id	sid	tid	token	lemma	pos
fbem-633	1	1	frontiers	frontier	NOUN
fbem-633	1	2	in	in	ADP
fbem-633	1	3	business	business	NOUN
fbem-633	1	4	,	,	PUNCT
fbem-633	1	5	economics	economic	NOUN
fbem-633	1	6	and	and	CCONJ
fbem-633	1	7	management	management	NOUN
fbem-633	1	8	issn	issn	PROPN
fbem-633	1	9	:	:	PUNCT
fbem-633	1	10	2766	2766	NUM
fbem-633	1	11	-	-	PUNCT
fbem-633	1	12	824x	824x	NUM
fbem-633	1	13	|	|	ADJ
fbem-633	1	14	vol	vol	NOUN
fbem-633	1	15	.	.	PROPN
fbem-633	2	1	4	4	NUM
fbem-633	2	2	,	,	PUNCT
fbem-633	2	3	no	no	INTJ
fbem-633	2	4	.	.	NOUN
fbem-633	2	5	2	2	NUM
fbem-633	2	6	,	,	PUNCT
fbem-633	2	7	2022	2022	NUM
fbem-633	2	8	34	34	NUM
fbem-633	2	9	a	a	DET
fbem-633	2	10	comparative	comparative	ADJ
fbem-633	2	11	analysis	analysis	NOUN
fbem-633	2	12	of	of	ADP
fbem-633	2	13	the	the	DET
fbem-633	2	14	fama‐french	fama‐french	NOUN
fbem-633	2	15	five‐factor	five‐factor	NOUN
fbem-633	2	16	model	model	PROPN
fbem-633	2	17	‐‐	‐‐	PROPN
fbem-633	2	18	based	base	VERB
fbem-633	2	19	on	on	ADP
fbem-633	2	20	the	the	DET
fbem-633	2	21	data	datum	NOUN
fbem-633	2	22	of	of	ADP
fbem-633	2	23	china	china	PROPN
fbem-633	2	24	’s	’s	PART
fbem-633	2	25	sme	sme	PROPN
fbem-633	2	26	board	board	PROPN
fbem-633	2	27	ziyue	ziyue	PROPN
fbem-633	2	28	hua	hua	PROPN
fbem-633	2	29	southwestern	southwestern	PROPN
fbem-633	2	30	university	university	PROPN
fbem-633	2	31	of	of	ADP
fbem-633	2	32	finance	finance	NOUN
fbem-633	2	33	and	and	CCONJ
fbem-633	2	34	economics	economic	NOUN
fbem-633	2	35	,	,	PUNCT
fbem-633	2	36	chengdu	chengdu	PROPN
fbem-633	2	37	611130	611130	NUM
fbem-633	2	38	,	,	PUNCT
fbem-633	2	39	china	china	PROPN
fbem-633	2	40	abstract	abstract	PROPN
fbem-633	2	41	:	:	PUNCT
fbem-633	2	42	the	the	DET
fbem-633	2	43	five	five	NUM
fbem-633	2	44	-	-	PUNCT
fbem-633	2	45	factor	factor	NOUN
fbem-633	2	46	model	model	NOUN
fbem-633	2	47	by	by	ADP
fbem-633	2	48	fama	fama	PROPN
fbem-633	2	49	-	-	PUNCT
fbem-633	2	50	french	french	PROPN
fbem-633	2	51	was	be	AUX
fbem-633	2	52	obtained	obtain	VERB
fbem-633	2	53	by	by	ADP
fbem-633	2	54	adding	add	VERB
fbem-633	2	55	the	the	DET
fbem-633	2	56	profitability	profitability	NOUN
fbem-633	2	57	factor	factor	NOUN
fbem-633	2	58	(	(	PUNCT
fbem-633	2	59	rwm	rwm	PROPN
fbem-633	2	60	)	)	PUNCT
fbem-633	2	61	and	and	CCONJ
fbem-633	2	62	the	the	DET
fbem-633	2	63	investment	investment	NOUN
fbem-633	2	64	factor	factor	NOUN
fbem-633	2	65	(	(	PUNCT
fbem-633	2	66	cma	cma	NOUN
fbem-633	2	67	)	)	PUNCT
fbem-633	2	68	to	to	ADP
fbem-633	2	69	the	the	DET
fbem-633	2	70	three	three	NUM
fbem-633	2	71	-	-	PUNCT
fbem-633	2	72	factor	factor	NOUN
fbem-633	2	73	model	model	NOUN
fbem-633	2	74	by	by	ADP
fbem-633	2	75	fama	fama	PROPN
fbem-633	2	76	-	-	PUNCT
fbem-633	2	77	french	french	NOUN
fbem-633	2	78	.	.	PUNCT
fbem-633	3	1	it	it	PRON
fbem-633	3	2	is	be	AUX
fbem-633	3	3	still	still	ADV
fbem-633	3	4	the	the	DET
fbem-633	3	5	first	first	ADJ
fbem-633	3	6	paradigm	paradigm	NOUN
fbem-633	3	7	for	for	ADP
fbem-633	3	8	asset	asset	NOUN
fbem-633	3	9	pricing	pricing	NOUN
fbem-633	3	10	model	model	NOUN
fbem-633	3	11	research	research	NOUN
fbem-633	3	12	to	to	PART
fbem-633	3	13	imitate	imitate	VERB
fbem-633	3	14	and	and	CCONJ
fbem-633	3	15	compare	compare	ADJ
fbem-633	3	16	.	.	PUNCT
fbem-633	4	1	in	in	ADP
fbem-633	4	2	the	the	DET
fbem-633	4	3	case	case	NOUN
fbem-633	4	4	of	of	ADP
fbem-633	4	5	the	the	DET
fbem-633	4	6	chinese	chinese	ADJ
fbem-633	4	7	stock	stock	NOUN
fbem-633	4	8	market	market	NOUN
fbem-633	4	9	,	,	PUNCT
fbem-633	4	10	there	there	PRON
fbem-633	4	11	is	be	VERB
fbem-633	4	12	no	no	DET
fbem-633	4	13	consensus	consensus	NOUN
fbem-633	4	14	on	on	ADP
fbem-633	4	15	whether	whether	SCONJ
fbem-633	4	16	the	the	DET
fbem-633	4	17	five	five	NUM
fbem-633	4	18	-	-	PUNCT
fbem-633	4	19	factor	factor	NOUN
fbem-633	4	20	model	model	NOUN
fbem-633	4	21	explains	explain	VERB
fbem-633	4	22	the	the	DET
fbem-633	4	23	anomalies	anomaly	NOUN
fbem-633	4	24	better	well	ADJ
fbem-633	4	25	than	than	ADP
fbem-633	4	26	other	other	ADJ
fbem-633	4	27	models	model	NOUN
fbem-633	4	28	,	,	PUNCT
fbem-633	4	29	and	and	CCONJ
fbem-633	4	30	there	there	PRON
fbem-633	4	31	is	be	VERB
fbem-633	4	32	a	a	DET
fbem-633	4	33	lack	lack	NOUN
fbem-633	4	34	of	of	ADP
fbem-633	4	35	comparative	comparative	ADJ
fbem-633	4	36	studies	study	NOUN
fbem-633	4	37	on	on	ADP
fbem-633	4	38	asset	asset	NOUN
fbem-633	4	39	pricing	pricing	NOUN
fbem-633	4	40	models	model	NOUN
fbem-633	4	41	for	for	ADP
fbem-633	4	42	specific	specific	ADJ
fbem-633	4	43	markets	market	NOUN
fbem-633	4	44	such	such	ADJ
fbem-633	4	45	as	as	ADP
fbem-633	4	46	the	the	DET
fbem-633	4	47	sme	sme	PROPN
fbem-633	4	48	.	.	PROPN
fbem-633	5	1	based	base	VERB
fbem-633	5	2	on	on	ADP
fbem-633	5	3	the	the	DET
fbem-633	5	4	empirical	empirical	ADJ
fbem-633	5	5	analysis	analysis	NOUN
fbem-633	5	6	of	of	ADP
fbem-633	5	7	trading	trading	NOUN
fbem-633	5	8	data	datum	NOUN
fbem-633	5	9	and	and	CCONJ
fbem-633	5	10	financial	financial	ADJ
fbem-633	5	11	data	datum	NOUN
fbem-633	5	12	of	of	ADP
fbem-633	5	13	the	the	DET
fbem-633	5	14	sme	sme	PROPN
fbem-633	5	15	baord	baord	PROPN
fbem-633	5	16	,	,	PUNCT
fbem-633	5	17	this	this	DET
fbem-633	5	18	paper	paper	NOUN
fbem-633	5	19	compares	compare	VERB
fbem-633	5	20	the	the	DET
fbem-633	5	21	explanatory	explanatory	ADJ
fbem-633	5	22	abilities	ability	NOUN
fbem-633	5	23	of	of	ADP
fbem-633	5	24	the	the	DET
fbem-633	5	25	fama	fama	NOUN
fbem-633	5	26	-	-	PUNCT
fbem-633	5	27	french	french	ADJ
fbem-633	5	28	five	five	NUM
fbem-633	5	29	-	-	PUNCT
fbem-633	5	30	factor	factor	NOUN
fbem-633	5	31	model	model	NOUN
fbem-633	5	32	with	with	ADP
fbem-633	5	33	four	four	NUM
fbem-633	5	34	other	other	ADJ
fbem-633	5	35	mainstream	mainstream	NOUN
fbem-633	5	36	models	model	NOUN
fbem-633	5	37	on	on	ADP
fbem-633	5	38	factors	factor	NOUN
fbem-633	5	39	and	and	CCONJ
fbem-633	5	40	market	market	NOUN
fbem-633	5	41	anomalies	anomaly	NOUN
fbem-633	5	42	,	,	PUNCT
fbem-633	5	43	and	and	CCONJ
fbem-633	5	44	provides	provide	VERB
fbem-633	5	45	new	new	ADJ
fbem-633	5	46	and	and	CCONJ
fbem-633	5	47	feasible	feasible	ADJ
fbem-633	5	48	development	development	NOUN
fbem-633	5	49	ideas	idea	NOUN
fbem-633	5	50	for	for	ADP
fbem-633	5	51	the	the	DET
fbem-633	5	52	research	research	NOUN
fbem-633	5	53	of	of	ADP
fbem-633	5	54	asset	asset	NOUN
fbem-633	5	55	pricing	pricing	NOUN
fbem-633	5	56	models	model	NOUN
fbem-633	5	57	for	for	ADP
fbem-633	5	58	specific	specific	ADJ
fbem-633	5	59	markets	market	NOUN
fbem-633	5	60	.	.	PUNCT
fbem-633	6	1	the	the	DET
fbem-633	6	2	findings	finding	NOUN
fbem-633	6	3	of	of	ADP
fbem-633	6	4	this	this	DET
fbem-633	6	5	paper	paper	NOUN
fbem-633	6	6	are	be	AUX
fbem-633	6	7	valuable	valuable	ADJ
fbem-633	6	8	for	for	ADP
fbem-633	6	9	the	the	DET
fbem-633	6	10	construction	construction	NOUN
fbem-633	6	11	of	of	ADP
fbem-633	6	12	value	value	NOUN
fbem-633	6	13	investment	investment	NOUN
fbem-633	6	14	strategies	strategy	NOUN
fbem-633	6	15	for	for	ADP
fbem-633	6	16	chinese	chinese	ADJ
fbem-633	6	17	small	small	ADJ
fbem-633	6	18	and	and	CCONJ
fbem-633	6	19	mid	mid	ADJ
fbem-633	6	20	-	-	ADJ
fbem-633	6	21	cap	cap	ADJ
fbem-633	6	22	stocks	stock	NOUN
fbem-633	6	23	,	,	PUNCT
fbem-633	6	24	the	the	DET
fbem-633	6	25	empirical	empirical	ADJ
fbem-633	6	26	study	study	NOUN
fbem-633	6	27	of	of	ADP
fbem-633	6	28	the	the	DET
fbem-633	6	29	effectiveness	effectiveness	NOUN
fbem-633	6	30	of	of	ADP
fbem-633	6	31	market	market	NOUN
fbem-633	6	32	-	-	PUNCT
fbem-633	6	33	specific	specific	ADJ
fbem-633	6	34	asset	asset	NOUN
fbem-633	6	35	pricing	pricing	NOUN
fbem-633	6	36	models	model	NOUN
fbem-633	6	37	,	,	PUNCT
fbem-633	6	38	and	and	CCONJ
fbem-633	6	39	the	the	DET
fbem-633	6	40	prediction	prediction	NOUN
fbem-633	6	41	of	of	ADP
fbem-633	6	42	development	development	NOUN
fbem-633	6	43	trends	trend	NOUN
fbem-633	6	44	in	in	ADP
fbem-633	6	45	chinext	chinext	NOUN
fbem-633	6	46	and	and	CCONJ
fbem-633	6	47	neeq	neeq	NOUN
fbem-633	6	48	.	.	PUNCT
fbem-633	7	1	keywords	keyword	NOUN
fbem-633	7	2	:	:	PUNCT
fbem-633	7	3	fama	fama	PROPN
fbem-633	7	4	-	-	PUNCT
fbem-633	7	5	french	french	ADJ
fbem-633	7	6	five	five	NUM
fbem-633	7	7	-	-	PUNCT
fbem-633	7	8	factor	factor	NOUN
fbem-633	7	9	model	model	NOUN
fbem-633	7	10	,	,	PUNCT
fbem-633	7	11	asset	asset	NOUN
fbem-633	7	12	pricing	pricing	NOUN
fbem-633	7	13	,	,	PUNCT
fbem-633	7	14	sme	sme	NOUN
fbem-633	7	15	,	,	PUNCT
fbem-633	7	16	value	value	NOUN
fbem-633	7	17	strategy	strategy	NOUN
fbem-633	7	18	.	.	PUNCT
fbem-633	8	1	1	1	X
fbem-633	8	2	.	.	X
fbem-633	8	3	introduction	introduction	NOUN
fbem-633	8	4	the	the	DET
fbem-633	8	5	founding	founding	NOUN
fbem-633	8	6	of	of	ADP
fbem-633	8	7	chinese	chinese	PROPN
fbem-633	8	8	sme	sme	PROPN
fbem-633	8	9	board	board	PROPN
fbem-633	8	10	in	in	ADP
fbem-633	8	11	2004	2004	NUM
fbem-633	8	12	symbolizes	symbolize	VERB
fbem-633	8	13	the	the	DET
fbem-633	8	14	structural	structural	ADJ
fbem-633	8	15	reformation	reformation	NOUN
fbem-633	8	16	of	of	ADP
fbem-633	8	17	chinese	chinese	ADJ
fbem-633	8	18	security	security	NOUN
fbem-633	8	19	market	market	NOUN
fbem-633	8	20	.	.	PUNCT
fbem-633	9	1	as	as	ADP
fbem-633	9	2	an	an	DET
fbem-633	9	3	important	important	ADJ
fbem-633	9	4	component	component	NOUN
fbem-633	9	5	to	to	PART
fbem-633	9	6	construct	construct	VERB
fbem-633	9	7	multi	multi	ADJ
fbem-633	9	8	-	-	ADJ
fbem-633	9	9	level	level	ADJ
fbem-633	9	10	capital	capital	NOUN
fbem-633	9	11	market	market	NOUN
fbem-633	9	12	,	,	PUNCT
fbem-633	9	13	sme	sme	PROPN
fbem-633	9	14	board	board	PROPN
fbem-633	9	15	was	be	AUX
fbem-633	9	16	founded	found	VERB
fbem-633	9	17	to	to	PART
fbem-633	9	18	specifically	specifically	ADV
fbem-633	9	19	expand	expand	VERB
fbem-633	9	20	financing	financing	NOUN
fbem-633	9	21	channels	channel	NOUN
fbem-633	9	22	for	for	ADP
fbem-633	9	23	technological	technological	ADJ
fbem-633	9	24	innovations	innovation	NOUN
fbem-633	9	25	of	of	ADP
fbem-633	9	26	smes	sme	NOUN
fbem-633	9	27	,	,	PUNCT
fbem-633	9	28	and	and	CCONJ
fbem-633	9	29	the	the	DET
fbem-633	9	30	development	development	NOUN
fbem-633	9	31	of	of	ADP
fbem-633	9	32	emerging	emerge	VERB
fbem-633	9	33	industries	industry	NOUN
fbem-633	9	34	of	of	ADP
fbem-633	9	35	strategic	strategic	ADJ
fbem-633	9	36	importance	importance	NOUN
fbem-633	9	37	.	.	PUNCT
fbem-633	10	1	compared	compare	VERB
fbem-633	10	2	with	with	ADP
fbem-633	10	3	companies	company	NOUN
fbem-633	10	4	on	on	ADP
fbem-633	10	5	main	main	ADJ
fbem-633	10	6	board	board	NOUN
fbem-633	10	7	,	,	PUNCT
fbem-633	10	8	companies	company	NOUN
fbem-633	10	9	on	on	ADP
fbem-633	10	10	sme	sme	PROPN
fbem-633	10	11	board	board	PROPN
fbem-633	10	12	bear	bear	PROPN
fbem-633	10	13	characteristics	characteristic	NOUN
fbem-633	10	14	like	like	ADP
fbem-633	10	15	small	small	ADJ
fbem-633	10	16	market	market	NOUN
fbem-633	10	17	size	size	NOUN
fbem-633	10	18	,	,	PUNCT
fbem-633	10	19	high	high	ADJ
fbem-633	10	20	potential	potential	NOUN
fbem-633	10	21	in	in	ADP
fbem-633	10	22	growth	growth	NOUN
fbem-633	10	23	,	,	PUNCT
fbem-633	10	24	high	high	ADJ
fbem-633	10	25	technology	technology	NOUN
fbem-633	10	26	,	,	PUNCT
fbem-633	10	27	good	good	ADJ
fbem-633	10	28	risk	risk	NOUN
fbem-633	10	29	management	management	NOUN
fbem-633	10	30	etc	etc	X
fbem-633	10	31	.	.	X
fbem-633	11	1	in	in	ADP
fbem-633	11	2	recent	recent	ADJ
fbem-633	11	3	years	year	NOUN
fbem-633	11	4	,	,	PUNCT
fbem-633	11	5	under	under	ADP
fbem-633	11	6	the	the	DET
fbem-633	11	7	influence	influence	NOUN
fbem-633	11	8	of	of	ADP
fbem-633	11	9	the	the	DET
fbem-633	11	10	logic	logic	NOUN
fbem-633	11	11	behind	behind	ADP
fbem-633	11	12	inclusive	inclusive	ADJ
fbem-633	11	13	finance	finance	NOUN
fbem-633	11	14	,	,	PUNCT
fbem-633	11	15	to	to	PART
fbem-633	11	16	solve	solve	VERB
fbem-633	11	17	the	the	DET
fbem-633	11	18	financing	financing	NOUN
fbem-633	11	19	for	for	ADP
fbem-633	11	20	smes	sme	NOUN
fbem-633	11	21	has	have	AUX
fbem-633	11	22	been	be	AUX
fbem-633	11	23	a	a	DET
fbem-633	11	24	key	key	ADJ
fbem-633	11	25	direction	direction	NOUN
fbem-633	11	26	for	for	ADP
fbem-633	11	27	policies	policy	NOUN
fbem-633	11	28	.	.	PUNCT
fbem-633	12	1	sme	sme	PROPN
fbem-633	12	2	board	board	PROPN
fbem-633	12	3	has	have	AUX
fbem-633	12	4	,	,	PUNCT
fbem-633	12	5	to	to	ADP
fbem-633	12	6	a	a	DET
fbem-633	12	7	large	large	ADJ
fbem-633	12	8	extent	extent	NOUN
fbem-633	12	9	,	,	PUNCT
fbem-633	12	10	pushed	push	VERB
fbem-633	12	11	the	the	DET
fbem-633	12	12	implementation	implementation	NOUN
fbem-633	12	13	and	and	CCONJ
fbem-633	12	14	practice	practice	NOUN
fbem-633	12	15	of	of	ADP
fbem-633	12	16	related	related	ADJ
fbem-633	12	17	policies	policy	NOUN
fbem-633	12	18	.	.	PUNCT
fbem-633	13	1	while	while	SCONJ
fbem-633	13	2	sme	sme	PROPN
fbem-633	13	3	board	board	PROPN
fbem-633	13	4	is	be	AUX
fbem-633	13	5	taking	take	VERB
fbem-633	13	6	more	more	ADJ
fbem-633	13	7	proportion	proportion	NOUN
fbem-633	13	8	in	in	ADP
fbem-633	13	9	security	security	NOUN
fbem-633	13	10	market	market	NOUN
fbem-633	13	11	and	and	CCONJ
fbem-633	13	12	the	the	DET
fbem-633	13	13	market	market	NOUN
fbem-633	13	14	quotations	quotation	NOUN
fbem-633	13	15	in	in	ADP
fbem-633	13	16	small	small	ADJ
fbem-633	13	17	-	-	PUNCT
fbem-633	13	18	cap	cap	NOUN
fbem-633	13	19	stocks	stock	NOUN
fbem-633	13	20	keeps	keep	VERB
fbem-633	13	21	improving	improve	VERB
fbem-633	13	22	,	,	PUNCT
fbem-633	13	23	more	more	ADJ
fbem-633	13	24	attention	attention	NOUN
fbem-633	13	25	should	should	AUX
fbem-633	13	26	be	be	AUX
fbem-633	13	27	put	put	VERB
fbem-633	13	28	on	on	ADP
fbem-633	13	29	the	the	DET
fbem-633	13	30	research	research	NOUN
fbem-633	13	31	over	over	ADP
fbem-633	13	32	asset	asset	NOUN
fbem-633	13	33	pricing	pricing	NOUN
fbem-633	13	34	in	in	ADP
fbem-633	13	35	sme	sme	PROPN
fbem-633	13	36	board	board	PROPN
fbem-633	13	37	.	.	PUNCT
fbem-633	14	1	asset	asset	NOUN
fbem-633	14	2	pricing	pricing	NOUN
fbem-633	14	3	has	have	AUX
fbem-633	14	4	always	always	ADV
fbem-633	14	5	been	be	AUX
fbem-633	14	6	the	the	DET
fbem-633	14	7	focus	focus	NOUN
fbem-633	14	8	and	and	CCONJ
fbem-633	14	9	difficulty	difficulty	NOUN
fbem-633	14	10	in	in	ADP
fbem-633	14	11	financial	financial	ADJ
fbem-633	14	12	research	research	NOUN
fbem-633	14	13	,	,	PUNCT
fbem-633	14	14	as	as	ADV
fbem-633	14	15	well	well	ADV
fbem-633	14	16	as	as	ADP
fbem-633	14	17	an	an	DET
fbem-633	14	18	essential	essential	ADJ
fbem-633	14	19	question	question	NOUN
fbem-633	14	20	in	in	ADP
fbem-633	14	21	modern	modern	ADJ
fbem-633	14	22	financial	financial	ADJ
fbem-633	14	23	discussion	discussion	NOUN
fbem-633	14	24	.	.	PUNCT
fbem-633	15	1	based	base	VERB
fbem-633	15	2	on	on	ADP
fbem-633	15	3	the	the	DET
fbem-633	15	4	portfolio	portfolio	NOUN
fbem-633	15	5	theory	theory	NOUN
fbem-633	15	6	from	from	ADP
fbem-633	15	7	markowitz	markowitz	PROPN
fbem-633	15	8	(	(	PUNCT
fbem-633	15	9	1952	1952	NUM
fbem-633	15	10	)	)	PUNCT
fbem-633	15	11	,	,	PUNCT
fbem-633	15	12	sharpe	sharpe	PROPN
fbem-633	15	13	(	(	PUNCT
fbem-633	15	14	1964	1964	NUM
fbem-633	15	15	)	)	PUNCT
fbem-633	15	16	proposed	propose	VERB
fbem-633	15	17	capital	capital	NOUN
fbem-633	15	18	asset	asset	NOUN
fbem-633	15	19	pricing	pricing	NOUN
fbem-633	15	20	model	model	NOUN
fbem-633	15	21	(	(	PUNCT
fbem-633	15	22	capm	capm	PROPN
fbem-633	15	23	)	)	PUNCT
fbem-633	15	24	,	,	PUNCT
fbem-633	15	25	which	which	PRON
fbem-633	15	26	captured	capture	VERB
fbem-633	15	27	the	the	DET
fbem-633	15	28	relation	relation	NOUN
fbem-633	15	29	between	between	ADP
fbem-633	15	30	expected	expect	VERB
fbem-633	15	31	rate	rate	NOUN
fbem-633	15	32	of	of	ADP
fbem-633	15	33	return	return	NOUN
fbem-633	15	34	and	and	CCONJ
fbem-633	15	35	risk	risk	NOUN
fbem-633	15	36	assets	asset	NOUN
fbem-633	15	37	,	,	PUNCT
fbem-633	15	38	the	the	DET
fbem-633	15	39	formation	formation	NOUN
fbem-633	15	40	mechanism	mechanism	NOUN
fbem-633	15	41	of	of	ADP
fbem-633	15	42	equilibrium	equilibrium	NOUN
fbem-633	15	43	price	price	NOUN
fbem-633	15	44	,	,	PUNCT
fbem-633	15	45	and	and	CCONJ
fbem-633	15	46	became	become	VERB
fbem-633	15	47	the	the	DET
fbem-633	15	48	basis	basis	NOUN
fbem-633	15	49	and	and	CCONJ
fbem-633	15	50	pillar	pillar	NOUN
fbem-633	15	51	for	for	ADP
fbem-633	15	52	pricing	pricing	NOUN
fbem-633	15	53	theories	theory	NOUN
fbem-633	15	54	in	in	ADP
fbem-633	15	55	financial	financial	ADJ
fbem-633	15	56	market	market	NOUN
fbem-633	15	57	.	.	PUNCT
fbem-633	16	1	later	later	ADV
fbem-633	16	2	,	,	PUNCT
fbem-633	16	3	roll(1977	roll(1977	NOUN
fbem-633	16	4	)	)	PUNCT
fbem-633	16	5	,	,	PUNCT
fbem-633	16	6	stattman(1980	stattman(1980	NOUN
fbem-633	16	7	)	)	PUNCT
fbem-633	16	8	and	and	CCONJ
fbem-633	16	9	banz(1981	banz(1981	VERB
fbem-633	16	10	)	)	PUNCT
fbem-633	16	11	conducted	conduct	VERB
fbem-633	16	12	researches	research	NOUN
fbem-633	16	13	from	from	ADP
fbem-633	16	14	different	different	ADJ
fbem-633	16	15	perspectives	perspective	NOUN
fbem-633	16	16	to	to	PART
fbem-633	16	17	further	further	VERB
fbem-633	16	18	the	the	DET
fbem-633	16	19	development	development	NOUN
fbem-633	16	20	of	of	ADP
fbem-633	16	21	asset	asset	NOUN
fbem-633	16	22	pricing	pricing	NOUN
fbem-633	16	23	model	model	NOUN
fbem-633	16	24	.	.	PUNCT
fbem-633	17	1	based	base	VERB
fbem-633	17	2	on	on	ADP
fbem-633	17	3	predecessors	predecessor	NOUN
fbem-633	17	4	’	'	PUNCT
fbem-633	17	5	researches	research	VERB
fbem-633	17	6	,	,	PUNCT
fbem-633	17	7	the	the	DET
fbem-633	17	8	three	three	NUM
fbem-633	17	9	-	-	PUNCT
fbem-633	17	10	factor	factor	NOUN
fbem-633	17	11	model	model	NOUN
fbem-633	17	12	,	,	PUNCT
fbem-633	17	13	with	with	ADP
fbem-633	17	14	better	well	ADJ
fbem-633	17	15	explanatory	explanatory	ADJ
fbem-633	17	16	power	power	NOUN
fbem-633	17	17	,	,	PUNCT
fbem-633	17	18	was	be	AUX
fbem-633	17	19	proposed	propose	VERB
fbem-633	17	20	by	by	ADP
fbem-633	17	21	fama	fama	PROPN
fbem-633	17	22	and	and	CCONJ
fbem-633	17	23	french(1993	french(1993	NOUN
fbem-633	17	24	)	)	PUNCT
fbem-633	17	25	.	.	PUNCT
fbem-633	18	1	in	in	ADP
fbem-633	18	2	2015	2015	NUM
fbem-633	18	3	,	,	PUNCT
fbem-633	18	4	fama	fama	PROPN
fbem-633	18	5	and	and	CCONJ
fbem-633	18	6	french	french	PROPN
fbem-633	18	7	extended	extend	VERB
fbem-633	18	8	the	the	DET
fbem-633	18	9	three	three	NUM
fbem-633	18	10	-	-	PUNCT
fbem-633	18	11	factor	factor	NOUN
fbem-633	18	12	model	model	NOUN
fbem-633	18	13	into	into	ADP
fbem-633	18	14	the	the	DET
fbem-633	18	15	five	five	NUM
fbem-633	18	16	-	-	PUNCT
fbem-633	18	17	factor	factor	NOUN
fbem-633	18	18	model	model	NOUN
fbem-633	18	19	by	by	ADP
fbem-633	18	20	adding	add	VERB
fbem-633	18	21	two	two	NUM
fbem-633	18	22	factors	factor	NOUN
fbem-633	18	23	-profitability	-profitability	NOUN
fbem-633	18	24	and	and	CCONJ
fbem-633	18	25	investment	investment	NOUN
fbem-633	18	26	.	.	PUNCT
fbem-633	19	1	beside	beside	ADP
fbem-633	19	2	the	the	DET
fbem-633	19	3	above	above	ADJ
fbem-633	19	4	models	model	NOUN
fbem-633	19	5	,	,	PUNCT
fbem-633	19	6	scholars	scholar	NOUN
fbem-633	19	7	across	across	ADP
fbem-633	19	8	the	the	DET
fbem-633	19	9	world	world	NOUN
fbem-633	19	10	attempt	attempt	NOUN
fbem-633	19	11	to	to	PART
fbem-633	19	12	construct	construct	VERB
fbem-633	19	13	factors	factor	NOUN
fbem-633	19	14	from	from	ADP
fbem-633	19	15	different	different	ADJ
fbem-633	19	16	indexes	index	NOUN
fbem-633	19	17	,	,	PUNCT
fbem-633	19	18	or	or	CCONJ
fbem-633	19	19	discover	discover	VERB
fbem-633	19	20	new	new	ADJ
fbem-633	19	21	factors	factor	NOUN
fbem-633	19	22	and	and	CCONJ
fbem-633	19	23	construct	construct	VERB
fbem-633	19	24	new	new	ADJ
fbem-633	19	25	models	model	NOUN
fbem-633	19	26	from	from	ADP
fbem-633	19	27	various	various	ADJ
fbem-633	19	28	theories	theory	NOUN
fbem-633	19	29	.	.	PUNCT
fbem-633	20	1	this	this	DET
fbem-633	20	2	paper	paper	NOUN
fbem-633	20	3	takes	take	VERB
fbem-633	20	4	chinese	chinese	PROPN
fbem-633	20	5	sme	sme	PROPN
fbem-633	20	6	board	board	PROPN
fbem-633	20	7	as	as	ADP
fbem-633	20	8	the	the	DET
fbem-633	20	9	research	research	NOUN
fbem-633	20	10	object	object	NOUN
fbem-633	20	11	to	to	PART
fbem-633	20	12	compare	compare	VERB
fbem-633	20	13	,	,	PUNCT
fbem-633	20	14	from	from	ADP
fbem-633	20	15	multiple	multiple	ADJ
fbem-633	20	16	dimensions	dimension	NOUN
fbem-633	20	17	and	and	CCONJ
fbem-633	20	18	evaluation	evaluation	NOUN
fbem-633	20	19	indicators	indicator	NOUN
fbem-633	20	20	,	,	PUNCT
fbem-633	20	21	the	the	DET
fbem-633	20	22	explanatory	explanatory	ADJ
fbem-633	20	23	power	power	NOUN
fbem-633	20	24	of	of	ADP
fbem-633	20	25	different	different	ADJ
fbem-633	20	26	asset	asset	NOUN
fbem-633	20	27	pricing	pricing	NOUN
fbem-633	20	28	models	model	NOUN
fbem-633	20	29	on	on	ADP
fbem-633	20	30	sme	sme	PROPN
fbem-633	20	31	board	board	PROPN
fbem-633	20	32	and	and	CCONJ
fbem-633	20	33	analyze	analyze	VERB
fbem-633	20	34	their	their	PRON
fbem-633	20	35	differences	difference	NOUN
fbem-633	20	36	.	.	PUNCT
fbem-633	21	1	it	it	PRON
fbem-633	21	2	also	also	ADV
fbem-633	21	3	proposes	propose	VERB
fbem-633	21	4	new	new	ADJ
fbem-633	21	5	and	and	CCONJ
fbem-633	21	6	practical	practical	ADJ
fbem-633	21	7	thoughts	thought	NOUN
fbem-633	21	8	for	for	ADP
fbem-633	21	9	the	the	DET
fbem-633	21	10	researches	research	NOUN
fbem-633	21	11	on	on	ADP
fbem-633	21	12	asset	asset	NOUN
fbem-633	21	13	pricing	pricing	NOUN
fbem-633	21	14	models	model	NOUN
fbem-633	21	15	in	in	ADP
fbem-633	21	16	specific	specific	ADJ
fbem-633	21	17	markets	market	NOUN
fbem-633	21	18	such	such	ADJ
fbem-633	21	19	as	as	ADP
fbem-633	21	20	the	the	DET
fbem-633	21	21	sme	sme	PROPN
fbem-633	21	22	board	board	PROPN
fbem-633	21	23	,	,	PUNCT
fbem-633	21	24	and	and	CCONJ
fbem-633	21	25	aims	aim	VERB
fbem-633	21	26	,	,	PUNCT
fbem-633	21	27	through	through	ADP
fbem-633	21	28	the	the	DET
fbem-633	21	29	above	above	ADJ
fbem-633	21	30	analysis	analysis	NOUN
fbem-633	21	31	,	,	PUNCT
fbem-633	21	32	to	to	PART
fbem-633	21	33	provide	provide	VERB
fbem-633	21	34	certain	certain	ADJ
fbem-633	21	35	assistance	assistance	NOUN
fbem-633	21	36	to	to	ADP
fbem-633	21	37	the	the	DET
fbem-633	21	38	understanding	understanding	NOUN
fbem-633	21	39	of	of	ADP
fbem-633	21	40	the	the	DET
fbem-633	21	41	development	development	NOUN
fbem-633	21	42	of	of	ADP
fbem-633	21	43	empirical	empirical	ADJ
fbem-633	21	44	study	study	NOUN
fbem-633	21	45	,	,	PUNCT
fbem-633	21	46	investment	investment	NOUN
fbem-633	21	47	,	,	PUNCT
fbem-633	21	48	and	and	CCONJ
fbem-633	21	49	multi	multi	ADJ
fbem-633	21	50	-	-	ADJ
fbem-633	21	51	level	level	ADJ
fbem-633	21	52	capital	capital	NOUN
fbem-633	21	53	market	market	NOUN
fbem-633	21	54	.	.	PUNCT
fbem-633	22	1	2	2	X
fbem-633	22	2	.	.	X
fbem-633	22	3	data	datum	NOUN
fbem-633	22	4	selection	selection	NOUN
fbem-633	22	5	and	and	CCONJ
fbem-633	22	6	model	model	NOUN
fbem-633	22	7	construction	construction	NOUN
fbem-633	22	8	2.1	2.1	NUM
fbem-633	22	9	.	.	PUNCT
fbem-633	23	1	the	the	DET
fbem-633	23	2	selecting	selecting	NOUN
fbem-633	23	3	and	and	CCONJ
fbem-633	23	4	processing	processing	NOUN
fbem-633	23	5	of	of	ADP
fbem-633	23	6	sample	sample	NOUN
fbem-633	23	7	data	datum	NOUN
fbem-633	23	8	this	this	DET
fbem-633	23	9	paper	paper	NOUN
fbem-633	23	10	takes	take	VERB
fbem-633	23	11	the	the	DET
fbem-633	23	12	monthly	monthly	ADJ
fbem-633	23	13	data	datum	NOUN
fbem-633	23	14	of	of	ADP
fbem-633	23	15	companies	company	NOUN
fbem-633	23	16	listed	list	VERB
fbem-633	23	17	on	on	ADP
fbem-633	23	18	sme	sme	PROPN
fbem-633	23	19	board	board	PROPN
fbem-633	23	20	of	of	ADP
fbem-633	23	21	a	a	DET
fbem-633	23	22	-	-	PUNCT
fbem-633	23	23	shares	share	NOUN
fbem-633	23	24	from	from	ADP
fbem-633	23	25	june	june	PROPN
fbem-633	23	26	2004	2004	NUM
fbem-633	23	27	to	to	ADP
fbem-633	23	28	december	december	PROPN
fbem-633	23	29	2021	2021	NUM
fbem-633	23	30	as	as	ADP
fbem-633	23	31	the	the	DET
fbem-633	23	32	sample	sample	NOUN
fbem-633	23	33	data	datum	NOUN
fbem-633	23	34	.	.	PUNCT
fbem-633	24	1	(	(	PUNCT
fbem-633	24	2	due	due	ADP
fbem-633	24	3	to	to	ADP
fbem-633	24	4	“	"	PUNCT
fbem-633	24	5	2	2	NUM
fbem-633	24	6	united	united	ADJ
fbem-633	24	7	”	"	PUNCT
fbem-633	24	8	and	and	CCONJ
fbem-633	24	9	“	"	PUNCT
fbem-633	24	10	4	4	NUM
fbem-633	24	11	unchanged	unchanged	ADJ
fbem-633	24	12	”	"	PUNCT
fbem-633	24	13	,	,	PUNCT
fbem-633	24	14	the	the	DET
fbem-633	24	15	operation	operation	NOUN
fbem-633	24	16	of	of	ADP
fbem-633	24	17	sme	sme	PROPN
fbem-633	24	18	board	board	PROPN
fbem-633	24	19	has	have	AUX
fbem-633	24	20	not	not	PART
fbem-633	24	21	been	be	AUX
fbem-633	24	22	essentially	essentially	ADV
fbem-633	24	23	changed	change	VERB
fbem-633	24	24	,	,	PUNCT
fbem-633	24	25	while	while	SCONJ
fbem-633	24	26	it	it	PRON
fbem-633	24	27	has	have	AUX
fbem-633	24	28	not	not	PART
fbem-633	24	29	been	be	AUX
fbem-633	24	30	a	a	DET
fbem-633	24	31	while	while	NOUN
fbem-633	24	32	since	since	SCONJ
fbem-633	24	33	the	the	DET
fbem-633	24	34	merger	merger	NOUN
fbem-633	24	35	of	of	ADP
fbem-633	24	36	szse	szse	NOUN
fbem-633	24	37	’s	’s	PART
fbem-633	24	38	main	main	ADJ
fbem-633	24	39	board	board	NOUN
fbem-633	24	40	and	and	CCONJ
fbem-633	24	41	sme	sme	PROPN
fbem-633	24	42	board	board	PROPN
fbem-633	24	43	,	,	PUNCT
fbem-633	24	44	so	so	SCONJ
fbem-633	24	45	this	this	DET
fbem-633	24	46	paper	paper	NOUN
fbem-633	24	47	does	do	AUX
fbem-633	24	48	not	not	PART
fbem-633	24	49	exam	exam	VERB
fbem-633	24	50	the	the	DET
fbem-633	24	51	data	datum	NOUN
fbem-633	24	52	before	before	ADV
fbem-633	24	53	and	and	CCONJ
fbem-633	24	54	after	after	ADP
fbem-633	24	55	the	the	DET
fbem-633	24	56	merger	merger	NOUN
fbem-633	24	57	date	date	NOUN
fbem-633	24	58	respectively	respectively	ADV
fbem-633	24	59	.	.	PUNCT
fbem-633	24	60	)	)	PUNCT
fbem-633	25	1	1	1	NUM
fbem-633	25	2	year	year	NOUN
fbem-633	25	3	lumpsum	lumpsum	NOUN
fbem-633	25	4	deposit	deposit	NOUN
fbem-633	25	5	rate	rate	NOUN
fbem-633	25	6	is	be	AUX
fbem-633	25	7	chosen	choose	VERB
fbem-633	25	8	as	as	ADP
fbem-633	25	9	risk	risk	NOUN
fbem-633	25	10	-	-	PUNCT
fbem-633	25	11	free	free	ADJ
fbem-633	25	12	interest	interest	NOUN
fbem-633	25	13	rate	rate	NOUN
fbem-633	25	14	,	,	PUNCT
fbem-633	25	15	and	and	CCONJ
fbem-633	25	16	the	the	DET
fbem-633	25	17	market	market	NOUN
fbem-633	25	18	capitalization	capitalization	NOUN
fbem-633	25	19	of	of	ADP
fbem-633	25	20	individual	individual	ADJ
fbem-633	25	21	stocks	stock	NOUN
fbem-633	25	22	is	be	AUX
fbem-633	25	23	chosen	choose	VERB
fbem-633	25	24	as	as	ADP
fbem-633	25	25	the	the	DET
fbem-633	25	26	market	market	NOUN
fbem-633	25	27	capitalization	capitalization	NOUN
fbem-633	25	28	index	index	NOUN
fbem-633	25	29	.	.	PUNCT
fbem-633	26	1	the	the	DET
fbem-633	26	2	monthly	monthly	ADJ
fbem-633	26	3	market	market	NOUN
fbem-633	26	4	return	return	NOUN
fbem-633	26	5	is	be	AUX
fbem-633	26	6	comprehensively	comprehensively	ADV
fbem-633	26	7	calculated	calculate	VERB
fbem-633	26	8	by	by	ADP
fbem-633	26	9	adopting	adopt	VERB
fbem-633	26	10	the	the	DET
fbem-633	26	11	weighted	weighted	ADJ
fbem-633	26	12	average	average	NOUN
fbem-633	26	13	of	of	ADP
fbem-633	26	14	the	the	DET
fbem-633	26	15	market	market	NOUN
fbem-633	26	16	capitalization	capitalization	NOUN
fbem-633	26	17	on	on	ADP
fbem-633	26	18	the	the	DET
fbem-633	26	19	basis	basis	NOUN
fbem-633	26	20	of	of	ADP
fbem-633	26	21	the	the	DET
fbem-633	26	22	reinvestment	reinvestment	NOUN
fbem-633	26	23	of	of	ADP
fbem-633	26	24	cash	cash	NOUN
fbem-633	26	25	dividends	dividend	NOUN
fbem-633	26	26	.	.	PUNCT
fbem-633	27	1	according	accord	VERB
fbem-633	27	2	to	to	ADP
fbem-633	27	3	data	data	NOUN
fbem-633	27	4	processing	processing	NOUN
fbem-633	27	5	done	do	VERB
fbem-633	27	6	in	in	ADP
fbem-633	27	7	other	other	ADJ
fbem-633	27	8	chinese	chinese	ADJ
fbem-633	27	9	researches	research	NOUN
fbem-633	27	10	,	,	PUNCT
fbem-633	27	11	the	the	DET
fbem-633	27	12	data	datum	NOUN
fbem-633	27	13	6	6	NUM
fbem-633	27	14	months	month	NOUN
fbem-633	27	15	before	before	ADV
fbem-633	27	16	and	and	CCONJ
fbem-633	27	17	after	after	SCONJ
