	,	,	PUNCT
fbem-12596	218	13	their	their	PRON
fbem-12596	218	14	effectiveness	effectiveness	NOUN
fbem-12596	218	15	is	be	AUX
fbem-12596	218	16	not	not	PART
fbem-12596	218	17	good	good	ADJ
fbem-12596	218	18	,	,	PUNCT
fbem-12596	218	19	and	and	CCONJ
fbem-12596	218	20	as	as	ADP
fbem-12596	218	21	an	an	DET
fbem-12596	218	22	asset	asset	NOUN
fbem-12596	218	23	allocation	allocation	NOUN
fbem-12596	218	24	method	method	NOUN
fbem-12596	218	25	,	,	PUNCT
fbem-12596	218	26	they	they	PRON
fbem-12596	218	27	are	be	AUX
fbem-12596	218	28	not	not	PART
fbem-12596	218	29	the	the	DET
fbem-12596	218	30	best	good	ADJ
fbem-12596	218	31	choice	choice	NOUN
fbem-12596	218	32	for	for	ADP
fbem-12596	218	33	investors	investor	NOUN
fbem-12596	218	34	.	.	PUNCT
fbem-12596	219	1	the	the	DET
fbem-12596	219	2	results	result	NOUN
fbem-12596	219	3	of	of	ADP
fbem-12596	219	4	empirical	empirical	ADJ
fbem-12596	219	5	analysis	analysis	NOUN
fbem-12596	219	6	indicate	indicate	VERB
fbem-12596	219	7	that	that	SCONJ
fbem-12596	219	8	the	the	DET
fbem-12596	219	9	risk	risk	NOUN
fbem-12596	219	10	parity	parity	NOUN
fbem-12596	219	11	combination	combination	NOUN
fbem-12596	219	12	indeed	indeed	ADV
fbem-12596	219	13	has	have	VERB
fbem-12596	219	14	a	a	DET
fbem-12596	219	15	good	good	ADJ
fbem-12596	219	16	risk	risk	NOUN
fbem-12596	219	17	diversification	diversification	NOUN
fbem-12596	219	18	effect	effect	NOUN
fbem-12596	219	19	,	,	PUNCT
fbem-12596	219	20	and	and	CCONJ
fbem-12596	219	21	is	be	AUX
fbem-12596	219	22	a	a	DET
fbem-12596	219	23	valuable	valuable	ADJ
fbem-12596	219	24	asset	asset	NOUN
fbem-12596	219	25	allocation	allocation	NOUN
fbem-12596	219	26	method	method	NOUN
fbem-12596	219	27	that	that	SCONJ
fbem-12596	219	28	individuals	individual	NOUN
fbem-12596	219	29	and	and	CCONJ
fbem-12596	219	30	institutional	institutional	ADJ
fbem-12596	219	31	investors	investor	NOUN
fbem-12596	219	32	can	can	AUX
fbem-12596	219	33	refer	refer	VERB
fbem-12596	219	34	to	to	ADP
fbem-12596	219	35	and	and	CCONJ
fbem-12596	219	36	further	far	ADV
fbem-12596	219	37	explore	explore	VERB
fbem-12596	219	38	.	.	PUNCT
fbem-12596	220	1	a	a	DET
fbem-12596	220	2	prominent	prominent	ADJ
fbem-12596	220	3	point	point	NOUN
fbem-12596	220	4	in	in	ADP
fbem-12596	220	5	the	the	DET
fbem-12596	220	6	empirical	empirical	ADJ
fbem-12596	220	7	analysis	analysis	NOUN
fbem-12596	220	8	results	result	NOUN
fbem-12596	220	9	of	of	ADP
fbem-12596	220	10	this	this	DET
fbem-12596	220	11	article	article	NOUN
fbem-12596	220	12	is	be	AUX
fbem-12596	220	13	that	that	SCONJ
fbem-12596	220	14	the	the	DET
fbem-12596	220	15	net	net	ADJ
fbem-12596	220	16	value	value	NOUN
fbem-12596	220	17	changes	change	NOUN
fbem-12596	220	18	of	of	ADP
fbem-12596	220	19	the	the	DET
fbem-12596	220	20	equal	equal	ADJ
fbem-12596	220	21	volatility	volatility	NOUN
fbem-12596	220	22	portfolio	portfolio	NOUN
fbem-12596	220	23	and	and	CCONJ
fbem-12596	220	24	the	the	DET
fbem-12596	220	25	risk	risk	NOUN
fbem-12596	220	26	parity	parity	NOUN
fbem-12596	220	27	portfolio	portfolio	NOUN
fbem-12596	220	28	are	be	AUX
fbem-12596	220	29	highly	highly	ADV
fbem-12596	220	30	overlapping	overlapping	ADJ
fbem-12596	220	31	.	.	PUNCT
fbem-12596	221	1	this	this	PRON
fbem-12596	221	2	may	may	AUX
fbem-12596	221	3	be	be	AUX
fbem-12596	221	4	due	due	ADJ
fbem-12596	221	5	to	to	ADP
fbem-12596	221	6	the	the	DET
fbem-12596	221	7	insufficient	insufficient	ADJ
fbem-12596	221	8	number	number	NOUN
fbem-12596	221	9	of	of	ADP
fbem-12596	221	10	types	type	NOUN
fbem-12596	221	11	of	of	ADP
fbem-12596	221	12	selected	select	VERB
fbem-12596	221	13	underlying	underlie	VERB
fbem-12596	221	14	assets	asset	NOUN
fbem-12596	221	15	.	.	PUNCT
fbem-12596	222	1	the	the	DET
fbem-12596	222	2	difference	difference	NOUN
fbem-12596	222	3	between	between	ADP
fbem-12596	222	4	the	the	DET
fbem-12596	222	5	method	method	NOUN
fbem-12596	222	6	of	of	ADP
fbem-12596	222	7	adjusting	adjust	VERB
fbem-12596	222	8	weights	weight	NOUN
fbem-12596	222	9	based	base	VERB
fbem-12596	222	10	on	on	ADP
fbem-12596	222	11	volatility	volatility	NOUN
fbem-12596	222	12	for	for	ADP
fbem-12596	222	13	equal	equal	ADJ
fbem-12596	222	14	volatility	volatility	NOUN
fbem-12596	222	15	portfolios	portfolio	NOUN
fbem-12596	222	16	and	and	CCONJ
fbem-12596	222	17	the	the	DET
fbem-12596	222	18	method	method	NOUN
fbem-12596	222	19	of	of	ADP
fbem-12596	222	20	adjusting	adjust	VERB
fbem-12596	222	21	weights	weight	NOUN
fbem-12596	222	22	based	base	VERB
fbem-12596	222	23	on	on	ADP
fbem-12596	222	24	risk	risk	NOUN
fbem-12596	222	25	contribution	contribution	NOUN
fbem-12596	222	26	for	for	ADP
fbem-12596	222	27	risk	risk	NOUN
fbem-12596	222	28	parity	parity	NOUN
fbem-12596	222	29	portfolios	portfolio	NOUN
fbem-12596	222	30	can	can	AUX
fbem-12596	222	31	not	not	PART
fbem-12596	222	32	be	be	AUX
fbem-12596	222	33	clearly	clearly	ADV
fbem-12596	222	34	reflected	reflect	VERB
fbem-12596	222	35	,	,	PUNCT
fbem-12596	222	36	moreover	moreover	ADV
fbem-12596	222	37	,	,	PUNCT
fbem-12596	222	38	these	these	DET
fbem-12596	222	39	two	two	NUM
fbem-12596	222	40	methods	method	NOUN
fbem-12596	222	41	mainly	mainly	ADV
fbem-12596	222	42	consider	consider	VERB
fbem-12596	222	43	asset	asset	NOUN
fbem-12596	222	44	allocation	allocation	NOUN
fbem-12596	222	45	from	from	ADP
fbem-12596	222	46	a	a	DET
fbem-12596	222	47	risk	risk	NOUN
fbem-12596	222	48	perspective	perspective	NOUN
fbem-12596	222	49	,	,	PUNCT
fbem-12596	222	50	with	with	ADP
