id	sid	tid	token	lemma	pos
gp-264	1	1	american	american	PROPN
gp-264	1	2	journal	journal	PROPN
gp-264	1	3	of	of	ADP
gp-264	1	4	economic	economic	ADJ
gp-264	1	5	and	and	CCONJ
gp-264	1	6	management	management	NOUN
gp-264	1	7	business	business	NOUN
gp-264	1	8	e	e	NOUN
gp-264	1	9	-	-	NOUN
gp-264	1	10	issn	issn	ADJ
gp-264	1	11	:	:	PUNCT
gp-264	1	12	2835	2835	NUM
gp-264	1	13	-	-	SYM
gp-264	1	14	5199	5199	NUM
gp-264	1	15	vol	vol	NOUN
gp-264	1	16	.	.	PROPN
gp-264	1	17	4	4	NUM
gp-264	1	18	no	no	NOUN
gp-264	1	19	.	.	NOUN
gp-264	2	1	6	6	NUM
gp-264	2	2	june	june	PROPN
gp-264	2	3	2025	2025	NUM
gp-264	2	4	767	767	NUM
gp-264	2	5	cointegration	cointegration	NOUN
gp-264	2	6	analysis	analysis	NOUN
gp-264	2	7	of	of	ADP
gp-264	2	8	the	the	DET
gp-264	2	9	indonesian	indonesian	ADJ
gp-264	2	10	stock	stock	PROPN
gp-264	2	11	exchange	exchange	PROPN
gp-264	2	12	with	with	ADP
gp-264	2	13	the	the	DET
gp-264	2	14	stock	stock	NOUN
gp-264	2	15	exchanges	exchange	NOUN
gp-264	2	16	of	of	ADP
gp-264	2	17	the	the	DET
gp-264	2	18	united	united	PROPN
gp-264	2	19	states	states	PROPN
gp-264	2	20	,	,	PUNCT
gp-264	2	21	china	china	PROPN
gp-264	2	22	,	,	PUNCT
gp-264	2	23	and	and	CCONJ
gp-264	2	24	southeast	southeast	PROPN
gp-264	2	25	asia	asia	PROPN
gp-264	2	26	tia	tia	PROPN
gp-264	2	27	atisa	atisa	PROPN
gp-264	3	1	,	,	PUNCT
gp-264	3	2	deannes	deanne	NOUN
gp-264	3	3	isynuwardhana	isynuwardhana	PROPN
gp-264	3	4	universitas	universita	NOUN
gp-264	3	5	telkom	telkom	NOUN
gp-264	3	6	,	,	PUNCT
gp-264	3	7	bandung	bandung	PROPN
gp-264	3	8	,	,	PUNCT
gp-264	3	9	indonesia	indonesia	PROPN
gp-264	3	10	email	email	NOUN
gp-264	3	11	:	:	PUNCT
gp-264	3	12	theesapro@gmail.com	theesapro@gmail.com	X
gp-264	3	13	,	,	PUNCT
gp-264	3	14	deannes@telkomuniversity.ac.id	deannes@telkomuniversity.ac.id	NOUN
gp-264	3	15	abstract	abstract	NOUN
gp-264	3	16	this	this	DET
gp-264	3	17	research	research	NOUN
gp-264	3	18	investigates	investigate	VERB
gp-264	3	19	the	the	DET
gp-264	3	20	long	long	ADJ
gp-264	3	21	-	-	PUNCT
gp-264	3	22	term	term	NOUN
gp-264	3	23	cointegration	cointegration	NOUN
gp-264	3	24	and	and	CCONJ
gp-264	3	25	short	short	ADJ
gp-264	3	26	-	-	PUNCT
gp-264	3	27	run	run	NOUN
gp-264	3	28	causality	causality	NOUN
gp-264	3	29	among	among	ADP
gp-264	3	30	seven	seven	NUM
gp-264	3	31	key	key	ADJ
gp-264	3	32	equity	equity	NOUN
gp-264	3	33	indices	index	NOUN
gp-264	3	34	—	—	PUNCT
gp-264	3	35	dow	dow	PROPN
gp-264	3	36	jones	jones	PROPN
gp-264	3	37	industrial	industrial	PROPN
gp-264	3	38	average	average	PROPN
gp-264	3	39	(	(	PUNCT
gp-264	3	40	united	united	ADJ
gp-264	3	41	states	states	PROPN
gp-264	3	42	)	)	PUNCT
gp-264	3	43	,	,	PUNCT
gp-264	3	44	shanghai	shanghai	PROPN
gp-264	3	45	composite	composite	PROPN
gp-264	3	46	(	(	PUNCT
gp-264	3	47	china	china	PROPN
gp-264	3	48	)	)	PUNCT
gp-264	3	49	,	,	PUNCT
gp-264	3	50	hang	hang	PROPN
gp-264	3	51	seng	seng	PROPN
gp-264	3	52	(	(	PUNCT
gp-264	3	53	hong	hong	PROPN
gp-264	3	54	kong	kong	PROPN
gp-264	3	55	,	,	PUNCT
gp-264	3	56	china	china	PROPN
gp-264	3	57	)	)	PUNCT
gp-264	3	58	,	,	PUNCT
gp-264	3	59	idx	idx	ADJ
gp-264	3	60	composite	composite	ADJ
gp-264	3	61	(	(	PUNCT
gp-264	3	62	indonesia	indonesia	PROPN
gp-264	3	63	)	)	PUNCT
gp-264	3	64	,	,	PUNCT
gp-264	3	65	ftse	ftse	PROPN
gp-264	3	66	straits	strait	NOUN
gp-264	3	67	times	times	PROPN
gp-264	3	68	(	(	PUNCT
gp-264	3	69	singapore	singapore	PROPN
gp-264	3	70	)	)	PUNCT
gp-264	3	71	,	,	PUNCT
gp-264	3	72	ftse	ftse	VERB
gp-264	3	73	malaysia	malaysia	PROPN
gp-264	3	74	klci	klci	NOUN
gp-264	3	75	(	(	PUNCT
gp-264	3	76	malaysia	malaysia	PROPN
gp-264	3	77	)	)	PUNCT
gp-264	3	78	,	,	PUNCT
gp-264	3	79	and	and	CCONJ
gp-264	3	80	set	set	VERB
gp-264	3	81	index	index	NOUN
gp-264	3	82	(	(	PUNCT
gp-264	3	83	thailand)—to	thailand)—to	X
gp-264	3	84	assess	assess	VERB
gp-264	3	85	the	the	DET
gp-264	3	86	effectiveness	effectiveness	NOUN
gp-264	3	87	of	of	ADP
gp-264	3	88	geographical	geographical	ADJ
gp-264	3	89	portfolio	portfolio	NOUN
gp-264	3	90	diversification	diversification	NOUN
gp-264	3	91	amid	amid	ADP
gp-264	3	92	increasing	increase	VERB
gp-264	3	93	globalization	globalization	NOUN
gp-264	3	94	and	and	CCONJ
gp-264	3	95	liberalization	liberalization	NOUN
gp-264	3	96	of	of	ADP
gp-264	3	97	financial	financial	ADJ
gp-264	3	98	markets	market	NOUN
gp-264	3	99	.	.	PUNCT
gp-264	4	1	utilizing	utilize	VERB
gp-264	4	2	daily	daily	ADJ
gp-264	4	3	closing	closing	NOUN
gp-264	4	4	price	price	NOUN
gp-264	4	5	data	datum	NOUN
gp-264	4	6	from	from	ADP
gp-264	4	7	january	january	PROPN
gp-264	4	8	2007	2007	NUM
gp-264	4	9	to	to	ADP
gp-264	4	10	february	february	PROPN
gp-264	4	11	2025	2025	NUM
gp-264	4	12	,	,	PUNCT
gp-264	4	13	the	the	DET
gp-264	4	14	study	study	NOUN
gp-264	4	15	applies	apply	VERB
gp-264	4	16	the	the	DET
gp-264	4	17	johansen	johansen	PROPN
gp-264	4	18	and	and	CCONJ
gp-264	4	19	engle	engle	PROPN
gp-264	4	20	-	-	PUNCT
gp-264	4	21	granger	granger	PROPN
gp-264	4	22	cointegration	cointegration	NOUN
gp-264	4	23	tests	test	NOUN
gp-264	4	24	,	,	PUNCT
gp-264	4	25	as	as	ADV
gp-264	4	26	well	well	ADV
gp-264	4	27	as	as	ADP
gp-264	4	28	the	the	DET
gp-264	4	29	vector	vector	NOUN
gp-264	4	30	error	error	NOUN
gp-264	4	31	correction	correction	NOUN
gp-264	4	32	model	model	NOUN
gp-264	4	33	(	(	PUNCT
gp-264	4	34	vecm	vecm	NOUN
gp-264	4	35	)	)	PUNCT
gp-264	4	36	,	,	PUNCT
gp-264	4	37	across	across	ADP
gp-264	4	38	three	three	NUM
gp-264	4	39	distinct	distinct	ADJ
gp-264	4	40	periods	period	NOUN
gp-264	4	41	:	:	PUNCT
gp-264	4	42	2007–2009	2007–2009	NUM
gp-264	4	43	,	,	PUNCT
gp-264	4	44	2020–2022	2020–2022	NUM
gp-264	4	45	,	,	PUNCT
gp-264	4	46	and	and	CCONJ
gp-264	4	47	2007–2025	2007–2025	NUM
gp-264	4	48	.	.	PUNCT
gp-264	5	1	the	the	DET
gp-264	5	2	findings	finding	NOUN
gp-264	5	3	reveal	reveal	VERB
gp-264	5	4	that	that	SCONJ
gp-264	5	5	,	,	PUNCT
gp-264	5	6	over	over	ADP
gp-264	5	7	the	the	DET
gp-264	5	8	2007–2025	2007–2025	NUM
gp-264	5	9	period	period	NOUN
gp-264	5	10	,	,	PUNCT
gp-264	5	11	there	there	PRON
gp-264	5	12	is	be	VERB
gp-264	5	13	significant	significant	ADJ
gp-264	5	14	cointegration	cointegration	NOUN
gp-264	5	15	between	between	ADP
gp-264	5	16	the	the	DET
gp-264	5	17	hang	hang	PROPN
gp-264	5	18	seng	seng	PROPN
gp-264	5	19	(	(	PUNCT
gp-264	5	20	hong	hong	PROPN
gp-264	5	21	kong	kong	PROPN
gp-264	5	22	)	)	PUNCT
gp-264	5	23	and	and	CCONJ
gp-264	5	24	idx	idx	NOUN
gp-264	5	25	composite	composite	ADJ
gp-264	5	26	(	(	PUNCT
gp-264	5	27	indonesia	indonesia	PROPN
gp-264	5	28	)	)	PUNCT
gp-264	5	29	,	,	PUNCT
gp-264	5	30	suggesting	suggest	VERB
gp-264	5	31	limited	limited	ADJ
gp-264	5	32	diversification	diversification	NOUN
gp-264	5	33	benefits	benefit	NOUN
gp-264	5	34	between	between	ADP
gp-264	5	35	these	these	DET
gp-264	5	36	markets	market	NOUN
gp-264	5	37	in	in	ADP
gp-264	5	38	the	the	DET
gp-264	5	39	long	long	ADJ
gp-264	5	40	run	run	NOUN
gp-264	5	41	.	.	PUNCT
gp-264	6	1	during	during	ADP
gp-264	6	2	2020–2022	2020–2022	NUM
gp-264	6	3	,	,	PUNCT
gp-264	6	4	cointegration	cointegration	NOUN
gp-264	6	5	is	be	AUX
gp-264	6	6	also	also	ADV
gp-264	6	7	observed	observe	VERB
gp-264	6	8	between	between	ADP
gp-264	6	9	the	the	DET
gp-264	6	10	ftse	ftse	PROPN
gp-264	6	11	straits	strait	NOUN
gp-264	6	12	times	times	PROPN
gp-264	6	13	(	(	PUNCT
gp-264	6	14	singapore	singapore	PROPN
gp-264	6	15	)	)	PUNCT
gp-264	6	16	and	and	CCONJ
gp-264	6	17	idx	idx	NOUN
gp-264	6	18	composite	composite	ADJ
gp-264	6	19	(	(	PUNCT
gp-264	6	20	indonesia	indonesia	PROPN
gp-264	6	21	)	)	PUNCT
gp-264	6	22	,	,	PUNCT
gp-264	6	23	as	as	ADV
gp-264	6	24	well	well	ADV
gp-264	6	25	as	as	ADP
gp-264	6	26	between	between	ADP
gp-264	6	27	the	the	DET
gp-264	6	28	hang	hang	PROPN
gp-264	6	29	seng	seng	PROPN
gp-264	6	30	and	and	CCONJ
gp-264	6	31	idx	idx	PROPN
gp-264	6	32	composite	composite	NOUN
gp-264	6	33	.	.	PUNCT
gp-264	7	1	additionally	additionally	ADV
gp-264	7	2	,	,	PUNCT
gp-264	7	3	vecm	vecm	VERB
gp-264	7	4	analysis	analysis	NOUN
gp-264	7	5	for	for	SCONJ
gp-264	7	6	2007–2009	2007–2009	NUM
gp-264	7	7	uncovers	uncover	NOUN
gp-264	7	8	shortrun	shortrun	VERB
gp-264	7	9	causality	causality	NOUN
gp-264	7	10	from	from	ADP
gp-264	7	11	the	the	DET
gp-264	7	12	hang	hang	PROPN
gp-264	7	13	seng	seng	PROPN
gp-264	7	14	to	to	ADP
gp-264	7	15	the	the	DET
gp-264	7	16	shanghai	shanghai	PROPN
gp-264	7	17	composite	composite	NOUN
gp-264	7	18	,	,	PUNCT
gp-264	7	19	indicating	indicate	VERB
gp-264	7	20	dynamic	dynamic	ADJ
gp-264	7	21	interdependence	interdependence	NOUN
gp-264	7	22	during	during	ADP
gp-264	7	23	that	that	DET
gp-264	7	24	period	period	NOUN
gp-264	7	25	.	.	PUNCT
gp-264	8	1	overall	overall	ADV
gp-264	8	2	,	,	PUNCT
gp-264	8	3	the	the	DET
gp-264	8	4	results	result	NOUN
gp-264	8	5	highlight	highlight	VERB
gp-264	8	6	that	that	SCONJ
gp-264	8	7	while	while	SCONJ
gp-264	8	8	some	some	DET
gp-264	8	9	asian	asian	ADJ
gp-264	8	10	equity	equity	NOUN
gp-264	8	11	markets	market	NOUN
gp-264	8	12	exhibit	exhibit	VERB
gp-264	8	13	integration	integration	NOUN
gp-264	8	14	,	,	PUNCT
gp-264	8	15	others	other	NOUN
gp-264	8	16	remain	remain	VERB
gp-264	8	17	segmented	segment	VERB
gp-264	8	18	,	,	PUNCT
gp-264	8	19	underscoring	underscore	VERB
gp-264	8	20	the	the	DET
gp-264	8	21	importance	importance	NOUN
gp-264	8	22	of	of	ADP
gp-264	8	23	monitoring	monitor	VERB
gp-264	8	24	cointegration	cointegration	NOUN
gp-264	8	25	patterns	pattern	NOUN
gp-264	8	26	when	when	SCONJ
gp-264	8	27	making	make	VERB
gp-264	8	28	international	international	ADJ
gp-264	8	29	investment	investment	NOUN
gp-264	8	30	decisions	decision	NOUN
gp-264	8	31	.	.	PUNCT
gp-264	9	1	keywords	keyword	NOUN
gp-264	9	2	:	:	PUNCT
gp-264	9	3	southeast	southeast	ADJ
gp-264	9	4	asian	asian	ADJ
gp-264	9	5	stock	stock	NOUN
gp-264	9	6	indices	index	NOUN
gp-264	9	7	;	;	PUNCT
gp-264	9	8	hong	hong	PROPN
gp-264	9	9	kong	kong	PROPN
gp-264	9	10	stock	stock	PROPN
gp-264	9	11	index	index	PROPN
gp-264	9	12	;	;	PUNCT
gp-264	9	13	cointegration	cointegration	NOUN
gp-264	9	14	;	;	PUNCT
gp-264	9	15	diversification	diversification	NOUN
gp-264	9	16	introduction	introduction	NOUN
gp-264	9	17	currently	currently	ADV
gp-264	9	18	,	,	PUNCT
gp-264	9	19	stock	stock	NOUN
gp-264	9	20	investment	investment	NOUN
gp-264	9	21	is	be	AUX
gp-264	9	22	increasingly	increasingly	ADV
gp-264	9	23	connected	connect	VERB
gp-264	9	24	to	to	ADP
gp-264	9	25	globalization	globalization	NOUN
gp-264	9	26	and	and	CCONJ
gp-264	9	27	financial	financial	ADJ
gp-264	9	28	and	and	CCONJ
gp-264	9	29	trade	trade	NOUN
gp-264	9	30	liberalization	liberalization	NOUN
gp-264	9	31	in	in	ADP
gp-264	9	32	the	the	DET
gp-264	9	33	capital	capital	NOUN
gp-264	9	34	market	market	NOUN
gp-264	9	35	,	,	PUNCT
gp-264	9	36	so	so	SCONJ
gp-264	9	37	that	that	SCONJ
gp-264	9	38	foreign	foreign	ADJ
gp-264	9	39	capital	capital	NOUN
gp-264	9	40	flows	flow	NOUN
gp-264	9	41	can	can	AUX
gp-264	9	42	easily	easily	ADV
gp-264	9	43	move	move	VERB
gp-264	9	44	from	from	ADP
gp-264	9	45	one	one	NUM
gp-264	9	46	country	country	NOUN
gp-264	9	47	to	to	ADP
gp-264	9	48	another	another	PRON
gp-264	9	49	(	(	PUNCT
gp-264	9	50	obuobi	obuobi	PROPN
gp-264	9	51	et	et	PROPN
gp-264	9	52	al	al	PROPN
gp-264	9	53	.	.	PROPN
gp-264	9	54	,	,	PUNCT
gp-264	9	55	2022	2022	NUM
gp-264	9	56	;	;	PUNCT
gp-264	10	1	peng	peng	PROPN
gp-264	10	2	et	et	PROPN
gp-264	10	3	al	al	PROPN
gp-264	10	4	.	.	PROPN
gp-264	10	5	,	,	PUNCT
gp-264	10	6	2021	2021	NUM
gp-264	10	7	)	)	PUNCT
gp-264	10	8	.	.	PUNCT
gp-264	11	1	in	in	ADP
gp-264	11	2	addition	addition	NOUN
gp-264	11	3	,	,	PUNCT
gp-264	11	4	portfolio	portfolio	NOUN
gp-264	11	5	diversification	diversification	NOUN
gp-264	11	6	can	can	AUX
gp-264	11	7	also	also	ADV
gp-264	11	8	be	be	AUX
gp-264	11	9	done	do	VERB
gp-264	11	10	geographically	geographically	ADV
gp-264	11	11	,	,	PUNCT
gp-264	11	12	where	where	SCONJ
gp-264	11	13	stock	stock	NOUN
gp-264	11	14	investments	investment	NOUN
gp-264	11	15	are	be	AUX
gp-264	11	16	carried	carry	VERB
gp-264	11	17	out	out	ADP
gp-264	11	18	in	in	ADP
gp-264	11	19	addition	addition	NOUN
gp-264	11	20	to	to	ADP
gp-264	11	21	developed	develop	VERB
gp-264	11	22	countries	country	NOUN
gp-264	11	23	and	and	CCONJ
gp-264	11	24	also	also	ADV
gp-264	11	25	flow	flow	VERB
gp-264	11	26	to	to	ADP
gp-264	11	27	developing	develop	VERB
gp-264	11	28	countries	country	NOUN
gp-264	11	29	in	in	ADP
gp-264	11	30	the	the	DET
gp-264	11	31	hope	hope	NOUN
gp-264	11	32	of	of	ADP
gp-264	11	33	getting	get	VERB
gp-264	11	34	higher	high	ADJ
gp-264	11	35	returns	return	NOUN
gp-264	11	36	.	.	PUNCT
gp-264	12	1	countries	country	NOUN
gp-264	12	2	in	in	ADP
gp-264	12	3	southeast	southeast	PROPN
gp-264	12	4	asia	asia	PROPN
gp-264	12	5	that	that	PRON
gp-264	12	6	have	have	AUX
gp-264	12	7	liberalized	liberalize	VERB
gp-264	12	8	capital	capital	NOUN
gp-264	12	9	market	market	NOUN
gp-264	12	10	trade	trade	NOUN
gp-264	12	11	include	include	VERB
gp-264	12	12	singapore	singapore	PROPN
gp-264	12	13	,	,	PUNCT
gp-264	12	14	which	which	PRON
gp-264	12	15	has	have	AUX
gp-264	12	16	been	be	AUX
gp-264	12	17	a	a	DET
gp-264	12	18	financial	financial	ADJ
gp-264	12	19	center	center	NOUN
gp-264	12	20	since	since	SCONJ
gp-264	12	21	the	the	DET
gp-264	12	22	1970s	1970s	NUM
gp-264	12	23	.	.	PUNCT
gp-264	13	1	indonesia	indonesia	PROPN
gp-264	13	2	,	,	PUNCT
gp-264	13	3	which	which	PRON
gp-264	13	4	began	begin	VERB
gp-264	13	5	to	to	PART
gp-264	13	6	open	open	VERB
gp-264	13	7	the	the	DET
gp-264	13	8	capital	capital	NOUN
gp-264	13	9	market	market	NOUN
gp-264	13	10	gradually	gradually	ADV
gp-264	13	11	since	since	SCONJ
gp-264	13	12	the	the	DET
gp-264	13	13	1980s	1980	NOUN
gp-264	13	14	and	and	CCONJ
gp-264	13	15	the	the	DET
gp-264	13	16	enactment	enactment	NOUN
gp-264	13	17	of	of	ADP
gp-264	13	18	law	law	NOUN
gp-264	13	19	no	no	INTJ
gp-264	13	20	.	.	PROPN
gp-264	13	21	25	25	NUM
gp-264	13	22	of	of	ADP
gp-264	13	23	2007	2007	NUM
gp-264	13	24	,	,	PUNCT
gp-264	13	25	has	have	AUX
gp-264	13	26	increasingly	increasingly	ADV
gp-264	13	27	opened	open	VERB
gp-264	13	28	itself	itself	PRON
gp-264	13	29	up	up	ADP
gp-264	13	30	to	to	ADP
gp-264	13	31	the	the	DET
gp-264	13	32	liberalization	liberalization	NOUN
gp-264	13	33	of	of	ADP
gp-264	13	34	international	international	ADJ
gp-264	13	35	trade	trade	NOUN
gp-264	13	36	and	and	CCONJ
gp-264	13	37	foreign	foreign	ADJ
gp-264	13	38	investment	investment	NOUN
gp-264	13	39	in	in	ADP
gp-264	13	40	indonesia	indonesia	PROPN
gp-264	13	41	.	.	PUNCT
gp-264	14	1	in	in	ADP
gp-264	14	2	thailand	thailand	PROPN
gp-264	14	3	capital	capital	PROPN
gp-264	14	4	market	market	NOUN
gp-264	14	5	liberalization	liberalization	NOUN
gp-264	14	6	was	be	AUX
gp-264	14	7	regulated	regulate	VERB
gp-264	14	8	through	through	ADP
gp-264	14	9	the	the	DET
gp-264	14	10	securities	securities	PROPN
gp-264	14	11	and	and	CCONJ
gp-264	14	12	exchange	exchange	PROPN
gp-264	14	13	act	act	PROPN
gp-264	14	14	b.e	b.e	PROPN
gp-264	14	15	.	.	PROPN
gp-264	14	16	2535	2535	NUM
gp-264	14	17	(	(	PUNCT
gp-264	14	18	1992	1992	NUM
gp-264	14	19	)	)	PUNCT
gp-264	14	20	,	,	PUNCT
gp-264	14	21	in	in	ADP
gp-264	14	22	malaysia	malaysia	PROPN
gp-264	14	23	financial	financial	ADJ
gp-264	14	24	liberalization	liberalization	NOUN
gp-264	14	25	began	begin	VERB
gp-264	14	26	in	in	ADP
gp-264	14	27	the	the	DET
gp-264	14	28	1990s	1990	NOUN
gp-264	14	29	and	and	CCONJ
gp-264	14	30	in	in	ADP
gp-264	14	31	2007	2007	NUM
gp-264	14	32	removed	remove	VERB
gp-264	14	33	foreign	foreign	ADJ
gp-264	14	34	ownership	ownership	NOUN
gp-264	14	35	restrictions	restriction	NOUN
gp-264	14	36	through	through	ADP
gp-264	14	37	the	the	DET
gp-264	14	38	capital	capital	NOUN
gp-264	14	39	markets	market	NOUN
gp-264	14	40	and	and	CCONJ
gp-264	14	41	services	service	NOUN
gp-264	14	42	act	act	VERB
gp-264	14	43	2007	2007	NUM
gp-264	14	44	.	.	PUNCT
gp-264	15	1	china	china	PROPN
gp-264	15	2	began	begin	VERB
gp-264	15	3	to	to	PART
gp-264	15	4	open	open	VERB
gp-264	15	5	its	its	PRON
gp-264	15	6	capital	capital	NOUN
gp-264	15	7	market	market	NOUN
gp-264	15	8	on	on	ADP
gp-264	15	9	a	a	DET
gp-264	15	10	limited	limited	ADJ
gp-264	15	11	basis	basis	NOUN
gp-264	15	12	starting	start	VERB
gp-264	15	13	in	in	ADP
gp-264	15	14	the	the	DET
gp-264	15	15	2000s	2000s	NUM
gp-264	15	16	with	with	ADP
gp-264	15	17	the	the	DET
gp-264	15	18	qualified	qualified	ADJ
gp-264	15	19	foreign	foreign	ADJ
gp-264	15	20	institutional	institutional	ADJ
gp-264	15	21	investor	investor	NOUN
gp-264	15	22	(	(	PUNCT
gp-264	15	23	qfii	qfii	ADJ
gp-264	15	24	)	)	PUNCT
gp-264	15	25	program	program	NOUN
gp-264	15	26	in	in	ADP
gp-264	15	27	2002	2002	NUM
gp-264	15	28	.	.	PUNCT
gp-264	16	1	in	in	ADP
gp-264	16	2	2014	2014	NUM
gp-264	16	3	,	,	PUNCT
gp-264	16	4	the	the	DET
gp-264	16	5	shanghaihong	shanghaihong	PROPN
gp-264	16	6	kong	kong	PROPN
gp-264	16	7	stock	stock	PROPN
gp-264	16	8	connect	connect	PROPN
gp-264	16	9	program	program	NOUN
gp-264	16	10	was	be	AUX
gp-264	16	11	launched	launch	VERB
gp-264	16	12	to	to	PART
gp-264	16	13	enable	enable	VERB
gp-264	16	14	cross	cross	ADJ
gp-264	16	15	-	-	ADJ
gp-264	16	16	border	border	ADJ
gp-264	16	17	investments	investment	NOUN
gp-264	16	18	,	,	PUNCT
gp-264	16	19	while	while	SCONJ
gp-264	16	20	hong	hong	PROPN
gp-264	16	21	kong	kong	PROPN
gp-264	16	22	has	have	AUX
gp-264	16	23	been	be	AUX
gp-264	16	24	an	an	DET
gp-264	16	25	international	international	ADJ
gp-264	16	26	financial	financial	ADJ
gp-264	16	27	hub	hub	NOUN
gp-264	16	28	since	since	SCONJ
gp-264	16	29	the	the	DET
gp-264	16	30	1960s	1960	NOUN
gp-264	16	31	where	where	SCONJ
gp-264	16	32	hang	hang	PROPN
gp-264	16	33	seng	seng	PROPN
gp-264	16	34	started	start	VERB
gp-264	16	35	in	in	ADP
gp-264	16	36	1964	1964	NUM
gp-264	16	37	.	.	PUNCT
gp-264	17	1	in	in	ADP
gp-264	17	2	the	the	DET
gp-264	17	3	united	united	PROPN
gp-264	17	4	states	states	PROPN
gp-264	17	5	,	,	PUNCT
gp-264	17	6	open	open	ADJ
gp-264	17	7	financial	financial	ADJ
gp-264	17	8	markets	market	NOUN
gp-264	17	9	have	have	AUX
gp-264	17	10	been	be	AUX
gp-264	17	11	around	around	ADV
gp-264	17	12	since	since	SCONJ
gp-264	17	13	the	the	DET
gp-264	17	14	beginning	beginning	NOUN
gp-264	17	15	of	of	ADP
gp-264	17	16	the	the	DET
gp-264	17	17	20th	20th	ADJ
gp-264	17	18	century	century	NOUN
gp-264	17	19	.	.	PUNCT
gp-264	18	1	the	the	DET
gp-264	18	2	main	main	ADJ
gp-264	18	3	rules	rule	NOUN
gp-264	18	4	governing	govern	VERB
gp-264	18	5	stock	stock	NOUN
gp-264	18	6	investment	investment	NOUN
gp-264	18	7	include	include	VERB
gp-264	18	8	the	the	DET
gp-264	18	9	securities	security	NOUN
gp-264	18	10	act	act	NOUN
gp-264	18	11	of	of	ADP
gp-264	18	12	1933	1933	NUM
gp-264	18	13	and	and	CCONJ
gp-264	18	14	the	the	DET
gp-264	18	15	securities	securities	PROPN
gp-264	18	16	exchange	exchange	PROPN
gp-264	18	17	act	act	NOUN
gp-264	18	18	of	of	ADP
gp-264	18	19	1934	1934	NUM
gp-264	18	20	.	.	PUNCT
gp-264	19	1	according	accord	VERB
gp-264	19	2	to	to	ADP
gp-264	19	3	kusairi	kusairi	PROPN
gp-264	19	4	et	et	PROPN
gp-264	19	5	al	al	PROPN
gp-264	19	6	.	.	PROPN
gp-264	20	1	(	(	PUNCT
gp-264	20	2	2023	2023	NUM
gp-264	20	3	)	)	PUNCT
gp-264	20	4	,	,	PUNCT
gp-264	20	5	states	state	VERB
gp-264	20	6	that	that	SCONJ
gp-264	20	7	"	"	PUNCT
gp-264	20	8	some	some	DET
gp-264	20	9	cointegration	cointegration	NOUN
gp-264	20	10	analysis	analysis	NOUN
gp-264	20	11	of	of	ADP
gp-264	20	12	the	the	DET
gp-264	20	13	indonesian	indonesian	ADJ
gp-264	20	14	stock	stock	PROPN
gp-264	20	15	exchange	exchange	PROPN
gp-264	20	16	with	with	ADP
gp-264	20	17	the	the	DET
gp-264	20	18	stock	stock	NOUN
gp-264	20	19	exchanges	exchange	NOUN
gp-264	20	20	of	of	ADP
gp-264	20	21	the	the	DET
gp-264	20	22	united	united	PROPN
gp-264	20	23	states	states	PROPN
gp-264	20	24	,	,	PUNCT
gp-264	20	25	china	china	PROPN
gp-264	20	26	,	,	PUNCT
gp-264	20	27	and	and	CCONJ
gp-264	20	28	southeast	southeast	PROPN
gp-264	20	29	asia	asia	PROPN
gp-264	20	30	768	768	NUM
gp-264	20	31	developing	develop	VERB
gp-264	20	32	countries	country	NOUN
gp-264	20	33	,	,	PUNCT
gp-264	20	34	as	as	ADV
gp-264	20	35	well	well	ADV
gp-264	20	36	as	as	ADP
gp-264	20	37	countries	country	NOUN
gp-264	20	38	in	in	ADP
gp-264	20	39	transition	transition	NOUN
gp-264	20	40	,	,	PUNCT
gp-264	20	41	have	have	AUX
gp-264	20	42	become	become	VERB
gp-264	20	43	more	more	ADV
gp-264	20	44	open	open	ADJ
gp-264	20	45	to	to	ADP
gp-264	20	46	fdi	fdi	NOUN
gp-264	20	47	(	(	PUNCT
gp-264	20	48	foreign	foreign	ADJ
gp-264	20	49	direct	direct	ADJ
gp-264	20	50	investment	investment	NOUN
gp-264	20	51	)	)	PUNCT
gp-264	20	52	and	and	CCONJ
gp-264	20	53	are	be	AUX
gp-264	20	54	exploring	explore	VERB
gp-264	20	55	ways	way	NOUN
gp-264	20	56	to	to	PART
gp-264	20	57	increase	increase	VERB
gp-264	20	58	their	their	PRON
gp-264	20	59	inflows	inflow	NOUN
gp-264	20	60	.	.	PUNCT
gp-264	20	61	"	"	PUNCT
gp-264	21	1	with	with	ADP
gp-264	21	2	the	the	DET
gp-264	21	3	liberalization	liberalization	NOUN
gp-264	21	4	of	of	ADP
gp-264	21	5	the	the	DET
gp-264	21	6	capital	capital	NOUN
gp-264	21	7	market	market	NOUN
gp-264	21	8	,	,	PUNCT
gp-264	21	9	the	the	DET
gp-264	21	10	liquidity	liquidity	NOUN
gp-264	21	11	of	of	ADP
gp-264	21	12	capital	capital	NOUN
gp-264	21	13	flows	flow	NOUN
gp-264	21	14	from	from	ADP
gp-264	21	15	foreign	foreign	ADJ
gp-264	21	16	countries	country	NOUN
gp-264	21	17	is	be	AUX
gp-264	21	18	easier	easy	ADJ
gp-264	21	19	to	to	PART
gp-264	21	20	enter	enter	VERB
gp-264	21	21	and	and	CCONJ
gp-264	21	22	exit	exit	VERB
gp-264	21	23	,	,	PUNCT
gp-264	21	24	causing	cause	VERB
gp-264	21	25	fluctuations	fluctuation	NOUN
gp-264	21	26	in	in	ADP
gp-264	21	27	stock	stock	NOUN
gp-264	21	28	indices	index	NOUN
gp-264	21	29	in	in	ADP
gp-264	21	30	various	various	ADJ
gp-264	21	31	countries	country	NOUN
gp-264	21	32	.	.	PUNCT
gp-264	22	1	setyawan	setyawan	PROPN
gp-264	22	2	et	et	PROPN
gp-264	22	3	al	al	PROPN
gp-264	22	4	.	.	PROPN
gp-264	23	1	(	(	PUNCT
gp-264	23	2	2021	2021	NUM
gp-264	23	3	)	)	PUNCT
gp-264	23	4	stated	state	VERB
gp-264	23	5	that	that	SCONJ
gp-264	23	6	"	"	PUNCT
gp-264	23	7	the	the	DET
gp-264	23	8	value	value	NOUN
gp-264	23	9	and	and	CCONJ
gp-264	23	10	fluctuations	fluctuation	NOUN
gp-264	23	11	of	of	ADP
gp-264	23	12	the	the	DET
gp-264	23	13	index	index	NOUN
gp-264	23	14	on	on	ADP
gp-264	23	15	a	a	DET
gp-264	23	16	country	country	NOUN
gp-264	23	17	's	's	PART
gp-264	23	18	stock	stock	NOUN
gp-264	23	19	exchange	exchange	NOUN
gp-264	23	20	reflect	reflect	VERB
gp-264	23	21	the	the	DET
gp-264	23	22	situation	situation	NOUN
gp-264	23	23	and	and	CCONJ
gp-264	23	24	fluctuations	fluctuation	NOUN
gp-264	23	25	of	of	ADP
gp-264	23	26	the	the	DET
gp-264	23	27	country	country	NOUN
gp-264	23	28	's	's	PART
gp-264	23	29	economy	economy	NOUN
gp-264	23	30	.	.	PUNCT
gp-264	24	1	along	along	ADP
gp-264	24	2	with	with	ADP
gp-264	24	3	the	the	DET
gp-264	24	4	world	world	NOUN
gp-264	24	5	free	free	ADJ
gp-264	24	6	trade	trade	NOUN
gp-264	24	7	system	system	NOUN
gp-264	24	8	,	,	PUNCT
gp-264	24	9	there	there	PRON
gp-264	24	10	is	be	VERB
gp-264	24	11	a	a	DET
gp-264	24	12	linkage	linkage	NOUN
gp-264	24	13	between	between	ADP
gp-264	24	14	the	the	DET
gp-264	24	15	economies	economy	NOUN
gp-264	24	16	of	of	ADP
gp-264	24	17	countries	country	NOUN
gp-264	24	18	in	in	ADP
gp-264	24	19	the	the	DET
gp-264	24	20	world	world	NOUN
gp-264	24	21	.	.	PUNCT
gp-264	24	22	"	"	PUNCT
gp-264	25	1	there	there	PRON
gp-264	25	2	is	be	VERB
gp-264	25	3	also	also	ADV
gp-264	25	4	a	a	DET
gp-264	25	5	relationship	relationship	NOUN
gp-264	25	6	between	between	ADP
gp-264	25	7	stock	stock	NOUN
gp-264	25	8	exchanges	exchange	NOUN
gp-264	25	9	in	in	ADP
gp-264	25	10	the	the	DET
gp-264	25	11	world	world	NOUN
gp-264	25	12	as	as	SCONJ
gp-264	25	13	evidenced	evidence	VERB
gp-264	25	14	by	by	ADP
gp-264	25	15	the	the	DET
gp-264	25	16	results	result	NOUN
gp-264	25	17	of	of	ADP
gp-264	25	18	research	research	NOUN
gp-264	25	19	on	on	ADP
gp-264	25	20	the	the	DET
gp-264	25	21	cointegration	cointegration	NOUN
gp-264	25	22	between	between	ADP
gp-264	25	23	the	the	DET
gp-264	25	24	stock	stock	NOUN
gp-264	25	25	markets	market	NOUN
gp-264	25	26	of	of	ADP
gp-264	25	27	indonesia	indonesia	PROPN
gp-264	25	28	,	,	PUNCT
gp-264	25	29	singapore	singapore	PROPN
gp-264	25	30	,	,	PUNCT
gp-264	25	31	malaysia	malaysia	PROPN
gp-264	25	32	,	,	PUNCT
gp-264	25	33	thailand	thailand	PROPN
gp-264	25	34	,	,	PUNCT
gp-264	25	35	the	the	DET
gp-264	25	36	philippines	philippine	NOUN
gp-264	25	37	,	,	PUNCT
gp-264	25	38	vietnam	vietnam	PROPN
gp-264	25	39	and	and	CCONJ
gp-264	25	40	laos	laos	PROPN
gp-264	25	41	from	from	ADP
gp-264	25	42	aprianto	aprianto	PROPN
gp-264	25	43	et	et	PROPN
gp-264	25	44	al	al	PROPN
gp-264	25	45	.	.	PROPN
gp-264	26	1	(	(	PUNCT
gp-264	26	2	2017	2017	NUM
gp-264	26	3	)	)	PUNCT
gp-264	26	4	.	.	PUNCT
gp-264	27	1	using	use	VERB
gp-264	27	2	stock	stock	NOUN
gp-264	27	3	market	market	NOUN
gp-264	27	4	data	datum	NOUN
gp-264	27	5	from	from	ADP
gp-264	27	6	2011	2011	NUM
gp-264	27	7	-	-	SYM
gp-264	27	8	2016	2016	NUM
gp-264	27	9	using	use	VERB
gp-264	27	10	the	the	DET
gp-264	27	11	engle	engle	PROPN
gp-264	27	12	granger	granger	PROPN
gp-264	27	13	cointegration	cointegration	PROPN
gp-264	27	14	test	test	NOUN
gp-264	27	15	,	,	PUNCT
gp-264	27	16	it	it	PRON
gp-264	27	17	was	be	AUX
gp-264	27	18	found	find	VERB
gp-264	27	19	that	that	SCONJ
gp-264	27	20	there	there	PRON
gp-264	27	21	was	be	VERB
gp-264	27	22	cointegration	cointegration	NOUN
gp-264	27	23	between	between	ADP
gp-264	27	24	the	the	DET
gp-264	27	25	indonesian	indonesian	ADJ
gp-264	27	26	stock	stock	PROPN
gp-264	27	27	exchange	exchange	PROPN
gp-264	27	28	and	and	CCONJ
gp-264	27	29	the	the	DET
gp-264	27	30	malaysian	malaysian	ADJ
gp-264	27	31	,	,	PUNCT
gp-264	27	32	thai	thai	ADJ
gp-264	27	33	,	,	PUNCT
gp-264	27	34	philippines	philippine	NOUN
gp-264	27	35	and	and	CCONJ
gp-264	27	36	laos	laos	PROPN
gp-264	27	37	stock	stock	NOUN
gp-264	27	38	exchanges	exchange	NOUN
gp-264	27	39	.	.	PUNCT
gp-264	28	1	meanwhile	meanwhile	ADV
gp-264	28	2	,	,	PUNCT
gp-264	28	3	the	the	DET
gp-264	28	4	indonesian	indonesian	ADJ
gp-264	28	5	stock	stock	PROPN
gp-264	28	6	exchange	exchange	NOUN
gp-264	28	7	is	be	AUX
gp-264	28	8	not	not	PART
gp-264	28	9	cointegrated	cointegrate	VERB
gp-264	28	10	with	with	ADP
gp-264	28	11	the	the	DET
gp-264	28	12	singapore	singapore	PROPN
gp-264	28	13	and	and	CCONJ
gp-264	28	14	vietnam	vietnam	PROPN
gp-264	28	15	stock	stock	NOUN
gp-264	28	16	exchanges	exchange	NOUN
gp-264	28	17	.	.	PUNCT
gp-264	29	1	from	from	ADP
gp-264	29	2	the	the	DET
gp-264	29	3	trade	trade	NOUN
gp-264	29	4	balance	balance	NOUN
gp-264	29	5	,	,	PUNCT
gp-264	29	6	indonesia	indonesia	PROPN
gp-264	29	7	has	have	VERB
gp-264	29	8	the	the	DET
gp-264	29	9	largest	large	ADJ
gp-264	29	10	trade	trade	NOUN
gp-264	29	11	surplus	surplus	NOUN
gp-264	29	12	in	in	ADP
gp-264	29	13	2024	2024	NUM
gp-264	29	14	against	against	ADP
gp-264	29	15	the	the	DET
gp-264	29	16	united	united	PROPN
gp-264	29	17	states	states	PROPN
gp-264	29	18	of	of	ADP
gp-264	29	19	usd	usd	PROPN
gp-264	29	20	14,344.1	14,344.1	NUM
gp-264	29	21	million	million	NUM
gp-264	29	22	and	and	CCONJ
gp-264	29	23	the	the	DET
gp-264	29	24	largest	large	ADJ
gp-264	29	25	trade	trade	NOUN
gp-264	29	26	deficit	deficit	NOUN
gp-264	29	27	in	in	ADP
gp-264	29	28	2024	2024	NUM
gp-264	29	29	against	against	ADP
gp-264	29	30	china	china	PROPN
gp-264	29	31	of	of	ADP
gp-264	29	32	usd	usd	PROPN
gp-264	29	33	10,290.1	10,290.1	NUM
gp-264	29	34	million	million	NUM
gp-264	29	35	.	.	PUNCT
gp-264	30	1	the	the	DET
gp-264	30	2	above	above	ADJ
gp-264	30	3	inter	inter	ADJ
gp-264	30	4	-	-	ADJ
gp-264	30	5	country	country	ADJ
gp-264	30	6	trade	trade	NOUN
gp-264	30	7	data	datum	NOUN
gp-264	30	8	shows	show	VERB
gp-264	30	9	that	that	SCONJ
gp-264	30	10	the	the	DET
gp-264	30	11	united	united	PROPN
gp-264	30	12	states	states	PROPN
gp-264	30	13	and	and	CCONJ
gp-264	30	14	china	china	PROPN
gp-264	30	15	have	have	VERB
gp-264	30	16	a	a	DET
gp-264	30	17	great	great	ADJ
gp-264	30	18	influence	influence	NOUN
gp-264	30	19	in	in	ADP
gp-264	30	20	international	international	ADJ
gp-264	30	21	trade	trade	NOUN
gp-264	30	22	with	with	ADP
gp-264	30	23	indonesia	indonesia	PROPN
gp-264	30	24	.	.	PUNCT
gp-264	31	1	likewise	likewise	ADV
gp-264	31	2	,	,	PUNCT
gp-264	31	3	countries	country	NOUN
gp-264	31	4	in	in	ADP
gp-264	31	5	the	the	DET
gp-264	31	6	southeast	southeast	ADJ
gp-264	31	7	asian	asian	ADJ
gp-264	31	8	region	region	NOUN
gp-264	31	9	,	,	PUNCT
gp-264	31	10	especially	especially	ADV
gp-264	31	11	malaysia	malaysia	PROPN
gp-264	31	12	and	and	CCONJ
gp-264	31	13	singapore	singapore	PROPN
gp-264	31	14	,	,	PUNCT
gp-264	31	15	where	where	SCONJ
gp-264	31	16	the	the	DET
gp-264	31	17	value	value	NOUN
gp-264	31	18	of	of	ADP
gp-264	31	19	indonesia	indonesia	PROPN
gp-264	31	20	's	's	PART
gp-264	31	21	exports	export	NOUN
gp-264	31	22	in	in	ADP
gp-264	31	23	2024	2024	NUM
gp-264	31	24	from	from	ADP
gp-264	31	25	indonesia	indonesia	PROPN
gp-264	31	26	will	will	AUX
gp-264	31	27	both	both	PRON
gp-264	31	28	reach	reach	VERB
gp-264	31	29	usd	usd	NOUN
gp-264	31	30	12	12	NUM
gp-264	31	31	million	million	NUM
gp-264	31	32	and	and	CCONJ
gp-264	31	33	thailand	thailand	NOUN
gp-264	31	34	where	where	SCONJ
gp-264	31	35	the	the	DET
gp-264	31	36	value	value	NOUN
gp-264	31	37	of	of	ADP
gp-264	31	38	imports	import	NOUN
gp-264	31	39	from	from	ADP
gp-264	31	40	indonesia	indonesia	PROPN
gp-264	31	41	has	have	AUX
gp-264	31	42	reached	reach	VERB
gp-264	31	43	usd	usd	NOUN
gp-264	31	44	10	10	NUM
gp-264	31	45	million	million	NUM
gp-264	31	46	in	in	ADP
gp-264	31	47	2022	2022	NUM
gp-264	31	48	and	and	CCONJ
gp-264	31	49	2023	2023	NUM
gp-264	31	50	.	.	PUNCT
gp-264	32	1	this	this	PRON
gp-264	32	2	shows	show	VERB
gp-264	32	3	that	that	SCONJ
gp-264	32	4	indonesia	indonesia	PROPN
gp-264	32	5	's	's	PART
gp-264	32	6	trade	trade	NOUN
gp-264	32	7	with	with	ADP
gp-264	32	8	the	the	DET
gp-264	32	9	united	united	PROPN
gp-264	32	10	states	states	PROPN
gp-264	32	11	,	,	PUNCT
gp-264	32	12	china	china	PROPN
gp-264	32	13	,	,	PUNCT
gp-264	32	14	malaysia	malaysia	PROPN
gp-264	32	15	,	,	PUNCT
gp-264	32	16	singapore	singapore	PROPN
gp-264	32	17	and	and	CCONJ
gp-264	32	18	thailand	thailand	PROPN
gp-264	32	19	has	have	VERB
gp-264	32	20	high	high	ADJ
gp-264	32	21	activity	activity	NOUN
gp-264	32	22	.	.	PUNCT
gp-264	33	1	based	base	VERB
gp-264	33	2	on	on	ADP
gp-264	33	3	world	world	PROPN
gp-264	33	4	bank	bank	PROPN
gp-264	33	5	data	data	PROPN
gp-264	33	6	,	,	PUNCT
gp-264	33	7	the	the	DET
gp-264	33	8	world	world	NOUN
gp-264	33	9	's	's	PART
gp-264	33	10	largest	large	ADJ
gp-264	33	11	gross	gross	ADJ
gp-264	33	12	domestic	domestic	ADJ
gp-264	33	13	income	income	NOUN
gp-264	33	14	(	(	PUNCT
gp-264	33	15	gdp	gdp	NOUN
gp-264	33	16	)	)	PUNCT
gp-264	33	17	according	accord	VERB
gp-264	33	18	to	to	ADP
gp-264	33	19	(	(	PUNCT
gp-264	33	20	2025	2025	NUM
gp-264	33	21	)	)	PUNCT
gp-264	33	22	in	in	ADP
gp-264	33	23	2023	2023	NUM
gp-264	33	24	will	will	AUX
gp-264	33	25	be	be	AUX
gp-264	33	26	the	the	DET
gp-264	33	27	united	united	PROPN
gp-264	33	28	states	state	NOUN
gp-264	33	29	of	of	ADP
gp-264	33	30	$	$	SYM
gp-264	33	31	27.72	27.72	NUM
gp-264	33	32	trillion	trillion	NUM
gp-264	33	33	,	,	PUNCT
gp-264	33	34	followed	follow	VERB
gp-264	33	35	by	by	ADP
gp-264	33	36	china	china	PROPN
gp-264	33	37	of	of	ADP
gp-264	33	38	$	$	SYM
gp-264	33	39	17.79	17.79	NUM
gp-264	33	40	trillion	trillion	NUM
gp-264	33	41	.	.	PUNCT
gp-264	34	1	as	as	ADP
gp-264	34	2	for	for	ADP
gp-264	34	3	the	the	DET
gp-264	34	4	group	group	NOUN
gp-264	34	5	of	of	ADP
gp-264	34	6	countries	country	NOUN
gp-264	34	7	in	in	ADP
gp-264	34	8	southeast	southeast	PROPN
gp-264	34	9	asia	asia	PROPN
gp-264	34	10	,	,	PUNCT
gp-264	34	11	according	accord	VERB
gp-264	34	12	to	to	ADP
gp-264	34	13	the	the	DET
gp-264	34	14	world	world	NOUN
gp-264	34	15	bank	bank	PROPN
gp-264	34	16	(	(	PUNCT
gp-264	34	17	2025	2025	NUM
gp-264	34	18	)	)	PUNCT
gp-264	34	19	,	,	PUNCT
gp-264	34	20	indonesia	indonesia	PROPN
gp-264	34	21	has	have	VERB
gp-264	34	22	the	the	DET
gp-264	34	23	highest	high	ADJ
gp-264	34	24	gdp	gdp	NOUN
gp-264	34	25	of	of	ADP
gp-264	34	26	$	$	SYM
gp-264	34	27	1.37	1.37	NUM
gp-264	34	28	trillion	trillion	NUM
gp-264	34	29	,	,	PUNCT
gp-264	34	30	followed	follow	VERB
gp-264	34	31	by	by	ADP
gp-264	34	32	thailand	thailand	PROPN
gp-264	34	33	at	at	ADP
gp-264	34	34	$	$	SYM
gp-264	34	35	514	514	NUM
gp-264	34	36	billion	billion	NUM
gp-264	34	37	and	and	CCONJ
gp-264	34	38	singapore	singapore	NOUN
gp-264	34	39	at	at	ADP
gp-264	34	40	$	$	SYM
gp-264	34	41	501	501	NUM
gp-264	34	42	billion	billion	NUM
gp-264	34	43	,	,	PUNCT
gp-264	34	44	while	while	SCONJ
gp-264	34	45	for	for	ADP
gp-264	34	46	malaysia	malaysia	PROPN
gp-264	34	47	it	it	PRON
gp-264	34	48	has	have	VERB
gp-264	34	49	a	a	DET
gp-264	34	50	gdp	gdp	NOUN
gp-264	34	51	of	of	ADP
gp-264	34	52	$	$	SYM
gp-264	34	53	399	399	NUM
gp-264	34	54	billion	billion	NUM
gp-264	34	55	.	.	PUNCT
gp-264	35	1	on	on	ADP
gp-264	35	2	a	a	DET
gp-264	35	3	global	global	ADJ
gp-264	35	4	scale	scale	NOUN
gp-264	35	5	,	,	PUNCT
gp-264	35	6	the	the	DET
gp-264	35	7	united	united	PROPN
gp-264	35	8	states	states	PROPN
gp-264	35	9	and	and	CCONJ
gp-264	35	10	china	china	PROPN
gp-264	35	11	show	show	VERB
gp-264	35	12	the	the	DET
gp-264	35	13	largest	large	ADJ
gp-264	35	14	and	and	CCONJ
gp-264	35	15	second	second	ADV
gp-264	35	16	largest	large	ADJ
gp-264	35	17	economic	economic	ADJ
gp-264	35	18	power	power	NOUN
gp-264	35	19	in	in	ADP
gp-264	35	20	the	the	DET
gp-264	35	21	world	world	NOUN
gp-264	35	22	,	,	PUNCT
gp-264	35	23	and	and	CCONJ
gp-264	35	24	for	for	ADP
gp-264	35	25	the	the	DET
gp-264	35	26	southeast	southeast	ADJ
gp-264	35	27	asian	asian	ADJ
gp-264	35	28	region	region	NOUN
gp-264	35	29	,	,	PUNCT
gp-264	35	30	indonesia	indonesia	PROPN
gp-264	35	31	,	,	PUNCT
gp-264	35	32	thailand	thailand	PROPN
gp-264	35	33	and	and	CCONJ
gp-264	35	34	singapore	singapore	PROPN
gp-264	35	35	are	be	AUX
gp-264	35	36	the	the	DET
gp-264	35	37	top	top	ADJ
gp-264	35	38	three	three	NUM
gp-264	35	39	in	in	ADP
gp-264	35	40	the	the	DET
gp-264	35	41	order	order	NOUN
gp-264	35	42	of	of	ADP
gp-264	35	43	gdp	gdp	NOUN
gp-264	35	44	in	in	ADP
gp-264	35	45	southeast	southeast	PROPN
gp-264	35	46	asia	asia	PROPN
gp-264	35	47	.	.	PUNCT
gp-264	36	1	an	an	DET
gp-264	36	2	explanation	explanation	NOUN
gp-264	36	3	of	of	ADP
gp-264	36	4	the	the	DET
gp-264	36	5	relationship	relationship	NOUN
gp-264	36	6	between	between	ADP
gp-264	36	7	economic	economic	ADJ
gp-264	36	8	relations	relation	NOUN
gp-264	36	9	between	between	ADP
gp-264	36	10	indonesia	indonesia	PROPN
gp-264	36	11	and	and	CCONJ
gp-264	36	12	its	its	PRON
gp-264	36	13	neighboring	neighboring	NOUN
gp-264	36	14	countries	country	NOUN
gp-264	36	15	,	,	PUNCT
gp-264	36	16	especially	especially	ADV
gp-264	36	17	malaysia	malaysia	PROPN
gp-264	36	18	and	and	CCONJ
gp-264	36	19	singapore	singapore	PROPN
gp-264	36	20	,	,	PUNCT
gp-264	36	21	is	be	AUX
gp-264	36	22	explained	explain	VERB
gp-264	36	23	by	by	ADP
gp-264	36	24	anhar	anhar	PROPN
gp-264	36	25	et	et	PROPN
gp-264	36	26	al	al	PROPN
gp-264	36	27	.	.	PUNCT
gp-264	37	1	(	(	PUNCT
gp-264	37	2	2024:187	2024:187	NUM
gp-264	37	3	)	)	PUNCT
gp-264	37	4	,	,	PUNCT
gp-264	37	5	as	as	SCONJ
gp-264	37	6	follows	follow	VERB
gp-264	37	7	:	:	PUNCT
gp-264	37	8	indonesia	indonesia	PROPN
gp-264	37	9	and	and	CCONJ
gp-264	37	10	malaysia	malaysia	PROPN
gp-264	37	11	have	have	VERB
gp-264	37	12	similar	similar	ADJ
gp-264	37	13	types	type	NOUN
gp-264	37	14	of	of	ADP
gp-264	37	15	export	export	NOUN
gp-264	37	16	commodities	commodity	NOUN
gp-264	37	17	in	in	ADP
gp-264	37	18	the	the	DET
gp-264	37	19	plantation	plantation	NOUN
gp-264	37	20	sector	sector	NOUN
gp-264	37	21	(	(	PUNCT
gp-264	37	22	oil	oil	NOUN
gp-264	37	23	palm	palm	NOUN
gp-264	37	24	and	and	CCONJ
gp-264	37	25	rubber	rubber	NOUN
gp-264	37	26	)	)	PUNCT
gp-264	37	27	and	and	CCONJ
gp-264	37	28	mining	mining	NOUN
gp-264	37	29	such	such	ADJ
gp-264	37	30	as	as	ADP
gp-264	37	31	tin	tin	NOUN
gp-264	37	32	.	.	PUNCT
gp-264	38	1	meanwhile	meanwhile	ADV
gp-264	38	2	,	,	PUNCT
gp-264	38	3	singapore	singapore	PROPN
gp-264	38	4	dominates	dominate	VERB
gp-264	38	5	in	in	ADP
gp-264	38	6	the	the	DET
gp-264	38	7	field	field	NOUN
gp-264	38	8	of	of	ADP
gp-264	38	9	foreign	foreign	ADJ
gp-264	38	10	investment	investment	NOUN
gp-264	38	11	in	in	ADP
gp-264	38	12	foreign	foreign	ADJ
gp-264	38	13	investment	investment	NOUN
