id	sid	tid	token	lemma	pos
fbem-3314	1	1	frontiers	frontier	NOUN
fbem-3314	1	2	in	in	ADP
fbem-3314	1	3	business	business	NOUN
fbem-3314	1	4	,	,	PUNCT
fbem-3314	1	5	economics	economic	NOUN
fbem-3314	1	6	and	and	CCONJ
fbem-3314	1	7	management	management	NOUN
fbem-3314	1	8	issn	issn	PROPN
fbem-3314	1	9	:	:	PUNCT
fbem-3314	1	10	2766	2766	NUM
fbem-3314	1	11	-	-	PUNCT
fbem-3314	1	12	824x	824x	NUM
fbem-3314	1	13	|	|	ADJ
fbem-3314	1	14	vol	vol	NOUN
fbem-3314	1	15	.	.	PROPN
fbem-3314	2	1	6	6	NUM
fbem-3314	2	2	,	,	PUNCT
fbem-3314	2	3	no	no	INTJ
fbem-3314	2	4	.	.	NOUN
fbem-3314	2	5	3	3	NUM
fbem-3314	2	6	,	,	PUNCT
fbem-3314	2	7	2022	2022	NUM
fbem-3314	2	8	70	70	NUM
fbem-3314	2	9	an	an	DET
fbem-3314	2	10	empirical	empirical	ADJ
fbem-3314	2	11	test	test	NOUN
fbem-3314	2	12	of	of	ADP
fbem-3314	2	13	the	the	DET
fbem-3314	2	14	momentum	momentum	NOUN
fbem-3314	2	15	effect	effect	NOUN
fbem-3314	2	16	of	of	ADP
fbem-3314	2	17	china	china	PROPN
fbem-3314	2	18	's	's	PART
fbem-3314	2	19	star	star	NOUN
fbem-3314	2	20	market	market	NOUN
fbem-3314	2	21	:	:	PUNCT
fbem-3314	2	22	the	the	DET
fbem-3314	2	23	study	study	NOUN
fbem-3314	2	24	based	base	VERB
fbem-3314	2	25	on	on	ADP
fbem-3314	2	26	the	the	DET
fbem-3314	2	27	listed	list	VERB
fbem-3314	2	28	company	company	NOUN
fbem-3314	2	29	’s	’s	PART
fbem-3314	2	30	turnover	turnover	NOUN
fbem-3314	2	31	rate	rate	NOUN
fbem-3314	2	32	jiarong	jiarong	PROPN
fbem-3314	2	33	fu	fu	PROPN
fbem-3314	2	34	*	*	PROPN
fbem-3314	2	35	school	school	NOUN
fbem-3314	2	36	of	of	ADP
fbem-3314	2	37	finance	finance	NOUN
fbem-3314	2	38	,	,	PUNCT
fbem-3314	2	39	guangdong	guangdong	PROPN
fbem-3314	2	40	university	university	PROPN
fbem-3314	2	41	of	of	ADP
fbem-3314	2	42	finance	finance	PROPN
fbem-3314	2	43	&	&	CCONJ
fbem-3314	2	44	economics	economic	NOUN
fbem-3314	2	45	,	,	PUNCT
fbem-3314	2	46	guangdong	guangdong	PROPN
fbem-3314	2	47	,	,	PUNCT
fbem-3314	2	48	guangzhou	guangzhou	PROPN
fbem-3314	2	49	510320	510320	NUM
fbem-3314	2	50	,	,	PUNCT
fbem-3314	2	51	china	china	PROPN
fbem-3314	2	52	*	*	PUNCT
fbem-3314	2	53	corresponding	correspond	VERB
fbem-3314	2	54	author	author	NOUN
fbem-3314	2	55	’s	’s	PART
fbem-3314	2	56	email	email	NOUN
fbem-3314	2	57	:	:	PUNCT
fbem-3314	2	58	1770385729@qq.com	1770385729@qq.com	NUM
fbem-3314	2	59	abstract	abstract	NOUN
fbem-3314	2	60	:	:	PUNCT
fbem-3314	2	61	momentum	momentum	NOUN
fbem-3314	2	62	effect	effect	NOUN
fbem-3314	2	63	is	be	AUX
fbem-3314	2	64	a	a	DET
fbem-3314	2	65	hot	hot	ADJ
fbem-3314	2	66	topic	topic	NOUN
fbem-3314	2	67	of	of	ADP
fbem-3314	2	68	research	research	NOUN
fbem-3314	2	69	in	in	ADP
fbem-3314	2	70	both	both	CCONJ
fbem-3314	2	71	academia	academia	NOUN
fbem-3314	2	72	and	and	CCONJ
fbem-3314	2	73	industry	industry	NOUN
fbem-3314	2	74	,	,	PUNCT
fbem-3314	2	75	and	and	CCONJ
fbem-3314	2	76	it	it	PRON
fbem-3314	2	77	is	be	AUX
fbem-3314	2	78	also	also	ADV
fbem-3314	2	79	a	a	DET
fbem-3314	2	80	key	key	ADJ
fbem-3314	2	81	point	point	NOUN
fbem-3314	2	82	of	of	ADP
fbem-3314	2	83	whether	whether	SCONJ
fbem-3314	2	84	'	'	PUNCT
fbem-3314	2	85	chasing	chase	VERB
fbem-3314	2	86	the	the	DET
fbem-3314	2	87	upside	upside	NOUN
fbem-3314	2	88	and	and	CCONJ
fbem-3314	2	89	downside	downside	NOUN
fbem-3314	2	90	'	'	PUNCT
fbem-3314	2	91	strategy	strategy	NOUN
fbem-3314	2	92	can	can	AUX
fbem-3314	2	93	be	be	AUX
fbem-3314	2	94	adopted	adopt	VERB
fbem-3314	2	95	.	.	PUNCT
fbem-3314	3	1	many	many	ADJ
fbem-3314	3	2	studies	study	NOUN
fbem-3314	3	3	in	in	ADP
fbem-3314	3	4	the	the	DET
fbem-3314	3	5	whole	whole	ADJ
fbem-3314	3	6	chinese	chinese	ADJ
fbem-3314	3	7	a	a	DET
fbem-3314	3	8	-	-	PUNCT
fbem-3314	3	9	share	share	NOUN
fbem-3314	3	10	market	market	NOUN
fbem-3314	3	11	show	show	VERB
fbem-3314	3	12	that	that	SCONJ
fbem-3314	3	13	there	there	PRON
fbem-3314	3	14	is	be	VERB
fbem-3314	3	15	no	no	DET
fbem-3314	3	16	significant	significant	ADJ
fbem-3314	3	17	momentum	momentum	NOUN
fbem-3314	3	18	effect	effect	NOUN
fbem-3314	3	19	,	,	PUNCT
fbem-3314	3	20	and	and	CCONJ
fbem-3314	3	21	in	in	ADP
fbem-3314	3	22	order	order	NOUN
fbem-3314	3	23	to	to	PART
fbem-3314	3	24	further	far	ADV
fbem-3314	3	25	dissect	dissect	VERB
fbem-3314	3	26	the	the	DET
fbem-3314	3	27	existence	existence	NOUN
fbem-3314	3	28	of	of	ADP
fbem-3314	3	29	momentum	momentum	NOUN
fbem-3314	3	30	effect	effect	NOUN
fbem-3314	3	31	in	in	ADP
fbem-3314	3	32	the	the	DET
fbem-3314	3	33	chinese	chinese	ADJ
fbem-3314	3	34	stock	stock	NOUN
fbem-3314	3	35	market	market	NOUN
fbem-3314	3	36	,	,	PUNCT
fbem-3314	3	37	this	this	DET
fbem-3314	3	38	paper	paper	NOUN
fbem-3314	3	39	selects	select	VERB
fbem-3314	3	40	the	the	DET
fbem-3314	3	41	monthly	monthly	ADJ
fbem-3314	3	42	stock	stock	NOUN
fbem-3314	3	43	data	datum	NOUN
fbem-3314	3	44	of	of	ADP
fbem-3314	3	45	the	the	DET
fbem-3314	3	46	science	science	NOUN
fbem-3314	3	47	and	and	CCONJ
fbem-3314	3	48	technology	technology	NOUN
fbem-3314	3	49	innovation	innovation	NOUN
fbem-3314	3	50	board	board	NOUN
fbem-3314	3	51	(	(	PUNCT
fbem-3314	3	52	sse	sse	PROPN
fbem-3314	3	53	star	star	PROPN
fbem-3314	3	54	market	market	PROPN
fbem-3314	3	55	)	)	PUNCT
fbem-3314	3	56	from	from	ADP
fbem-3314	3	57	2020	2020	NUM
fbem-3314	3	58	to	to	ADP
fbem-3314	3	59	2022	2022	NUM
fbem-3314	3	60	monthly	monthly	ADJ
fbem-3314	3	61	stock	stock	NOUN
fbem-3314	3	62	data	datum	NOUN
fbem-3314	3	63	to	to	PART
fbem-3314	3	64	test	test	VERB
fbem-3314	3	65	the	the	DET
fbem-3314	3	66	momentum	momentum	NOUN
fbem-3314	3	67	effect	effect	NOUN
fbem-3314	3	68	based	base	VERB
fbem-3314	3	69	on	on	ADP
fbem-3314	3	70	the	the	DET
fbem-3314	3	71	grouping	grouping	NOUN
fbem-3314	3	72	of	of	ADP
fbem-3314	3	73	turnover	turnover	NOUN
fbem-3314	3	74	rates	rate	NOUN
fbem-3314	3	75	on	on	ADP
fbem-3314	3	76	the	the	DET
fbem-3314	3	77	momentum	momentum	NOUN
fbem-3314	3	78	strategy	strategy	NOUN
fbem-3314	3	79	construction	construction	NOUN
fbem-3314	3	80	method	method	NOUN
fbem-3314	3	81	of	of	ADP
fbem-3314	3	82	jagadeesh	jagadeesh	NOUN
fbem-3314	3	83	and	and	CCONJ
fbem-3314	3	84	titman	titman	NOUN
fbem-3314	3	85	.	.	PUNCT
fbem-3314	4	1	the	the	DET
fbem-3314	4	2	empirical	empirical	ADJ
fbem-3314	4	3	study	study	NOUN
fbem-3314	4	4	finds	find	VERB
fbem-3314	4	5	that	that	SCONJ
fbem-3314	4	6	:	:	PUNCT
fbem-3314	4	7	(	(	PUNCT
fbem-3314	4	8	1	1	X
fbem-3314	4	9	)	)	PUNCT
fbem-3314	4	10	there	there	PRON
fbem-3314	4	11	is	be	VERB
fbem-3314	4	12	no	no	DET
fbem-3314	4	13	significant	significant	ADJ
fbem-3314	4	14	momentum	momentum	NOUN
fbem-3314	4	15	effect	effect	NOUN
fbem-3314	4	16	in	in	ADP
fbem-3314	4	17	the	the	DET
fbem-3314	4	18	monthly	monthly	ADJ
fbem-3314	4	19	frequency	frequency	NOUN
fbem-3314	4	20	of	of	ADP
fbem-3314	4	21	both	both	CCONJ
fbem-3314	4	22	high	high	ADJ
fbem-3314	4	23	and	and	CCONJ
fbem-3314	4	24	low	low	ADJ
fbem-3314	4	25	turnover	turnover	NOUN
fbem-3314	4	26	rates	rate	NOUN
fbem-3314	4	27	in	in	ADP
fbem-3314	4	28	china	china	PROPN
fbem-3314	4	29	's	's	PART
fbem-3314	4	30	star	star	NOUN
fbem-3314	4	31	market	market	NOUN
fbem-3314	4	32	;	;	PUNCT
fbem-3314	4	33	while	while	SCONJ
fbem-3314	4	34	there	there	PRON
fbem-3314	4	35	is	be	VERB
fbem-3314	4	36	a	a	DET
fbem-3314	4	37	significant	significant	ADJ
fbem-3314	4	38	momentum	momentum	NOUN
fbem-3314	4	39	effect	effect	NOUN
fbem-3314	4	40	in	in	ADP
fbem-3314	4	41	the	the	DET
fbem-3314	4	42	medium	medium	ADJ
fbem-3314	4	43	turnover	turnover	NOUN
fbem-3314	4	44	rate	rate	NOUN
fbem-3314	4	45	;	;	PUNCT
fbem-3314	4	46	(	(	PUNCT
fbem-3314	4	47	2	2	X
fbem-3314	4	48	)	)	PUNCT
fbem-3314	4	49	the	the	DET
fbem-3314	4	50	combined	combined	ADJ
fbem-3314	4	51	momentum	momentum	NOUN
fbem-3314	4	52	effect	effect	NOUN
fbem-3314	4	53	of	of	ADP
fbem-3314	4	54	medium	medium	ADJ
fbem-3314	4	55	-	-	PUNCT
fbem-3314	4	56	term	term	NOUN
fbem-3314	4	57	and	and	CCONJ
fbem-3314	4	58	long	long	ADJ
fbem-3314	4	59	-	-	PUNCT
fbem-3314	4	60	term	term	NOUN
fbem-3314	4	61	is	be	AUX
fbem-3314	4	62	most	most	ADV
fbem-3314	4	63	significant	significant	ADJ
fbem-3314	4	64	in	in	ADP
fbem-3314	4	65	the	the	DET
fbem-3314	4	66	medium	medium	ADJ
fbem-3314	4	67	turnover	turnover	NOUN
fbem-3314	4	68	rate	rate	NOUN
fbem-3314	4	69	.	.	PUNCT
fbem-3314	5	1	(	(	PUNCT
fbem-3314	5	2	3	3	X
fbem-3314	5	3	)	)	PUNCT
fbem-3314	5	4	there	there	PRON
fbem-3314	5	5	is	be	VERB
fbem-3314	5	6	no	no	DET
fbem-3314	5	7	significant	significant	ADJ
fbem-3314	5	8	reversal	reversal	NOUN
fbem-3314	5	9	effect	effect	NOUN
fbem-3314	5	10	in	in	ADP
fbem-3314	5	11	the	the	DET
fbem-3314	5	12	monthly	monthly	ADJ
fbem-3314	5	13	portfolio	portfolio	NOUN
fbem-3314	5	14	in	in	ADP
fbem-3314	5	15	the	the	DET
fbem-3314	5	16	whole	whole	ADJ
fbem-3314	5	17	star	star	NOUN
fbem-3314	5	18	market	market	NOUN
fbem-3314	5	19	.	.	PUNCT
fbem-3314	6	1	keywords	keyword	NOUN
fbem-3314	6	2	:	:	PUNCT
fbem-3314	6	3	momentum	momentum	NOUN
fbem-3314	6	4	effect	effect	NOUN
fbem-3314	6	5	,	,	PUNCT
fbem-3314	6	6	reversal	reversal	NOUN
fbem-3314	6	7	effect	effect	NOUN
fbem-3314	6	8	,	,	PUNCT
fbem-3314	6	9	turnover	turnover	NOUN
fbem-3314	6	10	rate	rate	NOUN
fbem-3314	6	11	.	.	PUNCT
fbem-3314	7	1	1	1	X
fbem-3314	7	2	.	.	X
fbem-3314	7	3	introdcution	introdcution	NOUN
fbem-3314	7	4	jagadeesh	jagadeesh	NOUN
fbem-3314	7	5	and	and	CCONJ
fbem-3314	7	6	titman	titman	NOUN
fbem-3314	7	7	found	find	VERB
fbem-3314	7	8	the	the	DET
fbem-3314	7	9	"	"	PUNCT
fbem-3314	7	10	momentum	momentum	NOUN
fbem-3314	7	11	effect	effect	NOUN
fbem-3314	7	12	"	"	PUNCT
fbem-3314	7	13	by	by	ADP
fbem-3314	7	14	studying	study	VERB
fbem-3314	7	15	the	the	DET
fbem-3314	7	16	us	us	PROPN
fbem-3314	7	17	stock	stock	NOUN
fbem-3314	7	18	market[1	market[1	PROPN
fbem-3314	7	19	]	]	PUNCT
fbem-3314	7	20	.	.	PUNCT
fbem-3314	8	1	then	then	ADV
fbem-3314	8	2	rauwenhorst	rauwenhorst	VERB
fbem-3314	8	3	studied	study	VERB
fbem-3314	8	4	the	the	DET
fbem-3314	8	5	european	european	ADJ
fbem-3314	8	6	stock	stock	NOUN
fbem-3314	8	7	market	market	NOUN
fbem-3314	8	8	and	and	CCONJ
fbem-3314	8	9	found	find	VERB
fbem-3314	8	10	that	that	SCONJ
fbem-3314	8	11	there	there	PRON
fbem-3314	8	12	is	be	VERB
fbem-3314	8	13	a	a	DET
fbem-3314	8	14	significant	significant	ADJ
fbem-3314	8	15	momentum	momentum	NOUN
fbem-3314	8	16	effect	effect	NOUN
fbem-3314	8	17	,	,	PUNCT
fbem-3314	8	18	which	which	PRON
fbem-3314	8	19	exists	exist	VERB
fbem-3314	8	20	significantly	significantly	ADV
fbem-3314	8	21	in	in	ADP
fbem-3314	8	22	the	the	DET
fbem-3314	8	23	stock	stock	NOUN
fbem-3314	8	24	markets	market	NOUN
fbem-3314	8	25	of	of	ADP
fbem-3314	8	26	developed	develop	VERB
fbem-3314	8	27	countries	country	NOUN
fbem-3314	8	28	,	,	PUNCT
fbem-3314	8	29	but	but	CCONJ
fbem-3314	8	30	not	not	PART
fbem-3314	8	31	in	in	ADP
fbem-3314	8	32	some	some	DET
fbem-3314	8	33	emerging	emerge	VERB
fbem-3314	8	34	stock	stock	NOUN
fbem-3314	8	35	markets[2	markets[2	PROPN
fbem-3314	8	36	]	]	X
fbem-3314	8	37	.	.	PUNCT
fbem-3314	9	1	a	a	DET
fbem-3314	9	2	group	group	NOUN
fbem-3314	9	3	of	of	ADP
fbem-3314	9	4	scholars	scholar	NOUN
fbem-3314	9	5	believe	believe	VERB
fbem-3314	9	6	that	that	SCONJ
fbem-3314	9	7	there	there	PRON
fbem-3314	9	8	is	be	VERB
fbem-3314	9	9	no	no	DET
fbem-3314	9	10	momentum	momentum	NOUN
fbem-3314	9	11	effect	effect	NOUN
fbem-3314	9	12	in	in	ADP
fbem-3314	9	13	china	china	PROPN
fbem-3314	9	14	's	's	PART
fbem-3314	9	15	a	a	DET
fbem-3314	9	16	-	-	PUNCT
fbem-3314	9	17	share	share	NOUN
fbem-3314	9	18	market	market	NOUN
fbem-3314	9	19	because	because	SCONJ
fbem-3314	9	20	most	most	ADJ
fbem-3314	9	21	of	of	ADP
fbem-3314	9	22	the	the	DET
fbem-3314	9	23	studies	study	NOUN
fbem-3314	9	24	did	do	AUX
fbem-3314	9	25	not	not	PART
fbem-3314	9	26	find	find	VERB
fbem-3314	9	27	a	a	DET
fbem-3314	9	28	significant	significant	ADJ
fbem-3314	9	29	momentum	momentum	NOUN
fbem-3314	9	30	effect	effect	NOUN
fbem-3314	9	31	,	,	PUNCT
fbem-3314	9	32	but	but	CCONJ
fbem-3314	9	33	found	find	VERB
fbem-3314	9	34	a	a	DET
fbem-3314	9	35	significant	significant	ADJ
fbem-3314	9	36	reversal	reversal	NOUN
fbem-3314	9	37	effect	effect	NOUN
fbem-3314	9	38	,	,	PUNCT
fbem-3314	9	39	and	and	CCONJ
fbem-3314	9	40	another	another	DET
fbem-3314	9	41	group	group	NOUN
fbem-3314	9	42	believes	believe	VERB
fbem-3314	9	43	that	that	SCONJ
fbem-3314	9	44	there	there	PRON
fbem-3314	9	45	is	be	VERB
fbem-3314	9	46	a	a	DET
fbem-3314	9	47	momentum	momentum	NOUN
fbem-3314	9	48	effect	effect	NOUN
