id	sid	tid	token	lemma	pos
fbem-31074	1	1	frontiers	frontier	NOUN
fbem-31074	1	2	in	in	ADP
fbem-31074	1	3	business	business	NOUN
fbem-31074	1	4	,	,	PUNCT
fbem-31074	1	5	economics	economic	NOUN
fbem-31074	1	6	and	and	CCONJ
fbem-31074	1	7	management	management	NOUN
fbem-31074	1	8	issn	issn	PROPN
fbem-31074	1	9	:	:	PUNCT
fbem-31074	1	10	2766	2766	NUM
fbem-31074	1	11	-	-	PUNCT
fbem-31074	1	12	824x	824x	NUM
fbem-31074	1	13	|	|	ADJ
fbem-31074	1	14	vol	vol	NOUN
fbem-31074	1	15	.	.	PROPN
fbem-31074	2	1	19	19	NUM
fbem-31074	2	2	,	,	PUNCT
fbem-31074	2	3	no	no	INTJ
fbem-31074	2	4	.	.	NOUN
fbem-31074	2	5	3	3	NUM
fbem-31074	2	6	,	,	PUNCT
fbem-31074	2	7	2025	2025	NUM
fbem-31074	2	8	46	46	NUM
fbem-31074	2	9	analysis	analysis	NOUN
fbem-31074	2	10	on	on	ADP
fbem-31074	2	11	the	the	DET
fbem-31074	2	12	differences	difference	NOUN
fbem-31074	2	13	between	between	ADP
fbem-31074	2	14	the	the	DET
fbem-31074	2	15	four	four	NUM
fbem-31074	2	16	-	-	PUNCT
fbem-31074	2	17	factor	factor	NOUN
fbem-31074	2	18	model	model	NOUN
fbem-31074	2	19	of	of	ADP
fbem-31074	2	20	chinese	chinese	ADJ
fbem-31074	2	21	and	and	CCONJ
fbem-31074	2	22	international	international	ADJ
fbem-31074	2	23	markets	market	NOUN
fbem-31074	2	24	and	and	CCONJ
fbem-31074	2	25	research	research	NOUN
fbem-31074	2	26	on	on	ADP
fbem-31074	2	27	optimization	optimization	NOUN
fbem-31074	2	28	paths	path	NOUN
fbem-31074	2	29	yuruo	yuruo	PROPN
fbem-31074	2	30	sun	sun	PROPN
fbem-31074	2	31	school	school	PROPN
fbem-31074	2	32	of	of	ADP
fbem-31074	2	33	finance	finance	NOUN
fbem-31074	2	34	,	,	PUNCT
fbem-31074	2	35	guangdong	guangdong	PROPN
fbem-31074	2	36	university	university	PROPN
fbem-31074	2	37	of	of	ADP
fbem-31074	2	38	foreign	foreign	PROPN
fbem-31074	2	39	studies	study	NOUN
fbem-31074	2	40	,	,	PUNCT
fbem-31074	2	41	guangzhou	guangzhou	PROPN
fbem-31074	2	42	city	city	PROPN
fbem-31074	2	43	,	,	PUNCT
fbem-31074	2	44	guangdong	guangdong	PROPN
fbem-31074	2	45	province	province	PROPN
fbem-31074	2	46	,	,	PUNCT
fbem-31074	2	47	china	china	PROPN
fbem-31074	2	48	abstract	abstract	PROPN
fbem-31074	2	49	:	:	PUNCT
fbem-31074	2	50	this	this	DET
fbem-31074	2	51	study	study	NOUN
fbem-31074	2	52	focuses	focus	VERB
fbem-31074	2	53	on	on	ADP
fbem-31074	2	54	the	the	DET
fbem-31074	2	55	four	four	NUM
fbem-31074	2	56	-	-	PUNCT
fbem-31074	2	57	factor	factor	NOUN
fbem-31074	2	58	model	model	NOUN
fbem-31074	2	59	of	of	ADP
fbem-31074	2	60	the	the	DET
fbem-31074	2	61	chinese	chinese	ADJ
fbem-31074	2	62	market	market	NOUN
fbem-31074	2	63	and	and	CCONJ
fbem-31074	2	64	the	the	DET
fbem-31074	2	65	international	international	ADJ
fbem-31074	2	66	market	market	NOUN
fbem-31074	2	67	,	,	PUNCT
fbem-31074	2	68	and	and	CCONJ
fbem-31074	2	69	deeply	deeply	ADV
fbem-31074	2	70	analyzes	analyze	VERB
fbem-31074	2	71	the	the	DET
fbem-31074	2	72	differences	difference	NOUN
fbem-31074	2	73	between	between	ADP
fbem-31074	2	74	the	the	DET
fbem-31074	2	75	two	two	NUM
fbem-31074	2	76	.	.	PUNCT
fbem-31074	3	1	by	by	ADP
fbem-31074	3	2	combing	comb	VERB
fbem-31074	3	3	the	the	DET
fbem-31074	3	4	development	development	NOUN
fbem-31074	3	5	context	context	NOUN
fbem-31074	3	6	and	and	CCONJ
fbem-31074	3	7	constituent	constituent	ADJ
fbem-31074	3	8	elements	element	NOUN
fbem-31074	3	9	of	of	ADP
fbem-31074	3	10	the	the	DET
fbem-31074	3	11	four	four	NUM
fbem-31074	3	12	-	-	PUNCT
fbem-31074	3	13	factor	factor	NOUN
fbem-31074	3	14	model	model	NOUN
fbem-31074	3	15	,	,	PUNCT
fbem-31074	3	16	combined	combine	VERB
fbem-31074	3	17	with	with	ADP
fbem-31074	3	18	the	the	DET
fbem-31074	3	19	particularity	particularity	NOUN
fbem-31074	3	20	of	of	ADP
fbem-31074	3	21	a	a	DET
fbem-31074	3	22	-	-	PUNCT
fbem-31074	3	23	shares	share	NOUN
fbem-31074	3	24	,	,	PUNCT
fbem-31074	3	25	a	a	DET
fbem-31074	3	26	chinese	chinese	ADJ
fbem-31074	3	27	version	version	NOUN
fbem-31074	3	28	of	of	ADP
fbem-31074	3	29	the	the	DET
fbem-31074	3	30	model	model	NOUN
fbem-31074	3	31	is	be	AUX
fbem-31074	3	32	constructed	construct	VERB
fbem-31074	3	33	and	and	CCONJ
fbem-31074	3	34	compared	compare	VERB
fbem-31074	3	35	with	with	ADP
fbem-31074	3	36	the	the	DET
fbem-31074	3	37	international	international	ADJ
fbem-31074	3	38	market	market	NOUN
fbem-31074	3	39	model	model	NOUN
fbem-31074	3	40	to	to	PART
fbem-31074	3	41	analyze	analyze	VERB
fbem-31074	3	42	the	the	DET
fbem-31074	3	43	factor	factor	NOUN
fbem-31074	3	44	performance	performance	NOUN
fbem-31074	3	45	and	and	CCONJ
fbem-31074	3	46	model	model	NOUN
fbem-31074	3	47	effect	effect	NOUN
fbem-31074	3	48	.	.	PUNCT
fbem-31074	4	1	the	the	DET
fbem-31074	4	2	study	study	NOUN
fbem-31074	4	3	found	find	VERB
fbem-31074	4	4	that	that	SCONJ
fbem-31074	4	5	the	the	DET
fbem-31074	4	6	models	model	NOUN
fbem-31074	4	7	of	of	ADP
fbem-31074	4	8	the	the	DET
fbem-31074	4	9	two	two	NUM
fbem-31074	4	10	markets	market	NOUN
fbem-31074	4	11	have	have	VERB
fbem-31074	4	12	commonalities	commonality	NOUN
fbem-31074	4	13	in	in	ADP
fbem-31074	4	14	development	development	NOUN
fbem-31074	4	15	and	and	CCONJ
fbem-31074	4	16	composition	composition	NOUN
fbem-31074	4	17	,	,	PUNCT
fbem-31074	4	18	but	but	CCONJ
fbem-31074	4	19	there	there	PRON
fbem-31074	4	20	are	be	VERB
fbem-31074	4	21	significant	significant	ADJ
fbem-31074	4	22	differences	difference	NOUN
fbem-31074	4	23	in	in	ADP
fbem-31074	4	24	market	market	NOUN
fbem-31074	4	25	environment	environment	NOUN
fbem-31074	4	26	,	,	PUNCT
fbem-31074	4	27	factor	factor	NOUN
fbem-31074	4	28	performance	performance	NOUN
fbem-31074	4	29	,	,	PUNCT
fbem-31074	4	30	etc	etc	X
fbem-31074	4	31	.	.	X
fbem-31074	4	32	,	,	PUNCT
fbem-31074	4	33	and	and	CCONJ
fbem-31074	4	34	each	each	PRON
fbem-31074	4	35	has	have	VERB
fbem-31074	4	36	its	its	PRON
fbem-31074	4	37	own	own	ADJ
fbem-31074	4	38	advantages	advantage	NOUN
fbem-31074	4	39	and	and	CCONJ
fbem-31074	4	40	disadvantages	disadvantage	NOUN
fbem-31074	4	41	in	in	ADP
fbem-31074	4	42	explaining	explain	VERB
fbem-31074	4	43	stock	stock	NOUN
fbem-31074	4	44	returns	return	NOUN
fbem-31074	4	45	.	.	PUNCT
fbem-31074	5	1	based	base	VERB
fbem-31074	5	2	on	on	ADP
fbem-31074	5	3	this	this	PRON
fbem-31074	5	4	,	,	PUNCT
fbem-31074	5	5	the	the	DET
fbem-31074	5	6	direction	direction	NOUN
fbem-31074	5	7	of	of	ADP
fbem-31074	5	8	model	model	NOUN
fbem-31074	5	9	optimization	optimization	NOUN
fbem-31074	5	10	,	,	PUNCT
fbem-31074	5	11	cross	cross	ADJ
fbem-31074	5	12	-	-	ADJ
fbem-31074	5	13	market	market	ADJ
fbem-31074	5	14	analysis	analysis	NOUN
fbem-31074	5	15	and	and	CCONJ
fbem-31074	5	16	method	method	NOUN
fbem-31074	5	17	improvement	improvement	NOUN
fbem-31074	5	18	is	be	AUX
fbem-31074	5	19	proposed	propose	VERB
fbem-31074	5	20	for	for	ADP
fbem-31074	5	21	subsequent	subsequent	ADJ
fbem-31074	5	22	research	research	NOUN
fbem-31074	5	23	,	,	PUNCT
fbem-31074	5	24	in	in	ADP
fbem-31074	5	25	order	order	NOUN
fbem-31074	5	26	to	to	PART
fbem-31074	5	27	provide	provide	VERB
fbem-31074	5	28	reference	reference	NOUN
fbem-31074	5	29	for	for	ADP
fbem-31074	5	30	investors	investor	NOUN
fbem-31074	5	31	and	and	CCONJ
fbem-31074	5	32	market	market	NOUN
fbem-31074	5	33	research	research	NOUN
fbem-31074	5	34	.	.	PUNCT
fbem-31074	6	1	keywords	keyword	NOUN
fbem-31074	6	2	:	:	PUNCT
fbem-31074	6	3	four	four	NUM
fbem-31074	6	4	-	-	PUNCT
fbem-31074	6	5	factor	factor	NOUN
fbem-31074	6	6	model	model	NOUN
fbem-31074	6	7	;	;	PUNCT
fbem-31074	6	8	chinese	chinese	ADJ
fbem-31074	6	9	market	market	NOUN
fbem-31074	6	10	;	;	PUNCT
fbem-31074	6	11	international	international	ADJ
fbem-31074	6	12	market	market	NOUN
fbem-31074	6	13	.	.	PUNCT
fbem-31074	7	1	1	1	X
fbem-31074	7	2	.	.	X
fbem-31074	7	3	introduction	introduction	NOUN
fbem-31074	7	4	in	in	ADP
fbem-31074	7	5	finance	finance	NOUN
fbem-31074	7	6	,	,	PUNCT
fbem-31074	7	7	determining	determine	VERB
fbem-31074	7	8	stock	stock	NOUN
fbem-31074	7	9	portfolio	portfolio	NOUN
fbem-31074	7	10	returns	return	NOUN
fbem-31074	7	11	is	be	AUX
fbem-31074	7	12	crucial	crucial	ADJ
fbem-31074	7	13	.	.	PUNCT
fbem-31074	8	1	theoretically	theoretically	ADV
fbem-31074	8	2	,	,	PUNCT
fbem-31074	8	3	from	from	ADP
fbem-31074	8	4	the	the	DET
fbem-31074	8	5	capital	capital	NOUN
fbem-31074	8	6	asset	asset	NOUN
fbem-31074	8	7	pricing	pricing	NOUN
fbem-31074	8	8	model	model	NOUN
fbem-31074	8	9	to	to	ADP
fbem-31074	8	10	fama	fama	PROPN
fbem-31074	8	11	and	and	CCONJ
fbem-31074	8	12	french	french	NOUN
fbem-31074	8	13	's	's	PART
fbem-31074	8	14	three	three	NUM
fbem-31074	8	15	-	-	PUNCT
fbem-31074	8	16	factor	factor	NOUN
fbem-31074	8	17	model	model	NOUN
fbem-31074	8	18	,	,	PUNCT
fbem-31074	8	19	and	and	CCONJ
fbem-31074	8	20	then	then	ADV
fbem-31074	8	21	carhart	carhart	NOUN
fbem-31074	8	22	's	's	PART
fbem-31074	8	23	fourfactor	fourfactor	NOUN
fbem-31074	8	24	model	model	NOUN
fbem-31074	8	25	,	,	PUNCT
fbem-31074	8	26	each	each	DET
fbem-31074	8	27	step	step	NOUN
fbem-31074	8	28	deepens	deepen	VERB
fbem-31074	8	29	our	our	PRON
fbem-31074	8	30	understanding	understanding	NOUN
fbem-31074	8	31	of	of	ADP
fbem-31074	8	32	the	the	DET
fbem-31074	8	33	stock	stock	NOUN
fbem-31074	8	34	market	market	NOUN
fbem-31074	8	35	.	.	PUNCT
fbem-31074	9	1	the	the	DET
fbem-31074	9	2	four	four	NUM
fbem-31074	9	3	-	-	PUNCT
fbem-31074	9	4	factor	factor	NOUN
fbem-31074	9	5	model	model	NOUN
fbem-31074	9	6	is	be	AUX
fbem-31074	9	7	widely	widely	ADV
fbem-31074	9	8	used	use	VERB
fbem-31074	9	9	internationally	internationally	ADV
fbem-31074	9	10	,	,	PUNCT
fbem-31074	9	11	explaining	explain	VERB
fbem-31074	9	12	over	over	ADP
fbem-31074	9	13	90	90	NUM
fbem-31074	9	14	%	%	NOUN
fbem-31074	9	15	of	of	ADP
fbem-31074	9	16	portfolio	portfolio	NOUN
fbem-31074	9	17	changes	change	NOUN
fbem-31074	9	18	and	and	CCONJ
fbem-31074	9	19	serving	serve	VERB
fbem-31074	9	20	as	as	ADP
fbem-31074	9	21	a	a	DET
fbem-31074	9	22	key	key	ADJ
fbem-31074	9	23	standard	standard	NOUN
fbem-31074	9	24	for	for	ADP
fbem-31074	9	25	assessing	assess	VERB
fbem-31074	9	26	fund	fund	NOUN
fbem-31074	9	27	returns	return	NOUN
fbem-31074	9	28	and	and	CCONJ
fbem-31074	9	29	investment	investment	NOUN
fbem-31074	9	30	managers	manager	NOUN
fbem-31074	9	31	'	'	PART
fbem-31074	9	32	abilities	ability	NOUN
fbem-31074	9	33	.	.	PUNCT
fbem-31074	10	1	however	however	ADV
fbem-31074	10	2	,	,	PUNCT
fbem-31074	10	3	china	china	PROPN
fbem-31074	10	4	's	's	PART
fbem-31074	10	5	securities	security	NOUN
fbem-31074	10	6	market	market	NOUN
fbem-31074	10	7	has	have	VERB
fbem-31074	10	8	unique	unique	ADJ
fbem-31074	10	9	features	feature	NOUN
fbem-31074	10	10	like	like	ADP
fbem-31074	10	11	"	"	PUNCT
fbem-31074	10	12	shell	shell	ADJ
fbem-31074	10	13	pollution	pollution	NOUN
fbem-31074	10	14	,	,	PUNCT
fbem-31074	10	15	"	"	PUNCT
fbem-31074	10	16	complex	complex	ADJ
fbem-31074	10	17	ipos	ipos	NOUN
fbem-31074	10	18	,	,	PUNCT
fbem-31074	10	19	and	and	CCONJ
fbem-31074	10	20	low	low	ADJ
fbem-31074	10	21	approval	approval	NOUN
fbem-31074	10	22	rates	rate	NOUN
fbem-31074	10	23	.	.	PUNCT
fbem-31074	11	1	many	many	ADJ
fbem-31074	11	2	small	small	ADJ
fbem-31074	11	3	-	-	PUNCT
fbem-31074	11	4	cap	cap	NOUN
fbem-31074	11	5	company	company	NOUN
fbem-31074	11	6	stocks	stock	NOUN
fbem-31074	11	7	are	be	AUX
fbem-31074	11	8	influenced	influence	VERB
fbem-31074	11	9	by	by	ADP
fbem-31074	11	10	"	"	PUNCT
fbem-31074	11	11	shell	shell	ADJ
fbem-31074	11	12	value	value	NOUN
fbem-31074	11	13	,	,	PUNCT
fbem-31074	11	14	"	"	PUNCT
fbem-31074	11	15	which	which	PRON
fbem-31074	11	16	is	be	AUX
fbem-31074	11	17	disconnected	disconnect	VERB
fbem-31074	11	18	from	from	ADP
fbem-31074	11	19	their	their	PRON
fbem-31074	11	20	operating	operating	NOUN
fbem-31074	11	21	conditions	condition	NOUN
fbem-31074	11	22	.	.	PUNCT
fbem-31074	12	1	this	this	PRON
fbem-31074	12	2	interferes	interfere	VERB
fbem-31074	12	3	with	with	ADP
fbem-31074	12	4	traditional	traditional	ADJ
fbem-31074	12	5	model	model	NOUN
fbem-31074	12	6	backtesting	backtesting	NOUN
fbem-31074	12	7	and	and	CCONJ
fbem-31074	12	8	market	market	NOUN
fbem-31074	12	9	anomaly	anomaly	NOUN
fbem-31074	12	10	explanations	explanation	NOUN
fbem-31074	12	11	.	.	PUNCT
fbem-31074	13	1	additionally	additionally	ADV
fbem-31074	13	2	,	,	PUNCT
fbem-31074	13	3	china	china	PROPN
fbem-31074	13	4	's	's	PART
fbem-31074	13	5	investor	investor	NOUN
fbem-31074	13	6	structure	structure	NOUN
fbem-31074	13	7	impacts	impact	VERB
fbem-31074	13	8	asset	asset	NOUN
fbem-31074	13	9	pricing	pricing	NOUN
fbem-31074	13	10	.	.	PUNCT
fbem-31074	14	1	thus	thus	ADV
fbem-31074	14	2	,	,	PUNCT
fbem-31074	14	3	comparing	compare	VERB
fbem-31074	14	4	china	china	PROPN
fbem-31074	14	5	's	's	PART
fbem-31074	14	6	and	and	CCONJ
fbem-31074	14	7	international	international	ADJ
fbem-31074	14	8	markets	market	NOUN
fbem-31074	14	9	'	'	PART
fbem-31074	14	10	four	four	NUM
fbem-31074	14	11	-	-	PUNCT
fbem-31074	14	12	factor	factor	NOUN
fbem-31074	14	13	models	model	NOUN
fbem-31074	14	14	is	be	AUX
fbem-31074	14	15	highly	highly	ADV
fbem-31074	14	16	significant	significant	ADJ
fbem-31074	14	17	for	for	ADP
fbem-31074	14	18	model	model	NOUN
fbem-31074	14	19	optimization	optimization	NOUN
fbem-31074	14	20	,	,	PUNCT
fbem-31074	14	21	investment	investment	NOUN
fbem-31074	14	22	decisions	decision	NOUN
fbem-31074	14	23	,	,	PUNCT
fbem-31074	14	24	market	market	NOUN
fbem-31074	14	25	regulation	regulation	NOUN
fbem-31074	14	26	,	,	PUNCT