fbem-12596	222	51	volatility	volatility	NOUN
fbem-12596	222	52	slightly	slightly	ADV
fbem-12596	222	53	lower	low	ADJ
fbem-12596	222	54	than	than	ADP
fbem-12596	222	55	the	the	DET
fbem-12596	222	56	other	other	ADJ
fbem-12596	222	57	two	two	NUM
fbem-12596	222	58	indices	index	NOUN
fbem-12596	222	59	but	but	CCONJ
fbem-12596	222	60	significantly	significantly	ADV
fbem-12596	222	61	higher	higher	ADV
fbem-12596	222	62	annualized	annualize	VERB
fbem-12596	222	63	and	and	CCONJ
fbem-12596	222	64	cumulative	cumulative	ADJ
fbem-12596	222	65	returns	return	NOUN
fbem-12596	222	66	than	than	ADP
fbem-12596	222	67	the	the	DET
fbem-12596	222	68	other	other	ADJ
fbem-12596	222	69	two	two	NUM
fbem-12596	222	70	indices	index	NOUN
fbem-12596	222	71	.	.	PUNCT
fbem-12596	223	1	the	the	DET
fbem-12596	223	2	s&p	s&p	PROPN
fbem-12596	223	3	500	500	NUM
fbem-12596	223	4	index	index	NOUN
fbem-12596	223	5	did	do	AUX
fbem-12596	223	6	not	not	PART
fbem-12596	223	7	receive	receive	VERB
fbem-12596	223	8	a	a	DET
fbem-12596	223	9	good	good	ADJ
fbem-12596	223	10	bias	bias	NOUN
fbem-12596	223	11	in	in	ADP
fbem-12596	223	12	asset	asset	NOUN
fbem-12596	223	13	allocation	allocation	NOUN
fbem-12596	223	14	,	,	PUNCT
fbem-12596	223	15	which	which	PRON
fbem-12596	223	16	is	be	AUX
fbem-12596	223	17	also	also	ADV
fbem-12596	223	18	the	the	DET
fbem-12596	223	19	reason	reason	NOUN
fbem-12596	223	20	why	why	SCONJ
fbem-12596	223	21	the	the	DET
fbem-12596	223	22	performance	performance	NOUN
fbem-12596	223	23	of	of	ADP
fbem-12596	223	24	equal	equal	ADJ
fbem-12596	223	25	volatility	volatility	NOUN
fbem-12596	223	26	and	and	CCONJ
fbem-12596	223	27	risk	risk	NOUN
fbem-12596	223	28	parity	parity	NOUN
fbem-12596	223	29	portfolios	portfolio	NOUN
fbem-12596	223	30	is	be	AUX
fbem-12596	223	31	very	very	ADV
fbem-12596	223	32	close	close	ADJ
fbem-12596	223	33	.	.	PUNCT
fbem-12596	224	1	5	5	X
fbem-12596	224	2	.	.	X
fbem-12596	224	3	conclusion	conclusion	NOUN
fbem-12596	224	4	and	and	CCONJ
fbem-12596	224	5	inspiration	inspiration	NOUN
fbem-12596	224	6	this	this	DET
fbem-12596	224	7	article	article	NOUN
fbem-12596	224	8	introduces	introduce	VERB
fbem-12596	224	9	the	the	DET
fbem-12596	224	10	relevant	relevant	ADJ
fbem-12596	224	11	background	background	NOUN
fbem-12596	224	12	of	of	ADP
fbem-12596	224	13	fof	fof	NOUN
fbem-12596	224	14	,	,	PUNCT
fbem-12596	224	15	focusing	focus	VERB
fbem-12596	224	16	on	on	ADP
fbem-12596	224	17	the	the	DET
fbem-12596	224	18	core	core	NOUN
fbem-12596	224	19	content	content	NOUN
fbem-12596	224	20	of	of	ADP
fbem-12596	224	21	fof	fof	NOUN
fbem-12596	224	22	,	,	PUNCT
fbem-12596	224	23	which	which	PRON
fbem-12596	224	24	is	be	AUX
fbem-12596	224	25	the	the	DET
fbem-12596	224	26	allocation	allocation	NOUN
fbem-12596	224	27	of	of	ADP
fbem-12596	224	28	underlying	underlie	VERB
fbem-12596	224	29	assets	asset	NOUN
fbem-12596	224	30	.	.	PUNCT
fbem-12596	225	1	by	by	ADP
fbem-12596	225	2	constructing	construct	VERB
fbem-12596	225	3	equal	equal	ADJ
fbem-12596	225	4	weight	weight	NOUN
fbem-12596	225	5	combinations	combination	NOUN
fbem-12596	225	6	,	,	PUNCT
fbem-12596	225	7	equal	equal	ADJ
fbem-12596	225	8	volatility	volatility	NOUN
fbem-12596	225	9	combinations	combination	NOUN
fbem-12596	225	10	,	,	PUNCT
fbem-12596	225	11	and	and	CCONJ
fbem-12596	225	12	risk	risk	NOUN
fbem-12596	225	13	parity	parity	NOUN
fbem-12596	225	14	combinations	combination	NOUN
fbem-12596	225	15	for	for	ADP
fbem-12596	225	16	comparative	comparative	ADJ
fbem-12596	225	17	analysis	analysis	NOUN
fbem-12596	225	18	,	,	PUNCT
fbem-12596	225	19	the	the	DET
fbem-12596	225	20	practicality	practicality	NOUN
fbem-12596	225	21	and	and	CCONJ
fbem-12596	225	22	effectiveness	effectiveness	NOUN
fbem-12596	225	23	of	of	ADP
fbem-12596	225	24	risk	risk	NOUN
fbem-12596	225	25	parity	parity	NOUN
fbem-12596	225	26	theory	theory	NOUN
fbem-12596	225	27	in	in	ADP
fbem-12596	225	28	fof	fof	ADJ
fbem-12596	225	29	asset	asset	NOUN
fbem-12596	225	30	allocation	allocation	NOUN
fbem-12596	225	31	are	be	AUX
fbem-12596	225	32	examined	examine	VERB
fbem-12596	225	33	.	.	PUNCT
fbem-12596	226	1	through	through	ADP
fbem-12596	226	2	scheme	scheme	NOUN
fbem-12596	226	3	planning	planning	NOUN
fbem-12596	226	4	and	and	CCONJ
fbem-12596	226	5	empirical	empirical	ADJ
fbem-12596	226	6	analysis	analysis	NOUN
fbem-12596	226	7	,	,	PUNCT
fbem-12596	226	8	the	the	DET
fbem-12596	226	9	following	follow	VERB
fbem-12596	226	10	inspirations	inspiration	NOUN
fbem-12596	226	11	and	and	CCONJ
fbem-12596	226	12	suggestions	suggestion	NOUN
fbem-12596	226	13	for	for	ADP
fbem-12596	226	14	using	use	VERB
fbem-12596	226	15	risk	risk	NOUN
fbem-12596	226	16	parity	parity	NOUN
fbem-12596	226	17	models	model	NOUN
fbem-12596	226	18	are	be	AUX
fbem-12596	226	19	drawn	draw	VERB
fbem-12596	226	20	:	:	PUNCT
fbem-12596	226	21	firstly	firstly	ADV
fbem-12596	226	22	,	,	PUNCT
fbem-12596	226	23	the	the	DET
fbem-12596	226	24	rapid	rapid	ADJ
fbem-12596	226	25	development	development	NOUN
fbem-12596	226	26	and	and	CCONJ
fbem-12596	226	27	high	high	ADJ
fbem-12596	226	28	market	market	NOUN
fbem-12596	226	29	demand	demand	NOUN
fbem-12596	226	30	of	of	ADP
fbem-12596	226	31	fof	fof	PROPN
fbem-12596	226	32	are	be	AUX
fbem-12596	226	33	based	base	VERB
fbem-12596	226	34	on	on	ADP
fbem-12596	226	35	its	its	PRON
fbem-12596	226	36	low	low	ADJ
fbem-12596	226	37	risk	risk	NOUN
fbem-12596	226	38	foundation	foundation	NOUN
fbem-12596	226	39	,	,	PUNCT
fbem-12596	226	40	and	and	CCONJ