fbem-3314	9	49	in	in	ADP
fbem-3314	9	50	china	china	PROPN
fbem-3314	9	51	's	's	PART
fbem-3314	9	52	a	a	DET
fbem-3314	9	53	-	-	PUNCT
fbem-3314	9	54	share	share	NOUN
fbem-3314	9	55	market	market	NOUN
fbem-3314	9	56	,	,	PUNCT
fbem-3314	9	57	for	for	ADP
fbem-3314	9	58	example	example	NOUN
fbem-3314	9	59	,	,	PUNCT
fbem-3314	9	60	kang	kang	PROPN
fbem-3314	9	61	found	find	VERB
fbem-3314	9	62	a	a	DET
fbem-3314	9	63	significant	significant	ADJ
fbem-3314	9	64	momentum	momentum	NOUN
fbem-3314	9	65	effect	effect	NOUN
fbem-3314	9	66	in	in	ADP
fbem-3314	9	67	weekly	weekly	ADJ
fbem-3314	9	68	frequency	frequency	NOUN
fbem-3314	9	69	data	datum	NOUN
fbem-3314	9	70	,	,	PUNCT
fbem-3314	9	71	and	and	CCONJ
fbem-3314	9	72	zhen	zhen	PROPN
fbem-3314	9	73	lu	lu	PROPN
fbem-3314	9	74	and	and	CCONJ
fbem-3314	9	75	henpu	henpu	PROPN
fbem-3314	9	76	zhou	zhou	PROPN
fbem-3314	9	77	found	find	VERB
fbem-3314	9	78	a	a	DET
fbem-3314	9	79	significant	significant	ADJ
fbem-3314	9	80	momentum	momentum	NOUN
fbem-3314	9	81	effect	effect	NOUN
fbem-3314	9	82	in	in	ADP
fbem-3314	9	83	semi	semi	ADJ
fbem-3314	9	84	-	-	ADJ
fbem-3314	9	85	annual	annual	ADJ
fbem-3314	9	86	data[3	data[3	NUM
fbem-3314	9	87	]	]	PUNCT
fbem-3314	9	88	.	.	PUNCT
fbem-3314	10	1	the	the	DET
fbem-3314	10	2	momentum	momentum	NOUN
fbem-3314	10	3	effect	effect	NOUN
fbem-3314	10	4	is	be	AUX
fbem-3314	10	5	the	the	DET
fbem-3314	10	6	key	key	ADJ
fbem-3314	10	7	point	point	NOUN
fbem-3314	10	8	of	of	ADP
fbem-3314	10	9	whether	whether	SCONJ
fbem-3314	10	10	to	to	PART
fbem-3314	10	11	take	take	VERB
fbem-3314	10	12	the	the	DET
fbem-3314	10	13	"	"	PUNCT
fbem-3314	10	14	chasing	chasing	NOUN
fbem-3314	10	15	"	"	PUNCT
fbem-3314	10	16	strategy	strategy	NOUN
fbem-3314	10	17	,	,	PUNCT
fbem-3314	10	18	so	so	CCONJ
fbem-3314	10	19	the	the	DET
fbem-3314	10	20	study	study	NOUN
fbem-3314	10	21	of	of	ADP
fbem-3314	10	22	the	the	DET
fbem-3314	10	23	existence	existence	NOUN
fbem-3314	10	24	of	of	ADP
fbem-3314	10	25	the	the	DET
fbem-3314	10	26	momentum	momentum	NOUN
fbem-3314	10	27	effect	effect	NOUN
fbem-3314	10	28	is	be	AUX
fbem-3314	10	29	very	very	ADV
fbem-3314	10	30	relevant	relevant	ADJ
fbem-3314	10	31	.	.	PUNCT
fbem-3314	11	1	there	there	PRON
fbem-3314	11	2	are	be	VERB
fbem-3314	11	3	three	three	NUM
fbem-3314	11	4	shortcomings	shortcoming	NOUN
fbem-3314	11	5	in	in	ADP
fbem-3314	11	6	the	the	DET
fbem-3314	11	7	research	research	NOUN
fbem-3314	11	8	on	on	ADP
fbem-3314	11	9	the	the	DET
fbem-3314	11	10	momentum	momentum	NOUN
fbem-3314	11	11	effect	effect	NOUN
fbem-3314	11	12	in	in	ADP
fbem-3314	11	13	china	china	PROPN
fbem-3314	11	14	:	:	PUNCT
fbem-3314	11	15	(	(	PUNCT
fbem-3314	11	16	1	1	X
fbem-3314	11	17	)	)	PUNCT
fbem-3314	11	18	the	the	DET
fbem-3314	11	19	sample	sample	NOUN
fbem-3314	11	20	selected	select	VERB
fbem-3314	11	21	for	for	ADP
fbem-3314	11	22	the	the	DET
fbem-3314	11	23	study	study	NOUN
fbem-3314	11	24	of	of	ADP
fbem-3314	11	25	the	the	DET
fbem-3314	11	26	existence	existence	NOUN
fbem-3314	11	27	of	of	ADP
fbem-3314	11	28	the	the	DET
fbem-3314	11	29	momentum	momentum	NOUN
fbem-3314	11	30	effect	effect	NOUN
fbem-3314	11	31	in	in	ADP
fbem-3314	11	32	china	china	PROPN
fbem-3314	11	33	is	be	AUX
fbem-3314	11	34	too	too	ADV
fbem-3314	11	35	early	early	ADJ
fbem-3314	11	36	and	and	CCONJ
fbem-3314	11	37	does	do	AUX
fbem-3314	11	38	not	not	PART
fbem-3314	11	39	have	have	VERB
fbem-3314	11	40	profound	profound	ADJ
fbem-3314	11	41	suggestions	suggestion	NOUN
fbem-3314	11	42	for	for	ADP
fbem-3314	11	43	the	the	DET
fbem-3314	11	44	current	current	ADJ
fbem-3314	11	45	investment	investment	NOUN
fbem-3314	11	46	strategy	strategy	NOUN
fbem-3314	11	47	.	.	PUNCT
fbem-3314	12	1	(	(	PUNCT
fbem-3314	12	2	2	2	X
fbem-3314	12	3	)	)	PUNCT
fbem-3314	12	4	most	most	ADJ
fbem-3314	12	5	of	of	ADP
fbem-3314	12	6	the	the	DET
fbem-3314	12	7	tests	test	NOUN
fbem-3314	12	8	are	be	AUX
fbem-3314	12	9	focused	focus	VERB
fbem-3314	12	10	on	on	ADP
fbem-3314	12	11	the	the	DET
fbem-3314	12	12	momentum	momentum	NOUN
fbem-3314	12	13	effect	effect	NOUN
fbem-3314	12	14	of	of	ADP
fbem-3314	12	15	the	the	DET
fbem-3314	12	16	whole	whole	ADJ
fbem-3314	12	17	a	a	DET
fbem-3314	12	18	-	-	PUNCT
fbem-3314	12	19	share	share	NOUN
fbem-3314	12	20	market	market	NOUN
fbem-3314	12	21	,	,	PUNCT
fbem-3314	12	22	and	and	CCONJ
fbem-3314	12	23	only	only	ADV
fbem-3314	12	24	a	a	DET
fbem-3314	12	25	very	very	ADV
fbem-3314	12	26	small	small	ADJ
fbem-3314	12	27	number	number	NOUN
fbem-3314	12	28	of	of	ADP
fbem-3314	12	29	momentum	momentum	NOUN
fbem-3314	12	30	effect	effect	NOUN
fbem-3314	12	31	tests	test	NOUN
fbem-3314	12	32	are	be	AUX
fbem-3314	12	33	focused	focus	VERB
fbem-3314	12	34	on	on	ADP
fbem-3314	12	35	market	market	NOUN
fbem-3314	12	36	segments	segment	NOUN
fbem-3314	12	37	.	.	PUNCT
fbem-3314	13	1	(	(	PUNCT
fbem-3314	13	2	3	3	X
fbem-3314	13	3	)	)	PUNCT
fbem-3314	13	4	few	few	ADJ
fbem-3314	13	5	studies	study	NOUN
fbem-3314	13	6	have	have	AUX
fbem-3314	13	7	examined	examine	VERB
fbem-3314	13	8	momentum	momentum	NOUN
fbem-3314	13	9	strategies	strategy	NOUN
fbem-3314	13	10	by	by	ADP
fbem-3314	13	11	grouping	group	VERB
fbem-3314	13	12	market	market	NOUN
fbem-3314	13	13	segments	segment	NOUN
fbem-3314	13	14	according	accord	VERB
fbem-3314	13	15	to	to	ADP
fbem-3314	13	16	turnover	turnover	NOUN
fbem-3314	13	17	rates	rate	NOUN
fbem-3314	13	18	,	,	PUNCT
fbem-3314	13	19	which	which	PRON
fbem-3314	13	20	represent	represent	VERB
fbem-3314	13	21	volatility	volatility	NOUN
fbem-3314	13	22	and	and	CCONJ
fbem-3314	13	23	the	the	DET
fbem-3314	13	24	degree	degree	NOUN
fbem-3314	13	25	of	of	ADP
fbem-3314	13	26	attention	attention	NOUN
fbem-3314	13	27	to	to	ADP
fbem-3314	13	28	stocks	stock	NOUN
fbem-3314	13	29	,	,	PUNCT
fbem-3314	13	30	and	and	CCONJ
fbem-3314	13	31	therefore	therefore	ADV
fbem-3314	13	32	have	have	VERB
fbem-3314	13	33	a	a	DET
fbem-3314	13	34	significant	significant	ADJ
fbem-3314	13	35	impact	impact	NOUN
fbem-3314	13	36	on	on	ADP
fbem-3314	13	37	momentum	momentum	NOUN
fbem-3314	13	38	effects	effect	NOUN
fbem-3314	13	39	.	.	PUNCT
fbem-3314	14	1	although	although	SCONJ
fbem-3314	14	2	many	many	ADJ
fbem-3314	14	3	studies	study	NOUN
fbem-3314	14	4	have	have	AUX
fbem-3314	14	5	shown	show	VERB
fbem-3314	14	6	that	that	SCONJ
fbem-3314	14	7	there	there	PRON
fbem-3314	14	8	is	be	VERB
fbem-3314	14	9	no	no	DET
fbem-3314	14	10	significant	significant	ADJ
fbem-3314	14	11	momentum	momentum	NOUN
fbem-3314	14	12	effect	effect	NOUN
fbem-3314	14	13	in	in	ADP
fbem-3314	14	14	the	the	DET
fbem-3314	14	15	whole	whole	ADJ
fbem-3314	14	16	a	a	DET
fbem-3314	14	17	-	-	PUNCT
fbem-3314	14	18	share	share	NOUN
fbem-3314	14	19	market	market	NOUN
fbem-3314	14	20	in	in	ADP
fbem-3314	14	21	china	china	PROPN
fbem-3314	14	22	,	,	PUNCT
fbem-3314	14	23	it	it	PRON
fbem-3314	14	24	does	do	AUX
fbem-3314	14	25	not	not	PART
fbem-3314	14	26	mean	mean	VERB
fbem-3314	14	27	that	that	SCONJ
fbem-3314	14	28	there	there	PRON
fbem-3314	14	29	is	be	VERB
fbem-3314	14	30	no	no	DET
fbem-3314	14	31	significant	significant	ADJ
fbem-3314	14	32	momentum	momentum	NOUN
fbem-3314	14	33	effect	effect	NOUN
fbem-3314	14	34	in	in	ADP
fbem-3314	14	35	all	all	DET
fbem-3314	14	36	market	market	NOUN
fbem-3314	14	37	segments	segment	NOUN
fbem-3314	14	38	,	,	PUNCT
fbem-3314	14	39	therefore	therefore	ADV
fbem-3314	14	40	,	,	PUNCT
fbem-3314	14	41	this	this	DET
fbem-3314	14	42	paper	paper	NOUN
fbem-3314	14	43	will	will	AUX
fbem-3314	14	44	test	test	VERB
fbem-3314	14	45	the	the	DET
fbem-3314	14	46	momentum	momentum	NOUN
fbem-3314	14	47	effect	effect	NOUN
fbem-3314	14	48	of	of	ADP
fbem-3314	14	49	the	the	DET
fbem-3314	14	50	newly	newly	ADV
fbem-3314	14	51	established	establish	VERB
fbem-3314	14	52	science	science	NOUN
fbem-3314	14	53	and	and	CCONJ
fbem-3314	14	54	technology	technology	NOUN
fbem-3314	14	55	innovation	innovation	NOUN
fbem-3314	14	56	board	board	NOUN
fbem-3314	14	57	in	in	ADP
fbem-3314	14	58	2019	2019	NUM
fbem-3314	14	59	.	.	PUNCT
fbem-3314	15	1	this	this	DET
fbem-3314	15	2	paper	paper	NOUN
fbem-3314	15	3	first	first	ADV
fbem-3314	15	4	selects	select	VERB
fbem-3314	15	5	all	all	DET
fbem-3314	15	6	stock	stock	NOUN
fbem-3314	15	7	return	return	NOUN
fbem-3314	15	8	data	datum	NOUN
fbem-3314	15	9	and	and	CCONJ
fbem-3314	15	10	turnover	turnover	NOUN
fbem-3314	15	11	rate	rate	NOUN
fbem-3314	15	12	data	datum	NOUN
fbem-3314	15	13	of	of	ADP
fbem-3314	15	14	china	china	PROPN
fbem-3314	15	15	a	a	DET
fbem-3314	15	16	-	-	PUNCT
fbem-3314	15	17	share	share	NOUN
fbem-3314	15	18	market	market	NOUN
fbem-3314	15	19	from	from	ADP
fbem-3314	15	20	2020	2020	NUM
fbem-3314	15	21	to	to	ADP
fbem-3314	15	22	2022	2022	NUM
fbem-3314	15	23	,	,	PUNCT
fbem-3314	15	24	then	then	ADV
fbem-3314	15	25	groups	group	VERB
fbem-3314	15	26	them	they	PRON
fbem-3314	15	27	according	accord	VERB
fbem-3314	15	28	to	to	ADP
fbem-3314	15	29	high	high	ADJ
fbem-3314	15	30	,	,	PUNCT
fbem-3314	15	31	medium	medium	ADJ
fbem-3314	15	32	and	and	CCONJ
fbem-3314	15	33	low	low	ADJ
fbem-3314	15	34	turnover	turnover	NOUN
fbem-3314	15	35	rates	rate	NOUN
fbem-3314	15	36	and	and	CCONJ
fbem-3314	15	37	constructs	construct	VERB
fbem-3314	15	38	momentum	momentum	NOUN
fbem-3314	15	39	strategies	strategy	NOUN
fbem-3314	15	40	in	in	ADP
fbem-3314	15	41	each	each	DET
fbem-3314	15	42	portfolio	portfolio	NOUN
fbem-3314	15	43	using	use	VERB
fbem-3314	15	44	the	the	DET
fbem-3314	15	45	classical	classical	ADJ
fbem-3314	15	46	momentum	momentum	NOUN
fbem-3314	15	47	strategy	strategy	NOUN
fbem-3314	15	48	construction	construction	NOUN
fbem-3314	15	49	method	method	NOUN
fbem-3314	15	50	,	,	PUNCT
fbem-3314	15	51	and	and	CCONJ
fbem-3314	15	52	then	then	ADV
fbem-3314	15	53	tests	test	VERB
fbem-3314	15	54	the	the	DET
fbem-3314	15	55	significance	significance	NOUN
fbem-3314	15	56	of	of	ADP
fbem-3314	15	57	momentum	momentum	NOUN
fbem-3314	15	58	effect	effect	NOUN
fbem-3314	15	59	for	for	ADP
fbem-3314	15	60	each	each	DET
fbem-3314	15	61	portfolio	portfolio	NOUN
fbem-3314	15	62	.	.	PUNCT
fbem-3314	16	1	2	2	X
fbem-3314	16	2	.	.	X
fbem-3314	16	3	literature	literature	NOUN
fbem-3314	16	4	review	review	VERB
fbem-3314	16	5	the	the	DET
fbem-3314	16	6	momentum	momentum	NOUN
fbem-3314	16	7	effect	effect	NOUN
fbem-3314	16	8	is	be	AUX
fbem-3314	16	9	the	the	DET
fbem-3314	16	10	continuation	continuation	NOUN
fbem-3314	16	11	of	of	ADP
fbem-3314	16	12	past	past	ADJ
fbem-3314	16	13	trends	trend	NOUN
fbem-3314	16	14	in	in	ADP
fbem-3314	16	15	stocks	stock	NOUN
fbem-3314	16	16	in	in	ADP
fbem-3314	16	17	the	the	DET
fbem-3314	16	18	future	future	NOUN
fbem-3314	16	19	.	.	PUNCT
fbem-3314	17	1	jagadeesh	jagadeesh	PROPN
fbem-3314	17	2	found	find	VERB
fbem-3314	17	3	the	the	DET
fbem-3314	17	4	reversal	reversal	NOUN
fbem-3314	17	5	effect	effect	NOUN
fbem-3314	17	6	by	by	ADP
fbem-3314	17	7	studying	study	VERB
fbem-3314	17	8	a	a	DET
fbem-3314	17	9	portfolio	portfolio	NOUN
fbem-3314	17	10	of	of	ADP
fbem-3314	17	11	stocks	stock	NOUN
fbem-3314	17	12	with	with	ADP
fbem-3314	17	13	a	a	DET
fbem-3314	17	14	maturity	maturity	NOUN
fbem-3314	17	15	of	of	ADP
fbem-3314	17	16	less	less	ADJ
fbem-3314	17	17	than	than	ADP
fbem-3314	17	18	or	or	CCONJ
fbem-3314	17	19	equal	equal	ADJ
fbem-3314	17	20	to	to	ADP
fbem-3314	17	21	one	one	NUM
fbem-3314	17	22	month	month	NOUN
fbem-3314	17	23	and	and	CCONJ
fbem-3314	17	24	found	find	VERB
fbem-3314	17	25	that	that	SCONJ
fbem-3314	17	26	stocks	stock	NOUN
fbem-3314	17	27	that	that	PRON
fbem-3314	17	28	performed	perform	VERB
fbem-3314	17	29	well	well	ADV
fbem-3314	17	30	in	in	ADP
fbem-3314	17	31	the	the	DET
fbem-3314	17	32	past	past	NOUN
fbem-3314	17	33	would	would	AUX
fbem-3314	17	34	deteriorate	deteriorate	VERB
fbem-3314	17	35	in	in	ADP
fbem-3314	17	36	the	the	DET
fbem-3314	17	37	future[4	future[4	NOUN
fbem-3314	17	38	]	]	PUNCT
fbem-3314	17	39	.	.	PUNCT
fbem-3314	18	1	later	later	ADV
fbem-3314	18	2	,	,	PUNCT
fbem-3314	18	3	jagadeesh	jagadeesh	NOUN
fbem-3314	18	4	and	and	CCONJ
fbem-3314	18	5	titman	titman	NOUN
fbem-3314	18	6	found	find	VERB
fbem-3314	18	7	that	that	SCONJ
fbem-3314	18	8	stocks	stock	NOUN
fbem-3314	18	9	with	with	ADP
fbem-3314	18	10	higher	high	ADJ
fbem-3314	18	11	returns	return	NOUN
fbem-3314	18	12	in	in	ADP
fbem-3314	18	13	the	the	DET
fbem-3314	18	14	past	past	ADJ
fbem-3314	18	15	twelve	twelve	NUM
