id	sid	tid	token	lemma	pos
fb494744h72	1	1	in	in	ADP
fb494744h72	1	2	this	this	DET
fb494744h72	1	3	dissertation	dissertation	NOUN
fb494744h72	1	4	,	,	PUNCT
fb494744h72	1	5	i	i	PRON
fb494744h72	1	6	focus	focus	VERB
fb494744h72	1	7	on	on	ADP
fb494744h72	1	8	two	two	NUM
fb494744h72	1	9	broad	broad	ADJ
fb494744h72	1	10	questions	question	NOUN
fb494744h72	1	11	.	.	PUNCT
fb494744h72	2	1	first	first	ADV
fb494744h72	2	2	,	,	PUNCT
fb494744h72	2	3	what	what	PRON
fb494744h72	2	4	are	be	AUX
fb494744h72	2	5	the	the	DET
fb494744h72	2	6	interconnections	interconnection	NOUN
fb494744h72	2	7	and	and	CCONJ
fb494744h72	2	8	the	the	DET
fb494744h72	2	9	underlying	underlie	VERB
fb494744h72	2	10	driving	drive	VERB
fb494744h72	2	11	forces	force	NOUN
fb494744h72	2	12	of	of	ADP
fb494744h72	2	13	stock	stock	NOUN
fb494744h72	2	14	return	return	NOUN
fb494744h72	2	15	and	and	CCONJ
fb494744h72	2	16	bond	bond	NOUN
fb494744h72	2	17	yields	yield	NOUN
fb494744h72	2	18	?	?	PUNCT
fb494744h72	3	1	understanding	understand	VERB
fb494744h72	3	2	the	the	DET
fb494744h72	3	3	cross	cross	NOUN
fb494744h72	3	4	-	-	NOUN
fb494744h72	3	5	assets	asset	NOUN
fb494744h72	3	6	dynamics	dynamic	NOUN
fb494744h72	3	7	and	and	CCONJ
fb494744h72	3	8	their	their	PRON
fb494744h72	3	9	economic	economic	ADJ
fb494744h72	3	10	determinants	determinant	NOUN
fb494744h72	3	11	is	be	AUX
fb494744h72	3	12	important	important	ADJ
fb494744h72	3	13	to	to	ADP
fb494744h72	3	14	both	both	DET
fb494744h72	3	15	policymakers	policymaker	NOUN
fb494744h72	3	16	'	'	PART
fb494744h72	3	17	and	and	CCONJ
fb494744h72	3	18	investors	investor	NOUN
fb494744h72	3	19	'	'	PART
fb494744h72	3	20	decision	decision	NOUN
fb494744h72	3	21	-	-	PUNCT
fb494744h72	3	22	making	making	NOUN
fb494744h72	3	23	,	,	PUNCT
fb494744h72	3	24	since	since	SCONJ
fb494744h72	3	25	the	the	DET
fb494744h72	3	26	interest	interest	NOUN
fb494744h72	3	27	rates	rate	NOUN
fb494744h72	3	28	and	and	CCONJ
fb494744h72	3	29	stock	stock	NOUN
fb494744h72	3	30	return	return	NOUN
fb494744h72	3	31	reflect	reflect	VERB
fb494744h72	3	32	the	the	DET
fb494744h72	3	33	macroeconomic	macroeconomic	ADJ
fb494744h72	3	34	expectations	expectation	NOUN
fb494744h72	3	35	for	for	ADP
fb494744h72	3	36	the	the	DET
fb494744h72	3	37	future	future	ADJ
fb494744h72	3	38	state	state	NOUN
fb494744h72	3	39	of	of	ADP
fb494744h72	3	40	the	the	DET
fb494744h72	3	41	economy	economy	NOUN
fb494744h72	3	42	.	.	PUNCT
fb494744h72	4	1	this	this	PRON
fb494744h72	4	2	leads	lead	VERB
fb494744h72	4	3	to	to	ADP
fb494744h72	4	4	my	my	PRON