fbem-633	27	18	ipo	ipo	NOUN
fbem-633	27	19	are	be	AUX
fbem-633	27	20	excluded	exclude	VERB
fbem-633	27	21	to	to	PART
fbem-633	27	22	avoid	avoid	VERB
fbem-633	27	23	“	"	PUNCT
fbem-633	27	24	first	first	ADJ
fbem-633	27	25	day	day	NOUN
fbem-633	27	26	effect	effect	NOUN
fbem-633	27	27	”	"	PUNCT
fbem-633	27	28	and	and	CCONJ
fbem-633	27	29	“	"	PUNCT
fbem-633	27	30	ipo	ipo	NOUN
fbem-633	27	31	effect	effect	NOUN
fbem-633	27	32	”	"	PUNCT
fbem-633	27	33	.	.	PUNCT
fbem-633	28	1	st	st	PROPN
fbem-633	28	2	,	,	PUNCT
fbem-633	28	3	st	st	PROPN
fbem-633	28	4	*	*	ADJ
fbem-633	28	5	and	and	CCONJ
fbem-633	28	6	financial	financial	ADJ
fbem-633	28	7	stocks	stock	NOUN
fbem-633	28	8	are	be	AUX
fbem-633	28	9	excluded	exclude	VERB
fbem-633	28	10	to	to	PART
fbem-633	28	11	avoid	avoid	VERB
fbem-633	28	12	interference	interference	NOUN
fbem-633	28	13	.	.	PUNCT
fbem-633	29	1	all	all	DET
fbem-633	29	2	data	datum	NOUN
fbem-633	29	3	of	of	ADP
fbem-633	29	4	this	this	DET
fbem-633	29	5	paper	paper	NOUN
fbem-633	29	6	are	be	AUX
fbem-633	29	7	from	from	ADP
fbem-633	29	8	csmar	csmar	PROPN
fbem-633	29	9	.	.	PUNCT
fbem-633	30	1	35	35	NUM
fbem-633	30	2	2.2	2.2	NUM
fbem-633	30	3	.	.	PUNCT
fbem-633	31	1	factor	factor	NOUN
fbem-633	31	2	calculation	calculation	NOUN
fbem-633	31	3	and	and	CCONJ
fbem-633	31	4	model	model	NOUN
fbem-633	31	5	construction	construction	NOUN
fbem-633	31	6	this	this	DET
fbem-633	31	7	paper	paper	NOUN
fbem-633	31	8	compares	compare	VERB
fbem-633	31	9	4	4	NUM
fbem-633	31	10	main	main	ADJ
fbem-633	31	11	-	-	PUNCT
fbem-633	31	12	stream	stream	NOUN
fbem-633	31	13	factor	factor	NOUN
fbem-633	31	14	models	model	NOUN
fbem-633	31	15	with	with	ADP
fbem-633	31	16	fama	fama	NOUN
fbem-633	31	17	-	-	PUNCT
fbem-633	31	18	french	french	ADJ
fbem-633	31	19	five	five	NUM
fbem-633	31	20	-	-	PUNCT
fbem-633	31	21	factor	factor	NOUN
fbem-633	31	22	model	model	NOUN
fbem-633	31	23	(	(	PUNCT
fbem-633	31	24	ff-5	ff-5	ADJ
fbem-633	31	25	)	)	PUNCT
fbem-633	31	26	.	.	PUNCT
fbem-633	32	1	the	the	DET
fbem-633	32	2	4	4	NUM
fbem-633	32	3	models	model	NOUN
fbem-633	32	4	are	be	AUX
fbem-633	32	5	fama	fama	NOUN
fbem-633	32	6	-	-	PUNCT
fbem-633	32	7	french	french	ADJ
fbem-633	32	8	three	three	NUM
fbem-633	32	9	-	-	PUNCT
fbem-633	32	10	factor	factor	NOUN
fbem-633	32	11	model	model	NOUN
fbem-633	32	12	(	(	PUNCT
fbem-633	32	13	ff-3	ff-3	NUM
fbem-633	32	14	)	)	PUNCT
fbem-633	32	15	,	,	PUNCT
fbem-633	32	16	carhart	carhart	NOUN
fbem-633	32	17	four	four	NUM
fbem-633	32	18	-	-	PUNCT
fbem-633	32	19	factor	factor	NOUN
fbem-633	32	20	model	model	NOUN
fbem-633	32	21	(	(	PUNCT
fbem-633	32	22	ch-4	ch-4	NUM
fbem-633	32	23	)	)	PUNCT
fbem-633	32	24	,	,	PUNCT
fbem-633	32	25	novy	novy	PROPN
fbem-633	32	26	-	-	PUNCT
fbem-633	32	27	marx	marx	PROPN
fbem-633	32	28	four	four	NUM
fbem-633	32	29	-	-	PUNCT
fbem-633	32	30	factor	factor	NOUN
fbem-633	32	31	model	model	NOUN
fbem-633	32	32	(	(	PUNCT
fbem-633	32	33	nv-4	nv-4	NOUN
fbem-633	32	34	)	)	PUNCT
fbem-633	32	35	,	,	PUNCT
fbem-633	32	36	houxue	houxue	PROPN
fbem-633	32	37	-	-	PUNCT
fbem-633	32	38	zhang	zhang	PROPN
fbem-633	32	39	four	four	NUM
fbem-633	32	40	-	-	PUNCT
fbem-633	32	41	factor	factor	NOUN
fbem-633	32	42	model	model	NOUN
fbem-633	32	43	/	/	SYM
fbem-633	32	44	q	q	ADJ
fbem-633	32	45	-	-	PUNCT
fbem-633	32	46	factor	factor	NOUN
fbem-633	32	47	model	model	NOUN
fbem-633	32	48	(	(	PUNCT
fbem-633	32	49	hxz-4	hxz-4	NOUN
fbem-633	32	50	/	/	SYM
fbem-633	32	51	q	q	NOUN
fbem-633	32	52	)	)	PUNCT
fbem-633	32	53	.	.	PUNCT
fbem-633	33	1	this	this	DET
fbem-633	33	2	paper	paper	NOUN
fbem-633	33	3	does	do	AUX
fbem-633	33	4	not	not	PART
fbem-633	33	5	include	include	VERB
fbem-633	33	6	stambaugh	stambaugh	ADJ
fbem-633	33	7	-	-	PUNCT
fbem-633	33	8	yuan	yuan	NOUN
fbem-633	33	9	four	four	NUM
fbem-633	33	10	-	-	PUNCT
fbem-633	33	11	factor	factor	NOUN
fbem-633	33	12	model	model	NOUN
fbem-633	33	13	or	or	CCONJ
fbem-633	33	14	daniel	daniel	PROPN
fbem-633	33	15	-	-	PUNCT
fbem-633	33	16	hirshleifer	hirshleifer	NOUN
fbem-633	33	17	-	-	PUNCT
fbem-633	33	18	sun	sun	NOUN
fbem-633	33	19	three	three	NUM
fbem-633	33	20	-	-	PUNCT
fbem-633	33	21	factor	factor	NOUN
fbem-633	33	22	model	model	NOUN
fbem-633	33	23	,	,	PUNCT
fbem-633	33	24	because	because	SCONJ
fbem-633	33	25	the	the	DET
fbem-633	33	26	former	former	ADJ
fbem-633	33	27	is	be	AUX
fbem-633	33	28	constructed	construct	VERB
fbem-633	33	29	on	on	ADP
fbem-633	33	30	the	the	DET
fbem-633	33	31	anomalies	anomaly	NOUN
fbem-633	33	32	in	in	ADP
fbem-633	33	33	the	the	DET
fbem-633	33	34	usa	usa	PROPN
fbem-633	33	35	stock	stock	NOUN
fbem-633	33	36	market	market	NOUN
fbem-633	33	37	,	,	PUNCT
fbem-633	33	38	while	while	SCONJ
fbem-633	33	39	the	the	DET
fbem-633	33	40	latter	latter	ADJ
fbem-633	33	41	could	could	AUX
fbem-633	33	42	not	not	PART
fbem-633	33	43	get	get	VERB
fbem-633	33	44	enough	enough	ADJ
fbem-633	33	45	data	datum	NOUN
fbem-633	33	46	about	about	ADP
fbem-633	33	47	share	share	NOUN
fbem-633	33	48	repurchase	repurchase	VERB
fbem-633	33	49	and	and	CCONJ
fbem-633	33	50	so	so	ADV
fbem-633	33	51	on	on	ADV
fbem-633	33	52	in	in	ADP
fbem-633	33	53	a	a	DET
fbem-633	33	54	-	-	PUNCT
fbem-633	33	55	share	share	NOUN
fbem-633	33	56	to	to	PART
fbem-633	33	57	support	support	VERB
fbem-633	33	58	its	its	PRON
fbem-633	33	59	factor	factor	NOUN
fbem-633	33	60	calculation	calculation	NOUN
fbem-633	33	61	.	.	PUNCT
fbem-633	34	1	these	these	DET
fbem-633	34	2	2	2	NUM
fbem-633	34	3	models	model	NOUN
fbem-633	34	4	provide	provide	VERB
fbem-633	34	5	little	little	ADJ
fbem-633	34	6	help	help	NOUN
fbem-633	34	7	to	to	ADP
fbem-633	34	8	asset	asset	NOUN
fbem-633	34	9	pricing	pricing	NOUN
fbem-633	34	10	in	in	ADP
fbem-633	34	11	sme	sme	PROPN
fbem-633	34	12	board	board	PROPN
fbem-633	34	13	and	and	CCONJ
fbem-633	34	14	are	be	AUX
fbem-633	34	15	thus	thus	ADV
fbem-633	34	16	abandoned	abandon	VERB
fbem-633	34	17	.	.	PUNCT
fbem-633	35	1	2.2.1	2.2.1	NUM
fbem-633	35	2	.	.	PUNCT
fbem-633	35	3	fama	fama	NOUN
fbem-633	35	4	-	-	PUNCT
fbem-633	35	5	french	french	ADJ
fbem-633	35	6	three	three	NUM
fbem-633	35	7	-	-	PUNCT
fbem-633	35	8	factor	factor	NOUN
fbem-633	35	9	model	model	NOUN
fbem-633	35	10	beside	beside	ADP
fbem-633	35	11	capm	capm	PROPN
fbem-633	35	12	,	,	PUNCT
fbem-633	35	13	ff-3	ff-3	PRON
fbem-633	35	14	has	have	AUX
fbem-633	35	15	considered	consider	VERB
fbem-633	35	16	size	size	NOUN
fbem-633	35	17	and	and	CCONJ
fbem-633	35	18	value	value	NOUN
fbem-633	35	19	effects	effect	NOUN
fbem-633	35	20	,	,	PUNCT
fbem-633	35	21	and	and	CCONJ
fbem-633	35	22	is	be	AUX
fbem-633	35	23	formulated	formulate	VERB
fbem-633	35	24	as	as	ADP
fbem-633	35	25	the	the	DET
fbem-633	35	26	following	following	NOUN
fbem-633	35	27	:	:	PUNCT
fbem-633	35	28	in	in	ADP
fbem-633	35	29	this	this	DET
fbem-633	35	30	equation	equation	NOUN
fbem-633	35	31	,	,	PUNCT
fbem-633	35	32	is	be	AUX
fbem-633	35	33	the	the	DET
fbem-633	35	34	return	return	NOUN
fbem-633	35	35	on	on	ADP
fbem-633	35	36	portfolio	portfolio	NOUN
fbem-633	35	37	i	i	PRON
fbem-633	35	38	for	for	ADP
fbem-633	35	39	period	period	NOUN
fbem-633	35	40	t	t	NOUN
fbem-633	35	41	;	;	PUNCT
fbem-633	35	42	is	be	AUX
fbem-633	35	43	the	the	DET
fbem-633	35	44	risk	risk	NOUN
fbem-633	35	45	-	-	PUNCT
fbem-633	35	46	free	free	ADJ
fbem-633	35	47	return	return	NOUN
fbem-633	35	48	;	;	PUNCT
fbem-633	35	49	is	be	AUX
fbem-633	35	50	the	the	DET
fbem-633	35	51	return	return	NOUN
fbem-633	35	52	on	on	ADP
fbem-633	35	53	the	the	DET
fbem-633	35	54	valueweight	valueweight	NOUN
fbem-633	35	55	(	(	PUNCT
fbem-633	35	56	vw	vw	NOUN
fbem-633	35	57	)	)	PUNCT
fbem-633	35	58	market	market	NOUN
fbem-633	35	59	portfolio	portfolio	NOUN
fbem-633	35	60	;	;	PUNCT
fbem-633	35	61	is	be	AUX
fbem-633	35	62	the	the	DET
fbem-633	35	63	market	market	NOUN
fbem-633	35	64	risk	risk	NOUN
fbem-633	35	65	premium	premium	NOUN
fbem-633	35	66	,	,	PUNCT
fbem-633	35	67	which	which	PRON
fbem-633	35	68	is	be	AUX
fbem-633	35	69	the	the	DET
fbem-633	35	70	market	market	NOUN
fbem-633	35	71	factor	factor	NOUN
fbem-633	35	72	represented	represent	VERB
fbem-633	35	73	by	by	ADP
fbem-633	35	74	in	in	ADP
fbem-633	35	75	latter	latter	ADJ
fbem-633	35	76	part	part	NOUN
fbem-633	35	77	.	.	PUNCT
fbem-633	36	1	is	be	AUX
fbem-633	36	2	the	the	DET
fbem-633	36	3	size	size	NOUN
fbem-633	36	4	factor	factor	NOUN
fbem-633	36	5	,	,	PUNCT
fbem-633	36	6	and	and	CCONJ
fbem-633	36	7	stands	stand	VERB
fbem-633	36	8	for	for	ADP
fbem-633	36	9	the	the	DET
fbem-633	36	10	return	return	NOUN
fbem-633	36	11	on	on	ADP
fbem-633	36	12	a	a	DET
fbem-633	36	13	diversified	diversified	ADJ
fbem-633	36	14	portfolio	portfolio	NOUN
fbem-633	36	15	of	of	ADP
fbem-633	36	16	small	small	ADJ
fbem-633	36	17	stocks	stock	NOUN
fbem-633	36	18	minus	minus	ADP
fbem-633	36	19	the	the	DET
fbem-633	36	20	return	return	NOUN
fbem-633	36	21	on	on	ADP
fbem-633	36	22	a	a	DET
fbem-633	36	23	diversified	diversified	ADJ
fbem-633	36	24	portfolio	portfolio	NOUN
fbem-633	36	25	of	of	ADP
fbem-633	36	26	big	big	ADJ
fbem-633	36	27	stocks	stock	NOUN
fbem-633	36	28	for	for	ADP
fbem-633	36	29	period	period	NOUN
fbem-633	36	30	,	,	PUNCT
fbem-633	36	31	while	while	SCONJ
fbem-633	36	32	the	the	DET
fbem-633	36	33	size	size	NOUN
fbem-633	36	34	is	be	AUX
fbem-633	36	35	the	the	DET
fbem-633	36	36	market	market	NOUN
fbem-633	36	37	cap	cap	NOUN
fbem-633	36	38	for	for	ADP
fbem-633	36	39	sme	sme	NOUN
fbem-633	36	40	stocks	stock	NOUN
fbem-633	36	41	at	at	ADP
fbem-633	36	42	the	the	DET
fbem-633	36	43	end	end	NOUN
fbem-633	36	44	of	of	ADP
fbem-633	36	45	june	june	PROPN
fbem-633	36	46	of	of	ADP
fbem-633	36	47	year	year	NOUN
fbem-633	36	48	;	;	PUNCT
fbem-633	36	49	,	,	PUNCT
fbem-633	36	50	the	the	DET
fbem-633	36	51	value	value	NOUN
fbem-633	36	52	factor	factor	NOUN
fbem-633	36	53	,	,	PUNCT
fbem-633	36	54	is	be	AUX
fbem-633	36	55	the	the	DET
fbem-633	36	56	difference	difference	NOUN
fbem-633	36	57	between	between	ADP
fbem-633	36	58	the	the	DET
fbem-633	36	59	returns	return	NOUN
fbem-633	36	60	on	on	ADP
fbem-633	36	61	diversified	diversified	ADJ
fbem-633	36	62	portfolios	portfolio	NOUN
fbem-633	36	63	of	of	ADP
fbem-633	36	64	high	high	ADJ
fbem-633	36	65	and	and	CCONJ
fbem-633	36	66	low	low	ADJ
fbem-633	36	67	b	b	PROPN
fbem-633	36	68	/	/	SYM
fbem-633	36	69	m	m	NOUN
fbem-633	36	70	stocks	stock	NOUN
fbem-633	36	71	for	for	ADP
fbem-633	36	72	period	period	NOUN
fbem-633	36	73	,	,	PUNCT
fbem-633	36	74	and	and	CCONJ
fbem-633	36	75	b	b	X
fbem-633	36	76	/	/	SYM
fbem-633	36	77	m	m	VERB
fbem-633	36	78	equals	equal	VERB
fbem-633	36	79	the	the	DET
fbem-633	36	80	book	book	NOUN
fbem-633	36	81	value	value	NOUN
fbem-633	36	82	in	in	ADP
fbem-633	36	83	year	year	NOUN
fbem-633	36	84	1	1	NUM
fbem-633	36	85	divided	divide	VERB
fbem-633	36	86	by	by	ADP
fbem-633	36	87	the	the	DET
fbem-633	36	88	market	market	NOUN
fbem-633	36	89	cap	cap	NOUN
fbem-633	36	90	at	at	ADP
fbem-633	36	91	the	the	DET
fbem-633	36	92	end	end	NOUN
fbem-633	36	93	of	of	ADP
fbem-633	36	94	december	december	PROPN
fbem-633	36	95	of	of	ADP
fbem-633	36	96	year	year	NOUN
fbem-633	36	97	1	1	NUM
fbem-633	36	98	.	.	PUNCT
fbem-633	37	1	is	be	AUX
fbem-633	37	2	a	a	DET
fbem-633	37	3	zero	zero	NUM
fbem-633	37	4	-	-	PUNCT
fbem-633	37	5	mean	mean	NOUN
fbem-633	37	6	residual	residual	ADJ
fbem-633	37	7	.	.	PUNCT
fbem-633	38	1	like	like	ADP
fbem-633	38	2	fama	fama	NOUN
fbem-633	38	3	and	and	CCONJ
fbem-633	38	4	french	french	ADJ
fbem-633	38	5	(	(	PUNCT
fbem-633	38	6	1993	1993	NUM
fbem-633	38	7	)	)	PUNCT
fbem-633	38	8	,	,	PUNCT
fbem-633	38	9	the	the	DET
fbem-633	38	10	size	size	NOUN
fbem-633	38	11	and	and	CCONJ
fbem-633	38	12	value	value	NOUN
fbem-633	38	13	factors	factor	NOUN
fbem-633	38	14	in	in	ADP
fbem-633	38	15	this	this	DET
fbem-633	38	16	paper	paper	NOUN
fbem-633	38	17	use	use	VERB
fbem-633	38	18	independent	independent	ADJ
fbem-633	38	19	sorts	sort	NOUN
fbem-633	38	20	of	of	ADP
fbem-633	38	21	stocks	stock	NOUN
fbem-633	38	22	into	into	ADP
fbem-633	38	23	two	two	NUM
fbem-633	38	24	size	size	NOUN
fbem-633	38	25	groups	group	NOUN
fbem-633	38	26	and	and	CCONJ
fbem-633	38	27	three	three	NUM
fbem-633	38	28	b	b	X
fbem-633	38	29	/	/	SYM
fbem-633	38	30	m	m	NOUN
fbem-633	38	31	groups	group	NOUN
fbem-633	38	32	(	(	PUNCT
fbem-633	38	33	independent	independent	ADJ
fbem-633	38	34	2	2	NUM
fbem-633	38	35	×	×	NOUN
fbem-633	38	36	3	3	NUM
fbem-633	38	37	sorts	sort	NOUN
fbem-633	38	38	)	)	PUNCT
fbem-633	38	39	.	.	PUNCT
fbem-633	39	1	according	accord	VERB
fbem-633	39	2	to	to	ADP
fbem-633	39	3	median	median	ADJ
fbem-633	39	4	market	market	NOUN
fbem-633	39	5	cap	cap	NOUN
fbem-633	39	6	,	,	PUNCT
fbem-633	39	7	all	all	DET
fbem-633	39	8	sample	sample	NOUN
fbem-633	39	9	stocks	stock	NOUN
fbem-633	39	10	are	be	AUX
fbem-633	39	11	sorted	sort	VERB
fbem-633	39	12	into	into	ADP
fbem-633	39	13	two	two	NUM
fbem-633	39	14	size	size	NOUN
fbem-633	39	15	groups	group	NOUN
fbem-633	39	16	,	,	PUNCT
fbem-633	39	17	small	small	ADJ
fbem-633	39	18	(	(	PUNCT
fbem-633	39	19	s	s	NOUN
fbem-633	39	20	)	)	PUNCT
fbem-633	39	21	or	or	CCONJ
fbem-633	39	22	big	big	ADJ
fbem-633	39	23	(	(	PUNCT
fbem-633	39	24	b	b	NOUN
fbem-633	39	25	)	)	PUNCT
fbem-633	39	26	.	.	PUNCT
fbem-633	40	1	the	the	DET
fbem-633	40	2	b	b	PROPN
fbem-633	40	3	/	/	SYM
fbem-633	40	4	m	m	NOUN
fbem-633	40	5	breakpoints	breakpoint	NOUN
fbem-633	40	6	are	be	AUX
fbem-633	40	7	the	the	DET
fbem-633	40	8	30th	30th	ADJ
fbem-633	40	9	and	and	CCONJ
fbem-633	40	10	70th	70th	ADJ
fbem-633	40	11	percentiles	percentile	NOUN
fbem-633	40	12	of	of	ADP
fbem-633	40	13	b	b	NOUN
fbem-633	40	14	/	/	SYM
fbem-633	40	15	m	m	PROPN
fbem-633	40	16	for	for	ADP
fbem-633	40	17	sme	sme	NOUN
fbem-633	40	18	stocks	stock	NOUN
fbem-633	40	19	,	,	PUNCT
fbem-633	40	20	and	and	CCONJ
fbem-633	40	21	all	all	DET
fbem-633	40	22	stocks	stock	NOUN
fbem-633	40	23	are	be	AUX
fbem-633	40	24	sorted	sort	VERB
fbem-633	40	25	into	into	ADP
fbem-633	40	26	3	3	NUM
fbem-633	40	27	b	b	NOUN
fbem-633	40	28	/	/	SYM
fbem-633	40	29	m	m	NOUN
fbem-633	40	30	groups	group	NOUN
fbem-633	40	31	,	,	PUNCT
fbem-633	40	32	high	high	ADJ
fbem-633	40	33	(	(	PUNCT
fbem-633	40	34	h	h	NOUN
fbem-633	40	35	)	)	PUNCT
fbem-633	40	36	,	,	PUNCT
fbem-633	40	37	neutral	neutral	ADJ
fbem-633	40	38	(	(	PUNCT
fbem-633	40	39	n	n	CCONJ
fbem-633	40	40	)	)	PUNCT
fbem-633	40	41	,	,	PUNCT
fbem-633	40	42	or	or	CCONJ
fbem-633	40	43	low	low	ADJ
fbem-633	40	44	(	(	PUNCT
fbem-633	40	45	l	l	NOUN
fbem-633	40	46	)	)	PUNCT
fbem-633	40	47	.	.	PUNCT
fbem-633	41	1	different	different	ADJ
fbem-633	41	2	sorts	sort	NOUN
fbem-633	41	3	would	would	AUX
fbem-633	41	4	intersect	intersect	VERB
fbem-633	41	5	with	with	ADP
fbem-633	41	6	each	each	DET
fbem-633	41	7	other	other	ADJ
fbem-633	41	8	.	.	PUNCT
fbem-633	42	1	the	the	DET
fbem-633	42	2	delayed	delay	VERB
fbem-633	42	3	disclosure	disclosure	NOUN
fbem-633	42	4	of	of	ADP
fbem-633	42	5	financial	financial	ADJ
fbem-633	42	6	statements	statement	NOUN
fbem-633	42	7	would	would	AUX
fbem-633	42	8	cause	cause	VERB
fbem-633	42	9	financial	financial	ADJ
fbem-633	42	10	data	datum	NOUN
fbem-633	42	11	to	to	PART
fbem-633	42	12	mismatch	mismatch	VERB
fbem-633	42	13	with	with	ADP
fbem-633	42	14	market	market	NOUN
fbem-633	42	15	data	datum	NOUN
fbem-633	42	16	,	,	PUNCT
fbem-633	42	17	so	so	CCONJ
fbem-633	42	18	the	the	DET
fbem-633	42	19	fiscal	fiscal	ADJ
fbem-633	42	20	year	year	NOUN
fbem-633	42	21	starts	start	VERB
fbem-633	42	22	from	from	ADP
fbem-633	42	23	july	july	PROPN
fbem-633	42	24	of	of	ADP
fbem-633	42	25	year	year	NOUN
fbem-633	42	26	to	to	ADP
fbem-633	42	27	june	june	PROPN
fbem-633	42	28	of	of	ADP
fbem-633	42	29	year	year	NOUN
fbem-633	42	30	1	1	NUM
fbem-633	42	31	.	.	PUNCT
fbem-633	43	1	the	the	DET
fbem-633	43	2	construction	construction	NOUN
fbem-633	43	3	of	of	ADP
fbem-633	43	4	the	the	DET
fbem-633	43	5	factors	factor	NOUN
fbem-633	43	6	are	be	AUX
fbem-633	43	7	as	as	ADP
fbem-633	43	8	the	the	DET
fbem-633	43	9	following	following	NOUN
fbem-633	43	10	:	:	PUNCT
fbem-633	43	11	table	table	NOUN
fbem-633	43	12	1	1	NUM
fbem-633	43	13	.	.	PUNCT
fbem-633	44	1	construction	construction	NOUN
fbem-633	44	2	of	of	ADP
fbem-633	44	3	size	size	NOUN
fbem-633	44	4	,	,	PUNCT
fbem-633	44	5	b	b	X
fbem-633	44	6	/	/	SYM
fbem-633	44	7	m	m	NOUN
fbem-633	44	8	factors	factor	NOUN
fbem-633	44	9	sort	sort	VERB
fbem-633	44	10	factors	factor	NOUN
fbem-633	44	11	and	and	CCONJ
fbem-633	44	12	their	their	PRON
fbem-633	44	13	components	component	NOUN
fbem-633	44	14	2×3	2×3	NOUN
fbem-633	44	15	2	2	NUM
fbem-633	44	16	2	2	NUM
fbem-633	44	17	2	2	NUM
fbem-633	44	18	2	2	NUM
fbem-633	44	19	2.2.2	2.2.2	NUM
fbem-633	44	20	.	.	PUNCT
fbem-633	45	1	carhart	carhart	NOUN
fbem-633	45	2	four	four	NUM
fbem-633	45	3	-	-	PUNCT
fbem-633	45	4	factor	factor	NOUN
fbem-633	45	5	model	model	NOUN
fbem-633	45	6	in	in	ADP
fbem-633	45	7	addition	addition	NOUN
fbem-633	45	8	to	to	ADP
fbem-633	45	9	the	the	DET
fbem-633	45	10	ff3	ff3	PROPN
fbem-633	45	11	factors	factor	NOUN
fbem-633	45	12	,	,	PUNCT
fbem-633	45	13	ch-4	ch-4	ADV
fbem-633	45	14	includes	include	VERB
fbem-633	45	15	the	the	DET
fbem-633	45	16	momentum	momentum	NOUN
fbem-633	45	17	factor	factor	NOUN
fbem-633	45	18	,	,	PUNCT
fbem-633	45	19	and	and	CCONJ
fbem-633	45	20	the	the	DET
fbem-633	45	21	model	model	NOUN
fbem-633	45	22	is	be	AUX
fbem-633	45	23	as	as	ADP
fbem-633	45	24	below	below	ADV
fbem-633	45	25	:	:	PUNCT
fbem-633	45	26	in	in	ADP
fbem-633	45	27	the	the	DET
fbem-633	45	28	above	above	ADJ
fbem-633	45	29	equation	equation	NOUN
fbem-633	45	30	,	,	PUNCT
fbem-633	45	31	is	be	AUX
fbem-633	45	32	the	the	DET
fbem-633	45	33	momentum	momentum	NOUN
fbem-633	45	34	factor	factor	NOUN
fbem-633	45	35	.	.	PUNCT
fbem-633	46	1	at	at	ADP
fbem-633	46	2	the	the	DET
fbem-633	46	3	end	end	NOUN
fbem-633	46	4	of	of	ADP
fbem-633	46	5	each	each	DET
fbem-633	46	6	month	month	NOUN
fbem-633	46	7	,	,	PUNCT
fbem-633	46	8	the	the	DET
fbem-633	46	9	stock	stock	NOUN
fbem-633	46	10	samples	sample	NOUN
fbem-633	46	11	are	be	AUX
fbem-633	46	12	sorted	sort	VERB
fbem-633	46	13	according	accord	VERB
fbem-633	46	14	to	to	ADP
fbem-633	46	15	the	the	DET
fbem-633	46	16	individual	individual	ADJ
fbem-633	46	17	stock	stock	NOUN
fbem-633	46	18	return	return	NOUN
fbem-633	46	19	rate	rate	NOUN
fbem-633	46	20	of	of	ADP
fbem-633	46	21	11	11	NUM
fbem-633	46	22	months	month	NOUN
fbem-633	46	23	from	from	ADP
fbem-633	46	24	12	12	NUM
fbem-633	46	25	to	to	PART
fbem-633	46	26	1	1	NUM
fbem-633	46	27	,	,	PUNCT
fbem-633	46	28	and	and	CCONJ
fbem-633	46	29	the	the	DET
fbem-633	46	30	momentum	momentum	NOUN
fbem-633	46	31	factor	factor	NOUN
fbem-633	46	32	is	be	AUX
fbem-633	46	33	built	build	VERB
fbem-633	46	34	by	by	ADP
fbem-633	46	35	longing	long	VERB
fbem-633	46	36	the	the	DET
fbem-633	46	37	first	first	ADJ
fbem-633	46	38	30	30	NUM
fbem-633	46	39	%	%	NOUN
fbem-633	46	40	and	and	CCONJ
fbem-633	46	41	shorting	short	VERB
fbem-633	46	42	the	the	DET
fbem-633	46	43	last	last	ADJ
fbem-633	46	44	30	30	NUM
fbem-633	46	45	%	%	NOUN
fbem-633	46	46	of	of	ADP
fbem-633	46	47	stocks	stock	NOUN
fbem-633	46	48	.	.	PUNCT
fbem-633	47	1	the	the	DET
fbem-633	47	2	momentum	momentum	NOUN
fbem-633	47	3	factor	factor	NOUN
fbem-633	47	4	is	be	AUX
fbem-633	47	5	constructed	construct	VERB
fbem-633	47	6	by	by	ADP
fbem-633	47	7	univariate	univariate	ADJ
fbem-633	47	8	sorting	sorting	NOUN
fbem-633	47	9	,	,	PUNCT
fbem-633	47	10	and	and	CCONJ
fbem-633	47	11	the	the	DET
fbem-633	47	12	return	return	NOUN
fbem-633	47	13	of	of	ADP
fbem-633	47	14	long	long	ADJ
fbem-633	47	15	and	and	CCONJ
fbem-633	47	16	short	short	ADJ
fbem-633	47	17	portfolios	portfolio	NOUN
fbem-633	47	18	is	be	AUX
fbem-633	47	19	calculated	calculate	VERB
fbem-633	47	20	by	by	ADP
fbem-633	47	21	arithmetic	arithmetic	ADJ
fbem-633	47	22	average	average	NOUN
fbem-633	47	23	.	.	PUNCT
fbem-633	48	1	2.2.3	2.2.3	X
fbem-633	48	2	.	.	PUNCT
fbem-633	49	1	novy	novy	PROPN
fbem-633	49	2	-	-	PUNCT
fbem-633	49	3	marx	marx	PROPN
fbem-633	49	4	four	four	NUM
fbem-633	49	5	-	-	PUNCT
fbem-633	49	6	factor	factor	NOUN
fbem-633	49	7	model	model	NOUN
fbem-633	49	8	nv-4	nv-4	VERB
fbem-633	49	9	is	be	AUX
fbem-633	49	10	slightly	slightly	ADV
fbem-633	49	11	different	different	ADJ
fbem-633	49	12	from	from	ADP
fbem-633	49	13	ff-3	ff-3	NUM
fbem-633	49	14	in	in	ADP
fbem-633	49	15	data	data	NOUN
fbem-633	49	16	processing	processing	NOUN
fbem-633	49	17	and	and	CCONJ
fbem-633	49	18	includes	include	VERB
fbem-633	49	19	profitability	profitability	NOUN
fbem-633	49	20	anomalies	anomaly	NOUN
fbem-633	49	21	.	.	PUNCT
fbem-633	50	1	the	the	DET
fbem-633	50	2	following	follow	VERB
fbem-633	50	3	is	be	AUX
fbem-633	50	4	the	the	DET
fbem-633	50	5	model	model	NOUN
fbem-633	50	6	:	:	PUNCT
fbem-633	50	7	is	be	AUX
fbem-633	50	8	the	the	DET
fbem-633	50	9	momentum	momentum	NOUN
fbem-633	50	10	factor	factor	NOUN
fbem-633	50	11	,	,	PUNCT
fbem-633	50	12	which	which	PRON
fbem-633	50	13	,	,	PUNCT
fbem-633	50	14	like	like	ADP
fbem-633	50	15	in	in	ADP
fbem-633	50	16	ch-4	ch-4	NUM
fbem-633	50	17	,	,	PUNCT
fbem-633	50	18	uses	use	VERB
fbem-633	50	19	the	the	DET
fbem-633	50	20	cumulative	cumulative	ADJ
fbem-633	50	21	return	return	NOUN
fbem-633	50	22	of	of	ADP
fbem-633	50	23	individual	individual	ADJ
fbem-633	50	24	stocks	stock	NOUN
fbem-633	50	25	in	in	ADP
fbem-633	50	26	the	the	DET
fbem-633	50	27	past	past	ADJ
fbem-633	50	28	11	11	NUM
fbem-633	50	29	months	month	NOUN
fbem-633	50	30	as	as	ADP
fbem-633	50	31	the	the	DET
fbem-633	50	32	grouping	group	VERB
fbem-633	50	33	index	index	NOUN
fbem-633	50	34	and	and	CCONJ
fbem-633	50	35	updates	update	NOUN
fbem-633	50	36	in	in	ADP
fbem-633	50	37	months	month	NOUN
fbem-633	50	38	.	.	PUNCT
fbem-633	51	1	and	and	CCONJ
fbem-633	51	2	are	be	AUX
fbem-633	51	3	value	value	NOUN
fbem-633	51	4	and	and	CCONJ
fbem-633	51	5	profitability	profitability	NOUN
fbem-633	51	6	factors	factor	NOUN
fbem-633	51	7	,	,	PUNCT
fbem-633	51	8	which	which	PRON
fbem-633	51	9	respectively	respectively	ADV
fbem-633	51	10	uses	use	VERB
fbem-633	51	11	log(b	log(b	PROPN
fbem-633	51	12	/	/	SYM
fbem-633	51	13	m	m	NOUN
fbem-633	51	14	)	)	PUNCT
fbem-633	51	15	and	and	CCONJ
fbem-633	51	16	gp	gp	NOUN
fbem-633	51	17	as	as	SCONJ
fbem-633	51	18	proxy	proxy	NOUN
fbem-633	51	19	variables	variable	NOUN
fbem-633	51	20	(	(	PUNCT
fbem-633	51	21	gp	gp	NOUN
fbem-633	51	22	is	be	AUX
fbem-633	51	23	calculated	calculate	VERB
fbem-633	51	24	as	as	ADP
fbem-633	51	25	annual	annual	ADJ
fbem-633	51	26	gross	gross	ADJ
fbem-633	51	27	profit	profit	NOUN
fbem-633	51	28	divided	divide	VERB
fbem-633	51	29	by	by	ADP
fbem-633	51	30	total	total	ADJ
fbem-633	51	31	assets	asset	NOUN
fbem-633	51	32	)	)	PUNCT
fbem-633	51	33	and	and	CCONJ
fbem-633	51	34	are	be	AUX
fbem-633	51	35	replaced	replace	VERB
fbem-633	51	36	according	accord	VERB
fbem-633	51	37	to	to	ADP
fbem-633	51	38	the	the	DET
fbem-633	51	39	annual	annual	ADJ
fbem-633	51	40	report	report	NOUN
fbem-633	51	41	data	datum	NOUN
fbem-633	51	42	of	of	ADP
fbem-633	51	43	the	the	DET
fbem-633	51	44	previous	previous	ADJ
fbem-633	51	45	year	year	NOUN
fbem-633	51	46	at	at	ADP
fbem-633	51	47	the	the	DET
fbem-633	51	48	end	end	NOUN
fbem-633	51	49	of	of	ADP
fbem-633	51	50	june	june	PROPN
fbem-633	51	51	of	of	ADP
fbem-633	51	52	each	each	DET
fbem-633	51	53	year	year	NOUN
fbem-633	51	54	.	.	PUNCT
fbem-633	52	1	hml	hml	PROPN
fbem-633	52	2	,	,	PUNCT
fbem-633	52	3	umd	umd	PROPN
fbem-633	52	4	and	and	CCONJ
fbem-633	52	5	pmu	pmu	PROPN
fbem-633	52	6	are	be	AUX
fbem-633	52	7	all	all	PRON
fbem-633	52	8	constructed	construct	VERB
fbem-633	52	9	by	by	ADP
fbem-633	52	10	double	double	ADJ
fbem-633	52	11	sorting	sorting	NOUN
fbem-633	52	12	.	.	PUNCT
fbem-633	53	1	it	it	PRON
fbem-633	53	2	should	should	AUX
fbem-633	53	3	be	be	AUX
fbem-633	53	4	emphasized	emphasize	VERB
fbem-633	53	5	that	that	SCONJ
fbem-633	53	6	industry	industry	NOUN
fbem-633	53	7	neutrality	neutrality	NOUN
fbem-633	53	8	is	be	AUX
fbem-633	53	9	required	require	VERB
fbem-633	53	10	when	when	SCONJ
fbem-633	53	11	calculating	calculate	VERB
fbem-633	53	12	the	the	DET
fbem-633	53	13	portfolio	portfolio	NOUN
fbem-633	53	14	return	return	NOUN
fbem-633	53	15	,	,	PUNCT
fbem-633	53	16	which	which	PRON
fbem-633	53	17	is	be	AUX
fbem-633	53	18	,	,	PUNCT
fbem-633	53	19	for	for	ADP
fbem-633	53	20	each	each	DET
fbem-633	53	21	stock	stock	NOUN
fbem-633	53	22	in	in	ADP
fbem-633	53	23	the	the	DET
fbem-633	53	24	portfolio	portfolio	NOUN
fbem-633	53	25	,	,	PUNCT
fbem-633	53	26	the	the	DET
fbem-633	53	27	return	return	NOUN
fbem-633	53	28	of	of	ADP
fbem-633	53	29	the	the	DET
fbem-633	53	30	industry	industry	NOUN
fbem-633	53	31	,	,	PUNCT
fbem-633	53	32	to	to	PART
fbem-633	53	33	which	which	PRON
fbem-633	53	34	the	the	DET
fbem-633	53	35	stock	stock	NOUN
fbem-633	53	36	belongs	belong	VERB
fbem-633	53	37	,	,	PUNCT
fbem-633	53	38	is	be	AUX
fbem-633	53	39	subtracted	subtract	VERB
fbem-633	53	40	according	accord	VERB
fbem-633	53	41	to	to	ADP
fbem-633	53	42	its	its	PRON
fbem-633	53	43	equal	equal	ADJ
fbem-633	53	44	weight	weight	NOUN
fbem-633	53	45	.	.	PUNCT
fbem-633	54	1	2.2.4	2.2.4	NUM
fbem-633	54	2	.	.	X
fbem-633	54	3	fama	fama	PROPN
fbem-633	54	4	-	-	PUNCT
fbem-633	54	5	french	french	ADJ
fbem-633	54	6	five	five	NUM
fbem-633	54	7	-	-	PUNCT
fbem-633	54	8	factor	factor	NOUN
fbem-633	54	9	model	model	NOUN
fbem-633	54	10	on	on	ADP
fbem-633	54	11	the	the	DET
fbem-633	54	12	basis	basis	NOUN
fbem-633	54	13	of	of	ADP
fbem-633	54	14	the	the	DET
fbem-633	54	15	three	three	NUM
fbem-633	54	16	-	-	PUNCT
fbem-633	54	17	factor	factor	NOUN
fbem-633	54	18	model	model	NOUN
fbem-633	54	19	,	,	PUNCT
fbem-633	54	20	fama	fama	PROPN
fbem-633	54	21	and	and	CCONJ
fbem-633	54	22	french	french	ADJ
fbem-633	54	23	added	add	VERB
fbem-633	54	24	profitability	profitability	NOUN
fbem-633	54	25	and	and	CCONJ
fbem-633	54	26	investment	investment	NOUN
fbem-633	54	27	factors	factor	NOUN
fbem-633	54	28	,	,	PUNCT
fbem-633	54	29	and	and	CCONJ
fbem-633	54	30	expanded	expand	VERB
fbem-633	54	31	the	the	DET
fbem-633	54	32	three	three	NUM
fbem-633	54	33	-	-	PUNCT
fbem-633	54	34	factor	factor	NOUN
fbem-633	54	35	model	model	NOUN
fbem-633	54	36	into	into	ADP
fbem-633	54	37	a	a	DET
fbem-633	54	38	five	five	NUM
fbem-633	54	39	-	-	PUNCT
fbem-633	54	40	factor	factor	NOUN
fbem-633	54	41	model	model	NOUN
fbem-633	54	42	.	.	PUNCT
fbem-633	55	1	the	the	DET
fbem-633	55	2	model	model	NOUN
fbem-633	55	3	is	be	AUX
fbem-633	55	4	shown	show	VERB
fbem-633	55	5	as	as	SCONJ
fbem-633	55	6	follows	follow	VERB
fbem-633	55	7	:	:	PUNCT
fbem-633	55	8	,	,	PUNCT
fbem-633	55	9	the	the	DET
fbem-633	55	10	profitability	profitability	NOUN
fbem-633	55	11	factor	factor	NOUN
fbem-633	55	12	,	,	PUNCT
fbem-633	55	13	is	be	AUX
fbem-633	55	14	the	the	DET
fbem-633	55	15	difference	difference	NOUN
fbem-633	55	16	between	between	ADP
fbem-633	55	17	the	the	DET
fbem-633	55	18	portfolios	portfolio	NOUN
fbem-633	55	19	with	with	ADP
fbem-633	55	20	robust	robust	ADJ
fbem-633	55	21	profitability	profitability	NOUN
fbem-633	55	22	(	(	PUNCT
fbem-633	55	23	r	r	NOUN
fbem-633	55	24	)	)	PUNCT
fbem-633	55	25	and	and	CCONJ
fbem-633	55	26	the	the	DET
fbem-633	55	27	portfolios	portfolio	NOUN
fbem-633	55	28	with	with	ADP
fbem-633	55	29	weak	weak	ADJ
fbem-633	55	30	profitability	profitability	NOUN
fbem-633	55	31	(	(	PUNCT
fbem-633	55	32	w	w	NOUN
fbem-633	55	33	)	)	PUNCT
fbem-633	55	34	.	.	PUNCT
fbem-633	56	1	following	follow	VERB
fbem-633	56	2	relevant	relevant	ADJ
fbem-633	56	3	researches	research	NOUN
fbem-633	56	4	in	in	ADP
fbem-633	56	5	china	china	PROPN
fbem-633	56	6	on	on	ADP
fbem-633	56	7	asset	asset	NOUN
fbem-633	56	8	pricing	pricing	NOUN
fbem-633	56	9	models	model	NOUN
fbem-633	56	10	,	,	PUNCT
fbem-633	56	11	the	the	DET
fbem-633	56	12	operating	operating	NOUN
fbem-633	56	13	profitability	profitability	NOUN
fbem-633	56	14	(	(	PUNCT
fbem-633	56	15	op	op	NOUN
fbem-633	56	16	)	)	PUNCT
fbem-633	56	17	is	be	AUX