fbem-12596	226	41	fof	fof	PROPN
fbem-12596	226	42	's	's	PART
fbem-12596	226	43	pursuit	pursuit	NOUN
fbem-12596	226	44	of	of	ADP
fbem-12596	226	45	profitability	profitability	NOUN
fbem-12596	226	46	should	should	AUX
fbem-12596	226	47	be	be	AUX
fbem-12596	226	48	premised	premise	VERB
fbem-12596	226	49	on	on	ADP
fbem-12596	226	50	controlling	control	VERB
fbem-12596	226	51	risk	risk	NOUN
fbem-12596	226	52	.	.	PUNCT
fbem-12596	227	1	the	the	DET
fbem-12596	227	2	risk	risk	NOUN
fbem-12596	227	3	parity	parity	NOUN
fbem-12596	227	4	theory	theory	NOUN
fbem-12596	227	5	is	be	AUX
fbem-12596	227	6	a	a	DET
fbem-12596	227	7	new	new	ADJ
fbem-12596	227	8	breakthrough	breakthrough	NOUN
fbem-12596	227	9	in	in	ADP
fbem-12596	227	10	modern	modern	ADJ
fbem-12596	227	11	asset	asset	NOUN
fbem-12596	227	12	portfolio	portfolio	NOUN
fbem-12596	227	13	theory	theory	NOUN
fbem-12596	227	14	,	,	PUNCT
fbem-12596	227	15	which	which	PRON
fbem-12596	227	16	determines	determine	VERB
fbem-12596	227	17	asset	asset	NOUN
fbem-12596	227	18	allocation	allocation	NOUN
fbem-12596	227	19	weights	weight	NOUN
fbem-12596	227	20	by	by	ADP
fbem-12596	227	21	balancing	balance	VERB
fbem-12596	227	22	the	the	DET
fbem-12596	227	23	risk	risk	NOUN
fbem-12596	227	24	contributions	contribution	NOUN
fbem-12596	227	25	of	of	ADP
fbem-12596	227	26	various	various	ADJ
fbem-12596	227	27	underlying	underlie	VERB
fbem-12596	227	28	assets	asset	NOUN
fbem-12596	227	29	as	as	ADV
fbem-12596	227	30	much	much	ADV
fbem-12596	227	31	as	as	ADP
fbem-12596	227	32	possible	possible	ADJ
fbem-12596	227	33	,	,	PUNCT
fbem-12596	227	34	which	which	PRON
fbem-12596	227	35	can	can	AUX
fbem-12596	227	36	greatly	greatly	ADV
fbem-12596	227	37	reduce	reduce	VERB
fbem-12596	227	38	the	the	DET
fbem-12596	227	39	risk	risk	NOUN
fbem-12596	227	40	level	level	NOUN
fbem-12596	227	41	of	of	ADP
fbem-12596	227	42	asset	asset	NOUN
fbem-12596	227	43	portfolios	portfolio	NOUN
fbem-12596	227	44	.	.	PUNCT
fbem-12596	228	1	therefore	therefore	ADV
fbem-12596	228	2	,	,	PUNCT
fbem-12596	228	3	it	it	PRON
fbem-12596	228	4	is	be	AUX
fbem-12596	228	5	highly	highly	ADV
fbem-12596	228	6	worthy	worthy	ADJ
fbem-12596	228	7	of	of	ADP
fbem-12596	228	8	reference	reference	NOUN
fbem-12596	228	9	and	and	CCONJ
fbem-12596	228	10	further	further	ADJ
fbem-12596	228	11	exploration	exploration	NOUN
fbem-12596	228	12	by	by	ADP
fbem-12596	228	13	individuals	individual	NOUN
fbem-12596	228	14	and	and	CCONJ
fbem-12596	228	15	institutional	institutional	ADJ
fbem-12596	228	16	investors	investor	NOUN
fbem-12596	228	17	.	.	PUNCT
fbem-12596	229	1	secondly	secondly	ADV
fbem-12596	229	2	,	,	PUNCT
fbem-12596	229	3	when	when	SCONJ
fbem-12596	229	4	using	use	VERB
fbem-12596	229	5	the	the	DET
fbem-12596	229	6	risk	risk	NOUN
fbem-12596	229	7	parity	parity	NOUN
fbem-12596	229	8	method	method	NOUN
fbem-12596	229	9	to	to	PART
fbem-12596	229	10	construct	construct	VERB
fbem-12596	229	11	investment	investment	NOUN
fbem-12596	229	12	models	model	NOUN
fbem-12596	229	13	,	,	PUNCT
fbem-12596	229	14	it	it	PRON
fbem-12596	229	15	is	be	AUX
fbem-12596	229	16	possible	possible	ADJ
fbem-12596	229	17	to	to	PART
fbem-12596	229	18	appropriately	appropriately	ADV
fbem-12596	229	19	increase	increase	VERB
fbem-12596	229	20	the	the	DET
fbem-12596	229	21	types	type	NOUN
fbem-12596	229	22	of	of	ADP
fbem-12596	229	23	underlying	underlie	VERB
fbem-12596	229	24	assets	asset	NOUN
fbem-12596	229	25	to	to	PART
fbem-12596	229	26	improve	improve	VERB
fbem-12596	229	27	the	the	DET
fbem-12596	229	28	effectiveness	effectiveness	NOUN
fbem-12596	229	29	of	of	ADP
fbem-12596	229	30	risk	risk	NOUN
fbem-12596	229	31	diversification	diversification	NOUN
fbem-12596	229	32	,	,	PUNCT
fbem-12596	229	33	while	while	SCONJ
fbem-12596	229	34	also	also	ADV
fbem-12596	229	35	controlling	control	VERB
fbem-12596	229	36	the	the	DET
fbem-12596	229	37	correlation	correlation	NOUN
fbem-12596	229	38	between	between	ADP
fbem-12596	229	39	underlying	underlie	VERB
fbem-12596	229	40	assets	asset	NOUN
fbem-12596	229	41	.	.	PUNCT
fbem-12596	230	1	in	in	ADP
fbem-12596	230	2	addition	addition	NOUN
fbem-12596	230	3	,	,	PUNCT
fbem-12596	230	4	this	this	DET
fbem-12596	230	5	article	article	NOUN
fbem-12596	230	6	sets	set	VERB
fbem-12596	230	7	the	the	DET
fbem-12596	230	8	adjustment	adjustment	NOUN
fbem-12596	230	9	period	period	NOUN
fbem-12596	230	10	for	for	ADP
fbem-12596	230	11	asset	asset	NOUN
fbem-12596	230	12	allocation	allocation	NOUN
fbem-12596	230	13	to	to	ADP
fbem-12596	230	14	three	three	NUM
fbem-12596	230	15	months	month	NOUN
fbem-12596	230	16	,	,	PUNCT
fbem-12596	230	17	which	which	PRON
fbem-12596	230	18	actually	actually	ADV
fbem-12596	230	19	implies	imply	VERB
fbem-12596	230	20	that	that	SCONJ
fbem-12596	230	21	the	the	DET
fbem-12596	230	22	nature	nature	NOUN
fbem-12596	230	23	of	of	ADP
fbem-12596	230	24	the	the	DET
fbem-12596	230	25	underlying	underlie	VERB
fbem-12596	230	26	asset	asset	NOUN
fbem-12596	230	27	itself	itself	PRON
fbem-12596	230	28	and	and	CCONJ
fbem-12596	230	29	its	its	PRON
fbem-12596	230	30	relationships	relationship	NOUN
fbem-12596	230	31	remain	remain	VERB
fbem-12596	230	32	unchanged	unchanged	ADJ
fbem-12596	230	33	for	for	ADP
fbem-12596	230	34	three	three	NUM
fbem-12596	230	35	months	month	NOUN
fbem-12596	230	36	.	.	PUNCT
fbem-12596	231	1	however	however	ADV
fbem-12596	231	2	,	,	PUNCT
fbem-12596	231	3	the	the	DET
fbem-12596	231	4	actual	actual	ADJ
fbem-12596	231	5	situation	situation	NOUN