fbem-31074	14	27	and	and	CCONJ
fbem-31074	14	28	academic	academic	ADJ
fbem-31074	14	29	research	research	NOUN
fbem-31074	14	30	.	.	PUNCT
fbem-31074	15	1	this	this	DET
fbem-31074	15	2	study	study	NOUN
fbem-31074	15	3	aims	aim	VERB
fbem-31074	15	4	to	to	PART
fbem-31074	15	5	comprehensively	comprehensively	ADV
fbem-31074	15	6	compare	compare	VERB
fbem-31074	15	7	these	these	DET
fbem-31074	15	8	models	model	NOUN
fbem-31074	15	9	,	,	PUNCT
fbem-31074	15	10	analyzing	analyze	VERB
fbem-31074	15	11	their	their	PRON
fbem-31074	15	12	similarities	similarity	NOUN
fbem-31074	15	13	and	and	CCONJ
fbem-31074	15	14	differences	difference	NOUN
fbem-31074	15	15	in	in	ADP
fbem-31074	15	16	development	development	NOUN
fbem-31074	15	17	,	,	PUNCT
fbem-31074	15	18	composition	composition	NOUN
fbem-31074	15	19	,	,	PUNCT
fbem-31074	15	20	factor	factor	NOUN
fbem-31074	15	21	performance	performance	NOUN
fbem-31074	15	22	,	,	PUNCT
fbem-31074	15	23	and	and	CCONJ
fbem-31074	15	24	effects	effect	NOUN
fbem-31074	15	25	,	,	PUNCT
fbem-31074	15	26	to	to	PART
fbem-31074	15	27	provide	provide	VERB
fbem-31074	15	28	a	a	DET
fbem-31074	15	29	valuable	valuable	ADJ
fbem-31074	15	30	reference	reference	NOUN
fbem-31074	15	31	for	for	ADP
fbem-31074	15	32	model	model	NOUN
fbem-31074	15	33	optimization	optimization	NOUN
fbem-31074	15	34	and	and	CCONJ
fbem-31074	15	35	application	application	NOUN
fbem-31074	15	36	.	.	PUNCT
fbem-31074	16	1	2	2	X
fbem-31074	16	2	.	.	X
fbem-31074	16	3	theoretical	theoretical	ADJ
fbem-31074	16	4	basis	basis	NOUN
fbem-31074	16	5	of	of	ADP
fbem-31074	16	6	the	the	DET
fbem-31074	16	7	fourfactor	fourfactor	NOUN
fbem-31074	16	8	model	model	PROPN
fbem-31074	16	9	2.1	2.1	NUM
fbem-31074	16	10	.	.	PUNCT
fbem-31074	17	1	development	development	NOUN
fbem-31074	17	2	history	history	NOUN
fbem-31074	17	3	the	the	DET
fbem-31074	17	4	four	four	NUM
fbem-31074	17	5	-	-	PUNCT
fbem-31074	17	6	factor	factor	NOUN
fbem-31074	17	7	model	model	NOUN
fbem-31074	17	8	was	be	AUX
fbem-31074	17	9	developed	develop	VERB
fbem-31074	17	10	based	base	VERB
fbem-31074	17	11	on	on	ADP
fbem-31074	17	12	the	the	DET
fbem-31074	17	13	threefactor	threefactor	NOUN
fbem-31074	17	14	model	model	NOUN
fbem-31074	17	15	.	.	PUNCT
fbem-31074	18	1	the	the	DET
fbem-31074	18	2	three	three	NUM
fbem-31074	18	3	-	-	PUNCT
fbem-31074	18	4	factor	factor	NOUN
fbem-31074	18	5	model	model	NOUN
fbem-31074	18	6	proposed	propose	VERB
fbem-31074	18	7	by	by	ADP
fbem-31074	18	8	fama	fama	PROPN
fbem-31074	18	9	and	and	CCONJ
fbem-31074	18	10	french	french	ADJ
fbem-31074	18	11	covers	cover	VERB
fbem-31074	18	12	market	market	NOUN
fbem-31074	18	13	factors	factor	NOUN
fbem-31074	18	14	,	,	PUNCT
fbem-31074	18	15	scale	scale	NOUN
fbem-31074	18	16	factors	factor	NOUN
fbem-31074	18	17	and	and	CCONJ
fbem-31074	18	18	book	book	NOUN
fbem-31074	18	19	-	-	PUNCT
fbem-31074	18	20	tomarket	tomarket	NOUN
fbem-31074	18	21	factors	factor	NOUN
fbem-31074	18	22	,	,	PUNCT
fbem-31074	18	23	and	and	CCONJ
fbem-31074	18	24	builds	build	VERB
fbem-31074	18	25	an	an	DET
fbem-31074	18	26	important	important	ADJ
fbem-31074	18	27	framework	framework	NOUN
fbem-31074	18	28	for	for	ADP
fbem-31074	18	29	explaining	explain	VERB
fbem-31074	18	30	stock	stock	NOUN
fbem-31074	18	31	returns	return	NOUN
fbem-31074	18	32	.	.	PUNCT
fbem-31074	19	1	subsequently	subsequently	ADV
fbem-31074	19	2	,	,	PUNCT
fbem-31074	19	3	carhart	carhart	NOUN
fbem-31074	19	4	observed	observe	VERB
fbem-31074	19	5	the	the	DET
fbem-31074	19	6	key	key	ADJ
fbem-31074	19	7	role	role	NOUN
fbem-31074	19	8	of	of	ADP
fbem-31074	19	9	momentum	momentum	NOUN
fbem-31074	19	10	effect	effect	NOUN
fbem-31074	19	11	in	in	ADP
fbem-31074	19	12	investment	investment	NOUN
fbem-31074	19	13	decisions	decision	NOUN
fbem-31074	19	14	,	,	PUNCT
fbem-31074	19	15	incorporated	incorporate	VERB
fbem-31074	19	16	momentum	momentum	NOUN
fbem-31074	19	17	factors	factor	NOUN
fbem-31074	19	18	into	into	ADP
fbem-31074	19	19	the	the	DET
fbem-31074	19	20	model	model	NOUN
fbem-31074	19	21	,	,	PUNCT
fbem-31074	19	22	and	and	CCONJ
fbem-31074	19	23	constructed	construct	VERB
fbem-31074	19	24	a	a	DET
fbem-31074	19	25	four	four	NUM
fbem-31074	19	26	-	-	PUNCT
fbem-31074	19	27	factor	factor	NOUN
fbem-31074	19	28	model	model	NOUN
fbem-31074	19	29	.	.	PUNCT
fbem-31074	20	1	this	this	DET
fbem-31074	20	2	expansion	expansion	NOUN
fbem-31074	20	3	enables	enable	VERB
fbem-31074	20	4	the	the	DET
fbem-31074	20	5	model	model	NOUN
fbem-31074	20	6	to	to	ADP
fbem-31074	20	7	more	more	ADV
fbem-31074	20	8	comprehensively	comprehensively	ADV
fbem-31074	20	9	control	control	VERB
fbem-31074	20	10	market	market	NOUN
fbem-31074	20	11	risks	risk	NOUN
fbem-31074	20	12	and	and	CCONJ
fbem-31074	20	13	other	other	ADJ
fbem-31074	20	14	systemic	systemic	ADJ
fbem-31074	20	15	risks	risk	NOUN
fbem-31074	20	16	,	,	PUNCT
fbem-31074	20	17	improves	improve	VERB
fbem-31074	20	18	the	the	DET
fbem-31074	20	19	ability	ability	NOUN
fbem-31074	20	20	to	to	PART
fbem-31074	20	21	explain	explain	VERB
fbem-31074	20	22	the	the	DET
fbem-31074	20	23	abnormal	abnormal	ADJ
fbem-31074	20	24	returns	return	NOUN
fbem-31074	20	25	of	of	ADP
fbem-31074	20	26	investment	investment	NOUN
fbem-31074	20	27	portfolios	portfolio	NOUN
fbem-31074	20	28	,	,	PUNCT
fbem-31074	20	29	and	and	CCONJ
fbem-31074	20	30	gradually	gradually	ADV
fbem-31074	20	31	becomes	become	VERB
fbem-31074	20	32	an	an	DET
fbem-31074	20	33	industry	industry	NOUN
fbem-31074	20	34	standard	standard	NOUN
fbem-31074	20	35	in	in	ADP
fbem-31074	20	36	the	the	DET
fbem-31074	20	37	international	international	ADJ
fbem-31074	20	38	financial	financial	ADJ
fbem-31074	20	39	field	field	NOUN
fbem-31074	20	40	.	.	PUNCT
fbem-31074	21	1	many	many	ADJ
fbem-31074	21	2	empirical	empirical	ADJ
fbem-31074	21	3	studies	study	NOUN
fbem-31074	21	4	have	have	AUX
fbem-31074	21	5	shown	show	VERB
fbem-31074	21	6	that	that	SCONJ
fbem-31074	21	7	in	in	ADP
fbem-31074	21	8	the	the	DET
fbem-31074	21	9	regression	regression	NOUN
fbem-31074	21	10	analysis	analysis	NOUN
fbem-31074	21	11	of	of	ADP
fbem-31074	21	12	the	the	DET
fbem-31074	21	13	return	return	NOUN
fbem-31074	21	14	of	of	ADP
fbem-31074	21	15	hybrid	hybrid	ADJ
fbem-31074	21	16	open	open	ADJ
fbem-31074	21	17	-	-	PUNCT
fbem-31074	21	18	end	end	NOUN
fbem-31074	21	19	funds	fund	NOUN
fbem-31074	21	20	based	base	VERB
fbem-31074	21	21	on	on	ADP
fbem-31074	21	22	the	the	DET
fbem-31074	21	23	four	four	NUM
fbem-31074	21	24	-	-	PUNCT
fbem-31074	21	25	factor	factor	NOUN
fbem-31074	21	26	model	model	NOUN
fbem-31074	21	27	,	,	PUNCT
fbem-31074	21	28	the	the	DET
fbem-31074	21	29	modified	modify	VERB
fbem-31074	21	30	r²	r²	NOUN
fbem-31074	21	31	is	be	AUX
fbem-31074	21	32	mostly	mostly	ADV
fbem-31074	21	33	greater	great	ADJ
fbem-31074	21	34	than	than	ADP
fbem-31074	21	35	0.90	0.90	NUM
fbem-31074	21	36	,	,	PUNCT
fbem-31074	21	37	and	and	CCONJ
fbem-31074	21	38	the	the	DET
fbem-31074	21	39	excess	excess	ADJ
fbem-31074	21	40	returns	return	NOUN
fbem-31074	21	41	of	of	ADP
fbem-31074	21	42	most	most	ADJ
fbem-31074	21	43	funds	fund	NOUN
fbem-31074	21	44	are	be	AUX
fbem-31074	21	45	not	not	PART
fbem-31074	21	46	significant	significant	ADJ
fbem-31074	21	47	.	.	PUNCT
fbem-31074	22	1	the	the	DET
fbem-31074	22	2	explanatory	explanatory	ADJ
fbem-31074	22	3	power	power	NOUN
fbem-31074	22	4	of	of	ADP
fbem-31074	22	5	fama	fama	PROPN
fbem-31074	22	6	's	's	PART
fbem-31074	22	7	three	three	NUM
fbem-31074	22	8	-	-	PUNCT
fbem-31074	22	9	factor	factor	NOUN
fbem-31074	22	10	model	model	NOUN
fbem-31074	22	11	in	in	ADP
fbem-31074	22	12	developed	develop	VERB
fbem-31074	22	13	countries	country	NOUN
fbem-31074	22	14	and	and	CCONJ
fbem-31074	22	15	regions	region	NOUN
fbem-31074	22	16	has	have	AUX
fbem-31074	22	17	reached	reach	VERB
fbem-31074	22	18	95	95	NUM
fbem-31074	22	19	%	%	NOUN
fbem-31074	22	20	,	,	PUNCT
fbem-31074	22	21	confirming	confirm	VERB
fbem-31074	22	22	the	the	DET
fbem-31074	22	23	effectiveness	effectiveness	NOUN
fbem-31074	22	24	of	of	ADP
fbem-31074	22	25	the	the	DET
fbem-31074	22	26	four	four	NUM
fbem-31074	22	27	-	-	PUNCT
fbem-31074	22	28	factor	factor	NOUN
fbem-31074	22	29	model	model	NOUN
fbem-31074	22	30	in	in	ADP
fbem-31074	22	31	the	the	DET
fbem-31074	22	32	international	international	ADJ
fbem-31074	22	33	market	market	NOUN
fbem-31074	22	34	.	.	PUNCT
fbem-31074	23	1	2.2	2.2	NUM
fbem-31074	23	2	.	.	PUNCT
fbem-31074	23	3	model	model	NOUN
fbem-31074	23	4	composition	composition	NOUN
fbem-31074	23	5	the	the	DET
fbem-31074	23	6	four	four	NUM
fbem-31074	23	7	-	-	PUNCT
fbem-31074	23	8	factor	factor	NOUN
fbem-31074	23	9	model	model	NOUN
fbem-31074	23	10	consists	consist	VERB
fbem-31074	23	11	of	of	ADP
fbem-31074	23	12	market	market	NOUN
fbem-31074	23	13	factor	factor	NOUN
fbem-31074	23	14	,	,	PUNCT
fbem-31074	23	15	size	size	NOUN
fbem-31074	23	16	factor	factor	NOUN
fbem-31074	23	17	,	,	PUNCT
fbem-31074	23	18	book	book	NOUN
fbem-31074	23	19	-	-	PUNCT
fbem-31074	23	20	to	to	ADP
fbem-31074	23	21	-	-	PUNCT
fbem-31074	23	22	market	market	NOUN
fbem-31074	23	23	ratio	ratio	NOUN
fbem-31074	23	24	factor	factor	NOUN
fbem-31074	23	25	and	and	CCONJ
fbem-31074	23	26	momentum	momentum	NOUN
fbem-31074	23	27	factor	factor	NOUN
fbem-31074	23	28	.	.	PUNCT
fbem-31074	24	1	market	market	NOUN
fbem-31074	24	2	factors	factor	NOUN
fbem-31074	24	3	reflect	reflect	VERB
fbem-31074	24	4	the	the	DET
fbem-31074	24	5	impact	impact	NOUN
fbem-31074	24	6	of	of	ADP
fbem-31074	24	7	overall	overall	ADJ
fbem-31074	24	8	stock	stock	NOUN
fbem-31074	24	9	market	market	NOUN
fbem-31074	24	10	fluctuations	fluctuation	NOUN
fbem-31074	24	11	on	on	ADP
fbem-31074	24	12	individual	individual	ADJ
fbem-31074	24	13	stock	stock	NOUN
fbem-31074	24	14	returns	return	NOUN
fbem-31074	24	15	.	.	PUNCT
fbem-31074	25	1	when	when	SCONJ
fbem-31074	25	2	the	the	DET
fbem-31074	25	3	market	market	NOUN
fbem-31074	25	4	rises	rise	VERB
fbem-31074	25	5	or	or	CCONJ
fbem-31074	25	6	falls	fall	VERB
fbem-31074	25	7	,	,	PUNCT
fbem-31074	25	8	individual	individual	ADJ
fbem-31074	25	9	stock	stock	NOUN
fbem-31074	25	10	returns	return	NOUN
fbem-31074	25	11	are	be	AUX
fbem-31074	25	12	usually	usually	ADV
fbem-31074	25	13	affected	affect	VERB
fbem-31074	25	14	in	in	ADP
fbem-31074	25	15	the	the	DET
fbem-31074	25	16	same	same	ADJ
fbem-31074	25	17	direction	direction	NOUN
fbem-31074	25	18	.	.	PUNCT
fbem-31074	26	1	the	the	DET
fbem-31074	26	2	size	size	NOUN
fbem-31074	26	3	factor	factor	NOUN
fbem-31074	26	4	is	be	AUX
fbem-31074	26	5	the	the	DET
fbem-31074	26	6	difference	difference	NOUN
fbem-31074	26	7	between	between	ADP
fbem-31074	26	8	the	the	DET
fbem-31074	26	9	average	average	ADJ
fbem-31074	26	10	returns	return	NOUN
fbem-31074	26	11	of	of	ADP
fbem-31074	26	12	a	a	DET
fbem-31074	26	13	small	small	ADJ
fbem-31074	26	14	-	-	PUNCT
fbem-31074	26	15	scale	scale	NOUN
fbem-31074	26	16	stock	stock	NOUN
fbem-31074	26	17	portfolio	portfolio	NOUN
fbem-31074	26	18	and	and	CCONJ
fbem-31074	26	19	a	a	DET
fbem-31074	26	20	large	large	ADJ
fbem-31074	26	21	-	-	PUNCT
fbem-31074	26	22	scale	scale	NOUN
fbem-31074	26	23	stock	stock	NOUN
fbem-31074	26	24	portfolio	portfolio	NOUN
fbem-31074	26	25	,	,	PUNCT
fbem-31074	26	26	reflecting	reflect	VERB
fbem-31074	26	27	the	the	DET
fbem-31074	26	28	impact	impact	NOUN
fbem-31074	26	29	of	of	ADP
fbem-31074	26	30	stock	stock	NOUN
fbem-31074	26	31	size	size	NOUN
fbem-31074	26	32	on	on	ADP
fbem-31074	26	33	returns	return	NOUN
fbem-31074	26	34	.	.	PUNCT
fbem-31074	27	1	although	although	SCONJ
fbem-31074	27	2	small	small	ADJ
fbem-31074	27	3	-	-	PUNCT
fbem-31074	27	4	scale	scale	NOUN
fbem-31074	27	5	stocks	stock	NOUN
fbem-31074	27	6	have	have	VERB
fbem-31074	27	7	higher	high	ADJ
fbem-31074	27	8	risks	risk	NOUN
fbem-31074	27	9	,	,	PUNCT
fbem-31074	27	10	they	they	PRON
fbem-31074	27	11	may	may	AUX
fbem-31074	27	12	have	have	VERB
fbem-31074	27	13	higher	high	ADJ
fbem-31074	27	14	growth	growth	NOUN
fbem-31074	27	15	potential	potential	NOUN
fbem-31074	27	16	.	.	PUNCT
fbem-31074	28	1	in	in	ADP
fbem-31074	28	2	contrast	contrast	NOUN
fbem-31074	28	3	,	,	PUNCT
fbem-31074	28	4	large	large	ADJ
fbem-31074	28	5	-	-	PUNCT
fbem-31074	28	6	scale	scale	NOUN
fbem-31074	28	7	stocks	stock	NOUN
fbem-31074	28	8	tend	tend	VERB
fbem-31074	28	9	to	to	PART
fbem-31074	28	10	be	be	AUX
fbem-31074	28	11	more	more	ADV
fbem-31074	28	12	stable	stable	ADJ
fbem-31074	28	13	.	.	PUNCT
fbem-31074	29	1	the	the	DET
fbem-31074	29	2	book	book	NOUN
fbem-31074	29	3	-	-	PUNCT
fbem-31074	29	4	to	to	ADP
fbem-31074	29	5	-	-	PUNCT
fbem-31074	29	6	market	market	NOUN
fbem-31074	29	7	ratio	ratio	NOUN
fbem-31074	29	8	factor	factor	NOUN
fbem-31074	29	9	is	be	AUX
fbem-31074	29	10	the	the	DET
fbem-31074	29	11	difference	difference	NOUN
fbem-31074	29	12	between	between	ADP
fbem-31074	29	13	the	the	DET
fbem-31074	29	14	average	average	ADJ
fbem-31074	29	15	returns	return	NOUN
fbem-31074	29	16	of	of	ADP
fbem-31074	29	17	high	high	ADJ
fbem-31074	29	18	and	and	CCONJ
fbem-31074	29	19	low	low	ADJ
fbem-31074	29	20	book	book	NOUN
fbem-31074	29	21	-	-	PUNCT
fbem-31074	29	22	to	to	ADP
fbem-31074	29	23	-	-	PUNCT
fbem-31074	29	24	market	market	NOUN
fbem-31074	29	25	ratio	ratio	NOUN
fbem-31074	29	26	stock	stock	NOUN
fbem-31074	29	27	portfolios	portfolio	NOUN
fbem-31074	29	28	,	,	PUNCT
fbem-31074	29	29	reflecting	reflect	VERB