gp-264	38	14	in	in	ADP
gp-264	38	15	indonesia	indonesia	PROPN
gp-264	38	16	.	.	PUNCT
gp-264	39	1	within	within	ADP
gp-264	39	2	five	five	NUM
gp-264	39	3	years	year	NOUN
gp-264	39	4	singapore	singapore	PROPN
gp-264	39	5	became	become	VERB
gp-264	39	6	the	the	DET
gp-264	39	7	largest	large	ADJ
gp-264	39	8	foreign	foreign	ADJ
gp-264	39	9	investor	investor	NOUN
gp-264	39	10	in	in	ADP
gp-264	39	11	indonesia	indonesia	PROPN
gp-264	39	12	,	,	PUNCT
gp-264	39	13	in	in	ADP
gp-264	39	14	2019	2019	NUM
gp-264	39	15	their	their	PRON
gp-264	39	16	investment	investment	NOUN
gp-264	39	17	amounted	amount	VERB
gp-264	39	18	to	to	ADP
gp-264	39	19	usd	usd	PROPN
gp-264	39	20	6.5	6.5	NUM
gp-264	39	21	billion	billion	NUM
gp-264	39	22	,	,	PUNCT
gp-264	39	23	in	in	ADP
gp-264	39	24	2020	2020	NUM
gp-264	39	25	it	it	PRON
gp-264	39	26	increased	increase	VERB
gp-264	39	27	to	to	ADP
gp-264	39	28	usd	usd	PROPN
gp-264	39	29	9.8	9.8	NUM
gp-264	39	30	billion	billion	NUM
gp-264	39	31	,	,	PUNCT
gp-264	39	32	in	in	ADP
gp-264	39	33	2021	2021	NUM
gp-264	39	34	it	it	PRON
gp-264	39	35	increased	increase	VERB
gp-264	39	36	to	to	ADP
gp-264	39	37	usd	usd	PROPN
gp-264	39	38	9.4	9.4	NUM
gp-264	39	39	billion	billion	NUM
gp-264	39	40	,	,	PUNCT
gp-264	39	41	in	in	ADP
gp-264	39	42	2022	2022	NUM
gp-264	39	43	it	it	PRON
gp-264	39	44	increased	increase	VERB
gp-264	39	45	to	to	ADP
gp-264	39	46	usd	usd	PROPN
gp-264	39	47	13.3	13.3	NUM
gp-264	39	48	billion	billion	NUM
gp-264	39	49	and	and	CCONJ
gp-264	39	50	in	in	ADP
gp-264	39	51	2023	2023	NUM
gp-264	39	52	it	it	PRON
gp-264	39	53	was	be	AUX
gp-264	39	54	usd	usd	PROPN
gp-264	39	55	15.4	15.4	NUM
gp-264	39	56	billion	billion	NUM
gp-264	39	57	.	.	PUNCT
gp-264	40	1	by	by	ADP
gp-264	40	2	analyzing	analyze	VERB
gp-264	40	3	the	the	DET
gp-264	40	4	level	level	NOUN
gp-264	40	5	of	of	ADP
gp-264	40	6	gdp	gdp	NOUN
gp-264	40	7	and	and	CCONJ
gp-264	40	8	trade	trade	NOUN
gp-264	40	9	activities	activity	NOUN
gp-264	40	10	globally	globally	ADV
gp-264	40	11	and	and	CCONJ
gp-264	40	12	regionally	regionally	ADV
gp-264	40	13	,	,	PUNCT
gp-264	40	14	it	it	PRON
gp-264	40	15	shows	show	VERB
gp-264	40	16	that	that	SCONJ
gp-264	40	17	"	"	PUNCT
gp-264	40	18	the	the	DET
gp-264	40	19	integration	integration	NOUN
gp-264	40	20	of	of	ADP
gp-264	40	21	the	the	DET
gp-264	40	22	world	world	NOUN
gp-264	40	23	,	,	PUNCT
gp-264	40	24	the	the	DET
gp-264	40	25	shift	shift	NOUN
gp-264	40	26	in	in	ADP
gp-264	40	27	value	value	NOUN
gp-264	40	28	that	that	PRON
gp-264	40	29	occurs	occur	VERB
gp-264	40	30	within	within	ADP
gp-264	40	31	a	a	DET
gp-264	40	32	region	region	NOUN
gp-264	40	33	seems	seem	VERB
gp-264	40	34	to	to	PART
gp-264	40	35	have	have	VERB
gp-264	40	36	an	an	DET
gp-264	40	37	effect	effect	NOUN
gp-264	40	38	on	on	ADP
gp-264	40	39	other	other	ADJ
gp-264	40	40	countries	country	NOUN
gp-264	40	41	in	in	ADP
gp-264	40	42	the	the	DET
gp-264	40	43	world	world	NOUN
gp-264	40	44	that	that	PRON
gp-264	40	45	conduct	conduct	VERB
gp-264	40	46	international	international	ADJ
gp-264	40	47	trade	trade	NOUN
gp-264	40	48	.	.	PUNCT
gp-264	40	49	"	"	PUNCT
gp-264	41	1	(	(	PUNCT
gp-264	41	2	evendy	evendy	NOUN
gp-264	41	3	and	and	CCONJ
gp-264	41	4	isynuwardhana	isynuwardhana	PROPN
gp-264	41	5	,	,	PUNCT
gp-264	41	6	2015	2015	NUM
gp-264	41	7	)	)	PUNCT
gp-264	41	8	cointegration	cointegration	NOUN
gp-264	41	9	analysis	analysis	NOUN
gp-264	41	10	of	of	ADP
gp-264	41	11	the	the	DET
gp-264	41	12	indonesian	indonesian	ADJ
gp-264	41	13	stock	stock	PROPN
gp-264	41	14	exchange	exchange	PROPN
gp-264	41	15	with	with	ADP
gp-264	41	16	the	the	DET
gp-264	41	17	stock	stock	NOUN
gp-264	41	18	exchanges	exchange	NOUN
gp-264	41	19	of	of	ADP
gp-264	41	20	the	the	DET
gp-264	41	21	united	united	PROPN
gp-264	41	22	states	states	PROPN
gp-264	41	23	,	,	PUNCT
gp-264	41	24	china	china	PROPN
gp-264	41	25	,	,	PUNCT
gp-264	41	26	and	and	CCONJ
gp-264	41	27	southeast	southeast	PROPN
gp-264	41	28	asia	asia	PROPN
gp-264	41	29	769	769	NUM
gp-264	41	30	the	the	DET
gp-264	41	31	study	study	NOUN
gp-264	41	32	of	of	ADP
gp-264	41	33	stock	stock	NOUN
gp-264	41	34	market	market	NOUN
gp-264	41	35	cointegration	cointegration	NOUN
gp-264	41	36	is	be	AUX
gp-264	41	37	very	very	ADV
gp-264	41	38	important	important	ADJ
gp-264	41	39	because	because	SCONJ
gp-264	41	40	it	it	PRON
gp-264	41	41	is	be	AUX
gp-264	41	42	a	a	DET
gp-264	41	43	direct	direct	ADJ
gp-264	41	44	consequence	consequence	NOUN
gp-264	41	45	of	of	ADP
gp-264	41	46	globalization	globalization	NOUN
gp-264	41	47	and	and	CCONJ
gp-264	41	48	has	have	VERB
gp-264	41	49	important	important	ADJ
gp-264	41	50	implications	implication	NOUN
gp-264	41	51	for	for	ADP
gp-264	41	52	investors	investor	NOUN
gp-264	41	53	.	.	PUNCT
gp-264	42	1	according	accord	VERB
gp-264	42	2	to	to	PART
gp-264	42	3	endri	endri	VERB
gp-264	42	4	et.al	et.al	PROPN
gp-264	42	5	(	(	PUNCT
gp-264	42	6	2024	2024	NUM
gp-264	42	7	)	)	PUNCT
gp-264	42	8	the	the	DET
gp-264	42	9	high	high	ADJ
gp-264	42	10	economic	economic	ADJ
gp-264	42	11	growth	growth	NOUN
gp-264	42	12	and	and	CCONJ
gp-264	42	13	globalization	globalization	NOUN
gp-264	42	14	of	of	ADP
gp-264	42	15	developing	develop	VERB
gp-264	42	16	countries	country	NOUN
gp-264	42	17	,	,	PUNCT
gp-264	42	18	especially	especially	ADV
gp-264	42	19	asia	asia	PROPN
gp-264	42	20	,	,	PUNCT
gp-264	42	21	have	have	AUX
gp-264	42	22	increased	increase	VERB
gp-264	42	23	integration	integration	NOUN
gp-264	42	24	and	and	CCONJ
gp-264	42	25	the	the	DET
gp-264	42	26	shared	share	VERB
gp-264	42	27	movement	movement	NOUN
gp-264	42	28	of	of	ADP
gp-264	42	29	stock	stock	NOUN
gp-264	42	30	markets	market	NOUN
gp-264	42	31	compared	compare	VERB
gp-264	42	32	to	to	ADP
gp-264	42	33	developed	develop	VERB
gp-264	42	34	countries	country	NOUN
gp-264	42	35	.	.	PUNCT
gp-264	43	1	the	the	DET
gp-264	43	2	liberalization	liberalization	NOUN
gp-264	43	3	of	of	ADP
gp-264	43	4	financial	financial	ADJ
gp-264	43	5	markets	market	NOUN
gp-264	43	6	by	by	ADP
gp-264	43	7	many	many	ADJ
gp-264	43	8	asian	asian	ADJ
gp-264	43	9	countries	country	NOUN
gp-264	43	10	has	have	AUX
gp-264	43	11	also	also	ADV
gp-264	43	12	led	lead	VERB
gp-264	43	13	to	to	ADP
gp-264	43	14	explosive	explosive	ADJ
gp-264	43	15	growth	growth	NOUN
gp-264	43	16	in	in	ADP
gp-264	43	17	international	international	ADJ
gp-264	43	18	economic	economic	ADJ
gp-264	43	19	transactions	transaction	NOUN
gp-264	43	20	and	and	CCONJ
gp-264	43	21	capital	capital	NOUN
gp-264	43	22	flows	flow	NOUN
gp-264	43	23	,	,	PUNCT
gp-264	43	24	especially	especially	ADV
gp-264	43	25	their	their	PRON
gp-264	43	26	linkages	linkage	NOUN
gp-264	43	27	with	with	ADP
gp-264	43	28	developed	develop	VERB
gp-264	43	29	countries	country	NOUN
gp-264	43	30	.	.	PUNCT
gp-264	44	1	this	this	DET
gp-264	44	2	phenomenon	phenomenon	NOUN
gp-264	44	3	has	have	AUX
gp-264	44	4	attracted	attract	VERB
gp-264	44	5	the	the	DET
gp-264	44	6	interest	interest	NOUN
gp-264	44	7	of	of	ADP
gp-264	44	8	many	many	ADJ
gp-264	44	9	researchers	researcher	NOUN
gp-264	44	10	who	who	PRON
gp-264	44	11	want	want	VERB
gp-264	44	12	to	to	PART
gp-264	44	13	investigate	investigate	VERB
gp-264	44	14	the	the	DET
gp-264	44	15	dynamic	dynamic	ADJ
gp-264	44	16	linkages	linkage	NOUN
gp-264	44	17	between	between	ADP
gp-264	44	18	emerging	emerge	VERB
gp-264	44	19	asian	asian	ADJ
gp-264	44	20	stock	stock	NOUN
gp-264	44	21	markets	market	NOUN
gp-264	44	22	and	and	CCONJ
gp-264	44	23	their	their	PRON
gp-264	44	24	linkages	linkage	NOUN
gp-264	44	25	to	to	PART
gp-264	44	26	developed	develop	VERB
gp-264	44	27	stock	stock	NOUN
gp-264	44	28	markets	market	NOUN
gp-264	44	29	.	.	PUNCT
gp-264	45	1	in	in	ADP
gp-264	45	2	relation	relation	NOUN
gp-264	45	3	to	to	ADP
gp-264	45	4	international	international	ADJ
gp-264	45	5	diversification	diversification	NOUN
gp-264	45	6	,	,	PUNCT
gp-264	45	7	it	it	PRON
gp-264	45	8	will	will	AUX
gp-264	45	9	provide	provide	VERB
gp-264	45	10	greater	great	ADJ
gp-264	45	11	benefits	benefit	NOUN
gp-264	45	12	than	than	ADP
gp-264	45	13	investing	invest	VERB
gp-264	45	14	in	in	ADP
gp-264	45	15	the	the	DET
gp-264	45	16	local	local	ADJ
gp-264	45	17	market	market	NOUN
gp-264	45	18	.	.	PUNCT
gp-264	46	1	in	in	ADP
gp-264	46	2	the	the	DET
gp-264	46	3	long	long	ADJ
gp-264	46	4	run	run	NOUN
gp-264	46	5	,	,	PUNCT
gp-264	46	6	in	in	ADP
gp-264	46	7	the	the	DET
gp-264	46	8	form	form	NOUN
gp-264	46	9	of	of	ADP
gp-264	46	10	a	a	DET
gp-264	46	11	return	return	NOUN
gp-264	46	12	contribution	contribution	NOUN
gp-264	46	13	...	...	PUNCT
gp-264	46	14	will	will	AUX
gp-264	46	15	be	be	AUX
gp-264	46	16	higher	high	ADJ
gp-264	46	17	...	...	PUNCT
gp-264	46	18	similarly	similarly	ADV
gp-264	46	19	,	,	PUNCT
gp-264	46	20	portfolio	portfolio	NOUN
gp-264	46	21	risk	risk	NOUN
gp-264	46	22	will	will	AUX
gp-264	46	23	be	be	AUX
gp-264	46	24	reduced	reduce	VERB
gp-264	46	25	by	by	ADP
gp-264	46	26	better	well	ADJ
gp-264	46	27	diversification	diversification	NOUN
gp-264	46	28	benefits	benefit	NOUN
gp-264	46	29	through	through	ADP
gp-264	46	30	international	international	ADJ
gp-264	46	31	diversification	diversification	NOUN
gp-264	46	32	,	,	PUNCT
gp-264	46	33	(	(	PUNCT
gp-264	46	34	tandelilin	tandelilin	NOUN
gp-264	46	35	,	,	PUNCT
gp-264	46	36	2010	2010	NUM
gp-264	46	37	)	)	PUNCT
gp-264	46	38	.	.	PUNCT
gp-264	47	1	based	base	VERB
gp-264	47	2	on	on	ADP
gp-264	47	3	a	a	DET
gp-264	47	4	chart	chart	NOUN
gp-264	47	5	obtained	obtain	VERB
gp-264	47	6	from	from	ADP
gp-264	47	7	yahoo	yahoo	PROPN
gp-264	47	8	finance	finance	NOUN
gp-264	47	9	,	,	PUNCT
gp-264	47	10	the	the	DET
gp-264	47	11	performance	performance	NOUN
gp-264	47	12	of	of	ADP
gp-264	47	13	the	the	DET
gp-264	47	14	indonesian	indonesian	ADJ
gp-264	47	15	stock	stock	NOUN
gp-264	47	16	market	market	NOUN
gp-264	47	17	with	with	ADP
gp-264	47	18	the	the	DET
gp-264	47	19	code	code	NOUN
gp-264	47	20	jkse	jkse	NOUN
gp-264	47	21	in	in	ADP
gp-264	47	22	2025	2025	NUM
gp-264	47	23	is	be	AUX
gp-264	47	24	seen	see	VERB
gp-264	47	25	to	to	PART
gp-264	47	26	be	be	AUX
gp-264	47	27	declining	decline	VERB
gp-264	47	28	in	in	ADP
gp-264	47	29	line	line	NOUN
gp-264	47	30	with	with	ADP
gp-264	47	31	the	the	DET
gp-264	47	32	performance	performance	NOUN
gp-264	47	33	of	of	ADP
gp-264	47	34	the	the	DET
gp-264	47	35	thai	thai	ADJ
gp-264	47	36	stock	stock	NOUN
gp-264	47	37	market	market	NOUN
gp-264	47	38	with	with	ADP
gp-264	47	39	the	the	DET
gp-264	47	40	code	code	NOUN
gp-264	47	41	set	set	NOUN
gp-264	47	42	.	.	PUNCT
gp-264	48	1	bk	bk	VERB
gp-264	48	2	.	.	PUNCT
gp-264	49	1	meanwhile	meanwhile	ADV
gp-264	49	2	,	,	PUNCT
gp-264	49	3	the	the	DET
gp-264	49	4	performance	performance	NOUN
gp-264	49	5	of	of	ADP
gp-264	49	6	the	the	DET
gp-264	49	7	united	united	PROPN
gp-264	49	8	states	states	PROPN
gp-264	49	9	capital	capital	NOUN
gp-264	49	10	market	market	NOUN
gp-264	49	11	with	with	ADP
gp-264	49	12	the	the	DET
gp-264	49	13	dji	dji	PROPN
gp-264	49	14	code	code	NOUN
gp-264	49	15	is	be	AUX
gp-264	49	16	seen	see	VERB
gp-264	49	17	to	to	PART
gp-264	49	18	have	have	AUX
gp-264	49	19	increased	increase	VERB
gp-264	49	20	in	in	ADP
gp-264	49	21	line	line	NOUN
gp-264	49	22	with	with	ADP
gp-264	49	23	the	the	DET
gp-264	49	24	movement	movement	NOUN
gp-264	49	25	of	of	ADP
gp-264	49	26	the	the	DET
gp-264	49	27	singapore	singapore	PROPN
gp-264	49	28	capital	capital	NOUN
gp-264	49	29	market	market	NOUN
gp-264	49	30	with	with	ADP
gp-264	49	31	the	the	DET
gp-264	49	32	sti	sti	PROPN
gp-264	49	33	code	code	PROPN
gp-264	49	34	.	.	PUNCT
gp-264	50	1	as	as	ADP
gp-264	50	2	for	for	ADP
gp-264	50	3	the	the	DET
gp-264	50	4	performance	performance	NOUN
gp-264	50	5	of	of	ADP
gp-264	50	6	the	the	DET
gp-264	50	7	chinese	chinese	ADJ
gp-264	50	8	capital	capital	NOUN
gp-264	50	9	market	market	NOUN
gp-264	50	10	with	with	ADP
gp-264	50	11	the	the	DET
gp-264	50	12	code	code	NOUN
gp-264	50	13	000001.ss	000001.ss	NOUN
gp-264	50	14	seen	see	VERB
gp-264	50	15	to	to	PART
gp-264	50	16	have	have	VERB
gp-264	50	17	the	the	DET
gp-264	50	18	same	same	ADJ
gp-264	50	19	downward	downward	ADJ
gp-264	50	20	pattern	pattern	NOUN
gp-264	50	21	as	as	ADP
gp-264	50	22	jkse	jkse	NOUN
gp-264	50	23	and	and	CCONJ
gp-264	50	24	set	set	NOUN
gp-264	50	25	.	.	PUNCT
gp-264	51	1	bk	bk	NOUN
gp-264	51	2	at	at	ADP
gp-264	51	3	the	the	DET
gp-264	51	4	end	end	NOUN
gp-264	51	5	of	of	ADP
gp-264	51	6	2024	2024	NUM
gp-264	51	7	,	,	PUNCT
gp-264	51	8	then	then	ADV
gp-264	51	9	tends	tend	VERB
gp-264	51	10	to	to	PART
gp-264	51	11	stabilize	stabilize	VERB
gp-264	51	12	in	in	ADP
gp-264	51	13	2025	2025	NUM
gp-264	51	14	.	.	PUNCT
gp-264	52	1	the	the	DET
gp-264	52	2	hong	hong	PROPN
gp-264	52	3	kong	kong	PROPN
gp-264	52	4	capital	capital	NOUN
gp-264	52	5	market	market	NOUN
gp-264	52	6	coded	code	VERB
gp-264	52	7	hsi	hsi	PROPN
gp-264	52	8	has	have	VERB
gp-264	52	9	the	the	DET
gp-264	52	10	same	same	ADJ
gp-264	52	11	downward	downward	ADJ
gp-264	52	12	pattern	pattern	NOUN
gp-264	52	13	as	as	ADP
gp-264	52	14	dji	dji	PROPN
gp-264	52	15	and	and	CCONJ
gp-264	52	16	sti	sti	PROPN
gp-264	52	17	at	at	ADP
gp-264	52	18	the	the	DET
gp-264	52	19	end	end	NOUN
gp-264	52	20	of	of	ADP
gp-264	52	21	2022	2022	NUM
gp-264	52	22	and	and	CCONJ
gp-264	52	23	has	have	VERB
gp-264	52	24	an	an	DET
gp-264	52	25	upward	upward	ADJ
gp-264	52	26	trend	trend	NOUN
gp-264	52	27	in	in	ADP
gp-264	52	28	2025	2025	NUM
gp-264	52	29	,	,	PUNCT
gp-264	52	30	just	just	ADV
gp-264	52	31	like	like	ADP
gp-264	52	32	the	the	DET
gp-264	52	33	american	american	ADJ
gp-264	52	34	and	and	CCONJ
gp-264	52	35	singapore	singapore	PROPN
gp-264	52	36	capital	capital	NOUN
gp-264	52	37	markets	market	NOUN
gp-264	52	38	.	.	PUNCT
gp-264	53	1	meanwhile	meanwhile	ADV
gp-264	53	2	,	,	PUNCT
gp-264	53	3	the	the	DET
gp-264	53	4	malaysian	malaysian	ADJ
gp-264	53	5	capital	capital	NOUN
gp-264	53	6	market	market	NOUN
gp-264	53	7	with	with	ADP
gp-264	53	8	the	the	DET
gp-264	53	9	klse	klse	PROPN
gp-264	53	10	code	code	NOUN
gp-264	53	11	does	do	AUX
gp-264	53	12	not	not	PART
gp-264	53	13	follow	follow	VERB
gp-264	53	14	the	the	DET
gp-264	53	15	same	same	ADJ
gp-264	53	16	pattern	pattern	NOUN
gp-264	53	17	as	as	ADP
gp-264	53	18	other	other	ADJ
gp-264	53	19	capital	capital	NOUN
gp-264	53	20	markets	market	NOUN
gp-264	53	21	,	,	PUNCT
gp-264	53	22	and	and	CCONJ
gp-264	53	23	tends	tend	VERB
gp-264	53	24	to	to	PART
gp-264	53	25	be	be	AUX
gp-264	53	26	more	more	ADV
gp-264	53	27	stable	stable	ADJ
gp-264	53	28	without	without	ADP
gp-264	53	29	drastic	drastic	ADJ
gp-264	53	30	increases	increase	NOUN
gp-264	53	31	or	or	CCONJ
gp-264	53	32	decreases	decrease	NOUN
gp-264	53	33	.	.	PUNCT
gp-264	54	1	research	research	NOUN
gp-264	54	2	conducted	conduct	VERB
gp-264	54	3	by	by	ADP
gp-264	54	4	natalia	natalia	PROPN
gp-264	54	5	(	(	PUNCT
gp-264	54	6	2020	2020	NUM
gp-264	54	7	)	)	PUNCT
gp-264	54	8	,	,	PUNCT
gp-264	54	9	which	which	PRON
gp-264	54	10	used	use	VERB
gp-264	54	11	tests	test	NOUN
gp-264	54	12	with	with	ADP
gp-264	54	13	correlation	correlation	NOUN
gp-264	54	14	tests	test	NOUN
gp-264	54	15	and	and	CCONJ
gp-264	54	16	multiple	multiple	ADJ
gp-264	54	17	regression	regression	NOUN
gp-264	54	18	tests	test	NOUN
gp-264	54	19	,	,	PUNCT
gp-264	54	20	found	find	VERB
gp-264	54	21	that	that	SCONJ
gp-264	54	22	there	there	PRON
gp-264	54	23	is	be	VERB
gp-264	54	24	a	a	DET
gp-264	54	25	relationship	relationship	NOUN
gp-264	54	26	between	between	ADP
gp-264	54	27	the	the	DET
gp-264	54	28	united	united	PROPN
gp-264	54	29	states	states	PROPN
gp-264	54	30	capital	capital	NOUN
gp-264	54	31	market	market	NOUN
gp-264	54	32	,	,	PUNCT
gp-264	54	33	the	the	DET
gp-264	54	34	chinese	chinese	ADJ
gp-264	54	35	capital	capital	NOUN
gp-264	54	36	market	market	NOUN
gp-264	54	37	(	(	PUNCT
gp-264	54	38	shanghai	shanghai	PROPN
gp-264	54	39	)	)	PUNCT
gp-264	54	40	,	,	PUNCT
gp-264	54	41	and	and	CCONJ
gp-264	54	42	the	the	DET
gp-264	54	43	hong	hong	PROPN
gp-264	54	44	kong	kong	PROPN
gp-264	54	45	capital	capital	NOUN
gp-264	54	46	market	market	NOUN
gp-264	54	47	(	(	PUNCT
gp-264	54	48	hang	hang	PROPN
gp-264	54	49	seng	seng	PROPN
gp-264	54	50	)	)	PUNCT
gp-264	54	51	to	to	ADP
gp-264	54	52	the	the	DET
gp-264	54	53	indonesian	indonesian	ADJ
gp-264	54	54	capital	capital	NOUN
gp-264	54	55	market	market	NOUN
gp-264	54	56	.	.	PUNCT
gp-264	55	1	this	this	PRON
gp-264	55	2	is	be	AUX
gp-264	55	3	different	different	ADJ
gp-264	55	4	from	from	ADP
gp-264	55	5	the	the	DET
gp-264	55	6	results	result	NOUN
gp-264	55	7	of	of	ADP
gp-264	55	8	the	the	DET
gp-264	55	9	research	research	NOUN
gp-264	55	10	by	by	ADP
gp-264	55	11	setyawan	setyawan	PROPN
gp-264	55	12	et	et	PROPN
gp-264	55	13	al	al	PROPN
gp-264	55	14	.	.	PROPN
gp-264	55	15	(	(	PUNCT
gp-264	55	16	2021	2021	NUM
gp-264	55	17	)	)	PUNCT
gp-264	55	18	,	,	PUNCT
gp-264	55	19	where	where	SCONJ
gp-264	55	20	the	the	DET
gp-264	55	21	results	result	NOUN
gp-264	55	22	of	of	ADP
gp-264	55	23	the	the	DET
gp-264	55	24	cointegration	cointegration	NOUN
gp-264	55	25	test	test	NOUN
gp-264	55	26	showed	show	VERB
gp-264	55	27	that	that	SCONJ
gp-264	55	28	there	there	PRON
gp-264	55	29	was	be	VERB
gp-264	55	30	no	no	DET
gp-264	55	31	integration	integration	NOUN
gp-264	55	32	between	between	ADP
gp-264	55	33	the	the	DET
gp-264	55	34	hang	hang	PROPN
gp-264	55	35	seng	seng	PROPN
gp-264	55	36	capital	capital	PROPN
gp-264	55	37	market	market	NOUN
gp-264	55	38	index	index	NOUN
gp-264	55	39	,	,	PUNCT
gp-264	55	40	and	and	CCONJ
gp-264	55	41	the	the	DET
gp-264	55	42	stock	stock	NOUN
gp-264	55	43	exchange	exchange	NOUN
gp-264	55	44	in	in	ADP
gp-264	55	45	indonesia	indonesia	PROPN
gp-264	55	46	(	(	PUNCT
gp-264	55	47	jci	jci	PROPN
gp-264	55	48	)	)	PUNCT
gp-264	55	49	,	,	PUNCT
gp-264	55	50	but	but	CCONJ
gp-264	55	51	there	there	PRON
gp-264	55	52	was	be	VERB
gp-264	55	53	bivariate	bivariate	ADJ
gp-264	55	54	cointegration	cointegration	NOUN
gp-264	55	55	in	in	ADP
gp-264	55	56	the	the	DET
gp-264	55	57	index	index	NOUN
gp-264	55	58	in	in	ADP
gp-264	55	59	the	the	DET
gp-264	55	60	united	united	PROPN
gp-264	55	61	states	states	PROPN
gp-264	55	62	(	(	PUNCT
gp-264	55	63	djia	djia	PROPN
gp-264	55	64	)	)	PUNCT
gp-264	55	65	against	against	ADP
gp-264	55	66	the	the	DET
gp-264	55	67	jci	jci	PROPN
gp-264	55	68	.	.	PUNCT
gp-264	56	1	likewise	likewise	ADV
gp-264	56	2	,	,	PUNCT
gp-264	56	3	there	there	PRON
gp-264	56	4	is	be	VERB
gp-264	56	5	a	a	DET
gp-264	56	6	bivariate	bivariate	ADJ
gp-264	56	7	cointegration	cointegration	NOUN
gp-264	56	8	of	of	ADP
gp-264	56	9	the	the	DET
gp-264	56	10	index	index	NOUN
gp-264	56	11	in	in	ADP
gp-264	56	12	malaysia	malaysia	PROPN
gp-264	56	13	(	(	PUNCT
gp-264	56	14	klci	klci	NOUN
gp-264	56	15	)	)	PUNCT
gp-264	56	16	against	against	ADP
gp-264	56	17	the	the	DET
gp-264	56	18	jci	jci	PROPN
gp-264	56	19	,	,	PUNCT
gp-264	56	20	the	the	DET
gp-264	56	21	index	index	NOUN
gp-264	56	22	in	in	ADP
gp-264	56	23	japan	japan	PROPN
gp-264	56	24	(	(	PUNCT
gp-264	56	25	nikkei	nikkei	PROPN
gp-264	56	26	)	)	PUNCT
gp-264	56	27	against	against	ADP
gp-264	56	28	the	the	DET
gp-264	56	29	hang	hang	PROPN
gp-264	56	30	seng	seng	PROPN
gp-264	56	31	,	,	PUNCT
gp-264	56	32	the	the	DET
gp-264	56	33	djia	djia	PROPN
gp-264	56	34	index	index	NOUN
gp-264	56	35	against	against	ADP
gp-264	56	36	the	the	DET
gp-264	56	37	klci	klci	NOUN
gp-264	56	38	and	and	CCONJ
gp-264	56	39	the	the	DET
gp-264	56	40	nikkei	nikkei	PROPN
gp-264	56	41	index	index	NOUN
gp-264	56	42	against	against	ADP
gp-264	56	43	the	the	DET
gp-264	56	44	klci	klci	NOUN
gp-264	56	45	.	.	PUNCT
gp-264	57	1	research	research	NOUN
gp-264	57	2	in	in	ADP
gp-264	57	3	market	market	NOUN
gp-264	57	4	integration	integration	NOUN
gp-264	57	5	and	and	CCONJ
gp-264	57	6	cointegration	cointegration	NOUN
gp-264	57	7	has	have	AUX
gp-264	57	8	been	be	AUX
gp-264	57	9	undertaken	undertake	VERB
gp-264	57	10	across	across	ADP
gp-264	57	11	various	various	ADJ
gp-264	57	12	regions	region	NOUN
gp-264	57	13	.	.	PUNCT
gp-264	58	1	previous	previous	ADJ
gp-264	58	2	studies	study	NOUN
gp-264	58	3	,	,	PUNCT
gp-264	58	4	such	such	ADJ
gp-264	58	5	as	as	ADP
gp-264	58	6	setyawan	setyawan	NOUN
gp-264	58	7	et	et	PROPN
gp-264	58	8	al	al	PROPN
gp-264	58	9	.	.	PROPN
gp-264	58	10	(	(	PUNCT
gp-264	58	11	2021	2021	NUM
gp-264	58	12	)	)	PUNCT
gp-264	58	13	and	and	CCONJ
gp-264	58	14	aprianto	aprianto	PROPN
gp-264	58	15	et	et	PROPN
gp-264	58	16	al	al	PROPN
gp-264	58	17	.	.	PROPN
gp-264	58	18	(	(	PUNCT
gp-264	58	19	2017	2017	NUM
gp-264	58	20	)	)	PUNCT
gp-264	58	21	,	,	PUNCT
gp-264	58	22	demonstrated	demonstrate	VERB
gp-264	58	23	significant	significant	ADJ
gp-264	58	24	cointegration	cointegration	NOUN
gp-264	58	25	among	among	ADP
gp-264	58	26	asean	asean	ADJ
gp-264	58	27	stock	stock	NOUN
gp-264	58	28	markets	market	NOUN
gp-264	58	29	,	,	PUNCT
gp-264	58	30	particularly	particularly	ADV
gp-264	58	31	indonesia	indonesia	PROPN
gp-264	58	32	’s	’s	PART
gp-264	58	33	idx	idx	NOUN
gp-264	58	34	and	and	CCONJ
gp-264	58	35	the	the	DET
gp-264	58	36	malaysian	malaysian	ADJ
gp-264	58	37	,	,	PUNCT
gp-264	58	38	thai	thai	ADJ
gp-264	58	39	,	,	PUNCT
gp-264	58	40	and	and	CCONJ
gp-264	58	41	singaporean	singaporean	ADJ
gp-264	58	42	stock	stock	NOUN
gp-264	58	43	exchanges	exchange	NOUN
gp-264	58	44	.	.	PUNCT
gp-264	59	1	meanwhile	meanwhile	ADV
gp-264	59	2	,	,	PUNCT
gp-264	59	3	research	research	NOUN
gp-264	59	4	by	by	ADP
gp-264	59	5	caporale	caporale	PROPN
gp-264	59	6	et	et	PROPN
gp-264	59	7	al	al	PROPN
gp-264	59	8	.	.	PROPN
gp-264	60	1	(	(	PUNCT
gp-264	60	2	2022	2022	NUM
gp-264	60	3	)	)	PUNCT
gp-264	60	4	examined	examine	VERB
gp-264	60	5	the	the	DET
gp-264	60	6	relationship	relationship	NOUN
gp-264	60	7	between	between	ADP
gp-264	60	8	the	the	DET
gp-264	60	9	u.s	u.s	PROPN
gp-264	60	10	.	.	PROPN
gp-264	60	11	,	,	PUNCT
gp-264	60	12	chinese	chinese	PROPN
gp-264	60	13	,	,	PUNCT
gp-264	60	14	and	and	CCONJ
gp-264	60	15	southeast	southeast	ADJ
gp-264	60	16	asian	asian	ADJ
gp-264	60	17	stock	stock	NOUN
gp-264	60	18	markets	market	NOUN
gp-264	60	19	,	,	PUNCT
gp-264	60	20	identifying	identify	VERB
gp-264	60	21	cointegration	cointegration	NOUN
gp-264	60	22	trends	trend	NOUN
gp-264	60	23	during	during	ADP
gp-264	60	24	the	the	DET
gp-264	60	25	2002	2002	NUM
gp-264	60	26	-	-	SYM
gp-264	60	27	2020	2020	NUM
gp-264	60	28	period	period	NOUN
gp-264	60	29	.	.	PUNCT
gp-264	61	1	these	these	DET
gp-264	61	2	studies	study	NOUN
gp-264	61	3	provide	provide	VERB
gp-264	61	4	foundational	foundational	ADJ
gp-264	61	5	insights	insight	NOUN
gp-264	61	6	but	but	CCONJ
gp-264	61	7	also	also	ADV
gp-264	61	8	highlight	highlight	VERB
gp-264	61	9	the	the	DET
gp-264	61	10	ongoing	ongoing	ADJ
gp-264	61	11	uncertainty	uncertainty	NOUN
gp-264	61	12	regarding	regard	VERB
gp-264	61	13	cointegration	cointegration	NOUN
gp-264	61	14	analysis	analysis	NOUN
gp-264	61	15	of	of	ADP
gp-264	61	16	the	the	DET
gp-264	61	17	indonesian	indonesian	ADJ
gp-264	61	18	stock	stock	PROPN
gp-264	61	19	exchange	exchange	PROPN
gp-264	61	20	with	with	ADP
gp-264	61	21	the	the	DET
gp-264	61	22	stock	stock	NOUN
gp-264	61	23	exchanges	exchange	NOUN
gp-264	61	24	of	of	ADP
gp-264	61	25	the	the	DET
gp-264	61	26	united	united	PROPN
gp-264	61	27	states	states	PROPN
gp-264	61	28	,	,	PUNCT
gp-264	61	29	china	china	PROPN
gp-264	61	30	,	,	PUNCT
gp-264	61	31	and	and	CCONJ
gp-264	61	32	southeast	southeast	ADJ
gp-264	61	33	asia	asia	PROPN
gp-264	61	34	770	770	NUM
gp-264	61	35	market	market	NOUN
gp-264	61	36	interdependencies	interdependency	NOUN
gp-264	61	37	,	,	PUNCT
gp-264	61	38	especially	especially	ADV
gp-264	61	39	in	in	ADP
gp-264	61	40	light	light	NOUN
gp-264	61	41	of	of	ADP
gp-264	61	42	recent	recent	ADJ
gp-264	61	43	global	global	ADJ
gp-264	61	44	events	event	NOUN
gp-264	61	45	like	like	ADP
gp-264	61	46	the	the	DET
gp-264	61	47	covid-19	covid-19	PROPN
gp-264	61	48	pandemic	pandemic	NOUN
gp-264	61	49	,	,	PUNCT
gp-264	61	50	which	which	PRON
gp-264	61	51	has	have	AUX
gp-264	61	52	affected	affect	VERB
gp-264	61	53	global	global	ADJ
gp-264	61	54	stock	stock	NOUN
gp-264	61	55	market	market	NOUN
gp-264	61	56	behavior	behavior	NOUN
gp-264	61	57	differently	differently	ADV
gp-264	61	58	over	over	ADP
gp-264	61	59	various	various	ADJ
gp-264	61	60	periods	period	NOUN
gp-264	61	61	.	.	PUNCT
gp-264	62	1	according	accord	VERB
gp-264	62	2	to	to	ADP
gp-264	62	3	worthington	worthington	PROPN
gp-264	62	4	and	and	CCONJ
gp-264	62	5	higgs	higgs	PROPN
gp-264	62	6	(	(	PUNCT
gp-264	62	7	2004	2004	NUM
gp-264	62	8	)	)	PUNCT
gp-264	62	9	among	among	ADP
gp-264	62	10	apec	apec	PROPN
gp-264	62	11	countries	country	NOUN
gp-264	62	12	,	,	PUNCT
gp-264	62	13	namely	namely	ADV
gp-264	62	14	australia	australia	PROPN
gp-264	62	15	,	,	PUNCT
gp-264	62	16	canada	canada	PROPN
gp-264	62	17	,	,	PUNCT
gp-264	62	18	hong	hong	PROPN
gp-264	62	19	kong	kong	PROPN
gp-264	62	20	,	,	PUNCT
gp-264	62	21	japan	japan	PROPN
gp-264	62	22	,	,	PUNCT
gp-264	62	23	new	new	PROPN
gp-264	62	24	zealand	zealand	PROPN
gp-264	62	25	,	,	PUNCT
gp-264	62	26	singapore	singapore	PROPN
gp-264	62	27	,	,	PUNCT
gp-264	62	28	the	the	DET
gp-264	62	29	united	united	PROPN
gp-264	62	30	states	states	PROPN
gp-264	62	31	,	,	PUNCT
gp-264	62	32	china	china	PROPN
gp-264	62	33	,	,	PUNCT
gp-264	62	34	chile	chile	PROPN
gp-264	62	35	,	,	PUNCT
gp-264	62	36	indonesia	indonesia	PROPN
gp-264	62	37	,	,	PUNCT
gp-264	62	38	korea	korea	PROPN
gp-264	62	39	,	,	PUNCT
gp-264	62	40	malaysia	malaysia	PROPN
gp-264	62	41	,	,	PUNCT
gp-264	62	42	mexico	mexico	PROPN
gp-264	62	43	,	,	PUNCT
gp-264	62	44	peru	peru	PROPN
gp-264	62	45	,	,	PUNCT
gp-264	62	46	the	the	DET
gp-264	62	47	philippines	philippine	NOUN
gp-264	62	48	,	,	PUNCT
gp-264	62	49	russia	russia	PROPN
gp-264	62	50	,	,	PUNCT
gp-264	62	51	taiwan	taiwan	PROPN
gp-264	62	52	and	and	CCONJ
gp-264	62	53	thailand	thailand	PROPN
gp-264	62	54	,	,	PUNCT
gp-264	62	55	the	the	DET
gp-264	62	56	results	result	NOUN
gp-264	62	57	of	of	ADP
gp-264	62	58	the	the	DET
gp-264	62	59	granger	granger	PROPN
gp-264	62	60	casualty	casualty	PROPN
gp-264	62	61	test	test	NOUN
gp-264	62	62	were	be	AUX
gp-264	62	63	obtained	obtain	VERB
gp-264	62	64	,	,	PUNCT
gp-264	62	65	that	that	SCONJ
gp-264	62	66	the	the	DET
gp-264	62	67	thai	thai	PROPN
gp-264	62	68	stock	stock	NOUN
gp-264	62	69	market	market	NOUN
gp-264	62	70	is	be	AUX
gp-264	62	71	the	the	DET
gp-264	62	72	most	most	ADV
gp-264	62	73	influential	influential	ADJ
gp-264	62	74	among	among	ADP
gp-264	62	75	the	the	DET
gp-264	62	76	stock	stock	NOUN
gp-264	62	77	markets	market	NOUN
gp-264	62	78	of	of	ADP
gp-264	62	79	apec	apec	PROPN
gp-264	62	80	members	member	NOUN
gp-264	62	81	.	.	PUNCT
gp-264	63	1	the	the	DET
gp-264	63	2	thai	thai	PROPN
gp-264	63	3	stock	stock	NOUN
gp-264	63	4	market	market	NOUN
gp-264	63	5	affects	affect	VERB
gp-264	63	6	australia	australia	PROPN
gp-264	63	7	,	,	PUNCT
gp-264	63	8	chile	chile	PROPN
gp-264	63	9	,	,	PUNCT
gp-264	63	10	indonesia	indonesia	PROPN
gp-264	63	11	,	,	PUNCT
gp-264	63	12	korea	korea	PROPN
gp-264	63	13	,	,	PUNCT
gp-264	63	14	mexico	mexico	PROPN
gp-264	63	15	and	and	CCONJ
gp-264	63	16	singapore	singapore	PROPN
gp-264	63	17	.	.	PUNCT
gp-264	64	1	from	from	ADP
gp-264	64	2	some	some	PRON
gp-264	64	3	of	of	ADP
gp-264	64	4	the	the	DET
gp-264	64	5	above	above	ADJ
gp-264	64	6	researches	research	NOUN
gp-264	64	7	,	,	PUNCT
gp-264	64	8	it	it	PRON
gp-264	64	9	was	be	AUX
gp-264	64	10	found	find	VERB
gp-264	64	11	that	that	SCONJ
gp-264	64	12	there	there	PRON
gp-264	64	13	is	be	VERB
gp-264	64	14	cointegration	cointegration	NOUN
gp-264	64	15	between	between	ADP
gp-264	64	16	the	the	DET
gp-264	64	17	indonesian	indonesian	ADJ
gp-264	64	18	stock	stock	NOUN
gp-264	64	19	market	market	NOUN
gp-264	64	20	and	and	CCONJ
gp-264	64	21	the	the	DET
gp-264	64	22	united	united	PROPN
gp-264	64	23	states	states	PROPN
gp-264	64	24	,	,	PUNCT
gp-264	64	25	china	china	PROPN
gp-264	64	26	,	,	PUNCT
gp-264	64	27	thailand	thailand	PROPN
gp-264	64	28	,	,	PUNCT
gp-264	64	29	and	and	CCONJ
gp-264	64	30	malaysia	malaysia	PROPN
gp-264	64	31	.	.	PUNCT
gp-264	65	1	along	along	ADP
gp-264	65	2	with	with	ADP
gp-264	65	3	changes	change	NOUN
gp-264	65	4	in	in	ADP
gp-264	65	5	geopolitical	geopolitical	ADJ
gp-264	65	6	fluctuations	fluctuation	NOUN
gp-264	65	7	in	in	ADP
gp-264	65	8	the	the	DET
gp-264	65	9	world	world	NOUN
gp-264	65	10	,	,	PUNCT
gp-264	65	11	and	and	CCONJ
gp-264	65	12	differences	difference	NOUN
gp-264	65	13	in	in	ADP
gp-264	65	14	observation	observation	NOUN
gp-264	65	15	periods	period	NOUN
gp-264	65	16	,	,	PUNCT
gp-264	65	17	the	the	DET
gp-264	65	18	results	result	NOUN
gp-264	65	19	of	of	ADP
gp-264	65	20	the	the	DET
gp-264	65	21	current	current	ADJ
gp-264	65	22	research	research	NOUN
gp-264	65	23	can	can	AUX
gp-264	65	24	be	be	AUX
gp-264	65	25	different	different	ADJ
gp-264	65	26	from	from	ADP
gp-264	65	27	the	the	DET
gp-264	65	28	results	result	NOUN
gp-264	65	29	of	of	ADP
gp-264	65	30	previous	previous	ADJ
gp-264	65	31	research	research	NOUN
gp-264	65	32	.	.	PUNCT
gp-264	66	1	therefore	therefore	ADV
gp-264	66	2	,	,	PUNCT
gp-264	66	3	from	from	ADP
gp-264	66	4	the	the	DET
gp-264	66	5	results	result	NOUN
gp-264	66	6	of	of	ADP
gp-264	66	7	previous	previous	ADJ
gp-264	66	8	research	research	NOUN
gp-264	66	9	,	,	PUNCT
gp-264	66	10	there	there	PRON
gp-264	66	11	are	be	VERB
gp-264	66	12	still	still	ADV
gp-264	66	13	uncertain	uncertain	ADJ
gp-264	66	14	conclusions	conclusion	NOUN
gp-264	66	15	about	about	ADP
gp-264	66	16	the	the	DET
gp-264	66	17	cointegration	cointegration	NOUN
gp-264	66	18	between	between	ADP
gp-264	66	19	the	the	DET
gp-264	66	20	stock	stock	NOUN
gp-264	66	21	market	market	NOUN
gp-264	66	22	of	of	ADP
gp-264	66	23	one	one	NUM
gp-264	66	24	country	country	NOUN
gp-264	66	25	and	and	CCONJ
gp-264	66	26	another	another	PRON
gp-264	66	27	.	.	PUNCT
gp-264	67	1	in	in	ADP
gp-264	67	2	2025	2025	NUM
gp-264	67	3	,	,	PUNCT
gp-264	67	4	there	there	PRON
gp-264	67	5	will	will	AUX
gp-264	67	6	be	be	AUX
gp-264	67	7	an	an	DET
gp-264	67	8	increase	increase	NOUN
gp-264	67	9	in	in	ADP
gp-264	67	10	trade	trade	NOUN
gp-264	67	11	conflicts	conflict	NOUN
gp-264	67	12	between	between	ADP
gp-264	67	13	the	the	DET
gp-264	67	14	united	united	PROPN
gp-264	67	15	states	states	PROPN
gp-264	67	16	and	and	CCONJ
gp-264	67	17	china	china	PROPN
gp-264	67	18	,	,	PUNCT
gp-264	67	19	after	after	SCONJ
gp-264	67	20	president	president	PROPN
gp-264	67	21	donald	donald	PROPN
gp-264	67	22	trump	trump	VERB
gp-264	67	23	issued	issue	VERB
gp-264	67	24	decisions	decision	NOUN
gp-264	67	25	regarding	regard	VERB
gp-264	67	26	the	the	DET
gp-264	67	27	addition	addition	NOUN
gp-264	67	28	of	of	ADP
gp-264	67	29	trade	trade	NOUN
gp-264	67	30	tariffs	tariff	NOUN
gp-264	67	31	both	both	PRON
gp-264	67	32	to	to	ADP
gp-264	67	33	china	china	PROPN
gp-264	67	34	,	,	PUNCT
gp-264	67	35	and	and	CCONJ
gp-264	67	36	globally	globally	ADV
gp-264	67	37	,	,	PUNCT
gp-264	67	38	which	which	PRON
gp-264	67	39	made	make	VERB
gp-264	67	40	several	several	ADJ
gp-264	67	41	stock	stock	NOUN
gp-264	67	42	markets	market	NOUN
gp-264	67	43	in	in	ADP
gp-264	67	44	the	the	DET
gp-264	67	45	world	world	NOUN
gp-264	67	46	react	react	VERB
gp-264	67	47	,	,	PUNCT
gp-264	67	48	and	and	CCONJ
gp-264	67	49	to	to	PART
gp-264	67	50	find	find	VERB
gp-264	67	51	out	out	ADP
gp-264	67	52	the	the	DET
gp-264	67	53	relationships	relationship	NOUN
gp-264	67	54	between	between	ADP
gp-264	67	55	the	the	DET
gp-264	67	56	stock	stock	NOUN
gp-264	67	57	markets	market	NOUN
gp-264	67	58	,	,	PUNCT
gp-264	67	59	research	research	NOUN
gp-264	67	60	was	be	AUX
gp-264	67	61	carried	carry	VERB
gp-264	67	62	out	out	ADP
gp-264	67	63	related	relate	VERB
gp-264	67	64	to	to	ADP
gp-264	67	65	the	the	DET
gp-264	67	66	cointegration	cointegration	NOUN
gp-264	67	67	between	between	ADP
gp-264	67	68	the	the	DET
gp-264	67	69	stock	stock	NOUN
gp-264	67	70	markets	market	NOUN
gp-264	67	71	of	of	ADP
gp-264	67	72	the	the	DET
gp-264	67	73	united	united	PROPN
gp-264	67	74	states	states	PROPN
gp-264	67	75	,	,	PUNCT
gp-264	67	76	china	china	PROPN
gp-264	67	77	,	,	PUNCT
gp-264	67	78	hong	hong	PROPN
gp-264	67	79	kong	kong	PROPN
gp-264	67	80	,	,	PUNCT
gp-264	67	81	indonesia	indonesia	PROPN
gp-264	67	82	,	,	PUNCT
gp-264	67	83	malaysia	malaysia	PROPN
gp-264	67	84	,	,	PUNCT
gp-264	67	85	singapore	singapore	PROPN
gp-264	67	86	and	and	CCONJ
gp-264	67	87	thailand	thailand	PROPN
gp-264	67	88	.	.	PUNCT
gp-264	68	1	the	the	DET
gp-264	68	2	observation	observation	NOUN
gp-264	68	3	period	period	NOUN
gp-264	68	4	was	be	AUX
gp-264	68	5	carried	carry	VERB
gp-264	68	6	out	out	ADP
gp-264	68	7	from	from	ADP
gp-264	68	8	january	january	PROPN
gp-264	68	9	01	01	NUM
gp-264	68	10	,	,	PUNCT
gp-264	68	11	2007	2007	NUM
gp-264	68	12	february	february	PROPN
gp-264	68	13	28	28	NUM
gp-264	68	14	,	,	PUNCT
gp-264	68	15	2025	2025	NUM
gp-264	68	16	,	,	PUNCT
gp-264	68	17	with	with	ADP
gp-264	68	18	stock	stock	NOUN
gp-264	68	19	price	price	NOUN
gp-264	68	20	data	datum	NOUN
gp-264	68	21	on	on	ADP
gp-264	68	22	the	the	DET
gp-264	68	23	stock	stock	NOUN
gp-264	68	24	market	market	NOUN
gp-264	68	25	in	in	ADP
gp-264	68	26	the	the	DET
gp-264	68	27	united	united	PROPN
gp-264	68	28	states	states	PROPN
gp-264	68	29	(	(	PUNCT
gp-264	68	30	dow	dow	PROPN
gp-264	68	31	jones	jones	PROPN
gp-264	68	32	industrial	industrial	PROPN
gp-264	68	33	average	average	PROPN
gp-264	68	34	)	)	PUNCT
gp-264	68	35	,	,	PUNCT
gp-264	68	36	china	china	PROPN
gp-264	68	37	(	(	PUNCT
gp-264	68	38	shanghai	shanghai	PROPN
gp-264	68	39	composite	composite	PROPN
gp-264	68	40	)	)	PUNCT
gp-264	68	41	,	,	PUNCT
gp-264	68	42	hong	hong	PROPN
gp-264	68	43	kong	kong	PROPN
gp-264	68	44	china	china	PROPN
gp-264	68	45	(	(	PUNCT
gp-264	68	46	hang	hang	PROPN
gp-264	68	47	seng	seng	PROPN
gp-264	68	48	)	)	PUNCT
gp-264	68	49	,	,	PUNCT
gp-264	68	50	indonesia	indonesia	PROPN
gp-264	68	51	(	(	PUNCT
gp-264	68	52	idx	idx	PROPN
gp-264	68	53	composite	composite	NOUN
gp-264	68	54	)	)	PUNCT
gp-264	68	55	,	,	PUNCT
gp-264	68	56	singapore	singapore	PROPN
gp-264	68	57	(	(	PUNCT
gp-264	68	58	ftse	ftse	PROPN
gp-264	68	59	straits	straits	PROPN
gp-264	68	60	times	times	PROPN
gp-264	68	61	singapore	singapore	PROPN
gp-264	68	62	)	)	PUNCT
gp-264	68	63	,	,	PUNCT
gp-264	68	64	malaysia	malaysia	PROPN
gp-264	68	65	(	(	PUNCT
gp-264	68	66	ftse	ftse	PROPN
gp-264	68	67	malaysia	malaysia	PROPN
gp-264	68	68	klci	klci	PROPN
gp-264	68	69	)	)	PUNCT
gp-264	68	70	and	and	CCONJ
gp-264	68	71	thailand	thailand	PROPN
gp-264	68	72	(	(	PUNCT
gp-264	68	73	set	set	NOUN
gp-264	68	74	index	index	NOUN
gp-264	68	75	)	)	PUNCT
gp-264	68	76	.	.	PUNCT
gp-264	69	1	this	this	DET
gp-264	69	2	study	study	NOUN
gp-264	69	3	aims	aim	VERB
gp-264	69	4	to	to	PART
gp-264	69	5	analyze	analyze	VERB
gp-264	69	6	the	the	DET
gp-264	69	7	long	long	ADJ
gp-264	69	8	-	-	PUNCT
gp-264	69	9	term	term	NOUN
gp-264	69	10	cointegration	cointegration	NOUN
gp-264	69	11	between	between	ADP
gp-264	69	12	the	the	DET
gp-264	69	13	indonesian	indonesian	ADJ
gp-264	69	14	stock	stock	PROPN
gp-264	69	15	exchange	exchange	PROPN
gp-264	69	16	(	(	PUNCT
gp-264	69	17	idx	idx	PROPN
gp-264	69	18	)	)	PUNCT
gp-264	69	19	and	and	CCONJ
gp-264	69	20	major	major	ADJ
gp-264	69	21	global	global	ADJ
gp-264	69	22	and	and	CCONJ
gp-264	69	23	southeast	southeast	ADJ
gp-264	69	24	asian	asian	ADJ
gp-264	69	25	stock	stock	NOUN
gp-264	69	26	exchanges	exchange	NOUN
gp-264	69	27	,	,	PUNCT
gp-264	69	28	including	include	VERB
gp-264	69	29	those	those	PRON
gp-264	69	30	of	of	ADP
gp-264	69	31	the	the	DET
gp-264	69	32	u.s	u.s	PROPN
gp-264	69	33	.	.	PROPN
gp-264	69	34	,	,	PUNCT
gp-264	69	35	china	china	PROPN
gp-264	69	36	,	,	PUNCT
gp-264	69	37	hong	hong	PROPN
gp-264	69	38	kong	kong	PROPN
gp-264	69	39	,	,	PUNCT
gp-264	69	40	malaysia	malaysia	PROPN
gp-264	69	41	,	,	PUNCT
gp-264	69	42	singapore	singapore	PROPN
gp-264	69	43	,	,	PUNCT
gp-264	69	44	and	and	CCONJ
gp-264	69	45	thailand	thailand	PROPN
gp-264	69	46	.	.	PUNCT
gp-264	70	1	specifically	specifically	ADV
gp-264	70	2	,	,	PUNCT
gp-264	70	3	it	it	PRON
gp-264	70	4	seeks	seek	VERB
gp-264	70	5	to	to	PART
gp-264	70	6	investigate	investigate	VERB
gp-264	70	7	whether	whether	SCONJ
gp-264	70	8	cointegration	cointegration	NOUN
gp-264	70	9	exists	exist	VERB
gp-264	70	10	among	among	ADP
gp-264	70	11	the	the	DET
gp-264	70	12	stock	stock	NOUN
gp-264	70	13	indices	index	NOUN
gp-264	70	14	of	of	ADP
gp-264	70	15	these	these	DET