fbem-633	56	18	calculated	calculate	VERB
fbem-633	56	19	by	by	ADP
fbem-633	56	20	dividing	divide	VERB
fbem-633	56	21	total	total	ADJ
fbem-633	56	22	operating	operating	NOUN
fbem-633	56	23	profit	profit	NOUN
fbem-633	56	24	by	by	ADP
fbem-633	56	25	shareholders	shareholder	NOUN
fbem-633	56	26	'	'	PART
fbem-633	56	27	equity	equity	NOUN
fbem-633	56	28	.	.	PUNCT
fbem-633	57	1	is	be	AUX
fbem-633	57	2	the	the	DET
fbem-633	57	3	investment	investment	NOUN
fbem-633	57	4	factor	factor	NOUN
fbem-633	57	5	and	and	CCONJ
fbem-633	57	6	is	be	AUX
fbem-633	57	7	the	the	DET
fbem-633	57	8	difference	difference	NOUN
fbem-633	57	9	between	between	ADP
fbem-633	57	10	the	the	DET
fbem-633	57	11	returns	return	NOUN
fbem-633	57	12	on	on	ADP
fbem-633	57	13	diversified	diversified	ADJ
fbem-633	57	14	portfolios	portfolio	NOUN
fbem-633	57	15	of	of	ADP
fbem-633	57	16	the	the	DET
fbem-633	57	17	stocks	stock	NOUN
fbem-633	57	18	of	of	ADP
fbem-633	57	19	low	low	ADJ
fbem-633	57	20	and	and	CCONJ
fbem-633	57	21	high	high	ADJ
fbem-633	57	22	investment	investment	NOUN
fbem-633	57	23	firms	firm	NOUN
fbem-633	57	24	,	,	PUNCT
fbem-633	57	25	which	which	PRON
fbem-633	57	26	we	we	PRON
fbem-633	57	27	call	call	VERB
fbem-633	57	28	conservative	conservative	ADJ
fbem-633	57	29	(	(	PUNCT
fbem-633	57	30	c	c	NOUN
fbem-633	57	31	)	)	PUNCT
fbem-633	57	32	and	and	CCONJ
fbem-633	57	33	aggressive	aggressive	ADJ
fbem-633	57	34	(	(	PUNCT
fbem-633	57	35	a	a	NOUN
fbem-633	57	36	)	)	PUNCT
fbem-633	57	37	.	.	PUNCT
fbem-633	58	1	investment	investment	NOUN
fbem-633	58	2	(	(	PUNCT
fbem-633	58	3	inv	inv	PROPN
fbem-633	58	4	)	)	PUNCT
fbem-633	58	5	is	be	AUX
fbem-633	58	6	the	the	DET
fbem-633	58	7	increase	increase	NOUN
fbem-633	58	8	in	in	ADP
fbem-633	58	9	total	total	ADJ
fbem-633	58	10	assets	asset	NOUN
fbem-633	58	11	from	from	ADP
fbem-633	58	12	the	the	DET
fbem-633	58	13	fiscal	fiscal	ADJ
fbem-633	58	14	year	year	NOUN
fbem-633	58	15	ending	end	VERB
fbem-633	58	16	in	in	ADP
fbem-633	58	17	year	year	NOUN
fbem-633	58	18	2	2	NUM
fbem-633	58	19	to	to	ADP
fbem-633	58	20	the	the	DET
fbem-633	58	21	fiscal	fiscal	ADJ
fbem-633	58	22	year	year	NOUN
fbem-633	58	23	ending	end	VERB
fbem-633	58	24	in	in	ADP
fbem-633	58	25	year	year	NOUN
fbem-633	58	26	1	1	NUM
fbem-633	58	27	,	,	PUNCT
fbem-633	58	28	divided	divide	VERB
fbem-633	58	29	by	by	ADP
fbem-633	58	30	the	the	DET
fbem-633	58	31	total	total	ADJ
fbem-633	58	32	assets	asset	NOUN
fbem-633	58	33	at	at	ADP
fbem-633	58	34	the	the	DET
fbem-633	58	35	end	end	NOUN
fbem-633	58	36	of	of	ADP
fbem-633	58	37	year	year	NOUN
fbem-633	58	38	2	2	NUM
fbem-633	58	39	.	.	NOUN
fbem-633	58	40	ff-5	ff-5	ADJ
fbem-633	58	41	also	also	ADV
fbem-633	58	42	uses	use	VERB
fbem-633	58	43	2×3	2×3	NUM
fbem-633	58	44	sorts	sort	NOUN
fbem-633	58	45	,	,	PUNCT
fbem-633	58	46	and	and	CCONJ
fbem-633	58	47	except	except	SCONJ
fbem-633	58	48	market	market	NOUN
fbem-633	58	49	risk	risk	NOUN
fbem-633	58	50	premium	premium	NOUN
fbem-633	58	51	factor	factor	NOUN
fbem-633	58	52	(	(	PUNCT
fbem-633	58	53	mkt	mkt	PROPN
fbem-633	58	54	)	)	PUNCT
fbem-633	58	55	,	,	PUNCT
fbem-633	58	56	the	the	DET
fbem-633	58	57	equation	equation	NOUN
fbem-633	58	58	for	for	ADP
fbem-633	58	59	the	the	DET
fbem-633	58	60	other	other	ADJ
fbem-633	58	61	four	four	NUM
fbem-633	58	62	factors	factor	NOUN
fbem-633	58	63	is	be	AUX
fbem-633	58	64	as	as	SCONJ
fbem-633	58	65	follows	follow	VERB
fbem-633	58	66	:	:	PUNCT
fbem-633	58	67	table	table	NOUN
fbem-633	58	68	2	2	NUM
fbem-633	58	69	.	.	PUNCT
fbem-633	58	70	construction	construction	NOUN
fbem-633	58	71	of	of	ADP
fbem-633	58	72	size	size	NOUN
fbem-633	58	73	,	,	PUNCT
fbem-633	58	74	b	b	X
fbem-633	58	75	/	/	SYM
fbem-633	58	76	m	m	PROPN
fbem-633	58	77	,	,	PUNCT
fbem-633	58	78	profitability	profitability	NOUN
fbem-633	58	79	,	,	PUNCT
fbem-633	58	80	and	and	CCONJ
fbem-633	58	81	investment	investment	NOUN
fbem-633	58	82	factors	factor	NOUN
fbem-633	58	83	sort	sort	VERB
fbem-633	58	84	factors	factor	NOUN
fbem-633	58	85	and	and	CCONJ
fbem-633	58	86	their	their	PRON
fbem-633	58	87	components	component	NOUN
fbem-633	58	88	2×3	2×3	NOUN
fbem-633	58	89	3	3	NUM
fbem-633	58	90	3	3	NUM
fbem-633	58	91	3	3	NUM
fbem-633	58	92	3	3	NUM
fbem-633	58	93	3	3	NUM
fbem-633	58	94	3	3	NUM
fbem-633	58	95	3	3	NUM
fbem-633	58	96	,	,	PUNCT
fbem-633	58	97	2	2	NUM
fbem-633	58	98	2	2	NUM
fbem-633	58	99	2	2	NUM
fbem-633	58	100	2	2	NUM
fbem-633	58	101	,	,	PUNCT
fbem-633	58	102	2	2	NUM
fbem-633	58	103	2	2	NUM
fbem-633	58	104	2.2.5	2.2.5	NUM
fbem-633	58	105	.	.	PUNCT
fbem-633	59	1	hou	hou	PROPN
fbem-633	59	2	-	-	PUNCT
fbem-633	59	3	xue	xue	PROPN
fbem-633	59	4	-	-	PUNCT
fbem-633	59	5	zhang	zhang	PROPN
fbem-633	59	6	four	four	NUM
fbem-633	59	7	-	-	PUNCT
fbem-633	59	8	factor	factor	NOUN
fbem-633	59	9	model	model	NOUN
fbem-633	59	10	the	the	DET
fbem-633	59	11	q	q	ADJ
fbem-633	59	12	-	-	PUNCT
fbem-633	59	13	factor	factor	NOUN
fbem-633	59	14	model	model	NOUN
fbem-633	59	15	is	be	AUX
fbem-633	59	16	based	base	VERB
fbem-633	59	17	on	on	ADP
fbem-633	59	18	the	the	DET
fbem-633	59	19	q	q	NOUN
fbem-633	59	20	-	-	NOUN
fbem-633	59	21	theory	theory	NOUN
fbem-633	59	22	from	from	ADP
fbem-633	59	23	the	the	DET
fbem-633	59	24	economist	economist	NOUN
fbem-633	59	25	james	james	PROPN
fbem-633	59	26	tobin	tobin	PROPN
fbem-633	59	27	,	,	PUNCT
fbem-633	59	28	and	and	CCONJ
fbem-633	59	29	is	be	AUX
fbem-633	59	30	essentially	essentially	ADV
fbem-633	59	31	different	different	ADJ
fbem-633	59	32	from	from	ADP
fbem-633	59	33	the	the	DET
fbem-633	59	34	36	36	NUM
fbem-633	59	35	previous	previous	ADJ
fbem-633	59	36	models	model	NOUN
fbem-633	59	37	.	.	PUNCT
fbem-633	60	1	however	however	ADV
fbem-633	60	2	,	,	PUNCT
fbem-633	60	3	the	the	DET
fbem-633	60	4	construction	construction	NOUN
fbem-633	60	5	of	of	ADP
fbem-633	60	6	factors	factor	NOUN
fbem-633	60	7	and	and	CCONJ
fbem-633	60	8	the	the	DET
fbem-633	60	9	model	model	NOUN
fbem-633	60	10	form	form	NOUN
fbem-633	60	11	of	of	ADP
fbem-633	60	12	q	q	ADJ
fbem-633	60	13	-	-	PUNCT
fbem-633	60	14	factor	factor	NOUN
fbem-633	60	15	model	model	NOUN
fbem-633	60	16	have	have	AUX
fbem-633	60	17	not	not	PART
fbem-633	60	18	changed	change	VERB
fbem-633	60	19	significantly	significantly	ADV
fbem-633	60	20	.	.	PUNCT
fbem-633	61	1	the	the	DET
fbem-633	61	2	model	model	NOUN
fbem-633	61	3	is	be	AUX
fbem-633	61	4	shown	show	VERB
fbem-633	61	5	as	as	ADP
fbem-633	61	6	below	below	ADV
fbem-633	61	7	:	:	PUNCT
fbem-633	61	8	,	,	PUNCT
fbem-633	61	9	,	,	PUNCT
fbem-633	61	10	,	,	PUNCT
fbem-633	61	11	/	/	SYM
fbem-633	61	12	/	/	SYM
fbem-633	61	13	,	,	PUNCT
fbem-633	61	14	/	/	PUNCT
fbem-633	61	15	is	be	AUX
fbem-633	61	16	the	the	DET
fbem-633	61	17	investment	investment	NOUN
fbem-633	61	18	factor	factor	NOUN
fbem-633	61	19	,	,	PUNCT
fbem-633	61	20	which	which	PRON
fbem-633	61	21	is	be	AUX
fbem-633	61	22	constructed	construct	VERB
fbem-633	61	23	by	by	ADP
fbem-633	61	24	the	the	DET
fbem-633	61	25	change	change	NOUN
fbem-633	61	26	rate	rate	NOUN
fbem-633	61	27	of	of	ADP
fbem-633	61	28	total	total	ADJ
fbem-633	61	29	assets	asset	NOUN
fbem-633	61	30	as	as	ADP
fbem-633	61	31	the	the	DET
fbem-633	61	32	proxy	proxy	ADJ
fbem-633	61	33	variable	variable	NOUN
fbem-633	61	34	like	like	ADP
fbem-633	61	35	the	the	DET
fbem-633	61	36	investment	investment	NOUN
fbem-633	61	37	factor	factor	NOUN
fbem-633	61	38	(	(	PUNCT
fbem-633	61	39	cma	cma	NOUN
fbem-633	61	40	)	)	PUNCT
fbem-633	61	41	in	in	ADP
fbem-633	61	42	ff-5	ff-5	ADJ
fbem-633	61	43	.	.	PUNCT
fbem-633	62	1	is	be	AUX
fbem-633	62	2	profit	profit	NOUN
fbem-633	62	3	index	index	NOUN
fbem-633	62	4	,	,	PUNCT
fbem-633	62	5	and	and	CCONJ
fbem-633	62	6	roe	roe	PROPN
fbem-633	62	7	is	be	AUX
fbem-633	62	8	calculated	calculate	VERB
fbem-633	62	9	from	from	ADP
fbem-633	62	10	net	net	ADJ
fbem-633	62	11	profit	profit	NOUN
fbem-633	62	12	/	/	SYM
fbem-633	62	13	net	net	ADJ
fbem-633	62	14	assets	asset	NOUN
fbem-633	62	15	.	.	PUNCT
fbem-633	63	1	the	the	DET
fbem-633	63	2	market	market	NOUN
fbem-633	63	3	factor	factor	NOUN
fbem-633	63	4	and	and	CCONJ
fbem-633	63	5	investment	investment	NOUN
fbem-633	63	6	factor	factor	NOUN
fbem-633	63	7	are	be	AUX
fbem-633	63	8	updated	update	VERB
fbem-633	63	9	annually	annually	ADV
fbem-633	63	10	with	with	ADP
fbem-633	63	11	reference	reference	NOUN
fbem-633	63	12	to	to	ADP
fbem-633	63	13	the	the	DET
fbem-633	63	14	fiscal	fiscal	ADJ
fbem-633	63	15	year	year	NOUN
fbem-633	63	16	in	in	ADP
fbem-633	63	17	ff-5	ff-5	ADJ
fbem-633	63	18	and	and	CCONJ
fbem-633	63	19	other	other	ADJ
fbem-633	63	20	models	model	NOUN
fbem-633	63	21	,	,	PUNCT
fbem-633	63	22	and	and	CCONJ
fbem-633	63	23	the	the	DET
fbem-633	63	24	roe	roe	NOUN
fbem-633	63	25	is	be	AUX
fbem-633	63	26	adjusted	adjust	VERB
fbem-633	63	27	according	accord	VERB
fbem-633	63	28	to	to	ADP
fbem-633	63	29	quarters	quarter	NOUN
fbem-633	63	30	,	,	PUNCT
fbem-633	63	31	which	which	PRON
fbem-633	63	32	means	mean	VERB
fbem-633	63	33	1quarter	1quarter	NUM
fbem-633	63	34	-	-	PUNCT
fbem-633	63	35	lagged	lag	VERB
fbem-633	63	36	roe	roe	NOUN
fbem-633	63	37	is	be	AUX
fbem-633	63	38	taken	take	VERB
fbem-633	63	39	as	as	ADP
fbem-633	63	40	the	the	DET
fbem-633	63	41	sorting	sort	VERB
fbem-633	63	42	standard	standard	NOUN
fbem-633	63	43	.	.	PUNCT
fbem-633	64	1	following	follow	VERB
fbem-633	64	2	hou	hou	PROPN
fbem-633	64	3	(	(	PUNCT
fbem-633	64	4	2015	2015	NUM
fbem-633	64	5	)	)	PUNCT
fbem-633	64	6	and	and	CCONJ
fbem-633	64	7	other	other	ADJ
fbem-633	64	8	researches	research	NOUN
fbem-633	64	9	,	,	PUNCT
fbem-633	64	10	this	this	DET
fbem-633	64	11	paper	paper	NOUN
fbem-633	64	12	uses	use	VERB
fbem-633	64	13	the	the	DET
fbem-633	64	14	independent	independent	ADJ
fbem-633	64	15	sorts	sort	NOUN
fbem-633	64	16	,	,	PUNCT
fbem-633	64	17	2×3×3	2×3×3	NUM
fbem-633	64	18	,	,	PUNCT
fbem-633	64	19	to	to	PART
fbem-633	64	20	calculate	calculate	VERB
fbem-633	64	21	the	the	DET
fbem-633	64	22	portfolio	portfolio	NOUN
fbem-633	64	23	return	return	NOUN
fbem-633	64	24	.	.	PUNCT
fbem-633	65	1	3	3	X
fbem-633	65	2	.	.	X
fbem-633	65	3	comparison	comparison	NOUN
fbem-633	65	4	of	of	ADP
fbem-633	65	5	effectiveness	effectiveness	NOUN
fbem-633	65	6	of	of	ADP
fbem-633	65	7	factor	factor	NOUN
fbem-633	65	8	models	model	NOUN
fbem-633	65	9	3.1	3.1	NUM
fbem-633	65	10	.	.	PUNCT
fbem-633	65	11	descriptive	descriptive	ADJ
fbem-633	65	12	statistics	statistic	NOUN
fbem-633	65	13	and	and	CCONJ
fbem-633	65	14	correlation	correlation	NOUN
fbem-633	65	15	matrix	matrix	NOUN
fbem-633	65	16	before	before	ADP
fbem-633	65	17	formally	formally	ADV
fbem-633	65	18	comparing	compare	VERB
fbem-633	65	19	the	the	DET
fbem-633	65	20	effectiveness	effectiveness	NOUN
fbem-633	65	21	of	of	ADP
fbem-633	65	22	the	the	DET
fbem-633	65	23	model	model	NOUN
fbem-633	65	24	,	,	PUNCT
fbem-633	65	25	it	it	PRON
fbem-633	65	26	is	be	AUX
fbem-633	65	27	necessary	necessary	ADJ
fbem-633	65	28	to	to	PART
fbem-633	65	29	analyze	analyze	VERB
fbem-633	65	30	the	the	DET
fbem-633	65	31	similarities	similarity	NOUN
fbem-633	65	32	and	and	CCONJ
fbem-633	65	33	differences	difference	NOUN
fbem-633	65	34	between	between	ADP
fbem-633	65	35	the	the	DET
fbem-633	65	36	factors	factor	NOUN
fbem-633	65	37	through	through	ADP
fbem-633	65	38	descriptive	descriptive	ADJ
fbem-633	65	39	statistics	statistic	NOUN
fbem-633	65	40	and	and	CCONJ
fbem-633	65	41	correlation	correlation	NOUN
fbem-633	65	42	matrix	matrix	NOUN
fbem-633	65	43	to	to	PART
fbem-633	65	44	preliminarily	preliminarily	ADV
fbem-633	65	45	understand	understand	VERB
fbem-633	65	46	the	the	DET
fbem-633	65	47	overall	overall	ADJ
fbem-633	65	48	situation	situation	NOUN
fbem-633	65	49	of	of	ADP
fbem-633	65	50	the	the	DET
fbem-633	65	51	data	datum	NOUN
fbem-633	65	52	.	.	PUNCT
fbem-633	66	1	the	the	DET
fbem-633	66	2	following	follow	VERB
fbem-633	66	3	table	table	NOUN
fbem-633	66	4	shows	show	VERB
fbem-633	66	5	the	the	DET
fbem-633	66	6	descriptive	descriptive	ADJ
fbem-633	66	7	statistical	statistical	ADJ
fbem-633	66	8	results	result	NOUN
fbem-633	66	9	of	of	ADP
fbem-633	66	10	14	14	NUM
fbem-633	66	11	factors	factor	NOUN
fbem-633	66	12	,	,	PUNCT
fbem-633	66	13	including	include	VERB
fbem-633	66	14	sample	sample	NOUN
fbem-633	66	15	number	number	NOUN
fbem-633	66	16	(	(	PUNCT
fbem-633	66	17	n	n	CCONJ
fbem-633	66	18	)	)	PUNCT
fbem-633	66	19	,	,	PUNCT
fbem-633	66	20	arithmetic	arithmetic	ADJ
fbem-633	66	21	mean	mean	NOUN
fbem-633	66	22	(	(	PUNCT
fbem-633	66	23	mean	mean	ADJ
fbem-633	66	24	)	)	PUNCT
fbem-633	66	25	,	,	PUNCT
fbem-633	66	26	standard	standard	ADJ
fbem-633	66	27	deviation	deviation	NOUN
fbem-633	66	28	(	(	PUNCT
fbem-633	66	29	sd	sd	NOUN
fbem-633	66	30	)	)	PUNCT
fbem-633	66	31	,	,	PUNCT
fbem-633	66	32	minimum	minimum	NOUN
fbem-633	66	33	(	(	PUNCT
fbem-633	66	34	min	min	NOUN
fbem-633	66	35	)	)	PUNCT
fbem-633	66	36	,	,	PUNCT
fbem-633	66	37	50th	50th	ADJ
fbem-633	66	38	percentile	percentile	NOUN
fbem-633	66	39	(	(	PUNCT
fbem-633	66	40	p50	p50	NOUN
fbem-633	66	41	)	)	PUNCT
fbem-633	66	42	and	and	CCONJ
fbem-633	66	43	maximum	maximum	ADJ
fbem-633	66	44	(	(	PUNCT
fbem-633	66	45	max	max	PROPN
fbem-633	66	46	)	)	PUNCT
fbem-633	66	47	.	.	PUNCT
fbem-633	67	1	table	table	NOUN
fbem-633	67	2	3	3	NUM
fbem-633	67	3	.	.	PUNCT
fbem-633	67	4	descriptive	descriptive	ADJ
fbem-633	67	5	statistics	statistic	NOUN
fbem-633	67	6	of	of	ADP
fbem-633	67	7	factors	factor	NOUN
fbem-633	67	8	descriptive	descriptive	ADJ
fbem-633	67	9	statistics	statistic	NOUN
fbem-633	67	10	of	of	ADP
fbem-633	67	11	factors	factor	NOUN
fbem-633	67	12	n	n	PRON
fbem-633	67	13	mean	mean	VERB
fbem-633	67	14	sd	sd	ADP
fbem-633	67	15	min	min	PROPN
fbem-633	67	16	p50	p50	PROPN
fbem-633	67	17	max	max	PROPN
fbem-633	67	18	mkt	mkt	PROPN
fbem-633	67	19	186	186	NUM
fbem-633	67	20	1.024	1.024	NUM
fbem-633	67	21	8.280	8.280	NUM
fbem-633	67	22	-26.835	-26.835	NUM
fbem-633	67	23	1.132	1.132	NUM
fbem-633	67	24	29.604	29.604	NUM
fbem-633	67	25	smb(ff-3	smb(ff-3	X
fbem-633	67	26	)	)	PUNCT
fbem-633	67	27	186	186	NUM
fbem-633	67	28	0.406	0.406	NUM
fbem-633	67	29	5.219	5.219	NUM
fbem-633	67	30	-18.246	-18.246	NUM
fbem-633	67	31	0.492	0.492	NUM
fbem-633	67	32	23.114	23.114	NUM
fbem-633	67	33	hml(ff-3	hml(ff-3	NOUN
fbem-633	67	34	)	)	PUNCT
fbem-633	67	35	186	186	NUM
fbem-633	67	36	0.315	0.315	NUM
fbem-633	67	37	4.320	4.320	NUM
fbem-633	67	38	-13.704	-13.704	NUM
fbem-633	67	39	0.106	0.106	NUM
fbem-633	67	40	18.621	18.621	NUM
fbem-633	67	41	mom	mom	NOUN
fbem-633	67	42	186	186	NUM
fbem-633	67	43	0.474	0.474	NUM
fbem-633	67	44	1.949	1.949	NUM
fbem-633	67	45	-1.861	-1.861	NOUN
fbem-633	67	46	0.165	0.165	NUM
fbem-633	67	47	5.993	5.993	NUM
fbem-633	67	48	smb(ff-5	smb(ff-5	NUM
fbem-633	67	49	)	)	PUNCT
fbem-633	67	50	186	186	NUM
fbem-633	67	51	0.516	0.516	NUM
fbem-633	67	52	3.712	3.712	NUM
fbem-633	67	53	-11.274	-11.274	NOUN
fbem-633	67	54	0.582	0.582	NUM
fbem-633	67	55	12.794	12.794	NUM
fbem-633	67	56	hml(ff-5	hml(ff-5	ADV
fbem-633	67	57	)	)	PUNCT
fbem-633	67	58	186	186	NUM
fbem-633	67	59	0.342	0.342	NUM
fbem-633	67	60	3.716	3.716	NUM
fbem-633	67	61	-14.787	-14.787	NUM
fbem-633	67	62	0.127	0.127	NUM
fbem-633	67	63	16.731	16.731	NUM
fbem-633	67	64	rmw	rmw	PROPN
fbem-633	67	65	186	186	NUM
fbem-633	67	66	-0.426	-0.426	NUM
fbem-633	67	67	4.214	4.214	NUM
fbem-633	67	68	-15.831	-15.831	NOUN
fbem-633	67	69	-0.311	-0.311	NUM
fbem-633	67	70	18.217	18.217	NUM
fbem-633	67	71	cma	cma	NOUN
fbem-633	67	72	186	186	NUM
fbem-633	67	73	0.109	0.109	NUM
fbem-633	67	74	2.723	2.723	NUM
fbem-633	67	75	-7.388	-7.388	PUNCT
fbem-633	67	76	0.004	0.004	NUM
fbem-633	67	77	11.294	11.294	NUM
fbem-633	67	78	hml(nv-4	hml(nv-4	NOUN
fbem-633	67	79	)	)	PUNCT
fbem-633	67	80	186	186	NUM
fbem-633	67	81	0.317	0.317	NUM
fbem-633	67	82	4.314	4.314	NUM
fbem-633	67	83	-13.655	-13.655	ADP
fbem-633	67	84	0.104	0.104	NUM
fbem-633	67	85	18.626	18.626	NUM
fbem-633	67	86	umd	umd	NOUN
fbem-633	67	87	186	186	NUM
fbem-633	67	88	1.290	1.290	NUM
fbem-633	67	89	6.256	6.256	NUM
fbem-633	67	90	-22.675	-22.675	NUM
fbem-633	67	91	0.422	0.422	NUM
fbem-633	67	92	30.135	30.135	NUM
fbem-633	67	93	pmu	pmu	NOUN
fbem-633	67	94	186	186	NUM
fbem-633	67	95	-0.380	-0.380	PROPN
fbem-633	67	96	4.696	4.696	NUM
fbem-633	67	97	-16.790	-16.790	NUM
fbem-633	67	98	-0.128	-0.128	PROPN
fbem-633	67	99	17.071	17.071	NUM
fbem-633	67	100	me	i	PRON
fbem-633	67	101	150	150	NUM
fbem-633	67	102	0.939	0.939	NUM
fbem-633	67	103	3.910	3.910	NUM
fbem-633	67	104	-6.554	-6.554	NOUN
fbem-633	67	105	0.554	0.554	NUM
fbem-633	67	106	30.225	30.225	NUM
fbem-633	67	107	i	i	PRON
fbem-633	67	108	/	/	SYM
fbem-633	67	109	a	a	PRON
fbem-633	67	110	150	150	NUM
fbem-633	67	111	-0.002	-0.002	SYM
fbem-633	67	112	4.176	4.176	NUM
fbem-633	67	113	-37.496	-37.496	NOUN
fbem-633	67	114	-0.038	-0.038	PUNCT
fbem-633	67	115	8.945	8.945	NUM
fbem-633	67	116	roe	roe	NOUN
fbem-633	67	117	150	150	NUM
fbem-633	67	118	0.065	0.065	NUM
fbem-633	67	119	4.868	4.868	NUM
fbem-633	67	120	-13.644	-13.644	NOUN
fbem-633	67	121	0.080	0.080	NUM
fbem-633	67	122	41.856	41.856	NUM
fbem-633	67	123	through	through	ADP
fbem-633	67	124	descriptive	descriptive	ADJ
fbem-633	67	125	statistics	statistic	NOUN
fbem-633	67	126	,	,	PUNCT
fbem-633	67	127	it	it	PRON
fbem-633	67	128	can	can	AUX
fbem-633	67	129	be	be	AUX
fbem-633	67	130	inferred	infer	VERB
fbem-633	67	131	that	that	SCONJ
fbem-633	67	132	the	the	DET
fbem-633	67	133	ability	ability	NOUN
fbem-633	67	134	of	of	ADP
fbem-633	67	135	different	different	ADJ
fbem-633	67	136	factors	factor	NOUN
fbem-633	67	137	to	to	PART
fbem-633	67	138	capture	capture	VERB
fbem-633	67	139	excess	excess	ADJ
fbem-633	67	140	returns	return	NOUN
fbem-633	67	141	varies	vary	VERB
fbem-633	67	142	greatly	greatly	ADV
fbem-633	67	143	.	.	PUNCT
fbem-633	68	1	according	accord	VERB
fbem-633	68	2	to	to	ADP
fbem-633	68	3	the	the	DET
fbem-633	68	4	fact	fact	NOUN
fbem-633	68	5	that	that	SCONJ
fbem-633	68	6	the	the	DET
fbem-633	68	7	statistical	statistical	ADJ
fbem-633	68	8	characteristics	characteristic	NOUN
fbem-633	68	9	of	of	ADP
fbem-633	68	10	the	the	DET
fbem-633	68	11	factors	factor	NOUN
fbem-633	68	12	constructed	construct	VERB
fbem-633	68	13	by	by	ADP
fbem-633	68	14	the	the	DET
fbem-633	68	15	same	same	ADJ
fbem-633	68	16	proxy	proxy	NOUN
fbem-633	68	17	index	index	NOUN
fbem-633	68	18	do	do	AUX
fbem-633	68	19	not	not	PART
fbem-633	68	20	converge	converge	VERB
fbem-633	68	21	,	,	PUNCT
fbem-633	68	22	it	it	PRON
fbem-633	68	23	shows	show	VERB
fbem-633	68	24	that	that	SCONJ
fbem-633	68	25	the	the	DET
fbem-633	68	26	factor	factor	NOUN
fbem-633	68	27	return	return	NOUN
fbem-633	68	28	is	be	AUX
fbem-633	68	29	sensitive	sensitive	ADJ
fbem-633	68	30	to	to	ADP
fbem-633	68	31	the	the	DET
fbem-633	68	32	data	datum	NOUN
fbem-633	68	33	frequency	frequency	NOUN
fbem-633	68	34	and	and	CCONJ
fbem-633	68	35	sorting	sorting	NOUN
fbem-633	68	36	method	method	NOUN
fbem-633	68	37	.	.	PUNCT
fbem-633	69	1	therefore	therefore	ADV
fbem-633	69	2	,	,	PUNCT
fbem-633	69	3	factors	factor	NOUN
fbem-633	69	4	constructed	construct	VERB
fbem-633	69	5	by	by	ADP
fbem-633	69	6	different	different	ADJ
fbem-633	69	7	methods	method	NOUN
fbem-633	69	8	could	could	AUX
fbem-633	69	9	have	have	VERB
fbem-633	69	10	significantly	significantly	ADV
fbem-633	69	11	different	different	ADJ
fbem-633	69	12	explanatory	explanatory	ADJ
fbem-633	69	13	power	power	NOUN
fbem-633	69	14	to	to	ADP
fbem-633	69	15	anomalies	anomaly	NOUN
fbem-633	69	16	,	,	PUNCT
fbem-633	69	17	and	and	CCONJ
fbem-633	69	18	the	the	DET
fbem-633	69	19	degree	degree	NOUN
fbem-633	69	20	of	of	ADP
fbem-633	69	21	deviation	deviation	NOUN
fbem-633	69	22	needs	need	VERB
fbem-633	69	23	to	to	PART
fbem-633	69	24	be	be	AUX
fbem-633	69	25	further	far	ADV
fbem-633	69	26	checked	check	VERB
fbem-633	69	27	.	.	PUNCT
fbem-633	70	1	in	in	ADP
fbem-633	70	2	order	order	NOUN
fbem-633	70	3	to	to	PART
fbem-633	70	4	observe	observe	VERB
fbem-633	70	5	the	the	DET
fbem-633	70	6	commonness	commonness	NOUN
fbem-633	70	7	between	between	ADP
fbem-633	70	8	factors	factor	NOUN
fbem-633	70	9	,	,	PUNCT
fbem-633	70	10	we	we	PRON
fbem-633	70	11	calculate	calculate	VERB
fbem-633	70	12	the	the	DET
fbem-633	70	13	correlation	correlation	NOUN
fbem-633	70	14	coefficient	coefficient	NOUN
fbem-633	70	15	between	between	ADP
fbem-633	70	16	each	each	DET
fbem-633	70	17	two	two	NUM
fbem-633	70	18	factors	factor	NOUN
fbem-633	70	19	and	and	CCONJ
fbem-633	70	20	integrate	integrate	VERB
fbem-633	70	21	the	the	DET
fbem-633	70	22	result	result	NOUN
fbem-633	70	23	into	into	ADP
fbem-633	70	24	a	a	DET
fbem-633	70	25	correlation	correlation	NOUN
fbem-633	70	26	matrix	matrix	NOUN
fbem-633	70	27	,	,	PUNCT
fbem-633	70	28	as	as	SCONJ
fbem-633	70	29	shown	show	VERB
fbem-633	70	30	in	in	ADP
fbem-633	70	31	the	the	DET
fbem-633	70	32	following	follow	VERB
fbem-633	70	33	table	table	NOUN
fbem-633	70	34	:	:	PUNCT
fbem-633	70	35	table	table	NOUN
fbem-633	70	36	4	4	NUM
fbem-633	70	37	.	.	PUNCT
fbem-633	70	38	correlation	correlation	NOUN
fbem-633	70	39	matrix	matrix	NOUN
fbem-633	70	40	of	of	ADP
fbem-633	70	41	factors	factor	NOUN
fbem-633	70	42	correlation	correlation	NOUN
fbem-633	70	43	matrix	matrix	NOUN
fbem-633	70	44	of	of	ADP
fbem-633	70	45	factors	factor	NOUN
fbem-633	70	46	rmw	rmw	PROPN
fbem-633	70	47	cma	cma	PROPN
fbem-633	70	48	mom	mom	PROPN
fbem-633	70	49	pmu	pmu	PROPN
fbem-633	70	50	umd	umd	PROPN
fbem-633	71	1	i	i	PROPN
fbem-633	71	2	/	/	SYM
fbem-633	71	3	a	a	DET
fbem-633	71	4	roe	roe	NOUN
fbem-633	71	5	rmw	rmw	PROPN
fbem-633	71	6	1.000	1.000	NUM
fbem-633	71	7	cma	cma	NOUN
fbem-633	71	8	-0.480	-0.480	PROPN
fbem-633	71	9	*	*	PUNCT
fbem-633	71	10	*	*	PUNCT
fbem-633	71	11	*	*	PUNCT
fbem-633	71	12	1.000	1.000	NUM
fbem-633	71	13	mom	mom	NOUN
fbem-633	71	14	0.057	0.057	NUM
fbem-633	71	15	-0.013	-0.013	PUNCT
fbem-633	71	16	1.000	1.000	NUM
fbem-633	71	17	pmu	pmu	NOUN
fbem-633	71	18	0.702	0.702	NUM
fbem-633	71	19	*	*	PUNCT
fbem-633	71	20	*	*	PUNCT
fbem-633	71	21	*	*	PUNCT
fbem-633	71	22	-0.369	-0.369	PUNCT
fbem-633	71	23	*	*	PUNCT
fbem-633	71	24	*	*	PUNCT
fbem-633	71	25	*	*	X
fbem-633	71	26	0.034	0.034	NUM
fbem-633	71	27	1.000	1.000	NUM
fbem-633	71	28	umd	umd	NOUN
fbem-633	71	29	0.148	0.148	NUM
fbem-633	71	30	*	*	PUNCT
fbem-633	71	31	*	*	PUNCT
fbem-633	71	32	0.095	0.095	NUM
fbem-633	71	33	0.372	0.372	NUM
fbem-633	71	34	*	*	PUNCT
fbem-633	71	35	*	*	PUNCT
fbem-633	71	36	*	*	PUNCT
fbem-633	71	37	-0.009	-0.009	NUM
fbem-633	71	38	1.000	1.000	NUM
fbem-633	71	39	i	i	NOUN
fbem-633	71	40	/	/	SYM
fbem-633	71	41	a	a	DET
fbem-633	71	42	-0.378	-0.378	NOUN
fbem-633	71	43	*	*	NOUN
fbem-633	71	44	*	*	NOUN
fbem-633	71	45	*	*	PUNCT
fbem-633	71	46	0.551	0.551	NUM
fbem-633	71	47	*	*	PUNCT
fbem-633	71	48	*	*	PUNCT
fbem-633	71	49	*	*	PUNCT
fbem-633	71	50	-0.010	-0.010	PUNCT
fbem-633	71	51	-0.190	-0.190	ADJ
fbem-633	71	52	*	*	PUNCT
fbem-633	71	53	*	*	PUNCT
fbem-633	71	54	-0.318	-0.318	PUNCT
fbem-633	71	55	*	*	PUNCT
fbem-633	71	56	*	*	PUNCT
fbem-633	71	57	*	*	PUNCT
fbem-633	71	58	1.000	1.000	NUM
fbem-633	71	59	roe	roe	NOUN
fbem-633	71	60	0.513	0.513	NUM
fbem-633	71	61	*	*	PUNCT
fbem-633	71	62	*	*	PUNCT
fbem-633	71	63	*	*	PUNCT
fbem-633	71	64	-0.313	-0.313	PUNCT
fbem-633	71	65	*	*	PUNCT
fbem-633	71	66	*	*	PUNCT
fbem-633	71	67	*	*	PUNCT
fbem-633	71	68	0.098	0.098	NUM
fbem-633	71	69	0.270	0.270	NUM
fbem-633	71	70	*	*	PUNCT
fbem-633	71	71	*	*	PUNCT
fbem-633	71	72	*	*	PUNCT
fbem-633	71	73	0.455	0.455	NUM
fbem-633	71	74	*	*	PUNCT
fbem-633	71	75	*	*	PUNCT
fbem-633	71	76	*	*	PUNCT
fbem-633	71	77	-0.582	-0.582	VERB
fbem-633	71	78	*	*	PUNCT
fbem-633	71	79	*	*	PUNCT
fbem-633	71	80	*	*	PUNCT
fbem-633	71	81	1.000	1.000	NUM
fbem-633	71	82	mkt	mkt	NOUN
fbem-633	71	83	-0.213	-0.213	NOUN
fbem-633	71	84	*	*	PUNCT
fbem-633	71	85	*	*	PUNCT
fbem-633	71	86	*	*	X
fbem-633	71	87	0.045	0.045	NUM
fbem-633	71	88	-0.058	-0.058	NUM
fbem-633	71	89	-0.167	-0.167	ADJ
fbem-633	71	90	*	*	PUNCT
fbem-633	71	91	*	*	PUNCT
fbem-633	71	92	0.002	0.002	NUM
fbem-633	71	93	0.217	0.217	NUM
fbem-633	71	94	*	*	PUNCT
fbem-633	71	95	*	*	PUNCT
fbem-633	71	96	*	*	PUNCT
fbem-633	71	97	-0.297	-0.297	PROPN
fbem-633	71	98	*	*	PUNCT
fbem-633	71	99	*	*	PUNCT
fbem-633	71	100	*	*	PUNCT
fbem-633	71	101	smb	smb	NOUN
fbem-633	71	102	-0.396	-0.396	NOUN
fbem-633	71	103	*	*	PUNCT
fbem-633	71	104	*	*	PUNCT
fbem-633	71	105	*	*	PUNCT
fbem-633	71	106	0.282	0.282	NUM
fbem-633	71	107	*	*	PUNCT
fbem-633	71	108	*	*	PUNCT
fbem-633	71	109	*	*	PUNCT
fbem-633	71	110	-0.209	-0.209	NOUN
fbem-633	71	111	*	*	PUNCT
fbem-633	71	112	*	*	PUNCT
fbem-633	71	113	*	*	PUNCT
fbem-633	71	114	-0.260	-0.260	PUNCT
fbem-633	71	115	*	*	PUNCT
fbem-633	71	116	*	*	PUNCT
fbem-633	71	117	*	*	PUNCT
fbem-633	71	118	-0.174	-0.174	PUNCT
fbem-633	71	119	*	*	PUNCT
fbem-633	71	120	*	*	PUNCT
fbem-633	71	121	0.142	0.142	NUM
fbem-633	71	122	*	*	PUNCT
fbem-633	71	123	-0.262	-0.262	PUNCT
fbem-633	71	124	*	*	PUNCT
fbem-633	71	125	*	*	PUNCT
fbem-633	71	126	*	*	PUNCT
fbem-633	71	127	hml	hml	NOUN
fbem-633	71	128	-0.387	-0.387	PUNCT
fbem-633	71	129	*	*	PUNCT
fbem-633	71	130	*	*	PUNCT
fbem-633	71	131	*	*	PUNCT
fbem-633	71	132	0.191	0.191	NUM
fbem-633	71	133	*	*	PUNCT
fbem-633	71	134	*	*	PUNCT
fbem-633	71	135	*	*	PUNCT
fbem-633	71	136	0.011	0.011	NUM
fbem-633	71	137	-0.561	-0.561	NOUN
fbem-633	71	138	*	*	PUNCT
fbem-633	71	139	*	*	PUNCT
fbem-633	71	140	*	*	PUNCT
fbem-633	71	141	0.080	0.080	NUM
fbem-633	71	142	0.044	0.044	NUM
fbem-633	71	143	-0.035	-0.035	NOUN
fbem-633	71	144	*	*	PUNCT
fbem-633	71	145	*	*	PUNCT
fbem-633	71	146	*	*	PUNCT
fbem-633	71	147	p<.01	p<.01	VERB
fbem-633	71	148	,	,	PUNCT
fbem-633	71	149	*	*	PUNCT
fbem-633	71	150	*	*	NOUN
fbem-633	71	151	p<.05	p<.05	NOUN
fbem-633	71	152	,	,	PUNCT
fbem-633	71	153	*	*	PUNCT
fbem-633	71	154	p<.1	p<.1	VERB
fbem-633	71	155	the	the	DET
fbem-633	71	156	correlation	correlation	NOUN
fbem-633	71	157	matrix	matrix	NOUN
fbem-633	71	158	shows	show	VERB
fbem-633	71	159	:	:	PUNCT
fbem-633	72	1	1	1	X
fbem-633	72	2	.	.	X
fbem-633	72	3	in	in	ADP
fbem-633	72	4	general	general	ADJ
fbem-633	72	5	,	,	PUNCT
fbem-633	72	6	there	there	PRON
fbem-633	72	7	is	be	VERB
fbem-633	72	8	a	a	DET
fbem-633	72	9	certain	certain	ADJ
fbem-633	72	10	connection	connection	NOUN
fbem-633	72	11	between	between	ADP
fbem-633	72	12	the	the	DET
fbem-633	72	13	factors	factor	NOUN
fbem-633	72	14	of	of	ADP
fbem-633	72	15	sme	sme	PROPN
fbem-633	72	16	board	board	PROPN
fbem-633	72	17	;	;	PUNCT
fbem-633	72	18	2	2	X
fbem-633	72	19	.	.	X
fbem-633	72	20	the	the	DET
fbem-633	72	21	connection	connection	NOUN
fbem-633	72	22	between	between	ADP
fbem-633	72	23	momentum	momentum	NOUN
fbem-633	72	24	factors	factor	NOUN
fbem-633	72	25	,	,	PUNCT
fbem-633	72	26	mom	mom	NOUN
fbem-633	72	27	and	and	CCONJ
fbem-633	72	28	umd	umd	NOUN
fbem-633	72	29	,	,	PUNCT
fbem-633	72	30	and	and	CCONJ
fbem-633	72	31	other	other	ADJ
fbem-633	72	32	factors	factor	NOUN
fbem-633	72	33	is	be	AUX
fbem-633	72	34	relatively	relatively	ADV
fbem-633	72	35	insignificant	insignificant	ADJ
fbem-633	72	36	,	,	PUNCT
fbem-633	72	37	and	and	CCONJ
fbem-633	72	38	the	the	DET
fbem-633	72	39	37	37	NUM
fbem-633	72	40	momentum	momentum	NOUN
fbem-633	72	41	effect	effect	NOUN
fbem-633	72	42	is	be	AUX
fbem-633	72	43	weakly	weakly	ADV
fbem-633	72	44	affected	affect	VERB
fbem-633	72	45	by	by	ADP
fbem-633	72	46	other	other	ADJ
fbem-633	72	47	effects	effect	NOUN
fbem-633	72	48	.	.	PUNCT
fbem-633	73	1	however	however	ADV
fbem-633	73	2	,	,	PUNCT
fbem-633	73	3	the	the	DET
fbem-633	73	4	correlation	correlation	NOUN
fbem-633	73	5	analysis	analysis	NOUN
fbem-633	73	6	can	can	AUX
fbem-633	73	7	only	only	ADV
fbem-633	73	8	provide	provide	VERB
fbem-633	73	9	a	a	DET
fbem-633	73	10	reference	reference	NOUN
fbem-633	73	11	for	for	ADP
fbem-633	73	12	the	the	DET
fbem-633	73	13	connection	connection	NOUN
fbem-633	73	14	between	between	ADP
fbem-633	73	15	factors	factor	NOUN
fbem-633	73	16	.	.	PUNCT
fbem-633	74	1	how	how	SCONJ