fbem-31074	29	30	the	the	DET
fbem-31074	29	31	differences	difference	NOUN
fbem-31074	29	32	in	in	ADP
fbem-31074	29	33	investors	investor	NOUN
fbem-31074	29	34	'	'	PART
fbem-31074	29	35	preferences	preference	NOUN
fbem-31074	29	36	for	for	ADP
fbem-31074	29	37	value	value	NOUN
fbem-31074	29	38	and	and	CCONJ
fbem-31074	29	39	growth	growth	NOUN
fbem-31074	29	40	stocks	stock	NOUN
fbem-31074	29	41	.	.	PUNCT
fbem-31074	30	1	stocks	stock	NOUN
fbem-31074	30	2	with	with	ADP
fbem-31074	30	3	high	high	ADJ
fbem-31074	30	4	book	book	NOUN
fbem-31074	30	5	-	-	PUNCT
fbem-31074	30	6	to	to	ADP
fbem-31074	30	7	-	-	PUNCT
fbem-31074	30	8	market	market	NOUN
fbem-31074	30	9	ratios	ratio	NOUN
fbem-31074	30	10	are	be	AUX
fbem-31074	30	11	mostly	mostly	ADV
fbem-31074	30	12	value	value	NOUN
fbem-31074	30	13	stocks	stock	NOUN
fbem-31074	30	14	,	,	PUNCT
fbem-31074	30	15	while	while	SCONJ
fbem-31074	30	16	stocks	stock	NOUN
fbem-31074	30	17	with	with	ADP
fbem-31074	30	18	low	low	ADJ
fbem-31074	30	19	book	book	NOUN
fbem-31074	30	20	-	-	PUNCT
fbem-31074	30	21	to	to	ADP
fbem-31074	30	22	-	-	PUNCT
fbem-31074	30	23	market	market	NOUN
fbem-31074	30	24	ratios	ratio	NOUN
fbem-31074	30	25	tend	tend	VERB
fbem-31074	30	26	to	to	PART
fbem-31074	30	27	be	be	AUX
fbem-31074	30	28	growth	growth	NOUN
fbem-31074	30	29	stocks	stock	NOUN
fbem-31074	30	30	.	.	PUNCT
fbem-31074	31	1	the	the	DET
fbem-31074	31	2	momentum	momentum	NOUN
fbem-31074	31	3	factor	factor	NOUN
fbem-31074	31	4	reflects	reflect	VERB
fbem-31074	31	5	the	the	DET
fbem-31074	31	6	momentum	momentum	NOUN
fbem-31074	31	7	effect	effect	NOUN
fbem-31074	31	8	of	of	ADP
fbem-31074	31	9	stocks	stock	NOUN
fbem-31074	31	10	.	.	PUNCT
fbem-31074	32	1	the	the	DET
fbem-31074	32	2	momentum	momentum	NOUN
fbem-31074	32	3	effect	effect	NOUN
fbem-31074	32	4	captures	capture	VERB
fbem-31074	32	5	the	the	DET
fbem-31074	32	6	characteristic	characteristic	NOUN
fbem-31074	32	7	that	that	SCONJ
fbem-31074	32	8	stock	stock	NOUN
fbem-31074	32	9	prices	price	NOUN
fbem-31074	32	10	continue	continue	VERB
fbem-31074	32	11	to	to	PART
fbem-31074	32	12	follow	follow	VERB
fbem-31074	32	13	the	the	DET
fbem-31074	32	14	original	original	ADJ
fbem-31074	32	15	trend	trend	NOUN
fbem-31074	32	16	over	over	ADP
fbem-31074	32	17	a	a	DET
fbem-31074	32	18	period	period	NOUN
fbem-31074	32	19	of	of	ADP
fbem-31074	32	20	time	time	NOUN
fbem-31074	32	21	.	.	PUNCT
fbem-31074	33	1	if	if	SCONJ
fbem-31074	33	2	the	the	DET
fbem-31074	33	3	stock	stock	NOUN
fbem-31074	33	4	has	have	AUX
fbem-31074	33	5	performed	perform	VERB
fbem-31074	33	6	well	well	ADV
fbem-31074	33	7	in	in	ADP
fbem-31074	33	8	the	the	DET
fbem-31074	33	9	past	past	NOUN
fbem-31074	33	10	,	,	PUNCT
fbem-31074	33	11	it	it	PRON
fbem-31074	33	12	may	may	AUX
fbem-31074	33	13	continue	continue	VERB
fbem-31074	33	14	to	to	PART
fbem-31074	33	15	rise	rise	VERB
fbem-31074	33	16	in	in	ADP
fbem-31074	33	17	the	the	DET
fbem-31074	33	18	future	future	NOUN
fbem-31074	33	19	,	,	PUNCT
fbem-31074	33	20	otherwise	otherwise	ADV
fbem-31074	33	21	it	it	PRON
fbem-31074	33	22	may	may	AUX
fbem-31074	33	23	fall	fall	VERB
fbem-31074	33	24	.	.	PUNCT
fbem-31074	34	1	47	47	NUM
fbem-31074	34	2	3	3	NUM
fbem-31074	34	3	.	.	PUNCT
fbem-31074	34	4	analysis	analysis	NOUN
fbem-31074	34	5	of	of	ADP
fbem-31074	34	6	the	the	DET
fbem-31074	34	7	characteristics	characteristic	NOUN
fbem-31074	34	8	of	of	ADP
fbem-31074	34	9	china	china	PROPN
fbem-31074	34	10	’s	’s	PART
fbem-31074	34	11	a	a	DET
fbem-31074	34	12	-	-	PUNCT
fbem-31074	34	13	share	share	NOUN
fbem-31074	34	14	market	market	NOUN
fbem-31074	34	15	3.1	3.1	NUM
fbem-31074	34	16	.	.	PUNCT
fbem-31074	35	1	"	"	PUNCT
fbem-31074	35	2	shell	shell	ADJ
fbem-31074	35	3	pollution	pollution	NOUN
fbem-31074	35	4	"	"	PUNCT
fbem-31074	35	5	problem	problem	NOUN
fbem-31074	35	6	and	and	CCONJ
fbem-31074	35	7	its	its	PRON
fbem-31074	35	8	impact	impact	NOUN
fbem-31074	35	9	china	china	PROPN
fbem-31074	35	10	's	's	PART
fbem-31074	35	11	a	a	DET
fbem-31074	35	12	-	-	PUNCT
fbem-31074	35	13	share	share	NOUN
fbem-31074	35	14	market	market	NOUN
fbem-31074	35	15	is	be	AUX
fbem-31074	35	16	seriously	seriously	ADV
fbem-31074	35	17	"	"	PUNCT
fbem-31074	35	18	shell	shell	NOUN
fbem-31074	35	19	-	-	PUNCT
fbem-31074	35	20	polluted	pollute	VERB
fbem-31074	35	21	"	"	PUNCT
fbem-31074	35	22	.	.	PUNCT
fbem-31074	36	1	ipos	ipos	PROPN
fbem-31074	36	2	are	be	AUX
fbem-31074	36	3	cumbersome	cumbersome	ADJ
fbem-31074	36	4	and	and	CCONJ
fbem-31074	36	5	have	have	VERB
fbem-31074	36	6	a	a	DET
fbem-31074	36	7	low	low	ADJ
fbem-31074	36	8	approval	approval	NOUN
fbem-31074	36	9	rate	rate	NOUN
fbem-31074	36	10	,	,	PUNCT
fbem-31074	36	11	which	which	PRON
fbem-31074	36	12	has	have	AUX
fbem-31074	36	13	led	lead	VERB
fbem-31074	36	14	to	to	ADP
fbem-31074	36	15	backdoor	backdoor	NOUN
fbem-31074	36	16	listings	listing	NOUN
fbem-31074	36	17	,	,	PUNCT
fbem-31074	36	18	such	such	ADJ
fbem-31074	36	19	as	as	ADP
fbem-31074	36	20	sf	sf	PROPN
fbem-31074	36	21	express	express	PROPN
fbem-31074	36	22	's	's	PART
fbem-31074	36	23	backdoor	backdoor	NOUN
fbem-31074	36	24	listing	listing	NOUN
fbem-31074	36	25	of	of	ADP
fbem-31074	36	26	dingtai	dingtai	VERB
fbem-31074	36	27	new	new	ADJ
fbem-31074	36	28	materials	material	NOUN
fbem-31074	36	29	.	.	PUNCT
fbem-31074	37	1	many	many	ADJ
fbem-31074	37	2	small	small	ADJ
fbem-31074	37	3	-	-	PUNCT
fbem-31074	37	4	cap	cap	NOUN
fbem-31074	37	5	companies	company	NOUN
fbem-31074	37	6	have	have	VERB
fbem-31074	37	7	"	"	PUNCT
fbem-31074	37	8	shell	shell	ADJ
fbem-31074	37	9	value	value	NOUN
fbem-31074	37	10	"	"	PUNCT
fbem-31074	37	11	,	,	PUNCT
fbem-31074	37	12	and	and	CCONJ
fbem-31074	37	13	their	their	PRON
fbem-31074	37	14	stock	stock	NOUN
fbem-31074	37	15	prices	price	NOUN
fbem-31074	37	16	and	and	CCONJ
fbem-31074	37	17	earnings	earning	NOUN
fbem-31074	37	18	are	be	AUX
fbem-31074	37	19	decoupled	decouple	VERB
fbem-31074	37	20	from	from	ADP
fbem-31074	37	21	the	the	DET
fbem-31074	37	22	company	company	NOUN
fbem-31074	37	23	's	's	PART
fbem-31074	37	24	actual	actual	ADJ
fbem-31074	37	25	operating	operating	NOUN
fbem-31074	37	26	conditions	condition	NOUN
fbem-31074	37	27	.	.	PUNCT
fbem-31074	38	1	this	this	DET
fbem-31074	38	2	phenomenon	phenomenon	NOUN
fbem-31074	38	3	interferes	interfere	VERB
fbem-31074	38	4	with	with	ADP
fbem-31074	38	5	the	the	DET
fbem-31074	38	6	accuracy	accuracy	NOUN
fbem-31074	38	7	of	of	ADP
fbem-31074	38	8	model	model	NOUN
fbem-31074	38	9	backtesting	backtesting	NOUN
fbem-31074	38	10	.	.	PUNCT
fbem-31074	39	1	in	in	ADP
fbem-31074	39	2	order	order	NOUN
fbem-31074	39	3	to	to	PART
fbem-31074	39	4	reduce	reduce	VERB
fbem-31074	39	5	the	the	DET
fbem-31074	39	6	impact	impact	NOUN
fbem-31074	39	7	of	of	ADP
fbem-31074	39	8	"	"	PUNCT
fbem-31074	39	9	shell	shell	ADJ
fbem-31074	39	10	pollution	pollution	NOUN
fbem-31074	39	11	"	"	PUNCT
fbem-31074	39	12	,	,	PUNCT
fbem-31074	39	13	in	in	ADP
fbem-31074	39	14	subsequent	subsequent	ADJ
fbem-31074	39	15	research	research	NOUN
fbem-31074	39	16	,	,	PUNCT
fbem-31074	39	17	this	this	DET
fbem-31074	39	18	study	study	NOUN
fbem-31074	39	19	excluded	exclude	VERB
fbem-31074	39	20	the	the	DET
fbem-31074	39	21	smallest	small	ADJ
fbem-31074	39	22	30	30	NUM
fbem-31074	39	23	%	%	NOUN
fbem-31074	39	24	of	of	ADP
fbem-31074	39	25	a	a	DET
fbem-31074	39	26	-	-	PUNCT
fbem-31074	39	27	share	share	NOUN
fbem-31074	39	28	market	market	NOUN
fbem-31074	39	29	capitalization	capitalization	NOUN
fbem-31074	39	30	stocks	stock	NOUN
fbem-31074	39	31	,	,	PUNCT
fbem-31074	39	32	which	which	PRON
fbem-31074	39	33	account	account	VERB
fbem-31074	39	34	for	for	ADP
fbem-31074	39	35	about	about	ADV
fbem-31074	39	36	7	7	NUM
fbem-31074	39	37	%	%	NOUN
fbem-31074	39	38	of	of	ADP
fbem-31074	39	39	the	the	DET
fbem-31074	39	40	total	total	ADJ
fbem-31074	39	41	market	market	NOUN
fbem-31074	39	42	value	value	NOUN
fbem-31074	39	43	.	.	PUNCT
fbem-31074	40	1	3.2	3.2	NUM
fbem-31074	40	2	.	.	PUNCT
fbem-31074	41	1	ipo	ipo	NOUN
fbem-31074	41	2	complexity	complexity	NOUN
fbem-31074	41	3	and	and	CCONJ
fbem-31074	41	4	the	the	DET
fbem-31074	41	5	prevalence	prevalence	NOUN
fbem-31074	41	6	of	of	ADP
fbem-31074	41	7	backdoor	backdoor	NOUN
fbem-31074	41	8	listings	listing	NOUN
fbem-31074	41	9	the	the	DET
fbem-31074	41	10	complexity	complexity	NOUN
fbem-31074	41	11	and	and	CCONJ
fbem-31074	41	12	low	low	ADJ
fbem-31074	41	13	approval	approval	NOUN
fbem-31074	41	14	rate	rate	NOUN
fbem-31074	41	15	of	of	ADP
fbem-31074	41	16	ipos	ipos	PROPN
fbem-31074	41	17	in	in	ADP
fbem-31074	41	18	china	china	PROPN
fbem-31074	41	19	have	have	AUX
fbem-31074	41	20	led	lead	VERB
fbem-31074	41	21	to	to	ADP
fbem-31074	41	22	the	the	DET
fbem-31074	41	23	widespread	widespread	ADJ
fbem-31074	41	24	phenomenon	phenomenon	NOUN
fbem-31074	41	25	of	of	ADP
fbem-31074	41	26	backdoor	backdoor	NOUN
fbem-31074	41	27	listings	listing	NOUN
fbem-31074	41	28	.	.	PUNCT
fbem-31074	42	1	this	this	DET
fbem-31074	42	2	special	special	ADJ
fbem-31074	42	3	market	market	NOUN
fbem-31074	42	4	condition	condition	NOUN
fbem-31074	42	5	makes	make	VERB
fbem-31074	42	6	the	the	DET
fbem-31074	42	7	a	a	DET
fbem-31074	42	8	-	-	PUNCT
fbem-31074	42	9	share	share	NOUN
fbem-31074	42	10	market	market	NOUN
fbem-31074	42	11	significantly	significantly	ADV
fbem-31074	42	12	different	different	ADJ
fbem-31074	42	13	from	from	ADP
fbem-31074	42	14	mature	mature	ADJ
fbem-31074	42	15	markets	market	NOUN
fbem-31074	42	16	such	such	ADJ
fbem-31074	42	17	as	as	ADP
fbem-31074	42	18	the	the	DET
fbem-31074	42	19	united	united	PROPN
fbem-31074	42	20	states	states	PROPN
fbem-31074	42	21	.	.	PUNCT
fbem-31074	43	1	some	some	DET
fbem-31074	43	2	market	market	NOUN
fbem-31074	43	3	anomalies	anomaly	NOUN
fbem-31074	43	4	are	be	AUX
fbem-31074	43	5	difficult	difficult	ADJ
fbem-31074	43	6	to	to	PART
fbem-31074	43	7	explain	explain	VERB
fbem-31074	43	8	with	with	ADP
fbem-31074	43	9	the	the	DET
fbem-31074	43	10	traditional	traditional	ADJ
fbem-31074	43	11	three	three	NUM
fbem-31074	43	12	-	-	PUNCT
fbem-31074	43	13	factor	factor	NOUN
fbem-31074	43	14	model	model	NOUN
fbem-31074	43	15	,	,	PUNCT
fbem-31074	43	16	which	which	PRON
fbem-31074	43	17	also	also	ADV
fbem-31074	43	18	prompted	prompt	VERB
fbem-31074	43	19	this	this	DET
fbem-31074	43	20	study	study	NOUN
fbem-31074	43	21	to	to	PART
fbem-31074	43	22	conduct	conduct	VERB
fbem-31074	43	23	in	in	ADP
fbem-31074	43	24	-	-	PUNCT
fbem-31074	43	25	depth	depth	NOUN
fbem-31074	43	26	exploration	exploration	NOUN
fbem-31074	43	27	and	and	CCONJ
fbem-31074	43	28	improvement	improvement	NOUN
fbem-31074	43	29	of	of	ADP
fbem-31074	43	30	the	the	DET
fbem-31074	43	31	four	four	NUM
fbem-31074	43	32	-	-	PUNCT
fbem-31074	43	33	factor	factor	NOUN
fbem-31074	43	34	model	model	NOUN
fbem-31074	43	35	applicable	applicable	ADJ
fbem-31074	43	36	to	to	ADP
fbem-31074	43	37	the	the	DET
fbem-31074	43	38	chinese	chinese	ADJ
fbem-31074	43	39	market	market	NOUN
fbem-31074	43	40	.	.	PUNCT
fbem-31074	44	1	4	4	X
fbem-31074	44	2	.	.	X
fbem-31074	44	3	research	research	NOUN
fbem-31074	44	4	methods	method	NOUN
fbem-31074	44	5	4.1	4.1	NUM
fbem-31074	44	6	.	.	PUNCT
fbem-31074	45	1	data	datum	NOUN
fbem-31074	45	2	selection	selection	NOUN
fbem-31074	45	3	this	this	DET
fbem-31074	45	4	study	study	NOUN
fbem-31074	45	5	selected	select	VERB
fbem-31074	45	6	the	the	DET
fbem-31074	45	7	a	a	DET
fbem-31074	45	8	-	-	PUNCT
fbem-31074	45	9	share	share	NOUN
fbem-31074	45	10	market	market	NOUN
fbem-31074	45	11	data	datum	NOUN
fbem-31074	45	12	of	of	ADP
fbem-31074	45	13	mainland	mainland	NOUN
fbem-31074	45	14	china	china	PROPN
fbem-31074	45	15	from	from	ADP
fbem-31074	45	16	january	january	PROPN
fbem-31074	45	17	1	1	NUM
fbem-31074	45	18	,	,	PUNCT
fbem-31074	45	19	2000	2000	NUM
fbem-31074	45	20	to	to	ADP
fbem-31074	45	21	december	december	PROPN
fbem-31074	45	22	31	31	NUM
fbem-31074	45	23	,	,	PUNCT
fbem-31074	45	24	2016	2016	NUM
fbem-31074	45	25	,	,	PUNCT
fbem-31074	45	26	and	and	CCONJ
fbem-31074	45	27	the	the	DET
fbem-31074	45	28	data	datum	NOUN
fbem-31074	45	29	came	come	VERB
fbem-31074	45	30	from	from	ADP
fbem-31074	45	31	the	the	DET
fbem-31074	45	32	wind	wind	NOUN
fbem-31074	45	33	database	database	NOUN
fbem-31074	45	34	.	.	PUNCT
fbem-31074	46	1	the	the	DET
fbem-31074	46	2	data	datum	NOUN
fbem-31074	46	3	after	after	ADP
fbem-31074	46	4	2000	2000	NUM
fbem-31074	46	5	were	be	AUX
fbem-31074	46	6	selected	select	VERB
fbem-31074	46	7	because	because	SCONJ
fbem-31074	46	8	the	the	DET
fbem-31074	46	9	accounting	accounting	NOUN
fbem-31074	46	10	system	system	NOUN
fbem-31074	46	11	in	in	ADP
fbem-31074	46	12	china	china	PROPN
fbem-31074	46	13	was	be	AUX
fbem-31074	46	14	imperfect	imperfect	ADJ
fbem-31074	46	15	before	before	ADP
fbem-31074	46	16	2000	2000	NUM
fbem-31074	46	17	,	,	PUNCT
fbem-31074	46	18	and	and	CCONJ
fbem-31074	46	19	the	the	DET
fbem-31074	46	20	financial	financial	ADJ
fbem-31074	46	21	data	datum	NOUN
fbem-31074	46	22	of	of	ADP
fbem-31074	46	23	listed	list	VERB
fbem-31074	46	24	companies	company	NOUN
fbem-31074	46	25	were	be	AUX
fbem-31074	46	26	poorly	poorly	ADV
fbem-31074	46	27	comparable	comparable	ADJ
fbem-31074	46	28	and	and	CCONJ
fbem-31074	46	29	small	small	ADJ
fbem-31074	46	30	,	,	PUNCT
fbem-31074	46	31	which	which	PRON
fbem-31074	46	32	could	could	AUX
fbem-31074	46	33	not	not	PART
