id	sid	tid	token	lemma	pos
ajm-1758	1	1	ajm	ajm	PROPN
ajm-1758	1	2	17(2	17(2	PROPN
ajm-1758	1	3	)	)	PUNCT
ajm-1758	1	4	master-lulu-revised.pdf	master-lulu-revised.pdf	PROPN
ajm-1758	1	5	58	58	NUM
ajm-1758	1	6	american	american	PROPN
ajm-1758	1	7	journal	journal	PROPN
ajm-1758	1	8	of	of	ADP
ajm-1758	1	9	management	management	NOUN
ajm-1758	1	10	vol	vol	NOUN
ajm-1758	1	11	.	.	PUNCT
ajm-1758	2	1	17(2	17(2	NUM
ajm-1758	2	2	)	)	PUNCT
ajm-1758	2	3	2017	2017	NUM
ajm-1758	2	4	estimating	estimate	VERB
ajm-1758	2	5	the	the	DET
ajm-1758	2	6	cost	cost	NOUN
ajm-1758	2	7	of	of	ADP
ajm-1758	2	8	equity	equity	NOUN
ajm-1758	2	9	in	in	ADP
ajm-1758	2	10	emerging	emerge	VERB
ajm-1758	2	11	markets	market	NOUN
ajm-1758	2	12	:	:	PUNCT
ajm-1758	2	13	a	a	DET
ajm-1758	2	14	case	case	NOUN
ajm-1758	2	15	study	study	NOUN
ajm-1758	2	16	benoit	benoit	PROPN
ajm-1758	2	17	boyer	boyer	PROPN
ajm-1758	2	18	sacred	sacred	PROPN
ajm-1758	2	19	heart	heart	PROPN
ajm-1758	2	20	university	university	PROPN
ajm-1758	2	21	ralph	ralph	PROPN
ajm-1758	2	22	lim	lim	PROPN
ajm-1758	2	23	sacred	sacred	PROPN
ajm-1758	2	24	heart	heart	PROPN
ajm-1758	2	25	university	university	PROPN
ajm-1758	2	26	bridget	bridget	PROPN
ajm-1758	2	27	lyons	lyons	PROPN
ajm-1758	2	28	sacred	sacred	PROPN
ajm-1758	2	29	heart	heart	PROPN
ajm-1758	2	30	university	university	PROPN
ajm-1758	2	31	a	a	DET
ajm-1758	2	32	firm	firm	NOUN
ajm-1758	2	33	�	�	PROPN
ajm-1758	2	34	s	s	PART
ajm-1758	2	35	weighted	weighted	ADJ
ajm-1758	2	36	average	average	ADJ
ajm-1758	2	37	cost	cost	NOUN
ajm-1758	2	38	of	of	ADP
ajm-1758	2	39	capital	capital	NOUN
ajm-1758	2	40	is	be	AUX
ajm-1758	2	41	an	an	DET
ajm-1758	2	42	integral	integral	ADJ
ajm-1758	2	43	component	component	NOUN
ajm-1758	2	44	in	in	ADP
ajm-1758	2	45	capital	capital	NOUN
ajm-1758	2	46	budgeting	budgeting	NOUN
ajm-1758	2	47	decisions	decision	NOUN
ajm-1758	2	48	and	and	CCONJ
ajm-1758	2	49	in	in	ADP
ajm-1758	2	50	assessment	assessment	NOUN
ajm-1758	2	51	of	of	ADP
ajm-1758	2	52	the	the	DET
ajm-1758	2	53	firm	firm	ADJ
ajm-1758	2	54	�	�	PROPN
ajm-1758	2	55	s	s	PART
ajm-1758	2	56	enterprise	enterprise	NOUN
ajm-1758	2	57	and	and	CCONJ
ajm-1758	2	58	equity	equity	NOUN
ajm-1758	2	59	value	value	NOUN
ajm-1758	2	60	.	.	PUNCT
ajm-1758	3	1	estimation	estimation	NOUN
ajm-1758	3	2	of	of	ADP
ajm-1758	3	3	the	the	DET
ajm-1758	3	4	cost	cost	NOUN
ajm-1758	3	5	of	of	ADP
ajm-1758	3	6	equity	equity	NOUN
ajm-1758	3	7	is	be	AUX
ajm-1758	3	8	a	a	DET
ajm-1758	3	9	key	key	ADJ
ajm-1758	3	10	component	component	NOUN
ajm-1758	3	11	in	in	ADP
ajm-1758	3	12	determining	determine	VERB
ajm-1758	3	13	the	the	DET
ajm-1758	3	14	overall	overall	ADJ
ajm-1758	3	15	cost	cost	NOUN
ajm-1758	3	16	of	of	ADP
ajm-1758	3	17	capital	capital	NOUN
ajm-1758	3	18	.	.	PUNCT
ajm-1758	4	1	the	the	DET
ajm-1758	4	2	calculation	calculation	NOUN
ajm-1758	4	3	of	of	ADP
ajm-1758	4	4	the	the	DET
ajm-1758	4	5	cost	cost	NOUN
ajm-1758	4	6	of	of	ADP
ajm-1758	4	7	equity	equity	NOUN
ajm-1758	4	8	for	for	ADP
ajm-1758	4	9	u.s	u.s	PROPN
ajm-1758	4	10	.	.	PROPN
ajm-1758	4	11	based	base	VERB
ajm-1758	4	12	corporations	corporation	NOUN
ajm-1758	4	13	is	be	AUX
ajm-1758	4	14	relatively	relatively	ADV
ajm-1758	4	15	straightforward	straightforward	ADJ
ajm-1758	4	16	and	and	CCONJ
ajm-1758	4	17	is	be	AUX
ajm-1758	4	18	most	most	ADV
ajm-1758	4	19	often	often	ADV
ajm-1758	4	20	estimated	estimate	VERB
ajm-1758	4	21	as	as	ADP
ajm-1758	4	22	a	a	DET
ajm-1758	4	23	function	function	NOUN
ajm-1758	4	24	of	of	ADP
ajm-1758	4	25	the	the	DET
ajm-1758	4	26	u.s	u.s	PROPN
ajm-1758	4	27	.	.	PROPN
ajm-1758	4	28	risk	risk	NOUN
ajm-1758	4	29	-	-	PUNCT
ajm-1758	4	30	free	free	ADJ
ajm-1758	4	31	rate	rate	NOUN
ajm-1758	4	32	,	,	PUNCT
ajm-1758	4	33	the	the	DET
ajm-1758	4	34	firm	firm	NOUN
ajm-1758	4	35	�	�	PROPN
ajm-1758	4	36	s	s	PART
ajm-1758	4	37	beta	beta	NOUN
ajm-1758	4	38	value	value	NOUN
ajm-1758	4	39	,	,	PUNCT
ajm-1758	4	40	and	and	CCONJ
ajm-1758	4	41	an	an	DET
ajm-1758	4	42	estimate	estimate	NOUN
ajm-1758	4	43	of	of	ADP
ajm-1758	4	44	the	the	DET
ajm-1758	4	45	average	average	ADJ
ajm-1758	4	46	risk	risk	NOUN
ajm-1758	4	47	premium	premium	NOUN
ajm-1758	4	48	associated	associate	VERB
ajm-1758	4	49	with	with	ADP
ajm-1758	4	50	equity	equity	NOUN
ajm-1758	4	51	investments	investment	NOUN
ajm-1758	4	52	compared	compare	VERB
ajm-1758	4	53	to	to	PART
ajm-1758	4	54	risk	risk	VERB
ajm-1758	4	55	free	free	ADJ
ajm-1758	4	56	assets	asset	NOUN
ajm-1758	4	57	.	.	PUNCT
ajm-1758	5	1	since	since	SCONJ
ajm-1758	5	2	u.s	u.s	PROPN
ajm-1758	5	3	.	.	PROPN
ajm-1758	5	4	financial	financial	ADJ
ajm-1758	5	5	markets	market	NOUN