fbem-633	74	2	the	the	DET
fbem-633	74	3	factors	factor	NOUN
fbem-633	74	4	of	of	ADP
fbem-633	74	5	the	the	DET
fbem-633	74	6	compared	compare	VERB
fbem-633	74	7	models	model	NOUN
fbem-633	74	8	replace	replace	VERB
fbem-633	74	9	and	and	CCONJ
fbem-633	74	10	explain	explain	VERB
fbem-633	74	11	each	each	DET
fbem-633	74	12	other	other	ADJ
fbem-633	74	13	should	should	AUX
fbem-633	74	14	be	be	AUX
fbem-633	74	15	further	far	ADV
fbem-633	74	16	tested	test	VERB
fbem-633	74	17	and	and	CCONJ
fbem-633	74	18	observed	observe	VERB
fbem-633	74	19	.	.	PUNCT
fbem-633	75	1	3.2	3.2	NUM
fbem-633	75	2	.	.	PUNCT
fbem-633	76	1	the	the	DET
fbem-633	76	2	comparison	comparison	NOUN
fbem-633	76	3	of	of	ADP
fbem-633	76	4	model	model	NOUN
fbem-633	76	5	explanatory	explanatory	ADJ
fbem-633	76	6	power	power	NOUN
fbem-633	76	7	since	since	SCONJ
fbem-633	76	8	ff-5	ff-5	PRON
fbem-633	76	9	is	be	AUX
fbem-633	76	10	the	the	DET
fbem-633	76	11	“	"	PUNCT
fbem-633	76	12	axis	axis	NOUN
fbem-633	76	13	”	"	PUNCT
fbem-633	76	14	in	in	ADP
fbem-633	76	15	the	the	DET
fbem-633	76	16	asset	asset	NOUN
fbem-633	76	17	models	model	NOUN
fbem-633	76	18	,	,	PUNCT
fbem-633	76	19	ff-5	ff-5	PRON
fbem-633	76	20	will	will	AUX
fbem-633	76	21	be	be	AUX
fbem-633	76	22	used	use	VERB
fbem-633	76	23	as	as	ADP
fbem-633	76	24	the	the	DET
fbem-633	76	25	benchmark	benchmark	NOUN
fbem-633	76	26	to	to	PART
fbem-633	76	27	compare	compare	VERB
fbem-633	76	28	all	all	DET
fbem-633	76	29	models	model	NOUN
fbem-633	76	30	.	.	PUNCT
fbem-633	77	1	the	the	DET
fbem-633	77	2	explanatory	explanatory	ADJ
fbem-633	77	3	power	power	NOUN
fbem-633	77	4	of	of	ADP
fbem-633	77	5	ff-5	ff-5	ADJ
fbem-633	77	6	and	and	CCONJ
fbem-633	77	7	other	other	ADJ
fbem-633	77	8	models	model	NOUN
fbem-633	77	9	will	will	AUX
fbem-633	77	10	be	be	AUX
fbem-633	77	11	compared	compare	VERB
fbem-633	77	12	from	from	ADP
fbem-633	77	13	the	the	DET
fbem-633	77	14	following	follow	VERB
fbem-633	77	15	three	three	NUM
fbem-633	77	16	dimensions	dimension	NOUN
fbem-633	77	17	:	:	PUNCT
fbem-633	77	18	1	1	X
fbem-633	77	19	.	.	X
fbem-633	77	20	regression	regression	NOUN
fbem-633	77	21	of	of	ADP
fbem-633	77	22	the	the	DET
fbem-633	77	23	other	other	ADJ
fbem-633	77	24	models	model	NOUN
fbem-633	77	25	to	to	ADP
fbem-633	77	26	the	the	DET
fbem-633	77	27	anomalies	anomaly	NOUN
fbem-633	77	28	contained	contain	VERB
fbem-633	77	29	in	in	ADP
fbem-633	77	30	this	this	DET
fbem-633	77	31	model	model	NOUN
fbem-633	77	32	;	;	PUNCT
fbem-633	77	33	2	2	X
fbem-633	77	34	.	.	X
fbem-633	77	35	joint	joint	ADJ
fbem-633	77	36	regression	regression	NOUN
fbem-633	77	37	of	of	ADP
fbem-633	77	38	this	this	DET
fbem-633	77	39	model	model	NOUN
fbem-633	77	40	to	to	ADP
fbem-633	77	41	all	all	DET
fbem-633	77	42	factors	factor	NOUN
fbem-633	77	43	of	of	ADP
fbem-633	77	44	the	the	DET
fbem-633	77	45	other	other	ADJ
fbem-633	77	46	models	model	NOUN
fbem-633	77	47	;	;	PUNCT
fbem-633	78	1	3	3	X
fbem-633	78	2	.	.	X
fbem-633	79	1	the	the	DET
fbem-633	79	2	regression	regression	NOUN
fbem-633	79	3	of	of	ADP
fbem-633	79	4	ff-5	ff-5	ADJ
fbem-633	79	5	and	and	CCONJ
fbem-633	79	6	the	the	DET
fbem-633	79	7	other	other	ADJ
fbem-633	79	8	models	model	NOUN
fbem-633	79	9	to	to	ADP
fbem-633	79	10	the	the	DET
fbem-633	79	11	anomalies	anomaly	NOUN
fbem-633	79	12	excluded	exclude	VERB
fbem-633	79	13	from	from	ADP
fbem-633	79	14	all	all	DET
fbem-633	79	15	models	model	NOUN
fbem-633	79	16	.	.	PUNCT
fbem-633	80	1	the	the	DET
fbem-633	80	2	following	follow	VERB
fbem-633	80	3	three	three	NUM
fbem-633	80	4	problems	problem	NOUN
fbem-633	80	5	are	be	AUX
fbem-633	80	6	meant	mean	VERB
fbem-633	80	7	to	to	PART
fbem-633	80	8	be	be	AUX
fbem-633	80	9	solved	solve	VERB
fbem-633	80	10	:	:	PUNCT
fbem-633	80	11	whether	whether	SCONJ
fbem-633	80	12	the	the	DET
fbem-633	80	13	chosen	choose	VERB
fbem-633	80	14	model	model	NOUN
fbem-633	80	15	contains	contain	VERB
fbem-633	80	16	excess	excess	ADJ
fbem-633	80	17	returns	return	NOUN
fbem-633	80	18	that	that	PRON
fbem-633	80	19	can	can	AUX
fbem-633	80	20	not	not	PART
fbem-633	80	21	be	be	AUX
fbem-633	80	22	explained	explain	VERB
fbem-633	80	23	by	by	ADP
fbem-633	80	24	other	other	ADJ
fbem-633	80	25	models	model	NOUN
fbem-633	80	26	,	,	PUNCT
fbem-633	80	27	whether	whether	SCONJ
fbem-633	80	28	the	the	DET
fbem-633	80	29	other	other	ADJ
fbem-633	80	30	models	model	NOUN
fbem-633	80	31	contain	contain	VERB
fbem-633	80	32	excess	excess	ADJ
fbem-633	80	33	returns	return	NOUN
fbem-633	80	34	that	that	PRON
fbem-633	80	35	can	can	AUX
fbem-633	80	36	not	not	PART
fbem-633	80	37	be	be	AUX
fbem-633	80	38	explained	explain	VERB
fbem-633	80	39	by	by	ADP
fbem-633	80	40	this	this	DET
fbem-633	80	41	model	model	NOUN
fbem-633	80	42	,	,	PUNCT
fbem-633	80	43	and	and	CCONJ
fbem-633	80	44	how	how	SCONJ
fbem-633	80	45	many	many	ADJ
fbem-633	80	46	kinds	kind	NOUN
fbem-633	80	47	of	of	ADP
fbem-633	80	48	market	market	NOUN
fbem-633	80	49	abnormal	abnormal	ADJ
fbem-633	80	50	returns	return	NOUN
fbem-633	80	51	can	can	AUX
fbem-633	80	52	be	be	AUX
fbem-633	80	53	explained	explain	VERB
fbem-633	80	54	by	by	ADP
fbem-633	80	55	each	each	DET
fbem-633	80	56	model	model	NOUN
fbem-633	80	57	.	.	PUNCT
fbem-633	81	1	3.2.1	3.2.1	X
fbem-633	81	2	.	.	PUNCT
fbem-633	82	1	regression	regression	NOUN
fbem-633	82	2	of	of	ADP
fbem-633	82	3	other	other	ADJ
fbem-633	82	4	models	model	NOUN
fbem-633	82	5	to	to	ADP
fbem-633	82	6	factors	factor	NOUN
fbem-633	82	7	of	of	ADP
fbem-633	82	8	this	this	DET
fbem-633	82	9	model	model	NOUN
fbem-633	82	10	table	table	NOUN
fbem-633	82	11	5	5	NUM
fbem-633	82	12	.	.	PUNCT
fbem-633	83	1	regression	regression	NOUN
fbem-633	83	2	of	of	ADP
fbem-633	83	3	the	the	DET
fbem-633	83	4	other	other	ADJ
fbem-633	83	5	models	model	NOUN
fbem-633	83	6	to	to	ADP
fbem-633	83	7	rmw	rmw	PROPN
fbem-633	83	8	,	,	PUNCT
fbem-633	83	9	cma	cma	PROPN
fbem-633	83	10	regression	regression	NOUN
fbem-633	83	11	of	of	ADP
fbem-633	83	12	the	the	DET
fbem-633	83	13	other	other	ADJ
fbem-633	83	14	models	model	NOUN
fbem-633	83	15	to	to	ADP
fbem-633	83	16	rmw	rmw	PROPN
fbem-633	83	17	,	,	PUNCT
fbem-633	83	18	cma	cma	PROPN
fbem-633	83	19	rmw	rmw	PROPN
fbem-633	83	20	cma	cma	PROPN
fbem-633	83	21	ff-3	ff-3	PROPN
fbem-633	83	22	ch-4	ch-4	PRON
fbem-633	83	23	nv-4	nv-4	ADP
fbem-633	83	24	hxz-4	hxz-4	PRON
fbem-633	83	25	ff-3	ff-3	ADJ
fbem-633	83	26	ch-4	ch-4	ADV
fbem-633	83	27	nv-4	nv-4	PART
fbem-633	83	28	hxz-4	hxz-4	PRON
fbem-633	83	29	mkt	mkt	PROPN
fbem-633	84	1	-.068	-.068	INTJ
fbem-633	84	2	*	*	PROPN
fbem-633	84	3	-.068	-.068	PROPN
fbem-633	84	4	*	*	PUNCT
fbem-633	84	5	-.049	-.049	PROPN
fbem-633	84	6	-.084	-.084	PROPN
fbem-633	84	7	*	*	PROPN
fbem-633	84	8	*	*	PUNCT
fbem-633	85	1	-.002	-.002	INTJ
fbem-633	85	2	-.002	-.002	VERB
fbem-633	85	3	-.007	-.007	PROPN
fbem-633	85	4	.011	.011	NUM
fbem-633	85	5	(	(	PUNCT
fbem-633	85	6	.039	.039	NUM
fbem-633	85	7	)	)	PUNCT
fbem-633	85	8	(	(	PUNCT
fbem-633	85	9	.039	.039	NUM
fbem-633	85	10	)	)	PUNCT
fbem-633	85	11	(	(	PUNCT
fbem-633	85	12	.034	.034	NUM
fbem-633	85	13	)	)	PUNCT
fbem-633	85	14	(	(	PUNCT
fbem-633	85	15	.033	.033	NUM
fbem-633	85	16	)	)	PUNCT
fbem-633	85	17	(	(	PUNCT
fbem-633	85	18	.034	.034	NUM
fbem-633	85	19	)	)	PUNCT
fbem-633	85	20	(	(	PUNCT
fbem-633	85	21	.034	.034	NUM
fbem-633	85	22	)	)	PUNCT
fbem-633	85	23	(	(	PUNCT
fbem-633	85	24	.032	.032	NUM
fbem-633	85	25	)	)	PUNCT
fbem-633	85	26	(	(	PUNCT
fbem-633	85	27	.03	.03	X
fbem-633	85	28	)	)	PUNCT
fbem-633	85	29	smb	smb	NOUN
fbem-633	85	30	*	*	PUNCT
fbem-633	85	31	-.32	-.32	PROPN
fbem-633	85	32	*	*	PUNCT
fbem-633	85	33	*	*	NOUN
fbem-633	85	34	*	*	PUNCT
fbem-633	85	35	-.323	-.323	ADJ
fbem-633	85	36	*	*	PUNCT
fbem-633	85	37	*	*	PUNCT
fbem-633	85	38	*	*	PUNCT
fbem-633	85	39	-.252	-.252	PRON
fbem-633	85	40	*	*	PUNCT
fbem-633	85	41	*	*	PUNCT
fbem-633	85	42	*	*	PUNCT
fbem-633	85	43	.147	.147	NUM
fbem-633	85	44	*	*	PUNCT
fbem-633	85	45	*	*	PUNCT
fbem-633	85	46	.15	.15	NUM
fbem-633	85	47	*	*	X
fbem-633	85	48	*	*	PUNCT
fbem-633	85	49	.296	.296	NUM
fbem-633	85	50	*	*	PUNCT
fbem-633	85	51	*	*	PUNCT
fbem-633	85	52	*	*	PUNCT
fbem-633	85	53	(	(	PUNCT
fbem-633	85	54	.099	.099	NUM
fbem-633	85	55	)	)	PUNCT
fbem-633	85	56	(	(	PUNCT
fbem-633	85	57	.101	.101	NUM
fbem-633	85	58	)	)	PUNCT
fbem-633	85	59	(	(	PUNCT
fbem-633	85	60	.091	.091	NUM
fbem-633	85	61	)	)	PUNCT
fbem-633	85	62	(	(	PUNCT
fbem-633	85	63	.06	.06	NUM
fbem-633	85	64	)	)	PUNCT
fbem-633	85	65	(	(	PUNCT
fbem-633	85	66	.06	.06	NUM
fbem-633	85	67	)	)	PUNCT
fbem-633	85	68	(	(	PUNCT
fbem-633	85	69	.072	.072	NUM
fbem-633	85	70	)	)	PUNCT
fbem-633	85	71	hml	hml	PROPN
fbem-633	85	72	*	*	PUNCT
fbem-633	85	73	-.357	-.357	PROPN
fbem-633	85	74	*	*	PROPN
fbem-633	85	75	*	*	NOUN
fbem-633	85	76	-.357	-.357	PROPN
fbem-633	85	77	*	*	PROPN
fbem-633	85	78	*	*	PROPN
fbem-633	85	79	.074	.074	NUM
fbem-633	85	80	.117	.117	NUM
fbem-633	85	81	.117	.117	NUM
fbem-633	86	1	-.059	-.059	X
fbem-633	86	2	(	(	PUNCT
fbem-633	86	3	.141	.141	NUM
fbem-633	86	4	)	)	PUNCT
fbem-633	86	5	(	(	PUNCT
fbem-633	86	6	.141	.141	NUM
fbem-633	86	7	)	)	PUNCT
fbem-633	86	8	(	(	PUNCT
fbem-633	86	9	.151	.151	NUM
fbem-633	86	10	)	)	PUNCT
fbem-633	86	11	(	(	PUNCT
fbem-633	86	12	.088	.088	NUM
fbem-633	86	13	)	)	PUNCT
fbem-633	86	14	(	(	PUNCT
fbem-633	86	15	.088	.088	NUM
fbem-633	86	16	)	)	PUNCT
fbem-633	86	17	(	(	PUNCT
fbem-633	86	18	.091	.091	NUM
fbem-633	86	19	)	)	PUNCT
fbem-633	86	20	mom	mom	NOUN
fbem-633	86	21	-.045	-.045	PROPN
fbem-633	86	22	.051	.051	NUM
fbem-633	86	23	(	(	PUNCT
fbem-633	86	24	.122	.122	NUM
fbem-633	86	25	)	)	PUNCT
fbem-633	86	26	(	(	PUNCT
fbem-633	86	27	.118	.118	NUM
fbem-633	86	28	)	)	PUNCT
fbem-633	86	29	umd	umd	NOUN
fbem-633	86	30	.099	.099	NUM
fbem-633	86	31	*	*	PROPN
fbem-633	86	32	*	*	NOUN
fbem-633	86	33	.044	.044	NUM
fbem-633	86	34	(	(	PUNCT
fbem-633	86	35	.049	.049	NUM
fbem-633	86	36	)	)	PUNCT
fbem-633	86	37	(	(	PUNCT
fbem-633	86	38	.042	.042	NUM
fbem-633	86	39	)	)	PUNCT
fbem-633	86	40	pmu	pmu	NOUN
fbem-633	86	41	.658	.658	NUM
fbem-633	86	42	*	*	PUNCT
fbem-633	86	43	*	*	PUNCT
fbem-633	86	44	*	*	PUNCT
fbem-633	86	45	-.248	-.248	PUNCT
fbem-633	86	46	*	*	PUNCT
fbem-633	86	47	*	*	PUNCT
fbem-633	86	48	*	*	PUNCT
fbem-633	86	49	(	(	PUNCT
fbem-633	86	50	.059	.059	NUM
fbem-633	86	51	)	)	PUNCT
fbem-633	86	52	(	(	PUNCT
fbem-633	86	53	.067	.067	NUM
fbem-633	86	54	)	)	PUNCT
fbem-633	87	1	i	i	PRON
fbem-633	87	2	/	/	SYM
fbem-633	87	3	a	a	DET
fbem-633	87	4	-.143	-.143	NOUN
fbem-633	87	5	.413	.413	PUNCT
fbem-633	87	6	*	*	PUNCT
fbem-633	87	7	*	*	PUNCT
fbem-633	87	8	*	*	PUNCT
fbem-633	87	9	(	(	PUNCT
fbem-633	87	10	.098	.098	NUM
fbem-633	87	11	)	)	PUNCT
fbem-633	87	12	(	(	PUNCT
fbem-633	87	13	.063	.063	NUM
fbem-633	87	14	)	)	PUNCT
fbem-633	87	15	roe	roe	PROPN
fbem-633	87	16	.269	.269	NUM
fbem-633	87	17	*	*	PUNCT
fbem-633	88	1	*	*	PUNCT
fbem-633	88	2	*	*	PUNCT
fbem-633	88	3	-.017	-.017	X
fbem-633	88	4	(	(	PUNCT
fbem-633	88	5	.101	.101	NUM
fbem-633	88	6	)	)	PUNCT
fbem-633	88	7	(	(	PUNCT
fbem-633	88	8	.058	.058	NUM
fbem-633	88	9	)	)	PUNCT
fbem-633	88	10			X
fbem-633	88	11	-.114	-.114	NOUN
fbem-633	88	12	-.092	-.092	NOUN
fbem-633	88	13	-.278	-.278	NOUN
fbem-633	88	14	-.145	-.145	PROPN
fbem-633	88	15	.015	.015	NUM
fbem-633	88	16	-.011	-.011	PROPN
fbem-633	88	17	-.016	-.016	PROPN
fbem-633	88	18	-.074	-.074	PROPN
fbem-633	88	19	(	(	PUNCT
fbem-633	88	20	.259	.259	NUM
fbem-633	88	21	)	)	PUNCT
fbem-633	88	22	(	(	PUNCT
fbem-633	88	23	.264	.264	NUM
fbem-633	88	24	)	)	PUNCT
fbem-633	88	25	(	(	PUNCT
fbem-633	88	26	.189	.189	NUM
fbem-633	88	27	)	)	PUNCT
fbem-633	88	28	(	(	PUNCT
fbem-633	88	29	.204	.204	NUM
fbem-633	88	30	)	)	PUNCT
fbem-633	88	31	(	(	PUNCT
fbem-633	88	32	.18	.18	NUM
fbem-633	88	33	)	)	PUNCT
fbem-633	88	34	(	(	PUNCT
fbem-633	88	35	.19	.19	NUM
fbem-633	88	36	)	)	PUNCT
fbem-633	88	37	(	(	PUNCT
fbem-633	88	38	.173	.173	NUM
fbem-633	88	39	)	)	PUNCT
fbem-633	88	40	(	(	PUNCT
fbem-633	88	41	.118	.118	NUM
fbem-633	88	42	)	)	PUNCT
fbem-633	88	43	standard	standard	ADJ
fbem-633	88	44	errors	error	NOUN
fbem-633	88	45	are	be	AUX
fbem-633	88	46	in	in	ADP
fbem-633	88	47	parentheses	parenthesis	NOUN
fbem-633	88	48	*	*	PUNCT
fbem-633	88	49	*	*	PUNCT
fbem-633	88	50	*	*	PUNCT
fbem-633	88	51	p<.01	p<.01	VERB
fbem-633	88	52	,	,	PUNCT
fbem-633	88	53	*	*	PUNCT
fbem-633	88	54	*	*	NOUN
fbem-633	88	55	p<.05	p<.05	NOUN
fbem-633	88	56	,	,	PUNCT
fbem-633	88	57	*	*	PUNCT
fbem-633	88	58	p<.1	p<.1	VERB
fbem-633	88	59	the	the	DET
fbem-633	88	60	above	above	ADJ
fbem-633	88	61	regressions	regression	NOUN
fbem-633	88	62	test	test	VERB
fbem-633	88	63	how	how	SCONJ
fbem-633	88	64	the	the	DET
fbem-633	88	65	profitability	profitability	NOUN
fbem-633	88	66	and	and	CCONJ
fbem-633	88	67	investment	investment	NOUN
fbem-633	88	68	factors	factor	NOUN
fbem-633	88	69	in	in	ADP
fbem-633	88	70	ff-5	ff-5	ADJ
fbem-633	88	71	are	be	AUX
fbem-633	88	72	explained	explain	VERB
fbem-633	88	73	by	by	ADP
fbem-633	88	74	other	other	ADJ
fbem-633	88	75	models	model	NOUN
fbem-633	88	76	,	,	PUNCT
fbem-633	88	77	and	and	CCONJ
fbem-633	88	78	smb	smb	NOUN
fbem-633	88	79	*	*	PUNCT
fbem-633	88	80	and	and	CCONJ
fbem-633	88	81	hml	hml	PROPN
fbem-633	88	82	*	*	NOUN
fbem-633	88	83	are	be	AUX
fbem-633	88	84	the	the	DET
fbem-633	88	85	size	size	NOUN
fbem-633	88	86	and	and	CCONJ
fbem-633	88	87	value	value	NOUN
fbem-633	88	88	factors	factor	NOUN
fbem-633	88	89	in	in	ADP
fbem-633	88	90	each	each	DET
fbem-633	88	91	model	model	NOUN
fbem-633	88	92	.	.	PUNCT
fbem-633	89	1	from	from	ADP
fbem-633	89	2	the	the	DET
fbem-633	89	3	regression	regression	NOUN
fbem-633	89	4	results	result	NOUN
fbem-633	89	5	adjusted	adjust	VERB
fbem-633	89	6	by	by	ADP
fbem-633	89	7	newey	newey	PROPN
fbem-633	89	8	-	-	PUNCT
fbem-633	89	9	west	west	PROPN
fbem-633	89	10	,	,	PUNCT
fbem-633	89	11	it	it	PRON
fbem-633	89	12	can	can	AUX
fbem-633	89	13	be	be	AUX
fbem-633	89	14	seen	see	VERB
fbem-633	89	15	that	that	SCONJ
fbem-633	89	16			NOUN
fbem-633	89	17	in	in	ADP
fbem-633	89	18	each	each	DET
fbem-633	89	19	regression	regression	NOUN
fbem-633	89	20	is	be	AUX
fbem-633	89	21	not	not	PART
fbem-633	89	22	significant	significant	ADJ
fbem-633	89	23	,	,	PUNCT
fbem-633	89	24	and	and	CCONJ
fbem-633	89	25	rmw	rmw	PROPN
fbem-633	89	26	and	and	CCONJ
fbem-633	89	27	cma	cma	PROPN
fbem-633	89	28	do	do	AUX
fbem-633	89	29	not	not	PART
fbem-633	89	30	contain	contain	VERB
fbem-633	89	31	excess	excess	ADJ
fbem-633	89	32	returns	return	NOUN
fbem-633	89	33	that	that	PRON
fbem-633	89	34	can	can	AUX
fbem-633	89	35	not	not	PART
fbem-633	89	36	be	be	AUX
fbem-633	89	37	explained	explain	VERB
fbem-633	89	38	by	by	ADP
fbem-633	89	39	other	other	ADJ
fbem-633	89	40	models	model	NOUN
fbem-633	89	41	.	.	PUNCT
fbem-633	90	1	in	in	ADP
fbem-633	90	2	order	order	NOUN
fbem-633	90	3	to	to	PART
fbem-633	90	4	compare	compare	VERB
fbem-633	90	5	with	with	ADP
fbem-633	90	6	rmw	rmw	PROPN
fbem-633	90	7	and	and	CCONJ
fbem-633	90	8	cma	cma	NOUN
fbem-633	90	9	of	of	ADP
fbem-633	90	10	ff-5	ff-5	ADJ
fbem-633	90	11	,	,	PUNCT
fbem-633	90	12	further	further	ADJ
fbem-633	90	13	regression	regression	NOUN
fbem-633	90	14	is	be	AUX
fbem-633	90	15	done	do	VERB
fbem-633	90	16	toward	toward	ADP
fbem-633	90	17	mom	mom	NOUN
fbem-633	90	18	,	,	PUNCT
fbem-633	90	19	umd	umd	PROPN
fbem-633	90	20	,	,	PUNCT
fbem-633	90	21	pmu	pmu	X
fbem-633	90	22	,	,	PUNCT
fbem-633	90	23	i	i	PROPN
fbem-633	90	24	/	/	SYM
fbem-633	90	25	a	a	PROPN
fbem-633	90	26	and	and	CCONJ
fbem-633	90	27	roe	roe	NOUN
fbem-633	90	28	.	.	PUNCT
fbem-633	91	1	the	the	DET
fbem-633	91	2	following	follow	VERB
fbem-633	91	3	table	table	NOUN
fbem-633	91	4	demonstrates	demonstrate	VERB
fbem-633	91	5			NUM
fbem-633	91	6	obtained	obtain	VERB
fbem-633	91	7	from	from	ADP
fbem-633	91	8	each	each	DET
fbem-633	91	9	regression	regression	NOUN
fbem-633	91	10	.	.	PUNCT
fbem-633	92	1	table	table	NOUN
fbem-633	92	2	6	6	NUM
fbem-633	92	3	.	.	PUNCT
fbem-633	93	1	regression	regression	NOUN
fbem-633	93	2	of	of	ADP
fbem-633	93	3	the	the	DET
fbem-633	93	4	other	other	ADJ
fbem-633	93	5	models	model	NOUN
fbem-633	93	6	to	to	ADP
fbem-633	93	7	mom	mom	NOUN
fbem-633	93	8	,	,	PUNCT
fbem-633	93	9	umd	umd	PROPN
fbem-633	93	10	,	,	PUNCT
fbem-633	93	11	pmu	pmu	X
fbem-633	93	12	,	,	PUNCT
fbem-633	93	13	i	i	PROPN
fbem-633	93	14	/	/	SYM
fbem-633	93	15	a	a	PRON
fbem-633	93	16	and	and	CCONJ
fbem-633	93	17	roe	roe	NOUN
fbem-633	93	18	regression	regression	NOUN
fbem-633	93	19	of	of	ADP
fbem-633	93	20	the	the	DET
fbem-633	93	21	other	other	ADJ
fbem-633	93	22	models	model	NOUN
fbem-633	93	23	to	to	ADP
fbem-633	93	24	mom	mom	NOUN
fbem-633	93	25	,	,	PUNCT
fbem-633	93	26	umd	umd	PROPN
fbem-633	93	27	,	,	PUNCT
fbem-633	93	28	pmu	pmu	X
fbem-633	93	29	,	,	PUNCT
fbem-633	93	30	i	i	PROPN
fbem-633	93	31	/	/	SYM
fbem-633	93	32	a	a	PRON
fbem-633	93	33	and	and	CCONJ
fbem-633	93	34	roe	roe	PROPN
fbem-633	93	35	ff-3	ff-3	PROPN
fbem-633	93	36	ch-4	ch-4	X
fbem-633	93	37	nv-4	nv-4	VERB
fbem-633	93	38	ff-5	ff-5	ADJ
fbem-633	93	39	hxz-4	hxz-4	X
fbem-633	93	40	mom	mom	NOUN
fbem-633	93	41	.509	.509	NOUN
fbem-633	93	42	*	*	PUNCT
fbem-633	93	43	*	*	PUNCT
fbem-633	93	44	*	*	PUNCT
fbem-633	93	45	.343	.343	NUM
fbem-633	93	46	*	*	PUNCT
fbem-633	93	47	*	*	PUNCT
fbem-633	93	48	*	*	PUNCT
fbem-633	93	49	.531	.531	NUM
fbem-633	93	50	*	*	PUNCT
fbem-633	93	51	*	*	PUNCT
fbem-633	93	52	*	*	NOUN
fbem-633	93	53	.517	.517	PUNCT
fbem-633	93	54	*	*	PUNCT
fbem-633	93	55	*	*	PUNCT
fbem-633	93	56	*	*	PUNCT
fbem-633	93	57	(	(	PUNCT
fbem-633	93	58	.09	.09	NUM
fbem-633	93	59	)	)	PUNCT
fbem-633	93	60	(	(	PUNCT
fbem-633	93	61	.074	.074	NUM
fbem-633	93	62	)	)	PUNCT
fbem-633	93	63	(	(	PUNCT
fbem-633	93	64	.094	.094	NUM
fbem-633	93	65	)	)	PUNCT
fbem-633	93	66	(	(	PUNCT
fbem-633	93	67	.119	.119	NUM
fbem-633	93	68	)	)	PUNCT
fbem-633	93	69	umd	umd	PROPN
fbem-633	94	1	1.289	1.289	NUM
fbem-633	94	2	*	*	PUNCT
fbem-633	94	3	*	*	PUNCT
fbem-633	94	4	*	*	NOUN
fbem-633	94	5	.691	.691	NUM
fbem-633	94	6	1.392	1.392	NUM
fbem-633	94	7	*	*	NOUN
fbem-633	94	8	*	*	PUNCT
fbem-633	94	9	*	*	PUNCT
fbem-633	94	10	1	1	NUM
fbem-633	94	11	*	*	PUNCT
fbem-633	94	12	*	*	PUNCT
fbem-633	94	13	*	*	PUNCT
fbem-633	94	14	(	(	PUNCT
fbem-633	94	15	.406	.406	NUM
fbem-633	94	16	)	)	PUNCT
fbem-633	94	17	(	(	PUNCT
fbem-633	94	18	.435	.435	NUM
fbem-633	94	19	)	)	PUNCT
fbem-633	94	20	(	(	PUNCT
fbem-633	94	21	.407	.407	NUM
fbem-633	94	22	)	)	PUNCT
fbem-633	94	23	(	(	PUNCT
fbem-633	94	24	.348	.348	NUM
fbem-633	94	25	)	)	PUNCT
fbem-633	94	26	pmu	pmu	PROPN
fbem-633	94	27	-.044	-.044	PROPN
fbem-633	94	28	-.035	-.035	PROPN
fbem-633	94	29	.062	.062	NUM
fbem-633	94	30	-.179	-.179	PROPN
fbem-633	94	31	(	(	PUNCT
fbem-633	94	32	.299	.299	NUM
fbem-633	94	33	)	)	PUNCT
fbem-633	94	34	(	(	PUNCT
fbem-633	94	35	.308	.308	NUM
fbem-633	94	36	)	)	PUNCT
fbem-633	94	37	(	(	PUNCT
fbem-633	94	38	.248	.248	NUM
fbem-633	94	39	)	)	PUNCT
fbem-633	94	40	(	(	PUNCT
fbem-633	94	41	.333	.333	NUM
fbem-633	94	42	)	)	PUNCT
fbem-633	95	1	i	i	PRON
fbem-633	95	2	/	/	SYM
fbem-633	95	3	a	a	PRON
fbem-633	95	4	.117	.117	NUM
fbem-633	95	5	.146	.146	NUM
fbem-633	95	6	.164	.164	NUM
fbem-633	95	7	-.056	-.056	PROPN
fbem-633	95	8	(	(	PUNCT
fbem-633	95	9	.277	.277	NUM
fbem-633	95	10	)	)	PUNCT
fbem-633	95	11	(	(	PUNCT
fbem-633	95	12	.268	.268	NUM
fbem-633	95	13	)	)	PUNCT
fbem-633	95	14	(	(	PUNCT
fbem-633	95	15	.241	.241	NUM
fbem-633	95	16	)	)	PUNCT
fbem-633	95	17	(	(	PUNCT
fbem-633	95	18	.232	.232	NUM
fbem-633	95	19	)	)	PUNCT
fbem-633	95	20	roe	roe	NOUN
fbem-633	95	21	.134	.134	NUM
fbem-633	95	22	.017	.017	NUM
fbem-633	95	23	-.215	-.215	NOUN
fbem-633	95	24	.503	.503	NUM
fbem-633	95	25	*	*	PUNCT
fbem-633	95	26	(	(	PUNCT
fbem-633	95	27	.343	.343	NUM
fbem-633	95	28	)	)	PUNCT
fbem-633	95	29	(	(	PUNCT
fbem-633	95	30	.352	.352	NUM
fbem-633	95	31	)	)	PUNCT
fbem-633	95	32	(	(	PUNCT
fbem-633	95	33	.261	.261	NUM
fbem-633	95	34	)	)	PUNCT
fbem-633	95	35	(	(	PUNCT
fbem-633	95	36	.272	.272	NUM
fbem-633	95	37	)	)	PUNCT
fbem-633	95	38	standard	standard	ADJ
fbem-633	95	39	errors	error	NOUN
fbem-633	95	40	are	be	AUX
fbem-633	95	41	in	in	ADP
fbem-633	95	42	parentheses	parenthesis	NOUN
fbem-633	95	43	*	*	PUNCT
fbem-633	95	44	*	*	PUNCT
fbem-633	95	45	*	*	PUNCT
fbem-633	95	46	p<.01	p<.01	VERB
fbem-633	95	47	,	,	PUNCT
fbem-633	95	48	*	*	PUNCT
fbem-633	95	49	*	*	NOUN
fbem-633	95	50	p<.05	p<.05	NOUN
fbem-633	95	51	,	,	PUNCT
fbem-633	95	52	*	*	PUNCT
fbem-633	95	53	p<.1	p<.1	VERB
fbem-633	95	54	similar	similar	ADJ
fbem-633	95	55	to	to	ADP
fbem-633	95	56	rmw	rmw	PROPN
fbem-633	95	57	and	and	CCONJ
fbem-633	95	58	cma	cma	PROPN
fbem-633	95	59	,	,	PUNCT
fbem-633	95	60	i	i	PRON
fbem-633	95	61	/	/	SYM
fbem-633	95	62	a	a	PRON
fbem-633	95	63	,	,	PUNCT
fbem-633	95	64	which	which	PRON
fbem-633	95	65	stands	stand	VERB
fbem-633	95	66	for	for	ADP
fbem-633	95	67	investment	investment	NOUN
fbem-633	95	68	style	style	NOUN
fbem-633	95	69	,	,	PUNCT
fbem-633	95	70	pmu	pmu	NOUN
fbem-633	95	71	and	and	CCONJ
fbem-633	95	72	roe	roe	PROPN
fbem-633	95	73	,	,	PUNCT
fbem-633	95	74	which	which	PRON
fbem-633	95	75	stand	stand	VERB
fbem-633	95	76	for	for	ADP
fbem-633	95	77	profitability	profitability	NOUN
fbem-633	95	78	,	,	PUNCT
fbem-633	95	79	38	38	NUM
fbem-633	95	80	can	can	AUX
fbem-633	95	81	be	be	AUX
fbem-633	95	82	well	well	ADV
fbem-633	95	83	explained	explain	VERB
fbem-633	95	84	by	by	ADP
fbem-633	95	85	other	other	ADJ
fbem-633	95	86	models	model	NOUN
fbem-633	95	87	;	;	PUNCT
fbem-633	95	88	however	however	ADV
fbem-633	95	89	,	,	PUNCT
fbem-633	95	90	the	the	DET
fbem-633	95	91	regressions	regression	NOUN
fbem-633	95	92	that	that	PRON
fbem-633	95	93	take	take	VERB
fbem-633	95	94	mom	mom	NOUN
fbem-633	95	95	and	and	CCONJ
fbem-633	95	96	umd	umd	PROPN
fbem-633	95	97	as	as	ADP
fbem-633	95	98	variables	variable	NOUN
fbem-633	95	99	to	to	PART
fbem-633	95	100	be	be	AUX
fbem-633	95	101	explained	explain	VERB
fbem-633	95	102	mostly	mostly	ADV
fbem-633	95	103	produce	produce	VERB
fbem-633	95	104	significant	significant	ADJ
fbem-633	95	105	alphas	alpha	NOUN
fbem-633	95	106	,	,	PUNCT
fbem-633	95	107	while	while	SCONJ
fbem-633	95	108	only	only	ADV
fbem-633	95	109	nv4	nv4	PROPN
fbem-633	95	110	and	and	CCONJ
fbem-633	95	111	ch-4	ch-4	X
fbem-633	95	112	can	can	AUX
fbem-633	95	113	explain	explain	VERB
fbem-633	95	114	the	the	DET
fbem-633	95	115	momentum	momentum	NOUN
fbem-633	95	116	premium	premium	NOUN
fbem-633	95	117	to	to	ADP
fbem-633	95	118	a	a	DET
fbem-633	95	119	greater	great	ADJ
fbem-633	95	120	extent	extent	NOUN
fbem-633	95	121	.	.	PUNCT
fbem-633	96	1	3.2.2	3.2.2	X
fbem-633	96	2	.	.	PUNCT
fbem-633	97	1	regression	regression	NOUN
fbem-633	97	2	of	of	ADP
fbem-633	97	3	this	this	DET
fbem-633	97	4	model	model	NOUN
fbem-633	97	5	to	to	ADP
fbem-633	97	6	all	all	DET
fbem-633	97	7	factor	factor	NOUN
fbem-633	97	8	of	of	ADP
fbem-633	97	9	the	the	DET
fbem-633	97	10	other	other	ADJ
fbem-633	97	11	models	model	NOUN
fbem-633	97	12	the	the	DET
fbem-633	97	13	following	follow	VERB
fbem-633	97	14	compares	compare	VERB
fbem-633	97	15	the	the	DET
fbem-633	97	16	explanatory	explanatory	ADJ
fbem-633	97	17	power	power	NOUN
fbem-633	97	18	of	of	ADP
fbem-633	97	19	this	this	DET
fbem-633	97	20	model	model	NOUN
fbem-633	97	21	to	to	ADP
fbem-633	97	22	factors	factor	NOUN
fbem-633	97	23	in	in	ADP
fbem-633	97	24	the	the	DET
fbem-633	97	25	other	other	ADJ
fbem-633	97	26	models	model	NOUN
fbem-633	97	27	,	,	PUNCT
fbem-633	97	28	in	in	ADP
fbem-633	97	29	which	which	PRON
fbem-633	97	30	grs	grs	PROPN
fbem-633	97	31	is	be	AUX
fbem-633	97	32	used	use	VERB
fbem-633	97	33	to	to	PART
fbem-633	97	34	test	test	VERB
fbem-633	97	35	.	.	PUNCT
fbem-633	98	1	in	in	ADP
fbem-633	98	2	the	the	DET
fbem-633	98	3	comparisons	comparison	NOUN
fbem-633	98	4	,	,	PUNCT
fbem-633	98	5	factors	factor	NOUN
fbem-633	98	6	contained	contain	VERB
fbem-633	98	7	in	in	ADP
fbem-633	98	8	ff-3	ff-3	NUM
fbem-633	98	9	,	,	PUNCT
fbem-633	98	10	ch-4	ch-4	X
fbem-633	98	11	,	,	PUNCT
fbem-633	98	12	nv4	nv4	PROPN
fbem-633	98	13	,	,	PUNCT
fbem-633	98	14	ff-5	ff-5	ADJ
fbem-633	98	15	and	and	CCONJ
fbem-633	98	16	hxz-4	hxz-4	PRON
fbem-633	98	17	are	be	AUX
fbem-633	98	18	successively	successively	ADV
fbem-633	98	19	selected	select	VERB
fbem-633	98	20	as	as	ADP
fbem-633	98	21	the	the	DET
fbem-633	98	22	explanatory	explanatory	ADJ
fbem-633	98	23	variables	variable	NOUN
fbem-633	98	24	,	,	PUNCT
fbem-633	98	25	while	while	SCONJ
fbem-633	98	26	all	all	DET
fbem-633	98	27	the	the	DET
fbem-633	98	28	factors	factor	NOUN
fbem-633	98	29	of	of	ADP
fbem-633	98	30	all	all	DET
fbem-633	98	31	other	other	ADJ
fbem-633	98	32	models	model	NOUN
fbem-633	98	33	are	be	AUX
fbem-633	98	34	chosen	choose	VERB
fbem-633	98	35	as	as	ADP
fbem-633	98	36	variables	variable	NOUN
fbem-633	98	37	to	to	PART
fbem-633	98	38	be	be	AUX
fbem-633	98	39	explained	explain	VERB
fbem-633	98	40	,	,	PUNCT
fbem-633	98	41	the	the	DET
fbem-633	98	42	following	follow	VERB
fbem-633	98	43	tests	test	NOUN
fbem-633	98	44	are	be	AUX
fbem-633	98	45	conducted	conduct	VERB
fbem-633	98	46	to	to	PART
fbem-633	98	47	check	check	VERB
fbem-633	98	48	whether	whether	SCONJ
fbem-633	98	49	a	a	DET
fbem-633	98	50	given	give	VERB
fbem-633	98	51	model	model	NOUN
fbem-633	98	52	produces	produce	VERB
fbem-633	98	53	jointly	jointly	ADV
fbem-633	98	54	zero	zero	NUM
fbem-633	98	55	alphas	alpha	NOUN
fbem-633	98	56	across	across	ADP
fbem-633	98	57	anomalies	anomaly	NOUN
fbem-633	98	58	from	from	ADP
fbem-633	98	59	other	other	ADJ
fbem-633	98	60	models	model	NOUN
fbem-633	98	61	.	.	PUNCT
fbem-633	99	1	table	table	NOUN
fbem-633	99	2	7	7	NUM
fbem-633	99	3	.	.	PUNCT
fbem-633	100	1	the	the	DET
fbem-633	100	2	results	result	NOUN
fbem-633	100	3	of	of	ADP
fbem-633	100	4	grs	grs	PROPN
fbem-633	100	5	test	test	NOUN
fbem-633	100	6	the	the	DET
fbem-633	100	7	result	result	NOUN
fbem-633	100	8	of	of	ADP
fbem-633	100	9	grs	grs	PROPN
fbem-633	100	10	explanatory	explanatory	ADJ
fbem-633	100	11	variables	variable	NOUN
fbem-633	100	12	ff-3	ff-3	NUM
fbem-633	100	13	ch-4	ch-4	X
fbem-633	100	14	nv-4	nv-4	ADP
fbem-633	100	15	ff-5	ff-5	ADJ
fbem-633	100	16	hxz-4	hxz-4	SYM
fbem-633	100	17	grs	grs	PROPN
fbem-633	100	18	3.0098351	3.0098351	NUM
fbem-633	100	19	2.3648265	2.3648265	NUM
fbem-633	100	20	5.296778	5.296778	NUM
fbem-633	100	21	4.6150692	4.6150692	NUM
fbem-633	100	22	1.6055693	1.6055693	NUM
fbem-633	100	23	p	p	PROPN
fbem-633	100	24	.00128051	.00128051	PROPN
fbem-633	100	25	.01305157	.01305157	PROPN
fbem-633	100	26	1.432e-06	1.432e-06	NUM
fbem-633	100	27	.00002472	.00002472	X
fbem-633	101	1	.11117979	.11117979	PUNCT
fbem-633	101	2	according	accord	VERB
fbem-633	101	3	to	to	ADP
fbem-633	101	4	the	the	DET
fbem-633	101	5	grs	grs	PROPN
fbem-633	101	6	regression	regression	NOUN
fbem-633	101	7	,	,	PUNCT
fbem-633	101	8	the	the	DET
fbem-633	101	9	factors	factor	NOUN
fbem-633	101	10	of	of	ADP
fbem-633	101	11	the	the	DET
fbem-633	101	12	other	other	ADJ
fbem-633	101	13	models	model	NOUN
fbem-633	101	14	,	,	PUNCT
fbem-633	101	15	adjusted	adjust	VERB
fbem-633	101	16	by	by	ADP
fbem-633	101	17	ff-5	ff-5	NOUN
fbem-633	101	18	,	,	PUNCT
fbem-633	101	19	still	still	ADV
fbem-633	101	20	have	have	VERB
fbem-633	101	21	mispricing	misprice	VERB
fbem-633	101	22	in	in	ADP
fbem-633	101	23	which	which	PRON
fbem-633	101	24	coefficient	coefficient	NOUN
fbem-633	101	25	is	be	AUX
fbem-633	101	26	significant	significant	ADJ
fbem-633	101	27	;	;	PUNCT
fbem-633	101	28	but	but	CCONJ
fbem-633	101	29	for	for	ADP
fbem-633	101	30	q	q	ADJ
fbem-633	101	31	-	-	PUNCT
fbem-633	101	32	factor	factor	NOUN
fbem-633	101	33	model	model	NOUN
fbem-633	101	34	,	,	PUNCT
fbem-633	101	35	the	the	DET
fbem-633	101	36	grs	grs	NUM
fbem-633	101	37	pvalue	pvalue	NOUN
fbem-633	101	38	of	of	ADP
fbem-633	101	39	0.11117979	0.11117979	NUM
fbem-633	101	40	fails	fail	VERB
fbem-633	101	41	to	to	PART
fbem-633	101	42	reject	reject	VERB
fbem-633	101	43	the	the	DET
fbem-633	101	44	joint	joint	ADJ