fbem-31074	46	34	meet	meet	VERB
fbem-31074	46	35	the	the	DET
fbem-31074	46	36	sample	sample	NOUN
fbem-31074	46	37	size	size	NOUN
fbem-31074	46	38	requirements	requirement	NOUN
fbem-31074	46	39	.	.	PUNCT
fbem-31074	47	1	during	during	ADP
fbem-31074	47	2	the	the	DET
fbem-31074	47	3	data	datum	NOUN
fbem-31074	47	4	processing	processing	NOUN
fbem-31074	47	5	,	,	PUNCT
fbem-31074	47	6	the	the	DET
fbem-31074	47	7	30	30	NUM
fbem-31074	47	8	%	%	NOUN
fbem-31074	47	9	of	of	ADP
fbem-31074	47	10	stocks	stock	NOUN
fbem-31074	47	11	with	with	ADP
fbem-31074	47	12	the	the	DET
fbem-31074	47	13	smallest	small	ADJ
fbem-31074	47	14	market	market	NOUN
fbem-31074	47	15	value	value	NOUN
fbem-31074	47	16	were	be	AUX
fbem-31074	47	17	eliminated	eliminate	VERB
fbem-31074	47	18	to	to	PART
fbem-31074	47	19	reduce	reduce	VERB
fbem-31074	47	20	the	the	DET
fbem-31074	47	21	interference	interference	NOUN
fbem-31074	47	22	of	of	ADP
fbem-31074	47	23	"	"	PUNCT
fbem-31074	47	24	shell	shell	ADJ
fbem-31074	47	25	pollution	pollution	NOUN
fbem-31074	47	26	"	"	PUNCT
fbem-31074	47	27	on	on	ADP
fbem-31074	47	28	the	the	DET
fbem-31074	47	29	research	research	NOUN
fbem-31074	47	30	results	result	NOUN
fbem-31074	47	31	.	.	PUNCT
fbem-31074	48	1	4.2	4.2	NUM
fbem-31074	48	2	.	.	PUNCT
fbem-31074	48	3	model	model	NOUN
fbem-31074	48	4	construction	construction	PROPN
fbem-31074	48	5	4.2.1	4.2.1	NOUN
fbem-31074	48	6	.	.	PUNCT
fbem-31074	49	1	quantification	quantification	NOUN
fbem-31074	49	2	of	of	ADP
fbem-31074	49	3	chinese	chinese	ADJ
fbem-31074	49	4	market	market	NOUN
fbem-31074	49	5	value	value	NOUN
fbem-31074	49	6	factors	factor	NOUN
fbem-31074	49	7	following	follow	VERB
fbem-31074	49	8	the	the	DET
fbem-31074	49	9	research	research	NOUN
fbem-31074	49	10	path	path	NOUN
fbem-31074	49	11	of	of	ADP
fbem-31074	49	12	fama	fama	PROPN
fbem-31074	49	13	and	and	CCONJ
fbem-31074	49	14	french	french	NOUN
fbem-31074	49	15	,	,	PUNCT
fbem-31074	49	16	the	the	DET
fbem-31074	49	17	value	value	NOUN
fbem-31074	49	18	factor	factor	NOUN
fbem-31074	49	19	of	of	ADP
fbem-31074	49	20	the	the	DET
fbem-31074	49	21	chinese	chinese	ADJ
fbem-31074	49	22	market	market	NOUN
fbem-31074	49	23	is	be	AUX
fbem-31074	49	24	defined	define	VERB
fbem-31074	49	25	as	as	ADP
fbem-31074	49	26	the	the	DET
fbem-31074	49	27	difference	difference	NOUN
fbem-31074	49	28	between	between	ADP
fbem-31074	49	29	the	the	DET
fbem-31074	49	30	average	average	ADJ
fbem-31074	49	31	returns	return	NOUN
fbem-31074	49	32	of	of	ADP
fbem-31074	49	33	a	a	DET
fbem-31074	49	34	portfolio	portfolio	NOUN
fbem-31074	49	35	of	of	ADP
fbem-31074	49	36	stocks	stock	NOUN
fbem-31074	49	37	with	with	ADP
fbem-31074	49	38	a	a	DET
fbem-31074	49	39	high	high	ADJ
fbem-31074	49	40	book	book	NOUN
fbem-31074	49	41	-	-	PUNCT
fbem-31074	49	42	to	to	ADP
fbem-31074	49	43	-	-	PUNCT
fbem-31074	49	44	market	market	NOUN
fbem-31074	49	45	ratio	ratio	NOUN
fbem-31074	49	46	and	and	CCONJ
fbem-31074	49	47	a	a	DET
fbem-31074	49	48	portfolio	portfolio	NOUN
fbem-31074	49	49	of	of	ADP
fbem-31074	49	50	stocks	stock	NOUN
fbem-31074	49	51	with	with	ADP
fbem-31074	49	52	a	a	DET
fbem-31074	49	53	low	low	ADJ
fbem-31074	49	54	book	book	NOUN
fbem-31074	49	55	-	-	PUNCT
fbem-31074	49	56	to	to	ADP
fbem-31074	49	57	-	-	PUNCT
fbem-31074	49	58	market	market	NOUN
fbem-31074	49	59	ratio	ratio	NOUN
fbem-31074	49	60	.	.	PUNCT
fbem-31074	50	1	in	in	ADP
fbem-31074	50	2	data	data	NOUN
fbem-31074	50	3	processing	processing	NOUN
fbem-31074	50	4	,	,	PUNCT
fbem-31074	50	5	in	in	ADP
fbem-31074	50	6	addition	addition	NOUN
fbem-31074	50	7	to	to	ADP
fbem-31074	50	8	eliminating	eliminate	VERB
fbem-31074	50	9	stocks	stock	NOUN
fbem-31074	50	10	affected	affect	VERB
fbem-31074	50	11	by	by	ADP
fbem-31074	50	12	"	"	PUNCT
fbem-31074	50	13	shell	shell	ADJ
fbem-31074	50	14	pollution	pollution	NOUN
fbem-31074	50	15	"	"	PUNCT
fbem-31074	50	16	,	,	PUNCT
fbem-31074	50	17	we	we	PRON
fbem-31074	50	18	also	also	ADV
fbem-31074	50	19	draw	draw	VERB
fbem-31074	50	20	on	on	ADP
fbem-31074	50	21	relevant	relevant	ADJ
fbem-31074	50	22	research	research	NOUN
fbem-31074	50	23	to	to	PART
fbem-31074	50	24	introduce	introduce	VERB
fbem-31074	50	25	investor	investor	NOUN
fbem-31074	50	26	sentiment	sentiment	NOUN
fbem-31074	50	27	factors	factor	VERB
fbem-31074	50	28	to	to	PART
fbem-31074	50	29	optimize	optimize	VERB
fbem-31074	50	30	the	the	DET
fbem-31074	50	31	construction	construction	NOUN
fbem-31074	50	32	of	of	ADP
fbem-31074	50	33	value	value	NOUN
fbem-31074	50	34	factors	factor	NOUN
fbem-31074	50	35	.	.	PUNCT
fbem-31074	51	1	the	the	DET
fbem-31074	51	2	investor	investor	NOUN
fbem-31074	51	3	sentiment	sentiment	NOUN
fbem-31074	51	4	factor	factor	NOUN
fbem-31074	51	5	is	be	AUX
fbem-31074	51	6	constructed	construct	VERB
fbem-31074	51	7	by	by	ADP
fbem-31074	51	8	principal	principal	ADJ
fbem-31074	51	9	component	component	NOUN
fbem-31074	51	10	analysis	analysis	NOUN
fbem-31074	51	11	,	,	PUNCT
fbem-31074	51	12	selecting	select	VERB
fbem-31074	51	13	sentiment	sentiment	NOUN
fbem-31074	51	14	proxy	proxy	NOUN
fbem-31074	51	15	variables	variable	NOUN
fbem-31074	51	16	such	such	ADJ
fbem-31074	51	17	as	as	ADP
fbem-31074	51	18	closedend	closedend	NOUN
fbem-31074	51	19	fund	fund	PROPN
fbem-31074	51	20	discount	discount	NOUN
fbem-31074	51	21	rate	rate	NOUN
fbem-31074	51	22	,	,	PUNCT
fbem-31074	51	23	number	number	NOUN
fbem-31074	51	24	of	of	ADP
fbem-31074	51	25	new	new	ADJ
fbem-31074	51	26	a	a	DET
fbem-31074	51	27	-	-	PUNCT
fbem-31074	51	28	share	share	NOUN
fbem-31074	51	29	accounts	account	NOUN
fbem-31074	51	30	,	,	PUNCT
fbem-31074	51	31	turnover	turnover	NOUN
fbem-31074	51	32	rate	rate	NOUN
fbem-31074	51	33	,	,	PUNCT
fbem-31074	51	34	number	number	NOUN
fbem-31074	51	35	of	of	ADP
fbem-31074	51	36	ipo	ipo	NOUN
fbem-31074	51	37	issuances	issuance	NOUN
fbem-31074	51	38	,	,	PUNCT
fbem-31074	51	39	and	and	CCONJ
fbem-31074	51	40	price	price	NOUN
fbem-31074	51	41	-	-	PUNCT
fbem-31074	51	42	earnings	earning	NOUN
fbem-31074	51	43	ratio	ratio	NOUN
fbem-31074	51	44	.	.	PUNCT
fbem-31074	52	1	4.2.2	4.2.2	X
fbem-31074	52	2	.	.	PUNCT
fbem-31074	53	1	construction	construction	NOUN
fbem-31074	53	2	of	of	ADP
fbem-31074	53	3	the	the	DET
fbem-31074	53	4	chinese	chinese	ADJ
fbem-31074	53	5	version	version	NOUN
fbem-31074	53	6	of	of	ADP
fbem-31074	53	7	the	the	DET
fbem-31074	53	8	threefactor	threefactor	NOUN
fbem-31074	53	9	model	model	PROPN
fbem-31074	53	10	ch-3	ch-3	PUNCT
fbem-31074	54	1	the	the	DET
fbem-31074	54	2	chinese	chinese	ADJ
fbem-31074	54	3	version	version	NOUN
fbem-31074	54	4	of	of	ADP
fbem-31074	54	5	the	the	DET
fbem-31074	54	6	three	three	NUM
fbem-31074	54	7	-	-	PUNCT
fbem-31074	54	8	factor	factor	NOUN
fbem-31074	54	9	model	model	NOUN
fbem-31074	54	10	ch-3	ch-3	PUNCT
fbem-31074	54	11	is	be	AUX
fbem-31074	54	12	an	an	DET
fbem-31074	54	13	improvement	improvement	NOUN
fbem-31074	54	14	on	on	ADP
fbem-31074	54	15	the	the	DET
fbem-31074	54	16	fama	fama	NOUN
fbem-31074	54	17	and	and	CCONJ
fbem-31074	54	18	french	french	ADJ
fbem-31074	54	19	three	three	NUM
fbem-31074	54	20	-	-	PUNCT
fbem-31074	54	21	factor	factor	NOUN
fbem-31074	54	22	models	model	NOUN
fbem-31074	54	23	.	.	PUNCT
fbem-31074	55	1	in	in	ADP
fbem-31074	55	2	the	the	DET
fbem-31074	55	3	construction	construction	NOUN
fbem-31074	55	4	process	process	NOUN
fbem-31074	55	5	,	,	PUNCT
fbem-31074	55	6	the	the	DET
fbem-31074	55	7	30	30	NUM
fbem-31074	55	8	%	%	NOUN
fbem-31074	55	9	of	of	ADP
fbem-31074	55	10	companies	company	NOUN
fbem-31074	55	11	with	with	ADP
fbem-31074	55	12	the	the	DET
fbem-31074	55	13	smallest	small	ADJ
fbem-31074	55	14	market	market	NOUN
fbem-31074	55	15	value	value	NOUN
fbem-31074	55	16	are	be	AUX
fbem-31074	55	17	first	first	ADV
fbem-31074	55	18	eliminated	eliminate	VERB
fbem-31074	55	19	to	to	PART
fbem-31074	55	20	reduce	reduce	VERB
fbem-31074	55	21	the	the	DET
fbem-31074	55	22	impact	impact	NOUN
fbem-31074	55	23	of	of	ADP
fbem-31074	55	24	shell	shell	ADJ
fbem-31074	55	25	value	value	NOUN
fbem-31074	55	26	pollution	pollution	NOUN
fbem-31074	55	27	;	;	PUNCT
fbem-31074	55	28	secondly	secondly	ADV
fbem-31074	55	29	,	,	PUNCT
fbem-31074	55	30	the	the	DET
fbem-31074	55	31	earnings	earning	NOUN
fbem-31074	55	32	price	price	NOUN
fbem-31074	55	33	ratio	ratio	NOUN
fbem-31074	55	34	(	(	PUNCT
fbem-31074	55	35	ep	ep	PROPN
fbem-31074	55	36	)	)	PUNCT
fbem-31074	55	37	is	be	AUX
fbem-31074	55	38	used	use	VERB
fbem-31074	55	39	to	to	PART
fbem-31074	55	40	replace	replace	VERB
fbem-31074	55	41	the	the	DET
fbem-31074	55	42	book	book	NOUN
fbem-31074	55	43	-	-	PUNCT
fbem-31074	55	44	to	to	ADP
fbem-31074	55	45	-	-	PUNCT
fbem-31074	55	46	market	market	NOUN
fbem-31074	55	47	ratio	ratio	NOUN
fbem-31074	55	48	(	(	PUNCT
fbem-31074	55	49	bp	bp	PROPN
fbem-31074	55	50	)	)	PUNCT
fbem-31074	55	51	to	to	PART
fbem-31074	55	52	construct	construct	VERB
fbem-31074	55	53	the	the	DET
fbem-31074	55	54	value	value	NOUN
fbem-31074	55	55	factor	factor	NOUN
fbem-31074	55	56	.	.	PUNCT
fbem-31074	56	1	existing	exist	VERB
fbem-31074	56	2	studies	study	NOUN
fbem-31074	56	3	have	have	AUX
fbem-31074	56	4	shown	show	VERB
fbem-31074	56	5	that	that	SCONJ
fbem-31074	56	6	ep	ep	PROPN
fbem-31074	56	7	has	have	VERB
fbem-31074	56	8	a	a	DET
fbem-31074	56	9	stronger	strong	ADJ
fbem-31074	56	10	ability	ability	NOUN
fbem-31074	56	11	to	to	PART
fbem-31074	56	12	explain	explain	VERB
fbem-31074	56	13	stock	stock	NOUN
fbem-31074	56	14	returns	return	NOUN
fbem-31074	56	15	.	.	PUNCT
fbem-31074	57	1	4.2.3	4.2.3	X
fbem-31074	57	2	.	.	PUNCT
fbem-31074	58	1	construction	construction	NOUN
fbem-31074	58	2	of	of	ADP
fbem-31074	58	3	ch-4	ch-4	PUNCT
fbem-31074	58	4	model	model	NOUN
fbem-31074	58	5	with	with	ADP
fbem-31074	58	6	emotional	emotional	ADJ
fbem-31074	58	7	indicators	indicator	NOUN
fbem-31074	58	8	the	the	DET
fbem-31074	58	9	investor	investor	NOUN
fbem-31074	58	10	sentiment	sentiment	NOUN
fbem-31074	58	11	factor	factor	NOUN
fbem-31074	58	12	constructed	construct	VERB
fbem-31074	58	13	through	through	ADP
fbem-31074	58	14	principal	principal	ADJ
fbem-31074	58	15	component	component	NOUN
fbem-31074	58	16	analysis	analysis	NOUN
fbem-31074	58	17	is	be	AUX
fbem-31074	58	18	added	add	VERB
fbem-31074	58	19	to	to	ADP
fbem-31074	58	20	the	the	DET
fbem-31074	58	21	ch-3	ch-3	NUM
fbem-31074	58	22	model	model	NOUN
fbem-31074	58	23	to	to	PART
fbem-31074	58	24	form	form	VERB
fbem-31074	58	25	the	the	DET
fbem-31074	58	26	ch-4	ch-4	ADJ
fbem-31074	58	27	model	model	NOUN
fbem-31074	58	28	.	.	PUNCT
fbem-31074	59	1	this	this	DET
fbem-31074	59	2	model	model	NOUN
fbem-31074	59	3	aims	aim	VERB
fbem-31074	59	4	to	to	PART
fbem-31074	59	5	better	well	ADV
fbem-31074	59	6	capture	capture	VERB
fbem-31074	59	7	the	the	DET
fbem-31074	59	8	impact	impact	NOUN
fbem-31074	59	9	of	of	ADP
fbem-31074	59	10	investor	investor	NOUN
fbem-31074	59	11	sentiment	sentiment	NOUN
fbem-31074	59	12	in	in	ADP
fbem-31074	59	13	china	china	PROPN
fbem-31074	59	14	's	's	PART
fbem-31074	59	15	a	a	DET
fbem-31074	59	16	-	-	PUNCT
fbem-31074	59	17	share	share	NOUN
fbem-31074	59	18	market	market	NOUN
fbem-31074	59	19	on	on	ADP
fbem-31074	59	20	stock	stock	NOUN
fbem-31074	59	21	returns	return	NOUN
fbem-31074	59	22	and	and	CCONJ
fbem-31074	59	23	enhance	enhance	VERB
fbem-31074	59	24	the	the	DET
fbem-31074	59	25	model	model	NOUN
fbem-31074	59	26	's	's	PART
fbem-31074	59	27	ability	ability	NOUN
fbem-31074	59	28	to	to	PART
fbem-31074	59	29	explain	explain	VERB
fbem-31074	59	30	the	the	DET
fbem-31074	59	31	market	market	NOUN
fbem-31074	59	32	's	's	PART
fbem-31074	59	33	excess	excess	ADJ
fbem-31074	59	34	returns	return	NOUN
fbem-31074	59	35	.	.	PUNCT
fbem-31074	60	1	4.3	4.3	NUM
fbem-31074	60	2	.	.	PUNCT
fbem-31074	60	3	comparative	comparative	ADJ
fbem-31074	60	4	analysis	analysis	NOUN
fbem-31074	60	5	method	method	NOUN
fbem-31074	60	6	by	by	ADP
fbem-31074	60	7	calculating	calculate	VERB
fbem-31074	60	8	factor	factor	NOUN
fbem-31074	60	9	returns	return	NOUN
fbem-31074	60	10	and	and	CCONJ
fbem-31074	60	11	conducting	conduct	VERB
fbem-31074	60	12	correlation	correlation	NOUN
fbem-31074	60	13	analysis	analysis	NOUN
fbem-31074	60	14	,	,	PUNCT
fbem-31074	60	15	the	the	DET
fbem-31074	60	16	performance	performance	NOUN
fbem-31074	60	17	differences	difference	NOUN
fbem-31074	60	18	of	of	ADP
fbem-31074	60	19	each	each	DET
fbem-31074	60	20	factor	factor	NOUN
fbem-31074	60	21	in	in	ADP
fbem-31074	60	22	the	the	DET
fbem-31074	60	23	four	four	NUM
fbem-31074	60	24	-	-	PUNCT
fbem-31074	60	25	factor	factor	NOUN
fbem-31074	60	26	model	model	NOUN
fbem-31074	60	27	between	between	ADP
fbem-31074	60	28	the	the	DET
fbem-31074	60	29	chinese	chinese	ADJ
fbem-31074	60	30	market	market	NOUN
fbem-31074	60	31	and	and	CCONJ
fbem-31074	60	32	the	the	DET
fbem-31074	60	33	international	international	ADJ
fbem-31074	60	34	market	market	NOUN
fbem-31074	60	35	are	be	AUX
fbem-31074	60	36	compared	compare	VERB
fbem-31074	60	37	.	.	PUNCT
fbem-31074	61	1	using	use	VERB
fbem-31074	61	2	regression	regression	NOUN
fbem-31074	61	3	analysis	analysis	NOUN
fbem-31074	61	4	,	,	PUNCT
fbem-31074	61	5	the	the	DET
fbem-31074	61	6	significant	significant	ADJ
fbem-31074	61	7	changes	change	NOUN
fbem-31074	61	8	in	in	ADP
fbem-31074	61	9	the	the	DET
fbem-31074	61	10	model	model	NOUN
fbem-31074	61	11	before	before	ADP