ajm-1758	5	6	are	be	AUX
ajm-1758	5	7	fairly	fairly	ADV
ajm-1758	5	8	liquid	liquid	ADJ
ajm-1758	5	9	and	and	CCONJ
ajm-1758	5	10	reasonably	reasonably	ADV
ajm-1758	5	11	efficient	efficient	ADJ
ajm-1758	5	12	,	,	PUNCT
ajm-1758	5	13	estimates	estimate	NOUN
ajm-1758	5	14	of	of	ADP
ajm-1758	5	15	the	the	DET
ajm-1758	5	16	required	require	VERB
ajm-1758	5	17	input	input	NOUN
ajm-1758	5	18	variables	variable	NOUN
ajm-1758	5	19	are	be	AUX
ajm-1758	5	20	relatively	relatively	ADV
ajm-1758	5	21	reliable	reliable	ADJ
ajm-1758	5	22	.	.	PUNCT
ajm-1758	6	1	in	in	ADP
ajm-1758	6	2	contrast	contrast	NOUN
ajm-1758	6	3	,	,	PUNCT
ajm-1758	6	4	the	the	DET
ajm-1758	6	5	estimation	estimation	NOUN
ajm-1758	6	6	of	of	ADP
ajm-1758	6	7	equity	equity	NOUN
ajm-1758	6	8	capital	capital	NOUN
ajm-1758	6	9	costs	cost	NOUN
ajm-1758	6	10	for	for	ADP
ajm-1758	6	11	corporations	corporation	NOUN
ajm-1758	6	12	based	base	VERB
ajm-1758	6	13	in	in	ADP
ajm-1758	6	14	emerging	emerge	VERB
ajm-1758	6	15	markets	market	NOUN
ajm-1758	6	16	presents	present	VERB
ajm-1758	6	17	many	many	ADJ
ajm-1758	6	18	challenges	challenge	NOUN
ajm-1758	6	19	.	.	PUNCT
ajm-1758	7	1	emerging	emerge	VERB
ajm-1758	7	2	markets	market	NOUN
ajm-1758	7	3	are	be	AUX
ajm-1758	7	4	often	often	ADV
ajm-1758	7	5	characterized	characterize	VERB
ajm-1758	7	6	by	by	ADP
ajm-1758	7	7	additional	additional	ADJ
ajm-1758	7	8	risks	risk	NOUN
ajm-1758	7	9	including	include	VERB
ajm-1758	7	10	political	political	ADJ
ajm-1758	7	11	risks	risk	NOUN
ajm-1758	7	12	and	and	CCONJ
ajm-1758	7	13	the	the	DET
ajm-1758	7	14	risks	risk	NOUN
ajm-1758	7	15	associated	associate	VERB
ajm-1758	7	16	with	with	ADP
ajm-1758	7	17	operating	operate	VERB
ajm-1758	7	18	in	in	ADP
ajm-1758	7	19	markets	market	NOUN
ajm-1758	7	20	that	that	PRON
ajm-1758	7	21	are	be	AUX
ajm-1758	7	22	less	less	ADV
ajm-1758	7	23	liquid	liquid	ADJ
ajm-1758	7	24	and	and	CCONJ
ajm-1758	7	25	transparent	transparent	ADJ
ajm-1758	7	26	than	than	ADP
ajm-1758	7	27	mature	mature	ADJ
ajm-1758	7	28	markets	market	NOUN
ajm-1758	7	29	.	.	PUNCT
ajm-1758	8	1	this	this	PRON
ajm-1758	8	2	leads	lead	VERB
ajm-1758	8	3	to	to	ADP
ajm-1758	8	4	issues	issue	NOUN
ajm-1758	8	5	in	in	ADP
ajm-1758	8	6	identifying	identify	VERB
ajm-1758	8	7	appropriate	appropriate	ADJ
ajm-1758	8	8	and	and	CCONJ
ajm-1758	8	9	reliable	reliable	ADJ
ajm-1758	8	10	measures	measure	NOUN
ajm-1758	8	11	of	of	ADP
ajm-1758	8	12	the	the	DET
ajm-1758	8	13	risk	risk	NOUN
ajm-1758	8	14	free	free	ADJ
ajm-1758	8	15	rate	rate	NOUN
ajm-1758	8	16	,	,	PUNCT
ajm-1758	8	17	beta	beta	NOUN
ajm-1758	8	18	and	and	CCONJ
ajm-1758	8	19	the	the	DET
ajm-1758	8	20	equity	equity	NOUN
ajm-1758	8	21	risk	risk	NOUN
ajm-1758	8	22	premium	premium	NOUN
ajm-1758	8	23	.	.	PUNCT
ajm-1758	9	1	in	in	ADP
ajm-1758	9	2	this	this	DET
ajm-1758	9	3	paper	paper	NOUN
ajm-1758	9	4	we	we	PRON
ajm-1758	9	5	describe	describe	VERB
ajm-1758	9	6	five	five	NUM
ajm-1758	9	7	commonly	commonly	ADV
ajm-1758	9	8	used	use	VERB
ajm-1758	9	9	approaches	approach	NOUN
ajm-1758	9	10	to	to	PART
ajm-1758	9	11	estimate	estimate	VERB
ajm-1758	9	12	the	the	DET
ajm-1758	9	13	cost	cost	NOUN
ajm-1758	9	14	of	of	ADP
ajm-1758	9	15	equity	equity	NOUN
ajm-1758	9	16	for	for	ADP
ajm-1758	9	17	firms	firm	NOUN
ajm-1758	9	18	based	base	VERB
ajm-1758	9	19	in	in	ADP
ajm-1758	9	20	emerging	emerge	VERB
ajm-1758	9	21	markets	market	NOUN
ajm-1758	9	22	and	and	CCONJ
ajm-1758	9	23	then	then	ADV
ajm-1758	9	24	apply	apply	VERB
ajm-1758	9	25	these	these	PRON
ajm-1758	9	26	to	to	ADP
ajm-1758	9	27	three	three	NUM
ajm-1758	9	28	firms	firm	NOUN
ajm-1758	9	29	headquartered	headquarter	VERB
ajm-1758	9	30	in	in	ADP
ajm-1758	9	31	brazil	brazil	PROPN
ajm-1758	9	32	.	.	PUNCT
ajm-1758	10	1	the	the	DET
ajm-1758	10	2	results	result	NOUN
ajm-1758	10	3	show	show	VERB
ajm-1758	10	4	that	that	SCONJ
ajm-1758	10	5	the	the	DET
ajm-1758	10	6	approach	approach	NOUN
ajm-1758	10	7	selected	select	VERB
ajm-1758	10	8	can	can	AUX
ajm-1758	10	9	have	have	VERB
ajm-1758	10	10	a	a	DET
ajm-1758	10	11	significant	significant	ADJ
ajm-1758	10	12	impact	impact	NOUN
ajm-1758	10	13	on	on	ADP
ajm-1758	10	14	the	the	DET
ajm-1758	10	15	resulting	result	VERB
ajm-1758	10	16	estimate	estimate	NOUN
ajm-1758	10	17	of	of	ADP
ajm-1758	10	18	the	the	DET
ajm-1758	10	19	firm	firm	NOUN
ajm-1758	10	20	�	�	PROPN
ajm-1758	10	21	s	s	PART
ajm-1758	10	22	cost	cost	NOUN
ajm-1758	10	23	of	of	ADP
ajm-1758	10	24	equity	equity	NOUN
ajm-1758	10	25	.	.	PUNCT
ajm-1758	11	1	this	this	DET
ajm-1758	11	2	case	case	NOUN
ajm-1758	11	3	study	study	NOUN
ajm-1758	11	4	may	may	AUX
