id	sid	tid	token	lemma	pos
fbem-7146	1	1	frontiers	frontier	NOUN
fbem-7146	1	2	in	in	ADP
fbem-7146	1	3	business	business	NOUN
fbem-7146	1	4	,	,	PUNCT
fbem-7146	1	5	economics	economic	NOUN
fbem-7146	1	6	and	and	CCONJ
fbem-7146	1	7	management	management	NOUN
fbem-7146	1	8	issn	issn	PROPN
fbem-7146	1	9	:	:	PUNCT
fbem-7146	1	10	2766	2766	NUM
fbem-7146	1	11	-	-	PUNCT
fbem-7146	1	12	824x	824x	NUM
fbem-7146	1	13	|	|	ADJ
fbem-7146	1	14	vol	vol	NOUN
fbem-7146	1	15	.	.	PROPN
fbem-7146	1	16	8	8	NUM
fbem-7146	1	17	,	,	PUNCT
fbem-7146	1	18	no	no	INTJ
fbem-7146	1	19	.	.	NOUN
fbem-7146	1	20	2	2	NUM
fbem-7146	1	21	,	,	PUNCT
fbem-7146	1	22	2023	2023	NUM
fbem-7146	1	23	178	178	NUM
fbem-7146	1	24	pricing	pricing	NOUN
fbem-7146	1	25	of	of	ADP
fbem-7146	1	26	non‐financial	non‐financial	ADJ
fbem-7146	1	27	assets	asset	NOUN
fbem-7146	1	28	considering	consider	VERB
fbem-7146	1	29	bank	bank	NOUN
fbem-7146	1	30	credit	credit	NOUN
fbem-7146	1	31	risk	risk	NOUN
fbem-7146	1	32	weiwei	weiwei	PROPN
fbem-7146	1	33	zhai	zhai	PROPN
fbem-7146	1	34	school	school	PROPN
fbem-7146	1	35	of	of	ADP
fbem-7146	1	36	economics	economic	NOUN
fbem-7146	1	37	and	and	CCONJ
fbem-7146	1	38	management	management	NOUN
fbem-7146	1	39	,	,	PUNCT
fbem-7146	1	40	chongqing	chongqing	PROPN
fbem-7146	1	41	university	university	PROPN
fbem-7146	1	42	of	of	ADP
fbem-7146	1	43	posts	post	NOUN
fbem-7146	1	44	and	and	CCONJ
fbem-7146	1	45	telecommunications	telecommunication	NOUN
fbem-7146	1	46	,	,	PUNCT
fbem-7146	1	47	chongqing	chongqe	VERB
fbem-7146	1	48	400000	400000	NUM
fbem-7146	1	49	,	,	PUNCT
fbem-7146	1	50	china	china	PROPN
fbem-7146	1	51	abstract	abstract	NOUN
fbem-7146	1	52	:	:	PUNCT
fbem-7146	1	53	this	this	DET
fbem-7146	1	54	paper	paper	NOUN
fbem-7146	1	55	selects	select	VERB
fbem-7146	1	56	the	the	DET
fbem-7146	1	57	data	datum	NOUN
fbem-7146	1	58	of	of	ADP
fbem-7146	1	59	shanghai	shanghai	PROPN
fbem-7146	1	60	and	and	CCONJ
fbem-7146	1	61	shenzhen	shenzhen	PROPN
fbem-7146	1	62	a	a	PROPN
fbem-7146	1	63	-	-	PUNCT
fbem-7146	1	64	share	share	NOUN
fbem-7146	1	65	listed	list	VERB
fbem-7146	1	66	companies	company	NOUN
fbem-7146	1	67	and	and	CCONJ
fbem-7146	1	68	12	12	NUM
fbem-7146	1	69	commercial	commercial	ADJ
fbem-7146	1	70	banks	bank	NOUN
fbem-7146	1	71	from	from	ADP
fbem-7146	1	72	january	january	PROPN
fbem-7146	1	73	2010	2010	NUM
fbem-7146	1	74	to	to	ADP
fbem-7146	1	75	december	december	PROPN
fbem-7146	1	76	2020	2020	NUM
fbem-7146	1	77	,	,	PUNCT
fbem-7146	1	78	constructs	construct	VERB
fbem-7146	1	79	a	a	DET
fbem-7146	1	80	bank	bank	NOUN
fbem-7146	1	81	factor	factor	NOUN
fbem-7146	1	82	representing	represent	VERB
fbem-7146	1	83	the	the	DET
fbem-7146	1	84	level	level	NOUN
fbem-7146	1	85	of	of	ADP
fbem-7146	1	86	bank	bank	NOUN
fbem-7146	1	87	credit	credit	NOUN
fbem-7146	1	88	risk	risk	NOUN
fbem-7146	1	89	and	and	CCONJ
fbem-7146	1	90	introduces	introduce	VERB
fbem-7146	1	91	it	it	PRON
fbem-7146	1	92	into	into	ADP
fbem-7146	1	93	the	the	DET
fbem-7146	1	94	fama	fama	NOUN
fbem-7146	1	95	-	-	PUNCT
fbem-7146	1	96	french	french	ADJ
fbem-7146	1	97	three	three	NUM
fbem-7146	1	98	-	-	PUNCT
fbem-7146	1	99	factor	factor	NOUN
fbem-7146	1	100	model	model	NOUN
fbem-7146	1	101	,	,	PUNCT
fbem-7146	1	102	and	and	CCONJ
fbem-7146	1	103	theoretically	theoretically	ADV
fbem-7146	1	104	establishes	establish	VERB
fbem-7146	1	105	a	a	DET
fbem-7146	1	106	four	four	NUM
fbem-7146	1	107	-	-	PUNCT
fbem-7146	1	108	factor	factor	NOUN
fbem-7146	1	109	asset	asset	NOUN
fbem-7146	1	110	pricing	pricing	NOUN
fbem-7146	1	111	model	model	NOUN
fbem-7146	1	112	considering	consider	VERB
fbem-7146	1	113	bank	bank	NOUN
fbem-7146	1	114	credit	credit	NOUN
fbem-7146	1	115	risk	risk	NOUN
fbem-7146	1	116	.	.	PUNCT
fbem-7146	2	1	the	the	DET
fbem-7146	2	2	empirical	empirical	ADJ
fbem-7146	2	3	test	test	NOUN
fbem-7146	2	4	results	result	NOUN
fbem-7146	2	5	show	show	VERB
fbem-7146	2	6	that	that	SCONJ
fbem-7146	2	7	:	:	PUNCT
fbem-7146	2	8	(	(	PUNCT
fbem-7146	2	9	1	1	X
fbem-7146	2	10	)	)	PUNCT
fbem-7146	2	11	in	in	ADP
fbem-7146	2	12	the	the	DET
fbem-7146	2	13	non	non	ADJ
fbem-7146	2	14	-	-	ADJ
fbem-7146	2	15	financial	financial	ADJ
fbem-7146	2	16	market	market	NOUN
fbem-7146	2	17	,	,	PUNCT
fbem-7146	2	18	the	the	DET
fbem-7146	2	19	bank	bank	NOUN
fbem-7146	2	20	factor	factor	NOUN
fbem-7146	2	21	quantified	quantify	VERB
fbem-7146	2	22	by	by	ADP
fbem-7146	2	23	the	the	DET
fbem-7146	2	24	level	level	NOUN
fbem-7146	2	25	of	of	ADP
fbem-7146	2	26	bank	bank	NOUN
fbem-7146	2	27	credit	credit	NOUN
fbem-7146	2	28	risk	risk	NOUN
fbem-7146	2	29	plays	play	VERB
fbem-7146	2	30	a	a	DET
fbem-7146	2	31	good	good	ADJ
fbem-7146	2	32	role	role	NOUN
fbem-7146	2	33	in	in	ADP
fbem-7146	2	34	explaining	explain	VERB
fbem-7146	2	35	individual	individual	ADJ
fbem-7146	2	36	stocks	stock	NOUN
fbem-7146	2	37	,	,	PUNCT
fbem-7146	2	38	and	and	CCONJ
fbem-7146	2	39	can	can	AUX
fbem-7146	2	40	be	be	AUX
fbem-7146	2	41	used	use	VERB
fbem-7146	2	42	as	as	ADP
fbem-7146	2	43	the	the	DET
fbem-7146	2	44	influence	influence	NOUN
fbem-7146	2	45	factor	factor	NOUN
fbem-7146	2	46	of	of	ADP
fbem-7146	2	47	asset	asset	NOUN
fbem-7146	2	48	pricing	pricing	NOUN
fbem-7146	2	49	in	in	ADP
fbem-7146	2	50	the	the	DET
fbem-7146	2	51	non	non	ADJ
fbem-7146	2	52	-	-	ADJ
fbem-7146	2	53	financial	financial	ADJ
fbem-7146	2	54	industry	industry	NOUN
fbem-7146	2	55	;	;	PUNCT
fbem-7146	2	56	(	(	PUNCT
fbem-7146	2	57	2	2	X
fbem-7146	2	58	)	)	PUNCT
fbem-7146	2	59	the	the	DET
fbem-7146	2	60	addition	addition	NOUN
fbem-7146	2	61	of	of	ADP
fbem-7146	2	62	bank	bank	NOUN
fbem-7146	2	63	factor	factor	NOUN
fbem-7146	2	64	improves	improve	VERB
fbem-7146	2	65	the	the	DET
fbem-7146	2	66	comprehensive	comprehensive	ADJ
fbem-7146	2	67	explanatory	explanatory	ADJ
fbem-7146	2	68	ability	ability	NOUN
fbem-7146	2	69	of	of	ADP
fbem-7146	2	70	market	market	NOUN
fbem-7146	2	71	factor	factor	NOUN
fbem-7146	2	72	,	,	PUNCT
fbem-7146	2	73	size	size	NOUN
fbem-7146	2	74	factor	factor	NOUN
fbem-7146	2	75	and	and	CCONJ
fbem-7146	2	76	book	book	NOUN
fbem-7146	2	77	-	-	PUNCT
fbem-7146	2	78	to	to	ADP
fbem-7146	2	79	-	-	PUNCT
fbem-7146	2	80	market	market	NOUN
fbem-7146	2	81	ratio	ratio	NOUN
fbem-7146	2	82	factor	factor	NOUN
fbem-7146	2	83	,	,	PUNCT
fbem-7146	2	84	and	and	CCONJ
fbem-7146	2	85	reasonably	reasonably	ADV
fbem-7146	2	86	expands	expand	VERB
fbem-7146	2	87	and	and	CCONJ
fbem-7146	2	88	revises	revise	VERB
fbem-7146	2	89	the	the	DET
fbem-7146	2	90	fama	fama	NOUN
fbem-7146	2	91	-	-	PUNCT
fbem-7146	2	92	french	french	ADJ
fbem-7146	2	93	three	three	NUM
fbem-7146	2	94	-	-	PUNCT
fbem-7146	2	95	factor	factor	NOUN
fbem-7146	2	96	model	model	NOUN
fbem-7146	2	97	theoretically	theoretically	ADV
fbem-7146	2	98	.	.	PUNCT
fbem-7146	3	1	the	the	DET
fbem-7146	3	2	results	result	NOUN
fbem-7146	3	3	of	of	ADP
fbem-7146	3	4	this	this	DET
fbem-7146	3	5	paper	paper	NOUN
fbem-7146	3	6	improve	improve	VERB
fbem-7146	3	7	the	the	DET
fbem-7146	3	8	pricing	pricing	NOUN
fbem-7146	3	9	efficiency	efficiency	NOUN
fbem-7146	3	10	of	of	ADP
fbem-7146	3	11	the	the	DET
fbem-7146	3	12	fama	fama	NOUN
fbem-7146	3	13	-	-	PUNCT
fbem-7146	3	14	french	french	ADJ
fbem-7146	3	15	three	three	NUM
fbem-7146	3	16	-	-	PUNCT
fbem-7146	3	17	factor	factor	NOUN
fbem-7146	3	18	model	model	NOUN
fbem-7146	3	19	based	base	VERB
fbem-7146	3	20	on	on	ADP
fbem-7146	3	21	bank	bank	NOUN
fbem-7146	3	22	credit	credit	NOUN
fbem-7146	3	23	risk	risk	NOUN
fbem-7146	3	24	,	,	PUNCT
fbem-7146	3	25	and	and	CCONJ
fbem-7146	3	26	enrich	enrich	VERB
fbem-7146	3	27	and	and	CCONJ
fbem-7146	3	28	perfect	perfect	VERB
fbem-7146	3	29	the	the	DET
fbem-7146	3	30	asset	asset	NOUN
fbem-7146	3	31	pricing	pricing	NOUN
fbem-7146	3	32	theory	theory	NOUN
fbem-7146	3	33	to	to	ADP
fbem-7146	3	34	a	a	DET
fbem-7146	3	35	certain	certain	ADJ
fbem-7146	3	36	extent	extent	NOUN
fbem-7146	3	37	.	.	PUNCT
fbem-7146	4	1	keywords	keyword	NOUN
fbem-7146	4	2	:	:	PUNCT
fbem-7146	4	3	bank	bank	NOUN
fbem-7146	4	4	credit	credit	NOUN
fbem-7146	4	5	risk	risk	NOUN
fbem-7146	4	6	,	,	PUNCT
fbem-7146	4	7	fama	fama	NOUN
fbem-7146	4	8	-	-	PUNCT
fbem-7146	4	9	french	french	ADJ
fbem-7146	4	10	three	three	NUM
fbem-7146	4	11	-	-	PUNCT
fbem-7146	4	12	factor	factor	NOUN
fbem-7146	4	13	model	model	NOUN
fbem-7146	4	14	,	,	PUNCT
fbem-7146	4	15	assets	asset	NOUN
fbem-7146	4	16	pricing	pricing	NOUN
fbem-7146	4	17	.	.	PUNCT
fbem-7146	5	1	1	1	X
fbem-7146	5	2	.	.	X
fbem-7146	5	3	introduction	introduction	NOUN
fbem-7146	5	4	as	as	ADP
fbem-7146	5	5	for	for	ADP
fbem-7146	5	6	how	how	SCONJ
fbem-7146	5	7	to	to	PART
fbem-7146	5	8	quantitatively	quantitatively	ADV
fbem-7146	5	9	describe	describe	VERB
fbem-7146	5	10	the	the	DET
fbem-7146	5	11	relationship	relationship	NOUN
fbem-7146	5	12	between	between	ADP
fbem-7146	5	13	stock	stock	NOUN
fbem-7146	5	14	risk	risk	NOUN
fbem-7146	5	15	and	and	CCONJ
fbem-7146	5	16	return	return	NOUN
fbem-7146	5	17	rate	rate	NOUN
fbem-7146	5	18	,	,	PUNCT
fbem-7146	5	19	foreign	foreign	ADJ
fbem-7146	5	20	scholars	scholar	NOUN
fbem-7146	5	21	first	first	ADV
fbem-7146	5	22	explored	explore	VERB
fbem-7146	5	23	a	a	DET
fbem-7146	5	24	set	set	NOUN
fbem-7146	5	25	of	of	ADP
fbem-7146	5	26	theoretical	theoretical	ADJ
fbem-7146	5	27	system	system	NOUN
fbem-7146	5	28	with	with	ADP
fbem-7146	5	29	capital	capital	NOUN
fbem-7146	5	30	asset	asset	NOUN
fbem-7146	5	31	pricing	pricing	NOUN
fbem-7146	5	32	model	model	NOUN
fbem-7146	5	33	as	as	ADP
fbem-7146	5	34	the	the	DET
fbem-7146	5	35	core	core	NOUN
fbem-7146	5	36	,	,	PUNCT
fbem-7146	5	37	and	and	CCONJ
fbem-7146	5	38	then	then	ADV
fbem-7146	5	39	carried	carry	VERB
fbem-7146	5	40	out	out	ADP
fbem-7146	5	41	a	a	DET
fbem-7146	5	42	series	series	NOUN
fbem-7146	5	43	of	of	ADP
fbem-7146	5	44	researches	research	NOUN
fbem-7146	5	45	on	on	ADP
fbem-7146	5	46	the	the	DET
fbem-7146	5	47	multi	multi	ADJ
fbem-7146	5	48	-	-	ADJ
fbem-7146	5	49	factor	factor	NOUN
fbem-7146	5	50	asset	asset	NOUN
fbem-7146	5	51	pricing	pricing	NOUN
fbem-7146	5	52	model	model	NOUN
fbem-7146	5	53	theory	theory	NOUN
fbem-7146	5	54	that	that	PRON
fbem-7146	5	55	affects	affect	VERB
fbem-7146	5	56	the	the	DET
fbem-7146	5	57	factors	factor	NOUN
fbem-7146	5	58	of	of	ADP
fbem-7146	5	59	stock	stock	NOUN
fbem-7146	5	60	excess	excess	ADJ
fbem-7146	5	61	return	return	NOUN
fbem-7146	5	62	.	.	PUNCT
fbem-7146	6	1	it	it	PRON
fbem-7146	6	2	was	be	AUX
fbem-7146	6	3	not	not	PART
fbem-7146	6	4	until	until	SCONJ
fbem-7146	6	5	sharpe	sharpe	PROPN
fbem-7146	6	6	revealed	reveal	VERB
fbem-7146	6	7	the	the	DET
fbem-7146	6	8	relationship	relationship	NOUN
fbem-7146	6	9	between	between	ADP
fbem-7146	6	10	stock	stock	NOUN
fbem-7146	6	11	risk	risk	NOUN
fbem-7146	6	12	and	and	CCONJ
fbem-7146	6	13	asset	asset	NOUN
fbem-7146	6	14	return	return	NOUN
fbem-7146	6	15	to	to	ADP
fbem-7146	6	16	the	the	DET
fbem-7146	6	17	world	world	NOUN
fbem-7146	6	18	clearly	clearly	ADV
fbem-7146	6	19	for	for	ADP
fbem-7146	6	20	the	the	DET
fbem-7146	6	21	first	first	ADJ
fbem-7146	6	22	time	time	NOUN
fbem-7146	6	23	in	in	ADP
fbem-7146	6	24	1970	1970	NUM
fbem-7146	6	25	,	,	PUNCT
fbem-7146	6	26	and	and	CCONJ
fbem-7146	6	27	proposed	propose	VERB
fbem-7146	6	28	capital	capital	NOUN
fbem-7146	6	29	asset	asset	NOUN
fbem-7146	6	30	pricing	pricing	NOUN
fbem-7146	6	31	model	model	NOUN
fbem-7146	6	32	(	(	PUNCT
fbem-7146	6	33	capm	capm	PROPN
fbem-7146	6	34	)	)	PUNCT
fbem-7146	7	1	[	[	X
fbem-7146	7	2	1	1	X
fbem-7146	7	3	]	]	PUNCT
fbem-7146	7	4	,	,	PUNCT
fbem-7146	7	5	that	that	SCONJ
fbem-7146	7	6	people	people	NOUN
fbem-7146	7	7	gradually	gradually	ADV
fbem-7146	7	8	began	begin	VERB
fbem-7146	7	9	to	to	PART
fbem-7146	7	10	have	have	VERB
fbem-7146	7	11	a	a	DET
fbem-7146	7	12	clearer	clear	ADJ
fbem-7146	7	13	understanding	understanding	NOUN
fbem-7146	7	14	of	of	ADP
fbem-7146	7	15	the	the	DET
fbem-7146	7	16	relationship	relationship	NOUN
fbem-7146	7	17	between	between	ADP
fbem-7146	7	18	stock	stock	NOUN
fbem-7146	7	19	risk	risk	NOUN
fbem-7146	7	20	and	and	CCONJ
fbem-7146	7	21	asset	asset	NOUN
fbem-7146	7	22	return	return	NOUN
fbem-7146	7	23	.	.	PUNCT
fbem-7146	8	1	this	this	DET
fbem-7146	8	2	model	model	NOUN
fbem-7146	8	3	holds	hold	VERB
fbem-7146	8	4	that	that	SCONJ
fbem-7146	8	5	the	the	DET
fbem-7146	8	6	stock	stock	NOUN
fbem-7146	8	7	return	return	NOUN
fbem-7146	8	8	of	of	ADP
fbem-7146	8	9	an	an	DET
fbem-7146	8	10	enterprise	enterprise	NOUN
fbem-7146	8	11	is	be	AUX
fbem-7146	8	12	only	only	ADV
fbem-7146	8	13	related	relate	VERB
fbem-7146	8	14	to	to	ADP
fbem-7146	8	15	market	market	NOUN
fbem-7146	8	16	risk	risk	NOUN
fbem-7146	8	17	.	.	PUNCT
fbem-7146	9	1	however	however	ADV
fbem-7146	9	2	,	,	PUNCT
fbem-7146	9	3	with	with	ADP
fbem-7146	9	4	the	the	DET
fbem-7146	9	5	changes	change	NOUN
fbem-7146	9	6	of	of	ADP
fbem-7146	9	7	the	the	DET
fbem-7146	9	8	market	market	NOUN
fbem-7146	9	9	and	and	CCONJ
fbem-7146	9	10	investors	investor	NOUN
fbem-7146	9	11	'	'	PART
fbem-7146	9	12	investment	investment	NOUN
fbem-7146	9	13	behavior	behavior	NOUN
fbem-7146	9	14	,	,	PUNCT
fbem-7146	9	15	people	people	NOUN
fbem-7146	9	16	gradually	gradually	ADV
fbem-7146	9	17	found	find	VERB
fbem-7146	9	18	that	that	SCONJ
fbem-7146	9	19	the	the	DET
fbem-7146	9	20	applicability	applicability	NOUN
fbem-7146	9	21	of	of	ADP
fbem-7146	9	22	capm	capm	PROPN
fbem-7146	9	23	model	model	NOUN
fbem-7146	9	24	is	be	AUX
fbem-7146	9	25	getting	get	VERB
fbem-7146	9	26	worse	bad	ADJ
fbem-7146	9	27	and	and	CCONJ
fbem-7146	9	28	worse	bad	ADJ
fbem-7146	9	29	.	.	PUNCT
fbem-7146	10	1	scholars	scholar	NOUN
fbem-7146	10	2	found	find	VERB
fbem-7146	10	3	that	that	SCONJ
fbem-7146	10	4	capm	capm	PROPN
fbem-7146	10	5	model	model	NOUN
fbem-7146	10	6	has	have	VERB
fbem-7146	10	7	many	many	ADJ
fbem-7146	10	8	theoretical	theoretical	ADJ
fbem-7146	10	9	and	and	CCONJ
fbem-7146	10	10	practical	practical	ADJ
fbem-7146	10	11	limitations	limitation	NOUN
fbem-7146	10	12	.	.	PUNCT
fbem-7146	11	1	faced	face	VERB
fbem-7146	11	2	with	with	ADP
fbem-7146	11	3	the	the	DET
fbem-7146	11	4	complex	complex	ADJ
fbem-7146	11	5	and	and	CCONJ
fbem-7146	11	6	changeable	changeable	ADJ
fbem-7146	11	7	capital	capital	NOUN
fbem-7146	11	8	market	market	NOUN
fbem-7146	11	9	,	,	PUNCT
fbem-7146	11	10	scholars	scholar	NOUN
fbem-7146	11	11	have	have	AUX
fbem-7146	11	12	launched	launch	VERB
fbem-7146	11	13	a	a	DET
fbem-7146	11	14	vigorous	vigorous	ADJ
fbem-7146	11	15	exploration	exploration	NOUN
fbem-7146	11	16	of	of	ADP
fbem-7146	11	17	the	the	DET
fbem-7146	11	18	multi	multi	ADJ
fbem-7146	11	19	-	-	ADJ
fbem-7146	11	20	factor	factor	NOUN
fbem-7146	11	21	asset	asset	NOUN
fbem-7146	11	22	pricing	pricing	NOUN
fbem-7146	11	23	model	model	NOUN
fbem-7146	11	24	to	to	PART
fbem-7146	11	25	further	far	ADV
fbem-7146	11	26	find	find	VERB
fbem-7146	11	27	more	more	ADJ
fbem-7146	11	28	risk	risk	NOUN
fbem-7146	11	29	factors	factor	NOUN
fbem-7146	11	30	that	that	PRON
fbem-7146	11	31	can	can	AUX
fbem-7146	11	32	explain	explain	VERB
fbem-7146	11	33	the	the	DET
fbem-7146	11	34	excess	excess	ADJ
fbem-7146	11	35	return	return	NOUN
fbem-7146	11	36	of	of	ADP
fbem-7146	11	37	stocks	stock	NOUN
fbem-7146	11	38	and	and	CCONJ
fbem-7146	11	39	improve	improve	VERB
fbem-7146	11	40	the	the	DET
fbem-7146	11	41	effectiveness	effectiveness	NOUN
fbem-7146	11	42	of	of	ADP
fbem-7146	11	43	the	the	DET
fbem-7146	11	44	asset	asset	NOUN
fbem-7146	11	45	pricing	pricing	NOUN
fbem-7146	11	46	model	model	NOUN
fbem-7146	11	47	.	.	PUNCT
fbem-7146	12	1	in	in	ADP
fbem-7146	12	2	1992	1992	NUM
fbem-7146	12	3	,	,	PUNCT
fbem-7146	12	4	fama	fama	PROPN
fbem-7146	12	5	and	and	CCONJ
fbem-7146	12	6	french	french	ADJ
fbem-7146	13	1	[	[	X
fbem-7146	13	2	2	2	X
fbem-7146	13	3	]	]	PUNCT
fbem-7146	13	4	found	find	VERB
fbem-7146	13	5	that	that	SCONJ
fbem-7146	13	6	there	there	PRON
fbem-7146	13	7	was	be	VERB
fbem-7146	13	8	not	not	PART
fbem-7146	13	9	a	a	DET
fbem-7146	13	10	simple	simple	ADJ
fbem-7146	13	11	linear	linear	NOUN
fbem-7146	13	12	relationship	relationship	NOUN
fbem-7146	13	13	between	between	ADP
fbem-7146	13	14	stock	stock	NOUN
fbem-7146	13	15	returns	return	NOUN
fbem-7146	13	16	and	and	CCONJ
fbem-7146	13	17	market	market	NOUN
fbem-7146	13	18	risk	risk	NOUN
fbem-7146	13	19	factors	factor	NOUN
fbem-7146	13	20	,	,	PUNCT
fbem-7146	13	21	and	and	CCONJ
fbem-7146	13	22	there	there	PRON
fbem-7146	13	23	were	be	VERB
fbem-7146	13	24	other	other	ADJ
fbem-7146	13	25	premium	premium	ADJ
fbem-7146	13	26	factors	factor	NOUN
fbem-7146	13	27	in	in	ADP
fbem-7146	13	28	the	the	DET
fbem-7146	13	29	market	market	NOUN
fbem-7146	13	30	that	that	PRON
fbem-7146	13	31	affected	affect	VERB
fbem-7146	13	32	the	the	DET
fbem-7146	13	33	excess	excess	ADJ
fbem-7146	13	34	returns	return	NOUN
fbem-7146	13	35	of	of	ADP
fbem-7146	13	36	stocks	stock	NOUN
fbem-7146	13	37	.	.	PUNCT
fbem-7146	14	1	fama	fama	PROPN
fbem-7146	14	2	and	and	CCONJ
fbem-7146	14	3	french	french	PROPN
fbem-7146	14	4	ranked	rank	VERB
fbem-7146	14	5	the	the	DET
fbem-7146	14	6	size	size	NOUN
fbem-7146	14	7	of	of	ADP
fbem-7146	14	8	companies	company	NOUN
fbem-7146	14	9	from	from	ADP
fbem-7146	14	10	small	small	ADJ
fbem-7146	14	11	to	to	ADP
fbem-7146	14	12	large	large	ADJ
fbem-7146	14	13	,	,	PUNCT
fbem-7146	14	14	and	and	CCONJ
fbem-7146	14	15	divided	divide	VERB
fbem-7146	14	16	the	the	DET
fbem-7146	14	17	market	market	NOUN
fbem-7146	14	18	value	value	NOUN
fbem-7146	14	19	index	index	NOUN
fbem-7146	14	20	into	into	ADP
fbem-7146	14	21	small	small	ADJ
fbem-7146	14	22	and	and	CCONJ
fbem-7146	14	23	large	large	ADJ
fbem-7146	14	24	groups	group	NOUN
fbem-7146	14	25	according	accord	VERB
fbem-7146	14	26	to	to	ADP
fbem-7146	14	27	the	the	DET
fbem-7146	14	28	middle	middle	ADJ
fbem-7146	14	29	point	point	NOUN
fbem-7146	14	30	.	.	PUNCT
fbem-7146	15	1	using	use	VERB
fbem-7146	15	2	the	the	DET
fbem-7146	15	3	time	time	NOUN
fbem-7146	15	4	series	series	PROPN
fbem-7146	15	5	regression	regression	NOUN
fbem-7146	15	6	method	method	NOUN
fbem-7146	15	7	,	,	PUNCT
fbem-7146	15	8	they	they	PRON
fbem-7146	15	9	found	find	VERB
fbem-7146	15	10	that	that	SCONJ
fbem-7146	15	11	the	the	DET
fbem-7146	15	12	return	return	NOUN
fbem-7146	15	13	rate	rate	NOUN
fbem-7146	15	14	of	of	ADP
fbem-7146	15	15	value	value	NOUN
fbem-7146	15	16	stocks	stock	NOUN
fbem-7146	15	17	of	of	ADP
fbem-7146	15	18	small	small	ADJ
fbem-7146	15	19	group	group	NOUN
fbem-7146	15	20	and	and	CCONJ
fbem-7146	15	21	high	high	ADJ
fbem-7146	15	22	bm	bm	PROPN
fbem-7146	15	23	ratio	ratio	PROPN
fbem-7146	15	24	group	group	NOUN
fbem-7146	15	25	was	be	AUX
fbem-7146	15	26	higher	high	ADJ
fbem-7146	15	27	.	.	PUNCT
fbem-7146	16	1	the	the	DET
fbem-7146	16	2	three	three	NUM
fbem-7146	16	3	-	-	PUNCT
fbem-7146	16	4	factor	factor	NOUN
fbem-7146	16	5	model	model	NOUN
fbem-7146	16	6	has	have	VERB
fbem-7146	16	7	a	a	DET
fbem-7146	16	8	profound	profound	ADJ
fbem-7146	16	9	impact	impact	NOUN
fbem-7146	16	10	on	on	ADP
fbem-7146	16	11	the	the	DET
fbem-7146	16	12	asset	asset	NOUN
fbem-7146	16	13	pricing	pricing	NOUN
fbem-7146	16	14	theory	theory	NOUN
fbem-7146	16	15	around	around	ADP
fbem-7146	16	16	the	the	DET
fbem-7146	16	17	world	world	NOUN
fbem-7146	16	18	.	.	PUNCT
fbem-7146	17	1	many	many	ADJ
fbem-7146	17	2	domestic	domestic	ADJ
fbem-7146	17	3	and	and	CCONJ
fbem-7146	17	4	foreign	foreign	ADJ
fbem-7146	17	5	scholars	scholar	NOUN
fbem-7146	17	6	have	have	AUX
fbem-7146	17	7	conducted	conduct	VERB
fbem-7146	17	8	different	different	ADJ
fbem-7146	17	9	studies	study	NOUN
fbem-7146	17	10	based	base	VERB
fbem-7146	17	11	on	on	ADP
fbem-7146	17	12	the	the	DET
fbem-7146	17	13	model	model	NOUN
fbem-7146	17	14	,	,	PUNCT
fbem-7146	17	15	mainly	mainly	ADV
fbem-7146	17	16	focusing	focus	VERB
fbem-7146	17	17	on	on	ADP
fbem-7146	17	18	two	two	NUM
fbem-7146	17	19	aspects	aspect	NOUN
fbem-7146	17	20	:	:	PUNCT
fbem-7146	17	21	on	on	ADP
fbem-7146	17	22	the	the	DET
fbem-7146	17	23	one	one	NUM
fbem-7146	17	24	hand	hand	NOUN
fbem-7146	17	25	,	,	PUNCT
fbem-7146	17	26	using	use	VERB
fbem-7146	17	27	relevant	relevant	ADJ
fbem-7146	17	28	market	market	NOUN
fbem-7146	17	29	data	datum	NOUN
fbem-7146	17	30	to	to	PART
fbem-7146	17	31	test	test	VERB
fbem-7146	17	32	the	the	DET
fbem-7146	17	33	effectiveness	effectiveness	NOUN
fbem-7146	17	34	of	of	ADP
fbem-7146	17	35	the	the	DET
fbem-7146	17	36	threefactor	threefactor	NOUN
fbem-7146	17	37	model	model	NOUN
fbem-7146	17	38	in	in	ADP
fbem-7146	17	39	different	different	ADJ
fbem-7146	17	40	industries	industry	NOUN
fbem-7146	17	41	and	and	CCONJ
fbem-7146	17	42	countries	country	NOUN
fbem-7146	17	43	;	;	PUNCT
fbem-7146	17	44	on	on	ADP
fbem-7146	17	45	the	the	DET
fbem-7146	17	46	other	other	ADJ
fbem-7146	17	47	hand	hand	NOUN
fbem-7146	17	48	,	,	PUNCT
fbem-7146	17	49	other	other	ADJ
fbem-7146	17	50	premium	premium	NOUN
fbem-7146	17	51	factors	factor	NOUN
fbem-7146	17	52	are	be	AUX
fbem-7146	17	53	introduced	introduce	VERB
fbem-7146	17	54	to	to	PART
fbem-7146	17	55	explore	explore	VERB
fbem-7146	17	56	the	the	DET
fbem-7146	17	57	pricing	pricing	NOUN
fbem-7146	17	58	efficiency	efficiency	NOUN
fbem-7146	17	59	difference	difference	NOUN
fbem-7146	17	60	between	between	ADP
fbem-7146	17	61	the	the	DET
fbem-7146	17	62	new	new	ADJ
fbem-7146	17	63	asset	asset	NOUN
fbem-7146	17	64	pricing	pricing	NOUN
fbem-7146	17	65	model	model	NOUN
fbem-7146	17	66	and	and	CCONJ
fbem-7146	17	67	the	the	DET
fbem-7146	17	68	three	three	NUM
fbem-7146	17	69	-	-	PUNCT
fbem-7146	17	70	factor	factor	NOUN
fbem-7146	17	71	model	model	NOUN
fbem-7146	17	72	.	.	PUNCT
fbem-7146	18	1	in	in	ADP
fbem-7146	18	2	terms	term	NOUN
fbem-7146	18	3	of	of	ADP
fbem-7146	18	4	verifying	verify	VERB
fbem-7146	18	5	the	the	DET
fbem-7146	18	6	validity	validity	NOUN
fbem-7146	18	7	of	of	ADP
fbem-7146	18	8	the	the	DET
fbem-7146	18	9	three	three	NUM
fbem-7146	18	10	-	-	PUNCT
fbem-7146	18	11	factor	factor	NOUN
fbem-7146	18	12	model	model	NOUN
fbem-7146	18	13	,	,	PUNCT
fbem-7146	18	14	domestic	domestic	ADJ
fbem-7146	18	15	and	and	CCONJ
fbem-7146	18	16	foreign	foreign	ADJ
fbem-7146	18	17	scholars	scholar	NOUN
fbem-7146	18	18	mainly	mainly	ADV
fbem-7146	18	19	study	study	VERB
fbem-7146	18	20	the	the	DET
fbem-7146	18	21	difference	difference	NOUN
fbem-7146	18	22	of	of	ADP
fbem-7146	18	23	the	the	DET
fbem-7146	18	24	effect	effect	NOUN
fbem-7146	18	25	of	of	ADP
fbem-7146	18	26	the	the	DET
fbem-7146	18	27	three	three	NUM
fbem-7146	18	28	-	-	PUNCT
fbem-7146	18	29	factor	factor	NOUN
fbem-7146	18	30	model	model	NOUN
fbem-7146	18	31	on	on	ADP
fbem-7146	18	32	asset	asset	NOUN
fbem-7146	18	33	pricing	pricing	NOUN
fbem-7146	18	34	in	in	ADP
fbem-7146	18	35	different	different	ADJ
fbem-7146	18	36	industries	industry	NOUN
fbem-7146	18	37	and	and	CCONJ
fbem-7146	18	38	countries	country	NOUN
fbem-7146	18	39	.	.	PUNCT
fbem-7146	19	1	yang	yang	PROPN
fbem-7146	19	2	xin	xin	PROPN
fbem-7146	19	3	and	and	CCONJ
fbem-7146	19	4	chen	chen	PROPN
fbem-7146	19	5	zhanhui	zhanhui	PROPN
fbem-7146	20	1	[	[	X
fbem-7146	20	2	3	3	X
fbem-7146	20	3	]	]	PUNCT
fbem-7146	20	4	found	find	VERB
fbem-7146	20	5	that	that	SCONJ
fbem-7146	20	6	chinese	chinese	ADJ
fbem-7146	20	7	a	a	PROPN
fbem-7146	20	8	-	-	PUNCT
fbem-7146	20	9	shares	share	NOUN
fbem-7146	20	10	showed	show	VERB
fbem-7146	20	11	significant	significant	ADJ
fbem-7146	20	12	book	book	NOUN
fbem-7146	20	13	-	-	PUNCT
fbem-7146	20	14	to	to	ADP
fbem-7146	20	15	-	-	PUNCT
fbem-7146	20	16	market	market	NOUN
fbem-7146	20	17	ratio	ratio	NOUN
fbem-7146	20	18	effect	effect	NOUN
fbem-7146	20	19	and	and	CCONJ
fbem-7146	20	20	scale	scale	NOUN
fbem-7146	20	21	effect	effect	NOUN
fbem-7146	20	22	.	.	PUNCT
fbem-7146	21	1	robert	robert	PROPN
fbem-7146	21	2	faff	faff	PROPN
fbem-7146	21	3	[	[	X
fbem-7146	21	4	4	4	X
fbem-7146	21	5	]	]	PUNCT
fbem-7146	21	6	empirically	empirically	ADV
fbem-7146	21	7	tested	test	VERB
fbem-7146	21	8	the	the	DET
fbem-7146	21	9	australian	australian	ADJ
fbem-7146	21	10	stock	stock	NOUN
fbem-7146	21	11	market	market	NOUN
fbem-7146	21	12	with	with	ADP
fbem-7146	21	13	the	the	DET
fbem-7146	21	14	threefactor	threefactor	NOUN
fbem-7146	21	15	model	model	NOUN
fbem-7146	21	16	,	,	PUNCT
fbem-7146	21	17	and	and	CCONJ
fbem-7146	21	18	the	the	DET
fbem-7146	21	19	results	result	NOUN
fbem-7146	21	20	verified	verify	VERB
fbem-7146	21	21	the	the	DET
fbem-7146	21	22	applicability	applicability	NOUN
fbem-7146	21	23	of	of	ADP
fbem-7146	21	24	this	this	DET
fbem-7146	21	25	model	model	NOUN
fbem-7146	21	26	to	to	ADP
fbem-7146	21	27	australia	australia	PROPN
fbem-7146	21	28	.	.	PUNCT
fbem-7146	22	1	jiang	jiang	PROPN
fbem-7146	22	2	jinxia	jinxia	PROPN
fbem-7146	23	1	[	[	X
fbem-7146	23	2	5	5	NUM
fbem-7146	23	3	]	]	PUNCT
fbem-7146	23	4	took	take	VERB
fbem-7146	23	5	the	the	DET
fbem-7146	23	6	stock	stock	NOUN
fbem-7146	23	7	yield	yield	NOUN
fbem-7146	23	8	of	of	ADP
fbem-7146	23	9	gem	gem	NOUN
fbem-7146	23	10	in	in	ADP
fbem-7146	23	11	2017	2017	NUM
fbem-7146	23	12	-	-	SYM
fbem-7146	23	13	2019	2019	NUM
fbem-7146	23	14	as	as	ADP
fbem-7146	23	15	the	the	DET
fbem-7146	23	16	research	research	NOUN
fbem-7146	23	17	object	object	NOUN
fbem-7146	23	18	and	and	CCONJ
fbem-7146	23	19	found	find	VERB
fbem-7146	23	20	that	that	SCONJ
fbem-7146	23	21	the	the	DET
fbem-7146	23	22	pricing	pricing	NOUN
fbem-7146	23	23	efficiency	efficiency	NOUN
fbem-7146	23	24	of	of	ADP
fbem-7146	23	25	capm	capm	PROPN
fbem-7146	23	26	model	model	NOUN
fbem-7146	23	27	was	be	AUX
fbem-7146	23	28	much	much	ADV
fbem-7146	23	29	higher	high	ADJ
fbem-7146	23	30	than	than	ADP
fbem-7146	23	31	that	that	PRON
fbem-7146	23	32	of	of	ADP
fbem-7146	23	33	the	the	DET
fbem-7146	23	34	three	three	NUM
fbem-7146	23	35	-	-	PUNCT
fbem-7146	23	36	factor	factor	NOUN
fbem-7146	23	37	model	model	NOUN
fbem-7146	23	38	.	.	PUNCT
fbem-7146	24	1	for	for	ADP
fbem-7146	24	2	the	the	DET
fbem-7146	24	3	assets	asset	NOUN
fbem-7146	24	4	of	of	ADP
fbem-7146	24	5	different	different	ADJ
fbem-7146	24	6	countries	country	NOUN
fbem-7146	24	7	and	and	CCONJ
fbem-7146	24	8	industries	industry	NOUN
fbem-7146	24	9	,	,	PUNCT
fbem-7146	24	10	the	the	DET
fbem-7146	24	11	three	three	NUM