fbem-31074	61	12	and	and	CCONJ
fbem-31074	61	13	after	after	ADP
fbem-31074	61	14	the	the	DET
fbem-31074	61	15	addition	addition	NOUN
fbem-31074	61	16	of	of	ADP
fbem-31074	61	17	the	the	DET
fbem-31074	61	18	momentum	momentum	NOUN
fbem-31074	61	19	factor	factor	NOUN
fbem-31074	61	20	,	,	PUNCT
fbem-31074	61	21	as	as	ADV
fbem-31074	61	22	well	well	ADV
fbem-31074	61	23	as	as	ADP
fbem-31074	61	24	the	the	DET
fbem-31074	61	25	performance	performance	NOUN
fbem-31074	61	26	differences	difference	NOUN
fbem-31074	61	27	of	of	ADP
fbem-31074	61	28	the	the	DET
fbem-31074	61	29	related	relate	VERB
fbem-31074	61	30	factors	factor	NOUN
fbem-31074	61	31	constructed	construct	VERB
fbem-31074	61	32	based	base	VERB
fbem-31074	61	33	on	on	ADP
fbem-31074	61	34	the	the	DET
fbem-31074	61	35	four	four	NUM
fbem-31074	61	36	factors	factor	NOUN
fbem-31074	61	37	in	in	ADP
fbem-31074	61	38	the	the	DET
fbem-31074	61	39	two	two	NUM
fbem-31074	61	40	markets	market	NOUN
fbem-31074	61	41	,	,	PUNCT
fbem-31074	61	42	are	be	AUX
fbem-31074	61	43	compared	compare	VERB
fbem-31074	61	44	to	to	PART
fbem-31074	61	45	evaluate	evaluate	VERB
fbem-31074	61	46	the	the	DET
fbem-31074	61	47	model	model	NOUN
fbem-31074	61	48	's	's	PART
fbem-31074	61	49	ability	ability	NOUN
fbem-31074	61	50	to	to	PART
fbem-31074	61	51	explain	explain	VERB
fbem-31074	61	52	stock	stock	NOUN
fbem-31074	61	53	returns	return	NOUN
fbem-31074	61	54	.	.	PUNCT
fbem-31074	62	1	5	5	X
fbem-31074	62	2	.	.	X
fbem-31074	62	3	model	model	NOUN
fbem-31074	62	4	empirical	empirical	ADJ
fbem-31074	62	5	results	result	NOUN
fbem-31074	62	6	and	and	CCONJ
fbem-31074	62	7	analysis	analysis	NOUN
fbem-31074	62	8	5.1	5.1	NUM
fbem-31074	62	9	.	.	PUNCT
fbem-31074	63	1	factor	factor	NOUN
fbem-31074	63	2	performance	performance	NOUN
fbem-31074	63	3	differences	difference	NOUN
fbem-31074	63	4	5.1.1	5.1.1	NUM
fbem-31074	63	5	.	.	PUNCT
fbem-31074	64	1	momentum	momentum	NOUN
fbem-31074	64	2	factor	factor	NOUN
fbem-31074	64	3	reversal	reversal	NOUN
fbem-31074	64	4	characteristics	characteristic	NOUN
fbem-31074	64	5	in	in	ADP
fbem-31074	64	6	china	china	PROPN
fbem-31074	64	7	's	's	PART
fbem-31074	64	8	a	a	DET
fbem-31074	64	9	-	-	PUNCT
fbem-31074	64	10	share	share	NOUN
fbem-31074	64	11	market	market	NOUN
fbem-31074	65	1	,	,	PUNCT
fbem-31074	65	2	the	the	DET
fbem-31074	65	3	momentum	momentum	NOUN
fbem-31074	65	4	factor	factor	NOUN
fbem-31074	65	5	shows	show	VERB
fbem-31074	65	6	a	a	DET
fbem-31074	65	7	significant	significant	ADJ
fbem-31074	65	8	reversal	reversal	NOUN
fbem-31074	65	9	effect	effect	NOUN
fbem-31074	65	10	,	,	PUNCT
fbem-31074	65	11	which	which	PRON
fbem-31074	65	12	is	be	AUX
fbem-31074	65	13	different	different	ADJ
fbem-31074	65	14	from	from	ADP
fbem-31074	65	15	the	the	DET
fbem-31074	65	16	usual	usual	ADJ
fbem-31074	65	17	positive	positive	ADJ
fbem-31074	65	18	momentum	momentum	NOUN
fbem-31074	65	19	performance	performance	NOUN
fbem-31074	65	20	in	in	ADP
fbem-31074	65	21	the	the	DET
fbem-31074	65	22	international	international	ADJ
fbem-31074	65	23	market	market	NOUN
fbem-31074	65	24	.	.	PUNCT
fbem-31074	66	1	the	the	DET
fbem-31074	66	2	a	a	DET
fbem-31074	66	3	-	-	PUNCT
fbem-31074	66	4	share	share	NOUN
fbem-31074	66	5	market	market	NOUN
fbem-31074	66	6	investors	investor	NOUN
fbem-31074	66	7	are	be	AUX
fbem-31074	66	8	mainly	mainly	ADV
fbem-31074	66	9	individuals	individual	NOUN
fbem-31074	66	10	and	and	CCONJ
fbem-31074	66	11	are	be	AUX
fbem-31074	66	12	highly	highly	ADV
fbem-31074	66	13	speculative	speculative	ADJ
fbem-31074	66	14	,	,	PUNCT
fbem-31074	66	15	which	which	PRON
fbem-31074	66	16	makes	make	VERB
fbem-31074	66	17	the	the	DET
fbem-31074	66	18	stock	stock	NOUN
fbem-31074	66	19	price	price	NOUN
fbem-31074	66	20	trend	trend	NOUN
fbem-31074	66	21	unique	unique	ADJ
fbem-31074	66	22	.	.	PUNCT
fbem-31074	67	1	in	in	ADP
fbem-31074	67	2	the	the	DET
fbem-31074	67	3	carhart	carhart	NOUN
fbem-31074	67	4	four	four	NUM
fbem-31074	67	5	-	-	PUNCT
fbem-31074	67	6	factor	factor	NOUN
fbem-31074	67	7	model	model	NOUN
fbem-31074	67	8	a	a	DET
fbem-31074	67	9	-	-	PUNCT
fbem-31074	67	10	share	share	NOUN
fbem-31074	67	11	empirical	empirical	ADJ
fbem-31074	67	12	study	study	NOUN
fbem-31074	67	13	,	,	PUNCT
fbem-31074	67	14	the	the	DET
fbem-31074	67	15	return	return	NOUN
fbem-31074	67	16	curve	curve	NOUN
fbem-31074	67	17	shows	show	VERB
fbem-31074	67	18	that	that	SCONJ
fbem-31074	67	19	the	the	DET
fbem-31074	67	20	momentum	momentum	NOUN
fbem-31074	67	21	effect	effect	NOUN
fbem-31074	67	22	of	of	ADP
fbem-31074	67	23	a	a	DET
fbem-31074	67	24	-	-	PUNCT
fbem-31074	67	25	shares	share	NOUN
fbem-31074	67	26	is	be	AUX
fbem-31074	67	27	not	not	PART
fbem-31074	67	28	obvious	obvious	ADJ
fbem-31074	67	29	,	,	PUNCT
fbem-31074	67	30	the	the	DET
fbem-31074	67	31	reversal	reversal	NOUN
fbem-31074	67	32	characteristics	characteristic	NOUN
fbem-31074	67	33	are	be	AUX
fbem-31074	67	34	prominent	prominent	ADJ
fbem-31074	67	35	,	,	PUNCT
fbem-31074	67	36	and	and	CCONJ
fbem-31074	67	37	the	the	DET
fbem-31074	67	38	reversal	reversal	NOUN
fbem-31074	67	39	factor	factor	NOUN
fbem-31074	67	40	returns	return	NOUN
fbem-31074	67	41	are	be	AUX
fbem-31074	67	42	concentrated	concentrate	VERB
fbem-31074	67	43	in	in	ADP
fbem-31074	67	44	the	the	DET
fbem-31074	67	45	short	short	ADJ
fbem-31074	67	46	position	position	NOUN
fbem-31074	67	47	.	.	PUNCT
fbem-31074	68	1	in	in	ADP
fbem-31074	68	2	addition	addition	NOUN
fbem-31074	68	3	,	,	PUNCT
fbem-31074	68	4	the	the	DET
fbem-31074	68	5	short	short	ADJ
fbem-31074	68	6	-	-	PUNCT
fbem-31074	68	7	selling	sell	VERB
fbem-31074	68	8	restrictions	restriction	NOUN
fbem-31074	68	9	in	in	ADP
fbem-31074	68	10	the	the	DET
fbem-31074	68	11	ashare	ashare	NOUN
fbem-31074	68	12	market	market	NOUN
fbem-31074	68	13	have	have	AUX
fbem-31074	68	14	also	also	ADV
fbem-31074	68	15	exacerbated	exacerbate	VERB
fbem-31074	68	16	the	the	DET
fbem-31074	68	17	asymmetry	asymmetry	NOUN
fbem-31074	68	18	of	of	ADP
fbem-31074	68	19	the	the	DET
fbem-31074	68	20	reversal	reversal	NOUN
fbem-31074	68	21	.	.	PUNCT
fbem-31074	69	1	5.1.2	5.1.2	X
fbem-31074	69	2	.	.	X
fbem-31074	69	3	momentum	momentum	NOUN
fbem-31074	69	4	factor	factor	NOUN
fbem-31074	69	5	correlation	correlation	NOUN
fbem-31074	69	6	in	in	ADP
fbem-31074	69	7	the	the	DET
fbem-31074	69	8	a	a	DET
fbem-31074	69	9	-	-	PUNCT
fbem-31074	69	10	share	share	NOUN
fbem-31074	69	11	market	market	NOUN
fbem-31074	69	12	,	,	PUNCT
fbem-31074	69	13	the	the	DET
fbem-31074	69	14	momentum	momentum	NOUN
fbem-31074	69	15	factor	factor	NOUN
fbem-31074	69	16	has	have	VERB
fbem-31074	69	17	a	a	DET
fbem-31074	69	18	low	low	ADJ
fbem-31074	69	19	correlation	correlation	NOUN
fbem-31074	69	20	with	with	ADP
fbem-31074	69	21	the	the	DET
fbem-31074	69	22	market	market	NOUN
fbem-31074	69	23	factor	factor	NOUN
fbem-31074	69	24	,	,	PUNCT
fbem-31074	69	25	size	size	NOUN
fbem-31074	69	26	factor	factor	NOUN
fbem-31074	69	27	,	,	PUNCT
fbem-31074	69	28	and	and	CCONJ
fbem-31074	69	29	book	book	NOUN
fbem-31074	69	30	-	-	PUNCT
fbem-31074	69	31	tomarket	tomarket	NOUN
fbem-31074	69	32	ratio	ratio	NOUN
fbem-31074	69	33	factor	factor	NOUN
fbem-31074	69	34	,	,	PUNCT
fbem-31074	69	35	indicating	indicate	VERB
fbem-31074	69	36	that	that	SCONJ
fbem-31074	69	37	their	their	PRON
fbem-31074	69	38	performance	performance	NOUN
fbem-31074	69	39	is	be	AUX
fbem-31074	69	40	relatively	relatively	ADV
fbem-31074	69	41	independent	independent	ADJ
fbem-31074	69	42	and	and	CCONJ
fbem-31074	69	43	may	may	AUX
fbem-31074	69	44	be	be	AUX
fbem-31074	69	45	driven	drive	VERB
fbem-31074	69	46	by	by	ADP
fbem-31074	69	47	different	different	ADJ
fbem-31074	69	48	factors	factor	NOUN
fbem-31074	69	49	.	.	PUNCT
fbem-31074	70	1	this	this	DET
fbem-31074	70	2	low	low	ADJ
fbem-31074	70	3	correlation	correlation	NOUN
fbem-31074	70	4	is	be	AUX
fbem-31074	70	5	different	different	ADJ
fbem-31074	70	6	from	from	ADP
fbem-31074	70	7	the	the	DET
fbem-31074	70	8	international	international	ADJ
fbem-31074	70	9	market	market	NOUN
fbem-31074	70	10	situation	situation	NOUN
fbem-31074	70	11	,	,	PUNCT
fbem-31074	70	12	further	far	ADV
fbem-31074	70	13	reflecting	reflect	VERB
fbem-31074	70	14	the	the	DET
fbem-31074	70	15	uniqueness	uniqueness	NOUN
fbem-31074	70	16	of	of	ADP
fbem-31074	70	17	the	the	DET
fbem-31074	70	18	performance	performance	NOUN
fbem-31074	70	19	of	of	ADP
fbem-31074	70	20	factors	factor	NOUN
fbem-31074	70	21	in	in	ADP
fbem-31074	70	22	the	the	DET
fbem-31074	70	23	chinese	chinese	ADJ
fbem-31074	70	24	a	a	DET
fbem-31074	70	25	-	-	PUNCT
fbem-31074	70	26	share	share	NOUN
fbem-31074	70	27	market	market	NOUN
fbem-31074	70	28	.	.	PUNCT
fbem-31074	71	1	5.1.3	5.1.3	X
fbem-31074	71	2	.	.	NOUN
fbem-31074	71	3	explanatory	explanatory	ADJ
fbem-31074	71	4	power	power	NOUN
fbem-31074	71	5	of	of	ADP
fbem-31074	71	6	ch-3	ch-3	NOUN
fbem-31074	71	7	the	the	DET
fbem-31074	71	8	improved	improve	VERB
fbem-31074	71	9	chinese	chinese	ADJ
fbem-31074	71	10	version	version	NOUN
fbem-31074	71	11	of	of	ADP
fbem-31074	71	12	the	the	DET
fbem-31074	71	13	three	three	NUM
fbem-31074	71	14	-	-	PUNCT
fbem-31074	71	15	factor	factor	NOUN
fbem-31074	71	16	model	model	NOUN
fbem-31074	71	17	ch-3	ch-3	PUNCT
fbem-31074	71	18	has	have	VERB
fbem-31074	71	19	a	a	DET
fbem-31074	71	20	certain	certain	ADJ
fbem-31074	71	21	ability	ability	NOUN
fbem-31074	71	22	to	to	PART
fbem-31074	71	23	explain	explain	VERB
fbem-31074	71	24	stock	stock	NOUN
fbem-31074	71	25	returns	return	NOUN
fbem-31074	71	26	.	.	PUNCT
fbem-31074	72	1	from	from	ADP
fbem-31074	72	2	the	the	DET
fbem-31074	72	3	perspective	perspective	NOUN
fbem-31074	72	4	of	of	ADP
fbem-31074	72	5	value	value	NOUN
fbem-31074	72	6	factors	factor	NOUN
fbem-31074	72	7	,	,	PUNCT
fbem-31074	72	8	liu	liu	PROPN
fbem-31074	72	9	,	,	PUNCT
fbem-31074	72	10	stambaugh	stambaugh	ADJ
fbem-31074	72	11	,	,	PUNCT
fbem-31074	72	12	and	and	CCONJ
fbem-31074	72	13	yuan	yuan	NOUN
fbem-31074	72	14	(	(	PUNCT
fbem-31074	72	15	2018	2018	NUM
fbem-31074	72	16	)	)	PUNCT
fbem-31074	72	17	showed	show	VERB
fbem-31074	72	18	that	that	SCONJ
fbem-31074	72	19	after	after	ADP
fbem-31074	72	20	excluding	exclude	VERB
fbem-31074	72	21	the	the	DET
fbem-31074	72	22	smallest	small	ADJ
fbem-31074	72	23	30	30	NUM
fbem-31074	72	24	%	%	NOUN
fbem-31074	72	25	of	of	ADP
fbem-31074	72	26	stocks	stock	NOUN
fbem-31074	72	27	by	by	ADP
fbem-31074	72	28	market	market	NOUN
fbem-31074	72	29	value	value	NOUN
fbem-31074	72	30	,	,	PUNCT
fbem-31074	72	31	using	use	VERB
fbem-31074	72	32	ep	ep	PROPN
fbem-31074	72	33	to	to	PART
fbem-31074	72	34	replace	replace	VERB
fbem-31074	72	35	bp	bp	PROPN
fbem-31074	72	36	to	to	PART
fbem-31074	72	37	construct	construct	VERB
fbem-31074	72	38	value	value	NOUN
fbem-31074	72	39	factors	factor	NOUN
fbem-31074	72	40	has	have	VERB
fbem-31074	72	41	stronger	strong	ADJ
fbem-31074	72	42	explanatory	explanatory	ADJ
fbem-31074	72	43	power	power	NOUN
fbem-31074	72	44	.	.	PUNCT
fbem-31074	73	1	introducing	introduce	VERB
fbem-31074	73	2	sentiment	sentiment	NOUN
fbem-31074	73	3	factors	factor	NOUN
fbem-31074	73	4	can	can	AUX
fbem-31074	73	5	optimize	optimize	VERB
fbem-31074	73	6	the	the	DET
fbem-31074	73	7	model	model	NOUN
fbem-31074	73	8	.	.	PUNCT
fbem-31074	74	1	this	this	DET
fbem-31074	74	2	factor	factor	NOUN
fbem-31074	74	3	is	be	AUX
fbem-31074	74	4	constructed	construct	VERB
fbem-31074	74	5	through	through	ADP
fbem-31074	74	6	relevant	relevant	ADJ
fbem-31074	74	7	proxy	proxy	NOUN
fbem-31074	74	8	variables	variable	NOUN
fbem-31074	74	9	,	,	PUNCT
fbem-31074	74	10	which	which	PRON
fbem-31074	74	11	can	can	AUX
fbem-31074	74	12	better	well	ADV
fbem-31074	74	13	capture	capture	VERB
fbem-31074	74	14	market	market	NOUN
fbem-31074	74	15	dynamics	dynamic	NOUN
fbem-31074	74	16	and	and	CCONJ
fbem-31074	74	17	improve	improve	VERB
fbem-31074	74	18	the	the	DET
fbem-31074	74	19	ability	ability	NOUN
fbem-31074	74	20	to	to	PART
fbem-31074	74	21	explain	explain	VERB
fbem-31074	74	22	excess	excess	ADJ
fbem-31074	74	23	returns	return	NOUN
fbem-31074	74	24	.	.	PUNCT
fbem-31074	75	1	market	market	NOUN
fbem-31074	75	2	factors	factor	NOUN
fbem-31074	75	3	,	,	PUNCT
fbem-31074	75	4	scale	scale	NOUN
fbem-31074	75	5	factors	factor	NOUN
fbem-31074	75	6	and	and	CCONJ
fbem-31074	75	7	momentum	momentum	NOUN
fbem-31074	75	8	factors	factor	NOUN
fbem-31074	75	9	also	also	ADV
fbem-31074	75	10	provide	provide	VERB
fbem-31074	75	11	support	support	NOUN
fbem-31074	75	12	for	for	ADP
fbem-31074	75	13	the	the	DET
fbem-31074	75	14	ch-3	ch-3	NUM
fbem-31074	75	15	model	model	NOUN
fbem-31074	75	16	.	.	PUNCT
fbem-31074	76	1	however	however	ADV
fbem-31074	76	2	,	,	PUNCT
fbem-31074	76	3	the	the	DET
fbem-31074	76	4	ch-3	ch-3	NUM
fbem-31074	76	5	model	model	NOUN
fbem-31074	76	6	has	have	VERB
fbem-31074	76	7	limitations	limitation	NOUN
fbem-31074	76	8	,	,	PUNCT
fbem-31074	76	9	the	the	DET
fbem-31074	76	10	"	"	PUNCT
fbem-31074	76	11	shell	shell	ADJ
fbem-31074	76	12	pollution	pollution	NOUN
fbem-31074	76	13	"	"	PUNCT
fbem-31074	76	14	problem	problem	NOUN
fbem-31074	76	15	still	still	ADV
fbem-31074	76	16	interferes	interfere	VERB
fbem-31074	76	17	,	,	PUNCT
fbem-31074	76	18	and	and	CCONJ
fbem-31074	76	19	the	the	DET
fbem-31074	76	20	market	market	NOUN
fbem-31074	76	21	differences	difference	NOUN
fbem-31074	76	22	caused	cause	VERB