ajm-1758	11	5	be	be	AUX
ajm-1758	11	6	of	of	ADP
ajm-1758	11	7	interest	interest	NOUN
ajm-1758	11	8	to	to	ADP
ajm-1758	11	9	practitioners	practitioner	NOUN
ajm-1758	11	10	and	and	CCONJ
ajm-1758	11	11	to	to	ADP
ajm-1758	11	12	students	student	NOUN
ajm-1758	11	13	in	in	ADP
ajm-1758	11	14	financial	financial	ADJ
ajm-1758	11	15	management	management	NOUN
ajm-1758	11	16	,	,	PUNCT
ajm-1758	11	17	investment	investment	NOUN
ajm-1758	11	18	,	,	PUNCT
ajm-1758	11	19	valuation	valuation	NOUN
ajm-1758	11	20	and	and	CCONJ
ajm-1758	11	21	international	international	ADJ
ajm-1758	11	22	finance	finance	NOUN
ajm-1758	11	23	courses	course	NOUN
ajm-1758	11	24	.	.	PUNCT
ajm-1758	12	1	the	the	DET
ajm-1758	12	2	task	task	NOUN
ajm-1758	12	3	it	it	PRON
ajm-1758	12	4	is	be	AUX
ajm-1758	12	5	early	early	ADJ
ajm-1758	12	6	2016	2016	NUM
ajm-1758	12	7	.	.	PUNCT
ajm-1758	13	1	your	your	PRON
ajm-1758	13	2	task	task	NOUN
ajm-1758	13	3	is	be	AUX
ajm-1758	13	4	to	to	PART
ajm-1758	13	5	estimate	estimate	VERB
ajm-1758	13	6	the	the	DET
ajm-1758	13	7	weighted	weighted	ADJ
ajm-1758	13	8	average	average	ADJ
ajm-1758	13	9	cost	cost	NOUN
ajm-1758	13	10	of	of	ADP
ajm-1758	13	11	capital	capital	NOUN
ajm-1758	13	12	of	of	ADP
ajm-1758	13	13	3	3	NUM
ajm-1758	13	14	brazilian	brazilian	ADJ
ajm-1758	13	15	firms	firm	NOUN
ajm-1758	13	16	:	:	PUNCT
ajm-1758	13	17	embraer	embraer	PROPN
ajm-1758	13	18	,	,	PUNCT
ajm-1758	13	19	brasil	brasil	NOUN
ajm-1758	13	20	foods	food	NOUN
ajm-1758	13	21	and	and	CCONJ
ajm-1758	13	22	via	via	ADP
ajm-1758	13	23	varejo	varejo	NOUN
ajm-1758	13	24	.	.	PUNCT
ajm-1758	14	1	all	all	DET
ajm-1758	14	2	firms	firm	NOUN
ajm-1758	14	3	report	report	VERB
ajm-1758	14	4	in	in	ADP
ajm-1758	14	5	local	local	ADJ
ajm-1758	14	6	currency	currency	NOUN
ajm-1758	14	7	.	.	PUNCT
ajm-1758	15	1	embraer	embraer	PROPN
ajm-1758	15	2	is	be	AUX
ajm-1758	15	3	an	an	DET
ajm-1758	15	4	aerospace	aerospace	NOUN
ajm-1758	15	5	conglomerate	conglomerate	NOUN
ajm-1758	15	6	that	that	PRON
ajm-1758	15	7	earns	earn	VERB
ajm-1758	15	8	approximately	approximately	ADV
ajm-1758	15	9	20	20	NUM
ajm-1758	15	10	%	%	NOUN
ajm-1758	15	11	of	of	ADP
ajm-1758	15	12	its	its	PRON
ajm-1758	15	13	revenues	revenue	NOUN
ajm-1758	15	14	from	from	ADP
ajm-1758	15	15	brazil	brazil	PROPN
ajm-1758	15	16	.	.	PUNCT
ajm-1758	16	1	brasil	brasil	NOUN
ajm-1758	16	2	foods	food	NOUN
ajm-1758	16	3	produces	produce	VERB
ajm-1758	16	4	and	and	CCONJ
ajm-1758	16	5	processes	process	VERB
ajm-1758	16	6	foods	food	NOUN
ajm-1758	16	7	and	and	CCONJ
ajm-1758	16	8	earns	earn	VERB
ajm-1758	16	9	about	about	ADV
ajm-1758	16	10	40	40	NUM
ajm-1758	16	11	%	%	NOUN
ajm-1758	16	12	of	of	ADP
ajm-1758	16	13	its	its	PRON
ajm-1758	16	14	revenues	revenue	NOUN
ajm-1758	16	15	from	from	ADP
ajm-1758	16	16	brazil	brazil	PROPN
ajm-1758	16	17	.	.	PUNCT
ajm-1758	17	1	via	via	ADP
ajm-1758	17	2	varejo	varejo	PROPN
ajm-1758	17	3	retails	retail	NOUN
ajm-1758	17	4	household	household	NOUN
ajm-1758	17	5	appliances	appliance	NOUN
ajm-1758	17	6	and	and	CCONJ
ajm-1758	17	7	electronics	electronic	NOUN
ajm-1758	17	8	through	through	ADP
ajm-1758	17	9	retail	retail	ADJ
ajm-1758	17	10	stores	store	NOUN
ajm-1758	17	11	and	and	CCONJ
ajm-1758	17	12	earns	earn	VERB
ajm-1758	17	13	all	all	DET
ajm-1758	17	14	its	its	PRON
ajm-1758	17	15	revenues	revenue	NOUN
ajm-1758	17	16	in	in	ADP
ajm-1758	17	17	brazil	brazil	PROPN
ajm-1758	17	18	.	.	PUNCT
ajm-1758	18	1	american	american	PROPN
ajm-1758	18	2	journal	journal	PROPN
ajm-1758	18	3	of	of	ADP
ajm-1758	18	4	management	management	NOUN
ajm-1758	18	5	vol	vol	NOUN
ajm-1758	18	6	.	.	PUNCT
ajm-1758	19	1	17(2	17(2	NUM
ajm-1758	19	2	)	)	PUNCT
ajm-1758	19	3	2017	2017	NUM
ajm-1758	19	4	59	59	NUM
ajm-1758	19	5	introduction	introduction	NOUN
ajm-1758	19	6	estimation	estimation	NOUN
ajm-1758	19	7	of	of	ADP
ajm-1758	19	8	the	the	DET
ajm-1758	19	9	cost	cost	NOUN
ajm-1758	19	10	of	of	ADP
ajm-1758	19	11	capital	capital	NOUN
ajm-1758	19	12	is	be	AUX
ajm-1758	19	13	central	central	ADJ
ajm-1758	19	14	to	to	ADP
ajm-1758	19	15	financial	financial	ADJ
ajm-1758	19	16	management	management	NOUN
ajm-1758	19	17	and	and	CCONJ
ajm-1758	19	18	investment	investment	NOUN
ajm-1758	19	19	decisions	decision	NOUN
ajm-1758	19	20	including	include	VERB
ajm-1758	19	21	capital	capital	NOUN
ajm-1758	19	22	budgeting	budgeting	NOUN
ajm-1758	19	23	and	and	CCONJ
ajm-1758	19	24	firm	firm	ADJ
ajm-1758	19	25	valuation	valuation	NOUN
ajm-1758	19	26	.	.	PUNCT
ajm-1758	20	1	a	a	DET
ajm-1758	20	2	firm	firm	ADJ
ajm-1758	20	3	�	�	PROPN
ajm-1758	20	4	s	s	PART
ajm-1758	20	5	weighted	weighted	ADJ
ajm-1758	20	6	average	average	ADJ
