id	sid	tid	token	lemma	pos
fbem-8291	1	1	frontiers	frontier	NOUN
fbem-8291	1	2	in	in	ADP
fbem-8291	1	3	business	business	NOUN
fbem-8291	1	4	,	,	PUNCT
fbem-8291	1	5	economics	economic	NOUN
fbem-8291	1	6	and	and	CCONJ
fbem-8291	1	7	management	management	NOUN
fbem-8291	1	8	issn	issn	PROPN
fbem-8291	1	9	:	:	PUNCT
fbem-8291	1	10	2766	2766	NUM
fbem-8291	1	11	-	-	PUNCT
fbem-8291	1	12	824x	824x	NUM
fbem-8291	1	13	|	|	ADJ
fbem-8291	1	14	vol	vol	NOUN
fbem-8291	1	15	.	.	PROPN
fbem-8291	2	1	9	9	NUM
fbem-8291	2	2	,	,	PUNCT
fbem-8291	2	3	no	no	INTJ
fbem-8291	2	4	.	.	NOUN
fbem-8291	2	5	1	1	NUM
fbem-8291	2	6	,	,	PUNCT
fbem-8291	2	7	2023	2023	NUM
fbem-8291	2	8	61	61	NUM
fbem-8291	2	9	research	research	NOUN
fbem-8291	2	10	on	on	ADP
fbem-8291	2	11	quantitative	quantitative	ADJ
fbem-8291	2	12	investment	investment	NOUN
fbem-8291	2	13	strategy	strategy	NOUN
fbem-8291	2	14	based	base	VERB
fbem-8291	2	15	on	on	ADP
fbem-8291	2	16	multifactor	multifactor	NOUN
fbem-8291	2	17	and	and	CCONJ
fbem-8291	2	18	double	double	ADJ
fbem-8291	2	19	average	average	ADJ
fbem-8291	2	20	model	model	NOUN
fbem-8291	2	21	zixuan	zixuan	PROPN
fbem-8291	2	22	fu1	fu1	PROPN
fbem-8291	2	23	,	,	PUNCT
fbem-8291	2	24	a	a	DET
fbem-8291	2	25	1alibaba	1alibaba	NUM
fbem-8291	2	26	cloud	cloud	NOUN
fbem-8291	2	27	big	big	ADJ
fbem-8291	2	28	data	data	PROPN
fbem-8291	2	29	college	college	PROPN
fbem-8291	2	30	,	,	PUNCT
fbem-8291	2	31	zhuhai	zhuhai	PROPN
fbem-8291	2	32	university	university	PROPN
fbem-8291	2	33	of	of	ADP
fbem-8291	2	34	science	science	NOUN
fbem-8291	2	35	and	and	CCONJ
fbem-8291	2	36	technology	technology	NOUN
fbem-8291	2	37	,	,	PUNCT
fbem-8291	2	38	zhuhai	zhuhai	PROPN
fbem-8291	2	39	,	,	PUNCT
fbem-8291	2	40	519041	519041	NUM
fbem-8291	2	41	,	,	PUNCT
fbem-8291	2	42	china	china	PROPN
fbem-8291	2	43	amorgenhome@sina.com	amorgenhome@sina.com	X
fbem-8291	3	1	abstract	abstract	ADJ
fbem-8291	3	2	:	:	PUNCT
fbem-8291	3	3	in	in	ADP
fbem-8291	3	4	recent	recent	ADJ
fbem-8291	3	5	years	year	NOUN
fbem-8291	3	6	,	,	PUNCT
fbem-8291	3	7	with	with	ADP
fbem-8291	3	8	the	the	DET
fbem-8291	3	9	gradual	gradual	ADJ
fbem-8291	3	10	maturity	maturity	NOUN
fbem-8291	3	11	of	of	ADP
fbem-8291	3	12	china	china	PROPN
fbem-8291	3	13	's	's	PART
fbem-8291	3	14	capital	capital	NOUN
fbem-8291	3	15	market	market	NOUN
fbem-8291	3	16	,	,	PUNCT
fbem-8291	3	17	the	the	DET
fbem-8291	3	18	number	number	NOUN
fbem-8291	3	19	of	of	ADP
fbem-8291	3	20	rational	rational	ADJ
fbem-8291	3	21	investors	investor	NOUN
fbem-8291	3	22	is	be	AUX
fbem-8291	3	23	also	also	ADV
fbem-8291	3	24	increasing	increase	VERB
fbem-8291	3	25	,	,	PUNCT
fbem-8291	3	26	and	and	CCONJ
fbem-8291	3	27	the	the	DET
fbem-8291	3	28	demand	demand	NOUN
fbem-8291	3	29	and	and	CCONJ
fbem-8291	3	30	application	application	NOUN
fbem-8291	3	31	for	for	ADP
fbem-8291	3	32	quantitative	quantitative	ADJ
fbem-8291	3	33	stock	stock	NOUN
fbem-8291	3	34	selection	selection	NOUN
fbem-8291	3	35	is	be	AUX
fbem-8291	3	36	becoming	become	VERB
fbem-8291	3	37	increasingly	increasingly	ADV
fbem-8291	3	38	widespread	widespread	ADJ
fbem-8291	3	39	.	.	PUNCT
fbem-8291	4	1	among	among	ADP
fbem-8291	4	2	many	many	ADJ
fbem-8291	4	3	quantitative	quantitative	ADJ
fbem-8291	4	4	stock	stock	NOUN
fbem-8291	4	5	selection	selection	NOUN
fbem-8291	4	6	theories	theory	NOUN
fbem-8291	4	7	,	,	PUNCT
fbem-8291	4	8	the	the	DET
fbem-8291	4	9	multi	multi	ADJ
fbem-8291	4	10	factor	factor	NOUN
fbem-8291	4	11	stock	stock	NOUN
fbem-8291	4	12	selection	selection	NOUN
fbem-8291	4	13	model	model	NOUN
fbem-8291	4	14	and	and	CCONJ
fbem-8291	4	15	the	the	DET
fbem-8291	4	16	double	double	ADJ
fbem-8291	4	17	moving	move	VERB
fbem-8291	4	18	average	average	ADJ
fbem-8291	4	19	stock	stock	NOUN
fbem-8291	4	20	selection	selection	NOUN
fbem-8291	4	21	model	model	NOUN
fbem-8291	4	22	are	be	AUX
fbem-8291	4	23	favored	favor	VERB
fbem-8291	4	24	by	by	ADP
fbem-8291	4	25	institutional	institutional	ADJ
fbem-8291	4	26	investors	investor	NOUN
fbem-8291	4	27	due	due	ADP
fbem-8291	4	28	to	to	ADP
fbem-8291	4	29	their	their	PRON
fbem-8291	4	30	inherent	inherent	ADJ
fbem-8291	4	31	characteristics	characteristic	NOUN
fbem-8291	4	32	such	such	ADJ
fbem-8291	4	33	as	as	ADP
fbem-8291	4	34	discipline	discipline	NOUN
fbem-8291	4	35	,	,	PUNCT
fbem-8291	4	36	systematicness	systematicness	NOUN
fbem-8291	4	37	,	,	PUNCT
fbem-8291	4	38	and	and	CCONJ
fbem-8291	4	39	accuracy	accuracy	NOUN
fbem-8291	4	40	.	.	PUNCT
fbem-8291	5	1	this	this	DET
fbem-8291	5	2	article	article	NOUN
fbem-8291	5	3	conducts	conduct	VERB
fbem-8291	5	4	quantitative	quantitative	ADJ
fbem-8291	5	5	stock	stock	NOUN
fbem-8291	5	6	selection	selection	NOUN
fbem-8291	5	7	analysis	analysis	NOUN
fbem-8291	5	8	for	for	ADP
fbem-8291	5	9	listed	list	VERB
fbem-8291	5	10	companies	company	NOUN
fbem-8291	5	11	based	base	VERB
fbem-8291	5	12	on	on	ADP
fbem-8291	5	13	a	a	DET
fbem-8291	5	14	quantitative	quantitative	ADJ
fbem-8291	5	15	investment	investment	NOUN
fbem-8291	5	16	research	research	NOUN
fbem-8291	5	17	model	model	NOUN
fbem-8291	5	18	based	base	VERB
fbem-8291	5	19	on	on	ADP
fbem-8291	5	20	multiple	multiple	ADJ
fbem-8291	5	21	factor	factor	NOUN
fbem-8291	5	22	and	and	CCONJ
fbem-8291	5	23	double	double	ADJ
fbem-8291	5	24	average	average	ADJ
fbem-8291	5	25	line	line	NOUN
fbem-8291	5	26	models	model	NOUN
fbem-8291	5	27	,	,	PUNCT
fbem-8291	5	28	and	and	CCONJ
fbem-8291	5	29	studies	study	NOUN
fbem-8291	5	30	whether	whether	SCONJ
fbem-8291	5	31	the	the	DET
fbem-8291	5	32	model	model	NOUN
fbem-8291	5	33	can	can	AUX
fbem-8291	5	34	help	help	VERB
fbem-8291	5	35	investment	investment	NOUN
fbem-8291	5	36	and	and	CCONJ
fbem-8291	5	37	obtain	obtain	VERB
fbem-8291	5	38	additional	additional	ADJ
fbem-8291	5	39	benefits	benefit	NOUN
fbem-8291	5	40	,	,	PUNCT
fbem-8291	5	41	providing	provide	VERB
fbem-8291	5	42	some	some	DET
fbem-8291	5	43	ideas	idea	NOUN
fbem-8291	5	44	for	for	ADP
fbem-8291	5	45	future	future	ADJ
fbem-8291	5	46	quantitative	quantitative	ADJ
fbem-8291	5	47	analysis	analysis	NOUN
fbem-8291	5	48	.	.	PUNCT
fbem-8291	6	1	keywords	keyword	NOUN
fbem-8291	6	2	:	:	PUNCT
fbem-8291	6	3	quantitative	quantitative	ADJ
fbem-8291	6	4	investment	investment	NOUN
fbem-8291	6	5	,	,	PUNCT
fbem-8291	6	6	multi	multi	ADJ
fbem-8291	6	7	factor	factor	NOUN
fbem-8291	6	8	stock	stock	NOUN
fbem-8291	6	9	selectionm	selectionm	VERB
fbem-8291	6	10	double	double	ADJ
fbem-8291	6	11	moving	move	VERB
fbem-8291	6	12	average	average	ADJ
fbem-8291	6	13	trading	trading	NOUN
fbem-8291	6	14	strategy	strategy	NOUN
fbem-8291	6	15	,	,	PUNCT
fbem-8291	6	16	timing	timing	NOUN
fbem-8291	6	17	strategy	strategy	NOUN
fbem-8291	6	18	,	,	PUNCT
fbem-8291	6	19	technical	technical	ADJ
fbem-8291	6	20	analysis	analysis	NOUN
fbem-8291	6	21	.	.	PUNCT
fbem-8291	7	1	1	1	X
fbem-8291	7	2	.	.	X
fbem-8291	7	3	introduction	introduction	NOUN
fbem-8291	7	4	1.1	1.1	NUM
fbem-8291	7	5	.	.	PUNCT
fbem-8291	8	1	research	research	NOUN
fbem-8291	8	2	background	background	NOUN
fbem-8291	8	3	quantitative	quantitative	ADJ
fbem-8291	8	4	investment	investment	NOUN
fbem-8291	8	5	products	product	NOUN
fbem-8291	8	6	refer	refer	VERB
fbem-8291	8	7	to	to	ADP
fbem-8291	8	8	automated	automate	VERB
fbem-8291	8	9	investment	investment	NOUN
fbem-8291	8	10	and	and	CCONJ
fbem-8291	8	11	financial	financial	ADJ
fbem-8291	8	12	management	management	NOUN
fbem-8291	8	13	models	model	NOUN
fbem-8291	8	14	that	that	PRON
fbem-8291	8	15	use	use	VERB
fbem-8291	8	16	quantitative	quantitative	ADJ
fbem-8291	8	17	methods	method	NOUN
fbem-8291	8	18	and	and	CCONJ
fbem-8291	8	19	programming	programming	NOUN
fbem-8291	8	20	to	to	PART
fbem-8291	8	21	complete	complete	VERB
fbem-8291	8	22	operations	operation	NOUN
fbem-8291	8	23	in	in	ADP
fbem-8291	8	24	the	the	DET
fbem-8291	8	25	trading	trading	NOUN
fbem-8291	8	26	market	market	NOUN
fbem-8291	8	27	,	,	PUNCT
fbem-8291	8	28	based	base	VERB
fbem-8291	8	29	on	on	ADP
fbem-8291	8	30	certain	certain	ADJ
fbem-8291	8	31	models	model	NOUN
fbem-8291	8	32	,	,	PUNCT
fbem-8291	8	33	calculation	calculation	NOUN
fbem-8291	8	34	methods	method	NOUN
fbem-8291	8	35	,	,	PUNCT
fbem-8291	8	36	and	and	CCONJ
fbem-8291	8	37	theoretical	theoretical	ADJ
fbem-8291	8	38	systems	system	NOUN
fbem-8291	8	39	,	,	PUNCT
fbem-8291	8	40	and	and	CCONJ
fbem-8291	8	41	achieve	achieve	VERB
fbem-8291	8	42	the	the	DET
fbem-8291	8	43	goal	goal	NOUN
fbem-8291	8	44	of	of	ADP
fbem-8291	8	45	obtaining	obtain	VERB
fbem-8291	8	46	relatively	relatively	ADV
fbem-8291	8	47	stable	stable	ADJ
fbem-8291	8	48	returns	return	NOUN
fbem-8291	8	49	.	.	PUNCT
fbem-8291	9	1	with	with	ADP
fbem-8291	9	2	the	the	DET
fbem-8291	9	3	increasing	increase	VERB
fbem-8291	9	4	number	number	NOUN
fbem-8291	9	5	of	of	ADP
fbem-8291	9	6	listed	list	VERB
fbem-8291	9	7	companies	company	NOUN
fbem-8291	9	8	in	in	ADP
fbem-8291	9	9	china	china	PROPN
fbem-8291	9	10	,	,	PUNCT
fbem-8291	9	11	it	it	PRON
fbem-8291	9	12	is	be	AUX
fbem-8291	9	13	difficult	difficult	ADJ
fbem-8291	9	14	to	to	PART
fbem-8291	9	15	select	select	VERB
fbem-8291	9	16	stocks	stock	NOUN
fbem-8291	9	17	with	with	ADP
fbem-8291	9	18	high	high	ADJ
fbem-8291	9	19	value	value	NOUN
fbem-8291	9	20	based	base	VERB
fbem-8291	9	21	on	on	ADP
fbem-8291	9	22	traditional	traditional	ADJ
fbem-8291	9	23	industry	industry	NOUN
fbem-8291	9	24	analysis	analysis	NOUN
fbem-8291	9	25	methods	method	NOUN
fbem-8291	9	26	,	,	PUNCT
fbem-8291	9	27	so	so	SCONJ
fbem-8291	9	28	it	it	PRON
fbem-8291	9	29	is	be	AUX
fbem-8291	9	30	necessary	necessary	ADJ
fbem-8291	9	31	to	to	PART
fbem-8291	9	32	conduct	conduct	VERB
fbem-8291	9	33	quantitative	quantitative	ADJ
fbem-8291	9	34	stock	stock	NOUN
fbem-8291	9	35	selection[1	selection[1	PROPN
fbem-8291	9	36	]	]	PUNCT
fbem-8291	9	37	.	.	PUNCT
fbem-8291	10	1	in	in	ADP
fbem-8291	10	2	this	this	DET
fbem-8291	10	3	context	context	NOUN
fbem-8291	10	4	,	,	PUNCT
fbem-8291	10	5	quantitative	quantitative	ADJ
fbem-8291	10	6	analysis	analysis	NOUN
fbem-8291	10	7	has	have	VERB
fbem-8291	10	8	many	many	ADJ
fbem-8291	10	9	advantages	advantage	NOUN
fbem-8291	10	10	over	over	ADP
fbem-8291	10	11	traditional	traditional	ADJ
fbem-8291	10	12	fundamental	fundamental	ADJ
fbem-8291	10	13	analysis	analysis	NOUN
fbem-8291	10	14	,	,	PUNCT
fbem-8291	10	15	such	such	ADJ
fbem-8291	10	16	as	as	ADP
fbem-8291	10	17	systematicness	systematicness	NOUN
fbem-8291	10	18	,	,	PUNCT
fbem-8291	10	19	discipline	discipline	NOUN
fbem-8291	10	20	,	,	PUNCT
fbem-8291	10	21	decentralization	decentralization	NOUN
fbem-8291	10	22	,	,	PUNCT
fbem-8291	10	23	and	and	CCONJ
fbem-8291	10	24	efficiency	efficiency	NOUN
fbem-8291	10	25	.	.	PUNCT
fbem-8291	11	1	in	in	ADP
fbem-8291	11	2	terms	term	NOUN
fbem-8291	11	3	of	of	ADP
fbem-8291	11	4	stock	stock	NOUN
fbem-8291	11	5	selection	selection	NOUN
fbem-8291	11	6	,	,	PUNCT
fbem-8291	11	7	common	common	ADJ
fbem-8291	11	8	models	model	NOUN
fbem-8291	11	9	include	include	VERB
fbem-8291	11	10	the	the	DET
fbem-8291	11	11	plate	plate	NOUN
fbem-8291	11	12	rotation	rotation	NOUN
fbem-8291	11	13	model	model	NOUN
fbem-8291	11	14	,	,	PUNCT
fbem-8291	11	15	consistency	consistency	NOUN
fbem-8291	11	16	expectation	expectation	NOUN
fbem-8291	11	17	model	model	NOUN
fbem-8291	11	18	,	,	PUNCT
fbem-8291	11	19	and	and	CCONJ
fbem-8291	11	20	capital	capital	NOUN
fbem-8291	11	21	flow	flow	NOUN
fbem-8291	11	22	model	model	NOUN
fbem-8291	11	23	.	.	PUNCT
fbem-8291	12	1	compared	compare	VERB
fbem-8291	12	2	to	to	ADP
fbem-8291	12	3	other	other	ADJ
fbem-8291	12	4	models	model	NOUN
fbem-8291	12	5	,	,	PUNCT
fbem-8291	12	6	the	the	DET
fbem-8291	12	7	multi	multi	ADJ
fbem-8291	12	8	factor	factor	NOUN
fbem-8291	12	9	stock	stock	NOUN
fbem-8291	12	10	selection	selection	NOUN
fbem-8291	12	11	model	model	NOUN
fbem-8291	12	12	is	be	AUX
fbem-8291	12	13	a	a	DET
fbem-8291	12	14	quantitative	quantitative	ADJ
fbem-8291	12	15	investment	investment	NOUN
fbem-8291	12	16	stock	stock	NOUN
fbem-8291	12	17	selection	selection	NOUN
fbem-8291	12	18	strategy	strategy	NOUN
fbem-8291	12	19	.	.	PUNCT
fbem-8291	13	1	the	the	DET
fbem-8291	13	2	biggest	big	ADJ
fbem-8291	13	3	advantage	advantage	NOUN
fbem-8291	13	4	is	be	AUX
fbem-8291	13	5	that	that	SCONJ
fbem-8291	13	6	the	the	DET
fbem-8291	13	7	results	result	NOUN
fbem-8291	13	8	are	be	AUX
fbem-8291	13	9	based	base	VERB
fbem-8291	13	10	on	on	ADP
fbem-8291	13	11	objective	objective	ADJ
fbem-8291	13	12	data	datum	NOUN
fbem-8291	13	13	and	and	CCONJ
fbem-8291	13	14	complete	complete	ADJ
fbem-8291	13	15	models	model	NOUN
fbem-8291	13	16	,	,	PUNCT
fbem-8291	13	17	which	which	PRON
fbem-8291	13	18	can	can	AUX
fbem-8291	13	19	avoid	avoid	VERB
fbem-8291	13	20	the	the	DET
fbem-8291	13	21	interference	interference	NOUN
fbem-8291	13	22	of	of	ADP
fbem-8291	13	23	personal	personal	ADJ
fbem-8291	13	24	subjective	subjective	ADJ
fbem-8291	13	25	ideas	idea	NOUN
fbem-8291	13	26	and	and	CCONJ
fbem-8291	13	27	have	have	VERB
fbem-8291	13	28	objectivity	objectivity	NOUN
fbem-8291	13	29	.	.	PUNCT
fbem-8291	14	1	in	in	ADP
fbem-8291	14	2	terms	term	NOUN
fbem-8291	14	3	of	of	ADP
fbem-8291	14	4	timing	timing	NOUN
fbem-8291	14	5	,	,	PUNCT
fbem-8291	14	6	common	common	ADJ
fbem-8291	14	7	models	model	NOUN
fbem-8291	14	8	include	include	VERB
fbem-8291	14	9	trend	trend	NOUN
fbem-8291	14	10	tracking	tracking	NOUN
fbem-8291	14	11	and	and	CCONJ
fbem-8291	14	12	horizontal	horizontal	ADJ
fbem-8291	14	13	market	market	NOUN
fbem-8291	14	14	breakthrough	breakthrough	NOUN
fbem-8291	14	15	.	.	PUNCT
fbem-8291	15	1	compared	compare	VERB
fbem-8291	15	2	to	to	ADP
fbem-8291	15	3	other	other	ADJ
fbem-8291	15	4	models	model	NOUN
fbem-8291	15	5	,	,	PUNCT
fbem-8291	15	6	the	the	DET
fbem-8291	15	7	dual	dual	ADJ
fbem-8291	15	8	moving	move	VERB
fbem-8291	15	9	average	average	ADJ
fbem-8291	15	10	strategy	strategy	NOUN
fbem-8291	15	11	has	have	VERB
fbem-8291	15	12	better	well	ADJ
fbem-8291	15	13	practical	practical	ADJ
fbem-8291	15	14	guidance	guidance	NOUN
fbem-8291	15	15	for	for	ADP
fbem-8291	15	16	investment	investment	NOUN
