id	sid	tid	token	lemma	pos
aijbms-110	1	1	american	american	PROPN
aijbms-110	1	2	international	international	PROPN
aijbms-110	1	3	journal	journal	PROPN
aijbms-110	1	4	of	of	ADP
aijbms-110	1	5	business	business	NOUN
aijbms-110	1	6	and	and	CCONJ
aijbms-110	1	7	management	management	NOUN
aijbms-110	1	8	studies	study	NOUN
aijbms-110	1	9	vol	vol	NOUN
aijbms-110	1	10	.	.	PROPN
aijbms-110	2	1	1	1	NUM
aijbms-110	2	2	,	,	PUNCT
aijbms-110	2	3	no	no	INTJ
aijbms-110	2	4	.	.	NOUN
aijbms-110	2	5	1	1	NUM
aijbms-110	2	6	;	;	PUNCT
aijbms-110	2	7	2019	2019	NUM
aijbms-110	2	8	published	publish	VERB
aijbms-110	2	9	by	by	ADP
aijbms-110	2	10	american	american	ADJ
aijbms-110	2	11	center	center	PROPN
aijbms-110	2	12	of	of	ADP
aijbms-110	2	13	science	science	NOUN
aijbms-110	2	14	and	and	CCONJ
aijbms-110	2	15	education	education	NOUN
aijbms-110	2	16	,	,	PUNCT
aijbms-110	2	17	usa	usa	PROPN
aijbms-110	2	18	1	1	NUM
aijbms-110	2	19	systemic	systemic	ADJ
aijbms-110	2	20	risk	risk	NOUN
aijbms-110	2	21	and	and	CCONJ
aijbms-110	2	22	dynamics	dynamic	NOUN
aijbms-110	2	23	of	of	ADP
aijbms-110	2	24	stock	stock	NOUN
aijbms-110	2	25	prices	price	NOUN
aijbms-110	2	26	:	:	PUNCT
aijbms-110	3	1	a	a	DET
aijbms-110	3	2	short	short	ADJ
aijbms-110	3	3	and	and	CCONJ
aijbms-110	3	4	long	long	ADJ
aijbms-110	3	5	run	run	VERB
aijbms-110	3	6	analysis	analysis	NOUN
aijbms-110	3	7	from	from	ADP
aijbms-110	3	8	nigeria	nigeria	PROPN
aijbms-110	3	9	capital	capital	PROPN
aijbms-110	3	10	market	market	PROPN
aijbms-110	3	11	mrs	mrs	PROPN
aijbms-110	3	12	.	.	PROPN
aijbms-110	3	13	fortune	fortune	PROPN
aijbms-110	3	14	bella	bella	PROPN
aijbms-110	3	15	charles	charles	PROPN
aijbms-110	3	16	m	m	PROPN
aijbms-110	3	17	sc	sc	PROPN
aijbms-110	3	18	department	department	PROPN
aijbms-110	3	19	of	of	ADP
aijbms-110	3	20	banking	banking	NOUN
aijbms-110	3	21	and	and	CCONJ
aijbms-110	3	22	finance	finance	NOUN
aijbms-110	3	23	rivers	river	NOUN
aijbms-110	3	24	state	state	PROPN
aijbms-110	3	25	university	university	PROPN
aijbms-110	3	26	,	,	PUNCT
aijbms-110	3	27	rivers	river	NOUN
aijbms-110	3	28	state	state	PROPN
aijbms-110	3	29	,	,	PUNCT
aijbms-110	3	30	nigeria	nigeria	PROPN
aijbms-110	3	31	charles	charles	PROPN
aijbms-110	3	32	ugochukwu	ugochukwu	PROPN
aijbms-110	3	33	okoro	okoro	PROPN
aijbms-110	3	34	,	,	PUNCT
aijbms-110	3	35	m	m	PROPN
aijbms-110	3	36	sc	sc	PROPN
aijbms-110	3	37	.	.	PUNCT
aijbms-110	3	38	department	department	PROPN
aijbms-110	3	39	of	of	ADP
aijbms-110	3	40	accountancy	accountancy	NOUN
aijbms-110	3	41	ken	ken	PROPN
aijbms-110	3	42	saro	saro	NOUN
aijbms-110	3	43	-	-	PUNCT
aijbms-110	3	44	wiwa	wiwa	NOUN
aijbms-110	3	45	polytechnic	polytechnic	ADJ
aijbms-110	3	46	,	,	PUNCT
aijbms-110	3	47	bori	bori	PROPN
aijbms-110	3	48	rivers	river	NOUN
aijbms-110	3	49	state	state	PROPN
aijbms-110	3	50	,	,	PUNCT
aijbms-110	3	51	nigeria	nigeria	PROPN
aijbms-110	3	52	abstract	abstract	ADV
aijbms-110	3	53	this	this	DET
aijbms-110	3	54	study	study	NOUN
aijbms-110	3	55	examined	examine	VERB
aijbms-110	3	56	the	the	DET
aijbms-110	3	57	effect	effect	NOUN
aijbms-110	3	58	of	of	ADP
aijbms-110	3	59	systemic	systemic	ADJ
aijbms-110	3	60	risk	risk	NOUN
aijbms-110	3	61	on	on	ADP
aijbms-110	3	62	the	the	DET
aijbms-110	3	63	dynamics	dynamic	NOUN
aijbms-110	3	64	of	of	ADP
aijbms-110	3	65	stock	stock	NOUN
aijbms-110	3	66	prices	price	NOUN
aijbms-110	3	67	in	in	ADP
aijbms-110	3	68	nigeria	nigeria	PROPN
aijbms-110	3	69	capital	capital	NOUN
aijbms-110	3	70	market	market	NOUN
aijbms-110	3	71	.	.	PUNCT
aijbms-110	4	1	the	the	DET
aijbms-110	4	2	objective	objective	NOUN
aijbms-110	4	3	was	be	AUX
aijbms-110	4	4	to	to	PART
aijbms-110	4	5	investigate	investigate	VERB
aijbms-110	4	6	the	the	DET
aijbms-110	4	7	dynamic	dynamic	ADJ
aijbms-110	4	8	effect	effect	NOUN
aijbms-110	4	9	of	of	ADP
aijbms-110	4	10	systemic	systemic	ADJ
aijbms-110	4	11	risk	risk	NOUN
aijbms-110	4	12	on	on	ADP
aijbms-110	4	13	stock	stock	NOUN
aijbms-110	4	14	prices	price	NOUN
aijbms-110	4	15	traded	trade	VERB
aijbms-110	4	16	on	on	ADP
aijbms-110	4	17	the	the	DET
aijbms-110	4	18	floor	floor	NOUN
aijbms-110	4	19	of	of	ADP
aijbms-110	4	20	nigeria	nigeria	PROPN
aijbms-110	4	21	stock	stock	PROPN
aijbms-110	4	22	exchange	exchange	PROPN
aijbms-110	4	23	.	.	PUNCT
aijbms-110	5	1	time	time	PROPN
aijbms-110	5	2	series	series	PROPN
aijbms-110	5	3	data	data	PROPN
aijbms-110	5	4	was	be	AUX
aijbms-110	5	5	sourced	source	VERB
aijbms-110	5	6	from	from	ADP
aijbms-110	5	7	central	central	ADJ
aijbms-110	5	8	bank	bank	PROPN
aijbms-110	5	9	of	of	ADP
aijbms-110	5	10	nigeria	nigeria	PROPN
aijbms-110	5	11	statistical	statistical	ADJ
aijbms-110	5	12	bulletin	bulletin	NOUN
aijbms-110	5	13	from	from	ADP
aijbms-110	5	14	1990	1990	NUM
aijbms-110	5	15	-	-	SYM
aijbms-110	5	16	2017	2017	NUM
aijbms-110	5	17	.	.	PUNCT
aijbms-110	6	1	stock	stock	NOUN
aijbms-110	6	2	prices	price	NOUN
aijbms-110	6	3	were	be	AUX
aijbms-110	6	4	modeled	model	VERB
aijbms-110	6	5	as	as	ADP
aijbms-110	6	6	the	the	DET
aijbms-110	6	7	function	function	NOUN
aijbms-110	6	8	of	of	ADP
aijbms-110	6	9	prices	price	NOUN
aijbms-110	6	10	risk	risk	NOUN
aijbms-110	6	11	,	,	PUNCT
aijbms-110	6	12	liquidity	liquidity	NOUN
aijbms-110	6	13	risk	risk	NOUN
aijbms-110	6	14	,	,	PUNCT
aijbms-110	6	15	interest	interest	NOUN
aijbms-110	6	16	rate	rate	NOUN
aijbms-110	6	17	risk	risk	NOUN
aijbms-110	6	18	and	and	CCONJ
aijbms-110	6	19	exchange	exchange	NOUN
aijbms-110	6	20	rate	rate	NOUN
aijbms-110	6	21	risk	risk	NOUN
aijbms-110	6	22	.	.	PUNCT
aijbms-110	7	1	multiple	multiple	ADJ
aijbms-110	7	2	regression	regression	NOUN
aijbms-110	7	3	with	with	ADP
aijbms-110	7	4	ordinary	ordinary	ADJ
aijbms-110	7	5	least	least	ADJ
aijbms-110	7	6	square	square	ADJ
aijbms-110	7	7	properties	property	NOUN
aijbms-110	7	8	of	of	ADP
aijbms-110	7	9	co	co	NOUN
aijbms-110	7	10	-	-	NOUN
aijbms-110	7	11	integration	integration	NOUN
aijbms-110	7	12	was	be	AUX
aijbms-110	7	13	used	use	VERB
aijbms-110	7	14	to	to	PART
aijbms-110	7	15	examine	examine	VERB
aijbms-110	7	16	the	the	DET
aijbms-110	7	17	relationship	relationship	NOUN
aijbms-110	7	18	between	between	ADP
aijbms-110	7	19	the	the	DET
aijbms-110	7	20	dependent	dependent	ADJ
aijbms-110	7	21	and	and	CCONJ
aijbms-110	7	22	the	the	DET
aijbms-110	7	23	independent	independent	ADJ
aijbms-110	7	24	variables	variable	NOUN
aijbms-110	7	25	.	.	PUNCT
aijbms-110	8	1	the	the	DET
aijbms-110	8	2	study	study	NOUN
aijbms-110	8	3	found	find	VERB
aijbms-110	8	4	price	price	NOUN
aijbms-110	8	5	and	and	CCONJ
aijbms-110	8	6	liquidity	liquidity	NOUN
aijbms-110	8	7	risk	risk	NOUN
aijbms-110	8	8	have	have	VERB
aijbms-110	8	9	positive	positive	ADJ
aijbms-110	8	10	effect	effect	NOUN
aijbms-110	8	11	on	on	ADP
aijbms-110	8	12	stock	stock	NOUN
aijbms-110	8	13	price	price	NOUN
aijbms-110	8	14	while	while	SCONJ
aijbms-110	8	15	interest	interest	NOUN
aijbms-110	8	16	rate	rate	NOUN
aijbms-110	8	17	and	and	CCONJ
aijbms-110	8	18	exchange	exchange	NOUN
aijbms-110	8	19	rate	rate	NOUN
aijbms-110	8	20	risk	risk	NOUN
aijbms-110	8	21	have	have	VERB
aijbms-110	8	22	negative	negative	ADJ
aijbms-110	8	23	effect	effect	NOUN
aijbms-110	8	24	on	on	ADP
aijbms-110	8	25	stock	stock	NOUN
aijbms-110	8	26	prices	price	NOUN
aijbms-110	8	27	of	of	ADP
aijbms-110	8	28	equities	equity	NOUN
aijbms-110	8	29	traded	trade	VERB
aijbms-110	8	30	on	on	ADP
aijbms-110	8	31	nigeria	nigeria	PROPN
aijbms-110	8	32	stock	stock	PROPN
aijbms-110	8	33	exchange	exchange	PROPN
aijbms-110	8	34	.	.	PUNCT
aijbms-110	9	1	it	it	PRON
aijbms-110	9	2	concludes	conclude	VERB
aijbms-110	9	3	that	that	SCONJ
aijbms-110	9	4	systemic	systemic	ADJ
aijbms-110	9	5	risk	risk	NOUN
aijbms-110	9	6	has	have	VERB
aijbms-110	9	7	significant	significant	ADJ
aijbms-110	9	8	effect	effect	NOUN
aijbms-110	9	9	on	on	ADP
aijbms-110	9	10	stock	stock	NOUN
aijbms-110	9	11	prices	price	NOUN
aijbms-110	9	12	and	and	CCONJ
aijbms-110	9	13	recommends	recommend	VERB
aijbms-110	9	14	,	,	PUNCT
aijbms-110	9	15	among	among	ADP
aijbms-110	9	16	others	other	NOUN
aijbms-110	9	17	,	,	PUNCT
aijbms-110	9	18	that	that	SCONJ
aijbms-110	9	19	the	the	DET
aijbms-110	9	20	management	management	NOUN
aijbms-110	9	21	of	of	ADP
aijbms-110	9	22	the	the	DET
aijbms-110	9	23	capital	capital	NOUN
aijbms-110	9	24	market	market	NOUN
aijbms-110	9	25	should	should	AUX
aijbms-110	9	26	ensure	ensure	VERB
aijbms-110	9	27	that	that	SCONJ
aijbms-110	9	28	the	the	DET
aijbms-110	9	29	operating	operate	VERB
aijbms-110	9	30	environment	environment	NOUN
aijbms-110	9	31	is	be	AUX
aijbms-110	9	32	risk	risk	NOUN
aijbms-110	9	33	minimum	minimum	NOUN
aijbms-110	9	34	to	to	PART
aijbms-110	9	35	ensure	ensure	VERB
aijbms-110	9	36	appreciable	appreciable	ADJ
aijbms-110	9	37	stock	stock	NOUN
aijbms-110	9	38	prices	price	NOUN
aijbms-110	9	39	by	by	ADP
aijbms-110	9	40	developing	develop	VERB
aijbms-110	9	41	strategies	strategy	NOUN
aijbms-110	9	42	and	and	CCONJ
aijbms-110	9	43	policies	policy	NOUN
aijbms-110	9	44	aim	aim	VERB
aijbms-110	9	45	at	at	ADP
aijbms-110	9	46	managing	manage	VERB
aijbms-110	9	47	the	the	DET
aijbms-110	9	48	systematic	systematic	ADJ
aijbms-110	9	49	risk	risk	NOUN
aijbms-110	9	50	in	in	ADP
aijbms-110	9	51	the	the	DET
aijbms-110	9	52	operating	operating	NOUN
aijbms-110	9	53	environment	environment	NOUN
aijbms-110	9	54	and	and	CCONJ
aijbms-110	9	55	engage	engage	VERB
aijbms-110	9	56	a	a	DET
aijbms-110	9	57	regular	regular	ADJ
aijbms-110	9	58	environmental	environmental	ADJ
aijbms-110	9	59	impact	impact	NOUN
aijbms-110	9	60	assessment	assessment	NOUN
aijbms-110	9	61	on	on	ADP
aijbms-110	9	62	systemic	systemic	ADJ
aijbms-110	9	63	risk	risk	NOUN
aijbms-110	9	64	,	,	PUNCT
aijbms-110	9	65	to	to	PART
aijbms-110	9	66	avert	avert	VERB
aijbms-110	9	67	it	it	PRON
aijbms-110	9	68	’s	’	VERB
aijbms-110	9	69	negative	negative	ADJ
aijbms-110	9	70	effect	effect	NOUN
aijbms-110	9	71	on	on	ADP
aijbms-110	9	72	stock	stock	NOUN
aijbms-110	9	73	prices	price	NOUN
aijbms-110	9	74	.	.	PUNCT
aijbms-110	10	1	keywords	keyword	NOUN
aijbms-110	10	2	:	:	PUNCT
aijbms-110	10	3	systemic	systemic	ADJ
aijbms-110	10	4	risk	risk	NOUN
aijbms-110	10	5	,	,	PUNCT
aijbms-110	10	6	stock	stock	NOUN
aijbms-110	10	7	prices	price	NOUN
aijbms-110	10	8	,	,	PUNCT
aijbms-110	10	9	short	short	ADJ
aijbms-110	10	10	and	and	CCONJ
aijbms-110	10	11	long	long	ADJ
aijbms-110	10	12	run	run	NOUN
aijbms-110	10	13	,	,	PUNCT
aijbms-110	10	14	nigeria	nigeria	PRON
aijbms-110	10	15	,	,	PUNCT
aijbms-110	10	16	capital	capital	NOUN
aijbms-110	10	17	market	market	NOUN
aijbms-110	10	18	introduction	introduction	NOUN
aijbms-110	10	19	the	the	DET
aijbms-110	10	20	history	history	NOUN
aijbms-110	10	21	of	of	ADP
aijbms-110	10	22	risk	risk	NOUN
aijbms-110	10	23	taken	take	VERB
aijbms-110	10	24	can	can	AUX
aijbms-110	10	25	be	be	AUX
aijbms-110	10	26	traced	trace	VERB
aijbms-110	10	27	to	to	ADP
aijbms-110	10	28	the	the	DET
aijbms-110	10	29	existence	existence	NOUN
aijbms-110	10	30	of	of	ADP
aijbms-110	10	31	man	man	NOUN
aijbms-110	10	32	.	.	PUNCT
aijbms-110	11	1	relocating	relocate	VERB
aijbms-110	11	2	a	a	DET
aijbms-110	11	3	tribe	tribe	NOUN
aijbms-110	11	4	from	from	ADP
aijbms-110	11	5	one	one	NUM
aijbms-110	11	6	place	place	NOUN
aijbms-110	11	7	to	to	ADP
aijbms-110	11	8	another	another	PRON
aijbms-110	11	9	in	in	ADP
aijbms-110	11	10	order	order	NOUN
aijbms-110	11	11	to	to	PART
aijbms-110	11	12	find	find	VERB
aijbms-110	11	13	food	food	NOUN
aijbms-110	11	14	and	and	CCONJ
aijbms-110	11	15	hunting	hunt	VERB
aijbms-110	11	16	dangerous	dangerous	ADJ
aijbms-110	11	17	animals	animal	NOUN
aijbms-110	11	18	have	have	AUX
aijbms-110	11	19	been	be	AUX
aijbms-110	11	20	daily	daily	ADJ
aijbms-110	11	21	decisions	decision	NOUN
aijbms-110	11	22	in	in	ADP
aijbms-110	11	23	the	the	DET
aijbms-110	11	24	pre	pre	NOUN
aijbms-110	11	25	-	-	ADJ
aijbms-110	11	26	civilization	civilization	ADJ
aijbms-110	11	27	era	era	NOUN
aijbms-110	11	28	.	.	PUNCT
aijbms-110	12	1	the	the	DET
aijbms-110	12	2	decisions	decision	NOUN
aijbms-110	12	3	at	at	ADP
aijbms-110	12	4	that	that	DET
aijbms-110	12	5	time	time	NOUN
aijbms-110	12	6	have	have	AUX
aijbms-110	12	7	been	be	AUX
aijbms-110	12	8	most	most	ADV
aijbms-110	12	9	probably	probably	ADV
aijbms-110	12	10	based	base	VERB
aijbms-110	12	11	on	on	ADP
aijbms-110	12	12	historic	historic	ADJ
aijbms-110	12	13	data	datum	NOUN
aijbms-110	12	14	and	and	CCONJ
aijbms-110	12	15	gut	gut	NOUN
aijbms-110	12	16	feeling	feeling	NOUN
aijbms-110	12	17	.	.	PUNCT
aijbms-110	13	1	this	this	DET
aijbms-110	13	2	immeasurable	immeasurable	ADJ
aijbms-110	13	3	justification	justification	NOUN
aijbms-110	13	4	on	on	ADP
aijbms-110	13	5	decisions	decision	NOUN
aijbms-110	13	6	stayed	stay	VERB
aijbms-110	13	7	mostly	mostly	ADV
aijbms-110	13	8	the	the	DET
aijbms-110	13	9	same	same	ADJ
aijbms-110	13	10	also	also	ADV
aijbms-110	13	11	on	on	ADP
aijbms-110	13	12	the	the	DET
aijbms-110	13	13	historic	historic	ADJ
aijbms-110	13	14	era	era	NOUN
aijbms-110	13	15	until	until	SCONJ
aijbms-110	13	16	the	the	DET
aijbms-110	13	17	concept	concept	NOUN
aijbms-110	13	18	of	of	ADP
aijbms-110	13	19	probability	probability	NOUN
aijbms-110	13	20	was	be	AUX
aijbms-110	13	21	invented	invent	VERB
aijbms-110	13	22	.	.	PUNCT
aijbms-110	14	1	while	while	SCONJ
aijbms-110	14	2	the	the	DET
aijbms-110	14	3	gamblers	gambler	NOUN
aijbms-110	14	4	that	that	PRON
aijbms-110	14	5	lived	live	VERB
aijbms-110	14	6	in	in	ADP
aijbms-110	14	7	ancient	ancient	ADJ
aijbms-110	14	8	greece	greece	PROPN
aijbms-110	14	9	had	have	VERB
aijbms-110	14	10	the	the	DET
aijbms-110	14	11	concept	concept	NOUN
aijbms-110	14	12	of	of	ADP
aijbms-110	14	13	numerals	numeral	NOUN
aijbms-110	14	14	and	and	CCONJ
aijbms-110	14	15	could	could	AUX
aijbms-110	14	16	determine	determine	VERB
aijbms-110	14	17	the	the	DET
aijbms-110	14	18	number	number	NOUN
aijbms-110	14	19	of	of	ADP
aijbms-110	14	20	possible	possible	ADJ
aijbms-110	14	21	outcomes	outcome	NOUN
aijbms-110	14	22	they	they	PRON
aijbms-110	14	23	strongly	strongly	ADV
aijbms-110	14	24	believed	believe	VERB
aijbms-110	14	25	that	that	SCONJ
aijbms-110	14	26	the	the	DET
aijbms-110	14	27	outcome	outcome	NOUN
aijbms-110	14	28	of	of	ADP
aijbms-110	14	29	games	game	NOUN
aijbms-110	14	30	was	be	AUX
aijbms-110	14	31	determined	determine	VERB
aijbms-110	14	32	by	by	ADP
aijbms-110	14	33	gods	god	NOUN
aijbms-110	14	34	.	.	PUNCT
aijbms-110	15	1	zigrand	zigrand	INTJ
aijbms-110	15	2	(	(	PUNCT
aijbms-110	15	3	2014	2014	NUM
aijbms-110	15	4	)	)	PUNCT
aijbms-110	15	5	opined	opine	VERB
aijbms-110	15	6	that	that	SCONJ
aijbms-110	15	7	the	the	DET
aijbms-110	15	8	concept	concept	NOUN
aijbms-110	15	9	of	of	ADP
aijbms-110	15	10	modern	modern	ADJ
aijbms-110	15	11	arithmetic	arithmetic	ADJ
aijbms-110	15	12	,	,	PUNCT
aijbms-110	15	13	numbers	number	NOUN
aijbms-110	15	14	and	and	CCONJ
aijbms-110	15	15	symbols	symbol	NOUN
aijbms-110	15	16	,	,	PUNCT
aijbms-110	15	17	came	come	VERB
aijbms-110	15	18	from	from	ADP
aijbms-110	15	19	hindus	hindu	NOUN
aijbms-110	15	20	during	during	ADP
aijbms-110	15	21	the	the	DET
aijbms-110	15	22	dark	dark	ADJ
aijbms-110	15	23	ages	age	NOUN
aijbms-110	15	24	and	and	CCONJ
aijbms-110	15	25	that	that	SCONJ
aijbms-110	15	26	it	it	PRON
aijbms-110	15	27	made	make	VERB
aijbms-110	15	28	the	the	DET
aijbms-110	15	29	analysis	analysis	NOUN
aijbms-110	15	30	of	of	ADP
aijbms-110	15	31	games	game	NOUN
aijbms-110	15	32	possible	possible	ADJ
aijbms-110	15	33	in	in	ADP
aijbms-110	15	34	the	the	DET
aijbms-110	15	35	16th	16th	ADJ
aijbms-110	15	36	century	century	NOUN
aijbms-110	15	37	.	.	PUNCT
aijbms-110	16	1	there	there	PRON
aijbms-110	16	2	has	have	AUX
aijbms-110	16	3	been	be	AUX
aijbms-110	16	4	aged	age	VERB
aijbms-110	16	5	long	long	ADV
aijbms-110	16	6	divergence	divergence	NOUN
aijbms-110	16	7	among	among	ADP
aijbms-110	16	8	behavioral	behavioral	ADJ
aijbms-110	16	9	finance	finance	NOUN
aijbms-110	16	10	scholars	scholar	NOUN
aijbms-110	16	11	on	on	ADP
aijbms-110	16	12	the	the	DET
aijbms-110	16	13	factor	factor	NOUN
aijbms-110	16	14	that	that	PRON
aijbms-110	16	15	determine	determine	VERB
aijbms-110	16	16	stock	stock	NOUN
aijbms-110	16	17	prices	price	NOUN
aijbms-110	16	18	.	.	PUNCT
aijbms-110	17	1	the	the	DET
aijbms-110	17	2	fundamentalist	fundamentalist	NOUN
aijbms-110	17	3	argue	argue	VERB
aijbms-110	17	4	that	that	SCONJ
aijbms-110	17	5	the	the	DET
aijbms-110	17	6	value	value	NOUN
aijbms-110	17	7	of	of	ADP
aijbms-110	17	8	a	a	DET
aijbms-110	17	9	corporation	corporation	NOUN
aijbms-110	17	10	’s	’s	PART
aijbms-110	17	11	stock	stock	NOUN
aijbms-110	17	12	is	be	AUX
aijbms-110	17	13	determined	determine	VERB
aijbms-110	17	14	by	by	ADP
aijbms-110	17	15	expectations	expectation	NOUN
aijbms-110	17	16	regarding	regard	VERB
aijbms-110	17	17	future	future	ADJ
aijbms-110	17	18	earnings	earning	NOUN
aijbms-110	17	19	and	and	CCONJ
aijbms-110	17	20	by	by	ADP
aijbms-110	17	21	the	the	DET
aijbms-110	17	22	rate	rate	NOUN
aijbms-110	17	23	at	at	ADP
aijbms-110	17	24	which	which	PRON
aijbms-110	17	25	those	those	DET
aijbms-110	17	26	earnings	earning	NOUN
aijbms-110	17	27	are	be	AUX
aijbms-110	17	28	discounted	discount	VERB
aijbms-110	17	29	on	on	ADP
aijbms-110	17	30	time	time	NOUN
aijbms-110	17	31	.	.	PUNCT
aijbms-110	18	1	the	the	DET
aijbms-110	18	2	technical	technical	ADJ
aijbms-110	18	3	school	school	NOUN
aijbms-110	18	4	of	of	ADP
aijbms-110	18	5	taught	teach	VERB
aijbms-110	18	6	on	on	ADP
aijbms-110	18	7	the	the	DET
aijbms-110	18	8	other	other	ADJ
aijbms-110	18	9	hand	hand	NOUN
aijbms-110	18	10	,	,	PUNCT
aijbms-110	18	11	opposes	oppose	VERB
aijbms-110	18	12	the	the	DET
aijbms-110	18	13	fundamentalists	fundamentalist	NOUN
aijbms-110	18	14	’	’	PART
aijbms-110	18	15	arguments	argument	NOUN
aijbms-110	18	16	,	,	PUNCT
aijbms-110	18	17	and	and	CCONJ
aijbms-110	18	18	postulate	postulate	VERB
aijbms-110	18	19	that	that	SCONJ
aijbms-110	18	20	stock	stock	NOUN
aijbms-110	18	21	price	price	NOUN
aijbms-110	18	22	behaviour	behaviour	NOUN
aijbms-110	18	23	can	can	AUX
aijbms-110	18	24	be	be	AUX
aijbms-110	18	25	predicted	predict	VERB
aijbms-110	18	26	by	by	ADP
aijbms-110	18	27	the	the	DET
aijbms-110	18	28	use	use	NOUN
aijbms-110	18	29	of	of	ADP
aijbms-110	18	30	financial	financial	ADJ
aijbms-110	18	31	or	or	CCONJ
aijbms-110	18	32	economic	economic	ADJ
aijbms-110	18	33	data	datum	NOUN
aijbms-110	18	34	.	.	PUNCT
aijbms-110	19	1	the	the	DET
aijbms-110	19	2	behavioural	behavioural	ADJ
aijbms-110	19	3	school	school	NOUN
aijbms-110	19	4	of	of	ADP
aijbms-110	19	5	finance	finance	NOUN
aijbms-110	19	6	holds	hold	VERB
aijbms-110	19	7	different	different	ADJ
aijbms-110	19	8	view	view	NOUN
aijbms-110	19	9	from	from	ADP
aijbms-110	19	10	the	the	DET
aijbms-110	19	11	above	above	ADJ
aijbms-110	19	12	schools	school	NOUN
aijbms-110	19	13	of	of	ADP
aijbms-110	19	14	thoughts	thought	NOUN
aijbms-110	19	15	and	and	CCONJ
aijbms-110	19	16	opined	opine	VERB
aijbms-110	19	17	that	that	SCONJ
aijbms-110	19	18	market	market	NOUN
aijbms-110	19	19	might	might	AUX
aijbms-110	19	20	fail	fail	VERB
aijbms-110	19	21	to	to	PART
aijbms-110	19	22	reflect	reflect	VERB
aijbms-110	19	23	economic	economic	ADJ
aijbms-110	19	24	fundamentals	fundamental	NOUN
aijbms-110	19	25	under	under	ADP
aijbms-110	19	26	three	three	NUM
aijbms-110	19	27	conditions	condition	NOUN
aijbms-110	19	28	,	,	PUNCT
aijbms-110	19	29	which	which	PRON
aijbms-110	19	30	are	be	AUX
aijbms-110	19	31	:	:	PUNCT
aijbms-110	19	32	the	the	DET
aijbms-110	19	33	first	first	ADJ
aijbms-110	19	34	behavioural	behavioural	ADJ
aijbms-110	19	35	condition	condition	NOUN
aijbms-110	19	36	is	be	AUX
aijbms-110	19	37	irrational	irrational	ADJ
aijbms-110	19	38	behaviour	behaviour	NOUN
aijbms-110	19	39	.	.	PUNCT
aijbms-110	20	1	it	it	PRON
aijbms-110	20	2	holds	hold	VERB
aijbms-110	20	3	that	that	SCONJ
aijbms-110	20	4	investors	investor	NOUN
aijbms-110	20	5	behave	behave	VERB
aijbms-110	20	6	irrationally	irrationally	ADV
aijbms-110	20	7	when	when	SCONJ
aijbms-110	20	8	they	they	PRON
aijbms-110	20	9	do	do	AUX
aijbms-110	20	10	not	not	PART
aijbms-110	20	11	correctly	correctly	ADV
aijbms-110	20	12	process	process	VERB
aijbms-110	20	13	all	all	DET
aijbms-110	20	14	the	the	DET
aijbms-110	20	15	available	available	ADJ
aijbms-110	20	16	information	information	NOUN
aijbms-110	20	17	while	while	SCONJ
aijbms-110	20	18	forming	form	VERB
aijbms-110	20	19	their	their	PRON
aijbms-110	20	20	expectations	expectation	NOUN
aijbms-110	20	21	of	of	ADP
aijbms-110	20	22	a	a	DET
aijbms-110	20	23	company	company	NOUN
aijbms-110	20	24	’s	’s	PART
aijbms-110	20	25	future	future	ADJ
aijbms-110	20	26	performance	performance	NOUN
aijbms-110	20	27	.	.	PUNCT
aijbms-110	21	1	the	the	DET
aijbms-110	21	2	second	second	ADJ
aijbms-110	21	3	is	be	AUX
aijbms-110	21	4	systematic	systematic	ADJ
aijbms-110	21	5	patterns	pattern	NOUN
aijbms-110	21	6	of	of	ADP
aijbms-110	21	7	behaviour	behaviour	NOUN
aijbms-110	21	8	,	,	PUNCT
aijbms-110	21	9	which	which	PRON
aijbms-110	21	10	hold	hold	VERB
aijbms-110	21	11	that	that	SCONJ
aijbms-110	21	12	even	even	ADV
aijbms-110	21	13	if	if	SCONJ
aijbms-110	21	14	individual	individual	ADJ
aijbms-110	21	15	investors	investor	NOUN
aijbms-110	21	16	decided	decide	VERB
aijbms-110	21	17	to	to	PART
aijbms-110	21	18	buy	buy	VERB
aijbms-110	21	19	or	or	CCONJ
aijbms-110	21	20	sell	sell	VERB
aijbms-110	21	21	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	NOUN
aijbms-110	21	22	american	american	PROPN
aijbms-110	21	23	international	international	PROPN
aijbms-110	21	24	journal	journal	PROPN
aijbms-110	21	25	of	of	ADP
aijbms-110	21	26	business	business	NOUN
aijbms-110	21	27	and	and	CCONJ
aijbms-110	21	28	management	management	NOUN
aijbms-110	21	29	studies	study	NOUN
aijbms-110	21	30	vol	vol	NOUN
aijbms-110	21	31	.	.	PROPN
aijbms-110	22	1	1	1	NUM
aijbms-110	22	2	,	,	PUNCT
aijbms-110	22	3	no	no	INTJ
aijbms-110	22	4	.	.	NOUN
aijbms-110	22	5	1	1	NUM
aijbms-110	22	6	;	;	PUNCT
aijbms-110	22	7	2019	2019	NUM
aijbms-110	22	8	2	2	NUM
aijbms-110	22	9	without	without	ADP
aijbms-110	22	10	consulting	consult	VERB
aijbms-110	22	11	economic	economic	ADJ
aijbms-110	22	12	fundamentals	fundamental	NOUN
aijbms-110	22	13	,	,	PUNCT
aijbms-110	22	14	the	the	DET
aijbms-110	22	15	impact	impact	NOUN
aijbms-110	22	16	on	on	ADP
aijbms-110	22	17	share	share	NOUN
aijbms-110	22	18	prices	price	NOUN
aijbms-110	22	19	would	would	AUX
aijbms-110	22	20	be	be	AUX
aijbms-110	22	21	limited	limit	VERB
aijbms-110	22	22	.	.	PUNCT
aijbms-110	23	1	as	as	ADP
aijbms-110	23	2	in	in	ADP
aijbms-110	23	3	inegbedion	inegbedion	NOUN
aijbms-110	23	4	(	(	PUNCT
aijbms-110	23	5	2009	2009	NUM
aijbms-110	23	6	)	)	PUNCT
aijbms-110	23	7	,	,	PUNCT
aijbms-110	23	8	the	the	DET
aijbms-110	23	9	third	third	NOUN
aijbms-110	23	10	is	be	AUX
aijbms-110	23	11	limits	limit	NOUN
aijbms-110	23	12	to	to	PART
aijbms-110	23	13	arbitrage	arbitrage	NOUN
aijbms-110	23	14	in	in	ADP
aijbms-110	23	15	financial	financial	ADJ
aijbms-110	23	16	markets	market	NOUN
aijbms-110	23	17	ascertain	ascertain	VERB
aijbms-110	23	18	that	that	SCONJ
aijbms-110	23	19	when	when	SCONJ
aijbms-110	23	20	investors	investor	NOUN
aijbms-110	23	21	assume	assume	VERB
aijbms-110	23	22	that	that	SCONJ
aijbms-110	23	23	a	a	DET
aijbms-110	23	24	company	company	NOUN
aijbms-110	23	25	’s	’s	PART
aijbms-110	23	26	recent	recent	ADJ
aijbms-110	23	27	strong	strong	ADJ
aijbms-110	23	28	performance	performance	NOUN
aijbms-110	23	29	alone	alone	ADV
aijbms-110	23	30	is	be	AUX
aijbms-110	23	31	an	an	DET
aijbms-110	23	32	indication	indication	NOUN
aijbms-110	23	33	of	of	ADP
aijbms-110	23	34	future	future	ADJ
aijbms-110	23	35	performance	performance	NOUN
aijbms-110	23	36	;	;	PUNCT
aijbms-110	23	37	they	they	PRON
aijbms-110	23	38	may	may	AUX
aijbms-110	23	39	start	start	VERB
aijbms-110	23	40	bidding	bid	VERB
aijbms-110	23	41	for	for	ADP
aijbms-110	23	42	shares	share	NOUN
aijbms-110	23	43	and	and	CCONJ
aijbms-110	23	44	drive	drive	VERB
aijbms-110	23	45	up	up	ADP
aijbms-110	23	46	the	the	DET
aijbms-110	23	47	price	price	NOUN
aijbms-110	23	48	.	.	PUNCT
aijbms-110	24	1	some	some	DET
aijbms-110	24	2	investors	investor	NOUN
aijbms-110	24	3	might	might	AUX
aijbms-110	24	4	expect	expect	VERB
aijbms-110	24	5	a	a	DET
aijbms-110	24	6	company	company	NOUN
aijbms-110	24	7	that	that	PRON
aijbms-110	24	8	surprises	surprise	VERB
aijbms-110	24	9	the	the	DET
aijbms-110	24	10	market	market	NOUN
aijbms-110	24	11	in	in	ADP
aijbms-110	24	12	one	one	NUM
aijbms-110	24	13	quarter	quarter	NOUN
aijbms-110	24	14	to	to	PART
aijbms-110	24	15	go	go	VERB
aijbms-110	24	16	on	on	ADP
aijbms-110	24	17	exceeding	exceed	VERB
aijbms-110	24	18	expectations	expectation	NOUN
aijbms-110	24	19	.	.	PUNCT
aijbms-110	25	1	the	the	DET
aijbms-110	25	2	macroeconomic	macroeconomic	ADJ
aijbms-110	25	3	approach	approach	NOUN
aijbms-110	25	4	attempts	attempt	VERB
aijbms-110	25	5	to	to	PART
aijbms-110	25	6	examine	examine	VERB
aijbms-110	25	7	the	the	DET
aijbms-110	25	8	sensitivity	sensitivity	NOUN
aijbms-110	25	9	of	of	ADP
aijbms-110	25	10	stock	stock	NOUN
aijbms-110	25	11	prices	price	NOUN
aijbms-110	25	12	to	to	ADP
aijbms-110	25	13	changes	change	NOUN
aijbms-110	25	14	in	in	ADP
aijbms-110	25	15	macroeconomic	macroeconomic	ADJ
aijbms-110	25	16	variables	variable	NOUN
aijbms-110	25	17	.	.	PUNCT
aijbms-110	26	1	the	the	DET
aijbms-110	26	2	approach	approach	NOUN
aijbms-110	26	3	posits	posit	NOUN
aijbms-110	26	4	that	that	SCONJ
aijbms-110	26	5	stock	stock	NOUN
aijbms-110	26	6	prices	price	NOUN
aijbms-110	26	7	are	be	AUX
aijbms-110	26	8	influenced	influence	VERB
aijbms-110	26	9	by	by	ADP
aijbms-110	26	10	changes	change	NOUN
aijbms-110	26	11	in	in	ADP
aijbms-110	26	12	money	money	NOUN
aijbms-110	26	13	supply	supply	NOUN
aijbms-110	26	14	,	,	PUNCT
aijbms-110	26	15	interest	interest	NOUN
aijbms-110	26	16	rate	rate	NOUN
aijbms-110	26	17	,	,	PUNCT
aijbms-110	26	18	inflation	inflation	NOUN
aijbms-110	26	19	and	and	CCONJ
aijbms-110	26	20	other	other	ADJ
aijbms-110	26	21	macroeconomic	macroeconomic	ADJ
aijbms-110	26	22	indicators	indicator	NOUN
aijbms-110	26	23	.	.	PUNCT
aijbms-110	27	1	according	accord	VERB
aijbms-110	27	2	to	to	ADP
aijbms-110	27	3	afego	afego	PROPN
aijbms-110	27	4	(	(	PUNCT
aijbms-110	27	5	2012	2012	NUM
aijbms-110	27	6	)	)	PUNCT
aijbms-110	27	7	,	,	PUNCT
aijbms-110	27	8	the	the	DET
aijbms-110	27	9	random	random	ADJ
aijbms-110	27	10	walk	walk	NOUN
aijbms-110	27	11	theory	theory	NOUN
aijbms-110	27	12	is	be	AUX
aijbms-110	27	13	a	a	DET
aijbms-110	27	14	component	component	NOUN
aijbms-110	27	15	of	of	ADP
aijbms-110	27	16	efficient	efficient	ADJ
aijbms-110	27	17	market	market	NOUN
aijbms-110	27	18	hypothesis	hypothesis	NOUN
aijbms-110	27	19	.	.	PUNCT
aijbms-110	28	1	it	it	PRON
aijbms-110	28	2	states	state	VERB
aijbms-110	28	3	that	that	SCONJ
aijbms-110	28	4	current	current	ADJ
aijbms-110	28	5	price	price	NOUN
aijbms-110	28	6	of	of	ADP
aijbms-110	28	7	any	any	DET
aijbms-110	28	8	security	security	NOUN
aijbms-110	28	9	,	,	PUNCT
aijbms-110	28	10	fully	fully	ADV
aijbms-110	28	11	reflects	reflect	VERB
aijbms-110	28	12	the	the	DET
aijbms-110	28	13	information	information	NOUN
aijbms-110	28	14	content	content	NOUN
aijbms-110	28	15	of	of	ADP
aijbms-110	28	16	its	its	PRON
aijbms-110	28	17	historical	historical	ADJ
aijbms-110	28	18	sequences	sequence	NOUN
aijbms-110	28	19	of	of	ADP
aijbms-110	28	20	price	price	NOUN
aijbms-110	28	21	.	.	PUNCT
aijbms-110	29	1	it	it	PRON
aijbms-110	29	2	is	be	AUX
aijbms-110	29	3	built	build	VERB
aijbms-110	29	4	on	on	ADP
aijbms-110	29	5	the	the	DET
aijbms-110	29	6	premises	premise	NOUN
aijbms-110	29	7	that	that	PRON
aijbms-110	29	8	investors	investor	NOUN
aijbms-110	29	9	react	react	VERB
aijbms-110	29	10	instantaneously	instantaneously	ADV
aijbms-110	29	11	to	to	ADP
aijbms-110	29	12	information	information	NOUN
aijbms-110	29	13	advantage	advantage	NOUN
aijbms-110	29	14	,	,	PUNCT
aijbms-110	29	15	they	they	PRON
aijbms-110	29	16	have	have	AUX
aijbms-110	29	17	thereby	thereby	ADV
aijbms-110	29	18	eliminating	eliminate	VERB
aijbms-110	29	19	profit	profit	NOUN
aijbms-110	29	20	opportunities	opportunity	NOUN
aijbms-110	29	21	the	the	DET
aijbms-110	29	22	main	main	ADJ
aijbms-110	29	23	premise	premise	NOUN
aijbms-110	29	24	in	in	ADP
aijbms-110	29	25	finance	finance	NOUN
aijbms-110	29	26	is	be	AUX
aijbms-110	29	27	that	that	SCONJ
aijbms-110	29	28	there	there	PRON
aijbms-110	29	29	is	be	VERB
aijbms-110	29	30	a	a	DET
aijbms-110	29	31	connection	connection	NOUN
aijbms-110	29	32	between	between	ADP
aijbms-110	29	33	risk	risk	NOUN
aijbms-110	29	34	and	and	CCONJ
aijbms-110	29	35	return	return	NOUN
aijbms-110	29	36	.	.	PUNCT
aijbms-110	30	1	higher	high	ADJ
aijbms-110	30	2	risk	risk	NOUN
aijbms-110	30	3	is	be	AUX
aijbms-110	30	4	assumed	assume	VERB
aijbms-110	30	5	to	to	PART
aijbms-110	30	6	lead	lead	VERB
aijbms-110	30	7	to	to	ADP
aijbms-110	30	8	higher	high	ADJ
aijbms-110	30	9	return	return	NOUN
aijbms-110	30	10	on	on	ADP
aijbms-110	30	11	stocks	stock	NOUN
aijbms-110	30	12	with	with	ADP
aijbms-110	30	13	rationale	rationale	NOUN
aijbms-110	30	14	pricing	pricing	NOUN
aijbms-110	30	15	of	of	ADP
aijbms-110	30	16	stocks	stock	NOUN
aijbms-110	30	17	.	.	PUNCT
aijbms-110	31	1	empirical	empirical	ADJ
aijbms-110	31	2	study	study	NOUN
aijbms-110	31	3	by	by	ADP
aijbms-110	31	4	galati	galati	NOUN
aijbms-110	31	5	and	and	CCONJ
aijbms-110	31	6	moessner	moessner	NOUN
aijbms-110	31	7	(	(	PUNCT
aijbms-110	31	8	2010	2010	NUM
aijbms-110	31	9	)	)	PUNCT
aijbms-110	31	10	concluded	conclude	VERB
aijbms-110	31	11	that	that	SCONJ
aijbms-110	31	12	despite	despite	SCONJ
aijbms-110	31	13	the	the	DET
aijbms-110	31	14	wealth	wealth	NOUN
aijbms-110	31	15	of	of	ADP
aijbms-110	31	16	research	research	NOUN
aijbms-110	31	17	on	on	ADP
aijbms-110	31	18	systemic	systemic	ADJ
aijbms-110	31	19	risk	risk	NOUN
aijbms-110	31	20	and	and	CCONJ
aijbms-110	31	21	stock	stock	NOUN
aijbms-110	31	22	prices	price	NOUN
aijbms-110	31	23	,	,	PUNCT
aijbms-110	31	24	there	there	PRON
aijbms-110	31	25	is	be	VERB
aijbms-110	31	26	still	still	ADV
aijbms-110	31	27	no	no	DET
aijbms-110	31	28	consensus	consensus	NOUN
aijbms-110	31	29	on	on	ADP
aijbms-110	31	30	the	the	DET
aijbms-110	31	31	definition	definition	NOUN
aijbms-110	31	32	of	of	ADP
aijbms-110	31	33	systemic	systemic	ADJ
aijbms-110	31	34	risk	risk	NOUN
aijbms-110	31	35	.	.	PUNCT
aijbms-110	32	1	empirical	empirical	ADJ
aijbms-110	32	2	validity	validity	NOUN
aijbms-110	32	3	of	of	ADP
aijbms-110	32	4	theories	theory	NOUN
aijbms-110	32	5	on	on	ADP
aijbms-110	32	6	factors	factor	NOUN
aijbms-110	32	7	that	that	PRON
aijbms-110	32	8	determine	determine	VERB
aijbms-110	32	9	stock	stock	NOUN
aijbms-110	32	10	price	price	NOUN
aijbms-110	32	11	is	be	AUX
aijbms-110	32	12	based	base	VERB
aijbms-110	32	13	on	on	ADP
aijbms-110	32	14	financial	financial	ADJ
aijbms-110	32	15	market	market	NOUN
aijbms-110	32	16	of	of	ADP
aijbms-110	32	17	the	the	DET
aijbms-110	32	18	developed	develop	VERB
aijbms-110	32	19	countries	country	NOUN
aijbms-110	32	20	with	with	ADP
aijbms-110	32	21	high	high	ADJ
aijbms-110	32	22	degree	degree	NOUN
aijbms-110	32	23	of	of	ADP
aijbms-110	32	24	perfection	perfection	NOUN
aijbms-110	32	25	while	while	SCONJ
aijbms-110	32	26	nigeria	nigeria	PROPN
aijbms-110	32	27	financial	financial	ADJ
aijbms-110	32	28	market	market	NOUN
aijbms-110	32	29	is	be	AUX
aijbms-110	32	30	emerging	emerge	VERB
aijbms-110	32	31	and	and	CCONJ
aijbms-110	32	32	characterized	characterize	VERB
aijbms-110	32	33	with	with	ADP
aijbms-110	32	34	high	high	ADJ
aijbms-110	32	35	level	level	NOUN
aijbms-110	32	36	of	of	ADP
aijbms-110	32	37	imperfection	imperfection	NOUN
aijbms-110	32	38	.	.	PUNCT
aijbms-110	33	1	from	from	ADP
aijbms-110	33	2	the	the	DET
aijbms-110	33	3	above	above	NOUN
aijbms-110	33	4	,	,	PUNCT
aijbms-110	33	5	this	this	DET
aijbms-110	33	6	paper	paper	NOUN
aijbms-110	33	7	examined	examine	VERB
aijbms-110	33	8	the	the	DET
aijbms-110	33	9	effect	effect	NOUN
aijbms-110	33	10	of	of	ADP
aijbms-110	33	11	systemic	systemic	ADJ
aijbms-110	33	12	risk	risk	NOUN
aijbms-110	33	13	on	on	ADP
aijbms-110	33	14	the	the	DET
aijbms-110	33	15	stock	stock	NOUN
aijbms-110	33	16	prices	price	NOUN
aijbms-110	33	17	of	of	ADP
aijbms-110	33	18	nigeria	nigeria	PROPN
aijbms-110	33	19	firms	firm	NOUN
aijbms-110	33	20	.	.	PUNCT
aijbms-110	34	1	literature	literature	NOUN
aijbms-110	34	2	review	review	PROPN
aijbms-110	34	3	concept	concept	NOUN
aijbms-110	34	4	of	of	ADP
aijbms-110	34	5	systemic	systemic	ADJ
aijbms-110	34	6	risk	risk	NOUN
aijbms-110	34	7	systematic	systematic	ADJ
aijbms-110	34	8	risk	risk	NOUN
aijbms-110	34	9	,	,	PUNCT
aijbms-110	34	10	also	also	ADV
aijbms-110	34	11	known	know	VERB
aijbms-110	34	12	as	as	ADP
aijbms-110	34	13	un	un	ADJ
aijbms-110	34	14	-	-	ADJ
aijbms-110	34	15	diversifiable	diversifiable	ADJ
aijbms-110	34	16	risk	risk	NOUN
aijbms-110	34	17	volatility	volatility	NOUN
aijbms-110	34	18	or	or	CCONJ
aijbms-110	34	19	market	market	NOUN
aijbms-110	34	20	risk	risk	NOUN
aijbms-110	34	21	,	,	PUNCT
aijbms-110	34	22	affects	affect	VERB
aijbms-110	34	23	the	the	DET
aijbms-110	34	24	overall	overall	ADJ
aijbms-110	34	25	market	market	NOUN
aijbms-110	34	26	,	,	PUNCT
aijbms-110	34	27	not	not	PART
aijbms-110	34	28	just	just	ADV
aijbms-110	34	29	a	a	DET
aijbms-110	34	30	particular	particular	ADJ
aijbms-110	34	31	stock	stock	NOUN
aijbms-110	34	32	or	or	CCONJ
aijbms-110	34	33	industry	industry	NOUN
aijbms-110	34	34	.	.	PUNCT
aijbms-110	35	1	according	accord	VERB
aijbms-110	35	2	to	to	ADP
aijbms-110	35	3	pandey	pandey	PROPN
aijbms-110	35	4	(	(	PUNCT
aijbms-110	35	5	2005	2005	NUM
aijbms-110	35	6	)	)	PUNCT
aijbms-110	35	7	this	this	DET
aijbms-110	35	8	type	type	NOUN
aijbms-110	35	9	of	of	ADP
aijbms-110	35	10	risk	risk	NOUN
aijbms-110	35	11	is	be	AUX
aijbms-110	35	12	both	both	CCONJ
aijbms-110	35	13	unpredictable	unpredictable	ADJ
aijbms-110	35	14	and	and	CCONJ
aijbms-110	35	15	impossible	impossible	ADJ
aijbms-110	35	16	to	to	PART
aijbms-110	35	17	completely	completely	ADV
aijbms-110	35	18	avoid	avoid	VERB
aijbms-110	35	19	.	.	PUNCT
aijbms-110	36	1	it	it	PRON
aijbms-110	36	2	can	can	AUX
aijbms-110	36	3	not	not	PART
aijbms-110	36	4	be	be	AUX
aijbms-110	36	5	mitigated	mitigate	VERB
aijbms-110	36	6	through	through	ADP
aijbms-110	36	7	diversification	diversification	NOUN
aijbms-110	36	8	,	,	PUNCT
aijbms-110	36	9	only	only	ADV
aijbms-110	36	10	through	through	ADP
aijbms-110	36	11	hedging	hedging	NOUN
aijbms-110	36	12	or	or	CCONJ
aijbms-110	36	13	by	by	ADP
aijbms-110	36	14	using	use	VERB
aijbms-110	36	15	the	the	DET
aijbms-110	36	16	right	right	ADJ
aijbms-110	36	17	asset	asset	NOUN
aijbms-110	36	18	allocation	allocation	NOUN
aijbms-110	36	19	strategy	strategy	NOUN
aijbms-110	36	20	.	.	PUNCT
aijbms-110	37	1	systemic	systemic	ADJ
aijbms-110	37	2	risk	risk	NOUN
aijbms-110	37	3	evolves	evolve	VERB
aijbms-110	37	4	along	along	ADP
aijbms-110	37	5	with	with	ADP
aijbms-110	37	6	the	the	DET
aijbms-110	37	7	development	development	NOUN
aijbms-110	37	8	of	of	ADP
aijbms-110	37	9	financial	financial	ADJ
aijbms-110	37	10	markets	market	NOUN
aijbms-110	37	11	,	,	PUNCT
aijbms-110	37	12	regulations	regulation	NOUN
aijbms-110	37	13	and	and	CCONJ
aijbms-110	37	14	collective	collective	ADJ
aijbms-110	37	15	behavior	behavior	NOUN
aijbms-110	37	16	of	of	ADP
aijbms-110	37	17	market	market	NOUN
aijbms-110	37	18	participants	participant	NOUN
aijbms-110	37	19	and	and	CCONJ
aijbms-110	37	20	it	it	PRON
aijbms-110	37	21	may	may	AUX
aijbms-110	37	22	be	be	AUX
aijbms-110	37	23	prompted	prompt	VERB
aijbms-110	37	24	by	by	ADP
aijbms-110	37	25	regulatory	regulatory	ADJ
aijbms-110	37	26	arbitrage	arbitrage	NOUN
aijbms-110	37	27	.	.	PUNCT
aijbms-110	38	1	systemic	systemic	ADJ
aijbms-110	38	2	risk	risk	NOUN
aijbms-110	38	3	arises	arise	VERB
aijbms-110	38	4	from	from	ADP
aijbms-110	38	5	:	:	PUNCT
aijbms-110	38	6	excessively	excessively	ADV
aijbms-110	38	7	risky	risky	ADJ
aijbms-110	38	8	activities	activity	NOUN
aijbms-110	38	9	of	of	ADP
aijbms-110	38	10	a	a	DET
aijbms-110	38	11	single	single	ADJ
aijbms-110	38	12	or	or	CCONJ
aijbms-110	38	13	a	a	DET
aijbms-110	38	14	group	group	NOUN
aijbms-110	38	15	of	of	ADP
aijbms-110	38	16	traders	trader	NOUN
aijbms-110	38	17	,	,	PUNCT
aijbms-110	38	18	an	an	DET
aijbms-110	38	19	aggressive	aggressive	ADJ
aijbms-110	38	20	type	type	NOUN
aijbms-110	38	21	of	of	ADP
aijbms-110	38	22	organizational	organizational	ADJ
aijbms-110	38	23	culture	culture	NOUN
aijbms-110	38	24	(	(	PUNCT
aijbms-110	38	25	driven	drive	VERB
aijbms-110	38	26	towards	towards	ADP
aijbms-110	38	27	short	short	ADJ
aijbms-110	38	28	-	-	PUNCT
aijbms-110	38	29	term	term	NOUN
aijbms-110	38	30	profits	profit	NOUN
aijbms-110	38	31	)	)	PUNCT
aijbms-110	38	32	,	,	PUNCT
aijbms-110	38	33	a	a	DET
aijbms-110	38	34	collective	collective	ADJ
aijbms-110	38	35	failure	failure	NOUN
aijbms-110	38	36	of	of	ADP
aijbms-110	38	37	management	management	NOUN
aijbms-110	38	38	in	in	ADP
aijbms-110	38	39	the	the	DET
aijbms-110	38	40	bank	bank	NOUN
aijbms-110	38	41	(	(	PUNCT
aijbms-110	38	42	or	or	CCONJ
aijbms-110	38	43	across	across	ADP
aijbms-110	38	44	the	the	DET
aijbms-110	38	45	financial	financial	ADJ
aijbms-110	38	46	system	system	NOUN
aijbms-110	38	47	)	)	PUNCT
aijbms-110	38	48	,	,	PUNCT
aijbms-110	38	49	which	which	PRON
aijbms-110	38	50	leads	lead	VERB
aijbms-110	38	51	to	to	ADP
aijbms-110	38	52	inertia	inertia	NOUN
aijbms-110	38	53	and	and	CCONJ
aijbms-110	38	54	the	the	DET
aijbms-110	38	55	inability	inability	NOUN
aijbms-110	38	56	to	to	PART
aijbms-110	38	57	respond	respond	VERB
aijbms-110	38	58	to	to	ADP
aijbms-110	38	59	changed	change	VERB
aijbms-110	38	60	economic	economic	ADJ
aijbms-110	38	61	circumstances	circumstance	NOUN
aijbms-110	38	62	and	and	CCONJ
aijbms-110	38	63	high	high	ADJ
aijbms-110	38	64	(	(	PUNCT
aijbms-110	38	65	over)exposure	over)exposure	NOUN
aijbms-110	38	66	of	of	ADP
aijbms-110	38	67	banks	bank	NOUN
aijbms-110	38	68	to	to	ADP
aijbms-110	38	69	the	the	DET
aijbms-110	38	70	same	same	ADJ
aijbms-110	38	71	type	type	NOUN
aijbms-110	38	72	of	of	ADP
aijbms-110	38	73	risk	risk	NOUN
aijbms-110	38	74	(	(	PUNCT
aijbms-110	38	75	symmetric	symmetric	ADJ
aijbms-110	38	76	shock	shock	NOUN
aijbms-110	38	77	)	)	PUNCT
aijbms-110	38	78	in	in	ADP
aijbms-110	38	79	the	the	DET
aijbms-110	38	80	system	system	NOUN
aijbms-110	38	81	as	as	ADP
aijbms-110	38	82	a	a	DET
aijbms-110	38	83	whole	whole	NOUN
aijbms-110	38	84	.	.	PUNCT
aijbms-110	39	1	a	a	DET
aijbms-110	39	2	systemic	systemic	ADJ
aijbms-110	39	3	risk	risk	NOUN
aijbms-110	39	4	literature	literature	NOUN
aijbms-110	39	5	review	review	NOUN
aijbms-110	39	6	by	by	ADP
aijbms-110	39	7	galati	galati	NOUN
aijbms-110	39	8	and	and	CCONJ
aijbms-110	39	9	moessner	moessner	NOUN
aijbms-110	39	10	(	(	PUNCT
aijbms-110	39	11	2010	2010	NUM
aijbms-110	39	12	)	)	PUNCT
aijbms-110	39	13	concludes	conclude	VERB
aijbms-110	39	14	that	that	SCONJ
aijbms-110	39	15	despite	despite	SCONJ
aijbms-110	39	16	the	the	DET
aijbms-110	39	17	wealth	wealth	NOUN
aijbms-110	39	18	of	of	ADP
aijbms-110	39	19	research	research	NOUN
aijbms-110	39	20	on	on	ADP
aijbms-110	39	21	the	the	DET
aijbms-110	39	22	subject	subject	NOUN
aijbms-110	39	23	,	,	PUNCT
aijbms-110	39	24	there	there	PRON
aijbms-110	39	25	is	be	VERB
aijbms-110	39	26	still	still	ADV
aijbms-110	39	27	no	no	DET
aijbms-110	39	28	consensus	consensus	NOUN
aijbms-110	39	29	on	on	ADP
aijbms-110	39	30	the	the	DET
aijbms-110	39	31	definition	definition	NOUN
