id	sid	tid	token	lemma	pos
fbem-18287	1	1	frontiers	frontier	NOUN
fbem-18287	1	2	in	in	ADP
fbem-18287	1	3	business	business	NOUN
fbem-18287	1	4	,	,	PUNCT
fbem-18287	1	5	economics	economic	NOUN
fbem-18287	1	6	and	and	CCONJ
fbem-18287	1	7	management	management	NOUN
fbem-18287	1	8	issn	issn	PROPN
fbem-18287	1	9	:	:	PUNCT
fbem-18287	1	10	2766	2766	NUM
fbem-18287	1	11	-	-	PUNCT
fbem-18287	1	12	824x	824x	NUM
fbem-18287	1	13	|	|	ADJ
fbem-18287	1	14	vol	vol	NOUN
fbem-18287	1	15	.	.	PROPN
fbem-18287	1	16	13	13	NUM
fbem-18287	1	17	,	,	PUNCT
fbem-18287	1	18	no	no	INTJ
fbem-18287	1	19	.	.	NOUN
fbem-18287	1	20	3	3	NUM
fbem-18287	1	21	,	,	PUNCT
fbem-18287	1	22	2024	2024	NUM
fbem-18287	1	23	263	263	NUM
fbem-18287	1	24	can	can	AUX
fbem-18287	1	25	intraday	intraday	NOUN
fbem-18287	1	26	return	return	NOUN
fbem-18287	1	27	reversals	reversal	NOUN
fbem-18287	1	28	predict	predict	VERB
fbem-18287	1	29	future	future	ADJ
fbem-18287	1	30	stock	stock	NOUN
fbem-18287	1	31	returns	return	NOUN
fbem-18287	1	32	?	?	PUNCT
fbem-18287	2	1	huiqiang	huiqiang	PROPN
fbem-18287	2	2	li	li	PROPN
fbem-18287	2	3	college	college	PROPN
fbem-18287	2	4	of	of	ADP
fbem-18287	2	5	nanjing	nanjing	PROPN
fbem-18287	2	6	normal	normal	ADJ
fbem-18287	2	7	university	university	PROPN
fbem-18287	2	8	,	,	PUNCT
fbem-18287	2	9	nanjing	nanjing	PROPN
fbem-18287	2	10	,	,	PUNCT
fbem-18287	2	11	china	china	PROPN
fbem-18287	2	12	abstract	abstract	NOUN
fbem-18287	2	13	:	:	PUNCT
fbem-18287	2	14	based	base	VERB
fbem-18287	2	15	on	on	ADP
fbem-18287	2	16	the	the	DET
fbem-18287	2	17	research	research	NOUN
fbem-18287	2	18	of	of	ADP
fbem-18287	2	19	the	the	DET
fbem-18287	2	20	us	us	PROPN
fbem-18287	2	21	stock	stock	NOUN
fbem-18287	2	22	market	market	NOUN
fbem-18287	2	23	,	,	PUNCT
fbem-18287	2	24	it	it	PRON
fbem-18287	2	25	is	be	AUX
fbem-18287	2	26	found	find	VERB
fbem-18287	2	27	that	that	SCONJ
fbem-18287	2	28	the	the	DET
fbem-18287	2	29	fierce	fierce	ADJ
fbem-18287	2	30	long	long	ADJ
fbem-18287	2	31	-	-	PUNCT
fbem-18287	2	32	short	short	ADJ
fbem-18287	2	33	battle	battle	NOUN
fbem-18287	2	34	between	between	ADP
fbem-18287	2	35	heterogeneous	heterogeneous	ADJ
fbem-18287	2	36	investors	investor	NOUN
fbem-18287	2	37	with	with	ADP
fbem-18287	2	38	different	different	ADJ
fbem-18287	2	39	views	view	NOUN
fbem-18287	2	40	is	be	AUX
fbem-18287	2	41	manifested	manifest	VERB
fbem-18287	2	42	as	as	ADP
fbem-18287	2	43	the	the	DET
fbem-18287	2	44	high	high	ADJ
fbem-18287	2	45	-	-	PUNCT
fbem-18287	2	46	frequency	frequency	NOUN
fbem-18287	2	47	inversion	inversion	NOUN
fbem-18287	2	48	between	between	ADP
fbem-18287	2	49	overnight	overnight	ADJ
fbem-18287	2	50	returns	return	NOUN
fbem-18287	2	51	and	and	CCONJ
fbem-18287	2	52	daytime	daytime	NOUN
fbem-18287	2	53	returns	return	NOUN
fbem-18287	2	54	over	over	ADP
fbem-18287	2	55	a	a	DET
fbem-18287	2	56	period	period	NOUN
fbem-18287	2	57	of	of	ADP
fbem-18287	2	58	time	time	NOUN
fbem-18287	2	59	.	.	PUNCT
fbem-18287	3	1	this	this	DET
fbem-18287	3	2	kind	kind	NOUN
fbem-18287	3	3	of	of	ADP
fbem-18287	3	4	long	long	ADV
fbem-18287	3	5	-	-	PUNCT
fbem-18287	3	6	short	short	ADJ
fbem-18287	3	7	battle	battle	NOUN
fbem-18287	3	8	has	have	VERB
fbem-18287	3	9	an	an	DET
fbem-18287	3	10	impact	impact	NOUN
fbem-18287	3	11	on	on	ADP
fbem-18287	3	12	asset	asset	NOUN
fbem-18287	3	13	prices	price	NOUN
fbem-18287	3	14	over	over	ADP
fbem-18287	3	15	time	time	NOUN
fbem-18287	3	16	,	,	PUNCT
fbem-18287	3	17	resulting	result	VERB
fbem-18287	3	18	in	in	ADP
fbem-18287	3	19	pricing	pricing	NOUN
fbem-18287	3	20	anomaly	anomaly	NOUN
fbem-18287	3	21	on	on	ADP
fbem-18287	3	22	a	a	DET
fbem-18287	3	23	crosssection	crosssection	NOUN
fbem-18287	3	24	.	.	PUNCT
fbem-18287	4	1	based	base	VERB
fbem-18287	4	2	on	on	ADP
fbem-18287	4	3	the	the	DET
fbem-18287	4	4	research	research	NOUN
fbem-18287	4	5	of	of	ADP
fbem-18287	4	6	a	a	DET
fbem-18287	4	7	-	-	PUNCT
fbem-18287	4	8	share	share	NOUN
fbem-18287	4	9	market	market	NOUN
fbem-18287	4	10	,	,	PUNCT
fbem-18287	4	11	this	this	DET
fbem-18287	4	12	paper	paper	NOUN
fbem-18287	4	13	finds	find	VERB
fbem-18287	4	14	that	that	SCONJ
fbem-18287	4	15	after	after	ADP
fbem-18287	4	16	controlling	control	VERB
fbem-18287	4	17	the	the	DET
fbem-18287	4	18	characteristics	characteristic	NOUN
fbem-18287	4	19	of	of	ADP
fbem-18287	4	20	scale	scale	NOUN
fbem-18287	4	21	,	,	PUNCT
fbem-18287	4	22	book	book	NOUN
fbem-18287	4	23	-	-	PUNCT
fbem-18287	4	24	tomarket	tomarket	NOUN
fbem-18287	4	25	ratio	ratio	NOUN
fbem-18287	4	26	,	,	PUNCT
fbem-18287	4	27	reversal	reversal	NOUN
fbem-18287	4	28	effect	effect	NOUN
fbem-18287	4	29	,	,	PUNCT
fbem-18287	4	30	profitability	profitability	NOUN
fbem-18287	4	31	,	,	PUNCT
fbem-18287	4	32	turnover	turnover	NOUN
fbem-18287	4	33	rate	rate	NOUN
fbem-18287	4	34	,	,	PUNCT
fbem-18287	4	35	etc	etc	X
fbem-18287	4	36	.	.	X
fbem-18287	4	37	,	,	PUNCT
fbem-18287	4	38	the	the	DET
fbem-18287	4	39	abnormal	abnormal	ADJ
fbem-18287	4	40	frequency	frequency	NOUN
fbem-18287	4	41	of	of	ADP
fbem-18287	4	42	opening	open	VERB
fbem-18287	4	43	high	high	ADJ
fbem-18287	4	44	and	and	CCONJ
fbem-18287	4	45	closing	close	VERB
fbem-18287	4	46	low	low	ADJ
fbem-18287	4	47	(	(	PUNCT
fbem-18287	4	48	ab_nr	ab_nr	ADJ
fbem-18287	4	49	)	)	PUNCT
fbem-18287	4	50	is	be	AUX
fbem-18287	4	51	significantly	significantly	ADV
fbem-18287	4	52	positively	positively	ADV
fbem-18287	4	53	correlated	correlate	VERB
fbem-18287	4	54	with	with	ADP
fbem-18287	4	55	the	the	DET
fbem-18287	4	56	future	future	ADJ
fbem-18287	4	57	return	return	NOUN
fbem-18287	4	58	of	of	ADP
fbem-18287	4	59	stocks	stock	NOUN
fbem-18287	4	60	.	.	PUNCT
fbem-18287	5	1	the	the	DET
fbem-18287	5	2	hedge	hedge	NOUN
fbem-18287	5	3	portfolio	portfolio	NOUN
fbem-18287	5	4	constructed	construct	VERB
fbem-18287	5	5	according	accord	VERB
fbem-18287	5	6	to	to	ADP
fbem-18287	5	7	ab_nr	ab_nr	PROPN
fbem-18287	5	8	has	have	VERB
fbem-18287	5	9	excess	excess	ADJ
fbem-18287	5	10	returns	return	NOUN
fbem-18287	5	11	in	in	ADP
fbem-18287	5	12	time	time	NOUN
fbem-18287	5	13	series	series	NOUN
fbem-18287	5	14	(	(	PUNCT
fbem-18287	5	15	opening	open	VERB
fbem-18287	5	16	high	high	ADJ
fbem-18287	5	17	and	and	CCONJ
fbem-18287	5	18	closing	close	VERB
fbem-18287	5	19	low	low	ADJ
fbem-18287	5	20	anomaly	anomaly	NOUN
fbem-18287	5	21	)	)	PUNCT
fbem-18287	5	22	which	which	PRON
fbem-18287	5	23	can	can	AUX
fbem-18287	5	24	not	not	PART
fbem-18287	5	25	be	be	AUX
fbem-18287	5	26	explained	explain	VERB
fbem-18287	5	27	by	by	ADP
fbem-18287	5	28	the	the	DET
fbem-18287	5	29	existing	exist	VERB
fbem-18287	5	30	asset	asset	NOUN
fbem-18287	5	31	pricing	pricing	NOUN
fbem-18287	5	32	model	model	NOUN
fbem-18287	5	33	.	.	PUNCT
fbem-18287	6	1	further	further	ADJ
fbem-18287	6	2	testing	testing	NOUN
fbem-18287	6	3	shows	show	VERB
fbem-18287	6	4	that	that	SCONJ
fbem-18287	6	5	the	the	DET
fbem-18287	6	6	anomaly	anomaly	NOUN
fbem-18287	6	7	is	be	AUX
fbem-18287	6	8	significant	significant	ADJ
fbem-18287	6	9	in	in	ADP
fbem-18287	6	10	the	the	DET
fbem-18287	6	11	period	period	NOUN
fbem-18287	6	12	of	of	ADP
fbem-18287	6	13	high	high	ADJ
fbem-18287	6	14	arbitrage	arbitrage	NOUN
fbem-18287	6	15	cost	cost	NOUN
fbem-18287	6	16	and	and	CCONJ
fbem-18287	6	17	high	high	ADJ
fbem-18287	6	18	investor	investor	NOUN
fbem-18287	6	19	sentiment	sentiment	NOUN
fbem-18287	6	20	.	.	PUNCT
fbem-18287	7	1	the	the	DET
fbem-18287	7	2	empirical	empirical	ADJ
fbem-18287	7	3	results	result	NOUN
fbem-18287	7	4	show	show	VERB
fbem-18287	7	5	that	that	SCONJ
fbem-18287	7	6	the	the	DET
fbem-18287	7	7	anomaly	anomaly	NOUN
fbem-18287	7	8	is	be	AUX
fbem-18287	7	9	due	due	ADJ
fbem-18287	7	10	to	to	ADP
fbem-18287	7	11	mispricing	misprice	VERB
fbem-18287	7	12	rather	rather	ADV
fbem-18287	7	13	than	than	ADP
fbem-18287	7	14	risk	risk	NOUN
fbem-18287	7	15	premium	premium	NOUN
fbem-18287	7	16	.	.	PUNCT
fbem-18287	8	1	keywords	keyword	NOUN
fbem-18287	8	2	:	:	PUNCT
fbem-18287	8	3	asset	asset	NOUN
fbem-18287	8	4	pricing	pricing	NOUN
fbem-18287	8	5	anomaly	anomaly	NOUN
fbem-18287	8	6	,	,	PUNCT
fbem-18287	8	7	mispricing	mispricing	ADJ
fbem-18287	8	8	,	,	PUNCT
fbem-18287	8	9	heterogeneous	heterogeneous	ADJ
fbem-18287	8	10	investors	investor	NOUN
fbem-18287	8	11	.	.	PUNCT
fbem-18287	9	1	1	1	X
fbem-18287	9	2	.	.	X
fbem-18287	9	3	introduction	introduction	NOUN
fbem-18287	9	4	since	since	SCONJ
fbem-18287	9	5	the	the	DET
fbem-18287	9	6	establishment	establishment	NOUN
fbem-18287	9	7	of	of	ADP
fbem-18287	9	8	shanghai	shanghai	PROPN
fbem-18287	9	9	stock	stock	PROPN
fbem-18287	9	10	exchange	exchange	PROPN
fbem-18287	9	11	and	and	CCONJ
fbem-18287	9	12	shenzhen	shenzhen	PROPN
fbem-18287	9	13	stock	stock	PROPN
fbem-18287	9	14	exchange	exchange	PROPN
fbem-18287	9	15	at	at	ADP
fbem-18287	9	16	the	the	DET
fbem-18287	9	17	end	end	NOUN
fbem-18287	9	18	of	of	ADP
fbem-18287	9	19	1990	1990	NUM
fbem-18287	9	20	,	,	PUNCT
fbem-18287	9	21	china	china	PROPN
fbem-18287	9	22	's	's	PART
fbem-18287	9	23	securities	security	NOUN
fbem-18287	9	24	market	market	NOUN
fbem-18287	9	25	has	have	AUX
fbem-18287	9	26	experienced	experience	VERB
fbem-18287	9	27	more	more	ADJ
fbem-18287	9	28	than	than	ADP
fbem-18287	9	29	30	30	NUM
fbem-18287	9	30	years	year	NOUN
fbem-18287	9	31	of	of	ADP
fbem-18287	9	32	continuous	continuous	ADJ
fbem-18287	9	33	development	development	NOUN
fbem-18287	9	34	and	and	CCONJ
fbem-18287	9	35	growth	growth	NOUN
fbem-18287	9	36	.	.	PUNCT
fbem-18287	10	1	by	by	ADP
fbem-18287	10	2	the	the	DET
fbem-18287	10	3	end	end	NOUN
fbem-18287	10	4	of	of	ADP
fbem-18287	10	5	2023	2023	NUM
fbem-18287	10	6	,	,	PUNCT
fbem-18287	10	7	there	there	PRON
fbem-18287	10	8	are	be	VERB
fbem-18287	10	9	5,107	5,107	NUM
fbem-18287	10	10	listed	list	VERB
fbem-18287	10	11	companies	company	NOUN
fbem-18287	10	12	in	in	ADP
fbem-18287	10	13	shanghai	shanghai	PROPN
fbem-18287	10	14	and	and	CCONJ
fbem-18287	10	15	shenzhen	shenzhen	PROPN
fbem-18287	10	16	,	,	PUNCT
fbem-18287	10	17	with	with	ADP
fbem-18287	10	18	a	a	DET
fbem-18287	10	19	total	total	ADJ
fbem-18287	10	20	market	market	NOUN
fbem-18287	10	21	value	value	NOUN
fbem-18287	10	22	of	of	ADP
fbem-18287	10	23	77.31	77.31	NUM
fbem-18287	10	24	trillion	trillion	NUM
fbem-18287	10	25	yuan	yuan	NOUN
fbem-18287	10	26	,	,	PUNCT
fbem-18287	10	27	among	among	ADP
fbem-18287	10	28	which	which	PRON
fbem-18287	10	29	3,197	3,197	NUM
fbem-18287	10	30	a	a	PRON
fbem-18287	10	31	-	-	PUNCT
fbem-18287	10	32	shares	share	NOUN
fbem-18287	10	33	on	on	ADP
fbem-18287	10	34	the	the	DET
fbem-18287	10	35	main	main	ADJ
fbem-18287	10	36	board	board	NOUN
fbem-18287	10	37	of	of	ADP
fbem-18287	10	38	shanghai	shanghai	PROPN
fbem-18287	10	39	and	and	CCONJ
fbem-18287	10	40	shenzhen	shenzhen	PROPN
fbem-18287	10	41	,	,	PUNCT
fbem-18287	10	42	with	with	ADP
fbem-18287	10	43	a	a	DET
fbem-18287	10	44	total	total	ADJ
fbem-18287	10	45	market	market	NOUN
fbem-18287	10	46	value	value	NOUN
fbem-18287	10	47	of	of	ADP
fbem-18287	10	48	59.65	59.65	NUM
fbem-18287	10	49	trillion	trillion	NUM
fbem-18287	10	50	yuan	yuan	NOUN
fbem-18287	10	51	.	.	PUNCT
fbem-18287	11	1	according	accord	VERB
fbem-18287	11	2	to	to	ADP
fbem-18287	11	3	the	the	DET
fbem-18287	11	4	world	world	PROPN
fbem-18287	11	5	federation	federation	PROPN
fbem-18287	11	6	of	of	ADP
fbem-18287	11	7	exchanges	exchange	NOUN
fbem-18287	11	8	(	(	PUNCT
fbem-18287	11	9	wfe	wfe	PROPN
fbem-18287	11	10	)	)	PUNCT
fbem-18287	11	11	and	and	CCONJ
fbem-18287	11	12	securities	security	NOUN
fbem-18287	11	13	industry	industry	NOUN
fbem-18287	11	14	and	and	CCONJ
fbem-18287	11	15	financial	financial	ADJ
fbem-18287	11	16	markets	market	NOUN
fbem-18287	11	17	association	association	NOUN
fbem-18287	11	18	(	(	PUNCT
fbem-18287	11	19	sifma	sifma	NOUN
fbem-18287	11	20	)	)	PUNCT
fbem-18287	11	21	global	global	ADJ
fbem-18287	11	22	stock	stock	NOUN
fbem-18287	11	23	market	market	NOUN
fbem-18287	11	24	capitalization	capitalization	NOUN
fbem-18287	11	25	and	and	CCONJ
fbem-18287	11	26	share	share	NOUN
fbem-18287	11	27	data	datum	NOUN
fbem-18287	11	28	for	for	ADP
fbem-18287	11	29	the	the	DET
fbem-18287	11	30	second	second	ADJ
fbem-18287	11	31	quarter	quarter	NOUN
fbem-18287	11	32	of	of	ADP
fbem-18287	11	33	2023	2023	NUM
fbem-18287	11	34	,	,	PUNCT
fbem-18287	11	35	the	the	DET
fbem-18287	11	36	chinese	chinese	ADJ
fbem-18287	11	37	stock	stock	NOUN
fbem-18287	11	38	market	market	NOUN
fbem-18287	11	39	ranks	rank	VERB
fbem-18287	11	40	third	third	ADV
fbem-18287	11	41	in	in	ADP
fbem-18287	11	42	the	the	DET
fbem-18287	11	43	world	world	NOUN
fbem-18287	11	44	with	with	ADP
fbem-18287	11	45	a	a	DET
fbem-18287	11	46	total	total	ADJ
fbem-18287	11	47	market	market	NOUN
fbem-18287	11	48	capitalization	capitalization	NOUN
fbem-18287	11	49	of	of	ADP
fbem-18287	11	50	$	$	SYM
fbem-18287	11	51	11.5	11.5	NUM
fbem-18287	11	52	trillion	trillion	NUM
fbem-18287	11	53	,	,	PUNCT
fbem-18287	11	54	accounting	account	VERB
fbem-18287	11	55	for	for	ADP
fbem-18287	11	56	10.6	10.6	NUM
fbem-18287	11	57	%	%	NOUN
fbem-18287	11	58	of	of	ADP
fbem-18287	11	59	the	the	DET
fbem-18287	11	60	global	global	ADJ
fbem-18287	11	61	stock	stock	NOUN
fbem-18287	11	62	market	market	NOUN
fbem-18287	11	63	share	share	NOUN
fbem-18287	11	64	.	.	PUNCT
fbem-18287	12	1	however	however	ADV
fbem-18287	12	2	,	,	PUNCT
fbem-18287	12	3	due	due	ADP
fbem-18287	12	4	to	to	ADP
fbem-18287	12	5	the	the	DET
fbem-18287	12	6	late	late	ADJ
fbem-18287	12	7	start	start	NOUN
fbem-18287	12	8	and	and	CCONJ
fbem-18287	12	9	insufficient	insufficient	ADJ
fbem-18287	12	10	development	development	NOUN
fbem-18287	12	11	of	of	ADP
fbem-18287	12	12	china	china	PROPN
fbem-18287	12	13	's	's	PART
fbem-18287	12	14	stock	stock	NOUN
fbem-18287	12	15	market	market	NOUN
fbem-18287	12	16	,	,	PUNCT
fbem-18287	12	17	there	there	PRON
fbem-18287	12	18	are	be	VERB
fbem-18287	12	19	outstanding	outstanding	ADJ
fbem-18287	12	20	problems	problem	NOUN
fbem-18287	12	21	such	such	ADJ
fbem-18287	12	22	as	as	ADP
fbem-18287	12	23	unreasonable	unreasonable	ADJ
fbem-18287	12	24	investor	investor	NOUN
fbem-18287	12	25	structure	structure	NOUN
fbem-18287	12	26	at	at	ADP
fbem-18287	12	27	this	this	DET
fbem-18287	12	28	stage	stage	NOUN
fbem-18287	12	29	,	,	PUNCT
fbem-18287	12	30	which	which	PRON
fbem-18287	12	31	makes	make	VERB
fbem-18287	12	32	the	the	DET
fbem-18287	12	33	overall	overall	ADJ
fbem-18287	12	34	asset	asset	NOUN
fbem-18287	12	35	pricing	pricing	NOUN
fbem-18287	12	36	efficiency	efficiency	NOUN
fbem-18287	12	37	of	of	ADP
fbem-18287	12	38	the	the	DET
fbem-18287	12	39	stock	stock	NOUN
fbem-18287	12	40	market	market	NOUN
fbem-18287	12	41	not	not	PART
fbem-18287	12	42	high	high	ADJ
fbem-18287	12	43	enough	enough	ADV
fbem-18287	12	44	and	and	CCONJ
fbem-18287	13	1	financial	financial	ADJ
fbem-18287	13	2	anomalies	anomaly	NOUN
fbem-18287	13	3	appear	appear	VERB
fbem-18287	13	4	frequently	frequently	ADV
fbem-18287	13	5	.	.	PUNCT
fbem-18287	14	1	first	first	ADV
fbem-18287	14	2	of	of	ADP
fbem-18287	14	3	all	all	PRON
fbem-18287	14	4	,	,	PUNCT
fbem-18287	14	5	the	the	DET
fbem-18287	14	6	structure	structure	NOUN
fbem-18287	14	7	of	of	ADP
fbem-18287	14	8	investors	investor	NOUN
fbem-18287	14	9	in	in	ADP
fbem-18287	14	10	china	china	PROPN
fbem-18287	14	11	's	's	PART
fbem-18287	14	12	stock	stock	NOUN
fbem-18287	14	13	market	market	NOUN
fbem-18287	14	14	is	be	AUX
fbem-18287	14	15	unreasonable	unreasonable	ADJ
fbem-18287	14	16	,	,	PUNCT
fbem-18287	14	17	which	which	PRON
fbem-18287	14	18	is	be	AUX
fbem-18287	14	19	manifested	manifest	VERB
fbem-18287	14	20	in	in	ADP
fbem-18287	14	21	the	the	DET
fbem-18287	14	22	large	large	ADJ
fbem-18287	14	23	number	number	NOUN
fbem-18287	14	24	of	of	ADP
fbem-18287	14	25	individual	individual	ADJ
fbem-18287	14	26	investors	investor	NOUN
fbem-18287	14	27	,	,	PUNCT
fbem-18287	14	28	the	the	DET
fbem-18287	14	29	proportion	proportion	NOUN
fbem-18287	14	30	of	of	ADP
fbem-18287	14	31	shareholding	shareholding	NOUN
fbem-18287	14	32	and	and	CCONJ
fbem-18287	14	33	the	the	DET
fbem-18287	14	34	proportion	proportion	NOUN
fbem-18287	14	35	of	of	ADP
fbem-18287	14	36	transactions	transaction	NOUN
fbem-18287	14	37	are	be	AUX
fbem-18287	14	38	high	high	ADJ
fbem-18287	14	39	,	,	PUNCT
fbem-18287	14	40	which	which	PRON
fbem-18287	14	41	is	be	AUX
fbem-18287	14	42	significantly	significantly	ADV
fbem-18287	14	43	different	different	ADJ
fbem-18287	14	44	from	from	ADP
fbem-18287	14	45	the	the	DET
fbem-18287	14	46	dominant	dominant	ADJ
fbem-18287	14	47	position	position	NOUN
fbem-18287	14	48	of	of	ADP
fbem-18287	14	49	institutional	institutional	ADJ
fbem-18287	14	50	investors	investor	NOUN
fbem-18287	14	51	in	in	ADP
fbem-18287	14	52	mature	mature	ADJ
fbem-18287	14	53	markets	market	NOUN
fbem-18287	14	54	such	such	ADJ
fbem-18287	14	55	as	as	ADP
fbem-18287	14	56	the	the	DET
fbem-18287	14	57	us	us	PROPN
fbem-18287	14	58	stock	stock	NOUN
fbem-18287	14	59	market	market	NOUN
fbem-18287	14	60	.	.	PUNCT
fbem-18287	15	1	second	second	ADJ
fbem-18287	15	2	,	,	PUNCT
fbem-18287	15	3	individual	individual	ADJ
fbem-18287	15	4	investors	investor	NOUN
fbem-18287	15	5	are	be	AUX
fbem-18287	15	6	limited	limit	VERB
fbem-18287	15	7	rational	rational	ADJ
fbem-18287	15	8	,	,	PUNCT
fbem-18287	15	9	the	the	DET
fbem-18287	15	10	ability	ability	NOUN
fbem-18287	15	11	to	to	PART
fbem-18287	15	12	distinguish	distinguish	VERB
fbem-18287	15	13	between	between	ADP
fbem-18287	15	14	noise	noise	NOUN
fbem-18287	15	15	and	and	CCONJ
fbem-18287	15	16	information	information	NOUN
fbem-18287	15	17	is	be	AUX
fbem-18287	15	18	not	not	PART
fbem-18287	15	19	strong	strong	ADJ
fbem-18287	15	20	,	,	PUNCT
fbem-18287	15	21	investment	investment	NOUN
fbem-18287	15	22	behavior	behavior	NOUN
fbem-18287	15	23	may	may	AUX
fbem-18287	15	24	be	be	AUX
fbem-18287	15	25	based	base	VERB
fbem-18287	15	26	on	on	ADP
fbem-18287	15	27	noise	noise	NOUN
fbem-18287	15	28	rather	rather	ADV
fbem-18287	15	29	than	than	ADP
fbem-18287	15	30	information	information	NOUN
fbem-18287	15	31	itself	itself	PRON
fbem-18287	15	32	,	,	PUNCT
fbem-18287	15	33	resulting	result	VERB
fbem-18287	15	34	in	in	ADP
fbem-18287	15	35	noise	noise	NOUN
fbem-18287	15	36	investor	investor	NOUN
fbem-18287	15	37	risk	risk	NOUN
fbem-18287	15	38	,	,	PUNCT
fbem-18287	15	39	and	and	CCONJ
fbem-18287	15	40	then	then	ADV
fbem-18287	15	41	have	have	VERB
fbem-18287	15	42	an	an	DET
fbem-18287	15	43	impact	impact	NOUN
fbem-18287	15	44	on	on	ADP
fbem-18287	15	45	asset	asset	NOUN
fbem-18287	15	46	prices	price	NOUN
fbem-18287	15	47	.	.	PUNCT
fbem-18287	16	1	finally	finally	ADV
fbem-18287	16	2	,	,	PUNCT
fbem-18287	16	3	compared	compare	VERB
fbem-18287	16	4	with	with	ADP
fbem-18287	16	5	professional	professional	ADJ
fbem-18287	16	6	institutional	institutional	ADJ
fbem-18287	16	7	investors	investor	NOUN
fbem-18287	16	8	,	,	PUNCT
fbem-18287	16	9	individual	individual	ADJ
fbem-18287	16	10	investors	investor	NOUN
fbem-18287	16	11	have	have	VERB
fbem-18287	16	12	relatively	relatively	ADV
fbem-18287	16	13	simple	simple	ADJ
fbem-18287	16	14	information	information	NOUN
fbem-18287	16	15	access	access	NOUN
fbem-18287	16	16	channels	channel	NOUN
fbem-18287	16	17	,	,	PUNCT
fbem-18287	16	18	which	which	PRON
fbem-18287	16	19	makes	make	VERB
fbem-18287	16	20	it	it	PRON
fbem-18287	16	21	difficult	difficult	ADJ
fbem-18287	16	22	to	to	PART
fbem-18287	16	23	obtain	obtain	VERB
fbem-18287	16	24	timely	timely	ADJ
fbem-18287	16	25	and	and	CCONJ
fbem-18287	16	26	effective	effective	ADJ
fbem-18287	16	27	information	information	NOUN
fbem-18287	16	28	,	,	PUNCT
fbem-18287	16	29	easy	easy	ADJ
fbem-18287	16	30	to	to	PART
fbem-18287	16	31	ignore	ignore	VERB
fbem-18287	16	32	changes	change	NOUN
fbem-18287	16	33	in	in	ADP
fbem-18287	16	34	the	the	DET
fbem-18287	16	35	company	company	NOUN
fbem-18287	16	36	's	's	PART
fbem-18287	16	37	fundamentals	fundamental	NOUN
fbem-18287	16	38	,	,	PUNCT
fbem-18287	16	39	and	and	CCONJ
fbem-18287	16	40	often	often	ADV
fbem-18287	16	41	have	have	VERB
fbem-18287	16	42	insufficient	insufficient	ADJ
fbem-18287	16	43	response	response	NOUN
fbem-18287	16	44	to	to	ADP
fbem-18287	16	45	information	information	NOUN
fbem-18287	16	46	.	.	PUNCT
fbem-18287	17	1	at	at	ADP
fbem-18287	17	2	the	the	DET
fbem-18287	17	3	same	same	ADJ
fbem-18287	17	4	time	time	NOUN
fbem-18287	17	5	,	,	PUNCT
fbem-18287	17	6	when	when	SCONJ
fbem-18287	17	7	individual	individual	ADJ
fbem-18287	17	8	investors	investor	NOUN
fbem-18287	17	9	choose	choose	VERB
fbem-18287	17	10	stocks	stock	NOUN
fbem-18287	17	11	,	,	PUNCT
fbem-18287	17	12	the	the	DET
fbem-18287	17	13	speculative	speculative	ADJ
fbem-18287	17	14	atmosphere	atmosphere	NOUN
fbem-18287	17	15	is	be	AUX
fbem-18287	17	16	strong	strong	ADJ
fbem-18287	17	17	,	,	PUNCT
fbem-18287	17	18	and	and	CCONJ
fbem-18287	17	19	the	the	DET
fbem-18287	17	20	degree	degree	NOUN
fbem-18287	17	21	of	of	ADP
fbem-18287	17	22	irrationality	irrationality	NOUN
fbem-18287	17	23	is	be	AUX
fbem-18287	17	24	high	high	ADJ
fbem-18287	17	25	,	,	PUNCT
fbem-18287	17	26	with	with	ADP
fbem-18287	17	27	the	the	DET
fbem-18287	17	28	following	follow	VERB
fbem-18287	17	29	characteristics	characteristic	NOUN
fbem-18287	17	30	:	:	PUNCT
fbem-18287	17	31	keen	keen	ADJ
fbem-18287	17	32	to	to	PART
fbem-18287	17	33	follow	follow	VERB
fbem-18287	17	34	the	the	DET
fbem-18287	17	35	trend	trend	NOUN
fbem-18287	17	36	of	of	ADP
fbem-18287	17	37	chasing	chase	VERB
fbem-18287	17	38	hot	hot	ADJ
fbem-18287	17	39	spots	spot	NOUN
fbem-18287	17	40	,	,	PUNCT
fbem-18287	17	41	chasing	chase	VERB
fbem-18287	17	42	small	small	ADJ
fbem-18287	17	43	caps	cap	NOUN
fbem-18287	17	44	and	and	CCONJ
fbem-18287	17	45	chasing	chase	VERB
fbem-18287	17	46	short	short	ADJ
fbem-18287	17	47	frequency	frequency	NOUN
fbem-18287	17	48	trading	trading	NOUN
fbem-18287	17	49	,	,	PUNCT
fbem-18287	17	50	which	which	PRON
fbem-18287	17	51	is	be	AUX
fbem-18287	17	52	related	relate	VERB
fbem-18287	17	53	to	to	ADP
fbem-18287	17	54	individual	individual	ADJ
fbem-18287	17	55	investors	investor	NOUN
fbem-18287	17	56	'	'	PART
fbem-18287	17	57	superstitious	superstitious	ADJ
fbem-18287	17	58	gossip	gossip	NOUN
fbem-18287	17	59	,	,	PUNCT
fbem-18287	17	60	overconfidence	overconfidence	NOUN
fbem-18287	17	61	psychology	psychology	NOUN
fbem-18287	17	62	,	,	PUNCT
fbem-18287	17	63	and	and	CCONJ
fbem-18287	17	64	susceptibility	susceptibility	NOUN
fbem-18287	17	65	to	to	ADP
fbem-18287	17	66	market	market	NOUN
fbem-18287	17	67	sentiment	sentiment	NOUN
fbem-18287	17	68	,	,	PUNCT
fbem-18287	17	69	resulting	result	VERB
fbem-18287	17	70	in	in	ADP
fbem-18287	17	71	overreaction	overreaction	NOUN
fbem-18287	17	72	investment	investment	NOUN
fbem-18287	17	73	behavior	behavior	NOUN
fbem-18287	17	74	.	.	PUNCT
fbem-18287	18	1	in	in	ADP
fbem-18287	18	2	essence	essence	NOUN
fbem-18287	18	3	,	,	PUNCT
fbem-18287	18	4	both	both	CCONJ
fbem-18287	18	5	under	under	NOUN
fbem-18287	18	6	-	-	PUNCT
fbem-18287	18	7	reaction	reaction	NOUN
fbem-18287	18	8	and	and	CCONJ
fbem-18287	18	9	over	over	ADP
fbem-18287	18	10	-	-	PUNCT
fbem-18287	18	11	reaction	reaction	NOUN
fbem-18287	18	12	will	will	AUX
fbem-18287	18	13	cause	cause	VERB
fbem-18287	18	14	stock	stock	NOUN
fbem-18287	18	15	prices	price	NOUN
fbem-18287	18	16	to	to	PART
fbem-18287	18	17	deviate	deviate	VERB
fbem-18287	18	18	from	from	ADP
fbem-18287	18	19	their	their	PRON
fbem-18287	18	20	intrinsic	intrinsic	ADJ
fbem-18287	18	21	value	value	NOUN
fbem-18287	18	22	,	,	PUNCT
fbem-18287	18	23	lead	lead	VERB
fbem-18287	18	24	to	to	ADP
fbem-18287	18	25	mispricing	misprice	VERB
fbem-18287	18	26	,	,	PUNCT
fbem-18287	18	27	reduce	reduce	VERB
fbem-18287	18	28	asset	asset	NOUN
fbem-18287	18	29	pricing	pricing	NOUN
fbem-18287	18	30	efficiency	efficiency	NOUN
fbem-18287	18	31	,	,	PUNCT
fbem-18287	18	32	and	and	CCONJ
fbem-18287	18	33	lead	lead	VERB
fbem-18287	18	34	to	to	ADP
fbem-18287	18	35	financial	financial	ADJ
fbem-18287	18	36	market	market	NOUN
fbem-18287	18	37	anomalies	anomaly	NOUN
fbem-18287	18	38	.	.	PUNCT
fbem-18287	19	1	asset	asset	NOUN
fbem-18287	19	2	pricing	pricing	NOUN
fbem-18287	19	3	efficiency	efficiency	NOUN
fbem-18287	19	4	is	be	AUX
fbem-18287	19	5	related	relate	VERB
fbem-18287	19	6	to	to	ADP
fbem-18287	19	7	the	the	DET
fbem-18287	19	8	efficiency	efficiency	NOUN
fbem-18287	19	9	of	of	ADP
fbem-18287	19	10	capital	capital	NOUN
fbem-18287	19	11	market	market	NOUN
fbem-18287	19	12	resource	resource	NOUN
fbem-18287	19	13	allocation	allocation	NOUN
fbem-18287	19	14	.	.	PUNCT
fbem-18287	20	1	in	in	ADP
fbem-18287	20	2	the	the	DET
fbem-18287	20	3	context	context	NOUN
fbem-18287	20	4	of	of	ADP
fbem-18287	20	5	the	the	DET
fbem-18287	20	6	current	current	ADJ
fbem-18287	20	7	economic	economic	ADJ
fbem-18287	20	8	transformation	transformation	NOUN
fbem-18287	20	9	in	in	ADP
fbem-18287	20	10	china	china	PROPN
fbem-18287	20	11	,	,	PUNCT
fbem-18287	20	12	it	it	PRON
fbem-18287	20	13	is	be	AUX
fbem-18287	20	14	necessary	necessary	ADJ
fbem-18287	20	15	to	to	PART
fbem-18287	20	16	make	make	VERB
fbem-18287	20	17	use	use	NOUN
fbem-18287	20	18	of	of	ADP
fbem-18287	20	19	the	the	DET
fbem-18287	20	20	advantages	advantage	NOUN
fbem-18287	20	21	of	of	ADP
fbem-18287	20	22	capital	capital	NOUN
fbem-18287	20	23	market	market	NOUN
fbem-18287	20	24	risk	risk	NOUN
fbem-18287	20	25	pricing	pricing	NOUN
fbem-18287	20	26	and	and	CCONJ
fbem-18287	20	27	resource	resource	NOUN
fbem-18287	20	28	allocation	allocation	NOUN
fbem-18287	20	29	to	to	PART
fbem-18287	20	30	help	help	VERB
fbem-18287	20	31	industrial	industrial	ADJ
fbem-18287	20	32	upgrading	upgrading	NOUN
fbem-18287	20	33	and	and	CCONJ
fbem-18287	20	34	scientific	scientific	ADJ
fbem-18287	20	35	and	and	CCONJ
fbem-18287	20	36	technological	technological	ADJ
fbem-18287	20	37	innovation	innovation	NOUN
fbem-18287	20	38	,	,	PUNCT
fbem-18287	20	39	research	research	NOUN
fbem-18287	20	40	on	on	ADP
fbem-18287	20	41	asset	asset	NOUN
fbem-18287	20	42	pricing	pricing	NOUN
fbem-18287	20	43	and	and	CCONJ
fbem-18287	20	44	financial	financial	ADJ
fbem-18287	20	45	anomalies	anomaly	NOUN
fbem-18287	20	46	is	be	AUX
fbem-18287	20	47	particularly	particularly	ADV
fbem-18287	20	48	necessary	necessary	ADJ
fbem-18287	20	49	.	.	PUNCT
fbem-18287	21	1	recently	recently	ADV
fbem-18287	21	2	,	,	PUNCT
fbem-18287	21	3	based	base	VERB
fbem-18287	21	4	on	on	ADP
fbem-18287	21	5	the	the	DET
fbem-18287	21	6	study	study	NOUN
fbem-18287	21	7	of	of	ADP
fbem-18287	21	8	the	the	DET
fbem-18287	21	9	long	long	ADJ
fbem-18287	21	10	-	-	PUNCT
fbem-18287	21	11	short	short	ADJ
fbem-18287	21	12	competition	competition	NOUN
fbem-18287	21	13	in	in	ADP
fbem-18287	21	14	the	the	DET
fbem-18287	21	15	american	american	ADJ
fbem-18287	21	16	stock	stock	NOUN
fbem-18287	21	17	market	market	NOUN
fbem-18287	21	18	,	,	PUNCT
fbem-18287	21	19	it	it	PRON
fbem-18287	21	20	is	be	AUX
fbem-18287	21	21	found	find	VERB
fbem-18287	21	22	that	that	SCONJ
fbem-18287	21	23	the	the	DET
fbem-18287	21	24	overnight	overnight	ADJ
fbem-18287	21	25	return	return	NOUN
fbem-18287	21	26	daytime	daytime	ADJ
fbem-18287	21	27	reversal	reversal	NOUN
fbem-18287	21	28	frequency	frequency	NOUN
fbem-18287	21	29	has	have	VERB
fbem-18287	21	30	the	the	DET
fbem-18287	21	31	ability	ability	NOUN
fbem-18287	21	32	to	to	PART
fbem-18287	21	33	predict	predict	VERB
fbem-18287	21	34	stock	stock	NOUN
fbem-18287	21	35	returns	return	NOUN
fbem-18287	21	36	in	in	ADP
fbem-18287	21	37	a	a	DET
fbem-18287	21	38	cross	cross	NOUN
fbem-18287	21	39	-	-	NOUN
fbem-18287	21	40	section	section	NOUN
fbem-18287	21	41	,	,	PUNCT
fbem-18287	21	42	and	and	CCONJ
fbem-18287	21	43	then	then	ADV
fbem-18287	21	44	a	a	DET
fbem-18287	21	45	new	new	ADJ
fbem-18287	21	46	asset	asset	NOUN
fbem-18287	21	47	pricing	pricing	NOUN
fbem-18287	21	48	anomaly	anomaly	NOUN
fbem-18287	21	49	in	in	ADP
fbem-18287	21	50	the	the	DET
fbem-18287	21	51	american	american	ADJ
fbem-18287	21	52	stock	stock	NOUN
fbem-18287	21	53	market	market	NOUN
fbem-18287	21	54	is	be	AUX
fbem-18287	21	55	discovered	discover	VERB
fbem-18287	21	56	[	[	X
fbem-18287	21	57	1	1	X
fbem-18287	21	58	]	]	X
fbem-18287	21	59	[	[	X
fbem-18287	21	60	2	2	NUM
fbem-18287	21	61	]	]	PUNCT
fbem-18287	21	62	.	.	PUNCT
fbem-18287	22	1	lou	lou	PROPN
fbem-18287	22	2	et	et	PROPN
fbem-18287	22	3	al	al	PROPN
fbem-18287	22	4	.	.	PROPN
fbem-18287	23	1	(	(	PUNCT
fbem-18287	23	2	2019	2019	NUM
fbem-18287	23	3	)	)	PUNCT
fbem-18287	24	1	[	[	X
fbem-18287	24	2	1	1	X
fbem-18287	24	3	]	]	PUNCT
fbem-18287	24	4	proposed	propose	VERB
fbem-18287	24	5	that	that	SCONJ
fbem-18287	24	6	individual	individual	ADJ
fbem-18287	24	7	investors	investor	NOUN
fbem-18287	24	8	and	and	CCONJ
fbem-18287	24	9	institutional	institutional	ADJ
fbem-18287	24	10	investors	investor	NOUN
fbem-18287	24	11	tend	tend	VERB
fbem-18287	24	12	to	to	PART
fbem-18287	24	13	dominate	dominate	VERB
fbem-18287	24	14	overnight	overnight	ADV
fbem-18287	24	15	and	and	CCONJ
fbem-18287	24	16	day	day	NOUN
fbem-18287	24	17	trading	trading	NOUN
fbem-18287	24	18	hours	hour	NOUN
fbem-18287	24	19	respectively	respectively	ADV
fbem-18287	24	20	,	,	PUNCT
fbem-18287	24	21	and	and	CCONJ
fbem-18287	24	22	the	the	DET
fbem-18287	24	23	continuous	continuous	ADJ
fbem-18287	24	24	excess	excess	ADJ
fbem-18287	24	25	demand	demand	NOUN
fbem-18287	24	26	of	of	ADP
fbem-18287	24	27	these	these	DET
fbem-18287	24	28	two	two	NUM
fbem-18287	24	29	types	type	NOUN
fbem-18287	24	30	of	of	ADP
fbem-18287	24	31	investors	investor	NOUN
fbem-18287	24	32	may	may	AUX
fbem-18287	24	33	cause	cause	VERB
fbem-18287	24	34	a	a	DET
fbem-18287	24	35	"	"	PUNCT
fbem-18287	24	36	tug	tug	NOUN
fbem-18287	24	37	of	of	ADP
fbem-18287	24	38	war	war	NOUN
fbem-18287	24	39	"	"	PUNCT
fbem-18287	24	40	in	in	ADP
fbem-18287	24	41	stock	stock	NOUN
fbem-18287	24	42	prices	price	NOUN
fbem-18287	24	43	,	,	PUNCT
fbem-18287	24	44	resulting	result	VERB
fbem-18287	24	45	in	in	ADP
fbem-18287	24	46	the	the	DET
fbem-18287	24	47	reversal	reversal	NOUN
fbem-18287	24	48	of	of	ADP
fbem-18287	24	49	returns	return	NOUN
fbem-18287	24	50	in	in	ADP
fbem-18287	24	51	overnight	overnight	ADJ
fbem-18287	24	52	and	and	CCONJ
fbem-18287	24	53	day	day	NOUN
fbem-18287	24	54	trading	trading	NOUN
fbem-18287	24	55	periods	period	NOUN
fbem-18287	24	56	.	.	PUNCT