fbem-7146	24	12	-	-	PUNCT
fbem-7146	24	13	factor	factor	NOUN
fbem-7146	24	14	model	model	NOUN
fbem-7146	24	15	also	also	ADV
fbem-7146	24	16	has	have	VERB
fbem-7146	24	17	different	different	ADJ
fbem-7146	24	18	performance	performance	NOUN
fbem-7146	24	19	:	:	PUNCT
fbem-7146	24	20	luo	luo	PROPN
fbem-7146	24	21	xiaolei	xiaolei	PROPN
fbem-7146	24	22	's	's	PART
fbem-7146	24	23	[	[	X
fbem-7146	24	24	6	6	NUM
fbem-7146	24	25	]	]	SYM
fbem-7146	24	26	empirical	empirical	ADJ
fbem-7146	24	27	test	test	NOUN
fbem-7146	24	28	results	result	NOUN
fbem-7146	24	29	prove	prove	VERB
fbem-7146	24	30	that	that	SCONJ
fbem-7146	24	31	the	the	DET
fbem-7146	24	32	three	three	NUM
fbem-7146	24	33	-	-	PUNCT
fbem-7146	24	34	factor	factor	NOUN
fbem-7146	24	35	model	model	NOUN
fbem-7146	24	36	can	can	AUX
fbem-7146	24	37	play	play	VERB
fbem-7146	24	38	a	a	DET
fbem-7146	24	39	good	good	ADJ
fbem-7146	24	40	role	role	NOUN
fbem-7146	24	41	in	in	ADP
fbem-7146	24	42	the	the	DET
fbem-7146	24	43	explanation	explanation	NOUN
fbem-7146	24	44	of	of	ADP
fbem-7146	24	45	the	the	DET
fbem-7146	24	46	daily	daily	ADJ
fbem-7146	24	47	stock	stock	NOUN
fbem-7146	24	48	return	return	NOUN
fbem-7146	24	49	rate	rate	NOUN
fbem-7146	24	50	of	of	ADP
fbem-7146	24	51	the	the	DET
fbem-7146	24	52	main	main	ADJ
fbem-7146	24	53	board	board	NOUN
fbem-7146	24	54	and	and	CCONJ
fbem-7146	24	55	small	small	ADJ
fbem-7146	24	56	and	and	CCONJ
fbem-7146	24	57	medium	medium	ADJ
fbem-7146	24	58	-	-	PUNCT
fbem-7146	24	59	sized	sized	ADJ
fbem-7146	24	60	board	board	NOUN
fbem-7146	24	61	in	in	ADP
fbem-7146	24	62	china	china	PROPN
fbem-7146	24	63	,	,	PUNCT
fbem-7146	24	64	but	but	CCONJ
fbem-7146	24	65	this	this	DET
fbem-7146	24	66	explanation	explanation	NOUN
fbem-7146	24	67	has	have	AUX
fbem-7146	24	68	not	not	PART
fbem-7146	24	69	been	be	AUX
fbem-7146	24	70	reflected	reflect	VERB
fbem-7146	24	71	in	in	ADP
fbem-7146	24	72	the	the	DET
fbem-7146	24	73	gem	gem	NOUN
fbem-7146	24	74	.	.	PUNCT
fbem-7146	25	1	cheng	cheng	PROPN
fbem-7146	25	2	shiyu	shiyu	PROPN
fbem-7146	26	1	[	[	X
fbem-7146	26	2	7	7	X
fbem-7146	26	3	]	]	PUNCT
fbem-7146	26	4	analyzed	analyze	VERB
fbem-7146	26	5	the	the	DET
fbem-7146	26	6	monthly	monthly	ADJ
fbem-7146	26	7	returns	return	NOUN
fbem-7146	26	8	of	of	ADP
fbem-7146	26	9	automobile	automobile	NOUN
fbem-7146	26	10	stocks	stock	NOUN
fbem-7146	26	11	from	from	ADP
fbem-7146	26	12	2013	2013	NUM
fbem-7146	26	13	to	to	ADP
fbem-7146	26	14	2018	2018	NUM
fbem-7146	26	15	as	as	ADP
fbem-7146	26	16	a	a	DET
fbem-7146	26	17	sample	sample	NOUN
fbem-7146	26	18	,	,	PUNCT
fbem-7146	26	19	and	and	CCONJ
fbem-7146	26	20	believed	believe	VERB
fbem-7146	26	21	that	that	SCONJ
fbem-7146	26	22	there	there	PRON
fbem-7146	26	23	was	be	VERB
fbem-7146	26	24	a	a	DET
fbem-7146	26	25	significant	significant	ADJ
fbem-7146	26	26	scale	scale	NOUN
fbem-7146	26	27	effect	effect	NOUN
fbem-7146	26	28	and	and	CCONJ
fbem-7146	26	29	book	book	NOUN
fbem-7146	26	30	-	-	PUNCT
fbem-7146	26	31	to	to	ADP
fbem-7146	26	32	-	-	PUNCT
fbem-7146	26	33	market	market	NOUN
fbem-7146	26	34	effect	effect	NOUN
fbem-7146	26	35	in	in	ADP
fbem-7146	26	36	china	china	PROPN
fbem-7146	26	37	's	's	PART
fbem-7146	26	38	automobile	automobile	NOUN
fbem-7146	26	39	industry	industry	NOUN
fbem-7146	26	40	.	.	PUNCT
fbem-7146	27	1	zang	zang	PROPN
fbem-7146	27	2	xueqing	xueqing	PUNCT
fbem-7146	28	1	[	[	X
fbem-7146	28	2	8	8	NUM
fbem-7146	28	3	]	]	PUNCT
fbem-7146	28	4	takes	take	VERB
fbem-7146	28	5	home	home	NOUN
fbem-7146	28	6	appliance	appliance	NOUN
fbem-7146	28	7	industry	industry	NOUN
fbem-7146	28	8	as	as	ADP
fbem-7146	28	9	the	the	DET
fbem-7146	28	10	research	research	NOUN
fbem-7146	28	11	object	object	NOUN
fbem-7146	28	12	and	and	CCONJ
fbem-7146	28	13	confirms	confirm	VERB
fbem-7146	28	14	that	that	SCONJ
fbem-7146	28	15	the	the	DET
fbem-7146	28	16	effectiveness	effectiveness	NOUN
fbem-7146	28	17	of	of	ADP
fbem-7146	28	18	the	the	DET
fbem-7146	28	19	three	three	NUM
fbem-7146	28	20	-	-	PUNCT
fbem-7146	28	21	factor	factor	NOUN
fbem-7146	28	22	model	model	NOUN
fbem-7146	28	23	is	be	AUX
fbem-7146	28	24	higher	high	ADJ
fbem-7146	28	25	than	than	ADP
fbem-7146	28	26	that	that	PRON
fbem-7146	28	27	of	of	ADP
fbem-7146	28	28	the	the	DET
fbem-7146	28	29	capm	capm	PROPN
fbem-7146	28	30	model	model	NOUN
fbem-7146	28	31	.	.	PUNCT
fbem-7146	29	1	another	another	DET
fbem-7146	29	2	aspect	aspect	NOUN
fbem-7146	29	3	of	of	ADP
fbem-7146	29	4	the	the	DET
fbem-7146	29	5	extended	extend	VERB
fbem-7146	29	6	study	study	NOUN
fbem-7146	29	7	of	of	ADP
fbem-7146	29	8	the	the	DET
fbem-7146	29	9	three	three	NUM
fbem-7146	29	10	-	-	PUNCT
fbem-7146	29	11	factor	factor	NOUN
fbem-7146	29	12	model	model	NOUN
fbem-7146	29	13	is	be	AUX
fbem-7146	29	14	to	to	PART
fbem-7146	29	15	add	add	VERB
fbem-7146	29	16	other	other	ADJ
fbem-7146	29	17	premium	premium	NOUN
fbem-7146	29	18	factors	factor	NOUN
fbem-7146	29	19	on	on	ADP
fbem-7146	29	20	the	the	DET
fbem-7146	29	21	basis	basis	NOUN
fbem-7146	29	22	of	of	ADP
fbem-7146	29	23	the	the	DET
fbem-7146	29	24	model	model	NOUN
fbem-7146	29	25	to	to	PART
fbem-7146	29	26	explore	explore	VERB
fbem-7146	29	27	the	the	DET
fbem-7146	29	28	pricing	pricing	NOUN
fbem-7146	29	29	efficiency	efficiency	NOUN
fbem-7146	29	30	of	of	ADP
fbem-7146	29	31	the	the	DET
fbem-7146	29	32	new	new	ADJ
fbem-7146	29	33	model	model	NOUN
fbem-7146	29	34	.	.	PUNCT
fbem-7146	30	1	the	the	DET
fbem-7146	30	2	added	add	VERB
fbem-7146	30	3	premium	premium	NOUN
fbem-7146	30	4	factors	factor	NOUN
fbem-7146	30	5	include	include	VERB
fbem-7146	30	6	but	but	CCONJ
fbem-7146	30	7	are	be	AUX
fbem-7146	30	8	not	not	PART
fbem-7146	30	9	limited	limit	VERB
fbem-7146	30	10	to	to	ADP
fbem-7146	30	11	:	:	PUNCT
fbem-7146	30	12	management	management	NOUN
fbem-7146	30	13	discussion	discussion	NOUN
fbem-7146	30	14	and	and	CCONJ
fbem-7146	30	15	analysis	analysis	NOUN
fbem-7146	30	16	factor	factor	NOUN
fbem-7146	30	17	,	,	PUNCT
fbem-7146	30	18	liquidity	liquidity	NOUN
fbem-7146	30	19	factor	factor	NOUN
fbem-7146	30	20	,	,	PUNCT
fbem-7146	30	21	corporate	corporate	ADJ
fbem-7146	30	22	governance	governance	NOUN
fbem-7146	30	23	level	level	NOUN
fbem-7146	30	24	,	,	PUNCT
fbem-7146	30	25	momentum	momentum	NOUN
fbem-7146	30	26	factor	factor	NOUN
fbem-7146	30	27	,	,	PUNCT
fbem-7146	30	28	quality	quality	NOUN
fbem-7146	30	29	factor	factor	NOUN
fbem-7146	30	30	,	,	PUNCT
fbem-7146	30	31	growth	growth	NOUN
fbem-7146	30	32	factor	factor	NOUN
fbem-7146	30	33	and	and	CCONJ
fbem-7146	30	34	market	market	NOUN
fbem-7146	30	35	sentiment	sentiment	NOUN
fbem-7146	30	36	factor	factor	NOUN
fbem-7146	30	37	.	.	PUNCT
fbem-7146	31	1	jiang	jiang	PROPN
fbem-7146	31	2	yanhui	yanhui	PROPN
fbem-7146	31	3	and	and	CCONJ
fbem-7146	31	4	ma	ma	PROPN
fbem-7146	31	5	chaoqun	chaoqun	PROPN
fbem-7146	32	1	[	[	X
fbem-7146	32	2	9	9	NUM
fbem-7146	32	3	]	]	PUNCT
fbem-7146	32	4	used	use	VERB
fbem-7146	32	5	text	text	NOUN
fbem-7146	32	6	mining	mining	NOUN
fbem-7146	32	7	technology	technology	NOUN
fbem-7146	32	8	to	to	PART
fbem-7146	32	9	extract	extract	VERB
fbem-7146	32	10	ds	ds	ADJ
fbem-7146	32	11	factors	factor	NOUN
fbem-7146	32	12	to	to	PART
fbem-7146	32	13	measure	measure	VERB
fbem-7146	32	14	management	management	NOUN
fbem-7146	32	15	discussion	discussion	NOUN
fbem-7146	32	16	and	and	CCONJ
fbem-7146	32	17	analysis	analysis	NOUN
fbem-7146	32	18	factors	factor	NOUN
fbem-7146	32	19	,	,	PUNCT
fbem-7146	32	20	and	and	CCONJ
fbem-7146	32	21	introduced	introduce	VERB
fbem-7146	32	22	them	they	PRON
fbem-7146	32	23	into	into	ADP
fbem-7146	32	24	the	the	DET
fbem-7146	32	25	three	three	NUM
fbem-7146	32	26	-	-	PUNCT
fbem-7146	32	27	factor	factor	NOUN
fbem-7146	32	28	model	model	NOUN
fbem-7146	32	29	.	.	PUNCT
fbem-7146	33	1	the	the	DET
fbem-7146	33	2	empirical	empirical	ADJ
fbem-7146	33	3	results	result	NOUN
fbem-7146	33	4	showed	show	VERB
fbem-7146	33	5	that	that	SCONJ
fbem-7146	33	6	the	the	DET
fbem-7146	33	7	newly	newly	ADV
fbem-7146	33	8	added	add	VERB
fbem-7146	33	9	management	management	NOUN
fbem-7146	33	10	discussion	discussion	NOUN
fbem-7146	33	11	and	and	CCONJ
fbem-7146	33	12	analysis	analysis	NOUN
fbem-7146	33	13	factors	factor	NOUN
fbem-7146	33	14	could	could	AUX
fbem-7146	33	15	effectively	effectively	ADV
fbem-7146	33	16	improve	improve	VERB
fbem-7146	33	17	the	the	DET
fbem-7146	33	18	pricing	pricing	NOUN
fbem-7146	33	19	efficiency	efficiency	NOUN
fbem-7146	33	20	of	of	ADP
fbem-7146	33	21	the	the	DET
fbem-7146	33	22	three	three	NUM
fbem-7146	33	23	-	-	PUNCT
fbem-7146	33	24	factor	factor	NOUN
fbem-7146	33	25	model	model	NOUN
fbem-7146	33	26	.	.	PUNCT
fbem-7146	34	1	liu	liu	PROPN
fbem-7146	34	2	ruizhi	ruizhi	PROPN
fbem-7146	35	1	[	[	X
fbem-7146	35	2	10	10	NUM
fbem-7146	35	3	]	]	X
fbem-7146	35	4	added	add	VERB
fbem-7146	35	5	liquidity	liquidity	NOUN
fbem-7146	35	6	factor	factor	NOUN
fbem-7146	35	7	into	into	ADP
fbem-7146	35	8	the	the	DET
fbem-7146	35	9	three	three	NUM
fbem-7146	35	10	-	-	PUNCT
fbem-7146	35	11	factor	factor	NOUN
fbem-7146	35	12	model	model	NOUN
fbem-7146	35	13	and	and	CCONJ
fbem-7146	35	14	found	find	VERB
fbem-7146	35	15	179	179	NUM
fbem-7146	35	16	that	that	SCONJ
fbem-7146	35	17	the	the	DET
fbem-7146	35	18	significance	significance	NOUN
fbem-7146	35	19	of	of	ADP
fbem-7146	35	20	liquidity	liquidity	NOUN
fbem-7146	35	21	factor	factor	NOUN
fbem-7146	35	22	was	be	AUX
fbem-7146	35	23	closely	closely	ADV
fbem-7146	35	24	related	relate	VERB
fbem-7146	35	25	to	to	ADP
fbem-7146	35	26	the	the	DET
fbem-7146	35	27	reform	reform	NOUN
fbem-7146	35	28	of	of	ADP
fbem-7146	35	29	non	non	ADJ
fbem-7146	35	30	-	-	ADJ
fbem-7146	35	31	tradable	tradable	ADJ
fbem-7146	35	32	shares	share	NOUN
fbem-7146	35	33	,	,	PUNCT
fbem-7146	35	34	and	and	CCONJ
fbem-7146	35	35	the	the	DET
fbem-7146	35	36	significance	significance	NOUN
fbem-7146	35	37	of	of	ADP
fbem-7146	35	38	liquidity	liquidity	NOUN
fbem-7146	35	39	factor	factor	NOUN
fbem-7146	35	40	after	after	SCONJ
fbem-7146	35	41	the	the	DET
fbem-7146	35	42	reform	reform	NOUN
fbem-7146	35	43	was	be	AUX
fbem-7146	35	44	stronger	strong	ADJ
fbem-7146	35	45	than	than	ADP
fbem-7146	35	46	that	that	PRON
fbem-7146	35	47	before	before	ADP
fbem-7146	35	48	the	the	DET
fbem-7146	35	49	reform	reform	NOUN
fbem-7146	35	50	.	.	PUNCT
fbem-7146	36	1	qi	qi	PROPN
fbem-7146	36	2	yue	yue	PROPN
fbem-7146	37	1	[	[	X
fbem-7146	37	2	11	11	NUM
fbem-7146	37	3	]	]	PUNCT
fbem-7146	37	4	found	find	VERB
fbem-7146	37	5	that	that	SCONJ
fbem-7146	37	6	the	the	DET
fbem-7146	37	7	corporate	corporate	ADJ
fbem-7146	37	8	governance	governance	NOUN
fbem-7146	37	9	level	level	NOUN
fbem-7146	37	10	factor	factor	NOUN
fbem-7146	37	11	can	can	AUX
fbem-7146	37	12	significantly	significantly	ADV
fbem-7146	37	13	improve	improve	VERB
fbem-7146	37	14	the	the	DET
fbem-7146	37	15	pricing	pricing	NOUN
fbem-7146	37	16	efficiency	efficiency	NOUN
fbem-7146	37	17	of	of	ADP
fbem-7146	37	18	the	the	DET
fbem-7146	37	19	three	three	NUM
fbem-7146	37	20	-	-	PUNCT
fbem-7146	37	21	factor	factor	NOUN
fbem-7146	37	22	model	model	NOUN
fbem-7146	37	23	.	.	PUNCT
fbem-7146	38	1	liu	liu	PROPN
fbem-7146	38	2	yuying	yuying	PROPN
fbem-7146	38	3	[	[	X
fbem-7146	38	4	12	12	NUM
fbem-7146	38	5	]	]	PUNCT
fbem-7146	38	6	added	add	VERB
fbem-7146	38	7	the	the	DET
fbem-7146	38	8	momentum	momentum	NOUN
fbem-7146	38	9	factor	factor	NOUN
fbem-7146	38	10	,	,	PUNCT
fbem-7146	38	11	the	the	DET
fbem-7146	38	12	quality	quality	NOUN
fbem-7146	38	13	factor	factor	NOUN
fbem-7146	38	14	and	and	CCONJ
fbem-7146	38	15	the	the	DET
fbem-7146	38	16	growth	growth	NOUN
fbem-7146	38	17	factor	factor	NOUN
fbem-7146	38	18	into	into	ADP
fbem-7146	38	19	the	the	DET
fbem-7146	38	20	three	three	NUM
fbem-7146	38	21	-	-	PUNCT
fbem-7146	38	22	factor	factor	NOUN
fbem-7146	38	23	model	model	NOUN
fbem-7146	38	24	respectively	respectively	ADV
fbem-7146	38	25	,	,	PUNCT
fbem-7146	38	26	and	and	CCONJ
fbem-7146	38	27	found	find	VERB
fbem-7146	38	28	that	that	SCONJ
fbem-7146	38	29	the	the	DET
fbem-7146	38	30	three	three	NUM
fbem-7146	38	31	premium	premium	NOUN
fbem-7146	38	32	factors	factor	NOUN
fbem-7146	38	33	all	all	PRON
fbem-7146	38	34	showed	show	VERB
fbem-7146	38	35	good	good	ADJ
fbem-7146	38	36	premium	premium	NOUN
fbem-7146	38	37	explanation	explanation	NOUN
fbem-7146	38	38	function	function	NOUN
fbem-7146	38	39	,	,	PUNCT
fbem-7146	38	40	and	and	CCONJ
fbem-7146	38	41	the	the	DET
fbem-7146	38	42	empirical	empirical	ADJ
fbem-7146	38	43	test	test	NOUN
fbem-7146	38	44	results	result	NOUN
fbem-7146	38	45	showed	show	VERB
fbem-7146	38	46	that	that	SCONJ
fbem-7146	38	47	the	the	DET
fbem-7146	38	48	momentum	momentum	NOUN
fbem-7146	38	49	factor	factor	NOUN
fbem-7146	38	50	had	have	VERB
fbem-7146	38	51	the	the	DET
fbem-7146	38	52	highest	high	ADJ
fbem-7146	38	53	contribution	contribution	NOUN
fbem-7146	38	54	to	to	ADP
fbem-7146	38	55	the	the	DET
fbem-7146	38	56	model	model	NOUN
fbem-7146	38	57	.	.	PUNCT
fbem-7146	39	1	the	the	DET
fbem-7146	39	2	financial	financial	ADJ
fbem-7146	39	3	system	system	NOUN
fbem-7146	39	4	has	have	AUX
fbem-7146	39	5	been	be	AUX
fbem-7146	39	6	formed	form	VERB
fbem-7146	39	7	in	in	ADP
fbem-7146	39	8	the	the	DET
fbem-7146	39	9	early	early	ADJ
fbem-7146	39	10	stage	stage	NOUN
fbem-7146	39	11	of	of	ADP
fbem-7146	39	12	reform	reform	NOUN
fbem-7146	39	13	and	and	CCONJ
fbem-7146	39	14	opening	opening	NOUN
fbem-7146	39	15	up	up	ADP
fbem-7146	39	16	,	,	PUNCT
fbem-7146	39	17	during	during	ADP
fbem-7146	39	18	which	which	PRON
fbem-7146	39	19	all	all	DET
fbem-7146	39	20	kinds	kind	NOUN
fbem-7146	39	21	of	of	ADP
fbem-7146	39	22	professional	professional	ADJ
fbem-7146	39	23	financial	financial	ADJ
fbem-7146	39	24	institutions	institution	NOUN
fbem-7146	39	25	have	have	AUX
fbem-7146	39	26	been	be	AUX
fbem-7146	39	27	restored	restore	VERB
fbem-7146	39	28	and	and	CCONJ
fbem-7146	39	29	financial	financial	ADJ
fbem-7146	39	30	supervision	supervision	NOUN
fbem-7146	39	31	system	system	NOUN
fbem-7146	39	32	has	have	AUX
fbem-7146	39	33	been	be	AUX
fbem-7146	39	34	rebuilt	rebuild	VERB
fbem-7146	39	35	,	,	PUNCT
fbem-7146	39	36	and	and	CCONJ
fbem-7146	39	37	financial	financial	ADJ
fbem-7146	39	38	markets	market	NOUN
fbem-7146	39	39	have	have	AUX
fbem-7146	39	40	been	be	AUX
fbem-7146	39	41	formed	form	VERB
fbem-7146	39	42	initially	initially	ADV
fbem-7146	39	43	.	.	PUNCT
fbem-7146	40	1	after	after	ADP
fbem-7146	40	2	2012	2012	NUM
fbem-7146	40	3	,	,	PUNCT
fbem-7146	40	4	the	the	DET
fbem-7146	40	5	financial	financial	ADJ
fbem-7146	40	6	reform	reform	NOUN
fbem-7146	40	7	was	be	AUX
fbem-7146	40	8	carried	carry	VERB
fbem-7146	40	9	out	out	ADP
fbem-7146	40	10	in	in	ADP
fbem-7146	40	11	an	an	DET
fbem-7146	40	12	all	all	ADV
fbem-7146	40	13	-	-	PUNCT
fbem-7146	40	14	round	round	ADJ
fbem-7146	40	15	way	way	NOUN
fbem-7146	40	16	.	.	PUNCT
fbem-7146	41	1	with	with	ADP
fbem-7146	41	2	the	the	DET
fbem-7146	41	3	prosperity	prosperity	NOUN
fbem-7146	41	4	,	,	PUNCT
fbem-7146	41	5	recovery	recovery	NOUN
fbem-7146	41	6	and	and	CCONJ
fbem-7146	41	7	development	development	NOUN
fbem-7146	41	8	of	of	ADP
fbem-7146	41	9	the	the	DET
fbem-7146	41	10	market	market	NOUN
fbem-7146	41	11	economy	economy	NOUN
fbem-7146	41	12	,	,	PUNCT
fbem-7146	41	13	china	china	PROPN
fbem-7146	41	14	's	's	PART
fbem-7146	41	15	financial	financial	ADJ
fbem-7146	41	16	industry	industry	NOUN
fbem-7146	41	17	gradually	gradually	ADV
fbem-7146	41	18	reached	reach	VERB
fbem-7146	41	19	a	a	DET
fbem-7146	41	20	sustained	sustained	ADJ
fbem-7146	41	21	and	and	CCONJ
fbem-7146	41	22	high	high	ADJ
fbem-7146	41	23	level	level	NOUN
fbem-7146	41	24	of	of	ADP
fbem-7146	41	25	development	development	NOUN
fbem-7146	41	26	.	.	PUNCT
fbem-7146	42	1	commercial	commercial	ADJ
fbem-7146	42	2	banks	bank	NOUN
fbem-7146	42	3	provide	provide	VERB
fbem-7146	42	4	services	service	NOUN
fbem-7146	42	5	of	of	ADP
fbem-7146	42	6	fund	fund	NOUN
fbem-7146	42	7	preparation	preparation	NOUN
fbem-7146	42	8	and	and	CCONJ
fbem-7146	42	9	distribution	distribution	NOUN
fbem-7146	42	10	for	for	ADP
fbem-7146	42	11	enterprises	enterprise	NOUN
fbem-7146	42	12	and	and	CCONJ
fbem-7146	42	13	various	various	ADJ
fbem-7146	42	14	sectors	sector	NOUN
fbem-7146	42	15	in	in	ADP
fbem-7146	42	16	the	the	DET
fbem-7146	42	17	economic	economic	ADJ
fbem-7146	42	18	market	market	NOUN
fbem-7146	42	19	,	,	PUNCT
fbem-7146	42	20	which	which	PRON
fbem-7146	42	21	is	be	AUX
fbem-7146	42	22	an	an	DET
fbem-7146	42	23	important	important	ADJ
fbem-7146	42	24	link	link	NOUN
fbem-7146	42	25	for	for	ADP
fbem-7146	42	26	the	the	DET
fbem-7146	42	27	smooth	smooth	ADJ
fbem-7146	42	28	progress	progress	NOUN
fbem-7146	42	29	of	of	ADP
fbem-7146	42	30	the	the	DET
fbem-7146	42	31	whole	whole	ADJ
fbem-7146	42	32	social	social	ADJ
fbem-7146	42	33	economic	economic	ADJ
fbem-7146	42	34	activities	activity	NOUN
fbem-7146	42	35	.	.	PUNCT
fbem-7146	43	1	therefore	therefore	ADV
fbem-7146	43	2	,	,	PUNCT
fbem-7146	43	3	commercial	commercial	ADJ
fbem-7146	43	4	banks	bank	NOUN
fbem-7146	43	5	are	be	AUX
fbem-7146	43	6	an	an	DET
fbem-7146	43	7	important	important	ADJ
fbem-7146	43	8	economic	economic	ADJ
fbem-7146	43	9	lifeline	lifeline	NOUN
fbem-7146	43	10	in	in	ADP
fbem-7146	43	11	our	our	PRON
fbem-7146	43	12	country	country	NOUN
fbem-7146	43	13	.	.	PUNCT
fbem-7146	44	1	their	their	PRON
fbem-7146	44	2	development	development	NOUN
fbem-7146	44	3	conditions	condition	NOUN
fbem-7146	44	4	not	not	PART
fbem-7146	44	5	only	only	ADV
fbem-7146	44	6	affect	affect	VERB
fbem-7146	44	7	the	the	DET
fbem-7146	44	8	stability	stability	NOUN
fbem-7146	44	9	and	and	CCONJ
fbem-7146	44	10	ordinality	ordinality	NOUN
fbem-7146	44	11	of	of	ADP
fbem-7146	44	12	the	the	DET
fbem-7146	44	13	whole	whole	ADJ
fbem-7146	44	14	financial	financial	ADJ
fbem-7146	44	15	market	market	NOUN
fbem-7146	44	16	form	form	NOUN
fbem-7146	44	17	,	,	PUNCT
fbem-7146	44	18	but	but	CCONJ
fbem-7146	44	19	also	also	ADV
fbem-7146	44	20	bring	bring	VERB
fbem-7146	44	21	indirect	indirect	ADJ
fbem-7146	44	22	and	and	CCONJ
fbem-7146	44	23	even	even	ADV
fbem-7146	44	24	direct	direct	ADJ
fbem-7146	44	25	influence	influence	NOUN
fbem-7146	44	26	on	on	ADP
fbem-7146	44	27	the	the	DET
fbem-7146	44	28	development	development	NOUN
fbem-7146	44	29	of	of	ADP
fbem-7146	44	30	the	the	DET
fbem-7146	44	31	whole	whole	ADJ
fbem-7146	44	32	non	non	ADJ
fbem-7146	44	33	-	-	ADJ
fbem-7146	44	34	financial	financial	ADJ
fbem-7146	44	35	industry	industry	NOUN
fbem-7146	44	36	.	.	PUNCT
fbem-7146	45	1	once	once	SCONJ
fbem-7146	45	2	commercial	commercial	ADJ
fbem-7146	45	3	banks	bank	NOUN
fbem-7146	45	4	fall	fall	VERB
fbem-7146	45	5	into	into	ADP
fbem-7146	45	6	operation	operation	NOUN
fbem-7146	45	7	and	and	CCONJ
fbem-7146	45	8	turnover	turnover	NOUN
fbem-7146	45	9	difficulties	difficulty	NOUN
fbem-7146	45	10	,	,	PUNCT
fbem-7146	45	11	it	it	PRON
fbem-7146	45	12	will	will	AUX
fbem-7146	45	13	inevitably	inevitably	ADV
fbem-7146	45	14	affect	affect	VERB
fbem-7146	45	15	the	the	DET
fbem-7146	45	16	healthy	healthy	ADJ
fbem-7146	45	17	development	development	NOUN
fbem-7146	45	18	of	of	ADP
fbem-7146	45	19	nonfinancial	nonfinancial	ADJ
fbem-7146	45	20	enterprises	enterprise	NOUN
fbem-7146	45	21	.	.	PUNCT
fbem-7146	46	1	allen	allen	PROPN
fbem-7146	47	1	[	[	X
fbem-7146	47	2	13	13	NUM
fbem-7146	47	3	]	]	PUNCT
fbem-7146	47	4	used	use	VERB
fbem-7146	47	5	the	the	DET
fbem-7146	47	6	data	datum	NOUN
fbem-7146	47	7	of	of	ADP
fbem-7146	47	8	asian	asian	ADJ
fbem-7146	47	9	and	and	CCONJ
fbem-7146	47	10	european	european	ADJ
fbem-7146	47	11	banks	bank	NOUN
fbem-7146	47	12	to	to	PART
fbem-7146	47	13	draw	draw	VERB
fbem-7146	47	14	a	a	DET
fbem-7146	47	15	mathematical	mathematical	ADJ
fbem-7146	47	16	measure	measure	NOUN
fbem-7146	47	17	that	that	PRON
fbem-7146	47	18	could	could	AUX
fbem-7146	47	19	represent	represent	VERB
fbem-7146	47	20	the	the	DET
fbem-7146	47	21	risk	risk	NOUN
fbem-7146	47	22	of	of	ADP
fbem-7146	47	23	the	the	DET
fbem-7146	47	24	overall	overall	ADJ
fbem-7146	47	25	banking	banking	NOUN
fbem-7146	47	26	system	system	NOUN
fbem-7146	47	27	.	.	PUNCT
fbem-7146	48	1	harvey	harvey	NOUN
fbem-7146	49	1	[	[	X
fbem-7146	49	2	14	14	NUM
fbem-7146	49	3	]	]	PUNCT
fbem-7146	49	4	focused	focus	VERB
fbem-7146	49	5	on	on	ADP
fbem-7146	49	6	carrying	carry	VERB
fbem-7146	49	7	some	some	DET
fbem-7146	49	8	factors	factor	NOUN
fbem-7146	49	9	related	relate	VERB
fbem-7146	49	10	to	to	ADP
fbem-7146	49	11	stock	stock	NOUN
fbem-7146	49	12	portfolio	portfolio	NOUN
fbem-7146	49	13	returns	return	NOUN
fbem-7146	49	14	and	and	CCONJ
fbem-7146	49	15	argued	argue	VERB
fbem-7146	49	16	that	that	SCONJ
fbem-7146	49	17	some	some	DET
fbem-7146	49	18	exogenous	exogenous	ADJ
fbem-7146	49	19	factors	factor	NOUN
fbem-7146	49	20	of	of	ADP
fbem-7146	49	21	the	the	DET
fbem-7146	49	22	stock	stock	NOUN
fbem-7146	49	23	market	market	NOUN
fbem-7146	49	24	provided	provide	VERB
fbem-7146	49	25	a	a	DET
fbem-7146	49	26	more	more	ADV
fbem-7146	49	27	satisfactory	satisfactory	ADJ
fbem-7146	49	28	description	description	NOUN
fbem-7146	49	29	of	of	ADP
fbem-7146	49	30	the	the	DET
fbem-7146	49	31	macroeconomic	macroeconomic	ADJ
fbem-7146	49	32	forces	force	NOUN
fbem-7146	49	33	,	,	PUNCT
fbem-7146	49	34	with	with	ADP
fbem-7146	49	35	deeper	deep	ADJ
fbem-7146	49	36	macroeconomic	macroeconomic	ADJ
fbem-7146	49	37	motives	motive	NOUN
fbem-7146	49	38	,	,	PUNCT
fbem-7146	49	39	and	and	CCONJ
fbem-7146	49	40	should	should	AUX
fbem-7146	49	41	ultimately	ultimately	ADV
fbem-7146	49	42	determine	determine	VERB
fbem-7146	49	43	stock	stock	NOUN
fbem-7146	49	44	returns	return	NOUN
fbem-7146	49	45	and	and	CCONJ
fbem-7146	49	46	asset	asset	NOUN
fbem-7146	49	47	prices	price	NOUN
fbem-7146	49	48	.	.	PUNCT
fbem-7146	50	1	vassalou	vassalou	PROPN
fbem-7146	50	2	m.	m.	NOUN
fbem-7146	50	3	and	and	CCONJ
fbem-7146	50	4	xing	xing	NOUN
fbem-7146	50	5	y.[15	y.[15	PROPN
fbem-7146	50	6	]	]	PUNCT
fbem-7146	50	7	used	use	VERB
fbem-7146	50	8	merton	merton	NOUN
fbem-7146	50	9	option	option	NOUN
fbem-7146	50	10	pricing	pricing	NOUN
fbem-7146	50	11	model	model	NOUN
fbem-7146	50	12	and	and	CCONJ
fbem-7146	50	13	kmv	kmv	NOUN
fbem-7146	50	14	model	model	NOUN
fbem-7146	50	15	for	for	ADP
fbem-7146	50	16	the	the	DET
fbem-7146	50	17	first	first	ADJ
fbem-7146	50	18	time	time	NOUN
fbem-7146	50	19	to	to	PART
fbem-7146	50	20	measure	measure	VERB
fbem-7146	50	21	the	the	DET
fbem-7146	50	22	credit	credit	NOUN
fbem-7146	50	23	risk	risk	NOUN
fbem-7146	50	24	level	level	NOUN
fbem-7146	50	25	of	of	ADP
fbem-7146	50	26	a	a	DET
fbem-7146	50	27	single	single	ADJ
fbem-7146	50	28	company	company	NOUN
fbem-7146	50	29	,	,	PUNCT
fbem-7146	50	30	defined	define	VERB
fbem-7146	50	31	credit	credit	NOUN
fbem-7146	50	32	risk	risk	NOUN
fbem-7146	50	33	as	as	ADP
fbem-7146	50	34	a	a	DET
fbem-7146	50	35	default	default	NOUN
fbem-7146	50	36	risk	risk	NOUN
fbem-7146	50	37	,	,	PUNCT
fbem-7146	50	38	and	and	CCONJ
fbem-7146	50	39	applied	apply	VERB
fbem-7146	50	40	this	this	DET
fbem-7146	50	41	risk	risk	NOUN
fbem-7146	50	42	factor	factor	NOUN
fbem-7146	50	43	to	to	ADP
fbem-7146	50	44	the	the	DET
fbem-7146	50	45	study	study	NOUN
fbem-7146	50	46	on	on	ADP
fbem-7146	50	47	the	the	DET
fbem-7146	50	48	impact	impact	NOUN
fbem-7146	50	49	of	of	ADP
fbem-7146	50	50	equity	equity	NOUN
fbem-7146	50	51	excess	excess	ADJ
fbem-7146	50	52	return	return	NOUN
fbem-7146	50	53	.	.	PUNCT
fbem-7146	51	1	the	the	DET
fbem-7146	51	2	empirical	empirical	ADJ
fbem-7146	51	3	study	study	NOUN
fbem-7146	51	4	found	find	VERB
fbem-7146	51	5	that	that	SCONJ
fbem-7146	51	6	bank	bank	NOUN
fbem-7146	51	7	default	default	NOUN
fbem-7146	51	8	risk	risk	NOUN
fbem-7146	51	9	,	,	PUNCT
fbem-7146	51	10	as	as	ADP
fbem-7146	51	11	a	a	DET
fbem-7146	51	12	systemic	systemic	ADJ
fbem-7146	51	13	risk	risk	NOUN
fbem-7146	51	14	,	,	PUNCT
fbem-7146	51	15	has	have	VERB
fbem-7146	51	16	a	a	DET
fbem-7146	51	17	stable	stable	ADJ
fbem-7146	51	18	pricing	pricing	NOUN
fbem-7146	51	19	effect	effect	NOUN
fbem-7146	51	20	in	in	ADP
fbem-7146	51	21	the	the	DET
fbem-7146	51	22	cross	cross	NOUN
fbem-7146	51	23	section	section	NOUN
fbem-7146	51	24	of	of	ADP
fbem-7146	51	25	stock	stock	NOUN
fbem-7146	51	26	return	return	NOUN
fbem-7146	51	27	.	.	PUNCT
fbem-7146	52	1	pereira	pereira	PROPN
fbem-7146	52	2	and	and	CCONJ
fbem-7146	52	3	rua	rua	PROPN
fbem-7146	53	1	[	[	X
fbem-7146	53	2	16	16	NUM
fbem-7146	53	3	]	]	PUNCT
fbem-7146	53	4	,	,	PUNCT
fbem-7146	53	5	starting	start	VERB
fbem-7146	53	6	from	from	ADP
fbem-7146	53	7	the	the	DET
fbem-7146	53	8	three	three	NUM
fbem-7146	53	9	aspects	aspect	NOUN
fbem-7146	53	10	of	of	ADP
fbem-7146	53	11	credit	credit	NOUN
fbem-7146	53	12	,	,	PUNCT
fbem-7146	53	13	bankruptcy	bankruptcy	NOUN
fbem-7146	53	14	and	and	CCONJ
fbem-7146	53	15	relevant	relevant	ADJ
fbem-7146	53	16	empirical	empirical	ADJ
fbem-7146	53	17	studies	study	NOUN
fbem-7146	53	18	,	,	PUNCT
fbem-7146	53	19	showed	show	VERB
fbem-7146	53	20	that	that	SCONJ
fbem-7146	53	21	the	the	DET
fbem-7146	53	22	level	level	NOUN
fbem-7146	53	23	of	of	ADP
fbem-7146	53	24	bank	bank	NOUN
fbem-7146	53	25	credit	credit	NOUN
fbem-7146	53	26	risk	risk	NOUN
fbem-7146	53	27	has	have	VERB
fbem-7146	53	28	deeper	deep	ADJ
fbem-7146	53	29	macroeconomic	macroeconomic	ADJ
fbem-7146	53	30	motives	motive	NOUN
fbem-7146	53	31	,	,	PUNCT
fbem-7146	53	32	which	which	PRON
fbem-7146	53	33	can	can	AUX
fbem-7146	53	34	represent	represent	VERB
fbem-7146	53	35	the	the	DET
fbem-7146	53	36	financial	financial	ADJ
fbem-7146	53	37	distress	distress	NOUN
fbem-7146	53	38	of	of	ADP
fbem-7146	53	39	the	the	DET
fbem-7146	53	40	whole	whole	ADJ
fbem-7146	53	41	economy	economy	NOUN
fbem-7146	53	42	and	and	CCONJ
fbem-7146	53	43	thus	thus	ADV
fbem-7146	53	44	affect	affect	VERB
fbem-7146	53	45	the	the	DET
fbem-7146	53	46	excess	excess	ADJ
fbem-7146	53	47	return	return	NOUN
fbem-7146	53	48	of	of	ADP
fbem-7146	53	49	individual	individual	ADJ
fbem-7146	53	50	shares	share	NOUN
fbem-7146	53	51	of	of	ADP
fbem-7146	53	52	non	non	ADJ
fbem-7146	53	53	-	-	ADJ
fbem-7146	53	54	financial	financial	ADJ