aijbms-110	39	32	of	of	ADP
aijbms-110	39	33	systemic	systemic	ADJ
aijbms-110	39	34	risk	risk	NOUN
aijbms-110	39	35	.	.	PUNCT
aijbms-110	40	1	as	as	ADP
aijbms-110	40	2	in	in	ADP
aijbms-110	40	3	the	the	DET
aijbms-110	40	4	case	case	NOUN
aijbms-110	40	5	of	of	ADP
aijbms-110	40	6	financial	financial	ADJ
aijbms-110	40	7	stability	stability	NOUN
aijbms-110	40	8	,	,	PUNCT
aijbms-110	40	9	there	there	PRON
aijbms-110	40	10	are	be	VERB
aijbms-110	40	11	many	many	ADJ
aijbms-110	40	12	systemic	systemic	ADJ
aijbms-110	40	13	risk	risk	NOUN
aijbms-110	40	14	definitions	definition	NOUN
aijbms-110	40	15	,	,	PUNCT
aijbms-110	40	16	but	but	CCONJ
aijbms-110	40	17	it	it	PRON
aijbms-110	40	18	remains	remain	VERB
aijbms-110	40	19	difficult	difficult	ADJ
aijbms-110	40	20	to	to	PART
aijbms-110	40	21	operationalize	operationalize	VERB
aijbms-110	40	22	them	they	PRON
aijbms-110	40	23	.	.	PUNCT
aijbms-110	41	1	nevertheless	nevertheless	ADV
aijbms-110	41	2	,	,	PUNCT
aijbms-110	41	3	the	the	DET
aijbms-110	41	4	operationalization	operationalization	NOUN
aijbms-110	41	5	would	would	AUX
aijbms-110	41	6	be	be	AUX
aijbms-110	41	7	most	most	ADV
aijbms-110	41	8	useful	useful	ADJ
aijbms-110	41	9	from	from	ADP
aijbms-110	41	10	the	the	DET
aijbms-110	41	11	perspective	perspective	NOUN
aijbms-110	41	12	of	of	ADP
aijbms-110	41	13	conducting	conduct	VERB
aijbms-110	41	14	macro	macro	ADJ
aijbms-110	41	15	-	-	ADJ
aijbms-110	41	16	prudential	prudential	ADJ
aijbms-110	41	17	supervision	supervision	NOUN
aijbms-110	41	18	,	,	PUNCT
aijbms-110	41	19	aiming	aim	VERB
aijbms-110	41	20	at	at	ADP
aijbms-110	41	21	systemic	systemic	ADJ
aijbms-110	41	22	risk	risk	NOUN
aijbms-110	41	23	prevention	prevention	NOUN
aijbms-110	41	24	.	.	PUNCT
aijbms-110	42	1	this	this	DET
aijbms-110	42	2	narrative	narrative	NOUN
aijbms-110	42	3	informs	inform	VERB
aijbms-110	42	4	that	that	SCONJ
aijbms-110	42	5	,	,	PUNCT
aijbms-110	42	6	systemic	systemic	ADJ
aijbms-110	42	7	risk	risk	NOUN
aijbms-110	42	8	can	can	AUX
aijbms-110	42	9	have	have	VERB
aijbms-110	42	10	a	a	DET
aijbms-110	42	11	macroor	macroor	ADJ
aijbms-110	42	12	microeconomic	microeconomic	ADJ
aijbms-110	42	13	dimension	dimension	NOUN
aijbms-110	42	14	.	.	PUNCT
aijbms-110	43	1	nier	nier	NOUN
aijbms-110	43	2	(	(	PUNCT
aijbms-110	43	3	2009	2009	NUM
aijbms-110	43	4	)	)	PUNCT
aijbms-110	43	5	indicates	indicate	VERB
aijbms-110	43	6	that	that	SCONJ
aijbms-110	43	7	macro	macro	ADJ
aijbms-110	43	8	-	-	ADJ
aijbms-110	43	9	systemic	systemic	ADJ
aijbms-110	43	10	risk	risk	NOUN
aijbms-110	43	11	arises	arise	VERB
aijbms-110	43	12	when	when	SCONJ
aijbms-110	43	13	the	the	DET
aijbms-110	43	14	financial	financial	ADJ
aijbms-110	43	15	system	system	NOUN
aijbms-110	43	16	becomes	become	VERB
aijbms-110	43	17	exposed	expose	VERB
aijbms-110	43	18	to	to	PART
aijbms-110	43	19	aggregate	aggregate	VERB
aijbms-110	43	20	risk	risk	NOUN
aijbms-110	43	21	,	,	PUNCT
aijbms-110	43	22	resulting	result	VERB
aijbms-110	43	23	from	from	ADP
aijbms-110	43	24	,	,	PUNCT
aijbms-110	43	25	e.g.	e.g.	ADV
aijbms-110	43	26	growth	growth	NOUN
aijbms-110	43	27	of	of	ADP
aijbms-110	43	28	correlated	correlate	VERB
aijbms-110	43	29	exposures	exposure	NOUN
aijbms-110	43	30	.	.	PUNCT
aijbms-110	44	1	micro	micro	ADJ
aijbms-110	44	2	-	-	ADJ
aijbms-110	44	3	systemic	systemic	ADJ
aijbms-110	44	4	risk	risk	NOUN
aijbms-110	44	5	arises	arise	VERB
aijbms-110	44	6	when	when	SCONJ
aijbms-110	44	7	the	the	DET
aijbms-110	44	8	failure	failure	NOUN
aijbms-110	44	9	of	of	ADP
aijbms-110	44	10	an	an	DET
aijbms-110	44	11	individual	individual	ADJ
aijbms-110	44	12	institution	institution	NOUN
aijbms-110	44	13	has	have	VERB
aijbms-110	44	14	an	an	DET
aijbms-110	44	15	adverse	adverse	ADJ
aijbms-110	44	16	impact	impact	NOUN
aijbms-110	44	17	on	on	ADP
aijbms-110	44	18	the	the	DET
aijbms-110	44	19	financial	financial	ADJ
aijbms-110	44	20	system	system	NOUN
aijbms-110	44	21	as	as	ADP
aijbms-110	44	22	a	a	DET
aijbms-110	44	23	whole	whole	ADJ
aijbms-110	44	24	(	(	PUNCT
aijbms-110	44	25	default	default	NOUN
aijbms-110	44	26	of	of	ADP
aijbms-110	44	27	a	a	DET
aijbms-110	44	28	sifi	sifi	NOUN
aijbms-110	44	29	)	)	PUNCT
aijbms-110	44	30	.	.	PUNCT
aijbms-110	45	1	concept	concept	NOUN
aijbms-110	45	2	of	of	ADP
aijbms-110	45	3	stock	stock	NOUN
aijbms-110	45	4	prices	price	NOUN
aijbms-110	45	5	stock	stock	NOUN
aijbms-110	45	6	price	price	NOUN
aijbms-110	45	7	is	be	AUX
aijbms-110	45	8	the	the	DET
aijbms-110	45	9	cost	cost	NOUN
aijbms-110	45	10	of	of	ADP
aijbms-110	45	11	purchasing	purchase	VERB
aijbms-110	45	12	a	a	DET
aijbms-110	45	13	security	security	NOUN
aijbms-110	45	14	on	on	ADP
aijbms-110	45	15	an	an	DET
aijbms-110	45	16	exchange	exchange	NOUN
aijbms-110	45	17	.	.	PUNCT
aijbms-110	46	1	it	it	PRON
aijbms-110	46	2	is	be	AUX
aijbms-110	46	3	affected	affect	VERB
aijbms-110	46	4	by	by	ADP
aijbms-110	46	5	a	a	DET
aijbms-110	46	6	number	number	NOUN
aijbms-110	46	7	of	of	ADP
aijbms-110	46	8	things	thing	NOUN
aijbms-110	46	9	including	include	VERB
aijbms-110	46	10	volatility	volatility	NOUN
aijbms-110	46	11	in	in	ADP
aijbms-110	46	12	the	the	DET
aijbms-110	46	13	market	market	NOUN
aijbms-110	46	14	,	,	PUNCT
aijbms-110	46	15	current	current	ADJ
aijbms-110	46	16	economic	economic	ADJ
aijbms-110	46	17	conditions	condition	NOUN
aijbms-110	46	18	,	,	PUNCT
aijbms-110	46	19	and	and	CCONJ
aijbms-110	46	20	popularity	popularity	NOUN
aijbms-110	46	21	of	of	ADP
aijbms-110	46	22	the	the	DET
aijbms-110	46	23	company	company	NOUN
aijbms-110	46	24	.	.	PUNCT
aijbms-110	47	1	according	accord	VERB
aijbms-110	47	2	to	to	ADP
aijbms-110	47	3	ronen	ronen	PROPN
aijbms-110	47	4	and	and	CCONJ
aijbms-110	47	5	yaari	yaari	PROPN
aijbms-110	47	6	(	(	PUNCT
aijbms-110	47	7	2008	2008	NUM
aijbms-110	47	8	)	)	PUNCT
aijbms-110	47	9	,	,	PUNCT
aijbms-110	47	10	the	the	DET
aijbms-110	47	11	invention	invention	NOUN
aijbms-110	47	12	of	of	ADP
aijbms-110	47	13	double	double	ADJ
aijbms-110	47	14	entry	entry	NOUN
aijbms-110	47	15	book	book	NOUN
aijbms-110	47	16	keeping	keep	VERB
aijbms-110	47	17	in	in	ADP
aijbms-110	47	18	the	the	DET
aijbms-110	47	19	14th	14th	ADJ
aijbms-110	47	20	century	century	NOUN
aijbms-110	47	21	led	lead	VERB
aijbms-110	47	22	to	to	ADP
aijbms-110	47	23	company	company	NOUN
aijbms-110	47	24	’s	’s	PART
aijbms-110	47	25	valuation	valuation	NOUN
aijbms-110	47	26	which	which	PRON
aijbms-110	47	27	is	be	AUX
aijbms-110	47	28	based	base	VERB
aijbms-110	47	29	upon	upon	SCONJ
aijbms-110	47	30	ratios	ratio	NOUN
aijbms-110	47	31	such	such	ADJ
aijbms-110	47	32	as	as	ADP
aijbms-110	47	33	price	price	NOUN
aijbms-110	47	34	per	per	ADP
aijbms-110	47	35	unit	unit	NOUN
aijbms-110	47	36	of	of	ADP
aijbms-110	47	37	earnings	earning	NOUN
aijbms-110	47	38	(	(	PUNCT
aijbms-110	47	39	from	from	ADP
aijbms-110	47	40	income	income	NOUN
aijbms-110	47	41	statement	statement	NOUN
aijbms-110	47	42	)	)	PUNCT
aijbms-110	47	43	,	,	PUNCT
aijbms-110	47	44	price	price	NOUN
aijbms-110	47	45	per	per	ADP
aijbms-110	47	46	unit	unit	NOUN
aijbms-110	47	47	of	of	ADP
aijbms-110	47	48	net	net	ADJ
aijbms-110	47	49	worth	worth	NOUN
aijbms-110	47	50	(	(	PUNCT
aijbms-110	47	51	from	from	ADP
aijbms-110	47	52	balance	balance	NOUN
aijbms-110	47	53	sheet	sheet	NOUN
aijbms-110	47	54	)	)	PUNCT
aijbms-110	47	55	and	and	CCONJ
aijbms-110	47	56	price	price	NOUN
aijbms-110	47	57	per	per	ADP
aijbms-110	47	58	unit	unit	NOUN
aijbms-110	47	59	of	of	ADP
aijbms-110	47	60	cash	cash	NOUN
aijbms-110	47	61	flow	flow	NOUN
aijbms-110	47	62	(	(	PUNCT
aijbms-110	47	63	cash	cash	NOUN
aijbms-110	47	64	flow	flow	NOUN
aijbms-110	47	65	statement	statement	NOUN
aijbms-110	47	66	)	)	PUNCT
aijbms-110	47	67	.	.	PUNCT
aijbms-110	48	1	the	the	DET
aijbms-110	48	2	next	next	ADJ
aijbms-110	48	3	advance	advance	NOUN
aijbms-110	48	4	was	be	AUX
aijbms-110	48	5	to	to	PART
aijbms-110	48	6	price	price	VERB
aijbms-110	48	7	individual	individual	ADJ
aijbms-110	48	8	price	price	NOUN
aijbms-110	48	9	shares	share	NOUN
aijbms-110	48	10	rather	rather	ADV
aijbms-110	48	11	than	than	ADP
aijbms-110	48	12	the	the	DET
aijbms-110	48	13	whole	whole	ADJ
aijbms-110	48	14	company	company	NOUN
aijbms-110	48	15	.	.	PUNCT
aijbms-110	49	1	a	a	DET
aijbms-110	49	2	price	price	NOUN
aijbms-110	49	3	per	per	ADP
aijbms-110	49	4	dividend	dividend	NOUN
aijbms-110	49	5	was	be	AUX
aijbms-110	49	6	the	the	DET
aijbms-110	49	7	next	next	ADJ
aijbms-110	49	8	advancement	advancement	NOUN
aijbms-110	49	9	.	.	PUNCT
aijbms-110	50	1	analysts	analyst	NOUN
aijbms-110	50	2	find	find	VERB
aijbms-110	50	3	it	it	PRON
aijbms-110	50	4	appropriate	appropriate	ADJ
aijbms-110	50	5	to	to	PART
aijbms-110	50	6	use	use	VERB
aijbms-110	50	7	discounted	discount	VERB
aijbms-110	50	8	cash	cash	NOUN
aijbms-110	50	9	flow	flow	NOUN
aijbms-110	50	10	that	that	PRON
aijbms-110	50	11	is	be	AUX
aijbms-110	50	12	based	base	VERB
aijbms-110	50	13	on	on	ADP
aijbms-110	50	14	time	time	NOUN
aijbms-110	50	15	value	value	NOUN
aijbms-110	50	16	of	of	ADP
aijbms-110	50	17	money	money	NOUN
aijbms-110	50	18	to	to	PART
aijbms-110	50	19	estimate	estimate	VERB
aijbms-110	50	20	the	the	DET
aijbms-110	50	21	intrinsic	intrinsic	ADJ
aijbms-110	50	22	value	value	NOUN
aijbms-110	50	23	of	of	ADP
aijbms-110	50	24	share	share	NOUN
aijbms-110	50	25	rather	rather	ADV
aijbms-110	50	26	than	than	ADP
aijbms-110	50	27	price	price	NOUN
aijbms-110	50	28	per	per	ADP
aijbms-110	50	29	dividend	dividend	NOUN
aijbms-110	50	30	of	of	ADP
aijbms-110	50	31	share	share	NOUN
aijbms-110	50	32	prices	price	NOUN
aijbms-110	50	33	.	.	PUNCT
aijbms-110	51	1	theoretical	theoretical	ADJ
aijbms-110	51	2	framework	framework	NOUN
aijbms-110	51	3	the	the	DET
aijbms-110	51	4	capital	capital	NOUN
aijbms-110	51	5	asset	asset	NOUN
aijbms-110	51	6	pricing	pricing	NOUN
aijbms-110	51	7	model	model	NOUN
aijbms-110	51	8	the	the	DET
aijbms-110	51	9	capm	capm	PROPN
aijbms-110	51	10	is	be	AUX
aijbms-110	51	11	a	a	DET
aijbms-110	51	12	model	model	NOUN
aijbms-110	51	13	for	for	ADP
aijbms-110	51	14	pricing	price	VERB
aijbms-110	51	15	an	an	DET
aijbms-110	51	16	individual	individual	ADJ
aijbms-110	51	17	security	security	NOUN
aijbms-110	51	18	or	or	CCONJ
aijbms-110	51	19	a	a	DET
aijbms-110	51	20	portfolio	portfolio	NOUN
aijbms-110	51	21	.	.	PUNCT
aijbms-110	52	1	the	the	DET
aijbms-110	52	2	capm	capm	PROPN
aijbms-110	52	3	model	model	NOUN
aijbms-110	52	4	was	be	AUX
aijbms-110	52	5	developed	develop	VERB
aijbms-110	52	6	independently	independently	ADV
aijbms-110	52	7	by	by	ADP
aijbms-110	52	8	william	william	PROPN
aijbms-110	52	9	sharpe	sharpe	PROPN
aijbms-110	52	10	(	(	PUNCT
aijbms-110	52	11	1964	1964	NUM
aijbms-110	52	12	)	)	PUNCT
aijbms-110	52	13	and	and	CCONJ
aijbms-110	52	14	parallel	parallel	ADJ
aijbms-110	52	15	work	work	NOUN
aijbms-110	52	16	was	be	AUX
aijbms-110	52	17	performed	perform	VERB
aijbms-110	52	18	by	by	ADP
aijbms-110	52	19	lintner	lintner	NOUN
aijbms-110	52	20	(	(	PUNCT
aijbms-110	52	21	1965	1965	NUM
aijbms-110	52	22	)	)	PUNCT
aijbms-110	52	23	and	and	CCONJ
aijbms-110	52	24	mossin	mossin	NOUN
aijbms-110	52	25	(	(	PUNCT
aijbms-110	52	26	1966	1966	NUM
aijbms-110	52	27	)	)	PUNCT
aijbms-110	52	28	these	these	DET
aijbms-110	52	29	model	model	NOUN
aijbms-110	52	30	marks	mark	VERB
aijbms-110	52	31	the	the	DET
aijbms-110	52	32	birth	birth	NOUN
aijbms-110	52	33	of	of	ADP
aijbms-110	52	34	asset	asset	NOUN
aijbms-110	52	35	pricing	pricing	NOUN
aijbms-110	52	36	theory	theory	NOUN
aijbms-110	52	37	.	.	PUNCT
aijbms-110	53	1	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	53	2	american	american	PROPN
aijbms-110	53	3	international	international	PROPN
aijbms-110	53	4	journal	journal	PROPN
aijbms-110	53	5	of	of	ADP
aijbms-110	53	6	business	business	NOUN
aijbms-110	53	7	and	and	CCONJ
aijbms-110	53	8	management	management	NOUN
aijbms-110	53	9	studies	study	NOUN
aijbms-110	53	10	vol	vol	NOUN
aijbms-110	53	11	.	.	PROPN
aijbms-110	54	1	1	1	NUM
aijbms-110	54	2	,	,	PUNCT
aijbms-110	54	3	no	no	INTJ
aijbms-110	54	4	.	.	NOUN
aijbms-110	54	5	1	1	NUM
aijbms-110	54	6	;	;	PUNCT
aijbms-110	54	7	2019	2019	NUM
aijbms-110	54	8	3	3	NUM
aijbms-110	54	9	derivation	derivation	NOUN
aijbms-110	54	10	of	of	ADP
aijbms-110	54	11	the	the	DET
aijbms-110	54	12	capm	capm	PROPN
aijbms-110	54	13	the	the	DET
aijbms-110	54	14	capm	capm	PROPN
aijbms-110	54	15	is	be	AUX
aijbms-110	54	16	a	a	DET
aijbms-110	54	17	simple	simple	ADJ
aijbms-110	54	18	linear	linear	NOUN
aijbms-110	54	19	model	model	NOUN
aijbms-110	54	20	that	that	PRON
aijbms-110	54	21	is	be	AUX
aijbms-110	54	22	expressed	express	VERB
aijbms-110	54	23	in	in	ADP
aijbms-110	54	24	terms	term	NOUN
aijbms-110	54	25	of	of	ADP
aijbms-110	54	26	expected	expect	VERB
aijbms-110	54	27	return	return	NOUN
aijbms-110	54	28	and	and	CCONJ
aijbms-110	54	29	expected	expect	VERB
aijbms-110	54	30	risk	risk	NOUN
aijbms-110	54	31	.	.	PUNCT
aijbms-110	55	1	the	the	DET
aijbms-110	55	2	model	model	NOUN
aijbms-110	55	3	states	state	VERB
aijbms-110	55	4	that	that	SCONJ
aijbms-110	55	5	the	the	DET
aijbms-110	55	6	equilibrium	equilibrium	NOUN
aijbms-110	55	7	returns	return	VERB
aijbms-110	55	8	on	on	ADP
aijbms-110	55	9	all	all	DET
aijbms-110	55	10	risky	risky	ADJ
aijbms-110	55	11	assets	asset	NOUN
aijbms-110	55	12	are	be	AUX
aijbms-110	55	13	a	a	DET
aijbms-110	55	14	function	function	NOUN
aijbms-110	55	15	of	of	ADP
aijbms-110	55	16	their	their	PRON
aijbms-110	55	17	covariance	covariance	NOUN
aijbms-110	55	18	with	with	ADP
aijbms-110	55	19	the	the	DET
aijbms-110	55	20	market	market	NOUN
aijbms-110	55	21	portfolio	portfolio	NOUN
aijbms-110	55	22	.	.	PUNCT
aijbms-110	56	1	under	under	ADP
aijbms-110	56	2	the	the	DET
aijbms-110	56	3	assumptions	assumption	NOUN
aijbms-110	56	4	of	of	ADP
aijbms-110	56	5	the	the	DET
aijbms-110	56	6	capm	capm	NOUN
aijbms-110	56	7	,	,	PUNCT
aijbms-110	56	8	if	if	SCONJ
aijbms-110	56	9	a	a	DET
aijbms-110	56	10	risk	risk	NOUN
aijbms-110	56	11	-	-	PUNCT
aijbms-110	56	12	free	free	ADJ
aijbms-110	56	13	asset	asset	NOUN
aijbms-110	56	14	exists	exist	VERB
aijbms-110	56	15	,	,	PUNCT
aijbms-110	56	16	every	every	DET
aijbms-110	56	17	investor	investor	NOUN
aijbms-110	56	18	’s	’s	PART
aijbms-110	56	19	optimal	optimal	ADJ
aijbms-110	56	20	portfolio	portfolio	NOUN
aijbms-110	56	21	will	will	AUX
aijbms-110	56	22	be	be	AUX
aijbms-110	56	23	formed	form	VERB
aijbms-110	56	24	from	from	ADP
aijbms-110	56	25	a	a	DET
aijbms-110	56	26	combination	combination	NOUN
aijbms-110	56	27	of	of	ADP
aijbms-110	56	28	the	the	DET
aijbms-110	56	29	market	market	NOUN
aijbms-110	56	30	portfolio	portfolio	NOUN
aijbms-110	56	31	and	and	CCONJ
aijbms-110	56	32	the	the	DET
aijbms-110	56	33	risk	risk	NOUN
aijbms-110	56	34	-	-	PUNCT
aijbms-110	56	35	free	free	ADJ
aijbms-110	56	36	asset	asset	NOUN
aijbms-110	56	37	.	.	PUNCT
aijbms-110	57	1	the	the	DET
aijbms-110	57	2	precise	precise	ADJ
aijbms-110	57	3	combination	combination	NOUN
aijbms-110	57	4	of	of	ADP
aijbms-110	57	5	the	the	DET
aijbms-110	57	6	market	market	NOUN
aijbms-110	57	7	portfolio	portfolio	NOUN
aijbms-110	57	8	and	and	CCONJ
aijbms-110	57	9	the	the	DET
aijbms-110	57	10	risk	risk	NOUN
aijbms-110	57	11	-	-	PUNCT
aijbms-110	57	12	free	free	ADJ
aijbms-110	57	13	asset	asset	NOUN
aijbms-110	57	14	depends	depend	VERB
aijbms-110	57	15	on	on	ADP
aijbms-110	57	16	the	the	DET
aijbms-110	57	17	degree	degree	NOUN
aijbms-110	57	18	of	of	ADP
aijbms-110	57	19	investors	investor	NOUN
aijbms-110	57	20	risk	risk	VERB
aijbms-110	57	21	aversion	aversion	NOUN
aijbms-110	57	22	.	.	PUNCT
aijbms-110	58	1	since	since	SCONJ
aijbms-110	58	2	investors	investor	NOUN
aijbms-110	58	3	can	can	AUX
aijbms-110	58	4	choose	choose	VERB
aijbms-110	58	5	the	the	DET
aijbms-110	58	6	combination	combination	NOUN
aijbms-110	58	7	of	of	ADP
aijbms-110	58	8	the	the	DET
aijbms-110	58	9	market	market	NOUN
aijbms-110	58	10	portfolio	portfolio	NOUN
aijbms-110	58	11	and	and	CCONJ
aijbms-110	58	12	the	the	DET
aijbms-110	58	13	risk	risk	NOUN
aijbms-110	58	14	-	-	PUNCT
aijbms-110	58	15	free	free	ADJ
aijbms-110	58	16	asset	asset	NOUN
aijbms-110	58	17	,	,	PUNCT
aijbms-110	58	18	then	then	ADV
aijbms-110	58	19	the	the	DET
aijbms-110	58	20	equation	equation	NOUN
aijbms-110	58	21	of	of	ADP
aijbms-110	58	22	the	the	DET
aijbms-110	58	23	relationship	relationship	NOUN
aijbms-110	58	24	connecting	connect	VERB
aijbms-110	58	25	a	a	DET
aijbms-110	58	26	risk	risk	NOUN
aijbms-110	58	27	-	-	PUNCT
aijbms-110	58	28	free	free	ADJ
aijbms-110	58	29	asset	asset	NOUN
aijbms-110	58	30	and	and	CCONJ
aijbms-110	58	31	a	a	DET
aijbms-110	58	32	risky	risky	ADJ
aijbms-110	58	33	portfolio	portfolio	NOUN
aijbms-110	58	34	is	be	AUX
aijbms-110	58	35	:	:	PUNCT
aijbms-110	58	36	e	e	X
aijbms-110	58	37	(	(	PUNCT
aijbms-110	58	38	ri	ri	NOUN
aijbms-110	58	39	)	)	PUNCT
aijbms-110	58	40	=	=	SYM
aijbms-110	59	1	r	r	NOUN
aijbms-110	59	2	ƒ	ƒ	NUM
aijbms-110	60	1	+	+	CCONJ
aijbms-110	60	2	i	i	VERB
aijbms-110	60	3	m	m	VERB
aijbms-110	60	4	m	m	VERB
aijbms-110	60	5	rfrme	rfrme	ADJ
aijbms-110	60	6			PROPN
aijbms-110	60	7			X
aijbms-110	60	8	2	2	NUM
aijbms-110	60	9	)	)	PUNCT
aijbms-110	60	10	(	(	PUNCT
aijbms-110	60	11			NOUN
aijbms-110	60	12	1	1	NUM
aijbms-110	60	13	where	where	SCONJ
aijbms-110	60	14	;	;	PUNCT
aijbms-110	60	15	e	e	X
aijbms-110	60	16	(	(	PUNCT
aijbms-110	60	17	ri	ri	PROPN
aijbms-110	60	18	)	)	PUNCT
aijbms-110	60	19	:	:	PUNCT
aijbms-110	60	20	expected	expect	VERB
aijbms-110	60	21	return	return	NOUN
aijbms-110	60	22	on	on	ADP
aijbms-110	60	23	i	i	PROPN
aijbms-110	60	24	th	th	PROPN
aijbms-110	60	25	portfolio	portfolio	NOUN
aijbms-110	60	26	.	.	PUNCT
aijbms-110	61	1	r	r	NOUN
aijbms-110	61	2	ƒ	ƒ	X
aijbms-110	61	3	:	:	PUNCT
aijbms-110	61	4	return	return	VERB
aijbms-110	61	5	on	on	ADP
aijbms-110	61	6	the	the	DET
aijbms-110	61	7	risk	risk	NOUN
aijbms-110	61	8	free	free	ADJ
aijbms-110	61	9	asset	asset	NOUN
aijbms-110	61	10	e	e	NOUN
aijbms-110	61	11	(	(	PUNCT
aijbms-110	61	12	rm	rm	PROPN
aijbms-110	61	13	)	)	PUNCT
aijbms-110	61	14	:	:	PUNCT
aijbms-110	61	15	expected	expect	VERB
aijbms-110	61	16	return	return	NOUN
aijbms-110	61	17	on	on	ADP
aijbms-110	61	18	market	market	NOUN
aijbms-110	61	19	portfolio	portfolio	NOUN
aijbms-110	61	20	im	im	NOUN
aijbms-110	61	21	:	:	PUNCT
aijbms-110	61	22	the	the	DET
aijbms-110	61	23	covariance	covariance	NOUN
aijbms-110	61	24	between	between	ADP
aijbms-110	61	25	asset	asset	NOUN
aijbms-110	61	26	i	i	PRON
aijbms-110	61	27	and	and	CCONJ
aijbms-110	61	28	the	the	DET
aijbms-110	61	29	market	market	NOUN
aijbms-110	61	30	portfolio	portfolio	NOUN
aijbms-110	61	31	2	2	NOUN
aijbms-110	61	32	m	m	PRON
aijbms-110	61	33	:	:	PUNCT
aijbms-110	61	34	the	the	DET
aijbms-110	61	35	variance	variance	NOUN
aijbms-110	61	36	of	of	ADP
aijbms-110	61	37	the	the	DET
aijbms-110	61	38	market	market	NOUN
aijbms-110	61	39	portfolio	portfolio	NOUN
aijbms-110	61	40	based	base	VERB
aijbms-110	61	41	on	on	ADP
aijbms-110	61	42	the	the	DET
aijbms-110	61	43	equation	equation	NOUN
aijbms-110	61	44	(	(	PUNCT
aijbms-110	61	45	3	3	X
aijbms-110	61	46	)	)	PUNCT
aijbms-110	61	47	the	the	DET
aijbms-110	61	48	original	original	ADJ
aijbms-110	61	49	capm	capm	NOUN
aijbms-110	61	50	equation	equation	NOUN
aijbms-110	61	51	can	can	AUX
aijbms-110	61	52	be	be	AUX
aijbms-110	61	53	derived	derive	VERB
aijbms-110	61	54	as	as	SCONJ
aijbms-110	61	55	follows	follow	VERB
aijbms-110	61	56	:	:	PUNCT
aijbms-110	61	57	e(ri	e(ri	NUM
aijbms-110	61	58	)	)	PUNCT
aijbms-110	61	59	=	=	SYM
aijbms-110	62	1	r	r	NOUN
aijbms-110	62	2	ƒ	ƒ	X
aijbms-110	62	3	+	+	X
aijbms-110	62	4	[	[	PUNCT
aijbms-110	62	5	e(rm	e(rm	PROPN
aijbms-110	62	6	)	)	PUNCT
aijbms-110	62	7	–	–	PUNCT
aijbms-110	63	1	r	r	NOUN
aijbms-110	63	2	ƒ	ƒ	X
aijbms-110	63	3	]	]	PUNCT
aijbms-110	63	4	βi	βi	PROPN
aijbms-110	63	5	2	2	NUM
aijbms-110	63	6	equation	equation	NOUN
aijbms-110	63	7	4	4	NUM
aijbms-110	63	8	is	be	AUX
aijbms-110	63	9	known	know	VERB
aijbms-110	63	10	as	as	ADP
aijbms-110	63	11	capital	capital	NOUN
aijbms-110	63	12	asset	asset	NOUN
aijbms-110	63	13	pricing	pricing	NOUN
aijbms-110	63	14	model	model	NOUN
aijbms-110	63	15	and	and	CCONJ
aijbms-110	63	16	it	it	PRON
aijbms-110	63	17	could	could	AUX
aijbms-110	63	18	be	be	AUX
aijbms-110	63	19	shown	show	VERB
aijbms-110	63	20	graphically	graphically	ADV
aijbms-110	63	21	as	as	ADP
aijbms-110	63	22	the	the	DET
aijbms-110	63	23	security	security	NOUN
aijbms-110	63	24	market	market	NOUN
aijbms-110	63	25	line	line	NOUN
aijbms-110	63	26	(	(	PUNCT
aijbms-110	63	27	sml	sml	PROPN
aijbms-110	63	28	)	)	PUNCT
aijbms-110	63	29	which	which	PRON
aijbms-110	63	30	means	mean	VERB
aijbms-110	63	31	the	the	DET
aijbms-110	63	32	sml	sml	NOUN
aijbms-110	63	33	fundamentally	fundamentally	ADV
aijbms-110	63	34	graphs	graph	VERB
aijbms-110	63	35	the	the	DET
aijbms-110	63	36	results	result	NOUN
aijbms-110	63	37	from	from	ADP
aijbms-110	63	38	the	the	DET
aijbms-110	63	39	capital	capital	NOUN
aijbms-110	63	40	asset	asset	NOUN
aijbms-110	63	41	pricing	pricing	NOUN
aijbms-110	63	42	model	model	NOUN
aijbms-110	63	43	(	(	PUNCT
aijbms-110	63	44	capm	capm	NOUN
aijbms-110	63	45	)	)	PUNCT
aijbms-110	63	46	formula	formula	NOUN
aijbms-110	63	47	.	.	PUNCT
aijbms-110	64	1	the	the	DET
aijbms-110	64	2	x	x	X
aijbms-110	64	3	-	-	NOUN
aijbms-110	64	4	axis	axis	NOUN
aijbms-110	64	5	represents	represent	VERB
aijbms-110	64	6	the	the	DET
aijbms-110	64	7	risk	risk	NOUN
aijbms-110	64	8	(	(	PUNCT
aijbms-110	64	9	beta	beta	NOUN
aijbms-110	64	10	)	)	PUNCT
aijbms-110	64	11	,	,	PUNCT
aijbms-110	64	12	and	and	CCONJ
aijbms-110	64	13	the	the	DET
aijbms-110	64	14	y	y	NOUN
aijbms-110	64	15	-	-	PUNCT
aijbms-110	64	16	axis	axis	NOUN
aijbms-110	64	17	represents	represent	VERB
aijbms-110	64	18	the	the	DET
aijbms-110	64	19	expected	expect	VERB
aijbms-110	64	20	return	return	NOUN
aijbms-110	64	21	.	.	PUNCT
aijbms-110	65	1	the	the	DET
aijbms-110	65	2	market	market	NOUN
aijbms-110	65	3	risk	risk	NOUN
aijbms-110	65	4	premium	premium	NOUN
aijbms-110	65	5	is	be	AUX
aijbms-110	65	6	determined	determine	VERB
aijbms-110	65	7	from	from	ADP
aijbms-110	65	8	the	the	DET
aijbms-110	65	9	slope	slope	NOUN
aijbms-110	65	10	of	of	ADP
aijbms-110	65	11	the	the	DET
aijbms-110	65	12	sml	sml	PROPN
aijbms-110	65	13	.	.	PUNCT
aijbms-110	66	1	the	the	DET
aijbms-110	66	2	sml	sml	PROPN
aijbms-110	66	3	model	model	NOUN
aijbms-110	66	4	states	state	VERB
aijbms-110	66	5	that	that	SCONJ
aijbms-110	66	6	stocks	stock	NOUN
aijbms-110	66	7	expected	expect	VERB
aijbms-110	66	8	return	return	NOUN
aijbms-110	66	9	is	be	AUX
aijbms-110	66	10	equal	equal	ADJ
aijbms-110	66	11	to	to	ADP
aijbms-110	66	12	the	the	DET
aijbms-110	66	13	risk	risk	NOUN
aijbms-110	66	14	-	-	PUNCT
aijbms-110	66	15	free	free	ADJ
aijbms-110	66	16	rate	rate	NOUN
aijbms-110	66	17	plus	plus	CCONJ
aijbms-110	66	18	a	a	DET
aijbms-110	66	19	risk	risk	NOUN
aijbms-110	66	20	premium	premium	NOUN
aijbms-110	66	21	obtained	obtain	VERB
aijbms-110	66	22	by	by	ADP
aijbms-110	66	23	the	the	DET
aijbms-110	66	24	price	price	NOUN
aijbms-110	66	25	of	of	ADP
aijbms-110	66	26	risk	risk	NOUN
aijbms-110	66	27	multiplied	multiply	VERB
aijbms-110	66	28	by	by	ADP
aijbms-110	66	29	the	the	DET
aijbms-110	66	30	quantity	quantity	NOUN
aijbms-110	66	31	of	of	ADP
aijbms-110	66	32	risk	risk	NOUN
aijbms-110	66	33	.	.	PUNCT
aijbms-110	67	1	in	in	ADP
aijbms-110	67	2	a	a	DET
aijbms-110	67	3	wellfunctioning	wellfunctioning	NOUN
aijbms-110	67	4	market	market	NOUN
aijbms-110	67	5	nobody	nobody	PRON
aijbms-110	67	6	will	will	AUX
aijbms-110	67	7	hold	hold	VERB
aijbms-110	67	8	a	a	DET
aijbms-110	67	9	security	security	NOUN
aijbms-110	67	10	that	that	PRON
aijbms-110	67	11	offers	offer	VERB
aijbms-110	67	12	an	an	DET
aijbms-110	67	13	expected	expected	ADJ
aijbms-110	67	14	risk	risk	NOUN
aijbms-110	67	15	premium	premium	NOUN
aijbms-110	67	16	of	of	ADP
aijbms-110	67	17	less	less	ADJ
aijbms-110	67	18	than	than	ADP
aijbms-110	67	19	[	[	X
aijbms-110	67	20	e	e	X
aijbms-110	67	21	(	(	PUNCT
aijbms-110	67	22	rm)-r	rm)-r	PROPN
aijbms-110	67	23	ƒ	ƒ	X
aijbms-110	67	24	]	]	X
aijbms-110	67	25	i.	i.	NOUN
aijbms-110	67	26	if	if	SCONJ
aijbms-110	67	27	we	we	PRON
aijbms-110	67	28	think	think	VERB
aijbms-110	67	29	e	e	X
aijbms-110	67	30	(	(	PUNCT
aijbms-110	67	31	rm	rm	PROPN
aijbms-110	67	32	)	)	PUNCT
aijbms-110	67	33	–	–	PUNCT
aijbms-110	67	34	rf	rf	VERB
aijbms-110	67	35	as	as	ADP
aijbms-110	67	36	the	the	DET
aijbms-110	67	37	market	market	NOUN
aijbms-110	67	38	price	price	NOUN
aijbms-110	67	39	of	of	ADP
aijbms-110	67	40	risk	risk	NOUN
aijbms-110	67	41	for	for	ADP
aijbms-110	67	42	all	all	DET
aijbms-110	67	43	efficient	efficient	ADJ
aijbms-110	67	44	portfolios	portfolio	NOUN
aijbms-110	67	45	,	,	PUNCT
aijbms-110	67	46	than	than	ADP
aijbms-110	67	47	,	,	PUNCT
aijbms-110	67	48	it	it	PRON
aijbms-110	67	49	represents	represent	VERB
aijbms-110	67	50	the	the	DET
aijbms-110	67	51	extra	extra	ADJ
aijbms-110	67	52	return	return	NOUN
aijbms-110	67	53	that	that	PRON
aijbms-110	67	54	can	can	AUX
aijbms-110	67	55	be	be	AUX
aijbms-110	67	56	gained	gain	VERB
aijbms-110	67	57	by	by	ADP
aijbms-110	67	58	increasing	increase	VERB
aijbms-110	67	59	the	the	DET
aijbms-110	67	60	level	level	NOUN
aijbms-110	67	61	of	of	ADP
aijbms-110	67	62	risk	risk	NOUN
aijbms-110	67	63	on	on	ADP
aijbms-110	67	64	an	an	DET
aijbms-110	67	65	efficient	efficient	ADJ
aijbms-110	67	66	portfolio	portfolio	NOUN
aijbms-110	67	67	by	by	ADP
aijbms-110	67	68	one	one	NUM
aijbms-110	67	69	unit	unit	NOUN
aijbms-110	67	70	.	.	PUNCT
aijbms-110	68	1	the	the	DET
aijbms-110	68	2	quantity	quantity	NOUN
aijbms-110	68	3	of	of	ADP
aijbms-110	68	4	risk	risk	NOUN
aijbms-110	68	5	is	be	AUX
aijbms-110	68	6	often	often	ADV
aijbms-110	68	7	called	call	VERB
aijbms-110	68	8	beta	beta	NOUN
aijbms-110	68	9	,	,	PUNCT
aijbms-110	68	10	and	and	CCONJ
aijbms-110	68	11	it	it	PRON
aijbms-110	68	12	is	be	AUX
aijbms-110	68	13	the	the	DET
aijbms-110	68	14	contribution	contribution	NOUN
aijbms-110	68	15	of	of	ADP
aijbms-110	68	16	asset	asset	NOUN
aijbms-110	68	17	i	i	PRON
aijbms-110	68	18	to	to	ADP
aijbms-110	68	19	the	the	DET
aijbms-110	68	20	risk	risk	NOUN
aijbms-110	68	21	of	of	ADP
aijbms-110	68	22	the	the	DET
aijbms-110	68	23	market	market	NOUN
aijbms-110	68	24	portfolio	portfolio	NOUN
aijbms-110	68	25	.	.	PUNCT
aijbms-110	69	1	in	in	ADP
aijbms-110	69	2	other	other	ADJ
aijbms-110	69	3	words	word	NOUN
aijbms-110	69	4	,	,	PUNCT
aijbms-110	69	5	it	it	PRON
aijbms-110	69	6	is	be	AUX
aijbms-110	69	7	the	the	DET
aijbms-110	69	8	correlation	correlation	NOUN
aijbms-110	69	9	of	of	ADP
aijbms-110	69	10	the	the	DET
aijbms-110	69	11	asset	asset	NOUN
aijbms-110	69	12	i	i	PRON
aijbms-110	69	13	's	's	PART
aijbms-110	69	14	return	return	NOUN
aijbms-110	69	15	with	with	ADP
aijbms-110	69	16	the	the	DET
aijbms-110	69	17	return	return	NOUN
aijbms-110	69	18	on	on	ADP
aijbms-110	69	19	the	the	DET
aijbms-110	69	20	market	market	NOUN
aijbms-110	69	21	portfolio	portfolio	NOUN
aijbms-110	69	22	.	.	PUNCT
aijbms-110	70	1	if	if	SCONJ
aijbms-110	70	2	everyone	everyone	PRON
aijbms-110	70	3	holds	hold	VERB
aijbms-110	70	4	the	the	DET
aijbms-110	70	5	market	market	NOUN
aijbms-110	70	6	portfolio	portfolio	NOUN
aijbms-110	70	7	,	,	PUNCT
aijbms-110	70	8	and	and	CCONJ
aijbms-110	70	9	if	if	SCONJ
aijbms-110	70	10	beta	beta	ADJ
aijbms-110	70	11	measures	measure	NOUN
aijbms-110	70	12	each	each	DET
aijbms-110	70	13	security	security	NOUN
aijbms-110	70	14	’s	’s	PART
aijbms-110	70	15	contribution	contribution	NOUN
aijbms-110	70	16	to	to	ADP
aijbms-110	70	17	the	the	DET
aijbms-110	70	18	market	market	NOUN
aijbms-110	70	19	portfolio	portfolio	NOUN
aijbms-110	70	20	risk	risk	NOUN
aijbms-110	70	21	,	,	PUNCT
aijbms-110	70	22	then	then	ADV
aijbms-110	70	23	it	it	PRON
aijbms-110	70	24	’s	’	VERB
aijbms-110	70	25	no	no	DET
aijbms-110	70	26	surprise	surprise	NOUN
aijbms-110	70	27	that	that	SCONJ
aijbms-110	70	28	the	the	DET
aijbms-110	70	29	risk	risk	NOUN
aijbms-110	70	30	premium	premium	NOUN
aijbms-110	70	31	demanded	demand	VERB
aijbms-110	70	32	by	by	ADP
aijbms-110	70	33	investors	investor	NOUN
aijbms-110	70	34	is	be	AUX
aijbms-110	70	35	proportional	proportional	ADJ
aijbms-110	70	36	beta	beta	NOUN
aijbms-110	70	37	.	.	PUNCT
aijbms-110	71	1	according	accord	VERB
aijbms-110	71	2	to	to	ADP
aijbms-110	71	3	the	the	DET
aijbms-110	71	4	capm	capm	PROPN
aijbms-110	71	5	the	the	DET
aijbms-110	71	6	total	total	ADJ
aijbms-110	71	7	risk	risk	NOUN
aijbms-110	71	8	of	of	ADP
aijbms-110	71	9	a	a	DET
aijbms-110	71	10	security	security	NOUN
aijbms-110	71	11	could	could	AUX
aijbms-110	71	12	be	be	AUX
aijbms-110	71	13	divided	divide	VERB
aijbms-110	71	14	between	between	ADP
aijbms-110	71	15	systematic	systematic	ADJ
aijbms-110	71	16	and	and	CCONJ
aijbms-110	71	17	unsystematic	unsystematic	ADJ
aijbms-110	71	18	risk	risk	NOUN
aijbms-110	71	19	.	.	PUNCT
aijbms-110	72	1	the	the	DET
aijbms-110	72	2	systematic	systematic	ADJ
aijbms-110	72	3	risk	risk	NOUN
aijbms-110	72	4	is	be	AUX
aijbms-110	72	5	the	the	DET
aijbms-110	72	6	portion	portion	NOUN
aijbms-110	72	7	of	of	ADP
aijbms-110	72	8	the	the	DET
aijbms-110	72	9	security	security	NOUN
aijbms-110	72	10	return	return	NOUN
aijbms-110	72	11	variance	variance	NOUN
aijbms-110	72	12	that	that	PRON
aijbms-110	72	13	is	be	AUX
aijbms-110	72	14	explained	explain	VERB
aijbms-110	72	15	by	by	ADP
aijbms-110	72	16	market	market	NOUN
aijbms-110	72	17	movements	movement	NOUN
aijbms-110	72	18	such	such	ADJ
aijbms-110	72	19	as	as	ADP
aijbms-110	72	20	fiscal	fiscal	ADJ
aijbms-110	72	21	changes	change	NOUN
aijbms-110	72	22	,	,	PUNCT
aijbms-110	72	23	swings	swing	NOUN
aijbms-110	72	24	in	in	ADP
aijbms-110	72	25	exchange	exchange	NOUN
aijbms-110	72	26	rates	rate	NOUN
aijbms-110	72	27	and	and	CCONJ
aijbms-110	72	28	interest	interest	NOUN
aijbms-110	72	29	rate	rate	NOUN
aijbms-110	72	30	movements	movement	NOUN
aijbms-110	72	31	.	.	PUNCT
aijbms-110	73	1	on	on	ADP
aijbms-110	73	2	the	the	DET
aijbms-110	73	3	other	other	ADJ
aijbms-110	73	4	hand	hand	NOUN
aijbms-110	73	5	,	,	PUNCT
aijbms-110	73	6	the	the	DET
aijbms-110	73	7	unsystematic	unsystematic	ADJ
aijbms-110	73	8	risk	risk	NOUN
aijbms-110	73	9	is	be	AUX
aijbms-110	73	10	the	the	DET
aijbms-110	73	11	variability	variability	NOUN
aijbms-110	73	12	in	in	ADP
aijbms-110	73	13	return	return	NOUN
aijbms-110	73	14	due	due	ADP
aijbms-110	73	15	to	to	ADP
aijbms-110	73	16	factors	factor	NOUN
aijbms-110	73	17	unique	unique	ADJ
aijbms-110	73	18	to	to	ADP
aijbms-110	73	19	the	the	DET
aijbms-110	73	20	individual	individual	ADJ
aijbms-110	73	21	firm	firm	NOUN
aijbms-110	73	22	,	,	PUNCT
aijbms-110	73	23	such	such	ADJ
aijbms-110	73	24	as	as	ADP
aijbms-110	73	25	r&d	r&d	NOUN
aijbms-110	73	26	achievements	achievement	NOUN
aijbms-110	73	27	and	and	CCONJ
aijbms-110	73	28	industrial	industrial	ADJ
aijbms-110	73	29	relations	relation	NOUN
aijbms-110	73	30	problem	problem	NOUN
aijbms-110	73	31	.	.	PUNCT
aijbms-110	74	1	the	the	DET
aijbms-110	74	2	relevant	relevant	ADJ
aijbms-110	74	3	measure	measure	NOUN
aijbms-110	74	4	of	of	ADP
aijbms-110	74	5	the	the	DET
aijbms-110	74	6	risk	risk	NOUN
aijbms-110	74	7	of	of	ADP
aijbms-110	74	8	an	an	DET
aijbms-110	74	9	asset	asset	NOUN
aijbms-110	74	10	is	be	AUX
aijbms-110	74	11	its	its	PRON
aijbms-110	74	12	contribution	contribution	NOUN
aijbms-110	74	13	to	to	ADP
aijbms-110	74	14	the	the	DET
aijbms-110	74	15	systematic	systematic	ADJ
aijbms-110	74	16	risk	risk	NOUN
aijbms-110	74	17	of	of	ADP
aijbms-110	74	18	an	an	DET
aijbms-110	74	19	investor	investor	NOUN
aijbms-110	74	20	’s	’s	PART
aijbms-110	74	21	portfolio	portfolio	NOUN
aijbms-110	74	22	defined	define	VERB
aijbms-110	74	23	by	by	ADP
aijbms-110	74	24	its	its	PRON
aijbms-110	74	25	beta	beta	NOUN
aijbms-110	74	26	rather	rather	ADV
aijbms-110	74	27	than	than	ADP
aijbms-110	74	28	the	the	DET
aijbms-110	74	29	inherent	inherent	ADJ
aijbms-110	74	30	variance	variance	NOUN
aijbms-110	74	31	in	in	ADP
aijbms-110	74	32	the	the	DET
aijbms-110	74	33	assets	asset	NOUN
aijbms-110	74	34	total	total	NOUN
aijbms-110	74	35	return	return	NOUN
aijbms-110	74	36	.	.	PUNCT
aijbms-110	75	1	if	if	SCONJ
aijbms-110	75	2	the	the	DET
aijbms-110	75	3	beta	beta	NOUN
aijbms-110	75	4	of	of	ADP
aijbms-110	75	5	an	an	DET
aijbms-110	75	6	asset	asset	NOUN
aijbms-110	75	7	is	be	AUX
aijbms-110	75	8	larger	large	ADJ
aijbms-110	75	9	(	(	PUNCT
aijbms-110	75	10	smaller	small	ADJ
aijbms-110	75	11	)	)	PUNCT
aijbms-110	75	12	than	than	ADP
aijbms-110	75	13	1	1	NUM
aijbms-110	75	14	,	,	PUNCT
aijbms-110	75	15	then	then	ADV
aijbms-110	75	16	the	the	DET
aijbms-110	75	17	standard	standard	ADJ
aijbms-110	75	18	deviation	deviation	NOUN
aijbms-110	75	19	of	of	ADP
aijbms-110	75	20	an	an	DET
aijbms-110	75	21	asset	asset	NOUN
aijbms-110	75	22	changes	change	VERB
aijbms-110	75	23	more	more	ADJ
aijbms-110	75	24	(	(	PUNCT
aijbms-110	75	25	less	less	ADJ
aijbms-110	75	26	)	)	PUNCT
aijbms-110	75	27	than	than	ADP
aijbms-110	75	28	proportionately	proportionately	ADV
aijbms-110	75	29	in	in	ADP
aijbms-110	75	30	reaction	reaction	NOUN
aijbms-110	75	31	to	to	ADP
aijbms-110	75	32	changes	change	NOUN
aijbms-110	75	33	in	in	ADP
aijbms-110	75	34	market	market	NOUN
aijbms-110	75	35	conditions	condition	NOUN
aijbms-110	75	36	.	.	PUNCT
aijbms-110	76	1	thus	thus	ADV
aijbms-110	76	2	,	,	PUNCT
aijbms-110	76	3	an	an	DET
aijbms-110	76	4	asset	asset	NOUN
aijbms-110	76	5	whose	whose	DET
aijbms-110	76	6	beta	beta	NOUN
aijbms-110	76	7	is	be	AUX
aijbms-110	76	8	greater	great	ADJ
aijbms-110	76	9	(	(	PUNCT
aijbms-110	76	10	less	less	ADJ
aijbms-110	76	11	)	)	PUNCT
aijbms-110	76	12	than	than	SCONJ
aijbms-110	76	13	1	1	NUM
aijbms-110	76	14	has	have	VERB
aijbms-110	76	15	a	a	DET
aijbms-110	76	16	relatively	relatively	ADV
aijbms-110	76	17	greater	great	ADJ
aijbms-110	76	18	(	(	PUNCT
aijbms-110	76	19	smaller	small	ADJ
aijbms-110	76	20	)	)	PUNCT
aijbms-110	76	21	contribution	contribution	NOUN
aijbms-110	76	22	to	to	ADP
aijbms-110	76	23	the	the	DET
aijbms-110	76	24	risk	risk	NOUN
aijbms-110	76	25	of	of	ADP
aijbms-110	76	26	a	a	DET
aijbms-110	76	27	portfolio	portfolio	NOUN
aijbms-110	76	28	.	.	PUNCT
aijbms-110	77	1	while	while	SCONJ
aijbms-110	77	2	beta	beta	NOUN
aijbms-110	77	3	does	do	AUX
aijbms-110	77	4	not	not	PART
aijbms-110	77	5	measure	measure	VERB
aijbms-110	77	6	risk	risk	NOUN
aijbms-110	77	7	in	in	ADP
aijbms-110	77	8	absolute	absolute	ADJ
aijbms-110	77	9	terms	term	NOUN
aijbms-110	77	10	,	,	PUNCT
aijbms-110	77	11	it	it	PRON
aijbms-110	77	12	is	be	AUX
aijbms-110	77	13	a	a	DET
aijbms-110	77	14	crucial	crucial	ADJ
aijbms-110	77	15	risk	risk	NOUN
aijbms-110	77	16	indicator	indicator	NOUN
aijbms-110	77	17	,	,	PUNCT
aijbms-110	77	18	reflecting	reflect	VERB
aijbms-110	77	19	the	the	DET
aijbms-110	77	20	extent	extent	NOUN
aijbms-110	77	21	to	to	PART
aijbms-110	77	22	which	which	PRON
aijbms-110	77	23	the	the	DET
aijbms-110	77	24	return	return	NOUN
aijbms-110	77	25	on	on	ADP
aijbms-110	77	26	the	the	DET
aijbms-110	77	27	single	single	ADJ
aijbms-110	77	28	asset	asset	NOUN
aijbms-110	77	29	moves	move	NOUN
aijbms-110	77	30	with	with	ADP
aijbms-110	77	31	the	the	DET
aijbms-110	77	32	return	return	NOUN
aijbms-110	77	33	on	on	ADP
aijbms-110	77	34	the	the	DET
aijbms-110	77	35	market	market	NOUN
aijbms-110	77	36	.	.	PUNCT
aijbms-110	78	1	assumptions	assumption	NOUN
aijbms-110	78	2	of	of	ADP
aijbms-110	78	3	the	the	DET
aijbms-110	78	4	capm	capm	PROPN
aijbms-110	78	5	the	the	DET
aijbms-110	78	6	capm	capm	PROPN
aijbms-110	78	7	rests	rest	VERB
aijbms-110	78	8	on	on	ADP
aijbms-110	78	9	several	several	ADJ
aijbms-110	78	10	assumptions	assumption	NOUN
aijbms-110	78	11	.	.	PUNCT
aijbms-110	79	1	the	the	DET
aijbms-110	79	2	most	most	ADV
aijbms-110	79	3	important	important	ADJ
aijbms-110	79	4	are	be	AUX
aijbms-110	79	5	as	as	SCONJ
aijbms-110	79	6	follows	follow	VERB
aijbms-110	79	7	:	:	PUNCT
aijbms-110	79	8	all	all	DET
aijbms-110	79	9	investors	investor	NOUN
aijbms-110	79	10	are	be	AUX
aijbms-110	79	11	rationally	rationally	ADV
aijbms-110	79	12	risk	risk	NOUN
aijbms-110	79	13	-	-	PUNCT
aijbms-110	79	14	averse	averse	ADJ
aijbms-110	79	15	individuals	individual	NOUN
aijbms-110	79	16	whose	whose	DET
aijbms-110	79	17	aim	aim	NOUN
aijbms-110	79	18	is	be	AUX
aijbms-110	79	19	to	to	PART
aijbms-110	79	20	maximize	maximize	VERB
aijbms-110	79	21	the	the	DET
aijbms-110	79	22	expected	expect	VERB
aijbms-110	79	23	utility	utility	NOUN
aijbms-110	79	24	of	of	ADP
aijbms-110	79	25	their	their	PRON
aijbms-110	79	26	end	end	NOUN
aijbms-110	79	27	of	of	ADP
aijbms-110	79	28	period	period	NOUN
aijbms-110	79	29	wealth	wealth	NOUN
aijbms-110	79	30	.	.	PUNCT
aijbms-110	80	1	therefore	therefore	ADV
aijbms-110	80	2	,	,	PUNCT
aijbms-110	80	3	all	all	DET
aijbms-110	80	4	investors	investor	NOUN
aijbms-110	80	5	operate	operate	VERB
aijbms-110	80	6	on	on	ADP
aijbms-110	80	7	a	a	DET
aijbms-110	80	8	common	common	ADJ
aijbms-110	80	9	single	single	ADJ
aijbms-110	80	10	-	-	PUNCT
aijbms-110	80	11	period	period	NOUN
aijbms-110	80	12	planning	planning	NOUN
aijbms-110	80	13	horizon	horizon	NOUN
aijbms-110	80	14	.	.	PUNCT
aijbms-110	81	1	all	all	DET
aijbms-110	81	2	investors	investor	NOUN
aijbms-110	81	3	are	be	AUX
aijbms-110	81	4	pricetakers	pricetaker	NOUN
aijbms-110	81	5	;	;	PUNCT
aijbms-110	81	6	so	so	SCONJ
aijbms-110	81	7	that	that	SCONJ
aijbms-110	81	8	,	,	PUNCT
aijbms-110	81	9	no	no	DET
aijbms-110	81	10	investor	investor	NOUN
aijbms-110	81	11	can	can	AUX
aijbms-110	81	12	influence	influence	VERB
aijbms-110	81	13	the	the	DET
aijbms-110	81	14	market	market	NOUN
aijbms-110	81	15	price	price	NOUN
aijbms-110	81	16	by	by	ADP
aijbms-110	81	17	the	the	DET
aijbms-110	81	18	scale	scale	NOUN
aijbms-110	81	19	of	of	ADP
aijbms-110	81	20	his	his	PRON
aijbms-110	81	21	or	or	CCONJ
aijbms-110	81	22	her	her	PRON
aijbms-110	81	23	own	own	ADJ
aijbms-110	81	24	transactions	transaction	NOUN
aijbms-110	81	25	.	.	PUNCT
aijbms-110	82	1	asset	asset	NOUN
aijbms-110	82	2	markets	market	NOUN
aijbms-110	82	3	are	be	AUX
aijbms-110	82	4	frictionless	frictionless	ADJ
aijbms-110	82	5	and	and	CCONJ
aijbms-110	82	6	information	information	NOUN
aijbms-110	82	7	is	be	AUX
aijbms-110	82	8	freely	freely	ADV
aijbms-110	82	9	and	and	CCONJ
aijbms-110	82	10	simultaneously	simultaneously	ADV
aijbms-110	82	11	available	available	ADJ
aijbms-110	82	12	to	to	ADP
aijbms-110	82	13	all	all	DET
aijbms-110	82	14	investor	investor	NOUN
aijbms-110	82	15	.	.	PUNCT
aijbms-110	83	1	all	all	DET
aijbms-110	83	2	investors	investor	NOUN
aijbms-110	83	3	have	have	VERB
aijbms-110	83	4	homogeneous	homogeneous	ADJ
aijbms-110	83	5	expectations	expectation	NOUN
aijbms-110	83	6	about	about	ADP
aijbms-110	83	7	asset	asset	NOUN
aijbms-110	83	8	returns	return	NOUN
aijbms-110	83	9	,	,	PUNCT
aijbms-110	83	10	this	this	PRON
aijbms-110	83	11	mean	mean	VERB
aijbms-110	83	12	that	that	SCONJ
aijbms-110	83	13	all	all	DET
aijbms-110	83	14	investors	investor	NOUN
aijbms-110	83	15	arrive	arrive	VERB
aijbms-110	83	16	at	at	ADP
aijbms-110	83	17	similar	similar	ADJ
aijbms-110	83	18	assessments	assessment	NOUN
aijbms-110	83	19	of	of	ADP
aijbms-110	83	20	the	the	DET
aijbms-110	83	21	probability	probability	NOUN
aijbms-110	83	22	distribution	distribution	NOUN
aijbms-110	83	23	of	of	ADP
aijbms-110	83	24	returns	return	NOUN
aijbms-110	83	25	expected	expect	VERB
aijbms-110	83	26	from	from	ADP
aijbms-110	83	27	traded	trade	VERB
aijbms-110	83	28	securities	security	NOUN
aijbms-110	83	29	.	.	PUNCT
aijbms-110	84	1	this	this	PRON
aijbms-110	84	2	says	say	VERB
aijbms-110	84	3	that	that	SCONJ
aijbms-110	84	4	investors	investor	NOUN