ajm-1758	20	7	cost	cost	NOUN
ajm-1758	20	8	of	of	ADP
ajm-1758	20	9	capital	capital	NOUN
ajm-1758	20	10	is	be	AUX
ajm-1758	20	11	its	its	PRON
ajm-1758	20	12	average	average	ADJ
ajm-1758	20	13	cost	cost	NOUN
ajm-1758	20	14	of	of	ADP
ajm-1758	20	15	raising	raise	VERB
ajm-1758	20	16	funds	fund	NOUN
ajm-1758	20	17	and	and	CCONJ
ajm-1758	20	18	is	be	AUX
ajm-1758	20	19	a	a	DET
ajm-1758	20	20	function	function	NOUN
ajm-1758	20	21	of	of	ADP
ajm-1758	20	22	its	its	PRON
ajm-1758	20	23	capital	capital	NOUN
ajm-1758	20	24	structure	structure	NOUN
ajm-1758	20	25	�	�	PROPN
ajm-1758	20	26	the	the	DET
ajm-1758	20	27	relative	relative	ADJ
ajm-1758	20	28	portions	portion	NOUN
ajm-1758	20	29	of	of	ADP
ajm-1758	20	30	debt	debt	NOUN
ajm-1758	20	31	and	and	CCONJ
ajm-1758	20	32	equity	equity	NOUN
ajm-1758	20	33	used	use	VERB
ajm-1758	20	34	�	�	PROPN
ajm-1758	20	35	and	and	CCONJ
ajm-1758	20	36	the	the	DET
ajm-1758	20	37	firm	firm	NOUN
ajm-1758	20	38	�	�	PROPN
ajm-1758	20	39	s	s	PART
ajm-1758	20	40	cost	cost	NOUN
ajm-1758	20	41	of	of	ADP
ajm-1758	20	42	debt	debt	NOUN
ajm-1758	20	43	and	and	CCONJ
ajm-1758	20	44	equity	equity	NOUN
ajm-1758	20	45	.	.	PUNCT
ajm-1758	21	1	the	the	DET
ajm-1758	21	2	most	most	ADV
ajm-1758	21	3	common	common	ADJ
ajm-1758	21	4	approach	approach	NOUN
ajm-1758	21	5	used	use	VERB
ajm-1758	21	6	in	in	ADP
ajm-1758	21	7	developed	develop	VERB
ajm-1758	21	8	markets	market	NOUN
ajm-1758	21	9	to	to	PART
ajm-1758	21	10	estimate	estimate	VERB
ajm-1758	21	11	the	the	DET
ajm-1758	21	12	cost	cost	NOUN
ajm-1758	21	13	of	of	ADP
ajm-1758	21	14	equity	equity	NOUN
ajm-1758	21	15	component	component	NOUN
ajm-1758	21	16	of	of	ADP
ajm-1758	21	17	the	the	DET
ajm-1758	21	18	wacc	wacc	PROPN
ajm-1758	21	19	is	be	AUX
ajm-1758	21	20	a	a	DET
ajm-1758	21	21	single	single	ADJ
ajm-1758	21	22	factor	factor	NOUN
ajm-1758	21	23	model	model	NOUN
ajm-1758	21	24	where	where	SCONJ
ajm-1758	21	25	the	the	DET
ajm-1758	21	26	cost	cost	NOUN
ajm-1758	21	27	of	of	ADP
ajm-1758	21	28	equity	equity	NOUN
ajm-1758	21	29	,	,	PUNCT
ajm-1758	21	30	ke	ke	PROPN
ajm-1758	21	31	,	,	PUNCT
ajm-1758	21	32	is	be	AUX
ajm-1758	21	33	a	a	DET
ajm-1758	21	34	function	function	NOUN
ajm-1758	21	35	of	of	ADP
ajm-1758	21	36	a	a	DET
ajm-1758	21	37	risk	risk	NOUN
ajm-1758	21	38	free	free	ADJ
ajm-1758	21	39	rate	rate	NOUN
ajm-1758	21	40	,	,	PUNCT
ajm-1758	21	41	krf	krf	PROPN
ajm-1758	21	42	,	,	PUNCT
ajm-1758	21	43	a	a	DET
ajm-1758	21	44	risk	risk	NOUN
ajm-1758	21	45	premium	premium	NOUN
ajm-1758	21	46	earned	earn	VERB
ajm-1758	21	47	on	on	ADP
ajm-1758	21	48	equity	equity	NOUN
ajm-1758	21	49	investments	investment	NOUN
ajm-1758	21	50	(	(	PUNCT
ajm-1758	21	51	erp	erp	NOUN
ajm-1758	21	52	)	)	PUNCT
ajm-1758	21	53	compared	compare	VERB
ajm-1758	21	54	to	to	ADP
ajm-1758	21	55	the	the	DET
ajm-1758	21	56	rate	rate	NOUN
ajm-1758	21	57	earned	earn	VERB
ajm-1758	21	58	on	on	ADP
ajm-1758	21	59	risk	risk	NOUN
ajm-1758	21	60	free	free	ADJ
ajm-1758	21	61	investments	investment	NOUN
ajm-1758	21	62	and	and	CCONJ
ajm-1758	21	63	beta	beta	NOUN
ajm-1758	21	64	,	,	PUNCT
ajm-1758	21	65	a	a	DET
ajm-1758	21	66	measure	measure	NOUN
ajm-1758	21	67	of	of	ADP
ajm-1758	21	68	the	the	DET
ajm-1758	21	69	volatility	volatility	NOUN
ajm-1758	21	70	of	of	ADP
ajm-1758	21	71	the	the	DET
ajm-1758	21	72	stock	stock	NOUN
ajm-1758	21	73	�	�	PROPN
ajm-1758	21	74	s	s	PART
ajm-1758	21	75	returns	return	NOUN
ajm-1758	21	76	.	.	PUNCT
ajm-1758	22	1	ke	ke	NOUN
ajm-1758	22	2	=	=	PUNCT
ajm-1758	22	3	krf	krf	PROPN
ajm-1758	22	4	+	+	CCONJ
ajm-1758	22	5	(	(	PUNCT
ajm-1758	22	6	erp	erp	NOUN
ajm-1758	22	7	*	*	PUNCT
ajm-1758	22	8	beta	beta	NOUN
ajm-1758	22	9	)	)	PUNCT
ajm-1758	22	10	discussions	discussion	NOUN
ajm-1758	22	11	of	of	ADP
ajm-1758	22	12	cost	cost	NOUN
ajm-1758	22	13	of	of	ADP
ajm-1758	22	14	equity	equity	NOUN
ajm-1758	22	15	estimates	estimate	NOUN
ajm-1758	22	16	in	in	ADP
ajm-1758	22	17	developed	developed	ADJ
ajm-1758	22	18	markets	market	NOUN
ajm-1758	22	19	surround	surround	VERB
ajm-1758	22	20	:	:	PUNCT
ajm-1758	22	21	whether	whether	SCONJ
ajm-1758	22	22	to	to	PART
ajm-1758	22	23	use	use	VERB
ajm-1758	22	24	a	a	DET
ajm-1758	22	25	single	single	ADJ
ajm-1758	22	26	or	or	CCONJ
ajm-1758	22	27	multifactor	multifactor	NOUN
ajm-1758	22	28	model	model	NOUN
ajm-1758	22	29	which	which	PRON
ajm-1758	22	30	risk	risk	VERB
ajm-1758	22	31	free	free	ADJ
ajm-1758	22	32	rate	rate	NOUN
ajm-1758	22	33	to	to	PART
ajm-1758	22	34	use	use	VERB
ajm-1758	22	35	:	:	PUNCT
ajm-1758	22	36	5	5	NUM
ajm-1758	22	37	,	,	PUNCT
ajm-1758	22	38	10	10	NUM
ajm-1758	22	39	,	,	PUNCT
ajm-1758	22	40	30	30	NUM