gp-264	70	16	countries	country	NOUN
gp-264	70	17	over	over	ADP
gp-264	70	18	different	different	ADJ
gp-264	70	19	time	time	NOUN
gp-264	70	20	periods	period	NOUN
gp-264	70	21	(	(	PUNCT
gp-264	70	22	2007–2009	2007–2009	NUM
gp-264	70	23	,	,	PUNCT
gp-264	70	24	2020–2022	2020–2022	NUM
gp-264	70	25	,	,	PUNCT
gp-264	70	26	and	and	CCONJ
gp-264	70	27	2007–2025	2007–2025	NUM
gp-264	70	28	)	)	PUNCT
gp-264	70	29	,	,	PUNCT
gp-264	70	30	explore	explore	VERB
gp-264	70	31	how	how	SCONJ
gp-264	70	32	economic	economic	ADJ
gp-264	70	33	factors	factor	NOUN
gp-264	70	34	such	such	ADJ
gp-264	70	35	as	as	ADP
gp-264	70	36	gdp	gdp	NOUN
gp-264	70	37	and	and	CCONJ
gp-264	70	38	international	international	ADJ
gp-264	70	39	trade	trade	NOUN
gp-264	70	40	influence	influence	NOUN
gp-264	70	41	the	the	DET
gp-264	70	42	integration	integration	NOUN
gp-264	70	43	of	of	ADP
gp-264	70	44	stock	stock	NOUN
gp-264	70	45	markets	market	NOUN
gp-264	70	46	,	,	PUNCT
gp-264	70	47	and	and	CCONJ
gp-264	70	48	identify	identify	VERB
gp-264	70	49	the	the	DET
gp-264	70	50	implications	implication	NOUN
gp-264	70	51	of	of	ADP
gp-264	70	52	stock	stock	NOUN
gp-264	70	53	market	market	NOUN
gp-264	70	54	cointegration	cointegration	NOUN
gp-264	70	55	for	for	ADP
gp-264	70	56	international	international	ADJ
gp-264	70	57	portfolio	portfolio	NOUN
gp-264	70	58	diversification	diversification	NOUN
gp-264	70	59	.	.	PUNCT
gp-264	71	1	the	the	DET
gp-264	71	2	findings	finding	NOUN
gp-264	71	3	of	of	ADP
gp-264	71	4	this	this	DET
gp-264	71	5	research	research	NOUN
gp-264	71	6	will	will	AUX
gp-264	71	7	provide	provide	VERB
gp-264	71	8	crucial	crucial	ADJ
gp-264	71	9	insights	insight	NOUN
gp-264	71	10	for	for	ADP
gp-264	71	11	several	several	ADJ
gp-264	71	12	stakeholders	stakeholder	NOUN
gp-264	71	13	.	.	PUNCT
gp-264	72	1	for	for	ADP
gp-264	72	2	investors	investor	NOUN
gp-264	72	3	,	,	PUNCT
gp-264	72	4	understanding	understand	VERB
gp-264	72	5	the	the	DET
gp-264	72	6	relationships	relationship	NOUN
gp-264	72	7	between	between	ADP
gp-264	72	8	stock	stock	NOUN
gp-264	72	9	markets	market	NOUN
gp-264	72	10	will	will	AUX
gp-264	72	11	help	help	VERB
gp-264	72	12	in	in	ADP
gp-264	72	13	making	make	VERB
gp-264	72	14	more	more	ADV
gp-264	72	15	informed	informed	ADJ
gp-264	72	16	decisions	decision	NOUN
gp-264	72	17	about	about	ADP
gp-264	72	18	portfolio	portfolio	NOUN
gp-264	72	19	diversification	diversification	NOUN
gp-264	72	20	,	,	PUNCT
gp-264	72	21	potentially	potentially	ADV
gp-264	72	22	reducing	reduce	VERB
gp-264	72	23	risk	risk	NOUN
gp-264	72	24	and	and	CCONJ
gp-264	72	25	maximizing	maximize	VERB
gp-264	72	26	returns	return	NOUN
gp-264	72	27	through	through	ADP
gp-264	72	28	international	international	ADJ
gp-264	72	29	exposure	exposure	NOUN
gp-264	72	30	.	.	PUNCT
gp-264	73	1	for	for	ADP
gp-264	73	2	policymakers	policymaker	NOUN
gp-264	73	3	,	,	PUNCT
gp-264	73	4	the	the	DET
gp-264	73	5	results	result	NOUN
gp-264	73	6	will	will	AUX
gp-264	73	7	offer	offer	VERB
gp-264	73	8	guidance	guidance	NOUN
gp-264	73	9	on	on	ADP
gp-264	73	10	the	the	DET
gp-264	73	11	dynamics	dynamic	NOUN
gp-264	73	12	of	of	ADP
gp-264	73	13	market	market	NOUN
gp-264	73	14	integration	integration	NOUN
gp-264	73	15	and	and	CCONJ
gp-264	73	16	the	the	DET
gp-264	73	17	role	role	NOUN
gp-264	73	18	of	of	ADP
gp-264	73	19	liberalization	liberalization	NOUN
gp-264	73	20	in	in	ADP
gp-264	73	21	enhancing	enhance	VERB
gp-264	73	22	financial	financial	ADJ
gp-264	73	23	market	market	NOUN
gp-264	73	24	stability	stability	NOUN
gp-264	73	25	,	,	PUNCT
gp-264	73	26	both	both	CCONJ
gp-264	73	27	in	in	ADP
gp-264	73	28	southeast	southeast	PROPN
gp-264	73	29	asia	asia	PROPN
gp-264	73	30	and	and	CCONJ
gp-264	73	31	globally	globally	ADV
gp-264	73	32	.	.	PUNCT
gp-264	74	1	furthermore	furthermore	ADV
gp-264	74	2	,	,	PUNCT
gp-264	74	3	for	for	ADP
gp-264	74	4	academics	academic	NOUN
gp-264	74	5	and	and	CCONJ
gp-264	74	6	researchers	researcher	NOUN
gp-264	74	7	,	,	PUNCT
gp-264	74	8	the	the	DET
gp-264	74	9	study	study	NOUN
gp-264	74	10	will	will	AUX
gp-264	74	11	contribute	contribute	VERB
gp-264	74	12	to	to	ADP
gp-264	74	13	the	the	DET
gp-264	74	14	growing	grow	VERB
gp-264	74	15	body	body	NOUN
gp-264	74	16	of	of	ADP
gp-264	74	17	literature	literature	NOUN
gp-264	74	18	on	on	ADP
gp-264	74	19	financial	financial	ADJ
gp-264	74	20	market	market	NOUN
gp-264	74	21	integration	integration	NOUN
gp-264	74	22	,	,	PUNCT
gp-264	74	23	providing	provide	VERB
gp-264	74	24	a	a	DET
gp-264	74	25	comprehensive	comprehensive	ADJ
gp-264	74	26	analysis	analysis	NOUN
gp-264	74	27	of	of	ADP
gp-264	74	28	stock	stock	NOUN
gp-264	74	29	market	market	NOUN
gp-264	74	30	relationships	relationship	NOUN
gp-264	74	31	across	across	ADP
gp-264	74	32	developed	developed	ADJ
gp-264	74	33	and	and	CCONJ
gp-264	74	34	emerging	emerge	VERB
gp-264	74	35	economies	economy	NOUN
gp-264	74	36	.	.	PUNCT
gp-264	75	1	research	research	NOUN
gp-264	75	2	methods	method	NOUN
gp-264	75	3	regarding	regard	VERB
gp-264	75	4	the	the	DET
gp-264	75	5	classification	classification	NOUN
gp-264	75	6	of	of	ADP
gp-264	75	7	research	research	NOUN
gp-264	75	8	designs	design	NOUN
gp-264	75	9	,	,	PUNCT
gp-264	75	10	juanda	juanda	NOUN
gp-264	75	11	(	(	PUNCT
gp-264	75	12	2009	2009	NUM
gp-264	75	13	)	)	PUNCT
gp-264	75	14	explained	explain	VERB
gp-264	75	15	that	that	SCONJ
gp-264	75	16	there	there	PRON
gp-264	75	17	are	be	VERB
gp-264	75	18	three	three	NUM
gp-264	75	19	types	type	NOUN
gp-264	75	20	:	:	PUNCT
gp-264	75	21	exploratory	exploratory	ADJ
gp-264	75	22	research	research	NOUN
gp-264	75	23	,	,	PUNCT
gp-264	75	24	descriptive	descriptive	ADJ
gp-264	75	25	research	research	NOUN
gp-264	75	26	,	,	PUNCT
gp-264	75	27	and	and	CCONJ
gp-264	75	28	causal	causal	NOUN
gp-264	75	29	relationship	relationship	NOUN
gp-264	75	30	research	research	NOUN
gp-264	75	31	.	.	PUNCT
gp-264	76	1	in	in	ADP
gp-264	76	2	this	this	DET
gp-264	76	3	study	study	NOUN
gp-264	76	4	,	,	PUNCT
gp-264	76	5	the	the	DET
gp-264	76	6	objective	objective	NOUN
gp-264	76	7	was	be	AUX
gp-264	76	8	to	to	PART
gp-264	76	9	conduct	conduct	VERB
gp-264	76	10	a	a	DET
gp-264	76	11	descriptive	descriptive	ADJ
gp-264	76	12	analysis	analysis	NOUN
gp-264	76	13	using	use	VERB
gp-264	76	14	time	time	NOUN
gp-264	76	15	series	series	PROPN
gp-264	76	16	data	datum	NOUN
gp-264	76	17	to	to	PART
gp-264	76	18	examine	examine	VERB
gp-264	76	19	the	the	DET
gp-264	76	20	cointegration	cointegration	NOUN
gp-264	76	21	analysis	analysis	NOUN
gp-264	76	22	of	of	ADP
gp-264	76	23	the	the	DET
gp-264	76	24	indonesian	indonesian	ADJ
gp-264	76	25	stock	stock	PROPN
gp-264	76	26	exchange	exchange	PROPN
gp-264	76	27	with	with	ADP
gp-264	76	28	the	the	DET
gp-264	76	29	stock	stock	NOUN
gp-264	76	30	exchanges	exchange	NOUN
gp-264	76	31	of	of	ADP
gp-264	76	32	the	the	DET
gp-264	76	33	united	united	PROPN
gp-264	76	34	states	states	PROPN
gp-264	76	35	,	,	PUNCT
gp-264	76	36	china	china	PROPN
gp-264	76	37	,	,	PUNCT
gp-264	76	38	and	and	CCONJ
gp-264	76	39	southeast	southeast	PROPN
gp-264	76	40	asia	asia	PROPN
gp-264	76	41	771	771	NUM
gp-264	76	42	relationship	relationship	NOUN
gp-264	76	43	between	between	ADP
gp-264	76	44	the	the	DET
gp-264	76	45	indonesian	indonesian	ADJ
gp-264	76	46	stock	stock	NOUN
gp-264	76	47	market	market	NOUN
gp-264	76	48	(	(	PUNCT
gp-264	76	49	idx	idx	NOUN
gp-264	76	50	composite	composite	NOUN
gp-264	76	51	)	)	PUNCT
gp-264	76	52	and	and	CCONJ
gp-264	76	53	the	the	DET
gp-264	76	54	stock	stock	NOUN
gp-264	76	55	markets	market	NOUN
gp-264	76	56	of	of	ADP
gp-264	76	57	the	the	DET
gp-264	76	58	united	united	PROPN
gp-264	76	59	states	states	PROPN
gp-264	76	60	(	(	PUNCT
gp-264	76	61	dow	dow	PROPN
gp-264	76	62	jones	jones	PROPN
gp-264	76	63	industrial	industrial	PROPN
gp-264	76	64	average	average	PROPN
gp-264	76	65	)	)	PUNCT
gp-264	76	66	,	,	PUNCT
gp-264	76	67	china	china	PROPN
gp-264	76	68	(	(	PUNCT
gp-264	76	69	shanghai	shanghai	PROPN
gp-264	76	70	composite	composite	PROPN
gp-264	76	71	)	)	PUNCT
gp-264	76	72	,	,	PUNCT
gp-264	76	73	hong	hong	PROPN
gp-264	76	74	kong	kong	PROPN
gp-264	76	75	(	(	PUNCT
gp-264	76	76	hang	hang	PROPN
gp-264	76	77	seng	seng	PROPN
gp-264	76	78	)	)	PUNCT
gp-264	76	79	,	,	PUNCT
gp-264	76	80	singapore	singapore	PROPN
gp-264	76	81	(	(	PUNCT
gp-264	76	82	ftse	ftse	PROPN
gp-264	76	83	straits	strait	NOUN
gp-264	76	84	times	time	NOUN
gp-264	76	85	)	)	PUNCT
gp-264	76	86	,	,	PUNCT
gp-264	76	87	malaysia	malaysia	PROPN
gp-264	76	88	(	(	PUNCT
gp-264	76	89	ftse	ftse	PROPN
gp-264	76	90	malaysia	malaysia	PROPN
gp-264	76	91	klci	klci	PROPN
gp-264	76	92	)	)	PUNCT
gp-264	76	93	,	,	PUNCT
gp-264	76	94	and	and	CCONJ
gp-264	76	95	thailand	thailand	PROPN
gp-264	76	96	(	(	PUNCT
gp-264	76	97	set	set	PROPN
gp-264	76	98	)	)	PUNCT
gp-264	76	99	.	.	PUNCT
gp-264	77	1	the	the	DET
gp-264	77	2	research	research	NOUN
gp-264	77	3	methodology	methodology	NOUN
gp-264	77	4	employed	employ	VERB
gp-264	77	5	was	be	AUX
gp-264	77	6	quantitative	quantitative	ADJ
gp-264	77	7	descriptive	descriptive	ADJ
gp-264	77	8	,	,	PUNCT
gp-264	77	9	utilizing	utilize	VERB
gp-264	77	10	correlative	correlative	ADJ
gp-264	77	11	analysis	analysis	NOUN
gp-264	77	12	techniques	technique	NOUN
gp-264	77	13	.	.	PUNCT
gp-264	78	1	the	the	DET
gp-264	78	2	research	research	NOUN
gp-264	78	3	process	process	NOUN
gp-264	78	4	was	be	AUX
gp-264	78	5	deductive	deductive	ADJ
gp-264	78	6	,	,	PUNCT
gp-264	78	7	with	with	ADP
gp-264	78	8	hypotheses	hypothesis	NOUN
gp-264	78	9	formulated	formulate	VERB
gp-264	78	10	to	to	PART
gp-264	78	11	address	address	VERB
gp-264	78	12	the	the	DET
gp-264	78	13	research	research	NOUN
gp-264	78	14	questions	question	NOUN
gp-264	78	15	.	.	PUNCT
gp-264	79	1	these	these	DET
gp-264	79	2	hypotheses	hypothesis	NOUN
gp-264	79	3	were	be	AUX
gp-264	79	4	then	then	ADV
gp-264	79	5	tested	test	VERB
gp-264	79	6	using	use	VERB
gp-264	79	7	time	time	NOUN
gp-264	79	8	series	series	PROPN
gp-264	79	9	data	datum	NOUN
gp-264	79	10	processed	process	VERB
gp-264	79	11	through	through	ADP
gp-264	79	12	the	the	DET
gp-264	79	13	eviews	eviews	PROPN
gp-264	79	14	application	application	NOUN
gp-264	79	15	and	and	CCONJ
gp-264	79	16	cointegration	cointegration	NOUN
gp-264	79	17	tests	test	NOUN
gp-264	79	18	,	,	PUNCT
gp-264	79	19	allowing	allow	VERB
gp-264	79	20	for	for	ADP
gp-264	79	21	descriptive	descriptive	ADJ
gp-264	79	22	conclusions	conclusion	NOUN
gp-264	79	23	regarding	regard	VERB
gp-264	79	24	the	the	DET
gp-264	79	25	acceptance	acceptance	NOUN
gp-264	79	26	or	or	CCONJ
gp-264	79	27	rejection	rejection	NOUN
gp-264	79	28	of	of	ADP
gp-264	79	29	the	the	DET
gp-264	79	30	hypotheses	hypothesis	NOUN
gp-264	79	31	.	.	PUNCT
gp-264	80	1	the	the	DET
gp-264	80	2	research	research	NOUN
gp-264	80	3	paradigm	paradigm	NOUN
gp-264	80	4	was	be	AUX
gp-264	80	5	based	base	VERB
gp-264	80	6	on	on	ADP
gp-264	80	7	positivism	positivism	NOUN
gp-264	80	8	,	,	PUNCT
gp-264	80	9	focusing	focus	VERB
gp-264	80	10	on	on	ADP
gp-264	80	11	the	the	DET
gp-264	80	12	phenomenon	phenomenon	NOUN
gp-264	80	13	of	of	ADP
gp-264	80	14	relationships	relationship	NOUN
gp-264	80	15	among	among	ADP
gp-264	80	16	stock	stock	NOUN
gp-264	80	17	indices	index	NOUN
gp-264	80	18	in	in	ADP
gp-264	80	19	various	various	ADJ
gp-264	80	20	countries	country	NOUN
gp-264	80	21	using	use	VERB
gp-264	80	22	time	time	NOUN
gp-264	80	23	series	series	PROPN
gp-264	80	24	data	data	PROPN
gp-264	80	25	.	.	PUNCT
gp-264	81	1	the	the	DET
gp-264	81	2	research	research	NOUN
gp-264	81	3	strategy	strategy	NOUN
gp-264	81	4	involved	involve	VERB
gp-264	81	5	longitudinal	longitudinal	ADJ
gp-264	81	6	data	datum	NOUN
gp-264	81	7	collection	collection	NOUN
gp-264	81	8	over	over	ADP
gp-264	81	9	a	a	DET
gp-264	81	10	ten	ten	NUM
gp-264	81	11	-	-	PUNCT
gp-264	81	12	year	year	NOUN
gp-264	81	13	period	period	NOUN
gp-264	81	14	,	,	PUNCT
gp-264	81	15	from	from	ADP
gp-264	81	16	january	january	PROPN
gp-264	81	17	2007	2007	NUM
gp-264	81	18	to	to	ADP
gp-264	81	19	february	february	PROPN
gp-264	81	20	2025	2025	NUM
gp-264	81	21	,	,	PUNCT
gp-264	81	22	using	use	VERB
gp-264	81	23	daily	daily	ADJ
gp-264	81	24	stock	stock	NOUN
gp-264	81	25	price	price	NOUN
gp-264	81	26	indices	index	NOUN
gp-264	81	27	from	from	ADP
gp-264	81	28	indonesia	indonesia	PROPN
gp-264	81	29	,	,	PUNCT
gp-264	81	30	the	the	DET
gp-264	81	31	united	united	PROPN
gp-264	81	32	states	states	PROPN
gp-264	81	33	,	,	PUNCT
gp-264	81	34	china	china	PROPN
gp-264	81	35	,	,	PUNCT
gp-264	81	36	hong	hong	PROPN
gp-264	81	37	kong	kong	PROPN
gp-264	81	38	,	,	PUNCT
gp-264	81	39	singapore	singapore	PROPN
gp-264	81	40	,	,	PUNCT
gp-264	81	41	malaysia	malaysia	PROPN
gp-264	81	42	,	,	PUNCT
gp-264	81	43	and	and	CCONJ
gp-264	81	44	thailand	thailand	PROPN
gp-264	81	45	.	.	PUNCT
gp-264	82	1	data	datum	NOUN
gp-264	82	2	were	be	AUX
gp-264	82	3	obtained	obtain	VERB
gp-264	82	4	from	from	ADP
gp-264	82	5	books	book	NOUN
gp-264	82	6	,	,	PUNCT
gp-264	82	7	research	research	NOUN
gp-264	82	8	journals	journal	NOUN
gp-264	82	9	,	,	PUNCT
gp-264	82	10	websites	website	NOUN
gp-264	82	11	,	,	PUNCT
gp-264	82	12	and	and	CCONJ
gp-264	82	13	other	other	ADJ
gp-264	82	14	supporting	support	VERB
gp-264	82	15	sources	source	NOUN
gp-264	82	16	.	.	PUNCT
gp-264	83	1	the	the	DET
gp-264	83	2	unit	unit	NOUN
gp-264	83	3	of	of	ADP
gp-264	83	4	analysis	analysis	NOUN
gp-264	83	5	was	be	AUX
gp-264	83	6	at	at	ADP
gp-264	83	7	the	the	DET
gp-264	83	8	organizational	organizational	ADJ
gp-264	83	9	level	level	NOUN
gp-264	83	10	,	,	PUNCT
gp-264	83	11	analyzing	analyze	VERB
gp-264	83	12	each	each	DET
gp-264	83	13	country	country	NOUN
gp-264	83	14	's	's	PART
gp-264	83	15	stock	stock	NOUN
gp-264	83	16	index	index	NOUN
gp-264	83	17	as	as	ADP
gp-264	83	18	a	a	DET
gp-264	83	19	representation	representation	NOUN
gp-264	83	20	of	of	ADP
gp-264	83	21	its	its	PRON
gp-264	83	22	entire	entire	ADJ
gp-264	83	23	stock	stock	NOUN
gp-264	83	24	market	market	NOUN
gp-264	83	25	(	(	PUNCT
gp-264	83	26	e.g.	e.g.	ADV
gp-264	83	27	,	,	PUNCT
gp-264	83	28	idx	idx	ADJ
gp-264	83	29	composite	composite	NOUN
gp-264	83	30	for	for	ADP
gp-264	83	31	indonesia	indonesia	PROPN
gp-264	83	32	,	,	PUNCT
gp-264	83	33	hang	hang	VERB
gp-264	83	34	seng	seng	PROPN
gp-264	83	35	for	for	ADP
gp-264	83	36	hong	hong	PROPN
gp-264	83	37	kong	kong	PROPN
gp-264	83	38	,	,	PUNCT
gp-264	83	39	djia	djia	PROPN
gp-264	83	40	for	for	ADP
gp-264	83	41	the	the	DET
gp-264	83	42	united	united	PROPN
gp-264	83	43	states	states	PROPN
gp-264	83	44	)	)	PUNCT
gp-264	83	45	.	.	PUNCT
gp-264	84	1	at	at	ADP
gp-264	84	2	the	the	DET
gp-264	84	3	group	group	NOUN
gp-264	84	4	level	level	NOUN
gp-264	84	5	,	,	PUNCT
gp-264	84	6	the	the	DET
gp-264	84	7	study	study	NOUN
gp-264	84	8	categorized	categorize	VERB
gp-264	84	9	markets	market	NOUN
gp-264	84	10	into	into	ADP
gp-264	84	11	three	three	NUM
gp-264	84	12	groups	group	NOUN
gp-264	84	13	:	:	PUNCT
gp-264	84	14	southeast	southeast	ADJ
gp-264	84	15	asian	asian	ADJ
gp-264	84	16	markets	market	NOUN
gp-264	84	17	(	(	PUNCT
gp-264	84	18	indonesia	indonesia	PROPN
gp-264	84	19	,	,	PUNCT
gp-264	84	20	singapore	singapore	PROPN
gp-264	84	21	,	,	PUNCT
gp-264	84	22	malaysia	malaysia	PROPN
gp-264	84	23	,	,	PUNCT
gp-264	84	24	thailand	thailand	PROPN
gp-264	84	25	)	)	PUNCT
gp-264	84	26	and	and	CCONJ
gp-264	84	27	global	global	ADJ
gp-264	84	28	markets	market	NOUN
gp-264	84	29	(	(	PUNCT
gp-264	84	30	china	china	PROPN
gp-264	84	31	,	,	PUNCT
gp-264	84	32	hong	hong	PROPN
gp-264	84	33	kong	kong	PROPN
gp-264	84	34	,	,	PUNCT
gp-264	84	35	united	united	PROPN
gp-264	84	36	states	states	PROPN
gp-264	84	37	)	)	PUNCT
gp-264	84	38	.	.	PUNCT
gp-264	85	1	the	the	DET
gp-264	85	2	researcher	researcher	NOUN
gp-264	85	3	's	's	PART
gp-264	85	4	involvement	involvement	NOUN
gp-264	85	5	was	be	AUX
gp-264	85	6	minimal	minimal	ADJ
gp-264	85	7	,	,	PUNCT
gp-264	85	8	as	as	SCONJ
gp-264	85	9	the	the	DET
gp-264	85	10	study	study	NOUN
gp-264	85	11	relied	rely	VERB
gp-264	85	12	solely	solely	ADV
gp-264	85	13	on	on	ADP
gp-264	85	14	secondary	secondary	ADJ
gp-264	85	15	data	datum	NOUN
gp-264	85	16	without	without	ADP
gp-264	85	17	direct	direct	ADJ
gp-264	85	18	interaction	interaction	NOUN
gp-264	85	19	with	with	ADP
gp-264	85	20	subjects	subject	NOUN
gp-264	85	21	.	.	PUNCT
gp-264	86	1	the	the	DET
gp-264	86	2	researcher	researcher	NOUN
gp-264	86	3	's	's	PART
gp-264	86	4	role	role	NOUN
gp-264	86	5	was	be	AUX
gp-264	86	6	limited	limit	VERB
gp-264	86	7	to	to	ADP
gp-264	86	8	data	data	NOUN
gp-264	86	9	collection	collection	NOUN
gp-264	86	10	,	,	PUNCT
gp-264	86	11	processing	processing	NOUN
gp-264	86	12	,	,	PUNCT
gp-264	86	13	and	and	CCONJ
gp-264	86	14	statistical	statistical	ADJ
gp-264	86	15	analysis	analysis	NOUN
gp-264	86	16	.	.	PUNCT
gp-264	87	1	the	the	DET
gp-264	87	2	research	research	NOUN
gp-264	87	3	was	be	AUX
gp-264	87	4	conducted	conduct	VERB
gp-264	87	5	in	in	ADP
gp-264	87	6	a	a	DET
gp-264	87	7	non	non	ADJ
gp-264	87	8	-	-	ADJ
gp-264	87	9	contrived	contrived	ADJ
gp-264	87	10	,	,	PUNCT
gp-264	87	11	natural	natural	ADJ
gp-264	87	12	environment	environment	NOUN
gp-264	87	13	,	,	PUNCT
gp-264	87	14	with	with	ADP
gp-264	87	15	variables	variable	NOUN
gp-264	87	16	observed	observe	VERB
gp-264	87	17	without	without	ADP
gp-264	87	18	intervention	intervention	NOUN
gp-264	87	19	.	.	PUNCT
gp-264	88	1	data	datum	NOUN
gp-264	88	2	were	be	AUX
gp-264	88	3	collected	collect	VERB
gp-264	88	4	as	as	SCONJ
gp-264	88	5	the	the	DET
gp-264	88	6	phenomena	phenomenon	NOUN
gp-264	88	7	occurred	occur	VERB
gp-264	88	8	naturally	naturally	ADV
gp-264	88	9	.	.	PUNCT
gp-264	89	1	this	this	DET
gp-264	89	2	research	research	NOUN
gp-264	89	3	adopted	adopt	VERB
gp-264	89	4	a	a	DET
gp-264	89	5	longitudinal	longitudinal	ADJ
gp-264	89	6	time	time	NOUN
gp-264	89	7	horizon	horizon	NOUN
gp-264	89	8	,	,	PUNCT
gp-264	89	9	utilizing	utilize	VERB
gp-264	89	10	daily	daily	ADJ
gp-264	89	11	stock	stock	NOUN
gp-264	89	12	price	price	NOUN
gp-264	89	13	index	index	NOUN
gp-264	89	14	data	datum	NOUN
gp-264	89	15	from	from	ADP
gp-264	89	16	january	january	PROPN
gp-264	89	17	2007	2007	NUM
gp-264	89	18	to	to	ADP
gp-264	89	19	february	february	PROPN
gp-264	89	20	2025	2025	NUM
gp-264	89	21	.	.	PUNCT
gp-264	90	1	the	the	DET
gp-264	90	2	longitudinal	longitudinal	ADJ
gp-264	90	3	approach	approach	NOUN
gp-264	90	4	was	be	AUX
gp-264	90	5	appropriate	appropriate	ADJ
gp-264	90	6	for	for	ADP
gp-264	90	7	cointegration	cointegration	NOUN
gp-264	90	8	research	research	NOUN
gp-264	90	9	,	,	PUNCT
gp-264	90	10	which	which	PRON
gp-264	90	11	requires	require	VERB
gp-264	90	12	long	long	ADJ
gp-264	90	13	-	-	PUNCT
gp-264	90	14	term	term	NOUN
gp-264	90	15	data	datum	NOUN
gp-264	90	16	to	to	PART
gp-264	90	17	capture	capture	VERB
gp-264	90	18	structural	structural	ADJ
gp-264	90	19	changes	change	NOUN
gp-264	90	20	and	and	CCONJ
gp-264	90	21	evolving	evolve	VERB
gp-264	90	22	patterns	pattern	NOUN
gp-264	90	23	of	of	ADP
gp-264	90	24	market	market	NOUN
gp-264	90	25	integration	integration	NOUN
gp-264	90	26	.	.	PUNCT
gp-264	91	1	figure	figure	NOUN
gp-264	91	2	1	1	NUM
gp-264	91	3	.	.	PUNCT
gp-264	91	4	research	research	NOUN
gp-264	91	5	methodology	methodology	NOUN
gp-264	91	6	source	source	NOUN
gp-264	91	7	:	:	PUNCT
gp-264	91	8	research	research	VERB
gp-264	91	9	the	the	DET
gp-264	91	10	data	data	NOUN
gp-264	91	11	collection	collection	NOUN
gp-264	91	12	method	method	NOUN
gp-264	91	13	uses	use	VERB
gp-264	91	14	secondary	secondary	ADJ
gp-264	91	15	data	datum	NOUN
gp-264	91	16	collection	collection	NOUN
gp-264	91	17	methods	method	NOUN
gp-264	91	18	,	,	PUNCT
gp-264	91	19	through	through	ADP
gp-264	91	20	documentation	documentation	NOUN
gp-264	91	21	techniques	technique	NOUN
gp-264	91	22	using	use	VERB
gp-264	91	23	information	information	NOUN
gp-264	91	24	based	base	VERB
gp-264	91	25	on	on	ADP
gp-264	91	26	literature	literature	NOUN
gp-264	91	27	,	,	PUNCT
gp-264	91	28	both	both	CCONJ
gp-264	91	29	through	through	ADP
gp-264	91	30	previous	previous	ADJ
gp-264	91	31	research	research	NOUN
gp-264	91	32	journals	journal	NOUN
gp-264	91	33	,	,	PUNCT
gp-264	91	34	books	book	NOUN
gp-264	91	35	and	and	CCONJ
gp-264	91	36	information	information	NOUN
gp-264	91	37	through	through	ADP
gp-264	91	38	websites	website	NOUN
gp-264	91	39	such	such	ADJ
gp-264	91	40	as	as	ADP
gp-264	91	41	investing.com	investing.com	X
gp-264	91	42	,	,	PUNCT
gp-264	91	43	investopedia	investopedia	PROPN
gp-264	91	44	and	and	CCONJ
gp-264	91	45	cointegration	cointegration	NOUN
gp-264	91	46	analysis	analysis	NOUN
gp-264	91	47	of	of	ADP
gp-264	91	48	the	the	DET
gp-264	91	49	indonesian	indonesian	ADJ
gp-264	91	50	stock	stock	PROPN
gp-264	91	51	exchange	exchange	PROPN
gp-264	91	52	with	with	ADP
gp-264	91	53	the	the	DET
gp-264	91	54	stock	stock	NOUN
gp-264	91	55	exchanges	exchange	NOUN
gp-264	91	56	of	of	ADP
gp-264	91	57	the	the	DET
gp-264	91	58	united	united	PROPN
gp-264	91	59	states	states	PROPN
gp-264	91	60	,	,	PUNCT
gp-264	91	61	china	china	PROPN
gp-264	91	62	,	,	PUNCT
gp-264	91	63	and	and	CCONJ
gp-264	91	64	southeast	southeast	PROPN
gp-264	91	65	asia	asia	PROPN
gp-264	91	66	772	772	NUM
gp-264	91	67	yahoo	yahoo	PROPN
gp-264	91	68	finance	finance	NOUN
gp-264	91	69	.	.	PUNCT
gp-264	92	1	the	the	DET
gp-264	92	2	data	data	NOUN
gp-264	92	3	analysis	analysis	NOUN
gp-264	92	4	methods	method	NOUN
gp-264	92	5	used	use	VERB
gp-264	92	6	were	be	AUX
gp-264	92	7	the	the	DET
gp-264	92	8	root	root	NOUN
gp-264	92	9	test	test	NOUN
gp-264	92	10	of	of	ADP
gp-264	92	11	the	the	DET
gp-264	92	12	augmented	augment	VERB
gp-264	92	13	dickeyfuller	dickeyfuller	NOUN
gp-264	92	14	unit	unit	NOUN
gp-264	92	15	(	(	PUNCT
gp-264	92	16	adf	adf	PROPN
gp-264	92	17	)	)	PUNCT
gp-264	92	18	,	,	PUNCT
gp-264	92	19	the	the	DET
gp-264	92	20	johansen	johansen	PROPN
gp-264	92	21	cointegration	cointegration	PROPN
gp-264	92	22	test	test	NOUN
gp-264	92	23	,	,	PUNCT
gp-264	92	24	the	the	DET
gp-264	92	25	granger	granger	PROPN
gp-264	92	26	cointegration	cointegration	PROPN
gp-264	92	27	test	test	NOUN
gp-264	92	28	and	and	CCONJ
gp-264	92	29	the	the	DET
gp-264	92	30	vector	vector	NOUN
gp-264	92	31	error	error	NOUN
gp-264	92	32	correction	correction	NOUN
gp-264	92	33	model	model	NOUN
gp-264	92	34	(	(	PUNCT
gp-264	92	35	vecm	vecm	NOUN
gp-264	92	36	)	)	PUNCT
gp-264	92	37	test	test	NOUN
gp-264	92	38	using	use	VERB
gp-264	92	39	the	the	DET
gp-264	92	40	eviews	eviews	PROPN
gp-264	92	41	application	application	NOUN
gp-264	92	42	.	.	PUNCT
gp-264	93	1	result	result	NOUN
gp-264	93	2	and	and	CCONJ
gp-264	93	3	discussion	discussion	NOUN
gp-264	93	4	research	research	NOUN
gp-264	93	5	results	result	VERB
gp-264	93	6	stationary	stationary	ADJ
gp-264	93	7	test	test	NOUN
gp-264	93	8	and	and	CCONJ
gp-264	93	9	optimal	optimal	ADJ
gp-264	93	10	lag	lag	NOUN
gp-264	93	11	determination	determination	NOUN
gp-264	93	12	the	the	DET
gp-264	93	13	data	data	NOUN
gp-264	93	14	stationer	stationer	NOUN
gp-264	93	15	test	test	NOUN
gp-264	93	16	is	be	AUX
gp-264	93	17	carried	carry	VERB
gp-264	93	18	out	out	ADP
gp-264	93	19	to	to	PART
gp-264	93	20	ensure	ensure	VERB
gp-264	93	21	that	that	SCONJ
gp-264	93	22	the	the	DET
gp-264	93	23	data	datum	NOUN
gp-264	93	24	does	do	AUX
gp-264	93	25	not	not	PART
gp-264	93	26	have	have	VERB
gp-264	93	27	a	a	DET
gp-264	93	28	unit	unit	NOUN
gp-264	93	29	root	root	NOUN
gp-264	93	30	that	that	PRON
gp-264	93	31	causes	cause	VERB
gp-264	93	32	the	the	DET
gp-264	93	33	data	datum	NOUN
gp-264	93	34	to	to	PART
gp-264	93	35	be	be	AUX
gp-264	93	36	not	not	PART
gp-264	93	37	stationary	stationary	ADJ
gp-264	93	38	.	.	PUNCT
gp-264	94	1	in	in	ADP
gp-264	94	2	the	the	DET
gp-264	94	3	test	test	NOUN
gp-264	94	4	,	,	PUNCT
gp-264	94	5	unit	unit	NOUN
gp-264	94	6	root	root	NOUN
gp-264	94	7	test	test	NOUN
gp-264	94	8	was	be	AUX
gp-264	94	9	carried	carry	VERB
gp-264	94	10	out	out	ADP
gp-264	94	11	using	use	VERB
gp-264	94	12	the	the	DET
gp-264	94	13	eviews	eviews	PROPN
gp-264	94	14	13	13	NUM
gp-264	94	15	application	application	NOUN
gp-264	94	16	,	,	PUNCT
gp-264	94	17	where	where	SCONJ
gp-264	94	18	the	the	DET
gp-264	94	19	method	method	NOUN
gp-264	94	20	chosen	choose	VERB
gp-264	94	21	was	be	AUX
gp-264	94	22	adf	adf	PROPN
gp-264	94	23	–	–	PUNCT
gp-264	94	24	fisher	fisher	PROPN
gp-264	94	25	.	.	PUNCT
gp-264	95	1	for	for	ADP
gp-264	95	2	the	the	DET
gp-264	95	3	root	root	NOUN
gp-264	95	4	test	test	NOUN
gp-264	95	5	of	of	ADP
gp-264	95	6	this	this	DET
gp-264	95	7	unit	unit	NOUN
gp-264	95	8	,	,	PUNCT
gp-264	95	9	testing	testing	NOUN
gp-264	95	10	was	be	AUX
gp-264	95	11	carried	carry	VERB
gp-264	95	12	out	out	ADP
gp-264	95	13	at	at	ADP
gp-264	95	14	the	the	DET
gp-264	95	15	level	level	NOUN
gp-264	95	16	without	without	ADP
gp-264	95	17	constant	constant	ADJ
gp-264	95	18	and	and	CCONJ
gp-264	95	19	without	without	ADP
gp-264	95	20	trend	trend	NOUN
gp-264	95	21	(	(	PUNCT
gp-264	95	22	level	level	NOUN
gp-264	95	23	)	)	PUNCT
gp-264	95	24	and	and	CCONJ
gp-264	95	25	testing	testing	NOUN
gp-264	95	26	at	at	ADP
gp-264	95	27	constant	constant	ADJ
gp-264	95	28	and	and	CCONJ
gp-264	95	29	without	without	ADP
gp-264	95	30	trend	trend	NOUN
gp-264	95	31	(	(	PUNCT
gp-264	95	32	first	first	ADJ
gp-264	95	33	difference	difference	NOUN
gp-264	95	34	)	)	PUNCT
gp-264	95	35	.	.	PUNCT
gp-264	96	1	the	the	DET
gp-264	96	2	test	test	NOUN
gp-264	96	3	was	be	AUX
gp-264	96	4	carried	carry	VERB
gp-264	96	5	out	out	ADP
gp-264	96	6	on	on	ADP
gp-264	96	7	the	the	DET
gp-264	96	8	variables	variable	NOUN
gp-264	96	9	of	of	ADP
gp-264	96	10	the	the	DET
gp-264	96	11	stock	stock	NOUN
gp-264	96	12	indices	indice	VERB
gp-264	96	13	djia	djia	PROPN
gp-264	96	14	,	,	PUNCT
gp-264	96	15	jci	jci	PROPN
gp-264	96	16	,	,	PUNCT
gp-264	96	17	ftse	ftse	PROPN
gp-264	96	18	klci	klci	NOUN
gp-264	96	19	,	,	PUNCT
gp-264	96	20	ftse	ftse	PROPN
gp-264	96	21	sts	st	NOUN
gp-264	96	22	,	,	PUNCT
gp-264	96	23	sse	sse	NOUN
gp-264	96	24	,	,	PUNCT
gp-264	96	25	hang	hang	VERB
gp-264	96	26	seng	seng	PROPN
gp-264	96	27	and	and	CCONJ
gp-264	96	28	set	set	PROPN
gp-264	96	29	.	.	PUNCT
gp-264	97	1	the	the	DET
gp-264	97	2	time	time	NOUN
gp-264	97	3	period	period	NOUN
gp-264	97	4	of	of	ADP
gp-264	97	5	the	the	DET
gp-264	97	6	above	above	ADJ
gp-264	97	7	variables	variable	NOUN
gp-264	97	8	is	be	AUX
gp-264	97	9	2007	2007	NUM
gp-264	97	10	–	–	PUNCT
gp-264	97	11	2025	2025	NUM
gp-264	97	12	,	,	PUNCT
gp-264	97	13	2007	2007	NUM
gp-264	97	14	–	–	PUNCT
gp-264	97	15	2009	2009	NUM
gp-264	97	16	and	and	CCONJ
gp-264	97	17	2020	2020	NUM
gp-264	97	18	–	–	PUNCT
gp-264	97	19	2022	2022	NUM
gp-264	97	20	.	.	PUNCT
gp-264	98	1	with	with	ADP
gp-264	98	2	the	the	DET
gp-264	98	3	results	result	NOUN
gp-264	98	4	of	of	ADP
gp-264	98	5	the	the	DET
gp-264	98	6	data	datum	NOUN
gp-264	98	7	summarized	summarize	VERB
gp-264	98	8	in	in	ADP
gp-264	98	9	a	a	DET
gp-264	98	10	single	single	ADJ
gp-264	98	11	table	table	NOUN
gp-264	98	12	for	for	ADP
gp-264	98	13	all	all	DET
gp-264	98	14	three	three	NUM
gp-264	98	15	test	test	NOUN
gp-264	98	16	periods	period	NOUN
gp-264	98	17	.	.	PUNCT
gp-264	98	18	table	table	NOUN
gp-264	98	19	1	1	NUM
gp-264	98	20	.	.	PUNCT
gp-264	98	21	stationer	stationer	NOUN
gp-264	98	22	adf	adf	PROPN
gp-264	98	23	level	level	NOUN
gp-264	98	24	test	test	NOUN
gp-264	98	25	without	without	ADP
gp-264	98	26	trend	trend	NOUN
gp-264	98	27	null	null	ADJ
gp-264	98	28	hypothesis	hypothesis	NOUN
gp-264	98	29	:	:	PUNCT
gp-264	98	30	unit	unit	NOUN
gp-264	98	31	root	root	NOUN
gp-264	98	32	(	(	PUNCT
gp-264	98	33	individual	individual	ADJ
gp-264	98	34	unit	unit	NOUN
gp-264	98	35	root	root	NOUN
gp-264	98	36	process	process	NOUN
gp-264	98	37	)	)	PUNCT
gp-264	98	38	sample	sample	NOUN
gp-264	98	39	:	:	PUNCT
gp-264	98	40	1/03/2007	1/03/2007	NUM
gp-264	98	41	2/28/2025	2/28/2025	NUM
gp-264	98	42	exogenous	exogenous	ADJ
gp-264	98	43	variables	variable	NOUN
gp-264	98	44	:	:	PUNCT
gp-264	98	45	individual	individual	ADJ
gp-264	98	46	effects	effect	NOUN
gp-264	98	47	automatic	automatic	ADJ
gp-264	98	48	selection	selection	NOUN
gp-264	98	49	of	of	ADP
gp-264	98	50	maximum	maximum	ADJ
gp-264	98	51	lags	lag	NOUN
gp-264	98	52	source	source	NOUN
gp-264	98	53	:	:	PUNCT
gp-264	98	54	reprocessed	reprocess	VERB
gp-264	98	55	eviews	eviews	PROPN
gp-264	98	56	output	output	NOUN
gp-264	98	57	(	(	PUNCT
gp-264	98	58	2025	2025	NUM
gp-264	98	59	)	)	PUNCT
gp-264	98	60	method	method	NOUN
gp-264	98	61	year	year	NOUN
gp-264	98	62	year	year	NOUN
gp-264	98	63	year	year	NOUN
gp-264	98	64	2007	2007	NUM
gp-264	98	65	2025	2025	NUM
gp-264	98	66	2007	2007	NUM
gp-264	98	67	2009	2009	NUM
gp-264	98	68	2020	2020	NUM
gp-264	98	69	2022	2022	NUM
gp-264	98	70	statistic	statistic	NOUN
gp-264	98	71	prob	prob	NOUN
gp-264	98	72	.	.	PUNCT
gp-264	98	73	*	*	PUNCT
gp-264	98	74	*	*	PUNCT
gp-264	98	75	statistic	statistic	PROPN
gp-264	98	76	prob	prob	NOUN
gp-264	98	77	.	.	PUNCT
gp-264	98	78	*	*	PUNCT
gp-264	98	79	*	*	PUNCT
gp-264	98	80	statistic	statistic	PROPN
gp-264	98	81	prob	prob	NOUN
gp-264	98	82	.	.	PUNCT
gp-264	98	83	*	*	PUNCT
gp-264	98	84	*	*	PROPN
gp-264	98	85	adf	adf	PROPN
gp-264	98	86	fisher	fisher	PROPN
gp-264	98	87	chi	chi	PROPN
gp-264	98	88	-	-	PUNCT
gp-264	98	89	square	square	ADJ
gp-264	98	90	22.9034	22.9034	NUM
gp-264	98	91	0.0619	0.0619	NUM
gp-264	98	92	5.28236	5.28236	NUM
gp-264	98	93	0.9815	0.9815	NUM
gp-264	98	94	183.027	183.027	NUM
gp-264	98	95	0.0000	0.0000	NUM
gp-264	98	96	adf	adf	NOUN
gp-264	98	97	choi	choi	PROPN
gp-264	98	98	z	z	PROPN
gp-264	98	99	-	-	PUNCT
gp-264	98	100	stat	stat	VERB
gp-264	98	101	-1.12545	-1.12545	X
gp-264	98	102	0.1302	0.1302	NUM
gp-264	99	1	1.31168	1.31168	NUM
gp-264	99	2	0.9052	0.9052	NUM
gp-264	99	3	5.86701	5.86701	NUM
gp-264	99	4	0.0000	0.0000	NUM
gp-264	99	5	*	*	PUNCT
gp-264	99	6	*	*	NOUN
gp-264	99	7	probabilities	probability	NOUN
gp-264	99	8	for	for	ADP
gp-264	99	9	fisher	fisher	NOUN
gp-264	99	10	tests	test	NOUN
gp-264	99	11	are	be	AUX
gp-264	99	12	computed	compute	VERB
gp-264	99	13	using	use	VERB
gp-264	99	14	an	an	DET
gp-264	99	15	asymptotic	asymptotic	ADJ
gp-264	99	16	chi	chi	NOUN
gp-264	99	17	-square	-square	NOUN
gp-264	99	18	distribution	distribution	NOUN
gp-264	99	19	.	.	PUNCT
gp-264	100	1	all	all	DET
gp-264	100	2	other	other	ADJ
gp-264	100	3	tests	test	NOUN
gp-264	100	4	assume	assume	VERB
gp-264	100	5	asymptotic	asymptotic	ADJ
gp-264	100	6	normality	normality	NOUN
gp-264	100	7	.	.	PUNCT
gp-264	101	1	intermediate	intermediate	ADJ
gp-264	101	2	adf	adf	PROPN
gp-264	101	3	test	test	NOUN
gp-264	101	4	results	result	NOUN
gp-264	101	5	year	year	NOUN
gp-264	101	6	2007	2007	NUM
gp-264	101	7	2025	2025	NUM
gp-264	101	8	2007	2007	NUM
gp-264	101	9	2009	2009	NUM
gp-264	101	10	2020	2020	NUM
gp-264	101	11	2022	2022	NUM
gp-264	101	12	series	series	PROPN
gp-264	101	13	prob	prob	PROPN
gp-264	101	14	.	.	PUNCT
gp-264	102	1	lag	lag	PROPN
gp-264	102	2	max	max	PROPN
gp-264	102	3	lag	lag	PROPN
gp-264	102	4	obs	obs	PROPN
gp-264	102	5	prob	prob	PROPN
gp-264	102	6	.	.	PUNCT
gp-264	103	1	lag	lag	PROPN
gp-264	103	2	max	max	PROPN
gp-264	103	3	lag	lag	PROPN
gp-264	103	4	obs	obs	PROPN
gp-264	103	5	prob	prob	PROPN
gp-264	103	6	.	.	PUNCT
gp-264	104	1	lag	lag	PROPN
gp-264	104	2	max	max	PROPN
gp-264	104	3	lag	lag	PROPN
gp-264	104	4	obs	obs	PROPN
gp-264	104	5	d(djia	d(djia	PROPN
gp-264	104	6	)	)	PUNCT
gp-264	104	7	0.9971	0.9971	NUM
gp-264	104	8	31	31	NUM
gp-264	104	9	31	31	NUM
gp-264	104	10	4706	4706	NUM
gp-264	104	11	0.7345	0.7345	NUM
gp-264	104	12	1	1	NUM
gp-264	104	13	20	20	NUM
gp-264	104	14	780	780	NUM
gp-264	104	15	0.4978	0.4978	NUM
gp-264	104	16	9	9	NUM
gp-264	104	17	20	20	NUM
gp-264	104	18	773	773	NUM
gp-264	104	19	d(ftse_klci	d(ftse_klci	NOUN
gp-264	104	20	)	)	PUNCT
gp-264	104	21	0.2721	0.2721	NUM
gp-264	104	22	25	25	NUM
gp-264	104	23	31	31	NUM
gp-264	104	24	4712	4712	NUM
gp-264	104	25	0.6796	0.6796	NUM
gp-264	104	26	3	3	NUM
gp-264	104	27	20	20	NUM
gp-264	104	28	778	778	NUM
gp-264	104	29	0.0253	0.0253	NUM
gp-264	104	30	10	10	NUM
gp-264	104	31	20	20	NUM
gp-264	104	32	772	772	NUM
gp-264	104	33	cointegration	cointegration	NOUN
gp-264	104	34	analysis	analysis	NOUN
gp-264	104	35	of	of	ADP
gp-264	104	36	the	the	DET
gp-264	104	37	indonesian	indonesian	ADJ
gp-264	104	38	stock	stock	PROPN
gp-264	104	39	exchange	exchange	PROPN
gp-264	104	40	with	with	ADP
gp-264	104	41	the	the	DET
gp-264	104	42	stock	stock	NOUN
gp-264	104	43	exchanges	exchange	NOUN
gp-264	104	44	of	of	ADP
gp-264	104	45	the	the	DET
gp-264	104	46	united	united	PROPN
gp-264	104	47	states	states	PROPN
gp-264	104	48	,	,	PUNCT
gp-264	104	49	china	china	PROPN
gp-264	104	50	,	,	PUNCT
gp-264	104	51	and	and	CCONJ
gp-264	104	52	southeast	southeast	PROPN
gp-264	104	53	asia	asia	PROPN
gp-264	104	54	773	773	NUM
gp-264	104	55	intermediate	intermediate	ADJ
gp-264	104	56	adf	adf	PROPN
gp-264	104	57	test	test	NOUN
gp-264	104	58	results	result	NOUN
gp-264	104	59	year	year	NOUN
gp-264	104	60	2007	2007	NUM
gp-264	104	61	2025	2025	NUM
gp-264	104	62	2007	2007	NUM
gp-264	104	63	2009	2009	NUM
gp-264	104	64	2020	2020	NUM
gp-264	104	65	2022	2022	NUM
gp-264	104	66	d(ftse_sts	d(ftse_st	NOUN
gp-264	104	67	)	)	PUNCT
gp-264	104	68	0.103	0.103	NUM
gp-264	104	69	24	24	NUM
gp-264	104	70	31	31	NUM
gp-264	104	71	4713	4713	NUM
gp-264	104	72	0.7561	0.7561	NUM
gp-264	104	73	0	0	NUM
gp-264	104	74	20	20	NUM
gp-264	104	75	781	781	NUM
gp-264	104	76	0	0	NUM
gp-264	104	77	0	0	NUM
gp-264	104	78	20	20	NUM
gp-264	104	79	782	782	NUM
gp-264	104	80	d(hang_seng	d(hang_seng	NOUN
gp-264	104	81	)	)	PUNCT
gp-264	104	82	0.0649	0.0649	NUM
gp-264	104	83	31	31	NUM
gp-264	104	84	31	31	NUM
gp-264	104	85	4706	4706	NUM
gp-264	105	1	0.5682	0.5682	NUM
gp-264	105	2	0	0	NUM
gp-264	105	3	20	20	NUM
gp-264	105	4	781	781	NUM
gp-264	105	5	0.1672	0.1672	NUM
gp-264	105	6	15	15	NUM
gp-264	105	7	20	20	NUM
gp-264	105	8	767	767	NUM
gp-264	105	9	d(ihsg	d(ihsg	NOUN
gp-264	105	10	)	)	PUNCT
gp-264	105	11	0.4333	0.4333	NUM
gp-264	105	12	5	5	NUM
gp-264	105	13	31	31	NUM
gp-264	105	14	4732	4732	NUM
gp-264	105	15	0.6958	0.6958	NUM
gp-264	105	16	1	1	NUM
gp-264	105	17	20	20	NUM
gp-264	105	18	780	780	NUM
gp-264	105	19	0.6641	0.6641	NUM
gp-264	105	20	5	5	NUM
gp-264	105	21	20	20	NUM
gp-264	105	22	777	777	NUM
gp-264	105	23	d(set	d(set	NOUN
gp-264	105	24	)	)	PUNCT
gp-264	105	25	0.3263	0.3263	NUM
gp-264	105	26	6	6	NUM
gp-264	105	27	31	31	NUM
gp-264	105	28	4723	4723	NUM
gp-264	105	29	0.7028	0.7028	NUM
gp-264	105	30	2	2	NUM
gp-264	105	31	20	20	NUM
gp-264	105	32	779	779	NUM
gp-264	105	33	0.4311	0.4311	NUM
gp-264	105	34	5	5	NUM
gp-264	105	35	20	20	NUM
gp-264	105	36	777	777	NUM
gp-264	105	37	d(sse	d(sse	NOUN
gp-264	105	38	)	)	PUNCT
gp-264	105	39	0.0414	0.0414	NUM
gp-264	105	40	26	26	NUM
gp-264	105	41	31	31	NUM
gp-264	105	42	4711	4711	NUM
gp-264	105	43	0.6796	0.6796	NUM
gp-264	105	44	4	4	NUM
gp-264	105	45	20	20	NUM
gp-264	105	46	777	777	NUM
gp-264	105	47	0.4142	0.4142	NUM
gp-264	105	48	6	6	NUM
gp-264	105	49	20	20	NUM
gp-264	105	50	776	776	NUM
gp-264	105	51	based	base	VERB
gp-264	105	52	on	on	ADP
gp-264	105	53	table	table	NOUN
gp-264	105	54	2	2	NUM
gp-264	105	55	,	,	PUNCT
gp-264	105	56	it	it	PRON
gp-264	105	57	is	be	AUX
gp-264	105	58	known	know	VERB
gp-264	105	59	that	that	SCONJ
gp-264	105	60	the	the	DET
gp-264	105	61	results	result	NOUN
gp-264	105	62	of	of	ADP
gp-264	105	63	the	the	DET
gp-264	105	64	root	root	NOUN
gp-264	105	65	test	test	NOUN
gp-264	105	66	at	at	ADP
gp-264	105	67	the	the	DET
gp-264	105	68	level	level	NOUN
gp-264	105	69	show	show	VERB
gp-264	105	70	nonstationary	nonstationary	ADJ
gp-264	105	71	data	datum	NOUN
gp-264	105	72	,	,	PUNCT
gp-264	105	73	where	where	SCONJ
gp-264	105	74	the	the	DET
gp-264	105	75	probability	probability	NOUN
gp-264	105	76	of	of	ADP
gp-264	105	77	all	all	DET
gp-264	105	78	variables	variable	NOUN
gp-264	105	79	is	be	AUX
gp-264	105	80	above	above	ADP
gp-264	105	81	0.0000	0.0000	NUM
gp-264	105	82	.	.	PUNCT
gp-264	106	1	this	this	PRON
gp-264	106	2	is	be	AUX
gp-264	106	3	in	in	ADP
gp-264	106	4	accordance	accordance	NOUN
gp-264	106	5	with	with	ADP
gp-264	106	6	the	the	DET
gp-264	106	7	research	research	NOUN
gp-264	106	8	results	result	NOUN
gp-264	106	9	of	of	ADP
gp-264	106	10	endri	endri	NOUN
gp-264	106	11	et	et	PROPN
gp-264	106	12	al	al	PROPN
gp-264	106	13	.	.	PROPN
gp-264	107	1	(	(	PUNCT
gp-264	107	2	2024	2024	NUM
gp-264	107	3	)	)	PUNCT
gp-264	107	4	,	,	PUNCT
gp-264	107	5	setyawan	setyawan	NOUN
gp-264	107	6	et	et	PROPN
gp-264	107	7	al	al	PROPN
