id	sid	tid	token	lemma	pos
fbem-20427	1	1	frontiers	frontier	NOUN
fbem-20427	1	2	in	in	ADP
fbem-20427	1	3	business	business	NOUN
fbem-20427	1	4	,	,	PUNCT
fbem-20427	1	5	economics	economic	NOUN
fbem-20427	1	6	and	and	CCONJ
fbem-20427	1	7	management	management	NOUN
fbem-20427	1	8	issn	issn	PROPN
fbem-20427	1	9	:	:	PUNCT
fbem-20427	1	10	2766	2766	NUM
fbem-20427	1	11	-	-	PUNCT
fbem-20427	1	12	824x	824x	NUM
fbem-20427	1	13	|	|	ADJ
fbem-20427	1	14	vol	vol	NOUN
fbem-20427	1	15	.	.	PUNCT
fbem-20427	2	1	14	14	NUM
fbem-20427	2	2	,	,	PUNCT
fbem-20427	2	3	no	no	INTJ
fbem-20427	2	4	.	.	NOUN
fbem-20427	2	5	3	3	NUM
fbem-20427	2	6	,	,	PUNCT
fbem-20427	2	7	2024	2024	NUM
fbem-20427	2	8	26	26	NUM
fbem-20427	2	9	study	study	NOUN
fbem-20427	2	10	of	of	ADP
fbem-20427	2	11	the	the	DET
fbem-20427	2	12	nonlinear	nonlinear	ADJ
fbem-20427	2	13	effect	effect	NOUN
fbem-20427	2	14	of	of	ADP
fbem-20427	2	15	debt	debt	NOUN
fbem-20427	2	16	leverage	leverage	NOUN
fbem-20427	2	17	on	on	ADP
fbem-20427	2	18	household	household	NOUN
fbem-20427	2	19	financial	financial	ADJ
fbem-20427	2	20	asset	asset	NOUN
fbem-20427	2	21	allocation	allocation	NOUN
fbem-20427	2	22	jia	jia	PROPN
fbem-20427	2	23	lin	lin	PROPN
fbem-20427	2	24	*	*	PROPN
fbem-20427	2	25	school	school	NOUN
fbem-20427	2	26	of	of	ADP
fbem-20427	2	27	business	business	NOUN
fbem-20427	2	28	,	,	PUNCT
fbem-20427	2	29	hunan	hunan	PROPN
fbem-20427	2	30	university	university	PROPN
fbem-20427	2	31	of	of	ADP
fbem-20427	2	32	science	science	NOUN
fbem-20427	2	33	and	and	CCONJ
fbem-20427	2	34	technology	technology	NOUN
fbem-20427	2	35	,	,	PUNCT
fbem-20427	2	36	xiangtan	xiangtan	PROPN
fbem-20427	2	37	,	,	PUNCT
fbem-20427	2	38	411201	411201	NUM
fbem-20427	2	39	,	,	PUNCT
fbem-20427	2	40	china	china	PROPN
fbem-20427	2	41	*	*	PUNCT
fbem-20427	2	42	corresponding	correspond	VERB
fbem-20427	2	43	author	author	NOUN
fbem-20427	2	44	abstract	abstract	NOUN
fbem-20427	2	45	:	:	PUNCT
fbem-20427	2	46	using	use	VERB
fbem-20427	2	47	data	datum	NOUN
fbem-20427	2	48	from	from	ADP
fbem-20427	2	49	the	the	DET
fbem-20427	2	50	china	china	PROPN
fbem-20427	2	51	household	household	PROPN
fbem-20427	2	52	finance	finance	NOUN
fbem-20427	2	53	survey	survey	NOUN
fbem-20427	2	54	(	(	PUNCT
fbem-20427	2	55	chfs	chfs	PROPN
fbem-20427	2	56	)	)	PUNCT
fbem-20427	3	1	,	,	PUNCT
fbem-20427	3	2	this	this	DET
fbem-20427	3	3	paper	paper	NOUN
fbem-20427	3	4	investigates	investigate	VERB
fbem-20427	3	5	whether	whether	SCONJ
fbem-20427	3	6	there	there	PRON
fbem-20427	3	7	is	be	VERB
fbem-20427	3	8	a	a	DET
fbem-20427	3	9	nonlinear	nonlinear	ADJ
fbem-20427	3	10	effect	effect	NOUN
fbem-20427	3	11	of	of	ADP
fbem-20427	3	12	debt	debt	NOUN
fbem-20427	3	13	leverage	leverage	NOUN
fbem-20427	3	14	on	on	ADP
fbem-20427	3	15	households	household	NOUN
fbem-20427	3	16	'	'	PART
fbem-20427	3	17	financial	financial	ADJ
fbem-20427	3	18	asset	asset	NOUN
fbem-20427	3	19	allocation	allocation	NOUN
fbem-20427	3	20	.	.	PUNCT
fbem-20427	4	1	the	the	DET
fbem-20427	4	2	study	study	NOUN
fbem-20427	4	3	shows	show	VERB
fbem-20427	4	4	that	that	SCONJ
fbem-20427	4	5	debt	debt	NOUN
fbem-20427	4	6	leverage	leverage	NOUN
fbem-20427	4	7	affects	affect	VERB
fbem-20427	4	8	households	household	NOUN
fbem-20427	4	9	'	'	PART
fbem-20427	4	10	motivation	motivation	NOUN
fbem-20427	4	11	to	to	PART
fbem-20427	4	12	participate	participate	VERB
fbem-20427	4	13	in	in	ADP
fbem-20427	4	14	the	the	DET
fbem-20427	4	15	financial	financial	ADJ
fbem-20427	4	16	market	market	NOUN
fbem-20427	4	17	and	and	CCONJ
fbem-20427	4	18	leads	lead	VERB
fbem-20427	4	19	to	to	ADP
fbem-20427	4	20	a	a	DET
fbem-20427	4	21	reduction	reduction	NOUN
fbem-20427	4	22	in	in	ADP
fbem-20427	4	23	the	the	DET
fbem-20427	4	24	efficiency	efficiency	NOUN
fbem-20427	4	25	of	of	ADP
fbem-20427	4	26	financial	financial	ADJ
fbem-20427	4	27	asset	asset	NOUN
fbem-20427	4	28	allocation	allocation	NOUN
fbem-20427	4	29	,	,	PUNCT
fbem-20427	4	30	with	with	ADP
fbem-20427	4	31	a	a	DET
fbem-20427	4	32	certain	certain	ADJ
fbem-20427	4	33	nonlinear	nonlinear	ADJ
fbem-20427	4	34	effect	effect	NOUN
fbem-20427	4	35	on	on	ADP
fbem-20427	4	36	low	low	ADJ
fbem-20427	4	37	-	-	PUNCT
fbem-20427	4	38	debt	debt	NOUN
fbem-20427	4	39	households	household	NOUN
fbem-20427	4	40	.	.	PUNCT
fbem-20427	5	1	further	far	ADV
fbem-20427	5	2	,	,	PUNCT
fbem-20427	5	3	this	this	DET
fbem-20427	5	4	paper	paper	NOUN
fbem-20427	5	5	provides	provide	VERB
fbem-20427	5	6	policy	policy	NOUN
fbem-20427	5	7	recommendations	recommendation	NOUN
fbem-20427	5	8	to	to	PART
fbem-20427	5	9	address	address	VERB
fbem-20427	5	10	the	the	DET
fbem-20427	5	11	issue	issue	NOUN
fbem-20427	5	12	of	of	ADP
fbem-20427	5	13	reducing	reduce	VERB
fbem-20427	5	14	the	the	DET
fbem-20427	5	15	impact	impact	NOUN
fbem-20427	5	16	of	of	ADP
fbem-20427	5	17	debt	debt	NOUN
fbem-20427	5	18	risk	risk	NOUN
fbem-20427	5	19	on	on	ADP
fbem-20427	5	20	residents	resident	NOUN
fbem-20427	5	21	'	'	PART
fbem-20427	5	22	asset	asset	NOUN
fbem-20427	5	23	allocation	allocation	NOUN
fbem-20427	5	24	,	,	PUNCT
fbem-20427	5	25	which	which	PRON
fbem-20427	5	26	is	be	AUX
fbem-20427	5	27	important	important	ADJ
fbem-20427	5	28	for	for	ADP
fbem-20427	5	29	realizing	realize	VERB
fbem-20427	5	30	the	the	DET
fbem-20427	5	31	growth	growth	NOUN
fbem-20427	5	32	of	of	ADP
fbem-20427	5	33	household	household	NOUN
fbem-20427	5	34	wealth	wealth	NOUN
fbem-20427	5	35	.	.	PUNCT
fbem-20427	6	1	keywords	keyword	NOUN
fbem-20427	6	2	:	:	PUNCT
fbem-20427	6	3	debt	debt	NOUN
fbem-20427	6	4	leverage	leverage	NOUN
fbem-20427	6	5	;	;	PUNCT
fbem-20427	6	6	household	household	NOUN
fbem-20427	6	7	financial	financial	ADJ
fbem-20427	6	8	asset	asset	NOUN
fbem-20427	6	9	allocation	allocation	NOUN
fbem-20427	6	10	;	;	PUNCT
fbem-20427	6	11	nonlinear	nonlinear	ADJ
fbem-20427	6	12	effects	effect	NOUN
fbem-20427	6	13	.	.	PUNCT
fbem-20427	7	1	1	1	X
fbem-20427	7	2	.	.	X
fbem-20427	7	3	introduction	introduction	NOUN
fbem-20427	7	4	the	the	DET
fbem-20427	7	5	realization	realization	NOUN
fbem-20427	7	6	of	of	ADP
fbem-20427	7	7	common	common	ADJ
fbem-20427	7	8	prosperity	prosperity	NOUN
fbem-20427	7	9	requires	require	VERB
fbem-20427	7	10	the	the	DET
fbem-20427	7	11	continuous	continuous	ADJ
fbem-20427	7	12	creation	creation	NOUN
fbem-20427	7	13	of	of	ADP
fbem-20427	7	14	more	more	ADJ
fbem-20427	7	15	family	family	NOUN
fbem-20427	7	16	asset	asset	NOUN
fbem-20427	7	17	income	income	NOUN
fbem-20427	7	18	,	,	PUNCT
fbem-20427	7	19	and	and	CCONJ
fbem-20427	7	20	the	the	DET
fbem-20427	7	21	promotion	promotion	NOUN
fbem-20427	7	22	of	of	ADP
fbem-20427	7	23	the	the	DET
fbem-20427	7	24	optimization	optimization	NOUN
fbem-20427	7	25	of	of	ADP
fbem-20427	7	26	the	the	DET
fbem-20427	7	27	structure	structure	NOUN
fbem-20427	7	28	of	of	ADP
fbem-20427	7	29	family	family	NOUN
fbem-20427	7	30	financial	financial	ADJ
fbem-20427	7	31	asset	asset	NOUN
fbem-20427	7	32	portfolios	portfolio	NOUN
fbem-20427	7	33	can	can	AUX
fbem-20427	7	34	effectively	effectively	ADV
fbem-20427	7	35	enhance	enhance	VERB
fbem-20427	7	36	family	family	NOUN
fbem-20427	7	37	asset	asset	NOUN
fbem-20427	7	38	income	income	NOUN
fbem-20427	7	39	and	and	CCONJ
fbem-20427	7	40	wealth	wealth	NOUN
fbem-20427	7	41	appreciation	appreciation	NOUN
fbem-20427	7	42	,	,	PUNCT
fbem-20427	7	43	thereby	thereby	ADV
fbem-20427	7	44	promoting	promote	VERB
fbem-20427	7	45	the	the	DET
fbem-20427	7	46	optimization	optimization	NOUN
fbem-20427	7	47	of	of	ADP
fbem-20427	7	48	the	the	DET
fbem-20427	7	49	asset	asset	NOUN
fbem-20427	7	50	management	management	NOUN
fbem-20427	7	51	model	model	NOUN
fbem-20427	7	52	.	.	PUNCT
fbem-20427	8	1	however	however	ADV
fbem-20427	8	2	,	,	PUNCT
fbem-20427	8	3	according	accord	VERB
fbem-20427	8	4	to	to	ADP
fbem-20427	8	5	the	the	DET
fbem-20427	8	6	data	datum	NOUN
fbem-20427	8	7	of	of	ADP
fbem-20427	8	8	china	china	PROPN
fbem-20427	8	9	's	's	PART
fbem-20427	8	10	household	household	NOUN
fbem-20427	8	11	finance	finance	NOUN
fbem-20427	8	12	survey	survey	NOUN
fbem-20427	8	13	,	,	PUNCT
fbem-20427	8	14	china	china	PROPN
fbem-20427	8	15	's	's	PART
fbem-20427	8	16	households	household	NOUN
fbem-20427	8	17	have	have	VERB
fbem-20427	8	18	a	a	DET
fbem-20427	8	19	low	low	ADJ
fbem-20427	8	20	degree	degree	NOUN
fbem-20427	8	21	of	of	ADP
fbem-20427	8	22	participation	participation	NOUN
fbem-20427	8	23	in	in	ADP
fbem-20427	8	24	the	the	DET
fbem-20427	8	25	financial	financial	ADJ
fbem-20427	8	26	market	market	NOUN
fbem-20427	8	27	,	,	PUNCT
fbem-20427	8	28	with	with	ADP
fbem-20427	8	29	only	only	ADV
fbem-20427	8	30	4.4	4.4	NUM
fbem-20427	8	31	%	%	NOUN
fbem-20427	8	32	of	of	ADP
fbem-20427	8	33	households	household	NOUN
fbem-20427	8	34	holding	hold	VERB
fbem-20427	8	35	stocks	stock	NOUN
fbem-20427	8	36	,	,	PUNCT
fbem-20427	8	37	and	and	CCONJ
fbem-20427	8	38	less	less	ADJ
fbem-20427	8	39	than	than	ADP
fbem-20427	8	40	2	2	NUM
fbem-20427	8	41	%	%	NOUN
fbem-20427	8	42	of	of	ADP
fbem-20427	8	43	households	household	NOUN
fbem-20427	8	44	participating	participate	VERB
fbem-20427	8	45	in	in	ADP
fbem-20427	8	46	fund	fund	NOUN
fbem-20427	8	47	and	and	CCONJ
fbem-20427	8	48	bond	bond	NOUN
fbem-20427	8	49	market	market	NOUN
fbem-20427	8	50	investments	investment	NOUN
fbem-20427	8	51	.	.	PUNCT
fbem-20427	9	1	at	at	ADP
fbem-20427	9	2	the	the	DET
fbem-20427	9	3	same	same	ADJ
fbem-20427	9	4	time	time	NOUN
fbem-20427	9	5	,	,	PUNCT
fbem-20427	9	6	as	as	ADV
fbem-20427	9	7	many	many	ADJ
fbem-20427	9	8	as	as	ADP
fbem-20427	9	9	70	70	NUM
fbem-20427	9	10	%	%	NOUN
fbem-20427	9	11	of	of	ADP
fbem-20427	9	12	the	the	DET
fbem-20427	9	13	families	family	NOUN
fbem-20427	9	14	involved	involve	VERB
fbem-20427	9	15	in	in	ADP
fbem-20427	9	16	financial	financial	ADJ
fbem-20427	9	17	market	market	NOUN
fbem-20427	9	18	investment	investment	NOUN
fbem-20427	9	19	hold	hold	VERB
fbem-20427	9	20	only	only	ADV
fbem-20427	9	21	one	one	NUM
fbem-20427	9	22	kind	kind	NOUN
fbem-20427	9	23	of	of	ADP
fbem-20427	9	24	financial	financial	ADJ
fbem-20427	9	25	assets	asset	NOUN
fbem-20427	9	26	,	,	PUNCT
fbem-20427	9	27	and	and	CCONJ
fbem-20427	9	28	there	there	PRON
fbem-20427	9	29	is	be	VERB
fbem-20427	9	30	the	the	DET
fbem-20427	9	31	problem	problem	NOUN
fbem-20427	9	32	of	of	ADP
fbem-20427	9	33	homogenization	homogenization	NOUN
fbem-20427	9	34	in	in	ADP
fbem-20427	9	35	the	the	DET
fbem-20427	9	36	choice	choice	NOUN
fbem-20427	9	37	of	of	ADP
fbem-20427	9	38	their	their	PRON
fbem-20427	9	39	financial	financial	ADJ
fbem-20427	9	40	asset	asset	NOUN
fbem-20427	9	41	portfolio	portfolio	NOUN
fbem-20427	9	42	.	.	PUNCT
fbem-20427	10	1	this	this	DET
fbem-20427	10	2	"	"	PUNCT
fbem-20427	10	3	limited	limited	ADJ
fbem-20427	10	4	participation	participation	NOUN
fbem-20427	10	5	"	"	PUNCT
fbem-20427	10	6	in	in	ADP
fbem-20427	10	7	the	the	DET
fbem-20427	10	8	financial	financial	ADJ
fbem-20427	10	9	market	market	NOUN
fbem-20427	10	10	has	have	AUX
fbem-20427	10	11	resulted	result	VERB
fbem-20427	10	12	in	in	ADP
fbem-20427	10	13	households	household	NOUN
fbem-20427	10	14	not	not	PART
fbem-20427	10	15	being	be	AUX
fbem-20427	10	16	able	able	ADJ
fbem-20427	10	17	to	to	PART
fbem-20427	10	18	fully	fully	ADV
fbem-20427	10	19	reap	reap	VERB
fbem-20427	10	20	the	the	DET
fbem-20427	10	21	dividends	dividend	NOUN
fbem-20427	10	22	of	of	ADP
fbem-20427	10	23	the	the	DET
fbem-20427	10	24	development	development	NOUN
fbem-20427	10	25	and	and	CCONJ
fbem-20427	10	26	reform	reform	NOUN
fbem-20427	10	27	of	of	ADP
fbem-20427	10	28	the	the	DET
fbem-20427	10	29	financial	financial	ADJ
fbem-20427	10	30	market	market	NOUN
fbem-20427	10	31	,	,	PUNCT
fbem-20427	10	32	and	and	CCONJ
fbem-20427	10	33	their	their	PRON
fbem-20427	10	34	asset	asset	NOUN
fbem-20427	10	35	-	-	PUNCT
fbem-20427	10	36	based	base	VERB
fbem-20427	10	37	income	income	NOUN
fbem-20427	10	38	and	and	CCONJ
fbem-20427	10	39	investment	investment	NOUN
fbem-20427	10	40	efficiency	efficiency	NOUN
fbem-20427	10	41	have	have	AUX
fbem-20427	10	42	not	not	PART
fbem-20427	10	43	been	be	AUX
fbem-20427	10	44	accurately	accurately	ADV
fbem-20427	10	45	enhanced	enhance	VERB
fbem-20427	10	46	.	.	PUNCT
fbem-20427	11	1	at	at	ADP
fbem-20427	11	2	the	the	DET
fbem-20427	11	3	same	same	ADJ
fbem-20427	11	4	time	time	NOUN
fbem-20427	11	5	,	,	PUNCT
fbem-20427	11	6	the	the	DET
fbem-20427	11	7	level	level	NOUN
fbem-20427	11	8	of	of	ADP
fbem-20427	11	9	indebtedness	indebtedness	NOUN
fbem-20427	11	10	resulting	result	VERB
fbem-20427	11	11	from	from	ADP
fbem-20427	11	12	the	the	DET
fbem-20427	11	13	rigid	rigid	ADJ
fbem-20427	11	14	consumption	consumption	NOUN
fbem-20427	11	15	needs	need	NOUN
fbem-20427	11	16	of	of	ADP
fbem-20427	11	17	households	household	NOUN
fbem-20427	11	18	has	have	AUX
fbem-20427	11	19	been	be	AUX
fbem-20427	11	20	increasing	increase	VERB
fbem-20427	11	21	.	.	PUNCT
fbem-20427	12	1	excessive	excessive	ADJ
fbem-20427	12	2	debt	debt	NOUN
fbem-20427	12	3	leverage	leverage	NOUN
fbem-20427	12	4	has	have	AUX
fbem-20427	12	5	caused	cause	VERB
fbem-20427	12	6	repayment	repayment	NOUN
fbem-20427	12	7	pressures	pressure	NOUN
fbem-20427	12	8	to	to	PART
fbem-20427	12	9	climb	climb	VERB
fbem-20427	12	10	,	,	PUNCT
fbem-20427	12	11	forcing	force	VERB
fbem-20427	12	12	households	household	NOUN
fbem-20427	12	13	to	to	PART
fbem-20427	12	14	tighten	tighten	VERB
fbem-20427	12	15	their	their	PRON
fbem-20427	12	16	liquidity	liquidity	NOUN
fbem-20427	12	17	in	in	ADP
fbem-20427	12	18	the	the	DET
fbem-20427	12	19	short	short	ADJ
fbem-20427	12	20	term	term	NOUN
fbem-20427	12	21	and	and	CCONJ
fbem-20427	12	22	thus	thus	ADV
fbem-20427	12	23	weakening	weaken	VERB
fbem-20427	12	24	their	their	PRON
fbem-20427	12	25	freedom	freedom	NOUN
fbem-20427	12	26	of	of	ADP
fbem-20427	12	27	choice	choice	NOUN
fbem-20427	12	28	of	of	ADP
fbem-20427	12	29	financial	financial	ADJ
fbem-20427	12	30	assets	asset	NOUN
fbem-20427	12	31	.	.	PUNCT
fbem-20427	13	1	among	among	ADP
fbem-20427	13	2	other	other	ADJ
fbem-20427	13	3	things	thing	NOUN
fbem-20427	13	4	,	,	PUNCT
fbem-20427	13	5	the	the	DET
fbem-20427	13	6	liquidity	liquidity	NOUN
fbem-20427	13	7	constraint	constraint	NOUN
fbem-20427	13	8	effect	effect	NOUN
fbem-20427	13	9	and	and	CCONJ
fbem-20427	13	10	debt	debt	NOUN
fbem-20427	13	11	-	-	PUNCT
fbem-20427	13	12	servicing	service	VERB
fbem-20427	13	13	risk	risk	NOUN
fbem-20427	13	14	arising	arise	VERB
fbem-20427	13	15	from	from	ADP
fbem-20427	13	16	reduced	reduce	VERB
fbem-20427	13	17	cash	cash	NOUN
fbem-20427	13	18	flows	flow	NOUN
fbem-20427	13	19	have	have	AUX
fbem-20427	13	20	led	lead	VERB
fbem-20427	13	21	to	to	ADP
fbem-20427	13	22	lower	low	ADJ
fbem-20427	13	23	household	household	NOUN
fbem-20427	13	24	demand	demand	NOUN
fbem-20427	13	25	for	for	ADP
fbem-20427	13	26	financial	financial	ADJ
fbem-20427	13	27	assets	asset	NOUN
fbem-20427	13	28	,	,	PUNCT
fbem-20427	13	29	thereby	thereby	ADV
fbem-20427	13	30	weakening	weaken	VERB
fbem-20427	13	31	the	the	DET
fbem-20427	13	32	positive	positive	ADJ
fbem-20427	13	33	effect	effect	NOUN
fbem-20427	13	34	of	of	ADP
fbem-20427	13	35	financial	financial	ADJ
fbem-20427	13	36	asset	asset	NOUN
fbem-20427	13	37	holdings	holding	NOUN
fbem-20427	13	38	on	on	ADP
fbem-20427	13	39	enhancing	enhance	VERB
fbem-20427	13	40	the	the	DET
fbem-20427	13	41	efficiency	efficiency	NOUN
fbem-20427	13	42	of	of	ADP
fbem-20427	13	43	household	household	NOUN
fbem-20427	13	44	financial	financial	ADJ
fbem-20427	13	45	asset	asset	NOUN
fbem-20427	13	46	allocation	allocation	NOUN
fbem-20427	13	47	and	and	CCONJ
fbem-20427	13	48	further	far	ADV
fbem-20427	13	49	affecting	affect	VERB
fbem-20427	13	50	the	the	DET
fbem-20427	13	51	structure	structure	NOUN
fbem-20427	13	52	of	of	ADP
fbem-20427	13	53	household	household	NOUN
fbem-20427	13	54	financial	financial	ADJ
fbem-20427	13	55	assets	asset	NOUN
fbem-20427	13	56	.	.	PUNCT
fbem-20427	14	1	a	a	DET
fbem-20427	14	2	monolithic	monolithic	ADJ
fbem-20427	14	3	portfolio	portfolio	NOUN
fbem-20427	14	4	will	will	AUX
fbem-20427	14	5	seriously	seriously	ADV
fbem-20427	14	6	affect	affect	VERB
fbem-20427	14	7	the	the	DET
fbem-20427	14	8	appreciation	appreciation	NOUN
fbem-20427	14	9	and	and	CCONJ
fbem-20427	14	10	preservation	preservation	NOUN
fbem-20427	14	11	of	of	ADP
fbem-20427	14	12	household	household	NOUN
fbem-20427	14	13	financial	financial	ADJ
fbem-20427	14	14	wealth	wealth	NOUN
fbem-20427	14	15	and	and	CCONJ
fbem-20427	14	16	income	income	NOUN
fbem-20427	14	17	,	,	PUNCT
fbem-20427	14	18	and	and	CCONJ
fbem-20427	14	19	will	will	AUX
fbem-20427	14	20	also	also	ADV
fbem-20427	14	21	have	have	VERB
fbem-20427	14	22	a	a	DET
fbem-20427	14	23	certain	certain	ADJ
fbem-20427	14	24	negative	negative	ADJ
fbem-20427	14	25	impact	impact	NOUN
fbem-20427	14	26	on	on	ADP
fbem-20427	14	27	the	the	DET
fbem-20427	14	28	development	development	NOUN
fbem-20427	14	29	of	of	ADP
fbem-20427	14	30	financial	financial	ADJ
fbem-20427	14	31	markets	market	NOUN
fbem-20427	14	32	and	and	CCONJ
fbem-20427	14	33	social	social	ADJ
fbem-20427	14	34	welfare	welfare	NOUN
fbem-20427	14	35	.	.	PUNCT
fbem-20427	15	1	therefore	therefore	ADV
fbem-20427	15	2	,	,	PUNCT
fbem-20427	15	3	it	it	PRON
fbem-20427	15	4	is	be	AUX
fbem-20427	15	5	of	of	ADP
fbem-20427	15	6	great	great	ADJ
fbem-20427	15	7	significance	significance	NOUN
fbem-20427	15	8	to	to	PART
fbem-20427	15	9	study	study	VERB
fbem-20427	15	10	how	how	SCONJ
fbem-20427	15	11	to	to	PART
fbem-20427	15	12	reduce	reduce	VERB
fbem-20427	15	13	the	the	DET
fbem-20427	15	14	negative	negative	ADJ
fbem-20427	15	15	impact	impact	NOUN
fbem-20427	15	16	of	of	ADP
fbem-20427	15	17	debt	debt	NOUN
fbem-20427	15	18	risk	risk	NOUN
fbem-20427	15	19	on	on	ADP
fbem-20427	15	20	the	the	DET
fbem-20427	15	21	efficiency	efficiency	NOUN
fbem-20427	15	22	of	of	ADP
fbem-20427	15	23	household	household	NOUN
fbem-20427	15	24	financial	financial	ADJ
fbem-20427	15	25	asset	asset	NOUN