aijbms-110	84	5	will	will	AUX
aijbms-110	84	6	not	not	PART
aijbms-110	84	7	be	be	AUX
aijbms-110	84	8	trying	try	VERB
aijbms-110	84	9	to	to	PART
aijbms-110	84	10	beat	beat	VERB
aijbms-110	84	11	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	84	12	american	american	PROPN
aijbms-110	84	13	international	international	PROPN
aijbms-110	84	14	journal	journal	PROPN
aijbms-110	84	15	of	of	ADP
aijbms-110	84	16	business	business	NOUN
aijbms-110	84	17	and	and	CCONJ
aijbms-110	84	18	management	management	NOUN
aijbms-110	84	19	studies	study	NOUN
aijbms-110	84	20	vol	vol	NOUN
aijbms-110	84	21	.	.	PROPN
aijbms-110	85	1	1	1	NUM
aijbms-110	85	2	,	,	PUNCT
aijbms-110	85	3	no	no	INTJ
aijbms-110	85	4	.	.	NOUN
aijbms-110	85	5	1	1	NUM
aijbms-110	85	6	;	;	PUNCT
aijbms-110	85	7	2019	2019	NUM
aijbms-110	85	8	4	4	NUM
aijbms-110	85	9	the	the	DET
aijbms-110	85	10	market	market	NOUN
aijbms-110	85	11	by	by	ADP
aijbms-110	85	12	actively	actively	ADV
aijbms-110	85	13	managing	manage	VERB
aijbms-110	85	14	their	their	PRON
aijbms-110	85	15	portfolios	portfolio	NOUN
aijbms-110	85	16	distributions	distribution	NOUN
aijbms-110	85	17	of	of	ADP
aijbms-110	85	18	expected	expect	VERB
aijbms-110	85	19	returns	return	NOUN
aijbms-110	85	20	are	be	AUX
aijbms-110	85	21	normal	normal	ADJ
aijbms-110	85	22	.	.	PUNCT
aijbms-110	86	1	all	all	DET
aijbms-110	86	2	securities	security	NOUN
aijbms-110	86	3	are	be	AUX
aijbms-110	86	4	highly	highly	ADV
aijbms-110	86	5	divisible	divisible	ADJ
aijbms-110	86	6	,	,	PUNCT
aijbms-110	86	7	i.e.	i.e.	X
aijbms-110	86	8	can	can	AUX
aijbms-110	86	9	be	be	AUX
aijbms-110	86	10	traded	trade	VERB
aijbms-110	86	11	in	in	ADP
aijbms-110	86	12	small	small	ADJ
aijbms-110	86	13	packages	package	NOUN
aijbms-110	86	14	.	.	PUNCT
aijbms-110	87	1	all	all	DET
aijbms-110	87	2	investors	investor	NOUN
aijbms-110	87	3	can	can	AUX
aijbms-110	87	4	lend	lend	VERB
aijbms-110	87	5	or	or	CCONJ
aijbms-110	87	6	borrow	borrow	VERB
aijbms-110	87	7	unlimited	unlimited	ADJ
aijbms-110	87	8	amounts	amount	NOUN
aijbms-110	87	9	of	of	ADP
aijbms-110	87	10	funds	fund	NOUN
aijbms-110	87	11	at	at	ADP
aijbms-110	87	12	a	a	DET
aijbms-110	87	13	rate	rate	NOUN
aijbms-110	87	14	of	of	ADP
aijbms-110	87	15	interest	interest	NOUN
aijbms-110	87	16	equal	equal	ADJ
aijbms-110	87	17	to	to	ADP
aijbms-110	87	18	the	the	DET
aijbms-110	87	19	rate	rate	NOUN
aijbms-110	87	20	of	of	ADP
aijbms-110	87	21	risk	risk	NOUN
aijbms-110	87	22	-	-	PUNCT
aijbms-110	87	23	free	free	ADJ
aijbms-110	87	24	securities	security	NOUN
aijbms-110	87	25	.	.	PUNCT
aijbms-110	88	1	investors	investor	NOUN
aijbms-110	88	2	pay	pay	VERB
aijbms-110	88	3	no	no	DET
aijbms-110	88	4	taxes	taxis	NOUN
aijbms-110	88	5	on	on	ADP
aijbms-110	88	6	returns	return	NOUN
aijbms-110	88	7	and	and	CCONJ
aijbms-110	88	8	there	there	PRON
aijbms-110	88	9	are	be	VERB
aijbms-110	88	10	no	no	DET
aijbms-110	88	11	transaction	transaction	NOUN
aijbms-110	88	12	costs	cost	NOUN
aijbms-110	88	13	entailed	entail	VERB
aijbms-110	88	14	in	in	ADP
aijbms-110	88	15	trading	trading	NOUN
aijbms-110	88	16	securities	security	NOUN
aijbms-110	88	17	,	,	PUNCT
aijbms-110	88	18	so	so	ADV
aijbms-110	88	19	expected	expect	VERB
aijbms-110	88	20	return	return	NOUN
aijbms-110	88	21	is	be	AUX
aijbms-110	88	22	only	only	ADV
aijbms-110	88	23	related	relate	VERB
aijbms-110	88	24	to	to	ADP
aijbms-110	88	25	risk	risk	NOUN
aijbms-110	88	26	.	.	PUNCT
aijbms-110	89	1	let	let	VERB
aijbms-110	89	2	(	(	PUNCT
aijbms-110	89	3	m	m	ADJ
aijbms-110	89	4	,	,	PUNCT
aijbms-110	89	5	r	r	PROPN
aijbms-110	89	6	m	m	NOUN
aijbms-110	89	7	)	)	PUNCT
aijbms-110	89	8	denote	denote	VERB
aijbms-110	89	9	the	the	DET
aijbms-110	89	10	point	point	NOUN
aijbms-110	89	11	corresponding	correspond	VERB
aijbms-110	89	12	to	to	ADP
aijbms-110	89	13	the	the	DET
aijbms-110	89	14	market	market	NOUN
aijbms-110	89	15	portfolio	portfolio	NOUN
aijbms-110	89	16	m.	m.	NOUN
aijbms-110	89	17	all	all	DET
aijbms-110	89	18	portfolios	portfolio	NOUN
aijbms-110	89	19	chosen	choose	VERB
aijbms-110	89	20	by	by	ADP
aijbms-110	89	21	a	a	DET
aijbms-110	89	22	rational	rational	ADJ
aijbms-110	89	23	investor	investor	NOUN
aijbms-110	89	24	will	will	AUX
aijbms-110	89	25	have	have	VERB
aijbms-110	89	26	a	a	DET
aijbms-110	89	27	point	point	NOUN
aijbms-110	89	28	(	(	PUNCT
aijbms-110	89	29			NOUN
aijbms-110	89	30	,	,	PUNCT
aijbms-110	89	31	r	r	NOUN
aijbms-110	89	32	)	)	PUNCT
aijbms-110	89	33	that	that	PRON
aijbms-110	89	34	lies	lie	VERB
aijbms-110	89	35	on	on	ADP
aijbms-110	89	36	the	the	DET
aijbms-110	89	37	so	so	ADV
aijbms-110	89	38	-	-	PUNCT
aijbms-110	89	39	called	call	VERB
aijbms-110	89	40	capital	capital	NOUN
aijbms-110	89	41	market	market	NOUN
aijbms-110	89	42	line	line	NOUN
aijbms-110	89	43	,	,	PUNCT
aijbms-110	89	44	t	t	PROPN
aijbms-110	89	45	mr	mr	PROPN
aijbms-110	89	46	+	+	PROPN
aijbms-110	89	47	rf	rf	PROPN
aijbms-110	89	48	=	=	NOUN
aijbms-110	89	49	r	r	NOUN
aijbms-110	89	50	m	m	PROPN
aijbms-110	89	51	f	f	X
aijbms-110	89	52			X
aijbms-110	89	53			PROPN
aijbms-110	89	54	3	3	NUM
aijbms-110	89	55	the	the	DET
aijbms-110	89	56	efficient	efficient	ADJ
aijbms-110	89	57	portfolio	portfolio	NOUN
aijbms-110	89	58	it	it	PRON
aijbms-110	89	59	tells	tell	VERB
aijbms-110	89	60	us	we	PRON
aijbms-110	89	61	the	the	DET
aijbms-110	89	62	expected	expect	VERB
aijbms-110	89	63	return	return	NOUN
aijbms-110	89	64	of	of	ADP
aijbms-110	89	65	any	any	DET
aijbms-110	89	66	efficient	efficient	ADJ
aijbms-110	89	67	portfolio	portfolio	NOUN
aijbms-110	89	68	,	,	PUNCT
aijbms-110	89	69	in	in	ADP
aijbms-110	89	70	terms	term	NOUN
aijbms-110	89	71	of	of	ADP
aijbms-110	89	72	its	its	PRON
aijbms-110	89	73	standard	standard	ADJ
aijbms-110	89	74	deviation	deviation	NOUN
aijbms-110	89	75	,	,	PUNCT
aijbms-110	89	76	and	and	CCONJ
aijbms-110	89	77	does	do	VERB
aijbms-110	89	78	so	so	ADV
aijbms-110	89	79	by	by	ADP
aijbms-110	89	80	use	use	NOUN
aijbms-110	89	81	of	of	ADP
aijbms-110	89	82	the	the	DET
aijbms-110	89	83	so	so	ADV
aijbms-110	89	84	-	-	PUNCT
aijbms-110	89	85	called	call	VERB
aijbms-110	89	86	price	price	NOUN
aijbms-110	89	87	of	of	ADP
aijbms-110	89	88	risk	risk	NOUN
aijbms-110	89	89	.	.	PUNCT
aijbms-110	90	1	,	,	PUNCT
aijbms-110	90	2	m	m	VERB
aijbms-110	90	3	rf	rf	ADJ
aijbms-110	90	4	mr	mr	PROPN
aijbms-110	90	5			PROPN
aijbms-110	90	6	4	4	NUM
aijbms-110	90	7	the	the	DET
aijbms-110	90	8	slope	slope	NOUN
aijbms-110	90	9	of	of	ADP
aijbms-110	90	10	the	the	DET
aijbms-110	90	11	line	line	NOUN
aijbms-110	90	12	,	,	PUNCT
aijbms-110	90	13	which	which	PRON
aijbms-110	90	14	represents	represent	VERB
aijbms-110	90	15	the	the	DET
aijbms-110	90	16	change	change	NOUN
aijbms-110	90	17	in	in	ADP
aijbms-110	90	18	expected	expect	VERB
aijbms-110	90	19	return	return	NOUN
aijbms-110	90	20	r	r	NOUN
aijbms-110	90	21	per	per	ADP
aijbms-110	90	22	one	one	NUM
aijbms-110	90	23	-	-	PUNCT
aijbms-110	90	24	unit	unit	NOUN
aijbms-110	90	25	change	change	NOUN
aijbms-110	90	26	in	in	ADP
aijbms-110	90	27	standard	standard	ADJ
aijbms-110	90	28	deviation.	deviation.	PROPN
aijbms-110	90	29	if	if	SCONJ
aijbms-110	90	30	an	an	DET
aijbms-110	90	31	individual	individual	ADJ
aijbms-110	90	32	asset	asset	NOUN
aijbms-110	90	33	i	i	PRON
aijbms-110	90	34	(	(	PUNCT
aijbms-110	90	35	or	or	CCONJ
aijbms-110	90	36	portfolio	portfolio	NOUN
aijbms-110	90	37	)	)	PUNCT
aijbms-110	90	38	is	be	AUX
aijbms-110	90	39	chosen	choose	VERB
aijbms-110	90	40	that	that	PRON
aijbms-110	90	41	is	be	AUX
aijbms-110	90	42	not	not	PART
aijbms-110	90	43	efficient	efficient	ADJ
aijbms-110	90	44	,	,	PUNCT
aijbms-110	90	45	then	then	ADV
aijbms-110	90	46	we	we	PRON
aijbms-110	90	47	learn	learn	VERB
aijbms-110	90	48	nothing	nothing	PRON
aijbms-110	90	49	about	about	ADP
aijbms-110	90	50	that	that	DET
aijbms-110	90	51	asset	asset	NOUN
aijbms-110	90	52	.	.	PUNCT
aijbms-110	91	1	it	it	PRON
aijbms-110	91	2	would	would	AUX
aijbms-110	91	3	seem	seem	VERB
aijbms-110	91	4	useful	useful	ADJ
aijbms-110	91	5	to	to	PART
aijbms-110	91	6	know	know	VERB
aijbms-110	91	7	,	,	PUNCT
aijbms-110	91	8	for	for	ADP
aijbms-110	91	9	example	example	NOUN
aijbms-110	91	10	,	,	PUNCT
aijbms-110	91	11	how	how	SCONJ
aijbms-110	91	12	frir	frir	NOUN
aijbms-110	91	13	,	,	PUNCT
aijbms-110	91	14	the	the	DET
aijbms-110	91	15	expected	expect	VERB
aijbms-110	91	16	excess	excess	ADJ
aijbms-110	91	17	rate	rate	NOUN
aijbms-110	91	18	of	of	ADP
aijbms-110	91	19	return	return	NOUN
aijbms-110	91	20	is	be	AUX
aijbms-110	91	21	related	relate	VERB
aijbms-110	91	22	to	to	ADP
aijbms-110	91	23	the	the	DET
aijbms-110	91	24	market	market	NOUN
aijbms-110	91	25	portfolio	portfolio	NOUN
aijbms-110	91	26	.	.	PUNCT
aijbms-110	92	1	the	the	DET
aijbms-110	92	2	following	follow	VERB
aijbms-110	92	3	formula	formula	NOUN
aijbms-110	92	4	involves	involve	VERB
aijbms-110	92	5	just	just	ADV
aijbms-110	92	6	that	that	PRON
aijbms-110	92	7	,	,	PUNCT
aijbms-110	92	8	where	where	SCONJ
aijbms-110	92	9	m	m	ADJ
aijbms-110	92	10	,	,	PUNCT
aijbms-110	92	11	i	i	PRON
aijbms-110	92	12	denotes	denote	VERB
aijbms-110	92	13	the	the	DET
aijbms-110	92	14	covariance	covariance	NOUN
aijbms-110	92	15	of	of	ADP
aijbms-110	92	16	the	the	DET
aijbms-110	92	17	market	market	NOUN
aijbms-110	92	18	portfolio	portfolio	NOUN
aijbms-110	92	19	with	with	ADP
aijbms-110	92	20	individual	individual	ADJ
aijbms-110	92	21	asset	asset	NOUN
aijbms-110	93	1	i	i	PRON
aijbms-110	93	2	:	:	PUNCT
aijbms-110	93	3	theorem	theorem	ADJ
aijbms-110	93	4	(	(	PUNCT
aijbms-110	93	5	capm	capm	NOUN
aijbms-110	93	6	formula	formula	NOUN
aijbms-110	93	7	)	)	PUNCT
aijbms-110	93	8	for	for	ADP
aijbms-110	93	9	any	any	DET
aijbms-110	93	10	asset	asset	NOUN
aijbms-110	93	11	i	i	NOUN
aijbms-110	93	12	)	)	PUNCT
aijbms-110	93	13	,	,	PUNCT
aijbms-110	93	14	r(r	r(r	PROPN
aijbms-110	93	15	mi	mi	PROPN
aijbms-110	93	16	fif	fif	PROPN
aijbms-110	93	17	rr	rr	PROPN
aijbms-110	93	18			PROPN
aijbms-110	93	19			PROPN
aijbms-110	93	20	5	5	NUM
aijbms-110	93	21	where	where	SCONJ
aijbms-110	93	22	m	m	VERB
aijbms-110	93	23	i	i	NOUN
aijbms-110	93	24	m	m	VERB
aijbms-110	93	25	2i	2i	NUM
aijbms-110	93	26	,	,	PUNCT
aijbms-110	93	27			PROPN
aijbms-110	93	28			PROPN
aijbms-110	93	29			NOUN
aijbms-110	93	30			NOUN
aijbms-110	93	31	6	6	NUM
aijbms-110	93	32	is	be	AUX
aijbms-110	93	33	called	call	VERB
aijbms-110	93	34	the	the	DET
aijbms-110	93	35	beta	beta	NOUN
aijbms-110	93	36	of	of	ADP
aijbms-110	93	37	asset	asset	NOUN
aijbms-110	93	38	i.	i.	NOUN
aijbms-110	93	39	this	this	DET
aijbms-110	93	40	beta	beta	NOUN
aijbms-110	93	41	value	value	NOUN
aijbms-110	93	42	serves	serve	VERB
aijbms-110	93	43	as	as	ADP
aijbms-110	93	44	an	an	DET
aijbms-110	93	45	important	important	ADJ
aijbms-110	93	46	measure	measure	NOUN
aijbms-110	93	47	of	of	ADP
aijbms-110	93	48	risk	risk	NOUN
aijbms-110	93	49	for	for	ADP
aijbms-110	93	50	individual	individual	ADJ
aijbms-110	93	51	assets	asset	NOUN
aijbms-110	93	52	(	(	PUNCT
aijbms-110	93	53	portfolios	portfolio	NOUN
aijbms-110	93	54	)	)	PUNCT
aijbms-110	93	55	that	that	PRON
aijbms-110	93	56	is	be	AUX
aijbms-110	93	57	different	different	ADJ
aijbms-110	93	58	from	from	ADP
aijbms-110	93	59	;	;	PUNCT
aijbms-110	93	60	2	2	NUM
aijbms-110	93	61	i	i	NOUN
aijbms-110	93	62	it	it	PRON
aijbms-110	93	63	measures	measure	VERB
aijbms-110	93	64	the	the	DET
aijbms-110	93	65	systematic	systematic	ADJ
aijbms-110	93	66	risk	risk	NOUN
aijbms-110	93	67	part	part	NOUN
aijbms-110	93	68	of	of	ADP
aijbms-110	93	69	risk	risk	NOUN
aijbms-110	93	70	.	.	PUNCT
aijbms-110	94	1	more	more	ADV
aijbms-110	94	2	generally	generally	ADV
aijbms-110	94	3	,	,	PUNCT
aijbms-110	94	4	for	for	ADP
aijbms-110	94	5	any	any	DET
aijbms-110	94	6	portfolio	portfolio	NOUN
aijbms-110	94	7	p	p	NOUN
aijbms-110	94	8	=	=	X
aijbms-110	94	9	(	(	PUNCT
aijbms-110	94	10	α1	α1	PROPN
aijbms-110	94	11	…	…	SYM
aijbms-110	94	12	αn	αn	NOUN
aijbms-110	94	13	)	)	PUNCT
aijbms-110	94	14	of	of	ADP
aijbms-110	94	15	risky	risky	ADJ
aijbms-110	94	16	assets	asset	NOUN
aijbms-110	94	17	,	,	PUNCT
aijbms-110	94	18	its	its	PRON
aijbms-110	94	19	beta	beta	NOUN
aijbms-110	94	20	can	can	AUX
aijbms-110	94	21	be	be	AUX
aijbms-110	94	22	computed	compute	VERB
aijbms-110	94	23	as	as	ADP
aijbms-110	94	24	a	a	DET
aijbms-110	94	25	weighted	weighted	ADJ
aijbms-110	94	26	average	average	NOUN
aijbms-110	94	27	of	of	ADP
aijbms-110	94	28	individual	individual	ADJ
aijbms-110	94	29	asset	asset	NOUN
aijbms-110	94	30	betas	beta	NOUN
aijbms-110	94	31	:	:	PUNCT
aijbms-110	94	32	rf)-mr(rf	rf)-mr(rf	NOUN
aijbms-110	94	33	-	-	PUNCT
aijbms-110	94	34	r	r	NOUN
aijbms-110	94	35	p	p	NOUN
aijbms-110	94	36	7	7	NUM
aijbms-110	94	37	where	where	SCONJ
aijbms-110	94	38			X
aijbms-110	94	39			ADV
aijbms-110	95	1			VERB
aijbms-110	96	1	n	n	INTJ
aijbms-110	97	1	i	i	PRON
aijbms-110	97	2	ii	ii	VERB
aijbms-110	97	3	m	m	VERB
aijbms-110	97	4	1	1	NUM
aijbms-110	97	5	2	2	NUM
aijbms-110	97	6	1	1	NUM
aijbms-110	97	7	p	p	NOUN
aijbms-110	97	8	pm	pm	NOUN
aijbms-110	97	9	=	=	SYM
aijbms-110	97	10			NOUN
aijbms-110	97	11			PROPN
aijbms-110	97	12			PROPN
aijbms-110	97	13			NOUN
aijbms-110	97	14	8	8	NUM
aijbms-110	97	15	before	before	ADP
aijbms-110	97	16	providing	provide	VERB
aijbms-110	97	17	the	the	DET
aijbms-110	97	18	above	above	ADJ
aijbms-110	97	19	theorem	theorem	NOUN
aijbms-110	97	20	,	,	PUNCT
aijbms-110	97	21	we	we	PRON
aijbms-110	97	22	point	point	VERB
aijbms-110	97	23	out	out	ADP
aijbms-110	97	24	a	a	DET
aijbms-110	97	25	couple	couple	NOUN
aijbms-110	97	26	of	of	ADP
aijbms-110	97	27	its	its	PRON
aijbms-110	97	28	important	important	ADJ
aijbms-110	97	29	consequences	consequence	NOUN
aijbms-110	97	30	and	and	CCONJ
aijbms-110	97	31	explain	explain	VERB
aijbms-110	97	32	the	the	DET
aijbms-110	97	33	meaning	meaning	NOUN
aijbms-110	97	34	of	of	ADP
aijbms-110	97	35	the	the	DET
aijbms-110	97	36	beta	beta	NOUN
aijbms-110	97	37	.	.	PUNCT
aijbms-110	98	1	for	for	ADP
aijbms-110	98	2	a	a	DET
aijbms-110	98	3	given	give	VERB
aijbms-110	98	4	asset	asset	NOUN
aijbms-110	98	5	i	i	PRON
aijbms-110	98	6	,	,	PUNCT
aijbms-110	98	7			PROPN
aijbms-110	98	8	2	2	NUM
aijbms-110	98	9	i	i	PRON
aijbms-110	98	10	tells	tell	VERB
aijbms-110	98	11	us	we	PRON
aijbms-110	98	12	the	the	DET
aijbms-110	98	13	risk	risk	NOUN
aijbms-110	98	14	associated	associate	VERB
aijbms-110	98	15	with	with	ADP
aijbms-110	98	16	its	its	PRON
aijbms-110	98	17	own	own	ADJ
aijbms-110	98	18	fluctuations	fluctuation	NOUN
aijbms-110	98	19	about	about	ADP
aijbms-110	98	20	its	its	PRON
aijbms-110	98	21	mean	mean	ADJ
aijbms-110	98	22	rate	rate	NOUN
aijbms-110	98	23	of	of	ADP
aijbms-110	98	24	return	return	NOUN
aijbms-110	98	25	,	,	PUNCT
aijbms-110	98	26	but	but	CCONJ
aijbms-110	98	27	not	not	PART
aijbms-110	98	28	with	with	ADP
aijbms-110	98	29	respect	respect	NOUN
aijbms-110	98	30	to	to	ADP
aijbms-110	98	31	the	the	DET
aijbms-110	98	32	market	market	NOUN
aijbms-110	98	33	portfolio	portfolio	NOUN
aijbms-110	98	34	.	.	PUNCT
aijbms-110	99	1	for	for	ADP
aijbms-110	99	2	example	example	NOUN
aijbms-110	99	3	if	if	SCONJ
aijbms-110	99	4	asset	asset	NOUN
aijbms-110	99	5	i	i	PRON
aijbms-110	99	6	is	be	AUX
aijbms-110	99	7	uncorrelated	uncorrelate	VERB
aijbms-110	99	8	with	with	ADP
aijbms-110	99	9	m	m	PROPN
aijbms-110	99	10	,	,	PUNCT
aijbms-110	99	11	then	then	ADV
aijbms-110	99	12	βi=	βi=	PROPN
aijbms-110	99	13	0	0	PUNCT
aijbms-110	99	14	(	(	PUNCT
aijbms-110	99	15	even	even	ADV
aijbms-110	99	16	presumably	presumably	ADV
aijbms-110	99	17	if	if	SCONJ
aijbms-110	99	18			PROPN
aijbms-110	99	19	2	2	NUM
aijbms-110	99	20	i	i	PRON
aijbms-110	99	21	is	be	AUX
aijbms-110	99	22	huge	huge	ADJ
aijbms-110	99	23	)	)	PUNCT
aijbms-110	99	24	,	,	PUNCT
aijbms-110	99	25	and	and	CCONJ
aijbms-110	99	26	this	this	PRON
aijbms-110	99	27	tells	tell	VERB
aijbms-110	99	28	us	we	PRON
aijbms-110	99	29	that	that	SCONJ
aijbms-110	99	30	there	there	PRON
aijbms-110	99	31	is	be	VERB
aijbms-110	99	32	no	no	DET
aijbms-110	99	33	risk	risk	NOUN
aijbms-110	99	34	associated	associate	VERB
aijbms-110	99	35	with	with	ADP
aijbms-110	99	36	this	this	DET
aijbms-110	99	37	asset	asset	NOUN
aijbms-110	99	38	(	(	PUNCT
aijbms-110	99	39	and	and	CCONJ
aijbms-110	99	40	hence	hence	ADV
aijbms-110	99	41	no	no	DET
aijbms-110	99	42	high	high	ADJ
aijbms-110	99	43	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	NOUN
aijbms-110	99	44	american	american	PROPN
aijbms-110	99	45	international	international	PROPN
aijbms-110	99	46	journal	journal	PROPN
aijbms-110	99	47	of	of	ADP
aijbms-110	99	48	business	business	NOUN
aijbms-110	99	49	and	and	CCONJ
aijbms-110	99	50	management	management	NOUN
aijbms-110	99	51	studies	study	NOUN
aijbms-110	99	52	vol	vol	NOUN
aijbms-110	99	53	.	.	PROPN
aijbms-110	100	1	1	1	NUM
aijbms-110	100	2	,	,	PUNCT
aijbms-110	100	3	no	no	INTJ
aijbms-110	100	4	.	.	NOUN
aijbms-110	100	5	1	1	NUM
aijbms-110	100	6	;	;	PUNCT
aijbms-110	100	7	2019	2019	NUM
aijbms-110	100	8	5	5	NUM
aijbms-110	100	9	expected	expect	VERB
aijbms-110	100	10	return	return	NOUN
aijbms-110	100	11	)	)	PUNCT
aijbms-110	100	12	in	in	ADP
aijbms-110	100	13	the	the	DET
aijbms-110	100	14	sense	sense	NOUN
aijbms-110	100	15	that	that	SCONJ
aijbms-110	100	16	the	the	DET
aijbms-110	100	17	variance	variance	NOUN
aijbms-110	100	18			PROPN
aijbms-110	100	19	2	2	NUM
aijbms-110	100	20	i	i	PRON
aijbms-110	100	21	can	can	AUX
aijbms-110	100	22	be	be	AUX
aijbms-110	100	23	diversified	diversify	VERB
aijbms-110	100	24	away	away	ADJ
aijbms-110	100	25	assets	asset	NOUN
aijbms-110	100	26	and	and	CCONJ
aijbms-110	100	27	form	form	VERB
aijbms-110	100	28	a	a	DET
aijbms-110	100	29	portfolio	portfolio	NOUN
aijbms-110	100	30	with	with	ADP
aijbms-110	100	31	equal	equal	ADJ
aijbms-110	100	32	proportions	proportion	NOUN
aijbms-110	100	33	thus	thus	ADV
aijbms-110	100	34	dwindling	dwindle	VERB
aijbms-110	100	35	the	the	DET
aijbms-110	100	36	variance	variance	NOUN
aijbms-110	100	37	to	to	ADP
aijbms-110	100	38	0	0	NUM
aijbms-110	101	1	so	so	CCONJ
aijbms-110	101	2	it	it	PRON
aijbms-110	101	3	becomes	become	VERB
aijbms-110	101	4	like	like	ADP
aijbms-110	101	5	the	the	DET
aijbms-110	101	6	risk	risk	NOUN
aijbms-110	101	7	-	-	PUNCT
aijbms-110	101	8	free	free	ADJ
aijbms-110	101	9	asset	asset	NOUN
aijbms-110	101	10	with	with	ADP
aijbms-110	101	11	deterministic	deterministic	ADJ
aijbms-110	101	12	rate	rate	NOUN
aijbms-110	101	13	of	of	ADP
aijbms-110	101	14	return	return	NOUN
aijbms-110	101	15	rf	rf	VERB
aijbms-110	101	16	,	,	PUNCT
aijbms-110	101	17	so	so	ADV
aijbms-110	101	18	,	,	PUNCT
aijbms-110	101	19	in	in	ADP
aijbms-110	101	20	effect	effect	NOUN
aijbms-110	101	21	,	,	PUNCT
aijbms-110	101	22	in	in	ADP
aijbms-110	101	23	the	the	DET
aijbms-110	101	24	world	world	NOUN
aijbms-110	101	25	of	of	ADP
aijbms-110	101	26	the	the	DET
aijbms-110	101	27	market	market	NOUN
aijbms-110	101	28	you	you	PRON
aijbms-110	101	29	are	be	AUX
aijbms-110	101	30	not	not	PART
aijbms-110	101	31	rewarded	reward	VERB
aijbms-110	101	32	(	(	PUNCT
aijbms-110	101	33	via	via	ADP
aijbms-110	101	34	a	a	DET
aijbms-110	101	35	high	high	ADJ
aijbms-110	101	36	expected	expect	VERB
aijbms-110	101	37	rate	rate	NOUN
aijbms-110	101	38	of	of	ADP
aijbms-110	101	39	return	return	NOUN
aijbms-110	101	40	)	)	PUNCT
aijbms-110	101	41	for	for	ADP
aijbms-110	101	42	taking	take	VERB
aijbms-110	101	43	on	on	ADP
aijbms-110	101	44	risk	risk	NOUN
aijbms-110	101	45	that	that	PRON
aijbms-110	101	46	can	can	AUX
aijbms-110	101	47	be	be	AUX
aijbms-110	101	48	diversified	diversify	VERB
aijbms-110	101	49	away	away	ADV
aijbms-110	101	50	.	.	PUNCT
aijbms-110	102	1	βi	βi	PROPN
aijbms-110	103	1	as	as	ADP
aijbms-110	103	2	a	a	DET
aijbms-110	103	3	measure	measure	NOUN
aijbms-110	103	4	of	of	ADP
aijbms-110	103	5	non	non	ADJ
aijbms-110	103	6	diversifiable	diversifiable	ADJ
aijbms-110	103	7	risk	risk	NOUN
aijbms-110	103	8	,	,	PUNCT
aijbms-110	103	9	the	the	DET
aijbms-110	103	10	correlated	correlate	VERB
aijbms-110	103	11	-	-	PUNCT
aijbms-110	103	12	with	with	ADP
aijbms-110	103	13	-	-	PUNCT
aijbms-110	103	14	the	the	DET
aijbms-110	103	15	-	-	PUNCT
aijbms-110	103	16	market	market	NOUN
aijbms-110	103	17	part	part	NOUN
aijbms-110	103	18	of	of	ADP
aijbms-110	103	19	risk	risk	NOUN
aijbms-110	103	20	that	that	PRON
aijbms-110	103	21	we	we	PRON
aijbms-110	103	22	ca	can	AUX
aijbms-110	103	23	n’t	not	PART
aijbms-110	103	24	reduce	reduce	VERB
aijbms-110	103	25	by	by	ADP
aijbms-110	103	26	diversifying	diversify	VERB
aijbms-110	103	27	.	.	PUNCT
aijbms-110	104	1	this	this	DET
aijbms-110	104	2	kind	kind	NOUN
aijbms-110	104	3	of	of	ADP
aijbms-110	104	4	risk	risk	NOUN
aijbms-110	104	5	is	be	AUX
aijbms-110	104	6	sometimes	sometimes	ADV
aijbms-110	104	7	called	call	VERB
aijbms-110	104	8	market	market	NOUN
aijbms-110	104	9	or	or	CCONJ
aijbms-110	104	10	systematic	systematic	ADJ
aijbms-110	104	11	risk	risk	NOUN
aijbms-110	104	12	.	.	PUNCT
aijbms-110	105	1	it	it	PRON
aijbms-110	105	2	is	be	AUX
aijbms-110	105	3	not	not	PART
aijbms-110	105	4	true	true	ADJ
aijbms-110	105	5	in	in	ADP
aijbms-110	105	6	general	general	ADJ
aijbms-110	105	7	that	that	SCONJ
aijbms-110	105	8	higher	high	ADJ
aijbms-110	105	9	beta	beta	NOUN
aijbms-110	105	10	value	value	NOUN
aijbms-110	105	11	βi	βi	PRON
aijbms-110	105	12	implies	imply	VERB
aijbms-110	105	13	higher	high	ADJ
aijbms-110	105	14	variance	variance	NOUN
aijbms-110	105	15			PROPN
aijbms-110	105	16	2	2	NUM
aijbms-110	105	17	i	i	NOUN
aijbms-110	105	18	,	,	PUNCT
aijbms-110	105	19	but	but	CCONJ
aijbms-110	105	20	of	of	ADP
aijbms-110	105	21	course	course	NOUN
aijbms-110	105	22	a	a	DET
aijbms-110	105	23	higher	high	ADJ
aijbms-110	105	24	beta	beta	NOUN
aijbms-110	105	25	value	value	NOUN
aijbms-110	105	26	does	do	AUX
aijbms-110	105	27	imply	imply	VERB
aijbms-110	105	28	a	a	DET
aijbms-110	105	29	higher	high	ADJ
aijbms-110	105	30	expected	expect	VERB
aijbms-110	105	31	rate	rate	NOUN
aijbms-110	105	32	of	of	ADP
aijbms-110	105	33	return	return	NOUN
aijbms-110	105	34	:	:	PUNCT
aijbms-110	105	35	you	you	PRON
aijbms-110	105	36	are	be	AUX
aijbms-110	105	37	rewarded	reward	VERB
aijbms-110	105	38	(	(	PUNCT
aijbms-110	105	39	via	via	ADP
aijbms-110	105	40	a	a	DET
aijbms-110	105	41	high	high	ADJ
aijbms-110	105	42	expected	expect	VERB
aijbms-110	105	43	rate	rate	NOUN
aijbms-110	105	44	of	of	ADP
aijbms-110	105	45	return	return	NOUN
aijbms-110	105	46	)	)	PUNCT
aijbms-110	105	47	for	for	ADP
aijbms-110	105	48	taking	take	VERB
aijbms-110	105	49	on	on	ADP
aijbms-110	105	50	risk	risk	NOUN
aijbms-110	105	51	that	that	PRON
aijbms-110	105	52	can	can	AUX
aijbms-110	105	53	not	not	PART
aijbms-110	105	54	be	be	AUX
aijbms-110	105	55	diversified	diversify	VERB
aijbms-110	105	56	away	away	ADV
aijbms-110	105	57	;	;	PUNCT
aijbms-110	105	58	everyone	everyone	PRON
aijbms-110	105	59	must	must	AUX
aijbms-110	105	60	face	face	VERB
aijbms-110	105	61	this	this	DET
aijbms-110	105	62	kind	kind	NOUN
aijbms-110	105	63	of	of	ADP
aijbms-110	105	64	risk	risk	NOUN
aijbms-110	105	65	.	.	PUNCT
aijbms-110	106	1	portfolio	portfolio	NOUN
aijbms-110	106	2	of	of	ADP
aijbms-110	106	3	asset	asset	NOUN
aijbms-110	106	4	i	i	PRON
aijbms-110	106	5	and	and	CCONJ
aijbms-110	106	6	the	the	DET
aijbms-110	106	7	market	market	NOUN
aijbms-110	106	8	portfolio	portfolio	NOUN
aijbms-110	106	9	m	m	PROPN
aijbms-110	106	10	;	;	PUNCT
aijbms-110	106	11	(	(	PUNCT
aijbms-110	106	12	α	α	X
aijbms-110	106	13	,	,	PUNCT
aijbms-110	106	14	1	1	NUM
aijbms-110	106	15	-	-	SYM
aijbms-110	106	16	α	α	NUM
aijbms-110	106	17	)	)	PUNCT
aijbms-110	106	18	,	,	PUNCT
aijbms-110	106	19	with	with	ADP
aijbms-110	106	20	α	α	PRON
aijbms-110	106	21	€	€	DET
aijbms-110	106	22	[	[	X
aijbms-110	106	23	0	0	NUM
aijbms-110	106	24	,	,	PUNCT
aijbms-110	106	25	1	1	NUM
aijbms-110	106	26	]	]	PUNCT
aijbms-110	106	27	,	,	PUNCT
aijbms-110	106	28	the	the	DET
aijbms-110	106	29	rate	rate	NOUN
aijbms-110	106	30	of	of	ADP
aijbms-110	106	31	return	return	NOUN
aijbms-110	106	32	is	be	AUX
aijbms-110	106	33	thus	thus	ADV
aijbms-110	106	34	r(α	r(α	VERB
aijbms-110	106	35	)	)	PUNCT
aijbms-110	106	36	=	=	SYM
aijbms-110	107	1	αri	αri	PROPN
aijbms-110	108	1	+	+	CCONJ
aijbms-110	108	2	(	(	PUNCT
aijbms-110	108	3	1	1	NUM
aijbms-110	108	4	-	-	PUNCT
aijbms-110	108	5	α	α	NUM
aijbms-110	108	6	)	)	PUNCT
aijbms-110	108	7	rm	rm	PROPN
aijbms-110	108	8	.	.	PUNCT
aijbms-110	109	1	asset	asset	NOUN
aijbms-110	109	2	it	it	PRON
aijbms-110	109	3	is	be	AUX
aijbms-110	109	4	assumed	assume	VERB
aijbms-110	109	5	not	not	PART
aijbms-110	109	6	efficient	efficient	ADJ
aijbms-110	109	7	;	;	PUNCT
aijbms-110	109	8	its	its	PRON
aijbms-110	109	9	point	point	NOUN
aijbms-110	109	10	lies	lie	VERB
aijbms-110	109	11	in	in	ADP
aijbms-110	109	12	the	the	DET
aijbms-110	109	13	feasible	feasible	ADJ
aijbms-110	109	14	region	region	NOUN
aijbms-110	109	15	but	but	CCONJ
aijbms-110	109	16	not	not	PART
aijbms-110	109	17	on	on	ADP
aijbms-110	109	18	the	the	DET
aijbms-110	109	19	efficient	efficient	ADJ
aijbms-110	109	20	frontier	frontier	NOUN
aijbms-110	109	21	.	.	PUNCT
aijbms-110	110	1	thus	thus	ADV
aijbms-110	110	2	as	as	SCONJ
aijbms-110	110	3	α	α	PROPN
aijbms-110	110	4	varies	vary	VERB
aijbms-110	110	5	this	this	DET
aijbms-110	110	6	portfolio	portfolio	NOUN
aijbms-110	110	7	’s	’s	PART
aijbms-110	110	8	point	point	NOUN
aijbms-110	110	9	traces	trace	VERB
aijbms-110	110	10	out	out	ADP
aijbms-110	110	11	a	a	DET
aijbms-110	110	12	smooth	smooth	ADJ
aijbms-110	110	13	curve	curve	NOUN
aijbms-110	110	14	in	in	ADP
aijbms-110	110	15	the	the	DET
aijbms-110	110	16	feasible	feasible	ADJ
aijbms-110	110	17	(	(	PUNCT
aijbms-110	110	18	,r	,r	NOUN
aijbms-110	110	19	)	)	PUNCT
aijbms-110	110	20	region	region	NOUN
aijbms-110	110	21	α	α	PROPN
aijbms-110	110	22			PROPN
aijbms-110	110	23	(	(	PUNCT
aijbms-110	110	24	(α	(α	NOUN
aijbms-110	110	25	)	)	PUNCT
aijbms-110	110	26	,	,	PUNCT
aijbms-110	110	27	r	r	NOUN
aijbms-110	110	28	(	(	PUNCT
aijbms-110	110	29	α	α	NOUN
aijbms-110	110	30	)	)	PUNCT
aijbms-110	110	31	)	)	PUNCT
aijbms-110	110	32	parameterized	parameterized	ADJ
aijbms-110	110	33	by	by	ADP
aijbms-110	110	34	α	α	X
aijbms-110	110	35	,	,	PUNCT
aijbms-110	110	36	where	where	SCONJ
aijbms-110	110	37	.	.	PUNCT
aijbms-110	111	1	r(α	r(α	NOUN
aijbms-110	111	2	)	)	PUNCT
aijbms-110	111	3	=	=	PUNCT
aijbms-110	112	1	α	α	NOUN
aijbms-110	112	2	r	r	NOUN
aijbms-110	113	1	i	i	PRON
aijbms-110	113	2	+	+	CCONJ
aijbms-110	113	3	(	(	PUNCT
aijbms-110	113	4	1α	1α	X
aijbms-110	113	5	)	)	PUNCT
aijbms-110	113	6	r	r	NOUN
aijbms-110	113	7	m	m	VERB
aijbms-110	113	8	9	9	NUM
aijbms-110	113	9	=	=	SYM
aijbms-110	113	10	α	α	NOUN
aijbms-110	113	11	(	(	PUNCT
aijbms-110	113	12	r	r	NOUN
aijbms-110	113	13	i	i	NOUN
aijbms-110	113	14	r	r	NOUN
aijbms-110	113	15	m	m	VERB
aijbms-110	113	16	)	)	PUNCT
aijbms-110	114	1	+	+	CCONJ
aijbms-110	114	2	r	r	NOUN
aijbms-110	114	3	m	m	PROPN
aijbms-110	114	4	,	,	PUNCT
aijbms-110	114	5	10	10	NUM
aijbms-110	114	6	i.	i.	NOUN
aijbms-110	114	7	,	,	PUNCT
aijbms-110	114	8	)	)	PUNCT
aijbms-110	114	9	-(1	-(1	PROPN
aijbms-110	114	10	2	2	NUM
aijbms-110	114	11	+	+	NUM
aijbms-110	114	12	m	m	VERB
aijbms-110	114	13	)	)	PUNCT
aijbms-110	114	14	(	(	PUNCT
aijbms-110	114	15	1	1	NUM
aijbms-110	114	16	+	+	CCONJ
aijbms-110	114	17	)	)	PUNCT
aijbms-110	114	18	(	(	PUNCT
aijbms-110	114	19	22	22	NUM
aijbms-110	114	20	i	i	PRON
aijbms-110	114	21	22	22	NUM
aijbms-110	114	22	m	m	NOUN
aijbms-110	114	23			PROPN
aijbms-110	114	24			NUM
aijbms-110	114	25	11	11	NUM
aijbms-110	114	26	mm	mm	NOUN
aijbms-110	114	27	222	222	NUM
aijbms-110	114	28	i	i	PRON
aijbms-110	114	29	22	22	NUM
aijbms-110	114	30	m	m	NOUN
aijbms-110	114	31	)	)	PUNCT
aijbms-110	114	32	im,(2i	im,(2i	PROPN
aijbms-110	114	33	.	.	PUNCT
aijbms-110	114	34	)	)	PUNCT
aijbms-110	114	35	,	,	PUNCT
aijbms-110	114	36	2	2	NUM
aijbms-110	114	37	m	m	VERB
aijbms-110	114	38	+	+	CCONJ
aijbms-110	114	39	(	(	PUNCT
aijbms-110	114	40			X
aijbms-110	114	41			PUNCT
aijbms-110	114	42	12	12	NUM
aijbms-110	114	43	when	when	SCONJ
aijbms-110	114	44	α	α	NOUN
aijbms-110	114	45	=	=	NOUN
aijbms-110	114	46	0	0	PUNCT
aijbms-110	114	47	(	(	PUNCT
aijbms-110	114	48			X
aijbms-110	114	49	(	(	PUNCT
aijbms-110	114	50	0	0	NUM
aijbms-110	114	51	)	)	PUNCT
aijbms-110	114	52	,	,	PUNCT
aijbms-110	114	53	r	r	NOUN
aijbms-110	114	54	(	(	PUNCT
aijbms-110	114	55	0	0	NUM
aijbms-110	114	56	)	)	PUNCT
aijbms-110	114	57	)	)	PUNCT
aijbms-110	115	1	=	=	SYM
aijbms-110	115	2	(	(	PUNCT
aijbms-110	115	3	m	m	ADJ
aijbms-110	115	4	,	,	PUNCT
aijbms-110	115	5	r	r	NOUN
aijbms-110	115	6	m	m	PROPN
aijbms-110	115	7	)	)	PUNCT
aijbms-110	115	8	and	and	CCONJ
aijbms-110	115	9	when	when	SCONJ
aijbms-110	115	10	α	α	NOUN
aijbms-110	115	11	=	=	SYM
aijbms-110	115	12	1	1	NUM
aijbms-110	115	13	,	,	PUNCT
aijbms-110	115	14	(	(	PUNCT
aijbms-110	115	15	(0	(0	ADJ
aijbms-110	115	16	)	)	PUNCT
aijbms-110	115	17	,	,	PUNCT
aijbms-110	115	18	r	r	NOUN
aijbms-110	115	19	(	(	PUNCT
aijbms-110	115	20	0))=	0))=	PUNCT
aijbms-110	115	21	(	(	PUNCT
aijbms-110	115	22	i	i	PROPN
aijbms-110	115	23	,	,	PUNCT
aijbms-110	115	24	r	r	PROPN
aijbms-110	115	25	i	i	PROPN
aijbms-110	115	26	)	)	PUNCT
aijbms-110	115	27	.	.	PUNCT
aijbms-110	116	1	thus	thus	ADV
aijbms-110	116	2	the	the	DET
aijbms-110	116	3	curve	curve	NOUN
aijbms-110	116	4	touches	touch	VERB
aijbms-110	116	5	the	the	DET
aijbms-110	116	6	capital	capital	NOUN
aijbms-110	116	7	market	market	NOUN
aijbms-110	116	8	line	line	NOUN
aijbms-110	116	9	at	at	ADP
aijbms-110	116	10	the	the	DET
aijbms-110	116	11	market	market	NOUN
aijbms-110	116	12	point	point	NOUN
aijbms-110	116	13	(	(	PUNCT
aijbms-110	116	14	m	m	ADJ
aijbms-110	116	15	,	,	PUNCT
aijbms-110	116	16	r	r	NOUN
aijbms-110	116	17	m	m	PROPN
aijbms-110	116	18	)	)	PUNCT
aijbms-110	116	19	,	,	PUNCT
aijbms-110	116	20	but	but	CCONJ
aijbms-110	116	21	otherwise	otherwise	ADV
aijbms-110	116	22	remains	remain	VERB
aijbms-110	116	23	off	off	ADP
aijbms-110	116	24	the	the	DET
aijbms-110	116	25	capital	capital	NOUN
aijbms-110	116	26	market	market	NOUN
aijbms-110	116	27	line	line	NOUN
aijbms-110	116	28	but	but	CCONJ
aijbms-110	116	29	(	(	PUNCT
aijbms-110	116	30	of	of	ADP
aijbms-110	116	31	course	course	NOUN
aijbms-110	116	32	)	)	PUNCT
aijbms-110	116	33	within	within	ADP
aijbms-110	116	34	the	the	DET
aijbms-110	116	35	feasible	feasible	ADJ
aijbms-110	116	36	region	region	NOUN
aijbms-110	116	37	where	where	SCONJ
aijbms-110	116	38	it	it	PRON
aijbms-110	116	39	also	also	ADV
aijbms-110	116	40	hits	hit	VERB
aijbms-110	116	41	the	the	DET
aijbms-110	116	42	point	point	NOUN
aijbms-110	116	43	(	(	PUNCT
aijbms-110	116	44	m	m	ADJ
aijbms-110	116	45	,	,	PUNCT
aijbms-110	116	46	r	r	NOUN
aijbms-110	116	47	m	m	PROPN
aijbms-110	116	48	)	)	PUNCT
aijbms-110	116	49	and	and	CCONJ
aijbms-110	116	50	therefore	therefore	ADV
aijbms-110	116	51	when	when	SCONJ
aijbms-110	116	52	α	α	PROPN
aijbms-110	116	53	=	=	NOUN
aijbms-110	116	54	0	0	PROPN
aijbms-110	116	55	the	the	DET
aijbms-110	116	56	curve	curve	NOUN
aijbms-110	116	57	’s	’s	PART
aijbms-110	116	58	derivative	derivative	NOUN
aijbms-110	116	59	.	.	PUNCT
aijbms-110	116	60	0	0	NUM
aijbms-110	116	61	)	)	PUNCT
aijbms-110	116	62	(	(	PUNCT
aijbms-110	116	63	)	)	PUNCT
aijbms-110	116	64	(	(	PUNCT
aijbms-110	116	65			NOUN
aijbms-110	116	66			PUNCT
aijbms-110	116	67	d	d	PROPN
aijbms-110	116	68	rd	rd	PROPN
aijbms-110	116	69	13	13	NUM
aijbms-110	116	70	is	be	AUX
aijbms-110	116	71	identical	identical	ADJ
aijbms-110	116	72	to	to	ADP
aijbms-110	116	73	the	the	DET
aijbms-110	116	74	slope	slope	NOUN
aijbms-110	116	75	of	of	ADP
aijbms-110	116	76	the	the	DET
aijbms-110	116	77	capital	capital	NOUN
aijbms-110	116	78	asset	asset	NOUN
aijbms-110	116	79	line	line	NOUN
aijbms-110	116	80	at	at	ADP
aijbms-110	116	81	point	point	NOUN
aijbms-110	116	82	m.	m.	NOUN
aijbms-110	116	83	the	the	DET
aijbms-110	116	84	slope	slope	NOUN
aijbms-110	116	85	(	(	PUNCT
aijbms-110	116	86	the	the	DET
aijbms-110	116	87	price	price	NOUN
aijbms-110	116	88	of	of	ADP
aijbms-110	116	89	risk	risk	NOUN
aijbms-110	116	90	)	)	PUNCT
aijbms-110	116	91	of	of	ADP
aijbms-110	116	92	the	the	DET
aijbms-110	116	93	line	line	NOUN
aijbms-110	116	94	is	be	AUX
aijbms-110	116	95	given	give	VERB
aijbms-110	116	96	by	by	ADP
aijbms-110	116	97	(	(	PUNCT
aijbms-110	116	98	2	2	NUM
aijbms-110	116	99	)	)	PUNCT
aijbms-110	116	100	.	.	PUNCT
aijbms-110	117	1	we	we	PRON
aijbms-110	117	2	thus	thus	ADV
aijbms-110	117	3	conclude	conclude	VERB
aijbms-110	117	4	that	that	SCONJ
aijbms-110	117	5	when	when	SCONJ
aijbms-110	117	6	α	α	PROPN
aijbms-110	117	7	=	=	NOUN
aijbms-110	117	8	0	0	PROPN
aijbms-110	118	1	m	m	NOUN
aijbms-110	118	2	tmt	tmt	PROPN
aijbms-110	118	3	d	d	PROPN
aijbms-110	118	4	rd	rd	PROPN
aijbms-110	118	5	f	f	PROPN
aijbms-110	118	6			PROPN
aijbms-110	118	7			PUNCT
aijbms-110	118	8			VERB
aijbms-110	118	9			NUM
aijbms-110	118	10	)	)	PUNCT
aijbms-110	118	11	(	(	PUNCT
aijbms-110	118	12	)	)	PUNCT
aijbms-110	118	13	(	(	PUNCT
aijbms-110	118	14	14	14	NUM
aijbms-110	118	15	the	the	DET
aijbms-110	118	16	composition	composition	NOUN
aijbms-110	118	17	rule	rule	NOUN
aijbms-110	118	18	from	from	ADP
aijbms-110	118	19	calculus	calculus	NOUN
aijbms-110	118	20	yields	yield	NOUN
aijbms-110	118	21			PROPN
aijbms-110	118	22			VERB
aijbms-110	118	23			ADV
aijbms-110	118	24			X
aijbms-110	118	25	dd	dd	NOUN
aijbms-110	118	26	drd	drd	PROPN
aijbms-110	118	27	d	d	PROPN
aijbms-110	118	28	rd	rd	PROPN
aijbms-110	118	29	/	/	PUNCT
aijbms-110	118	30	)	)	PUNCT
aijbms-110	118	31	(	(	PUNCT
aijbms-110	118	32	/	/	SYM
aijbms-110	118	33	)	)	PUNCT
aijbms-110	118	34	(	(	PUNCT
aijbms-110	118	35	)	)	PUNCT
aijbms-110	118	36	(	(	PUNCT
aijbms-110	118	37	)	)	PUNCT
aijbms-110	118	38	(	(	PUNCT
aijbms-110	118	39			NOUN
aijbms-110	118	40	15	15	NUM
aijbms-110	118	41	differentiating	differentiating	NOUN
aijbms-110	118	42	(	(	PUNCT
aijbms-110	118	43	3	3	NUM
aijbms-110	118	44	)	)	PUNCT
aijbms-110	118	45	and	and	CCONJ
aijbms-110	118	46	(	(	PUNCT
aijbms-110	118	47	4	4	NUM
aijbms-110	118	48	)	)	PUNCT
aijbms-110	118	49	and	and	CCONJ
aijbms-110	118	50	evaluating	evaluate	VERB
aijbms-110	118	51	at	at	ADP
aijbms-110	118	52	α	α	NOUN
aijbms-110	118	53	=	=	SYM
aijbms-110	118	54	0	0	NUM
aijbms-110	118	55	yields	yield	NOUN
aijbms-110	118	56	mmim	mmim	NOUN
aijbms-110	118	57	mtt	mtt	PROPN
aijbms-110	118	58	dd	dd	NOUN
aijbms-110	118	59	drd	drd	PROPN
aijbms-110	119	1	i	i	PRON
aijbms-110	119	2			PROPN
aijbms-110	119	3			NUM
aijbms-110	119	4	/,(/	/,(/	NOUN
aijbms-110	119	5	)	)	PUNCT
aijbms-110	119	6	(	(	PUNCT
aijbms-110	119	7	/	/	SYM
aijbms-110	119	8	)	)	PUNCT
aijbms-110	119	9	(	(	PUNCT
aijbms-110	119	10	2	2	NUM
aijbms-110	119	11			NOUN
aijbms-110	119	12			NOUN
aijbms-110	119	13	16	16	NUM
aijbms-110	119	14	from	from	ADP
aijbms-110	119	15	(	(	PUNCT
aijbms-110	119	16	5	5	X
aijbms-110	119	17	)	)	PUNCT
aijbms-110	119	18	we	we	PRON
aijbms-110	119	19	deduce	deduce	VERB
aijbms-110	119	20	that	that	SCONJ
aijbms-110	119	21	m	m	VERB
aijbms-110	119	22	rmt	rmt	NOUN
aijbms-110	119	23	mmim	mmim	NOUN
aijbms-110	119	24	mtt	mtt	NOUN
aijbms-110	119	25	fi	fi	NOUN
aijbms-110	120	1			PROPN
aijbms-110	120	2			PROPN
aijbms-110	120	3			PROPN
aijbms-110	120	4			PROPN
aijbms-110	120	5			PROPN
aijbms-110	120	6	/	/	SYM
aijbms-110	120	7	,	,	PUNCT
aijbms-110	120	8	(	(	PUNCT
aijbms-110	120	9	2	2	NUM
aijbms-110	120	10	17	17	NUM
aijbms-110	120	11	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	NOUN
aijbms-110	120	12	american	american	PROPN
aijbms-110	120	13	international	international	PROPN
aijbms-110	120	14	journal	journal	PROPN
aijbms-110	120	15	of	of	ADP
aijbms-110	120	16	business	business	NOUN
aijbms-110	120	17	and	and	CCONJ
aijbms-110	120	18	management	management	NOUN
aijbms-110	120	19	studies	study	NOUN
aijbms-110	120	20	vol	vol	NOUN
aijbms-110	120	21	.	.	PROPN
aijbms-110	121	1	1	1	NUM
aijbms-110	121	2	,	,	PUNCT
aijbms-110	121	3	no	no	INTJ
aijbms-110	121	4	.	.	NOUN
aijbms-110	121	5	1	1	NUM
aijbms-110	121	6	;	;	PUNCT
aijbms-110	121	7	2019	2019	NUM
aijbms-110	121	8	6	6	NUM
aijbms-110	121	9	solving	solve	VERB
aijbms-110	121	10	for	for	ADP
aijbms-110	121	11	r	r	NOUN
aijbms-110	122	1	i	i	PRON
aijbms-110	122	2	then	then	ADV
aijbms-110	122	3	yields	yield	VERB
aijbms-110	122	4	the	the	DET
aijbms-110	122	5	capm	capm	PROPN
aijbms-110	122	6	formula	formula	NOUN
aijbms-110	122	7	for	for	ADP
aijbms-110	122	8	asset	asset	NOUN
aijbms-110	122	9	i	i	PRON
aijbms-110	122	10	,	,	PUNCT
aijbms-110	122	11	r	r	VERB
aijbms-110	122	12	i	i	PRON
aijbms-110	122	13	–	–	PUNCT
aijbms-110	122	14	rf	rf	PROPN
aijbms-110	122	15	=	=	SYM
aijbms-110	122	16	βi	βi	PROPN
aijbms-110	122	17	(	(	PUNCT
aijbms-110	122	18	r	r	NOUN
aijbms-110	122	19	m	m	PROPN
aijbms-110	122	20	–	–	PUNCT
aijbms-110	122	21	rf	rf	NOUN
aijbms-110	122	22	)	)	PUNCT
aijbms-110	122	23	,	,	PUNCT
aijbms-110	122	24	as	as	SCONJ
aijbms-110	122	25	was	be	AUX
aijbms-110	122	26	to	to	PART
aijbms-110	122	27	be	be	AUX
aijbms-110	122	28	shown	show	VERB
aijbms-110	122	29	.	.	PUNCT
aijbms-110	123	1	for	for	ADP
aijbms-110	123	2	the	the	DET
aijbms-110	123	3	more	more	ADV
aijbms-110	123	4	general	general	ADJ
aijbms-110	123	5	portfolio	portfolio	NOUN
aijbms-110	123	6	result	result	NOUN
aijbms-110	123	7	,	,	PUNCT
aijbms-110	123	8	observe	observe	VERB
aijbms-110	123	9	that	that	SCONJ
aijbms-110	123	10	rp	rp	NOUN
aijbms-110	123	11	-	-	PUNCT
aijbms-110	123	12	rf	rf	ADJ
aijbms-110	123	13	=	=	NOUN
aijbms-110	123	14	-rf	-rf	NOUN
aijbms-110	123	15	+	+	CCONJ
aijbms-110	123	16	i	i	PRON
aijbms-110	123	17	n	n	VERB
aijbms-110	123	18	i	i	PRON
aijbms-110	123	19	ir	ir	VERB
aijbms-110	124	1			ADJ
aijbms-110	124	2	1	1	NUM
aijbms-110	124	3			NOUN
aijbms-110	124	4	18	18	NUM
aijbms-110	124	5	)	)	PUNCT
aijbms-110	124	6	(	(	PUNCT
aijbms-110	124	7	1	1	NUM
aijbms-110	124	8	rfri	rfri	ADJ
aijbms-110	124	9	n	n	ADP
aijbms-110	125	1	i	i	PRON
aijbms-110	125	2	i	i	PRON
aijbms-110	125	3			NUM
aijbms-110	125	4			NUM
aijbms-110	125	5			NOUN
aijbms-110	125	6	19	19	NUM
aijbms-110	125	7	)	)	PUNCT
aijbms-110	125	8	(	(	PUNCT
aijbms-110	125	9	1	1	NUM
aijbms-110	125	10	fii	fii	PROPN
aijbms-110	125	11	n	n	CCONJ
aijbms-110	125	12	i	i	PRON
aijbms-110	125	13	i	i	PRON
aijbms-110	125	14	rr	rr	VERB
aijbms-110	125	15			PROPN
aijbms-110	126	1			ADJ
aijbms-110	126	2			NOUN
aijbms-110	126	3	20	20	NUM
aijbms-110	126	4	)	)	PUNCT
aijbms-110	126	5	(	(	PUNCT
aijbms-110	126	6	1	1	NUM
aijbms-110	126	7	fmi	fmi	PROPN
aijbms-110	127	1	n	n	PROPN
aijbms-110	127	2	i	i	PRON
aijbms-110	128	1	i	i	PRON
aijbms-110	128	2	rr	rr	VERB
aijbms-110	128	3			PROPN
aijbms-110	128	4			PROPN
aijbms-110	128	5			VERB
aijbms-110	128	6	capm	capm	NOUN
aijbms-110	128	7	formula	formula	NOUN
aijbms-110	128	8	for	for	ADP
aijbms-110	128	9	single	single	ADJ
aijbms-110	128	10	asset	asset	NOUN
aijbms-110	129	1	i	i	PRON
aijbms-110	129	2	21	21	NUM
aijbms-110	129	3			NUM
aijbms-110	129	4			NUM
aijbms-110	129	5			PROPN
aijbms-110	130	1	n	n	INTJ
aijbms-110	130	2	i	i	PRON
aijbms-110	130	3	iirfmr	iirfmr	VERB
aijbms-110	130	4	1	1	NUM
aijbms-110	130	5	)	)	PUNCT
aijbms-110	130	6	(	(	PUNCT
aijbms-110	130	7			NUM
aijbms-110	130	8	22	22	NUM
aijbms-110	130	9	note	note	VERB
aijbms-110	130	10	that	that	SCONJ
aijbms-110	130	11	when	when	SCONJ
aijbms-110	130	12	βp	βp	PROPN
aijbms-110	130	13	=	=	NOUN
aijbms-110	130	14	1	1	NUM
aijbms-110	130	15	then	then	ADV
aijbms-110	130	16	pr	pr	X
aijbms-110	130	17	=	=	PUNCT
aijbms-110	130	18	;	;	PUNCT
aijbms-110	130	19	mr	mr	PROPN
aijbms-110	130	20	the	the	DET
aijbms-110	130	21	expected	expect	VERB
aijbms-110	130	22	rate	rate	NOUN
aijbms-110	130	23	of	of	ADP
aijbms-110	130	24	return	return	NOUN
aijbms-110	130	25	is	be	AUX
aijbms-110	130	26	the	the	DET
aijbms-110	130	27	same	same	ADJ
aijbms-110	130	28	as	as	ADP
