id	sid	tid	token	lemma	pos
fbem-1905	1	1	microsoft	microsoft	PROPN
fbem-1905	1	2	word	word	PROPN
fbem-1905	1	3	09-fbem8750排板-51-54.docx	09-fbem8750排板-51-54.docx	NUM
fbem-1905	1	4	frontiers	frontier	NOUN
fbem-1905	1	5	in	in	ADP
fbem-1905	1	6	business	business	NOUN
fbem-1905	1	7	,	,	PUNCT
fbem-1905	1	8	economics	economic	NOUN
fbem-1905	1	9	and	and	CCONJ
fbem-1905	1	10	management	management	NOUN
fbem-1905	1	11	issn	issn	PROPN
fbem-1905	1	12	:	:	PUNCT
fbem-1905	1	13	2766	2766	NUM
fbem-1905	1	14	-	-	PUNCT
fbem-1905	1	15	824x	824x	NUM
fbem-1905	1	16	|	|	ADJ
fbem-1905	1	17	vol	vol	NOUN
fbem-1905	1	18	.	.	PROPN
fbem-1905	1	19	5	5	NUM
fbem-1905	1	20	,	,	PUNCT
fbem-1905	1	21	no	no	INTJ
fbem-1905	1	22	.	.	NOUN
fbem-1905	1	23	3	3	NUM
fbem-1905	1	24	,	,	PUNCT
fbem-1905	1	25	2022	2022	NUM
fbem-1905	1	26	51	51	NUM
fbem-1905	1	27	applying	apply	VERB
fbem-1905	1	28	option	option	NOUN
fbem-1905	1	29	portfolio	portfolio	NOUN
fbem-1905	1	30	strategy	strategy	NOUN
fbem-1905	1	31	to	to	PART
fbem-1905	1	32	manage	manage	VERB
fbem-1905	1	33	crude	crude	ADJ
fbem-1905	1	34	oil	oil	NOUN
fbem-1905	1	35	trade	trade	NOUN
fbem-1905	1	36	risk	risk	NOUN
fbem-1905	1	37	-response	-response	NOUN
fbem-1905	1	38	to	to	ADP
fbem-1905	1	39	rising	rise	VERB
fbem-1905	1	40	oil	oil	NOUN
fbem-1905	1	41	price	price	NOUN
fbem-1905	1	42	under	under	ADP
fbem-1905	1	43	russia	russia	PROPN
fbem-1905	1	44	-	-	PUNCT
fbem-1905	1	45	ukraine	ukraine	NOUN
fbem-1905	1	46	situation	situation	NOUN
fbem-1905	1	47	hongjing	hongje	VERB
fbem-1905	1	48	ou1	ou1	NOUN
fbem-1905	1	49	,	,	PUNCT
fbem-1905	1	50	a	a	DET
fbem-1905	1	51	1guangdong	1guangdong	PROPN
fbem-1905	1	52	university	university	NOUN
fbem-1905	1	53	of	of	ADP
fbem-1905	1	54	finance	finance	NOUN
fbem-1905	1	55	and	and	CCONJ
fbem-1905	1	56	economics	economic	NOUN
fbem-1905	1	57	,	,	PUNCT
fbem-1905	1	58	guangzhou	guangzhou	PROPN
fbem-1905	1	59	,	,	PUNCT
fbem-1905	1	60	guangdong	guangdong	PROPN
fbem-1905	1	61	,	,	PUNCT
fbem-1905	1	62	510320	510320	NUM
fbem-1905	1	63	,	,	PUNCT
fbem-1905	1	64	china	china	PROPN
fbem-1905	1	65	acorresponding	acorresponding	PROPN
fbem-1905	1	66	author	author	NOUN
fbem-1905	1	67	’s	’s	PART
fbem-1905	1	68	email	email	NOUN
fbem-1905	1	69	:	:	PUNCT
fbem-1905	1	70	ouhongjing2003@163.com	ouhongjing2003@163.com	X
fbem-1905	1	71	abstract	abstract	NOUN
fbem-1905	1	72	:	:	PUNCT
fbem-1905	1	73	since	since	SCONJ
fbem-1905	1	74	february	february	PROPN
fbem-1905	1	75	this	this	DET
fbem-1905	1	76	year	year	NOUN
fbem-1905	1	77	,	,	PUNCT
fbem-1905	1	78	the	the	DET
fbem-1905	1	79	conflict	conflict	NOUN
fbem-1905	1	80	between	between	ADP
fbem-1905	1	81	russia	russia	PROPN
fbem-1905	1	82	,	,	PUNCT
fbem-1905	1	83	one	one	NUM
fbem-1905	1	84	of	of	ADP
fbem-1905	1	85	the	the	DET
fbem-1905	1	86	important	important	ADJ
fbem-1905	1	87	exporters	exporter	NOUN
fbem-1905	1	88	of	of	ADP
fbem-1905	1	89	crude	crude	ADJ
fbem-1905	1	90	oil	oil	NOUN
fbem-1905	1	91	,	,	PUNCT
fbem-1905	1	92	and	and	CCONJ
fbem-1905	1	93	ukraine	ukraine	NOUN
fbem-1905	1	94	has	have	AUX
fbem-1905	1	95	gradually	gradually	ADV
fbem-1905	1	96	intensified	intensify	VERB
fbem-1905	1	97	,	,	PUNCT
fbem-1905	1	98	causing	cause	VERB
fbem-1905	1	99	the	the	DET
fbem-1905	1	100	international	international	ADJ
fbem-1905	1	101	market	market	NOUN
fbem-1905	1	102	to	to	PART
fbem-1905	1	103	worry	worry	VERB
fbem-1905	1	104	about	about	ADP
fbem-1905	1	105	the	the	DET
fbem-1905	1	106	supply	supply	NOUN
fbem-1905	1	107	of	of	ADP
fbem-1905	1	108	crude	crude	ADJ
fbem-1905	1	109	oil	oil	NOUN
fbem-1905	1	110	.	.	PUNCT
fbem-1905	2	1	together	together	ADV
fbem-1905	2	2	with	with	ADP
fbem-1905	2	3	the	the	DET
fbem-1905	2	4	speculation	speculation	NOUN
fbem-1905	2	5	in	in	ADP
fbem-1905	2	6	the	the	DET
fbem-1905	2	7	united	united	PROPN
fbem-1905	2	8	states	states	PROPN
fbem-1905	2	9	,	,	PUNCT
fbem-1905	2	10	international	international	ADJ
fbem-1905	2	11	oil	oil	NOUN
fbem-1905	2	12	prices	price	NOUN
fbem-1905	2	13	have	have	AUX
fbem-1905	2	14	been	be	AUX
fbem-1905	2	15	moving	move	VERB
fbem-1905	2	16	higher	high	ADJ
fbem-1905	2	17	.	.	PUNCT
fbem-1905	3	1	we	we	PRON
fbem-1905	3	2	use	use	VERB
fbem-1905	3	3	an	an	DET
fbem-1905	3	4	option	option	NOUN
fbem-1905	3	5	portfolio	portfolio	NOUN
fbem-1905	3	6	strategy	strategy	NOUN
fbem-1905	3	7	for	for	ADP
fbem-1905	3	8	hedging	hedge	VERB
fbem-1905	3	9	to	to	PART
fbem-1905	3	10	offset	offset	VERB
fbem-1905	3	11	the	the	DET
fbem-1905	3	12	increased	increase	VERB
fbem-1905	3	13	costs	cost	NOUN
fbem-1905	3	14	of	of	ADP
fbem-1905	3	15	crude	crude	ADJ
fbem-1905	3	16	oil	oil	NOUN
fbem-1905	3	17	purchaser	purchaser	NOUN
fbem-1905	3	18	firms	firm	NOUN
fbem-1905	3	19	with	with	ADP
fbem-1905	3	20	profits	profit	NOUN
fbem-1905	3	21	in	in	ADP
fbem-1905	3	22	the	the	DET
fbem-1905	3	23	financial	financial	ADJ
fbem-1905	3	24	markets	market	NOUN
fbem-1905	3	25	.	.	PUNCT
fbem-1905	4	1	we	we	PRON
fbem-1905	4	2	use	use	VERB
fbem-1905	4	3	a	a	DET
fbem-1905	4	4	binomial	binomial	ADJ
fbem-1905	4	5	tree	tree	NOUN
fbem-1905	4	6	option	option	NOUN
fbem-1905	4	7	pricing	pricing	NOUN
fbem-1905	4	8	model	model	NOUN
fbem-1905	4	9	to	to	PART
fbem-1905	4	10	calculate	calculate	VERB
fbem-1905	4	11	the	the	DET
fbem-1905	4	12	crude	crude	ADJ
fbem-1905	4	13	oil	oil	NOUN
fbem-1905	4	14	option	option	NOUN
fbem-1905	4	15	price	price	NOUN
fbem-1905	4	16	and	and	CCONJ
fbem-1905	4	17	use	use	VERB
fbem-1905	4	18	it	it	PRON
fbem-1905	4	19	to	to	PART
fbem-1905	4	20	derive	derive	VERB
fbem-1905	4	21	its	its	PRON
fbem-1905	4	22	delta	delta	NOUN
fbem-1905	4	23	value	value	NOUN
fbem-1905	4	24	.	.	PUNCT
fbem-1905	5	1	the	the	DET
fbem-1905	5	2	option	option	NOUN
fbem-1905	5	3	portfolio	portfolio	NOUN
fbem-1905	5	4	is	be	AUX
fbem-1905	5	5	constructed	construct	VERB
fbem-1905	5	6	by	by	ADP
fbem-1905	5	7	selecting	select	VERB
fbem-1905	5	8	real	real	ADJ
fbem-1905	5	9	and	and	CCONJ
fbem-1905	5	10	flat	flat	ADJ
fbem-1905	5	11	options	option	NOUN
fbem-1905	5	12	based	base	VERB
fbem-1905	5	13	on	on	ADP
fbem-1905	5	14	the	the	DET
fbem-1905	5	15	delta	delta	NOUN
fbem-1905	5	16	-	-	PUNCT
fbem-1905	5	17	neutral	neutral	ADJ
fbem-1905	5	18	results	result	NOUN
fbem-1905	5	19	.	.	PUNCT
fbem-1905	6	1	after	after	ADP
fbem-1905	6	2	comparing	compare	VERB
fbem-1905	6	3	the	the	DET
fbem-1905	6	4	results	result	NOUN
fbem-1905	6	5	of	of	ADP
fbem-1905	6	6	the	the	DET
fbem-1905	6	7	analysis	analysis	NOUN
fbem-1905	6	8	,	,	PUNCT
fbem-1905	6	9	the	the	DET
fbem-1905	6	10	call	call	NOUN
fbem-1905	6	11	inverse	inverse	NOUN
fbem-1905	6	12	ratio	ratio	NOUN
fbem-1905	6	13	spread	spread	NOUN
fbem-1905	6	14	option	option	NOUN
fbem-1905	6	15	is	be	AUX
fbem-1905	6	16	optimal	optimal	ADJ
fbem-1905	6	17	and	and	CCONJ
fbem-1905	6	18	the	the	DET
fbem-1905	6	19	bull	bull	NOUN
fbem-1905	6	20	call	call	NOUN
fbem-1905	6	21	option	option	NOUN
fbem-1905	6	22	is	be	AUX
fbem-1905	6	23	the	the	DET
fbem-1905	6	24	next	next	ADJ
fbem-1905	6	25	best	good	ADJ
fbem-1905	6	26	.	.	PUNCT
fbem-1905	7	1	the	the	DET
fbem-1905	7	2	protective	protective	ADJ
fbem-1905	7	3	strategy	strategy	NOUN
fbem-1905	7	4	constructed	construct	VERB
fbem-1905	7	5	using	use	VERB
fbem-1905	7	6	crude	crude	ADJ
fbem-1905	7	7	oil	oil	NOUN
fbem-1905	7	8	futures	future	NOUN
fbem-1905	7	9	has	have	VERB
fbem-1905	7	10	good	good	ADJ
fbem-1905	7	11	risk	risk	NOUN
fbem-1905	7	12	control	control	NOUN
fbem-1905	7	13	but	but	CCONJ
fbem-1905	7	14	limited	limited	ADJ
fbem-1905	7	15	profitability	profitability	NOUN
fbem-1905	7	16	.	.	PUNCT
fbem-1905	8	1	finally	finally	ADV
fbem-1905	8	2	,	,	PUNCT
fbem-1905	8	3	put	put	VERB
fbem-1905	8	4	forward	forward	ADP
fbem-1905	8	5	suggestions	suggestion	NOUN
fbem-1905	8	6	for	for	ADP
fbem-1905	8	7	enterprises	enterprise	NOUN
fbem-1905	8	8	who	who	PRON
fbem-1905	8	9	uses	use	VERB
fbem-1905	8	10	derivatives	derivative	NOUN
fbem-1905	8	11	for	for	ADP
fbem-1905	8	12	hedging	hedging	NOUN
fbem-1905	8	13	.	.	PUNCT
fbem-1905	9	1	keywords	keyword	NOUN
fbem-1905	9	2	:	:	PUNCT
fbem-1905	9	3	options	option	NOUN
fbem-1905	9	4	portfolio	portfolio	NOUN
fbem-1905	9	5	,	,	PUNCT
fbem-1905	9	6	russia	russia	PROPN
fbem-1905	9	7	-	-	PUNCT
fbem-1905	9	8	ukraine	ukraine	PROPN
fbem-1905	9	9	conflict	conflict	NOUN
fbem-1905	9	10	,	,	PUNCT
fbem-1905	9	11	price	price	NOUN
fbem-1905	9	12	of	of	ADP
fbem-1905	9	13	crude	crude	ADJ
fbem-1905	9	14	oil	oil	NOUN
fbem-1905	9	15	,	,	PUNCT
fbem-1905	9	16	binomial	binomial	ADJ
fbem-1905	9	17	tree	tree	NOUN
fbem-1905	9	18	option	option	NOUN
fbem-1905	9	19	pricing	pricing	NOUN
fbem-1905	9	20	model	model	NOUN
fbem-1905	9	21	,	,	PUNCT
fbem-1905	9	22	delta	delta	NOUN
fbem-1905	9	23	neutral	neutral	ADJ
fbem-1905	9	24	.	.	PUNCT
fbem-1905	10	1	1	1	X
fbem-1905	10	2	.	.	X
fbem-1905	10	3	introduction	introduction	NOUN
fbem-1905	10	4	crude	crude	ADJ
fbem-1905	10	5	oil	oil	NOUN
fbem-1905	10	6	is	be	AUX
fbem-1905	10	7	a	a	DET
fbem-1905	10	8	very	very	ADV
fbem-1905	10	9	important	important	ADJ
fbem-1905	10	10	strategic	strategic	ADJ
fbem-1905	10	11	resource	resource	NOUN
fbem-1905	10	12	for	for	ADP
fbem-1905	10	13	every	every	DET
fbem-1905	10	14	country	country	NOUN
fbem-1905	10	15	.	.	PUNCT
fbem-1905	11	1	crude	crude	ADJ
fbem-1905	11	2	oil	oil	NOUN
fbem-1905	11	3	is	be	AUX
fbem-1905	11	4	indispensable	indispensable	ADJ
fbem-1905	11	5	for	for	ADP
fbem-1905	11	6	the	the	DET
fbem-1905	11	7	operation	operation	NOUN
fbem-1905	11	8	of	of	ADP
fbem-1905	11	9	national	national	ADJ
fbem-1905	11	10	defense	defense	PROPN
fbem-1905	11	11	and	and	CCONJ
fbem-1905	11	12	military	military	ADJ
fbem-1905	11	13	equipment	equipment	NOUN
fbem-1905	11	14	,	,	PUNCT
fbem-1905	11	15	the	the	DET
fbem-1905	11	16	fuel	fuel	NOUN
fbem-1905	11	17	for	for	ADP
fbem-1905	11	18	residents	resident	NOUN
fbem-1905	11	19	'	'	PART
fbem-1905	11	20	daily	daily	ADJ
fbem-1905	11	21	driving	drive	VERB
fbem-1905	11	22	cars	car	NOUN
fbem-1905	11	23	,	,	PUNCT
fbem-1905	11	24	and	and	CCONJ
fbem-1905	11	25	the	the	DET
fbem-1905	11	26	development	development	NOUN
fbem-1905	11	27	of	of	ADP
fbem-1905	11	28	petrochemical	petrochemical	NOUN
fbem-1905	11	29	industry	industry	NOUN
fbem-1905	11	30	.	.	PUNCT
fbem-1905	12	1	therefore	therefore	ADV
fbem-1905	12	2	,	,	PUNCT
fbem-1905	12	3	the	the	DET
fbem-1905	12	4	fluctuation	fluctuation	NOUN
fbem-1905	12	5	of	of	ADP
fbem-1905	12	6	oil	oil	NOUN
fbem-1905	12	7	price	price	NOUN
fbem-1905	12	8	has	have	VERB
fbem-1905	12	9	a	a	DET
fbem-1905	12	10	close	close	ADJ
fbem-1905	12	11	impact	impact	NOUN
fbem-1905	12	12	on	on	ADP
fbem-1905	12	13	individuals	individual	NOUN
fbem-1905	12	14	,	,	PUNCT
fbem-1905	12	15	enterprises	enterprise	NOUN
fbem-1905	12	16	,	,	PUNCT
fbem-1905	12	17	industries	industry	NOUN
fbem-1905	12	18	,	,	PUNCT
fbem-1905	12	19	countries	country	NOUN
fbem-1905	12	20	and	and	CCONJ
fbem-1905	12	21	the	the	DET
fbem-1905	12	22	world	world	NOUN
fbem-1905	12	23	.	.	PUNCT
fbem-1905	13	1	oil	oil	NOUN
fbem-1905	13	2	prices	price	NOUN
fbem-1905	13	3	are	be	AUX
fbem-1905	13	4	closely	closely	ADV
fbem-1905	13	5	related	relate	VERB
fbem-1905	13	6	to	to	ADP
fbem-1905	13	7	the	the	DET