fbem-7146	53	55	companies	company	NOUN
fbem-7146	53	56	.	.	PUNCT
fbem-7146	54	1	moody	moody	PROPN
fbem-7146	54	2	's	's	PART
fbem-7146	54	3	kmv	kmv	NOUN
fbem-7146	54	4	model	model	NOUN
fbem-7146	54	5	is	be	AUX
fbem-7146	54	6	selected	select	VERB
fbem-7146	54	7	to	to	PART
fbem-7146	54	8	estimate	estimate	VERB
fbem-7146	54	9	the	the	DET
fbem-7146	54	10	default	default	NOUN
fbem-7146	54	11	risk	risk	NOUN
fbem-7146	54	12	of	of	ADP
fbem-7146	54	13	each	each	DET
fbem-7146	54	14	bank	bank	NOUN
fbem-7146	54	15	,	,	PUNCT
fbem-7146	54	16	and	and	CCONJ
fbem-7146	54	17	the	the	DET
fbem-7146	54	18	change	change	NOUN
fbem-7146	54	19	of	of	ADP
fbem-7146	54	20	the	the	DET
fbem-7146	54	21	average	average	ADJ
fbem-7146	54	22	default	default	NOUN
fbem-7146	54	23	distance	distance	NOUN
fbem-7146	54	24	(	(	PUNCT
fbem-7146	54	25	dd	dd	NOUN
fbem-7146	54	26	)	)	PUNCT
fbem-7146	54	27	of	of	ADP
fbem-7146	54	28	all	all	DET
fbem-7146	54	29	banks	bank	NOUN
fbem-7146	54	30	is	be	AUX
fbem-7146	54	31	taken	take	VERB
fbem-7146	54	32	as	as	ADP
fbem-7146	54	33	the	the	DET
fbem-7146	54	34	premium	premium	NOUN
fbem-7146	54	35	factor	factor	NOUN
fbem-7146	54	36	.	.	PUNCT
fbem-7146	55	1	in	in	ADP
fbem-7146	55	2	the	the	DET
fbem-7146	55	3	american	american	ADJ
fbem-7146	55	4	stock	stock	NOUN
fbem-7146	55	5	market	market	NOUN
fbem-7146	55	6	,	,	PUNCT
fbem-7146	55	7	a	a	DET
fbem-7146	55	8	bank	bank	NOUN
fbem-7146	55	9	factor	factor	NOUN
fbem-7146	55	10	representing	represent	VERB
fbem-7146	55	11	the	the	DET
fbem-7146	55	12	credit	credit	NOUN
fbem-7146	55	13	risk	risk	NOUN
fbem-7146	55	14	level	level	NOUN
fbem-7146	55	15	of	of	ADP
fbem-7146	55	16	banks	bank	NOUN
fbem-7146	55	17	in	in	ADP
fbem-7146	55	18	the	the	DET
fbem-7146	55	19	asset	asset	NOUN
fbem-7146	55	20	pricing	pricing	NOUN
fbem-7146	55	21	model	model	NOUN
fbem-7146	55	22	research	research	NOUN
fbem-7146	55	23	of	of	ADP
fbem-7146	55	24	nonfinancial	nonfinancial	ADJ
fbem-7146	55	25	industry	industry	NOUN
fbem-7146	55	26	is	be	AUX
fbem-7146	55	27	proposed	propose	VERB
fbem-7146	55	28	,	,	PUNCT
fbem-7146	55	29	which	which	PRON
fbem-7146	55	30	is	be	AUX
fbem-7146	55	31	a	a	DET
fbem-7146	55	32	risk	risk	NOUN
fbem-7146	55	33	factor	factor	NOUN
fbem-7146	55	34	affecting	affect	VERB
fbem-7146	55	35	the	the	DET
fbem-7146	55	36	asset	asset	NOUN
fbem-7146	55	37	pricing	pricing	NOUN
fbem-7146	55	38	of	of	ADP
fbem-7146	55	39	non	non	ADJ
fbem-7146	55	40	-	-	ADJ
fbem-7146	55	41	financial	financial	ADJ
fbem-7146	55	42	companies	company	NOUN
fbem-7146	55	43	in	in	ADP
fbem-7146	55	44	the	the	DET
fbem-7146	55	45	united	united	PROPN
fbem-7146	55	46	states	states	PROPN
fbem-7146	55	47	.	.	PUNCT
fbem-7146	56	1	a	a	DET
fbem-7146	56	2	series	series	NOUN
fbem-7146	56	3	of	of	ADP
fbem-7146	56	4	studies	study	NOUN
fbem-7146	56	5	show	show	VERB
fbem-7146	56	6	that	that	SCONJ
fbem-7146	56	7	bank	bank	NOUN
fbem-7146	56	8	credit	credit	NOUN
fbem-7146	56	9	risk	risk	NOUN
fbem-7146	56	10	,	,	PUNCT
fbem-7146	56	11	as	as	ADP
fbem-7146	56	12	the	the	DET
fbem-7146	56	13	most	most	ADV
fbem-7146	56	14	important	important	ADJ
fbem-7146	56	15	object	object	NOUN
fbem-7146	56	16	of	of	ADP
fbem-7146	56	17	prevention	prevention	NOUN
fbem-7146	56	18	and	and	CCONJ
fbem-7146	56	19	supervision	supervision	NOUN
fbem-7146	56	20	in	in	ADP
fbem-7146	56	21	bank	bank	NOUN
fbem-7146	56	22	risk	risk	NOUN
fbem-7146	56	23	management	management	NOUN
fbem-7146	56	24	,	,	PUNCT
fbem-7146	56	25	has	have	AUX
fbem-7146	56	26	been	be	AUX
fbem-7146	56	27	paid	pay	VERB
fbem-7146	56	28	attention	attention	NOUN
fbem-7146	56	29	to	to	ADP
fbem-7146	56	30	by	by	ADP
fbem-7146	56	31	many	many	ADJ
fbem-7146	56	32	domestic	domestic	ADJ
fbem-7146	56	33	scholars	scholar	NOUN
fbem-7146	56	34	and	and	CCONJ
fbem-7146	56	35	has	have	AUX
fbem-7146	56	36	been	be	AUX
fbem-7146	56	37	applied	apply	VERB
fbem-7146	56	38	to	to	ADP
fbem-7146	56	39	asset	asset	NOUN
fbem-7146	56	40	pricing	pricing	NOUN
fbem-7146	56	41	in	in	ADP
fbem-7146	56	42	non	non	ADJ
fbem-7146	56	43	-	-	ADJ
fbem-7146	56	44	financial	financial	ADJ
fbem-7146	56	45	industries	industry	NOUN
fbem-7146	56	46	.	.	PUNCT
fbem-7146	57	1	based	base	VERB
fbem-7146	57	2	on	on	ADP
fbem-7146	57	3	the	the	DET
fbem-7146	57	4	above	above	ADJ
fbem-7146	57	5	background	background	NOUN
fbem-7146	57	6	,	,	PUNCT
fbem-7146	57	7	this	this	DET
fbem-7146	57	8	paper	paper	NOUN
fbem-7146	57	9	starts	start	VERB
fbem-7146	57	10	from	from	ADP
fbem-7146	57	11	the	the	DET
fbem-7146	57	12	bank	bank	NOUN
fbem-7146	57	13	credit	credit	NOUN
fbem-7146	57	14	risk	risk	NOUN
fbem-7146	57	15	,	,	PUNCT
fbem-7146	57	16	establishes	establish	VERB
fbem-7146	57	17	an	an	DET
fbem-7146	57	18	index	index	NOUN
fbem-7146	57	19	to	to	PART
fbem-7146	57	20	measure	measure	VERB
fbem-7146	57	21	the	the	DET
fbem-7146	57	22	level	level	NOUN
fbem-7146	57	23	of	of	ADP
fbem-7146	57	24	bank	bank	NOUN
fbem-7146	57	25	credit	credit	NOUN
fbem-7146	57	26	risk	risk	NOUN
fbem-7146	57	27	,	,	PUNCT
fbem-7146	57	28	and	and	CCONJ
fbem-7146	57	29	selects	select	VERB
fbem-7146	57	30	commercial	commercial	ADJ
fbem-7146	57	31	banks	bank	NOUN
fbem-7146	57	32	listed	list	VERB
fbem-7146	57	33	in	in	ADP
fbem-7146	57	34	shanghai	shanghai	PROPN
fbem-7146	57	35	and	and	CCONJ
fbem-7146	57	36	shenzhen	shenzhen	PROPN
fbem-7146	57	37	a	a	PROPN
fbem-7146	57	38	-	-	PUNCT
fbem-7146	57	39	shares	share	NOUN
fbem-7146	57	40	from	from	ADP
fbem-7146	57	41	2011	2011	NUM
fbem-7146	57	42	to	to	ADP
fbem-7146	57	43	2020	2020	NUM
fbem-7146	57	44	as	as	ADP
fbem-7146	57	45	research	research	NOUN
fbem-7146	57	46	samples	sample	NOUN
fbem-7146	57	47	to	to	PART
fbem-7146	57	48	study	study	VERB
fbem-7146	57	49	the	the	DET
fbem-7146	57	50	influence	influence	NOUN
fbem-7146	57	51	of	of	ADP
fbem-7146	57	52	commercial	commercial	ADJ
fbem-7146	57	53	banks	bank	NOUN
fbem-7146	57	54	'	'	PART
fbem-7146	57	55	credit	credit	NOUN
fbem-7146	57	56	risk	risk	NOUN
fbem-7146	57	57	level	level	NOUN
fbem-7146	57	58	on	on	ADP
fbem-7146	57	59	the	the	DET
fbem-7146	57	60	stock	stock	NOUN
fbem-7146	57	61	volatility	volatility	NOUN
fbem-7146	57	62	of	of	ADP
fbem-7146	57	63	non	non	ADJ
fbem-7146	57	64	-	-	ADJ
fbem-7146	57	65	financial	financial	ADJ
fbem-7146	57	66	capital	capital	NOUN
fbem-7146	57	67	market	market	NOUN
fbem-7146	57	68	enterprises	enterprise	NOUN
fbem-7146	57	69	.	.	PUNCT
fbem-7146	58	1	2	2	X
fbem-7146	58	2	.	.	X
fbem-7146	58	3	bank	bank	NOUN
fbem-7146	58	4	factor	factor	NOUN
fbem-7146	58	5	construction	construction	NOUN
fbem-7146	58	6	2.1	2.1	NUM
fbem-7146	58	7	.	.	PUNCT
fbem-7146	59	1	calculation	calculation	NOUN
fbem-7146	59	2	of	of	ADP
fbem-7146	59	3	bank	bank	NOUN
fbem-7146	59	4	default	default	NOUN
fbem-7146	59	5	distance	distance	NOUN
fbem-7146	59	6	firstly	firstly	ADV
fbem-7146	59	7	,	,	PUNCT
fbem-7146	59	8	the	the	DET
fbem-7146	59	9	black	black	ADJ
fbem-7146	59	10	-	-	PUNCT
fbem-7146	59	11	schole	schole	NOUN
fbem-7146	59	12	-	-	PUNCT
fbem-7146	59	13	merton	merton	NOUN
fbem-7146	59	14	option	option	NOUN
fbem-7146	59	15	pricing	pricing	NOUN
fbem-7146	59	16	formula	formula	NOUN
fbem-7146	59	17	is	be	AUX
fbem-7146	59	18	used	use	VERB
fbem-7146	59	19	to	to	PART
fbem-7146	59	20	calculate	calculate	VERB
fbem-7146	59	21	the	the	DET
fbem-7146	59	22	market	market	NOUN
fbem-7146	59	23	value	value	NOUN
fbem-7146	59	24	of	of	ADP
fbem-7146	59	25	a	a	DET
fbem-7146	59	26	single	single	ADJ
fbem-7146	59	27	commercial	commercial	ADJ
fbem-7146	59	28	bank	bank	NOUN
fbem-7146	59	29	,	,	PUNCT
fbem-7146	59	30	according	accord	VERB
fbem-7146	59	31	to	to	ADP
fbem-7146	59	32	the	the	DET
fbem-7146	59	33	standard	standard	ADJ
fbem-7146	59	34	black	black	ADJ
fbem-7146	59	35	-	-	PUNCT
fbem-7146	59	36	scholes	schole	NOUN
fbem-7146	59	37	formula	formula	NOUN
fbem-7146	59	38	:	:	PUNCT
fbem-7146	60	1	e	e	X
fbem-7146	60	2	=	=	NOUN
fbem-7146	60	3	vn	vn	ADP
fbem-7146	60	4	d1	d1	PROPN
fbem-7146	60	5	-de	-de	ADP
fbem-7146	60	6	-rtn	-rtn	PROPN
fbem-7146	60	7	d2	d2	PROPN
fbem-7146	60	8	(	(	PUNCT
fbem-7146	60	9	1	1	NUM
fbem-7146	60	10	)	)	PUNCT
fbem-7146	60	11	d1=	d1=	PROPN
fbem-7146	60	12	ln	ln	NOUN
fbem-7146	60	13	v	v	NOUN
fbem-7146	60	14	d	d	X
fbem-7146	60	15	+	+	PROPN
fbem-7146	60	16	(	(	PUNCT
fbem-7146	60	17	r+	r+	NOUN
fbem-7146	60	18	σv	σv	NOUN
fbem-7146	60	19	2	2	NUM
fbem-7146	60	20	2	2	NUM
fbem-7146	60	21	)	)	PUNCT
fbem-7146	60	22	t	t	PROPN
fbem-7146	60	23	σv√t	σv√t	NUM
fbem-7146	60	24	，	，	PROPN
fbem-7146	60	25	d2	d2	PROPN
fbem-7146	60	26	=	=	PROPN
fbem-7146	60	27	d1σv√t	d1σv√t	PROPN
fbem-7146	60	28	(	(	PUNCT
fbem-7146	60	29	2	2	NUM
fbem-7146	60	30	)	)	PUNCT
fbem-7146	60	31	where	where	SCONJ
fbem-7146	60	32	,	,	PUNCT
fbem-7146	60	33	e	e	X
fbem-7146	60	34	is	be	AUX
fbem-7146	60	35	the	the	DET
fbem-7146	60	36	equity	equity	NOUN
fbem-7146	60	37	value	value	NOUN
fbem-7146	60	38	of	of	ADP
fbem-7146	60	39	the	the	DET
fbem-7146	60	40	bank	bank	NOUN
fbem-7146	60	41	;	;	PUNCT
fbem-7146	60	42	v	v	NOUN
fbem-7146	60	43	is	be	AUX
fbem-7146	60	44	the	the	DET
fbem-7146	60	45	market	market	NOUN
fbem-7146	60	46	value	value	NOUN
fbem-7146	60	47	of	of	ADP
fbem-7146	60	48	the	the	DET
fbem-7146	60	49	bank	bank	NOUN
fbem-7146	60	50	's	's	PART
fbem-7146	60	51	assets	asset	NOUN
fbem-7146	60	52	;	;	PUNCT
fbem-7146	60	53	d	d	X
fbem-7146	60	54	is	be	AUX
fbem-7146	60	55	the	the	DET
fbem-7146	60	56	carrying	carrying	NOUN
fbem-7146	60	57	value	value	NOUN
fbem-7146	60	58	of	of	ADP
fbem-7146	60	59	the	the	DET
fbem-7146	60	60	bank	bank	NOUN
fbem-7146	60	61	's	's	PART
fbem-7146	60	62	liabilities	liability	NOUN
fbem-7146	60	63	r	r	NOUN
fbem-7146	60	64	stands	stand	VERB
fbem-7146	60	65	for	for	ADP
fbem-7146	60	66	risk	risk	NOUN
fbem-7146	60	67	-	-	PUNCT
fbem-7146	60	68	free	free	ADJ
fbem-7146	60	69	interest	interest	NOUN
fbem-7146	60	70	rate	rate	NOUN
fbem-7146	60	71	;	;	PUNCT
fbem-7146	60	72	σv	σv	NUM
fbem-7146	60	73	volatility	volatility	NOUN
fbem-7146	60	74	of	of	ADP
fbem-7146	60	75	the	the	DET
fbem-7146	60	76	market	market	NOUN
fbem-7146	60	77	value	value	NOUN
fbem-7146	60	78	of	of	ADP
fbem-7146	60	79	the	the	DET
fbem-7146	60	80	bank	bank	NOUN
fbem-7146	60	81	's	's	PART
fbem-7146	60	82	assets	asset	NOUN
fbem-7146	60	83	;	;	PUNCT
fbem-7146	60	84	σe	σe	PROPN
fbem-7146	60	85	is	be	AUX
fbem-7146	60	86	the	the	DET
fbem-7146	60	87	volatility	volatility	NOUN
fbem-7146	60	88	of	of	ADP
fbem-7146	60	89	the	the	DET
fbem-7146	60	90	value	value	NOUN
fbem-7146	60	91	of	of	ADP
fbem-7146	60	92	the	the	DET
fbem-7146	60	93	bank	bank	NOUN
fbem-7146	60	94	's	's	PART
fbem-7146	60	95	equity	equity	NOUN
fbem-7146	60	96	market	market	NOUN
fbem-7146	60	97	;	;	PUNCT
fbem-7146	60	98	t	t	PROPN
fbem-7146	60	99	is	be	AUX
fbem-7146	60	100	when	when	SCONJ
fbem-7146	60	101	the	the	DET
fbem-7146	60	102	bank	bank	NOUN
fbem-7146	60	103	's	's	PART
fbem-7146	60	104	debt	debt	NOUN
fbem-7146	60	105	matures	mature	NOUN
fbem-7146	60	106	;	;	PUNCT
fbem-7146	60	107	𝑁	𝑁	PROPN
fbem-7146	60	108	d1	d1	NOUN
fbem-7146	60	109	,	,	PUNCT
fbem-7146	60	110	𝑁	𝑁	PROPN
fbem-7146	60	111	d2	d2	NOUN
fbem-7146	60	112	represents	represent	VERB
fbem-7146	60	113	the	the	DET
fbem-7146	60	114	standard	standard	ADJ
fbem-7146	60	115	cumulative	cumulative	ADJ
fbem-7146	60	116	positive	positive	ADJ
fbem-7146	60	117	distribution	distribution	NOUN
fbem-7146	60	118	function	function	NOUN
fbem-7146	60	119	.	.	PUNCT
fbem-7146	61	1	by	by	ADP
fbem-7146	61	2	partial	partial	ADJ
fbem-7146	61	3	differentiation	differentiation	NOUN
fbem-7146	61	4	of	of	ADP
fbem-7146	61	5	equation	equation	NOUN
fbem-7146	61	6	(	(	PUNCT
fbem-7146	61	7	1	1	NUM
fbem-7146	61	8	)	)	PUNCT
fbem-7146	61	9	,	,	PUNCT
fbem-7146	61	10	we	we	PRON
fbem-7146	61	11	can	can	AUX
fbem-7146	61	12	obtain	obtain	VERB
fbem-7146	61	13	the	the	DET
fbem-7146	61	14	market	market	NOUN
fbem-7146	61	15	value	value	NOUN
fbem-7146	61	16	volatility	volatility	NOUN
fbem-7146	61	17	of	of	ADP
fbem-7146	61	18	bank	bank	NOUN
fbem-7146	61	19	assets	asset	NOUN
fbem-7146	61	20	,	,	PUNCT
fbem-7146	61	21	𝜎	𝜎	X
fbem-7146	61	22	,	,	PUNCT
fbem-7146	61	23	as	as	SCONJ
fbem-7146	61	24	shown	show	VERB
fbem-7146	61	25	in	in	ADP
fbem-7146	61	26	equation	equation	NOUN
fbem-7146	61	27	(	(	PUNCT
fbem-7146	61	28	3	3	NUM
fbem-7146	61	29	)	)	PUNCT
fbem-7146	61	30	:	:	PUNCT
fbem-7146	61	31	⎩	⎩	NUM
fbem-7146	61	32	⎪	⎪	NOUN
fbem-7146	61	33	⎨	⎨	ADJ
fbem-7146	61	34	⎪	⎪	NOUN
fbem-7146	61	35	⎧	⎧	PROPN
fbem-7146	61	36	∂e	∂e	PROPN
fbem-7146	61	37	=	=	PROPN
fbem-7146	61	38	n	n	CCONJ
fbem-7146	61	39	d1	d1	NOUN
fbem-7146	61	40	∂v	∂v	PROPN
fbem-7146	61	41	∂	∂	NOUN
fbem-7146	61	42	ln	ln	NOUN
fbem-7146	61	43	e	e	PROPN
fbem-7146	61	44	=	=	SYM
fbem-7146	61	45	v	v	PROPN
fbem-7146	61	46	e	e	PROPN
fbem-7146	61	47	n	n	CCONJ
fbem-7146	61	48	d1	d1	PROPN
fbem-7146	61	49	∂	∂	NOUN
fbem-7146	61	50	ln	ln	NOUN
fbem-7146	61	51	v	v	X
fbem-7146	61	52	σ(∂	σ(∂	X
fbem-7146	61	53	ln	ln	ADJ
fbem-7146	61	54	e	e	NOUN
fbem-7146	61	55	)	)	PUNCT
fbem-7146	61	56	=	=	SYM
fbem-7146	61	57	v	v	NUM
fbem-7146	61	58	e	e	NOUN
fbem-7146	61	59	n	n	PRON
fbem-7146	61	60	d1	d1	VERB
fbem-7146	61	61	σ(∂	σ(∂	X
fbem-7146	61	62	ln	ln	ADJ
fbem-7146	61	63	v	v	NOUN
fbem-7146	61	64	)	)	PUNCT
fbem-7146	61	65	σe=	σe=	NOUN
fbem-7146	61	66	v	v	X
fbem-7146	61	67	e	e	NOUN
fbem-7146	61	68	σvn	σvn	ADJ
fbem-7146	61	69	d1	d1	PROPN
fbem-7146	61	70	(	(	PUNCT
fbem-7146	61	71	3	3	NUM
fbem-7146	61	72	)	)	PUNCT
fbem-7146	61	73	by	by	ADP
fbem-7146	61	74	combining	combine	VERB
fbem-7146	61	75	(	(	PUNCT
fbem-7146	61	76	1	1	NUM
fbem-7146	61	77	)	)	PUNCT
fbem-7146	61	78	and	and	CCONJ
fbem-7146	61	79	(	(	PUNCT
fbem-7146	61	80	3	3	NUM
fbem-7146	61	81	)	)	PUNCT
fbem-7146	61	82	,	,	PUNCT
fbem-7146	61	83	the	the	DET
fbem-7146	61	84	asset	asset	NOUN
fbem-7146	61	85	value	value	NOUN
fbem-7146	61	86	v	v	NOUN
fbem-7146	61	87	and	and	CCONJ
fbem-7146	61	88	the	the	DET
fbem-7146	61	89	volatility	volatility	NOUN
fbem-7146	61	90	of	of	ADP
fbem-7146	61	91	the	the	DET
fbem-7146	61	92	market	market	NOUN
fbem-7146	61	93	value	value	NOUN
fbem-7146	61	94	of	of	ADP
fbem-7146	61	95	bank	bank	NOUN
fbem-7146	61	96	assets	asset	NOUN
fbem-7146	61	97	σv	σv	VERB
fbem-7146	61	98	can	can	AUX
fbem-7146	61	99	be	be	AUX
fbem-7146	61	100	obtained	obtain	VERB
fbem-7146	61	101	.	.	PUNCT
fbem-7146	62	1	therefore	therefore	ADV
fbem-7146	62	2	,	,	PUNCT
fbem-7146	62	3	the	the	DET
fbem-7146	62	4	default	default	NOUN
fbem-7146	62	5	distance	distance	NOUN
fbem-7146	62	6	dd	dd	NOUN
fbem-7146	62	7	of	of	ADP
fbem-7146	62	8	a	a	DET
fbem-7146	62	9	single	single	ADJ
fbem-7146	62	10	bank	bank	NOUN
fbem-7146	62	11	can	can	AUX
fbem-7146	62	12	be	be	AUX
fbem-7146	62	13	calculated	calculate	VERB
fbem-7146	62	14	:	:	PUNCT
fbem-7146	62	15	dd=	dd=	ADJ
fbem-7146	62	16	v	v	NOUN
fbem-7146	62	17	-	-	PUNCT
fbem-7146	62	18	dp	dp	NOUN
fbem-7146	62	19	vσv	vσv	NOUN
fbem-7146	62	20	(	(	PUNCT
fbem-7146	62	21	4	4	NUM
fbem-7146	62	22	)	)	PUNCT
fbem-7146	62	23	where	where	SCONJ
fbem-7146	62	24	,	,	PUNCT
fbem-7146	62	25	dp	dp	NOUN
fbem-7146	62	26	(	(	PUNCT
fbem-7146	62	27	default	default	NOUN
fbem-7146	62	28	point	point	NOUN
fbem-7146	62	29	)	)	PUNCT
fbem-7146	62	30	represents	represent	VERB
fbem-7146	62	31	the	the	DET
fbem-7146	62	32	default	default	NOUN
fbem-7146	62	33	point	point	NOUN
fbem-7146	62	34	,	,	PUNCT
fbem-7146	62	35	which	which	PRON
fbem-7146	62	36	is	be	AUX
fbem-7146	62	37	located	locate	VERB
fbem-7146	62	38	between	between	ADP
fbem-7146	62	39	current	current	ADJ
fbem-7146	62	40	liabilities	liability	NOUN
fbem-7146	62	41	and	and	CCONJ
fbem-7146	62	42	total	total	ADJ
fbem-7146	62	43	liabilities	liability	NOUN
fbem-7146	62	44	.	.	PUNCT
fbem-7146	63	1	in	in	ADP
fbem-7146	63	2	order	order	NOUN
fbem-7146	63	3	to	to	PART
fbem-7146	63	4	accurately	accurately	ADV
fbem-7146	63	5	calculate	calculate	VERB
fbem-7146	63	6	the	the	DET
fbem-7146	63	7	default	default	NOUN
fbem-7146	63	8	distance	distance	NOUN
fbem-7146	63	9	dd	dd	NOUN
fbem-7146	63	10	in	in	ADP
fbem-7146	63	11	the	the	DET
fbem-7146	63	12	chinese	chinese	ADJ
fbem-7146	63	13	market	market	NOUN
fbem-7146	63	14	,	,	PUNCT
fbem-7146	63	15	parameters	parameter	NOUN
fbem-7146	63	16	involved	involve	VERB
fbem-7146	63	17	in	in	ADP
fbem-7146	63	18	the	the	DET
fbem-7146	63	19	kmv	kmv	PROPN
fbem-7146	63	20	model	model	NOUN
fbem-7146	63	21	need	need	VERB
fbem-7146	63	22	to	to	PART
fbem-7146	63	23	be	be	AUX
fbem-7146	63	24	modified	modify	VERB
fbem-7146	63	25	and	and	CCONJ
fbem-7146	63	26	set	set	VERB
fbem-7146	63	27	.	.	PUNCT
fbem-7146	64	1	(	(	PUNCT
fbem-7146	64	2	1	1	X
fbem-7146	64	3	)	)	PUNCT
fbem-7146	64	4	correction	correction	NOUN
fbem-7146	64	5	and	and	CCONJ
fbem-7146	64	6	setting	setting	NOUN
fbem-7146	64	7	of	of	ADP
fbem-7146	64	8	equity	equity	NOUN
fbem-7146	64	9	value	value	NOUN
fbem-7146	64	10	e	e	NOUN
fbem-7146	64	11	in	in	ADP
fbem-7146	64	12	kmv	kmv	PROPN
fbem-7146	64	13	model	model	NOUN
fbem-7146	64	14	,	,	PUNCT
fbem-7146	64	15	the	the	DET
fbem-7146	64	16	equity	equity	NOUN
fbem-7146	64	17	market	market	NOUN
fbem-7146	64	18	value	value	NOUN
fbem-7146	64	19	e	e	NOUN
fbem-7146	64	20	is	be	AUX
fbem-7146	64	21	the	the	DET
fbem-7146	64	22	product	product	NOUN
fbem-7146	64	23	of	of	ADP
fbem-7146	64	24	stock	stock	NOUN
fbem-7146	64	25	price	price	NOUN
fbem-7146	64	26	and	and	CCONJ
fbem-7146	64	27	total	total	ADJ
fbem-7146	64	28	number	number	NOUN
fbem-7146	64	29	of	of	ADP
fbem-7146	64	30	stocks	stock	NOUN
fbem-7146	64	31	.	.	PUNCT
fbem-7146	65	1	considering	consider	VERB
fbem-7146	65	2	the	the	DET
fbem-7146	65	3	special	special	ADJ
fbem-7146	65	4	situation	situation	NOUN
fbem-7146	65	5	of	of	ADP
fbem-7146	65	6	our	our	PRON
fbem-7146	65	7	market	market	NOUN
fbem-7146	65	8	,	,	PUNCT
fbem-7146	65	9	combined	combine	VERB
fbem-7146	65	10	with	with	ADP
fbem-7146	65	11	predecessors	predecessor	NOUN
fbem-7146	65	12	'	'	PART
fbem-7146	65	13	studies	study	NOUN
fbem-7146	65	14	,	,	PUNCT
fbem-7146	65	15	the	the	DET
fbem-7146	65	16	equity	equity	NOUN
fbem-7146	65	17	market	market	NOUN
fbem-7146	65	18	value	value	NOUN
fbem-7146	65	19	of	of	ADP
fbem-7146	65	20	our	our	PRON
fbem-7146	65	21	country	country	NOUN
fbem-7146	65	22	is	be	AUX
fbem-7146	65	23	:	:	PUNCT
fbem-7146	65	24	equity	equity	NOUN
fbem-7146	65	25	market	market	NOUN
fbem-7146	65	26	value	value	NOUN
fbem-7146	65	27	e	e	NOUN
fbem-7146	65	28	=	=	NOUN
fbem-7146	65	29	number	number	NOUN
fbem-7146	65	30	of	of	ADP
fbem-7146	65	31	tradable	tradable	ADJ
fbem-7146	65	32	shares	share	NOUN
fbem-7146	65	33	×	×	NOUN
fbem-7146	65	34	stock	stock	NOUN
fbem-7146	65	35	price	price	NOUN
fbem-7146	65	36	+	+	CCONJ
fbem-7146	65	37	number	number	NOUN
fbem-7146	65	38	of	of	ADP
fbem-7146	65	39	non	non	ADJ
fbem-7146	65	40	-	-	ADJ
fbem-7146	65	41	tradable	tradable	ADJ
fbem-7146	65	42	shares	share	NOUN
fbem-7146	65	43	×	×	PROPN
fbem-7146	65	44	net	net	ADJ
fbem-7146	65	45	asset	asset	NOUN
fbem-7146	65	46	value	value	NOUN
fbem-7146	65	47	per	per	ADP
fbem-7146	65	48	share	share	NOUN
fbem-7146	65	49	(	(	PUNCT
fbem-7146	65	50	5	5	NUM
fbem-7146	65	51	)	)	PUNCT
fbem-7146	65	52	(	(	PUNCT
fbem-7146	65	53	2	2	X
fbem-7146	65	54	)	)	PUNCT
fbem-7146	65	55	correction	correction	NOUN
fbem-7146	65	56	and	and	CCONJ
fbem-7146	65	57	setting	setting	NOUN
fbem-7146	65	58	of	of	ADP
fbem-7146	65	59	stock	stock	NOUN
fbem-7146	65	60	value	value	NOUN
fbem-7146	65	61	volatility	volatility	NOUN
fbem-7146	65	62	σe	σe	VERB
fbem-7146	65	63	the	the	DET
fbem-7146	65	64	historical	historical	ADJ
fbem-7146	65	65	volatility	volatility	NOUN
fbem-7146	65	66	method	method	NOUN
fbem-7146	65	67	is	be	AUX
fbem-7146	65	68	used	use	VERB
fbem-7146	65	69	to	to	PART
fbem-7146	65	70	estimate	estimate	VERB
fbem-7146	65	71	the	the	DET
fbem-7146	65	72	volatility	volatility	NOUN
fbem-7146	65	73	of	of	ADP
fbem-7146	65	74	stock	stock	NOUN
fbem-7146	65	75	value	value	NOUN
fbem-7146	65	76	.	.	PUNCT
fbem-7146	66	1	according	accord	VERB
fbem-7146	66	2	to	to	ADP
fbem-7146	66	3	the	the	DET
fbem-7146	66	4	kmv	kmv	PROPN
fbem-7146	66	5	model	model	NOUN
fbem-7146	66	6	,	,	PUNCT
fbem-7146	66	7	the	the	DET
fbem-7146	66	8	stock	stock	NOUN
fbem-7146	66	9	prices	price	NOUN
fbem-7146	66	10	of	of	ADP
fbem-7146	66	11	listed	list	VERB
fbem-7146	66	12	enterprises	enterprise	NOUN
fbem-7146	66	13	obey	obey	VERB
fbem-7146	66	14	the	the	DET
fbem-7146	66	15	lognormal	lognormal	ADJ
fbem-7146	66	16	180	180	NUM
fbem-7146	66	17	distribution	distribution	NOUN
fbem-7146	66	18	,	,	PUNCT
fbem-7146	66	19	then	then	ADV
fbem-7146	66	20	the	the	DET
fbem-7146	66	21	formula	formula	NOUN
fbem-7146	66	22	of	of	ADP
fbem-7146	66	23	stock	stock	NOUN
fbem-7146	66	24	value	value	NOUN
fbem-7146	66	25	volatility	volatility	NOUN
fbem-7146	66	26	σe	σe	NOUN
fbem-7146	66	27	is	be	AUX
fbem-7146	66	28	as	as	SCONJ
fbem-7146	66	29	follows	follow	VERB
fbem-7146	66	30	:	:	PUNCT
fbem-7146	66	31	⎩	⎩	NUM
fbem-7146	66	32	⎪⎪	⎪⎪	PROPN
fbem-7146	66	33	⎨	⎨	PROPN
fbem-7146	66	34	⎪⎪	⎪⎪	PROPN
fbem-7146	66	35	⎧	⎧	PROPN
fbem-7146	66	36	μi=	μi=	PROPN
fbem-7146	66	37	ln	ln	INTJ
fbem-7146	67	1	si	si	PROPN
fbem-7146	67	2	ln	ln	PROPN
fbem-7146	67	3	si-1	si-1	CCONJ
fbem-7146	67	4	μ=	μ=	PROPN
fbem-7146	67	5	1	1	NUM
fbem-7146	67	6	n	n	PROPN
fbem-7146	67	7	∑	∑	PROPN
fbem-7146	67	8	μ	μ	PROPN
fbem-7146	67	9	i	i	PRON
fbem-7146	67	10	n	n	PROPN
fbem-7146	67	11	i=1	i=1	PROPN
fbem-7146	67	12	σ=	σ=	NOUN
fbem-7146	67	13	1	1	NUM
fbem-7146	67	14	n-1	n-1	NOUN
fbem-7146	67	15	(	(	PUNCT
fbem-7146	67	16	∑	∑	PROPN
fbem-7146	67	17	μ	μ	PROPN
fbem-7146	67	18	i	i	PRON
fbem-7146	67	19	-μ	-μ	NUM
fbem-7146	67	20	2n	2n	NUM
fbem-7146	67	21	i=1	i=1	PROPN
fbem-7146	67	22	σe=√n×σ	σe=√n×σ	X
fbem-7146	67	23	(	(	PUNCT
fbem-7146	67	24	6	6	NUM
fbem-7146	67	25	)	)	PUNCT
fbem-7146	67	26	where	where	SCONJ
fbem-7146	67	27	,	,	PUNCT
fbem-7146	67	28	μ	μ	PROPN
fbem-7146	67	29	i	i	PRON
fbem-7146	67	30	represents	represent	VERB
fbem-7146	67	31	the	the	DET
fbem-7146	67	32	daily	daily	ADJ
fbem-7146	67	33	stock	stock	NOUN
fbem-7146	67	34	return	return	NOUN
fbem-7146	67	35	,	,	PUNCT
fbem-7146	67	36	i	i	PRON
fbem-7146	67	37	=	=	NOUN
fbem-7146	67	38	1,2	1,2	NUM
fbem-7146	67	39	...	...	PUNCT
fbem-7146	67	40	,	,	PUNCT
fbem-7146	67	41	n	n	CCONJ
fbem-7146	67	42	;	;	PUNCT
fbem-7146	67	43	si	si	X
fbem-7146	67	44	and	and	CCONJ
fbem-7146	67	45	si-1	si-1	PUNCT
fbem-7146	67	46	represent	represent	VERB
fbem-7146	67	47	the	the	DET
fbem-7146	67	48	daily	daily	ADJ
fbem-7146	67	49	closing	closing	NOUN
fbem-7146	67	50	price	price	NOUN
fbem-7146	67	51	of	of	ADP
fbem-7146	67	52	the	the	DET
fbem-7146	67	53	stock	stock	NOUN
fbem-7146	67	54	on	on	ADP
fbem-7146	67	55	the	the	DET
fbem-7146	67	56	i	i	PROPN
fbem-7146	67	57	day	day	NOUN
fbem-7146	67	58	and	and	CCONJ
fbem-7146	67	59	the	the	DET
fbem-7146	67	60	i-1	i-1	ADJ
fbem-7146	67	61	day	day	NOUN
fbem-7146	67	62	;	;	PUNCT
fbem-7146	67	63	μ	μ	PROPN
fbem-7146	67	64	is	be	AUX
fbem-7146	67	65	average	average	ADJ
fbem-7146	67	66	monthly	monthly	ADJ
fbem-7146	67	67	stock	stock	NOUN
fbem-7146	67	68	returns	return	NOUN
fbem-7146	67	69	;	;	PUNCT
fbem-7146	67	70	σ	σ	X
fbem-7146	67	71	is	be	AUX
fbem-7146	67	72	the	the	DET
fbem-7146	67	73	daily	daily	ADJ
fbem-7146	67	74	volatility	volatility	NOUN
fbem-7146	67	75	of	of	ADP
fbem-7146	67	76	stock	stock	NOUN
fbem-7146	67	77	returns	return	NOUN
fbem-7146	67	78	;	;	PUNCT
fbem-7146	67	79	n	n	PRON
fbem-7146	67	80	indicates	indicate	VERB
fbem-7146	67	81	the	the	DET
fbem-7146	67	82	actual	actual	ADJ
fbem-7146	67	83	number	number	NOUN
fbem-7146	67	84	of	of	ADP
fbem-7146	67	85	trading	trading	NOUN
fbem-7146	67	86	days	day	NOUN
fbem-7146	67	87	included	include	VERB
fbem-7146	67	88	in	in	ADP
fbem-7146	67	89	each	each	DET
fbem-7146	67	90	month	month	NOUN
fbem-7146	67	91	;	;	PUNCT
fbem-7146	67	92	this	this	DET
fbem-7146	67	93	article	article	NOUN
fbem-7146	67	94	uses	use	VERB
fbem-7146	67	95	monthly	monthly	ADJ
fbem-7146	67	96	data	datum	NOUN
fbem-7146	67	97	,	,	PUNCT
fbem-7146	67	98	so	so	ADV
fbem-7146	67	99	,	,	PUNCT
fbem-7146	67	100	σe	σe	NOUN
fbem-7146	67	101	represents	represent	VERB
fbem-7146	67	102	the	the	DET
fbem-7146	67	103	monthly	monthly	ADJ
fbem-7146	67	104	volatility	volatility	NOUN
fbem-7146	67	105	of	of	ADP
fbem-7146	67	106	stock	stock	NOUN
fbem-7146	67	107	values	value	NOUN
fbem-7146	67	108	.	.	PUNCT
fbem-7146	68	1	(	(	PUNCT
fbem-7146	68	2	3	3	X
fbem-7146	68	3	)	)	PUNCT
fbem-7146	68	4	correction	correction	NOUN
fbem-7146	68	5	and	and	CCONJ
fbem-7146	68	6	setting	setting	NOUN
fbem-7146	68	7	of	of	ADP
fbem-7146	68	8	default	default	NOUN
fbem-7146	68	9	point	point	NOUN
fbem-7146	68	10	dp	dp	NOUN
fbem-7146	68	11	according	accord	VERB
fbem-7146	68	12	to	to	ADP
fbem-7146	68	13	the	the	DET
fbem-7146	68	14	kmv	kmv	PROPN
fbem-7146	68	15	model	model	NOUN
fbem-7146	68	16	,	,	PUNCT
fbem-7146	68	17	the	the	DET
fbem-7146	68	18	calculation	calculation	NOUN
fbem-7146	68	19	formula	formula	NOUN
fbem-7146	68	20	of	of	ADP
fbem-7146	68	21	enterprise	enterprise	NOUN
fbem-7146	68	22	default	default	NOUN
fbem-7146	68	23	point	point	NOUN
fbem-7146	68	24	dp	dp	NOUN
fbem-7146	68	25	is	be	AUX
fbem-7146	68	26	as	as	SCONJ
fbem-7146	68	27	follows	follow	VERB
fbem-7146	68	28	:	:	PUNCT
fbem-7146	68	29	default	default	NOUN
fbem-7146	68	30	point	point	NOUN
fbem-7146	68	31	dp	dp	NOUN
fbem-7146	68	32	=	=	VERB
fbem-7146	68	33	short	short	ADJ
fbem-7146	68	34	-	-	PUNCT
fbem-7146	68	35	term	term	NOUN
fbem-7146	68	36	liabilities	liability	NOUN
fbem-7146	68	37	+	+	CCONJ
fbem-7146	68	38	long	long	ADJ
fbem-7146	68	39	-	-	PUNCT
fbem-7146	68	40	term	term	NOUN
fbem-7146	68	41	liabilities	liability	NOUN
fbem-7146	68	42	(	(	PUNCT
fbem-7146	68	43	7	7	X
fbem-7146	68	44	)	)	PUNCT
fbem-7146	68	45	the	the	DET
fbem-7146	68	46	default	default	NOUN
fbem-7146	68	47	points	point	NOUN
fbem-7146	68	48	defined	define	VERB
fbem-7146	68	49	in	in	ADP
fbem-7146	68	50	kmv	kmv	NOUN
fbem-7146	68	51	model	model	NOUN
fbem-7146	68	52	are	be	AUX
fbem-7146	68	53	based	base	VERB
fbem-7146	68	54	on	on	ADP
fbem-7146	68	55	complete	complete	ADJ
fbem-7146	68	56	default	default	NOUN
fbem-7146	68	57	data	datum	NOUN
fbem-7146	68	58	from	from	ADP