fbem-8291	15	17	timing	timing	NOUN
fbem-8291	15	18	and	and	CCONJ
fbem-8291	15	19	stock	stock	NOUN
fbem-8291	15	20	selection	selection	NOUN
fbem-8291	15	21	,	,	PUNCT
fbem-8291	15	22	and	and	CCONJ
fbem-8291	15	23	can	can	AUX
fbem-8291	15	24	better	well	ADV
fbem-8291	15	25	grasp	grasp	VERB
fbem-8291	15	26	the	the	DET
fbem-8291	15	27	timing	timing	NOUN
fbem-8291	15	28	of	of	ADP
fbem-8291	15	29	trading	trading	NOUN
fbem-8291	15	30	.	.	PUNCT
fbem-8291	16	1	therefore	therefore	ADV
fbem-8291	16	2	,	,	PUNCT
fbem-8291	16	3	this	this	DET
fbem-8291	16	4	article	article	NOUN
fbem-8291	16	5	selects	select	VERB
fbem-8291	16	6	a	a	DET
fbem-8291	16	7	quantitative	quantitative	ADJ
fbem-8291	16	8	investment	investment	NOUN
fbem-8291	16	9	research	research	NOUN
fbem-8291	16	10	model	model	NOUN
fbem-8291	16	11	based	base	VERB
fbem-8291	16	12	on	on	ADP
fbem-8291	16	13	multiple	multiple	ADJ
fbem-8291	16	14	factors	factor	NOUN
fbem-8291	16	15	and	and	CCONJ
fbem-8291	16	16	double	double	ADJ
fbem-8291	16	17	average	average	ADJ
fbem-8291	16	18	line	line	NOUN
fbem-8291	16	19	models	model	NOUN
fbem-8291	16	20	to	to	PART
fbem-8291	16	21	conduct	conduct	VERB
fbem-8291	16	22	quantitative	quantitative	ADJ
fbem-8291	16	23	stock	stock	NOUN
fbem-8291	16	24	selection	selection	NOUN
fbem-8291	16	25	analysis	analysis	NOUN
fbem-8291	16	26	for	for	ADP
fbem-8291	16	27	listed	list	VERB
fbem-8291	16	28	companies	company	NOUN
fbem-8291	16	29	.	.	PUNCT
fbem-8291	17	1	through	through	ADP
fbem-8291	17	2	massive	massive	ADJ
fbem-8291	17	3	statistical	statistical	ADJ
fbem-8291	17	4	testing	testing	NOUN
fbem-8291	17	5	and	and	CCONJ
fbem-8291	17	6	data	datum	NOUN
fbem-8291	17	7	processing	processing	NOUN
fbem-8291	17	8	,	,	PUNCT
fbem-8291	17	9	it	it	PRON
fbem-8291	17	10	ensures	ensure	VERB
fbem-8291	17	11	the	the	DET
fbem-8291	17	12	effectiveness	effectiveness	NOUN
fbem-8291	17	13	of	of	ADP
fbem-8291	17	14	stock	stock	NOUN
fbem-8291	17	15	selection	selection	NOUN
fbem-8291	17	16	.	.	PUNCT
fbem-8291	18	1	at	at	ADP
fbem-8291	18	2	the	the	DET
fbem-8291	18	3	same	same	ADJ
fbem-8291	18	4	time	time	NOUN
fbem-8291	18	5	,	,	PUNCT
fbem-8291	18	6	it	it	PRON
fbem-8291	18	7	proposes	propose	VERB
fbem-8291	18	8	clear	clear	ADJ
fbem-8291	18	9	stock	stock	NOUN
fbem-8291	18	10	selection	selection	NOUN
fbem-8291	18	11	strategies	strategy	NOUN
fbem-8291	18	12	,	,	PUNCT
fbem-8291	18	13	and	and	CCONJ
fbem-8291	18	14	selects	select	VERB
fbem-8291	18	15	some	some	DET
fbem-8291	18	16	stocks	stock	NOUN
fbem-8291	18	17	with	with	ADP
fbem-8291	18	18	higher	high	ADJ
fbem-8291	18	19	cumulative	cumulative	ADJ
fbem-8291	18	20	returns	return	NOUN
fbem-8291	18	21	for	for	ADP
fbem-8291	18	22	research	research	NOUN
fbem-8291	18	23	to	to	PART
fbem-8291	18	24	explore	explore	VERB
fbem-8291	18	25	the	the	DET
fbem-8291	18	26	return	return	NOUN
fbem-8291	18	27	rate	rate	NOUN
fbem-8291	18	28	of	of	ADP
fbem-8291	18	29	the	the	DET
fbem-8291	18	30	model	model	NOUN
fbem-8291	18	31	.	.	PUNCT
fbem-8291	19	1	1.2	1.2	NUM
fbem-8291	19	2	.	.	PUNCT
fbem-8291	19	3	research	research	NOUN
fbem-8291	19	4	significance	significance	NOUN
fbem-8291	19	5	the	the	DET
fbem-8291	19	6	situation	situation	NOUN
fbem-8291	19	7	in	in	ADP
fbem-8291	19	8	the	the	DET
fbem-8291	19	9	stock	stock	NOUN
fbem-8291	19	10	market	market	NOUN
fbem-8291	19	11	is	be	AUX
fbem-8291	19	12	rapidly	rapidly	ADV
fbem-8291	19	13	changing	change	VERB
fbem-8291	19	14	and	and	CCONJ
fbem-8291	19	15	full	full	ADJ
fbem-8291	19	16	of	of	ADP
fbem-8291	19	17	uncertainty	uncertainty	NOUN
fbem-8291	19	18	.	.	PUNCT
fbem-8291	20	1	traditional	traditional	ADJ
fbem-8291	20	2	investment	investment	NOUN
fbem-8291	20	3	strategies	strategy	NOUN
fbem-8291	20	4	have	have	AUX
fbem-8291	20	5	been	be	AUX
fbem-8291	20	6	impacted	impact	VERB
fbem-8291	20	7	due	due	ADP
fbem-8291	20	8	to	to	ADP
fbem-8291	20	9	their	their	PRON
fbem-8291	20	10	technological	technological	ADJ
fbem-8291	20	11	lag	lag	NOUN
fbem-8291	20	12	.	.	PUNCT
fbem-8291	21	1	in	in	ADP
fbem-8291	21	2	addition	addition	NOUN
fbem-8291	21	3	,	,	PUNCT
fbem-8291	21	4	the	the	DET
fbem-8291	21	5	improvement	improvement	NOUN
fbem-8291	21	6	of	of	ADP
fbem-8291	21	7	algorithms	algorithm	NOUN
fbem-8291	21	8	has	have	AUX
fbem-8291	21	9	made	make	VERB
fbem-8291	21	10	the	the	DET
fbem-8291	21	11	computational	computational	ADJ
fbem-8291	21	12	efficiency	efficiency	NOUN
fbem-8291	21	13	of	of	ADP
fbem-8291	21	14	massive	massive	ADJ
fbem-8291	21	15	data	datum	NOUN
fbem-8291	21	16	more	more	ADV
fbem-8291	21	17	efficient	efficient	ADJ
fbem-8291	21	18	,	,	PUNCT
fbem-8291	21	19	and	and	CCONJ
fbem-8291	21	20	quantitative	quantitative	ADJ
fbem-8291	21	21	investment	investment	NOUN
fbem-8291	21	22	is	be	AUX
fbem-8291	21	23	increasingly	increasingly	ADV
fbem-8291	21	24	valued	value	VERB
fbem-8291	21	25	by	by	ADP
fbem-8291	21	26	investors	investor	NOUN
fbem-8291	21	27	.	.	PUNCT
fbem-8291	22	1	the	the	DET
fbem-8291	22	2	stock	stock	NOUN
fbem-8291	22	3	market	market	NOUN
fbem-8291	22	4	has	have	VERB
fbem-8291	22	5	the	the	DET
fbem-8291	22	6	characteristics	characteristic	NOUN
fbem-8291	22	7	of	of	ADP
fbem-8291	22	8	high	high	ADJ
fbem-8291	22	9	risk	risk	NOUN
fbem-8291	22	10	and	and	CCONJ
fbem-8291	22	11	high	high	ADJ
fbem-8291	22	12	yield	yield	NOUN
fbem-8291	22	13	.	.	PUNCT
fbem-8291	23	1	if	if	SCONJ
fbem-8291	23	2	investors	investor	NOUN
fbem-8291	23	3	want	want	VERB
fbem-8291	23	4	to	to	PART
fbem-8291	23	5	obtain	obtain	VERB
fbem-8291	23	6	benefits	benefit	NOUN
fbem-8291	23	7	from	from	ADP
fbem-8291	23	8	the	the	DET
fbem-8291	23	9	stock	stock	NOUN
fbem-8291	23	10	market	market	NOUN
fbem-8291	23	11	,	,	PUNCT
fbem-8291	23	12	they	they	PRON
fbem-8291	23	13	must	must	AUX
fbem-8291	23	14	have	have	VERB
fbem-8291	23	15	a	a	DET
fbem-8291	23	16	certain	certain	ADJ
fbem-8291	23	17	degree	degree	NOUN
fbem-8291	23	18	of	of	ADP
fbem-8291	23	19	investment	investment	NOUN
fbem-8291	23	20	thinking	thinking	NOUN
fbem-8291	23	21	.	.	PUNCT
fbem-8291	24	1	generally	generally	ADV
fbem-8291	24	2	speaking	speak	VERB
fbem-8291	24	3	,	,	PUNCT
fbem-8291	24	4	quantitative	quantitative	ADJ
fbem-8291	24	5	timing	timing	NOUN
fbem-8291	24	6	and	and	CCONJ
fbem-8291	24	7	stock	stock	NOUN
fbem-8291	24	8	selection	selection	NOUN
fbem-8291	24	9	strategies	strategy	NOUN
fbem-8291	24	10	can	can	AUX
fbem-8291	24	11	be	be	AUX
fbem-8291	24	12	divided	divide	VERB
fbem-8291	24	13	into	into	ADP
fbem-8291	24	14	two	two	NUM
fbem-8291	24	15	categories	category	NOUN
fbem-8291	24	16	:	:	PUNCT
fbem-8291	24	17	timing	timing	NOUN
fbem-8291	24	18	and	and	CCONJ
fbem-8291	24	19	stock	stock	NOUN
fbem-8291	24	20	selection	selection	NOUN
fbem-8291	24	21	behavior[2	behavior[2	NOUN
fbem-8291	24	22	]	]	X
fbem-8291	24	23	.	.	PUNCT
fbem-8291	25	1	the	the	DET
fbem-8291	25	2	significance	significance	NOUN
fbem-8291	25	3	of	of	ADP
fbem-8291	25	4	this	this	DET
fbem-8291	25	5	study	study	NOUN
fbem-8291	25	6	is	be	AUX
fbem-8291	25	7	to	to	PART
fbem-8291	25	8	explore	explore	VERB
fbem-8291	25	9	whether	whether	SCONJ
fbem-8291	25	10	quantitative	quantitative	ADJ
fbem-8291	25	11	investment	investment	NOUN
fbem-8291	25	12	strategies	strategy	NOUN
fbem-8291	25	13	based	base	VERB
fbem-8291	25	14	on	on	ADP
fbem-8291	25	15	multi	multi	ADJ
fbem-8291	25	16	factor	factor	NOUN
fbem-8291	25	17	and	and	CCONJ
fbem-8291	25	18	double	double	ADJ
fbem-8291	25	19	average	average	ADJ
fbem-8291	25	20	model	model	NOUN
fbem-8291	25	21	can	can	AUX
fbem-8291	25	22	provide	provide	VERB
fbem-8291	25	23	effective	effective	ADJ
fbem-8291	25	24	quantitative	quantitative	ADJ
fbem-8291	25	25	stock	stock	NOUN
fbem-8291	25	26	selection	selection	NOUN
fbem-8291	25	27	strategies	strategy	NOUN
fbem-8291	25	28	after	after	ADP
fbem-8291	25	29	conducting	conduct	VERB
fbem-8291	25	30	quantitative	quantitative	ADJ
fbem-8291	25	31	data	datum	NOUN
fbem-8291	25	32	processing	processing	NOUN
fbem-8291	25	33	statistics	statistic	NOUN
fbem-8291	25	34	and	and	CCONJ
fbem-8291	25	35	stock	stock	NOUN
fbem-8291	25	36	selection	selection	NOUN
fbem-8291	25	37	analysis	analysis	NOUN
fbem-8291	25	38	on	on	ADP
fbem-8291	25	39	listed	list	VERB
fbem-8291	25	40	companies	company	NOUN
fbem-8291	25	41	.	.	PUNCT
fbem-8291	26	1	the	the	DET
fbem-8291	26	2	main	main	ADJ
fbem-8291	26	3	value	value	NOUN
fbem-8291	26	4	of	of	ADP
fbem-8291	26	5	this	this	DET
fbem-8291	26	6	model	model	NOUN
fbem-8291	26	7	is	be	AUX
fbem-8291	26	8	whether	whether	SCONJ
fbem-8291	26	9	it	it	PRON
fbem-8291	26	10	can	can	AUX
fbem-8291	26	11	expand	expand	VERB
fbem-8291	26	12	its	its	PRON
fbem-8291	26	13	advantages	advantage	NOUN
fbem-8291	26	14	in	in	ADP
fbem-8291	26	15	bull	bull	NOUN
fbem-8291	26	16	markets	market	NOUN
fbem-8291	26	17	and	and	CCONJ
fbem-8291	26	18	avoid	avoid	VERB
fbem-8291	26	19	declines	decline	NOUN
fbem-8291	26	20	in	in	ADP
fbem-8291	26	21	bear	bear	NOUN
fbem-8291	26	22	markets	market	NOUN
fbem-8291	26	23	after	after	ADP
fbem-8291	26	24	combining	combine	VERB
fbem-8291	26	25	overselection	overselection	NOUN
fbem-8291	26	26	with	with	ADP
fbem-8291	26	27	stock	stock	NOUN
fbem-8291	26	28	selection	selection	NOUN
fbem-8291	26	29	.	.	PUNCT
fbem-8291	27	1	the	the	DET
fbem-8291	27	2	model	model	NOUN
fbem-8291	27	3	needs	need	VERB
fbem-8291	27	4	to	to	PART
fbem-8291	27	5	focus	focus	VERB
fbem-8291	27	6	on	on	ADP
fbem-8291	27	7	how	how	SCONJ
fbem-8291	27	8	stock	stock	NOUN
fbem-8291	27	9	selection	selection	NOUN
fbem-8291	27	10	factors	factor	NOUN
fbem-8291	27	11	bring	bring	VERB
fbem-8291	27	12	excess	excess	ADJ
fbem-8291	27	13	returns	return	NOUN
fbem-8291	27	14	to	to	ADP
fbem-8291	27	15	investments	investment	NOUN
fbem-8291	27	16	,	,	PUNCT
fbem-8291	27	17	and	and	CCONJ
fbem-8291	27	18	how	how	SCONJ
fbem-8291	27	19	moving	move	VERB
fbem-8291	27	20	average	average	ADJ
fbem-8291	27	21	timing	timing	NOUN
fbem-8291	27	22	can	can	AUX
fbem-8291	27	23	be	be	AUX
fbem-8291	27	24	used	use	VERB
fbem-8291	27	25	as	as	ADP
fbem-8291	27	26	a	a	DET
fbem-8291	27	27	risk	risk	NOUN
fbem-8291	27	28	management	management	NOUN
fbem-8291	27	29	tool	tool	NOUN
fbem-8291	27	30	to	to	PART
fbem-8291	27	31	avoid	avoid	VERB
fbem-8291	27	32	losses	loss	NOUN
fbem-8291	27	33	.	.	PUNCT
fbem-8291	28	1	an	an	DET
fbem-8291	28	2	excellent	excellent	ADJ
fbem-8291	28	3	quantitative	quantitative	ADJ
fbem-8291	28	4	stock	stock	NOUN
fbem-8291	28	5	selection	selection	NOUN
fbem-8291	28	6	model	model	NOUN
fbem-8291	28	7	can	can	AUX
fbem-8291	28	8	adapt	adapt	VERB
fbem-8291	28	9	to	to	ADP
fbem-8291	28	10	the	the	DET
fbem-8291	28	11	objective	objective	ADJ
fbem-8291	28	12	conditions	condition	NOUN
fbem-8291	28	13	where	where	SCONJ
fbem-8291	28	14	the	the	DET
fbem-8291	28	15	market	market	NOUN
fbem-8291	28	16	is	be	AUX
fbem-8291	28	17	not	not	PART
fbem-8291	28	18	fully	fully	ADV
fbem-8291	28	19	efficient	efficient	ADJ
fbem-8291	28	20	and	and	CCONJ
fbem-8291	28	21	investors	investor	NOUN
fbem-8291	28	22	are	be	AUX
fbem-8291	28	23	not	not	PART
fbem-8291	28	24	fully	fully	ADV
fbem-8291	28	25	rational	rational	ADJ
fbem-8291	28	26	,	,	PUNCT
fbem-8291	28	27	overcome	overcome	VERB
fbem-8291	28	28	perceptual	perceptual	ADJ
fbem-8291	28	29	psychology	psychology	NOUN
fbem-8291	28	30	to	to	ADP
fbem-8291	28	31	the	the	DET
fbem-8291	28	32	maximum	maximum	ADJ
fbem-8291	28	33	extent	extent	NOUN
fbem-8291	28	34	,	,	PUNCT
fbem-8291	28	35	rationally	rationally	ADV
fbem-8291	28	36	and	and	CCONJ
fbem-8291	28	37	quickly	quickly	ADV
fbem-8291	28	38	accept	accept	VERB
fbem-8291	28	39	market	market	NOUN
fbem-8291	28	40	information	information	NOUN
fbem-8291	28	41	and	and	CCONJ
fbem-8291	28	42	respond	respond	VERB
fbem-8291	28	43	,	,	PUNCT
fbem-8291	28	44	thereby	thereby	ADV
fbem-8291	28	45	obtaining	obtain	VERB
fbem-8291	28	46	excess	excess	ADJ
fbem-8291	28	47	returns	return	NOUN
fbem-8291	28	48	for	for	ADP
fbem-8291	28	49	investors[3	investors[3	NOUN
fbem-8291	28	50	]	]	PUNCT
fbem-8291	28	51	.	.	PUNCT
fbem-8291	29	1	from	from	ADP
fbem-8291	29	2	the	the	DET
fbem-8291	29	3	perspective	perspective	NOUN
fbem-8291	29	4	of	of	ADP
fbem-8291	29	5	existing	exist	VERB
fbem-8291	29	6	domestic	domestic	ADJ
fbem-8291	29	7	quantitative	quantitative	ADJ
fbem-8291	29	8	investment	investment	NOUN
fbem-8291	29	9	funds	fund	NOUN
fbem-8291	29	10	,	,	PUNCT
fbem-8291	29	11	quantitative	quantitative	ADJ
fbem-8291	29	12	investment	investment	NOUN
fbem-8291	29	13	strategies	strategy	NOUN
fbem-8291	29	14	have	have	VERB
fbem-8291	29	15	great	great	ADJ
fbem-8291	29	16	prospects	prospect	NOUN
fbem-8291	29	17	for	for	ADP
fbem-8291	29	18	market	market	NOUN
fbem-8291	29	19	application	application	NOUN
fbem-8291	29	20	.	.	PUNCT
fbem-8291	30	1	quantitative	quantitative	ADJ
fbem-8291	30	2	timing	timing	NOUN
fbem-8291	30	3	stock	stock	NOUN
fbem-8291	30	4	selection	selection	NOUN
fbem-8291	30	5	strategies	strategy	NOUN
fbem-8291	30	6	can	can	AUX
fbem-8291	30	7	maximize	maximize	VERB
fbem-8291	30	8	returns	return	NOUN
fbem-8291	30	9	by	by	ADP
fbem-8291	30	10	analyzing	analyze	VERB
fbem-8291	30	11	historical	historical	ADJ
fbem-8291	30	12	information	information	NOUN
fbem-8291	30	13	to	to	PART
fbem-8291	30	14	predict	predict	VERB
fbem-8291	30	15	future	future	ADJ
fbem-8291	30	16	prices	price	NOUN
fbem-8291	30	17	.	.	PUNCT
fbem-8291	31	1	1.3	1.3	NUM
fbem-8291	31	2	.	.	PUNCT
fbem-8291	32	1	research	research	NOUN
fbem-8291	32	2	content	content	NOUN
fbem-8291	32	3	the	the	DET
fbem-8291	32	4	concept	concept	NOUN
fbem-8291	32	5	of	of	ADP
fbem-8291	32	6	multi	multi	ADJ
fbem-8291	32	7	factor	factor	NOUN
fbem-8291	32	8	strategy	strategy	NOUN
fbem-8291	32	9	:	:	PUNCT
fbem-8291	32	10	compared	compare	VERB
fbem-8291	32	11	to	to	ADP
fbem-8291	32	12	single	single	ADJ
fbem-8291	32	13	factor	factor	NOUN
fbem-8291	32	14	models	model	NOUN
fbem-8291	32	15	,	,	PUNCT
fbem-8291	32	16	multi	multi	ADJ
fbem-8291	32	17	factor	factor	NOUN
fbem-8291	32	18	quantitative	quantitative	ADJ
fbem-8291	32	19	stock	stock	NOUN