fbem-3314	18	16	months	month	NOUN
fbem-3314	18	17	would	would	AUX
fbem-3314	18	18	also	also	ADV
fbem-3314	18	19	have	have	VERB
fbem-3314	18	20	higher	high	ADJ
fbem-3314	18	21	returns	return	NOUN
fbem-3314	18	22	in	in	ADP
fbem-3314	18	23	the	the	DET
fbem-3314	18	24	next	next	ADJ
fbem-3314	18	25	twelve	twelve	NUM
fbem-3314	18	26	months	month	NOUN
fbem-3314	18	27	,	,	PUNCT
fbem-3314	18	28	i.e.	i.e.	X
fbem-3314	18	29	,	,	PUNCT
fbem-3314	18	30	the	the	DET
fbem-3314	18	31	momentum	momentum	NOUN
fbem-3314	18	32	effect	effect	NOUN
fbem-3314	18	33	was	be	AUX
fbem-3314	18	34	found[1	found[1	NOUN
fbem-3314	18	35	]	]	PUNCT
fbem-3314	18	36	.	.	PUNCT
fbem-3314	19	1	rouwenhorst	rouwenhorst	PROPN
fbem-3314	19	2	found	find	VERB
fbem-3314	19	3	a	a	DET
fbem-3314	19	4	significant	significant	ADJ
fbem-3314	19	5	momentum	momentum	NOUN
fbem-3314	19	6	effect	effect	NOUN
fbem-3314	19	7	in	in	ADP
fbem-3314	19	8	european	european	ADJ
fbem-3314	19	9	stock	stock	NOUN
fbem-3314	19	10	markets	market	NOUN
fbem-3314	19	11	and	and	CCONJ
fbem-3314	19	12	hou	hou	PROPN
fbem-3314	19	13	and	and	CCONJ
fbem-3314	19	14	tonks	tonks	PROPN
fbem-3314	19	15	also	also	ADV
fbem-3314	19	16	found	find	VERB
fbem-3314	19	17	a	a	DET
fbem-3314	19	18	significant	significant	ADJ
fbem-3314	19	19	momentum	momentum	NOUN
fbem-3314	19	20	effect	effect	NOUN
fbem-3314	19	21	in	in	ADP
fbem-3314	19	22	the	the	DET
fbem-3314	19	23	uk	uk	PROPN
fbem-3314	19	24	market[2	market[2	PROPN
fbem-3314	19	25	,	,	PUNCT
fbem-3314	19	26	5	5	NUM
fbem-3314	19	27	]	]	PUNCT
fbem-3314	19	28	.	.	PUNCT
fbem-3314	20	1	significant	significant	ADJ
fbem-3314	20	2	momentum	momentum	NOUN
fbem-3314	20	3	effects	effect	NOUN
fbem-3314	20	4	were	be	AUX
fbem-3314	20	5	found	find	VERB
fbem-3314	20	6	.	.	PUNCT
fbem-3314	21	1	in	in	ADP
fbem-3314	21	2	addition	addition	NOUN
fbem-3314	21	3	to	to	ADP
fbem-3314	21	4	the	the	DET
fbem-3314	21	5	stock	stock	NOUN
fbem-3314	21	6	market	market	NOUN
fbem-3314	21	7	,	,	PUNCT
fbem-3314	21	8	momentum	momentum	NOUN
fbem-3314	21	9	effects	effect	NOUN
fbem-3314	21	10	are	be	AUX
fbem-3314	21	11	also	also	ADV
fbem-3314	21	12	found	find	VERB
fbem-3314	21	13	in	in	ADP
fbem-3314	21	14	the	the	DET
fbem-3314	21	15	bond	bond	NOUN
fbem-3314	21	16	,	,	PUNCT
fbem-3314	21	17	commodity	commodity	NOUN
fbem-3314	21	18	and	and	CCONJ
fbem-3314	21	19	foreign	foreign	ADJ
fbem-3314	21	20	exchange	exchange	NOUN
fbem-3314	21	21	markets	market	NOUN
fbem-3314	21	22	,	,	PUNCT
fbem-3314	21	23	menkhoff	menkhoff	PROPN
fbem-3314	21	24	et	et	PROPN
fbem-3314	21	25	al	al	PROPN
fbem-3314	21	26	also	also	ADV
fbem-3314	21	27	finds	find	VERB
fbem-3314	21	28	momentum	momentum	NOUN
fbem-3314	21	29	effect	effect	NOUN
fbem-3314	21	30	,	,	PUNCT
fbem-3314	21	31	and	and	CCONJ
fbem-3314	21	32	asness	asness	PROPN
fbem-3314	21	33	et	et	PROPN
fbem-3314	21	34	al	al	PROPN
fbem-3314	21	35	found	find	VERB
fbem-3314	21	36	that	that	SCONJ
fbem-3314	21	37	momentum	momentum	NOUN
fbem-3314	21	38	effect	effect	NOUN
fbem-3314	21	39	is	be	AUX
fbem-3314	21	40	significant	significant	ADJ
fbem-3314	21	41	in	in	ADP
fbem-3314	21	42	several	several	ADJ
fbem-3314	21	43	stock	stock	NOUN
fbem-3314	21	44	markets	market	NOUN
fbem-3314	21	45	with	with	ADP
fbem-3314	21	46	various	various	ADJ
fbem-3314	21	47	asset	asset	NOUN
fbem-3314	21	48	classes	class	NOUN
fbem-3314	21	49	with	with	ADP
fbem-3314	21	50	momentum	momentum	NOUN
fbem-3314	21	51	premium[6	premium[6	NOUN
fbem-3314	21	52	,	,	PUNCT
fbem-3314	21	53	7	7	NUM
fbem-3314	21	54	]	]	PUNCT
fbem-3314	21	55	.	.	PUNCT
fbem-3314	22	1	the	the	DET
fbem-3314	22	2	momentum	momentum	NOUN
fbem-3314	22	3	factor	factor	NOUN
fbem-3314	22	4	has	have	AUX
fbem-3314	22	5	also	also	ADV
fbem-3314	22	6	been	be	AUX
fbem-3314	22	7	questioned	question	VERB
fbem-3314	22	8	,	,	PUNCT
fbem-3314	22	9	with	with	ADP
fbem-3314	22	10	some	some	DET
fbem-3314	22	11	researchers	researcher	NOUN
fbem-3314	22	12	suggesting	suggest	VERB
fbem-3314	22	13	that	that	SCONJ
fbem-3314	22	14	excess	excess	ADJ
fbem-3314	22	15	returns	return	NOUN
fbem-3314	22	16	from	from	ADP
fbem-3314	22	17	momentum	momentum	NOUN
fbem-3314	22	18	come	come	VERB
fbem-3314	22	19	from	from	ADP
fbem-3314	22	20	exposure	exposure	NOUN
fbem-3314	22	21	to	to	ADP
fbem-3314	22	22	other	other	ADJ
fbem-3314	22	23	factors	factor	NOUN
fbem-3314	22	24	,	,	PUNCT
fbem-3314	22	25	with	with	ADP
fbem-3314	22	26	liu	liu	PROPN
fbem-3314	22	27	arguing	argue	VERB
fbem-3314	22	28	that	that	SCONJ
fbem-3314	22	29	this	this	PRON
fbem-3314	22	30	is	be	AUX
fbem-3314	22	31	caused	cause	VERB
fbem-3314	22	32	by	by	ADP
fbem-3314	22	33	the	the	DET
fbem-3314	22	34	low	low	ADJ
fbem-3314	22	35	volatility	volatility	NOUN
fbem-3314	22	36	factor	factor	NOUN
fbem-3314	22	37	and	and	CCONJ
fbem-3314	22	38	novy	novy	PROPN
fbem-3314	22	39	-	-	PUNCT
fbem-3314	22	40	marx	marx	PROPN
fbem-3314	22	41	arguing	argue	VERB
fbem-3314	22	42	that	that	SCONJ
fbem-3314	22	43	excess	excess	ADJ
fbem-3314	22	44	returns	return	NOUN
fbem-3314	22	45	are	be	AUX
fbem-3314	22	46	caused	cause	VERB
fbem-3314	22	47	by	by	ADP
fbem-3314	22	48	surplus	surplus	NOUN
fbem-3314	22	49	momentum[8	momentum[8	PROPN
fbem-3314	22	50	,	,	PUNCT
fbem-3314	22	51	9	9	NUM
fbem-3314	22	52	]	]	PUNCT
fbem-3314	22	53	.	.	PUNCT
fbem-3314	23	1	most	most	ADJ
fbem-3314	23	2	scholars	scholar	NOUN
fbem-3314	23	3	in	in	ADP
fbem-3314	23	4	china	china	PROPN
fbem-3314	23	5	's	's	PART
fbem-3314	23	6	stock	stock	NOUN
fbem-3314	23	7	market	market	NOUN
fbem-3314	23	8	disagree	disagree	VERB
fbem-3314	23	9	on	on	ADP
fbem-3314	23	10	the	the	DET
fbem-3314	23	11	existence	existence	NOUN
fbem-3314	23	12	of	of	ADP
fbem-3314	23	13	momentum	momentum	NOUN
fbem-3314	23	14	factors	factor	NOUN
fbem-3314	23	15	,	,	PUNCT
fbem-3314	23	16	and	and	CCONJ
fbem-3314	23	17	it	it	PRON
fbem-3314	23	18	is	be	AUX
fbem-3314	23	19	difficult	difficult	ADJ
fbem-3314	23	20	to	to	PART
fbem-3314	23	21	directly	directly	ADV
fbem-3314	23	22	observe	observe	VERB
fbem-3314	23	23	significant	significant	ADJ
fbem-3314	23	24	momentum	momentum	NOUN
fbem-3314	23	25	effects	effect	NOUN
fbem-3314	23	26	in	in	ADP
fbem-3314	23	27	our	our	PRON
fbem-3314	23	28	market	market	NOUN
fbem-3314	23	29	as	as	ADP
fbem-3314	23	30	in	in	ADP
fbem-3314	23	31	europe	europe	PROPN
fbem-3314	23	32	,	,	PUNCT
fbem-3314	23	33	and	and	CCONJ
fbem-3314	23	34	the	the	DET
fbem-3314	23	35	u.s	u.s	PROPN
fbem-3314	23	36	.	.	PROPN
fbem-3314	23	37	market	market	NOUN
fbem-3314	23	38	,	,	PUNCT
fbem-3314	23	39	due	due	ADP
fbem-3314	23	40	to	to	ADP
fbem-3314	23	41	too	too	ADV
fbem-3314	23	42	many	many	ADJ
fbem-3314	23	43	retail	retail	ADJ
fbem-3314	23	44	investors	investor	NOUN
fbem-3314	23	45	,	,	PUNCT
fbem-3314	23	46	the	the	DET
fbem-3314	23	47	high	high	ADJ
fbem-3314	23	48	speculative	speculative	ADJ
fbem-3314	23	49	nature	nature	NOUN
fbem-3314	23	50	of	of	ADP
fbem-3314	23	51	retail	retail	ADJ
fbem-3314	23	52	investors	investor	NOUN
fbem-3314	23	53	,	,	PUNCT
fbem-3314	23	54	and	and	CCONJ
fbem-3314	23	55	the	the	DET
fbem-3314	23	56	low	low	ADJ
fbem-3314	23	57	quality	quality	NOUN
fbem-3314	23	58	of	of	ADP
fbem-3314	23	59	public	public	ADJ
fbem-3314	23	60	information	information	NOUN
fbem-3314	23	61	.	.	PUNCT
fbem-3314	24	1	zhen	zhen	PROPN
fbem-3314	24	2	lu	lu	PROPN
fbem-3314	24	3	.	.	PUNCT
fbem-3314	25	1	heng	heng	PROPN
fbem-3314	25	2	71	71	NUM
fbem-3314	25	3	zhou	zhou	PROPN
fbem-3314	25	4	argues	argue	VERB
fbem-3314	25	5	through	through	ADP
fbem-3314	25	6	his	his	PRON
fbem-3314	25	7	study	study	NOUN
fbem-3314	25	8	that	that	SCONJ
fbem-3314	25	9	this	this	PRON
fbem-3314	25	10	is	be	AUX
fbem-3314	25	11	due	due	ADJ
fbem-3314	25	12	to	to	ADP
fbem-3314	25	13	the	the	DET
fbem-3314	25	14	fact	fact	NOUN
fbem-3314	25	15	that	that	SCONJ
fbem-3314	25	16	there	there	PRON
fbem-3314	25	17	is	be	VERB
fbem-3314	25	18	too	too	ADV
fbem-3314	25	19	much	much	ADJ
fbem-3314	25	20	noise	noise	NOUN
fbem-3314	25	21	in	in	ADP
fbem-3314	25	22	the	the	DET
fbem-3314	25	23	chinese	chinese	ADJ
fbem-3314	25	24	market	market	NOUN
fbem-3314	25	25	and	and	CCONJ
fbem-3314	25	26	there	there	PRON
fbem-3314	25	27	is	be	VERB
fbem-3314	25	28	more	more	ADV
fbem-3314	25	29	severe	severe	ADJ
fbem-3314	25	30	overtrading	overtrading	NOUN
fbem-3314	25	31	,	,	PUNCT
fbem-3314	25	32	and	and	CCONJ
fbem-3314	25	33	therefore	therefore	ADV
fbem-3314	25	34	the	the	DET
fbem-3314	25	35	reversal	reversal	NOUN
fbem-3314	25	36	factor	factor	NOUN
fbem-3314	25	37	is	be	AUX
fbem-3314	25	38	more	more	ADV
fbem-3314	25	39	significant	significant	ADJ
fbem-3314	25	40	compared	compare	VERB
fbem-3314	25	41	to	to	ADP
fbem-3314	25	42	the	the	DET
fbem-3314	25	43	momentum	momentum	NOUN
fbem-3314	25	44	factor[3	factor[3	NOUN
fbem-3314	25	45	]	]	X
fbem-3314	25	46	.	.	PUNCT
fbem-3314	26	1	xi	xi	PROPN
fbem-3314	26	2	zhu	zhu	PROPN
fbem-3314	26	3	compares	compare	VERB
fbem-3314	26	4	different	different	ADJ
fbem-3314	26	5	formation	formation	NOUN
fbem-3314	26	6	and	and	CCONJ
fbem-3314	26	7	holding	hold	VERB
fbem-3314	26	8	periods	period	NOUN
fbem-3314	26	9	in	in	ADP
fbem-3314	26	10	shanghai	shanghai	PROPN
fbem-3314	26	11	and	and	CCONJ
fbem-3314	26	12	shenzhen	shenzhen	PROPN
fbem-3314	26	13	stock	stock	NOUN
fbem-3314	26	14	markets	market	NOUN
fbem-3314	26	15	and	and	CCONJ
fbem-3314	26	16	finds	find	VERB
fbem-3314	26	17	that	that	SCONJ
fbem-3314	26	18	both	both	DET
fbem-3314	26	19	markets	market	NOUN
fbem-3314	26	20	show	show	VERB
fbem-3314	26	21	a	a	DET
fbem-3314	26	22	short	short	ADJ
fbem-3314	26	23	-	-	PUNCT
fbem-3314	26	24	term	term	NOUN
fbem-3314	26	25	momentum	momentum	NOUN
fbem-3314	26	26	effect	effect	NOUN
fbem-3314	26	27	,	,	PUNCT
fbem-3314	26	28	a	a	DET
fbem-3314	26	29	medium	medium	ADJ
fbem-3314	26	30	-	-	PUNCT
fbem-3314	26	31	term	term	NOUN
fbem-3314	26	32	reversal	reversal	NOUN
fbem-3314	26	33	effect	effect	NOUN
fbem-3314	26	34	,	,	PUNCT
fbem-3314	26	35	and	and	CCONJ
fbem-3314	26	36	a	a	DET
fbem-3314	26	37	long	long	ADJ
fbem-3314	26	38	-	-	PUNCT
fbem-3314	26	39	term	term	NOUN
fbem-3314	26	40	momentum	momentum	NOUN
fbem-3314	26	41	effect	effect	NOUN
fbem-3314	26	42	,	,	PUNCT
fbem-3314	26	43	but	but	CCONJ
fbem-3314	26	44	few	few	ADJ
fbem-3314	26	45	scholars	scholar	NOUN
fbem-3314	26	46	have	have	AUX
fbem-3314	26	47	studied	study	VERB
fbem-3314	26	48	the	the	DET
fbem-3314	26	49	momentum	momentum	NOUN
fbem-3314	26	50	effect	effect	NOUN
fbem-3314	26	51	of	of	ADP
fbem-3314	26	52	the	the	DET
fbem-3314	26	53	star	star	NOUN
fbem-3314	26	54	in	in	ADP
fbem-3314	26	55	shanghai[10	shanghai[10	NOUN
fbem-3314	26	56	]	]	PUNCT
fbem-3314	26	57	.	.	PUNCT
fbem-3314	27	1	in	in	ADP
fbem-3314	27	2	a	a	DET
fbem-3314	27	3	study	study	NOUN
fbem-3314	27	4	on	on	ADP
fbem-3314	27	5	the	the	DET
fbem-3314	27	6	existence	existence	NOUN
fbem-3314	27	7	of	of	ADP
fbem-3314	27	8	the	the	DET
fbem-3314	27	9	momentum	momentum	NOUN
fbem-3314	27	10	effect	effect	NOUN
fbem-3314	27	11	of	of	ADP
fbem-3314	27	12	turnover	turnover	NOUN
fbem-3314	27	13	rate	rate	NOUN
fbem-3314	27	14	and	and	CCONJ
fbem-3314	27	15	chinese	chinese	ADJ
fbem-3314	27	16	stock	stock	NOUN
fbem-3314	27	17	market	market	NOUN
fbem-3314	27	18	,	,	PUNCT
fbem-3314	27	19	hanyu	hanyu	PROPN
fbem-3314	27	20	zhu	zhu	PROPN
fbem-3314	27	21	et	et	PROPN
fbem-3314	27	22	al	al	PROPN
fbem-3314	27	23	.	.	PROPN
fbem-3314	27	24	found	find	VERB
fbem-3314	27	25	that	that	SCONJ
fbem-3314	27	26	the	the	DET
fbem-3314	27	27	momentum	momentum	NOUN
fbem-3314	27	28	effect	effect	NOUN
fbem-3314	27	29	of	of	ADP
fbem-3314	27	30	stock	stock	NOUN
fbem-3314	27	31	portfolio	portfolio	NOUN
fbem-3314	27	32	with	with	ADP
fbem-3314	27	33	low	low	ADJ
fbem-3314	27	34	turnover	turnover	NOUN
fbem-3314	27	35	rate	rate	NOUN
fbem-3314	27	36	was	be	AUX
fbem-3314	27	37	significant	significant	ADJ
fbem-3314	27	38	by	by	ADP
fbem-3314	27	39	studying	study	VERB
fbem-3314	27	40	the	the	DET
fbem-3314	27	41	data	datum	NOUN
fbem-3314	27	42	of	of	ADP
fbem-3314	27	43	chinese	chinese	ADJ
fbem-3314	27	44	a	a	DET
fbem-3314	27	45	-	-	PUNCT
fbem-3314	27	46	share	share	NOUN
fbem-3314	27	47	market	market	NOUN
fbem-3314	27	48	from	from	ADP
fbem-3314	27	49	1994	1994	NUM
fbem-3314	27	50	to	to	ADP
fbem-3314	27	51	2001	2001	NUM
fbem-3314	27	52	,	,	PUNCT
fbem-3314	27	53	and	and	CCONJ
fbem-3314	27	54	this	this	DET
fbem-3314	27	55	finding	finding	NOUN
fbem-3314	27	56	is	be	AUX