aijbms-110	130	29	for	for	ADP
aijbms-110	130	30	the	the	DET
aijbms-110	130	31	market	market	NOUN
aijbms-110	130	32	portfolio	portfolio	NOUN
aijbms-110	130	33	.	.	PUNCT
aijbms-110	131	1	when	when	SCONJ
aijbms-110	131	2	βp	βp	PROPN
aijbms-110	131	3	>	>	X
aijbms-110	131	4	1	1	NUM
aijbms-110	131	5	,	,	PUNCT
aijbms-110	131	6	then	then	ADV
aijbms-110	131	7	pr	pr	VERB
aijbms-110	131	8	>	>	X
aijbms-110	131	9	mr	mr	PROPN
aijbms-110	131	10	;	;	PUNCT
aijbms-110	131	11	when	when	SCONJ
aijbms-110	131	12	βp	βp	ADP
aijbms-110	131	13	<	<	X
aijbms-110	131	14	1	1	NUM
aijbms-110	131	15	,	,	PUNCT
aijbms-110	131	16	then	then	ADV
aijbms-110	131	17	pr	pr	VERB
aijbms-110	131	18	<	<	X
aijbms-110	131	19	mr	mr	PROPN
aijbms-110	131	20	.	.	PUNCT
aijbms-110	131	21	also	also	ADV
aijbms-110	131	22	note	note	VERB
aijbms-110	131	23	that	that	SCONJ
aijbms-110	131	24	if	if	SCONJ
aijbms-110	131	25	an	an	DET
aijbms-110	131	26	asset	asset	NOUN
aijbms-110	131	27	i	i	PRON
aijbms-110	131	28	is	be	AUX
aijbms-110	131	29	negatively	negatively	ADV
aijbms-110	131	30	correlated	correlate	VERB
aijbms-110	131	31	with	with	ADP
aijbms-110	131	32	m	m	PROPN
aijbms-110	131	33	,	,	PUNCT
aijbms-110	131	34	m	m	ADJ
aijbms-110	131	35	,	,	PUNCT
aijbms-110	131	36	i	i	PRON
aijbms-110	131	37	<	<	X
aijbms-110	131	38	0	0	NUM
aijbms-110	131	39	,	,	PUNCT
aijbms-110	131	40	then	then	ADV
aijbms-110	131	41	βi	βi	ADP
aijbms-110	131	42	<	<	X
aijbms-110	131	43	0	0	NUM
aijbms-110	131	44	and	and	CCONJ
aijbms-110	131	45	ri	ri	X
aijbms-110	131	46	<	<	X
aijbms-110	131	47	rf	rf	PROPN
aijbms-110	131	48	;	;	PUNCT
aijbms-110	131	49	the	the	DET
aijbms-110	131	50	expected	expect	VERB
aijbms-110	131	51	rate	rate	NOUN
aijbms-110	131	52	of	of	ADP
aijbms-110	131	53	return	return	NOUN
aijbms-110	131	54	is	be	AUX
aijbms-110	131	55	less	less	ADJ
aijbms-110	131	56	than	than	ADP
aijbms-110	131	57	the	the	DET
aijbms-110	131	58	risk	risk	NOUN
aijbms-110	131	59	-	-	PUNCT
aijbms-110	131	60	free	free	ADJ
aijbms-110	131	61	rate	rate	NOUN
aijbms-110	131	62	.	.	PUNCT
aijbms-110	132	1	effectively	effectively	ADV
aijbms-110	132	2	,	,	PUNCT
aijbms-110	132	3	such	such	DET
aijbms-110	132	4	a	a	DET
aijbms-110	132	5	negatively	negatively	ADV
aijbms-110	132	6	correlated	correlate	VERB
aijbms-110	132	7	asset	asset	NOUN
aijbms-110	132	8	serves	serve	VERB
aijbms-110	132	9	as	as	ADP
aijbms-110	132	10	insurance	insurance	NOUN
aijbms-110	132	11	against	against	ADP
aijbms-110	132	12	a	a	DET
aijbms-110	132	13	drop	drop	NOUN
aijbms-110	132	14	in	in	ADP
aijbms-110	132	15	the	the	DET
aijbms-110	132	16	market	market	NOUN
aijbms-110	132	17	returns	return	NOUN
aijbms-110	132	18	,	,	PUNCT
aijbms-110	132	19	and	and	CCONJ
aijbms-110	132	20	might	might	AUX
aijbms-110	132	21	be	be	AUX
aijbms-110	132	22	viewed	view	VERB
aijbms-110	132	23	by	by	ADP
aijbms-110	132	24	some	some	DET
aijbms-110	132	25	investors	investor	NOUN
aijbms-110	132	26	as	as	ADP
aijbms-110	132	27	having	have	VERB
aijbms-110	132	28	enough	enough	ADJ
aijbms-110	132	29	such	such	ADJ
aijbms-110	132	30	advantages	advantage	NOUN
aijbms-110	132	31	so	so	SCONJ
aijbms-110	132	32	as	as	SCONJ
aijbms-110	132	33	to	to	PART
aijbms-110	132	34	make	make	VERB
aijbms-110	132	35	it	it	PRON
aijbms-110	132	36	worth	worth	ADJ
aijbms-110	132	37	the	the	DET
aijbms-110	132	38	low	low	ADJ
aijbms-110	132	39	return	return	NOUN
aijbms-110	132	40	.	.	PUNCT
aijbms-110	133	1	investing	invest	VERB
aijbms-110	133	2	in	in	ADP
aijbms-110	133	3	gold	gold	NOUN
aijbms-110	133	4	is	be	AUX
aijbms-110	133	5	thought	think	VERB
aijbms-110	133	6	to	to	PART
aijbms-110	133	7	be	be	AUX
aijbms-110	133	8	such	such	DET
aijbms-110	133	9	an	an	DET
aijbms-110	133	10	example	example	NOUN
aijbms-110	133	11	.	.	PUNCT
aijbms-110	134	1	estimating	estimate	VERB
aijbms-110	134	2	the	the	DET
aijbms-110	134	3	market	market	NOUN
aijbms-110	134	4	portfolio	portfolio	NOUN
aijbms-110	134	5	and	and	CCONJ
aijbms-110	134	6	betas	beta	NOUN
aijbms-110	134	7	these	these	DET
aijbms-110	134	8	estimates	estimate	NOUN
aijbms-110	134	9	are	be	AUX
aijbms-110	134	10	computed	compute	VERB
aijbms-110	134	11	using	use	VERB
aijbms-110	134	12	sample	sample	NOUN
aijbms-110	134	13	means	mean	NOUN
aijbms-110	134	14	,	,	PUNCT
aijbms-110	134	15	variances	variance	NOUN
aijbms-110	134	16	and	and	CCONJ
aijbms-110	134	17	covariance	covariance	NOUN
aijbms-110	134	18	as	as	SCONJ
aijbms-110	134	19	follows	follow	VERB
aijbms-110	134	20	:	:	PUNCT
aijbms-110	134	21	n	n	PRON
aijbms-110	134	22	time	time	NOUN
aijbms-110	134	23	points	point	NOUN
aijbms-110	134	24	such	such	ADJ
aijbms-110	134	25	as	as	ADP
aijbms-110	134	26	the	the	DET
aijbms-110	134	27	end	end	NOUN
aijbms-110	134	28	of	of	ADP
aijbms-110	134	29	each	each	PRON
aijbms-110	134	30	of	of	ADP
aijbms-110	134	31	the	the	DET
aijbms-110	134	32	last	last	ADJ
aijbms-110	134	33	10	10	NUM
aijbms-110	134	34	years	year	NOUN
aijbms-110	134	35	k	k	NOUN
aijbms-110	134	36	=	=	SYM
aijbms-110	134	37	1	1	NUM
aijbms-110	134	38	,	,	PUNCT
aijbms-110	134	39	2	2	NUM
aijbms-110	134	40	…	…	PUNCT
aijbms-110	134	41	n.	n.	PROPN
aijbms-110	134	42	rak	rak	PROPN
aijbms-110	134	43	and	and	CCONJ
aijbms-110	134	44	rs&pk	rs&pk	NOUN
aijbms-110	134	45	denote	denote	VERB
aijbms-110	134	46	the	the	DET
aijbms-110	134	47	k	k	PROPN
aijbms-110	134	48	th	th	X
aijbms-110	134	49	such	such	ADJ
aijbms-110	134	50	sample	sample	NOUN
aijbms-110	134	51	values	value	NOUN
aijbms-110	134	52	for	for	ADP
aijbms-110	134	53	rate	rate	NOUN
aijbms-110	134	54	of	of	ADP
aijbms-110	134	55	return	return	NOUN
aijbms-110	134	56	yielding	yield	VERB
aijbms-110	134	57	estimates	estimate	NOUN
aijbms-110	134	58	.	.	PUNCT
aijbms-110	135	1			X
aijbms-110	136	1			NUM
aijbms-110	137	1			NOUN
aijbms-110	137	2	n	n	CCONJ
aijbms-110	137	3	k	k	PROPN
aijbms-110	137	4	rak	rak	PROPN
aijbms-110	137	5	n	n	PROPN
aijbms-110	137	6	ar	ar	PROPN
aijbms-110	137	7	1	1	NUM
aijbms-110	137	8	1	1	NUM
aijbms-110	137	9	23	23	NUM
aijbms-110	137	10			NUM
aijbms-110	138	1			NUM
aijbms-110	139	1			NOUN
aijbms-110	139	2	n	n	CCONJ
aijbms-110	139	3	k	k	PROPN
aijbms-110	139	4	pksps	pksps	NOUN
aijbms-110	139	5	r	r	NOUN
aijbms-110	139	6	n	n	CCONJ
aijbms-110	139	7	r	r	NOUN
aijbms-110	139	8	1	1	NUM
aijbms-110	139	9	&	&	CCONJ
aijbms-110	139	10	&	&	CCONJ
aijbms-110	139	11	1	1	NUM
aijbms-110	139	12	24	24	NUM
aijbms-110	139	13	the	the	DET
aijbms-110	139	14	variance	variance	NOUN
aijbms-110	139	15			PROPN
aijbms-110	139	16	2	2	NUM
aijbms-110	139	17	s&p	s&p	PROPN
aijbms-110	139	18	is	be	AUX
aijbms-110	139	19	then	then	ADV
aijbms-110	139	20	estimated	estimate	VERB
aijbms-110	139	21	by	by	ADP
aijbms-110	139	22	)	)	PUNCT
aijbms-110	139	23	.ˆ()ˆ	.ˆ()ˆ	PROPN
aijbms-110	139	24	(	(	PUNCT
aijbms-110	139	25	1	1	NUM
aijbms-110	139	26	&	&	CCONJ
aijbms-110	139	27	1	1	NUM
aijbms-110	139	28	&	&	CCONJ
aijbms-110	139	29	&	&	CCONJ
aijbms-110	139	30	atrrr	atrrr	PROPN
aijbms-110	139	31	n	n	CCONJ
aijbms-110	139	32	y	y	PROPN
aijbms-110	139	33	pks	pks	NOUN
aijbms-110	139	34	n	n	CCONJ
aijbms-110	139	35	k	k	PROPN
aijbms-110	139	36	pspks	pspks	NOUN
aijbms-110	139	37			PUNCT
aijbms-110	139	38			X
aijbms-110	140	1			NOUN
aijbms-110	140	2	25	25	NUM
aijbms-110	140	3	the	the	DET
aijbms-110	140	4	beta	beta	NOUN
aijbms-110	140	5	value	value	NOUN
aijbms-110	140	6	is	be	AUX
aijbms-110	140	7	then	then	ADV
aijbms-110	140	8	estimated	estimate	VERB
aijbms-110	140	9	by	by	ADP
aijbms-110	140	10	taking	take	VERB
aijbms-110	140	11	the	the	DET
aijbms-110	140	12	ratio	ratio	NOUN
aijbms-110	140	13	x	x	PROPN
aijbms-110	140	14	/	/	SYM
aijbms-110	140	15	y.	y.	PROPN
aijbms-110	140	16	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	140	17	american	american	PROPN
aijbms-110	140	18	international	international	PROPN
aijbms-110	140	19	journal	journal	PROPN
aijbms-110	140	20	of	of	ADP
aijbms-110	140	21	business	business	NOUN
aijbms-110	140	22	and	and	CCONJ
aijbms-110	140	23	management	management	NOUN
aijbms-110	140	24	studies	study	NOUN
aijbms-110	140	25	vol	vol	NOUN
aijbms-110	140	26	.	.	PROPN
aijbms-110	141	1	1	1	NUM
aijbms-110	141	2	,	,	PUNCT
aijbms-110	141	3	no	no	INTJ
aijbms-110	141	4	.	.	NOUN
aijbms-110	141	5	1	1	NUM
aijbms-110	141	6	;	;	PUNCT
aijbms-110	141	7	2019	2019	NUM
aijbms-110	141	8	7	7	NUM
aijbms-110	141	9	more	more	ADJ
aijbms-110	141	10	on	on	ADP
aijbms-110	141	11	systematic	systematic	ADJ
aijbms-110	141	12	risk	risk	NOUN
aijbms-110	141	13	with	with	ADP
aijbms-110	141	14	the	the	DET
aijbms-110	141	15	capm	capm	PROPN
aijbms-110	141	16	formula	formula	NOUN
aijbms-110	141	17	in	in	ADP
aijbms-110	141	18	mind	mind	NOUN
aijbms-110	141	19	,	,	PUNCT
aijbms-110	141	20	for	for	ADP
aijbms-110	141	21	a	a	DET
aijbms-110	141	22	given	give	VERB
aijbms-110	141	23	asset	asset	NOUN
aijbms-110	141	24	i	i	PRON
aijbms-110	141	25	let	let	VERB
aijbms-110	141	26	us	we	PRON
aijbms-110	141	27	express	express	VERB
aijbms-110	141	28	ri	ri	NOUN
aijbms-110	141	29	as	as	ADP
aijbms-110	141	30	ri	ri	NOUN
aijbms-110	141	31	=	=	PUNCT
aijbms-110	141	32	rf	rf	PROPN
aijbms-110	141	33	+	+	ADJ
aijbms-110	141	34	βi	βi	PROPN
aijbms-110	141	35	(	(	PUNCT
aijbms-110	141	36	r	r	NOUN
aijbms-110	141	37	m	m	PROPN
aijbms-110	141	38	–	–	PUNCT
aijbms-110	141	39	rf	rf	NUM
aijbms-110	141	40	)	)	PUNCT
aijbms-110	141	41	+	+	CCONJ
aijbms-110	141	42	i	i	NOUN
aijbms-110	141	43	,	,	PUNCT
aijbms-110	141	44	26	26	NUM
aijbms-110	141	45	where	where	SCONJ
aijbms-110	141	46	i=	i=	PROPN
aijbms-110	141	47	ri	ri	PROPN
aijbms-110	141	48	–	–	PUNCT
aijbms-110	141	49	rfβi	rfβi	ADJ
aijbms-110	141	50	(	(	PUNCT
aijbms-110	141	51	r	r	NOUN
aijbms-110	141	52	m	m	VERB
aijbms-110	141	53	rf	rf	NOUN
aijbms-110	141	54	)	)	PUNCT
aijbms-110	141	55	,	,	PUNCT
aijbms-110	141	56	27	27	NUM
aijbms-110	141	57	a	a	DET
aijbms-110	141	58	random	random	ADJ
aijbms-110	141	59	variable	variable	NOUN
aijbms-110	141	60	,	,	PUNCT
aijbms-110	141	61	is	be	AUX
aijbms-110	141	62	the	the	DET
aijbms-110	141	63	error	error	NOUN
aijbms-110	141	64	term	term	NOUN
aijbms-110	141	65	.	.	PUNCT
aijbms-110	142	1	note	note	VERB
aijbms-110	142	2	how	how	SCONJ
aijbms-110	142	3	we	we	PRON
aijbms-110	142	4	replaced	replace	VERB
aijbms-110	142	5	deterministic	deterministic	ADJ
aijbms-110	142	6	rm	rm	NOUN
aijbms-110	142	7	with	with	ADP
aijbms-110	142	8	random	random	ADJ
aijbms-110	142	9	rm	rm	NOUN
aijbms-110	142	10	in	in	ADP
aijbms-110	142	11	the	the	DET
aijbms-110	142	12	capm	capm	PROPN
aijbms-110	142	13	to	to	PART
aijbms-110	142	14	do	do	VERB
aijbms-110	142	15	this	this	PRON
aijbms-110	142	16	.	.	PUNCT
aijbms-110	143	1	our	our	PRON
aijbms-110	143	2	objective	objective	NOUN
aijbms-110	143	3	is	be	AUX
aijbms-110	143	4	to	to	PART
aijbms-110	143	5	determine	determine	VERB
aijbms-110	143	6	some	some	DET
aijbms-110	143	7	properties	property	NOUN
aijbms-110	143	8	of	of	ADP
aijbms-110	143	9	the	the	DET
aijbms-110	143	10	error	error	NOUN
aijbms-110	143	11	term	term	NOUN
aijbms-110	143	12	.	.	PUNCT
aijbms-110	144	1	it	it	PRON
aijbms-110	144	2	is	be	AUX
aijbms-110	144	3	immediate	immediate	ADJ
aijbms-110	144	4	form	form	NOUN
aijbms-110	144	5	the	the	DET
aijbms-110	144	6	capm	capm	PROPN
aijbms-110	144	7	formula	formula	NOUN
aijbms-110	144	8	that	that	PRON
aijbms-110	144	9	e(i	e(i	VERB
aijbms-110	144	10	)	)	PUNCT
aijbms-110	144	11	=	=	SYM
aijbms-110	145	1	0	0	X
aijbms-110	145	2	.	.	PUNCT
aijbms-110	146	1	moreover	moreover	ADV
aijbms-110	146	2	cov	cov	PROPN
aijbms-110	146	3	(	(	PUNCT
aijbms-110	146	4	i	i	NOUN
aijbms-110	146	5	,	,	PUNCT
aijbms-110	146	6	rm	rm	NOUN
aijbms-110	146	7	)	)	PUNCT
aijbms-110	146	8	=	=	SYM
aijbms-110	146	9	0	0	PUNCT
aijbms-110	146	10	as	as	SCONJ
aijbms-110	146	11	is	be	AUX
aijbms-110	146	12	seen	see	VERB
aijbms-110	146	13	by	by	ADP
aijbms-110	146	14	direct	direct	ADJ
aijbms-110	146	15	computation	computation	NOUN
aijbms-110	146	16	and	and	CCONJ
aijbms-110	146	17	the	the	DET
aijbms-110	146	18	definition	definition	NOUN
aijbms-110	146	19	of	of	ADP
aijbms-110	146	20	βi	βi	PROPN
aijbms-110	146	21	:	:	PUNCT
aijbms-110	146	22	cov	cov	PROPN
aijbms-110	146	23	(	(	PUNCT
aijbms-110	146	24	€	€	SYM
aijbms-110	146	25	i	i	PROPN
aijbms-110	146	26	,	,	PUNCT
aijbms-110	146	27	rm	rm	NOUN
aijbms-110	146	28	)	)	PUNCT
aijbms-110	146	29	=	=	PUNCT
aijbms-110	146	30	cov	cov	NOUN
aijbms-110	146	31	(	(	PUNCT
aijbms-110	146	32	ri	ri	PROPN
aijbms-110	146	33	–	–	PUNCT
aijbms-110	146	34	rf	rf	NUM
aijbms-110	146	35	–	–	PUNCT
aijbms-110	146	36	βi	βi	NUM
aijbms-110	146	37	(	(	PUNCT
aijbms-110	146	38	r	r	NOUN
aijbms-110	146	39	mr	mr	PROPN
aijbms-110	146	40	f),rm	f),rm	PROPN
aijbms-110	146	41	)	)	PUNCT
aijbms-110	146	42	28	28	NUM
aijbms-110	146	43	=	=	SYM
aijbms-110	146	44	cov	cov	X
aijbms-110	146	45	(	(	PUNCT
aijbms-110	146	46	ri	ri	PROPN
aijbms-110	146	47	–	–	PUNCT
aijbms-110	146	48	βi	βi	PROPN
aijbms-110	146	49	(	(	PUNCT
aijbms-110	146	50	r	r	NOUN
aijbms-110	146	51	m	m	PROPN
aijbms-110	146	52	–	–	PUNCT
aijbms-110	146	53	rf),rm	rf),rm	NOUN
aijbms-110	146	54	)	)	PUNCT
aijbms-110	146	55	29	29	NUM
aijbms-110	146	56	=	=	SYM
aijbms-110	146	57	cov	cov	NOUN
aijbms-110	146	58	(	(	PUNCT
aijbms-110	146	59	r	r	NOUN
aijbms-110	146	60	i	i	PROPN
aijbms-110	146	61	,	,	PUNCT
aijbms-110	146	62	rm	rm	PROPN
aijbms-110	146	63	)	)	PUNCT
aijbms-110	146	64	–	–	PUNCT
aijbms-110	146	65	βicov(r	βicov(r	NUM
aijbms-110	146	66	m	m	NOUN
aijbms-110	146	67	–	–	PUNCT
aijbms-110	146	68	rf	rf	ADJ
aijbms-110	146	69	,	,	PUNCT
aijbms-110	146	70	rm	rm	NOUN
aijbms-110	146	71	)	)	PUNCT
aijbms-110	146	72	30	30	NUM
aijbms-110	147	1	=	=	SYM
aijbms-110	148	1	cov	cov	NOUN
aijbms-110	149	1	(	(	PUNCT
aijbms-110	149	2	r	r	NOUN
aijbms-110	149	3	i	i	PROPN
aijbms-110	149	4	,	,	PUNCT
aijbms-110	149	5	rm	rm	PROPN
aijbms-110	149	6	)	)	PUNCT
aijbms-110	149	7	–	–	PUNCT
aijbms-110	149	8	βicov	βicov	PROPN
aijbms-110	149	9	(	(	PUNCT
aijbms-110	149	10	rm	rm	PROPN
aijbms-110	149	11	,	,	PUNCT
aijbms-110	149	12	rm	rm	PROPN
aijbms-110	149	13	)	)	PUNCT
aijbms-110	149	14	31	31	NUM
aijbms-110	150	1	=	=	SYM
aijbms-110	150	2	m2	m2	PROPN
aijbms-110	150	3	2	2	NUM
aijbms-110	150	4	m	m	NOUN
aijbms-110	150	5	i	i	NOUN
aijbms-110	150	6	m	m	PROPN
aijbms-110	150	7	,	,	PUNCT
aijbms-110	150	8	i	i	PRON
aijbms-110	150	9	m	m	PROPN
aijbms-110	150	10	,	,	PUNCT
aijbms-110	150	11			PROPN
aijbms-110	150	12			X
aijbms-110	150	13			X
aijbms-110	150	14			NUM
aijbms-110	150	15	32	32	NUM
aijbms-110	150	16	=	=	SYM
aijbms-110	150	17	im	im	PROPN
aijbms-110	150	18	,	,	PUNCT
aijbms-110	150	19	im	im	INTJ
aijbms-110	150	20	,	,	PUNCT
aijbms-110	150	21			SYM
aijbms-110	150	22	33	33	NUM
aijbms-110	150	23	=	=	SYM
aijbms-110	150	24	0	0	NUM
aijbms-110	150	25	34	34	NUM
aijbms-110	151	1	so	so	ADV
aijbms-110	151	2	the	the	DET
aijbms-110	151	3	error	error	NOUN
aijbms-110	151	4	term	term	NOUN
aijbms-110	151	5	has	have	AUX
aijbms-110	151	6	mean	mean	VERB
aijbms-110	151	7	0	0	PUNCT
aijbms-110	151	8	and	and	CCONJ
aijbms-110	151	9	is	be	AUX
aijbms-110	151	10	uncorrelated	uncorrelate	VERB
aijbms-110	151	11	with	with	ADP
aijbms-110	151	12	the	the	DET
aijbms-110	151	13	market	market	NOUN
aijbms-110	151	14	portfolio	portfolio	NOUN
aijbms-110	151	15	.	.	PUNCT
aijbms-110	152	1	it	it	PRON
aijbms-110	152	2	then	then	ADV
aijbms-110	152	3	follows	follow	VERB
aijbms-110	152	4	by	by	ADP
aijbms-110	152	5	taking	take	VERB
aijbms-110	152	6	the	the	DET
aijbms-110	152	7	variance	variance	NOUN
aijbms-110	152	8	of	of	ADP
aijbms-110	152	9	both	both	DET
aijbms-110	152	10	sides	side	NOUN
aijbms-110	152	11	of	of	ADP
aijbms-110	152	12	(	(	PUNCT
aijbms-110	152	13	6	6	NUM
aijbms-110	152	14	)	)	PUNCT
aijbms-110	153	1	that	that	PRON
aijbms-110	153	2			PROPN
aijbms-110	153	3	2	2	NUM
aijbms-110	153	4	i	i	NOUN
aijbms-110	153	5	=	=	NOUN
aijbms-110	153	6	β	β	X
aijbms-110	153	7	2	2	NUM
aijbms-110	153	8	i	i	PRON
aijbms-110	153	9			PROPN
aijbms-110	153	10	2	2	NUM
aijbms-110	153	11	m	m	NOUN
aijbms-110	153	12	+	+	X
aijbms-110	153	13	var	var	NOUN
aijbms-110	153	14	(	(	PUNCT
aijbms-110	153	15	i	i	NOUN
aijbms-110	153	16	)	)	PUNCT
aijbms-110	153	17	35	35	NUM
aijbms-110	153	18	we	we	PRON
aijbms-110	153	19	conclude	conclude	VERB
aijbms-110	153	20	that	that	SCONJ
aijbms-110	153	21	the	the	DET
aijbms-110	153	22	variance	variance	NOUN
aijbms-110	153	23	of	of	ADP
aijbms-110	153	24	asset	asset	NOUN
aijbms-110	153	25	i	i	PRON
aijbms-110	153	26	can	can	AUX
aijbms-110	153	27	be	be	AUX
aijbms-110	153	28	broken	break	VERB
aijbms-110	153	29	into	into	ADP
aijbms-110	153	30	two	two	NUM
aijbms-110	153	31	orthogonal	orthogonal	ADJ
aijbms-110	153	32	components	component	NOUN
aijbms-110	153	33	.	.	PUNCT
aijbms-110	154	1	the	the	DET
aijbms-110	154	2	first	first	ADJ
aijbms-110	154	3	,	,	PUNCT
aijbms-110	154	4	β	β	X
aijbms-110	154	5	2	2	NUM
aijbms-110	154	6	i	i	PRON
aijbms-110	154	7			PROPN
aijbms-110	154	8	2	2	NUM
aijbms-110	154	9	m	m	NOUN
aijbms-110	154	10	,	,	PUNCT
aijbms-110	154	11	is	be	AUX
aijbms-110	154	12	called	call	VERB
aijbms-110	154	13	the	the	DET
aijbms-110	154	14	systematic	systematic	ADJ
aijbms-110	154	15	risk	risk	NOUN
aijbms-110	154	16	and	and	CCONJ
aijbms-110	154	17	represents	represent	VERB
aijbms-110	154	18	that	that	DET
aijbms-110	154	19	part	part	NOUN
aijbms-110	154	20	of	of	ADP
aijbms-110	154	21	the	the	DET
aijbms-110	154	22	risk	risk	NOUN
aijbms-110	154	23	(	(	PUNCT
aijbms-110	154	24	of	of	ADP
aijbms-110	154	25	investing	invest	VERB
aijbms-110	154	26	in	in	ADP
aijbms-110	154	27	asset	asset	NOUN
aijbms-110	154	28	i	i	PROPN
aijbms-110	154	29	)	)	PUNCT
aijbms-110	154	30	associated	associate	VERB
aijbms-110	154	31	with	with	ADP
aijbms-110	154	32	the	the	DET
aijbms-110	154	33	market	market	NOUN
aijbms-110	154	34	as	as	ADP
aijbms-110	154	35	a	a	DET
aijbms-110	154	36	whole	whole	NOUN
aijbms-110	154	37	.	.	PUNCT
aijbms-110	155	1	the	the	DET
aijbms-110	155	2	other	other	ADJ
aijbms-110	155	3	part	part	NOUN
aijbms-110	155	4	,	,	PUNCT
aijbms-110	155	5	var	var	NOUN
aijbms-110	155	6	(	(	PUNCT
aijbms-110	155	7	i	i	NOUN
aijbms-110	155	8	)	)	PUNCT
aijbms-110	155	9	,	,	PUNCT
aijbms-110	155	10	is	be	AUX
aijbms-110	155	11	called	call	VERB
aijbms-110	155	12	the	the	DET
aijbms-110	155	13	nonsystematic	nonsystematic	ADJ
aijbms-110	155	14	risk	risk	NOUN
aijbms-110	155	15	.	.	PUNCT
aijbms-110	156	1	nonsystematic	nonsystematic	ADJ
aijbms-110	156	2	risk	risk	NOUN
aijbms-110	156	3	can	can	AUX
aijbms-110	156	4	be	be	AUX
aijbms-110	156	5	reduced	reduce	VERB
aijbms-110	156	6	(	(	PUNCT
aijbms-110	156	7	essentially	essentially	ADV
aijbms-110	156	8	eliminated	eliminate	VERB
aijbms-110	156	9	)	)	PUNCT
aijbms-110	156	10	by	by	ADP
aijbms-110	156	11	diversification	diversification	NOUN
aijbms-110	156	12	,	,	PUNCT
aijbms-110	156	13	but	but	CCONJ
aijbms-110	156	14	the	the	DET
aijbms-110	156	15	systematic	systematic	ADJ
aijbms-110	156	16	risk	risk	NOUN
aijbms-110	156	17	,	,	PUNCT
aijbms-110	156	18	when	when	SCONJ
aijbms-110	156	19	β	β	X
aijbms-110	156	20	2	2	NUM
aijbms-110	156	21	i>0	i>0	ADJ
aijbms-110	156	22	,	,	PUNCT
aijbms-110	156	23	can	can	AUX
aijbms-110	156	24	not	not	PART
aijbms-110	156	25	be	be	AUX
aijbms-110	156	26	diversified	diversify	VERB
aijbms-110	156	27	away	away	ADV
aijbms-110	156	28	.	.	PUNCT
aijbms-110	157	1	solving	solve	VERB
aijbms-110	157	2	for	for	ADP
aijbms-110	157	3			PROPN
aijbms-110	157	4	in	in	ADP
aijbms-110	157	5	terms	term	NOUN
aijbms-110	157	6	of	of	ADP
aijbms-110	157	7	r	r	NOUN
aijbms-110	157	8	in	in	ADP
aijbms-110	157	9	the	the	DET
aijbms-110	157	10	capital	capital	NOUN
aijbms-110	157	11	market	market	NOUN
aijbms-110	157	12	line	line	NOUN
aijbms-110	157	13	yields	yield	VERB
aijbms-110	157	14	the	the	DET
aijbms-110	157	15	inverse	inverse	NOUN
aijbms-110	157	16	line	line	NOUN
aijbms-110	157	17	for	for	ADP
aijbms-110	157	18	efficient	efficient	ADJ
aijbms-110	157	19	portfolios	portfolio	NOUN
aijbms-110	157	20	.	.	PUNCT
aijbms-110	158	1	m	m	PROPN
aijbms-110	158	2	rfmr	rfmr	PROPN
aijbms-110	158	3	rfr	rfr	PROPN
aijbms-110	158	4			PROPN
aijbms-110	158	5			PROPN
aijbms-110	158	6			ADV
aijbms-110	158	7	36	36	NUM
aijbms-110	158	8	using	use	VERB
aijbms-110	158	9	the	the	DET
aijbms-110	158	10	capm	capm	PROPN
aijbms-110	158	11	formula	formula	NOUN
aijbms-110	158	12	r	r	NOUN
aijbms-110	158	13	pr	pr	NOUN
aijbms-110	159	1	f	f	NOUN
aijbms-110	159	2	=	=	SYM
aijbms-110	159	3	βp	βp	PROPN
aijbms-110	159	4	(	(	PUNCT
aijbms-110	159	5	r	r	NOUN
aijbms-110	159	6	m	m	PROPN
aijbms-110	159	7	-	-	PUNCT
aijbms-110	159	8	rf	rf	NOUN
aijbms-110	159	9	)	)	PUNCT
aijbms-110	159	10	and	and	CCONJ
aijbms-110	159	11	plugging	plug	VERB
aijbms-110	159	12	into	into	ADP
aijbms-110	159	13	this	this	DET
aijbms-110	159	14	inverse	inverse	NOUN
aijbms-110	159	15	line	line	NOUN
aijbms-110	159	16	formula	formula	NOUN
aijbms-110	159	17	,	,	PUNCT
aijbms-110	159	18	we	we	PRON
aijbms-110	159	19	conclude	conclude	VERB
aijbms-110	159	20	that	that	SCONJ
aijbms-110	159	21	for	for	ADP
aijbms-110	159	22	any	any	DET
aijbms-110	159	23	efficient	efficient	ADJ
aijbms-110	159	24	portfolio	portfolio	NOUN
aijbms-110	159	25	p	p	X
aijbms-110	159	26	,	,	PUNCT
aijbms-110	159	27	p	p	PROPN
aijbms-110	159	28	=	=	NOUN
aijbms-110	159	29	βpαm	βpαm	NOUN
aijbms-110	159	30	;	;	PUNCT
aijbms-110	159	31	there	there	PRON
aijbms-110	159	32	is	be	VERB
aijbms-110	159	33	only	only	ADV
aijbms-110	159	34	systematic	systematic	ADJ
aijbms-110	159	35	risk	risk	NOUN
aijbms-110	159	36	for	for	ADP
aijbms-110	159	37	efficient	efficient	ADJ
aijbms-110	159	38	portfolios	portfolio	NOUN
aijbms-110	159	39	,	,	PUNCT
aijbms-110	159	40	no	no	DET
aijbms-110	159	41	nonsystematic	nonsystematic	ADJ
aijbms-110	159	42	risk	risk	NOUN
aijbms-110	159	43	.	.	PUNCT
aijbms-110	160	1	this	this	PRON
aijbms-110	160	2	makes	make	VERB
aijbms-110	160	3	perfect	perfect	ADJ
aijbms-110	160	4	sense	sense	NOUN
aijbms-110	160	5	:	:	PUNCT
aijbms-110	160	6	clearly	clearly	ADV
aijbms-110	160	7	m	m	VERB
aijbms-110	160	8	has	have	VERB
aijbms-110	160	9	only	only	ADV
aijbms-110	160	10	systematic	systematic	ADJ
aijbms-110	160	11	risk	risk	NOUN
aijbms-110	160	12	since	since	SCONJ
aijbms-110	160	13	βm	βm	VERB
aijbms-110	160	14	=	=	NOUN
aijbms-110	160	15	1.it	1.it	NUM
aijbms-110	160	16	is	be	AUX
aijbms-110	160	17	known	know	VERB
aijbms-110	160	18	that	that	SCONJ
aijbms-110	160	19	all	all	DET
aijbms-110	160	20	efficient	efficient	ADJ
aijbms-110	160	21	portfolios	portfolio	NOUN
aijbms-110	160	22	are	be	AUX
aijbms-110	160	23	a	a	DET
aijbms-110	160	24	mixture	mixture	NOUN
aijbms-110	160	25	of	of	ADP
aijbms-110	160	26	m	m	PROPN
aijbms-110	160	27	and	and	CCONJ
aijbms-110	160	28	the	the	DET
aijbms-110	160	29	risk	risk	NOUN
aijbms-110	160	30	-	-	PUNCT
aijbms-110	160	31	free	free	ADJ
aijbms-110	160	32	asset	asset	NOUN
aijbms-110	160	33	(	(	PUNCT
aijbms-110	160	34	e.g.	e.g.	ADV
aijbms-110	160	35	,	,	PUNCT
aijbms-110	160	36	they	they	PRON
aijbms-110	160	37	all	all	PRON
aijbms-110	160	38	have	have	VERB
aijbms-110	160	39	points	point	NOUN
aijbms-110	160	40	on	on	ADP
aijbms-110	160	41	the	the	DET
aijbms-110	160	42	capital	capital	NOUN
aijbms-110	160	43	market	market	NOUN
aijbms-110	160	44	line	line	NOUN
aijbms-110	160	45	)	)	PUNCT
aijbms-110	160	46	.	.	PUNCT
aijbms-110	161	1	since	since	SCONJ
aijbms-110	161	2	the	the	DET
aijbms-110	161	3	risk	risk	NOUN
aijbms-110	161	4	-	-	PUNCT
aijbms-110	161	5	free	free	ADJ
aijbms-110	161	6	asset	asset	NOUN
aijbms-110	161	7	is	be	AUX
aijbms-110	161	8	deterministic	deterministic	ADJ
aijbms-110	161	9	it	it	PRON
aijbms-110	161	10	does	do	AUX
aijbms-110	161	11	not	not	PART
aijbms-110	161	12	contribute	contribute	VERB
aijbms-110	161	13	to	to	ADP
aijbms-110	161	14	either	either	CCONJ
aijbms-110	161	15	the	the	DET
aijbms-110	161	16	variance	variance	NOUN
aijbms-110	161	17	or	or	CCONJ
aijbms-110	161	18	the	the	DET
aijbms-110	161	19	beta	beta	NOUN
aijbms-110	161	20	of	of	ADP
aijbms-110	161	21	the	the	DET
aijbms-110	161	22	portfolio	portfolio	NOUN
aijbms-110	161	23	,	,	PUNCT
aijbms-110	161	24	only	only	ADV
aijbms-110	161	25	m	m	VERB
aijbms-110	161	26	does	do	VERB
aijbms-110	161	27	;	;	PUNCT
aijbms-110	161	28	so	so	ADV
aijbms-110	161	29	all	all	PRON
aijbms-110	161	30	of	of	ADP
aijbms-110	161	31	the	the	DET
aijbms-110	161	32	risk	risk	NOUN
aijbms-110	161	33	is	be	AUX
aijbms-110	161	34	contained	contain	VERB
aijbms-110	161	35	in	in	ADP
aijbms-110	161	36	m	m	PROPN
aijbms-110	161	37	which	which	PRON
aijbms-110	161	38	is	be	AUX
aijbms-110	161	39	just	just	ADV
aijbms-110	161	40	pointed	point	VERB
aijbms-110	161	41	out	out	ADP
aijbms-110	161	42	is	be	AUX
aijbms-110	161	43	pure	pure	ADJ
aijbms-110	161	44	systematic	systematic	ADJ
aijbms-110	161	45	risk	risk	NOUN
aijbms-110	161	46	.	.	PUNCT
aijbms-110	162	1	arbitrage	arbitrage	NOUN
aijbms-110	162	2	pricing	pricing	NOUN
aijbms-110	162	3	theory	theory	NOUN
aijbms-110	162	4	the	the	DET
aijbms-110	162	5	arbitrage	arbitrage	NOUN
aijbms-110	162	6	pricing	pricing	NOUN
aijbms-110	162	7	theory	theory	NOUN
aijbms-110	162	8	(	(	PUNCT
aijbms-110	162	9	apt	apt	ADJ
aijbms-110	162	10	)	)	PUNCT
aijbms-110	162	11	is	be	AUX
aijbms-110	162	12	another	another	DET
aijbms-110	162	13	model	model	NOUN
aijbms-110	162	14	of	of	ADP
aijbms-110	162	15	asset	asset	NOUN
aijbms-110	162	16	pricing	pricing	NOUN
aijbms-110	162	17	based	base	VERB
aijbms-110	162	18	on	on	ADP
aijbms-110	162	19	the	the	DET
aijbms-110	162	20	idea	idea	NOUN
aijbms-110	162	21	that	that	SCONJ
aijbms-110	162	22	equilibrium	equilibrium	NOUN
aijbms-110	162	23	market	market	NOUN
aijbms-110	162	24	prices	price	NOUN
aijbms-110	162	25	should	should	AUX
aijbms-110	162	26	be	be	AUX
aijbms-110	162	27	perfect	perfect	ADJ
aijbms-110	162	28	,	,	PUNCT
aijbms-110	162	29	in	in	ADP
aijbms-110	162	30	such	such	DET
aijbms-110	162	31	a	a	DET
aijbms-110	162	32	way	way	NOUN
aijbms-110	162	33	that	that	PRON
aijbms-110	162	34	prices	price	NOUN
aijbms-110	162	35	will	will	AUX
aijbms-110	162	36	move	move	VERB
aijbms-110	162	37	to	to	PART
aijbms-110	162	38	eliminate	eliminate	VERB
aijbms-110	162	39	buying	buying	NOUN
aijbms-110	162	40	and	and	CCONJ
aijbms-110	162	41	selling	sell	VERB
aijbms-110	162	42	without	without	ADP
aijbms-110	162	43	risks	risk	NOUN
aijbms-110	162	44	(	(	PUNCT
aijbms-110	162	45	arbitrage	arbitrage	NOUN
aijbms-110	162	46	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	NOUN
aijbms-110	162	47	american	american	PROPN
aijbms-110	162	48	international	international	PROPN
aijbms-110	162	49	journal	journal	PROPN
aijbms-110	162	50	of	of	ADP
aijbms-110	162	51	business	business	NOUN
aijbms-110	162	52	and	and	CCONJ
aijbms-110	162	53	management	management	NOUN
aijbms-110	162	54	studies	study	NOUN
aijbms-110	162	55	vol	vol	NOUN
aijbms-110	162	56	.	.	PROPN
aijbms-110	163	1	1	1	NUM
aijbms-110	163	2	,	,	PUNCT
aijbms-110	163	3	no	no	INTJ
aijbms-110	163	4	.	.	NOUN
aijbms-110	163	5	1	1	NUM
aijbms-110	163	6	;	;	PUNCT
aijbms-110	163	7	2019	2019	NUM
aijbms-110	163	8	8	8	NUM
aijbms-110	163	9	opportunities	opportunity	NOUN
aijbms-110	163	10	)	)	PUNCT
aijbms-110	163	11	.	.	PUNCT
aijbms-110	164	1	the	the	DET
aijbms-110	164	2	basis	basis	NOUN
aijbms-110	164	3	of	of	ADP
aijbms-110	164	4	this	this	DET
aijbms-110	164	5	theory	theory	NOUN
aijbms-110	164	6	is	be	AUX
aijbms-110	164	7	the	the	DET
aijbms-110	164	8	analysis	analysis	NOUN
aijbms-110	164	9	of	of	ADP
aijbms-110	164	10	how	how	SCONJ
aijbms-110	164	11	investors	investor	NOUN
aijbms-110	164	12	construct	construct	VERB
aijbms-110	164	13	efficient	efficient	ADJ
aijbms-110	164	14	portfolios	portfolio	NOUN
aijbms-110	164	15	and	and	CCONJ
aijbms-110	164	16	offers	offer	VERB
aijbms-110	164	17	a	a	DET
aijbms-110	164	18	new	new	ADJ
aijbms-110	164	19	approach	approach	NOUN
aijbms-110	164	20	to	to	ADP
aijbms-110	164	21	explaining	explain	VERB
aijbms-110	164	22	the	the	DET
aijbms-110	164	23	asset	asset	NOUN
aijbms-110	164	24	prices	price	NOUN
aijbms-110	164	25	and	and	CCONJ
aijbms-110	164	26	also	also	ADV
aijbms-110	164	27	states	state	VERB
aijbms-110	164	28	that	that	SCONJ
aijbms-110	164	29	the	the	DET
aijbms-110	164	30	return	return	NOUN
aijbms-110	164	31	on	on	ADP
aijbms-110	164	32	any	any	DET
aijbms-110	164	33	risky	risky	ADJ
aijbms-110	164	34	asset	asset	NOUN
aijbms-110	164	35	is	be	AUX
aijbms-110	164	36	a	a	DET
aijbms-110	164	37	linear	linear	ADJ
aijbms-110	164	38	combination	combination	NOUN
aijbms-110	164	39	of	of	ADP
aijbms-110	164	40	various	various	ADJ
aijbms-110	164	41	macroeconomic	macroeconomic	ADJ
aijbms-110	164	42	factors	factor	NOUN
aijbms-110	164	43	that	that	PRON
aijbms-110	164	44	are	be	AUX
aijbms-110	164	45	not	not	PART
aijbms-110	164	46	explained	explain	VERB
aijbms-110	164	47	by	by	ADP
aijbms-110	164	48	this	this	DET
aijbms-110	164	49	theory	theory	NOUN
aijbms-110	164	50	.	.	PUNCT
aijbms-110	165	1	it	it	PRON
aijbms-110	165	2	is	be	AUX
aijbms-110	165	3	probably	probably	ADV
aijbms-110	165	4	safe	safe	ADJ
aijbms-110	165	5	to	to	PART
aijbms-110	165	6	assume	assume	VERB
aijbms-110	165	7	that	that	SCONJ
aijbms-110	165	8	both	both	CCONJ
aijbms-110	165	9	the	the	DET
aijbms-110	165	10	capm	capm	PROPN
aijbms-110	165	11	and	and	CCONJ
aijbms-110	165	12	apj	apj	PROPN
aijbms-110	165	13	will	will	AUX
aijbms-110	165	14	continue	continue	VERB
aijbms-110	165	15	to	to	PART
aijbms-110	165	16	exist	exist	VERB
aijbms-110	165	17	and	and	CCONJ
aijbms-110	165	18	will	will	AUX
aijbms-110	165	19	be	be	AUX
aijbms-110	165	20	used	use	VERB
aijbms-110	165	21	to	to	PART
aijbms-110	165	22	price	price	VERB
aijbms-110	165	23	capital	capital	NOUN
aijbms-110	165	24	assets	asset	NOUN
aijbms-110	165	25	.	.	PUNCT
aijbms-110	166	1	assumptions	assumption	NOUN
aijbms-110	166	2	of	of	ADP
aijbms-110	166	3	the	the	DET
aijbms-110	166	4	apt	apt	ADJ
aijbms-110	166	5	asset	asset	NOUN
aijbms-110	166	6	markets	market	NOUN
aijbms-110	166	7	are	be	AUX
aijbms-110	166	8	perfectly	perfectly	ADV
aijbms-110	166	9	competitive	competitive	ADJ
aijbms-110	166	10	and	and	CCONJ
aijbms-110	166	11	frictionless	frictionless	ADJ
aijbms-110	166	12	;	;	PUNCT
aijbms-110	166	13	all	all	DET
aijbms-110	166	14	investors	investor	NOUN
aijbms-110	166	15	have	have	VERB
aijbms-110	166	16	homogeneous	homogeneous	ADJ
aijbms-110	166	17	expectations	expectation	NOUN
aijbms-110	166	18	that	that	SCONJ
aijbms-110	166	19	returns	return	NOUN
aijbms-110	166	20	are	be	AUX
aijbms-110	166	21	generated	generate	VERB
aijbms-110	166	22	randomly	randomly	ADV
aijbms-110	166	23	according	accord	VERB
aijbms-110	166	24	to	to	ADP
aijbms-110	166	25	a	a	DET
aijbms-110	166	26	k	k	ADJ
aijbms-110	166	27	-	-	PUNCT
aijbms-110	166	28	factor	factor	NOUN
aijbms-110	166	29	model	model	NOUN
aijbms-110	166	30	.	.	PUNCT
aijbms-110	167	1	investors	investor	NOUN
aijbms-110	167	2	have	have	AUX
aijbms-110	167	3	monotonically	monotonically	ADV
aijbms-110	167	4	increasing	increase	VERB
aijbms-110	167	5	concave	concave	ADJ
aijbms-110	167	6	utility	utility	NOUN
aijbms-110	167	7	functions	function	NOUN
aijbms-110	167	8	;	;	PUNCT
aijbms-110	167	9	the	the	DET
aijbms-110	167	10	number	number	NOUN
aijbms-110	167	11	of	of	ADP
aijbms-110	167	12	assets	asset	NOUN
aijbms-110	167	13	existing	exist	VERB
aijbms-110	167	14	in	in	ADP
aijbms-110	167	15	the	the	DET
aijbms-110	167	16	capital	capital	NOUN
aijbms-110	167	17	market	market	NOUN
aijbms-110	167	18	from	from	ADP
aijbms-110	167	19	which	which	PRON
aijbms-110	167	20	portfolios	portfolio	NOUN
aijbms-110	167	21	are	be	AUX
aijbms-110	167	22	formed	form	VERB
aijbms-110	167	23	is	be	AUX
aijbms-110	167	24	much	much	ADV
aijbms-110	167	25	larger	large	ADJ
aijbms-110	167	26	than	than	ADP
aijbms-110	167	27	the	the	DET
aijbms-110	167	28	number	number	NOUN
aijbms-110	167	29	of	of	ADP
aijbms-110	167	30	factors	factor	NOUN
aijbms-110	167	31	.	.	PUNCT
aijbms-110	168	1	there	there	PRON
aijbms-110	168	2	are	be	VERB
aijbms-110	168	3	no	no	DET
aijbms-110	168	4	arbitrage	arbitrage	NOUN
aijbms-110	168	5	opportunities	opportunity	NOUN
aijbms-110	168	6	.	.	PUNCT
aijbms-110	169	1	pricing	pricing	NOUN
aijbms-110	169	2	assets	asset	NOUN
aijbms-110	169	3	consider	consider	VERB
aijbms-110	169	4	an	an	DET
aijbms-110	169	5	asset	asset	NOUN
aijbms-110	169	6	with	with	ADP
aijbms-110	169	7	price	price	NOUN
aijbms-110	169	8	p	p	NOUN
aijbms-110	169	9	=	=	X
aijbms-110	169	10	x0	x0	PROPN
aijbms-110	169	11	at	at	ADP
aijbms-110	169	12	time	time	NOUN
aijbms-110	169	13	t=0	t=0	PROPN
aijbms-110	169	14	,	,	PUNCT
aijbms-110	169	15	payoff	payoff	NOUN
aijbms-110	169	16	(	(	PUNCT
aijbms-110	169	17	random	random	ADJ
aijbms-110	169	18	)	)	PUNCT
aijbms-110	169	19	q	q	NOUN
aijbms-110	170	1	–	–	PUNCT
aijbms-110	170	2	x1	x1	PROPN
aijbms-110	170	3	and	and	CCONJ
aijbms-110	170	4	expected	expect	VERB
aijbms-110	170	5	payoff	payoff	NOUN
aijbms-110	170	6	q	q	PROPN
aijbms-110	170	7	=	=	SYM
aijbms-110	170	8	e	e	X
aijbms-110	170	9	(	(	PUNCT
aijbms-110	170	10	x1	x1	PROPN
aijbms-110	170	11	)	)	PUNCT
aijbms-110	170	12	at	at	ADP
aijbms-110	170	13	time	time	NOUN
aijbms-110	170	14	t=1	t=1	PROPN
aijbms-110	170	15	.	.	PUNCT
aijbms-110	171	1	then	then	ADV
aijbms-110	171	2	by	by	ADP
aijbms-110	171	3	definition	definition	NOUN
aijbms-110	171	4	r	r	NOUN
aijbms-110	171	5	=	=	SYM
aijbms-110	171	6	(	(	PUNCT
aijbms-110	171	7	e(x1	e(x1	NOUN
aijbms-110	171	8	)	)	PUNCT
aijbms-110	171	9	–	–	PUNCT
aijbms-110	171	10	x0)/x0	x0)/x0	PUNCT
aijbms-110	171	11	=	=	SYM
aijbms-110	171	12	./	./	SYM
aijbms-110	171	13	)	)	PUNCT
aijbms-110	171	14	ppq	ppq	PROPN
aijbms-110	171	15			PROPN
aijbms-110	171	16	solving	solve	VERB
aijbms-110	171	17	for	for	ADP
aijbms-110	171	18	p	p	NOUN
aijbms-110	171	19	yields	yield	NOUN
aijbms-110	171	20	p	p	NOUN
aijbms-110	171	21	=	=	PUNCT
aijbms-110	171	22	)	)	PUNCT
aijbms-110	171	23	,	,	PUNCT
aijbms-110	171	24	1/	1/	NUM
aijbms-110	171	25	(	(	PUNCT
aijbms-110	171	26	rq	rq	PROPN
aijbms-110	171	27			PROPN
aijbms-110	171	28	37	37	NUM
aijbms-110	171	29	which	which	PRON
aijbms-110	171	30	expresses	express	VERB
aijbms-110	171	31	the	the	DET
aijbms-110	171	32	price	price	NOUN
aijbms-110	171	33	as	as	ADP
aijbms-110	171	34	the	the	DET
aijbms-110	171	35	discounted	discount	VERB
aijbms-110	171	36	payoff	payoff	NOUN
aijbms-110	171	37	(	(	PUNCT
aijbms-110	171	38	present	present	ADJ
aijbms-110	171	39	value	value	NOUN
aijbms-110	171	40	)	)	PUNCT
aijbms-110	171	41	if	if	SCONJ
aijbms-110	171	42	using	use	VERB
aijbms-110	171	43	r	r	NOUN
aijbms-110	171	44	as	as	ADP
aijbms-110	171	45	the	the	DET
aijbms-110	171	46	discount	discount	NOUN
aijbms-110	171	47	rate	rate	NOUN
aijbms-110	171	48	.	.	PUNCT
aijbms-110	172	1	but	but	CCONJ
aijbms-110	172	2	since	since	SCONJ
aijbms-110	172	3	r	r	NOUN
aijbms-110	172	4	=	=	NOUN
aijbms-110	172	5	rf	rf	NOUN
aijbms-110	172	6	+	+	ADJ
aijbms-110	172	7	β	β	X
aijbms-110	172	8	(	(	PUNCT
aijbms-110	172	9	r	r	NOUN
aijbms-110	172	10	m	m	PROPN
aijbms-110	172	11	-	-	PUNCT
aijbms-110	172	12	rf	rf	NOUN
aijbms-110	172	13	)	)	PUNCT
aijbms-110	172	14	from	from	ADP
aijbms-110	172	15	the	the	DET
aijbms-110	172	16	capm	capm	PROPN
aijbms-110	172	17	formula	formula	NOUN
aijbms-110	172	18	,	,	PUNCT
aijbms-110	172	19	we	we	PRON
aijbms-110	172	20	conclude	conclude	VERB
aijbms-110	172	21	that	that	PRON
aijbms-110	172	22	)	)	PUNCT
aijbms-110	172	23	(	(	PUNCT
aijbms-110	172	24	pr	pr	NOUN
aijbms-110	172	25	)	)	PUNCT
aijbms-110	172	26	(	(	PUNCT
aijbms-110	172	27	1	1	NUM
aijbms-110	172	28	formulacapmofversionicing	formulacapmofversionice	VERB
aijbms-110	172	29	rmrr	rmrr	NOUN
aijbms-110	172	30	q	q	PROPN
aijbms-110	172	31	p	p	X
aijbms-110	172	32	ff	ff	NUM
aijbms-110	172	33			NOUN
aijbms-110	172	34			PROPN
aijbms-110	172	35			PROPN
aijbms-110	172	36	38	38	NUM
aijbms-110	172	37	we	we	PRON
aijbms-110	172	38	can	can	AUX
aijbms-110	172	39	re	re	VERB
aijbms-110	172	40	-	-	VERB
aijbms-110	172	41	express	express	VERB
aijbms-110	172	42	this	this	DET
aijbms-110	172	43	formular	formular	NOUN
aijbms-110	172	44	by	by	ADP
aijbms-110	172	45	using	use	VERB
aijbms-110	172	46	r	r	NOUN
aijbms-110	172	47	=	=	PUNCT
aijbms-110	172	48	(	(	PUNCT
aijbms-110	172	49	q	q	X
aijbms-110	172	50	–	–	PUNCT
aijbms-110	172	51	p)/p	p)/p	NOUN
aijbms-110	172	52	=	=	PUNCT
aijbms-110	172	53	(	(	PUNCT
aijbms-110	172	54	q	q	ADJ
aijbms-110	172	55	/	/	SYM
aijbms-110	172	56	p	p	NOUN
aijbms-110	172	57	)	)	PUNCT
aijbms-110	172	58	–	–	PUNCT
aijbms-110	172	59	1	1	NUM
aijbms-110	172	60	,	,	PUNCT
aijbms-110	172	61	then	then	ADV
aijbms-110	172	62	computing	compute	VERB
aijbms-110	172	63	con(r	con(r	PROPN
aijbms-110	172	64	,	,	PUNCT
aijbms-110	172	65	rm	rm	NOUN
aijbms-110	172	66	)	)	PUNCT
aijbms-110	172	67	=	=	PUNCT
aijbms-110	172	68	cov((q	cov((q	NOUN
aijbms-110	172	69	/	/	SYM
aijbms-110	172	70	p	p	NOUN
aijbms-110	172	71	)	)	PUNCT
aijbms-110	172	72	–	–	PUNCT
aijbms-110	172	73	1	1	NUM
aijbms-110	172	74	,	,	PUNCT
aijbms-110	172	75	rm	rm	NOUN
aijbms-110	172	76	39	39	NUM
aijbms-110	172	77	=	=	SYM
aijbms-110	172	78	cov((q	cov((q	NOUN
aijbms-110	172	79	/	/	SYM
aijbms-110	172	80	p	p	NOUN
aijbms-110	172	81	)	)	PUNCT
aijbms-110	172	82	,	,	PUNCT
aijbms-110	172	83	rm	rm	NOUN
aijbms-110	172	84	40	40	NUM
aijbms-110	173	1	=	=	NOUN
aijbms-110	173	2	mrmqcov	mrmqcov	NOUN
aijbms-110	173	3	p	p	PROPN
aijbms-110	173	4	2/	2/	NUM
aijbms-110	173	5	)	)	PUNCT
aijbms-110	173	6	,	,	PUNCT
aijbms-110	173	7	(	(	PUNCT
aijbms-110	173	8	1	1	NUM
aijbms-110	173	9			NUM
aijbms-110	173	10	41	41	NUM
aijbms-110	173	11	obtaining	obtain	VERB
aijbms-110	173	12	mrmqcov	mrmqcov	NOUN
aijbms-110	173	13	p	p	PROPN
aijbms-110	173	14	2/	2/	NUM
aijbms-110	173	15	)	)	PUNCT
aijbms-110	173	16	,	,	PUNCT
aijbms-110	173	17	(	(	PUNCT
aijbms-110	173	18	1	1	NUM
aijbms-110	173	19			NUM
aijbms-110	173	20			NUM
aijbms-110	173	21	41	41	NUM
aijbms-110	173	22	plugging	plug	VERB
aijbms-110	173	23	into	into	ADP
aijbms-110	173	24	the	the	DET
aijbms-110	173	25	pricing	pricing	NOUN
aijbms-110	173	26	version	version	NOUN
aijbms-110	173	27	of	of	ADP
aijbms-110	173	28	capm	capm	PROPN
aijbms-110	173	29	formula	formula	NOUN
aijbms-110	173	30	yields	yield	NOUN
aijbms-110	173	31	.	.	PUNCT
aijbms-110	173	32	)	)	PUNCT
aijbms-110	174	1	(	(	PUNCT
aijbms-110	174	2	)	)	PUNCT
aijbms-110	174	3	/	/	SYM
aijbms-110	174	4	)	)	PUNCT
aijbms-110	174	5	,	,	PUNCT
aijbms-110	174	6	(	(	PUNCT
aijbms-110	174	7	(	(	PUNCT
aijbms-110	174	8	1	1	NUM
aijbms-110	174	9	1	1	NUM
aijbms-110	174	10	2	2	NUM
aijbms-110	174	11	rfrmrmqcov	rfrmrmqcov	NOUN
aijbms-110	174	12	p	p	NOUN
aijbms-110	174	13	r	r	NOUN
aijbms-110	174	14	q	q	NOUN
aijbms-110	174	15	p	p	NOUN
aijbms-110	174	16	mf	mf	NOUN
aijbms-110	174	17			NOUN
aijbms-110	174	18			PROPN
aijbms-110	174	19			PROPN
aijbms-110	174	20	42	42	NUM
aijbms-110	174	21	solving	solve	VERB
aijbms-110	174	22	for	for	ADP
aijbms-110	174	23	p	p	NOUN
aijbms-110	174	24	yields	yield	NOUN
aijbms-110	174	25	.	.	PUNCT
aijbms-110	175	1	1	1	X
aijbms-110	175	2	)	)	PUNCT
aijbms-110	175	3	(	(	PUNCT
aijbms-110	175	4	)	)	PUNCT
aijbms-110	175	5	/	/	SYM
aijbms-110	175	6	)	)	PUNCT
aijbms-110	175	7	,	,	PUNCT
aijbms-110	175	8	(	(	PUNCT
aijbms-110	175	9	(	(	PUNCT
aijbms-110	175	10	2	2	NUM
aijbms-110	175	11	2	2	NUM
aijbms-110	175	12	f	f	NOUN
aijbms-110	175	13	m	m	VERB
aijbms-110	175	14	m	m	VERB
aijbms-110	175	15	r	r	NOUN
aijbms-110	175	16	rfrmrmqcov	rfrmrmqcov	NOUN
aijbms-110	175	17	q	q	PROPN
aijbms-110	175	18	p	p	PROPN
aijbms-110	175	19			ADJ
aijbms-110	175	20			PROPN
aijbms-110	175	21			PRON
aijbms-110	175	22			X
aijbms-110	175	23			NUM
aijbms-110	175	24	43	43	NUM
aijbms-110	175	25	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	NOUN
aijbms-110	175	26	american	american	PROPN
aijbms-110	175	27	international	international	PROPN
aijbms-110	175	28	journal	journal	PROPN
aijbms-110	175	29	of	of	ADP
aijbms-110	175	30	business	business	NOUN