fbem-18287	25	1	akbas	akbas	PROPN
fbem-18287	25	2	(	(	PUNCT
fbem-18287	25	3	2022	2022	NUM
fbem-18287	25	4	)	)	PUNCT
fbem-18287	26	1	[	[	X
fbem-18287	26	2	2	2	X
fbem-18287	26	3	]	]	PUNCT
fbem-18287	26	4	argues	argue	VERB
fbem-18287	26	5	that	that	SCONJ
fbem-18287	26	6	the	the	DET
fbem-18287	26	7	predictability	predictability	NOUN
fbem-18287	26	8	of	of	ADP
fbem-18287	26	9	returns	return	NOUN
fbem-18287	26	10	can	can	AUX
fbem-18287	26	11	be	be	AUX
fbem-18287	26	12	explained	explain	VERB
fbem-18287	26	13	by	by	ADP
fbem-18287	26	14	the	the	DET
fbem-18287	26	15	excessive	excessive	ADJ
fbem-18287	26	16	correction	correction	NOUN
fbem-18287	26	17	of	of	ADP
fbem-18287	26	18	positive	positive	ADJ
fbem-18287	26	19	overnight	overnight	ADJ
fbem-18287	26	20	returns	return	NOUN
fbem-18287	26	21	by	by	ADP
fbem-18287	26	22	daytime	daytime	ADJ
fbem-18287	26	23	arbitrageurs	arbitrageur	NOUN
fbem-18287	26	24	,	,	PUNCT
fbem-18287	26	25	that	that	ADV
fbem-18287	26	26	is	is	ADV
fbem-18287	26	27	,	,	PUNCT
fbem-18287	26	28	daytime	daytime	ADJ
fbem-18287	26	29	arbitrageurs	arbitrageur	NOUN
fbem-18287	26	30	overestimate	overestimate	VERB
fbem-18287	26	31	the	the	DET
fbem-18287	26	32	role	role	NOUN
fbem-18287	26	33	of	of	ADP
fbem-18287	26	34	noise	noise	NOUN
fbem-18287	26	35	traders	trader	NOUN
fbem-18287	26	36	behind	behind	ADP
fbem-18287	26	37	the	the	DET
fbem-18287	26	38	pressure	pressure	NOUN
fbem-18287	26	39	of	of	ADP
fbem-18287	26	40	high	high	ADJ
fbem-18287	26	41	opening	opening	NOUN
fbem-18287	26	42	prices	price	NOUN
fbem-18287	26	43	,	,	PUNCT
fbem-18287	26	44	and	and	CCONJ
fbem-18287	26	45	may	may	AUX
fbem-18287	26	46	overlook	overlook	VERB
fbem-18287	26	47	that	that	PRON
fbem-18287	26	48	continuous	continuous	ADJ
fbem-18287	26	49	positive	positive	ADJ
fbem-18287	26	50	overnight	overnight	ADJ
fbem-18287	26	51	returns	return	NOUN
fbem-18287	26	52	may	may	AUX
fbem-18287	26	53	be	be	AUX
fbem-18287	26	54	due	due	ADJ
fbem-18287	26	55	to	to	ADP
fbem-18287	26	56	positive	positive	ADJ
fbem-18287	26	57	information	information	NOUN
fbem-18287	26	58	leading	lead	VERB
fbem-18287	26	59	to	to	ADP
fbem-18287	26	60	improved	improved	ADJ
fbem-18287	26	61	fundamentals	fundamental	NOUN
fbem-18287	26	62	,	,	PUNCT
fbem-18287	26	63	rather	rather	ADV
fbem-18287	26	64	than	than	ADP
fbem-18287	26	65	just	just	ADV
fbem-18287	26	66	optimistic	optimistic	ADJ
fbem-18287	26	67	noise	noise	NOUN
fbem-18287	26	68	trading	trading	NOUN
fbem-18287	26	69	.	.	PUNCT
fbem-18287	27	1	however	however	ADV
fbem-18287	27	2	,	,	PUNCT
fbem-18287	27	3	the	the	DET
fbem-18287	27	4	existing	exist	VERB
fbem-18287	27	5	overnight	overnight	ADJ
fbem-18287	27	6	return	return	NOUN
fbem-18287	27	7	day	day	NOUN
fbem-18287	27	8	inversion	inversion	NOUN
fbem-18287	27	9	has	have	VERB
fbem-18287	27	10	the	the	DET
fbem-18287	27	11	ability	ability	NOUN
fbem-18287	27	12	to	to	PART
fbem-18287	27	13	predict	predict	VERB
fbem-18287	27	14	future	future	ADJ
fbem-18287	27	15	returns	return	NOUN
fbem-18287	27	16	in	in	ADP
fbem-18287	27	17	the	the	DET
fbem-18287	27	18	cross	cross	NOUN
fbem-18287	27	19	section	section	NOUN
fbem-18287	27	20	mainly	mainly	ADV
fbem-18287	27	21	for	for	ADP
fbem-18287	27	22	the	the	DET
fbem-18287	27	23	mature	mature	ADJ
fbem-18287	27	24	us	us	PROPN
fbem-18287	27	25	stock	stock	NOUN
fbem-18287	27	26	market	market	NOUN
fbem-18287	27	27	,	,	PUNCT
fbem-18287	27	28	and	and	CCONJ
fbem-18287	27	29	there	there	PRON
fbem-18287	27	30	are	be	VERB
fbem-18287	27	31	few	few	ADJ
fbem-18287	27	32	studies	study	NOUN
fbem-18287	27	33	on	on	ADP
fbem-18287	27	34	emerging	emerge	VERB
fbem-18287	27	35	markets	market	NOUN
fbem-18287	27	36	,	,	PUNCT
fbem-18287	27	37	especially	especially	ADV
fbem-18287	27	38	the	the	DET
fbem-18287	27	39	chinese	chinese	ADJ
fbem-18287	27	40	a	a	DET
fbem-18287	27	41	-	-	PUNCT
fbem-18287	27	42	share	share	NOUN
fbem-18287	27	43	market	market	NOUN
fbem-18287	27	44	.	.	PUNCT
fbem-18287	28	1	since	since	SCONJ
fbem-18287	28	2	the	the	DET
fbem-18287	28	3	chinese	chinese	ADJ
fbem-18287	28	4	and	and	CCONJ
fbem-18287	28	5	american	american	ADJ
fbem-18287	28	6	stock	stock	NOUN
fbem-18287	28	7	markets	market	NOUN
fbem-18287	28	8	differ	differ	VERB
fbem-18287	28	9	greatly	greatly	ADV
fbem-18287	28	10	in	in	ADP
fbem-18287	28	11	terms	term	NOUN
fbem-18287	28	12	of	of	ADP
fbem-18287	28	13	market	market	NOUN
fbem-18287	28	14	trading	trading	NOUN
fbem-18287	28	15	mechanism	mechanism	NOUN
fbem-18287	28	16	and	and	CCONJ
fbem-18287	28	17	investor	investor	NOUN
fbem-18287	28	18	structure	structure	NOUN
fbem-18287	28	19	,	,	PUNCT
fbem-18287	28	20	264	264	NUM
fbem-18287	28	21	whether	whether	SCONJ
fbem-18287	28	22	the	the	DET
fbem-18287	28	23	relevant	relevant	ADJ
fbem-18287	28	24	research	research	NOUN
fbem-18287	28	25	conclusions	conclusion	NOUN
fbem-18287	28	26	are	be	AUX
fbem-18287	28	27	applicable	applicable	ADJ
fbem-18287	28	28	to	to	ADP
fbem-18287	28	29	china	china	PROPN
fbem-18287	28	30	's	's	PART
fbem-18287	28	31	a	a	DET
fbem-18287	28	32	-	-	PUNCT
fbem-18287	28	33	share	share	NOUN
fbem-18287	28	34	market	market	NOUN
fbem-18287	28	35	remains	remain	VERB
fbem-18287	28	36	to	to	PART
fbem-18287	28	37	be	be	AUX
fbem-18287	28	38	verified	verify	VERB
fbem-18287	28	39	.	.	PUNCT
fbem-18287	29	1	the	the	DET
fbem-18287	29	2	purpose	purpose	NOUN
fbem-18287	29	3	of	of	ADP
fbem-18287	29	4	this	this	DET
fbem-18287	29	5	paper	paper	NOUN
fbem-18287	29	6	is	be	AUX
fbem-18287	29	7	to	to	PART
fbem-18287	29	8	explore	explore	VERB
fbem-18287	29	9	whether	whether	SCONJ
fbem-18287	29	10	there	there	PRON
fbem-18287	29	11	are	be	VERB
fbem-18287	29	12	similar	similar	ADJ
fbem-18287	29	13	crosssectional	crosssectional	ADJ
fbem-18287	29	14	pricing	pricing	NOUN
fbem-18287	29	15	anomalies	anomaly	NOUN
fbem-18287	29	16	in	in	ADP
fbem-18287	29	17	china	china	PROPN
fbem-18287	29	18	's	's	PART
fbem-18287	29	19	a	a	DET
fbem-18287	29	20	-	-	PUNCT
fbem-18287	29	21	share	share	NOUN
fbem-18287	29	22	market	market	NOUN
fbem-18287	29	23	,	,	PUNCT
fbem-18287	29	24	and	and	CCONJ
fbem-18287	29	25	to	to	PART
fbem-18287	29	26	further	far	ADV
fbem-18287	29	27	analyze	analyze	VERB
fbem-18287	29	28	whether	whether	SCONJ
fbem-18287	29	29	the	the	DET
fbem-18287	29	30	anomalies	anomaly	NOUN
fbem-18287	29	31	are	be	AUX
fbem-18287	29	32	caused	cause	VERB
fbem-18287	29	33	by	by	ADP
fbem-18287	29	34	risk	risk	NOUN
fbem-18287	29	35	compensation	compensation	NOUN
fbem-18287	29	36	or	or	CCONJ
fbem-18287	29	37	mispricing	mispricing	NOUN
fbem-18287	29	38	.	.	PUNCT
fbem-18287	30	1	2	2	X
fbem-18287	30	2	.	.	X
fbem-18287	30	3	literature	literature	NOUN
fbem-18287	30	4	review	review	VERB
fbem-18287	30	5	abundant	abundant	ADJ
fbem-18287	30	6	existing	exist	VERB
fbem-18287	30	7	studies	study	NOUN
fbem-18287	30	8	have	have	AUX
fbem-18287	30	9	shown	show	VERB
fbem-18287	30	10	that	that	DET
fbem-18287	30	11	heterogeneous	heterogeneous	ADJ
fbem-18287	30	12	beliefs	belief	NOUN
fbem-18287	30	13	and	and	CCONJ
fbem-18287	30	14	heterogeneous	heterogeneous	ADJ
fbem-18287	30	15	investors	investor	NOUN
fbem-18287	30	16	can	can	AUX
fbem-18287	30	17	have	have	VERB
fbem-18287	30	18	a	a	DET
fbem-18287	30	19	significant	significant	ADJ
fbem-18287	30	20	impact	impact	NOUN
fbem-18287	30	21	on	on	ADP
fbem-18287	30	22	asset	asset	NOUN
fbem-18287	30	23	prices[3][4][5	prices[3][4][5	NOUN
fbem-18287	30	24	]	]	PUNCT
fbem-18287	30	25	.	.	PUNCT
fbem-18287	31	1	in	in	ADP
fbem-18287	31	2	the	the	DET
fbem-18287	31	3	real	real	ADJ
fbem-18287	31	4	capital	capital	NOUN
fbem-18287	31	5	market	market	NOUN
fbem-18287	31	6	,	,	PUNCT
fbem-18287	31	7	the	the	DET
fbem-18287	31	8	traditional	traditional	ADJ
fbem-18287	31	9	capital	capital	NOUN
fbem-18287	31	10	asset	asset	NOUN
fbem-18287	31	11	pricing	pricing	NOUN
fbem-18287	31	12	model	model	NOUN
fbem-18287	31	13	and	and	CCONJ
fbem-18287	31	14	the	the	DET
fbem-18287	31	15	efficient	efficient	ADJ
fbem-18287	31	16	market	market	NOUN
fbem-18287	31	17	have	have	VERB
fbem-18287	31	18	three	three	NUM
fbem-18287	31	19	preconditions	precondition	NOUN
fbem-18287	31	20	for	for	ADP
fbem-18287	31	21	homogeneous	homogeneous	ADJ
fbem-18287	31	22	beliefs	belief	NOUN
fbem-18287	31	23	:	:	PUNCT
fbem-18287	31	24	information	information	NOUN
fbem-18287	31	25	is	be	AUX
fbem-18287	31	26	free	free	ADJ
fbem-18287	31	27	,	,	PUNCT
fbem-18287	31	28	investors	investor	NOUN
fbem-18287	31	29	get	get	VERB
fbem-18287	31	30	the	the	DET
fbem-18287	31	31	same	same	ADJ
fbem-18287	31	32	information	information	NOUN
fbem-18287	31	33	at	at	ADP
fbem-18287	31	34	the	the	DET
fbem-18287	31	35	same	same	ADJ
fbem-18287	31	36	time	time	NOUN
fbem-18287	31	37	,	,	PUNCT
fbem-18287	31	38	and	and	CCONJ
fbem-18287	31	39	investors	investor	NOUN
fbem-18287	31	40	are	be	AUX
fbem-18287	31	41	difficult	difficult	ADJ
fbem-18287	31	42	to	to	PART
fbem-18287	31	43	meet	meet	VERB
fbem-18287	31	44	the	the	DET
fbem-18287	31	45	same	same	ADJ
fbem-18287	31	46	information	information	NOUN
fbem-18287	31	47	processing	processing	NOUN
fbem-18287	31	48	methods	method	NOUN
fbem-18287	31	49	,	,	PUNCT
fbem-18287	31	50	so	so	ADV
fbem-18287	31	51	heterogeneous	heterogeneous	ADJ
fbem-18287	31	52	beliefs	belief	NOUN
fbem-18287	31	53	emerge	emerge	VERB
fbem-18287	31	54	.	.	PUNCT
fbem-18287	32	1	heterogeneous	heterogeneous	ADJ
fbem-18287	32	2	beliefs	belief	NOUN
fbem-18287	32	3	were	be	AUX
fbem-18287	32	4	proposed	propose	VERB
fbem-18287	32	5	by	by	ADP
fbem-18287	32	6	miller	miller	PROPN
fbem-18287	32	7	(	(	PUNCT
fbem-18287	32	8	1977)[6	1977)[6	NUM
fbem-18287	32	9	]	]	PUNCT
fbem-18287	32	10	,	,	PUNCT
fbem-18287	32	11	who	who	PRON
fbem-18287	32	12	believed	believe	VERB
fbem-18287	32	13	that	that	SCONJ
fbem-18287	32	14	different	different	ADJ
fbem-18287	32	15	investors	investor	NOUN
fbem-18287	32	16	have	have	VERB
fbem-18287	32	17	different	different	ADJ
fbem-18287	32	18	expectations	expectation	NOUN
fbem-18287	32	19	of	of	ADP
fbem-18287	32	20	expected	expect	VERB
fbem-18287	32	21	returns	return	NOUN
fbem-18287	32	22	,	,	PUNCT
fbem-18287	32	23	and	and	CCONJ
fbem-18287	32	24	such	such	ADJ
fbem-18287	32	25	heterogeneous	heterogeneous	ADJ
fbem-18287	32	26	beliefs	belief	NOUN
fbem-18287	32	27	will	will	AUX
fbem-18287	32	28	affect	affect	VERB
fbem-18287	32	29	asset	asset	NOUN
fbem-18287	32	30	prices	price	NOUN
fbem-18287	32	31	.	.	PUNCT
fbem-18287	33	1	harrison	harrison	NOUN
fbem-18287	33	2	and	and	CCONJ
fbem-18287	33	3	kreps	krep	NOUN
fbem-18287	33	4	(	(	PUNCT
fbem-18287	33	5	1978)[3	1978)[3	NUM
fbem-18287	33	6	]	]	PUNCT
fbem-18287	33	7	pointed	point	VERB
fbem-18287	33	8	out	out	ADP
fbem-18287	33	9	that	that	SCONJ
fbem-18287	33	10	investors	investor	NOUN
fbem-18287	33	11	have	have	VERB
fbem-18287	33	12	heterogeneous	heterogeneous	ADJ
fbem-18287	33	13	expectations	expectation	NOUN
fbem-18287	33	14	in	in	ADP
fbem-18287	33	15	the	the	DET
fbem-18287	33	16	real	real	ADJ
fbem-18287	33	17	world	world	NOUN
fbem-18287	33	18	.	.	PUNCT
fbem-18287	34	1	some	some	DET
fbem-18287	34	2	investors	investor	NOUN
fbem-18287	34	3	buy	buy	VERB
fbem-18287	34	4	stocks	stock	NOUN
fbem-18287	34	5	mainly	mainly	ADV
fbem-18287	34	6	for	for	ADP
fbem-18287	34	7	the	the	DET
fbem-18287	34	8	purpose	purpose	NOUN
fbem-18287	34	9	of	of	ADP
fbem-18287	34	10	speculation	speculation	NOUN
fbem-18287	34	11	rather	rather	ADV
fbem-18287	34	12	than	than	ADP
fbem-18287	34	13	high	high	ADJ
fbem-18287	34	14	intrinsic	intrinsic	ADJ
fbem-18287	34	15	value	value	NOUN
fbem-18287	34	16	,	,	PUNCT
fbem-18287	34	17	believing	believe	VERB
fbem-18287	34	18	that	that	SCONJ
fbem-18287	34	19	they	they	PRON
fbem-18287	34	20	can	can	AUX
fbem-18287	34	21	sell	sell	VERB
fbem-18287	34	22	stocks	stock	NOUN
fbem-18287	34	23	to	to	ADP
fbem-18287	34	24	others	other	NOUN
fbem-18287	34	25	at	at	ADP
fbem-18287	34	26	a	a	DET
fbem-18287	34	27	higher	high	ADJ
fbem-18287	34	28	price	price	NOUN
fbem-18287	34	29	in	in	ADP
fbem-18287	34	30	the	the	DET
fbem-18287	34	31	future	future	NOUN
fbem-18287	34	32	,	,	PUNCT
fbem-18287	34	33	and	and	CCONJ
fbem-18287	34	34	such	such	ADJ
fbem-18287	34	35	expectations	expectation	NOUN
fbem-18287	34	36	will	will	AUX
fbem-18287	34	37	lead	lead	VERB
fbem-18287	34	38	to	to	ADP
fbem-18287	34	39	the	the	DET
fbem-18287	34	40	formation	formation	NOUN
fbem-18287	34	41	of	of	ADP
fbem-18287	34	42	price	price	NOUN
fbem-18287	34	43	bubbles	bubble	NOUN
fbem-18287	34	44	.	.	PUNCT
fbem-18287	35	1	heterogeneous	heterogeneous	ADJ
fbem-18287	35	2	investors	investor	NOUN
fbem-18287	35	3	can	can	AUX
fbem-18287	35	4	be	be	AUX
fbem-18287	35	5	divided	divide	VERB
fbem-18287	35	6	into	into	ADP
fbem-18287	35	7	insiders	insider	NOUN
fbem-18287	35	8	and	and	CCONJ
fbem-18287	35	9	outsiders	outsider	NOUN
fbem-18287	35	10	according	accord	VERB
fbem-18287	35	11	to	to	ADP
fbem-18287	35	12	whether	whether	SCONJ
fbem-18287	35	13	they	they	PRON
fbem-18287	35	14	have	have	AUX
fbem-18287	35	15	inside	inside	ADJ
fbem-18287	35	16	information	information	NOUN
fbem-18287	35	17	.	.	PUNCT
fbem-18287	36	1	it	it	PRON
fbem-18287	36	2	can	can	AUX
fbem-18287	36	3	be	be	AUX
fbem-18287	36	4	divided	divide	VERB
fbem-18287	36	5	into	into	ADP
fbem-18287	36	6	long	long	ADJ
fbem-18287	36	7	-	-	PUNCT
fbem-18287	36	8	term	term	NOUN
fbem-18287	36	9	investors	investor	NOUN
fbem-18287	36	10	and	and	CCONJ
fbem-18287	36	11	short	short	ADJ
fbem-18287	36	12	-	-	PUNCT
fbem-18287	36	13	term	term	NOUN
fbem-18287	36	14	investors	investor	NOUN
fbem-18287	36	15	according	accord	VERB
fbem-18287	36	16	to	to	ADP
fbem-18287	36	17	the	the	DET
fbem-18287	36	18	length	length	NOUN
fbem-18287	36	19	of	of	ADP
fbem-18287	36	20	holding	hold	VERB
fbem-18287	36	21	time	time	NOUN
fbem-18287	36	22	.	.	PUNCT
fbem-18287	37	1	according	accord	VERB
fbem-18287	37	2	to	to	ADP
fbem-18287	37	3	the	the	DET
fbem-18287	37	4	scale	scale	NOUN
fbem-18287	37	5	of	of	ADP
fbem-18287	37	6	funds	fund	NOUN
fbem-18287	37	7	,	,	PUNCT
fbem-18287	37	8	professional	professional	ADJ
fbem-18287	37	9	level	level	NOUN
fbem-18287	37	10	can	can	AUX
fbem-18287	37	11	be	be	AUX
fbem-18287	37	12	divided	divide	VERB
fbem-18287	37	13	into	into	ADP
fbem-18287	37	14	individual	individual	ADJ
fbem-18287	37	15	investors	investor	NOUN
fbem-18287	37	16	and	and	CCONJ
fbem-18287	37	17	institutional	institutional	ADJ
fbem-18287	37	18	investors	investor	NOUN
fbem-18287	37	19	.	.	PUNCT
fbem-18287	38	1	de	de	ADP
fbem-18287	38	2	long	long	ADV
fbem-18287	38	3	et	et	PROPN
fbem-18287	38	4	al	al	PROPN
fbem-18287	38	5	.	.	PUNCT
fbem-18287	39	1	(	(	PUNCT
fbem-18287	39	2	1990)[7	1990)[7	PROPN
fbem-18287	39	3	]	]	PUNCT
fbem-18287	39	4	proposed	propose	VERB
fbem-18287	39	5	the	the	DET
fbem-18287	39	6	noise	noise	NOUN
fbem-18287	39	7	trading	trading	NOUN
fbem-18287	39	8	model	model	NOUN
fbem-18287	39	9	(	(	PUNCT
fbem-18287	39	10	dssw	dssw	NOUN
fbem-18287	39	11	)	)	PUNCT
fbem-18287	39	12	,	,	PUNCT
fbem-18287	39	13	which	which	PRON
fbem-18287	39	14	divides	divide	VERB
fbem-18287	39	15	heterogeneous	heterogeneous	ADJ
fbem-18287	39	16	investors	investor	NOUN
fbem-18287	39	17	into	into	ADP
fbem-18287	39	18	two	two	NUM
fbem-18287	39	19	types	type	NOUN
fbem-18287	39	20	:	:	PUNCT
fbem-18287	39	21	irrational	irrational	ADJ
fbem-18287	39	22	noise	noise	NOUN
fbem-18287	39	23	traders	trader	NOUN
fbem-18287	39	24	and	and	CCONJ
fbem-18287	39	25	rational	rational	ADJ
fbem-18287	39	26	arbitrageur	arbitrageur	NOUN
fbem-18287	39	27	based	base	VERB
fbem-18287	39	28	on	on	ADP
fbem-18287	39	29	information	information	NOUN
fbem-18287	39	30	trading	trading	NOUN
fbem-18287	39	31	.	.	PUNCT
fbem-18287	40	1	it	it	PRON
fbem-18287	40	2	believes	believe	VERB
fbem-18287	40	3	that	that	SCONJ
fbem-18287	40	4	the	the	DET
fbem-18287	40	5	existence	existence	NOUN
fbem-18287	40	6	of	of	ADP
fbem-18287	40	7	noise	noise	NOUN
fbem-18287	40	8	traders	trader	NOUN
fbem-18287	40	9	will	will	AUX
fbem-18287	40	10	cause	cause	VERB
fbem-18287	40	11	asset	asset	NOUN
fbem-18287	40	12	prices	price	NOUN
fbem-18287	40	13	to	to	PART
fbem-18287	40	14	deviate	deviate	VERB
fbem-18287	40	15	from	from	ADP
fbem-18287	40	16	intrinsic	intrinsic	ADJ
fbem-18287	40	17	value	value	NOUN
fbem-18287	40	18	,	,	PUNCT
fbem-18287	40	19	and	and	CCONJ
fbem-18287	40	20	rational	rational	ADJ
fbem-18287	40	21	information	information	NOUN
fbem-18287	40	22	traders	trader	NOUN
fbem-18287	40	23	will	will	AUX
fbem-18287	40	24	face	face	VERB
fbem-18287	40	25	the	the	DET
fbem-18287	40	26	risk	risk	NOUN
fbem-18287	40	27	of	of	ADP
fbem-18287	40	28	noise	noise	NOUN
fbem-18287	40	29	traders	trader	NOUN
fbem-18287	40	30	.	.	PUNCT
fbem-18287	41	1	this	this	DET
fbem-18287	41	2	risk	risk	NOUN
fbem-18287	41	3	will	will	AUX
fbem-18287	41	4	encourage	encourage	VERB
fbem-18287	41	5	information	information	NOUN
fbem-18287	41	6	traders	trader	NOUN
fbem-18287	41	7	to	to	PART
fbem-18287	41	8	participate	participate	VERB
fbem-18287	41	9	in	in	ADP
fbem-18287	41	10	the	the	DET
fbem-18287	41	11	directional	directional	ADJ
fbem-18287	41	12	trading	trading	NOUN
fbem-18287	41	13	of	of	ADP
fbem-18287	41	14	noise	noise	NOUN
fbem-18287	41	15	traders	trader	NOUN
fbem-18287	41	16	,	,	PUNCT
fbem-18287	41	17	and	and	CCONJ
fbem-18287	41	18	the	the	DET
fbem-18287	41	19	trading	trading	NOUN
fbem-18287	41	20	activities	activity	NOUN
fbem-18287	41	21	of	of	ADP
fbem-18287	41	22	the	the	DET
fbem-18287	41	23	two	two	NUM
fbem-18287	41	24	types	type	NOUN
fbem-18287	41	25	of	of	ADP
fbem-18287	41	26	investors	investor	NOUN
fbem-18287	41	27	together	together	ADV
fbem-18287	41	28	affect	affect	VERB
fbem-18287	41	29	the	the	DET
fbem-18287	41	30	stock	stock	NOUN
fbem-18287	41	31	price	price	NOUN
fbem-18287	41	32	.	.	PUNCT
fbem-18287	42	1	lou	lou	PROPN
fbem-18287	42	2	et	et	PROPN
fbem-18287	42	3	al	al	PROPN
fbem-18287	42	4	.	.	PUNCT
fbem-18287	43	1	[	[	X
fbem-18287	43	2	1	1	X
fbem-18287	43	3	]	]	PUNCT
fbem-18287	43	4	believes	believe	VERB
fbem-18287	43	5	that	that	SCONJ
fbem-18287	43	6	individual	individual	ADJ
fbem-18287	43	7	investors	investor	NOUN
fbem-18287	43	8	,	,	PUNCT
fbem-18287	43	9	corresponding	correspond	VERB
fbem-18287	43	10	to	to	ADP
fbem-18287	43	11	noise	noise	NOUN
fbem-18287	43	12	traders	trader	NOUN
fbem-18287	43	13	,	,	PUNCT
fbem-18287	43	14	tend	tend	VERB
fbem-18287	43	15	to	to	PART
fbem-18287	43	16	collect	collect	VERB
fbem-18287	43	17	information	information	NOUN
fbem-18287	43	18	and	and	CCONJ
fbem-18287	43	19	make	make	VERB
fbem-18287	43	20	decisions	decision	NOUN
fbem-18287	43	21	overnight	overnight	ADV
fbem-18287	43	22	,	,	PUNCT
fbem-18287	43	23	while	while	SCONJ
fbem-18287	43	24	institutional	institutional	ADJ
fbem-18287	43	25	investors	investor	NOUN
fbem-18287	43	26	,	,	PUNCT
fbem-18287	43	27	corresponding	correspond	VERB
fbem-18287	43	28	to	to	ADP
fbem-18287	43	29	rational	rational	ADJ
fbem-18287	43	30	arbitrageurs	arbitrageur	NOUN
fbem-18287	43	31	,	,	PUNCT
fbem-18287	43	32	tend	tend	VERB
fbem-18287	43	33	to	to	PART
fbem-18287	43	34	make	make	VERB
fbem-18287	43	35	reverse	reverse	ADJ
fbem-18287	43	36	operations	operation	NOUN
fbem-18287	43	37	during	during	ADP
fbem-18287	43	38	the	the	DET
fbem-18287	43	39	day	day	NOUN
fbem-18287	43	40	.	.	PUNCT
fbem-18287	44	1	due	due	ADP
fbem-18287	44	2	to	to	ADP
fbem-18287	44	3	factors	factor	NOUN
fbem-18287	44	4	such	such	ADJ
fbem-18287	44	5	as	as	ADP
fbem-18287	44	6	cognitive	cognitive	ADJ
fbem-18287	44	7	bias	bias	NOUN
fbem-18287	44	8	and	and	CCONJ
fbem-18287	44	9	limited	limited	ADJ
fbem-18287	44	10	attention	attention	NOUN
fbem-18287	44	11	,	,	PUNCT
fbem-18287	44	12	individual	individual	ADJ
fbem-18287	44	13	investors	investor	NOUN
fbem-18287	44	14	are	be	AUX
fbem-18287	44	15	regarded	regard	VERB
fbem-18287	44	16	as	as	ADP
fbem-18287	44	17	irrational	irrational	ADJ
fbem-18287	44	18	people	people	NOUN
fbem-18287	44	19	,	,	PUNCT
fbem-18287	44	20	and	and	CCONJ
fbem-18287	44	21	their	their	PRON
fbem-18287	44	22	ability	ability	NOUN
fbem-18287	44	23	to	to	PART
fbem-18287	44	24	obtain	obtain	VERB
fbem-18287	44	25	information	information	NOUN
fbem-18287	44	26	and	and	CCONJ
fbem-18287	44	27	analyze	analyze	VERB
fbem-18287	44	28	information	information	NOUN
fbem-18287	44	29	is	be	AUX
fbem-18287	44	30	relatively	relatively	ADV
fbem-18287	44	31	poor	poor	ADJ
fbem-18287	44	32	,	,	PUNCT
fbem-18287	44	33	unable	unable	ADJ
fbem-18287	44	34	to	to	PART
fbem-18287	44	35	timely	timely	VERB
fbem-18287	44	36	and	and	CCONJ
fbem-18287	44	37	accurately	accurately	ADV
fbem-18287	44	38	capture	capture	VERB
fbem-18287	44	39	new	new	ADJ
fbem-18287	44	40	information	information	NOUN
fbem-18287	44	41	,	,	PUNCT
fbem-18287	44	42	and	and	CCONJ
fbem-18287	44	43	trading	trading	NOUN
fbem-18287	44	44	is	be	AUX
fbem-18287	44	45	more	more	ADV
fbem-18287	44	46	based	base	VERB
fbem-18287	44	47	on	on	ADP
fbem-18287	44	48	noise	noise	NOUN
fbem-18287	44	49	rather	rather	ADV
fbem-18287	44	50	than	than	ADP
fbem-18287	44	51	information	information	NOUN
fbem-18287	44	52	itself	itself	PRON
fbem-18287	44	53	.	.	PUNCT
fbem-18287	45	1	the	the	DET
fbem-18287	45	2	degree	degree	NOUN
fbem-18287	45	3	of	of	ADP
fbem-18287	45	4	confidence	confidence	NOUN
fbem-18287	45	5	in	in	ADP
fbem-18287	45	6	their	their	PRON
fbem-18287	45	7	own	own	ADJ
fbem-18287	45	8	judgment	judgment	NOUN
fbem-18287	45	9	is	be	AUX
fbem-18287	45	10	higher	high	ADJ
fbem-18287	45	11	than	than	ADP
fbem-18287	45	12	the	the	DET
fbem-18287	45	13	degree	degree	NOUN
fbem-18287	45	14	of	of	ADP
fbem-18287	45	15	accuracy	accuracy	NOUN
fbem-18287	45	16	,	,	PUNCT
fbem-18287	45	17	showing	show	VERB
fbem-18287	45	18	overconfidence	overconfidence	NOUN
fbem-18287	45	19	;	;	PUNCT
fbem-18287	45	20	personal	personal	ADJ
fbem-18287	45	21	ideas	idea	NOUN
fbem-18287	45	22	and	and	CCONJ
fbem-18287	45	23	investment	investment	NOUN
fbem-18287	45	24	behaviors	behavior	NOUN
fbem-18287	45	25	are	be	AUX
fbem-18287	45	26	easily	easily	ADV
fbem-18287	45	27	influenced	influence	VERB
fbem-18287	45	28	by	by	ADP
fbem-18287	45	29	market	market	NOUN
fbem-18287	45	30	environment	environment	NOUN
fbem-18287	45	31	and	and	CCONJ
fbem-18287	45	32	other	other	ADJ
fbem-18287	45	33	investors	investor	NOUN
fbem-18287	45	34	,	,	PUNCT
fbem-18287	45	35	showing	show	VERB
fbem-18287	45	36	herd	herd	ADJ
fbem-18287	45	37	effect	effect	NOUN
fbem-18287	45	38	[	[	X
fbem-18287	45	39	8	8	NUM
fbem-18287	45	40	]	]	PUNCT
fbem-18287	45	41	.	.	PUNCT
fbem-18287	46	1	when	when	SCONJ
fbem-18287	46	2	trading	trading	NOUN
fbem-18287	46	3	stocks	stock	NOUN
fbem-18287	46	4	,	,	PUNCT
fbem-18287	46	5	the	the	DET
fbem-18287	46	6	tendency	tendency	NOUN
fbem-18287	46	7	to	to	PART
fbem-18287	46	8	sell	sell	VERB
fbem-18287	46	9	the	the	DET
fbem-18287	46	10	profitable	profitable	ADJ
fbem-18287	46	11	stocks	stock	NOUN
fbem-18287	46	12	too	too	ADV
fbem-18287	46	13	early	early	ADV
fbem-18287	46	14	and	and	CCONJ
fbem-18287	46	15	continue	continue	VERB
fbem-18287	46	16	to	to	PART
fbem-18287	46	17	hold	hold	VERB
fbem-18287	46	18	the	the	DET
fbem-18287	46	19	losing	lose	VERB
fbem-18287	46	20	stocks	stock	NOUN
fbem-18287	46	21	has	have	VERB
fbem-18287	46	22	a	a	DET
fbem-18287	46	23	significant	significant	ADJ
fbem-18287	46	24	disposal	disposal	NOUN
fbem-18287	46	25	effect	effect	NOUN
fbem-18287	47	1	[	[	X
fbem-18287	47	2	9	9	NUM
fbem-18287	47	3	]	]	PUNCT
fbem-18287	47	4	.	.	PUNCT
fbem-18287	48	1	institutional	institutional	ADJ
fbem-18287	48	2	investors	investor	NOUN
fbem-18287	48	3	have	have	VERB
fbem-18287	48	4	a	a	DET
fbem-18287	48	5	high	high	ADJ
fbem-18287	48	6	degree	degree	NOUN
fbem-18287	48	7	of	of	ADP
fbem-18287	48	8	professionalism	professionalism	NOUN
fbem-18287	48	9	,	,	PUNCT
fbem-18287	48	10	rich	rich	ADJ
fbem-18287	48	11	experience	experience	NOUN
fbem-18287	48	12	in	in	ADP
fbem-18287	48	13	investment	investment	NOUN
fbem-18287	48	14	practice	practice	NOUN
fbem-18287	48	15	,	,	PUNCT
fbem-18287	48	16	and	and	CCONJ
fbem-18287	48	17	significant	significant	ADJ
fbem-18287	48	18	information	information	NOUN
fbem-18287	48	19	advantages	advantage	NOUN
fbem-18287	48	20	.	.	PUNCT
fbem-18287	49	1	they	they	PRON
fbem-18287	49	2	are	be	AUX
fbem-18287	49	3	often	often	ADV
fbem-18287	49	4	regarded	regard	VERB
fbem-18287	49	5	as	as	ADP
fbem-18287	49	6	informed	inform	VERB
fbem-18287	49	7	traders	trader	NOUN
fbem-18287	49	8	who	who	PRON
fbem-18287	49	9	are	be	AUX
fbem-18287	49	10	more	more	ADV
fbem-18287	49	11	rational	rational	ADJ
fbem-18287	49	12	in	in	ADP
fbem-18287	49	13	trading	trading	NOUN
fbem-18287	49	14	behavior	behavior	NOUN
fbem-18287	49	15	and	and	CCONJ
fbem-18287	49	16	generally	generally	ADV
fbem-18287	49	17	trade	trade	NOUN
fbem-18287	49	18	based	base	VERB
fbem-18287	49	19	on	on	ADP
fbem-18287	49	20	fundamentals	fundamental	NOUN
fbem-18287	49	21	.	.	PUNCT
fbem-18287	50	1	therefore	therefore	ADV
fbem-18287	50	2	,	,	PUNCT
fbem-18287	50	3	the	the	DET
fbem-18287	50	4	differences	difference	NOUN
fbem-18287	50	5	in	in	ADP
fbem-18287	50	6	investment	investment	NOUN
fbem-18287	50	7	philosophy	philosophy	NOUN
fbem-18287	50	8	,	,	PUNCT
fbem-18287	50	9	trading	trading	NOUN
fbem-18287	50	10	behavior	behavior	NOUN
fbem-18287	50	11	,	,	PUNCT
fbem-18287	50	12	information	information	NOUN
fbem-18287	50	13	advantages	advantage	NOUN
fbem-18287	50	14	and	and	CCONJ
fbem-18287	50	15	other	other	ADJ
fbem-18287	50	16	aspects	aspect	NOUN
fbem-18287	50	17	cause	cause	VERB
fbem-18287	50	18	individual	individual	ADJ
fbem-18287	50	19	investors	investor	NOUN
fbem-18287	50	20	and	and	CCONJ
fbem-18287	50	21	institutional	institutional	ADJ
fbem-18287	50	22	investors	investor	NOUN
fbem-18287	50	23	to	to	PART
fbem-18287	50	24	form	form	VERB
fbem-18287	50	25	heterogeneous	heterogeneous	ADJ
fbem-18287	50	26	beliefs	belief	NOUN
fbem-18287	50	27	,	,	PUNCT
fbem-18287	50	28	which	which	PRON
fbem-18287	50	29	will	will	AUX
fbem-18287	50	30	affect	affect	VERB
fbem-18287	50	31	the	the	DET
fbem-18287	50	32	formation	formation	NOUN
fbem-18287	50	33	of	of	ADP
fbem-18287	50	34	asset	asset	NOUN
fbem-18287	50	35	prices	price	NOUN
fbem-18287	50	36	.	.	PUNCT
fbem-18287	51	1	3	3	X
fbem-18287	51	2	.	.	X
fbem-18287	51	3	data	datum	NOUN
fbem-18287	51	4	,	,	PUNCT
fbem-18287	51	5	variables	variable	NOUN
fbem-18287	51	6	,	,	PUNCT
fbem-18287	51	7	and	and	CCONJ
fbem-18287	51	8	descriptive	descriptive	ADJ
fbem-18287	51	9	statistics	statistic	NOUN
fbem-18287	51	10	3.1	3.1	NUM
fbem-18287	51	11	.	.	PUNCT
fbem-18287	52	1	data	datum	NOUN
fbem-18287	52	2	and	and	CCONJ
fbem-18287	52	3	sample	sample	VERB
fbem-18287	52	4	the	the	DET
fbem-18287	52	5	research	research	NOUN
fbem-18287	52	6	object	object	NOUN
fbem-18287	52	7	of	of	ADP
fbem-18287	52	8	this	this	DET
fbem-18287	52	9	paper	paper	NOUN
fbem-18287	52	10	is	be	AUX
fbem-18287	52	11	a	a	DET
fbem-18287	52	12	-	-	PUNCT
fbem-18287	52	13	share	share	NOUN
fbem-18287	52	14	listed	list	VERB
fbem-18287	52	15	companies	company	NOUN
fbem-18287	52	16	from	from	ADP
fbem-18287	52	17	2006	2006	NUM
fbem-18287	52	18	to	to	ADP
fbem-18287	52	19	2022	2022	NUM
fbem-18287	52	20	,	,	PUNCT
fbem-18287	52	21	and	and	CCONJ
fbem-18287	52	22	the	the	DET
fbem-18287	52	23	original	original	ADJ
fbem-18287	52	24	data	datum	NOUN
fbem-18287	52	25	are	be	AUX
fbem-18287	52	26	screened	screen	VERB
fbem-18287	52	27	according	accord	VERB
fbem-18287	52	28	to	to	ADP
fbem-18287	52	29	the	the	DET
fbem-18287	52	30	following	follow	VERB
fbem-18287	52	31	criteria	criterion	NOUN
fbem-18287	52	32	:	:	PUNCT
fbem-18287	52	33	(	(	PUNCT
fbem-18287	52	34	1	1	X
fbem-18287	52	35	)	)	PUNCT
fbem-18287	52	36	the	the	DET
fbem-18287	52	37	stocks	stock	NOUN
fbem-18287	52	38	with	with	ADP
fbem-18287	52	39	delisting	delist	VERB
fbem-18287	52	40	risk	risk	NOUN
fbem-18287	52	41	warning	warning	NOUN
fbem-18287	52	42	(	(	PUNCT
fbem-18287	52	43	i.e.	i.e.	X
fbem-18287	52	44	,	,	PUNCT
fbem-18287	52	45	the	the	DET
fbem-18287	52	46	special	special	ADJ
fbem-18287	52	47	treatment	treatment	NOUN
fbem-18287	52	48	of	of	ADP
fbem-18287	52	49	st	st	PROPN
fbem-18287	52	50	and	and	CCONJ
fbem-18287	52	51	*	*	PROPN
fbem-18287	52	52	st	st	PROPN
fbem-18287	52	53	)	)	PUNCT
fbem-18287	52	54	are	be	AUX
fbem-18287	52	55	excluded	exclude	VERB
fbem-18287	52	56	;	;	PUNCT
fbem-18287	52	57	(	(	PUNCT
fbem-18287	52	58	2	2	X
fbem-18287	52	59	)	)	PUNCT
fbem-18287	52	60	excluding	exclude	VERB
fbem-18287	52	61	financial	financial	ADJ
fbem-18287	52	62	and	and	CCONJ
fbem-18287	52	63	insurance	insurance	NOUN
fbem-18287	52	64	listed	list	VERB
fbem-18287	52	65	companies	company	NOUN
fbem-18287	52	66	;	;	PUNCT
fbem-18287	52	67	(	(	PUNCT
fbem-18287	52	68	3	3	X
fbem-18287	52	69	)	)	PUNCT
fbem-18287	52	70	excluding	exclude	VERB
fbem-18287	52	71	new	new	ADJ
fbem-18287	52	72	shares	share	NOUN
fbem-18287	52	73	within	within	ADP
fbem-18287	52	74	one	one	NUM
fbem-18287	52	75	year	year	NOUN
fbem-18287	52	76	of	of	ADP
fbem-18287	52	77	listing	listing	NOUN
fbem-18287	52	78	.	.	PUNCT
fbem-18287	53	1	the	the	DET
fbem-18287	53	2	final	final	ADJ
fbem-18287	53	3	sample	sample	NOUN
fbem-18287	53	4	contains	contain	VERB
fbem-18287	53	5	309,322	309,322	NUM
fbem-18287	53	6	monthly	monthly	ADJ
fbem-18287	53	7	observations	observation	NOUN
fbem-18287	53	8	from	from	ADP
fbem-18287	53	9	companies	company	NOUN
fbem-18287	53	10	.	.	PUNCT
fbem-18287	54	1	the	the	DET
fbem-18287	54	2	data	datum	NOUN
fbem-18287	54	3	in	in	ADP
fbem-18287	54	4	this	this	DET
fbem-18287	54	5	paper	paper	NOUN
fbem-18287	54	6	mainly	mainly	ADV
fbem-18287	54	7	includes	include	VERB
fbem-18287	54	8	trading	trading	NOUN
fbem-18287	54	9	data	datum	NOUN
fbem-18287	54	10	and	and	CCONJ
fbem-18287	54	11	financial	financial	ADJ
fbem-18287	54	12	data	datum	NOUN
fbem-18287	54	13	of	of	ADP
fbem-18287	54	14	listed	list	VERB
fbem-18287	54	15	companies	company	NOUN
fbem-18287	54	16	,	,	PUNCT
fbem-18287	54	17	both	both	PRON
fbem-18287	54	18	of	of	ADP
fbem-18287	54	19	which	which	PRON
fbem-18287	54	20	come	come	VERB
fbem-18287	54	21	from	from	ADP
fbem-18287	54	22	csmar	csmar	PROPN
fbem-18287	54	23	database	database	NOUN
fbem-18287	54	24	.	.	PUNCT
fbem-18287	55	1	in	in	ADP
fbem-18287	55	2	terms	term	NOUN
fbem-18287	55	3	of	of	ADP
fbem-18287	55	4	trading	trading	NOUN
fbem-18287	55	5	data	datum	NOUN