fbem-20427	15	26	allocation	allocation	NOUN
fbem-20427	15	27	,	,	PUNCT
fbem-20427	15	28	and	and	CCONJ
fbem-20427	15	29	to	to	PART
fbem-20427	15	30	enhance	enhance	VERB
fbem-20427	15	31	the	the	DET
fbem-20427	15	32	enthusiasm	enthusiasm	NOUN
fbem-20427	15	33	of	of	ADP
fbem-20427	15	34	resident	resident	ADJ
fbem-20427	15	35	households	household	NOUN
fbem-20427	15	36	to	to	PART
fbem-20427	15	37	participate	participate	VERB
fbem-20427	15	38	in	in	ADP
fbem-20427	15	39	financial	financial	ADJ
fbem-20427	15	40	market	market	NOUN
fbem-20427	15	41	investment	investment	NOUN
fbem-20427	15	42	and	and	CCONJ
fbem-20427	15	43	the	the	DET
fbem-20427	15	44	efficiency	efficiency	NOUN
fbem-20427	15	45	of	of	ADP
fbem-20427	15	46	household	household	NOUN
fbem-20427	15	47	financial	financial	ADJ
fbem-20427	15	48	asset	asset	NOUN
fbem-20427	15	49	allocation	allocation	NOUN
fbem-20427	15	50	,	,	PUNCT
fbem-20427	15	51	in	in	ADP
fbem-20427	15	52	order	order	NOUN
fbem-20427	15	53	to	to	PART
fbem-20427	15	54	increase	increase	VERB
fbem-20427	15	55	the	the	DET
fbem-20427	15	56	asset	asset	NOUN
fbem-20427	15	57	-	-	PUNCT
fbem-20427	15	58	based	base	VERB
fbem-20427	15	59	income	income	NOUN
fbem-20427	15	60	of	of	ADP
fbem-20427	15	61	the	the	DET
fbem-20427	15	62	population	population	NOUN
fbem-20427	15	63	,	,	PUNCT
fbem-20427	15	64	realize	realize	VERB
fbem-20427	15	65	the	the	DET
fbem-20427	15	66	value	value	NOUN
fbem-20427	15	67	-	-	PUNCT
fbem-20427	15	68	added	add	VERB
fbem-20427	15	69	and	and	CCONJ
fbem-20427	15	70	preservation	preservation	NOUN
fbem-20427	15	71	of	of	ADP
fbem-20427	15	72	wealth	wealth	NOUN
fbem-20427	15	73	,	,	PUNCT
fbem-20427	15	74	and	and	CCONJ
fbem-20427	15	75	thus	thus	ADV
fbem-20427	15	76	realize	realize	VERB
fbem-20427	15	77	common	common	ADJ
fbem-20427	15	78	prosperity	prosperity	NOUN
fbem-20427	15	79	.	.	PUNCT
fbem-20427	16	1	this	this	DET
fbem-20427	16	2	paper	paper	NOUN
fbem-20427	16	3	uses	use	VERB
fbem-20427	16	4	survey	survey	NOUN
fbem-20427	16	5	data	datum	NOUN
fbem-20427	16	6	from	from	ADP
fbem-20427	16	7	the	the	DET
fbem-20427	16	8	2019	2019	NUM
fbem-20427	16	9	china	china	PROPN
fbem-20427	16	10	household	household	NOUN
fbem-20427	16	11	finance	finance	NOUN
fbem-20427	16	12	survey	survey	NOUN
fbem-20427	16	13	and	and	CCONJ
fbem-20427	16	14	research	research	NOUN
fbem-20427	16	15	center	center	NOUN
fbem-20427	16	16	(	(	PUNCT
fbem-20427	16	17	chfs	chfs	PROPN
fbem-20427	16	18	)	)	PUNCT
fbem-20427	16	19	to	to	PART
fbem-20427	16	20	study	study	VERB
fbem-20427	16	21	the	the	DET
fbem-20427	16	22	role	role	NOUN
fbem-20427	16	23	of	of	ADP
fbem-20427	16	24	debt	debt	NOUN
fbem-20427	16	25	leverage	leverage	NOUN
fbem-20427	16	26	in	in	ADP
fbem-20427	16	27	influencing	influence	VERB
fbem-20427	16	28	households	household	NOUN
fbem-20427	16	29	'	'	PART
fbem-20427	16	30	financial	financial	ADJ
fbem-20427	16	31	asset	asset	NOUN
fbem-20427	16	32	allocation	allocation	NOUN
fbem-20427	16	33	.	.	PUNCT
fbem-20427	17	1	it	it	PRON
fbem-20427	17	2	is	be	AUX
fbem-20427	17	3	found	find	VERB
fbem-20427	17	4	that	that	SCONJ
fbem-20427	17	5	debt	debt	NOUN
fbem-20427	17	6	leverage	leverage	NOUN
fbem-20427	17	7	will	will	AUX
fbem-20427	17	8	affect	affect	VERB
fbem-20427	17	9	the	the	DET
fbem-20427	17	10	degree	degree	NOUN
fbem-20427	17	11	of	of	ADP
fbem-20427	17	12	active	active	ADJ
fbem-20427	17	13	participation	participation	NOUN
fbem-20427	17	14	in	in	ADP
fbem-20427	17	15	the	the	DET
fbem-20427	17	16	financial	financial	ADJ
fbem-20427	17	17	market	market	NOUN
fbem-20427	17	18	by	by	ADP
fbem-20427	17	19	resident	resident	ADJ
fbem-20427	17	20	households	household	NOUN
fbem-20427	17	21	,	,	PUNCT
fbem-20427	17	22	and	and	CCONJ
fbem-20427	17	23	lead	lead	VERB
fbem-20427	17	24	to	to	ADP
fbem-20427	17	25	a	a	DET
fbem-20427	17	26	reduction	reduction	NOUN
fbem-20427	17	27	in	in	ADP
fbem-20427	17	28	the	the	DET
fbem-20427	17	29	efficiency	efficiency	NOUN
fbem-20427	17	30	of	of	ADP
fbem-20427	17	31	these	these	DET
fbem-20427	17	32	households	household	NOUN
fbem-20427	17	33	'	'	PART
fbem-20427	17	34	financial	financial	ADJ
fbem-20427	17	35	asset	asset	NOUN
fbem-20427	17	36	allocation	allocation	NOUN
fbem-20427	17	37	.	.	PUNCT
fbem-20427	18	1	however	however	ADV
fbem-20427	18	2	,	,	PUNCT
fbem-20427	18	3	at	at	ADP
fbem-20427	18	4	the	the	DET
fbem-20427	18	5	same	same	ADJ
fbem-20427	18	6	time	time	NOUN
fbem-20427	18	7	,	,	PUNCT
fbem-20427	18	8	there	there	PRON
fbem-20427	18	9	is	be	VERB
fbem-20427	18	10	a	a	DET
fbem-20427	18	11	non	non	ADJ
fbem-20427	18	12	-	-	ADJ
fbem-20427	18	13	linear	linear	ADJ
fbem-20427	18	14	effect	effect	NOUN
fbem-20427	18	15	of	of	ADP
fbem-20427	18	16	the	the	DET
fbem-20427	18	17	level	level	NOUN
fbem-20427	18	18	of	of	ADP
fbem-20427	18	19	household	household	NOUN
fbem-20427	18	20	debt	debt	NOUN
fbem-20427	18	21	bearing	bear	VERB
fbem-20427	18	22	on	on	ADP
fbem-20427	18	23	the	the	DET
fbem-20427	18	24	efficiency	efficiency	NOUN
fbem-20427	18	25	of	of	ADP
fbem-20427	18	26	financial	financial	ADJ
fbem-20427	18	27	asset	asset	NOUN
fbem-20427	18	28	allocation	allocation	NOUN
fbem-20427	18	29	.	.	PUNCT
fbem-20427	19	1	2	2	X
fbem-20427	19	2	.	.	X
fbem-20427	19	3	theoretical	theoretical	ADJ
fbem-20427	19	4	analysis	analysis	NOUN
fbem-20427	19	5	and	and	CCONJ
fbem-20427	19	6	research	research	NOUN
fbem-20427	19	7	hypothesis	hypothesis	NOUN
fbem-20427	19	8	the	the	DET
fbem-20427	19	9	study	study	NOUN
fbem-20427	19	10	of	of	ADP
fbem-20427	19	11	micro	micro	ADJ
fbem-20427	19	12	-	-	NOUN
fbem-20427	19	13	family	family	ADJ
fbem-20427	19	14	financial	financial	ADJ
fbem-20427	19	15	asset	asset	NOUN
fbem-20427	19	16	allocation	allocation	NOUN
fbem-20427	19	17	is	be	AUX
fbem-20427	19	18	currently	currently	ADV
fbem-20427	19	19	one	one	NUM
fbem-20427	19	20	of	of	ADP
fbem-20427	19	21	the	the	DET
fbem-20427	19	22	important	important	ADJ
fbem-20427	19	23	research	research	NOUN
fbem-20427	19	24	hotspots	hotspot	NOUN
fbem-20427	19	25	in	in	ADP
fbem-20427	19	26	the	the	DET
fbem-20427	19	27	field	field	NOUN
fbem-20427	19	28	of	of	ADP
fbem-20427	19	29	finance	finance	NOUN
fbem-20427	19	30	at	at	ADP
fbem-20427	19	31	home	home	NOUN
fbem-20427	19	32	and	and	CCONJ
fbem-20427	19	33	abroad	abroad	ADV
fbem-20427	19	34	,	,	PUNCT
fbem-20427	19	35	and	and	CCONJ
fbem-20427	19	36	most	most	ADJ
fbem-20427	19	37	of	of	ADP
fbem-20427	19	38	the	the	DET
fbem-20427	19	39	literature	literature	NOUN
fbem-20427	19	40	has	have	AUX
fbem-20427	19	41	developed	develop	VERB
fbem-20427	19	42	its	its	PRON
fbem-20427	19	43	own	own	ADJ
fbem-20427	19	44	research	research	NOUN
fbem-20427	19	45	and	and	CCONJ
fbem-20427	19	46	analysis	analysis	NOUN
fbem-20427	19	47	of	of	ADP
fbem-20427	19	48	the	the	DET
fbem-20427	19	49	literature	literature	NOUN
fbem-20427	19	50	from	from	ADP
fbem-20427	19	51	the	the	DET
fbem-20427	19	52	perspectives	perspective	NOUN
fbem-20427	19	53	of	of	ADP
fbem-20427	19	54	economic	economic	ADJ
fbem-20427	19	55	class	class	NOUN
fbem-20427	19	56	characteristics	characteristic	NOUN
fbem-20427	19	57	such	such	ADJ
fbem-20427	19	58	as	as	ADP
fbem-20427	19	59	household	household	NOUN
fbem-20427	19	60	income	income	NOUN
fbem-20427	19	61	,	,	PUNCT
fbem-20427	19	62	real	real	ADJ
fbem-20427	19	63	assets	asset	NOUN
fbem-20427	19	64	and	and	CCONJ
fbem-20427	19	65	household	household	NOUN
fbem-20427	19	66	debt	debt	NOUN
fbem-20427	19	67	;	;	PUNCT
fbem-20427	19	68	background	background	NOUN
fbem-20427	19	69	characteristics	characteristic	NOUN
fbem-20427	19	70	such	such	ADJ
fbem-20427	19	71	as	as	ADP
fbem-20427	19	72	social	social	ADJ
fbem-20427	19	73	interaction	interaction	NOUN
fbem-20427	19	74	,	,	PUNCT
fbem-20427	19	75	social	social	ADJ
fbem-20427	19	76	network	network	NOUN
fbem-20427	19	77	and	and	CCONJ
fbem-20427	19	78	health	health	NOUN
fbem-20427	19	79	risk	risk	NOUN
fbem-20427	19	80	;	;	PUNCT
fbem-20427	19	81	and	and	CCONJ
fbem-20427	19	82	household	household	NOUN
fbem-20427	19	83	demographic	demographic	ADJ
fbem-20427	19	84	characteristics	characteristic	NOUN
fbem-20427	19	85	such	such	ADJ
fbem-20427	19	86	as	as	ADP
fbem-20427	19	87	age	age	NOUN
fbem-20427	19	88	,	,	PUNCT
fbem-20427	19	89	gender	gender	NOUN
fbem-20427	19	90	,	,	PUNCT
fbem-20427	19	91	family	family	NOUN
fbem-20427	19	92	size	size	NOUN
fbem-20427	19	93	and	and	CCONJ
fbem-20427	19	94	education	education	NOUN
fbem-20427	19	95	level	level	NOUN
fbem-20427	19	96	[	[	X
fbem-20427	19	97	1	1	NUM
fbem-20427	19	98	,	,	PUNCT
fbem-20427	19	99	2	2	NUM
fbem-20427	19	100	]	]	PUNCT
fbem-20427	19	101	.	.	PUNCT
fbem-20427	20	1	among	among	ADP
fbem-20427	20	2	them	they	PRON
fbem-20427	20	3	,	,	PUNCT
fbem-20427	20	4	in	in	ADP
fbem-20427	20	5	the	the	DET
fbem-20427	20	6	study	study	NOUN
fbem-20427	20	7	of	of	ADP
fbem-20427	20	8	the	the	DET
fbem-20427	20	9	impact	impact	NOUN
fbem-20427	20	10	of	of	ADP
fbem-20427	20	11	household	household	NOUN
fbem-20427	20	12	liabilities	liability	NOUN
fbem-20427	20	13	on	on	ADP
fbem-20427	20	14	the	the	DET
fbem-20427	20	15	allocation	allocation	NOUN
fbem-20427	20	16	of	of	ADP
fbem-20427	20	17	financial	financial	ADJ
fbem-20427	20	18	assets	asset	NOUN
fbem-20427	20	19	,	,	PUNCT
fbem-20427	20	20	most	most	ADJ
fbem-20427	20	21	scholars	scholar	NOUN
fbem-20427	20	22	believe	believe	VERB
fbem-20427	20	23	that	that	SCONJ
fbem-20427	20	24	reasonable	reasonable	ADJ
fbem-20427	20	25	household	household	NOUN
fbem-20427	20	26	liabilities	liability	NOUN
fbem-20427	20	27	will	will	AUX
fbem-20427	20	28	help	help	VERB
fbem-20427	20	29	families	family	NOUN
fbem-20427	20	30	smooth	smooth	VERB
fbem-20427	20	31	consumption	consumption	NOUN
fbem-20427	20	32	,	,	PUNCT
fbem-20427	20	33	such	such	ADJ
fbem-20427	20	34	as	as	ADP
fbem-20427	20	35	participating	participate	VERB
fbem-20427	20	36	in	in	ADP
fbem-20427	20	37	the	the	DET
fbem-20427	20	38	stock	stock	NOUN
fbem-20427	20	39	market	market	NOUN
fbem-20427	20	40	,	,	PUNCT
fbem-20427	20	41	buying	buy	VERB
fbem-20427	20	42	a	a	DET
fbem-20427	20	43	house	house	NOUN
fbem-20427	20	44	and	and	CCONJ
fbem-20427	20	45	starting	start	VERB
fbem-20427	20	46	a	a	DET
fbem-20427	20	47	business	business	NOUN
fbem-20427	20	48	to	to	PART
fbem-20427	20	49	promote	promote	VERB
fbem-20427	20	50	the	the	DET
fbem-20427	20	51	economic	economic	ADJ
fbem-20427	20	52	growth	growth	NOUN
fbem-20427	20	53	of	of	ADP
fbem-20427	20	54	the	the	DET
fbem-20427	20	55	family	family	NOUN
fbem-20427	20	56	,	,	PUNCT
fbem-20427	20	57	but	but	CCONJ
fbem-20427	20	58	too	too	ADV
fbem-20427	20	59	high	high	ADJ
fbem-20427	20	60	a	a	DET
fbem-20427	20	61	level	level	NOUN
fbem-20427	20	62	of	of	ADP
fbem-20427	20	63	debt	debt	NOUN
fbem-20427	20	64	will	will	AUX
fbem-20427	20	65	seriously	seriously	ADV
fbem-20427	20	66	increase	increase	VERB
fbem-20427	20	67	the	the	DET
fbem-20427	20	68	debt	debt	NOUN
fbem-20427	20	69	leverage	leverage	NOUN
fbem-20427	20	70	ratio	ratio	NOUN
fbem-20427	20	71	of	of	ADP
fbem-20427	20	72	the	the	DET
fbem-20427	20	73	family	family	NOUN
fbem-20427	20	74	,	,	PUNCT
fbem-20427	20	75	which	which	PRON
fbem-20427	20	76	will	will	AUX
fbem-20427	20	77	lead	lead	VERB
fbem-20427	20	78	to	to	ADP
fbem-20427	20	79	a	a	DET
fbem-20427	20	80	lower	low	ADJ
fbem-20427	20	81	demand	demand	NOUN
fbem-20427	20	82	for	for	ADP
fbem-20427	20	83	financial	financial	ADJ
fbem-20427	20	84	assets	asset	NOUN
fbem-20427	20	85	or	or	CCONJ
fbem-20427	20	86	even	even	ADV
fbem-20427	20	87	non	non	ADJ
fbem-20427	20	88	-	-	NOUN
fbem-20427	20	89	participation	participation	NOUN
fbem-20427	20	90	in	in	ADP
fbem-20427	20	91	financial	financial	ADJ
fbem-20427	20	92	activities	activity	NOUN
fbem-20427	20	93	;	;	PUNCT
fbem-20427	20	94	too	too	ADV
fbem-20427	20	95	much	much	ADJ
fbem-20427	20	96	debt	debt	NOUN
fbem-20427	20	97	leverage	leverage	NOUN
fbem-20427	20	98	will	will	AUX
fbem-20427	20	99	also	also	ADV
fbem-20427	20	100	bring	bring	VERB
fbem-20427	20	101	about	about	ADP
fbem-20427	20	102	a	a	DET
fbem-20427	20	103	household	household	NOUN
fbem-20427	20	104	chetty	chetty	VERB
fbem-20427	20	105	and	and	CCONJ
fbem-20427	20	106	szeidl	szeidl	NOUN
fbem-20427	20	107	and	and	CCONJ
fbem-20427	20	108	fougère	fougère	NOUN
fbem-20427	20	109	and	and	CCONJ
fbem-20427	20	110	poulhes	poulhe	NOUN
fbem-20427	20	111	study	study	VERB
fbem-20427	20	112	the	the	DET
fbem-20427	20	113	more	more	ADV
fbem-20427	20	114	pronounced	pronounced	ADJ
fbem-20427	20	115	"	"	PUNCT
fbem-20427	20	116	crowding	crowd	VERB
fbem-20427	20	117	out	out	ADP
fbem-20427	20	118	"	"	PUNCT
fbem-20427	20	119	effect	effect	NOUN
fbem-20427	20	120	of	of	ADP
fbem-20427	20	121	housing	housing	NOUN
fbem-20427	20	122	loans	loan	NOUN
fbem-20427	20	123	on	on	ADP
fbem-20427	20	124	households	household	NOUN
fbem-20427	20	125	'	'	PART
fbem-20427	20	126	financial	financial	ADJ
fbem-20427	20	127	asset	asset	NOUN
fbem-20427	20	128	allocations	allocation	NOUN
fbem-20427	20	129	,	,	PUNCT
fbem-20427	20	130	i.e.	i.e.	X
fbem-20427	20	131	,	,	PUNCT
fbem-20427	20	132	housing	housing	NOUN
fbem-20427	20	133	loans	loan	NOUN
fbem-20427	20	134	reduce	reduce	VERB
fbem-20427	20	135	the	the	DET
fbem-20427	20	136	household	household	NOUN
fbem-20427	20	137	's	's	PART
fbem-20427	20	138	demand	demand	NOUN
fbem-20427	20	139	for	for	ADP
fbem-20427	20	140	the	the	DET
fbem-20427	20	141	"	"	PUNCT
fbem-20427	20	142	crowding	crowd	VERB
fbem-20427	20	143	out	out	ADP
fbem-20427	20	144	"	"	PUNCT
fbem-20427	20	145	effect	effect	NOUN
fbem-20427	20	146	is	be	AUX
fbem-20427	20	147	more	more	ADV
fbem-20427	20	148	pronounced	pronounce	VERB
fbem-20427	20	149	in	in	ADP
fbem-20427	20	150	the	the	DET
fbem-20427	20	151	case	case	NOUN
fbem-20427	20	152	of	of	ADP
fbem-20427	20	153	the	the	DET
fbem-20427	20	154	united	united	PROPN
fbem-20427	20	155	states	states	PROPN
fbem-20427	20	156	and	and	CCONJ
fbem-20427	20	157	france	france	PROPN
fbem-20427	20	158	.	.	PUNCT
fbem-20427	21	1	at	at	ADP
fbem-20427	21	2	the	the	DET
fbem-20427	21	3	same	same	ADJ
fbem-20427	21	4	time	time	NOUN
fbem-20427	21	5	,	,	PUNCT
fbem-20427	21	6	an	an	DET
fbem-20427	21	7	increase	increase	NOUN
fbem-20427	21	8	in	in	ADP
fbem-20427	21	9	debt	debt	NOUN
fbem-20427	21	10	leverage	leverage	NOUN
fbem-20427	21	11	not	not	PART
fbem-20427	21	12	only	only	ADV
fbem-20427	21	13	affects	affect	VERB
fbem-20427	21	14	the	the	DET
fbem-20427	21	15	household	household	NOUN
fbem-20427	21	16	's	's	PART
fbem-20427	21	17	demand	demand	NOUN
fbem-20427	21	18	for	for	ADP
fbem-20427	21	19	financial	financial	ADJ
fbem-20427	21	20	investment	investment	NOUN
fbem-20427	21	21	,	,	PUNCT
fbem-20427	21	22	but	but	CCONJ
fbem-20427	21	23	also	also	ADV
fbem-20427	21	24	changes	change	VERB
fbem-20427	21	25	the	the	DET
fbem-20427	21	26	number	number	NOUN
fbem-20427	21	27	of	of	ADP
fbem-20427	21	28	financial	financial	ADJ
fbem-20427	21	29	asset	asset	NOUN
fbem-20427	21	30	holdings	holding	NOUN
fbem-20427	21	31	,	,	PUNCT
fbem-20427	21	32	27	27	NUM
fbem-20427	21	33	which	which	PRON
fbem-20427	21	34	affects	affect	VERB
fbem-20427	21	35	the	the	DET
fbem-20427	21	36	household	household	NOUN
fbem-20427	21	37	's	's	PART
fbem-20427	21	38	choice	choice	NOUN
fbem-20427	21	39	of	of	ADP
fbem-20427	21	40	financial	financial	ADJ
fbem-20427	21	41	assets	asset	NOUN
fbem-20427	21	42	.	.	PUNCT
fbem-20427	22	1	accordingly	accordingly	ADV
fbem-20427	22	2	,	,	PUNCT
fbem-20427	22	3	this	this	DET
fbem-20427	22	4	paper	paper	NOUN
fbem-20427	22	5	proposes	propose	VERB
fbem-20427	22	6	the	the	DET
fbem-20427	22	7	hypothesis	hypothesis	NOUN
fbem-20427	22	8	:	:	PUNCT
fbem-20427	22	9	h	h	NOUN
fbem-20427	22	10	:	:	PUNCT
fbem-20427	22	11	debt	debt	NOUN
fbem-20427	22	12	leverage	leverage	NOUN
fbem-20427	22	13	affects	affect	VERB
fbem-20427	22	14	residents	resident	NOUN
fbem-20427	22	15	'	'	PART
fbem-20427	22	16	motivation	motivation	NOUN
fbem-20427	22	17	to	to	PART
fbem-20427	22	18	participate	participate	VERB
fbem-20427	22	19	in	in	ADP
fbem-20427	22	20	financial	financial	ADJ
fbem-20427	22	21	markets	market	NOUN
fbem-20427	22	22	and	and	CCONJ
fbem-20427	22	23	has	have	VERB
fbem-20427	22	24	a	a	DET
fbem-20427	22	25	nonlinear	nonlinear	ADJ
fbem-20427	22	26	effect	effect	NOUN
fbem-20427	22	27	on	on	ADP
fbem-20427	22	28	household	household	NOUN
fbem-20427	22	29	financial	financial	ADJ
fbem-20427	22	30	asset	asset	NOUN
fbem-20427	22	31	allocation	allocation	NOUN
fbem-20427	22	32	.	.	PUNCT
fbem-20427	23	1	specifically	specifically	ADV
fbem-20427	23	2	,	,	PUNCT
fbem-20427	23	3	debt	debt	NOUN
fbem-20427	23	4	leverage	leverage	NOUN
fbem-20427	23	5	affects	affect	VERB
fbem-20427	23	6	the	the	DET
fbem-20427	23	7	allocation	allocation	NOUN
fbem-20427	23	8	of	of	ADP
fbem-20427	23	9	household	household	NOUN
fbem-20427	23	10	financial	financial	ADJ
fbem-20427	23	11	assets	asset	NOUN
fbem-20427	23	12	mainly	mainly	ADV
fbem-20427	23	13	through	through	ADP
fbem-20427	23	14	the	the	DET
fbem-20427	23	15	following	follow	VERB
fbem-20427	23	16	three	three	NUM
fbem-20427	23	17	paths	path	NOUN
fbem-20427	23	18	.	.	PUNCT
fbem-20427	24	1	first	first	ADV
fbem-20427	24	2	,	,	PUNCT
fbem-20427	24	3	the	the	DET
fbem-20427	24	4	rapid	rapid	ADJ
fbem-20427	24	5	accumulation	accumulation	NOUN
fbem-20427	24	6	of	of	ADP
fbem-20427	24	7	household	household	NOUN
fbem-20427	24	8	liabilities	liability	NOUN
fbem-20427	24	9	contributes	contribute	VERB
fbem-20427	24	10	to	to	ADP
fbem-20427	24	11	a	a	DET
fbem-20427	24	12	continuous	continuous	ADJ
fbem-20427	24	13	rise	rise	NOUN
fbem-20427	24	14	in	in	ADP
fbem-20427	24	15	household	household	NOUN
fbem-20427	24	16	debt	debt	NOUN
fbem-20427	24	17	leverage	leverage	NOUN
fbem-20427	24	18	,	,	PUNCT
fbem-20427	24	19	which	which	PRON
fbem-20427	24	20	in	in	ADP
fbem-20427	24	21	turn	turn	NOUN
fbem-20427	24	22	brings	bring	VERB
fbem-20427	24	23	about	about	ADP
fbem-20427	24	24	a	a	DET