fbem-633	101	45	hypothesis	hypothesis	NOUN
fbem-633	101	46	that	that	PRON
fbem-633	101	47	all	all	DET
fbem-633	101	48	factors	factor	NOUN
fbem-633	101	49	produce	produce	VERB
fbem-633	101	50	zero	zero	NUM
fbem-633	101	51	q	q	ADJ
fbem-633	101	52	-	-	PUNCT
fbem-633	101	53	factor	factor	NOUN
fbem-633	101	54	alphas	alpha	NOUN
fbem-633	101	55	,	,	PUNCT
fbem-633	101	56	which	which	PRON
fbem-633	101	57	indicates	indicate	VERB
fbem-633	101	58	that	that	SCONJ
fbem-633	101	59	qfactor	qfactor	NOUN
fbem-633	101	60	model	model	NOUN
fbem-633	101	61	has	have	VERB
fbem-633	101	62	better	well	ADJ
fbem-633	101	63	explanatory	explanatory	ADJ
fbem-633	101	64	power	power	NOUN
fbem-633	101	65	on	on	ADP
fbem-633	101	66	the	the	DET
fbem-633	101	67	factors	factor	NOUN
fbem-633	101	68	of	of	ADP
fbem-633	101	69	the	the	DET
fbem-633	101	70	other	other	ADJ
fbem-633	101	71	models	model	NOUN
fbem-633	101	72	.	.	PUNCT
fbem-633	102	1	3.2.3	3.2.3	X
fbem-633	102	2	.	.	X
fbem-633	102	3	regression	regression	NOUN
fbem-633	102	4	of	of	ADP
fbem-633	102	5	each	each	DET
fbem-633	102	6	model	model	NOUN
fbem-633	102	7	to	to	ADP
fbem-633	102	8	market	market	NOUN
fbem-633	102	9	anomalies	anomaly	NOUN
fbem-633	102	10	in	in	ADP
fbem-633	102	11	order	order	NOUN
fbem-633	102	12	to	to	PART
fbem-633	102	13	find	find	VERB
fbem-633	102	14	the	the	DET
fbem-633	102	15	most	most	ADV
fbem-633	102	16	suitable	suitable	ADJ
fbem-633	102	17	asset	asset	NOUN
fbem-633	102	18	pricing	pricing	NOUN
fbem-633	102	19	model	model	NOUN
fbem-633	102	20	for	for	ADP
fbem-633	102	21	the	the	DET
fbem-633	102	22	sme	sme	PROPN
fbem-633	102	23	board	board	PROPN
fbem-633	102	24	,	,	PUNCT
fbem-633	102	25	it	it	PRON
fbem-633	102	26	is	be	AUX
fbem-633	102	27	better	well	ADJ
fbem-633	102	28	to	to	PART
fbem-633	102	29	compare	compare	VERB
fbem-633	102	30	the	the	DET
fbem-633	102	31	explanatory	explanatory	ADJ
fbem-633	102	32	power	power	NOUN
fbem-633	102	33	of	of	ADP
fbem-633	102	34	different	different	ADJ
fbem-633	102	35	models	model	NOUN
fbem-633	102	36	on	on	ADP
fbem-633	102	37	anomalies	anomaly	NOUN
fbem-633	102	38	.	.	PUNCT
fbem-633	103	1	there	there	PRON
fbem-633	103	2	is	be	VERB
fbem-633	103	3	a	a	DET
fbem-633	103	4	lack	lack	NOUN
fbem-633	103	5	of	of	ADP
fbem-633	103	6	researches	research	NOUN
fbem-633	103	7	on	on	ADP
fbem-633	103	8	the	the	DET
fbem-633	103	9	anomalies	anomaly	NOUN
fbem-633	103	10	of	of	ADP
fbem-633	103	11	china	china	PROPN
fbem-633	103	12	’s	’s	PART
fbem-633	103	13	sme	sme	PROPN
fbem-633	103	14	board	board	PROPN
fbem-633	103	15	,	,	PUNCT
fbem-633	103	16	so	so	ADV
fbem-633	103	17	the	the	DET
fbem-633	103	18	6	6	NUM
fbem-633	103	19	categories	category	NOUN
fbem-633	103	20	commonly	commonly	ADV
fbem-633	103	21	used	use	VERB
fbem-633	103	22	in	in	ADP
fbem-633	103	23	researches	research	NOUN
fbem-633	103	24	on	on	ADP
fbem-633	103	25	china	china	PROPN
fbem-633	103	26	a	a	PRON
fbem-633	103	27	-	-	PUNCT
fbem-633	103	28	shares	share	NOUN
fbem-633	103	29	are	be	AUX
fbem-633	103	30	selected	select	VERB
fbem-633	103	31	,	,	PUNCT
fbem-633	103	32	including	include	VERB
fbem-633	103	33	size	size	NOUN
fbem-633	103	34	,	,	PUNCT
fbem-633	103	35	value	value	NOUN
fbem-633	103	36	,	,	PUNCT
fbem-633	103	37	quality	quality	NOUN
fbem-633	103	38	,	,	PUNCT
fbem-633	103	39	risk	risk	NOUN
fbem-633	103	40	,	,	PUNCT
fbem-633	103	41	past	past	ADJ
fbem-633	103	42	returns	return	NOUN
fbem-633	103	43	and	and	CCONJ
fbem-633	103	44	trading	trading	NOUN
fbem-633	103	45	,	,	PUNCT
fbem-633	103	46	as	as	ADV
fbem-633	103	47	well	well	ADV
fbem-633	103	48	as	as	ADP
fbem-633	103	49	24	24	NUM
fbem-633	103	50	anomalies	anomaly	NOUN
fbem-633	103	51	to	to	PART
fbem-633	103	52	be	be	AUX
fbem-633	103	53	tested	test	VERB
fbem-633	103	54	.	.	PUNCT
fbem-633	104	1	the	the	DET
fbem-633	104	2	anomalies	anomaly	NOUN
fbem-633	104	3	,	,	PUNCT
fbem-633	104	4	references	reference	NOUN
fbem-633	104	5	and	and	CCONJ
fbem-633	104	6	short	short	ADJ
fbem-633	104	7	descriptions	description	NOUN
fbem-633	104	8	are	be	AUX
fbem-633	104	9	shown	show	VERB
fbem-633	104	10	in	in	ADP
fbem-633	104	11	the	the	DET
fbem-633	104	12	following	follow	VERB
fbem-633	104	13	table	table	NOUN
fbem-633	104	14	.	.	PUNCT
fbem-633	105	1	table	table	NOUN
fbem-633	105	2	8	8	NUM
fbem-633	105	3	.	.	PUNCT
fbem-633	106	1	category	category	NOUN
fbem-633	106	2	,	,	PUNCT
fbem-633	106	3	reference	reference	NOUN
fbem-633	106	4	and	and	CCONJ
fbem-633	106	5	description	description	NOUN
fbem-633	106	6	of	of	ADP
fbem-633	106	7	anomalies	anomaly	NOUN
fbem-633	106	8	anomalies	anomaly	NOUN
fbem-633	106	9	category	category	NOUN
fbem-633	106	10	reference	reference	VERB
fbem-633	106	11	short	short	ADJ
fbem-633	106	12	description	description	NOUN
fbem-633	106	13	size	size	NOUN
fbem-633	106	14	size	size	NOUN
fbem-633	106	15	hsu	hsu	PROPN
fbem-633	106	16	et	et	PROPN
fbem-633	106	17	al	al	PROPN
fbem-633	106	18	.	.	PROPN
fbem-633	107	1	(	(	PUNCT
fbem-633	107	2	2018	2018	NUM
fbem-633	107	3	)	)	PUNCT
fbem-633	107	4	size	size	NOUN
fbem-633	107	5	is	be	AUX
fbem-633	107	6	calculated	calculate	VERB
fbem-633	107	7	as	as	SCONJ
fbem-633	107	8	the	the	DET
fbem-633	107	9	natural	natural	ADJ
fbem-633	107	10	logarithm	logarithm	NOUN
fbem-633	107	11	of	of	ADP
fbem-633	107	12	a	a	DET
fbem-633	107	13	firm	firm	NOUN
fbem-633	107	14	’s	’s	PART
fbem-633	107	15	end	end	NOUN
fbem-633	107	16	-	-	PUNCT
fbem-633	107	17	ofmonth	ofmonth	NOUN
fbem-633	107	18	total	total	NOUN
fbem-633	107	19	a	a	DET
fbem-633	107	20	-	-	PUNCT
fbem-633	107	21	share	share	NOUN
fbem-633	107	22	market	market	NOUN
fbem-633	107	23	capitalization	capitalization	NOUN
fbem-633	107	24	value	value	NOUN
fbem-633	107	25	book	book	NOUN
fbem-633	107	26	-	-	PUNCT
fbem-633	107	27	to	to	ADP
fbem-633	107	28	-	-	PUNCT
fbem-633	107	29	market	market	NOUN
fbem-633	107	30	(	(	PUNCT
fbem-633	107	31	bm	bm	PROPN
fbem-633	107	32	)	)	PUNCT
fbem-633	107	33	fama	fama	NOUN
fbem-633	107	34	and	and	CCONJ
fbem-633	107	35	french(1992	french(1992	ADJ
fbem-633	107	36	)	)	PUNCT
fbem-633	107	37	book	book	NOUN
fbem-633	107	38	-	-	PUNCT
fbem-633	107	39	to	to	ADP
fbem-633	107	40	-	-	PUNCT
fbem-633	107	41	market	market	NOUN
fbem-633	107	42	is	be	AUX
fbem-633	107	43	calculated	calculate	VERB
fbem-633	107	44	as	as	ADP
fbem-633	107	45	the	the	DET
fbem-633	107	46	ratio	ratio	NOUN
fbem-633	107	47	of	of	ADP
fbem-633	107	48	book	book	NOUN
fbem-633	107	49	value	value	NOUN
fbem-633	107	50	to	to	ADP
fbem-633	107	51	market	market	NOUN
fbem-633	107	52	value	value	NOUN
fbem-633	107	53	.	.	PUNCT
fbem-633	108	1	book	book	NOUN
fbem-633	108	2	value	value	NOUN
fbem-633	108	3	is	be	AUX
fbem-633	108	4	defined	define	VERB
fbem-633	108	5	as	as	ADP
fbem-633	108	6	common	common	ADJ
fbem-633	108	7	shareholder	shareholder	NOUN
fbem-633	108	8	’s	’s	PART
fbem-633	108	9	equity	equity	NOUN
fbem-633	108	10	(	(	PUNCT
fbem-633	108	11	total	total	ADJ
fbem-633	108	12	shareholder	shareholder	NOUN
fbem-633	108	13	’s	’s	PART
fbem-633	108	14	equity	equity	NOUN
fbem-633	108	15	minus	minus	ADP
fbem-633	108	16	the	the	DET
fbem-633	108	17	book	book	NOUN
fbem-633	108	18	value	value	NOUN
fbem-633	108	19	of	of	ADP
fbem-633	108	20	preferred	preferred	ADJ
fbem-633	108	21	stocks	stock	NOUN
fbem-633	108	22	)	)	PUNCT
fbem-633	108	23	excluding	exclude	VERB
fbem-633	108	24	minority	minority	NOUN
fbem-633	108	25	interests	interest	NOUN
fbem-633	108	26	.	.	PUNCT
fbem-633	109	1	market	market	NOUN
fbem-633	109	2	value	value	NOUN
fbem-633	109	3	refers	refer	VERB
fbem-633	109	4	to	to	ADP
fbem-633	109	5	a	a	DET
fbem-633	109	6	proxy	proxy	NOUN
fbem-633	109	7	of	of	ADP
fbem-633	109	8	end	end	NOUN
fbem-633	109	9	-	-	PUNCT
fbem-633	109	10	of	of	ADP
fbem-633	109	11	-	-	PUNCT
fbem-633	109	12	month	month	NOUN
fbem-633	109	13	total	total	ADJ
fbem-633	109	14	market	market	NOUN
fbem-633	109	15	capitalization	capitalization	NOUN
fbem-633	109	16	;	;	PUNCT
fbem-633	109	17	the	the	DET
fbem-633	109	18	number	number	NOUN
fbem-633	109	19	of	of	ADP
fbem-633	109	20	shares	share	NOUN
fbem-633	109	21	outstanding	outstanding	ADJ
fbem-633	109	22	(	(	PUNCT
fbem-633	109	23	including	include	VERB
fbem-633	109	24	band	band	NOUN
fbem-633	109	25	h	h	NOUN
fbem-633	109	26	-	-	PUNCT
fbem-633	109	27	shares	share	NOUN
fbem-633	109	28	)	)	PUNCT
fbem-633	109	29	times	time	NOUN
fbem-633	109	30	the	the	DET
fbem-633	109	31	a	a	DET
fbem-633	109	32	-	-	PUNCT
fbem-633	109	33	share	share	NOUN
fbem-633	109	34	’s	’s	PART
fbem-633	109	35	price	price	NOUN
fbem-633	109	36	.	.	PUNCT
fbem-633	110	1	we	we	PRON
fbem-633	110	2	exclude	exclude	VERB
fbem-633	110	3	firms	firm	NOUN
fbem-633	110	4	with	with	ADP
fbem-633	110	5	negative	negative	ADJ
fbem-633	110	6	book	book	NOUN
fbem-633	110	7	values	value	NOUN
fbem-633	110	8	.	.	PUNCT
fbem-633	111	1	earnings	earning	NOUN
fbem-633	111	2	-	-	PUNCT
fbem-633	111	3	to	to	ADP
fbem-633	111	4	-	-	PUNCT
fbem-633	111	5	price	price	NOUN
fbem-633	111	6	(	(	PUNCT
fbem-633	111	7	ep	ep	PROPN
fbem-633	111	8	)	)	PUNCT
fbem-633	111	9	basu	basu	PROPN
fbem-633	111	10	(	(	PUNCT
fbem-633	111	11	1977	1977	NUM
fbem-633	111	12	)	)	PUNCT
fbem-633	111	13	ep	ep	PROPN
fbem-633	111	14	.	.	PUNCT
fbem-633	112	1	following	follow	VERB
fbem-633	112	2	liu	liu	PROPN
fbem-633	112	3	et	et	PROPN
fbem-633	112	4	al	al	PROPN
fbem-633	112	5	.	.	PROPN
fbem-633	113	1	(	(	PUNCT
fbem-633	113	2	2019	2019	NUM
fbem-633	113	3	)	)	PUNCT
fbem-633	113	4	,	,	PUNCT
fbem-633	113	5	earnings	earning	NOUN
fbem-633	113	6	-	-	PUNCT
fbem-633	113	7	to	to	ADP
fbem-633	113	8	-	-	PUNCT
fbem-633	113	9	price	price	NOUN
fbem-633	113	10	is	be	AUX
fbem-633	113	11	calculated	calculate	VERB
fbem-633	113	12	as	as	ADP
fbem-633	113	13	the	the	DET
fbem-633	113	14	ratio	ratio	NOUN
fbem-633	113	15	of	of	ADP
fbem-633	113	16	total	total	ADJ
fbem-633	113	17	earnings	earning	NOUN
fbem-633	113	18	to	to	ADP
fbem-633	113	19	price	price	NOUN
fbem-633	113	20	.	.	PUNCT
fbem-633	114	1	total	total	ADJ
fbem-633	114	2	earnings	earning	NOUN
fbem-633	114	3	is	be	AUX
fbem-633	114	4	defined	define	VERB
fbem-633	114	5	as	as	ADP
fbem-633	114	6	net	net	ADJ
fbem-633	114	7	profit	profit	NOUN
fbem-633	114	8	excluding	exclude	VERB
fbem-633	114	9	minority	minority	NOUN
fbem-633	114	10	interest	interest	NOUN
fbem-633	114	11	income	income	NOUN
fbem-633	114	12	.	.	PUNCT
fbem-633	115	1	price	price	NOUN
fbem-633	115	2	refers	refer	VERB
fbem-633	115	3	to	to	ADP
fbem-633	115	4	a	a	DET
fbem-633	115	5	proxy	proxy	NOUN
fbem-633	115	6	of	of	ADP
fbem-633	115	7	end	end	NOUN
fbem-633	115	8	-	-	PUNCT
fbem-633	115	9	of	of	ADP
fbem-633	115	10	-	-	PUNCT
fbem-633	115	11	month	month	NOUN
fbem-633	115	12	total	total	ADJ
fbem-633	115	13	market	market	NOUN
fbem-633	115	14	capitalization	capitalization	NOUN
fbem-633	115	15	;	;	PUNCT
fbem-633	115	16	the	the	DET
fbem-633	115	17	number	number	NOUN
fbem-633	115	18	of	of	ADP
fbem-633	115	19	shares	share	NOUN
fbem-633	115	20	outstanding	outstanding	ADJ
fbem-633	115	21	(	(	PUNCT
fbem-633	115	22	including	include	VERB
fbem-633	115	23	band	band	NOUN
fbem-633	115	24	h	h	NOUN
fbem-633	115	25	-	-	PUNCT
fbem-633	115	26	shares	share	NOUN
fbem-633	115	27	)	)	PUNCT
fbem-633	115	28	times	time	NOUN
fbem-633	115	29	the	the	DET
fbem-633	115	30	ashare	ashare	NOUN
fbem-633	115	31	’s	’s	PART
fbem-633	115	32	price	price	NOUN
fbem-633	115	33	.	.	PUNCT
fbem-633	116	1	we	we	PRON
fbem-633	116	2	exclude	exclude	VERB
fbem-633	116	3	firms	firm	NOUN
fbem-633	116	4	with	with	ADP
fbem-633	116	5	negative	negative	ADJ
fbem-633	116	6	earnings	earning	NOUN
fbem-633	116	7	.	.	PUNCT
fbem-633	117	1	sales	sale	NOUN
fbem-633	117	2	-	-	PUNCT
fbem-633	117	3	to	to	ADP
fbem-633	117	4	-	-	PUNCT
fbem-633	117	5	price	price	NOUN
fbem-633	117	6	(	(	PUNCT
fbem-633	117	7	sp	sp	NOUN
fbem-633	117	8	)	)	PUNCT
fbem-633	117	9	barbee	barbee	NOUN
fbem-633	117	10	et	et	NOUN
fbem-633	117	11	al.(1996	al.(1996	NOUN
fbem-633	117	12	)	)	PUNCT
fbem-633	117	13	sp	sp	NOUN
fbem-633	117	14	.	.	PUNCT
fbem-633	117	15	following	follow	VERB
fbem-633	117	16	hsu	hsu	PROPN
fbem-633	117	17	et	et	PROPN
fbem-633	117	18	al	al	PROPN
fbem-633	117	19	.	.	PROPN
fbem-633	118	1	(	(	PUNCT
fbem-633	118	2	2018	2018	NUM
fbem-633	118	3	)	)	PUNCT
fbem-633	118	4	,	,	PUNCT
fbem-633	118	5	sales	sale	NOUN
fbem-633	118	6	-	-	PUNCT
fbem-633	118	7	to	to	ADP
fbem-633	118	8	-	-	PUNCT
fbem-633	118	9	price	price	NOUN
fbem-633	118	10	is	be	AUX
fbem-633	118	11	calculated	calculate	VERB
fbem-633	118	12	as	as	ADP
fbem-633	118	13	the	the	DET
fbem-633	118	14	ratio	ratio	NOUN
fbem-633	118	15	of	of	ADP
fbem-633	118	16	total	total	ADJ
fbem-633	118	17	sales	sale	NOUN
fbem-633	118	18	to	to	ADP
fbem-633	118	19	price	price	NOUN
fbem-633	118	20	.	.	PUNCT
fbem-633	119	1	total	total	ADJ
fbem-633	119	2	sales	sale	NOUN
fbem-633	119	3	is	be	AUX
fbem-633	119	4	equal	equal	ADJ
fbem-633	119	5	to	to	ADP
fbem-633	119	6	operating	operate	VERB
fbem-633	119	7	revenue	revenue	NOUN
fbem-633	119	8	.	.	PUNCT
fbem-633	120	1	price	price	NOUN
fbem-633	120	2	refers	refer	VERB
fbem-633	120	3	to	to	ADP
fbem-633	120	4	a	a	DET
fbem-633	120	5	proxy	proxy	NOUN
fbem-633	120	6	of	of	ADP
fbem-633	120	7	end	end	NOUN
fbem-633	120	8	-	-	PUNCT
fbem-633	120	9	of	of	ADP
fbem-633	120	10	-	-	PUNCT
fbem-633	120	11	month	month	NOUN
fbem-633	120	12	total	total	ADJ
fbem-633	120	13	market	market	NOUN
fbem-633	120	14	capitalization	capitalization	NOUN
fbem-633	120	15	;	;	PUNCT
fbem-633	120	16	the	the	DET
fbem-633	120	17	number	number	NOUN
fbem-633	120	18	of	of	ADP
fbem-633	120	19	shares	share	NOUN
fbem-633	120	20	outstanding	outstanding	ADJ
fbem-633	120	21	(	(	PUNCT
fbem-633	120	22	including	include	VERB
fbem-633	120	23	b	b	NOUN
fbem-633	120	24	and	and	CCONJ
fbem-633	120	25	h	h	NOUN
fbem-633	120	26	-	-	PUNCT
fbem-633	120	27	shares	share	NOUN
fbem-633	120	28	)	)	PUNCT
fbem-633	120	29	times	time	NOUN
fbem-633	120	30	the	the	DET
fbem-633	120	31	a	a	DET
fbem-633	120	32	-	-	PUNCT
fbem-633	120	33	share	share	NOUN
fbem-633	120	34	’s	’s	PART
fbem-633	120	35	price	price	NOUN
fbem-633	120	36	dividend	dividend	NOUN
fbem-633	120	37	-	-	PUNCT
fbem-633	120	38	to	to	ADP
fbem-633	120	39	-	-	PUNCT
fbem-633	120	40	price	price	NOUN
fbem-633	120	41	(	(	PUNCT
fbem-633	120	42	dp	dp	NOUN
fbem-633	120	43	)	)	PUNCT
fbem-633	120	44	hsu	hsu	PROPN
fbem-633	120	45	et	et	PROPN
fbem-633	120	46	al	al	PROPN
fbem-633	120	47	.	.	PROPN
fbem-633	120	48	(	(	PUNCT
fbem-633	120	49	2018	2018	NUM
fbem-633	120	50	)	)	PUNCT
fbem-633	120	51	dp	dp	NOUN
fbem-633	120	52	.	.	PUNCT
fbem-633	120	53	following	follow	VERB
fbem-633	120	54	hsu	hsu	PROPN
fbem-633	120	55	et	et	PROPN
fbem-633	120	56	al	al	PROPN
fbem-633	120	57	.	.	PROPN
fbem-633	121	1	(	(	PUNCT
fbem-633	121	2	2018	2018	NUM
fbem-633	121	3	)	)	PUNCT
fbem-633	121	4	,	,	PUNCT
fbem-633	121	5	dividend	dividend	NOUN
fbem-633	121	6	-	-	PUNCT
fbem-633	121	7	to	to	ADP
fbem-633	121	8	-	-	PUNCT
fbem-633	121	9	price	price	NOUN
fbem-633	121	10	is	be	AUX
fbem-633	121	11	calculated	calculate	VERB
fbem-633	121	12	as	as	ADP
fbem-633	121	13	the	the	DET
fbem-633	121	14	ratio	ratio	NOUN
fbem-633	121	15	of	of	ADP
fbem-633	121	16	total	total	ADJ
fbem-633	121	17	dividends	dividend	NOUN
fbem-633	121	18	to	to	PART
fbem-633	121	19	price	price	VERB
fbem-633	121	20	.	.	PUNCT
fbem-633	122	1	total	total	ADJ
fbem-633	122	2	dividends	dividend	NOUN
fbem-633	122	3	is	be	AUX
fbem-633	122	4	calculated	calculate	VERB
fbem-633	122	5	as	as	ADP
fbem-633	122	6	the	the	DET
fbem-633	122	7	total	total	ADJ
fbem-633	122	8	monetary	monetary	ADJ
fbem-633	122	9	value	value	NOUN
fbem-633	122	10	of	of	ADP
fbem-633	122	11	dividends	dividend	NOUN
fbem-633	122	12	paid	pay	VERB
fbem-633	122	13	out	out	ADP
fbem-633	122	14	to	to	ADP
fbem-633	122	15	shareholder	shareholder	NOUN
fbem-633	122	16	’s	’s	ADV
fbem-633	122	17	over	over	ADP
fbem-633	122	18	the	the	DET
fbem-633	122	19	previous	previous	ADJ
fbem-633	122	20	reporting	reporting	NOUN
fbem-633	122	21	period	period	NOUN
fbem-633	122	22	.	.	PUNCT
fbem-633	123	1	price	price	NOUN
fbem-633	123	2	refers	refer	VERB
fbem-633	123	3	to	to	ADP
fbem-633	123	4	a	a	DET
fbem-633	123	5	proxy	proxy	NOUN
fbem-633	123	6	of	of	ADP
fbem-633	123	7	end	end	NOUN
fbem-633	123	8	-	-	PUNCT
fbem-633	123	9	of	of	ADP
fbem-633	123	10	-	-	PUNCT
fbem-633	123	11	month	month	NOUN
fbem-633	123	12	total	total	ADJ
fbem-633	123	13	market	market	NOUN
fbem-633	123	14	capitalization	capitalization	NOUN
fbem-633	123	15	;	;	PUNCT
fbem-633	123	16	the	the	DET
fbem-633	123	17	number	number	NOUN
fbem-633	123	18	of	of	ADP
fbem-633	123	19	shares	share	NOUN
fbem-633	123	20	outstanding	outstanding	ADJ
fbem-633	123	21	(	(	PUNCT
fbem-633	123	22	including	include	VERB
fbem-633	123	23	band	band	NOUN
fbem-633	123	24	h	h	NOUN
fbem-633	123	25	-	-	PUNCT
fbem-633	123	26	shares	share	NOUN
fbem-633	123	27	)	)	PUNCT
fbem-633	123	28	times	time	NOUN
fbem-633	123	29	the	the	DET
fbem-633	123	30	ashare	ashare	NOUN
fbem-633	123	31	’s	’s	PART
fbem-633	123	32	price	price	NOUN
fbem-633	123	33	.	.	PUNCT
fbem-633	124	1	we	we	PRON
fbem-633	124	2	exclude	exclude	VERB
fbem-633	124	3	firms	firm	NOUN
fbem-633	124	4	that	that	PRON
fbem-633	124	5	do	do	AUX
fbem-633	124	6	not	not	PART
fbem-633	124	7	pay	pay	VERB
fbem-633	124	8	dividends	dividend	NOUN
fbem-633	124	9	.	.	PUNCT
fbem-633	125	1	cash	cash	NOUN
fbem-633	125	2	flow	flow	NOUN
fbem-633	125	3	-	-	PUNCT
fbem-633	125	4	to	to	ADP
fbem-633	125	5	-	-	PUNCT
fbem-633	125	6	price	price	NOUN
fbem-633	125	7	(	(	PUNCT
fbem-633	125	8	cp	cp	NOUN
fbem-633	125	9	)	)	PUNCT
fbem-633	125	10	lsv(1994	lsv(1994	PROPN
fbem-633	125	11	)	)	PUNCT
fbem-633	125	12	cp	cp	X
fbem-633	125	13	.	.	PUNCT
fbem-633	125	14	following	follow	VERB
fbem-633	125	15	liu	liu	PROPN
fbem-633	125	16	et	et	PROPN
fbem-633	125	17	al	al	PROPN
fbem-633	125	18	.	.	PROPN
fbem-633	126	1	(	(	PUNCT
fbem-633	126	2	2019	2019	NUM
fbem-633	126	3	)	)	PUNCT
fbem-633	126	4	,	,	PUNCT
fbem-633	126	5	cash	cash	NOUN
fbem-633	126	6	-	-	PUNCT
fbem-633	126	7	flow	flow	NOUN
fbem-633	126	8	-	-	PUNCT
fbem-633	126	9	to	to	ADP
fbem-633	126	10	-	-	PUNCT
fbem-633	126	11	price	price	NOUN
fbem-633	126	12	is	be	AUX
fbem-633	126	13	calculated	calculate	VERB
fbem-633	126	14	as	as	ADP
fbem-633	126	15	the	the	DET
fbem-633	126	16	ratio	ratio	NOUN
fbem-633	126	17	of	of	ADP
fbem-633	126	18	total	total	ADJ
fbem-633	126	19	cash	cash	NOUN
fbem-633	126	20	flow	flow	NOUN
fbem-633	126	21	to	to	ADP
fbem-633	126	22	price	price	NOUN
fbem-633	126	23	.	.	PUNCT
fbem-633	127	1	total	total	ADJ
fbem-633	127	2	cash	cash	NOUN
fbem-633	127	3	flow	flow	NOUN
fbem-633	127	4	is	be	AUX
fbem-633	127	5	calculated	calculate	VERB
fbem-633	127	6	as	as	ADP
fbem-633	127	7	the	the	DET
fbem-633	127	8	net	net	ADJ
fbem-633	127	9	increase	increase	NOUN
fbem-633	127	10	in	in	ADP
fbem-633	127	11	cash	cash	NOUN
fbem-633	127	12	or	or	CCONJ
fbem-633	127	13	cash	cash	NOUN
fbem-633	127	14	equivalents	equivalent	NOUN
fbem-633	127	15	over	over	ADP
fbem-633	127	16	39	39	NUM
fbem-633	127	17	the	the	DET
fbem-633	127	18	previous	previous	ADJ
fbem-633	127	19	reporting	reporting	NOUN
fbem-633	127	20	period	period	NOUN
fbem-633	127	21	.	.	PUNCT
fbem-633	128	1	price	price	NOUN
fbem-633	128	2	refers	refer	VERB
fbem-633	128	3	to	to	ADP
fbem-633	128	4	a	a	DET
fbem-633	128	5	proxy	proxy	NOUN
fbem-633	128	6	of	of	ADP
fbem-633	128	7	end	end	NOUN
fbem-633	128	8	-	-	PUNCT
fbem-633	128	9	ofmonth	ofmonth	NOUN
fbem-633	128	10	total	total	ADJ
fbem-633	128	11	market	market	NOUN
fbem-633	128	12	capitalization	capitalization	NOUN
fbem-633	128	13	;	;	PUNCT
fbem-633	128	14	the	the	DET
fbem-633	128	15	number	number	NOUN
fbem-633	128	16	of	of	ADP
fbem-633	128	17	shares	share	NOUN
fbem-633	128	18	outstanding	outstanding	ADJ
fbem-633	128	19	(	(	PUNCT
fbem-633	128	20	including	include	VERB
fbem-633	128	21	band	band	NOUN
fbem-633	128	22	h	h	NOUN
fbem-633	128	23	-	-	PUNCT
fbem-633	128	24	shares	share	NOUN
fbem-633	128	25	)	)	PUNCT
fbem-633	128	26	times	time	NOUN
fbem-633	128	27	the	the	DET
fbem-633	128	28	a	a	DET
fbem-633	128	29	-	-	PUNCT
fbem-633	128	30	share	share	NOUN
fbem-633	128	31	’s	’s	PART
fbem-633	128	32	price	price	NOUN
fbem-633	128	33	.	.	PUNCT
fbem-633	129	1	we	we	PRON
fbem-633	129	2	exclude	exclude	VERB
fbem-633	129	3	firms	firm	NOUN
fbem-633	129	4	with	with	ADP
fbem-633	129	5	negative	negative	ADJ
fbem-633	129	6	cash	cash	NOUN
fbem-633	129	7	flows	flow	NOUN
fbem-633	129	8	.	.	PUNCT
fbem-633	130	1	quality	quality	NOUN
fbem-633	130	2	return	return	VERB
fbem-633	130	3	-	-	PUNCT
fbem-633	130	4	on	on	ADP
fbem-633	130	5	-	-	PUNCT
fbem-633	130	6	equity	equity	NOUN
fbem-633	130	7	(	(	PUNCT
fbem-633	130	8	roe	roe	PROPN
fbem-633	130	9	)	)	PUNCT
fbem-633	130	10	haugen	haugen	PROPN
fbem-633	130	11	and	and	CCONJ
fbem-633	130	12	baker	baker	PROPN
fbem-633	130	13	(	(	PUNCT
fbem-633	130	14	1996	1996	NUM
fbem-633	130	15	)	)	PUNCT
fbem-633	130	16	roe	roe	NOUN
fbem-633	130	17	.	.	PUNCT
fbem-633	131	1	following	follow	VERB
fbem-633	131	2	haugen	haugen	PROPN
fbem-633	131	3	and	and	CCONJ
fbem-633	131	4	baker	baker	PROPN
fbem-633	131	5	(	(	PUNCT
fbem-633	131	6	1996	1996	NUM
fbem-633	131	7	)	)	PUNCT
fbem-633	131	8	and	and	CCONJ
fbem-633	131	9	liu	liu	PROPN
fbem-633	131	10	et	et	PROPN
fbem-633	131	11	al	al	PROPN
fbem-633	131	12	.	.	PROPN
fbem-633	132	1	(	(	PUNCT
fbem-633	132	2	2019	2019	NUM
fbem-633	132	3	)	)	PUNCT
fbem-633	132	4	,	,	PUNCT
fbem-633	132	5	return	return	VERB
fbem-633	132	6	on	on	ADP
fbem-633	132	7	equity	equity	NOUN
fbem-633	132	8	is	be	AUX
fbem-633	132	9	calculated	calculate	VERB
fbem-633	132	10	as	as	ADP
fbem-633	132	11	the	the	DET
fbem-633	132	12	ratio	ratio	NOUN
fbem-633	132	13	of	of	ADP
fbem-633	132	14	total	total	ADJ
fbem-633	132	15	earnings	earning	NOUN
fbem-633	132	16	to	to	ADP
fbem-633	132	17	book	book	NOUN
fbem-633	132	18	equity	equity	NOUN
fbem-633	132	19	value	value	NOUN
fbem-633	132	20	.	.	PUNCT
fbem-633	133	1	total	total	ADJ
fbem-633	133	2	earnings	earning	NOUN
fbem-633	133	3	is	be	AUX
fbem-633	133	4	defined	define	VERB
fbem-633	133	5	as	as	ADP
fbem-633	133	6	net	net	ADJ
fbem-633	133	7	profit	profit	NOUN
fbem-633	133	8	excluding	exclude	VERB
fbem-633	133	9	minority	minority	NOUN
fbem-633	133	10	interest	interest	NOUN
fbem-633	133	11	income	income	NOUN
fbem-633	133	12	.	.	PUNCT
fbem-633	134	1	book	book	NOUN
fbem-633	134	2	value	value	NOUN
fbem-633	134	3	is	be	AUX
fbem-633	134	4	defined	define	VERB
fbem-633	134	5	as	as	ADP
fbem-633	134	6	common	common	ADJ
fbem-633	134	7	shareholder	shareholder	NOUN
fbem-633	134	8	’s	’s	PART
fbem-633	134	9	equity	equity	NOUN
fbem-633	134	10	(	(	PUNCT
fbem-633	134	11	total	total	ADJ
fbem-633	134	12	shareholder	shareholder	NOUN
fbem-633	134	13	’s	’s	PART
fbem-633	134	14	equity	equity	NOUN
fbem-633	134	15	minus	minus	ADP
fbem-633	134	16	the	the	DET
fbem-633	134	17	book	book	NOUN
fbem-633	134	18	value	value	NOUN
fbem-633	134	19	of	of	ADP
fbem-633	134	20	preferred	preferred	ADJ
fbem-633	134	21	stocks	stock	NOUN
fbem-633	134	22	)	)	PUNCT
fbem-633	134	23	excluding	exclude	VERB
fbem-633	134	24	minority	minority	NOUN
fbem-633	134	25	interests	interest	NOUN
fbem-633	134	26	.	.	PUNCT
fbem-633	135	1	gross	gross	ADJ
fbem-633	135	2	profitability	profitability	NOUN
fbem-633	135	3	(	(	PUNCT
fbem-633	135	4	gp	gp	NOUN
fbem-633	135	5	)	)	PUNCT
fbem-633	135	6	novy	novy	PROPN
fbem-633	135	7	-	-	PUNCT
fbem-633	135	8	marx(2013	marx(2013	PROPN
fbem-633	135	9	)	)	PUNCT
fbem-633	135	10	gp	gp	NOUN
fbem-633	135	11	.	.	PUNCT
fbem-633	136	1	following	follow	VERB
fbem-633	136	2	novy	novy	PROPN
fbem-633	136	3	-	-	PUNCT
fbem-633	136	4	marx	marx	PROPN
fbem-633	136	5	(	(	PUNCT
fbem-633	136	6	2013	2013	NUM
fbem-633	136	7	)	)	PUNCT
fbem-633	136	8	,	,	PUNCT
fbem-633	136	9	gross	gross	ADJ
fbem-633	136	10	profitability	profitability	NOUN
fbem-633	136	11	is	be	AUX
fbem-633	136	12	calculated	calculate	VERB
fbem-633	136	13	as	as	ADP
fbem-633	136	14	the	the	DET
fbem-633	136	15	ratio	ratio	NOUN
fbem-633	136	16	of	of	ADP
fbem-633	136	17	gross	gross	ADJ
fbem-633	136	18	profit	profit	NOUN
fbem-633	136	19	to	to	ADP
fbem-633	136	20	total	total	ADJ
fbem-633	136	21	assets	asset	NOUN
fbem-633	136	22	.	.	PUNCT
fbem-633	137	1	gross	gross	ADJ
fbem-633	137	2	profit	profit	NOUN
fbem-633	137	3	is	be	AUX
fbem-633	137	4	defined	define	VERB
fbem-633	137	5	as	as	ADP
fbem-633	137	6	operating	operate	VERB
fbem-633	137	7	revenue	revenue	NOUN
fbem-633	137	8	minus	minus	CCONJ
fbem-633	137	9	operating	operating	NOUN
fbem-633	137	10	costs	cost	NOUN
fbem-633	137	11	.	.	PUNCT
fbem-633	138	1	operating	operate	VERB
fbem-633	138	2	profit	profit	NOUN
fbem-633	138	3	(	(	PUNCT
fbem-633	138	4	op	op	NOUN
fbem-633	138	5	)	)	PUNCT
fbem-633	138	6	fama	fama	NOUN
fbem-633	138	7	and	and	CCONJ
fbem-633	138	8	french(2015	french(2015	NOUN
fbem-633	138	9	)	)	PUNCT
fbem-633	138	10	op	op	NOUN
fbem-633	138	11	.	.	PUNCT
fbem-633	139	1	following	follow	VERB
fbem-633	139	2	fama	fama	PROPN
fbem-633	139	3	and	and	CCONJ
fbem-633	139	4	french	french	ADJ
fbem-633	139	5	(	(	PUNCT
fbem-633	139	6	2015	2015	NUM
fbem-633	139	7	)	)	PUNCT
fbem-633	139	8	,	,	PUNCT
fbem-633	139	9	operating	operate	VERB
fbem-633	139	10	profit	profit	NOUN
fbem-633	139	11	is	be	AUX
fbem-633	139	12	calculated	calculate	VERB
fbem-633	139	13	as	as	ADP
fbem-633	139	14	the	the	DET
fbem-633	139	15	ratio	ratio	NOUN
fbem-633	139	16	of	of	ADP
fbem-633	139	17	operating	operate	VERB
fbem-633	139	18	profit	profit	NOUN
fbem-633	139	19	excluding	exclude	VERB
fbem-633	139	20	interest	interest	NOUN
fbem-633	139	21	expense	expense	NOUN
fbem-633	139	22	to	to	ADP
fbem-633	139	23	book	book	NOUN
fbem-633	139	24	value	value	NOUN
fbem-633	139	25	.	.	PUNCT
fbem-633	140	1	interest	interest	NOUN
fbem-633	140	2	expense	expense	NOUN
fbem-633	140	3	is	be	AUX
fbem-633	140	4	excluded	exclude	VERB
fbem-633	140	5	by	by	ADP
fbem-633	140	6	subtracting	subtract	VERB
fbem-633	140	7	total	total	ADJ
fbem-633	140	8	interest	interest	NOUN
fbem-633	140	9	expense	expense	NOUN
fbem-633	140	10	from	from	ADP
fbem-633	140	11	operating	operate	VERB
fbem-633	140	12	profit	profit	NOUN
fbem-633	140	13	.	.	PUNCT
fbem-633	141	1	book	book	NOUN
fbem-633	141	2	value	value	NOUN
fbem-633	141	3	is	be	AUX
fbem-633	141	4	defined	define	VERB
fbem-633	141	5	as	as	ADP
fbem-633	141	6	common	common	ADJ
fbem-633	141	7	shareholder	shareholder	NOUN
fbem-633	141	8	’s	’s	PART
fbem-633	141	9	equity	equity	NOUN
fbem-633	141	10	(	(	PUNCT
fbem-633	141	11	total	total	ADJ
fbem-633	141	12	shareholder	shareholder	NOUN
fbem-633	141	13	’s	’s	PART
fbem-633	141	14	equity	equity	NOUN
fbem-633	141	15	minus	minus	ADP
fbem-633	141	16	the	the	DET
fbem-633	141	17	book	book	NOUN
fbem-633	141	18	value	value	NOUN
fbem-633	141	19	of	of	ADP
fbem-633	141	20	preferred	preferred	ADJ
fbem-633	141	21	stocks	stock	NOUN
fbem-633	141	22	)	)	PUNCT
fbem-633	141	23	excluding	exclude	VERB
fbem-633	141	24	minority	minority	NOUN
fbem-633	141	25	interests	interest	NOUN
fbem-633	141	26	.	.	PUNCT
fbem-633	142	1	asset	asset	NOUN
fbem-633	142	2	growth	growth	NOUN
fbem-633	142	3	(	(	PUNCT
fbem-633	142	4	inv	inv	VERB
fbem-633	142	5	a	a	DET
fbem-633	142	6	)	)	PUNCT
fbem-633	142	7	cooper	cooper	NOUN
fbem-633	142	8	et	et	PROPN
fbem-633	142	9	al	al	PROPN
fbem-633	142	10	.	.	PROPN
fbem-633	142	11	(	(	PUNCT
fbem-633	142	12	2008	2008	NUM
fbem-633	142	13	)	)	PUNCT
fbem-633	142	14	;	;	PUNCT
fbem-633	142	15	hou	hou	PROPN
fbem-633	142	16	et	et	PROPN
fbem-633	142	17	al	al	PROPN
fbem-633	142	18	.	.	PROPN
fbem-633	143	1	(	(	PUNCT
fbem-633	143	2	2020	2020	NUM
fbem-633	143	3	)	)	PUNCT
fbem-633	143	4	inv	inv	ADJ
fbem-633	143	5	asset	asset	NOUN
fbem-633	143	6	.	.	PUNCT
fbem-633	144	1	following	follow	VERB
fbem-633	144	2	hou	hou	PROPN
fbem-633	144	3	et	et	PROPN
fbem-633	144	4	al	al	PROPN
fbem-633	144	5	.	.	PROPN
fbem-633	145	1	(	(	PUNCT
fbem-633	145	2	2020	2020	NUM
fbem-633	145	3	)	)	PUNCT
fbem-633	145	4	,	,	PUNCT
fbem-633	145	5	asset	asset	NOUN
fbem-633	145	6	growth	growth	NOUN