fbem-3314	27	57	the	the	DET
fbem-3314	27	58	same	same	ADJ
fbem-3314	27	59	as	as	ADP
fbem-3314	27	60	that	that	PRON
fbem-3314	27	61	obtained	obtain	VERB
fbem-3314	27	62	by	by	ADP
fbem-3314	27	63	zhibing	zhibe	VERB
fbem-3314	27	64	li	li	PROPN
fbem-3314	27	65	's	's	PART
fbem-3314	27	66	study	study	NOUN
fbem-3314	27	67	on	on	ADP
fbem-3314	27	68	the	the	DET
fbem-3314	27	69	momentum	momentum	NOUN
fbem-3314	27	70	effect	effect	NOUN
fbem-3314	27	71	of	of	ADP
fbem-3314	27	72	shanghai	shanghai	PROPN
fbem-3314	27	73	market	market	NOUN
fbem-3314	27	74	.	.	PUNCT
fbem-3314	28	1	this	this	DET
fbem-3314	28	2	finding	finding	NOUN
fbem-3314	28	3	is	be	AUX
fbem-3314	28	4	the	the	DET
fbem-3314	28	5	same	same	ADJ
fbem-3314	28	6	as	as	ADP
fbem-3314	28	7	that	that	PRON
fbem-3314	28	8	obtained	obtain	VERB
fbem-3314	28	9	in	in	ADP
fbem-3314	28	10	the	the	DET
fbem-3314	28	11	study	study	NOUN
fbem-3314	28	12	of	of	ADP
fbem-3314	28	13	momentum	momentum	NOUN
fbem-3314	28	14	effect	effect	NOUN
fbem-3314	28	15	in	in	ADP
fbem-3314	28	16	shanghai	shanghai	PROPN
fbem-3314	28	17	market	market	NOUN
fbem-3314	28	18	by	by	ADP
fbem-3314	28	19	zhibing	zhibe	VERB
fbem-3314	28	20	li[11	li[11	PROPN
fbem-3314	28	21	,	,	PUNCT
fbem-3314	28	22	12	12	NUM
fbem-3314	28	23	]	]	PUNCT
fbem-3314	28	24	.	.	PUNCT
fbem-3314	29	1	however	however	ADV
fbem-3314	29	2	,	,	PUNCT
fbem-3314	29	3	this	this	DET
fbem-3314	29	4	paper	paper	NOUN
fbem-3314	29	5	finds	find	VERB
fbem-3314	29	6	that	that	SCONJ
fbem-3314	29	7	the	the	DET
fbem-3314	29	8	momentum	momentum	NOUN
fbem-3314	29	9	effect	effect	NOUN
fbem-3314	29	10	is	be	AUX
fbem-3314	29	11	significant	significant	ADJ
fbem-3314	29	12	in	in	ADP
fbem-3314	29	13	the	the	DET
fbem-3314	29	14	portfolio	portfolio	NOUN
fbem-3314	29	15	of	of	ADP
fbem-3314	29	16	medium	medium	ADJ
fbem-3314	29	17	turnover	turnover	NOUN
fbem-3314	29	18	rate	rate	NOUN
fbem-3314	29	19	in	in	ADP
fbem-3314	29	20	the	the	DET
fbem-3314	29	21	science	science	NOUN
fbem-3314	29	22	and	and	CCONJ
fbem-3314	29	23	technology	technology	NOUN
fbem-3314	29	24	board	board	NOUN
fbem-3314	29	25	.	.	PUNCT
fbem-3314	30	1	3	3	X
fbem-3314	30	2	.	.	X
fbem-3314	30	3	sample	sample	NOUN
fbem-3314	30	4	data	datum	NOUN
fbem-3314	30	5	and	and	CCONJ
fbem-3314	30	6	research	research	NOUN
fbem-3314	30	7	methodology	methodology	NOUN
fbem-3314	30	8	3.1	3.1	NUM
fbem-3314	30	9	.	.	PUNCT
fbem-3314	31	1	sample	sample	NOUN
fbem-3314	31	2	and	and	CCONJ
fbem-3314	31	3	data	data	VERB
fbem-3314	31	4	the	the	DET
fbem-3314	31	5	monthly	monthly	ADJ
fbem-3314	31	6	closing	closing	NOUN
fbem-3314	31	7	data	datum	NOUN
fbem-3314	31	8	of	of	ADP
fbem-3314	31	9	about	about	ADV
fbem-3314	31	10	400	400	NUM
fbem-3314	31	11	stocks	stock	NOUN
fbem-3314	31	12	on	on	ADP
fbem-3314	31	13	the	the	DET
fbem-3314	31	14	star	star	NOUN
fbem-3314	31	15	from	from	ADP
fbem-3314	31	16	january	january	PROPN
fbem-3314	31	17	2020	2020	NUM
fbem-3314	31	18	to	to	ADP
fbem-3314	31	19	march	march	PROPN
fbem-3314	31	20	2022	2022	NUM
fbem-3314	31	21	were	be	AUX
fbem-3314	31	22	selected	select	VERB
fbem-3314	31	23	,	,	PUNCT
fbem-3314	31	24	and	and	CCONJ
fbem-3314	31	25	the	the	DET
fbem-3314	31	26	data	datum	NOUN
fbem-3314	31	27	were	be	AUX
fbem-3314	31	28	obtained	obtain	VERB
fbem-3314	31	29	through	through	ADP
fbem-3314	31	30	python	python	NOUN
fbem-3314	31	31	's	's	PART
fbem-3314	31	32	akshare	akshare	ADJ
fbem-3314	31	33	library	library	NOUN
fbem-3314	31	34	.	.	PUNCT
fbem-3314	32	1	and	and	CCONJ
fbem-3314	32	2	all	all	DET
fbem-3314	32	3	stocks	stock	NOUN
fbem-3314	32	4	with	with	ADP
fbem-3314	32	5	ipo	ipo	PROPN
fbem-3314	32	6	time	time	NOUN
fbem-3314	32	7	less	less	ADJ
fbem-3314	32	8	than	than	ADP
fbem-3314	32	9	100	100	NUM
fbem-3314	32	10	days	day	NOUN
fbem-3314	32	11	were	be	AUX
fbem-3314	32	12	excluded	exclude	VERB
fbem-3314	32	13	.	.	PUNCT
fbem-3314	33	1	since	since	SCONJ
fbem-3314	33	2	most	most	ADJ
fbem-3314	33	3	of	of	ADP
fbem-3314	33	4	the	the	DET
fbem-3314	33	5	stocks	stock	NOUN
fbem-3314	33	6	in	in	ADP
fbem-3314	33	7	star	star	NOUN
fbem-3314	33	8	are	be	AUX
fbem-3314	33	9	better	well	ADV
fbem-3314	33	10	-	-	PUNCT
fbem-3314	33	11	performing	perform	VERB
fbem-3314	33	12	stocks	stock	NOUN
fbem-3314	33	13	,	,	PUNCT
fbem-3314	33	14	there	there	PRON
fbem-3314	33	15	is	be	VERB
fbem-3314	33	16	no	no	DET
fbem-3314	33	17	need	need	NOUN
fbem-3314	33	18	to	to	PART
fbem-3314	33	19	exclude	exclude	VERB
fbem-3314	33	20	stocks	stock	NOUN
fbem-3314	33	21	that	that	PRON
fbem-3314	33	22	are	be	AUX
fbem-3314	33	23	special	special	ADJ
fbem-3314	33	24	treatment	treatment	NOUN
fbem-3314	33	25	here	here	ADV
fbem-3314	33	26	as	as	ADP
fbem-3314	33	27	in	in	ADP
fbem-3314	33	28	many	many	ADJ
fbem-3314	33	29	studies	study	NOUN
fbem-3314	33	30	.	.	PUNCT
fbem-3314	34	1	3.2	3.2	NUM
fbem-3314	34	2	.	.	PUNCT
fbem-3314	35	1	research	research	NOUN
fbem-3314	35	2	methodology	methodology	NOUN
fbem-3314	35	3	the	the	DET
fbem-3314	35	4	research	research	NOUN
fbem-3314	35	5	methodology	methodology	NOUN
fbem-3314	35	6	of	of	ADP
fbem-3314	35	7	this	this	DET
fbem-3314	35	8	paper	paper	NOUN
fbem-3314	35	9	is	be	AUX
fbem-3314	35	10	based	base	VERB
fbem-3314	35	11	on	on	ADP
fbem-3314	35	12	the	the	DET
fbem-3314	35	13	classical	classical	ADJ
fbem-3314	35	14	method	method	NOUN
fbem-3314	35	15	of	of	ADP
fbem-3314	35	16	momentum	momentum	NOUN
fbem-3314	35	17	strategy	strategy	NOUN
fbem-3314	35	18	construction	construction	NOUN
fbem-3314	35	19	and	and	CCONJ
fbem-3314	35	20	the	the	DET
fbem-3314	35	21	introduction	introduction	NOUN
fbem-3314	35	22	of	of	ADP
fbem-3314	35	23	turnover	turnover	NOUN
fbem-3314	35	24	rate	rate	NOUN
fbem-3314	35	25	to	to	PART
fbem-3314	35	26	group	group	VERB
fbem-3314	35	27	the	the	DET
fbem-3314	35	28	momentum	momentum	NOUN
fbem-3314	35	29	strategies	strategy	NOUN
fbem-3314	35	30	.	.	PUNCT
fbem-3314	36	1	in	in	ADP
fbem-3314	36	2	examining	examine	VERB
fbem-3314	36	3	the	the	DET
fbem-3314	36	4	monthly	monthly	ADJ
fbem-3314	36	5	data	datum	NOUN
fbem-3314	36	6	,	,	PUNCT
fbem-3314	36	7	we	we	PRON
fbem-3314	36	8	selected	select	VERB
fbem-3314	36	9	formation	formation	NOUN
fbem-3314	36	10	periods	period	VERB
fbem-3314	36	11	j	j	PROPN
fbem-3314	36	12	as	as	ADP
fbem-3314	36	13	1	1	NUM
fbem-3314	36	14	,	,	PUNCT
fbem-3314	36	15	3	3	NUM
fbem-3314	36	16	,	,	PUNCT
fbem-3314	36	17	6	6	NUM
fbem-3314	36	18	and	and	CCONJ
fbem-3314	36	19	holding	hold	VERB
fbem-3314	36	20	periods	period	NOUN
fbem-3314	36	21	k	k	NOUN
fbem-3314	36	22	as	as	ADP
fbem-3314	36	23	1	1	NUM
fbem-3314	36	24	,	,	PUNCT
fbem-3314	36	25	3	3	NUM
fbem-3314	36	26	,	,	PUNCT
fbem-3314	36	27	6	6	NUM
fbem-3314	36	28	.	.	PUNCT
fbem-3314	37	1	here	here	ADV
fbem-3314	37	2	,	,	PUNCT
fbem-3314	37	3	1	1	NUM
fbem-3314	37	4	month	month	NOUN
fbem-3314	37	5	is	be	AUX
fbem-3314	37	6	considered	consider	VERB
fbem-3314	37	7	as	as	ADP
fbem-3314	37	8	short	short	ADJ
fbem-3314	37	9	-	-	PUNCT
fbem-3314	37	10	term	term	NOUN
fbem-3314	37	11	,	,	PUNCT
fbem-3314	37	12	3	3	NUM
fbem-3314	37	13	months	month	NOUN
fbem-3314	37	14	as	as	ADP
fbem-3314	37	15	medium	medium	ADJ
fbem-3314	37	16	-	-	PUNCT
fbem-3314	37	17	term	term	NOUN
fbem-3314	37	18	,	,	PUNCT
fbem-3314	37	19	and	and	CCONJ
fbem-3314	37	20	6	6	NUM
fbem-3314	37	21	months	month	NOUN
fbem-3314	37	22	as	as	ADP
fbem-3314	37	23	long	long	ADJ
fbem-3314	37	24	-	-	PUNCT
fbem-3314	37	25	term	term	NOUN
fbem-3314	37	26	,	,	PUNCT
fbem-3314	37	27	and	and	CCONJ
fbem-3314	37	28	grouped	group	VERB
fbem-3314	37	29	the	the	DET
fbem-3314	37	30	momentum	momentum	NOUN
fbem-3314	37	31	portfolios	portfolio	NOUN
fbem-3314	37	32	according	accord	VERB
fbem-3314	37	33	to	to	ADP
fbem-3314	37	34	high	high	ADJ
fbem-3314	37	35	,	,	PUNCT
fbem-3314	37	36	medium	medium	ADJ
fbem-3314	37	37	,	,	PUNCT
fbem-3314	37	38	and	and	CCONJ
fbem-3314	37	39	low	low	ADJ
fbem-3314	37	40	turnover	turnover	NOUN
fbem-3314	37	41	rates	rate	NOUN
fbem-3314	37	42	,	,	PUNCT
fbem-3314	37	43	thus	thus	ADV
fbem-3314	37	44	constituting	constitute	VERB
fbem-3314	37	45	a	a	DET
fbem-3314	37	46	total	total	NOUN
fbem-3314	37	47	of	of	ADP
fbem-3314	37	48	27	27	NUM
fbem-3314	37	49	momentum	momentum	NOUN
fbem-3314	37	50	portfolios	portfolio	NOUN
fbem-3314	37	51	.	.	PUNCT
fbem-3314	38	1	the	the	DET
fbem-3314	38	2	steps	step	NOUN
fbem-3314	38	3	for	for	ADP
fbem-3314	38	4	constructing	construct	VERB
fbem-3314	38	5	the	the	DET
fbem-3314	38	6	momentum	momentum	NOUN
fbem-3314	38	7	portfolios	portfolio	NOUN
fbem-3314	38	8	in	in	ADP
fbem-3314	38	9	this	this	DET
fbem-3314	38	10	paper	paper	NOUN
fbem-3314	38	11	are	be	AUX
fbem-3314	38	12	as	as	SCONJ
fbem-3314	38	13	follows	follow	VERB
fbem-3314	38	14	.	.	PUNCT
fbem-3314	39	1	first	first	ADV
fbem-3314	39	2	,	,	PUNCT
fbem-3314	39	3	the	the	DET
fbem-3314	39	4	turnover	turnover	NOUN
fbem-3314	39	5	rates	rate	NOUN
fbem-3314	39	6	of	of	ADP
fbem-3314	39	7	all	all	DET
fbem-3314	39	8	stocks	stock	NOUN
fbem-3314	39	9	within	within	ADP
fbem-3314	39	10	n	n	PRON
fbem-3314	39	11	months	month	NOUN
fbem-3314	39	12	are	be	AUX
fbem-3314	39	13	arranged	arrange	VERB
fbem-3314	39	14	in	in	ADP
fbem-3314	39	15	descending	descend	VERB
fbem-3314	39	16	order	order	NOUN
fbem-3314	39	17	,	,	PUNCT
fbem-3314	39	18	and	and	CCONJ
fbem-3314	39	19	the	the	DET
fbem-3314	39	20	top	top	ADJ
fbem-3314	39	21	30	30	NUM
fbem-3314	39	22	%	%	NOUN
fbem-3314	39	23	are	be	AUX
fbem-3314	39	24	selected	select	VERB
fbem-3314	39	25	as	as	ADP
fbem-3314	39	26	the	the	DET
fbem-3314	39	27	high	high	ADJ
fbem-3314	39	28	turnover	turnover	NOUN
fbem-3314	39	29	portfolio	portfolio	NOUN
fbem-3314	39	30	,	,	PUNCT
fbem-3314	39	31	the	the	DET
fbem-3314	39	32	middle	middle	ADJ
fbem-3314	39	33	40	40	NUM
fbem-3314	39	34	%	%	NOUN
fbem-3314	39	35	as	as	ADP
fbem-3314	39	36	the	the	DET
fbem-3314	39	37	medium	medium	ADJ
fbem-3314	39	38	turnover	turnover	NOUN
fbem-3314	39	39	portfolio	portfolio	NOUN
fbem-3314	39	40	,	,	PUNCT
fbem-3314	39	41	and	and	CCONJ
fbem-3314	39	42	the	the	DET
fbem-3314	39	43	bottom	bottom	ADJ
fbem-3314	39	44	30	30	NUM
fbem-3314	39	45	%	%	NOUN
fbem-3314	39	46	as	as	ADP
fbem-3314	39	47	the	the	DET
fbem-3314	39	48	low	low	ADJ
fbem-3314	39	49	turnover	turnover	NOUN
fbem-3314	39	50	portfolio	portfolio	NOUN
fbem-3314	39	51	.	.	PUNCT
fbem-3314	40	1	using	use	VERB
fbem-3314	40	2	the	the	DET
fbem-3314	40	3	closing	closing	NOUN
fbem-3314	40	4	price	price	NOUN
fbem-3314	40	5	of	of	ADP
fbem-3314	40	6	the	the	DET
fbem-3314	40	7	stock	stock	NOUN
fbem-3314	40	8	at	at	ADP
fbem-3314	40	9	the	the	DET
fbem-3314	40	10	end	end	NOUN
fbem-3314	40	11	of	of	ADP
fbem-3314	40	12	period	period	NOUN
fbem-3314	40	13	n	n	CCONJ
fbem-3314	40	14	and	and	CCONJ
fbem-3314	40	15	the	the	DET
fbem-3314	40	16	closing	closing	NOUN
fbem-3314	40	17	price	price	NOUN
fbem-3314	40	18	p	p	NOUN
fbem-3314	40	19	at	at	ADP
fbem-3314	40	20	the	the	DET
fbem-3314	40	21	beginning	beginning	NOUN
fbem-3314	40	22	of	of	ADP
fbem-3314	40	23	period	period	NOUN
fbem-3314	40	24	n	n	PRON
fbem-3314	40	25	can	can	AUX
fbem-3314	40	26	calculate	calculate	VERB
fbem-3314	40	27	the	the	DET
fbem-3314	40	28	stock	stock	NOUN
fbem-3314	40	29	's	's	PART
fbem-3314	40	30	return	return	NOUN
fbem-3314	40	31	in	in	ADP
fbem-3314	40	32	period	period	NOUN
fbem-3314	40	33	n	n	CCONJ
fbem-3314	40	34	,	,	PUNCT
fbem-3314	40	35	and	and	CCONJ
fbem-3314	40	36	the	the	DET
fbem-3314	40	37	formula	formula	NOUN
fbem-3314	40	38	is	be	AUX
fbem-3314	40	39	/	/	SYM
fbem-3314	40	40	1	1	NUM
fbem-3314	40	41	the	the	DET
fbem-3314	40	42	excess	excess	ADJ
fbem-3314	40	43	return	return	NOUN
fbem-3314	40	44	of	of	ADP
fbem-3314	40	45	the	the	DET
fbem-3314	40	46	stock	stock	NOUN
fbem-3314	40	47	in	in	ADP
fbem-3314	40	48	period	period	NOUN
fbem-3314	40	49	n	n	NUM
fbem-3314	40	50	can	can	AUX
fbem-3314	40	51	be	be	AUX
fbem-3314	40	52	calculated	calculate	VERB
fbem-3314	40	53	by	by	ADP
fbem-3314	40	54	using	use	VERB
fbem-3314	40	55	with	with	ADP
fbem-3314	40	56	the	the	DET
fbem-3314	40	57	market	market	NOUN
fbem-3314	40	58	return	return	NOUN
fbem-3314	40	59	,	,	PUNCT
fbem-3314	40	60	and	and	CCONJ
fbem-3314	40	61	the	the	DET
fbem-3314	40	62	formula	formula	NOUN
fbem-3314	40	63	is	be	AUX
fbem-3314	40	64	in	in	ADP
fbem-3314	40	65	the	the	DET
fbem-3314	40	66	low	low	ADJ
fbem-3314	40	67	turnover	turnover	NOUN
fbem-3314	40	68	rate	rate	NOUN
fbem-3314	40	69	,	,	PUNCT
fbem-3314	40	70	the	the	DET