fbem-8291	32	20	selection	selection	NOUN
fbem-8291	32	21	models	model	NOUN
fbem-8291	32	22	do	do	AUX
fbem-8291	32	23	not	not	PART
fbem-8291	32	24	only	only	ADV
fbem-8291	32	25	consider	consider	VERB
fbem-8291	32	26	the	the	DET
fbem-8291	32	27	impact	impact	NOUN
fbem-8291	32	28	of	of	ADP
fbem-8291	32	29	one	one	NUM
fbem-8291	32	30	factor	factor	NOUN
fbem-8291	32	31	on	on	ADP
fbem-8291	32	32	the	the	DET
fbem-8291	32	33	stock	stock	NOUN
fbem-8291	32	34	price	price	NOUN
fbem-8291	32	35	trend	trend	NOUN
fbem-8291	32	36	,	,	PUNCT
fbem-8291	32	37	but	but	CCONJ
fbem-8291	32	38	also	also	ADV
fbem-8291	32	39	select	select	VERB
fbem-8291	32	40	as	as	ADP
fbem-8291	32	41	many	many	ADJ
fbem-8291	32	42	candidate	candidate	NOUN
fbem-8291	32	43	factors	factor	NOUN
fbem-8291	32	44	as	as	ADP
fbem-8291	32	45	possible	possible	ADJ
fbem-8291	32	46	.	.	PUNCT
fbem-8291	33	1	after	after	SCONJ
fbem-8291	33	2	effectiveness	effectiveness	NOUN
fbem-8291	33	3	testing	testing	NOUN
fbem-8291	33	4	and	and	CCONJ
fbem-8291	33	5	redundancy	redundancy	NOUN
fbem-8291	33	6	proposed	propose	VERB
fbem-8291	33	7	,	,	PUNCT
fbem-8291	33	8	the	the	DET
fbem-8291	33	9	effective	effective	ADJ
fbem-8291	33	10	factors	factor	NOUN
fbem-8291	33	11	are	be	AUX
fbem-8291	33	12	finally	finally	ADV
fbem-8291	33	13	obtained	obtain	VERB
fbem-8291	33	14	.	.	PUNCT
fbem-8291	34	1	the	the	DET
fbem-8291	34	2	final	final	ADJ
fbem-8291	34	3	factors	factor	NOUN
fbem-8291	34	4	are	be	AUX
fbem-8291	34	5	used	use	VERB
fbem-8291	34	6	to	to	PART
fbem-8291	34	7	construct	construct	VERB
fbem-8291	34	8	the	the	DET
fbem-8291	34	9	model	model	NOUN
fbem-8291	34	10	,	,	PUNCT
fbem-8291	34	11	and	and	CCONJ
fbem-8291	34	12	after	after	ADP
fbem-8291	34	13	repeated	repeat	VERB
fbem-8291	34	14	trial	trial	NOUN
fbem-8291	34	15	and	and	CCONJ
fbem-8291	34	16	error	error	NOUN
fbem-8291	34	17	,	,	PUNCT
fbem-8291	34	18	62	62	NUM
fbem-8291	34	19	the	the	DET
fbem-8291	34	20	best	good	ADJ
fbem-8291	34	21	model	model	NOUN
fbem-8291	34	22	is	be	AUX
fbem-8291	34	23	fitted	fit	VERB
fbem-8291	34	24	.	.	PUNCT
fbem-8291	35	1	multi	multi	ADJ
fbem-8291	35	2	factor	factor	NOUN
fbem-8291	35	3	model	model	NOUN
fbem-8291	35	4	:	:	PUNCT
fbem-8291	35	5	compared	compare	VERB
fbem-8291	35	6	with	with	ADP
fbem-8291	35	7	arbitrage	arbitrage	NOUN
fbem-8291	35	8	pricing	pricing	NOUN
fbem-8291	35	9	model	model	NOUN
fbem-8291	35	10	and	and	CCONJ
fbem-8291	35	11	capital	capital	NOUN
fbem-8291	35	12	asset	asset	NOUN
fbem-8291	35	13	pricing	pricing	NOUN
fbem-8291	35	14	model	model	NOUN
fbem-8291	35	15	,	,	PUNCT
fbem-8291	35	16	the	the	DET
fbem-8291	35	17	three	three	NUM
fbem-8291	35	18	factor	factor	NOUN
fbem-8291	35	19	model	model	NOUN
fbem-8291	35	20	(	(	PUNCT
fbem-8291	35	21	fama	fama	PROPN
fbem-8291	35	22	french	french	NOUN
fbem-8291	35	23	)	)	PUNCT
fbem-8291	35	24	explains	explain	VERB
fbem-8291	35	25	some	some	DET
fbem-8291	35	26	issues	issue	NOUN
fbem-8291	35	27	that	that	PRON
fbem-8291	35	28	can	can	AUX
fbem-8291	35	29	not	not	PART
fbem-8291	35	30	be	be	AUX
fbem-8291	35	31	explained	explain	VERB
fbem-8291	35	32	in	in	ADP
fbem-8291	35	33	the	the	DET
fbem-8291	35	34	arbitrage	arbitrage	NOUN
fbem-8291	35	35	pricing	pricing	NOUN
fbem-8291	35	36	model	model	NOUN
fbem-8291	35	37	and	and	CCONJ
fbem-8291	35	38	capital	capital	NOUN
fbem-8291	35	39	asset	asset	NOUN
fbem-8291	35	40	pricing	pricing	NOUN
fbem-8291	35	41	model	model	NOUN
fbem-8291	35	42	,	,	PUNCT
fbem-8291	35	43	and	and	CCONJ
fbem-8291	35	44	concretizes	concretize	VERB
fbem-8291	35	45	some	some	DET
fbem-8291	35	46	unknown	unknown	ADJ
fbem-8291	35	47	factors	factor	NOUN
fbem-8291	35	48	.	.	PUNCT
fbem-8291	36	1	in	in	ADP
fbem-8291	36	2	order	order	NOUN
fbem-8291	36	3	to	to	PART
fbem-8291	36	4	study	study	VERB
fbem-8291	36	5	more	more	ADV
fbem-8291	36	6	comprehensively	comprehensively	ADV
fbem-8291	36	7	,	,	PUNCT
fbem-8291	36	8	accurately	accurately	ADV
fbem-8291	36	9	,	,	PUNCT
fbem-8291	36	10	and	and	CCONJ
fbem-8291	36	11	scientifically	scientifically	ADV
fbem-8291	36	12	how	how	SCONJ
fbem-8291	36	13	investment	investment	NOUN
fbem-8291	36	14	returns	return	NOUN
fbem-8291	36	15	affect	affect	VERB
fbem-8291	36	16	factors	factor	NOUN
fbem-8291	36	17	,	,	PUNCT
fbem-8291	36	18	scholars	scholar	NOUN
fbem-8291	36	19	have	have	AUX
fbem-8291	36	20	added	add	VERB
fbem-8291	36	21	candidate	candidate	NOUN
fbem-8291	36	22	factors	factor	NOUN
fbem-8291	36	23	as	as	ADV
fbem-8291	36	24	much	much	ADV
fbem-8291	36	25	as	as	ADP
fbem-8291	36	26	possible	possible	ADJ
fbem-8291	36	27	on	on	ADP
fbem-8291	36	28	the	the	DET
fbem-8291	36	29	basis	basis	NOUN
fbem-8291	36	30	of	of	ADP
fbem-8291	36	31	the	the	DET
fbem-8291	36	32	threefactor	threefactor	NOUN
fbem-8291	36	33	model	model	NOUN
fbem-8291	36	34	(	(	PUNCT
fbem-8291	36	35	fama	fama	PROPN
fbem-8291	36	36	french	french	PROPN
fbem-8291	36	37	)	)	PUNCT
fbem-8291	36	38	,	,	PUNCT
fbem-8291	36	39	and	and	CCONJ
fbem-8291	36	40	studied	study	VERB
fbem-8291	36	41	all	all	DET
fbem-8291	36	42	possible	possible	ADJ
fbem-8291	36	43	influencing	influence	VERB
fbem-8291	36	44	factors	factor	NOUN
fbem-8291	36	45	,	,	PUNCT
fbem-8291	36	46	so	so	SCONJ
fbem-8291	36	47	as	as	SCONJ
fbem-8291	36	48	to	to	PART
fbem-8291	36	49	consider	consider	VERB
fbem-8291	36	50	them	they	PRON
fbem-8291	36	51	more	more	ADV
fbem-8291	36	52	comprehensively	comprehensively	ADV
fbem-8291	36	53	,	,	PUNCT
fbem-8291	36	54	making	make	VERB
fbem-8291	36	55	the	the	DET
fbem-8291	36	56	model	model	NOUN
fbem-8291	36	57	fitting	fitting	ADJ
fbem-8291	36	58	effect	effect	NOUN
fbem-8291	36	59	better	well	ADV
fbem-8291	36	60	,	,	PUNCT
fbem-8291	36	61	and	and	CCONJ
fbem-8291	36	62	the	the	DET
fbem-8291	36	63	stock	stock	NOUN
fbem-8291	36	64	selection	selection	NOUN
fbem-8291	36	65	and	and	CCONJ
fbem-8291	36	66	analysis	analysis	NOUN
fbem-8291	36	67	results	result	VERB
fbem-8291	36	68	more	more	ADV
fbem-8291	36	69	accurate	accurate	ADJ
fbem-8291	36	70	and	and	CCONJ
fbem-8291	36	71	scientific	scientific	ADJ
fbem-8291	36	72	,	,	PUNCT
fbem-8291	36	73	which	which	PRON
fbem-8291	36	74	is	be	AUX
fbem-8291	36	75	more	more	ADV
fbem-8291	36	76	conducive	conducive	ADJ
fbem-8291	36	77	to	to	ADP
fbem-8291	36	78	investors	investor	NOUN
fbem-8291	36	79	'	'	PART
fbem-8291	36	80	analysis	analysis	NOUN
fbem-8291	36	81	and	and	CCONJ
fbem-8291	36	82	operation	operation	NOUN
fbem-8291	36	83	.	.	PUNCT
fbem-8291	37	1	double	double	ADJ
fbem-8291	37	2	moving	move	VERB
fbem-8291	37	3	average	average	ADJ
fbem-8291	37	4	strategy	strategy	NOUN
fbem-8291	37	5	concept	concept	NOUN
fbem-8291	37	6	:	:	PUNCT
fbem-8291	37	7	double	double	ADJ
fbem-8291	37	8	moving	move	VERB
fbem-8291	37	9	average	average	ADJ
fbem-8291	37	10	refers	refer	VERB
fbem-8291	37	11	to	to	ADP
fbem-8291	37	12	short	short	ADJ
fbem-8291	37	13	-	-	PUNCT
fbem-8291	37	14	term	term	NOUN
fbem-8291	37	15	moving	move	VERB
fbem-8291	37	16	average	average	ADJ
fbem-8291	37	17	and	and	CCONJ
fbem-8291	37	18	long	long	ADJ
fbem-8291	37	19	-	-	PUNCT
fbem-8291	37	20	term	term	NOUN
fbem-8291	37	21	moving	move	VERB
fbem-8291	37	22	average	average	ADJ
fbem-8291	37	23	.	.	PUNCT
fbem-8291	38	1	buy	buy	VERB
fbem-8291	38	2	when	when	SCONJ
fbem-8291	38	3	the	the	DET
fbem-8291	38	4	short	short	ADJ
fbem-8291	38	5	-	-	PUNCT
fbem-8291	38	6	term	term	NOUN
fbem-8291	38	7	moving	move	VERB
fbem-8291	38	8	average	average	ADJ
fbem-8291	38	9	crosses	crosse	NOUN
fbem-8291	38	10	the	the	DET
fbem-8291	38	11	long	long	ADJ
fbem-8291	38	12	-	-	PUNCT
fbem-8291	38	13	term	term	NOUN
fbem-8291	38	14	moving	move	VERB
fbem-8291	38	15	average	average	ADJ
fbem-8291	38	16	,	,	PUNCT
fbem-8291	38	17	and	and	CCONJ
fbem-8291	38	18	sell	sell	VERB
fbem-8291	38	19	when	when	SCONJ
fbem-8291	38	20	the	the	DET
fbem-8291	38	21	short	short	ADJ
fbem-8291	38	22	-	-	PUNCT
fbem-8291	38	23	term	term	NOUN
fbem-8291	38	24	moving	move	VERB
fbem-8291	38	25	average	average	ADJ
fbem-8291	38	26	crosses	crosse	NOUN
fbem-8291	38	27	the	the	DET
fbem-8291	38	28	long	long	ADJ
fbem-8291	38	29	-	-	PUNCT
fbem-8291	38	30	term	term	NOUN
fbem-8291	38	31	moving	move	VERB
fbem-8291	38	32	average	average	ADJ
fbem-8291	38	33	.	.	PUNCT
fbem-8291	39	1	double	double	ADJ
fbem-8291	39	2	moving	move	VERB
fbem-8291	39	3	average	average	ADJ
fbem-8291	39	4	model	model	NOUN
fbem-8291	39	5	:	:	PUNCT
fbem-8291	39	6	the	the	DET
fbem-8291	39	7	simple	simple	ADJ
fbem-8291	39	8	moving	move	VERB
fbem-8291	39	9	average	average	ADJ
fbem-8291	39	10	(	(	PUNCT
fbem-8291	39	11	sma	sma	PROPN
fbem-8291	39	12	)	)	PUNCT
fbem-8291	39	13	is	be	AUX
fbem-8291	39	14	used	use	VERB
fbem-8291	39	15	as	as	ADP
fbem-8291	39	16	the	the	DET
fbem-8291	39	17	basis	basis	NOUN
fbem-8291	39	18	,	,	PUNCT
fbem-8291	39	19	because	because	SCONJ
fbem-8291	39	20	the	the	DET
fbem-8291	39	21	csi	csi	PROPN
fbem-8291	39	22	500	500	NUM
fbem-8291	39	23	rarely	rarely	ADV
fbem-8291	39	24	presents	present	VERB
fbem-8291	39	25	trendy	trendy	ADJ
fbem-8291	39	26	quotes	quote	NOUN
fbem-8291	39	27	and	and	CCONJ
fbem-8291	39	28	has	have	VERB
fbem-8291	39	29	more	more	ADJ
fbem-8291	39	30	volatile	volatile	ADJ
fbem-8291	39	31	quotes	quote	NOUN
fbem-8291	39	32	.	.	PUNCT
fbem-8291	40	1	the	the	DET
fbem-8291	40	2	simple	simple	ADJ
fbem-8291	40	3	moving	move	VERB
fbem-8291	40	4	average	average	ADJ
fbem-8291	40	5	(	(	PUNCT
fbem-8291	40	6	sma	sma	PROPN
fbem-8291	40	7	)	)	PUNCT
fbem-8291	40	8	is	be	AUX
fbem-8291	40	9	not	not	PART
fbem-8291	40	10	sensitive	sensitive	ADJ
fbem-8291	40	11	to	to	ADP
fbem-8291	40	12	changing	change	VERB
fbem-8291	40	13	prices	price	NOUN
fbem-8291	40	14	,	,	PUNCT
fbem-8291	40	15	helping	help	VERB
fbem-8291	40	16	to	to	PART
fbem-8291	40	17	improve	improve	VERB
fbem-8291	40	18	yields	yield	NOUN
fbem-8291	40	19	.	.	PUNCT
fbem-8291	41	1	1.4	1.4	NUM
fbem-8291	41	2	.	.	PUNCT
fbem-8291	42	1	research	research	NOUN
fbem-8291	42	2	methods	method	NOUN
fbem-8291	42	3	double	double	ADV
fbem-8291	42	4	moving	move	VERB
fbem-8291	42	5	average	average	ADJ
fbem-8291	42	6	strategy	strategy	NOUN
fbem-8291	42	7	method	method	NOUN
fbem-8291	42	8	:	:	PUNCT
fbem-8291	42	9	buy	buy	VERB
fbem-8291	42	10	stocks	stock	NOUN
fbem-8291	42	11	when	when	SCONJ
fbem-8291	42	12	the	the	DET
fbem-8291	42	13	short	short	ADJ
fbem-8291	42	14	-	-	PUNCT
fbem-8291	42	15	term	term	NOUN
fbem-8291	42	16	moving	move	VERB
fbem-8291	42	17	average	average	ADJ
fbem-8291	42	18	crosses	crosse	NOUN
fbem-8291	42	19	the	the	DET
fbem-8291	42	20	long	long	ADJ
fbem-8291	42	21	-	-	PUNCT
fbem-8291	42	22	term	term	NOUN
fbem-8291	42	23	moving	move	VERB
fbem-8291	42	24	average	average	NOUN
fbem-8291	42	25	from	from	ADP
fbem-8291	42	26	bottom	bottom	NOUN
fbem-8291	42	27	to	to	ADP
fbem-8291	42	28	top	top	NOUN
fbem-8291	42	29	;	;	PUNCT
fbem-8291	42	30	sell	sell	VERB
fbem-8291	42	31	stocks	stock	NOUN
fbem-8291	42	32	when	when	SCONJ
fbem-8291	42	33	the	the	DET
fbem-8291	42	34	short	short	ADJ
fbem-8291	42	35	-	-	PUNCT
fbem-8291	42	36	term	term	NOUN
fbem-8291	42	37	moving	move	VERB
fbem-8291	42	38	average	average	ADJ
fbem-8291	42	39	crosses	crosse	NOUN
fbem-8291	42	40	the	the	DET
fbem-8291	42	41	long	long	ADJ
fbem-8291	42	42	-	-	PUNCT
fbem-8291	42	43	term	term	NOUN
fbem-8291	42	44	moving	move	VERB
fbem-8291	42	45	average	average	NOUN
fbem-8291	42	46	from	from	ADP
fbem-8291	42	47	top	top	NOUN
fbem-8291	42	48	to	to	ADP
fbem-8291	42	49	bottom	bottom	NOUN
fbem-8291	42	50	.	.	PUNCT
fbem-8291	43	1	multi	multi	ADJ
fbem-8291	43	2	factor	factor	NOUN
fbem-8291	43	3	stock	stock	NOUN
fbem-8291	43	4	selection	selection	NOUN
fbem-8291	43	5	method	method	NOUN
fbem-8291	43	6	:	:	PUNCT
fbem-8291	43	7	firstly	firstly	ADV
fbem-8291	43	8	,	,	PUNCT
fbem-8291	43	9	identify	identify	VERB
fbem-8291	43	10	candidate	candidate	NOUN
fbem-8291	43	11	factors	factor	NOUN
fbem-8291	43	12	.	.	PUNCT
fbem-8291	44	1	there	there	PRON
fbem-8291	44	2	are	be	VERB
fbem-8291	44	3	various	various	ADJ
fbem-8291	44	4	factors	factor	NOUN
fbem-8291	44	5	in	in	ADP
fbem-8291	44	6	the	the	DET
fbem-8291	44	7	market	market	NOUN
fbem-8291	44	8	,	,	PUNCT
fbem-8291	44	9	and	and	CCONJ
fbem-8291	44	10	in	in	ADP
fbem-8291	44	11	different	different	ADJ
fbem-8291	44	12	market	market	NOUN
fbem-8291	44	13	environments	environment	NOUN
fbem-8291	44	14	,	,	PUNCT
fbem-8291	44	15	how	how	SCONJ
fbem-8291	44	16	much	much	ADJ
fbem-8291	44	17	will	will	AUX
fbem-8291	44	18	affect	affect	VERB
fbem-8291	44	19	the	the	DET
fbem-8291	44	20	stock	stock	NOUN
fbem-8291	44	21	price	price	NOUN
fbem-8291	44	22	trend	trend	NOUN
fbem-8291	44	23	;	;	PUNCT
fbem-8291	44	24	next	next	ADV
fbem-8291	44	25	,	,	PUNCT
fbem-8291	44	26	determine	determine	VERB
fbem-8291	44	27	the	the	DET
fbem-8291	44	28	effective	effective	ADJ
fbem-8291	44	29	factors	factor	NOUN
fbem-8291	44	30	,	,	PUNCT
fbem-8291	44	31	conduct	conduct	VERB
fbem-8291	44	32	a	a	DET
fbem-8291	44	33	back	back	ADJ
fbem-8291	44	34	test	test	NOUN
fbem-8291	44	35	among	among	ADP
fbem-8291	44	36	the	the	DET
fbem-8291	44	37	candidate	candidate	NOUN
fbem-8291	44	38	factors	factor	NOUN
fbem-8291	44	39	,	,	PUNCT
fbem-8291	44	40	and	and	CCONJ
fbem-8291	44	41	use	use	VERB
fbem-8291	44	42	scoring	scoring	NOUN
fbem-8291	44	43	and	and	CCONJ
fbem-8291	44	44	regression	regression	NOUN
fbem-8291	44	45	methods	method	NOUN
fbem-8291	44	46	to	to	PART
fbem-8291	44	47	screen	screen	VERB
fbem-8291	44	48	the	the	DET
fbem-8291	44	49	factors	factor	NOUN
fbem-8291	44	50	to	to	PART
fbem-8291	44	51	determine	determine	VERB
fbem-8291	44	52	the	the	DET
fbem-8291	44	53	effective	effective	ADJ
fbem-8291	44	54	factors	factor	NOUN
fbem-8291	44	55	that	that	PRON
fbem-8291	44	56	have	have	VERB
fbem-8291	44	57	a	a	DET
fbem-8291	44	58	significant	significant	ADJ
fbem-8291	44	59	impact	impact	NOUN
fbem-8291	44	60	on	on	ADP
fbem-8291	44	61	stock	stock	NOUN
fbem-8291	44	62	returns	return	NOUN
fbem-8291	44	63	;	;	PUNCT
fbem-8291	44	64	finally	finally	ADV
fbem-8291	44	65	,	,	PUNCT
fbem-8291	44	66	eliminate	eliminate	VERB
fbem-8291	44	67	redundant	redundant	ADJ