fbem-7146	68	59	abroad	abroad	ADV
fbem-7146	68	60	.	.	PUNCT
fbem-7146	69	1	as	as	SCONJ
fbem-7146	69	2	our	our	PRON
fbem-7146	69	3	country	country	NOUN
fbem-7146	69	4	does	do	AUX
fbem-7146	69	5	not	not	PART
fbem-7146	69	6	have	have	VERB
fbem-7146	69	7	enough	enough	ADJ
fbem-7146	69	8	default	default	NOUN
fbem-7146	69	9	data	datum	NOUN
fbem-7146	69	10	,	,	PUNCT
fbem-7146	69	11	the	the	DET
fbem-7146	69	12	above	above	ADJ
fbem-7146	69	13	points	point	NOUN
fbem-7146	69	14	of	of	ADP
fbem-7146	69	15	default	default	NOUN
fbem-7146	69	16	are	be	AUX
fbem-7146	69	17	not	not	PART
fbem-7146	69	18	applicable	applicable	ADJ
fbem-7146	69	19	to	to	ADP
fbem-7146	69	20	chinese	chinese	ADJ
fbem-7146	69	21	listed	list	VERB
fbem-7146	69	22	companies	company	NOUN
fbem-7146	69	23	.	.	PUNCT
fbem-7146	70	1	zhang	zhang	PROPN
fbem-7146	70	2	wenfang	wenfang	PROPN
fbem-7146	70	3	and	and	CCONJ
fbem-7146	70	4	wu	wu	PROPN
fbem-7146	70	5	limei	limei	PROPN
fbem-7146	71	1	[	[	X
fbem-7146	71	2	17	17	NUM
fbem-7146	71	3	]	]	PUNCT
fbem-7146	71	4	argued	argue	VERB
fbem-7146	71	5	that	that	SCONJ
fbem-7146	71	6	kmv	kmv	PROPN
fbem-7146	71	7	model	model	NOUN
fbem-7146	71	8	has	have	VERB
fbem-7146	71	9	the	the	DET
fbem-7146	71	10	best	good	ADJ
fbem-7146	71	11	measurement	measurement	NOUN
fbem-7146	71	12	effect	effect	NOUN
fbem-7146	71	13	when	when	SCONJ
fbem-7146	71	14	the	the	DET
fbem-7146	71	15	weight	weight	NOUN
fbem-7146	71	16	coefficients	coefficient	NOUN
fbem-7146	71	17	of	of	ADP
fbem-7146	71	18	medium	medium	ADJ
fbem-7146	71	19	,	,	PUNCT
fbem-7146	71	20	long	long	ADJ
fbem-7146	71	21	and	and	CCONJ
fbem-7146	71	22	short	short	ADJ
fbem-7146	71	23	term	term	NOUN
fbem-7146	71	24	liabilities	liability	NOUN
fbem-7146	71	25	are	be	AUX
fbem-7146	71	26	both	both	PRON
fbem-7146	71	27	1	1	NUM
fbem-7146	71	28	.	.	PUNCT
fbem-7146	72	1	therefore	therefore	ADV
fbem-7146	72	2	:	:	PUNCT
fbem-7146	72	3	dp	dp	PROPN
fbem-7146	72	4	=	=	PROPN
fbem-7146	72	5	std+ltd	std+ltd	PROPN
fbem-7146	72	6	(	(	PUNCT
fbem-7146	72	7	8)	8)	NUM
fbem-7146	72	8	where	where	SCONJ
fbem-7146	72	9	,	,	PUNCT
fbem-7146	72	10	std	std	NOUN
fbem-7146	72	11	stands	stand	VERB
fbem-7146	72	12	for	for	ADP
fbem-7146	72	13	short	short	ADJ
fbem-7146	72	14	-	-	PUNCT
fbem-7146	72	15	term	term	NOUN
fbem-7146	72	16	liabilities	liability	NOUN
fbem-7146	72	17	;	;	PUNCT
fbem-7146	72	18	ltd	ltd	PROPN
fbem-7146	72	19	stands	stand	VERB
fbem-7146	72	20	for	for	ADP
fbem-7146	72	21	long	long	ADJ
fbem-7146	72	22	-	-	PUNCT
fbem-7146	72	23	term	term	NOUN
fbem-7146	72	24	liabilities	liability	NOUN
fbem-7146	72	25	.	.	PUNCT
fbem-7146	73	1	(	(	PUNCT
fbem-7146	73	2	4	4	X
fbem-7146	73	3	)	)	PUNCT
fbem-7146	73	4	setting	setting	NOUN
fbem-7146	73	5	of	of	ADP
fbem-7146	73	6	risk	risk	NOUN
fbem-7146	73	7	-	-	PUNCT
fbem-7146	73	8	free	free	ADJ
fbem-7146	73	9	interest	interest	NOUN
fbem-7146	73	10	rate	rate	NOUN
fbem-7146	73	11	r	r	NOUN
fbem-7146	73	12	and	and	CCONJ
fbem-7146	73	13	calculation	calculation	NOUN
fbem-7146	73	14	period	period	NOUN
fbem-7146	73	15	t	t	PROPN
fbem-7146	73	16	the	the	DET
fbem-7146	73	17	risk	risk	NOUN
fbem-7146	73	18	-	-	PUNCT
fbem-7146	73	19	free	free	ADJ
fbem-7146	73	20	interest	interest	NOUN
fbem-7146	73	21	rate	rate	NOUN
fbem-7146	73	22	is	be	AUX
fbem-7146	73	23	an	an	DET
fbem-7146	73	24	ideal	ideal	ADJ
fbem-7146	73	25	investment	investment	NOUN
fbem-7146	73	26	return	return	NOUN
fbem-7146	73	27	influenced	influence	VERB
fbem-7146	73	28	by	by	ADP
fbem-7146	73	29	the	the	DET
fbem-7146	73	30	benchmark	benchmark	ADJ
fbem-7146	73	31	interest	interest	NOUN
fbem-7146	73	32	rate	rate	NOUN
fbem-7146	73	33	.	.	PUNCT
fbem-7146	74	1	considering	consider	VERB
fbem-7146	74	2	the	the	DET
fbem-7146	74	3	reality	reality	NOUN
fbem-7146	74	4	of	of	ADP
fbem-7146	74	5	the	the	DET
fbem-7146	74	6	domestic	domestic	ADJ
fbem-7146	74	7	national	national	ADJ
fbem-7146	74	8	debt	debt	NOUN
fbem-7146	74	9	market	market	NOUN
fbem-7146	74	10	with	with	ADP
fbem-7146	74	11	few	few	ADJ
fbem-7146	74	12	types	type	NOUN
fbem-7146	74	13	and	and	CCONJ
fbem-7146	74	14	poor	poor	ADJ
fbem-7146	74	15	liquidity	liquidity	NOUN
fbem-7146	74	16	,	,	PUNCT
fbem-7146	74	17	this	this	DET
fbem-7146	74	18	paper	paper	NOUN
fbem-7146	74	19	takes	take	VERB
fbem-7146	74	20	the	the	DET
fbem-7146	74	21	monthly	monthly	ADJ
fbem-7146	74	22	interest	interest	NOUN
fbem-7146	74	23	rate	rate	NOUN
fbem-7146	74	24	converted	convert	VERB
fbem-7146	74	25	by	by	ADP
fbem-7146	74	26	the	the	DET
fbem-7146	74	27	3	3	NUM
fbem-7146	74	28	-	-	PUNCT
fbem-7146	74	29	month	month	NOUN
fbem-7146	74	30	fixed	fix	VERB
fbem-7146	74	31	deposit	deposit	NOUN
fbem-7146	74	32	interest	interest	NOUN
fbem-7146	74	33	rate	rate	NOUN
fbem-7146	74	34	as	as	ADP
fbem-7146	74	35	the	the	DET
fbem-7146	74	36	risk	risk	NOUN
fbem-7146	74	37	-	-	PUNCT
fbem-7146	74	38	free	free	ADJ
fbem-7146	74	39	interest	interest	NOUN
fbem-7146	74	40	rate	rate	NOUN
fbem-7146	74	41	r	r	NOUN
fbem-7146	74	42	of	of	ADP
fbem-7146	74	43	the	the	DET
fbem-7146	74	44	kmv	kmv	PROPN
fbem-7146	74	45	model	model	NOUN
fbem-7146	74	46	,	,	PUNCT
fbem-7146	74	47	and	and	CCONJ
fbem-7146	74	48	the	the	DET
fbem-7146	74	49	debt	debt	NOUN
fbem-7146	74	50	cycle	cycle	NOUN
fbem-7146	74	51	t	t	PROPN
fbem-7146	74	52	is	be	AUX
fbem-7146	74	53	set	set	VERB
fbem-7146	74	54	as	as	ADP
fbem-7146	74	55	one	one	NUM
fbem-7146	74	56	month	month	NOUN
fbem-7146	74	57	.	.	PUNCT
fbem-7146	75	1	through	through	ADP
fbem-7146	75	2	the	the	DET
fbem-7146	75	3	above	above	ADJ
fbem-7146	75	4	calculation	calculation	NOUN
fbem-7146	75	5	,	,	PUNCT
fbem-7146	75	6	the	the	DET
fbem-7146	75	7	monthly	monthly	ADJ
fbem-7146	75	8	default	default	NOUN
fbem-7146	75	9	distance	distance	NOUN
fbem-7146	75	10	dd	dd	NOUN
fbem-7146	75	11	of	of	ADP
fbem-7146	75	12	the	the	DET
fbem-7146	75	13	12	12	NUM
fbem-7146	75	14	commercial	commercial	ADJ
fbem-7146	75	15	banks	bank	NOUN
fbem-7146	75	16	listed	list	VERB
fbem-7146	75	17	on	on	ADP
fbem-7146	75	18	shanghai	shanghai	PROPN
fbem-7146	75	19	and	and	CCONJ
fbem-7146	75	20	shenzhen	shenzhen	PROPN
fbem-7146	75	21	a	a	PROPN
fbem-7146	75	22	-	-	PUNCT
fbem-7146	75	23	shares	share	NOUN
fbem-7146	75	24	from	from	ADP
fbem-7146	75	25	january	january	PROPN
fbem-7146	75	26	2011	2011	NUM
fbem-7146	75	27	to	to	ADP
fbem-7146	75	28	december	december	PROPN
fbem-7146	75	29	2020	2020	NUM
fbem-7146	75	30	can	can	AUX
fbem-7146	75	31	be	be	AUX
fbem-7146	75	32	obtained	obtain	VERB
fbem-7146	75	33	,	,	PUNCT
fbem-7146	75	34	thus	thus	ADV
fbem-7146	75	35	providing	provide	VERB
fbem-7146	75	36	the	the	DET
fbem-7146	75	37	basis	basis	NOUN
fbem-7146	75	38	for	for	ADP
fbem-7146	75	39	the	the	DET
fbem-7146	75	40	construction	construction	NOUN
fbem-7146	75	41	of	of	ADP
fbem-7146	75	42	the	the	DET
fbem-7146	75	43	bank	bank	NOUN
fbem-7146	75	44	factor	factor	NOUN
fbem-7146	75	45	below	below	ADV
fbem-7146	75	46	.	.	PUNCT
fbem-7146	76	1	2.2	2.2	NUM
fbem-7146	76	2	.	.	PUNCT
fbem-7146	77	1	construction	construction	NOUN
fbem-7146	77	2	of	of	ADP
fbem-7146	77	3	bank	bank	NOUN
fbem-7146	77	4	factor	factor	NOUN
fbem-7146	77	5	in	in	ADP
fbem-7146	77	6	this	this	DET
fbem-7146	77	7	paper	paper	NOUN
fbem-7146	77	8	,	,	PUNCT
fbem-7146	77	9	the	the	DET
fbem-7146	77	10	kmv	kmv	PROPN
fbem-7146	77	11	model	model	NOUN
fbem-7146	77	12	will	will	AUX
fbem-7146	77	13	be	be	AUX
fbem-7146	77	14	used	use	VERB
fbem-7146	77	15	to	to	PART
fbem-7146	77	16	measure	measure	VERB
fbem-7146	77	17	the	the	DET
fbem-7146	77	18	default	default	NOUN
fbem-7146	77	19	distance	distance	NOUN
fbem-7146	77	20	and	and	CCONJ
fbem-7146	77	21	the	the	DET
fbem-7146	77	22	default	default	NOUN
fbem-7146	77	23	distance	distance	NOUN
fbem-7146	77	24	index	index	NOUN
fbem-7146	77	25	will	will	AUX
fbem-7146	77	26	be	be	AUX
fbem-7146	77	27	added	add	VERB
fbem-7146	77	28	into	into	ADP
fbem-7146	77	29	the	the	DET
fbem-7146	77	30	bank	bank	NOUN
fbem-7146	77	31	credit	credit	NOUN
fbem-7146	77	32	risk	risk	NOUN
fbem-7146	77	33	assessment	assessment	NOUN
fbem-7146	77	34	,	,	PUNCT
fbem-7146	77	35	providing	provide	VERB
fbem-7146	77	36	a	a	DET
fbem-7146	77	37	core	core	NOUN
fbem-7146	77	38	index	index	NOUN
fbem-7146	77	39	for	for	ADP
fbem-7146	77	40	the	the	DET
fbem-7146	77	41	construction	construction	NOUN
fbem-7146	77	42	of	of	ADP
fbem-7146	77	43	bank	bank	NOUN
fbem-7146	77	44	factors	factor	NOUN
fbem-7146	77	45	in	in	ADP
fbem-7146	77	46	this	this	DET
fbem-7146	77	47	paper	paper	NOUN
fbem-7146	77	48	.	.	PUNCT
fbem-7146	78	1	according	accord	VERB
fbem-7146	78	2	to	to	ADP
fbem-7146	78	3	the	the	DET
fbem-7146	78	4	definition	definition	NOUN
fbem-7146	78	5	of	of	ADP
fbem-7146	78	6	bank	bank	NOUN
fbem-7146	78	7	factor	factor	NOUN
fbem-7146	78	8	by	by	ADP
fbem-7146	78	9	pereira	pereira	PROPN
fbem-7146	78	10	and	and	CCONJ
fbem-7146	78	11	rua	rua	PROPN
fbem-7146	78	12	,	,	PUNCT
fbem-7146	78	13	the	the	DET
fbem-7146	78	14	weight	weight	NOUN
fbem-7146	78	15	of	of	ADP
fbem-7146	78	16	the	the	DET
fbem-7146	78	17	market	market	NOUN
fbem-7146	78	18	value	value	NOUN
fbem-7146	78	19	of	of	ADP
fbem-7146	78	20	a	a	DET
fbem-7146	78	21	single	single	ADJ
fbem-7146	78	22	bank	bank	NOUN
fbem-7146	78	23	in	in	ADP
fbem-7146	78	24	the	the	DET
fbem-7146	78	25	total	total	ADJ
fbem-7146	78	26	market	market	NOUN
fbem-7146	78	27	value	value	NOUN
fbem-7146	78	28	of	of	ADP
fbem-7146	78	29	all	all	DET
fbem-7146	78	30	the	the	DET
fbem-7146	78	31	banks	bank	NOUN
fbem-7146	78	32	under	under	ADP
fbem-7146	78	33	study	study	NOUN
fbem-7146	78	34	and	and	CCONJ
fbem-7146	78	35	the	the	DET
fbem-7146	78	36	default	default	NOUN
fbem-7146	78	37	distance	distance	NOUN
fbem-7146	78	38	of	of	ADP
fbem-7146	78	39	these	these	DET
fbem-7146	78	40	two	two	NUM
fbem-7146	78	41	variables	variable	NOUN
fbem-7146	78	42	can	can	AUX
fbem-7146	78	43	construct	construct	VERB
fbem-7146	78	44	a	a	DET
fbem-7146	78	45	bank	bank	NOUN
fbem-7146	78	46	factor	factor	NOUN
fbem-7146	78	47	representing	represent	VERB
fbem-7146	78	48	the	the	DET
fbem-7146	78	49	level	level	NOUN
fbem-7146	78	50	of	of	ADP
fbem-7146	78	51	bank	bank	NOUN
fbem-7146	78	52	credit	credit	NOUN
fbem-7146	78	53	risk	risk	NOUN
fbem-7146	78	54	.	.	PUNCT
fbem-7146	79	1	therefore	therefore	ADV
fbem-7146	79	2	,	,	PUNCT
fbem-7146	79	3	the	the	DET
fbem-7146	79	4	mathematical	mathematical	ADJ
fbem-7146	79	5	expression	expression	NOUN
fbem-7146	79	6	of	of	ADP
fbem-7146	79	7	bank	bank	NOUN
fbem-7146	79	8	factor	factor	NOUN
fbem-7146	79	9	is	be	AUX
fbem-7146	79	10	:	:	PUNCT
fbem-7146	79	11	bankt=	bankt=	PROPN
fbem-7146	79	12	∑	∑	PUNCT
fbem-7146	79	13	(	(	PUNCT
fbem-7146	79	14	ddi	ddi	PROPN
fbem-7146	79	15	,	,	PUNCT
fbem-7146	79	16	tωi	tωi	PROPN
fbem-7146	79	17	,	,	PUNCT
fbem-7146	79	18	t	t	PROPN
fbem-7146	79	19	-	-	PUNCT
fbem-7146	79	20	ddi	ddi	PROPN
fbem-7146	79	21	,	,	PUNCT
fbem-7146	79	22	t-1ωi	t-1ωi	PROPN
fbem-7146	79	23	,	,	PUNCT
fbem-7146	79	24	t-1	t-1	PROPN
fbem-7146	79	25	)	)	PUNCT
fbem-7146	80	1	i	i	PRON
fbem-7146	80	2	i=1	i=1	X
fbem-7146	80	3	(	(	PUNCT
fbem-7146	80	4	9	9	NUM
fbem-7146	80	5	)	)	PUNCT
fbem-7146	80	6	where	where	SCONJ
fbem-7146	80	7	,	,	PUNCT
fbem-7146	80	8	ddi	ddi	PROPN
fbem-7146	80	9	,	,	PUNCT
fbem-7146	80	10	t	t	PROPN
fbem-7146	80	11	is	be	AUX
fbem-7146	80	12	the	the	DET
fbem-7146	80	13	default	default	NOUN
fbem-7146	80	14	distance	distance	NOUN
fbem-7146	80	15	of	of	ADP
fbem-7146	80	16	bank	bank	NOUN
fbem-7146	80	17	i	i	PRON
fbem-7146	80	18	at	at	ADP
fbem-7146	80	19	time	time	NOUN
fbem-7146	80	20	t	t	PROPN
fbem-7146	80	21	;	;	PUNCT
fbem-7146	80	22	ωi	ωi	PROPN
fbem-7146	80	23	,	,	PUNCT
fbem-7146	80	24	t	t	PROPN
fbem-7146	80	25	is	be	AUX
fbem-7146	80	26	the	the	DET
fbem-7146	80	27	weight	weight	NOUN
fbem-7146	80	28	of	of	ADP
fbem-7146	80	29	bank	bank	NOUN
fbem-7146	80	30	i	i	PROPN
fbem-7146	80	31	's	's	PART
fbem-7146	80	32	market	market	NOUN
fbem-7146	80	33	value	value	NOUN
fbem-7146	80	34	at	at	ADP
fbem-7146	80	35	time	time	NOUN
fbem-7146	80	36	t	t	PROPN
fbem-7146	80	37	(	(	PUNCT
fbem-7146	80	38	that	that	ADV
fbem-7146	80	39	is	is	ADV
fbem-7146	80	40	,	,	PUNCT
fbem-7146	80	41	the	the	DET
fbem-7146	80	42	weight	weight	NOUN
fbem-7146	80	43	of	of	ADP
fbem-7146	80	44	bank	bank	NOUN
fbem-7146	80	45	i	i	PROPN
fbem-7146	80	46	's	's	PART
fbem-7146	80	47	market	market	NOUN
fbem-7146	80	48	value	value	NOUN
fbem-7146	80	49	at	at	ADP
fbem-7146	80	50	time	time	NOUN
fbem-7146	80	51	t	t	NOUN
fbem-7146	80	52	in	in	ADP
fbem-7146	80	53	the	the	DET
fbem-7146	80	54	total	total	ADJ
fbem-7146	80	55	market	market	NOUN
fbem-7146	80	56	value	value	NOUN
fbem-7146	80	57	of	of	ADP
fbem-7146	80	58	all	all	DET
fbem-7146	80	59	banks	bank	NOUN
fbem-7146	80	60	)	)	PUNCT
fbem-7146	80	61	.	.	PUNCT
fbem-7146	81	1	3	3	X
fbem-7146	81	2	.	.	X
fbem-7146	81	3	research	research	NOUN
fbem-7146	81	4	design	design	PROPN
fbem-7146	81	5	3.1	3.1	NUM
fbem-7146	81	6	.	.	PUNCT
fbem-7146	81	7	sample	sample	NOUN
fbem-7146	81	8	selection	selection	NOUN
fbem-7146	81	9	and	and	CCONJ
fbem-7146	81	10	data	datum	NOUN
fbem-7146	81	11	description	description	NOUN
fbem-7146	81	12	the	the	DET
fbem-7146	81	13	commercial	commercial	ADJ
fbem-7146	81	14	banks	bank	NOUN
fbem-7146	81	15	and	and	CCONJ
fbem-7146	81	16	non	non	ADJ
fbem-7146	81	17	-	-	ADJ
fbem-7146	81	18	financial	financial	ADJ
fbem-7146	81	19	industries	industry	NOUN
fbem-7146	81	20	selected	select	VERB
fbem-7146	81	21	in	in	ADP
fbem-7146	81	22	this	this	DET
fbem-7146	81	23	paper	paper	NOUN
fbem-7146	81	24	are	be	AUX
fbem-7146	81	25	all	all	ADV
fbem-7146	81	26	from	from	ADP
fbem-7146	81	27	the	the	DET
fbem-7146	81	28	domestic	domestic	ADJ
fbem-7146	81	29	shanghai	shanghai	PROPN
fbem-7146	81	30	and	and	CCONJ
fbem-7146	81	31	shenzhen	shenzhen	PROPN
fbem-7146	81	32	a	a	PROPN
fbem-7146	81	33	-	-	PUNCT
fbem-7146	81	34	share	share	NOUN
fbem-7146	81	35	markets	market	NOUN
fbem-7146	81	36	,	,	PUNCT
fbem-7146	81	37	mainly	mainly	ADV
fbem-7146	81	38	from	from	ADP
fbem-7146	81	39	wind	wind	NOUN
fbem-7146	81	40	database	database	NOUN
fbem-7146	81	41	,	,	PUNCT
fbem-7146	81	42	public	public	ADJ
fbem-7146	81	43	annual	annual	ADJ
fbem-7146	81	44	reports	report	NOUN
fbem-7146	81	45	of	of	ADP
fbem-7146	81	46	listed	list	VERB
fbem-7146	81	47	commercial	commercial	ADJ
fbem-7146	81	48	banks	bank	NOUN
fbem-7146	81	49	and	and	CCONJ
fbem-7146	81	50	daily	daily	ADJ
fbem-7146	81	51	trading	trading	NOUN
fbem-7146	81	52	price	price	NOUN
fbem-7146	81	53	information	information	NOUN
fbem-7146	81	54	of	of	ADP
fbem-7146	81	55	shanghai	shanghai	PROPN
fbem-7146	81	56	and	and	CCONJ
fbem-7146	81	57	shenzhen	shenzhen	PROPN
fbem-7146	81	58	stock	stock	PROPN
fbem-7146	81	59	exchanges	exchange	NOUN
fbem-7146	81	60	.	.	PUNCT
fbem-7146	82	1	for	for	ADP
fbem-7146	82	2	bank	bank	NOUN
fbem-7146	82	3	data	datum	NOUN
fbem-7146	82	4	,	,	PUNCT
fbem-7146	82	5	this	this	DET
fbem-7146	82	6	paper	paper	NOUN
fbem-7146	82	7	selects	select	VERB
fbem-7146	82	8	12	12	NUM
fbem-7146	82	9	commercial	commercial	ADJ
fbem-7146	82	10	banks	bank	NOUN
fbem-7146	82	11	listed	list	VERB
fbem-7146	82	12	on	on	ADP
fbem-7146	82	13	shanghai	shanghai	PROPN
fbem-7146	82	14	and	and	CCONJ
fbem-7146	82	15	shenzhen	shenzhen	PROPN
fbem-7146	82	16	a	a	PROPN
fbem-7146	82	17	-	-	PUNCT
fbem-7146	82	18	share	share	NOUN
fbem-7146	82	19	exchanges	exchange	NOUN
fbem-7146	82	20	(	(	PUNCT
fbem-7146	82	21	including	include	VERB
fbem-7146	82	22	china	china	PROPN
fbem-7146	82	23	construction	construction	PROPN
fbem-7146	82	24	bank	bank	PROPN
fbem-7146	82	25	,	,	PUNCT
fbem-7146	82	26	agricultural	agricultural	ADJ
fbem-7146	82	27	bank	bank	PROPN
fbem-7146	82	28	of	of	ADP
fbem-7146	82	29	china	china	PROPN
fbem-7146	82	30	,	,	PUNCT
fbem-7146	82	31	bank	bank	PROPN
fbem-7146	82	32	of	of	ADP
fbem-7146	82	33	china	china	PROPN
fbem-7146	82	34	,	,	PUNCT
fbem-7146	82	35	industrial	industrial	ADJ
fbem-7146	82	36	and	and	CCONJ
fbem-7146	82	37	commercial	commercial	ADJ
fbem-7146	82	38	bank	bank	PROPN
fbem-7146	82	39	of	of	ADP
fbem-7146	82	40	china	china	PROPN
fbem-7146	82	41	,	,	PUNCT
fbem-7146	82	42	bank	bank	PROPN
fbem-7146	82	43	of	of	ADP
fbem-7146	82	44	communications	communication	NOUN
fbem-7146	82	45	,	,	PUNCT
fbem-7146	82	46	china	china	PROPN
fbem-7146	82	47	merchants	merchants	PROPN
fbem-7146	82	48	bank	bank	PROPN
fbem-7146	82	49	,	,	PUNCT
fbem-7146	82	50	minsheng	minsheng	PROPN
fbem-7146	82	51	bank	bank	PROPN
fbem-7146	82	52	,	,	PUNCT
fbem-7146	82	53	huaxia	huaxia	PROPN
fbem-7146	82	54	bank	bank	PROPN
fbem-7146	82	55	,	,	PUNCT
fbem-7146	82	56	citic	citic	PROPN
fbem-7146	82	57	bank	bank	PROPN
fbem-7146	82	58	,	,	PUNCT
fbem-7146	82	59	shanghai	shanghai	PROPN
fbem-7146	82	60	pudong	pudong	PROPN
fbem-7146	82	61	development	development	PROPN
fbem-7146	82	62	bank	bank	PROPN
fbem-7146	82	63	,	,	PUNCT
fbem-7146	82	64	guangfa	guangfa	PROPN
fbem-7146	82	65	securities	securities	PROPN
fbem-7146	82	66	and	and	CCONJ
fbem-7146	82	67	industrial	industrial	ADJ
fbem-7146	82	68	bank	bank	PROPN
fbem-7146	82	69	)	)	PUNCT
fbem-7146	82	70	as	as	ADP
fbem-7146	82	71	research	research	NOUN
fbem-7146	82	72	objects	object	NOUN
fbem-7146	82	73	.	.	PUNCT
fbem-7146	83	1	for	for	ADP
fbem-7146	83	2	the	the	DET
fbem-7146	83	3	non	non	ADJ
fbem-7146	83	4	-	-	ADJ
fbem-7146	83	5	financial	financial	ADJ
fbem-7146	83	6	industry	industry	NOUN
fbem-7146	83	7	,	,	PUNCT
fbem-7146	83	8	a	a	DET
fbem-7146	83	9	total	total	NOUN
fbem-7146	83	10	of	of	ADP
fbem-7146	83	11	2,800	2,800	NUM
fbem-7146	83	12	enterprises	enterprise	NOUN
fbem-7146	83	13	from	from	ADP
fbem-7146	83	14	all	all	DET
fbem-7146	83	15	non	non	ADJ
fbem-7146	83	16	-	-	ADJ
fbem-7146	83	17	financial	financial	ADJ
fbem-7146	83	18	industries	industry	NOUN
fbem-7146	83	19	listed	list	VERB
fbem-7146	83	20	on	on	ADP
fbem-7146	83	21	shanghai	shanghai	PROPN
fbem-7146	83	22	and	and	CCONJ
fbem-7146	83	23	shenzhen	shenzhen	PROPN
fbem-7146	83	24	a	a	PROPN
fbem-7146	83	25	-	-	PUNCT
fbem-7146	83	26	shares	share	NOUN
fbem-7146	83	27	are	be	AUX
fbem-7146	83	28	selected	select	VERB
fbem-7146	83	29	(	(	PUNCT
fbem-7146	83	30	1,700	1,700	NUM
fbem-7146	83	31	in	in	ADP
fbem-7146	83	32	shanghai	shanghai	PROPN
fbem-7146	83	33	stock	stock	PROPN
fbem-7146	83	34	exchange	exchange	PROPN
fbem-7146	83	35	and	and	CCONJ
fbem-7146	83	36	1,100	1,100	NUM
fbem-7146	83	37	in	in	ADP
fbem-7146	83	38	shenzhen	shenzhen	PROPN
fbem-7146	83	39	stock	stock	PROPN
fbem-7146	83	40	exchange	exchange	PROPN
fbem-7146	83	41	)	)	PUNCT
fbem-7146	83	42	.	.	PUNCT
fbem-7146	84	1	the	the	DET
fbem-7146	84	2	book	book	NOUN
fbem-7146	84	3	-	-	PUNCT
fbem-7146	84	4	to	to	ADP
fbem-7146	84	5	-	-	PUNCT
fbem-7146	84	6	market	market	NOUN
fbem-7146	84	7	ratio	ratio	NOUN
fbem-7146	84	8	of	of	ADP
fbem-7146	84	9	financial	financial	ADJ
fbem-7146	84	10	industry	industry	NOUN
fbem-7146	84	11	stocks	stock	NOUN
fbem-7146	84	12	is	be	AUX
fbem-7146	84	13	higher	high	ADJ
fbem-7146	84	14	than	than	ADP
fbem-7146	84	15	that	that	PRON
fbem-7146	84	16	of	of	ADP
fbem-7146	84	17	non	non	ADJ
fbem-7146	84	18	-	-	ADJ
fbem-7146	84	19	financial	financial	ADJ
fbem-7146	84	20	industry	industry	NOUN
fbem-7146	84	21	stocks	stock	NOUN
fbem-7146	84	22	,	,	PUNCT
fbem-7146	84	23	which	which	PRON
fbem-7146	84	24	will	will	AUX
fbem-7146	84	25	have	have	VERB
fbem-7146	84	26	a	a	DET
fbem-7146	84	27	greater	great	ADJ
fbem-7146	84	28	impact	impact	NOUN
fbem-7146	84	29	on	on	ADP
fbem-7146	84	30	the	the	DET
fbem-7146	84	31	investment	investment	NOUN
fbem-7146	84	32	group	group	NOUN
fbem-7146	84	33	.	.	PUNCT
fbem-7146	85	1	therefore	therefore	ADV
fbem-7146	85	2	,	,	PUNCT
fbem-7146	85	3	financial	financial	ADJ
fbem-7146	85	4	stocks	stock	NOUN
fbem-7146	85	5	are	be	AUX
fbem-7146	85	6	excluded	exclude	VERB
fbem-7146	85	7	and	and	CCONJ
fbem-7146	85	8	only	only	ADV
fbem-7146	85	9	2,800	2,800	NUM
fbem-7146	85	10	enterprises	enterprise	NOUN
fbem-7146	85	11	in	in	ADP
fbem-7146	85	12	non	non	ADJ
fbem-7146	85	13	-	-	ADJ
fbem-7146	85	14	financial	financial	ADJ
fbem-7146	85	15	industry	industry	NOUN
fbem-7146	85	16	are	be	AUX
fbem-7146	85	17	studied	study	VERB
fbem-7146	85	18	in	in	ADP
fbem-7146	85	19	this	this	DET
fbem-7146	85	20	paper	paper	NOUN
fbem-7146	85	21	.	.	PUNCT
fbem-7146	86	1	3.2	3.2	NUM
fbem-7146	86	2	.	.	PUNCT
fbem-7146	86	3	model	model	NOUN
fbem-7146	86	4	setup	setup	NOUN
fbem-7146	86	5	in	in	ADP
fbem-7146	86	6	this	this	DET
fbem-7146	86	7	paper	paper	NOUN
fbem-7146	86	8	,	,	PUNCT
fbem-7146	86	9	bank	bank	NOUN
fbem-7146	86	10	factor	factor	NOUN
fbem-7146	86	11	is	be	AUX
fbem-7146	86	12	introduced	introduce	VERB
fbem-7146	86	13	into	into	ADP
fbem-7146	86	14	the	the	DET
fbem-7146	86	15	three	three	NUM
fbem-7146	86	16	-	-	PUNCT
fbem-7146	86	17	factor	factor	NOUN
fbem-7146	86	18	model	model	NOUN
fbem-7146	86	19	to	to	PART
fbem-7146	86	20	construct	construct	VERB
fbem-7146	86	21	the	the	DET
fbem-7146	86	22	four	four	NUM
fbem-7146	86	23	-	-	PUNCT
fbem-7146	86	24	factor	factor	NOUN
fbem-7146	86	25	asset	asset	NOUN
fbem-7146	86	26	pricing	pricing	NOUN
fbem-7146	86	27	model	model	NOUN
fbem-7146	86	28	of	of	ADP
fbem-7146	86	29	nonfinancial	nonfinancial	ADJ
fbem-7146	86	30	industry	industry	NOUN
fbem-7146	86	31	.	.	PUNCT
fbem-7146	87	1	by	by	ADP
fbem-7146	87	2	referring	refer	VERB
fbem-7146	87	3	to	to	ADP
fbem-7146	87	4	the	the	DET
fbem-7146	87	5	research	research	NOUN
fbem-7146	87	6	ideas	idea	NOUN
fbem-7146	87	7	of	of	ADP
fbem-7146	87	8	scholar	scholar	NOUN
fbem-7146	87	9	zhao	zhao	PROPN
fbem-7146	87	10	shengmin	shengmin	NOUN
fbem-7146	87	11	[	[	X
fbem-7146	87	12	18	18	NUM
fbem-7146	87	13	]	]	PUNCT
fbem-7146	87	14	,	,	PUNCT
fbem-7146	87	15	the	the	DET
fbem-7146	87	16	pricing	pricing	NOUN
fbem-7146	87	17	effect	effect	NOUN
fbem-7146	87	18	of	of	ADP
fbem-7146	87	19	bank	bank	NOUN
fbem-7146	87	20	factor	factor	NOUN
fbem-7146	87	21	on	on	ADP
fbem-7146	87	22	assets	asset	NOUN
fbem-7146	87	23	of	of	ADP
fbem-7146	87	24	non	non	ADJ
fbem-7146	87	25	-	-	ADJ
fbem-7146	87	26	financial	financial	ADJ
fbem-7146	87	27	industry	industry	NOUN
fbem-7146	87	28	is	be	AUX
fbem-7146	87	29	tested	test	VERB
fbem-7146	87	30	.	.	PUNCT
fbem-7146	88	1	therefore	therefore	ADV
fbem-7146	88	2	,	,	PUNCT
fbem-7146	88	3	the	the	DET
fbem-7146	88	4	mathematical	mathematical	ADJ
fbem-7146	88	5	expression	expression	NOUN
fbem-7146	88	6	of	of	ADP
fbem-7146	88	7	the	the	DET
fbem-7146	88	8	four	four	NUM
fbem-7146	88	9	-	-	PUNCT
fbem-7146	88	10	factor	factor	NOUN
fbem-7146	88	11	asset	asset	NOUN
fbem-7146	88	12	pricing	pricing	NOUN
fbem-7146	88	13	model	model	NOUN
fbem-7146	88	14	of	of	ADP
fbem-7146	88	15	non	non	ADJ
fbem-7146	88	16	-	-	ADJ
fbem-7146	88	17	financial	financial	ADJ
fbem-7146	88	18	industry	industry	NOUN
fbem-7146	88	19	constructed	construct	VERB
fbem-7146	88	20	in	in	ADP
fbem-7146	88	21	this	this	DET
fbem-7146	88	22	paper	paper	NOUN
fbem-7146	88	23	considering	consider	VERB
fbem-7146	88	24	bank	bank	NOUN
fbem-7146	88	25	factor	factor	NOUN
fbem-7146	88	26	is	be	AUX
fbem-7146	88	27	as	as	SCONJ
fbem-7146	88	28	follows	follow	VERB
fbem-7146	88	29	:	:	PUNCT
fbem-7146	88	30	rit	rit	NOUN
fbem-7146	88	31	-	-	PUNCT
fbem-7146	88	32	rft	rft	NOUN
fbem-7146	88	33	=	=	NOUN
fbem-7146	88	34	αi+βit	αi+βit	NOUN
fbem-7146	88	35	rmt	rmt	NOUN
fbem-7146	88	36	-	-	PUNCT
fbem-7146	88	37	rft	rft	NOUN
fbem-7146	88	38	+	+	NOUN
fbem-7146	88	39	sismbt+hihmlt+bitbankt+εit	sismbt+hihmlt+bitbankt+εit	PROPN
fbem-7146	88	40	(	(	PUNCT
fbem-7146	88	41	10	10	NUM
fbem-7146	88	42	)	)	PUNCT
fbem-7146	88	43	type	type	NOUN
fbem-7146	88	44	,	,	PUNCT
fbem-7146	88	45	(	(	PUNCT
fbem-7146	88	46	rmt	rmt	NOUN
fbem-7146	88	47	-	-	PUNCT
fbem-7146	88	48	rft	rft	NOUN
fbem-7146	88	49	)	)	PUNCT
fbem-7146	88	50	is	be	AUX
fbem-7146	88	51	to	to	PART
fbem-7146	88	52	reflect	reflect	VERB
fbem-7146	88	53	the	the	DET
fbem-7146	88	54	market	market	NOUN
fbem-7146	88	55	risk	risk	NOUN
fbem-7146	88	56	premium	premium	NOUN
fbem-7146	88	57	of	of	ADP
fbem-7146	88	58	the	the	DET
fbem-7146	88	59	market	market	NOUN
fbem-7146	88	60	factor	factor	NOUN
fbem-7146	88	61	;	;	PUNCT
fbem-7146	88	62	smbt	smbt	NOUN
fbem-7146	88	63	represents	represent	VERB
fbem-7146	88	64	the	the	DET
fbem-7146	88	65	size	size	NOUN
fbem-7146	88	66	factor	factor	NOUN
fbem-7146	88	67	of	of	ADP
fbem-7146	88	68	time	time	NOUN
fbem-7146	88	69	t	t	PROPN
fbem-7146	88	70	,	,	PUNCT
fbem-7146	88	71	representing	represent	VERB
fbem-7146	88	72	the	the	DET
fbem-7146	88	73	size	size	NOUN
fbem-7146	88	74	factor	factor	NOUN
fbem-7146	88	75	expressed	express	VERB
fbem-7146	88	76	by	by	ADP
fbem-7146	88	77	the	the	DET
fbem-7146	88	78	company	company	NOUN
fbem-7146	88	79	's	's	PART
fbem-7146	88	80	market	market	NOUN
fbem-7146	88	81	value	value	NOUN
fbem-7146	88	82	(	(	PUNCT
fbem-7146	88	83	size	size	NOUN
fbem-7146	88	84	)	)	PUNCT
fbem-7146	88	85	;	;	PUNCT
fbem-7146	88	86	hmlt	hmlt	PROPN
fbem-7146	88	87	represents	represent	VERB
fbem-7146	88	88	the	the	DET
fbem-7146	88	89	book	book	NOUN
fbem-7146	88	90	-	-	PUNCT
fbem-7146	88	91	to	to	ADP
fbem-7146	88	92	-	-	PUNCT
fbem-7146	88	93	market	market	NOUN
fbem-7146	88	94	ratio	ratio	NOUN
fbem-7146	88	95	(	(	PUNCT
fbem-7146	88	96	b	b	NOUN
fbem-7146	88	97	/	/	SYM
fbem-7146	88	98	m	m	NOUN
fbem-7146	88	99	)	)	PUNCT
fbem-7146	88	100	factor	factor	NOUN
fbem-7146	88	101	of	of	ADP
fbem-7146	88	102	time	time	NOUN
fbem-7146	88	103	t	t	PROPN
fbem-7146	88	104	,	,	PUNCT
fbem-7146	88	105	which	which	PRON
fbem-7146	88	106	represents	represent	VERB
fbem-7146	88	107	the	the	DET
fbem-7146	88	108	value	value	NOUN
fbem-7146	88	109	factor	factor	NOUN
fbem-7146	88	110	expressed	express	VERB
fbem-7146	88	111	by	by	ADP
fbem-7146	88	112	the	the	DET
fbem-7146	88	113	ratio	ratio	NOUN
fbem-7146	88	114	of	of	ADP
fbem-7146	88	115	book	book	NOUN
fbem-7146	88	116	value	value	NOUN
fbem-7146	88	117	to	to	ADP
fbem-7146	88	118	market	market	NOUN
fbem-7146	88	119	value	value	NOUN
fbem-7146	88	120	;	;	PUNCT
fbem-7146	88	121	β	β	X
fbem-7146	88	122	it	it	PRON
fbem-7146	88	123	,	,	PUNCT
fbem-7146	88	124	si	si	PROPN
fbem-7146	88	125	and	and	CCONJ
fbem-7146	88	126	hi	hi	INTJ
fbem-7146	88	127	are	be	AUX