fbem-20427	24	25	reduction	reduction	NOUN
fbem-20427	24	26	in	in	ADP
fbem-20427	24	27	the	the	DET
fbem-20427	24	28	liquidity	liquidity	NOUN
fbem-20427	24	29	of	of	ADP
fbem-20427	24	30	financial	financial	ADJ
fbem-20427	24	31	assets	asset	NOUN
fbem-20427	24	32	,	,	PUNCT
fbem-20427	24	33	as	as	SCONJ
fbem-20427	24	34	funds	fund	NOUN
fbem-20427	24	35	are	be	AUX
fbem-20427	24	36	subject	subject	ADJ
fbem-20427	24	37	to	to	ADP
fbem-20427	24	38	liquidity	liquidity	NOUN
fbem-20427	24	39	constraints	constraint	NOUN
fbem-20427	24	40	that	that	PRON
fbem-20427	24	41	make	make	VERB
fbem-20427	24	42	it	it	PRON
fbem-20427	24	43	impossible	impossible	ADJ
fbem-20427	24	44	for	for	SCONJ
fbem-20427	24	45	residents	resident	NOUN
fbem-20427	24	46	to	to	PART
fbem-20427	24	47	reasonably	reasonably	ADV
fbem-20427	24	48	allocate	allocate	VERB
fbem-20427	24	49	their	their	PRON
fbem-20427	24	50	assets	asset	NOUN
fbem-20427	24	51	,	,	PUNCT
fbem-20427	24	52	thereby	thereby	ADV
fbem-20427	24	53	affecting	affect	VERB
fbem-20427	24	54	the	the	DET
fbem-20427	24	55	structure	structure	NOUN
fbem-20427	24	56	of	of	ADP
fbem-20427	24	57	financial	financial	ADJ
fbem-20427	24	58	asset	asset	NOUN
fbem-20427	24	59	allocation	allocation	NOUN
fbem-20427	24	60	[	[	X
fbem-20427	24	61	3	3	NUM
fbem-20427	24	62	,	,	PUNCT
fbem-20427	24	63	4,5	4,5	NUM
fbem-20427	24	64	]	]	PUNCT
fbem-20427	24	65	.	.	PUNCT
fbem-20427	25	1	secondly	secondly	ADV
fbem-20427	25	2	,	,	PUNCT
fbem-20427	25	3	some	some	PRON
fbem-20427	25	4	of	of	ADP
fbem-20427	25	5	the	the	DET
fbem-20427	25	6	loans	loan	NOUN
fbem-20427	25	7	in	in	ADP
fbem-20427	25	8	the	the	DET
fbem-20427	25	9	high	high	ADJ
fbem-20427	25	10	debt	debt	NOUN
fbem-20427	25	11	leverage	leverage	NOUN
fbem-20427	25	12	ratio	ratio	NOUN
fbem-20427	25	13	,	,	PUNCT
fbem-20427	25	14	such	such	ADJ
fbem-20427	25	15	as	as	ADP
fbem-20427	25	16	housing	housing	NOUN
fbem-20427	25	17	loans	loan	NOUN
fbem-20427	25	18	with	with	ADP
fbem-20427	25	19	excessive	excessive	ADJ
fbem-20427	25	20	amounts	amount	NOUN
fbem-20427	25	21	and	and	CCONJ
fbem-20427	25	22	long	long	ADJ
fbem-20427	25	23	cycles	cycle	NOUN
fbem-20427	25	24	,	,	PUNCT
fbem-20427	25	25	will	will	AUX
fbem-20427	25	26	have	have	VERB
fbem-20427	25	27	a	a	DET
fbem-20427	25	28	"	"	PUNCT
fbem-20427	25	29	crowding	crowd	VERB
fbem-20427	25	30	-	-	PUNCT
fbem-20427	25	31	out	out	ADP
fbem-20427	25	32	effect	effect	NOUN
fbem-20427	25	33	"	"	PUNCT
fbem-20427	25	34	on	on	ADP
fbem-20427	25	35	the	the	DET
fbem-20427	25	36	choice	choice	NOUN
fbem-20427	25	37	of	of	ADP
fbem-20427	25	38	financial	financial	ADJ
fbem-20427	25	39	asset	asset	NOUN
fbem-20427	25	40	portfolios	portfolio	NOUN
fbem-20427	25	41	of	of	ADP
fbem-20427	25	42	households	household	NOUN
fbem-20427	25	43	[	[	X
fbem-20427	25	44	6	6	NUM
fbem-20427	25	45	]	]	PUNCT
fbem-20427	25	46	.	.	PUNCT
fbem-20427	26	1	that	that	PRON
fbem-20427	26	2	is	be	AUX
fbem-20427	26	3	,	,	PUNCT
fbem-20427	26	4	households	household	NOUN
fbem-20427	26	5	with	with	ADP
fbem-20427	26	6	high	high	ADJ
fbem-20427	26	7	levels	level	NOUN
fbem-20427	26	8	of	of	ADP
fbem-20427	26	9	indebtedness	indebtedness	NOUN
fbem-20427	26	10	incur	incur	NOUN
fbem-20427	26	11	debt	debt	NOUN
fbem-20427	26	12	that	that	PRON
fbem-20427	26	13	is	be	AUX
fbem-20427	26	14	beyond	beyond	ADP
fbem-20427	26	15	their	their	PRON
fbem-20427	26	16	capacity	capacity	NOUN
fbem-20427	26	17	to	to	PART
fbem-20427	26	18	absorb	absorb	VERB
fbem-20427	26	19	,	,	PUNCT
fbem-20427	26	20	and	and	CCONJ
fbem-20427	26	21	are	be	AUX
fbem-20427	26	22	constrained	constrain	VERB
fbem-20427	26	23	by	by	ADP
fbem-20427	26	24	the	the	DET
fbem-20427	26	25	need	need	NOUN
fbem-20427	26	26	to	to	PART
fbem-20427	26	27	maintain	maintain	VERB
fbem-20427	26	28	a	a	DET
fbem-20427	26	29	certain	certain	ADJ
fbem-20427	26	30	level	level	NOUN
fbem-20427	26	31	of	of	ADP
fbem-20427	26	32	asset	asset	NOUN
fbem-20427	26	33	liquidity	liquidity	NOUN
fbem-20427	26	34	,	,	PUNCT
fbem-20427	26	35	which	which	PRON
fbem-20427	26	36	reduces	reduce	VERB
fbem-20427	26	37	the	the	DET
fbem-20427	26	38	need	need	NOUN
fbem-20427	26	39	for	for	ADP
fbem-20427	26	40	investment	investment	NOUN
fbem-20427	26	41	in	in	ADP
fbem-20427	26	42	financial	financial	ADJ
fbem-20427	26	43	assets	asset	NOUN
fbem-20427	26	44	,	,	PUNCT
fbem-20427	26	45	ultimately	ultimately	ADV
fbem-20427	26	46	leading	lead	VERB
fbem-20427	26	47	to	to	ADP
fbem-20427	26	48	a	a	DET
fbem-20427	26	49	homogenization	homogenization	NOUN
fbem-20427	26	50	of	of	ADP
fbem-20427	26	51	financial	financial	ADJ
fbem-20427	26	52	asset	asset	NOUN
fbem-20427	26	53	choices	choice	NOUN
fbem-20427	26	54	and	and	CCONJ
fbem-20427	26	55	inefficiencies	inefficiency	NOUN
fbem-20427	26	56	.	.	PUNCT
fbem-20427	27	1	finally	finally	ADV
fbem-20427	27	2	,	,	PUNCT
fbem-20427	27	3	households	household	NOUN
fbem-20427	27	4	facing	face	VERB
fbem-20427	27	5	high	high	ADJ
fbem-20427	27	6	debt	debt	NOUN
fbem-20427	27	7	burdens	burden	NOUN
fbem-20427	27	8	have	have	VERB
fbem-20427	27	9	a	a	DET
fbem-20427	27	10	higher	high	ADJ
fbem-20427	27	11	degree	degree	NOUN
fbem-20427	27	12	of	of	ADP
fbem-20427	27	13	financial	financial	ADJ
fbem-20427	27	14	risk	risk	NOUN
fbem-20427	27	15	aversion	aversion	NOUN
fbem-20427	27	16	and	and	CCONJ
fbem-20427	27	17	a	a	DET
fbem-20427	27	18	lower	low	ADJ
fbem-20427	27	19	risk	risk	NOUN
fbem-20427	27	20	tolerance	tolerance	NOUN
fbem-20427	27	21	than	than	ADP
fbem-20427	27	22	households	household	NOUN
fbem-20427	27	23	with	with	ADP
fbem-20427	27	24	low	low	ADJ
fbem-20427	27	25	debt	debt	NOUN
fbem-20427	27	26	leverage	leverage	NOUN
fbem-20427	27	27	,	,	PUNCT
fbem-20427	27	28	and	and	CCONJ
fbem-20427	27	29	are	be	AUX
fbem-20427	27	30	more	more	ADV
fbem-20427	27	31	willing	willing	ADJ
fbem-20427	27	32	to	to	PART
fbem-20427	27	33	hold	hold	VERB
fbem-20427	27	34	low	low	ADJ
fbem-20427	27	35	-	-	PUNCT
fbem-20427	27	36	risk	risk	NOUN
fbem-20427	27	37	assets	asset	NOUN
fbem-20427	27	38	[	[	X
fbem-20427	27	39	7,8	7,8	NUM
fbem-20427	27	40	]	]	PUNCT
fbem-20427	27	41	.	.	PUNCT
fbem-20427	28	1	debt	debt	NOUN
fbem-20427	28	2	lowdebt	lowdebt	PROPN
fbem-20427	28	3	highdebt	highdebt	VERB
fbem-20427	28	4	asset	asset	NOUN
fbem-20427	28	5	liquidity	liquidity	NOUN
fbem-20427	28	6	constraints	constraint	NOUN
fbem-20427	28	7	debt	debt	NOUN
fbem-20427	28	8	crowding	crowd	VERB
fbem-20427	28	9	out	out	ADP
fbem-20427	28	10	effect	effect	NOUN
fbem-20427	28	11	risk	risk	NOUN
fbem-20427	28	12	aversion	aversion	NOUN
fbem-20427	28	13	level	level	NOUN
fbem-20427	28	14	smooth	smooth	ADJ
fbem-20427	28	15	household	household	NOUN
fbem-20427	28	16	consumption	consumption	NOUN
fbem-20427	28	17	participation	participation	NOUN
fbem-20427	28	18	in	in	ADP
fbem-20427	28	19	household	household	NOUN
fbem-20427	28	20	financial	financial	ADJ
fbem-20427	28	21	markets	market	NOUN
fbem-20427	28	22	+	+	CCONJ
fbem-20427	28	23	efficiency	efficiency	NOUN
fbem-20427	28	24	of	of	ADP
fbem-20427	28	25	household	household	NOUN
fbem-20427	28	26	financial	financial	ADJ
fbem-20427	28	27	asset	asset	NOUN
fbem-20427	28	28	allocation	allocation	NOUN
fbem-20427	28	29	figure	figure	NOUN
fbem-20427	28	30	1	1	NUM
fbem-20427	28	31	.	.	PUNCT
fbem-20427	28	32	mechanisms	mechanism	NOUN
fbem-20427	28	33	by	by	ADP
fbem-20427	28	34	which	which	PRON
fbem-20427	28	35	debt	debt	NOUN
fbem-20427	28	36	leverage	leverage	NOUN
fbem-20427	28	37	affects	affect	VERB
fbem-20427	28	38	household	household	NOUN
fbem-20427	28	39	financial	financial	ADJ
fbem-20427	28	40	asset	asset	NOUN
fbem-20427	28	41	allocation	allocation	NOUN
fbem-20427	28	42	3	3	PROPN
fbem-20427	28	43	.	.	PUNCT
fbem-20427	28	44	research	research	NOUN
fbem-20427	28	45	design	design	PROPN
fbem-20427	28	46	3.1	3.1	NUM
fbem-20427	28	47	.	.	PUNCT
fbem-20427	29	1	data	datum	NOUN
fbem-20427	29	2	sources	source	NOUN
fbem-20427	29	3	the	the	DET
fbem-20427	29	4	data	datum	NOUN
fbem-20427	29	5	in	in	ADP
fbem-20427	29	6	this	this	DET
fbem-20427	29	7	paper	paper	NOUN
fbem-20427	29	8	comes	come	VERB
fbem-20427	29	9	from	from	ADP
fbem-20427	29	10	the	the	DET
fbem-20427	29	11	china	china	PROPN
fbem-20427	29	12	household	household	NOUN
fbem-20427	29	13	finance	finance	NOUN
fbem-20427	29	14	survey	survey	NOUN
fbem-20427	29	15	(	(	PUNCT
fbem-20427	29	16	chfs	chfs	PROPN
fbem-20427	29	17	)	)	PUNCT
fbem-20427	29	18	conducted	conduct	VERB
fbem-20427	29	19	nationwide	nationwide	ADV
fbem-20427	29	20	by	by	ADP
fbem-20427	29	21	southwestern	southwestern	ADJ
fbem-20427	29	22	university	university	PROPN
fbem-20427	29	23	of	of	ADP
fbem-20427	29	24	finance	finance	NOUN
fbem-20427	29	25	and	and	CCONJ
fbem-20427	29	26	economics	economic	NOUN
fbem-20427	29	27	(	(	PUNCT
fbem-20427	29	28	swufe	swufe	NOUN
fbem-20427	29	29	)	)	PUNCT
fbem-20427	29	30	in	in	ADP
fbem-20427	29	31	2019.the	2019.the	DET
fbem-20427	29	32	chfs	chfs	NOUN
fbem-20427	29	33	mainly	mainly	ADV
fbem-20427	29	34	covers	cover	VERB
fbem-20427	29	35	financial	financial	ADJ
fbem-20427	29	36	information	information	NOUN
fbem-20427	29	37	related	relate	VERB
fbem-20427	29	38	to	to	ADP
fbem-20427	29	39	household	household	NOUN
fbem-20427	29	40	holdings	holding	NOUN
fbem-20427	29	41	of	of	ADP
fbem-20427	29	42	financial	financial	ADJ
fbem-20427	29	43	and	and	CCONJ
fbem-20427	29	44	non	non	ADJ
fbem-20427	29	45	-	-	ADJ
fbem-20427	29	46	financial	financial	ADJ
fbem-20427	29	47	assets	asset	NOUN
fbem-20427	29	48	,	,	PUNCT
fbem-20427	29	49	debt	debt	NOUN
fbem-20427	29	50	expenditure	expenditure	NOUN
fbem-20427	29	51	such	such	ADJ
fbem-20427	29	52	as	as	ADP
fbem-20427	29	53	housing	housing	NOUN
fbem-20427	29	54	liabilities	liability	NOUN
fbem-20427	29	55	and	and	CCONJ
fbem-20427	29	56	medical	medical	ADJ
fbem-20427	29	57	liabilities	liability	NOUN
fbem-20427	29	58	,	,	PUNCT
fbem-20427	29	59	household	household	NOUN
fbem-20427	29	60	income	income	NOUN
fbem-20427	29	61	and	and	CCONJ
fbem-20427	29	62	household	household	NOUN
fbem-20427	29	63	insurance	insurance	NOUN
fbem-20427	29	64	,	,	PUNCT
fbem-20427	29	65	and	and	CCONJ
fbem-20427	29	66	so	so	ADV
fbem-20427	29	67	on	on	ADV
fbem-20427	29	68	.	.	PUNCT
fbem-20427	30	1	basic	basic	ADJ
fbem-20427	30	2	information	information	NOUN
fbem-20427	30	3	also	also	ADV
fbem-20427	30	4	covers	cover	VERB
fbem-20427	30	5	financial	financial	ADJ
fbem-20427	30	6	information	information	NOUN
fbem-20427	30	7	on	on	ADP
fbem-20427	30	8	the	the	DET
fbem-20427	30	9	utilization	utilization	NOUN
fbem-20427	30	10	of	of	ADP
fbem-20427	30	11	various	various	ADJ
fbem-20427	30	12	types	type	NOUN
fbem-20427	30	13	of	of	ADP
fbem-20427	30	14	financial	financial	ADJ
fbem-20427	30	15	assets	asset	NOUN
fbem-20427	30	16	by	by	ADP
fbem-20427	30	17	households	household	NOUN
fbem-20427	30	18	,	,	PUNCT
fbem-20427	30	19	such	such	ADJ
fbem-20427	30	20	as	as	ADP
fbem-20427	30	21	deposits	deposit	NOUN
fbem-20427	30	22	,	,	PUNCT
fbem-20427	30	23	stocks	stock	NOUN
fbem-20427	30	24	,	,	PUNCT
fbem-20427	30	25	bonds	bond	NOUN
fbem-20427	30	26	,	,	PUNCT
fbem-20427	30	27	financial	financial	ADJ
fbem-20427	30	28	products	product	NOUN
fbem-20427	30	29	,	,	PUNCT
fbem-20427	30	30	gold	gold	NOUN
fbem-20427	30	31	and	and	CCONJ
fbem-20427	30	32	foreign	foreign	ADJ
fbem-20427	30	33	exchange	exchange	NOUN
fbem-20427	30	34	,	,	PUNCT
fbem-20427	30	35	and	and	CCONJ
fbem-20427	30	36	other	other	ADJ
fbem-20427	30	37	types	type	NOUN
fbem-20427	30	38	of	of	ADP
fbem-20427	30	39	financial	financial	ADJ
fbem-20427	30	40	assets	asset	NOUN
fbem-20427	30	41	.	.	PUNCT
fbem-20427	31	1	at	at	ADP
fbem-20427	31	2	the	the	DET
fbem-20427	31	3	same	same	ADJ
fbem-20427	31	4	time	time	NOUN
fbem-20427	31	5	,	,	PUNCT
fbem-20427	31	6	it	it	PRON
fbem-20427	31	7	also	also	ADV
fbem-20427	31	8	includes	include	VERB
fbem-20427	31	9	a	a	DET
fbem-20427	31	10	full	full	ADJ
fbem-20427	31	11	range	range	NOUN
fbem-20427	31	12	of	of	ADP
fbem-20427	31	13	information	information	NOUN
fbem-20427	31	14	on	on	ADP
fbem-20427	31	15	the	the	DET
fbem-20427	31	16	financial	financial	ADJ
fbem-20427	31	17	literacy	literacy	NOUN
fbem-20427	31	18	of	of	ADP
fbem-20427	31	19	each	each	DET
fbem-20427	31	20	member	member	NOUN
fbem-20427	31	21	of	of	ADP
fbem-20427	31	22	the	the	DET
fbem-20427	31	23	family	family	NOUN
fbem-20427	31	24	and	and	CCONJ
fbem-20427	31	25	the	the	DET
fbem-20427	31	26	possible	possible	ADJ
fbem-20427	31	27	economic	economic	ADJ
fbem-20427	31	28	behaviors	behavior	NOUN
fbem-20427	31	29	,	,	PUNCT
fbem-20427	31	30	which	which	PRON
fbem-20427	31	31	provides	provide	VERB
fbem-20427	31	32	good	good	ADJ
fbem-20427	31	33	data	datum	NOUN
fbem-20427	31	34	support	support	NOUN
fbem-20427	31	35	for	for	ADP
fbem-20427	31	36	the	the	DET
fbem-20427	31	37	research	research	NOUN
fbem-20427	31	38	of	of	ADP
fbem-20427	31	39	this	this	DET
fbem-20427	31	40	paper	paper	NOUN
fbem-20427	31	41	.	.	PUNCT
fbem-20427	32	1	in	in	ADP
fbem-20427	32	2	this	this	DET
fbem-20427	32	3	paper	paper	NOUN
fbem-20427	32	4	,	,	PUNCT
fbem-20427	32	5	in	in	ADP
fbem-20427	32	6	the	the	DET
fbem-20427	32	7	treatment	treatment	NOUN
fbem-20427	32	8	of	of	ADP
fbem-20427	32	9	data	datum	NOUN
fbem-20427	32	10	,	,	PUNCT
fbem-20427	32	11	excluding	exclude	VERB
fbem-20427	32	12	the	the	DET
fbem-20427	32	13	family	family	NOUN
fbem-20427	32	14	head	head	NOUN
fbem-20427	32	15	of	of	ADP
fbem-20427	32	16	household	household	NOUN
fbem-20427	32	17	age	age	NOUN
fbem-20427	32	18	less	less	ADJ
fbem-20427	32	19	than	than	ADP
fbem-20427	32	20	16	16	NUM
fbem-20427	32	21	years	year	NOUN
fbem-20427	32	22	old	old	ADJ
fbem-20427	32	23	,	,	PUNCT
fbem-20427	32	24	the	the	DET
fbem-20427	32	25	missing	miss	VERB
fbem-20427	32	26	value	value	NOUN
fbem-20427	32	27	data	datum	NOUN
fbem-20427	32	28	reorganization	reorganization	NOUN
fbem-20427	32	29	and	and	CCONJ
fbem-20427	32	30	the	the	DET
fbem-20427	32	31	data	datum	NOUN
fbem-20427	32	32	before	before	ADV
fbem-20427	32	33	and	and	CCONJ
fbem-20427	32	34	after	after	ADP
fbem-20427	32	35	1	1	NUM
fbem-20427	32	36	%	%	NOUN
fbem-20427	32	37	of	of	ADP
fbem-20427	32	38	the	the	DET
fbem-20427	32	39	data	datum	NOUN
fbem-20427	32	40	after	after	ADP
fbem-20427	32	41	shrinking	shrink	VERB
fbem-20427	32	42	the	the	DET
fbem-20427	32	43	tail	tail	NOUN
fbem-20427	32	44	to	to	PART
fbem-20427	32	45	get	get	VERB
fbem-20427	32	46	the	the	DET
fbem-20427	32	47	sample	sample	NOUN
fbem-20427	32	48	size	size	NOUN
fbem-20427	32	49	of	of	ADP
fbem-20427	32	50	this	this	DET
fbem-20427	32	51	paper	paper	NOUN
fbem-20427	32	52	17094	17094	NUM
fbem-20427	32	53	.	.	PUNCT
fbem-20427	33	1	3.2	3.2	NUM
fbem-20427	33	2	.	.	PUNCT
fbem-20427	33	3	definition	definition	NOUN
fbem-20427	33	4	of	of	ADP
fbem-20427	33	5	variables	variable	NOUN
fbem-20427	33	6	3.2.1	3.2.1	NUM
fbem-20427	33	7	.	.	PUNCT
fbem-20427	33	8	explained	explain	VERB
fbem-20427	33	9	variables	variable	NOUN
fbem-20427	33	10	this	this	DET
fbem-20427	33	11	paper	paper	NOUN
fbem-20427	33	12	adopts	adopt	VERB
fbem-20427	33	13	sharpe	sharpe	PROPN
fbem-20427	33	14	ratio	ratio	NOUN
fbem-20427	33	15	as	as	ADP
fbem-20427	33	16	a	a	DET
fbem-20427	33	17	measure	measure	NOUN
fbem-20427	33	18	of	of	ADP
fbem-20427	33	19	household	household	NOUN
fbem-20427	33	20	financial	financial	ADJ
fbem-20427	33	21	asset	asset	NOUN
fbem-20427	33	22	allocation	allocation	NOUN
fbem-20427	33	23	efficiency	efficiency	NOUN
fbem-20427	33	24	,	,	PUNCT
fbem-20427	33	25	and	and	CCONJ
fbem-20427	33	26	the	the	DET
fbem-20427	33	27	sharpe	sharpe	PROPN
fbem-20427	33	28	ratio	ratio	NOUN
fbem-20427	33	29	formula	formula	NOUN
fbem-20427	33	30	is	be	AUX
fbem-20427	33	31	used	use	VERB
fbem-20427	33	32	to	to	PART
fbem-20427	33	33	measure	measure	VERB
fbem-20427	33	34	the	the	DET
fbem-20427	33	35	efficiency	efficiency	NOUN
fbem-20427	33	36	of	of	ADP
fbem-20427	33	37	household	household	NOUN
fbem-20427	33	38	financial	financial	ADJ
fbem-20427	33	39	asset	asset	NOUN
fbem-20427	33	40	allocation[9	allocation[9	ADP
fbem-20427	33	41	]	]	PUNCT
fbem-20427	33	42	:	:	PUNCT
fbem-20427	33	43	(	(	PUNCT
fbem-20427	33	44	)	)	PUNCT
fbem-20427	34	1	pi	pi	NOUN
fbem-20427	34	2	f	f	PROPN
fbem-20427	35	1	i	i	PRON
fbem-20427	35	2	ip	ip	VERB
fbem-20427	35	3	e	e	VERB
fbem-20427	35	4	r	r	NOUN
fbem-20427	35	5	r	r	NOUN
fbem-20427	35	6	sharperatio	sharperatio	NOUN
fbem-20427	36	1			PROPN
fbem-20427	36	2			PROPN
fbem-20427	36	3			X
fbem-20427	36	4			PROPN
fbem-20427	36	5	1	1	NUM
fbem-20427	36	6	(	(	PUNCT
fbem-20427	36	7	)	)	PUNCT
fbem-20427	36	8	m	m	VERB
fbem-20427	36	9	pi	pi	NOUN
fbem-20427	36	10	j	j	PROPN
fbem-20427	36	11	jj	jj	PROPN
fbem-20427	36	12	e	e	PROPN
fbem-20427	36	13	r	r	NOUN
fbem-20427	36	14	w	w	PROPN
fbem-20427	36	15	r	r	NOUN
fbem-20427	36	16			NOUN
fbem-20427	36	17			NUM
fbem-20427	36	18			NOUN
fbem-20427	36	19	2	2	NUM
fbem-20427	36	20	1	1	NUM
fbem-20427	36	21	1	1	NUM
fbem-20427	36	22	(	(	PUNCT
fbem-20427	36	23	,	,	PUNCT
fbem-20427	36	24	)	)	PUNCT
fbem-20427	36	25	m	m	VERB
fbem-20427	36	26	m	m	VERB
fbem-20427	36	27	ip	ip	VERB
fbem-20427	36	28	ip	ip	ADV
fbem-20427	36	29	j	j	PROPN
fbem-20427	36	30	k	k	PROPN
fbem-20427	36	31	j	j	PROPN
fbem-20427	36	32	kj	kj	PROPN
fbem-20427	36	33	k	k	PROPN
fbem-20427	36	34	w	w	PROPN
fbem-20427	36	35	w	w	PROPN
fbem-20427	36	36	cov	cov	PROPN
fbem-20427	36	37	r	r	NOUN
fbem-20427	36	38	r	r	NOUN
fbem-20427	36	39			NUM
fbem-20427	36	40			NUM
fbem-20427	36	41			NOUN
fbem-20427	37	1			PRON
fbem-20427	38	1			NOUN
fbem-20427	38	2			X
fbem-20427	38	3			X
fbem-20427	38	4	(	(	PUNCT
fbem-20427	38	5	1	1	X
fbem-20427	38	6	)	)	PUNCT
fbem-20427	38	7	in	in	ADP
fbem-20427	38	8	equation(1	equation(1	PROPN
fbem-20427	38	9	)	)	PUNCT
fbem-20427	38	10	,	,	PUNCT
fbem-20427	38	11	sharperatioi	sharperatioi	NOUN
fbem-20427	38	12	denotes	denote	VERB
fbem-20427	38	13	the	the	DET
fbem-20427	38	14	sharpe	sharpe	PROPN
fbem-20427	38	15	ratio	ratio	NOUN
fbem-20427	38	16	of	of	ADP
fbem-20427	38	17	household	household	NOUN