fbem-18287	55	6	:	:	PUNCT
fbem-18287	55	7	the	the	DET
fbem-18287	55	8	opening	opening	NOUN
fbem-18287	55	9	and	and	CCONJ
fbem-18287	55	10	closing	closing	NOUN
fbem-18287	55	11	prices	price	NOUN
fbem-18287	55	12	of	of	ADP
fbem-18287	55	13	individual	individual	ADJ
fbem-18287	55	14	stocks	stock	NOUN
fbem-18287	55	15	are	be	AUX
fbem-18287	55	16	adopted	adopt	VERB
fbem-18287	55	17	after	after	ADP
fbem-18287	55	18	the	the	DET
fbem-18287	55	19	resumption	resumption	NOUN
fbem-18287	55	20	price	price	NOUN
fbem-18287	55	21	,	,	PUNCT
fbem-18287	55	22	and	and	CCONJ
fbem-18287	55	23	the	the	DET
fbem-18287	55	24	monthly	monthly	ADJ
fbem-18287	55	25	return	return	NOUN
fbem-18287	55	26	rate	rate	NOUN
fbem-18287	55	27	is	be	AUX
fbem-18287	55	28	selected	select	VERB
fbem-18287	55	29	to	to	PART
fbem-18287	55	30	consider	consider	VERB
fbem-18287	55	31	the	the	DET
fbem-18287	55	32	return	return	NOUN
fbem-18287	55	33	rate	rate	NOUN
fbem-18287	55	34	of	of	ADP
fbem-18287	55	35	dividend	dividend	NOUN
fbem-18287	55	36	reinvestment	reinvestment	NOUN
fbem-18287	55	37	.	.	PUNCT
fbem-18287	56	1	financial	financial	ADJ
fbem-18287	56	2	data	data	PROPN
fbem-18287	56	3	:	:	PUNCT
fbem-18287	56	4	data	datum	NOUN
fbem-18287	56	5	mainly	mainly	ADV
fbem-18287	56	6	comes	come	VERB
fbem-18287	56	7	from	from	ADP
fbem-18287	56	8	financial	financial	ADJ
fbem-18287	56	9	statements	statement	NOUN
fbem-18287	56	10	.	.	PUNCT
fbem-18287	57	1	in	in	ADP
fbem-18287	57	2	order	order	NOUN
fbem-18287	57	3	to	to	PART
fbem-18287	57	4	avoid	avoid	VERB
fbem-18287	57	5	data	datum	NOUN
fbem-18287	57	6	foresight	foresight	NOUN
fbem-18287	57	7	bias	bias	NOUN
fbem-18287	57	8	,	,	PUNCT
fbem-18287	57	9	this	this	DET
fbem-18287	57	10	paper	paper	NOUN
fbem-18287	57	11	stipulates	stipulate	VERB
fbem-18287	57	12	that	that	SCONJ
fbem-18287	57	13	the	the	DET
fbem-18287	57	14	financial	financial	ADJ
fbem-18287	57	15	data	datum	NOUN
fbem-18287	57	16	of	of	ADP
fbem-18287	57	17	listed	list	VERB
fbem-18287	57	18	companies	company	NOUN
fbem-18287	57	19	in	in	ADP
fbem-18287	57	20	year	year	NOUN
fbem-18287	57	21	t	t	PROPN
fbem-18287	57	22	should	should	AUX
fbem-18287	57	23	be	be	AUX
fbem-18287	57	24	obtained	obtain	VERB
fbem-18287	57	25	from	from	ADP
fbem-18287	57	26	the	the	DET
fbem-18287	57	27	financial	financial	ADJ
fbem-18287	57	28	statements	statement	NOUN
fbem-18287	57	29	of	of	ADP
fbem-18287	57	30	year	year	NOUN
fbem-18287	57	31	t-1	t-1	PROPN
fbem-18287	57	32	,	,	PUNCT
fbem-18287	57	33	and	and	CCONJ
fbem-18287	57	34	the	the	DET
fbem-18287	57	35	financial	financial	ADJ
fbem-18287	57	36	data	datum	NOUN
fbem-18287	57	37	should	should	AUX
fbem-18287	57	38	be	be	AUX
fbem-18287	57	39	further	far	ADV
fbem-18287	57	40	backmatched	backmatche	VERB
fbem-18287	57	41	to	to	PART
fbem-18287	57	42	form	form	VERB
fbem-18287	57	43	monthly	monthly	ADJ
fbem-18287	57	44	data	datum	NOUN
fbem-18287	57	45	.	.	PUNCT
fbem-18287	58	1	in	in	ADP
fbem-18287	58	2	addition	addition	NOUN
fbem-18287	58	3	,	,	PUNCT
fbem-18287	58	4	all	all	DET
fbem-18287	58	5	continuous	continuous	ADJ
fbem-18287	58	6	variables	variable	NOUN
fbem-18287	58	7	were	be	AUX
fbem-18287	58	8	winsorize	winsorize	VERB
fbem-18287	58	9	to	to	PART
fbem-18287	58	10	avoid	avoid	VERB
fbem-18287	58	11	the	the	DET
fbem-18287	58	12	interference	interference	NOUN
fbem-18287	58	13	of	of	ADP
fbem-18287	58	14	outliers	outlier	NOUN
fbem-18287	58	15	on	on	ADP
fbem-18287	58	16	the	the	DET
fbem-18287	58	17	empirical	empirical	ADJ
fbem-18287	58	18	analysis	analysis	NOUN
fbem-18287	58	19	results	result	NOUN
fbem-18287	58	20	.	.	PUNCT
fbem-18287	59	1	3.2	3.2	NUM
fbem-18287	59	2	.	.	PUNCT
fbem-18287	59	3	variables	variable	NOUN
fbem-18287	59	4	the	the	DET
fbem-18287	59	5	core	core	ADJ
fbem-18287	59	6	explanatory	explanatory	ADJ
fbem-18287	59	7	variables	variable	NOUN
fbem-18287	59	8	of	of	ADP
fbem-18287	59	9	this	this	DET
fbem-18287	59	10	paper	paper	NOUN
fbem-18287	59	11	are	be	AUX
fbem-18287	59	12	two	two	NUM
fbem-18287	59	13	indicators	indicator	NOUN
fbem-18287	59	14	based	base	VERB
fbem-18287	59	15	on	on	ADP
fbem-18287	59	16	the	the	DET
fbem-18287	59	17	overnight	overnight	ADJ
fbem-18287	59	18	and	and	CCONJ
fbem-18287	59	19	daytime	daytime	ADJ
fbem-18287	59	20	returns	return	NOUN
fbem-18287	59	21	of	of	ADP
fbem-18287	59	22	individual	individual	ADJ
fbem-18287	59	23	stocks	stock	NOUN
fbem-18287	59	24	,	,	PUNCT
fbem-18287	59	25	namely	namely	ADV
fbem-18287	59	26	,	,	PUNCT
fbem-18287	59	27	the	the	DET
fbem-18287	59	28	change	change	NOUN
fbem-18287	59	29	of	of	ADP
fbem-18287	59	30	monthly	monthly	ADJ
fbem-18287	59	31	opening	opening	NOUN
fbem-18287	59	32	high	high	ADJ
fbem-18287	59	33	and	and	CCONJ
fbem-18287	59	34	closing	close	VERB
fbem-18287	59	35	low	low	ADJ
fbem-18287	59	36	frequency	frequency	NOUN
fbem-18287	59	37	of	of	ADP
fbem-18287	59	38	individual	individual	ADJ
fbem-18287	59	39	stocks	stock	NOUN
fbem-18287	59	40	compared	compare	VERB
fbem-18287	59	41	with	with	ADP
fbem-18287	59	42	the	the	DET
fbem-18287	59	43	average	average	ADJ
fbem-18287	59	44	level	level	NOUN
fbem-18287	59	45	in	in	ADP
fbem-18287	59	46	the	the	DET
fbem-18287	59	47	past	past	ADJ
fbem-18287	59	48	12	12	NUM
fbem-18287	59	49	months	month	NOUN
fbem-18287	59	50	(	(	PUNCT
fbem-18287	59	51	ab_nr	ab_nr	ADV
fbem-18287	59	52	)	)	PUNCT
fbem-18287	59	53	and	and	CCONJ
fbem-18287	59	54	the	the	DET
fbem-18287	59	55	change	change	NOUN
fbem-18287	59	56	of	of	ADP
fbem-18287	59	57	opening	open	VERB
fbem-18287	59	58	low	low	ADJ
fbem-18287	59	59	and	and	CCONJ
fbem-18287	59	60	closing	close	VERB
fbem-18287	59	61	high	high	ADJ
fbem-18287	59	62	frequency	frequency	NOUN
fbem-18287	59	63	compared	compare	VERB
fbem-18287	59	64	with	with	ADP
fbem-18287	59	65	the	the	DET
fbem-18287	59	66	average	average	ADJ
fbem-18287	59	67	level	level	NOUN
fbem-18287	59	68	in	in	ADP
fbem-18287	59	69	the	the	DET
fbem-18287	59	70	past	past	ADJ
fbem-18287	59	71	12	12	NUM
fbem-18287	59	72	months	month	NOUN
fbem-18287	59	73	(	(	PUNCT
fbem-18287	59	74	ab_pr	ab_pr	PROPN
fbem-18287	59	75	)	)	PUNCT
fbem-18287	59	76	.	.	PUNCT
fbem-18287	60	1	the	the	DET
fbem-18287	60	2	specific	specific	ADJ
fbem-18287	60	3	construction	construction	NOUN
fbem-18287	60	4	method	method	NOUN
fbem-18287	60	5	is	be	AUX
fbem-18287	60	6	as	as	SCONJ
fbem-18287	60	7	follows	follow	VERB
fbem-18287	60	8	:	:	PUNCT
fbem-18287	60	9	first	first	ADV
fbem-18287	60	10	,	,	PUNCT
fbem-18287	60	11	referring	refer	VERB
fbem-18287	60	12	to	to	ADP
fbem-18287	60	13	the	the	DET
fbem-18287	60	14	practice	practice	NOUN
fbem-18287	60	15	of	of	ADP
fbem-18287	60	16	akbas	akbas	ADJ
fbem-18287	60	17	(	(	PUNCT
fbem-18287	60	18	2022	2022	NUM
fbem-18287	60	19	)	)	PUNCT
fbem-18287	61	1	[	[	X
fbem-18287	61	2	2	2	NUM
fbem-18287	61	3	]	]	PUNCT
fbem-18287	61	4	,	,	PUNCT
fbem-18287	61	5	the	the	DET
fbem-18287	61	6	daily	daily	ADJ
fbem-18287	61	7	return	return	NOUN
fbem-18287	61	8	(	(	PUNCT
fbem-18287	61	9	retid	retid	NOUN
fbem-18287	61	10	)	)	PUNCT
fbem-18287	61	11	of	of	ADP
fbem-18287	61	12	individual	individual	ADJ
fbem-18287	61	13	stock	stock	NOUN
fbem-18287	61	14	i	i	PRON
fbem-18287	61	15	on	on	ADP
fbem-18287	61	16	the	the	DET
fbem-18287	61	17	trading	trading	NOUN
fbem-18287	61	18	day	day	NOUN
fbem-18287	61	19	d	d	NOUN
fbem-18287	61	20	is	be	AUX
fbem-18287	61	21	decomposed	decompose	VERB
fbem-18287	61	22	into	into	ADP
fbem-18287	61	23	two	two	NUM
fbem-18287	61	24	parts	part	NOUN
fbem-18287	61	25	:	:	PUNCT
fbem-18287	61	26	overnight	overnight	ADJ
fbem-18287	61	27	return	return	NOUN
fbem-18287	61	28	(	(	PUNCT
fbem-18287	61	29	ret_nightid	ret_nightid	NOUN
fbem-18287	61	30	)	)	PUNCT
fbem-18287	61	31	and	and	CCONJ
fbem-18287	61	32	daytime	daytime	NOUN
fbem-18287	61	33	return	return	NOUN
fbem-18287	61	34	(	(	PUNCT
fbem-18287	61	35	ret_dayid	ret_dayid	NOUN
fbem-18287	61	36	)	)	PUNCT
fbem-18287	61	37	.	.	PUNCT
fbem-18287	62	1	the	the	DET
fbem-18287	62	2	daytime	daytime	ADJ
fbem-18287	62	3	yield	yield	NOUN
fbem-18287	62	4	is	be	AUX
fbem-18287	62	5	calculated	calculate	VERB
fbem-18287	62	6	by	by	ADP
fbem-18287	62	7	the	the	DET
fbem-18287	62	8	opening	opening	NOUN
fbem-18287	62	9	price	price	NOUN
fbem-18287	62	10	(	(	PUNCT
fbem-18287	62	11	popenid	popenid	ADJ
fbem-18287	62	12	)	)	PUNCT
fbem-18287	62	13	and	and	CCONJ
fbem-18287	62	14	closing	closing	NOUN
fbem-18287	62	15	price	price	NOUN
fbem-18287	62	16	(	(	PUNCT
fbem-18287	62	17	pcloseid	pcloseid	NOUN
fbem-18287	62	18	)	)	PUNCT
fbem-18287	62	19	of	of	ADP
fbem-18287	62	20	the	the	DET
fbem-18287	62	21	trading	trading	NOUN
fbem-18287	62	22	day	day	NOUN
fbem-18287	62	23	,	,	PUNCT
fbem-18287	62	24	and	and	CCONJ
fbem-18287	62	25	the	the	DET
fbem-18287	62	26	calculation	calculation	NOUN
fbem-18287	62	27	formula	formula	NOUN
fbem-18287	62	28	is	be	AUX
fbem-18287	62	29	:	:	PUNCT
fbem-18287	62	30	ret_day	ret_day	PROPN
fbem-18287	62	31	𝑃	𝑃	NOUN
fbem-18287	62	32	𝑃	𝑃	NOUN
fbem-18287	62	33	1	1	NUM
fbem-18287	62	34	1	1	NUM
fbem-18287	62	35	in	in	ADP
fbem-18287	62	36	the	the	DET
fbem-18287	62	37	calculation	calculation	NOUN
fbem-18287	62	38	of	of	ADP
fbem-18287	62	39	overnight	overnight	ADJ
fbem-18287	62	40	return	return	NOUN
fbem-18287	62	41	rate	rate	NOUN
fbem-18287	62	42	,	,	PUNCT
fbem-18287	62	43	considering	consider	VERB
fbem-18287	62	44	that	that	SCONJ
fbem-18287	62	45	stock	stock	NOUN
fbem-18287	62	46	splitting	splitting	NOUN
fbem-18287	62	47	and	and	CCONJ
fbem-18287	62	48	other	other	ADJ
fbem-18287	62	49	behaviors	behavior	NOUN
fbem-18287	62	50	may	may	AUX
fbem-18287	62	51	affect	affect	VERB
fbem-18287	62	52	it	it	PRON
fbem-18287	62	53	,	,	PUNCT
fbem-18287	62	54	this	this	DET
fbem-18287	62	55	paper	paper	NOUN
fbem-18287	62	56	uses	use	VERB
fbem-18287	62	57	daily	daily	ADJ
fbem-18287	62	58	return	return	NOUN
fbem-18287	62	59	rate	rate	NOUN
fbem-18287	62	60	(	(	PUNCT
fbem-18287	62	61	retid	retid	NOUN
fbem-18287	62	62	)	)	PUNCT
fbem-18287	62	63	and	and	CCONJ
fbem-18287	62	64	daytime	daytime	NOUN
fbem-18287	62	65	return	return	NOUN
fbem-18287	62	66	rate	rate	NOUN
fbem-18287	62	67	(	(	PUNCT
fbem-18287	62	68	ret_dayid	ret_dayid	NOUN
fbem-18287	62	69	)	)	PUNCT
fbem-18287	62	70	to	to	PART
fbem-18287	62	71	derive	derive	VERB
fbem-18287	62	72	the	the	DET
fbem-18287	62	73	calculation	calculation	NOUN
fbem-18287	62	74	formula	formula	NOUN
fbem-18287	62	75	as	as	SCONJ
fbem-18287	62	76	follows	follow	VERB
fbem-18287	62	77	:	:	PUNCT
fbem-18287	62	78	ret_night	ret_night	NOUN
fbem-18287	62	79	1	1	NUM
fbem-18287	62	80	𝑅𝑒𝑡	𝑅𝑒𝑡	ADJ
fbem-18287	62	81	1	1	NUM
fbem-18287	62	82	ret_day	ret_day	NOUN
fbem-18287	62	83	1	1	NUM
fbem-18287	62	84	2	2	NUM
fbem-18287	62	85	if	if	SCONJ
fbem-18287	62	86	the	the	DET
fbem-18287	62	87	overnight	overnight	ADJ
fbem-18287	62	88	return	return	NOUN
fbem-18287	62	89	is	be	AUX
fbem-18287	62	90	greater	great	ADJ
fbem-18287	62	91	than	than	ADP
fbem-18287	62	92	zero	zero	NUM
fbem-18287	62	93	(	(	PUNCT
fbem-18287	62	94	ret_nightid>0	ret_nightid>0	PROPN
fbem-18287	62	95	)	)	PUNCT
fbem-18287	62	96	and	and	CCONJ
fbem-18287	62	97	the	the	DET
fbem-18287	62	98	daytime	daytime	ADJ
fbem-18287	62	99	return	return	NOUN
fbem-18287	62	100	is	be	AUX
fbem-18287	62	101	less	less	ADJ
fbem-18287	62	102	than	than	ADP
fbem-18287	62	103	zero	zero	NUM
fbem-18287	62	104	(	(	PUNCT
fbem-18287	62	105	ret_dayid<0	ret_dayid<0	NOUN
fbem-18287	62	106	)	)	PUNCT
fbem-18287	62	107	,	,	PUNCT
fbem-18287	62	108	it	it	PRON
fbem-18287	62	109	is	be	AUX
fbem-18287	62	110	defined	define	VERB
fbem-18287	62	111	as	as	ADP
fbem-18287	62	112	opening	open	VERB
fbem-18287	62	113	high	high	ADJ
fbem-18287	62	114	and	and	CCONJ
fbem-18287	62	115	closing	closing	NOUN
fbem-18287	62	116	low	low	NOUN
fbem-18287	62	117	.	.	PUNCT
fbem-18287	63	1	if	if	SCONJ
fbem-18287	63	2	the	the	DET
fbem-18287	63	3	overnight	overnight	ADJ
fbem-18287	63	4	return	return	NOUN
fbem-18287	63	5	rate	rate	NOUN
fbem-18287	63	6	is	be	AUX
fbem-18287	63	7	less	less	ADJ
fbem-18287	63	8	than	than	ADP
fbem-18287	63	9	zero	zero	NUM
fbem-18287	63	10	(	(	PUNCT
fbem-18287	63	11	ret_nightid<0	ret_nightid<0	NOUN
fbem-18287	63	12	)	)	PUNCT
fbem-18287	63	13	and	and	CCONJ
fbem-18287	63	14	the	the	DET
fbem-18287	63	15	daytime	daytime	ADJ
fbem-18287	63	16	return	return	NOUN
fbem-18287	63	17	rate	rate	NOUN
fbem-18287	63	18	is	be	AUX
fbem-18287	63	19	greater	great	ADJ
fbem-18287	63	20	than	than	ADP
fbem-18287	63	21	zero	zero	NUM
fbem-18287	63	22	(	(	PUNCT
fbem-18287	63	23	ret_dayid>0	ret_dayid>0	PROPN
fbem-18287	63	24	)	)	PUNCT
fbem-18287	63	25	,	,	PUNCT
fbem-18287	63	26	it	it	PRON
fbem-18287	63	27	is	be	AUX
fbem-18287	63	28	defined	define	VERB
fbem-18287	63	29	as	as	ADP
fbem-18287	63	30	265	265	NUM
fbem-18287	63	31	opening	opening	NOUN
fbem-18287	63	32	low	low	ADJ
fbem-18287	63	33	and	and	CCONJ
fbem-18287	63	34	closing	closing	NOUN
fbem-18287	63	35	high	high	NOUN
fbem-18287	63	36	.	.	PUNCT
fbem-18287	64	1	the	the	DET
fbem-18287	64	2	monthly	monthly	ADJ
fbem-18287	64	3	frequency	frequency	NOUN
fbem-18287	64	4	of	of	ADP
fbem-18287	64	5	opening	open	VERB
fbem-18287	64	6	high	high	ADJ
fbem-18287	64	7	and	and	CCONJ
fbem-18287	64	8	closing	close	VERB
fbem-18287	64	9	low	low	ADJ
fbem-18287	64	10	(	(	PUNCT
fbem-18287	64	11	opening	opening	NOUN
fbem-18287	64	12	low	low	ADJ
fbem-18287	64	13	and	and	CCONJ
fbem-18287	64	14	closing	closing	NOUN
fbem-18287	64	15	high	high	NOUN
fbem-18287	64	16	)	)	PUNCT
fbem-18287	64	17	is	be	AUX
fbem-18287	64	18	obtained	obtain	VERB
fbem-18287	64	19	through	through	ADP
fbem-18287	64	20	the	the	DET
fbem-18287	64	21	proportion	proportion	NOUN
fbem-18287	64	22	of	of	ADP
fbem-18287	64	23	the	the	DET
fbem-18287	64	24	days	day	NOUN
fbem-18287	64	25	of	of	ADP
fbem-18287	64	26	opening	opening	NOUN
fbem-18287	64	27	high	high	ADJ
fbem-18287	64	28	and	and	CCONJ
fbem-18287	64	29	closing	close	VERB
fbem-18287	64	30	low	low	ADJ
fbem-18287	64	31	(	(	PUNCT
fbem-18287	64	32	opening	opening	NOUN
fbem-18287	64	33	low	low	ADJ
fbem-18287	64	34	and	and	CCONJ
fbem-18287	64	35	closing	closing	NOUN
fbem-18287	64	36	high	high	NOUN
fbem-18287	64	37	)	)	PUNCT
fbem-18287	64	38	in	in	ADP
fbem-18287	64	39	the	the	DET
fbem-18287	64	40	trading	trading	NOUN
fbem-18287	64	41	days	day	NOUN
fbem-18287	64	42	of	of	ADP
fbem-18287	64	43	t	t	PROPN
fbem-18287	64	44	month	month	NOUN
fbem-18287	64	45	,	,	PUNCT
fbem-18287	64	46	which	which	PRON
fbem-18287	64	47	is	be	AUX
fbem-18287	64	48	recorded	record	VERB
fbem-18287	64	49	as	as	ADP
fbem-18287	64	50	nrit	nrit	NOUN
fbem-18287	64	51	(	(	PUNCT
fbem-18287	64	52	prit	prit	PROPN
fbem-18287	64	53	)	)	PUNCT
fbem-18287	64	54	.	.	PUNCT
fbem-18287	65	1	these	these	DET
fbem-18287	65	2	two	two	NUM
fbem-18287	65	3	frequency	frequency	NOUN
fbem-18287	65	4	indicators	indicator	NOUN
fbem-18287	65	5	reflect	reflect	VERB
fbem-18287	65	6	the	the	DET
fbem-18287	65	7	intensity	intensity	NOUN
fbem-18287	65	8	of	of	ADP
fbem-18287	65	9	the	the	DET
fbem-18287	65	10	long	long	ADV
fbem-18287	65	11	-	-	PUNCT
fbem-18287	65	12	short	short	ADJ
fbem-18287	65	13	duel	duel	NOUN
fbem-18287	65	14	of	of	ADP
fbem-18287	65	15	stock	stock	NOUN
fbem-18287	65	16	i	i	PRON
fbem-18287	65	17	in	in	ADP
fbem-18287	65	18	t	t	PROPN
fbem-18287	65	19	month	month	NOUN
fbem-18287	65	20	,	,	PUNCT
fbem-18287	65	21	and	and	CCONJ
fbem-18287	65	22	the	the	DET
fbem-18287	65	23	long	long	ADV
fbem-18287	65	24	-	-	PUNCT
fbem-18287	65	25	short	short	ADJ
fbem-18287	65	26	duel	duel	NOUN
fbem-18287	65	27	becomes	become	VERB
fbem-18287	65	28	more	more	ADV
fbem-18287	65	29	intense	intense	ADJ
fbem-18287	65	30	with	with	ADP
fbem-18287	65	31	the	the	DET
fbem-18287	65	32	increase	increase	NOUN
fbem-18287	65	33	of	of	ADP
fbem-18287	65	34	nrit	nrit	NOUN
fbem-18287	65	35	(	(	PUNCT
fbem-18287	65	36	prit	prit	PROPN
fbem-18287	65	37	)	)	PUNCT
fbem-18287	65	38	.	.	PUNCT
fbem-18287	66	1	finally	finally	ADV
fbem-18287	66	2	,	,	PUNCT
fbem-18287	66	3	the	the	DET
fbem-18287	66	4	core	core	ADJ
fbem-18287	66	5	variable	variable	NOUN
fbem-18287	66	6	of	of	ADP
fbem-18287	66	7	this	this	DET
fbem-18287	66	8	paper	paper	NOUN
fbem-18287	66	9	is	be	AUX
fbem-18287	66	10	the	the	DET
fbem-18287	66	11	monthly	monthly	ADJ
fbem-18287	66	12	frequency	frequency	NOUN
fbem-18287	66	13	of	of	ADP
fbem-18287	66	14	abnormal	abnormal	ADJ
fbem-18287	66	15	opening	opening	NOUN
fbem-18287	66	16	high	high	ADJ
fbem-18287	66	17	and	and	CCONJ
fbem-18287	66	18	closing	close	VERB
fbem-18287	66	19	low	low	ADJ
fbem-18287	66	20	(	(	PUNCT
fbem-18287	66	21	opening	opening	NOUN
fbem-18287	66	22	low	low	ADJ
fbem-18287	66	23	and	and	CCONJ
fbem-18287	66	24	closing	closing	NOUN
fbem-18287	66	25	high	high	ADJ
fbem-18287	66	26	)	)	PUNCT
fbem-18287	66	27	,	,	PUNCT
fbem-18287	66	28	which	which	PRON
fbem-18287	66	29	is	be	AUX
fbem-18287	66	30	denoted	denote	VERB
fbem-18287	66	31	as	as	ADP
fbem-18287	66	32	ab_nrit	ab_nrit	NUM
fbem-18287	66	33	(	(	PUNCT
fbem-18287	66	34	ab_prit	ab_prit	NOUN
fbem-18287	66	35	)	)	PUNCT
fbem-18287	66	36	,	,	PUNCT
fbem-18287	66	37	which	which	PRON
fbem-18287	66	38	is	be	AUX
fbem-18287	66	39	obtained	obtain	VERB
fbem-18287	66	40	by	by	ADP
fbem-18287	66	41	the	the	DET
fbem-18287	66	42	ratio	ratio	NOUN
fbem-18287	66	43	of	of	ADP
fbem-18287	66	44	intra	intra	ADJ
fbem-18287	66	45	-	-	ADJ
fbem-18287	66	46	day	day	ADJ
fbem-18287	66	47	return	return	NOUN
fbem-18287	66	48	reversal	reversal	NOUN
fbem-18287	66	49	frequency	frequency	NOUN
fbem-18287	66	50	in	in	ADP
fbem-18287	66	51	t	t	PROPN
fbem-18287	66	52	month	month	NOUN
fbem-18287	66	53	to	to	ADP
fbem-18287	66	54	the	the	DET
fbem-18287	66	55	average	average	NOUN
fbem-18287	66	56	of	of	ADP
fbem-18287	66	57	monthly	monthly	ADJ
fbem-18287	66	58	return	return	NOUN
fbem-18287	66	59	reversal	reversal	NOUN
fbem-18287	66	60	frequency	frequency	NOUN
fbem-18287	66	61	in	in	ADP
fbem-18287	66	62	the	the	DET
fbem-18287	66	63	previous	previous	ADJ
fbem-18287	66	64	12	12	NUM
fbem-18287	66	65	months	month	NOUN
fbem-18287	66	66	,	,	PUNCT
fbem-18287	66	67	and	and	CCONJ
fbem-18287	66	68	the	the	DET
fbem-18287	66	69	calculation	calculation	NOUN
fbem-18287	66	70	formula	formula	NOUN
fbem-18287	66	71	is	be	AUX
fbem-18287	66	72	as	as	SCONJ
fbem-18287	66	73	follows	follow	VERB
fbem-18287	66	74	:	:	PUNCT
fbem-18287	66	75	𝐴𝐵_𝑁𝑅	𝐴𝐵_𝑁𝑅	PROPN
fbem-18287	66	76	𝑁𝑅	𝑁𝑅	PROPN
fbem-18287	66	77	1	1	NUM
fbem-18287	66	78	12∑	12∑	NUM
fbem-18287	66	79	𝑁𝑅	𝑁𝑅	PROPN
fbem-18287	66	80	3	3	NUM
fbem-18287	66	81	𝐴𝐵_𝑃𝑅	𝐴𝐵_𝑃𝑅	NOUN
fbem-18287	66	82	𝑃𝑅	𝑃𝑅	PROPN
fbem-18287	66	83	1	1	NUM
fbem-18287	66	84	12∑	12∑	NUM
fbem-18287	66	85	𝑃𝑅	𝑃𝑅	PROPN
fbem-18287	66	86	4	4	NUM
fbem-18287	66	87	in	in	ADP
fbem-18287	66	88	terms	term	NOUN
fbem-18287	66	89	of	of	ADP
fbem-18287	66	90	control	control	NOUN
fbem-18287	66	91	variables	variable	NOUN
fbem-18287	66	92	,	,	PUNCT
fbem-18287	66	93	based	base	VERB
fbem-18287	66	94	on	on	ADP
fbem-18287	66	95	the	the	DET
fbem-18287	66	96	existing	exist	VERB
fbem-18287	66	97	research	research	NOUN
fbem-18287	66	98	and	and	CCONJ
fbem-18287	66	99	combined	combine	VERB
fbem-18287	66	100	with	with	ADP
fbem-18287	66	101	the	the	DET
fbem-18287	66	102	actual	actual	ADJ
fbem-18287	66	103	situation	situation	NOUN
fbem-18287	66	104	of	of	ADP
fbem-18287	66	105	the	the	DET
fbem-18287	66	106	a	a	DET
fbem-18287	66	107	-	-	PUNCT
fbem-18287	66	108	share	share	NOUN
fbem-18287	66	109	market	market	NOUN
fbem-18287	66	110	,	,	PUNCT
fbem-18287	66	111	this	this	DET
fbem-18287	66	112	paper	paper	NOUN
fbem-18287	66	113	selects	select	VERB
fbem-18287	66	114	the	the	DET
fbem-18287	66	115	following	follow	VERB
fbem-18287	66	116	indicators	indicator	NOUN
fbem-18287	66	117	as	as	ADP
fbem-18287	66	118	control	control	NOUN
fbem-18287	66	119	variables	variable	NOUN
fbem-18287	66	120	:	:	PUNCT
fbem-18287	66	121	(	(	PUNCT
fbem-18287	66	122	1	1	X
fbem-18287	66	123	)	)	PUNCT
fbem-18287	66	124	size	size	NOUN
fbem-18287	66	125	:	:	PUNCT
fbem-18287	66	126	the	the	DET
fbem-18287	66	127	total	total	ADJ
fbem-18287	66	128	market	market	NOUN
fbem-18287	66	129	value	value	NOUN
fbem-18287	66	130	of	of	ADP
fbem-18287	66	131	stocks	stock	NOUN
fbem-18287	66	132	at	at	ADP
fbem-18287	66	133	the	the	DET
fbem-18287	66	134	end	end	NOUN
fbem-18287	66	135	of	of	ADP
fbem-18287	66	136	the	the	DET
fbem-18287	66	137	month	month	NOUN
fbem-18287	66	138	,	,	PUNCT
fbem-18287	66	139	which	which	PRON
fbem-18287	66	140	is	be	AUX
fbem-18287	66	141	used	use	VERB
fbem-18287	66	142	to	to	PART
fbem-18287	66	143	control	control	VERB
fbem-18287	66	144	the	the	DET
fbem-18287	66	145	size	size	NOUN
fbem-18287	66	146	of	of	ADP
fbem-18287	66	147	the	the	DET
fbem-18287	66	148	company	company	NOUN
fbem-18287	66	149	.	.	PUNCT
fbem-18287	67	1	(	(	PUNCT
fbem-18287	67	2	2	2	X
fbem-18287	67	3	)	)	PUNCT
fbem-18287	67	4	bm	bm	PROPN
fbem-18287	67	5	:	:	PUNCT
fbem-18287	67	6	book	book	NOUN
fbem-18287	67	7	-	-	PUNCT
fbem-18287	67	8	to	to	ADP
fbem-18287	67	9	-	-	PUNCT
fbem-18287	67	10	market	market	NOUN
fbem-18287	67	11	ratio	ratio	NOUN
fbem-18287	67	12	.	.	PUNCT
fbem-18287	68	1	book	book	NOUN
fbem-18287	68	2	value	value	NOUN
fbem-18287	68	3	adopts	adopt	VERB
fbem-18287	68	4	the	the	DET
fbem-18287	68	5	net	net	ADJ
fbem-18287	68	6	asset	asset	NOUN
fbem-18287	68	7	data	datum	NOUN
fbem-18287	68	8	of	of	ADP
fbem-18287	68	9	last	last	ADJ
fbem-18287	68	10	year	year	NOUN
fbem-18287	68	11	's	's	PART
fbem-18287	68	12	financial	financial	ADJ
fbem-18287	68	13	report	report	NOUN
fbem-18287	68	14	to	to	PART
fbem-18287	68	15	match	match	VERB
fbem-18287	68	16	the	the	DET
fbem-18287	68	17	corresponding	corresponding	ADJ
fbem-18287	68	18	month	month	NOUN
fbem-18287	68	19	,	,	PUNCT
fbem-18287	68	20	and	and	CCONJ
fbem-18287	68	21	market	market	NOUN
fbem-18287	68	22	value	value	NOUN
fbem-18287	68	23	adopts	adopt	VERB
fbem-18287	68	24	the	the	DET
fbem-18287	68	25	total	total	ADJ
fbem-18287	68	26	market	market	NOUN
fbem-18287	68	27	value	value	NOUN
fbem-18287	68	28	of	of	ADP
fbem-18287	68	29	stocks	stock	NOUN
fbem-18287	68	30	at	at	ADP
fbem-18287	68	31	the	the	DET
fbem-18287	68	32	end	end	NOUN
fbem-18287	68	33	of	of	ADP
fbem-18287	68	34	the	the	DET
fbem-18287	68	35	month	month	NOUN
fbem-18287	68	36	(	(	PUNCT
fbem-18287	68	37	size	size	NOUN
fbem-18287	68	38	)	)	PUNCT
fbem-18287	68	39	.	.	PUNCT
fbem-18287	69	1	(	(	PUNCT
fbem-18287	69	2	3	3	X
fbem-18287	69	3	)	)	PUNCT
fbem-18287	69	4	ret	ret	NOUN
fbem-18287	69	5	:	:	PUNCT
fbem-18287	69	6	the	the	DET
fbem-18287	69	7	return	return	NOUN
fbem-18287	69	8	rate	rate	NOUN
fbem-18287	69	9	of	of	ADP
fbem-18287	69	10	the	the	DET
fbem-18287	69	11	stock	stock	NOUN
fbem-18287	69	12	that	that	PRON
fbem-18287	69	13	considers	consider	VERB
fbem-18287	69	14	the	the	DET
fbem-18287	69	15	cash	cash	NOUN
fbem-18287	69	16	dividend	dividend	NOUN
fbem-18287	69	17	reinvested	reinveste	VERB
fbem-18287	69	18	in	in	ADP
fbem-18287	69	19	the	the	DET
fbem-18287	69	20	month	month	NOUN
fbem-18287	69	21	,	,	PUNCT
fbem-18287	69	22	which	which	PRON
fbem-18287	69	23	is	be	AUX
fbem-18287	69	24	used	use	VERB
fbem-18287	69	25	to	to	PART
fbem-18287	69	26	control	control	VERB
fbem-18287	69	27	the	the	DET
fbem-18287	69	28	short	short	ADJ
fbem-18287	69	29	-	-	PUNCT
fbem-18287	69	30	term	term	NOUN
fbem-18287	69	31	reversal	reversal	NOUN
fbem-18287	69	32	effect	effect	NOUN
fbem-18287	69	33	.	.	PUNCT
fbem-18287	70	1	(	(	PUNCT
fbem-18287	70	2	4	4	X
fbem-18287	70	3	)	)	PUNCT
fbem-18287	70	4	ret112	ret112	NOUN
fbem-18287	70	5	:	:	PUNCT
fbem-18287	70	6	cumulative	cumulative	ADJ
fbem-18287	70	7	stock	stock	NOUN
fbem-18287	70	8	return	return	NOUN
fbem-18287	70	9	over	over	ADP
fbem-18287	70	10	the	the	DET
fbem-18287	70	11	previous	previous	ADJ
fbem-18287	70	12	1	1	NUM
fbem-18287	70	13	to	to	PART
fbem-18287	70	14	12	12	NUM
fbem-18287	70	15	months	month	NOUN
fbem-18287	70	16	,	,	PUNCT
fbem-18287	70	17	used	use	VERB
fbem-18287	70	18	to	to	PART
fbem-18287	70	19	control	control	VERB
fbem-18287	70	20	the	the	DET
fbem-18287	70	21	medium	medium	ADJ
fbem-18287	70	22	-	-	PUNCT
fbem-18287	70	23	term	term	NOUN
fbem-18287	70	24	momentum	momentum	NOUN
fbem-18287	70	25	effect	effect	NOUN
fbem-18287	70	26	.	.	PUNCT
fbem-18287	71	1	(	(	PUNCT
fbem-18287	71	2	5	5	X
fbem-18287	71	3	)	)	PUNCT
fbem-18287	71	4	turn	turn	NOUN
fbem-18287	71	5	:	:	PUNCT
fbem-18287	71	6	turnover	turnover	NOUN
fbem-18287	71	7	rate	rate	NOUN
fbem-18287	71	8	,	,	PUNCT
fbem-18287	71	9	monthly	monthly	ADJ
fbem-18287	71	10	average	average	NOUN
fbem-18287	71	11	of	of	ADP
fbem-18287	71	12	the	the	DET
fbem-18287	71	13	daily	daily	ADJ
fbem-18287	71	14	turnover	turnover	NOUN
fbem-18287	71	15	rate	rate	NOUN
fbem-18287	71	16	.	.	PUNCT
fbem-18287	72	1	(	(	PUNCT
fbem-18287	72	2	6	6	X
fbem-18287	72	3	)	)	PUNCT
fbem-18287	72	4	agt	agt	PROPN
fbem-18287	72	5	:	:	PUNCT
fbem-18287	72	6	the	the	DET
fbem-18287	72	7	growth	growth	NOUN
fbem-18287	72	8	rate	rate	NOUN
fbem-18287	72	9	of	of	ADP
fbem-18287	72	10	total	total	ADJ
fbem-18287	72	11	assets	asset	NOUN
fbem-18287	72	12	is	be	AUX
fbem-18287	72	13	used	use	VERB
fbem-18287	72	14	to	to	PART
fbem-18287	72	15	control	control	VERB
fbem-18287	72	16	the	the	DET
fbem-18287	72	17	investment	investment	NOUN
fbem-18287	72	18	effect	effect	NOUN
fbem-18287	72	19	of	of	ADP
fbem-18287	72	20	the	the	DET
fbem-18287	72	21	company	company	NOUN
fbem-18287	72	22	.	.	PUNCT
fbem-18287	73	1	(	(	PUNCT
fbem-18287	73	2	7	7	X
fbem-18287	73	3	)	)	PUNCT
fbem-18287	73	4	gp	gp	NOUN
fbem-18287	73	5	:	:	PUNCT
fbem-18287	73	6	gross	gross	ADJ
fbem-18287	73	7	profit	profit	NOUN
fbem-18287	73	8	rate	rate	NOUN
fbem-18287	73	9	,	,	PUNCT
fbem-18287	73	10	using	use	VERB
fbem-18287	73	11	the	the	DET
fbem-18287	73	12	method	method	NOUN
fbem-18287	73	13	defined	define	VERB
fbem-18287	73	14	by	by	ADP
fbem-18287	73	15	novy	novy	PROPN
fbem-18287	73	16	-	-	PUNCT
fbem-18287	73	17	mark	mark	NOUN
fbem-18287	73	18	(	(	PUNCT
fbem-18287	73	19	2013)[10	2013)[10	NUM
fbem-18287	73	20	]	]	PUNCT
fbem-18287	73	21	,	,	PUNCT
fbem-18287	73	22	where	where	SCONJ
fbem-18287	73	23	the	the	DET
fbem-18287	73	24	numerator	numerator	NOUN
fbem-18287	73	25	is	be	AUX
fbem-18287	73	26	operating	operate	VERB
fbem-18287	73	27	income	income	NOUN
fbem-18287	73	28	minus	minus	CCONJ
fbem-18287	73	29	operating	operating	NOUN
fbem-18287	73	30	cost	cost	NOUN
fbem-18287	73	31	and	and	CCONJ
fbem-18287	73	32	the	the	DET
fbem-18287	73	33	denominator	denominator	NOUN
fbem-18287	73	34	is	be	AUX
fbem-18287	73	35	total	total	ADJ
fbem-18287	73	36	assets	asset	NOUN
fbem-18287	73	37	.	.	PUNCT
fbem-18287	74	1	(	(	PUNCT
fbem-18287	74	2	8)	8)	NUM
fbem-18287	74	3	illiq	illiq	ADJ
fbem-18287	74	4	:	:	PUNCT
fbem-18287	74	5	illiquidity	illiquidity	NOUN
fbem-18287	74	6	index	index	NOUN
fbem-18287	74	7	.	.	PUNCT
fbem-18287	75	1	first	first	ADV
fbem-18287	75	2	,	,	PUNCT
fbem-18287	75	3	the	the	DET
fbem-18287	75	4	absolute	absolute	ADJ
fbem-18287	75	5	daily	daily	ADJ
fbem-18287	75	6	return	return	NOUN
fbem-18287	75	7	of	of	ADP
fbem-18287	75	8	individual	individual	ADJ
fbem-18287	75	9	stocks	stock	NOUN
fbem-18287	75	10	is	be	AUX
fbem-18287	75	11	calculated	calculate	VERB
fbem-18287	75	12	divided	divide	VERB
fbem-18287	75	13	by	by	ADP
fbem-18287	75	14	the	the	DET
fbem-18287	75	15	daily	daily	ADJ
fbem-18287	75	16	transaction	transaction	NOUN
fbem-18287	75	17	amount	amount	NOUN
fbem-18287	75	18	,	,	PUNCT
fbem-18287	75	19	and	and	CCONJ
fbem-18287	75	20	then	then	ADV
fbem-18287	75	21	the	the	DET
fbem-18287	75	22	monthly	monthly	ADJ
fbem-18287	75	23	average	average	NOUN
fbem-18287	75	24	is	be	AUX
fbem-18287	75	25	further	far	ADV
fbem-18287	75	26	calculated	calculate	VERB
fbem-18287	75	27	.	.	PUNCT
fbem-18287	76	1	(	(	PUNCT
fbem-18287	76	2	9	9	X
fbem-18287	76	3	)	)	PUNCT
fbem-18287	76	4	ivol	ivol	NOUN
fbem-18287	76	5	:	:	PUNCT
fbem-18287	76	6	idiosyncrasic	idiosyncrasic	ADJ
fbem-18287	76	7	volatility	volatility	NOUN
fbem-18287	76	8	.	.	PUNCT
fbem-18287	77	1	first	first	ADV
fbem-18287	77	2	,	,	PUNCT
fbem-18287	77	3	the	the	DET
fbem-18287	77	4	daily	daily	ADJ
fbem-18287	77	5	rate	rate	NOUN
fbem-18287	77	6	of	of	ADP
fbem-18287	77	7	return	return	NOUN
fbem-18287	77	8	of	of	ADP
fbem-18287	77	9	individual	individual	ADJ
fbem-18287	77	10	stocks	stock	NOUN
fbem-18287	77	11	was	be	AUX
fbem-18287	77	12	used	use	VERB
fbem-18287	77	13	to	to	PART
fbem-18287	77	14	conduct	conduct	VERB
fbem-18287	77	15	fama	fama	PROPN
fbem-18287	77	16	-	-	PUNCT
fbem-18287	77	17	french	french	ADJ
fbem-18287	77	18	three	three	NUM
fbem-18287	77	19	-	-	PUNCT
fbem-18287	77	20	factor	factor	NOUN
fbem-18287	77	21	model	model	NOUN
fbem-18287	77	22	regression	regression	NOUN
fbem-18287	77	23	,	,	PUNCT
fbem-18287	77	24	and	and	CCONJ
fbem-18287	77	25	then	then	ADV
fbem-18287	77	26	the	the	DET
fbem-18287	77	27	sample	sample	NOUN
fbem-18287	77	28	standard	standard	ADJ
fbem-18287	77	29	deviation	deviation	NOUN
fbem-18287	77	30	of	of	ADP
fbem-18287	77	31	regression	regression	NOUN
fbem-18287	77	32	residual	residual	ADJ
fbem-18287	77	33	was	be	AUX
fbem-18287	77	34	used	use	VERB
fbem-18287	77	35	to	to	PART
fbem-18287	77	36	obtain	obtain	VERB
fbem-18287	77	37	the	the	DET
fbem-18287	77	38	monthly	monthly	ADJ
fbem-18287	77	39	idiosyncrasic	idiosyncrasic	ADJ
fbem-18287	77	40	volatility	volatility	NOUN
fbem-18287	77	41	of	of	ADP
fbem-18287	77	42	individual	individual	ADJ
fbem-18287	77	43	stocks	stock	NOUN
fbem-18287	77	44	.	.	PUNCT
fbem-18287	78	1	(	(	PUNCT
fbem-18287	78	2	10	10	NUM
fbem-18287	78	3	)	)	PUNCT
fbem-18287	78	4	io	io	NOUN
fbem-18287	78	5	:	:	PUNCT
fbem-18287	78	6	proportion	proportion	NOUN
fbem-18287	78	7	of	of	ADP
fbem-18287	78	8	shares	share	NOUN
fbem-18287	78	9	held	hold	VERB
fbem-18287	78	10	by	by	ADP
fbem-18287	78	11	institutional	institutional	ADJ
fbem-18287	78	12	investors	investor	NOUN
fbem-18287	78	13	.	.	PUNCT
fbem-18287	79	1	3.3	3.3	NUM
fbem-18287	79	2	.	.	PUNCT
fbem-18287	80	1	descriptive	descriptive	ADJ
fbem-18287	80	2	statistics	statistic	NOUN
fbem-18287	80	3	table	table	NOUN
fbem-18287	80	4	1	1	NUM
fbem-18287	80	5	.	.	PUNCT
fbem-18287	81	1	summary	summary	NOUN
fbem-18287	81	2	statistics	statistic	NOUN
fbem-18287	81	3	for	for	ADP
fbem-18287	81	4	main	main	ADJ
fbem-18287	81	5	variables	variable	NOUN
fbem-18287	81	6	mean	mean	VERB
fbem-18287	81	7	std	std	NOUN
fbem-18287	81	8	min	min	NOUN