ajm-1758	22	41	year	year	NOUN
ajm-1758	22	42	u.s	u.s	PROPN
ajm-1758	22	43	.	.	PROPN
ajm-1758	22	44	government	government	NOUN
ajm-1758	22	45	yield	yield	VERB
ajm-1758	22	46	how	how	SCONJ
ajm-1758	22	47	to	to	PART
ajm-1758	22	48	estimate	estimate	VERB
ajm-1758	22	49	beta	beta	ADJ
ajm-1758	22	50	determination	determination	NOUN
ajm-1758	22	51	of	of	ADP
ajm-1758	22	52	the	the	DET
ajm-1758	22	53	equity	equity	NOUN
ajm-1758	22	54	risk	risk	NOUN
ajm-1758	22	55	premium	premium	NOUN
ajm-1758	22	56	the	the	DET
ajm-1758	22	57	approach	approach	NOUN
ajm-1758	22	58	selected	select	VERB
ajm-1758	22	59	will	will	AUX
ajm-1758	22	60	impact	impact	VERB
ajm-1758	22	61	the	the	DET
ajm-1758	22	62	results	result	NOUN
ajm-1758	22	63	but	but	CCONJ
ajm-1758	22	64	as	as	ADP
ajm-1758	22	65	campbell	campbell	PROPN
ajm-1758	22	66	harvey	harvey	PROPN
ajm-1758	22	67	(	(	PUNCT
ajm-1758	22	68	2005	2005	NUM
ajm-1758	22	69	)	)	PUNCT
ajm-1758	22	70	notes	note	NOUN
ajm-1758	22	71	,	,	PUNCT
ajm-1758	22	72	�	�	PROPN
ajm-1758	22	73	in	in	ADP
ajm-1758	22	74	countries	country	NOUN
ajm-1758	22	75	like	like	ADP
ajm-1758	22	76	the	the	DET
ajm-1758	22	77	u.s	u.s	PROPN
ajm-1758	22	78	.	.	PROPN
ajm-1758	22	79	,	,	PUNCT
ajm-1758	22	80	the	the	DET
ajm-1758	22	81	different	different	ADJ
ajm-1758	22	82	methods	method	NOUN
ajm-1758	22	83	often	often	ADV
ajm-1758	22	84	yield	yield	VERB
ajm-1758	22	85	similar	similar	ADJ
ajm-1758	22	86	results	result	NOUN
ajm-1758	22	87	.	.	PUNCT
ajm-1758	23	1	�	�	PROPN
ajm-1758	23	2	there	there	PRON
ajm-1758	23	3	is	be	VERB
ajm-1758	23	4	much	much	ADV
ajm-1758	23	5	less	less	ADJ
ajm-1758	23	6	agreement	agreement	NOUN
ajm-1758	23	7	on	on	ADP
ajm-1758	23	8	the	the	DET
ajm-1758	23	9	appropriate	appropriate	ADJ
ajm-1758	23	10	approach	approach	NOUN
ajm-1758	23	11	to	to	ADP
ajm-1758	23	12	determining	determine	VERB
ajm-1758	23	13	equity	equity	NOUN
ajm-1758	23	14	capital	capital	NOUN
ajm-1758	23	15	costs	cost	NOUN
ajm-1758	23	16	in	in	ADP
ajm-1758	23	17	emerging	emerge	VERB
ajm-1758	23	18	markets	market	NOUN
ajm-1758	23	19	.	.	PUNCT
ajm-1758	24	1	campbell	campbell	PROPN
ajm-1758	24	2	harvey	harvey	PROPN
ajm-1758	24	3	(	(	PUNCT
ajm-1758	24	4	2005	2005	NUM
ajm-1758	24	5	)	)	PUNCT
ajm-1758	24	6	critically	critically	ADV
ajm-1758	24	7	reviewed	review	VERB
ajm-1758	24	8	twelve	twelve	NUM
ajm-1758	24	9	different	different	ADJ
ajm-1758	24	10	approaches	approach	NOUN
ajm-1758	24	11	to	to	PART
ajm-1758	24	12	estimate	estimate	VERB
ajm-1758	24	13	the	the	DET
ajm-1758	24	14	international	international	ADJ
ajm-1758	24	15	cost	cost	NOUN
ajm-1758	24	16	of	of	ADP
ajm-1758	24	17	equity	equity	NOUN
ajm-1758	24	18	capital	capital	NOUN
ajm-1758	24	19	and	and	CCONJ
ajm-1758	24	20	demonstrates	demonstrate	VERB
ajm-1758	24	21	that	that	SCONJ
ajm-1758	24	22	the	the	DET
ajm-1758	24	23	various	various	ADJ
ajm-1758	24	24	methods	method	NOUN
ajm-1758	24	25	produce	produce	VERB
ajm-1758	24	26	widely	widely	ADV
ajm-1758	24	27	varying	vary	VERB
ajm-1758	24	28	results	result	NOUN
ajm-1758	24	29	.	.	PUNCT
ajm-1758	25	1	mark	mark	PROPN
ajm-1758	25	2	humphrey	humphrey	PROPN
ajm-1758	25	3	von	von	PROPN
ajm-1758	25	4	jenner	jenner	PROPN
ajm-1758	25	5	(	(	PUNCT
ajm-1758	25	6	2008	2008	NUM
ajm-1758	25	7	)	)	PUNCT
ajm-1758	25	8	described	describe	VERB
ajm-1758	25	9	six	six	NUM
ajm-1758	25	10	models	model	NOUN
ajm-1758	25	11	for	for	ADP
ajm-1758	25	12	estimating	estimate	VERB
ajm-1758	25	13	the	the	DET
ajm-1758	25	14	cost	cost	NOUN
ajm-1758	25	15	of	of	ADP
ajm-1758	25	16	equity	equity	NOUN
ajm-1758	25	17	in	in	ADP
ajm-1758	25	18	emerging	emerge	VERB
ajm-1758	25	19	markets	market	NOUN
ajm-1758	25	20	and	and	CCONJ
ajm-1758	25	21	recommends	recommend	VERB
ajm-1758	25	22	one	one	NUM
ajm-1758	25	23	of	of	ADP
ajm-1758	25	24	two	two	NUM
ajm-1758	25	25	approaches	approach	NOUN
ajm-1758	25	26	depending	depend	VERB
ajm-1758	25	27	on	on	ADP
ajm-1758	25	28	whether	whether	SCONJ
ajm-1758	25	29	the	the	DET
ajm-1758	25	30	investor	investor	NOUN
ajm-1758	25	31	diversifies	diversify	VERB
ajm-1758	25	32	internationally	internationally	ADV
ajm-1758	25	33	.	.	PUNCT
ajm-1758	26	1	niso	niso	NOUN
ajm-1758	26	2	abuaf	abuaf	PROPN
ajm-1758	26	3	(	(	PUNCT
ajm-1758	26	4	2011	2011	NUM
ajm-1758	26	5	)	)	PUNCT
ajm-1758	26	6	notes	note	VERB
ajm-1758	26	7	that	that	SCONJ
ajm-1758	26	8	in	in	ADP
ajm-1758	26	9	his	his	PRON
ajm-1758	26	10	almost	almost	ADV
ajm-1758	26	11	twenty	twenty	NUM
ajm-1758	26	12	years	year	NOUN
ajm-1758	26	13	working	work	VERB
ajm-1758	26	14	as	as	ADP
ajm-1758	26	15	an	an	DET
ajm-1758	26	16	investment	investment	NOUN