fbem-8291	44	68	factors	factor	NOUN
fbem-8291	44	69	.	.	PUNCT
fbem-8291	45	1	among	among	ADP
fbem-8291	45	2	the	the	DET
fbem-8291	45	3	effective	effective	ADJ
fbem-8291	45	4	factors	factor	NOUN
fbem-8291	45	5	,	,	PUNCT
fbem-8291	45	6	if	if	SCONJ
fbem-8291	45	7	there	there	PRON
fbem-8291	45	8	are	be	VERB
fbem-8291	45	9	multiple	multiple	ADJ
fbem-8291	45	10	factors	factor	NOUN
fbem-8291	45	11	that	that	PRON
fbem-8291	45	12	have	have	VERB
fbem-8291	45	13	a	a	DET
fbem-8291	45	14	consistent	consistent	ADJ
fbem-8291	45	15	impact	impact	NOUN
fbem-8291	45	16	on	on	ADP
fbem-8291	45	17	stock	stock	NOUN
fbem-8291	45	18	returns	return	NOUN
fbem-8291	45	19	and	and	CCONJ
fbem-8291	45	20	have	have	VERB
fbem-8291	45	21	a	a	DET
fbem-8291	45	22	common	common	ADJ
fbem-8291	45	23	effect	effect	NOUN
fbem-8291	45	24	on	on	ADP
fbem-8291	45	25	stock	stock	NOUN
fbem-8291	45	26	returns	return	NOUN
fbem-8291	45	27	,	,	PUNCT
fbem-8291	45	28	it	it	PRON
fbem-8291	45	29	indicates	indicate	VERB
fbem-8291	45	30	that	that	SCONJ
fbem-8291	45	31	they	they	PRON
fbem-8291	45	32	have	have	VERB
fbem-8291	45	33	a	a	DET
fbem-8291	45	34	high	high	ADJ
fbem-8291	45	35	correlation	correlation	NOUN
fbem-8291	45	36	.	.	PUNCT
fbem-8291	46	1	1.5	1.5	NUM
fbem-8291	46	2	.	.	PUNCT
fbem-8291	47	1	research	research	NOUN
fbem-8291	47	2	difficulties	difficulty	NOUN
fbem-8291	47	3	the	the	DET
fbem-8291	47	4	goal	goal	NOUN
fbem-8291	47	5	of	of	ADP
fbem-8291	47	6	this	this	DET
fbem-8291	47	7	article	article	NOUN
fbem-8291	47	8	is	be	AUX
fbem-8291	47	9	to	to	PART
fbem-8291	47	10	develop	develop	VERB
fbem-8291	47	11	a	a	DET
fbem-8291	47	12	construction	construction	NOUN
fbem-8291	47	13	scheme	scheme	NOUN
fbem-8291	47	14	for	for	ADP
fbem-8291	47	15	an	an	DET
fbem-8291	47	16	investment	investment	NOUN
fbem-8291	47	17	analysis	analysis	NOUN
fbem-8291	47	18	system	system	NOUN
fbem-8291	47	19	based	base	VERB
fbem-8291	47	20	on	on	ADP
fbem-8291	47	21	multi	multi	ADJ
fbem-8291	47	22	factor	factor	NOUN
fbem-8291	47	23	and	and	CCONJ
fbem-8291	47	24	double	double	ADJ
fbem-8291	47	25	moving	move	VERB
fbem-8291	47	26	average	average	ADJ
fbem-8291	47	27	quantitative	quantitative	ADJ
fbem-8291	47	28	strategies	strategy	NOUN
fbem-8291	47	29	.	.	PUNCT
fbem-8291	48	1	this	this	DET
fbem-8291	48	2	type	type	NOUN
fbem-8291	48	3	of	of	ADP
fbem-8291	48	4	model	model	NOUN
fbem-8291	48	5	has	have	VERB
fbem-8291	48	6	its	its	PRON
fbem-8291	48	7	particularity	particularity	NOUN
fbem-8291	48	8	,	,	PUNCT
fbem-8291	48	9	complexity	complexity	NOUN
fbem-8291	48	10	,	,	PUNCT
fbem-8291	48	11	and	and	CCONJ
fbem-8291	48	12	variability	variability	NOUN
fbem-8291	48	13	.	.	PUNCT
fbem-8291	49	1	at	at	ADP
fbem-8291	49	2	the	the	DET
fbem-8291	49	3	same	same	ADJ
fbem-8291	49	4	time	time	NOUN
fbem-8291	49	5	,	,	PUNCT
fbem-8291	49	6	due	due	ADP
fbem-8291	49	7	to	to	ADP
fbem-8291	49	8	the	the	DET
fbem-8291	49	9	domestic	domestic	ADJ
fbem-8291	49	10	research	research	NOUN
fbem-8291	49	11	on	on	ADP
fbem-8291	49	12	quantitative	quantitative	ADJ
fbem-8291	49	13	investment	investment	NOUN
fbem-8291	49	14	focusing	focus	VERB
fbem-8291	49	15	on	on	ADP
fbem-8291	49	16	the	the	DET
fbem-8291	49	17	field	field	NOUN
fbem-8291	49	18	of	of	ADP
fbem-8291	49	19	quantitative	quantitative	ADJ
fbem-8291	49	20	trading	trading	NOUN
fbem-8291	49	21	,	,	PUNCT
fbem-8291	49	22	there	there	PRON
fbem-8291	49	23	has	have	AUX
fbem-8291	49	24	been	be	AUX
fbem-8291	49	25	less	less	ADJ
fbem-8291	49	26	involvement	involvement	NOUN
fbem-8291	49	27	in	in	ADP
fbem-8291	49	28	stock	stock	NOUN
fbem-8291	49	29	selection	selection	NOUN
fbem-8291	49	30	strategies	strategy	NOUN
fbem-8291	49	31	that	that	PRON
fbem-8291	49	32	combine	combine	VERB
fbem-8291	49	33	multiple	multiple	ADJ
fbem-8291	49	34	factors	factor	NOUN
fbem-8291	49	35	and	and	CCONJ
fbem-8291	49	36	double	double	ADJ
fbem-8291	49	37	moving	move	VERB
fbem-8291	49	38	average	average	ADJ
fbem-8291	49	39	models	model	NOUN
fbem-8291	49	40	.	.	PUNCT
fbem-8291	50	1	therefore	therefore	ADV
fbem-8291	50	2	,	,	PUNCT
fbem-8291	50	3	it	it	PRON
fbem-8291	50	4	is	be	AUX
fbem-8291	50	5	difficult	difficult	ADJ
fbem-8291	50	6	to	to	PART
fbem-8291	50	7	provide	provide	VERB
fbem-8291	50	8	a	a	DET
fbem-8291	50	9	comprehensive	comprehensive	ADJ
fbem-8291	50	10	theoretical	theoretical	ADJ
fbem-8291	50	11	reference	reference	NOUN
fbem-8291	50	12	and	and	CCONJ
fbem-8291	50	13	reference	reference	NOUN
fbem-8291	50	14	for	for	ADP
fbem-8291	50	15	the	the	DET
fbem-8291	50	16	proposed	propose	VERB
fbem-8291	50	17	scheme	scheme	NOUN
fbem-8291	50	18	in	in	ADP
fbem-8291	50	19	such	such	DET
fbem-8291	50	20	a	a	DET
fbem-8291	50	21	segmented	segment	VERB
fbem-8291	50	22	field	field	NOUN
fbem-8291	50	23	.	.	PUNCT
fbem-8291	51	1	at	at	ADP
fbem-8291	51	2	the	the	DET
fbem-8291	51	3	same	same	ADJ
fbem-8291	51	4	time	time	NOUN
fbem-8291	51	5	,	,	PUNCT
fbem-8291	51	6	how	how	SCONJ
fbem-8291	51	7	to	to	PART
fbem-8291	51	8	ensure	ensure	VERB
fbem-8291	51	9	that	that	SCONJ
fbem-8291	51	10	the	the	DET
fbem-8291	51	11	strategy	strategy	NOUN
fbem-8291	51	12	construction	construction	NOUN
fbem-8291	51	13	becomes	become	VERB
fbem-8291	51	14	an	an	DET
fbem-8291	51	15	effective	effective	ADJ
fbem-8291	51	16	combination	combination	NOUN
fbem-8291	51	17	while	while	SCONJ
fbem-8291	51	18	meeting	meet	VERB
fbem-8291	51	19	the	the	DET
fbem-8291	51	20	basic	basic	ADJ
fbem-8291	51	21	usage	usage	NOUN
fbem-8291	51	22	needs	need	NOUN
fbem-8291	51	23	of	of	ADP
fbem-8291	51	24	the	the	DET
fbem-8291	51	25	system	system	NOUN
fbem-8291	51	26	is	be	AUX
fbem-8291	51	27	an	an	DET
fbem-8291	51	28	important	important	ADJ
fbem-8291	51	29	reason	reason	NOUN
fbem-8291	51	30	for	for	ADP
fbem-8291	51	31	exploring	explore	VERB
fbem-8291	51	32	new	new	ADJ
fbem-8291	51	33	technological	technological	ADJ
fbem-8291	51	34	solutions	solution	NOUN
fbem-8291	51	35	in	in	ADP
fbem-8291	51	36	this	this	DET
fbem-8291	51	37	article	article	NOUN
fbem-8291	51	38	,	,	PUNCT
fbem-8291	51	39	and	and	CCONJ
fbem-8291	51	40	also	also	ADV
fbem-8291	51	41	a	a	DET
fbem-8291	51	42	difficulty	difficulty	NOUN
fbem-8291	51	43	in	in	ADP
fbem-8291	51	44	constructing	construct	VERB
fbem-8291	51	45	this	this	DET
fbem-8291	51	46	system	system	NOUN
fbem-8291	51	47	solution	solution	NOUN
fbem-8291	51	48	.	.	PUNCT
fbem-8291	52	1	based	base	VERB
fbem-8291	52	2	on	on	ADP
fbem-8291	52	3	previous	previous	ADJ
fbem-8291	52	4	related	related	ADJ
fbem-8291	52	5	papers	paper	NOUN
fbem-8291	52	6	,	,	PUNCT
fbem-8291	52	7	this	this	DET
fbem-8291	52	8	article	article	NOUN
fbem-8291	52	9	uses	use	VERB
fbem-8291	52	10	the	the	DET
fbem-8291	52	11	joinquant	joinquant	ADJ
fbem-8291	52	12	website	website	NOUN
fbem-8291	52	13	to	to	PART
fbem-8291	52	14	simulate	simulate	VERB
fbem-8291	52	15	model	model	NOUN
fbem-8291	52	16	combinations	combination	NOUN
fbem-8291	52	17	to	to	PART
fbem-8291	52	18	test	test	VERB
fbem-8291	52	19	the	the	DET
fbem-8291	52	20	best	good	ADJ
fbem-8291	52	21	simulation	simulation	NOUN
fbem-8291	52	22	strategy	strategy	NOUN
fbem-8291	52	23	.	.	PUNCT
fbem-8291	53	1	1.6	1.6	NUM
fbem-8291	53	2	.	.	PUNCT
fbem-8291	53	3	innovation	innovation	NOUN
fbem-8291	53	4	this	this	DET
fbem-8291	53	5	article	article	NOUN
fbem-8291	53	6	focuses	focus	VERB
fbem-8291	53	7	on	on	ADP
fbem-8291	53	8	the	the	DET
fbem-8291	53	9	combination	combination	NOUN
fbem-8291	53	10	of	of	ADP
fbem-8291	53	11	multi	multi	ADJ
fbem-8291	53	12	factor	factor	NOUN
fbem-8291	53	13	and	and	CCONJ
fbem-8291	53	14	double	double	ADJ
fbem-8291	53	15	average	average	ADJ
fbem-8291	53	16	model	model	NOUN
fbem-8291	53	17	stock	stock	NOUN
fbem-8291	53	18	selection	selection	NOUN
fbem-8291	53	19	strategies	strategy	NOUN
fbem-8291	53	20	,	,	PUNCT
fbem-8291	53	21	which	which	PRON
fbem-8291	53	22	are	be	AUX
fbem-8291	53	23	rarely	rarely	ADV
fbem-8291	53	24	studied	study	VERB
fbem-8291	53	25	in	in	ADP
fbem-8291	53	26	the	the	DET
fbem-8291	53	27	field	field	NOUN
fbem-8291	53	28	of	of	ADP
fbem-8291	53	29	domestic	domestic	ADJ
fbem-8291	53	30	quantitative	quantitative	ADJ
fbem-8291	53	31	investment	investment	NOUN
fbem-8291	53	32	.	.	PUNCT
fbem-8291	54	1	the	the	DET
fbem-8291	54	2	multi	multi	ADJ
fbem-8291	54	3	factor	factor	NOUN
fbem-8291	54	4	stock	stock	NOUN
fbem-8291	54	5	selection	selection	NOUN
fbem-8291	54	6	strategy	strategy	NOUN
fbem-8291	54	7	collects	collect	VERB
fbem-8291	54	8	multiple	multiple	ADJ
fbem-8291	54	9	information	information	NOUN
fbem-8291	54	10	from	from	ADP
fbem-8291	54	11	the	the	DET
fbem-8291	54	12	market	market	NOUN
fbem-8291	54	13	,	,	PUNCT
fbem-8291	54	14	effectively	effectively	ADV
fbem-8291	54	15	avoiding	avoid	VERB
fbem-8291	54	16	losses	loss	NOUN
fbem-8291	54	17	,	,	PUNCT
fbem-8291	54	18	and	and	CCONJ
fbem-8291	54	19	obtaining	obtain	VERB
fbem-8291	54	20	excess	excess	ADJ
fbem-8291	54	21	returns	return	NOUN
fbem-8291	54	22	from	from	ADP
fbem-8291	54	23	potential	potential	ADJ
fbem-8291	54	24	risks	risk	NOUN
fbem-8291	54	25	in	in	ADP
fbem-8291	54	26	the	the	DET
fbem-8291	54	27	market	market	NOUN
fbem-8291	54	28	;	;	PUNCT
fbem-8291	54	29	the	the	DET
fbem-8291	54	30	double	double	ADJ
fbem-8291	54	31	average	average	ADJ
fbem-8291	54	32	trading	trading	NOUN
fbem-8291	54	33	strategy	strategy	NOUN
fbem-8291	54	34	calculates	calculate	VERB
fbem-8291	54	35	the	the	DET
fbem-8291	54	36	average	average	ADJ
fbem-8291	54	37	value	value	NOUN
fbem-8291	54	38	of	of	ADP
fbem-8291	54	39	the	the	DET
fbem-8291	54	40	return	return	NOUN
fbem-8291	54	41	between	between	ADP
fbem-8291	54	42	the	the	DET
fbem-8291	54	43	buying	buying	NOUN
fbem-8291	54	44	and	and	CCONJ
fbem-8291	54	45	selling	sell	VERB
fbem-8291	54	46	ranges	range	NOUN
fbem-8291	54	47	,	,	PUNCT
fbem-8291	54	48	and	and	CCONJ
fbem-8291	54	49	obtains	obtain	VERB
fbem-8291	54	50	that	that	SCONJ
fbem-8291	54	51	the	the	DET
fbem-8291	54	52	difference	difference	NOUN
fbem-8291	54	53	between	between	ADP
fbem-8291	54	54	the	the	DET
fbem-8291	54	55	average	average	ADJ
fbem-8291	54	56	value	value	NOUN
fbem-8291	54	57	of	of	ADP
fbem-8291	54	58	the	the	DET
fbem-8291	54	59	return	return	NOUN
fbem-8291	54	60	between	between	ADP
fbem-8291	54	61	the	the	DET
fbem-8291	54	62	buying	buying	NOUN
fbem-8291	54	63	and	and	CCONJ
fbem-8291	54	64	selling	sell	VERB
fbem-8291	54	65	ranges	range	NOUN
fbem-8291	54	66	is	be	AUX
fbem-8291	54	67	positive	positive	ADJ
fbem-8291	54	68	.	.	PUNCT
fbem-8291	55	1	if	if	SCONJ
fbem-8291	55	2	we	we	PRON
fbem-8291	55	3	combine	combine	VERB
fbem-8291	55	4	the	the	DET
fbem-8291	55	5	two	two	NUM
fbem-8291	55	6	models	model	NOUN
fbem-8291	55	7	together	together	ADV
fbem-8291	55	8	,	,	PUNCT
fbem-8291	55	9	whether	whether	SCONJ
fbem-8291	55	10	the	the	DET
fbem-8291	55	11	stock	stock	NOUN
fbem-8291	55	12	returns	return	NOUN
fbem-8291	55	13	can	can	AUX
fbem-8291	55	14	have	have	AUX
fbem-8291	55	15	excess	excess	ADJ
fbem-8291	55	16	returns	return	NOUN
fbem-8291	55	17	is	be	AUX
fbem-8291	55	18	the	the	DET
fbem-8291	55	19	main	main	ADJ
fbem-8291	55	20	innovation	innovation	NOUN
fbem-8291	55	21	of	of	ADP
fbem-8291	55	22	this	this	DET
fbem-8291	55	23	article	article	NOUN
fbem-8291	55	24	.	.	PUNCT
fbem-8291	56	1	2	2	X
fbem-8291	56	2	.	.	X
fbem-8291	56	3	literature	literature	NOUN
fbem-8291	56	4	review	review	PROPN
fbem-8291	56	5	multi	multi	ADJ
fbem-8291	56	6	factor	factor	NOUN
fbem-8291	56	7	model	model	NOUN
fbem-8291	56	8	is	be	AUX
fbem-8291	56	9	one	one	NUM
fbem-8291	56	10	of	of	ADP
fbem-8291	56	11	the	the	DET
fbem-8291	56	12	most	most	ADV
fbem-8291	56	13	widely	widely	ADV
fbem-8291	56	14	used	use	VERB
fbem-8291	56	15	quantitative	quantitative	ADJ
fbem-8291	56	16	investment	investment	NOUN
fbem-8291	56	17	strategies	strategy	NOUN
fbem-8291	56	18	.	.	PUNCT
fbem-8291	57	1	it	it	PRON
fbem-8291	57	2	comprehensively	comprehensively	ADV
fbem-8291	57	3	considers	consider	VERB
fbem-8291	57	4	many	many	ADJ
fbem-8291	57	5	factors	factor	NOUN
fbem-8291	57	6	and	and	CCONJ
fbem-8291	57	7	adjusts	adjust	VERB
fbem-8291	57	8	the	the	DET
fbem-8291	57	9	weight	weight	NOUN
fbem-8291	57	10	and	and	CCONJ
fbem-8291	57	11	combination	combination	NOUN
fbem-8291	57	12	of	of	ADP
fbem-8291	57	13	these	these	DET
fbem-8291	57	14	factors	factor	NOUN
fbem-8291	57	15	to	to	PART
fbem-8291	57	16	achieve	achieve	VERB
fbem-8291	57	17	the	the	DET
fbem-8291	57	18	goal	goal	NOUN
fbem-8291	57	19	of	of	ADP
fbem-8291	57	20	optimal	optimal	ADJ
fbem-8291	57	21	investment	investment	NOUN
fbem-8291	57	22	portfolio	portfolio	NOUN
fbem-8291	57	23	.	.	PUNCT
fbem-8291	58	1	hou	hou	PROPN
fbem-8291	58	2	,	,	PUNCT
fbem-8291	58	3	xue	xue	PROPN
fbem-8291	58	4	,	,	PUNCT
fbem-8291	58	5	and	and	CCONJ
fbem-8291	58	6	zhang	zhang	PROPN
fbem-8291	58	7	(	(	PUNCT
fbem-8291	58	8	2015	2015	NUM
fbem-8291	58	9	)	)	PUNCT
fbem-8291	58	10	proposed	propose	VERB
fbem-8291	58	11	a	a	DET
fbem-8291	58	12	multi	multi	ADJ
fbem-8291	58	13	factor	factor	NOUN
fbem-8291	58	14	investment	investment	NOUN
fbem-8291	58	15	model	model	NOUN
fbem-8291	58	16	.	.	PUNCT
fbem-8291	59	1	they	they	PRON
fbem-8291	59	2	used	use	VERB
fbem-8291	59	3	ten	ten	NUM
fbem-8291	59	4	years	year	NOUN
fbem-8291	59	5	of	of	ADP
fbem-8291	59	6	data	datum	NOUN
fbem-8291	59	7	to	to	PART
fbem-8291	59	8	backtest	backt	ADJ
fbem-8291	59	9	the	the	DET
fbem-8291	59	10	model	model	NOUN
fbem-8291	59	11	,	,	PUNCT
fbem-8291	59	12	and	and	CCONJ
fbem-8291	59	13	the	the	DET
fbem-8291	59	14	results	result	NOUN
fbem-8291	59	15	showed	show	VERB
fbem-8291	59	16	that	that	SCONJ
fbem-8291	59	17	it	it	PRON
fbem-8291	59	18	can	can	AUX
fbem-8291	59	19	provide	provide	VERB
fbem-8291	59	20	higher	high	ADJ
fbem-8291	59	21	returns	return	NOUN
fbem-8291	59	22	and	and	CCONJ
fbem-8291	59	23	lower	low	ADJ
fbem-8291	59	24	risks	risk	NOUN
fbem-8291	59	25	compared	compare	VERB
fbem-8291	59	26	to	to	ADP
fbem-8291	59	27	traditional	traditional	ADJ
fbem-8291	59	28	capm	capm	PROPN
fbem-8291	59	29	models[4	models[4	PROPN
fbem-8291	59	30	]	]	X