fbem-3314	40	71	excess	excess	ADJ
fbem-3314	40	72	returns	return	NOUN
fbem-3314	40	73	of	of	ADP
fbem-3314	40	74	all	all	DET
fbem-3314	40	75	stocks	stock	NOUN
fbem-3314	40	76	are	be	AUX
fbem-3314	40	77	ranked	rank	VERB
fbem-3314	40	78	in	in	ADP
fbem-3314	40	79	descending	descend	VERB
fbem-3314	40	80	order	order	NOUN
fbem-3314	40	81	and	and	CCONJ
fbem-3314	40	82	the	the	DET
fbem-3314	40	83	top	top	ADJ
fbem-3314	40	84	30	30	NUM
fbem-3314	40	85	%	%	NOUN
fbem-3314	40	86	of	of	ADP
fbem-3314	40	87	stocks	stock	NOUN
fbem-3314	40	88	are	be	AUX
fbem-3314	40	89	selected	select	VERB
fbem-3314	40	90	as	as	ADP
fbem-3314	40	91	the	the	DET
fbem-3314	40	92	winning	win	VERB
fbem-3314	40	93	portfolio	portfolio	NOUN
fbem-3314	40	94	and	and	CCONJ
fbem-3314	40	95	the	the	DET
fbem-3314	40	96	bottom	bottom	ADJ
fbem-3314	40	97	30	30	NUM
fbem-3314	40	98	%	%	NOUN
fbem-3314	40	99	as	as	ADP
fbem-3314	40	100	the	the	DET
fbem-3314	40	101	losing	lose	VERB
fbem-3314	40	102	portfolio	portfolio	NOUN
fbem-3314	40	103	.	.	PUNCT
fbem-3314	41	1	similarly	similarly	ADV
fbem-3314	41	2	for	for	SCONJ
fbem-3314	41	3	both	both	CCONJ
fbem-3314	41	4	medium	medium	ADJ
fbem-3314	41	5	turnover	turnover	NOUN
fbem-3314	41	6	rate	rate	NOUN
fbem-3314	41	7	and	and	CCONJ
fbem-3314	41	8	high	high	ADJ
fbem-3314	41	9	turnover	turnover	NOUN
fbem-3314	41	10	rate	rate	NOUN
fbem-3314	41	11	follow	follow	VERB
fbem-3314	41	12	the	the	DET
fbem-3314	41	13	same	same	ADJ
fbem-3314	41	14	method	method	NOUN
fbem-3314	41	15	to	to	PART
fbem-3314	41	16	construct	construct	VERB
fbem-3314	41	17	a	a	DET
fbem-3314	41	18	winner	winner	NOUN
fbem-3314	41	19	portfolio	portfolio	NOUN
fbem-3314	41	20	and	and	CCONJ
fbem-3314	41	21	a	a	DET
fbem-3314	41	22	loser	loser	ADJ
fbem-3314	41	23	portfolio	portfolio	NOUN
fbem-3314	41	24	,	,	PUNCT
fbem-3314	41	25	from	from	ADP
fbem-3314	41	26	which	which	PRON
fbem-3314	41	27	6	6	NUM
fbem-3314	41	28	portfolios	portfolio	NOUN
fbem-3314	41	29	can	can	AUX
fbem-3314	41	30	be	be	AUX
fbem-3314	41	31	obtained	obtain	VERB
fbem-3314	41	32	:	:	PUNCT
fbem-3314	41	33	low	low	ADJ
fbem-3314	41	34	turnover	turnover	NOUN
fbem-3314	41	35	rate	rate	NOUN
fbem-3314	41	36	winner	winner	NOUN
fbem-3314	41	37	portfolio	portfolio	NOUN
fbem-3314	41	38	,	,	PUNCT
fbem-3314	41	39	low	low	ADJ
fbem-3314	41	40	turnover	turnover	NOUN
fbem-3314	41	41	rate	rate	NOUN
fbem-3314	41	42	loser	loser	NOUN
fbem-3314	41	43	portfolio	portfolio	NOUN
fbem-3314	41	44	,	,	PUNCT
fbem-3314	41	45	medium	medium	ADJ
fbem-3314	41	46	turnover	turnover	NOUN
fbem-3314	41	47	rate	rate	NOUN
fbem-3314	41	48	winner	winner	NOUN
fbem-3314	41	49	portfolio	portfolio	NOUN
fbem-3314	41	50	,	,	PUNCT
fbem-3314	41	51	medium	medium	ADJ
fbem-3314	41	52	turnover	turnover	NOUN
fbem-3314	41	53	rate	rate	NOUN
fbem-3314	41	54	loser	loser	NOUN
fbem-3314	41	55	portfolio	portfolio	NOUN
fbem-3314	41	56	,	,	PUNCT
fbem-3314	41	57	high	high	ADJ
fbem-3314	41	58	turnover	turnover	NOUN
fbem-3314	41	59	rate	rate	NOUN
fbem-3314	41	60	winner	winner	NOUN
fbem-3314	41	61	portfolio	portfolio	NOUN
fbem-3314	41	62	,	,	PUNCT
fbem-3314	41	63	and	and	CCONJ
fbem-3314	41	64	high	high	ADJ
fbem-3314	41	65	turnover	turnover	NOUN
fbem-3314	41	66	rate	rate	NOUN
fbem-3314	41	67	loser	loser	NOUN
fbem-3314	41	68	portfolio	portfolio	NOUN
fbem-3314	41	69	.	.	PUNCT
fbem-3314	42	1	six	six	NUM
fbem-3314	42	2	portfolios	portfolio	NOUN
fbem-3314	42	3	were	be	AUX
fbem-3314	42	4	obtained	obtain	VERB
fbem-3314	42	5	,	,	PUNCT
fbem-3314	42	6	and	and	CCONJ
fbem-3314	42	7	these	these	DET
fbem-3314	42	8	six	six	NUM
fbem-3314	42	9	portfolios	portfolio	NOUN
fbem-3314	42	10	were	be	AUX
fbem-3314	42	11	back	back	ADV
fbem-3314	42	12	-	-	PUNCT
fbem-3314	42	13	tested	test	VERB
fbem-3314	42	14	according	accord	VERB
fbem-3314	42	15	to	to	ADP
fbem-3314	42	16	four	four	NUM
fbem-3314	42	17	holding	hold	VERB
fbem-3314	42	18	periods	period	NOUN
fbem-3314	42	19	to	to	PART
fbem-3314	42	20	calculate	calculate	VERB
fbem-3314	42	21	the	the	DET
fbem-3314	42	22	excess	excess	ADJ
fbem-3314	42	23	return	return	NOUN
fbem-3314	42	24	for	for	ADP
fbem-3314	42	25	each	each	DET
fbem-3314	42	26	stock	stock	NOUN
fbem-3314	42	27	i	i	PRON
fbem-3314	42	28	in	in	ADP
fbem-3314	42	29	the	the	DET
fbem-3314	42	30	portfolio	portfolio	NOUN
fbem-3314	42	31	over	over	ADP
fbem-3314	42	32	the	the	DET
fbem-3314	42	33	four	four	NUM
fbem-3314	42	34	holding	hold	VERB
fbem-3314	42	35	periods	period	NOUN
fbem-3314	42	36	,	,	PUNCT
fbem-3314	42	37	followed	follow	VERB
fbem-3314	42	38	by	by	ADP
fbem-3314	42	39	calculating	calculate	VERB
fbem-3314	42	40	the	the	DET
fbem-3314	42	41	average	average	ADJ
fbem-3314	42	42	excess	excess	ADJ
fbem-3314	42	43	return	return	NOUN
fbem-3314	42	44	aar	aar	NOUN
fbem-3314	42	45	in	in	ADP
fbem-3314	42	46	a	a	DET
fbem-3314	42	47	portfolio	portfolio	NOUN
fbem-3314	42	48	,	,	PUNCT
fbem-3314	42	49	assuming	assume	VERB
fbem-3314	42	50	x	x	PUNCT
fbem-3314	42	51	stocks	stock	NOUN
fbem-3314	42	52	in	in	ADP
fbem-3314	42	53	each	each	DET
fbem-3314	42	54	portfolio	portfolio	NOUN
fbem-3314	42	55	,	,	PUNCT
fbem-3314	42	56	with	with	SCONJ
fbem-3314	42	57	the	the	DET
fbem-3314	42	58	formula	formula	NOUN
fbem-3314	42	59	aar	aar	PROPN
fbem-3314	42	60	ar	ar	PROPN
fbem-3314	42	61	/x	/x	PROPN
fbem-3314	42	62	aarw	aarw	PROPN
fbem-3314	42	63	and	and	CCONJ
fbem-3314	42	64	aarl	aarl	PROPN
fbem-3314	42	65	are	be	AUX
fbem-3314	42	66	used	use	VERB
fbem-3314	42	67	to	to	PART
fbem-3314	42	68	denote	denote	VERB
fbem-3314	42	69	the	the	DET
fbem-3314	42	70	average	average	ADJ
fbem-3314	42	71	excess	excess	ADJ
fbem-3314	42	72	return	return	NOUN
fbem-3314	42	73	of	of	ADP
fbem-3314	42	74	the	the	DET
fbem-3314	42	75	winning	win	VERB
fbem-3314	42	76	portfolio	portfolio	NOUN
fbem-3314	42	77	and	and	CCONJ
fbem-3314	42	78	the	the	DET
fbem-3314	42	79	average	average	ADJ
fbem-3314	42	80	excess	excess	ADJ
fbem-3314	42	81	return	return	NOUN
fbem-3314	42	82	of	of	ADP
fbem-3314	42	83	the	the	DET
fbem-3314	42	84	losing	lose	VERB
fbem-3314	42	85	portfolio	portfolio	NOUN
fbem-3314	42	86	,	,	PUNCT
fbem-3314	42	87	respectively	respectively	ADV
fbem-3314	42	88	.	.	PUNCT
fbem-3314	43	1	when	when	SCONJ
fbem-3314	43	2	aarw	aarw	NOUN
fbem-3314	43	3	-	-	PUNCT
fbem-3314	43	4	aarl>0	aarl>0	NOUN
fbem-3314	43	5	,	,	PUNCT
fbem-3314	43	6	the	the	DET
fbem-3314	43	7	portfolio	portfolio	NOUN
fbem-3314	43	8	exhibits	exhibit	VERB
fbem-3314	43	9	the	the	DET
fbem-3314	43	10	momentum	momentum	NOUN
fbem-3314	43	11	effect	effect	NOUN
fbem-3314	43	12	,	,	PUNCT
fbem-3314	43	13	and	and	CCONJ
fbem-3314	43	14	when	when	SCONJ
fbem-3314	43	15	aarw	aarw	NOUN
fbem-3314	43	16	-	-	PUNCT
fbem-3314	43	17	aarl<0	aarl<0	NOUN
fbem-3314	43	18	,	,	PUNCT
fbem-3314	43	19	the	the	DET
fbem-3314	43	20	portfolio	portfolio	NOUN
fbem-3314	43	21	exhibits	exhibit	VERB
fbem-3314	43	22	the	the	DET
fbem-3314	43	23	reversal	reversal	NOUN
fbem-3314	43	24	effect	effect	NOUN
fbem-3314	43	25	,	,	PUNCT
fbem-3314	43	26	thus	thus	ADV
fbem-3314	43	27	we	we	PRON
fbem-3314	43	28	can	can	AUX
fbem-3314	43	29	obtain	obtain	VERB
fbem-3314	43	30	the	the	DET
fbem-3314	43	31	momentum	momentum	NOUN
fbem-3314	43	32	effect	effect	NOUN
fbem-3314	43	33	(	(	PUNCT
fbem-3314	43	34	reversal	reversal	NOUN
fbem-3314	43	35	effect	effect	NOUN
fbem-3314	43	36	)	)	PUNCT
fbem-3314	43	37	of	of	ADP
fbem-3314	43	38	the	the	DET
fbem-3314	43	39	portfolio	portfolio	NOUN
fbem-3314	43	40	in	in	ADP
fbem-3314	43	41	the	the	DET
fbem-3314	43	42	period	period	NOUN
fbem-3314	43	43	j	j	PROPN
fbem-3314	43	44	x	x	PROPN
fbem-3314	43	45	k.	k.	PROPN
fbem-3314	43	46	finally	finally	ADV
fbem-3314	43	47	the	the	DET
fbem-3314	43	48	significance	significance	NOUN
fbem-3314	43	49	of	of	ADP
fbem-3314	43	50	the	the	DET
fbem-3314	43	51	momentum	momentum	NOUN
fbem-3314	43	52	effect	effect	NOUN
fbem-3314	43	53	(	(	PUNCT
fbem-3314	43	54	reversal	reversal	NOUN
fbem-3314	43	55	effect	effect	NOUN
fbem-3314	43	56	)	)	PUNCT
fbem-3314	43	57	of	of	ADP
fbem-3314	43	58	this	this	DET
fbem-3314	43	59	portfolio	portfolio	NOUN
fbem-3314	43	60	is	be	AUX
fbem-3314	43	61	measured	measure	VERB
fbem-3314	43	62	by	by	ADP
fbem-3314	43	63	the	the	DET
fbem-3314	43	64	t	t	PROPN
fbem-3314	43	65	-	-	PUNCT
fbem-3314	43	66	statistic	statistic	NOUN
fbem-3314	43	67	value	value	NOUN
fbem-3314	43	68	.	.	PUNCT
fbem-3314	44	1	since	since	SCONJ
fbem-3314	44	2	the	the	DET
fbem-3314	44	3	establishment	establishment	NOUN
fbem-3314	44	4	of	of	ADP
fbem-3314	44	5	star	star	NOUN
fbem-3314	44	6	is	be	AUX
fbem-3314	44	7	less	less	ADJ
fbem-3314	44	8	than	than	ADP
fbem-3314	44	9	three	three	NUM
fbem-3314	44	10	years	year	NOUN
fbem-3314	44	11	,	,	PUNCT
fbem-3314	44	12	the	the	DET
fbem-3314	44	13	sample	sample	NOUN
fbem-3314	44	14	size	size	NOUN
fbem-3314	44	15	is	be	AUX
fbem-3314	44	16	insufficient	insufficient	ADJ
fbem-3314	44	17	if	if	SCONJ
fbem-3314	44	18	the	the	DET
fbem-3314	44	19	non	non	ADJ
fbem-3314	44	20	-	-	ADJ
fbem-3314	44	21	overlapping	overlapping	ADJ
fbem-3314	44	22	period	period	NOUN
fbem-3314	44	23	sampling	sample	VERB
fbem-3314	44	24	method	method	NOUN
fbem-3314	44	25	is	be	AUX
fbem-3314	44	26	adopted	adopt	VERB
fbem-3314	44	27	to	to	PART
fbem-3314	44	28	test	test	VERB
fbem-3314	44	29	the	the	DET
fbem-3314	44	30	momentum	momentum	NOUN
fbem-3314	44	31	effect	effect	NOUN
fbem-3314	44	32	,	,	PUNCT
fbem-3314	44	33	so	so	SCONJ
fbem-3314	44	34	this	this	DET
fbem-3314	44	35	paper	paper	NOUN
fbem-3314	44	36	adopt	adopt	VERB
fbem-3314	44	37	the	the	DET
fbem-3314	44	38	overlapping	overlap	VERB
fbem-3314	44	39	period	period	NOUN
fbem-3314	44	40	sampling	sample	VERB
fbem-3314	44	41	method	method	NOUN
fbem-3314	44	42	when	when	SCONJ
fbem-3314	44	43	conducting	conduct	VERB
fbem-3314	44	44	backtesting	backtesting	NOUN
fbem-3314	44	45	.	.	PUNCT
fbem-3314	45	1	4	4	X
fbem-3314	45	2	.	.	X
fbem-3314	45	3	empirical	empirical	ADJ
fbem-3314	45	4	analysis	analysis	NOUN
fbem-3314	45	5	4.1	4.1	NUM
fbem-3314	45	6	.	.	PUNCT
fbem-3314	46	1	empirical	empirical	ADJ
fbem-3314	46	2	results	result	NOUN
fbem-3314	46	3	for	for	ADP
fbem-3314	46	4	the	the	DET
fbem-3314	46	5	entire	entire	ADJ
fbem-3314	46	6	sample	sample	NOUN
fbem-3314	46	7	interval	interval	NOUN
fbem-3314	46	8	table	table	NOUN
fbem-3314	46	9	1	1	NUM
fbem-3314	46	10	.	.	PUNCT
fbem-3314	46	11	low	low	ADJ
fbem-3314	46	12	turnover	turnover	NOUN
fbem-3314	46	13	portfolio	portfolio	NOUN
fbem-3314	46	14	formation	formation	NOUN
fbem-3314	46	15	period	period	NOUN
fbem-3314	46	16	(	(	PUNCT
fbem-3314	46	17	j)/holding	j)/holding	ADJ
fbem-3314	46	18	period	period	NOUN
fbem-3314	46	19	(	(	PUNCT
fbem-3314	46	20	k	k	NOUN
fbem-3314	46	21	)	)	PUNCT
fbem-3314	46	22	1	1	NUM
fbem-3314	46	23	3	3	NUM
fbem-3314	46	24	6	6	NUM
fbem-3314	46	25	t	t	NOUN
fbem-3314	46	26	-	-	PUNCT
fbem-3314	46	27	statistic	statistic	NOUN
fbem-3314	46	28	value	value	NOUN
fbem-3314	46	29	1	1	NUM
fbem-3314	46	30	0.10478	0.10478	NUM
fbem-3314	46	31	1.38	1.38	NUM
fbem-3314	46	32	-0.45	-0.45	NUM
fbem-3314	46	33	3	3	NUM
fbem-3314	46	34	0.427	0.427	NUM
fbem-3314	46	35	0.62	0.62	NUM
fbem-3314	46	36	-0.94	-0.94	NUM
fbem-3314	46	37	6	6	NUM
fbem-3314	46	38	-0.2524	-0.2524	NOUN
fbem-3314	46	39	-0.61	-0.61	NUM
fbem-3314	46	40	-1.39	-1.39	NOUN
fbem-3314	46	41	p	p	NOUN
fbem-3314	46	42	-	-	PUNCT
fbem-3314	46	43	value	value	NOUN
fbem-3314	46	44	1	1	NUM
fbem-3314	46	45	0.9176	0.9176	NUM
fbem-3314	46	46	0.19	0.19	NUM
fbem-3314	46	47	0.66	0.66	NUM
fbem-3314	46	48	3	3	NUM
fbem-3314	46	49	0.6738	0.6738	NUM
fbem-3314	46	50	0.55	0.55	NUM
fbem-3314	46	51	0.36	0.36	NUM
fbem-3314	46	52	6	6	NUM
fbem-3314	46	53	0.803	0.803	NUM
fbem-3314	46	54	0.55	0.55	NUM
fbem-3314	46	55	0.19	0.19	NUM
fbem-3314	46	56	72	72	NUM
fbem-3314	46	57	table	table	NOUN
fbem-3314	46	58	2	2	NUM
fbem-3314	46	59	.	.	PUNCT
fbem-3314	46	60	medium	medium	ADJ
fbem-3314	46	61	turnover	turnover	NOUN
fbem-3314	46	62	portfolio	portfolio	NOUN
fbem-3314	46	63	formation	formation	NOUN
fbem-3314	46	64	period	period	NOUN
fbem-3314	46	65	(	(	PUNCT
fbem-3314	46	66	j)/holding	j)/holding	ADJ
fbem-3314	46	67	period	period	NOUN
fbem-3314	46	68	(	(	PUNCT
fbem-3314	46	69	k	k	NOUN
fbem-3314	46	70	)	)	PUNCT
fbem-3314	46	71	1	1	NUM
fbem-3314	46	72	3	3	NUM
fbem-3314	46	73	6	6	NUM
fbem-3314	46	74	t	t	NOUN
fbem-3314	46	75	-	-	PUNCT
fbem-3314	46	76	statistic	statistic	NOUN
fbem-3314	46	77	value	value	NOUN