aijbms-110	175	31	and	and	CCONJ
aijbms-110	175	32	management	management	NOUN
aijbms-110	175	33	studies	study	NOUN
aijbms-110	175	34	vol	vol	NOUN
aijbms-110	175	35	.	.	PROPN
aijbms-110	176	1	1	1	NUM
aijbms-110	176	2	,	,	PUNCT
aijbms-110	176	3	no	no	INTJ
aijbms-110	176	4	.	.	NOUN
aijbms-110	176	5	1	1	NUM
aijbms-110	176	6	;	;	PUNCT
aijbms-110	176	7	2019	2019	NUM
aijbms-110	176	8	9	9	NUM
aijbms-110	176	9	this	this	DET
aijbms-110	176	10	equation	equation	NOUN
aijbms-110	176	11	is	be	AUX
aijbms-110	176	12	interesting	interesting	ADJ
aijbms-110	176	13	,	,	PUNCT
aijbms-110	176	14	since	since	SCONJ
aijbms-110	176	15	it	it	PRON
aijbms-110	176	16	expresses	express	VERB
aijbms-110	176	17	the	the	DET
aijbms-110	176	18	price	price	NOUN
aijbms-110	176	19	as	as	ADP
aijbms-110	176	20	the	the	DET
aijbms-110	176	21	present	present	ADJ
aijbms-110	176	22	value	value	NOUN
aijbms-110	176	23	of	of	ADP
aijbms-110	176	24	an	an	DET
aijbms-110	176	25	“	"	PUNCT
aijbms-110	176	26	adjusted	adjust	VERB
aijbms-110	176	27	”	"	PUNCT
aijbms-110	176	28	expected	expect	VERB
aijbms-110	176	29	payoff	payoff	NOUN
aijbms-110	176	30	.	.	PUNCT
aijbms-110	177	1	if	if	SCONJ
aijbms-110	177	2	the	the	DET
aijbms-110	177	3	asset	asset	NOUN
aijbms-110	177	4	is	be	AUX
aijbms-110	177	5	uncorrelated	uncorrelate	VERB
aijbms-110	177	6	with	with	ADP
aijbms-110	177	7	the	the	DET
aijbms-110	177	8	market	market	NOUN
aijbms-110	177	9	,	,	PUNCT
aijbms-110	177	10	then	then	ADV
aijbms-110	177	11	the	the	DET
aijbms-110	177	12	price	price	NOUN
aijbms-110	177	13	is	be	AUX
aijbms-110	177	14	exactly	exactly	ADV
aijbms-110	177	15	)	)	PUNCT
aijbms-110	177	16	,	,	PUNCT
aijbms-110	177	17	1/	1/	NUM
aijbms-110	177	18	(	(	PUNCT
aijbms-110	177	19	rfq	rfq	PROPN
aijbms-110	177	20			PROPN
aijbms-110	177	21	m	m	VERB
aijbms-110	177	22	m	m	VERB
aijbms-110	177	23	rfrrmqcov	rfrrmqcov	ADJ
aijbms-110	177	24	2	2	NUM
aijbms-110	177	25	)	)	PUNCT
aijbms-110	177	26	(	(	PUNCT
aijbms-110	177	27	)	)	PUNCT
aijbms-110	177	28	,	,	PUNCT
aijbms-110	177	29	(	(	PUNCT
aijbms-110	177	30	(	(	PUNCT
aijbms-110	177	31			X
aijbms-110	177	32			NOUN
aijbms-110	177	33	44	44	NUM
aijbms-110	177	34	yields	yield	NOUN
aijbms-110	177	35	a	a	DET
aijbms-110	177	36	lower	low	ADJ
aijbms-110	177	37	price	price	NOUN
aijbms-110	177	38	if	if	SCONJ
aijbms-110	177	39	the	the	DET
aijbms-110	177	40	asset	asset	NOUN
aijbms-110	177	41	is	be	AUX
aijbms-110	177	42	positively	positively	ADV
aijbms-110	177	43	correlated	correlate	VERB
aijbms-110	177	44	with	with	ADP
aijbms-110	177	45	the	the	DET
aijbms-110	177	46	market	market	NOUN
aijbms-110	177	47	and	and	CCONJ
aijbms-110	177	48	a	a	DET
aijbms-110	177	49	higher	high	ADJ
aijbms-110	177	50	price	price	NOUN
aijbms-110	177	51	if	if	SCONJ
aijbms-110	177	52	the	the	DET
aijbms-110	177	53	asset	asset	NOUN
aijbms-110	177	54	is	be	AUX
aijbms-110	177	55	negatively	negatively	ADV
aijbms-110	177	56	correlated	correlate	VERB
aijbms-110	177	57	with	with	ADP
aijbms-110	177	58	the	the	DET
aijbms-110	177	59	market	market	NOUN
aijbms-110	177	60	empirical	empirical	ADJ
aijbms-110	177	61	review	review	PROPN
aijbms-110	177	62	izova	izova	PROPN
aijbms-110	177	63	,	,	PUNCT
aijbms-110	177	64	bollerslev	bollerslev	ADJ
aijbms-110	177	65	,	,	PUNCT
aijbms-110	177	66	osterrieder	osterrieder	NOUN
aijbms-110	177	67	,	,	PUNCT
aijbms-110	177	68	tauchen	tauchen	NOUN
aijbms-110	177	69	(	(	PUNCT
aijbms-110	177	70	2011	2011	NUM
aijbms-110	177	71	)	)	PUNCT
aijbms-110	177	72	investigated	investigate	VERB
aijbms-110	177	73	the	the	DET
aijbms-110	177	74	relationship	relationship	NOUN
aijbms-110	177	75	between	between	ADP
aijbms-110	177	76	risk	risk	NOUN
aijbms-110	177	77	and	and	CCONJ
aijbms-110	177	78	return	return	VERB
aijbms-110	177	79	using	use	VERB
aijbms-110	177	80	,	,	PUNCT
aijbms-110	177	81	fractional	fractional	ADJ
aijbms-110	177	82	cointegration	cointegration	NOUN
aijbms-110	177	83	based	base	VERB
aijbms-110	177	84	on	on	ADP
aijbms-110	177	85	daily	daily	ADJ
aijbms-110	177	86	data	datum	NOUN
aijbms-110	177	87	for	for	ADP
aijbms-110	177	88	the	the	DET
aijbms-110	177	89	s&p	s&p	PROPN
aijbms-110	177	90	500	500	NUM
aijbms-110	177	91	and	and	CCONJ
aijbms-110	177	92	the	the	DET
aijbms-110	177	93	vix	vix	PROPN
aijbms-110	177	94	volatility	volatility	NOUN
aijbms-110	177	95	index	index	NOUN
aijbms-110	177	96	.	.	PUNCT
aijbms-110	178	1	their	their	PRON
aijbms-110	178	2	series	series	NOUN
aijbms-110	178	3	were	be	AUX
aijbms-110	178	4	divided	divide	VERB
aijbms-110	178	5	into	into	ADP
aijbms-110	178	6	different	different	ADJ
aijbms-110	178	7	components	component	NOUN
aijbms-110	178	8	.	.	PUNCT
aijbms-110	179	1	the	the	DET
aijbms-110	179	2	findings	finding	NOUN
aijbms-110	179	3	indicated	indicate	VERB
aijbms-110	179	4	that	that	SCONJ
aijbms-110	179	5	the	the	DET
aijbms-110	179	6	relationship	relationship	NOUN
aijbms-110	179	7	between	between	ADP
aijbms-110	179	8	volatility	volatility	NOUN
aijbms-110	179	9	and	and	CCONJ
aijbms-110	179	10	the	the	DET
aijbms-110	179	11	volatilityrisk	volatilityrisk	NOUN
aijbms-110	179	12	reward	reward	NOUN
aijbms-110	179	13	is	be	AUX
aijbms-110	179	14	strongly	strongly	ADV
aijbms-110	179	15	direct	direct	ADJ
aijbms-110	179	16	and	and	CCONJ
aijbms-110	179	17	positive	positive	ADJ
aijbms-110	179	18	.	.	PUNCT
aijbms-110	180	1	they	they	PRON
aijbms-110	180	2	also	also	ADV
aijbms-110	180	3	found	find	VERB
aijbms-110	180	4	that	that	SCONJ
aijbms-110	180	5	fractionally	fractionally	ADV
aijbms-110	180	6	cointegrated	cointegrate	VERB
aijbms-110	180	7	var	var	NOUN
aijbms-110	180	8	.	.	PUNCT
aijbms-110	181	1	in	in	ADP
aijbms-110	181	2	addition	addition	NOUN
aijbms-110	181	3	they	they	PRON
aijbms-110	181	4	find	find	VERB
aijbms-110	181	5	that	that	SCONJ
aijbms-110	181	6	corresponding	correspond	VERB
aijbms-110	181	7	the	the	DET
aijbms-110	181	8	qualitative	qualitative	ADJ
aijbms-110	181	9	conceptions	conception	NOUN
aijbms-110	181	10	from	from	ADP
aijbms-110	181	11	that	that	DET
aijbms-110	181	12	same	same	ADJ
aijbms-110	181	13	theoretical	theoretical	NOUN
aijbms-110	181	14	and	and	CCONJ
aijbms-110	181	15	their	their	PRON
aijbms-110	181	16	study	study	NOUN
aijbms-110	181	17	represent	represent	VERB
aijbms-110	181	18	variance	variance	NOUN
aijbms-110	181	19	risk	risk	NOUN
aijbms-110	181	20	premium	premium	NOUN
aijbms-110	181	21	estimated	estimate	VERB
aijbms-110	181	22	as	as	ADP
aijbms-110	181	23	the	the	DET
aijbms-110	181	24	long	long	ADV
aijbms-110	181	25	-	-	PUNCT
aijbms-110	181	26	run	run	VERB
aijbms-110	181	27	equilibrium	equilibrium	NOUN
aijbms-110	181	28	relationship	relationship	NOUN
aijbms-110	181	29	within	within	ADP
aijbms-110	181	30	the	the	DET
aijbms-110	181	31	fractionally	fractionally	ADV
aijbms-110	181	32	co	co	VERB
aijbms-110	181	33	integrated	integrate	VERB
aijbms-110	181	34	system	system	NOUN
aijbms-110	181	35	results	result	NOUN
aijbms-110	181	36	in	in	ADP
aijbms-110	181	37	non	non	ADJ
aijbms-110	181	38	-	-	ADJ
aijbms-110	181	39	trivial	trivial	ADJ
aijbms-110	181	40	return	return	NOUN
aijbms-110	181	41	predictability	predictability	NOUN
aijbms-110	181	42	over	over	ADP
aijbms-110	181	43	longer	long	ADJ
aijbms-110	181	44	inter	inter	ADJ
aijbms-110	181	45	-	-	ADJ
aijbms-110	181	46	daily	daily	ADJ
aijbms-110	181	47	and	and	CCONJ
aijbms-110	181	48	monthly	monthly	ADJ
aijbms-110	181	49	return	return	NOUN
aijbms-110	181	50	horizons	horizon	NOUN
aijbms-110	181	51	.	.	PUNCT
aijbms-110	182	1	pollet	pollet	NOUN
aijbms-110	182	2	,	,	PUNCT
aijbms-110	182	3	kräussl	kräussl	VERB
aijbms-110	182	4	,	,	PUNCT
aijbms-110	182	5	jegadeesh	jegadeesh	NOUN
aijbms-110	182	6	(	(	PUNCT
aijbms-110	182	7	2010	2010	NUM
aijbms-110	182	8	)	)	PUNCT
aijbms-110	182	9	investigated	investigate	VERB
aijbms-110	182	10	the	the	DET
aijbms-110	182	11	risk	risk	NOUN
aijbms-110	182	12	and	and	CCONJ
aijbms-110	182	13	returns	return	NOUN
aijbms-110	182	14	of	of	ADP
aijbms-110	182	15	pe	pe	ADJ
aijbms-110	182	16	investments	investment	NOUN
aijbms-110	182	17	and	and	CCONJ
aijbms-110	182	18	lpes	lpe	NOUN
aijbms-110	182	19	using	use	VERB
aijbms-110	182	20	the	the	DET
aijbms-110	182	21	market	market	NOUN
aijbms-110	182	22	prices	price	NOUN
aijbms-110	182	23	of	of	ADP
aijbms-110	182	24	fofs	fof	NOUN
aijbms-110	182	25	that	that	SCONJ
aijbms-110	182	26	invests	invest	NOUN
aijbms-110	182	27	in	in	ADP
aijbms-110	182	28	unlisted	unlisted	ADJ
aijbms-110	182	29	private	private	ADJ
aijbms-110	182	30	equity	equity	NOUN
aijbms-110	182	31	funds	fund	NOUN
aijbms-110	182	32	.	.	PUNCT
aijbms-110	183	1	their	their	PRON
aijbms-110	183	2	findings	finding	NOUN
aijbms-110	183	3	indicate	indicate	VERB
aijbms-110	183	4	that	that	SCONJ
aijbms-110	183	5	the	the	DET
aijbms-110	183	6	market	market	NOUN
aijbms-110	183	7	expects	expect	VERB
aijbms-110	183	8	for	for	SCONJ
aijbms-110	183	9	pe	pe	PRON
aijbms-110	183	10	to	to	PART
aijbms-110	183	11	earn	earn	VERB
aijbms-110	183	12	abnormal	abnormal	ADJ
aijbms-110	183	13	return	return	NOUN
aijbms-110	183	14	is	be	AUX
aijbms-110	183	15	approximately	approximately	ADV
aijbms-110	183	16	0.5	0.5	NUM
aijbms-110	183	17	percent	percent	NOUN
aijbms-110	183	18	and	and	CCONJ
aijbms-110	183	19	for	for	ADP
aijbms-110	183	20	lpes	lpe	NOUN
aijbms-110	183	21	is	be	AUX
aijbms-110	183	22	approximately	approximately	ADV
aijbms-110	183	23	close	close	ADJ
aijbms-110	183	24	to	to	ADP
aijbms-110	183	25	zero	zero	NUM
aijbms-110	183	26	after	after	ADP
aijbms-110	183	27	fees	fee	NOUN
aijbms-110	183	28	.	.	PUNCT
aijbms-110	184	1	private	private	ADJ
aijbms-110	184	2	equity	equity	NOUN
aijbms-110	184	3	fund	fund	NOUN
aijbms-110	184	4	returns	return	NOUN
aijbms-110	184	5	are	be	AUX
aijbms-110	184	6	negatively	negatively	ADV
aijbms-110	184	7	related	relate	VERB
aijbms-110	184	8	to	to	ADP
aijbms-110	184	9	the	the	DET
aijbms-110	184	10	credit	credit	NOUN
aijbms-110	184	11	expand	expand	VERB
aijbms-110	184	12	and	and	CCONJ
aijbms-110	184	13	positively	positively	ADV
aijbms-110	184	14	related	relate	VERB
aijbms-110	184	15	to	to	ADP
aijbms-110	184	16	gross	gross	ADJ
aijbms-110	184	17	domestic	domestic	ADJ
aijbms-110	184	18	product	product	NOUN
aijbms-110	184	19	growth	growth	NOUN
aijbms-110	184	20	.	.	PUNCT
aijbms-110	185	1	in	in	ADP
aijbms-110	185	2	addition	addition	NOUN
aijbms-110	185	3	they	they	PRON
aijbms-110	185	4	find	find	VERB
aijbms-110	185	5	that	that	SCONJ
aijbms-110	185	6	both	both	PRON
aijbms-110	185	7	listed	list	VERB
aijbms-110	185	8	and	and	CCONJ
aijbms-110	185	9	unlisted	unliste	VERB
aijbms-110	185	10	pe	pe	INTJ
aijbms-110	185	11	has	have	VERB
aijbms-110	185	12	betas	beta	NOUN
aijbms-110	185	13	near	near	ADP
aijbms-110	185	14	to	to	ADP
aijbms-110	185	15	one	one	NUM
aijbms-110	185	16	.	.	PUNCT
aijbms-110	186	1	chudhary	chudhary	PROPN
aijbms-110	186	2	,	,	PUNCT
aijbms-110	186	3	chudhary	chudhary	NOUN
aijbms-110	186	4	(	(	PUNCT
aijbms-110	186	5	2010	2010	NUM
aijbms-110	186	6	)	)	PUNCT
aijbms-110	186	7	examined	examine	VERB
aijbms-110	186	8	the	the	DET
aijbms-110	186	9	relationship	relationship	NOUN
aijbms-110	186	10	between	between	ADP
aijbms-110	186	11	stock	stock	NOUN
aijbms-110	186	12	returns	return	NOUN
aijbms-110	186	13	and	and	CCONJ
aijbms-110	186	14	systematic	systematic	ADJ
aijbms-110	186	15	risk	risk	NOUN
aijbms-110	186	16	based	base	VERB
aijbms-110	186	17	on	on	ADP
aijbms-110	186	18	capital	capital	NOUN
aijbms-110	186	19	asset	asset	NOUN
aijbms-110	186	20	pricing	pricing	NOUN
aijbms-110	186	21	model	model	NOUN
aijbms-110	186	22	(	(	PUNCT
aijbms-110	186	23	capm	capm	PROPN
aijbms-110	186	24	)	)	PUNCT
aijbms-110	186	25	in	in	ADP
aijbms-110	186	26	the	the	DET
aijbms-110	186	27	bombay	bombay	PROPN
aijbms-110	186	28	stock	stock	PROPN
aijbms-110	186	29	exchange	exchange	PROPN
aijbms-110	186	30	.	.	PUNCT
aijbms-110	187	1	the	the	DET
aijbms-110	187	2	sample	sample	NOUN
aijbms-110	187	3	search	search	NOUN
aijbms-110	187	4	is	be	AUX
aijbms-110	187	5	287	287	NUM
aijbms-110	187	6	top	top	ADJ
aijbms-110	187	7	companies	company	NOUN
aijbms-110	187	8	of	of	ADP
aijbms-110	187	9	bombay	bombay	PROPN
aijbms-110	187	10	(	(	PUNCT
aijbms-110	187	11	bse	bse	PROPN
aijbms-110	187	12	)	)	PUNCT
aijbms-110	187	13	stock	stock	NOUN
aijbms-110	187	14	exchange	exchange	NOUN
aijbms-110	187	15	that	that	PRON
aijbms-110	187	16	the	the	DET
aijbms-110	187	17	data	datum	NOUN
aijbms-110	187	18	were	be	AUX
aijbms-110	187	19	collected	collect	VERB
aijbms-110	187	20	over	over	ADP
aijbms-110	187	21	thirteen	thirteen	NUM
aijbms-110	187	22	years	year	NOUN
aijbms-110	187	23	period	period	NOUN
aijbms-110	187	24	from	from	ADP
aijbms-110	187	25	january1996	january1996	PROPN
aijbms-110	187	26	to	to	ADP
aijbms-110	187	27	december	december	PROPN
aijbms-110	187	28	2009	2009	NUM
aijbms-110	187	29	.	.	PUNCT
aijbms-110	188	1	their	their	PRON
aijbms-110	188	2	findings	finding	NOUN
aijbms-110	188	3	(	(	PUNCT
aijbms-110	188	4	about	about	ADP
aijbms-110	188	5	intercept	intercept	NOUN
aijbms-110	188	6	and	and	CCONJ
aijbms-110	188	7	slop	slop	NOUN
aijbms-110	188	8	of	of	ADP
aijbms-110	188	9	capm	capm	PROPN
aijbms-110	188	10	equation	equation	NOUN
aijbms-110	188	11	states	state	VERB
aijbms-110	188	12	that	that	SCONJ
aijbms-110	188	13	intercept	intercept	NOUN
aijbms-110	188	14	should	should	AUX
aijbms-110	188	15	be	be	AUX
aijbms-110	188	16	equal	equal	ADJ
aijbms-110	188	17	from	from	ADP
aijbms-110	188	18	zero	zero	NUM
aijbms-110	188	19	and	and	CCONJ
aijbms-110	188	20	slop	slop	NOUN
aijbms-110	188	21	should	should	AUX
aijbms-110	188	22	be	be	AUX
aijbms-110	188	23	excess	excess	ADJ
aijbms-110	188	24	returns	return	NOUN
aijbms-110	188	25	)	)	PUNCT
aijbms-110	188	26	rely	rely	VERB
aijbms-110	188	27	on	on	ADP
aijbms-110	188	28	negate	negate	ADJ
aijbms-110	188	29	hypotheses	hypothesis	NOUN
aijbms-110	188	30	of	of	ADP
aijbms-110	188	31	capital	capital	NOUN
aijbms-110	188	32	asset	asset	NOUN
aijbms-110	188	33	pricing	pricing	NOUN
aijbms-110	188	34	model	model	NOUN
aijbms-110	188	35	and	and	CCONJ
aijbms-110	188	36	offer	offer	VERB
aijbms-110	188	37	evidence	evidence	NOUN
aijbms-110	188	38	against	against	ADP
aijbms-110	188	39	the	the	DET
aijbms-110	188	40	capm	capm	PROPN
aijbms-110	188	41	.	.	PUNCT
aijbms-110	189	1	in	in	ADP
aijbms-110	189	2	addition	addition	NOUN
aijbms-110	189	3	,	,	PUNCT
aijbms-110	189	4	this	this	DET
aijbms-110	189	5	paper	paper	NOUN
aijbms-110	189	6	investigated	investigate	VERB
aijbms-110	189	7	whether	whether	SCONJ
aijbms-110	189	8	the	the	DET
aijbms-110	189	9	capm	capm	PROPN
aijbms-110	189	10	adequately	adequately	ADV
aijbms-110	189	11	captures	capture	VERB
aijbms-110	189	12	all	all	DET
aijbms-110	189	13	-important	-important	ADJ
aijbms-110	189	14	determinants	determinant	NOUN
aijbms-110	189	15	of	of	ADP
aijbms-110	189	16	returns	return	NOUN
aijbms-110	189	17	including	include	VERB
aijbms-110	189	18	the	the	DET
aijbms-110	189	19	residual	residual	ADJ
aijbms-110	189	20	variance	variance	NOUN
aijbms-110	189	21	of	of	ADP
aijbms-110	189	22	stocks	stock	NOUN
aijbms-110	189	23	.	.	PUNCT
aijbms-110	190	1	the	the	DET
aijbms-110	190	2	results	result	NOUN
aijbms-110	190	3	represent	represent	VERB
aijbms-110	190	4	that	that	SCONJ
aijbms-110	190	5	residual	residual	ADJ
aijbms-110	190	6	risk	risk	NOUN
aijbms-110	190	7	has	have	VERB
aijbms-110	190	8	no	no	DET
aijbms-110	190	9	effect	effect	NOUN
aijbms-110	190	10	on	on	ADP
aijbms-110	190	11	the	the	DET
aijbms-110	190	12	expected	expect	VERB
aijbms-110	190	13	returns	return	NOUN
aijbms-110	190	14	of	of	ADP
aijbms-110	190	15	portfolios	portfolio	NOUN
aijbms-110	190	16	.	.	PUNCT
aijbms-110	191	1	mccurdy	mccurdy	NOUN
aijbms-110	191	2	and	and	CCONJ
aijbms-110	191	3	morgan	morgan	PROPN
aijbms-110	191	4	(	(	PUNCT
aijbms-110	191	5	2011	2011	NUM
aijbms-110	191	6	)	)	PUNCT
aijbms-110	191	7	investigated	investigate	VERB
aijbms-110	191	8	equilibrium	equilibrium	NOUN
aijbms-110	191	9	model	model	NOUN
aijbms-110	191	10	for	for	ADP
aijbms-110	191	11	the	the	DET
aijbms-110	191	12	inter	inter	ADJ
aijbms-110	191	13	-	-	ADJ
aijbms-110	191	14	temporal	temporal	ADJ
aijbms-110	191	15	evolution	evolution	NOUN
aijbms-110	191	16	of	of	ADP
aijbms-110	191	17	the	the	DET
aijbms-110	191	18	basis	basis	NOUN
aijbms-110	191	19	in	in	ADP
aijbms-110	191	20	foreign	foreign	ADJ
aijbms-110	191	21	currency	currency	NOUN
aijbms-110	191	22	markets	market	NOUN
aijbms-110	191	23	.	.	PUNCT
aijbms-110	192	1	the	the	DET
aijbms-110	192	2	weights	weight	NOUN
aijbms-110	192	3	are	be	AUX
aijbms-110	192	4	specified	specify	VERB
aijbms-110	192	5	in	in	ADP
aijbms-110	192	6	a	a	DET
aijbms-110	192	7	hedged	hedge	VERB
aijbms-110	192	8	by	by	ADP
aijbms-110	192	9	the	the	DET
aijbms-110	192	10	prices	price	NOUN
aijbms-110	192	11	of	of	ADP
aijbms-110	192	12	futures	future	NOUN
aijbms-110	192	13	and	and	CCONJ
aijbms-110	192	14	spot	spot	NOUN
aijbms-110	192	15	contracts	contract	NOUN
aijbms-110	192	16	position	position	NOUN
aijbms-110	192	17	and	and	CCONJ
aijbms-110	192	18	by	by	ADP
aijbms-110	192	19	internal	internal	ADJ
aijbms-110	192	20	and	and	CCONJ
aijbms-110	192	21	external	external	ADJ
aijbms-110	192	22	interest	interest	NOUN
aijbms-110	192	23	rates	rate	NOUN
aijbms-110	192	24	.	.	PUNCT
aijbms-110	193	1	evaluating	evaluate	VERB
aijbms-110	193	2	this	this	DET
aijbms-110	193	3	hedged	hedge	VERB
aijbms-110	193	4	position	position	NOUN
aijbms-110	193	5	using	use	VERB
aijbms-110	193	6	inter	inter	ADJ
aijbms-110	193	7	temporal	temporal	ADJ
aijbms-110	193	8	asset	asset	NOUN
aijbms-110	193	9	pricing	pricing	NOUN
aijbms-110	193	10	model	model	NOUN
aijbms-110	193	11	,	,	PUNCT
aijbms-110	193	12	leads	lead	VERB
aijbms-110	193	13	to	to	ADP
aijbms-110	193	14	a	a	DET
aijbms-110	193	15	testable	testable	ADJ
aijbms-110	193	16	equilibrium	equilibrium	NOUN
aijbms-110	193	17	model	model	NOUN
aijbms-110	193	18	of	of	ADP
aijbms-110	193	19	the	the	DET
aijbms-110	193	20	futures	future	NOUN
aijbms-110	193	21	basis	basis	NOUN
aijbms-110	193	22	.	.	PUNCT
aijbms-110	194	1	systematic	systematic	ADJ
aijbms-110	194	2	risk	risk	NOUN
aijbms-110	194	3	will	will	AUX
aijbms-110	194	4	be	be	AUX
aijbms-110	194	5	commensurate	commensurate	ADJ
aijbms-110	194	6	to	to	ADP
aijbms-110	194	7	the	the	DET
aijbms-110	194	8	conditional	conditional	ADJ
aijbms-110	194	9	covariance	covariance	NOUN
aijbms-110	194	10	of	of	ADP
aijbms-110	194	11	the	the	DET
aijbms-110	194	12	basis	basis	NOUN
aijbms-110	194	13	with	with	ADP
aijbms-110	194	14	a	a	DET
aijbms-110	194	15	generalized	generalized	ADJ
aijbms-110	194	16	discount	discount	NOUN
aijbms-110	194	17	factor	factor	NOUN
aijbms-110	194	18	.	.	PUNCT
aijbms-110	195	1	empirical	empirical	ADJ
aijbms-110	195	2	implementation	implementation	NOUN
aijbms-110	195	3	uses	use	VERB
aijbms-110	195	4	a	a	DET
aijbms-110	195	5	conditional	conditional	ADJ
aijbms-110	195	6	(	(	PUNCT
aijbms-110	195	7	capm	capm	PROPN
aijbms-110	195	8	)	)	PUNCT
aijbms-110	195	9	in	in	ADP
aijbms-110	195	10	which	which	PRON
aijbms-110	195	11	both	both	CCONJ
aijbms-110	195	12	the	the	DET
aijbms-110	195	13	quantity	quantity	NOUN
aijbms-110	195	14	and	and	CCONJ
aijbms-110	195	15	the	the	DET
aijbms-110	195	16	price	price	NOUN
aijbms-110	195	17	of	of	ADP
aijbms-110	195	18	covariance	covariance	NOUN
aijbms-110	195	19	risk	risk	NOUN
aijbms-110	195	20	are	be	AUX
aijbms-110	195	21	free	free	ADJ
aijbms-110	195	22	to	to	PART
aijbms-110	195	23	vary	vary	VERB
aijbms-110	195	24	over	over	ADP
aijbms-110	195	25	time	time	NOUN
aijbms-110	195	26	.	.	PUNCT
aijbms-110	196	1	however	however	ADV
aijbms-110	196	2	,	,	PUNCT
aijbms-110	196	3	for	for	ADP
aijbms-110	196	4	this	this	DET
aijbms-110	196	5	application	application	NOUN
aijbms-110	196	6	,	,	PUNCT
aijbms-110	196	7	the	the	DET
aijbms-110	196	8	estimated	estimate	VERB
aijbms-110	196	9	inter	inter	ADJ
aijbms-110	196	10	-	-	ADJ
aijbms-110	196	11	temporal	temporal	ADJ
aijbms-110	196	12	risk	risk	NOUN
aijbms-110	196	13	is	be	AUX
aijbms-110	196	14	insignificantly	insignificantly	ADV
aijbms-110	196	15	different	different	ADJ
aijbms-110	196	16	from	from	ADP
aijbms-110	196	17	zero	zero	NUM
aijbms-110	196	18	the	the	DET
aijbms-110	196	19	risk	risk	NOUN
aijbms-110	196	20	in	in	ADP
aijbms-110	196	21	the	the	DET
aijbms-110	196	22	futures	future	NOUN
aijbms-110	196	23	market	market	NOUN
aijbms-110	196	24	offsets	offset	VERB
aijbms-110	196	25	that	that	SCONJ
aijbms-110	196	26	in	in	ADP
aijbms-110	196	27	the	the	DET
aijbms-110	196	28	spot	spot	NOUN
aijbms-110	196	29	,	,	PUNCT
aijbms-110	196	30	providing	provide	VERB
aijbms-110	196	31	an	an	DET
aijbms-110	196	32	effective	effective	ADJ
aijbms-110	196	33	hedge	hedge	NOUN
aijbms-110	196	34	.	.	PUNCT
aijbms-110	197	1	aduda	aduda	NOUN
aijbms-110	197	2	et	et	PROPN
aijbms-110	197	3	al	al	PROPN
aijbms-110	197	4	.	.	PROPN
aijbms-110	198	1	(	(	PUNCT
aijbms-110	198	2	2012	2012	NUM
aijbms-110	198	3	)	)	PUNCT
aijbms-110	198	4	found	find	VERB
aijbms-110	198	5	out	out	ADP
aijbms-110	198	6	that	that	SCONJ
aijbms-110	198	7	,	,	PUNCT
aijbms-110	198	8	macro	macro	ADJ
aijbms-110	198	9	-	-	ADJ
aijbms-110	198	10	economic	economic	ADJ
aijbms-110	198	11	factors	factor	NOUN
aijbms-110	198	12	such	such	ADJ
aijbms-110	198	13	as	as	ADP
aijbms-110	198	14	stock	stock	NOUN
aijbms-110	198	15	market	market	NOUN
aijbms-110	198	16	liquidity	liquidity	NOUN
aijbms-110	198	17	,	,	PUNCT
aijbms-110	198	18	institutional	institutional	ADJ
aijbms-110	198	19	quality	quality	NOUN
aijbms-110	198	20	,	,	PUNCT
aijbms-110	198	21	income	income	NOUN
aijbms-110	198	22	per	per	ADP
aijbms-110	198	23	capita	capita	NOUN
aijbms-110	198	24	,	,	PUNCT
aijbms-110	198	25	domestic	domestic	ADJ
aijbms-110	198	26	savings	saving	NOUN
aijbms-110	198	27	and	and	CCONJ
aijbms-110	198	28	bank	bank	NOUN
aijbms-110	198	29	development	development	NOUN
aijbms-110	198	30	are	be	AUX
aijbms-110	198	31	important	important	ADJ
aijbms-110	198	32	determinants	determinant	NOUN
aijbms-110	198	33	of	of	ADP
aijbms-110	198	34	stock	stock	NOUN
aijbms-110	198	35	market	market	NOUN
aijbms-110	198	36	development	development	NOUN
aijbms-110	198	37	in	in	ADP
aijbms-110	198	38	the	the	DET
aijbms-110	198	39	nairobi	nairobi	PROPN
aijbms-110	198	40	stock	stock	PROPN
aijbms-110	198	41	exchange	exchange	PROPN
aijbms-110	198	42	.	.	PUNCT
aijbms-110	199	1	there	there	PRON
aijbms-110	199	2	is	be	VERB
aijbms-110	199	3	no	no	DET
aijbms-110	199	4	relationship	relationship	NOUN
aijbms-110	199	5	between	between	ADP
aijbms-110	199	6	stock	stock	NOUN
aijbms-110	199	7	market	market	NOUN
aijbms-110	199	8	development	development	NOUN
aijbms-110	199	9	and	and	CCONJ
aijbms-110	199	10	macroeconomic	macroeconomic	ADJ
aijbms-110	199	11	stability	stability	NOUN
aijbms-110	199	12	inflation	inflation	NOUN
aijbms-110	199	13	and	and	CCONJ
aijbms-110	199	14	private	private	ADJ
aijbms-110	199	15	capital	capital	NOUN
aijbms-110	199	16	flows	flow	VERB
aijbms-110	199	17	.	.	PUNCT
aijbms-110	200	1	the	the	DET
aijbms-110	200	2	results	result	NOUN
aijbms-110	200	3	also	also	ADV
aijbms-110	200	4	show	show	VERB
aijbms-110	200	5	that	that	SCONJ
aijbms-110	200	6	institutional	institutional	ADJ
aijbms-110	200	7	quality	quality	NOUN
aijbms-110	200	8	represented	represent	VERB
aijbms-110	200	9	by	by	ADP
aijbms-110	200	10	law	law	NOUN
aijbms-110	200	11	and	and	CCONJ
aijbms-110	200	12	order	order	NOUN
aijbms-110	200	13	and	and	CCONJ
aijbms-110	200	14	bureaucratic	bureaucratic	ADJ
aijbms-110	200	15	quality	quality	NOUN
aijbms-110	200	16	,	,	PUNCT
aijbms-110	200	17	democratic	democratic	ADJ
aijbms-110	200	18	accountability	accountability	NOUN
aijbms-110	200	19	and	and	CCONJ
aijbms-110	200	20	corruption	corruption	NOUN
aijbms-110	200	21	index	index	NOUN
aijbms-110	200	22	are	be	AUX
aijbms-110	200	23	important	important	ADJ
aijbms-110	200	24	determinants	determinant	NOUN
aijbms-110	200	25	of	of	ADP
aijbms-110	200	26	stock	stock	NOUN
aijbms-110	200	27	market	market	NOUN
aijbms-110	200	28	development	development	NOUN
aijbms-110	200	29	because	because	SCONJ
aijbms-110	200	30	they	they	PRON
aijbms-110	200	31	enhance	enhance	VERB
aijbms-110	200	32	the	the	DET
aijbms-110	200	33	viability	viability	NOUN
aijbms-110	200	34	of	of	ADP
aijbms-110	200	35	external	external	ADJ
aijbms-110	200	36	finance	finance	NOUN
aijbms-110	200	37	.	.	PUNCT
aijbms-110	201	1	they	they	PRON
aijbms-110	201	2	concluded	conclude	VERB
aijbms-110	201	3	that	that	SCONJ
aijbms-110	201	4	there	there	PRON
aijbms-110	201	5	is	be	VERB
aijbms-110	201	6	a	a	DET
aijbms-110	201	7	relationship	relationship	NOUN
aijbms-110	201	8	between	between	ADP
aijbms-110	201	9	stock	stock	NOUN
aijbms-110	201	10	market	market	NOUN
aijbms-110	201	11	developments	development	NOUN
aijbms-110	201	12	and	and	CCONJ
aijbms-110	201	13	stock	stock	NOUN
aijbms-110	201	14	market	market	NOUN
aijbms-110	201	15	liquidity	liquidity	NOUN
aijbms-110	201	16	,	,	PUNCT
aijbms-110	201	17	institutional	institutional	ADJ
aijbms-110	201	18	quality	quality	NOUN
aijbms-110	201	19	,	,	PUNCT
aijbms-110	201	20	income	income	NOUN
aijbms-110	201	21	per	per	ADP
aijbms-110	201	22	capita	capita	NOUN
aijbms-110	201	23	,	,	PUNCT
aijbms-110	201	24	domestic	domestic	ADJ
aijbms-110	201	25	savings	saving	NOUN
aijbms-110	201	26	and	and	CCONJ
aijbms-110	201	27	bank	bank	NOUN
aijbms-110	201	28	development	development	NOUN
aijbms-110	201	29	.	.	PUNCT
aijbms-110	202	1	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	202	2	american	american	PROPN
aijbms-110	202	3	international	international	PROPN
aijbms-110	202	4	journal	journal	PROPN
aijbms-110	202	5	of	of	ADP
aijbms-110	202	6	business	business	NOUN
aijbms-110	202	7	and	and	CCONJ
aijbms-110	202	8	management	management	NOUN
aijbms-110	202	9	studies	study	NOUN
aijbms-110	202	10	vol	vol	NOUN
aijbms-110	202	11	.	.	PROPN
aijbms-110	203	1	1	1	NUM
aijbms-110	203	2	,	,	PUNCT
aijbms-110	203	3	no	no	INTJ
aijbms-110	203	4	.	.	NOUN
aijbms-110	203	5	1	1	NUM
aijbms-110	203	6	;	;	PUNCT
aijbms-110	203	7	2019	2019	NUM
aijbms-110	203	8	10	10	NUM
aijbms-110	203	9	methodology	methodology	NOUN
aijbms-110	203	10	this	this	DET
aijbms-110	203	11	study	study	NOUN
aijbms-110	203	12	used	use	VERB
aijbms-110	203	13	the	the	DET
aijbms-110	203	14	ex	ex	ADJ
aijbms-110	203	15	post	post	X
aijbms-110	203	16	facto	facto	X
aijbms-110	203	17	research	research	NOUN
aijbms-110	203	18	design	design	NOUN
aijbms-110	203	19	.	.	PUNCT
aijbms-110	204	1	this	this	PRON
aijbms-110	204	2	is	be	AUX
aijbms-110	204	3	because	because	SCONJ
aijbms-110	204	4	the	the	DET
aijbms-110	204	5	study	study	NOUN
aijbms-110	204	6	attempts	attempt	VERB
aijbms-110	204	7	to	to	PART
aijbms-110	204	8	explore	explore	VERB
aijbms-110	204	9	the	the	DET
aijbms-110	204	10	cause	cause	NOUN
aijbms-110	204	11	nature	nature	NOUN
aijbms-110	204	12	that	that	PRON
aijbms-110	204	13	affects	affect	VERB
aijbms-110	204	14	relationships	relationship	NOUN
aijbms-110	204	15	,	,	PUNCT
aijbms-110	204	16	where	where	SCONJ
aijbms-110	204	17	causes	cause	NOUN
aijbms-110	204	18	already	already	ADV
aijbms-110	204	19	exist	exist	VERB
aijbms-110	204	20	and	and	CCONJ
aijbms-110	204	21	can	can	AUX
aijbms-110	204	22	not	not	PART
aijbms-110	204	23	be	be	AUX
aijbms-110	204	24	manipulated	manipulate	VERB
aijbms-110	204	25	.	.	PUNCT
aijbms-110	205	1	the	the	DET
aijbms-110	205	2	choice	choice	NOUN
aijbms-110	205	3	of	of	ADP
aijbms-110	205	4	model	model	NOUN
aijbms-110	205	5	for	for	ADP
aijbms-110	205	6	this	this	DET
aijbms-110	205	7	research	research	NOUN
aijbms-110	205	8	is	be	AUX
aijbms-110	205	9	the	the	DET
aijbms-110	205	10	ordinary	ordinary	ADJ
aijbms-110	205	11	least	least	ADJ
aijbms-110	205	12	squares	square	NOUN
aijbms-110	205	13	because	because	SCONJ
aijbms-110	205	14	it	it	PRON
aijbms-110	205	15	provides	provide	VERB
aijbms-110	205	16	satisfactory	satisfactory	ADJ
aijbms-110	205	17	results	result	NOUN
aijbms-110	205	18	for	for	ADP
aijbms-110	205	19	estimates	estimate	NOUN
aijbms-110	205	20	of	of	ADP
aijbms-110	205	21	structural	structural	ADJ
aijbms-110	205	22	parameters	parameter	NOUN
aijbms-110	205	23	.	.	PUNCT
aijbms-110	206	1	this	this	DET
aijbms-110	206	2	method	method	NOUN
aijbms-110	206	3	involves	involve	VERB
aijbms-110	206	4	decision	decision	NOUN
aijbms-110	206	5	on	on	ADP
aijbms-110	206	6	whether	whether	SCONJ
aijbms-110	206	7	the	the	DET
aijbms-110	206	8	parameters	parameter	NOUN
aijbms-110	206	9	are	be	AUX
aijbms-110	206	10	statistically	statistically	ADV
aijbms-110	206	11	significant	significant	ADJ
aijbms-110	206	12	and	and	CCONJ
aijbms-110	206	13	theoretically	theoretically	ADV
aijbms-110	206	14	meaningful	meaningful	ADJ
aijbms-110	206	15	.	.	PUNCT
aijbms-110	207	1	it	it	PRON
aijbms-110	207	2	also	also	ADV
aijbms-110	207	3	verifies	verify	VERB
aijbms-110	207	4	the	the	DET
aijbms-110	207	5	validity	validity	NOUN
aijbms-110	207	6	of	of	ADP
aijbms-110	207	7	estimates	estimate	NOUN
aijbms-110	207	8	and	and	CCONJ
aijbms-110	207	9	whether	whether	SCONJ
aijbms-110	207	10	they	they	PRON
aijbms-110	207	11	actually	actually	ADV
aijbms-110	207	12	represent	represent	VERB
aijbms-110	207	13	economic	economic	ADJ
aijbms-110	207	14	theory	theory	NOUN
aijbms-110	207	15	.	.	PUNCT
aijbms-110	208	1	however	however	ADV
aijbms-110	208	2	,	,	PUNCT
aijbms-110	208	3	due	due	ADP
aijbms-110	208	4	to	to	ADP
aijbms-110	208	5	conventional	conventional	ADJ
aijbms-110	208	6	reasons	reason	NOUN
aijbms-110	208	7	,	,	PUNCT
aijbms-110	208	8	we	we	PRON
aijbms-110	208	9	used	use	VERB
aijbms-110	208	10	e	e	NOUN
aijbms-110	208	11	-	-	NOUN
aijbms-110	208	12	view	view	ADJ
aijbms-110	208	13	statistical	statistical	ADJ
aijbms-110	208	14	package	package	NOUN
aijbms-110	208	15	in	in	ADP
aijbms-110	208	16	the	the	DET
aijbms-110	208	17	analysis	analysis	NOUN
aijbms-110	208	18	for	for	ADP
aijbms-110	208	19	a	a	DET
aijbms-110	208	20	reliable	reliable	ADJ
aijbms-110	208	21	result	result	NOUN
aijbms-110	208	22	.	.	PUNCT
aijbms-110	209	1	the	the	DET
aijbms-110	209	2	researcher	researcher	NOUN
aijbms-110	209	3	used	use	VERB
aijbms-110	209	4	only	only	ADV
aijbms-110	209	5	the	the	DET
aijbms-110	209	6	secondary	secondary	ADJ
aijbms-110	209	7	source	source	NOUN
aijbms-110	209	8	of	of	ADP
aijbms-110	209	9	data	datum	NOUN
aijbms-110	209	10	due	due	ADP
aijbms-110	209	11	to	to	ADP
aijbms-110	209	12	the	the	DET
aijbms-110	209	13	nature	nature	NOUN
aijbms-110	209	14	of	of	ADP
aijbms-110	209	15	information	information	NOUN
aijbms-110	209	16	.	.	PUNCT
aijbms-110	210	1	the	the	DET
aijbms-110	210	2	data	datum	NOUN
aijbms-110	210	3	were	be	AUX
aijbms-110	210	4	generated	generate	VERB
aijbms-110	210	5	from	from	ADP
aijbms-110	210	6	the	the	DET
aijbms-110	210	7	publications	publication	NOUN
aijbms-110	210	8	by	by	ADP
aijbms-110	210	9	from	from	ADP
aijbms-110	210	10	cbn	cbn	PROPN
aijbms-110	210	11	statistical	statistical	ADJ
aijbms-110	210	12	bulletin	bulletin	NOUN
aijbms-110	210	13	of	of	ADP
aijbms-110	210	14	various	various	ADJ
aijbms-110	210	15	years	year	NOUN
aijbms-110	210	16	,	,	PUNCT
aijbms-110	210	17	and	and	CCONJ
aijbms-110	210	18	stock	stock	NOUN
aijbms-110	210	19	exchange	exchange	NOUN
aijbms-110	210	20	fact	fact	NOUN
aijbms-110	210	21	-	-	PUNCT
aijbms-110	210	22	book	book	NOUN
aijbms-110	210	23	.	.	PUNCT
aijbms-110	211	1	in	in	ADP
aijbms-110	211	2	an	an	DET
aijbms-110	211	3	attempt	attempt	NOUN
aijbms-110	211	4	to	to	PART
aijbms-110	211	5	examine	examine	VERB
aijbms-110	211	6	the	the	DET
aijbms-110	211	7	impact	impact	NOUN
aijbms-110	211	8	of	of	ADP
aijbms-110	211	9	exchange	exchange	NOUN
aijbms-110	211	10	rate	rate	NOUN
aijbms-110	211	11	on	on	ADP
aijbms-110	211	12	profitability	profitability	NOUN
aijbms-110	211	13	of	of	ADP
aijbms-110	211	14	manufacturing	manufacturing	NOUN
aijbms-110	211	15	firms	firm	NOUN
aijbms-110	211	16	in	in	ADP
aijbms-110	211	17	nigeria	nigeria	PROPN
aijbms-110	211	18	(	(	PUNCT
aijbms-110	211	19	1990	1990	NUM
aijbms-110	211	20	-	-	SYM
aijbms-110	211	21	2017	2017	NUM
aijbms-110	211	22	)	)	PUNCT
aijbms-110	211	23	;	;	PUNCT
aijbms-110	211	24	the	the	DET
aijbms-110	211	25	research	research	NOUN
aijbms-110	211	26	adopted	adopt	VERB
aijbms-110	211	27	multiple	multiple	ADJ
aijbms-110	211	28	regression	regression	NOUN
aijbms-110	211	29	analysis	analysis	NOUN
aijbms-110	211	30	in	in	ADP
aijbms-110	211	31	order	order	NOUN
aijbms-110	211	32	to	to	PART
aijbms-110	211	33	test	test	VERB
aijbms-110	211	34	the	the	DET
aijbms-110	211	35	three	three	NUM
aijbms-110	211	36	objectives	objective	NOUN
aijbms-110	211	37	.	.	PUNCT
aijbms-110	212	1	thus	thus	ADV
aijbms-110	212	2	sp	sp	ADP
aijbms-110	212	3	=	=	SYM
aijbms-110	212	4	f	f	PROPN
aijbms-110	212	5	(	(	PUNCT
aijbms-110	212	6	pr	pr	NOUN
aijbms-110	212	7	,	,	PUNCT
aijbms-110	212	8	liqr	liqr	NOUN
aijbms-110	212	9	,	,	PUNCT
aijbms-110	212	10	intr	intr	PROPN
aijbms-110	212	11	,	,	PUNCT
aijbms-110	212	12	exr	exr	PROPN
aijbms-110	212	13	)	)	PUNCT
aijbms-110	212	14	45	45	NUM
aijbms-110	212	15	sp	sp	ADP
aijbms-110	212	16	=	=	SYM
aijbms-110	212	17	α0	α0	ADJ
aijbms-110	212	18	+	+	CCONJ
aijbms-110	212	19	α1pr	α1pr	X
aijbms-110	212	20	+	+	CCONJ
aijbms-110	212	21	α2liqr	α2liqr	NUM
aijbms-110	212	22	+	+	NUM
aijbms-110	212	23	α3intr	α3intr	NOUN
aijbms-110	212	24	+	+	CCONJ
aijbms-110	212	25	α4exr	α4exr	PROPN
aijbms-110	212	26	+	+	X
aijbms-110	212	27	µ	µ	NUM
aijbms-110	212	28	46	46	NUM
aijbms-110	212	29	where	where	SCONJ
aijbms-110	212	30	:	:	PUNCT
aijbms-110	212	31	sp	sp	ADP
aijbms-110	212	32	=	=	NOUN
aijbms-110	212	33	stock	stock	NOUN
aijbms-110	212	34	prices	price	NOUN
aijbms-110	212	35	pr	pr	NOUN
aijbms-110	212	36	=	=	NOUN
aijbms-110	212	37	price	price	NOUN
aijbms-110	212	38	risk	risk	NOUN
aijbms-110	212	39	proxy	proxy	NOUN
aijbms-110	212	40	by	by	ADP
aijbms-110	212	41	volatility	volatility	NOUN
aijbms-110	212	42	of	of	ADP
aijbms-110	212	43	real	real	ADJ
aijbms-110	212	44	inflation	inflation	NOUN
aijbms-110	212	45	liqr	liqr	NOUN
aijbms-110	212	46	=	=	NOUN
aijbms-110	212	47	liquidity	liquidity	NOUN
aijbms-110	212	48	risk	risk	NOUN
aijbms-110	212	49	proxy	proxy	NOUN
aijbms-110	212	50	by	by	ADP
aijbms-110	212	51	volatility	volatility	NOUN
aijbms-110	212	52	of	of	ADP
aijbms-110	212	53	money	money	NOUN
aijbms-110	212	54	supply	supply	NOUN
aijbms-110	212	55	intr	intr	NOUN
aijbms-110	212	56	=	=	SYM
aijbms-110	212	57	interest	interest	NOUN
aijbms-110	212	58	rate	rate	NOUN
aijbms-110	212	59	risk	risk	NOUN
aijbms-110	212	60	proxy	proxy	NOUN
aijbms-110	212	61	by	by	ADP
aijbms-110	212	62	volatility	volatility	NOUN
aijbms-110	212	63	of	of	ADP
aijbms-110	212	64	real	real	ADJ
aijbms-110	212	65	interest	interest	NOUN
aijbms-110	212	66	rate	rate	NOUN
aijbms-110	212	67	exr	exr	PROPN
aijbms-110	212	68	=	=	PUNCT
aijbms-110	212	69	exchange	exchange	NOUN
aijbms-110	212	70	rate	rate	NOUN
aijbms-110	212	71	risk	risk	NOUN
aijbms-110	212	72	proxy	proxy	NOUN
aijbms-110	212	73	by	by	ADP
aijbms-110	212	74	volatility	volatility	NOUN
aijbms-110	212	75	of	of	ADP
aijbms-110	212	76	naira	naira	PROPN
aijbms-110	212	77	exchange	exchange	NOUN
aijbms-110	212	78	rate	rate	NOUN
aijbms-110	212	79	per	per	ADP
aijbms-110	212	80	us	us	PROPN
aijbms-110	212	81	dollar	dollar	NOUN
aijbms-110	212	82	µ	µ	NOUN
aijbms-110	212	83	=	=	NOUN
aijbms-110	212	84	error	error	NOUN
aijbms-110	212	85	term	term	NOUN
aijbms-110	212	86	therefore	therefore	ADV
aijbms-110	212	87	,	,	PUNCT
aijbms-110	212	88	a	a	DET
aijbms-110	212	89	priori	priori	ADJ
aijbms-110	212	90	expectation	expectation	NOUN
aijbms-110	212	91	(	(	PUNCT
aijbms-110	212	92	α1	α1	PROPN
aijbms-110	212	93	>	>	X
aijbms-110	212	94	α2	α2	PROPN
aijbms-110	212	95	>	>	X
aijbms-110	212	96	α3	α3	PROPN
aijbms-110	212	97	,	,	PUNCT
aijbms-110	212	98	>	>	X
aijbms-110	212	99	α4,>0	α4,>0	PROPN
aijbms-110	212	100	)	)	PUNCT
aijbms-110	212	101	47	47	NUM
aijbms-110	212	102	stationarity	stationarity	NOUN
aijbms-110	212	103	(	(	PUNCT
aijbms-110	212	104	unit	unit	NOUN
aijbms-110	212	105	root	root	NOUN
aijbms-110	212	106	)	)	PUNCT
aijbms-110	212	107	tests	test	VERB
aijbms-110	212	108	the	the	DET
aijbms-110	212	109	study	study	NOUN
aijbms-110	212	110	investigates	investigate	VERB
aijbms-110	212	111	the	the	DET
aijbms-110	212	112	stationarity	stationarity	NOUN
aijbms-110	212	113	properties	property	NOUN
aijbms-110	212	114	of	of	ADP
aijbms-110	212	115	the	the	DET
aijbms-110	212	116	time	time	NOUN
aijbms-110	212	117	series	series	PROPN
aijbms-110	212	118	data	datum	NOUN
aijbms-110	212	119	using	use	VERB
aijbms-110	212	120	the	the	DET
aijbms-110	212	121	augmented	augment	VERB
aijbms-110	212	122	dickey	dickey	PROPN
aijbms-110	212	123	fuller	full	ADJ
aijbms-110	212	124	(	(	PUNCT
aijbms-110	212	125	adf	adf	NOUN
aijbms-110	212	126	)	)	PUNCT
aijbms-110	212	127	test	test	NOUN
aijbms-110	212	128	.	.	PUNCT
aijbms-110	213	1	according	accord	VERB
aijbms-110	213	2	to	to	ADP
aijbms-110	213	3	nelson	nelson	PROPN
aijbms-110	213	4	and	and	CCONJ
aijbms-110	213	5	plosser	plosser	PROPN
aijbms-110	213	6	(	(	PUNCT
aijbms-110	213	7	1982	1982	NUM
aijbms-110	213	8	)	)	PUNCT
aijbms-110	213	9	,	,	PUNCT
aijbms-110	213	10	chowdhury	chowdhury	PROPN
aijbms-110	213	11	(	(	PUNCT
aijbms-110	213	12	1994	1994	NUM
aijbms-110	213	13	)	)	PUNCT
aijbms-110	213	14	there	there	PRON
aijbms-110	213	15	exist	exist	VERB
aijbms-110	213	16	a	a	DET
aijbms-110	213	17	unit	unit	NOUN
aijbms-110	213	18	root	root	NOUN
aijbms-110	213	19	in	in	ADP
aijbms-110	213	20	most	most	ADJ
aijbms-110	213	21	macroeconomic	macroeconomic	ADJ
aijbms-110	213	22	time	time	NOUN
aijbms-110	213	23	series	series	NOUN
aijbms-110	213	24	.	.	PUNCT
aijbms-110	214	1	non	non	PROPN
aijbms-110	214	2	stationary	stationary	ADJ
aijbms-110	214	3	time	time	NOUN
aijbms-110	214	4	series	series	PROPN
aijbms-110	214	5	will	will	AUX
aijbms-110	214	6	have	have	VERB
aijbms-110	214	7	a	a	DET
aijbms-110	214	8	time	time	NOUN
aijbms-110	214	9	varying	vary	VERB
aijbms-110	214	10	mean	mean	NOUN
aijbms-110	214	11	or	or	CCONJ
aijbms-110	214	12	a	a	DET
aijbms-110	214	13	timevarying	timevarying	NOUN
aijbms-110	214	14	variance	variance	NOUN
aijbms-110	214	15	or	or	CCONJ
aijbms-110	214	16	both	both	PRON
aijbms-110	214	17	.	.	PUNCT
aijbms-110	215	1	if	if	SCONJ
aijbms-110	215	2	a	a	DET
aijbms-110	215	3	time	time	NOUN
aijbms-110	215	4	series	series	NOUN
aijbms-110	215	5	is	be	AUX
aijbms-110	215	6	non	non	NOUN
aijbms-110	215	7	stationary	stationary	NOUN
aijbms-110	215	8	,	,	PUNCT
aijbms-110	215	9	we	we	PRON
aijbms-110	215	10	can	can	AUX
aijbms-110	215	11	study	study	VERB
aijbms-110	215	12	its	its	PRON
aijbms-110	215	13	behaviour	behaviour	NOUN
aijbms-110	215	14	only	only	ADV
aijbms-110	215	15	for	for	ADP
aijbms-110	215	16	the	the	DET
aijbms-110	215	17	time	time	NOUN
aijbms-110	215	18	period	period	NOUN
aijbms-110	215	19	under	under	ADP
aijbms-110	215	20	consideration	consideration	NOUN
aijbms-110	215	21	,	,	PUNCT
aijbms-110	215	22	and	and	CCONJ
aijbms-110	215	23	can	can	AUX
aijbms-110	215	24	not	not	PART
aijbms-110	215	25	generalize	generalize	VERB
aijbms-110	215	26	it	it	PRON
aijbms-110	215	27	to	to	ADP
aijbms-110	215	28	other	other	ADJ
aijbms-110	215	29	time	time	NOUN
aijbms-110	215	30	periods	period	NOUN
aijbms-110	215	31	,	,	PUNCT
aijbms-110	215	32	and	and	CCONJ
aijbms-110	215	33	hence	hence	ADV
aijbms-110	215	34	remain	remain	VERB
aijbms-110	215	35	of	of	ADP
aijbms-110	215	36	little	little	ADJ
aijbms-110	215	37	practical	practical	ADJ
aijbms-110	215	38	value	value	NOUN
aijbms-110	215	39	if	if	SCONJ
aijbms-110	215	40	we	we	PRON
aijbms-110	215	41	intend	intend	VERB
aijbms-110	215	42	to	to	PART
aijbms-110	215	43	forecast	forecast	VERB