fbem-1905	13	8	state	state	NOUN
fbem-1905	13	9	of	of	ADP
fbem-1905	13	10	the	the	DET
fbem-1905	13	11	global	global	PROPN
fbem-1905	13	12	macro	macro	PROPN
fbem-1905	13	13	economy	economy	NOUN
fbem-1905	13	14	.	.	PUNCT
fbem-1905	14	1	some	some	DET
fbem-1905	14	2	economists	economist	NOUN
fbem-1905	14	3	argue	argue	VERB
fbem-1905	14	4	that	that	SCONJ
fbem-1905	14	5	high	high	ADJ
fbem-1905	14	6	oil	oil	NOUN
fbem-1905	14	7	prices	price	NOUN
fbem-1905	14	8	have	have	VERB
fbem-1905	14	9	a	a	DET
fbem-1905	14	10	negative	negative	ADJ
fbem-1905	14	11	impact	impact	NOUN
fbem-1905	14	12	on	on	ADP
fbem-1905	14	13	global	global	ADJ
fbem-1905	14	14	economic	economic	ADJ
fbem-1905	14	15	growth	growth	NOUN
fbem-1905	14	16	because	because	SCONJ
fbem-1905	14	17	higher	high	ADJ
fbem-1905	14	18	oil	oil	NOUN
fbem-1905	14	19	prices	price	NOUN
fbem-1905	14	20	directly	directly	ADV
fbem-1905	14	21	raise	raise	VERB
fbem-1905	14	22	the	the	DET
fbem-1905	14	23	costs	cost	NOUN
fbem-1905	14	24	of	of	ADP
fbem-1905	14	25	buyers	buyer	NOUN
fbem-1905	14	26	,	,	PUNCT
fbem-1905	14	27	leading	lead	VERB
fbem-1905	14	28	to	to	ADP
fbem-1905	14	29	economic	economic	ADJ
fbem-1905	14	30	depression	depression	NOUN
fbem-1905	14	31	.	.	PUNCT
fbem-1905	15	1	option	option	NOUN
fbem-1905	15	2	portfolio	portfolio	NOUN
fbem-1905	15	3	is	be	AUX
fbem-1905	15	4	a	a	DET
fbem-1905	15	5	combination	combination	NOUN
fbem-1905	15	6	of	of	ADP
fbem-1905	15	7	options	option	NOUN
fbem-1905	15	8	to	to	PART
fbem-1905	15	9	form	form	VERB
fbem-1905	15	10	a	a	DET
fbem-1905	15	11	new	new	ADJ
fbem-1905	15	12	financial	financial	ADJ
fbem-1905	15	13	instrument	instrument	NOUN
fbem-1905	15	14	by	by	ADP
fbem-1905	15	15	combining	combine	VERB
fbem-1905	15	16	the	the	DET
fbem-1905	15	17	time	time	NOUN
fbem-1905	15	18	,	,	PUNCT
fbem-1905	15	19	quantity	quantity	NOUN
fbem-1905	15	20	,	,	PUNCT
fbem-1905	15	21	price	price	NOUN
fbem-1905	15	22	and	and	CCONJ
fbem-1905	15	23	method	method	NOUN
fbem-1905	15	24	of	of	ADP
fbem-1905	15	25	issuance	issuance	NOUN
fbem-1905	15	26	.	.	PUNCT
fbem-1905	16	1	in	in	ADP
fbem-1905	16	2	order	order	NOUN
fbem-1905	16	3	to	to	PART
fbem-1905	16	4	achieve	achieve	VERB
fbem-1905	16	5	the	the	DET
fbem-1905	16	6	purpose	purpose	NOUN
fbem-1905	16	7	of	of	ADP
fbem-1905	16	8	risk	risk	NOUN
fbem-1905	16	9	avoidance	avoidance	NOUN
fbem-1905	16	10	,	,	PUNCT
fbem-1905	16	11	value	value	NOUN
fbem-1905	16	12	preservation	preservation	NOUN
fbem-1905	16	13	and	and	CCONJ
fbem-1905	16	14	appreciation	appreciation	NOUN
fbem-1905	16	15	.	.	PUNCT
fbem-1905	17	1	such	such	ADJ
fbem-1905	17	2	as	as	ADP
fbem-1905	17	3	straddle	straddle	ADJ
fbem-1905	17	4	options	option	NOUN
fbem-1905	17	5	,	,	PUNCT
fbem-1905	17	6	band	band	NOUN
fbem-1905	17	7	options	option	NOUN
fbem-1905	17	8	and	and	CCONJ
fbem-1905	17	9	other	other	ADJ
fbem-1905	17	10	typical	typical	ADJ
fbem-1905	17	11	option	option	NOUN
fbem-1905	17	12	combinations	combination	NOUN
fbem-1905	17	13	.	.	PUNCT
fbem-1905	18	1	in	in	ADP
fbem-1905	18	2	the	the	DET
fbem-1905	18	3	risk	risk	NOUN
fbem-1905	18	4	management	management	NOUN
fbem-1905	18	5	of	of	ADP
fbem-1905	18	6	commodity	commodity	NOUN
fbem-1905	18	7	trading	trading	NOUN
fbem-1905	18	8	,	,	PUNCT
fbem-1905	18	9	options	option	NOUN
fbem-1905	18	10	have	have	VERB
fbem-1905	18	11	significant	significant	ADJ
fbem-1905	18	12	risk	risk	NOUN
fbem-1905	18	13	hedging	hedging	NOUN
fbem-1905	18	14	benefits	benefit	NOUN
fbem-1905	18	15	.	.	PUNCT
fbem-1905	19	1	take	take	VERB
fbem-1905	19	2	the	the	DET
fbem-1905	19	3	seller	seller	NOUN
fbem-1905	19	4	of	of	ADP
fbem-1905	19	5	oil	oil	NOUN
fbem-1905	19	6	,	,	PUNCT
fbem-1905	19	7	for	for	ADP
fbem-1905	19	8	example	example	NOUN
fbem-1905	19	9	,	,	PUNCT
fbem-1905	19	10	if	if	SCONJ
fbem-1905	19	11	it	it	PRON
fbem-1905	19	12	is	be	AUX
fbem-1905	19	13	worried	worried	ADJ
fbem-1905	19	14	about	about	ADP
fbem-1905	19	15	a	a	DET
fbem-1905	19	16	future	future	ADJ
fbem-1905	19	17	decline	decline	NOUN
fbem-1905	19	18	in	in	ADP
fbem-1905	19	19	the	the	DET
fbem-1905	19	20	price	price	NOUN
fbem-1905	19	21	of	of	ADP
fbem-1905	19	22	oil	oil	NOUN
fbem-1905	19	23	,	,	PUNCT
fbem-1905	19	24	it	it	PRON
fbem-1905	19	25	can	can	AUX
fbem-1905	19	26	buy	buy	VERB
fbem-1905	19	27	put	put	ADJ
fbem-1905	19	28	options	option	NOUN
fbem-1905	19	29	in	in	ADP
fbem-1905	19	30	advance	advance	NOUN
fbem-1905	19	31	.	.	PUNCT
fbem-1905	20	1	if	if	SCONJ
fbem-1905	20	2	the	the	DET
fbem-1905	20	3	price	price	NOUN
fbem-1905	20	4	does	do	AUX
fbem-1905	20	5	fall	fall	VERB
fbem-1905	20	6	in	in	ADP
fbem-1905	20	7	the	the	DET
fbem-1905	20	8	future	future	NOUN
fbem-1905	20	9	,	,	PUNCT
fbem-1905	20	10	the	the	DET
fbem-1905	20	11	profit	profit	NOUN
fbem-1905	20	12	from	from	ADP
fbem-1905	20	13	the	the	DET
fbem-1905	20	14	options	option	NOUN
fbem-1905	20	15	market	market	NOUN
fbem-1905	20	16	is	be	AUX
fbem-1905	20	17	used	use	VERB
fbem-1905	20	18	to	to	PART
fbem-1905	20	19	cover	cover	VERB
fbem-1905	20	20	the	the	DET
fbem-1905	20	21	loss	loss	NOUN
fbem-1905	20	22	from	from	ADP
fbem-1905	20	23	the	the	DET
fbem-1905	20	24	spot	spot	NOUN
fbem-1905	20	25	sale	sale	NOUN
fbem-1905	20	26	.	.	PUNCT
fbem-1905	21	1	it	it	PRON
fbem-1905	21	2	is	be	AUX
fbem-1905	21	3	also	also	ADV
fbem-1905	21	4	possible	possible	ADJ
fbem-1905	21	5	to	to	PART
fbem-1905	21	6	use	use	VERB
fbem-1905	21	7	oil	oil	NOUN
fbem-1905	21	8	directly	directly	ADV
fbem-1905	21	9	as	as	ADP
fbem-1905	21	10	the	the	DET
fbem-1905	21	11	underlying	underlying	ADJ
fbem-1905	21	12	and	and	CCONJ
fbem-1905	21	13	when	when	SCONJ
fbem-1905	21	14	the	the	DET
fbem-1905	21	15	market	market	NOUN
fbem-1905	21	16	price	price	NOUN
fbem-1905	21	17	falls	fall	VERB
fbem-1905	21	18	below	below	ADP
fbem-1905	21	19	the	the	DET
fbem-1905	21	20	strike	strike	NOUN
fbem-1905	21	21	price	price	NOUN
fbem-1905	21	22	,	,	PUNCT
fbem-1905	21	23	the	the	DET
fbem-1905	21	24	option	option	NOUN
fbem-1905	21	25	is	be	AUX
fbem-1905	21	26	exercised	exercise	VERB
fbem-1905	21	27	to	to	PART
fbem-1905	21	28	sell	sell	VERB
fbem-1905	21	29	the	the	DET
fbem-1905	21	30	oil	oil	NOUN
fbem-1905	21	31	at	at	ADP
fbem-1905	21	32	a	a	DET
fbem-1905	21	33	higher	high	ADJ
fbem-1905	21	34	price	price	NOUN
fbem-1905	21	35	.	.	PUNCT
fbem-1905	22	1	unlike	unlike	ADP
fbem-1905	22	2	individual	individual	ADJ
fbem-1905	22	3	options	option	NOUN
fbem-1905	22	4	,	,	PUNCT
fbem-1905	22	5	an	an	DET
fbem-1905	22	6	option	option	NOUN
fbem-1905	22	7	portfolio	portfolio	NOUN
fbem-1905	22	8	can	can	AUX
fbem-1905	22	9	increase	increase	VERB
fbem-1905	22	10	the	the	DET
fbem-1905	22	11	ability	ability	NOUN
fbem-1905	22	12	to	to	PART
fbem-1905	22	13	hedge	hedge	VERB
fbem-1905	22	14	risk	risk	NOUN
fbem-1905	22	15	because	because	SCONJ
fbem-1905	22	16	it	it	PRON
fbem-1905	22	17	contains	contain	VERB
fbem-1905	22	18	multiple	multiple	ADJ
fbem-1905	22	19	options	option	NOUN
fbem-1905	22	20	.	.	PUNCT
fbem-1905	23	1	historically	historically	ADV
fbem-1905	23	2	,	,	PUNCT
fbem-1905	23	3	there	there	PRON
fbem-1905	23	4	have	have	AUX
fbem-1905	23	5	been	be	AUX
fbem-1905	23	6	many	many	ADJ
fbem-1905	23	7	cases	case	NOUN
fbem-1905	23	8	of	of	ADP
fbem-1905	23	9	hedging	hedge	VERB
fbem-1905	23	10	commodities	commodity	NOUN
fbem-1905	23	11	using	use	VERB
fbem-1905	23	12	derivatives	derivative	NOUN
fbem-1905	23	13	such	such	ADJ
fbem-1905	23	14	as	as	ADP
fbem-1905	23	15	futures	future	NOUN
fbem-1905	23	16	.	.	PUNCT
fbem-1905	24	1	both	both	DET
fbem-1905	24	2	buyers	buyer	NOUN
fbem-1905	24	3	and	and	CCONJ
fbem-1905	24	4	sellers	seller	NOUN
fbem-1905	24	5	can	can	AUX
fbem-1905	24	6	use	use	VERB
fbem-1905	24	7	derivatives	derivative	NOUN
fbem-1905	24	8	to	to	PART
fbem-1905	24	9	hedge	hedge	VERB
fbem-1905	24	10	market	market	NOUN
fbem-1905	24	11	risk	risk	NOUN
fbem-1905	24	12	due	due	ADP
fbem-1905	24	13	to	to	ADP
fbem-1905	24	14	price	price	NOUN
fbem-1905	24	15	fluctuations	fluctuation	NOUN
fbem-1905	24	16	.	.	PUNCT
fbem-1905	25	1	typical	typical	ADJ
fbem-1905	25	2	examples	example	NOUN
fbem-1905	25	3	of	of	ADP
fbem-1905	25	4	hedging	hedge	VERB
fbem-1905	25	5	crude	crude	ADJ
fbem-1905	25	6	oil	oil	NOUN
fbem-1905	25	7	trade	trade	NOUN
fbem-1905	25	8	risk	risk	NOUN
fbem-1905	25	9	with	with	ADP
fbem-1905	25	10	option	option	NOUN
fbem-1905	25	11	portfolio	portfolio	NOUN
fbem-1905	25	12	are	be	AUX
fbem-1905	25	13	china	china	PROPN
fbem-1905	25	14	national	national	PROPN
fbem-1905	25	15	aviation	aviation	PROPN
fbem-1905	25	16	oil	oil	PROPN
fbem-1905	25	17	(	(	PUNCT
fbem-1905	25	18	singapore	singapore	PROPN
fbem-1905	25	19	)	)	PUNCT
fbem-1905	25	20	and	and	CCONJ
fbem-1905	25	21	china	china	PROPN
fbem-1905	25	22	eastern	eastern	PROPN
fbem-1905	25	23	airlines	airlines	PROPN
fbem-1905	25	24	.	.	PUNCT
fbem-1905	26	1	although	although	SCONJ
fbem-1905	26	2	hedging	hedging	NOUN
fbem-1905	26	3	of	of	ADP
fbem-1905	26	4	these	these	DET
fbem-1905	26	5	two	two	NUM
fbem-1905	26	6	companies	company	NOUN
fbem-1905	26	7	ended	end	VERB
fbem-1905	26	8	in	in	ADP
fbem-1905	26	9	failure	failure	NOUN
fbem-1905	26	10	,	,	PUNCT
fbem-1905	26	11	they	they	PRON
fbem-1905	26	12	still	still	ADV
fbem-1905	26	13	have	have	VERB
fbem-1905	26	14	quite	quite	ADV
fbem-1905	26	15	important	important	ADJ
fbem-1905	26	16	reference	reference	NOUN
fbem-1905	26	17	significance	significance	NOUN
fbem-1905	26	18	,	,	PUNCT
fbem-1905	26	19	especially	especially	ADV
fbem-1905	26	20	the	the	DET
fbem-1905	26	21	option	option	NOUN
fbem-1905	26	22	portfolio	portfolio	NOUN
fbem-1905	26	23	specially	specially	ADV
fbem-1905	26	24	created	create	VERB
fbem-1905	26	25	by	by	ADP
fbem-1905	26	26	goldman	goldman	PROPN
fbem-1905	26	27	sachs	sachs	PROPN
fbem-1905	26	28	.	.	PUNCT
fbem-1905	27	1	therefore	therefore	ADV
fbem-1905	27	2	,	,	PUNCT
fbem-1905	27	3	this	this	DET
fbem-1905	27	4	study	study	NOUN
fbem-1905	27	5	will	will	AUX
fbem-1905	27	6	absorb	absorb	VERB
fbem-1905	27	7	the	the	DET
fbem-1905	27	8	experience	experience	NOUN
fbem-1905	27	9	of	of	ADP
fbem-1905	27	10	these	these	DET
fbem-1905	27	11	two	two	NUM
fbem-1905	27	12	cases	case	NOUN
fbem-1905	27	13	and	and	CCONJ
fbem-1905	27	14	study	study	VERB
fbem-1905	27	15	how	how	SCONJ
fbem-1905	27	16	to	to	PART
fbem-1905	27	17	correctly	correctly	ADV
fbem-1905	27	18	apply	apply	VERB
fbem-1905	27	19	the	the	DET
fbem-1905	27	20	option	option	NOUN
fbem-1905	27	21	combination	combination	NOUN
fbem-1905	27	22	involved	involve	VERB
fbem-1905	27	23	in	in	ADP
fbem-1905	27	24	the	the	DET
fbem-1905	27	25	oil	oil	NOUN
fbem-1905	27	26	trade	trade	NOUN
fbem-1905	27	27	.	.	PUNCT
fbem-1905	28	1	recently	recently	ADV
fbem-1905	28	2	,	,	PUNCT
fbem-1905	28	3	due	due	ADP
fbem-1905	28	4	to	to	ADP
fbem-1905	28	5	the	the	DET
fbem-1905	28	6	conflict	conflict	NOUN
fbem-1905	28	7	between	between	ADP
fbem-1905	28	8	russia	russia	PROPN
fbem-1905	28	9	and	and	CCONJ
fbem-1905	28	10	ukraine	ukraine	PROPN
fbem-1905	28	11	,	,	PUNCT
fbem-1905	28	12	international	international	ADJ
fbem-1905	28	13	oil	oil	NOUN
fbem-1905	28	14	prices	price	NOUN
fbem-1905	28	15	have	have	AUX
fbem-1905	28	16	experienced	experience	VERB
fbem-1905	28	17	a	a	DET