fbem-633	145	7	is	be	AUX
fbem-633	145	8	calculated	calculate	VERB
fbem-633	145	9	as	as	ADP
fbem-633	145	10	the	the	DET
fbem-633	145	11	quarter	quarter	NOUN
fbem-633	145	12	-	-	PUNCT
fbem-633	145	13	to	to	ADP
fbem-633	145	14	-	-	PUNCT
fbem-633	145	15	quarter	quarter	NOUN
fbem-633	145	16	asset	asset	NOUN
fbem-633	145	17	growth	growth	NOUN
fbem-633	145	18	rate	rate	NOUN
fbem-633	145	19	,	,	PUNCT
fbem-633	145	20	i.e.	i.e.	X
fbem-633	145	21	,	,	PUNCT
fbem-633	145	22	the	the	DET
fbem-633	145	23	difference	difference	NOUN
fbem-633	145	24	between	between	ADP
fbem-633	145	25	total	total	ADJ
fbem-633	145	26	assets	asset	NOUN
fbem-633	145	27	in	in	ADP
fbem-633	145	28	the	the	DET
fbem-633	145	29	previous	previous	ADJ
fbem-633	145	30	two	two	NUM
fbem-633	145	31	quarters	quarter	NOUN
fbem-633	145	32	divided	divide	VERB
fbem-633	145	33	by	by	ADP
fbem-633	145	34	total	total	ADJ
fbem-633	145	35	assets	asset	NOUN
fbem-633	145	36	two	two	NUM
fbem-633	145	37	quarters	quarter	NOUN
fbem-633	145	38	ago	ago	ADV
fbem-633	145	39	.	.	PUNCT
fbem-633	146	1	book	book	NOUN
fbem-633	146	2	value	value	NOUN
fbem-633	146	3	growth	growth	NOUN
fbem-633	146	4	(	(	PUNCT
fbem-633	146	5	inv	inv	VERB
fbem-633	146	6	b	b	NUM
fbem-633	146	7	)	)	PUNCT
fbem-633	146	8	hou	hou	NOUN
fbem-633	146	9	et	et	PROPN
fbem-633	146	10	al	al	PROPN
fbem-633	146	11	.	.	PROPN
fbem-633	146	12	(	(	PUNCT
fbem-633	146	13	2020	2020	NUM
fbem-633	146	14	)	)	PUNCT
fbem-633	146	15	inb	inb	PROPN
fbem-633	146	16	book	book	NOUN
fbem-633	146	17	.	.	PUNCT
fbem-633	147	1	following	follow	VERB
fbem-633	147	2	hou	hou	PROPN
fbem-633	147	3	et	et	PROPN
fbem-633	147	4	al	al	PROPN
fbem-633	147	5	.	.	PROPN
fbem-633	148	1	(	(	PUNCT
fbem-633	148	2	2020	2020	NUM
fbem-633	148	3	)	)	PUNCT
fbem-633	148	4	,	,	PUNCT
fbem-633	148	5	book	book	NOUN
fbem-633	148	6	value	value	NOUN
fbem-633	148	7	growth	growth	NOUN
fbem-633	148	8	is	be	AUX
fbem-633	148	9	calculated	calculate	VERB
fbem-633	148	10	as	as	ADP
fbem-633	148	11	the	the	DET
fbem-633	148	12	quarter	quarter	NOUN
fbem-633	148	13	-	-	PUNCT
fbem-633	148	14	to	to	ADP
fbem-633	148	15	-	-	PUNCT
fbem-633	148	16	quarter	quarter	NOUN
fbem-633	148	17	book	book	NOUN
fbem-633	148	18	value	value	NOUN
fbem-633	148	19	growth	growth	NOUN
fbem-633	148	20	rate	rate	NOUN
fbem-633	148	21	,	,	PUNCT
fbem-633	148	22	i.e.	i.e.	X
fbem-633	148	23	,	,	PUNCT
fbem-633	148	24	the	the	DET
fbem-633	148	25	difference	difference	NOUN
fbem-633	148	26	between	between	ADP
fbem-633	148	27	total	total	ADJ
fbem-633	148	28	book	book	NOUN
fbem-633	148	29	value	value	NOUN
fbem-633	148	30	in	in	ADP
fbem-633	148	31	the	the	DET
fbem-633	148	32	previous	previous	ADJ
fbem-633	148	33	two	two	NUM
fbem-633	148	34	quarters	quarter	NOUN
fbem-633	148	35	divided	divide	VERB
fbem-633	148	36	by	by	ADP
fbem-633	148	37	total	total	ADJ
fbem-633	148	38	book	book	NOUN
fbem-633	148	39	value	value	NOUN
fbem-633	148	40	two	two	NUM
fbem-633	148	41	quarters	quarter	NOUN
fbem-633	148	42	ago	ago	ADV
fbem-633	148	43	.	.	PUNCT
fbem-633	149	1	book	book	NOUN
fbem-633	149	2	value	value	NOUN
fbem-633	149	3	is	be	AUX
fbem-633	149	4	defined	define	VERB
fbem-633	149	5	as	as	ADP
fbem-633	149	6	common	common	ADJ
fbem-633	149	7	share	share	NOUN
fbem-633	149	8	-	-	PUNCT
fbem-633	149	9	holder	holder	NOUN
fbem-633	149	10	’s	’s	PART
fbem-633	149	11	equity	equity	NOUN
fbem-633	149	12	(	(	PUNCT
fbem-633	149	13	total	total	ADJ
fbem-633	149	14	shareholder	shareholder	NOUN
fbem-633	149	15	’s	’s	PART
fbem-633	149	16	equity	equity	NOUN
fbem-633	149	17	minus	minus	ADP
fbem-633	149	18	the	the	DET
fbem-633	149	19	book	book	NOUN
fbem-633	149	20	value	value	NOUN
fbem-633	149	21	of	of	ADP
fbem-633	149	22	preferred	preferred	ADJ
fbem-633	149	23	stocks	stock	NOUN
fbem-633	149	24	)	)	PUNCT
fbem-633	149	25	excluding	exclude	VERB
fbem-633	149	26	minority	minority	NOUN
fbem-633	149	27	interests	interest	NOUN
fbem-633	149	28	.	.	PUNCT
fbem-633	150	1	accruals	accrual	NOUN
fbem-633	150	2	(	(	PUNCT
fbem-633	150	3	acc	acc	PROPN
fbem-633	150	4	)	)	PUNCT
fbem-633	150	5	sloan(1996);liu	sloan(1996);liu	VERB
fbem-633	150	6	et	et	NOUN
fbem-633	150	7	al.(2019	al.(2019	PROPN
fbem-633	150	8	)	)	PUNCT
fbem-633	150	9	acc	acc	PROPN
fbem-633	150	10	.	.	PUNCT
fbem-633	151	1	following	follow	VERB
fbem-633	151	2	liu	liu	PROPN
fbem-633	151	3	et	et	PROPN
fbem-633	151	4	al	al	PROPN
fbem-633	151	5	.	.	PROPN
fbem-633	152	1	(	(	PUNCT
fbem-633	152	2	2019	2019	NUM
fbem-633	152	3	)	)	PUNCT
fbem-633	152	4	,	,	PUNCT
fbem-633	152	5	sloan	sloan	NOUN
fbem-633	152	6	(	(	PUNCT
fbem-633	152	7	1996	1996	NUM
fbem-633	152	8	)	)	PUNCT
fbem-633	152	9	firm	firm	ADJ
fbem-633	152	10	-	-	PUNCT
fbem-633	152	11	level	level	NOUN
fbem-633	152	12	accruals	accrual	NOUN
fbem-633	152	13	are	be	AUX
fbem-633	152	14	calculated	calculate	VERB
fbem-633	152	15	as	as	ADP
fbem-633	152	16	2	2	NUM
fbem-633	152	17	/	/	SYM
fbem-633	152	18	∆	∆	PROPN
fbem-633	152	19	–	–	PUNCT
fbem-633	152	20	∆	∆	X
fbem-633	152	21	–	–	PUNCT
fbem-633	152	22	∆	∆	X
fbem-633	152	23	–	–	PUNCT
fbem-633	152	24	∆	∆	X
fbem-633	152	25	∆	∆	X
fbem-633	152	26	where	where	SCONJ
fbem-633	152	27	is	be	AUX
fbem-633	152	28	total	total	ADJ
fbem-633	152	29	assets	asset	NOUN
fbem-633	152	30	,	,	PUNCT
fbem-633	152	31	is	be	AUX
fbem-633	152	32	the	the	DET
fbem-633	152	33	balance	balance	NOUN
fbem-633	152	34	of	of	ADP
fbem-633	152	35	cash	cash	NOUN
fbem-633	152	36	and	and	CCONJ
fbem-633	152	37	cash	cash	NOUN
fbem-633	152	38	equivalents	equivalent	NOUN
fbem-633	152	39	,	,	PUNCT
fbem-633	152	40	is	be	AUX
fbem-633	152	41	current	current	ADJ
fbem-633	152	42	liabilities	liability	NOUN
fbem-633	152	43	,	,	PUNCT
fbem-633	152	44	is	be	AUX
fbem-633	152	45	the	the	DET
fbem-633	152	46	sum	sum	NOUN
fbem-633	152	47	of	of	ADP
fbem-633	152	48	notes	note	NOUN
fbem-633	152	49	payable	payable	ADJ
fbem-633	152	50	and	and	CCONJ
fbem-633	152	51	long	long	ADJ
fbem-633	152	52	-	-	PUNCT
fbem-633	152	53	term	term	NOUN
fbem-633	152	54	debt	debt	NOUN
fbem-633	152	55	due	due	ADJ
fbem-633	152	56	within	within	ADP
fbem-633	152	57	one	one	NUM
fbem-633	152	58	year	year	NOUN
fbem-633	152	59	,	,	PUNCT
fbem-633	152	60	is	be	AUX
fbem-633	152	61	taxes	taxis	NOUN
fbem-633	152	62	payable	payable	ADJ
fbem-633	152	63	,	,	PUNCT
fbem-633	152	64	is	be	AUX
fbem-633	152	65	the	the	DET
fbem-633	152	66	sum	sum	NOUN
fbem-633	152	67	of	of	ADP
fbem-633	152	68	depreciation	depreciation	NOUN
fbem-633	152	69	of	of	ADP
fbem-633	152	70	fixed	fix	VERB
fbem-633	152	71	assets	asset	NOUN
fbem-633	152	72	,	,	PUNCT
fbem-633	152	73	oil	oil	NOUN
fbem-633	152	74	and	and	CCONJ
fbem-633	152	75	gas	gas	NOUN
fbem-633	152	76	assets	asset	NOUN
fbem-633	152	77	,	,	PUNCT
fbem-633	152	78	and	and	CCONJ
fbem-633	152	79	bearer	bearer	ADJ
fbem-633	152	80	biological	biological	ADJ
fbem-633	152	81	assets	asset	NOUN
fbem-633	152	82	,	,	PUNCT
fbem-633	152	83	and	and	CCONJ
fbem-633	152	84	intangible	intangible	ADJ
fbem-633	152	85	asset	asset	NOUN
fbem-633	152	86	amortization	amortization	NOUN
fbem-633	152	87	.	.	PUNCT
fbem-633	153	1	∆	∆	PROPN
fbem-633	153	2	denotes	denote	VERB
fbem-633	153	3	the	the	DET
fbem-633	153	4	year	year	NOUN
fbem-633	153	5	-	-	PUNCT
fbem-633	153	6	on	on	ADP
fbem-633	153	7	-	-	PUNCT
fbem-633	153	8	year	year	NOUN
fbem-633	153	9	difference	difference	NOUN
fbem-633	153	10	and	and	CCONJ
fbem-633	153	11	t	t	NOUN
fbem-633	153	12	denotes	denote	VERB
fbem-633	153	13	the	the	DET
fbem-633	153	14	year	year	NOUN
fbem-633	153	15	.	.	PUNCT
fbem-633	154	1	net	net	ADJ
fbem-633	154	2	operating	operate	VERB
fbem-633	154	3	assets	asset	NOUN
fbem-633	154	4	(	(	PUNCT
fbem-633	154	5	noa	noa	PROPN
fbem-633	154	6	)	)	PUNCT
fbem-633	154	7	hirshleifer	hirshleifer	NOUN
fbem-633	154	8	et	et	NOUN
fbem-633	154	9	al.(2004);liu	al.(2004);liu	PROPN
fbem-633	154	10	et	et	PROPN
fbem-633	154	11	al.(2019	al.(2019	PROPN
fbem-633	154	12	)	)	PUNCT
fbem-633	154	13	noa	noa	INTJ
fbem-633	154	14	.	.	PUNCT
fbem-633	155	1	following	follow	VERB
fbem-633	155	2	liu	liu	PROPN
fbem-633	155	3	et	et	PROPN
fbem-633	155	4	al	al	PROPN
fbem-633	155	5	.	.	PROPN
fbem-633	156	1	(	(	PUNCT
fbem-633	156	2	2019	2019	NUM
fbem-633	156	3	)	)	PUNCT
fbem-633	156	4	,	,	PUNCT
fbem-633	156	5	net	net	ADJ
fbem-633	156	6	operating	operate	VERB
fbem-633	156	7	assets	asset	NOUN
fbem-633	156	8	is	be	AUX
fbem-633	156	9	calculated	calculate	VERB
fbem-633	156	10	as	as	ADP
fbem-633	156	11	net	net	ADJ
fbem-633	156	12	operating	operating	NOUN
fbem-633	156	13	assets	asset	NOUN
fbem-633	156	14	in	in	ADP
fbem-633	156	15	year	year	NOUN
fbem-633	156	16	t	t	PROPN
fbem-633	156	17	scaled	scale	VERB
fbem-633	156	18	by	by	ADP
fbem-633	156	19	total	total	ADJ
fbem-633	156	20	assets	asset	NOUN
fbem-633	156	21	in	in	ADP
fbem-633	156	22	year	year	NOUN
fbem-633	156	23	t-1	t-1	PROPN
fbem-633	156	24	.	.	PUNCT
fbem-633	157	1	the	the	DET
fbem-633	157	2	numerator	numerator	NOUN
fbem-633	157	3	is	be	AUX
fbem-633	157	4	calculated	calculate	VERB
fbem-633	157	5	as	as	ADP
fbem-633	157	6	the	the	DET
fbem-633	157	7	difference	difference	NOUN
fbem-633	157	8	between	between	ADP
fbem-633	157	9	operating	operate	VERB
fbem-633	157	10	assets	asset	NOUN
fbem-633	157	11	and	and	CCONJ
fbem-633	157	12	operating	operating	NOUN
fbem-633	157	13	liabilities	liability	NOUN
fbem-633	157	14	.	.	PUNCT
fbem-633	158	1	operating	operate	VERB
fbem-633	158	2	assets	asset	NOUN
fbem-633	158	3	is	be	AUX
fbem-633	158	4	defined	define	VERB
fbem-633	158	5	as	as	ADP
fbem-633	158	6	total	total	ADJ
fbem-633	158	7	assets	asset	NOUN
fbem-633	158	8	minus	minus	ADP
fbem-633	158	9	balance	balance	NOUN
fbem-633	158	10	sheet	sheet	NOUN
fbem-633	158	11	cash	cash	NOUN
fbem-633	158	12	,	,	PUNCT
fbem-633	158	13	minus	minus	CCONJ
fbem-633	158	14	short	short	ADJ
fbem-633	158	15	-	-	PUNCT
fbem-633	158	16	term	term	NOUN
fbem-633	158	17	investment	investment	NOUN
fbem-633	158	18	.	.	PUNCT
fbem-633	159	1	operating	operate	VERB
fbem-633	159	2	liabilities	liability	NOUN
fbem-633	159	3	represents	represent	VERB
fbem-633	159	4	total	total	ADJ
fbem-633	159	5	assets	asset	NOUN
fbem-633	159	6	minus	minus	CCONJ
fbem-633	159	7	short	short	ADJ
fbem-633	159	8	-	-	PUNCT
fbem-633	159	9	term	term	NOUN
fbem-633	159	10	loans	loan	NOUN
fbem-633	159	11	,	,	PUNCT
fbem-633	159	12	minus	minus	CCONJ
fbem-633	159	13	long	long	ADJ
fbem-633	159	14	-	-	PUNCT
fbem-633	159	15	term	term	NOUN
fbem-633	159	16	loans	loan	NOUN
fbem-633	159	17	,	,	PUNCT
fbem-633	159	18	minus	minus	CCONJ
fbem-633	159	19	minority	minority	NOUN
fbem-633	159	20	interest	interest	NOUN
fbem-633	159	21	,	,	PUNCT
fbem-633	159	22	minus	minus	CCONJ
fbem-633	159	23	common	common	ADJ
fbem-633	159	24	shareholder	shareholder	NOUN
fbem-633	159	25	’s	’s	PART
fbem-633	159	26	equity	equity	NOUN
fbem-633	159	27	excluding	exclude	VERB
fbem-633	159	28	minority	minority	NOUN
fbem-633	159	29	interest	interest	NOUN
fbem-633	159	30	.	.	PUNCT
fbem-633	160	1	profit	profit	NOUN
fbem-633	160	2	margin	margin	NOUN
fbem-633	160	3	(	(	PUNCT
fbem-633	160	4	pm	pm	NOUN
fbem-633	160	5	)	)	PUNCT
fbem-633	160	6	soliman(2008	soliman(2008	NOUN
fbem-633	160	7	)	)	PUNCT
fbem-633	160	8	pm	pm	NOUN
fbem-633	160	9	.	.	PUNCT
fbem-633	161	1	profit	profit	NOUN
fbem-633	161	2	margin	margin	NOUN
fbem-633	161	3	=	=	PUNCT
fbem-633	161	4	ebit	ebit	NOUN
fbem-633	161	5	/	/	SYM
fbem-633	161	6	revenues	revenue	NOUN
fbem-633	161	7	.	.	PUNCT
fbem-633	162	1	updated	update	VERB
fbem-633	162	2	annually	annually	ADV
fbem-633	162	3	.	.	PUNCT
fbem-633	163	1	risk	risk	NOUN
fbem-633	163	2	1m	1m	NUM
fbem-633	163	3	-	-	PUNCT
fbem-633	163	4	volatility	volatility	NOUN
fbem-633	163	5	(	(	PUNCT
fbem-633	163	6	vol	vol	NOUN
fbem-633	163	7	1	1	NUM
fbem-633	163	8	m	m	NOUN
fbem-633	163	9	)	)	PUNCT
fbem-633	163	10	ang	ang	NOUN
fbem-633	163	11	et	et	NOUN
fbem-633	163	12	al.(2006	al.(2006	NOUN
fbem-633	163	13	)	)	PUNCT
fbem-633	163	14	vol	vol	NOUN
fbem-633	163	15	1	1	NUM
fbem-633	163	16	m.	m.	NOUN
fbem-633	163	17	following	follow	VERB
fbem-633	163	18	ang	ang	INTJ
fbem-633	163	19	et	et	PROPN
fbem-633	163	20	al	al	PROPN
fbem-633	163	21	.	.	PROPN
fbem-633	163	22	(	(	PUNCT
fbem-633	163	23	2006	2006	NUM
fbem-633	163	24	)	)	PUNCT
fbem-633	163	25	,	,	PUNCT
fbem-633	163	26	one	one	NUM
fbem-633	163	27	-	-	PUNCT
fbem-633	163	28	month	month	NOUN
fbem-633	163	29	volatility	volatility	NOUN
fbem-633	163	30	is	be	AUX
fbem-633	163	31	calculated	calculate	VERB
fbem-633	163	32	as	as	ADP
fbem-633	163	33	the	the	DET
fbem-633	163	34	standard	standard	ADJ
fbem-633	163	35	deviation	deviation	NOUN
fbem-633	163	36	of	of	ADP
fbem-633	163	37	daily	daily	ADJ
fbem-633	163	38	stock	stock	NOUN
fbem-633	163	39	returns	return	NOUN
fbem-633	163	40	over	over	ADP
fbem-633	163	41	the	the	DET
fbem-633	163	42	past	past	ADJ
fbem-633	163	43	twenty	twenty	NUM
fbem-633	163	44	trading	trading	NOUN
fbem-633	163	45	days	day	NOUN
fbem-633	163	46	.	.	PUNCT
fbem-633	164	1	3y	3y	NUM
fbem-633	164	2	-	-	PUNCT
fbem-633	164	3	volatility	volatility	NOUN
fbem-633	164	4	(	(	PUNCT
fbem-633	164	5	vol	vol	NOUN
fbem-633	164	6	3y	3y	NUM
fbem-633	164	7	)	)	PUNCT
fbem-633	164	8	blitz	blitz	NOUN
fbem-633	164	9	et	et	NOUN
fbem-633	164	10	al.(2006	al.(2006	NOUN
fbem-633	164	11	)	)	PUNCT
fbem-633	164	12	vol	vol	NOUN
fbem-633	164	13	3y	3y	NUM
fbem-633	164	14	.	.	PUNCT
fbem-633	165	1	following	follow	VERB
fbem-633	165	2	blitz	blitz	PROPN
fbem-633	165	3	and	and	CCONJ
fbem-633	165	4	van	van	PROPN
fbem-633	165	5	vliet	vliet	PROPN
fbem-633	165	6	(	(	PUNCT
fbem-633	165	7	2007	2007	NUM
fbem-633	165	8	)	)	PUNCT
fbem-633	165	9	,	,	PUNCT
fbem-633	165	10	three	three	NUM
fbem-633	165	11	-	-	PUNCT
fbem-633	165	12	year	year	NOUN
fbem-633	165	13	volatility	volatility	NOUN
fbem-633	165	14	is	be	AUX
fbem-633	165	15	calculated	calculate	VERB
fbem-633	165	16	as	as	ADP
fbem-633	165	17	the	the	DET
fbem-633	165	18	standard	standard	ADJ
fbem-633	165	19	deviation	deviation	NOUN
fbem-633	165	20	of	of	ADP
fbem-633	165	21	monthly	monthly	ADJ
fbem-633	165	22	stock	stock	NOUN
fbem-633	165	23	40	40	NUM
fbem-633	165	24	returns	return	NOUN
fbem-633	165	25	over	over	ADP
fbem-633	165	26	the	the	DET
fbem-633	165	27	past	past	ADJ
fbem-633	165	28	36	36	NUM
fbem-633	165	29	months	month	NOUN
fbem-633	165	30	.	.	PUNCT
fbem-633	166	1	max	max	PROPN
fbem-633	166	2	bali	bali	PROPN
fbem-633	166	3	et	et	PROPN
fbem-633	166	4	al.(2010	al.(2010	PROPN
fbem-633	166	5	)	)	PUNCT
fbem-633	166	6	max	max	PROPN
fbem-633	166	7	.	.	PUNCT
fbem-633	167	1	following	follow	VERB
fbem-633	167	2	bali	bali	PROPN
fbem-633	167	3	et	et	PROPN
fbem-633	167	4	al	al	PROPN
fbem-633	167	5	.	.	PROPN
fbem-633	168	1	(	(	PUNCT
fbem-633	168	2	2011	2011	NUM
fbem-633	168	3	)	)	PUNCT
fbem-633	168	4	,	,	PUNCT
fbem-633	168	5	the	the	DET
fbem-633	168	6	maximum	maximum	ADJ
fbem-633	168	7	daily	daily	ADJ
fbem-633	168	8	return	return	NOUN
fbem-633	168	9	over	over	ADP
fbem-633	168	10	the	the	DET
fbem-633	168	11	past	past	ADJ
fbem-633	168	12	twenty	twenty	NUM
fbem-633	168	13	trading	trading	NOUN
fbem-633	168	14	days	day	NOUN
fbem-633	168	15	equals	equal	VERB
fbem-633	168	16	the	the	DET
fbem-633	168	17	highest	high	ADJ
fbem-633	168	18	adjusted	adjust	VERB
fbem-633	168	19	daily	daily	ADJ
fbem-633	168	20	return	return	NOUN
fbem-633	168	21	over	over	ADP
fbem-633	168	22	this	this	DET
fbem-633	168	23	period	period	NOUN
fbem-633	168	24	.	.	PUNCT
fbem-633	169	1	daily	daily	ADJ
fbem-633	169	2	returns	return	NOUN
fbem-633	169	3	are	be	AUX
fbem-633	169	4	adjusted	adjust	VERB
fbem-633	169	5	in	in	ADP
fbem-633	169	6	two	two	NUM
fbem-633	169	7	ways	way	NOUN
fbem-633	169	8	.	.	PUNCT
fbem-633	170	1	first	first	ADV
fbem-633	170	2	,	,	PUNCT
fbem-633	170	3	to	to	PART
fbem-633	170	4	account	account	VERB
fbem-633	170	5	for	for	ADP
fbem-633	170	6	a	a	DET
fbem-633	170	7	possible	possible	ADJ
fbem-633	170	8	downward	downward	ADJ
fbem-633	170	9	bias	bias	NOUN
fbem-633	170	10	caused	cause	VERB
fbem-633	170	11	by	by	ADP
fbem-633	170	12	trade	trade	NOUN
fbem-633	170	13	suspensions	suspension	NOUN
fbem-633	170	14	,	,	PUNCT
fbem-633	170	15	daily	daily	ADJ
fbem-633	170	16	returns	return	NOUN
fbem-633	170	17	on	on	ADP
fbem-633	170	18	suspended	suspend	VERB
fbem-633	170	19	trading	trading	NOUN
fbem-633	170	20	days	day	NOUN
fbem-633	170	21	are	be	AUX
fbem-633	170	22	set	set	VERB
fbem-633	170	23	equal	equal	ADJ
fbem-633	170	24	to	to	ADP
fbem-633	170	25	-99	-99	PUNCT
fbem-633	170	26	.	.	PUNCT
fbem-633	171	1	second	second	ADJ
fbem-633	171	2	,	,	PUNCT
fbem-633	171	3	as	as	SCONJ
fbem-633	171	4	suggested	suggest	VERB
fbem-633	171	5	by	by	ADP
fbem-633	171	6	cheema	cheema	PROPN
fbem-633	171	7	et	et	PROPN
fbem-633	171	8	al	al	PROPN
fbem-633	171	9	.	.	PROPN
fbem-633	171	10	(	(	PUNCT
fbem-633	171	11	2020	2020	NUM
fbem-633	171	12	)	)	PUNCT
fbem-633	171	13	,	,	PUNCT
fbem-633	171	14	we	we	PRON
fbem-633	171	15	aggregate	aggregate	VERB
fbem-633	171	16	the	the	DET
fbem-633	171	17	daily	daily	ADJ
fbem-633	171	18	returns	return	NOUN
fbem-633	171	19	after	after	SCONJ
fbem-633	171	20	a	a	DET
fbem-633	171	21	stock	stock	NOUN
fbem-633	171	22	hits	hit	VERB
fbem-633	171	23	the	the	DET
fbem-633	171	24	upper	upper	ADJ
fbem-633	171	25	price	price	NOUN
fbem-633	171	26	limit	limit	NOUN
fbem-633	171	27	.	.	PUNCT
fbem-633	172	1	past	past	ADJ
fbem-633	172	2	returns	return	NOUN
fbem-633	172	3	mom	mom	NOUN
fbem-633	172	4	jegadeesh	jegadeesh	NOUN
fbem-633	172	5	and	and	CCONJ
fbem-633	172	6	titman	titman	NOUN
fbem-633	172	7	(	(	PUNCT
fbem-633	172	8	1993	1993	NUM
fbem-633	172	9	)	)	PUNCT
fbem-633	172	10	mom	mom	NOUN
fbem-633	172	11	.	.	PUNCT
fbem-633	173	1	following	follow	VERB
fbem-633	173	2	jegadeesh	jegadeesh	NOUN
fbem-633	173	3	and	and	CCONJ
fbem-633	173	4	titman	titman	NOUN
fbem-633	173	5	(	(	PUNCT
fbem-633	173	6	1993	1993	NUM
fbem-633	173	7	)	)	PUNCT
fbem-633	173	8	,	,	PUNCT
fbem-633	173	9	momentum	momentum	NOUN
fbem-633	173	10	at	at	ADP
fbem-633	173	11	month	month	NOUN
fbem-633	173	12	is	be	AUX
fbem-633	173	13	calculated	calculate	VERB
fbem-633	173	14	as	as	ADP
fbem-633	173	15	the	the	DET
fbem-633	173	16	cumulative	cumulative	ADJ
fbem-633	173	17	monthly	monthly	ADJ
fbem-633	173	18	stock	stock	NOUN
fbem-633	173	19	return	return	NOUN
fbem-633	173	20	over	over	ADP
fbem-633	173	21	the	the	DET
fbem-633	173	22	previous	previous	ADJ
fbem-633	173	23	twelve	twelve	NUM
fbem-633	173	24	months	month	NOUN
fbem-633	173	25	excluding	exclude	VERB
fbem-633	173	26	the	the	DET
fbem-633	173	27	most	most	ADV
fbem-633	173	28	recent	recent	ADJ
fbem-633	173	29	month	month	NOUN
fbem-633	173	30	.	.	PUNCT
fbem-633	174	1	lagged	lag	VERB
fbem-633	174	2	mom	mom	NOUN
fbem-633	174	3	(	(	PUNCT
fbem-633	174	4	lag	lag	PROPN
fbem-633	174	5	mom	mom	NOUN
fbem-633	174	6	)	)	PUNCT
fbem-633	174	7	novy	novy	PROPN
fbem-633	174	8	-	-	PUNCT
fbem-633	174	9	marx(2012	marx(2012	NOUN
fbem-633	174	10	)	)	PUNCT
fbem-633	174	11	lagged	lag	VERB
fbem-633	174	12	momentum	momentum	NOUN
fbem-633	174	13	:	:	PUNCT
fbem-633	174	14	lagged	lag	VERB
fbem-633	174	15	momentum	momentum	NOUN
fbem-633	174	16	is	be	AUX
fbem-633	174	17	calculated	calculate	VERB
fbem-633	174	18	as	as	ADP
fbem-633	174	19	the	the	DET
fbem-633	174	20	cumulative	cumulative	ADJ
fbem-633	174	21	monthly	monthly	ADJ
fbem-633	174	22	stock	stock	NOUN
fbem-633	174	23	return	return	NOUN
fbem-633	174	24	from	from	ADP
fbem-633	174	25	13	13	NUM
fbem-633	174	26	through	through	ADP
fbem-633	174	27	8	8	NUM
fbem-633	174	28	.	.	PUNCT
fbem-633	174	29	updated	update	VERB
fbem-633	174	30	monthly	monthly	ADV
fbem-633	174	31	.	.	PUNCT
fbem-633	175	1	short	short	ADJ
fbem-633	175	2	-	-	PUNCT
fbem-633	175	3	term	term	NOUN
fbem-633	175	4	reversals	reversal	NOUN
fbem-633	175	5	(	(	PUNCT
fbem-633	175	6	rev	rev	PROPN
fbem-633	175	7	st	st	PROPN
fbem-633	175	8	)	)	PUNCT
fbem-633	175	9	jegadeesh(1990	jegadeesh(1990	PROPN
fbem-633	175	10	)	)	PUNCT
fbem-633	175	11	rev	rev	PROPN
fbem-633	175	12	st	st	PROPN
fbem-633	175	13	.	.	PROPN
fbem-633	176	1	the	the	DET
fbem-633	176	2	short	short	ADJ
fbem-633	176	3	-	-	PUNCT
fbem-633	176	4	term	term	NOUN
fbem-633	176	5	reversal	reversal	NOUN
fbem-633	176	6	is	be	AUX
fbem-633	176	7	calculated	calculate	VERB
fbem-633	176	8	as	as	ADP
fbem-633	176	9	the	the	DET
fbem-633	176	10	cumulative	cumulative	ADJ
fbem-633	176	11	monthly	monthly	ADJ
fbem-633	176	12	stock	stock	NOUN
fbem-633	176	13	return	return	NOUN
fbem-633	176	14	over	over	ADP
fbem-633	176	15	the	the	DET
fbem-633	176	16	past	past	ADJ
fbem-633	176	17	20	20	NUM
fbem-633	176	18	trading	trading	NOUN
fbem-633	176	19	days	day	NOUN
fbem-633	176	20	.	.	PUNCT
fbem-633	177	1	updated	update	VERB
fbem-633	177	2	monthly	monthly	ADV
fbem-633	177	3	.	.	PUNCT
fbem-633	178	1	long	long	ADJ
fbem-633	178	2	-	-	PUNCT
fbem-633	178	3	term	term	NOUN
fbem-633	178	4	reversals	reversal	NOUN
fbem-633	178	5	(	(	PUNCT
fbem-633	178	6	rev	rev	X
fbem-633	178	7	lt	lt	PROPN
fbem-633	178	8	)	)	PUNCT
fbem-633	178	9	de	de	X
fbem-633	178	10	bondt	bondt	NOUN
fbem-633	178	11	and	and	CCONJ
fbem-633	178	12	thaler	thaler	PROPN
fbem-633	178	13	(	(	PUNCT
fbem-633	178	14	1985	1985	NUM
fbem-633	178	15	)	)	PUNCT
fbem-633	178	16	rev	rev	VERB
fbem-633	178	17	lt	lt	PROPN
fbem-633	178	18	.	.	PROPN
fbem-633	178	19	following	follow	VERB
fbem-633	178	20	de	de	X
fbem-633	178	21	bondt	bondt	NOUN
fbem-633	178	22	and	and	CCONJ
fbem-633	178	23	thaler	thaler	NOUN
fbem-633	178	24	(	(	PUNCT
fbem-633	178	25	1985	1985	NUM
fbem-633	178	26	)	)	PUNCT
fbem-633	178	27	,	,	PUNCT
fbem-633	178	28	long	long	ADJ
fbem-633	178	29	-	-	PUNCT
fbem-633	178	30	term	term	NOUN
fbem-633	178	31	reversal	reversal	NOUN
fbem-633	178	32	is	be	AUX
fbem-633	178	33	calculated	calculate	VERB
fbem-633	178	34	as	as	ADP
fbem-633	178	35	the	the	DET
fbem-633	178	36	cumulative	cumulative	ADJ
fbem-633	178	37	monthly	monthly	ADJ
fbem-633	178	38	stock	stock	NOUN
fbem-633	178	39	return	return	NOUN
fbem-633	178	40	over	over	ADP
fbem-633	178	41	the	the	DET
fbem-633	178	42	past	past	ADJ
fbem-633	178	43	five	five	NUM
fbem-633	178	44	years	year	NOUN
fbem-633	178	45	excluding	exclude	VERB
fbem-633	178	46	the	the	DET
fbem-633	178	47	previous	previous	ADJ
fbem-633	178	48	year	year	NOUN
fbem-633	178	49	,	,	PUNCT
fbem-633	178	50	i.e.	i.e.	X
fbem-633	178	51	,	,	PUNCT
fbem-633	178	52	month	month	NOUN
fbem-633	178	53	=	=	SYM
fbem-633	178	54	60	60	NUM
fbem-633	178	55	to	to	PART
fbem-633	178	56	month	month	NOUN
fbem-633	178	57	13	13	NUM
fbem-633	178	58	52	52	NUM
fbem-633	178	59	-	-	PUNCT
fbem-633	178	60	week	week	NOUN
fbem-633	178	61	high	high	ADJ
fbem-633	178	62	(	(	PUNCT
fbem-633	178	63	52	52	NUM
fbem-633	178	64	-	-	PUNCT
fbem-633	178	65	high	high	ADJ
fbem-633	178	66	)	)	PUNCT
fbem-633	178	67	george	george	NOUN
fbem-633	178	68	and	and	CCONJ
fbem-633	178	69	hwang(2004	hwang(2004	NOUN
fbem-633	178	70	)	)	PUNCT
fbem-633	178	71	;	;	PUNCT
fbem-633	178	72	wang	wang	PROPN
fbem-633	178	73	mingtao	mingtao	PROPN
fbem-633	178	74	et	et	PROPN
fbem-633	178	75	al.(2015	al.(2015	PROPN
fbem-633	178	76	)	)	PUNCT
fbem-633	178	77	52	52	NUM
fbem-633	178	78	-	-	PUNCT
fbem-633	178	79	week	week	NOUN
fbem-633	178	80	high	high	ADJ
fbem-633	178	81	:	:	PUNCT
fbem-633	178	82	price	price	NOUN
fbem-633	178	83	scaled	scale	VERB
fbem-633	178	84	by	by	ADP
fbem-633	178	85	the	the	DET
fbem-633	178	86	highest	high	ADJ
fbem-633	178	87	price	price	NOUN
fbem-633	178	88	during	during	ADP
fbem-633	178	89	the	the	DET
fbem-633	178	90	last	last	ADJ
fbem-633	178	91	12	12	NUM
fbem-633	178	92	months	month	NOUN
fbem-633	178	93	.	.	PUNCT
fbem-633	179	1	updated	update	VERB
fbem-633	179	2	monthly	monthly	ADV
fbem-633	179	3	.	.	PUNCT
fbem-633	180	1	trading	trade	VERB
fbem-633	180	2	illiq	illiq	ADJ
fbem-633	180	3	amihud(2002	amihud(2002	NOUN
fbem-633	180	4	)	)	PUNCT
fbem-633	180	5	illiq	illiq	ADV
fbem-633	180	6	.	.	PUNCT
fbem-633	181	1	following	follow	VERB
fbem-633	181	2	amihud	amihud	PROPN
fbem-633	181	3	(	(	PUNCT
fbem-633	181	4	2002	2002	NUM
fbem-633	181	5	)	)	PUNCT
fbem-633	181	6	,	,	PUNCT
fbem-633	181	7	illiquidity	illiquidity	NOUN
fbem-633	181	8	is	be	AUX
fbem-633	181	9	calculated	calculate	VERB
fbem-633	181	10	as	as	ADP
fbem-633	181	11	the	the	DET
fbem-633	181	12	average	average	ADJ
fbem-633	181	13	stock	stock	NOUN
fbem-633	181	14	illiquidity	illiquidity	NOUN
fbem-633	181	15	over	over	ADP
fbem-633	181	16	the	the	DET
fbem-633	181	17	past	past	ADJ
fbem-633	181	18	twenty	twenty	NUM
fbem-633	181	19	trading	trading	NOUN
fbem-633	181	20	days	day	NOUN
fbem-633	181	21	.	.	PUNCT
fbem-633	182	1	stock	stock	NOUN
fbem-633	182	2	illiquidity	illiquidity	NOUN
fbem-633	182	3	at	at	ADP
fbem-633	182	4	day	day	NOUN
fbem-633	182	5	is	be	AUX
fbem-633	182	6	defined	define	VERB
fbem-633	182	7	as	as	ADP
fbem-633	182	8	|	|	ADV
fbem-633	182	9	|	|	ADV
fbem-633	182	10	/	/	PUNCT
fbem-633	182	11	where	where	SCONJ
fbem-633	182	12	|	|	ADV
fbem-633	182	13	|	|	ADV
fbem-633	182	14	is	be	AUX
fbem-633	182	15	the	the	DET
fbem-633	182	16	absolute	absolute	ADJ
fbem-633	182	17	value	value	NOUN
fbem-633	182	18	of	of	ADP
fbem-633	182	19	the	the	DET
fbem-633	182	20	stock	stock	NOUN
fbem-633	182	21	’s	’s	PART
fbem-633	182	22	daily	daily	ADJ
fbem-633	182	23	return	return	NOUN
fbem-633	182	24	and	and	CCONJ
fbem-633	182	25	is	be	AUX
fbem-633	182	26	the	the	DET
fbem-633	182	27	dollar	dollar	NOUN
fbem-633	182	28	trading	trading	NOUN
fbem-633	182	29	volume	volume	NOUN
fbem-633	182	30	on	on	ADP
fbem-633	182	31	day	day	NOUN
fbem-633	182	32	,	,	PUNCT
fbem-633	182	33	i.e.	i.e.	X
fbem-633	182	34	,	,	PUNCT
fbem-633	182	35	total	total	ADJ
fbem-633	182	36	number	number	NOUN
fbem-633	182	37	of	of	ADP
fbem-633	182	38	shares	share	NOUN
fbem-633	182	39	traded	trade	VERB
fbem-633	182	40	times	time	NOUN
fbem-633	182	41	close	close	ADJ
fbem-633	182	42	price	price	NOUN
fbem-633	182	43	.	.	PUNCT
fbem-633	183	1	volume	volume	NOUN
fbem-633	183	2	variance	variance	NOUN
fbem-633	183	3	(	(	PUNCT
fbem-633	183	4	vv	vv	NOUN
fbem-633	183	5	)	)	PUNCT
fbem-633	183	6	chordia	chordia	VERB
fbem-633	183	7	et	et	NOUN
fbem-633	183	8	al.(2001	al.(2001	ADJ
fbem-633	183	9	)	)	PUNCT
fbem-633	183	10	volume	volume	NOUN
fbem-633	183	11	variance	variance	NOUN
fbem-633	183	12	:	:	PUNCT
fbem-633	183	13	standard	standard	ADJ
fbem-633	183	14	deviation	deviation	NOUN
fbem-633	183	15	of	of	ADP
fbem-633	183	16	monthly	monthly	ADJ
fbem-633	183	17	trading	trading	NOUN
fbem-633	183	18	volume	volume	NOUN
fbem-633	183	19	over	over	ADP
fbem-633	183	20	the	the	DET
fbem-633	183	21	last	last	ADJ
fbem-633	183	22	36	36	NUM
fbem-633	183	23	months	month	NOUN
fbem-633	183	24	.	.	PUNCT
fbem-633	183	25	updated	update	VERB
fbem-633	183	26	monthly	monthly	ADV
fbem-633	183	27	.	.	PUNCT
fbem-633	184	1	the	the	DET
fbem-633	184	2	construction	construction	NOUN
fbem-633	184	3	of	of	ADP
fbem-633	184	4	the	the	DET
fbem-633	184	5	anomalies	anomaly	NOUN
fbem-633	184	6	is	be	AUX
fbem-633	184	7	similar	similar	ADJ
fbem-633	184	8	to	to	ADP
fbem-633	184	9	the	the	DET
fbem-633	184	10	construction	construction	NOUN
fbem-633	184	11	of	of	ADP
fbem-633	184	12	model	model	NOUN
fbem-633	184	13	factors	factor	NOUN
fbem-633	184	14	,	,	PUNCT
fbem-633	184	15	which	which	PRON
fbem-633	184	16	is	be	AUX
fbem-633	184	17	to	to	PART
fbem-633	184	18	sort	sort	VERB
fbem-633	184	19	the	the	DET
fbem-633	184	20	stock	stock	NOUN
fbem-633	184	21	samples	sample	NOUN
fbem-633	184	22	according	accord	VERB
fbem-633	184	23	to	to	ADP
fbem-633	184	24	various	various	ADJ
fbem-633	184	25	indicators	indicator	NOUN
fbem-633	184	26	at	at	ADP
fbem-633	184	27	the	the	DET
fbem-633	184	28	end	end	NOUN
fbem-633	184	29	of	of	ADP
fbem-633	184	30	the	the	DET
fbem-633	184	31	holding	holding	NOUN
fbem-633	184	32	-	-	PUNCT
fbem-633	184	33	period	period	NOUN
fbem-633	184	34	,	,	PUNCT
fbem-633	184	35	and	and	CCONJ
fbem-633	184	36	long	long	ADV
fbem-633	184	37	the	the	DET
fbem-633	184	38	top	top	ADJ
fbem-633	184	39	10	10	NUM
fbem-633	184	40	%	%	NOUN
fbem-633	184	41	and	and	CCONJ