fbem-3314	46	78	1	1	NUM
fbem-3314	46	79	0.6828	0.6828	NUM
fbem-3314	46	80	1.65	1.65	NUM
fbem-3314	46	81	1.07	1.07	NUM
fbem-3314	46	82	3	3	NUM
fbem-3314	46	83	1.963	1.963	NUM
fbem-3314	46	84	2.22	2.22	NUM
fbem-3314	46	85	1.73	1.73	NUM
fbem-3314	46	86	6	6	NUM
fbem-3314	46	87	1.709	1.709	NUM
fbem-3314	46	88	3.52	3.52	NUM
fbem-3314	46	89	1.60	1.60	NUM
fbem-3314	46	90	p	p	NOUN
fbem-3314	46	91	-	-	PUNCT
fbem-3314	46	92	value	value	NOUN
fbem-3314	46	93	1	1	NUM
fbem-3314	46	94	0.502	0.502	NUM
fbem-3314	46	95	0.12	0.12	NUM
fbem-3314	46	96	0.30	0.30	NUM
fbem-3314	46	97	3	3	NUM
fbem-3314	46	98	0.064	0.064	NUM
fbem-3314	46	99	0.04	0.04	NUM
fbem-3314	46	100	0.11	0.11	NUM
fbem-3314	46	101	6	6	NUM
fbem-3314	46	102	0.10	0.10	NUM
fbem-3314	46	103	0.00	0.00	NUM
fbem-3314	46	104	0.13	0.13	NUM
fbem-3314	46	105	table	table	NOUN
fbem-3314	46	106	3	3	NUM
fbem-3314	46	107	.	.	PUNCT
fbem-3314	46	108	high	high	ADJ
fbem-3314	46	109	turnover	turnover	NOUN
fbem-3314	46	110	portfolio	portfolio	NOUN
fbem-3314	46	111	formation	formation	NOUN
fbem-3314	46	112	period	period	NOUN
fbem-3314	46	113	(	(	PUNCT
fbem-3314	46	114	j)/holding	j)/holding	ADJ
fbem-3314	46	115	period	period	NOUN
fbem-3314	46	116	(	(	PUNCT
fbem-3314	46	117	k	k	NOUN
fbem-3314	46	118	)	)	PUNCT
fbem-3314	46	119	1	1	NUM
fbem-3314	46	120	3	3	NUM
fbem-3314	46	121	6	6	NUM
fbem-3314	46	122	t	t	NOUN
fbem-3314	46	123	-	-	PUNCT
fbem-3314	46	124	statistic	statistic	NOUN
fbem-3314	46	125	value	value	NOUN
fbem-3314	46	126	1	1	NUM
fbem-3314	46	127	-0.36	-0.36	NUM
fbem-3314	46	128	0.11	0.11	NUM
fbem-3314	46	129	-0.35	-0.35	NUM
fbem-3314	46	130	3	3	NUM
fbem-3314	46	131	-0.391	-0.391	NUM
fbem-3314	46	132	-0.56	-0.56	NUM
fbem-3314	46	133	0.96	0.96	NUM
fbem-3314	46	134	6	6	NUM
fbem-3314	46	135	-1.2674	-1.2674	NOUN
fbem-3314	46	136	0.34	0.34	NUM
fbem-3314	46	137	0.51	0.51	NUM
fbem-3314	46	138	p	p	NOUN
fbem-3314	46	139	-	-	PUNCT
fbem-3314	46	140	value	value	NOUN
fbem-3314	46	141	1	1	NUM
fbem-3314	46	142	0.721	0.721	NUM
fbem-3314	46	143	0.91	0.91	NUM
fbem-3314	46	144	0.73	0.73	NUM
fbem-3314	46	145	3	3	NUM
fbem-3314	46	146	0.700	0.700	NUM
fbem-3314	46	147	0.59	0.59	NUM
fbem-3314	46	148	0.35	0.35	NUM
fbem-3314	46	149	6	6	NUM
fbem-3314	46	150	0.2203	0.2203	NUM
fbem-3314	46	151	0.74	0.74	NUM
fbem-3314	46	152	0.62	0.62	NUM
fbem-3314	46	153	according	accord	VERB
fbem-3314	46	154	to	to	ADP
fbem-3314	46	155	the	the	DET
fbem-3314	46	156	empirical	empirical	ADJ
fbem-3314	46	157	results	result	NOUN
fbem-3314	46	158	in	in	ADP
fbem-3314	46	159	table	table	NOUN
fbem-3314	46	160	1	1	NUM
fbem-3314	46	161	,	,	PUNCT
fbem-3314	46	162	even	even	ADV
fbem-3314	46	163	if	if	SCONJ
fbem-3314	46	164	all	all	DET
fbem-3314	46	165	the	the	DET
fbem-3314	46	166	portfolios	portfolio	NOUN
fbem-3314	46	167	have	have	VERB
fbem-3314	46	168	no	no	DET
fbem-3314	46	169	momentum	momentum	NOUN
fbem-3314	46	170	effect	effect	NOUN
fbem-3314	46	171	or	or	CCONJ
fbem-3314	46	172	reversal	reversal	NOUN
fbem-3314	46	173	effect	effect	NOUN
fbem-3314	46	174	,	,	PUNCT
fbem-3314	46	175	the	the	DET
fbem-3314	46	176	momentum	momentum	NOUN
fbem-3314	46	177	effect	effect	NOUN
fbem-3314	46	178	or	or	CCONJ
fbem-3314	46	179	reversal	reversal	NOUN
fbem-3314	46	180	effect	effect	NOUN
fbem-3314	46	181	can	can	AUX
fbem-3314	46	182	still	still	ADV
fbem-3314	46	183	be	be	AUX
fbem-3314	46	184	analyzed	analyze	VERB
fbem-3314	46	185	in	in	ADP
fbem-3314	46	186	the	the	DET
fbem-3314	46	187	low	low	ADJ
fbem-3314	46	188	turnover	turnover	NOUN
fbem-3314	46	189	portfolio	portfolio	NOUN
fbem-3314	46	190	.	.	PUNCT
fbem-3314	47	1	based	base	VERB
fbem-3314	47	2	on	on	ADP
fbem-3314	47	3	the	the	DET
fbem-3314	47	4	analysis	analysis	NOUN
fbem-3314	47	5	of	of	ADP
fbem-3314	47	6	the	the	DET
fbem-3314	47	7	empirical	empirical	ADJ
fbem-3314	47	8	results	result	NOUN
fbem-3314	47	9	in	in	ADP
fbem-3314	47	10	table	table	NOUN
fbem-3314	47	11	2	2	NUM
fbem-3314	47	12	,	,	PUNCT
fbem-3314	47	13	it	it	PRON
fbem-3314	47	14	is	be	AUX
fbem-3314	47	15	concluded	conclude	VERB
fbem-3314	47	16	that	that	SCONJ
fbem-3314	47	17	in	in	ADP
fbem-3314	47	18	the	the	DET
fbem-3314	47	19	medium	medium	ADJ
fbem-3314	47	20	turnover	turnover	NOUN
fbem-3314	47	21	portfolio	portfolio	NOUN
fbem-3314	47	22	,	,	PUNCT
fbem-3314	47	23	all	all	DET
fbem-3314	47	24	portfolios	portfolio	NOUN
fbem-3314	47	25	show	show	VERB
fbem-3314	47	26	momentum	momentum	NOUN
fbem-3314	47	27	effect	effect	NOUN
fbem-3314	47	28	in	in	ADP
fbem-3314	47	29	general	general	ADJ
fbem-3314	47	30	,	,	PUNCT
fbem-3314	47	31	and	and	CCONJ
fbem-3314	47	32	the	the	DET
fbem-3314	47	33	(	(	PUNCT
fbem-3314	47	34	1	1	NUM
fbem-3314	47	35	,	,	PUNCT
fbem-3314	47	36	6	6	NUM
fbem-3314	47	37	)	)	PUNCT
fbem-3314	47	38	(	(	PUNCT
fbem-3314	47	39	1	1	NUM
fbem-3314	47	40	,	,	PUNCT
fbem-3314	47	41	3	3	NUM
fbem-3314	47	42	)	)	PUNCT
fbem-3314	47	43	(	(	PUNCT
fbem-3314	47	44	3	3	NUM
fbem-3314	47	45	,	,	PUNCT
fbem-3314	47	46	3	3	NUM
fbem-3314	47	47	)	)	PUNCT
fbem-3314	47	48	(	(	PUNCT
fbem-3314	47	49	3	3	NUM
fbem-3314	47	50	,	,	PUNCT
fbem-3314	47	51	6	6	NUM
fbem-3314	47	52	)	)	PUNCT
fbem-3314	47	53	portfolio	portfolio	NOUN
fbem-3314	47	54	momentum	momentum	NOUN
fbem-3314	47	55	effect	effect	NOUN
fbem-3314	47	56	is	be	AUX
fbem-3314	47	57	significant	significant	ADJ
fbem-3314	47	58	.	.	PUNCT
fbem-3314	48	1	at	at	ADP
fbem-3314	48	2	the	the	DET
fbem-3314	48	3	formation	formation	NOUN
fbem-3314	48	4	period	period	NOUN
fbem-3314	48	5	of	of	ADP
fbem-3314	48	6	3	3	NUM
fbem-3314	48	7	months	month	NOUN
fbem-3314	48	8	,	,	PUNCT
fbem-3314	48	9	the	the	DET
fbem-3314	48	10	momentum	momentum	NOUN
fbem-3314	48	11	effect	effect	NOUN
fbem-3314	48	12	increases	increase	VERB
fbem-3314	48	13	as	as	SCONJ
fbem-3314	48	14	the	the	DET
fbem-3314	48	15	holding	hold	VERB
fbem-3314	48	16	period	period	NOUN
fbem-3314	48	17	becomes	become	VERB
fbem-3314	48	18	longer	long	ADV
fbem-3314	48	19	,	,	PUNCT
fbem-3314	48	20	suggesting	suggest	VERB
fbem-3314	48	21	that	that	SCONJ
fbem-3314	48	22	stocks	stock	NOUN
fbem-3314	48	23	that	that	PRON
fbem-3314	48	24	have	have	AUX
fbem-3314	48	25	outperformed	outperform	VERB
fbem-3314	48	26	in	in	ADP
fbem-3314	48	27	the	the	DET
fbem-3314	48	28	past	past	ADJ
fbem-3314	48	29	3	3	NUM
fbem-3314	48	30	months	month	NOUN
fbem-3314	48	31	in	in	ADP
fbem-3314	48	32	the	the	DET
fbem-3314	48	33	medium	medium	ADJ
fbem-3314	48	34	turnover	turnover	NOUN
fbem-3314	48	35	portfolio	portfolio	NOUN
fbem-3314	48	36	will	will	AUX
fbem-3314	48	37	be	be	AUX
fbem-3314	48	38	more	more	ADV
fbem-3314	48	39	consistently	consistently	ADV
fbem-3314	48	40	favored	favor	VERB
fbem-3314	48	41	by	by	ADP
fbem-3314	48	42	investors	investor	NOUN
fbem-3314	48	43	in	in	ADP
fbem-3314	48	44	the	the	DET
fbem-3314	48	45	future	future	NOUN
fbem-3314	48	46	,	,	PUNCT
fbem-3314	48	47	and	and	CCONJ
fbem-3314	48	48	at	at	ADP
fbem-3314	48	49	the	the	DET
fbem-3314	48	50	formation	formation	NOUN
fbem-3314	48	51	periods	period	NOUN
fbem-3314	48	52	of	of	ADP
fbem-3314	48	53	1	1	NUM
fbem-3314	48	54	and	and	CCONJ
fbem-3314	48	55	6	6	NUM
fbem-3314	48	56	months	month	NOUN
fbem-3314	48	57	,	,	PUNCT
fbem-3314	48	58	the	the	DET
fbem-3314	48	59	momentum	momentum	NOUN
fbem-3314	48	60	effect	effect	NOUN
fbem-3314	48	61	at	at	ADP
fbem-3314	48	62	the	the	DET
fbem-3314	48	63	holding	hold	VERB
fbem-3314	48	64	period	period	NOUN
fbem-3314	48	65	of	of	ADP
fbem-3314	48	66	3	3	NUM
fbem-3314	48	67	months	month	NOUN
fbem-3314	48	68	is	be	AUX
fbem-3314	48	69	the	the	DET
fbem-3314	48	70	most	most	ADV
fbem-3314	48	71	significant	significant	ADJ
fbem-3314	48	72	among	among	ADP
fbem-3314	48	73	all	all	DET
fbem-3314	48	74	holding	hold	VERB
fbem-3314	48	75	period	period	NOUN
fbem-3314	48	76	portfolios	portfolio	NOUN
fbem-3314	48	77	for	for	ADP
fbem-3314	48	78	the	the	DET
fbem-3314	48	79	respective	respective	ADJ
fbem-3314	48	80	formation	formation	NOUN
fbem-3314	48	81	periods	period	NOUN
fbem-3314	48	82	.	.	PUNCT
fbem-3314	49	1	based	base	VERB
fbem-3314	49	2	on	on	ADP
fbem-3314	49	3	the	the	DET
fbem-3314	49	4	analysis	analysis	NOUN
fbem-3314	49	5	of	of	ADP
fbem-3314	49	6	the	the	DET
fbem-3314	49	7	empirical	empirical	ADJ
fbem-3314	49	8	results	result	NOUN
fbem-3314	49	9	in	in	ADP
fbem-3314	49	10	table	table	NOUN
fbem-3314	49	11	3	3	NUM
fbem-3314	49	12	,	,	PUNCT
fbem-3314	49	13	it	it	PRON
fbem-3314	49	14	is	be	AUX
fbem-3314	49	15	concluded	conclude	VERB
fbem-3314	49	16	that	that	SCONJ
fbem-3314	49	17	among	among	ADP
fbem-3314	49	18	the	the	DET
fbem-3314	49	19	high	high	ADJ
fbem-3314	49	20	turnover	turnover	NOUN
fbem-3314	49	21	portfolios	portfolio	NOUN
fbem-3314	49	22	,	,	PUNCT
fbem-3314	49	23	all	all	DET
fbem-3314	49	24	portfolios	portfolio	NOUN
fbem-3314	49	25	with	with	ADP
fbem-3314	49	26	a	a	DET
fbem-3314	49	27	formation	formation	NOUN
fbem-3314	49	28	period	period	NOUN
fbem-3314	49	29	of	of	ADP
fbem-3314	49	30	1	1	NUM
fbem-3314	49	31	month	month	NOUN
fbem-3314	49	32	exhibit	exhibit	VERB
fbem-3314	49	33	the	the	DET
fbem-3314	49	34	reversal	reversal	NOUN
fbem-3314	49	35	effect	effect	NOUN
fbem-3314	49	36	,	,	PUNCT
fbem-3314	49	37	and	and	CCONJ
fbem-3314	49	38	the	the	DET
fbem-3314	49	39	reversal	reversal	NOUN
fbem-3314	49	40	effect	effect	NOUN
fbem-3314	49	41	becomes	become	VERB
fbem-3314	49	42	more	more	ADV
fbem-3314	49	43	significant	significant	ADJ
fbem-3314	49	44	in	in	ADP
fbem-3314	49	45	their	their	PRON
fbem-3314	49	46	portfolios	portfolio	NOUN
fbem-3314	49	47	as	as	SCONJ
fbem-3314	49	48	the	the	DET
fbem-3314	49	49	holding	hold	VERB
fbem-3314	49	50	period	period	NOUN
fbem-3314	49	51	becomes	become	VERB
fbem-3314	49	52	longer	long	ADV
fbem-3314	49	53	.	.	PUNCT
fbem-3314	50	1	the	the	DET
fbem-3314	50	2	overall	overall	ADJ
fbem-3314	50	3	momentum	momentum	NOUN
fbem-3314	50	4	effect	effect	NOUN
fbem-3314	50	5	is	be	AUX
fbem-3314	50	6	exhibited	exhibit	VERB
fbem-3314	50	7	in	in	ADP
fbem-3314	50	8	all	all	DET
fbem-3314	50	9	portfolios	portfolio	NOUN
fbem-3314	50	10	.	.	PUNCT
fbem-3314	51	1	in	in	ADP
fbem-3314	51	2	the	the	DET
fbem-3314	51	3	low	low	ADJ
fbem-3314	51	4	turnover	turnover	NOUN
fbem-3314	51	5	rate	rate	NOUN
fbem-3314	51	6	,	,	PUNCT
fbem-3314	51	7	medium	medium	ADJ
fbem-3314	51	8	turnover	turnover	NOUN
fbem-3314	51	9	rate	rate	NOUN
fbem-3314	51	10	and	and	CCONJ
fbem-3314	51	11	high	high	ADJ
fbem-3314	51	12	turnover	turnover	NOUN
fbem-3314	51	13	rate	rate	NOUN
fbem-3314	51	14	,	,	PUNCT
fbem-3314	51	15	there	there	PRON
fbem-3314	51	16	is	be	VERB
fbem-3314	51	17	no	no	DET
fbem-3314	51	18	significant	significant	ADJ
fbem-3314	51	19	reversal	reversal	NOUN
fbem-3314	51	20	effect	effect	NOUN
fbem-3314	51	21	but	but	CCONJ
fbem-3314	51	22	there	there	PRON
fbem-3314	51	23	is	be	VERB
fbem-3314	51	24	a	a	DET
fbem-3314	51	25	significant	significant	ADJ
fbem-3314	51	26	momentum	momentum	NOUN
fbem-3314	51	27	effect	effect	NOUN
fbem-3314	51	28	,	,	PUNCT
fbem-3314	51	29	while	while	SCONJ
fbem-3314	51	30	the	the	DET
fbem-3314	51	31	momentum	momentum	NOUN
fbem-3314	51	32	effect	effect	NOUN
fbem-3314	51	33	is	be	AUX
fbem-3314	51	34	most	most	ADV
fbem-3314	51	35	obvious	obvious	ADJ
fbem-3314	51	36	in	in	ADP
fbem-3314	51	37	the	the	DET
fbem-3314	51	38	medium	medium	ADJ
fbem-3314	51	39	turnover	turnover	NOUN
fbem-3314	51	40	rate	rate	NOUN
fbem-3314	51	41	portfolio	portfolio	NOUN
fbem-3314	51	42	,	,	PUNCT
fbem-3314	51	43	and	and	CCONJ
fbem-3314	51	44	the	the	DET
fbem-3314	51	45	medium	medium	ADJ
fbem-3314	51	46	turnover	turnover	NOUN
fbem-3314	51	47	rate	rate	NOUN
fbem-3314	51	48	as	as	ADP
fbem-3314	51	49	a	a	DET
fbem-3314	51	50	whole	whole	NOUN
fbem-3314	51	51	shows	show	VERB
fbem-3314	51	52	a	a	DET
fbem-3314	51	53	momentum	momentum	NOUN
fbem-3314	51	54	effect	effect	NOUN
fbem-3314	51	55	,	,	PUNCT
fbem-3314	51	56	this	this	DET
fbem-3314	51	57	conclusion	conclusion	NOUN
fbem-3314	51	58	is	be	AUX
fbem-3314	51	59	different	different	ADJ
fbem-3314	51	60	from	from	ADP
fbem-3314	51	61	zhanyu	zhanyu	PROPN
fbem-3314	51	62	zhu	zhu	PROPN
fbem-3314	51	63	's	's	PART
fbem-3314	51	64	research	research	NOUN
fbem-3314	51	65	on	on	ADP
fbem-3314	51	66	the	the	DET
fbem-3314	51	67	a	a	DET
fbem-3314	51	68	-	-	PUNCT
fbem-3314	51	69	share	share	NOUN
fbem-3314	51	70	market	market	NOUN
fbem-3314	51	71	which	which	PRON
fbem-3314	51	72	found	find	VERB
fbem-3314	51	73	a	a	DET