fbem-1905	28	18	sharp	sharp	ADJ
fbem-1905	28	19	rise	rise	NOUN
fbem-1905	28	20	and	and	CCONJ
fbem-1905	28	21	fall	fall	NOUN
fbem-1905	28	22	.	.	PUNCT
fbem-1905	29	1	therefore	therefore	ADV
fbem-1905	29	2	,	,	PUNCT
fbem-1905	29	3	option	option	NOUN
fbem-1905	29	4	portfolio	portfolio	NOUN
fbem-1905	29	5	strategy	strategy	NOUN
fbem-1905	29	6	can	can	AUX
fbem-1905	29	7	become	become	VERB
fbem-1905	29	8	one	one	NUM
fbem-1905	29	9	of	of	ADP
fbem-1905	29	10	the	the	DET
fbem-1905	29	11	means	mean	NOUN
fbem-1905	29	12	to	to	PART
fbem-1905	29	13	hedge	hedge	VERB
fbem-1905	29	14	the	the	DET
fbem-1905	29	15	risk	risk	NOUN
fbem-1905	29	16	of	of	ADP
fbem-1905	29	17	oil	oil	NOUN
fbem-1905	29	18	trade	trade	NOUN
fbem-1905	29	19	[	[	X
fbem-1905	29	20	1	1	NUM
fbem-1905	29	21	]	]	PUNCT
fbem-1905	29	22	.	.	PUNCT
fbem-1905	30	1	2	2	X
fbem-1905	30	2	.	.	X
fbem-1905	30	3	literature	literature	NOUN
fbem-1905	30	4	review	review	PROPN
fbem-1905	30	5	on	on	ADP
fbem-1905	30	6	delta	delta	NOUN
fbem-1905	30	7	neutrality	neutrality	NOUN
fbem-1905	30	8	,	,	PUNCT
fbem-1905	30	9	semi	semi	ADJ
fbem-1905	30	10	-	-	ADJ
fbem-1905	30	11	nonparametric	nonparametric	ADJ
fbem-1905	30	12	methods	method	NOUN
fbem-1905	30	13	were	be	AUX
fbem-1905	30	14	used	use	VERB
fbem-1905	30	15	to	to	PART
fbem-1905	30	16	find	find	VERB
fbem-1905	30	17	that	that	SCONJ
fbem-1905	30	18	implied	imply	VERB
fbem-1905	30	19	skewness	skewness	NOUN
fbem-1905	30	20	and	and	CCONJ
fbem-1905	30	21	excessive	excessive	ADJ
fbem-1905	30	22	kurtosis	kurtosis	NOUN
fbem-1905	30	23	were	be	AUX
fbem-1905	30	24	relevant	relevant	ADJ
fbem-1905	30	25	sources	source	NOUN
fbem-1905	30	26	of	of	ADP
fbem-1905	30	27	information	information	NOUN
fbem-1905	30	28	about	about	ADP
fbem-1905	30	29	market	market	NOUN
fbem-1905	30	30	expectations	expectation	NOUN
fbem-1905	30	31	for	for	ADP
fbem-1905	30	32	hedging	hedging	NOUN
fbem-1905	30	33	and	and	CCONJ
fbem-1905	30	34	risk	risk	NOUN
fbem-1905	30	35	management	management	NOUN
fbem-1905	30	36	purposes[2	purposes[2	PROPN
fbem-1905	30	37	]	]	PUNCT
fbem-1905	30	38	.	.	PUNCT
fbem-1905	31	1	for	for	ADP
fbem-1905	31	2	implied	imply	VERB
fbem-1905	31	3	volatility	volatility	NOUN
fbem-1905	31	4	of	of	ADP
fbem-1905	31	5	crude	crude	ADJ
fbem-1905	31	6	oil	oil	NOUN
fbem-1905	31	7	,	,	PUNCT
fbem-1905	31	8	the	the	DET
fbem-1905	31	9	mean	mean	ADJ
fbem-1905	31	10	-	-	PUNCT
fbem-1905	31	11	reversion	reversion	NOUN
fbem-1905	31	12	process	process	NOUN
fbem-1905	31	13	based	base	VERB
fbem-1905	31	14	on	on	ADP
fbem-1905	31	15	stochastic	stochastic	ADJ
fbem-1905	31	16	convenience	convenience	NOUN
fbem-1905	31	17	rate	rate	NOUN
fbem-1905	31	18	of	of	ADP
fbem-1905	31	19	return	return	NOUN
fbem-1905	31	20	and	and	CCONJ
fbem-1905	31	21	stochastic	stochastic	ADJ
fbem-1905	31	22	volatility	volatility	NOUN
fbem-1905	31	23	is	be	AUX
fbem-1905	31	24	more	more	ADV
fbem-1905	31	25	suitable	suitable	ADJ
fbem-1905	31	26	for	for	ADP
fbem-1905	31	27	crude	crude	ADJ
fbem-1905	31	28	oil	oil	NOUN
fbem-1905	31	29	futures	future	NOUN
fbem-1905	31	30	options	option	NOUN
fbem-1905	31	31	in	in	ADP
fbem-1905	31	32	the	the	DET
fbem-1905	31	33	selection	selection	NOUN
fbem-1905	31	34	of	of	ADP
fbem-1905	31	35	stochastic	stochastic	ADJ
fbem-1905	31	36	process	process	NOUN
fbem-1905	31	37	to	to	PART
fbem-1905	31	38	describe	describe	VERB
fbem-1905	31	39	oil	oil	NOUN
fbem-1905	31	40	price	price	NOUN
fbem-1905	31	41	changes[3	changes[3	PROPN
fbem-1905	31	42	]	]	PUNCT
fbem-1905	31	43	.	.	PUNCT
fbem-1905	32	1	zhang	zhang	PROPN
fbem-1905	32	2	analyzes	analyze	VERB
fbem-1905	32	3	the	the	DET
fbem-1905	32	4	hedging	hedging	NOUN
fbem-1905	32	5	of	of	ADP
fbem-1905	32	6	cotton	cotton	NOUN
fbem-1905	32	7	options	option	NOUN
fbem-1905	32	8	in	in	ADP
fbem-1905	32	9	china	china	PROPN
fbem-1905	32	10	by	by	ADP
fbem-1905	32	11	using	use	VERB
fbem-1905	32	12	option	option	NOUN
fbem-1905	32	13	portfolios[4	portfolios[4	NOUN
fbem-1905	32	14	]	]	PUNCT
fbem-1905	32	15	.	.	PUNCT
fbem-1905	33	1	at	at	ADP
fbem-1905	33	2	present	present	ADJ
fbem-1905	33	3	,	,	PUNCT
fbem-1905	33	4	there	there	PRON
fbem-1905	33	5	are	be	VERB
fbem-1905	33	6	few	few	ADJ
fbem-1905	33	7	researches	research	NOUN
fbem-1905	33	8	on	on	ADP
fbem-1905	33	9	crude	crude	ADJ
fbem-1905	33	10	oil	oil	NOUN
fbem-1905	33	11	option	option	NOUN
fbem-1905	33	12	,	,	PUNCT
fbem-1905	33	13	which	which	PRON
fbem-1905	33	14	is	be	AUX
fbem-1905	33	15	another	another	DET
fbem-1905	33	16	important	important	ADJ
fbem-1905	33	17	option	option	NOUN
fbem-1905	33	18	.	.	PUNCT
fbem-1905	34	1	this	this	DET
fbem-1905	34	2	paper	paper	NOUN
fbem-1905	34	3	aims	aim	VERB
fbem-1905	34	4	to	to	PART
fbem-1905	34	5	provide	provide	VERB
fbem-1905	34	6	reference	reference	NOUN
fbem-1905	34	7	for	for	ADP
fbem-1905	34	8	using	use	VERB
fbem-1905	34	9	crude	crude	ADJ
fbem-1905	34	10	oil	oil	NOUN
fbem-1905	34	11	option	option	NOUN
fbem-1905	34	12	for	for	ADP
fbem-1905	34	13	hedging	hedge	VERB
fbem-1905	34	14	by	by	ADP
fbem-1905	34	15	combining	combine	VERB
fbem-1905	34	16	delta	delta	NOUN
fbem-1905	34	17	and	and	CCONJ
fbem-1905	34	18	option	option	NOUN
fbem-1905	34	19	combination	combination	NOUN
fbem-1905	34	20	strategy	strategy	NOUN
fbem-1905	34	21	.	.	PUNCT
fbem-1905	35	1	3	3	X
fbem-1905	35	2	.	.	X
fbem-1905	35	3	method	method	PROPN
fbem-1905	35	4	3.1	3.1	NUM
fbem-1905	35	5	.	.	PUNCT
fbem-1905	36	1	research	research	NOUN
fbem-1905	36	2	approach	approach	NOUN
fbem-1905	36	3	analyze	analyze	VERB
fbem-1905	36	4	the	the	DET
fbem-1905	36	5	hedging	hedging	NOUN
fbem-1905	36	6	process	process	NOUN
fbem-1905	36	7	using	use	VERB
fbem-1905	36	8	options	option	NOUN
fbem-1905	36	9	from	from	ADP
fbem-1905	36	10	a	a	DET
fbem-1905	36	11	short	short	ADJ
fbem-1905	36	12	crude	crude	ADJ
fbem-1905	36	13	oil	oil	NOUN
fbem-1905	36	14	spot	spot	NOUN
fbem-1905	36	15	perspective	perspective	NOUN
fbem-1905	36	16	,	,	PUNCT
fbem-1905	36	17	calculate	calculate	VERB
fbem-1905	36	18	the	the	DET
fbem-1905	36	19	optimal	optimal	ADJ
fbem-1905	36	20	ratio	ratio	NOUN
fbem-1905	36	21	for	for	ADP
fbem-1905	36	22	hedging	hedge	VERB
fbem-1905	36	23	crude	crude	ADJ
fbem-1905	36	24	oil	oil	NOUN
fbem-1905	36	25	futures	future	NOUN
fbem-1905	36	26	using	use	VERB
fbem-1905	36	27	the	the	DET
fbem-1905	36	28	ols	ol	NOUN
fbem-1905	36	29	model	model	NOUN
fbem-1905	36	30	,	,	PUNCT
fbem-1905	36	31	and	and	CCONJ
fbem-1905	36	32	calculate	calculate	VERB
fbem-1905	36	33	the	the	DET
fbem-1905	36	34	delta	delta	NOUN
fbem-1905	36	35	value	value	NOUN
fbem-1905	36	36	using	use	VERB
fbem-1905	36	37	binomial	binomial	ADJ
fbem-1905	36	38	tree	tree	NOUN
fbem-1905	36	39	simulations	simulation	NOUN
fbem-1905	36	40	,	,	PUNCT
fbem-1905	36	41	obtain	obtain	VERB
fbem-1905	36	42	the	the	DET
fbem-1905	36	43	hedging	hedging	NOUN
fbem-1905	36	44	effect	effect	NOUN
fbem-1905	36	45	of	of	ADP
fbem-1905	36	46	using	use	VERB
fbem-1905	36	47	crude	crude	ADJ
fbem-1905	36	48	oil	oil	NOUN
fbem-1905	36	49	options	option	NOUN
fbem-1905	36	50	using	use	VERB
fbem-1905	36	51	the	the	DET
fbem-1905	36	52	hedging	hedging	NOUN
fbem-1905	36	53	method	method	NOUN
fbem-1905	36	54	of	of	ADP
fbem-1905	36	55	maintaining	maintain	VERB
fbem-1905	36	56	a	a	DET
fbem-1905	36	57	delta	delta	ADJ
fbem-1905	36	58	-	-	PUNCT
fbem-1905	36	59	neutral	neutral	ADJ
fbem-1905	36	60	strategy	strategy	NOUN
fbem-1905	36	61	,	,	PUNCT
fbem-1905	36	62	and	and	CCONJ
fbem-1905	36	63	evaluate	evaluate	VERB
fbem-1905	36	64	the	the	DET
fbem-1905	36	65	delta	delta	NOUN
fbem-1905	36	66	-	-	PUNCT
fbem-1905	36	67	neutral	neutral	ADJ
fbem-1905	36	68	strategy	strategy	NOUN
fbem-1905	36	69	in	in	ADP
fbem-1905	36	70	conjunction	conjunction	NOUN
fbem-1905	36	71	with	with	ADP
fbem-1905	36	72	the	the	DET
fbem-1905	36	73	hedging	hedging	NOUN
fbem-1905	36	74	process	process	NOUN
fbem-1905	36	75	and	and	CCONJ
fbem-1905	36	76	results	result	NOUN
fbem-1905	36	77	.	.	PUNCT
fbem-1905	37	1	the	the	DET
fbem-1905	37	2	hedging	hedging	NOUN
fbem-1905	37	3	process	process	NOUN
fbem-1905	37	4	and	and	CCONJ
fbem-1905	37	5	results	result	NOUN
fbem-1905	37	6	are	be	AUX
fbem-1905	37	7	combined	combine	VERB
fbem-1905	37	8	to	to	PART
fbem-1905	37	9	evaluate	evaluate	VERB
fbem-1905	37	10	the	the	DET
fbem-1905	37	11	delta	delta	NOUN
fbem-1905	37	12	-	-	PUNCT
fbem-1905	37	13	neutral	neutral	ADJ
fbem-1905	37	14	strategy	strategy	NOUN
fbem-1905	37	15	.	.	PUNCT
fbem-1905	38	1	52	52	NUM
fbem-1905	38	2	then	then	ADV
fbem-1905	38	3	,	,	PUNCT
fbem-1905	38	4	try	try	VERB
fbem-1905	38	5	to	to	PART
fbem-1905	38	6	match	match	VERB
fbem-1905	38	7	with	with	ADP
fbem-1905	38	8	futures	future	NOUN
fbem-1905	38	9	and	and	CCONJ
fbem-1905	38	10	options	option	NOUN
fbem-1905	38	11	with	with	ADP
fbem-1905	38	12	different	different	ADJ
fbem-1905	38	13	strike	strike	NOUN
fbem-1905	38	14	prices	price	NOUN
fbem-1905	38	15	to	to	PART
fbem-1905	38	16	design	design	VERB
fbem-1905	38	17	a	a	DET
fbem-1905	38	18	protective	protective	ADJ
fbem-1905	38	19	strategy	strategy	NOUN
fbem-1905	38	20	,	,	PUNCT
fbem-1905	38	21	a	a	DET
fbem-1905	38	22	bull	bull	NOUN
fbem-1905	38	23	call	call	NOUN
fbem-1905	38	24	strategy	strategy	NOUN
fbem-1905	38	25	and	and	CCONJ
fbem-1905	38	26	a	a	DET
fbem-1905	38	27	reverse	reverse	NOUN
fbem-1905	38	28	spread	spread	NOUN
fbem-1905	38	29	option	option	NOUN
fbem-1905	38	30	strategy	strategy	NOUN
fbem-1905	38	31	to	to	PART
fbem-1905	38	32	further	far	ADV
fbem-1905	38	33	compare	compare	VERB
fbem-1905	38	34	and	and	CCONJ
fbem-1905	38	35	analyse	analyse	VERB
fbem-1905	38	36	the	the	DET
fbem-1905	38	37	effect	effect	NOUN
fbem-1905	38	38	of	of	ADP
fbem-1905	38	39	option	option	NOUN
fbem-1905	38	40	hedging	hedging	NOUN
fbem-1905	38	41	from	from	ADP
fbem-1905	38	42	three	three	NUM
fbem-1905	38	43	perspectives	perspective	NOUN
fbem-1905	38	44	:	:	PUNCT
fbem-1905	38	45	occupation	occupation	NOUN
fbem-1905	38	46	of	of	ADP
fbem-1905	38	47	funds	fund	NOUN
fbem-1905	38	48	,	,	PUNCT
fbem-1905	38	49	revenue	revenue	NOUN
fbem-1905	38	50	and	and	CCONJ
fbem-1905	38	51	the	the	DET
fbem-1905	38	52	maximum	maximum	ADJ
fbem-1905	38	53	severity	severity	NOUN
fbem-1905	38	54	of	of	ADP
fbem-1905	38	55	ruin	ruin	NOUN
fbem-1905	38	56	.	.	PUNCT
fbem-1905	39	1	3.2	3.2	NUM
fbem-1905	39	2	.	.	PUNCT
fbem-1905	40	1	calculating	calculate	VERB
fbem-1905	40	2	the	the	DET
fbem-1905	40	3	hedging	hedging	NOUN
fbem-1905	40	4	ratio	ratio	NOUN
fbem-1905	40	5	we	we	PRON
fbem-1905	40	6	choose	choose	VERB
fbem-1905	40	7	a	a	DET
fbem-1905	40	8	time	time	NOUN
fbem-1905	40	9	horizon	horizon	NOUN
fbem-1905	40	10	of	of	ADP
fbem-1905	40	11	one	one	NUM
fbem-1905	40	12	year	year	NOUN
fbem-1905	40	13	to	to	PART
fbem-1905	40	14	study	study	VERB
fbem-1905	40	15	crude	crude	ADJ
fbem-1905	40	16	oil	oil	NOUN
fbem-1905	40	17	spot	spot	NOUN
fbem-1905	40	18	prices	price	NOUN
fbem-1905	40	19	and	and	CCONJ
fbem-1905	40	20	crude	crude	ADJ
fbem-1905	40	21	oil	oil	NOUN
fbem-1905	40	22	futures	future	NOUN
fbem-1905	40	23	prices	price	NOUN
fbem-1905	40	24	,	,	PUNCT
fbem-1905	40	25	i.e.	i.e.	X
fbem-1905	40	26	from	from	ADP
fbem-1905	40	27	26	26	NUM