gp-264	107	8	.	.	PROPN
gp-264	107	9	(	(	PUNCT
gp-264	107	10	2021	2021	NUM
gp-264	107	11	)	)	PUNCT
gp-264	107	12	and	and	CCONJ
gp-264	107	13	aprianto	aprianto	PROPN
gp-264	107	14	et	et	PROPN
gp-264	107	15	al	al	PROPN
gp-264	107	16	.	.	PROPN
gp-264	108	1	(	(	PUNCT
gp-264	108	2	2017	2017	NUM
gp-264	108	3	)	)	PUNCT
gp-264	108	4	.	.	PUNCT
gp-264	109	1	table	table	NOUN
gp-264	109	2	2	2	NUM
gp-264	109	3	.	.	PUNCT
gp-264	110	1	adf	adf	NOUN
gp-264	110	2	first	first	ADJ
gp-264	110	3	difference	difference	NOUN
gp-264	110	4	stationer	stationer	NOUN
gp-264	110	5	test	test	NOUN
gp-264	110	6	without	without	ADP
gp-264	110	7	trend	trend	NOUN
gp-264	110	8	null	null	ADJ
gp-264	110	9	hypothesis	hypothesis	NOUN
gp-264	110	10	:	:	PUNCT
gp-264	110	11	unit	unit	NOUN
gp-264	110	12	root	root	NOUN
gp-264	110	13	(	(	PUNCT
gp-264	110	14	individual	individual	ADJ
gp-264	110	15	unit	unit	NOUN
gp-264	110	16	root	root	NOUN
gp-264	110	17	process	process	NOUN
gp-264	110	18	)	)	PUNCT
gp-264	110	19	series	series	NOUN
gp-264	110	20	:	:	PUNCT
gp-264	110	21	djia	djia	PROPN
gp-264	110	22	,	,	PUNCT
gp-264	110	23	ftse_klci	ftse_klci	NOUN
gp-264	110	24	,	,	PUNCT
gp-264	110	25	ftse_sts	ftse_st	NOUN
gp-264	110	26	,	,	PUNCT
gp-264	110	27	hang_seng	hang_seng	NOUN
gp-264	110	28	,	,	PUNCT
gp-264	110	29	ihsg	ihsg	NOUN
gp-264	110	30	,	,	PUNCT
gp-264	110	31	set	set	VERB
gp-264	110	32	,	,	PUNCT
gp-264	110	33	sse	sse	PROPN
gp-264	110	34	sample	sample	NOUN
gp-264	110	35	:	:	PUNCT
gp-264	110	36	1/03/2007	1/03/2007	NUM
gp-264	110	37	2/28/2025	2/28/2025	NUM
gp-264	110	38	exogenous	exogenous	ADJ
gp-264	110	39	variables	variable	NOUN
gp-264	110	40	:	:	PUNCT
gp-264	110	41	individual	individual	ADJ
gp-264	110	42	effects	effect	NOUN
gp-264	110	43	automatic	automatic	ADJ
gp-264	110	44	selection	selection	NOUN
gp-264	110	45	of	of	ADP
gp-264	110	46	maximum	maximum	ADJ
gp-264	110	47	lags	lag	NOUN
gp-264	110	48	method	method	NOUN
gp-264	110	49	year	year	NOUN
gp-264	110	50	year	year	NOUN
gp-264	110	51	year	year	NOUN
gp-264	110	52	2007	2007	NUM
gp-264	110	53	–	–	PUNCT
gp-264	110	54	2025	2025	NUM
gp-264	110	55	2007	2007	NUM
gp-264	110	56	2009	2009	NUM
gp-264	110	57	2020	2020	NUM
gp-264	110	58	2022	2022	NUM
gp-264	110	59	statistic	statistic	NOUN
gp-264	110	60	prob	prob	NOUN
gp-264	110	61	.	.	PUNCT
gp-264	111	1	*	*	PUNCT
gp-264	111	2	*	*	PUNCT
gp-264	111	3	statistic	statistic	PROPN
gp-264	111	4	prob	prob	NOUN
gp-264	111	5	.	.	PUNCT
gp-264	112	1	*	*	PUNCT
gp-264	112	2	*	*	PUNCT
gp-264	112	3	statistic	statistic	PROPN
gp-264	112	4	prob	prob	NOUN
gp-264	112	5	.	.	PUNCT
gp-264	113	1	*	*	PUNCT
gp-264	113	2	*	*	PROPN
gp-264	113	3	adf	adf	PROPN
gp-264	113	4	fisher	fisher	PROPN
gp-264	113	5	chi	chi	PROPN
gp-264	113	6	-	-	PUNCT
gp-264	113	7	square	square	ADJ
gp-264	113	8	1105.53	1105.53	NUM
gp-264	113	9	0.0000	0.0000	NUM
gp-264	113	10	1066.46	1066.46	NUM
gp-264	113	11	0.0000	0.0000	NUM
gp-264	113	12	604.041	604.041	NUM
gp-264	113	13	0.0000	0.0000	NUM
gp-264	113	14	adf	adf	NOUN
gp-264	113	15	choi	choi	PROPN
gp-264	113	16	z	z	PROPN
gp-264	113	17	-	-	PUNCT
gp-264	113	18	stat	stat	PROPN
gp-264	113	19	-32.3775	-32.3775	PUNCT
gp-264	113	20	0.0000	0.0000	NUM
gp-264	113	21	-31.7938	-31.7938	PUNCT
gp-264	113	22	0.0000	0.0000	NUM
gp-264	113	23	-23.4605	-23.4605	SYM
gp-264	113	24	0.0000	0.0000	NUM
gp-264	113	25	source	source	NOUN
gp-264	113	26	:	:	PUNCT
gp-264	113	27	reprocessed	reprocess	VERB
gp-264	113	28	eviews	eviews	PROPN
gp-264	113	29	output	output	NOUN
gp-264	113	30	(	(	PUNCT
gp-264	113	31	2025	2025	NUM
gp-264	113	32	)	)	PUNCT
gp-264	113	33	*	*	PUNCT
gp-264	114	1	*	*	PUNCT
gp-264	114	2	probabilities	probability	NOUN
gp-264	114	3	for	for	ADP
gp-264	114	4	fisher	fisher	NOUN
gp-264	114	5	tests	test	NOUN
gp-264	114	6	are	be	AUX
gp-264	114	7	computed	compute	VERB
gp-264	114	8	using	use	VERB
gp-264	114	9	an	an	DET
gp-264	114	10	asymptotic	asymptotic	ADJ
gp-264	114	11	chi	chi	NOUN
gp-264	114	12	-square	-square	NOUN
gp-264	114	13	distribution	distribution	NOUN
gp-264	114	14	.	.	PUNCT
gp-264	115	1	all	all	DET
gp-264	115	2	other	other	ADJ
gp-264	115	3	tests	test	NOUN
gp-264	115	4	assume	assume	VERB
gp-264	115	5	asymptotic	asymptotic	ADJ
gp-264	115	6	normality	normality	NOUN
gp-264	115	7	.	.	PUNCT
gp-264	116	1	intermediate	intermediate	ADJ
gp-264	116	2	adf	adf	PROPN
gp-264	116	3	test	test	NOUN
gp-264	116	4	results	result	NOUN
gp-264	116	5	year	year	NOUN
gp-264	116	6	2007	2007	NUM
gp-264	116	7	–	–	PUNCT
gp-264	116	8	2025	2025	NUM
gp-264	116	9	2007	2007	NUM
gp-264	116	10	2009	2009	NUM
gp-264	116	11	2020	2020	NUM
gp-264	116	12	2022	2022	NUM
gp-264	116	13	series	series	PROPN
gp-264	116	14	prob	prob	PROPN
gp-264	116	15	.	.	PUNCT
gp-264	117	1	lag	lag	PROPN
gp-264	117	2	max	max	PROPN
gp-264	117	3	lag	lag	PROPN
gp-264	117	4	obs	obs	PROPN
gp-264	117	5	prob	prob	PROPN
gp-264	117	6	.	.	PUNCT
gp-264	118	1	lag	lag	PROPN
gp-264	118	2	max	max	PROPN
gp-264	118	3	lag	lag	PROPN
gp-264	118	4	obs	obs	PROPN
gp-264	118	5	prob	prob	PROPN
gp-264	118	6	.	.	PUNCT
gp-264	119	1	lag	lag	PROPN
gp-264	119	2	max	max	PROPN
gp-264	119	3	lag	lag	PROPN
gp-264	119	4	obs	obs	PROPN
gp-264	119	5	d(djia	d(djia	PROPN
gp-264	119	6	)	)	PUNCT
gp-264	119	7	0.0000	0.0000	NUM
gp-264	119	8	31	31	NUM
gp-264	120	1	31	31	NUM
gp-264	120	2	4705	4705	NUM
gp-264	120	3	0.0000	0.0000	NUM
gp-264	120	4	0	0	NUM
gp-264	120	5	20	20	NUM
gp-264	120	6	780	780	NUM
gp-264	120	7	0.0000	0.0000	NUM
gp-264	120	8	8	8	NUM
gp-264	120	9	20	20	NUM
gp-264	120	10	773	773	NUM
gp-264	120	11	d(ftse_klci	d(ftse_klci	NOUN
gp-264	120	12	)	)	PUNCT
gp-264	120	13	0.0000	0.0000	NUM
gp-264	120	14	24	24	NUM
gp-264	120	15	31	31	NUM
gp-264	120	16	4712	4712	NUM
gp-264	120	17	0.0000	0.0000	NUM
gp-264	120	18	2	2	NUM
gp-264	120	19	20	20	NUM
gp-264	120	20	778	778	NUM
gp-264	120	21	0.0000	0.0000	NUM
gp-264	120	22	9	9	NUM
gp-264	120	23	20	20	NUM
gp-264	120	24	772	772	NUM
gp-264	120	25	d(ftse_sts	d(ftse_st	NOUN
gp-264	120	26	)	)	PUNCT
gp-264	120	27	0.0000	0.0000	NUM
gp-264	120	28	23	23	NUM
gp-264	120	29	31	31	NUM
gp-264	120	30	4713	4713	NUM
gp-264	121	1	0.0000	0.0000	NUM
gp-264	121	2	0	0	NUM
gp-264	121	3	20	20	NUM
gp-264	121	4	780	780	NUM
gp-264	121	5	0.0000	0.0000	NUM
gp-264	121	6	17	17	NUM
gp-264	121	7	20	20	NUM
gp-264	121	8	764	764	NUM
gp-264	121	9	cointegration	cointegration	NOUN
gp-264	121	10	analysis	analysis	NOUN
gp-264	121	11	of	of	ADP
gp-264	121	12	the	the	DET
gp-264	121	13	indonesian	indonesian	ADJ
gp-264	121	14	stock	stock	PROPN
gp-264	121	15	exchange	exchange	PROPN
gp-264	121	16	with	with	ADP
gp-264	121	17	the	the	DET
gp-264	121	18	stock	stock	NOUN
gp-264	121	19	exchanges	exchange	NOUN
gp-264	121	20	of	of	ADP
gp-264	121	21	the	the	DET
gp-264	121	22	united	united	PROPN
gp-264	121	23	states	states	PROPN
gp-264	121	24	,	,	PUNCT
gp-264	121	25	china	china	PROPN
gp-264	121	26	,	,	PUNCT
gp-264	121	27	and	and	CCONJ
gp-264	121	28	southeast	southeast	ADJ
gp-264	121	29	asia	asia	PROPN
gp-264	121	30	774	774	NUM
gp-264	122	1	*	*	PUNCT
gp-264	122	2	*	*	PUNCT
gp-264	122	3	probabilities	probability	NOUN
gp-264	122	4	for	for	ADP
gp-264	122	5	fisher	fisher	NOUN
gp-264	122	6	tests	test	NOUN
gp-264	122	7	are	be	AUX
gp-264	122	8	computed	compute	VERB
gp-264	122	9	using	use	VERB
gp-264	122	10	an	an	DET
gp-264	122	11	asymptotic	asymptotic	ADJ
gp-264	122	12	chi	chi	NOUN
gp-264	122	13	-square	-square	NOUN
gp-264	122	14	distribution	distribution	NOUN
gp-264	122	15	.	.	PUNCT
gp-264	123	1	all	all	DET
gp-264	123	2	other	other	ADJ
gp-264	123	3	tests	test	NOUN
gp-264	123	4	assume	assume	VERB
gp-264	123	5	asymptotic	asymptotic	ADJ
gp-264	123	6	normality	normality	NOUN
gp-264	123	7	.	.	PUNCT
gp-264	124	1	intermediate	intermediate	ADJ
gp-264	124	2	adf	adf	PROPN
gp-264	124	3	test	test	NOUN
gp-264	124	4	results	result	NOUN
gp-264	124	5	year	year	NOUN
gp-264	124	6	2007	2007	NUM
gp-264	124	7	–	–	PUNCT
gp-264	124	8	2025	2025	NUM
gp-264	124	9	2007	2007	NUM
gp-264	124	10	2009	2009	NUM
gp-264	124	11	2020	2020	NUM
gp-264	124	12	2022	2022	NUM
gp-264	124	13	series	series	PROPN
gp-264	124	14	prob	prob	PROPN
gp-264	124	15	.	.	PUNCT
gp-264	125	1	lag	lag	PROPN
gp-264	125	2	max	max	PROPN
gp-264	125	3	lag	lag	PROPN
gp-264	125	4	obs	obs	PROPN
gp-264	125	5	prob	prob	PROPN
gp-264	125	6	.	.	PUNCT
gp-264	126	1	lag	lag	PROPN
gp-264	126	2	max	max	PROPN
gp-264	126	3	lag	lag	PROPN
gp-264	126	4	obs	obs	PROPN
gp-264	126	5	prob	prob	PROPN
gp-264	126	6	.	.	PUNCT
gp-264	127	1	lag	lag	PROPN
gp-264	127	2	max	max	PROPN
gp-264	127	3	lag	lag	PROPN
gp-264	127	4	obs	obs	PROPN
gp-264	127	5	d(hang_seng	d(hang_seng	PROPN
gp-264	127	6	)	)	PUNCT
gp-264	127	7	0.0000	0.0000	NUM
gp-264	127	8	30	30	NUM
gp-264	127	9	31	31	NUM
gp-264	127	10	4706	4706	NUM
gp-264	127	11	0.0000	0.0000	NUM
gp-264	127	12	0	0	NUM
gp-264	127	13	20	20	NUM
gp-264	127	14	780	780	NUM
gp-264	127	15	0.0000	0.0000	NUM
gp-264	127	16	19	19	NUM
gp-264	127	17	20	20	NUM
gp-264	127	18	762	762	NUM
gp-264	127	19	d(ihsg	d(ihsg	NOUN
gp-264	127	20	)	)	PUNCT
gp-264	127	21	0.0000	0.0000	NUM
gp-264	127	22	4	4	NUM
gp-264	127	23	31	31	NUM
gp-264	127	24	4732	4732	NUM
gp-264	127	25	0.0000	0.0000	NUM
gp-264	127	26	0	0	NUM
gp-264	127	27	20	20	NUM
gp-264	127	28	780	780	NUM
gp-264	127	29	0.0000	0.0000	NUM
gp-264	127	30	4	4	NUM
gp-264	127	31	20	20	NUM
gp-264	127	32	777	777	NUM
gp-264	127	33	d(set	d(set	NOUN
gp-264	127	34	)	)	PUNCT
gp-264	127	35	0.0000	0.0000	NUM
gp-264	127	36	5	5	NUM
gp-264	127	37	31	31	NUM
gp-264	127	38	4723	4723	NUM
gp-264	127	39	0.0000	0.0000	NUM
gp-264	127	40	1	1	NUM
gp-264	127	41	20	20	NUM
gp-264	127	42	779	779	NUM
gp-264	127	43	0.0000	0.0000	NUM
gp-264	127	44	4	4	NUM
gp-264	127	45	20	20	NUM
gp-264	127	46	777	777	NUM
gp-264	127	47	d(sse	d(sse	NOUN
gp-264	127	48	)	)	PUNCT
gp-264	127	49	0.0000	0.0000	NUM
gp-264	127	50	25	25	NUM
gp-264	127	51	31	31	NUM
gp-264	127	52	4711	4711	NUM
gp-264	127	53	0.0000	0.0000	NUM
gp-264	127	54	3	3	NUM
gp-264	127	55	20	20	NUM
gp-264	127	56	777	777	NUM
gp-264	127	57	0.0000	0.0000	NUM
gp-264	127	58	5	5	NUM
gp-264	127	59	20	20	NUM
gp-264	127	60	776	776	NUM
gp-264	127	61	meanwhile	meanwhile	ADV
gp-264	127	62	,	,	PUNCT
gp-264	127	63	after	after	ADP
gp-264	127	64	testing	test	VERB
gp-264	127	65	the	the	DET
gp-264	127	66	root	root	NOUN
gp-264	127	67	of	of	ADP
gp-264	127	68	the	the	DET
gp-264	127	69	unit	unit	NOUN
gp-264	127	70	at	at	ADP
gp-264	127	71	the	the	DET
gp-264	127	72	first	first	ADJ
gp-264	127	73	difference	difference	NOUN
gp-264	127	74	level	level	NOUN
gp-264	127	75	,	,	PUNCT
gp-264	127	76	seen	see	VERB
gp-264	127	77	in	in	ADP
gp-264	127	78	table	table	NOUN
gp-264	127	79	4.3	4.3	NUM
gp-264	127	80	,	,	PUNCT
gp-264	127	81	it	it	PRON
gp-264	127	82	is	be	AUX
gp-264	127	83	known	know	VERB
gp-264	127	84	that	that	SCONJ
gp-264	127	85	the	the	DET
gp-264	127	86	probability	probability	NOUN
gp-264	127	87	of	of	ADP
gp-264	127	88	all	all	DET
gp-264	127	89	variables	variable	NOUN
gp-264	127	90	is	be	AUX
gp-264	127	91	smaller	small	ADJ
gp-264	127	92	than	than	ADP
gp-264	127	93	the	the	DET
gp-264	127	94	significance	significance	NOUN
gp-264	127	95	level	level	NOUN
gp-264	127	96	,	,	PUNCT
gp-264	127	97	which	which	PRON
gp-264	127	98	is	be	AUX
gp-264	127	99	prob	prob	ADJ
gp-264	127	100	0.0000	0.0000	NUM
gp-264	127	101	.	.	PUNCT
gp-264	128	1	the	the	DET
gp-264	128	2	results	result	NOUN
gp-264	128	3	of	of	ADP
gp-264	128	4	the	the	DET
gp-264	128	5	unit	unit	NOUN
gp-264	128	6	root	root	NOUN
gp-264	128	7	test	test	NOUN
gp-264	128	8	at	at	ADP
gp-264	128	9	the	the	DET
gp-264	128	10	first	first	ADJ
gp-264	128	11	difference	difference	NOUN
gp-264	128	12	window	window	NOUN
gp-264	128	13	have	have	VERB
gp-264	128	14	stationary	stationary	ADJ
gp-264	128	15	data	data	NOUN
gp-264	128	16	results	result	NOUN
gp-264	128	17	.	.	PUNCT
gp-264	129	1	the	the	DET
gp-264	129	2	root	root	NOUN
gp-264	129	3	testing	testing	NOUN
gp-264	129	4	of	of	ADP
gp-264	129	5	this	this	DET
gp-264	129	6	unit	unit	NOUN
gp-264	129	7	had	have	VERB
gp-264	129	8	the	the	DET
gp-264	129	9	same	same	ADJ
gp-264	129	10	results	result	NOUN
gp-264	129	11	as	as	ADP
gp-264	129	12	setyawan	setyawan	NOUN
gp-264	129	13	et	et	PROPN
gp-264	129	14	al	al	PROPN
gp-264	129	15	.	.	PROPN
gp-264	130	1	(	(	PUNCT
gp-264	130	2	2021	2021	NUM
gp-264	130	3	)	)	PUNCT
gp-264	130	4	and	and	CCONJ
gp-264	130	5	aprianto	aprianto	PROPN
gp-264	130	6	et	et	PROPN
gp-264	130	7	al	al	PROPN
gp-264	130	8	.	.	PROPN
gp-264	131	1	(	(	PUNCT
gp-264	131	2	2017	2017	NUM
gp-264	131	3	)	)	PUNCT
gp-264	131	4	.	.	PUNCT
gp-264	132	1	the	the	DET
gp-264	132	2	next	next	ADJ
gp-264	132	3	step	step	NOUN
gp-264	132	4	is	be	AUX
gp-264	132	5	to	to	PART
gp-264	132	6	determine	determine	VERB
gp-264	132	7	the	the	DET
gp-264	132	8	optimal	optimal	ADJ
gp-264	132	9	lag	lag	NOUN
gp-264	132	10	.	.	PUNCT
gp-264	133	1	in	in	ADP
gp-264	133	2	this	this	DET
gp-264	133	3	study	study	NOUN
gp-264	133	4	,	,	PUNCT
gp-264	133	5	there	there	PRON
gp-264	133	6	are	be	VERB
gp-264	133	7	three	three	NUM
gp-264	133	8	different	different	ADJ
gp-264	133	9	optimal	optimal	ADJ
gp-264	133	10	lags	lag	NOUN
gp-264	133	11	for	for	ADP
gp-264	133	12	the	the	DET
gp-264	133	13	period	period	NOUN
gp-264	133	14	2007	2007	NUM
gp-264	133	15	-	-	SYM
gp-264	133	16	2025	2025	NUM
gp-264	133	17	,	,	PUNCT
gp-264	133	18	2007	2007	NUM
gp-264	133	19	-	-	SYM
gp-264	133	20	2009	2009	NUM
gp-264	133	21	and	and	CCONJ
gp-264	133	22	2020	2020	NUM
gp-264	133	23	-	-	SYM
gp-264	133	24	2022	2022	NUM
gp-264	133	25	.	.	PUNCT
gp-264	134	1	in	in	ADP
gp-264	134	2	the	the	DET
gp-264	134	3	test	test	NOUN
gp-264	134	4	using	use	VERB
gp-264	134	5	eviews	eviews	PROPN
gp-264	134	6	13	13	NUM
gp-264	134	7	,	,	PUNCT
gp-264	134	8	there	there	PRON
gp-264	134	9	were	be	VERB
gp-264	134	10	five	five	NUM
gp-264	134	11	types	type	NOUN
gp-264	134	12	of	of	ADP
gp-264	134	13	optimal	optimal	ADJ
gp-264	134	14	lag	lag	NOUN
gp-264	134	15	tests	test	NOUN
gp-264	134	16	,	,	PUNCT
gp-264	134	17	namely	namely	ADV
gp-264	134	18	the	the	DET
gp-264	134	19	lr	lr	NOUN
gp-264	134	20	test	test	NOUN
gp-264	134	21	,	,	PUNCT
gp-264	134	22	final	final	ADJ
gp-264	134	23	predicton	predicton	NOUN
gp-264	134	24	error	error	NOUN
gp-264	134	25	(	(	PUNCT
gp-264	134	26	fpe	fpe	PROPN
gp-264	134	27	)	)	PUNCT
gp-264	134	28	,	,	PUNCT
gp-264	134	29	akaike	akaike	ADP
gp-264	134	30	information	information	NOUN
gp-264	134	31	criterion	criterion	NOUN
gp-264	134	32	(	(	PUNCT
gp-264	134	33	aic	aic	PROPN
gp-264	134	34	)	)	PUNCT
gp-264	134	35	,	,	PUNCT
gp-264	134	36	schwatz	schwatz	PROPN
gp-264	134	37	criterion	criterion	NOUN
gp-264	134	38	(	(	PUNCT
gp-264	134	39	sc	sc	PROPN
gp-264	134	40	)	)	PUNCT
gp-264	134	41	,	,	PUNCT
gp-264	134	42	and	and	CCONJ
gp-264	134	43	hannah	hannah	PROPN
gp-264	134	44	quinn	quinn	PROPN
gp-264	134	45	information	information	NOUN
gp-264	134	46	criterion	criterion	NOUN
gp-264	134	47	(	(	PUNCT
gp-264	134	48	hq	hq	NOUN
gp-264	134	49	)	)	PUNCT
gp-264	134	50	.	.	PUNCT
gp-264	135	1	in	in	ADP
gp-264	135	2	this	this	DET
gp-264	135	3	study	study	NOUN
gp-264	135	4	,	,	PUNCT
gp-264	135	5	the	the	DET
gp-264	135	6	akaike	akaike	ADJ
gp-264	135	7	information	information	NOUN
gp-264	135	8	criterion	criterion	NOUN
gp-264	135	9	(	(	PUNCT
gp-264	135	10	aic	aic	PROPN
gp-264	135	11	)	)	PUNCT
gp-264	135	12	was	be	AUX
gp-264	135	13	used	use	VERB
gp-264	135	14	.	.	PUNCT
gp-264	136	1	table	table	NOUN
gp-264	136	2	3	3	NUM
gp-264	136	3	.	.	X
gp-264	137	1	optimal	optimal	ADJ
gp-264	137	2	lag	lag	NOUN
gp-264	137	3	test	test	NOUN
gp-264	137	4	for	for	ADP
gp-264	137	5	the	the	DET
gp-264	137	6	period	period	NOUN
gp-264	137	7	2007	2007	NUM
gp-264	137	8	-	-	SYM
gp-264	137	9	2025	2025	NUM
gp-264	137	10	var	var	NOUN
gp-264	137	11	lag	lag	NOUN
gp-264	137	12	order	order	NOUN
gp-264	137	13	selection	selection	NOUN
gp-264	137	14	criteria	criterion	NOUN
gp-264	137	15	endogenous	endogenous	ADJ
gp-264	137	16	variables	variable	NOUN
gp-264	137	17	:	:	PUNCT
gp-264	137	18	djia	djia	PROPN
gp-264	137	19	ihsg	ihsg	PROPN
gp-264	137	20	ftse	ftse	PROPN
gp-264	137	21	klci	klci	PROPN
gp-264	137	22	ftse	ftse	PROPN
gp-264	137	23	sts	st	VERB
gp-264	137	24	sse	sse	NOUN
gp-264	138	1	hang_seng	hang_seng	PROPN
gp-264	138	2	set	set	VERB
gp-264	138	3	exogenous	exogenous	ADJ
gp-264	138	4	variables	variable	NOUN
gp-264	138	5	:	:	PUNCT
gp-264	138	6	c	c	NOUN
gp-264	138	7	date	date	NOUN
gp-264	138	8	:	:	PUNCT
gp-264	138	9	05/31/25	05/31/25	NUM
gp-264	138	10	time	time	NOUN
gp-264	138	11	:	:	PUNCT
gp-264	138	12	07:33	07:33	NUM
gp-264	138	13	sample	sample	NOUN
gp-264	138	14	:	:	PUNCT
gp-264	138	15	1/03/2007	1/03/2007	PROPN
gp-264	138	16	2/28/2025	2/28/2025	NUM
gp-264	138	17	included	include	VERB
gp-264	138	18	observations	observation	NOUN
gp-264	138	19	:	:	PUNCT
gp-264	138	20	4721	4721	NUM
gp-264	138	21	lag	lag	NOUN
gp-264	138	22	logl	logl	NOUN
gp-264	138	23	lr	lr	PROPN
gp-264	138	24	fpe	fpe	PROPN
gp-264	138	25	aic	aic	PROPN
gp-264	138	26	sc	sc	PROPN
gp-264	138	27	hq	hq	NOUN
gp-264	138	28	0	0	PUNCT
gp-264	139	1	-258905.8	-258905.8	INTJ
gp-264	139	2	na	na	ADP
gp-264	139	3	1.02e+39	1.02e+39	NUM
gp-264	139	4	109.6856	109.6856	NUM
gp-264	140	1	109.6952	109.6952	NUM
gp-264	140	2	109.6889	109.6889	NUM
gp-264	140	3	1	1	NUM
gp-264	140	4	-181022.1	-181022.1	NUM
gp-264	140	5	155503.4	155503.4	NUM
gp-264	140	6	4.88e+24	4.88e+24	NUM
gp-264	140	7	76.71178	76.71178	NUM
gp-264	140	8	76.78840	76.78840	NUM
gp-264	140	9	76.73871	76.73871	NUM
gp-264	140	10	2	2	NUM
gp-264	140	11	-180419.4	-180419.4	PUNCT
gp-264	141	1	1201.631	1201.631	PROPN
gp-264	141	2	3.86e+24	3.86e+24	NUM
gp-264	141	3	76.47719	76.47719	NUM
gp-264	141	4	76.62087	76.62087	NUM
gp-264	141	5	76.52769	76.52769	NUM
gp-264	141	6	3	3	NUM
gp-264	141	7	-180248.3	-180248.3	SYM
gp-264	141	8	340.6287	340.6287	NUM
gp-264	141	9	3.66e+24	3.66e+24	NUM
gp-264	141	10	76.42546	76.42546	NUM
gp-264	141	11	76.63618	76.63618	NUM
gp-264	141	12	76.49953	76.49953	NUM
gp-264	141	13	4	4	NUM
gp-264	141	14	-180127.0	-180127.0	SYM
gp-264	141	15	241.0994	241.0994	NUM
gp-264	141	16	3.55e+24	3.55e+24	NUM
gp-264	141	17	76.39484	76.39484	NUM
gp-264	141	18	76.67260	76.67260	NUM
gp-264	141	19	76.49247	76.49247	NUM
gp-264	141	20	5	5	NUM
gp-264	141	21	-179993.9	-179993.9	NOUN
gp-264	141	22	264.2549	264.2549	NUM
gp-264	141	23	3.43e+24	3.43e+24	NUM
gp-264	141	24	76.35919	76.35919	NUM
gp-264	141	25	76.70400	76.70400	NUM
gp-264	141	26	76.48039	76.48039	NUM
gp-264	141	27	6	6	NUM
gp-264	141	28	-179489.3	-179489.3	NOUN
gp-264	141	29	1000.039	1000.039	NUM
gp-264	141	30	2.83e+24	2.83e+24	NUM
gp-264	141	31	76.16617	76.16617	NUM
gp-264	141	32	76.57803	76.57803	NUM
gp-264	141	33	*	*	PUNCT
gp-264	142	1	76.31094	76.31094	NUM
gp-264	142	2	*	*	SYM
gp-264	142	3	7	7	NUM
gp-264	142	4	-179433.5	-179433.5	PROPN
gp-264	142	5	110.2236	110.2236	NUM
gp-264	142	6	2.82e+24	2.82e+24	NUM
gp-264	142	7	*	*	NOUN
gp-264	142	8	76.16333	76.16333	NUM
gp-264	142	9	*	*	SYM
gp-264	142	10	76.64224	76.64224	NUM
gp-264	142	11	76.33167	76.33167	NUM
gp-264	142	12	8	8	NUM
gp-264	142	13	-179397.0	-179397.0	NOUN
gp-264	142	14	72.13921	72.13921	NUM
gp-264	142	15	*	*	PUNCT
gp-264	142	16	2.83e+24	2.83e+24	NUM
gp-264	142	17	76.16862	76.16862	NUM
gp-264	142	18	76.71458	76.71458	NUM
gp-264	142	19	76.36053	76.36053	NUM
gp-264	142	20	*	*	PUNCT
gp-264	142	21	indicates	indicate	VERB
gp-264	142	22	lag	lag	NOUN
gp-264	142	23	order	order	NOUN
gp-264	142	24	selected	select	VERB
gp-264	142	25	by	by	ADP
gp-264	142	26	the	the	DET
gp-264	142	27	criterion	criterion	NOUN
gp-264	142	28	lr	lr	INTJ
gp-264	142	29	:	:	PUNCT
gp-264	142	30	sequential	sequential	ADJ
gp-264	142	31	modified	modify	VERB
gp-264	142	32	lr	lr	X
gp-264	142	33	test	test	NOUN
gp-264	142	34	statistic	statistic	NOUN
gp-264	142	35	(	(	PUNCT
gp-264	142	36	each	each	DET
gp-264	142	37	test	test	NOUN
gp-264	142	38	at	at	ADP
gp-264	142	39	5	5	NUM
gp-264	142	40	%	%	NOUN
gp-264	142	41	level	level	NOUN
gp-264	142	42	)	)	PUNCT
gp-264	142	43	cointegration	cointegration	NOUN
gp-264	142	44	analysis	analysis	NOUN
gp-264	142	45	of	of	ADP
gp-264	142	46	the	the	DET
gp-264	142	47	indonesian	indonesian	ADJ
gp-264	142	48	stock	stock	PROPN
gp-264	142	49	exchange	exchange	PROPN
gp-264	142	50	with	with	ADP
gp-264	142	51	the	the	DET
gp-264	142	52	stock	stock	NOUN
gp-264	142	53	exchanges	exchange	NOUN
gp-264	142	54	of	of	ADP
gp-264	142	55	the	the	DET
gp-264	142	56	united	united	PROPN
gp-264	142	57	states	states	PROPN
gp-264	142	58	,	,	PUNCT
gp-264	142	59	china	china	PROPN
gp-264	142	60	,	,	PUNCT
gp-264	142	61	and	and	CCONJ
gp-264	142	62	southeast	southeast	PROPN
gp-264	142	63	asia	asia	PROPN
gp-264	142	64	775	775	NUM
gp-264	142	65	fpe	fpe	PROPN
gp-264	142	66	:	:	PUNCT
gp-264	142	67	final	final	ADJ
gp-264	142	68	prediction	prediction	NOUN
gp-264	142	69	error	error	NOUN
gp-264	142	70	aic	aic	PROPN
gp-264	142	71	:	:	PUNCT
gp-264	142	72	akaike	akaike	ADJ
gp-264	142	73	information	information	NOUN
gp-264	142	74	criterion	criterion	PROPN
gp-264	142	75	sc	sc	PROPN
gp-264	142	76	:	:	PUNCT
gp-264	142	77	schwarz	schwarz	PROPN
gp-264	142	78	information	information	NOUN
gp-264	142	79	criterion	criterion	NOUN
gp-264	142	80	hq	hq	NOUN
gp-264	142	81	:	:	PUNCT
gp-264	142	82	hannan	hannan	PROPN
gp-264	142	83	-	-	PUNCT
gp-264	142	84	quinn	quinn	PROPN
gp-264	142	85	information	information	NOUN
gp-264	142	86	criterion	criterion	NOUN
gp-264	142	87	the	the	DET
gp-264	142	88	results	result	NOUN
gp-264	142	89	obtained	obtain	VERB
gp-264	142	90	in	in	ADP
gp-264	142	91	table	table	NOUN
gp-264	142	92	4.4	4.4	NUM
gp-264	142	93	for	for	ADP
gp-264	142	94	the	the	DET
gp-264	142	95	optimal	optimal	ADJ
gp-264	142	96	lag	lag	NOUN
gp-264	142	97	test	test	NOUN
gp-264	142	98	in	in	ADP
gp-264	142	99	the	the	DET
gp-264	142	100	period	period	NOUN
gp-264	142	101	2007	2007	NUM
gp-264	142	102	–	–	PUNCT
gp-264	142	103	2025	2025	NUM
gp-264	142	104	using	use	VERB
gp-264	142	105	the	the	DET
gp-264	142	106	aic	aic	PROPN
gp-264	142	107	method	method	NOUN
gp-264	142	108	are	be	AUX
gp-264	142	109	lag	lag	NOUN
gp-264	142	110	7	7	NUM
gp-264	142	111	,	,	PUNCT
gp-264	142	112	where	where	SCONJ
gp-264	142	113	the	the	DET
gp-264	142	114	fpe	fpe	PROPN
gp-264	142	115	method	method	NOUN
gp-264	142	116	also	also	ADV
gp-264	142	117	shows	show	VERB
gp-264	142	118	the	the	DET
gp-264	142	119	same	same	ADJ
gp-264	142	120	results	result	NOUN
gp-264	142	121	as	as	ADP
gp-264	142	122	aic	aic	PROPN
gp-264	142	123	.	.	PROPN
gp-264	142	124	table	table	PROPN
gp-264	142	125	4	4	NUM
gp-264	142	126	.	.	PUNCT
gp-264	142	127	stability	stability	NOUN
gp-264	142	128	test	test	NOUN
gp-264	142	129	roots	root	NOUN
gp-264	142	130	of	of	ADP
gp-264	142	131	characteristic	characteristic	ADJ
gp-264	142	132	polynomial	polynomial	ADJ
gp-264	142	133	endogenous	endogenous	ADJ
gp-264	142	134	variables	variable	NOUN
gp-264	142	135	:	:	PUNCT
gp-264	143	1	djia	djia	PROPN
gp-264	143	2	ihsg	ihsg	PROPN
gp-264	143	3	ftse_klci	ftse_klci	PROPN
gp-264	143	4	ftse_sts	ftse_st	NOUN
gp-264	143	5	sse	sse	NOUN
gp-264	143	6	hang_seng	hang_seng	PROPN
gp-264	143	7	se	se	PROPN
gp-264	143	8	exogenous	exogenous	ADJ
gp-264	143	9	variables	variable	NOUN
gp-264	143	10	:	:	PUNCT
gp-264	143	11	c	c	PROPN
gp-264	143	12	lag	lag	PROPN
gp-264	143	13	specification	specification	NOUN
gp-264	143	14	:	:	PUNCT
gp-264	143	15	1	1	NUM
gp-264	143	16	1	1	NUM
gp-264	143	17	date	date	NOUN
gp-264	143	18	:	:	PUNCT
gp-264	143	19	05/31/25	05/31/25	NUM
gp-264	143	20	time	time	NOUN
gp-264	143	21	:	:	PUNCT
gp-264	143	22	07:34	07:34	NUM
gp-264	143	23	root	root	NOUN
gp-264	143	24	modulus	modulus	NOUN
gp-264	143	25	0.999363	0.999363	NUM
gp-264	143	26	0.000692i	0.000692i	NUM
gp-264	143	27	0.999363	0.999363	NUM
gp-264	143	28	0.999363	0.999363	NUM
gp-264	143	29	+	+	CCONJ
gp-264	144	1	0.000692i	0.000692i	NUM
gp-264	144	2	0.999363	0.999363	NUM
gp-264	144	3	0.995053	0.995053	NUM
gp-264	144	4	0.001684i	0.001684i	NOUN
gp-264	144	5	0.995055	0.995055	NUM
gp-264	145	1	0.995053	0.995053	NUM
gp-264	146	1	+	+	CCONJ
gp-264	146	2	0.001684i	0.001684i	NOUN
gp-264	146	3	0.995055	0.995055	NUM
gp-264	146	4	0.992372	0.992372	NUM
gp-264	146	5	0.992372	0.992372	NUM
gp-264	146	6	0.980762	0.980762	NUM
gp-264	146	7	0.980762	0.980762	NUM
gp-264	146	8	0.960985	0.960985	NUM
gp-264	146	9	0.960985	0.960985	NUM
gp-264	146	10	no	no	DET
gp-264	146	11	root	root	NOUN
gp-264	146	12	lies	lie	VERB
gp-264	146	13	outside	outside	ADP
gp-264	146	14	the	the	DET
gp-264	146	15	unit	unit	NOUN
gp-264	146	16	circle	circle	NOUN
gp-264	146	17	.	.	PUNCT
gp-264	147	1	var	var	PROPN
gp-264	147	2	satisfies	satisfy	VERB
gp-264	147	3	the	the	DET
gp-264	147	4	stability	stability	NOUN
gp-264	147	5	condition	condition	NOUN
gp-264	147	6	.	.	PUNCT
gp-264	148	1	source	source	NOUN
gp-264	148	2	:	:	PUNCT
gp-264	148	3	reprocessed	reprocess	VERB
gp-264	148	4	eviews	eviews	PROPN
gp-264	148	5	output	output	NOUN
gp-264	148	6	(	(	PUNCT
gp-264	148	7	2025	2025	NUM
gp-264	148	8	)	)	PUNCT
gp-264	148	9	after	after	ADP
gp-264	148	10	that	that	PRON
gp-264	148	11	we	we	PRON
gp-264	148	12	check	check	VERB
gp-264	148	13	the	the	DET
gp-264	148	14	stability	stability	NOUN
gp-264	148	15	test	test	NOUN
gp-264	148	16	,	,	PUNCT
gp-264	148	17	according	accord	VERB
gp-264	148	18	to	to	ADP
gp-264	148	19	the	the	DET
gp-264	148	20	results	result	NOUN
gp-264	148	21	of	of	ADP
gp-264	148	22	table	table	NOUN
gp-264	148	23	4.5	4.5	NUM
gp-264	148	24	,	,	PUNCT
gp-264	148	25	the	the	DET
gp-264	148	26	result	result	NOUN
gp-264	148	27	is	be	AUX
gp-264	148	28	that	that	SCONJ
gp-264	148	29	no	no	DET
gp-264	148	30	root	root	NOUN
gp-264	148	31	unit	unit	NOUN
gp-264	148	32	is	be	AUX
gp-264	148	33	found	find	VERB
gp-264	148	34	for	for	ADP
gp-264	148	35	the	the	DET
gp-264	148	36	variables	variable	NOUN
gp-264	148	37	that	that	PRON
gp-264	148	38	are	be	AUX
gp-264	148	39	tested	test	VERB
gp-264	148	40	.	.	PUNCT
gp-264	149	1	table	table	NOUN
gp-264	149	2	5	5	NUM
gp-264	149	3	.	.	PUNCT
gp-264	150	1	optimal	optimal	ADJ
gp-264	150	2	lag	lag	NOUN
gp-264	150	3	test	test	NOUN
gp-264	150	4	for	for	ADP
gp-264	150	5	the	the	DET
gp-264	150	6	period	period	NOUN
gp-264	150	7	2007	2007	NUM
gp-264	150	8	-	-	SYM
gp-264	150	9	2009	2009	NUM
gp-264	150	10	var	var	NOUN
gp-264	150	11	lag	lag	NOUN
gp-264	150	12	order	order	NOUN
gp-264	150	13	selection	selection	NOUN
gp-264	150	14	criteria	criterion	NOUN
gp-264	150	15	endogenous	endogenous	ADJ
gp-264	150	16	variables	variable	NOUN
gp-264	150	17	:	:	PUNCT
gp-264	150	18	djia_price	djia_price	NUM
gp-264	150	19	ihsg_price	ihsg_price	PROPN
gp-264	150	20	ftse_klci_price	ftse_klci_price	X
gp-264	150	21	ftse_sts_price	ftse_sts_price	VERB
gp-264	150	22	hang_seng_price	hang_seng_price	NOUN
gp-264	150	23	sse_price	sse_price	NOUN
gp-264	150	24	set_price	set_price	NOUN
gp-264	150	25	exogenous	exogenous	ADJ
gp-264	150	26	variables	variable	NOUN
gp-264	150	27	:	:	PUNCT
gp-264	150	28	c	c	NOUN
gp-264	150	29	date	date	NOUN
gp-264	150	30	:	:	PUNCT
gp-264	150	31	05/29/25	05/29/25	NUM
gp-264	150	32	time	time	NOUN
gp-264	150	33	:	:	PUNCT
gp-264	150	34	10:25	10:25	NUM
gp-264	150	35	sample	sample	NOUN
gp-264	150	36	:	:	PUNCT
gp-264	150	37	1/03/2007	1/03/2007	NUM
gp-264	150	38	12/31/2009	12/31/2009	NUM
gp-264	150	39	included	include	VERB
gp-264	150	40	observations	observation	NOUN
gp-264	150	41	:	:	PUNCT
gp-264	151	1	774	774	NUM
gp-264	151	2	lag	lag	NOUN
gp-264	151	3	logl	logl	NOUN
gp-264	151	4	lr	lr	PROPN
gp-264	151	5	fpe	fpe	PROPN
gp-264	151	6	aic	aic	PROPN
gp-264	151	7	sc	sc	PROPN
gp-264	151	8	hq	hq	NOUN
gp-264	151	9	0	0	NUM
gp-264	152	1	-37715.51	-37715.51	PROPN
gp-264	152	2	na	na	INTJ
gp-264	152	3	5.07e+33	5.07e+33	NUM
gp-264	152	4	97.47419	97.47419	NUM
gp-264	152	5	97.51626	97.51626	NUM
gp-264	152	6	97.49038	97.49038	NUM
gp-264	152	7	1	1	NUM
gp-264	152	8	-27873.59	-27873.59	ADJ
gp-264	152	9	19480.40	19480.40	NUM
gp-264	152	10	5.19e+22	5.19e+22	NUM
gp-264	152	11	72.16948	72.16948	NUM
gp-264	152	12	72.50603	72.50603	NUM
gp-264	152	13	*	*	SYM
gp-264	152	14	72.29897	72.29897	NUM
gp-264	152	15	2	2	NUM
gp-264	152	16	-27715.64	-27715.64	NUM
gp-264	152	17	309.7718	309.7718	NUM
gp-264	152	18	3.92e+22	3.92e+22	NUM
gp-264	152	19	71.88796	71.88796	NUM
gp-264	152	20	72.51899	72.51899	NUM
gp-264	152	21	72.13075	72.13075	NUM
gp-264	152	22	*	*	SYM
gp-264	152	23	3	3	NUM
gp-264	153	1	-27646.99	-27646.99	NOUN
gp-264	154	1	133.3984	133.3984	NUM
gp-264	155	1	3.73e+22	3.73e+22	NUM
gp-264	155	2	71.83718	71.83718	NUM
gp-264	155	3	72.76269	72.76269	NUM
gp-264	155	4	72.19328	72.19328	NUM
gp-264	155	5	4	4	NUM
gp-264	155	6	-27597.80	-27597.80	NOUN
gp-264	155	7	94.70036	94.70036	NOUN
gp-264	156	1	3.72e+22	3.72e+22	NUM
gp-264	156	2	*	*	SYM
gp-264	156	3	71.83668	71.83668	NUM
gp-264	156	4	*	*	SYM
gp-264	156	5	73.05667	73.05667	NUM
gp-264	156	6	72.30608	72.30608	NUM
gp-264	156	7	5	5	NUM
gp-264	157	1	-27562.78	-27562.78	ADP
gp-264	157	2	66.77143	66.77143	NOUN
gp-264	157	3	*	*	PUNCT
gp-264	158	1	3.86e+22	3.86e+22	NUM
gp-264	158	2	71.87282	71.87282	NUM
gp-264	158	3	73.38729	73.38729	NUM
gp-264	158	4	72.45552	72.45552	NUM
gp-264	158	5	6	6	NUM
gp-264	158	6	-27530.99	-27530.99	NOUN
gp-264	158	7	60.04523	60.04523	NUM
gp-264	159	1	4.04e+22	4.04e+22	NUM
gp-264	159	2	71.91730	71.91730	NUM
gp-264	159	3	73.72624	73.72624	NUM
gp-264	159	4	72.61329	72.61329	NUM
gp-264	160	1	7	7	NUM
gp-264	160	2	-27504.65	-27504.65	NUM
gp-264	160	3	49.28179	49.28179	NUM
gp-264	161	1	4.28e+22	4.28e+22	NUM
gp-264	161	2	71.97584	71.97584	NUM
gp-264	161	3	74.07927	74.07927	NUM
gp-264	161	4	72.78514	72.78514	NUM
gp-264	161	5	8	8	NUM
gp-264	161	6	-27476.76	-27476.76	PROPN
gp-264	161	7	51.67136	51.67136	NUM
gp-264	161	8	4.53e+22	4.53e+22	NUM
gp-264	161	9	72.03039	72.03039	NUM
gp-264	161	10	74.42830	74.42830	NUM
gp-264	161	11	72.95299	72.95299	NUM
gp-264	161	12	cointegration	cointegration	NOUN
gp-264	161	13	analysis	analysis	NOUN
gp-264	161	14	of	of	ADP
gp-264	161	15	the	the	DET
gp-264	161	16	indonesian	indonesian	ADJ
gp-264	161	17	stock	stock	PROPN
gp-264	161	18	exchange	exchange	PROPN
gp-264	161	19	with	with	ADP
gp-264	161	20	the	the	DET
gp-264	161	21	stock	stock	NOUN
gp-264	161	22	exchanges	exchange	NOUN
gp-264	161	23	of	of	ADP
gp-264	161	24	the	the	DET
gp-264	161	25	united	united	PROPN
gp-264	161	26	states	states	PROPN
gp-264	161	27	,	,	PUNCT
gp-264	161	28	china	china	PROPN
gp-264	161	29	,	,	PUNCT
gp-264	161	30	and	and	CCONJ
gp-264	161	31	southeast	southeast	PROPN
gp-264	161	32	asia	asia	PROPN
gp-264	161	33	776	776	NUM
gp-264	161	34	var	var	NOUN
gp-264	161	35	lag	lag	NOUN
gp-264	161	36	order	order	NOUN
gp-264	161	37	selection	selection	NOUN
gp-264	161	38	criteria	criterion	NOUN
gp-264	161	39	endogenous	endogenous	ADJ
gp-264	161	40	variables	variable	NOUN
gp-264	161	41	:	:	PUNCT
gp-264	161	42	djia_price	djia_price	NUM
gp-264	161	43	ihsg_price	ihsg_price	PROPN
gp-264	161	44	ftse_klci_price	ftse_klci_price	X
gp-264	161	45	ftse_sts_price	ftse_sts_price	VERB
gp-264	161	46	hang_seng_price	hang_seng_price	NOUN
gp-264	161	47	sse_price	sse_price	NOUN
gp-264	161	48	set_price	set_price	NOUN
gp-264	161	49	exogenous	exogenous	ADJ
gp-264	161	50	variables	variable	NOUN
gp-264	161	51	:	:	PUNCT
gp-264	161	52	c	c	NOUN
gp-264	161	53	date	date	NOUN
gp-264	161	54	:	:	PUNCT
gp-264	161	55	05/29/25	05/29/25	NUM
gp-264	161	56	time	time	NOUN
gp-264	161	57	:	:	PUNCT
gp-264	161	58	10:25	10:25	NUM
gp-264	161	59	sample	sample	NOUN
gp-264	161	60	:	:	PUNCT
gp-264	161	61	1/03/2007	1/03/2007	NUM
gp-264	161	62	12/31/2009	12/31/2009	NUM
gp-264	161	63	included	include	VERB
gp-264	161	64	observations	observation	NOUN
gp-264	161	65	:	:	PUNCT
gp-264	161	66	774	774	NUM
gp-264	161	67	lag	lag	NOUN
gp-264	161	68	logl	logl	NOUN
gp-264	161	69	lr	lr	PROPN
gp-264	161	70	fpe	fpe	PROPN
gp-264	161	71	aic	aic	PROPN
gp-264	161	72	sc	sc	PROPN
gp-264	161	73	hq	hq	PROPN
gp-264	161	74	*	*	PUNCT
gp-264	161	75	indicates	indicate	VERB
gp-264	161	76	lag	lag	NOUN
gp-264	161	77	order	order	NOUN
gp-264	161	78	selected	select	VERB
gp-264	161	79	by	by	ADP
gp-264	161	80	the	the	DET
gp-264	161	81	criterion	criterion	NOUN
gp-264	161	82	lr	lr	INTJ
gp-264	161	83	:	:	PUNCT
gp-264	161	84	sequential	sequential	ADJ
gp-264	161	85	modified	modify	VERB
gp-264	161	86	lr	lr	X
gp-264	161	87	test	test	NOUN
gp-264	161	88	statistic	statistic	NOUN
gp-264	161	89	(	(	PUNCT
gp-264	161	90	each	each	DET
gp-264	161	91	test	test	NOUN
gp-264	161	92	at	at	ADP
gp-264	161	93	5	5	NUM
gp-264	161	94	%	%	NOUN
gp-264	161	95	level	level	NOUN
gp-264	161	96	)	)	PUNCT
gp-264	161	97	fpe	fpe	NOUN
gp-264	161	98	:	:	PUNCT
gp-264	161	99	final	final	ADJ
gp-264	161	100	prediction	prediction	NOUN
gp-264	161	101	error	error	NOUN
gp-264	161	102	aic	aic	PROPN
gp-264	161	103	:	:	PUNCT
gp-264	161	104	akaike	akaike	ADJ
gp-264	161	105	information	information	NOUN
gp-264	161	106	criterion	criterion	PROPN
gp-264	161	107	sc	sc	PROPN
gp-264	161	108	:	:	PUNCT
gp-264	161	109	schwarz	schwarz	PROPN
gp-264	161	110	information	information	NOUN
gp-264	161	111	criterion	criterion	NOUN
gp-264	161	112	hq	hq	NOUN
gp-264	161	113	:	:	PUNCT
gp-264	161	114	hannan	hannan	PROPN
gp-264	161	115	-	-	PUNCT
gp-264	161	116	quinn	quinn	PROPN
gp-264	161	117	information	information	NOUN
gp-264	161	118	criterion	criterion	NOUN
gp-264	161	119	source	source	NOUN
gp-264	161	120	:	:	PUNCT
gp-264	161	121	reprocessed	reprocess	VERB
gp-264	161	122	eviews	eviews	PROPN
gp-264	161	123	output	output	NOUN
gp-264	161	124	(	(	PUNCT
gp-264	161	125	2025	2025	NUM
gp-264	161	126	)	)	PUNCT
gp-264	161	127	for	for	ADP
gp-264	161	128	the	the	DET
gp-264	161	129	optimal	optimal	ADJ
gp-264	161	130	lag	lag	NOUN
gp-264	161	131	test	test	NOUN
gp-264	161	132	in	in	ADP
gp-264	161	133	the	the	DET
gp-264	161	134	period	period	NOUN
gp-264	161	135	2007	2007	NUM
gp-264	161	136	–	–	PUNCT
gp-264	161	137	2009	2009	NUM
gp-264	161	138	,	,	PUNCT
gp-264	161	139	the	the	DET
gp-264	161	140	following	follow	VERB
gp-264	161	141	results	result	NOUN
gp-264	161	142	are	be	AUX
gp-264	161	143	obtained	obtain	VERB
gp-264	161	144	in	in	ADP
gp-264	161	145	table	table	NOUN
gp-264	161	146	4.6	4.6	NUM
gp-264	161	147	.	.	PUNCT
gp-264	162	1	by	by	ADP
gp-264	162	2	using	use	VERB
gp-264	162	3	the	the	DET
gp-264	162	4	aic	aic	PROPN
gp-264	162	5	method	method	NOUN
gp-264	162	6	,	,	PUNCT
gp-264	162	7	the	the	DET
gp-264	162	8	optimal	optimal	ADJ
gp-264	162	9	lag	lag	NOUN
gp-264	162	10	result	result	NOUN
gp-264	162	11	is	be	AUX
gp-264	162	12	4	4	NUM
gp-264	162	13	,	,	PUNCT
gp-264	162	14	where	where	SCONJ
gp-264	162	15	the	the	DET
gp-264	162	16	fpe	fpe	PROPN
gp-264	162	17	method	method	NOUN
gp-264	162	18	also	also	ADV
gp-264	162	19	shows	show	VERB
gp-264	162	20	the	the	DET
gp-264	162	21	same	same	ADJ
gp-264	162	22	results	result	NOUN
gp-264	162	23	as	as	ADP
gp-264	162	24	aic	aic	PROPN
gp-264	162	25	.	.	PROPN
gp-264	162	26	table	table	PROPN
gp-264	162	27	6	6	NUM
gp-264	162	28	.	.	PUNCT
gp-264	163	1	optimal	optimal	ADJ
gp-264	163	2	lag	lag	NOUN
gp-264	163	3	test	test	NOUN
gp-264	163	4	for	for	ADP
gp-264	163	5	the	the	DET
gp-264	163	6	2020	2020	NUM
gp-264	163	7	-	-	SYM
gp-264	163	8	2022	2022	NUM
gp-264	163	9	period	period	NOUN
gp-264	163	10	var	var	NOUN
gp-264	163	11	lag	lag	NOUN
gp-264	163	12	order	order	NOUN
gp-264	163	13	selection	selection	NOUN
gp-264	163	14	criteria	criterion	NOUN
gp-264	163	15	endogenous	endogenous	ADJ
gp-264	163	16	variables	variable	NOUN
gp-264	163	17	:	:	PUNCT
gp-264	163	18	djia_price	djia_price	NUM
gp-264	163	19	ihsg	ihsg	NOUN
gp-264	163	20	ftse_klci	ftse_klci	NOUN
gp-264	163	21	ftse_sts	ftse_st	NOUN
gp-264	163	22	hang_seng	hang_seng	PROPN
gp-264	163	23	sse	sse	NOUN
gp-264	163	24	set	set	VERB
gp-264	163	25	exogenous	exogenous	ADJ
gp-264	163	26	variables	variable	NOUN
gp-264	163	27	:	:	PUNCT
gp-264	163	28	c	c	NOUN
gp-264	163	29	date	date	NOUN
gp-264	163	30	:	:	PUNCT
gp-264	163	31	05/29/25	05/29/25	NUM
gp-264	163	32	time	time	NOUN
gp-264	163	33	:	:	PUNCT
gp-264	163	34	10:52	10:52	NUM
gp-264	163	35	sample	sample	NOUN
gp-264	163	36	:	:	PUNCT
gp-264	163	37	1/01/2020	1/01/2020	NUM
gp-264	163	38	12/30/2022	12/30/2022	NUM
gp-264	163	39	included	include	VERB
gp-264	163	40	observations	observation	NOUN
gp-264	163	41	:	:	PUNCT
gp-264	163	42	775	775	NUM
gp-264	163	43	lag	lag	NOUN
gp-264	163	44	logl	logl	NOUN
gp-264	163	45	lr	lr	PROPN
gp-264	163	46	fpe	fpe	PROPN
gp-264	163	47	aic	aic	PROPN
gp-264	163	48	sc	sc	PROPN
gp-264	163	49	hq	hq	NOUN