fbem-18287	81	9	median	median	PROPN
fbem-18287	81	10	max	max	PROPN
fbem-18287	81	11	ab_nr	ab_nr	PROPN
fbem-18287	81	12	1.0247	1.0247	NUM
fbem-18287	81	13	0.4462	0.4462	NUM
fbem-18287	81	14	0.0092	0.0092	NUM
fbem-18287	81	15	0.9898	0.9898	NUM
fbem-18287	81	16	3.0553	3.0553	NUM
fbem-18287	81	17	ab_pr	ab_pr	PROPN
fbem-18287	81	18	1.0080	1.0080	NUM
fbem-18287	81	19	0.3594	0.3594	NUM
fbem-18287	81	20	0.0731	0.0731	NUM
fbem-18287	81	21	0.9844	0.9844	NUM
fbem-18287	81	22	2.5466	2.5466	NUM
fbem-18287	81	23	nr	nr	PROPN
fbem-18287	81	24	0.2200	0.2200	NUM
fbem-18287	81	25	0.0925	0.0925	NUM
fbem-18287	81	26	0.0024	0.0024	NUM
fbem-18287	81	27	0.2165	0.2165	NUM
fbem-18287	81	28	0.5701	0.5701	NUM
fbem-18287	81	29	pr	pr	NOUN
fbem-18287	81	30	0.2937	0.2937	NUM
fbem-18287	81	31	0.1020	0.1020	NUM
fbem-18287	81	32	0.0224	0.0224	NUM
fbem-18287	81	33	0.2889	0.2889	NUM
fbem-18287	81	34	0.6803	0.6803	NUM
fbem-18287	81	35	size	size	NOUN
fbem-18287	81	36	22.5083	22.5083	NUM
fbem-18287	81	37	0.9320	0.9320	NUM
fbem-18287	81	38	21.0002	21.0002	NUM
fbem-18287	81	39	22.3389	22.3389	NUM
fbem-18287	81	40	25.4247	25.4247	NUM
fbem-18287	81	41	bm	bm	PROPN
fbem-18287	81	42	0.4566	0.4566	NUM
fbem-18287	81	43	0.2859	0.2859	NUM
fbem-18287	81	44	0.0727	0.0727	NUM
fbem-18287	81	45	0.3904	0.3904	NUM
fbem-18287	81	46	1.5469	1.5469	NUM
fbem-18287	81	47	ret	ret	PROPN
fbem-18287	81	48	0.0171	0.0171	NUM
fbem-18287	81	49	0.0983	0.0983	NUM
fbem-18287	81	50	-0.1795	-0.1795	NOUN
fbem-18287	81	51	0.0032	0.0032	NUM
fbem-18287	81	52	0.3595	0.3595	NUM
fbem-18287	81	53	ret112	ret112	PROPN
fbem-18287	81	54	0.2136	0.2136	NUM
fbem-18287	81	55	0.3212	0.3212	NUM
fbem-18287	81	56	-0.4074	-0.4074	NOUN
fbem-18287	81	57	0.1700	0.1700	NUM
fbem-18287	81	58	1.2298	1.2298	NUM
fbem-18287	81	59	turn	turn	VERB
fbem-18287	81	60	1.693	1.693	NUM
fbem-18287	81	61	1.2843	1.2843	NUM
fbem-18287	81	62	0.1858	0.1858	NUM
fbem-18287	81	63	1.3550	1.3550	NUM
fbem-18287	81	64	7.1029	7.1029	NUM
fbem-18287	81	65	gp	gp	NOUN
fbem-18287	81	66	0.2851	0.2851	NUM
fbem-18287	81	67	0.1695	0.1695	NUM
fbem-18287	82	1	0.0363	0.0363	NUM
fbem-18287	82	2	0.2467	0.2467	NUM
fbem-18287	82	3	0.8194	0.8194	NUM
fbem-18287	82	4	agt	agt	PROPN
fbem-18287	82	5	0.0904	0.0904	NUM
fbem-18287	82	6	0.1452	0.1452	NUM
fbem-18287	82	7	-0.1651	-0.1651	NOUN
fbem-18287	82	8	0.0591	0.0591	NUM
fbem-18287	82	9	0.7700	0.7700	NUM
fbem-18287	82	10	illiq	illiq	ADJ
fbem-18287	82	11	0.0581	0.0581	NUM
fbem-18287	82	12	0.0488	0.0488	NUM
fbem-18287	82	13	0.0033	0.0033	NUM
fbem-18287	82	14	0.0441	0.0441	NUM
fbem-18287	82	15	0.2411	0.2411	NUM
fbem-18287	82	16	ivol	ivol	NOUN
fbem-18287	82	17	0.0938	0.0938	NUM
fbem-18287	82	18	0.0368	0.0368	NUM
fbem-18287	82	19	0.0336	0.0336	NUM
fbem-18287	82	20	0.0881	0.0881	NUM
fbem-18287	82	21	0.2035	0.2035	NUM
fbem-18287	82	22	note	note	NOUN
fbem-18287	82	23	:	:	PUNCT
fbem-18287	82	24	in	in	ADP
fbem-18287	82	25	empirical	empirical	ADJ
fbem-18287	82	26	asset	asset	NOUN
fbem-18287	82	27	pricing	pricing	NOUN
fbem-18287	82	28	,	,	PUNCT
fbem-18287	82	29	descriptive	descriptive	ADJ
fbem-18287	82	30	statistics	statistic	NOUN
fbem-18287	82	31	are	be	AUX
fbem-18287	82	32	calculated	calculate	VERB
fbem-18287	82	33	in	in	ADP
fbem-18287	82	34	two	two	NUM
fbem-18287	82	35	steps	step	NOUN
fbem-18287	82	36	.	.	PUNCT
fbem-18287	83	1	the	the	DET
fbem-18287	83	2	first	first	ADJ
fbem-18287	83	3	step	step	NOUN
fbem-18287	83	4	:	:	PUNCT
fbem-18287	83	5	calculate	calculate	VERB
fbem-18287	83	6	cross	cross	ADJ
fbem-18287	83	7	-	-	ADJ
fbem-18287	83	8	section	section	ADJ
fbem-18287	83	9	statistics	statistic	NOUN
fbem-18287	83	10	,	,	PUNCT
fbem-18287	83	11	and	and	CCONJ
fbem-18287	83	12	obtain	obtain	VERB
fbem-18287	83	13	descriptive	descriptive	ADJ
fbem-18287	83	14	statistics	statistic	NOUN
fbem-18287	83	15	for	for	ADP
fbem-18287	83	16	all	all	DET
fbem-18287	83	17	stocks	stock	NOUN
fbem-18287	83	18	in	in	ADP
fbem-18287	83	19	each	each	DET
fbem-18287	83	20	period	period	NOUN
fbem-18287	83	21	;	;	PUNCT
fbem-18287	83	22	step	step	NOUN
fbem-18287	83	23	2	2	NUM
fbem-18287	83	24	:	:	PUNCT
fbem-18287	83	25	calculate	calculate	VERB
fbem-18287	83	26	the	the	DET
fbem-18287	83	27	mean	mean	NOUN
fbem-18287	83	28	of	of	ADP
fbem-18287	83	29	the	the	DET
fbem-18287	83	30	time	time	NOUN
fbem-18287	83	31	series	series	NOUN
fbem-18287	83	32	on	on	ADP
fbem-18287	83	33	the	the	DET
fbem-18287	83	34	basis	basis	NOUN
fbem-18287	83	35	of	of	ADP
fbem-18287	83	36	the	the	DET
fbem-18287	83	37	sectional	sectional	ADJ
fbem-18287	83	38	average	average	ADJ
fbem-18287	83	39	statistics	statistic	NOUN
fbem-18287	83	40	.	.	PUNCT
fbem-18287	84	1	table	table	NOUN
fbem-18287	84	2	1	1	NUM
fbem-18287	84	3	shows	show	VERB
fbem-18287	84	4	the	the	DET
fbem-18287	84	5	time	time	NOUN
fbem-18287	84	6	series	series	PROPN
fbem-18287	84	7	averages	average	NOUN
fbem-18287	84	8	of	of	ADP
fbem-18287	84	9	the	the	DET
fbem-18287	84	10	variables	variable	NOUN
fbem-18287	84	11	in	in	ADP
fbem-18287	84	12	the	the	DET
fbem-18287	84	13	monthly	monthly	ADJ
fbem-18287	84	14	cross	cross	ADJ
fbem-18287	84	15	-	-	ADJ
fbem-18287	84	16	sectional	sectional	ADJ
fbem-18287	84	17	summary	summary	NOUN
fbem-18287	84	18	statistics	statistic	NOUN
fbem-18287	84	19	.	.	PUNCT
fbem-18287	85	1	firstly	firstly	ADV
fbem-18287	85	2	,	,	PUNCT
fbem-18287	85	3	it	it	PRON
fbem-18287	85	4	is	be	AUX
fbem-18287	85	5	noted	note	VERB
fbem-18287	85	6	that	that	SCONJ
fbem-18287	85	7	the	the	DET
fbem-18287	85	8	average	average	ADJ
fbem-18287	85	9	monthly	monthly	ADJ
fbem-18287	85	10	opening	opening	NOUN
fbem-18287	85	11	high	high	ADJ
fbem-18287	85	12	and	and	CCONJ
fbem-18287	85	13	closing	close	VERB
fbem-18287	85	14	low	low	ADJ
fbem-18287	85	15	frequency	frequency	NOUN
fbem-18287	85	16	of	of	ADP
fbem-18287	85	17	nr	nr	PROPN
fbem-18287	85	18	is	be	AUX
fbem-18287	85	19	22.00	22.00	NUM
fbem-18287	85	20	%	%	NOUN
fbem-18287	85	21	,	,	PUNCT
fbem-18287	85	22	and	and	CCONJ
fbem-18287	85	23	on	on	ADP
fbem-18287	85	24	average	average	ADJ
fbem-18287	85	25	,	,	PUNCT
fbem-18287	85	26	there	there	PRON
fbem-18287	85	27	are	be	VERB
fbem-18287	85	28	about	about	ADV
fbem-18287	85	29	5	5	NUM
fbem-18287	85	30	trading	trading	NOUN
fbem-18287	85	31	days	day	NOUN
fbem-18287	85	32	each	each	DET
fbem-18287	85	33	month	month	NOUN
fbem-18287	85	34	with	with	ADP
fbem-18287	85	35	opening	open	VERB
fbem-18287	85	36	high	high	ADJ
fbem-18287	85	37	and	and	CCONJ
fbem-18287	85	38	closing	closing	NOUN
fbem-18287	85	39	low	low	NOUN
fbem-18287	85	40	.	.	PUNCT
fbem-18287	86	1	the	the	DET
fbem-18287	86	2	average	average	ADJ
fbem-18287	86	3	monthly	monthly	ADJ
fbem-18287	86	4	low	low	ADJ
fbem-18287	86	5	opening	opening	ADJ
fbem-18287	86	6	high	high	ADJ
fbem-18287	86	7	frequency	frequency	NOUN
fbem-18287	86	8	pr	pr	NOUN
fbem-18287	86	9	is	be	AUX
fbem-18287	86	10	29.37	29.37	NUM
fbem-18287	86	11	%	%	NOUN
fbem-18287	86	12	,	,	PUNCT
fbem-18287	86	13	indicating	indicate	VERB
fbem-18287	86	14	that	that	SCONJ
fbem-18287	86	15	the	the	DET
fbem-18287	86	16	frequency	frequency	NOUN
fbem-18287	86	17	of	of	ADP
fbem-18287	86	18	low	low	ADJ
fbem-18287	86	19	opening	opening	NOUN
fbem-18287	86	20	high	high	NOUN
fbem-18287	86	21	is	be	AUX
fbem-18287	86	22	higher	high	ADJ
fbem-18287	86	23	than	than	ADP
fbem-18287	86	24	that	that	PRON
fbem-18287	86	25	of	of	ADP
fbem-18287	86	26	high	high	ADJ
fbem-18287	86	27	opening	opening	NOUN
fbem-18287	86	28	low	low	NOUN
fbem-18287	86	29	.	.	PUNCT
fbem-18287	87	1	this	this	PRON
fbem-18287	87	2	may	may	AUX
fbem-18287	87	3	be	be	AUX
fbem-18287	87	4	related	relate	VERB
fbem-18287	87	5	to	to	ADP
fbem-18287	87	6	the	the	DET
fbem-18287	87	7	"	"	PUNCT
fbem-18287	87	8	t+1	t+1	PROPN
fbem-18287	87	9	"	"	PUNCT
fbem-18287	87	10	trading	trading	NOUN
fbem-18287	87	11	system	system	NOUN
fbem-18287	87	12	of	of	ADP
fbem-18287	87	13	the	the	DET
fbem-18287	87	14	a	a	DET
fbem-18287	87	15	-	-	PUNCT
fbem-18287	87	16	share	share	NOUN
fbem-18287	87	17	market	market	NOUN
fbem-18287	87	18	,	,	PUNCT
fbem-18287	87	19	that	that	ADV
fbem-18287	87	20	is	is	ADV
fbem-18287	87	21	,	,	PUNCT
fbem-18287	87	22	only	only	ADV
fbem-18287	87	23	the	the	DET
fbem-18287	87	24	stocks	stock	NOUN
fbem-18287	87	25	sold	sell	VERB
fbem-18287	87	26	at	at	ADP
fbem-18287	87	27	the	the	DET
fbem-18287	87	28	opening	opening	NOUN
fbem-18287	87	29	of	of	ADP
fbem-18287	87	30	the	the	DET
fbem-18287	87	31	day	day	NOUN
fbem-18287	87	32	are	be	AUX
fbem-18287	87	33	allowed	allow	VERB
fbem-18287	87	34	to	to	PART
fbem-18287	87	35	be	be	AUX
fbem-18287	87	36	bought	buy	VERB
fbem-18287	87	37	,	,	PUNCT
fbem-18287	87	38	but	but	CCONJ
fbem-18287	87	39	the	the	DET
fbem-18287	87	40	stocks	stock	NOUN
fbem-18287	87	41	bought	buy	VERB
fbem-18287	87	42	on	on	ADP
fbem-18287	87	43	the	the	DET
fbem-18287	87	44	day	day	NOUN
fbem-18287	87	45	are	be	AUX
fbem-18287	87	46	not	not	PART
fbem-18287	87	47	allowed	allow	VERB
fbem-18287	87	48	to	to	PART
fbem-18287	87	49	be	be	AUX
fbem-18287	87	50	sold	sell	VERB
fbem-18287	87	51	.	.	PUNCT
fbem-18287	88	1	therefore	therefore	ADV
fbem-18287	88	2	,	,	PUNCT
fbem-18287	88	3	the	the	DET
fbem-18287	88	4	opening	opening	NOUN
fbem-18287	88	5	buyers	buyer	NOUN
fbem-18287	88	6	of	of	ADP
fbem-18287	88	7	stocks	stock	NOUN
fbem-18287	88	8	require	require	VERB
fbem-18287	88	9	price	price	NOUN
fbem-18287	88	10	compensation	compensation	NOUN
fbem-18287	88	11	for	for	ADP
fbem-18287	88	12	the	the	DET
fbem-18287	88	13	decline	decline	NOUN
fbem-18287	88	14	in	in	ADP
fbem-18287	88	15	liquidity	liquidity	NOUN
fbem-18287	88	16	.	.	PUNCT
fbem-18287	89	1	as	as	ADP
fbem-18287	89	2	a	a	DET
fbem-18287	89	3	result	result	NOUN
fbem-18287	89	4	,	,	PUNCT
fbem-18287	89	5	the	the	DET
fbem-18287	89	6	average	average	ADJ
fbem-18287	89	7	overnight	overnight	ADJ
fbem-18287	89	8	return	return	NOUN
fbem-18287	89	9	of	of	ADP
fbem-18287	89	10	a	a	DET
fbem-18287	89	11	-	-	PUNCT
fbem-18287	89	12	shares	share	NOUN
fbem-18287	89	13	is	be	AUX
fbem-18287	89	14	negative	negative	ADJ
fbem-18287	89	15	[	[	X
fbem-18287	89	16	11	11	NUM
fbem-18287	89	17	]	]	PUNCT
fbem-18287	89	18	.	.	PUNCT
fbem-18287	90	1	secondly	secondly	ADV
fbem-18287	90	2	,	,	PUNCT
fbem-18287	90	3	it	it	PRON
fbem-18287	90	4	is	be	AUX
fbem-18287	90	5	noted	note	VERB
fbem-18287	90	6	that	that	SCONJ
fbem-18287	90	7	the	the	DET
fbem-18287	90	8	ab_nr	ab_nr	ADJ
fbem-18287	90	9	mean	mean	NOUN
fbem-18287	90	10	is	be	AUX
fbem-18287	90	11	close	close	ADJ
fbem-18287	90	12	to	to	ADP
fbem-18287	90	13	1	1	NUM
fbem-18287	90	14	,	,	PUNCT
fbem-18287	90	15	which	which	PRON
fbem-18287	90	16	indicates	indicate	VERB
fbem-18287	90	17	that	that	SCONJ
fbem-18287	90	18	the	the	DET
fbem-18287	90	19	monthly	monthly	ADJ
fbem-18287	90	20	high	high	ADJ
fbem-18287	90	21	open	open	ADJ
fbem-18287	90	22	low	low	ADJ
fbem-18287	90	23	frequency	frequency	NOUN
fbem-18287	90	24	nr	nr	PRON
fbem-18287	90	25	is	be	AUX
fbem-18287	90	26	very	very	ADV
fbem-18287	90	27	close	close	ADJ
fbem-18287	90	28	to	to	ADP
fbem-18287	90	29	its	its	PRON
fbem-18287	90	30	moving	move	VERB
fbem-18287	90	31	average	average	NOUN
fbem-18287	90	32	over	over	ADP
fbem-18287	90	33	the	the	DET
fbem-18287	90	34	past	past	ADJ
fbem-18287	90	35	12	12	NUM
fbem-18287	90	36	months	month	NOUN
fbem-18287	90	37	.	.	PUNCT
fbem-18287	91	1	however	however	ADV
fbem-18287	91	2	,	,	PUNCT
fbem-18287	91	3	ab_nr	ab_nr	PROPN
fbem-18287	91	4	has	have	VERB
fbem-18287	91	5	a	a	DET
fbem-18287	91	6	very	very	ADV
fbem-18287	91	7	significant	significant	ADJ
fbem-18287	91	8	variation	variation	NOUN
fbem-18287	91	9	from	from	ADP
fbem-18287	91	10	the	the	DET
fbem-18287	91	11	minimum	minimum	ADJ
fbem-18287	91	12	value	value	NOUN
fbem-18287	91	13	of	of	ADP
fbem-18287	91	14	0.0092	0.0092	NUM
fbem-18287	91	15	to	to	ADP
fbem-18287	91	16	the	the	DET
fbem-18287	91	17	maximum	maximum	ADJ
fbem-18287	91	18	value	value	NOUN
fbem-18287	91	19	of	of	ADP
fbem-18287	91	20	3.0553	3.0553	NUM
fbem-18287	91	21	,	,	PUNCT
fbem-18287	91	22	indicating	indicate	VERB
fbem-18287	91	23	that	that	SCONJ
fbem-18287	91	24	the	the	DET
fbem-18287	91	25	amplitude	amplitude	NOUN
fbem-18287	91	26	of	of	ADP
fbem-18287	91	27	the	the	DET
fbem-18287	91	28	negative	negative	ADJ
fbem-18287	91	29	high	high	ADJ
fbem-18287	91	30	-	-	PUNCT
fbem-18287	91	31	on	on	ADP
fbem-18287	91	32	-	-	PUNCT
fbem-18287	91	33	low	low	ADJ
fbem-18287	91	34	frequency	frequency	NOUN
fbem-18287	91	35	is	be	AUX
fbem-18287	91	36	larger	large	ADJ
fbem-18287	91	37	.	.	PUNCT
fbem-18287	92	1	ab_pr	ab_pr	PROPN
fbem-18287	92	2	is	be	AUX
fbem-18287	92	3	similar	similar	ADJ
fbem-18287	92	4	to	to	ADP
fbem-18287	92	5	ab_nr	ab_nr	VERB
fbem-18287	92	6	in	in	ADP
fbem-18287	92	7	that	that	PRON
fbem-18287	92	8	the	the	DET
fbem-18287	92	9	mean	mean	ADJ
fbem-18287	92	10	value	value	NOUN
fbem-18287	92	11	is	be	AUX
fbem-18287	92	12	around	around	ADV
fbem-18287	92	13	1	1	NUM
fbem-18287	92	14	and	and	CCONJ
fbem-18287	92	15	the	the	DET
fbem-18287	92	16	value	value	NOUN
fbem-18287	92	17	also	also	ADV
fbem-18287	92	18	has	have	VERB
fbem-18287	92	19	a	a	DET
fbem-18287	92	20	large	large	ADJ
fbem-18287	92	21	amplitude	amplitude	NOUN
fbem-18287	92	22	.	.	PUNCT
fbem-18287	93	1	4	4	X
fbem-18287	93	2	.	.	X
fbem-18287	93	3	main	main	ADJ
fbem-18287	93	4	analysis	analysis	NOUN
fbem-18287	93	5	:	:	PUNCT
fbem-18287	93	6	intraday	intraday	NOUN
fbem-18287	93	7	return	return	NOUN
fbem-18287	93	8	reversals	reversal	NOUN
fbem-18287	93	9	and	and	CCONJ
fbem-18287	93	10	future	future	ADJ
fbem-18287	93	11	stock	stock	NOUN
fbem-18287	93	12	returns	return	VERB
fbem-18287	93	13	4.1	4.1	NUM
fbem-18287	93	14	.	.	PUNCT
fbem-18287	94	1	fama	fama	PROPN
fbem-18287	94	2	-	-	PUNCT
fbem-18287	94	3	macbeth	macbeth	PROPN
fbem-18287	94	4	regression	regression	NOUN
fbem-18287	94	5	approach	approach	NOUN
fbem-18287	94	6	in	in	ADP
fbem-18287	94	7	this	this	DET
fbem-18287	94	8	paper	paper	NOUN
fbem-18287	94	9	,	,	PUNCT
fbem-18287	94	10	fama	fama	PROPN
fbem-18287	94	11	-	-	PUNCT
fbem-18287	94	12	macbeth	macbeth	PROPN
fbem-18287	94	13	cross	cross	ADJ
fbem-18287	94	14	-	-	ADJ
fbem-18287	94	15	sectional	sectional	ADJ
fbem-18287	94	16	regression	regression	NOUN
fbem-18287	94	17	method	method	NOUN
fbem-18287	94	18	is	be	AUX
fbem-18287	94	19	adopted	adopt	VERB
fbem-18287	94	20	to	to	PART
fbem-18287	94	21	explore	explore	VERB
fbem-18287	94	22	the	the	DET
fbem-18287	94	23	impact	impact	NOUN
fbem-18287	94	24	of	of	ADP
fbem-18287	94	25	ab_nr	ab_nr	NOUN
fbem-18287	94	26	and	and	CCONJ
fbem-18287	94	27	ab_pr	ab_pr	PROPN
fbem-18287	94	28	on	on	ADP
fbem-18287	94	29	the	the	DET
fbem-18287	94	30	future	future	ADJ
fbem-18287	94	31	stock	stock	NOUN
fbem-18287	94	32	returns	return	NOUN
fbem-18287	94	33	on	on	ADP
fbem-18287	94	34	the	the	DET
fbem-18287	94	35	cross	cross	ADJ
fbem-18287	94	36	-	-	ADJ
fbem-18287	94	37	sectional	sectional	ADJ
fbem-18287	94	38	basis	basis	NOUN
fbem-18287	94	39	under	under	ADP
fbem-18287	94	40	the	the	DET
fbem-18287	94	41	control	control	NOUN
fbem-18287	94	42	of	of	ADP
fbem-18287	94	43	multiple	multiple	ADJ
fbem-18287	94	44	variables	variable	NOUN
fbem-18287	94	45	.	.	PUNCT
fbem-18287	95	1	the	the	DET
fbem-18287	95	2	explained	explain	VERB
fbem-18287	95	3	variable	variable	NOUN
fbem-18287	95	4	is	be	AUX
fbem-18287	95	5	the	the	DET
fbem-18287	95	6	monthly	monthly	ADJ
fbem-18287	95	7	return	return	NOUN
fbem-18287	95	8	rate	rate	NOUN
fbem-18287	95	9	of	of	ADP
fbem-18287	95	10	the	the	DET
fbem-18287	95	11	next	next	ADJ
fbem-18287	95	12	month	month	NOUN
fbem-18287	95	13	,	,	PUNCT
fbem-18287	95	14	and	and	CCONJ
fbem-18287	95	15	the	the	DET
fbem-18287	95	16	core	core	NOUN
fbem-18287	95	17	explanatory	explanatory	ADJ
fbem-18287	95	18	variables	variable	NOUN
fbem-18287	95	19	are	be	AUX
fbem-18287	95	20	ab_nr	ab_nr	ADJ
fbem-18287	95	21	and	and	CCONJ
fbem-18287	95	22	ab_pr	ab_pr	PROPN
fbem-18287	95	23	.	.	PUNCT
fbem-18287	96	1	the	the	DET
fbem-18287	96	2	control	control	NOUN
fbem-18287	96	3	variables	variable	NOUN
fbem-18287	96	4	are	be	AUX
fbem-18287	96	5	market	market	NOUN
fbem-18287	96	6	capitalization	capitalization	NOUN
fbem-18287	96	7	size	size	NOUN
fbem-18287	96	8	(	(	PUNCT
fbem-18287	96	9	size	size	NOUN
fbem-18287	96	10	)	)	PUNCT
fbem-18287	96	11	,	,	PUNCT
fbem-18287	96	12	book	book	NOUN
fbem-18287	96	13	266	266	NUM
fbem-18287	96	14	to	to	PART
fbem-18287	96	15	-	-	PUNCT
fbem-18287	96	16	market	market	NOUN
fbem-18287	96	17	ratio	ratio	NOUN
fbem-18287	96	18	(	(	PUNCT
fbem-18287	96	19	bm	bm	PROPN
fbem-18287	96	20	)	)	PUNCT
fbem-18287	96	21	,	,	PUNCT
fbem-18287	96	22	short	short	ADJ
fbem-18287	96	23	-	-	PUNCT
fbem-18287	96	24	term	term	NOUN
fbem-18287	96	25	momentum	momentum	NOUN
fbem-18287	96	26	(	(	PUNCT
fbem-18287	96	27	ret	ret	PROPN
fbem-18287	96	28	)	)	PUNCT
fbem-18287	96	29	,	,	PUNCT
fbem-18287	96	30	mediumterm	mediumterm	NOUN
fbem-18287	96	31	momentum	momentum	NOUN
fbem-18287	96	32	(	(	PUNCT
fbem-18287	96	33	ret112	ret112	PROPN
fbem-18287	96	34	)	)	PUNCT
fbem-18287	96	35	,	,	PUNCT
fbem-18287	96	36	turnover	turnover	NOUN
fbem-18287	96	37	rate	rate	NOUN
fbem-18287	96	38	(	(	PUNCT
fbem-18287	96	39	turn	turn	NOUN
fbem-18287	96	40	)	)	PUNCT
fbem-18287	96	41	,	,	PUNCT
fbem-18287	96	42	gross	gross	ADJ
fbem-18287	96	43	profit	profit	NOUN
fbem-18287	96	44	margin	margin	NOUN
fbem-18287	96	45	(	(	PUNCT
fbem-18287	96	46	gp	gp	NOUN
fbem-18287	96	47	)	)	PUNCT
fbem-18287	96	48	,	,	PUNCT
fbem-18287	96	49	total	total	ADJ
fbem-18287	96	50	asset	asset	NOUN
fbem-18287	96	51	growth	growth	NOUN
fbem-18287	96	52	rate	rate	NOUN
fbem-18287	96	53	(	(	PUNCT
fbem-18287	96	54	agt	agt	PROPN
fbem-18287	96	55	)	)	PUNCT
fbem-18287	96	56	,	,	PUNCT
fbem-18287	96	57	and	and	CCONJ
fbem-18287	96	58	institutional	institutional	ADJ
fbem-18287	96	59	investor	investor	NOUN
fbem-18287	96	60	shareholding	shareholding	NOUN
fbem-18287	96	61	ratio	ratio	NOUN
fbem-18287	96	62	(	(	PUNCT
fbem-18287	96	63	io	io	NOUN
fbem-18287	96	64	)	)	PUNCT
fbem-18287	96	65	.	.	PUNCT
fbem-18287	97	1	in	in	ADP
fbem-18287	97	2	order	order	NOUN
fbem-18287	97	3	to	to	PART
fbem-18287	97	4	obtain	obtain	VERB
fbem-18287	97	5	robust	robust	ADJ
fbem-18287	97	6	regression	regression	NOUN
fbem-18287	97	7	results	result	NOUN
fbem-18287	97	8	,	,	PUNCT
fbem-18287	97	9	the	the	DET
fbem-18287	97	10	regression	regression	NOUN
fbem-18287	97	11	equation	equation	NOUN
fbem-18287	97	12	is	be	AUX
fbem-18287	97	13	set	set	VERB
fbem-18287	97	14	differently	differently	ADV
fbem-18287	97	15	,	,	PUNCT
fbem-18287	97	16	and	and	CCONJ
fbem-18287	97	17	its	its	PRON
fbem-18287	97	18	basic	basic	ADJ
fbem-18287	97	19	form	form	NOUN
fbem-18287	97	20	is	be	AUX
fbem-18287	97	21	as	as	SCONJ
fbem-18287	97	22	follows	follow	VERB
fbem-18287	97	23	:	:	PUNCT
fbem-18287	97	24	𝑅𝑒𝑡	𝑅𝑒𝑡	VERB
fbem-18287	97	25	𝛽	𝛽	ADP
fbem-18287	97	26	𝛽	𝛽	NOUN
fbem-18287	97	27	𝐴𝐵_𝑁𝑅	𝐴𝐵_𝑁𝑅	NOUN
fbem-18287	97	28	𝛽	𝛽	NOUN
fbem-18287	97	29	𝐴𝐵_𝑃𝑅	𝐴𝐵_𝑃𝑅	NOUN
fbem-18287	97	30	𝛽	𝛽	NOUN
fbem-18287	97	31	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-18287	97	32	𝛽	𝛽	PROPN
fbem-18287	97	33	𝐵𝑀	𝐵𝑀	PROPN
fbem-18287	97	34	𝛽	𝛽	PROPN
fbem-18287	97	35	𝑅𝑒𝑡	𝑅𝑒𝑡	PROPN
fbem-18287	97	36	𝛽	𝛽	NOUN
fbem-18287	97	37	𝑅𝑒𝑡112	𝑅𝑒𝑡112	NOUN
fbem-18287	97	38	𝛽	𝛽	PROPN
fbem-18287	97	39	𝑇𝑢𝑟𝑛	𝑇𝑢𝑟𝑛	PROPN
fbem-18287	97	40	𝛽	𝛽	PROPN
fbem-18287	97	41	𝐴𝑔𝑡	𝐴𝑔𝑡	PROPN
fbem-18287	97	42	𝛽	𝛽	PROPN
fbem-18287	97	43	𝐺𝑃	𝐺𝑃	PROPN
fbem-18287	97	44	𝛽	𝛽	PROPN
fbem-18287	97	45	𝐼𝑙𝑙𝑖𝑞	𝐼𝑙𝑙𝑖𝑞	PROPN
fbem-18287	97	46	𝛽	𝛽	PROPN
fbem-18287	97	47	𝐼𝑉𝑂𝐿	𝐼𝑉𝑂𝐿	PROPN
fbem-18287	97	48	𝛽	𝛽	NOUN
fbem-18287	97	49	𝐼𝑂	𝐼𝑂	PROPN
fbem-18287	97	50	𝜀	𝜀	NOUN
fbem-18287	97	51	5	5	NUM
fbem-18287	97	52	where	where	SCONJ
fbem-18287	97	53	i	i	PRON
fbem-18287	97	54	represents	represent	VERB
fbem-18287	97	55	individual	individual	NOUN
fbem-18287	97	56	;	;	PUNCT
fbem-18287	97	57	t	t	PROPN
fbem-18287	97	58	stands	stand	VERB
fbem-18287	97	59	for	for	ADP
fbem-18287	97	60	month	month	NOUN
fbem-18287	97	61	;	;	PUNCT
fbem-18287	97	62	β0	β0	ADV
fbem-18287	97	63	represents	represent	VERB
fbem-18287	97	64	the	the	DET
fbem-18287	97	65	intercept	intercept	NOUN
fbem-18287	97	66	term	term	NOUN
fbem-18287	97	67	;	;	PUNCT
fbem-18287	97	68	β1	β1	PROPN
fbem-18287	97	69	and	and	CCONJ
fbem-18287	97	70	β2	β2	PROPN
fbem-18287	97	71	represent	represent	VERB
fbem-18287	97	72	the	the	DET
fbem-18287	97	73	regression	regression	NOUN
fbem-18287	97	74	coefficients	coefficient	NOUN
fbem-18287	97	75	of	of	ADP
fbem-18287	97	76	the	the	DET
fbem-18287	97	77	core	core	NOUN
fbem-18287	97	78	explanatory	explanatory	ADJ
fbem-18287	97	79	variables	variable	NOUN
fbem-18287	97	80	ab_nr	ab_nr	ADV
fbem-18287	97	81	and	and	CCONJ
fbem-18287	97	82	ab_pr	ab_pr	PROPN
fbem-18287	97	83	respectively	respectively	ADV
fbem-18287	97	84	,	,	PUNCT
fbem-18287	97	85	β3	β3	VERB
fbem-18287	97	86	-	-	PUNCT
fbem-18287	97	87	12	12	NUM
fbem-18287	97	88	represents	represent	VERB
fbem-18287	97	89	the	the	DET
fbem-18287	97	90	regression	regression	NOUN
fbem-18287	97	91	coefficients	coefficient	NOUN
fbem-18287	97	92	of	of	ADP
fbem-18287	97	93	each	each	DET
fbem-18287	97	94	control	control	NOUN
fbem-18287	97	95	variable	variable	NOUN
fbem-18287	97	96	,	,	PUNCT
fbem-18287	97	97	and	and	CCONJ
fbem-18287	97	98	ε	ε	PROPN
fbem-18287	97	99	represents	represent	VERB
fbem-18287	97	100	the	the	DET
fbem-18287	97	101	residual	residual	ADJ
fbem-18287	97	102	term	term	NOUN
fbem-18287	97	103	.	.	PUNCT
fbem-18287	98	1	table	table	NOUN
fbem-18287	98	2	2	2	NUM
fbem-18287	98	3	.	.	PUNCT
fbem-18287	99	1	fama	fama	PROPN
fbem-18287	99	2	-	-	PUNCT
fbem-18287	99	3	macbeth	macbeth	PROPN
fbem-18287	99	4	regression	regression	NOUN
fbem-18287	99	5	results	result	VERB
fbem-18287	99	6	dependent	dependent	ADJ
fbem-18287	99	7	(	(	PUNCT
fbem-18287	99	8	1)ret	1)ret	NUM
fbem-18287	99	9	t+1	t+1	NUM
fbem-18287	99	10	(	(	PUNCT
fbem-18287	99	11	2)ret	2)ret	NUM
fbem-18287	99	12	t+1	t+1	NUM
fbem-18287	99	13	(	(	PUNCT
fbem-18287	99	14	3)ret	3)ret	NUM
fbem-18287	99	15	t+1	t+1	NUM
fbem-18287	99	16	(	(	PUNCT
fbem-18287	99	17	4)ret	4)ret	NUM
fbem-18287	99	18	t+1	t+1	X
fbem-18287	99	19	(	(	PUNCT
fbem-18287	99	20	5)ret	5)ret	NUM
fbem-18287	99	21	t+1	t+1	PROPN
fbem-18287	99	22	ab	ab	PROPN
fbem-18287	99	23	nr	nr	PROPN
fbem-18287	99	24	0.0023	0.0023	PROPN
fbem-18287	99	25	*	*	PUNCT
fbem-18287	99	26	*	*	PUNCT
fbem-18287	99	27	*	*	PUNCT
fbem-18287	100	1	0.0033	0.0033	NUM
fbem-18287	100	2	*	*	PUNCT
fbem-18287	100	3	*	*	PUNCT
fbem-18287	100	4	*	*	PUNCT
fbem-18287	100	5	0.0021	0.0021	NUM
fbem-18287	100	6	*	*	PUNCT
fbem-18287	100	7	*	*	PUNCT
fbem-18287	100	8	*	*	PUNCT
fbem-18287	100	9	0.0021	0.0021	NUM
fbem-18287	100	10	*	*	PUNCT
fbem-18287	100	11	*	*	PUNCT
fbem-18287	100	12	*	*	PUNCT
fbem-18287	100	13	0.0015	0.0015	NUM
fbem-18287	100	14	*	*	PUNCT
fbem-18287	100	15	*	*	PUNCT
fbem-18287	100	16	*	*	PUNCT
fbem-18287	100	17	(	(	PUNCT
fbem-18287	100	18	2.95	2.95	NUM
fbem-18287	100	19	)	)	PUNCT
fbem-18287	100	20	(	(	PUNCT
fbem-18287	100	21	5.23	5.23	NUM
fbem-18287	100	22	)	)	PUNCT
fbem-18287	100	23	(	(	PUNCT
fbem-18287	100	24	3.58	3.58	NUM
fbem-18287	100	25	)	)	PUNCT
fbem-18287	100	26	(	(	PUNCT
fbem-18287	100	27	3.72	3.72	NUM
fbem-18287	100	28	)	)	PUNCT
fbem-18287	100	29	(	(	PUNCT
fbem-18287	100	30	2.72	2.72	NUM
fbem-18287	100	31	)	)	PUNCT
fbem-18287	100	32	ab_pr	ab_pr	PROPN
fbem-18287	100	33	-0.0032	-0.0032	NOUN
fbem-18287	100	34	*	*	NOUN
fbem-18287	100	35	*	*	PUNCT
fbem-18287	100	36	-0.0027	-0.0027	ADJ
fbem-18287	100	37	*	*	PUNCT
fbem-18287	100	38	*	*	PUNCT
fbem-18287	101	1	0.0005	0.0005	NUM
fbem-18287	101	2	0.0004	0.0004	NUM
fbem-18287	101	3	0.0014	0.0014	NUM
fbem-18287	101	4	(	(	PUNCT
fbem-18287	101	5	-2.35	-2.35	NOUN
fbem-18287	101	6	)	)	PUNCT
fbem-18287	101	7	(	(	PUNCT
fbem-18287	101	8	-2.14	-2.14	NOUN
fbem-18287	101	9	)	)	PUNCT
fbem-18287	101	10	(	(	PUNCT
fbem-18287	101	11	0.44	0.44	NUM
fbem-18287	101	12	)	)	PUNCT
fbem-18287	101	13	(	(	PUNCT
fbem-18287	101	14	0.34	0.34	NUM
fbem-18287	101	15	)	)	PUNCT
fbem-18287	101	16	(	(	PUNCT
fbem-18287	101	17	1.31	1.31	NUM
fbem-18287	101	18	)	)	PUNCT
fbem-18287	101	19	size	size	NOUN
fbem-18287	101	20	-0.0049	-0.0049	PROPN
fbem-18287	101	21	*	*	PUNCT
fbem-18287	101	22	*	*	PUNCT
fbem-18287	101	23	*	*	PUNCT
fbem-18287	101	24	-0.0047	-0.0047	ADJ
fbem-18287	101	25	*	*	PUNCT
fbem-18287	101	26	*	*	PUNCT
fbem-18287	101	27	*	*	NOUN
fbem-18287	101	28	-0.0048	-0.0048	NOUN
fbem-18287	101	29	*	*	PUNCT
fbem-18287	101	30	*	*	PUNCT
fbem-18287	101	31	*	*	PUNCT
fbem-18287	101	32	-0.0052	-0.0052	PUNCT
fbem-18287	101	33	*	*	PUNCT
fbem-18287	101	34	*	*	PUNCT
fbem-18287	101	35	*	*	PUNCT
fbem-18287	101	36	(	(	PUNCT
fbem-18287	101	37	-3.20	-3.20	NOUN
fbem-18287	101	38	)	)	PUNCT
fbem-18287	101	39	(	(	PUNCT
fbem-18287	101	40	-2.98	-2.98	NUM
fbem-18287	101	41	)	)	PUNCT
fbem-18287	101	42	(	(	PUNCT
fbem-18287	101	43	-3.13	-3.13	NOUN
fbem-18287	101	44	)	)	PUNCT
fbem-18287	101	45	(	(	PUNCT
fbem-18287	101	46	-3.51	-3.51	X
fbem-18287	101	47	)	)	PUNCT
fbem-18287	101	48	bm	bm	PROPN
fbem-18287	101	49	0.0070	0.0070	NUM
fbem-18287	101	50	*	*	PROPN
fbem-18287	101	51	0.0033	0.0033	NUM
fbem-18287	101	52	0.0043	0.0043	NUM
fbem-18287	101	53	0.0008	0.0008	NUM
fbem-18287	101	54	(	(	PUNCT
fbem-18287	101	55	1.69	1.69	NUM
fbem-18287	101	56	)	)	PUNCT
fbem-18287	101	57	(	(	PUNCT
fbem-18287	101	58	0.86	0.86	NUM
fbem-18287	101	59	)	)	PUNCT
fbem-18287	101	60	(	(	PUNCT
fbem-18287	101	61	1.20	1.20	NUM
fbem-18287	101	62	)	)	PUNCT
fbem-18287	101	63	(	(	PUNCT
fbem-18287	101	64	0.22	0.22	NUM
fbem-18287	101	65	)	)	PUNCT
fbem-18287	101	66	ret	ret	NOUN
fbem-18287	101	67	-0.0488	-0.0488	PROPN
fbem-18287	101	68	*	*	PROPN
fbem-18287	101	69	*	*	PUNCT
fbem-18287	101	70	*	*	X
fbem-18287	101	71	-0.0493	-0.0493	ADJ
fbem-18287	101	72	*	*	PUNCT
fbem-18287	101	73	*	*	PUNCT
fbem-18287	101	74	*	*	PUNCT
fbem-18287	101	75	-0.0220	-0.0220	PROPN
fbem-18287	101	76	*	*	PUNCT
fbem-18287	101	77	*	*	PUNCT
fbem-18287	101	78	(	(	PUNCT
fbem-18287	101	79	-6.16	-6.16	NUM
fbem-18287	101	80	)	)	PUNCT
fbem-18287	101	81	(	(	PUNCT
fbem-18287	101	82	-6.33	-6.33	NUM
fbem-18287	101	83	)	)	PUNCT
fbem-18287	101	84	(	(	PUNCT
fbem-18287	101	85	-2.55	-2.55	X
fbem-18287	101	86	)	)	PUNCT
fbem-18287	101	87	ret112	ret112	PROPN
fbem-18287	101	88	-0.0003	-0.0003	NOUN
fbem-18287	101	89	-0.0003	-0.0003	NOUN
fbem-18287	101	90	0.0071	0.0071	NUM
fbem-18287	101	91	*	*	PUNCT
fbem-18287	101	92	*	*	PUNCT
fbem-18287	101	93	(	(	PUNCT
fbem-18287	101	94	-0.10	-0.10	NUM
fbem-18287	101	95	)	)	PUNCT
fbem-18287	101	96	(	(	PUNCT
fbem-18287	101	97	-0.13	-0.13	NOUN
fbem-18287	101	98	)	)	PUNCT
fbem-18287	101	99	(	(	PUNCT
fbem-18287	101	100	2.57	2.57	NUM
fbem-18287	101	101	)	)	PUNCT
fbem-18287	101	102	gp	gp	NOUN
fbem-18287	101	103	0.0057	0.0057	NUM
fbem-18287	101	104	0.0028	0.0028	NUM
fbem-18287	101	105	(	(	PUNCT
fbem-18287	101	106	1.55	1.55	NUM
fbem-18287	101	107	)	)	PUNCT
fbem-18287	101	108	(	(	PUNCT
fbem-18287	101	109	0.81	0.81	NUM
fbem-18287	101	110	)	)	PUNCT
fbem-18287	101	111	agt	agt	PROPN
fbem-18287	101	112	0.0025	0.0025	NUM
fbem-18287	101	113	0.0015	0.0015	NUM
fbem-18287	101	114	(	(	PUNCT
fbem-18287	101	115	1.17	1.17	NUM
fbem-18287	101	116	)	)	PUNCT
fbem-18287	101	117	(	(	PUNCT
fbem-18287	101	118	0.74	0.74	NUM
fbem-18287	101	119	)	)	PUNCT
fbem-18287	101	120	turn	turn	NOUN
fbem-18287	101	121	-0.0040	-0.0040	NOUN
fbem-18287	101	122	*	*	PUNCT
fbem-18287	101	123	*	*	PUNCT
fbem-18287	101	124	*	*	PUNCT
fbem-18287	101	125	(	(	PUNCT
fbem-18287	101	126	-5.33	-5.33	NOUN
fbem-18287	101	127	)	)	PUNCT
fbem-18287	101	128	illiq	illiq	ADV
fbem-18287	101	129	0.1097	0.1097	NUM
fbem-18287	101	130	*	*	PUNCT
fbem-18287	101	131	*	*	PUNCT
fbem-18287	101	132	*	*	PUNCT
fbem-18287	101	133	(	(	PUNCT
fbem-18287	101	134	2.82	2.82	NUM
fbem-18287	101	135	)	)	PUNCT
fbem-18287	101	136	ivol	ivol	NOUN
fbem-18287	101	137	-0.0909	-0.0909	NOUN
fbem-18287	102	1	*	*	PUNCT
fbem-18287	102	2	*	*	PUNCT
fbem-18287	102	3	*	*	PUNCT
fbem-18287	102	4	(	(	PUNCT
fbem-18287	102	5	-4.96	-4.96	NUM
fbem-18287	102	6	)	)	PUNCT
fbem-18287	102	7	io	io	NOUN
fbem-18287	102	8	0.0000	0.0000	NUM
fbem-18287	102	9	*	*	PUNCT
fbem-18287	102	10	(	(	PUNCT
fbem-18287	102	11	1.69	1.69	NUM
fbem-18287	102	12	)	)	PUNCT
fbem-18287	102	13	n	n	CCONJ
fbem-18287	102	14	309322	309322	NUM
fbem-18287	102	15	309322	309322	NUM
fbem-18287	102	16	309322	309322	NUM
fbem-18287	102	17	309322	309322	NUM
fbem-18287	102	18	309322	309322	NUM
fbem-18287	102	19	r^2	r^2	VERB
fbem-18287	102	20	0.0058	0.0058	NUM
fbem-18287	102	21	0.0537	0.0537	NUM
fbem-18287	102	22	0.0764	0.0764	NUM
fbem-18287	102	23	0.0833	0.0833	NUM
fbem-18287	102	24	0.1045	0.1045	NUM
fbem-18287	102	25	note	note	NOUN
fbem-18287	102	26	:	:	PUNCT
fbem-18287	103	1	*	*	PUNCT
fbem-18287	103	2	,	,	PUNCT
fbem-18287	103	3	*	*	PUNCT
fbem-18287	103	4	*	*	PUNCT
fbem-18287	103	5	,	,	PUNCT
fbem-18287	103	6	*	*	PUNCT
fbem-18287	103	7	*	*	PUNCT
fbem-18287	103	8	*	*	PUNCT
fbem-18287	103	9	indicates	indicate	VERB
fbem-18287	103	10	significant	significant	ADJ
fbem-18287	103	11	at	at	ADP
fbem-18287	103	12	10	10	NUM
fbem-18287	103	13	%	%	NOUN
fbem-18287	103	14	,	,	PUNCT
fbem-18287	103	15	5	5	NUM
fbem-18287	103	16	%	%	NOUN
fbem-18287	103	17	,	,	PUNCT
fbem-18287	103	18	1	1	NUM
fbem-18287	103	19	%	%	NOUN
fbem-18287	103	20	levels	level	NOUN
fbem-18287	103	21	.	.	PUNCT
fbem-18287	104	1	the	the	DET
fbem-18287	104	2	t	t	NOUN
fbem-18287	104	3	-	-	PUNCT
fbem-18287	104	4	value	value	NOUN
fbem-18287	104	5	was	be	AUX
fbem-18287	104	6	adjusted	adjust	VERB
fbem-18287	104	7	by	by	ADP
fbem-18287	104	8	newey	newey	PROPN
fbem-18287	104	9	-	-	PUNCT
fbem-18287	104	10	west	west	PROPN
fbem-18287	104	11	lag	lag	VERB
fbem-18287	104	12	for	for	ADP
fbem-18287	104	13	4	4	NUM
fbem-18287	104	14	periods	period	NOUN
fbem-18287	104	15	as	as	SCONJ
fbem-18287	104	16	can	can	AUX
fbem-18287	104	17	be	be	AUX
fbem-18287	104	18	seen	see	VERB
fbem-18287	104	19	from	from	ADP
fbem-18287	104	20	table	table	NOUN
fbem-18287	104	21	2	2	NUM
fbem-18287	104	22	,	,	PUNCT
fbem-18287	104	23	in	in	ADP
fbem-18287	104	24	forms	form	NOUN
fbem-18287	104	25	(	(	PUNCT
fbem-18287	104	26	1	1	NUM
fbem-18287	104	27	)	)	PUNCT
fbem-18287	104	28	to	to	ADP
fbem-18287	104	29	(	(	PUNCT
fbem-18287	104	30	5	5	NUM
fbem-18287	104	31	)	)	PUNCT
fbem-18287	104	32	,	,	PUNCT
fbem-18287	104	33	although	although	SCONJ