fbem-1905	40	28	march	march	NOUN
fbem-1905	40	29	2021	2021	NUM
fbem-1905	40	30	to	to	ADP
fbem-1905	40	31	25	25	NUM
fbem-1905	40	32	march	march	NOUN
fbem-1905	40	33	2022	2022	NUM
fbem-1905	40	34	,	,	PUNCT
fbem-1905	40	35	and	and	CCONJ
fbem-1905	40	36	choose	choose	VERB
fbem-1905	40	37	crude	crude	ADJ
fbem-1905	40	38	oil	oil	NOUN
fbem-1905	40	39	futures	future	NOUN
fbem-1905	40	40	with	with	ADP
fbem-1905	40	41	contract	contract	NOUN
fbem-1905	40	42	sc2205	sc2205	PROPN
fbem-1905	40	43	.	.	PUNCT
fbem-1905	40	44	table	table	NOUN
fbem-1905	40	45	1	1	NUM
fbem-1905	40	46	.	.	PUNCT
fbem-1905	40	47	spot	spot	NOUN
fbem-1905	40	48	price	price	NOUN
fbem-1905	40	49	and	and	CCONJ
fbem-1905	40	50	future	future	ADJ
fbem-1905	40	51	price	price	NOUN
fbem-1905	40	52	of	of	ADP
fbem-1905	40	53	crude	crude	ADJ
fbem-1905	40	54	oil	oil	NOUN
fbem-1905	40	55	with	with	ADP
fbem-1905	40	56	crude	crude	ADJ
fbem-1905	40	57	oil	oil	NOUN
fbem-1905	40	58	spot	spot	NOUN
fbem-1905	40	59	price	price	NOUN
fbem-1905	40	60	as	as	ADP
fbem-1905	40	61	independent	independent	ADJ
fbem-1905	40	62	variable	variable	NOUN
fbem-1905	40	63	x	x	PUNCT
fbem-1905	40	64	and	and	CCONJ
fbem-1905	40	65	crude	crude	ADJ
fbem-1905	40	66	oil	oil	NOUN
fbem-1905	40	67	futures	future	NOUN
fbem-1905	40	68	price	price	NOUN
fbem-1905	40	69	as	as	ADP
fbem-1905	40	70	dependent	dependent	ADJ
fbem-1905	40	71	variable	variable	ADJ
fbem-1905	40	72	y	y	PROPN
fbem-1905	40	73	,	,	PUNCT
fbem-1905	40	74	ols	ol	NOUN
fbem-1905	40	75	regression	regression	NOUN
fbem-1905	40	76	was	be	AUX
fbem-1905	40	77	performed	perform	VERB
fbem-1905	40	78	in	in	ADP
fbem-1905	40	79	spss	spss	PROPN
fbem-1905	40	80	software	software	NOUN
fbem-1905	40	81	.	.	PUNCT
fbem-1905	41	1	get	get	VERB
fbem-1905	41	2	.	.	PUNCT
fbem-1905	41	3	table	table	NOUN
fbem-1905	41	4	2	2	NUM
fbem-1905	41	5	.	.	PUNCT
fbem-1905	41	6	results	result	NOUN
fbem-1905	41	7	of	of	ADP
fbem-1905	41	8	ols	ol	NOUN
fbem-1905	41	9	regression	regression	NOUN
fbem-1905	41	10	model	model	NOUN
fbem-1905	41	11	r	r	NOUN
fbem-1905	41	12	r	r	NOUN
fbem-1905	41	13	party	party	NOUN
fbem-1905	41	14	r	r	NOUN
fbem-1905	41	15	squared	square	VERB
fbem-1905	41	16	after	after	ADP
fbem-1905	41	17	adjustment	adjustment	NOUN
fbem-1905	41	18	errors	error	NOUN
fbem-1905	41	19	in	in	ADP
fbem-1905	41	20	standard	standard	ADJ
fbem-1905	41	21	estimates	estimate	NOUN
fbem-1905	41	22	1	1	NUM
fbem-1905	41	23	977.a	977.a	NOUN
fbem-1905	41	24	954	954	NUM
fbem-1905	41	25	.	.	PUNCT
fbem-1905	42	1	953	953	NUM
fbem-1905	42	2	.	.	PUNCT
fbem-1905	43	1	2.64807	2.64807	NUM
fbem-1905	43	2	the	the	DET
fbem-1905	43	3	correlation	correlation	NOUN
fbem-1905	43	4	coefficient	coefficient	NOUN
fbem-1905	43	5	between	between	ADP
fbem-1905	43	6	them	they	PRON
fbem-1905	43	7	was	be	AUX
fbem-1905	43	8	0.977	0.977	NUM
fbem-1905	43	9	,	,	PUNCT
fbem-1905	43	10	and	and	CCONJ
fbem-1905	43	11	the	the	DET
fbem-1905	43	12	ols	ols	PROPN
fbem-1905	43	13	model	model	NOUN
fbem-1905	43	14	result	result	NOUN
fbem-1905	43	15	was	be	AUX
fbem-1905	43	16	y=0.917x+5.913	y=0.917x+5.913	NOUN
fbem-1905	43	17	3.3	3.3	NUM
fbem-1905	43	18	.	.	PUNCT
fbem-1905	44	1	the	the	DET
fbem-1905	44	2	delta	delta	NOUN
fbem-1905	44	3	neutral	neutral	NOUN
fbem-1905	44	4	the	the	DET
fbem-1905	44	5	delta	delta	NOUN
fbem-1905	44	6	value	value	NOUN
fbem-1905	44	7	is	be	AUX
fbem-1905	44	8	used	use	VERB
fbem-1905	44	9	to	to	PART
fbem-1905	44	10	describe	describe	VERB
fbem-1905	44	11	the	the	DET
fbem-1905	44	12	impact	impact	NOUN
fbem-1905	44	13	of	of	ADP
fbem-1905	44	14	the	the	DET
fbem-1905	44	15	underlying	underlie	VERB
fbem-1905	44	16	price	price	NOUN
fbem-1905	44	17	change	change	NOUN
fbem-1905	44	18	on	on	ADP
fbem-1905	44	19	the	the	DET
fbem-1905	44	20	value	value	NOUN
fbem-1905	44	21	of	of	ADP
fbem-1905	44	22	the	the	DET
fbem-1905	44	23	financial	financial	ADJ
fbem-1905	44	24	derivative	derivative	NOUN
fbem-1905	44	25	,	,	PUNCT
fbem-1905	44	26	and	and	CCONJ
fbem-1905	44	27	it	it	PRON
fbem-1905	44	28	ranges	range	VERB
fbem-1905	44	29	from	from	ADP
fbem-1905	44	30	-1	-1	INTJ
fbem-1905	44	31	to	to	ADP
fbem-1905	44	32	1.in	1.in	NUM
fbem-1905	44	33	general	general	ADJ
fbem-1905	44	34	,	,	PUNCT
fbem-1905	44	35	the	the	DET
fbem-1905	44	36	delta	delta	NOUN
fbem-1905	44	37	value	value	NOUN
fbem-1905	44	38	of	of	ADP
fbem-1905	44	39	a	a	DET
fbem-1905	44	40	real	real	ADJ
fbem-1905	44	41	option	option	NOUN
fbem-1905	44	42	is	be	AUX
fbem-1905	44	43	greater	great	ADJ
fbem-1905	44	44	than	than	ADP
fbem-1905	44	45	0.5	0.5	NUM
fbem-1905	44	46	and	and	CCONJ
fbem-1905	44	47	less	less	ADJ
fbem-1905	44	48	than	than	ADP
fbem-1905	44	49	1.the	1.the	PRON
fbem-1905	44	50	delta	delta	NOUN
fbem-1905	44	51	value	value	NOUN
fbem-1905	44	52	of	of	ADP
fbem-1905	44	53	an	an	DET
fbem-1905	44	54	equal	equal	ADJ
fbem-1905	44	55	-	-	PUNCT
fbem-1905	44	56	value	value	NOUN
fbem-1905	44	57	option	option	NOUN
fbem-1905	44	58	is	be	AUX
fbem-1905	44	59	0.5;the	0.5;the	DET
fbem-1905	44	60	delta	delta	NOUN
fbem-1905	44	61	value	value	NOUN
fbem-1905	44	62	of	of	ADP
fbem-1905	44	63	an	an	DET
fbem-1905	44	64	out	out	ADJ
fbem-1905	44	65	-	-	PUNCT
fbem-1905	44	66	of	of	ADP
fbem-1905	44	67	-	-	PUNCT
fbem-1905	44	68	the	the	DET
fbem-1905	44	69	-	-	PUNCT
fbem-1905	44	70	money	money	NOUN
fbem-1905	44	71	option	option	NOUN
fbem-1905	44	72	is	be	AUX
fbem-1905	44	73	less	less	ADJ
fbem-1905	44	74	than	than	ADP
fbem-1905	44	75	0.5.select	0.5.select	PROPN
fbem-1905	44	76	a	a	DET
fbem-1905	44	77	call	call	NOUN
fbem-1905	44	78	option	option	NOUN
fbem-1905	44	79	with	with	ADP
fbem-1905	44	80	contract	contract	NOUN
fbem-1905	44	81	sc2205c650	sc2205c650	PROPN
fbem-1905	44	82	,	,	PUNCT
fbem-1905	44	83	download	download	VERB
fbem-1905	44	84	its	its	PRON
fbem-1905	44	85	daily	daily	ADJ
fbem-1905	44	86	closing	closing	NOUN
fbem-1905	44	87	price	price	NOUN
fbem-1905	44	88	from	from	ADP
fbem-1905	44	89	shanghai	shanghai	PROPN
fbem-1905	44	90	futures	futures	PROPN
fbem-1905	44	91	exchange	exchange	PROPN
fbem-1905	44	92	,	,	PUNCT
fbem-1905	44	93	and	and	CCONJ
fbem-1905	44	94	download	download	VERB
fbem-1905	44	95	its	its	PRON
fbem-1905	44	96	daily	daily	ADJ
fbem-1905	44	97	implied	imply	VERB
fbem-1905	44	98	volatility	volatility	NOUN
fbem-1905	44	99	data	datum	NOUN
fbem-1905	44	100	from	from	ADP
fbem-1905	44	101	choice	choice	NOUN
fbem-1905	44	102	financial	financial	ADJ
fbem-1905	44	103	terminal	terminal	NOUN
fbem-1905	44	104	.	.	PUNCT
fbem-1905	45	1	then	then	ADV
fbem-1905	45	2	calculate	calculate	VERB
fbem-1905	45	3	the	the	DET
fbem-1905	45	4	theoretical	theoretical	ADJ
fbem-1905	45	5	price	price	NOUN
fbem-1905	45	6	of	of	ADP
fbem-1905	45	7	the	the	DET
fbem-1905	45	8	option	option	NOUN
fbem-1905	45	9	using	use	VERB
fbem-1905	45	10	binary	binary	ADJ
fbem-1905	45	11	tree	tree	NOUN
fbem-1905	45	12	option	option	NOUN
fbem-1905	45	13	pricing	pricing	NOUN
fbem-1905	45	14	model	model	NOUN
fbem-1905	45	15	.	.	PUNCT
fbem-1905	46	1	calculate	calculate	NOUN
fbem-1905	46	2	delta	delta	NOUN
fbem-1905	46	3	values	value	NOUN
fbem-1905	46	4	based	base	VERB
fbem-1905	46	5	on	on	ADP
fbem-1905	46	6	theoretical	theoretical	ADJ
fbem-1905	46	7	and	and	CCONJ
fbem-1905	46	8	actual	actual	ADJ
fbem-1905	46	9	closing	closing	NOUN
fbem-1905	46	10	prices	price	NOUN
fbem-1905	46	11	.	.	PUNCT
fbem-1905	47	1	table	table	NOUN
fbem-1905	47	2	3	3	NUM
fbem-1905	47	3	.	.	PUNCT
fbem-1905	47	4	implied	imply	VERB
fbem-1905	47	5	volatility	volatility	NOUN
fbem-1905	47	6	and	and	CCONJ
fbem-1905	47	7	delta	delta	NOUN
fbem-1905	47	8	as	as	SCONJ
fbem-1905	47	9	can	can	AUX
fbem-1905	47	10	be	be	AUX
fbem-1905	47	11	seen	see	VERB
fbem-1905	47	12	from	from	ADP
fbem-1905	47	13	the	the	DET
fbem-1905	47	14	figure	figure	NOUN
fbem-1905	47	15	,	,	PUNCT
fbem-1905	47	16	the	the	DET
fbem-1905	47	17	delta	delta	NOUN
fbem-1905	47	18	value	value	NOUN
fbem-1905	47	19	calculated	calculate	VERB
fbem-1905	47	20	based	base	VERB
fbem-1905	47	21	on	on	ADP
fbem-1905	47	22	the	the	DET
fbem-1905	47	23	binary	binary	PROPN
fbem-1905	47	24	tree	tree	NOUN
fbem-1905	47	25	model	model	NOUN
fbem-1905	47	26	fluctuates	fluctuate	VERB
fbem-1905	47	27	greatly	greatly	ADV
fbem-1905	47	28	and	and	CCONJ
fbem-1905	47	29	is	be	AUX
fbem-1905	47	30	higher	high	ADJ
fbem-1905	47	31	than	than	ADP
fbem-1905	47	32	the	the	DET
fbem-1905	47	33	risk	risk	NOUN
fbem-1905	47	34	-	-	PUNCT
fbem-1905	47	35	neutral	neutral	ADJ
fbem-1905	47	36	value	value	NOUN
fbem-1905	47	37	of	of	ADP
fbem-1905	47	38	0.5	0.5	NUM
fbem-1905	47	39	most	most	ADJ
fbem-1905	47	40	of	of	ADP
fbem-1905	47	41	the	the	DET
fbem-1905	47	42	time	time	NOUN
fbem-1905	47	43	,	,	PUNCT
fbem-1905	47	44	indicating	indicate	VERB
fbem-1905	47	45	that	that	SCONJ
fbem-1905	47	46	the	the	DET
fbem-1905	47	47	strike	strike	NOUN
fbem-1905	47	48	price	price	NOUN
fbem-1905	47	49	of	of	ADP
fbem-1905	47	50	the	the	DET
fbem-1905	47	51	option	option	NOUN
fbem-1905	47	52	sc2205c650	sc2205c650	NOUN
fbem-1905	47	53	has	have	VERB
fbem-1905	47	54	a	a	DET
fbem-1905	47	55	high	high	ADJ
fbem-1905	47	56	probability	probability	NOUN
fbem-1905	47	57	of	of	ADP
fbem-1905	47	58	being	be	AUX
fbem-1905	47	59	lower	low	ADJ
fbem-1905	47	60	than	than	ADP
fbem-1905	47	61	the	the	DET
fbem-1905	47	62	underlying	underlie	VERB
fbem-1905	47	63	price	price	NOUN
fbem-1905	47	64	.	.	PUNCT
fbem-1905	48	1	it	it	PRON
fbem-1905	48	2	is	be	AUX
fbem-1905	48	3	a	a	DET
fbem-1905	48	4	real	real	ADJ
fbem-1905	48	5	option	option	NOUN
fbem-1905	48	6	and	and	CCONJ
fbem-1905	48	7	can	can	AUX
fbem-1905	48	8	sensitively	sensitively	ADV
fbem-1905	48	9	rise	rise	VERB
fbem-1905	48	10	with	with	ADP
fbem-1905	48	11	the	the	DET
fbem-1905	48	12	underlying	underlie	VERB
fbem-1905	48	13	price	price	NOUN
fbem-1905	48	14	.	.	PUNCT
fbem-1905	49	1	3.4	3.4	NUM
fbem-1905	49	2	.	.	PUNCT
fbem-1905	50	1	protective	protective	ADJ
fbem-1905	50	2	policies	policy	NOUN
fbem-1905	50	3	the	the	DET
fbem-1905	50	4	protective	protective	ADJ
fbem-1905	50	5	strategy	strategy	NOUN
fbem-1905	50	6	is	be	AUX
fbem-1905	50	7	to	to	PART
fbem-1905	50	8	use	use	VERB
fbem-1905	50	9	futures	future	NOUN
fbem-1905	50	10	to	to	PART
fbem-1905	50	11	hedge	hedge	VERB
fbem-1905	50	12	,	,	PUNCT
fbem-1905	50	13	in	in	ADP
fbem-1905	50	14	order	order	NOUN
fbem-1905	50	15	to	to	PART
fbem-1905	50	16	avoid	avoid	VERB
fbem-1905	50	17	large	large	ADJ
fbem-1905	50	18	losses	loss	NOUN
fbem-1905	50	19	,	,	PUNCT
fbem-1905	50	20	purchase	purchase	NOUN
fbem-1905	50	21	options	option	NOUN
fbem-1905	50	22	for	for	ADP
fbem-1905	50	23	protection	protection	NOUN
fbem-1905	50	24	.	.	PUNCT
fbem-1905	51	1	0	0	NUM
fbem-1905	52	1	20	20	NUM
fbem-1905	52	2	40	40	NUM
fbem-1905	52	3	60	60	NUM
fbem-1905	52	4	80	80	NUM
fbem-1905	52	5	100	100	NUM
fbem-1905	52	6	120	120	NUM
fbem-1905	52	7	140	140	NUM
fbem-1905	52	8	spot	spot	NOUN
fbem-1905	52	9	price	price	NOUN
fbem-1905	52	10	of	of	ADP
fbem-1905	52	11	crude	crude	ADJ
fbem-1905	52	12	oil	oil	NOUN
fbem-1905	52	13	future	future	ADJ
fbem-1905	52	14	price	price	NOUN
fbem-1905	52	15	of	of	ADP
fbem-1905	52	16	crude	crude	ADJ
fbem-1905	52	17	oil	oil	NOUN