ajm-1758	26	17	banker	banker	NOUN
ajm-1758	26	18	,	,	PUNCT
ajm-1758	26	19	the	the	DET
ajm-1758	26	20	capm	capm	PROPN
ajm-1758	26	21	is	be	AUX
ajm-1758	26	22	the	the	DET
ajm-1758	26	23	technique	technique	NOUN
ajm-1758	26	24	primarily	primarily	ADV
ajm-1758	26	25	used	use	VERB
ajm-1758	26	26	to	to	PART
ajm-1758	26	27	estimate	estimate	VERB
ajm-1758	26	28	the	the	DET
ajm-1758	26	29	cost	cost	NOUN
ajm-1758	26	30	of	of	ADP
ajm-1758	26	31	equity	equity	NOUN
ajm-1758	26	32	.	.	PUNCT
ajm-1758	27	1	he	he	PRON
ajm-1758	27	2	then	then	ADV
ajm-1758	27	3	develops	develop	VERB
ajm-1758	27	4	an	an	DET
ajm-1758	27	5	extension	extension	NOUN
ajm-1758	27	6	of	of	ADP
ajm-1758	27	7	the	the	DET
ajm-1758	27	8	capm	capm	PROPN
ajm-1758	27	9	model	model	NOUN
ajm-1758	27	10	to	to	PART
ajm-1758	27	11	incorporate	incorporate	VERB
ajm-1758	27	12	a	a	DET
ajm-1758	27	13	factor	factor	NOUN
ajm-1758	27	14	related	relate	VERB
ajm-1758	27	15	to	to	ADP
ajm-1758	27	16	political	political	ADJ
ajm-1758	27	17	risk	risk	NOUN
ajm-1758	27	18	.	.	PUNCT
ajm-1758	28	1	depending	depend	VERB
ajm-1758	28	2	on	on	ADP
ajm-1758	28	3	which	which	DET
ajm-1758	28	4	approach	approach	NOUN
ajm-1758	28	5	is	be	AUX
ajm-1758	28	6	used	use	VERB
ajm-1758	28	7	,	,	PUNCT
ajm-1758	28	8	the	the	DET
ajm-1758	28	9	resulting	result	VERB
ajm-1758	28	10	cost	cost	NOUN
ajm-1758	28	11	of	of	ADP
ajm-1758	28	12	equity	equity	NOUN
ajm-1758	28	13	can	can	AUX
ajm-1758	28	14	vary	vary	VERB
ajm-1758	28	15	quite	quite	ADV
ajm-1758	28	16	significantly	significantly	ADV
ajm-1758	28	17	.	.	PUNCT
ajm-1758	29	1	in	in	ADP
ajm-1758	29	2	this	this	DET
ajm-1758	29	3	paper	paper	NOUN
ajm-1758	29	4	we	we	PRON
ajm-1758	29	5	consider	consider	VERB
ajm-1758	29	6	:	:	PUNCT
ajm-1758	29	7	what	what	PRON
ajm-1758	29	8	is	be	AUX
ajm-1758	29	9	currently	currently	ADV
ajm-1758	29	10	common	common	ADJ
ajm-1758	29	11	practice	practice	NOUN
ajm-1758	29	12	when	when	SCONJ
ajm-1758	29	13	estimating	estimate	VERB
ajm-1758	29	14	the	the	DET
ajm-1758	29	15	cost	cost	NOUN
ajm-1758	29	16	of	of	ADP
ajm-1758	29	17	equity	equity	NOUN
ajm-1758	29	18	in	in	ADP
ajm-1758	29	19	emerging	emerge	VERB
ajm-1758	29	20	markets	market	NOUN
ajm-1758	29	21	?	?	PUNCT
ajm-1758	30	1	how	how	SCONJ
ajm-1758	30	2	is	be	AUX
ajm-1758	30	3	country	country	NOUN
ajm-1758	30	4	risk	risk	NOUN
ajm-1758	30	5	incorporated	incorporate	VERB
ajm-1758	30	6	into	into	ADP
ajm-1758	30	7	the	the	DET
ajm-1758	30	8	cost	cost	NOUN
ajm-1758	30	9	of	of	ADP
ajm-1758	30	10	equity	equity	NOUN
ajm-1758	30	11	calculation	calculation	NOUN
ajm-1758	30	12	?	?	PUNCT
ajm-1758	31	1	a	a	DET
ajm-1758	31	2	case	case	NOUN
ajm-1758	31	3	study	study	NOUN
ajm-1758	31	4	approach	approach	NOUN
ajm-1758	31	5	to	to	ADP
ajm-1758	31	6	estimating	estimate	VERB
ajm-1758	31	7	the	the	DET
ajm-1758	31	8	cost	cost	NOUN
ajm-1758	31	9	of	of	ADP
ajm-1758	31	10	equity	equity	NOUN
ajm-1758	31	11	for	for	ADP
ajm-1758	31	12	three	three	NUM
ajm-1758	31	13	brazilian	brazilian	ADJ
ajm-1758	31	14	firms	firm	NOUN
ajm-1758	31	15	using	use	VERB
ajm-1758	31	16	five	five	NUM
ajm-1758	31	17	common	common	ADJ
ajm-1758	31	18	approaches	approach	NOUN
ajm-1758	31	19	.	.	PUNCT
ajm-1758	32	1	cost	cost	NOUN
ajm-1758	32	2	of	of	ADP
ajm-1758	32	3	equity	equity	NOUN
ajm-1758	32	4	in	in	ADP
ajm-1758	32	5	emerging	emerge	VERB
ajm-1758	32	6	markets	market	NOUN
ajm-1758	32	7	emerging	emerge	VERB
ajm-1758	32	8	market	market	NOUN
ajm-1758	32	9	investments	investment	NOUN
ajm-1758	32	10	expose	expose	VERB
ajm-1758	32	11	investors	investor	NOUN
ajm-1758	32	12	to	to	ADP
ajm-1758	32	13	additional	additional	ADJ
ajm-1758	32	14	risks	risk	NOUN
ajm-1758	32	15	which	which	PRON
ajm-1758	32	16	are	be	AUX
ajm-1758	32	17	commonly	commonly	ADV
ajm-1758	32	18	called	call	VERB
ajm-1758	32	19	�	�	NOUN
ajm-1758	32	20	country	country	NOUN
ajm-1758	32	21	risk	risk	NOUN
ajm-1758	32	22	�	�	PROPN
ajm-1758	32	23	.	.	PUNCT
ajm-1758	33	1	the	the	DET
ajm-1758	33	2	essential	essential	ADJ
ajm-1758	33	3	questions	question	NOUN
ajm-1758	33	4	are	be	AUX
ajm-1758	33	5	which	which	DET
ajm-1758	33	6	risks	risk	NOUN
ajm-1758	33	7	do	do	VERB
ajm-1758	33	8	investors	investor	NOUN
ajm-1758	33	9	demand	demand	VERB
ajm-1758	33	10	compensation	compensation	NOUN
ajm-1758	33	11	for	for	ADP
ajm-1758	33	12	and	and	CCONJ
ajm-1758	33	13	how	how	SCONJ
ajm-1758	33	14	much	much	ADJ
ajm-1758	33	15	additional	additional	ADJ
ajm-1758	33	16	return	return	NOUN
ajm-1758	33	17	is	be	AUX
ajm-1758	33	18	required	require	VERB
ajm-1758	33	19	?	?	PUNCT
ajm-1758	34	1	potential	potential	ADJ
ajm-1758	34	2	risks	risk	NOUN