fbem-20427	38	18	i	i	PROPN
fbem-20427	38	19	's	's	PART
fbem-20427	38	20	portfolio	portfolio	NOUN
fbem-20427	38	21	of	of	ADP
fbem-20427	38	22	financial	financial	ADJ
fbem-20427	38	23	assets	asset	NOUN
fbem-20427	38	24	,	,	PUNCT
fbem-20427	38	25	e(rpi	e(rpi	NOUN
fbem-20427	38	26	)	)	PUNCT
fbem-20427	38	27	denotes	denote	NOUN
fbem-20427	39	1	household	household	NOUN
fbem-20427	40	1	i	i	PRON
fbem-20427	40	2	's	's	PART
fbem-20427	40	3	expected	expect	VERB
fbem-20427	40	4	rate	rate	NOUN
fbem-20427	40	5	of	of	ADP
fbem-20427	40	6	return	return	NOUN
fbem-20427	40	7	on	on	ADP
fbem-20427	40	8	its	its	PRON
fbem-20427	40	9	portfolio	portfolio	NOUN
fbem-20427	40	10	of	of	ADP
fbem-20427	40	11	financial	financial	ADJ
fbem-20427	40	12	assets	asset	NOUN
fbem-20427	40	13	,	,	PUNCT
fbem-20427	40	14	rf	rf	VERB
fbem-20427	40	15	is	be	AUX
fbem-20427	40	16	the	the	DET
fbem-20427	40	17	risk	risk	NOUN
fbem-20427	40	18	-	-	PUNCT
fbem-20427	40	19	free	free	ADJ
fbem-20427	40	20	rate	rate	NOUN
fbem-20427	40	21	of	of	ADP
fbem-20427	40	22	return	return	NOUN
fbem-20427	40	23	(	(	PUNCT
fbem-20427	40	24	one	one	NUM
fbem-20427	40	25	-	-	PUNCT
fbem-20427	40	26	year	year	NOUN
fbem-20427	40	27	time	time	NOUN
fbem-20427	40	28	deposit	deposit	NOUN
fbem-20427	40	29	rate	rate	NOUN
fbem-20427	40	30	)	)	PUNCT
fbem-20427	40	31	,	,	PUNCT
fbem-20427	40	32	δ	δ	PROPN
fbem-20427	40	33	denotes	denote	VERB
fbem-20427	40	34	the	the	DET
fbem-20427	40	35	standard	standard	ADJ
fbem-20427	40	36	deviation	deviation	NOUN
fbem-20427	40	37	of	of	ADP
fbem-20427	40	38	household	household	NOUN
fbem-20427	40	39	i	i	PROPN
fbem-20427	40	40	's	's	PART
fbem-20427	40	41	portfolio	portfolio	NOUN
fbem-20427	40	42	of	of	ADP
fbem-20427	40	43	financial	financial	ADJ
fbem-20427	40	44	assets	asset	NOUN
fbem-20427	40	45	,	,	PUNCT
fbem-20427	40	46	wj	wj	PROPN
fbem-20427	40	47	is	be	AUX
fbem-20427	40	48	the	the	DET
fbem-20427	40	49	share	share	NOUN
fbem-20427	40	50	of	of	ADP
fbem-20427	40	51	various	various	ADJ
fbem-20427	40	52	financial	financial	ADJ
fbem-20427	40	53	assets	asset	NOUN
fbem-20427	40	54	in	in	ADP
fbem-20427	40	55	the	the	DET
fbem-20427	40	56	total	total	ADJ
fbem-20427	40	57	financial	financial	ADJ
fbem-20427	40	58	assets	asset	NOUN
fbem-20427	40	59	,	,	PUNCT
fbem-20427	40	60	and	and	CCONJ
fbem-20427	40	61	cov(rj	cov(rj	NOUN
fbem-20427	40	62	,	,	PUNCT
fbem-20427	40	63	rk	rk	PRON
fbem-20427	40	64	)	)	PUNCT
fbem-20427	40	65	is	be	AUX
fbem-20427	40	66	the	the	DET
fbem-20427	40	67	covariance	covariance	NOUN
fbem-20427	40	68	between	between	ADP
fbem-20427	40	69	the	the	DET
fbem-20427	40	70	returns	return	NOUN
fbem-20427	40	71	on	on	ADP
fbem-20427	40	72	each	each	DET
fbem-20427	40	73	financial	financial	ADJ
fbem-20427	40	74	asset	asset	NOUN
fbem-20427	40	75	.	.	PUNCT
fbem-20427	41	1	sharpe	sharpe	PROPN
fbem-20427	41	2	ratios	ratio	NOUN
fbem-20427	41	3	are	be	AUX
fbem-20427	41	4	denoted	denote	VERB
fbem-20427	41	5	by	by	ADP
fbem-20427	41	6	sharpe	sharpe	PROPN
fbem-20427	41	7	throughout	throughout	ADP
fbem-20427	41	8	the	the	DET
fbem-20427	41	9	following	following	NOUN
fbem-20427	41	10	.	.	PUNCT
fbem-20427	42	1	3.2.2	3.2.2	X
fbem-20427	42	2	.	.	PUNCT
fbem-20427	43	1	key	key	ADJ
fbem-20427	43	2	explanatory	explanatory	ADJ
fbem-20427	43	3	variables	variable	NOUN
fbem-20427	43	4	the	the	DET
fbem-20427	43	5	key	key	ADJ
fbem-20427	43	6	explanatory	explanatory	ADJ
fbem-20427	43	7	variable	variable	NOUN
fbem-20427	43	8	in	in	ADP
fbem-20427	43	9	this	this	DET
fbem-20427	43	10	paper	paper	NOUN
fbem-20427	43	11	is	be	AUX
fbem-20427	43	12	the	the	DET
fbem-20427	43	13	debt	debt	NOUN
fbem-20427	43	14	leverage	leverage	NOUN
fbem-20427	43	15	variable	variable	ADJ
fbem-20427	43	16	debt	debt	NOUN
fbem-20427	43	17	.	.	PUNCT
fbem-20427	44	1	debt	debt	NOUN
fbem-20427	44	2	leverage	leverage	NOUN
fbem-20427	44	3	is	be	AUX
fbem-20427	44	4	the	the	DET
fbem-20427	44	5	proportion	proportion	NOUN
fbem-20427	44	6	of	of	ADP
fbem-20427	44	7	total	total	ADJ
fbem-20427	44	8	household	household	NOUN
fbem-20427	44	9	debt	debt	NOUN
fbem-20427	44	10	to	to	ADP
fbem-20427	44	11	total	total	ADJ
fbem-20427	44	12	household	household	NOUN
fbem-20427	44	13	assets	asset	NOUN
fbem-20427	44	14	.	.	PUNCT
fbem-20427	45	1	28	28	NUM
fbem-20427	45	2	3.2.3	3.2.3	NUM
fbem-20427	45	3	.	.	PUNCT
fbem-20427	46	1	other	other	ADJ
fbem-20427	46	2	control	control	NOUN
fbem-20427	46	3	variables	variable	NOUN
fbem-20427	46	4	for	for	ADP
fbem-20427	46	5	the	the	DET
fbem-20427	46	6	selection	selection	NOUN
fbem-20427	46	7	of	of	ADP
fbem-20427	46	8	control	control	NOUN
fbem-20427	46	9	variables	variable	NOUN
fbem-20427	46	10	,	,	PUNCT
fbem-20427	46	11	household	household	NOUN
fbem-20427	46	12	head	head	NOUN
fbem-20427	46	13	characteristics	characteristic	NOUN
fbem-20427	46	14	and	and	CCONJ
fbem-20427	46	15	family	family	NOUN
fbem-20427	46	16	characteristics	characteristic	NOUN
fbem-20427	46	17	were	be	AUX
fbem-20427	46	18	selected	select	VERB
fbem-20427	46	19	as	as	ADP
fbem-20427	46	20	the	the	DET
fbem-20427	46	21	main	main	ADJ
fbem-20427	46	22	control	control	NOUN
fbem-20427	46	23	variables	variable	NOUN
fbem-20427	46	24	.	.	PUNCT
fbem-20427	47	1	in	in	ADP
fbem-20427	47	2	the	the	DET
fbem-20427	47	3	selection	selection	NOUN
fbem-20427	47	4	of	of	ADP
fbem-20427	47	5	household	household	NOUN
fbem-20427	47	6	characteristics	characteristic	NOUN
fbem-20427	47	7	variables	variable	NOUN
fbem-20427	47	8	,	,	PUNCT
fbem-20427	47	9	personal	personal	ADJ
fbem-20427	47	10	characteristics	characteristic	NOUN
fbem-20427	47	11	such	such	ADJ
fbem-20427	47	12	as	as	ADP
fbem-20427	47	13	age	age	NOUN
fbem-20427	47	14	,	,	PUNCT
fbem-20427	47	15	sex	sex	NOUN
fbem-20427	47	16	,	,	PUNCT
fbem-20427	47	17	degree	degree	NOUN
fbem-20427	47	18	,	,	PUNCT
fbem-20427	47	19	marriage	marriage	NOUN
fbem-20427	47	20	,	,	PUNCT
fbem-20427	47	21	health	health	NOUN
fbem-20427	47	22	and	and	CCONJ
fbem-20427	47	23	risk	risk	NOUN
fbem-20427	47	24	are	be	AUX
fbem-20427	47	25	included	include	VERB
fbem-20427	47	26	.	.	PUNCT
fbem-20427	48	1	the	the	DET
fbem-20427	48	2	household	household	NOUN
fbem-20427	48	3	characteristics	characteristic	NOUN
fbem-20427	48	4	variables	variable	NOUN
fbem-20427	48	5	include	include	VERB
fbem-20427	48	6	family	family	NOUN
fbem-20427	48	7	members	member	NOUN
fbem-20427	48	8	and	and	CCONJ
fbem-20427	48	9	lntotal	lntotal	ADJ
fbem-20427	48	10	income	income	NOUN
fbem-20427	48	11	.	.	PUNCT
fbem-20427	49	1	this	this	DET
fbem-20427	49	2	paper	paper	NOUN
fbem-20427	49	3	argues	argue	VERB
fbem-20427	49	4	that	that	SCONJ
fbem-20427	49	5	both	both	DET
fbem-20427	49	6	house	house	NOUN
fbem-20427	49	7	as	as	ADV
fbem-20427	49	8	well	well	ADV
fbem-20427	49	9	as	as	ADP
fbem-20427	49	10	tech	tech	NOUN
fbem-20427	49	11	affect	affect	VERB
fbem-20427	49	12	the	the	DET
fbem-20427	49	13	efficiency	efficiency	NOUN
fbem-20427	49	14	of	of	ADP
fbem-20427	49	15	indebted	indebted	ADJ
fbem-20427	49	16	households	household	NOUN
fbem-20427	49	17	'	'	PART
fbem-20427	49	18	allocation	allocation	NOUN
fbem-20427	49	19	to	to	ADP
fbem-20427	49	20	financial	financial	ADJ
fbem-20427	49	21	assets	asset	NOUN
fbem-20427	49	22	.	.	PUNCT
fbem-20427	50	1	in	in	ADP
fbem-20427	50	2	addition	addition	NOUN
fbem-20427	50	3	,	,	PUNCT
fbem-20427	50	4	fixed	fix	VERB
fbem-20427	50	5	effects	effect	NOUN
fbem-20427	50	6	at	at	ADP
fbem-20427	50	7	the	the	DET
fbem-20427	50	8	provincial	provincial	ADJ
fbem-20427	50	9	level	level	NOUN
fbem-20427	50	10	are	be	AUX
fbem-20427	50	11	controlled	control	VERB
fbem-20427	50	12	for	for	ADP
fbem-20427	50	13	in	in	ADP
fbem-20427	50	14	the	the	DET
fbem-20427	50	15	empirical	empirical	ADJ
fbem-20427	50	16	analyses	analysis	NOUN
fbem-20427	50	17	in	in	ADP
fbem-20427	50	18	the	the	DET
fbem-20427	50	19	subsequent	subsequent	ADJ
fbem-20427	50	20	sections	section	NOUN
fbem-20427	50	21	.	.	PUNCT
fbem-20427	51	1	table	table	NOUN
fbem-20427	51	2	2	2	NUM
fbem-20427	51	3	presents	present	VERB
fbem-20427	51	4	the	the	DET
fbem-20427	51	5	descriptive	descriptive	ADJ
fbem-20427	51	6	statistics	statistic	NOUN
fbem-20427	51	7	of	of	ADP
fbem-20427	51	8	the	the	DET
fbem-20427	51	9	variables	variable	NOUN
fbem-20427	51	10	in	in	ADP
fbem-20427	51	11	this	this	DET
fbem-20427	51	12	paper	paper	NOUN
fbem-20427	51	13	:	:	PUNCT
fbem-20427	51	14	table	table	NOUN
fbem-20427	51	15	1	1	NUM
fbem-20427	51	16	.	.	PUNCT
fbem-20427	51	17	descriptive	descriptive	ADJ
fbem-20427	51	18	statistics	statistic	NOUN
fbem-20427	51	19	for	for	ADP
fbem-20427	51	20	variables	variable	NOUN
fbem-20427	51	21	variable	variable	ADJ
fbem-20427	51	22	obs	obs	NOUN
fbem-20427	51	23	mean	mean	VERB
fbem-20427	51	24	std.dev	std.dev	PROPN
fbem-20427	51	25	.	.	PUNCT
fbem-20427	52	1	min	min	PROPN
fbem-20427	52	2	max	max	PROPN
fbem-20427	52	3	sharpe	sharpe	PROPN
fbem-20427	52	4	17094	17094	NUM
fbem-20427	52	5	0.024	0.024	NUM
fbem-20427	52	6	0.042	0.042	NUM
fbem-20427	52	7	0.000	0.000	NUM
fbem-20427	52	8	0.300	0.300	NUM
fbem-20427	52	9	debt	debt	NOUN
fbem-20427	52	10	17094	17094	NUM
fbem-20427	52	11	0.075	0.075	NUM
fbem-20427	52	12	0.176	0.176	NUM
fbem-20427	52	13	0.000	0.000	NUM
fbem-20427	52	14	0.790	0.790	NUM
fbem-20427	52	15	age	age	NOUN
fbem-20427	52	16	17094	17094	NUM
fbem-20427	52	17	54.759	54.759	NUM
fbem-20427	52	18	14.083	14.083	NUM
fbem-20427	52	19	24.000	24.000	NUM
fbem-20427	52	20	85.000	85.000	NUM
fbem-20427	52	21	sex	sex	NOUN
fbem-20427	52	22	17094	17094	NUM
fbem-20427	52	23	0.000	0.000	NUM
fbem-20427	52	24	0.000	0.000	NUM
fbem-20427	52	25	0.000	0.000	NUM
fbem-20427	52	26	1.000	1.000	NUM
fbem-20427	52	27	degree	degree	NOUN
fbem-20427	52	28	17094	17094	NUM
fbem-20427	52	29	3.497	3.497	NUM
fbem-20427	52	30	1.698	1.698	NUM
fbem-20427	52	31	1.000	1.000	NUM
fbem-20427	52	32	9.000	9.000	NUM
fbem-20427	52	33	marriage	marriage	NOUN
fbem-20427	52	34	17094	17094	NUM
fbem-20427	52	35	0.836	0.836	NUM
fbem-20427	52	36	0.370	0.370	NUM
fbem-20427	52	37	0.000	0.000	NUM
fbem-20427	52	38	1.000	1.000	NUM
fbem-20427	52	39	health	health	NOUN
fbem-20427	52	40	17094	17094	NUM
fbem-20427	52	41	2.717	2.717	NUM
fbem-20427	52	42	1.003	1.003	NUM
fbem-20427	52	43	1.000	1.000	NUM
fbem-20427	52	44	5.000	5.000	NUM
fbem-20427	52	45	risk	risk	NOUN
fbem-20427	52	46	17094	17094	NUM
fbem-20427	52	47	3.290	3.290	NUM
fbem-20427	52	48	1.688	1.688	NUM
fbem-20427	52	49	1.000	1.000	NUM
fbem-20427	52	50	5.000	5.000	NUM
fbem-20427	52	51	familymembers	familymember	NOUN
fbem-20427	52	52	17094	17094	NUM
fbem-20427	52	53	3.012	3.012	NUM
fbem-20427	52	54	1.468	1.468	NUM
fbem-20427	52	55	1.000	1.000	NUM
fbem-20427	52	56	7.000	7.000	NUM
fbem-20427	52	57	lntotal	lntotal	ADJ
fbem-20427	52	58	income	income	NOUN
fbem-20427	52	59	17094	17094	NUM
fbem-20427	52	60	10.311	10.311	NUM
fbem-20427	52	61	2.285	2.285	NUM
fbem-20427	52	62	0.000	0.000	NUM
fbem-20427	52	63	13.308	13.308	NUM
fbem-20427	52	64	house	house	NOUN
fbem-20427	52	65	17094	17094	NUM
fbem-20427	52	66	0.883	0.883	NUM
fbem-20427	52	67	0.321	0.321	NUM
fbem-20427	52	68	0.000	0.000	NUM
fbem-20427	52	69	1.000	1.000	NUM
fbem-20427	52	70	tech	tech	NOUN
fbem-20427	52	71	17094	17094	NUM
fbem-20427	52	72	0.729	0.729	NUM
fbem-20427	52	73	0.445	0.445	NUM
fbem-20427	52	74	0.000	0.000	NUM
fbem-20427	52	75	1.000	1.000	NUM
fbem-20427	52	76	3.3	3.3	NUM
fbem-20427	52	77	.	.	PUNCT
fbem-20427	53	1	modeling	model	VERB
fbem-20427	53	2	3.3.1	3.3.1	NUM
fbem-20427	53	3	.	.	PUNCT
fbem-20427	54	1	probit	probit	NOUN
fbem-20427	54	2	model	model	NOUN
fbem-20427	54	3	this	this	DET
fbem-20427	54	4	paper	paper	NOUN
fbem-20427	54	5	investigates	investigate	VERB
fbem-20427	54	6	whether	whether	SCONJ
fbem-20427	54	7	debt	debt	NOUN
fbem-20427	54	8	leverage	leverage	NOUN
fbem-20427	54	9	affects	affect	VERB
fbem-20427	54	10	households	household	NOUN
fbem-20427	54	11	'	'	PART
fbem-20427	54	12	participation	participation	NOUN
fbem-20427	54	13	in	in	ADP
fbem-20427	54	14	financial	financial	ADJ
fbem-20427	54	15	markets	market	NOUN
fbem-20427	54	16	for	for	ADP
fbem-20427	54	17	investment	investment	NOUN
fbem-20427	54	18	,	,	PUNCT
fbem-20427	54	19	with	with	ADP
fbem-20427	54	20	the	the	DET
fbem-20427	54	21	explanatory	explanatory	ADJ
fbem-20427	54	22	variable	variable	ADJ
fbem-20427	54	23	y	y	PROPN
fbem-20427	54	24	as	as	ADP
fbem-20427	54	25	a	a	DET
fbem-20427	54	26	dichotomous	dichotomous	ADJ
fbem-20427	54	27	variable	variable	NOUN
fbem-20427	54	28	.	.	PUNCT
fbem-20427	55	1	set	set	VERB
fbem-20427	55	2	the	the	DET
fbem-20427	55	3	value	value	NOUN
fbem-20427	55	4	of	of	ADP
fbem-20427	55	5	the	the	DET
fbem-20427	55	6	explanatory	explanatory	ADJ
fbem-20427	55	7	variable	variable	NOUN
fbem-20427	55	8	for	for	ADP
fbem-20427	55	9	households	household	NOUN
fbem-20427	55	10	participating	participate	VERB
fbem-20427	55	11	in	in	ADP
fbem-20427	55	12	the	the	DET
fbem-20427	55	13	financial	financial	ADJ
fbem-20427	55	14	market	market	NOUN
fbem-20427	55	15	for	for	ADP
fbem-20427	55	16	investment	investment	NOUN
fbem-20427	55	17	as	as	ADP
fbem-20427	55	18	1	1	NUM
fbem-20427	55	19	,	,	PUNCT
fbem-20427	55	20	and	and	CCONJ
fbem-20427	55	21	vice	vice	ADV
fbem-20427	55	22	versa	versa	NOUN
fbem-20427	55	23	as	as	ADP
fbem-20427	55	24	0	0	NUM
fbem-20427	55	25	.	.	PUNCT
fbem-20427	56	1	this	this	DET
fbem-20427	56	2	paper	paper	NOUN
fbem-20427	56	3	uses	use	VERB
fbem-20427	56	4	the	the	DET
fbem-20427	56	5	probit	probit	NOUN
fbem-20427	56	6	model	model	NOUN
fbem-20427	56	7	to	to	PART
fbem-20427	56	8	study	study	VERB
fbem-20427	56	9	whether	whether	SCONJ
fbem-20427	56	10	the	the	DET
fbem-20427	56	11	debt	debt	NOUN
fbem-20427	56	12	leverage	leverage	NOUN
fbem-20427	56	13	of	of	ADP
fbem-20427	56	14	residential	residential	ADJ
fbem-20427	56	15	households	household	NOUN
fbem-20427	56	16	affects	affect	VERB
fbem-20427	56	17	the	the	DET
fbem-20427	56	18	participation	participation	NOUN
fbem-20427	56	19	of	of	ADP
fbem-20427	56	20	households	household	NOUN
fbem-20427	56	21	in	in	ADP
fbem-20427	56	22	the	the	DET
fbem-20427	56	23	financial	financial	ADJ
fbem-20427	56	24	market	market	NOUN
fbem-20427	56	25	y.	y.	PROPN
fbem-20427	56	26	specifically	specifically	ADV
fbem-20427	56	27	,	,	PUNCT
fbem-20427	56	28	the	the	DET
fbem-20427	56	29	model	model	NOUN
fbem-20427	56	30	is	be	AUX
fbem-20427	56	31	set	set	VERB
fbem-20427	56	32	up	up	ADP
fbem-20427	56	33	as	as	SCONJ
fbem-20427	56	34	follows	follow	VERB
fbem-20427	56	35	:	:	PUNCT
fbem-20427	57	1	0	0	NUM
fbem-20427	57	2	1	1	NUM
fbem-20427	57	3	ip	ip	VERB
fbem-20427	57	4	2	2	NUM
fbem-20427	57	5	p	p	NOUN
fbem-20427	57	6	(	(	PUNCT
fbem-20427	57	7	1	1	NUM
fbem-20427	57	8	)	)	PUNCT
fbem-20427	57	9	(	(	PUNCT
fbem-20427	57	10	e	e	PROPN
fbem-20427	57	11	b	b	PROPN
fbem-20427	57	12	t	t	PROPN
fbem-20427	57	13	)	)	PUNCT
fbem-20427	57	14	ip	ip	NOUN
fbem-20427	57	15	ipprobit	ipprobit	NOUN
fbem-20427	58	1	y	y	PROPN
fbem-20427	58	2	d	d	PROPN
fbem-20427	59	1	x	x	PROPN
fbem-20427	60	1			PROPN
fbem-20427	60	2			NOUN
fbem-20427	60	3			NOUN
fbem-20427	60	4			PROPN
fbem-20427	60	5			PROPN
fbem-20427	60	6			ADV
fbem-20427	60	7			ADV
fbem-20427	60	8			PUNCT
fbem-20427	60	9	＝	＝	X
fbem-20427	60	10	(	(	PUNCT
fbem-20427	60	11	2	2	NUM
fbem-20427	60	12	)	)	PUNCT
fbem-20427	60	13	in	in	ADP
fbem-20427	60	14	equation	equation	NOUN
fbem-20427	60	15	(	(	PUNCT
fbem-20427	60	16	2	2	NUM
fbem-20427	60	17	)	)	PUNCT
fbem-20427	60	18	,	,	PUNCT
fbem-20427	60	19	i	i	PRON
fbem-20427	60	20	and	and	CCONJ
fbem-20427	60	21	p	p	NOUN
fbem-20427	60	22	denote	denote	VERB
fbem-20427	60	23	the	the	DET
fbem-20427	60	24	household	household	NOUN
fbem-20427	60	25	and	and	CCONJ
fbem-20427	60	26	the	the	DET
fbem-20427	60	27	province	province	NOUN
fbem-20427	60	28	,	,	PUNCT
fbem-20427	60	29	respectively	respectively	ADV
fbem-20427	60	30	,	,	PUNCT
fbem-20427	60	31	and	and	CCONJ
fbem-20427	60	32	yip	yip	PROPN
fbem-20427	60	33	denotes	denote	VERB
fbem-20427	60	34	the	the	DET
fbem-20427	60	35	household	household	NOUN
fbem-20427	60	36	's	's	PART
fbem-20427	60	37	participation	participation	NOUN
fbem-20427	60	38	in	in	ADP
fbem-20427	60	39	the	the	DET
fbem-20427	60	40	financial	financial	ADJ
fbem-20427	60	41	market	market	NOUN
fbem-20427	60	42	investment	investment	NOUN
fbem-20427	60	43	,	,	PUNCT
fbem-20427	60	44	when	when	SCONJ
fbem-20427	60	45	yip=1	yip=1	PROPN
fbem-20427	60	46	the	the	DET
fbem-20427	60	47	household	household	NOUN
fbem-20427	60	48	is	be	AUX
fbem-20427	60	49	considered	consider	VERB
fbem-20427	60	50	to	to	PART
fbem-20427	60	51	be	be	AUX
fbem-20427	60	52	investing	invest	VERB
fbem-20427	60	53	in	in	ADP
fbem-20427	60	54	financial	financial	ADJ
fbem-20427	60	55	assets	asset	NOUN
fbem-20427	60	56	(	(	PUNCT
fbem-20427	60	57	if	if	SCONJ
fbem-20427	60	58	the	the	DET
fbem-20427	60	59	household	household	NOUN
fbem-20427	60	60	invests	invest	NOUN
fbem-20427	60	61	in	in	ADP
fbem-20427	60	62	any	any	DET
fbem-20427	60	63	one	one	NUM
fbem-20427	60	64	or	or	CCONJ
fbem-20427	60	65	more	more	ADJ
fbem-20427	60	66	of	of	ADP
fbem-20427	60	67	the	the	DET
fbem-20427	60	68	four	four	NUM
fbem-20427	60	69	types	type	NOUN
fbem-20427	60	70	of	of	ADP
fbem-20427	60	71	financial	financial	ADJ
fbem-20427	60	72	assets	asset	NOUN
fbem-20427	60	73	,	,	PUNCT
fbem-20427	60	74	namely	namely	ADV
fbem-20427	60	75	,	,	PUNCT
fbem-20427	60	76	deposits	deposit	NOUN
fbem-20427	60	77	,	,	PUNCT
fbem-20427	60	78	stocks	stock	NOUN
fbem-20427	60	79	,	,	PUNCT
fbem-20427	60	80	bonds	bond	NOUN
fbem-20427	60	81	,	,	PUNCT
fbem-20427	60	82	or	or	CCONJ
fbem-20427	60	83	funds	fund	NOUN
fbem-20427	60	84	,	,	PUNCT
fbem-20427	60	85	it	it	PRON
fbem-20427	60	86	is	be	AUX
fbem-20427	60	87	considered	consider	VERB
fbem-20427	60	88	to	to	PART
fbem-20427	60	89	be	be	AUX
fbem-20427	60	90	participating	participate	VERB
fbem-20427	60	91	in	in	ADP
fbem-20427	60	92	the	the	DET
fbem-20427	60	93	financial	financial	ADJ
fbem-20427	60	94	market	market	NOUN