fbem-1905	52	18	0.0000	0.0000	NUM
fbem-1905	53	1	0.2000	0.2000	NUM
fbem-1905	53	2	0.4000	0.4000	NUM
fbem-1905	53	3	0.6000	0.6000	NUM
fbem-1905	53	4	0.8000	0.8000	NUM
fbem-1905	53	5	1.0000	1.0000	NUM
fbem-1905	53	6	1.2000	1.2000	NUM
fbem-1905	53	7	0.0000	0.0000	NUM
fbem-1905	53	8	0.2000	0.2000	NUM
fbem-1905	53	9	0.4000	0.4000	NUM
fbem-1905	53	10	0.6000	0.6000	NUM
fbem-1905	53	11	0.8000	0.8000	NUM
fbem-1905	53	12	1.0000	1.0000	NUM
fbem-1905	53	13	implied	imply	VERB
fbem-1905	53	14	volatility	volatility	NOUN
fbem-1905	53	15	delta	delta	NOUN
fbem-1905	53	16	53	53	NUM
fbem-1905	53	17	according	accord	VERB
fbem-1905	53	18	to	to	ADP
fbem-1905	53	19	the	the	DET
fbem-1905	53	20	linear	linear	ADJ
fbem-1905	53	21	regression	regression	NOUN
fbem-1905	53	22	,	,	PUNCT
fbem-1905	53	23	the	the	DET
fbem-1905	53	24	hedging	hedging	NOUN
fbem-1905	53	25	ratio	ratio	NOUN
fbem-1905	53	26	is	be	AUX
fbem-1905	53	27	0.977	0.977	NUM
fbem-1905	53	28	,	,	PUNCT
fbem-1905	53	29	and	and	CCONJ
fbem-1905	53	30	the	the	DET
fbem-1905	53	31	spot	spot	NOUN
fbem-1905	53	32	and	and	CCONJ
fbem-1905	53	33	futures	future	NOUN
fbem-1905	53	34	can	can	AUX
fbem-1905	53	35	be	be	AUX
fbem-1905	53	36	hedged	hedge	VERB
fbem-1905	53	37	1:1.as	1:1.as	NUM
fbem-1905	53	38	long	long	ADJ
fbem-1905	53	39	oil	oil	NOUN
fbem-1905	53	40	futures	future	NOUN
fbem-1905	53	41	,	,	PUNCT
fbem-1905	53	42	we	we	PRON
fbem-1905	53	43	choose	choose	VERB
fbem-1905	53	44	to	to	PART
fbem-1905	53	45	buy	buy	VERB
fbem-1905	53	46	1000	1000	NUM
fbem-1905	53	47	barrels	barrel	NOUN
fbem-1905	53	48	of	of	ADP
fbem-1905	53	49	sc2205	sc2205	PROPN
fbem-1905	53	50	oil	oil	NOUN
fbem-1905	53	51	futures	future	NOUN
fbem-1905	53	52	for	for	ADP
fbem-1905	53	53	546,900	546,900	NUM
fbem-1905	53	54	yuan	yuan	NOUN
fbem-1905	53	55	on	on	ADP
fbem-1905	53	56	feb	feb	PROPN
fbem-1905	53	57	10	10	NUM
fbem-1905	53	58	,	,	PUNCT
fbem-1905	53	59	2022	2022	NUM
fbem-1905	53	60	followed	follow	VERB
fbem-1905	53	61	by	by	ADP
fbem-1905	53	62	a	a	DET
fbem-1905	53	63	put	put	NOUN
fbem-1905	53	64	option	option	NOUN
fbem-1905	53	65	on	on	ADP
fbem-1905	53	66	sc2205p540	sc2205p540	PROPN
fbem-1905	53	67	for	for	ADP
fbem-1905	53	68	36,650	36,650	NUM
fbem-1905	53	69	yuan	yuan	NOUN
fbem-1905	53	70	.	.	PUNCT
fbem-1905	54	1	in	in	ADP
fbem-1905	54	2	this	this	DET
fbem-1905	54	3	way	way	NOUN
fbem-1905	54	4	,	,	PUNCT
fbem-1905	54	5	we	we	PRON
fbem-1905	54	6	can	can	AUX
fbem-1905	54	7	gain	gain	VERB
fbem-1905	54	8	from	from	ADP
fbem-1905	54	9	the	the	DET
fbem-1905	54	10	rising	rise	VERB
fbem-1905	54	11	price	price	NOUN
fbem-1905	54	12	of	of	ADP
fbem-1905	54	13	crude	crude	ADJ
fbem-1905	54	14	oil	oil	NOUN
fbem-1905	54	15	in	in	ADP
fbem-1905	54	16	futures	future	NOUN
fbem-1905	54	17	.	.	PUNCT
fbem-1905	55	1	at	at	ADP
fbem-1905	55	2	the	the	DET
fbem-1905	55	3	same	same	ADJ
fbem-1905	55	4	time	time	NOUN
fbem-1905	55	5	,	,	PUNCT
fbem-1905	55	6	if	if	SCONJ
fbem-1905	55	7	there	there	PRON
fbem-1905	55	8	is	be	VERB
fbem-1905	55	9	sudden	sudden	ADJ
fbem-1905	55	10	bad	bad	ADJ
fbem-1905	55	11	news	news	NOUN
fbem-1905	55	12	and	and	CCONJ
fbem-1905	55	13	crude	crude	ADJ
fbem-1905	55	14	oil	oil	NOUN
fbem-1905	55	15	prices	price	NOUN
fbem-1905	55	16	fall	fall	VERB
fbem-1905	55	17	sharply	sharply	ADV
fbem-1905	55	18	,	,	PUNCT
fbem-1905	55	19	we	we	PRON
fbem-1905	55	20	can	can	AUX
fbem-1905	55	21	still	still	ADV
fbem-1905	55	22	offset	offset	VERB
fbem-1905	55	23	some	some	PRON
fbem-1905	55	24	of	of	ADP
fbem-1905	55	25	the	the	DET
fbem-1905	55	26	risk	risk	NOUN
fbem-1905	55	27	through	through	ADP
fbem-1905	55	28	put	put	VERB
fbem-1905	55	29	options	option	NOUN
fbem-1905	55	30	to	to	PART
fbem-1905	55	31	protect	protect	VERB
fbem-1905	55	32	returns	return	NOUN
fbem-1905	55	33	.	.	PUNCT
fbem-1905	56	1	according	accord	VERB
fbem-1905	56	2	to	to	ADP
fbem-1905	56	3	the	the	DET
fbem-1905	56	4	exchange	exchange	NOUN
fbem-1905	56	5	's	's	PART
fbem-1905	56	6	data	datum	NOUN
fbem-1905	56	7	,	,	PUNCT
fbem-1905	56	8	the	the	DET
fbem-1905	56	9	settlement	settlement	NOUN
fbem-1905	56	10	price	price	NOUN
fbem-1905	56	11	on	on	ADP
fbem-1905	56	12	the	the	DET
fbem-1905	56	13	expiry	expiry	NOUN
fbem-1905	56	14	date	date	NOUN
fbem-1905	56	15	of	of	ADP
fbem-1905	56	16	sc2205	sc2205	PROPN
fbem-1905	56	17	was	be	AUX
fbem-1905	56	18	709	709	NUM
fbem-1905	56	19	yuan	yuan	NOUN
fbem-1905	56	20	.	.	PUNCT
fbem-1905	57	1	therefore	therefore	ADV
fbem-1905	57	2	,	,	PUNCT
fbem-1905	57	3	we	we	PRON
fbem-1905	57	4	waived	waive	VERB
fbem-1905	57	5	the	the	DET
fbem-1905	57	6	exercise	exercise	NOUN
fbem-1905	57	7	and	and	CCONJ
fbem-1905	57	8	gained	gain	VERB
fbem-1905	57	9	125,450	125,450	NUM
fbem-1905	57	10	yuan	yuan	NOUN
fbem-1905	57	11	.	.	PUNCT
fbem-1905	58	1	3.5	3.5	NUM
fbem-1905	58	2	.	.	PUNCT
fbem-1905	59	1	bull	bull	NOUN
fbem-1905	59	2	market	market	NOUN
fbem-1905	59	3	call	call	NOUN
fbem-1905	59	4	strategy	strategy	NOUN
fbem-1905	59	5	bullish	bullish	ADJ
fbem-1905	59	6	strategy	strategy	NOUN
fbem-1905	59	7	is	be	AUX
fbem-1905	59	8	that	that	SCONJ
fbem-1905	59	9	the	the	DET
fbem-1905	59	10	futures	future	NOUN
fbem-1905	59	11	price	price	NOUN
fbem-1905	59	12	will	will	AUX
fbem-1905	59	13	rise	rise	VERB
fbem-1905	59	14	sharply	sharply	ADV
fbem-1905	59	15	in	in	ADP
fbem-1905	59	16	the	the	DET
fbem-1905	59	17	future	future	NOUN
fbem-1905	59	18	,	,	PUNCT
fbem-1905	59	19	and	and	CCONJ
fbem-1905	59	20	build	build	VERB
fbem-1905	59	21	bullish	bullish	ADJ
fbem-1905	59	22	bullish	bullish	ADJ
fbem-1905	59	23	spread	spread	NOUN
fbem-1905	59	24	option	option	NOUN
fbem-1905	59	25	portfolio.in	portfolio.in	NUM
fbem-1905	59	26	order	order	NOUN
fbem-1905	59	27	to	to	PART
fbem-1905	59	28	take	take	VERB
fbem-1905	59	29	advantage	advantage	NOUN
fbem-1905	59	30	of	of	ADP
fbem-1905	59	31	options	option	NOUN
fbem-1905	59	32	to	to	PART
fbem-1905	59	33	profit	profit	VERB
fbem-1905	59	34	from	from	ADP
fbem-1905	59	35	rising	rise	VERB
fbem-1905	59	36	crude	crude	ADJ
fbem-1905	59	37	oil	oil	NOUN
fbem-1905	59	38	futures	future	NOUN
fbem-1905	59	39	prices	price	NOUN
fbem-1905	59	40	,	,	PUNCT
fbem-1905	59	41	we	we	PRON
fbem-1905	59	42	choose	choose	VERB
fbem-1905	59	43	to	to	PART
fbem-1905	59	44	buy	buy	VERB
fbem-1905	59	45	33	33	NUM
fbem-1905	59	46	call	call	NOUN
fbem-1905	59	47	options	option	NOUN
fbem-1905	59	48	of	of	ADP
fbem-1905	59	49	sc2205c550	sc2205c550	NOUN
fbem-1905	59	50	at	at	ADP
fbem-1905	59	51	32,000	32,000	NUM
fbem-1905	59	52	yuan	yuan	NOUN
fbem-1905	59	53	each	each	PRON
fbem-1905	59	54	and	and	CCONJ
fbem-1905	59	55	sell	sell	VERB
fbem-1905	59	56	33	33	NUM
fbem-1905	59	57	call	call	NOUN
fbem-1905	59	58	options	option	NOUN
fbem-1905	59	59	of	of	ADP
fbem-1905	59	60	sc2205c600	sc2205c600	NOUN
fbem-1905	59	61	at	at	ADP
fbem-1905	59	62	14,150	14,150	NUM
fbem-1905	59	63	yuan	yuan	NOUN
fbem-1905	59	64	each.then	each.then	SCONJ
fbem-1905	59	65	the	the	DET
fbem-1905	59	66	debit	debit	NOUN
fbem-1905	59	67	difference	difference	NOUN
fbem-1905	59	68	is	be	AUX
fbem-1905	59	69	589,050	589,050	NUM
fbem-1905	59	70	yuan	yuan	NOUN
fbem-1905	59	71	,	,	PUNCT
fbem-1905	59	72	that	that	ADV
fbem-1905	59	73	is	is	ADV
fbem-1905	59	74	,	,	PUNCT
fbem-1905	59	75	cost	cost	NOUN
fbem-1905	59	76	=	=	SYM
fbem-1905	59	77	maximum	maximum	ADJ
fbem-1905	59	78	loss	loss	NOUN
fbem-1905	59	79	=	=	NOUN
fbem-1905	59	80	589,050	589,050	NUM
fbem-1905	59	81	yuan.when	yuan.when	NOUN
fbem-1905	59	82	the	the	DET
fbem-1905	59	83	option	option	NOUN
fbem-1905	59	84	contract	contract	NOUN
fbem-1905	59	85	expires	expire	VERB
fbem-1905	59	86	,	,	PUNCT
fbem-1905	59	87	as	as	SCONJ
fbem-1905	59	88	the	the	DET
fbem-1905	59	89	futures	future	NOUN
fbem-1905	59	90	price	price	NOUN
fbem-1905	59	91	is	be	AUX
fbem-1905	59	92	higher	high	ADJ
fbem-1905	59	93	than	than	ADP
fbem-1905	59	94	the	the	DET
fbem-1905	59	95	strike	strike	NOUN
fbem-1905	59	96	price	price	NOUN
fbem-1905	59	97	,	,	PUNCT
fbem-1905	59	98	the	the	DET
fbem-1905	59	99	time	time	NOUN
fbem-1905	59	100	value	value	NOUN
fbem-1905	59	101	of	of	ADP
fbem-1905	59	102	the	the	DET
fbem-1905	59	103	two	two	NUM
fbem-1905	59	104	option	option	NOUN
fbem-1905	59	105	contracts	contract	NOUN
fbem-1905	59	106	disappears	disappear	VERB
fbem-1905	59	107	,	,	PUNCT
fbem-1905	59	108	and	and	CCONJ
fbem-1905	59	109	the	the	DET
fbem-1905	59	110	profit	profit	NOUN
fbem-1905	59	111	is	be	AUX
fbem-1905	59	112	equal	equal	ADJ
fbem-1905	59	113	to	to	ADP
fbem-1905	59	114	the	the	DET
fbem-1905	59	115	difference	difference	NOUN
fbem-1905	59	116	between	between	ADP
fbem-1905	59	117	the	the	DET
fbem-1905	59	118	strike	strike	NOUN
fbem-1905	59	119	price	price	NOUN
fbem-1905	59	120	,	,	PUNCT
fbem-1905	59	121	i.e.	i.e.	X
fbem-1905	59	122	,	,	PUNCT
fbem-1905	59	123	the	the	DET
fbem-1905	59	124	profit	profit	NOUN
fbem-1905	59	125	is	be	AUX
fbem-1905	59	126	1,650,000	1,650,000	NUM
fbem-1905	59	127	yuan	yuan	NOUN
fbem-1905	59	128	and	and	CCONJ
fbem-1905	59	129	the	the	DET
fbem-1905	59	130	yield	yield	NOUN
fbem-1905	59	131	is	be	AUX
fbem-1905	59	132	280	280	NUM
fbem-1905	59	133	%	%	NOUN
fbem-1905	59	134	.	.	PUNCT
fbem-1905	60	1	3.6	3.6	NUM
fbem-1905	60	2	.	.	PUNCT
fbem-1905	61	1	reverse	reverse	NOUN
fbem-1905	61	2	spread	spread	VERB
fbem-1905	61	3	strategy	strategy	NOUN
fbem-1905	61	4	the	the	DET
fbem-1905	61	5	bullish	bullish	ADJ
fbem-1905	61	6	inverse	inverse	NOUN
fbem-1905	61	7	ratio	ratio	NOUN
fbem-1905	61	8	spread	spread	NOUN
fbem-1905	61	9	strategy	strategy	NOUN
fbem-1905	61	10	is	be	AUX
fbem-1905	61	11	the	the	DET
fbem-1905	61	12	transformation	transformation	NOUN
fbem-1905	61	13	of	of	ADP
fbem-1905	61	14	the	the	DET
fbem-1905	61	15	bearish	bearish	ADJ
fbem-1905	61	16	call	call	NOUN
fbem-1905	61	17	option	option	NOUN
fbem-1905	61	18	,	,	PUNCT
fbem-1905	61	19	which	which	PRON
fbem-1905	61	20	consists	consist	VERB
fbem-1905	61	21	of	of	ADP
fbem-1905	61	22	a	a	DET
fbem-1905	61	23	call	call	NOUN
fbem-1905	61	24	option	option	NOUN
fbem-1905	61	25	with	with	ADP
fbem-1905	61	26	unlimited	unlimited	ADJ
fbem-1905	61	27	return	return	NOUN
fbem-1905	61	28	and	and	CCONJ
fbem-1905	61	29	a	a	DET
fbem-1905	61	30	bearish	bearish	ADJ
fbem-1905	61	31	call	call	NOUN
fbem-1905	61	32	option	option	NOUN
fbem-1905	61	33	with	with	ADP
fbem-1905	61	34	limited	limited	ADJ
fbem-1905	61	35	return	return	NOUN
fbem-1905	61	36	.	.	PUNCT
fbem-1905	62	1	combination	combination	NOUN
fbem-1905	62	2	1	1	NUM
fbem-1905	62	3	:	:	PUNCT
fbem-1905	62	4	buy	buy	VERB
fbem-1905	62	5	56	56	NUM
fbem-1905	62	6	call	call	NOUN
fbem-1905	62	7	options	option	NOUN
fbem-1905	62	8	on	on	ADP
fbem-1905	62	9	sc2205c600	sc2205c600	NOUN
fbem-1905	62	10	at	at	ADP
fbem-1905	62	11	52,400	52,400	NUM
fbem-1905	62	12	yuan	yuan	NOUN
fbem-1905	62	13	each	each	PRON
fbem-1905	62	14	and	and	CCONJ
fbem-1905	62	15	sell	sell	VERB
fbem-1905	62	16	28	28	NUM
fbem-1905	62	17	call	call	NOUN
fbem-1905	62	18	options	option	NOUN
fbem-1905	62	19	on	on	ADP
fbem-1905	62	20	sc2205c550	sc2205c550	NOUN
fbem-1905	62	21	at	at	ADP
fbem-1905	62	22	84,250	84,250	NUM
fbem-1905	62	23	yuan	yuan	NOUN
fbem-1905	62	24	each	each	PRON
fbem-1905	62	25	.	.	PUNCT
fbem-1905	63	1	the	the	DET