aijbms-110	215	44	(	(	PUNCT
aijbms-110	215	45	gujarati	gujarati	PROPN
aijbms-110	215	46	,	,	PUNCT
aijbms-110	215	47	2003	2003	NUM
aijbms-110	215	48	)	)	PUNCT
aijbms-110	215	49	.	.	PUNCT
aijbms-110	216	1	it	it	PRON
aijbms-110	216	2	should	should	AUX
aijbms-110	216	3	be	be	AUX
aijbms-110	216	4	noted	note	VERB
aijbms-110	216	5	that	that	SCONJ
aijbms-110	216	6	a	a	DET
aijbms-110	216	7	time	time	NOUN
aijbms-110	216	8	series	series	NOUN
aijbms-110	216	9	is	be	AUX
aijbms-110	216	10	a	a	DET
aijbms-110	216	11	set	set	NOUN
aijbms-110	216	12	of	of	ADP
aijbms-110	216	13	observations	observation	NOUN
aijbms-110	216	14	on	on	ADP
aijbms-110	216	15	the	the	DET
aijbms-110	216	16	values	value	NOUN
aijbms-110	216	17	that	that	PRON
aijbms-110	216	18	a	a	DET
aijbms-110	216	19	variable	variable	NOUN
aijbms-110	216	20	takes	take	VERB
aijbms-110	216	21	at	at	ADP
aijbms-110	216	22	different	different	ADJ
aijbms-110	216	23	times	time	NOUN
aijbms-110	216	24	(	(	PUNCT
aijbms-110	216	25	daily	daily	ADJ
aijbms-110	216	26	,	,	PUNCT
aijbms-110	216	27	weekly	weekly	ADJ
aijbms-110	216	28	,	,	PUNCT
aijbms-110	216	29	monthly	monthly	ADJ
aijbms-110	216	30	,	,	PUNCT
aijbms-110	216	31	quarterly	quarterly	ADJ
aijbms-110	216	32	,	,	PUNCT
aijbms-110	216	33	annually	annually	ADV
aijbms-110	216	34	,	,	PUNCT
aijbms-110	216	35	etc	etc	X
aijbms-110	216	36	)	)	PUNCT
aijbms-110	216	37	.	.	PUNCT
aijbms-110	217	1	stationary	stationary	ADJ
aijbms-110	217	2	test	test	NOUN
aijbms-110	217	3	therefore	therefore	ADV
aijbms-110	217	4	checks	check	VERB
aijbms-110	217	5	for	for	ADP
aijbms-110	217	6	the	the	DET
aijbms-110	217	7	stationarity	stationarity	NOUN
aijbms-110	217	8	of	of	ADP
aijbms-110	217	9	the	the	DET
aijbms-110	217	10	variables	variable	NOUN
aijbms-110	217	11	used	use	VERB
aijbms-110	217	12	in	in	ADP
aijbms-110	217	13	the	the	DET
aijbms-110	217	14	models	model	NOUN
aijbms-110	217	15	.	.	PUNCT
aijbms-110	218	1	if	if	SCONJ
aijbms-110	218	2	stationary	stationary	ADJ
aijbms-110	218	3	at	at	ADP
aijbms-110	218	4	level	level	NOUN
aijbms-110	218	5	,	,	PUNCT
aijbms-110	218	6	then	then	ADV
aijbms-110	218	7	it	it	PRON
aijbms-110	218	8	is	be	AUX
aijbms-110	218	9	integrated	integrate	VERB
aijbms-110	218	10	of	of	ADP
aijbms-110	218	11	order	order	NOUN
aijbms-110	218	12	zero	zero	NUM
aijbms-110	218	13	which	which	PRON
aijbms-110	218	14	is	be	AUX
aijbms-110	218	15	1(0	1(0	NUM
aijbms-110	218	16	)	)	PUNCT
aijbms-110	218	17	.	.	PUNCT
aijbms-110	219	1	thus	thus	ADV
aijbms-110	219	2	,	,	PUNCT
aijbms-110	219	3	test	test	NOUN
aijbms-110	219	4	for	for	ADP
aijbms-110	219	5	stationarity	stationarity	NOUN
aijbms-110	219	6	is	be	AUX
aijbms-110	219	7	also	also	ADV
aijbms-110	219	8	called	call	VERB
aijbms-110	219	9	test	test	NOUN
aijbms-110	219	10	for	for	ADP
aijbms-110	219	11	integration	integration	NOUN
aijbms-110	219	12	.	.	PUNCT
aijbms-110	220	1	it	it	PRON
aijbms-110	220	2	is	be	AUX
aijbms-110	220	3	also	also	ADV
aijbms-110	220	4	called	call	VERB
aijbms-110	220	5	unit	unit	NOUN
aijbms-110	220	6	root	root	NOUN
aijbms-110	220	7	test	test	NOUN
aijbms-110	220	8	.	.	PUNCT
aijbms-110	221	1	stationarity	stationarity	NOUN
aijbms-110	221	2	denotes	denote	VERB
aijbms-110	221	3	the	the	DET
aijbms-110	221	4	non	non	PROPN
aijbms-110	221	5	existence	existence	NOUN
aijbms-110	221	6	of	of	ADP
aijbms-110	221	7	unit	unit	NOUN
aijbms-110	221	8	root	root	NOUN
aijbms-110	221	9	.	.	PUNCT
aijbms-110	222	1	etyiyy	etyiyy	PROPN
aijbms-110	222	2	t	t	PROPN
aijbms-110	222	3	m	m	VERB
aijbms-110	222	4	i	i	PRON
aijbms-110	222	5	tt	tt	PROPN
aijbms-110	222	6			ADJ
aijbms-110	222	7			PROPN
aijbms-110	222	8			PROPN
aijbms-110	222	9			NOUN
aijbms-110	222	10	1	1	NUM
aijbms-110	222	11	1	1	NUM
aijbms-110	222	12	121	121	NUM
aijbms-110	222	13			NOUN
aijbms-110	222	14	48	48	NUM
aijbms-110	222	15	where	where	SCONJ
aijbms-110	222	16	:	:	PUNCT
aijbms-110	222	17	ty	ty	NOUN
aijbms-110	222	18	=	=	PUNCT
aijbms-110	222	19	change	change	NOUN
aijbms-110	222	20	time	time	NOUN
aijbms-110	222	21	t	t	PROPN
aijbms-110	222	22	1	1	NUM
aijbms-110	222	23	ty	ty	INTJ
aijbms-110	222	24	=	=	PUNCT
aijbms-110	222	25	the	the	DET
aijbms-110	222	26	lagged	lag	VERB
aijbms-110	222	27	value	value	NOUN
aijbms-110	222	28	of	of	ADP
aijbms-110	222	29	the	the	DET
aijbms-110	222	30	dependent	dependent	ADJ
aijbms-110	222	31	variables	variable	NOUN
aijbms-110	222	32	t	t	ADP
aijbms-110	222	33	=	=	PUNCT
aijbms-110	222	34	white	white	ADJ
aijbms-110	222	35	noise	noise	NOUN
aijbms-110	222	36	error	error	NOUN
aijbms-110	222	37	term	term	NOUN
aijbms-110	222	38	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	NOUN
aijbms-110	222	39	american	american	PROPN
aijbms-110	222	40	international	international	PROPN
aijbms-110	222	41	journal	journal	PROPN
aijbms-110	222	42	of	of	ADP
aijbms-110	222	43	business	business	NOUN
aijbms-110	222	44	and	and	CCONJ
aijbms-110	222	45	management	management	NOUN
aijbms-110	222	46	studies	study	NOUN
aijbms-110	222	47	vol	vol	NOUN
aijbms-110	222	48	.	.	PROPN
aijbms-110	223	1	1	1	NUM
aijbms-110	223	2	,	,	PUNCT
aijbms-110	223	3	no	no	INTJ
aijbms-110	223	4	.	.	NOUN
aijbms-110	223	5	1	1	NUM
aijbms-110	223	6	;	;	PUNCT
aijbms-110	223	7	2019	2019	NUM
aijbms-110	223	8	11	11	NUM
aijbms-110	223	9	if	if	SCONJ
aijbms-110	223	10	in	in	ADP
aijbms-110	223	11	the	the	DET
aijbms-110	223	12	above	above	ADJ
aijbms-110	223	13			PROPN
aijbms-110	223	14	=	=	NOUN
aijbms-110	223	15	0	0	NUM
aijbms-110	223	16	,	,	PUNCT
aijbms-110	223	17	then	then	ADV
aijbms-110	223	18	we	we	PRON
aijbms-110	223	19	conclude	conclude	VERB
aijbms-110	223	20	that	that	SCONJ
aijbms-110	223	21	there	there	PRON
aijbms-110	223	22	is	be	VERB
aijbms-110	223	23	a	a	DET
aijbms-110	223	24	unit	unit	NOUN
aijbms-110	223	25	root	root	NOUN
aijbms-110	223	26	.	.	PUNCT
aijbms-110	224	1	otherwise	otherwise	ADV
aijbms-110	224	2	there	there	PRON
aijbms-110	224	3	is	be	VERB
aijbms-110	224	4	no	no	DET
aijbms-110	224	5	unit	unit	NOUN
aijbms-110	224	6	root	root	NOUN
aijbms-110	224	7	,	,	PUNCT
aijbms-110	224	8	meaning	mean	VERB
aijbms-110	224	9	that	that	SCONJ
aijbms-110	224	10	it	it	PRON
aijbms-110	224	11	is	be	AUX
aijbms-110	224	12	stationary	stationary	ADJ
aijbms-110	224	13	.	.	PUNCT
aijbms-110	225	1	the	the	DET
aijbms-110	225	2	choice	choice	NOUN
aijbms-110	225	3	of	of	ADP
aijbms-110	225	4	lag	lag	NOUN
aijbms-110	225	5	will	will	AUX
aijbms-110	225	6	be	be	AUX
aijbms-110	225	7	determined	determine	VERB
aijbms-110	225	8	by	by	ADP
aijbms-110	225	9	akaike	akaike	ADJ
aijbms-110	225	10	information	information	NOUN
aijbms-110	225	11	criteria	criterion	NOUN
aijbms-110	225	12	.	.	PUNCT
aijbms-110	226	1	decision	decision	NOUN
aijbms-110	226	2	rule	rule	NOUN
aijbms-110	226	3	t	t	PROPN
aijbms-110	226	4	-	-	PUNCT
aijbms-110	226	5	adf	adf	PROPN
aijbms-110	226	6	(	(	PUNCT
aijbms-110	226	7	absolute	absolute	ADJ
aijbms-110	226	8	value	value	NOUN
aijbms-110	226	9	)	)	PUNCT
aijbms-110	226	10	>	>	X
aijbms-110	226	11	t	t	PROPN
aijbms-110	226	12	-	-	PUNCT
aijbms-110	226	13	adf	adf	PROPN
aijbms-110	226	14	(	(	PUNCT
aijbms-110	226	15	critical	critical	ADJ
aijbms-110	226	16	value	value	NOUN
aijbms-110	226	17	)	)	PUNCT
aijbms-110	226	18	:	:	PUNCT
aijbms-110	226	19	reject	reject	VERB
aijbms-110	226	20	ho	ho	PROPN
aijbms-110	226	21	(	(	PUNCT
aijbms-110	226	22	otherwise	otherwise	ADV
aijbms-110	226	23	accept	accept	VERB
aijbms-110	226	24	h1	h1	PROPN
aijbms-110	226	25	)	)	PUNCT
aijbms-110	226	26	note	note	VERB
aijbms-110	226	27	that	that	SCONJ
aijbms-110	226	28	each	each	DET
aijbms-110	226	29	variable	variable	NOUN
aijbms-110	226	30	will	will	AUX
aijbms-110	226	31	have	have	VERB
aijbms-110	226	32	its	its	PRON
aijbms-110	226	33	own	own	ADJ
aijbms-110	226	34	adf	adf	NOUN
aijbms-110	226	35	test	test	NOUN
aijbms-110	226	36	value	value	NOUN
aijbms-110	226	37	.	.	PUNCT
aijbms-110	227	1	if	if	SCONJ
aijbms-110	227	2	the	the	DET
aijbms-110	227	3	variables	variable	NOUN
aijbms-110	227	4	are	be	AUX
aijbms-110	227	5	stationary	stationary	ADJ
aijbms-110	227	6	at	at	ADP
aijbms-110	227	7	level	level	NOUN
aijbms-110	227	8	,	,	PUNCT
aijbms-110	227	9	then	then	ADV
aijbms-110	227	10	they	they	PRON
aijbms-110	227	11	are	be	AUX
aijbms-110	227	12	integrated	integrate	VERB
aijbms-110	227	13	of	of	ADP
aijbms-110	227	14	order	order	NOUN
aijbms-110	227	15	zero	zero	NUM
aijbms-110	227	16	i.e	i.e	PRON
aijbms-110	227	17	1(0	1(0	NUM
aijbms-110	227	18	)	)	PUNCT
aijbms-110	227	19	.	.	PUNCT
aijbms-110	228	1	note	note	VERB
aijbms-110	228	2	that	that	SCONJ
aijbms-110	228	3	the	the	DET
aijbms-110	228	4	appropriate	appropriate	ADJ
aijbms-110	228	5	degree	degree	NOUN
aijbms-110	228	6	of	of	ADP
aijbms-110	228	7	freedom	freedom	NOUN
aijbms-110	228	8	is	be	AUX
aijbms-110	228	9	used	use	VERB
aijbms-110	228	10	.	.	PUNCT
aijbms-110	229	1	if	if	SCONJ
aijbms-110	229	2	the	the	DET
aijbms-110	229	3	variables	variable	NOUN
aijbms-110	229	4	are	be	AUX
aijbms-110	229	5	stationary	stationary	ADJ
aijbms-110	229	6	at	at	ADP
aijbms-110	229	7	level	level	NOUN
aijbms-110	229	8	,	,	PUNCT
aijbms-110	229	9	it	it	PRON
aijbms-110	229	10	means	mean	VERB
aijbms-110	229	11	that	that	SCONJ
aijbms-110	229	12	even	even	ADV
aijbms-110	229	13	in	in	ADP
aijbms-110	229	14	the	the	DET
aijbms-110	229	15	short	short	ADJ
aijbms-110	229	16	run	run	NOUN
aijbms-110	229	17	they	they	PRON
aijbms-110	229	18	move	move	VERB
aijbms-110	229	19	together	together	ADV
aijbms-110	229	20	.	.	PUNCT
aijbms-110	230	1	the	the	DET
aijbms-110	230	2	unit	unit	NOUN
aijbms-110	230	3	root	root	NOUN
aijbms-110	230	4	problem	problem	NOUN
aijbms-110	230	5	earlier	early	ADV
aijbms-110	230	6	mentioned	mention	VERB
aijbms-110	230	7	can	can	AUX
aijbms-110	230	8	be	be	AUX
aijbms-110	230	9	explained	explain	VERB
aijbms-110	230	10	using	use	VERB
aijbms-110	230	11	the	the	DET
aijbms-110	230	12	model	model	NOUN
aijbms-110	230	13	:	:	PUNCT
aijbms-110	230	14	y=	y=	NUM
aijbms-110	230	15	yt-1	yt-1	PUNCT
aijbms-110	231	1	+	+	CCONJ
aijbms-110	231	2	i	i	PROPN
aijbms-110	231	3	49	49	NUM
aijbms-110	231	4	where	where	SCONJ
aijbms-110	231	5	;	;	PUNCT
aijbms-110	231	6	yt	yt	PROPN
aijbms-110	231	7	is	be	AUX
aijbms-110	231	8	the	the	DET
aijbms-110	231	9	variable	variable	NOUN
aijbms-110	231	10	in	in	ADP
aijbms-110	231	11	question	question	NOUN
aijbms-110	231	12	;	;	PUNCT
aijbms-110	231	13	i	i	PROPN
aijbms-110	231	14	is	be	AUX
aijbms-110	231	15	stochastic	stochastic	ADJ
aijbms-110	231	16	error	error	NOUN
aijbms-110	231	17	term	term	NOUN
aijbms-110	231	18	.	.	PUNCT
aijbms-110	232	1	equation	equation	NOUN
aijbms-110	232	2	(	(	PUNCT
aijbms-110	232	3	a	a	X
aijbms-110	232	4	)	)	PUNCT
aijbms-110	232	5	is	be	AUX
aijbms-110	232	6	termed	term	VERB
aijbms-110	232	7	first	first	ADJ
aijbms-110	232	8	order	order	NOUN
aijbms-110	232	9	regression	regression	NOUN
aijbms-110	232	10	because	because	SCONJ
aijbms-110	232	11	we	we	PRON
aijbms-110	232	12	regress	regress	VERB
aijbms-110	232	13	the	the	DET
aijbms-110	232	14	value	value	NOUN
aijbms-110	232	15	y	y	PROPN
aijbms-110	232	16	at	at	ADP
aijbms-110	232	17	time	time	NOUN
aijbms-110	232	18	“	"	PUNCT
aijbms-110	232	19	t	t	PROPN
aijbms-110	232	20	”	"	PUNCT
aijbms-110	232	21	on	on	ADP
aijbms-110	232	22	its	its	PRON
aijbms-110	232	23	value	value	NOUN
aijbms-110	232	24	at	at	ADP
aijbms-110	232	25	time	time	NOUN
aijbms-110	232	26	(	(	PUNCT
aijbms-110	232	27	t1	t1	NOUN
aijbms-110	232	28	)	)	PUNCT
aijbms-110	232	29	.	.	PUNCT
aijbms-110	233	1	if	if	SCONJ
aijbms-110	233	2	the	the	DET
aijbms-110	233	3	coefficient	coefficient	NOUN
aijbms-110	233	4	of	of	ADP
aijbms-110	233	5	yt	yt	PROPN
aijbms-110	233	6	-	-	PUNCT
aijbms-110	233	7	i	i	PRON
aijbms-110	233	8	is	be	AUX
aijbms-110	233	9	equal	equal	ADJ
aijbms-110	233	10	to	to	ADP
aijbms-110	233	11	1	1	NUM
aijbms-110	233	12	,	,	PUNCT
aijbms-110	233	13	then	then	ADV
aijbms-110	233	14	we	we	PRON
aijbms-110	233	15	have	have	VERB
aijbms-110	233	16	a	a	DET
aijbms-110	233	17	unit	unit	NOUN
aijbms-110	233	18	root	root	NOUN
aijbms-110	233	19	problem	problem	NOUN
aijbms-110	233	20	(	(	PUNCT
aijbms-110	233	21	non	non	X
aijbms-110	233	22	stationary	stationary	ADJ
aijbms-110	233	23	situation	situation	NOUN
aijbms-110	233	24	)	)	PUNCT
aijbms-110	233	25	.	.	PUNCT
aijbms-110	234	1	this	this	PRON
aijbms-110	234	2	means	mean	VERB
aijbms-110	234	3	that	that	SCONJ
aijbms-110	234	4	if	if	SCONJ
aijbms-110	234	5	the	the	DET
aijbms-110	234	6	regression	regression	NOUN
aijbms-110	234	7	.	.	PUNCT
aijbms-110	235	1	y=	y=	PRON
aijbms-110	235	2	yt-1	yt-1	PUNCT
aijbms-110	236	1	+	+	CCONJ
aijbms-110	236	2	i	i	PROPN
aijbms-110	236	3	50	50	NUM
aijbms-110	236	4	where	where	SCONJ
aijbms-110	236	5	y	y	PROPN
aijbms-110	236	6	and	and	CCONJ
aijbms-110	236	7	i	i	PRON
aijbms-110	236	8	are	be	AUX
aijbms-110	236	9	found	find	VERB
aijbms-110	236	10	to	to	PART
aijbms-110	236	11	be	be	AUX
aijbms-110	236	12	equal	equal	ADJ
aijbms-110	236	13	to	to	ADP
aijbms-110	236	14	1	1	NUM
aijbms-110	236	15	then	then	ADV
aijbms-110	236	16	the	the	DET
aijbms-110	236	17	variable	variable	ADJ
aijbms-110	236	18	yt	yt	NOUN
aijbms-110	236	19	has	have	VERB
aijbms-110	236	20	a	a	DET
aijbms-110	236	21	unit	unit	NOUN
aijbms-110	236	22	root	root	NOUN
aijbms-110	236	23	(	(	PUNCT
aijbms-110	236	24	random	random	ADJ
aijbms-110	236	25	work	work	NOUN
aijbms-110	236	26	in	in	ADP
aijbms-110	236	27	time	time	NOUN
aijbms-110	236	28	series	series	PROPN
aijbms-110	236	29	econometrics	econometrics	PROPN
aijbms-110	236	30	)	)	PUNCT
aijbms-110	236	31	.	.	PUNCT
aijbms-110	237	1	if	if	SCONJ
aijbms-110	237	2	a	a	DET
aijbms-110	237	3	time	time	NOUN
aijbms-110	237	4	series	series	NOUN
aijbms-110	237	5	has	have	VERB
aijbms-110	237	6	a	a	DET
aijbms-110	237	7	unit	unit	NOUN
aijbms-110	237	8	root	root	NOUN
aijbms-110	237	9	,	,	PUNCT
aijbms-110	237	10	the	the	DET
aijbms-110	237	11	first	first	ADJ
aijbms-110	237	12	difference	difference	NOUN
aijbms-110	237	13	of	of	ADP
aijbms-110	237	14	such	such	ADJ
aijbms-110	237	15	time	time	NOUN
aijbms-110	237	16	series	series	NOUN
aijbms-110	237	17	are	be	AUX
aijbms-110	237	18	usually	usually	ADV
aijbms-110	237	19	stationary	stationary	ADJ
aijbms-110	237	20	.	.	PUNCT
aijbms-110	238	1	therefore	therefore	ADV
aijbms-110	238	2	to	to	PART
aijbms-110	238	3	salve	salve	VERB
aijbms-110	238	4	the	the	DET
aijbms-110	238	5	problem	problem	NOUN
aijbms-110	238	6	,	,	PUNCT
aijbms-110	238	7	take	take	VERB
aijbms-110	238	8	the	the	DET
aijbms-110	238	9	first	first	ADJ
aijbms-110	238	10	difference	difference	NOUN
aijbms-110	238	11	of	of	ADP
aijbms-110	238	12	the	the	DET
aijbms-110	238	13	time	time	NOUN
aijbms-110	238	14	series	series	NOUN
aijbms-110	238	15	.	.	PUNCT
aijbms-110	239	1	the	the	DET
aijbms-110	239	2	first	first	ADJ
aijbms-110	239	3	difference	difference	NOUN
aijbms-110	239	4	operation	operation	NOUN
aijbms-110	239	5	is	be	AUX
aijbms-110	239	6	shown	show	VERB
aijbms-110	239	7	in	in	ADP
aijbms-110	239	8	the	the	DET
aijbms-110	239	9	following	following	ADJ
aijbms-110	239	10	model	model	NOUN
aijbms-110	239	11	:	:	PUNCT
aijbms-110	239	12	y=(l-1)yt-1i	y=(l-1)yt-1i	PROPN
aijbms-110	239	13	51	51	NUM
aijbms-110	239	14	yt-1	yt-1	NOUN
aijbms-110	239	15	+	+	SYM
aijbms-110	239	16	i	i	PROPN
aijbms-110	239	17	52	52	NUM
aijbms-110	239	18	(	(	PUNCT
aijbms-110	239	19	note	note	NOUN
aijbms-110	239	20	:	:	PUNCT
aijbms-110	239	21			NUM
aijbms-110	239	22	=	=	ADJ
aijbms-110	239	23	1	1	NUM
aijbms-110	239	24	-	-	PUNCT
aijbms-110	239	25	1=	1=	NOUN
aijbms-110	239	26	0	0	NUM
aijbms-110	239	27	;	;	PUNCT
aijbms-110	239	28	where	where	SCONJ
aijbms-110	239	29	l	l	NOUN
aijbms-110	239	30	=	=	NOUN
aijbms-110	239	31	1	1	NUM
aijbms-110	239	32	;	;	PUNCT
aijbms-110	239	33	yt	yt	NOUN
aijbms-110	239	34	=	=	PUNCT
aijbms-110	239	35	yt	yt	PRON
aijbms-110	239	36	yt	yt	PROPN
aijbms-110	239	37	-	-	PUNCT
aijbms-110	239	38	i	i	NOUN
aijbms-110	239	39	)	)	PUNCT
aijbms-110	239	40	53	53	NUM
aijbms-110	239	41	integrated	integrate	VERB
aijbms-110	239	42	of	of	ADP
aijbms-110	239	43	order	order	NOUN
aijbms-110	239	44	1	1	NUM
aijbms-110	239	45	or	or	CCONJ
aijbms-110	239	46	i	i	PRON
aijbms-110	239	47	(	(	PUNCT
aijbms-110	239	48	i	i	NOUN
aijbms-110	239	49	)	)	PUNCT
aijbms-110	239	50	given	give	VERB
aijbms-110	239	51	that	that	SCONJ
aijbms-110	239	52	the	the	DET
aijbms-110	239	53	original	original	ADJ
aijbms-110	239	54	(	(	PUNCT
aijbms-110	239	55	random	random	ADJ
aijbms-110	239	56	walk	walk	NOUN
aijbms-110	239	57	)	)	PUNCT
aijbms-110	239	58	series	series	NOUN
aijbms-110	239	59	is	be	AUX
aijbms-110	239	60	differenced	difference	VERB
aijbms-110	239	61	once	once	ADV
aijbms-110	239	62	and	and	CCONJ
aijbms-110	239	63	the	the	DET
aijbms-110	239	64	differenced	differenced	ADJ
aijbms-110	239	65	series	series	NOUN
aijbms-110	239	66	becomes	become	VERB
aijbms-110	239	67	stationary	stationary	ADJ
aijbms-110	239	68	,	,	PUNCT
aijbms-110	239	69	then	then	ADV
aijbms-110	239	70	the	the	DET
aijbms-110	239	71	original	original	ADJ
aijbms-110	239	72	series	series	NOUN
aijbms-110	239	73	is	be	AUX
aijbms-110	239	74	said	say	VERB
aijbms-110	239	75	to	to	PART
aijbms-110	239	76	be	be	AUX
aijbms-110	239	77	integrated	integrate	VERB
aijbms-110	239	78	of	of	ADP
aijbms-110	239	79	order	order	NOUN
aijbms-110	240	1	i	i	PRON
aijbms-110	240	2	or	or	CCONJ
aijbms-110	240	3	i	i	PRON
aijbms-110	240	4	(	(	PUNCT
aijbms-110	240	5	1	1	NUM
aijbms-110	240	6	)	)	PUNCT
aijbms-110	240	7	.	.	PUNCT
aijbms-110	241	1	integrated	integrate	VERB
aijbms-110	241	2	of	of	ADP
aijbms-110	241	3	order	order	NOUN
aijbms-110	241	4	2	2	NUM
aijbms-110	241	5	or	or	CCONJ
aijbms-110	241	6	i	i	PRON
aijbms-110	241	7	(	(	PUNCT
aijbms-110	241	8	2	2	X
aijbms-110	241	9	)	)	PUNCT
aijbms-110	241	10	given	give	VERB
aijbms-110	241	11	that	that	SCONJ
aijbms-110	241	12	the	the	DET
aijbms-110	241	13	original	original	ADJ
aijbms-110	241	14	series	series	NOUN
aijbms-110	241	15	is	be	AUX
aijbms-110	241	16	differenced	difference	VERB
aijbms-110	241	17	twice	twice	ADV
aijbms-110	241	18	before	before	SCONJ
aijbms-110	241	19	it	it	PRON
aijbms-110	241	20	becomes	become	VERB
aijbms-110	241	21	stationary	stationary	ADJ
aijbms-110	241	22	(	(	PUNCT
aijbms-110	241	23	the	the	DET
aijbms-110	241	24	first	first	ADJ
aijbms-110	241	25	difference	difference	NOUN
aijbms-110	241	26	of	of	ADP
aijbms-110	241	27	the	the	DET
aijbms-110	241	28	first	first	ADJ
aijbms-110	241	29	difference	difference	NOUN
aijbms-110	241	30	)	)	PUNCT
aijbms-110	241	31	,	,	PUNCT
aijbms-110	241	32	then	then	ADV
aijbms-110	241	33	the	the	DET
aijbms-110	241	34	original	original	ADJ
aijbms-110	241	35	series	series	NOUN
aijbms-110	241	36	is	be	AUX
aijbms-110	241	37	integrated	integrate	VERB
aijbms-110	241	38	of	of	ADP
aijbms-110	241	39	order	order	NOUN
aijbms-110	241	40	2	2	NUM
aijbms-110	241	41	or	or	CCONJ
aijbms-110	241	42	1(2	1(2	NUM
aijbms-110	241	43	)	)	PUNCT
aijbms-110	241	44	.	.	PUNCT
aijbms-110	242	1	therefore	therefore	ADV
aijbms-110	242	2	,	,	PUNCT
aijbms-110	242	3	given	give	VERB
aijbms-110	242	4	a	a	DET
aijbms-110	242	5	time	time	NOUN
aijbms-110	242	6	series	series	NOUN
aijbms-110	242	7	has	have	VERB
aijbms-110	242	8	to	to	PART
aijbms-110	242	9	be	be	AUX
aijbms-110	242	10	differenced	difference	VERB
aijbms-110	242	11	q	q	ADJ
aijbms-110	242	12	times	time	NOUN
aijbms-110	242	13	before	before	ADP
aijbms-110	242	14	becoming	become	VERB
aijbms-110	242	15	stationary	stationary	ADJ
aijbms-110	242	16	it	it	PRON
aijbms-110	242	17	said	say	VERB
aijbms-110	242	18	to	to	PART
aijbms-110	242	19	be	be	AUX
aijbms-110	242	20	integrated	integrate	VERB
aijbms-110	242	21	of	of	ADP
aijbms-110	242	22	order	order	NOUN
aijbms-110	242	23	q	q	NOUN
aijbms-110	242	24	or	or	CCONJ
aijbms-110	242	25	i	i	PRON
aijbms-110	242	26	(	(	PUNCT
aijbms-110	242	27	q	q	NOUN
aijbms-110	242	28	)	)	PUNCT
aijbms-110	242	29	.	.	PUNCT
aijbms-110	243	1	hence	hence	ADV
aijbms-110	243	2	,	,	PUNCT
aijbms-110	243	3	non	non	ADJ
aijbms-110	243	4	stationary	stationary	ADJ
aijbms-110	243	5	time	time	NOUN
aijbms-110	243	6	series	series	PROPN
aijbms-110	243	7	are	be	AUX
aijbms-110	243	8	those	those	PRON
aijbms-110	243	9	that	that	PRON
aijbms-110	243	10	are	be	AUX
aijbms-110	243	11	integrated	integrate	VERB
aijbms-110	243	12	of	of	ADP
aijbms-110	243	13	order	order	NOUN
aijbms-110	243	14	1	1	NUM
aijbms-110	243	15	or	or	CCONJ
aijbms-110	243	16	greater	great	ADJ
aijbms-110	243	17	.	.	PUNCT
aijbms-110	244	1	the	the	DET
aijbms-110	244	2	null	null	ADJ
aijbms-110	244	3	hypothesis	hypothesis	NOUN
aijbms-110	244	4	for	for	ADP
aijbms-110	244	5	the	the	DET
aijbms-110	244	6	unit	unit	NOUN
aijbms-110	244	7	root	root	NOUN
aijbms-110	244	8	is	be	AUX
aijbms-110	244	9	:	:	PUNCT
aijbms-110	244	10	ho	ho	ADJ
aijbms-110	244	11	:	:	PUNCT
aijbms-110	244	12	a	a	DET
aijbms-110	244	13	=	=	NOUN
aijbms-110	244	14	1	1	NUM
aijbms-110	244	15	;	;	PUNCT
aijbms-110	244	16	the	the	DET
aijbms-110	244	17	alternative	alternative	ADJ
aijbms-110	244	18	hypothesis	hypothesis	NOUN
aijbms-110	244	19	is	be	AUX
aijbms-110	244	20	hi	hi	ADJ
aijbms-110	244	21	:	:	PUNCT
aijbms-110	244	22	a	a	DET
aijbms-110	244	23	<	<	X
aijbms-110	244	24	1	1	NUM
aijbms-110	244	25	.	.	PUNCT
aijbms-110	245	1	we	we	PRON
aijbms-110	245	2	shall	shall	AUX
aijbms-110	245	3	test	test	VERB
aijbms-110	245	4	the	the	DET
aijbms-110	245	5	stationarity	stationarity	NOUN
aijbms-110	245	6	of	of	ADP
aijbms-110	245	7	our	our	PRON
aijbms-110	245	8	data	datum	NOUN
aijbms-110	245	9	using	use	VERB
aijbms-110	245	10	the	the	DET
aijbms-110	245	11	adf	adf	PROPN
aijbms-110	245	12	test	test	NOUN
aijbms-110	245	13	.	.	PUNCT
aijbms-110	246	1	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	246	2	american	american	PROPN
aijbms-110	246	3	international	international	PROPN
aijbms-110	246	4	journal	journal	PROPN
aijbms-110	246	5	of	of	ADP
aijbms-110	246	6	business	business	NOUN
aijbms-110	246	7	and	and	CCONJ
aijbms-110	246	8	management	management	NOUN
aijbms-110	246	9	studies	study	NOUN
aijbms-110	246	10	vol	vol	NOUN
aijbms-110	246	11	.	.	PROPN
aijbms-110	247	1	1	1	NUM
aijbms-110	247	2	,	,	PUNCT
aijbms-110	247	3	no	no	INTJ
aijbms-110	247	4	.	.	NOUN
aijbms-110	247	5	1	1	NUM
aijbms-110	247	6	;	;	PUNCT
aijbms-110	247	7	2019	2019	NUM
aijbms-110	247	8	12	12	NUM
aijbms-110	247	9	co	co	NOUN
aijbms-110	247	10	-	-	NOUN
aijbms-110	247	11	integration	integration	NOUN
aijbms-110	247	12	test	test	NOUN
aijbms-110	247	13	(	(	PUNCT
aijbms-110	247	14	the	the	DET
aijbms-110	247	15	johansen	johansen	PROPN
aijbms-110	247	16	test	test	NOUN
aijbms-110	247	17	)	)	PUNCT
aijbms-110	248	1	it	it	PRON
aijbms-110	248	2	has	have	AUX
aijbms-110	248	3	already	already	ADV
aijbms-110	248	4	been	be	AUX
aijbms-110	248	5	warned	warn	VERB
aijbms-110	248	6	that	that	SCONJ
aijbms-110	248	7	the	the	DET
aijbms-110	248	8	regression	regression	NOUN
aijbms-110	248	9	of	of	ADP
aijbms-110	248	10	a	a	DET
aijbms-110	248	11	non	non	ADJ
aijbms-110	248	12	stationary	stationary	ADJ
aijbms-110	248	13	time	time	NOUN
aijbms-110	248	14	series	series	NOUN
aijbms-110	248	15	on	on	ADP
aijbms-110	248	16	another	another	DET
aijbms-110	248	17	non	non	PRON
aijbms-110	248	18	stationary	stationary	ADJ
aijbms-110	248	19	time	time	NOUN
aijbms-110	248	20	series	series	PROPN
aijbms-110	248	21	may	may	AUX
aijbms-110	248	22	lead	lead	VERB
aijbms-110	248	23	to	to	ADP
aijbms-110	248	24	a	a	DET
aijbms-110	248	25	spurious	spurious	ADJ
aijbms-110	248	26	regression	regression	NOUN
aijbms-110	248	27	.	.	PUNCT
aijbms-110	249	1	the	the	DET
aijbms-110	249	2	important	important	ADJ
aijbms-110	249	3	contribution	contribution	NOUN
aijbms-110	249	4	of	of	ADP
aijbms-110	249	5	the	the	DET
aijbms-110	249	6	concept	concept	NOUN
aijbms-110	249	7	of	of	ADP
aijbms-110	249	8	unit	unit	NOUN
aijbms-110	249	9	root	root	NOUN
aijbms-110	249	10	and	and	CCONJ
aijbms-110	249	11	co	co	NOUN
aijbms-110	249	12	-	-	NOUN
aijbms-110	249	13	integration	integration	NOUN
aijbms-110	249	14	is	be	AUX
aijbms-110	249	15	to	to	PART
aijbms-110	249	16	find	find	VERB
aijbms-110	249	17	out	out	ADP
aijbms-110	249	18	if	if	SCONJ
aijbms-110	249	19	the	the	DET
aijbms-110	249	20	regression	regression	NOUN
aijbms-110	249	21	residual	residual	ADJ
aijbms-110	249	22	are	be	AUX
aijbms-110	249	23	stationary	stationary	ADJ
aijbms-110	249	24	.	.	PUNCT
aijbms-110	250	1	thus	thus	ADV
aijbms-110	250	2	,	,	PUNCT
aijbms-110	250	3	a	a	DET
aijbms-110	250	4	test	test	NOUN
aijbms-110	250	5	for	for	ADP
aijbms-110	250	6	co	co	NOUN
aijbms-110	250	7	-	-	NOUN
aijbms-110	250	8	integration	integration	NOUN
aijbms-110	250	9	enables	enable	VERB
aijbms-110	250	10	us	we	PRON
aijbms-110	250	11	to	to	PART
aijbms-110	250	12	avoid	avoid	VERB
aijbms-110	250	13	spurious	spurious	ADJ
aijbms-110	250	14	regression	regression	NOUN
aijbms-110	250	15	situation	situation	NOUN
aijbms-110	250	16	.	.	PUNCT
aijbms-110	251	1	if	if	SCONJ
aijbms-110	251	2	the	the	DET
aijbms-110	251	3	residuals	residual	NOUN
aijbms-110	251	4	from	from	ADP
aijbms-110	251	5	the	the	DET
aijbms-110	251	6	regression	regression	NOUN
aijbms-110	251	7	are	be	AUX
aijbms-110	251	8	1(1	1(1	NUM
aijbms-110	251	9	)	)	PUNCT
aijbms-110	251	10	or	or	CCONJ
aijbms-110	251	11	2(2	2(2	NUM
aijbms-110	251	12	)	)	PUNCT
aijbms-110	251	13	,	,	PUNCT
aijbms-110	251	14	i.e.	i.e.	X
aijbms-110	251	15	stationary	stationary	NOUN
aijbms-110	251	16	,	,	PUNCT
aijbms-110	251	17	then	then	ADV
aijbms-110	251	18	variables	variable	NOUN
aijbms-110	251	19	are	be	AUX
aijbms-110	251	20	said	say	VERB
aijbms-110	251	21	to	to	PART
aijbms-110	251	22	be	be	AUX
aijbms-110	251	23	cointegrated	cointegrate	VERB
aijbms-110	251	24	and	and	CCONJ
aijbms-110	251	25	hence	hence	ADV
aijbms-110	251	26	interrelated	interrelate	VERB
aijbms-110	251	27	with	with	ADP
aijbms-110	251	28	each	each	DET
aijbms-110	251	29	other	other	ADJ
aijbms-110	251	30	in	in	ADP
aijbms-110	251	31	the	the	DET
aijbms-110	251	32	long	long	ADJ
aijbms-110	251	33	run	run	NOUN
aijbms-110	251	34	.	.	PUNCT
aijbms-110	252	1	this	this	DET
aijbms-110	252	2	approach	approach	NOUN
aijbms-110	252	3	is	be	AUX
aijbms-110	252	4	based	base	VERB
aijbms-110	252	5	on	on	ADP
aijbms-110	252	6	conducting	conduct	VERB
aijbms-110	252	7	unit	unit	NOUN
aijbms-110	252	8	root	root	NOUN
aijbms-110	252	9	test	test	NOUN
aijbms-110	252	10	on	on	ADP
aijbms-110	252	11	residual	residual	ADJ
aijbms-110	252	12	obtained	obtain	VERB
aijbms-110	252	13	from	from	ADP
aijbms-110	252	14	the	the	DET
aijbms-110	252	15	estimated	estimate	VERB
aijbms-110	252	16	regression	regression	NOUN
aijbms-110	252	17	equation	equation	NOUN
aijbms-110	252	18	.	.	PUNCT
aijbms-110	253	1	if	if	SCONJ
aijbms-110	253	2	the	the	DET
aijbms-110	253	3	residual	residual	ADJ
aijbms-110	253	4	is	be	AUX
aijbms-110	253	5	found	find	VERB
aijbms-110	253	6	to	to	PART
aijbms-110	253	7	be	be	AUX
aijbms-110	253	8	stationary	stationary	ADJ
aijbms-110	253	9	at	at	ADP
aijbms-110	253	10	level	level	NOUN
aijbms-110	253	11	,	,	PUNCT
aijbms-110	253	12	we	we	PRON
aijbms-110	253	13	conclude	conclude	VERB
aijbms-110	253	14	that	that	SCONJ
aijbms-110	253	15	the	the	DET
aijbms-110	253	16	variables	variable	NOUN
aijbms-110	253	17	are	be	AUX
aijbms-110	253	18	co	co	ADJ
aijbms-110	253	19	-	-	VERB
aijbms-110	253	20	integrated	integrated	ADJ
aijbms-110	253	21	and	and	CCONJ
aijbms-110	253	22	as	as	ADV
aijbms-110	253	23	such	such	ADJ
aijbms-110	253	24	as	as	ADP
aijbms-110	253	25	long	long	ADV
aijbms-110	253	26	-	-	PUNCT
aijbms-110	253	27	run	run	NOUN
aijbms-110	253	28	relationship	relationship	NOUN
aijbms-110	253	29	exists	exist	VERB
aijbms-110	253	30	among	among	ADP
aijbms-110	253	31	them	they	PRON
aijbms-110	253	32	.	.	PUNCT
aijbms-110	254	1	tijt	tijt	PROPN
aijbms-110	254	2	j	j	PROPN
aijbms-110	255	1	i	i	PRON
aijbms-110	255	2	iit	iit	VERB
aijbms-110	256	1	i	i	PRON
aijbms-110	256	2	i	i	PRON
aijbms-110	256	3	tot	tot	VERB
aijbms-110	256	4	tatawta	tatawta	NOUN
aijbms-110	256	5	1	1	NUM
aijbms-110	256	6	11	11	NUM
aijbms-110	256	7			NOUN
aijbms-110	256	8			NOUN
aijbms-110	256	9			PROPN
aijbms-110	256	10			PROPN
aijbms-110	256	11			PROPN
aijbms-110	256	12			PROPN
aijbms-110	256	13			PRON
aijbms-110	256	14	54	54	NUM
aijbms-110	256	15	granger	granger	NOUN
aijbms-110	256	16	causality	causality	PROPN
aijbms-110	256	17	test	test	NOUN
aijbms-110	256	18	one	one	NUM
aijbms-110	256	19	of	of	ADP
aijbms-110	256	20	the	the	DET
aijbms-110	256	21	objectives	objective	NOUN
aijbms-110	256	22	of	of	ADP
aijbms-110	256	23	this	this	DET
aijbms-110	256	24	study	study	NOUN
aijbms-110	256	25	is	be	AUX
aijbms-110	256	26	to	to	PART
aijbms-110	256	27	investigate	investigate	VERB
aijbms-110	256	28	the	the	DET
aijbms-110	256	29	causality	causality	NOUN
aijbms-110	256	30	between	between	ADP
aijbms-110	256	31	the	the	DET
aijbms-110	256	32	independent	independent	ADJ
aijbms-110	256	33	and	and	CCONJ
aijbms-110	256	34	the	the	DET
aijbms-110	256	35	dependent	dependent	ADJ
aijbms-110	256	36	variables	variable	NOUN
aijbms-110	256	37	.	.	PUNCT
aijbms-110	257	1	granger	granger	PROPN
aijbms-110	257	2	causality	causality	PROPN
aijbms-110	257	3	test	test	NOUN
aijbms-110	257	4	according	accord	VERB
aijbms-110	257	5	granger	granger	PROPN
aijbms-110	257	6	(	(	PUNCT
aijbms-110	257	7	1969	1969	NUM
aijbms-110	257	8	)	)	PUNCT
aijbms-110	257	9	is	be	AUX
aijbms-110	257	10	used	use	VERB
aijbms-110	257	11	to	to	PART
aijbms-110	257	12	examine	examine	VERB
aijbms-110	257	13	direction	direction	NOUN
aijbms-110	257	14	of	of	ADP
aijbms-110	257	15	causality	causality	NOUN
aijbms-110	257	16	between	between	ADP
aijbms-110	257	17	two	two	NUM
aijbms-110	257	18	variables	variable	NOUN
aijbms-110	257	19	.	.	PUNCT
aijbms-110	258	1	causality	causality	NOUN
aijbms-110	258	2	means	mean	VERB
aijbms-110	258	3	the	the	DET
aijbms-110	258	4	impact	impact	NOUN
aijbms-110	258	5	of	of	ADP
aijbms-110	258	6	one	one	NUM
aijbms-110	258	7	variable	variable	NOUN
aijbms-110	258	8	on	on	ADP
aijbms-110	258	9	another	another	PRON
aijbms-110	258	10	,	,	PUNCT
aijbms-110	258	11	in	in	ADP
aijbms-110	258	12	other	other	ADJ
aijbms-110	258	13	-	-	PUNCT
aijbms-110	258	14	words	word	NOUN
aijbms-110	258	15	;	;	PUNCT
aijbms-110	258	16	causality	causality	NOUN
aijbms-110	258	17	is	be	AUX
aijbms-110	258	18	when	when	SCONJ
aijbms-110	258	19	an	an	DET
aijbms-110	258	20	independent	independent	ADJ
aijbms-110	258	21	variable	variable	NOUN
aijbms-110	258	22	causes	cause	VERB
aijbms-110	258	23	changes	change	NOUN
aijbms-110	258	24	in	in	ADP
aijbms-110	258	25	a	a	DET
aijbms-110	258	26	dependent	dependent	ADJ
aijbms-110	258	27	variable	variable	NOUN
aijbms-110	258	28	.	.	PUNCT
aijbms-110	259	1	the	the	DET
aijbms-110	259	2	rationale	rationale	NOUN
aijbms-110	259	3	for	for	ADP
aijbms-110	259	4	conducting	conduct	VERB
aijbms-110	259	5	this	this	DET
aijbms-110	259	6	test	test	NOUN
aijbms-110	259	7	is	be	AUX
aijbms-110	259	8	that	that	SCONJ
aijbms-110	259	9	it	it	PRON
aijbms-110	259	10	enables	enable	VERB
aijbms-110	259	11	the	the	DET
aijbms-110	259	12	researcher	researcher	NOUN
aijbms-110	259	13	to	to	PART
aijbms-110	259	14	know	know	VERB
aijbms-110	259	15	whether	whether	SCONJ
aijbms-110	259	16	the	the	DET
aijbms-110	259	17	independent	independent	ADJ
aijbms-110	259	18	variables	variable	NOUN
aijbms-110	259	19	can	can	AUX
aijbms-110	259	20	actually	actually	ADV
aijbms-110	259	21	cause	cause	VERB
aijbms-110	259	22	the	the	DET
aijbms-110	259	23	variations	variation	NOUN
aijbms-110	259	24	in	in	ADP
aijbms-110	259	25	the	the	DET
aijbms-110	259	26	dependent	dependent	ADJ
aijbms-110	259	27	variable	variable	NOUN
aijbms-110	259	28	.	.	PUNCT
aijbms-110	260	1	thus	thus	ADV
aijbms-110	260	2	,	,	PUNCT
aijbms-110	260	3	granger	granger	PROPN
aijbms-110	260	4	causality	causality	PROPN
aijbms-110	260	5	test	test	NOUN
aijbms-110	260	6	helps	help	VERB
aijbms-110	260	7	in	in	ADP
aijbms-110	260	8	adequate	adequate	ADJ
aijbms-110	260	9	specification	specification	NOUN
aijbms-110	260	10	of	of	ADP
aijbms-110	260	11	model	model	NOUN
aijbms-110	260	12	.	.	PUNCT
aijbms-110	261	1	in	in	ADP
aijbms-110	261	2	granger	granger	PROPN
aijbms-110	261	3	causality	causality	PROPN
aijbms-110	261	4	test	test	NOUN
aijbms-110	261	5	,	,	PUNCT
aijbms-110	261	6	the	the	DET
aijbms-110	261	7	null	null	ADJ
aijbms-110	261	8	hypothesis	hypothesis	NOUN
aijbms-110	261	9	is	be	AUX
aijbms-110	261	10	:	:	PUNCT
aijbms-110	261	11	no	no	DET
aijbms-110	261	12	causality	causality	NOUN
aijbms-110	261	13	between	between	ADP
aijbms-110	261	14	two	two	NUM
aijbms-110	261	15	variables	variable	NOUN
aijbms-110	261	16	.	.	PUNCT
aijbms-110	262	1	the	the	DET
aijbms-110	262	2	null	null	ADJ
aijbms-110	262	3	hypotheses	hypothesis	NOUN
aijbms-110	262	4	is	be	AUX
aijbms-110	262	5	rejected	reject	VERB
aijbms-110	262	6	if	if	SCONJ
aijbms-110	262	7	the	the	DET
aijbms-110	262	8	probability	probability	NOUN
aijbms-110	262	9	of	of	ADP
aijbms-110	262	10	f	f	PROPN
aijbms-110	262	11	*	*	PROPN
aijbms-110	262	12	statistic	statistic	NOUN
aijbms-110	262	13	given	give	VERB
aijbms-110	262	14	in	in	ADP
aijbms-110	262	15	the	the	DET
aijbms-110	262	16	granger	granger	PROPN
aijbms-110	262	17	causality	causality	PROPN
aijbms-110	262	18	result	result	NOUN
aijbms-110	262	19	is	be	AUX
aijbms-110	262	20	less	less	ADJ
aijbms-110	262	21	than	than	ADP
aijbms-110	262	22	0.05	0.05	NUM
aijbms-110	262	23	.	.	PUNCT
aijbms-110	263	1	the	the	DET
aijbms-110	263	2	pair	pair	NOUN
aijbms-110	263	3	-	-	PUNCT
aijbms-110	263	4	wise	wise	ADJ
aijbms-110	263	5	granger	granger	PROPN
aijbms-110	263	6	causality	causality	NOUN
aijbms-110	263	7	test	test	NOUN
aijbms-110	263	8	is	be	AUX
aijbms-110	263	9	mathematically	mathematically	ADV
aijbms-110	263	10	expressed	express	VERB
aijbms-110	263	11	as	as	ADP
aijbms-110	263	12	:	:	SYM
aijbms-110	263	13	111	111	NUM
aijbms-110	263	14	1	1	NUM
aijbms-110	263	15	11	11	NUM
aijbms-110	263	16	1	1	NUM
aijbms-110	263	17	uxyxy	uxyxy	NOUN
aijbms-110	263	18	t	t	NOUN
aijbms-110	263	19	x	x	PUNCT
aijbms-110	264	1	n	n	INTJ
aijbms-110	264	2	i	i	PRON
aijbms-110	264	3	t	t	VERB
aijbms-110	265	1	y	y	PROPN
aijbms-110	266	1	n	n	INTJ
aijbms-110	267	1	i	i	PRON
aijbms-110	267	2	ot	ot	VERB
aijbms-110	267	3			ADJ
aijbms-110	267	4			PROPN
aijbms-110	267	5			PROPN
aijbms-110	267	6			PROPN
aijbms-110	267	7			NOUN
aijbms-110	267	8			PROPN
aijbms-110	268	1			PROPN
aijbms-110	268	2	55	55	NUM
aijbms-110	268	3	and	and	CCONJ
aijbms-110	268	4	1	1	NUM
aijbms-110	268	5	v	v	NUM
aijbms-110	268	6	1y	1y	NUM
aijbms-110	268	7	xxdp1	xxdp1	PROPN
aijbms-110	269	1	n	n	PROPN
aijbms-110	269	2	1i	1i	NOUN
aijbms-110	269	3	1yt	1yt	NOUN
aijbms-110	270	1	y	y	PROPN
aijbms-110	270	2	1	1	NUM
aijbms-110	270	3	dp	dp	NOUN
aijbms-110	270	4	n	n	NUM
aijbms-110	270	5	1i	1i	NOUN
aijbms-110	270	6	o	o	NOUN
aijbms-110	271	1	dp	dp	NOUN
aijbms-110	271	2	t	t	PROPN
aijbms-110	271	3	x	x	PROPN
aijbms-110	271	4			PROPN
aijbms-110	271	5			X
aijbms-110	271	6			X
aijbms-110	271	7			NUM
aijbms-110	272	1			X
aijbms-110	273	1			PROPN
aijbms-110	273	2			PROPN
aijbms-110	273	3	56	56	NUM
aijbms-110	273	4	where	where	SCONJ
aijbms-110	273	5	xt	xt	PUNCT
aijbms-110	273	6	and	and	CCONJ
aijbms-110	273	7	yt	yt	PROPN
aijbms-110	273	8	are	be	AUX
aijbms-110	273	9	the	the	DET
aijbms-110	273	10	variables	variable	NOUN
aijbms-110	273	11	to	to	PART
aijbms-110	273	12	be	be	AUX
aijbms-110	273	13	tested	test	VERB
aijbms-110	273	14	white	white	PROPN
aijbms-110	273	15	ut	ut	PROPN
aijbms-110	273	16	and	and	CCONJ
aijbms-110	273	17	vt	vt	PROPN
aijbms-110	273	18	are	be	AUX
aijbms-110	273	19	the	the	DET
aijbms-110	273	20	white	white	ADJ
aijbms-110	273	21	noise	noise	NOUN
aijbms-110	273	22	disturbance	disturbance	NOUN
aijbms-110	273	23	terms	term	NOUN
aijbms-110	273	24	.	.	PUNCT
aijbms-110	274	1	the	the	DET
aijbms-110	274	2	null	null	ADJ
aijbms-110	274	3	hypothesis	hypothesis	NOUN
aijbms-110	274	4	011	011	NUM
aijbms-110	274	5			NUM
aijbms-110	274	6	yy	yy	PROPN
aijbms-110	274	7	dp	dp	PROPN
aijbms-110	274	8	,	,	PUNCT
aijbms-110	274	9	for	for	ADP
aijbms-110	274	10	all	all	PRON
aijbms-110	274	11	i	i	PRON
aijbms-110	274	12	’s	’	VERB
aijbms-110	274	13	is	be	AUX
aijbms-110	274	14	tested	test	VERB
aijbms-110	274	15	against	against	ADP
aijbms-110	274	16	the	the	DET
aijbms-110	274	17	alternative	alternative	ADJ
aijbms-110	274	18	hypothesis	hypothesis	NOUN
aijbms-110	274	19	01	01	NUM
aijbms-110	274	20	x	x	PUNCT
aijbms-110	274	21	and	and	CCONJ
aijbms-110	274	22	.01	.01	NUM
aijbms-110	274	23	ydp	ydp	PROPN
aijbms-110	274	24	if	if	SCONJ
aijbms-110	274	25	the	the	DET
aijbms-110	274	26	coefficient	coefficient	NOUN
aijbms-110	274	27	of	of	ADP
aijbms-110	274	28	x	x	PROPN
aijbms-110	274	29	1	1	NUM
aijbms-110	274	30	are	be	AUX
aijbms-110	274	31	statistically	statistically	ADV
aijbms-110	274	32	significant	significant	ADJ
aijbms-110	274	33	but	but	CCONJ
aijbms-110	274	34	that	that	PRON
aijbms-110	274	35	of	of	ADP
aijbms-110	274	36	ydp1	ydp1	NOUN
aijbms-110	274	37	are	be	AUX
aijbms-110	274	38	not	not	PART
aijbms-110	274	39	,	,	PUNCT
aijbms-110	274	40	then	then	ADV
aijbms-110	274	41	x	x	PUNCT
aijbms-110	274	42	causes	cause	VERB
aijbms-110	274	43	y.	y.	PROPN
aijbms-110	274	44	if	if	SCONJ
aijbms-110	274	45	the	the	DET
aijbms-110	274	46	reverse	reverse	NOUN
aijbms-110	274	47	is	be	AUX
aijbms-110	274	48	true	true	ADJ
aijbms-110	274	49	then	then	ADV
aijbms-110	274	50	y	y	PROPN
aijbms-110	274	51	causes	cause	VERB
aijbms-110	274	52	x.	x.	NOUN
aijbms-110	274	53	however	however	ADV
aijbms-110	274	54	,	,	PUNCT
aijbms-110	274	55	where	where	SCONJ
aijbms-110	274	56	both	both	DET
aijbms-110	274	57	co	co	ADJ
aijbms-110	274	58	-	-	ADJ
aijbms-110	274	59	efficient	efficient	ADJ
aijbms-110	274	60	of	of	ADP
aijbms-110	274	61	x	x	SYM
aijbms-110	274	62	1	1	NUM
aijbms-110	274	63	and	and	CCONJ
aijbms-110	274	64	ydp1	ydp1	NOUN
aijbms-110	274	65	are	be	AUX
aijbms-110	274	66	significant	significant	ADJ
aijbms-110	274	67	then	then	ADV
aijbms-110	274	68	causality	causality	NOUN
aijbms-110	274	69	is	be	AUX
aijbms-110	274	70	bi	bi	ADJ
aijbms-110	274	71	–	–	PUNCT
aijbms-110	274	72	directional	directional	ADJ
aijbms-110	274	73	.	.	PUNCT
aijbms-110	275	1	vector	vector	NOUN
aijbms-110	275	2	error	error	NOUN
aijbms-110	275	3	correction	correction	NOUN
aijbms-110	275	4	(	(	PUNCT
aijbms-110	275	5	vec	vec	NOUN
aijbms-110	275	6	)	)	PUNCT
aijbms-110	275	7	technique	technique	NOUN
aijbms-110	275	8	the	the	DET
aijbms-110	275	9	presence	presence	NOUN
aijbms-110	275	10	of	of	ADP
aijbms-110	275	11	co	co	ADJ
aijbms-110	275	12	-	-	ADJ
aijbms-110	275	13	integrating	integrating	ADJ
aijbms-110	275	14	relationship	relationship	NOUN
aijbms-110	275	15	forms	form	VERB
aijbms-110	275	16	the	the	DET
aijbms-110	275	17	basis	basis	NOUN
aijbms-110	275	18	of	of	ADP
aijbms-110	275	19	the	the	DET
aijbms-110	275	20	use	use	NOUN
aijbms-110	275	21	of	of	ADP
aijbms-110	275	22	vector	vector	NOUN
aijbms-110	275	23	error	error	NOUN
aijbms-110	275	24	correction	correction	NOUN
aijbms-110	275	25	model	model	NOUN
aijbms-110	275	26	.	.	PUNCT
aijbms-110	276	1	e	e	X
aijbms-110	276	2	-	-	NOUN
aijbms-110	276	3	views	view	NOUN
aijbms-110	276	4	econometric	econometric	ADJ
aijbms-110	276	5	software	software	NOUN
aijbms-110	276	6	used	use	VERB
aijbms-110	276	7	for	for	ADP
aijbms-110	276	8	data	datum	NOUN
aijbms-110	276	9	analysis	analysis	NOUN
aijbms-110	276	10	,	,	PUNCT
aijbms-110	276	11	implement	implement	VERB
aijbms-110	276	12	vector	vector	NOUN
aijbms-110	276	13	auto	auto	NOUN
aijbms-110	276	14	-	-	PUNCT
aijbms-110	276	15	regression	regression	NOUN
aijbms-110	276	16	(	(	PUNCT
aijbms-110	276	17	var	var	NOUN
aijbms-110	276	18	)	)	PUNCT
aijbms-110	276	19	based	base	VERB