fbem-7146	88	128	the	the	DET
fbem-7146	88	129	risk	risk	NOUN
fbem-7146	88	130	measures	measure	NOUN
fbem-7146	88	131	of	of	ADP
fbem-7146	88	132	each	each	DET
fbem-7146	88	133	factor	factor	NOUN
fbem-7146	88	134	respectively	respectively	ADV
fbem-7146	88	135	;	;	PUNCT
fbem-7146	88	136	αi	αi	NOUN
fbem-7146	88	137	represents	represent	VERB
fbem-7146	88	138	the	the	DET
fbem-7146	88	139	part	part	NOUN
fbem-7146	88	140	not	not	PART
fbem-7146	88	141	explained	explain	VERB
fbem-7146	88	142	by	by	ADP
fbem-7146	88	143	the	the	DET
fbem-7146	88	144	model	model	NOUN
fbem-7146	88	145	;	;	PUNCT
fbem-7146	88	146	εit	εit	VERB
fbem-7146	88	147	represents	represent	VERB
fbem-7146	88	148	the	the	DET
fbem-7146	88	149	residual	residual	ADJ
fbem-7146	88	150	term	term	NOUN
fbem-7146	88	151	.	.	PUNCT
fbem-7146	89	1	3.3	3.3	NUM
fbem-7146	89	2	.	.	PUNCT
fbem-7146	90	1	variable	variable	ADJ
fbem-7146	90	2	construction	construction	NOUN
fbem-7146	90	3	and	and	CCONJ
fbem-7146	90	4	data	datum	NOUN
fbem-7146	90	5	grouping	group	VERB
fbem-7146	90	6	a	a	DET
fbem-7146	90	7	2×3	2×3	NOUN
fbem-7146	90	8	grouping	grouping	NOUN
fbem-7146	90	9	method	method	NOUN
fbem-7146	90	10	was	be	AUX
fbem-7146	90	11	adopted	adopt	VERB
fbem-7146	90	12	to	to	PART
fbem-7146	90	13	construct	construct	VERB
fbem-7146	90	14	the	the	DET
fbem-7146	90	15	impact	impact	NOUN
fbem-7146	90	16	factors	factor	NOUN
fbem-7146	90	17	and	and	CCONJ
fbem-7146	90	18	portfolios	portfolio	NOUN
fbem-7146	90	19	:	:	PUNCT
fbem-7146	90	20	firstly	firstly	ADV
fbem-7146	90	21	,	,	PUNCT
fbem-7146	90	22	all	all	DET
fbem-7146	90	23	stocks	stock	NOUN
fbem-7146	90	24	were	be	AUX
fbem-7146	90	25	divided	divide	VERB
fbem-7146	90	26	into	into	ADP
fbem-7146	90	27	small	small	ADJ
fbem-7146	90	28	group	group	NOUN
fbem-7146	90	29	(	(	PUNCT
fbem-7146	90	30	s	s	NOUN
fbem-7146	90	31	)	)	PUNCT
fbem-7146	90	32	and	and	CCONJ
fbem-7146	90	33	large	large	ADJ
fbem-7146	90	34	group	group	NOUN
fbem-7146	90	35	(	(	PUNCT
fbem-7146	90	36	b	b	NOUN
fbem-7146	90	37	)	)	PUNCT
fbem-7146	90	38	according	accord	VERB
fbem-7146	90	39	to	to	ADP
fbem-7146	90	40	50	50	NUM
fbem-7146	90	41	%	%	NOUN
fbem-7146	90	42	sub	sub	NOUN
fbem-7146	90	43	-	-	NOUN
fbem-7146	90	44	loci	loci	NOUN
fbem-7146	90	45	.	.	PUNCT
fbem-7146	91	1	secondly	secondly	ADV
fbem-7146	91	2	,	,	PUNCT
fbem-7146	91	3	the	the	DET
fbem-7146	91	4	book	book	NOUN
fbem-7146	91	5	-	-	PUNCT
fbem-7146	91	6	to	to	ADP
fbem-7146	91	7	-	-	PUNCT
fbem-7146	91	8	market	market	NOUN
fbem-7146	91	9	ratio	ratio	NOUN
fbem-7146	91	10	of	of	ADP
fbem-7146	91	11	all	all	DET
fbem-7146	91	12	stocks	stock	NOUN
fbem-7146	91	13	was	be	AUX
fbem-7146	91	14	arranged	arrange	VERB
fbem-7146	91	15	from	from	ADP
fbem-7146	91	16	small	small	ADJ
fbem-7146	91	17	to	to	ADP
fbem-7146	91	18	large	large	ADJ
fbem-7146	91	19	and	and	CCONJ
fbem-7146	91	20	divided	divide	VERB
fbem-7146	91	21	into	into	ADP
fbem-7146	91	22	three	three	NUM
fbem-7146	91	23	groups	group	NOUN
fbem-7146	91	24	according	accord	VERB
fbem-7146	91	25	to	to	ADP
fbem-7146	91	26	30	30	NUM
fbem-7146	91	27	%	%	NOUN
fbem-7146	91	28	and	and	CCONJ
fbem-7146	91	29	70	70	NUM
fbem-7146	91	30	%	%	NOUN
fbem-7146	91	31	subpoints	subpoint	NOUN
fbem-7146	91	32	:	:	PUNCT
fbem-7146	91	33	the	the	DET
fbem-7146	91	34	first	first	ADJ
fbem-7146	91	35	30	30	NUM
fbem-7146	91	36	%	%	NOUN
fbem-7146	91	37	was	be	AUX
fbem-7146	91	38	recorded	record	VERB
fbem-7146	91	39	as	as	ADP
fbem-7146	91	40	low	low	ADJ
fbem-7146	91	41	-	-	PUNCT
fbem-7146	91	42	value	value	NOUN
fbem-7146	91	43	group	group	NOUN
fbem-7146	91	44	(	(	PUNCT
fbem-7146	91	45	l	l	NOUN
fbem-7146	91	46	)	)	PUNCT
fbem-7146	91	47	,	,	PUNCT
fbem-7146	91	48	the	the	DET
fbem-7146	91	49	last	last	ADJ
fbem-7146	91	50	30	30	NUM
fbem-7146	91	51	%	%	NOUN
fbem-7146	91	52	as	as	ADP
fbem-7146	91	53	high	high	ADJ
fbem-7146	91	54	-	-	PUNCT
fbem-7146	91	55	value	value	NOUN
fbem-7146	91	56	181	181	NUM
fbem-7146	91	57	group	group	NOUN
fbem-7146	91	58	(	(	PUNCT
fbem-7146	91	59	h	h	NOUN
fbem-7146	91	60	)	)	PUNCT
fbem-7146	91	61	,	,	PUNCT
fbem-7146	91	62	and	and	CCONJ
fbem-7146	91	63	the	the	DET
fbem-7146	91	64	rest	rest	NOUN
fbem-7146	91	65	as	as	ADP
fbem-7146	91	66	medium	medium	ADJ
fbem-7146	91	67	-	-	PUNCT
fbem-7146	91	68	value	value	NOUN
fbem-7146	91	69	group	group	NOUN
fbem-7146	91	70	(	(	PUNCT
fbem-7146	91	71	m	m	NOUN
fbem-7146	91	72	)	)	PUNCT
fbem-7146	91	73	.	.	PUNCT
fbem-7146	92	1	finally	finally	ADV
fbem-7146	92	2	,	,	PUNCT
fbem-7146	92	3	the	the	DET
fbem-7146	92	4	two	two	NUM
fbem-7146	92	5	classification	classification	NOUN
fbem-7146	92	6	indexes	index	NOUN
fbem-7146	92	7	of	of	ADP
fbem-7146	92	8	market	market	NOUN
fbem-7146	92	9	value	value	NOUN
fbem-7146	92	10	and	and	CCONJ
fbem-7146	92	11	book	book	NOUN
fbem-7146	92	12	-	-	PUNCT
fbem-7146	92	13	tomarket	tomarket	NOUN
fbem-7146	92	14	ratio	ratio	NOUN
fbem-7146	92	15	are	be	AUX
fbem-7146	92	16	intercrossed	intercrosse	VERB
fbem-7146	92	17	to	to	PART
fbem-7146	92	18	form	form	VERB
fbem-7146	92	19	six	six	NUM
fbem-7146	92	20	size	size	NOUN
fbem-7146	92	21	-	-	PUNCT
fbem-7146	92	22	value	value	NOUN
fbem-7146	92	23	(	(	PUNCT
fbem-7146	92	24	size	size	NOUN
fbem-7146	92	25	-	-	PUNCT
fbem-7146	92	26	b	b	NOUN
fbem-7146	92	27	/	/	SYM
fbem-7146	92	28	m	m	NOUN
fbem-7146	92	29	)	)	PUNCT
fbem-7146	92	30	stock	stock	NOUN
fbem-7146	92	31	portfolios	portfolio	NOUN
fbem-7146	92	32	including	include	VERB
fbem-7146	92	33	sl	sl	PROPN
fbem-7146	92	34	,	,	PUNCT
fbem-7146	92	35	sm	sm	PROPN
fbem-7146	92	36	,	,	PUNCT
fbem-7146	92	37	sh	sh	PROPN
fbem-7146	92	38	,	,	PUNCT
fbem-7146	92	39	bl	bl	PROPN
fbem-7146	92	40	,	,	PUNCT
fbem-7146	92	41	bm	bm	PROPN
fbem-7146	92	42	and	and	CCONJ
fbem-7146	92	43	bh	bh	PROPN
fbem-7146	92	44	.	.	PUNCT
fbem-7146	93	1	the	the	DET
fbem-7146	93	2	construction	construction	NOUN
fbem-7146	93	3	method	method	NOUN
fbem-7146	93	4	and	and	CCONJ
fbem-7146	93	5	calculation	calculation	NOUN
fbem-7146	93	6	formula	formula	NOUN
fbem-7146	93	7	of	of	ADP
fbem-7146	93	8	the	the	DET
fbem-7146	93	9	four	four	NUM
fbem-7146	93	10	explanatory	explanatory	ADJ
fbem-7146	93	11	variables	variable	NOUN
fbem-7146	93	12	are	be	AUX
fbem-7146	93	13	as	as	SCONJ
fbem-7146	93	14	follows	follow	VERB
fbem-7146	93	15	:	:	PUNCT
fbem-7146	93	16	(	(	PUNCT
fbem-7146	93	17	1	1	X
fbem-7146	93	18	)	)	PUNCT
fbem-7146	93	19	market	market	NOUN
fbem-7146	93	20	factor	factor	NOUN
fbem-7146	93	21	mkt	mkt	PROPN
fbem-7146	93	22	the	the	DET
fbem-7146	93	23	3	3	NUM
fbem-7146	93	24	-	-	PUNCT
fbem-7146	93	25	month	month	NOUN
fbem-7146	93	26	fixed	fix	VERB
fbem-7146	93	27	deposit	deposit	NOUN
fbem-7146	93	28	interest	interest	NOUN
fbem-7146	93	29	rate	rate	NOUN
fbem-7146	93	30	of	of	ADP
fbem-7146	93	31	the	the	DET
fbem-7146	93	32	central	central	ADJ
fbem-7146	93	33	bank	bank	NOUN
fbem-7146	93	34	is	be	AUX
fbem-7146	93	35	converted	convert	VERB
fbem-7146	93	36	into	into	ADP
fbem-7146	93	37	the	the	DET
fbem-7146	93	38	monthly	monthly	ADJ
fbem-7146	93	39	interest	interest	NOUN
fbem-7146	93	40	rate	rate	NOUN
fbem-7146	93	41	as	as	ADP
fbem-7146	93	42	the	the	DET
fbem-7146	93	43	risk	risk	NOUN
fbem-7146	93	44	-	-	PUNCT
fbem-7146	93	45	free	free	ADJ
fbem-7146	93	46	interest	interest	NOUN
fbem-7146	93	47	rate	rate	NOUN
fbem-7146	93	48	r_f	r_f	NUM
fbem-7146	93	49	,	,	PUNCT
fbem-7146	93	50	and	and	CCONJ
fbem-7146	93	51	the	the	DET
fbem-7146	93	52	return	return	NOUN
fbem-7146	93	53	rate	rate	NOUN
fbem-7146	93	54	of	of	ADP
fbem-7146	93	55	shanghai	shanghai	PROPN
fbem-7146	93	56	composite	composite	ADJ
fbem-7146	93	57	index	index	NOUN
fbem-7146	93	58	(	(	PUNCT
fbem-7146	93	59	namely	namely	ADV
fbem-7146	93	60	shanghai	shanghai	PROPN
fbem-7146	93	61	and	and	CCONJ
fbem-7146	93	62	shenzhen	shenzhen	PROPN
fbem-7146	93	63	a	a	PROPN
fbem-7146	93	64	-	-	PUNCT
fbem-7146	93	65	share	share	NOUN
fbem-7146	93	66	index	index	NOUN
fbem-7146	93	67	)	)	PUNCT
fbem-7146	93	68	is	be	AUX
fbem-7146	93	69	used	use	VERB
fbem-7146	93	70	to	to	PART
fbem-7146	93	71	calculate	calculate	VERB
fbem-7146	93	72	the	the	DET
fbem-7146	93	73	market	market	NOUN
fbem-7146	93	74	factor	factor	NOUN
fbem-7146	93	75	in	in	ADP
fbem-7146	93	76	this	this	DET
fbem-7146	93	77	paper	paper	NOUN
fbem-7146	93	78	.	.	PUNCT
fbem-7146	94	1	the	the	DET
fbem-7146	94	2	mathematical	mathematical	ADJ
fbem-7146	94	3	formula	formula	NOUN
fbem-7146	94	4	is	be	AUX
fbem-7146	94	5	as	as	SCONJ
fbem-7146	94	6	follows	follow	VERB
fbem-7146	94	7	:	:	PUNCT
fbem-7146	94	8	market	market	NOUN
fbem-7146	94	9	factor	factor	NOUN
fbem-7146	94	10	mkt=	mkt=	PROPN
fbem-7146	94	11	shanghai	shanghai	PROPN
fbem-7146	94	12	and	and	CCONJ
fbem-7146	94	13	shenzhen	shenzhen	PROPN
fbem-7146	94	14	a	a	PROPN
fbem-7146	94	15	-	-	PUNCT
fbem-7146	94	16	share	share	NOUN
fbem-7146	94	17	index	index	NOUN
fbem-7146	94	18	risk	risk	NOUN
fbem-7146	94	19	-	-	PUNCT
fbem-7146	94	20	free	free	ADJ
fbem-7146	94	21	interest	interest	NOUN
fbem-7146	94	22	rate	rate	NOUN
fbem-7146	94	23	"	"	PUNCT
fbem-7146	94	24	rf	rf	NOUN
fbem-7146	94	25	"	"	PUNCT
fbem-7146	94	26	(	(	PUNCT
fbem-7146	94	27	11	11	NUM
fbem-7146	94	28	)	)	PUNCT
fbem-7146	94	29	(	(	PUNCT
fbem-7146	94	30	2	2	NUM
fbem-7146	94	31	)	)	PUNCT
fbem-7146	94	32	scale	scale	NOUN
fbem-7146	94	33	factor	factor	NOUN
fbem-7146	94	34	smb	smb	NOUN
fbem-7146	94	35	according	accord	VERB
fbem-7146	94	36	to	to	ADP
fbem-7146	94	37	the	the	DET
fbem-7146	94	38	investment	investment	NOUN
fbem-7146	94	39	portfolios	portfolio	NOUN
fbem-7146	94	40	after	after	ADP
fbem-7146	94	41	the	the	DET
fbem-7146	94	42	above	above	ADJ
fbem-7146	94	43	groups	group	NOUN
fbem-7146	94	44	,	,	PUNCT
fbem-7146	94	45	the	the	DET
fbem-7146	94	46	weighted	weight	VERB
fbem-7146	94	47	average	average	ADJ
fbem-7146	94	48	rate	rate	NOUN
fbem-7146	94	49	of	of	ADP
fbem-7146	94	50	return	return	NOUN
fbem-7146	94	51	of	of	ADP
fbem-7146	94	52	(	(	PUNCT
fbem-7146	94	53	sl+sm+sh)/3	sl+sm+sh)/3	X
fbem-7146	94	54	of	of	ADP
fbem-7146	94	55	the	the	DET
fbem-7146	94	56	small	small	ADJ
fbem-7146	94	57	group	group	NOUN
fbem-7146	94	58	is	be	AUX
fbem-7146	94	59	calculated	calculate	VERB
fbem-7146	94	60	first	first	ADV
fbem-7146	94	61	by	by	ADP
fbem-7146	94	62	using	use	VERB
fbem-7146	94	63	the	the	DET
fbem-7146	94	64	idea	idea	NOUN
fbem-7146	94	65	of	of	ADP
fbem-7146	94	66	weighted	weight	VERB
fbem-7146	94	67	average	average	ADJ
fbem-7146	94	68	rate	rate	NOUN
fbem-7146	94	69	of	of	ADP
fbem-7146	94	70	return	return	NOUN
fbem-7146	94	71	,	,	PUNCT
fbem-7146	94	72	and	and	CCONJ
fbem-7146	94	73	then	then	ADV
fbem-7146	94	74	the	the	DET
fbem-7146	94	75	weighted	weighted	ADJ
fbem-7146	94	76	average	average	ADJ
fbem-7146	94	77	rate	rate	NOUN
fbem-7146	94	78	of	of	ADP
fbem-7146	94	79	return	return	NOUN
fbem-7146	94	80	of	of	ADP
fbem-7146	94	81	the	the	DET
fbem-7146	94	82	large	large	ADJ
fbem-7146	94	83	group	group	NOUN
fbem-7146	94	84	is	be	AUX
fbem-7146	94	85	calculated	calculate	VERB
fbem-7146	94	86	by	by	ADP
fbem-7146	94	87	(	(	PUNCT
fbem-7146	94	88	bl+bm+bh)/3	bl+bm+bh)/3	NOUN
fbem-7146	94	89	.	.	PUNCT
fbem-7146	95	1	finally	finally	ADV
fbem-7146	95	2	,	,	PUNCT
fbem-7146	95	3	the	the	DET
fbem-7146	95	4	difference	difference	NOUN
fbem-7146	95	5	between	between	ADP
fbem-7146	95	6	the	the	DET
fbem-7146	95	7	two	two	NUM
fbem-7146	95	8	is	be	AUX
fbem-7146	95	9	calculated	calculate	VERB
fbem-7146	95	10	and	and	CCONJ
fbem-7146	95	11	recorded	record	VERB
fbem-7146	95	12	as	as	ADP
fbem-7146	95	13	the	the	DET
fbem-7146	95	14	size	size	NOUN
fbem-7146	95	15	factor	factor	NOUN
fbem-7146	95	16	smb	smb	PROPN
fbem-7146	95	17	.	.	PUNCT
fbem-7146	96	1	therefore	therefore	ADV
fbem-7146	96	2	,	,	PUNCT
fbem-7146	96	3	the	the	DET
fbem-7146	96	4	formula	formula	NOUN
fbem-7146	96	5	for	for	ADP
fbem-7146	96	6	calculating	calculate	VERB
fbem-7146	96	7	the	the	DET
fbem-7146	96	8	scale	scale	NOUN
fbem-7146	96	9	factor	factor	NOUN
fbem-7146	96	10	smb	smb	NOUN
fbem-7146	96	11	is	be	AUX
fbem-7146	96	12	:	:	PUNCT
fbem-7146	96	13	smb=(sl+sm+sh)/3-(bl+bm+bh)/3	smb=(sl+sm+sh)/3-(bl+bm+bh)/3	NOUN
fbem-7146	96	14	(	(	PUNCT
fbem-7146	96	15	12	12	NUM
fbem-7146	96	16	)	)	PUNCT
fbem-7146	96	17	(	(	PUNCT
fbem-7146	96	18	3	3	X
fbem-7146	96	19	)	)	PUNCT
fbem-7146	96	20	book	book	NOUN
fbem-7146	96	21	-	-	PUNCT
fbem-7146	96	22	to	to	ADP
fbem-7146	96	23	-	-	PUNCT
fbem-7146	96	24	market	market	NOUN
fbem-7146	96	25	factor	factor	NOUN
fbem-7146	96	26	hml	hml	PROPN
fbem-7146	96	27	according	accord	VERB
fbem-7146	96	28	to	to	ADP
fbem-7146	96	29	the	the	DET
fbem-7146	96	30	portfolios	portfolio	NOUN
fbem-7146	96	31	after	after	ADP
fbem-7146	96	32	the	the	DET
fbem-7146	96	33	above	above	ADJ
fbem-7146	96	34	groups	group	NOUN
fbem-7146	96	35	,	,	PUNCT
fbem-7146	96	36	the	the	DET
fbem-7146	96	37	weighted	weight	VERB
fbem-7146	96	38	average	average	ADJ
fbem-7146	96	39	rate	rate	NOUN
fbem-7146	96	40	of	of	ADP
fbem-7146	96	41	return	return	NOUN
fbem-7146	96	42	(	(	PUNCT
fbem-7146	96	43	sh+bh)/2	sh+bh)/2	NOUN
fbem-7146	96	44	of	of	ADP
fbem-7146	96	45	the	the	DET
fbem-7146	96	46	group	group	NOUN
fbem-7146	96	47	with	with	ADP
fbem-7146	96	48	high	high	ADJ
fbem-7146	96	49	book	book	NOUN
fbem-7146	96	50	value	value	NOUN
fbem-7146	96	51	is	be	AUX
fbem-7146	96	52	first	first	ADV
fbem-7146	96	53	calculated	calculate	VERB
fbem-7146	96	54	,	,	PUNCT
fbem-7146	96	55	and	and	CCONJ
fbem-7146	96	56	then	then	ADV
fbem-7146	96	57	the	the	DET
fbem-7146	96	58	weighted	weighted	ADJ
fbem-7146	96	59	average	average	ADJ
fbem-7146	96	60	rate	rate	NOUN
fbem-7146	96	61	of	of	ADP
fbem-7146	96	62	return	return	NOUN
fbem-7146	96	63	(	(	PUNCT
fbem-7146	96	64	sl+bl)/2	sl+bl)/2	NOUN
fbem-7146	96	65	of	of	ADP
fbem-7146	96	66	the	the	DET
fbem-7146	96	67	group	group	NOUN
fbem-7146	96	68	with	with	ADP
fbem-7146	96	69	low	low	ADJ
fbem-7146	96	70	book	book	NOUN
fbem-7146	96	71	value	value	NOUN
fbem-7146	96	72	is	be	AUX
fbem-7146	96	73	calculated	calculate	VERB
fbem-7146	96	74	.	.	PUNCT
fbem-7146	97	1	finally	finally	ADV
fbem-7146	97	2	,	,	PUNCT
fbem-7146	97	3	the	the	DET
fbem-7146	97	4	difference	difference	NOUN
fbem-7146	97	5	between	between	ADP
fbem-7146	97	6	the	the	DET
fbem-7146	97	7	two	two	NUM
fbem-7146	97	8	is	be	AUX
fbem-7146	97	9	calculated	calculate	VERB
fbem-7146	97	10	and	and	CCONJ
fbem-7146	97	11	recorded	record	VERB
fbem-7146	97	12	as	as	ADP
fbem-7146	97	13	the	the	DET
fbem-7146	97	14	value	value	NOUN
fbem-7146	97	15	of	of	ADP
fbem-7146	97	16	the	the	DET
fbem-7146	97	17	book	book	NOUN
fbem-7146	97	18	-	-	PUNCT
fbem-7146	97	19	to	to	ADP
fbem-7146	97	20	-	-	PUNCT
fbem-7146	97	21	market	market	NOUN
fbem-7146	97	22	factor	factor	NOUN
fbem-7146	97	23	hml	hml	PROPN
fbem-7146	97	24	.	.	PUNCT
fbem-7146	98	1	therefore	therefore	ADV
fbem-7146	98	2	,	,	PUNCT
fbem-7146	98	3	the	the	DET
fbem-7146	98	4	calculation	calculation	NOUN
fbem-7146	98	5	formula	formula	NOUN
fbem-7146	98	6	of	of	ADP
fbem-7146	98	7	book	book	NOUN
fbem-7146	98	8	-	-	PUNCT
fbem-7146	98	9	tomarket	tomarket	NOUN
fbem-7146	98	10	ratio	ratio	NOUN
fbem-7146	98	11	factor	factor	NOUN
fbem-7146	98	12	hml	hml	PROPN
fbem-7146	98	13	is	be	AUX
fbem-7146	98	14	as	as	SCONJ
fbem-7146	98	15	follows	follow	VERB
fbem-7146	98	16	:	:	PUNCT
fbem-7146	98	17	hml=(sh+bh)/2-(sl+bl)/2	hml=(sh+bh)/2-(sl+bl)/2	NOUN
fbem-7146	98	18	(	(	PUNCT
fbem-7146	98	19	13	13	NUM
fbem-7146	98	20	)	)	PUNCT
fbem-7146	98	21	(	(	PUNCT
fbem-7146	98	22	4	4	X
fbem-7146	98	23	)	)	PUNCT
fbem-7146	98	24	bank	bank	NOUN
fbem-7146	98	25	factor	factor	NOUN
fbem-7146	98	26	the	the	DET
fbem-7146	98	27	bank	bank	NOUN
fbem-7146	98	28	factor	factor	NOUN
fbem-7146	98	29	is	be	AUX
fbem-7146	98	30	defined	define	VERB
fbem-7146	98	31	in	in	ADP
fbem-7146	98	32	equation	equation	NOUN
fbem-7146	98	33	(	(	PUNCT
fbem-7146	98	34	9	9	NUM
fbem-7146	98	35	)	)	PUNCT
fbem-7146	98	36	,	,	PUNCT
fbem-7146	98	37	which	which	PRON
fbem-7146	98	38	needs	need	VERB
fbem-7146	98	39	to	to	PART
fbem-7146	98	40	select	select	VERB
fbem-7146	98	41	the	the	DET
fbem-7146	98	42	financial	financial	ADJ
fbem-7146	98	43	and	and	CCONJ
fbem-7146	98	44	market	market	NOUN
fbem-7146	98	45	data	datum	NOUN
fbem-7146	98	46	of	of	ADP
fbem-7146	98	47	12	12	NUM
fbem-7146	98	48	listed	list	VERB
fbem-7146	98	49	commercial	commercial	ADJ
fbem-7146	98	50	banks	bank	NOUN
fbem-7146	98	51	.	.	PUNCT
fbem-7146	99	1	taking	take	VERB
fbem-7146	99	2	monthly	monthly	ADV
fbem-7146	99	3	as	as	ADP
fbem-7146	99	4	the	the	DET
fbem-7146	99	5	calculation	calculation	NOUN
fbem-7146	99	6	cycle	cycle	NOUN
fbem-7146	99	7	,	,	PUNCT
fbem-7146	99	8	dd	dd	NOUN
fbem-7146	99	9	of	of	ADP
fbem-7146	99	10	default	default	NOUN
fbem-7146	99	11	distance	distance	NOUN
fbem-7146	99	12	of	of	ADP
fbem-7146	99	13	each	each	DET
fbem-7146	99	14	bank	bank	NOUN
fbem-7146	99	15	is	be	AUX
fbem-7146	99	16	calculated	calculate	VERB
fbem-7146	99	17	first	first	ADV
fbem-7146	99	18	through	through	ADP
fbem-7146	99	19	the	the	DET
fbem-7146	99	20	book	book	NOUN
fbem-7146	99	21	value	value	NOUN
fbem-7146	99	22	of	of	ADP
fbem-7146	99	23	bank	bank	NOUN
fbem-7146	99	24	liabilities	liability	NOUN
fbem-7146	99	25	,	,	PUNCT
fbem-7146	99	26	asset	asset	NOUN
fbem-7146	99	27	value	value	NOUN
fbem-7146	99	28	and	and	CCONJ
fbem-7146	99	29	their	their	PRON
fbem-7146	99	30	volatility	volatility	NOUN
fbem-7146	99	31	according	accord	VERB
fbem-7146	99	32	to	to	ADP
fbem-7146	99	33	the	the	DET
fbem-7146	99	34	kmv	kmv	PROPN
fbem-7146	99	35	model	model	NOUN
fbem-7146	99	36	with	with	ADP
fbem-7146	99	37	modified	modify	VERB
fbem-7146	99	38	parameters	parameter	NOUN
fbem-7146	99	39	,	,	PUNCT
fbem-7146	99	40	and	and	CCONJ
fbem-7146	99	41	the	the	DET
fbem-7146	99	42	volatility	volatility	NOUN
fbem-7146	99	43	of	of	ADP
fbem-7146	99	44	default	default	NOUN
fbem-7146	99	45	distance	distance	NOUN
fbem-7146	99	46	is	be	AUX
fbem-7146	99	47	generated	generate	VERB
fbem-7146	99	48	by	by	ADP
fbem-7146	99	49	weighted	weight	VERB
fbem-7146	99	50	market	market	NOUN
fbem-7146	99	51	value	value	NOUN
fbem-7146	99	52	index	index	NOUN
fbem-7146	99	53	.	.	PUNCT
fbem-7146	100	1	the	the	DET
fbem-7146	100	2	explained	explain	VERB
fbem-7146	100	3	variable	variable	NOUN
fbem-7146	100	4	is	be	AUX
fbem-7146	100	5	the	the	DET
fbem-7146	100	6	monthly	monthly	ADJ
fbem-7146	100	7	excess	excess	ADJ
fbem-7146	100	8	rate	rate	NOUN
fbem-7146	100	9	of	of	ADP
fbem-7146	100	10	return	return	NOUN
fbem-7146	100	11	of	of	ADP
fbem-7146	100	12	the	the	DET
fbem-7146	100	13	portfolio	portfolio	NOUN
fbem-7146	100	14	.	.	PUNCT
fbem-7146	101	1	the	the	DET
fbem-7146	101	2	common	common	ADJ
fbem-7146	101	3	rate	rate	NOUN
fbem-7146	101	4	of	of	ADP
fbem-7146	101	5	return	return	NOUN
fbem-7146	101	6	is	be	AUX
fbem-7146	101	7	used	use	VERB
fbem-7146	101	8	to	to	PART
fbem-7146	101	9	calculate	calculate	VERB
fbem-7146	101	10	the	the	DET
fbem-7146	101	11	market	market	NOUN
fbem-7146	101	12	rate	rate	NOUN
fbem-7146	101	13	of	of	ADP
fbem-7146	101	14	return	return	NOUN
fbem-7146	101	15	rit	rit	NOUN
fbem-7146	101	16	of	of	ADP
fbem-7146	101	17	asset	asset	NOUN
fbem-7146	101	18	i	i	PRON
fbem-7146	101	19	at	at	ADP
fbem-7146	101	20	time	time	NOUN
fbem-7146	101	21	t.	t.	PROPN
fbem-7146	101	22	then	then	ADV
fbem-7146	101	23	,	,	PUNCT
fbem-7146	101	24	the	the	DET
fbem-7146	101	25	mathematical	mathematical	ADJ
fbem-7146	101	26	expression	expression	NOUN
fbem-7146	101	27	is	be	AUX
fbem-7146	101	28	:	:	PUNCT
fbem-7146	101	29	rit=	rit=	PROPN
fbem-7146	101	30	si	si	PROPN
fbem-7146	101	31	,	,	PUNCT
fbem-7146	101	32	t	t	PROPN
fbem-7146	101	33	-	-	PUNCT
fbem-7146	101	34	si	si	NOUN
fbem-7146	101	35	,	,	PUNCT
fbem-7146	101	36	t-1+di	t-1+di	PROPN
fbem-7146	101	37	,	,	PUNCT
fbem-7146	101	38	t	t	PROPN
fbem-7146	101	39	si	si	PROPN
fbem-7146	101	40	,	,	PUNCT
fbem-7146	101	41	t-1	t-1	PROPN
fbem-7146	101	42	(	(	PUNCT
fbem-7146	101	43	14	14	NUM
fbem-7146	101	44	)	)	PUNCT
fbem-7146	101	45	where	where	SCONJ
fbem-7146	101	46	,	,	PUNCT
fbem-7146	101	47	si	si	PROPN
fbem-7146	101	48	,	,	PUNCT
fbem-7146	101	49	t	t	PROPN
fbem-7146	101	50	is	be	AUX
fbem-7146	101	51	the	the	DET
fbem-7146	101	52	daily	daily	ADJ
fbem-7146	101	53	closing	closing	NOUN
fbem-7146	101	54	price	price	NOUN
fbem-7146	101	55	of	of	ADP
fbem-7146	101	56	asset	asset	NOUN
fbem-7146	101	57	i	i	PRON
fbem-7146	101	58	at	at	ADP
fbem-7146	101	59	time	time	NOUN
fbem-7146	101	60	t	t	PROPN
fbem-7146	101	61	;	;	PUNCT
fbem-7146	101	62	in	in	ADP
fbem-7146	101	63	our	our	PRON
fbem-7146	101	64	country	country	NOUN
fbem-7146	101	65	's	's	PART
fbem-7146	101	66	stock	stock	NOUN
fbem-7146	101	67	market	market	NOUN
fbem-7146	101	68	,	,	PUNCT
fbem-7146	101	69	the	the	DET
fbem-7146	101	70	market	market	NOUN
fbem-7146	101	71	yield	yield	NOUN
fbem-7146	101	72	of	of	ADP
fbem-7146	101	73	this	this	DET
fbem-7146	101	74	paper	paper	NOUN
fbem-7146	101	75	does	do	AUX
fbem-7146	101	76	not	not	PART
fbem-7146	101	77	consider	consider	VERB
fbem-7146	101	78	the	the	DET
fbem-7146	101	79	stock	stock	NOUN
fbem-7146	101	80	dividend	dividend	NOUN
fbem-7146	101	81	di	di	PROPN
fbem-7146	101	82	,	,	PUNCT
fbem-7146	101	83	t	t	PROPN
fbem-7146	101	84	from	from	ADP
fbem-7146	101	85	the	the	DET
fbem-7146	101	86	hour	hour	NOUN
fbem-7146	101	87	t-1	t-1	PROPN
fbem-7146	101	88	to	to	ADP
fbem-7146	101	89	the	the	DET
fbem-7146	101	90	hour	hour	NOUN
fbem-7146	101	91	t	t	NOUN
fbem-7146	101	92	because	because	SCONJ
fbem-7146	101	93	the	the	DET
fbem-7146	101	94	rights	right	NOUN
fbem-7146	101	95	issue	issue	NOUN
fbem-7146	101	96	leads	lead	VERB
fbem-7146	101	97	to	to	ADP
fbem-7146	101	98	fewer	few	ADJ
fbem-7146	101	99	issues	issue	NOUN
fbem-7146	101	100	.	.	PUNCT
fbem-7146	102	1	the	the	DET
fbem-7146	102	2	5×5	5×5	NUM
fbem-7146	102	3	grouping	group	VERB
fbem-7146	102	4	method	method	NOUN
fbem-7146	102	5	proposed	propose	VERB
fbem-7146	102	6	by	by	ADP
fbem-7146	102	7	scholars	scholar	NOUN
fbem-7146	102	8	fama	fama	PROPN
fbem-7146	102	9	and	and	CCONJ
fbem-7146	102	10	french	french	NOUN
fbem-7146	102	11	was	be	AUX
fbem-7146	102	12	adopted	adopt	VERB
fbem-7146	102	13	to	to	PART
fbem-7146	102	14	construct	construct	VERB
fbem-7146	102	15	25	25	NUM
fbem-7146	102	16	benchmark	benchmark	NOUN
fbem-7146	102	17	portfolios	portfolio	NOUN
fbem-7146	102	18	,	,	PUNCT
fbem-7146	102	19	and	and	CCONJ
fbem-7146	102	20	the	the	DET
fbem-7146	102	21	market	market	NOUN
fbem-7146	102	22	value	value	NOUN
fbem-7146	102	23	(	(	PUNCT
fbem-7146	102	24	size	size	NOUN
fbem-7146	102	25	)	)	PUNCT
fbem-7146	102	26	and	and	CCONJ
fbem-7146	102	27	book	book	NOUN
fbem-7146	102	28	-	-	PUNCT
fbem-7146	102	29	to	to	ADP
fbem-7146	102	30	-	-	PUNCT
fbem-7146	102	31	market	market	NOUN
fbem-7146	102	32	ratio	ratio	NOUN
fbem-7146	102	33	(	(	PUNCT
fbem-7146	102	34	b	b	X
fbem-7146	102	35	/	/	SYM
fbem-7146	102	36	m	m	VERB
fbem-7146	102	37	)	)	PUNCT
fbem-7146	102	38	were	be	AUX
fbem-7146	102	39	sorted	sort	VERB
fbem-7146	102	40	from	from	ADP
fbem-7146	102	41	small	small	ADJ
fbem-7146	102	42	to	to	ADP
fbem-7146	102	43	large	large	ADJ
fbem-7146	102	44	and	and	CCONJ
fbem-7146	102	45	divided	divide	VERB
fbem-7146	102	46	into	into	ADP
fbem-7146	102	47	five	five	NUM
fbem-7146	102	48	groups	group	NOUN
fbem-7146	102	49	.	.	PUNCT
fbem-7146	103	1	in	in	ADP
fbem-7146	103	2	this	this	DET
fbem-7146	103	3	way	way	NOUN
fbem-7146	103	4	,	,	PUNCT
fbem-7146	103	5	25	25	NUM
fbem-7146	103	6	portfolios	portfolio	NOUN
fbem-7146	103	7	under	under	ADP
fbem-7146	103	8	the	the	DET
fbem-7146	103	9	size	size	NOUN
fbem-7146	103	10	-	-	PUNCT
fbem-7146	103	11	b	b	NOUN
fbem-7146	103	12	/	/	SYM
fbem-7146	103	13	m	m	AUX
fbem-7146	103	14	grouping	grouping	NOUN
fbem-7146	103	15	were	be	AUX
fbem-7146	103	16	divided	divide	VERB
fbem-7146	103	17	into	into	ADP
fbem-7146	103	18	five	five	NUM
fbem-7146	103	19	groups	group	NOUN
fbem-7146	103	20	.	.	PUNCT
fbem-7146	104	1	finally	finally	ADV
fbem-7146	104	2	,	,	PUNCT
fbem-7146	104	3	the	the	DET
fbem-7146	104	4	average	average	ADJ
fbem-7146	104	5	monthly	monthly	ADJ
fbem-7146	104	6	rate	rate	NOUN
fbem-7146	104	7	of	of	ADP
fbem-7146	104	8	return	return	NOUN
fbem-7146	104	9	of	of	ADP
fbem-7146	104	10	each	each	DET
fbem-7146	104	11	group	group	NOUN
fbem-7146	104	12	of	of	ADP
fbem-7146	104	13	stocks	stock	NOUN
fbem-7146	104	14	is	be	AUX
fbem-7146	104	15	taken	take	VERB
fbem-7146	104	16	as	as	ADP
fbem-7146	104	17	the	the	DET
fbem-7146	104	18	rate	rate	NOUN
fbem-7146	104	19	of	of	ADP
fbem-7146	104	20	return	return	NOUN
fbem-7146	104	21	of	of	ADP
fbem-7146	104	22	this	this	DET
fbem-7146	104	23	group	group	NOUN
fbem-7146	104	24	,	,	PUNCT
fbem-7146	104	25	and	and	CCONJ
fbem-7146	104	26	the	the	DET
fbem-7146	104	27	excess	excess	ADJ
fbem-7146	104	28	rate	rate	NOUN
fbem-7146	104	29	of	of	ADP
fbem-7146	104	30	return	return	NOUN
fbem-7146	104	31	can	can	AUX
fbem-7146	104	32	be	be	AUX
fbem-7146	104	33	obtained	obtain	VERB
fbem-7146	104	34	by	by	ADP
fbem-7146	104	35	differentiating	differentiate	VERB
fbem-7146	104	36	with	with	ADP
fbem-7146	104	37	the	the	DET
fbem-7146	104	38	risk	risk	NOUN
fbem-7146	104	39	-	-	PUNCT
fbem-7146	104	40	free	free	ADJ
fbem-7146	104	41	rate	rate	NOUN
fbem-7146	104	42	.	.	PUNCT
fbem-7146	105	1	the	the	DET
fbem-7146	105	2	above	above	ADJ
fbem-7146	105	3	process	process	NOUN
fbem-7146	105	4	is	be	AUX
fbem-7146	105	5	repeated	repeat	VERB
fbem-7146	105	6	to	to	PART
fbem-7146	105	7	solve	solve	VERB
fbem-7146	105	8	all	all	DET
fbem-7146	105	9	the	the	DET
fbem-7146	105	10	explained	explain	VERB
fbem-7146	105	11	variables	variable	NOUN
fbem-7146	105	12	.	.	PUNCT
fbem-7146	106	1	4	4	X
fbem-7146	106	2	.	.	X
fbem-7146	106	3	empirical	empirical	ADJ
fbem-7146	106	4	analysis	analysis	NOUN
fbem-7146	106	5	4.1	4.1	NUM
fbem-7146	106	6	.	.	PUNCT
fbem-7146	107	1	factor	factor	NOUN
fbem-7146	107	2	correlation	correlation	NOUN
fbem-7146	107	3	analysis	analysis	NOUN
fbem-7146	107	4	the	the	DET
fbem-7146	107	5	pearson	pearson	PROPN
fbem-7146	107	6	correlation	correlation	NOUN
fbem-7146	107	7	test	test	NOUN
fbem-7146	107	8	results	result	NOUN
fbem-7146	107	9	of	of	ADP
fbem-7146	107	10	each	each	DET
fbem-7146	107	11	factor	factor	NOUN