fbem-20427	60	95	)	)	PUNCT
fbem-20427	60	96	,	,	PUNCT
fbem-20427	60	97	otherwise	otherwise	ADV
fbem-20427	60	98	yip=0	yip=0	PROPN
fbem-20427	60	99	.	.	PROPN
fbem-20427	60	100	debtip	debtip	PROPN
fbem-20427	60	101	denotes	denote	VERB
fbem-20427	60	102	the	the	DET
fbem-20427	60	103	i	i	PROPN
fbem-20427	60	104	of	of	ADP
fbem-20427	60	105	the	the	DET
fbem-20427	60	106	province	province	NOUN
fbem-20427	60	107	p	p	PROPN
fbem-20427	60	108	household	household	NOUN
fbem-20427	60	109	's	's	PART
fbem-20427	60	110	debt	debt	NOUN
fbem-20427	60	111	leverage	leverage	NOUN
fbem-20427	60	112	,	,	PUNCT
fbem-20427	60	113	x	x	X
fbem-20427	60	114	is	be	AUX
fbem-20427	60	115	the	the	DET
fbem-20427	60	116	other	other	ADJ
fbem-20427	60	117	control	control	NOUN
fbem-20427	60	118	variables	variable	NOUN
fbem-20427	60	119	,	,	PUNCT
fbem-20427	60	120	φp	φp	ADP
fbem-20427	60	121	is	be	AUX
fbem-20427	60	122	the	the	DET
fbem-20427	60	123	province	province	NOUN
fbem-20427	60	124	fixed	fix	VERB
fbem-20427	60	125	effects	effect	NOUN
fbem-20427	60	126	,	,	PUNCT
fbem-20427	60	127	and	and	CCONJ
fbem-20427	60	128	εip	εip	NOUN
fbem-20427	60	129	is	be	AUX
fbem-20427	60	130	the	the	DET
fbem-20427	60	131	random	random	ADJ
fbem-20427	60	132	perturbation	perturbation	NOUN
fbem-20427	60	133	term	term	NOUN
fbem-20427	60	134	.	.	PUNCT
fbem-20427	61	1	3.3.2	3.3.2	X
fbem-20427	61	2	.	.	PUNCT
fbem-20427	62	1	ols	ol	NOUN
fbem-20427	62	2	model	model	VERB
fbem-20427	62	3	to	to	PART
fbem-20427	62	4	investigate	investigate	VERB
fbem-20427	62	5	the	the	DET
fbem-20427	62	6	extent	extent	NOUN
fbem-20427	62	7	to	to	PART
fbem-20427	62	8	which	which	PRON
fbem-20427	62	9	debt	debt	NOUN
fbem-20427	62	10	leverage	leverage	NOUN
fbem-20427	62	11	specifically	specifically	ADV
fbem-20427	62	12	affects	affect	VERB
fbem-20427	62	13	the	the	DET
fbem-20427	62	14	efficiency	efficiency	NOUN
fbem-20427	62	15	of	of	ADP
fbem-20427	62	16	household	household	NOUN
fbem-20427	62	17	financial	financial	ADJ
fbem-20427	62	18	asset	asset	NOUN
fbem-20427	62	19	allocation	allocation	NOUN
fbem-20427	62	20	.	.	PUNCT
fbem-20427	63	1	therefore	therefore	ADV
fbem-20427	63	2	,	,	PUNCT
fbem-20427	63	3	the	the	DET
fbem-20427	63	4	ols	ol	NOUN
fbem-20427	63	5	model	model	NOUN
fbem-20427	63	6	is	be	AUX
fbem-20427	63	7	used	use	VERB
fbem-20427	63	8	to	to	PART
fbem-20427	63	9	do	do	VERB
fbem-20427	63	10	the	the	DET
fbem-20427	63	11	benchmark	benchmark	NOUN
fbem-20427	63	12	regression	regression	NOUN
fbem-20427	63	13	.	.	PUNCT
fbem-20427	64	1	in	in	ADP
fbem-20427	64	2	equation	equation	NOUN
fbem-20427	64	3	(	(	PUNCT
fbem-20427	64	4	3	3	NUM
fbem-20427	64	5	)	)	PUNCT
fbem-20427	64	6	,	,	PUNCT
fbem-20427	64	7	i	i	PRON
fbem-20427	64	8	and	and	CCONJ
fbem-20427	64	9	p	p	NOUN
fbem-20427	64	10	denote	denote	NOUN
fbem-20427	64	11	households	household	NOUN
fbem-20427	64	12	and	and	CCONJ
fbem-20427	64	13	provinces	province	NOUN
fbem-20427	64	14	respectively	respectively	ADV
fbem-20427	64	15	,	,	PUNCT
fbem-20427	64	16	sharpe	sharpe	PROPN
fbem-20427	64	17	ratioip	ratioip	NOUN
fbem-20427	64	18	denotes	denote	VERB
fbem-20427	64	19	the	the	DET
fbem-20427	64	20	efficiency	efficiency	NOUN
fbem-20427	64	21	of	of	ADP
fbem-20427	64	22	household	household	NOUN
fbem-20427	64	23	financial	financial	ADJ
fbem-20427	64	24	asset	asset	NOUN
fbem-20427	64	25	allocation	allocation	NOUN
fbem-20427	64	26	of	of	ADP
fbem-20427	64	27	province	province	NOUN
fbem-20427	64	28	p	p	PROPN
fbem-20427	64	29	for	for	ADP
fbem-20427	64	30	i	i	PROPN
fbem-20427	64	31	,	,	PUNCT
fbem-20427	64	32	debtip	debtip	PROPN
fbem-20427	64	33	denotes	denote	VERB
fbem-20427	64	34	debt	debt	NOUN
fbem-20427	64	35	leverage	leverage	NOUN
fbem-20427	64	36	,	,	PUNCT
fbem-20427	64	37	x	x	X
fbem-20427	64	38	is	be	AUX
fbem-20427	64	39	other	other	ADJ
fbem-20427	64	40	control	control	NOUN
fbem-20427	64	41	variables	variable	NOUN
fbem-20427	64	42	,	,	PUNCT
fbem-20427	64	43	φp	φp	ADP
fbem-20427	64	44	is	be	AUX
fbem-20427	64	45	province	province	NOUN
fbem-20427	64	46	fixed	fix	VERB
fbem-20427	64	47	effects	effect	NOUN
fbem-20427	64	48	,	,	PUNCT
fbem-20427	64	49	and	and	CCONJ
fbem-20427	64	50	εip	εip	NOUN
fbem-20427	64	51	is	be	AUX
fbem-20427	64	52	a	a	DET
fbem-20427	64	53	random	random	ADJ
fbem-20427	64	54	perturbation	perturbation	NOUN
fbem-20427	64	55	term	term	NOUN
fbem-20427	64	56	,	,	PUNCT
fbem-20427	64	57	and	and	CCONJ
fbem-20427	64	58	the	the	DET
fbem-20427	64	59	model	model	NOUN
fbem-20427	64	60	is	be	AUX
fbem-20427	64	61	set	set	VERB
fbem-20427	64	62	up	up	ADP
fbem-20427	64	63	as	as	SCONJ
fbem-20427	64	64	follows	follow	VERB
fbem-20427	64	65	:	:	PUNCT
fbem-20427	64	66	0	0	NUM
fbem-20427	64	67	1	1	NUM
fbem-20427	64	68	2	2	NUM
fbem-20427	64	69	?	?	PUNCT
fbem-20427	65	1	ip	ip	VERB
fbem-20427	65	2	ip	ip	ADV
fbem-20427	65	3	p	p	ADJ
fbem-20427	65	4	ipsharpe	ipsharpe	PROPN
fbem-20427	65	5	ratio	ratio	NOUN
fbem-20427	65	6	y	y	PROPN
fbem-20427	65	7	y	y	PROPN
fbem-20427	65	8	debt	debt	NOUN
fbem-20427	65	9	y	y	PROPN
fbem-20427	65	10	x	x	SYM
fbem-20427	65	11			PROPN
fbem-20427	65	12			NOUN
fbem-20427	65	13			NOUN
fbem-20427	65	14			PUNCT
fbem-20427	65	15			PUNCT
fbem-20427	65	16			X
fbem-20427	65	17	(	(	PUNCT
fbem-20427	65	18	3	3	X
fbem-20427	65	19	)	)	PUNCT
fbem-20427	65	20	3.3.3	3.3.3	NUM
fbem-20427	65	21	.	.	PUNCT
fbem-20427	66	1	non	non	ADJ
fbem-20427	66	2	-	-	ADJ
fbem-20427	66	3	linear	linear	ADJ
fbem-20427	66	4	effect	effect	NOUN
fbem-20427	66	5	model	model	NOUN
fbem-20427	66	6	in	in	ADP
fbem-20427	66	7	order	order	NOUN
fbem-20427	66	8	to	to	PART
fbem-20427	66	9	specifically	specifically	ADV
fbem-20427	66	10	explore	explore	VERB
fbem-20427	66	11	whether	whether	SCONJ
fbem-20427	66	12	there	there	PRON
fbem-20427	66	13	is	be	VERB
fbem-20427	66	14	a	a	DET
fbem-20427	66	15	certain	certain	ADJ
fbem-20427	66	16	nonlinear	nonlinear	ADJ
fbem-20427	66	17	effect	effect	NOUN
fbem-20427	66	18	of	of	ADP
fbem-20427	66	19	debt	debt	NOUN
fbem-20427	66	20	leverage	leverage	NOUN
fbem-20427	66	21	on	on	ADP
fbem-20427	66	22	the	the	DET
fbem-20427	66	23	financial	financial	ADJ
fbem-20427	66	24	asset	asset	NOUN
fbem-20427	66	25	allocation	allocation	NOUN
fbem-20427	66	26	of	of	ADP
fbem-20427	66	27	debt	debt	NOUN
fbem-20427	66	28	households	household	NOUN
fbem-20427	66	29	.	.	PUNCT
fbem-20427	67	1	this	this	DET
fbem-20427	67	2	paper	paper	NOUN
fbem-20427	67	3	adds	add	VERB
fbem-20427	67	4	a	a	DET
fbem-20427	67	5	quadratic	quadratic	ADJ
fbem-20427	67	6	term	term	NOUN
fbem-20427	67	7	debt2ip	debt2ip	NOUN
fbem-20427	67	8	to	to	ADP
fbem-20427	67	9	the	the	DET
fbem-20427	67	10	baseline	baseline	PROPN
fbem-20427	67	11	regression	regression	NOUN
fbem-20427	67	12	model	model	NOUN
fbem-20427	67	13	to	to	PART
fbem-20427	67	14	further	far	ADV
fbem-20427	67	15	extend	extend	VERB
fbem-20427	67	16	equation	equation	NOUN
fbem-20427	67	17	(	(	PUNCT
fbem-20427	67	18	3	3	NUM
fbem-20427	67	19	)	)	PUNCT
fbem-20427	67	20	.	.	PUNCT
fbem-20427	68	1	the	the	DET
fbem-20427	68	2	nonlinear	nonlinear	ADJ
fbem-20427	68	3	effect	effect	NOUN
fbem-20427	68	4	of	of	ADP
fbem-20427	68	5	debt	debt	NOUN
fbem-20427	68	6	leverage	leverage	NOUN
fbem-20427	68	7	on	on	ADP
fbem-20427	68	8	the	the	DET
fbem-20427	68	9	efficiency	efficiency	NOUN
fbem-20427	68	10	of	of	ADP
fbem-20427	68	11	households	household	NOUN
fbem-20427	68	12	'	'	PART
fbem-20427	68	13	financial	financial	ADJ
fbem-20427	68	14	asset	asset	NOUN
fbem-20427	68	15	allocation	allocation	NOUN
fbem-20427	68	16	is	be	AUX
fbem-20427	68	17	discussed	discuss	VERB
fbem-20427	68	18	by	by	ADP
fbem-20427	68	19	calculating	calculate	VERB
fbem-20427	68	20	the	the	DET
fbem-20427	68	21	debt	debt	NOUN
fbem-20427	68	22	coefficient	coefficient	NOUN
fbem-20427	68	23	of	of	ADP
fbem-20427	68	24	equation	equation	NOUN
fbem-20427	68	25	(	(	PUNCT
fbem-20427	68	26	4	4	NUM
fbem-20427	68	27	)	)	PUNCT
fbem-20427	68	28	.	.	PUNCT
fbem-20427	69	1	in	in	ADP
fbem-20427	69	2	addition	addition	NOUN
fbem-20427	69	3	,	,	PUNCT
fbem-20427	69	4	the	the	DET
fbem-20427	69	5	critical	critical	ADJ
fbem-20427	69	6	level	level	NOUN
fbem-20427	69	7	of	of	ADP
fbem-20427	69	8	debt	debt	NOUN
fbem-20427	69	9	leverage	leverage	NOUN
fbem-20427	69	10	is	be	AUX
fbem-20427	69	11	debt	debt	NOUN
fbem-20427	69	12	*	*	PUNCT
fbem-20427	69	13	,	,	PUNCT
fbem-20427	69	14	when	when	SCONJ
fbem-20427	69	15	debt	debt	NOUN
fbem-20427	69	16	is	be	AUX
fbem-20427	69	17	lower	low	ADJ
fbem-20427	69	18	than	than	ADP
fbem-20427	69	19	debt	debt	NOUN
fbem-20427	69	20	*	*	PUNCT
fbem-20427	69	21	will	will	AUX
fbem-20427	69	22	lead	lead	VERB
fbem-20427	69	23	to	to	ADP
fbem-20427	69	24	a	a	DET
fbem-20427	69	25	decrease	decrease	NOUN
fbem-20427	69	26	in	in	ADP
fbem-20427	69	27	the	the	DET
fbem-20427	69	28	efficiency	efficiency	NOUN
fbem-20427	69	29	of	of	ADP
fbem-20427	69	30	household	household	NOUN
fbem-20427	69	31	financial	financial	ADJ
fbem-20427	69	32	asset	asset	NOUN
fbem-20427	69	33	allocation	allocation	NOUN
fbem-20427	69	34	,	,	PUNCT
fbem-20427	69	35	and	and	CCONJ
fbem-20427	69	36	debt	debt	NOUN
fbem-20427	69	37	leverage	leverage	NOUN
fbem-20427	69	38	higher	high	ADJ
fbem-20427	69	39	than	than	ADP
fbem-20427	69	40	this	this	DET
fbem-20427	69	41	level	level	NOUN
fbem-20427	69	42	will	will	AUX
fbem-20427	69	43	enhance	enhance	VERB
fbem-20427	69	44	the	the	DET
fbem-20427	69	45	efficiency	efficiency	NOUN
fbem-20427	69	46	of	of	ADP
fbem-20427	69	47	household	household	NOUN
fbem-20427	69	48	financial	financial	ADJ
fbem-20427	69	49	asset	asset	NOUN
fbem-20427	69	50	allocation	allocation	NOUN
fbem-20427	69	51	,	,	PUNCT
fbem-20427	69	52	which	which	PRON
fbem-20427	69	53	will	will	AUX
fbem-20427	69	54	be	be	AUX
fbem-20427	69	55	set	set	VERB
fbem-20427	69	56	up	up	ADP
fbem-20427	69	57	in	in	ADP
fbem-20427	69	58	the	the	DET
fbem-20427	69	59	model	model	NOUN
fbem-20427	69	60	as	as	SCONJ
fbem-20427	69	61	follows	follow	VERB
fbem-20427	69	62	:	:	PUNCT
fbem-20427	69	63	2	2	NUM
fbem-20427	69	64	0	0	NUM
fbem-20427	69	65	1	1	NUM
fbem-20427	69	66	1	1	NUM
fbem-20427	69	67	2	2	NUM
fbem-20427	69	68	?	?	NOUN
fbem-20427	69	69	ip	ip	NOUN
fbem-20427	69	70	ip	ip	NOUN
fbem-20427	69	71	ip	ip	NOUN
fbem-20427	69	72	p	p	ADJ
fbem-20427	69	73	ipsharpe	ipsharpe	ADJ
fbem-20427	69	74	ratio	ratio	NOUN
fbem-20427	69	75	y	y	PROPN
fbem-20427	69	76	y	y	PROPN
fbem-20427	70	1	debt	debt	PROPN
fbem-20427	70	2	y	y	PROPN
fbem-20427	70	3	debt	debt	NOUN
fbem-20427	70	4	y	y	PROPN
fbem-20427	70	5	x	x	PROPN
fbem-20427	70	6			NOUN
fbem-20427	70	7			VERB
fbem-20427	70	8			ADV
fbem-20427	70	9			PROPN
fbem-20427	70	10			PROPN
fbem-20427	70	11			PUNCT
fbem-20427	70	12			X
fbem-20427	70	13	(	(	PUNCT
fbem-20427	70	14	4	4	NUM
fbem-20427	70	15	)	)	PUNCT
fbem-20427	70	16	4	4	NUM
fbem-20427	70	17	.	.	PUNCT
fbem-20427	70	18	empirical	empirical	ADJ
fbem-20427	70	19	results	result	NOUN
fbem-20427	70	20	and	and	CCONJ
fbem-20427	70	21	analysis	analysis	NOUN
fbem-20427	70	22	4.1	4.1	NUM
fbem-20427	70	23	.	.	PUNCT
fbem-20427	71	1	baseline	baseline	PROPN
fbem-20427	71	2	regression	regression	NOUN
fbem-20427	71	3	this	this	DET
fbem-20427	71	4	paper	paper	NOUN
fbem-20427	71	5	first	first	ADV
fbem-20427	71	6	empirically	empirically	ADV
fbem-20427	71	7	tests	test	VERB
fbem-20427	71	8	the	the	DET
fbem-20427	71	9	relationship	relationship	NOUN
fbem-20427	71	10	between	between	ADP
fbem-20427	71	11	debt	debt	NOUN
fbem-20427	71	12	leverage	leverage	NOUN
fbem-20427	71	13	and	and	CCONJ
fbem-20427	71	14	household	household	NOUN
fbem-20427	71	15	financial	financial	ADJ
fbem-20427	71	16	asset	asset	NOUN
fbem-20427	71	17	allocation	allocation	NOUN
fbem-20427	71	18	.	.	PUNCT
fbem-20427	72	1	column	column	NOUN
fbem-20427	72	2	(	(	PUNCT
fbem-20427	72	3	1	1	X
fbem-20427	72	4	)	)	PUNCT
fbem-20427	72	5	in	in	ADP
fbem-20427	72	6	table	table	NOUN
fbem-20427	72	7	2	2	NUM
fbem-20427	72	8	presents	present	VERB
fbem-20427	72	9	the	the	DET
fbem-20427	72	10	results	result	NOUN
fbem-20427	72	11	of	of	ADP
fbem-20427	72	12	probit	probit	NOUN
fbem-20427	72	13	's	's	PART
fbem-20427	72	14	marginal	marginal	ADJ
fbem-20427	72	15	effects	effect	NOUN
fbem-20427	72	16	,	,	PUNCT
fbem-20427	72	17	and	and	CCONJ
fbem-20427	72	18	the	the	DET
fbem-20427	72	19	estimated	estimate	VERB
fbem-20427	72	20	coefficient	coefficient	NOUN
fbem-20427	72	21	of	of	ADP
fbem-20427	72	22	debt	debt	NOUN
fbem-20427	72	23	leverage	leverage	NOUN
fbem-20427	72	24	is	be	AUX
fbem-20427	72	25	0.8022	0.8022	NUM
fbem-20427	72	26	and	and	CCONJ
fbem-20427	72	27	is	be	AUX
fbem-20427	72	28	significant	significant	ADJ
fbem-20427	72	29	at	at	ADP
fbem-20427	72	30	the	the	DET
fbem-20427	72	31	1	1	NUM
fbem-20427	72	32	%	%	NOUN
fbem-20427	72	33	significance	significance	NOUN
fbem-20427	72	34	level	level	NOUN
fbem-20427	72	35	,	,	PUNCT
fbem-20427	72	36	reflecting	reflect	VERB
fbem-20427	72	37	the	the	DET
fbem-20427	72	38	fact	fact	NOUN
fbem-20427	72	39	that	that	SCONJ
fbem-20427	72	40	household	household	NOUN
fbem-20427	72	41	debt	debt	NOUN
fbem-20427	72	42	leverage	leverage	NOUN
fbem-20427	72	43	significantly	significantly	ADV
fbem-20427	72	44	affects	affect	VERB
fbem-20427	72	45	households	household	NOUN
fbem-20427	72	46	'	'	PART
fbem-20427	72	47	participation	participation	NOUN
fbem-20427	72	48	in	in	ADP
fbem-20427	72	49	the	the	DET
fbem-20427	72	50	financial	financial	ADJ
fbem-20427	72	51	market	market	NOUN
fbem-20427	72	52	.	.	PUNCT
fbem-20427	73	1	column	column	NOUN
fbem-20427	73	2	(	(	PUNCT
fbem-20427	73	3	2	2	X
fbem-20427	73	4	)	)	PUNCT
fbem-20427	73	5	presents	present	VERB
fbem-20427	73	6	the	the	DET
fbem-20427	73	7	results	result	NOUN
fbem-20427	73	8	of	of	ADP
fbem-20427	73	9	the	the	DET
fbem-20427	73	10	baseline	baseline	ADJ
fbem-20427	73	11	linear	linear	PROPN
fbem-20427	73	12	regression	regression	NOUN
fbem-20427	73	13	of	of	ADP
fbem-20427	73	14	the	the	DET
fbem-20427	73	15	effect	effect	NOUN
fbem-20427	73	16	of	of	ADP
fbem-20427	73	17	debt	debt	NOUN
fbem-20427	73	18	leverage	leverage	NOUN
fbem-20427	73	19	on	on	ADP
fbem-20427	73	20	the	the	DET
fbem-20427	73	21	efficiency	efficiency	NOUN
fbem-20427	73	22	of	of	ADP
fbem-20427	73	23	household	household	NOUN
fbem-20427	73	24	financial	financial	ADJ
fbem-20427	73	25	asset	asset	NOUN
fbem-20427	73	26	allocation	allocation	NOUN
fbem-20427	73	27	,	,	PUNCT
fbem-20427	73	28	with	with	ADP
fbem-20427	73	29	an	an	DET
fbem-20427	73	30	estimated	estimate	VERB
fbem-20427	73	31	coefficient	coefficient	NOUN
fbem-20427	73	32	of	of	ADP
fbem-20427	73	33	-0.0120	-0.0120	NOUN
fbem-20427	73	34	,	,	PUNCT
fbem-20427	73	35	which	which	PRON
fbem-20427	73	36	is	be	AUX
fbem-20427	73	37	also	also	ADV
fbem-20427	73	38	significant	significant	ADJ
fbem-20427	73	39	at	at	ADP
fbem-20427	73	40	the	the	DET
fbem-20427	73	41	1	1	NUM
fbem-20427	73	42	%	%	NOUN
fbem-20427	73	43	level	level	NOUN
fbem-20427	73	44	.	.	PUNCT
fbem-20427	74	1	thus	thus	ADV
fbem-20427	74	2	the	the	DET
fbem-20427	74	3	hypothesis	hypothesis	NOUN
fbem-20427	74	4	h	h	NOUN
fbem-20427	74	5	of	of	ADP
fbem-20427	74	6	this	this	DET
fbem-20427	74	7	paper	paper	NOUN
fbem-20427	74	8	is	be	AUX
fbem-20427	74	9	preliminarily	preliminarily	ADV
fbem-20427	74	10	tested	test	VERB
fbem-20427	74	11	.	.	PUNCT
fbem-20427	75	1	in	in	ADP
fbem-20427	75	2	terms	term	NOUN
fbem-20427	75	3	of	of	ADP
fbem-20427	75	4	control	control	NOUN
fbem-20427	75	5	variables	variable	NOUN
fbem-20427	75	6	,	,	PUNCT
fbem-20427	75	7	the	the	DET
fbem-20427	75	8	number	number	NOUN
fbem-20427	75	9	of	of	ADP
fbem-20427	75	10	family	family	NOUN
fbem-20427	75	11	members	member	NOUN
fbem-20427	75	12	has	have	VERB
fbem-20427	75	13	a	a	DET
fbem-20427	75	14	significant	significant	ADJ
fbem-20427	75	15	negative	negative	ADJ
fbem-20427	75	16	effect	effect	NOUN
fbem-20427	75	17	on	on	ADP
fbem-20427	75	18	the	the	DET
fbem-20427	75	19	efficiency	efficiency	NOUN
fbem-20427	75	20	of	of	ADP
fbem-20427	75	21	the	the	DET
fbem-20427	75	22	household	household	NOUN
fbem-20427	75	23	's	's	PART
fbem-20427	75	24	financial	financial	ADJ
fbem-20427	75	25	asset	asset	NOUN
fbem-20427	75	26	allocation	allocation	NOUN
fbem-20427	75	27	,	,	PUNCT
fbem-20427	75	28	which	which	PRON
fbem-20427	75	29	may	may	AUX
fbem-20427	75	30	be	be	AUX
fbem-20427	75	31	due	due	ADJ
fbem-20427	75	32	to	to	ADP
fbem-20427	75	33	the	the	DET
fbem-20427	75	34	fact	fact	NOUN
fbem-20427	75	35	that	that	SCONJ
fbem-20427	75	36	an	an	DET
fbem-20427	75	37	increase	increase	NOUN
fbem-20427	75	38	in	in	ADP
fbem-20427	75	39	the	the	DET
fbem-20427	75	40	number	number	NOUN
fbem-20427	75	41	of	of	ADP
fbem-20427	75	42	family	family	NOUN
fbem-20427	75	43	members	member	NOUN
fbem-20427	75	44	leads	lead	VERB
fbem-20427	75	45	to	to	ADP
fbem-20427	75	46	a	a	DET
fbem-20427	75	47	lack	lack	NOUN
fbem-20427	75	48	of	of	ADP
fbem-20427	75	49	financial	financial	ADJ
fbem-20427	75	50	resources	resource	NOUN
fbem-20427	75	51	,	,	PUNCT
fbem-20427	75	52	which	which	PRON
fbem-20427	75	53	reduces	reduce	VERB
fbem-20427	75	54	the	the	DET
fbem-20427	75	55	demand	demand	NOUN
fbem-20427	75	56	for	for	ADP
fbem-20427	75	57	financial	financial	ADJ
fbem-20427	75	58	assets	asset	NOUN
fbem-20427	75	59	and	and	CCONJ
fbem-20427	75	60	thus	thus	ADV
fbem-20427	75	61	reduces	reduce	VERB
fbem-20427	75	62	the	the	DET
fbem-20427	75	63	efficiency	efficiency	NOUN
fbem-20427	75	64	of	of	ADP
fbem-20427	75	65	29	29	NUM
fbem-20427	75	66	the	the	DET
fbem-20427	75	67	household	household	NOUN
fbem-20427	75	68	's	's	PART
fbem-20427	75	69	financial	financial	ADJ
fbem-20427	75	70	asset	asset	NOUN
fbem-20427	75	71	portfolio	portfolio	NOUN
fbem-20427	75	72	.	.	PUNCT
fbem-20427	76	1	households	household	NOUN
fbem-20427	76	2	with	with	ADP
fbem-20427	76	3	risk	risk	NOUN
fbem-20427	76	4	averse	averse	ADJ
fbem-20427	76	5	attitude	attitude	NOUN
fbem-20427	76	6	will	will	AUX
fbem-20427	76	7	reduce	reduce	VERB
fbem-20427	76	8	the	the	DET
fbem-20427	76	9	efficiency	efficiency	NOUN