ajm-1758	34	3	include	include	VERB
ajm-1758	34	4	:	:	PUNCT
ajm-1758	34	5	financial	financial	ADJ
ajm-1758	34	6	markets	market	NOUN
ajm-1758	34	7	which	which	PRON
ajm-1758	34	8	are	be	AUX
ajm-1758	34	9	illiquid	illiquid	ADJ
ajm-1758	34	10	and	and	CCONJ
ajm-1758	34	11	lack	lack	VERB
ajm-1758	34	12	transparency	transparency	NOUN
ajm-1758	34	13	less	less	ADV
ajm-1758	34	14	developed	developed	ADJ
ajm-1758	34	15	regulatory	regulatory	ADJ
ajm-1758	34	16	,	,	PUNCT
ajm-1758	34	17	corporate	corporate	ADJ
ajm-1758	34	18	governance	governance	NOUN
ajm-1758	34	19	and	and	CCONJ
ajm-1758	34	20	legal	legal	ADJ
ajm-1758	34	21	framework	framework	NOUN
ajm-1758	34	22	inability	inability	NOUN
ajm-1758	34	23	to	to	PART
ajm-1758	34	24	repatriate	repatriate	VERB
ajm-1758	34	25	earnings	earning	NOUN
ajm-1758	34	26	economic	economic	ADJ
ajm-1758	34	27	uncertainty	uncertainty	NOUN
ajm-1758	34	28	war	war	NOUN
ajm-1758	34	29	and/or	and/or	CCONJ
ajm-1758	34	30	political	political	ADJ
ajm-1758	34	31	instability	instability	NOUN
ajm-1758	34	32	risk	risk	NOUN
ajm-1758	34	33	of	of	ADP
ajm-1758	34	34	expropriation	expropriation	NOUN
ajm-1758	34	35	of	of	ADP
ajm-1758	34	36	assets	asset	NOUN
ajm-1758	34	37	attempts	attempt	VERB
ajm-1758	34	38	to	to	PART
ajm-1758	34	39	incorporate	incorporate	VERB
ajm-1758	34	40	these	these	DET
ajm-1758	34	41	risks	risk	NOUN
ajm-1758	34	42	into	into	ADP
ajm-1758	34	43	a	a	DET
ajm-1758	34	44	model	model	NOUN
ajm-1758	34	45	leads	lead	VERB
ajm-1758	34	46	to	to	ADP
ajm-1758	34	47	confusion	confusion	NOUN
ajm-1758	34	48	because	because	SCONJ
ajm-1758	34	49	there	there	PRON
ajm-1758	34	50	are	be	VERB
ajm-1758	34	51	many	many	ADJ
ajm-1758	34	52	options	option	NOUN
ajm-1758	34	53	related	relate	VERB
ajm-1758	34	54	to	to	ADP
ajm-1758	34	55	estimating	estimate	VERB
ajm-1758	34	56	the	the	DET
ajm-1758	34	57	cost	cost	NOUN
ajm-1758	34	58	of	of	ADP
ajm-1758	34	59	equity	equity	NOUN
ajm-1758	34	60	in	in	ADP
ajm-1758	34	61	practice	practice	NOUN
ajm-1758	34	62	.	.	PUNCT
ajm-1758	35	1	common	common	ADJ
ajm-1758	35	2	questions	question	NOUN
ajm-1758	35	3	include	include	VERB
ajm-1758	35	4	:	:	PUNCT
ajm-1758	35	5	60	60	NUM
ajm-1758	35	6	american	american	ADJ
ajm-1758	35	7	journal	journal	NOUN
ajm-1758	35	8	of	of	ADP
ajm-1758	35	9	management	management	NOUN
ajm-1758	35	10	vol	vol	NOUN
ajm-1758	35	11	.	.	PUNCT
ajm-1758	36	1	17(2	17(2	NUM
ajm-1758	36	2	)	)	PUNCT
ajm-1758	36	3	2017	2017	NUM
ajm-1758	36	4	should	should	AUX
ajm-1758	36	5	country	country	NOUN
ajm-1758	36	6	risk	risk	NOUN
ajm-1758	36	7	be	be	AUX
ajm-1758	36	8	incorporated	incorporate	VERB
ajm-1758	36	9	through	through	ADP
ajm-1758	36	10	:	:	PUNCT
ajm-1758	36	11	beta	beta	NOUN
ajm-1758	36	12	in	in	ADP
ajm-1758	36	13	a	a	DET
ajm-1758	36	14	single	single	ADJ
ajm-1758	36	15	factor	factor	NOUN
ajm-1758	36	16	model	model	NOUN
ajm-1758	36	17	(	(	PUNCT
ajm-1758	36	18	assumes	assume	VERB
ajm-1758	36	19	beta	beta	NOUN
ajm-1758	36	20	will	will	AUX
ajm-1758	36	21	reflect	reflect	VERB
ajm-1758	36	22	exposure	exposure	NOUN
ajm-1758	36	23	to	to	ADP
ajm-1758	36	24	country	country	NOUN
ajm-1758	36	25	risk	risk	NOUN
ajm-1758	36	26	)	)	PUNCT
ajm-1758	36	27	the	the	DET
ajm-1758	36	28	addition	addition	NOUN
ajm-1758	36	29	of	of	ADP
ajm-1758	36	30	a	a	DET
ajm-1758	36	31	second	second	ADJ
ajm-1758	36	32	factor	factor	NOUN
ajm-1758	36	33	reflecting	reflect	VERB
ajm-1758	36	34	a	a	DET
ajm-1758	36	35	premium	premium	NOUN
ajm-1758	36	36	for	for	ADP
ajm-1758	36	37	country	country	NOUN
ajm-1758	36	38	risk	risk	VERB
ajm-1758	36	39	the	the	DET
ajm-1758	36	40	risk	risk	NOUN
ajm-1758	36	41	free	free	ADJ
ajm-1758	36	42	rate	rate	NOUN
ajm-1758	36	43	by	by	ADP
ajm-1758	36	44	using	use	VERB
ajm-1758	36	45	the	the	DET
ajm-1758	36	46	yield	yield	NOUN
ajm-1758	36	47	on	on	ADP
ajm-1758	36	48	sovereign	sovereign	ADJ
ajm-1758	36	49	debt	debt	NOUN
ajm-1758	36	50	the	the	DET
ajm-1758	36	51	equity	equity	NOUN
ajm-1758	36	52	risk	risk	NOUN
ajm-1758	36	53	premium	premium	NOUN
ajm-1758	36	54	(	(	PUNCT
ajm-1758	36	55	erp	erp	NOUN
ajm-1758	36	56	)	)	PUNCT
ajm-1758	36	57	where	where	SCONJ
ajm-1758	36	58	this	this	PRON
ajm-1758	36	59	is	be	AUX
ajm-1758	36	60	estimated	estimate	VERB
ajm-1758	36	61	by	by	ADP
ajm-1758	36	62	country	country	NOUN
ajm-1758	36	63	the	the	DET
ajm-1758	36	64	equity	equity	NOUN
ajm-1758	36	65	risk	risk	NOUN
ajm-1758	36	66	premium	premium	NOUN
ajm-1758	36	67	(	(	PUNCT
ajm-1758	36	68	erp	erp	NOUN
ajm-1758	36	69	)	)	PUNCT
ajm-1758	36	70	where	where	SCONJ
ajm-1758	36	71	this	this	PRON
ajm-1758	36	72	is	be	AUX
ajm-1758	36	73	estimated	estimate	VERB