fb494744h72	4	5	second	second	ADJ
fb494744h72	4	6	question	question	NOUN
fb494744h72	4	7	:	:	PUNCT
fb494744h72	4	8	what	what	PRON
fb494744h72	4	9	are	be	AUX
fb494744h72	4	10	the	the	DET
fb494744h72	4	11	implications	implication	NOUN
fb494744h72	4	12	of	of	ADP
fb494744h72	4	13	the	the	DET
fb494744h72	4	14	empirical	empirical	ADJ
fb494744h72	4	15	behavior	behavior	NOUN
fb494744h72	4	16	of	of	ADP
fb494744h72	4	17	asset	asset	NOUN
fb494744h72	4	18	returns	return	NOUN
fb494744h72	4	19	for	for	ADP
fb494744h72	4	20	the	the	DET
fb494744h72	4	21	optimal	optimal	ADJ
fb494744h72	4	22	decisions	decision	NOUN
fb494744h72	4	23	made	make	VERB
fb494744h72	4	24	by	by	ADP
fb494744h72	4	25	investors	investor	NOUN
fb494744h72	4	26	?	?	PUNCT
fb494744h72	5	1	along	along	ADP
fb494744h72	5	2	these	these	DET
fb494744h72	5	3	lines	line	NOUN
fb494744h72	5	4	,	,	PUNCT
fb494744h72	5	5	in	in	ADP
fb494744h72	5	6	the	the	DET
fb494744h72	5	7	first	first	ADJ
fb494744h72	5	8	chapter	chapter	NOUN
fb494744h72	5	9	of	of	ADP
fb494744h72	5	10	the	the	DET
fb494744h72	5	11	dissertation	dissertation	NOUN
fb494744h72	5	12	,	,	PUNCT
fb494744h72	5	13	i	i	PRON
fb494744h72	5	14	provide	provide	VERB
fb494744h72	5	15	an	an	DET
fb494744h72	5	16	introduction	introduction	NOUN
fb494744h72	5	17	to	to	ADP
fb494744h72	5	18	the	the	DET
fb494744h72	5	19	development	development	NOUN
fb494744h72	5	20	of	of	ADP
fb494744h72	5	21	the	the	DET
fb494744h72	5	22	asset	asset	NOUN
fb494744h72	5	23	pricing	pricing	NOUN
fb494744h72	5	24	models	model	NOUN
fb494744h72	5	25	and	and	CCONJ
fb494744h72	5	26	the	the	DET
fb494744h72	5	27	portfolio	portfolio	NOUN
fb494744h72	5	28	allocation	allocation	NOUN
fb494744h72	5	29	models	model	NOUN
fb494744h72	5	30	.	.	PUNCT
fb494744h72	6	1	in	in	ADP
fb494744h72	6	2	the	the	DET
fb494744h72	6	3	second	second	ADJ
fb494744h72	6	4	chapter	chapter	NOUN
fb494744h72	6	5	,	,	PUNCT
fb494744h72	6	6	i	i	PRON
fb494744h72	6	7	build	build	VERB
fb494744h72	6	8	on	on	ADP
fb494744h72	6	9	the	the	DET
fb494744h72	6	10	arbitrage	arbitrage	NOUN
fb494744h72	6	11	-	-	PUNCT
fb494744h72	6	12	free	free	ADJ
fb494744h72	6	13	asset	asset	NOUN
fb494744h72	6	14	pricing	pricing	NOUN
fb494744h72	6	15	model	model	NOUN
fb494744h72	6	16	to	to	PART
fb494744h72	6	17	simultaneously	simultaneously	ADV
fb494744h72	6	18	price	price	VERB
fb494744h72	6	19	u.s	u.s	PROPN
fb494744h72	6	20	.	.	PROPN
fb494744h72	6	21	aggregate	aggregate	ADJ
fb494744h72	6	22	stock	stock	NOUN
fb494744h72	6	23	and	and	CCONJ
fb494744h72	6	24	the	the	DET
fb494744h72	6	25	cross	cross	NOUN