fbem-1905	63	2	debit	debit	NOUN
fbem-1905	63	3	difference	difference	NOUN
fbem-1905	63	4	is	be	AUX
fbem-1905	63	5	575,400	575,400	NUM
fbem-1905	63	6	yuan	yuan	NOUN
fbem-1905	63	7	,	,	PUNCT
fbem-1905	63	8	that	that	ADV
fbem-1905	63	9	is	is	ADV
fbem-1905	63	10	,	,	PUNCT
fbem-1905	63	11	the	the	DET
fbem-1905	63	12	cost	cost	NOUN
fbem-1905	63	13	is	be	AUX
fbem-1905	63	14	575,400	575,400	NUM
fbem-1905	63	15	yuan	yuan	NOUN
fbem-1905	63	16	,	,	PUNCT
fbem-1905	63	17	and	and	CCONJ
fbem-1905	63	18	the	the	DET
fbem-1905	63	19	maximum	maximum	ADJ
fbem-1905	63	20	loss	loss	NOUN
fbem-1905	63	21	is	be	AUX
fbem-1905	63	22	the	the	DET
fbem-1905	63	23	sum	sum	NOUN
fbem-1905	63	24	of	of	ADP
fbem-1905	63	25	the	the	DET
fbem-1905	63	26	difference	difference	NOUN
fbem-1905	63	27	between	between	ADP
fbem-1905	63	28	the	the	DET
fbem-1905	63	29	cost	cost	NOUN
fbem-1905	63	30	and	and	CCONJ
fbem-1905	63	31	the	the	DET
fbem-1905	63	32	exercise	exercise	NOUN
fbem-1905	63	33	,	,	PUNCT
fbem-1905	63	34	that	that	ADV
fbem-1905	63	35	is	is	ADV
fbem-1905	63	36	,	,	PUNCT
fbem-1905	63	37	576,800	576,800	NUM
fbem-1905	63	38	yuan	yuan	NOUN
fbem-1905	63	39	.	.	PUNCT
fbem-1905	64	1	combination	combination	NOUN
fbem-1905	64	2	2	2	NUM
fbem-1905	64	3	:	:	PUNCT
fbem-1905	64	4	buy	buy	VERB
fbem-1905	64	5	388	388	NUM
fbem-1905	64	6	april	april	NOUN
fbem-1905	64	7	call	call	NOUN
fbem-1905	64	8	options	option	NOUN
fbem-1905	64	9	with	with	ADP
fbem-1905	64	10	a	a	DET
fbem-1905	64	11	650	650	NUM
fbem-1905	64	12	yuan	yuan	NOUN
fbem-1905	64	13	strike	strike	NOUN
fbem-1905	64	14	price	price	NOUN
fbem-1905	64	15	at	at	ADP
fbem-1905	64	16	27,700	27,700	NUM
fbem-1905	64	17	yuan	yuan	NOUN
fbem-1905	64	18	each	each	PRON
fbem-1905	64	19	and	and	CCONJ
fbem-1905	64	20	sell	sell	VERB
fbem-1905	64	21	194	194	NUM
fbem-1905	64	22	april	april	PROPN
fbem-1905	64	23	call	call	NOUN
fbem-1905	64	24	options	option	NOUN
fbem-1905	64	25	with	with	ADP
fbem-1905	64	26	a	a	DET
fbem-1905	64	27	600	600	NUM
fbem-1905	64	28	yuan	yuan	NOUN
fbem-1905	64	29	strike	strike	NOUN
fbem-1905	64	30	price	price	NOUN
fbem-1905	64	31	at	at	ADP
fbem-1905	64	32	52,400	52,400	NUM
fbem-1905	64	33	yuan	yuan	NOUN
fbem-1905	64	34	each	each	PRON
fbem-1905	64	35	.	.	PUNCT
fbem-1905	65	1	the	the	DET
fbem-1905	65	2	cost	cost	NOUN
fbem-1905	65	3	is	be	AUX
fbem-1905	65	4	582,000	582,000	NUM
fbem-1905	65	5	yuan	yuan	NOUN
fbem-1905	65	6	and	and	CCONJ
fbem-1905	65	7	the	the	DET
fbem-1905	65	8	maximum	maximum	ADJ
fbem-1905	65	9	loss	loss	NOUN
fbem-1905	65	10	is	be	AUX
fbem-1905	65	11	591,700	591,700	NUM
fbem-1905	65	12	yuan	yuan	NOUN
fbem-1905	65	13	.	.	PUNCT
fbem-1905	66	1	compare	compare	VERB
fbem-1905	66	2	the	the	DET
fbem-1905	66	3	two	two	NUM
fbem-1905	66	4	portfolios	portfolio	NOUN
fbem-1905	66	5	:	:	PUNCT
fbem-1905	66	6	portfolio	portfolio	NOUN
fbem-1905	66	7	1	1	NUM
fbem-1905	66	8	has	have	VERB
fbem-1905	66	9	a	a	DET
fbem-1905	66	10	smaller	small	ADJ
fbem-1905	66	11	maximum	maximum	ADJ
fbem-1905	66	12	loss	loss	NOUN
fbem-1905	66	13	with	with	ADP
fbem-1905	66	14	similar	similar	ADJ
fbem-1905	66	15	input	input	NOUN
fbem-1905	66	16	costs	cost	NOUN
fbem-1905	66	17	.	.	PUNCT
fbem-1905	67	1	meanwhile	meanwhile	ADV
fbem-1905	67	2	,	,	PUNCT
fbem-1905	67	3	according	accord	VERB
fbem-1905	67	4	to	to	ADP
fbem-1905	67	5	the	the	DET
fbem-1905	67	6	previous	previous	ADJ
fbem-1905	67	7	calculation	calculation	NOUN
fbem-1905	67	8	of	of	ADP
fbem-1905	67	9	delta	delta	NOUN
fbem-1905	67	10	value	value	NOUN
fbem-1905	67	11	,	,	PUNCT
fbem-1905	67	12	the	the	DET
fbem-1905	67	13	option	option	NOUN
fbem-1905	67	14	with	with	ADP
fbem-1905	67	15	the	the	DET
fbem-1905	67	16	strike	strike	NOUN
fbem-1905	67	17	price	price	NOUN
fbem-1905	67	18	of	of	ADP
fbem-1905	67	19	650	650	NUM
fbem-1905	67	20	yuan	yuan	NOUN
fbem-1905	67	21	is	be	AUX
fbem-1905	67	22	close	close	ADJ
fbem-1905	67	23	to	to	ADP
fbem-1905	67	24	risk	risk	NOUN
fbem-1905	67	25	-	-	PUNCT
fbem-1905	67	26	neutral	neutral	ADJ
fbem-1905	67	27	,	,	PUNCT
fbem-1905	67	28	while	while	SCONJ
fbem-1905	67	29	the	the	DET
fbem-1905	67	30	option	option	NOUN
fbem-1905	67	31	with	with	ADP
fbem-1905	67	32	the	the	DET
fbem-1905	67	33	strike	strike	NOUN
fbem-1905	67	34	price	price	NOUN
fbem-1905	67	35	of	of	ADP
fbem-1905	67	36	600	600	NUM
fbem-1905	67	37	yuan	yuan	NOUN
fbem-1905	67	38	is	be	AUX
fbem-1905	67	39	closer	close	ADJ
fbem-1905	67	40	to	to	ADP
fbem-1905	67	41	1	1	NUM
fbem-1905	67	42	and	and	CCONJ
fbem-1905	67	43	more	more	ADV
fbem-1905	67	44	profitable	profitable	ADJ
fbem-1905	67	45	.	.	PUNCT
fbem-1905	68	1	therefore	therefore	ADV
fbem-1905	68	2	,	,	PUNCT
fbem-1905	68	3	we	we	PRON
fbem-1905	68	4	choose	choose	VERB
fbem-1905	68	5	portfolio	portfolio	NOUN
fbem-1905	68	6	1	1	NUM
fbem-1905	68	7	to	to	PART
fbem-1905	68	8	execute	execute	VERB
fbem-1905	68	9	the	the	DET
fbem-1905	68	10	reverse	reverse	NOUN
fbem-1905	68	11	spread	spread	VERB
fbem-1905	68	12	strategy	strategy	NOUN
fbem-1905	68	13	and	and	CCONJ
fbem-1905	68	14	set	set	VERB
fbem-1905	68	15	a	a	DET
fbem-1905	68	16	stop	stop	NOUN
fbem-1905	68	17	price	price	NOUN
fbem-1905	68	18	of	of	ADP
fbem-1905	68	19	700	700	NUM
fbem-1905	68	20	yuan	yuan	NOUN
fbem-1905	68	21	,	,	PUNCT
fbem-1905	68	22	that	that	ADV
fbem-1905	68	23	is	is	ADV
fbem-1905	68	24	,	,	PUNCT
fbem-1905	68	25	when	when	SCONJ
fbem-1905	68	26	the	the	DET
fbem-1905	68	27	crude	crude	ADJ
fbem-1905	68	28	oil	oil	NOUN
fbem-1905	68	29	futures	future	NOUN
fbem-1905	68	30	price	price	NOUN
fbem-1905	68	31	rises	rise	VERB
fbem-1905	68	32	to	to	ADP
fbem-1905	68	33	near	near	ADP
fbem-1905	68	34	700	700	NUM
fbem-1905	68	35	yuan	yuan	NOUN
fbem-1905	68	36	to	to	PART
fbem-1905	68	37	settle	settle	VERB
fbem-1905	68	38	.	.	PUNCT
fbem-1905	69	1	the	the	DET
fbem-1905	69	2	portfolio	portfolio	NOUN
fbem-1905	69	3	earned	earn	VERB
fbem-1905	69	4	3,943,800	3,943,800	NUM
fbem-1905	69	5	yuan	yuan	NOUN
fbem-1905	69	6	.	.	PUNCT
fbem-1905	70	1	figure	figure	NOUN
fbem-1905	70	2	1	1	NUM
fbem-1905	70	3	.	.	PUNCT
fbem-1905	71	1	bullish	bullish	ADJ
fbem-1905	71	2	call	call	NOUN
fbem-1905	71	3	option	option	NOUN
fbem-1905	71	4	yield	yield	NOUN
fbem-1905	71	5	trend	trend	NOUN
fbem-1905	71	6	figure	figure	NOUN
fbem-1905	71	7	2	2	NUM
fbem-1905	71	8	.	.	PUNCT
fbem-1905	72	1	bullish	bullish	ADJ
fbem-1905	72	2	inverse	inverse	NOUN
fbem-1905	72	3	ratio	ratio	NOUN
fbem-1905	72	4	spread	spread	NOUN
fbem-1905	72	5	option	option	NOUN
fbem-1905	72	6	yield	yield	NOUN
fbem-1905	72	7	trend	trend	NOUN
fbem-1905	72	8	4	4	NUM
fbem-1905	72	9	.	.	PUNCT
fbem-1905	72	10	conclusion	conclusion	NOUN
fbem-1905	72	11	there	there	PRON
fbem-1905	72	12	is	be	VERB
fbem-1905	72	13	less	less	ADJ
fbem-1905	72	14	research	research	NOUN
fbem-1905	72	15	related	relate	VERB
fbem-1905	72	16	to	to	ADP
fbem-1905	72	17	the	the	DET
fbem-1905	72	18	official	official	ADJ
fbem-1905	72	19	listing	listing	NOUN
fbem-1905	72	20	of	of	ADP
fbem-1905	72	21	chinese	chinese	ADJ
fbem-1905	72	22	crude	crude	ADJ
fbem-1905	72	23	oil	oil	NOUN
fbem-1905	72	24	options	option	NOUN
fbem-1905	72	25	contracts	contract	NOUN
fbem-1905	72	26	for	for	ADP
fbem-1905	72	27	trading	trading	NOUN
fbem-1905	72	28	on	on	ADP
fbem-1905	72	29	21	21	NUM
fbem-1905	72	30	june	june	PROPN
fbem-1905	72	31	2021	2021	NUM
fbem-1905	72	32	.	.	PUNCT
fbem-1905	73	1	and	and	CCONJ
fbem-1905	73	2	the	the	DET
fbem-1905	73	3	recent	recent	ADJ
fbem-1905	73	4	russia	russia	PROPN
fbem-1905	73	5	-	-	PUNCT
fbem-1905	73	6	ukraine	ukraine	PROPN
fbem-1905	73	7	situation	situation	NOUN
fbem-1905	73	8	has	have	AUX
fbem-1905	73	9	had	have	VERB
fbem-1905	73	10	a	a	DET
fbem-1905	73	11	major	major	ADJ
fbem-1905	73	12	impact	impact	NOUN
fbem-1905	73	13	on	on	ADP
fbem-1905	73	14	crude	crude	ADJ
fbem-1905	73	15	oil	oil	NOUN
fbem-1905	73	16	prices	price	NOUN
fbem-1905	73	17	.	.	PUNCT
fbem-1905	74	1	for	for	ADP
fbem-1905	74	2	companies	company	NOUN
fbem-1905	74	3	on	on	ADP
fbem-1905	74	4	the	the	DET
fbem-1905	74	5	buy	buy	ADJ
fbem-1905	74	6	side	side	NOUN
fbem-1905	74	7	of	of	ADP
fbem-1905	74	8	crude	crude	ADJ
fbem-1905	74	9	oil	oil	NOUN
fbem-1905	74	10	,	,	PUNCT
fbem-1905	74	11	hedging	hedging	NOUN
fbem-1905	74	12	is	be	AUX
fbem-1905	74	13	necessary	necessary	ADJ
fbem-1905	74	14	.	.	PUNCT
fbem-1905	75	1	this	this	DET
fbem-1905	75	2	paper	paper	NOUN
fbem-1905	75	3	therefore	therefore	ADV
fbem-1905	75	4	hopes	hope	VERB
fbem-1905	75	5	to	to	PART
fbem-1905	75	6	fill	fill	VERB
fbem-1905	75	7	the	the	DET
fbem-1905	75	8	research	research	NOUN
fbem-1905	75	9	gap	gap	NOUN
fbem-1905	75	10	in	in	ADP
fbem-1905	75	11	this	this	DET
fbem-1905	75	12	area	area	NOUN
fbem-1905	75	13	by	by	ADP
fbem-1905	75	14	creating	create	VERB
fbem-1905	75	15	a	a	DET
fbem-1905	75	16	suitable	suitable	ADJ
fbem-1905	75	17	portfolio	portfolio	NOUN
fbem-1905	75	18	for	for	ADP
fbem-1905	75	19	crude	crude	ADJ
fbem-1905	75	20	oil	oil	NOUN
fbem-1905	75	21	options	option	NOUN
fbem-1905	75	22	based	base	VERB
fbem-1905	75	23	on	on	ADP
fbem-1905	75	24	the	the	DET
fbem-1905	75	25	current	current	ADJ
fbem-1905	75	26	situation	situation	NOUN
fbem-1905	75	27	.	.	PUNCT
fbem-1905	76	1	in	in	ADP
fbem-1905	76	2	this	this	DET
fbem-1905	76	3	paper	paper	NOUN
fbem-1905	76	4	,	,	PUNCT
fbem-1905	76	5	the	the	DET
fbem-1905	76	6	simulation	simulation	NOUN
fbem-1905	76	7	of	of	ADP
fbem-1905	76	8	airlines	airlines	PROPN
fbem-1905	76	9	short	short	ADJ
fbem-1905	76	10	crude	crude	ADJ
fbem-1905	76	11	oil	oil	NOUN
fbem-1905	76	12	in	in	ADP
fbem-1905	76	13	the	the	DET
fbem-1905	76	14	case	case	NOUN
fbem-1905	76	15	of	of	ADP
fbem-1905	76	16	rising	rise	VERB
fbem-1905	76	17	crude	crude	ADJ
fbem-1905	76	18	oil	oil	NOUN
fbem-1905	76	19	spot	spot	NOUN
fbem-1905	76	20	price	price	NOUN
fbem-1905	76	21	,	,	PUNCT
fbem-1905	76	22	which	which	PRON
fbem-1905	76	23	method	method	VERB
fbem-1905	76	24	to	to	PART
fbem-1905	76	25	choose	choose	VERB
fbem-1905	76	26	to	to	PART
fbem-1905	76	27	hedge	hedge	VERB
fbem-1905	76	28	,	,	PUNCT
fbem-1905	76	29	so	so	SCONJ
fbem-1905	76	30	as	as	SCONJ
fbem-1905	76	31	to	to	PART
fbem-1905	76	32	avoid	avoid	VERB
fbem-1905	76	33	the	the	DET
fbem-1905	76	34	decrease	decrease	NOUN
fbem-1905	76	35	of	of	ADP
fbem-1905	76	36	operating	operate	VERB
fbem-1905	76	37	income	income	NOUN
fbem-1905	76	38	caused	cause	VERB
fbem-1905	76	39	by	by	ADP
fbem-1905	76	40	cost	cost	NOUN
fbem-1905	76	41	increase	increase	NOUN
fbem-1905	76	42	.	.	PUNCT
fbem-1905	77	1	first	first	ADV
fbem-1905	77	2	,	,	PUNCT
fbem-1905	77	3	we	we	PRON
fbem-1905	77	4	calculate	calculate	VERB
fbem-1905	77	5	the	the	DET
fbem-1905	77	6	hedging	hedging	NOUN
fbem-1905	77	7	ratio	ratio	NOUN
fbem-1905	77	8	of	of	ADP
fbem-1905	77	9	crude	crude	ADJ
fbem-1905	77	10	oil	oil	NOUN
fbem-1905	77	11	spot	spot	NOUN
fbem-1905	77	12	and	and	CCONJ
fbem-1905	77	13	futures	future	NOUN
fbem-1905	77	14	,	,	PUNCT
fbem-1905	77	15	and	and	CCONJ
fbem-1905	77	16	the	the	DET
fbem-1905	77	17	result	result	NOUN
fbem-1905	77	18	is	be	AUX
fbem-1905	77	19	0.977	0.977	NUM
fbem-1905	77	20	.	.	PUNCT
fbem-1905	78	1	therefore	therefore	ADV
fbem-1905	78	2	,	,	PUNCT
fbem-1905	78	3	it	it	PRON