aijbms-110	276	20	co	co	NOUN
aijbms-110	276	21	-	-	NOUN
aijbms-110	276	22	integration	integration	NOUN
aijbms-110	276	23	tests	test	NOUN
aijbms-110	276	24	using	use	VERB
aijbms-110	276	25	the	the	DET
aijbms-110	276	26	methodology	methodology	NOUN
aijbms-110	276	27	developed	develop	VERB
aijbms-110	276	28	by	by	ADP
aijbms-110	276	29	johansen	johansen	PROPN
aijbms-110	276	30	(	(	PUNCT
aijbms-110	276	31	1991	1991	NUM
aijbms-110	276	32	,	,	PUNCT
aijbms-110	276	33	1995	1995	NUM
aijbms-110	276	34	)	)	PUNCT
aijbms-110	276	35	.	.	PUNCT
aijbms-110	277	1	the	the	DET
aijbms-110	277	2	non	non	ADJ
aijbms-110	277	3	-	-	ADJ
aijbms-110	277	4	standard	standard	ADJ
aijbms-110	277	5	critical	critical	ADJ
aijbms-110	277	6	values	value	NOUN
aijbms-110	277	7	are	be	AUX
aijbms-110	277	8	taken	take	VERB
aijbms-110	277	9	from	from	ADP
aijbms-110	277	10	osterward	osterward	ADJ
aijbms-110	277	11	lenun	lenun	PROPN
aijbms-110	277	12	(	(	PUNCT
aijbms-110	277	13	1992	1992	NUM
aijbms-110	277	14	)	)	PUNCT
aijbms-110	277	15	.	.	PUNCT
aijbms-110	278	1	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	278	2	american	american	PROPN
aijbms-110	278	3	international	international	PROPN
aijbms-110	278	4	journal	journal	PROPN
aijbms-110	278	5	of	of	ADP
aijbms-110	278	6	business	business	NOUN
aijbms-110	278	7	and	and	CCONJ
aijbms-110	278	8	management	management	NOUN
aijbms-110	278	9	studies	study	NOUN
aijbms-110	278	10	vol	vol	NOUN
aijbms-110	278	11	.	.	PROPN
aijbms-110	279	1	1	1	NUM
aijbms-110	279	2	,	,	PUNCT
aijbms-110	279	3	no	no	INTJ
aijbms-110	279	4	.	.	NOUN
aijbms-110	279	5	1	1	NUM
aijbms-110	279	6	;	;	PUNCT
aijbms-110	279	7	2019	2019	NUM
aijbms-110	279	8	13	13	NUM
aijbms-110	279	9	results	result	NOUN
aijbms-110	279	10	and	and	CCONJ
aijbms-110	279	11	discussion	discussion	NOUN
aijbms-110	279	12	of	of	ADP
aijbms-110	279	13	findings	finding	NOUN
aijbms-110	279	14	table	table	NOUN
aijbms-110	280	1	i	i	PRON
aijbms-110	280	2	:	:	PUNCT
aijbms-110	280	3	presentation	presentation	NOUN
aijbms-110	280	4	of	of	ADP
aijbms-110	280	5	level	level	NOUN
aijbms-110	280	6	series	series	NOUN
aijbms-110	280	7	result	result	VERB
aijbms-110	280	8	variable	variable	ADJ
aijbms-110	280	9	coefficien	coefficien	NOUN
aijbms-110	280	10	t	t	PROPN
aijbms-110	280	11	std	std	PROPN
aijbms-110	280	12	.	.	PUNCT
aijbms-110	280	13	error	error	NOUN
aijbms-110	280	14	t	t	NOUN
aijbms-110	280	15	-	-	PUNCT
aijbms-110	280	16	statistic	statistic	NOUN
aijbms-110	280	17	prob	prob	NOUN
aijbms-110	280	18	.	.	PUNCT
aijbms-110	281	1	pr	pr	VERB
aijbms-110	281	2	3.143241	3.143241	NUM
aijbms-110	281	3	0.360824	0.360824	NUM
aijbms-110	281	4	2.396983	2.396983	NUM
aijbms-110	281	5	0.0054	0.0054	NUM
aijbms-110	281	6	liqr	liqr	NOUN
aijbms-110	281	7	0.673035	0.673035	NUM
aijbms-110	281	8	0.590774	0.590774	NUM
aijbms-110	281	9	1.139242	1.139242	NUM
aijbms-110	281	10	0.0074	0.0074	NUM
aijbms-110	281	11	intr	intr	NOUN
aijbms-110	281	12	-1.829224	-1.829224	X
aijbms-110	282	1	1.626006	1.626006	NUM
aijbms-110	282	2	-1.124980	-1.124980	NOUN
aijbms-110	282	3	0.2733	0.2733	NUM
aijbms-110	282	4	exr	exr	ADJ
aijbms-110	282	5	-1.649833	-1.649833	X
aijbms-110	282	6	1.549582	1.549582	NUM
aijbms-110	282	7	-1.064696	-1.064696	NOUN
aijbms-110	282	8	0.2991	0.2991	NUM
aijbms-110	282	9	c	c	NOUN
aijbms-110	282	10	51.64218	51.64218	NUM
aijbms-110	282	11	34.57035	34.57035	NUM
aijbms-110	282	12	1.493829	1.493829	NUM
aijbms-110	282	13	0.1501	0.1501	NUM
aijbms-110	282	14	r	r	X
aijbms-110	282	15	-	-	PUNCT
aijbms-110	282	16	squared	square	VERB
aijbms-110	282	17	0.786098	0.786098	NUM
aijbms-110	282	18	durbin	durbin	ADJ
aijbms-110	282	19	-	-	PUNCT
aijbms-110	282	20	watson	watson	NOUN
aijbms-110	282	21	stat	stat	PROPN
aijbms-110	282	22	2.365587	2.365587	NUM
aijbms-110	282	23	adjusted	adjusted	ADJ
aijbms-110	282	24	r	r	NOUN
aijbms-110	282	25	-	-	PUNCT
aijbms-110	282	26	squared	square	VERB
aijbms-110	282	27	0.545763	0.545763	NUM
aijbms-110	282	28	prob(f	prob(f	NOUN
aijbms-110	282	29	-	-	PUNCT
aijbms-110	282	30	statistic	statistic	NOUN
aijbms-110	282	31	)	)	PUNCT
aijbms-110	282	32	0.024421	0.024421	NUM
aijbms-110	282	33	f	f	X
aijbms-110	282	34	-	-	PUNCT
aijbms-110	282	35	statistic	statistic	ADJ
aijbms-110	282	36	3.993920	3.993920	NUM
aijbms-110	282	37	table	table	NOUN
aijbms-110	282	38	ii	ii	NOUN
aijbms-110	282	39	:	:	PUNCT
aijbms-110	282	40	diagnostic	diagnostic	ADJ
aijbms-110	282	41	test	test	NOUN
aijbms-110	282	42	coefficient	coefficient	NOUN
aijbms-110	282	43	uncentered	uncentere	VERB
aijbms-110	282	44	centered	center	VERB
aijbms-110	282	45	variable	variable	ADJ
aijbms-110	282	46	variance	variance	NOUN
aijbms-110	282	47	vif	vif	NOUN
aijbms-110	282	48	vif	vif	PROPN
aijbms-110	282	49	pr	pr	VERB
aijbms-110	282	50	0.130194	0.130194	NUM
aijbms-110	282	51	1.017090	1.017090	NUM
aijbms-110	282	52	1.012920	1.012920	NUM
aijbms-110	282	53	liqr	liqr	NOUN
aijbms-110	282	54	0.349014	0.349014	NUM
aijbms-110	282	55	1.527845	1.527845	NUM
aijbms-110	282	56	1.115794	1.115794	NUM
aijbms-110	282	57	intr	intr	NOUN
aijbms-110	282	58	2.643896	2.643896	NUM
aijbms-110	282	59	1.069012	1.069012	NUM
aijbms-110	282	60	1.044450	1.044450	NUM
aijbms-110	282	61	exr	exr	PROPN
aijbms-110	282	62	2.401204	2.401204	NUM
aijbms-110	282	63	1.876702	1.876702	NUM
aijbms-110	282	64	1.145503	1.145503	NUM
aijbms-110	282	65	c	c	PROPN
aijbms-110	282	66	1195.109	1195.109	NUM
aijbms-110	282	67	2.453434	2.453434	NUM
aijbms-110	282	68	na	na	ADP
aijbms-110	282	69	table	table	NOUN
aijbms-110	282	70	iii	iii	NOUN
aijbms-110	282	71	:	:	PUNCT
aijbms-110	282	72	test	test	NOUN
aijbms-110	282	73	of	of	ADP
aijbms-110	282	74	unit	unit	NOUN
aijbms-110	282	75	root	root	NOUN
aijbms-110	282	76	sp	sp	ADP
aijbms-110	282	77	t	t	NOUN
aijbms-110	282	78	-	-	PUNCT
aijbms-110	282	79	statistic	statistic	NOUN
aijbms-110	282	80	prob	prob	NOUN
aijbms-110	282	81	.	.	PUNCT
aijbms-110	283	1	*	*	PUNCT
aijbms-110	283	2	augmented	augment	VERB
aijbms-110	283	3	dickey	dickey	PROPN
aijbms-110	283	4	-	-	PUNCT
aijbms-110	283	5	fuller	full	ADJ
aijbms-110	283	6	test	test	NOUN
aijbms-110	283	7	statistic	statistic	PROPN
aijbms-110	283	8	-5.352753	-5.352753	PART
aijbms-110	283	9	0.0002	0.0002	NUM
aijbms-110	283	10	test	test	NOUN
aijbms-110	283	11	critical	critical	ADJ
aijbms-110	283	12	values	value	NOUN
aijbms-110	283	13	:	:	PUNCT
aijbms-110	283	14	1	1	NUM
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aijbms-110	314	83	and	and	CCONJ
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aijbms-110	315	9	analysis	analysis	NOUN
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aijbms-110	316	8	.	.	PUNCT
aijbms-110	317	1	this	this	PRON
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aijbms-110	317	5	risk	risk	NOUN
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aijbms-110	317	7	positively	positively	ADV
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aijbms-110	317	13	quoted	quote	VERB
aijbms-110	317	14	firms	firm	NOUN
aijbms-110	317	15	in	in	ADP
aijbms-110	317	16	nigeria	nigeria	PROPN
aijbms-110	317	17	that	that	SCONJ
aijbms-110	317	18	a	a	DET
aijbms-110	317	19	unit	unit	NOUN
aijbms-110	317	20	increases	increase	VERB
aijbms-110	317	21	in	in	ADP
aijbms-110	317	22	price	price	NOUN
aijbms-110	317	23	risk	risk	NOUN
aijbms-110	317	24	is	be	AUX
aijbms-110	317	25	followed	follow	VERB
aijbms-110	317	26	by	by	ADP
aijbms-110	317	27	an	an	DET
aijbms-110	317	28	increase	increase	NOUN
aijbms-110	317	29	in	in	ADP
aijbms-110	317	30	stock	stock	NOUN
aijbms-110	317	31	prices	price	NOUN
aijbms-110	317	32	in	in	ADP
aijbms-110	317	33	nigeria	nigeria	PROPN
aijbms-110	317	34	.	.	PUNCT
aijbms-110	318	1	the	the	DET
aijbms-110	318	2	coefficient	coefficient	NOUN
aijbms-110	318	3	of	of	ADP
aijbms-110	318	4	liquidity	liquidity	NOUN
aijbms-110	318	5	risk	risk	NOUN
aijbms-110	318	6	is	be	AUX
aijbms-110	318	7	0.673035	0.673035	NUM
aijbms-110	318	8	.	.	PUNCT
aijbms-110	319	1	this	this	PRON
aijbms-110	319	2	shows	show	VERB
aijbms-110	319	3	that	that	SCONJ
aijbms-110	319	4	liquidity	liquidity	NOUN
aijbms-110	319	5	risk	risk	NOUN
aijbms-110	319	6	is	be	AUX
aijbms-110	319	7	positively	positively	ADV
aijbms-110	319	8	related	relate	VERB
aijbms-110	319	9	to	to	ADP
aijbms-110	319	10	stock	stock	NOUN
aijbms-110	319	11	prices	price	NOUN
aijbms-110	319	12	of	of	ADP
aijbms-110	319	13	quoted	quote	VERB
aijbms-110	319	14	firms	firm	NOUN
aijbms-110	319	15	in	in	ADP
aijbms-110	319	16	nigeria	nigeria	PROPN
aijbms-110	319	17	,	,	PUNCT
aijbms-110	319	18	that	that	SCONJ
aijbms-110	319	19	a	a	DET
aijbms-110	319	20	unit	unit	NOUN
aijbms-110	319	21	increase	increase	NOUN
aijbms-110	319	22	in	in	ADP
aijbms-110	319	23	liquidity	liquidity	NOUN
aijbms-110	319	24	risk	risk	NOUN
aijbms-110	319	25	is	be	AUX
aijbms-110	319	26	followed	follow	VERB
aijbms-110	319	27	by	by	ADP
aijbms-110	319	28	an	an	DET
aijbms-110	319	29	increase	increase	NOUN
aijbms-110	319	30	in	in	ADP
aijbms-110	319	31	stock	stock	NOUN
aijbms-110	319	32	prices	price	NOUN
aijbms-110	319	33	traded	trade	VERB
aijbms-110	319	34	on	on	ADP
aijbms-110	319	35	the	the	DET
aijbms-110	319	36	floor	floor	NOUN
aijbms-110	319	37	of	of	ADP
aijbms-110	319	38	nigeria	nigeria	PROPN
aijbms-110	319	39	stock	stock	PROPN
aijbms-110	319	40	exchange	exchange	PROPN
aijbms-110	319	41	.	.	PUNCT
aijbms-110	320	1	furthermore	furthermore	ADV
aijbms-110	320	2	,	,	PUNCT
aijbms-110	320	3	the	the	DET
aijbms-110	320	4	value	value	NOUN
aijbms-110	320	5	of	of	ADP
aijbms-110	320	6	interest	interest	NOUN
aijbms-110	320	7	rate	rate	NOUN
aijbms-110	320	8	risk	risk	NOUN
aijbms-110	320	9	shows	show	VERB
aijbms-110	320	10	a	a	DET
aijbms-110	320	11	negative	negative	ADJ
aijbms-110	320	12	relationship	relationship	NOUN
aijbms-110	320	13	with	with	ADP
aijbms-110	320	14	stock	stock	NOUN
aijbms-110	320	15	prices	price	NOUN
aijbms-110	320	16	of	of	ADP
aijbms-110	320	17	quoted	quote	VERB
aijbms-110	320	18	firms	firm	NOUN
aijbms-110	320	19	in	in	ADP
aijbms-110	320	20	nigeria	nigeria	PROPN
aijbms-110	320	21	with	with	ADP
aijbms-110	320	22	a	a	DET
aijbms-110	320	23	value	value	NOUN
aijbms-110	320	24	of	of	ADP
aijbms-110	320	25	-1.829224	-1.829224	NOUN
aijbms-110	320	26	this	this	PRON
aijbms-110	320	27	implies	imply	VERB
aijbms-110	320	28	a	a	DET
aijbms-110	320	29	unit	unit	NOUN
aijbms-110	320	30	increase	increase	NOUN
aijbms-110	320	31	in	in	ADP
aijbms-110	320	32	stock	stock	NOUN
aijbms-110	320	33	prices	price	NOUN
aijbms-110	320	34	in	in	ADP
aijbms-110	320	35	nigeria	nigeria	PROPN
aijbms-110	320	36	is	be	AUX
aijbms-110	320	37	been	be	AUX
aijbms-110	320	38	followed	follow	VERB
aijbms-110	320	39	by	by	ADP
aijbms-110	320	40	an	an	DET
aijbms-110	320	41	increase	increase	NOUN
aijbms-110	320	42	in	in	ADP
aijbms-110	320	43	interest	interest	NOUN
aijbms-110	320	44	rate	rate	NOUN
aijbms-110	320	45	risk	risk	NOUN
aijbms-110	320	46	in	in	ADP
aijbms-110	320	47	nigeria	nigeria	PROPN
aijbms-110	320	48	.	.	PUNCT
aijbms-110	321	1	the	the	DET
aijbms-110	321	2	ols	ol	NOUN
aijbms-110	321	3	result	result	NOUN
aijbms-110	321	4	indicates	indicate	VERB
aijbms-110	321	5	that	that	SCONJ
aijbms-110	321	6	price	price	NOUN
aijbms-110	321	7	fluctuation	fluctuation	NOUN
aijbms-110	321	8	has	have	VERB
aijbms-110	321	9	a	a	DET
aijbms-110	321	10	positive	positive	ADJ
aijbms-110	321	11	relationship	relationship	NOUN
aijbms-110	321	12	with	with	ADP
aijbms-110	321	13	stock	stock	NOUN
aijbms-110	321	14	prices	price	NOUN
aijbms-110	321	15	again	again	ADV
aijbms-110	321	16	the	the	DET
aijbms-110	321	17	p	p	ADJ
aijbms-110	321	18	-	-	PUNCT
aijbms-110	321	19	value	value	NOUN
aijbms-110	321	20	shows	show	VERB
aijbms-110	321	21	that	that	SCONJ
aijbms-110	321	22	the	the	DET
aijbms-110	321	23	coefficient	coefficient	NOUN
aijbms-110	321	24	is	be	AUX
aijbms-110	321	25	statistical	statistical	ADJ
aijbms-110	321	26	significant	significant	ADJ
aijbms-110	321	27	.	.	PUNCT
aijbms-110	322	1	therefore	therefore	ADV
aijbms-110	322	2	,	,	PUNCT
aijbms-110	322	3	we	we	PRON
aijbms-110	322	4	reject	reject	VERB
aijbms-110	322	5	the	the	DET
aijbms-110	322	6	null	null	ADJ
aijbms-110	322	7	hypothesis	hypothesis	NOUN
aijbms-110	322	8	and	and	CCONJ
aijbms-110	322	9	conclude	conclude	VERB
aijbms-110	322	10	that	that	SCONJ
aijbms-110	322	11	price	price	NOUN
aijbms-110	322	12	fluctuation	fluctuation	NOUN
aijbms-110	322	13	has	have	VERB
aijbms-110	322	14	significant	significant	ADJ
aijbms-110	322	15	impact	impact	NOUN
aijbms-110	322	16	on	on	ADP
aijbms-110	322	17	stock	stock	NOUN
aijbms-110	322	18	prices	price	NOUN
aijbms-110	322	19	in	in	ADP
aijbms-110	322	20	nigeria	nigeria	PROPN
aijbms-110	322	21	within	within	ADP
aijbms-110	322	22	the	the	DET
aijbms-110	322	23	year	year	NOUN
aijbms-110	322	24	under	under	ADP
aijbms-110	322	25	-	-	PUNCT
aijbms-110	322	26	review	review	NOUN
aijbms-110	322	27	.	.	PUNCT
aijbms-110	323	1	the	the	DET
aijbms-110	323	2	coefficient	coefficient	NOUN
aijbms-110	323	3	of	of	ADP
aijbms-110	323	4	exchange	exchange	NOUN
aijbms-110	323	5	rate	rate	NOUN
aijbms-110	323	6	risk	risk	NOUN
aijbms-110	323	7	shows	show	VERB
aijbms-110	323	8	that	that	SCONJ
aijbms-110	323	9	exchange	exchange	NOUN
aijbms-110	323	10	has	have	VERB
aijbms-110	323	11	negative	negative	ADJ
aijbms-110	323	12	and	and	CCONJ
aijbms-110	323	13	insignificant	insignificant	ADJ
aijbms-110	323	14	effect	effect	NOUN
aijbms-110	323	15	on	on	ADP
aijbms-110	323	16	stock	stock	NOUN
aijbms-110	323	17	prices	price	NOUN
aijbms-110	323	18	within	within	ADP
aijbms-110	323	19	the	the	DET
aijbms-110	323	20	period	period	NOUN
aijbms-110	323	21	covered	cover	VERB
aijbms-110	323	22	in	in	ADP
aijbms-110	323	23	the	the	DET
aijbms-110	323	24	study	study	NOUN
aijbms-110	323	25	.	.	PUNCT
aijbms-110	324	1	the	the	DET
aijbms-110	324	2	probability	probability	NOUN
aijbms-110	324	3	value	value	NOUN
aijbms-110	324	4	is	be	AUX
aijbms-110	324	5	greater	great	ADJ
aijbms-110	324	6	than	than	ADP
aijbms-110	324	7	the	the	DET
aijbms-110	324	8	critical	critical	ADJ
aijbms-110	324	9	level	level	NOUN
aijbms-110	324	10	of	of	ADP
aijbms-110	324	11	0.05	0.05	NUM
aijbms-110	324	12	at	at	ADP
aijbms-110	324	13	5	5	NUM
aijbms-110	324	14	%	%	NOUN
aijbms-110	324	15	level	level	NOUN
aijbms-110	324	16	of	of	ADP
aijbms-110	324	17	significant	significant	ADJ
aijbms-110	324	18	,	,	PUNCT
aijbms-110	324	19	we	we	PRON
aijbms-110	324	20	accept	accept	VERB
aijbms-110	324	21	null	null	ADJ
aijbms-110	324	22	hypothesis	hypothesis	NOUN
aijbms-110	324	23	that	that	PRON
aijbms-110	324	24	exchange	exchange	NOUN
aijbms-110	324	25	rate	rate	NOUN
aijbms-110	324	26	risk	risk	NOUN
aijbms-110	324	27	have	have	VERB
aijbms-110	324	28	no	no	DET
aijbms-110	324	29	significant	significant	ADJ
aijbms-110	324	30	effect	effect	NOUN
aijbms-110	324	31	on	on	ADP
aijbms-110	324	32	stock	stock	NOUN
aijbms-110	324	33	prices	price	NOUN
aijbms-110	324	34	.	.	PUNCT
aijbms-110	325	1	ftest	ftest	ADV
aijbms-110	325	2	:	:	PUNCT
aijbms-110	325	3	if	if	SCONJ
aijbms-110	325	4	the	the	DET
aijbms-110	325	5	f	f	ADV
aijbms-110	325	6	-	-	PUNCT
aijbms-110	325	7	calculated	calculate	VERB
aijbms-110	325	8	is	be	AUX
aijbms-110	325	9	greater	great	ADJ
aijbms-110	325	10	than	than	ADP
aijbms-110	325	11	the	the	DET
aijbms-110	325	12	f	f	ADV
aijbms-110	325	13	-	-	PUNCT
aijbms-110	325	14	tabulated	tabulate	VERB
aijbms-110	325	15	(	(	PUNCT
aijbms-110	325	16	f	f	X
aijbms-110	325	17	-	-	PUNCT
aijbms-110	325	18	cal	cal	ADJ
aijbms-110	325	19	>	>	X
aijbms-110	325	20	f	f	X
aijbms-110	325	21	-	-	PUNCT
aijbms-110	325	22	tab	tab	NOUN
aijbms-110	325	23	)	)	PUNCT
aijbms-110	325	24	reject	reject	VERB
aijbms-110	325	25	the	the	DET
aijbms-110	325	26	null	null	ADJ
aijbms-110	325	27	hypothesis	hypothesis	NOUN
aijbms-110	325	28	(	(	PUNCT
aijbms-110	325	29	h0	h0	PROPN
aijbms-110	325	30	)	)	PUNCT
aijbms-110	325	31	that	that	SCONJ
aijbms-110	325	32	the	the	DET
aijbms-110	325	33	overall	overall	ADJ
aijbms-110	325	34	estimate	estimate	NOUN
aijbms-110	325	35	is	be	AUX
aijbms-110	325	36	not	not	PART
aijbms-110	325	37	significant	significant	ADJ
aijbms-110	325	38	and	and	CCONJ
aijbms-110	325	39	conclude	conclude	VERB
aijbms-110	325	40	that	that	SCONJ
aijbms-110	325	41	he	he	PRON
aijbms-110	325	42	overall	overall	ADJ
aijbms-110	325	43	estimate	estimate	NOUN
aijbms-110	325	44	is	be	AUX
aijbms-110	325	45	statistically	statistically	ADV
aijbms-110	325	46	significant	significant	ADJ
aijbms-110	325	47	.	.	PUNCT
aijbms-110	326	1	from	from	ADP
aijbms-110	326	2	the	the	DET
aijbms-110	326	3	result	result	NOUN
aijbms-110	326	4	,	,	PUNCT
aijbms-110	326	5	fcalculated	fcalculate	VERB
aijbms-110	326	6	(	(	PUNCT
aijbms-110	326	7	3.993920	3.993920	NUM
aijbms-110	326	8	)	)	PUNCT
aijbms-110	326	9	is	be	AUX
aijbms-110	326	10	greater	great	ADJ
aijbms-110	326	11	than	than	ADP
aijbms-110	326	12	the	the	DET
aijbms-110	326	13	f	f	ADV
aijbms-110	326	14	-	-	PUNCT
aijbms-110	326	15	tabulated	tabulate	VERB
aijbms-110	326	16	(	(	PUNCT
aijbms-110	326	17	1.94	1.94	NUM
aijbms-110	326	18	)	)	PUNCT
aijbms-110	326	19	,	,	PUNCT
aijbms-110	326	20	that	that	ADV
aijbms-110	326	21	is	is	ADV
aijbms-110	326	22	,	,	PUNCT
aijbms-110	326	23	f	f	X
aijbms-110	326	24	-	-	PUNCT
aijbms-110	326	25	cal	cal	X
aijbms-110	326	26	>	>	X
aijbms-110	326	27	f	f	X
aijbms-110	326	28	-	-	PUNCT
aijbms-110	326	29	tab	tab	NOUN
aijbms-110	326	30	.	.	PUNCT
aijbms-110	327	1	hence	hence	ADV
aijbms-110	327	2	we	we	PRON
aijbms-110	327	3	reject	reject	VERB
aijbms-110	327	4	the	the	DET
aijbms-110	327	5	null	null	ADJ
aijbms-110	327	6	hypothesis	hypothesis	NOUN
aijbms-110	327	7	(	(	PUNCT
aijbms-110	327	8	h0	h0	PROPN
aijbms-110	327	9	)	)	PUNCT
aijbms-110	327	10	that	that	SCONJ
aijbms-110	327	11	the	the	DET
aijbms-110	327	12	overall	overall	ADJ
aijbms-110	327	13	estimate	estimate	NOUN
aijbms-110	327	14	has	have	VERB
aijbms-110	327	15	a	a	DET
aijbms-110	327	16	good	good	ADJ
aijbms-110	327	17	fit	fit	NOUN
aijbms-110	327	18	which	which	PRON
aijbms-110	327	19	implies	imply	VERB
aijbms-110	327	20	that	that	SCONJ
aijbms-110	327	21	our	our	PRON
aijbms-110	327	22	independent	independent	ADJ
aijbms-110	327	23	variables	variable	NOUN
aijbms-110	327	24	are	be	AUX
aijbms-110	327	25	simultaneously	simultaneously	ADV
aijbms-110	327	26	significant	significant	ADJ
aijbms-110	327	27	.	.	PUNCT
aijbms-110	328	1	goodness	goodness	NOUN
aijbms-110	328	2	of	of	ADP
aijbms-110	328	3	fit	fit	ADJ
aijbms-110	328	4	test	test	NOUN
aijbms-110	328	5	(	(	PUNCT
aijbms-110	328	6	r	r	NOUN
aijbms-110	328	7	2	2	NUM
aijbms-110	328	8	):	):	PUNCT
aijbms-110	328	9	the	the	DET
aijbms-110	328	10	(	(	PUNCT
aijbms-110	328	11	r	r	NOUN
aijbms-110	328	12	2	2	NUM
aijbms-110	328	13	)	)	PUNCT
aijbms-110	328	14	shows	show	VERB
aijbms-110	328	15	the	the	DET
aijbms-110	328	16	amount	amount	NOUN
aijbms-110	328	17	of	of	ADP
aijbms-110	328	18	the	the	DET
aijbms-110	328	19	variation	variation	NOUN
aijbms-110	328	20	in	in	ADP
aijbms-110	328	21	the	the	DET
aijbms-110	328	22	dependent	dependent	ADJ
aijbms-110	328	23	variables	variable	NOUN
aijbms-110	328	24	(	(	PUNCT
aijbms-110	328	25	stock	stock	NOUN
aijbms-110	328	26	price	price	NOUN
aijbms-110	328	27	)	)	PUNCT
aijbms-110	328	28	that	that	PRON
aijbms-110	328	29	are	be	AUX
aijbms-110	328	30	explainable	explainable	ADJ
aijbms-110	328	31	by	by	ADP
aijbms-110	328	32	the	the	DET
aijbms-110	328	33	explanatory	explanatory	ADJ
aijbms-110	328	34	variable	variable	NOUN
aijbms-110	328	35	.	.	PUNCT
aijbms-110	329	1	the	the	PRON
aijbms-110	329	2	(	(	PUNCT
aijbms-110	329	3	r	r	NOUN
aijbms-110	329	4	2	2	NUM
aijbms-110	329	5	)	)	PUNCT
aijbms-110	329	6	which	which	PRON
aijbms-110	329	7	measures	measure	VERB
aijbms-110	329	8	the	the	DET
aijbms-110	329	9	overall	overall	ADJ
aijbms-110	329	10	goodness	goodness	NOUN
aijbms-110	329	11	of	of	ADP
aijbms-110	329	12	fit	fit	NOUN
aijbms-110	329	13	of	of	ADP
aijbms-110	329	14	the	the	DET
aijbms-110	329	15	entire	entire	ADJ
aijbms-110	329	16	regression	regression	NOUN
aijbms-110	329	17	shows	show	VERB
aijbms-110	329	18	the	the	DET
aijbms-110	329	19	value	value	NOUN
aijbms-110	329	20	of	of	ADP
aijbms-110	329	21	0.786098=	0.786098=	NOUN
aijbms-110	329	22	78.6	78.6	NUM
aijbms-110	329	23	%	%	NOUN
aijbms-110	329	24	approximately	approximately	ADV
aijbms-110	329	25	80	80	NUM
aijbms-110	329	26	%	%	NOUN
aijbms-110	329	27	.	.	PUNCT
aijbms-110	330	1	this	this	PRON
aijbms-110	330	2	indicates	indicate	VERB
aijbms-110	330	3	that	that	SCONJ
aijbms-110	330	4	the	the	DET
aijbms-110	330	5	independent	independent	ADJ
aijbms-110	330	6	variables	variable	NOUN
aijbms-110	330	7	accounts	account	VERB
aijbms-110	330	8	for	for	ADP
aijbms-110	330	9	about	about	ADV
aijbms-110	330	10	80	80	NUM
aijbms-110	330	11	%	%	NOUN
aijbms-110	330	12	of	of	ADP
aijbms-110	330	13	the	the	DET
aijbms-110	330	14	variation	variation	NOUN
aijbms-110	330	15	in	in	ADP
aijbms-110	330	16	the	the	DET
aijbms-110	330	17	dependent	dependent	ADJ
aijbms-110	330	18	variable	variable	NOUN
aijbms-110	330	19	.	.	PUNCT
aijbms-110	331	1	durbin	durbin	PROPN
aijbms-110	331	2	watson	watson	PROPN
aijbms-110	331	3	statistics	statistics	PROPN
aijbms-110	331	4	:	:	PUNCT
aijbms-110	331	5	the	the	DET
aijbms-110	331	6	computed	compute	VERB
aijbms-110	331	7	dw	dw	NOUN
aijbms-110	331	8	is	be	AUX
aijbms-110	331	9	2.365587	2.365587	NUM
aijbms-110	331	10	,	,	PUNCT
aijbms-110	331	11	at	at	ADP
aijbms-110	331	12	5	5	NUM
aijbms-110	331	13	%	%	NOUN
aijbms-110	331	14	level	level	NOUN
aijbms-110	331	15	of	of	ADP
aijbms-110	331	16	significance	significance	NOUN
aijbms-110	331	17	with	with	ADP
aijbms-110	331	18	three	three	NUM
aijbms-110	331	19	explanatory	explanatory	ADJ
aijbms-110	331	20	variables	variable	NOUN
aijbms-110	331	21	and	and	CCONJ
aijbms-110	331	22	observations	observation	NOUN
aijbms-110	331	23	,	,	PUNCT
aijbms-110	331	24	the	the	DET
aijbms-110	331	25	tabulated	tabulate	VERB
aijbms-110	331	26	dw	dw	NOUN
aijbms-110	331	27	for	for	ADP
aijbms-110	331	28	di	di	NOUN
aijbms-110	331	29	and	and	CCONJ
aijbms-110	331	30	du	du	PROPN
aijbms-110	331	31	are	be	AUX
aijbms-110	331	32	1.16	1.16	NUM
aijbms-110	331	33	and	and	CCONJ
aijbms-110	331	34	1.64	1.64	NUM
aijbms-110	331	35	respectively	respectively	ADV
aijbms-110	331	36	.	.	PUNCT
aijbms-110	332	1	the	the	DET
aijbms-110	332	2	value	value	NOUN
aijbms-110	332	3	of	of	ADP
aijbms-110	332	4	dw	dw	PROPN
aijbms-110	332	5	is	be	AUX
aijbms-110	332	6	greater	great	ADJ
aijbms-110	332	7	than	than	ADP
aijbms-110	332	8	the	the	DET
aijbms-110	332	9	lower	low	ADJ
aijbms-110	332	10	limit	limit	NOUN
aijbms-110	332	11	.	.	PUNCT
aijbms-110	333	1	therefore	therefore	ADV
aijbms-110	333	2	,	,	PUNCT
aijbms-110	333	3	we	we	PRON
aijbms-110	333	4	conclude	conclude	VERB
aijbms-110	333	5	the	the	PRON
aijbms-110	333	6	there	there	PRON
aijbms-110	333	7	is	be	VERB
aijbms-110	333	8	evidence	evidence	NOUN
aijbms-110	333	9	of	of	ADP
aijbms-110	333	10	positive	positive	ADJ
aijbms-110	333	11	first	first	ADJ
aijbms-110	333	12	order	order	NOUN
aijbms-110	333	13	serial	serial	ADJ
aijbms-110	333	14	correlation	correlation	NOUN
aijbms-110	333	15	.	.	PUNCT
aijbms-110	334	1	the	the	DET
aijbms-110	334	2	augmented	augment	VERB
aijbms-110	334	3	dickey	dickey	NOUN
aijbms-110	334	4	-	-	PUNCT
aijbms-110	334	5	fuller	full	ADJ
aijbms-110	334	6	(	(	PUNCT
aijbms-110	334	7	adf	adf	NOUN
aijbms-110	334	8	)	)	PUNCT
aijbms-110	334	9	was	be	AUX
aijbms-110	334	10	employed	employ	VERB
aijbms-110	334	11	to	to	PART
aijbms-110	334	12	test	test	VERB
aijbms-110	334	13	for	for	ADP
aijbms-110	334	14	the	the	DET
aijbms-110	334	15	existence	existence	NOUN
aijbms-110	334	16	of	of	ADP
aijbms-110	334	17	unit	unit	NOUN
aijbms-110	334	18	roots	root	NOUN
aijbms-110	334	19	in	in	ADP
aijbms-110	334	20	the	the	DET
aijbms-110	334	21	data	datum	NOUN
aijbms-110	334	22	using	use	VERB
aijbms-110	334	23	trend	trend	NOUN
aijbms-110	334	24	and	and	CCONJ
aijbms-110	334	25	intercept	intercept	NOUN
aijbms-110	334	26	.	.	PUNCT
aijbms-110	335	1	the	the	DET
aijbms-110	335	2	test	test	NOUN
aijbms-110	335	3	results	result	NOUN
aijbms-110	335	4	were	be	AUX
aijbms-110	335	5	presented	present	VERB
aijbms-110	335	6	in	in	ADP
aijbms-110	335	7	table	table	NOUN
aijbms-110	335	8	ii	ii	PROPN
aijbms-110	335	9	.	.	PUNCT
aijbms-110	336	1	the	the	DET
aijbms-110	336	2	result	result	NOUN
aijbms-110	336	3	shows	show	VERB
aijbms-110	336	4	that	that	SCONJ
aijbms-110	336	5	none	none	NOUN
aijbms-110	336	6	of	of	ADP
aijbms-110	336	7	the	the	DET
aijbms-110	336	8	variables	variable	NOUN
aijbms-110	336	9	;	;	PUNCT
aijbms-110	336	10	was	be	AUX
aijbms-110	336	11	stationary	stationary	ADJ
aijbms-110	336	12	at	at	ADP
aijbms-110	336	13	levels	level	NOUN
aijbms-110	336	14	using	use	VERB
aijbms-110	336	15	augmented	augment	VERB
aijbms-110	336	16	dicey	dicey	VERB
aijbms-110	336	17	fuller	full	ADJ
aijbms-110	336	18	test	test	NOUN
aijbms-110	336	19	.	.	PUNCT
aijbms-110	337	1	this	this	PRON
aijbms-110	337	2	is	be	AUX
aijbms-110	337	3	because	because	SCONJ
aijbms-110	337	4	their	their	PRON
aijbms-110	337	5	critical	critical	ADJ
aijbms-110	337	6	values	value	NOUN
aijbms-110	337	7	were	be	AUX
aijbms-110	337	8	greater	great	ADJ
aijbms-110	337	9	than	than	ADP
aijbms-110	337	10	adf	adf	PROPN
aijbms-110	337	11	test	test	NOUN
aijbms-110	337	12	statistics	statistic	NOUN
aijbms-110	337	13	in	in	ADP
aijbms-110	337	14	absolute	absolute	ADJ
aijbms-110	337	15	value	value	NOUN
aijbms-110	337	16	at	at	ADP
aijbms-110	337	17	5	5	NUM
aijbms-110	337	18	percent	percent	NOUN
aijbms-110	337	19	level	level	NOUN
aijbms-110	337	20	of	of	ADP
aijbms-110	337	21	significance	significance	NOUN
aijbms-110	337	22	.	.	PUNCT
aijbms-110	338	1	however	however	ADV
aijbms-110	338	2	,	,	PUNCT
aijbms-110	338	3	all	all	DET
aijbms-110	338	4	the	the	DET
aijbms-110	338	5	variables	variable	NOUN
aijbms-110	338	6	considered	consider	VERB
aijbms-110	338	7	became	become	VERB
aijbms-110	338	8	stationary	stationary	ADJ
aijbms-110	338	9	after	after	ADP
aijbms-110	338	10	first	first	ADJ
aijbms-110	338	11	difference	difference	NOUN
aijbms-110	338	12	since	since	SCONJ
aijbms-110	338	13	their	their	PRON
aijbms-110	338	14	adf	adf	PROPN
aijbms-110	338	15	test	test	NOUN
aijbms-110	338	16	statistics	statistic	NOUN
aijbms-110	338	17	were	be	AUX
aijbms-110	338	18	greater	great	ADJ
aijbms-110	338	19	than	than	ADP
aijbms-110	338	20	their	their	PRON
aijbms-110	338	21	critical	critical	ADJ
aijbms-110	338	22	values	value	NOUN
aijbms-110	338	23	in	in	ADP
aijbms-110	338	24	absolute	absolute	ADJ
aijbms-110	338	25	value	value	NOUN
aijbms-110	338	26	.	.	PUNCT
aijbms-110	339	1	the	the	DET
aijbms-110	339	2	results	result	NOUN
aijbms-110	339	3	show	show	VERB
aijbms-110	339	4	that	that	SCONJ
aijbms-110	339	5	the	the	DET
aijbms-110	339	6	series	serie	NOUN
aijbms-110	339	7	are	be	AUX
aijbms-110	339	8	integrated	integrate	VERB
aijbms-110	339	9	of	of	ADP
aijbms-110	339	10	the	the	DET
aijbms-110	339	11	same	same	ADJ
aijbms-110	339	12	order	order	NOUN
aijbms-110	339	13	;	;	PUNCT
aijbms-110	339	14	i	i	PRON
aijbms-110	339	15	(	(	PUNCT
aijbms-110	339	16	1	1	X
aijbms-110	339	17	)	)	PUNCT
aijbms-110	339	18	with	with	ADP
aijbms-110	339	19	the	the	DET
aijbms-110	339	20	application	application	NOUN
aijbms-110	339	21	of	of	ADP
aijbms-110	339	22	both	both	DET
aijbms-110	339	23	adf	adf	PROPN
aijbms-110	339	24	test	test	NOUN
aijbms-110	339	25	.	.	PUNCT
aijbms-110	340	1	therefore	therefore	ADV
aijbms-110	340	2	,	,	PUNCT
aijbms-110	340	3	the	the	DET
aijbms-110	340	4	variables	variable	NOUN
aijbms-110	340	5	are	be	AUX
aijbms-110	340	6	fit	fit	ADJ
aijbms-110	340	7	to	to	PART
aijbms-110	340	8	be	be	AUX
aijbms-110	340	9	used	use	VERB
aijbms-110	340	10	for	for	ADP
aijbms-110	340	11	the	the	DET
aijbms-110	340	12	analytical	analytical	ADJ
aijbms-110	340	13	purpose	purpose	NOUN
aijbms-110	340	14	for	for	ADP
aijbms-110	340	15	which	which	PRON
aijbms-110	340	16	they	they	PRON
aijbms-110	340	17	were	be	AUX
aijbms-110	340	18	gathered	gather	VERB
aijbms-110	340	19	johansen	johansen	PROPN
aijbms-110	340	20	co	co	PROPN
aijbms-110	340	21	-	-	NOUN
aijbms-110	340	22	integration	integration	NOUN
aijbms-110	340	23	test	test	NOUN
aijbms-110	340	24	determines	determine	VERB
aijbms-110	340	25	whether	whether	SCONJ
aijbms-110	340	26	there	there	PRON
aijbms-110	340	27	exist	exist	VERB
aijbms-110	340	28	long	long	ADJ
aijbms-110	340	29	-	-	PUNCT
aijbms-110	340	30	term	term	NOUN
aijbms-110	340	31	relationship	relationship	NOUN
aijbms-110	340	32	occurs	occur	VERB
aijbms-110	340	33	in	in	ADP
aijbms-110	340	34	variables	variable	NOUN
aijbms-110	340	35	or	or	CCONJ
aijbms-110	340	36	not	not	PART
aijbms-110	340	37	.	.	PUNCT
aijbms-110	341	1	the	the	DET
aijbms-110	341	2	test	test	NOUN
aijbms-110	341	3	envisages	envisage	VERB
aijbms-110	341	4	that	that	SCONJ
aijbms-110	341	5	there	there	PRON
aijbms-110	341	6	can	can	AUX
aijbms-110	341	7	be	be	AUX
aijbms-110	341	8	just	just	ADV
aijbms-110	341	9	one	one	NUM
aijbms-110	341	10	relationship	relationship	NOUN
aijbms-110	341	11	between	between	ADP
aijbms-110	341	12	variables	variable	NOUN
aijbms-110	341	13	in	in	ADP
aijbms-110	341	14	long	long	ADJ
aijbms-110	341	15	term	term	NOUN
aijbms-110	341	16	.	.	PUNCT
aijbms-110	342	1	in	in	ADP
aijbms-110	342	2	most	most	ADJ
aijbms-110	342	3	cases	case	NOUN
aijbms-110	342	4	,	,	PUNCT
aijbms-110	342	5	it	it	PRON
aijbms-110	342	6	two	two	NUM
aijbms-110	342	7	variables	variable	NOUN
aijbms-110	342	8	that	that	PRON
aijbms-110	342	9	are	be	AUX
aijbms-110	342	10	i	i	PRON
aijbms-110	342	11	(	(	PUNCT
aijbms-110	342	12	1	1	X
aijbms-110	342	13	)	)	PUNCT
aijbms-110	342	14	are	be	AUX
aijbms-110	342	15	linearly	linearly	ADV
aijbms-110	342	16	combined	combine	VERB
aijbms-110	342	17	,	,	PUNCT
aijbms-110	342	18	the	the	DET
aijbms-110	342	19	combination	combination	NOUN
aijbms-110	342	20	will	will	AUX
aijbms-110	342	21	also	also	ADV
aijbms-110	342	22	be	be	AUX
aijbms-110	342	23	i(1	i(1	PROPN
aijbms-110	342	24	)	)	PUNCT
aijbms-110	342	25	.	.	PUNCT
aijbms-110	343	1	more	more	ADV
aijbms-110	343	2	generally	generally	ADV
aijbms-110	343	3	,	,	PUNCT
aijbms-110	343	4	if	if	SCONJ
aijbms-110	343	5	variables	variable	NOUN
aijbms-110	343	6	with	with	ADP
aijbms-110	343	7	differing	differ	VERB
aijbms-110	343	8	orders	order	NOUN
aijbms-110	343	9	of	of	ADP
aijbms-110	343	10	integration	integration	NOUN
aijbms-110	343	11	are	be	AUX
aijbms-110	343	12	combined	combine	VERB
aijbms-110	343	13	,	,	PUNCT
aijbms-110	343	14	then	then	ADV
aijbms-110	343	15	the	the	DET
aijbms-110	343	16	combination	combination	NOUN
aijbms-110	343	17	will	will	AUX
aijbms-110	343	18	have	have	VERB
aijbms-110	343	19	an	an	DET
aijbms-110	343	20	order	order	NOUN
aijbms-110	343	21	of	of	ADP
aijbms-110	343	22	integration	integration	NOUN
aijbms-110	343	23	equal	equal	ADJ
aijbms-110	343	24	to	to	ADP
aijbms-110	343	25	the	the	DET
aijbms-110	343	26	largest	large	ADJ
aijbms-110	343	27	.	.	PUNCT
aijbms-110	344	1	the	the	DET
aijbms-110	344	2	model	model	NOUN
aijbms-110	344	3	with	with	ADP
aijbms-110	344	4	lag	lag	NOUN
aijbms-110	344	5	1	1	NUM
aijbms-110	344	6	was	be	AUX
aijbms-110	344	7	chosen	choose	VERB
aijbms-110	344	8	with	with	ADP
aijbms-110	344	9	the	the	DET
aijbms-110	344	10	linear	linear	ADJ
aijbms-110	344	11	deterministic	deterministic	ADJ
aijbms-110	344	12	test	test	NOUN
aijbms-110	344	13	assumption	assumption	NOUN
aijbms-110	344	14	and	and	CCONJ
aijbms-110	344	15	the	the	DET
aijbms-110	344	16	result	result	NOUN
aijbms-110	344	17	is	be	AUX
aijbms-110	344	18	presented	present	VERB
aijbms-110	344	19	in	in	ADP
aijbms-110	344	20	table	table	NOUN
aijbms-110	344	21	iii	iii	NOUN
aijbms-110	344	22	.	.	PUNCT
aijbms-110	345	1	under	under	ADP
aijbms-110	345	2	the	the	DET
aijbms-110	345	3	johansen	johansen	PROPN
aijbms-110	345	4	co	co	NOUN
aijbms-110	345	5	-	-	NOUN
aijbms-110	345	6	integration	integration	NOUN
aijbms-110	345	7	test	test	NOUN
aijbms-110	345	8	,	,	PUNCT
aijbms-110	345	9	co	co	NOUN
aijbms-110	345	10	-	-	NOUN
aijbms-110	345	11	integration	integration	NOUN
aijbms-110	345	12	is	be	AUX
aijbms-110	345	13	said	say	VERB
aijbms-110	345	14	to	to	PART
aijbms-110	345	15	exist	exist	VERB
aijbms-110	345	16	if	if	SCONJ
aijbms-110	345	17	the	the	DET
aijbms-110	345	18	values	value	NOUN
aijbms-110	345	19	of	of	ADP
aijbms-110	345	20	computed	compute	VERB
aijbms-110	345	21	eigen	eigen	PROPN
aijbms-110	345	22	values	value	NOUN
aijbms-110	345	23	are	be	AUX
aijbms-110	345	24	significantly	significantly	ADV
aijbms-110	345	25	different	different	ADJ
aijbms-110	345	26	from	from	ADP
aijbms-110	345	27	zero	zero	NUM
aijbms-110	345	28	or	or	CCONJ
aijbms-110	345	29	if	if	SCONJ
aijbms-110	345	30	the	the	DET
aijbms-110	345	31	trace	trace	NOUN
aijbms-110	345	32	statistics	statistic	NOUN
aijbms-110	345	33	is	be	AUX
aijbms-110	345	34	greater	great	ADJ
aijbms-110	345	35	than	than	ADP
aijbms-110	345	36	the	the	DET
aijbms-110	345	37	critical	critical	ADJ
aijbms-110	345	38	value	value	NOUN
aijbms-110	345	39	at	at	ADP
aijbms-110	345	40	5	5	NUM
aijbms-110	345	41	percent	percent	NOUN
aijbms-110	345	42	level	level	NOUN
aijbms-110	345	43	of	of	ADP
aijbms-110	345	44	significance	significance	NOUN
aijbms-110	345	45	,	,	PUNCT
aijbms-110	345	46	the	the	DET
aijbms-110	345	47	results	result	NOUN
aijbms-110	345	48	of	of	ADP
aijbms-110	345	49	the	the	DET
aijbms-110	345	50	co	co	NOUN
aijbms-110	345	51	-	-	NOUN
aijbms-110	345	52	integration	integration	NOUN
aijbms-110	345	53	in	in	ADP
aijbms-110	345	54	table	table	NOUN
aijbms-110	345	55	iii	iii	NOUN
aijbms-110	345	56	above	above	ADV
aijbms-110	345	57	indicated	indicate	VERB
aijbms-110	345	58	3	3	NUM
aijbms-110	345	59	cointegrating	cointegrate	VERB
aijbms-110	345	60	equation	equation	NOUN
aijbms-110	345	61	,	,	PUNCT
aijbms-110	345	62	the	the	DET
aijbms-110	345	63	critical	critical	ADJ
aijbms-110	345	64	value	value	NOUN
aijbms-110	345	65	at	at	ADP
aijbms-110	345	66	5	5	NUM
aijbms-110	345	67	percent	percent	NOUN
aijbms-110	345	68	level	level	NOUN
aijbms-110	345	69	of	of	ADP
aijbms-110	345	70	significance	significance	NOUN
aijbms-110	345	71	in	in	ADP
aijbms-110	345	72	only	only	ADV
aijbms-110	345	73	of	of	ADP
aijbms-110	345	74	the	the	DET
aijbms-110	345	75	hypothesized	hypothesized	ADJ
aijbms-110	345	76	equations	equation	NOUN
aijbms-110	345	77	.	.	PUNCT
aijbms-110	346	1	similarly	similarly	ADV
aijbms-110	346	2	,	,	PUNCT
aijbms-110	346	3	the	the	DET
aijbms-110	346	4	computed	compute	VERB
aijbms-110	346	5	eigen	eigen	PROPN
aijbms-110	346	6	value	value	NOUN
aijbms-110	346	7	is	be	AUX
aijbms-110	346	8	significantly	significantly	ADV
aijbms-110	346	9	different	different	ADJ
aijbms-110	346	10	from	from	ADP
aijbms-110	346	11	zero	zero	NUM
aijbms-110	346	12	in	in	ADP
aijbms-110	346	13	one	one	NUM
aijbms-110	346	14	of	of	ADP
aijbms-110	346	15	the	the	DET
aijbms-110	346	16	hypothesized	hypothesized	ADJ
aijbms-110	346	17	equations	equation	NOUN
aijbms-110	346	18	.	.	PUNCT
aijbms-110	347	1	hence	hence	ADV
aijbms-110	347	2	,	,	PUNCT
aijbms-110	347	3	3	3	NUM
aijbms-110	347	4	of	of	ADP
aijbms-110	347	5	the	the	DET
aijbms-110	347	6	hypothesized	hypothesized	ADJ
aijbms-110	347	7	equations	equation	NOUN
aijbms-110	347	8	satisfy	satisfy	VERB
aijbms-110	347	9	this	this	DET
aijbms-110	347	10	condition	condition	NOUN
aijbms-110	347	11	and	and	CCONJ
aijbms-110	347	12	therefore	therefore	ADV
aijbms-110	347	13	the	the	DET
aijbms-110	347	14	null	null	ADJ
aijbms-110	347	15	hypothesis	hypothesis	NOUN
aijbms-110	347	16	of	of	ADP
aijbms-110	347	17	3	3	NUM
aijbms-110	347	18	co	co	NOUN
aijbms-110	347	19	-	-	NOUN
aijbms-110	347	20	integration	integration	NOUN
aijbms-110	347	21	equations	equation	NOUN
aijbms-110	347	22	among	among	ADP
aijbms-110	347	23	the	the	DET
aijbms-110	347	24	variables	variable	NOUN
aijbms-110	347	25	is	be	AUX
aijbms-110	347	26	accepted	accept	VERB
aijbms-110	347	27	in	in	ADP
aijbms-110	347	28	at	at	ADV
aijbms-110	347	29	least	least	ADJ
aijbms-110	347	30	all	all	PRON
aijbms-110	347	31	equation	equation	NOUN
aijbms-110	347	32	.	.	PUNCT
aijbms-110	348	1	therefore	therefore	ADV
aijbms-110	348	2	there	there	PRON
aijbms-110	348	3	is	be	VERB
aijbms-110	348	4	long	long	ADJ
aijbms-110	348	5	run	run	NOUN
aijbms-110	348	6	relationship	relationship	NOUN
aijbms-110	348	7	between	between	ADP
aijbms-110	348	8	the	the	DET
aijbms-110	348	9	variables	variable	NOUN
aijbms-110	348	10	used	use	VERB
aijbms-110	348	11	for	for	ADP
aijbms-110	348	12	the	the	DET
aijbms-110	348	13	analysis	analysis	NOUN
aijbms-110	348	14	in	in	ADP
aijbms-110	348	15	nigeria	nigeria	PROPN
aijbms-110	348	16	within	within	ADP
aijbms-110	348	17	the	the	DET
aijbms-110	348	18	period	period	NOUN
aijbms-110	348	19	under	under	ADP
aijbms-110	348	20	study	study	NOUN
aijbms-110	348	21	1990	1990	NUM
aijbms-110	348	22	-	-	SYM
aijbms-110	348	23	2017	2017	NUM
aijbms-110	348	24	.	.	PUNCT
aijbms-110	349	1	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	349	2	american	american	PROPN
aijbms-110	349	3	international	international	PROPN
aijbms-110	349	4	journal	journal	PROPN
aijbms-110	349	5	of	of	ADP
aijbms-110	349	6	business	business	NOUN
aijbms-110	349	7	and	and	CCONJ
aijbms-110	349	8	management	management	NOUN
aijbms-110	349	9	studies	study	NOUN
aijbms-110	349	10	vol	vol	NOUN
aijbms-110	349	11	.	.	PROPN
aijbms-110	350	1	1	1	NUM
aijbms-110	350	2	,	,	PUNCT
aijbms-110	350	3	no	no	INTJ
aijbms-110	350	4	.	.	NOUN
aijbms-110	350	5	1	1	NUM
aijbms-110	350	6	;	;	PUNCT
aijbms-110	350	7	2019	2019	NUM
aijbms-110	350	8	18	18	NUM
aijbms-110	350	9	normalized	normalize	VERB
aijbms-110	350	10	cointegration	cointegration	NOUN
aijbms-110	350	11	test	test	NOUN
aijbms-110	350	12	presented	present	VERB
aijbms-110	350	13	in	in	ADP
aijbms-110	350	14	table	table	NOUN
aijbms-110	350	15	iv	iv	PRON
aijbms-110	350	16	found	find	VERB
aijbms-110	350	17	that	that	SCONJ
aijbms-110	350	18	price	price	NOUN
aijbms-110	350	19	risk	risk	NOUN
aijbms-110	350	20	and	and	CCONJ
aijbms-110	350	21	interest	interest	NOUN
aijbms-110	350	22	rate	rate	NOUN
aijbms-110	350	23	risk	risk	NOUN
aijbms-110	350	24	have	have	VERB
aijbms-110	350	25	negative	negative	ADJ
aijbms-110	350	26	long	long	ADJ
aijbms-110	350	27	run	run	NOUN
aijbms-110	350	28	effect	effect	NOUN
aijbms-110	350	29	on	on	ADP
aijbms-110	350	30	stock	stock	NOUN
aijbms-110	350	31	price	price	NOUN
aijbms-110	350	32	while	while	SCONJ
aijbms-110	350	33	liquidity	liquidity	NOUN
aijbms-110	350	34	risk	risk	NOUN
aijbms-110	350	35	and	and	CCONJ
aijbms-110	350	36	exchange	exchange	NOUN
aijbms-110	350	37	rate	rate	NOUN
aijbms-110	350	38	risk	risk	NOUN
aijbms-110	350	39	have	have	VERB
aijbms-110	350	40	positive	positive	ADJ
aijbms-110	350	41	run	run	NOUN
aijbms-110	350	42	effect	effect	NOUN
aijbms-110	350	43	on	on	ADP
aijbms-110	350	44	stock	stock	NOUN
aijbms-110	350	45	prices	price	NOUN
aijbms-110	350	46	traded	trade	VERB
aijbms-110	350	47	on	on	ADP
aijbms-110	350	48	nigeria	nigeria	PROPN
aijbms-110	350	49	stock	stock	PROPN
aijbms-110	350	50	exchange	exchange	PROPN
aijbms-110	350	51	.	.	PUNCT
aijbms-110	351	1	table	table	NOUN
aijbms-110	351	2	v	v	ADP
aijbms-110	351	3	and	and	CCONJ
aijbms-110	351	4	table	table	NOUN
aijbms-110	351	5	vi	vi	PROPN
aijbms-110	351	6	presented	present	VERB
aijbms-110	351	7	the	the	DET
aijbms-110	351	8	error	error	NOUN
aijbms-110	351	9	correction	correction	NOUN
aijbms-110	351	10	model	model	NOUN
aijbms-110	351	11	of	of	ADP
aijbms-110	351	12	the	the	DET
aijbms-110	351	13	variables	variable	NOUN
aijbms-110	351	14	.	.	PUNCT
aijbms-110	352	1	evidence	evidence	NOUN
aijbms-110	352	2	from	from	ADP