fbem-8291	59	31	.	.	PUNCT
fbem-8291	60	1	the	the	DET
fbem-8291	60	2	double	double	ADJ
fbem-8291	60	3	moving	move	VERB
fbem-8291	60	4	average	average	ADJ
fbem-8291	60	5	model	model	NOUN
fbem-8291	60	6	is	be	AUX
fbem-8291	60	7	another	another	DET
fbem-8291	60	8	commonly	commonly	ADV
fbem-8291	60	9	used	use	VERB
fbem-8291	60	10	quantitative	quantitative	ADJ
fbem-8291	60	11	investment	investment	NOUN
fbem-8291	60	12	strategy	strategy	NOUN
fbem-8291	60	13	.	.	PUNCT
fbem-8291	61	1	this	this	DET
fbem-8291	61	2	model	model	NOUN
fbem-8291	61	3	is	be	AUX
fbem-8291	61	4	based	base	VERB
fbem-8291	61	5	on	on	ADP
fbem-8291	61	6	changes	change	NOUN
fbem-8291	61	7	in	in	ADP
fbem-8291	61	8	market	market	NOUN
fbem-8291	61	9	trends	trend	NOUN
fbem-8291	61	10	and	and	CCONJ
fbem-8291	61	11	uses	use	VERB
fbem-8291	61	12	the	the	DET
fbem-8291	61	13	intersection	intersection	NOUN
fbem-8291	61	14	of	of	ADP
fbem-8291	61	15	short	short	ADJ
fbem-8291	61	16	-	-	PUNCT
fbem-8291	61	17	term	term	NOUN
fbem-8291	61	18	and	and	CCONJ
fbem-8291	61	19	long	long	ADJ
fbem-8291	61	20	-	-	PUNCT
fbem-8291	61	21	term	term	NOUN
fbem-8291	61	22	averages	average	NOUN
fbem-8291	61	23	to	to	PART
fbem-8291	61	24	make	make	VERB
fbem-8291	61	25	buying	buying	NOUN
fbem-8291	61	26	and	and	CCONJ
fbem-8291	61	27	selling	selling	NOUN
fbem-8291	61	28	decisions	decision	NOUN
fbem-8291	61	29	.	.	PUNCT
fbem-8291	62	1	gong	gong	PROPN
fbem-8291	62	2	et	et	PROPN
fbem-8291	62	3	al	al	PROPN
fbem-8291	62	4	.	.	PROPN
fbem-8291	63	1	(	(	PUNCT
fbem-8291	63	2	2019	2019	NUM
fbem-8291	63	3	)	)	PUNCT
fbem-8291	63	4	conducted	conduct	VERB
fbem-8291	63	5	a	a	DET
fbem-8291	63	6	study	study	NOUN
fbem-8291	63	7	using	use	VERB
fbem-8291	63	8	data	datum	NOUN
fbem-8291	63	9	from	from	ADP
fbem-8291	63	10	china	china	PROPN
fbem-8291	63	11	's	's	PART
fbem-8291	63	12	stock	stock	NOUN
fbem-8291	63	13	market	market	NOUN
fbem-8291	63	14	,	,	PUNCT
fbem-8291	63	15	proving	prove	VERB
fbem-8291	63	16	that	that	SCONJ
fbem-8291	63	17	the	the	DET
fbem-8291	63	18	model	model	NOUN
fbem-8291	63	19	can	can	AUX
fbem-8291	63	20	provide	provide	VERB
fbem-8291	63	21	relatively	relatively	ADV
fbem-8291	63	22	stable	stable	ADJ
fbem-8291	63	23	returns[5	returns[5	NOUN
fbem-8291	63	24	]	]	PUNCT
fbem-8291	63	25	.	.	PUNCT
fbem-8291	64	1	the	the	DET
fbem-8291	64	2	combined	combine	VERB
fbem-8291	64	3	application	application	NOUN
fbem-8291	64	4	of	of	ADP
fbem-8291	64	5	multi	multi	ADJ
fbem-8291	64	6	factor	factor	NOUN
fbem-8291	64	7	and	and	CCONJ
fbem-8291	64	8	double	double	ADJ
fbem-8291	64	9	moving	move	VERB
fbem-8291	64	10	average	average	ADJ
fbem-8291	64	11	models	model	NOUN
fbem-8291	64	12	has	have	AUX
fbem-8291	64	13	also	also	ADV
fbem-8291	64	14	been	be	AUX
fbem-8291	64	15	widely	widely	ADV
fbem-8291	64	16	discussed	discuss	VERB
fbem-8291	64	17	.	.	PUNCT
fbem-8291	65	1	ji	ji	PROPN
fbem-8291	65	2	et	et	PROPN
fbem-8291	65	3	al	al	PROPN
fbem-8291	65	4	.	.	PROPN
fbem-8291	66	1	(	(	PUNCT
fbem-8291	66	2	2019	2019	NUM
fbem-8291	66	3	)	)	PUNCT
fbem-8291	66	4	proposed	propose	VERB
fbem-8291	66	5	an	an	DET
fbem-8291	66	6	investment	investment	NOUN
fbem-8291	66	7	strategy	strategy	NOUN
fbem-8291	66	8	based	base	VERB
fbem-8291	66	9	on	on	ADP
fbem-8291	66	10	multiple	multiple	ADJ
fbem-8291	66	11	factors	factor	NOUN
fbem-8291	66	12	and	and	CCONJ
fbem-8291	66	13	double	double	ADJ
fbem-8291	66	14	moving	move	VERB
fbem-8291	66	15	average	average	ADJ
fbem-8291	66	16	models	model	NOUN
fbem-8291	66	17	,	,	PUNCT
fbem-8291	66	18	which	which	PRON
fbem-8291	66	19	achieved	achieve	VERB
fbem-8291	66	20	significant	significant	ADJ
fbem-8291	66	21	excess	excess	ADJ
fbem-8291	66	22	returns	return	NOUN
fbem-8291	66	23	in	in	ADP
fbem-8291	66	24	the	the	DET
fbem-8291	66	25	backtesting	backtesting	NOUN
fbem-8291	66	26	.	.	PUNCT
fbem-8291	67	1	liu	liu	PROPN
fbem-8291	67	2	et	et	PROPN
fbem-8291	67	3	al	al	PROPN
fbem-8291	67	4	.	.	PROPN
fbem-8291	68	1	(	(	PUNCT
fbem-8291	68	2	2021	2021	NUM
fbem-8291	68	3	)	)	PUNCT
fbem-8291	68	4	used	use	VERB
fbem-8291	68	5	a	a	DET
fbem-8291	68	6	deep	deep	ADJ
fbem-8291	68	7	reinforcement	reinforcement	NOUN
fbem-8291	68	8	learning	learning	NOUN
fbem-8291	68	9	algorithm	algorithm	NOUN
fbem-8291	68	10	to	to	PART
fbem-8291	68	11	optimize	optimize	VERB
fbem-8291	68	12	this	this	DET
fbem-8291	68	13	strategy	strategy	NOUN
fbem-8291	68	14	,	,	PUNCT
fbem-8291	68	15	and	and	CCONJ
fbem-8291	68	16	the	the	DET
fbem-8291	68	17	results	result	NOUN
fbem-8291	68	18	show	show	VERB
fbem-8291	68	19	that	that	SCONJ
fbem-8291	68	20	the	the	DET
fbem-8291	68	21	optimized	optimize	VERB
fbem-8291	68	22	strategy	strategy	NOUN
fbem-8291	68	23	can	can	AUX
fbem-8291	68	24	further	far	ADV
fbem-8291	68	25	improve	improve	VERB
fbem-8291	68	26	the	the	DET
fbem-8291	68	27	yield	yield	NOUN
fbem-8291	68	28	compared	compare	VERB
fbem-8291	68	29	to	to	ADP
fbem-8291	68	30	the	the	DET
fbem-8291	68	31	unoptimized	unoptimized	ADJ
fbem-8291	68	32	strategy[2	strategy[2	PROPN
fbem-8291	68	33	]	]	PUNCT
fbem-8291	68	34	.	.	PUNCT
fbem-8291	69	1	combining	combine	VERB
fbem-8291	69	2	the	the	DET
fbem-8291	69	3	advantages	advantage	NOUN
fbem-8291	69	4	of	of	ADP
fbem-8291	69	5	multi	multi	ADJ
fbem-8291	69	6	factor	factor	NOUN
fbem-8291	69	7	and	and	CCONJ
fbem-8291	69	8	double	double	ADJ
fbem-8291	69	9	moving	move	VERB
fbem-8291	69	10	average	average	ADJ
fbem-8291	69	11	models	model	NOUN
fbem-8291	69	12	,	,	PUNCT
fbem-8291	69	13	quantitative	quantitative	ADJ
fbem-8291	69	14	investment	investment	NOUN
fbem-8291	69	15	strategies	strategy	NOUN
fbem-8291	69	16	based	base	VERB
fbem-8291	69	17	on	on	ADP
fbem-8291	69	18	these	these	DET
fbem-8291	69	19	two	two	NUM
fbem-8291	69	20	models	model	NOUN
fbem-8291	69	21	have	have	AUX
fbem-8291	69	22	shown	show	VERB
fbem-8291	69	23	good	good	ADJ
fbem-8291	69	24	results	result	NOUN
fbem-8291	69	25	in	in	ADP
fbem-8291	69	26	practical	practical	ADJ
fbem-8291	69	27	applications	application	NOUN
fbem-8291	69	28	.	.	PUNCT
fbem-8291	70	1	in	in	ADP
fbem-8291	70	2	future	future	ADJ
fbem-8291	70	3	research	research	NOUN
fbem-8291	70	4	,	,	PUNCT
fbem-8291	70	5	it	it	PRON
fbem-8291	70	6	is	be	AUX
fbem-8291	70	7	possible	possible	ADJ
fbem-8291	70	8	to	to	PART
fbem-8291	70	9	further	far	ADV
fbem-8291	70	10	explore	explore	VERB
fbem-8291	70	11	how	how	SCONJ
fbem-8291	70	12	to	to	PART
fbem-8291	70	13	optimize	optimize	VERB
fbem-8291	70	14	this	this	DET
fbem-8291	70	15	strategy	strategy	NOUN
fbem-8291	70	16	and	and	CCONJ
fbem-8291	70	17	improve	improve	VERB
fbem-8291	70	18	its	its	PRON
fbem-8291	70	19	stability	stability	NOUN
fbem-8291	70	20	and	and	CCONJ
fbem-8291	70	21	reliability	reliability	NOUN
fbem-8291	70	22	.	.	PUNCT
fbem-8291	71	1	3	3	X
fbem-8291	71	2	.	.	X
fbem-8291	71	3	quantitative	quantitative	ADJ
fbem-8291	71	4	investment	investment	NOUN
fbem-8291	71	5	strategies	strategy	NOUN
fbem-8291	71	6	this	this	DET
fbem-8291	71	7	article	article	NOUN
fbem-8291	71	8	takes	take	VERB
fbem-8291	71	9	the	the	DET
fbem-8291	71	10	china	china	PROPN
fbem-8291	71	11	securities	security	NOUN
fbem-8291	71	12	500	500	NUM
fbem-8291	71	13	market	market	NOUN
fbem-8291	71	14	from	from	ADP
fbem-8291	71	15	january	january	PROPN
fbem-8291	71	16	4	4	NUM
fbem-8291	71	17	,	,	PUNCT
fbem-8291	71	18	2022	2022	NUM
fbem-8291	71	19	to	to	ADP
fbem-8291	71	20	december	december	PROPN
fbem-8291	71	21	30	30	NUM
fbem-8291	71	22	,	,	PUNCT
fbem-8291	71	23	2022	2022	NUM
fbem-8291	71	24	as	as	ADP
fbem-8291	71	25	the	the	DET
fbem-8291	71	26	research	research	NOUN
fbem-8291	71	27	object	object	NOUN
fbem-8291	71	28	,	,	PUNCT
fbem-8291	71	29	adopts	adopt	VERB
fbem-8291	71	30	a	a	DET
fbem-8291	71	31	multi	multi	ADJ
fbem-8291	71	32	factor	factor	NOUN
fbem-8291	71	33	model	model	NOUN
fbem-8291	71	34	and	and	CCONJ
fbem-8291	71	35	a	a	DET
fbem-8291	71	36	double	double	ADJ
fbem-8291	71	37	moving	move	VERB
fbem-8291	71	38	average	average	ADJ
fbem-8291	71	39	model	model	NOUN
fbem-8291	71	40	for	for	ADP
fbem-8291	71	41	analysis	analysis	NOUN
fbem-8291	71	42	,	,	PUNCT
fbem-8291	71	43	and	and	CCONJ
fbem-8291	71	44	simulates	simulate	NOUN
fbem-8291	71	45	data	datum	NOUN
fbem-8291	71	46	such	such	ADJ
fbem-8291	71	47	as	as	ADP
fbem-8291	71	48	strategic	strategic	ADJ
fbem-8291	71	49	returns	return	NOUN
fbem-8291	71	50	,	,	PUNCT
fbem-8291	71	51	excess	excess	ADJ
fbem-8291	71	52	returns	return	NOUN
fbem-8291	71	53	,	,	PUNCT
fbem-8291	71	54	and	and	CCONJ
fbem-8291	71	55	maximum	maximum	ADJ
fbem-8291	71	56	pullbacks	pullback	NOUN
fbem-8291	71	57	through	through	ADP
fbem-8291	71	58	the	the	DET
fbem-8291	71	59	joinquant	joinquant	PROPN
fbem-8291	71	60	website	website	NOUN
fbem-8291	71	61	.	.	PUNCT
fbem-8291	72	1	at	at	ADP
fbem-8291	72	2	the	the	DET
fbem-8291	72	3	same	same	ADJ
fbem-8291	72	4	time	time	NOUN
fbem-8291	72	5	,	,	PUNCT
fbem-8291	72	6	this	this	DET
fbem-8291	72	7	chapter	chapter	NOUN
fbem-8291	72	8	will	will	AUX
fbem-8291	72	9	explain	explain	VERB
fbem-8291	72	10	the	the	DET
fbem-8291	72	11	research	research	NOUN
fbem-8291	72	12	methods	method	NOUN
fbem-8291	72	13	for	for	ADP
fbem-8291	72	14	conducting	conduct	VERB
fbem-8291	72	15	tests	test	NOUN
fbem-8291	72	16	,	,	PUNCT
fbem-8291	72	17	including	include	VERB
fbem-8291	72	18	data	data	NOUN
fbem-8291	72	19	selection	selection	NOUN
fbem-8291	72	20	,	,	PUNCT
fbem-8291	72	21	how	how	SCONJ
fbem-8291	72	22	to	to	PART
fbem-8291	72	23	build	build	VERB
fbem-8291	72	24	tests	test	NOUN
fbem-8291	72	25	,	,	PUNCT
fbem-8291	72	26	and	and	CCONJ
fbem-8291	72	27	how	how	SCONJ
fbem-8291	72	28	to	to	PART
fbem-8291	72	29	evaluate	evaluate	VERB
fbem-8291	72	30	test	test	NOUN
fbem-8291	72	31	results	result	NOUN
fbem-8291	72	32	.	.	PUNCT
fbem-8291	73	1	3.1	3.1	NUM
fbem-8291	73	2	.	.	PUNCT
fbem-8291	73	3	data	datum	NOUN
fbem-8291	73	4	selection	selection	NOUN
fbem-8291	73	5	this	this	DET
fbem-8291	73	6	chapter	chapter	NOUN
fbem-8291	73	7	will	will	AUX
fbem-8291	73	8	use	use	VERB
fbem-8291	73	9	historical	historical	ADJ
fbem-8291	73	10	data	datum	NOUN
fbem-8291	73	11	to	to	PART
fbem-8291	73	12	conduct	conduct	VERB
fbem-8291	73	13	backtesting	backtesting	NOUN
fbem-8291	73	14	tests	test	NOUN
fbem-8291	73	15	on	on	ADP
fbem-8291	73	16	the	the	DET
fbem-8291	73	17	multi	multi	ADJ
fbem-8291	73	18	factor	factor	NOUN
fbem-8291	73	19	model	model	NOUN
fbem-8291	73	20	and	and	CCONJ
fbem-8291	73	21	the	the	DET
fbem-8291	73	22	double	double	ADJ
fbem-8291	73	23	average	average	ADJ
fbem-8291	73	24	model	model	NOUN
fbem-8291	73	25	,	,	PUNCT
fbem-8291	73	26	and	and	CCONJ
fbem-8291	73	27	obtain	obtain	VERB
fbem-8291	73	28	excess	excess	ADJ
fbem-8291	73	29	returns	return	NOUN
fbem-8291	73	30	based	base	VERB
fbem-8291	73	31	on	on	ADP
fbem-8291	73	32	the	the	DET
fbem-8291	73	33	multi	multi	ADJ
fbem-8291	73	34	factor	factor	NOUN
fbem-8291	73	35	and	and	CCONJ
fbem-8291	73	36	double	double	ADJ
fbem-8291	73	37	average	average	ADJ
fbem-8291	73	38	model	model	NOUN
fbem-8291	73	39	.	.	PUNCT
fbem-8291	74	1	the	the	DET
fbem-8291	74	2	data	datum	NOUN
fbem-8291	74	3	used	use	VERB
fbem-8291	74	4	in	in	ADP
fbem-8291	74	5	this	this	DET
fbem-8291	74	6	article	article	NOUN
fbem-8291	74	7	are	be	AUX
fbem-8291	74	8	all	all	ADV
fbem-8291	74	9	from	from	ADP
fbem-8291	74	10	the	the	DET
fbem-8291	74	11	joinquant	joinquant	PROPN
fbem-8291	74	12	website	website	NOUN
fbem-8291	74	13	.	.	PUNCT
fbem-8291	75	1	this	this	DET
fbem-8291	75	2	empirical	empirical	ADJ
fbem-8291	75	3	study	study	NOUN
fbem-8291	75	4	covers	cover	VERB
fbem-8291	75	5	the	the	DET
fbem-8291	75	6	period	period	NOUN
fbem-8291	75	7	from	from	ADP
fbem-8291	75	8	january	january	PROPN
fbem-8291	75	9	4	4	NUM
fbem-8291	75	10	,	,	PUNCT
fbem-8291	75	11	2022	2022	NUM
fbem-8291	75	12	to	to	ADP
fbem-8291	75	13	december	december	PROPN
fbem-8291	75	14	30	30	NUM
fbem-8291	75	15	,	,	PUNCT
fbem-8291	75	16	2022	2022	NUM
fbem-8291	75	17	in	in	ADP
fbem-8291	75	18	the	the	DET
fbem-8291	75	19	china	china	PROPN
fbem-8291	75	20	securities	securities	PROPN
fbem-8291	75	21	500	500	NUM
fbem-8291	75	22	market	market	NOUN
fbem-8291	75	23	,	,	PUNCT
fbem-8291	75	24	with	with	ADP
fbem-8291	75	25	an	an	DET
fbem-8291	75	26	initial	initial	ADJ
fbem-8291	75	27	total	total	NOUN
fbem-8291	75	28	of	of	ADP
fbem-8291	75	29	770	770	NUM
fbem-8291	75	30	stocks	stock	NOUN
fbem-8291	75	31	63	63	NUM
fbem-8291	75	32	selected	select	VERB
fbem-8291	75	33	.	.	PUNCT
fbem-8291	76	1	the	the	DET
fbem-8291	76	2	reason	reason	NOUN
fbem-8291	76	3	for	for	ADP
fbem-8291	76	4	choosing	choose	VERB
fbem-8291	76	5	the	the	DET
fbem-8291	76	6	year	year	NOUN
fbem-8291	76	7	range	range	NOUN
fbem-8291	76	8	from	from	ADP
fbem-8291	76	9	january	january	PROPN
fbem-8291	76	10	4	4	NUM
fbem-8291	76	11	,	,	PUNCT
fbem-8291	76	12	2022	2022	NUM
fbem-8291	76	13	to	to	ADP
fbem-8291	76	14	december	december	PROPN
fbem-8291	76	15	30	30	NUM
fbem-8291	76	16	,	,	PUNCT
fbem-8291	76	17	2022	2022	NUM
fbem-8291	76	18	is	be	AUX
fbem-8291	76	19	because	because	SCONJ
fbem-8291	76	20	a	a	DET
fbem-8291	76	21	-	-	PUNCT
fbem-8291	76	22	shares	share	NOUN
fbem-8291	76	23	have	have	AUX
fbem-8291	76	24	experienced	experience	VERB
fbem-8291	76	25	a	a	DET
fbem-8291	76	26	complete	complete	ADJ
fbem-8291	76	27	annual	annual	ADJ
fbem-8291	76	28	economic	economic	ADJ
fbem-8291	76	29	cycle	cycle	NOUN
fbem-8291	76	30	within	within	ADP
fbem-8291	76	31	this	this	DET
fbem-8291	76	32	time	time	NOUN
fbem-8291	76	33	range	range	NOUN
fbem-8291	76	34	and	and	CCONJ
fbem-8291	76	35	are	be	AUX
fbem-8291	76	36	time	time	NOUN
fbem-8291	76	37	-	-	PUNCT
fbem-8291	76	38	sensitive	sensitive	ADJ
fbem-8291	76	39	,	,	PUNCT
fbem-8291	76	40	which	which	PRON
fbem-8291	76	41	can	can	AUX
fbem-8291	76	42	see	see	VERB
fbem-8291	76	43	the	the	DET
fbem-8291	76	44	sustained	sustained	ADJ
fbem-8291	76	45	performance	performance	NOUN
fbem-8291	76	46	of	of	ADP
fbem-8291	76	47	factors	factor	NOUN
fbem-8291	76	48	in	in	ADP
fbem-8291	76	49	different	different	ADJ
fbem-8291	76	50	market	market	NOUN