fbem-1905	78	4	is	be	AUX
fbem-1905	78	5	feasible	feasible	ADJ
fbem-1905	78	6	to	to	PART
fbem-1905	78	7	use	use	VERB
fbem-1905	78	8	futures	future	NOUN
fbem-1905	78	9	and	and	CCONJ
fbem-1905	78	10	options	option	NOUN
fbem-1905	78	11	for	for	ADP
fbem-1905	78	12	hedging	hedging	NOUN
fbem-1905	78	13	.	.	PUNCT
fbem-1905	79	1	and	and	CCONJ
fbem-1905	79	2	since	since	SCONJ
fbem-1905	79	3	the	the	DET
fbem-1905	79	4	result	result	NOUN
fbem-1905	79	5	is	be	AUX
fbem-1905	79	6	close	close	ADJ
fbem-1905	79	7	to	to	ADP
fbem-1905	79	8	1	1	NUM
fbem-1905	79	9	,	,	PUNCT
fbem-1905	79	10	we	we	PRON
fbem-1905	79	11	can	can	AUX
fbem-1905	79	12	buy	buy	VERB
fbem-1905	79	13	spot	spot	NOUN
fbem-1905	79	14	and	and	CCONJ
fbem-1905	79	15	futures	future	NOUN
fbem-1905	79	16	in	in	ADP
fbem-1905	79	17	a	a	DET
fbem-1905	79	18	1:1	1:1	NUM
fbem-1905	79	19	ratio	ratio	NOUN
fbem-1905	79	20	.	.	PUNCT
fbem-1905	80	1	then	then	ADV
fbem-1905	80	2	we	we	PRON
fbem-1905	80	3	use	use	VERB
fbem-1905	80	4	the	the	DET
fbem-1905	80	5	binary	binary	ADJ
fbem-1905	80	6	tree	tree	NOUN
fbem-1905	80	7	option	option	NOUN
fbem-1905	80	8	pricing	pricing	NOUN
fbem-1905	80	9	model	model	NOUN
fbem-1905	80	10	to	to	PART
fbem-1905	80	11	calculate	calculate	VERB
fbem-1905	80	12	the	the	DET
fbem-1905	80	13	option	option	NOUN
fbem-1905	80	14	delta	delta	NOUN
fbem-1905	80	15	value	value	NOUN
fbem-1905	80	16	of	of	ADP
fbem-1905	80	17	crude	crude	ADJ
fbem-1905	80	18	oil	oil	NOUN
fbem-1905	80	19	,	,	PUNCT
fbem-1905	80	20	and	and	CCONJ
fbem-1905	80	21	conclude	conclude	VERB
fbem-1905	80	22	that	that	SCONJ
fbem-1905	80	23	the	the	DET
fbem-1905	80	24	option	option	NOUN
fbem-1905	80	25	delta	delta	NOUN
fbem-1905	80	26	value	value	NOUN
fbem-1905	80	27	of	of	ADP
fbem-1905	80	28	650	650	NUM
fbem-1905	80	29	yuan	yuan	NOUN
fbem-1905	80	30	strike	strike	NOUN
fbem-1905	80	31	price	price	NOUN
fbem-1905	80	32	is	be	AUX
fbem-1905	80	33	near	near	ADP
fbem-1905	80	34	neutral	neutral	ADJ
fbem-1905	80	35	,	,	PUNCT
fbem-1905	80	36	which	which	PRON
fbem-1905	80	37	is	be	AUX
fbem-1905	80	38	suitable	suitable	ADJ
fbem-1905	80	39	for	for	ADP
fbem-1905	80	40	hedging	hedging	NOUN
fbem-1905	80	41	.	.	PUNCT
fbem-1905	81	1	options	option	NOUN
fbem-1905	81	2	with	with	ADP
fbem-1905	81	3	strike	strike	NOUN
fbem-1905	81	4	prices	price	NOUN
fbem-1905	81	5	below	below	ADP
fbem-1905	81	6	650	650	NUM
fbem-1905	81	7	yuan	yuan	NOUN
fbem-1905	81	8	have	have	AUX
fbem-1905	81	9	deltas	delta	NOUN
fbem-1905	81	10	close	close	ADV
fbem-1905	81	11	to	to	ADP
fbem-1905	81	12	1	1	NUM
fbem-1905	81	13	and	and	CCONJ
fbem-1905	81	14	are	be	AUX
fbem-1905	81	15	suitable	suitable	ADJ
fbem-1905	81	16	for	for	ADP
fbem-1905	81	17	profit	profit	NOUN
fbem-1905	81	18	.	.	PUNCT
fbem-1905	82	1	then	then	ADV
fbem-1905	82	2	we	we	PRON
fbem-1905	82	3	created	create	VERB
fbem-1905	82	4	a	a	DET
fbem-1905	82	5	protective	protective	ADJ
fbem-1905	82	6	strategy	strategy	NOUN
fbem-1905	82	7	,	,	PUNCT
fbem-1905	82	8	a	a	DET
fbem-1905	82	9	bullish	bullish	ADJ
fbem-1905	82	10	strategy	strategy	NOUN
fbem-1905	82	11	,	,	PUNCT
fbem-1905	82	12	a	a	DET
fbem-1905	82	13	contrarian	contrarian	NOUN
fbem-1905	82	14	spread	spread	VERB
fbem-1905	82	15	strategy	strategy	NOUN
fbem-1905	82	16	.	.	PUNCT
fbem-1905	83	1	the	the	DET
fbem-1905	83	2	maximum	maximum	ADJ
fbem-1905	83	3	loss	loss	NOUN
fbem-1905	83	4	,	,	PUNCT
fbem-1905	83	5	income	income	NOUN
fbem-1905	83	6	and	and	CCONJ
fbem-1905	83	7	capital	capital	NOUN
fbem-1905	83	8	occupation	occupation	NOUN
fbem-1905	83	9	of	of	ADP
fbem-1905	83	10	the	the	DET
fbem-1905	83	11	three	three	NUM
fbem-1905	83	12	combinations	combination	NOUN
fbem-1905	83	13	are	be	AUX
fbem-1905	83	14	as	as	SCONJ
fbem-1905	83	15	follows	follow	VERB
fbem-1905	83	16	:	:	PUNCT
fbem-1905	83	17	table	table	NOUN
fbem-1905	83	18	4	4	NUM
fbem-1905	83	19	.	.	PUNCT
fbem-1905	83	20	result	result	NOUN
fbem-1905	83	21	of	of	ADP
fbem-1905	83	22	the	the	DET
fbem-1905	83	23	strategy	strategy	NOUN
fbem-1905	83	24	strategy	strategy	NOUN
fbem-1905	83	25	the	the	DET
fbem-1905	83	26	maximum	maximum	ADJ
fbem-1905	83	27	severity	severity	NOUN
fbem-1905	83	28	of	of	ADP
fbem-1905	83	29	ruin	ruin	NOUN
fbem-1905	83	30	revenue	revenue	NOUN
fbem-1905	83	31	occupation	occupation	NOUN
fbem-1905	83	32	of	of	ADP
fbem-1905	83	33	funds	fund	NOUN
fbem-1905	83	34	protective	protective	ADJ
fbem-1905	83	35	strategies	strategy	NOUN
fbem-1905	83	36	43,550	43,550	NUM
fbem-1905	83	37	125,450	125,450	NUM
fbem-1905	83	38	583,550	583,550	NUM
fbem-1905	83	39	bull	bull	NOUN
fbem-1905	83	40	market	market	NOUN
fbem-1905	83	41	call	call	NOUN
fbem-1905	83	42	strategy	strategy	NOUN
fbem-1905	83	43	589,050	589,050	NUM
fbem-1905	83	44	1,650,000	1,650,000	NUM
fbem-1905	83	45	589,050	589,050	NUM
fbem-1905	83	46	call	call	NOUN
fbem-1905	83	47	inverse	inverse	NOUN
fbem-1905	83	48	ratio	ratio	NOUN
fbem-1905	83	49	spread	spread	VERB
fbem-1905	83	50	strategy	strategy	NOUN
fbem-1905	83	51	576,800	576,800	NUM
fbem-1905	83	52	3,943,800	3,943,800	NUM
fbem-1905	83	53	575,400	575,400	NUM
fbem-1905	83	54	we	we	PRON
fbem-1905	83	55	have	have	AUX
fbem-1905	83	56	kept	keep	VERB
fbem-1905	83	57	the	the	DET
fbem-1905	83	58	amount	amount	NOUN
fbem-1905	83	59	of	of	ADP
fbem-1905	83	60	money	money	NOUN
fbem-1905	83	61	invested	invest	VERB
fbem-1905	83	62	in	in	ADP
fbem-1905	83	63	these	these	DET
fbem-1905	83	64	three	three	NUM
fbem-1905	83	65	strategies	strategy	NOUN
fbem-1905	83	66	to	to	ADP
fbem-1905	83	67	a	a	DET
fbem-1905	83	68	uniform	uniform	ADJ
fbem-1905	83	69	level	level	NOUN
fbem-1905	83	70	of	of	ADP
fbem-1905	83	71	around	around	ADP
fbem-1905	83	72	580,000	580,000	NUM
fbem-1905	83	73	yuan	yuan	NOUN
fbem-1905	83	74	to	to	ADP
fbem-1905	83	75	54	54	NUM
fbem-1905	83	76	facilitate	facilitate	ADJ
fbem-1905	83	77	comparison	comparison	NOUN
fbem-1905	83	78	of	of	ADP
fbem-1905	83	79	returns	return	NOUN
fbem-1905	83	80	and	and	CCONJ
fbem-1905	83	81	losses	loss	NOUN
fbem-1905	83	82	.	.	PUNCT
fbem-1905	84	1	as	as	SCONJ
fbem-1905	84	2	can	can	AUX
fbem-1905	84	3	be	be	AUX
fbem-1905	84	4	seen	see	VERB
fbem-1905	84	5	from	from	ADP
fbem-1905	84	6	the	the	DET
fbem-1905	84	7	table	table	NOUN
fbem-1905	84	8	,	,	PUNCT
fbem-1905	84	9	with	with	ADP
fbem-1905	84	10	the	the	DET
fbem-1905	84	11	same	same	ADJ
fbem-1905	84	12	amount	amount	NOUN
fbem-1905	84	13	of	of	ADP
fbem-1905	84	14	money	money	NOUN
fbem-1905	84	15	invested	invest	VERB
fbem-1905	84	16	,	,	PUNCT
fbem-1905	84	17	the	the	DET
fbem-1905	84	18	call	call	NOUN
fbem-1905	84	19	inverse	inverse	NOUN
fbem-1905	84	20	ratio	ratio	NOUN
fbem-1905	84	21	spread	spread	NOUN
fbem-1905	84	22	strategy	strategy	NOUN
fbem-1905	84	23	has	have	VERB
fbem-1905	84	24	the	the	DET
fbem-1905	84	25	highest	high	ADJ
fbem-1905	84	26	revenue	revenue	NOUN
fbem-1905	84	27	,	,	PUNCT
fbem-1905	84	28	with	with	ADP
fbem-1905	84	29	a	a	DET
fbem-1905	84	30	return	return	NOUN
fbem-1905	84	31	of	of	ADP
fbem-1905	84	32	685	685	NUM
fbem-1905	84	33	%	%	NOUN
fbem-1905	84	34	,	,	PUNCT
fbem-1905	84	35	but	but	CCONJ
fbem-1905	84	36	the	the	DET
fbem-1905	84	37	highest	high	ADJ
fbem-1905	84	38	maximum	maximum	ADJ
fbem-1905	84	39	loss	loss	NOUN
fbem-1905	84	40	value	value	NOUN
fbem-1905	84	41	;	;	PUNCT
fbem-1905	84	42	the	the	DET
fbem-1905	84	43	bull	bull	NOUN
fbem-1905	84	44	market	market	NOUN
fbem-1905	84	45	call	call	NOUN
fbem-1905	84	46	strategy	strategy	NOUN
fbem-1905	84	47	has	have	VERB
fbem-1905	84	48	a	a	DET
fbem-1905	84	49	slightly	slightly	ADV
fbem-1905	84	50	smaller	small	ADJ
fbem-1905	84	51	maximum	maximum	ADJ
fbem-1905	84	52	loss	loss	NOUN
fbem-1905	84	53	value	value	NOUN
fbem-1905	84	54	than	than	ADP
fbem-1905	84	55	the	the	DET
fbem-1905	84	56	call	call	NOUN
fbem-1905	84	57	inverse	inverse	NOUN
fbem-1905	84	58	ratio	ratio	NOUN
fbem-1905	84	59	spread	spread	VERB
fbem-1905	84	60	strategy	strategy	NOUN
fbem-1905	84	61	,	,	PUNCT
fbem-1905	84	62	but	but	CCONJ
fbem-1905	84	63	the	the	DET
fbem-1905	84	64	return	return	NOUN
fbem-1905	84	65	is	be	AUX
fbem-1905	84	66	lower	low	ADJ
fbem-1905	84	67	;	;	PUNCT
fbem-1905	84	68	the	the	DET
fbem-1905	84	69	protective	protective	ADJ
fbem-1905	84	70	strategy	strategy	NOUN
fbem-1905	84	71	has	have	VERB
fbem-1905	84	72	the	the	DET
fbem-1905	84	73	smallest	small	ADJ
fbem-1905	84	74	maximum	maximum	ADJ
fbem-1905	84	75	loss	loss	NOUN
fbem-1905	84	76	value	value	NOUN
fbem-1905	84	77	,	,	PUNCT
fbem-1905	84	78	but	but	CCONJ
fbem-1905	84	79	the	the	DET
fbem-1905	84	80	return	return	NOUN
fbem-1905	84	81	is	be	AUX
fbem-1905	84	82	much	much	ADV
fbem-1905	84	83	lower	low	ADJ
fbem-1905	84	84	than	than	ADP
fbem-1905	84	85	the	the	DET
fbem-1905	84	86	other	other	ADJ
fbem-1905	84	87	two	two	NUM
fbem-1905	84	88	strategies	strategy	NOUN
fbem-1905	84	89	.	.	PUNCT
fbem-1905	85	1	on	on	ADP
fbem-1905	85	2	balance	balance	NOUN
fbem-1905	85	3	,	,	PUNCT
fbem-1905	85	4	the	the	DET
fbem-1905	85	5	choice	choice	NOUN
fbem-1905	85	6	of	of	ADP
fbem-1905	85	7	protective	protective	ADJ
fbem-1905	85	8	strategy	strategy	NOUN
fbem-1905	85	9	is	be	AUX
fbem-1905	85	10	robust	robust	ADJ
fbem-1905	85	11	.	.	PUNCT
fbem-1905	86	1	however	however	ADV
fbem-1905	86	2	,	,	PUNCT
fbem-1905	86	3	as	as	SCONJ
fbem-1905	86	4	we	we	PRON
fbem-1905	86	5	forecast	forecast	VERB
fbem-1905	86	6	a	a	DET
fbem-1905	86	7	big	big	ADJ
fbem-1905	86	8	rise	rise	NOUN
fbem-1905	86	9	in	in	ADP
fbem-1905	86	10	the	the	DET
fbem-1905	86	11	spot	spot	NOUN
fbem-1905	86	12	price	price	NOUN
fbem-1905	86	13	of	of	ADP
fbem-1905	86	14	crude	crude	ADJ
fbem-1905	86	15	oil	oil	NOUN
fbem-1905	86	16	in	in	ADP
fbem-1905	86	17	the	the	DET
fbem-1905	86	18	coming	come	VERB
fbem-1905	86	19	period	period	NOUN
fbem-1905	86	20	.	.	PUNCT
fbem-1905	87	1	therefore	therefore	ADV
fbem-1905	87	2	,	,	PUNCT
fbem-1905	87	3	taking	take	VERB
fbem-1905	87	4	into	into	ADP
fbem-1905	87	5	account	account	NOUN
fbem-1905	87	6	the	the	DET
fbem-1905	87	7	current	current	ADJ
fbem-1905	87	8	international	international	ADJ
fbem-1905	87	9	situation	situation	NOUN
fbem-1905	87	10	and	and	CCONJ
fbem-1905	87	11	market	market	NOUN
fbem-1905	87	12	sentiment	sentiment	NOUN
fbem-1905	87	13	,	,	PUNCT
fbem-1905	87	14	we	we	PRON
fbem-1905	87	15	should	should	AUX
fbem-1905	87	16	choose	choose	VERB
fbem-1905	87	17	the	the	DET
fbem-1905	87	18	call	call	NOUN
fbem-1905	87	19	inverse	inverse	NOUN
fbem-1905	87	20	ratio	ratio	NOUN
fbem-1905	87	21	spread	spread	VERB
fbem-1905	87	22	strategy	strategy	NOUN
fbem-1905	87	23	.	.	PUNCT
fbem-1905	88	1	the	the	DET
fbem-1905	88	2	takeaway	takeaway	NOUN
fbem-1905	88	3	we	we	PRON
fbem-1905	88	4	can	can	AUX
fbem-1905	88	5	draw	draw	VERB
fbem-1905	88	6	from	from	ADP
fbem-1905	88	7	our	our	PRON
fbem-1905	88	8	results	result	NOUN
fbem-1905	88	9	is	be	AUX
fbem-1905	88	10	that	that	SCONJ
fbem-1905	88	11	we	we	PRON
fbem-1905	88	12	can	can	AUX
fbem-1905	88	13	choose	choose	VERB
fbem-1905	88	14	to	to	PART
fbem-1905	88	15	build	build	VERB
fbem-1905	88	16	a	a	DET
fbem-1905	88	17	bullish	bullish	ADJ
fbem-1905	88	18	portfolio	portfolio	NOUN
fbem-1905	88	19	of	of	ADP
fbem-1905	88	20	options	option	NOUN
fbem-1905	88	21	when	when	SCONJ