fbem-18287	104	34	the	the	DET
fbem-18287	104	35	set	set	NOUN
fbem-18287	104	36	of	of	ADP
fbem-18287	104	37	control	control	NOUN
fbem-18287	104	38	variables	variable	NOUN
fbem-18287	104	39	is	be	AUX
fbem-18287	104	40	constantly	constantly	ADV
fbem-18287	104	41	changing	change	VERB
fbem-18287	104	42	,	,	PUNCT
fbem-18287	104	43	the	the	DET
fbem-18287	104	44	coefficients	coefficient	NOUN
fbem-18287	104	45	of	of	ADP
fbem-18287	104	46	ab_nr	ab_nr	NOUN
fbem-18287	104	47	are	be	AUX
fbem-18287	104	48	significantly	significantly	ADV
fbem-18287	104	49	positive	positive	ADJ
fbem-18287	104	50	and	and	CCONJ
fbem-18287	104	51	relatively	relatively	ADV
fbem-18287	104	52	stable	stable	ADJ
fbem-18287	104	53	,	,	PUNCT
fbem-18287	104	54	indicating	indicate	VERB
fbem-18287	104	55	that	that	SCONJ
fbem-18287	104	56	ab_nr	ab_nr	PROPN
fbem-18287	104	57	has	have	VERB
fbem-18287	104	58	a	a	DET
fbem-18287	104	59	significant	significant	ADJ
fbem-18287	104	60	positive	positive	ADJ
fbem-18287	104	61	relationship	relationship	NOUN
fbem-18287	104	62	with	with	ADP
fbem-18287	104	63	the	the	DET
fbem-18287	104	64	monthly	monthly	ADJ
fbem-18287	104	65	income	income	NOUN
fbem-18287	104	66	in	in	ADP
fbem-18287	104	67	the	the	DET
fbem-18287	104	68	future	future	ADJ
fbem-18287	104	69	period	period	NOUN
fbem-18287	104	70	.	.	PUNCT
fbem-18287	105	1	however	however	ADV
fbem-18287	105	2	,	,	PUNCT
fbem-18287	105	3	ab_pr	ab_pr	PROPN
fbem-18287	105	4	coefficient	coefficient	NOUN
fbem-18287	105	5	is	be	AUX
fbem-18287	105	6	significantly	significantly	ADV
fbem-18287	105	7	negative	negative	ADJ
fbem-18287	105	8	only	only	ADV
fbem-18287	105	9	in	in	ADP
fbem-18287	105	10	forms	form	NOUN
fbem-18287	105	11	(	(	PUNCT
fbem-18287	105	12	1	1	NUM
fbem-18287	105	13	)	)	PUNCT
fbem-18287	105	14	and	and	CCONJ
fbem-18287	105	15	(	(	PUNCT
fbem-18287	105	16	2	2	NUM
fbem-18287	105	17	)	)	PUNCT
fbem-18287	105	18	,	,	PUNCT
fbem-18287	105	19	and	and	CCONJ
fbem-18287	105	20	with	with	ADP
fbem-18287	105	21	the	the	DET
fbem-18287	105	22	gradual	gradual	ADJ
fbem-18287	105	23	increase	increase	NOUN
fbem-18287	105	24	of	of	ADP
fbem-18287	105	25	control	control	NOUN
fbem-18287	105	26	variables	variable	NOUN
fbem-18287	105	27	,	,	PUNCT
fbem-18287	105	28	ab_pr	ab_pr	PROPN
fbem-18287	105	29	coefficient	coefficient	NOUN
fbem-18287	105	30	is	be	AUX
fbem-18287	105	31	no	no	ADV
fbem-18287	105	32	longer	long	ADV
fbem-18287	105	33	significantly	significantly	ADV
fbem-18287	105	34	negative	negative	ADJ
fbem-18287	105	35	,	,	PUNCT
fbem-18287	105	36	indicating	indicate	VERB
fbem-18287	105	37	that	that	SCONJ
fbem-18287	105	38	the	the	DET
fbem-18287	105	39	abnormal	abnormal	ADJ
fbem-18287	105	40	frequency	frequency	NOUN
fbem-18287	105	41	of	of	ADP
fbem-18287	105	42	monthly	monthly	ADJ
fbem-18287	105	43	opening	opening	NOUN
fbem-18287	105	44	high	high	ADJ
fbem-18287	105	45	and	and	CCONJ
fbem-18287	105	46	closing	closing	NOUN
fbem-18287	105	47	low	low	NOUN
fbem-18287	105	48	of	of	ADP
fbem-18287	105	49	individual	individual	ADJ
fbem-18287	105	50	stocks	stock	NOUN
fbem-18287	105	51	can	can	AUX
fbem-18287	105	52	not	not	PART
fbem-18287	105	53	effectively	effectively	ADV
fbem-18287	105	54	predict	predict	VERB
fbem-18287	105	55	the	the	DET
fbem-18287	105	56	future	future	ADJ
fbem-18287	105	57	return	return	NOUN
fbem-18287	105	58	of	of	ADP
fbem-18287	105	59	stocks	stock	NOUN
fbem-18287	105	60	.	.	PUNCT
fbem-18287	106	1	therefore	therefore	ADV
fbem-18287	106	2	,	,	PUNCT
fbem-18287	106	3	the	the	DET
fbem-18287	106	4	following	follow	VERB
fbem-18287	106	5	research	research	NOUN
fbem-18287	106	6	in	in	ADP
fbem-18287	106	7	this	this	DET
fbem-18287	106	8	paper	paper	NOUN
fbem-18287	106	9	will	will	AUX
fbem-18287	106	10	not	not	PART
fbem-18287	106	11	examine	examine	VERB
fbem-18287	106	12	the	the	DET
fbem-18287	106	13	relationship	relationship	NOUN
fbem-18287	106	14	between	between	ADP
fbem-18287	106	15	ab_pr	ab_pr	PROPN
fbem-18287	106	16	and	and	CCONJ
fbem-18287	106	17	future	future	ADJ
fbem-18287	106	18	stock	stock	NOUN
fbem-18287	106	19	returns	return	NOUN
fbem-18287	106	20	.	.	PUNCT
fbem-18287	107	1	in	in	ADP
fbem-18287	107	2	addition	addition	NOUN
fbem-18287	107	3	,	,	PUNCT
fbem-18287	107	4	we	we	PRON
fbem-18287	107	5	also	also	ADV
fbem-18287	107	6	find	find	VERB
fbem-18287	107	7	that	that	SCONJ
fbem-18287	107	8	the	the	DET
fbem-18287	107	9	coefficient	coefficient	NOUN
fbem-18287	107	10	of	of	ADP
fbem-18287	107	11	bm	bm	PROPN
fbem-18287	107	12	is	be	AUX
fbem-18287	107	13	not	not	PART
fbem-18287	107	14	significant	significant	ADJ
fbem-18287	107	15	in	in	ADP
fbem-18287	107	16	forms	form	NOUN
fbem-18287	107	17	(	(	PUNCT
fbem-18287	107	18	2	2	NUM
fbem-18287	107	19	)	)	PUNCT
fbem-18287	107	20	~	~	PUNCT
fbem-18287	107	21	(	(	PUNCT
fbem-18287	107	22	5	5	NUM
fbem-18287	107	23	)	)	PUNCT
fbem-18287	107	24	,	,	PUNCT
fbem-18287	107	25	indicating	indicate	VERB
fbem-18287	107	26	that	that	SCONJ
fbem-18287	107	27	there	there	PRON
fbem-18287	107	28	is	be	VERB
fbem-18287	107	29	no	no	DET
fbem-18287	107	30	significant	significant	ADJ
fbem-18287	107	31	book	book	NOUN
fbem-18287	107	32	-	-	PUNCT
fbem-18287	107	33	to	to	ADP
fbem-18287	107	34	-	-	PUNCT
fbem-18287	107	35	market	market	NOUN
fbem-18287	107	36	effect	effect	NOUN
fbem-18287	107	37	in	in	ADP
fbem-18287	107	38	the	the	DET
fbem-18287	107	39	a	a	DET
fbem-18287	107	40	-	-	PUNCT
fbem-18287	107	41	share	share	NOUN
fbem-18287	107	42	market	market	NOUN
fbem-18287	107	43	.	.	PUNCT
fbem-18287	108	1	the	the	DET
fbem-18287	108	2	coefficient	coefficient	NOUN
fbem-18287	108	3	of	of	ADP
fbem-18287	108	4	ret	ret	PROPN
fbem-18287	108	5	is	be	AUX
fbem-18287	108	6	significantly	significantly	ADV
fbem-18287	108	7	negative	negative	ADJ
fbem-18287	108	8	,	,	PUNCT
fbem-18287	108	9	indicating	indicate	VERB
fbem-18287	108	10	that	that	SCONJ
fbem-18287	108	11	the	the	DET
fbem-18287	108	12	short	short	ADJ
fbem-18287	108	13	-	-	PUNCT
fbem-18287	108	14	term	term	NOUN
fbem-18287	108	15	performance	performance	NOUN
fbem-18287	108	16	of	of	ADP
fbem-18287	108	17	the	the	DET
fbem-18287	108	18	a	a	DET
fbem-18287	108	19	-	-	PUNCT
fbem-18287	108	20	share	share	NOUN
fbem-18287	108	21	market	market	NOUN
fbem-18287	108	22	is	be	AUX
fbem-18287	108	23	a	a	DET
fbem-18287	108	24	significant	significant	ADJ
fbem-18287	108	25	reversal	reversal	NOUN
fbem-18287	108	26	effect	effect	NOUN
fbem-18287	108	27	.	.	PUNCT
fbem-18287	109	1	the	the	DET
fbem-18287	109	2	turn	turn	NOUN
fbem-18287	109	3	coefficient	coefficient	NOUN
fbem-18287	109	4	is	be	AUX
fbem-18287	109	5	significantly	significantly	ADV
fbem-18287	109	6	negative	negative	ADJ
fbem-18287	109	7	,	,	PUNCT
fbem-18287	109	8	indicating	indicate	VERB
fbem-18287	109	9	that	that	SCONJ
fbem-18287	109	10	the	the	DET
fbem-18287	109	11	turnover	turnover	NOUN
fbem-18287	109	12	rate	rate	NOUN
fbem-18287	109	13	has	have	VERB
fbem-18287	109	14	a	a	DET
fbem-18287	109	15	significant	significant	ADJ
fbem-18287	109	16	negative	negative	ADJ
fbem-18287	109	17	impact	impact	NOUN
fbem-18287	109	18	on	on	ADP
fbem-18287	109	19	the	the	DET
fbem-18287	109	20	stock	stock	NOUN
fbem-18287	109	21	return	return	NOUN
fbem-18287	109	22	rate	rate	NOUN
fbem-18287	109	23	.	.	PUNCT
fbem-18287	110	1	4.2	4.2	NUM
fbem-18287	110	2	.	.	PUNCT
fbem-18287	111	1	building	build	VERB
fbem-18287	111	2	asset	asset	NOUN
fbem-18287	111	3	portfolios	portfolio	NOUN
fbem-18287	111	4	as	as	ADP
fbem-18287	111	5	a	a	DET
fbem-18287	111	6	non	non	ADJ
fbem-18287	111	7	-	-	ADJ
fbem-18287	111	8	parametric	parametric	ADJ
fbem-18287	111	9	technical	technical	ADJ
fbem-18287	111	10	analysis	analysis	NOUN
fbem-18287	111	11	method	method	NOUN
fbem-18287	111	12	,	,	PUNCT
fbem-18287	111	13	combinatorial	combinatorial	ADJ
fbem-18287	111	14	analysis	analysis	NOUN
fbem-18287	111	15	does	do	AUX
fbem-18287	111	16	not	not	PART
fbem-18287	111	17	depend	depend	VERB
fbem-18287	111	18	on	on	ADP
fbem-18287	111	19	a	a	DET
fbem-18287	111	20	specific	specific	ADJ
fbem-18287	111	21	function	function	NOUN
fbem-18287	111	22	form	form	NOUN
fbem-18287	111	23	or	or	CCONJ
fbem-18287	111	24	distribution	distribution	NOUN
fbem-18287	111	25	hypothesis	hypothesis	NOUN
fbem-18287	111	26	,	,	PUNCT
fbem-18287	111	27	which	which	PRON
fbem-18287	111	28	helps	help	VERB
fbem-18287	111	29	to	to	PART
fbem-18287	111	30	reveal	reveal	VERB
fbem-18287	111	31	the	the	DET
fbem-18287	111	32	nonlinear	nonlinear	ADJ
fbem-18287	111	33	relationship	relationship	NOUN
fbem-18287	111	34	between	between	ADP
fbem-18287	111	35	variables	variable	NOUN
fbem-18287	111	36	that	that	PRON
fbem-18287	111	37	are	be	AUX
fbem-18287	111	38	difficult	difficult	ADJ
fbem-18287	111	39	to	to	PART
fbem-18287	111	40	be	be	AUX
fbem-18287	111	41	tested	test	VERB
fbem-18287	111	42	by	by	ADP
fbem-18287	111	43	parametric	parametric	ADJ
fbem-18287	111	44	method	method	NOUN
fbem-18287	111	45	.	.	PUNCT
fbem-18287	112	1	it	it	PRON
fbem-18287	112	2	is	be	AUX
fbem-18287	112	3	widely	widely	ADV
fbem-18287	112	4	used	use	VERB
fbem-18287	112	5	in	in	ADP
fbem-18287	112	6	the	the	DET
fbem-18287	112	7	field	field	NOUN
fbem-18287	112	8	of	of	ADP
fbem-18287	112	9	empirical	empirical	ADJ
fbem-18287	112	10	asset	asset	NOUN
fbem-18287	112	11	pricing	pricing	NOUN
fbem-18287	112	12	,	,	PUNCT
fbem-18287	112	13	especially	especially	ADV
fbem-18287	112	14	in	in	ADP
fbem-18287	112	15	the	the	DET
fbem-18287	112	16	study	study	NOUN
fbem-18287	112	17	of	of	ADP
fbem-18287	112	18	the	the	DET
fbem-18287	112	19	complex	complex	ADJ
fbem-18287	112	20	relationship	relationship	NOUN
fbem-18287	112	21	between	between	ADP
fbem-18287	112	22	multiple	multiple	ADJ
fbem-18287	112	23	variables	variable	NOUN
fbem-18287	112	24	of	of	ADP
fbem-18287	112	25	crosssectional	crosssectional	ADJ
fbem-18287	112	26	data	datum	NOUN
fbem-18287	112	27	.	.	PUNCT
fbem-18287	113	1	in	in	ADP
fbem-18287	113	2	this	this	DET
fbem-18287	113	3	section	section	NOUN
fbem-18287	113	4	,	,	PUNCT
fbem-18287	113	5	univariate	univariate	ADJ
fbem-18287	113	6	grouping	grouping	NOUN
fbem-18287	113	7	and	and	CCONJ
fbem-18287	113	8	bivariate	bivariate	ADJ
fbem-18287	113	9	grouping	grouping	NOUN
fbem-18287	113	10	test	test	NOUN
fbem-18287	113	11	methods	method	NOUN
fbem-18287	113	12	are	be	AUX
fbem-18287	113	13	used	use	VERB
fbem-18287	113	14	respectively	respectively	ADV
fbem-18287	113	15	to	to	PART
fbem-18287	113	16	construct	construct	VERB
fbem-18287	113	17	investment	investment	NOUN
fbem-18287	113	18	portfolios	portfolio	NOUN
fbem-18287	113	19	according	accord	VERB
fbem-18287	113	20	to	to	ADP
fbem-18287	113	21	ab_nr	ab_nr	NOUN
fbem-18287	113	22	to	to	PART
fbem-18287	113	23	explore	explore	VERB
fbem-18287	113	24	whether	whether	SCONJ
fbem-18287	113	25	there	there	PRON
fbem-18287	113	26	is	be	VERB
fbem-18287	113	27	an	an	DET
fbem-18287	113	28	anomaly	anomaly	NOUN
fbem-18287	113	29	of	of	ADP
fbem-18287	113	30	opening	open	VERB
fbem-18287	113	31	high	high	ADJ
fbem-18287	113	32	and	and	CCONJ
fbem-18287	113	33	closing	closing	NOUN
fbem-18287	113	34	low	low	NOUN
fbem-18287	113	35	in	in	ADP
fbem-18287	113	36	the	the	DET
fbem-18287	113	37	a	a	DET
fbem-18287	113	38	-	-	PUNCT
fbem-18287	113	39	share	share	NOUN
fbem-18287	113	40	market	market	NOUN
fbem-18287	113	41	.	.	PUNCT
fbem-18287	114	1	4.2.1	4.2.1	NOUN
fbem-18287	114	2	.	.	PUNCT
fbem-18287	115	1	portfolio	portfolio	NOUN
fbem-18287	115	2	sort	sort	PROPN
fbem-18287	115	3	test	test	NOUN
fbem-18287	115	4	at	at	ADP
fbem-18287	115	5	the	the	DET
fbem-18287	115	6	end	end	NOUN
fbem-18287	115	7	of	of	ADP
fbem-18287	115	8	each	each	DET
fbem-18287	115	9	month	month	NOUN
fbem-18287	115	10	,	,	PUNCT
fbem-18287	115	11	all	all	DET
fbem-18287	115	12	the	the	DET
fbem-18287	115	13	stocks	stock	NOUN
fbem-18287	115	14	in	in	ADP
fbem-18287	115	15	the	the	DET
fbem-18287	115	16	sample	sample	NOUN
fbem-18287	115	17	are	be	AUX
fbem-18287	115	18	divided	divide	VERB
fbem-18287	115	19	into	into	ADP
fbem-18287	115	20	10	10	NUM
fbem-18287	115	21	groups	group	NOUN
fbem-18287	115	22	according	accord	VERB
fbem-18287	115	23	to	to	ADP
fbem-18287	115	24	the	the	DET
fbem-18287	115	25	ab_nr	ab_nr	ADJ
fbem-18287	115	26	value	value	NOUN
fbem-18287	115	27	from	from	ADP
fbem-18287	115	28	small	small	ADJ
fbem-18287	115	29	to	to	ADP
fbem-18287	115	30	large	large	ADJ
fbem-18287	115	31	,	,	PUNCT
fbem-18287	115	32	and	and	CCONJ
fbem-18287	115	33	equal	equal	ADJ
fbem-18287	115	34	weight	weight	NOUN
fbem-18287	115	35	allocation	allocation	NOUN
fbem-18287	115	36	is	be	AUX
fbem-18287	115	37	carried	carry	VERB
fbem-18287	115	38	out	out	ADP
fbem-18287	115	39	within	within	ADP
fbem-18287	115	40	each	each	DET
fbem-18287	115	41	group	group	NOUN
fbem-18287	115	42	,	,	PUNCT
fbem-18287	115	43	with	with	ADP
fbem-18287	115	44	a	a	DET
fbem-18287	115	45	holding	hold	VERB
fbem-18287	115	46	period	period	NOUN
fbem-18287	115	47	of	of	ADP
fbem-18287	115	48	1	1	NUM
fbem-18287	115	49	month	month	NOUN
fbem-18287	115	50	.	.	PUNCT
fbem-18287	116	1	build	build	VERB
fbem-18287	116	2	a	a	DET
fbem-18287	116	3	long	long	ADJ
fbem-18287	116	4	/	/	SYM
fbem-18287	116	5	short	short	ADJ
fbem-18287	116	6	portfolio	portfolio	NOUN
fbem-18287	116	7	by	by	ADP
fbem-18287	116	8	going	go	VERB
fbem-18287	116	9	long	long	ADV
fbem-18287	116	10	the	the	DET
fbem-18287	116	11	portfolio	portfolio	NOUN
fbem-18287	116	12	with	with	ADP
fbem-18287	116	13	the	the	DET
fbem-18287	116	14	largest	large	ADJ
fbem-18287	116	15	ab_nr	ab_nr	ADJ
fbem-18287	116	16	value	value	NOUN
fbem-18287	116	17	and	and	CCONJ
fbem-18287	116	18	short	short	ADJ
fbem-18287	116	19	the	the	DET
fbem-18287	116	20	portfolio	portfolio	NOUN
fbem-18287	116	21	with	with	ADP
fbem-18287	116	22	the	the	DET
fbem-18287	116	23	smallest	small	ADJ
fbem-18287	116	24	ab_nr	ab_nr	ADJ
fbem-18287	116	25	value	value	NOUN
fbem-18287	116	26	.	.	PUNCT
fbem-18287	117	1	in	in	ADP
fbem-18287	117	2	a	a	DET
fbem-18287	117	3	long	long	ADJ
fbem-18287	117	4	-	-	PUNCT
fbem-18287	117	5	short	short	ADJ
fbem-18287	117	6	portfolio	portfolio	NOUN
fbem-18287	117	7	,	,	PUNCT
fbem-18287	117	8	the	the	DET
fbem-18287	117	9	funds	fund	NOUN
fbem-18287	117	10	of	of	ADP
fbem-18287	117	11	the	the	DET
fbem-18287	117	12	long	long	ADJ
fbem-18287	117	13	267	267	NUM
fbem-18287	117	14	and	and	CCONJ
fbem-18287	117	15	short	short	ADJ
fbem-18287	117	16	portfolios	portfolio	NOUN
fbem-18287	117	17	are	be	AUX
fbem-18287	117	18	the	the	DET
fbem-18287	117	19	same	same	ADJ
fbem-18287	117	20	,	,	PUNCT
fbem-18287	117	21	that	that	ADV
fbem-18287	117	22	is	is	ADV
fbem-18287	117	23	,	,	PUNCT
fbem-18287	117	24	the	the	DET
fbem-18287	117	25	funds	fund	NOUN
fbem-18287	117	26	are	be	AUX
fbem-18287	117	27	neutral	neutral	ADJ
fbem-18287	117	28	.	.	PUNCT
fbem-18287	118	1	based	base	VERB
fbem-18287	118	2	on	on	ADP
fbem-18287	118	3	the	the	DET
fbem-18287	118	4	grouping	group	VERB
fbem-18287	118	5	results	result	NOUN
fbem-18287	118	6	,	,	PUNCT
fbem-18287	118	7	the	the	DET
fbem-18287	118	8	average	average	ADJ
fbem-18287	118	9	returns	return	NOUN
fbem-18287	118	10	of	of	ADP
fbem-18287	118	11	10	10	NUM
fbem-18287	118	12	portfolios	portfolio	NOUN
fbem-18287	118	13	and	and	CCONJ
fbem-18287	118	14	long	long	ADJ
fbem-18287	118	15	-	-	PUNCT
fbem-18287	118	16	short	short	ADJ
fbem-18287	118	17	hedge	hedge	NOUN
fbem-18287	118	18	portfolios	portfolio	NOUN
fbem-18287	118	19	were	be	AUX
fbem-18287	118	20	calculated	calculate	VERB
fbem-18287	118	21	respectively	respectively	ADV
fbem-18287	118	22	,	,	PUNCT
fbem-18287	118	23	as	as	ADV
fbem-18287	118	24	well	well	ADV
fbem-18287	118	25	as	as	ADP
fbem-18287	118	26	the	the	DET
fbem-18287	118	27	risk	risk	NOUN
fbem-18287	118	28	-	-	PUNCT
fbem-18287	118	29	factor	factor	NOUN
fbem-18287	118	30	adjusted	adjust	VERB
fbem-18287	118	31	returns	return	NOUN
fbem-18287	118	32	obtained	obtain	VERB
fbem-18287	118	33	after	after	ADP
fbem-18287	118	34	regression	regression	NOUN
fbem-18287	118	35	of	of	ADP
fbem-18287	118	36	the	the	DET
fbem-18287	118	37	time	time	NOUN
fbem-18287	118	38	series	series	NOUN
fbem-18287	118	39	of	of	ADP
fbem-18287	118	40	these	these	DET
fbem-18287	118	41	10	10	NUM
fbem-18287	118	42	portfolios	portfolio	NOUN
fbem-18287	118	43	with	with	ADP
fbem-18287	118	44	the	the	DET
fbem-18287	118	45	capm	capm	PROPN
fbem-18287	118	46	model	model	NOUN
fbem-18287	118	47	and	and	CCONJ
fbem-18287	118	48	fama	fama	PROPN
fbem-18287	118	49	-	-	PUNCT
fbem-18287	118	50	french	french	ADJ
fbem-18287	118	51	threefactor	threefactor	NOUN
fbem-18287	118	52	model	model	NOUN
fbem-18287	118	53	.	.	PUNCT
fbem-18287	119	1	the	the	DET
fbem-18287	119	2	results	result	NOUN
fbem-18287	119	3	are	be	AUX
fbem-18287	119	4	shown	show	VERB
fbem-18287	119	5	in	in	ADP
fbem-18287	119	6	table	table	NOUN
fbem-18287	119	7	3	3	NUM
fbem-18287	119	8	below	below	ADV
fbem-18287	119	9	:	:	PUNCT
fbem-18287	119	10	table	table	NOUN
fbem-18287	119	11	3	3	NUM
fbem-18287	119	12	.	.	PUNCT
fbem-18287	119	13	equal	equal	ADJ
fbem-18287	119	14	-	-	PUNCT
fbem-18287	119	15	weighted	weight	VERB
fbem-18287	119	16	portfolio	portfolio	NOUN
fbem-18287	119	17	returns	return	VERB
fbem-18287	119	18	ab_nr	ab_nr	ADP
fbem-18287	119	19	raw	raw	ADJ
fbem-18287	119	20	return	return	NOUN
fbem-18287	119	21	t	t	PROPN
fbem-18287	119	22	capm𝛼	capm𝛼	PROPN
fbem-18287	119	23	t	t	PROPN
fbem-18287	119	24	ff3𝛼	ff3𝛼	PROPN
fbem-18287	119	25	t	t	PROPN
fbem-18287	119	26	l	l	NOUN
fbem-18287	119	27	1.369	1.369	NUM
fbem-18287	119	28	1.76	1.76	NUM
fbem-18287	119	29	1.007	1.007	NUM
fbem-18287	119	30	1.54	1.54	NUM
fbem-18287	119	31	1.077	1.077	NUM
fbem-18287	119	32	1.67	1.67	NUM
fbem-18287	119	33	2	2	NUM
fbem-18287	119	34	1.667	1.667	NUM
fbem-18287	119	35	2.18	2.18	NUM
fbem-18287	119	36	1.316	1.316	NUM
fbem-18287	119	37	2.01	2.01	NUM
fbem-18287	119	38	1.333	1.333	NUM
fbem-18287	119	39	2.08	2.08	NUM
fbem-18287	119	40	3	3	NUM
fbem-18287	119	41	1.757	1.757	NUM
fbem-18287	119	42	2.34	2.34	NUM
fbem-18287	119	43	1.417	1.417	NUM
fbem-18287	119	44	2.21	2.21	NUM
fbem-18287	119	45	1.490	1.490	NUM
fbem-18287	119	46	2.35	2.35	NUM
fbem-18287	119	47	4	4	NUM
fbem-18287	119	48	1.866	1.866	NUM
fbem-18287	119	49	2.39	2.39	NUM
fbem-18287	119	50	1.493	1.493	NUM
fbem-18287	119	51	2.29	2.29	NUM
fbem-18287	119	52	1.560	1.560	NUM
fbem-18287	119	53	2.45	2.45	NUM
fbem-18287	119	54	5	5	NUM
fbem-18287	119	55	1.841	1.841	NUM
fbem-18287	119	56	2.33	2.33	NUM
fbem-18287	119	57	1.474	1.474	NUM
fbem-18287	119	58	2.22	2.22	NUM
fbem-18287	119	59	1.537	1.537	NUM
fbem-18287	119	60	2.39	2.39	NUM
fbem-18287	119	61	6	6	NUM
fbem-18287	119	62	1.892	1.892	NUM
fbem-18287	119	63	2.49	2.49	NUM
fbem-18287	119	64	1.509	1.509	NUM
fbem-18287	119	65	2.41	2.41	NUM
fbem-18287	119	66	1.547	1.547	NUM
fbem-18287	119	67	2.54	2.54	NUM
fbem-18287	119	68	7	7	NUM
fbem-18287	119	69	1.867	1.867	NUM
fbem-18287	119	70	2.50	2.50	NUM
fbem-18287	119	71	1.508	1.508	NUM
fbem-18287	119	72	2.39	2.39	NUM
fbem-18287	119	73	1.579	1.579	NUM
fbem-18287	119	74	2.56	2.56	NUM
fbem-18287	119	75	8	8	NUM
fbem-18287	119	76	2.012	2.012	NUM
fbem-18287	119	77	2.53	2.53	NUM
fbem-18287	119	78	1.631	1.631	NUM
fbem-18287	119	79	2.43	2.43	NUM
fbem-18287	119	80	1.710	1.710	NUM
fbem-18287	119	81	2.64	2.64	NUM
fbem-18287	119	82	9	9	NUM
fbem-18287	119	83	1.810	1.810	NUM
fbem-18287	119	84	2.47	2.47	NUM
fbem-18287	119	85	1.467	1.467	NUM
fbem-18287	119	86	2.32	2.32	NUM
fbem-18287	119	87	1.573	1.573	NUM
fbem-18287	119	88	2.53	2.53	NUM
fbem-18287	119	89	h	h	NOUN
fbem-18287	119	90	1.999	1.999	NUM
fbem-18287	119	91	2.58	2.58	NUM
fbem-18287	119	92	1.616	1.616	NUM
fbem-18287	119	93	2.51	2.51	NUM
fbem-18287	119	94	1.711	1.711	NUM
fbem-18287	119	95	2.69	2.69	NUM
fbem-18287	119	96	h	h	NOUN
fbem-18287	119	97	-	-	PUNCT
fbem-18287	119	98	l	l	NOUN
fbem-18287	119	99	0.631	0.631	NUM
fbem-18287	119	100	*	*	PUNCT
fbem-18287	119	101	*	*	PUNCT
fbem-18287	119	102	*	*	PUNCT
fbem-18287	119	103	4.16	4.16	NUM
fbem-18287	119	104	0.609	0.609	NUM
fbem-18287	119	105	*	*	PUNCT
fbem-18287	119	106	*	*	PUNCT
fbem-18287	119	107	*	*	PUNCT
fbem-18287	119	108	4.00	4.00	NUM
fbem-18287	119	109	0.634	0.634	NUM
fbem-18287	119	110	*	*	PUNCT
fbem-18287	119	111	*	*	PUNCT
fbem-18287	119	112	*	*	PUNCT
fbem-18287	119	113	3.99	3.99	NUM
fbem-18287	119	114	as	as	SCONJ
fbem-18287	119	115	can	can	AUX
fbem-18287	119	116	be	be	AUX
fbem-18287	119	117	seen	see	VERB
fbem-18287	119	118	from	from	ADP
fbem-18287	119	119	table	table	NOUN
fbem-18287	119	120	3	3	NUM
fbem-18287	119	121	,	,	PUNCT
fbem-18287	119	122	the	the	DET
fbem-18287	119	123	average	average	ADJ
fbem-18287	119	124	portfolio	portfolio	NOUN
fbem-18287	119	125	return	return	VERB
fbem-18287	119	126	on	on	ADP
fbem-18287	119	127	the	the	DET
fbem-18287	119	128	whole	whole	ADJ
fbem-18287	119	129	increases	increase	NOUN
fbem-18287	119	130	with	with	ADP
fbem-18287	119	131	the	the	DET
fbem-18287	119	132	increase	increase	NOUN
fbem-18287	119	133	of	of	ADP
fbem-18287	119	134	ab_nr	ab_nr	ADJ
fbem-18287	119	135	value	value	NOUN
fbem-18287	119	136	,	,	PUNCT
fbem-18287	119	137	showing	show	VERB
fbem-18287	119	138	a	a	DET
fbem-18287	119	139	significant	significant	ADJ
fbem-18287	119	140	positive	positive	ADJ
fbem-18287	119	141	correlation	correlation	NOUN
fbem-18287	119	142	.	.	PUNCT
fbem-18287	120	1	specifically	specifically	ADV
fbem-18287	120	2	,	,	PUNCT
fbem-18287	120	3	the	the	DET
fbem-18287	120	4	average	average	ADJ
fbem-18287	120	5	rate	rate	NOUN
fbem-18287	120	6	of	of	ADP
fbem-18287	120	7	return	return	NOUN
fbem-18287	120	8	of	of	ADP
fbem-18287	120	9	the	the	DET
fbem-18287	120	10	portfolio	portfolio	NOUN
fbem-18287	120	11	without	without	ADP
fbem-18287	120	12	risk	risk	NOUN
fbem-18287	120	13	adjustment	adjustment	NOUN
fbem-18287	120	14	increased	increase	VERB
fbem-18287	120	15	from	from	ADP
fbem-18287	120	16	1.37	1.37	NUM
fbem-18287	120	17	%	%	NOUN
fbem-18287	120	18	per	per	ADP
fbem-18287	120	19	month	month	NOUN
fbem-18287	120	20	in	in	ADP
fbem-18287	120	21	the	the	DET
fbem-18287	120	22	lowest	low	ADJ
fbem-18287	120	23	group	group	NOUN
fbem-18287	120	24	of	of	ADP
fbem-18287	120	25	abnr	abnr	PROPN
fbem-18287	120	26	(	(	PUNCT
fbem-18287	120	27	decile1	decile1	NOUN
fbem-18287	120	28	)	)	PUNCT
fbem-18287	120	29	to	to	ADP
fbem-18287	120	30	2.00	2.00	NUM
fbem-18287	120	31	%	%	NOUN
fbem-18287	120	32	in	in	ADP
fbem-18287	120	33	the	the	DET
fbem-18287	120	34	highest	high	ADJ
fbem-18287	120	35	group	group	NOUN
fbem-18287	120	36	(	(	PUNCT
fbem-18287	120	37	decile10	decile10	ADJ
fbem-18287	120	38	)	)	PUNCT
fbem-18287	120	39	.	.	PUNCT
fbem-18287	121	1	on	on	ADP
fbem-18287	121	2	a	a	DET
fbem-18287	121	3	monthly	monthly	ADJ
fbem-18287	121	4	basis	basis	NOUN
fbem-18287	121	5	,	,	PUNCT
fbem-18287	121	6	building	build	VERB
fbem-18287	121	7	a	a	DET
fbem-18287	121	8	fund	fund	NOUN
fbem-18287	121	9	-	-	PUNCT
fbem-18287	121	10	neutral	neutral	ADJ
fbem-18287	121	11	long	long	ADJ
fbem-18287	121	12	-	-	PUNCT
fbem-18287	121	13	short	short	ADJ
fbem-18287	121	14	portfolio	portfolio	NOUN
fbem-18287	121	15	by	by	ADP
fbem-18287	121	16	going	go	VERB
fbem-18287	121	17	long	long	ADV
fbem-18287	121	18	the	the	DET
fbem-18287	121	19	highest	high	ADJ
fbem-18287	121	20	group	group	NOUN
fbem-18287	121	21	of	of	ADP
fbem-18287	121	22	ab_nr	ab_nr	PROPN
fbem-18287	121	23	and	and	CCONJ
fbem-18287	121	24	short	short	ADJ
fbem-18287	121	25	the	the	DET
fbem-18287	121	26	lowest	low	ADJ
fbem-18287	121	27	group	group	NOUN
fbem-18287	121	28	can	can	AUX
fbem-18287	121	29	yield	yield	VERB
fbem-18287	121	30	an	an	DET
fbem-18287	121	31	excess	excess	ADJ
fbem-18287	121	32	return	return	NOUN
fbem-18287	121	33	of	of	ADP
fbem-18287	121	34	0.63	0.63	NUM
fbem-18287	121	35	%	%	NOUN
fbem-18287	121	36	(	(	PUNCT
fbem-18287	121	37	7.56	7.56	NUM
fbem-18287	121	38	%	%	NOUN
fbem-18287	121	39	annualized	annualize	VERB
fbem-18287	121	40	)	)	PUNCT
fbem-18287	121	41	.	.	PUNCT
fbem-18287	122	1	in	in	ADP
fbem-18287	122	2	this	this	DET
fbem-18287	122	3	paper	paper	NOUN
fbem-18287	122	4	,	,	PUNCT
fbem-18287	122	5	the	the	DET
fbem-18287	122	6	capm	capm	PROPN
fbem-18287	122	7	model	model	NOUN
fbem-18287	122	8	and	and	CCONJ
fbem-18287	122	9	famafrench	famafrench	NOUN
fbem-18287	122	10	three	three	NUM
fbem-18287	122	11	-	-	PUNCT
fbem-18287	122	12	factor	factor	NOUN
fbem-18287	122	13	model	model	NOUN
fbem-18287	122	14	are	be	AUX
fbem-18287	122	15	used	use	VERB
fbem-18287	122	16	to	to	PART
fbem-18287	122	17	adjust	adjust	VERB
fbem-18287	122	18	the	the	DET
fbem-18287	122	19	portfolio	portfolio	NOUN
fbem-18287	122	20	return	return	NOUN
fbem-18287	122	21	rate	rate	NOUN
fbem-18287	122	22	,	,	PUNCT
fbem-18287	122	23	and	and	CCONJ
fbem-18287	122	24	it	it	PRON
fbem-18287	122	25	is	be	AUX
fbem-18287	122	26	found	find	VERB
fbem-18287	122	27	that	that	SCONJ
fbem-18287	122	28	the	the	DET
fbem-18287	122	29	long	long	ADV
fbem-18287	122	30	-	-	PUNCT
fbem-18287	122	31	short	short	ADJ
fbem-18287	122	32	hedge	hedge	NOUN
fbem-18287	122	33	portfolio	portfolio	NOUN
fbem-18287	122	34	can	can	AUX
fbem-18287	122	35	obtain	obtain	VERB
fbem-18287	122	36	a	a	DET
fbem-18287	122	37	significant	significant	ADJ
fbem-18287	122	38	excess	excess	ADJ
fbem-18287	122	39	return	return	NOUN
fbem-18287	122	40	of	of	ADP
fbem-18287	122	41	0.61	0.61	NUM
fbem-18287	122	42	%	%	NOUN
fbem-18287	122	43	and	and	CCONJ
fbem-18287	122	44	0.63	0.63	NUM
fbem-18287	122	45	%	%	NOUN
fbem-18287	122	46	respectively	respectively	ADV
fbem-18287	122	47	.	.	PUNCT
fbem-18287	123	1	4.2.2	4.2.2	X
fbem-18287	123	2	.	.	PUNCT
fbem-18287	123	3	independent	independent	ADJ
fbem-18287	123	4	double	double	ADJ
fbem-18287	123	5	sorting	sorting	NOUN
fbem-18287	123	6	this	this	DET
fbem-18287	123	7	section	section	NOUN
fbem-18287	123	8	analyzes	analyze	VERB
fbem-18287	123	9	the	the	DET
fbem-18287	123	10	differences	difference	NOUN
fbem-18287	123	11	in	in	ADP
fbem-18287	123	12	portfolio	portfolio	NOUN
fbem-18287	123	13	returns	return	NOUN
fbem-18287	123	14	under	under	ADP
fbem-18287	123	15	the	the	DET
fbem-18287	123	16	control	control	NOUN
fbem-18287	123	17	of	of	ADP
fbem-18287	123	18	different	different	ADJ
fbem-18287	123	19	corporate	corporate	ADJ
fbem-18287	123	20	characteristics	characteristic	NOUN
fbem-18287	123	21	.	.	PUNCT
fbem-18287	124	1	month	month	NOUN
fbem-18287	124	2	-	-	PUNCT
fbem-18287	124	3	end	end	NOUN
fbem-18287	124	4	total	total	ADJ
fbem-18287	124	5	market	market	NOUN
fbem-18287	124	6	value	value	NOUN
fbem-18287	124	7	(	(	PUNCT
fbem-18287	124	8	size	size	NOUN
fbem-18287	124	9	)	)	PUNCT
fbem-18287	124	10	was	be	AUX
fbem-18287	124	11	selected	select	VERB
fbem-18287	124	12	as	as	ADP
fbem-18287	124	13	the	the	DET
fbem-18287	124	14	scale	scale	NOUN
fbem-18287	124	15	control	control	NOUN
fbem-18287	124	16	factor	factor	NOUN
fbem-18287	124	17	,	,	PUNCT
fbem-18287	124	18	and	and	CCONJ
fbem-18287	124	19	book	book	NOUN
fbem-18287	124	20	-	-	PUNCT
fbem-18287	124	21	to	to	ADP
fbem-18287	124	22	-	-	PUNCT
fbem-18287	124	23	market	market	NOUN
fbem-18287	124	24	ratio	ratio	NOUN
fbem-18287	124	25	(	(	PUNCT
fbem-18287	124	26	bm	bm	PROPN
fbem-18287	124	27	)	)	PUNCT
fbem-18287	124	28	was	be	AUX
fbem-18287	124	29	selected	select	VERB
fbem-18287	124	30	as	as	ADP
fbem-18287	124	31	the	the	DET
fbem-18287	124	32	value	value	NOUN
fbem-18287	124	33	control	control	NOUN
fbem-18287	124	34	factor	factor	NOUN
fbem-18287	124	35	.	.	PUNCT
fbem-18287	125	1	take	take	VERB
fbem-18287	125	2	the	the	DET
fbem-18287	125	3	independent	independent	ADJ
fbem-18287	125	4	double	double	ADJ
fbem-18287	125	5	ranking	ranking	NOUN
fbem-18287	125	6	of	of	ADP
fbem-18287	125	7	ab_nr	ab_nr	ADJ
fbem-18287	125	8	and	and	CCONJ
fbem-18287	125	9	market	market	NOUN
fbem-18287	125	10	value	value	NOUN
fbem-18287	125	11	(	(	PUNCT
fbem-18287	125	12	size	size	NOUN
fbem-18287	125	13	)	)	PUNCT
fbem-18287	125	14	as	as	ADP
fbem-18287	125	15	an	an	DET
fbem-18287	125	16	example	example	NOUN
fbem-18287	125	17	:	:	PUNCT
fbem-18287	125	18	from	from	ADP
fbem-18287	125	19	january	january	PROPN
fbem-18287	125	20	2006	2006	NUM
fbem-18287	125	21	to	to	ADP
fbem-18287	125	22	december	december	PROPN
fbem-18287	125	23	2022	2022	NUM
fbem-18287	125	24	,	,	PUNCT
fbem-18287	125	25	all	all	DET
fbem-18287	125	26	stocks	stock	NOUN
fbem-18287	125	27	are	be	AUX
fbem-18287	125	28	divided	divide	VERB
fbem-18287	125	29	into	into	ADP
fbem-18287	125	30	5	5	NUM
fbem-18287	125	31	groups	group	NOUN
fbem-18287	125	32	according	accord	VERB
fbem-18287	125	33	to	to	ADP
fbem-18287	125	34	the	the	DET
fbem-18287	125	35	20	20	NUM
fbem-18287	125	36	%	%	NOUN
fbem-18287	125	37	,	,	PUNCT
fbem-18287	125	38	40	40	NUM
fbem-18287	125	39	%	%	NOUN
fbem-18287	125	40	,	,	PUNCT
fbem-18287	125	41	60	60	NUM
fbem-18287	125	42	%	%	NOUN
fbem-18287	125	43	and	and	CCONJ
fbem-18287	125	44	80	80	NUM
fbem-18287	125	45	%	%	NOUN
fbem-18287	125	46	quantiles	quantile	NOUN
fbem-18287	125	47	of	of	ADP
fbem-18287	125	48	ab_nr	ab_nr	NOUN
fbem-18287	125	49	at	at	ADP
fbem-18287	125	50	the	the	DET
fbem-18287	125	51	end	end	NOUN
fbem-18287	125	52	of	of	ADP
fbem-18287	125	53	each	each	DET
fbem-18287	125	54	month	month	NOUN
fbem-18287	125	55	,	,	PUNCT
fbem-18287	125	56	which	which	PRON
fbem-18287	125	57	are	be	AUX
fbem-18287	125	58	successively	successively	ADV
fbem-18287	125	59	low	low	ADJ
fbem-18287	125	60	,	,	PUNCT
fbem-18287	125	61	2,3,4	2,3,4	NUM
fbem-18287	125	62	and	and	CCONJ
fbem-18287	125	63	high	high	ADJ
fbem-18287	125	64	groups	group	NOUN
fbem-18287	125	65	.	.	PUNCT
fbem-18287	126	1	at	at	ADP
fbem-18287	126	2	the	the	DET
fbem-18287	126	3	same	same	ADJ
fbem-18287	126	4	time	time	NOUN
fbem-18287	126	5	,	,	PUNCT
fbem-18287	126	6	the	the	DET
fbem-18287	126	7	control	control	NOUN
fbem-18287	126	8	variables	variable	NOUN
fbem-18287	126	9	are	be	AUX
fbem-18287	126	10	bounded	bound	VERB
fbem-18287	126	11	by	by	ADP
fbem-18287	126	12	30	30	NUM
fbem-18287	126	13	%	%	NOUN
fbem-18287	126	14	and	and	CCONJ
fbem-18287	126	15	70	70	NUM
fbem-18287	126	16	%	%	NOUN
fbem-18287	126	17	quantiles	quantile	NOUN
fbem-18287	126	18	according	accord	VERB
fbem-18287	126	19	to	to	ADP
fbem-18287	126	20	the	the	DET
fbem-18287	126	21	traditional	traditional	ADJ
fbem-18287	126	22	practice	practice	NOUN
fbem-18287	126	23	,	,	PUNCT
fbem-18287	126	24	and	and	CCONJ
fbem-18287	126	25	all	all	DET