fb494744h72	6	26	-	-	NOUN
fb494744h72	6	27	section	section	NOUN
fb494744h72	6	28	of	of	ADP
fb494744h72	6	29	treasury	treasury	NOUN
fb494744h72	6	30	bonds	bond	NOUN
fb494744h72	6	31	,	,	PUNCT
fb494744h72	6	32	and	and	CCONJ
fb494744h72	6	33	account	account	VERB
fb494744h72	6	34	for	for	ADP
fb494744h72	6	35	the	the	DET
fb494744h72	6	36	time	time	NOUN
fb494744h72	6	37	-	-	PUNCT
fb494744h72	6	38	varying	vary	VERB
fb494744h72	6	39	equity	equity	NOUN
fb494744h72	6	40	risk	risk	NOUN
fb494744h72	6	41	premium	premium	NOUN
fb494744h72	6	42	and	and	CCONJ
fb494744h72	6	43	bond	bond	NOUN
fb494744h72	6	44	risk	risk	NOUN
fb494744h72	6	45	premium	premium	NOUN
fb494744h72	6	46	in	in	ADP
fb494744h72	6	47	a	a	DET
fb494744h72	6	48	unified	unified	ADJ
fb494744h72	6	49	framework	framework	NOUN
fb494744h72	6	50	.	.	PUNCT
fb494744h72	7	1	the	the	DET
fb494744h72	7	2	model	model	NOUN
fb494744h72	7	3	imposes	impose	VERB
fb494744h72	7	4	restrictions	restriction	NOUN
fb494744h72	7	5	on	on	ADP
fb494744h72	7	6	the	the	DET
fb494744h72	7	7	cross	cross	ADJ
fb494744h72	7	8	-	-	NOUN
fb494744h72	7	9	assets	asset	NOUN
fb494744h72	7	10	dynamics	dynamic	NOUN
fb494744h72	7	11	to	to	PART
fb494744h72	7	12	preclude	preclude	VERB
fb494744h72	7	13	arbitrage	arbitrage	NOUN
fb494744h72	7	14	opportunities	opportunity	NOUN
fb494744h72	7	15	at	at	ADP
fb494744h72	7	16	any	any	DET
fb494744h72	7	17	point	point	NOUN
fb494744h72	7	18	in	in	ADP
fb494744h72	7	19	time	time	NOUN
fb494744h72	7	20	.	.	PUNCT
fb494744h72	8	1	with	with	ADP
fb494744h72	8	2	the	the	DET
fb494744h72	8	3	risk	risk	NOUN
fb494744h72	8	4	factors	factor	NOUN
fb494744h72	8	5	constructed	construct	VERB
fb494744h72	8	6	from	from	ADP
fb494744h72	8	7	the	the	DET
fb494744h72	8	8	asset	asset	NOUN
fb494744h72	8	9	return	return	NOUN
fb494744h72	8	10	data	datum	NOUN
fb494744h72	8	11	and	and	CCONJ
fb494744h72	8	12	macroeconomic	macroeconomic	ADJ
fb494744h72	8	13	data	datum	NOUN
fb494744h72	8	14	,	,	PUNCT
fb494744h72	8	15	the	the	DET
fb494744h72	8	16	model	model	NOUN
fb494744h72	8	17	is	be	AUX
fb494744h72	8	18	able	able	ADJ
fb494744h72	8	19	to	to	PART
fb494744h72	8	20	generate	generate	VERB
fb494744h72	8	21	considerably	considerably	ADV
fb494744h72	8	22	small	small	ADJ
fb494744h72	8	23	pricing	pricing	NOUN
fb494744h72	8	24	errors	error	NOUN
fb494744h72	8	25	for	for	ADP
fb494744h72	8	26	aggregate	aggregate	ADJ
fb494744h72	8	27	stock	stock	NOUN
fb494744h72	8	28	return	return	NOUN
fb494744h72	8	29	and	and	CCONJ
fb494744h72	8	30	treasury	treasury	NOUN
fb494744h72	8	31	yields	yield	NOUN