fbem-3314	51	74	significant	significant	ADJ
fbem-3314	51	75	momentum	momentum	NOUN
fbem-3314	51	76	effect	effect	NOUN
fbem-3314	51	77	in	in	ADP
fbem-3314	51	78	the	the	DET
fbem-3314	51	79	low	low	ADJ
fbem-3314	51	80	turnover	turnover	NOUN
fbem-3314	51	81	rate	rate	NOUN
fbem-3314	51	82	portfolio	portfolio	NOUN
fbem-3314	51	83	,	,	PUNCT
fbem-3314	51	84	for	for	ADP
fbem-3314	51	85	the	the	DET
fbem-3314	51	86	following	follow	VERB
fbem-3314	51	87	two	two	NUM
fbem-3314	51	88	reasons	reason	NOUN
fbem-3314	51	89	:	:	PUNCT
fbem-3314	51	90	firstly	firstly	ADV
fbem-3314	51	91	,	,	PUNCT
fbem-3314	51	92	zhanyu	zhanyu	PROPN
fbem-3314	51	93	zhu	zhu	PROPN
fbem-3314	51	94	studied	study	VERB
fbem-3314	51	95	the	the	DET
fbem-3314	51	96	whole	whole	ADJ
fbem-3314	51	97	a	a	DET
fbem-3314	51	98	-	-	PUNCT
fbem-3314	51	99	share	share	NOUN
fbem-3314	51	100	market	market	NOUN
fbem-3314	51	101	,	,	PUNCT
fbem-3314	51	102	while	while	SCONJ
fbem-3314	51	103	this	this	DET
fbem-3314	51	104	paper	paper	NOUN
fbem-3314	51	105	studies	study	NOUN
fbem-3314	51	106	one	one	NUM
fbem-3314	51	107	of	of	ADP
fbem-3314	51	108	the	the	DET
fbem-3314	51	109	segments	segment	NOUN
fbem-3314	51	110	of	of	ADP
fbem-3314	51	111	the	the	DET
fbem-3314	51	112	ashare	ashare	NOUN
fbem-3314	51	113	market	market	NOUN
fbem-3314	51	114	,	,	PUNCT
fbem-3314	51	115	i.e.	i.e.	X
fbem-3314	51	116	,	,	PUNCT
fbem-3314	51	117	star	star	NOUN
fbem-3314	51	118	market	market	NOUN
fbem-3314	51	119	,	,	PUNCT
fbem-3314	51	120	and	and	CCONJ
fbem-3314	51	121	secondly	secondly	ADV
fbem-3314	51	122	,	,	PUNCT
fbem-3314	51	123	the	the	DET
fbem-3314	51	124	time	time	NOUN
fbem-3314	51	125	chosen	choose	VERB
fbem-3314	51	126	for	for	ADP
fbem-3314	51	127	the	the	DET
fbem-3314	51	128	study	study	NOUN
fbem-3314	51	129	is	be	AUX
fbem-3314	51	130	different	different	ADJ
fbem-3314	51	131	.	.	PUNCT
fbem-3314	52	1	in	in	ADP
fbem-3314	52	2	this	this	DET
fbem-3314	52	3	paper	paper	NOUN
fbem-3314	52	4	,	,	PUNCT
fbem-3314	52	5	we	we	PRON
fbem-3314	52	6	believe	believe	VERB
fbem-3314	52	7	that	that	SCONJ
fbem-3314	52	8	the	the	DET
fbem-3314	52	9	low	low	ADJ
fbem-3314	52	10	turnover	turnover	NOUN
fbem-3314	52	11	rate	rate	NOUN
fbem-3314	52	12	shows	show	VERB
fbem-3314	52	13	that	that	SCONJ
fbem-3314	52	14	investors	investor	NOUN
fbem-3314	52	15	in	in	ADP
fbem-3314	52	16	the	the	DET
fbem-3314	52	17	market	market	NOUN
fbem-3314	52	18	have	have	VERB
fbem-3314	52	19	poor	poor	ADJ
fbem-3314	52	20	expectations	expectation	NOUN
fbem-3314	52	21	for	for	ADP
fbem-3314	52	22	this	this	DET
fbem-3314	52	23	stock	stock	NOUN
fbem-3314	52	24	,	,	PUNCT
fbem-3314	52	25	so	so	SCONJ
fbem-3314	52	26	the	the	DET
fbem-3314	52	27	liquidity	liquidity	NOUN
fbem-3314	52	28	is	be	AUX
fbem-3314	52	29	poor	poor	ADJ
fbem-3314	52	30	,	,	PUNCT
fbem-3314	52	31	while	while	SCONJ
fbem-3314	52	32	the	the	DET
fbem-3314	52	33	high	high	ADJ
fbem-3314	52	34	turnover	turnover	NOUN
fbem-3314	52	35	rate	rate	NOUN
fbem-3314	52	36	is	be	AUX
fbem-3314	52	37	too	too	ADV
fbem-3314	52	38	volatile	volatile	ADJ
fbem-3314	52	39	,	,	PUNCT
fbem-3314	52	40	investors	investor	NOUN
fbem-3314	52	41	are	be	AUX
fbem-3314	52	42	more	more	ADV
fbem-3314	52	43	divided	divided	ADJ
fbem-3314	52	44	,	,	PUNCT
fbem-3314	52	45	and	and	CCONJ
fbem-3314	52	46	the	the	DET
fbem-3314	52	47	stock	stock	NOUN
fbem-3314	52	48	trend	trend	NOUN
fbem-3314	52	49	is	be	AUX
fbem-3314	52	50	not	not	PART
fbem-3314	52	51	sustainable	sustainable	ADJ
fbem-3314	52	52	,	,	PUNCT
fbem-3314	52	53	but	but	CCONJ
fbem-3314	52	54	the	the	DET
fbem-3314	52	55	medium	medium	ADJ
fbem-3314	52	56	turnover	turnover	NOUN
fbem-3314	52	57	rate	rate	NOUN
fbem-3314	52	58	is	be	AUX
fbem-3314	52	59	not	not	PART
fbem-3314	52	60	too	too	ADV
fbem-3314	52	61	volatile	volatile	ADJ
fbem-3314	52	62	,	,	PUNCT
fbem-3314	52	63	and	and	CCONJ
fbem-3314	52	64	the	the	DET
fbem-3314	52	65	liquidity	liquidity	NOUN
fbem-3314	52	66	is	be	AUX
fbem-3314	52	67	sufficient	sufficient	ADJ
fbem-3314	52	68	,	,	PUNCT
fbem-3314	52	69	and	and	CCONJ
fbem-3314	52	70	investors	investor	NOUN
fbem-3314	52	71	have	have	VERB
fbem-3314	52	72	better	well	ADJ
fbem-3314	52	73	expectations	expectation	NOUN
fbem-3314	52	74	for	for	ADP
fbem-3314	52	75	this	this	DET
fbem-3314	52	76	stock	stock	NOUN
fbem-3314	52	77	,	,	PUNCT
fbem-3314	52	78	so	so	SCONJ
fbem-3314	52	79	the	the	DET
fbem-3314	52	80	probability	probability	NOUN
fbem-3314	52	81	of	of	ADP
fbem-3314	52	82	the	the	DET
fbem-3314	52	83	momentum	momentum	NOUN
fbem-3314	52	84	effect	effect	NOUN
fbem-3314	52	85	is	be	AUX
fbem-3314	52	86	also	also	ADV
fbem-3314	52	87	greater	great	ADJ
fbem-3314	52	88	,	,	PUNCT
fbem-3314	52	89	and	and	CCONJ
fbem-3314	52	90	the	the	DET
fbem-3314	52	91	momentum	momentum	NOUN
fbem-3314	52	92	effect	effect	NOUN
fbem-3314	52	93	will	will	AUX
fbem-3314	52	94	also	also	ADV
fbem-3314	52	95	be	be	AUX
fbem-3314	52	96	more	more	ADV
fbem-3314	52	97	pronounced	pronounced	ADJ
fbem-3314	52	98	.	.	PUNCT
fbem-3314	53	1	5	5	X
fbem-3314	53	2	.	.	X
fbem-3314	53	3	conclusion	conclusion	NOUN
fbem-3314	53	4	and	and	CCONJ
fbem-3314	53	5	implication	implication	NOUN
fbem-3314	53	6	the	the	DET
fbem-3314	53	7	momentum	momentum	NOUN
fbem-3314	53	8	effect	effect	NOUN
fbem-3314	53	9	is	be	AUX
fbem-3314	53	10	a	a	DET
fbem-3314	53	11	hot	hot	ADJ
fbem-3314	53	12	topic	topic	NOUN
fbem-3314	53	13	of	of	ADP
fbem-3314	53	14	research	research	NOUN
fbem-3314	53	15	in	in	ADP
fbem-3314	53	16	both	both	CCONJ
fbem-3314	53	17	academia	academia	NOUN
fbem-3314	53	18	and	and	CCONJ
fbem-3314	53	19	industry	industry	NOUN
fbem-3314	53	20	,	,	PUNCT
fbem-3314	53	21	and	and	CCONJ
fbem-3314	53	22	it	it	PRON
fbem-3314	53	23	is	be	AUX
fbem-3314	53	24	also	also	ADV
fbem-3314	53	25	a	a	DET
fbem-3314	53	26	key	key	ADJ
fbem-3314	53	27	point	point	NOUN
fbem-3314	53	28	for	for	ADP
fbem-3314	53	29	the	the	DET
fbem-3314	53	30	ability	ability	NOUN
fbem-3314	53	31	to	to	PART
fbem-3314	53	32	adopt	adopt	VERB
fbem-3314	53	33	a	a	DET
fbem-3314	53	34	'	'	PUNCT
fbem-3314	53	35	catch	catch	VERB
fbem-3314	53	36	-	-	PUNCT
fbem-3314	53	37	up	up	NOUN
fbem-3314	53	38	'	'	PUNCT
fbem-3314	53	39	strategy	strategy	NOUN
fbem-3314	53	40	.	.	PUNCT
fbem-3314	54	1	in	in	ADP
fbem-3314	54	2	this	this	DET
fbem-3314	54	3	paper	paper	NOUN
fbem-3314	54	4	,	,	PUNCT
fbem-3314	54	5	we	we	PRON
fbem-3314	54	6	studied	study	VERB
fbem-3314	54	7	the	the	DET
fbem-3314	54	8	existence	existence	NOUN
fbem-3314	54	9	of	of	ADP
fbem-3314	54	10	momentum	momentum	NOUN
fbem-3314	54	11	effect	effect	NOUN
fbem-3314	54	12	in	in	ADP
fbem-3314	54	13	the	the	DET
fbem-3314	54	14	chinese	chinese	ADJ
fbem-3314	54	15	a	a	DET
fbem-3314	54	16	-	-	PUNCT
fbem-3314	54	17	share	share	NOUN
fbem-3314	54	18	market	market	NOUN
fbem-3314	54	19	of	of	ADP
fbem-3314	54	20	star	star	NOUN
fbem-3314	54	21	.	.	PUNCT
fbem-3314	55	1	firstly	firstly	ADV
fbem-3314	55	2	,	,	PUNCT
fbem-3314	55	3	high	high	ADJ
fbem-3314	55	4	and	and	CCONJ
fbem-3314	55	5	low	low	ADJ
fbem-3314	55	6	turnover	turnover	NOUN
fbem-3314	55	7	rates	rate	NOUN
fbem-3314	55	8	are	be	AUX
fbem-3314	55	9	grouped	group	VERB
fbem-3314	55	10	,	,	PUNCT
fbem-3314	55	11	then	then	ADV
fbem-3314	55	12	the	the	DET
fbem-3314	55	13	winning	winning	NOUN
fbem-3314	55	14	and	and	CCONJ
fbem-3314	55	15	losing	lose	VERB
fbem-3314	55	16	portfolios	portfolio	NOUN
fbem-3314	55	17	are	be	AUX
fbem-3314	55	18	constructed	construct	VERB
fbem-3314	55	19	according	accord	VERB
fbem-3314	55	20	to	to	ADP
fbem-3314	55	21	the	the	DET
fbem-3314	55	22	traditional	traditional	ADJ
fbem-3314	55	23	method	method	NOUN
fbem-3314	55	24	,	,	PUNCT
fbem-3314	55	25	and	and	CCONJ
fbem-3314	55	26	finally	finally	ADV
fbem-3314	55	27	back	back	ADV
fbem-3314	55	28	-	-	PUNCT
fbem-3314	55	29	tested	test	VERB
fbem-3314	55	30	by	by	ADP
fbem-3314	55	31	the	the	DET
fbem-3314	55	32	overlapping	overlap	VERB
fbem-3314	55	33	period	period	NOUN
fbem-3314	55	34	sampling	sample	VERB
fbem-3314	55	35	method	method	NOUN
fbem-3314	55	36	and	and	CCONJ
fbem-3314	55	37	t	t	NOUN
fbem-3314	55	38	-	-	PUNCT
fbem-3314	55	39	statistical	statistical	ADJ
fbem-3314	55	40	tests	test	NOUN
fbem-3314	55	41	are	be	AUX
fbem-3314	55	42	performed	perform	VERB
fbem-3314	55	43	.	.	PUNCT
fbem-3314	56	1	the	the	DET
fbem-3314	56	2	study	study	NOUN
fbem-3314	56	3	reveals	reveal	VERB
fbem-3314	56	4	that	that	SCONJ
fbem-3314	56	5	among	among	ADP
fbem-3314	56	6	all	all	DET
fbem-3314	56	7	the	the	DET
fbem-3314	56	8	73	73	NUM
fbem-3314	56	9	portfolios	portfolio	NOUN
fbem-3314	56	10	,	,	PUNCT
fbem-3314	56	11	only	only	ADV
fbem-3314	56	12	the	the	DET
fbem-3314	56	13	medium	medium	ADJ
fbem-3314	56	14	turnover	turnover	NOUN
fbem-3314	56	15	portfolio	portfolio	NOUN
fbem-3314	56	16	has	have	VERB
fbem-3314	56	17	a	a	DET
fbem-3314	56	18	significant	significant	ADJ
fbem-3314	56	19	momentum	momentum	NOUN
fbem-3314	56	20	effect	effect	NOUN
fbem-3314	56	21	,	,	PUNCT
fbem-3314	56	22	and	and	CCONJ
fbem-3314	56	23	the	the	DET
fbem-3314	56	24	most	most	ADV
fbem-3314	56	25	significant	significant	ADJ
fbem-3314	56	26	portfolio	portfolio	NOUN
fbem-3314	56	27	is	be	AUX
fbem-3314	56	28	(	(	PUNCT
fbem-3314	56	29	3	3	NUM
fbem-3314	56	30	,	,	PUNCT
fbem-3314	56	31	6	6	NUM
fbem-3314	56	32	)	)	PUNCT
fbem-3314	56	33	,	,	PUNCT
fbem-3314	56	34	while	while	SCONJ
fbem-3314	56	35	the	the	DET
fbem-3314	56	36	high	high	ADJ
fbem-3314	56	37	and	and	CCONJ
fbem-3314	56	38	low	low	ADJ
fbem-3314	56	39	turnover	turnover	NOUN
fbem-3314	56	40	portfolios	portfolio	NOUN
fbem-3314	56	41	do	do	AUX
fbem-3314	56	42	not	not	PART
fbem-3314	56	43	have	have	VERB
fbem-3314	56	44	significant	significant	ADJ
fbem-3314	56	45	momentum	momentum	NOUN
fbem-3314	56	46	or	or	CCONJ
fbem-3314	56	47	reversal	reversal	NOUN
fbem-3314	56	48	effects	effect	NOUN
fbem-3314	56	49	,	,	PUNCT
fbem-3314	56	50	but	but	CCONJ
fbem-3314	56	51	some	some	PRON
fbem-3314	56	52	of	of	ADP
fbem-3314	56	53	them	they	PRON
fbem-3314	56	54	have	have	VERB
fbem-3314	56	55	stronger	strong	ADJ
fbem-3314	56	56	overall	overall	ADJ
fbem-3314	56	57	momentum	momentum	NOUN
fbem-3314	56	58	effects	effect	NOUN
fbem-3314	56	59	than	than	ADP
fbem-3314	56	60	reversal	reversal	NOUN
fbem-3314	56	61	effects	effect	NOUN
fbem-3314	56	62	.	.	PUNCT
fbem-3314	57	1	the	the	DET
fbem-3314	57	2	empirical	empirical	ADJ
fbem-3314	57	3	findings	finding	NOUN
fbem-3314	57	4	of	of	ADP
fbem-3314	57	5	this	this	DET
fbem-3314	57	6	paper	paper	NOUN
fbem-3314	57	7	have	have	VERB
fbem-3314	57	8	some	some	DET
fbem-3314	57	9	implications	implication	NOUN
fbem-3314	57	10	for	for	ADP
fbem-3314	57	11	stock	stock	NOUN
fbem-3314	57	12	investment	investment	NOUN
fbem-3314	57	13	.	.	PUNCT
fbem-3314	58	1	for	for	ADP
fbem-3314	58	2	investors	investor	NOUN
fbem-3314	58	3	,	,	PUNCT
fbem-3314	58	4	they	they	PRON
fbem-3314	58	5	can	can	AUX
fbem-3314	58	6	pay	pay	VERB
fbem-3314	58	7	attention	attention	NOUN
fbem-3314	58	8	to	to	ADP
fbem-3314	58	9	the	the	DET
fbem-3314	58	10	medium	medium	ADJ
fbem-3314	58	11	turnover	turnover	NOUN
fbem-3314	58	12	rate	rate	NOUN
fbem-3314	58	13	of	of	ADP
fbem-3314	58	14	star	star	NOUN
fbem-3314	58	15	and	and	CCONJ
fbem-3314	58	16	the	the	DET
fbem-3314	58	17	formation	formation	NOUN
fbem-3314	58	18	period	period	NOUN
fbem-3314	58	19	of	of	ADP
fbem-3314	58	20	the	the	DET
fbem-3314	58	21	portfolio	portfolio	NOUN
fbem-3314	58	22	is	be	AUX
fbem-3314	58	23	3	3	NUM
fbem-3314	58	24	months	month	NOUN
fbem-3314	58	25	,	,	PUNCT
fbem-3314	58	26	and	and	CCONJ
fbem-3314	58	27	the	the	DET
fbem-3314	58	28	recommended	recommend	VERB
fbem-3314	58	29	best	good	ADJ
fbem-3314	58	30	holding	holding	NOUN
fbem-3314	58	31	period	period	NOUN
fbem-3314	58	32	is	be	AUX
fbem-3314	58	33	6	6	NUM
fbem-3314	58	34	months	month	NOUN
fbem-3314	58	35	,	,	PUNCT
fbem-3314	58	36	followed	follow	VERB
fbem-3314	58	37	by	by	ADP
fbem-3314	58	38	3	3	NUM
fbem-3314	58	39	months	month	NOUN
fbem-3314	58	40	is	be	AUX
fbem-3314	58	41	also	also	ADV
fbem-3314	58	42	a	a	DET
fbem-3314	58	43	better	well	ADJ
fbem-3314	58	44	choice	choice	NOUN
fbem-3314	58	45	,	,	PUNCT
fbem-3314	58	46	these	these	DET
fbem-3314	58	47	portfolios	portfolio	NOUN
fbem-3314	58	48	are	be	AUX
fbem-3314	58	49	more	more	ADV
fbem-3314	58	50	suitable	suitable	ADJ
fbem-3314	58	51	for	for	SCONJ
fbem-3314	58	52	investors	investor	NOUN
fbem-3314	58	53	to	to	PART
fbem-3314	58	54	'	'	PUNCT