gp-264	163	50	0	0	NUM
gp-264	164	1	-42086.61	-42086.61	NOUN
gp-264	164	2	na	na	NOUN
gp-264	164	3	3.54e+38	3.54e+38	NUM
gp-264	164	4	108.6287	108.6287	NUM
gp-264	164	5	108.6707	108.6707	NUM
gp-264	164	6	108.6448	108.6448	NUM
gp-264	164	7	1	1	NUM
gp-264	164	8	-35128.65	-35128.65	PROPN
gp-264	164	9	13772.26	13772.26	NUM
gp-264	164	10	6.40e+30	6.40e+30	NUM
gp-264	164	11	90.79911	90.79911	NUM
gp-264	164	12	91.13531	91.13531	NUM
gp-264	164	13	*	*	NOUN
gp-264	164	14	90.92846	90.92846	NUM
gp-264	164	15	2	2	NUM
gp-264	164	16	-35030.21	-35030.21	PROPN
gp-264	164	17	193.0682	193.0682	NUM
gp-264	164	18	5.63e+30	5.63e+30	NUM
gp-264	164	19	90.67152	90.67152	NUM
gp-264	164	20	91.30191	91.30191	NUM
gp-264	164	21	90.91405	90.91405	NUM
gp-264	164	22	3	3	NUM
gp-264	164	23	-34931.10	-34931.10	PROPN
gp-264	164	24	192.6010	192.6010	NUM
gp-264	164	25	4.95e+30	4.95e+30	NUM
gp-264	164	26	90.54219	90.54219	NUM
gp-264	164	27	91.46676	91.46676	NUM
gp-264	164	28	90.89790	90.89790	NUM
gp-264	164	29	*	*	SYM
gp-264	164	30	4	4	NUM
gp-264	164	31	-34881.72	-34881.72	NOUN
gp-264	164	32	95.05925	95.05925	NUM
gp-264	164	33	4.95e+30	4.95e+30	NUM
gp-264	164	34	90.54122	90.54122	NUM
gp-264	164	35	91.75997	91.75997	NUM
gp-264	164	36	91.01011	91.01011	NUM
gp-264	164	37	5	5	NUM
gp-264	164	38	-34847.26	-34847.26	NUM
gp-264	164	39	65.72368	65.72368	NUM
gp-264	164	40	5.14e+30	5.14e+30	NUM
gp-264	164	41	90.57874	90.57874	NUM
gp-264	164	42	92.09167	92.09167	NUM
gp-264	164	43	91.16081	91.16081	NUM
gp-264	164	44	6	6	NUM
gp-264	165	1	-34747.16	-34747.16	NUM
gp-264	165	2	189.0974	189.0974	NUM
gp-264	165	3	*	*	SYM
gp-264	165	4	4.50e+30	4.50e+30	NUM
gp-264	165	5	*	*	NOUN
gp-264	165	6	90.44686	90.44686	NUM
gp-264	165	7	*	*	SYM
gp-264	165	8	92.25397	92.25397	NUM
gp-264	165	9	91.14211	91.14211	NUM
gp-264	165	10	7	7	NUM
gp-264	165	11	-34729.06	-34729.06	NOUN
gp-264	165	12	33.86157	33.86157	NUM
gp-264	165	13	4.88e+30	4.88e+30	NUM
gp-264	165	14	90.52660	90.52660	NUM
gp-264	165	15	92.62790	92.62790	NUM
gp-264	165	16	91.33503	91.33503	NUM
gp-264	165	17	8	8	NUM
gp-264	165	18	-34701.90	-34701.90	NUM
gp-264	165	19	50.32468	50.32468	NUM
gp-264	165	20	5.17e+30	5.17e+30	NUM
gp-264	165	21	90.58297	90.58297	NUM
gp-264	165	22	92.97844	92.97844	NUM
gp-264	165	23	91.50458	91.50458	NUM
gp-264	165	24	*	*	PUNCT
gp-264	165	25	indicates	indicate	VERB
gp-264	165	26	lag	lag	NOUN
gp-264	165	27	order	order	NOUN
gp-264	165	28	selected	select	VERB
gp-264	165	29	by	by	ADP
gp-264	165	30	the	the	DET
gp-264	165	31	criterion	criterion	NOUN
gp-264	165	32	lr	lr	INTJ
gp-264	165	33	:	:	PUNCT
gp-264	165	34	sequential	sequential	ADJ
gp-264	165	35	modified	modify	VERB
gp-264	165	36	lr	lr	X
gp-264	165	37	test	test	NOUN
gp-264	165	38	statistic	statistic	NOUN
gp-264	165	39	(	(	PUNCT
gp-264	165	40	each	each	DET
gp-264	165	41	test	test	NOUN
gp-264	165	42	at	at	ADP
gp-264	165	43	5	5	NUM
gp-264	165	44	%	%	NOUN
gp-264	165	45	level	level	NOUN
gp-264	165	46	)	)	PUNCT
gp-264	165	47	fpe	fpe	NOUN
gp-264	165	48	:	:	PUNCT
gp-264	165	49	final	final	ADJ
gp-264	165	50	prediction	prediction	NOUN
gp-264	165	51	error	error	NOUN
gp-264	165	52	aic	aic	PROPN
gp-264	165	53	:	:	PUNCT
gp-264	165	54	akaike	akaike	ADJ
gp-264	165	55	information	information	NOUN
gp-264	165	56	criterion	criterion	PROPN
gp-264	165	57	sc	sc	PROPN
gp-264	165	58	:	:	PUNCT
gp-264	165	59	schwarz	schwarz	PROPN
gp-264	165	60	information	information	NOUN
gp-264	165	61	criterion	criterion	NOUN
gp-264	165	62	hq	hq	NOUN
gp-264	165	63	:	:	PUNCT
gp-264	165	64	hannan	hannan	PROPN
gp-264	165	65	-	-	PUNCT
gp-264	165	66	quinn	quinn	PROPN
gp-264	165	67	information	information	NOUN
gp-264	165	68	criterion	criterion	NOUN
gp-264	165	69	source	source	NOUN
gp-264	165	70	:	:	PUNCT
gp-264	165	71	reprocessed	reprocess	VERB
gp-264	165	72	eviews	eviews	PROPN
gp-264	165	73	output	output	NOUN
gp-264	165	74	(	(	PUNCT
gp-264	165	75	2025	2025	NUM
gp-264	165	76	)	)	PUNCT
gp-264	165	77	and	and	CCONJ
gp-264	165	78	for	for	ADP
gp-264	165	79	the	the	DET
gp-264	165	80	results	result	NOUN
gp-264	165	81	of	of	ADP
gp-264	165	82	the	the	DET
gp-264	165	83	optimal	optimal	ADJ
gp-264	165	84	lag	lag	NOUN
gp-264	165	85	test	test	NOUN
gp-264	165	86	for	for	ADP
gp-264	165	87	the	the	DET
gp-264	165	88	2020	2020	NUM
gp-264	165	89	–	–	PUNCT
gp-264	165	90	2022	2022	NUM
gp-264	165	91	period	period	NOUN
gp-264	165	92	,	,	PUNCT
gp-264	165	93	in	in	ADP
gp-264	165	94	table	table	NOUN
gp-264	165	95	4.7	4.7	NUM
gp-264	165	96	,	,	PUNCT
gp-264	165	97	the	the	DET
gp-264	165	98	optimal	optimal	ADJ
gp-264	165	99	lag	lag	NOUN
gp-264	165	100	results	result	NOUN
gp-264	165	101	based	base	VERB
gp-264	165	102	on	on	ADP
gp-264	165	103	the	the	DET
gp-264	165	104	aic	aic	PROPN
gp-264	165	105	method	method	NOUN
gp-264	165	106	are	be	AUX
gp-264	165	107	lag	lag	NOUN
gp-264	165	108	6	6	NUM
gp-264	165	109	.	.	PUNCT
gp-264	166	1	these	these	DET
gp-264	166	2	results	result	NOUN
gp-264	166	3	are	be	AUX
gp-264	166	4	the	the	DET
gp-264	166	5	same	same	ADJ
gp-264	166	6	as	as	ADP
gp-264	166	7	the	the	DET
gp-264	166	8	results	result	NOUN
gp-264	166	9	of	of	ADP
gp-264	166	10	the	the	DET
gp-264	166	11	lr	lr	PROPN
gp-264	166	12	and	and	CCONJ
gp-264	166	13	fpe	fpe	NOUN
gp-264	166	14	test	test	NOUN
gp-264	166	15	methods	method	NOUN
gp-264	166	16	.	.	PUNCT
gp-264	167	1	cointegration	cointegration	NOUN
gp-264	167	2	analysis	analysis	NOUN
gp-264	167	3	of	of	ADP
gp-264	167	4	the	the	DET
gp-264	167	5	indonesian	indonesian	ADJ
gp-264	167	6	stock	stock	PROPN
gp-264	167	7	exchange	exchange	PROPN
gp-264	167	8	with	with	ADP
gp-264	167	9	the	the	DET
gp-264	167	10	stock	stock	NOUN
gp-264	167	11	exchanges	exchange	NOUN
gp-264	167	12	of	of	ADP
gp-264	167	13	the	the	DET
gp-264	167	14	united	united	PROPN
gp-264	167	15	states	states	PROPN
gp-264	167	16	,	,	PUNCT
gp-264	167	17	china	china	PROPN
gp-264	167	18	,	,	PUNCT
gp-264	167	19	and	and	CCONJ
gp-264	167	20	southeast	southeast	PROPN
gp-264	167	21	asia	asia	PROPN
gp-264	167	22	777	777	NUM
gp-264	167	23	johansen	johansen	PROPN
gp-264	167	24	cointegration	cointegration	PROPN
gp-264	167	25	test	test	NOUN
gp-264	167	26	the	the	DET
gp-264	167	27	johansen	johansen	PROPN
gp-264	167	28	cointegration	cointegration	PROPN
gp-264	167	29	test	test	NOUN
gp-264	167	30	was	be	AUX
gp-264	167	31	carried	carry	VERB
gp-264	167	32	out	out	ADP
gp-264	167	33	after	after	SCONJ
gp-264	167	34	optimal	optimal	ADJ
gp-264	167	35	lag	lag	NOUN
gp-264	167	36	results	result	NOUN
gp-264	167	37	were	be	AUX
gp-264	167	38	obtained	obtain	VERB
gp-264	167	39	.	.	PUNCT
gp-264	168	1	the	the	DET
gp-264	168	2	results	result	NOUN
gp-264	168	3	of	of	ADP
gp-264	168	4	the	the	DET
gp-264	168	5	johansen	johansen	PROPN
gp-264	168	6	test	test	NOUN
gp-264	168	7	based	base	VERB
gp-264	168	8	on	on	ADP
gp-264	168	9	the	the	DET
gp-264	168	10	observation	observation	NOUN
gp-264	168	11	period	period	NOUN
gp-264	168	12	2007	2007	NUM
gp-264	168	13	2025	2025	NUM
gp-264	168	14	can	can	AUX
gp-264	168	15	be	be	AUX
gp-264	168	16	seen	see	VERB
gp-264	168	17	in	in	ADP
gp-264	168	18	table	table	NOUN
gp-264	168	19	4.8	4.8	NUM
gp-264	168	20	below	below	ADV
gp-264	168	21	.	.	PUNCT
gp-264	169	1	table	table	NOUN
gp-264	169	2	7	7	NUM
gp-264	169	3	.	.	PUNCT
gp-264	169	4	johansen	johansen	PROPN
gp-264	169	5	cointegration	cointegration	PROPN
gp-264	169	6	test	test	NOUN
gp-264	169	7	for	for	ADP
gp-264	169	8	the	the	DET
gp-264	169	9	period	period	NOUN
gp-264	169	10	2007	2007	NUM
gp-264	169	11	-	-	SYM
gp-264	169	12	2025	2025	NUM
gp-264	169	13	source	source	NOUN
gp-264	169	14	:	:	PUNCT
gp-264	169	15	reprocessed	reprocess	VERB
gp-264	169	16	eviews	eviews	PROPN
gp-264	169	17	output	output	NOUN
gp-264	169	18	(	(	PUNCT
gp-264	169	19	2025	2025	NUM
gp-264	169	20	)	)	PUNCT
gp-264	169	21	date	date	NOUN
gp-264	169	22	:	:	PUNCT
gp-264	169	23	05/31/25	05/31/25	NUM
gp-264	169	24	time	time	NOUN
gp-264	169	25	:	:	PUNCT
gp-264	169	26	07:35	07:35	NUM
gp-264	169	27	sample	sample	NOUN
gp-264	169	28	:	:	PUNCT
gp-264	169	29	1/03/2007	1/03/2007	PROPN
gp-264	169	30	2/28/2025	2/28/2025	NUM
gp-264	169	31	included	include	VERB
gp-264	169	32	observations	observation	NOUN
gp-264	169	33	:	:	PUNCT
gp-264	169	34	4738	4738	NUM
gp-264	169	35	lags	lag	VERB
gp-264	169	36	interval	interval	NOUN
gp-264	169	37	(	(	PUNCT
gp-264	169	38	in	in	ADP
gp-264	169	39	first	first	ADJ
gp-264	169	40	differences	difference	NOUN
gp-264	169	41	):	):	PUNCT
gp-264	169	42	1	1	NUM
gp-264	169	43	to	to	PART
gp-264	169	44	7	7	NUM
gp-264	169	45	endogenous	endogenous	ADJ
gp-264	169	46	variables	variable	NOUN
gp-264	169	47	:	:	PUNCT
gp-264	169	48	djia	djia	PROPN
gp-264	169	49	ihsg	ihsg	PROPN
gp-264	169	50	ftse_klc	ftse_klc	PROPN
gp-264	169	51	ftse_sts	ftse_st	NOUN
gp-264	169	52	sse	sse	NOUN
gp-264	169	53	hang_seng	hang_seng	NOUN
gp-264	169	54	set	set	VERB
gp-264	169	55	deterministic	deterministic	ADJ
gp-264	169	56	assumptions	assumption	NOUN
gp-264	169	57	:	:	PUNCT
gp-264	169	58	case	case	NOUN
gp-264	169	59	3	3	NUM
gp-264	169	60	(	(	PUNCT
gp-264	169	61	johansen	johansen	PROPN
gp-264	169	62	-	-	PUNCT
gp-264	169	63	hendry	hendry	PROPN
gp-264	169	64	-	-	PUNCT
gp-264	169	65	juselius	juselius	NOUN
gp-264	169	66	):	):	PUNCT
gp-264	169	67	cointegrating	cointegrate	VERB
gp-264	169	68	relationship	relationship	NOUN
gp-264	169	69	includes	include	VERB
gp-264	169	70	a	a	DET
gp-264	169	71	constant	constant	ADJ
gp-264	169	72	.	.	PUNCT
gp-264	170	1	short	short	ADJ
gp-264	170	2	-	-	PUNCT
gp-264	170	3	run	run	NOUN
gp-264	170	4	dynamics	dynamic	NOUN
gp-264	170	5	include	include	VERB
gp-264	170	6	a	a	PRON
gp-264	170	7	constant	constant	ADJ
gp-264	170	8	.	.	PUNCT
gp-264	170	9	unrestricted	unrestricted	ADJ
gp-264	170	10	cointegration	cointegration	NOUN
gp-264	170	11	rank	rank	NOUN
gp-264	170	12	test	test	NOUN
gp-264	170	13	(	(	PUNCT
gp-264	170	14	trace	trace	NOUN
gp-264	170	15	)	)	PUNCT
gp-264	170	16	hypothesized	hypothesize	VERB
gp-264	170	17	trace	trace	NOUN
gp-264	170	18	0.05	0.05	NUM
gp-264	170	19	prob	prob	NOUN
gp-264	170	20	.	.	PUNCT
gp-264	171	1	*	*	PUNCT
gp-264	171	2	*	*	PUNCT
gp-264	171	3	no	no	INTJ
gp-264	171	4	.	.	PUNCT
gp-264	172	1	of	of	ADP
gp-264	172	2	ce(s	ce(s	ADV
gp-264	172	3	)	)	PUNCT
gp-264	172	4	eigenvalue	eigenvalue	NOUN
gp-264	172	5	statistic	statistic	ADJ
gp-264	172	6	critical	critical	ADJ
gp-264	172	7	value	value	NOUN
gp-264	172	8	critical	critical	ADJ
gp-264	172	9	value	value	NOUN
gp-264	172	10	none	none	NOUN
gp-264	172	11	0.009398	0.009398	NUM
gp-264	173	1	114.1220	114.1220	NUM
gp-264	173	2	125.6154	125.6154	NUM
gp-264	173	3	0.2023	0.2023	NUM
gp-264	173	4	at	at	ADP
gp-264	173	5	most	most	ADJ
gp-264	173	6	1	1	NUM
gp-264	173	7	0.005121	0.005121	NUM
gp-264	173	8	69.54212	69.54212	NUM
gp-264	173	9	95.75366	95.75366	NUM
gp-264	173	10	0.7376	0.7376	NUM
gp-264	173	11	at	at	ADP
gp-264	173	12	most	most	ADJ
gp-264	173	13	2	2	NUM
gp-264	173	14	0.003426	0.003426	NUM
gp-264	173	15	45.30531	45.30531	NUM
gp-264	173	16	69.81889	69.81889	NUM
gp-264	173	17	0.8210	0.8210	NUM
gp-264	173	18	at	at	ADP
gp-264	173	19	most	most	ADJ
gp-264	173	20	3	3	NUM
gp-264	173	21	0.002721	0.002721	NUM
gp-264	173	22	29.10290	29.10290	NUM
gp-264	173	23	47.85613	47.85613	NUM
gp-264	173	24	0.7634	0.7634	NUM
gp-264	173	25	at	at	ADP
gp-264	173	26	most	most	ADV
gp-264	173	27	4	4	NUM
gp-264	173	28	0.001975	0.001975	NUM
gp-264	173	29	16.23946	16.23946	NUM
gp-264	173	30	29.79707	29.79707	NUM
gp-264	173	31	0.6954	0.6954	NUM
gp-264	173	32	at	at	ADP
gp-264	173	33	most	most	ADJ
gp-264	173	34	5	5	NUM
gp-264	173	35	0.001318	0.001318	NUM
gp-264	173	36	6.907954	6.907954	NUM
gp-264	173	37	15.49471	15.49471	NUM
gp-264	173	38	0.5884	0.5884	NUM
gp-264	174	1	at	at	ADP
gp-264	174	2	most	most	ADJ
gp-264	174	3	6	6	NUM
gp-264	174	4	0.000144	0.000144	NUM
gp-264	174	5	0.680273	0.680273	NUM
gp-264	174	6	3.841465	3.841465	NUM
gp-264	174	7	0.4095	0.4095	NUM
gp-264	174	8	trace	trace	NOUN
gp-264	174	9	test	test	NOUN
gp-264	174	10	indicates	indicate	VERB
gp-264	174	11	no	no	DET
gp-264	174	12	cointegration	cointegration	NOUN
gp-264	174	13	at	at	ADP
gp-264	174	14	the	the	DET
gp-264	174	15	0.05	0.05	NUM
gp-264	174	16	level	level	NOUN
gp-264	174	17	*	*	PUNCT
gp-264	174	18	denotes	denote	NOUN
gp-264	174	19	rejection	rejection	NOUN
gp-264	174	20	of	of	ADP
gp-264	174	21	the	the	DET
gp-264	174	22	hypothesis	hypothesis	NOUN
gp-264	174	23	at	at	ADP
gp-264	174	24	the	the	DET
gp-264	174	25	0.05	0.05	NUM
gp-264	174	26	level	level	NOUN
gp-264	174	27	*	*	NOUN
gp-264	174	28	*	*	PUNCT
gp-264	174	29	mackinnon	mackinnon	NOUN
gp-264	174	30	-	-	PUNCT
gp-264	174	31	haug	haug	NOUN
gp-264	174	32	-	-	PUNCT
gp-264	174	33	michelis	michelis	PROPN
gp-264	174	34	(	(	PUNCT
gp-264	174	35	1999	1999	NUM
gp-264	174	36	)	)	PUNCT
gp-264	174	37	p	p	X
gp-264	174	38	-	-	PUNCT
gp-264	174	39	values	value	NOUN
gp-264	174	40	unrestricted	unrestricted	ADJ
gp-264	174	41	cointegration	cointegration	NOUN
gp-264	174	42	rank	rank	NOUN
gp-264	174	43	test	test	NOUN
gp-264	174	44	(	(	PUNCT
gp-264	174	45	maxeigenvalue	maxeigenvalue	NOUN
gp-264	174	46	)	)	PUNCT
gp-264	174	47	hypothesized	hypothesize	VERB
gp-264	174	48	max	max	PROPN
gp-264	174	49	-	-	PUNCT
gp-264	174	50	eigen	eigen	PROPN
gp-264	174	51	0.05	0.05	NUM
gp-264	174	52	prob	prob	NOUN
gp-264	174	53	.	.	PUNCT
gp-264	175	1	*	*	PUNCT
gp-264	175	2	*	*	PUNCT
gp-264	175	3	no	no	INTJ
gp-264	175	4	.	.	PUNCT
gp-264	176	1	of	of	ADP
gp-264	176	2	ce(s	ce(s	ADV
gp-264	176	3	)	)	PUNCT
gp-264	176	4	eigenvalue	eigenvalue	NOUN
gp-264	176	5	statistic	statistic	ADJ
gp-264	176	6	critical	critical	ADJ
gp-264	176	7	value	value	NOUN
gp-264	176	8	critical	critical	ADJ
gp-264	176	9	value	value	NOUN
gp-264	176	10	none	none	NOUN
gp-264	176	11	0.009398	0.009398	NUM
gp-264	176	12	44.57987	44.57987	NUM
gp-264	176	13	46.23142	46.23142	NUM
gp-264	176	14	0.0744	0.0744	NUM
gp-264	176	15	at	at	ADP
gp-264	176	16	most	most	ADJ
gp-264	176	17	1	1	NUM
gp-264	176	18	0.005121	0.005121	NUM
gp-264	176	19	24.23681	24.23681	NUM
gp-264	176	20	40.07757	40.07757	NUM
gp-264	176	21	0.8130	0.8130	NUM
gp-264	176	22	at	at	ADP
gp-264	176	23	most	most	ADJ
gp-264	176	24	2	2	NUM
gp-264	176	25	0.003426	0.003426	NUM
gp-264	176	26	16.20241	16.20241	NUM
gp-264	176	27	33.87687	33.87687	NUM
gp-264	176	28	0.9485	0.9485	NUM
gp-264	176	29	at	at	ADP
gp-264	176	30	most	most	ADJ
gp-264	176	31	3	3	NUM
gp-264	176	32	0.002721	0.002721	NUM
gp-264	176	33	12.86344	12.86344	NUM
gp-264	176	34	27.58434	27.58434	NUM
gp-264	176	35	0.8923	0.8923	NUM
gp-264	176	36	at	at	ADP
gp-264	176	37	most	most	ADJ
gp-264	176	38	4	4	NUM
gp-264	176	39	0.001975	0.001975	NUM
gp-264	176	40	9.331502	9.331502	NUM
gp-264	176	41	21.13162	21.13162	NUM
gp-264	176	42	0.8048	0.8048	NUM
gp-264	176	43	at	at	ADP
gp-264	176	44	most	most	ADJ
gp-264	176	45	5	5	NUM
gp-264	176	46	0.001318	0.001318	NUM
gp-264	176	47	6.227681	6.227681	NUM
gp-264	176	48	14.26460	14.26460	NUM
gp-264	176	49	0.5842	0.5842	NUM
gp-264	176	50	at	at	ADP
gp-264	176	51	most	most	ADJ
gp-264	176	52	6	6	NUM
gp-264	176	53	0.000144	0.000144	NUM
gp-264	176	54	0.680273	0.680273	NUM
gp-264	176	55	3.841465	3.841465	NUM
gp-264	176	56	0.4095	0.4095	NUM
gp-264	176	57	max	max	PROPN
gp-264	176	58	-	-	PUNCT
gp-264	176	59	eigenvalue	eigenvalue	ADJ
gp-264	176	60	test	test	NOUN
gp-264	176	61	indicates	indicate	VERB
gp-264	176	62	no	no	DET
gp-264	176	63	cointegration	cointegration	NOUN
gp-264	176	64	at	at	ADP
gp-264	176	65	the	the	DET
gp-264	176	66	0.05	0.05	NUM
gp-264	176	67	level	level	NOUN
gp-264	176	68	*	*	PUNCT
gp-264	176	69	denotes	denote	NOUN
gp-264	176	70	rejection	rejection	NOUN
gp-264	176	71	of	of	ADP
gp-264	176	72	the	the	DET
gp-264	176	73	hypothesis	hypothesis	NOUN
gp-264	176	74	at	at	ADP
gp-264	176	75	the	the	DET
gp-264	176	76	0.05	0.05	NUM
gp-264	176	77	level	level	NOUN
gp-264	176	78	*	*	NOUN
gp-264	176	79	*	*	PUNCT
gp-264	176	80	mackinnon	mackinnon	NOUN
gp-264	176	81	-	-	PUNCT
gp-264	176	82	haug	haug	NOUN
gp-264	176	83	-	-	PUNCT
gp-264	176	84	michelis	michelis	PROPN
gp-264	176	85	(	(	PUNCT
gp-264	176	86	1999	1999	NUM
gp-264	176	87	)	)	PUNCT
gp-264	176	88	p	p	NOUN
gp-264	176	89	-	-	PUNCT
gp-264	176	90	values	value	NOUN
gp-264	176	91	cointegration	cointegration	NOUN
gp-264	176	92	analysis	analysis	NOUN
gp-264	176	93	of	of	ADP
gp-264	176	94	the	the	DET
gp-264	176	95	indonesian	indonesian	ADJ
gp-264	176	96	stock	stock	PROPN
gp-264	176	97	exchange	exchange	PROPN
gp-264	176	98	with	with	ADP
gp-264	176	99	the	the	DET
gp-264	176	100	stock	stock	NOUN
gp-264	176	101	exchanges	exchange	NOUN
gp-264	176	102	of	of	ADP
gp-264	176	103	the	the	DET
gp-264	176	104	united	united	PROPN
gp-264	176	105	states	states	PROPN
gp-264	176	106	,	,	PUNCT
gp-264	176	107	china	china	PROPN
gp-264	176	108	,	,	PUNCT
gp-264	176	109	and	and	CCONJ
gp-264	176	110	southeast	southeast	PROPN
gp-264	176	111	asia	asia	PROPN
gp-264	176	112	778	778	NUM
gp-264	176	113	from	from	ADP
gp-264	176	114	the	the	DET
gp-264	176	115	results	result	NOUN
gp-264	176	116	of	of	ADP
gp-264	176	117	the	the	DET
gp-264	176	118	johansen	johansen	PROPN
gp-264	176	119	cointegration	cointegration	PROPN
gp-264	176	120	test	test	NOUN
gp-264	176	121	in	in	ADP
gp-264	176	122	the	the	DET
gp-264	176	123	period	period	NOUN
gp-264	176	124	2007	2007	NUM
gp-264	176	125	-	-	SYM
gp-264	176	126	2025	2025	NUM
gp-264	176	127	,	,	PUNCT
gp-264	176	128	using	use	VERB
gp-264	176	129	an	an	DET
gp-264	176	130	optimal	optimal	ADJ
gp-264	176	131	lag	lag	NOUN
gp-264	176	132	of	of	ADP
gp-264	176	133	7	7	NUM
gp-264	176	134	,	,	PUNCT
gp-264	176	135	it	it	PRON
gp-264	176	136	shows	show	VERB
gp-264	176	137	that	that	SCONJ
gp-264	176	138	there	there	PRON
gp-264	176	139	is	be	VERB
gp-264	176	140	no	no	DET
gp-264	176	141	cointegration	cointegration	NOUN
gp-264	176	142	between	between	ADP
gp-264	176	143	the	the	DET
gp-264	176	144	stock	stock	NOUN
gp-264	176	145	exchanges	exchange	NOUN
gp-264	176	146	of	of	ADP
gp-264	176	147	indonesia	indonesia	PROPN
gp-264	176	148	,	,	PUNCT
gp-264	176	149	the	the	DET
gp-264	176	150	united	united	PROPN
gp-264	176	151	states	states	PROPN
gp-264	176	152	,	,	PUNCT
gp-264	176	153	china	china	PROPN
gp-264	176	154	,	,	PUNCT
gp-264	176	155	hong	hong	PROPN
gp-264	176	156	kong	kong	PROPN
gp-264	176	157	,	,	PUNCT
gp-264	176	158	malaysia	malaysia	PROPN
gp-264	176	159	,	,	PUNCT
gp-264	176	160	singapore	singapore	PROPN
gp-264	176	161	and	and	CCONJ
gp-264	176	162	thailand	thailand	PROPN
gp-264	176	163	.	.	PUNCT
gp-264	177	1	this	this	PRON
gp-264	177	2	is	be	AUX
gp-264	177	3	similar	similar	ADJ
gp-264	177	4	to	to	ADP
gp-264	177	5	the	the	DET
gp-264	177	6	results	result	NOUN
gp-264	177	7	of	of	ADP
gp-264	177	8	research	research	NOUN
gp-264	177	9	from	from	ADP
gp-264	177	10	irmalis	irmalis	PROPN
gp-264	177	11	et	et	PROPN
gp-264	177	12	al	al	PROPN
gp-264	177	13	.	.	PROPN
gp-264	178	1	(	(	PUNCT
gp-264	178	2	2019	2019	NUM
gp-264	178	3	)	)	PUNCT
gp-264	178	4	who	who	PRON
gp-264	178	5	examined	examine	VERB
gp-264	178	6	the	the	DET
gp-264	178	7	johansen	johansen	PROPN
gp-264	178	8	cointegration	cointegration	PROPN
gp-264	178	9	test	test	NOUN
gp-264	178	10	on	on	ADP
gp-264	178	11	the	the	DET
gp-264	178	12	indonesian	indonesian	ADJ
gp-264	178	13	,	,	PUNCT
gp-264	178	14	malaysian	malaysian	ADJ
gp-264	178	15	and	and	CCONJ
gp-264	178	16	singapore	singapore	PROPN
gp-264	178	17	stock	stock	NOUN
gp-264	178	18	exchanges	exchange	NOUN
gp-264	178	19	in	in	ADP
gp-264	178	20	the	the	DET
gp-264	178	21	period	period	NOUN
gp-264	178	22	2013	2013	NUM
gp-264	178	23	–	–	PUNCT
gp-264	178	24	2018	2018	NUM
gp-264	178	25	,	,	PUNCT
gp-264	178	26	and	and	CCONJ
gp-264	178	27	irmalis	irmali	NOUN
gp-264	178	28	et	et	PROPN
gp-264	178	29	al	al	PROPN
gp-264	178	30	(	(	PUNCT
gp-264	178	31	2020	2020	NUM
gp-264	178	32	)	)	PUNCT
gp-264	178	33	,	,	PUNCT
gp-264	178	34	who	who	PRON
gp-264	178	35	conducted	conduct	VERB
gp-264	178	36	research	research	NOUN
gp-264	178	37	on	on	ADP
gp-264	178	38	the	the	DET
gp-264	178	39	indonesian	indonesian	ADJ
gp-264	178	40	,	,	PUNCT
gp-264	178	41	malaysian	malaysian	ADJ
gp-264	178	42	and	and	CCONJ
gp-264	178	43	chinese	chinese	ADJ
gp-264	178	44	stock	stock	NOUN
gp-264	178	45	exchanges	exchange	NOUN
gp-264	178	46	in	in	ADP
gp-264	178	47	the	the	DET
gp-264	178	48	period	period	NOUN
gp-264	178	49	2012	2012	NUM
gp-264	178	50	-	-	SYM
gp-264	178	51	2018	2018	NUM
gp-264	178	52	.	.	PUNCT
gp-264	179	1	table	table	NOUN
gp-264	179	2	8	8	NUM
gp-264	179	3	.	.	PUNCT
gp-264	180	1	johansen	johansen	PROPN
gp-264	180	2	cointegration	cointegration	PROPN
gp-264	180	3	test	test	NOUN
gp-264	180	4	for	for	ADP
gp-264	180	5	the	the	DET
gp-264	180	6	period	period	NOUN
gp-264	180	7	2007	2007	NUM
gp-264	180	8	-	-	SYM
gp-264	180	9	2009	2009	NUM
gp-264	180	10	date	date	NOUN
gp-264	180	11	:	:	PUNCT
gp-264	180	12	05/29/25	05/29/25	NUM
gp-264	180	13	time	time	NOUN
gp-264	180	14	:	:	PUNCT
gp-264	180	15	10:30	10:30	NUM
gp-264	180	16	sample	sample	NOUN
gp-264	180	17	:	:	PUNCT
gp-264	180	18	1/03/2007	1/03/2007	NUM
gp-264	180	19	12/31/2009	12/31/2009	NUM
gp-264	180	20	included	include	VERB
gp-264	180	21	observations	observation	NOUN
gp-264	180	22	:	:	PUNCT
gp-264	180	23	782	782	NUM
gp-264	180	24	lags	lag	NOUN
gp-264	180	25	interval	interval	NOUN
gp-264	180	26	(	(	PUNCT
gp-264	180	27	in	in	ADP
gp-264	180	28	first	first	ADJ
gp-264	180	29	differences	difference	NOUN
gp-264	180	30	):	):	PUNCT
gp-264	180	31	1	1	NUM
gp-264	180	32	to	to	PART
gp-264	180	33	4	4	NUM
gp-264	180	34	endogenous	endogenous	ADJ
gp-264	180	35	variables	variable	NOUN
gp-264	180	36	:	:	PUNCT
gp-264	180	37	djia	djia	PROPN
gp-264	180	38	ihsg	ihsg	PROPN
gp-264	180	39	ftse_klci	ftse_klci	PROPN
gp-264	180	40	ftse_sts	ftse_sts	PROPN
gp-264	180	41	hang_seng	hang_seng	PROPN
gp-264	180	42	sse	sse	NOUN
gp-264	180	43	set	set	VERB
gp-264	180	44	deterministic	deterministic	ADJ
gp-264	180	45	assumptions	assumption	NOUN
gp-264	180	46	:	:	PUNCT
gp-264	180	47	case	case	NOUN
gp-264	180	48	3	3	NUM
gp-264	180	49	(	(	PUNCT
gp-264	180	50	johansen	johansen	PROPN
gp-264	180	51	-	-	PUNCT
gp-264	180	52	hendry	hendry	PROPN
gp-264	180	53	-	-	PUNCT
gp-264	180	54	juselius	juselius	NOUN
gp-264	180	55	):	):	PUNCT
gp-264	180	56	cointegrating	cointegrate	VERB
gp-264	180	57	relationship	relationship	NOUN
gp-264	180	58	includes	include	VERB
gp-264	180	59	a	a	DET
gp-264	180	60	constant	constant	ADJ
gp-264	180	61	.	.	PUNCT
gp-264	181	1	short	short	ADJ
gp-264	181	2	-	-	PUNCT
gp-264	181	3	run	run	NOUN
gp-264	181	4	dynamics	dynamic	NOUN
gp-264	181	5	include	include	VERB
gp-264	181	6	a	a	DET
gp-264	181	7	constant	constant	ADJ
gp-264	181	8	.	.	PUNCT
gp-264	182	1	source	source	NOUN
gp-264	182	2	:	:	PUNCT
gp-264	182	3	reprocessed	reprocess	VERB
gp-264	182	4	eviews	eviews	PROPN
gp-264	182	5	output	output	NOUN
gp-264	182	6	(	(	PUNCT
gp-264	182	7	2025	2025	NUM
gp-264	182	8	)	)	PUNCT
gp-264	182	9	unrestricted	unrestricted	ADJ
gp-264	182	10	cointegration	cointegration	NOUN
gp-264	182	11	rank	rank	NOUN
gp-264	182	12	test	test	NOUN
gp-264	182	13	(	(	PUNCT
gp-264	182	14	trace	trace	NOUN
gp-264	182	15	)	)	PUNCT
gp-264	182	16	hypothesized	hypothesize	VERB
gp-264	182	17	trace	trace	NOUN
gp-264	182	18	0.05	0.05	NUM
gp-264	182	19	prob	prob	NOUN
gp-264	182	20	.	.	PUNCT
gp-264	183	1	*	*	PUNCT
gp-264	183	2	*	*	PUNCT
gp-264	183	3	no	no	INTJ
gp-264	183	4	.	.	PUNCT
gp-264	184	1	of	of	ADP
gp-264	184	2	ce(s	ce(s	ADV
gp-264	184	3	)	)	PUNCT
gp-264	184	4	eigenvalue	eigenvalue	NOUN
gp-264	184	5	statistic	statistic	ADJ
gp-264	184	6	critical	critical	ADJ
gp-264	184	7	value	value	NOUN
gp-264	184	8	critical	critical	ADJ
gp-264	184	9	value	value	NOUN
gp-264	184	10	none	none	NOUN
gp-264	184	11	*	*	PUNCT
gp-264	184	12	0.047981	0.047981	NUM
gp-264	184	13	135.3952	135.3952	NUM
gp-264	184	14	125.6154	125.6154	NUM
gp-264	184	15	0.0110	0.0110	NUM
gp-264	184	16	at	at	ADP
gp-264	184	17	most	most	ADJ
gp-264	184	18	1	1	NUM
gp-264	184	19	*	*	SYM
gp-264	184	20	0.045839	0.045839	NUM
gp-264	184	21	97.18976	97.18976	NUM
gp-264	184	22	95.75366	95.75366	NUM
gp-264	184	23	0.0397	0.0397	NUM
gp-264	184	24	at	at	ADP
gp-264	184	25	most	most	ADJ
gp-264	184	26	2	2	NUM
gp-264	184	27	0.030834	0.030834	NUM
gp-264	184	28	60.73053	60.73053	NUM
gp-264	184	29	69.81889	69.81889	NUM
gp-264	184	30	0.2136	0.2136	NUM
gp-264	184	31	at	at	ADP
gp-264	184	32	most	most	ADJ
gp-264	184	33	3	3	NUM
gp-264	184	34	0.025155	0.025155	NUM
gp-264	184	35	36.39561	36.39561	NUM
gp-264	184	36	47.85613	47.85613	NUM
gp-264	184	37	0.3767	0.3767	NUM
gp-264	184	38	at	at	ADP
gp-264	184	39	most	most	ADJ
gp-264	184	40	4	4	NUM
gp-264	184	41	0.011881	0.011881	NUM
gp-264	184	42	16.60008	16.60008	NUM
gp-264	184	43	29.79707	29.79707	NUM
gp-264	184	44	0.6694	0.6694	NUM
gp-264	184	45	at	at	ADP
gp-264	184	46	most	most	ADJ
gp-264	184	47	5	5	NUM
gp-264	184	48	0.006620	0.006620	NUM
gp-264	184	49	7.313163	7.313163	NUM
gp-264	184	50	15.49471	15.49471	NUM
gp-264	184	51	0.5415	0.5415	NUM
gp-264	184	52	at	at	ADP
gp-264	184	53	most	most	ADJ
gp-264	184	54	6	6	NUM
gp-264	184	55	0.002766	0.002766	NUM
gp-264	184	56	2.152462	2.152462	NUM
gp-264	184	57	3.841465	3.841465	NUM
gp-264	184	58	0.1423	0.1423	NUM
gp-264	184	59	trace	trace	NOUN
gp-264	184	60	test	test	NOUN
gp-264	184	61	indicates	indicate	VERB
gp-264	184	62	2	2	NUM
gp-264	184	63	cointegrating	cointegrate	VERB
gp-264	184	64	equation(s	equation(s	NOUN
gp-264	184	65	)	)	PUNCT
gp-264	184	66	at	at	ADP
gp-264	184	67	the	the	DET
gp-264	184	68	0.05	0.05	NUM
gp-264	184	69	level	level	NOUN
gp-264	184	70	*	*	PUNCT
gp-264	184	71	denotes	denote	NOUN
gp-264	184	72	rejection	rejection	NOUN
gp-264	184	73	of	of	ADP
gp-264	184	74	the	the	DET
gp-264	184	75	hypothesis	hypothesis	NOUN
gp-264	184	76	at	at	ADP
gp-264	184	77	the	the	DET
gp-264	184	78	0.05	0.05	NUM
gp-264	184	79	level	level	NOUN
gp-264	184	80	*	*	NOUN
gp-264	184	81	*	*	PUNCT
gp-264	184	82	mackinnon	mackinnon	NOUN
gp-264	184	83	-	-	PUNCT
gp-264	184	84	haug	haug	NOUN
gp-264	184	85	-	-	PUNCT
gp-264	184	86	michelis	michelis	PROPN
gp-264	184	87	(	(	PUNCT
gp-264	184	88	1999	1999	NUM
gp-264	184	89	)	)	PUNCT
gp-264	184	90	p	p	X
gp-264	184	91	-	-	PUNCT
gp-264	184	92	values	value	NOUN
gp-264	184	93	unrestricted	unrestricted	ADJ
gp-264	184	94	cointegration	cointegration	NOUN
gp-264	184	95	rank	rank	NOUN
gp-264	184	96	test	test	NOUN
gp-264	184	97	(	(	PUNCT
gp-264	184	98	max	max	PROPN
gp-264	184	99	-	-	PUNCT
gp-264	184	100	eigenvalue	eigenvalue	NOUN
gp-264	184	101	)	)	PUNCT
gp-264	184	102	hypothesized	hypothesize	VERB
gp-264	184	103	max	max	PROPN
gp-264	184	104	-	-	PUNCT
gp-264	184	105	eigen	eigen	PROPN
gp-264	184	106	0.05	0.05	NUM
gp-264	184	107	prob	prob	NOUN
gp-264	184	108	.	.	PUNCT
gp-264	185	1	*	*	PUNCT
gp-264	185	2	*	*	PUNCT
gp-264	185	3	no	no	INTJ
gp-264	185	4	.	.	PUNCT
gp-264	186	1	of	of	ADP
gp-264	186	2	ce(s	ce(s	ADV
gp-264	186	3	)	)	PUNCT
gp-264	186	4	eigenvalue	eigenvalue	NOUN
gp-264	186	5	statistic	statistic	ADJ
gp-264	186	6	critical	critical	ADJ
gp-264	186	7	value	value	NOUN
gp-264	186	8	critical	critical	ADJ
gp-264	186	9	value	value	NOUN
gp-264	186	10	none	none	NOUN
gp-264	186	11	0.047981	0.047981	NUM
gp-264	186	12	38.20545	38.20545	NUM
gp-264	186	13	46.23142	46.23142	NUM
gp-264	186	14	0.2777	0.2777	NUM
gp-264	186	15	at	at	ADP
gp-264	186	16	most	most	ADJ
gp-264	186	17	1	1	NUM
gp-264	186	18	0.045839	0.045839	NUM
gp-264	186	19	36.45923	36.45923	NUM
gp-264	186	20	40.07757	40.07757	NUM
gp-264	186	21	0.1209	0.1209	NUM
gp-264	186	22	at	at	ADP
gp-264	186	23	most	most	ADJ
gp-264	186	24	2	2	NUM
gp-264	186	25	0.030834	0.030834	NUM
gp-264	186	26	24.33492	24.33492	NUM
gp-264	186	27	33.87687	33.87687	NUM
gp-264	186	28	0.4314	0.4314	NUM
gp-264	186	29	at	at	ADP
gp-264	186	30	most	most	ADJ
gp-264	186	31	3	3	NUM
gp-264	186	32	0.025155	0.025155	NUM
gp-264	186	33	19.79552	19.79552	NUM
gp-264	186	34	27.58434	27.58434	NUM
gp-264	186	35	0.3554	0.3554	NUM
gp-264	186	36	at	at	ADP
gp-264	186	37	most	most	ADJ
gp-264	186	38	4	4	NUM
gp-264	186	39	0.011881	0.011881	NUM
gp-264	186	40	9.286922	9.286922	NUM
gp-264	186	41	21.13162	21.13162	NUM
gp-264	186	42	0.8086	0.8086	NUM
gp-264	186	43	at	at	ADP
gp-264	186	44	most	most	ADJ
gp-264	186	45	5	5	NUM
gp-264	186	46	0.006620	0.006620	NUM
gp-264	187	1	5.160701	5.160701	NUM
gp-264	187	2	14.26460	14.26460	NUM
gp-264	187	3	0.7214	0.7214	NUM
gp-264	187	4	at	at	ADP
gp-264	187	5	most	most	ADV
gp-264	187	6	6	6	NUM
gp-264	187	7	0.002766	0.002766	NUM
gp-264	187	8	2.152462	2.152462	NUM
gp-264	187	9	3.841465	3.841465	NUM
gp-264	187	10	0.1423	0.1423	NUM
gp-264	187	11	max	max	PROPN
gp-264	187	12	-	-	PUNCT
gp-264	187	13	eigenvalue	eigenvalue	NOUN
gp-264	187	14	test	test	NOUN
gp-264	187	15	indicates	indicate	VERB
gp-264	187	16	no	no	DET
gp-264	187	17	cointegration	cointegration	NOUN
gp-264	187	18	at	at	ADP
gp-264	187	19	the	the	DET
gp-264	187	20	0.05	0.05	NUM
gp-264	187	21	level	level	NOUN
gp-264	187	22	cointegration	cointegration	NOUN
gp-264	187	23	analysis	analysis	NOUN
gp-264	187	24	of	of	ADP
gp-264	187	25	the	the	DET
gp-264	187	26	indonesian	indonesian	ADJ
gp-264	187	27	stock	stock	PROPN
gp-264	187	28	exchange	exchange	PROPN
gp-264	187	29	with	with	ADP
gp-264	187	30	the	the	DET
gp-264	187	31	stock	stock	NOUN
gp-264	187	32	exchanges	exchange	NOUN
gp-264	187	33	of	of	ADP
gp-264	187	34	the	the	DET
gp-264	187	35	united	united	PROPN
gp-264	187	36	states	states	PROPN
gp-264	187	37	,	,	PUNCT
gp-264	187	38	china	china	PROPN
gp-264	187	39	,	,	PUNCT
gp-264	187	40	and	and	CCONJ
gp-264	187	41	southeast	southeast	PROPN
gp-264	187	42	asia	asia	PROPN
gp-264	187	43	779	779	NUM
gp-264	187	44	unrestricted	unrestricted	ADJ
gp-264	187	45	cointegration	cointegration	NOUN
gp-264	187	46	rank	rank	NOUN
gp-264	187	47	test	test	NOUN
gp-264	187	48	(	(	PUNCT
gp-264	187	49	max	max	PROPN
gp-264	187	50	-	-	PUNCT
gp-264	187	51	eigenvalue	eigenvalue	NOUN
gp-264	187	52	)	)	PUNCT
gp-264	187	53	hypothesized	hypothesize	VERB
gp-264	187	54	max	max	PROPN
gp-264	187	55	-	-	PUNCT
gp-264	187	56	eigen	eigen	PROPN
gp-264	187	57	0.05	0.05	NUM
gp-264	187	58	prob	prob	NOUN
gp-264	187	59	.	.	PUNCT
gp-264	188	1	*	*	PUNCT
gp-264	188	2	*	*	PUNCT
gp-264	188	3	no	no	INTJ
gp-264	188	4	.	.	PUNCT
gp-264	189	1	of	of	ADP
gp-264	189	2	ce(s	ce(s	ADV
gp-264	189	3	)	)	PUNCT
gp-264	189	4	eigenvalue	eigenvalue	NOUN
gp-264	189	5	statistic	statistic	ADJ
gp-264	189	6	critical	critical	ADJ
gp-264	189	7	value	value	NOUN
gp-264	189	8	critical	critical	ADJ
gp-264	189	9	value	value	NOUN
gp-264	189	10	*	*	PUNCT
gp-264	189	11	denotes	denote	NOUN
gp-264	189	12	rejection	rejection	NOUN
gp-264	189	13	of	of	ADP
gp-264	189	14	the	the	DET
gp-264	189	15	hypothesis	hypothesis	NOUN
gp-264	189	16	at	at	ADP
gp-264	189	17	the	the	DET
gp-264	189	18	0.05	0.05	NUM
gp-264	189	19	level	level	NOUN
gp-264	189	20	*	*	NOUN
gp-264	189	21	*	*	PUNCT
gp-264	189	22	mackinnon	mackinnon	NOUN
gp-264	189	23	-	-	PUNCT
gp-264	189	24	haug	haug	NOUN
gp-264	189	25	-	-	PUNCT
gp-264	189	26	michelis	michelis	PROPN
gp-264	189	27	(	(	PUNCT
gp-264	189	28	1999	1999	NUM
gp-264	189	29	)	)	PUNCT
gp-264	189	30	p	p	X
gp-264	189	31	-	-	PUNCT
gp-264	189	32	values	value	NOUN
gp-264	189	33	the	the	DET
gp-264	189	34	results	result	NOUN
gp-264	189	35	of	of	ADP
gp-264	189	36	the	the	DET
gp-264	189	37	johansen	johansen	PROPN
gp-264	189	38	cointegration	cointegration	PROPN
gp-264	189	39	test	test	NOUN
gp-264	189	40	in	in	ADP
gp-264	189	41	the	the	DET
gp-264	189	42	period	period	NOUN
gp-264	189	43	2007	2007	NUM
gp-264	189	44	-	-	SYM
gp-264	189	45	2009	2009	NUM
gp-264	189	46	,	,	PUNCT
gp-264	189	47	using	use	VERB
gp-264	189	48	an	an	DET
gp-264	189	49	optimal	optimal	ADJ
gp-264	189	50	lag	lag	NOUN
gp-264	189	51	of	of	ADP
gp-264	189	52	4	4	NUM
gp-264	189	53	,	,	PUNCT
gp-264	189	54	according	accord	VERB
gp-264	189	55	to	to	ADP
gp-264	189	56	table	table	NOUN
gp-264	189	57	4.9	4.9	NUM
gp-264	189	58	show	show	NOUN
gp-264	189	59	that	that	SCONJ
gp-264	189	60	there	there	PRON
gp-264	189	61	are	be	VERB
gp-264	189	62	two	two	NUM
gp-264	189	63	cointegrations	cointegration	NOUN
gp-264	189	64	with	with	ADP
gp-264	189	65	the	the	DET
gp-264	189	66	trace	trace	NOUN
gp-264	189	67	statistical	statistical	ADJ
gp-264	189	68	method	method	NOUN
gp-264	189	69	,	,	PUNCT
gp-264	189	70	this	this	PRON
gp-264	189	71	is	be	AUX
gp-264	189	72	evidenced	evidence	VERB
gp-264	189	73	by	by	ADP
gp-264	189	74	the	the	DET
gp-264	189	75	trace	trace	NOUN
gp-264	189	76	statistic	statistic	NOUN
gp-264	189	77	>	>	X
gp-264	189	78	critical	critical	ADJ
gp-264	189	79	value	value	NOUN
gp-264	189	80	values	value	NOUN
gp-264	189	81	.	.	PUNCT
gp-264	190	1	the	the	DET
gp-264	190	2	trace	trace	NOUN
gp-264	190	3	statistical	statistical	ADJ
gp-264	190	4	value	value	NOUN
gp-264	190	5	is	be	AUX
gp-264	190	6	135.3952	135.3952	NUM
gp-264	190	7	with	with	ADP
gp-264	190	8	a	a	DET
gp-264	190	9	critical	critical	ADJ
gp-264	190	10	value	value	NOUN
gp-264	190	11	of	of	ADP
gp-264	190	12	125.6154	125.6154	NUM
gp-264	190	13	,	,	PUNCT
gp-264	190	14	and	and	CCONJ
gp-264	190	15	the	the	DET
gp-264	190	16	trace	trace	NOUN
gp-264	190	17	statistical	statistical	ADJ
gp-264	190	18	value	value	NOUN
gp-264	190	19	is	be	AUX
gp-264	190	20	97.18976	97.18976	NUM
gp-264	190	21	with	with	ADP
gp-264	190	22	a	a	DET
gp-264	190	23	critical	critical	ADJ
gp-264	190	24	value	value	NOUN
gp-264	190	25	of	of	ADP
gp-264	190	26	0.05	0.05	NUM
gp-264	190	27	of	of	ADP
gp-264	190	28	95.75366	95.75366	NUM
gp-264	190	29	however	however	ADV
gp-264	190	30	,	,	PUNCT
gp-264	190	31	for	for	ADP
gp-264	190	32	cointegration	cointegration	NOUN
gp-264	190	33	testing	testing	NOUN
gp-264	190	34	using	use	VERB
gp-264	190	35	maximum	maximum	ADJ
gp-264	190	36	eigenvalue	eigenvalue	NOUN
gp-264	190	37	,	,	PUNCT
gp-264	190	38	no	no	DET
gp-264	190	39	cointegration	cointegration	NOUN
gp-264	190	40	was	be	AUX
gp-264	190	41	found	find	VERB
gp-264	190	42	.	.	PUNCT
gp-264	191	1	the	the	DET
gp-264	191	2	cause	cause	NOUN
gp-264	191	3	of	of	ADP
gp-264	191	4	this	this	DET
gp-264	191	5	contradiction	contradiction	NOUN
gp-264	191	6	may	may	AUX
gp-264	191	7	be	be	AUX
gp-264	191	8	the	the	DET
gp-264	191	9	result	result	NOUN
gp-264	191	10	of	of	ADP
gp-264	191	11	the	the	DET
gp-264	191	12	subprime	subprime	ADJ
gp-264	191	13	mortgage	mortgage	NOUN
gp-264	191	14	financial	financial	ADJ
gp-264	191	15	crisis	crisis	NOUN
gp-264	191	16	in	in	ADP
gp-264	191	17	the	the	DET
gp-264	191	18	united	united	PROPN
gp-264	191	19	states	states	PROPN
gp-264	191	20	that	that	PRON
gp-264	191	21	shook	shake	VERB
gp-264	191	22	the	the	DET
gp-264	191	23	global	global	ADJ
gp-264	191	24	financial	financial	ADJ
gp-264	191	25	world	world	NOUN
gp-264	191	26	in	in	ADP
gp-264	191	27	2008	2008	NUM
gp-264	191	28	.	.	PUNCT
gp-264	192	1	previous	previous	ADJ
gp-264	192	2	research	research	NOUN
gp-264	192	3	that	that	PRON
gp-264	192	4	indicated	indicate	VERB
gp-264	192	5	cointegration	cointegration	NOUN
gp-264	192	6	in	in	ADP
gp-264	192	7	the	the	DET
gp-264	192	8	period	period	NOUN
gp-264	192	9	2002	2002	NUM
gp-264	192	10	–	–	PUNCT
gp-264	192	11	2020	2020	NUM
gp-264	192	12	was	be	AUX
gp-264	192	13	a	a	DET
gp-264	192	14	study	study	NOUN
gp-264	192	15	conducted	conduct	VERB
gp-264	192	16	by	by	ADP
gp-264	192	17	caporale	caporale	NOUN
gp-264	192	18	et	et	PROPN
gp-264	192	19	al	al	PROPN
gp-264	192	20	.	.	PROPN
gp-264	193	1	(	(	PUNCT
gp-264	193	2	2022	2022	NUM
gp-264	193	3	)	)	PUNCT
gp-264	193	4	where	where	SCONJ
gp-264	193	5	the	the	DET
gp-264	193	6	object	object	NOUN
gp-264	193	7	of	of	ADP
gp-264	193	8	the	the	DET
gp-264	193	9	research	research	NOUN
gp-264	193	10	was	be	AUX
gp-264	193	11	the	the	DET
gp-264	193	12	stock	stock	NOUN
gp-264	193	13	exchanges	exchange	NOUN
gp-264	193	14	of	of	ADP
gp-264	193	15	the	the	DET
gp-264	193	16	united	united	PROPN
gp-264	193	17	states	states	PROPN
gp-264	193	18	,	,	PUNCT
gp-264	193	19	china	china	PROPN
gp-264	193	20	,	,	PUNCT
gp-264	193	21	indonesia	indonesia	PROPN
gp-264	193	22	,	,	PUNCT
gp-264	193	23	malaysia	malaysia	PROPN
gp-264	193	24	,	,	PUNCT
gp-264	193	25	the	the	DET
gp-264	193	26	philippines	philippine	NOUN
gp-264	193	27	,	,	PUNCT
gp-264	193	28	singapore	singapore	PROPN
gp-264	193	29	and	and	CCONJ
gp-264	193	30	thailand	thailand	PROPN
gp-264	193	31	.	.	PUNCT
gp-264	194	1	in	in	ADP
gp-264	194	2	the	the	DET
gp-264	194	3	johansen	johansen	PROPN
gp-264	194	4	cointegration	cointegration	PROPN