fbem-12596	231	6	is	be	AUX
fbem-12596	231	7	that	that	SCONJ
fbem-12596	231	8	market	market	NOUN
fbem-12596	231	9	conditions	condition	NOUN
fbem-12596	231	10	are	be	AUX
fbem-12596	231	11	constantly	constantly	ADV
fbem-12596	231	12	changing	change	VERB
fbem-12596	231	13	.	.	PUNCT
fbem-12596	232	1	therefore	therefore	ADV
fbem-12596	232	2	,	,	PUNCT
fbem-12596	232	3	in	in	ADP
fbem-12596	232	4	practical	practical	ADJ
fbem-12596	232	5	application	application	NOUN
fbem-12596	232	6	,	,	PUNCT
fbem-12596	232	7	the	the	DET
fbem-12596	232	8	frequency	frequency	NOUN
fbem-12596	232	9	of	of	ADP
fbem-12596	232	10	adjustment	adjustment	NOUN
fbem-12596	232	11	can	can	AUX
fbem-12596	232	12	be	be	AUX
fbem-12596	232	13	appropriately	appropriately	ADV
fbem-12596	232	14	increased	increase	VERB
fbem-12596	232	15	to	to	PART
fbem-12596	232	16	achieve	achieve	VERB
fbem-12596	232	17	better	well	ADJ
fbem-12596	232	18	risk	risk	NOUN
fbem-12596	232	19	diversification	diversification	NOUN
fbem-12596	232	20	effect	effect	NOUN
fbem-12596	232	21	,	,	PUNCT
fbem-12596	232	22	or	or	CCONJ
fbem-12596	232	23	suitable	suitable	ADJ
fbem-12596	232	24	performance	performance	NOUN
fbem-12596	232	25	indicators	indicator	NOUN
fbem-12596	232	26	can	can	AUX
fbem-12596	232	27	be	be	AUX
fbem-12596	232	28	selected	select	VERB
fbem-12596	232	29	in	in	ADP
fbem-12596	232	30	advance	advance	NOUN
fbem-12596	232	31	to	to	PART
fbem-12596	232	32	screen	screen	VERB
fbem-12596	232	33	underlying	underlie	VERB
fbem-12596	232	34	assets	asset	NOUN
fbem-12596	232	35	to	to	PART
fbem-12596	232	36	reduce	reduce	VERB
fbem-12596	232	37	the	the	DET
fbem-12596	232	38	pressure	pressure	NOUN
fbem-12596	232	39	of	of	ADP
fbem-12596	232	40	adjustment	adjustment	NOUN
fbem-12596	232	41	in	in	ADP
fbem-12596	232	42	the	the	DET
fbem-12596	232	43	later	later	ADJ
fbem-12596	232	44	stage	stage	NOUN
fbem-12596	232	45	,	,	PUNCT
fbem-12596	232	46	the	the	DET
fbem-12596	232	47	former	former	ADJ
fbem-12596	232	48	increases	increase	VERB
fbem-12596	232	49	transaction	transaction	NOUN
fbem-12596	232	50	costs	cost	NOUN
fbem-12596	232	51	,	,	PUNCT
fbem-12596	232	52	while	while	SCONJ
fbem-12596	232	53	the	the	DET
fbem-12596	232	54	latter	latter	ADJ
fbem-12596	232	55	increases	increase	VERB
fbem-12596	232	56	screening	screen	VERB
fbem-12596	232	57	costs	cost	NOUN
fbem-12596	232	58	.	.	PUNCT
fbem-12596	233	1	the	the	DET
fbem-12596	233	2	specific	specific	ADJ
fbem-12596	233	3	balance	balance	NOUN
fbem-12596	233	4	depends	depend	VERB
fbem-12596	233	5	on	on	ADP
fbem-12596	233	6	the	the	DET
fbem-12596	233	7	actual	actual	ADJ
fbem-12596	233	8	operation	operation	NOUN
fbem-12596	233	9	situation	situation	NOUN
fbem-12596	233	10	.	.	PUNCT
fbem-12596	234	1	thirdly	thirdly	ADV
fbem-12596	234	2	,	,	PUNCT
fbem-12596	234	3	the	the	DET
fbem-12596	234	4	risk	risk	NOUN
fbem-12596	234	5	parity	parity	NOUN
fbem-12596	234	6	model	model	NOUN
fbem-12596	234	7	in	in	ADP
fbem-12596	234	8	this	this	DET
fbem-12596	234	9	article	article	NOUN
fbem-12596	234	10	directly	directly	ADV
fbem-12596	234	11	allocates	allocate	VERB
fbem-12596	234	12	underlying	underlie	VERB
fbem-12596	234	13	assets	asset	NOUN
fbem-12596	234	14	.	.	PUNCT
fbem-12596	235	1	however	however	ADV
fbem-12596	235	2	,	,	PUNCT
fbem-12596	235	3	different	different	ADJ
fbem-12596	235	4	asset	asset	NOUN
fbem-12596	235	5	portfolios	portfolio	NOUN
fbem-12596	235	6	are	be	AUX
fbem-12596	235	7	affected	affect	VERB
fbem-12596	235	8	by	by	ADP
fbem-12596	235	9	common	common	ADJ
fbem-12596	235	10	risk	risk	NOUN
fbem-12596	235	11	factors	factor	NOUN
fbem-12596	235	12	.	.	PUNCT
fbem-12596	236	1	if	if	SCONJ
fbem-12596	236	2	the	the	DET
fbem-12596	236	3	common	common	ADJ
fbem-12596	236	4	main	main	ADJ
fbem-12596	236	5	risk	risk	NOUN
fbem-12596	236	6	factors	factor	NOUN
fbem-12596	236	7	in	in	ADP
fbem-12596	236	8	different	different	ADJ
fbem-12596	236	9	assets	asset	NOUN
fbem-12596	236	10	can	can	AUX
fbem-12596	236	11	be	be	AUX
fbem-12596	236	12	extracted	extract	VERB
fbem-12596	236	13	and	and	CCONJ
fbem-12596	236	14	the	the	DET
fbem-12596	236	15	risk	risk	NOUN
fbem-12596	236	16	contribution	contribution	NOUN
fbem-12596	236	17	can	can	AUX
fbem-12596	236	18	be	be	AUX
fbem-12596	236	19	balanced	balance	VERB
fbem-12596	236	20	based	base	VERB
fbem-12596	236	21	on	on	ADP
fbem-12596	236	22	the	the	DET
fbem-12596	236	23	risk	risk	NOUN
fbem-12596	236	24	factors	factor	NOUN
fbem-12596	236	25	,	,	PUNCT
fbem-12596	236	26	the	the	DET
fbem-12596	236	27	risk	risk	NOUN
fbem-12596	236	28	parity	parity	NOUN
fbem-12596	236	29	model	model	NOUN
fbem-12596	236	30	may	may	AUX
fbem-12596	236	31	perform	perform	VERB
fbem-12596	236	32	better	well	ADV
fbem-12596	236	33	in	in	ADP
fbem-12596	236	34	dispersing	disperse	VERB
fbem-12596	236	35	risk	risk	NOUN
fbem-12596	236	36	.	.	PUNCT
fbem-12596	237	1	fourthly	fourthly	ADV
fbem-12596	237	2	,	,	PUNCT
fbem-12596	237	3	fof	fof	PROPN
fbem-12596	237	4	has	have	VERB
fbem-12596	237	5	an	an	DET
fbem-12596	237	6	inherent	inherent	ADJ
fbem-12596	237	7	flaw	flaw	NOUN
fbem-12596	237	8	of	of	ADP
fbem-12596	237	9	double	double	ADJ
fbem-12596	237	10	fees	fee	NOUN
fbem-12596	237	11	,	,	PUNCT
fbem-12596	237	12	which	which	PRON
fbem-12596	237	13	makes	make	VERB
fbem-12596	237	14	it	it	PRON
fbem-12596	237	15	undesirable	undesirable	ADJ
fbem-12596	237	16	to	to	PART
fbem-12596	237	17	blindly	blindly	ADV
fbem-12596	237	18	pursue	pursue	VERB
fbem-12596	237	19	less	less	ADJ