aijbms-110	352	3	the	the	DET
aijbms-110	352	4	result	result	NOUN
aijbms-110	352	5	shows	show	VERB
aijbms-110	352	6	the	the	DET
aijbms-110	352	7	large	large	ADJ
aijbms-110	352	8	explained	explain	VERB
aijbms-110	352	9	variation	variation	NOUN
aijbms-110	352	10	(	(	PUNCT
aijbms-110	352	11	table	table	NOUN
aijbms-110	352	12	iv	iv	NOUN
aijbms-110	352	13	)	)	PUNCT
aijbms-110	352	14	while	while	SCONJ
aijbms-110	352	15	the	the	DET
aijbms-110	352	16	coefficient	coefficient	NOUN
aijbms-110	352	17	of	of	ADP
aijbms-110	352	18	error	error	NOUN
aijbms-110	352	19	correction	correction	NOUN
aijbms-110	352	20	model	model	NOUN
aijbms-110	352	21	prove	prove	VERB
aijbms-110	352	22	that	that	SCONJ
aijbms-110	352	23	adjustment	adjustment	NOUN
aijbms-110	352	24	speed	speed	NOUN
aijbms-110	352	25	of	of	ADP
aijbms-110	352	26	41	41	NUM
aijbms-110	352	27	percent	percent	NOUN
aijbms-110	352	28	.	.	PUNCT
aijbms-110	353	1	the	the	DET
aijbms-110	353	2	causality	causality	NOUN
aijbms-110	353	3	results	result	NOUN
aijbms-110	353	4	prove	prove	VERB
aijbms-110	353	5	that	that	SCONJ
aijbms-110	353	6	the	the	DET
aijbms-110	353	7	variables	variable	NOUN
aijbms-110	353	8	have	have	VERB
aijbms-110	353	9	no	no	DET
aijbms-110	353	10	causal	causal	ADJ
aijbms-110	353	11	relationship	relationship	NOUN
aijbms-110	353	12	except	except	SCONJ
aijbms-110	353	13	bidirectional	bidirectional	ADJ
aijbms-110	353	14	relationship	relationship	NOUN
aijbms-110	353	15	from	from	ADP
aijbms-110	353	16	liquidity	liquidity	NOUN
aijbms-110	353	17	to	to	ADP
aijbms-110	353	18	stock	stock	NOUN
aijbms-110	353	19	prices	price	NOUN
aijbms-110	353	20	.	.	PUNCT
aijbms-110	354	1	the	the	DET
aijbms-110	354	2	positive	positive	ADJ
aijbms-110	354	3	findings	finding	NOUN
aijbms-110	354	4	of	of	ADP
aijbms-110	354	5	the	the	DET
aijbms-110	354	6	study	study	NOUN
aijbms-110	354	7	confirm	confirm	VERB
aijbms-110	354	8	the	the	DET
aijbms-110	354	9	findings	finding	NOUN
aijbms-110	354	10	of	of	ADP
aijbms-110	354	11	izova	izova	PROPN
aijbms-110	354	12	,	,	PUNCT
aijbms-110	354	13	bollerslev	bollerslev	ADJ
aijbms-110	354	14	,	,	PUNCT
aijbms-110	354	15	osterrieder	osterrieder	NOUN
aijbms-110	354	16	,	,	PUNCT
aijbms-110	354	17	tauchen	tauchen	NOUN
aijbms-110	354	18	(	(	PUNCT
aijbms-110	354	19	2011	2011	NUM
aijbms-110	354	20	)	)	PUNCT
aijbms-110	354	21	that	that	SCONJ
aijbms-110	354	22	the	the	DET
aijbms-110	354	23	relationship	relationship	NOUN
aijbms-110	354	24	between	between	ADP
aijbms-110	354	25	volatility	volatility	NOUN
aijbms-110	354	26	and	and	CCONJ
aijbms-110	354	27	the	the	DET
aijbms-110	354	28	volatility	volatility	NOUN
aijbms-110	354	29	-	-	PUNCT
aijbms-110	354	30	risk	risk	NOUN
aijbms-110	354	31	reward	reward	NOUN
aijbms-110	354	32	is	be	AUX
aijbms-110	354	33	strongly	strongly	ADV
aijbms-110	354	34	direct	direct	ADJ
aijbms-110	354	35	and	and	CCONJ
aijbms-110	354	36	positive	positive	ADJ
aijbms-110	354	37	.	.	PUNCT
aijbms-110	355	1	the	the	DET
aijbms-110	355	2	findings	finding	NOUN
aijbms-110	355	3	of	of	ADP
aijbms-110	355	4	pollet	pollet	NOUN
aijbms-110	355	5	,	,	PUNCT
aijbms-110	355	6	kräussl	kräussl	VERB
aijbms-110	355	7	,	,	PUNCT
aijbms-110	355	8	jegadeesh	jegadeesh	NOUN
aijbms-110	355	9	(	(	PUNCT
aijbms-110	355	10	2010	2010	NUM
aijbms-110	355	11	)	)	PUNCT
aijbms-110	355	12	that	that	SCONJ
aijbms-110	355	13	the	the	DET
aijbms-110	355	14	market	market	NOUN
aijbms-110	355	15	expects	expect	VERB
aijbms-110	355	16	for	for	SCONJ
aijbms-110	355	17	pe	pe	PRON
aijbms-110	355	18	to	to	PART
aijbms-110	355	19	earn	earn	VERB
aijbms-110	355	20	abnormal	abnormal	ADJ
aijbms-110	355	21	return	return	NOUN
aijbms-110	355	22	is	be	AUX
aijbms-110	355	23	approximately	approximately	ADV
aijbms-110	355	24	0.5	0.5	NUM
aijbms-110	355	25	percent	percent	NOUN
aijbms-110	355	26	and	and	CCONJ
aijbms-110	355	27	for	for	ADP
aijbms-110	355	28	lpes	lpe	NOUN
aijbms-110	355	29	is	be	AUX
aijbms-110	355	30	approximately	approximately	ADV
aijbms-110	355	31	close	close	ADJ
aijbms-110	355	32	zero	zero	NUM
aijbms-110	355	33	after	after	ADP
aijbms-110	355	34	fees	fee	NOUN
aijbms-110	355	35	and	and	CCONJ
aijbms-110	355	36	the	the	DET
aijbms-110	355	37	findings	finding	NOUN
aijbms-110	355	38	of	of	ADP
aijbms-110	355	39	aduda	aduda	NOUN
aijbms-110	355	40	et	et	PROPN
aijbms-110	355	41	al	al	PROPN
aijbms-110	355	42	.	.	PROPN
aijbms-110	356	1	(	(	PUNCT
aijbms-110	356	2	2012	2012	NUM
aijbms-110	356	3	)	)	PUNCT
aijbms-110	356	4	that	that	SCONJ
aijbms-110	356	5	macro	macro	ADJ
aijbms-110	356	6	-	-	ADJ
aijbms-110	356	7	economic	economic	ADJ
aijbms-110	356	8	factors	factor	NOUN
aijbms-110	356	9	such	such	ADJ
aijbms-110	356	10	as	as	ADP
aijbms-110	356	11	stock	stock	NOUN
aijbms-110	356	12	market	market	NOUN
aijbms-110	356	13	liquidity	liquidity	NOUN
aijbms-110	356	14	,	,	PUNCT
aijbms-110	356	15	institutional	institutional	ADJ
aijbms-110	356	16	quality	quality	NOUN
aijbms-110	356	17	,	,	PUNCT
aijbms-110	356	18	income	income	NOUN
aijbms-110	356	19	per	per	ADP
aijbms-110	356	20	capita	capita	NOUN
aijbms-110	356	21	,	,	PUNCT
aijbms-110	356	22	domestic	domestic	ADJ
aijbms-110	356	23	savings	saving	NOUN
aijbms-110	356	24	and	and	CCONJ
aijbms-110	356	25	bank	bank	NOUN
aijbms-110	356	26	development	development	NOUN
aijbms-110	356	27	are	be	AUX
aijbms-110	356	28	important	important	ADJ
aijbms-110	356	29	determinants	determinant	NOUN
aijbms-110	356	30	of	of	ADP
aijbms-110	356	31	stock	stock	NOUN
aijbms-110	356	32	market	market	NOUN
aijbms-110	356	33	development	development	NOUN
aijbms-110	356	34	in	in	ADP
aijbms-110	356	35	the	the	DET
aijbms-110	356	36	nairobi	nairobi	PROPN
aijbms-110	356	37	stock	stock	PROPN
aijbms-110	356	38	exchange	exchange	PROPN
aijbms-110	356	39	.	.	PUNCT
aijbms-110	357	1	conclusion	conclusion	NOUN
aijbms-110	357	2	and	and	CCONJ
aijbms-110	357	3	recommendations	recommendation	NOUN
aijbms-110	357	4	this	this	DET
aijbms-110	357	5	paper	paper	NOUN
aijbms-110	357	6	applied	apply	VERB
aijbms-110	357	7	multiple	multiple	ADJ
aijbms-110	357	8	regression	regression	NOUN
aijbms-110	357	9	analysis	analysis	NOUN
aijbms-110	357	10	to	to	PART
aijbms-110	357	11	study	study	VERB
aijbms-110	357	12	the	the	DET
aijbms-110	357	13	effects	effect	NOUN
aijbms-110	357	14	of	of	ADP
aijbms-110	357	15	systematic	systematic	ADJ
aijbms-110	357	16	risk	risk	NOUN
aijbms-110	357	17	on	on	ADP
aijbms-110	357	18	stock	stock	NOUN
aijbms-110	357	19	prices	price	NOUN
aijbms-110	357	20	in	in	ADP
aijbms-110	357	21	nigeria	nigeria	PROPN
aijbms-110	357	22	.	.	PUNCT
aijbms-110	358	1	the	the	DET
aijbms-110	358	2	analysis	analysis	NOUN
aijbms-110	358	3	covered	cover	VERB
aijbms-110	358	4	firms	firm	NOUN
aijbms-110	358	5	listed	list	VERB
aijbms-110	358	6	in	in	ADP
aijbms-110	358	7	the	the	DET
aijbms-110	358	8	nse	nse	NOUN
aijbms-110	358	9	from	from	ADP
aijbms-110	358	10	1990	1990	NUM
aijbms-110	358	11	to	to	ADP
aijbms-110	358	12	2017	2017	NUM
aijbms-110	358	13	.	.	PUNCT
aijbms-110	359	1	by	by	ADP
aijbms-110	359	2	means	mean	NOUN
aijbms-110	359	3	of	of	ADP
aijbms-110	359	4	multiple	multiple	ADJ
aijbms-110	359	5	regressions	regression	NOUN
aijbms-110	359	6	analysis	analysis	NOUN
aijbms-110	359	7	of	of	ADP
aijbms-110	359	8	stock	stock	NOUN
aijbms-110	359	9	price	price	NOUN
aijbms-110	359	10	to	to	ADP
aijbms-110	359	11	sensitivity	sensitivity	NOUN
aijbms-110	359	12	of	of	ADP
aijbms-110	359	13	the	the	DET
aijbms-110	359	14	price	price	NOUN
aijbms-110	359	15	changes	change	NOUN
aijbms-110	359	16	,	,	PUNCT
aijbms-110	359	17	liquidity	liquidity	NOUN
aijbms-110	359	18	changes	change	NOUN
aijbms-110	359	19	,	,	PUNCT
aijbms-110	359	20	interest	interest	NOUN
aijbms-110	359	21	rate	rate	NOUN
aijbms-110	359	22	and	and	CCONJ
aijbms-110	359	23	exchange	exchange	NOUN
aijbms-110	359	24	risk	risk	NOUN
aijbms-110	359	25	.	.	PUNCT
aijbms-110	360	1	from	from	ADP
aijbms-110	360	2	the	the	DET
aijbms-110	360	3	findings	finding	NOUN
aijbms-110	360	4	of	of	ADP
aijbms-110	360	5	the	the	DET
aijbms-110	360	6	study	study	NOUN
aijbms-110	360	7	,	,	PUNCT
aijbms-110	360	8	we	we	PRON
aijbms-110	360	9	conclude	conclude	VERB
aijbms-110	360	10	that	that	PRON
aijbms-110	360	11	price	price	NOUN
aijbms-110	360	12	risk	risk	NOUN
aijbms-110	360	13	and	and	CCONJ
aijbms-110	360	14	liquidity	liquidity	NOUN
aijbms-110	360	15	risk	risk	NOUN
aijbms-110	360	16	have	have	VERB
aijbms-110	360	17	positive	positive	ADJ
aijbms-110	360	18	effect	effect	NOUN
aijbms-110	360	19	on	on	ADP
aijbms-110	360	20	stock	stock	NOUN
aijbms-110	360	21	prices	price	NOUN
aijbms-110	360	22	while	while	SCONJ
aijbms-110	360	23	interest	interest	NOUN
aijbms-110	360	24	rate	rate	NOUN
aijbms-110	360	25	risk	risk	NOUN
aijbms-110	360	26	and	and	CCONJ
aijbms-110	360	27	exchange	exchange	NOUN
aijbms-110	360	28	rate	rate	NOUN
aijbms-110	360	29	risk	risk	NOUN
aijbms-110	360	30	have	have	VERB
aijbms-110	360	31	negative	negative	ADJ
aijbms-110	360	32	effect	effect	NOUN
aijbms-110	360	33	in	in	ADP
aijbms-110	360	34	stock	stock	NOUN
aijbms-110	360	35	prices	price	NOUN
aijbms-110	360	36	.	.	PUNCT
aijbms-110	361	1	from	from	ADP
aijbms-110	361	2	the	the	DET
aijbms-110	361	3	regression	regression	NOUN
aijbms-110	361	4	summary	summary	NOUN
aijbms-110	361	5	,	,	PUNCT
aijbms-110	361	6	we	we	PRON
aijbms-110	361	7	conclude	conclude	VERB
aijbms-110	361	8	that	that	SCONJ
aijbms-110	361	9	systemic	systemic	ADJ
aijbms-110	361	10	risk	risk	NOUN
aijbms-110	361	11	significantly	significantly	ADV
aijbms-110	361	12	affects	affect	VERB
aijbms-110	361	13	stock	stock	NOUN
aijbms-110	361	14	prices	price	NOUN
aijbms-110	361	15	in	in	ADP
aijbms-110	361	16	nigeria	nigeria	PROPN
aijbms-110	361	17	.	.	PUNCT
aijbms-110	362	1	we	we	PRON
aijbms-110	362	2	make	make	VERB
aijbms-110	362	3	the	the	DET
aijbms-110	362	4	following	follow	VERB
aijbms-110	362	5	recommendations	recommendation	NOUN
aijbms-110	362	6	:	:	PUNCT
aijbms-110	363	1	1	1	X
aijbms-110	363	2	.	.	X
aijbms-110	363	3	the	the	DET
aijbms-110	363	4	management	management	NOUN
aijbms-110	363	5	of	of	ADP
aijbms-110	363	6	the	the	DET
aijbms-110	363	7	capital	capital	NOUN
aijbms-110	363	8	market	market	NOUN
aijbms-110	363	9	should	should	AUX
aijbms-110	363	10	ensure	ensure	VERB
aijbms-110	363	11	that	that	SCONJ
aijbms-110	363	12	the	the	DET
aijbms-110	363	13	operating	operate	VERB
aijbms-110	363	14	environment	environment	NOUN
aijbms-110	363	15	is	be	AUX
aijbms-110	363	16	risk	risk	NOUN
aijbms-110	363	17	minimum	minimum	NOUN
aijbms-110	363	18	to	to	PART
aijbms-110	363	19	ensure	ensure	VERB
aijbms-110	363	20	appreciable	appreciable	ADJ
aijbms-110	363	21	stock	stock	NOUN
aijbms-110	363	22	prices	price	NOUN
aijbms-110	363	23	by	by	ADP
aijbms-110	363	24	developing	develop	VERB
aijbms-110	363	25	strategies	strategy	NOUN
aijbms-110	363	26	and	and	CCONJ
aijbms-110	363	27	policies	policy	NOUN
aijbms-110	363	28	aim	aim	VERB
aijbms-110	363	29	at	at	ADP
aijbms-110	363	30	managing	manage	VERB
aijbms-110	363	31	the	the	DET
aijbms-110	363	32	systematic	systematic	ADJ
aijbms-110	363	33	risk	risk	NOUN
aijbms-110	363	34	in	in	ADP
aijbms-110	363	35	the	the	DET
aijbms-110	363	36	operating	operating	NOUN
aijbms-110	363	37	environment	environment	NOUN
aijbms-110	363	38	and	and	CCONJ
aijbms-110	363	39	engage	engage	VERB
aijbms-110	363	40	a	a	DET
aijbms-110	363	41	regular	regular	ADJ
aijbms-110	363	42	environmental	environmental	ADJ
aijbms-110	363	43	impact	impact	NOUN
aijbms-110	363	44	assessment	assessment	NOUN
aijbms-110	363	45	on	on	ADP
aijbms-110	363	46	systemic	systemic	ADJ
aijbms-110	363	47	risk	risk	NOUN
aijbms-110	363	48	,	,	PUNCT
aijbms-110	363	49	to	to	PART
aijbms-110	363	50	avert	avert	VERB
aijbms-110	363	51	its	its	PRON
aijbms-110	363	52	negative	negative	ADJ
aijbms-110	363	53	effect	effect	NOUN
aijbms-110	363	54	on	on	ADP
aijbms-110	363	55	stock	stock	NOUN
aijbms-110	363	56	prices	price	NOUN
aijbms-110	363	57	.	.	PUNCT
aijbms-110	364	1	2	2	X
aijbms-110	364	2	.	.	X
aijbms-110	364	3	liquidity	liquidity	NOUN
aijbms-110	364	4	risk	risk	NOUN
aijbms-110	364	5	can	can	AUX
aijbms-110	364	6	be	be	AUX
aijbms-110	364	7	properly	properly	ADV
aijbms-110	364	8	managed	manage	VERB
aijbms-110	364	9	by	by	ADP
aijbms-110	364	10	formulating	formulate	VERB
aijbms-110	364	11	optimal	optimal	ADJ
aijbms-110	364	12	liquidity	liquidity	NOUN
aijbms-110	364	13	strategy	strategy	NOUN
aijbms-110	364	14	,	,	PUNCT
aijbms-110	364	15	therefore	therefore	ADV
aijbms-110	364	16	the	the	DET
aijbms-110	364	17	study	study	NOUN
aijbms-110	364	18	recommends	recommend	VERB
aijbms-110	364	19	the	the	DET
aijbms-110	364	20	need	need	NOUN
aijbms-110	364	21	for	for	SCONJ
aijbms-110	364	22	management	management	NOUN
aijbms-110	364	23	to	to	PART
aijbms-110	364	24	ensure	ensure	VERB
aijbms-110	364	25	optimum	optimum	ADJ
aijbms-110	364	26	liquidity	liquidity	NOUN
aijbms-110	364	27	that	that	PRON
aijbms-110	364	28	balance	balance	NOUN
aijbms-110	364	29	cash	cash	NOUN
aijbms-110	364	30	inflow	inflow	NOUN
aijbms-110	364	31	and	and	CCONJ
aijbms-110	364	32	cash	cash	NOUN
aijbms-110	364	33	outflow	outflow	NOUN
aijbms-110	364	34	and	and	CCONJ
aijbms-110	364	35	policies	policy	NOUN
aijbms-110	364	36	should	should	AUX
aijbms-110	364	37	be	be	AUX
aijbms-110	364	38	formulated	formulate	VERB
aijbms-110	364	39	to	to	PART
aijbms-110	364	40	manage	manage	VERB
aijbms-110	364	41	the	the	DET
aijbms-110	364	42	systematic	systematic	ADJ
aijbms-110	364	43	risk	risk	NOUN
aijbms-110	364	44	within	within	ADP
aijbms-110	364	45	the	the	DET
aijbms-110	364	46	operating	operate	VERB
aijbms-110	364	47	environment	environment	NOUN
aijbms-110	364	48	to	to	PART
aijbms-110	364	49	enhance	enhance	VERB
aijbms-110	364	50	good	good	ADJ
aijbms-110	364	51	stable	stable	ADJ
aijbms-110	364	52	stock	stock	NOUN
aijbms-110	364	53	price	price	NOUN
aijbms-110	364	54	.	.	PUNCT
aijbms-110	365	1	3	3	X
aijbms-110	365	2	.	.	X
aijbms-110	365	3	exchange	exchange	NOUN
aijbms-110	365	4	rate	rate	NOUN
aijbms-110	365	5	risk	risk	NOUN
aijbms-110	365	6	can	can	AUX
aijbms-110	365	7	be	be	AUX
aijbms-110	365	8	managed	manage	VERB
aijbms-110	365	9	by	by	ADP
aijbms-110	365	10	formulating	formulate	VERB
aijbms-110	365	11	policies	policy	NOUN
aijbms-110	365	12	that	that	PRON
aijbms-110	365	13	will	will	AUX
aijbms-110	365	14	leverage	leverage	VERB
aijbms-110	365	15	the	the	DET
aijbms-110	365	16	firms	firm	NOUN
aijbms-110	365	17	the	the	DET
aijbms-110	365	18	challenges	challenge	NOUN
aijbms-110	365	19	of	of	ADP
aijbms-110	365	20	depreciating	depreciate	VERB
aijbms-110	365	21	naira	naira	PROPN
aijbms-110	365	22	exchange	exchange	NOUN
aijbms-110	365	23	rate	rate	NOUN
aijbms-110	365	24	.	.	PUNCT
aijbms-110	366	1	therefore	therefore	ADV
aijbms-110	366	2	the	the	DET
aijbms-110	366	3	study	study	NOUN
aijbms-110	366	4	recommend	recommend	VERB
aijbms-110	366	5	that	that	SCONJ
aijbms-110	366	6	the	the	DET
aijbms-110	366	7	macroeconomic	macroeconomic	ADJ
aijbms-110	366	8	factors	factor	NOUN
aijbms-110	366	9	that	that	PRON
aijbms-110	366	10	results	result	VERB
aijbms-110	366	11	in	in	ADP
aijbms-110	366	12	depreciating	depreciate	VERB
aijbms-110	366	13	naira	naira	PROPN
aijbms-110	366	14	exchange	exchange	NOUN
aijbms-110	366	15	rate	rate	NOUN
aijbms-110	366	16	should	should	AUX
aijbms-110	366	17	be	be	AUX
aijbms-110	366	18	well	well	ADV
aijbms-110	366	19	managed	manage	VERB
aijbms-110	366	20	and	and	CCONJ
aijbms-110	366	21	financial	financial	ADJ
aijbms-110	366	22	policies	policy	NOUN
aijbms-110	366	23	should	should	AUX
aijbms-110	366	24	be	be	AUX
aijbms-110	366	25	formulated	formulate	VERB
aijbms-110	366	26	by	by	ADP
aijbms-110	366	27	the	the	DET
aijbms-110	366	28	regulators	regulator	NOUN
aijbms-110	366	29	of	of	ADP
aijbms-110	366	30	the	the	DET
aijbms-110	366	31	nigerian	nigerian	ADJ
aijbms-110	366	32	capital	capital	NOUN
aijbms-110	366	33	market	market	NOUN
aijbms-110	366	34	to	to	PART
aijbms-110	366	35	manage	manage	VERB
aijbms-110	366	36	equity	equity	NOUN
aijbms-110	366	37	price	price	NOUN
aijbms-110	366	38	risk	risk	NOUN
aijbms-110	366	39	of	of	ADP
aijbms-110	366	40	the	the	DET
aijbms-110	366	41	manufacturing	manufacturing	NOUN
aijbms-110	366	42	firms	firm	NOUN
aijbms-110	366	43	.	.	PUNCT
aijbms-110	367	1	references	reference	NOUN
aijbms-110	367	2	aduda	aduda	NOUN
aijbms-110	367	3	,	,	PUNCT
aijbms-110	367	4	j.	j.	PROPN
aijbms-110	367	5	(	(	PUNCT
aijbms-110	367	6	2012	2012	NUM
aijbms-110	367	7	)	)	PUNCT
aijbms-110	367	8	.	.	PUNCT
aijbms-110	368	1	the	the	DET
aijbms-110	368	2	determinants	determinant	NOUN
aijbms-110	368	3	of	of	ADP
aijbms-110	368	4	stock	stock	NOUN
aijbms-110	368	5	market	market	NOUN
aijbms-110	368	6	development	development	NOUN
aijbms-110	368	7	:	:	PUNCT
aijbms-110	368	8	the	the	DET
aijbms-110	368	9	case	case	NOUN
aijbms-110	368	10	for	for	ADP
aijbms-110	368	11	the	the	DET
aijbms-110	368	12	nairobi	nairobi	PROPN
aijbms-110	368	13	stock	stock	PROPN
aijbms-110	368	14	exchange	exchange	PROPN
aijbms-110	368	15	.	.	PUNCT
aijbms-110	369	1	international	international	ADJ
aijbms-110	369	2	journal	journal	PROPN
aijbms-110	369	3	of	of	ADP
aijbms-110	369	4	humanities	humanity	NOUN
aijbms-110	369	5	and	and	CCONJ
aijbms-110	369	6	social	social	ADJ
aijbms-110	369	7	science	science	NOUN
aijbms-110	369	8	,	,	PUNCT
aijbms-110	369	9	2(9	2(9	NUM
aijbms-110	369	10	)	)	PUNCT
aijbms-110	369	11	,	,	PUNCT
aijbms-110	369	12	2221	2221	NUM
aijbms-110	369	13	-	-	SYM
aijbms-110	369	14	0989	0989	NUM
aijbms-110	369	15	.	.	PUNCT
aijbms-110	370	1	afego	afego	PROPN
aijbms-110	370	2	,	,	PUNCT
aijbms-110	370	3	(	(	PUNCT
aijbms-110	370	4	2012	2012	NUM
aijbms-110	370	5	)	)	PUNCT
aijbms-110	370	6	.	.	PUNCT
aijbms-110	371	1	weak	weak	ADJ
aijbms-110	371	2	form	form	NOUN
aijbms-110	371	3	efficiency	efficiency	NOUN
aijbms-110	371	4	of	of	ADP
aijbms-110	371	5	the	the	DET
aijbms-110	371	6	nigeria	nigeria	PROPN
aijbms-110	371	7	capital	capital	NOUN
aijbms-110	371	8	market	market	NOUN
aijbms-110	371	9	.	.	PUNCT
aijbms-110	372	1	an	an	DET
aijbms-110	372	2	empirical	empirical	ADJ
aijbms-110	372	3	analysis	analysis	NOUN
aijbms-110	372	4	(	(	PUNCT
aijbms-110	372	5	1984	1984	NUM
aijbms-110	372	6	-	-	SYM
aijbms-110	372	7	2009	2009	NUM
aijbms-110	372	8	)	)	PUNCT
aijbms-110	372	9	.	.	PUNCT
aijbms-110	373	1	choudhary	choudhary	PROPN
aijbms-110	373	2	,	,	PUNCT
aijbms-110	373	3	k.	k.	PROPN
aijbms-110	373	4	,	,	PUNCT
aijbms-110	373	5	&	&	CCONJ
aijbms-110	373	6	choudhary	choudhary	PROPN
aijbms-110	373	7	,	,	PUNCT
aijbms-110	373	8	s.	s.	PROPN
aijbms-110	373	9	(	(	PUNCT
aijbms-110	373	10	2010	2010	NUM
aijbms-110	373	11	)	)	PUNCT
aijbms-110	373	12	.	.	PUNCT
aijbms-110	374	1	testing	test	VERB
aijbms-110	374	2	capital	capital	NOUN
aijbms-110	374	3	asset	asset	NOUN
aijbms-110	374	4	pricing	pricing	NOUN
aijbms-110	374	5	model	model	NOUN
aijbms-110	374	6	:	:	PUNCT
aijbms-110	374	7	empirical	empirical	ADJ
aijbms-110	374	8	evidences	evidence	NOUN
aijbms-110	374	9	from	from	ADP
aijbms-110	374	10	indian	indian	ADJ
aijbms-110	374	11	equity	equity	NOUN
aijbms-110	374	12	market	market	NOUN
aijbms-110	374	13	.	.	PUNCT
aijbms-110	375	1	eurasian	eurasian	ADJ
aijbms-110	375	2	journal	journal	PROPN
aijbms-110	375	3	of	of	ADP
aijbms-110	375	4	business	business	NOUN
aijbms-110	375	5	and	and	CCONJ
aijbms-110	375	6	economics	economic	NOUN
aijbms-110	375	7	,	,	PUNCT
aijbms-110	375	8	3(6	3(6	NUM
aijbms-110	375	9	)	)	PUNCT
aijbms-110	375	10	,	,	PUNCT
aijbms-110	375	11	127	127	NUM
aijbms-110	375	12	-	-	SYM
aijbms-110	375	13	138	138	NUM
aijbms-110	375	14	dupernex	dupernex	NOUN
aijbms-110	375	15	,	,	PUNCT
aijbms-110	375	16	s.	s.	PROPN
aijbms-110	375	17	(	(	PUNCT
aijbms-110	375	18	2007	2007	NUM
aijbms-110	375	19	)	)	PUNCT
aijbms-110	375	20	.	.	PUNCT
aijbms-110	376	1	why	why	SCONJ
aijbms-110	376	2	might	might	AUX
aijbms-110	376	3	share	share	VERB
aijbms-110	376	4	prices	price	NOUN
aijbms-110	376	5	follow	follow	VERB
aijbms-110	376	6	random	random	ADJ
aijbms-110	376	7	walk	walk	NOUN
aijbms-110	376	8	?	?	PUNCT
aijbms-110	377	1	student	student	NOUN
aijbms-110	377	2	economic	economic	PROPN
aijbms-110	377	3	review	review	PROPN
aijbms-110	377	4	,	,	PUNCT
aijbms-110	377	5	21	21	NUM
aijbms-110	377	6	,	,	PUNCT
aijbms-110	377	7	167	167	NUM
aijbms-110	377	8	-	-	SYM
aijbms-110	377	9	179	179	NUM
aijbms-110	377	10	.	.	PUNCT
aijbms-110	378	1	granger	granger	NOUN
aijbms-110	378	2	,	,	PUNCT
aijbms-110	378	3	c.w.j	c.w.j	NOUN
aijbms-110	378	4	.	.	PUNCT
aijbms-110	379	1	(	(	PUNCT
aijbms-110	379	2	1969	1969	NUM
aijbms-110	379	3	)	)	PUNCT
aijbms-110	379	4	.	.	PUNCT
aijbms-110	380	1	investigating	investigate	VERB
aijbms-110	380	2	causal	causal	ADJ
aijbms-110	380	3	relations	relation	NOUN
aijbms-110	380	4	by	by	ADP
aijbms-110	380	5	econometric	econometric	ADJ
aijbms-110	380	6	models	model	NOUN
aijbms-110	380	7	and	and	CCONJ
aijbms-110	380	8	cross	cross	VERB
aijbms-110	380	9	spectral	spectral	ADJ
aijbms-110	380	10	methods	method	NOUN
aijbms-110	380	11	.	.	PUNCT
aijbms-110	381	1	econometrica	econometrica	PROPN
aijbms-110	381	2	37	37	NUM
aijbms-110	381	3	,	,	PUNCT
aijbms-110	381	4	24	24	NUM
aijbms-110	381	5	-	-	SYM
aijbms-110	381	6	36	36	NUM
aijbms-110	381	7	.	.	PUNCT
aijbms-110	382	1	gujarai	gujarai	PROPN
aijbms-110	382	2	,	,	PUNCT
aijbms-110	382	3	d.n	d.n	PROPN
aijbms-110	382	4	.	.	PROPN
aijbms-110	382	5	,(2003)basic	,(2003)basic	PUNCT
aijbms-110	382	6	econometrics	econometrics	PROPN
aijbms-110	382	7	,	,	PUNCT
aijbms-110	382	8	fourth	fourth	ADJ
aijbms-110	382	9	edition	edition	NOUN
aijbms-110	382	10	,	,	PUNCT
aijbms-110	382	11	irwin	irwin	PROPN
aijbms-110	382	12	/	/	SYM
aijbms-110	382	13	mcgrawhill	mcgrawhill	PROPN
aijbms-110	382	14	.	.	PUNCT
aijbms-110	383	1	new	new	PROPN
aijbms-110	383	2	york	york	PROPN
aijbms-110	383	3	inegbedion	inegbedion	PROPN
aijbms-110	383	4	,	,	PUNCT
aijbms-110	383	5	h.e	h.e	PROPN
aijbms-110	383	6	.	.	PROPN
aijbms-110	383	7	(	(	PUNCT
aijbms-110	383	8	2009	2009	NUM
aijbms-110	383	9	)	)	PUNCT
aijbms-110	383	10	.	.	PUNCT
aijbms-110	384	1	efficient	efficient	ADJ
aijbms-110	384	2	market	market	NOUN
aijbms-110	384	3	hypothesis	hypothesis	NOUN
aijbms-110	384	4	and	and	CCONJ
aijbms-110	384	5	the	the	DET
aijbms-110	384	6	nigerian	nigerian	ADJ
aijbms-110	384	7	capital	capital	NOUN
aijbms-110	384	8	market	market	NOUN
aijbms-110	384	9	.	.	PUNCT
aijbms-110	385	1	an	an	DET
aijbms-110	385	2	unpublished	unpublished	ADJ
aijbms-110	385	3	m	m	PROPN
aijbms-110	385	4	sc	sc	PROPN
aijbms-110	385	5	.	.	PUNCT
aijbms-110	386	1	thesis	thesis	NOUN
aijbms-110	386	2	written	write	VERB
aijbms-110	386	3	in	in	ADP
aijbms-110	386	4	the	the	DET
aijbms-110	386	5	department	department	PROPN
aijbms-110	386	6	of	of	ADP
aijbms-110	386	7	business	business	PROPN
aijbms-110	386	8	administration	administration	PROPN
aijbms-110	386	9	,	,	PUNCT
aijbms-110	386	10	university	university	PROPN
aijbms-110	386	11	of	of	ADP
aijbms-110	386	12	benin	benin	PROPN
aijbms-110	386	13	,	,	PUNCT
aijbms-110	386	14	nigeria	nigeria	PROPN
aijbms-110	386	15	.	.	PUNCT
aijbms-110	387	1	www.acseusa.org/journal/index.php/aijbms	www.acseusa.org/journal/index.php/aijbms	PROPN
aijbms-110	387	2	american	american	PROPN
aijbms-110	387	3	international	international	PROPN
aijbms-110	387	4	journal	journal	PROPN
aijbms-110	387	5	of	of	ADP
aijbms-110	387	6	business	business	NOUN
aijbms-110	387	7	and	and	CCONJ
aijbms-110	387	8	management	management	NOUN
aijbms-110	387	9	studies	study	NOUN
aijbms-110	387	10	vol	vol	NOUN
aijbms-110	387	11	.	.	PROPN
aijbms-110	388	1	1	1	NUM
aijbms-110	388	2	,	,	PUNCT
aijbms-110	388	3	no	no	INTJ
aijbms-110	388	4	.	.	NOUN
aijbms-110	388	5	1	1	NUM
aijbms-110	388	6	;	;	PUNCT
aijbms-110	388	7	2019	2019	NUM
aijbms-110	388	8	19	19	NUM
aijbms-110	388	9	bollerslev	bollerslev	NOUN
aijbms-110	388	10	,	,	PUNCT
aijbms-110	388	11	t.	t.	PROPN
aijbms-110	388	12	,	,	PUNCT
aijbms-110	388	13	osterrieder	osterrieder	NOUN
aijbms-110	388	14	,	,	PUNCT
aijbms-110	388	15	d.	d.	PROPN
aijbms-110	388	16	,	,	PUNCT
aijbms-110	388	17	sizova	sizova	PROPN
aijbms-110	388	18	,	,	PUNCT
aijbms-110	388	19	n.	n.	NOUN
aijbms-110	388	20	,	,	PUNCT
aijbms-110	388	21	&	&	CCONJ
aijbms-110	388	22	tauchen	tauchen	NOUN
aijbms-110	388	23	,	,	PUNCT
aijbms-110	388	24	g.	g.	PROPN
aijbms-110	388	25	(	(	PUNCT
aijbms-110	388	26	2011	2011	NUM
aijbms-110	388	27	)	)	PUNCT
aijbms-110	388	28	.	.	PUNCT
aijbms-110	389	1	risk	risk	NOUN
aijbms-110	389	2	and	and	CCONJ
aijbms-110	389	3	return	return	NOUN
aijbms-110	389	4	:	:	PUNCT
aijbms-110	389	5	long	long	ADJ
aijbms-110	389	6	-	-	PUNCT
aijbms-110	389	7	run	run	NOUN
aijbms-110	389	8	relations	relation	NOUN
aijbms-110	389	9	,	,	PUNCT
aijbms-110	389	10	fractional	fractional	ADJ
aijbms-110	389	11	cointegration	cointegration	NOUN
aijbms-110	389	12	,	,	PUNCT
aijbms-110	389	13	and	and	CCONJ
aijbms-110	389	14	return	return	VERB
aijbms-110	389	15	predictability	predictability	NOUN
aijbms-110	389	16	.	.	PUNCT
aijbms-110	390	1	journal	journal	NOUN
aijbms-110	390	2	of	of	ADP
aijbms-110	390	3	financial	financial	ADJ
aijbms-110	390	4	economics,108(2	economics,108(2	PROPN
aijbms-110	390	5	)	)	PUNCT
aijbms-110	390	6	,	,	PUNCT
aijbms-110	390	7	409	409	NUM
aijbms-110	390	8	-	-	SYM
aijbms-110	390	9	424	424	NUM
aijbms-110	390	10	pollet	pollet	NOUN
aijbms-110	390	11	,	,	PUNCT
aijbms-110	390	12	j.	j.	PROPN
aijbms-110	390	13	jegadeesh	jegadeesh	PROPN
aijbms-110	390	14	,	,	PUNCT
aijbms-110	390	15	n.	n.	PROPN
aijbms-110	390	16	,	,	PUNCT
aijbms-110	390	17	&	&	CCONJ
aijbms-110	390	18	kräussl	kräussl	PROPN
aijbms-110	390	19	r.	r.	PROPN
aijbms-110	390	20	,	,	PUNCT
aijbms-110	390	21	(	(	PUNCT
aijbms-110	390	22	2009).the	2009).the	PRON
aijbms-110	390	23	risk	risk	NOUN
aijbms-110	390	24	and	and	CCONJ
aijbms-110	390	25	return	return	VERB
aijbms-110	390	26	characteristics	characteristic	NOUN
aijbms-110	390	27	of	of	ADP
aijbms-110	390	28	private	private	ADJ
aijbms-110	390	29	equity	equity	NOUN
aijbms-110	390	30	using	use	VERB
aijbms-110	390	31	market	market	NOUN
aijbms-110	390	32	prices	price	NOUN
aijbms-110	390	33	.	.	PUNCT
aijbms-110	391	1	working	work	VERB
aijbms-110	391	2	paper	paper	NOUN
aijbms-110	391	3	,	,	PUNCT
aijbms-110	391	4	no	no	DET
aijbms-110	391	5	45	45	NUM
aijbms-110	391	6	.	.	PUNCT
aijbms-110	392	1	johansen	johansen	PROPN
aijbms-110	392	2	,	,	PUNCT
aijbms-110	392	3	s.	s.	PROPN
aijbms-110	392	4	(	(	PUNCT
aijbms-110	392	5	1991	1991	NUM
aijbms-110	392	6	)	)	PUNCT
aijbms-110	392	7	.	.	PUNCT
aijbms-110	393	1	estimation	estimation	NOUN
aijbms-110	393	2	and	and	CCONJ
aijbms-110	393	3	hypothesis	hypothesis	NOUN
aijbms-110	393	4	testing	testing	NOUN
aijbms-110	393	5	of	of	ADP
aijbms-110	393	6	cointegration	cointegration	NOUN
aijbms-110	393	7	vectors	vector	NOUN
aijbms-110	393	8	in	in	ADP
aijbms-110	393	9	gaussian	gaussian	ADJ
aijbms-110	393	10	vector	vector	NOUN
aijbms-110	393	11	autoregressive	autoregressive	ADJ
aijbms-110	393	12	models	model	NOUN
aijbms-110	393	13	.	.	PUNCT
aijbms-110	394	1	econometrica	econometrica	PROPN
aijbms-110	394	2	,	,	PUNCT
aijbms-110	394	3	59	59	NUM
aijbms-110	394	4	(	(	PUNCT
aijbms-110	394	5	6	6	NUM
aijbms-110	394	6	)	)	PUNCT
aijbms-110	394	7	,	,	PUNCT
aijbms-110	394	8	1551	1551	NUM
aijbms-110	394	9	-	-	SYM
aijbms-110	394	10	1580	1580	NUM
aijbms-110	394	11	.	.	PUNCT
aijbms-110	395	1	johansen	johansen	PROPN
aijbms-110	395	2	,	,	PUNCT
aijbms-110	395	3	s.	s.	PROPN
aijbms-110	395	4	,	,	PUNCT
aijbms-110	395	5	(	(	PUNCT
aijbms-110	395	6	1995	1995	NUM
aijbms-110	395	7	)	)	PUNCT
aijbms-110	395	8	.	.	PUNCT
aijbms-110	396	1	statistical	statistical	ADJ
aijbms-110	396	2	analysis	analysis	NOUN
aijbms-110	396	3	of	of	ADP
aijbms-110	396	4	cointegration	cointegration	NOUN
aijbms-110	396	5	vectors	vector	NOUN
aijbms-110	396	6	.	.	PUNCT
aijbms-110	397	1	journal	journal	NOUN
aijbms-110	397	2	of	of	ADP
aijbms-110	397	3	economic	economic	ADJ
aijbms-110	397	4	dynamics	dynamic	NOUN
aijbms-110	397	5	and	and	CCONJ
aijbms-110	397	6	control	control	NOUN
aijbms-110	397	7	,	,	PUNCT
aijbms-110	397	8	12(2	12(2	NUM
aijbms-110	397	9	)	)	PUNCT
aijbms-110	397	10	,	,	PUNCT
aijbms-110	397	11	231–254	231–254	NUM
aijbms-110	397	12	.	.	PUNCT
aijbms-110	397	13	lintner	lintner	PROPN
aijbms-110	397	14	,	,	PUNCT
aijbms-110	397	15	j.	j.	PROPN
aijbms-110	397	16	(	(	PUNCT
aijbms-110	397	17	1965b	1965b	NUM
aijbms-110	397	18	)	)	PUNCT
aijbms-110	397	19	.	.	PUNCT
aijbms-110	398	1	security	security	NOUN
aijbms-110	398	2	prices	price	NOUN
aijbms-110	398	3	,	,	PUNCT
aijbms-110	398	4	risk	risk	NOUN
aijbms-110	398	5	,	,	PUNCT
aijbms-110	398	6	and	and	CCONJ
aijbms-110	398	7	maximal	maximal	ADJ
aijbms-110	398	8	gains	gain	NOUN
aijbms-110	398	9	from	from	ADP
aijbms-110	398	10	diversification	diversification	NOUN
aijbms-110	398	11	.	.	PUNCT
aijbms-110	399	1	the	the	DET
aijbms-110	399	2	journal	journal	PROPN
aijbms-110	399	3	of	of	ADP
aijbms-110	399	4	finance	finance	NOUN
aijbms-110	399	5	,	,	PUNCT
aijbms-110	399	6	20(4	20(4	NOUN
aijbms-110	399	7	)	)	PUNCT
aijbms-110	399	8	,	,	PUNCT
aijbms-110	399	9	587	587	NUM
aijbms-110	399	10	-	-	SYM
aijbms-110	399	11	615	615	NUM
aijbms-110	399	12	.	.	PUNCT
aijbms-110	400	1	lo	lo	PROPN
aijbms-110	400	2	,	,	PUNCT
aijbms-110	400	3	a.w	a.w	PROPN
aijbms-110	400	4	.	.	PROPN
aijbms-110	400	5	&	&	CCONJ
aijbms-110	400	6	mackinlay	mackinlay	PROPN
aijbms-110	400	7	a.c	a.c	PROPN
aijbms-110	400	8	.	.	PROPN
aijbms-110	400	9	(	(	PUNCT
aijbms-110	400	10	1989	1989	NUM
aijbms-110	400	11	)	)	PUNCT
aijbms-110	400	12	.	.	PUNCT
aijbms-110	401	1	the	the	DET
aijbms-110	401	2	size	size	NOUN
aijbms-110	401	3	and	and	CCONJ
aijbms-110	401	4	power	power	NOUN
aijbms-110	401	5	of	of	ADP
aijbms-110	401	6	the	the	DET
aijbms-110	401	7	variance	variance	NOUN
aijbms-110	401	8	ratio	ratio	NOUN
aijbms-110	401	9	test	test	NOUN
aijbms-110	401	10	in	in	ADP
aijbms-110	401	11	finite	finite	ADJ
aijbms-110	401	12	samples	sample	NOUN
aijbms-110	401	13	.	.	PUNCT
aijbms-110	402	1	a	a	DET
aijbms-110	402	2	monte	monte	PROPN
aijbms-110	402	3	carlo	carlo	PROPN
aijbms-110	402	4	investigation	investigation	PROPN
aijbms-110	402	5	.	.	PUNCT
aijbms-110	403	1	journal	journal	PROPN
aijbms-110	403	2	of	of	ADP
aijbms-110	403	3	econometrics	econometric	NOUN
aijbms-110	403	4	,	,	PUNCT
aijbms-110	403	5	40	40	NUM
aijbms-110	403	6	,	,	PUNCT
aijbms-110	403	7	203	203	NUM
aijbms-110	403	8	-	-	SYM
aijbms-110	403	9	238	238	NUM
aijbms-110	403	10	.	.	PUNCT
aijbms-110	404	1	mccurdy	mccurdy	NOUN
aijbms-110	404	2	,	,	PUNCT
aijbms-110	404	3	t.	t.	PROPN
aijbms-110	404	4	h.	h.	PROPN
aijbms-110	404	5	,	,	PUNCT
aijbms-110	404	6	&	&	CCONJ
aijbms-110	404	7	morgan	morgan	PROPN
aijbms-110	404	8	i.	i.	PROPN
aijbms-110	404	9	g.	g.	PROPN
aijbms-110	404	10	(	(	PUNCT
aijbms-110	404	11	2011	2011	NUM
aijbms-110	404	12	)	)	PUNCT
aijbms-110	404	13	.	.	PUNCT
aijbms-110	405	1	intertemporal	intertemporal	ADJ
aijbms-110	405	2	risk	risk	NOUN
aijbms-110	405	3	in	in	ADP
aijbms-110	405	4	the	the	DET
aijbms-110	405	5	foreign	foreign	ADJ
aijbms-110	405	6	currency	currency	NOUN
aijbms-110	405	7	futures	future	NOUN
aijbms-110	405	8	basis	basis	NOUN
aijbms-110	405	9	.	.	PUNCT
aijbms-110	406	1	canadian	canadian	ADJ
aijbms-110	406	2	journal	journal	PROPN
aijbms-110	406	3	of	of	ADP
aijbms-110	406	4	administrative	administrative	ADJ
aijbms-110	406	5	sciences	sciences	PROPN
aijbms-110	406	6	/	/	SYM
aijbms-110	406	7	revue	revue	PROPN
aijbms-110	406	8	canadienne	canadienne	PROPN
aijbms-110	406	9	des	des	PROPN
aijbms-110	406	10	sciences	sciences	PROPN
aijbms-110	406	11	de	de	X
aijbms-110	406	12	l'administration	l'administration	PROPN
aijbms-110	406	13	16(3	16(3	PROPN
aijbms-110	406	14	)	)	PUNCT
aijbms-110	406	15	172	172	NUM
aijbms-110	406	16	-	-	SYM
aijbms-110	406	17	184	184	NUM
aijbms-110	406	18	.	.	PUNCT
aijbms-110	406	19	moessner	moessner	NOUN
aijbms-110	406	20	,	,	PUNCT
aijbms-110	406	21	r.(2010	r.(2010	PROPN
aijbms-110	406	22	)	)	PUNCT
aijbms-110	406	23	.	.	PUNCT
aijbms-110	407	1	central	central	ADJ
aijbms-110	407	2	bank	bank	NOUN
aijbms-110	407	3	swaps	swap	NOUN
aijbms-110	407	4	line	line	NOUN
aijbms-110	407	5	effectiveness	effectiveness	NOUN
aijbms-110	407	6	during	during	ADP
aijbms-110	407	7	the	the	DET
aijbms-110	407	8	euro	euro	PROPN
aijbms-110	407	9	area	area	NOUN
aijbms-110	407	10	sovereign	sovereign	ADJ
aijbms-110	407	11	debt	debt	NOUN
aijbms-110	407	12	crisis	crisis	NOUN
aijbms-110	407	13	.	.	PUNCT
aijbms-110	408	1	journal	journal	PROPN
aijbms-110	408	2	of	of	ADP
aijbms-110	408	3	international	international	ADJ
aijbms-110	408	4	money	money	NOUN
aijbms-110	408	5	and	and	CCONJ
aijbms-110	408	6	finance	finance	NOUN
aijbms-110	408	7	35	35	NUM
aijbms-110	408	8	,	,	PUNCT
aijbms-110	408	9	167	167	NUM
aijbms-110	408	10	-	-	SYM
aijbms-110	408	11	178	178	NUM
aijbms-110	408	12	.	.	PUNCT
aijbms-110	409	1	mossin	mossin	PROPN
aijbms-110	409	2	,	,	PUNCT
aijbms-110	409	3	j	j	PROPN
aijbms-110	409	4	,	,	PUNCT
aijbms-110	409	5	(	(	PUNCT
aijbms-110	409	6	1966	1966	NUM
aijbms-110	409	7	)	)	PUNCT
aijbms-110	409	8	.	.	PUNCT
aijbms-110	410	1	equilibrium	equilibrium	NOUN
aijbms-110	410	2	in	in	ADP
aijbms-110	410	3	a	a	DET
aijbms-110	410	4	capital	capital	NOUN
aijbms-110	410	5	asset	asset	NOUN
aijbms-110	410	6	market	market	NOUN
aijbms-110	410	7	.	.	PUNCT
aijbms-110	411	1	econometrica	econometrica	PROPN
aijbms-110	411	2	,	,	PUNCT
aijbms-110	411	3	34(4	34(4	NUM
aijbms-110	411	4	)	)	PUNCT
aijbms-110	411	5	,	,	PUNCT
aijbms-110	411	6	189	189	NUM
aijbms-110	411	7	-	-	SYM
aijbms-110	411	8	211	211	NUM
aijbms-110	411	9	nelson	nelson	PROPN
aijbms-110	411	10	,	,	PUNCT
aijbms-110	411	11	c.r	c.r	PROPN
aijbms-110	411	12	.	.	PROPN
aijbms-110	411	13	and	and	CCONJ
aijbms-110	411	14	c.i	c.i	PROPN
aijbms-110	411	15	.	.	PROPN
aijbms-110	411	16	plosser	plosser	PROPN
aijbms-110	411	17	,	,	PUNCT
aijbms-110	411	18	(	(	PUNCT
aijbms-110	411	19	1982	1982	NUM
aijbms-110	411	20	)	)	PUNCT
aijbms-110	411	21	.	.	PUNCT
aijbms-110	412	1	trends	trend	NOUN
aijbms-110	412	2	and	and	CCONJ
aijbms-110	412	3	random	random	ADJ
aijbms-110	412	4	walks	walk	NOUN
aijbms-110	412	5	in	in	ADP
aijbms-110	412	6	macroeconomic	macroeconomic	ADJ
aijbms-110	412	7	time	time	NOUN
aijbms-110	412	8	series	series	NOUN
aijbms-110	412	9	:	:	PUNCT
aijbms-110	412	10	some	some	DET
aijbms-110	412	11	evidence	evidence	NOUN
aijbms-110	412	12	and	and	CCONJ
aijbms-110	412	13	implications	implication	NOUN
aijbms-110	412	14	.	.	PUNCT
aijbms-110	413	1	journal	journal	NOUN
aijbms-110	413	2	of	of	ADP
aijbms-110	413	3	monetary	monetary	ADJ
aijbms-110	413	4	economics	economic	NOUN
aijbms-110	413	5	,	,	PUNCT
aijbms-110	413	6	10	10	NUM
aijbms-110	413	7	,	,	PUNCT
aijbms-110	413	8	139162	139162	NUM
aijbms-110	413	9	.	.	PUNCT
aijbms-110	414	1	nier	nier	PROPN
aijbms-110	414	2	,	,	PUNCT
aijbms-110	414	3	(	(	PUNCT
aijbms-110	414	4	2009	2009	NUM
aijbms-110	414	5	)	)	PUNCT
aijbms-110	414	6	.	.	PUNCT
aijbms-110	415	1	market	market	NOUN
aijbms-110	415	2	discipline	discipline	NOUN
aijbms-110	415	3	,	,	PUNCT
aijbms-110	415	4	disclosure	disclosure	NOUN
aijbms-110	415	5	and	and	CCONJ
aijbms-110	415	6	moral	moral	ADJ
aijbms-110	415	7	hazard	hazard	NOUN
aijbms-110	415	8	in	in	ADP
aijbms-110	415	9	banking	banking	NOUN
aijbms-110	415	10	.	.	PUNCT
aijbms-110	416	1	journal	journal	PROPN
aijbms-110	416	2	of	of	ADP
aijbms-110	416	3	financial	financial	ADJ
aijbms-110	416	4	intermediation	intermediation	NOUN
aijbms-110	416	5	15	15	NUM
aijbms-110	416	6	,	,	PUNCT
aijbms-110	416	7	333–62	333–62	NUM
aijbms-110	416	8	.	.	PUNCT
aijbms-110	417	1	pandey	pandey	PROPN
aijbms-110	417	2	,	,	PUNCT
aijbms-110	417	3	i.m	i.m	PROPN
aijbms-110	417	4	(	(	PUNCT
aijbms-110	417	5	2005	2005	NUM
aijbms-110	417	6	)	)	PUNCT
aijbms-110	417	7	.	.	PUNCT
aijbms-110	418	1	financial	financial	ADJ
aijbms-110	418	2	management	management	NOUN
aijbms-110	418	3	(	(	PUNCT
aijbms-110	418	4	9th	9th	ADJ
aijbms-110	418	5	ed	ed	NOUN
aijbms-110	418	6	.	.	PUNCT
aijbms-110	418	7	)	)	PUNCT
aijbms-110	418	8	.	.	PUNCT
aijbms-110	419	1	new	new	ADJ
aijbms-110	419	2	delhi	delhi	PROPN
aijbms-110	419	3	:	:	PUNCT
aijbms-110	419	4	vikas	vikas	PROPN
aijbms-110	419	5	publishing	publishing	PROPN
aijbms-110	419	6	house	house	PROPN
aijbms-110	419	7	pvt	pvt	PROPN
aijbms-110	419	8	ltd	ltd	PROPN
aijbms-110	419	9	sharpe	sharpe	PROPN
aijbms-110	419	10	,	,	PUNCT
aijbms-110	419	11	w.f	w.f	PROPN
aijbms-110	419	12	.	.	PROPN
aijbms-110	419	13	(	(	PUNCT
aijbms-110	419	14	1964	1964	NUM
aijbms-110	419	15	)	)	PUNCT
aijbms-110	419	16	.	.	PUNCT
aijbms-110	420	1	capital	capital	NOUN
aijbms-110	420	2	asset	asset	NOUN
aijbms-110	420	3	prices	price	NOUN
aijbms-110	420	4	:	:	PUNCT
aijbms-110	420	5	a	a	DET
aijbms-110	420	6	theory	theory	NOUN
aijbms-110	420	7	of	of	ADP
aijbms-110	420	8	market	market	NOUN
aijbms-110	420	9	equilibrium	equilibrium	NOUN
aijbms-110	420	10	under	under	ADP
aijbms-110	420	11	conditions	condition	NOUN
aijbms-110	420	12	of	of	ADP
aijbms-110	420	13	risk	risk	NOUN
aijbms-110	420	14	,	,	PUNCT
aijbms-110	420	15	journal	journal	NOUN
aijbms-110	420	16	of	of	ADP
aijbms-110	420	17	finance	finance	NOUN
aijbms-110	420	18	.	.	PUNCT
aijbms-110	421	1	zigrand	zigrand	NOUN
aijbms-110	421	2	,	,	PUNCT
aijbms-110	421	3	j.-p	j.-p	PROPN
aijbms-110	421	4	.	.	PUNCT
aijbms-110	422	1	(	(	PUNCT
aijbms-110	422	2	2014	2014	NUM
aijbms-110	422	3	)	)	PUNCT
aijbms-110	422	4	.	.	PUNCT
aijbms-110	423	1	systems	system	NOUN
aijbms-110	423	2	and	and	CCONJ
aijbms-110	423	3	systemic	systemic	ADJ
aijbms-110	423	4	risk	risk	NOUN
aijbms-110	423	5	in	in	ADP
aijbms-110	423	6	finance	finance	NOUN
aijbms-110	423	7	and	and	CCONJ
aijbms-110	423	8	economics	economic	NOUN
aijbms-110	423	9	.	.	PUNCT
aijbms-110	424	1	systemic	systemic	ADJ
aijbms-110	424	2	risk	risk	NOUN
aijbms-110	424	3	centre	centre	NOUN
aijbms-110	424	4	special	special	ADJ
aijbms-110	424	5	paper	paper	NOUN
aijbms-110	424	6	,	,	PUNCT
aijbms-110	424	7	1(3	1(3	NUM
aijbms-110	424	8	)	)	PUNCT
aijbms-110	424	9	,	,	PUNCT
aijbms-110	424	10	109	109	NUM
aijbms-110	424	11	-	-	SYM
aijbms-110	424	12	126	126	NUM
aijbms-110	424	13	.	.	PUNCT
aijbms-110	425	1	copyrights	copyright	NOUN
aijbms-110	425	2	copyright	copyright	NOUN
aijbms-110	425	3	for	for	ADP
aijbms-110	425	4	this	this	DET
aijbms-110	425	5	article	article	NOUN
aijbms-110	425	6	is	be	AUX
aijbms-110	425	7	retained	retain	VERB
aijbms-110	425	8	by	by	ADP
aijbms-110	425	9	the	the	DET
aijbms-110	425	10	author(s	author(s	PROPN
aijbms-110	425	11	)	)	PUNCT
aijbms-110	425	12	,	,	PUNCT
aijbms-110	425	13	with	with	ADP
aijbms-110	425	14	first	first	ADJ
aijbms-110	425	15	publication	publication	NOUN
aijbms-110	425	16	rights	right	NOUN
aijbms-110	425	17	granted	grant	VERB
aijbms-110	425	18	to	to	ADP
aijbms-110	425	19	the	the	DET
aijbms-110	425	20	journal	journal	NOUN
aijbms-110	425	21	.	.	PUNCT
aijbms-110	426	1	this	this	PRON
aijbms-110	426	2	is	be	AUX
aijbms-110	426	3	an	an	DET
aijbms-110	426	4	open	open	ADJ
aijbms-110	426	5	-	-	PUNCT
aijbms-110	426	6	access	access	NOUN
aijbms-110	426	7	article	article	NOUN
aijbms-110	426	8	distributed	distribute	VERB
aijbms-110	426	9	under	under	ADP
aijbms-110	426	10	the	the	DET
aijbms-110	426	11	terms	term	NOUN
aijbms-110	426	12	and	and	CCONJ
aijbms-110	426	13	conditions	condition	NOUN
aijbms-110	426	14	of	of	ADP
aijbms-110	426	15	the	the	DET
aijbms-110	426	16	creative	creative	ADJ
aijbms-110	426	17	commons	common	NOUN
aijbms-110	426	18	attribution	attribution	NOUN
aijbms-110	426	19	license	license	NOUN
aijbms-110	426	20	(	(	PUNCT
aijbms-110	426	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
aijbms-110	426	22	)	)	PUNCT
aijbms-110	426	23	.	.	PUNCT