fbem-633	184	42	short	short	ADJ
fbem-633	184	43	the	the	DET
fbem-633	184	44	bottom	bottom	ADJ
fbem-633	184	45	10	10	NUM
fbem-633	184	46	%	%	NOUN
fbem-633	184	47	.	.	PUNCT
fbem-633	185	1	the	the	DET
fbem-633	185	2	construction	construction	NOUN
fbem-633	185	3	of	of	ADP
fbem-633	185	4	the	the	DET
fbem-633	185	5	anomalies	anomaly	NOUN
fbem-633	185	6	adopts	adopt	VERB
fbem-633	185	7	the	the	DET
fbem-633	185	8	univariate	univariate	ADJ
fbem-633	185	9	sorting	sorting	NOUN
fbem-633	185	10	,	,	PUNCT
fbem-633	185	11	and	and	CCONJ
fbem-633	185	12	the	the	DET
fbem-633	185	13	long	long	ADV
fbem-633	185	14	-	-	PUNCT
fbem-633	185	15	short	short	ADJ
fbem-633	185	16	portfolio	portfolio	NOUN
fbem-633	185	17	returns	return	NOUN
fbem-633	185	18	are	be	AUX
fbem-633	185	19	calculated	calculate	VERB
fbem-633	185	20	by	by	ADP
fbem-633	185	21	using	use	VERB
fbem-633	185	22	the	the	DET
fbem-633	185	23	weighted	weighted	ADJ
fbem-633	185	24	average	average	NOUN
fbem-633	185	25	of	of	ADP
fbem-633	185	26	the	the	DET
fbem-633	185	27	market	market	NOUN
fbem-633	185	28	capitalization	capitalization	NOUN
fbem-633	185	29	.	.	PUNCT
fbem-633	186	1	based	base	VERB
fbem-633	186	2	on	on	ADP
fbem-633	186	3	the	the	DET
fbem-633	186	4	above	above	ADJ
fbem-633	186	5	anomalies	anomaly	NOUN
fbem-633	186	6	,	,	PUNCT
fbem-633	186	7	the	the	DET
fbem-633	186	8	models	model	NOUN
fbem-633	186	9	will	will	AUX
fbem-633	186	10	be	be	AUX
fbem-633	186	11	comprehensively	comprehensively	ADV
fbem-633	186	12	compared	compare	VERB
fbem-633	186	13	from	from	ADP
fbem-633	186	14	the	the	DET
fbem-633	186	15	following	follow	VERB
fbem-633	186	16	5	5	NUM
fbem-633	186	17	dimensions	dimension	NOUN
fbem-633	186	18	:	:	PUNCT
fbem-633	186	19	the	the	DET
fbem-633	186	20	number	number	NOUN
fbem-633	186	21	of	of	ADP
fbem-633	186	22	significant	significant	ADJ
fbem-633	186	23			NOUN
fbem-633	186	24	,	,	PUNCT
fbem-633	186	25	the	the	DET
fbem-633	186	26	mean	mean	NOUN
fbem-633	186	27	of	of	ADP
fbem-633	186	28	absolute	absolute	ADJ
fbem-633	186	29	value	value	NOUN
fbem-633	186	30	of	of	ADP
fbem-633	186	31			NOUN
fbem-633	186	32	,	,	PUNCT
fbem-633	186	33	the	the	DET
fbem-633	186	34	mean	mean	NOUN
fbem-633	186	35	of	of	ADP
fbem-633	186	36	absolute	absolute	ADJ
fbem-633	186	37	value	value	NOUN
fbem-633	186	38	of	of	ADP
fbem-633	186	39	t	t	PROPN
fbem-633	186	40	statistic	statistic	NOUN
fbem-633	186	41	,	,	PUNCT
fbem-633	186	42	f	f	PROPN
fbem-633	186	43	statistic	statistic	NOUN
fbem-633	186	44	of	of	ADP
fbem-633	186	45	grs	grs	PROPN
fbem-633	186	46	test	test	NOUN
fbem-633	186	47	and	and	CCONJ
fbem-633	186	48	its	its	PRON
fbem-633	186	49	p	p	NOUN
fbem-633	186	50	-	-	PUNCT
fbem-633	186	51	value	value	NOUN
fbem-633	186	52	.	.	PUNCT
fbem-633	187	1	table	table	NOUN
fbem-633	187	2	9	9	NUM
fbem-633	187	3	.	.	PUNCT
fbem-633	187	4	comparison	comparison	NOUN
fbem-633	187	5	of	of	ADP
fbem-633	187	6	the	the	DET
fbem-633	187	7	ability	ability	NOUN
fbem-633	187	8	of	of	ADP
fbem-633	187	9	factor	factor	NOUN
fbem-633	187	10	models	model	NOUN
fbem-633	187	11	to	to	PART
fbem-633	187	12	explain	explain	VERB
fbem-633	187	13	anomalies	anomaly	NOUN
fbem-633	187	14	the	the	DET
fbem-633	187	15	comparison	comparison	NOUN
fbem-633	187	16	of	of	ADP
fbem-633	187	17	model	model	NOUN
fbem-633	187	18	explanatory	explanatory	ADJ
fbem-633	187	19	power	power	NOUN
fbem-633	187	20	ff-3	ff-3	PROPN
fbem-633	187	21	ch-4	ch-4	X
fbem-633	187	22	nv-4	nv-4	NOUN
fbem-633	187	23	ff-5	ff-5	ADJ
fbem-633	187	24	hxz-4	hxz-4	X
fbem-633	187	25	number	number	NOUN
fbem-633	187	26	sig	sig	NOUN
fbem-633	187	27	.	.	PUNCT
fbem-633	188	1	at	at	ADP
fbem-633	188	2	5	5	NUM
fbem-633	188	3	%	%	NOUN
fbem-633	188	4	6	6	NUM
fbem-633	188	5	7	7	NUM
fbem-633	188	6	5	5	NUM
fbem-633	188	7	5	5	NUM
fbem-633	188	8	4	4	NUM
fbem-633	188	9	number	number	NOUN
fbem-633	188	10	sig	sig	NOUN
fbem-633	188	11	.	.	PUNCT
fbem-633	189	1	at	at	ADP
fbem-633	189	2	10	10	NUM
fbem-633	189	3	%	%	NOUN
fbem-633	189	4	7	7	NUM
fbem-633	189	5	7	7	NUM
fbem-633	189	6	5	5	NUM
fbem-633	189	7	7	7	NUM
fbem-633	189	8	4	4	NUM
fbem-633	189	9	average||	average||	ADJ
fbem-633	189	10	(	(	PUNCT
fbem-633	189	11	%	%	INTJ
fbem-633	189	12	)	)	PUNCT
fbem-633	189	13	.16972251	.16972251	PUNCT
fbem-633	189	14	.09420233	.09420233	PUNCT
fbem-633	190	1	.13754319	.13754319	PROPN
fbem-633	191	1	.25525271	.25525271	PROPN
fbem-633	192	1	.16237252	.16237252	PROPN
fbem-633	192	2	average|t|	average|t|	NOUN
fbem-633	193	1	0.508083	0.508083	NUM
fbem-633	194	1	0.497875	0.497875	NUM
fbem-633	194	2	0.455917	0.455917	NUM
fbem-633	194	3	0.5255	0.5255	NUM
fbem-633	194	4	0.474583	0.474583	NUM
fbem-633	194	5	grs	grs	NUM
fbem-633	194	6	20.60629	20.60629	NUM
fbem-633	194	7	18.929498	18.929498	NUM
fbem-633	194	8	22.505342	22.505342	NUM
fbem-633	194	9	26.871249	26.871249	NUM
fbem-633	194	10	21.317151	21.317151	NUM
fbem-633	194	11	p	p	NOUN
fbem-633	194	12	0	0	NUM
fbem-633	194	13	0	0	NUM
fbem-633	194	14	0	0	NUM
fbem-633	194	15	0	0	NUM
fbem-633	194	16	0	0	NUM
fbem-633	194	17	ff-5	ff-5	PUNCT
fbem-633	194	18	is	be	AUX
fbem-633	194	19	not	not	PART
fbem-633	194	20	the	the	DET
fbem-633	194	21	best	good	ADJ
fbem-633	194	22	among	among	ADP
fbem-633	194	23	5	5	NUM
fbem-633	194	24	models	model	NOUN
fbem-633	194	25	when	when	SCONJ
fbem-633	194	26	evaluated	evaluate	VERB
fbem-633	194	27	with	with	ADP
fbem-633	194	28	5	5	NUM
fbem-633	194	29	indexes	index	NOUN
fbem-633	194	30	together	together	ADV
fbem-633	194	31	.	.	PUNCT
fbem-633	195	1	at	at	ADP
fbem-633	195	2	the	the	DET
fbem-633	195	3	5	5	NUM
fbem-633	195	4	%	%	NOUN
fbem-633	195	5	and	and	CCONJ
fbem-633	195	6	10	10	NUM
fbem-633	195	7	%	%	NOUN
fbem-633	195	8	significance	significance	NOUN
fbem-633	195	9	levels	level	NOUN
fbem-633	195	10	,	,	PUNCT
fbem-633	195	11	regression	regression	NOUN
fbem-633	195	12	of	of	ADP
fbem-633	195	13	q	q	NOUN
fbem-633	195	14	-	-	PUNCT
fbem-633	195	15	model	model	NOUN
fbem-633	195	16	to	to	PART
fbem-633	195	17	anomaly	anomaly	NOUN
fbem-633	195	18	portfolios	portfolio	NOUN
fbem-633	195	19	obtains	obtain	VERB
fbem-633	195	20	the	the	DET
fbem-633	195	21	fewest	few	ADJ
fbem-633	195	22			NOUN
fbem-633	195	23	with	with	ADP
fbem-633	195	24	significant	significant	ADJ
fbem-633	195	25	coefficient	coefficient	NOUN
fbem-633	195	26	;	;	PUNCT
fbem-633	195	27	but	but	CCONJ
fbem-633	195	28	||	||	X
fbem-633	195	29	,	,	PUNCT
fbem-633	195	30	obtained	obtain	VERB
fbem-633	195	31	by	by	ADP
fbem-633	195	32	the	the	DET
fbem-633	195	33	regression	regression	NOUN
fbem-633	195	34	of	of	ADP
fbem-633	195	35	ch-4	ch-4	NOUN
fbem-633	195	36	as	as	ADP
fbem-633	195	37	the	the	DET
fbem-633	195	38	explanatory	explanatory	ADJ
fbem-633	195	39	variable	variable	NOUN
fbem-633	195	40	,	,	PUNCT
fbem-633	195	41	and	and	CCONJ
fbem-633	195	42	f	f	PROPN
fbem-633	195	43	statistics	statistic	NOUN
fbem-633	195	44	,	,	PUNCT
fbem-633	195	45	tested	test	VERB
fbem-633	195	46	by	by	ADP
fbem-633	195	47	grs	grs	PROPN
fbem-633	195	48	,	,	PUNCT
fbem-633	195	49	are	be	AUX
fbem-633	195	50	relatively	relatively	ADV
fbem-633	195	51	low	low	ADJ
fbem-633	195	52	.	.	PUNCT
fbem-633	196	1	it	it	PRON
fbem-633	196	2	can	can	AUX
fbem-633	196	3	be	be	AUX
fbem-633	196	4	41	41	NUM
fbem-633	196	5	preliminarily	preliminarily	ADV
fbem-633	196	6	concluded	conclude	VERB
fbem-633	196	7	that	that	SCONJ
fbem-633	196	8	the	the	DET
fbem-633	196	9	q	q	NOUN
fbem-633	196	10	-	-	PUNCT
fbem-633	196	11	model	model	NOUN
fbem-633	196	12	and	and	CCONJ
fbem-633	196	13	ch-4	ch-4	X
fbem-633	196	14	are	be	AUX
fbem-633	196	15	more	more	ADV
fbem-633	196	16	suitable	suitable	ADJ
fbem-633	196	17	pricing	pricing	NOUN
fbem-633	196	18	models	model	NOUN
fbem-633	196	19	for	for	ADP
fbem-633	196	20	stocks	stock	NOUN
fbem-633	196	21	in	in	ADP
fbem-633	196	22	sme	sme	PROPN
fbem-633	196	23	board	board	NOUN
fbem-633	196	24	than	than	ADP
fbem-633	196	25	ff-5	ff-5	ADJ
fbem-633	196	26	,	,	PUNCT
fbem-633	196	27	ff-3	ff-3	NUM
fbem-633	196	28	and	and	CCONJ
fbem-633	196	29	nv-4	nv-4	X
fbem-633	196	30	.	.	PUNCT
fbem-633	197	1	these	these	DET
fbem-633	197	2	two	two	NUM
fbem-633	197	3	have	have	VERB
fbem-633	197	4	different	different	ADJ
fbem-633	197	5	advantages	advantage	NOUN
fbem-633	197	6	that	that	PRON
fbem-633	197	7	qmodel	qmodel	VERB
fbem-633	197	8	is	be	AUX
fbem-633	197	9	more	more	ADV
fbem-633	197	10	convincing	convincing	ADJ
fbem-633	197	11	in	in	ADP
fbem-633	197	12	explaining	explain	VERB
fbem-633	197	13	trading	trading	NOUN
fbem-633	197	14	anomalies	anomaly	NOUN
fbem-633	197	15	and	and	CCONJ
fbem-633	197	16	quality	quality	NOUN
fbem-633	197	17	anomalies	anomaly	NOUN
fbem-633	197	18	,	,	PUNCT
fbem-633	197	19	while	while	SCONJ
fbem-633	197	20	ch-4	ch-4	ADV
fbem-633	197	21	is	be	AUX
fbem-633	197	22	more	more	ADV
fbem-633	197	23	trustworthy	trustworthy	ADJ
fbem-633	197	24	in	in	ADP
fbem-633	197	25	explaining	explain	VERB
fbem-633	197	26	past	past	ADJ
fbem-633	197	27	returns	return	NOUN
fbem-633	197	28	anomalies	anomaly	NOUN
fbem-633	197	29	.	.	PUNCT
fbem-633	198	1	this	this	PRON
fbem-633	198	2	is	be	AUX
fbem-633	198	3	also	also	ADV
fbem-633	198	4	in	in	ADP
fbem-633	198	5	accordance	accordance	NOUN
fbem-633	198	6	with	with	ADP
fbem-633	198	7	the	the	DET
fbem-633	198	8	results	result	NOUN
fbem-633	198	9	of	of	ADP
fbem-633	198	10	mutual	mutual	ADJ
fbem-633	198	11	comparisons	comparison	NOUN
fbem-633	198	12	between	between	ADP
fbem-633	198	13	the	the	DET
fbem-633	198	14	above	above	ADJ
fbem-633	198	15	models	model	NOUN
fbem-633	198	16	beside	beside	ADP
fbem-633	198	17	the	the	DET
fbem-633	198	18	comparison	comparison	NOUN
fbem-633	198	19	of	of	ADP
fbem-633	198	20	explanatory	explanatory	ADJ
fbem-633	198	21	power	power	NOUN
fbem-633	198	22	,	,	PUNCT
fbem-633	198	23	parsimony	parsimony	ADJ
fbem-633	198	24	index	index	NOUN
fbem-633	198	25	by	by	ADP
fbem-633	198	26	daniel	daniel	PROPN
fbem-633	198	27	et	et	PROPN
fbem-633	198	28	al	al	PROPN
fbem-633	198	29	.	.	PROPN
fbem-633	199	1	(	(	PUNCT
fbem-633	199	2	2018	2018	NUM
fbem-633	199	3	)	)	PUNCT
fbem-633	199	4	is	be	AUX
fbem-633	199	5	introduced	introduce	VERB
fbem-633	199	6	,	,	PUNCT
fbem-633	199	7	which	which	PRON
fbem-633	199	8	mainly	mainly	ADV
fbem-633	199	9	uses	use	VERB
fbem-633	199	10	factors	factor	NOUN
fbem-633	199	11	and	and	CCONJ
fbem-633	199	12	the	the	DET
fbem-633	199	13	number	number	NOUN
fbem-633	199	14	of	of	ADP
fbem-633	199	15	indexes	index	NOUN
fbem-633	199	16	that	that	PRON
fbem-633	199	17	construct	construct	VERB
fbem-633	199	18	the	the	DET
fbem-633	199	19	factors	factor	NOUN
fbem-633	199	20	to	to	PART
fbem-633	199	21	calculate	calculate	VERB
fbem-633	199	22	the	the	DET
fbem-633	199	23	complexity	complexity	NOUN
fbem-633	199	24	of	of	ADP
fbem-633	199	25	the	the	DET
fbem-633	199	26	model	model	NOUN
fbem-633	199	27	and	and	CCONJ
fbem-633	199	28	examine	examine	VERB
fbem-633	199	29	the	the	DET
fbem-633	199	30	efficiency	efficiency	NOUN
fbem-633	199	31	of	of	ADP
fbem-633	199	32	models	model	NOUN
fbem-633	199	33	in	in	ADP
fbem-633	199	34	explaining	explain	VERB
fbem-633	199	35	.	.	PUNCT
fbem-633	200	1	the	the	DET
fbem-633	200	2	formulations	formulation	NOUN
fbem-633	200	3	is	be	AUX
fbem-633	200	4	:	:	PUNCT
fbem-633	200	5	“	"	PUNCT
fbem-633	200	6	0	0	X
fbem-633	200	7	(	(	PUNCT
fbem-633	200	8	the	the	DET
fbem-633	200	9	number	number	NOUN
fbem-633	200	10	of	of	ADP
fbem-633	200	11	all	all	DET
fbem-633	200	12	factors	factor	NOUN
fbem-633	200	13	+	+	CCONJ
fbem-633	200	14	the	the	DET
fbem-633	200	15	number	number	NOUN
fbem-633	200	16	of	of	ADP
fbem-633	200	17	all	all	DET
fbem-633	200	18	used	use	VERB
fbem-633	200	19	indexes	index	NOUN
fbem-633	200	20	(	(	PUNCT
fbem-633	200	21	reused	reuse	VERB
fbem-633	200	22	indexes	index	NOUN
fbem-633	200	23	only	only	ADV
fbem-633	200	24	count	count	VERB
fbem-633	200	25	for	for	ADP
fbem-633	200	26	once	once	ADV
fbem-633	200	27	)	)	PUNCT
fbem-633	200	28	”	"	PUNCT
fbem-633	200	29	.	.	PUNCT
fbem-633	201	1	the	the	DET
fbem-633	201	2	parsimony	parsimony	ADJ
fbem-633	201	3	indexes	index	NOUN
fbem-633	201	4	of	of	ADP
fbem-633	201	5	ff-3	ff-3	NUM
fbem-633	201	6	,	,	PUNCT
fbem-633	201	7	ch-4	ch-4	X
fbem-633	201	8	,	,	PUNCT
fbem-633	201	9	nv-4	nv-4	ADV
fbem-633	201	10	,	,	PUNCT
fbem-633	201	11	ff-5	ff-5	PUNCT
fbem-633	201	12	and	and	CCONJ
fbem-633	201	13	hxz-4	hxz-4	PRON
fbem-633	201	14	are	be	AUX
fbem-633	201	15	respectively	respectively	ADV
fbem-633	201	16	:	:	PUNCT
fbem-633	201	17	-5	-5	INTJ
fbem-633	201	18	,	,	PUNCT
fbem-633	201	19	-7	-7	INTJ
fbem-633	201	20	,	,	PUNCT
fbem-633	201	21	-9	-9	INTJ
fbem-633	201	22	,	,	PUNCT
fbem-633	201	23	-9	-9	ADV
fbem-633	201	24	,	,	PUNCT
fbem-633	201	25	-7	-7	INTJ
fbem-633	201	26	.	.	PUNCT
fbem-633	202	1	the	the	PRON
fbem-633	202	2	smaller	small	ADJ
fbem-633	202	3	the	the	DET
fbem-633	202	4	value	value	NOUN
fbem-633	202	5	of	of	ADP
fbem-633	202	6	parsimony	parsimony	NOUN
fbem-633	202	7	index	index	NOUN
fbem-633	202	8	is	be	AUX
fbem-633	202	9	,	,	PUNCT
fbem-633	202	10	the	the	DET
fbem-633	202	11	more	more	ADV
fbem-633	202	12	complex	complex	ADJ
fbem-633	202	13	the	the	DET
fbem-633	202	14	model	model	NOUN
fbem-633	202	15	.	.	PUNCT
fbem-633	203	1	this	this	PRON
fbem-633	203	2	shows	show	VERB
fbem-633	203	3	that	that	SCONJ
fbem-633	203	4	ch-4	ch-4	PUNCT
fbem-633	203	5	and	and	CCONJ
fbem-633	203	6	hxz-4	hxz-4	PRON
fbem-633	203	7	are	be	AUX
fbem-633	203	8	more	more	ADV
fbem-633	203	9	efficient	efficient	ADJ
fbem-633	203	10	than	than	ADP
fbem-633	203	11	other	other	ADJ
fbem-633	203	12	models	model	NOUN
fbem-633	203	13	.	.	PUNCT
fbem-633	204	1	the	the	DET
fbem-633	204	2	above	above	ADP
fbem-633	204	3	analysis	analysis	NOUN
fbem-633	204	4	shows	show	VERB
fbem-633	204	5	:	:	PUNCT
fbem-633	204	6	for	for	ADP
fbem-633	204	7	sme	sme	PROPN
fbem-633	204	8	board	board	PROPN
fbem-633	204	9	,	,	PUNCT
fbem-633	204	10	q	q	NOUN
fbem-633	204	11	-	-	NOUN
fbem-633	204	12	model	model	NOUN
fbem-633	204	13	and	and	CCONJ
fbem-633	204	14	ch-4	ch-4	X
fbem-633	204	15	outweigh	outweigh	VERB
fbem-633	204	16	ff-5	ff-5	ADJ
fbem-633	204	17	in	in	ADP
fbem-633	204	18	explaining	explain	VERB
fbem-633	204	19	factors	factor	NOUN
fbem-633	204	20	and	and	CCONJ
fbem-633	204	21	anomalies	anomaly	NOUN
fbem-633	204	22	.	.	PUNCT
fbem-633	205	1	4	4	X
fbem-633	205	2	.	.	X
fbem-633	205	3	conclusions	conclusion	NOUN
fbem-633	205	4	this	this	DET
fbem-633	205	5	paper	paper	NOUN
fbem-633	205	6	chooses	choose	VERB
fbem-633	205	7	annual	annual	ADJ
fbem-633	205	8	and	and	CCONJ
fbem-633	205	9	monthly	monthly	ADJ
fbem-633	205	10	data	datum	NOUN
fbem-633	205	11	from	from	ADP
fbem-633	205	12	2004	2004	NUM
fbem-633	205	13	to	to	ADP
fbem-633	205	14	2021	2021	NUM
fbem-633	205	15	of	of	ADP
fbem-633	205	16	stocks	stock	NOUN
fbem-633	205	17	in	in	ADP
fbem-633	205	18	china	china	PROPN
fbem-633	205	19	’s	’s	PART
fbem-633	205	20	sme	sme	PROPN
fbem-633	205	21	board	board	PROPN
fbem-633	205	22	and	and	CCONJ
fbem-633	205	23	refers	refer	VERB
fbem-633	205	24	to	to	ADP
fbem-633	205	25	fama	fama	PROPN
fbem-633	205	26	and	and	CCONJ
fbem-633	205	27	french	french	ADJ
fbem-633	205	28	(	(	PUNCT
fbem-633	205	29	1993	1993	NUM
fbem-633	205	30	)	)	PUNCT
fbem-633	205	31	,	,	PUNCT
fbem-633	205	32	carhart	carhart	NOUN
fbem-633	205	33	(	(	PUNCT
fbem-633	205	34	1997	1997	NUM
fbem-633	205	35	)	)	PUNCT
fbem-633	205	36	,	,	PUNCT
fbem-633	205	37	novy	novy	PROPN
fbem-633	205	38	marx	marx	PROPN
fbem-633	205	39	(	(	PUNCT
fbem-633	205	40	2013	2013	NUM
fbem-633	205	41	)	)	PUNCT
fbem-633	205	42	,	,	PUNCT
fbem-633	205	43	fama	fama	PROPN
fbem-633	205	44	and	and	CCONJ
fbem-633	205	45	french	french	ADJ
fbem-633	205	46	(	(	PUNCT
fbem-633	205	47	2015	2015	NUM
fbem-633	205	48	)	)	PUNCT
fbem-633	205	49	and	and	CCONJ
fbem-633	205	50	hou	hou	PROPN
fbem-633	205	51	et	et	PROPN
fbem-633	205	52	al	al	PROPN
fbem-633	205	53	.	.	PROPN
fbem-633	205	54	(	(	PUNCT
fbem-633	205	55	2015	2015	NUM
fbem-633	205	56	)	)	PUNCT
fbem-633	205	57	to	to	PART
fbem-633	205	58	construct	construct	VERB
fbem-633	205	59	ff-3	ff-3	PRON
fbem-633	205	60	,	,	PUNCT
fbem-633	205	61	ch-4	ch-4	X
fbem-633	205	62	,	,	PUNCT
fbem-633	205	63	nv-4	nv-4	ADV
fbem-633	205	64	,	,	PUNCT
fbem-633	205	65	ff-5	ff-5	X
fbem-633	205	66	,	,	PUNCT
fbem-633	205	67	and	and	CCONJ
fbem-633	205	68	hxz-4	hxz-4	PRON
fbem-633	205	69	models	model	NOUN
fbem-633	205	70	.	.	PUNCT
fbem-633	206	1	this	this	DET
fbem-633	206	2	paper	paper	NOUN
fbem-633	206	3	also	also	ADV
fbem-633	206	4	uses	use	VERB
fbem-633	206	5	the	the	DET
fbem-633	206	6	above	above	ADJ
fbem-633	206	7	models	model	NOUN
fbem-633	206	8	to	to	PART
fbem-633	206	9	explain	explain	VERB
fbem-633	206	10	each	each	DET
fbem-633	206	11	model	model	NOUN
fbem-633	206	12	,	,	PUNCT
fbem-633	206	13	tests	test	VERB
fbem-633	206	14	the	the	DET
fbem-633	206	15	anomalies	anomaly	NOUN
fbem-633	206	16	of	of	ADP
fbem-633	206	17	sme	sme	PROPN
fbem-633	206	18	board	board	PROPN
fbem-633	206	19	,	,	PUNCT
fbem-633	206	20	and	and	CCONJ
fbem-633	206	21	uses	use	VERB
fbem-633	206	22	ff-5	ff-5	ADJ
fbem-633	206	23	as	as	SCONJ
fbem-633	206	24	the	the	DET
fbem-633	206	25	comparison	comparison	NOUN
fbem-633	206	26	benchmark	benchmark	NOUN
fbem-633	206	27	to	to	PART
fbem-633	206	28	comprehensively	comprehensively	ADV
fbem-633	206	29	compare	compare	VERB
fbem-633	206	30	the	the	DET
fbem-633	206	31	effectiveness	effectiveness	NOUN
fbem-633	206	32	of	of	ADP
fbem-633	206	33	the	the	DET
fbem-633	206	34	mainstream	mainstream	NOUN
fbem-633	206	35	factor	factor	NOUN
fbem-633	206	36	models	model	NOUN
fbem-633	206	37	.	.	PUNCT
fbem-633	207	1	the	the	DET
fbem-633	207	2	research	research	NOUN
fbem-633	207	3	shows	show	VERB
fbem-633	207	4	:	:	PUNCT
fbem-633	207	5	1	1	X
fbem-633	207	6	.	.	X
fbem-633	207	7	there	there	PRON
fbem-633	207	8	is	be	VERB
fbem-633	207	9	a	a	DET
fbem-633	207	10	significant	significant	ADJ
fbem-633	207	11	correlation	correlation	NOUN
fbem-633	207	12	between	between	ADP
fbem-633	207	13	the	the	DET
fbem-633	207	14	factors	factor	NOUN
fbem-633	207	15	of	of	ADP
fbem-633	207	16	the	the	DET
fbem-633	207	17	mainstream	mainstream	NOUN
fbem-633	207	18	models	model	NOUN
fbem-633	207	19	,	,	PUNCT
fbem-633	207	20	but	but	CCONJ
fbem-633	207	21	the	the	DET
fbem-633	207	22	factors	factor	NOUN
fbem-633	207	23	are	be	AUX
fbem-633	207	24	sensitive	sensitive	ADJ
fbem-633	207	25	to	to	ADP
fbem-633	207	26	the	the	DET
fbem-633	207	27	update	update	NOUN
fbem-633	207	28	frequency	frequency	NOUN
fbem-633	207	29	and	and	CCONJ
fbem-633	207	30	construction	construction	NOUN
fbem-633	207	31	mode	mode	NOUN
fbem-633	207	32	of	of	ADP
fbem-633	207	33	their	their	PRON
fbem-633	207	34	indexes	index	NOUN
fbem-633	207	35	,	,	PUNCT
fbem-633	207	36	and	and	CCONJ
fbem-633	207	37	different	different	ADJ
fbem-633	207	38	factors	factor	NOUN
fbem-633	207	39	have	have	VERB
fbem-633	207	40	different	different	ADJ
fbem-633	207	41	explanatory	explanatory	ADJ
fbem-633	207	42	power	power	NOUN
fbem-633	207	43	to	to	ADP
fbem-633	207	44	anomalies	anomaly	NOUN
fbem-633	207	45	;	;	PUNCT
fbem-633	208	1	2	2	X
fbem-633	208	2	.	.	X
fbem-633	209	1	among	among	ADP
fbem-633	209	2	all	all	DET
fbem-633	209	3	anomalies	anomaly	NOUN
fbem-633	209	4	in	in	ADP
fbem-633	209	5	chinese	chinese	PROPN
fbem-633	209	6	sme	sme	PROPN
fbem-633	209	7	board	board	PROPN
fbem-633	209	8	,	,	PUNCT
fbem-633	209	9	past	past	ADJ
fbem-633	209	10	returns	return	NOUN
fbem-633	209	11	,	,	PUNCT
fbem-633	209	12	risk	risk	NOUN
fbem-633	209	13	and	and	CCONJ
fbem-633	209	14	trading	trading	NOUN
fbem-633	209	15	are	be	AUX
fbem-633	209	16	significant	significant	ADJ
fbem-633	209	17	anomalies	anomaly	NOUN
fbem-633	209	18	,	,	PUNCT
fbem-633	209	19	and	and	CCONJ
fbem-633	209	20	trading	trading	NOUN
fbem-633	209	21	and	and	CCONJ
fbem-633	209	22	risk	risk	NOUN
fbem-633	209	23	are	be	AUX
fbem-633	209	24	the	the	DET
fbem-633	209	25	most	most	ADV
fbem-633	209	26	significant	significant	ADJ
fbem-633	209	27	,	,	PUNCT
fbem-633	209	28	so	so	SCONJ
fbem-633	209	29	it	it	PRON
fbem-633	209	30	can	can	AUX
fbem-633	209	31	be	be	AUX
fbem-633	209	32	considered	consider	VERB
fbem-633	209	33	to	to	PART
fbem-633	209	34	build	build	VERB
fbem-633	209	35	a	a	DET
fbem-633	209	36	portfolio	portfolio	NOUN
fbem-633	209	37	based	base	VERB
fbem-633	209	38	on	on	ADP
fbem-633	209	39	the	the	DET
fbem-633	209	40	above	above	ADJ
fbem-633	209	41	indexes	index	NOUN
fbem-633	209	42	to	to	PART
fbem-633	209	43	obtain	obtain	VERB
fbem-633	209	44	excess	excess	ADJ
fbem-633	209	45	return	return	NOUN
fbem-633	209	46	in	in	ADP
fbem-633	209	47	investing	invest	VERB
fbem-633	209	48	in	in	ADP
fbem-633	209	49	sme	sme	NOUN
fbem-633	209	50	stocks	stock	NOUN
fbem-633	209	51	.	.	PUNCT
fbem-633	210	1	3	3	X
fbem-633	210	2	.	.	X
fbem-633	210	3	from	from	ADP
fbem-633	210	4	the	the	DET
fbem-633	210	5	perspectives	perspective	NOUN
fbem-633	210	6	of	of	ADP
fbem-633	210	7	explaining	explain	VERB
fbem-633	210	8	factors	factor	NOUN
fbem-633	210	9	and	and	CCONJ
fbem-633	210	10	market	market	NOUN
fbem-633	210	11	anomalies	anomaly	NOUN
fbem-633	210	12	,	,	PUNCT
fbem-633	210	13	ff-5	ff-5	PRON
fbem-633	210	14	is	be	AUX
fbem-633	210	15	not	not	PART
fbem-633	210	16	the	the	DET
fbem-633	210	17	most	most	ADV
fbem-633	210	18	suitable	suitable	ADJ
fbem-633	210	19	pricing	pricing	NOUN
fbem-633	210	20	model	model	NOUN
fbem-633	210	21	for	for	ADP
fbem-633	210	22	chinese	chinese	PROPN
fbem-633	210	23	sme	sme	PROPN
fbem-633	210	24	board	board	PROPN
fbem-633	210	25	,	,	PUNCT
fbem-633	210	26	which	which	PRON
fbem-633	210	27	is	be	AUX
fbem-633	210	28	consistent	consistent	ADJ
fbem-633	210	29	with	with	ADP
fbem-633	210	30	some	some	DET
fbem-633	210	31	researches	research	NOUN
fbem-633	210	32	on	on	ADP
fbem-633	210	33	the	the	DET
fbem-633	210	34	full	full	ADJ
fbem-633	210	35	samples	sample	NOUN
fbem-633	210	36	of	of	ADP
fbem-633	210	37	china	china	PROPN
fbem-633	210	38	a	a	DET
fbem-633	210	39	-	-	PUNCT
fbem-633	210	40	shares	share	NOUN
fbem-633	210	41	.	.	PUNCT
fbem-633	211	1	4	4	NUM
fbem-633	211	2	.	.	NOUN
fbem-633	211	3	ch-4	ch-4	PUNCT
fbem-633	211	4	and	and	CCONJ
fbem-633	211	5	q	q	NOUN
fbem-633	211	6	-	-	PUNCT
fbem-633	211	7	model	model	NOUN
fbem-633	211	8	are	be	AUX
fbem-633	211	9	relatively	relatively	ADV
fbem-633	211	10	better	well	ADJ
fbem-633	211	11	pricing	pricing	NOUN
fbem-633	211	12	models	model	NOUN
fbem-633	211	13	for	for	ADP
fbem-633	211	14	sme	sme	PROPN
fbem-633	211	15	board	board	PROPN
fbem-633	211	16	.	.	PUNCT
fbem-633	212	1	these	these	DET
fbem-633	212	2	two	two	NUM
fbem-633	212	3	have	have	VERB
fbem-633	212	4	different	different	ADJ
fbem-633	212	5	advantages	advantage	NOUN
fbem-633	212	6	that	that	PRON
fbem-633	212	7	ch4	ch4	NOUN
fbem-633	212	8	is	be	AUX
fbem-633	212	9	more	more	ADV
fbem-633	212	10	trustworthy	trustworthy	ADJ
fbem-633	212	11	in	in	ADP
fbem-633	212	12	explaining	explain	VERB
fbem-633	212	13	momentums	momentum	NOUN
fbem-633	212	14	related	relate	VERB
fbem-633	212	15	to	to	ADP
fbem-633	212	16	past	past	ADJ
fbem-633	212	17	returns	return	NOUN
fbem-633	212	18	,	,	PUNCT
fbem-633	212	19	while	while	SCONJ
fbem-633	212	20	q	q	NOUN
fbem-633	212	21	-	-	PUNCT
fbem-633	212	22	model	model	NOUN
fbem-633	212	23	can	can	AUX
fbem-633	212	24	explain	explain	VERB
fbem-633	212	25	more	more	ADJ
fbem-633	212	26	excess	excess	ADJ
fbem-633	212	27	returns	return	NOUN
fbem-633	212	28	related	relate	VERB
fbem-633	212	29	to	to	ADP
fbem-633	212	30	trading	trading	NOUN
fbem-633	212	31	and	and	CCONJ
fbem-633	212	32	quality	quality	NOUN
fbem-633	212	33	.	.	PUNCT
fbem-633	213	1	if	if	SCONJ
fbem-633	213	2	two	two	NUM
fbem-633	213	3	models	model	NOUN
fbem-633	213	4	could	could	AUX
fbem-633	213	5	be	be	AUX
fbem-633	213	6	combined	combine	VERB
fbem-633	213	7	,	,	PUNCT
fbem-633	213	8	it	it	PRON
fbem-633	213	9	is	be	AUX
fbem-633	213	10	possible	possible	ADJ
fbem-633	213	11	to	to	PART
fbem-633	213	12	have	have	VERB
fbem-633	213	13	a	a	DET
fbem-633	213	14	more	more	ADV
fbem-633	213	15	objective	objective	ADJ
fbem-633	213	16	and	and	CCONJ
fbem-633	213	17	comprehensive	comprehensive	ADJ
fbem-633	213	18	understanding	understanding	NOUN
fbem-633	213	19	of	of	ADP
fbem-633	213	20	asset	asset	NOUN
fbem-633	213	21	pricing	pricing	NOUN
fbem-633	213	22	in	in	ADP
fbem-633	213	23	sme	sme	PROPN
fbem-633	213	24	board	board	PROPN
fbem-633	213	25	,	,	PUNCT
fbem-633	213	26	and	and	CCONJ
fbem-633	213	27	have	have	VERB
fbem-633	213	28	the	the	DET
fbem-633	213	29	opportunity	opportunity	NOUN
fbem-633	213	30	to	to	PART
fbem-633	213	31	obtain	obtain	VERB
fbem-633	213	32	more	more	ADJ
fbem-633	213	33	premiums	premium	NOUN
fbem-633	213	34	.	.	PUNCT
fbem-633	214	1	references	reference	NOUN
fbem-633	214	2	[	[	X
fbem-633	214	3	1	1	NUM
fbem-633	214	4	]	]	X
fbem-633	214	5	weiwang	weiwang	X
fbem-633	214	6	du	du	PROPN
fbem-633	214	7	,	,	PUNCT
fbem-633	214	8	shuguang	shuguang	PROPN
fbem-633	214	9	xiao	xiao	PROPN
fbem-633	214	10	:	:	PUNCT
fbem-633	214	11	a	a	DET
fbem-633	214	12	research	research	NOUN
fbem-633	214	13	on	on	ADP
fbem-633	214	14	the	the	DET
fbem-633	214	15	improvement	improvement	NOUN
fbem-633	214	16	of	of	ADP
fbem-633	214	17	fama	fama	NOUN
fbem-633	214	18	-	-	PUNCT
fbem-633	214	19	french	french	ADJ
fbem-633	214	20	five	five	NUM
fbem-633	214	21	-	-	PUNCT
fbem-633	214	22	factor	factor	NOUN
fbem-633	214	23	model	model	NOUN
fbem-633	214	24	in	in	ADP
fbem-633	214	25	chinese	chinese	ADJ
fbem-633	214	26	stock	stock	NOUN
fbem-633	214	27	market	market	NOUN
fbem-633	214	28	.	.	PUNCT
fbem-633	215	1	journal	journal	NOUN
fbem-633	215	2	of	of	ADP
fbem-633	215	3	huaqiao	huaqiao	PROPN
fbem-633	215	4	university(philosophy	university(philosophy	PROPN
fbem-633	215	5	&	&	CCONJ
fbem-633	215	6	social	social	ADJ
fbem-633	215	7	sciences	science	NOUN
fbem-633	215	8	)	)	PUNCT
fbem-633	215	9	.	.	PUNCT
fbem-633	216	1	(	(	PUNCT
fbem-633	216	2	2018	2018	NUM
fbem-633	216	3	)	)	PUNCT
fbem-633	217	1	no	no	INTJ
fbem-633	217	2	.	.	NOUN
fbem-633	218	1	3	3	NUM
fbem-633	218	2	,	,	PUNCT
fbem-633	218	3	p.	p.	NOUN
fbem-633	218	4	39	39	NUM
fbem-633	218	5	-	-	SYM
fbem-633	218	6	53	53	NUM
fbem-633	218	7	.	.	PUNCT
fbem-633	219	1	[	[	X
fbem-633	219	2	2	2	X
fbem-633	219	3	]	]	PUNCT
fbem-633	219	4	zhibing	zhibe	VERB
fbem-633	219	5	li	li	PROPN
fbem-633	219	6	,	,	PUNCT
fbem-633	219	7	guangyi	guangyi	PROPN
fbem-633	219	8	yang	yang	PROPN
fbem-633	219	9	,	,	PUNCT
fbem-633	219	10	yongchang	yongchang	PROPN
fbem-633	219	11	feng	feng	PROPN
fbem-633	219	12	,	,	PUNCT
fbem-633	219	13	and	and	CCONJ
fbem-633	219	14	liang	liang	PROPN
fbem-633	219	15	jin	jin	PROPN
fbem-633	219	16	:	:	PUNCT
fbem-633	219	17	an	an	DET
fbem-633	219	18	empirical	empirical	ADJ
fbem-633	219	19	test	test	NOUN
fbem-633	219	20	of	of	ADP
fbem-633	219	21	fama	fama	NOUN
fbem-633	219	22	-	-	PUNCT
fbem-633	219	23	french	french	ADJ
fbem-633	219	24	five	five	NUM
fbem-633	219	25	-	-	PUNCT
fbem-633	219	26	factor	factor	NOUN
fbem-633	219	27	model	model	NOUN
fbem-633	219	28	in	in	ADP
fbem-633	219	29	chinese	chinese	ADJ
fbem-633	219	30	stock	stock	NOUN
fbem-633	219	31	market	market	NOUN
fbem-633	219	32	.	.	PUNCT
fbem-633	220	1	journal	journal	NOUN
fbem-633	220	2	of	of	ADP
fbem-633	220	3	financial	financial	ADJ
fbem-633	220	4	research	research	NOUN
fbem-633	220	5	.	.	PUNCT
fbem-633	221	1	(	(	PUNCT
fbem-633	221	2	2017	2017	NUM
fbem-633	221	3	)	)	PUNCT
fbem-633	221	4	no	no	INTJ
fbem-633	221	5	.	.	NOUN
fbem-633	221	6	06	06	NUM
fbem-633	221	7	,	,	PUNCT
fbem-633	221	8	p.	p.	NOUN
fbem-633	221	9	191	191	NUM
fbem-633	221	10	-	-	SYM
fbem-633	221	11	206	206	NUM
fbem-633	221	12	.	.	PUNCT
fbem-633	222	1	[	[	X
fbem-633	222	2	3	3	X
fbem-633	222	3	]	]	X
fbem-633	222	4	jifu	jifu	PROPN
fbem-633	222	5	liu	liu	PROPN
fbem-633	222	6	:	:	PUNCT
fbem-633	222	7	on	on	ADP
fbem-633	222	8	the	the	DET
fbem-633	222	9	development	development	NOUN
fbem-633	222	10	of	of	ADP
fbem-633	222	11	asset	asset	NOUN
fbem-633	222	12	pricing	pricing	NOUN