fbem-12596	237	20	risk	risk	NOUN
fbem-12596	237	21	and	and	CCONJ
fbem-12596	237	22	allocate	allocate	VERB
fbem-12596	237	23	too	too	ADV
fbem-12596	237	24	many	many	ADJ
fbem-12596	237	25	assets	asset	NOUN
fbem-12596	237	26	to	to	PART
fbem-12596	237	27	bond	bond	VERB
fbem-12596	237	28	assets	asset	NOUN
fbem-12596	237	29	or	or	CCONJ
fbem-12596	237	30	monetary	monetary	ADJ
fbem-12596	237	31	funds	fund	NOUN
fbem-12596	237	32	.	.	PUNCT
fbem-12596	238	1	this	this	PRON
fbem-12596	238	2	will	will	AUX
fbem-12596	238	3	make	make	VERB
fbem-12596	238	4	investment	investment	NOUN
fbem-12596	238	5	portfolios	portfolio	NOUN
fbem-12596	238	6	that	that	PRON
fbem-12596	238	7	have	have	AUX
fbem-12596	238	8	already	already	ADV
fbem-12596	238	9	suffered	suffer	VERB
fbem-12596	238	10	a	a	DET
fbem-12596	238	11	decline	decline	NOUN
fbem-12596	238	12	in	in	ADP
fbem-12596	238	13	returns	return	NOUN
fbem-12596	238	14	due	due	ADP
fbem-12596	238	15	to	to	ADP
fbem-12596	238	16	risk	risk	VERB
fbem-12596	238	17	diversification	diversification	NOUN
fbem-12596	238	18	less	less	ADV
fbem-12596	238	19	attractive	attractive	ADJ
fbem-12596	238	20	to	to	ADP
fbem-12596	238	21	investors	investor	NOUN
fbem-12596	238	22	after	after	ADP
fbem-12596	238	23	double	double	ADJ
fbem-12596	238	24	fees	fee	NOUN
fbem-12596	238	25	.	.	PUNCT
fbem-12596	239	1	fund	fund	NOUN
fbem-12596	239	2	companies	company	NOUN
fbem-12596	239	3	with	with	ADP
fbem-12596	239	4	sufficient	sufficient	ADJ
fbem-12596	239	5	scale	scale	NOUN
fbem-12596	239	6	and	and	CCONJ
fbem-12596	239	7	complete	complete	ADJ
fbem-12596	239	8	product	product	NOUN
fbem-12596	239	9	categories	category	NOUN
fbem-12596	239	10	can	can	AUX
fbem-12596	239	11	reduce	reduce	VERB
fbem-12596	239	12	the	the	DET
fbem-12596	239	13	237	237	NUM
fbem-12596	239	14	management	management	NOUN
fbem-12596	239	15	fees	fee	NOUN
fbem-12596	239	16	of	of	ADP
fbem-12596	239	17	the	the	DET
fbem-12596	239	18	parent	parent	NOUN
fbem-12596	239	19	fund	fund	NOUN
fbem-12596	239	20	by	by	ADP
fbem-12596	239	21	limiting	limit	VERB
fbem-12596	239	22	their	their	PRON
fbem-12596	239	23	investment	investment	NOUN
fbem-12596	239	24	targets	target	NOUN
fbem-12596	239	25	to	to	ADP
fbem-12596	239	26	their	their	PRON
fbem-12596	239	27	own	own	ADJ
fbem-12596	239	28	fund	fund	NOUN
fbem-12596	239	29	products	product	NOUN
fbem-12596	239	30	.	.	PUNCT
fbem-12596	240	1	if	if	SCONJ
fbem-12596	240	2	the	the	DET
fbem-12596	240	3	fund	fund	NOUN
fbem-12596	240	4	company	company	NOUN
fbem-12596	240	5	's	's	PART
fbem-12596	240	6	own	own	ADJ
fbem-12596	240	7	conditions	condition	NOUN
fbem-12596	240	8	are	be	AUX
fbem-12596	240	9	insufficient	insufficient	ADJ
fbem-12596	240	10	,	,	PUNCT
fbem-12596	240	11	it	it	PRON
fbem-12596	240	12	can	can	AUX
fbem-12596	240	13	also	also	ADV
fbem-12596	240	14	adjust	adjust	VERB
fbem-12596	240	15	leverage	leverage	NOUN
fbem-12596	240	16	to	to	PART
fbem-12596	240	17	expand	expand	VERB
fbem-12596	240	18	returns	return	NOUN
fbem-12596	240	19	while	while	SCONJ
fbem-12596	240	20	controlling	control	VERB
fbem-12596	240	21	risks	risk	NOUN
fbem-12596	240	22	.	.	PUNCT
fbem-12596	241	1	fof	fof	PROPN
fbem-12596	241	2	started	start	VERB
fbem-12596	241	3	relatively	relatively	ADV
fbem-12596	241	4	late	late	ADV
fbem-12596	241	5	in	in	ADP
fbem-12596	241	6	china	china	PROPN
fbem-12596	241	7	but	but	CCONJ
fbem-12596	241	8	has	have	VERB
fbem-12596	241	9	enormous	enormous	ADJ
fbem-12596	241	10	potential	potential	NOUN
fbem-12596	241	11	.	.	PUNCT
fbem-12596	242	1	with	with	ADP
fbem-12596	242	2	the	the	DET
fbem-12596	242	3	vigorous	vigorous	ADJ
fbem-12596	242	4	promotion	promotion	NOUN
fbem-12596	242	5	of	of	ADP
fbem-12596	242	6	regulatory	regulatory	ADJ
fbem-12596	242	7	authorities	authority	NOUN
fbem-12596	242	8	and	and	CCONJ
fbem-12596	242	9	the	the	DET
fbem-12596	242	10	development	development	NOUN
fbem-12596	242	11	and	and	CCONJ
fbem-12596	242	12	improvement	improvement	NOUN
fbem-12596	242	13	of	of	ADP
fbem-12596	242	14	the	the	DET
fbem-12596	242	15	market	market	NOUN
fbem-12596	242	16	,	,	PUNCT
fbem-12596	242	17	fof	fof	PROPN
fbem-12596	242	18	has	have	AUX
fbem-12596	242	19	also	also	ADV
fbem-12596	242	20	received	receive	VERB
fbem-12596	242	21	increasing	increase	VERB
fbem-12596	242	22	attention	attention	NOUN
fbem-12596	242	23	from	from	ADP
fbem-12596	242	24	investors	investor	NOUN
fbem-12596	242	25	and	and	CCONJ
fbem-12596	242	26	scholars	scholar	NOUN
fbem-12596	242	27	.	.	PUNCT
fbem-12596	243	1	research	research	NOUN
fbem-12596	243	2	on	on	ADP
fbem-12596	243	3	risk	risk	NOUN
fbem-12596	243	4	parity	parity	NOUN
fbem-12596	243	5	theory	theory	NOUN
fbem-12596	243	6	can	can	AUX
fbem-12596	243	7	help	help	VERB
fbem-12596	243	8	promote	promote	VERB
fbem-12596	243	9	the	the	DET
fbem-12596	243	10	development	development	NOUN
fbem-12596	243	11	and	and	CCONJ
fbem-12596	243	12	improvement	improvement	NOUN
fbem-12596	243	13	of	of	ADP
fbem-12596	243	14	fof	fof	NOUN
fbem-12596	243	15	and	and	CCONJ
fbem-12596	243	16	help	help	VERB
fbem-12596	243	17	it	it	PRON
fbem-12596	243	18	go	go	VERB
fbem-12596	243	19	further	far	ADV
fbem-12596	243	20	in	in	ADP
fbem-12596	243	21	china	china	PROPN
fbem-12596	243	22	.	.	PUNCT
fbem-12596	244	1	references	reference	NOUN
fbem-12596	244	2	[	[	X
fbem-12596	244	3	1	1	NUM
fbem-12596	244	4	]	]	X
fbem-12596	244	5	cen	cen	PROPN
fbem-12596	244	6	xiaoyu	xiaoyu	PROPN
fbem-12596	244	7	.	.	PUNCT
fbem-12596	244	8	fof	fof	PROPN