fbem-31074	76	23	by	by	ADP
fbem-31074	76	24	the	the	DET
fbem-31074	76	25	48	48	NUM
fbem-31074	76	26	complexity	complexity	NOUN
fbem-31074	76	27	of	of	ADP
fbem-31074	76	28	ipos	ipos	PROPN
fbem-31074	76	29	make	make	VERB
fbem-31074	76	30	some	some	DET
fbem-31074	76	31	anomalies	anomaly	NOUN
fbem-31074	76	32	difficult	difficult	ADJ
fbem-31074	76	33	to	to	PART
fbem-31074	76	34	explain	explain	VERB
fbem-31074	76	35	.	.	PUNCT
fbem-31074	77	1	further	further	ADJ
fbem-31074	77	2	improvement	improvement	NOUN
fbem-31074	77	3	is	be	AUX
fbem-31074	77	4	needed	need	VERB
fbem-31074	77	5	to	to	PART
fbem-31074	77	6	adapt	adapt	VERB
fbem-31074	77	7	to	to	ADP
fbem-31074	77	8	the	the	DET
fbem-31074	77	9	chinese	chinese	ADJ
fbem-31074	77	10	market	market	NOUN
fbem-31074	77	11	.	.	PUNCT
fbem-31074	78	1	5.2	5.2	NUM
fbem-31074	78	2	.	.	PUNCT
fbem-31074	79	1	comparison	comparison	NOUN
fbem-31074	79	2	of	of	ADP
fbem-31074	79	3	model	model	NOUN
fbem-31074	79	4	effects	effect	NOUN
fbem-31074	79	5	5.2.1	5.2.1	NUM
fbem-31074	79	6	.	.	PUNCT
fbem-31074	80	1	impact	impact	NOUN
fbem-31074	80	2	of	of	ADP
fbem-31074	80	3	momentum	momentum	NOUN
fbem-31074	80	4	factor	factor	NOUN
fbem-31074	80	5	on	on	ADP
fbem-31074	80	6	model	model	NOUN
fbem-31074	80	7	significance	significance	NOUN
fbem-31074	80	8	in	in	ADP
fbem-31074	80	9	the	the	DET
fbem-31074	80	10	chinese	chinese	ADJ
fbem-31074	80	11	market	market	NOUN
fbem-31074	80	12	,	,	PUNCT
fbem-31074	80	13	after	after	ADP
fbem-31074	80	14	adding	add	VERB
fbem-31074	80	15	the	the	DET
fbem-31074	80	16	momentum	momentum	NOUN
fbem-31074	80	17	factor	factor	NOUN
fbem-31074	80	18	,	,	PUNCT
fbem-31074	80	19	the	the	DET
fbem-31074	80	20	momentum	momentum	NOUN
fbem-31074	80	21	coefficient	coefficient	NOUN
fbem-31074	80	22	is	be	AUX
fbem-31074	80	23	negative	negative	ADJ
fbem-31074	80	24	in	in	ADP
fbem-31074	80	25	most	most	ADJ
fbem-31074	80	26	regressions	regression	NOUN
fbem-31074	80	27	,	,	PUNCT
fbem-31074	80	28	mainly	mainly	ADV
fbem-31074	80	29	due	due	ADP
fbem-31074	80	30	to	to	ADP
fbem-31074	80	31	the	the	DET
fbem-31074	80	32	reversal	reversal	NOUN
fbem-31074	80	33	contribution	contribution	NOUN
fbem-31074	80	34	.	.	PUNCT
fbem-31074	81	1	however	however	ADV
fbem-31074	81	2	,	,	PUNCT
fbem-31074	81	3	the	the	DET
fbem-31074	81	4	p	p	NOUN
fbem-31074	81	5	-	-	PUNCT
fbem-31074	81	6	value	value	NOUN
fbem-31074	81	7	of	of	ADP
fbem-31074	81	8	the	the	DET
fbem-31074	81	9	four	four	NUM
fbem-31074	81	10	-	-	PUNCT
fbem-31074	81	11	factor	factor	NOUN
fbem-31074	81	12	regression	regression	NOUN
fbem-31074	81	13	coefficient	coefficient	NOUN
fbem-31074	81	14	shows	show	VERB
fbem-31074	81	15	that	that	SCONJ
fbem-31074	81	16	the	the	DET
fbem-31074	81	17	addition	addition	NOUN
fbem-31074	81	18	of	of	ADP
fbem-31074	81	19	the	the	DET
fbem-31074	81	20	momentum	momentum	NOUN
fbem-31074	81	21	factor	factor	NOUN
fbem-31074	81	22	does	do	AUX
fbem-31074	81	23	not	not	PART
fbem-31074	81	24	reduce	reduce	VERB
fbem-31074	81	25	the	the	DET
fbem-31074	81	26	significance	significance	NOUN
fbem-31074	81	27	of	of	ADP
fbem-31074	81	28	the	the	DET
fbem-31074	81	29	coefficient	coefficient	NOUN
fbem-31074	81	30	,	,	PUNCT
fbem-31074	81	31	indicating	indicate	VERB
fbem-31074	81	32	that	that	SCONJ
fbem-31074	81	33	it	it	PRON
fbem-31074	81	34	can	can	AUX
fbem-31074	81	35	add	add	VERB
fbem-31074	81	36	new	new	ADJ
fbem-31074	81	37	information	information	NOUN
fbem-31074	81	38	to	to	ADP
fbem-31074	81	39	the	the	DET
fbem-31074	81	40	three	three	NUM
fbem-31074	81	41	-	-	PUNCT
fbem-31074	81	42	factor	factor	NOUN
fbem-31074	81	43	model	model	NOUN
fbem-31074	81	44	and	and	CCONJ
fbem-31074	81	45	improve	improve	VERB
fbem-31074	81	46	the	the	DET
fbem-31074	81	47	model	model	NOUN
fbem-31074	81	48	effect	effect	NOUN
fbem-31074	81	49	.	.	PUNCT
fbem-31074	82	1	in	in	ADP
fbem-31074	82	2	the	the	DET
fbem-31074	82	3	international	international	ADJ
fbem-31074	82	4	market	market	NOUN
fbem-31074	82	5	,	,	PUNCT
fbem-31074	82	6	the	the	DET
fbem-31074	82	7	four	four	NUM
fbem-31074	82	8	-	-	PUNCT
fbem-31074	82	9	factor	factor	NOUN
fbem-31074	82	10	model	model	NOUN
fbem-31074	82	11	has	have	VERB
fbem-31074	82	12	a	a	DET
fbem-31074	82	13	strong	strong	ADJ
fbem-31074	82	14	ability	ability	NOUN
fbem-31074	82	15	to	to	PART
fbem-31074	82	16	explain	explain	VERB
fbem-31074	82	17	fund	fund	NOUN
fbem-31074	82	18	returns	return	NOUN
fbem-31074	82	19	,	,	PUNCT
fbem-31074	82	20	and	and	CCONJ
fbem-31074	82	21	the	the	DET
fbem-31074	82	22	modified	modify	VERB
fbem-31074	82	23	r²	r²	NOUN
fbem-31074	82	24	is	be	AUX
fbem-31074	82	25	mostly	mostly	ADV
fbem-31074	82	26	greater	great	ADJ
fbem-31074	82	27	than	than	ADP
fbem-31074	82	28	0.90	0.90	NUM
fbem-31074	82	29	,	,	PUNCT
fbem-31074	82	30	which	which	PRON
fbem-31074	82	31	can	can	AUX
fbem-31074	82	32	effectively	effectively	ADV
fbem-31074	82	33	explain	explain	VERB
fbem-31074	82	34	changes	change	NOUN
fbem-31074	82	35	in	in	ADP
fbem-31074	82	36	the	the	DET
fbem-31074	82	37	investment	investment	NOUN
fbem-31074	82	38	portfolio	portfolio	NOUN
fbem-31074	82	39	.	.	PUNCT
fbem-31074	83	1	5.2.2	5.2.2	NUM
fbem-31074	83	2	.	.	PUNCT
fbem-31074	83	3	effect	effect	NOUN
fbem-31074	83	4	of	of	ADP
fbem-31074	83	5	correlation	correlation	NOUN
fbem-31074	83	6	factor	factor	NOUN
fbem-31074	83	7	construction	construction	NOUN
fbem-31074	83	8	based	base	VERB
fbem-31074	83	9	on	on	ADP
fbem-31074	83	10	four	four	NUM
fbem-31074	83	11	factors	factor	NOUN
fbem-31074	83	12	in	in	ADP
fbem-31074	83	13	the	the	DET
fbem-31074	83	14	chinese	chinese	ADJ
fbem-31074	83	15	market	market	NOUN
fbem-31074	83	16	,	,	PUNCT
fbem-31074	83	17	analogous	analogous	ADJ
fbem-31074	83	18	research	research	NOUN
fbem-31074	83	19	has	have	AUX
fbem-31074	83	20	been	be	AUX
fbem-31074	83	21	conducted	conduct	VERB
fbem-31074	83	22	to	to	PART
fbem-31074	83	23	construct	construct	VERB
fbem-31074	83	24	correlation	correlation	NOUN
fbem-31074	83	25	factors	factor	NOUN
fbem-31074	83	26	based	base	VERB
fbem-31074	83	27	on	on	ADP
fbem-31074	83	28	the	the	DET
fbem-31074	83	29	four	four	NUM
fbem-31074	83	30	factors	factor	NOUN
fbem-31074	83	31	,	,	PUNCT
fbem-31074	83	32	but	but	CCONJ
fbem-31074	83	33	the	the	DET
fbem-31074	83	34	effect	effect	NOUN
fbem-31074	83	35	has	have	AUX
fbem-31074	83	36	not	not	PART
fbem-31074	83	37	been	be	AUX
fbem-31074	83	38	significantly	significantly	ADV
fbem-31074	83	39	improved	improve	VERB
fbem-31074	83	40	.	.	PUNCT
fbem-31074	84	1	in	in	ADP
fbem-31074	84	2	the	the	DET
fbem-31074	84	3	international	international	ADJ
fbem-31074	84	4	market	market	NOUN
fbem-31074	84	5	,	,	PUNCT
fbem-31074	84	6	the	the	DET
fbem-31074	84	7	four	four	NUM
fbem-31074	84	8	-	-	PUNCT
fbem-31074	84	9	factor	factor	NOUN
fbem-31074	84	10	model	model	NOUN
fbem-31074	84	11	is	be	AUX
fbem-31074	84	12	widely	widely	ADV
fbem-31074	84	13	used	use	VERB
fbem-31074	84	14	in	in	ADP
fbem-31074	84	15	yield	yield	NOUN
fbem-31074	84	16	forecasting	forecasting	NOUN
fbem-31074	84	17	,	,	PUNCT
fbem-31074	84	18	risk	risk	NOUN
fbem-31074	84	19	management	management	NOUN
fbem-31074	84	20	,	,	PUNCT
fbem-31074	84	21	fund	fund	NOUN
fbem-31074	84	22	performance	performance	NOUN
fbem-31074	84	23	evaluation	evaluation	NOUN
fbem-31074	84	24	,	,	PUNCT
fbem-31074	84	25	etc	etc	X
fbem-31074	84	26	.	.	X
fbem-31074	84	27	,	,	PUNCT
fbem-31074	84	28	and	and	CCONJ
fbem-31074	84	29	the	the	DET
fbem-31074	84	30	long	long	ADV
fbem-31074	84	31	-	-	PUNCT
fbem-31074	84	32	short	short	ADJ
fbem-31074	84	33	strategy	strategy	NOUN
fbem-31074	84	34	backtesting	backtesting	NOUN
fbem-31074	84	35	has	have	VERB
fbem-31074	84	36	excellent	excellent	ADJ
fbem-31074	84	37	performance	performance	NOUN
fbem-31074	84	38	,	,	PUNCT
fbem-31074	84	39	but	but	CCONJ
fbem-31074	84	40	it	it	PRON
fbem-31074	84	41	also	also	ADV
fbem-31074	84	42	faces	face	VERB
fbem-31074	84	43	problems	problem	NOUN
fbem-31074	84	44	such	such	ADJ
fbem-31074	84	45	as	as	ADP
fbem-31074	84	46	the	the	DET
fbem-31074	84	47	limited	limited	ADJ
fbem-31074	84	48	number	number	NOUN
fbem-31074	84	49	of	of	ADP
fbem-31074	84	50	a	a	DET
fbem-31074	84	51	-	-	PUNCT
fbem-31074	84	52	shares	share	NOUN
fbem-31074	84	53	that	that	PRON
fbem-31074	84	54	can	can	AUX
fbem-31074	84	55	be	be	AUX
fbem-31074	84	56	shorted	short	VERB
fbem-31074	84	57	and	and	CCONJ
fbem-31074	84	58	transaction	transaction	NOUN
fbem-31074	84	59	costs	cost	NOUN
fbem-31074	84	60	affecting	affect	VERB
fbem-31074	84	61	returns	return	NOUN
fbem-31074	84	62	.	.	PUNCT
fbem-31074	85	1	6	6	X
fbem-31074	85	2	.	.	X
fbem-31074	85	3	research	research	NOUN
fbem-31074	85	4	conclusion	conclusion	NOUN
fbem-31074	85	5	6.1	6.1	NUM
fbem-31074	85	6	.	.	PUNCT
fbem-31074	86	1	model	model	NOUN
fbem-31074	86	2	similarities	similaritie	VERB
fbem-31074	86	3	the	the	DET
fbem-31074	86	4	four	four	NUM
fbem-31074	86	5	-	-	PUNCT
fbem-31074	86	6	factor	factor	NOUN
fbem-31074	86	7	model	model	NOUN
fbem-31074	86	8	has	have	VERB
fbem-31074	86	9	the	the	DET
fbem-31074	86	10	same	same	ADJ
fbem-31074	86	11	development	development	NOUN
fbem-31074	86	12	roots	root	NOUN
fbem-31074	86	13	in	in	ADP
fbem-31074	86	14	the	the	DET
fbem-31074	86	15	international	international	ADJ
fbem-31074	86	16	market	market	NOUN
fbem-31074	86	17	and	and	CCONJ
fbem-31074	86	18	the	the	DET
fbem-31074	86	19	chinese	chinese	ADJ
fbem-31074	86	20	market	market	NOUN
fbem-31074	86	21	.	.	PUNCT
fbem-31074	87	1	both	both	PRON
fbem-31074	87	2	are	be	AUX
fbem-31074	87	3	expansion	expansion	NOUN
fbem-31074	87	4	results	result	NOUN
fbem-31074	87	5	of	of	ADP
fbem-31074	87	6	incorporating	incorporate	VERB
fbem-31074	87	7	momentum	momentum	NOUN
fbem-31074	87	8	factors	factor	NOUN
fbem-31074	87	9	into	into	ADP
fbem-31074	87	10	the	the	DET
fbem-31074	87	11	three	three	NUM
fbem-31074	87	12	-	-	PUNCT
fbem-31074	87	13	factor	factor	NOUN
fbem-31074	87	14	model	model	NOUN
fbem-31074	87	15	.	.	PUNCT
fbem-31074	88	1	this	this	DET
fbem-31074	88	2	evolutionary	evolutionary	ADJ
fbem-31074	88	3	model	model	NOUN
fbem-31074	88	4	has	have	AUX
fbem-31074	88	5	improved	improve	VERB
fbem-31074	88	6	the	the	DET
fbem-31074	88	7	ability	ability	NOUN
fbem-31074	88	8	of	of	ADP
fbem-31074	88	9	the	the	DET
fbem-31074	88	10	models	model	NOUN
fbem-31074	88	11	in	in	ADP
fbem-31074	88	12	both	both	DET
fbem-31074	88	13	markets	market	NOUN
fbem-31074	88	14	to	to	PART
fbem-31074	88	15	explain	explain	VERB
fbem-31074	88	16	portfolio	portfolio	NOUN
fbem-31074	88	17	changes	change	NOUN
fbem-31074	88	18	,	,	PUNCT
fbem-31074	88	19	providing	provide	VERB
fbem-31074	88	20	a	a	DET
fbem-31074	88	21	more	more	ADV
fbem-31074	88	22	comprehensive	comprehensive	ADJ
fbem-31074	88	23	analytical	analytical	ADJ
fbem-31074	88	24	framework	framework	NOUN
fbem-31074	88	25	for	for	ADP
fbem-31074	88	26	investors	investor	NOUN
fbem-31074	88	27	and	and	CCONJ
fbem-31074	88	28	market	market	NOUN
fbem-31074	88	29	researchers	researcher	NOUN
fbem-31074	88	30	.	.	PUNCT
fbem-31074	89	1	in	in	ADP
fbem-31074	89	2	terms	term	NOUN
fbem-31074	89	3	of	of	ADP
fbem-31074	89	4	model	model	NOUN
fbem-31074	89	5	components	component	NOUN
fbem-31074	89	6	,	,	PUNCT
fbem-31074	89	7	the	the	DET
fbem-31074	89	8	basic	basic	ADJ
fbem-31074	89	9	definitions	definition	NOUN
fbem-31074	89	10	and	and	CCONJ
fbem-31074	89	11	functions	function	NOUN
fbem-31074	89	12	of	of	ADP
fbem-31074	89	13	market	market	NOUN
fbem-31074	89	14	factors	factor	NOUN
fbem-31074	89	15	,	,	PUNCT
fbem-31074	89	16	size	size	NOUN
fbem-31074	89	17	factors	factor	NOUN
fbem-31074	89	18	,	,	PUNCT
fbem-31074	89	19	book	book	NOUN
fbem-31074	89	20	-	-	PUNCT
fbem-31074	89	21	to	to	ADP
fbem-31074	89	22	-	-	PUNCT
fbem-31074	89	23	market	market	NOUN
fbem-31074	89	24	factors	factor	NOUN
fbem-31074	89	25	,	,	PUNCT
fbem-31074	89	26	and	and	CCONJ
fbem-31074	89	27	momentum	momentum	NOUN
fbem-31074	89	28	factors	factor	NOUN
fbem-31074	89	29	are	be	AUX
fbem-31074	89	30	similar	similar	ADJ
fbem-31074	89	31	in	in	ADP
fbem-31074	89	32	both	both	DET
fbem-31074	89	33	markets	market	NOUN
fbem-31074	89	34	.	.	PUNCT
fbem-31074	90	1	the	the	DET
fbem-31074	90	2	market	market	NOUN
fbem-31074	90	3	factor	factor	NOUN
fbem-31074	90	4	reflects	reflect	VERB
fbem-31074	90	5	the	the	DET
fbem-31074	90	6	systematic	systematic	ADJ
fbem-31074	90	7	impact	impact	NOUN
fbem-31074	90	8	of	of	ADP
fbem-31074	90	9	overall	overall	ADJ
fbem-31074	90	10	market	market	NOUN
fbem-31074	90	11	volatility	volatility	NOUN
fbem-31074	90	12	on	on	ADP
fbem-31074	90	13	individual	individual	ADJ
fbem-31074	90	14	stock	stock	NOUN
fbem-31074	90	15	returns	return	NOUN
fbem-31074	90	16	,	,	PUNCT
fbem-31074	90	17	the	the	DET
fbem-31074	90	18	size	size	NOUN
fbem-31074	90	19	factor	factor	NOUN
fbem-31074	90	20	reflects	reflect	VERB
fbem-31074	90	21	the	the	DET
fbem-31074	90	22	difference	difference	NOUN
fbem-31074	90	23	in	in	ADP
fbem-31074	90	24	returns	return	NOUN
fbem-31074	90	25	between	between	ADP
fbem-31074	90	26	large	large	ADJ
fbem-31074	90	27	and	and	CCONJ
fbem-31074	90	28	small	small	ADJ
fbem-31074	90	29	-	-	PUNCT
fbem-31074	90	30	cap	cap	NOUN
fbem-31074	90	31	stocks	stock	NOUN
fbem-31074	90	32	,	,	PUNCT
fbem-31074	90	33	the	the	DET
fbem-31074	90	34	book	book	NOUN
fbem-31074	90	35	-	-	PUNCT
fbem-31074	90	36	to	to	ADP
fbem-31074	90	37	-	-	PUNCT