fbem-8291	76	51	environments	environment	NOUN
fbem-8291	76	52	.	.	PUNCT
fbem-8291	77	1	the	the	DET
fbem-8291	77	2	measurement	measurement	NOUN
fbem-8291	77	3	of	of	ADP
fbem-8291	77	4	stock	stock	NOUN
fbem-8291	77	5	gains	gain	NOUN
fbem-8291	77	6	and	and	CCONJ
fbem-8291	77	7	losses	loss	NOUN
fbem-8291	77	8	is	be	AUX
fbem-8291	77	9	more	more	ADV
fbem-8291	77	10	comprehensive	comprehensive	ADJ
fbem-8291	77	11	and	and	CCONJ
fbem-8291	77	12	objective	objective	ADJ
fbem-8291	77	13	,	,	PUNCT
fbem-8291	77	14	and	and	CCONJ
fbem-8291	77	15	provides	provide	VERB
fbem-8291	77	16	more	more	ADV
fbem-8291	77	17	comprehensive	comprehensive	ADJ
fbem-8291	77	18	information	information	NOUN
fbem-8291	77	19	for	for	ADP
fbem-8291	77	20	constructing	construct	VERB
fbem-8291	77	21	multiple	multiple	ADJ
fbem-8291	77	22	factor	factor	NOUN
fbem-8291	77	23	stock	stock	NOUN
fbem-8291	77	24	selection	selection	NOUN
fbem-8291	77	25	models	model	NOUN
fbem-8291	77	26	and	and	CCONJ
fbem-8291	77	27	guiding	guide	VERB
fbem-8291	77	28	actual	actual	ADJ
fbem-8291	77	29	investment	investment	NOUN
fbem-8291	77	30	.	.	PUNCT
fbem-8291	78	1	3.2	3.2	NUM
fbem-8291	78	2	.	.	PUNCT
fbem-8291	79	1	factor	factor	NOUN
fbem-8291	79	2	selection	selection	NOUN
fbem-8291	79	3	first	first	ADV
fbem-8291	79	4	,	,	PUNCT
fbem-8291	79	5	identify	identify	VERB
fbem-8291	79	6	candidate	candidate	NOUN
fbem-8291	79	7	factors	factor	NOUN
fbem-8291	79	8	that	that	PRON
fbem-8291	79	9	should	should	AUX
fbem-8291	79	10	be	be	AUX
fbem-8291	79	11	available	available	ADJ
fbem-8291	79	12	,	,	PUNCT
fbem-8291	79	13	universal	universal	ADJ
fbem-8291	79	14	,	,	PUNCT
fbem-8291	79	15	and	and	CCONJ
fbem-8291	79	16	highly	highly	ADV
fbem-8291	79	17	distinguishable	distinguishable	ADJ
fbem-8291	79	18	.	.	PUNCT
fbem-8291	80	1	"	"	PUNCT
fbem-8291	80	2	only	only	ADV
fbem-8291	80	3	with	with	ADP
fbem-8291	80	4	the	the	DET
fbem-8291	80	5	availability	availability	NOUN
fbem-8291	80	6	of	of	ADP
fbem-8291	80	7	data	datum	NOUN
fbem-8291	80	8	that	that	PRON
fbem-8291	80	9	is	be	AUX
fbem-8291	80	10	more	more	ADV
fbem-8291	80	11	consistent	consistent	ADJ
fbem-8291	80	12	with	with	ADP
fbem-8291	80	13	the	the	DET
fbem-8291	80	14	characteristics	characteristic	NOUN
fbem-8291	80	15	of	of	ADP
fbem-8291	80	16	quantitative	quantitative	ADJ
fbem-8291	80	17	investment	investment	NOUN
fbem-8291	80	18	data	datum	NOUN
fbem-8291	80	19	,	,	PUNCT
fbem-8291	80	20	and	and	CCONJ
fbem-8291	80	21	with	with	ADP
fbem-8291	80	22	universality	universality	NOUN
fbem-8291	80	23	can	can	AUX
fbem-8291	80	24	we	we	PRON
fbem-8291	80	25	better	well	ADV
fbem-8291	80	26	examine	examine	VERB
fbem-8291	80	27	stocks	stock	NOUN
fbem-8291	80	28	.	.	PUNCT
fbem-8291	81	1	in	in	ADP
fbem-8291	81	2	addition	addition	NOUN
fbem-8291	81	3	,	,	PUNCT
fbem-8291	81	4	only	only	ADV
fbem-8291	81	5	with	with	ADP
fbem-8291	81	6	differentiation	differentiation	NOUN
fbem-8291	81	7	can	can	AUX
fbem-8291	81	8	candidate	candidate	VERB
fbem-8291	81	9	factors	factor	NOUN
fbem-8291	81	10	be	be	AUX
fbem-8291	81	11	selected	select	VERB
fbem-8291	81	12	to	to	PART
fbem-8291	81	13	select	select	VERB
fbem-8291	81	14	high	high	ADJ
fbem-8291	81	15	-	-	PUNCT
fbem-8291	81	16	quality	quality	NOUN
fbem-8291	81	17	stocks	stock	NOUN
fbem-8291	81	18	.	.	PUNCT
fbem-8291	82	1	"	"	PUNCT
fbem-8291	82	2	.	.	PUNCT
fbem-8291	83	1	this	this	DET
fbem-8291	83	2	article	article	NOUN
fbem-8291	83	3	selects	select	VERB
fbem-8291	83	4	effective	effective	ADJ
fbem-8291	83	5	factors	factor	NOUN
fbem-8291	83	6	from	from	ADP
fbem-8291	83	7	four	four	NUM
fbem-8291	83	8	perspectives	perspective	NOUN
fbem-8291	83	9	:	:	PUNCT
fbem-8291	83	10	value	value	NOUN
fbem-8291	83	11	factor	factor	NOUN
fbem-8291	83	12	,	,	PUNCT
fbem-8291	83	13	growth	growth	NOUN
fbem-8291	83	14	factor	factor	NOUN
fbem-8291	83	15	,	,	PUNCT
fbem-8291	83	16	quality	quality	NOUN
fbem-8291	83	17	factor	factor	NOUN
fbem-8291	83	18	,	,	PUNCT
fbem-8291	83	19	technology	technology	NOUN
fbem-8291	83	20	factor	factor	NOUN
fbem-8291	83	21	,	,	PUNCT
fbem-8291	83	22	and	and	CCONJ
fbem-8291	83	23	growth	growth	NOUN
fbem-8291	83	24	factor	factor	NOUN
fbem-8291	83	25	,	,	PUNCT
fbem-8291	83	26	and	and	CCONJ
fbem-8291	83	27	conducts	conduct	VERB
fbem-8291	83	28	factor	factor	NOUN
fbem-8291	83	29	analysis	analysis	NOUN
fbem-8291	83	30	.	.	PUNCT
fbem-8291	84	1	the	the	DET
fbem-8291	84	2	specific	specific	ADJ
fbem-8291	84	3	candidate	candidate	NOUN
fbem-8291	84	4	factors	factor	NOUN
fbem-8291	84	5	are	be	AUX
fbem-8291	84	6	as	as	SCONJ
fbem-8291	84	7	follows	follow	VERB
fbem-8291	84	8	:	:	PUNCT
fbem-8291	84	9	table	table	NOUN
fbem-8291	85	1	1	1	NUM
fbem-8291	85	2	.	.	PUNCT
fbem-8291	86	1	candidate	candidate	NOUN
fbem-8291	86	2	factors	factor	NOUN
fbem-8291	86	3	value	value	NOUN
fbem-8291	86	4	factor	factor	NOUN
fbem-8291	86	5	growth	growth	NOUN
fbem-8291	86	6	factor	factor	NOUN
fbem-8291	86	7	quality	quality	NOUN
fbem-8291	86	8	factor	factor	NOUN
fbem-8291	86	9	technical	technical	ADJ
fbem-8291	86	10	factor	factor	NOUN
fbem-8291	86	11	p	p	NOUN
fbem-8291	86	12	/	/	SYM
fbem-8291	86	13	e	e	NOUN
fbem-8291	86	14	ratio	ratio	NOUN
fbem-8291	86	15	net	net	ADJ
fbem-8291	86	16	return	return	NOUN
fbem-8291	86	17	on	on	ADP
fbem-8291	86	18	assets	asset	NOUN
fbem-8291	86	19	change	change	VERB
fbem-8291	86	20	asset	asset	NOUN
fbem-8291	86	21	liability	liability	NOUN
fbem-8291	86	22	ratio	ratio	NOUN
fbem-8291	86	23	3	3	NUM
fbem-8291	86	24	month	month	NOUN
fbem-8291	86	25	momentum	momentum	NOUN
fbem-8291	86	26	price	price	NOUN
fbem-8291	86	27	to	to	ADP
fbem-8291	86	28	book	book	NOUN
fbem-8291	86	29	ratio	ratio	NOUN
fbem-8291	86	30	total	total	ADJ
fbem-8291	86	31	return	return	NOUN
fbem-8291	86	32	on	on	ADP
fbem-8291	86	33	assets	asset	NOUN
fbem-8291	86	34	change	change	VERB
fbem-8291	86	35	fixed	fix	VERB
fbem-8291	86	36	assets	asset	NOUN
fbem-8291	86	37	proportion	proportion	NOUN
fbem-8291	86	38	6	6	NUM
fbem-8291	86	39	month	month	NOUN
fbem-8291	86	40	momentum	momentum	NOUN
fbem-8291	86	41	earnings	earning	NOUN
fbem-8291	86	42	yield	yield	NOUN
fbem-8291	86	43	reinvestment	reinvestment	NOUN
fbem-8291	86	44	yield	yield	NOUN
fbem-8291	86	45	inventory	inventory	NOUN
fbem-8291	86	46	cycle	cycle	NOUN
fbem-8291	86	47	rate	rate	NOUN
fbem-8291	86	48	9	9	NUM
fbem-8291	86	49	month	month	NOUN
fbem-8291	86	50	momentum	momentum	NOUN
fbem-8291	86	51	book	book	NOUN
fbem-8291	86	52	value	value	NOUN
fbem-8291	86	53	ratio	ratio	NOUN
fbem-8291	86	54	growth	growth	NOUN
fbem-8291	86	55	rate	rate	NOUN
fbem-8291	86	56	of	of	ADP
fbem-8291	86	57	main	main	ADJ
fbem-8291	86	58	business	business	NOUN
fbem-8291	86	59	accounts	account	VERB
fbem-8291	86	60	receivable	receivable	ADJ
fbem-8291	86	61	turnover	turnover	NOUN
fbem-8291	86	62	rate	rate	NOUN
fbem-8291	86	63	12	12	NUM
fbem-8291	86	64	month	month	NOUN
fbem-8291	86	65	momentum	momentum	NOUN
fbem-8291	86	66	cash	cash	NOUN
fbem-8291	86	67	yield	yield	NOUN
fbem-8291	86	68	total	total	ADJ
fbem-8291	86	69	asset	asset	NOUN
fbem-8291	86	70	turnover	turnover	NOUN
fbem-8291	86	71	turnover	turnover	NOUN
fbem-8291	86	72	rateꞏ	rateꞏ	NOUN
fbem-8291	86	73	transaction	transaction	NOUN
fbem-8291	86	74	rate	rate	NOUN
fbem-8291	86	75	next	next	ADV
fbem-8291	86	76	,	,	PUNCT
fbem-8291	86	77	determine	determine	VERB
fbem-8291	86	78	the	the	DET
fbem-8291	86	79	effective	effective	ADJ
fbem-8291	86	80	factors	factor	NOUN
fbem-8291	86	81	.	.	PUNCT
fbem-8291	87	1	this	this	DET
fbem-8291	87	2	article	article	NOUN
fbem-8291	87	3	mainly	mainly	ADV
fbem-8291	87	4	uses	use	VERB
fbem-8291	87	5	the	the	DET
fbem-8291	87	6	candidate	candidate	NOUN
fbem-8291	87	7	factor	factor	NOUN
fbem-8291	87	8	ranking	ranking	NOUN
fbem-8291	87	9	method	method	NOUN
fbem-8291	87	10	to	to	PART
fbem-8291	87	11	test	test	VERB
fbem-8291	87	12	the	the	DET
fbem-8291	87	13	effectiveness	effectiveness	NOUN
fbem-8291	87	14	of	of	ADP
fbem-8291	87	15	the	the	DET
fbem-8291	87	16	candidate	candidate	NOUN
fbem-8291	87	17	factors	factor	NOUN
fbem-8291	87	18	.	.	PUNCT
fbem-8291	88	1	the	the	DET
fbem-8291	88	2	specific	specific	ADJ
fbem-8291	88	3	structure	structure	NOUN
fbem-8291	88	4	is	be	AUX
fbem-8291	88	5	as	as	SCONJ
fbem-8291	88	6	follows	follow	VERB
fbem-8291	88	7	:	:	PUNCT
fbem-8291	88	8	this	this	DET
fbem-8291	88	9	article	article	NOUN
fbem-8291	88	10	uses	use	VERB
fbem-8291	88	11	the	the	DET
fbem-8291	88	12	constituent	constituent	NOUN
fbem-8291	88	13	stocks	stock	NOUN
fbem-8291	88	14	of	of	ADP
fbem-8291	88	15	the	the	DET
fbem-8291	88	16	china	china	PROPN
fbem-8291	88	17	securities	securities	PROPN
fbem-8291	88	18	500	500	NUM
fbem-8291	88	19	index	index	NOUN
fbem-8291	88	20	as	as	ADP
fbem-8291	88	21	the	the	DET
fbem-8291	88	22	stock	stock	NOUN
fbem-8291	88	23	pool	pool	NOUN
fbem-8291	88	24	,	,	PUNCT
fbem-8291	88	25	and	and	CCONJ
fbem-8291	88	26	first	first	ADJ
fbem-8291	88	27	arranges	arrange	NOUN
fbem-8291	88	28	all	all	DET
fbem-8291	88	29	stocks	stock	NOUN
fbem-8291	88	30	in	in	ADP
fbem-8291	88	31	a	a	DET
fbem-8291	88	32	certain	certain	ADJ
fbem-8291	88	33	order	order	NOUN
fbem-8291	88	34	based	base	VERB
fbem-8291	88	35	on	on	ADP
fbem-8291	88	36	a	a	DET
fbem-8291	88	37	certain	certain	ADJ
fbem-8291	88	38	factor	factor	NOUN
fbem-8291	88	39	.	.	PUNCT
fbem-8291	89	1	then	then	ADV
fbem-8291	89	2	,	,	PUNCT
fbem-8291	89	3	each	each	DET
fbem-8291	89	4	sample	sample	NOUN
fbem-8291	89	5	stock	stock	NOUN
fbem-8291	89	6	within	within	ADP
fbem-8291	89	7	the	the	DET
fbem-8291	89	8	scope	scope	NOUN
fbem-8291	89	9	of	of	ADP
fbem-8291	89	10	the	the	DET
fbem-8291	89	11	study	study	NOUN
fbem-8291	89	12	is	be	AUX
fbem-8291	89	13	scored	score	VERB
fbem-8291	89	14	,	,	PUNCT
fbem-8291	89	15	with	with	ADP
fbem-8291	89	16	the	the	DET
fbem-8291	89	17	first	first	ADJ
fbem-8291	89	18	ranked	rank	VERB
fbem-8291	89	19	stock	stock	NOUN
fbem-8291	89	20	being	be	AUX
fbem-8291	89	21	scored	score	VERB
fbem-8291	89	22	1	1	NUM
fbem-8291	89	23	point	point	NOUN
fbem-8291	89	24	and	and	CCONJ
fbem-8291	89	25	the	the	DET
fbem-8291	89	26	second	second	ADJ
fbem-8291	89	27	ranked	rank	VERB
fbem-8291	89	28	stock	stock	NOUN
fbem-8291	89	29	being	be	AUX
fbem-8291	89	30	scored	score	VERB
fbem-8291	89	31	2	2	NUM
fbem-8291	89	32	points	point	NOUN
fbem-8291	89	33	,	,	PUNCT
fbem-8291	89	34	and	and	CCONJ
fbem-8291	89	35	the	the	DET
fbem-8291	89	36	last	last	ADJ
fbem-8291	89	37	ranked	rank	VERB
fbem-8291	89	38	stock	stock	NOUN
fbem-8291	89	39	being	be	AUX
fbem-8291	89	40	scored	score	VERB
fbem-8291	89	41	500	500	NUM
fbem-8291	89	42	points	point	NOUN
fbem-8291	89	43	by	by	ADP
fbem-8291	89	44	analogy	analogy	NOUN
fbem-8291	89	45	.	.	PUNCT
fbem-8291	90	1	then	then	ADV
fbem-8291	90	2	rank	rank	VERB
fbem-8291	90	3	the	the	DET
fbem-8291	90	4	sample	sample	NOUN
fbem-8291	90	5	stocks	stock	NOUN
fbem-8291	90	6	according	accord	VERB
fbem-8291	90	7	to	to	ADP
fbem-8291	90	8	different	different	ADJ
fbem-8291	90	9	factors	factor	NOUN
fbem-8291	90	10	and	and	CCONJ
fbem-8291	90	11	divide	divide	VERB
fbem-8291	90	12	them	they	PRON
fbem-8291	90	13	into	into	ADP
fbem-8291	90	14	10	10	NUM
fbem-8291	90	15	groups	group	NOUN
fbem-8291	90	16	on	on	ADP
fbem-8291	90	17	average	average	ADJ
fbem-8291	90	18	,	,	PUNCT
fbem-8291	90	19	with	with	ADP
fbem-8291	90	20	50	50	NUM
fbem-8291	90	21	stocks	stock	NOUN
fbem-8291	90	22	in	in	ADP
fbem-8291	90	23	each	each	DET
fbem-8291	90	24	group	group	NOUN
fbem-8291	90	25	,	,	PUNCT
fbem-8291	90	26	to	to	PART
fbem-8291	90	27	construct	construct	VERB
fbem-8291	90	28	an	an	DET
fbem-8291	90	29	extreme	extreme	ADJ
fbem-8291	90	30	stock	stock	NOUN
fbem-8291	90	31	portfolio	portfolio	NOUN
fbem-8291	90	32	.	.	PUNCT
fbem-8291	91	1	calculate	calculate	VERB
fbem-8291	91	2	the	the	DET
fbem-8291	91	3	average	average	NOUN
fbem-8291	91	4	of	of	ADP
fbem-8291	91	5	the	the	DET
fbem-8291	91	6	weighted	weight	VERB
fbem-8291	91	7	annual	annual	ADJ
fbem-8291	91	8	composite	composite	ADJ
fbem-8291	91	9	returns	return	NOUN
fbem-8291	91	10	of	of	ADP
fbem-8291	91	11	each	each	DET
fbem-8291	91	12	group	group	NOUN
fbem-8291	91	13	of	of	ADP
fbem-8291	91	14	portfolio	portfolio	NOUN
fbem-8291	91	15	stocks	stock	NOUN
fbem-8291	91	16	at	at	ADP
fbem-8291	91	17	each	each	DET
fbem-8291	91	18	time	time	NOUN
fbem-8291	91	19	point	point	NOUN
fbem-8291	91	20	.	.	PUNCT
fbem-8291	92	1	finally	finally	ADV
fbem-8291	92	2	,	,	PUNCT
fbem-8291	92	3	eliminate	eliminate	VERB
fbem-8291	92	4	redundant	redundant	ADJ
fbem-8291	92	5	factors	factor	NOUN
fbem-8291	92	6	and	and	CCONJ
fbem-8291	92	7	calculate	calculate	VERB
fbem-8291	92	8	the	the	DET
fbem-8291	92	9	correlation	correlation	NOUN
fbem-8291	92	10	matrix	matrix	NOUN
fbem-8291	92	11	of	of	ADP
fbem-8291	92	12	effective	effective	ADJ
fbem-8291	92	13	factors	factor	NOUN
fbem-8291	92	14	.	.	PUNCT
fbem-8291	93	1	through	through	ADP
fbem-8291	93	2	calculation	calculation	NOUN
fbem-8291	93	3	,	,	PUNCT
fbem-8291	93	4	the	the	DET
fbem-8291	93	5	correlation	correlation	NOUN
fbem-8291	93	6	coefficient	coefficient	NOUN
fbem-8291	93	7	between	between	ADP
fbem-8291	93	8	the	the	DET
fbem-8291	93	9	total	total	ADJ
fbem-8291	93	10	asset	asset	NOUN
fbem-8291	93	11	change	change	NOUN
fbem-8291	93	12	rate	rate	NOUN
fbem-8291	93	13	and	and	CCONJ
fbem-8291	93	14	the	the	DET
fbem-8291	93	15	net	net	ADJ
fbem-8291	93	16	asset	asset	NOUN
fbem-8291	93	17	change	change	NOUN
fbem-8291	93	18	rate	rate	NOUN
fbem-8291	93	19	is	be	AUX
fbem-8291	93	20	greater	great	ADJ
fbem-8291	93	21	than	than	ADP
fbem-8291	93	22	the	the	DET
fbem-8291	93	23	threshold	threshold	NOUN
fbem-8291	93	24	value	value	NOUN
fbem-8291	93	25	.	.	PUNCT
fbem-8291	94	1	therefore	therefore	ADV
fbem-8291	94	2	,	,	PUNCT
fbem-8291	94	3	the	the	DET
fbem-8291	94	4	return	return	NOUN
fbem-8291	94	5	on	on	ADP
fbem-8291	94	6	equity	equity	NOUN
fbem-8291	94	7	is	be	AUX
fbem-8291	94	8	eliminated	eliminate	VERB
fbem-8291	94	9	.	.	PUNCT
fbem-8291	95	1	the	the	DET
fbem-8291	95	2	p	p	PROPN
fbem-8291	95	3	/	/	SYM
fbem-8291	95	4	e	e	NOUN