fbem-7146	107	12	are	be	AUX
fbem-7146	107	13	shown	show	VERB
fbem-7146	107	14	in	in	ADP
fbem-7146	107	15	table	table	NOUN
fbem-7146	107	16	1	1	NUM
fbem-7146	107	17	:	:	PUNCT
fbem-7146	107	18	table	table	NOUN
fbem-7146	107	19	1	1	NUM
fbem-7146	107	20	.	.	X
fbem-7146	107	21	four	four	NUM
fbem-7146	107	22	-	-	PUNCT
fbem-7146	107	23	factor	factor	NOUN
fbem-7146	107	24	pearson	pearson	NOUN
fbem-7146	107	25	correlation	correlation	NOUN
fbem-7146	107	26	test	test	NOUN
fbem-7146	107	27	results	result	VERB
fbem-7146	107	28	excess	excess	ADJ
fbem-7146	107	29	return	return	NOUN
fbem-7146	107	30	mkt	mkt	PROPN
fbem-7146	107	31	smb	smb	PROPN
fbem-7146	107	32	hml	hml	PROPN
fbem-7146	107	33	bank	bank	PROPN
fbem-7146	107	34	excess	excess	ADJ
fbem-7146	107	35	return	return	NOUN
fbem-7146	107	36	1.00	1.00	NUM
fbem-7146	107	37	mkt	mkt	NOUN
fbem-7146	107	38	0.43	0.43	NUM
fbem-7146	107	39	1.00	1.00	NUM
fbem-7146	107	40	smb	smb	NOUN
fbem-7146	107	41	0.54	0.54	NUM
fbem-7146	107	42	0.21	0.21	NUM
fbem-7146	107	43	1.00	1.00	NUM
fbem-7146	107	44	hml	hml	NOUN
fbem-7146	107	45	0.50	0.50	NUM
fbem-7146	107	46	0.20	0.20	NUM
fbem-7146	107	47	0.39	0.39	NUM
fbem-7146	107	48	1.00	1.00	NUM
fbem-7146	107	49	bank	bank	NOUN
fbem-7146	107	50	0.49	0.49	NUM
fbem-7146	107	51	0.28	0.28	NUM
fbem-7146	107	52	0.33	0.33	NUM
fbem-7146	107	53	0.41	0.41	NUM
fbem-7146	107	54	1.00	1.00	NUM
fbem-7146	107	55	4.2	4.2	NUM
fbem-7146	107	56	.	.	PUNCT
fbem-7146	108	1	multicollinearity	multicollinearity	NOUN
fbem-7146	108	2	test	test	NOUN
fbem-7146	108	3	stata15.0	stata15.0	ADV
fbem-7146	108	4	was	be	AUX
fbem-7146	108	5	used	use	VERB
fbem-7146	108	6	to	to	PART
fbem-7146	108	7	complete	complete	VERB
fbem-7146	108	8	the	the	DET
fbem-7146	108	9	multicollinearity	multicollinearity	NOUN
fbem-7146	108	10	test	test	NOUN
fbem-7146	108	11	,	,	PUNCT
fbem-7146	108	12	and	and	CCONJ
fbem-7146	108	13	the	the	DET
fbem-7146	108	14	results	result	NOUN
fbem-7146	108	15	are	be	AUX
fbem-7146	108	16	shown	show	VERB
fbem-7146	108	17	in	in	ADP
fbem-7146	108	18	table	table	NOUN
fbem-7146	108	19	2	2	NUM
fbem-7146	108	20	:	:	PUNCT
fbem-7146	108	21	table	table	NOUN
fbem-7146	108	22	2	2	NUM
fbem-7146	108	23	.	.	PUNCT
fbem-7146	108	24	multicollinearity	multicollinearity	NOUN
fbem-7146	108	25	test	test	NOUN
fbem-7146	108	26	for	for	ADP
fbem-7146	108	27	four	four	NUM
fbem-7146	108	28	factors	factor	NOUN
fbem-7146	108	29	variable	variable	ADJ
fbem-7146	108	30	vif	vif	NOUN
fbem-7146	108	31	1	1	NUM
fbem-7146	108	32	/	/	SYM
fbem-7146	108	33	vif	vif	PROPN
fbem-7146	108	34	mkt	mkt	PROPN
fbem-7146	108	35	1.45	1.45	NUM
fbem-7146	108	36	0.6897	0.6897	NUM
fbem-7146	108	37	smb	smb	NOUN
fbem-7146	108	38	1.67	1.67	NUM
fbem-7146	108	39	0.5988	0.5988	NUM
fbem-7146	108	40	hml	hml	PROPN
fbem-7146	108	41	2.24	2.24	NUM
fbem-7146	108	42	0.4464	0.4464	NUM
fbem-7146	108	43	bank	bank	NOUN
fbem-7146	108	44	1.89	1.89	NUM
fbem-7146	109	1	0.5291	0.5291	NUM
fbem-7146	109	2	mean	mean	NOUN
fbem-7146	109	3	vif	vif	NOUN
fbem-7146	109	4	1.81	1.81	NUM
fbem-7146	109	5	in	in	ADP
fbem-7146	109	6	table	table	NOUN
fbem-7146	109	7	2	2	NUM
fbem-7146	109	8	,	,	PUNCT
fbem-7146	109	9	the	the	DET
fbem-7146	109	10	vif	vif	NOUN
fbem-7146	109	11	value	value	NOUN
fbem-7146	109	12	of	of	ADP
fbem-7146	109	13	each	each	DET
fbem-7146	109	14	factor	factor	NOUN
fbem-7146	109	15	is	be	AUX
fbem-7146	109	16	between	between	ADP
fbem-7146	109	17	1.45	1.45	NUM
fbem-7146	109	18	and	and	CCONJ
fbem-7146	109	19	2.24	2.24	NUM
fbem-7146	109	20	,	,	PUNCT
fbem-7146	109	21	and	and	CCONJ
fbem-7146	109	22	the	the	DET
fbem-7146	109	23	average	average	ADJ
fbem-7146	109	24	vif	vif	NOUN
fbem-7146	109	25	value	value	NOUN
fbem-7146	109	26	is	be	AUX
fbem-7146	109	27	1.81	1.81	NUM
fbem-7146	109	28	.	.	PUNCT
fbem-7146	110	1	therefore	therefore	ADV
fbem-7146	110	2	,	,	PUNCT
fbem-7146	110	3	the	the	DET
fbem-7146	110	4	degree	degree	NOUN
fbem-7146	110	5	of	of	ADP
fbem-7146	110	6	multicollinearity	multicollinearity	NOUN
fbem-7146	110	7	among	among	ADP
fbem-7146	110	8	the	the	DET
fbem-7146	110	9	four	four	NUM
fbem-7146	110	10	factors	factor	NOUN
fbem-7146	110	11	is	be	AUX
fbem-7146	110	12	low	low	ADJ
fbem-7146	110	13	,	,	PUNCT
fbem-7146	110	14	which	which	PRON
fbem-7146	110	15	can	can	AUX
fbem-7146	110	16	theoretically	theoretically	ADV
fbem-7146	110	17	avoid	avoid	VERB
fbem-7146	110	18	the	the	DET
fbem-7146	110	19	result	result	NOUN
fbem-7146	110	20	of	of	ADP
fbem-7146	110	21	pseudo	pseudo	NOUN
fbem-7146	110	22	-	-	NOUN
fbem-7146	110	23	regression	regression	NOUN
fbem-7146	110	24	.	.	PUNCT
fbem-7146	111	1	4.3	4.3	NUM
fbem-7146	111	2	.	.	PUNCT
fbem-7146	112	1	regression	regression	NOUN
fbem-7146	112	2	test	test	NOUN
fbem-7146	112	3	and	and	CCONJ
fbem-7146	112	4	analysis	analysis	NOUN
fbem-7146	112	5	regression	regression	NOUN
fbem-7146	112	6	analysis	analysis	NOUN
fbem-7146	112	7	was	be	AUX
fbem-7146	112	8	carried	carry	VERB
fbem-7146	112	9	out	out	ADP
fbem-7146	112	10	on	on	ADP
fbem-7146	112	11	the	the	DET
fbem-7146	112	12	5×5	5×5	NUM
fbem-7146	112	13	portfolio	portfolio	NOUN
fbem-7146	112	14	under	under	ADP
fbem-7146	112	15	the	the	DET
fbem-7146	112	16	size	size	NOUN
fbem-7146	112	17	-	-	PUNCT
fbem-7146	112	18	b	b	NOUN
fbem-7146	112	19	/	/	SYM
fbem-7146	112	20	m	m	PROPN
fbem-7146	112	21	grouping	grouping	NOUN
fbem-7146	112	22	,	,	PUNCT
fbem-7146	112	23	and	and	CCONJ
fbem-7146	112	24	the	the	DET
fbem-7146	112	25	test	test	NOUN
fbem-7146	112	26	results	result	NOUN
fbem-7146	112	27	were	be	AUX
fbem-7146	112	28	shown	show	VERB
fbem-7146	112	29	182	182	NUM
fbem-7146	112	30	in	in	ADP
fbem-7146	112	31	table	table	NOUN
fbem-7146	112	32	3	3	NUM
fbem-7146	112	33	:	:	PUNCT
fbem-7146	112	34	table	table	NOUN
fbem-7146	112	35	3	3	NUM
fbem-7146	112	36	.	.	X
fbem-7146	112	37	four	four	NUM
fbem-7146	112	38	-	-	PUNCT
fbem-7146	112	39	factor	factor	NOUN
fbem-7146	112	40	regression	regression	NOUN
fbem-7146	112	41	test	test	NOUN
fbem-7146	112	42	results	result	VERB
fbem-7146	112	43	book	book	NOUN
fbem-7146	112	44	-	-	PUNCT
fbem-7146	112	45	to	to	ADP
fbem-7146	112	46	-	-	PUNCT
fbem-7146	112	47	marke	marke	NOUN
fbem-7146	112	48	(	(	PUNCT
fbem-7146	112	49	b	b	NOUN
fbem-7146	112	50	/	/	SYM
fbem-7146	112	51	m	m	NOUN
fbem-7146	112	52	)	)	PUNCT
fbem-7146	112	53	size	size	NOUN
fbem-7146	112	54	low	low	ADJ
fbem-7146	112	55	1	1	NUM
fbem-7146	112	56	2	2	NUM
fbem-7146	112	57	3	3	NUM
fbem-7146	112	58	4	4	NUM
fbem-7146	112	59	high	high	ADJ
fbem-7146	112	60	5	5	NUM
fbem-7146	112	61	α（intercept	α（intercept	NOUN
fbem-7146	112	62	）	）	NOUN
fbem-7146	112	63	small	small	ADJ
fbem-7146	112	64	1	1	NUM
fbem-7146	112	65	1.1051	1.1051	NUM
fbem-7146	112	66	*	*	NUM
fbem-7146	112	67	1.1689	1.1689	NUM
fbem-7146	112	68	*	*	PUNCT
fbem-7146	112	69	*	*	NOUN
fbem-7146	113	1	1.2194	1.2194	NUM
fbem-7146	113	2	*	*	PUNCT
fbem-7146	113	3	*	*	PUNCT
fbem-7146	113	4	1.3181	1.3181	NUM
fbem-7146	113	5	*	*	PUNCT
fbem-7146	113	6	*	*	PUNCT
fbem-7146	113	7	1.0102	1.0102	NUM
fbem-7146	113	8	*	*	SYM
fbem-7146	113	9	2	2	NUM
fbem-7146	113	10	0.2901	0.2901	NUM
fbem-7146	113	11	0.6681	0.6681	NUM
fbem-7146	113	12	0.7110	0.7110	NUM
fbem-7146	113	13	0.6926	0.6926	NUM
fbem-7146	113	14	0.6709	0.6709	NUM
fbem-7146	113	15	3	3	NUM
fbem-7146	113	16	0.0866	0.0866	NUM
fbem-7146	113	17	0.3721	0.3721	NUM
fbem-7146	113	18	0.3441	0.3441	NUM
fbem-7146	113	19	0.3070	0.3070	NUM
fbem-7146	113	20	0.2553	0.2553	NUM
fbem-7146	113	21	4	4	NUM
fbem-7146	113	22	-0.3832	-0.3832	NOUN
fbem-7146	113	23	0.3480	0.3480	NUM
fbem-7146	113	24	0.1444	0.1444	NUM
fbem-7146	113	25	0.0177	0.0177	NUM
fbem-7146	113	26	-0.2554	-0.2554	NOUN
fbem-7146	113	27	big	big	ADJ
fbem-7146	113	28	5	5	NUM
fbem-7146	113	29	-0.4159	-0.4159	ADP
fbem-7146	113	30	*	*	NUM
fbem-7146	113	31	0.0534	0.0534	NUM
fbem-7146	113	32	0.1701	0.1701	NUM
fbem-7146	113	33	-0.0471	-0.0471	NOUN
fbem-7146	113	34	-0.0447	-0.0447	NOUN
fbem-7146	113	35	β（mkt	β（mkt	PUNCT
fbem-7146	114	1	coefficient	coefficient	NOUN
fbem-7146	114	2	）	）	PUNCT
fbem-7146	114	3	small	small	ADJ
fbem-7146	114	4	1	1	NUM
fbem-7146	114	5	1.2791	1.2791	NUM
fbem-7146	114	6	*	*	PUNCT
fbem-7146	114	7	*	*	PUNCT
fbem-7146	114	8	*	*	PUNCT
fbem-7146	114	9	1.2433	1.2433	NUM
fbem-7146	114	10	*	*	PUNCT
fbem-7146	114	11	*	*	PUNCT
fbem-7146	114	12	*	*	PUNCT
fbem-7146	115	1	1.1840	1.1840	NUM
fbem-7146	115	2	*	*	PUNCT
fbem-7146	115	3	*	*	PUNCT
fbem-7146	115	4	*	*	PUNCT
fbem-7146	115	5	1.2093	1.2093	NUM
fbem-7146	115	6	*	*	PUNCT
fbem-7146	115	7	*	*	PUNCT
fbem-7146	115	8	*	*	PUNCT
fbem-7146	116	1	1.2065	1.2065	NUM
fbem-7146	116	2	*	*	PUNCT
fbem-7146	116	3	*	*	PUNCT
fbem-7146	116	4	*	*	PUNCT
fbem-7146	116	5	2	2	NUM
fbem-7146	116	6	1.2201	1.2201	NUM
fbem-7146	116	7	*	*	PUNCT
fbem-7146	116	8	*	*	PUNCT
fbem-7146	116	9	*	*	PUNCT
fbem-7146	116	10	1.2019	1.2019	NUM
fbem-7146	116	11	*	*	PUNCT
fbem-7146	116	12	*	*	PUNCT
fbem-7146	116	13	*	*	PUNCT
fbem-7146	116	14	1.2124	1.2124	NUM
fbem-7146	116	15	*	*	PUNCT
fbem-7146	116	16	*	*	PUNCT
fbem-7146	116	17	*	*	PUNCT
fbem-7146	116	18	1.1884	1.1884	NUM
fbem-7146	116	19	*	*	PUNCT
fbem-7146	116	20	*	*	PUNCT
fbem-7146	116	21	*	*	PUNCT
fbem-7146	116	22	1.2491	1.2491	NUM
fbem-7146	116	23	*	*	PUNCT
fbem-7146	116	24	*	*	PUNCT
fbem-7146	116	25	*	*	PUNCT
fbem-7146	116	26	3	3	NUM
fbem-7146	116	27	1.2174	1.2174	NUM
fbem-7146	116	28	*	*	PUNCT
fbem-7146	116	29	*	*	PUNCT
fbem-7146	116	30	*	*	PUNCT
fbem-7146	116	31	1.1923	1.1923	NUM
fbem-7146	116	32	*	*	PUNCT
fbem-7146	116	33	*	*	PUNCT
fbem-7146	116	34	*	*	PUNCT
fbem-7146	116	35	1.1657	1.1657	NUM
fbem-7146	116	36	*	*	PUNCT
fbem-7146	116	37	*	*	PUNCT
fbem-7146	116	38	*	*	PUNCT
fbem-7146	116	39	1.1906	1.1906	NUM
fbem-7146	116	40	*	*	PUNCT
fbem-7146	116	41	*	*	PUNCT
fbem-7146	116	42	*	*	PUNCT
fbem-7146	116	43	1.2238	1.2238	NUM
fbem-7146	116	44	*	*	NOUN
fbem-7146	116	45	*	*	PUNCT
fbem-7146	116	46	*	*	PUNCT
fbem-7146	116	47	4	4	NUM
fbem-7146	116	48	1.1632	1.1632	NUM
fbem-7146	116	49	*	*	PUNCT
fbem-7146	116	50	*	*	PUNCT
fbem-7146	116	51	*	*	PUNCT
fbem-7146	116	52	1.1504	1.1504	NUM
fbem-7146	116	53	*	*	PUNCT
fbem-7146	116	54	*	*	PUNCT
fbem-7146	116	55	*	*	PUNCT
fbem-7146	116	56	1.1291	1.1291	NUM
fbem-7146	116	57	*	*	PUNCT
fbem-7146	116	58	*	*	PUNCT
fbem-7146	116	59	*	*	PUNCT
fbem-7146	116	60	1.1600	1.1600	NUM
fbem-7146	116	61	*	*	PUNCT
fbem-7146	116	62	*	*	PUNCT
fbem-7146	116	63	*	*	X
fbem-7146	116	64	1.2619	1.2619	NUM
fbem-7146	116	65	*	*	PUNCT
fbem-7146	116	66	*	*	PUNCT
fbem-7146	116	67	*	*	PUNCT
fbem-7146	116	68	big	big	ADJ
fbem-7146	116	69	5	5	NUM
fbem-7146	116	70	0.9310	0.9310	NUM
fbem-7146	116	71	*	*	PUNCT
fbem-7146	116	72	*	*	PUNCT
fbem-7146	116	73	*	*	PUNCT
fbem-7146	116	74	0.8831	0.8831	PUNCT
fbem-7146	116	75	*	*	PUNCT
fbem-7146	116	76	*	*	PUNCT
fbem-7146	116	77	*	*	PUNCT
fbem-7146	116	78	1.0584	1.0584	NUM
fbem-7146	116	79	*	*	PUNCT
fbem-7146	116	80	*	*	PUNCT
fbem-7146	116	81	*	*	PUNCT
fbem-7146	116	82	0.9457	0.9457	NUM
fbem-7146	116	83	*	*	PUNCT
fbem-7146	116	84	*	*	PUNCT
fbem-7146	116	85	*	*	PUNCT
fbem-7146	116	86	1.1459	1.1459	NUM
fbem-7146	116	87	*	*	PUNCT
fbem-7146	116	88	*	*	PUNCT
fbem-7146	116	89	*	*	NOUN
fbem-7146	116	90	s（smb	s（smb	PUNCT
fbem-7146	116	91	coefficient	coefficient	PROPN
fbem-7146	116	92	）	）	PROPN
fbem-7146	116	93	small	small	ADJ
fbem-7146	116	94	1	1	NUM
fbem-7146	116	95	1.3287	1.3287	NUM
fbem-7146	116	96	*	*	PUNCT
fbem-7146	116	97	*	*	PUNCT
fbem-7146	116	98	*	*	PUNCT
fbem-7146	116	99	1.3164	1.3164	NUM
fbem-7146	116	100	*	*	PUNCT
fbem-7146	116	101	*	*	PUNCT
fbem-7146	116	102	*	*	PUNCT
fbem-7146	116	103	1.3407	1.3407	NUM
fbem-7146	116	104	*	*	PUNCT
fbem-7146	116	105	*	*	PUNCT
fbem-7146	116	106	*	*	PUNCT
fbem-7146	116	107	1.2986	1.2986	NUM
fbem-7146	116	108	*	*	PUNCT
fbem-7146	116	109	*	*	PUNCT
fbem-7146	116	110	*	*	PUNCT
fbem-7146	116	111	1.0475	1.0475	NUM
fbem-7146	116	112	*	*	PUNCT
fbem-7146	116	113	*	*	PUNCT
fbem-7146	116	114	*	*	PUNCT
fbem-7146	116	115	2	2	NUM
fbem-7146	116	116	1.0052	1.0052	NUM
fbem-7146	116	117	*	*	PUNCT
fbem-7146	116	118	*	*	PUNCT
fbem-7146	116	119	*	*	PUNCT
fbem-7146	116	120	0.9014	0.9014	NUM
fbem-7146	116	121	*	*	PUNCT
fbem-7146	116	122	*	*	PUNCT
fbem-7146	116	123	*	*	PUNCT
fbem-7146	116	124	1.0821	1.0821	NUM
fbem-7146	116	125	*	*	PUNCT
fbem-7146	116	126	*	*	PUNCT
fbem-7146	116	127	*	*	PUNCT
fbem-7146	116	128	1.0715	1.0715	NUM
fbem-7146	116	129	*	*	PUNCT
fbem-7146	116	130	*	*	PUNCT
fbem-7146	116	131	*	*	X
fbem-7146	116	132	1.0224	1.0224	NUM
fbem-7146	116	133	*	*	PUNCT
fbem-7146	116	134	*	*	PUNCT
fbem-7146	116	135	*	*	PUNCT
fbem-7146	116	136	3	3	NUM
fbem-7146	116	137	0.7431	0.7431	NUM
fbem-7146	116	138	*	*	PUNCT
fbem-7146	116	139	*	*	PUNCT
fbem-7146	116	140	*	*	PUNCT
fbem-7146	116	141	0.7939	0.7939	NUM
fbem-7146	116	142	*	*	PUNCT
fbem-7146	116	143	*	*	PUNCT
fbem-7146	116	144	*	*	PUNCT
fbem-7146	116	145	0.8963	0.8963	PUNCT
fbem-7146	116	146	*	*	PUNCT
fbem-7146	116	147	*	*	PUNCT
fbem-7146	116	148	*	*	PUNCT
fbem-7146	116	149	0.9336	0.9336	NUM
fbem-7146	116	150	*	*	PUNCT
fbem-7146	116	151	*	*	PUNCT
fbem-7146	116	152	*	*	PUNCT
fbem-7146	116	153	0.6866	0.6866	PUNCT
fbem-7146	116	154	*	*	PUNCT
fbem-7146	116	155	*	*	PUNCT
fbem-7146	116	156	*	*	PUNCT
fbem-7146	116	157	4	4	NUM
fbem-7146	116	158	0.4940	0.4940	NUM
fbem-7146	116	159	*	*	PUNCT
fbem-7146	116	160	*	*	PUNCT
fbem-7146	116	161	*	*	PUNCT
fbem-7146	116	162	0.5758	0.5758	NUM
fbem-7146	116	163	*	*	PUNCT
fbem-7146	116	164	*	*	PUNCT
fbem-7146	116	165	*	*	PUNCT
fbem-7146	116	166	0.6030	0.6030	NUM
fbem-7146	116	167	*	*	PUNCT
fbem-7146	116	168	*	*	PUNCT
fbem-7146	116	169	*	*	PUNCT
fbem-7146	116	170	0.5863	0.5863	X
fbem-7146	116	171	*	*	PUNCT
fbem-7146	116	172	*	*	PUNCT
fbem-7146	116	173	*	*	X
fbem-7146	116	174	0.4829	0.4829	PUNCT
fbem-7146	116	175	*	*	PUNCT
fbem-7146	116	176	*	*	PUNCT
fbem-7146	116	177	*	*	PUNCT
fbem-7146	116	178	big	big	ADJ
fbem-7146	116	179	5	5	NUM
fbem-7146	116	180	-0.3535	-0.3535	NOUN
fbem-7146	116	181	*	*	PUNCT
fbem-7146	116	182	*	*	PUNCT
fbem-7146	116	183	*	*	PUNCT
fbem-7146	116	184	-0.2591	-0.2591	PUNCT
fbem-7146	117	1	*	*	PUNCT
fbem-7146	118	1	*	*	PUNCT
fbem-7146	118	2	*	*	PUNCT
fbem-7146	118	3	-0.1109	-0.1109	VERB
fbem-7146	118	4	0.2224	0.2224	NUM
fbem-7146	118	5	-0.0981	-0.0981	NOUN
fbem-7146	118	6	h（hml	h（hml	ADP
fbem-7146	118	7	coefficient	coefficient	NOUN
fbem-7146	118	8	）	）	PUNCT
fbem-7146	118	9	small	small	ADJ
fbem-7146	118	10	1	1	NUM
fbem-7146	118	11	-0.6679	-0.6679	NOUN
fbem-7146	118	12	*	*	PUNCT
fbem-7146	118	13	*	*	PUNCT
fbem-7146	118	14	*	*	NOUN
fbem-7146	118	15	-0.4361	-0.4361	NOUN
fbem-7146	118	16	*	*	PUNCT
fbem-7146	118	17	*	*	PUNCT
fbem-7146	118	18	*	*	PUNCT
fbem-7146	118	19	-0.3485	-0.3485	ADJ
fbem-7146	119	1	*	*	PUNCT
fbem-7146	119	2	*	*	PUNCT
fbem-7146	120	1	*	*	PUNCT
fbem-7146	120	2	0.3203	0.3203	NUM
fbem-7146	120	3	-0.0540	-0.0540	NUM
fbem-7146	120	4	2	2	NUM
fbem-7146	120	5	-0.7244	-0.7244	NOUN
fbem-7146	120	6	*	*	PROPN
fbem-7146	120	7	*	*	PUNCT
fbem-7146	120	8	*	*	PUNCT
fbem-7146	120	9	-0.5790	-0.5790	NOUN
fbem-7146	120	10	*	*	X
fbem-7146	120	11	*	*	PUNCT
fbem-7146	120	12	-0.3734	-0.3734	NOUN
fbem-7146	120	13	*	*	PUNCT
fbem-7146	120	14	*	*	PUNCT
fbem-7146	120	15	*	*	PUNCT
fbem-7146	120	16	0.3641	0.3641	NUM
fbem-7146	120	17	*	*	PUNCT
fbem-7146	120	18	*	*	PUNCT
fbem-7146	120	19	*	*	PUNCT
fbem-7146	120	20	0.0018	0.0018	NUM
fbem-7146	120	21	3	3	NUM
fbem-7146	120	22	-0.9643	-0.9643	NOUN
fbem-7146	120	23	*	*	PUNCT
fbem-7146	120	24	*	*	NOUN
fbem-7146	120	25	-0.5818	-0.5818	PUNCT
fbem-7146	120	26	*	*	PUNCT
fbem-7146	120	27	*	*	PUNCT
fbem-7146	120	28	-0.4652	-0.4652	PUNCT
fbem-7146	120	29	0.2815	0.2815	NUM
fbem-7146	120	30	*	*	PUNCT
fbem-7146	120	31	*	*	PUNCT
fbem-7146	120	32	*	*	NOUN
fbem-7146	120	33	-0.2523	-0.2523	NOUN
fbem-7146	120	34	4	4	NUM
fbem-7146	120	35	-0.7350	-0.7350	NOUN
fbem-7146	120	36	*	*	PUNCT
fbem-7146	120	37	*	*	PUNCT
fbem-7146	120	38	*	*	PUNCT
fbem-7146	120	39	-0.6627	-0.6627	ADJ
fbem-7146	120	40	*	*	PUNCT
fbem-7146	120	41	*	*	NOUN
fbem-7146	120	42	-0.5016	-0.5016	X
fbem-7146	120	43	*	*	PUNCT
fbem-7146	121	1	*	*	PUNCT
fbem-7146	121	2	*	*	PUNCT
fbem-7146	121	3	0.4181	0.4181	NUM
fbem-7146	121	4	*	*	PUNCT
fbem-7146	121	5	*	*	PUNCT
fbem-7146	121	6	*	*	PUNCT
fbem-7146	121	7	-0.2047	-0.2047	NOUN
fbem-7146	121	8	big	big	ADJ
fbem-7146	121	9	5	5	NUM
fbem-7146	121	10	-0.7248	-0.7248	NOUN
fbem-7146	121	11	*	*	PUNCT
fbem-7146	121	12	*	*	PUNCT
fbem-7146	121	13	*	*	PUNCT
fbem-7146	121	14	-0.6055	-0.6055	ADJ
fbem-7146	121	15	*	*	PUNCT
fbem-7146	121	16	*	*	PUNCT
fbem-7146	121	17	-0.4354	-0.4354	NOUN
fbem-7146	121	18	*	*	X
fbem-7146	121	19	*	*	PUNCT
fbem-7146	122	1	0.3331	0.3331	NUM
fbem-7146	122	2	0.1330	0.1330	NUM
fbem-7146	122	3	*	*	PUNCT
fbem-7146	122	4	*	*	PUNCT
fbem-7146	122	5	*	*	PROPN
fbem-7146	122	6	b（bank	b（bank	ADJ
fbem-7146	122	7	coefficient	coefficient	PROPN
fbem-7146	122	8	）	）	PROPN
fbem-7146	122	9	small	small	ADJ
fbem-7146	122	10	1	1	NUM
fbem-7146	122	11	0.6402	0.6402	NUM
fbem-7146	122	12	*	*	X
fbem-7146	122	13	*	*	X
fbem-7146	122	14	0.6613	0.6613	NUM
fbem-7146	122	15	*	*	PUNCT
fbem-7146	122	16	*	*	PUNCT
fbem-7146	123	1	0.4794	0.4794	NUM
fbem-7146	123	2	*	*	PUNCT
fbem-7146	123	3	0.5565	0.5565	NUM
fbem-7146	123	4	*	*	PUNCT
fbem-7146	123	5	*	*	PUNCT
fbem-7146	123	6	0.7905	0.7905	NUM
fbem-7146	123	7	*	*	PUNCT
fbem-7146	123	8	*	*	PUNCT
fbem-7146	123	9	*	*	PUNCT
fbem-7146	123	10	2	2	NUM
fbem-7146	123	11	0.4975	0.4975	NUM
fbem-7146	123	12	*	*	PUNCT
fbem-7146	123	13	*	*	PUNCT
fbem-7146	123	14	0.5697	0.5697	NUM
fbem-7146	123	15	*	*	PUNCT
fbem-7146	123	16	*	*	NOUN
fbem-7146	123	17	0.4230	0.4230	NUM
fbem-7146	123	18	*	*	NUM
fbem-7146	123	19	0.3927	0.3927	NUM
fbem-7146	123	20	0.5613	0.5613	NUM
fbem-7146	123	21	*	*	PUNCT
fbem-7146	123	22	*	*	NOUN
fbem-7146	123	23	3	3	NUM
fbem-7146	123	24	0.5761	0.5761	NUM
fbem-7146	123	25	*	*	PUNCT
fbem-7146	123	26	*	*	PUNCT
fbem-7146	123	27	0.4074	0.4074	X
fbem-7146	123	28	*	*	PUNCT
fbem-7146	123	29	0.2289	0.2289	NUM
fbem-7146	123	30	0.3702	0.3702	NUM
fbem-7146	123	31	*	*	PUNCT
fbem-7146	124	1	0.4051	0.4051	NUM
fbem-7146	124	2	*	*	X
fbem-7146	124	3	*	*	PUNCT
fbem-7146	124	4	4	4	NUM
fbem-7146	124	5	0.3587	0.3587	NUM
fbem-7146	124	6	*	*	PUNCT
fbem-7146	125	1	0.2983	0.2983	NUM
fbem-7146	125	2	*	*	PUNCT
fbem-7146	125	3	0.2521	0.2521	NUM
fbem-7146	125	4	0.1925	0.1925	NUM
fbem-7146	125	5	0.4180	0.4180	NUM
fbem-7146	125	6	*	*	PUNCT
fbem-7146	125	7	*	*	PUNCT
fbem-7146	125	8	big	big	ADJ
fbem-7146	125	9	5	5	NUM
fbem-7146	125	10	0.1780	0.1780	NUM
fbem-7146	125	11	-0.0089	-0.0089	NOUN
fbem-7146	125	12	0.0177	0.0177	NUM
fbem-7146	125	13	0.0254	0.0254	NUM
fbem-7146	125	14	0.1146	0.1146	NUM
fbem-7146	125	15	according	accord	VERB
fbem-7146	125	16	to	to	ADP
fbem-7146	125	17	the	the	DET
fbem-7146	125	18	above	above	ADJ
fbem-7146	125	19	table	table	NOUN
fbem-7146	125	20	,	,	PUNCT
fbem-7146	125	21	three	three	NUM
fbem-7146	125	22	coefficient	coefficient	NOUN
fbem-7146	125	23	items	item	NOUN
fbem-7146	125	24	of	of	ADP
fbem-7146	125	25	the	the	DET
fbem-7146	125	26	four	four	NUM
fbem-7146	125	27	-	-	PUNCT
fbem-7146	125	28	factor	factor	NOUN
fbem-7146	125	29	model	model	NOUN
fbem-7146	125	30	are	be	AUX
fbem-7146	125	31	significantly	significantly	ADV
fbem-7146	125	32	different	different	ADJ
fbem-7146	125	33	from	from	ADP
fbem-7146	125	34	zero	zero	NUM
fbem-7146	125	35	respectively	respectively	ADV
fbem-7146	125	36	at	at	ADP
fbem-7146	125	37	the	the	DET
fbem-7146	125	38	significance	significance	NOUN
fbem-7146	125	39	level	level	NOUN
fbem-7146	125	40	of	of	ADP
fbem-7146	125	41	10	10	NUM
fbem-7146	125	42	%	%	NOUN
fbem-7146	125	43	and	and	CCONJ
fbem-7146	125	44	5	5	NUM
fbem-7146	125	45	%	%	NOUN
fbem-7146	125	46	.	.	PUNCT
fbem-7146	126	1	in	in	ADP
fbem-7146	126	2	general	general	ADJ
fbem-7146	126	3	,	,	PUNCT
fbem-7146	126	4	the	the	DET
fbem-7146	126	5	four	four	NUM
fbem-7146	126	6	-	-	PUNCT
fbem-7146	126	7	factor	factor	NOUN
fbem-7146	126	8	model	model	NOUN
fbem-7146	126	9	can	can	AUX
fbem-7146	126	10	explain	explain	VERB
fbem-7146	126	11	the	the	DET
fbem-7146	126	12	excess	excess	ADJ
fbem-7146	126	13	return	return	NOUN
fbem-7146	126	14	under	under	ADP
fbem-7146	126	15	the	the	DET
fbem-7146	126	16	size	size	NOUN
fbem-7146	126	17	-	-	PUNCT
fbem-7146	126	18	b	b	NOUN
fbem-7146	126	19	/	/	SYM
fbem-7146	126	20	m	m	PROPN
fbem-7146	126	21	group	group	NOUN
fbem-7146	126	22	.	.	PUNCT
fbem-7146	127	1	the	the	DET
fbem-7146	127	2	regression	regression	NOUN
fbem-7146	127	3	coefficients	coefficient	NOUN
fbem-7146	127	4	of	of	ADP
fbem-7146	127	5	market	market	NOUN
fbem-7146	127	6	factor	factor	NOUN
fbem-7146	127	7	mkt	mkt	PROPN
fbem-7146	127	8	are	be	AUX
fbem-7146	127	9	positively	positively	ADV
fbem-7146	127	10	correlated	correlate	VERB
fbem-7146	127	11	with	with	ADP
fbem-7146	127	12	market	market	NOUN
fbem-7146	127	13	excess	excess	ADJ
fbem-7146	127	14	returns	return	NOUN
fbem-7146	127	15	,	,	PUNCT
fbem-7146	127	16	and	and	CCONJ
fbem-7146	127	17	all	all	DET
fbem-7146	127	18	the	the	DET
fbem-7146	127	19	excess	excess	ADJ
fbem-7146	127	20	returns	return	NOUN
fbem-7146	127	21	of	of	ADP
fbem-7146	127	22	5×5	5×5	NUM
fbem-7146	127	23	portfolios	portfolio	NOUN
fbem-7146	127	24	are	be	AUX
fbem-7146	127	25	significant	significant	ADJ
fbem-7146	127	26	at	at	ADP
fbem-7146	127	27	1	1	NUM
fbem-7146	127	28	%	%	NOUN
fbem-7146	127	29	confidence	confidence	NOUN
fbem-7146	127	30	level	level	NOUN
fbem-7146	127	31	.	.	PUNCT
fbem-7146	128	1	compared	compare	VERB
fbem-7146	128	2	with	with	ADP
fbem-7146	128	3	other	other	ADJ
fbem-7146	128	4	factors	factor	NOUN
fbem-7146	128	5	,	,	PUNCT
fbem-7146	128	6	the	the	DET
fbem-7146	128	7	regression	regression	NOUN
fbem-7146	128	8	coefficients	coefficient	NOUN
fbem-7146	128	9	of	of	ADP
fbem-7146	128	10	market	market	NOUN
fbem-7146	128	11	factor	factor	NOUN
fbem-7146	128	12	mkt	mkt	PROPN
fbem-7146	128	13	are	be	AUX
fbem-7146	128	14	all	all	ADV
fbem-7146	128	15	higher	high	ADJ
fbem-7146	128	16	,	,	PUNCT
fbem-7146	128	17	which	which	PRON
fbem-7146	128	18	proves	prove	VERB
fbem-7146	128	19	that	that	SCONJ
fbem-7146	128	20	market	market	NOUN
fbem-7146	128	21	factor	factor	NOUN
fbem-7146	128	22	has	have	VERB
fbem-7146	128	23	a	a	DET
fbem-7146	128	24	higher	high	ADJ
fbem-7146	128	25	explanatory	explanatory	ADJ
fbem-7146	128	26	power	power	NOUN
fbem-7146	128	27	for	for	ADP
fbem-7146	128	28	the	the	DET
fbem-7146	128	29	excess	excess	ADJ
fbem-7146	128	30	return	return	NOUN
fbem-7146	128	31	of	of	ADP
fbem-7146	128	32	non	non	ADJ
fbem-7146	128	33	-	-	ADJ
fbem-7146	128	34	financial	financial	ADJ
fbem-7146	128	35	industry	industry	NOUN
fbem-7146	128	36	stocks	stock	NOUN
fbem-7146	128	37	.	.	PUNCT
fbem-7146	129	1	the	the	DET
fbem-7146	129	2	regression	regression	NOUN
fbem-7146	129	3	coefficients	coefficient	NOUN
fbem-7146	129	4	of	of	ADP
fbem-7146	129	5	the	the	DET
fbem-7146	129	6	first	first	ADJ
fbem-7146	129	7	four	four	NUM
fbem-7146	129	8	scale	scale	NOUN
fbem-7146	129	9	groups	group	NOUN
fbem-7146	129	10	are	be	AUX
fbem-7146	129	11	all	all	ADV
fbem-7146	129	12	positive	positive	ADJ
fbem-7146	129	13	,	,	PUNCT
fbem-7146	129	14	and	and	CCONJ
fbem-7146	129	15	in	in	ADP
fbem-7146	129	16	the	the	DET
fbem-7146	129	17	same	same	ADJ
fbem-7146	129	18	value	value	NOUN
fbem-7146	129	19	group	group	NOUN
fbem-7146	129	20	,	,	PUNCT
fbem-7146	129	21	the	the	DET
fbem-7146	129	22	smaller	small	ADJ
fbem-7146	129	23	the	the	DET
fbem-7146	129	24	scale	scale	NOUN
fbem-7146	129	25	,	,	PUNCT
fbem-7146	129	26	the	the	PRON
fbem-7146	129	27	larger	large	ADJ
fbem-7146	129	28	the	the	DET
fbem-7146	129	29	regression	regression	NOUN
fbem-7146	129	30	coefficient	coefficient	NOUN
fbem-7146	129	31	of	of	ADP
fbem-7146	129	32	the	the	DET
fbem-7146	129	33	factor	factor	NOUN
fbem-7146	129	34	.	.	PUNCT
fbem-7146	130	1	among	among	ADP
fbem-7146	130	2	the	the	DET
fbem-7146	130	3	regression	regression	NOUN
fbem-7146	130	4	coefficients	coefficient	NOUN
fbem-7146	130	5	of	of	ADP
fbem-7146	130	6	the	the	DET
fbem-7146	130	7	scale	scale	NOUN
fbem-7146	130	8	factor	factor	NOUN
fbem-7146	130	9	,	,	PUNCT
fbem-7146	130	10	22	22	NUM
fbem-7146	130	11	were	be	AUX
fbem-7146	130	12	significantly	significantly	ADV
fbem-7146	130	13	different	different	ADJ
fbem-7146	130	14	from	from	ADP
fbem-7146	130	15	0	0	NUM
fbem-7146	130	16	at	at	ADP
fbem-7146	130	17	the	the	DET
fbem-7146	130	18	significance	significance	NOUN
fbem-7146	130	19	level	level	NOUN
fbem-7146	130	20	of	of	ADP
fbem-7146	130	21	1	1	NUM
fbem-7146	130	22	%	%	NOUN
fbem-7146	130	23	,	,	PUNCT
fbem-7146	130	24	among	among	ADP
fbem-7146	130	25	which	which	PRON
fbem-7146	130	26	,	,	PUNCT
fbem-7146	130	27	the	the	DET
fbem-7146	130	28	regression	regression	NOUN
fbem-7146	130	29	coefficients	coefficient	NOUN
fbem-7146	130	30	of	of	ADP
fbem-7146	130	31	the	the	DET
fbem-7146	130	32	first	first	ADJ
fbem-7146	130	33	four	four	NUM
fbem-7146	130	34	scale	scale	NOUN
fbem-7146	130	35	groups	group	NOUN
fbem-7146	130	36	were	be	AUX
fbem-7146	130	37	all	all	PRON
fbem-7146	130	38	significantly	significantly	ADV
fbem-7146	130	39	different	different	ADJ
fbem-7146	130	40	from	from	ADP
fbem-7146	130	41	0	0	NUM
fbem-7146	130	42	at	at	ADP
fbem-7146	130	43	the	the	DET
fbem-7146	130	44	significance	significance	NOUN
fbem-7146	130	45	level	level	NOUN
fbem-7146	130	46	of	of	ADP
fbem-7146	130	47	1	1	NUM
fbem-7146	130	48	%	%	NOUN
fbem-7146	130	49	.	.	PUNCT
fbem-7146	131	1	as	as	ADP
fbem-7146	131	2	a	a	DET
fbem-7146	131	3	whole	whole	NOUN
fbem-7146	131	4	,	,	PUNCT
fbem-7146	131	5	the	the	DET
fbem-7146	131	6	size	size	NOUN
fbem-7146	131	7	factor	factor	NOUN
fbem-7146	131	8	has	have	VERB
fbem-7146	131	9	a	a	DET
fbem-7146	131	10	more	more	ADV
fbem-7146	131	11	obvious	obvious	ADJ
fbem-7146	131	12	explanatory	explanatory	ADJ
fbem-7146	131	13	effect	effect	NOUN
fbem-7146	131	14	on	on	ADP
fbem-7146	131	15	the	the	DET
fbem-7146	131	16	excess	excess	ADJ
fbem-7146	131	17	return	return	NOUN
fbem-7146	131	18	of	of	ADP
fbem-7146	131	19	nonfinancial	nonfinancial	ADJ
fbem-7146	131	20	industry	industry	NOUN
fbem-7146	131	21	,	,	PUNCT
fbem-7146	131	22	especially	especially	ADV