fb494744h72	8	32	.	.	PUNCT
fb494744h72	9	1	also	also	ADV
fb494744h72	9	2	,	,	PUNCT
fb494744h72	9	3	the	the	DET
fb494744h72	9	4	model	model	NOUN
fb494744h72	9	5	-	-	PUNCT
fb494744h72	9	6	implied	imply	VERB
fb494744h72	9	7	equity	equity	NOUN
fb494744h72	9	8	and	and	CCONJ
fb494744h72	9	9	bond	bond	NOUN
fb494744h72	9	10	risk	risk	NOUN
fb494744h72	9	11	premiums	premium	NOUN
fb494744h72	9	12	show	show	NOUN
fb494744h72	9	13	marked	mark	VERB
fb494744h72	9	14	countercyclical	countercyclical	ADJ
fb494744h72	9	15	patterns	pattern	NOUN
fb494744h72	9	16	.	.	PUNCT
fb494744h72	10	1	since	since	SCONJ
fb494744h72	10	2	a	a	DET
fb494744h72	10	3	rational	rational	ADJ
fb494744h72	10	4	utility	utility	NOUN
fb494744h72	10	5	maximizing	maximize	VERB
fb494744h72	10	6	investor	investor	NOUN
fb494744h72	10	7	requires	require	VERB
fb494744h72	10	8	higher	high	ADJ
fb494744h72	10	9	compensation	compensation	NOUN
fb494744h72	10	10	for	for	ADP
fb494744h72	10	11	the	the	DET
fb494744h72	10	12	exposure	exposure	NOUN
fb494744h72	10	13	to	to	PART
fb494744h72	10	14	risk	risk	NOUN
fb494744h72	10	15	during	during	ADP
fb494744h72	10	16	recessions	recession	NOUN
fb494744h72	10	17	,	,	PUNCT
fb494744h72	10	18	the	the	DET
fb494744h72	10	19	estimated	estimate	VERB
fb494744h72	10	20	countercyclical	countercyclical	ADJ
fb494744h72	10	21	patterns	pattern	NOUN
fb494744h72	10	22	of	of	ADP
fb494744h72	10	23	the	the	DET
fb494744h72	10	24	risk	risk	NOUN
fb494744h72	10	25	premiums	premium	NOUN
fb494744h72	10	26	are	be	AUX
fb494744h72	10	27	consistent	consistent	ADJ
fb494744h72	10	28	with	with	ADP
fb494744h72	10	29	the	the	DET
fb494744h72	10	30	theoretical	theoretical	ADJ
fb494744h72	10	31	models	model	NOUN
fb494744h72	10	32	.	.	PUNCT
fb494744h72	11	1	in	in	ADP
fb494744h72	11	2	the	the	DET
fb494744h72	11	3	third	third	ADJ
fb494744h72	11	4	chapter	chapter	NOUN
fb494744h72	11	5	,	,	PUNCT
fb494744h72	11	6	i	i	PRON
fb494744h72	11	7	explore	explore	VERB
fb494744h72	11	8	whether	whether	SCONJ
fb494744h72	11	9	the	the	DET
fb494744h72	11	10	horizon	horizon	NOUN
fb494744h72	11	11	based	base	VERB
fb494744h72	11	12	asset	asset	NOUN
fb494744h72	11	13	allocation	allocation	NOUN
fb494744h72	11	14	strategy	strategy	NOUN
fb494744h72	11	15	,	,	PUNCT
fb494744h72	11	16	that	that	PRON
fb494744h72	11	17	is	be	AUX
fb494744h72	11	18	popular	popular	ADJ
fb494744h72	11	19	among	among	ADP
fb494744h72	11	20	investment	investment	NOUN
fb494744h72	11	21	professionals	professional	NOUN
fb494744h72	11	22	,	,	PUNCT
fb494744h72	11	23	is	be	AUX