fbem-12596	244	9	fund	fund	PROPN
fbem-12596	244	10	crisis	crisis	NOUN
fbem-12596	244	11	:	:	PUNCT
fbem-12596	244	12	shrinking	shrink	VERB
fbem-12596	244	13	scale	scale	NOUN
fbem-12596	244	14	,	,	PUNCT
fbem-12596	244	15	poor	poor	ADJ
fbem-12596	244	16	performance	performance	NOUN
fbem-12596	244	17	,	,	PUNCT
fbem-12596	244	18	and	and	CCONJ
fbem-12596	244	19	cold	cold	ADJ
fbem-12596	244	20	issuance	issuance	NOUN
fbem-12596	245	1	[	[	X
fbem-12596	245	2	j	j	X
fbem-12596	245	3	]	]	X
fbem-12596	245	4	.	.	PUNCT
fbem-12596	246	1	fund	fund	NOUN
fbem-12596	246	2	wealth	wealth	NOUN
fbem-12596	246	3	management	management	NOUN
fbem-12596	246	4	,	,	PUNCT
fbem-12596	246	5	2019	2019	NUM
fbem-12596	246	6	,	,	PUNCT
fbem-12596	246	7	(	(	PUNCT
fbem-12596	246	8	3	3	NUM
fbem-12596	246	9	):	):	PUNCT
fbem-12596	246	10	50	50	NUM
fbem-12596	246	11	-	-	SYM
fbem-12596	246	12	51	51	NUM
fbem-12596	246	13	.	.	PUNCT
fbem-12596	247	1	[	[	X
fbem-12596	247	2	2	2	NUM
fbem-12596	247	3	]	]	X
fbem-12596	247	4	chen	chen	PROPN
fbem-12596	247	5	qing	qing	PROPN
fbem-12596	247	6	.	.	PUNCT
fbem-12596	248	1	empirical	empirical	ADJ
fbem-12596	248	2	analysis	analysis	NOUN
fbem-12596	248	3	of	of	ADP
fbem-12596	248	4	risk	risk	NOUN
fbem-12596	248	5	parity	parity	NOUN
fbem-12596	248	6	theory	theory	NOUN
fbem-12596	248	7	applied	apply	VERB
fbem-12596	248	8	to	to	ADP
fbem-12596	248	9	fof	fof	ADJ
fbem-12596	248	10	asset	asset	NOUN
fbem-12596	248	11	allocation	allocation	NOUN
fbem-12596	248	12	[	[	X
fbem-12596	248	13	d	d	X
fbem-12596	248	14	]	]	X
fbem-12596	248	15	.	.	PUNCT
fbem-12596	249	1	harbin	harbin	NOUN
fbem-12596	249	2	:	:	PUNCT
fbem-12596	249	3	school	school	NOUN
fbem-12596	249	4	of	of	ADP
fbem-12596	249	5	economics	economic	NOUN
fbem-12596	249	6	and	and	CCONJ
fbem-12596	249	7	management	management	NOUN
fbem-12596	249	8	,	,	PUNCT
fbem-12596	249	9	harbin	harbin	PROPN
fbem-12596	249	10	institute	institute	PROPN
fbem-12596	249	11	of	of	ADP
fbem-12596	249	12	technology	technology	PROPN
fbem-12596	249	13	,	,	PUNCT
fbem-12596	249	14	2019	2019	NUM
fbem-12596	249	15	.	.	PUNCT
fbem-12596	250	1	[	[	X
fbem-12596	250	2	3	3	NUM
fbem-12596	250	3	]	]	X
fbem-12596	250	4	dong	dong	PROPN
fbem-12596	250	5	xiao	xiao	PROPN
fbem-12596	250	6	.	.	PUNCT
fbem-12596	250	7	case	case	NOUN
fbem-12596	250	8	study	study	NOUN
fbem-12596	250	9	on	on	ADP
fbem-12596	250	10	asset	asset	NOUN
fbem-12596	250	11	allocation	allocation	NOUN
fbem-12596	250	12	of	of	ADP
fbem-12596	250	13	public	public	ADJ
fbem-12596	250	14	fof	fof	ADJ
fbem-12596	250	15	funds	fund	NOUN
fbem-12596	250	16	in	in	ADP
fbem-12596	250	17	china	china	PROPN
fbem-12596	251	1	[	[	X
fbem-12596	251	2	d	d	X
fbem-12596	251	3	]	]	X
fbem-12596	251	4	.	.	PUNCT
fbem-12596	252	1	shanghai	shanghai	PROPN
fbem-12596	252	2	:	:	PUNCT
fbem-12596	252	3	shanghai	shanghai	PROPN
fbem-12596	252	4	normal	normal	ADJ
fbem-12596	252	5	university	university	NOUN
fbem-12596	252	6	school	school	NOUN
fbem-12596	252	7	of	of	ADP
fbem-12596	252	8	business	business	NOUN
fbem-12596	252	9	,	,	PUNCT
fbem-12596	252	10	2019	2019	NUM
fbem-12596	252	11	.	.	PUNCT
fbem-12596	253	1	[	[	X
fbem-12596	253	2	4	4	NUM
fbem-12596	253	3	]	]	X
fbem-12596	253	4	dong	dong	PROPN
fbem-12596	253	5	xuancheng	xuancheng	PROPN
fbem-12596	253	6	.	.	PUNCT
fbem-12596	254	1	research	research	NOUN
fbem-12596	254	2	on	on	ADP
fbem-12596	254	3	the	the	DET
fbem-12596	254	4	configuration	configuration	NOUN
fbem-12596	254	5	strategy	strategy	NOUN
fbem-12596	254	6	of	of	ADP
fbem-12596	254	7	fof	fof	ADJ
fbem-12596	254	8	products	product	NOUN
fbem-12596	254	9	under	under	ADP
fbem-12596	254	10	the	the	DET
fbem-12596	254	11	new	new	ADJ
fbem-12596	254	12	asset	asset	NOUN
fbem-12596	254	13	management	management	NOUN
fbem-12596	254	14	regulations	regulation	NOUN
fbem-12596	254	15	based	base	VERB
fbem-12596	254	16	on	on	ADP
fbem-12596	254	17	risk	risk	NOUN
fbem-12596	254	18	parity	parity	NOUN
fbem-12596	254	19	theory	theory	NOUN
fbem-12596	254	20	[	[	X
fbem-12596	254	21	d	d	X
fbem-12596	254	22	]	]	X
fbem-12596	254	23	.	.	PUNCT
fbem-12596	255	1	guangzhou	guangzhou	PROPN
fbem-12596	255	2	:	:	PUNCT
fbem-12596	255	3	school	school	NOUN
fbem-12596	255	4	of	of	ADP
fbem-12596	255	5	finance	finance	NOUN
fbem-12596	255	6	,	,	PUNCT
fbem-12596	255	7	guangdong	guangdong	PROPN
fbem-12596	255	8	university	university	PROPN
fbem-12596	255	9	of	of	ADP
fbem-12596	255	10	foreign	foreign	ADJ
fbem-12596	255	11	studies	study	NOUN
fbem-12596	255	12	,	,	PUNCT
fbem-12596	255	13	2019	2019	NUM
fbem-12596	255	14	.	.	PUNCT
fbem-12596	256	1	[	[	X
fbem-12596	256	2	5	5	NUM
fbem-12596	256	3	]	]	X
fbem-12596	256	4	fu	fu	ADJ
fbem-12596	256	5	yijia	yijia	NOUN
fbem-12596	256	6	.	.	PUNCT
fbem-12596	256	7	comparison	comparison	NOUN
fbem-12596	256	8	of	of	ADP
fbem-12596	256	9	market	market	NOUN
fbem-12596	256	10	performance	performance	NOUN
fbem-12596	256	11	between	between	ADP
fbem-12596	256	12	risk	risk	NOUN
fbem-12596	256	13	parity	parity	NOUN
fbem-12596	256	14	investment	investment	NOUN
fbem-12596	256	15	portfolio	portfolio	NOUN
fbem-12596	256	16	and	and	CCONJ
fbem-12596	256	17	60/40	60/40	NUM
fbem-12596	256	18	portfolio	portfolio	NOUN
fbem-12596	256	19	based	base	VERB
fbem-12596	256	20	on	on	ADP
fbem-12596	256	21	china	china	PROPN
fbem-12596	256	22	securities	securities	PROPN
fbem-12596	256	23	a	a	DET
fbem-12596	256	24	-	-	PUNCT
fbem-12596	256	25	share	share	NOUN
fbem-12596	256	26	data	datum	NOUN
fbem-12596	256	27	validation	validation	NOUN