fbem-18287	126	26	listed	list	VERB
fbem-18287	126	27	companies	company	NOUN
fbem-18287	126	28	are	be	AUX
fbem-18287	126	29	divided	divide	VERB
fbem-18287	126	30	into	into	ADP
fbem-18287	126	31	three	three	NUM
fbem-18287	126	32	groups	group	NOUN
fbem-18287	126	33	:	:	PUNCT
fbem-18287	126	34	the	the	DET
fbem-18287	126	35	big	big	ADJ
fbem-18287	126	36	group	group	NOUN
fbem-18287	126	37	with	with	ADP
fbem-18287	126	38	market	market	NOUN
fbem-18287	126	39	capitalization	capitalization	NOUN
fbem-18287	126	40	(	(	PUNCT
fbem-18287	126	41	size	size	NOUN
fbem-18287	126	42	)	)	PUNCT
fbem-18287	126	43	higher	high	ADJ
fbem-18287	126	44	than	than	ADP
fbem-18287	126	45	70	70	NUM
fbem-18287	126	46	%	%	NOUN
fbem-18287	126	47	of	of	ADP
fbem-18287	126	48	the	the	DET
fbem-18287	126	49	quantile	quantile	NOUN
fbem-18287	126	50	,	,	PUNCT
fbem-18287	126	51	the	the	DET
fbem-18287	126	52	midden	midden	PROPN
fbem-18287	126	53	group	group	NOUN
fbem-18287	126	54	with	with	ADP
fbem-18287	126	55	market	market	NOUN
fbem-18287	126	56	capitalization	capitalization	NOUN
fbem-18287	126	57	(	(	PUNCT
fbem-18287	126	58	size	size	NOUN
fbem-18287	126	59	)	)	PUNCT
fbem-18287	126	60	between	between	ADP
fbem-18287	126	61	30	30	NUM
fbem-18287	126	62	%	%	NOUN
fbem-18287	126	63	and	and	CCONJ
fbem-18287	126	64	70	70	NUM
fbem-18287	126	65	%	%	NOUN
fbem-18287	126	66	of	of	ADP
fbem-18287	126	67	the	the	DET
fbem-18287	126	68	quantile	quantile	NOUN
fbem-18287	126	69	,	,	PUNCT
fbem-18287	126	70	and	and	CCONJ
fbem-18287	126	71	the	the	DET
fbem-18287	126	72	low	low	ADJ
fbem-18287	126	73	group	group	NOUN
fbem-18287	126	74	with	with	ADP
fbem-18287	126	75	market	market	NOUN
fbem-18287	126	76	capitalization	capitalization	NOUN
fbem-18287	126	77	(	(	PUNCT
fbem-18287	126	78	size	size	NOUN
fbem-18287	126	79	)	)	PUNCT
fbem-18287	126	80	lower	low	ADJ
fbem-18287	126	81	than	than	ADP
fbem-18287	126	82	30	30	NUM
fbem-18287	126	83	%	%	NOUN
fbem-18287	126	84	of	of	ADP
fbem-18287	126	85	the	the	DET
fbem-18287	126	86	quantile	quantile	NOUN
fbem-18287	126	87	,	,	PUNCT
fbem-18287	126	88	a	a	DET
fbem-18287	126	89	total	total	NOUN
fbem-18287	126	90	of	of	ADP
fbem-18287	126	91	15	15	NUM
fbem-18287	126	92	portfolios	portfolio	NOUN
fbem-18287	126	93	are	be	AUX
fbem-18287	126	94	obtained	obtain	VERB
fbem-18287	126	95	by	by	ADP
fbem-18287	126	96	the	the	DET
fbem-18287	126	97	intersection	intersection	NOUN
fbem-18287	126	98	of	of	ADP
fbem-18287	126	99	two	two	NUM
fbem-18287	126	100	pairs	pair	NOUN
fbem-18287	126	101	,	,	PUNCT
fbem-18287	126	102	and	and	CCONJ
fbem-18287	126	103	stocks	stock	NOUN
fbem-18287	126	104	are	be	AUX
fbem-18287	126	105	allocated	allocate	VERB
fbem-18287	126	106	in	in	ADP
fbem-18287	126	107	an	an	DET
fbem-18287	126	108	equal	equal	ADJ
fbem-18287	126	109	weight	weight	NOUN
fbem-18287	126	110	manner	manner	NOUN
fbem-18287	126	111	in	in	ADP
fbem-18287	126	112	each	each	DET
fbem-18287	126	113	portfolio	portfolio	NOUN
fbem-18287	126	114	.	.	PUNCT
fbem-18287	127	1	table	table	NOUN
fbem-18287	127	2	4	4	NUM
fbem-18287	127	3	reports	report	NOUN
fbem-18287	127	4	the	the	DET
fbem-18287	127	5	portfolio	portfolio	NOUN
fbem-18287	127	6	returns	return	VERB
fbem-18287	127	7	of	of	ADP
fbem-18287	127	8	ab_nr	ab_nr	NOUN
fbem-18287	127	9	with	with	ADP
fbem-18287	127	10	independent	independent	ADJ
fbem-18287	127	11	double	double	ADJ
fbem-18287	127	12	ranking	ranking	NOUN
fbem-18287	127	13	of	of	ADP
fbem-18287	127	14	market	market	NOUN
fbem-18287	127	15	capitalization	capitalization	NOUN
fbem-18287	127	16	and	and	CCONJ
fbem-18287	127	17	book	book	NOUN
fbem-18287	127	18	to	to	ADP
fbem-18287	127	19	market	market	NOUN
fbem-18287	127	20	ratio	ratio	NOUN
fbem-18287	127	21	,	,	PUNCT
fbem-18287	127	22	respectively	respectively	ADV
fbem-18287	127	23	.	.	PUNCT
fbem-18287	127	24	table	table	NOUN
fbem-18287	127	25	4	4	NUM
fbem-18287	127	26	.	.	PUNCT
fbem-18287	127	27	hedge	hedge	NOUN
fbem-18287	127	28	portfolio	portfolio	NOUN
fbem-18287	127	29	returns	return	NOUN
fbem-18287	127	30	based	base	VERB
fbem-18287	127	31	on	on	ADP
fbem-18287	127	32	ab_nr	ab_nr	PROPN
fbem-18287	127	33	ab_nr	ab_nr	ADJ
fbem-18287	127	34	l	l	NOUN
fbem-18287	127	35	2	2	NUM
fbem-18287	127	36	3	3	NUM
fbem-18287	127	37	4	4	NUM
fbem-18287	127	38	h	h	NOUN
fbem-18287	127	39	h	h	NOUN
fbem-18287	127	40	-	-	PUNCT
fbem-18287	127	41	l	l	NOUN
fbem-18287	127	42	t	t	NOUN
fbem-18287	127	43	size	size	NOUN
fbem-18287	127	44	s	s	PART
fbem-18287	127	45	2.108	2.108	NUM
fbem-18287	127	46	2.418	2.418	NUM
fbem-18287	127	47	2.544	2.544	NUM
fbem-18287	127	48	2.673	2.673	NUM
fbem-18287	127	49	2.675	2.675	NUM
fbem-18287	127	50	0.567	0.567	NUM
fbem-18287	127	51	*	*	PUNCT
fbem-18287	127	52	*	*	PUNCT
fbem-18287	127	53	*	*	PROPN
fbem-18287	127	54	3.98	3.98	NUM
fbem-18287	127	55	m	m	NUM
fbem-18287	127	56	1.203	1.203	NUM
fbem-18287	127	57	1.616	1.616	NUM
fbem-18287	127	58	1.705	1.705	NUM
fbem-18287	127	59	1.824	1.824	NUM
fbem-18287	127	60	1.743	1.743	NUM
fbem-18287	127	61	0.540	0.540	NUM
fbem-18287	127	62	*	*	PUNCT
fbem-18287	127	63	*	*	PUNCT
fbem-18287	127	64	*	*	PUNCT
fbem-18287	127	65	3.95	3.95	NUM
fbem-18287	127	66	b	b	NOUN
fbem-18287	127	67	1.165	1.165	NUM
fbem-18287	127	68	1.396	1.396	NUM
fbem-18287	127	69	1.430	1.430	NUM
fbem-18287	127	70	1.374	1.374	NUM
fbem-18287	127	71	1.327	1.327	NUM
fbem-18287	127	72	0.162	0.162	NUM
fbem-18287	127	73	0.87	0.87	NUM
fbem-18287	127	74	bm	bm	PROPN
fbem-18287	128	1	l	l	PROPN
fbem-18287	129	1	1.012	1.012	NUM
fbem-18287	129	2	1.462	1.462	NUM
fbem-18287	129	3	1.667	1.667	NUM
fbem-18287	129	4	1.583	1.583	NUM
fbem-18287	129	5	1.644	1.644	NUM
fbem-18287	129	6	0.632	0.632	NUM
fbem-18287	129	7	*	*	PUNCT
fbem-18287	129	8	*	*	PUNCT
fbem-18287	129	9	*	*	PUNCT
fbem-18287	129	10	3.48	3.48	NUM
fbem-18287	129	11	m	m	NOUN
fbem-18287	129	12	1.509	1.509	NUM
fbem-18287	129	13	1.865	1.865	NUM
fbem-18287	129	14	1.916	1.916	NUM
fbem-18287	129	15	2.100	2.100	NUM
fbem-18287	129	16	2.069	2.069	NUM
fbem-18287	129	17	0.560	0.560	NUM
fbem-18287	129	18	*	*	PUNCT
fbem-18287	129	19	*	*	PUNCT
fbem-18287	129	20	*	*	PUNCT
fbem-18287	129	21	4.66	4.66	NUM
fbem-18287	129	22	h	h	NOUN
fbem-18287	129	23	1.965	1.965	NUM
fbem-18287	129	24	2.084	2.084	NUM
fbem-18287	129	25	2.017	2.017	NUM
fbem-18287	129	26	2.119	2.119	NUM
fbem-18287	129	27	2.063	2.063	NUM
fbem-18287	129	28	0.098	0.098	NUM
fbem-18287	129	29	0.84	0.84	NUM
fbem-18287	129	30	as	as	SCONJ
fbem-18287	129	31	can	can	AUX
fbem-18287	129	32	be	be	AUX
fbem-18287	129	33	seen	see	VERB
fbem-18287	129	34	from	from	ADP
fbem-18287	129	35	table	table	NOUN
fbem-18287	129	36	4	4	NUM
fbem-18287	129	37	,	,	PUNCT
fbem-18287	129	38	in	in	ADP
fbem-18287	129	39	the	the	DET
fbem-18287	129	40	bivariate	bivariate	ADJ
fbem-18287	129	41	grouping	grouping	NOUN
fbem-18287	129	42	results	result	NOUN
fbem-18287	129	43	of	of	ADP
fbem-18287	129	44	ab_nr	ab_nr	ADJ
fbem-18287	129	45	and	and	CCONJ
fbem-18287	129	46	size	size	NOUN
fbem-18287	129	47	factor	factor	NOUN
fbem-18287	129	48	(	(	PUNCT
fbem-18287	129	49	size	size	NOUN
fbem-18287	129	50	)	)	PUNCT
fbem-18287	129	51	,	,	PUNCT
fbem-18287	129	52	the	the	DET
fbem-18287	129	53	overall	overall	ADJ
fbem-18287	129	54	portfolio	portfolio	NOUN
fbem-18287	129	55	return	return	NOUN
fbem-18287	129	56	rate	rate	NOUN
fbem-18287	129	57	increases	increase	NOUN
fbem-18287	129	58	with	with	ADP
fbem-18287	129	59	the	the	DET
fbem-18287	129	60	increase	increase	NOUN
fbem-18287	129	61	of	of	ADP
fbem-18287	129	62	ab_nr	ab_nr	NOUN
fbem-18287	129	63	,	,	PUNCT
fbem-18287	129	64	regardless	regardless	ADV
fbem-18287	129	65	of	of	ADP
fbem-18287	129	66	the	the	DET
fbem-18287	129	67	size	size	NOUN
fbem-18287	129	68	of	of	ADP
fbem-18287	129	69	the	the	DET
fbem-18287	129	70	company	company	NOUN
fbem-18287	129	71	.	.	PUNCT
fbem-18287	130	1	in	in	ADP
fbem-18287	130	2	addition	addition	NOUN
fbem-18287	130	3	,	,	PUNCT
fbem-18287	130	4	with	with	ADP
fbem-18287	130	5	the	the	DET
fbem-18287	130	6	continuous	continuous	ADJ
fbem-18287	130	7	increase	increase	NOUN
fbem-18287	130	8	of	of	ADP
fbem-18287	130	9	market	market	NOUN
fbem-18287	130	10	capitalization	capitalization	NOUN
fbem-18287	130	11	,	,	PUNCT
fbem-18287	130	12	the	the	DET
fbem-18287	130	13	excess	excess	ADJ
fbem-18287	130	14	return	return	NOUN
fbem-18287	130	15	and	and	CCONJ
fbem-18287	130	16	significance	significance	NOUN
fbem-18287	130	17	of	of	ADP
fbem-18287	130	18	long	long	ADJ
fbem-18287	130	19	-	-	PUNCT
fbem-18287	130	20	short	short	ADJ
fbem-18287	130	21	portfolio	portfolio	NOUN
fbem-18287	130	22	gradually	gradually	ADV
fbem-18287	130	23	decreased	decrease	VERB
fbem-18287	130	24	,	,	PUNCT
fbem-18287	130	25	and	and	CCONJ
fbem-18287	130	26	the	the	DET
fbem-18287	130	27	monthly	monthly	ADJ
fbem-18287	130	28	excess	excess	ADJ
fbem-18287	130	29	return	return	NOUN
fbem-18287	130	30	decreased	decrease	VERB
fbem-18287	130	31	from	from	ADP
fbem-18287	130	32	0.57	0.57	NUM
fbem-18287	130	33	%	%	NOUN
fbem-18287	130	34	(	(	PUNCT
fbem-18287	130	35	t	t	NOUN
fbem-18287	130	36	-	-	PUNCT
fbem-18287	130	37	value	value	NOUN
fbem-18287	130	38	3.98	3.98	NUM
fbem-18287	130	39	)	)	PUNCT
fbem-18287	130	40	to	to	ADP
fbem-18287	130	41	0.16	0.16	NUM
fbem-18287	130	42	%	%	NOUN
fbem-18287	130	43	(	(	PUNCT
fbem-18287	130	44	t	t	NOUN
fbem-18287	130	45	-	-	PUNCT
fbem-18287	130	46	value	value	NOUN
fbem-18287	130	47	0.87	0.87	NUM
fbem-18287	130	48	)	)	PUNCT
fbem-18287	130	49	of	of	ADP
fbem-18287	130	50	small	small	ADJ
fbem-18287	130	51	market	market	NOUN
fbem-18287	130	52	capitalization	capitalization	NOUN
fbem-18287	130	53	.	.	PUNCT
fbem-18287	131	1	the	the	DET
fbem-18287	131	2	anomaly	anomaly	NOUN
fbem-18287	131	3	showed	show	VERB
fbem-18287	131	4	significant	significant	ADJ
fbem-18287	131	5	performance	performance	NOUN
fbem-18287	131	6	in	in	ADP
fbem-18287	131	7	small	small	ADJ
fbem-18287	131	8	market	market	NOUN
fbem-18287	131	9	capitalization	capitalization	NOUN
fbem-18287	131	10	and	and	CCONJ
fbem-18287	131	11	middle	middle	ADJ
fbem-18287	131	12	market	market	NOUN
fbem-18287	131	13	capitalization	capitalization	NOUN
fbem-18287	131	14	.	.	PUNCT
fbem-18287	132	1	this	this	PRON
fbem-18287	132	2	is	be	AUX
fbem-18287	132	3	consistent	consistent	ADJ
fbem-18287	132	4	with	with	ADP
fbem-18287	132	5	the	the	DET
fbem-18287	132	6	characteristics	characteristic	NOUN
fbem-18287	132	7	that	that	SCONJ
fbem-18287	132	8	small	small	ADJ
fbem-18287	132	9	-	-	PUNCT
fbem-18287	132	10	cap	cap	NOUN
fbem-18287	132	11	stocks	stock	NOUN
fbem-18287	132	12	are	be	AUX
fbem-18287	132	13	more	more	ADV
fbem-18287	132	14	favored	favor	VERB
fbem-18287	132	15	by	by	ADP
fbem-18287	132	16	individual	individual	ADJ
fbem-18287	132	17	investors	investor	NOUN
fbem-18287	132	18	and	and	CCONJ
fbem-18287	132	19	easier	easy	ADJ
fbem-18287	132	20	to	to	PART
fbem-18287	132	21	hype	hype	VERB
fbem-18287	132	22	.	.	PUNCT
fbem-18287	133	1	in	in	ADP
fbem-18287	133	2	the	the	DET
fbem-18287	133	3	bivariate	bivariate	ADJ
fbem-18287	133	4	grouping	grouping	NOUN
fbem-18287	133	5	results	result	NOUN
fbem-18287	133	6	of	of	ADP
fbem-18287	133	7	ab_nr	ab_nr	ADJ
fbem-18287	133	8	and	and	CCONJ
fbem-18287	133	9	value	value	NOUN
fbem-18287	133	10	factor	factor	NOUN
fbem-18287	133	11	(	(	PUNCT
fbem-18287	133	12	bm	bm	PROPN
fbem-18287	133	13	)	)	PUNCT
fbem-18287	133	14	,	,	PUNCT
fbem-18287	133	15	with	with	ADP
fbem-18287	133	16	the	the	DET
fbem-18287	133	17	gradual	gradual	ADJ
fbem-18287	133	18	increase	increase	NOUN
fbem-18287	133	19	of	of	ADP
fbem-18287	133	20	book	book	NOUN
fbem-18287	133	21	-	-	PUNCT
fbem-18287	133	22	to	to	ADP
fbem-18287	133	23	-	-	PUNCT
fbem-18287	133	24	market	market	NOUN
fbem-18287	133	25	ratio	ratio	NOUN
fbem-18287	133	26	,	,	PUNCT
fbem-18287	133	27	the	the	DET
fbem-18287	133	28	monthly	monthly	ADJ
fbem-18287	133	29	abnormal	abnormal	ADJ
fbem-18287	133	30	return	return	NOUN
fbem-18287	133	31	of	of	ADP
fbem-18287	133	32	long	long	ADJ
fbem-18287	133	33	-	-	PUNCT
fbem-18287	133	34	short	short	ADJ
fbem-18287	133	35	portfolio	portfolio	NOUN
fbem-18287	133	36	gradually	gradually	ADV
fbem-18287	133	37	decreases	decrease	VERB
fbem-18287	133	38	,	,	PUNCT
fbem-18287	133	39	from	from	ADP
fbem-18287	133	40	0.63	0.63	NUM
fbem-18287	133	41	%	%	NOUN
fbem-18287	133	42	(	(	PUNCT
fbem-18287	133	43	t	t	NOUN
fbem-18287	133	44	-	-	PUNCT
fbem-18287	133	45	value	value	NOUN
fbem-18287	133	46	3.48	3.48	NUM
fbem-18287	133	47	)	)	PUNCT
fbem-18287	133	48	of	of	ADP
fbem-18287	133	49	low	low	PROPN
fbem-18287	133	50	bm	bm	PROPN
fbem-18287	133	51	portfolio	portfolio	NOUN
fbem-18287	133	52	to	to	ADP
fbem-18287	133	53	0.10	0.10	NUM
fbem-18287	133	54	%	%	NOUN
fbem-18287	133	55	(	(	PUNCT
fbem-18287	133	56	t	t	NOUN
fbem-18287	133	57	-	-	PUNCT
fbem-18287	133	58	value	value	NOUN
fbem-18287	133	59	0.84	0.84	NUM
fbem-18287	133	60	)	)	PUNCT
fbem-18287	133	61	of	of	ADP
fbem-18287	133	62	high	high	ADJ
fbem-18287	133	63	bm	bm	PROPN
fbem-18287	133	64	portfolio	portfolio	PROPN
fbem-18287	133	65	.	.	PUNCT
fbem-18287	134	1	compared	compare	VERB
fbem-18287	134	2	with	with	ADP
fbem-18287	134	3	high	high	ADJ
fbem-18287	134	4	book	book	NOUN
fbem-18287	134	5	-	-	PUNCT
fbem-18287	134	6	to	to	ADP
fbem-18287	134	7	-	-	PUNCT
fbem-18287	134	8	market	market	NOUN
fbem-18287	134	9	ratio	ratio	NOUN
fbem-18287	134	10	,	,	PUNCT
fbem-18287	134	11	medium	medium	ADJ
fbem-18287	134	12	and	and	CCONJ
fbem-18287	134	13	low	low	ADJ
fbem-18287	134	14	book	book	NOUN
fbem-18287	134	15	-	-	PUNCT
fbem-18287	134	16	to	to	ADP
fbem-18287	134	17	-	-	PUNCT
fbem-18287	134	18	market	market	NOUN
fbem-18287	134	19	ratio	ratio	NOUN
fbem-18287	134	20	stocks	stock	NOUN
fbem-18287	134	21	often	often	ADV
fbem-18287	134	22	have	have	VERB
fbem-18287	134	23	poor	poor	ADJ
fbem-18287	134	24	performance	performance	NOUN
fbem-18287	134	25	at	at	ADP
fbem-18287	134	26	this	this	DET
fbem-18287	134	27	stage	stage	NOUN
fbem-18287	134	28	,	,	PUNCT
fbem-18287	134	29	but	but	CCONJ
fbem-18287	134	30	some	some	DET
fbem-18287	134	31	high	high	ADJ
fbem-18287	134	32	-	-	PUNCT
fbem-18287	134	33	growth	growth	NOUN
fbem-18287	134	34	companies	company	NOUN
fbem-18287	134	35	have	have	VERB
fbem-18287	134	36	greater	great	ADJ
fbem-18287	134	37	potential	potential	NOUN
fbem-18287	134	38	in	in	ADP
fbem-18287	134	39	the	the	DET
fbem-18287	134	40	future	future	NOUN
fbem-18287	134	41	and	and	CCONJ
fbem-18287	134	42	are	be	AUX
fbem-18287	134	43	often	often	ADV
fbem-18287	134	44	favored	favor	VERB
fbem-18287	134	45	by	by	ADP
fbem-18287	134	46	individual	individual	ADJ
fbem-18287	134	47	investors	investor	NOUN
fbem-18287	134	48	,	,	PUNCT
fbem-18287	134	49	although	although	SCONJ
fbem-18287	134	50	their	their	PRON
fbem-18287	134	51	current	current	ADJ
fbem-18287	134	52	performance	performance	NOUN
fbem-18287	134	53	is	be	AUX
fbem-18287	134	54	poor	poor	ADJ
fbem-18287	134	55	.	.	PUNCT
fbem-18287	135	1	5	5	X
fbem-18287	135	2	.	.	X
fbem-18287	135	3	are	be	AUX
fbem-18287	135	4	excess	excess	ADJ
fbem-18287	135	5	returns	return	NOUN
fbem-18287	135	6	due	due	ADJ
fbem-18287	135	7	to	to	ADP
fbem-18287	135	8	risk	risk	VERB
fbem-18287	135	9	premium	premium	NOUN
fbem-18287	135	10	or	or	CCONJ
fbem-18287	135	11	mispricing	misprice	VERB
fbem-18287	135	12	?	?	PUNCT
fbem-18287	136	1	in	in	ADP
fbem-18287	136	2	this	this	DET
fbem-18287	136	3	paper	paper	NOUN
fbem-18287	136	4	,	,	PUNCT
fbem-18287	136	5	the	the	DET
fbem-18287	136	6	excess	excess	ADJ
fbem-18287	136	7	return	return	NOUN
fbem-18287	136	8	obtained	obtain	VERB
fbem-18287	136	9	from	from	ADP
fbem-18287	136	10	the	the	DET
fbem-18287	136	11	hedge	hedge	NOUN
fbem-18287	136	12	portfolio	portfolio	NOUN
fbem-18287	136	13	constructed	construct	VERB
fbem-18287	136	14	according	accord	VERB
fbem-18287	136	15	to	to	ADP
fbem-18287	136	16	ab_nr	ab_nr	PROPN
fbem-18287	136	17	is	be	AUX
fbem-18287	136	18	defined	define	VERB
fbem-18287	136	19	as	as	ADP
fbem-18287	136	20	the	the	DET
fbem-18287	136	21	anomaly	anomaly	NOUN
fbem-18287	136	22	of	of	ADP
fbem-18287	136	23	opening	open	VERB
fbem-18287	136	24	high	high	ADJ
fbem-18287	136	25	and	and	CCONJ
fbem-18287	136	26	closing	closing	NOUN
fbem-18287	136	27	low	low	NOUN
fbem-18287	136	28	.	.	PUNCT
fbem-18287	137	1	next	next	ADV
fbem-18287	137	2	,	,	PUNCT
fbem-18287	137	3	explore	explore	VERB
fbem-18287	137	4	the	the	DET
fbem-18287	137	5	source	source	NOUN
fbem-18287	137	6	of	of	ADP
fbem-18287	137	7	the	the	DET
fbem-18287	137	8	vision	vision	NOUN
fbem-18287	137	9	.	.	PUNCT
fbem-18287	138	1	as	as	ADP
fbem-18287	138	2	for	for	ADP
fbem-18287	138	3	the	the	DET
fbem-18287	138	4	sources	source	NOUN
fbem-18287	138	5	of	of	ADP
fbem-18287	138	6	excess	excess	ADJ
fbem-18287	138	7	returns	return	NOUN
fbem-18287	138	8	268	268	NUM
fbem-18287	138	9	obtained	obtain	VERB
fbem-18287	138	10	by	by	ADP
fbem-18287	138	11	anomaly	anomaly	NOUN
fbem-18287	138	12	,	,	PUNCT
fbem-18287	138	13	scholars	scholar	NOUN
fbem-18287	138	14	often	often	ADV
fbem-18287	138	15	explain	explain	VERB
fbem-18287	138	16	them	they	PRON
fbem-18287	138	17	from	from	ADP
fbem-18287	138	18	the	the	DET
fbem-18287	138	19	perspective	perspective	NOUN
fbem-18287	138	20	of	of	ADP
fbem-18287	138	21	risk	risk	NOUN
fbem-18287	138	22	compensation	compensation	NOUN
fbem-18287	138	23	based	base	VERB
fbem-18287	138	24	on	on	ADP
fbem-18287	138	25	traditional	traditional	ADJ
fbem-18287	138	26	asset	asset	NOUN
fbem-18287	138	27	pricing	pricing	NOUN
fbem-18287	138	28	theory	theory	NOUN
fbem-18287	138	29	or	or	CCONJ
fbem-18287	138	30	from	from	ADP
fbem-18287	138	31	the	the	DET
fbem-18287	138	32	perspective	perspective	NOUN
fbem-18287	138	33	of	of	ADP
fbem-18287	138	34	mispricing	misprice	VERB
fbem-18287	138	35	based	base	VERB
fbem-18287	138	36	on	on	ADP
fbem-18287	138	37	behavioral	behavioral	ADJ
fbem-18287	138	38	finance	finance	NOUN
fbem-18287	138	39	theory	theory	NOUN
fbem-18287	138	40	.	.	PUNCT
fbem-18287	139	1	this	this	DET
fbem-18287	139	2	section	section	NOUN
fbem-18287	139	3	analyzes	analyze	VERB
fbem-18287	139	4	the	the	DET
fbem-18287	139	5	sources	source	NOUN
fbem-18287	139	6	from	from	ADP
fbem-18287	139	7	two	two	NUM
fbem-18287	139	8	perspectives	perspective	NOUN
fbem-18287	139	9	,	,	PUNCT
fbem-18287	139	10	risk	risk	NOUN
fbem-18287	139	11	compensation	compensation	NOUN
fbem-18287	139	12	and	and	CCONJ
fbem-18287	139	13	mispricing	misprice	VERB
fbem-18287	139	14	respectively	respectively	ADV
fbem-18287	139	15	.	.	PUNCT
fbem-18287	140	1	5.1	5.1	NUM
fbem-18287	140	2	.	.	X
fbem-18287	140	3	are	be	AUX
fbem-18287	140	4	excess	excess	ADJ
fbem-18287	140	5	returns	return	NOUN
fbem-18287	140	6	due	due	ADP
fbem-18287	140	7	to	to	ADP
fbem-18287	140	8	a	a	DET
fbem-18287	140	9	risk	risk	NOUN
fbem-18287	140	10	premium	premium	NOUN
fbem-18287	140	11	?	?	PUNCT
fbem-18287	141	1	if	if	SCONJ
fbem-18287	141	2	a	a	DET
fbem-18287	141	3	variable	variable	NOUN
fbem-18287	141	4	is	be	AUX
fbem-18287	141	5	predictive	predictive	ADJ
fbem-18287	141	6	of	of	ADP
fbem-18287	141	7	future	future	ADJ
fbem-18287	141	8	returns	return	NOUN
fbem-18287	141	9	,	,	PUNCT
fbem-18287	141	10	it	it	PRON
fbem-18287	141	11	is	be	AUX
fbem-18287	141	12	essentially	essentially	ADV
fbem-18287	141	13	because	because	SCONJ
fbem-18287	141	14	it	it	PRON
fbem-18287	141	15	is	be	AUX
fbem-18287	141	16	a	a	DET
fbem-18287	141	17	good	good	ADJ
fbem-18287	141	18	proxy	proxy	NOUN
fbem-18287	141	19	for	for	ADP
fbem-18287	141	20	an	an	DET
fbem-18287	141	21	asset	asset	NOUN
fbem-18287	141	22	's	's	PART
fbem-18287	141	23	exposure	exposure	NOUN
fbem-18287	141	24	to	to	ADP
fbem-18287	141	25	a	a	DET
fbem-18287	141	26	systemic	systemic	ADJ
fbem-18287	141	27	risk	risk	NOUN
fbem-18287	141	28	.	.	PUNCT
fbem-18287	142	1	according	accord	VERB
fbem-18287	142	2	to	to	ADP
fbem-18287	142	3	the	the	DET
fbem-18287	142	4	traditional	traditional	ADJ
fbem-18287	142	5	capital	capital	NOUN
fbem-18287	142	6	asset	asset	NOUN
fbem-18287	142	7	pricing	pricing	NOUN
fbem-18287	142	8	model	model	NOUN
fbem-18287	142	9	,	,	PUNCT
fbem-18287	142	10	a	a	DET
fbem-18287	142	11	factor	factor	NOUN
fbem-18287	142	12	simulation	simulation	NOUN
fbem-18287	142	13	portfolio	portfolio	NOUN
fbem-18287	142	14	is	be	AUX
fbem-18287	142	15	constructed	construct	VERB
fbem-18287	142	16	using	use	VERB
fbem-18287	142	17	this	this	DET
fbem-18287	142	18	variable	variable	NOUN
fbem-18287	142	19	,	,	PUNCT
fbem-18287	142	20	and	and	CCONJ
fbem-18287	142	21	the	the	DET
fbem-18287	142	22	exposure	exposure	NOUN
fbem-18287	142	23	of	of	ADP
fbem-18287	142	24	the	the	DET
fbem-18287	142	25	asset	asset	NOUN
fbem-18287	142	26	to	to	ADP
fbem-18287	142	27	this	this	DET
fbem-18287	142	28	risk	risk	NOUN
fbem-18287	142	29	is	be	AUX
fbem-18287	142	30	determined	determine	VERB
fbem-18287	142	31	by	by	ADP
fbem-18287	142	32	the	the	DET
fbem-18287	142	33	beta	beta	ADJ
fbem-18287	142	34	value	value	NOUN
fbem-18287	142	35	of	of	ADP
fbem-18287	142	36	the	the	DET
fbem-18287	142	37	asset	asset	NOUN
fbem-18287	142	38	to	to	ADP
fbem-18287	142	39	the	the	DET
fbem-18287	142	40	portfolio	portfolio	NOUN
fbem-18287	142	41	.	.	PUNCT
fbem-18287	143	1	under	under	ADP
fbem-18287	143	2	the	the	DET
fbem-18287	143	3	riskcompensated	riskcompensate	VERB
fbem-18287	143	4	interpretation	interpretation	NOUN
fbem-18287	143	5	,	,	PUNCT
fbem-18287	143	6	this	this	DET
fbem-18287	143	7	beta	beta	NOUN
fbem-18287	143	8	value	value	NOUN
fbem-18287	143	9	should	should	AUX
fbem-18287	143	10	be	be	AUX
fbem-18287	143	11	a	a	DET
fbem-18287	143	12	better	well	ADJ
fbem-18287	143	13	predictor	predictor	NOUN
fbem-18287	143	14	of	of	ADP
fbem-18287	143	15	future	future	ADJ
fbem-18287	143	16	yield	yield	NOUN
fbem-18287	143	17	than	than	ADP
fbem-18287	143	18	the	the	DET
fbem-18287	143	19	variable	variable	NOUN
fbem-18287	143	20	itself	itself	PRON
fbem-18287	143	21	.	.	PUNCT
fbem-18287	144	1	by	by	ADP
fbem-18287	144	2	referring	refer	VERB
fbem-18287	144	3	to	to	ADP
fbem-18287	144	4	carhart	carhart	NOUN
fbem-18287	144	5	's	's	PART
fbem-18287	144	6	idea	idea	NOUN
fbem-18287	144	7	(	(	PUNCT
fbem-18287	144	8	1997	1997	NUM
fbem-18287	144	9	)	)	PUNCT
fbem-18287	145	1	[	[	X
fbem-18287	145	2	12	12	NUM
fbem-18287	145	3	]	]	PUNCT
fbem-18287	145	4	of	of	ADP
fbem-18287	145	5	building	build	VERB
fbem-18287	145	6	momentum	momentum	NOUN
fbem-18287	145	7	factor	factor	NOUN
fbem-18287	145	8	,	,	PUNCT
fbem-18287	145	9	we	we	PRON
fbem-18287	145	10	sorted	sort	VERB
fbem-18287	145	11	individual	individual	ADJ
fbem-18287	145	12	stocks	stock	NOUN
fbem-18287	145	13	according	accord	VERB
fbem-18287	145	14	to	to	ADP
fbem-18287	145	15	the	the	DET
fbem-18287	145	16	value	value	NOUN
fbem-18287	145	17	of	of	ADP
fbem-18287	145	18	ab_nr	ab_nr	NOUN
fbem-18287	145	19	from	from	ADP
fbem-18287	145	20	small	small	ADJ
fbem-18287	145	21	to	to	PART
fbem-18287	145	22	large	large	ADJ
fbem-18287	145	23	in	in	ADP
fbem-18287	145	24	t	t	PROPN
fbem-18287	145	25	month	month	NOUN
fbem-18287	145	26	,	,	PUNCT
fbem-18287	145	27	divided	divide	VERB
fbem-18287	145	28	all	all	DET
fbem-18287	145	29	stocks	stock	NOUN
fbem-18287	145	30	into	into	ADP
fbem-18287	145	31	three	three	NUM
fbem-18287	145	32	groups	group	NOUN
fbem-18287	145	33	by	by	ADP
fbem-18287	145	34	30	30	NUM
fbem-18287	145	35	%	%	NOUN
fbem-18287	145	36	and	and	CCONJ
fbem-18287	145	37	70	70	NUM
fbem-18287	145	38	%	%	NOUN
fbem-18287	145	39	quantiles	quantile	NOUN
fbem-18287	145	40	,	,	PUNCT
fbem-18287	145	41	and	and	CCONJ
fbem-18287	145	42	constructed	construct	VERB
fbem-18287	145	43	a	a	DET
fbem-18287	145	44	fund	fund	NOUN
fbem-18287	145	45	neutral	neutral	ADJ
fbem-18287	145	46	portfolio	portfolio	NOUN
fbem-18287	145	47	by	by	ADP
fbem-18287	145	48	going	go	VERB
fbem-18287	145	49	long	long	ADV
fbem-18287	145	50	on	on	ADP
fbem-18287	145	51	the	the	DET
fbem-18287	145	52	group	group	NOUN
fbem-18287	145	53	with	with	ADP
fbem-18287	145	54	a	a	DET
fbem-18287	145	55	high	high	ADJ
fbem-18287	145	56	ab_nr	ab_nr	NOUN
fbem-18287	145	57	and	and	CCONJ
fbem-18287	145	58	short	short	ADJ
fbem-18287	145	59	on	on	ADP
fbem-18287	145	60	the	the	DET
fbem-18287	145	61	group	group	NOUN
fbem-18287	145	62	with	with	ADP
fbem-18287	145	63	a	a	DET
fbem-18287	145	64	low	low	ADJ
fbem-18287	145	65	ab_nr	ab_nr	NOUN
fbem-18287	145	66	.	.	PUNCT
fbem-18287	146	1	the	the	DET
fbem-18287	146	2	return	return	NOUN
fbem-18287	146	3	of	of	ADP
fbem-18287	146	4	the	the	DET
fbem-18287	146	5	portfolio	portfolio	NOUN
fbem-18287	146	6	t+1	t+1	PROPN
fbem-18287	146	7	month	month	NOUN
fbem-18287	146	8	is	be	AUX
fbem-18287	146	9	the	the	DET
fbem-18287	146	10	fmi	fmi	PROPN
fbem-18287	146	11	factor	factor	NOUN
fbem-18287	146	12	.	.	PUNCT
fbem-18287	147	1	further	far	ADV
fbem-18287	147	2	,	,	PUNCT
fbem-18287	147	3	the	the	DET
fbem-18287	147	4	regression	regression	NOUN
fbem-18287	147	5	coefficient	coefficient	NOUN
fbem-18287	147	6	of	of	ADP
fbem-18287	147	7	the	the	DET
fbem-18287	147	8	fmi	fmi	PROPN
fbem-18287	147	9	factor	factor	NOUN
fbem-18287	147	10	,	,	PUNCT
fbem-18287	147	11	fmi	fmi	PROPN
fbem-18287	147	12	factor	factor	NOUN
fbem-18287	147	13	and	and	CCONJ
fbem-18287	147	14	fama	fama	PROPN
fbem-18287	147	15	-	-	PUNCT
fbem-18287	147	16	french	french	ADJ
fbem-18287	147	17	three	three	NUM
fbem-18287	147	18	factors	factor	NOUN
fbem-18287	147	19	of	of	ADP
fbem-18287	147	20	individual	individual	ADJ
fbem-18287	147	21	stock	stock	NOUN
fbem-18287	147	22	excess	excess	ADJ
fbem-18287	147	23	return	return	NOUN
fbem-18287	147	24	is	be	AUX
fbem-18287	147	25	obtained	obtain	VERB
fbem-18287	147	26	,	,	PUNCT
fbem-18287	147	27	which	which	PRON
fbem-18287	147	28	is	be	AUX
fbem-18287	147	29	the	the	DET
fbem-18287	147	30	fmi	fmi	PROPN
fbem-18287	147	31	factor	factor	NOUN
fbem-18287	147	32	load	load	NOUN
fbem-18287	147	33	.	.	PUNCT
fbem-18287	148	1	finally	finally	ADV
fbem-18287	148	2	,	,	PUNCT
fbem-18287	148	3	when	when	SCONJ
fbem-18287	148	4	the	the	DET
fbem-18287	148	5	relevant	relevant	ADJ
fbem-18287	148	6	characteristics	characteristic	NOUN
fbem-18287	148	7	are	be	AUX
fbem-18287	148	8	controlled	control	VERB
fbem-18287	148	9	,	,	PUNCT
fbem-18287	148	10	the	the	DET
fbem-18287	148	11	fama	fama	PROPN
fbem-18287	148	12	-	-	PUNCT
fbem-18287	148	13	macbeth	macbeth	ADJ
fbem-18287	148	14	regression	regression	NOUN
fbem-18287	148	15	is	be	AUX
fbem-18287	148	16	used	use	VERB
fbem-18287	148	17	to	to	PART
fbem-18287	148	18	test	test	VERB
fbem-18287	148	19	whether	whether	SCONJ
fbem-18287	148	20	the	the	DET
fbem-18287	148	21	expected	expect	VERB
fbem-18287	148	22	return	return	NOUN
fbem-18287	148	23	of	of	ADP
fbem-18287	148	24	stocks	stock	NOUN
fbem-18287	148	25	is	be	AUX
fbem-18287	148	26	significantly	significantly	ADV
fbem-18287	148	27	positively	positively	ADV
fbem-18287	148	28	correlated	correlate	VERB
fbem-18287	148	29	with	with	ADP
fbem-18287	148	30	the	the	DET
fbem-18287	148	31	fmi	fmi	PROPN
fbem-18287	148	32	factor	factor	NOUN
fbem-18287	148	33	load	load	NOUN
fbem-18287	148	34	.	.	PUNCT
fbem-18287	149	1	the	the	DET
fbem-18287	149	2	results	result	NOUN
fbem-18287	149	3	are	be	AUX
fbem-18287	149	4	shown	show	VERB
fbem-18287	149	5	in	in	ADP
fbem-18287	149	6	table	table	NOUN
fbem-18287	149	7	5	5	NUM
fbem-18287	149	8	:	:	PUNCT
fbem-18287	149	9	table	table	NOUN
fbem-18287	149	10	5	5	NUM
fbem-18287	149	11	.	.	PUNCT
fbem-18287	149	12	fama	fama	PROPN
fbem-18287	149	13	-	-	PUNCT
fbem-18287	149	14	macbeth	macbeth	PROPN
fbem-18287	149	15	regression	regression	NOUN
fbem-18287	149	16	results	result	NOUN
fbem-18287	149	17	after	after	ADP
fbem-18287	149	18	adding	add	VERB
fbem-18287	149	19	fmi	fmi	PROPN
fbem-18287	149	20	factor	factor	NOUN
fbem-18287	149	21	loading	loading	NOUN
fbem-18287	149	22	(	(	PUNCT
fbem-18287	149	23	1)ret_t+1	1)ret_t+1	NUM
fbem-18287	149	24	(	(	PUNCT
fbem-18287	149	25	2)ret_t+1	2)ret_t+1	NUM
fbem-18287	149	26	(	(	PUNCT
fbem-18287	149	27	3)ret_t+1	3)ret_t+1	NUM
fbem-18287	149	28	fmi	fmi	PROPN
fbem-18287	149	29	-0.00024	-0.00024	PROPN
fbem-18287	149	30	-0.00011	-0.00011	NOUN
fbem-18287	150	1	0.00024	0.00024	NUM
fbem-18287	150	2	(	(	PUNCT
fbem-18287	150	3	-0.27	-0.27	NOUN
fbem-18287	150	4	)	)	PUNCT
fbem-18287	150	5	(	(	PUNCT
fbem-18287	150	6	-0.13	-0.13	NOUN
fbem-18287	150	7	)	)	PUNCT
fbem-18287	150	8	(	(	PUNCT
fbem-18287	150	9	0.26	0.26	NUM
fbem-18287	150	10	)	)	PUNCT
fbem-18287	150	11	ab_nr	ab_nr	ADV
fbem-18287	150	12	0.00382	0.00382	NUM
fbem-18287	150	13	*	*	PUNCT
fbem-18287	150	14	*	*	PUNCT
fbem-18287	150	15	*	*	PUNCT
fbem-18287	150	16	0.00349	0.00349	PUNCT
fbem-18287	150	17	*	*	PUNCT
fbem-18287	150	18	*	*	PUNCT
fbem-18287	150	19	*	*	PUNCT
fbem-18287	150	20	(	(	PUNCT
fbem-18287	150	21	5.04	5.04	NUM
fbem-18287	150	22	)	)	PUNCT
fbem-18287	150	23	(	(	PUNCT
fbem-18287	150	24	5.31	5.31	NUM
fbem-18287	150	25	)	)	PUNCT
fbem-18287	150	26	size	size	NOUN
fbem-18287	150	27	-0.00493	-0.00493	NOUN
fbem-18287	150	28	*	*	PUNCT
fbem-18287	150	29	*	*	PUNCT
fbem-18287	150	30	*	*	NOUN
fbem-18287	150	31	-0.00620	-0.00620	NOUN
fbem-18287	150	32	*	*	PUNCT
fbem-18287	150	33	*	*	PUNCT
fbem-18287	150	34	*	*	PUNCT
fbem-18287	150	35	(	(	PUNCT
fbem-18287	150	36	-3.42	-3.42	NUM
fbem-18287	150	37	)	)	PUNCT
fbem-18287	150	38	(	(	PUNCT
fbem-18287	150	39	-9.08	-9.08	NUM
fbem-18287	150	40	)	)	PUNCT
fbem-18287	150	41	bm	bm	PROPN
fbem-18287	150	42	0.00694	0.00694	NUM
fbem-18287	150	43	0.01047	0.01047	NUM
fbem-18287	150	44	*	*	PUNCT
fbem-18287	150	45	*	*	PUNCT
fbem-18287	150	46	*	*	PUNCT
fbem-18287	150	47	(	(	PUNCT
fbem-18287	150	48	1.32	1.32	NUM
fbem-18287	150	49	)	)	PUNCT
fbem-18287	150	50	(	(	PUNCT
fbem-18287	150	51	4.39	4.39	NUM
fbem-18287	150	52	)	)	PUNCT
fbem-18287	150	53	beta	beta	NOUN
fbem-18287	150	54	0.00881	0.00881	NUM
fbem-18287	150	55	(	(	PUNCT
fbem-18287	150	56	1.50	1.50	NUM
fbem-18287	150	57	)	)	PUNCT
fbem-18287	150	58	smb	smb	NOUN
fbem-18287	150	59	-0.00399	-0.00399	NOUN
fbem-18287	150	60	(	(	PUNCT
fbem-18287	150	61	-1.38	-1.38	NOUN
fbem-18287	150	62	)	)	PUNCT
fbem-18287	150	63	hml	hml	PROPN
fbem-18287	151	1	-0.00517	-0.00517	PROPN
fbem-18287	151	2	*	*	PUNCT
fbem-18287	151	3	(	(	PUNCT
fbem-18287	151	4	-1.96	-1.96	NUM
fbem-18287	151	5	)	)	PUNCT
fbem-18287	151	6	n	n	PROPN
fbem-18287	151	7	305314	305314	NUM
fbem-18287	151	8	305314	305314	NUM
fbem-18287	151	9	305314	305314	NUM