gp-264	194	5	test	test	NOUN
gp-264	194	6	conducted	conduct	VERB
gp-264	194	7	by	by	ADP
gp-264	194	8	caporale	caporale	NOUN
gp-264	194	9	et	et	PROPN
gp-264	194	10	al	al	PROPN
gp-264	194	11	.	.	PROPN
gp-264	195	1	(	(	PUNCT
gp-264	195	2	2022	2022	NUM
gp-264	195	3	)	)	PUNCT
gp-264	195	4	,	,	PUNCT
gp-264	195	5	it	it	PRON
gp-264	195	6	was	be	AUX
gp-264	195	7	found	find	VERB
gp-264	195	8	that	that	SCONJ
gp-264	195	9	the	the	DET
gp-264	195	10	cointegration	cointegration	NOUN
gp-264	195	11	pair	pair	NOUN
gp-264	195	12	between	between	ADP
gp-264	195	13	the	the	DET
gp-264	195	14	united	united	PROPN
gp-264	195	15	states	states	PROPN
gp-264	195	16	and	and	CCONJ
gp-264	195	17	indonesia	indonesia	PROPN
gp-264	195	18	with	with	ADP
gp-264	195	19	a	a	DET
gp-264	195	20	maximum	maximum	ADJ
gp-264	195	21	eigenvalue	eigenvalue	NOUN
gp-264	195	22	was	be	AUX
gp-264	195	23	at	at	ADP
gp-264	195	24	a	a	DET
gp-264	195	25	significant	significant	ADJ
gp-264	195	26	level	level	NOUN
gp-264	195	27	of	of	ADP
gp-264	195	28	10	10	NUM
gp-264	195	29	%	%	NOUN
gp-264	195	30	.	.	PUNCT
gp-264	196	1	then	then	ADV
gp-264	196	2	caporale	caporale	VERB
gp-264	196	3	et	et	PROPN
gp-264	196	4	al	al	PROPN
gp-264	196	5	(	(	PUNCT
gp-264	196	6	2022	2022	NUM
gp-264	196	7	)	)	PUNCT
gp-264	196	8	conducted	conduct	VERB
gp-264	196	9	a	a	DET
gp-264	196	10	study	study	NOUN
gp-264	196	11	in	in	ADP
gp-264	196	12	2007	2007	NUM
gp-264	196	13	-	-	SYM
gp-264	196	14	2008	2008	NUM
gp-264	196	15	which	which	PRON
gp-264	196	16	showed	show	VERB
gp-264	196	17	the	the	DET
gp-264	196	18	relationship	relationship	NOUN
gp-264	196	19	between	between	ADP
gp-264	196	20	the	the	DET
gp-264	196	21	united	united	PROPN
gp-264	196	22	states	states	PROPN
gp-264	196	23	stock	stock	NOUN
gp-264	196	24	market	market	NOUN
gp-264	196	25	and	and	CCONJ
gp-264	196	26	southeast	southeast	ADJ
gp-264	196	27	asian	asian	ADJ
gp-264	196	28	stock	stock	NOUN
gp-264	196	29	exchanges	exchange	NOUN
gp-264	196	30	.	.	PUNCT
gp-264	197	1	due	due	ADP
gp-264	197	2	to	to	ADP
gp-264	197	3	the	the	DET
gp-264	197	4	cointegration	cointegration	NOUN
gp-264	197	5	in	in	ADP
gp-264	197	6	the	the	DET
gp-264	197	7	2007	2007	NUM
gp-264	197	8	-	-	SYM
gp-264	197	9	2009	2009	NUM
gp-264	197	10	period	period	NOUN
gp-264	197	11	,	,	PUNCT
gp-264	197	12	the	the	DET
gp-264	197	13	next	next	ADJ
gp-264	197	14	test	test	NOUN
gp-264	197	15	was	be	AUX
gp-264	197	16	by	by	ADP
gp-264	197	17	the	the	DET
gp-264	197	18	vecm	vecm	NOUN
gp-264	197	19	method	method	NOUN
gp-264	197	20	.	.	PUNCT
gp-264	198	1	cointegration	cointegration	NOUN
gp-264	198	2	analysis	analysis	NOUN
gp-264	198	3	of	of	ADP
gp-264	198	4	the	the	DET
gp-264	198	5	indonesian	indonesian	ADJ
gp-264	198	6	stock	stock	PROPN
gp-264	198	7	exchange	exchange	PROPN
gp-264	198	8	with	with	ADP
gp-264	198	9	the	the	DET
gp-264	198	10	stock	stock	NOUN
gp-264	198	11	exchanges	exchange	NOUN
gp-264	198	12	of	of	ADP
gp-264	198	13	the	the	DET
gp-264	198	14	united	united	PROPN
gp-264	198	15	states	states	PROPN
gp-264	198	16	,	,	PUNCT
gp-264	198	17	china	china	PROPN
gp-264	198	18	,	,	PUNCT
gp-264	198	19	and	and	CCONJ
gp-264	198	20	southeast	southeast	PROPN
gp-264	198	21	asia	asia	PROPN
gp-264	198	22	780	780	NUM
gp-264	198	23	figure	figure	NOUN
gp-264	198	24	1	1	NUM
gp-264	198	25	.	.	PUNCT
gp-264	199	1	vecm	vecm	NOUN
gp-264	199	2	period	period	VERB
gp-264	199	3	2007	2007	NUM
gp-264	199	4	-	-	SYM
gp-264	199	5	2009	2009	NUM
gp-264	199	6	source	source	NOUN
gp-264	199	7	:	:	PUNCT
gp-264	199	8	reprocessed	reprocess	VERB
gp-264	199	9	eviews	eviews	PROPN
gp-264	199	10	output	output	NOUN
gp-264	199	11	(	(	PUNCT
gp-264	199	12	2025	2025	NUM
gp-264	199	13	)	)	PUNCT
gp-264	199	14	from	from	ADP
gp-264	199	15	the	the	DET
gp-264	199	16	results	result	NOUN
gp-264	199	17	of	of	ADP
gp-264	199	18	the	the	DET
gp-264	199	19	vecm	vecm	NOUN
gp-264	199	20	test	test	NOUN
gp-264	199	21	using	use	VERB
gp-264	199	22	an	an	DET
gp-264	199	23	optimal	optimal	ADJ
gp-264	199	24	lag	lag	NOUN
gp-264	199	25	of	of	ADP
gp-264	199	26	4	4	NUM
gp-264	199	27	for	for	ADP
gp-264	199	28	the	the	DET
gp-264	199	29	period	period	NOUN
gp-264	199	30	2007	2007	NUM
gp-264	199	31	-	-	SYM
gp-264	199	32	2009	2009	NUM
gp-264	199	33	,	,	PUNCT
gp-264	199	34	the	the	DET
gp-264	199	35	results	result	NOUN
gp-264	199	36	were	be	AUX
gp-264	199	37	obtained	obtain	VERB
gp-264	199	38	based	base	VERB
gp-264	199	39	on	on	ADP
gp-264	199	40	t	t	PROPN
gp-264	199	41	-	-	PUNCT
gp-264	199	42	table	table	NOUN
gp-264	199	43	1,960	1,960	NUM
gp-264	199	44	(	(	PUNCT
gp-264	199	45	for	for	ADP
gp-264	199	46	a	a	DET
gp-264	199	47	large	large	ADJ
gp-264	199	48	degree	degree	NOUN
gp-264	199	49	of	of	ADP
gp-264	199	50	freedom	freedom	NOUN
gp-264	199	51	)	)	PUNCT
gp-264	199	52	referring	refer	VERB
gp-264	199	53	to	to	ADP
gp-264	199	54	widardjono	widardjono	PROPN
gp-264	199	55	(	(	PUNCT
gp-264	199	56	2018	2018	NUM
gp-264	199	57	:	:	PUNCT
gp-264	199	58	385	385	NUM
gp-264	199	59	)	)	PUNCT
gp-264	199	60	)	)	PUNCT
gp-264	199	61	.	.	PUNCT
gp-264	200	1	the	the	DET
gp-264	200	2	result	result	NOUN
gp-264	200	3	is	be	AUX
gp-264	200	4	a	a	DET
gp-264	200	5	short	short	ADJ
gp-264	200	6	-	-	PUNCT
gp-264	200	7	term	term	NOUN
gp-264	200	8	casualty	casualty	NOUN
gp-264	200	9	in	in	ADP
gp-264	200	10	the	the	DET
gp-264	200	11	hang	hang	PROPN
gp-264	200	12	seng	seng	PROPN
gp-264	200	13	against	against	ADP
gp-264	200	14	sse	sse	PROPN
gp-264	200	15	with	with	ADP
gp-264	200	16	a	a	DET
gp-264	200	17	statistical	statistical	ADJ
gp-264	200	18	t	t	NOUN
gp-264	200	19	at	at	ADP
gp-264	200	20	the	the	DET
gp-264	200	21	fourth	fourth	ADJ
gp-264	200	22	lag	lag	NOUN
gp-264	200	23	of	of	ADP
gp-264	200	24	2.10849	2.10849	NUM
gp-264	200	25	,	,	PUNCT
gp-264	200	26	greater	great	ADJ
gp-264	200	27	than	than	ADP
gp-264	200	28	the	the	DET
gp-264	200	29	t	t	NOUN
gp-264	200	30	-	-	PUNCT
gp-264	200	31	table	table	NOUN
gp-264	200	32	of	of	ADP
gp-264	200	33	1.960	1.960	NUM
gp-264	200	34	.	.	PUNCT
gp-264	201	1	however	however	ADV
gp-264	201	2	,	,	PUNCT
gp-264	201	3	sse	sse	PROPN
gp-264	201	4	does	do	AUX
gp-264	201	5	not	not	PART
gp-264	201	6	affect	affect	VERB
gp-264	201	7	the	the	DET
gp-264	201	8	hang	hang	PROPN
gp-264	201	9	seng	seng	PROPN
gp-264	201	10	in	in	ADP
gp-264	201	11	the	the	DET
gp-264	201	12	short	short	ADJ
gp-264	201	13	term	term	NOUN
gp-264	201	14	,	,	PUNCT
gp-264	201	15	as	as	SCONJ
gp-264	201	16	the	the	DET
gp-264	201	17	t	t	PROPN
gp-264	201	18	statistic	statistic	NOUN
gp-264	201	19	in	in	ADP
gp-264	201	20	the	the	DET
gp-264	201	21	fourth	fourth	ADJ
gp-264	201	22	lag	lag	NOUN
gp-264	201	23	is	be	AUX
gp-264	201	24	-0.99623	-0.99623	ADJ
gp-264	201	25	which	which	PRON
gp-264	201	26	is	be	AUX
gp-264	201	27	smaller	small	ADJ
gp-264	201	28	than	than	ADP
gp-264	201	29	the	the	DET
gp-264	201	30	t	t	NOUN
gp-264	201	31	-	-	PUNCT
gp-264	201	32	table	table	NOUN
gp-264	201	33	.	.	PUNCT
gp-264	202	1	the	the	DET
gp-264	202	2	change	change	NOUN
gp-264	202	3	in	in	ADP
gp-264	202	4	the	the	DET
gp-264	202	5	hang	hang	PROPN
gp-264	202	6	seng	seng	PROPN
gp-264	202	7	affects	affect	VERB
gp-264	202	8	the	the	DET
gp-264	202	9	movement	movement	NOUN
gp-264	202	10	of	of	ADP
gp-264	202	11	the	the	DET
gp-264	202	12	sse	sse	NOUN
gp-264	202	13	in	in	ADP
gp-264	202	14	the	the	DET
gp-264	202	15	short	short	ADJ
gp-264	202	16	term	term	NOUN
gp-264	202	17	,	,	PUNCT
gp-264	202	18	but	but	CCONJ
gp-264	202	19	not	not	PART
gp-264	202	20	the	the	DET
gp-264	202	21	other	other	ADJ
gp-264	202	22	way	way	NOUN
gp-264	202	23	around	around	ADV
gp-264	202	24	.	.	PUNCT
gp-264	203	1	this	this	PRON
gp-264	203	2	shows	show	VERB
gp-264	203	3	sse	sse	PROPN
gp-264	203	4	's	's	PART
gp-264	203	5	dependence	dependence	NOUN
gp-264	203	6	on	on	ADP
gp-264	203	7	hong	hong	PROPN
gp-264	203	8	kong	kong	PROPN
gp-264	203	9	market	market	NOUN
gp-264	203	10	dynamics	dynamic	NOUN
gp-264	203	11	during	during	ADP
gp-264	203	12	the	the	DET
gp-264	203	13	2007–2009	2007–2009	NUM
gp-264	203	14	crisis	crisis	NOUN
gp-264	203	15	period	period	NOUN
gp-264	203	16	.	.	PUNCT
gp-264	204	1	meanwhile	meanwhile	ADV
gp-264	204	2	,	,	PUNCT
gp-264	204	3	in	in	ADP
gp-264	204	4	the	the	DET
gp-264	204	5	movements	movement	NOUN
gp-264	204	6	of	of	ADP
gp-264	204	7	the	the	DET
gp-264	204	8	djia	djia	PROPN
gp-264	204	9	,	,	PUNCT
gp-264	204	10	jci	jci	PROPN
gp-264	204	11	,	,	PUNCT
gp-264	204	12	ftse	ftse	PROPN
gp-264	204	13	klci	klci	NOUN
gp-264	204	14	,	,	PUNCT
gp-264	204	15	ftse	ftse	NOUN
gp-264	204	16	sts	st	NOUN
gp-264	204	17	,	,	PUNCT
gp-264	204	18	and	and	CCONJ
gp-264	204	19	set	set	NOUN
gp-264	204	20	indices	index	NOUN
gp-264	204	21	,	,	PUNCT
gp-264	204	22	there	there	PRON
gp-264	204	23	is	be	VERB
gp-264	204	24	no	no	DET
gp-264	204	25	evidence	evidence	NOUN
gp-264	204	26	of	of	ADP
gp-264	204	27	short	short	ADJ
gp-264	204	28	-	-	PUNCT
gp-264	204	29	term	term	NOUN
gp-264	204	30	casualty	casualty	NOUN
gp-264	204	31	reflected	reflect	VERB
gp-264	204	32	in	in	ADP
gp-264	204	33	the	the	DET
gp-264	204	34	tstatistics	tstatistic	NOUN
gp-264	204	35	of	of	ADP
gp-264	204	36	these	these	DET
gp-264	204	37	variables	variable	NOUN
gp-264	204	38	which	which	PRON
gp-264	204	39	are	be	AUX
gp-264	204	40	smaller	small	ADJ
gp-264	204	41	than	than	ADP
gp-264	204	42	the	the	DET
gp-264	204	43	t	t	NOUN
gp-264	204	44	-	-	PUNCT
gp-264	204	45	table	table	NOUN
gp-264	204	46	.	.	PUNCT
gp-264	204	47	table	table	NOUN
gp-264	204	48	9	9	NUM
gp-264	204	49	.	.	PUNCT
gp-264	205	1	johansen	johansen	PROPN
gp-264	205	2	cointegration	cointegration	PROPN
gp-264	205	3	test	test	NOUN
gp-264	205	4	for	for	ADP
gp-264	205	5	the	the	DET
gp-264	205	6	2020	2020	NUM
gp-264	205	7	-	-	SYM
gp-264	205	8	2022	2022	NUM
gp-264	205	9	period	period	NOUN
gp-264	205	10	date	date	NOUN
gp-264	205	11	:	:	PUNCT
gp-264	205	12	05/31/25	05/31/25	NUM
gp-264	205	13	time	time	NOUN
gp-264	205	14	:	:	PUNCT
gp-264	205	15	08:34	08:34	NUM
gp-264	205	16	sample	sample	NOUN
gp-264	205	17	:	:	PUNCT
gp-264	205	18	1/01/2020	1/01/2020	NUM
gp-264	205	19	12/30/2022	12/30/2022	NUM
gp-264	205	20	included	include	VERB
gp-264	205	21	observations	observation	NOUN
gp-264	205	22	:	:	PUNCT
gp-264	205	23	783	783	NUM
gp-264	205	24	lags	lag	VERB
gp-264	205	25	interval	interval	NOUN
gp-264	205	26	(	(	PUNCT
gp-264	205	27	in	in	ADP
gp-264	205	28	first	first	ADJ
gp-264	205	29	differences	difference	NOUN
gp-264	205	30	):	):	PUNCT
gp-264	205	31	1	1	NUM
gp-264	205	32	to	to	PART
gp-264	205	33	6	6	NUM
gp-264	205	34	endogenous	endogenous	ADJ
gp-264	205	35	variables	variable	NOUN
gp-264	205	36	:	:	PUNCT
gp-264	205	37	djia_price	djia_price	NUM
gp-264	205	38	ihsg_price	ihsg_price	PROPN
gp-264	205	39	ftse_sts_price	ftse_sts_price	VERB
gp-264	205	40	ftse_klci_price	ftse_klci_price	NOUN
gp-264	205	41	hang_seng_price	hang_seng_price	NOUN
gp-264	205	42	set_price	set_price	NOUN
gp-264	205	43	sse_price	sse_price	NOUN
gp-264	205	44	cointegration	cointegration	NOUN
gp-264	205	45	analysis	analysis	NOUN
gp-264	205	46	of	of	ADP
gp-264	205	47	the	the	DET
gp-264	205	48	indonesian	indonesian	ADJ
gp-264	205	49	stock	stock	PROPN
gp-264	205	50	exchange	exchange	PROPN
gp-264	205	51	with	with	ADP
gp-264	205	52	the	the	DET
gp-264	205	53	stock	stock	NOUN
gp-264	205	54	exchanges	exchange	NOUN
gp-264	205	55	of	of	ADP
gp-264	205	56	the	the	DET
gp-264	205	57	united	united	PROPN
gp-264	205	58	states	states	PROPN
gp-264	205	59	,	,	PUNCT
gp-264	205	60	china	china	PROPN
gp-264	205	61	,	,	PUNCT
gp-264	205	62	and	and	CCONJ
gp-264	205	63	southeast	southeast	ADJ
gp-264	205	64	asia	asia	NOUN
gp-264	205	65	781	781	NUM
gp-264	205	66	deterministic	deterministic	ADJ
gp-264	205	67	assumptions	assumption	NOUN
gp-264	205	68	:	:	PUNCT
gp-264	205	69	case	case	NOUN
gp-264	205	70	3	3	NUM
gp-264	205	71	(	(	PUNCT
gp-264	205	72	johansen	johansen	PROPN
gp-264	205	73	-	-	PUNCT
gp-264	205	74	hendry	hendry	PROPN
gp-264	205	75	-	-	PUNCT
gp-264	205	76	juselius	juselius	NOUN
gp-264	205	77	):	):	PUNCT
gp-264	205	78	cointegrating	cointegrate	VERB
gp-264	205	79	relationship	relationship	NOUN
gp-264	205	80	includes	include	VERB
gp-264	205	81	a	a	DET
gp-264	205	82	constant	constant	ADJ
gp-264	205	83	.	.	PUNCT
gp-264	206	1	short	short	ADJ
gp-264	206	2	-	-	PUNCT
gp-264	206	3	run	run	NOUN
gp-264	206	4	dynamics	dynamic	NOUN
gp-264	206	5	include	include	VERB
gp-264	206	6	a	a	DET
gp-264	206	7	constant	constant	ADJ
gp-264	206	8	.	.	PUNCT
gp-264	207	1	source	source	NOUN
gp-264	207	2	:	:	PUNCT
gp-264	207	3	reprocessed	reprocess	VERB
gp-264	207	4	eviews	eviews	PROPN
gp-264	207	5	output	output	NOUN
gp-264	207	6	(	(	PUNCT
gp-264	207	7	2025	2025	NUM
gp-264	207	8	)	)	PUNCT
gp-264	207	9	unrestricted	unrestricted	ADJ
gp-264	207	10	cointegration	cointegration	NOUN
gp-264	207	11	rank	rank	NOUN
gp-264	207	12	test	test	NOUN
gp-264	207	13	(	(	PUNCT
gp-264	207	14	trace	trace	NOUN
gp-264	207	15	)	)	PUNCT
gp-264	207	16	hypothesized	hypothesize	VERB
gp-264	207	17	trace	trace	NOUN
gp-264	207	18	0.05	0.05	NUM
gp-264	207	19	prob	prob	NOUN
gp-264	207	20	.	.	PUNCT
gp-264	208	1	*	*	PUNCT
gp-264	208	2	*	*	PUNCT
gp-264	208	3	no	no	INTJ
gp-264	208	4	.	.	PUNCT
gp-264	209	1	of	of	ADP
gp-264	209	2	ce(s	ce(s	ADV
gp-264	209	3	)	)	PUNCT
gp-264	209	4	eigenvalue	eigenvalue	NOUN
gp-264	209	5	statistic	statistic	ADJ
gp-264	209	6	critical	critical	ADJ
gp-264	209	7	value	value	NOUN
gp-264	209	8	critical	critical	ADJ
gp-264	209	9	value	value	NOUN
gp-264	209	10	none	none	NOUN
gp-264	209	11	*	*	PUNCT
gp-264	210	1	0.140262	0.140262	NUM
gp-264	210	2	209.5883	209.5883	NUM
gp-264	210	3	125.6154	125.6154	NUM
gp-264	210	4	0.0000	0.0000	NUM
gp-264	210	5	at	at	ADP
gp-264	210	6	most	most	ADJ
gp-264	210	7	1	1	NUM
gp-264	210	8	0.049285	0.049285	NUM
gp-264	210	9	92.31326	92.31326	NUM
gp-264	210	10	95.75366	95.75366	NUM
gp-264	210	11	0.0843	0.0843	NUM
gp-264	210	12	at	at	ADP
gp-264	210	13	most	most	ADJ
gp-264	210	14	2	2	NUM
gp-264	210	15	0.023711	0.023711	NUM
gp-264	210	16	53.09343	53.09343	NUM
gp-264	210	17	69.81889	69.81889	NUM
gp-264	210	18	0.5011	0.5011	NUM
gp-264	210	19	at	at	ADP
gp-264	210	20	most	most	ADJ
gp-264	210	21	3	3	NUM
gp-264	210	22	0.021377	0.021377	NUM
gp-264	210	23	34.47218	34.47218	NUM
gp-264	210	24	47.85613	47.85613	NUM
gp-264	210	25	0.4762	0.4762	NUM
gp-264	210	26	at	at	ADP
gp-264	210	27	most	most	ADV
gp-264	210	28	4	4	NUM
gp-264	210	29	0.013647	0.013647	NUM
gp-264	210	30	17.70407	17.70407	NUM
gp-264	210	31	29.79707	29.79707	NUM
gp-264	210	32	0.5880	0.5880	NUM
gp-264	210	33	at	at	ADP
gp-264	210	34	most	most	ADJ
gp-264	210	35	5	5	NUM
gp-264	210	36	0.005400	0.005400	NUM
gp-264	210	37	7.040928	7.040928	NUM
gp-264	210	38	15.49471	15.49471	NUM
gp-264	210	39	0.5729	0.5729	NUM
gp-264	210	40	at	at	ADP
gp-264	210	41	most	most	ADJ
gp-264	210	42	6	6	NUM
gp-264	210	43	0.003652	0.003652	NUM
gp-264	210	44	2.839293	2.839293	NUM
gp-264	210	45	3.841465	3.841465	NUM
gp-264	210	46	0.0920	0.0920	NUM
gp-264	210	47	trace	trace	NOUN
gp-264	210	48	test	test	NOUN
gp-264	210	49	indicates	indicate	VERB
gp-264	210	50	1	1	NUM
gp-264	210	51	cointegrating	cointegrate	VERB
gp-264	210	52	equation(s	equation(s	NOUN
gp-264	210	53	)	)	PUNCT
gp-264	210	54	at	at	ADP
gp-264	210	55	the	the	DET
gp-264	210	56	0.05	0.05	NUM
gp-264	210	57	level	level	NOUN
gp-264	210	58	*	*	PUNCT
gp-264	210	59	denotes	denote	NOUN
gp-264	210	60	rejection	rejection	NOUN
gp-264	210	61	of	of	ADP
gp-264	210	62	the	the	DET
gp-264	210	63	hypothesis	hypothesis	NOUN
gp-264	210	64	at	at	ADP
gp-264	210	65	the	the	DET
gp-264	210	66	0.05	0.05	NUM
gp-264	210	67	level	level	NOUN
gp-264	210	68	*	*	NOUN
gp-264	210	69	*	*	PUNCT
gp-264	210	70	mackinnon	mackinnon	NOUN
gp-264	210	71	-	-	PUNCT
gp-264	210	72	haug	haug	NOUN
gp-264	210	73	-	-	PUNCT
gp-264	210	74	michelis	michelis	PROPN
gp-264	210	75	(	(	PUNCT
gp-264	210	76	1999	1999	NUM
gp-264	210	77	)	)	PUNCT
gp-264	210	78	p	p	X
gp-264	210	79	-	-	PUNCT
gp-264	210	80	values	value	NOUN
gp-264	210	81	unrestricted	unrestricted	ADJ
gp-264	210	82	cointegration	cointegration	NOUN
gp-264	210	83	rank	rank	NOUN
gp-264	210	84	test	test	NOUN
gp-264	210	85	(	(	PUNCT
gp-264	210	86	maxeigenvalue	maxeigenvalue	NOUN
gp-264	210	87	)	)	PUNCT
gp-264	210	88	hypothesized	hypothesize	VERB
gp-264	210	89	maxeigen	maxeigen	PROPN
gp-264	210	90	0.05	0.05	NUM
gp-264	210	91	prob	prob	NOUN
gp-264	210	92	.	.	PUNCT
gp-264	211	1	*	*	PUNCT
gp-264	211	2	*	*	PUNCT
gp-264	211	3	no	no	INTJ
gp-264	211	4	.	.	PUNCT
gp-264	212	1	of	of	ADP
gp-264	212	2	ce(s	ce(s	ADV
gp-264	212	3	)	)	PUNCT
gp-264	212	4	eigenvalue	eigenvalue	NOUN
gp-264	212	5	statistic	statistic	ADJ
gp-264	212	6	critical	critical	ADJ
gp-264	212	7	value	value	NOUN
gp-264	212	8	critical	critical	ADJ
gp-264	212	9	value	value	NOUN
gp-264	212	10	none	none	NOUN
gp-264	212	11	*	*	PUNCT
gp-264	212	12	0.140262	0.140262	NUM
gp-264	212	13	117.2750	117.2750	NUM
gp-264	212	14	46.23142	46.23142	NUM
gp-264	212	15	0.0000	0.0000	NUM
gp-264	212	16	at	at	ADP
gp-264	212	17	most	most	ADJ
gp-264	212	18	1	1	NUM
gp-264	212	19	0.049285	0.049285	NUM
gp-264	212	20	39.21983	39.21983	NUM
gp-264	212	21	40.07757	40.07757	NUM
gp-264	212	22	0.0622	0.0622	NUM
gp-264	212	23	at	at	ADP
gp-264	212	24	most	most	ADJ
gp-264	212	25	2	2	NUM
gp-264	212	26	0.023711	0.023711	NUM
gp-264	212	27	18.62125	18.62125	NUM
gp-264	212	28	33.87687	33.87687	NUM
gp-264	212	29	0.8443	0.8443	NUM
gp-264	212	30	at	at	ADP
gp-264	212	31	most	most	ADJ
gp-264	212	32	3	3	NUM
gp-264	212	33	0.021377	0.021377	NUM
gp-264	212	34	16.76812	16.76812	NUM
gp-264	212	35	27.58434	27.58434	NUM
gp-264	212	36	0.5999	0.5999	NUM
gp-264	212	37	at	at	ADP
gp-264	212	38	most	most	ADJ
gp-264	212	39	4	4	NUM
gp-264	212	40	0.013647	0.013647	NUM
gp-264	212	41	10.66314	10.66314	NUM
gp-264	212	42	21.13162	21.13162	NUM
gp-264	212	43	0.6808	0.6808	NUM
gp-264	212	44	at	at	ADP
gp-264	212	45	most	most	ADJ
gp-264	212	46	5	5	NUM
gp-264	212	47	0.005400	0.005400	NUM
gp-264	212	48	4.201635	4.201635	NUM
gp-264	212	49	14.26460	14.26460	NUM
gp-264	212	50	0.8375	0.8375	NUM
gp-264	212	51	at	at	ADP
gp-264	212	52	most	most	ADV
gp-264	212	53	6	6	NUM
gp-264	212	54	0.003652	0.003652	NUM
gp-264	212	55	2.839293	2.839293	NUM
gp-264	212	56	3.841465	3.841465	NUM
gp-264	212	57	0.0920	0.0920	NUM
gp-264	212	58	max	max	PROPN
gp-264	212	59	-	-	PUNCT
gp-264	212	60	eigenvalue	eigenvalue	ADJ
gp-264	212	61	test	test	NOUN
gp-264	212	62	indicates	indicate	VERB
gp-264	212	63	1	1	NUM
gp-264	212	64	cointegrating	cointegrate	VERB
gp-264	212	65	equation(s	equation(s	NOUN
gp-264	212	66	)	)	PUNCT
gp-264	212	67	at	at	ADP
gp-264	212	68	the	the	DET
gp-264	212	69	0.05	0.05	NUM
gp-264	212	70	level	level	NOUN
gp-264	212	71	*	*	PUNCT
gp-264	212	72	denotes	denote	NOUN
gp-264	212	73	rejection	rejection	NOUN
gp-264	212	74	of	of	ADP
gp-264	212	75	the	the	DET
gp-264	212	76	hypothesis	hypothesis	NOUN
gp-264	212	77	at	at	ADP
gp-264	212	78	the	the	DET
gp-264	212	79	0.05	0.05	NUM
gp-264	212	80	level	level	NOUN
gp-264	212	81	*	*	NOUN
gp-264	212	82	*	*	PUNCT
gp-264	212	83	mackinnon	mackinnon	NOUN
gp-264	212	84	-	-	PUNCT
gp-264	212	85	haug	haug	NOUN
gp-264	212	86	-	-	PUNCT
gp-264	212	87	michelis	michelis	PROPN
gp-264	212	88	(	(	PUNCT
gp-264	212	89	1999	1999	NUM
gp-264	212	90	)	)	PUNCT
gp-264	212	91	p	p	NOUN
gp-264	212	92	-	-	PUNCT
gp-264	212	93	values	value	NOUN
gp-264	212	94	*	*	PUNCT
gp-264	212	95	*	*	PUNCT
gp-264	212	96	mackinnon	mackinnon	NOUN
gp-264	212	97	-	-	PUNCT
gp-264	212	98	haug	haug	NOUN
gp-264	212	99	-	-	PUNCT
gp-264	212	100	michelis	michelis	PROPN
gp-264	212	101	(	(	PUNCT
gp-264	212	102	1999	1999	NUM
gp-264	212	103	)	)	PUNCT
gp-264	212	104	p	p	X
gp-264	212	105	-	-	PUNCT
gp-264	212	106	values	value	NOUN
gp-264	212	107	the	the	DET
gp-264	212	108	johansen	johansen	PROPN
gp-264	212	109	cointegration	cointegration	PROPN
gp-264	212	110	test	test	NOUN
gp-264	212	111	for	for	ADP
gp-264	212	112	the	the	DET
gp-264	212	113	period	period	NOUN
gp-264	212	114	2020	2020	NUM
gp-264	212	115	–	–	PUNCT
gp-264	212	116	2022	2022	NUM
gp-264	212	117	,	,	PUNCT
gp-264	212	118	as	as	SCONJ
gp-264	212	119	shown	show	VERB
gp-264	212	120	in	in	ADP
gp-264	212	121	table	table	NOUN
gp-264	212	122	4.11	4.11	NUM
gp-264	212	123	,	,	PUNCT
gp-264	212	124	shows	show	VERB
gp-264	212	125	the	the	DET
gp-264	212	126	results	result	NOUN
gp-264	212	127	of	of	ADP
gp-264	212	128	cointegration	cointegration	NOUN
gp-264	212	129	between	between	ADP
gp-264	212	130	the	the	DET
gp-264	212	131	dow	dow	PROPN
gp-264	212	132	jones	jones	PROPN
gp-264	212	133	industrial	industrial	PROPN
gp-264	212	134	average	average	PROPN
gp-264	212	135	(	(	PUNCT
gp-264	212	136	djia	djia	PROPN
gp-264	212	137	)	)	PUNCT
gp-264	212	138	,	,	PUNCT
gp-264	212	139	shanghai	shanghai	PROPN
gp-264	212	140	composite	composite	PROPN
gp-264	212	141	(	(	PUNCT
gp-264	212	142	sse	sse	NOUN
gp-264	212	143	)	)	PUNCT
gp-264	212	144	,	,	PUNCT
gp-264	212	145	hang	hang	PROPN
gp-264	212	146	seng	seng	PROPN
gp-264	212	147	(	(	PUNCT
gp-264	212	148	hsi	hsi	PROPN
gp-264	212	149	)	)	PUNCT
gp-264	212	150	,	,	PUNCT
gp-264	212	151	ftse	ftse	PROPN
gp-264	212	152	straits	strait	NOUN
gp-264	212	153	times	time	NOUN
gp-264	212	154	(	(	PUNCT
gp-264	212	155	sti	sti	PROPN
gp-264	212	156	)	)	PUNCT
gp-264	212	157	,	,	PUNCT
gp-264	212	158	ftse	ftse	VERB
gp-264	212	159	malaysia	malaysia	PROPN
gp-264	212	160	klci	klci	NOUN
gp-264	212	161	(	(	PUNCT
gp-264	212	162	klci	klci	NOUN
gp-264	212	163	)	)	PUNCT
gp-264	212	164	and	and	CCONJ
gp-264	212	165	set	set	VERB
gp-264	212	166	and	and	CCONJ
gp-264	212	167	idx	idx	NOUN
gp-264	212	168	composite	composite	ADJ
gp-264	212	169	(	(	PUNCT
gp-264	212	170	jci	jci	NOUN
gp-264	212	171	)	)	PUNCT
gp-264	212	172	indices	index	NOUN
gp-264	212	173	.	.	PUNCT
gp-264	213	1	this	this	PRON
gp-264	213	2	is	be	AUX
gp-264	213	3	evidenced	evidence	VERB
gp-264	213	4	by	by	ADP
gp-264	213	5	the	the	DET
gp-264	213	6	trace	trace	NOUN
gp-264	213	7	statistic	statistic	NOUN
gp-264	213	8	>	>	X
gp-264	213	9	critical	critical	ADJ
gp-264	213	10	value	value	NOUN
gp-264	213	11	values	value	NOUN
gp-264	213	12	.	.	PUNCT
gp-264	214	1	the	the	DET
gp-264	214	2	trace	trace	NOUN
gp-264	214	3	statistic	statistic	NOUN
gp-264	214	4	value	value	NOUN
gp-264	214	5	is	be	AUX
gp-264	214	6	209.5883	209.5883	NUM
gp-264	214	7	and	and	CCONJ
gp-264	214	8	the	the	DET
gp-264	214	9	critical	critical	ADJ
gp-264	214	10	value	value	NOUN
gp-264	214	11	is	be	AUX
gp-264	214	12	0.05	0.05	NUM
gp-264	214	13	is	be	AUX
gp-264	214	14	125.6154	125.6154	NUM
gp-264	214	15	.	.	PUNCT
gp-264	215	1	the	the	DET
gp-264	215	2	existence	existence	NOUN
gp-264	215	3	of	of	ADP
gp-264	215	4	this	this	DET
gp-264	215	5	cointegration	cointegration	NOUN
gp-264	215	6	is	be	AUX
gp-264	215	7	also	also	ADV
gp-264	215	8	evidenced	evidence	VERB
gp-264	215	9	by	by	ADP
gp-264	215	10	the	the	DET
gp-264	215	11	maximum	maximum	PROPN
gp-264	215	12	eigenvalue	eigenvalue	NOUN
gp-264	215	13	of	of	ADP
gp-264	215	14	117.2750	117.2750	NUM
gp-264	215	15	above	above	ADP
gp-264	215	16	the	the	DET
gp-264	215	17	critical	critical	ADJ
gp-264	215	18	value	value	NOUN
gp-264	215	19	of	of	ADP
gp-264	215	20	0.05	0.05	NUM
gp-264	215	21	which	which	PRON
gp-264	215	22	is	be	AUX
gp-264	215	23	46.23142	46.23142	NUM
gp-264	215	24	.	.	PUNCT
gp-264	216	1	due	due	ADP
gp-264	216	2	to	to	ADP
gp-264	216	3	the	the	DET
gp-264	216	4	discovery	discovery	NOUN
gp-264	216	5	of	of	ADP
gp-264	216	6	cointegration	cointegration	NOUN
gp-264	216	7	,	,	PUNCT
gp-264	216	8	it	it	PRON
gp-264	216	9	was	be	AUX
gp-264	216	10	continued	continue	VERB
gp-264	216	11	with	with	ADP
gp-264	216	12	the	the	DET
gp-264	216	13	vecm	vecm	NOUN
gp-264	216	14	test	test	NOUN
gp-264	216	15	.	.	PUNCT
gp-264	217	1	based	base	VERB
gp-264	217	2	on	on	ADP
gp-264	217	3	the	the	DET
gp-264	217	4	results	result	NOUN
gp-264	217	5	of	of	ADP
gp-264	217	6	the	the	DET
gp-264	217	7	vecm	vecm	NOUN
gp-264	217	8	test	test	VERB
gp-264	217	9	in	in	ADP
gp-264	217	10	table	table	NOUN
gp-264	217	11	4.12	4.12	NUM
gp-264	217	12	using	use	VERB
gp-264	217	13	an	an	DET
gp-264	217	14	optimal	optimal	ADJ
gp-264	217	15	lag	lag	NOUN
gp-264	217	16	of	of	ADP
gp-264	217	17	4	4	NUM
gp-264	217	18	for	for	ADP
gp-264	217	19	the	the	DET
gp-264	217	20	period	period	NOUN
gp-264	217	21	2020	2020	NUM
gp-264	217	22	-	-	SYM
gp-264	217	23	2022	2022	NUM
gp-264	217	24	,	,	PUNCT
gp-264	217	25	the	the	DET
gp-264	217	26	results	result	NOUN
gp-264	217	27	were	be	AUX
gp-264	217	28	obtained	obtain	VERB
gp-264	217	29	based	base	VERB
gp-264	217	30	on	on	ADP
gp-264	217	31	t	t	PROPN
gp-264	217	32	-	-	PUNCT
gp-264	217	33	table	table	NOUN
gp-264	217	34	1.960	1.960	NUM
gp-264	217	35	(	(	PUNCT
gp-264	217	36	for	for	ADP
gp-264	217	37	a	a	DET
gp-264	217	38	large	large	ADJ
gp-264	217	39	degree	degree	NOUN
gp-264	217	40	of	of	ADP
gp-264	217	41	freedom	freedom	NOUN
gp-264	217	42	)	)	PUNCT
gp-264	217	43	referring	refer	VERB
gp-264	217	44	to	to	ADP
gp-264	217	45	widardjono	widardjono	PROPN
gp-264	217	46	(	(	PUNCT
gp-264	217	47	2018:385	2018:385	NUM
gp-264	217	48	)	)	PUNCT
gp-264	217	49	)	)	PUNCT
gp-264	217	50	.	.	PUNCT
gp-264	218	1	the	the	DET
gp-264	218	2	results	result	NOUN
gp-264	218	3	obtained	obtain	VERB
gp-264	218	4	in	in	ADP
gp-264	218	5	the	the	DET
gp-264	218	6	absence	absence	NOUN
gp-264	218	7	of	of	ADP
gp-264	218	8	shortcointegration	shortcointegration	NOUN
gp-264	218	9	analysis	analysis	NOUN
gp-264	218	10	of	of	ADP
gp-264	218	11	the	the	DET
gp-264	218	12	indonesian	indonesian	ADJ
gp-264	218	13	stock	stock	PROPN
gp-264	218	14	exchange	exchange	PROPN
gp-264	218	15	with	with	ADP
gp-264	218	16	the	the	DET
gp-264	218	17	stock	stock	NOUN
gp-264	218	18	exchanges	exchange	NOUN
gp-264	218	19	of	of	ADP
gp-264	218	20	the	the	DET
gp-264	218	21	united	united	PROPN
gp-264	218	22	states	states	PROPN
gp-264	218	23	,	,	PUNCT
gp-264	218	24	china	china	PROPN
gp-264	218	25	,	,	PUNCT
gp-264	218	26	and	and	CCONJ
gp-264	218	27	southeast	southeast	ADJ
gp-264	218	28	asia	asia	PROPN
gp-264	218	29	782	782	NUM
gp-264	218	30	term	term	NOUN
gp-264	218	31	casualties	casualty	NOUN
gp-264	218	32	in	in	ADP
gp-264	218	33	the	the	DET
gp-264	218	34	movements	movement	NOUN
gp-264	218	35	of	of	ADP
gp-264	218	36	the	the	DET
gp-264	218	37	djia	djia	PROPN
gp-264	218	38	,	,	PUNCT
gp-264	218	39	jci	jci	PROPN
gp-264	218	40	,	,	PUNCT
gp-264	218	41	ftse	ftse	PROPN
gp-264	218	42	klci	klci	NOUN
gp-264	218	43	,	,	PUNCT
gp-264	218	44	ftse	ftse	PROPN
gp-264	218	45	sts	st	NOUN
gp-264	218	46	,	,	PUNCT
gp-264	218	47	hang	hang	PROPN
gp-264	218	48	seng	seng	PROPN
gp-264	218	49	,	,	PUNCT
gp-264	218	50	set	set	VERB
gp-264	218	51	and	and	CCONJ
gp-264	218	52	sse	sse	NOUN
gp-264	218	53	indices	index	NOUN
gp-264	218	54	,	,	PUNCT
gp-264	218	55	are	be	AUX
gp-264	218	56	reflected	reflect	VERB
gp-264	218	57	in	in	ADP
gp-264	218	58	the	the	DET
gp-264	218	59	t	t	PROPN
gp-264	218	60	-	-	PUNCT
gp-264	218	61	statistics	statistic	NOUN
gp-264	218	62	of	of	ADP
gp-264	218	63	these	these	DET
gp-264	218	64	variables	variable	NOUN
gp-264	218	65	which	which	PRON
gp-264	218	66	are	be	AUX
gp-264	218	67	smaller	small	ADJ
gp-264	218	68	than	than	ADP
gp-264	218	69	the	the	DET
gp-264	218	70	ttable	ttable	ADJ
gp-264	218	71	.	.	PUNCT
gp-264	219	1	the	the	DET
gp-264	219	2	results	result	NOUN
gp-264	219	3	of	of	ADP
gp-264	219	4	this	this	DET
gp-264	219	5	study	study	NOUN
gp-264	219	6	are	be	AUX
gp-264	219	7	in	in	ADP
gp-264	219	8	line	line	NOUN
gp-264	219	9	with	with	ADP
gp-264	219	10	the	the	DET
gp-264	219	11	results	result	NOUN
gp-264	219	12	of	of	ADP
gp-264	219	13	research	research	NOUN
gp-264	219	14	by	by	ADP
gp-264	219	15	setyawan	setyawan	NOUN
gp-264	219	16	,	,	PUNCT
gp-264	219	17	et	et	PROPN
gp-264	219	18	al	al	PROPN
gp-264	219	19	.	.	PROPN
gp-264	220	1	(	(	PUNCT
gp-264	220	2	2021	2021	NUM
gp-264	220	3	)	)	PUNCT
gp-264	220	4	,	,	PUNCT
gp-264	220	5	where	where	SCONJ
gp-264	220	6	on	on	ADP
gp-264	220	7	the	the	DET
gp-264	220	8	stock	stock	NOUN
gp-264	220	9	exchanges	exchange	NOUN
gp-264	220	10	of	of	ADP
gp-264	220	11	the	the	DET
gp-264	220	12	united	united	PROPN
gp-264	220	13	states	states	PROPN
gp-264	220	14	,	,	PUNCT
gp-264	220	15	hong	hong	PROPN
gp-264	220	16	kong	kong	PROPN
gp-264	220	17	,	,	PUNCT
gp-264	220	18	japan	japan	PROPN
gp-264	220	19	,	,	PUNCT
gp-264	220	20	malaysia	malaysia	PROPN
gp-264	220	21	and	and	CCONJ
gp-264	220	22	indonesia	indonesia	PROPN
gp-264	220	23	in	in	ADP
gp-264	220	24	2008	2008	NUM
gp-264	220	25	-	-	SYM
gp-264	220	26	2020	2020	NUM
gp-264	220	27	which	which	PRON
gp-264	220	28	showed	show	VERB
gp-264	220	29	the	the	DET
gp-264	220	30	absence	absence	NOUN
gp-264	220	31	of	of	ADP
gp-264	220	32	short	short	ADJ
gp-264	220	33	-	-	PUNCT
gp-264	220	34	term	term	NOUN
gp-264	220	35	casualty	casualty	NOUN
gp-264	220	36	with	with	ADP
gp-264	220	37	the	the	DET
gp-264	220	38	vecm	vecm	NOUN
gp-264	220	39	.	.	PUNCT
gp-264	221	1	table	table	NOUN
gp-264	221	2	10	10	NUM
gp-264	221	3	.	.	PUNCT
gp-264	222	1	vecm	vecm	NOUN
gp-264	222	2	test	test	VERB
gp-264	222	3	for	for	ADP
gp-264	222	4	the	the	DET
gp-264	222	5	2020	2020	NUM
gp-264	222	6	-	-	SYM
gp-264	222	7	2022	2022	NUM
gp-264	222	8	period	period	NOUN
gp-264	222	9	source	source	NOUN
gp-264	222	10	:	:	PUNCT
gp-264	222	11	output	output	NOUN
gp-264	222	12	eviews	eview	NOUN
gp-264	222	13	has	have	AUX
gp-264	222	14	been	be	AUX
gp-264	222	15	reprocessed	reprocess	VERB
gp-264	222	16	(	(	PUNCT
gp-264	222	17	2025	2025	NUM
gp-264	222	18	)	)	PUNCT
gp-264	222	19	.	.	PUNCT
gp-264	223	1	granger	granger	PROPN
gp-264	223	2	cointegration	cointegration	PROPN
gp-264	223	3	test	test	NOUN
gp-264	223	4	the	the	DET
gp-264	223	5	granger	granger	PROPN
gp-264	223	6	cointegration	cointegration	PROPN
gp-264	223	7	test	test	NOUN
gp-264	223	8	was	be	AUX
gp-264	223	9	used	use	VERB
gp-264	223	10	to	to	PART
gp-264	223	11	determine	determine	VERB
gp-264	223	12	the	the	DET
gp-264	223	13	cointegration	cointegration	NOUN
gp-264	223	14	between	between	ADP
gp-264	223	15	the	the	DET
gp-264	223	16	variables	variable	NOUN
gp-264	223	17	of	of	ADP
gp-264	223	18	the	the	DET
gp-264	223	19	indonesian	indonesian	ADJ
gp-264	223	20	stock	stock	PROPN
gp-264	223	21	exchange	exchange	PROPN
gp-264	223	22	index	index	NOUN
gp-264	223	23	(	(	PUNCT
gp-264	223	24	jci	jci	PROPN
gp-264	223	25	)	)	PUNCT
gp-264	223	26	and	and	CCONJ
gp-264	223	27	stock	stock	NOUN
gp-264	223	28	exchange	exchange	NOUN
gp-264	223	29	indices	index	NOUN
gp-264	223	30	in	in	ADP
gp-264	223	31	the	the	DET
gp-264	223	32	united	united	PROPN
gp-264	223	33	states	states	PROPN
gp-264	223	34	(	(	PUNCT
gp-264	223	35	djia	djia	PROPN
gp-264	223	36	)	)	PUNCT
gp-264	223	37	,	,	PUNCT
gp-264	223	38	hong	hong	PROPN
gp-264	223	39	kong	kong	PROPN
gp-264	223	40	(	(	PUNCT
gp-264	223	41	hang	hang	PROPN
gp-264	223	42	seng	seng	PROPN
gp-264	223	43	)	)	PUNCT
gp-264	223	44	,	,	PUNCT
gp-264	223	45	china	china	PROPN
gp-264	223	46	(	(	PUNCT
gp-264	223	47	sse	sse	PROPN
gp-264	223	48	)	)	PUNCT
gp-264	223	49	,	,	PUNCT
gp-264	223	50	malaysia	malaysia	PROPN
gp-264	223	51	(	(	PUNCT
gp-264	223	52	ftse	ftse	PROPN
gp-264	223	53	klci	klci	NOUN
gp-264	223	54	)	)	PUNCT
gp-264	223	55	,	,	PUNCT
gp-264	223	56	singapore	singapore	PROPN
gp-264	223	57	(	(	PUNCT
gp-264	223	58	ftse	ftse	PROPN
gp-264	223	59	sts	st	NOUN
gp-264	223	60	)	)	PUNCT
gp-264	223	61	and	and	CCONJ
gp-264	223	62	thailand	thailand	PROPN
gp-264	223	63	(	(	PUNCT
gp-264	223	64	set	set	PROPN
gp-264	223	65	)	)	PUNCT
gp-264	223	66	.	.	PUNCT
gp-264	224	1	from	from	ADP
gp-264	224	2	the	the	DET
gp-264	224	3	data	datum	NOUN
gp-264	224	4	of	of	ADP
gp-264	224	5	the	the	DET
gp-264	224	6	granger	granger	PROPN
gp-264	224	7	cointegration	cointegration	PROPN
gp-264	224	8	test	test	NOUN
gp-264	224	9	,	,	PUNCT
gp-264	224	10	the	the	DET
gp-264	224	11	statistical	statistical	ADJ
gp-264	224	12	t	t	NOUN
gp-264	224	13	-	-	PUNCT
gp-264	224	14	value	value	NOUN
gp-264	224	15	used	use	VERB
gp-264	224	16	in	in	ADP
gp-264	224	17	the	the	DET
gp-264	224	18	adf	adf	NOUN
gp-264	224	19	test	test	NOUN
gp-264	224	20	is	be	AUX
gp-264	224	21	used	use	VERB
gp-264	224	22	,	,	PUNCT
gp-264	224	23	where	where	SCONJ
gp-264	224	24	the	the	DET
gp-264	224	25	variable	variable	NOUN
gp-264	224	26	has	have	VERB
gp-264	224	27	the	the	DET
gp-264	224	28	statistical	statistical	ADJ
gp-264	224	29	value	value	NOUN
gp-264	224	30	of	of	ADP
gp-264	224	31	the	the	DET
gp-264	224	32	root	root	NOUN
gp-264	224	33	test	test	NOUN
gp-264	224	34	of	of	ADP
gp-264	224	35	the	the	DET
gp-264	224	36	augmented	augment	VERB
gp-264	224	37	dickey	dickey	PROPN
gp-264	224	38	fuller	full	ADJ
gp-264	224	39	unit	unit	NOUN
gp-264	224	40	with	with	ADP
gp-264	224	41	a	a	DET
gp-264	224	42	combination	combination	NOUN
gp-264	224	43	of	of	ADP
gp-264	224	44	two	two	NUM
gp-264	224	45	variables	variable	NOUN
gp-264	224	46	that	that	PRON
gp-264	224	47	have	have	VERB
gp-264	224	48	a	a	DET
gp-264	224	49	value	value	NOUN
gp-264	224	50	that	that	PRON
gp-264	224	51	is	be	AUX
gp-264	224	52	smaller	small	ADJ
gp-264	224	53	than	than	ADP
gp-264	224	54	the	the	DET
gp-264	224	55	critical	critical	ADJ
gp-264	224	56	value	value	NOUN
gp-264	224	57	.	.	PUNCT
gp-264	225	1	the	the	DET
gp-264	225	2	critical	critical	ADJ
gp-264	225	3	value	value	NOUN
gp-264	225	4	used	use	VERB
gp-264	225	5	is	be	AUX
gp-264	225	6	the	the	DET
gp-264	225	7	mackinnon	mackinnon	PROPN
gp-264	225	8	critical	critical	ADJ
gp-264	225	9	value	value	NOUN
gp-264	225	10	at	at	ADP
gp-264	225	11	5	5	NUM
gp-264	225	12	%	%	NOUN
gp-264	225	13	for	for	ADP
gp-264	225	14	two	two	NUM
gp-264	225	15	untrending	untrending	ADJ
gp-264	225	16	variables	variable	NOUN
gp-264	225	17	with	with	ADP
gp-264	225	18	values	value	NOUN
gp-264	225	19	of	of	ADP
gp-264	225	20	β∞	β∞	NUM
gp-264	225	21	-3.3377	-3.3377	NOUN
gp-264	225	22	,	,	PUNCT
gp-264	225	23	β₁	β₁	ADJ
gp-264	225	24	−5.967	−5.967	NOUN
gp-264	225	25	and	and	CCONJ
gp-264	225	26	β₂	β₂	NOUN
gp-264	225	27	−8.98	−8.98	CCONJ
gp-264	225	28	(	(	PUNCT
gp-264	225	29	mackinnon	mackinnon	PROPN
gp-264	225	30	,	,	PUNCT
gp-264	225	31	2010:9	2010:9	NUM
gp-264	225	32	)	)	PUNCT
gp-264	225	33	.	.	PUNCT
gp-264	226	1	so	so	ADV
gp-264	226	2	the	the	DET
gp-264	226	3	calculation	calculation	NOUN
gp-264	226	4	of	of	ADP
gp-264	226	5	the	the	DET
gp-264	226	6	critical	critical	ADJ
gp-264	226	7	value	value	NOUN
gp-264	226	8	is	be	AUX
gp-264	226	9	as	as	SCONJ
gp-264	226	10	follows	follow	VERB
gp-264	226	11	:	:	PUNCT
gp-264	227	1	critical	critical	ADJ
gp-264	227	2	value	value	NOUN
gp-264	227	3	t	t	NOUN
gp-264	227	4	=	=	PRON
gp-264	227	5	β∞+β₁/t+β₂/t²	β∞+β₁/t+β₂/t²	X
gp-264	227	6	(	(	PUNCT
gp-264	227	7	4.1	4.1	NUM
gp-264	227	8	)	)	PUNCT
gp-264	227	9	the	the	DET
gp-264	227	10	calculation	calculation	NOUN
gp-264	227	11	of	of	ADP
gp-264	227	12	the	the	DET
gp-264	227	13	critical	critical	ADJ
gp-264	227	14	value	value	NOUN
gp-264	227	15	of	of	ADP
gp-264	227	16	t	t	PROPN
gp-264	227	17	for	for	ADP
gp-264	227	18	each	each	DET
gp-264	227	19	period	period	NOUN
gp-264	227	20	is	be	AUX
gp-264	227	21	as	as	SCONJ
gp-264	227	22	follows	follow	VERB
gp-264	227	23	:	:	PUNCT
gp-264	227	24	cointegration	cointegration	NOUN
gp-264	227	25	analysis	analysis	NOUN
gp-264	227	26	of	of	ADP
gp-264	227	27	the	the	DET
gp-264	227	28	indonesian	indonesian	ADJ
gp-264	227	29	stock	stock	PROPN
gp-264	227	30	exchange	exchange	PROPN
gp-264	227	31	with	with	ADP
gp-264	227	32	the	the	DET
gp-264	227	33	stock	stock	NOUN
gp-264	227	34	exchanges	exchange	NOUN
gp-264	227	35	of	of	ADP
gp-264	227	36	the	the	DET
gp-264	227	37	united	united	PROPN
gp-264	227	38	states	states	PROPN
gp-264	227	39	,	,	PUNCT
gp-264	227	40	china	china	PROPN
gp-264	227	41	,	,	PUNCT
gp-264	227	42	and	and	CCONJ
gp-264	227	43	southeast	southeast	ADJ
gp-264	227	44	asia	asia	PROPN
gp-264	227	45	783	783	NUM
gp-264	227	46	table	table	NOUN
gp-264	227	47	11	11	NUM
gp-264	227	48	.	.	PUNCT
gp-264	228	1	calculation	calculation	NOUN
gp-264	228	2	of	of	ADP
gp-264	228	3	critical	critical	ADJ
gp-264	228	4	value	value	NOUN
gp-264	228	5	t	t	PROPN
gp-264	228	6	mackinnon	mackinnon	PROPN
gp-264	228	7	period	period	NOUN
gp-264	228	8	number	number	NOUN
gp-264	228	9	of	of	ADP
gp-264	228	10	observations	observation	NOUN
gp-264	228	11	(	(	PUNCT
gp-264	228	12	t	t	NOUN
gp-264	228	13	)	)	PUNCT
gp-264	228	14	calculation	calculation	NOUN
gp-264	228	15	of	of	ADP
gp-264	228	16	critical	critical	ADJ
gp-264	228	17	value	value	NOUN
gp-264	228	18	t	t	X