fbem-12596	256	28	results	result	NOUN
fbem-12596	257	1	[	[	X
fbem-12596	257	2	j	j	X
fbem-12596	257	3	]	]	X
fbem-12596	257	4	.	.	PUNCT
fbem-12596	258	1	economic	economic	ADJ
fbem-12596	258	2	forum	forum	PROPN
fbem-12596	258	3	,	,	PUNCT
fbem-12596	258	4	2017	2017	NUM
fbem-12596	258	5	,	,	PUNCT
fbem-12596	258	6	(	(	PUNCT
fbem-12596	258	7	2	2	NUM
fbem-12596	258	8	):	):	PUNCT
fbem-12596	258	9	69	69	NUM
fbem-12596	258	10	-	-	SYM
fbem-12596	258	11	72	72	NUM
fbem-12596	258	12	.	.	PUNCT
fbem-12596	259	1	[	[	X
fbem-12596	259	2	6	6	NUM
fbem-12596	259	3	]	]	PUNCT
fbem-12596	259	4	hong	hong	PROPN
fbem-12596	259	5	sida	sida	PROPN
fbem-12596	259	6	.	.	PUNCT
fbem-12596	260	1	characteristics	characteristic	NOUN
fbem-12596	260	2	and	and	CCONJ
fbem-12596	260	3	optimization	optimization	NOUN
fbem-12596	260	4	of	of	ADP
fbem-12596	260	5	risk	risk	NOUN
fbem-12596	260	6	parity	parity	NOUN
fbem-12596	260	7	strategies	strategy	NOUN
fbem-12596	260	8	[	[	X
fbem-12596	260	9	d	d	X
fbem-12596	260	10	]	]	X
fbem-12596	260	11	.	.	PUNCT
fbem-12596	261	1	hangzhou	hangzhou	PROPN
fbem-12596	261	2	:	:	PUNCT
fbem-12596	261	3	school	school	NOUN
fbem-12596	261	4	of	of	ADP
fbem-12596	261	5	economics	economic	NOUN
fbem-12596	261	6	,	,	PUNCT
fbem-12596	261	7	zhejiang	zhejiang	PROPN
fbem-12596	261	8	university	university	PROPN
fbem-12596	261	9	,	,	PUNCT
fbem-12596	261	10	2019	2019	NUM
fbem-12596	261	11	.	.	PUNCT
fbem-12596	262	1	[	[	X
fbem-12596	262	2	7	7	X
fbem-12596	262	3	]	]	X
fbem-12596	262	4	lin	lin	PROPN
fbem-12596	262	5	yifan	yifan	PROPN
fbem-12596	262	6	.	.	PUNCT
fbem-12596	263	1	research	research	NOUN
fbem-12596	263	2	on	on	ADP
fbem-12596	263	3	asset	asset	NOUN
fbem-12596	263	4	allocation	allocation	NOUN
fbem-12596	263	5	strategies	strategy	NOUN
fbem-12596	263	6	based	base	VERB
fbem-12596	263	7	on	on	ADP
fbem-12596	263	8	risk	risk	NOUN
fbem-12596	263	9	parity	parity	NOUN
fbem-12596	264	1	[	[	X
fbem-12596	264	2	d	d	X
fbem-12596	264	3	]	]	X
fbem-12596	264	4	.	.	PUNCT
fbem-12596	265	1	guangzhou	guangzhou	PROPN
fbem-12596	265	2	:	:	PUNCT
fbem-12596	265	3	school	school	NOUN
fbem-12596	265	4	of	of	ADP
fbem-12596	265	5	economics	economic	NOUN
fbem-12596	265	6	and	and	CCONJ
fbem-12596	265	7	trade	trade	NOUN
fbem-12596	265	8	,	,	PUNCT
fbem-12596	265	9	south	south	PROPN
fbem-12596	265	10	china	china	PROPN
fbem-12596	265	11	university	university	PROPN
fbem-12596	265	12	of	of	ADP
fbem-12596	265	13	technology	technology	NOUN
fbem-12596	265	14	,	,	PUNCT
fbem-12596	265	15	2017	2017	NUM
fbem-12596	265	16	.	.	PUNCT
fbem-12596	266	1	[	[	X
fbem-12596	266	2	8	8	NUM
fbem-12596	266	3	]	]	X
fbem-12596	266	4	yang	yang	PROPN
fbem-12596	266	5	delong	delong	PROPN
fbem-12596	266	6	.	.	PUNCT
fbem-12596	267	1	overview	overview	NOUN
fbem-12596	267	2	of	of	ADP
fbem-12596	267	3	public	public	ADJ
fbem-12596	267	4	offering	offering	NOUN
fbem-12596	267	5	fof	fof	NOUN
fbem-12596	268	1	[	[	X
fbem-12596	268	2	j	j	X
fbem-12596	268	3	]	]	X
fbem-12596	268	4	.	.	PUNCT
fbem-12596	269	1	wealth	wealth	NOUN
fbem-12596	269	2	management	management	NOUN
fbem-12596	269	3	,	,	PUNCT
fbem-12596	269	4	2019	2019	NUM
fbem-12596	269	5	,	,	PUNCT
fbem-12596	269	6	11:48	11:48	NUM
fbem-12596	269	7	-	-	SYM
fbem-12596	269	8	49	49	NUM
fbem-12596	269	9	.	.	PUNCT
fbem-12596	270	1	[	[	X
fbem-12596	270	2	9	9	X
fbem-12596	270	3	]	]	X
fbem-12596	270	4	zheng	zheng	PROPN
fbem-12596	270	5	xia	xia	PROPN
fbem-12596	270	6	,	,	PUNCT
fbem-12596	270	7	wang	wang	PROPN
fbem-12596	270	8	jin	jin	PROPN
fbem-12596	270	9	,	,	PUNCT
fbem-12596	270	10	li	li	PROPN
fbem-12596	270	11	yue	yue	PROPN
fbem-12596	270	12	,	,	PUNCT
fbem-12596	270	13	cui	cui	VERB
fbem-12596	270	14	yujie	yujie	NUM
fbem-12596	270	15	quantitative	quantitative	ADJ
fbem-12596	270	16	analysis	analysis	NOUN
fbem-12596	270	17	of	of	ADP
fbem-12596	270	18	fof	fof	ADJ
fbem-12596	270	19	fund	fund	PROPN
fbem-12596	270	20	investment	investment	NOUN
fbem-12596	271	1	[	[	X
fbem-12596	271	2	d	d	X
fbem-12596	271	3	]	]	X
fbem-12596	271	4	.	.	PUNCT
fbem-12596	272	1	beijing	beijing	PROPN
fbem-12596	272	2	:	:	PUNCT
fbem-12596	272	3	school	school	NOUN
fbem-12596	272	4	of	of	ADP
fbem-12596	272	5	science	science	NOUN
fbem-12596	272	6	,	,	PUNCT
fbem-12596	272	7	north	north	NOUN
fbem-12596	272	8	university	university	NOUN
fbem-12596	272	9	of	of	ADP
fbem-12596	272	10	technology	technology	NOUN
fbem-12596	272	11	,	,	PUNCT
fbem-12596	272	12	2019	2019	NUM
fbem-12596	272	13	.	.	PUNCT
fbem-12596	273	1	[	[	X
fbem-12596	273	2	10	10	NUM
fbem-12596	273	3	]	]	X
fbem-12596	273	4	zhang	zhang	PROPN
fbem-12596	273	5	yue	yue	PROPN
fbem-12596	273	6	.	.	PUNCT
fbem-12596	274	1	research	research	NOUN
fbem-12596	274	2	on	on	ADP
fbem-12596	274	3	the	the	DET
fbem-12596	274	4	application	application	NOUN
fbem-12596	274	5	of	of	ADP
fbem-12596	274	6	risk	risk	NOUN
fbem-12596	274	7	parity	parity	NOUN
fbem-12596	274	8	strategy	strategy	NOUN
fbem-12596	274	9	in	in	ADP
fbem-12596	274	10	public	public	ADJ
fbem-12596	274	11	offering	offering	NOUN
fbem-12596	274	12	fofs	fof	VERB
fbem-12596	274	13	[	[	X
fbem-12596	274	14	d	d	X
fbem-12596	274	15	]	]	X
fbem-12596	274	16	.	.	PUNCT
fbem-12596	275	1	lanzhou	lanzhou	PROPN
fbem-12596	275	2	:	:	PUNCT
fbem-12596	275	3	school	school	NOUN
fbem-12596	275	4	of	of	ADP
fbem-12596	275	5	economics	economic	NOUN
fbem-12596	275	6	,	,	PUNCT
fbem-12596	275	7	lanzhou	lanzhou	PROPN
fbem-12596	275	8	university	university	PROPN
fbem-12596	275	9	,	,	PUNCT
fbem-12596	275	10	2019	2019	NUM