fbem-8291	95	5	ratio	ratio	NOUN
fbem-8291	95	6	is	be	AUX
fbem-8291	95	7	similar	similar	ADJ
fbem-8291	95	8	to	to	ADP
fbem-8291	95	9	the	the	DET
fbem-8291	95	10	earnings	earning	NOUN
fbem-8291	95	11	yield	yield	NOUN
fbem-8291	95	12	,	,	PUNCT
fbem-8291	95	13	so	so	ADV
fbem-8291	95	14	exclude	exclude	VERB
fbem-8291	95	15	the	the	DET
fbem-8291	95	16	earnings	earning	NOUN
fbem-8291	95	17	yield	yield	NOUN
fbem-8291	95	18	.	.	PUNCT
fbem-8291	96	1	the	the	DET
fbem-8291	96	2	remaining	remain	VERB
fbem-8291	96	3	seven	seven	NUM
fbem-8291	96	4	factors	factor	NOUN
fbem-8291	96	5	,	,	PUNCT
fbem-8291	96	6	namely	namely	ADV
fbem-8291	96	7	,	,	PUNCT
fbem-8291	96	8	p	p	PROPN
fbem-8291	96	9	/	/	SYM
fbem-8291	96	10	b	b	NOUN
fbem-8291	96	11	ratio	ratio	NOUN
fbem-8291	96	12	,	,	PUNCT
fbem-8291	96	13	p	p	X
fbem-8291	96	14	/	/	SYM
fbem-8291	96	15	e	e	NOUN
fbem-8291	96	16	ratio	ratio	NOUN
fbem-8291	96	17	,	,	PUNCT
fbem-8291	96	18	cash	cash	NOUN
fbem-8291	96	19	yield	yield	NOUN
fbem-8291	96	20	,	,	PUNCT
fbem-8291	96	21	asset	asset	NOUN
fbem-8291	96	22	liability	liability	NOUN
fbem-8291	96	23	ratio	ratio	NOUN
fbem-8291	96	24	,	,	PUNCT
fbem-8291	96	25	total	total	ADJ
fbem-8291	96	26	asset	asset	NOUN
fbem-8291	96	27	yield	yield	NOUN
fbem-8291	96	28	change	change	NOUN
fbem-8291	96	29	,	,	PUNCT
fbem-8291	96	30	total	total	ADJ
fbem-8291	96	31	asset	asset	NOUN
fbem-8291	96	32	turnover	turnover	NOUN
fbem-8291	96	33	rate	rate	NOUN
fbem-8291	96	34	,	,	PUNCT
fbem-8291	96	35	and	and	CCONJ
fbem-8291	96	36	trading	trading	NOUN
fbem-8291	96	37	volume	volume	NOUN
fbem-8291	96	38	,	,	PUNCT
fbem-8291	96	39	are	be	AUX
fbem-8291	96	40	the	the	DET
fbem-8291	96	41	effective	effective	ADJ
fbem-8291	96	42	factors	factor	NOUN
fbem-8291	96	43	we	we	PRON
fbem-8291	96	44	have	have	AUX
fbem-8291	96	45	selected	select	VERB
fbem-8291	96	46	.	.	PUNCT
fbem-8291	97	1	table	table	NOUN
fbem-8291	97	2	2	2	NUM
fbem-8291	97	3	.	.	PUNCT
fbem-8291	97	4	effective	effective	ADJ
fbem-8291	97	5	factor	factor	NOUN
fbem-8291	97	6	value	value	NOUN
fbem-8291	97	7	factor	factor	NOUN
fbem-8291	97	8	growth	growth	NOUN
fbem-8291	97	9	factor	factor	NOUN
fbem-8291	97	10	quality	quality	NOUN
fbem-8291	97	11	factor	factor	NOUN
fbem-8291	97	12	technical	technical	ADJ
fbem-8291	97	13	factor	factor	NOUN
fbem-8291	97	14	p	p	NOUN
fbem-8291	97	15	/	/	SYM
fbem-8291	97	16	e	e	NOUN
fbem-8291	97	17	ratio	ratio	NOUN
fbem-8291	97	18	total	total	ADJ
fbem-8291	97	19	return	return	NOUN
fbem-8291	97	20	on	on	ADP
fbem-8291	97	21	assets	asset	NOUN
fbem-8291	97	22	change	change	VERB
fbem-8291	97	23	asset	asset	NOUN
fbem-8291	97	24	liability	liability	NOUN
fbem-8291	97	25	ratio	ratio	NOUN
fbem-8291	97	26	transaction	transaction	NOUN
fbem-8291	97	27	rate	rate	NOUN
fbem-8291	97	28	p	p	PROPN
fbem-8291	97	29	/	/	SYM
fbem-8291	97	30	b	b	PROPN
fbem-8291	97	31	ratio	ratio	NOUN
fbem-8291	97	32	total	total	ADJ
fbem-8291	97	33	asset	asset	NOUN
fbem-8291	97	34	turnover	turnover	NOUN
fbem-8291	97	35	cash	cash	NOUN
fbem-8291	97	36	yield	yield	VERB
fbem-8291	97	37	3.3	3.3	NUM
fbem-8291	97	38	.	.	PUNCT
fbem-8291	98	1	test	test	NOUN
fbem-8291	98	2	method	method	NOUN
fbem-8291	98	3	this	this	DET
fbem-8291	98	4	article	article	NOUN
fbem-8291	98	5	mainly	mainly	ADV
fbem-8291	98	6	uses	use	VERB
fbem-8291	98	7	the	the	DET
fbem-8291	98	8	data	datum	NOUN
fbem-8291	98	9	from	from	ADP
fbem-8291	98	10	joinquant	joinquant	ADJ
fbem-8291	98	11	website	website	NOUN
fbem-8291	98	12	from	from	ADP
fbem-8291	98	13	january	january	PROPN
fbem-8291	98	14	4	4	NUM
fbem-8291	98	15	,	,	PUNCT
fbem-8291	98	16	2022	2022	NUM
fbem-8291	98	17	to	to	ADP
fbem-8291	98	18	december	december	PROPN
fbem-8291	98	19	30	30	NUM
fbem-8291	98	20	,	,	PUNCT
fbem-8291	98	21	2022	2022	NUM
fbem-8291	98	22	,	,	PUNCT
fbem-8291	98	23	to	to	PART
fbem-8291	98	24	study	study	VERB
fbem-8291	98	25	the	the	DET
fbem-8291	98	26	effectiveness	effectiveness	NOUN
fbem-8291	98	27	of	of	ADP
fbem-8291	98	28	the	the	DET
fbem-8291	98	29	multi	multi	ADJ
fbem-8291	98	30	factor	factor	NOUN
fbem-8291	98	31	model	model	NOUN
fbem-8291	98	32	.	.	PUNCT
fbem-8291	99	1	the	the	DET
fbem-8291	99	2	simulation	simulation	NOUN
fbem-8291	99	3	results	result	NOUN
fbem-8291	99	4	are	be	AUX
fbem-8291	99	5	shown	show	VERB
fbem-8291	99	6	in	in	ADP
fbem-8291	99	7	the	the	DET
fbem-8291	99	8	following	follow	VERB
fbem-8291	99	9	figure	figure	NOUN
fbem-8291	99	10	:	:	PUNCT
fbem-8291	99	11	figure	figure	NOUN
fbem-8291	99	12	1	1	NUM
fbem-8291	99	13	.	.	PUNCT
fbem-8291	100	1	details	detail	NOUN
fbem-8291	100	2	of	of	ADP
fbem-8291	100	3	the	the	DET
fbem-8291	100	4	multi	multi	ADJ
fbem-8291	100	5	factor	factor	NOUN
fbem-8291	100	6	strategy	strategy	NOUN
fbem-8291	100	7	backtesting	backteste	VERB
fbem-8291	100	8	64	64	NUM
fbem-8291	100	9	figure	figure	NOUN
fbem-8291	100	10	2	2	NUM
fbem-8291	100	11	.	.	PUNCT
fbem-8291	100	12	double	double	ADJ
fbem-8291	100	13	moving	move	VERB
fbem-8291	100	14	average	average	ADJ
fbem-8291	100	15	model	model	NOUN
fbem-8291	100	16	strategy	strategy	NOUN
fbem-8291	100	17	backtesting	backtesting	NOUN
fbem-8291	100	18	details	detail	NOUN
fbem-8291	100	19	the	the	DET
fbem-8291	100	20	conclusion	conclusion	NOUN
fbem-8291	100	21	that	that	SCONJ
fbem-8291	100	22	the	the	DET
fbem-8291	100	23	model	model	NOUN
fbem-8291	100	24	returns	return	NOUN
fbem-8291	100	25	are	be	AUX
fbem-8291	100	26	positive	positive	ADJ
fbem-8291	100	27	verifies	verifie	NOUN
fbem-8291	100	28	the	the	DET
fbem-8291	100	29	effectiveness	effectiveness	NOUN
fbem-8291	100	30	of	of	ADP
fbem-8291	100	31	quantitative	quantitative	ADJ
fbem-8291	100	32	investment	investment	NOUN
fbem-8291	100	33	strategy	strategy	NOUN
fbem-8291	100	34	research	research	NOUN
fbem-8291	100	35	based	base	VERB
fbem-8291	100	36	on	on	ADP
fbem-8291	100	37	multi	multi	ADJ
fbem-8291	100	38	factor	factor	NOUN
fbem-8291	100	39	and	and	CCONJ
fbem-8291	100	40	double	double	ADJ
fbem-8291	100	41	moving	move	VERB
fbem-8291	100	42	average	average	ADJ
fbem-8291	100	43	models	model	NOUN
fbem-8291	100	44	.	.	PUNCT
fbem-8291	101	1	3.4	3.4	NUM
fbem-8291	101	2	.	.	PUNCT
fbem-8291	102	1	empirical	empirical	ADJ
fbem-8291	102	2	results	result	NOUN
fbem-8291	102	3	using	use	VERB
fbem-8291	102	4	quantitative	quantitative	ADJ
fbem-8291	102	5	investment	investment	NOUN
fbem-8291	102	6	strategies	strategy	NOUN
fbem-8291	102	7	based	base	VERB
fbem-8291	102	8	on	on	ADP
fbem-8291	102	9	multiple	multiple	ADJ
fbem-8291	102	10	factor	factor	NOUN
fbem-8291	102	11	and	and	CCONJ
fbem-8291	102	12	double	double	ADJ
fbem-8291	102	13	moving	move	VERB
fbem-8291	102	14	average	average	ADJ
fbem-8291	102	15	models	model	NOUN
fbem-8291	102	16	for	for	ADP
fbem-8291	102	17	backtesting	backtesting	NOUN
fbem-8291	102	18	,	,	PUNCT
fbem-8291	102	19	and	and	CCONJ
fbem-8291	102	20	comparing	compare	VERB
fbem-8291	102	21	the	the	DET
fbem-8291	102	22	csi	csi	PROPN
fbem-8291	102	23	500	500	NUM
fbem-8291	102	24	index	index	NOUN
fbem-8291	102	25	over	over	ADP
fbem-8291	102	26	the	the	DET
fbem-8291	102	27	same	same	ADJ
fbem-8291	102	28	period	period	NOUN
fbem-8291	102	29	,	,	PUNCT
fbem-8291	102	30	we	we	PRON
fbem-8291	102	31	can	can	AUX
fbem-8291	102	32	obtain	obtain	VERB
fbem-8291	102	33	the	the	DET
fbem-8291	102	34	results	result	NOUN
fbem-8291	102	35	of	of	ADP
fbem-8291	102	36	multiple	multiple	ADJ
fbem-8291	102	37	factor	factor	NOUN
fbem-8291	102	38	testing	testing	NOUN
fbem-8291	102	39	and	and	CCONJ
fbem-8291	102	40	double	double	ADJ
fbem-8291	102	41	moving	move	VERB
fbem-8291	102	42	average	average	ADJ
fbem-8291	102	43	testing	testing	NOUN
fbem-8291	102	44	within	within	ADP
fbem-8291	102	45	the	the	DET
fbem-8291	102	46	selected	select	VERB
fbem-8291	102	47	time	time	NOUN
fbem-8291	102	48	range	range	NOUN
fbem-8291	102	49	.	.	PUNCT
fbem-8291	103	1	by	by	ADP
fbem-8291	103	2	understanding	understand	VERB
fbem-8291	103	3	the	the	DET
fbem-8291	103	4	drivers	driver	NOUN
fbem-8291	103	5	behind	behind	ADP
fbem-8291	103	6	a	a	DET
fbem-8291	103	7	strategy	strategy	NOUN
fbem-8291	103	8	,	,	PUNCT
fbem-8291	103	9	we	we	PRON
fbem-8291	103	10	will	will	AUX
fbem-8291	103	11	recognize	recognize	VERB
fbem-8291	103	12	certain	certain	ADJ
fbem-8291	103	13	characteristics	characteristic	NOUN
fbem-8291	103	14	of	of	ADP
fbem-8291	103	15	companies	company	NOUN
fbem-8291	103	16	and	and	CCONJ
fbem-8291	103	17	stocks	stock	NOUN
fbem-8291	103	18	that	that	PRON
fbem-8291	103	19	can	can	AUX
fbem-8291	103	20	help	help	VERB
fbem-8291	103	21	improve	improve	VERB
fbem-8291	103	22	investment	investment	NOUN
fbem-8291	103	23	returns	return	NOUN
fbem-8291	103	24	.	.	PUNCT
fbem-8291	104	1	the	the	DET
fbem-8291	104	2	following	follow	VERB
fbem-8291	104	3	figure	figure	NOUN
fbem-8291	104	4	shows	show	VERB
fbem-8291	104	5	some	some	DET
fbem-8291	104	6	revenue	revenue	NOUN
fbem-8291	104	7	details	detail	NOUN
fbem-8291	104	8	of	of	ADP
fbem-8291	104	9	the	the	DET
fbem-8291	104	10	strategy	strategy	NOUN
fbem-8291	104	11	:	:	PUNCT
fbem-8291	104	12	figure	figure	VERB
fbem-8291	104	13	3	3	NUM
fbem-8291	104	14	.	.	PUNCT
fbem-8291	104	15	cumulative	cumulative	ADJ
fbem-8291	104	16	revenue	revenue	NOUN
fbem-8291	104	17	figure	figure	NOUN
fbem-8291	104	18	4	4	NUM
fbem-8291	104	19	.	.	NOUN
fbem-8291	104	20	intraday	intraday	NOUN
fbem-8291	104	21	revenue	revenue	NOUN
fbem-8291	104	22	although	although	SCONJ
fbem-8291	104	23	the	the	DET
fbem-8291	104	24	model	model	NOUN
fbem-8291	104	25	returns	return	VERB
fbem-8291	104	26	well	well	ADV
fbem-8291	104	27	,	,	PUNCT
fbem-8291	104	28	there	there	PRON
fbem-8291	104	29	is	be	VERB
fbem-8291	104	30	still	still	ADV
fbem-8291	104	31	room	room	NOUN
fbem-8291	104	32	for	for	ADP
fbem-8291	104	33	improvement.from	improvement.from	ADP
fbem-8291	104	34	the	the	DET
fbem-8291	104	35	model	model	NOUN
fbem-8291	104	36	,	,	PUNCT
fbem-8291	104	37	it	it	PRON
fbem-8291	104	38	can	can	AUX
fbem-8291	104	39	be	be	AUX
fbem-8291	104	40	concluded	conclude	VERB
fbem-8291	104	41	that	that	SCONJ
fbem-8291	104	42	most	most	ADJ
fbem-8291	104	43	stock	stock	NOUN
fbem-8291	104	44	returns	return	NOUN
fbem-8291	104	45	are	be	AUX
fbem-8291	104	46	positive	positive	ADJ
fbem-8291	104	47	and	and	CCONJ
fbem-8291	104	48	comprehensive	comprehensive	ADJ
fbem-8291	104	49	returns	return	NOUN
fbem-8291	104	50	are	be	AUX
fbem-8291	104	51	positive	positive	ADJ
fbem-8291	104	52	,	,	PUNCT
fbem-8291	104	53	which	which	PRON
fbem-8291	104	54	verifies	verify	VERB
fbem-8291	104	55	the	the	DET
fbem-8291	104	56	effectiveness	effectiveness	NOUN
fbem-8291	104	57	of	of	ADP
fbem-8291	104	58	quantitative	quantitative	ADJ
fbem-8291	104	59	investment	investment	NOUN
fbem-8291	104	60	strategy	strategy	NOUN
fbem-8291	104	61	research	research	NOUN
fbem-8291	104	62	based	base	VERB
fbem-8291	104	63	on	on	ADP
fbem-8291	104	64	multiple	multiple	ADJ
fbem-8291	104	65	factor	factor	NOUN
fbem-8291	104	66	and	and	CCONJ
fbem-8291	104	67	double	double	ADJ
fbem-8291	104	68	average	average	ADJ
fbem-8291	104	69	line	line	NOUN
fbem-8291	104	70	models	model	NOUN
fbem-8291	104	71	.	.	PUNCT
fbem-8291	105	1	4	4	X
fbem-8291	105	2	.	.	X
fbem-8291	105	3	conclusion	conclusion	NOUN
fbem-8291	105	4	4.1	4.1	NUM
fbem-8291	105	5	.	.	PUNCT
fbem-8291	106	1	research	research	NOUN
fbem-8291	106	2	conclusion	conclusion	NOUN
fbem-8291	106	3	this	this	DET
fbem-8291	106	4	article	article	NOUN
fbem-8291	106	5	selects	select	VERB
fbem-8291	106	6	the	the	DET
fbem-8291	106	7	stocks	stock	NOUN
fbem-8291	106	8	of	of	ADP
fbem-8291	106	9	the	the	DET
fbem-8291	106	10	china	china	PROPN
fbem-8291	106	11	securities	securities	PROPN
fbem-8291	106	12	500	500	NUM
fbem-8291	106	13	index	index	NOUN
fbem-8291	106	14	as	as	ADP
fbem-8291	106	15	the	the	DET
fbem-8291	106	16	research	research	NOUN
fbem-8291	106	17	object	object	NOUN
fbem-8291	106	18	,	,	PUNCT
fbem-8291	106	19	and	and	CCONJ
fbem-8291	106	20	on	on	ADP
fbem-8291	106	21	this	this	DET
fbem-8291	106	22	basis	basis	NOUN
fbem-8291	106	23	,	,	PUNCT
fbem-8291	106	24	carries	carry	VERB
fbem-8291	106	25	out	out	ADP
fbem-8291	106	26	targeted	target	VERB
fbem-8291	106	27	optimization	optimization	NOUN
fbem-8291	106	28	on	on	ADP
fbem-8291	106	29	the	the	DET
fbem-8291	106	30	drawbacks	drawback	NOUN
fbem-8291	106	31	of	of	ADP
fbem-8291	106	32	quantitative	quantitative	ADJ
fbem-8291	106	33	investment	investment	NOUN
fbem-8291	106	34	strategies	strategy	NOUN
fbem-8291	106	35	based	base	VERB
fbem-8291	106	36	on	on	ADP
fbem-8291	106	37	multiple	multiple	ADJ
fbem-8291	106	38	factors	factor	NOUN
fbem-8291	106	39	and	and	CCONJ
fbem-8291	106	40	double	double	ADJ
fbem-8291	106	41	average	average	ADJ
fbem-8291	106	42	line	line	NOUN
fbem-8291	106	43	models	model	NOUN
fbem-8291	106	44	.	.	PUNCT
fbem-8291	107	1	the	the	DET
fbem-8291	107	2	research	research	NOUN
fbem-8291	107	3	interval	interval	NOUN
fbem-8291	107	4	is	be	AUX
fbem-8291	107	5	selected	select	VERB
fbem-8291	107	6	from	from	ADP
fbem-8291	107	7	january	january	PROPN
fbem-8291	107	8	4	4	NUM
fbem-8291	107	9	,	,	PUNCT
fbem-8291	107	10	2022	2022	NUM
fbem-8291	107	11	to	to	ADP
fbem-8291	107	12	december	december	PROPN
fbem-8291	107	13	30	30	NUM
fbem-8291	107	14	,	,	PUNCT
fbem-8291	107	15	2022	2022	NUM
fbem-8291	107	16	.	.	PUNCT
fbem-8291	108	1	using	use	VERB
fbem-8291	108	2	the	the	DET
fbem-8291	108	3	joinquant	joinquant	ADJ
fbem-8291	108	4	quantitative	quantitative	ADJ
fbem-8291	108	5	platform	platform	NOUN
fbem-8291	108	6	to	to	PART
fbem-8291	108	7	conduct	conduct	VERB
fbem-8291	108	8	backtesting	backtesting	NOUN
fbem-8291	108	9	of	of	ADP
fbem-8291	108	10	multiple	multiple	ADJ
fbem-8291	108	11	factor	factor	NOUN
fbem-8291	108	12	and	and	CCONJ
fbem-8291	108	13	double	double	ADJ
fbem-8291	108	14	average	average	ADJ
fbem-8291	108	15	model	model	NOUN
fbem-8291	108	16	strategies	strategy	NOUN
fbem-8291	108	17	before	before	ADP
fbem-8291	108	18	and	and	CCONJ
fbem-8291	108	19	after	after	ADP
fbem-8291	108	20	optimization	optimization	NOUN
fbem-8291	108	21	,	,	PUNCT