fb494744h72	11	24	optimal	optimal	ADJ
fb494744h72	11	25	for	for	ADP
fb494744h72	11	26	investors	investor	NOUN
fb494744h72	11	27	.	.	PUNCT
fb494744h72	12	1	to	to	PART
fb494744h72	12	2	do	do	VERB
fb494744h72	12	3	so	so	ADV
fb494744h72	12	4	,	,	PUNCT
fb494744h72	12	5	i	i	PRON
fb494744h72	12	6	develop	develop	VERB
fb494744h72	12	7	a	a	DET
fb494744h72	12	8	dynamic	dynamic	ADJ
fb494744h72	12	9	portfolio	portfolio	NOUN
fb494744h72	12	10	choice	choice	NOUN
fb494744h72	12	11	model	model	NOUN
fb494744h72	12	12	that	that	PRON
fb494744h72	12	13	incorporates	incorporate	VERB
fb494744h72	12	14	two	two	NUM
fb494744h72	12	15	sources	source	NOUN
fb494744h72	12	16	of	of	ADP
fb494744h72	12	17	risks	risk	NOUN
fb494744h72	12	18	that	that	PRON
fb494744h72	12	19	investors	investor	NOUN
fb494744h72	12	20	face	face	VERB
fb494744h72	12	21	:	:	PUNCT
fb494744h72	12	22	the	the	DET
fb494744h72	12	23	time	time	NOUN
fb494744h72	12	24	-	-	PUNCT
fb494744h72	12	25	varying	vary	VERB
fb494744h72	12	26	equity	equity	NOUN
fb494744h72	12	27	risk	risk	NOUN
fb494744h72	12	28	premium	premium	NOUN
fb494744h72	12	29	and	and	CCONJ
fb494744h72	12	30	the	the	DET
fb494744h72	12	31	uncertainty	uncertainty	NOUN
fb494744h72	12	32	in	in	ADP
fb494744h72	12	33	labor	labor	NOUN
fb494744h72	12	34	income	income	NOUN
fb494744h72	12	35	.	.	PUNCT
fb494744h72	13	1	the	the	DET
fb494744h72	13	2	optimal	optimal	ADJ
fb494744h72	13	3	portfolio	portfolio	NOUN
fb494744h72	13	4	weight	weight	NOUN
fb494744h72	13	5	on	on	ADP
fb494744h72	13	6	stock	stock	NOUN
fb494744h72	13	7	depends	depend	VERB
fb494744h72	13	8	on	on	ADP
fb494744h72	13	9	the	the	DET
fb494744h72	13	10	relative	relative	ADJ
fb494744h72	13	11	magnitude	magnitude	NOUN
fb494744h72	13	12	of	of	ADP
fb494744h72	13	13	the	the	DET
fb494744h72	13	14	correlation	correlation	NOUN
fb494744h72	13	15	between	between	ADP
fb494744h72	13	16	aggregate	aggregate	ADJ
fb494744h72	13	17	stock	stock	NOUN
fb494744h72	13	18	return	return	NOUN
fb494744h72	13	19	and	and	CCONJ
fb494744h72	13	20	equity	equity	NOUN
fb494744h72	13	21	risk	risk	NOUN
fb494744h72	13	22	premium	premium	NOUN
fb494744h72	13	23	,	,	PUNCT
fb494744h72	13	24	and	and	CCONJ
fb494744h72	13	25	the	the	DET
fb494744h72	13	26	correlation	correlation	NOUN
fb494744h72	13	27	between	between	ADP
fb494744h72	13	28	aggregate	aggregate	ADJ
fb494744h72	13	29	stock	stock	NOUN
fb494744h72	13	30	return	return	NOUN
fb494744h72	13	31	and	and	CCONJ
fb494744h72	13	32	labor	labor	NOUN
fb494744h72	13	33	income	income	NOUN
fb494744h72	13	34	.	.	PUNCT