gp-264	228	19	critical	critical	ADJ
gp-264	228	20	value	value	NOUN
gp-264	228	21	(	(	PUNCT
gp-264	228	22	5	5	NUM
gp-264	228	23	%	%	NOUN
gp-264	228	24	)	)	PUNCT
gp-264	228	25	2007–2009	2007–2009	NUM
gp-264	228	26	782	782	NUM
gp-264	228	27	=	=	PUNCT
gp-264	228	28	-3.3377	-3.3377	NOUN
gp-264	228	29	-	-	PUNCT
gp-264	228	30	5.67782/782	5.67782/782	NUM
gp-264	228	31	-	-	PUNCT
gp-264	228	32	8.98/782²	8.98/782²	NUM
gp-264	228	33	-3.345	-3.345	NOUN
gp-264	228	34	2020–2022	2020–2022	NOUN
gp-264	228	35	783	783	NUM
gp-264	228	36	=	=	SYM
gp-264	228	37	-3.3377	-3.3377	NOUN
gp-264	228	38	-	-	PUNCT
gp-264	228	39	5.67782/783	5.67782/783	NOUN
gp-264	228	40	-	-	PUNCT
gp-264	228	41	8.98/783²	8.98/783²	PROPN
gp-264	228	42	-3.345	-3.345	PUNCT
gp-264	228	43	2007–2025	2007–2025	NUM
gp-264	228	44	4,738	4,738	NUM
gp-264	228	45	=	=	SYM
gp-264	228	46	-3.3377	-3.3377	NOUN
gp-264	228	47	-	-	PUNCT
gp-264	228	48	5.67782/4738	5.67782/4738	NOUN
gp-264	228	49	-	-	PUNCT
gp-264	228	50	8.98/4738²	8.98/4738²	PROPN
gp-264	228	51	-3.339	-3.339	NOUN
gp-264	228	52	source	source	NOUN
gp-264	228	53	:	:	PUNCT
gp-264	228	54	reprocessed	reprocess	VERB
gp-264	228	55	eviews	eviews	PROPN
gp-264	228	56	output	output	NOUN
gp-264	228	57	(	(	PUNCT
gp-264	228	58	2025	2025	NUM
gp-264	228	59	)	)	PUNCT
gp-264	228	60	trend	trend	NOUN
gp-264	228	61	)	)	PUNCT
gp-264	228	62	in	in	ADP
gp-264	228	63	the	the	DET
gp-264	228	64	regression	regression	NOUN
gp-264	228	65	of	of	ADP
gp-264	228	66	cointegration	cointegration	NOUN
gp-264	228	67	according	accord	VERB
gp-264	228	68	to	to	ADP
gp-264	228	69	table	table	NOUN
gp-264	228	70	4.14	4.14	NUM
gp-264	228	71	,	,	PUNCT
gp-264	228	72	it	it	PRON
gp-264	228	73	was	be	AUX
gp-264	228	74	found	find	VERB
gp-264	228	75	that	that	SCONJ
gp-264	228	76	in	in	ADP
gp-264	228	77	the	the	DET
gp-264	228	78	period	period	NOUN
gp-264	228	79	2007	2007	NUM
gp-264	228	80	–	–	PUNCT
gp-264	228	81	2009	2009	NUM
gp-264	228	82	there	there	PRON
gp-264	228	83	was	be	VERB
gp-264	228	84	no	no	DET
gp-264	228	85	cointegration	cointegration	NOUN
gp-264	228	86	between	between	ADP
gp-264	228	87	the	the	DET
gp-264	228	88	jci	jci	PROPN
gp-264	228	89	stock	stock	PROPN
gp-264	228	90	index	index	NOUN
gp-264	228	91	and	and	CCONJ
gp-264	228	92	other	other	ADJ
gp-264	228	93	stock	stock	NOUN
gp-264	228	94	indices	index	NOUN
gp-264	228	95	.	.	PUNCT
gp-264	229	1	meanwhile	meanwhile	ADV
gp-264	229	2	,	,	PUNCT
gp-264	229	3	in	in	ADP
gp-264	229	4	the	the	DET
gp-264	229	5	2020	2020	NUM
gp-264	229	6	–	–	PUNCT
gp-264	229	7	2022	2022	NUM
gp-264	229	8	period	period	NOUN
gp-264	229	9	,	,	PUNCT
gp-264	229	10	there	there	PRON
gp-264	229	11	are	be	VERB
gp-264	229	12	two	two	NUM
gp-264	229	13	cointegrations	cointegration	NOUN
gp-264	229	14	between	between	ADP
gp-264	229	15	ftse	ftse	NOUN
gp-264	229	16	sts	st	NOUN
gp-264	229	17	–	–	PUNCT
gp-264	229	18	jci	jci	NOUN
gp-264	229	19	with	with	ADP
gp-264	229	20	a	a	DET
gp-264	229	21	statistical	statistical	ADJ
gp-264	229	22	t	t	NOUN
gp-264	229	23	-	-	PUNCT
gp-264	229	24	value	value	NOUN
gp-264	229	25	of	of	ADP
gp-264	229	26	-28.06558	-28.06558	PUNCT
gp-264	229	27	and	and	CCONJ
gp-264	229	28	hang	hang	VERB
gp-264	229	29	seng	seng	PROPN
gp-264	229	30	–	–	PUNCT
gp-264	229	31	jci	jci	PROPN
gp-264	229	32	with	with	ADP
gp-264	229	33	a	a	DET
gp-264	229	34	value	value	NOUN
gp-264	229	35	of	of	ADP
gp-264	229	36	-4.025771	-4.025771	ADJ
gp-264	229	37	,	,	PUNCT
gp-264	229	38	both	both	PRON
gp-264	229	39	of	of	ADP
gp-264	229	40	which	which	PRON
gp-264	229	41	have	have	VERB
gp-264	229	42	a	a	DET
gp-264	229	43	value	value	NOUN
gp-264	229	44	below	below	ADP
gp-264	229	45	the	the	DET
gp-264	229	46	critical	critical	ADJ
gp-264	229	47	t	t	NOUN
gp-264	229	48	-	-	PUNCT
gp-264	229	49	point	point	NOUN
gp-264	229	50	of	of	ADP
gp-264	229	51	mackinnon	mackinnon	PROPN
gp-264	229	52	.	.	PUNCT
gp-264	230	1	the	the	DET
gp-264	230	2	results	result	NOUN
gp-264	230	3	of	of	ADP
gp-264	230	4	the	the	DET
gp-264	230	5	granger	granger	PROPN
gp-264	230	6	cointegration	cointegration	PROPN
gp-264	230	7	test	test	NOUN
gp-264	230	8	also	also	ADV
gp-264	230	9	show	show	VERB
gp-264	230	10	that	that	SCONJ
gp-264	230	11	there	there	PRON
gp-264	230	12	is	be	VERB
gp-264	230	13	cointegration	cointegration	NOUN
gp-264	230	14	between	between	ADP
gp-264	230	15	hang	hang	PROPN
gp-264	230	16	seng	seng	PROPN
gp-264	230	17	and	and	CCONJ
gp-264	230	18	jci	jci	PROPN
gp-264	230	19	in	in	ADP
gp-264	230	20	the	the	DET
gp-264	230	21	20072025	20072025	NUM
gp-264	230	22	period	period	NOUN
gp-264	230	23	with	with	ADP
gp-264	230	24	an	an	DET
gp-264	230	25	adf	adf	PROPN
gp-264	230	26	statistical	statistical	ADJ
gp-264	230	27	t	t	NOUN
gp-264	230	28	-	-	PUNCT
gp-264	230	29	value	value	NOUN
gp-264	230	30	of	of	ADP
gp-264	230	31	-4.04771	-4.04771	NOUN
gp-264	230	32	,	,	PUNCT
gp-264	230	33	which	which	PRON
gp-264	230	34	is	be	AUX
gp-264	230	35	smaller	small	ADJ
gp-264	230	36	than	than	ADP
gp-264	230	37	the	the	DET
gp-264	230	38	mackinnon	mackinnon	PROPN
gp-264	230	39	critical	critical	PROPN
gp-264	230	40	t	t	NOUN
gp-264	230	41	-	-	PUNCT
gp-264	230	42	value	value	NOUN
gp-264	230	43	of	of	ADP
gp-264	230	44	-3,339	-3,339	PROPN
gp-264	230	45	.	.	PUNCT
gp-264	230	46	table	table	NOUN
gp-264	230	47	12	12	NUM
gp-264	230	48	.	.	PUNCT
gp-264	231	1	granger	granger	PROPN
gp-264	231	2	cointegration	cointegration	PROPN
gp-264	231	3	test	test	NOUN
gp-264	231	4	variable	variable	ADJ
gp-264	231	5	period	period	NOUN
gp-264	231	6	conclusion	conclusion	NOUN
gp-264	231	7	2007	2007	NUM
gp-264	231	8	-2009	-2009	NOUN
gp-264	231	9	2020	2020	NUM
gp-264	231	10	2022	2022	NUM
gp-264	231	11	2007	2007	NUM
gp-264	231	12	2025	2025	NUM
gp-264	231	13	statisti	statisti	NOUN
gp-264	231	14	cal	cal	ADJ
gp-264	231	15	tvalues	tvalue	NOUN
gp-264	231	16	of	of	ADP
gp-264	231	17	adf	adf	PROPN
gp-264	231	18	mackinn	mackinn	NOUN
gp-264	231	19	on	on	ADP
gp-264	231	20	's	's	PART
gp-264	231	21	tcritical	tcritical	ADJ
gp-264	231	22	value	value	NOUN
gp-264	231	23	statisti	statisti	NOUN
gp-264	231	24	cal	cal	VERB
gp-264	231	25	tvalues	tvalue	NOUN
gp-264	231	26	of	of	ADP
gp-264	231	27	adf	adf	PROPN
gp-264	231	28	mackinn	mackinn	NOUN
gp-264	231	29	on	on	ADP
gp-264	231	30	's	's	PART
gp-264	231	31	tcritical	tcritical	ADJ
gp-264	231	32	value	value	NOUN
gp-264	231	33	statisti	statisti	NOUN
gp-264	231	34	cal	cal	VERB
gp-264	231	35	tvalues	tvalue	NOUN
gp-264	231	36	of	of	ADP
gp-264	231	37	adf	adf	PROPN
gp-264	231	38	mackinn	mackinn	NOUN
gp-264	231	39	on	on	ADP
gp-264	231	40	's	's	PART
gp-264	231	41	tcritical	tcritical	ADJ
gp-264	231	42	value	value	NOUN
gp-264	231	43	ihsg	ihsg	NOUN
gp-264	231	44	djia	djia	PROPN
gp-264	231	45	1.3305	1.3305	NUM
gp-264	231	46	01	01	NUM
gp-264	231	47	-3.345	-3.345	NUM
gp-264	231	48	1.6730	1.6730	NUM
gp-264	231	49	43	43	NUM
gp-264	231	50	-3.345	-3.345	NUM
gp-264	231	51	1.7127	1.7127	NUM
gp-264	231	52	2	2	NUM
gp-264	231	53	-3.339	-3.339	PUNCT
gp-264	231	54	no	no	DET
gp-264	231	55	cointegration	cointegration	NOUN
gp-264	231	56	djia	djia	PROPN
gp-264	231	57	ihsg	ihsg	PROPN
gp-264	231	58	1.1634	1.1634	NUM
gp-264	231	59	46	46	NUM
gp-264	231	60	-3.345	-3.345	NUM
gp-264	231	61	1.8308	1.8308	NUM
gp-264	231	62	62	62	NUM
gp-264	231	63	-3.345	-3.345	NUM
gp-264	231	64	0.5867	0.5867	NUM
gp-264	231	65	3	3	NUM
gp-264	231	66	-3.339	-3.339	NOUN
gp-264	231	67	no	no	DET
gp-264	231	68	cointegration	cointegration	NOUN
gp-264	231	69	ihsg	ihsg	NOUN
gp-264	231	70	ftse	ftse	PROPN
gp-264	231	71	klci	klci	NOUN
gp-264	231	72	1.7564	1.7564	NUM
gp-264	231	73	66	66	NUM
gp-264	231	74	-3.345	-3.345	NUM
gp-264	231	75	0.7113	0.7113	NUM
gp-264	231	76	76	76	NUM
gp-264	231	77	-3.345	-3.345	NUM
gp-264	231	78	1.1447	1.1447	NUM
gp-264	231	79	5	5	NUM
gp-264	231	80	-3.339	-3.339	PUNCT
gp-264	231	81	no	no	DET
gp-264	231	82	cointegration	cointegration	NOUN
gp-264	231	83	ftse	ftse	NOUN
gp-264	231	84	klci	klci	NOUN
gp-264	231	85	ihsg	ihsg	PROPN
gp-264	232	1	1.7459	1.7459	NUM
gp-264	232	2	37	37	NUM
gp-264	232	3	-3.345	-3.345	NUM
gp-264	232	4	2.8254	2.8254	NUM
gp-264	232	5	13	13	NUM
gp-264	232	6	-3.345	-3.345	NUM
gp-264	232	7	1.9795	1.9795	NUM
gp-264	232	8	7	7	NUM
gp-264	232	9	-3.339	-3.339	PUNCT
gp-264	232	10	no	no	DET
gp-264	232	11	cointegration	cointegration	NOUN
gp-264	232	12	ihsg	ihsg	NOUN
gp-264	232	13	ftse	ftse	PROPN
gp-264	232	14	sts	st	VERB
gp-264	232	15	1.3438	1.3438	NUM
gp-264	232	16	21	21	NUM
gp-264	232	17	-3.345	-3.345	NUM
gp-264	232	18	1.2215	1.2215	NUM
gp-264	232	19	03	03	NUM
gp-264	233	1	-3.345	-3.345	NUM
gp-264	234	1	2.7272	2.7272	NUM
gp-264	234	2	9	9	NUM
gp-264	234	3	-3.339	-3.339	PUNCT
gp-264	234	4	no	no	DET
gp-264	234	5	cointegration	cointegration	NOUN
gp-264	234	6	ftse	ftse	NOUN
gp-264	234	7	sts	st	VERB
gp-264	234	8	ihsg	ihsg	NOUN
gp-264	234	9	1.2512	1.2512	NUM
gp-264	234	10	68	68	NUM
gp-264	234	11	-3.345	-3.345	NUM
gp-264	234	12	28.065	28.065	NUM
gp-264	234	13	58	58	NUM
gp-264	234	14	-3.345	-3.345	NUM
gp-264	234	15	2.1552	2.1552	NUM
gp-264	234	16	4	4	NUM
gp-264	234	17	-3.339	-3.339	PUNCT
gp-264	234	18	there	there	PRON
gp-264	234	19	is	be	VERB
gp-264	234	20	cointegration	cointegration	NOUN
gp-264	234	21	*	*	PUNCT
gp-264	234	22	ihsg	ihsg	NOUN
gp-264	234	23	hang	hang	PROPN
gp-264	234	24	seng	seng	PROPN
gp-264	234	25	2.0817	2.0817	NUM
gp-264	234	26	53	53	NUM
gp-264	234	27	-3.345	-3.345	NUM
gp-264	234	28	1.8745	1.8745	NUM
gp-264	234	29	74	74	NUM
gp-264	234	30	-3.345	-3.345	NUM
gp-264	234	31	1.6429	1.6429	NUM
gp-264	234	32	2	2	NUM
gp-264	234	33	-3.339	-3.339	PUNCT
gp-264	234	34	no	no	DET
gp-264	234	35	cointegration	cointegration	NOUN
gp-264	234	36	hang	hang	PROPN
gp-264	234	37	seng	seng	PROPN
gp-264	234	38	ihsg	ihsg	PROPN
gp-264	234	39	2.3218	2.3218	NUM
gp-264	234	40	84	84	NUM
gp-264	234	41	-3.345	-3.345	NUM
gp-264	234	42	4.0257	4.0257	NUM
gp-264	234	43	71	71	NUM
gp-264	234	44	-3.345	-3.345	SYM
gp-264	234	45	4.0477	4.0477	NUM
gp-264	234	46	1	1	NUM
gp-264	234	47	-3.339	-3.339	PUNCT
gp-264	234	48	there	there	PRON
gp-264	234	49	is	be	VERB
gp-264	234	50	cointegration	cointegration	NOUN
gp-264	234	51	*	*	PUNCT
gp-264	234	52	*	*	PUNCT
gp-264	234	53	ihsg	ihsg	NOUN
gp-264	234	54	set	set	VERB
gp-264	234	55	2.0745	2.0745	NUM
gp-264	234	56	68	68	NUM
gp-264	234	57	-3.345	-3.345	NUM
gp-264	234	58	2.6518	2.6518	NUM
gp-264	234	59	5	5	NUM
gp-264	234	60	-3.345	-3.345	PUNCT
gp-264	234	61	-1.165	-1.165	PUNCT
gp-264	234	62	-3.339	-3.339	PUNCT
gp-264	234	63	no	no	DET
gp-264	234	64	cointegration	cointegration	NOUN
gp-264	234	65	set	set	VERB
gp-264	234	66	ihsg	ihsg	NOUN
gp-264	234	67	1.9737	1.9737	NUM
gp-264	234	68	92	92	NUM
gp-264	234	69	-3.345	-3.345	NUM
gp-264	234	70	2.8470	2.8470	NUM
gp-264	234	71	77	77	NUM
gp-264	234	72	-3.345	-3.345	NOUN
gp-264	234	73	-1.3691	-1.3691	NOUN
gp-264	234	74	-3.339	-3.339	PUNCT
gp-264	234	75	no	no	DET
gp-264	234	76	cointegration	cointegration	NOUN
gp-264	234	77	cointegration	cointegration	NOUN
gp-264	234	78	analysis	analysis	NOUN
gp-264	234	79	of	of	ADP
gp-264	234	80	the	the	DET
gp-264	234	81	indonesian	indonesian	ADJ
gp-264	234	82	stock	stock	PROPN
gp-264	234	83	exchange	exchange	PROPN
gp-264	234	84	with	with	ADP
gp-264	234	85	the	the	DET
gp-264	234	86	stock	stock	NOUN
gp-264	234	87	exchanges	exchange	NOUN
gp-264	234	88	of	of	ADP
gp-264	234	89	the	the	DET
gp-264	234	90	united	united	PROPN
gp-264	234	91	states	states	PROPN
gp-264	234	92	,	,	PUNCT
gp-264	234	93	china	china	PROPN
gp-264	234	94	,	,	PUNCT
gp-264	234	95	and	and	CCONJ
gp-264	234	96	southeast	southeast	PROPN
gp-264	234	97	asia	asia	PROPN
gp-264	234	98	784	784	NUM
gp-264	234	99	ihsg	ihsg	NOUN
gp-264	234	100	sse	sse	NOUN
gp-264	234	101	1.4771	1.4771	NUM
gp-264	234	102	29	29	NUM
gp-264	234	103	-3.345	-3.345	SYM
gp-264	234	104	1.0037	1.0037	NUM
gp-264	234	105	64	64	NUM
gp-264	234	106	-3.345	-3.345	NUM
gp-264	234	107	1.6385	1.6385	NUM
gp-264	234	108	4	4	NUM
gp-264	234	109	-3.339	-3.339	PUNCT
gp-264	234	110	no	no	DET
gp-264	234	111	cointegration	cointegration	NOUN
gp-264	234	112	sse	sse	NOUN
gp-264	234	113	ihsg	ihsg	PROPN
gp-264	235	1	1.4145	1.4145	NUM
gp-264	235	2	04	04	NUM
gp-264	235	3	-3.345	-3.345	NUM
gp-264	235	4	1.6829	1.6829	NUM
gp-264	235	5	77	77	NUM
gp-264	235	6	-3.345	-3.345	NUM
gp-264	235	7	2.6704	2.6704	NUM
gp-264	235	8	2	2	NUM
gp-264	235	9	-3.339	-3.339	NOUN
gp-264	235	10	no	no	DET
gp-264	235	11	cointegration	cointegration	NOUN
gp-264	235	12	*	*	PUNCT
gp-264	235	13	observation	observation	NOUN
gp-264	235	14	period	period	NOUN
gp-264	235	15	2020	2020	NUM
gp-264	235	16	-	-	SYM
gp-264	235	17	2022	2022	NUM
gp-264	235	18	*	*	PUNCT
gp-264	235	19	*	*	PUNCT
gp-264	235	20	observation	observation	NOUN
gp-264	235	21	period	period	NOUN
gp-264	235	22	2007	2007	NUM
gp-264	235	23	–	–	PUNCT
gp-264	235	24	2025	2025	NUM
gp-264	235	25	and	and	CCONJ
gp-264	235	26	2020	2020	NUM
gp-264	235	27	–	–	PUNCT
gp-264	235	28	2022	2022	NUM
gp-264	235	29	source	source	NOUN
gp-264	235	30	:	:	PUNCT
gp-264	235	31	reprocessed	reprocess	VERB
gp-264	235	32	eviews	eviews	PROPN
gp-264	235	33	output	output	NOUN
gp-264	235	34	(	(	PUNCT
gp-264	235	35	2025	2025	NUM
gp-264	235	36	)	)	PUNCT
gp-264	235	37	based	base	VERB
gp-264	235	38	on	on	ADP
gp-264	235	39	the	the	DET
gp-264	235	40	table	table	NOUN
gp-264	235	41	above	above	ADV
gp-264	235	42	,	,	PUNCT
gp-264	235	43	the	the	DET
gp-264	235	44	results	result	NOUN
gp-264	235	45	obtained	obtain	VERB
gp-264	235	46	from	from	ADP
gp-264	235	47	the	the	DET
gp-264	235	48	granger	granger	PROPN
gp-264	235	49	cointegration	cointegration	PROPN
gp-264	235	50	test	test	NOUN
gp-264	235	51	differ	differ	VERB
gp-264	235	52	from	from	ADP
gp-264	235	53	the	the	DET
gp-264	235	54	johansen	johansen	PROPN
gp-264	235	55	cointegration	cointegration	PROPN
gp-264	235	56	test	test	NOUN
gp-264	235	57	.	.	PUNCT
gp-264	236	1	where	where	SCONJ
gp-264	236	2	in	in	ADP
gp-264	236	3	the	the	DET
gp-264	236	4	johansen	johansen	PROPN
gp-264	236	5	cointegration	cointegration	PROPN
gp-264	236	6	test	test	NOUN
gp-264	236	7	,	,	PUNCT
gp-264	236	8	cointegration	cointegration	NOUN
gp-264	236	9	was	be	AUX
gp-264	236	10	found	find	VERB
gp-264	236	11	in	in	ADP
gp-264	236	12	the	the	DET
gp-264	236	13	test	test	NOUN
gp-264	236	14	results	result	NOUN
gp-264	236	15	for	for	ADP
gp-264	236	16	the	the	DET
gp-264	236	17	2007	2007	NUM
gp-264	236	18	-	-	SYM
gp-264	236	19	2009	2009	NUM
gp-264	236	20	period	period	NOUN
gp-264	236	21	there	there	PRON
gp-264	236	22	were	be	VERB
gp-264	236	23	two	two	NUM
gp-264	236	24	cointegrations	cointegration	NOUN
gp-264	236	25	with	with	ADP
gp-264	236	26	the	the	DET
gp-264	236	27	trace	trace	NOUN
gp-264	236	28	test	test	NOUN
gp-264	236	29	.	.	PUNCT
gp-264	237	1	through	through	ADP
gp-264	237	2	the	the	DET
gp-264	237	3	vecm	vecm	NOUN
gp-264	237	4	test	test	VERB
gp-264	237	5	,	,	PUNCT
gp-264	237	6	in	in	ADP
gp-264	237	7	the	the	DET
gp-264	237	8	period	period	NOUN
gp-264	237	9	2007	2007	NUM
gp-264	237	10	-	-	SYM
gp-264	237	11	2009	2009	NUM
gp-264	237	12	there	there	PRON
gp-264	237	13	was	be	VERB
gp-264	237	14	a	a	DET
gp-264	237	15	short	short	ADJ
gp-264	237	16	-	-	PUNCT
gp-264	237	17	term	term	NOUN
gp-264	237	18	casualty	casualty	NOUN
gp-264	237	19	from	from	ADP
gp-264	237	20	the	the	DET
gp-264	237	21	hang	hang	PROPN
gp-264	237	22	seng	seng	PROPN
gp-264	237	23	to	to	ADP
gp-264	237	24	the	the	DET
gp-264	237	25	shanghai	shanghai	PROPN
gp-264	237	26	stock	stock	PROPN
gp-264	237	27	exchange	exchange	PROPN
gp-264	237	28	(	(	PUNCT
gp-264	237	29	sse	sse	PROPN
gp-264	237	30	)	)	PUNCT
gp-264	237	31	.	.	PUNCT
gp-264	238	1	meanwhile	meanwhile	ADV
gp-264	238	2	,	,	PUNCT
gp-264	238	3	in	in	ADP
gp-264	238	4	the	the	DET
gp-264	238	5	granger	granger	PROPN
gp-264	238	6	cointegration	cointegration	PROPN
gp-264	238	7	test	test	NOUN
gp-264	238	8	for	for	ADP
gp-264	238	9	the	the	DET
gp-264	238	10	period	period	NOUN
gp-264	238	11	2007	2007	NUM
gp-264	238	12	-	-	SYM
gp-264	238	13	2009	2009	NUM
gp-264	238	14	,	,	PUNCT
gp-264	238	15	there	there	PRON
gp-264	238	16	was	be	VERB
gp-264	238	17	no	no	DET
gp-264	238	18	cointegration	cointegration	NOUN
gp-264	238	19	between	between	ADP
gp-264	238	20	jci	jci	PROPN
gp-264	238	21	and	and	CCONJ
gp-264	238	22	other	other	ADJ
gp-264	238	23	stock	stock	NOUN
gp-264	238	24	indices	index	NOUN
gp-264	238	25	.	.	PUNCT
gp-264	239	1	this	this	PRON
gp-264	239	2	can	can	AUX
gp-264	239	3	happen	happen	VERB
gp-264	239	4	if	if	SCONJ
gp-264	239	5	the	the	DET
gp-264	239	6	cointegration	cointegration	NOUN
gp-264	239	7	is	be	AUX
gp-264	239	8	multivariate	multivariate	NOUN
gp-264	239	9	and	and	CCONJ
gp-264	239	10	does	do	AUX
gp-264	239	11	not	not	PART
gp-264	239	12	involve	involve	VERB
gp-264	239	13	jci	jci	PROPN
gp-264	239	14	as	as	ADP
gp-264	239	15	a	a	DET
gp-264	239	16	source	source	NOUN
gp-264	239	17	of	of	ADP
gp-264	239	18	cointegration	cointegration	NOUN
gp-264	239	19	that	that	PRON
gp-264	239	20	occurred	occur	VERB
gp-264	239	21	in	in	ADP
gp-264	239	22	2007	2007	NUM
gp-264	239	23	-	-	SYM
gp-264	239	24	2009	2009	NUM
gp-264	239	25	.	.	PUNCT
gp-264	240	1	another	another	DET
gp-264	240	2	difference	difference	NOUN
gp-264	240	3	is	be	AUX
gp-264	240	4	the	the	DET
gp-264	240	5	cointegration	cointegration	NOUN
gp-264	240	6	test	test	NOUN
gp-264	240	7	in	in	ADP
gp-264	240	8	the	the	DET
gp-264	240	9	period	period	NOUN
gp-264	240	10	2007	2007	NUM
gp-264	240	11	–	–	PUNCT
gp-264	240	12	2025	2025	NUM
gp-264	240	13	,	,	PUNCT
gp-264	240	14	where	where	SCONJ
gp-264	240	15	the	the	DET
gp-264	240	16	johansen	johansen	PROPN
gp-264	240	17	cointegration	cointegration	PROPN
gp-264	240	18	test	test	NOUN
gp-264	240	19	did	do	AUX
gp-264	240	20	not	not	PART
gp-264	240	21	find	find	VERB
gp-264	240	22	multivariate	multivariate	NOUN
gp-264	240	23	cointegration	cointegration	NOUN
gp-264	240	24	.	.	PUNCT
gp-264	241	1	in	in	ADP
gp-264	241	2	that	that	DET
gp-264	241	3	period	period	NOUN
gp-264	241	4	,	,	PUNCT
gp-264	241	5	the	the	DET
gp-264	241	6	granger	granger	PROPN
gp-264	241	7	cointegration	cointegration	PROPN
gp-264	241	8	test	test	NOUN
gp-264	241	9	found	find	VERB
gp-264	241	10	that	that	SCONJ
gp-264	241	11	there	there	PRON
gp-264	241	12	was	be	VERB
gp-264	241	13	cointegration	cointegration	NOUN
gp-264	241	14	between	between	ADP
gp-264	241	15	hang	hang	PROPN
gp-264	241	16	seng	seng	PROPN
gp-264	241	17	and	and	CCONJ
gp-264	241	18	jci	jci	PROPN
gp-264	241	19	with	with	ADP
gp-264	241	20	a	a	DET
gp-264	241	21	statistical	statistical	ADJ
gp-264	241	22	t	t	NOUN
gp-264	241	23	-	-	PUNCT
gp-264	241	24	value	value	NOUN
gp-264	241	25	of	of	ADP
gp-264	241	26	adf	adf	PROPN
gp-264	241	27	that	that	PRON
gp-264	241	28	was	be	AUX
gp-264	241	29	less	less	ADJ
gp-264	241	30	than	than	ADP
gp-264	241	31	the	the	DET
gp-264	241	32	critical	critical	ADJ
gp-264	241	33	value	value	NOUN
gp-264	241	34	.	.	PUNCT
gp-264	242	1	in	in	ADP
gp-264	242	2	the	the	DET
gp-264	242	3	2020	2020	NUM
gp-264	242	4	-	-	SYM
gp-264	242	5	2022	2022	NUM
gp-264	242	6	period	period	NOUN
gp-264	242	7	,	,	PUNCT
gp-264	242	8	there	there	PRON
gp-264	242	9	were	be	VERB
gp-264	242	10	cointegration	cointegration	NOUN
gp-264	242	11	findings	finding	NOUN
gp-264	242	12	in	in	ADP
gp-264	242	13	both	both	CCONJ
gp-264	242	14	the	the	DET
gp-264	242	15	johansen	johansen	PROPN
gp-264	242	16	cointegration	cointegration	PROPN
gp-264	242	17	test	test	NOUN
gp-264	242	18	and	and	CCONJ
gp-264	242	19	the	the	DET
gp-264	242	20	granger	granger	PROPN
gp-264	242	21	cointegration	cointegration	PROPN
gp-264	242	22	test	test	NOUN
gp-264	242	23	.	.	PUNCT
gp-264	243	1	in	in	ADP
gp-264	243	2	the	the	DET
gp-264	243	3	johansen	johansen	PROPN
gp-264	243	4	cointegration	cointegration	PROPN
gp-264	243	5	test	test	NOUN
gp-264	243	6	,	,	PUNCT
gp-264	243	7	1	1	NUM
gp-264	243	8	multivariate	multivariate	NOUN
gp-264	243	9	cointegration	cointegration	NOUN
gp-264	243	10	vector	vector	NOUN
gp-264	243	11	was	be	AUX
gp-264	243	12	found	find	VERB
gp-264	243	13	with	with	ADP
gp-264	243	14	a	a	DET
gp-264	243	15	test	test	NOUN
gp-264	243	16	trace	trace	NOUN
gp-264	243	17	value	value	NOUN
gp-264	243	18	of	of	ADP
gp-264	243	19	209.5883	209.5883	NUM
gp-264	243	20	and	and	CCONJ
gp-264	243	21	a	a	DET
gp-264	243	22	maximum	maximum	ADJ
gp-264	243	23	eigenvalue	eigenvalue	NOUN
gp-264	243	24	of	of	ADP
gp-264	243	25	117.2750	117.2750	NUM
gp-264	243	26	,	,	PUNCT
gp-264	243	27	both	both	PRON
gp-264	243	28	of	of	ADP
gp-264	243	29	which	which	PRON
gp-264	243	30	are	be	AUX
gp-264	243	31	greater	great	ADJ
gp-264	243	32	than	than	ADP
gp-264	243	33	the	the	DET
gp-264	243	34	critical	critical	ADJ
gp-264	243	35	value	value	NOUN
gp-264	243	36	.	.	PUNCT
gp-264	244	1	meanwhile	meanwhile	ADV
gp-264	244	2	,	,	PUNCT
gp-264	244	3	in	in	ADP
gp-264	244	4	the	the	DET
gp-264	244	5	granger	granger	PROPN
gp-264	244	6	cointegration	cointegration	PROPN
gp-264	244	7	test	test	NOUN
gp-264	244	8	,	,	PUNCT
gp-264	244	9	two	two	NUM
gp-264	244	10	cointegrations	cointegration	NOUN
gp-264	244	11	were	be	AUX
gp-264	244	12	found	find	VERB
gp-264	244	13	,	,	PUNCT
gp-264	244	14	namely	namely	ADV
gp-264	244	15	in	in	ADP
gp-264	244	16	ftse	ftse	NOUN
gp-264	244	17	sts	st	NOUN
gp-264	244	18	–	–	PUNCT
gp-264	244	19	jci	jci	PROPN
gp-264	244	20	and	and	CCONJ
gp-264	244	21	hang	hang	PROPN
gp-264	244	22	seng	seng	PROPN
gp-264	244	23	–	–	PUNCT
gp-264	244	24	jci	jci	PROPN
gp-264	244	25	.	.	PUNCT
gp-264	245	1	the	the	DET
gp-264	245	2	difference	difference	NOUN
gp-264	245	3	between	between	ADP
gp-264	245	4	the	the	DET
gp-264	245	5	johansen	johansen	PROPN
gp-264	245	6	cointegration	cointegration	PROPN
gp-264	245	7	test	test	NOUN
gp-264	245	8	and	and	CCONJ
gp-264	245	9	the	the	DET
gp-264	245	10	granger	granger	PROPN
gp-264	245	11	cointegration	cointegration	PROPN
gp-264	245	12	test	test	NOUN
gp-264	245	13	is	be	AUX
gp-264	245	14	that	that	SCONJ
gp-264	245	15	the	the	DET
gp-264	245	16	johansen	johansen	PROPN
gp-264	245	17	test	test	NOUN
gp-264	245	18	is	be	AUX
gp-264	245	19	a	a	DET
gp-264	245	20	multivariate	multivariate	NOUN
gp-264	245	21	cointegration	cointegration	NOUN
gp-264	245	22	between	between	ADP
gp-264	245	23	the	the	DET
gp-264	245	24	cointegration	cointegration	NOUN
gp-264	245	25	vectors	vector	NOUN
gp-264	245	26	of	of	ADP
gp-264	245	27	jci	jci	PROPN
gp-264	245	28	,	,	PUNCT
gp-264	245	29	djia	djia	PROPN
gp-264	245	30	,	,	PUNCT
gp-264	245	31	ftse	ftse	PROPN
gp-264	245	32	sts	st	NOUN
gp-264	245	33	,	,	PUNCT
gp-264	245	34	ftse	ftse	PROPN
gp-264	245	35	klci	klci	NOUN
gp-264	245	36	,	,	PUNCT
gp-264	245	37	sse	sse	PROPN
gp-264	245	38	,	,	PUNCT
gp-264	245	39	hang	hang	VERB
gp-264	245	40	seng	seng	PROPN
gp-264	245	41	and	and	CCONJ
gp-264	245	42	set	set	NOUN
gp-264	245	43	.	.	PUNCT
gp-264	246	1	meanwhile	meanwhile	ADV
gp-264	246	2	,	,	PUNCT
gp-264	246	3	the	the	DET
gp-264	246	4	granger	granger	PROPN
gp-264	246	5	test	test	NOUN
gp-264	246	6	is	be	AUX
gp-264	246	7	a	a	DET
gp-264	246	8	bivariate	bivariate	ADJ
gp-264	246	9	test	test	NOUN
gp-264	246	10	between	between	ADP
gp-264	246	11	cointegration	cointegration	NOUN
gp-264	246	12	vectors	vector	NOUN
gp-264	246	13	,	,	PUNCT
gp-264	246	14	in	in	ADP
gp-264	246	15	this	this	DET
gp-264	246	16	case	case	NOUN
gp-264	246	17	it	it	PRON
gp-264	246	18	includes	include	VERB
gp-264	246	19	jci	jci	PROPN
gp-264	246	20	with	with	ADP
gp-264	246	21	ftse	ftse	PROPN
gp-264	246	22	sts	st	NOUN
gp-264	246	23	and	and	CCONJ
gp-264	246	24	jci	jci	X
gp-264	246	25	with	with	ADP
gp-264	246	26	hang	hang	PROPN
gp-264	246	27	seng	seng	PROPN
gp-264	246	28	.	.	PUNCT
gp-264	247	1	the	the	DET
gp-264	247	2	results	result	NOUN
gp-264	247	3	show	show	VERB
gp-264	247	4	that	that	SCONJ
gp-264	247	5	there	there	PRON
gp-264	247	6	is	be	VERB
gp-264	247	7	cointegration	cointegration	NOUN
gp-264	247	8	both	both	CCONJ
gp-264	247	9	in	in	ADP
gp-264	247	10	terms	term	NOUN
gp-264	247	11	of	of	ADP
gp-264	247	12	multivariate	multivariate	NOUN
gp-264	247	13	and	and	CCONJ
gp-264	247	14	bivariate	bivariate	ADJ
gp-264	247	15	cointegration	cointegration	NOUN
gp-264	247	16	tests	test	NOUN
gp-264	247	17	that	that	PRON
gp-264	247	18	are	be	AUX
gp-264	247	19	consistent	consistent	ADJ
gp-264	247	20	during	during	ADP
gp-264	247	21	the	the	DET
gp-264	247	22	covid	covid	PROPN
gp-264	247	23	19	19	NUM
gp-264	247	24	pandemic	pandemic	ADJ
gp-264	247	25	period	period	NOUN
gp-264	247	26	.	.	PUNCT
gp-264	248	1	the	the	DET
gp-264	248	2	results	result	NOUN
gp-264	248	3	of	of	ADP
gp-264	248	4	research	research	NOUN
gp-264	248	5	during	during	ADP
gp-264	248	6	the	the	DET
gp-264	248	7	covid	covid	PROPN
gp-264	248	8	19	19	NUM
gp-264	248	9	pandemic	pandemic	ADJ
gp-264	248	10	period	period	NOUN
gp-264	248	11	,	,	PUNCT
gp-264	248	12	which	which	PRON
gp-264	248	13	show	show	VERB
gp-264	248	14	the	the	DET
gp-264	248	15	cointegration	cointegration	NOUN
gp-264	248	16	of	of	ADP
gp-264	248	17	ftse	ftse	NOUN
gp-264	248	18	sts	st	NOUN
gp-264	248	19	–	–	PUNCT
gp-264	248	20	ci	ci	NOUN
gp-264	248	21	and	and	CCONJ
gp-264	248	22	hang	hang	VERB
gp-264	248	23	seng	seng	PROPN
gp-264	248	24	–	–	PUNCT
gp-264	248	25	jci	jci	PROPN
gp-264	248	26	,	,	PUNCT
gp-264	248	27	namely	namely	ADV
gp-264	248	28	the	the	DET
gp-264	248	29	singapore	singapore	PROPN
gp-264	248	30	stock	stock	PROPN
gp-264	248	31	exchange	exchange	PROPN
gp-264	248	32	with	with	ADP
gp-264	248	33	indonesia	indonesia	PROPN
gp-264	248	34	and	and	CCONJ
gp-264	248	35	the	the	DET
gp-264	248	36	hong	hong	PROPN
gp-264	248	37	kong	kong	PROPN
gp-264	248	38	stock	stock	PROPN
gp-264	248	39	exchange	exchange	PROPN
gp-264	248	40	with	with	ADP
gp-264	248	41	indonesia	indonesia	PROPN
gp-264	248	42	,	,	PUNCT
gp-264	248	43	have	have	VERB
gp-264	248	44	similarities	similarity	NOUN
gp-264	248	45	with	with	ADP
gp-264	248	46	the	the	DET
gp-264	248	47	results	result	NOUN
gp-264	248	48	of	of	ADP
gp-264	248	49	research	research	NOUN
gp-264	248	50	from	from	ADP
gp-264	248	51	anhar	anhar	PROPN
gp-264	248	52	et	et	PROPN
gp-264	248	53	al	al	PROPN
gp-264	248	54	.	.	PROPN
gp-264	249	1	(	(	PUNCT
gp-264	249	2	2024	2024	NUM
gp-264	249	3	)	)	PUNCT
gp-264	249	4	.	.	PUNCT
gp-264	250	1	research	research	NOUN
gp-264	250	2	by	by	ADP
gp-264	250	3	anhar	anhar	PROPN
gp-264	250	4	et	et	PROPN
gp-264	250	5	al	al	PROPN
gp-264	250	6	.	.	PROPN
gp-264	251	1	(	(	PUNCT
gp-264	251	2	2024	2024	NUM
gp-264	251	3	)	)	PUNCT
gp-264	251	4	examined	examine	VERB
gp-264	251	5	the	the	DET
gp-264	251	6	stock	stock	NOUN
gp-264	251	7	market	market	NOUN
gp-264	251	8	dynamics	dynamic	NOUN
gp-264	251	9	of	of	ADP
gp-264	251	10	indonesia	indonesia	PROPN
gp-264	251	11	,	,	PUNCT
gp-264	251	12	malaysia	malaysia	PROPN
gp-264	251	13	,	,	PUNCT
gp-264	251	14	singapore	singapore	PROPN
gp-264	251	15	,	,	PUNCT
gp-264	251	16	thailand	thailand	PROPN
gp-264	251	17	,	,	PUNCT
gp-264	251	18	the	the	DET
gp-264	251	19	philippines	philippine	NOUN
gp-264	251	20	,	,	PUNCT
gp-264	251	21	the	the	DET
gp-264	251	22	united	united	PROPN
gp-264	251	23	states	states	PROPN
gp-264	251	24	,	,	PUNCT
gp-264	251	25	japan	japan	PROPN
gp-264	251	26	and	and	CCONJ
gp-264	251	27	china	china	PROPN
gp-264	251	28	in	in	ADP
gp-264	251	29	the	the	DET
gp-264	251	30	2020	2020	NUM
gp-264	251	31	-	-	SYM
gp-264	251	32	2021	2021	NUM
gp-264	251	33	pandemic	pandemic	ADJ
gp-264	251	34	period	period	NOUN
gp-264	251	35	and	and	CCONJ
gp-264	251	36	the	the	DET
gp-264	251	37	2022	2022	NUM
gp-264	251	38	-	-	SYM
gp-264	251	39	2023	2023	NUM
gp-264	251	40	post	post	ADJ
gp-264	251	41	-	-	ADJ
gp-264	251	42	pandemic	pandemic	ADJ
gp-264	251	43	period	period	NOUN
gp-264	251	44	,	,	PUNCT
gp-264	251	45	using	use	VERB
gp-264	251	46	the	the	DET
gp-264	251	47	ardl	ardl	NOUN
gp-264	251	48	method	method	NOUN
gp-264	251	49	.	.	PUNCT
gp-264	252	1	where	where	SCONJ
gp-264	252	2	in	in	ADP
gp-264	252	3	the	the	DET
gp-264	252	4	long	long	ADJ
gp-264	252	5	term	term	NOUN
gp-264	252	6	during	during	ADP
gp-264	252	7	the	the	DET
gp-264	252	8	pandemic	pandemic	NOUN
gp-264	252	9	,	,	PUNCT
gp-264	252	10	the	the	DET
gp-264	252	11	singapore	singapore	PROPN
gp-264	252	12	and	and	CCONJ
gp-264	252	13	philippine	philippine	ADJ
gp-264	252	14	stock	stock	NOUN
gp-264	252	15	exchanges	exchange	NOUN
gp-264	252	16	actively	actively	ADV
gp-264	252	17	affect	affect	VERB
gp-264	252	18	the	the	DET
gp-264	252	19	indonesian	indonesian	ADJ
gp-264	252	20	stock	stock	NOUN
gp-264	252	21	market	market	NOUN
gp-264	252	22	,	,	PUNCT
gp-264	252	23	while	while	SCONJ
gp-264	252	24	china	china	PROPN
gp-264	252	25	has	have	VERB
gp-264	252	26	a	a	DET
gp-264	252	27	negative	negative	ADJ
gp-264	252	28	influence	influence	NOUN
gp-264	252	29	on	on	ADP
gp-264	252	30	the	the	DET
gp-264	252	31	indonesian	indonesian	ADJ
gp-264	252	32	stock	stock	NOUN
gp-264	252	33	market	market	NOUN
gp-264	252	34	.	.	PUNCT
gp-264	253	1	based	base	VERB
gp-264	253	2	on	on	ADP
gp-264	253	3	the	the	DET
gp-264	253	4	results	result	NOUN
gp-264	253	5	of	of	ADP
gp-264	253	6	the	the	DET
gp-264	253	7	johansen	johansen	PROPN
gp-264	253	8	cointegration	cointegration	PROPN
gp-264	253	9	test	test	NOUN
gp-264	253	10	and	and	CCONJ
gp-264	253	11	the	the	DET
gp-264	253	12	granger	granger	PROPN
gp-264	253	13	cointegration	cointegration	PROPN
gp-264	253	14	test	test	NOUN
gp-264	253	15	,	,	PUNCT
gp-264	253	16	for	for	ADP
gp-264	253	17	the	the	DET
gp-264	253	18	following	follow	VERB
gp-264	253	19	hypothesis	hypothesis	NOUN
gp-264	253	20	there	there	PRON
gp-264	253	21	are	be	VERB
gp-264	253	22	the	the	DET
gp-264	253	23	following	follow	VERB
gp-264	253	24	results	result	NOUN
gp-264	253	25	:	:	PUNCT
gp-264	253	26	cointegration	cointegration	VERB
gp-264	253	27	analysis	analysis	NOUN
gp-264	253	28	of	of	ADP
gp-264	253	29	the	the	DET
gp-264	253	30	indonesian	indonesian	ADJ
gp-264	253	31	stock	stock	PROPN
gp-264	253	32	exchange	exchange	PROPN
gp-264	253	33	with	with	ADP
gp-264	253	34	the	the	DET
gp-264	253	35	stock	stock	NOUN
gp-264	253	36	exchanges	exchange	NOUN
gp-264	253	37	of	of	ADP
gp-264	253	38	the	the	DET
gp-264	253	39	united	united	PROPN
gp-264	253	40	states	states	PROPN
gp-264	253	41	,	,	PUNCT
gp-264	253	42	china	china	PROPN
gp-264	253	43	,	,	PUNCT
gp-264	253	44	and	and	CCONJ
gp-264	253	45	southeast	southeast	PROPN
gp-264	253	46	asia	asia	PROPN
gp-264	253	47	785	785	NUM
gp-264	253	48	1	1	NUM
gp-264	253	49	.	.	PUNCT
gp-264	254	1	h₀	h₀	NOUN
gp-264	254	2	=	=	PUNCT
gp-264	255	1	there	there	PRON
gp-264	255	2	is	be	VERB
gp-264	255	3	no	no	DET
gp-264	255	4	cointegration	cointegration	NOUN
gp-264	255	5	between	between	ADP
gp-264	255	6	the	the	DET
gp-264	255	7	dow	dow	PROPN
gp-264	255	8	jones	jones	PROPN
gp-264	255	9	industrial	industrial	PROPN
gp-264	255	10	average	average	PROPN
gp-264	255	11	(	(	PUNCT
gp-264	255	12	djia	djia	PROPN
gp-264	255	13	)	)	PUNCT
gp-264	255	14	,	,	PUNCT
gp-264	255	15	shanghai	shanghai	PROPN
gp-264	255	16	composite	composite	PROPN
gp-264	255	17	(	(	PUNCT
gp-264	255	18	sse	sse	NOUN
gp-264	255	19	)	)	PUNCT
gp-264	255	20	,	,	PUNCT
gp-264	255	21	hang	hang	PROPN
gp-264	255	22	seng	seng	PROPN
gp-264	255	23	(	(	PUNCT
gp-264	255	24	hsi	hsi	PROPN
gp-264	255	25	)	)	PUNCT
gp-264	255	26	,	,	PUNCT
gp-264	255	27	ftse	ftse	PROPN
gp-264	255	28	straits	strait	NOUN
gp-264	255	29	times	time	NOUN
gp-264	255	30	(	(	PUNCT
gp-264	255	31	sti	sti	PROPN
gp-264	255	32	)	)	PUNCT
gp-264	255	33	,	,	PUNCT
gp-264	255	34	ftse	ftse	VERB
gp-264	255	35	malaysia	malaysia	PROPN
gp-264	255	36	klci	klci	NOUN
gp-264	255	37	(	(	PUNCT
gp-264	255	38	klci	klci	NOUN
gp-264	255	39	)	)	PUNCT
gp-264	255	40	and	and	CCONJ
gp-264	255	41	set	set	VERB
gp-264	255	42	stock	stock	NOUN
gp-264	255	43	indices	index	NOUN
gp-264	255	44	with	with	ADP
gp-264	255	45	the	the	DET
gp-264	255	46	idx	idx	ADJ
gp-264	255	47	composite	composite	ADJ
gp-264	255	48	(	(	PUNCT
gp-264	255	49	jci	jci	NOUN
gp-264	255	50	)	)	PUNCT
gp-264	255	51	in	in	ADP
gp-264	255	52	2007	2007	NUM
gp-264	255	53	-	-	SYM
gp-264	255	54	2025	2025	NUM
gp-264	255	55	.	.	PUNCT
gp-264	256	1	h₁	h₁	NOUN
gp-264	256	2	=	=	SYM
gp-264	256	3	there	there	PRON
gp-264	256	4	is	be	VERB
gp-264	256	5	a	a	DET
gp-264	256	6	cointegration	cointegration	NOUN
gp-264	256	7	between	between	ADP
gp-264	256	8	the	the	DET
gp-264	256	9	dow	dow	PROPN
gp-264	256	10	jones	jones	PROPN
gp-264	256	11	industrial	industrial	PROPN
gp-264	256	12	average	average	PROPN
gp-264	256	13	(	(	PUNCT
gp-264	256	14	djia	djia	PROPN
gp-264	256	15	)	)	PUNCT
gp-264	256	16	,	,	PUNCT
gp-264	256	17	shanghai	shanghai	PROPN
gp-264	256	18	composite	composite	PROPN
gp-264	256	19	(	(	PUNCT
gp-264	256	20	sse	sse	NOUN
gp-264	256	21	)	)	PUNCT
gp-264	256	22	,	,	PUNCT
gp-264	256	23	hang	hang	PROPN
gp-264	256	24	seng	seng	PROPN
gp-264	256	25	(	(	PUNCT
gp-264	256	26	hsi	hsi	PROPN
gp-264	256	27	)	)	PUNCT
gp-264	256	28	,	,	PUNCT
gp-264	256	29	ftse	ftse	PROPN
gp-264	256	30	straits	strait	NOUN
gp-264	256	31	times	time	NOUN
gp-264	256	32	(	(	PUNCT
gp-264	256	33	sti	sti	PROPN
gp-264	256	34	)	)	PUNCT
gp-264	256	35	,	,	PUNCT
gp-264	256	36	ftse	ftse	VERB
gp-264	256	37	malaysia	malaysia	PROPN
gp-264	256	38	klci	klci	NOUN
gp-264	256	39	(	(	PUNCT
gp-264	256	40	klci	klci	NOUN
gp-264	256	41	)	)	PUNCT
gp-264	256	42	and	and	CCONJ
gp-264	256	43	set	set	VERB
gp-264	256	44	stock	stock	NOUN
gp-264	256	45	indices	index	NOUN
gp-264	256	46	with	with	ADP
gp-264	256	47	the	the	DET
gp-264	256	48	idx	idx	ADJ
gp-264	256	49	composite	composite	ADJ
gp-264	256	50	(	(	PUNCT
gp-264	256	51	jci	jci	NOUN
gp-264	256	52	)	)	PUNCT
gp-264	256	53	in	in	ADP
gp-264	256	54	2007	2007	NUM
gp-264	256	55	-	-	SYM
gp-264	256	56	2025	2025	NUM
gp-264	256	57	.	.	PUNCT
gp-264	257	1	the	the	DET
gp-264	257	2	test	test	NOUN
gp-264	257	3	results	result	NOUN
gp-264	257	4	show	show	VERB
gp-264	257	5	that	that	SCONJ
gp-264	257	6	there	there	PRON
gp-264	257	7	is	be	VERB
gp-264	257	8	cointegration	cointegration	NOUN
gp-264	257	9	between	between	ADP
gp-264	257	10	hang	hang	PROPN
gp-264	257	11	seng	seng	PROPN
gp-264	257	12	and	and	CCONJ
gp-264	257	13	jci	jci	PROPN
gp-264	257	14	in	in	ADP
gp-264	257	15	the	the	DET
gp-264	257	16	period	period	NOUN
gp-264	257	17	2007	2007	NUM
gp-264	257	18	–	–	PUNCT
gp-264	257	19	2025	2025	NUM
gp-264	257	20	using	use	VERB
gp-264	257	21	the	the	DET
gp-264	257	22	granger	granger	PROPN
gp-264	257	23	cointegration	cointegration	PROPN
gp-264	257	24	test	test	NOUN
gp-264	257	25	.	.	PUNCT
gp-264	258	1	the	the	DET
gp-264	258	2	result	result	NOUN
gp-264	258	3	of	of	ADP
gp-264	258	4	the	the	DET
gp-264	258	5	adf	adf	PROPN
gp-264	258	6	's	's	PART
gp-264	258	7	statistical	statistical	ADJ
gp-264	258	8	t	t	NOUN
gp-264	258	9	-	-	PUNCT
gp-264	258	10	value	value	NOUN
gp-264	258	11	of	of	ADP
gp-264	258	12	-4.04771	-4.04771	NOUN
gp-264	258	13	is	be	AUX
gp-264	258	14	smaller	small	ADJ
gp-264	258	15	than	than	ADP
gp-264	258	16	mackinnon	mackinnon	PROPN
gp-264	258	17	's	's	PART
gp-264	258	18	critical	critical	ADJ
gp-264	258	19	value	value	NOUN
gp-264	258	20	(	(	PUNCT
gp-264	258	21	-3.339	-3.339	NOUN
gp-264	258	22	)	)	PUNCT
gp-264	258	23	.	.	PUNCT
gp-264	259	1	based	base	VERB
gp-264	259	2	on	on	ADP
gp-264	259	3	the	the	DET
gp-264	259	4	above	above	ADJ
gp-264	259	5	results	result	NOUN
gp-264	259	6	,	,	PUNCT
gp-264	259	7	h₁	h₁	NOUN
gp-264	259	8	is	be	AUX
gp-264	259	9	accepted	accept	VERB
gp-264	259	10	.	.	PUNCT
gp-264	260	1	h₀	h₀	NOUN
gp-264	260	2	=	=	PUNCT
gp-264	261	1	there	there	PRON
gp-264	261	2	was	be	VERB
gp-264	261	3	no	no	DET
gp-264	261	4	cointegration	cointegration	NOUN
gp-264	261	5	between	between	ADP
gp-264	261	6	the	the	DET
gp-264	261	7	dow	dow	PROPN
gp-264	261	8	jones	jones	PROPN
gp-264	261	9	industrial	industrial	PROPN
gp-264	261	10	average	average	PROPN
gp-264	261	11	(	(	PUNCT
gp-264	261	12	djia	djia	PROPN
gp-264	261	13	)	)	PUNCT
gp-264	261	14	,	,	PUNCT
gp-264	261	15	shanghai	shanghai	PROPN
gp-264	261	16	composite	composite	PROPN
gp-264	261	17	(	(	PUNCT
gp-264	261	18	sse	sse	NOUN
gp-264	261	19	)	)	PUNCT
gp-264	261	20	,	,	PUNCT
gp-264	261	21	hang	hang	PROPN
gp-264	261	22	seng	seng	PROPN
gp-264	261	23	(	(	PUNCT
gp-264	261	24	hsi	hsi	PROPN
gp-264	261	25	)	)	PUNCT
gp-264	261	26	,	,	PUNCT
gp-264	261	27	ftse	ftse	PROPN
gp-264	261	28	straits	strait	NOUN
gp-264	261	29	times	time	NOUN
gp-264	261	30	(	(	PUNCT
gp-264	261	31	sti	sti	PROPN
gp-264	261	32	)	)	PUNCT
gp-264	261	33	,	,	PUNCT
gp-264	261	34	ftse	ftse	VERB
gp-264	261	35	malaysia	malaysia	PROPN
gp-264	261	36	klci	klci	NOUN
gp-264	261	37	(	(	PUNCT