fbem-633	222	13	theories	theory	NOUN
fbem-633	222	14	:	:	PUNCT
fbem-633	222	15	from	from	ADP
fbem-633	222	16	one	one	NUM
fbem-633	222	17	-	-	PUNCT
fbem-633	222	18	factor	factor	NOUN
fbem-633	222	19	model	model	NOUN
fbem-633	222	20	to	to	ADP
fbem-633	222	21	five	five	NUM
fbem-633	222	22	-	-	PUNCT
fbem-633	222	23	factor	factor	NOUN
fbem-633	222	24	model	model	NOUN
fbem-633	222	25	.	.	PUNCT
fbem-633	223	1	times	times	PROPN
fbem-633	223	2	finance	finance	PROPN
fbem-633	223	3	.	.	PUNCT
fbem-633	224	1	(	(	PUNCT
fbem-633	224	2	2020	2020	NUM
fbem-633	224	3	)	)	PUNCT
fbem-633	225	1	no	no	INTJ
fbem-633	225	2	.	.	NOUN
fbem-633	225	3	30	30	NUM
fbem-633	225	4	,	,	PUNCT
fbem-633	225	5	p.	p.	NOUN
fbem-633	225	6	80	80	NUM
fbem-633	225	7	-	-	SYM
fbem-633	225	8	82	82	NUM
fbem-633	225	9	.	.	PUNCT
fbem-633	226	1	[	[	X
fbem-633	226	2	4	4	NUM
fbem-633	226	3	]	]	PUNCT
fbem-633	226	4	tong	tong	PROPN
fbem-633	226	5	lu	lu	PROPN
fbem-633	226	6	:	:	PUNCT
fbem-633	226	7	the	the	DET
fbem-633	226	8	features	feature	NOUN
fbem-633	226	9	and	and	CCONJ
fbem-633	226	10	improvement	improvement	NOUN
fbem-633	226	11	direction	direction	NOUN
fbem-633	226	12	of	of	ADP
fbem-633	226	13	corporate	corporate	ADJ
fbem-633	226	14	governance	governance	NOUN
fbem-633	226	15	in	in	ADP
fbem-633	226	16	sme	sme	PROPN
fbem-633	226	17	board	board	PROPN
fbem-633	226	18	and	and	CCONJ
fbem-633	226	19	gem	gem	PROPN
fbem-633	226	20	board	board	NOUN
fbem-633	226	21	.	.	PUNCT
fbem-633	227	1	tsinghua	tsinghua	PROPN
fbem-633	227	2	financial	financial	PROPN
fbem-633	227	3	review	review	PROPN
fbem-633	227	4	.	.	PUNCT
fbem-633	228	1	(	(	PUNCT
fbem-633	228	2	2017	2017	NUM
fbem-633	228	3	)	)	PUNCT
fbem-633	228	4	no	no	INTJ
fbem-633	228	5	.	.	NOUN
fbem-633	228	6	02	02	NUM
fbem-633	228	7	,	,	PUNCT
fbem-633	228	8	p.	p.	NOUN
fbem-633	228	9	81	81	NUM
fbem-633	228	10	-	-	SYM
fbem-633	228	11	84	84	NUM
fbem-633	228	12	.	.	PUNCT
fbem-633	229	1	[	[	X
fbem-633	229	2	5	5	NUM
fbem-633	229	3	]	]	PUNCT
fbem-633	229	4	runping	runpe	VERB
fbem-633	229	5	ma	ma	PROPN
fbem-633	229	6	,	,	PUNCT
fbem-633	229	7	jie	jie	PROPN
fbem-633	229	8	shen	shen	PROPN
fbem-633	229	9	:	:	PUNCT
fbem-633	229	10	a	a	DET
fbem-633	229	11	study	study	NOUN
fbem-633	229	12	on	on	ADP
fbem-633	229	13	the	the	DET
fbem-633	229	14	effectiveness	effectiveness	NOUN
fbem-633	229	15	of	of	ADP
fbem-633	229	16	chinese	chinese	ADJ
fbem-633	229	17	gem	gem	PROPN
fbem-633	229	18	board	board	PROPN
fbem-633	229	19	——	——	PUNCT
fbem-633	229	20	an	an	DET
fbem-633	229	21	analysis	analysis	NOUN
fbem-633	229	22	based	base	VERB
fbem-633	229	23	on	on	ADP
fbem-633	229	24	fama	fama	PROPN
fbem-633	229	25	-	-	PUNCT
fbem-633	229	26	french	french	ADJ
fbem-633	229	27	fivefactor	fivefactor	NOUN
fbem-633	229	28	model	model	NOUN
fbem-633	229	29	.	.	PUNCT
fbem-633	230	1	on	on	ADP
fbem-633	230	2	economic	economic	ADJ
fbem-633	230	3	problems	problem	NOUN
fbem-633	230	4	.	.	PUNCT
fbem-633	231	1	(	(	PUNCT
fbem-633	231	2	2021	2021	NUM
fbem-633	231	3	)	)	PUNCT
fbem-633	232	1	no	no	INTJ
fbem-633	232	2	.	.	NOUN
fbem-633	232	3	09	09	NUM
fbem-633	232	4	,	,	PUNCT
fbem-633	232	5	p.	p.	NOUN
fbem-633	232	6	46	46	NUM
fbem-633	232	7	-	-	SYM
fbem-633	232	8	52	52	NUM
fbem-633	232	9	.	.	PUNCT
fbem-633	233	1	[	[	X
fbem-633	233	2	6	6	NUM
fbem-633	233	3	]	]	X
fbem-633	233	4	lihui	lihui	NOUN
fbem-633	233	5	tian	tian	PROPN
fbem-633	233	6	,	,	PUNCT
fbem-633	233	7	guanying	guanye	VERB
fbem-633	233	8	wang	wang	PROPN
fbem-633	233	9	:	:	PUNCT
fbem-633	233	10	five	five	NUM
fbem-633	233	11	-	-	PUNCT
fbem-633	233	12	factor	factor	NOUN
fbem-633	233	13	model	model	NOUN
fbem-633	233	14	for	for	ADP
fbem-633	233	15	stock	stock	NOUN
fbem-633	233	16	pricing	pricing	NOUN
fbem-633	233	17	in	in	ADP
fbem-633	233	18	china	china	PROPN
fbem-633	233	19	:	:	PUNCT
fbem-633	233	20	how	how	SCONJ
fbem-633	233	21	does	do	AUX
fbem-633	233	22	trading	trading	NOUN
fbem-633	233	23	volume	volume	NOUN
fbem-633	233	24	affect	affect	VERB
fbem-633	233	25	stock	stock	NOUN
fbem-633	233	26	return	return	NOUN
fbem-633	233	27	?	?	PUNCT
fbem-633	233	28	.	.	PUNCT
fbem-633	234	1	nankai	nankai	ADJ
fbem-633	234	2	economic	economic	ADJ
fbem-633	234	3	studies	study	NOUN
fbem-633	234	4	.	.	PUNCT
fbem-633	235	1	(	(	PUNCT
fbem-633	235	2	2014	2014	NUM
fbem-633	235	3	)	)	PUNCT
fbem-633	236	1	no	no	INTJ
fbem-633	236	2	.	.	NOUN
fbem-633	236	3	02	02	NUM
fbem-633	236	4	,	,	PUNCT
fbem-633	236	5	p.	p.	NOUN
fbem-633	236	6	54	54	NUM
fbem-633	236	7	-	-	SYM
fbem-633	236	8	75	75	NUM
fbem-633	236	9	.	.	PUNCT
fbem-633	237	1	[	[	X
fbem-633	237	2	7	7	X
fbem-633	237	3	]	]	X
fbem-633	237	4	xiaoyue	xiaoyue	PROPN
fbem-633	237	5	wang	wang	PROPN
fbem-633	237	6	:	:	PUNCT
fbem-633	237	7	the	the	DET
fbem-633	237	8	characteristics	characteristic	NOUN
fbem-633	237	9	,	,	PUNCT
fbem-633	237	10	motivations	motivation	NOUN
fbem-633	237	11	and	and	CCONJ
fbem-633	237	12	suggestions	suggestion	NOUN
fbem-633	237	13	of	of	ADP
fbem-633	237	14	dividend	dividend	NOUN
fbem-633	237	15	policies	policy	NOUN
fbem-633	237	16	of	of	ADP
fbem-633	237	17	companies	company	NOUN
fbem-633	237	18	in	in	ADP
fbem-633	237	19	sme	sme	PROPN
fbem-633	237	20	board	board	PROPN
fbem-633	237	21	.	.	PUNCT
fbem-633	238	1	management	management	NOUN
fbem-633	238	2	engineer	engineer	NOUN
fbem-633	238	3	.	.	PUNCT
fbem-633	239	1	(	(	PUNCT
fbem-633	239	2	2018	2018	NUM
fbem-633	239	3	)	)	PUNCT
fbem-633	240	1	no	no	INTJ
fbem-633	240	2	.	.	NOUN
fbem-633	240	3	01	01	NUM
fbem-633	240	4	,	,	PUNCT
fbem-633	240	5	p.	p.	NOUN
fbem-633	240	6	16	16	NUM
fbem-633	240	7	-	-	SYM
fbem-633	240	8	21	21	NUM
fbem-633	240	9	.	.	PUNCT
fbem-633	241	1	[	[	X
fbem-633	241	2	8	8	NUM
fbem-633	241	3	]	]	X
fbem-633	241	4	shaohua	shaohua	PROPN
fbem-633	241	5	zhang	zhang	PROPN
fbem-633	241	6	,	,	PUNCT
fbem-633	241	7	huiling	huile	VERB
fbem-633	241	8	chen	chen	PROPN
fbem-633	241	9	:	:	PUNCT
fbem-633	241	10	is	be	AUX
fbem-633	241	11	tfp	tfp	PROPN
fbem-633	241	12	an	an	DET
fbem-633	241	13	effective	effective	ADJ
fbem-633	241	14	capital	capital	NOUN
fbem-633	241	15	asset	asset	NOUN
fbem-633	241	16	pricing	pricing	NOUN
fbem-633	241	17	factor	factor	NOUN
fbem-633	241	18	—	—	PUNCT
fbem-633	241	19	a	a	DET
fbem-633	241	20	test	test	NOUN
fbem-633	241	21	of	of	ADP
fbem-633	241	22	fama	fama	NOUN
fbem-633	241	23	-	-	PUNCT
fbem-633	241	24	french	french	ADJ
fbem-633	241	25	model	model	NOUN
fbem-633	241	26	based	base	VERB
fbem-633	241	27	on	on	ADP
fbem-633	241	28	chinese	chinese	ADJ
fbem-633	241	29	stock	stock	NOUN
fbem-633	241	30	market	market	NOUN
fbem-633	241	31	.	.	PUNCT
fbem-633	242	1	china	china	PROPN
fbem-633	242	2	economic	economic	ADJ
fbem-633	242	3	studies	study	NOUN
fbem-633	242	4	.	.	PUNCT
fbem-633	243	1	(	(	PUNCT
fbem-633	243	2	2021	2021	NUM
fbem-633	243	3	)	)	PUNCT
fbem-633	244	1	no	no	INTJ
fbem-633	244	2	.	.	NOUN
fbem-633	244	3	02	02	NUM
fbem-633	244	4	,	,	PUNCT
fbem-633	244	5	p.	p.	NOUN
fbem-633	244	6	125	125	NUM
fbem-633	244	7	-	-	SYM
fbem-633	244	8	140	140	NUM
fbem-633	244	9	.	.	PUNCT
fbem-633	245	1	[	[	X
fbem-633	245	2	9	9	NUM
fbem-633	245	3	]	]	SYM
fbem-633	245	4	zhaoqin	zhaoqin	PROPN
fbem-633	245	5	zhang	zhang	PROPN
fbem-633	245	6	,	,	PUNCT
fbem-633	245	7	qiuyu	qiuyu	PROPN
fbem-633	245	8	wang	wang	PROPN
fbem-633	245	9	,	,	PUNCT
fbem-633	245	10	shaohua	shaohua	PROPN
fbem-633	245	11	zhang	zhang	PROPN
fbem-633	245	12	:	:	PUNCT
fbem-633	245	13	a	a	DET
fbem-633	245	14	research	research	NOUN
fbem-633	245	15	on	on	ADP
fbem-633	245	16	the	the	DET
fbem-633	245	17	profit	profit	NOUN
fbem-633	245	18	effect	effect	NOUN
fbem-633	245	19	and	and	CCONJ
fbem-633	245	20	pricing	pricing	NOUN
fbem-633	245	21	power	power	NOUN
fbem-633	245	22	of	of	ADP
fbem-633	245	23	a	a	DET
fbem-633	245	24	-	-	PUNCT
fbem-633	245	25	share	share	NOUN
fbem-633	245	26	market	market	NOUN
fbem-633	245	27	—	—	PUNCT
fbem-633	245	28	based	base	VERB
fbem-633	245	29	on	on	ADP
fbem-633	245	30	fama	fama	PROPN
fbem-633	245	31	-	-	PUNCT
fbem-633	245	32	french	french	ADJ
fbem-633	245	33	five	five	NUM
fbem-633	245	34	-	-	PUNCT
fbem-633	245	35	factor	factor	NOUN
fbem-633	245	36	model	model	NOUN
fbem-633	245	37	.	.	PUNCT
fbem-633	246	1	exploration	exploration	NOUN
fbem-633	246	2	of	of	ADP
fbem-633	246	3	financial	financial	ADJ
fbem-633	246	4	theory	theory	NOUN
fbem-633	246	5	.	.	PUNCT
fbem-633	247	1	(	(	PUNCT
fbem-633	247	2	2022	2022	NUM
fbem-633	247	3	)	)	PUNCT
fbem-633	247	4	no	no	NOUN
fbem-633	247	5	.	.	NOUN
fbem-633	247	6	1	1	NUM
fbem-633	247	7	,	,	PUNCT
fbem-633	247	8	p.	p.	NOUN
fbem-633	247	9	1	1	NUM
fbem-633	247	10	-	-	SYM
fbem-633	247	11	18	18	NUM
fbem-633	247	12	.	.	PUNCT
fbem-633	248	1	[	[	X
fbem-633	248	2	10	10	NUM
fbem-633	248	3	]	]	PUNCT
fbem-633	248	4	shengmin	shengmin	NOUN
fbem-633	248	5	zhao	zhao	PROPN
fbem-633	248	6	,	,	PUNCT
fbem-633	248	7	honglei	honglei	PROPN
fbem-633	248	8	yan	yan	PROPN
fbem-633	248	9	,	,	PUNCT
fbem-633	248	10	kai	kai	PROPN
fbem-633	248	11	zhang	zhang	PROPN
fbem-633	248	12	:	:	PUNCT
fbem-633	248	13	is	be	AUX
fbem-633	248	14	the	the	DET
fbem-633	248	15	fama	fama	NOUN
fbem-633	248	16	-	-	PUNCT
fbem-633	248	17	french	french	ADJ
fbem-633	248	18	five	five	NUM
fbem-633	248	19	-	-	PUNCT
fbem-633	248	20	factor	factor	NOUN
fbem-633	248	21	model	model	NOUN
fbem-633	248	22	better	well	ADV
fbem-633	248	23	than	than	ADP
fbem-633	248	24	the	the	DET
fbem-633	248	25	three	three	NUM
fbem-633	248	26	-	-	PUNCT
fbem-633	248	27	factor	factor	NOUN
fbem-633	248	28	model	model	NOUN
fbem-633	248	29	-	-	PUNCT
fbem-633	248	30	empirical	empirical	ADJ
fbem-633	248	31	evidence	evidence	NOUN
fbem-633	248	32	from	from	ADP
fbem-633	248	33	china	china	PROPN
fbem-633	248	34	's	's	PART
fbem-633	248	35	a	a	DET
fbem-633	248	36	-	-	PUNCT
fbem-633	248	37	share	share	NOUN
fbem-633	248	38	market	market	NOUN
fbem-633	248	39	.	.	PUNCT
fbem-633	249	1	nankai	nankai	ADJ
fbem-633	249	2	economic	economic	ADJ
fbem-633	249	3	studies	study	NOUN
fbem-633	249	4	.	.	PUNCT
fbem-633	250	1	(	(	PUNCT
fbem-633	250	2	2016	2016	NUM
fbem-633	250	3	)	)	PUNCT
fbem-633	250	4	no	no	INTJ
fbem-633	250	5	.	.	NOUN
fbem-633	250	6	02	02	NUM
fbem-633	250	7	,	,	PUNCT
fbem-633	250	8	p.	p.	NOUN
fbem-633	250	9	41	41	NUM
fbem-633	250	10	-	-	SYM
fbem-633	250	11	59	59	NUM
fbem-633	250	12	.	.	PUNCT
fbem-633	251	1	[	[	X
fbem-633	251	2	11	11	NUM
fbem-633	251	3	]	]	AUX
fbem-633	251	4	barillas	barillas	PROPN
fbem-633	251	5	f.	f.	PROPN
fbem-633	251	6	and	and	CCONJ
fbem-633	251	7	j.	j.	PROPN
fbem-633	251	8	shanken	shanken	PROPN
fbem-633	251	9	:	:	PUNCT
fbem-633	251	10	comparing	compare	VERB
fbem-633	251	11	asset	asset	NOUN
fbem-633	251	12	pricing	pricing	NOUN
fbem-633	251	13	models	model	NOUN
fbem-633	251	14	.	.	PUNCT
fbem-633	252	1	journal	journal	NOUN
fbem-633	252	2	of	of	ADP
fbem-633	252	3	finance	finance	NOUN
fbem-633	252	4	.	.	PUNCT
fbem-633	253	1	vol	vol	NOUN
fbem-633	253	2	.	.	PUNCT
fbem-633	254	1	73	73	NUM
fbem-633	254	2	(	(	PUNCT
fbem-633	254	3	2018	2018	NUM
fbem-633	254	4	)	)	PUNCT
fbem-633	255	1	no	no	INTJ
fbem-633	255	2	.	.	NOUN
fbem-633	255	3	2	2	NUM
fbem-633	255	4	,	,	PUNCT
fbem-633	255	5	p.	p.	NOUN
fbem-633	255	6	715	715	NUM
fbem-633	255	7	–	–	PUNCT
fbem-633	255	8	754	754	NUM
fbem-633	255	9	.	.	PUNCT
fbem-633	256	1	[	[	X
fbem-633	256	2	12	12	NUM
fbem-633	256	3	]	]	X
fbem-633	256	4	barillas	barilla	NOUN
fbem-633	256	5	,	,	PUNCT
fbem-633	256	6	f.	f.	PROPN
fbem-633	256	7	and	and	CCONJ
fbem-633	256	8	j.	j.	PROPN
fbem-633	256	9	shanken	shanken	PROPN
fbem-633	256	10	:	:	PUNCT
fbem-633	256	11	which	which	PRON
fbem-633	256	12	alpha	alpha	NOUN
fbem-633	256	13	?	?	PUNCT
fbem-633	257	1	review	review	NOUN
fbem-633	257	2	of	of	ADP
fbem-633	257	3	financial	financial	ADJ
fbem-633	257	4	studies	study	NOUN
fbem-633	257	5	.	.	PUNCT
fbem-633	258	1	vol	vol	NOUN
fbem-633	258	2	.	.	PUNCT
fbem-633	259	1	30(2017	30(2017	NUM
fbem-633	259	2	)	)	PUNCT
fbem-633	260	1	no	no	NOUN
fbem-633	260	2	.	.	NOUN
fbem-633	260	3	4	4	NUM
fbem-633	260	4	,	,	PUNCT
fbem-633	260	5	p.	p.	NOUN
fbem-633	260	6	1316	1316	NUM
fbem-633	260	7	–	–	PUNCT
fbem-633	260	8	1338	1338	NUM
fbem-633	260	9	.	.	PUNCT
fbem-633	261	1	[	[	X
fbem-633	261	2	13	13	NUM
fbem-633	261	3	]	]	X
fbem-633	261	4	c.	c.	PROPN
fbem-633	261	5	han	han	PROPN
fbem-633	261	6	and	and	CCONJ
fbem-633	261	7	y.	y.	PROPN
fbem-633	261	8	shi	shi	PROPN
fbem-633	261	9	.	.	PUNCT
fbem-633	262	1	:	:	PUNCT
fbem-633	263	1	chinese	chinese	ADJ
fbem-633	263	2	stock	stock	NOUN
fbem-633	263	3	anomalies	anomaly	NOUN
fbem-633	263	4	and	and	CCONJ
fbem-633	263	5	investor	investor	NOUN
fbem-633	263	6	sentiment	sentiment	NOUN
fbem-633	263	7	.	.	PUNCT
fbem-633	264	1	pacific	pacific	ADJ
fbem-633	264	2	-	-	PUNCT
fbem-633	264	3	basin	basin	NOUN
fbem-633	264	4	finance	finance	NOUN
fbem-633	264	5	journal	journal	NOUN
fbem-633	264	6	.	.	PUNCT
fbem-633	265	1	vol	vol	NOUN
fbem-633	265	2	.	.	PUNCT
fbem-633	266	1	73	73	NUM
fbem-633	266	2	(	(	PUNCT
fbem-633	266	3	2022	2022	NUM
fbem-633	266	4	)	)	PUNCT
fbem-633	266	5	.	.	PUNCT
fbem-633	267	1	[	[	X
fbem-633	267	2	14	14	NUM
fbem-633	267	3	]	]	PUNCT
fbem-633	267	4	carhart	carhart	NOUN
fbem-633	267	5	,	,	PUNCT
fbem-633	267	6	m.	m.	NOUN
fbem-633	267	7	m.	m.	NOUN
fbem-633	267	8	:	:	PUNCT
fbem-633	267	9	on	on	ADP
fbem-633	267	10	persistence	persistence	NOUN
fbem-633	267	11	in	in	ADP
fbem-633	267	12	mutual	mutual	ADJ
fbem-633	267	13	fund	fund	NOUN
fbem-633	267	14	performance	performance	NOUN
fbem-633	267	15	.	.	PUNCT
fbem-633	268	1	journal	journal	NOUN
fbem-633	268	2	of	of	ADP
fbem-633	268	3	finance	finance	NOUN
fbem-633	268	4	.	.	PUNCT
fbem-633	269	1	vol	vol	NOUN
fbem-633	269	2	.	.	PROPN
fbem-633	270	1	52	52	NUM
fbem-633	270	2	(	(	PUNCT
fbem-633	270	3	1997	1997	NUM
fbem-633	270	4	)	)	PUNCT
fbem-633	271	1	no	no	INTJ
fbem-633	271	2	.	.	NOUN
fbem-633	271	3	1	1	NUM
fbem-633	271	4	,	,	PUNCT
fbem-633	271	5	p.	p.	NOUN
fbem-633	271	6	5782	5782	NUM
fbem-633	271	7	.	.	PUNCT
fbem-633	272	1	[	[	X
fbem-633	272	2	15	15	NUM
fbem-633	272	3	]	]	X
fbem-633	272	4	daniel	daniel	PROPN
fbem-633	272	5	,	,	PUNCT
fbem-633	272	6	k.	k.	PROPN
fbem-633	272	7	d.	d.	PROPN
fbem-633	272	8	,	,	PUNCT
fbem-633	272	9	d.	d.	PROPN
fbem-633	272	10	a.	a.	PROPN
fbem-633	272	11	hirshleifer	hirshleifer	PROPN
fbem-633	272	12	,	,	PUNCT
fbem-633	272	13	and	and	CCONJ
fbem-633	272	14	l.	l.	PROPN
fbem-633	272	15	sun	sun	PROPN
fbem-633	272	16	:	:	PUNCT
fbem-633	272	17	shortand	shortand	NOUN
fbem-633	272	18	longhorizon	longhorizon	NOUN
fbem-633	272	19	behavioral	behavioral	ADJ
fbem-633	272	20	factors	factor	NOUN
fbem-633	272	21	.	.	PUNCT
fbem-633	273	1	review	review	NOUN
fbem-633	273	2	of	of	ADP
fbem-633	273	3	financial	financial	ADJ
fbem-633	273	4	studies	study	NOUN
fbem-633	273	5	.	.	PUNCT
fbem-633	274	1	vol	vol	NOUN
fbem-633	274	2	.	.	PUNCT
fbem-633	275	1	33(2020	33(2020	NUM
fbem-633	275	2	)	)	PUNCT
fbem-633	276	1	no	no	NOUN
fbem-633	276	2	.	.	NOUN
fbem-633	276	3	4	4	NUM
fbem-633	276	4	,	,	PUNCT
fbem-633	276	5	p.	p.	NOUN
fbem-633	276	6	1673	1673	NUM
fbem-633	276	7	-	-	SYM
fbem-633	276	8	1736	1736	NUM
fbem-633	276	9	.	.	PUNCT
fbem-633	277	1	[	[	X
fbem-633	277	2	16	16	NUM
fbem-633	277	3	]	]	X
fbem-633	277	4	fama	fama	PROPN
fbem-633	277	5	,	,	PUNCT
fbem-633	277	6	e.	e.	PROPN
fbem-633	277	7	f.	f.	PROPN
fbem-633	277	8	and	and	CCONJ
fbem-633	277	9	k.	k.	PROPN
fbem-633	277	10	r.	r.	PROPN
fbem-633	277	11	french	french	PROPN
fbem-633	277	12	:	:	PUNCT
fbem-633	277	13	comparing	compare	VERB
fbem-633	277	14	cross	cross	NOUN
fbem-633	277	15	-	-	NOUN
fbem-633	277	16	section	section	NOUN
fbem-633	277	17	and	and	CCONJ
fbem-633	277	18	time	time	NOUN
fbem-633	277	19	-	-	PUNCT
fbem-633	277	20	series	series	NOUN
fbem-633	277	21	factor	factor	NOUN
fbem-633	277	22	models	model	NOUN
fbem-633	277	23	.	.	PUNCT
fbem-633	278	1	review	review	NOUN
fbem-633	278	2	of	of	ADP
fbem-633	278	3	financial	financial	ADJ
fbem-633	278	4	studies	study	NOUN
fbem-633	278	5	.	.	PUNCT
fbem-633	279	1	vol	vol	NOUN
fbem-633	279	2	.	.	PUNCT
fbem-633	280	1	33(2020	33(2020	NUM
fbem-633	280	2	)	)	PUNCT
fbem-633	281	1	no	no	NOUN
fbem-633	281	2	.	.	NOUN
fbem-633	281	3	5	5	NUM
fbem-633	281	4	,	,	PUNCT
fbem-633	281	5	p.	p.	NOUN
fbem-633	281	6	1891	1891	NUM
fbem-633	281	7	-	-	SYM
fbem-633	281	8	1926	1926	NUM
fbem-633	281	9	.	.	PUNCT
fbem-633	282	1	[	[	X
fbem-633	282	2	17	17	NUM
fbem-633	282	3	]	]	X
fbem-633	282	4	fama	fama	PROPN
fbem-633	282	5	,	,	PUNCT
fbem-633	282	6	e.	e.	PROPN
fbem-633	282	7	f.	f.	PROPN
fbem-633	282	8	and	and	CCONJ
fbem-633	282	9	k.	k.	PROPN
fbem-633	282	10	r.	r.	PROPN
fbem-633	282	11	french	french	PROPN
fbem-633	282	12	:	:	PUNCT
fbem-633	282	13	choosing	choose	VERB
fbem-633	282	14	factors	factor	NOUN
fbem-633	282	15	.	.	PUNCT
fbem-633	283	1	journal	journal	NOUN
fbem-633	283	2	of	of	ADP
fbem-633	283	3	financial	financial	ADJ
fbem-633	283	4	economics	economic	NOUN
fbem-633	283	5	.	.	PUNCT
fbem-633	284	1	vol	vol	NOUN
fbem-633	284	2	.	.	PROPN
fbem-633	285	1	128	128	NUM
fbem-633	285	2	(	(	PUNCT
fbem-633	285	3	2018	2018	NUM
fbem-633	285	4	)	)	PUNCT
fbem-633	286	1	no	no	INTJ
fbem-633	286	2	.	.	NOUN
fbem-633	286	3	2	2	NUM
fbem-633	286	4	,	,	PUNCT
fbem-633	286	5	p.	p.	NOUN
fbem-633	286	6	234	234	NUM
fbem-633	286	7	-	-	SYM
fbem-633	286	8	252	252	NUM
fbem-633	286	9	.	.	PUNCT
fbem-633	287	1	[	[	X
fbem-633	287	2	18	18	NUM
fbem-633	287	3	]	]	PUNCT
fbem-633	287	4	fama	fama	PROPN
fbem-633	287	5	,	,	PUNCT
fbem-633	287	6	e.	e.	PROPN
fbem-633	287	7	f.	f.	PROPN
fbem-633	287	8	and	and	CCONJ
fbem-633	287	9	k.	k.	PROPN
fbem-633	287	10	r.	r.	PROPN
fbem-633	287	11	french	french	PROPN
fbem-633	287	12	:	:	PUNCT
fbem-633	287	13	a	a	DET
fbem-633	287	14	five	five	NUM
fbem-633	287	15	-	-	PUNCT
fbem-633	287	16	factor	factor	NOUN
fbem-633	287	17	asset	asset	NOUN
fbem-633	287	18	pricing	pricing	NOUN
fbem-633	287	19	model	model	NOUN
fbem-633	287	20	.	.	PUNCT
fbem-633	288	1	journal	journal	PROPN
fbem-633	288	2	of	of	ADP
fbem-633	288	3	financial	financial	ADJ
fbem-633	288	4	economics	economic	NOUN
fbem-633	288	5	.	.	PUNCT
fbem-633	289	1	vol	vol	NOUN
fbem-633	289	2	.	.	PUNCT
fbem-633	290	1	116(2015	116(2015	NUM
fbem-633	290	2	)	)	PUNCT
fbem-633	290	3	no.1	no.1	NOUN
fbem-633	290	4	,	,	PUNCT
fbem-633	290	5	p.	p.	NOUN
fbem-633	290	6	1	1	NUM
fbem-633	290	7	-	-	SYM
fbem-633	290	8	22	22	NUM
fbem-633	290	9	.	.	PUNCT
fbem-633	291	1	[	[	X
fbem-633	291	2	19	19	NUM
fbem-633	291	3	]	]	PUNCT
fbem-633	291	4	fama	fama	PROPN
fbem-633	291	5	,	,	PUNCT
fbem-633	291	6	e.	e.	PROPN
fbem-633	291	7	f.	f.	PROPN
fbem-633	291	8	and	and	CCONJ
fbem-633	291	9	k.	k.	PROPN
fbem-633	291	10	r.	r.	PROPN
fbem-633	291	11	french	french	PROPN
fbem-633	291	12	:	:	PUNCT
fbem-633	291	13	common	common	ADJ
fbem-633	291	14	risk	risk	NOUN
fbem-633	291	15	factors	factor	NOUN
fbem-633	291	16	in	in	ADP
fbem-633	291	17	the	the	DET
fbem-633	291	18	returns	return	NOUN
fbem-633	291	19	on	on	ADP
fbem-633	291	20	stocks	stock	NOUN
fbem-633	291	21	and	and	CCONJ
fbem-633	291	22	bonds	bond	NOUN
fbem-633	291	23	.	.	PUNCT
fbem-633	292	1	journal	journal	NOUN
fbem-633	292	2	of	of	ADP
fbem-633	292	3	financial	financial	ADJ
fbem-633	292	4	economics	economic	NOUN
fbem-633	292	5	.	.	PUNCT
fbem-633	293	1	vol	vol	NOUN
fbem-633	293	2	.	.	PUNCT
fbem-633	294	1	33(1993	33(1993	NUM
fbem-633	294	2	)	)	PUNCT
fbem-633	295	1	no	no	INTJ
fbem-633	295	2	.	.	NOUN
fbem-633	295	3	1	1	NUM
fbem-633	295	4	,	,	PUNCT
fbem-633	295	5	p.	p.	NOUN
fbem-633	295	6	3	3	NUM
fbem-633	295	7	-	-	SYM
fbem-633	295	8	56	56	NUM
fbem-633	295	9	.	.	PUNCT
fbem-633	296	1	[	[	X
fbem-633	296	2	20	20	NUM
fbem-633	296	3	]	]	PUNCT
fbem-633	296	4	fama	fama	PROPN
fbem-633	296	5	,	,	PUNCT
fbem-633	296	6	e.f	e.f	PROPN
fbem-633	296	7	.	.	PROPN
fbem-633	296	8	and	and	CCONJ
fbem-633	296	9	k.	k.	PROPN
fbem-633	296	10	r.	r.	PROPN
fbem-633	296	11	french	french	PROPN
fbem-633	296	12	:	:	PUNCT
fbem-633	296	13	the	the	DET
fbem-633	296	14	cross	cross	NOUN
fbem-633	296	15	-	-	NOUN
fbem-633	296	16	section	section	NOUN
fbem-633	296	17	of	of	ADP
fbem-633	296	18	expected	expect	VERB
fbem-633	296	19	stock	stock	NOUN
fbem-633	296	20	returns	return	NOUN
fbem-633	296	21	.	.	PUNCT
fbem-633	297	1	journal	journal	NOUN
fbem-633	297	2	of	of	ADP
fbem-633	297	3	finance	finance	NOUN
fbem-633	297	4	.	.	PUNCT
fbem-633	298	1	vol	vol	NOUN
fbem-633	298	2	.	.	PUNCT
fbem-633	299	1	47(1992	47(1992	X
fbem-633	299	2	)	)	PUNCT
fbem-633	300	1	no	no	INTJ
fbem-633	300	2	.	.	NOUN
fbem-633	300	3	2	2	NUM
fbem-633	300	4	,	,	PUNCT
fbem-633	300	5	p.	p.	NOUN
fbem-633	300	6	427465	427465	NUM
fbem-633	300	7	.	.	PUNCT
fbem-633	301	1	[	[	X
fbem-633	301	2	21	21	NUM
fbem-633	301	3	]	]	X
fbem-633	301	4	hou	hou	PROPN
fbem-633	301	5	,	,	PUNCT
fbem-633	301	6	k.	k.	PROPN
fbem-633	301	7	,	,	PUNCT
fbem-633	301	8	c.	c.	PROPN
fbem-633	301	9	xue	xue	PROPN
fbem-633	301	10	,	,	PUNCT
fbem-633	301	11	and	and	CCONJ
fbem-633	301	12	l.	l.	PROPN
fbem-633	301	13	zhang	zhang	PROPN
fbem-633	301	14	:	:	PUNCT
fbem-633	301	15	digesting	digest	VERB
fbem-633	301	16	anomalies	anomaly	NOUN
fbem-633	301	17	:	:	PUNCT
fbem-633	301	18	an	an	DET
fbem-633	301	19	investment	investment	NOUN
fbem-633	301	20	approach	approach	NOUN
fbem-633	301	21	.	.	PUNCT
fbem-633	302	1	the	the	DET
fbem-633	302	2	review	review	NOUN
fbem-633	302	3	of	of	ADP
fbem-633	302	4	financial	financial	ADJ
fbem-633	302	5	studies	study	NOUN
fbem-633	302	6	.	.	PUNCT
fbem-633	303	1	vol	vol	NOUN
fbem-633	303	2	.	.	PUNCT
fbem-633	304	1	28(2015	28(2015	NUM
fbem-633	304	2	)	)	PUNCT
fbem-633	305	1	no	no	NOUN
fbem-633	305	2	.	.	NOUN
fbem-633	305	3	3	3	NUM
fbem-633	305	4	,	,	PUNCT
fbem-633	305	5	p.	p.	NOUN
fbem-633	305	6	650	650	NUM
fbem-633	305	7	-	-	SYM
fbem-633	305	8	705	705	NUM
fbem-633	305	9	.	.	PUNCT
fbem-633	306	1	[	[	X
fbem-633	306	2	22	22	NUM
fbem-633	306	3	]	]	X
fbem-633	306	4	jegadeesh	jegadeesh	NOUN
fbem-633	306	5	,	,	PUNCT
fbem-633	306	6	n.	n.	PROPN
fbem-633	306	7	and	and	CCONJ
fbem-633	306	8	s.	s.	PROPN
fbem-633	306	9	titman	titman	PROPN
fbem-633	306	10	:	:	PUNCT
fbem-633	306	11	returns	return	NOUN
fbem-633	306	12	to	to	ADP
fbem-633	306	13	buying	buy	VERB
fbem-633	306	14	winners	winner	NOUN
fbem-633	306	15	and	and	CCONJ
fbem-633	306	16	selling	sell	VERB
fbem-633	306	17	losers	loser	NOUN
fbem-633	306	18	:	:	PUNCT
fbem-633	306	19	implications	implication	NOUN
fbem-633	306	20	for	for	ADP
fbem-633	306	21	stock	stock	NOUN
fbem-633	306	22	market	market	NOUN
fbem-633	306	23	efficiency	efficiency	NOUN
fbem-633	306	24	.	.	PUNCT
fbem-633	307	1	journal	journal	NOUN
fbem-633	307	2	of	of	ADP
fbem-633	307	3	finance	finance	NOUN
fbem-633	307	4	.	.	PUNCT
fbem-633	308	1	vol	vol	NOUN
fbem-633	308	2	.	.	PUNCT
fbem-633	309	1	48(1993	48(1993	NUM
fbem-633	309	2	)	)	PUNCT
fbem-633	310	1	no	no	INTJ
fbem-633	310	2	.	.	NOUN
fbem-633	310	3	1	1	NUM
fbem-633	310	4	,	,	PUNCT
fbem-633	310	5	p.	p.	NOUN
fbem-633	310	6	65	65	NUM
fbem-633	310	7	-	-	SYM
fbem-633	310	8	91	91	NUM
fbem-633	310	9	.	.	PUNCT
fbem-633	311	1	42	42	NUM
fbem-633	312	1	[	[	SYM
fbem-633	312	2	23	23	NUM
fbem-633	312	3	]	]	X
fbem-633	312	4	liao	liao	PROPN
fbem-633	312	5	,	,	PUNCT
fbem-633	312	6	z.	z.	PROPN
fbem-633	312	7	and	and	CCONJ
fbem-633	312	8	y.	y.	PROPN
fbem-633	312	9	liu	liu	PROPN
fbem-633	312	10	:	:	PUNCT
fbem-633	312	11	optimal	optimal	ADJ
fbem-633	312	12	cross	cross	ADJ
fbem-633	312	13	-	-	ADJ
fbem-633	312	14	sectional	sectional	ADJ
fbem-633	312	15	regression	regression	NOUN
fbem-633	312	16	.	.	PUNCT
fbem-633	313	1	working	work	VERB
fbem-633	313	2	paper	paper	NOUN
fbem-633	313	3	,	,	PUNCT
fbem-633	313	4	2021	2021	NUM
fbem-633	313	5	,	,	PUNCT
fbem-633	313	6	information	information	NOUN
fbem-633	313	7	on	on	ADP
fbem-633	313	8	:	:	PUNCT
fbem-633	313	9	https://ssrn.com/abstract=3719299	https://ssrn.com/abstract=3719299	NUM
fbem-633	314	1	[	[	X
fbem-633	314	2	24	24	NUM
fbem-633	314	3	]	]	X
fbem-633	314	4	liu	liu	PROPN
fbem-633	314	5	,	,	PUNCT
fbem-633	314	6	j.	j.	PROPN
fbem-633	314	7	,	,	PUNCT
fbem-633	314	8	r.	r.	PROPN
fbem-633	314	9	f.	f.	PROPN
fbem-633	314	10	stambaugh	stambaugh	PROPN
fbem-633	314	11	,	,	PUNCT
fbem-633	314	12	and	and	CCONJ
fbem-633	314	13	y.	y.	PROPN
fbem-633	314	14	yuan	yuan	PROPN
fbem-633	314	15	.	.	PUNCT
fbem-633	315	1	size	size	NOUN
fbem-633	315	2	and	and	CCONJ
fbem-633	315	3	value	value	NOUN
fbem-633	315	4	in	in	ADP
fbem-633	315	5	china	china	PROPN
fbem-633	315	6	.	.	PUNCT
fbem-633	316	1	journal	journal	PROPN
fbem-633	316	2	of	of	ADP
fbem-633	316	3	financial	financial	ADJ
fbem-633	316	4	economics	economic	NOUN
fbem-633	316	5	.	.	PUNCT
fbem-633	317	1	vol	vol	NOUN
fbem-633	317	2	.	.	PUNCT
fbem-633	318	1	134(2019	134(2019	NUM
fbem-633	318	2	)	)	PUNCT
fbem-633	319	1	no	no	INTJ
fbem-633	319	2	.	.	NOUN
fbem-633	319	3	1	1	NUM
fbem-633	319	4	,	,	PUNCT
fbem-633	319	5	p.	p.	NOUN
fbem-633	319	6	48	48	NUM
fbem-633	319	7	-	-	SYM
fbem-633	319	8	69	69	NUM
fbem-633	319	9	.	.	PUNCT
fbem-633	320	1	[	[	X
fbem-633	320	2	25	25	NUM
fbem-633	320	3	]	]	X
fbem-633	320	4	maarten	maarten	PROPN
fbem-633	320	5	,	,	PUNCT
fbem-633	320	6	jansen	jansen	PROPN
fbem-633	320	7	,	,	PUNCT
fbem-633	320	8	laurens	laurens	PROPN
fbem-633	320	9	,	,	PUNCT
fbem-633	320	10	swinkels	swinkel	NOUN
fbem-633	320	11	,	,	PUNCT
fbem-633	320	12	weili	weili	NOUN
fbem-633	320	13	,	,	PUNCT
fbem-633	320	14	zhou	zhou	PROPN
fbem-633	320	15	.	.	PUNCT
fbem-633	321	1	anomalies	anomaly	NOUN
fbem-633	321	2	in	in	ADP
fbem-633	321	3	the	the	DET
fbem-633	321	4	china	china	PROPN
fbem-633	321	5	a	a	DET
fbem-633	321	6	-	-	PUNCT
fbem-633	321	7	share	share	NOUN
fbem-633	321	8	market	market	NOUN
fbem-633	321	9	.	.	PUNCT
fbem-633	322	1	pac	pac	PROPN
fbem-633	322	2	.	.	PROPN
fbem-633	322	3	basin	basin	PROPN
fbem-633	322	4	financ	financ	PROPN
fbem-633	322	5	.	.	PUNCT
fbem-633	323	1	vol	vol	NOUN
fbem-633	323	2	.	.	PUNCT
fbem-633	324	1	68(2021	68(2021	NUM
fbem-633	324	2	)	)	PUNCT
fbem-633	324	3	article	article	NOUN
fbem-633	324	4	101607	101607	NUM
fbem-633	324	5	.	.	PUNCT
fbem-633	325	1	[	[	X
fbem-633	325	2	26	26	NUM
fbem-633	325	3	]	]	X
fbem-633	325	4	novy	novy	PROPN
fbem-633	325	5	-	-	PUNCT
fbem-633	325	6	marx	marx	PROPN
fbem-633	325	7	,	,	PUNCT
fbem-633	325	8	r	r	PROPN
fbem-633	325	9	..	..	PUNCT
fbem-633	325	10	the	the	DET
fbem-633	325	11	other	other	ADJ
fbem-633	325	12	side	side	NOUN
fbem-633	325	13	of	of	ADP
fbem-633	325	14	value	value	NOUN
fbem-633	325	15	:	:	PUNCT
fbem-633	325	16	the	the	DET
fbem-633	325	17	gross	gross	ADJ
fbem-633	325	18	profitability	profitability	NOUN
fbem-633	325	19	premium	premium	NOUN
fbem-633	325	20	.	.	PUNCT
fbem-633	326	1	journal	journal	NOUN
fbem-633	326	2	of	of	ADP
fbem-633	326	3	financial	financial	ADJ
fbem-633	326	4	economics	economic	NOUN
fbem-633	326	5	.	.	PUNCT
fbem-633	327	1	vol	vol	NOUN
fbem-633	327	2	.	.	PUNCT
fbem-633	328	1	108(2013	108(2013	NUM
fbem-633	328	2	)	)	PUNCT
fbem-633	328	3	no	no	NOUN
fbem-633	328	4	.	.	NOUN
fbem-633	328	5	1	1	NUM
fbem-633	328	6	,	,	PUNCT
fbem-633	328	7	p.	p.	NOUN
fbem-633	328	8	1	1	NUM
fbem-633	328	9	-	-	SYM
fbem-633	328	10	28	28	NUM
fbem-633	328	11	.	.	PUNCT
fbem-633	329	1	[	[	X
fbem-633	329	2	27	27	NUM
fbem-633	329	3	]	]	SYM
fbem-633	329	4	stambaugh	stambaugh	NOUN
fbem-633	329	5	,	,	PUNCT
fbem-633	329	6	r.	r.	PROPN
fbem-633	329	7	f.	f.	PROPN
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fbem-633	329	9	y.	y.	PROPN
fbem-633	329	10	yuan	yuan	PROPN
fbem-633	329	11	.	.	PUNCT
fbem-633	330	1	mispricing	misprice	VERB
fbem-633	330	2	factors	factor	NOUN
fbem-633	330	3	.	.	PUNCT
fbem-633	331	1	review	review	NOUN
fbem-633	331	2	of	of	ADP
fbem-633	331	3	financial	financial	ADJ
fbem-633	331	4	studies	study	NOUN
fbem-633	331	5	.	.	PUNCT
fbem-633	332	1	vol	vol	NOUN
fbem-633	332	2	.	.	PUNCT
fbem-633	333	1	30(2016	30(2016	NUM
fbem-633	333	2	)	)	PUNCT
fbem-633	334	1	no	no	INTJ
fbem-633	334	2	.	.	NOUN
fbem-633	334	3	4	4	NUM
fbem-633	334	4	,	,	PUNCT
fbem-633	334	5	p.	p.	NOUN
fbem-633	334	6	1270	1270	NUM
fbem-633	334	7	-	-	SYM
fbem-633	334	8	1315	1315	NUM
fbem-633	334	9	.	.	PUNCT