fbem-12596	275	11	.	.	PUNCT
fbem-12596	276	1	[	[	X
fbem-12596	276	2	11	11	NUM
fbem-12596	276	3	]	]	X
fbem-12596	276	4	denis	denis	PROPN
fbem-12596	276	5	chaves	chaves	PROPN
fbem-12596	276	6	,	,	PUNCT
fbem-12596	276	7	jason	jason	PROPN
fbem-12596	276	8	hsu	hsu	PROPN
fbem-12596	276	9	,	,	PUNCT
fbem-12596	276	10	feifei	feifei	PROPN
fbem-12596	276	11	li	li	PROPN
fbem-12596	276	12	and	and	CCONJ
fbem-12596	276	13	omid	omid	PROPN
fbem-12596	276	14	shakernia	shakernia	PROPN
fbem-12596	276	15	risk	risk	NOUN
fbem-12596	276	16	parity	parity	NOUN
fbem-12596	276	17	portfolio	portfolio	NOUN
fbem-12596	276	18	vs.	vs.	ADP
fbem-12596	276	19	other	other	ADJ
fbem-12596	276	20	asset	asset	NOUN
fbem-12596	276	21	allocation	allocation	NOUN
fbem-12596	276	22	heritage	heritage	NOUN
fbem-12596	276	23	portfolio	portfolio	NOUN
fbem-12596	277	1	[	[	X
fbem-12596	277	2	j	j	X
fbem-12596	277	3	]	]	X
fbem-12596	277	4	.	.	PUNCT
fbem-12596	278	1	the	the	DET
fbem-12596	278	2	journal	journal	NOUN
fbem-12596	278	3	of	of	ADP
fbem-12596	278	4	investing	investing	NOUN
fbem-12596	278	5	,	,	PUNCT
fbem-12596	278	6	2011,20	2011,20	NUM
fbem-12596	278	7	(	(	PUNCT
fbem-12596	278	8	1	1	NUM
fbem-12596	278	9	):	):	PUNCT
fbem-12596	278	10	108	108	NUM
fbem-12596	278	11	-	-	SYM
fbem-12596	278	12	118	118	NUM
fbem-12596	278	13	.	.	PUNCT
fbem-12596	279	1	[	[	X
fbem-12596	279	2	12	12	NUM
fbem-12596	279	3	]	]	PUNCT
fbem-12596	279	4	edward	edward	PROPN
fbem-12596	279	5	qian	qian	PROPN
fbem-12596	279	6	on	on	ADP
fbem-12596	279	7	the	the	DET
fbem-12596	279	8	financial	financial	ADJ
fbem-12596	279	9	interpretation	interpretation	NOUN
fbem-12596	279	10	of	of	ADP
fbem-12596	279	11	risk	risk	NOUN
fbem-12596	279	12	:	:	PUNCT
fbem-12596	279	13	risk	risk	NOUN
fbem-12596	279	14	budgets	budget	NOUN
fbem-12596	279	15	do	do	AUX
fbem-12596	279	16	add	add	VERB
fbem-12596	279	17	up	up	ADP
fbem-12596	279	18	[	[	X
fbem-12596	279	19	j	j	X
fbem-12596	279	20	]	]	X
fbem-12596	279	21	.	.	PUNCT
fbem-12596	280	1	journal	journal	PROPN
fbem-12596	280	2	of	of	ADP
fbem-12596	280	3	investment	investment	NOUN
fbem-12596	280	4	management	management	NOUN
fbem-12596	280	5	,	,	PUNCT
fbem-12596	280	6	2006,4	2006,4	NUM
fbem-12596	280	7	(	(	PUNCT
fbem-12596	280	8	4	4	NUM
fbem-12596	280	9	):	):	PUNCT
fbem-12596	280	10	41	41	NUM
fbem-12596	280	11	-	-	SYM
fbem-12596	280	12	51	51	NUM
fbem-12596	280	13	.	.	PUNCT
fbem-12596	281	1	[	[	X
fbem-12596	281	2	13	13	NUM
fbem-12596	281	3	]	]	PUNCT
fbem-12596	281	4	mohsen	mohsen	PROPN
fbem-12596	281	5	mazaheri	mazaheri	PROPN
fbem-12596	281	6	portfolio	portfolio	NOUN
fbem-12596	281	7	construction	construction	NOUN
fbem-12596	281	8	using	use	VERB
fbem-12596	281	9	risk	risk	NOUN
fbem-12596	281	10	parity	parity	NOUN
fbem-12596	282	1	[	[	X
fbem-12596	282	2	j	j	X
fbem-12596	282	3	]	]	X
fbem-12596	282	4	.	.	PUNCT
fbem-12596	283	1	srn	srn	PROPN
fbem-12596	283	2	electronic	electronic	ADJ
fbem-12596	283	3	journal	journal	NOUN
fbem-12596	283	4	,	,	PUNCT
fbem-12596	283	5	2015:1	2015:1	NUM
fbem-12596	283	6	-	-	SYM
fbem-12596	283	7	7	7	NUM
fbem-12596	283	8	.	.	PUNCT
fbem-12596	284	1	[	[	X
fbem-12596	284	2	14	14	NUM
fbem-12596	284	3	]	]	X
fbem-12596	284	4	robert	robert	PROPN
fbem-12596	284	5	m.	m.	PROPN
fbem-12596	284	6	anderson	anderson	PROPN
fbem-12596	284	7	,	,	PUNCT
fbem-12596	284	8	stephen	stephen	PROPN
fbem-12596	284	9	w.	w.	PROPN
fbem-12596	284	10	bianchi	bianchi	PROPN
fbem-12596	284	11	,	,	PUNCT
fbem-12596	284	12	cfa	cfa	PROPN
fbem-12596	284	13	,	,	PUNCT
fbem-12596	284	14	and	and	CCONJ
fbem-12596	284	15	lisa	lisa	PROPN
fbem-12596	284	16	r.	r.	PROPN
fbem-12596	284	17	goldberg	goldberg	PROPN
fbem-12596	284	18	will	will	AUX
fbem-12596	284	19	my	my	PRON
fbem-12596	284	20	risk	risk	NOUN
fbem-12596	284	21	parity	parity	NOUN
fbem-12596	284	22	strategy	strategy	NOUN
fbem-12596	284	23	outperform	outperform	NOUN
fbem-12596	284	24	?	?	PUNCT
fbem-12596	285	1	[	[	X
fbem-12596	285	2	j	j	X
fbem-12596	285	3	]	]	X
fbem-12596	285	4	financial	financial	ADJ
fbem-12596	285	5	analysts	analyst	NOUN
fbem-12596	285	6	journal	journal	NOUN
fbem-12596	285	7	,	,	PUNCT
fbem-12596	285	8	2012,68	2012,68	NUM
fbem-12596	285	9	(	(	PUNCT
fbem-12596	285	10	6	6	NUM
fbem-12596	285	11	):	):	PUNCT
fbem-12596	285	12	75	75	NUM
fbem-12596	285	13	-	-	SYM
fbem-12596	285	14	93	93	NUM
fbem-12596	285	15	.	.	PUNCT
fbem-12596	286	1	[	[	X
fbem-12596	286	2	15	15	NUM
fbem-12596	286	3	]	]	X
fbem-12596	286	4	wai	wai	PROPN
fbem-12596	286	5	lee	lee	PROPN
fbem-12596	286	6	risk	risk	PROPN
fbem-12596	286	7	based	base	VERB
fbem-12596	286	8	asset	asset	NOUN
fbem-12596	286	9	allocation	allocation	NOUN
fbem-12596	286	10	:	:	PUNCT
fbem-12596	286	11	a	a	DET
fbem-12596	286	12	new	new	ADJ
fbem-12596	286	13	answer	answer	NOUN
fbem-12596	286	14	to	to	ADP
fbem-12596	286	15	an	an	DET
fbem-12596	286	16	old	old	ADJ
fbem-12596	286	17	question	question	NOUN
fbem-12596	286	18	?	?	PUNCT
fbem-12596	287	1	[	[	X
fbem-12596	287	2	j	j	X
fbem-12596	287	3	]	]	X
fbem-12596	287	4	the	the	DET
fbem-12596	287	5	journal	journal	NOUN
fbem-12596	287	6	of	of	ADP
fbem-12596	287	7	portfolio	portfolio	NOUN
fbem-12596	287	8	management	management	NOUN
fbem-12596	287	9	,	,	PUNCT
fbem-12596	287	10	2011	2011	NUM
fbem-12596	287	11	,	,	PUNCT
fbem-12596	287	12	37	37	NUM
fbem-12596	287	13	(	(	PUNCT
fbem-12596	287	14	4	4	NUM
fbem-12596	287	15	):	):	PUNCT
fbem-12596	287	16	11	11	NUM
fbem-12596	287	17	-	-	SYM
fbem-12596	287	18	28	28	NUM
fbem-12596	287	19	.	.	PUNCT