fbem-7146	131	23	on	on	ADP
fbem-7146	131	24	the	the	DET
fbem-7146	131	25	return	return	NOUN
fbem-7146	131	26	of	of	ADP
fbem-7146	131	27	small	small	ADJ
fbem-7146	131	28	-	-	PUNCT
fbem-7146	131	29	market	market	NOUN
fbem-7146	131	30	stocks	stock	NOUN
fbem-7146	131	31	.	.	PUNCT
fbem-7146	132	1	among	among	ADP
fbem-7146	132	2	the	the	DET
fbem-7146	132	3	regression	regression	NOUN
fbem-7146	132	4	coefficients	coefficient	NOUN
fbem-7146	132	5	of	of	ADP
fbem-7146	132	6	book	book	NOUN
fbem-7146	132	7	-	-	PUNCT
fbem-7146	132	8	to	to	ADP
fbem-7146	132	9	-	-	PUNCT
fbem-7146	132	10	market	market	NOUN
fbem-7146	132	11	ratio	ratio	NOUN
fbem-7146	132	12	factor	factor	NOUN
fbem-7146	132	13	hml	hml	PROPN
fbem-7146	132	14	,	,	PUNCT
fbem-7146	132	15	7	7	NUM
fbem-7146	132	16	regression	regression	NOUN
fbem-7146	132	17	coefficients	coefficient	NOUN
fbem-7146	132	18	are	be	AUX
fbem-7146	132	19	positive	positive	ADJ
fbem-7146	132	20	,	,	PUNCT
fbem-7146	132	21	and	and	CCONJ
fbem-7146	132	22	the	the	DET
fbem-7146	132	23	rest	rest	NOUN
fbem-7146	132	24	are	be	AUX
fbem-7146	132	25	negative	negative	ADJ
fbem-7146	132	26	,	,	PUNCT
fbem-7146	132	27	and	and	CCONJ
fbem-7146	132	28	the	the	DET
fbem-7146	132	29	absolute	absolute	ADJ
fbem-7146	132	30	value	value	NOUN
fbem-7146	132	31	of	of	ADP
fbem-7146	132	32	regression	regression	NOUN
fbem-7146	132	33	coefficients	coefficient	NOUN
fbem-7146	132	34	increases	increase	VERB
fbem-7146	132	35	with	with	ADP
fbem-7146	132	36	the	the	DET
fbem-7146	132	37	decrease	decrease	NOUN
fbem-7146	132	38	of	of	ADP
fbem-7146	132	39	book	book	NOUN
fbem-7146	132	40	-	-	PUNCT
fbem-7146	132	41	to	to	ADP
fbem-7146	132	42	-	-	PUNCT
fbem-7146	132	43	market	market	NOUN
fbem-7146	132	44	ratio	ratio	NOUN
fbem-7146	132	45	,	,	PUNCT
fbem-7146	132	46	indicating	indicate	VERB
fbem-7146	132	47	that	that	SCONJ
fbem-7146	132	48	book	book	NOUN
fbem-7146	132	49	-	-	PUNCT
fbem-7146	132	50	to	to	ADP
fbem-7146	132	51	-	-	PUNCT
fbem-7146	132	52	market	market	NOUN
fbem-7146	132	53	ratio	ratio	NOUN
fbem-7146	132	54	factor	factor	NOUN
fbem-7146	132	55	has	have	VERB
fbem-7146	132	56	a	a	DET
fbem-7146	132	57	better	well	ADJ
fbem-7146	132	58	explanatory	explanatory	ADJ
fbem-7146	132	59	effect	effect	NOUN
fbem-7146	132	60	on	on	ADP
fbem-7146	132	61	the	the	DET
fbem-7146	132	62	excess	excess	ADJ
fbem-7146	132	63	return	return	NOUN
fbem-7146	132	64	of	of	ADP
fbem-7146	132	65	stocks	stock	NOUN
fbem-7146	132	66	in	in	ADP
fbem-7146	132	67	the	the	DET
fbem-7146	132	68	small	small	ADJ
fbem-7146	132	69	book	book	NOUN
fbem-7146	132	70	-	-	PUNCT
fbem-7146	132	71	to	to	ADP
fbem-7146	132	72	-	-	PUNCT
fbem-7146	132	73	market	market	NOUN
fbem-7146	132	74	ratio	ratio	NOUN
fbem-7146	132	75	group	group	NOUN
fbem-7146	132	76	.	.	PUNCT
fbem-7146	133	1	among	among	ADP
fbem-7146	133	2	25	25	NUM
fbem-7146	133	3	regression	regression	NOUN
fbem-7146	133	4	coefficients	coefficient	NOUN
fbem-7146	133	5	,	,	PUNCT
fbem-7146	133	6	12	12	NUM
fbem-7146	133	7	regression	regression	NOUN
fbem-7146	133	8	coefficients	coefficient	NOUN
fbem-7146	133	9	were	be	AUX
fbem-7146	133	10	significant	significant	ADJ
fbem-7146	133	11	at	at	ADP
fbem-7146	133	12	the	the	DET
fbem-7146	133	13	1	1	NUM
fbem-7146	133	14	%	%	NOUN
fbem-7146	133	15	significance	significance	NOUN
fbem-7146	133	16	level	level	NOUN
fbem-7146	133	17	.	.	PUNCT
fbem-7146	134	1	as	as	ADP
fbem-7146	134	2	a	a	DET
fbem-7146	134	3	whole	whole	NOUN
fbem-7146	134	4	,	,	PUNCT
fbem-7146	134	5	the	the	DET
fbem-7146	134	6	book	book	NOUN
fbem-7146	134	7	-	-	PUNCT
fbem-7146	134	8	to	to	ADP
fbem-7146	134	9	-	-	PUNCT
fbem-7146	134	10	market	market	NOUN
fbem-7146	134	11	ratio	ratio	NOUN
fbem-7146	134	12	factor	factor	NOUN
fbem-7146	134	13	plays	play	VERB
fbem-7146	134	14	a	a	DET
fbem-7146	134	15	certain	certain	ADJ
fbem-7146	134	16	role	role	NOUN
fbem-7146	134	17	in	in	ADP
fbem-7146	134	18	explaining	explain	VERB
fbem-7146	134	19	the	the	DET
fbem-7146	134	20	excess	excess	ADJ
fbem-7146	134	21	return	return	NOUN
fbem-7146	134	22	of	of	ADP
fbem-7146	134	23	non	non	ADJ
fbem-7146	134	24	-	-	ADJ
fbem-7146	134	25	financial	financial	ADJ
fbem-7146	134	26	industries	industry	NOUN
fbem-7146	134	27	,	,	PUNCT
fbem-7146	134	28	especially	especially	ADV
fbem-7146	134	29	in	in	ADP
fbem-7146	134	30	explaining	explain	VERB
fbem-7146	134	31	the	the	DET
fbem-7146	134	32	excess	excess	ADJ
fbem-7146	134	33	return	return	NOUN
fbem-7146	134	34	of	of	ADP
fbem-7146	134	35	stocks	stock	NOUN
fbem-7146	134	36	in	in	ADP
fbem-7146	134	37	the	the	DET
fbem-7146	134	38	small	small	ADJ
fbem-7146	134	39	book	book	NOUN
fbem-7146	134	40	-	-	PUNCT
fbem-7146	134	41	to	to	ADP
fbem-7146	134	42	-	-	PUNCT
fbem-7146	134	43	market	market	NOUN
fbem-7146	134	44	ratio	ratio	NOUN
fbem-7146	134	45	group	group	NOUN
fbem-7146	134	46	.	.	PUNCT
fbem-7146	135	1	the	the	DET
fbem-7146	135	2	regression	regression	NOUN
fbem-7146	135	3	coefficient	coefficient	NOUN
fbem-7146	135	4	of	of	ADP
fbem-7146	135	5	the	the	DET
fbem-7146	135	6	bank	bank	NOUN
fbem-7146	135	7	factor	factor	NOUN
fbem-7146	135	8	bank	bank	NOUN
fbem-7146	135	9	changes	change	VERB
fbem-7146	135	10	roughly	roughly	ADV
fbem-7146	135	11	in	in	ADP
fbem-7146	135	12	the	the	DET
fbem-7146	135	13	same	same	ADJ
fbem-7146	135	14	direction	direction	NOUN
fbem-7146	135	15	as	as	ADP
fbem-7146	135	16	the	the	DET
fbem-7146	135	17	market	market	NOUN
fbem-7146	135	18	excess	excess	ADJ
fbem-7146	135	19	return	return	NOUN
fbem-7146	135	20	,	,	PUNCT
fbem-7146	135	21	among	among	ADP
fbem-7146	135	22	which	which	PRON
fbem-7146	135	23	24	24	NUM
fbem-7146	135	24	are	be	AUX
fbem-7146	135	25	positive	positive	ADJ
fbem-7146	135	26	and	and	CCONJ
fbem-7146	135	27	1	1	NUM
fbem-7146	135	28	is	be	AUX
fbem-7146	135	29	negative	negative	ADJ
fbem-7146	135	30	,	,	PUNCT
fbem-7146	135	31	which	which	PRON
fbem-7146	135	32	is	be	AUX
fbem-7146	135	33	basically	basically	ADV
fbem-7146	135	34	the	the	DET
fbem-7146	135	35	same	same	ADJ
fbem-7146	135	36	as	as	ADP
fbem-7146	135	37	the	the	DET
fbem-7146	135	38	conclusion	conclusion	NOUN
fbem-7146	135	39	of	of	ADP
fbem-7146	135	40	pereira	pereira	PROPN
fbem-7146	135	41	,	,	PUNCT
fbem-7146	135	42	namely	namely	ADV
fbem-7146	135	43	:	:	PUNCT
fbem-7146	135	44	the	the	DET
fbem-7146	135	45	bank	bank	NOUN
fbem-7146	135	46	factor	factor	NOUN
fbem-7146	135	47	is	be	AUX
fbem-7146	135	48	positively	positively	ADV
fbem-7146	135	49	correlated	correlate	VERB
fbem-7146	135	50	with	with	ADP
fbem-7146	135	51	the	the	DET
fbem-7146	135	52	volatility	volatility	NOUN
fbem-7146	135	53	of	of	ADP
fbem-7146	135	54	individual	individual	ADJ
fbem-7146	135	55	stocks	stock	NOUN
fbem-7146	135	56	in	in	ADP
fbem-7146	135	57	the	the	DET
fbem-7146	135	58	non	non	ADJ
fbem-7146	135	59	-	-	ADJ
fbem-7146	135	60	financial	financial	ADJ
fbem-7146	135	61	market	market	NOUN
fbem-7146	135	62	.	.	PUNCT
fbem-7146	136	1	it	it	PRON
fbem-7146	136	2	can	can	AUX
fbem-7146	136	3	be	be	AUX
fbem-7146	136	4	seen	see	VERB
fbem-7146	136	5	from	from	ADP
fbem-7146	136	6	the	the	DET
fbem-7146	136	7	significance	significance	NOUN
fbem-7146	136	8	level	level	NOUN
fbem-7146	136	9	that	that	SCONJ
fbem-7146	136	10	most	most	ADJ
fbem-7146	136	11	of	of	ADP
fbem-7146	136	12	these	these	DET
fbem-7146	136	13	significance	significance	NOUN
fbem-7146	136	14	are	be	AUX
fbem-7146	136	15	concentrated	concentrate	VERB
fbem-7146	136	16	in	in	ADP
fbem-7146	136	17	the	the	DET
fbem-7146	136	18	small	small	ADJ
fbem-7146	136	19	group	group	NOUN
fbem-7146	136	20	,	,	PUNCT
fbem-7146	136	21	and	and	CCONJ
fbem-7146	136	22	the	the	DET
fbem-7146	136	23	banking	banking	NOUN
fbem-7146	136	24	factor	factor	NOUN
fbem-7146	136	25	has	have	VERB
fbem-7146	136	26	a	a	DET
fbem-7146	136	27	more	more	ADV
fbem-7146	136	28	significant	significant	ADJ
fbem-7146	136	29	impact	impact	NOUN
fbem-7146	136	30	on	on	ADP
fbem-7146	136	31	the	the	DET
fbem-7146	136	32	excess	excess	ADJ
fbem-7146	136	33	return	return	NOUN
fbem-7146	136	34	of	of	ADP
fbem-7146	136	35	stocks	stock	NOUN
fbem-7146	136	36	in	in	ADP
fbem-7146	136	37	the	the	DET
fbem-7146	136	38	small	small	ADJ
fbem-7146	136	39	group	group	NOUN
fbem-7146	136	40	as	as	ADP
fbem-7146	136	41	a	a	DET
fbem-7146	136	42	whole	whole	NOUN
fbem-7146	136	43	.	.	PUNCT
fbem-7146	137	1	4.4	4.4	NUM
fbem-7146	137	2	.	.	PUNCT
fbem-7146	138	1	pricing	pricing	NOUN
fbem-7146	138	2	efficiency	efficiency	NOUN
fbem-7146	138	3	test	test	NOUN
fbem-7146	138	4	table	table	NOUN
fbem-7146	138	5	4	4	NUM
fbem-7146	138	6	lists	list	NOUN
fbem-7146	138	7	the	the	DET
fbem-7146	138	8	grs	grs	PROPN
fbem-7146	138	9	test	test	NOUN
fbem-7146	138	10	results	result	NOUN
fbem-7146	138	11	:	:	PUNCT
fbem-7146	138	12	183	183	NUM
fbem-7146	138	13	table	table	NOUN
fbem-7146	138	14	4	4	NUM
fbem-7146	138	15	.	.	PUNCT
fbem-7146	138	16	four	four	NUM
fbem-7146	138	17	-	-	PUNCT
fbem-7146	138	18	factor	factor	NOUN
fbem-7146	138	19	grs	grs	PROPN
fbem-7146	138	20	test	test	NOUN
fbem-7146	138	21	results	result	NOUN
fbem-7146	138	22	factor	factor	NOUN
fbem-7146	138	23	of	of	ADP
fbem-7146	138	24	influence	influence	NOUN
fbem-7146	138	25	grs	grs	PROPN
fbem-7146	138	26	statistics	statistic	VERB
fbem-7146	138	27	|𝛼|	|𝛼|	PROPN
fbem-7146	138	28	𝑅	𝑅	PROPN
fbem-7146	138	29	market	market	NOUN
fbem-7146	138	30	21.0519	21.0519	NUM
fbem-7146	138	31	0.0029	0.0029	NUM
fbem-7146	138	32	0.7634	0.7634	NUM
fbem-7146	139	1	market、smb	market、smb	PROPN
fbem-7146	139	2	19.7821	19.7821	NUM
fbem-7146	139	3	0.0015	0.0015	NUM
fbem-7146	139	4	0.7986	0.7986	NUM
fbem-7146	139	5	market、smb、hml	market、smb、hml	ADJ
fbem-7146	139	6	16.1249	16.1249	NUM
fbem-7146	139	7	0.0010	0.0010	NUM
fbem-7146	139	8	0.8104	0.8104	NUM
fbem-7146	139	9	market、smb、hml、bank	market、smb、hml、bank	NOUN
fbem-7146	139	10	10.9614	10.9614	NUM
fbem-7146	139	11	0.0009	0.0009	NUM
fbem-7146	139	12	0.8619	0.8619	NUM
fbem-7146	139	13	as	as	SCONJ
fbem-7146	139	14	can	can	AUX
fbem-7146	139	15	be	be	AUX
fbem-7146	139	16	seen	see	VERB
fbem-7146	139	17	from	from	ADP
fbem-7146	139	18	the	the	DET
fbem-7146	139	19	table	table	NOUN
fbem-7146	139	20	above	above	ADV
fbem-7146	139	21	,	,	PUNCT
fbem-7146	139	22	after	after	ADP
fbem-7146	139	23	the	the	DET
fbem-7146	139	24	addition	addition	NOUN
fbem-7146	139	25	of	of	ADP
fbem-7146	139	26	the	the	DET
fbem-7146	139	27	single	single	ADJ
fbem-7146	139	28	traditional	traditional	ADJ
fbem-7146	139	29	market	market	NOUN
fbem-7146	139	30	factor	factor	NOUN
fbem-7146	139	31	to	to	ADP
fbem-7146	139	32	the	the	DET
fbem-7146	139	33	scale	scale	NOUN
fbem-7146	139	34	factor	factor	NOUN
fbem-7146	139	35	,	,	PUNCT
fbem-7146	139	36	the	the	DET
fbem-7146	139	37	grs	grs	PROPN
fbem-7146	139	38	statistic	statistic	NOUN
fbem-7146	139	39	decreases	decrease	VERB
fbem-7146	139	40	from	from	ADP
fbem-7146	139	41	21.0519	21.0519	NUM
fbem-7146	139	42	to	to	ADP
fbem-7146	139	43	19.7821	19.7821	NUM
fbem-7146	139	44	,	,	PUNCT
fbem-7146	139	45	and	and	CCONJ
fbem-7146	139	46	the	the	DET
fbem-7146	139	47	goodness	goodness	NOUN
fbem-7146	139	48	of	of	ADP
fbem-7146	139	49	fit	fit	NOUN
fbem-7146	139	50	also	also	ADV
fbem-7146	139	51	increases	increase	VERB
fbem-7146	139	52	from	from	ADP
fbem-7146	139	53	0.7634	0.7634	NUM
fbem-7146	139	54	to	to	ADP
fbem-7146	139	55	0.7986	0.7986	NUM
fbem-7146	139	56	.	.	PUNCT
fbem-7146	140	1	after	after	ADP
fbem-7146	140	2	adding	add	VERB
fbem-7146	140	3	the	the	DET
fbem-7146	140	4	book	book	NOUN
fbem-7146	140	5	-	-	PUNCT
fbem-7146	140	6	to	to	ADP
fbem-7146	140	7	-	-	PUNCT
fbem-7146	140	8	market	market	NOUN
fbem-7146	140	9	ratio	ratio	NOUN
fbem-7146	140	10	factor	factor	NOUN
fbem-7146	140	11	,	,	PUNCT
fbem-7146	140	12	the	the	DET
fbem-7146	140	13	grs	grs	PROPN
fbem-7146	140	14	statistic	statistic	NOUN
fbem-7146	140	15	of	of	ADP
fbem-7146	140	16	fama	fama	PROPN
fbem-7146	140	17	-	-	PUNCT
fbem-7146	140	18	french	french	ADJ
fbem-7146	140	19	three	three	NUM
fbem-7146	140	20	-	-	PUNCT
fbem-7146	140	21	factor	factor	NOUN
fbem-7146	140	22	model	model	NOUN
fbem-7146	140	23	is	be	AUX
fbem-7146	140	24	16.1249	16.1249	NUM
fbem-7146	140	25	,	,	PUNCT
fbem-7146	140	26	which	which	PRON
fbem-7146	140	27	is	be	AUX
fbem-7146	140	28	0.3572	0.3572	NUM
fbem-7146	140	29	lower	low	ADJ
fbem-7146	140	30	than	than	ADP
fbem-7146	140	31	the	the	DET
fbem-7146	140	32	statistic	statistic	NOUN
fbem-7146	140	33	with	with	ADP
fbem-7146	140	34	only	only	ADJ
fbem-7146	140	35	market	market	NOUN
fbem-7146	140	36	factor	factor	NOUN
fbem-7146	140	37	and	and	CCONJ
fbem-7146	140	38	size	size	NOUN
fbem-7146	140	39	factor	factor	NOUN
fbem-7146	140	40	,	,	PUNCT
fbem-7146	140	41	and	and	CCONJ
fbem-7146	140	42	the	the	DET
fbem-7146	140	43	goodness	goodness	NOUN
fbem-7146	140	44	of	of	ADP
fbem-7146	140	45	fit	fit	NOUN
fbem-7146	140	46	also	also	ADV
fbem-7146	140	47	increases	increase	VERB
fbem-7146	140	48	.	.	PUNCT
fbem-7146	141	1	the	the	DET
fbem-7146	141	2	last	last	ADJ
fbem-7146	141	3	row	row	NOUN
fbem-7146	141	4	in	in	ADP
fbem-7146	141	5	the	the	DET
fbem-7146	141	6	table	table	NOUN
fbem-7146	141	7	shows	show	VERB
fbem-7146	141	8	the	the	DET
fbem-7146	141	9	grs	grs	PROPN
fbem-7146	141	10	statistics	statistic	NOUN
fbem-7146	141	11	and	and	CCONJ
fbem-7146	141	12	goodness	goodness	NOUN
fbem-7146	141	13	of	of	ADP
fbem-7146	141	14	fit	fit	NOUN
fbem-7146	141	15	of	of	ADP
fbem-7146	141	16	the	the	DET
fbem-7146	141	17	four	four	NUM
fbem-7146	141	18	-	-	PUNCT
fbem-7146	141	19	factor	factor	NOUN
fbem-7146	141	20	asset	asset	NOUN
fbem-7146	141	21	pricing	pricing	NOUN
fbem-7146	141	22	model	model	NOUN
fbem-7146	141	23	we	we	PRON
fbem-7146	141	24	constructed	construct	VERB
fbem-7146	141	25	considering	consider	VERB
fbem-7146	141	26	bank	bank	NOUN
fbem-7146	141	27	factors	factor	NOUN
fbem-7146	141	28	.	.	PUNCT
fbem-7146	142	1	compared	compare	VERB
fbem-7146	142	2	with	with	ADP
fbem-7146	142	3	the	the	DET
fbem-7146	142	4	fama	fama	NOUN
fbem-7146	142	5	-	-	PUNCT
fbem-7146	142	6	french	french	ADJ
fbem-7146	142	7	three	three	NUM
fbem-7146	142	8	-	-	PUNCT
fbem-7146	142	9	factor	factor	NOUN
fbem-7146	142	10	model	model	NOUN
fbem-7146	142	11	,	,	PUNCT
fbem-7146	142	12	the	the	DET
fbem-7146	142	13	grs	grs	PROPN
fbem-7146	142	14	statistics	statistic	NOUN
fbem-7146	142	15	of	of	ADP
fbem-7146	142	16	the	the	DET
fbem-7146	142	17	new	new	ADJ
fbem-7146	142	18	four	four	NUM
fbem-7146	142	19	-	-	PUNCT
fbem-7146	142	20	factor	factor	NOUN
fbem-7146	142	21	model	model	NOUN
fbem-7146	142	22	decreased	decrease	VERB
fbem-7146	142	23	from	from	ADP
fbem-7146	142	24	16.1249	16.1249	NUM
fbem-7146	142	25	to	to	ADP
fbem-7146	142	26	10.9614	10.9614	NUM
fbem-7146	142	27	after	after	ADP
fbem-7146	142	28	the	the	DET
fbem-7146	142	29	addition	addition	NOUN
fbem-7146	142	30	of	of	ADP
fbem-7146	142	31	bank	bank	NOUN
fbem-7146	142	32	silver	silver	NOUN
fbem-7146	142	33	,	,	PUNCT
fbem-7146	142	34	with	with	ADP
fbem-7146	142	35	the	the	DET
fbem-7146	142	36	largest	large	ADJ
fbem-7146	142	37	decline	decline	NOUN
fbem-7146	142	38	.	.	PUNCT
fbem-7146	143	1	moreover	moreover	ADV
fbem-7146	143	2	,	,	PUNCT
fbem-7146	143	3	the	the	DET
fbem-7146	143	4	goodness	goodness	NOUN
fbem-7146	143	5	of	of	ADP
fbem-7146	143	6	fit	fit	NOUN
fbem-7146	143	7	increased	increase	VERB
fbem-7146	143	8	from	from	ADP
fbem-7146	143	9	0.8104	0.8104	NUM
fbem-7146	143	10	to	to	ADP
fbem-7146	143	11	0.8619	0.8619	NUM
fbem-7146	143	12	,	,	PUNCT
fbem-7146	143	13	indicating	indicate	VERB
fbem-7146	143	14	that	that	SCONJ
fbem-7146	143	15	the	the	DET
fbem-7146	143	16	four	four	NUM
fbem-7146	143	17	-	-	PUNCT
fbem-7146	143	18	factor	factor	NOUN
fbem-7146	143	19	asset	asset	NOUN
fbem-7146	143	20	pricing	pricing	NOUN
fbem-7146	143	21	model	model	NOUN
fbem-7146	143	22	considering	consider	VERB
fbem-7146	143	23	the	the	DET
fbem-7146	143	24	bank	bank	NOUN
fbem-7146	143	25	factor	factor	NOUN
fbem-7146	143	26	is	be	AUX
fbem-7146	143	27	effective	effective	ADJ
fbem-7146	143	28	,	,	PUNCT
fbem-7146	143	29	and	and	CCONJ
fbem-7146	143	30	the	the	DET
fbem-7146	143	31	bank	bank	NOUN
fbem-7146	143	32	factor	factor	NOUN
fbem-7146	143	33	plays	play	VERB
fbem-7146	143	34	a	a	DET
fbem-7146	143	35	good	good	ADJ
fbem-7146	143	36	role	role	NOUN
fbem-7146	143	37	in	in	ADP
fbem-7146	143	38	explaining	explain	VERB
fbem-7146	143	39	the	the	DET
fbem-7146	143	40	excess	excess	ADJ
fbem-7146	143	41	return	return	NOUN
fbem-7146	143	42	of	of	ADP
fbem-7146	143	43	nonfinancial	nonfinancial	ADJ
fbem-7146	143	44	industry	industry	NOUN
fbem-7146	143	45	.	.	PUNCT
fbem-7146	144	1	5	5	X
fbem-7146	144	2	.	.	X
fbem-7146	144	3	conclusion	conclusion	NOUN
fbem-7146	144	4	and	and	CCONJ
fbem-7146	144	5	prospect	prospect	VERB
fbem-7146	144	6	5.1	5.1	NUM
fbem-7146	144	7	.	.	PUNCT
fbem-7146	145	1	conclusion	conclusion	NOUN
fbem-7146	145	2	first	first	ADV
fbem-7146	145	3	,	,	PUNCT
fbem-7146	145	4	in	in	ADP
fbem-7146	145	5	the	the	DET
fbem-7146	145	6	non	non	ADJ
fbem-7146	145	7	-	-	ADJ
fbem-7146	145	8	financial	financial	ADJ
fbem-7146	145	9	market	market	NOUN
fbem-7146	146	1	,	,	PUNCT
fbem-7146	146	2	the	the	DET
fbem-7146	146	3	bank	bank	NOUN
fbem-7146	146	4	factor	factor	NOUN
fbem-7146	146	5	,	,	PUNCT
fbem-7146	146	6	which	which	PRON
fbem-7146	146	7	represents	represent	VERB
fbem-7146	146	8	the	the	DET
fbem-7146	146	9	level	level	NOUN
fbem-7146	146	10	of	of	ADP
fbem-7146	146	11	bank	bank	NOUN
fbem-7146	146	12	credit	credit	NOUN
fbem-7146	146	13	risk	risk	NOUN
fbem-7146	146	14	,	,	PUNCT
fbem-7146	146	15	shows	show	VERB
fbem-7146	146	16	good	good	ADJ
fbem-7146	146	17	premium	premium	NOUN
fbem-7146	146	18	and	and	CCONJ
fbem-7146	146	19	can	can	AUX
fbem-7146	146	20	be	be	AUX
fbem-7146	146	21	used	use	VERB
fbem-7146	146	22	as	as	ADP
fbem-7146	146	23	the	the	DET
fbem-7146	146	24	factor	factor	NOUN
fbem-7146	146	25	of	of	ADP
fbem-7146	146	26	asset	asset	NOUN
fbem-7146	146	27	pricing	pricing	NOUN
fbem-7146	146	28	in	in	ADP
fbem-7146	146	29	the	the	DET
fbem-7146	146	30	nonfinancial	nonfinancial	ADJ
fbem-7146	146	31	industry	industry	NOUN
fbem-7146	146	32	.	.	PUNCT
fbem-7146	147	1	secondly	secondly	ADV
fbem-7146	147	2	,	,	PUNCT
fbem-7146	147	3	there	there	PRON
fbem-7146	147	4	exist	exist	VERB
fbem-7146	147	5	obvious	obvious	ADJ
fbem-7146	147	6	scale	scale	NOUN
fbem-7146	147	7	effect	effect	NOUN
fbem-7146	147	8	,	,	PUNCT
fbem-7146	147	9	book	book	NOUN
fbem-7146	147	10	-	-	PUNCT
fbem-7146	147	11	to	to	ADP
fbem-7146	147	12	-	-	PUNCT
fbem-7146	147	13	market	market	NOUN
fbem-7146	147	14	effect	effect	NOUN
fbem-7146	147	15	and	and	CCONJ
fbem-7146	147	16	market	market	NOUN
fbem-7146	147	17	effect	effect	NOUN
fbem-7146	147	18	in	in	ADP
fbem-7146	147	19	our	our	PRON
fbem-7146	147	20	non	non	ADJ
fbem-7146	147	21	-	-	ADJ
fbem-7146	147	22	financial	financial	ADJ
fbem-7146	147	23	markets	market	NOUN
fbem-7146	147	24	,	,	PUNCT
fbem-7146	147	25	especially	especially	ADV
fbem-7146	147	26	the	the	DET
fbem-7146	147	27	small	small	ADJ
fbem-7146	147	28	group	group	NOUN
fbem-7146	147	29	and	and	CCONJ
fbem-7146	147	30	the	the	DET
fbem-7146	147	31	low	low	ADJ
fbem-7146	147	32	book	book	NOUN
fbem-7146	147	33	-	-	PUNCT
fbem-7146	147	34	to	to	ADP
fbem-7146	147	35	-	-	PUNCT
fbem-7146	147	36	value	value	NOUN
fbem-7146	147	37	(	(	PUNCT
fbem-7146	147	38	b	b	NOUN
fbem-7146	147	39	/	/	SYM
fbem-7146	147	40	m	m	NOUN
fbem-7146	147	41	)	)	PUNCT
fbem-7146	147	42	group	group	NOUN
fbem-7146	147	43	have	have	AUX
fbem-7146	147	44	shown	show	VERB
fbem-7146	147	45	more	more	ADV
fbem-7146	147	46	obvious	obvious	ADJ
fbem-7146	147	47	explanatory	explanatory	ADJ
fbem-7146	147	48	role	role	NOUN
fbem-7146	147	49	.	.	PUNCT
fbem-7146	148	1	the	the	DET
fbem-7146	148	2	coefficient	coefficient	NOUN
fbem-7146	148	3	of	of	ADP
fbem-7146	148	4	bank	bank	NOUN
fbem-7146	148	5	factor	factor	NOUN
fbem-7146	148	6	is	be	AUX
fbem-7146	148	7	mostly	mostly	ADV
fbem-7146	148	8	positive	positive	ADJ
fbem-7146	148	9	when	when	SCONJ
fbem-7146	148	10	it	it	PRON
fbem-7146	148	11	regress	regress	VERB
fbem-7146	148	12	with	with	ADP
fbem-7146	148	13	the	the	DET
fbem-7146	148	14	excess	excess	ADJ
fbem-7146	148	15	return	return	NOUN
fbem-7146	148	16	of	of	ADP
fbem-7146	148	17	non	non	ADJ
fbem-7146	148	18	-	-	ADJ
fbem-7146	148	19	financial	financial	ADJ
fbem-7146	148	20	stocks	stock	NOUN
fbem-7146	148	21	,	,	PUNCT
fbem-7146	148	22	showing	show	VERB
fbem-7146	148	23	the	the	DET
fbem-7146	148	24	same	same	ADJ
fbem-7146	148	25	direction	direction	NOUN
fbem-7146	148	26	as	as	ADP
fbem-7146	148	27	the	the	DET
fbem-7146	148	28	return	return	NOUN
fbem-7146	148	29	.	.	PUNCT
fbem-7146	149	1	third	third	ADV
fbem-7146	149	2	,	,	PUNCT
fbem-7146	149	3	the	the	DET
fbem-7146	149	4	addition	addition	NOUN
fbem-7146	149	5	of	of	ADP
fbem-7146	149	6	bank	bank	NOUN
fbem-7146	149	7	factor	factor	NOUN
fbem-7146	149	8	improves	improve	VERB
fbem-7146	149	9	the	the	DET
fbem-7146	149	10	explanatory	explanatory	ADJ
fbem-7146	149	11	ability	ability	NOUN
fbem-7146	149	12	of	of	ADP
fbem-7146	149	13	market	market	NOUN
fbem-7146	149	14	factor	factor	NOUN
fbem-7146	149	15	,	,	PUNCT
fbem-7146	149	16	size	size	NOUN
fbem-7146	149	17	factor	factor	NOUN
fbem-7146	149	18	and	and	CCONJ
fbem-7146	149	19	book	book	NOUN
fbem-7146	149	20	-	-	PUNCT
fbem-7146	149	21	to	to	ADP
fbem-7146	149	22	-	-	PUNCT
fbem-7146	149	23	market	market	NOUN
fbem-7146	149	24	ratio	ratio	NOUN
fbem-7146	149	25	factor	factor	NOUN
fbem-7146	149	26	.	.	PUNCT
fbem-7146	150	1	5.2	5.2	NUM
fbem-7146	150	2	.	.	PUNCT
fbem-7146	151	1	prospect	prospect	VERB
fbem-7146	151	2	this	this	DET
fbem-7146	151	3	paper	paper	NOUN
fbem-7146	151	4	only	only	ADV
fbem-7146	151	5	selects	select	VERB
fbem-7146	151	6	the	the	DET
fbem-7146	151	7	market	market	NOUN
fbem-7146	151	8	data	datum	NOUN
fbem-7146	151	9	of	of	ADP
fbem-7146	151	10	recent	recent	ADJ
fbem-7146	151	11	ten	ten	NUM
fbem-7146	151	12	years	year	NOUN
fbem-7146	151	13	for	for	ADP
fbem-7146	151	14	empirical	empirical	ADJ
fbem-7146	151	15	analysis	analysis	NOUN
fbem-7146	151	16	.	.	PUNCT
fbem-7146	152	1	the	the	DET
fbem-7146	152	2	time	time	NOUN
fbem-7146	152	3	span	span	NOUN
fbem-7146	152	4	is	be	AUX
fbem-7146	152	5	short	short	ADJ
fbem-7146	152	6	,	,	PUNCT
fbem-7146	152	7	and	and	CCONJ
fbem-7146	152	8	the	the	DET
fbem-7146	152	9	chinese	chinese	ADJ
fbem-7146	152	10	stock	stock	NOUN
fbem-7146	152	11	market	market	NOUN
fbem-7146	152	12	in	in	ADP
fbem-7146	152	13	the	the	DET
fbem-7146	152	14	future	future	NOUN
fbem-7146	152	15	will	will	AUX
fbem-7146	152	16	have	have	VERB
fbem-7146	152	17	more	more	ADV
fbem-7146	152	18	complete	complete	ADJ
fbem-7146	152	19	data	datum	NOUN
fbem-7146	152	20	information	information	NOUN
fbem-7146	152	21	.	.	PUNCT
fbem-7146	153	1	under	under	ADP
fbem-7146	153	2	the	the	DET
fbem-7146	153	3	condition	condition	NOUN
fbem-7146	153	4	of	of	ADP
fbem-7146	153	5	a	a	DET
fbem-7146	153	6	long	long	ADJ
fbem-7146	153	7	time	time	NOUN
fbem-7146	153	8	span	span	NOUN
fbem-7146	153	9	,	,	PUNCT
fbem-7146	153	10	the	the	DET
fbem-7146	153	11	empirical	empirical	ADJ
fbem-7146	153	12	test	test	NOUN
fbem-7146	153	13	results	result	NOUN
fbem-7146	153	14	will	will	AUX
fbem-7146	153	15	be	be	AUX
fbem-7146	153	16	more	more	ADV
fbem-7146	153	17	robust	robust	ADJ
fbem-7146	153	18	and	and	CCONJ
fbem-7146	153	19	reliable	reliable	ADJ
fbem-7146	153	20	.	.	PUNCT
fbem-7146	154	1	in	in	ADP
fbem-7146	154	2	the	the	DET
fbem-7146	154	3	future	future	NOUN
fbem-7146	154	4	,	,	PUNCT
fbem-7146	154	5	if	if	SCONJ
fbem-7146	154	6	some	some	DET
fbem-7146	154	7	scholars	scholar	NOUN
fbem-7146	154	8	are	be	AUX
fbem-7146	154	9	interested	interested	ADJ
fbem-7146	154	10	in	in	ADP
fbem-7146	154	11	related	related	ADJ
fbem-7146	154	12	research	research	NOUN
fbem-7146	154	13	,	,	PUNCT
fbem-7146	154	14	they	they	PRON
fbem-7146	154	15	may	may	AUX
fbem-7146	154	16	consider	consider	VERB
fbem-7146	154	17	expanding	expand	VERB
fbem-7146	154	18	the	the	DET
fbem-7146	154	19	following	follow	VERB
fbem-7146	154	20	research	research	NOUN
fbem-7146	154	21	directions	direction	NOUN
fbem-7146	154	22	based	base	VERB
fbem-7146	154	23	on	on	ADP
fbem-7146	154	24	this	this	DET
fbem-7146	154	25	paper	paper	NOUN
fbem-7146	154	26	:	:	PUNCT
fbem-7146	154	27	on	on	ADP
fbem-7146	154	28	the	the	DET
fbem-7146	154	29	one	one	NUM
fbem-7146	154	30	hand	hand	NOUN
fbem-7146	154	31	,	,	PUNCT
fbem-7146	154	32	due	due	ADP
fbem-7146	154	33	to	to	ADP
fbem-7146	154	34	space	space	NOUN
fbem-7146	154	35	constraints	constraint	NOUN
fbem-7146	154	36	,	,	PUNCT
fbem-7146	154	37	this	this	DET
fbem-7146	154	38	paper	paper	NOUN
fbem-7146	154	39	only	only	ADV
fbem-7146	154	40	uses	use	VERB
fbem-7146	154	41	2×3	2×3	NOUN
fbem-7146	154	42	grouping	grouping	NOUN
fbem-7146	154	43	to	to	PART
fbem-7146	154	44	construct	construct	VERB
fbem-7146	154	45	the	the	DET
fbem-7146	154	46	portfolio	portfolio	NOUN
fbem-7146	154	47	.	.	PUNCT
fbem-7146	155	1	future	future	ADJ
fbem-7146	155	2	research	research	NOUN
fbem-7146	155	3	can	can	AUX
fbem-7146	155	4	be	be	AUX
fbem-7146	155	5	extended	extend	VERB
fbem-7146	155	6	to	to	ADP
fbem-7146	155	7	the	the	DET
fbem-7146	155	8	influence	influence	NOUN
fbem-7146	155	9	of	of	ADP
fbem-7146	155	10	different	different	ADJ
fbem-7146	155	11	grouping	grouping	NOUN
fbem-7146	155	12	on	on	ADP
fbem-7146	155	13	the	the	DET
fbem-7146	155	14	effectiveness	effectiveness	NOUN
fbem-7146	155	15	of	of	ADP
fbem-7146	155	16	asset	asset	NOUN
fbem-7146	155	17	pricing	pricing	NOUN
fbem-7146	155	18	model	model	NOUN
fbem-7146	155	19	.	.	PUNCT
fbem-7146	156	1	for	for	ADP
fbem-7146	156	2	example	example	NOUN
fbem-7146	156	3	,	,	PUNCT
fbem-7146	156	4	2×2	2×2	NOUN
fbem-7146	156	5	grouping	grouping	NOUN
fbem-7146	156	6	and	and	CCONJ
fbem-7146	156	7	2×2×2×2	2×2×2×2	NUM
fbem-7146	156	8	grouping	grouping	NOUN
fbem-7146	156	9	can	can	AUX
fbem-7146	156	10	be	be	AUX
fbem-7146	156	11	used	use	VERB
fbem-7146	156	12	to	to	PART
fbem-7146	156	13	construct	construct	VERB
fbem-7146	156	14	the	the	DET
fbem-7146	156	15	portfolio	portfolio	NOUN
fbem-7146	156	16	and	and	CCONJ
fbem-7146	156	17	compare	compare	VERB