fbem-31074	90	38	market	market	NOUN
fbem-31074	90	39	factor	factor	NOUN
fbem-31074	90	40	measures	measure	VERB
fbem-31074	90	41	the	the	DET
fbem-31074	90	42	difference	difference	NOUN
fbem-31074	90	43	in	in	ADP
fbem-31074	90	44	investors	investor	NOUN
fbem-31074	90	45	'	'	PART
fbem-31074	90	46	preferences	preference	NOUN
fbem-31074	90	47	for	for	ADP
fbem-31074	90	48	value	value	NOUN
fbem-31074	90	49	and	and	CCONJ
fbem-31074	90	50	growth	growth	NOUN
fbem-31074	90	51	stocks	stock	NOUN
fbem-31074	90	52	,	,	PUNCT
fbem-31074	90	53	and	and	CCONJ
fbem-31074	90	54	the	the	DET
fbem-31074	90	55	momentum	momentum	NOUN
fbem-31074	90	56	factor	factor	NOUN
fbem-31074	90	57	captures	capture	VERB
fbem-31074	90	58	the	the	DET
fbem-31074	90	59	continuity	continuity	NOUN
fbem-31074	90	60	of	of	ADP
fbem-31074	90	61	stock	stock	NOUN
fbem-31074	90	62	price	price	NOUN
fbem-31074	90	63	trends	trend	NOUN
fbem-31074	90	64	.	.	PUNCT
fbem-31074	91	1	they	they	PRON
fbem-31074	91	2	jointly	jointly	ADV
fbem-31074	91	3	build	build	VERB
fbem-31074	91	4	a	a	DET
fbem-31074	91	5	theoretical	theoretical	ADJ
fbem-31074	91	6	foundation	foundation	NOUN
fbem-31074	91	7	for	for	ADP
fbem-31074	91	8	explaining	explain	VERB
fbem-31074	91	9	stock	stock	NOUN
fbem-31074	91	10	returns	return	NOUN
fbem-31074	91	11	from	from	ADP
fbem-31074	91	12	different	different	ADJ
fbem-31074	91	13	dimensions	dimension	NOUN
fbem-31074	91	14	,	,	PUNCT
fbem-31074	91	15	which	which	PRON
fbem-31074	91	16	provides	provide	VERB
fbem-31074	91	17	a	a	DET
fbem-31074	91	18	basic	basic	ADJ
fbem-31074	91	19	framework	framework	NOUN
fbem-31074	91	20	for	for	ADP
fbem-31074	91	21	cross	cross	ADJ
fbem-31074	91	22	-	-	ADJ
fbem-31074	91	23	market	market	ADJ
fbem-31074	91	24	comparative	comparative	ADJ
fbem-31074	91	25	studies	study	NOUN
fbem-31074	91	26	and	and	CCONJ
fbem-31074	91	27	model	model	NOUN
fbem-31074	91	28	applications	application	NOUN
fbem-31074	91	29	.	.	PUNCT
fbem-31074	92	1	6.2	6.2	NUM
fbem-31074	92	2	.	.	PUNCT
fbem-31074	93	1	model	model	NOUN
fbem-31074	93	2	differences	difference	NOUN
fbem-31074	93	3	a	a	DET
fbem-31074	93	4	share	share	NOUN
fbem-31074	93	5	market	market	NOUN
fbem-31074	93	6	has	have	VERB
fbem-31074	93	7	prominent	prominent	ADJ
fbem-31074	93	8	"	"	PUNCT
fbem-31074	93	9	shell	shell	ADJ
fbem-31074	93	10	pollution	pollution	NOUN
fbem-31074	93	11	"	"	PUNCT
fbem-31074	93	12	,	,	PUNCT
fbem-31074	93	13	so	so	SCONJ
fbem-31074	93	14	researchers	researcher	NOUN
fbem-31074	93	15	need	need	VERB
fbem-31074	93	16	to	to	PART
fbem-31074	93	17	exclude	exclude	VERB
fbem-31074	93	18	certain	certain	ADJ
fbem-31074	93	19	stocks	stock	NOUN
fbem-31074	93	20	to	to	PART
fbem-31074	93	21	reduce	reduce	VERB
fbem-31074	93	22	interference	interference	NOUN
fbem-31074	93	23	.	.	PUNCT
fbem-31074	94	1	the	the	DET
fbem-31074	94	2	international	international	ADJ
fbem-31074	94	3	market	market	NOUN
fbem-31074	94	4	does	do	AUX
fbem-31074	94	5	n't	not	PART
fbem-31074	94	6	have	have	VERB
fbem-31074	94	7	this	this	DET
fbem-31074	94	8	problem	problem	NOUN
fbem-31074	94	9	.	.	PUNCT
fbem-31074	95	1	the	the	DET
fbem-31074	95	2	complex	complex	ADJ
fbem-31074	95	3	ipo	ipo	NOUN
fbem-31074	95	4	process	process	NOUN
fbem-31074	95	5	and	and	CCONJ
fbem-31074	95	6	low	low	ADJ
fbem-31074	95	7	pass	pass	NOUN
fbem-31074	95	8	rates	rate	NOUN
fbem-31074	95	9	in	in	ADP
fbem-31074	95	10	china	china	PROPN
fbem-31074	95	11	's	's	PART
fbem-31074	95	12	a	a	DET
fbem-31074	95	13	share	share	NOUN
fbem-31074	95	14	market	market	NOUN
fbem-31074	95	15	lead	lead	NOUN
fbem-31074	95	16	to	to	ADP
fbem-31074	95	17	widespread	widespread	ADJ
fbem-31074	95	18	backdoor	backdoor	NOUN
fbem-31074	95	19	listing	listing	NOUN
fbem-31074	95	20	.	.	PUNCT
fbem-31074	96	1	this	this	PRON
fbem-31074	96	2	impacts	impact	VERB
fbem-31074	96	3	the	the	DET
fbem-31074	96	4	market	market	NOUN
fbem-31074	96	5	's	's	PART
fbem-31074	96	6	traits	trait	NOUN
fbem-31074	96	7	and	and	CCONJ
fbem-31074	96	8	model	model	NOUN
fbem-31074	96	9	suitability	suitability	NOUN
fbem-31074	96	10	.	.	PUNCT
fbem-31074	97	1	traditional	traditional	ADJ
fbem-31074	97	2	three	three	NUM
fbem-31074	97	3	factor	factor	NOUN
fbem-31074	97	4	models	model	NOUN
fbem-31074	97	5	struggle	struggle	VERB
fbem-31074	97	6	to	to	PART
fbem-31074	97	7	explain	explain	VERB
fbem-31074	97	8	market	market	NOUN
fbem-31074	97	9	anomalies	anomaly	NOUN
fbem-31074	97	10	here	here	ADV
fbem-31074	97	11	.	.	PUNCT
fbem-31074	98	1	also	also	ADV
fbem-31074	98	2	,	,	PUNCT
fbem-31074	98	3	the	the	DET
fbem-31074	98	4	momentum	momentum	NOUN
fbem-31074	98	5	factor	factor	NOUN
fbem-31074	98	6	in	in	ADP
fbem-31074	98	7	china	china	PROPN
fbem-31074	98	8	's	's	PART
fbem-31074	98	9	a	a	DET
fbem-31074	98	10	share	share	NOUN
fbem-31074	98	11	market	market	NOUN
fbem-31074	98	12	has	have	VERB
fbem-31074	98	13	a	a	DET
fbem-31074	98	14	significant	significant	ADJ
fbem-31074	98	15	reversal	reversal	NOUN
fbem-31074	98	16	effect	effect	NOUN
fbem-31074	98	17	,	,	PUNCT
fbem-31074	98	18	differing	differ	VERB
fbem-31074	98	19	from	from	ADP
fbem-31074	98	20	the	the	DET
fbem-31074	98	21	positive	positive	ADJ
fbem-31074	98	22	momentum	momentum	NOUN
fbem-31074	98	23	effect	effect	NOUN
fbem-31074	98	24	in	in	ADP
fbem-31074	98	25	international	international	ADJ
fbem-31074	98	26	markets	market	NOUN
fbem-31074	98	27	.	.	PUNCT
fbem-31074	99	1	it	it	PRON
fbem-31074	99	2	has	have	VERB
fbem-31074	99	3	low	low	ADJ
fbem-31074	99	4	correlations	correlation	NOUN
fbem-31074	99	5	with	with	ADP
fbem-31074	99	6	other	other	ADJ
fbem-31074	99	7	factors	factor	NOUN
fbem-31074	99	8	and	and	CCONJ
fbem-31074	99	9	acts	act	VERB
fbem-31074	99	10	more	more	ADV
fbem-31074	99	11	independently	independently	ADV
fbem-31074	99	12	.	.	PUNCT
fbem-31074	100	1	this	this	PRON
fbem-31074	100	2	reflects	reflect	VERB
fbem-31074	100	3	differences	difference	NOUN
fbem-31074	100	4	in	in	ADP
fbem-31074	100	5	investor	investor	NOUN
fbem-31074	100	6	behavior	behavior	NOUN
fbem-31074	100	7	and	and	CCONJ
fbem-31074	100	8	market	market	NOUN
fbem-31074	100	9	structure	structure	NOUN
fbem-31074	100	10	between	between	ADP
fbem-31074	100	11	the	the	DET
fbem-31074	100	12	two	two	NUM
fbem-31074	100	13	markets	market	NOUN
fbem-31074	100	14	.	.	PUNCT
fbem-31074	101	1	6.3	6.3	NUM
fbem-31074	101	2	.	.	PUNCT
fbem-31074	102	1	explanatory	explanatory	ADJ
fbem-31074	102	2	power	power	NOUN
fbem-31074	102	3	of	of	ADP
fbem-31074	102	4	stock	stock	NOUN
fbem-31074	102	5	returns	return	NOUN
fbem-31074	102	6	in	in	ADP
fbem-31074	102	7	china	china	PROPN
fbem-31074	102	8	's	's	PART
fbem-31074	102	9	market	market	NOUN
fbem-31074	102	10	,	,	PUNCT
fbem-31074	102	11	adding	add	VERB
fbem-31074	102	12	momentum	momentum	NOUN
fbem-31074	102	13	factors	factor	NOUN
fbem-31074	102	14	enhances	enhance	VERB
fbem-31074	102	15	the	the	DET
fbem-31074	102	16	three	three	NUM
fbem-31074	102	17	-	-	PUNCT
fbem-31074	102	18	factor	factor	NOUN
fbem-31074	102	19	model	model	NOUN
fbem-31074	102	20	's	's	PART
fbem-31074	102	21	explanatory	explanatory	ADJ
fbem-31074	102	22	power	power	NOUN
fbem-31074	102	23	for	for	ADP
fbem-31074	102	24	stock	stock	NOUN
fbem-31074	102	25	returns	return	NOUN
fbem-31074	102	26	,	,	PUNCT
fbem-31074	102	27	but	but	CCONJ
fbem-31074	102	28	issues	issue	NOUN
fbem-31074	102	29	like	like	ADP
fbem-31074	102	30	"	"	PUNCT
fbem-31074	102	31	shell	shell	ADJ
fbem-31074	102	32	pollution	pollution	NOUN
fbem-31074	102	33	"	"	PUNCT
fbem-31074	102	34	limit	limit	VERB
fbem-31074	102	35	the	the	DET
fbem-31074	102	36	ch-3	ch-3	NUM
fbem-31074	102	37	model	model	NOUN
fbem-31074	102	38	,	,	PUNCT
fbem-31074	102	39	making	make	VERB
fbem-31074	102	40	some	some	DET
fbem-31074	102	41	market	market	NOUN
fbem-31074	102	42	anomalies	anomaly	NOUN
fbem-31074	102	43	hard	hard	ADJ
fbem-31074	102	44	to	to	PART
fbem-31074	102	45	fully	fully	ADV
fbem-31074	102	46	explain	explain	VERB
fbem-31074	102	47	.	.	PUNCT
fbem-31074	103	1	the	the	DET
fbem-31074	103	2	international	international	ADJ
fbem-31074	103	3	four	four	NUM
fbem-31074	103	4	-	-	PUNCT
fbem-31074	103	5	factor	factor	NOUN
fbem-31074	103	6	model	model	NOUN
fbem-31074	103	7	explains	explain	VERB
fbem-31074	103	8	over	over	ADP
fbem-31074	103	9	90	90	NUM
fbem-31074	103	10	%	%	NOUN
fbem-31074	103	11	of	of	ADP
fbem-31074	103	12	portfolio	portfolio	NOUN
fbem-31074	103	13	changes	change	NOUN
fbem-31074	103	14	and	and	CCONJ
fbem-31074	103	15	is	be	AUX
fbem-31074	103	16	widely	widely	ADV
fbem-31074	103	17	applied	apply	VERB
fbem-31074	103	18	.	.	PUNCT
fbem-31074	104	1	yet	yet	ADV
fbem-31074	104	2	,	,	PUNCT
fbem-31074	104	3	it	it	PRON
fbem-31074	104	4	's	be	AUX
fbem-31074	104	5	not	not	PART
fbem-31074	104	6	flawless	flawless	ADJ
fbem-31074	104	7	and	and	CCONJ
fbem-31074	104	8	faces	face	VERB
fbem-31074	104	9	challenges	challenge	NOUN
fbem-31074	104	10	such	such	ADJ
fbem-31074	104	11	as	as	ADP
fbem-31074	104	12	ineffective	ineffective	ADJ
fbem-31074	104	13	long	long	ADJ
fbem-31074	104	14	-	-	PUNCT
fbem-31074	104	15	short	short	ADJ
fbem-31074	104	16	strategies	strategy	NOUN
fbem-31074	104	17	in	in	ADP
fbem-31074	104	18	rising	rise	VERB
fbem-31074	104	19	markets	market	NOUN
fbem-31074	104	20	and	and	CCONJ
fbem-31074	104	21	return	return	VERB
fbem-31074	104	22	impacts	impact	NOUN
fbem-31074	104	23	from	from	ADP
fbem-31074	104	24	transaction	transaction	NOUN
fbem-31074	104	25	costs	cost	NOUN
fbem-31074	104	26	.	.	PUNCT
fbem-31074	105	1	in	in	ADP
fbem-31074	105	2	summary	summary	NOUN
fbem-31074	105	3	,	,	PUNCT
fbem-31074	105	4	the	the	DET
fbem-31074	105	5	chinese	chinese	ADJ
fbem-31074	105	6	and	and	CCONJ
fbem-31074	105	7	international	international	ADJ
fbem-31074	105	8	four	four	NUM
fbem-31074	105	9	-	-	PUNCT
fbem-31074	105	10	factor	factor	NOUN
fbem-31074	105	11	models	model	NOUN
fbem-31074	105	12	differ	differ	VERB
fbem-31074	105	13	significantly	significantly	ADV
fbem-31074	105	14	.	.	PUNCT
fbem-31074	106	1	practitioners	practitioner	NOUN
fbem-31074	106	2	must	must	AUX
fbem-31074	106	3	consider	consider	VERB
fbem-31074	106	4	these	these	DET
fbem-31074	106	5	differences	difference	NOUN
fbem-31074	106	6	and	and	CCONJ
fbem-31074	106	7	tailor	tailor	VERB
fbem-31074	106	8	the	the	DET
fbem-31074	106	9	model	model	NOUN
fbem-31074	106	10	to	to	ADP
fbem-31074	106	11	each	each	DET
fbem-31074	106	12	market	market	NOUN
fbem-31074	106	13	's	's	PART
fbem-31074	106	14	characteristics	characteristic	NOUN
fbem-31074	106	15	.	.	PUNCT
fbem-31074	107	1	investors	investor	NOUN
fbem-31074	107	2	should	should	AUX
fbem-31074	107	3	align	align	VERB
fbem-31074	107	4	model	model	NOUN
fbem-31074	107	5	use	use	NOUN
fbem-31074	107	6	with	with	ADP
fbem-31074	107	7	the	the	DET
fbem-31074	107	8	market	market	NOUN
fbem-31074	107	9	environment	environment	NOUN
fbem-31074	107	10	and	and	CCONJ
fbem-31074	107	11	their	their	PRON
fbem-31074	107	12	risk	risk	NOUN
fbem-31074	107	13	profiles	profile	NOUN
fbem-31074	107	14	to	to	PART
fbem-31074	107	15	devise	devise	VERB
fbem-31074	107	16	investment	investment	NOUN
fbem-31074	107	17	strategies	strategy	NOUN
fbem-31074	107	18	.	.	PUNCT
fbem-31074	108	1	market	market	NOUN
fbem-31074	108	2	researchers	researcher	NOUN
fbem-31074	108	3	,	,	PUNCT
fbem-31074	108	4	by	by	ADP
fbem-31074	108	5	examining	examine	VERB
fbem-31074	108	6	these	these	DET
fbem-31074	108	7	differences	difference	NOUN
fbem-31074	108	8	,	,	PUNCT
fbem-31074	108	9	can	can	AUX
fbem-31074	108	10	enhance	enhance	VERB
fbem-31074	108	11	asset	asset	NOUN
fbem-31074	108	12	pricing	pricing	NOUN
fbem-31074	108	13	theory	theory	NOUN
fbem-31074	108	14	and	and	CCONJ
fbem-31074	108	15	bolster	bolster	VERB
fbem-31074	108	16	market	market	NOUN
fbem-31074	108	17	development.7	development.7	NOUN
fbem-31074	108	18	.	.	PUNCT
fbem-31074	109	1	research	research	NOUN
fbem-31074	109	2	prospects	prospect	NOUN
fbem-31074	109	3	7	7	NUM
fbem-31074	109	4	.	.	PUNCT
fbem-31074	109	5	research	research	NOUN
fbem-31074	109	6	prospects	prospect	NOUN
fbem-31074	109	7	7.1	7.1	NUM
fbem-31074	109	8	.	.	PUNCT
fbem-31074	110	1	model	model	NOUN
fbem-31074	110	2	improvement	improvement	NOUN
fbem-31074	110	3	directions	direction	NOUN
fbem-31074	110	4	in	in	ADP
fbem-31074	110	5	model	model	NOUN
fbem-31074	110	6	improvement	improvement	NOUN
fbem-31074	110	7	,	,	PUNCT
fbem-31074	110	8	for	for	ADP
fbem-31074	110	9	value	value	NOUN
fbem-31074	110	10	factors	factor	NOUN
fbem-31074	110	11	,	,	PUNCT
fbem-31074	110	12	we	we	PRON
fbem-31074	110	13	've	have	AUX
fbem-31074	110	14	explored	explore	VERB
fbem-31074	110	15	multi	multi	ADJ
fbem-31074	110	16	dimensional	dimensional	ADJ
fbem-31074	110	17	data	datum	NOUN
fbem-31074	110	18	to	to	PART
fbem-31074	110	19	find	find	VERB
fbem-31074	110	20	suitable	suitable	ADJ
fbem-31074	110	21	indicators	indicator	NOUN
fbem-31074	110	22	for	for	ADP
fbem-31074	110	23	china	china	PROPN
fbem-31074	110	24	's	's	PART
fbem-31074	110	25	market	market	NOUN
fbem-31074	110	26	,	,	PUNCT
fbem-31074	110	27	and	and	CCONJ
fbem-31074	110	28	enhanced	enhanced	ADJ
fbem-31074	110	29	model	model	NOUN
fbem-31074	110	30	stability	stability	NOUN
fbem-31074	110	31	and	and	CCONJ
fbem-31074	110	32	adaptability	adaptability	NOUN
fbem-31074	110	33	.	.	PUNCT
fbem-31074	111	1	moreover	moreover	ADV
fbem-31074	111	2	,	,	PUNCT
fbem-31074	111	3	we	we	PRON