fbem-3314	58	55	chase	chase	VERB
fbem-3314	58	56	up	up	ADP
fbem-3314	58	57	and	and	CCONJ
fbem-3314	58	58	down	down	ADP
fbem-3314	58	59	'	'	PUNCT
fbem-3314	58	60	in	in	ADP
fbem-3314	58	61	star	star	NOUN
fbem-3314	58	62	.	.	PUNCT
fbem-3314	59	1	references	reference	NOUN
fbem-3314	59	2	[	[	X
fbem-3314	59	3	1	1	NUM
fbem-3314	59	4	]	]	X
fbem-3314	59	5	jegadeesh	jegadeesh	NOUN
fbem-3314	59	6	narasimhan	narasimhan	NOUN
fbem-3314	59	7	,	,	PUNCT
fbem-3314	59	8	titman	titman	PROPN
fbem-3314	59	9	sheridan	sheridan	PROPN
fbem-3314	59	10	(	(	PUNCT
fbem-3314	59	11	1993	1993	NUM
fbem-3314	59	12	)	)	PUNCT
fbem-3314	59	13	.	.	PUNCT
fbem-3314	60	1	returns	return	NOUN
fbem-3314	60	2	to	to	ADP
fbem-3314	60	3	buying	buy	VERB
fbem-3314	60	4	winners	winner	NOUN
fbem-3314	60	5	and	and	CCONJ
fbem-3314	60	6	selling	sell	VERB
fbem-3314	60	7	losers	loser	NOUN
fbem-3314	60	8	:	:	PUNCT
fbem-3314	60	9	implications	implication	NOUN
fbem-3314	60	10	for	for	ADP
fbem-3314	60	11	stock	stock	NOUN
fbem-3314	60	12	market	market	NOUN
fbem-3314	60	13	efficiency	efficiency	NOUN
fbem-3314	60	14	.	.	PUNCT
fbem-3314	61	1	the	the	DET
fbem-3314	61	2	journal	journal	PROPN
fbem-3314	61	3	of	of	ADP
fbem-3314	61	4	finance	finance	NOUN
fbem-3314	61	5	,	,	PUNCT
fbem-3314	61	6	no.48	no.48	NOUN
fbem-3314	61	7	,	,	PUNCT
fbem-3314	61	8	pp.65	pp.65	NOUN
fbem-3314	61	9	-	-	PUNCT
fbem-3314	61	10	91	91	NUM
fbem-3314	61	11	.	.	PUNCT
fbem-3314	62	1	[	[	X
fbem-3314	62	2	2	2	NUM
fbem-3314	62	3	]	]	PUNCT
fbem-3314	62	4	k.	k.	PROPN
fbem-3314	62	5	geert	geert	PROPN
fbem-3314	62	6	rouwenhorst	rouwenhorst	ADV
fbem-3314	62	7	(	(	PUNCT
fbem-3314	62	8	1998	1998	NUM
fbem-3314	62	9	)	)	PUNCT
fbem-3314	62	10	.	.	PUNCT
fbem-3314	63	1	international	international	ADJ
fbem-3314	63	2	momentum	momentum	NOUN
fbem-3314	63	3	strategies	strategy	NOUN
fbem-3314	63	4	.	.	PUNCT
fbem-3314	64	1	the	the	DET
fbem-3314	64	2	journal	journal	NOUN
fbem-3314	64	3	of	of	ADP
fbem-3314	64	4	finance	finance	NOUN
fbem-3314	64	5	,	,	PUNCT
fbem-3314	64	6	no.53	no.53	NOUN
fbem-3314	64	7	,	,	PUNCT
fbem-3314	64	8	pp.267	pp.267	PROPN
fbem-3314	64	9	-	-	PUNCT
fbem-3314	64	10	284	284	NUM
fbem-3314	64	11	.	.	PUNCT
fbem-3314	65	1	[	[	X
fbem-3314	65	2	3	3	NUM
fbem-3314	65	3	]	]	X
fbem-3314	65	4	zhen	zhen	PROPN
fbem-3314	65	5	lu	lu	PROPN
fbem-3314	65	6	,	,	PUNCT
fbem-3314	65	7	henpu	henpu	PROPN
fbem-3314	65	8	zhou	zhou	PROPN
fbem-3314	65	9	(	(	PUNCT
fbem-3314	65	10	2007	2007	NUM
fbem-3314	65	11	)	)	PUNCT
fbem-3314	65	12	.	.	PUNCT
fbem-3314	66	1	research	research	NOUN
fbem-3314	66	2	on	on	ADP
fbem-3314	66	3	the	the	DET
fbem-3314	66	4	inertia	inertia	NOUN
fbem-3314	66	5	and	and	CCONJ
fbem-3314	66	6	reversal	reversal	NOUN
fbem-3314	66	7	effect	effect	NOUN
fbem-3314	66	8	of	of	ADP
fbem-3314	66	9	chinese	chinese	ADJ
fbem-3314	66	10	stock	stock	NOUN
fbem-3314	66	11	market	market	NOUN
fbem-3314	66	12	.	.	PUNCT
fbem-3314	67	1	economic	economic	ADJ
fbem-3314	67	2	research	research	NOUN
fbem-3314	67	3	,	,	PUNCT
fbem-3314	67	4	no.473	no.473	PROPN
fbem-3314	67	5	,	,	PUNCT
fbem-3314	67	6	pp.145	pp.145	NOUN
fbem-3314	67	7	-	-	PUNCT
fbem-3314	67	8	155	155	NUM
fbem-3314	67	9	.	.	PUNCT
fbem-3314	68	1	[	[	X
fbem-3314	68	2	4	4	X
fbem-3314	68	3	]	]	PUNCT
fbem-3314	68	4	narasimhan	narasimhan	PROPN
fbem-3314	68	5	jegadeesh	jegadeesh	NOUN
fbem-3314	68	6	(	(	PUNCT
fbem-3314	68	7	1990	1990	NUM
fbem-3314	68	8	)	)	PUNCT
fbem-3314	68	9	.	.	PUNCT
fbem-3314	69	1	evidence	evidence	NOUN
fbem-3314	69	2	of	of	ADP
fbem-3314	69	3	predictable	predictable	ADJ
fbem-3314	69	4	behavior	behavior	NOUN
fbem-3314	69	5	of	of	ADP
fbem-3314	69	6	security	security	NOUN
fbem-3314	69	7	returns	return	NOUN
fbem-3314	69	8	.	.	PUNCT
fbem-3314	70	1	the	the	DET
fbem-3314	70	2	journal	journal	NOUN
fbem-3314	70	3	of	of	ADP
fbem-3314	70	4	finance	finance	NOUN
fbem-3314	70	5	,	,	PUNCT
fbem-3314	70	6	no.45	no.45	PROPN
fbem-3314	70	7	,	,	PUNCT
fbem-3314	70	8	pp.881	pp.881	NOUN
fbem-3314	70	9	-	-	X
fbem-3314	70	10	898	898	NUM
fbem-3314	70	11	.	.	PUNCT
fbem-3314	71	1	[	[	X
fbem-3314	71	2	5	5	NUM
fbem-3314	71	3	]	]	PUNCT
fbem-3314	71	4	mark	mark	PROPN
fbem-3314	71	5	t	t	PROPN
fbem-3314	71	6	hon	hon	PROPN
fbem-3314	71	7	,	,	PUNCT
fbem-3314	71	8	ian	ian	PROPN
fbem-3314	71	9	tonks	tonks	PROPN
fbem-3314	71	10	(	(	PUNCT
fbem-3314	71	11	2002	2002	NUM
fbem-3314	71	12	)	)	PUNCT
fbem-3314	71	13	.	.	PUNCT
fbem-3314	72	1	momentum	momentum	NOUN
fbem-3314	72	2	in	in	ADP
fbem-3314	72	3	the	the	DET
fbem-3314	72	4	uk	uk	PROPN
fbem-3314	72	5	stock	stock	NOUN
fbem-3314	72	6	market	market	NOUN
fbem-3314	72	7	.	.	PUNCT
fbem-3314	73	1	journal	journal	NOUN
fbem-3314	73	2	of	of	ADP
fbem-3314	73	3	multinational	multinational	ADJ
fbem-3314	73	4	financial	financial	ADJ
fbem-3314	73	5	management	management	NOUN
fbem-3314	73	6	,	,	PUNCT
fbem-3314	73	7	no.13	no.13	NOUN
fbem-3314	73	8	,	,	PUNCT
fbem-3314	73	9	pp.43	pp.43	NOUN
fbem-3314	73	10	-	-	PUNCT
fbem-3314	73	11	70	70	NUM
fbem-3314	73	12	.	.	PUNCT
fbem-3314	74	1	[	[	X
fbem-3314	74	2	6	6	NUM
fbem-3314	74	3	]	]	PUNCT
fbem-3314	74	4	lukas	lukas	NOUN
fbem-3314	74	5	menkhoff	menkhoff	PROPN
fbem-3314	74	6	,	,	PUNCT
fbem-3314	74	7	lucio	lucio	PROPN
fbem-3314	74	8	sarno	sarno	PROPN
fbem-3314	74	9	,	,	PUNCT
fbem-3314	74	10	maik	maik	PROPN
fbem-3314	74	11	schmeling	schmeling	PROPN
fbem-3314	74	12	,	,	PUNCT
fbem-3314	74	13	andreas	andreas	PROPN
fbem-3314	74	14	schrimpf	schrimpf	NOUN
fbem-3314	74	15	(	(	PUNCT
fbem-3314	74	16	2012	2012	NUM
fbem-3314	74	17	)	)	PUNCT
fbem-3314	74	18	.	.	PUNCT
fbem-3314	75	1	currency	currency	NOUN
fbem-3314	75	2	momentum	momentum	NOUN
fbem-3314	75	3	strategies	strategy	NOUN
fbem-3314	75	4	.	.	PUNCT
fbem-3314	76	1	the	the	DET
fbem-3314	76	2	journal	journal	NOUN
fbem-3314	76	3	of	of	ADP
fbem-3314	76	4	finance	finance	NOUN
fbem-3314	76	5	,	,	PUNCT
fbem-3314	76	6	no.106	no.106	ADV
fbem-3314	76	7	,	,	PUNCT
fbem-3314	76	8	pp.660	pp.660	NOUN
fbem-3314	76	9	-	-	X
fbem-3314	76	10	684	684	NUM
fbem-3314	76	11	.	.	PUNCT
fbem-3314	77	1	[	[	X
fbem-3314	77	2	7	7	X
fbem-3314	77	3	]	]	SYM
fbem-3314	77	4	cliffords	clifford	NOUN
fbem-3314	77	5	.	.	PUNCT
fbem-3314	78	1	asness	asness	ADJ
fbem-3314	78	2	,	,	PUNCT
fbem-3314	78	3	tobiasj	tobiasj	NOUN
fbem-3314	78	4	.	.	PUNCT
fbem-3314	79	1	moskowitz	moskowitz	PROPN
fbem-3314	79	2	,	,	PUNCT
fbem-3314	79	3	lasseheje	lasseheje	ADJ
fbem-3314	79	4	pedersen	pedersen	PROPN
fbem-3314	79	5	(	(	PUNCT
fbem-3314	79	6	2013	2013	NUM
fbem-3314	79	7	)	)	PUNCT
fbem-3314	79	8	.	.	PUNCT
fbem-3314	80	1	value	value	NOUN
fbem-3314	80	2	and	and	CCONJ
fbem-3314	80	3	momentum	momentum	NOUN
fbem-3314	80	4	everywhere	everywhere	ADV
fbem-3314	80	5	.	.	PUNCT
fbem-3314	81	1	the	the	DET
fbem-3314	81	2	journal	journal	NOUN
fbem-3314	81	3	of	of	ADP
fbem-3314	81	4	finance	finance	NOUN
fbem-3314	81	5	,	,	PUNCT
fbem-3314	81	6	no.68	no.68	NOUN
fbem-3314	81	7	,	,	PUNCT
fbem-3314	81	8	pp.929	pp.929	NOUN
fbem-3314	81	9	-	-	PUNCT
fbem-3314	81	10	985	985	NUM
fbem-3314	81	11	.	.	PUNCT
fbem-3314	82	1	[	[	X
fbem-3314	82	2	8	8	NUM
fbem-3314	82	3	]	]	X
fbem-3314	82	4	yaojie	yaojie	PROPN
fbem-3314	82	5	zhang	zhang	PROPN
fbem-3314	82	6	,	,	PUNCT
fbem-3314	82	7	feng	feng	PROPN
fbem-3314	82	8	ma	ma	PROPN
fbem-3314	82	9	,	,	PUNCT
fbem-3314	82	10	tianyi	tianyi	PROPN
fbem-3314	82	11	wang	wang	PROPN
fbem-3314	82	12	,	,	PUNCT
fbem-3314	82	13	li	li	PROPN
fbem-3314	82	14	liu	liu	PROPN
fbem-3314	82	15	(	(	PUNCT
fbem-3314	82	16	2019	2019	NUM
fbem-3314	82	17	)	)	PUNCT
fbem-3314	82	18	.	.	PUNCT
fbem-3314	83	1	out‐	out‐	NOUN
fbem-3314	83	2	of‐sample	of‐sample	NOUN
fbem-3314	83	3	volatility	volatility	NOUN
fbem-3314	83	4	prediction	prediction	NOUN
fbem-3314	83	5	:	:	PUNCT
fbem-3314	83	6	a	a	DET
fbem-3314	83	7	new	new	ADJ
fbem-3314	83	8	mixed‐frequency	mixed‐frequency	NOUN
fbem-3314	83	9	approach	approach	NOUN
fbem-3314	83	10	.	.	PUNCT
fbem-3314	84	1	journal	journal	NOUN
fbem-3314	84	2	of	of	ADP
fbem-3314	84	3	forecasting	forecasting	NOUN
fbem-3314	84	4	,	,	PUNCT
fbem-3314	84	5	no.38	no.38	NOUN
fbem-3314	84	6	,	,	PUNCT
fbem-3314	84	7	pp.669	pp.669	PROPN
fbem-3314	84	8	-	-	PUNCT
fbem-3314	84	9	680	680	NUM
fbem-3314	84	10	.	.	PUNCT
fbem-3314	85	1	[	[	X
fbem-3314	85	2	9	9	NUM
fbem-3314	85	3	]	]	X
fbem-3314	85	4	robert	robert	PROPN
fbem-3314	85	5	novy	novy	PROPN
fbem-3314	85	6	-	-	PUNCT
fbem-3314	85	7	marx	marx	PROPN
fbem-3314	85	8	(	(	PUNCT
fbem-3314	85	9	2015	2015	NUM
fbem-3314	85	10	)	)	PUNCT
fbem-3314	85	11	.	.	PUNCT
fbem-3314	86	1	fundamentally	fundamentally	ADV
fbem-3314	86	2	,	,	PUNCT
fbem-3314	86	3	momentum	momentum	NOUN
fbem-3314	86	4	is	be	AUX
fbem-3314	86	5	fundamental	fundamental	ADJ
fbem-3314	86	6	momentum	momentum	NOUN
fbem-3314	86	7	.	.	PUNCT
fbem-3314	87	1	social	social	ADJ
fbem-3314	87	2	science	science	NOUN
fbem-3314	87	3	electronic	electronic	ADJ
fbem-3314	87	4	publishing	publishing	NOUN
fbem-3314	87	5	.	.	PUNCT
fbem-3314	88	1	[	[	X
fbem-3314	88	2	10	10	NUM
fbem-3314	88	3	]	]	PUNCT
fbem-3314	88	4	xi	xi	X
fbem-3314	88	5	zhu	zhu	PROPN
fbem-3314	88	6	(	(	PUNCT
fbem-3314	88	7	2008	2008	NUM
fbem-3314	88	8	)	)	PUNCT
fbem-3314	88	9	.	.	PUNCT
fbem-3314	89	1	research	research	NOUN
fbem-3314	89	2	on	on	ADP
fbem-3314	89	3	the	the	DET
fbem-3314	89	4	inertia	inertia	NOUN
fbem-3314	89	5	effect	effect	NOUN
fbem-3314	89	6	and	and	CCONJ
fbem-3314	89	7	reversal	reversal	NOUN
fbem-3314	89	8	effect	effect	NOUN
fbem-3314	89	9	of	of	ADP
fbem-3314	89	10	shanghai	shanghai	PROPN
fbem-3314	89	11	and	and	CCONJ
fbem-3314	89	12	shenzhen	shenzhen	PROPN
fbem-3314	89	13	a	a	PROPN
fbem-3314	89	14	-	-	PUNCT
fbem-3314	89	15	share	share	NOUN
fbem-3314	89	16	market	market	NOUN
fbem-3314	89	17	.	.	PUNCT
fbem-3314	90	1	shanghai	shanghai	PROPN
fbem-3314	90	2	jiao	jiao	PROPN
fbem-3314	90	3	tong	tong	PROPN
fbem-3314	90	4	university	university	PROPN
fbem-3314	90	5	,	,	PUNCT
fbem-3314	90	6	no.6	no.6	PROPN
fbem-3314	90	7	,	,	PUNCT
fbem-3314	90	8	pp.172	pp.172	NOUN
fbem-3314	90	9	.	.	PUNCT
fbem-3314	91	1	[	[	X
fbem-3314	91	2	11	11	NUM
fbem-3314	91	3	]	]	X
fbem-3314	91	4	zhanyu	zhanyu	PROPN
fbem-3314	91	5	zhu	zhu	PROPN
fbem-3314	91	6	,	,	PUNCT
fbem-3314	91	7	chongfeng	chongfeng	PROPN
fbem-3314	91	8	wu	wu	PROPN
fbem-3314	91	9	,	,	PUNCT
fbem-3314	91	10	chengwei	chengwei	PROPN
fbem-3314	91	11	wang	wang	PROPN
fbem-3314	91	12	(	(	PUNCT
fbem-3314	91	13	2004	2004	NUM
fbem-3314	91	14	)	)	PUNCT
fbem-3314	91	15	.	.	PUNCT
fbem-3314	92	1	the	the	DET
fbem-3314	92	2	relationship	relationship	NOUN
fbem-3314	92	3	between	between	ADP
fbem-3314	92	4	stock	stock	NOUN
fbem-3314	92	5	market	market	NOUN
fbem-3314	92	6	price	price	NOUN
fbem-3314	92	7	momentum	momentum	NOUN
fbem-3314	92	8	and	and	CCONJ
fbem-3314	92	9	trading	trading	NOUN
fbem-3314	92	10	volume	volume	NOUN
fbem-3314	92	11	:	:	PUNCT
fbem-3314	92	12	china	china	PROPN
fbem-3314	92	13	's	's	PART
fbem-3314	92	14	empirical	empirical	ADJ
fbem-3314	92	15	research	research	NOUN
fbem-3314	92	16	and	and	CCONJ
fbem-3314	92	17	international	international	ADJ
fbem-3314	92	18	comparison	comparison	NOUN
fbem-3314	92	19	.	.	PUNCT
fbem-3314	93	1	systems	system	NOUN
fbem-3314	93	2	engineering	engineering	NOUN
fbem-3314	93	3	-	-	PUNCT
fbem-3314	93	4	theory	theory	NOUN
fbem-3314	93	5	&	&	CCONJ
fbem-3314	93	6	practice	practice	PROPN
fbem-3314	93	7	,	,	PUNCT
fbem-3314	93	8	no.2	no.2	PROPN
fbem-3314	93	9	,	,	PUNCT
fbem-3314	93	10	pp.1	pp.1	NOUN
fbem-3314	93	11	-	-	PUNCT
fbem-3314	93	12	7	7	NUM
fbem-3314	93	13	+	+	NOUN
fbem-3314	93	14	13	13	NUM
fbem-3314	93	15	.	.	PUNCT
fbem-3314	94	1	[	[	X
fbem-3314	94	2	12	12	NUM
fbem-3314	94	3	]	]	PUNCT
fbem-3314	94	4	zhibing	zhibe	VERB
fbem-3314	94	5	li	li	PROPN
fbem-3314	94	6	(	(	PUNCT
fbem-3314	94	7	2017).empirical	2017).empirical	ADJ
fbem-3314	94	8	test	test	NOUN
fbem-3314	94	9	of	of	ADP
fbem-3314	94	10	fama	fama	PROPN
fbem-3314	94	11	french	french	ADJ
fbem-3314	94	12	five	five	NUM
fbem-3314	94	13	factor	factor	NOUN
fbem-3314	94	14	model	model	NOUN
fbem-3314	94	15	in	in	ADP
fbem-3314	94	16	chinese	chinese	ADJ
fbem-3314	94	17	stock	stock	NOUN
fbem-3314	94	18	market	market	NOUN
fbem-3314	94	19	.	.	PUNCT
fbem-3314	95	1	financial	financial	ADJ
fbem-3314	95	2	research	research	NOUN
fbem-3314	95	3	,	,	PUNCT
fbem-3314	95	4	no.444	no.444	PROPN
fbem-3314	95	5	,	,	PUNCT
fbem-3314	95	6	pp.191	pp.191	NOUN
fbem-3314	95	7	-	-	NOUN
fbem-3314	95	8	206	206	NUM
fbem-3314	95	9	.	.	PUNCT