fbem-20427	76	10	of	of	ADP
fbem-20427	76	11	their	their	PRON
fbem-20427	76	12	financial	financial	ADJ
fbem-20427	76	13	asset	asset	NOUN
fbem-20427	76	14	allocation	allocation	NOUN
fbem-20427	76	15	to	to	ADP
fbem-20427	76	16	some	some	DET
fbem-20427	76	17	extent	extent	NOUN
fbem-20427	76	18	.	.	PUNCT
fbem-20427	77	1	the	the	DET
fbem-20427	77	2	coefficient	coefficient	NOUN
fbem-20427	77	3	of	of	ADP
fbem-20427	77	4	education	education	NOUN
fbem-20427	77	5	level	level	NOUN
fbem-20427	77	6	is	be	AUX
fbem-20427	77	7	significantly	significantly	ADV
fbem-20427	77	8	positive	positive	ADJ
fbem-20427	77	9	because	because	SCONJ
fbem-20427	77	10	households	household	NOUN
fbem-20427	77	11	with	with	ADP
fbem-20427	77	12	higher	high	ADJ
fbem-20427	77	13	education	education	NOUN
fbem-20427	77	14	level	level	NOUN
fbem-20427	77	15	have	have	VERB
fbem-20427	77	16	a	a	DET
fbem-20427	77	17	more	more	ADV
fbem-20427	77	18	rational	rational	ADJ
fbem-20427	77	19	portfolio	portfolio	NOUN
fbem-20427	77	20	of	of	ADP
fbem-20427	77	21	financial	financial	ADJ
fbem-20427	77	22	assets	asset	NOUN
fbem-20427	77	23	and	and	CCONJ
fbem-20427	77	24	a	a	DET
fbem-20427	77	25	more	more	ADV
fbem-20427	77	26	efficient	efficient	ADJ
fbem-20427	77	27	allocation	allocation	NOUN
fbem-20427	77	28	of	of	ADP
fbem-20427	77	29	financial	financial	ADJ
fbem-20427	77	30	assets	asset	NOUN
fbem-20427	77	31	.	.	PUNCT
fbem-20427	78	1	the	the	DET
fbem-20427	78	2	effect	effect	NOUN
fbem-20427	78	3	of	of	ADP
fbem-20427	78	4	the	the	DET
fbem-20427	78	5	health	health	NOUN
fbem-20427	78	6	level	level	NOUN
fbem-20427	78	7	of	of	ADP
fbem-20427	78	8	the	the	DET
fbem-20427	78	9	head	head	NOUN
fbem-20427	78	10	of	of	ADP
fbem-20427	78	11	the	the	DET
fbem-20427	78	12	household	household	NOUN
fbem-20427	78	13	on	on	ADP
fbem-20427	78	14	the	the	DET
fbem-20427	78	15	efficiency	efficiency	NOUN
fbem-20427	78	16	of	of	ADP
fbem-20427	78	17	financial	financial	ADJ
fbem-20427	78	18	asset	asset	NOUN
fbem-20427	78	19	allocation	allocation	NOUN
fbem-20427	78	20	is	be	AUX
fbem-20427	78	21	significantly	significantly	ADV
fbem-20427	78	22	negative	negative	ADJ
fbem-20427	78	23	,	,	PUNCT
fbem-20427	78	24	so	so	SCONJ
fbem-20427	78	25	that	that	SCONJ
fbem-20427	78	26	poor	poor	ADJ
fbem-20427	78	27	health	health	NOUN
fbem-20427	78	28	of	of	ADP
fbem-20427	78	29	the	the	DET
fbem-20427	78	30	investor	investor	NOUN
fbem-20427	78	31	will	will	AUX
fbem-20427	78	32	also	also	ADV
fbem-20427	78	33	affect	affect	VERB
fbem-20427	78	34	the	the	DET
fbem-20427	78	35	overall	overall	ADJ
fbem-20427	78	36	financial	financial	ADJ
fbem-20427	78	37	asset	asset	NOUN
fbem-20427	78	38	choice	choice	NOUN
fbem-20427	78	39	of	of	ADP
fbem-20427	78	40	the	the	DET
fbem-20427	78	41	household	household	NOUN
fbem-20427	78	42	.	.	PUNCT
fbem-20427	79	1	the	the	DET
fbem-20427	79	2	coefficient	coefficient	NOUN
fbem-20427	79	3	of	of	ADP
fbem-20427	79	4	information	information	NOUN
fbem-20427	79	5	technology	technology	NOUN
fbem-20427	79	6	use	use	NOUN
fbem-20427	79	7	is	be	AUX
fbem-20427	79	8	significantly	significantly	ADV
fbem-20427	79	9	positive	positive	ADJ
fbem-20427	79	10	,	,	PUNCT
fbem-20427	79	11	indicating	indicate	VERB
fbem-20427	79	12	that	that	SCONJ
fbem-20427	79	13	the	the	DET
fbem-20427	79	14	use	use	NOUN
fbem-20427	79	15	of	of	ADP
fbem-20427	79	16	smart	smart	ADJ
fbem-20427	79	17	information	information	NOUN
fbem-20427	79	18	technology	technology	NOUN
fbem-20427	79	19	by	by	ADP
fbem-20427	79	20	households	household	NOUN
fbem-20427	79	21	will	will	AUX
fbem-20427	79	22	increase	increase	VERB
fbem-20427	79	23	the	the	DET
fbem-20427	79	24	effectiveness	effectiveness	NOUN
fbem-20427	79	25	of	of	ADP
fbem-20427	79	26	asset	asset	NOUN
fbem-20427	79	27	allocation	allocation	NOUN
fbem-20427	79	28	.	.	PUNCT
fbem-20427	80	1	the	the	DET
fbem-20427	80	2	coefficient	coefficient	NOUN
fbem-20427	80	3	of	of	ADP
fbem-20427	80	4	income	income	NOUN
fbem-20427	80	5	on	on	ADP
fbem-20427	80	6	the	the	DET
fbem-20427	80	7	efficiency	efficiency	NOUN
fbem-20427	80	8	of	of	ADP
fbem-20427	80	9	financial	financial	ADJ
fbem-20427	80	10	asset	asset	NOUN
fbem-20427	80	11	allocation	allocation	NOUN
fbem-20427	80	12	is	be	AUX
fbem-20427	80	13	positive	positive	ADJ
fbem-20427	80	14	,	,	PUNCT
fbem-20427	80	15	indicating	indicate	VERB
fbem-20427	80	16	that	that	SCONJ
fbem-20427	80	17	when	when	SCONJ
fbem-20427	80	18	household	household	NOUN
fbem-20427	80	19	income	income	NOUN
fbem-20427	80	20	is	be	AUX
fbem-20427	80	21	higher	high	ADJ
fbem-20427	80	22	,	,	PUNCT
fbem-20427	80	23	the	the	DET
fbem-20427	80	24	efficiency	efficiency	NOUN
fbem-20427	80	25	of	of	ADP
fbem-20427	80	26	financial	financial	ADJ
fbem-20427	80	27	asset	asset	NOUN
fbem-20427	80	28	allocation	allocation	NOUN
fbem-20427	80	29	will	will	AUX
fbem-20427	80	30	be	be	AUX
fbem-20427	80	31	enhanced	enhance	VERB
fbem-20427	80	32	by	by	ADP
fbem-20427	80	33	holding	hold	VERB
fbem-20427	80	34	more	more	ADJ
fbem-20427	80	35	liquid	liquid	ADJ
fbem-20427	80	36	funds	fund	NOUN
fbem-20427	80	37	.	.	PUNCT
fbem-20427	81	1	table	table	NOUN
fbem-20427	81	2	2	2	NUM
fbem-20427	81	3	.	.	PUNCT
fbem-20427	81	4	base	base	NOUN
fbem-20427	81	5	regression	regression	NOUN
fbem-20427	81	6	analysis	analysis	NOUN
fbem-20427	81	7	variable	variable	NOUN
fbem-20427	81	8	(	(	PUNCT
fbem-20427	81	9	1	1	NUM
fbem-20427	81	10	)	)	PUNCT
fbem-20427	81	11	(	(	PUNCT
fbem-20427	81	12	2	2	X
fbem-20427	81	13	)	)	PUNCT
fbem-20427	81	14	probit	probit	NOUN
fbem-20427	81	15	sharpe	sharpe	PROPN
fbem-20427	81	16	debt	debt	NOUN
fbem-20427	81	17	-0.8022	-0.8022	NOUN
fbem-20427	81	18	*	*	PUNCT
fbem-20427	82	1	*	*	PUNCT
fbem-20427	82	2	*	*	PUNCT
fbem-20427	82	3	-0.0120	-0.0120	ADJ
fbem-20427	82	4	*	*	PUNCT
fbem-20427	82	5	*	*	PUNCT
fbem-20427	82	6	*	*	PUNCT
fbem-20427	82	7	(	(	PUNCT
fbem-20427	82	8	-13.09	-13.09	PROPN
fbem-20427	82	9	)	)	PUNCT
fbem-20427	82	10	(	(	PUNCT
fbem-20427	82	11	-6.62	-6.62	NOUN
fbem-20427	82	12	)	)	PUNCT
fbem-20427	82	13	familymembers	familymember	NOUN
fbem-20427	82	14	-0.0212	-0.0212	VERB
fbem-20427	82	15	*	*	PUNCT
fbem-20427	83	1	*	*	PUNCT
fbem-20427	83	2	*	*	PUNCT
fbem-20427	83	3	-0.0004	-0.0004	X
fbem-20427	83	4	(	(	PUNCT
fbem-20427	83	5	-2.62	-2.62	NOUN
fbem-20427	83	6	)	)	PUNCT
fbem-20427	83	7	(	(	PUNCT
fbem-20427	83	8	-1.61	-1.61	ADJ
fbem-20427	83	9	)	)	PUNCT
fbem-20427	83	10	risk	risk	NOUN
fbem-20427	83	11	-0.0824	-0.0824	NOUN
fbem-20427	83	12	*	*	PUNCT
fbem-20427	83	13	*	*	PUNCT
fbem-20427	83	14	*	*	PUNCT
fbem-20427	83	15	-0.0041	-0.0041	X
fbem-20427	83	16	*	*	PUNCT
fbem-20427	83	17	*	*	PUNCT
fbem-20427	83	18	*	*	PUNCT
fbem-20427	83	19	(	(	PUNCT
fbem-20427	83	20	-12.17	-12.17	PROPN
fbem-20427	83	21	)	)	PUNCT
fbem-20427	83	22	(	(	PUNCT
fbem-20427	83	23	-20.82	-20.82	NOUN
fbem-20427	83	24	)	)	PUNCT
fbem-20427	83	25	degree	degree	NOUN
fbem-20427	83	26	0.0907	0.0907	NUM
fbem-20427	84	1	*	*	PUNCT
fbem-20427	84	2	*	*	PUNCT
fbem-20427	84	3	*	*	PUNCT
fbem-20427	84	4	0.0043	0.0043	NUM
fbem-20427	84	5	*	*	PUNCT
fbem-20427	84	6	*	*	PUNCT
fbem-20427	84	7	*	*	PUNCT
fbem-20427	84	8	(	(	PUNCT
fbem-20427	84	9	12.02	12.02	NUM
fbem-20427	84	10	)	)	PUNCT
fbem-20427	84	11	(	(	PUNCT
fbem-20427	84	12	19.97	19.97	NUM
fbem-20427	84	13	)	)	PUNCT
fbem-20427	84	14	health	health	NOUN
fbem-20427	84	15	-0.0855	-0.0855	NOUN
fbem-20427	84	16	*	*	PUNCT
fbem-20427	85	1	*	*	PUNCT
fbem-20427	85	2	*	*	PUNCT
fbem-20427	85	3	-0.0008	-0.0008	NOUN
fbem-20427	85	4	*	*	PUNCT
fbem-20427	85	5	*	*	PUNCT
fbem-20427	85	6	(	(	PUNCT
fbem-20427	85	7	-7.87	-7.87	NUM
fbem-20427	85	8	)	)	PUNCT
fbem-20427	85	9	(	(	PUNCT
fbem-20427	85	10	-2.54	-2.54	NOUN
fbem-20427	85	11	)	)	PUNCT
fbem-20427	85	12	age	age	NOUN
fbem-20427	85	13	0.0001	0.0001	NUM
fbem-20427	85	14	*	*	PUNCT
fbem-20427	85	15	*	*	PUNCT
fbem-20427	85	16	*	*	PUNCT
fbem-20427	85	17	0.0003	0.0003	NUM
fbem-20427	85	18	*	*	PUNCT
fbem-20427	85	19	*	*	PUNCT
fbem-20427	85	20	*	*	PUNCT
fbem-20427	85	21	(	(	PUNCT
fbem-20427	85	22	0.00	0.00	NUM
fbem-20427	85	23	)	)	PUNCT
fbem-20427	85	24	(	(	PUNCT
fbem-20427	85	25	9.20	9.20	NUM
fbem-20427	85	26	)	)	PUNCT
fbem-20427	85	27	marriage	marriage	NOUN
fbem-20427	85	28	0.0890	0.0890	NUM
fbem-20427	85	29	*	*	PUNCT
fbem-20427	85	30	*	*	PUNCT
fbem-20427	85	31	*	*	PUNCT
fbem-20427	85	32	0.0019	0.0019	NUM
fbem-20427	85	33	*	*	NOUN
fbem-20427	85	34	*	*	PUNCT
fbem-20427	85	35	(	(	PUNCT
fbem-20427	85	36	3.02	3.02	NUM
fbem-20427	85	37	)	)	PUNCT
fbem-20427	85	38	(	(	PUNCT
fbem-20427	85	39	2.11	2.11	NUM
fbem-20427	85	40	)	)	PUNCT
fbem-20427	85	41	house	house	NOUN
fbem-20427	85	42	0.0627	0.0627	PROPN
fbem-20427	85	43	*	*	PUNCT
fbem-20427	86	1	0.0002	0.0002	NUM
fbem-20427	86	2	*	*	NOUN
fbem-20427	86	3	*	*	PUNCT
fbem-20427	86	4	(	(	PUNCT
fbem-20427	86	5	1.93	1.93	NUM
fbem-20427	86	6	)	)	PUNCT
fbem-20427	86	7	(	(	PUNCT
fbem-20427	86	8	2.07	2.07	NUM
fbem-20427	86	9	)	)	PUNCT
fbem-20427	86	10	tech	tech	NOUN
fbem-20427	86	11	0.4808	0.4808	NUM
fbem-20427	86	12	*	*	PUNCT
fbem-20427	86	13	*	*	PUNCT
fbem-20427	86	14	*	*	X
fbem-20427	86	15	0.0094	0.0094	NUM
fbem-20427	86	16	*	*	PUNCT
fbem-20427	86	17	*	*	PUNCT
fbem-20427	86	18	*	*	PUNCT
fbem-20427	86	19	(	(	PUNCT
fbem-20427	86	20	18.04	18.04	NUM
fbem-20427	86	21	)	)	PUNCT
fbem-20427	86	22	(	(	PUNCT
fbem-20427	86	23	11.40	11.40	NUM
fbem-20427	86	24	)	)	PUNCT
fbem-20427	86	25	lntotalincome	lntotalincome	NOUN
fbem-20427	87	1	0.0450	0.0450	NUM
fbem-20427	87	2	*	*	PUNCT
fbem-20427	87	3	*	*	PUNCT
fbem-20427	87	4	*	*	X
fbem-20427	87	5	0.0002	0.0002	NUM
fbem-20427	87	6	*	*	SYM
fbem-20427	87	7	(	(	PUNCT
fbem-20427	87	8	9.30	9.30	NUM
fbem-20427	87	9	)	)	PUNCT
fbem-20427	87	10	(	(	PUNCT
fbem-20427	87	11	1.71	1.71	NUM
fbem-20427	87	12	)	)	PUNCT
fbem-20427	87	13	control	control	NOUN
fbem-20427	87	14	-0.4895	-0.4895	NOUN
fbem-20427	87	15	*	*	PROPN
fbem-20427	87	16	*	*	PUNCT
fbem-20427	87	17	*	*	X
fbem-20427	87	18	0.0042	0.0042	NUM
fbem-20427	87	19	(	(	PUNCT
fbem-20427	87	20	-4.15	-4.15	NOUN
fbem-20427	87	21	)	)	PUNCT
fbem-20427	87	22	(	(	PUNCT
fbem-20427	87	23	1.46	1.46	NUM
fbem-20427	87	24	)	)	PUNCT
fbem-20427	87	25	r	r	NOUN
fbem-20427	87	26	-	-	PUNCT
fbem-20427	87	27	sq	sq	INTJ
fbem-20427	87	28	0.096	0.096	NUM
fbem-20427	87	29	f	f	PROPN
fbem-20427	87	30	181.6176	181.6176	NUM
fbem-20427	87	31	n	n	PROPN
fbem-20427	87	32	17094	17094	NUM
fbem-20427	87	33	17094	17094	NUM
fbem-20427	87	34	4.2	4.2	NUM
fbem-20427	87	35	.	.	PUNCT
fbem-20427	88	1	non	non	ADJ
fbem-20427	88	2	-	-	ADJ
fbem-20427	88	3	linear	linear	ADJ
fbem-20427	88	4	effects	effect	NOUN
fbem-20427	88	5	second	second	ADJ
fbem-20427	88	6	,	,	PUNCT
fbem-20427	88	7	the	the	DET
fbem-20427	88	8	impact	impact	NOUN
fbem-20427	88	9	of	of	ADP
fbem-20427	88	10	debt	debt	NOUN
fbem-20427	88	11	leverage	leverage	NOUN
fbem-20427	88	12	on	on	ADP
fbem-20427	88	13	households	household	NOUN
fbem-20427	88	14	'	'	PART
fbem-20427	88	15	financial	financial	ADJ
fbem-20427	88	16	asset	asset	NOUN
fbem-20427	88	17	allocation	allocation	NOUN
fbem-20427	88	18	is	be	AUX
fbem-20427	88	19	further	far	ADV
fbem-20427	88	20	discussed	discuss	VERB
fbem-20427	88	21	by	by	ADP
fbem-20427	88	22	categorizing	categorize	VERB
fbem-20427	88	23	households	household	NOUN
fbem-20427	88	24	into	into	ADP
fbem-20427	88	25	those	those	PRON
fbem-20427	88	26	with	with	ADP
fbem-20427	88	27	low	low	ADJ
fbem-20427	88	28	debt	debt	NOUN
fbem-20427	88	29	leverage	leverage	NOUN
fbem-20427	88	30	and	and	CCONJ
fbem-20427	88	31	those	those	PRON
fbem-20427	88	32	with	with	ADP
fbem-20427	88	33	high	high	ADJ
fbem-20427	88	34	debt	debt	NOUN
fbem-20427	88	35	leverage	leverage	NOUN
fbem-20427	88	36	.	.	PUNCT
fbem-20427	89	1	from	from	ADP
fbem-20427	89	2	the	the	DET
fbem-20427	89	3	previous	previous	ADJ
fbem-20427	89	4	analysis	analysis	NOUN
fbem-20427	89	5	,	,	PUNCT
fbem-20427	89	6	it	it	PRON
fbem-20427	89	7	can	can	AUX
fbem-20427	89	8	be	be	AUX
fbem-20427	89	9	seen	see	VERB
fbem-20427	89	10	that	that	SCONJ
fbem-20427	89	11	appropriate	appropriate	ADJ
fbem-20427	89	12	debt	debt	NOUN
fbem-20427	89	13	can	can	AUX
fbem-20427	89	14	help	help	VERB
fbem-20427	89	15	households	household	NOUN
fbem-20427	89	16	smooth	smooth	ADJ
fbem-20427	89	17	consumption	consumption	NOUN
fbem-20427	89	18	as	as	ADV
fbem-20427	89	19	well	well	ADV
fbem-20427	89	20	as	as	ADP
fbem-20427	89	21	enhance	enhance	VERB
fbem-20427	89	22	the	the	DET
fbem-20427	89	23	incentive	incentive	NOUN
fbem-20427	89	24	to	to	PART
fbem-20427	89	25	participate	participate	VERB
fbem-20427	89	26	in	in	ADP
fbem-20427	89	27	the	the	DET
fbem-20427	89	28	financial	financial	ADJ
fbem-20427	89	29	market	market	NOUN
fbem-20427	89	30	,	,	PUNCT
fbem-20427	89	31	but	but	CCONJ
fbem-20427	89	32	too	too	ADV
fbem-20427	89	33	high	high	ADJ
fbem-20427	89	34	a	a	DET
fbem-20427	89	35	level	level	NOUN
fbem-20427	89	36	of	of	ADP
fbem-20427	89	37	debt	debt	NOUN
fbem-20427	89	38	will	will	AUX
fbem-20427	89	39	affect	affect	VERB
fbem-20427	89	40	the	the	DET
fbem-20427	89	41	liquidity	liquidity	NOUN
fbem-20427	89	42	constraint	constraint	NOUN
fbem-20427	89	43	of	of	ADP
fbem-20427	89	44	household	household	NOUN
fbem-20427	89	45	assets	asset	NOUN
fbem-20427	89	46	leading	lead	VERB
fbem-20427	89	47	to	to	ADP
fbem-20427	89	48	the	the	DET
fbem-20427	89	49	inability	inability	NOUN
fbem-20427	89	50	to	to	PART
fbem-20427	89	51	set	set	VERB
fbem-20427	89	52	aside	aside	ADP
fbem-20427	89	53	sufficient	sufficient	ADJ
fbem-20427	89	54	funds	fund	NOUN
fbem-20427	89	55	to	to	PART
fbem-20427	89	56	participate	participate	VERB
fbem-20427	89	57	in	in	ADP
fbem-20427	89	58	financial	financial	ADJ
fbem-20427	89	59	activities	activity	NOUN
fbem-20427	89	60	.	.	PUNCT
fbem-20427	90	1	column	column	NOUN
fbem-20427	90	2	(	(	PUNCT
fbem-20427	90	3	1	1	X
fbem-20427	90	4	)	)	PUNCT
fbem-20427	90	5	in	in	ADP
fbem-20427	90	6	table	table	NOUN
fbem-20427	90	7	4	4	NUM
fbem-20427	90	8	shows	show	VERB
fbem-20427	90	9	the	the	DET
fbem-20427	90	10	nonlinear	nonlinear	ADJ
fbem-20427	90	11	results	result	NOUN
fbem-20427	90	12	of	of	ADP
fbem-20427	90	13	debt	debt	NOUN
fbem-20427	90	14	leverage	leverage	NOUN
fbem-20427	90	15	on	on	ADP
fbem-20427	90	16	financial	financial	ADJ
fbem-20427	90	17	asset	asset	NOUN
fbem-20427	90	18	allocation	allocation	NOUN
fbem-20427	90	19	for	for	ADP
fbem-20427	90	20	the	the	DET
fbem-20427	90	21	full	full	ADJ
fbem-20427	90	22	sample	sample	NOUN
fbem-20427	90	23	of	of	ADP
fbem-20427	90	24	households	household	NOUN
fbem-20427	90	25	,	,	PUNCT
fbem-20427	90	26	but	but	CCONJ
fbem-20427	90	27	the	the	DET
fbem-20427	90	28	coefficient	coefficient	NOUN
fbem-20427	90	29	of	of	ADP
fbem-20427	90	30	the	the	DET
fbem-20427	90	31	quadratic	quadratic	ADJ
fbem-20427	90	32	term	term	NOUN
fbem-20427	90	33	is	be	AUX
fbem-20427	90	34	not	not	PART
fbem-20427	90	35	significant	significant	ADJ
fbem-20427	90	36	.	.	PUNCT
fbem-20427	91	1	column	column	NOUN
fbem-20427	91	2	(	(	PUNCT
fbem-20427	91	3	2	2	NUM
fbem-20427	91	4	)	)	PUNCT
fbem-20427	91	5	of	of	ADP
fbem-20427	91	6	the	the	DET
fbem-20427	91	7	table	table	NOUN
fbem-20427	91	8	shows	show	VERB
fbem-20427	91	9	that	that	SCONJ
fbem-20427	91	10	for	for	ADP
fbem-20427	91	11	low	low	ADJ
fbem-20427	91	12	debt	debt	NOUN
fbem-20427	91	13	leverage	leverage	NOUN
fbem-20427	91	14	households	household	NOUN
fbem-20427	91	15	(	(	PUNCT
fbem-20427	91	16	debt<=0.149	debt<=0.149	PROPN
fbem-20427	91	17	)	)	PUNCT
fbem-20427	91	18	,	,	PUNCT
fbem-20427	91	19	the	the	DET
fbem-20427	91	20	increase	increase	NOUN
fbem-20427	91	21	in	in	ADP
fbem-20427	91	22	debt	debt	NOUN
fbem-20427	91	23	leverage	leverage	NOUN
fbem-20427	91	24	negatively	negatively	ADV
fbem-20427	91	25	affects	affect	VERB
fbem-20427	91	26	the	the	DET
fbem-20427	91	27	efficiency	efficiency	NOUN
fbem-20427	91	28	of	of	ADP
fbem-20427	91	29	financial	financial	ADJ
fbem-20427	91	30	assets	asset	NOUN
fbem-20427	91	31	when	when	SCONJ
fbem-20427	91	32	the	the	DET
fbem-20427	91	33	level	level	NOUN
fbem-20427	91	34	of	of	ADP
fbem-20427	91	35	debt	debt	NOUN
fbem-20427	91	36	does	do	AUX
fbem-20427	91	37	not	not	PART
fbem-20427	91	38	exceed	exceed	VERB
fbem-20427	91	39	the	the	DET
fbem-20427	91	40	critical	critical	ADJ
fbem-20427	91	41	value	value	NOUN
fbem-20427	91	42	of	of	ADP
fbem-20427	91	43	0.09	0.09	NUM
fbem-20427	91	44	(	(	PUNCT
fbem-20427	91	45	0.536/(2	0.536/(2	PROPN
fbem-20427	91	46	*	*	NUM
fbem-20427	91	47	2.982	2.982	NUM
fbem-20427	91	48	)	)	PUNCT
fbem-20427	91	49	)	)	PUNCT
fbem-20427	91	50	,	,	PUNCT
fbem-20427	91	51	and	and	CCONJ
fbem-20427	91	52	the	the	DET
fbem-20427	91	53	efficiency	efficiency	NOUN
fbem-20427	91	54	of	of	ADP
fbem-20427	91	55	households	household	NOUN
fbem-20427	91	56	'	'	PART
fbem-20427	91	57	allocation	allocation	NOUN
fbem-20427	91	58	of	of	ADP
fbem-20427	91	59	financial	financial	ADJ
fbem-20427	91	60	assets	asset	NOUN
fbem-20427	91	61	begins	begin	VERB
fbem-20427	91	62	to	to	PART
fbem-20427	91	63	slowly	slowly	ADV
fbem-20427	91	64	increase	increase	VERB
fbem-20427	91	65	when	when	SCONJ
fbem-20427	91	66	debt	debt	NOUN
fbem-20427	91	67	leverage	leverage	NOUN
fbem-20427	91	68	exceeds	exceed	VERB
fbem-20427	91	69	the	the	DET
fbem-20427	91	70	critical	critical	ADJ
fbem-20427	91	71	level	level	NOUN
fbem-20427	91	72	of	of	ADP
fbem-20427	91	73	0.09	0.09	NUM
fbem-20427	91	74	.	.	PUNCT
fbem-20427	91	75	from	from	ADP
fbem-20427	91	76	columns	column	NOUN
fbem-20427	91	77	(	(	PUNCT
fbem-20427	91	78	3	3	NUM
fbem-20427	91	79	)	)	PUNCT
fbem-20427	91	80	and	and	CCONJ
fbem-20427	91	81	(	(	PUNCT
fbem-20427	91	82	4	4	X
fbem-20427	91	83	)	)	PUNCT
fbem-20427	91	84	can	can	AUX
fbem-20427	91	85	be	be	AUX
fbem-20427	91	86	seen	see	VERB
fbem-20427	91	87	,	,	PUNCT
fbem-20427	91	88	when	when	SCONJ
fbem-20427	91	89	debt	debt	NOUN
fbem-20427	91	90	leverage	leverage	NOUN
fbem-20427	91	91	continues	continue	VERB
fbem-20427	91	92	to	to	PART
fbem-20427	91	93	increase	increase	VERB