fbem-7146	156	18	when	when	SCONJ
fbem-7146	156	19	other	other	ADJ
fbem-7146	156	20	conditions	condition	NOUN
fbem-7146	156	21	are	be	AUX
fbem-7146	156	22	the	the	DET
fbem-7146	156	23	same	same	ADJ
fbem-7146	156	24	.	.	PUNCT
fbem-7146	157	1	whether	whether	SCONJ
fbem-7146	157	2	and	and	CCONJ
fbem-7146	157	3	how	how	SCONJ
fbem-7146	157	4	different	different	ADJ
fbem-7146	157	5	grouping	grouping	NOUN
fbem-7146	157	6	methods	method	NOUN
fbem-7146	157	7	affect	affect	VERB
fbem-7146	157	8	the	the	DET
fbem-7146	157	9	pricing	pricing	NOUN
fbem-7146	157	10	efficiency	efficiency	NOUN
fbem-7146	157	11	of	of	ADP
fbem-7146	157	12	the	the	DET
fbem-7146	157	13	model	model	NOUN
fbem-7146	157	14	.	.	PUNCT
fbem-7146	158	1	on	on	ADP
fbem-7146	158	2	the	the	DET
fbem-7146	158	3	other	other	ADJ
fbem-7146	158	4	hand	hand	NOUN
fbem-7146	158	5	,	,	PUNCT
fbem-7146	158	6	based	base	VERB
fbem-7146	158	7	on	on	ADP
fbem-7146	158	8	merton	merton	PROPN
fbem-7146	158	9	's	's	PART
fbem-7146	158	10	merton	merton	ADJ
fbem-7146	158	11	model	model	NOUN
fbem-7146	158	12	,	,	PUNCT
fbem-7146	158	13	this	this	DET
fbem-7146	158	14	paper	paper	NOUN
fbem-7146	158	15	uses	use	VERB
fbem-7146	158	16	kmv	kmv	PROPN
fbem-7146	158	17	model	model	NOUN
fbem-7146	158	18	to	to	PART
fbem-7146	158	19	calculate	calculate	VERB
fbem-7146	158	20	the	the	DET
fbem-7146	158	21	default	default	NOUN
fbem-7146	158	22	distance	distance	NOUN
fbem-7146	158	23	so	so	SCONJ
fbem-7146	158	24	as	as	SCONJ
fbem-7146	158	25	to	to	PART
fbem-7146	158	26	construct	construct	VERB
fbem-7146	158	27	a	a	DET
fbem-7146	158	28	bank	bank	NOUN
fbem-7146	158	29	factor	factor	NOUN
fbem-7146	158	30	to	to	PART
fbem-7146	158	31	measure	measure	VERB
fbem-7146	158	32	the	the	DET
fbem-7146	158	33	level	level	NOUN
fbem-7146	158	34	of	of	ADP
fbem-7146	158	35	bank	bank	NOUN
fbem-7146	158	36	credit	credit	NOUN
fbem-7146	158	37	risk	risk	NOUN
fbem-7146	158	38	.	.	PUNCT
fbem-7146	159	1	however	however	ADV
fbem-7146	159	2	,	,	PUNCT
fbem-7146	159	3	merton	merton	ADJ
fbem-7146	159	4	model	model	NOUN
fbem-7146	159	5	also	also	ADV
fbem-7146	159	6	requires	require	VERB
fbem-7146	159	7	many	many	ADJ
fbem-7146	159	8	strong	strong	ADJ
fbem-7146	159	9	assumptions	assumption	NOUN
fbem-7146	159	10	,	,	PUNCT
fbem-7146	159	11	such	such	ADJ
fbem-7146	159	12	as	as	ADP
fbem-7146	159	13	:	:	PUNCT
fbem-7146	159	14	corporate	corporate	ADJ
fbem-7146	159	15	value	value	NOUN
fbem-7146	159	16	completely	completely	ADV
fbem-7146	159	17	follows	follow	VERB
fbem-7146	159	18	normal	normal	ADJ
fbem-7146	159	19	distribution	distribution	NOUN
fbem-7146	159	20	,	,	PUNCT
fbem-7146	159	21	asset	asset	NOUN
fbem-7146	159	22	value	value	NOUN
fbem-7146	159	23	follows	follow	VERB
fbem-7146	159	24	geometric	geometric	ADJ
fbem-7146	159	25	brownian	brownian	ADJ
fbem-7146	159	26	motion	motion	NOUN
fbem-7146	159	27	,	,	PUNCT
fbem-7146	159	28	etc	etc	X
fbem-7146	159	29	.	.	X
fbem-7146	159	30	therefore	therefore	ADV
fbem-7146	159	31	,	,	PUNCT
fbem-7146	159	32	in	in	ADP
fbem-7146	159	33	the	the	DET
fbem-7146	159	34	future	future	NOUN
fbem-7146	159	35	,	,	PUNCT
fbem-7146	159	36	bank	bank	NOUN
fbem-7146	159	37	credit	credit	NOUN
fbem-7146	159	38	risk	risk	NOUN
fbem-7146	159	39	and	and	CCONJ
fbem-7146	159	40	other	other	ADJ
fbem-7146	159	41	methods	method	NOUN
fbem-7146	159	42	to	to	PART
fbem-7146	159	43	calculate	calculate	VERB
fbem-7146	159	44	default	default	NOUN
fbem-7146	159	45	distance	distance	NOUN
fbem-7146	159	46	can	can	AUX
fbem-7146	159	47	be	be	AUX
fbem-7146	159	48	further	far	ADV
fbem-7146	159	49	explored	explore	VERB
fbem-7146	159	50	,	,	PUNCT
fbem-7146	159	51	in	in	ADP
fbem-7146	159	52	order	order	NOUN
fbem-7146	159	53	to	to	PART
fbem-7146	159	54	optimize	optimize	VERB
fbem-7146	159	55	the	the	DET
fbem-7146	159	56	construction	construction	NOUN
fbem-7146	159	57	of	of	ADP
fbem-7146	159	58	bank	bank	NOUN
fbem-7146	159	59	factors	factor	NOUN
fbem-7146	159	60	.	.	PUNCT
fbem-7146	160	1	references	reference	NOUN
fbem-7146	160	2	[	[	X
fbem-7146	160	3	1	1	X
fbem-7146	160	4	]	]	X
fbem-7146	160	5	sharpe	sharpe	PROPN
fbem-7146	160	6	w	w	PROPN
fbem-7146	160	7	f.	f.	PROPN
fbem-7146	160	8	capital	capital	PROPN
fbem-7146	160	9	asset	asset	NOUN
fbem-7146	160	10	prices	price	NOUN
fbem-7146	160	11	:	:	PUNCT
fbem-7146	160	12	a	a	DET
fbem-7146	160	13	theory	theory	NOUN
fbem-7146	160	14	of	of	ADP
fbem-7146	160	15	market	market	NOUN
fbem-7146	160	16	equilibrium	equilibrium	NOUN
fbem-7146	160	17	under	under	ADP
fbem-7146	160	18	conditions	condition	NOUN
fbem-7146	160	19	of	of	ADP
fbem-7146	160	20	risk	risk	NOUN
fbem-7146	160	21	.	.	PUNCT
fbem-7146	161	1	journal	journal	NOUN
fbem-7146	161	2	of	of	ADP
fbem-7146	161	3	finance	finance	NOUN
fbem-7146	161	4	.	.	PUNCT
fbem-7146	162	1	vol	vol	NOUN
fbem-7146	162	2	.	.	PROPN
fbem-7146	163	1	19	19	NUM
fbem-7146	163	2	(	(	PUNCT
fbem-7146	163	3	1970	1970	NUM
fbem-7146	163	4	)	)	PUNCT
fbem-7146	164	1	no	no	INTJ
fbem-7146	164	2	.	.	NOUN
fbem-7146	165	1	3	3	NUM
fbem-7146	165	2	,	,	PUNCT
fbem-7146	165	3	p.	p.	NOUN
fbem-7146	165	4	425	425	NUM
fbem-7146	165	5	-	-	SYM
fbem-7146	165	6	442	442	NUM
fbem-7146	165	7	.	.	PUNCT
fbem-7146	166	1	[	[	X
fbem-7146	166	2	2	2	X
fbem-7146	166	3	]	]	PUNCT
fbem-7146	166	4	fama	fama	PROPN
fbem-7146	166	5	e.f	e.f	PROPN
fbem-7146	166	6	,	,	PUNCT
fbem-7146	166	7	french	french	PROPN
fbem-7146	166	8	k.r	k.r	PROPN
fbem-7146	166	9	.	.	PROPN
fbem-7146	166	10	common	common	ADJ
fbem-7146	166	11	risk	risk	NOUN
fbem-7146	166	12	factors	factor	NOUN
fbem-7146	166	13	in	in	ADP
fbem-7146	166	14	the	the	DET
fbem-7146	166	15	returns	return	NOUN
fbem-7146	166	16	on	on	ADP
fbem-7146	166	17	stocks	stock	NOUN
fbem-7146	166	18	and	and	CCONJ
fbem-7146	166	19	bonds	bond	NOUN
fbem-7146	166	20	.	.	PUNCT
fbem-7146	167	1	journal	journal	NOUN
fbem-7146	167	2	of	of	ADP
fbem-7146	167	3	financial	financial	ADJ
fbem-7146	167	4	economics	economic	NOUN
fbem-7146	167	5	.	.	PUNCT
fbem-7146	168	1	vol	vol	NOUN
fbem-7146	168	2	.	.	PUNCT
fbem-7146	169	1	33	33	NUM
fbem-7146	169	2	(	(	PUNCT
fbem-7146	169	3	1993	1993	NUM
fbem-7146	169	4	)	)	PUNCT
fbem-7146	170	1	no	no	INTJ
fbem-7146	170	2	.	.	NOUN
fbem-7146	170	3	1	1	NUM
fbem-7146	170	4	,	,	PUNCT
fbem-7146	170	5	p.	p.	NOUN
fbem-7146	170	6	3	3	NUM
fbem-7146	170	7	-	-	SYM
fbem-7146	170	8	56	56	NUM
fbem-7146	170	9	.	.	PUNCT
fbem-7146	171	1	[	[	X
fbem-7146	171	2	3	3	X
fbem-7146	171	3	]	]	X
fbem-7146	171	4	yang	yang	PROPN
fbem-7146	171	5	xin	xin	PROPN
fbem-7146	171	6	,	,	PUNCT
fbem-7146	171	7	chen	chen	PROPN
fbem-7146	171	8	zhanhui	zhanhui	PROPN
fbem-7146	171	9	.	.	PUNCT
fbem-7146	172	1	an	an	DET
fbem-7146	172	2	empirical	empirical	ADJ
fbem-7146	172	3	study	study	NOUN
fbem-7146	172	4	on	on	ADP
fbem-7146	172	5	the	the	DET
fbem-7146	172	6	threefactor	threefactor	NOUN
fbem-7146	172	7	asset	asset	NOUN
fbem-7146	172	8	pricing	pricing	NOUN
fbem-7146	172	9	model	model	NOUN
fbem-7146	172	10	of	of	ADP
fbem-7146	172	11	chinese	chinese	ADJ
fbem-7146	172	12	stock	stock	NOUN
fbem-7146	172	13	market	market	NOUN
fbem-7146	172	14	.	.	PUNCT
fbem-7146	173	1	journal	journal	NOUN
fbem-7146	173	2	of	of	ADP
fbem-7146	173	3	quantitative	quantitative	ADJ
fbem-7146	173	4	and	and	CCONJ
fbem-7146	173	5	technical	technical	ADJ
fbem-7146	173	6	economics	economic	NOUN
fbem-7146	173	7	.	.	PUNCT
fbem-7146	174	1	vol	vol	NOUN
fbem-7146	174	2	.	.	PROPN
fbem-7146	175	1	12	12	NUM
fbem-7146	175	2	(	(	PUNCT
fbem-7146	175	3	2003	2003	NUM
fbem-7146	175	4	)	)	PUNCT
fbem-7146	176	1	no	no	INTJ
fbem-7146	176	2	.	.	NOUN
fbem-7146	176	3	6	6	NUM
fbem-7146	176	4	,	,	PUNCT
fbem-7146	176	5	p.	p.	NOUN
fbem-7146	176	6	137	137	NUM
fbem-7146	176	7	-	-	SYM
fbem-7146	176	8	141	141	NUM
fbem-7146	176	9	.	.	PUNCT
fbem-7146	177	1	[	[	X
fbem-7146	177	2	4	4	X
fbem-7146	177	3	]	]	X
fbem-7146	177	4	robert	robert	PROPN
fbem-7146	177	5	faff	faff	PROPN
fbem-7146	177	6	.	.	PUNCT
fbem-7146	178	1	a	a	DET
fbem-7146	178	2	better	well	ADJ
fbem-7146	178	3	three	three	NUM
fbem-7146	178	4	-	-	PUNCT
fbem-7146	178	5	factor	factor	NOUN
fbem-7146	178	6	model	model	NOUN
fbem-7146	178	7	that	that	PRON
fbem-7146	178	8	explains	explain	VERB
fbem-7146	178	9	more	more	ADJ
fbem-7146	178	10	anomalies	anomaly	NOUN
fbem-7146	178	11	.	.	PUNCT
fbem-7146	179	1	journal	journal	NOUN
fbem-7146	179	2	of	of	ADP
fbem-7146	179	3	finance	finance	NOUN
fbem-7146	179	4	.	.	PUNCT
fbem-7146	180	1	vol	vol	NOUN
fbem-7146	180	2	.	.	PUNCT
fbem-7146	181	1	65	65	NUM
fbem-7146	181	2	(	(	PUNCT
fbem-7146	181	3	2013	2013	NUM
fbem-7146	181	4	)	)	PUNCT
fbem-7146	181	5	no	no	INTJ
fbem-7146	181	6	.	.	NOUN
fbem-7146	181	7	2	2	NUM
fbem-7146	181	8	,	,	PUNCT
fbem-7146	181	9	p.	p.	NOUN
fbem-7146	181	10	563	563	NUM
fbem-7146	181	11	-	-	SYM
fbem-7146	181	12	595	595	NUM
fbem-7146	181	13	.	.	PUNCT
fbem-7146	182	1	[	[	X
fbem-7146	182	2	5	5	NUM
fbem-7146	182	3	]	]	PUNCT
fbem-7146	182	4	jiang	jiang	PROPN
fbem-7146	182	5	jinxia	jinxia	PROPN
fbem-7146	182	6	.	.	PUNCT
fbem-7146	183	1	validity	validity	NOUN
fbem-7146	183	2	analysis	analysis	NOUN
fbem-7146	183	3	of	of	ADP
fbem-7146	183	4	fama	fama	NOUN
fbem-7146	183	5	-	-	PUNCT
fbem-7146	183	6	french	french	ADJ
fbem-7146	183	7	three	three	NUM
fbem-7146	183	8	-	-	PUNCT
fbem-7146	183	9	factor	factor	NOUN
fbem-7146	183	10	model	model	NOUN
fbem-7146	183	11	on	on	ADP
fbem-7146	183	12	gem	gem	NOUN
fbem-7146	183	13	market	market	NOUN
fbem-7146	183	14	.	.	PUNCT
fbem-7146	184	1	time	time	NOUN
fbem-7146	184	2	finance	finance	PROPN
fbem-7146	184	3	.	.	PUNCT
fbem-7146	185	1	vol	vol	NOUN
fbem-7146	185	2	.	.	PROPN
fbem-7146	186	1	12	12	NUM
fbem-7146	186	2	(	(	PUNCT
fbem-7146	186	3	2022	2022	NUM
fbem-7146	186	4	)	)	PUNCT
fbem-7146	186	5	no	no	NOUN
fbem-7146	186	6	.	.	NOUN
fbem-7146	186	7	1	1	NUM
fbem-7146	186	8	,	,	PUNCT
fbem-7146	186	9	p.	p.	NOUN
fbem-7146	186	10	70	70	NUM
fbem-7146	186	11	-	-	SYM
fbem-7146	186	12	71	71	NUM
fbem-7146	186	13	.	.	PUNCT
fbem-7146	187	1	[	[	X
fbem-7146	187	2	6	6	NUM
fbem-7146	187	3	]	]	X
fbem-7146	187	4	luo	luo	PROPN
fbem-7146	187	5	xiaolei	xiaolei	PROPN
fbem-7146	187	6	.	.	PUNCT
fbem-7146	188	1	empirical	empirical	ADJ
fbem-7146	188	2	study	study	NOUN
fbem-7146	188	3	on	on	ADP
fbem-7146	188	4	stock	stock	NOUN
fbem-7146	188	5	returns	return	NOUN
fbem-7146	188	6	in	in	ADP
fbem-7146	188	7	china	china	PROPN
fbem-7146	188	8	's	's	PART
fbem-7146	188	9	ashare	ashare	NOUN
fbem-7146	188	10	market	market	NOUN
fbem-7146	188	11	-based	-base	VERB
fbem-7146	188	12	on	on	ADP
fbem-7146	188	13	fama	fama	NOUN
fbem-7146	188	14	-	-	PUNCT
fbem-7146	188	15	french	french	ADJ
fbem-7146	188	16	three	three	NUM
fbem-7146	188	17	-	-	PUNCT
fbem-7146	188	18	factor	factor	NOUN
fbem-7146	188	19	model	model	NOUN
fbem-7146	188	20	.	.	PUNCT
fbem-7146	189	1	china	china	PROPN
fbem-7146	189	2	prices	price	NOUN
fbem-7146	189	3	.	.	PUNCT
fbem-7146	190	1	vol	vol	NOUN
fbem-7146	190	2	.	.	PROPN
fbem-7146	191	1	12	12	NUM
fbem-7146	191	2	(	(	PUNCT
fbem-7146	191	3	2016	2016	NUM
fbem-7146	191	4	)	)	PUNCT
fbem-7146	192	1	no	no	INTJ
fbem-7146	192	2	.	.	NOUN
fbem-7146	192	3	9	9	NUM
fbem-7146	192	4	,	,	PUNCT
fbem-7146	192	5	p.	p.	NOUN
fbem-7146	192	6	34	34	NUM
fbem-7146	192	7	-	-	SYM
fbem-7146	192	8	37	37	NUM
fbem-7146	192	9	.	.	PUNCT
fbem-7146	193	1	[	[	X
fbem-7146	193	2	7	7	NUM
fbem-7146	193	3	]	]	X
fbem-7146	193	4	cheng	cheng	PROPN
fbem-7146	193	5	shiyu	shiyu	PROPN
fbem-7146	193	6	,	,	PUNCT
fbem-7146	193	7	fang	fang	PROPN
fbem-7146	193	8	hua	hua	PROPN
fbem-7146	193	9	.	.	PROPN
fbem-7146	194	1	empirical	empirical	ADJ
fbem-7146	194	2	research	research	NOUN
fbem-7146	194	3	on	on	ADP
fbem-7146	194	4	stock	stock	NOUN
fbem-7146	194	5	return	return	NOUN
fbem-7146	194	6	rate	rate	NOUN
fbem-7146	194	7	of	of	ADP
fbem-7146	194	8	chinese	chinese	ADJ
fbem-7146	194	9	automobile	automobile	NOUN
fbem-7146	194	10	sector	sector	NOUN
fbem-7146	194	11	based	base	VERB
fbem-7146	194	12	on	on	ADP
fbem-7146	194	13	fama	fama	PROPN
fbem-7146	194	14	-	-	PUNCT
fbem-7146	194	15	french	french	ADJ
fbem-7146	194	16	three	three	NUM
fbem-7146	194	17	-	-	PUNCT
fbem-7146	194	18	factor	factor	NOUN
fbem-7146	194	19	model	model	NOUN
fbem-7146	194	20	.	.	PUNCT
fbem-7146	195	1	china	china	PROPN
fbem-7146	195	2	prices	price	NOUN
fbem-7146	195	3	.	.	PUNCT
fbem-7146	196	1	vol	vol	NOUN
fbem-7146	196	2	.	.	PROPN
fbem-7146	196	3	3	3	NUM
fbem-7146	196	4	(	(	PUNCT
fbem-7146	196	5	2019	2019	NUM
fbem-7146	196	6	)	)	PUNCT
fbem-7146	197	1	no	no	INTJ
fbem-7146	197	2	.	.	NOUN
fbem-7146	197	3	1	1	NUM
fbem-7146	197	4	,	,	PUNCT
fbem-7146	197	5	p.	p.	NOUN
fbem-7146	197	6	7173	7173	NUM
fbem-7146	197	7	.	.	PUNCT
fbem-7146	198	1	[	[	X
fbem-7146	198	2	8	8	NUM
fbem-7146	198	3	]	]	X
fbem-7146	198	4	zang	zang	PROPN
fbem-7146	198	5	xueqing	xueqing	PROPN
fbem-7146	198	6	.	.	PUNCT
fbem-7146	199	1	empirical	empirical	ADJ
fbem-7146	199	2	study	study	NOUN
fbem-7146	199	3	on	on	ADP
fbem-7146	199	4	application	application	NOUN
fbem-7146	199	5	of	of	ADP
fbem-7146	199	6	famafrench	famafrench	ADJ
fbem-7146	199	7	three	three	NUM
fbem-7146	199	8	-	-	PUNCT
fbem-7146	199	9	factor	factor	NOUN
fbem-7146	199	10	model	model	NOUN
fbem-7146	199	11	in	in	ADP
fbem-7146	199	12	domestic	domestic	ADJ
fbem-7146	199	13	household	household	NOUN
fbem-7146	199	14	appliances	appliance	NOUN
fbem-7146	199	15	industry	industry	NOUN
fbem-7146	199	16	.	.	PUNCT
fbem-7146	200	1	investment	investment	NOUN
fbem-7146	200	2	and	and	CCONJ
fbem-7146	200	3	entrepreneurship	entrepreneurship	NOUN
fbem-7146	200	4	,	,	PUNCT
fbem-7146	200	5	2021	2021	NUM
fbem-7146	200	6	,	,	PUNCT
fbem-7146	200	7	32(08	32(08	NUM
fbem-7146	200	8	):	):	PUNCT
fbem-7146	200	9	2527	2527	NUM
fbem-7146	200	10	.	.	PUNCT
fbem-7146	201	1	[	[	X
fbem-7146	201	2	9	9	NUM
fbem-7146	201	3	]	]	X
fbem-7146	201	4	jiang	jiang	PROPN
fbem-7146	201	5	yanhui	yanhui	PROPN
fbem-7146	201	6	,	,	PUNCT
fbem-7146	201	7	ma	ma	PROPN
fbem-7146	201	8	chaoqun	chaoqun	PROPN
fbem-7146	201	9	,	,	PUNCT
fbem-7146	202	1	xiong	xiong	PROPN
fbem-7146	202	2	xixi	xixi	PROPN
fbem-7146	202	3	.	.	PUNCT
fbem-7146	203	1	text	text	NOUN
fbem-7146	203	2	inertia	inertia	NOUN
fbem-7146	203	3	disclosure	disclosure	NOUN
fbem-7146	203	4	,	,	PUNCT
fbem-7146	203	5	information	information	NOUN
fbem-7146	203	6	similarity	similarity	NOUN
fbem-7146	203	7	and	and	CCONJ
fbem-7146	203	8	asset	asset	NOUN
fbem-7146	203	9	pricing	pricing	NOUN
fbem-7146	203	10	of	of	ADP
fbem-7146	203	11	gem	gem	NOUN
fbem-7146	203	12	listed	list	VERB
fbem-7146	203	13	companies	company	NOUN
fbem-7146	203	14	:	:	PUNCT
fbem-7146	203	15	an	an	DET
fbem-7146	203	16	empirical	empirical	ADJ
fbem-7146	203	17	analysis	analysis	NOUN
fbem-7146	203	18	based	base	VERB
fbem-7146	203	19	on	on	ADP
fbem-7146	203	20	famafrench	famafrench	NOUN
fbem-7146	203	21	improved	improved	ADJ
fbem-7146	203	22	model	model	NOUN
fbem-7146	203	23	.	.	PUNCT
fbem-7146	204	1	chinese	chinese	ADJ
fbem-7146	204	2	journal	journal	PROPN
fbem-7146	204	3	of	of	ADP
fbem-7146	204	4	management	management	NOUN
fbem-7146	204	5	science	science	NOUN
fbem-7146	204	6	.	.	PUNCT
fbem-7146	205	1	vol	vol	NOUN
fbem-7146	205	2	.	.	PROPN
fbem-7146	205	3	8	8	NUM
fbem-7146	205	4	(	(	PUNCT
fbem-7146	205	5	2014	2014	NUM
fbem-7146	205	6	)	)	PUNCT
fbem-7146	206	1	no	no	INTJ
fbem-7146	206	2	.	.	NOUN
fbem-7146	206	3	4	4	NUM
fbem-7146	206	4	,	,	PUNCT
fbem-7146	206	5	p.	p.	NOUN
fbem-7146	206	6	56	56	NUM
fbem-7146	206	7	-	-	SYM
fbem-7146	206	8	64	64	NUM
fbem-7146	206	9	.	.	PUNCT
fbem-7146	207	1	[	[	X
fbem-7146	207	2	10	10	NUM
fbem-7146	207	3	]	]	X
fbem-7146	207	4	liu	liu	PROPN
fbem-7146	207	5	ruizhi	ruizhi	PROPN
fbem-7146	207	6	.	.	PUNCT
fbem-7146	208	1	empirical	empirical	ADJ
fbem-7146	208	2	test	test	NOUN
fbem-7146	208	3	of	of	ADP
fbem-7146	208	4	market	market	NOUN
fbem-7146	208	5	liquidity	liquidity	NOUN
fbem-7146	208	6	pricing	pricing	NOUN
fbem-7146	208	7	based	base	VERB
fbem-7146	208	8	on	on	ADP
fbem-7146	208	9	improved	improve	VERB
fbem-7146	208	10	fama	fama	PROPN
fbem-7146	208	11	-	-	PUNCT
fbem-7146	208	12	french	french	ADJ
fbem-7146	208	13	model	model	NOUN
fbem-7146	209	1	[	[	X
fbem-7146	209	2	j	j	X
fbem-7146	209	3	]	]	X
fbem-7146	209	4	.	.	PUNCT
fbem-7146	210	1	statistics	statistic	NOUN
fbem-7146	210	2	and	and	CCONJ
fbem-7146	210	3	decision	decision	NOUN
fbem-7146	210	4	,	,	PUNCT
fbem-7146	210	5	2015	2015	NUM
fbem-7146	210	6	,	,	PUNCT
fbem-7146	210	7	11	11	NUM
fbem-7146	210	8	:	:	SYM
fbem-7146	210	9	152	152	NUM
fbem-7146	210	10	-	-	SYM
fbem-7146	210	11	155	155	NUM
fbem-7146	210	12	.	.	PUNCT
fbem-7146	211	1	[	[	X
fbem-7146	211	2	11	11	NUM
fbem-7146	211	3	]	]	PUNCT
fbem-7146	211	4	qi	qi	PROPN
fbem-7146	211	5	yue	yue	PROPN
fbem-7146	211	6	,	,	PUNCT
fbem-7146	211	7	zhou	zhou	PROPN
fbem-7146	211	8	yidan	yidan	PROPN
fbem-7146	211	9	,	,	PUNCT
fbem-7146	211	10	zhang	zhang	PROPN
fbem-7146	211	11	yu	yu	PROPN
fbem-7146	211	12	.	.	PUNCT
fbem-7146	211	13	research	research	NOUN
fbem-7146	211	14	on	on	ADP
fbem-7146	211	15	the	the	DET
fbem-7146	211	16	influence	influence	NOUN
fbem-7146	211	17	of	of	ADP
fbem-7146	211	18	corporate	corporate	ADJ
fbem-7146	211	19	governance	governance	NOUN
fbem-7146	211	20	level	level	NOUN
fbem-7146	211	21	on	on	ADP
fbem-7146	211	22	stock	stock	NOUN
fbem-7146	211	23	asset	asset	NOUN
fbem-7146	211	24	pricing	pricing	NOUN
fbem-7146	211	25	-based	-base	VERB
fbem-7146	211	26	on	on	ADP
fbem-7146	211	27	extended	extended	ADJ
fbem-7146	211	28	empirical	empirical	ADJ
fbem-7146	211	29	analysis	analysis	NOUN
fbem-7146	211	30	of	of	ADP
fbem-7146	211	31	fama	fama	NOUN
fbem-7146	211	32	-	-	PUNCT
fbem-7146	211	33	french	french	ADJ
fbem-7146	211	34	three	three	NUM
fbem-7146	211	35	-	-	PUNCT
fbem-7146	211	36	factor	factor	NOUN
fbem-7146	211	37	model	model	NOUN
fbem-7146	212	1	[	[	X
fbem-7146	212	2	j	j	X
fbem-7146	212	3	]	]	X
fbem-7146	212	4	.	.	PUNCT
fbem-7146	213	1	journal	journal	PROPN
fbem-7146	213	2	of	of	ADP
fbem-7146	213	3	industrial	industrial	ADJ
fbem-7146	213	4	technical	technical	ADJ
fbem-7146	213	5	economics	economic	NOUN
fbem-7146	213	6	,	,	PUNCT
fbem-7146	213	7	2020	2020	NUM
fbem-7146	213	8	,	,	PUNCT
fbem-7146	213	9	39(04	39(04	NUM
fbem-7146	213	10	):	):	PUNCT
fbem-7146	213	11	113	113	NUM
fbem-7146	213	12	-	-	SYM
fbem-7146	213	13	122	122	NUM
fbem-7146	213	14	.	.	PUNCT
fbem-7146	214	1	[	[	X
fbem-7146	214	2	12	12	NUM
fbem-7146	214	3	]	]	X
fbem-7146	214	4	liu	liu	PROPN
fbem-7146	214	5	y	y	PROPN
fbem-7146	214	6	y.	y.	PROPN
fbem-7146	214	7	demonstration	demonstration	NOUN
fbem-7146	214	8	and	and	CCONJ
fbem-7146	214	9	extension	extension	NOUN
fbem-7146	214	10	of	of	ADP
fbem-7146	214	11	fama	fama	NOUN
fbem-7146	214	12	-	-	PUNCT
fbem-7146	214	13	french	french	ADJ
fbem-7146	214	14	threefactor	threefactor	NOUN
fbem-7146	214	15	model	model	NOUN
fbem-7146	215	1	[	[	X
fbem-7146	215	2	d	d	X
fbem-7146	215	3	]	]	X
fbem-7146	215	4	.	.	PUNCT
fbem-7146	216	1	guangdong	guangdong	PROPN
fbem-7146	216	2	university	university	PROPN
fbem-7146	216	3	of	of	ADP
fbem-7146	216	4	foreign	foreign	ADJ
fbem-7146	216	5	studies	study	NOUN
fbem-7146	216	6	,	,	PUNCT
fbem-7146	216	7	2019:22	2019:22	NUM
fbem-7146	216	8	-	-	SYM
fbem-7146	216	9	35	35	NUM
fbem-7146	216	10	.	.	PUNCT
fbem-7146	217	1	[	[	X
fbem-7146	217	2	13	13	NUM
fbem-7146	217	3	]	]	SYM
fbem-7146	217	4	allen	allen	PROPN
fbem-7146	217	5	,	,	PUNCT
fbem-7146	217	6	linda	linda	PROPN
fbem-7146	217	7	,	,	PUNCT
fbem-7146	217	8	turan	turan	PROPN
fbem-7146	217	9	g.	g.	PROPN
fbem-7146	217	10	bali	bali	PROPN
fbem-7146	217	11	,	,	PUNCT
fbem-7146	217	12	and	and	CCONJ
fbem-7146	217	13	yi	yi	PROPN
fbem-7146	217	14	tang	tang	PROPN
fbem-7146	217	15	.	.	PUNCT
fbem-7146	217	16	does	do	AUX
fbem-7146	217	17	systemic	systemic	ADJ
fbem-7146	217	18	risk	risk	NOUN
fbem-7146	217	19	in	in	ADP
fbem-7146	217	20	the	the	DET
fbem-7146	217	21	financial	financial	ADJ
fbem-7146	217	22	sector	sector	NOUN
fbem-7146	217	23	predict	predict	VERB
fbem-7146	217	24	future	future	ADJ
fbem-7146	217	25	economic	economic	ADJ
fbem-7146	217	26	downturns?[j	downturns?[j	NOUN
fbem-7146	217	27	]	]	PUNCT
fbem-7146	217	28	.	.	PUNCT
fbem-7146	218	1	review	review	NOUN
fbem-7146	218	2	of	of	ADP
fbem-7146	218	3	financial	financial	ADJ
fbem-7146	218	4	studies,2012	studies,2012	NOUN
fbem-7146	218	5	,	,	PUNCT
fbem-7146	218	6	25(10	25(10	NUM
fbem-7146	218	7	):	):	PUNCT
fbem-7146	218	8	3000–3036	3000–3036	NOUN
fbem-7146	218	9	.	.	PUNCT
fbem-7146	219	1	184	184	NUM
fbem-7146	219	2	[	[	SYM
fbem-7146	219	3	14	14	NUM
fbem-7146	219	4	]	]	SYM
fbem-7146	219	5	harvey	harvey	NOUN
fbem-7146	219	6	,	,	PUNCT
fbem-7146	219	7	campbell	campbell	PROPN
fbem-7146	219	8	,	,	PUNCT
fbem-7146	219	9	yan	yan	PROPN
fbem-7146	219	10	li	li	PROPN
fbem-7146	219	11	,	,	PUNCT
fbem-7146	219	12	and	and	CCONJ
fbem-7146	219	13	heqing	heqe	VERB
fbem-7146	219	14	zhe	zhe	PROPN
fbem-7146	219	15	.	.	PUNCT
fbem-7146	220	1	the	the	DET
fbem-7146	220	2	cross	cross	NOUN
fbem-7146	220	3	-	-	NOUN
fbem-7146	220	4	section	section	NOUN
fbem-7146	220	5	of	of	ADP
fbem-7146	220	6	expected	expect	VERB
fbem-7146	220	7	returns[j	returns[j	PROPN
fbem-7146	220	8	]	]	PUNCT
fbem-7146	220	9	.	.	PUNCT
fbem-7146	221	1	journal	journal	PROPN
fbem-7146	221	2	of	of	ADP
fbem-7146	221	3	financial	financial	ADJ
fbem-7146	221	4	econometrics	econometric	NOUN
fbem-7146	221	5	,	,	PUNCT
fbem-7146	221	6	2013	2013	NUM
fbem-7146	221	7	,	,	PUNCT
fbem-7146	221	8	22(4):13	22(4):13	NUM
fbem-7146	221	9	-	-	SYM
fbem-7146	221	10	15	15	NUM
fbem-7146	221	11	.	.	PUNCT
fbem-7146	222	1	[	[	X
fbem-7146	222	2	15	15	NUM
fbem-7146	222	3	]	]	PUNCT
fbem-7146	222	4	vassalou	vassalou	NOUN
fbem-7146	222	5	m	m	PROPN
fbem-7146	222	6	,	,	PUNCT
fbem-7146	222	7	xing	xing	PROPN
fbem-7146	222	8	y.	y.	PROPN
fbem-7146	222	9	default	default	NOUN
fbem-7146	222	10	risk	risk	NOUN
fbem-7146	222	11	in	in	ADP
fbem-7146	222	12	equity	equity	NOUN
fbem-7146	222	13	returns[j	returns[j	PROPN
fbem-7146	222	14	]	]	PUNCT
fbem-7146	222	15	.	.	PUNCT
fbem-7146	223	1	journal	journal	PROPN
fbem-7146	223	2	of	of	ADP
fbem-7146	223	3	finance	finance	NOUN
fbem-7146	223	4	,	,	PUNCT
fbem-7146	223	5	2004	2004	NUM
fbem-7146	223	6	,	,	PUNCT
fbem-7146	223	7	59(2	59(2	NUM
fbem-7146	223	8	):	):	PUNCT
fbem-7146	223	9	831	831	NUM
fbem-7146	223	10	-	-	SYM
fbem-7146	223	11	868	868	NUM
fbem-7146	223	12	.	.	PUNCT
fbem-7146	224	1	[	[	X
fbem-7146	224	2	16	16	NUM
fbem-7146	224	3	]	]	X
fbem-7146	224	4	pereira	pereira	PROPN
fbem-7146	224	5	,	,	PUNCT
fbem-7146	224	6	joão	joão	PROPN
fbem-7146	224	7	,	,	PUNCT
fbem-7146	224	8	pedro	pedro	PROPN
fbem-7146	224	9	et	et	PROPN
fbem-7146	224	10	al	al	PROPN
fbem-7146	224	11	.	.	PUNCT
fbem-7146	224	12	asset	asset	NOUN
fbem-7146	224	13	pricing	pricing	NOUN
fbem-7146	224	14	with	with	ADP
fbem-7146	224	15	a	a	DET
fbem-7146	224	16	bank	bank	NOUN
fbem-7146	224	17	risk	risk	NOUN
fbem-7146	224	18	factor[j	factor[j	NOUN
fbem-7146	224	19	]	]	PUNCT
fbem-7146	224	20	.	.	PUNCT
fbem-7146	225	1	journal	journal	PROPN
fbem-7146	225	2	of	of	ADP
fbem-7146	225	3	money	money	NOUN
fbem-7146	225	4	credit	credit	NOUN
fbem-7146	225	5	&	&	CCONJ
fbem-7146	225	6	banking	banking	NOUN
fbem-7146	225	7	,	,	PUNCT
fbem-7146	225	8	2018	2018	NUM
fbem-7146	225	9	.	.	PUNCT
fbem-7146	226	1	51(8	51(8	NUM
fbem-7146	226	2	):	):	PUNCT
fbem-7146	226	3	108	108	NUM
fbem-7146	226	4	-	-	SYM
fbem-7146	226	5	162	162	NUM
fbem-7146	226	6	.	.	PUNCT
fbem-7146	227	1	[	[	X
fbem-7146	227	2	17	17	NUM
fbem-7146	227	3	]	]	X
fbem-7146	227	4	zhang	zhang	PROPN
fbem-7146	227	5	wenfang	wenfang	PROPN
fbem-7146	227	6	,	,	PUNCT
fbem-7146	227	7	wu	wu	PROPN
fbem-7146	227	8	limei	limei	PROPN
fbem-7146	227	9	,	,	PUNCT
fbem-7146	227	10	cui	cui	PROPN
fbem-7146	227	11	xiaoyan	xiaoyan	ADJ
fbem-7146	227	12	.	.	PUNCT
fbem-7146	228	1	determination	determination	NOUN
fbem-7146	228	2	of	of	ADP
fbem-7146	228	3	default	default	NOUN
fbem-7146	228	4	points	point	NOUN
fbem-7146	228	5	of	of	ADP
fbem-7146	228	6	listed	list	VERB
fbem-7146	228	7	companies	company	NOUN
fbem-7146	228	8	based	base	VERB
fbem-7146	228	9	on	on	ADP
fbem-7146	228	10	kmv	kmv	PROPN
fbem-7146	228	11	model	model	NOUN
fbem-7146	229	1	[	[	X
fbem-7146	229	2	j	j	X
fbem-7146	229	3	]	]	X
fbem-7146	229	4	.	.	PUNCT
fbem-7146	230	1	statistics	statistic	NOUN
fbem-7146	230	2	and	and	CCONJ
fbem-7146	230	3	decision	decision	NOUN
fbem-7146	230	4	,	,	PUNCT
fbem-7146	230	5	2016(14	2016(14	NUM
fbem-7146	230	6	):	):	PUNCT
fbem-7146	230	7	169	169	NUM
fbem-7146	230	8	-	-	SYM
fbem-7146	230	9	171	171	NUM
fbem-7146	230	10	.	.	PUNCT
fbem-7146	231	1	[	[	X
fbem-7146	231	2	18	18	NUM
fbem-7146	231	3	]	]	X
fbem-7146	231	4	zhao	zhao	PROPN
fbem-7146	231	5	shengmin	shengmin	PROPN
fbem-7146	231	6	,	,	PUNCT
fbem-7146	231	7	yan	yan	PROPN
fbem-7146	231	8	honglei	honglei	PROPN
fbem-7146	231	9	,	,	PUNCT
fbem-7146	231	10	zhang	zhang	PROPN
fbem-7146	231	11	kai	kai	PROPN
fbem-7146	231	12	.	.	PROPN
fbem-7146	231	13	is	be	AUX
fbem-7146	231	14	the	the	DET
fbem-7146	231	15	fama	fama	NOUN
fbem-7146	231	16	-	-	PUNCT
fbem-7146	231	17	french	french	ADJ
fbem-7146	231	18	five	five	NUM
fbem-7146	231	19	-	-	PUNCT
fbem-7146	231	20	factor	factor	NOUN
fbem-7146	231	21	model	model	NOUN
fbem-7146	231	22	better	well	ADV
fbem-7146	231	23	than	than	ADP
fbem-7146	231	24	the	the	DET
fbem-7146	231	25	three	three	NUM
fbem-7146	231	26	-	-	PUNCT
fbem-7146	231	27	factor	factor	NOUN
fbem-7146	231	28	model	model	NOUN
fbem-7146	231	29	-	-	PUNCT
fbem-7146	231	30	empirical	empirical	ADJ
fbem-7146	231	31	evidence	evidence	NOUN
fbem-7146	231	32	from	from	ADP
fbem-7146	231	33	china	china	PROPN
fbem-7146	231	34	's	's	PART
fbem-7146	231	35	a	a	DET
fbem-7146	231	36	-	-	PUNCT
fbem-7146	231	37	share	share	NOUN
fbem-7146	231	38	market	market	NOUN
fbem-7146	232	1	[	[	X
fbem-7146	232	2	j	j	X
fbem-7146	232	3	]	]	X
fbem-7146	232	4	.	.	PUNCT
fbem-7146	233	1	nankai	nankai	PROPN
fbem-7146	233	2	economic	economic	ADJ
fbem-7146	233	3	research	research	NOUN
fbem-7146	233	4	,	,	PUNCT
fbem-7146	233	5	2016	2016	NUM
fbem-7146	233	6	,	,	PUNCT
fbem-7146	233	7	188(02	188(02	NUM
fbem-7146	233	8	):	):	PUNCT
fbem-7146	233	9	41	41	NUM
fbem-7146	233	10	-	-	SYM
fbem-7146	233	11	59	59	NUM
fbem-7146	233	12	.	.	PUNCT