fbem-31074	111	4	've	have	AUX
fbem-31074	111	5	integrated	integrate	VERB
fbem-31074	111	6	macroeconomics	macroeconomic	NOUN
fbem-31074	111	7	and	and	CCONJ
fbem-31074	111	8	industrial	industrial	ADJ
fbem-31074	111	9	policies	policy	NOUN
fbem-31074	111	10	into	into	ADP
fbem-31074	111	11	the	the	DET
fbem-31074	111	12	model	model	NOUN
fbem-31074	111	13	and	and	CCONJ
fbem-31074	111	14	utilized	utilize	VERB
fbem-31074	111	15	big	big	ADJ
fbem-31074	111	16	data	datum	NOUN
fbem-31074	111	17	to	to	ADP
fbem-31074	111	18	mine	mine	VERB
fbem-31074	111	19	social	social	ADJ
fbem-31074	111	20	media	medium	NOUN
fbem-31074	111	21	and	and	CCONJ
fbem-31074	111	22	news	news	NOUN
fbem-31074	111	23	for	for	ADP
fbem-31074	111	24	investor	investor	NOUN
fbem-31074	111	25	sentiment	sentiment	NOUN
fbem-31074	111	26	monitoring	monitor	VERB
fbem-31074	111	27	.	.	PUNCT
fbem-31074	112	1	we	we	PRON
fbem-31074	112	2	've	have	AUX
fbem-31074	112	3	also	also	ADV
fbem-31074	112	4	constructed	construct	VERB
fbem-31074	112	5	four	four	NUM
fbem-31074	112	6	factor	factor	NOUN
fbem-31074	112	7	models	model	NOUN
fbem-31074	112	8	by	by	ADP
fbem-31074	112	9	industry	industry	NOUN
fbem-31074	112	10	and	and	CCONJ
fbem-31074	112	11	sector	sector	NOUN
fbem-31074	112	12	,	,	PUNCT
fbem-31074	112	13	expanded	expand	VERB
fbem-31074	112	14	the	the	DET
fbem-31074	112	15	sample	sample	NOUN
fbem-31074	112	16	data	datum	NOUN
fbem-31074	112	17	's	's	PART
fbem-31074	112	18	time	time	NOUN
fbem-31074	112	19	span	span	NOUN
fbem-31074	112	20	and	and	CCONJ
fbem-31074	112	21	diversity	diversity	NOUN
fbem-31074	112	22	,	,	PUNCT
fbem-31074	112	23	and	and	CCONJ
fbem-31074	112	24	employed	employ	VERB
fbem-31074	112	25	cross	cross	NOUN
fbem-31074	112	26	validation	validation	NOUN
fbem-31074	112	27	to	to	PART
fbem-31074	112	28	boost	boost	VERB
fbem-31074	112	29	the	the	DET
fbem-31074	112	30	model	model	NOUN
fbem-31074	112	31	's	's	PART
fbem-31074	112	32	applicability	applicability	NOUN
fbem-31074	112	33	and	and	CCONJ
fbem-31074	112	34	stability	stability	NOUN
fbem-31074	112	35	.	.	PUNCT
fbem-31074	113	1	7.2	7.2	NUM
fbem-31074	113	2	.	.	PUNCT
fbem-31074	114	1	cross	cross	ADJ
fbem-31074	114	2	-	-	ADJ
fbem-31074	114	3	market	market	ADJ
fbem-31074	114	4	research	research	NOUN
fbem-31074	114	5	directions	direction	NOUN
fbem-31074	114	6	contrast	contrast	VERB
fbem-31074	114	7	international	international	ADJ
fbem-31074	114	8	and	and	CCONJ
fbem-31074	114	9	chinese	chinese	ADJ
fbem-31074	114	10	markets	market	NOUN
fbem-31074	114	11	.	.	PUNCT
fbem-31074	115	1	examine	examine	VERB
fbem-31074	115	2	the	the	DET
fbem-31074	115	3	four	four	NUM
fbem-31074	115	4	-	-	PUNCT
fbem-31074	115	5	factor	factor	NOUN
fbem-31074	115	6	model	model	NOUN
fbem-31074	115	7	differences	difference	NOUN
fbem-31074	115	8	in	in	ADP
fbem-31074	115	9	market	market	NOUN
fbem-31074	115	10	structure	structure	NOUN
fbem-31074	115	11	and	and	CCONJ
fbem-31074	115	12	investor	investor	NOUN
fbem-31074	115	13	behavior	behavior	NOUN
fbem-31074	115	14	.	.	PUNCT
fbem-31074	116	1	this	this	PRON
fbem-31074	116	2	supports	support	VERB
fbem-31074	116	3	chinese	chinese	ADJ
fbem-31074	116	4	market	market	NOUN
fbem-31074	116	5	reform	reform	NOUN
fbem-31074	116	6	and	and	CCONJ
fbem-31074	116	7	informs	inform	VERB
fbem-31074	116	8	global	global	ADJ
fbem-31074	116	9	asset	asset	NOUN
fbem-31074	116	10	allocation	allocation	NOUN
fbem-31074	116	11	.	.	PUNCT
fbem-31074	117	1	also	also	ADV
fbem-31074	117	2	,	,	PUNCT
fbem-31074	117	3	analyze	analyze	VERB
fbem-31074	117	4	major	major	ADJ
fbem-31074	117	5	events	event	NOUN
fbem-31074	117	6	'	'	PART
fbem-31074	117	7	impact	impact	NOUN
fbem-31074	117	8	on	on	ADP
fbem-31074	117	9	the	the	DET
fbem-31074	117	10	model	model	NOUN
fbem-31074	117	11	across	across	ADP
fbem-31074	117	12	markets	market	NOUN
fbem-31074	117	13	to	to	PART
fbem-31074	117	14	improve	improve	VERB
fbem-31074	117	15	risk	risk	NOUN
fbem-31074	117	16	management	management	NOUN
fbem-31074	117	17	and	and	CCONJ
fbem-31074	117	18	investment	investment	NOUN
fbem-31074	117	19	decisions	decision	NOUN
fbem-31074	117	20	.	.	PUNCT
fbem-31074	118	1	7.3	7.3	NUM
fbem-31074	118	2	.	.	PUNCT
fbem-31074	119	1	improvement	improvement	NOUN
fbem-31074	119	2	directions	direction	NOUN
fbem-31074	119	3	of	of	ADP
fbem-31074	119	4	empirical	empirical	ADJ
fbem-31074	119	5	research	research	NOUN
fbem-31074	119	6	methods	method	NOUN
fbem-31074	119	7	leverage	leverage	VERB
fbem-31074	119	8	big	big	ADJ
fbem-31074	119	9	data	datum	NOUN
fbem-31074	119	10	to	to	ADP
fbem-31074	119	11	mine	mine	NOUN
fbem-31074	119	12	market	market	NOUN
fbem-31074	119	13	data	datum	NOUN
fbem-31074	119	14	,	,	PUNCT
fbem-31074	119	15	boost	boost	VERB
fbem-31074	119	16	construction	construction	NOUN
fbem-31074	119	17	efficiency	efficiency	NOUN
fbem-31074	119	18	and	and	CCONJ
fbem-31074	119	19	enhance	enhance	VERB
fbem-31074	119	20	model	model	NOUN
fbem-31074	119	21	prediction	prediction	NOUN
fbem-31074	119	22	accuracy	accuracy	NOUN
fbem-31074	119	23	.	.	PUNCT
fbem-31074	120	1	process	process	NOUN
fbem-31074	120	2	data	datum	NOUN
fbem-31074	120	3	scientifically	scientifically	ADV
fbem-31074	120	4	by	by	ADP
fbem-31074	120	5	removing	remove	VERB
fbem-31074	120	6	outliers	outlier	NOUN
fbem-31074	120	7	and	and	CCONJ
fbem-31074	120	8	determining	determine	VERB
fbem-31074	120	9	the	the	DET
fbem-31074	120	10	optimal	optimal	ADJ
fbem-31074	120	11	data	datum	NOUN
fbem-31074	120	12	frequency	frequency	NOUN
fbem-31074	120	13	.	.	PUNCT
fbem-31074	121	1	establish	establish	VERB
fbem-31074	121	2	a	a	DET
fbem-31074	121	3	robust	robust	ADJ
fbem-31074	121	4	model	model	NOUN
fbem-31074	121	5	validation	validation	NOUN
fbem-31074	121	6	and	and	CCONJ
fbem-31074	121	7	evaluation	evaluation	NOUN
fbem-31074	121	8	system	system	NOUN
fbem-31074	121	9	,	,	PUNCT
fbem-31074	121	10	and	and	CCONJ
fbem-31074	121	11	assess	assess	NOUN
fbem-31074	121	12	model	model	NOUN
fbem-31074	121	13	performance	performance	NOUN
fbem-31074	121	14	using	use	VERB
fbem-31074	121	15	out	out	ADP
fbem-31074	121	16	of	of	ADP
fbem-31074	121	17	sample	sample	NOUN
fbem-31074	121	18	forecasting	forecasting	NOUN
fbem-31074	121	19	and	and	CCONJ
fbem-31074	121	20	cross	cross	VERB
fbem-31074	121	21	validation	validation	NOUN
fbem-31074	121	22	.	.	PUNCT
fbem-31074	122	1	references	reference	NOUN
fbem-31074	122	2	[	[	X
fbem-31074	122	3	1	1	NUM
fbem-31074	122	4	]	]	PUNCT
fbem-31074	122	5	p.	p.	PROPN
fbem-31074	122	6	zhang	zhang	PROPN
fbem-31074	122	7	,	,	PUNCT
fbem-31074	122	8	s.	s.	PROPN
fbem-31074	122	9	h.	h.	PROPN
fbem-31074	122	10	zhu	zhu	PROPN
fbem-31074	122	11	,	,	PUNCT
fbem-31074	122	12	and	and	CCONJ
fbem-31074	122	13	s.	s.	PROPN
fbem-31074	122	14	l.	l.	PROPN
fbem-31074	122	15	cui	cui	PROPN
fbem-31074	122	16	,	,	PUNCT
fbem-31074	122	17	"	"	PUNCT
fbem-31074	122	18	portfolio	portfolio	NOUN
fbem-31074	122	19	optimization	optimization	NOUN
fbem-31074	122	20	based	base	VERB
fbem-31074	122	21	on	on	ADP
fbem-31074	122	22	bp	bp	PROPN
fbem-31074	122	23	neural	neural	PROPN
fbem-31074	122	24	network	network	PROPN
fbem-31074	122	25	three	three	NUM
fbem-31074	122	26	-	-	PUNCT
fbem-31074	122	27	factor	factor	NOUN
fbem-31074	122	28	mean	mean	ADJ
fbem-31074	122	29	-	-	PUNCT
fbem-31074	122	30	variance	variance	NOUN
fbem-31074	122	31	model	model	NOUN
fbem-31074	122	32	,	,	PUNCT
fbem-31074	122	33	"	"	PUNCT
fbem-31074	122	34	mathematics	mathematic	NOUN
fbem-31074	122	35	in	in	ADP
fbem-31074	122	36	practice	practice	NOUN
fbem-31074	122	37	and	and	CCONJ
fbem-31074	122	38	theory	theory	NOUN
fbem-31074	122	39	,	,	PUNCT
fbem-31074	122	40	vol	vol	NOUN
fbem-31074	122	41	.	.	PROPN
fbem-31074	123	1	55	55	NUM
fbem-31074	123	2	,	,	PUNCT
fbem-31074	123	3	no	no	INTJ
fbem-31074	123	4	.	.	NOUN
fbem-31074	123	5	1	1	NUM
fbem-31074	123	6	,	,	PUNCT
fbem-31074	123	7	pp	pp	ADJ
fbem-31074	123	8	.	.	PUNCT
fbem-31074	124	1	26	26	NUM
fbem-31074	124	2	-	-	SYM
fbem-31074	124	3	40	40	NUM
fbem-31074	124	4	,	,	PUNCT
fbem-31074	124	5	2025	2025	NUM
fbem-31074	124	6	.	.	PUNCT
fbem-31074	125	1	[	[	X
fbem-31074	125	2	2	2	NUM
fbem-31074	125	3	]	]	PUNCT
fbem-31074	125	4	q.	q.	PROPN
fbem-31074	125	5	lin	lin	PROPN
fbem-31074	125	6	,	,	PUNCT
fbem-31074	125	7	"	"	PUNCT
fbem-31074	125	8	factor	factor	NOUN
fbem-31074	125	9	models	model	NOUN
fbem-31074	125	10	and	and	CCONJ
fbem-31074	125	11	cross	cross	ADJ
fbem-31074	125	12	-	-	ADJ
fbem-31074	125	13	sectional	sectional	ADJ
fbem-31074	125	14	stock	stock	NOUN
fbem-31074	125	15	returns	return	NOUN
fbem-31074	125	16	,	,	PUNCT
fbem-31074	125	17	"	"	PUNCT
fbem-31074	125	18	economics	economic	NOUN
fbem-31074	125	19	,	,	PUNCT
fbem-31074	125	20	vol	vol	NOUN
fbem-31074	125	21	.	.	PROPN
fbem-31074	125	22	23	23	NUM
fbem-31074	125	23	,	,	PUNCT
fbem-31074	125	24	no	no	INTJ
fbem-31074	125	25	.	.	NOUN
fbem-31074	125	26	6	6	NUM
fbem-31074	125	27	,	,	PUNCT
fbem-31074	125	28	pp	pp	ADJ
fbem-31074	125	29	.	.	PUNCT
fbem-31074	125	30	2264	2264	NUM
fbem-31074	125	31	-	-	SYM
fbem-31074	125	32	2279	2279	NUM
fbem-31074	125	33	,	,	PUNCT
fbem-31074	125	34	2023	2023	NUM
fbem-31074	125	35	.	.	PUNCT
fbem-31074	126	1	[	[	X
fbem-31074	126	2	3	3	X
fbem-31074	126	3	]	]	PUNCT
fbem-31074	126	4	z.	z.	PROPN
fbem-31074	126	5	g.	g.	PROPN
fbem-31074	126	6	ouyang	ouyang	PROPN
fbem-31074	126	7	and	and	CCONJ
fbem-31074	126	8	f.	f.	PROPN
fbem-31074	126	9	li	li	PROPN
fbem-31074	126	10	,	,	PUNCT
fbem-31074	126	11	"	"	PUNCT
fbem-31074	126	12	applicability	applicability	NOUN
fbem-31074	126	13	of	of	ADP
fbem-31074	126	14	four	four	NUM
fbem-31074	126	15	-	-	PUNCT
fbem-31074	126	16	factor	factor	NOUN
fbem-31074	126	17	asset	asset	NOUN
fbem-31074	126	18	pricing	pricing	NOUN
fbem-31074	126	19	model	model	NOUN
fbem-31074	126	20	in	in	ADP
fbem-31074	126	21	china	china	PROPN
fbem-31074	126	22	's	's	PART
fbem-31074	126	23	stock	stock	NOUN
fbem-31074	126	24	market	market	NOUN
fbem-31074	126	25	,	,	PUNCT
fbem-31074	126	26	"	"	PUNCT
fbem-31074	126	27	journal	journal	NOUN
fbem-31074	126	28	of	of	ADP
fbem-31074	126	29	financial	financial	ADJ
fbem-31074	126	30	economics	economic	NOUN
fbem-31074	126	31	research	research	NOUN
fbem-31074	126	32	,	,	PUNCT
fbem-31074	126	33	vol	vol	NOUN
fbem-31074	126	34	.	.	PROPN
fbem-31074	126	35	31	31	NUM
fbem-31074	126	36	,	,	PUNCT
fbem-31074	126	37	no	no	INTJ
fbem-31074	126	38	.	.	NOUN
fbem-31074	126	39	2	2	NUM
fbem-31074	126	40	,	,	PUNCT
fbem-31074	126	41	pp	pp	ADJ
fbem-31074	126	42	.	.	PUNCT
fbem-31074	127	1	84	84	NUM
fbem-31074	127	2	-	-	SYM
fbem-31074	127	3	96	96	NUM
fbem-31074	127	4	,	,	PUNCT
fbem-31074	127	5	2016	2016	NUM
fbem-31074	127	6	.	.	PUNCT
fbem-31074	128	1	49	49	NUM
fbem-31074	129	1	[	[	SYM
fbem-31074	129	2	4	4	NUM
fbem-31074	129	3	]	]	PUNCT
fbem-31074	129	4	l.	l.	PROPN
fbem-31074	129	5	y.	y.	PROPN
fbem-31074	129	6	yin	yin	PROPN
fbem-31074	129	7	,	,	PUNCT
fbem-31074	129	8	"	"	PUNCT
fbem-31074	129	9	empirical	empirical	ADJ
fbem-31074	129	10	research	research	NOUN
fbem-31074	129	11	on	on	ADP
fbem-31074	129	12	the	the	DET
fbem-31074	129	13	impact	impact	NOUN
fbem-31074	129	14	of	of	ADP
fbem-31074	129	15	investor	investor	NOUN
fbem-31074	129	16	sentiment	sentiment	NOUN
fbem-31074	129	17	on	on	ADP
fbem-31074	129	18	stock	stock	NOUN
fbem-31074	129	19	returns	return	NOUN
fbem-31074	129	20	:	:	PUNCT
fbem-31074	129	21	based	base	VERB
fbem-31074	129	22	on	on	ADP
fbem-31074	129	23	fama	fama	PROPN
fbem-31074	129	24	-	-	PUNCT
fbem-31074	129	25	french	french	ADJ
fbem-31074	129	26	three	three	NUM
fbem-31074	129	27	-	-	PUNCT
fbem-31074	129	28	factor	factor	NOUN
fbem-31074	129	29	model	model	NOUN
fbem-31074	129	30	,	,	PUNCT
fbem-31074	129	31	"	"	PUNCT
fbem-31074	129	32	friends	friend	NOUN
fbem-31074	129	33	of	of	ADP
fbem-31074	129	34	accounting	accounting	NOUN
fbem-31074	129	35	,	,	PUNCT
fbem-31074	129	36	vol	vol	NOUN
fbem-31074	129	37	.	.	PROPN
fbem-31074	129	38	6	6	NUM
fbem-31074	129	39	,	,	PUNCT
fbem-31074	129	40	pp	pp	ADJ
fbem-31074	129	41	.	.	PUNCT
fbem-31074	130	1	51	51	NUM
fbem-31074	130	2	-	-	SYM
fbem-31074	130	3	56	56	NUM
fbem-31074	130	4	,	,	PUNCT
fbem-31074	130	5	2018	2018	NUM
fbem-31074	130	6	.	.	PUNCT
fbem-31074	131	1	[	[	X
fbem-31074	131	2	5	5	X
fbem-31074	131	3	]	]	PUNCT
fbem-31074	131	4	g.	g.	PROPN
fbem-31074	131	5	w.	w.	PROPN
fbem-31074	131	6	sun	sun	PROPN
fbem-31074	131	7	,	,	PUNCT
fbem-31074	131	8	"	"	PUNCT
fbem-31074	131	9	the	the	DET
fbem-31074	131	10	relationship	relationship	NOUN
fbem-31074	131	11	between	between	ADP
fbem-31074	131	12	macroeconomic	macroeconomic	ADJ
fbem-31074	131	13	conditions	condition	NOUN
fbem-31074	131	14	,	,	PUNCT
fbem-31074	131	15	investor	investor	NOUN
fbem-31074	131	16	sentiment	sentiment	NOUN
fbem-31074	131	17	and	and	CCONJ
fbem-31074	131	18	stock	stock	NOUN
fbem-31074	131	19	market	market	NOUN
fbem-31074	131	20	returns	return	NOUN
fbem-31074	131	21	,	,	PUNCT
fbem-31074	131	22	"	"	PUNCT
fbem-31074	131	23	master	master	NOUN
fbem-31074	131	24	's	's	PART
fbem-31074	131	25	thesis	thesis	NOUN
fbem-31074	131	26	,	,	PUNCT
fbem-31074	131	27	anhui	anhui	PROPN
fbem-31074	131	28	university	university	PROPN
fbem-31074	131	29	of	of	ADP
fbem-31074	131	30	finance	finance	NOUN
fbem-31074	131	31	and	and	CCONJ
fbem-31074	131	32	economics	economic	NOUN
fbem-31074	131	33	,	,	PUNCT
fbem-31074	131	34	2022	2022	NUM
fbem-31074	131	35	.	.	PUNCT