fbem-18287	151	10	r^2	r^2	VERB
fbem-18287	151	11	0.0208	0.0208	NUM
fbem-18287	151	12	0.0731	0.0731	NUM
fbem-18287	151	13	0.1780	0.1780	NUM
fbem-18287	151	14	from	from	ADP
fbem-18287	151	15	form	form	NOUN
fbem-18287	151	16	(	(	PUNCT
fbem-18287	151	17	1	1	NUM
fbem-18287	151	18	)	)	PUNCT
fbem-18287	151	19	of	of	ADP
fbem-18287	151	20	table	table	NOUN
fbem-18287	151	21	5	5	NUM
fbem-18287	151	22	,	,	PUNCT
fbem-18287	151	23	it	it	PRON
fbem-18287	151	24	can	can	AUX
fbem-18287	151	25	be	be	AUX
fbem-18287	151	26	seen	see	VERB
fbem-18287	151	27	that	that	SCONJ
fbem-18287	151	28	the	the	DET
fbem-18287	151	29	regression	regression	NOUN
fbem-18287	151	30	coefficient	coefficient	NOUN
fbem-18287	151	31	of	of	ADP
fbem-18287	151	32	fmi	fmi	PROPN
fbem-18287	151	33	factor	factor	NOUN
fbem-18287	151	34	load	load	NOUN
fbem-18287	151	35	on	on	ADP
fbem-18287	151	36	future	future	ADJ
fbem-18287	151	37	return	return	NOUN
fbem-18287	151	38	rate	rate	NOUN
fbem-18287	151	39	is	be	AUX
fbem-18287	151	40	negative	negative	ADJ
fbem-18287	151	41	,	,	PUNCT
fbem-18287	151	42	and	and	CCONJ
fbem-18287	151	43	the	the	DET
fbem-18287	151	44	t	t	NOUN
fbem-18287	151	45	-	-	PUNCT
fbem-18287	151	46	value	value	NOUN
fbem-18287	151	47	is	be	AUX
fbem-18287	151	48	a	a	DET
fbem-18287	151	49	small	small	ADJ
fbem-18287	151	50	-0.27	-0.27	NOUN
fbem-18287	151	51	,	,	PUNCT
fbem-18287	151	52	indicating	indicate	VERB
fbem-18287	151	53	that	that	SCONJ
fbem-18287	151	54	there	there	PRON
fbem-18287	151	55	is	be	VERB
fbem-18287	151	56	no	no	DET
fbem-18287	151	57	significant	significant	ADJ
fbem-18287	151	58	linear	linear	ADJ
fbem-18287	151	59	relationship	relationship	NOUN
fbem-18287	151	60	between	between	ADP
fbem-18287	151	61	them	they	PRON
fbem-18287	151	62	.	.	PUNCT
fbem-18287	152	1	after	after	ADP
fbem-18287	152	2	adding	add	VERB
fbem-18287	152	3	other	other	ADJ
fbem-18287	152	4	factor	factor	NOUN
fbem-18287	152	5	loads	load	NOUN
fbem-18287	152	6	and	and	CCONJ
fbem-18287	152	7	control	control	VERB
fbem-18287	152	8	related	relate	VERB
fbem-18287	152	9	features	feature	NOUN
fbem-18287	152	10	(	(	PUNCT
fbem-18287	152	11	forms	form	NOUN
fbem-18287	152	12	2	2	NUM
fbem-18287	152	13	and	and	CCONJ
fbem-18287	152	14	3	3	NUM
fbem-18287	152	15	)	)	PUNCT
fbem-18287	152	16	,	,	PUNCT
fbem-18287	152	17	the	the	DET
fbem-18287	152	18	correlation	correlation	NOUN
fbem-18287	152	19	between	between	ADP
fbem-18287	152	20	return	return	NOUN
fbem-18287	152	21	rate	rate	NOUN
fbem-18287	152	22	and	and	CCONJ
fbem-18287	152	23	fmi	fmi	PROPN
fbem-18287	152	24	factor	factor	NOUN
fbem-18287	152	25	load	load	NOUN
fbem-18287	152	26	is	be	AUX
fbem-18287	152	27	still	still	ADV
fbem-18287	152	28	not	not	PART
fbem-18287	152	29	significant	significant	ADJ
fbem-18287	152	30	,	,	PUNCT
fbem-18287	152	31	but	but	CCONJ
fbem-18287	152	32	the	the	DET
fbem-18287	152	33	positive	positive	ADJ
fbem-18287	152	34	correlation	correlation	NOUN
fbem-18287	152	35	between	between	ADP
fbem-18287	152	36	return	return	NOUN
fbem-18287	152	37	rate	rate	NOUN
fbem-18287	152	38	and	and	CCONJ
fbem-18287	152	39	core	core	NOUN
fbem-18287	152	40	variable	variable	NOUN
fbem-18287	152	41	ab_nr	ab_nr	PROPN
fbem-18287	152	42	remains	remain	VERB
fbem-18287	152	43	highly	highly	ADV
fbem-18287	152	44	significant	significant	ADJ
fbem-18287	152	45	.	.	PUNCT
fbem-18287	153	1	it	it	PRON
fbem-18287	153	2	can	can	AUX
fbem-18287	153	3	be	be	AUX
fbem-18287	153	4	seen	see	VERB
fbem-18287	153	5	that	that	SCONJ
fbem-18287	153	6	obtaining	obtain	VERB
fbem-18287	153	7	excess	excess	ADJ
fbem-18287	153	8	returns	return	NOUN
fbem-18287	153	9	through	through	ADP
fbem-18287	153	10	ab_nr	ab_nr	PROPN
fbem-18287	153	11	mainly	mainly	ADV
fbem-18287	153	12	relies	rely	VERB
fbem-18287	153	13	on	on	ADP
fbem-18287	153	14	its	its	PRON
fbem-18287	153	15	own	own	ADJ
fbem-18287	153	16	characteristics	characteristic	NOUN
fbem-18287	153	17	,	,	PUNCT
fbem-18287	153	18	rather	rather	ADV
fbem-18287	153	19	than	than	ADP
fbem-18287	153	20	taking	take	VERB
fbem-18287	153	21	on	on	ADP
fbem-18287	153	22	high	high	ADJ
fbem-18287	153	23	risks	risk	NOUN
fbem-18287	153	24	.	.	PUNCT
fbem-18287	154	1	therefore	therefore	ADV
fbem-18287	154	2	,	,	PUNCT
fbem-18287	154	3	the	the	DET
fbem-18287	154	4	anomaly	anomaly	NOUN
fbem-18287	154	5	in	in	ADP
fbem-18287	154	6	the	the	DET
fbem-18287	154	7	a	a	DET
fbem-18287	154	8	-	-	PUNCT
fbem-18287	154	9	share	share	NOUN
fbem-18287	154	10	market	market	NOUN
fbem-18287	154	11	does	do	AUX
fbem-18287	154	12	not	not	PART
fbem-18287	154	13	obey	obey	VERB
fbem-18287	154	14	the	the	DET
fbem-18287	154	15	interpretation	interpretation	NOUN
fbem-18287	154	16	of	of	ADP
fbem-18287	154	17	risk	risk	NOUN
fbem-18287	154	18	compensation	compensation	NOUN
fbem-18287	154	19	.	.	PUNCT
fbem-18287	155	1	5.2	5.2	NUM
fbem-18287	155	2	.	.	PUNCT
fbem-18287	155	3	are	be	AUX
fbem-18287	155	4	excess	excess	ADJ
fbem-18287	155	5	returns	return	NOUN
fbem-18287	155	6	due	due	ADJ
fbem-18287	155	7	to	to	ADP
fbem-18287	155	8	mispricing	misprice	VERB
fbem-18287	155	9	?	?	PUNCT
fbem-18287	156	1	5.2.1	5.2.1	X
fbem-18287	156	2	.	.	PUNCT
fbem-18287	156	3	excess	excess	ADJ
fbem-18287	156	4	returns	return	NOUN
fbem-18287	156	5	and	and	CCONJ
fbem-18287	156	6	different	different	ADJ
fbem-18287	156	7	arbitrage	arbitrage	NOUN
fbem-18287	156	8	costs	cost	NOUN
fbem-18287	156	9	shleifer	shleifer	NOUN
fbem-18287	156	10	and	and	CCONJ
fbem-18287	156	11	vishny(1997)[13	vishny(1997)[13	PROPN
fbem-18287	156	12	]	]	PUNCT
fbem-18287	156	13	believe	believe	VERB
fbem-18287	156	14	that	that	SCONJ
fbem-18287	156	15	when	when	SCONJ
fbem-18287	156	16	arbitrage	arbitrage	NOUN
fbem-18287	156	17	costs	cost	NOUN
fbem-18287	156	18	exist	exist	VERB
fbem-18287	156	19	in	in	ADP
fbem-18287	156	20	the	the	DET
fbem-18287	156	21	market	market	NOUN
fbem-18287	156	22	,	,	PUNCT
fbem-18287	156	23	it	it	PRON
fbem-18287	156	24	is	be	AUX
fbem-18287	156	25	difficult	difficult	ADJ
fbem-18287	156	26	for	for	SCONJ
fbem-18287	156	27	arbitrageur	arbitrageur	NOUN
fbem-18287	156	28	to	to	PART
fbem-18287	156	29	correct	correct	VERB
fbem-18287	156	30	the	the	DET
fbem-18287	156	31	wrong	wrong	ADJ
fbem-18287	156	32	pricing	pricing	NOUN
fbem-18287	156	33	,	,	PUNCT
fbem-18287	156	34	and	and	CCONJ
fbem-18287	156	35	the	the	DET
fbem-18287	156	36	wrong	wrong	ADJ
fbem-18287	156	37	pricing	pricing	NOUN
fbem-18287	156	38	will	will	AUX
fbem-18287	156	39	persist	persist	VERB
fbem-18287	156	40	.	.	PUNCT
fbem-18287	157	1	many	many	ADJ
fbem-18287	157	2	of	of	ADP
fbem-18287	157	3	the	the	DET
fbem-18287	157	4	anomalies	anomaly	NOUN
fbem-18287	157	5	in	in	ADP
fbem-18287	157	6	asset	asset	NOUN
fbem-18287	157	7	pricing	pricing	NOUN
fbem-18287	157	8	stem	stem	NOUN
fbem-18287	157	9	from	from	ADP
fbem-18287	157	10	mispricing	misprice	VERB
fbem-18287	157	11	caused	cause	VERB
fbem-18287	157	12	by	by	ADP
fbem-18287	157	13	limited	limited	ADJ
fbem-18287	157	14	arbitrage	arbitrage	NOUN
fbem-18287	157	15	.	.	PUNCT
fbem-18287	158	1	in	in	ADP
fbem-18287	158	2	order	order	NOUN
fbem-18287	158	3	to	to	PART
fbem-18287	158	4	verify	verify	VERB
fbem-18287	158	5	whether	whether	SCONJ
fbem-18287	158	6	the	the	DET
fbem-18287	158	7	anomaly	anomaly	NOUN
fbem-18287	158	8	is	be	AUX
fbem-18287	158	9	due	due	ADJ
fbem-18287	158	10	to	to	ADP
fbem-18287	158	11	pricing	pricing	NOUN
fbem-18287	158	12	errors	error	NOUN
fbem-18287	158	13	caused	cause	VERB
fbem-18287	158	14	by	by	ADP
fbem-18287	158	15	limited	limited	ADJ
fbem-18287	158	16	arbitrage	arbitrage	NOUN
fbem-18287	158	17	,	,	PUNCT
fbem-18287	158	18	this	this	DET
fbem-18287	158	19	paper	paper	NOUN
fbem-18287	158	20	selects	select	VERB
fbem-18287	158	21	two	two	NUM
fbem-18287	158	22	indicators	indicator	NOUN
fbem-18287	158	23	,	,	PUNCT
fbem-18287	158	24	heterogeneous	heterogeneous	ADJ
fbem-18287	158	25	volatility	volatility	NOUN
fbem-18287	158	26	(	(	PUNCT
fbem-18287	158	27	ivol	ivol	NOUN
fbem-18287	158	28	)	)	PUNCT
fbem-18287	158	29	and	and	CCONJ
fbem-18287	158	30	illiquidity	illiquidity	NOUN
fbem-18287	158	31	(	(	PUNCT
fbem-18287	158	32	illiq	illiq	ADV
fbem-18287	158	33	)	)	PUNCT
fbem-18287	158	34	,	,	PUNCT
fbem-18287	158	35	to	to	PART
fbem-18287	158	36	measure	measure	VERB
fbem-18287	158	37	the	the	DET
fbem-18287	158	38	arbitrage	arbitrage	NOUN
fbem-18287	158	39	cost	cost	NOUN
fbem-18287	158	40	.	.	PUNCT
fbem-18287	159	1	high	high	ADJ
fbem-18287	159	2	characteristic	characteristic	ADJ
fbem-18287	159	3	volatility	volatility	NOUN
fbem-18287	159	4	is	be	AUX
fbem-18287	159	5	considered	consider	VERB
fbem-18287	159	6	to	to	PART
fbem-18287	159	7	be	be	AUX
fbem-18287	159	8	an	an	DET
fbem-18287	159	9	important	important	ADJ
fbem-18287	159	10	factor	factor	NOUN
fbem-18287	159	11	hindering	hinder	VERB
fbem-18287	159	12	arbitrage	arbitrage	NOUN
fbem-18287	159	13	activities	activity	NOUN
fbem-18287	159	14	[	[	X
fbem-18287	159	15	14	14	NUM
fbem-18287	159	16	]	]	PUNCT
fbem-18287	159	17	.	.	PUNCT
fbem-18287	160	1	therefore	therefore	ADV
fbem-18287	160	2	,	,	PUNCT
fbem-18287	160	3	the	the	PRON
fbem-18287	160	4	greater	great	ADJ
fbem-18287	160	5	the	the	DET
fbem-18287	160	6	ivol	ivol	NOUN
fbem-18287	160	7	,	,	PUNCT
fbem-18287	160	8	the	the	PRON
fbem-18287	160	9	greater	great	ADJ
fbem-18287	160	10	the	the	DET
fbem-18287	160	11	arbitrage	arbitrage	NOUN
fbem-18287	160	12	cost	cost	NOUN
fbem-18287	160	13	.	.	PUNCT
fbem-18287	161	1	illiquidity	illiquidity	NOUN
fbem-18287	161	2	indicator	indicator	NOUN
fbem-18287	161	3	illiq	illiq	ADV
fbem-18287	161	4	(	(	PUNCT
fbem-18287	161	5	amihud	amihud	PROPN
fbem-18287	161	6	,	,	PUNCT
fbem-18287	161	7	2002)[15	2002)[15	NOUN
fbem-18287	161	8	]	]	PUNCT
fbem-18287	161	9	is	be	AUX
fbem-18287	161	10	a	a	DET
fbem-18287	161	11	reverse	reverse	ADJ
fbem-18287	161	12	indicator	indicator	NOUN
fbem-18287	161	13	to	to	PART
fbem-18287	161	14	measure	measure	VERB
fbem-18287	161	15	stock	stock	NOUN
fbem-18287	161	16	liquidity	liquidity	NOUN
fbem-18287	161	17	.	.	PUNCT
fbem-18287	162	1	the	the	PRON
fbem-18287	162	2	greater	great	ADJ
fbem-18287	162	3	the	the	DET
fbem-18287	162	4	value	value	NOUN
fbem-18287	162	5	of	of	ADP
fbem-18287	162	6	illiq	illiq	ADJ
fbem-18287	162	7	,	,	PUNCT
fbem-18287	162	8	the	the	PRON
fbem-18287	162	9	greater	great	ADJ
fbem-18287	162	10	the	the	DET
fbem-18287	162	11	impact	impact	NOUN
fbem-18287	162	12	of	of	ADP
fbem-18287	162	13	price	price	NOUN
fbem-18287	162	14	per	per	ADP
fbem-18287	162	15	unit	unit	NOUN
fbem-18287	162	16	order	order	NOUN
fbem-18287	162	17	and	and	CCONJ
fbem-18287	162	18	the	the	PRON
fbem-18287	162	19	greater	great	ADJ
fbem-18287	162	20	the	the	DET
fbem-18287	162	21	arbitrage	arbitrage	NOUN
fbem-18287	162	22	cost	cost	NOUN
fbem-18287	162	23	of	of	ADP
fbem-18287	162	24	arbitrageurs	arbitrageur	NOUN
fbem-18287	162	25	.	.	PUNCT
fbem-18287	163	1	table	table	NOUN
fbem-18287	163	2	6	6	NUM
fbem-18287	163	3	.	.	PUNCT
fbem-18287	164	1	returns	return	NOUN
fbem-18287	164	2	of	of	ADP
fbem-18287	164	3	portfolio	portfolio	NOUN
fbem-18287	164	4	under	under	ADP
fbem-18287	164	5	different	different	ADJ
fbem-18287	164	6	arbitrage	arbitrage	NOUN
fbem-18287	164	7	costs	cost	NOUN
fbem-18287	164	8	ab_nr	ab_nr	ADV
fbem-18287	164	9	l	l	NOUN
fbem-18287	164	10	2	2	NUM
fbem-18287	164	11	3	3	NUM
fbem-18287	164	12	4	4	NUM
fbem-18287	164	13	h	h	NOUN
fbem-18287	164	14	h	h	NOUN
fbem-18287	164	15	-	-	PUNCT
fbem-18287	164	16	l	l	NOUN
fbem-18287	164	17	t	t	NOUN
fbem-18287	164	18	ivol	ivol	NOUN
fbem-18287	164	19	l	l	NOUN
fbem-18287	165	1	2.255	2.255	NUM
fbem-18287	165	2	2.334	2.334	NUM
fbem-18287	165	3	2.373	2.373	NUM
fbem-18287	165	4	2.459	2.459	NUM
fbem-18287	165	5	2.290	2.290	NUM
fbem-18287	165	6	0.035	0.035	NUM
fbem-18287	165	7	0.25	0.25	NUM
fbem-18287	165	8	m	m	NOUN
fbem-18287	165	9	1.848	1.848	NUM
fbem-18287	165	10	2.040	2.040	NUM
fbem-18287	165	11	2.012	2.012	NUM
fbem-18287	165	12	2.096	2.096	NUM
fbem-18287	165	13	2.070	2.070	NUM
fbem-18287	165	14	0.222	0.222	NUM
fbem-18287	165	15	1.34	1.34	NUM
fbem-18287	165	16	h	h	NOUN
fbem-18287	165	17	0.732	0.732	NUM
fbem-18287	165	18	1.080	1.080	NUM
fbem-18287	165	19	1.145	1.145	NUM
fbem-18287	165	20	1.193	1.193	NUM
fbem-18287	165	21	1.282	1.282	NUM
fbem-18287	165	22	0.550	0.550	NUM
fbem-18287	165	23	*	*	PUNCT
fbem-18287	165	24	*	*	PUNCT
fbem-18287	165	25	*	*	PUNCT
fbem-18287	165	26	3.14	3.14	NUM
fbem-18287	165	27	illiq	illiq	ADV
fbem-18287	165	28	l	l	NOUN
fbem-18287	165	29	0.820	0.820	NUM
fbem-18287	165	30	1.139	1.139	NUM
fbem-18287	165	31	1.169	1.169	NUM
fbem-18287	165	32	1.176	1.176	NUM
fbem-18287	165	33	1.076	1.076	NUM
fbem-18287	165	34	0.256	0.256	NUM
fbem-18287	165	35	1.37	1.37	NUM
fbem-18287	165	36	m	m	PROPN
fbem-18287	165	37	1.339	1.339	NUM
fbem-18287	165	38	1.736	1.736	NUM
fbem-18287	165	39	1.769	1.769	NUM
fbem-18287	165	40	1.892	1.892	NUM
fbem-18287	165	41	1.803	1.803	NUM
fbem-18287	165	42	0.464	0.464	NUM
fbem-18287	165	43	*	*	PUNCT
fbem-18287	165	44	*	*	PUNCT
fbem-18287	165	45	*	*	PUNCT
fbem-18287	165	46	3.41	3.41	NUM
fbem-18287	165	47	h	h	NOUN
fbem-18287	165	48	2.411	2.411	NUM
fbem-18287	165	49	2.566	2.566	NUM
fbem-18287	165	50	2.751	2.751	NUM
fbem-18287	165	51	2.824	2.824	NUM
fbem-18287	165	52	2.847	2.847	NUM
fbem-18287	165	53	0.436	0.436	NUM
fbem-18287	165	54	*	*	PUNCT
fbem-18287	165	55	*	*	PUNCT
fbem-18287	165	56	*	*	PUNCT
fbem-18287	165	57	3.02	3.02	NUM
fbem-18287	165	58	269	269	NUM
fbem-18287	165	59	in	in	ADP
fbem-18287	165	60	table	table	NOUN
fbem-18287	165	61	6	6	NUM
fbem-18287	165	62	,	,	PUNCT
fbem-18287	165	63	the	the	DET
fbem-18287	165	64	high	high	ADJ
fbem-18287	165	65	group	group	NOUN
fbem-18287	165	66	of	of	ADP
fbem-18287	165	67	idiosyncratic	idiosyncratic	ADJ
fbem-18287	165	68	volatility	volatility	NOUN
fbem-18287	165	69	and	and	CCONJ
fbem-18287	165	70	illiquidity	illiquidity	NOUN
fbem-18287	165	71	represents	represent	VERB
fbem-18287	165	72	the	the	DET
fbem-18287	165	73	high	high	ADJ
fbem-18287	165	74	arbitrage	arbitrage	NOUN
fbem-18287	165	75	cost	cost	NOUN
fbem-18287	165	76	group	group	NOUN
fbem-18287	165	77	.	.	PUNCT
fbem-18287	166	1	in	in	ADP
fbem-18287	166	2	table	table	NOUN
fbem-18287	166	3	6	6	NUM
fbem-18287	166	4	,	,	PUNCT
fbem-18287	166	5	h	h	NOUN
fbem-18287	166	6	-	-	PUNCT
fbem-18287	166	7	l	l	NOUN
fbem-18287	166	8	represents	represent	VERB
fbem-18287	166	9	long	long	ADJ
fbem-18287	166	10	30	30	NUM
fbem-18287	166	11	%	%	NOUN
fbem-18287	166	12	of	of	ADP
fbem-18287	166	13	stocks	stock	NOUN
fbem-18287	166	14	with	with	ADP
fbem-18287	166	15	the	the	DET
fbem-18287	166	16	highest	high	ADJ
fbem-18287	166	17	ab_nr	ab_nr	ADJ
fbem-18287	166	18	value	value	NOUN
fbem-18287	166	19	and	and	CCONJ
fbem-18287	166	20	short	short	ADJ
fbem-18287	166	21	30	30	NUM
fbem-18287	166	22	%	%	NOUN
fbem-18287	166	23	of	of	ADP
fbem-18287	166	24	stocks	stock	NOUN
fbem-18287	166	25	with	with	ADP
fbem-18287	166	26	the	the	DET
fbem-18287	166	27	lowest	low	ADJ
fbem-18287	166	28	ab_nr	ab_nr	ADJ
fbem-18287	166	29	value	value	NOUN
fbem-18287	166	30	at	at	ADP
fbem-18287	166	31	the	the	DET
fbem-18287	166	32	end	end	NOUN
fbem-18287	166	33	of	of	ADP
fbem-18287	166	34	each	each	DET
fbem-18287	166	35	month	month	NOUN
fbem-18287	166	36	to	to	PART
fbem-18287	166	37	construct	construct	VERB
fbem-18287	166	38	the	the	DET
fbem-18287	166	39	original	original	ADJ
fbem-18287	166	40	excess	excess	ADJ
fbem-18287	166	41	return	return	NOUN
fbem-18287	166	42	of	of	ADP
fbem-18287	166	43	the	the	DET
fbem-18287	166	44	hedging	hedging	NOUN
fbem-18287	166	45	strategy	strategy	NOUN
fbem-18287	166	46	portfolio	portfolio	NOUN
fbem-18287	166	47	.	.	PUNCT
fbem-18287	167	1	it	it	PRON
fbem-18287	167	2	can	can	AUX
fbem-18287	167	3	be	be	AUX
fbem-18287	167	4	seen	see	VERB
fbem-18287	167	5	that	that	SCONJ
fbem-18287	167	6	the	the	DET
fbem-18287	167	7	excess	excess	ADJ
fbem-18287	167	8	return	return	NOUN
fbem-18287	167	9	of	of	ADP
fbem-18287	167	10	long	long	ADJ
fbem-18287	167	11	-	-	PUNCT
fbem-18287	167	12	short	short	ADJ
fbem-18287	167	13	portfolio	portfolio	NOUN
fbem-18287	167	14	in	in	ADP
fbem-18287	167	15	stocks	stock	NOUN
fbem-18287	167	16	with	with	ADP
fbem-18287	167	17	high	high	ADJ
fbem-18287	167	18	arbitrage	arbitrage	NOUN
fbem-18287	167	19	cost	cost	NOUN
fbem-18287	167	20	(	(	PUNCT
fbem-18287	167	21	0.55	0.55	NUM
fbem-18287	167	22	%	%	NOUN
fbem-18287	167	23	and	and	CCONJ
fbem-18287	167	24	0.44	0.44	NUM
fbem-18287	167	25	%	%	NOUN
fbem-18287	167	26	)	)	PUNCT
fbem-18287	167	27	is	be	AUX
fbem-18287	167	28	significantly	significantly	ADV
fbem-18287	167	29	higher	high	ADJ
fbem-18287	167	30	than	than	ADP
fbem-18287	167	31	that	that	PRON
fbem-18287	167	32	in	in	ADP
fbem-18287	167	33	stocks	stock	NOUN
fbem-18287	167	34	with	with	ADP
fbem-18287	167	35	low	low	ADJ
fbem-18287	167	36	arbitrage	arbitrage	NOUN
fbem-18287	167	37	cost	cost	NOUN
fbem-18287	167	38	(	(	PUNCT
fbem-18287	167	39	0.35	0.35	NUM
fbem-18287	167	40	%	%	NOUN
fbem-18287	167	41	and	and	CCONJ
fbem-18287	167	42	0.26	0.26	NUM
fbem-18287	167	43	%	%	NOUN
fbem-18287	167	44	)	)	PUNCT
fbem-18287	167	45	,	,	PUNCT
fbem-18287	167	46	and	and	CCONJ
fbem-18287	167	47	the	the	DET
fbem-18287	167	48	excess	excess	ADJ
fbem-18287	167	49	return	return	NOUN
fbem-18287	167	50	exists	exist	VERB
fbem-18287	167	51	significantly	significantly	ADV
fbem-18287	167	52	in	in	ADP
fbem-18287	167	53	high	high	ADJ
fbem-18287	167	54	arbitrage	arbitrage	NOUN
fbem-18287	167	55	cost	cost	NOUN
fbem-18287	167	56	,	,	PUNCT
fbem-18287	167	57	but	but	CCONJ
fbem-18287	167	58	does	do	AUX
fbem-18287	167	59	not	not	PART
fbem-18287	167	60	exist	exist	VERB
fbem-18287	167	61	in	in	ADP
fbem-18287	167	62	low	low	ADJ
fbem-18287	167	63	arbitrage	arbitrage	NOUN
fbem-18287	167	64	cost	cost	NOUN
fbem-18287	167	65	,	,	PUNCT
fbem-18287	167	66	indicating	indicate	VERB
fbem-18287	167	67	that	that	SCONJ
fbem-18287	167	68	the	the	DET
fbem-18287	167	69	excess	excess	ADJ
fbem-18287	167	70	return	return	NOUN
fbem-18287	167	71	tends	tend	VERB
fbem-18287	167	72	to	to	PART
fbem-18287	167	73	be	be	AUX
fbem-18287	167	74	caused	cause	VERB
fbem-18287	167	75	by	by	ADP
fbem-18287	167	76	mispricing	misprice	VERB
fbem-18287	167	77	.	.	PUNCT
fbem-18287	168	1	5.2.2	5.2.2	NUM
fbem-18287	168	2	.	.	PUNCT
fbem-18287	168	3	excess	excess	ADJ
fbem-18287	168	4	returns	return	NOUN
fbem-18287	168	5	and	and	CCONJ
fbem-18287	168	6	different	different	ADJ
fbem-18287	168	7	investor	investor	NOUN
fbem-18287	168	8	sentiment	sentiment	NOUN
fbem-18287	168	9	previous	previous	ADJ
fbem-18287	168	10	studies	study	NOUN
fbem-18287	168	11	have	have	AUX
fbem-18287	168	12	shown	show	VERB
fbem-18287	168	13	that	that	SCONJ
fbem-18287	168	14	investor	investor	NOUN
fbem-18287	168	15	sentiment	sentiment	NOUN
fbem-18287	168	16	has	have	VERB
fbem-18287	168	17	a	a	DET
fbem-18287	168	18	significant	significant	ADJ
fbem-18287	168	19	impact	impact	NOUN
fbem-18287	168	20	on	on	ADP
fbem-18287	168	21	financial	financial	ADJ
fbem-18287	168	22	markets	market	NOUN
fbem-18287	168	23	[	[	X
fbem-18287	168	24	16][17	16][17	NUM
fbem-18287	168	25	]	]	PUNCT
fbem-18287	168	26	.	.	PUNCT
fbem-18287	169	1	in	in	ADP
fbem-18287	169	2	a	a	DET
fbem-18287	169	3	market	market	NOUN
fbem-18287	169	4	dominated	dominate	VERB
fbem-18287	169	5	by	by	ADP
fbem-18287	169	6	sentiment	sentiment	NOUN
fbem-18287	169	7	,	,	PUNCT
fbem-18287	169	8	asset	asset	NOUN
fbem-18287	169	9	prices	price	NOUN
fbem-18287	169	10	can	can	AUX
fbem-18287	169	11	become	become	VERB
fbem-18287	169	12	detached	detached	ADJ
fbem-18287	169	13	from	from	ADP
fbem-18287	169	14	their	their	PRON
fbem-18287	169	15	underlying	underlie	VERB
fbem-18287	169	16	value	value	NOUN
fbem-18287	169	17	,	,	PUNCT
fbem-18287	169	18	resulting	result	VERB
fbem-18287	169	19	in	in	ADP
fbem-18287	169	20	mispricing	misprice	VERB
fbem-18287	169	21	.	.	PUNCT
fbem-18287	170	1	in	in	ADP
fbem-18287	170	2	combination	combination	NOUN
fbem-18287	170	3	with	with	ADP
fbem-18287	170	4	the	the	DET
fbem-18287	170	5	high	high	ADJ
fbem-18287	170	6	proportion	proportion	NOUN
fbem-18287	170	7	of	of	ADP
fbem-18287	170	8	individual	individual	ADJ
fbem-18287	170	9	investors	investor	NOUN
fbem-18287	170	10	in	in	ADP
fbem-18287	170	11	a	a	DET
fbem-18287	170	12	-	-	PUNCT
fbem-18287	170	13	shares	share	NOUN
fbem-18287	170	14	,	,	PUNCT
fbem-18287	170	15	they	they	PRON
fbem-18287	170	16	are	be	AUX
fbem-18287	170	17	more	more	ADV
fbem-18287	170	18	willing	willing	ADJ
fbem-18287	170	19	to	to	PART
fbem-18287	170	20	participate	participate	VERB
fbem-18287	170	21	in	in	ADP
fbem-18287	170	22	market	market	NOUN
fbem-18287	170	23	transactions	transaction	NOUN
fbem-18287	170	24	when	when	SCONJ
fbem-18287	170	25	market	market	NOUN
fbem-18287	170	26	sentiment	sentiment	NOUN
fbem-18287	170	27	is	be	AUX
fbem-18287	170	28	high	high	ADJ
fbem-18287	170	29	,	,	PUNCT
fbem-18287	170	30	thus	thus	ADV
fbem-18287	170	31	increasing	increase	VERB
fbem-18287	170	32	the	the	DET
fbem-18287	170	33	possibility	possibility	NOUN
fbem-18287	170	34	of	of	ADP
fbem-18287	170	35	mispricing	misprice	VERB
fbem-18287	170	36	and	and	CCONJ
fbem-18287	170	37	making	make	VERB
fbem-18287	170	38	the	the	DET
fbem-18287	170	39	anomaly	anomaly	NOUN
fbem-18287	170	40	more	more	ADV
fbem-18287	170	41	significant	significant	ADJ
fbem-18287	170	42	.	.	PUNCT
fbem-18287	171	1	this	this	DET
fbem-18287	171	2	paper	paper	NOUN
fbem-18287	171	3	takes	take	VERB
fbem-18287	171	4	yi	yi	PROPN
fbem-18287	171	5	zhigao	zhigao	NOUN
fbem-18287	171	6	and	and	CCONJ
fbem-18287	171	7	mao	mao	NOUN
fbem-18287	171	8	ning	ning	PROPN
fbem-18287	171	9	(	(	PUNCT
fbem-18287	171	10	2009	2009	NUM
fbem-18287	171	11	)	)	PUNCT
fbem-18287	172	1	[	[	X
fbem-18287	172	2	18	18	NUM
fbem-18287	172	3	]	]	PUNCT
fbem-18287	172	4	as	as	ADP
fbem-18287	172	5	the	the	DET
fbem-18287	172	6	monthly	monthly	ADJ
fbem-18287	172	7	market	market	NOUN
fbem-18287	172	8	sentiment	sentiment	NOUN
fbem-18287	172	9	indicator	indicator	NOUN
fbem-18287	172	10	,	,	PUNCT
fbem-18287	172	11	and	and	CCONJ
fbem-18287	172	12	obtains	obtain	VERB
fbem-18287	172	13	cicsi	cicsi	VERB
fbem-18287	172	14	monthly	monthly	ADJ
fbem-18287	172	15	data	datum	NOUN
fbem-18287	172	16	from	from	ADP
fbem-18287	172	17	the	the	DET
fbem-18287	172	18	csmar	csmar	PROPN
fbem-18287	172	19	database	database	NOUN
fbem-18287	172	20	from	from	ADP
fbem-18287	172	21	2006	2006	NUM
fbem-18287	172	22	to	to	ADP
fbem-18287	172	23	2022	2022	NUM
fbem-18287	172	24	.	.	PUNCT
fbem-18287	173	1	taking	take	VERB
fbem-18287	173	2	the	the	DET
fbem-18287	173	3	median	median	NOUN
fbem-18287	173	4	as	as	ADP
fbem-18287	173	5	an	an	DET
fbem-18287	173	6	example	example	NOUN
fbem-18287	173	7	,	,	PUNCT
fbem-18287	173	8	all	all	DET
fbem-18287	173	9	stocks	stock	NOUN
fbem-18287	173	10	are	be	AUX
fbem-18287	173	11	divided	divide	VERB
fbem-18287	173	12	into	into	ADP
fbem-18287	173	13	groups	group	NOUN
fbem-18287	173	14	with	with	ADP
fbem-18287	173	15	high	high	ADJ
fbem-18287	173	16	sentiment	sentiment	NOUN
fbem-18287	173	17	and	and	CCONJ
fbem-18287	173	18	low	low	ADJ
fbem-18287	173	19	sentiment	sentiment	NOUN
fbem-18287	173	20	.	.	PUNCT
fbem-18287	174	1	table	table	NOUN
fbem-18287	174	2	7	7	NUM
fbem-18287	174	3	shows	show	VERB
fbem-18287	174	4	the	the	DET
fbem-18287	174	5	abnormal	abnormal	ADJ
fbem-18287	174	6	performance	performance	NOUN
fbem-18287	174	7	under	under	ADP
fbem-18287	174	8	different	different	ADJ
fbem-18287	174	9	investor	investor	NOUN
fbem-18287	174	10	sentiment	sentiment	NOUN
fbem-18287	174	11	.	.	PUNCT
fbem-18287	175	1	table	table	NOUN
fbem-18287	175	2	7	7	NUM
fbem-18287	175	3	.	.	PUNCT
fbem-18287	176	1	returns	return	NOUN
fbem-18287	176	2	of	of	ADP
fbem-18287	176	3	portfolio	portfolio	NOUN
fbem-18287	176	4	under	under	ADP
fbem-18287	176	5	different	different	ADJ
fbem-18287	176	6	investor	investor	NOUN
fbem-18287	176	7	sentiment	sentiment	NOUN
fbem-18287	176	8	raw	raw	ADJ
fbem-18287	176	9	return	return	NOUN
fbem-18287	177	1	t	t	PROPN
fbem-18287	177	2	ff3	ff3	PROPN
fbem-18287	177	3	alpha	alpha	PROPN
fbem-18287	177	4	t	t	PROPN
fbem-18287	177	5	high	high	ADJ
fbem-18287	177	6	sentiment	sentiment	NOUN
fbem-18287	177	7	low	low	ADJ
fbem-18287	177	8	0.725	0.725	NUM
fbem-18287	177	9	0.64	0.64	NUM
fbem-18287	177	10	0.614	0.614	NUM
fbem-18287	177	11	0.56	0.56	NUM
fbem-18287	177	12	high	high	ADJ
fbem-18287	177	13	1.232	1.232	NUM
fbem-18287	177	14	1.06	1.06	NUM
fbem-18287	177	15	1.112	1.112	NUM
fbem-18287	177	16	1.02	1.02	NUM
fbem-18287	177	17	h	h	NOUN
fbem-18287	177	18	-	-	PUNCT
fbem-18287	177	19	l	l	NOUN
fbem-18287	177	20	0.508	0.508	NUM
fbem-18287	177	21	*	*	PUNCT
fbem-18287	177	22	*	*	PUNCT
fbem-18287	177	23	*	*	PUNCT
fbem-18287	177	24	3.36	3.36	NUM
fbem-18287	177	25	0.498	0.498	NUM
fbem-18287	177	26	*	*	PUNCT
fbem-18287	177	27	*	*	PUNCT
fbem-18287	177	28	*	*	PUNCT
fbem-18287	177	29	3.38	3.38	NUM
fbem-18287	177	30	low	low	ADJ
fbem-18287	177	31	sentiment	sentiment	NOUN
fbem-18287	177	32	low	low	ADJ
fbem-18287	177	33	2.230	2.230	NUM
fbem-18287	177	34	*	*	PUNCT
fbem-18287	177	35	*	*	PUNCT
fbem-18287	177	36	2.03	2.03	NUM
fbem-18287	177	37	2.037	2.037	NUM
fbem-18287	177	38	*	*	SYM
fbem-18287	177	39	1.90	1.90	NUM
fbem-18287	177	40	high	high	ADJ
fbem-18287	177	41	2.507	2.507	NUM
fbem-18287	177	42	*	*	NOUN
fbem-18287	177	43	*	*	PROPN
fbem-18287	177	44	2.42	2.42	NUM
fbem-18287	177	45	2.419	2.419	NUM
fbem-18287	177	46	*	*	PUNCT
fbem-18287	177	47	*	*	PUNCT
fbem-18287	177	48	2.32	2.32	NUM
fbem-18287	177	49	h	h	NOUN
fbem-18287	177	50	-	-	PUNCT
fbem-18287	177	51	l	l	NOUN
fbem-18287	177	52	0.277	0.277	NUM
fbem-18287	177	53	1.58	1.58	NUM
fbem-18287	177	54	0.382	0.382	NUM
fbem-18287	177	55	*	*	PUNCT
fbem-18287	177	56	*	*	SYM
fbem-18287	177	57	2.28	2.28	NUM
fbem-18287	177	58	in	in	ADP
fbem-18287	177	59	table	table	NOUN
fbem-18287	177	60	7	7	NUM
fbem-18287	177	61	,	,	PUNCT
fbem-18287	177	62	high	high	ADJ
fbem-18287	177	63	sentiment	sentiment	NOUN
fbem-18287	177	64	represents	represent	VERB
fbem-18287	177	65	the	the	DET
fbem-18287	177	66	period	period	NOUN
fbem-18287	177	67	of	of	ADP
fbem-18287	177	68	high	high	ADJ
fbem-18287	177	69	investor	investor	NOUN
fbem-18287	177	70	sentiment	sentiment	NOUN
fbem-18287	177	71	,	,	PUNCT
fbem-18287	177	72	and	and	CCONJ
fbem-18287	177	73	low	low	ADJ
fbem-18287	177	74	sentiment	sentiment	NOUN
fbem-18287	177	75	represents	represent	VERB
fbem-18287	177	76	the	the	DET
fbem-18287	177	77	period	period	NOUN
fbem-18287	177	78	of	of	ADP
fbem-18287	177	79	low	low	ADJ
fbem-18287	177	80	investor	investor	NOUN
fbem-18287	177	81	sentiment	sentiment	NOUN
fbem-18287	177	82	.	.	PUNCT
fbem-18287	178	1	high	high	ADJ
fbem-18287	178	2	indicates	indicate	VERB
fbem-18287	178	3	the	the	DET
fbem-18287	178	4	high	high	ADJ
fbem-18287	178	5	ab_nr	ab_nr	PROPN
fbem-18287	178	6	group	group	NOUN
fbem-18287	178	7	.	.	PUNCT
fbem-18287	179	1	low	low	PROPN
fbem-18287	179	2	indicates	indicate	VERB
fbem-18287	179	3	the	the	DET
fbem-18287	179	4	low	low	ADJ
fbem-18287	179	5	ab_nr	ab_nr	PROPN
fbem-18287	179	6	group	group	NOUN
fbem-18287	179	7	,	,	PUNCT
fbem-18287	179	8	and	and	CCONJ
fbem-18287	179	9	h	h	NOUN
fbem-18287	179	10	-	-	PUNCT
fbem-18287	179	11	l	l	NOUN
fbem-18287	179	12	indicates	indicate	VERB
fbem-18287	179	13	the	the	DET
fbem-18287	179	14	hedge	hedge	NOUN
fbem-18287	179	15	combination	combination	NOUN
fbem-18287	179	16	constructed	construct	VERB
fbem-18287	179	17	based	base	VERB
fbem-18287	179	18	on	on	ADP
fbem-18287	179	19	ab_nr	ab_nr	PROPN
fbem-18287	179	20	.	.	PUNCT
fbem-18287	180	1	raw	raw	ADJ
fbem-18287	180	2	return	return	NOUN
fbem-18287	180	3	represents	represent	VERB
fbem-18287	180	4	the	the	DET
fbem-18287	180	5	original	original	ADJ
fbem-18287	180	6	yield	yield	NOUN
fbem-18287	180	7	,	,	PUNCT
fbem-18287	180	8	and	and	CCONJ
fbem-18287	180	9	ff3	ff3	PROPN
fbem-18287	180	10	alpha	alpha	NOUN
fbem-18287	180	11	represents	represent	VERB
fbem-18287	180	12	the	the	DET
fbem-18287	180	13	yield	yield	NOUN
fbem-18287	180	14	adjusted	adjust	VERB
fbem-18287	180	15	by	by	ADP
fbem-18287	180	16	the	the	DET
fbem-18287	180	17	three	three	NUM
fbem-18287	180	18	-	-	PUNCT
fbem-18287	180	19	factor	factor	NOUN
fbem-18287	180	20	model	model	NOUN
fbem-18287	180	21	.	.	PUNCT
fbem-18287	181	1	by	by	ADP
fbem-18287	181	2	comparing	compare	VERB
fbem-18287	181	3	the	the	DET
fbem-18287	181	4	significance	significance	NOUN
fbem-18287	181	5	and	and	CCONJ
fbem-18287	181	6	premium	premium	NOUN
fbem-18287	181	7	of	of	ADP
fbem-18287	181	8	the	the	DET
fbem-18287	181	9	anomaly	anomaly	NOUN
fbem-18287	181	10	in	in	ADP
fbem-18287	181	11	the	the	DET
fbem-18287	181	12	period	period	NOUN
fbem-18287	181	13	of	of	ADP
fbem-18287	181	14	high	high	ADJ
fbem-18287	181	15	investor	investor	NOUN
fbem-18287	181	16	sentiment	sentiment	NOUN
fbem-18287	181	17	and	and	CCONJ
fbem-18287	181	18	low	low	ADJ
fbem-18287	181	19	investor	investor	NOUN
fbem-18287	181	20	sentiment	sentiment	NOUN
fbem-18287	181	21	,	,	PUNCT
fbem-18287	181	22	we	we	PRON
fbem-18287	181	23	found	find	VERB
fbem-18287	181	24	that	that	SCONJ
fbem-18287	181	25	the	the	DET
fbem-18287	181	26	anomaly	anomaly	NOUN
fbem-18287	181	27	was	be	AUX
fbem-18287	181	28	significant	significant	ADJ
fbem-18287	181	29	in	in	ADP
fbem-18287	181	30	the	the	DET
fbem-18287	181	31	period	period	NOUN
fbem-18287	181	32	of	of	ADP
fbem-18287	181	33	high	high	ADJ
fbem-18287	181	34	investor	investor	NOUN
fbem-18287	181	35	sentiment	sentiment	NOUN
fbem-18287	181	36	,	,	PUNCT
fbem-18287	181	37	but	but	CCONJ
fbem-18287	181	38	not	not	PART
fbem-18287	181	39	significant	significant	ADJ
fbem-18287	181	40	in	in	ADP
fbem-18287	181	41	the	the	DET
fbem-18287	181	42	period	period	NOUN
fbem-18287	181	43	of	of	ADP
fbem-18287	181	44	low	low	ADJ
fbem-18287	181	45	investor	investor	NOUN
fbem-18287	181	46	sentiment	sentiment	NOUN
fbem-18287	181	47	,	,	PUNCT
fbem-18287	181	48	and	and	CCONJ
fbem-18287	181	49	the	the	DET
fbem-18287	181	50	anomaly	anomaly	NOUN
fbem-18287	181	51	in	in	ADP
fbem-18287	181	52	the	the	DET
fbem-18287	181	53	period	period	NOUN
fbem-18287	181	54	of	of	ADP
fbem-18287	181	55	high	high	ADJ
fbem-18287	181	56	investor	investor	NOUN
fbem-18287	181	57	sentiment	sentiment	NOUN
fbem-18287	181	58	(	(	PUNCT
fbem-18287	181	59	0.51	0.51	NUM
fbem-18287	181	60	%	%	NOUN