fbem-20427	91	94	,	,	PUNCT
fbem-20427	91	95	climbed	climb	VERB
fbem-20427	91	96	to	to	ADP
fbem-20427	91	97	more	more	ADJ
fbem-20427	91	98	than	than	ADP
fbem-20427	91	99	0.149	0.149	NUM
fbem-20427	91	100	that	that	PRON
fbem-20427	91	101	is	be	AUX
fbem-20427	91	102	,	,	PUNCT
fbem-20427	91	103	low	low	ADJ
fbem-20427	91	104	-	-	PUNCT
fbem-20427	91	105	debt	debt	NOUN
fbem-20427	91	106	households	household	NOUN
fbem-20427	91	107	become	become	VERB
fbem-20427	91	108	high	high	ADJ
fbem-20427	91	109	-	-	PUNCT
fbem-20427	91	110	debt	debt	NOUN
fbem-20427	91	111	households	household	NOUN
fbem-20427	91	112	,	,	PUNCT
fbem-20427	91	113	the	the	DET
fbem-20427	91	114	debt	debt	NOUN
fbem-20427	91	115	level	level	NOUN
fbem-20427	91	116	of	of	ADP
fbem-20427	91	117	the	the	DET
fbem-20427	91	118	financial	financial	ADJ
fbem-20427	91	119	assets	asset	NOUN
fbem-20427	91	120	of	of	ADP
fbem-20427	91	121	the	the	DET
fbem-20427	91	122	"	"	PUNCT
fbem-20427	91	123	crowding	crowd	VERB
fbem-20427	91	124	out	out	ADP
fbem-20427	91	125	"	"	PUNCT
fbem-20427	91	126	effect	effect	NOUN
fbem-20427	91	127	began	begin	VERB
fbem-20427	91	128	to	to	PART
fbem-20427	91	129	play	play	VERB
fbem-20427	91	130	a	a	DET
fbem-20427	91	131	role	role	NOUN
fbem-20427	91	132	in	in	ADP
fbem-20427	91	133	the	the	DET
fbem-20427	91	134	household	household	NOUN
fbem-20427	91	135	's	's	PART
fbem-20427	91	136	level	level	NOUN
fbem-20427	91	137	of	of	ADP
fbem-20427	91	138	risk	risk	NOUN
fbem-20427	91	139	-	-	PUNCT
fbem-20427	91	140	taking	taking	NOUN
fbem-20427	91	141	declined	decline	VERB
fbem-20427	91	142	,	,	PUNCT
fbem-20427	91	143	resulting	result	VERB
fbem-20427	91	144	in	in	ADP
fbem-20427	91	145	the	the	DET
fbem-20427	91	146	allocation	allocation	NOUN
fbem-20427	91	147	of	of	ADP
fbem-20427	91	148	financial	financial	ADJ
fbem-20427	91	149	assets	asset	NOUN
fbem-20427	91	150	to	to	ADP
fbem-20427	91	151	the	the	DET
fbem-20427	91	152	efficiency	efficiency	NOUN
fbem-20427	91	153	of	of	ADP
fbem-20427	91	154	the	the	DET
fbem-20427	91	155	non	non	ADJ
fbem-20427	91	156	-	-	ADJ
fbem-20427	91	157	linear	linear	ADJ
fbem-20427	91	158	effect	effect	NOUN
fbem-20427	91	159	but	but	CCONJ
fbem-20427	91	160	rather	rather	ADV
fbem-20427	91	161	the	the	DET
fbem-20427	91	162	efficiency	efficiency	NOUN
fbem-20427	91	163	of	of	ADP
fbem-20427	91	164	allocation	allocation	NOUN
fbem-20427	91	165	to	to	ADP
fbem-20427	91	166	financial	financial	ADJ
fbem-20427	91	167	assets	asset	NOUN
fbem-20427	91	168	does	do	AUX
fbem-20427	91	169	not	not	PART
fbem-20427	91	170	have	have	VERB
fbem-20427	91	171	a	a	DET
fbem-20427	91	172	nonlinear	nonlinear	ADJ
fbem-20427	91	173	effect	effect	NOUN
fbem-20427	91	174	,	,	PUNCT
fbem-20427	91	175	but	but	CCONJ
fbem-20427	91	176	rather	rather	ADV
fbem-20427	91	177	declines	decline	VERB
fbem-20427	91	178	.	.	PUNCT
fbem-20427	92	1	this	this	PRON
fbem-20427	92	2	is	be	AUX
fbem-20427	92	3	consistent	consistent	ADJ
fbem-20427	92	4	with	with	ADP
fbem-20427	92	5	the	the	DET
fbem-20427	92	6	previous	previous	ADJ
fbem-20427	92	7	conclusion	conclusion	NOUN
fbem-20427	92	8	that	that	SCONJ
fbem-20427	92	9	a	a	DET
fbem-20427	92	10	reasonable	reasonable	ADJ
fbem-20427	92	11	level	level	NOUN
fbem-20427	92	12	of	of	ADP
fbem-20427	92	13	debt	debt	NOUN
fbem-20427	92	14	plays	play	VERB
fbem-20427	92	15	a	a	DET
fbem-20427	92	16	role	role	NOUN
fbem-20427	92	17	in	in	ADP
fbem-20427	92	18	optimizing	optimize	VERB
fbem-20427	92	19	the	the	DET
fbem-20427	92	20	allocation	allocation	NOUN
fbem-20427	92	21	of	of	ADP
fbem-20427	92	22	household	household	NOUN
fbem-20427	92	23	assets	asset	NOUN
fbem-20427	92	24	,	,	PUNCT
fbem-20427	92	25	and	and	CCONJ
fbem-20427	92	26	excessive	excessive	ADJ
fbem-20427	92	27	debt	debt	NOUN
fbem-20427	92	28	leverage	leverage	NOUN
fbem-20427	92	29	has	have	VERB
fbem-20427	92	30	a	a	DET
fbem-20427	92	31	serious	serious	ADJ
fbem-20427	92	32	negative	negative	ADJ
fbem-20427	92	33	impact	impact	NOUN
fbem-20427	92	34	on	on	ADP
fbem-20427	92	35	the	the	DET
fbem-20427	92	36	allocation	allocation	NOUN
fbem-20427	92	37	efficiency	efficiency	NOUN
fbem-20427	92	38	.	.	PUNCT
fbem-20427	93	1	so	so	ADV
fbem-20427	93	2	far	far	ADV
fbem-20427	93	3	the	the	DET
fbem-20427	93	4	hypothesis	hypothesis	NOUN
fbem-20427	93	5	h	h	NOUN
fbem-20427	93	6	of	of	ADP
fbem-20427	93	7	this	this	DET
fbem-20427	93	8	paper	paper	NOUN
fbem-20427	93	9	has	have	AUX
fbem-20427	93	10	been	be	AUX
fbem-20427	93	11	fully	fully	ADV
fbem-20427	93	12	verified	verify	VERB
fbem-20427	93	13	.	.	PUNCT
fbem-20427	94	1	5	5	X
fbem-20427	94	2	.	.	X
fbem-20427	94	3	main	main	ADJ
fbem-20427	94	4	conclusions	conclusion	NOUN
fbem-20427	94	5	and	and	CCONJ
fbem-20427	94	6	recommendations	recommendation	NOUN
fbem-20427	94	7	5.1	5.1	NUM
fbem-20427	94	8	.	.	PUNCT
fbem-20427	95	1	main	main	ADJ
fbem-20427	95	2	conclusions	conclusion	NOUN
fbem-20427	95	3	the	the	DET
fbem-20427	95	4	rapid	rapid	ADJ
fbem-20427	95	5	accumulation	accumulation	NOUN
fbem-20427	95	6	of	of	ADP
fbem-20427	95	7	household	household	NOUN
fbem-20427	95	8	debt	debt	NOUN
fbem-20427	95	9	and	and	CCONJ
fbem-20427	95	10	the	the	DET
fbem-20427	95	11	inefficiency	inefficiency	NOUN
fbem-20427	95	12	of	of	ADP
fbem-20427	95	13	household	household	NOUN
fbem-20427	95	14	financial	financial	ADJ
fbem-20427	95	15	asset	asset	NOUN
fbem-20427	95	16	allocation	allocation	NOUN
fbem-20427	95	17	caused	cause	VERB
fbem-20427	95	18	by	by	ADP
fbem-20427	95	19	it	it	PRON
fbem-20427	95	20	have	have	VERB
fbem-20427	95	21	a	a	DET
fbem-20427	95	22	negative	negative	ADJ
fbem-20427	95	23	impact	impact	NOUN
fbem-20427	95	24	on	on	ADP
fbem-20427	95	25	the	the	DET
fbem-20427	95	26	value	value	NOUN
fbem-20427	95	27	-	-	PUNCT
fbem-20427	95	28	added	add	VERB
fbem-20427	95	29	preservation	preservation	NOUN
fbem-20427	95	30	of	of	ADP
fbem-20427	95	31	residents	resident	NOUN
fbem-20427	95	32	'	'	PART
fbem-20427	95	33	wealth	wealth	NOUN
fbem-20427	95	34	,	,	PUNCT
fbem-20427	95	35	and	and	CCONJ
fbem-20427	95	36	may	may	AUX
fbem-20427	95	37	even	even	ADV
fbem-20427	95	38	affect	affect	VERB
fbem-20427	95	39	china	china	PROPN
fbem-20427	95	40	's	's	PART
fbem-20427	95	41	macrofinance	macrofinance	NOUN
fbem-20427	95	42	as	as	ADV
fbem-20427	95	43	well	well	ADV
fbem-20427	95	44	.	.	PUNCT
fbem-20427	96	1	based	base	VERB
fbem-20427	96	2	on	on	ADP
fbem-20427	96	3	this	this	PRON
fbem-20427	96	4	,	,	PUNCT
fbem-20427	96	5	this	this	DET
fbem-20427	96	6	paper	paper	NOUN
fbem-20427	96	7	comprehensively	comprehensively	ADV
fbem-20427	96	8	examines	examine	VERB
fbem-20427	96	9	the	the	DET
fbem-20427	96	10	impact	impact	NOUN
fbem-20427	96	11	of	of	ADP
fbem-20427	96	12	debt	debt	NOUN
fbem-20427	96	13	leverage	leverage	NOUN
fbem-20427	96	14	on	on	ADP
fbem-20427	96	15	household	household	NOUN
fbem-20427	96	16	financial	financial	ADJ
fbem-20427	96	17	asset	asset	NOUN
fbem-20427	96	18	allocation	allocation	NOUN
fbem-20427	96	19	.	.	PUNCT
fbem-20427	97	1	the	the	DET
fbem-20427	97	2	empirical	empirical	ADJ
fbem-20427	97	3	results	result	NOUN
fbem-20427	97	4	of	of	ADP
fbem-20427	97	5	this	this	DET
fbem-20427	97	6	paper	paper	NOUN
fbem-20427	97	7	show	show	VERB
fbem-20427	97	8	that	that	SCONJ
fbem-20427	97	9	debt	debt	NOUN
fbem-20427	97	10	leverage	leverage	NOUN
fbem-20427	97	11	significantly	significantly	ADV
fbem-20427	97	12	affects	affect	VERB
fbem-20427	97	13	the	the	DET
fbem-20427	97	14	degree	degree	NOUN
fbem-20427	97	15	of	of	ADP
fbem-20427	97	16	indebted	indebted	ADJ
fbem-20427	97	17	families	family	NOUN
fbem-20427	97	18	'	'	PART
fbem-20427	97	19	participation	participation	NOUN
fbem-20427	97	20	in	in	ADP
fbem-20427	97	21	the	the	DET
fbem-20427	97	22	financial	financial	ADJ
fbem-20427	97	23	market	market	NOUN
fbem-20427	97	24	and	and	CCONJ
fbem-20427	97	25	reduces	reduce	VERB
fbem-20427	97	26	the	the	DET
fbem-20427	97	27	efficiency	efficiency	NOUN
fbem-20427	97	28	of	of	ADP
fbem-20427	97	29	family	family	NOUN
fbem-20427	97	30	financial	financial	ADJ
fbem-20427	97	31	asset	asset	NOUN
fbem-20427	97	32	allocation	allocation	NOUN
fbem-20427	97	33	,	,	PUNCT
fbem-20427	97	34	but	but	CCONJ
fbem-20427	97	35	it	it	PRON
fbem-20427	97	36	has	have	VERB
fbem-20427	97	37	a	a	DET
fbem-20427	97	38	30	30	NUM
fbem-20427	97	39	certain	certain	ADJ
fbem-20427	97	40	non	non	ADJ
fbem-20427	97	41	-	-	ADJ
fbem-20427	97	42	linear	linear	ADJ
fbem-20427	97	43	effect	effect	NOUN
fbem-20427	97	44	on	on	ADP
fbem-20427	97	45	low	low	ADJ
fbem-20427	97	46	-	-	PUNCT
fbem-20427	97	47	debt	debt	NOUN
fbem-20427	97	48	families	family	NOUN
fbem-20427	97	49	,	,	PUNCT
fbem-20427	97	50	i.e.	i.e.	X
fbem-20427	97	51	,	,	PUNCT
fbem-20427	97	52	a	a	DET
fbem-20427	97	53	certain	certain	ADJ
fbem-20427	97	54	degree	degree	NOUN
fbem-20427	97	55	of	of	ADP
fbem-20427	97	56	debt	debt	NOUN
fbem-20427	97	57	leverage	leverage	NOUN
fbem-20427	97	58	promotes	promote	VERB
fbem-20427	97	59	the	the	DET
fbem-20427	97	60	optimization	optimization	NOUN
fbem-20427	97	61	of	of	ADP
fbem-20427	97	62	the	the	DET
fbem-20427	97	63	family	family	NOUN
fbem-20427	97	64	's	's	PART
fbem-20427	97	65	financial	financial	ADJ
fbem-20427	97	66	asset	asset	NOUN
fbem-20427	97	67	structure	structure	NOUN
fbem-20427	97	68	and	and	CCONJ
fbem-20427	97	69	efficiency	efficiency	NOUN
fbem-20427	97	70	enhancement	enhancement	NOUN
fbem-20427	97	71	.	.	PUNCT
fbem-20427	98	1	households	household	NOUN
fbem-20427	98	2	with	with	ADP
fbem-20427	98	3	high	high	ADJ
fbem-20427	98	4	debt	debt	NOUN
fbem-20427	98	5	leverage	leverage	NOUN
fbem-20427	98	6	,	,	PUNCT
fbem-20427	98	7	however	however	ADV
fbem-20427	98	8	,	,	PUNCT
fbem-20427	98	9	are	be	AUX
fbem-20427	98	10	constrained	constrain	VERB
fbem-20427	98	11	by	by	ADP
fbem-20427	98	12	liquidity	liquidity	NOUN
fbem-20427	98	13	constraints	constraint	NOUN
fbem-20427	98	14	,	,	PUNCT
fbem-20427	98	15	the	the	DET
fbem-20427	98	16	"	"	PUNCT
fbem-20427	98	17	crowding	crowd	VERB
fbem-20427	98	18	out	out	ADP
fbem-20427	98	19	"	"	PUNCT
fbem-20427	98	20	effect	effect	NOUN
fbem-20427	98	21	of	of	ADP
fbem-20427	98	22	household	household	NOUN
fbem-20427	98	23	indebtedness	indebtedness	NOUN
fbem-20427	98	24	and	and	CCONJ
fbem-20427	98	25	the	the	DET
fbem-20427	98	26	ability	ability	NOUN
fbem-20427	98	27	to	to	PART
fbem-20427	98	28	bear	bear	VERB
fbem-20427	98	29	financial	financial	ADJ
fbem-20427	98	30	risk	risk	NOUN
fbem-20427	98	31	,	,	PUNCT
fbem-20427	98	32	and	and	CCONJ
fbem-20427	98	33	are	be	AUX
fbem-20427	98	34	unable	unable	ADJ
fbem-20427	98	35	to	to	PART
fbem-20427	98	36	participate	participate	VERB
fbem-20427	98	37	effectively	effectively	ADV
fbem-20427	98	38	in	in	ADP
fbem-20427	98	39	financial	financial	ADJ
fbem-20427	98	40	activities	activity	NOUN
fbem-20427	98	41	and	and	CCONJ
fbem-20427	98	42	make	make	VERB
fbem-20427	98	43	efficient	efficient	ADJ
fbem-20427	98	44	asset	asset	NOUN
fbem-20427	98	45	combinations	combination	NOUN
fbem-20427	98	46	,	,	PUNCT
fbem-20427	98	47	which	which	PRON
fbem-20427	98	48	reduces	reduce	VERB
fbem-20427	98	49	the	the	DET
fbem-20427	98	50	level	level	NOUN
fbem-20427	98	51	of	of	ADP
fbem-20427	98	52	wealth	wealth	NOUN
fbem-20427	98	53	and	and	CCONJ
fbem-20427	98	54	income	income	NOUN
fbem-20427	98	55	of	of	ADP
fbem-20427	98	56	households	household	NOUN
fbem-20427	98	57	,	,	PUNCT
fbem-20427	98	58	and	and	CCONJ
fbem-20427	98	59	incurs	incur	VERB
fbem-20427	98	60	a	a	DET
fbem-20427	98	61	certain	certain	ADJ
fbem-20427	98	62	loss	loss	NOUN
fbem-20427	98	63	in	in	ADP
fbem-20427	98	64	terms	term	NOUN
fbem-20427	98	65	of	of	ADP
fbem-20427	98	66	social	social	ADJ
fbem-20427	98	67	welfare	welfare	NOUN
fbem-20427	98	68	.	.	PUNCT
fbem-20427	99	1	table	table	NOUN
fbem-20427	99	2	3	3	NUM
fbem-20427	99	3	.	.	PUNCT
fbem-20427	100	1	analysis	analysis	NOUN
fbem-20427	100	2	of	of	ADP
fbem-20427	100	3	nonlinear	nonlinear	ADJ
fbem-20427	100	4	effects	effect	NOUN
fbem-20427	100	5	variable	variable	NOUN
fbem-20427	100	6	(	(	PUNCT
fbem-20427	100	7	1	1	NUM
fbem-20427	100	8	)	)	PUNCT
fbem-20427	100	9	(	(	PUNCT
fbem-20427	100	10	2	2	NUM
fbem-20427	100	11	)	)	PUNCT
fbem-20427	100	12	(	(	PUNCT
fbem-20427	100	13	3	3	X
fbem-20427	100	14	)	)	PUNCT
fbem-20427	100	15	(	(	PUNCT
fbem-20427	100	16	4	4	X
fbem-20427	100	17	)	)	PUNCT
fbem-20427	100	18	all	all	DET
fbem-20427	100	19	lowdebt	lowdebt	PROPN
fbem-20427	100	20	highdebt	highdebt	PROPN
fbem-20427	100	21	highdebt	highdebt	NOUN
fbem-20427	100	22	debt	debt	NOUN
fbem-20427	100	23	-0.1027	-0.1027	VERB
fbem-20427	100	24	*	*	PUNCT
fbem-20427	100	25	*	*	PUNCT
fbem-20427	100	26	*	*	NOUN
fbem-20427	100	27	-0.5363	-0.5363	NOUN
fbem-20427	100	28	*	*	PUNCT
fbem-20427	100	29	*	*	PUNCT
fbem-20427	100	30	*	*	PUNCT
fbem-20427	100	31	0.0879	0.0879	NUM
fbem-20427	100	32	-0.0827	-0.0827	NOUN
fbem-20427	100	33	*	*	PUNCT
fbem-20427	100	34	*	*	PUNCT
fbem-20427	100	35	*	*	PUNCT
fbem-20427	100	36	(	(	PUNCT
fbem-20427	100	37	-5.43	-5.43	NUM
fbem-20427	100	38	)	)	PUNCT
fbem-20427	100	39	(	(	PUNCT
fbem-20427	100	40	-4.20	-4.20	NUM
fbem-20427	100	41	)	)	PUNCT
fbem-20427	100	42	(	(	PUNCT
fbem-20427	100	43	1.27	1.27	NUM
fbem-20427	100	44	)	)	PUNCT
fbem-20427	100	45	(	(	PUNCT
fbem-20427	100	46	-6.72	-6.72	NOUN
fbem-20427	100	47	)	)	PUNCT
fbem-20427	100	48	debt^2	debt^2	NOUN
fbem-20427	100	49	0.0299	0.0299	NUM
fbem-20427	100	50	2.9822	2.9822	NUM
fbem-20427	100	51	*	*	PUNCT
fbem-20427	100	52	*	*	PUNCT
fbem-20427	100	53	*	*	PUNCT
fbem-20427	100	54	-0.1775	-0.1775	NOUN
fbem-20427	100	55	*	*	PUNCT
fbem-20427	100	56	*	*	PUNCT
fbem-20427	100	57	(	(	PUNCT
fbem-20427	100	58	1.10	1.10	NUM
fbem-20427	100	59	)	)	PUNCT
fbem-20427	100	60	(	(	PUNCT
fbem-20427	100	61	2.69	2.69	NUM
fbem-20427	100	62	)	)	PUNCT
fbem-20427	100	63	(	(	PUNCT
fbem-20427	100	64	-2.50	-2.50	X
fbem-20427	100	65	)	)	PUNCT
fbem-20427	100	66	familymembers	familymember	NOUN
fbem-20427	100	67	-0.0174	-0.0174	NOUN
fbem-20427	100	68	*	*	PROPN
fbem-20427	100	69	*	*	PUNCT
fbem-20427	101	1	-0.0201	-0.0201	PROPN
fbem-20427	101	2	*	*	PUNCT
fbem-20427	101	3	*	*	PUNCT
fbem-20427	101	4	0.0099	0.0099	NUM
fbem-20427	101	5	0.0090	0.0090	NUM
fbem-20427	101	6	(	(	PUNCT
fbem-20427	101	7	-2.21	-2.21	NUM
fbem-20427	101	8	)	)	PUNCT
fbem-20427	101	9	(	(	PUNCT
fbem-20427	101	10	-2.32	-2.32	X
fbem-20427	101	11	)	)	PUNCT
fbem-20427	101	12	(	(	PUNCT
fbem-20427	101	13	0.52	0.52	NUM
fbem-20427	101	14	)	)	PUNCT
fbem-20427	101	15	(	(	PUNCT
fbem-20427	101	16	0.47	0.47	NUM
fbem-20427	101	17	)	)	PUNCT
fbem-20427	101	18	risk	risk	NOUN
fbem-20427	101	19	-0.0822	-0.0822	NOUN
fbem-20427	102	1	*	*	PUNCT
fbem-20427	103	1	*	*	PUNCT
fbem-20427	103	2	*	*	PUNCT
fbem-20427	103	3	-0.0823	-0.0823	ADJ
fbem-20427	103	4	*	*	PUNCT
fbem-20427	103	5	*	*	PROPN
fbem-20427	103	6	*	*	PUNCT
fbem-20427	103	7	-0.0863	-0.0863	NOUN
fbem-20427	103	8	*	*	PUNCT
fbem-20427	103	9	*	*	PUNCT
fbem-20427	103	10	*	*	PUNCT
fbem-20427	103	11	-0.0863	-0.0863	NOUN
fbem-20427	104	1	*	*	PUNCT
fbem-20427	105	1	*	*	PUNCT
fbem-20427	105	2	*	*	PUNCT
fbem-20427	105	3	(	(	PUNCT
fbem-20427	105	4	-12.26	-12.26	PROPN
fbem-20427	105	5	)	)	PUNCT
fbem-20427	105	6	(	(	PUNCT
fbem-20427	105	7	-10.97	-10.97	NOUN
fbem-20427	105	8	)	)	PUNCT
fbem-20427	105	9	(	(	PUNCT
fbem-20427	105	10	-5.74	-5.74	NUM
fbem-20427	105	11	)	)	PUNCT
fbem-20427	105	12	(	(	PUNCT
fbem-20427	105	13	-5.74	-5.74	NUM
fbem-20427	105	14	)	)	PUNCT
fbem-20427	105	15	degree	degree	NOUN
fbem-20427	105	16	0.0898	0.0898	NUM
fbem-20427	105	17	*	*	PUNCT
fbem-20427	105	18	*	*	PUNCT
fbem-20427	105	19	*	*	PUNCT
fbem-20427	105	20	0.0892	0.0892	NUM
fbem-20427	105	21	*	*	PUNCT
fbem-20427	105	22	*	*	PUNCT
fbem-20427	105	23	*	*	PUNCT
fbem-20427	105	24	0.0968	0.0968	NUM
fbem-20427	105	25	*	*	PUNCT
fbem-20427	105	26	*	*	PUNCT
fbem-20427	105	27	*	*	PUNCT
fbem-20427	105	28	0.0964	0.0964	PUNCT
fbem-20427	105	29	*	*	PUNCT
fbem-20427	105	30	*	*	PUNCT
fbem-20427	105	31	*	*	PUNCT
fbem-20427	105	32	(	(	PUNCT
fbem-20427	105	33	12.26	12.26	NUM
fbem-20427	105	34	)	)	PUNCT
fbem-20427	105	35	(	(	PUNCT
fbem-20427	105	36	10.98	10.98	NUM
fbem-20427	105	37	)	)	PUNCT
fbem-20427	105	38	(	(	PUNCT
fbem-20427	105	39	5.49	5.49	NUM
fbem-20427	105	40	)	)	PUNCT
fbem-20427	105	41	(	(	PUNCT
fbem-20427	105	42	5.47	5.47	NUM
fbem-20427	105	43	)	)	PUNCT
fbem-20427	105	44	health	health	NOUN
fbem-20427	105	45	-0.0850	-0.0850	NOUN
fbem-20427	105	46	*	*	PUNCT
fbem-20427	105	47	*	*	PUNCT
fbem-20427	105	48	*	*	PUNCT
fbem-20427	105	49	-0.0887	-0.0887	ADJ
fbem-20427	105	50	*	*	PUNCT
fbem-20427	105	51	*	*	PUNCT
fbem-20427	105	52	*	*	PUNCT
fbem-20427	105	53	-0.0512	-0.0512	X
fbem-20427	105	54	*	*	PUNCT
fbem-20427	106	1	-0.0516	-0.0516	NOUN
fbem-20427	106	2	*	*	PUNCT
fbem-20427	106	3	(	(	PUNCT
fbem-20427	106	4	-7.94	-7.94	NOUN
fbem-20427	106	5	)	)	PUNCT
fbem-20427	106	6	(	(	PUNCT
fbem-20427	106	7	-7.63	-7.63	X
fbem-20427	106	8	)	)	PUNCT
fbem-20427	106	9	(	(	PUNCT
fbem-20427	106	10	-1.83	-1.83	ADV
fbem-20427	106	11	)	)	PUNCT
fbem-20427	106	12	(	(	PUNCT
fbem-20427	106	13	-1.85	-1.85	NOUN
fbem-20427	106	14	)	)	PUNCT
fbem-20427	106	15	age	age	NOUN
fbem-20427	106	16	0.0001	0.0001	NUM
fbem-20427	106	17	-0.0006	-0.0006	NOUN
fbem-20427	106	18	0.0002	0.0002	NUM
fbem-20427	106	19	-0.0002	-0.0002	NOUN
fbem-20427	106	20	(	(	PUNCT
fbem-20427	106	21	0.07	0.07	NUM
fbem-20427	106	22	)	)	PUNCT
fbem-20427	106	23	(	(	PUNCT
fbem-20427	106	24	-0.58	-0.58	NUM
fbem-20427	106	25	)	)	PUNCT
fbem-20427	106	26	(	(	PUNCT
fbem-20427	106	27	0.09	0.09	NUM
fbem-20427	106	28	)	)	PUNCT
fbem-20427	106	29	(	(	PUNCT
fbem-20427	106	30	-0.09	-0.09	NUM
fbem-20427	106	31	)	)	PUNCT
fbem-20427	106	32	marriage	marriage	NOUN
fbem-20427	106	33	0.0920	0.0920	NUM
fbem-20427	106	34	*	*	PUNCT
fbem-20427	106	35	*	*	PUNCT
fbem-20427	106	36	*	*	PUNCT
fbem-20427	106	37	0.0913	0.0913	PUNCT
fbem-20427	106	38	*	*	PUNCT
fbem-20427	106	39	*	*	PUNCT
fbem-20427	106	40	*	*	X
fbem-20427	106	41	0.0864	0.0864	NUM
fbem-20427	106	42	0.0887	0.0887	NUM