fbem-8291	108	22	capture	capture	VERB
fbem-8291	108	23	performance	performance	NOUN
fbem-8291	108	24	evaluation	evaluation	NOUN
fbem-8291	108	25	indicators	indicator	NOUN
fbem-8291	108	26	such	such	ADJ
fbem-8291	108	27	as	as	ADP
fbem-8291	108	28	backtesting	backteste	VERB
fbem-8291	108	29	returns	return	NOUN
fbem-8291	108	30	,	,	PUNCT
fbem-8291	108	31	sharp	sharp	ADJ
fbem-8291	108	32	ratio	ratio	NOUN
fbem-8291	108	33	,	,	PUNCT
fbem-8291	108	34	alpha	alpha	NOUN
fbem-8291	108	35	,	,	PUNCT
fbem-8291	108	36	maximum	maximum	ADJ
fbem-8291	108	37	pullback	pullback	NOUN
fbem-8291	108	38	,	,	PUNCT
fbem-8291	108	39	and	and	CCONJ
fbem-8291	108	40	excess	excess	ADJ
fbem-8291	108	41	returns	return	NOUN
fbem-8291	108	42	from	from	ADP
fbem-8291	108	43	the	the	DET
fbem-8291	108	44	backtesting	backtesting	NOUN
fbem-8291	108	45	platform	platform	NOUN
fbem-8291	108	46	,	,	PUNCT
fbem-8291	108	47	and	and	CCONJ
fbem-8291	108	48	test	test	VERB
fbem-8291	108	49	some	some	PRON
fbem-8291	108	50	of	of	ADP
fbem-8291	108	51	the	the	DET
fbem-8291	108	52	better	well	ADJ
fbem-8291	108	53	performing	perform	VERB
fbem-8291	108	54	strategies	strategy	NOUN
fbem-8291	108	55	.	.	PUNCT
fbem-8291	109	1	the	the	DET
fbem-8291	109	2	following	follow	VERB
fbem-8291	109	3	results	result	NOUN
fbem-8291	109	4	are	be	AUX
fbem-8291	109	5	obtained	obtain	VERB
fbem-8291	109	6	:	:	PUNCT
fbem-8291	109	7	first	first	ADV
fbem-8291	109	8	,	,	PUNCT
fbem-8291	109	9	the	the	DET
fbem-8291	109	10	combination	combination	NOUN
fbem-8291	109	11	of	of	ADP
fbem-8291	109	12	multiple	multiple	ADJ
fbem-8291	109	13	factor	factor	NOUN
fbem-8291	109	14	and	and	CCONJ
fbem-8291	109	15	double	double	ADJ
fbem-8291	109	16	average	average	ADJ
fbem-8291	109	17	trading	trading	NOUN
fbem-8291	109	18	strategies	strategy	NOUN
fbem-8291	109	19	has	have	VERB
fbem-8291	109	20	a	a	DET
fbem-8291	109	21	significant	significant	ADJ
fbem-8291	109	22	guiding	guide	VERB
fbem-8291	109	23	effect	effect	NOUN
fbem-8291	109	24	on	on	ADP
fbem-8291	109	25	the	the	DET
fbem-8291	109	26	csi	csi	PROPN
fbem-8291	109	27	500	500	NUM
fbem-8291	109	28	total	total	ADJ
fbem-8291	109	29	return	return	NOUN
fbem-8291	109	30	index	index	NOUN
fbem-8291	109	31	.	.	PUNCT
fbem-8291	110	1	secondly	secondly	ADV
fbem-8291	110	2	,	,	PUNCT
fbem-8291	110	3	the	the	DET
fbem-8291	110	4	combination	combination	NOUN
fbem-8291	110	5	of	of	ADP
fbem-8291	110	6	multi	multi	ADJ
fbem-8291	110	7	factor	factor	NOUN
fbem-8291	110	8	and	and	CCONJ
fbem-8291	110	9	double	double	ADJ
fbem-8291	110	10	moving	move	VERB
fbem-8291	110	11	average	average	ADJ
fbem-8291	110	12	trading	trading	NOUN
fbem-8291	110	13	strategies	strategy	NOUN
fbem-8291	110	14	has	have	VERB
fbem-8291	110	15	wide	wide	ADJ
fbem-8291	110	16	applicability	applicability	NOUN
fbem-8291	110	17	.	.	PUNCT
fbem-8291	111	1	the	the	DET
fbem-8291	111	2	optimization	optimization	NOUN
fbem-8291	111	3	effect	effect	NOUN
fbem-8291	111	4	of	of	ADP
fbem-8291	111	5	the	the	DET
fbem-8291	111	6	strategy	strategy	NOUN
fbem-8291	111	7	is	be	AUX
fbem-8291	111	8	generally	generally	ADV
fbem-8291	111	9	good	good	ADJ
fbem-8291	111	10	,	,	PUNCT
fbem-8291	111	11	and	and	CCONJ
fbem-8291	111	12	most	most	ADJ
fbem-8291	111	13	parameters	parameter	NOUN
fbem-8291	111	14	can	can	AUX
fbem-8291	111	15	improve	improve	VERB
fbem-8291	111	16	the	the	DET
fbem-8291	111	17	strategy	strategy	NOUN
fbem-8291	111	18	income	income	NOUN
fbem-8291	111	19	.	.	PUNCT
fbem-8291	112	1	thirdly	thirdly	ADV
fbem-8291	112	2	,	,	PUNCT
fbem-8291	112	3	the	the	DET
fbem-8291	112	4	research	research	NOUN
fbem-8291	112	5	has	have	AUX
fbem-8291	112	6	shown	show	VERB
fbem-8291	112	7	various	various	ADJ
fbem-8291	112	8	specific	specific	ADJ
fbem-8291	112	9	data	datum	NOUN
fbem-8291	112	10	of	of	ADP
fbem-8291	112	11	some	some	DET
fbem-8291	112	12	stocks	stock	NOUN
fbem-8291	112	13	after	after	ADP
fbem-8291	112	14	applying	apply	VERB
fbem-8291	112	15	the	the	DET
fbem-8291	112	16	double	double	ADJ
fbem-8291	112	17	average	average	ADJ
fbem-8291	112	18	strategy	strategy	NOUN
fbem-8291	112	19	on	on	ADP
fbem-8291	112	20	the	the	DET
fbem-8291	112	21	basis	basis	NOUN
fbem-8291	112	22	of	of	ADP
fbem-8291	112	23	multi	multi	ADJ
fbem-8291	112	24	factor	factor	NOUN
fbem-8291	112	25	stock	stock	NOUN
fbem-8291	112	26	selection	selection	NOUN
fbem-8291	112	27	,	,	PUNCT
fbem-8291	112	28	which	which	PRON
fbem-8291	112	29	has	have	AUX
fbem-8291	112	30	greatly	greatly	ADV
fbem-8291	112	31	helped	help	VERB
fbem-8291	112	32	the	the	DET
fbem-8291	112	33	application	application	NOUN
fbem-8291	112	34	of	of	ADP
fbem-8291	112	35	the	the	DET
fbem-8291	112	36	model	model	NOUN
fbem-8291	112	37	in	in	ADP
fbem-8291	112	38	real	real	ADJ
fbem-8291	112	39	life	life	NOUN
fbem-8291	112	40	.	.	PUNCT
fbem-8291	113	1	65	65	NUM
fbem-8291	113	2	4.2	4.2	NUM
fbem-8291	113	3	.	.	PUNCT
fbem-8291	114	1	future	future	ADJ
fbem-8291	114	2	outlook	outlook	NOUN
fbem-8291	114	3	although	although	SCONJ
fbem-8291	114	4	this	this	DET
fbem-8291	114	5	article	article	NOUN
fbem-8291	114	6	has	have	AUX
fbem-8291	114	7	conducted	conduct	VERB
fbem-8291	114	8	a	a	DET
fbem-8291	114	9	lot	lot	NOUN
fbem-8291	114	10	of	of	ADP
fbem-8291	114	11	exploration	exploration	NOUN
fbem-8291	114	12	on	on	ADP
fbem-8291	114	13	the	the	DET
fbem-8291	114	14	dual	dual	ADJ
fbem-8291	114	15	moving	move	VERB
fbem-8291	114	16	average	average	ADJ
fbem-8291	114	17	and	and	CCONJ
fbem-8291	114	18	multi	multi	ADJ
fbem-8291	114	19	factor	factor	NOUN
fbem-8291	114	20	stock	stock	NOUN
fbem-8291	114	21	selection	selection	NOUN
fbem-8291	114	22	strategies	strategy	NOUN
fbem-8291	114	23	,	,	PUNCT
fbem-8291	114	24	there	there	PRON
fbem-8291	114	25	are	be	VERB
fbem-8291	114	26	still	still	ADV
fbem-8291	114	27	some	some	DET
fbem-8291	114	28	areas	area	NOUN
fbem-8291	114	29	that	that	PRON
fbem-8291	114	30	need	need	VERB
fbem-8291	114	31	to	to	PART
fbem-8291	114	32	be	be	AUX
fbem-8291	114	33	further	far	ADV
fbem-8291	114	34	improved	improve	VERB
fbem-8291	114	35	.	.	PUNCT
fbem-8291	115	1	you	you	PRON
fbem-8291	115	2	can	can	AUX
fbem-8291	115	3	start	start	VERB
fbem-8291	115	4	from	from	ADP
fbem-8291	115	5	the	the	DET
fbem-8291	115	6	following	following	ADJ
fbem-8291	115	7	aspects	aspect	NOUN
fbem-8291	115	8	:	:	PUNCT
fbem-8291	115	9	first	first	ADV
fbem-8291	115	10	,	,	PUNCT
fbem-8291	115	11	increase	increase	VERB
fbem-8291	115	12	the	the	DET
fbem-8291	115	13	factors	factor	NOUN
fbem-8291	115	14	in	in	ADP
fbem-8291	115	15	the	the	DET
fbem-8291	115	16	factor	factor	NOUN
fbem-8291	115	17	pool	pool	NOUN
fbem-8291	115	18	.	.	PUNCT
fbem-8291	116	1	consider	consider	VERB
fbem-8291	116	2	introducing	introduce	VERB
fbem-8291	116	3	some	some	DET
fbem-8291	116	4	other	other	ADJ
fbem-8291	116	5	weighting	weighting	NOUN
fbem-8291	116	6	methods	method	NOUN
fbem-8291	116	7	in	in	ADP
fbem-8291	116	8	the	the	DET
fbem-8291	116	9	future	future	ADJ
fbem-8291	116	10	modeling	modeling	NOUN
fbem-8291	116	11	process	process	NOUN
fbem-8291	116	12	,	,	PUNCT
fbem-8291	116	13	and	and	CCONJ
fbem-8291	116	14	compare	compare	VERB
fbem-8291	116	15	which	which	DET
fbem-8291	116	16	weighting	weight	VERB
fbem-8291	116	17	method	method	NOUN
fbem-8291	116	18	is	be	AUX
fbem-8291	116	19	most	most	ADV
fbem-8291	116	20	suitable	suitable	ADJ
fbem-8291	116	21	.	.	PUNCT
fbem-8291	117	1	secondly	secondly	ADV
fbem-8291	117	2	,	,	PUNCT
fbem-8291	117	3	we	we	PRON
fbem-8291	117	4	can	can	AUX
fbem-8291	117	5	try	try	VERB
fbem-8291	117	6	to	to	PART
fbem-8291	117	7	apply	apply	VERB
fbem-8291	117	8	it	it	PRON
fbem-8291	117	9	to	to	ADP
fbem-8291	117	10	other	other	ADJ
fbem-8291	117	11	moving	move	VERB
fbem-8291	117	12	average	average	ADJ
fbem-8291	117	13	strategies	strategy	NOUN
fbem-8291	117	14	and	and	CCONJ
fbem-8291	117	15	study	study	VERB
fbem-8291	117	16	their	their	PRON
fbem-8291	117	17	effectiveness	effectiveness	NOUN
fbem-8291	117	18	.	.	PUNCT
fbem-8291	118	1	finally	finally	ADV
fbem-8291	118	2	,	,	PUNCT
fbem-8291	118	3	the	the	DET
fbem-8291	118	4	number	number	NOUN
fbem-8291	118	5	of	of	ADP
fbem-8291	118	6	optional	optional	ADJ
fbem-8291	118	7	bid	bid	NOUN
fbem-8291	118	8	picks	pick	VERB
fbem-8291	118	9	for	for	ADP
fbem-8291	118	10	the	the	DET
fbem-8291	118	11	csi	csi	PROPN
fbem-8291	118	12	500	500	NUM
fbem-8291	118	13	index	index	NOUN
fbem-8291	118	14	is	be	AUX
fbem-8291	118	15	still	still	ADV
fbem-8291	118	16	small	small	ADJ
fbem-8291	118	17	.	.	PUNCT
fbem-8291	119	1	in	in	ADP
fbem-8291	119	2	the	the	DET
fbem-8291	119	3	future	future	NOUN
fbem-8291	119	4	,	,	PUNCT
fbem-8291	119	5	you	you	PRON
fbem-8291	119	6	can	can	AUX
fbem-8291	119	7	try	try	VERB
fbem-8291	119	8	csi	csi	PROPN
fbem-8291	119	9	800	800	NUM
fbem-8291	119	10	for	for	ADP
fbem-8291	119	11	a	a	DET
fbem-8291	119	12	back	back	ADJ
fbem-8291	119	13	test	test	NOUN
fbem-8291	119	14	to	to	PART
fbem-8291	119	15	test	test	VERB
fbem-8291	119	16	the	the	DET
fbem-8291	119	17	effectiveness	effectiveness	NOUN
fbem-8291	119	18	of	of	ADP
fbem-8291	119	19	the	the	DET
fbem-8291	119	20	trading	trading	NOUN
fbem-8291	119	21	strategy	strategy	NOUN
fbem-8291	119	22	for	for	ADP
fbem-8291	119	23	any	any	DET
fbem-8291	119	24	new	new	ADJ
fbem-8291	119	25	changes	change	NOUN
fbem-8291	119	26	.	.	PUNCT
fbem-8291	120	1	references	reference	NOUN
fbem-8291	120	2	[	[	X
fbem-8291	120	3	1	1	NUM
fbem-8291	120	4	]	]	PUNCT
fbem-8291	120	5	yu	yu	PROPN
fbem-8291	120	6	longfei	longfei	PROPN
fbem-8291	120	7	(	(	PUNCT
fbem-8291	120	8	2020	2020	NUM
fbem-8291	120	9	)	)	PUNCT
fbem-8291	120	10	.	.	PUNCT
fbem-8291	121	1	design	design	NOUN
fbem-8291	121	2	and	and	CCONJ
fbem-8291	121	3	implementation	implementation	NOUN
fbem-8291	121	4	of	of	ADP
fbem-8291	121	5	a	a	DET
fbem-8291	121	6	quantitative	quantitative	ADJ
fbem-8291	121	7	trading	trading	NOUN
fbem-8291	121	8	system	system	NOUN
fbem-8291	121	9	for	for	ADP
fbem-8291	121	10	stock	stock	NOUN
fbem-8291	121	11	markets	market	NOUN
fbem-8291	121	12	based	base	VERB
fbem-8291	121	13	on	on	ADP
fbem-8291	121	14	deep	deep	ADJ
fbem-8291	121	15	learning	learning	NOUN
fbem-8291	121	16	.	.	PUNCT
fbem-8291	122	1	thesis	thesis	NOUN
fbem-8291	122	2	of	of	ADP
fbem-8291	122	3	shandong	shandong	PROPN
fbem-8291	122	4	university	university	PROPN
fbem-8291	122	5	,	,	PUNCT
fbem-8291	122	6	19	19	NUM
fbem-8291	122	7	.	.	PUNCT
fbem-8291	123	1	[	[	X
fbem-8291	123	2	2	2	NUM
fbem-8291	123	3	]	]	PUNCT
fbem-8291	123	4	yu	yu	PROPN
fbem-8291	123	5	na	na	X
fbem-8291	123	6	(	(	PUNCT
fbem-8291	123	7	2021	2021	NUM
fbem-8291	123	8	)	)	PUNCT
fbem-8291	123	9	.	.	PUNCT
fbem-8291	124	1	research	research	NOUN
fbem-8291	124	2	on	on	ADP
fbem-8291	124	3	quantitative	quantitative	ADJ
fbem-8291	124	4	stock	stock	NOUN
fbem-8291	124	5	selection	selection	NOUN
fbem-8291	124	6	and	and	CCONJ
fbem-8291	124	7	quantitative	quantitative	ADJ
fbem-8291	124	8	timing	timing	NOUN
fbem-8291	124	9	strategies	strategy	NOUN
fbem-8291	124	10	.	.	PUNCT
fbem-8291	125	1	thesis	thesis	NOUN
fbem-8291	125	2	of	of	ADP
fbem-8291	125	3	shandong	shandong	PROPN
fbem-8291	125	4	university	university	PROPN
fbem-8291	125	5	,	,	PUNCT
fbem-8291	125	6	11	11	NUM
fbem-8291	125	7	.	.	PUNCT
fbem-8291	126	1	[	[	X
fbem-8291	126	2	3	3	X
fbem-8291	126	3	]	]	X
fbem-8291	126	4	wang	wang	PROPN
fbem-8291	126	5	yibin	yibin	PROPN
fbem-8291	126	6	(	(	PUNCT
fbem-8291	126	7	2021	2021	NUM
fbem-8291	126	8	)	)	PUNCT
fbem-8291	126	9	.	.	PUNCT
fbem-8291	127	1	research	research	NOUN
fbem-8291	127	2	on	on	ADP
fbem-8291	127	3	stock	stock	NOUN
fbem-8291	127	4	investment	investment	NOUN
fbem-8291	127	5	strategies	strategy	NOUN
fbem-8291	127	6	based	base	VERB
fbem-8291	127	7	on	on	ADP
fbem-8291	127	8	volume	volume	NOUN
fbem-8291	127	9	price	price	NOUN
fbem-8291	127	10	moving	move	VERB
fbem-8291	127	11	average	average	ADJ
fbem-8291	127	12	.	.	PUNCT
fbem-8291	128	1	thesis	thesis	NOUN
fbem-8291	128	2	of	of	ADP
fbem-8291	128	3	central	central	ADJ
fbem-8291	128	4	university	university	NOUN
fbem-8291	128	5	for	for	ADP
fbem-8291	128	6	nationalities	nationality	NOUN
fbem-8291	128	7	,	,	PUNCT
fbem-8291	128	8	15	15	NUM
fbem-8291	128	9	.	.	PUNCT
fbem-8291	129	1	[	[	X
fbem-8291	129	2	4	4	X
fbem-8291	129	3	]	]	PUNCT
fbem-8291	129	4	giselle	giselle	PROPN
fbem-8291	129	5	li	li	PROPN
fbem-8291	129	6	(	(	PUNCT
fbem-8291	129	7	2022	2022	NUM
fbem-8291	129	8	)	)	PUNCT
fbem-8291	129	9	.	.	PUNCT
fbem-8291	130	1	construction	construction	NOUN
fbem-8291	130	2	and	and	CCONJ
fbem-8291	130	3	application	application	NOUN
fbem-8291	130	4	of	of	ADP
fbem-8291	130	5	multifactor	multifactor	NOUN
fbem-8291	130	6	quantitative	quantitative	ADJ
fbem-8291	130	7	investment	investment	NOUN
fbem-8291	130	8	strategies	strategy	NOUN
fbem-8291	130	9	.	.	PUNCT
fbem-8291	131	1	thesis	thesis	NOUN
fbem-8291	131	2	of	of	ADP
fbem-8291	131	3	university	university	NOUN
fbem-8291	131	4	of	of	ADP
fbem-8291	131	5	electronic	electronic	ADJ
fbem-8291	131	6	science	science	NOUN
fbem-8291	131	7	and	and	CCONJ
fbem-8291	131	8	technology	technology	NOUN
fbem-8291	131	9	,	,	PUNCT
fbem-8291	131	10	26	26	NUM
fbem-8291	131	11	.	.	PUNCT
fbem-8291	132	1	[	[	X
fbem-8291	132	2	5	5	NUM
fbem-8291	132	3	]	]	X
fbem-8291	132	4	zhao	zhao	NOUN
fbem-8291	132	5	jiayi	jiayi	NOUN
fbem-8291	132	6	(	(	PUNCT
fbem-8291	132	7	2019	2019	NUM
fbem-8291	132	8	)	)	PUNCT
fbem-8291	132	9	.	.	PUNCT
fbem-8291	133	1	quantitative	quantitative	ADJ
fbem-8291	133	2	investment	investment	NOUN
fbem-8291	133	3	development	development	NOUN
fbem-8291	133	4	and	and	CCONJ
fbem-8291	133	5	analysis	analysis	NOUN
fbem-8291	133	6	of	of	ADP
fbem-8291	133	7	china	china	PROPN
fbem-8291	133	8	's	's	PART
fbem-8291	133	9	current	current	ADJ
fbem-8291	133	10	situation	situation	NOUN
fbem-8291	133	11	.	.	PUNCT
fbem-8291	134	1	journal	journal	PROPN
fbem-8291	134	2	of	of	ADP
fbem-8291	134	3	xi'an	xi'an	PROPN
fbem-8291	134	4	jiaotong	jiaotong	PROPN
fbem-8291	134	5	university	university	PROPN
fbem-8291	134	6	,	,	PUNCT
fbem-8291	134	7	6	6	NUM
fbem-8291	134	8	.	.	PUNCT