fbem-18287	181	61	)	)	PUNCT
fbem-18287	181	62	was	be	AUX
fbem-18287	181	63	greater	great	ADJ
fbem-18287	181	64	than	than	ADP
fbem-18287	181	65	the	the	DET
fbem-18287	181	66	premium	premium	NOUN
fbem-18287	181	67	in	in	ADP
fbem-18287	181	68	the	the	DET
fbem-18287	181	69	period	period	NOUN
fbem-18287	181	70	of	of	ADP
fbem-18287	181	71	low	low	ADJ
fbem-18287	181	72	investor	investor	NOUN
fbem-18287	181	73	sentiment	sentiment	NOUN
fbem-18287	181	74	(	(	PUNCT
fbem-18287	181	75	0.28	0.28	NUM
fbem-18287	181	76	%	%	NOUN
fbem-18287	181	77	)	)	PUNCT
fbem-18287	181	78	.	.	PUNCT
fbem-18287	182	1	in	in	ADP
fbem-18287	182	2	combination	combination	NOUN
fbem-18287	182	3	with	with	ADP
fbem-18287	182	4	4.1	4.1	NUM
fbem-18287	182	5	and	and	CCONJ
fbem-18287	182	6	4.2.1	4.2.1	NUM
fbem-18287	182	7	,	,	PUNCT
fbem-18287	182	8	the	the	DET
fbem-18287	182	9	anomaly	anomaly	NOUN
fbem-18287	182	10	does	do	AUX
fbem-18287	182	11	not	not	PART
fbem-18287	182	12	follow	follow	VERB
fbem-18287	182	13	the	the	DET
fbem-18287	182	14	risk	risk	NOUN
fbem-18287	182	15	compensation	compensation	NOUN
fbem-18287	182	16	interpretation	interpretation	NOUN
fbem-18287	182	17	,	,	PUNCT
fbem-18287	182	18	and	and	CCONJ
fbem-18287	182	19	the	the	DET
fbem-18287	182	20	performance	performance	NOUN
fbem-18287	182	21	is	be	AUX
fbem-18287	182	22	more	more	ADV
fbem-18287	182	23	significant	significant	ADJ
fbem-18287	182	24	at	at	ADP
fbem-18287	182	25	high	high	ADJ
fbem-18287	182	26	arbitrage	arbitrage	NOUN
fbem-18287	182	27	cost	cost	NOUN
fbem-18287	182	28	,	,	PUNCT
fbem-18287	182	29	it	it	PRON
fbem-18287	182	30	can	can	AUX
fbem-18287	182	31	be	be	AUX
fbem-18287	182	32	basically	basically	ADV
fbem-18287	182	33	judged	judge	VERB
fbem-18287	182	34	that	that	SCONJ
fbem-18287	182	35	the	the	DET
fbem-18287	182	36	anomaly	anomaly	NOUN
fbem-18287	182	37	is	be	AUX
fbem-18287	182	38	caused	cause	VERB
fbem-18287	182	39	by	by	ADP
fbem-18287	182	40	mispricing	misprice	VERB
fbem-18287	182	41	rather	rather	ADV
fbem-18287	182	42	than	than	ADP
fbem-18287	182	43	risk	risk	NOUN
fbem-18287	182	44	premium	premium	NOUN
fbem-18287	182	45	.	.	PUNCT
fbem-18287	183	1	6	6	X
fbem-18287	183	2	.	.	X
fbem-18287	183	3	summary	summary	NOUN
fbem-18287	183	4	and	and	CCONJ
fbem-18287	183	5	conclusions	conclusion	NOUN
fbem-18287	183	6	inspired	inspire	VERB
fbem-18287	183	7	by	by	ADP
fbem-18287	183	8	the	the	DET
fbem-18287	183	9	ability	ability	NOUN
fbem-18287	183	10	of	of	ADP
fbem-18287	183	11	the	the	DET
fbem-18287	183	12	overnight	overnight	ADJ
fbem-18287	183	13	return	return	NOUN
fbem-18287	183	14	day	day	NOUN
fbem-18287	183	15	reversal	reversal	NOUN
fbem-18287	183	16	triggered	trigger	VERB
fbem-18287	183	17	by	by	ADP
fbem-18287	183	18	the	the	DET
fbem-18287	183	19	long	long	ADJ
fbem-18287	183	20	/	/	SYM
fbem-18287	183	21	short	short	ADJ
fbem-18287	183	22	confrontation	confrontation	NOUN
fbem-18287	183	23	of	of	ADP
fbem-18287	183	24	heterogeneous	heterogeneous	ADJ
fbem-18287	183	25	investors	investor	NOUN
fbem-18287	183	26	in	in	ADP
fbem-18287	183	27	the	the	DET
fbem-18287	183	28	us	us	PROPN
fbem-18287	183	29	stock	stock	NOUN
fbem-18287	183	30	market	market	NOUN
fbem-18287	183	31	to	to	PART
fbem-18287	183	32	predict	predict	VERB
fbem-18287	183	33	the	the	DET
fbem-18287	183	34	future	future	ADJ
fbem-18287	183	35	return	return	NOUN
fbem-18287	183	36	of	of	ADP
fbem-18287	183	37	stocks	stock	NOUN
fbem-18287	183	38	on	on	ADP
fbem-18287	183	39	a	a	DET
fbem-18287	183	40	cross	cross	ADJ
fbem-18287	183	41	-	-	ADJ
fbem-18287	183	42	sectional	sectional	ADJ
fbem-18287	183	43	basis	basis	NOUN
fbem-18287	183	44	,	,	PUNCT
fbem-18287	183	45	this	this	DET
fbem-18287	183	46	paper	paper	NOUN
fbem-18287	183	47	explores	explore	VERB
fbem-18287	183	48	whether	whether	SCONJ
fbem-18287	183	49	the	the	DET
fbem-18287	183	50	frequent	frequent	ADJ
fbem-18287	183	51	overnight	overnight	ADJ
fbem-18287	183	52	return	return	NOUN
fbem-18287	183	53	day	day	NOUN
fbem-18287	183	54	reversal	reversal	NOUN
fbem-18287	183	55	in	in	ADP
fbem-18287	183	56	the	the	DET
fbem-18287	183	57	ashare	ashare	NOUN
fbem-18287	183	58	market	market	NOUN
fbem-18287	183	59	has	have	VERB
fbem-18287	183	60	a	a	DET
fbem-18287	183	61	similar	similar	ADJ
fbem-18287	183	62	cross	cross	ADJ
fbem-18287	183	63	-	-	ADJ
fbem-18287	183	64	sectional	sectional	ADJ
fbem-18287	183	65	prediction	prediction	NOUN
fbem-18287	183	66	ability	ability	NOUN
fbem-18287	183	67	.	.	PUNCT
fbem-18287	184	1	the	the	DET
fbem-18287	184	2	conclusions	conclusion	NOUN
fbem-18287	184	3	are	be	AUX
fbem-18287	184	4	as	as	SCONJ
fbem-18287	184	5	follows	follow	VERB
fbem-18287	184	6	:	:	PUNCT
fbem-18287	184	7	(	(	PUNCT
fbem-18287	184	8	1	1	X
fbem-18287	184	9	)	)	PUNCT
fbem-18287	184	10	after	after	ADP
fbem-18287	184	11	controlling	control	VERB
fbem-18287	184	12	the	the	DET
fbem-18287	184	13	characteristics	characteristic	NOUN
fbem-18287	184	14	of	of	ADP
fbem-18287	184	15	scale	scale	NOUN
fbem-18287	184	16	,	,	PUNCT
fbem-18287	184	17	book	book	NOUN
fbem-18287	184	18	-	-	PUNCT
fbem-18287	184	19	to	to	ADP
fbem-18287	184	20	-	-	PUNCT
fbem-18287	184	21	market	market	NOUN
fbem-18287	184	22	ratio	ratio	NOUN
fbem-18287	184	23	,	,	PUNCT
fbem-18287	184	24	reversal	reversal	NOUN
fbem-18287	184	25	effect	effect	NOUN
fbem-18287	184	26	,	,	PUNCT
fbem-18287	184	27	profitability	profitability	NOUN
fbem-18287	184	28	,	,	PUNCT
fbem-18287	184	29	turnover	turnover	NOUN
fbem-18287	184	30	rate	rate	NOUN
fbem-18287	184	31	,	,	PUNCT
fbem-18287	184	32	etc	etc	X
fbem-18287	184	33	.	.	X
fbem-18287	184	34	,	,	PUNCT
fbem-18287	184	35	the	the	DET
fbem-18287	184	36	abnormal	abnormal	ADJ
fbem-18287	184	37	frequency	frequency	NOUN
fbem-18287	184	38	of	of	ADP
fbem-18287	184	39	opening	open	VERB
fbem-18287	184	40	high	high	ADJ
fbem-18287	184	41	and	and	CCONJ
fbem-18287	184	42	closing	closing	NOUN
fbem-18287	184	43	low	low	NOUN
fbem-18287	184	44	in	in	ADP
fbem-18287	184	45	a	a	DET
fbem-18287	184	46	-	-	PUNCT
fbem-18287	184	47	share	share	NOUN
fbem-18287	184	48	market	market	NOUN
fbem-18287	184	49	is	be	AUX
fbem-18287	184	50	significantly	significantly	ADV
fbem-18287	184	51	positively	positively	ADV
fbem-18287	184	52	correlated	correlate	VERB
fbem-18287	184	53	with	with	ADP
fbem-18287	184	54	the	the	DET
fbem-18287	184	55	future	future	ADJ
fbem-18287	184	56	return	return	NOUN
fbem-18287	184	57	of	of	ADP
fbem-18287	184	58	stocks	stock	NOUN
fbem-18287	184	59	,	,	PUNCT
fbem-18287	184	60	but	but	CCONJ
fbem-18287	184	61	the	the	DET
fbem-18287	184	62	abnormal	abnormal	ADJ
fbem-18287	184	63	frequency	frequency	NOUN
fbem-18287	184	64	of	of	ADP
fbem-18287	184	65	opening	opening	NOUN
fbem-18287	184	66	low	low	ADJ
fbem-18287	184	67	and	and	CCONJ
fbem-18287	184	68	closing	closing	NOUN
fbem-18287	184	69	high	high	ADJ
fbem-18287	184	70	has	have	VERB
fbem-18287	184	71	no	no	DET
fbem-18287	184	72	significant	significant	ADJ
fbem-18287	184	73	and	and	CCONJ
fbem-18287	184	74	stable	stable	ADJ
fbem-18287	184	75	correlation	correlation	NOUN
fbem-18287	184	76	with	with	ADP
fbem-18287	184	77	the	the	DET
fbem-18287	184	78	future	future	ADJ
fbem-18287	184	79	return	return	NOUN
fbem-18287	184	80	of	of	ADP
fbem-18287	184	81	stocks	stock	NOUN
fbem-18287	184	82	.	.	PUNCT
fbem-18287	185	1	(	(	PUNCT
fbem-18287	185	2	2	2	X
fbem-18287	185	3	)	)	PUNCT
fbem-18287	185	4	the	the	DET
fbem-18287	185	5	long	long	ADV
fbem-18287	185	6	-	-	PUNCT
fbem-18287	185	7	short	short	ADJ
fbem-18287	185	8	portfolio	portfolio	NOUN
fbem-18287	185	9	was	be	AUX
fbem-18287	185	10	constructed	construct	VERB
fbem-18287	185	11	according	accord	VERB
fbem-18287	185	12	to	to	ADP
fbem-18287	185	13	ab_nr	ab_nr	NOUN
fbem-18287	185	14	,	,	PUNCT
fbem-18287	185	15	and	and	CCONJ
fbem-18287	185	16	it	it	PRON
fbem-18287	185	17	was	be	AUX
fbem-18287	185	18	found	find	VERB
fbem-18287	185	19	that	that	SCONJ
fbem-18287	185	20	the	the	DET
fbem-18287	185	21	long	long	ADV
fbem-18287	185	22	-	-	PUNCT
fbem-18287	185	23	short	short	ADJ
fbem-18287	185	24	portfolio	portfolio	NOUN
fbem-18287	185	25	could	could	AUX
fbem-18287	185	26	obtain	obtain	VERB
fbem-18287	185	27	0.63	0.63	NUM
fbem-18287	185	28	%	%	NOUN
fbem-18287	185	29	monthly	monthly	ADJ
fbem-18287	185	30	excess	excess	ADJ
fbem-18287	185	31	return	return	NOUN
fbem-18287	185	32	,	,	PUNCT
fbem-18287	185	33	and	and	CCONJ
fbem-18287	185	34	the	the	DET
fbem-18287	185	35	excess	excess	ADJ
fbem-18287	185	36	return	return	NOUN
fbem-18287	185	37	could	could	AUX
fbem-18287	185	38	not	not	PART
fbem-18287	185	39	be	be	AUX
fbem-18287	185	40	explained	explain	VERB
fbem-18287	185	41	by	by	ADP
fbem-18287	185	42	the	the	DET
fbem-18287	185	43	existing	exist	VERB
fbem-18287	185	44	pricing	pricing	NOUN
fbem-18287	185	45	model	model	NOUN
fbem-18287	185	46	.	.	PUNCT
fbem-18287	186	1	(	(	PUNCT
fbem-18287	186	2	3	3	X
fbem-18287	186	3	)	)	PUNCT
fbem-18287	186	4	in	in	ADP
fbem-18287	186	5	the	the	DET
fbem-18287	186	6	period	period	NOUN
fbem-18287	186	7	of	of	ADP
fbem-18287	186	8	stocks	stock	NOUN
fbem-18287	186	9	with	with	ADP
fbem-18287	186	10	high	high	ADJ
fbem-18287	186	11	arbitrage	arbitrage	NOUN
fbem-18287	186	12	costs	cost	NOUN
fbem-18287	186	13	and	and	CCONJ
fbem-18287	186	14	high	high	ADJ
fbem-18287	186	15	market	market	NOUN
fbem-18287	186	16	sentiment	sentiment	NOUN
fbem-18287	186	17	,	,	PUNCT
fbem-18287	186	18	the	the	DET
fbem-18287	186	19	overperformance	overperformance	NOUN
fbem-18287	186	20	of	of	ADP
fbem-18287	186	21	long	long	ADJ
fbem-18287	186	22	-	-	PUNCT
fbem-18287	186	23	short	short	ADJ
fbem-18287	186	24	strategy	strategy	NOUN
fbem-18287	186	25	portfolios	portfolio	NOUN
fbem-18287	186	26	is	be	AUX
fbem-18287	186	27	more	more	ADV
fbem-18287	186	28	significant	significant	ADJ
fbem-18287	186	29	.	.	PUNCT
fbem-18287	187	1	(	(	PUNCT
fbem-18287	187	2	4	4	X
fbem-18287	187	3	)	)	PUNCT
fbem-18287	187	4	the	the	DET
fbem-18287	187	5	anomaly	anomaly	NOUN
fbem-18287	187	6	is	be	AUX
fbem-18287	187	7	due	due	ADJ
fbem-18287	187	8	to	to	ADP
fbem-18287	187	9	mispricing	misprice	VERB
fbem-18287	187	10	rather	rather	ADV
fbem-18287	187	11	than	than	ADP
fbem-18287	187	12	risk	risk	NOUN
fbem-18287	187	13	premium	premium	NOUN
fbem-18287	187	14	.	.	PUNCT
fbem-18287	188	1	references	reference	NOUN
fbem-18287	188	2	[	[	X
fbem-18287	188	3	1	1	NUM
fbem-18287	188	4	]	]	X
fbem-18287	188	5	lou	lou	PROPN
fbem-18287	188	6	d	d	PROPN
fbem-18287	188	7	,	,	PUNCT
fbem-18287	188	8	polk	polk	PROPN
fbem-18287	188	9	c	c	PROPN
fbem-18287	188	10	,	,	PUNCT
fbem-18287	188	11	skouras	skouras	PROPN
fbem-18287	188	12	s.	s.	PROPN
fbem-18287	188	13	a	a	DET
fbem-18287	188	14	tug	tug	NOUN
fbem-18287	188	15	of	of	ADP
fbem-18287	188	16	war	war	NOUN
fbem-18287	188	17	:	:	PUNCT
fbem-18287	188	18	overnight	overnight	ADV
fbem-18287	188	19	versus	versus	ADP
fbem-18287	188	20	intraday	intraday	PROPN
fbem-18287	188	21	expected	expect	VERB
fbem-18287	188	22	returns[j	returns[j	PROPN
fbem-18287	188	23	]	]	PUNCT
fbem-18287	188	24	.	.	PUNCT
fbem-18287	189	1	journal	journal	PROPN
fbem-18287	189	2	of	of	ADP
fbem-18287	189	3	financial	financial	ADJ
fbem-18287	189	4	economics	economic	NOUN
fbem-18287	189	5	,	,	PUNCT
fbem-18287	189	6	2019	2019	NUM
fbem-18287	189	7	,	,	PUNCT
fbem-18287	189	8	134(1	134(1	NUM
fbem-18287	189	9	):	):	PUNCT
fbem-18287	189	10	192	192	NUM
fbem-18287	189	11	-	-	SYM
fbem-18287	189	12	213	213	NUM
fbem-18287	189	13	.	.	PUNCT
fbem-18287	190	1	[	[	X
fbem-18287	190	2	2	2	X
fbem-18287	190	3	]	]	PUNCT
fbem-18287	190	4	akbas	akbas	PROPN
fbem-18287	190	5	f	f	PROPN
fbem-18287	190	6	,	,	PUNCT
fbem-18287	190	7	boehmer	boehmer	PROPN
fbem-18287	190	8	e	e	PROPN
fbem-18287	190	9	,	,	PUNCT
fbem-18287	190	10	jiang	jiang	PROPN
fbem-18287	190	11	c	c	PROPN
fbem-18287	190	12	,	,	PUNCT
fbem-18287	190	13	et	et	PROPN
fbem-18287	190	14	al	al	PROPN
fbem-18287	190	15	.	.	PROPN
fbem-18287	191	1	overnight	overnight	ADJ
fbem-18287	191	2	returns	return	NOUN
fbem-18287	191	3	,	,	PUNCT
fbem-18287	191	4	daytime	daytime	NOUN
fbem-18287	191	5	reversals	reversal	NOUN
fbem-18287	191	6	,	,	PUNCT
fbem-18287	191	7	and	and	CCONJ
fbem-18287	191	8	future	future	ADJ
fbem-18287	191	9	stock	stock	NOUN
fbem-18287	191	10	returns[j	returns[j	PROPN
fbem-18287	191	11	]	]	PUNCT
fbem-18287	191	12	.	.	PUNCT
fbem-18287	192	1	journal	journal	PROPN
fbem-18287	192	2	of	of	ADP
fbem-18287	192	3	financial	financial	ADJ
fbem-18287	192	4	economics	economic	NOUN
fbem-18287	192	5	,	,	PUNCT
fbem-18287	192	6	2022	2022	NUM
fbem-18287	192	7	,	,	PUNCT
fbem-18287	192	8	145(3	145(3	NUM
fbem-18287	192	9	):	):	PUNCT
fbem-18287	192	10	850	850	NUM
fbem-18287	192	11	-	-	SYM
fbem-18287	192	12	875	875	NUM
fbem-18287	192	13	.	.	PUNCT
fbem-18287	193	1	[	[	X
fbem-18287	193	2	3	3	X
fbem-18287	193	3	]	]	X
fbem-18287	193	4	harrison	harrison	PROPN
fbem-18287	193	5	j	j	PROPN
fbem-18287	193	6	m	m	PROPN
fbem-18287	193	7	,	,	PUNCT
fbem-18287	193	8	kreps	kreps	ADP
fbem-18287	193	9	d	d	PROPN
fbem-18287	193	10	m.	m.	NOUN
fbem-18287	193	11	speculative	speculative	ADJ
fbem-18287	193	12	investor	investor	NOUN
fbem-18287	193	13	behavior	behavior	NOUN
fbem-18287	193	14	in	in	ADP
fbem-18287	193	15	a	a	DET
fbem-18287	193	16	stock	stock	NOUN
fbem-18287	193	17	market	market	NOUN
fbem-18287	193	18	with	with	ADP
fbem-18287	193	19	heterogeneous	heterogeneous	ADJ
fbem-18287	193	20	expectations[j	expectations[j	PROPN
fbem-18287	193	21	]	]	PUNCT
fbem-18287	193	22	.	.	PUNCT
fbem-18287	194	1	the	the	DET
fbem-18287	194	2	quarterly	quarterly	ADJ
fbem-18287	194	3	journal	journal	NOUN
fbem-18287	194	4	of	of	ADP
fbem-18287	194	5	economics	economic	NOUN
fbem-18287	194	6	,	,	PUNCT
fbem-18287	194	7	1978	1978	NUM
fbem-18287	194	8	,	,	PUNCT
fbem-18287	194	9	92(2	92(2	NUM
fbem-18287	194	10	):	):	PUNCT
fbem-18287	194	11	323	323	NUM
fbem-18287	194	12	-	-	SYM
fbem-18287	194	13	336	336	NUM
fbem-18287	194	14	.	.	PUNCT
fbem-18287	195	1	[	[	X
fbem-18287	195	2	4	4	X
fbem-18287	195	3	]	]	X
fbem-18287	195	4	chan	chan	PROPN
fbem-18287	195	5	y	y	PROPN
fbem-18287	195	6	l	l	PROPN
fbem-18287	195	7	,	,	PUNCT
fbem-18287	195	8	kogan	kogan	PROPN
fbem-18287	195	9	l.	l.	PROPN
fbem-18287	195	10	catching	catch	VERB
fbem-18287	195	11	up	up	ADP
fbem-18287	195	12	with	with	ADP
fbem-18287	195	13	the	the	DET
fbem-18287	195	14	joneses	jones	NOUN
fbem-18287	195	15	:	:	PUNCT
fbem-18287	195	16	heterogeneous	heterogeneous	ADJ
fbem-18287	195	17	preferences	preference	NOUN
fbem-18287	195	18	and	and	CCONJ
fbem-18287	195	19	the	the	DET
fbem-18287	195	20	dynamics	dynamic	NOUN
fbem-18287	195	21	of	of	ADP
fbem-18287	195	22	asset	asset	NOUN
fbem-18287	195	23	prices[j	prices[j	PROPN
fbem-18287	195	24	]	]	PUNCT
fbem-18287	195	25	.	.	PUNCT
fbem-18287	196	1	journal	journal	PROPN
fbem-18287	196	2	of	of	ADP
fbem-18287	196	3	political	political	ADJ
fbem-18287	196	4	economy	economy	NOUN
fbem-18287	196	5	,	,	PUNCT
fbem-18287	196	6	2002	2002	NUM
fbem-18287	196	7	,	,	PUNCT
fbem-18287	196	8	110(6	110(6	NUM
fbem-18287	196	9	):	):	PUNCT
fbem-18287	196	10	1255	1255	NUM
fbem-18287	196	11	-	-	SYM
fbem-18287	196	12	1285	1285	NUM
fbem-18287	196	13	.	.	PUNCT
fbem-18287	197	1	[	[	X
fbem-18287	197	2	5	5	NUM
fbem-18287	197	3	]	]	X
fbem-18287	197	4	gârleanu	gârleanu	PROPN
fbem-18287	197	5	n	n	CCONJ
fbem-18287	197	6	,	,	PUNCT
fbem-18287	197	7	panageas	panageas	PROPN
fbem-18287	197	8	s.	s.	PROPN
fbem-18287	197	9	young	young	PROPN
fbem-18287	197	10	,	,	PUNCT
fbem-18287	197	11	old	old	ADJ
fbem-18287	197	12	,	,	PUNCT
fbem-18287	197	13	conservative	conservative	ADJ
fbem-18287	197	14	,	,	PUNCT
fbem-18287	197	15	and	and	CCONJ
fbem-18287	197	16	bold	bold	ADJ
fbem-18287	197	17	:	:	PUNCT
fbem-18287	197	18	the	the	DET
fbem-18287	197	19	implications	implication	NOUN
fbem-18287	197	20	of	of	ADP
fbem-18287	197	21	heterogeneity	heterogeneity	NOUN
fbem-18287	197	22	and	and	CCONJ
fbem-18287	197	23	finite	finite	ADJ
fbem-18287	197	24	lives	life	NOUN
fbem-18287	197	25	for	for	ADP
fbem-18287	197	26	asset	asset	NOUN
fbem-18287	197	27	pricing[j	pricing[j	NOUN
fbem-18287	197	28	]	]	PUNCT
fbem-18287	197	29	.	.	PUNCT
fbem-18287	198	1	journal	journal	PROPN
fbem-18287	198	2	of	of	ADP
fbem-18287	198	3	political	political	ADJ
fbem-18287	198	4	economy	economy	NOUN
fbem-18287	198	5	,	,	PUNCT
fbem-18287	198	6	2015	2015	NUM
fbem-18287	198	7	,	,	PUNCT
fbem-18287	198	8	123(3	123(3	NUM
fbem-18287	198	9	):	):	PUNCT
fbem-18287	198	10	670685	670685	NUM
fbem-18287	198	11	.	.	PUNCT
fbem-18287	199	1	[	[	X
fbem-18287	199	2	6	6	NUM
fbem-18287	199	3	]	]	X
fbem-18287	199	4	miller	miller	PROPN
fbem-18287	199	5	e	e	PROPN
fbem-18287	199	6	m.	m.	NOUN
fbem-18287	199	7	risk	risk	NOUN
fbem-18287	199	8	,	,	PUNCT
fbem-18287	199	9	uncertainty	uncertainty	NOUN
fbem-18287	199	10	,	,	PUNCT
fbem-18287	199	11	and	and	CCONJ
fbem-18287	199	12	divergence	divergence	NOUN
fbem-18287	199	13	of	of	ADP
fbem-18287	199	14	opinion[j	opinion[j	PROPN
fbem-18287	199	15	]	]	PUNCT
fbem-18287	199	16	.	.	PUNCT
fbem-18287	200	1	the	the	DET
fbem-18287	200	2	journal	journal	PROPN
fbem-18287	200	3	of	of	ADP
fbem-18287	200	4	finance	finance	NOUN
fbem-18287	200	5	,	,	PUNCT
fbem-18287	200	6	1977	1977	NUM
fbem-18287	200	7	,	,	PUNCT
fbem-18287	200	8	32(4	32(4	NUM
fbem-18287	200	9	):	):	PUNCT
fbem-18287	200	10	1151	1151	NUM
fbem-18287	200	11	-	-	SYM
fbem-18287	200	12	1168	1168	NUM
fbem-18287	200	13	.	.	PUNCT
fbem-18287	201	1	[	[	X
fbem-18287	201	2	7	7	NUM
fbem-18287	201	3	]	]	X
fbem-18287	201	4	de	de	X
fbem-18287	201	5	long	long	PROPN
fbem-18287	201	6	j	j	PROPN
fbem-18287	201	7	b	b	PROPN
fbem-18287	201	8	,	,	PUNCT
fbem-18287	201	9	shleifer	shleifer	VERB
fbem-18287	201	10	a	a	PRON
fbem-18287	201	11	,	,	PUNCT
fbem-18287	201	12	summers	summer	NOUN
fbem-18287	201	13	l	l	NOUN
fbem-18287	201	14	h	h	NOUN
fbem-18287	201	15	,	,	PUNCT
fbem-18287	201	16	et	et	PROPN
fbem-18287	201	17	al	al	PROPN
fbem-18287	201	18	.	.	PROPN
fbem-18287	202	1	noise	noise	PROPN
fbem-18287	202	2	trader	trader	NOUN
fbem-18287	202	3	risk	risk	NOUN
fbem-18287	202	4	in	in	ADP
fbem-18287	202	5	financial	financial	ADJ
fbem-18287	202	6	markets[j	markets[j	NOUN
fbem-18287	202	7	]	]	PUNCT
fbem-18287	202	8	.	.	PUNCT
fbem-18287	203	1	journal	journal	PROPN
fbem-18287	203	2	of	of	ADP
fbem-18287	203	3	political	political	ADJ
fbem-18287	203	4	economy	economy	NOUN
fbem-18287	203	5	,	,	PUNCT
fbem-18287	203	6	1990	1990	NUM
fbem-18287	203	7	,	,	PUNCT
fbem-18287	203	8	98(4	98(4	NUM
fbem-18287	203	9	):	):	PUNCT
fbem-18287	203	10	703	703	NUM
fbem-18287	203	11	-	-	SYM
fbem-18287	203	12	738	738	NUM
fbem-18287	203	13	.	.	PUNCT
fbem-18287	204	1	[	[	X
fbem-18287	204	2	8	8	NUM
fbem-18287	204	3	]	]	X
fbem-18287	204	4	xin	xin	PROPN
fbem-18287	204	5	yang	yang	PROPN
fbem-18287	204	6	,	,	PUNCT
fbem-18287	204	7	xiaozheng	xiaozheng	PROPN
fbem-18287	204	8	wang	wang	PROPN
fbem-18287	204	9	,	,	PUNCT
fbem-18287	204	10	zhaoxue	zhaoxue	PROPN
fbem-18287	204	11	teng	teng	PROPN
fbem-18287	204	12	.	.	PUNCT
fbem-18287	205	1	herding	herd	VERB
fbem-18287	205	2	behavior	behavior	NOUN
fbem-18287	205	3	of	of	ADP
fbem-18287	205	4	chinese	chinese	ADJ
fbem-18287	205	5	individual	individual	ADJ
fbem-18287	205	6	and	and	CCONJ
fbem-18287	205	7	institutional	institutional	ADJ
fbem-18287	205	8	investors[j	investors[j	PROPN
fbem-18287	205	9	]	]	PUNCT
fbem-18287	205	10	.	.	PUNCT
fbem-18287	206	1	journal	journal	PROPN
fbem-18287	206	2	of	of	ADP
fbem-18287	206	3	tsinghua	tsinghua	PROPN
fbem-18287	206	4	university(science	university(science	PROPN
fbem-18287	206	5	and	and	CCONJ
fbem-18287	206	6	technology	technology	NOUN
fbem-18287	206	7	)	)	PUNCT
fbem-18287	206	8	,	,	PUNCT
fbem-18287	206	9	2004	2004	NUM
fbem-18287	206	10	,	,	PUNCT
fbem-18287	206	11	(	(	PUNCT
fbem-18287	206	12	12	12	NUM
fbem-18287	206	13	):	):	PUNCT
fbem-18287	206	14	1610	1610	NUM
fbem-18287	206	15	-	-	SYM
fbem-18287	206	16	1614	1614	NUM
fbem-18287	206	17	.	.	PUNCT
fbem-18287	207	1	doi:10.16511	doi:10.16511	NOUN
fbem-18287	207	2	/	/	SYM
fbem-18287	207	3	j.cnki.qhdxxb.2004.12.008	j.cnki.qhdxxb.2004.12.008	PROPN
fbem-18287	207	4	.	.	PUNCT
fbem-18287	208	1	[	[	X
fbem-18287	208	2	9	9	NUM
fbem-18287	208	3	]	]	PUNCT
fbem-18287	208	4	xuejun	xuejun	PROPN
fbem-18287	208	5	zhao	zhao	PROPN
fbem-18287	208	6	,	,	PUNCT
fbem-18287	208	7	yonghong	yonghong	PROPN
fbem-18287	208	8	wang	wang	PROPN
fbem-18287	208	9	.	.	PUNCT
fbem-18287	209	1	the	the	DET
fbem-18287	209	2	empirical	empirical	ADJ
fbem-18287	209	3	study	study	NOUN
fbem-18287	209	4	on	on	ADP
fbem-18287	209	5	disposition	disposition	NOUN
fbem-18287	209	6	effect	effect	NOUN
fbem-18287	209	7	in	in	ADP
fbem-18287	209	8	china	china	PROPN
fbem-18287	209	9	’s	’s	PART
fbem-18287	209	10	stock	stock	PROPN
fbem-18287	209	11	market[j	market[j	PROPN
fbem-18287	209	12	]	]	PUNCT
fbem-18287	209	13	.	.	PUNCT
fbem-18287	210	1	journal	journal	PROPN
fbem-18287	210	2	of	of	ADP
fbem-18287	210	3	financial	financial	ADJ
fbem-18287	210	4	research	research	NOUN
fbem-18287	210	5	,	,	PUNCT
fbem-18287	210	6	2001,(07	2001,(07	NUM
fbem-18287	210	7	):	):	PUNCT
fbem-18287	210	8	92	92	NUM
fbem-18287	210	9	-	-	SYM
fbem-18287	210	10	97	97	NUM
fbem-18287	210	11	.	.	NOUN
fbem-18287	210	12	270	270	NUM
fbem-18287	211	1	[	[	SYM
fbem-18287	211	2	10	10	NUM
fbem-18287	211	3	]	]	X
fbem-18287	211	4	novy	novy	PROPN
fbem-18287	211	5	-	-	PUNCT
fbem-18287	211	6	marx	marx	PROPN
fbem-18287	211	7	r.	r.	PROPN
fbem-18287	211	8	the	the	DET
fbem-18287	211	9	other	other	ADJ
fbem-18287	211	10	side	side	NOUN
fbem-18287	211	11	of	of	ADP
fbem-18287	211	12	value	value	NOUN
fbem-18287	211	13	:	:	PUNCT
fbem-18287	211	14	the	the	DET
fbem-18287	211	15	gross	gross	ADJ
fbem-18287	211	16	profitability	profitability	NOUN
fbem-18287	211	17	premium[j	premium[j	NOUN
fbem-18287	211	18	]	]	PUNCT
fbem-18287	211	19	.	.	PUNCT
fbem-18287	212	1	journal	journal	PROPN
fbem-18287	212	2	of	of	ADP
fbem-18287	212	3	financial	financial	ADJ
fbem-18287	212	4	economics	economic	NOUN
fbem-18287	212	5	,	,	PUNCT
fbem-18287	212	6	2013	2013	NUM
fbem-18287	212	7	,	,	PUNCT
fbem-18287	212	8	108(1	108(1	NUM
fbem-18287	212	9	):	):	PUNCT
fbem-18287	212	10	128	128	NUM
fbem-18287	212	11	.	.	PUNCT
fbem-18287	213	1	[	[	X
fbem-18287	213	2	11	11	NUM
fbem-18287	213	3	]	]	PUNCT
fbem-18287	213	4	qiao	qiao	PROPN
fbem-18287	213	5	k	k	PROPN
fbem-18287	213	6	,	,	PUNCT
fbem-18287	213	7	dam	dam	PROPN
fbem-18287	213	8	l.	l.	PROPN
fbem-18287	213	9	the	the	DET
fbem-18287	213	10	overnight	overnight	ADJ
fbem-18287	213	11	return	return	NOUN
fbem-18287	213	12	puzzle	puzzle	NOUN
fbem-18287	213	13	and	and	CCONJ
fbem-18287	213	14	the	the	DET
fbem-18287	213	15	“	"	PUNCT
fbem-18287	213	16	t+	t+	NOUN
fbem-18287	213	17	1	1	NUM
fbem-18287	213	18	”	"	PUNCT
fbem-18287	213	19	trading	trading	NOUN
fbem-18287	213	20	rule	rule	NOUN
fbem-18287	213	21	in	in	ADP
fbem-18287	213	22	chinese	chinese	ADJ
fbem-18287	213	23	stock	stock	NOUN
fbem-18287	213	24	markets[j	markets[j	PROPN
fbem-18287	213	25	]	]	PUNCT
fbem-18287	213	26	.	.	PUNCT
fbem-18287	213	27	journal	journal	PROPN
fbem-18287	213	28	of	of	ADP
fbem-18287	213	29	financial	financial	ADJ
fbem-18287	213	30	markets	market	NOUN
fbem-18287	213	31	,	,	PUNCT
fbem-18287	213	32	2020	2020	NUM
fbem-18287	213	33	,	,	PUNCT
fbem-18287	213	34	50	50	NUM
fbem-18287	213	35	:	:	SYM
fbem-18287	213	36	100534	100534	NUM
fbem-18287	213	37	.	.	PUNCT
fbem-18287	214	1	[	[	X
fbem-18287	214	2	12	12	NUM
fbem-18287	214	3	]	]	PUNCT
fbem-18287	214	4	carhart	carhart	NOUN
fbem-18287	214	5	m	m	PROPN
fbem-18287	214	6	m.	m.	NOUN
fbem-18287	214	7	on	on	ADP
fbem-18287	214	8	persistence	persistence	NOUN
fbem-18287	214	9	in	in	ADP
fbem-18287	214	10	mutual	mutual	ADJ
fbem-18287	214	11	fund	fund	NOUN
fbem-18287	214	12	performance[j	performance[j	NOUN
fbem-18287	214	13	]	]	PUNCT
fbem-18287	214	14	.	.	PUNCT
fbem-18287	215	1	the	the	DET
fbem-18287	215	2	journal	journal	PROPN
fbem-18287	215	3	of	of	ADP
fbem-18287	215	4	finance	finance	NOUN
fbem-18287	215	5	,	,	PUNCT
fbem-18287	215	6	1997	1997	NUM
fbem-18287	215	7	,	,	PUNCT
fbem-18287	215	8	52(1	52(1	NOUN
fbem-18287	215	9	):	):	PUNCT
fbem-18287	215	10	57	57	NUM
fbem-18287	215	11	-	-	SYM
fbem-18287	215	12	82	82	NUM
fbem-18287	215	13	.	.	PUNCT
fbem-18287	216	1	[	[	X
fbem-18287	216	2	13	13	NUM
fbem-18287	216	3	]	]	PUNCT
fbem-18287	216	4	shleifer	shleifer	NOUN
fbem-18287	216	5	a	a	PRON
fbem-18287	216	6	,	,	PUNCT
fbem-18287	216	7	vishny	vishny	PROPN
fbem-18287	216	8	r	r	PROPN
fbem-18287	216	9	w.	w.	PROPN
fbem-18287	216	10	the	the	DET
fbem-18287	216	11	limits	limit	NOUN
fbem-18287	216	12	of	of	ADP
fbem-18287	216	13	arbitrage[j	arbitrage[j	NOUN
fbem-18287	216	14	]	]	PUNCT
fbem-18287	216	15	.	.	PUNCT
fbem-18287	217	1	the	the	DET
fbem-18287	217	2	journal	journal	PROPN
fbem-18287	217	3	of	of	ADP
fbem-18287	217	4	finance	finance	NOUN
fbem-18287	217	5	,	,	PUNCT
fbem-18287	217	6	1997	1997	NUM
fbem-18287	217	7	,	,	PUNCT
fbem-18287	217	8	52(1	52(1	NOUN
fbem-18287	217	9	):	):	PUNCT
fbem-18287	217	10	35	35	NUM
fbem-18287	217	11	-	-	SYM
fbem-18287	217	12	55	55	NUM
fbem-18287	217	13	.	.	PUNCT
fbem-18287	218	1	[	[	X
fbem-18287	218	2	14	14	NUM
fbem-18287	218	3	]	]	X
fbem-18287	218	4	pontiff	pontiff	ADJ
fbem-18287	218	5	j.	j.	PROPN
fbem-18287	218	6	costly	costly	ADJ
fbem-18287	218	7	arbitrage	arbitrage	NOUN
fbem-18287	218	8	and	and	CCONJ
fbem-18287	218	9	the	the	DET
fbem-18287	218	10	myth	myth	NOUN
fbem-18287	218	11	of	of	ADP
fbem-18287	218	12	idiosyncratic	idiosyncratic	ADJ
fbem-18287	218	13	risk[j	risk[j	NOUN
fbem-18287	218	14	]	]	PUNCT
fbem-18287	218	15	.	.	PUNCT
fbem-18287	219	1	journal	journal	PROPN
fbem-18287	219	2	of	of	ADP
fbem-18287	219	3	accounting	accounting	NOUN
fbem-18287	219	4	and	and	CCONJ
fbem-18287	219	5	economics	economic	NOUN
fbem-18287	219	6	,	,	PUNCT
fbem-18287	219	7	2006	2006	NUM
fbem-18287	219	8	,	,	PUNCT
fbem-18287	219	9	42(1	42(1	NOUN
fbem-18287	219	10	-	-	PUNCT
fbem-18287	219	11	2	2	NUM
fbem-18287	219	12	):	):	PUNCT
fbem-18287	219	13	35	35	NUM
fbem-18287	219	14	-	-	SYM
fbem-18287	219	15	52	52	NUM
fbem-18287	219	16	.	.	PUNCT
fbem-18287	220	1	[	[	X
fbem-18287	220	2	15	15	NUM
fbem-18287	220	3	]	]	X
fbem-18287	220	4	amihud	amihud	PROPN
fbem-18287	220	5	y	y	PROPN
fbem-18287	220	6	.	.	PUNCT
fbem-18287	221	1	illiquidity	illiquidity	NOUN
fbem-18287	221	2	and	and	CCONJ
fbem-18287	221	3	stock	stock	NOUN
fbem-18287	221	4	returns	return	NOUN
fbem-18287	221	5	:	:	PUNCT
fbem-18287	221	6	cross	cross	NOUN
fbem-18287	221	7	-	-	NOUN
fbem-18287	221	8	section	section	NOUN
fbem-18287	221	9	and	and	CCONJ
fbem-18287	221	10	time	time	NOUN
fbem-18287	221	11	-	-	PUNCT
fbem-18287	221	12	series	series	NOUN
fbem-18287	221	13	effects	effect	NOUN
fbem-18287	222	1	[	[	X
fbem-18287	222	2	j	j	X
fbem-18287	222	3	]	]	X
fbem-18287	222	4	.	.	PUNCT
fbem-18287	223	1	journal	journal	PROPN
fbem-18287	223	2	of	of	ADP
fbem-18287	223	3	financial	financial	ADJ
fbem-18287	223	4	markets	market	NOUN
fbem-18287	223	5	,	,	PUNCT
fbem-18287	223	6	2002	2002	NUM
fbem-18287	223	7	,	,	PUNCT
fbem-18287	223	8	5	5	NUM
fbem-18287	223	9	(	(	PUNCT
fbem-18287	223	10	1	1	NUM
fbem-18287	223	11	):	):	PUNCT
fbem-18287	223	12	31	31	NUM
fbem-18287	223	13	-	-	SYM
fbem-18287	223	14	56	56	NUM
fbem-18287	223	15	.	.	PUNCT
fbem-18287	224	1	[	[	X
fbem-18287	224	2	16	16	NUM
fbem-18287	224	3	]	]	X
fbem-18287	224	4	barberis	barberis	PROPN
fbem-18287	224	5	n	n	CCONJ
fbem-18287	224	6	,	,	PUNCT
fbem-18287	224	7	shleifer	shleifer	VERB
fbem-18287	224	8	a	a	PRON
fbem-18287	224	9	,	,	PUNCT
fbem-18287	224	10	vishny	vishny	PROPN
fbem-18287	224	11	r.	r.	PROPN
fbem-18287	224	12	a	a	DET
fbem-18287	224	13	model	model	NOUN
fbem-18287	224	14	of	of	ADP
fbem-18287	224	15	investor	investor	NOUN
fbem-18287	224	16	sentiment[j	sentiment[j	X
fbem-18287	224	17	]	]	PUNCT
fbem-18287	224	18	.	.	PUNCT
fbem-18287	225	1	journal	journal	PROPN
fbem-18287	225	2	of	of	ADP
fbem-18287	225	3	financial	financial	ADJ
fbem-18287	225	4	economics	economic	NOUN
fbem-18287	225	5	,	,	PUNCT
fbem-18287	225	6	1998	1998	NUM
fbem-18287	225	7	,	,	PUNCT
fbem-18287	225	8	49(3	49(3	PROPN
fbem-18287	225	9	):	):	PUNCT
fbem-18287	225	10	307343	307343	NUM
fbem-18287	225	11	.	.	PUNCT
fbem-18287	226	1	[	[	X
fbem-18287	226	2	17	17	NUM
fbem-18287	226	3	]	]	X
fbem-18287	226	4	daniel	daniel	PROPN
fbem-18287	226	5	k	k	PROPN
fbem-18287	226	6	,	,	PUNCT
fbem-18287	226	7	hirshleifer	hirshleifer	NOUN
fbem-18287	226	8	d	d	PROPN
fbem-18287	226	9	,	,	PUNCT
fbem-18287	226	10	subrahmanyam	subrahmanyam	NOUN
fbem-18287	226	11	a.	a.	NOUN
fbem-18287	226	12	investor	investor	PROPN
fbem-18287	226	13	psychology	psychology	NOUN
fbem-18287	226	14	and	and	CCONJ
fbem-18287	226	15	security	security	NOUN
fbem-18287	226	16	market	market	NOUN
fbem-18287	226	17	under‐and	under‐and	NOUN
fbem-18287	226	18	overreactions[j	overreactions[j	PROPN
fbem-18287	226	19	]	]	PUNCT
fbem-18287	226	20	.	.	PUNCT
fbem-18287	227	1	the	the	DET
fbem-18287	227	2	journal	journal	PROPN
fbem-18287	227	3	of	of	ADP
fbem-18287	227	4	finance	finance	NOUN
fbem-18287	227	5	,	,	PUNCT
fbem-18287	227	6	1998	1998	NUM
fbem-18287	227	7	,	,	PUNCT
fbem-18287	227	8	53(6	53(6	NUM
fbem-18287	227	9	):	):	PUNCT
fbem-18287	227	10	1839	1839	NUM
fbem-18287	227	11	-	-	SYM
fbem-18287	227	12	1885	1885	NUM
fbem-18287	227	13	.	.	PUNCT
fbem-18287	228	1	[	[	X
fbem-18287	228	2	18	18	NUM
fbem-18287	228	3	]	]	PUNCT
fbem-18287	228	4	zhigao	zhigao	PROPN
fbem-18287	228	5	yi	yi	PROPN
fbem-18287	228	6	,	,	PUNCT
fbem-18287	228	7	ning	ning	PROPN
fbem-18287	228	8	mao	mao	PROPN
fbem-18287	228	9	.	.	PUNCT
fbem-18287	229	1	measurement	measurement	NOUN
fbem-18287	229	2	of	of	ADP
fbem-18287	229	3	investor	investor	NOUN
fbem-18287	229	4	sentiment	sentiment	NOUN
fbem-18287	229	5	in	in	ADP
fbem-18287	229	6	chinese	chinese	ADJ
fbem-18287	229	7	stock	stock	NOUN
fbem-18287	229	8	market	market	NOUN
fbem-18287	229	9	:	:	PUNCT
fbem-18287	229	10	construction	construction	NOUN
fbem-18287	229	11	of	of	ADP
fbem-18287	229	12	cicsi	cicsi	PROPN
fbem-18287	229	13	[	[	X
fbem-18287	229	14	j	j	X
fbem-18287	229	15	]	]	X
fbem-18287	229	16	.	.	PUNCT
fbem-18287	230	1	journal	journal	PROPN
fbem-18287	230	2	of	of	ADP
fbem-18287	230	3	financial	financial	ADJ
fbem-18287	230	4	research,2009(11):174	research,2009(11):174	NOUN
fbem-18287	230	5	-	-	PUNCT
fbem-18287	230	6	184	184	NUM
fbem-18287	230	7	.	.	PUNCT