fbem-20427	106	43	(	(	PUNCT
fbem-20427	106	44	3.15	3.15	NUM
fbem-20427	106	45	)	)	PUNCT
fbem-20427	106	46	(	(	PUNCT
fbem-20427	106	47	2.90	2.90	NUM
fbem-20427	106	48	)	)	PUNCT
fbem-20427	106	49	(	(	PUNCT
fbem-20427	106	50	1.08	1.08	NUM
fbem-20427	106	51	)	)	PUNCT
fbem-20427	106	52	(	(	PUNCT
fbem-20427	106	53	1.11	1.11	NUM
fbem-20427	106	54	)	)	PUNCT
fbem-20427	106	55	house	house	NOUN
fbem-20427	106	56	0.0480	0.0480	NUM
fbem-20427	107	1	0.0787	0.0787	NUM
fbem-20427	107	2	*	*	PUNCT
fbem-20427	107	3	*	*	NOUN
fbem-20427	107	4	-0.1164	-0.1164	NOUN
fbem-20427	107	5	-0.0763	-0.0763	NOUN
fbem-20427	107	6	(	(	PUNCT
fbem-20427	107	7	1.48	1.48	NUM
fbem-20427	107	8	)	)	PUNCT
fbem-20427	107	9	(	(	PUNCT
fbem-20427	107	10	2.26	2.26	NUM
fbem-20427	107	11	)	)	PUNCT
fbem-20427	107	12	(	(	PUNCT
fbem-20427	107	13	-1.30	-1.30	NUM
fbem-20427	107	14	)	)	PUNCT
fbem-20427	107	15	(	(	PUNCT
fbem-20427	107	16	-0.87	-0.87	NUM
fbem-20427	107	17	)	)	PUNCT
fbem-20427	107	18	tech	tech	NOUN
fbem-20427	107	19	0.4680	0.4680	NUM
fbem-20427	107	20	*	*	PUNCT
fbem-20427	107	21	*	*	PUNCT
fbem-20427	107	22	*	*	PUNCT
fbem-20427	107	23	0.4661	0.4661	NUM
fbem-20427	107	24	*	*	PUNCT
fbem-20427	107	25	*	*	PUNCT
fbem-20427	107	26	*	*	PUNCT
fbem-20427	107	27	0.4685	0.4685	PUNCT
fbem-20427	107	28	*	*	PUNCT
fbem-20427	107	29	*	*	PUNCT
fbem-20427	107	30	*	*	PUNCT
fbem-20427	107	31	0.4743	0.4743	NUM
fbem-20427	107	32	*	*	PUNCT
fbem-20427	107	33	*	*	PUNCT
fbem-20427	107	34	*	*	PUNCT
fbem-20427	107	35	(	(	PUNCT
fbem-20427	107	36	17.76	17.76	NUM
fbem-20427	107	37	)	)	PUNCT
fbem-20427	107	38	(	(	PUNCT
fbem-20427	107	39	16.49	16.49	NUM
fbem-20427	107	40	)	)	PUNCT
fbem-20427	107	41	(	(	PUNCT
fbem-20427	107	42	6.17	6.17	NUM
fbem-20427	107	43	)	)	PUNCT
fbem-20427	107	44	(	(	PUNCT
fbem-20427	107	45	6.26	6.26	NUM
fbem-20427	107	46	)	)	PUNCT
fbem-20427	107	47	lntotalincome	lntotalincome	NOUN
fbem-20427	107	48	0.0468	0.0468	NUM
fbem-20427	107	49	*	*	PUNCT
fbem-20427	107	50	*	*	PUNCT
fbem-20427	107	51	*	*	PUNCT
fbem-20427	107	52	0.0514	0.0514	NUM
fbem-20427	107	53	*	*	PUNCT
fbem-20427	107	54	*	*	PUNCT
fbem-20427	107	55	*	*	X
fbem-20427	107	56	0.0293	0.0293	NUM
fbem-20427	107	57	*	*	PUNCT
fbem-20427	107	58	*	*	PUNCT
fbem-20427	107	59	*	*	PUNCT
fbem-20427	107	60	0.0301	0.0301	NUM
fbem-20427	107	61	*	*	PUNCT
fbem-20427	107	62	*	*	PUNCT
fbem-20427	107	63	*	*	PUNCT
fbem-20427	107	64	(	(	PUNCT
fbem-20427	107	65	9.84	9.84	NUM
fbem-20427	107	66	)	)	PUNCT
fbem-20427	107	67	(	(	PUNCT
fbem-20427	107	68	9.63	9.63	NUM
fbem-20427	107	69	)	)	PUNCT
fbem-20427	107	70	(	(	PUNCT
fbem-20427	107	71	2.82	2.82	NUM
fbem-20427	107	72	)	)	PUNCT
fbem-20427	107	73	(	(	PUNCT
fbem-20427	107	74	2.89	2.89	NUM
fbem-20427	107	75	)	)	PUNCT
fbem-20427	107	76	n	n	CCONJ
fbem-20427	107	77	17094	17094	NUM
fbem-20427	107	78	14452	14452	NUM
fbem-20427	107	79	2642	2642	NUM
fbem-20427	107	80	2642	2642	NUM
fbem-20427	107	81	5.2	5.2	NUM
fbem-20427	107	82	.	.	PUNCT
fbem-20427	108	1	recommendations	recommendation	NOUN
fbem-20427	108	2	based	base	VERB
fbem-20427	108	3	on	on	ADP
fbem-20427	108	4	the	the	DET
fbem-20427	108	5	findings	finding	NOUN
fbem-20427	108	6	of	of	ADP
fbem-20427	108	7	this	this	DET
fbem-20427	108	8	paper	paper	NOUN
fbem-20427	108	9	,	,	PUNCT
fbem-20427	108	10	the	the	DET
fbem-20427	108	11	following	follow	VERB
fbem-20427	108	12	recommendations	recommendation	NOUN
fbem-20427	108	13	are	be	AUX
fbem-20427	108	14	made	make	VERB
fbem-20427	108	15	:	:	PUNCT
fbem-20427	108	16	first	first	ADV
fbem-20427	108	17	,	,	PUNCT
fbem-20427	108	18	china	china	PROPN
fbem-20427	108	19	's	's	PART
fbem-20427	108	20	regulatory	regulatory	ADJ
fbem-20427	108	21	authorities	authority	NOUN
fbem-20427	108	22	should	should	AUX
fbem-20427	108	23	accelerate	accelerate	VERB
fbem-20427	108	24	and	and	CCONJ
fbem-20427	108	25	improve	improve	VERB
fbem-20427	108	26	the	the	DET
fbem-20427	108	27	monitoring	monitoring	NOUN
fbem-20427	108	28	of	of	ADP
fbem-20427	108	29	households	household	NOUN
fbem-20427	108	30	with	with	ADP
fbem-20427	108	31	excessive	excessive	ADJ
fbem-20427	108	32	debt	debt	NOUN
fbem-20427	108	33	leverage	leverage	NOUN
fbem-20427	108	34	,	,	PUNCT
fbem-20427	108	35	so	so	SCONJ
fbem-20427	108	36	as	as	SCONJ
fbem-20427	108	37	to	to	PART
fbem-20427	108	38	avoid	avoid	VERB
fbem-20427	108	39	debt	debt	NOUN
fbem-20427	108	40	risks	risk	NOUN
fbem-20427	108	41	from	from	ADP
fbem-20427	108	42	triggering	trigger	VERB
fbem-20427	108	43	inappropriate	inappropriate	ADJ
fbem-20427	108	44	investment	investment	NOUN
fbem-20427	108	45	choices	choice	NOUN
fbem-20427	108	46	,	,	PUNCT
fbem-20427	108	47	or	or	CCONJ
fbem-20427	108	48	even	even	ADV
fbem-20427	108	49	causing	cause	VERB
fbem-20427	108	50	their	their	PRON
fbem-20427	108	51	spillover	spillover	NOUN
fbem-20427	108	52	to	to	ADP
fbem-20427	108	53	the	the	DET
fbem-20427	108	54	macroeconomy	macroeconomy	NOUN
fbem-20427	108	55	.	.	PUNCT
fbem-20427	109	1	at	at	ADP
fbem-20427	109	2	present	present	ADJ
fbem-20427	109	3	,	,	PUNCT
fbem-20427	109	4	the	the	DET
fbem-20427	109	5	debt	debt	NOUN
fbem-20427	109	6	leverage	leverage	NOUN
fbem-20427	109	7	ratio	ratio	NOUN
fbem-20427	109	8	of	of	ADP
fbem-20427	109	9	households	household	NOUN
fbem-20427	109	10	should	should	AUX
fbem-20427	109	11	be	be	AUX
fbem-20427	109	12	gradually	gradually	ADV
fbem-20427	109	13	reduced	reduce	VERB
fbem-20427	109	14	and	and	CCONJ
fbem-20427	109	15	debt	debt	NOUN
fbem-20427	109	16	risks	risk	NOUN
fbem-20427	109	17	should	should	AUX
fbem-20427	109	18	be	be	AUX
fbem-20427	109	19	controlled	control	VERB
fbem-20427	109	20	,	,	PUNCT
fbem-20427	109	21	and	and	CCONJ
fbem-20427	109	22	the	the	DET
fbem-20427	109	23	credit	credit	NOUN
fbem-20427	109	24	rating	rating	NOUN
fbem-20427	109	25	and	and	CCONJ
fbem-20427	109	26	risk	risk	NOUN
fbem-20427	109	27	-	-	PUNCT
fbem-20427	109	28	bearing	bear	VERB
fbem-20427	109	29	level	level	NOUN
fbem-20427	109	30	of	of	ADP
fbem-20427	109	31	highly	highly	ADV
fbem-20427	109	32	indebted	indebted	ADJ
fbem-20427	109	33	households	household	NOUN
fbem-20427	109	34	should	should	AUX
fbem-20427	109	35	be	be	AUX
fbem-20427	109	36	strictly	strictly	ADV
fbem-20427	109	37	assessed	assess	VERB
fbem-20427	109	38	before	before	ADP
fbem-20427	109	39	lending	lending	NOUN
fbem-20427	109	40	,	,	PUNCT
fbem-20427	109	41	so	so	SCONJ
fbem-20427	109	42	as	as	SCONJ
fbem-20427	109	43	to	to	PART
fbem-20427	109	44	strictly	strictly	ADV
fbem-20427	109	45	control	control	VERB
fbem-20427	109	46	the	the	DET
fbem-20427	109	47	debt	debt	NOUN
fbem-20427	109	48	leverage	leverage	NOUN
fbem-20427	109	49	ratio	ratio	NOUN
fbem-20427	109	50	of	of	ADP
fbem-20427	109	51	households	household	NOUN
fbem-20427	109	52	and	and	CCONJ
fbem-20427	109	53	the	the	DET
fbem-20427	109	54	spillover	spillover	NOUN
fbem-20427	109	55	of	of	ADP
fbem-20427	109	56	debt	debt	NOUN
fbem-20427	109	57	risks	risk	NOUN
fbem-20427	109	58	.	.	PUNCT
fbem-20427	110	1	at	at	ADP
fbem-20427	110	2	the	the	DET
fbem-20427	110	3	same	same	ADJ
fbem-20427	110	4	time	time	NOUN
fbem-20427	110	5	,	,	PUNCT
fbem-20427	110	6	financial	financial	ADJ
fbem-20427	110	7	risk	risk	NOUN
fbem-20427	110	8	monitoring	monitoring	NOUN
fbem-20427	110	9	should	should	AUX
fbem-20427	110	10	be	be	AUX
fbem-20427	110	11	strengthened	strengthen	VERB
fbem-20427	110	12	and	and	CCONJ
fbem-20427	110	13	risk	risk	NOUN
fbem-20427	110	14	-	-	PUNCT
fbem-20427	110	15	bearing	bear	VERB
fbem-20427	110	16	mechanisms	mechanism	NOUN
fbem-20427	110	17	should	should	AUX
fbem-20427	110	18	be	be	AUX
fbem-20427	110	19	improved	improve	VERB
fbem-20427	110	20	for	for	ADP
fbem-20427	110	21	households	household	NOUN
fbem-20427	110	22	that	that	PRON
fbem-20427	110	23	grant	grant	VERB
fbem-20427	110	24	loans	loan	NOUN
fbem-20427	110	25	,	,	PUNCT
fbem-20427	110	26	so	so	SCONJ
fbem-20427	110	27	as	as	SCONJ
fbem-20427	110	28	to	to	PART
fbem-20427	110	29	strictly	strictly	ADV
fbem-20427	110	30	control	control	VERB
fbem-20427	110	31	the	the	DET
fbem-20427	110	32	rate	rate	NOUN
fbem-20427	110	33	of	of	ADP
fbem-20427	110	34	growth	growth	NOUN
fbem-20427	110	35	of	of	ADP
fbem-20427	110	36	the	the	DET
fbem-20427	110	37	household	household	NOUN
fbem-20427	110	38	sector	sector	NOUN
fbem-20427	110	39	's	's	PART
fbem-20427	110	40	debt	debt	NOUN
fbem-20427	110	41	and	and	CCONJ
fbem-20427	110	42	reduce	reduce	VERB
fbem-20427	110	43	the	the	DET
fbem-20427	110	44	negative	negative	ADJ
fbem-20427	110	45	impact	impact	NOUN
fbem-20427	110	46	of	of	ADP
fbem-20427	110	47	non	non	ADJ
fbem-20427	110	48	-	-	ADJ
fbem-20427	110	49	performing	perform	VERB
fbem-20427	110	50	liabilities	liability	NOUN
fbem-20427	110	51	on	on	ADP
fbem-20427	110	52	the	the	DET
fbem-20427	110	53	efficiency	efficiency	NOUN
fbem-20427	110	54	of	of	ADP
fbem-20427	110	55	the	the	DET
fbem-20427	110	56	allocation	allocation	NOUN
fbem-20427	110	57	of	of	ADP
fbem-20427	110	58	households	household	NOUN
fbem-20427	110	59	'	'	PART
fbem-20427	110	60	financial	financial	ADJ
fbem-20427	110	61	assets	asset	NOUN
fbem-20427	110	62	,	,	PUNCT
fbem-20427	110	63	in	in	ADP
fbem-20427	110	64	order	order	NOUN
fbem-20427	110	65	to	to	PART
fbem-20427	110	66	solidly	solidly	ADV
fbem-20427	110	67	promote	promote	VERB
fbem-20427	110	68	the	the	DET
fbem-20427	110	69	process	process	NOUN
fbem-20427	110	70	of	of	ADP
fbem-20427	110	71	shared	share	VERB
fbem-20427	110	72	prosperity	prosperity	NOUN
fbem-20427	110	73	.	.	PUNCT
fbem-20427	111	1	references	reference	NOUN
fbem-20427	111	2	[	[	X
fbem-20427	111	3	1	1	NUM
fbem-20427	111	4	]	]	X
fbem-20427	111	5	calvet	calvet	NOUN
fbem-20427	111	6	,	,	PUNCT
fbem-20427	111	7	l.	l.	PROPN
fbem-20427	111	8	e.	e.	PROPN
fbem-20427	111	9	,	,	PUNCT
fbem-20427	111	10	&	&	CCONJ
fbem-20427	111	11	sodini	sodini	PROPN
fbem-20427	111	12	,	,	PUNCT
fbem-20427	111	13	p.	p.	PROPN
fbem-20427	111	14	,twin	,twin	PUNCT
fbem-20427	111	15	picks	pick	VERB
fbem-20427	111	16	:	:	PUNCT
fbem-20427	111	17	disentangling	disentangle	VERB
fbem-20427	111	18	the	the	DET
fbem-20427	111	19	determinants	determinant	NOUN
fbem-20427	111	20	of	of	ADP
fbem-20427	111	21	risk‐taking	risk‐take	VERB
fbem-20427	111	22	in	in	ADP
fbem-20427	111	23	household	household	NOUN
fbem-20427	111	24	portfolios	portfolio	NOUN
fbem-20427	111	25	.	.	PUNCT
fbem-20427	112	1	the	the	DET
fbem-20427	112	2	journal	journal	NOUN
fbem-20427	112	3	of	of	ADP
fbem-20427	112	4	finance	finance	NOUN
fbem-20427	112	5	,	,	PUNCT
fbem-20427	112	6	vol.2(2014	vol.2(2014	NOUN
fbem-20427	112	7	)	)	PUNCT
fbem-20427	112	8	,	,	PUNCT
fbem-20427	112	9	p.867	p.867	NOUN
fbem-20427	112	10	-	-	PUNCT
fbem-20427	112	11	906	906	NUM
fbem-20427	112	12	.	.	PUNCT
fbem-20427	113	1	[	[	X
fbem-20427	113	2	2	2	NUM
fbem-20427	113	3	]	]	X
fbem-20427	113	4	guiso	guiso	PROPN
fbem-20427	113	5	,	,	PUNCT
fbem-20427	113	6	l.	l.	PROPN
fbem-20427	113	7	,	,	PUNCT
fbem-20427	113	8	jappelli	jappelli	PROPN
fbem-20427	113	9	,	,	PUNCT
fbem-20427	113	10	t.	t.	PROPN
fbem-20427	113	11	,	,	PUNCT
fbem-20427	113	12	&	&	CCONJ
fbem-20427	113	13	terlizzese	terlizzese	PROPN
fbem-20427	113	14	,	,	PUNCT
fbem-20427	113	15	d.	d.	PROPN
fbem-20427	113	16	,income	,income	PUNCT
fbem-20427	113	17	risk	risk	NOUN
fbem-20427	113	18	,	,	PUNCT
fbem-20427	113	19	borrowing	borrowing	NOUN
fbem-20427	113	20	constraints	constraint	NOUN
fbem-20427	113	21	,	,	PUNCT
fbem-20427	113	22	and	and	CCONJ
fbem-20427	113	23	portfolio	portfolio	NOUN
fbem-20427	113	24	choice	choice	NOUN
fbem-20427	113	25	.	.	PUNCT
fbem-20427	114	1	the	the	DET
fbem-20427	114	2	american	american	PROPN
fbem-20427	114	3	economic	economic	PROPN
fbem-20427	114	4	review	review	PROPN
fbem-20427	114	5	,	,	PUNCT
fbem-20427	114	6	(	(	PUNCT
fbem-20427	114	7	1996),p.158	1996),p.158	NUM
fbem-20427	114	8	-	-	SYM
fbem-20427	114	9	172	172	NUM
fbem-20427	114	10	.	.	PUNCT
fbem-20427	115	1	[	[	X
fbem-20427	115	2	3	3	NUM
fbem-20427	115	3	]	]	X
fbem-20427	115	4	zeldes	zelde	NOUN
fbem-20427	115	5	s.	s.	PROPN
fbem-20427	115	6	,consumption	,consumption	PUNCT
fbem-20427	115	7	and	and	CCONJ
fbem-20427	115	8	liquidity	liquidity	NOUN
fbem-20427	115	9	constraints	constraint	NOUN
fbem-20427	115	10	:	:	PUNCT
fbem-20427	115	11	an	an	DET
fbem-20427	115	12	empirical	empirical	ADJ
fbem-20427	115	13	investigation	investigation	NOUN
fbem-20427	115	14	,	,	PUNCT
fbem-20427	115	15	journal	journal	NOUN
fbem-20427	115	16	of	of	ADP
fbem-20427	115	17	political	political	ADJ
fbem-20427	115	18	economy	economy	NOUN
fbem-20427	115	19	,	,	PUNCT
fbem-20427	115	20	vol.97	vol.97	NOUN
fbem-20427	115	21	(	(	PUNCT
fbem-20427	115	22	1989),p.305	1989),p.305	NOUN
fbem-20427	115	23	-	-	SYM
fbem-20427	115	24	346	346	NUM
fbem-20427	115	25	.	.	PUNCT
fbem-20427	116	1	[	[	X
fbem-20427	116	2	4	4	X
fbem-20427	116	3	]	]	X
fbem-20427	116	4	haliassos	haliassos	ADJ
fbem-20427	116	5	m.	m.	NOUN
fbem-20427	116	6	,	,	PUNCT
fbem-20427	116	7	&	&	CCONJ
fbem-20427	116	8	bertaut	bertaut	PROPN
fbem-20427	116	9	,	,	PUNCT
fbem-20427	116	10	c.c.why	c.c.why	PROPN
fbem-20427	116	11	do	do	AUX
fbem-20427	116	12	so	so	ADV
fbem-20427	116	13	few	few	ADJ
fbem-20427	116	14	hold	hold	VERB
fbem-20427	116	15	stocks?economic	stocks?economic	PROPN
fbem-20427	116	16	journal	journal	NOUN
fbem-20427	116	17	,	,	PUNCT
fbem-20427	116	18	vol.105(1995),p.1110	vol.105(1995),p.1110	NOUN
fbem-20427	116	19	-	-	PUNCT
fbem-20427	116	20	1129	1129	NUM
fbem-20427	116	21	.	.	PUNCT
fbem-20427	117	1	[	[	X
fbem-20427	117	2	5	5	NUM
fbem-20427	117	3	]	]	X
fbem-20427	117	4	cocco	cocco	PROPN
fbem-20427	117	5	,	,	PUNCT
fbem-20427	117	6	j.	j.	PROPN
fbem-20427	117	7	f.	f.	PROPN
fbem-20427	117	8	,portfolio	,portfolio	PUNCT
fbem-20427	117	9	choice	choice	NOUN
fbem-20427	117	10	in	in	ADP
fbem-20427	117	11	the	the	DET
fbem-20427	117	12	presence	presence	NOUN
fbem-20427	117	13	of	of	ADP
fbem-20427	117	14	housing	housing	NOUN
fbem-20427	117	15	.	.	PUNCT
fbem-20427	118	1	the	the	DET
fbem-20427	118	2	review	review	NOUN
fbem-20427	118	3	of	of	ADP
fbem-20427	118	4	financial	financial	ADJ
fbem-20427	118	5	studies	study	NOUN
fbem-20427	118	6	,	,	PUNCT
fbem-20427	118	7	vol.18(2005)no.2	vol.18(2005)no.2	PROPN
fbem-20427	118	8	,	,	PUNCT
fbem-20427	118	9	p.535	p.535	NOUN
fbem-20427	118	10	-	-	SYM
fbem-20427	118	11	567	567	NUM
fbem-20427	118	12	.	.	PUNCT
fbem-20427	119	1	[	[	X
fbem-20427	119	2	6	6	NUM
fbem-20427	119	3	]	]	PUNCT
fbem-20427	119	4	bachas	bacha	NOUN
fbem-20427	119	5	,	,	PUNCT
fbem-20427	119	6	p.	p.	NOUN
fbem-20427	119	7	,	,	PUNCT
fbem-20427	119	8	gertler	gertler	NOUN
fbem-20427	119	9	,	,	PUNCT
fbem-20427	119	10	p.	p.	PROPN
fbem-20427	119	11	,	,	PUNCT
fbem-20427	119	12	higgins	higgins	PROPN
fbem-20427	119	13	,	,	PUNCT
fbem-20427	119	14	s.	s.	PROPN
fbem-20427	119	15	,	,	PUNCT
fbem-20427	119	16	&	&	CCONJ
fbem-20427	119	17	seira	seira	PROPN
fbem-20427	119	18	,	,	PUNCT
fbem-20427	119	19	e.	e.	PROPN
fbem-20427	119	20	digital	digital	PROPN
fbem-20427	119	21	financial	financial	PROPN
fbem-20427	119	22	services	service	NOUN
fbem-20427	119	23	go	go	VERB
fbem-20427	119	24	a	a	DET
fbem-20427	119	25	long	long	ADJ
fbem-20427	119	26	way	way	NOUN
fbem-20427	119	27	:	:	PUNCT
fbem-20427	119	28	transaction	transaction	NOUN
fbem-20427	119	29	costs	cost	NOUN
fbem-20427	119	30	and	and	CCONJ
fbem-20427	119	31	financial	financial	ADJ
fbem-20427	119	32	inclusion	inclusion	NOUN
fbem-20427	119	33	.	.	PUNCT
fbem-20427	120	1	american	american	PROPN
fbem-20427	120	2	economic	economic	PROPN
fbem-20427	120	3	association	association	PROPN
fbem-20427	120	4	papers	paper	NOUN
fbem-20427	120	5	a	a	DET
fbem-20427	120	6	proceedings	proceeding	NOUN
fbem-20427	120	7	,	,	PUNCT
fbem-20427	120	8	vol.108(2018	vol.108(2018	NOUN
fbem-20427	120	9	)	)	PUNCT
fbem-20427	120	10	no.2,p.444	no.2,p.444	NOUN
fbem-20427	120	11	-	-	PUNCT
fbem-20427	120	12	448	448	NUM
fbem-20427	120	13	.	.	PUNCT
fbem-20427	121	1	[	[	X
fbem-20427	121	2	7	7	NUM
fbem-20427	121	3	]	]	PUNCT
fbem-20427	121	4	chetty	chetty	PROPN
fbem-20427	121	5	,	,	PUNCT
fbem-20427	121	6	r.	r.	PROPN
fbem-20427	121	7	,	,	PUNCT
fbem-20427	121	8	sándor	sándor	PROPN
fbem-20427	121	9	,	,	PUNCT
fbem-20427	121	10	l.	l.	PROPN
fbem-20427	121	11	,	,	PUNCT
fbem-20427	121	12	&	&	CCONJ
fbem-20427	121	13	szeidl	szeidl	PROPN
fbem-20427	121	14	,	,	PUNCT
fbem-20427	121	15	a.	a.	PROPN
fbem-20427	121	16	,	,	PUNCT
fbem-20427	121	17	the	the	DET
fbem-20427	121	18	effect	effect	NOUN
fbem-20427	121	19	of	of	ADP
fbem-20427	121	20	housing	housing	NOUN
fbem-20427	121	21	on	on	ADP
fbem-20427	121	22	portfolio	portfolio	NOUN
fbem-20427	121	23	choice	choice	NOUN
fbem-20427	121	24	.	.	PUNCT
fbem-20427	122	1	the	the	DET
fbem-20427	122	2	journal	journal	PROPN
fbem-20427	122	3	of	of	ADP
fbem-20427	122	4	finance	finance	NOUN
fbem-20427	122	5	,	,	PUNCT
fbem-20427	122	6	vol.72(2017)no.3	vol.72(2017)no.3	PROPN
fbem-20427	122	7	,	,	PUNCT
fbem-20427	122	8	p.1171	p.1171	NOUN
fbem-20427	122	9	-	-	X
fbem-20427	122	10	1212	1212	NUM
fbem-20427	122	11	.	.	PUNCT
fbem-20427	123	1	[	[	X
fbem-20427	123	2	8	8	X
fbem-20427	123	3	]	]	X
fbem-20427	123	4	pelizzon	pelizzon	PROPN
fbem-20427	123	5	l.	l.	PROPN
fbem-20427	123	6	,&weber	,&weber	PUNCT
fbem-20427	123	7	g.are	g.are	VERB
fbem-20427	123	8	household	household	NOUN
fbem-20427	123	9	portfolios	portfolio	NOUN
fbem-20427	123	10	efficient?an	efficient?an	PRON
fbem-20427	123	11	analysis	analysis	NOUN
fbem-20427	123	12	conditional	conditional	ADJ
fbem-20427	123	13	on	on	ADP
fbem-20427	123	14	housing	housing	NOUN
fbem-20427	123	15	,	,	PUNCT
fbem-20427	123	16	journal	journal	NOUN
fbem-20427	123	17	of	of	ADP
fbem-20427	123	18	financial	financial	ADJ
fbem-20427	123	19	and	and	CCONJ
fbem-20427	123	20	quantitative	quantitative	ADJ
fbem-20427	123	21	analysis	analysis	NOUN
fbem-20427	123	22	,	,	PUNCT
fbem-20427	123	23	vol.43(2008)no.2,p.401	vol.43(2008)no.2,p.401	NOUN
fbem-20427	123	24	-	-	SYM
fbem-20427	123	25	431	431	NUM
fbem-20427	123	26	.	.	PUNCT