gp-264	261	38	klci	klci	NOUN
gp-264	261	39	)	)	PUNCT
gp-264	261	40	and	and	CCONJ
gp-264	261	41	set	set	VERB
gp-264	261	42	stock	stock	NOUN
gp-264	261	43	indices	index	NOUN
gp-264	261	44	with	with	ADP
gp-264	261	45	the	the	DET
gp-264	261	46	idx	idx	ADJ
gp-264	261	47	composite	composite	ADJ
gp-264	261	48	(	(	PUNCT
gp-264	261	49	jci	jci	NOUN
gp-264	261	50	)	)	PUNCT
gp-264	261	51	in	in	ADP
gp-264	261	52	2007	2007	NUM
gp-264	261	53	–	–	PUNCT
gp-264	261	54	2009	2009	NUM
gp-264	261	55	.	.	PUNCT
gp-264	262	1	h₁	h₁	NOUN
gp-264	262	2	=	=	SYM
gp-264	262	3	there	there	PRON
gp-264	262	4	was	be	VERB
gp-264	262	5	a	a	DET
gp-264	262	6	co	co	NOUN
gp-264	262	7	-	-	NOUN
gp-264	262	8	integration	integration	NOUN
gp-264	262	9	between	between	ADP
gp-264	262	10	the	the	DET
gp-264	262	11	dow	dow	PROPN
gp-264	262	12	jones	jones	PROPN
gp-264	262	13	industrial	industrial	PROPN
gp-264	262	14	average	average	PROPN
gp-264	262	15	(	(	PUNCT
gp-264	262	16	djia	djia	PROPN
gp-264	262	17	)	)	PUNCT
gp-264	262	18	,	,	PUNCT
gp-264	262	19	shanghai	shanghai	PROPN
gp-264	262	20	composite	composite	PROPN
gp-264	262	21	(	(	PUNCT
gp-264	262	22	sse	sse	NOUN
gp-264	262	23	)	)	PUNCT
gp-264	262	24	,	,	PUNCT
gp-264	262	25	hang	hang	PROPN
gp-264	262	26	seng	seng	PROPN
gp-264	262	27	(	(	PUNCT
gp-264	262	28	hsi	hsi	PROPN
gp-264	262	29	)	)	PUNCT
gp-264	262	30	,	,	PUNCT
gp-264	262	31	ftse	ftse	PROPN
gp-264	262	32	straits	strait	NOUN
gp-264	262	33	times	time	NOUN
gp-264	262	34	(	(	PUNCT
gp-264	262	35	sti	sti	PROPN
gp-264	262	36	)	)	PUNCT
gp-264	262	37	,	,	PUNCT
gp-264	262	38	ftse	ftse	VERB
gp-264	262	39	malaysia	malaysia	PROPN
gp-264	262	40	klci	klci	NOUN
gp-264	262	41	(	(	PUNCT
gp-264	262	42	klci	klci	NOUN
gp-264	262	43	)	)	PUNCT
gp-264	262	44	and	and	CCONJ
gp-264	262	45	set	set	VERB
gp-264	262	46	stock	stock	NOUN
gp-264	262	47	indices	index	NOUN
gp-264	262	48	with	with	ADP
gp-264	262	49	the	the	DET
gp-264	262	50	idx	idx	ADJ
gp-264	262	51	composite	composite	ADJ
gp-264	262	52	(	(	PUNCT
gp-264	262	53	jci	jci	NOUN
gp-264	262	54	)	)	PUNCT
gp-264	262	55	in	in	ADP
gp-264	262	56	2007	2007	NUM
gp-264	262	57	–	–	PUNCT
gp-264	262	58	2009	2009	NUM
gp-264	262	59	.	.	PUNCT
gp-264	263	1	the	the	DET
gp-264	263	2	test	test	NOUN
gp-264	263	3	results	result	NOUN
gp-264	263	4	showed	show	VERB
gp-264	263	5	that	that	SCONJ
gp-264	263	6	there	there	PRON
gp-264	263	7	was	be	VERB
gp-264	263	8	no	no	DET
gp-264	263	9	cointegration	cointegration	NOUN
gp-264	263	10	between	between	ADP
gp-264	263	11	the	the	DET
gp-264	263	12	dow	dow	PROPN
gp-264	263	13	jones	jones	PROPN
gp-264	263	14	industrial	industrial	PROPN
gp-264	263	15	average	average	PROPN
gp-264	263	16	(	(	PUNCT
gp-264	263	17	djia	djia	PROPN
gp-264	263	18	)	)	PUNCT
gp-264	263	19	,	,	PUNCT
gp-264	263	20	shanghai	shanghai	PROPN
gp-264	263	21	composite	composite	PROPN
gp-264	263	22	(	(	PUNCT
gp-264	263	23	sse	sse	NOUN
gp-264	263	24	)	)	PUNCT
gp-264	263	25	,	,	PUNCT
gp-264	263	26	hang	hang	PROPN
gp-264	263	27	seng	seng	PROPN
gp-264	263	28	(	(	PUNCT
gp-264	263	29	hsi	hsi	PROPN
gp-264	263	30	)	)	PUNCT
gp-264	263	31	,	,	PUNCT
gp-264	263	32	ftse	ftse	PROPN
gp-264	263	33	straits	strait	NOUN
gp-264	263	34	times	time	NOUN
gp-264	263	35	(	(	PUNCT
gp-264	263	36	sti	sti	PROPN
gp-264	263	37	)	)	PUNCT
gp-264	263	38	,	,	PUNCT
gp-264	263	39	ftse	ftse	VERB
gp-264	263	40	malaysia	malaysia	PROPN
gp-264	263	41	klci	klci	NOUN
gp-264	263	42	(	(	PUNCT
gp-264	263	43	klci	klci	NOUN
gp-264	263	44	)	)	PUNCT
gp-264	263	45	and	and	CCONJ
gp-264	263	46	set	set	VERB
gp-264	263	47	stock	stock	NOUN
gp-264	263	48	indices	index	NOUN
gp-264	263	49	with	with	ADP
gp-264	263	50	idx	idx	ADJ
gp-264	263	51	composite	composite	ADJ
gp-264	263	52	(	(	PUNCT
gp-264	263	53	jci	jci	NOUN
gp-264	263	54	)	)	PUNCT
gp-264	263	55	in	in	ADP
gp-264	263	56	the	the	DET
gp-264	263	57	period	period	NOUN
gp-264	263	58	2007	2007	NUM
gp-264	263	59	–	–	PUNCT
gp-264	263	60	2009	2009	NUM
gp-264	263	61	using	use	VERB
gp-264	263	62	the	the	DET
gp-264	263	63	granger	granger	PROPN
gp-264	263	64	cointegration	cointegration	PROPN
gp-264	263	65	test	test	NOUN
gp-264	263	66	.	.	PUNCT
gp-264	264	1	in	in	ADP
gp-264	264	2	the	the	DET
gp-264	264	3	johansen	johansen	PROPN
gp-264	264	4	cointegration	cointegration	PROPN
gp-264	264	5	test	test	NOUN
gp-264	264	6	,	,	PUNCT
gp-264	264	7	there	there	PRON
gp-264	264	8	was	be	VERB
gp-264	264	9	also	also	ADV
gp-264	264	10	no	no	DET
gp-264	264	11	cointegration	cointegration	NOUN
gp-264	264	12	between	between	ADP
gp-264	264	13	jci	jci	PROPN
gp-264	264	14	and	and	CCONJ
gp-264	264	15	the	the	DET
gp-264	264	16	stock	stock	NOUN
gp-264	264	17	indices	indice	VERB
gp-264	264	18	above	above	ADV
gp-264	264	19	.	.	PUNCT
gp-264	265	1	so	so	ADV
gp-264	265	2	based	base	VERB
gp-264	265	3	on	on	ADP
gp-264	265	4	the	the	DET
gp-264	265	5	above	above	ADJ
gp-264	265	6	results	result	NOUN
gp-264	265	7	h₁	h₁	NOUN
gp-264	265	8	is	be	AUX
gp-264	265	9	rejected	reject	VERB
gp-264	265	10	.	.	PUNCT
gp-264	266	1	h₀	h₀	NOUN
gp-264	266	2	=	=	PUNCT
gp-264	267	1	there	there	PRON
gp-264	267	2	is	be	VERB
gp-264	267	3	no	no	DET
gp-264	267	4	cointegration	cointegration	NOUN
gp-264	267	5	between	between	ADP
gp-264	267	6	the	the	DET
gp-264	267	7	dow	dow	PROPN
gp-264	267	8	jones	jones	PROPN
gp-264	267	9	industrial	industrial	PROPN
gp-264	267	10	average	average	PROPN
gp-264	267	11	(	(	PUNCT
gp-264	267	12	djia	djia	PROPN
gp-264	267	13	)	)	PUNCT
gp-264	267	14	,	,	PUNCT
gp-264	267	15	shanghai	shanghai	PROPN
gp-264	267	16	composite	composite	PROPN
gp-264	267	17	(	(	PUNCT
gp-264	267	18	sse	sse	NOUN
gp-264	267	19	)	)	PUNCT
gp-264	267	20	,	,	PUNCT
gp-264	267	21	hang	hang	PROPN
gp-264	267	22	seng	seng	PROPN
gp-264	267	23	(	(	PUNCT
gp-264	267	24	hsi	hsi	PROPN
gp-264	267	25	)	)	PUNCT
gp-264	267	26	,	,	PUNCT
gp-264	267	27	ftse	ftse	PROPN
gp-264	267	28	straits	strait	NOUN
gp-264	267	29	times	time	NOUN
gp-264	267	30	(	(	PUNCT
gp-264	267	31	sti	sti	PROPN
gp-264	267	32	)	)	PUNCT
gp-264	267	33	,	,	PUNCT
gp-264	267	34	ftse	ftse	VERB
gp-264	267	35	malaysia	malaysia	PROPN
gp-264	267	36	klci	klci	NOUN
gp-264	267	37	(	(	PUNCT
gp-264	267	38	klci	klci	NOUN
gp-264	267	39	)	)	PUNCT
gp-264	267	40	and	and	CCONJ
gp-264	267	41	set	set	VERB
gp-264	267	42	stock	stock	NOUN
gp-264	267	43	indices	index	NOUN
gp-264	267	44	with	with	ADP
gp-264	267	45	the	the	DET
gp-264	267	46	idx	idx	ADJ
gp-264	267	47	composite	composite	ADJ
gp-264	267	48	(	(	PUNCT
gp-264	267	49	jci	jci	NOUN
gp-264	267	50	)	)	PUNCT
gp-264	267	51	in	in	ADP
gp-264	267	52	2020	2020	NUM
gp-264	267	53	–	–	PUNCT
gp-264	267	54	2022	2022	NUM
gp-264	267	55	.	.	PUNCT
gp-264	268	1	h₁	h₁	NOUN
gp-264	268	2	=	=	SYM
gp-264	268	3	there	there	PRON
gp-264	268	4	was	be	VERB
gp-264	268	5	a	a	DET
gp-264	268	6	cointegration	cointegration	NOUN
gp-264	268	7	between	between	ADP
gp-264	268	8	the	the	DET
gp-264	268	9	dow	dow	PROPN
gp-264	268	10	jones	jones	PROPN
gp-264	268	11	industrial	industrial	PROPN
gp-264	268	12	average	average	PROPN
gp-264	268	13	(	(	PUNCT
gp-264	268	14	djia	djia	PROPN
gp-264	268	15	)	)	PUNCT
gp-264	268	16	,	,	PUNCT
gp-264	268	17	shanghai	shanghai	PROPN
gp-264	268	18	composite	composite	PROPN
gp-264	268	19	(	(	PUNCT
gp-264	268	20	sse	sse	NOUN
gp-264	268	21	)	)	PUNCT
gp-264	268	22	,	,	PUNCT
gp-264	268	23	hang	hang	PROPN
gp-264	268	24	seng	seng	PROPN
gp-264	268	25	(	(	PUNCT
gp-264	268	26	hsi	hsi	PROPN
gp-264	268	27	)	)	PUNCT
gp-264	268	28	,	,	PUNCT
gp-264	268	29	ftse	ftse	PROPN
gp-264	268	30	straits	strait	NOUN
gp-264	268	31	times	time	NOUN
gp-264	268	32	(	(	PUNCT
gp-264	268	33	sti	sti	PROPN
gp-264	268	34	)	)	PUNCT
gp-264	268	35	,	,	PUNCT
gp-264	268	36	ftse	ftse	VERB
gp-264	268	37	malaysia	malaysia	PROPN
gp-264	268	38	klci	klci	NOUN
gp-264	268	39	(	(	PUNCT
gp-264	268	40	klci	klci	NOUN
gp-264	268	41	)	)	PUNCT
gp-264	268	42	and	and	CCONJ
gp-264	268	43	set	set	VERB
gp-264	268	44	stock	stock	NOUN
gp-264	268	45	indices	index	NOUN
gp-264	268	46	with	with	ADP
gp-264	268	47	the	the	DET
gp-264	268	48	idx	idx	ADJ
gp-264	268	49	composite	composite	ADJ
gp-264	268	50	(	(	PUNCT
gp-264	268	51	jci	jci	NOUN
gp-264	268	52	)	)	PUNCT
gp-264	268	53	in	in	ADP
gp-264	268	54	2020	2020	NUM
gp-264	268	55	–	–	PUNCT
gp-264	268	56	2022	2022	NUM
gp-264	268	57	.	.	PUNCT
gp-264	269	1	the	the	DET
gp-264	269	2	results	result	NOUN
gp-264	269	3	of	of	ADP
gp-264	269	4	the	the	DET
gp-264	269	5	granger	granger	PROPN
gp-264	269	6	cointegration	cointegration	PROPN
gp-264	269	7	test	test	NOUN
gp-264	269	8	found	find	VERB
gp-264	269	9	two	two	NUM
gp-264	269	10	cointegrations	cointegration	NOUN
gp-264	269	11	,	,	PUNCT
gp-264	269	12	namely	namely	ADV
gp-264	269	13	in	in	ADP
gp-264	269	14	ftse	ftse	NOUN
gp-264	269	15	sts	st	NOUN
gp-264	269	16	–	–	PUNCT
gp-264	269	17	jci	jci	NOUN
gp-264	269	18	with	with	ADP
gp-264	269	19	an	an	DET
gp-264	269	20	adf	adf	PROPN
gp-264	269	21	statistical	statistical	ADJ
gp-264	269	22	t	t	NOUN
gp-264	269	23	-	-	PUNCT
gp-264	269	24	value	value	NOUN
gp-264	269	25	of	of	ADP
gp-264	269	26	-28.06558	-28.06558	PUNCT
gp-264	269	27	and	and	CCONJ
gp-264	269	28	hang	hang	VERB
gp-264	269	29	seng	seng	PROPN
gp-264	269	30	–	–	PUNCT
gp-264	269	31	jci	jci	PROPN
gp-264	269	32	with	with	ADP
gp-264	269	33	an	an	DET
gp-264	269	34	adf	adf	PROPN
gp-264	269	35	statistical	statistical	ADJ
gp-264	269	36	t	t	NOUN
gp-264	269	37	-	-	PUNCT
gp-264	269	38	value	value	NOUN
gp-264	269	39	of	of	ADP
gp-264	269	40	-4.025771	-4.025771	ADJ
gp-264	269	41	,	,	PUNCT
gp-264	269	42	smaller	small	ADJ
gp-264	269	43	than	than	ADP
gp-264	269	44	mackinnon	mackinnon	PROPN
gp-264	269	45	's	's	PART
gp-264	269	46	critical	critical	ADJ
gp-264	269	47	value	value	NOUN
gp-264	269	48	(	(	PUNCT
gp-264	269	49	-3.339	-3.339	NOUN
gp-264	269	50	)	)	PUNCT
gp-264	269	51	.	.	PUNCT
gp-264	270	1	the	the	DET
gp-264	270	2	results	result	NOUN
gp-264	270	3	of	of	ADP
gp-264	270	4	the	the	DET
gp-264	270	5	cointegration	cointegration	NOUN
gp-264	270	6	test	test	NOUN
gp-264	270	7	above	above	ADP
gp-264	270	8	prove	prove	VERB
gp-264	270	9	that	that	SCONJ
gp-264	270	10	h₁	h₁	NOUN
gp-264	270	11	is	be	AUX
gp-264	270	12	acceptable	acceptable	ADJ
gp-264	270	13	.	.	PUNCT
gp-264	271	1	conclusion	conclusion	NOUN
gp-264	271	2	analysis	analysis	NOUN
gp-264	271	3	of	of	ADP
gp-264	271	4	stock	stock	NOUN
gp-264	271	5	indices	index	NOUN
gp-264	271	6	from	from	ADP
gp-264	271	7	indonesia	indonesia	PROPN
gp-264	271	8	,	,	PUNCT
gp-264	271	9	the	the	DET
gp-264	271	10	united	united	PROPN
gp-264	271	11	states	states	PROPN
gp-264	271	12	,	,	PUNCT
gp-264	271	13	china	china	PROPN
gp-264	271	14	,	,	PUNCT
gp-264	271	15	hong	hong	PROPN
gp-264	271	16	kong	kong	PROPN
gp-264	271	17	,	,	PUNCT
gp-264	271	18	malaysia	malaysia	PROPN
gp-264	271	19	,	,	PUNCT
gp-264	271	20	singapore	singapore	PROPN
gp-264	271	21	,	,	PUNCT
gp-264	271	22	and	and	CCONJ
gp-264	271	23	thailand	thailand	PROPN
gp-264	271	24	using	use	VERB
gp-264	271	25	eviews	eviews	PROPN
gp-264	271	26	13	13	NUM
gp-264	271	27	showed	show	VERB
gp-264	271	28	that	that	SCONJ
gp-264	271	29	there	there	PRON
gp-264	271	30	was	be	VERB
gp-264	271	31	long	long	ADJ
gp-264	271	32	-	-	PUNCT
gp-264	271	33	term	term	NOUN
gp-264	271	34	cointegration	cointegration	NOUN
gp-264	271	35	between	between	ADP
gp-264	271	36	the	the	DET
gp-264	271	37	hong	hong	PROPN
gp-264	271	38	kong	kong	PROPN
gp-264	271	39	and	and	CCONJ
gp-264	271	40	indonesian	indonesian	ADJ
gp-264	271	41	stock	stock	NOUN
gp-264	271	42	exchanges	exchange	NOUN
gp-264	271	43	from	from	ADP
gp-264	271	44	2007	2007	NUM
gp-264	271	45	to	to	ADP
gp-264	271	46	2025	2025	NUM
gp-264	271	47	,	,	PUNCT
gp-264	271	48	and	and	CCONJ
gp-264	271	49	cointegration	cointegration	NOUN
gp-264	271	50	between	between	ADP
gp-264	271	51	singapore	singapore	PROPN
gp-264	271	52	-	-	PUNCT
gp-264	271	53	indonesia	indonesia	PROPN
gp-264	271	54	and	and	CCONJ
gp-264	271	55	hong	hong	PROPN
gp-264	271	56	kong	kong	PROPN
gp-264	271	57	-	-	PUNCT
gp-264	271	58	indonesia	indonesia	PROPN
gp-264	271	59	during	during	ADP
gp-264	271	60	the	the	DET
gp-264	271	61	covid-19	covid-19	PROPN
gp-264	271	62	pandemic	pandemic	ADJ
gp-264	271	63	(	(	PUNCT
gp-264	271	64	2020–2022	2020–2022	NUM
gp-264	271	65	)	)	PUNCT
gp-264	271	66	.	.	PUNCT
gp-264	272	1	no	no	DET
gp-264	272	2	cointegration	cointegration	NOUN
gp-264	272	3	was	be	AUX
gp-264	272	4	found	find	VERB
gp-264	272	5	between	between	ADP
gp-264	272	6	indonesia	indonesia	PROPN
gp-264	272	7	and	and	CCONJ
gp-264	272	8	other	other	ADJ
gp-264	272	9	markets	market	NOUN
gp-264	272	10	during	during	ADP
gp-264	272	11	the	the	DET
gp-264	272	12	2007–2009	2007–2009	NUM
gp-264	272	13	global	global	ADJ
gp-264	272	14	financial	financial	ADJ
gp-264	272	15	crisis	crisis	NOUN
gp-264	272	16	,	,	PUNCT
gp-264	272	17	although	although	SCONJ
gp-264	272	18	short	short	ADJ
gp-264	272	19	-	-	PUNCT
gp-264	272	20	term	term	NOUN
gp-264	272	21	causality	causality	NOUN
gp-264	272	22	was	be	AUX
gp-264	272	23	detected	detect	VERB
gp-264	272	24	between	between	ADP
gp-264	272	25	the	the	DET
gp-264	272	26	hong	hong	PROPN
gp-264	272	27	kong	kong	PROPN
gp-264	272	28	and	and	CCONJ
gp-264	272	29	chinese	chinese	ADJ
gp-264	272	30	stock	stock	NOUN
gp-264	272	31	exchanges	exchange	NOUN
gp-264	272	32	.	.	PUNCT
gp-264	273	1	these	these	DET
gp-264	273	2	results	result	NOUN
gp-264	273	3	reflect	reflect	VERB
gp-264	273	4	the	the	DET
gp-264	273	5	strong	strong	ADJ
gp-264	273	6	trade	trade	NOUN
gp-264	273	7	ties	tie	NOUN
gp-264	273	8	between	between	ADP
gp-264	273	9	indonesia	indonesia	PROPN
gp-264	273	10	and	and	CCONJ
gp-264	273	11	china	china	PROPN
gp-264	273	12	,	,	PUNCT
gp-264	273	13	with	with	ADP
gp-264	273	14	hong	hong	PROPN
gp-264	273	15	kong	kong	PROPN
gp-264	273	16	acting	act	VERB
gp-264	273	17	as	as	ADP
gp-264	273	18	a	a	DET
gp-264	273	19	financial	financial	ADJ
gp-264	273	20	proxy	proxy	NOUN
gp-264	273	21	for	for	ADP
gp-264	273	22	china	china	PROPN
gp-264	273	23	and	and	CCONJ
gp-264	273	24	highlighting	highlight	VERB
gp-264	273	25	china	china	PROPN
gp-264	273	26	’s	’s	PART
gp-264	273	27	influence	influence	NOUN
gp-264	273	28	on	on	ADP
gp-264	273	29	indonesia	indonesia	PROPN
gp-264	273	30	’s	’s	PART
gp-264	273	31	stock	stock	NOUN
gp-264	273	32	market	market	NOUN
gp-264	273	33	.	.	PUNCT
gp-264	274	1	the	the	DET
gp-264	274	2	integration	integration	NOUN
gp-264	274	3	with	with	ADP
gp-264	274	4	hong	hong	PROPN
gp-264	274	5	kong	kong	PROPN
gp-264	274	6	and	and	CCONJ
gp-264	274	7	singapore	singapore	PROPN
gp-264	274	8	suggests	suggest	VERB
gp-264	274	9	that	that	SCONJ
gp-264	274	10	indonesian	indonesian	ADJ
gp-264	274	11	investors	investor	NOUN
gp-264	274	12	seeking	seek	VERB
gp-264	274	13	portfolio	portfolio	NOUN
gp-264	274	14	diversification	diversification	NOUN
gp-264	274	15	should	should	AUX
gp-264	274	16	consider	consider	VERB
gp-264	274	17	reducing	reduce	VERB
gp-264	274	18	their	their	PRON
gp-264	274	19	exposure	exposure	NOUN
gp-264	274	20	to	to	ADP
gp-264	274	21	these	these	DET
gp-264	274	22	markets	market	NOUN
gp-264	274	23	.	.	PUNCT
gp-264	275	1	future	future	ADJ
gp-264	275	2	research	research	NOUN
gp-264	275	3	should	should	AUX
gp-264	275	4	examine	examine	VERB
gp-264	275	5	the	the	DET
gp-264	275	6	impact	impact	NOUN
gp-264	275	7	of	of	ADP
gp-264	275	8	macroeconomic	macroeconomic	ADJ
gp-264	275	9	cointegration	cointegration	NOUN
gp-264	275	10	analysis	analysis	NOUN
gp-264	275	11	of	of	ADP
gp-264	275	12	the	the	DET
gp-264	275	13	indonesian	indonesian	ADJ
gp-264	275	14	stock	stock	PROPN
gp-264	275	15	exchange	exchange	PROPN
gp-264	275	16	with	with	ADP
gp-264	275	17	the	the	DET
gp-264	275	18	stock	stock	NOUN
gp-264	275	19	exchanges	exchange	NOUN
gp-264	275	20	of	of	ADP
gp-264	275	21	the	the	DET
gp-264	275	22	united	united	PROPN
gp-264	275	23	states	states	PROPN
gp-264	275	24	,	,	PUNCT
gp-264	275	25	china	china	PROPN
gp-264	275	26	,	,	PUNCT
gp-264	275	27	and	and	CCONJ
gp-264	275	28	southeast	southeast	PROPN
gp-264	275	29	asia	asia	PROPN
gp-264	275	30	786	786	NUM
gp-264	275	31	variables	variable	NOUN
gp-264	275	32	and	and	CCONJ
gp-264	275	33	geopolitical	geopolitical	ADJ
gp-264	275	34	events	event	NOUN
gp-264	275	35	on	on	ADP
gp-264	275	36	stock	stock	NOUN
gp-264	275	37	market	market	NOUN
gp-264	275	38	integration	integration	NOUN
gp-264	275	39	to	to	PART
gp-264	275	40	provide	provide	VERB
gp-264	275	41	a	a	DET
gp-264	275	42	deeper	deep	ADJ
gp-264	275	43	understanding	understanding	NOUN
gp-264	275	44	of	of	ADP
gp-264	275	45	the	the	DET
gp-264	275	46	factors	factor	NOUN
gp-264	275	47	driving	drive	VERB
gp-264	275	48	these	these	DET
gp-264	275	49	relationships	relationship	NOUN
gp-264	275	50	.	.	PUNCT
gp-264	276	1	references	reference	NOUN
gp-264	276	2	anhar	anhar	PROPN
gp-264	276	3	,	,	PUNCT
gp-264	276	4	m.	m.	NOUN
gp-264	276	5	,	,	PUNCT
gp-264	276	6	maronrong	maronrong	PROPN
gp-264	276	7	,	,	PUNCT
gp-264	276	8	r.	r.	PROPN
gp-264	276	9	,	,	PUNCT
gp-264	276	10	burda	burda	PROPN
gp-264	276	11	,	,	PUNCT
gp-264	276	12	a.	a.	PROPN
gp-264	276	13	,	,	PUNCT
gp-264	276	14	dan	dan	PROPN
gp-264	276	15	sumail	sumail	PROPN
gp-264	276	16	,	,	PUNCT
gp-264	276	17	l.	l.	PROPN
gp-264	276	18	o.	o.	PROPN
gp-264	276	19	(	(	PUNCT
gp-264	276	20	2024	2024	NUM
gp-264	276	21	)	)	PUNCT
gp-264	276	22	.	.	PUNCT
gp-264	277	1	dynamics	dynamic	NOUN
gp-264	277	2	of	of	ADP
gp-264	277	3	indonesian	indonesian	ADJ
gp-264	277	4	stock	stock	NOUN
gp-264	277	5	market	market	NOUN
gp-264	277	6	interconnection	interconnection	NOUN
gp-264	277	7	:	:	PUNCT
gp-264	277	8	insight	insight	NOUN
gp-264	277	9	from	from	ADP
gp-264	277	10	selected	select	VERB
gp-264	277	11	asean	asean	ADJ
gp-264	277	12	countries	country	NOUN
gp-264	277	13	and	and	CCONJ
gp-264	277	14	global	global	ADJ
gp-264	277	15	players	player	NOUN
gp-264	277	16	during	during	ADP
gp-264	277	17	and	and	CCONJ
gp-264	277	18	after	after	ADP
gp-264	277	19	the	the	DET
gp-264	277	20	covid-19	covid-19	PROPN
gp-264	277	21	pandemic	pandemic	NOUN
gp-264	277	22	.	.	PUNCT
gp-264	278	1	investment	investment	NOUN
gp-264	278	2	management	management	NOUN
gp-264	278	3	and	and	CCONJ
gp-264	278	4	financial	financial	ADJ
gp-264	278	5	innovations	innovation	NOUN
gp-264	278	6	,	,	PUNCT
gp-264	278	7	volume	volume	NOUN
gp-264	278	8	21	21	NUM
gp-264	278	9	,	,	PUNCT
gp-264	278	10	issue	issue	NOUN
gp-264	278	11	2	2	NUM
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gp-264	279	5	.	.	PUNCT
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gp-264	280	2	,	,	PUNCT
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gp-264	280	4	,	,	PUNCT
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gp-264	280	6	,	,	PUNCT
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gp-264	280	8	,	,	PUNCT
gp-264	280	9	dan	dan	PROPN
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gp-264	280	11	,	,	PUNCT
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gp-264	280	13	(	(	PUNCT
gp-264	280	14	2017	2017	NUM
gp-264	280	15	)	)	PUNCT
gp-264	280	16	.	.	PUNCT
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gp-264	281	4	saham	saham	PROPN
gp-264	281	5	indonesia	indonesia	PROPN
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gp-264	281	7	bursa	bursa	PROPN
gp-264	281	8	-	-	PUNCT
gp-264	281	9	bursa	bursa	PROPN
gp-264	281	10	saham	saham	PROPN
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gp-264	281	13	.	.	PUNCT
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gp-264	282	3	dan	dan	PROPN
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gp-264	282	5	(	(	PUNCT
gp-264	282	6	almana	almana	PROPN
gp-264	282	7	)	)	PUNCT
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gp-264	282	9	.	.	PROPN
gp-264	282	10	1	1	NUM
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gp-264	282	12	.	.	PUNCT
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gp-264	283	2	april	april	PROPN
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gp-264	283	4	.	.	PUNCT
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gp-264	284	2	,	,	PUNCT
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gp-264	284	5	,	,	PUNCT
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gp-264	284	7	-	-	PUNCT
gp-264	284	8	alana	alana	PROPN
gp-264	284	9	,	,	PUNCT
gp-264	284	10	l.a	l.a	PROPN
gp-264	284	11	.	.	PROPN
gp-264	284	12	,	,	PUNCT
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gp-264	284	15	,	,	PUNCT
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gp-264	284	17	(	(	PUNCT
gp-264	284	18	2022	2022	NUM
gp-264	284	19	)	)	PUNCT
gp-264	284	20	.	.	PUNCT
gp-264	285	1	stock	stock	NOUN
gp-264	285	2	market	market	NOUN
gp-264	285	3	linkages	linkage	NOUN
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gp-264	285	5	the	the	DET
gp-264	285	6	asean	asean	ADJ
gp-264	285	7	countries	countries	PROPN
gp-264	285	8	,	,	PUNCT
gp-264	285	9	china	china	PROPN
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gp-264	285	11	the	the	DET
gp-264	285	12	us	us	PROPN
gp-264	285	13	:	:	PUNCT
gp-264	285	14	a	a	DET
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gp-264	285	16	integration	integration	NOUN
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gp-264	285	19	approach	approach	NOUN
gp-264	285	20	.	.	PUNCT
gp-264	286	1	emerging	emerge	VERB
gp-264	286	2	markets	market	NOUN
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gp-264	286	4	and	and	CCONJ
gp-264	286	5	trade	trade	NOUN
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gp-264	286	7	,	,	PUNCT
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gp-264	286	9	.	.	PROPN
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gp-264	287	2	,	,	PUNCT
gp-264	287	3	no	no	INTJ
gp-264	287	4	.	.	NOUN
gp-264	287	5	5	5	NUM
gp-264	287	6	,	,	PUNCT
gp-264	287	7	1502–1514	1502–1514	NUM
gp-264	287	8	.	.	PUNCT
gp-264	288	1	endri	endri	PROPN
gp-264	288	2	,	,	PUNCT
gp-264	288	3	e.	e.	PROPN
gp-264	288	4	,	,	PUNCT
gp-264	288	5	fauzi	fauzi	PROPN
gp-264	288	6	,	,	PUNCT
gp-264	288	7	f.	f.	PROPN
gp-264	288	8	,	,	PUNCT
gp-264	288	9	and	and	CCONJ
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gp-264	288	11	,	,	PUNCT
gp-264	288	12	m.	m.	NOUN
gp-264	288	13	(	(	PUNCT
gp-264	288	14	2024	2024	NUM
gp-264	288	15	)	)	PUNCT
gp-264	288	16	.	.	PUNCT
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gp-264	289	2	of	of	ADP
gp-264	289	3	the	the	DET
gp-264	289	4	indonesian	indonesian	ADJ
gp-264	289	5	stock	stock	NOUN
gp-264	289	6	market	market	NOUN
gp-264	289	7	with	with	ADP
gp-264	289	8	eight	eight	NUM
gp-264	289	9	major	major	ADJ
gp-264	289	10	trading	trading	NOUN
gp-264	289	11	partners	partner	NOUN
gp-264	289	12	’	'	PUNCT
gp-264	289	13	stock	stock	NOUN
gp-264	289	14	market	market	NOUN
gp-264	289	15	.	.	PUNCT
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gp-264	290	3	:	:	PUNCT
gp-264	290	4	350	350	NUM
gp-264	290	5	.	.	PUNCT
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gp-264	291	2	evendy	evendy	NOUN
gp-264	291	3	,	,	PUNCT
gp-264	291	4	r	r	PROPN
gp-264	291	5	..	..	PUNCT
gp-264	291	6	f.	f.	PROPN
gp-264	291	7	i.	i.	PROPN
gp-264	291	8	dan	dan	PROPN
gp-264	291	9	isynuwardhana	isynuwardhana	PROPN
gp-264	291	10	,	,	PUNCT
gp-264	291	11	d.	d.	PROPN
gp-264	291	12	(	(	PUNCT
gp-264	291	13	2015	2015	NUM
gp-264	291	14	)	)	PUNCT
gp-264	291	15	.	.	PUNCT
gp-264	292	1	pengaruh	pengaruh	NOUN
gp-264	292	2	faktor	faktor	PROPN
gp-264	292	3	eksternal	eksternal	PROPN
gp-264	292	4	,	,	PUNCT
gp-264	292	5	keputusan	keputusan	PROPN
gp-264	292	6	internal	internal	PROPN
gp-264	292	7	keuangan	keuangan	PROPN
gp-264	292	8	dan	dan	PROPN
gp-264	292	9	free	free	ADJ
gp-264	292	10	cash	cash	NOUN
gp-264	292	11	flow	flow	NOUN
gp-264	292	12	terhadap	terhadap	PROPN
gp-264	292	13	return	return	PROPN
gp-264	292	14	saham	saham	PROPN
gp-264	292	15	perusahaan	perusahaan	PROPN
gp-264	292	16	yang	yang	PROPN
gp-264	292	17	terdaftar	terdaftar	PROPN
gp-264	292	18	pada	pada	PROPN
gp-264	292	19	indeks	indeks	PROPN
gp-264	292	20	kompas	kompas	PROPN
gp-264	292	21	100	100	NUM
gp-264	292	22	di	di	PROPN
gp-264	292	23	bursa	bursa	PROPN
gp-264	292	24	efek	efek	NOUN
gp-264	292	25	indonesia	indonesia	PROPN
gp-264	292	26	periode	periode	PROPN
gp-264	292	27	tahun	tahun	PROPN
gp-264	292	28	2009	2009	NUM
gp-264	292	29	2013	2013	NUM
gp-264	292	30	.	.	PUNCT
gp-264	293	1	bina	bina	PROPN
gp-264	293	2	ekonomi	ekonomi	PROPN
gp-264	293	3	volume	volume	PROPN
gp-264	293	4	19	19	NUM
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gp-264	293	6	2	2	NUM
gp-264	293	7	,	,	PUNCT
gp-264	293	8	2015	2015	NUM
gp-264	293	9	.	.	PUNCT
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gp-264	294	2	,	,	PUNCT
gp-264	294	3	a.	a.	NOUN
gp-264	294	4	,	,	PUNCT
gp-264	294	5	hadi	hadi	PROPN
gp-264	294	6	,	,	PUNCT
gp-264	294	7	f.	f.	PROPN
gp-264	294	8	,	,	PUNCT
gp-264	294	9	dan	dan	PROPN
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gp-264	294	11	(	(	PUNCT
gp-264	294	12	2019	2019	NUM
gp-264	294	13	)	)	PUNCT
gp-264	294	14	.	.	PUNCT
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gp-264	295	2	cointegration	cointegration	NOUN
gp-264	295	3	analysis	analysis	NOUN
gp-264	295	4	on	on	ADP
gp-264	295	5	indonesia	indonesia	PROPN
gp-264	295	6	,	,	PUNCT
gp-264	295	7	malaysia	malaysia	PROPN
gp-264	295	8	and	and	CCONJ
gp-264	295	9	singapore	singapore	PROPN
gp-264	295	10	stock	stock	PROPN
gp-264	295	11	exchange	exchange	PROPN
gp-264	295	12	.	.	PUNCT
gp-264	296	1	banda	banda	PROPN
gp-264	296	2	aceh	aceh	PROPN
gp-264	296	3	,	,	PUNCT
gp-264	296	4	indonesia	indonesia	PROPN
gp-264	296	5	.	.	PUNCT
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gp-264	297	2	of	of	ADP
gp-264	297	3	the	the	DET
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gp-264	297	8	(	(	PUNCT
gp-264	297	9	aic	aic	PROPN
gp-264	297	10	)	)	PUNCT
gp-264	297	11	syiah	syiah	PROPN
gp-264	297	12	kuala	kuala	PROPN
gp-264	297	13	university	university	PROPN
gp-264	297	14	on	on	ADP
gp-264	297	15	social	social	ADJ
gp-264	297	16	sciences	science	NOUN
gp-264	297	17	,	,	PUNCT
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gp-264	297	20	,	,	PUNCT
gp-264	297	21	2019	2019	NUM
gp-264	297	22	.	.	PUNCT
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gp-264	298	2	,	,	PUNCT
gp-264	298	3	d.	d.	PROPN
gp-264	298	4	,	,	PUNCT
gp-264	298	5	&	&	CCONJ
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gp-264	298	7	,	,	PUNCT
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gp-264	298	9	.	.	PUNCT
gp-264	298	10	(	(	PUNCT
gp-264	298	11	2021	2021	NUM
gp-264	298	12	)	)	PUNCT
gp-264	298	13	.	.	PUNCT
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gp-264	299	5	and	and	CCONJ
gp-264	299	6	after	after	ADP
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gp-264	299	8	in	in	ADP
gp-264	299	9	indonesia	indonesia	PROPN
gp-264	299	10	.	.	PUNCT
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gp-264	300	4	and	and	CCONJ
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gp-264	300	8	,	,	PUNCT
gp-264	300	9	25(6	25(6	NOUN
gp-264	300	10	)	)	PUNCT
gp-264	300	11	,	,	PUNCT
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gp-264	300	13	-	-	SYM
gp-264	300	14	11	11	NUM
gp-264	300	15	.	.	PUNCT
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gp-264	301	2	,	,	PUNCT
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gp-264	301	4	(	(	PUNCT
gp-264	301	5	2009	2009	NUM
gp-264	301	6	)	)	PUNCT
gp-264	301	7	.	.	PUNCT
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gp-264	302	4	dan	dan	PROPN
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gp-264	302	6	.	.	PUNCT
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gp-264	303	3	.	.	PUNCT
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gp-264	303	5	.	.	PUNCT
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gp-264	304	2	press	press	PROPN
gp-264	304	3	.	.	PUNCT
gp-264	305	1	kusairi	kusairi	PROPN
gp-264	305	2	,	,	PUNCT
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gp-264	305	4	,	,	PUNCT
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gp-264	305	6	,	,	PUNCT
gp-264	305	7	z.	z.	PROPN
gp-264	305	8	y.	y.	PROPN
gp-264	305	9	,	,	PUNCT
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gp-264	305	11	,	,	PUNCT
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gp-264	305	13	,	,	PUNCT
gp-264	305	14	&	&	CCONJ
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gp-264	305	16	,	,	PUNCT
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gp-264	305	19	(	(	PUNCT
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gp-264	305	21	)	)	PUNCT
gp-264	305	22	.	.	PUNCT
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gp-264	306	2	of	of	ADP
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gp-264	306	4	and	and	CCONJ
gp-264	306	5	foreign	foreign	ADJ
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gp-264	306	8	on	on	ADP
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gp-264	306	11	:	:	PUNCT
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gp-264	306	16	.	.	PUNCT
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gp-264	307	2	of	of	ADP
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gp-264	307	5	,	,	PUNCT
gp-264	307	6	16(1	16(1	NUM
gp-264	307	7	)	)	PUNCT
gp-264	307	8	,	,	PUNCT
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gp-264	307	10	-	-	SYM
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gp-264	307	12	.	.	PUNCT
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gp-264	308	2	,	,	PUNCT
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gp-264	308	4	.	.	PROPN
gp-264	308	5	(	(	PUNCT
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gp-264	308	7	)	)	PUNCT
gp-264	308	8	.	.	PUNCT
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gp-264	309	5	test	test	NOUN
gp-264	309	6	.	.	PUNCT
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gp-264	310	2	’s	’s	PART
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gp-264	310	7	,	,	PUNCT
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gp-264	310	9	.	.	PUNCT
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gp-264	310	11	.	.	PUNCT
gp-264	311	1	queens	queens	PROPN
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gp-264	311	3	,	,	PUNCT
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gp-264	311	5	of	of	ADP
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gp-264	311	7	,	,	PUNCT
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gp-264	311	9	,	,	PUNCT
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gp-264	311	11	,	,	PUNCT
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gp-264	311	13	.	.	PUNCT
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gp-264	312	2	,	,	PUNCT
gp-264	312	3	i.	i.	PROPN
gp-264	312	4	(	(	PUNCT
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gp-264	312	6	)	)	PUNCT
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gp-264	312	9	saham	saham	PROPN
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gp-264	312	12	,	,	PUNCT
gp-264	312	13	tiongkok	tiongkok	PROPN
gp-264	312	14	,	,	PUNCT
gp-264	312	15	dan	dan	PROPN
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gp-264	312	19	dagang	dagang	PROPN
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gp-264	312	21	-	-	SYM
gp-264	312	22	2020	2020	NUM
gp-264	312	23	.	.	PUNCT
gp-264	313	1	jurnal	jurnal	ADJ
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gp-264	313	7	.	.	PUNCT
gp-264	314	1	3(2	3(2	NUM
gp-264	314	2	)	)	PUNCT
gp-264	314	3	,	,	PUNCT
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gp-264	314	5	,	,	PUNCT
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gp-264	314	10	.	.	PUNCT
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gp-264	315	2	,	,	PUNCT
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gp-264	315	5	,	,	PUNCT
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gp-264	315	8	,	,	PUNCT
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gp-264	315	10	,	,	PUNCT
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gp-264	315	12	(	(	PUNCT
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gp-264	315	14	)	)	PUNCT
gp-264	315	15	.	.	PUNCT
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gp-264	316	6	bursa	bursa	PROPN
gp-264	316	7	efek	efek	PROPN
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gp-264	316	9	serikat	serikat	PROPN
gp-264	316	10	,	,	PUNCT
gp-264	316	11	jepang	jepang	PROPN
gp-264	316	12	,	,	PUNCT
gp-264	316	13	hongkong	hongkong	PROPN
gp-264	316	14	dan	dan	PROPN
gp-264	316	15	malaysia	malaysia	PROPN
gp-264	316	16	.	.	PUNCT
gp-264	317	1	jurnal	jurnal	PROPN
gp-264	317	2	muara	muara	PROPN
gp-264	317	3	ilmu	ilmu	PROPN
gp-264	317	4	ekonomi	ekonomi	PROPN
gp-264	317	5	dan	dan	PROPN
gp-264	317	6	bisnis	bisnis	PROPN
gp-264	317	7	.	.	PUNCT
gp-264	318	1	vol	vol	NOUN
gp-264	318	2	.	.	PROPN
gp-264	319	1	5	5	NUM
gp-264	319	2	.	.	X
gp-264	320	1	no	no	INTJ
gp-264	320	2	.	.	NOUN
gp-264	320	3	2	2	NUM
gp-264	320	4	,	,	PUNCT
gp-264	320	5	oktober	oktober	PROPN
gp-264	320	6	2021	2021	NUM
gp-264	320	7	:	:	PUNCT
gp-264	320	8	hlm	hlm	VERB
gp-264	320	9	335	335	NUM
gp-264	320	10	-	-	SYM
gp-264	320	11	347	347	NUM
gp-264	320	12	.	.	PUNCT
gp-264	321	1	tandelilin	tandelilin	PROPN
gp-264	321	2	,	,	PUNCT
gp-264	321	3	e.	e.	PROPN
gp-264	321	4	(	(	PUNCT
gp-264	321	5	2010	2010	NUM
gp-264	321	6	)	)	PUNCT
gp-264	321	7	.	.	PUNCT
gp-264	322	1	portofolio	portofolio	PROPN
gp-264	322	2	dan	dan	PROPN
gp-264	322	3	investasi	investasi	PROPN
gp-264	322	4	.	.	PUNCT
gp-264	323	1	edisi	edisi	VERB
gp-264	323	2	pertama	pertama	PROPN
gp-264	323	3	.	.	PUNCT
gp-264	324	1	yogyakarta	yogyakarta	PROPN
gp-264	324	2	:	:	PUNCT
gp-264	325	1	kanisius	kanisius	PROPN
gp-264	325	2	world	world	PROPN
gp-264	325	3	bank	bank	PROPN
gp-264	325	4	(	(	PUNCT
gp-264	325	5	2025	2025	NUM
gp-264	325	6	)	)	PUNCT
gp-264	325	7	.	.	PUNCT
gp-264	326	1	https://data.worldbank.org/indicator/ny	https://data.worldbank.org/indicator/ny	PROPN
gp-264	326	2	.	.	PUNCT
gp-264	327	1	worthington	worthington	PROPN
gp-264	327	2	,	,	PUNCT
gp-264	327	3	a.	a.	PROPN
gp-264	327	4	c.	c.	PROPN
gp-264	327	5	,	,	PUNCT
gp-264	327	6	dan	dan	PROPN
gp-264	327	7	higgs	higgs	PROPN
gp-264	327	8	,	,	PUNCT
gp-264	327	9	h.	h.	PROPN
gp-264	327	10	(	(	PUNCT
gp-264	327	11	2004	2004	NUM
gp-264	327	12	)	)	PUNCT
gp-264	327	13	.	.	PUNCT
gp-264	328	1	comovements	comovement	NOUN
gp-264	328	2	in	in	ADP
gp-264	328	3	asia	asia	PROPN
gp-264	328	4	-	-	PUNCT
gp-264	328	5	pacific	pacific	PROPN
gp-264	328	6	equity	equity	NOUN
gp-264	328	7	markets	market	NOUN
gp-264	328	8	:	:	PUNCT
gp-264	328	9	developing	develop	VERB
gp-264	328	10	patterns	pattern	NOUN
gp-264	328	11	in	in	ADP
gp-264	328	12	apec	apec	PROPN
gp-264	328	13	.	.	PUNCT
gp-264	329	1	asia	asia	PROPN
gp-264	329	2	-	-	PUNCT
gp-264	329	3	pacific	pacific	PROPN
gp-264	329	4	journal	journal	PROPN
gp-264	329	5	of	of	ADP
gp-264	329	6	economics	economic	NOUN
gp-264	329	7	and	and	CCONJ
gp-264	329	8	business	business	NOUN
gp-264	329	9	8(1):pp	8(1):pp	PROPN
gp-264	329	10	.	.	PUNCT
gp-264	330	1	79	79	NUM
gp-264	330	2	-	-	SYM
gp-264	330	3	93	93	NUM
gp-264	330	4	.	.	PUNCT
gp-264	331	1	cointegration	cointegration	NOUN
gp-264	331	2	analysis	analysis	NOUN
gp-264	331	3	of	of	ADP
gp-264	331	4	the	the	DET
gp-264	331	5	indonesian	indonesian	ADJ
gp-264	331	6	stock	stock	PROPN
gp-264	331	7	exchange	exchange	PROPN
gp-264	331	8	with	with	ADP
gp-264	331	9	the	the	DET
gp-264	331	10	stock	stock	NOUN
gp-264	331	11	exchanges	exchange	NOUN
gp-264	331	12	of	of	ADP
gp-264	331	13	the	the	DET
gp-264	331	14	united	united	PROPN
gp-264	331	15	states	states	PROPN
gp-264	331	16	,	,	PUNCT
gp-264	331	17	china	china	PROPN
gp-264	331	18	,	,	PUNCT
gp-264	331	19	and	and	CCONJ
gp-264	331	20	southeast	southeast	ADJ
gp-264	331	21	asia	asia	PROPN
gp-264	332	1	787	787	NUM
gp-264	332	2	copyright	copyright	NOUN
gp-264	332	3	holders	holder	NOUN
gp-264	332	4	:	:	PUNCT
gp-264	332	5	tia	tia	PROPN
gp-264	332	6	atisa	atisa	PROPN
gp-264	332	7	,	,	PUNCT
gp-264	332	8	deannes	deanne	NOUN
gp-264	332	9	isynuwardhana	isynuwardhana	PROPN
gp-264	332	10	(	(	PUNCT
gp-264	332	11	2025	2025	NUM
gp-264	332	12	)	)	PUNCT
gp-264	332	13	first	first	ADJ
gp-264	332	14	publication	publication	NOUN
gp-264	332	15	right	right	NOUN
gp-264	332	16	:	:	PUNCT
gp-264	332	17	ajemb	ajemb	PROPN
gp-264	332	18	–	–	PUNCT
gp-264	332	19	american	american	ADJ
gp-264	332	20	journal	journal	PROPN
gp-264	332	21	of	of	ADP
gp-264	332	22	economic	economic	ADJ
gp-264	332	23	and	and	CCONJ
gp-264	332	24	management	management	NOUN
gp-264	332	25	business	business	NOUN