fbem-1905	88	22	there	there	PRON
fbem-1905	88	23	is	be	VERB
fbem-1905	88	24	an	an	DET
fbem-1905	88	25	expectation	expectation	NOUN
fbem-1905	88	26	of	of	ADP
fbem-1905	88	27	a	a	DET
fbem-1905	88	28	large	large	ADJ
fbem-1905	88	29	future	future	ADJ
fbem-1905	88	30	increase	increase	NOUN
fbem-1905	88	31	in	in	ADP
fbem-1905	88	32	the	the	DET
fbem-1905	88	33	price	price	NOUN
fbem-1905	88	34	of	of	ADP
fbem-1905	88	35	the	the	DET
fbem-1905	88	36	underlying	underlying	ADJ
fbem-1905	88	37	.	.	PUNCT
fbem-1905	89	1	typical	typical	ADJ
fbem-1905	89	2	examples	example	NOUN
fbem-1905	89	3	are	be	AUX
fbem-1905	89	4	bullish	bullish	ADJ
fbem-1905	89	5	call	call	NOUN
fbem-1905	89	6	options	option	NOUN
fbem-1905	89	7	and	and	CCONJ
fbem-1905	89	8	bullish	bullish	ADJ
fbem-1905	89	9	inverse	inverse	NOUN
fbem-1905	89	10	ratio	ratio	NOUN
fbem-1905	89	11	spread	spread	NOUN
fbem-1905	89	12	options	option	NOUN
fbem-1905	89	13	.	.	PUNCT
fbem-1905	90	1	bullish	bullish	ADJ
fbem-1905	90	2	call	call	NOUN
fbem-1905	90	3	options	option	NOUN
fbem-1905	90	4	are	be	AUX
fbem-1905	90	5	suitable	suitable	ADJ
fbem-1905	90	6	for	for	ADP
fbem-1905	90	7	smaller	small	ADJ
fbem-1905	90	8	rallies	rally	NOUN
fbem-1905	90	9	as	as	SCONJ
fbem-1905	90	10	they	they	PRON
fbem-1905	90	11	have	have	VERB
fbem-1905	90	12	limited	limit	VERB
fbem-1905	90	13	returns	return	NOUN
fbem-1905	90	14	.	.	PUNCT
fbem-1905	91	1	the	the	DET
fbem-1905	91	2	bullish	bullish	ADJ
fbem-1905	91	3	inverse	inverse	NOUN
fbem-1905	91	4	ratio	ratio	NOUN
fbem-1905	91	5	spread	spread	NOUN
fbem-1905	91	6	option	option	NOUN
fbem-1905	91	7	,	,	PUNCT
fbem-1905	91	8	on	on	ADP
fbem-1905	91	9	the	the	DET
fbem-1905	91	10	other	other	ADJ
fbem-1905	91	11	hand	hand	NOUN
fbem-1905	91	12	,	,	PUNCT
fbem-1905	91	13	is	be	AUX
fbem-1905	91	14	suitable	suitable	ADJ
fbem-1905	91	15	for	for	ADP
fbem-1905	91	16	larger	large	ADJ
fbem-1905	91	17	rallies	rally	NOUN
fbem-1905	91	18	because	because	SCONJ
fbem-1905	91	19	of	of	ADP
fbem-1905	91	20	its	its	PRON
fbem-1905	91	21	unlimited	unlimited	ADJ
fbem-1905	91	22	returns	return	NOUN
fbem-1905	91	23	.	.	PUNCT
fbem-1905	92	1	based	base	VERB
fbem-1905	92	2	on	on	ADP
fbem-1905	92	3	the	the	DET
fbem-1905	92	4	above	above	ADJ
fbem-1905	92	5	conclusions	conclusion	NOUN
fbem-1905	92	6	,	,	PUNCT
fbem-1905	92	7	the	the	DET
fbem-1905	92	8	following	follow	VERB
fbem-1905	92	9	suggestions	suggestion	NOUN
fbem-1905	92	10	are	be	AUX
fbem-1905	92	11	put	put	VERB
fbem-1905	92	12	forward	forward	ADV
fbem-1905	92	13	for	for	SCONJ
fbem-1905	92	14	enterprises	enterprise	NOUN
fbem-1905	92	15	to	to	PART
fbem-1905	92	16	use	use	VERB
fbem-1905	92	17	crude	crude	ADJ
fbem-1905	92	18	oil	oil	NOUN
fbem-1905	92	19	options	option	NOUN
fbem-1905	92	20	for	for	ADP
fbem-1905	92	21	hedging	hedging	NOUN
fbem-1905	92	22	:	:	PUNCT
fbem-1905	92	23	1	1	X
fbem-1905	92	24	.	.	X
fbem-1905	92	25	pay	pay	VERB
fbem-1905	92	26	close	close	ADJ
fbem-1905	92	27	attention	attention	NOUN
fbem-1905	92	28	to	to	ADP
fbem-1905	92	29	the	the	DET
fbem-1905	92	30	macro	macro	ADJ
fbem-1905	92	31	market	market	NOUN
fbem-1905	92	32	environment	environment	NOUN
fbem-1905	92	33	,	,	PUNCT
fbem-1905	92	34	capturing	capture	VERB
fbem-1905	92	35	the	the	DET
fbem-1905	92	36	strong	strong	ADJ
fbem-1905	92	37	impact	impact	NOUN
fbem-1905	92	38	of	of	ADP
fbem-1905	92	39	inventory	inventory	NOUN
fbem-1905	92	40	levels	level	NOUN
fbem-1905	92	41	,	,	PUNCT
fbem-1905	92	42	weather	weather	NOUN
fbem-1905	92	43	,	,	PUNCT
fbem-1905	92	44	short	short	ADJ
fbem-1905	92	45	-	-	PUNCT
fbem-1905	92	46	term	term	NOUN
fbem-1905	92	47	supply	supply	NOUN
fbem-1905	92	48	and	and	CCONJ
fbem-1905	92	49	demand	demand	NOUN
fbem-1905	92	50	imbalances	imbalance	NOUN
fbem-1905	92	51	,	,	PUNCT
fbem-1905	92	52	and	and	CCONJ
fbem-1905	92	53	political	political	ADJ
fbem-1905	92	54	issues	issue	NOUN
fbem-1905	92	55	.	.	PUNCT
fbem-1905	93	1	when	when	SCONJ
fbem-1905	93	2	the	the	DET
fbem-1905	93	3	oil	oil	NOUN
fbem-1905	93	4	price	price	NOUN
fbem-1905	93	5	is	be	AUX
fbem-1905	93	6	about	about	ADJ
fbem-1905	93	7	to	to	PART
fbem-1905	93	8	face	face	VERB
fbem-1905	93	9	large	large	ADJ
fbem-1905	93	10	fluctuations	fluctuation	NOUN
fbem-1905	93	11	,	,	PUNCT
fbem-1905	93	12	you	you	PRON
fbem-1905	93	13	can	can	AUX
fbem-1905	93	14	choose	choose	VERB
fbem-1905	93	15	the	the	DET
fbem-1905	93	16	option	option	NOUN
fbem-1905	93	17	portfolio	portfolio	NOUN
fbem-1905	93	18	strategy	strategy	NOUN
fbem-1905	93	19	for	for	ADP
fbem-1905	93	20	hedging	hedging	NOUN
fbem-1905	93	21	.	.	PUNCT
fbem-1905	94	1	2	2	X
fbem-1905	94	2	.	.	X
fbem-1905	94	3	be	be	AUX
fbem-1905	94	4	careful	careful	ADJ
fbem-1905	94	5	in	in	ADP
fbem-1905	94	6	the	the	DET
fbem-1905	94	7	selection	selection	NOUN
fbem-1905	94	8	of	of	ADP
fbem-1905	94	9	options	option	NOUN
fbem-1905	94	10	,	,	PUNCT
fbem-1905	94	11	and	and	CCONJ
fbem-1905	94	12	choose	choose	VERB
fbem-1905	94	13	options	option	NOUN
fbem-1905	94	14	with	with	ADP
fbem-1905	94	15	a	a	DET
fbem-1905	94	16	long	long	ADJ
fbem-1905	94	17	distance	distance	NOUN
fbem-1905	94	18	from	from	ADP
fbem-1905	94	19	the	the	DET
fbem-1905	94	20	expiration	expiration	NOUN
fbem-1905	94	21	date	date	NOUN
fbem-1905	94	22	,	,	PUNCT
fbem-1905	94	23	so	so	SCONJ
fbem-1905	94	24	as	as	SCONJ
fbem-1905	94	25	to	to	PART
fbem-1905	94	26	ensure	ensure	VERB
fbem-1905	94	27	the	the	DET
fbem-1905	94	28	benefits	benefit	NOUN
fbem-1905	94	29	of	of	ADP
fbem-1905	94	30	options	option	NOUN
fbem-1905	94	31	.	.	PUNCT
fbem-1905	95	1	but	but	CCONJ
fbem-1905	95	2	do	do	AUX
fbem-1905	95	3	n't	not	PART
fbem-1905	95	4	mistake	mistake	VERB
fbem-1905	95	5	hedging	hedge	VERB
fbem-1905	95	6	for	for	ADP
fbem-1905	95	7	speculative	speculative	ADJ
fbem-1905	95	8	profit	profit	NOUN
fbem-1905	95	9	.	.	PUNCT
fbem-1905	96	1	a	a	DET
fbem-1905	96	2	stop	stop	VERB
fbem-1905	96	3	-	-	PUNCT
fbem-1905	96	4	profit	profit	NOUN
fbem-1905	96	5	price	price	NOUN
fbem-1905	96	6	should	should	AUX
fbem-1905	96	7	be	be	AUX
fbem-1905	96	8	set	set	VERB
fbem-1905	96	9	for	for	ADP
fbem-1905	96	10	options	option	NOUN
fbem-1905	96	11	with	with	ADP
fbem-1905	96	12	unlimited	unlimited	ADJ
fbem-1905	96	13	earnings	earning	NOUN
fbem-1905	96	14	.	.	PUNCT
fbem-1905	97	1	offset	offset	NOUN
fbem-1905	97	2	losses	loss	NOUN
fbem-1905	97	3	can	can	AUX
fbem-1905	97	4	be	be	AUX
fbem-1905	97	5	achieved	achieve	VERB
fbem-1905	97	6	to	to	PART
fbem-1905	97	7	end	end	VERB
fbem-1905	97	8	the	the	DET
fbem-1905	97	9	execution	execution	NOUN
fbem-1905	97	10	of	of	ADP
fbem-1905	97	11	the	the	DET
fbem-1905	97	12	plan	plan	NOUN
fbem-1905	97	13	to	to	PART
fbem-1905	97	14	prevent	prevent	VERB
fbem-1905	97	15	the	the	DET
fbem-1905	97	16	expansion	expansion	NOUN
fbem-1905	97	17	of	of	ADP
fbem-1905	97	18	risk	risk	NOUN
fbem-1905	97	19	exposure	exposure	NOUN
fbem-1905	97	20	.	.	PUNCT
fbem-1905	98	1	references	reference	NOUN
fbem-1905	98	2	[	[	X
fbem-1905	98	3	1	1	NUM
fbem-1905	98	4	]	]	PUNCT
fbem-1905	98	5	olmstead	olmstead	NOUN
fbem-1905	98	6	,	,	PUNCT
fbem-1905	98	7	e.	e.	PROPN
fbem-1905	98	8	(	(	PUNCT
fbem-1905	98	9	2013	2013	NUM
fbem-1905	98	10	)	)	PUNCT
fbem-1905	98	11	options	option	NOUN
fbem-1905	98	12	for	for	ADP
fbem-1905	98	13	the	the	DET
fbem-1905	98	14	beginner	beginner	NOUN
fbem-1905	98	15	and	and	CCONJ
fbem-1905	98	16	beyond	beyond	ADP
fbem-1905	98	17	.	.	PUNCT
fbem-1905	98	18	machinery	machinery	NOUN
fbem-1905	98	19	industry	industry	NOUN
fbem-1905	98	20	press	press	NOUN
fbem-1905	98	21	,	,	PUNCT
fbem-1905	98	22	beijing	beijing	PROPN
fbem-1905	98	23	.	.	PUNCT
fbem-1905	99	1	[	[	X
fbem-1905	99	2	2	2	NUM
fbem-1905	99	3	]	]	X
fbem-1905	99	4	cortés	cortés	NOUN
fbem-1905	99	5	,	,	PUNCT
fbem-1905	99	6	l.	l.	PROPN
fbem-1905	99	7	,	,	PUNCT
fbem-1905	99	8	mora	mora	PROPN
fbem-1905	99	9	-	-	PUNCT
fbem-1905	99	10	valencia	valencia	PROPN
fbem-1905	99	11	,	,	PUNCT
fbem-1905	99	12	a.	a.	PROPN
fbem-1905	99	13	,	,	PUNCT
fbem-1905	99	14	perote	perote	VERB
fbem-1905	99	15	,	,	PUNCT
fbem-1905	99	16	j.	j.	PROPN
fbem-1905	99	17	(	(	PUNCT
fbem-1905	99	18	2020	2020	NUM
fbem-1905	99	19	)	)	PUNCT
fbem-1905	99	20	.	.	PUNCT
fbem-1905	100	1	retrieving	retrieve	VERB
fbem-1905	100	2	the	the	DET
fbem-1905	100	3	implicit	implicit	ADJ
fbem-1905	100	4	risk	risk	NOUN
fbem-1905	100	5	neutral	neutral	ADJ
fbem-1905	100	6	density	density	NOUN
fbem-1905	100	7	of	of	ADP
fbem-1905	100	8	wti	wti	PROPN
fbem-1905	100	9	options	option	NOUN
fbem-1905	100	10	with	with	ADP
fbem-1905	100	11	a	a	DET
fbem-1905	100	12	seminonparametric	seminonparametric	ADJ
fbem-1905	100	13	approach	approach	NOUN
fbem-1905	100	14	.	.	PUNCT
fbem-1905	101	1	the	the	DET
fbem-1905	101	2	north	north	ADJ
fbem-1905	101	3	american	american	PROPN
fbem-1905	101	4	journal	journal	PROPN
fbem-1905	101	5	of	of	ADP
fbem-1905	101	6	economics	economic	NOUN
fbem-1905	101	7	and	and	CCONJ
fbem-1905	101	8	finance	finance	NOUN
fbem-1905	101	9	,	,	PUNCT
fbem-1905	101	10	54	54	NUM
fbem-1905	101	11	:	:	SYM
fbem-1905	101	12	100862	100862	NUM
fbem-1905	101	13	-	-	SYM
fbem-1905	101	14	100924	100924	NUM
fbem-1905	101	15	.	.	PUNCT
fbem-1905	102	1	[	[	X
fbem-1905	102	2	3	3	NUM
fbem-1905	102	3	]	]	PUNCT
fbem-1905	102	4	xu	xu	PROPN
fbem-1905	102	5	wc	wc	PROPN
fbem-1905	102	6	,	,	PUNCT
fbem-1905	102	7	li	li	PROPN
fbem-1905	102	8	jh	jh	PROPN
fbem-1905	102	9	.	.	PUNCT
fbem-1905	103	1	(	(	PUNCT
fbem-1905	103	2	2021	2021	NUM
fbem-1905	103	3	)	)	PUNCT
fbem-1905	103	4	.	.	PUNCT
fbem-1905	104	1	analysis	analysis	NOUN
fbem-1905	104	2	of	of	ADP
fbem-1905	104	3	crude	crude	ADJ
fbem-1905	104	4	oil	oil	NOUN
fbem-1905	104	5	options	option	NOUN
fbem-1905	104	6	contract	contract	NOUN
fbem-1905	104	7	trad	trad	NOUN
fbem-1905	104	8	-	-	PUNCT
fbem-1905	104	9	ing	ing	ADJ
fbem-1905	104	10	strategy	strategy	NOUN
fbem-1905	104	11	based	base	VERB
fbem-1905	104	12	on	on	ADP
fbem-1905	104	13	stochastic	stochastic	ADJ
fbem-1905	104	14	convenience	convenience	NOUN
fbem-1905	104	15	yields	yield	NOUN
fbem-1905	104	16	and	and	CCONJ
fbem-1905	104	17	stochastic	stochastic	ADJ
fbem-1905	104	18	volatility	volatility	NOUN
fbem-1905	104	19	.	.	PUNCT
fbem-1905	105	1	finance	finance	NOUN
fbem-1905	105	2	.	.	PUNCT
fbem-1905	105	3	,	,	PUNCT
fbem-1905	105	4	11	11	NUM
fbem-1905	105	5	:	:	SYM
fbem-1905	105	6	287	287	NUM
fbem-1905	105	7	-	-	SYM
fbem-1905	105	8	296	296	NUM
fbem-1905	105	9	.	.	PUNCT
fbem-1905	106	1	[	[	X
fbem-1905	106	2	4	4	X
fbem-1905	106	3	]	]	PUNCT
fbem-1905	106	4	zhang	zhang	PROPN
fbem-1905	106	5	qijun	qijun	PROPN
fbem-1905	106	6	china.(2021	china.(2021	NOUN
fbem-1905	106	7	)	)	PUNCT
fbem-1905	106	8	cotton	cotton	NOUN
fbem-1905	106	9	option	option	NOUN
fbem-1905	106	10	hedging	hedging	NOUN
fbem-1905	106	11	strategy	strategy	NOUN
fbem-1905	106	12	analysis	analysis	NOUN
fbem-1905	106	13	and	and	CCONJ
fbem-1905	106	14	optimization	optimization	NOUN
fbem-1905	106	15	.	.	PUNCT
fbem-1905	107	1	http://kns.cnki.net/kcms/detail/detail.aspx?dbname=cmfd2	http://kns.cnki.net/kcms/detail/detail.aspx?dbname=cmfd2	NOUN
fbem-1905	107	2	02102&filename=1021577746.cn	02102&filename=1021577746.cn	NOUN
fbem-1905	107	3	.	.	PUNCT