ajm-1758	36	74	based	base	VERB
ajm-1758	36	75	on	on	ADP
ajm-1758	36	76	the	the	DET
ajm-1758	36	77	countries	country	NOUN
ajm-1758	36	78	where	where	SCONJ
ajm-1758	36	79	revenues	revenue	NOUN
ajm-1758	36	80	are	be	AUX
ajm-1758	36	81	generated	generate	VERB
ajm-1758	36	82	or	or	CCONJ
ajm-1758	36	83	assets	asset	NOUN
ajm-1758	36	84	are	be	AUX
ajm-1758	36	85	located	locate	VERB
ajm-1758	36	86	should	should	AUX
ajm-1758	36	87	the	the	DET
ajm-1758	36	88	risk	risk	NOUN
ajm-1758	36	89	free	free	ADJ
ajm-1758	36	90	rate	rate	NOUN
ajm-1758	36	91	be	be	AUX
ajm-1758	36	92	estimated	estimate	VERB
ajm-1758	36	93	as	as	ADP
ajm-1758	36	94	:	:	PUNCT
ajm-1758	36	95	the	the	DET
ajm-1758	36	96	us	us	PROPN
ajm-1758	36	97	ten	ten	NUM
ajm-1758	36	98	-	-	PUNCT
ajm-1758	36	99	year	year	NOUN
ajm-1758	36	100	yield	yield	NOUN
ajm-1758	36	101	the	the	DET
ajm-1758	36	102	us	us	PROPN
ajm-1758	36	103	ten	ten	NUM
ajm-1758	36	104	-	-	PUNCT
ajm-1758	36	105	year	year	NOUN
ajm-1758	36	106	plus	plus	CCONJ
ajm-1758	36	107	an	an	DET
ajm-1758	36	108	inflation	inflation	NOUN
ajm-1758	36	109	differential	differential	NOUN
ajm-1758	36	110	to	to	PART
ajm-1758	36	111	reflect	reflect	VERB
ajm-1758	36	112	inflation	inflation	NOUN
ajm-1758	36	113	on	on	ADP
ajm-1758	36	114	the	the	DET
ajm-1758	36	115	emerging	emerge	VERB
ajm-1758	36	116	market	market	NOUN
ajm-1758	36	117	country	country	NOUN
ajm-1758	36	118	the	the	DET
ajm-1758	36	119	sovereign	sovereign	ADJ
ajm-1758	36	120	ten	ten	NUM
ajm-1758	36	121	-	-	PUNCT
ajm-1758	36	122	year	year	NOUN
ajm-1758	36	123	yield	yield	NOUN
ajm-1758	36	124	is	be	AUX
ajm-1758	36	125	the	the	DET
ajm-1758	36	126	equity	equity	NOUN
ajm-1758	36	127	risk	risk	NOUN
ajm-1758	36	128	premium	premium	NOUN
ajm-1758	36	129	:	:	PUNCT
ajm-1758	36	130	the	the	DET
ajm-1758	36	131	us	us	PROPN
ajm-1758	36	132	or	or	CCONJ
ajm-1758	36	133	global	global	ADJ
ajm-1758	36	134	erp	erp	PROPN
ajm-1758	36	135	the	the	DET
ajm-1758	36	136	erp	erp	NOUN
ajm-1758	36	137	of	of	ADP
ajm-1758	36	138	the	the	DET
ajm-1758	36	139	emerging	emerge	VERB
ajm-1758	36	140	market	market	NOUN
ajm-1758	36	141	country	country	NOUN
ajm-1758	36	142	an	an	DET
ajm-1758	36	143	erp	erp	NOUN
ajm-1758	36	144	estimated	estimate	VERB
ajm-1758	36	145	by	by	ADP
ajm-1758	36	146	weighting	weight	VERB
ajm-1758	36	147	the	the	DET
ajm-1758	36	148	erps	erps	PROPN
ajm-1758	36	149	of	of	ADP
ajm-1758	36	150	countries	country	NOUN
ajm-1758	36	151	where	where	SCONJ
ajm-1758	36	152	the	the	DET
ajm-1758	36	153	firm	firm	NOUN
ajm-1758	36	154	generates	generate	VERB
ajm-1758	36	155	revenues	revenue	NOUN
ajm-1758	36	156	should	should	AUX
ajm-1758	36	157	beta	beta	NOUN
ajm-1758	36	158	be	be	AUX
ajm-1758	36	159	calculated	calculate	VERB
ajm-1758	36	160	by	by	ADP
ajm-1758	36	161	:	:	PUNCT
ajm-1758	36	162	comparing	compare	VERB
ajm-1758	36	163	firm	firm	ADJ
ajm-1758	36	164	stock	stock	NOUN
ajm-1758	36	165	returns	return	NOUN
ajm-1758	36	166	to	to	ADP
ajm-1758	36	167	a	a	DET
ajm-1758	36	168	local	local	ADJ
ajm-1758	36	169	stock	stock	NOUN
ajm-1758	36	170	index	index	NOUN
ajm-1758	36	171	comparing	compare	VERB
ajm-1758	36	172	firm	firm	ADJ
ajm-1758	36	173	stock	stock	NOUN
ajm-1758	36	174	returns	return	NOUN
ajm-1758	36	175	to	to	ADP
ajm-1758	36	176	a	a	DET
ajm-1758	36	177	global	global	ADJ
ajm-1758	36	178	index	index	NOUN
ajm-1758	36	179	levering	lever	VERB
ajm-1758	36	180	the	the	DET
ajm-1758	36	181	global	global	ADJ
ajm-1758	36	182	industry	industry	NOUN
ajm-1758	36	183	beta	beta	NOUN
ajm-1758	36	184	to	to	ADP
ajm-1758	36	185	the	the	DET
ajm-1758	36	186	firm	firm	NOUN
ajm-1758	36	187	�	�	PROPN
ajm-1758	36	188	s	s	PART
ajm-1758	36	189	capital	capital	NOUN
ajm-1758	36	190	structure	structure	NOUN
ajm-1758	36	191	care	care	NOUN
ajm-1758	36	192	must	must	AUX
ajm-1758	36	193	be	be	AUX
ajm-1758	36	194	taken	take	VERB
ajm-1758	36	195	to	to	PART
ajm-1758	36	196	ensure	ensure	VERB
ajm-1758	36	197	any	any	DET
ajm-1758	36	198	inflation	inflation	NOUN
ajm-1758	36	199	differential	differential	NOUN
ajm-1758	36	200	and	and	CCONJ
ajm-1758	36	201	country	country	NOUN
ajm-1758	36	202	risk	risk	NOUN
ajm-1758	36	203	are	be	AUX
ajm-1758	36	204	neither	neither	CCONJ
ajm-1758	36	205	ignored	ignore	VERB
ajm-1758	36	206	nor	nor	CCONJ
ajm-1758	36	207	double	double	ADJ
ajm-1758	36	208	counted	count	VERB
ajm-1758	36	209	.	.	PUNCT
ajm-1758	37	1	we	we	PRON
ajm-1758	37	2	must	must	AUX
ajm-1758	37	3	also	also	ADV
ajm-1758	37	4	consider	consider	VERB
ajm-1758	37	5	the	the	DET
ajm-1758	37	6	degree	degree	NOUN
ajm-1758	37	7	to	to	PART
ajm-1758	37	8	which	which	PRON
ajm-1758	37	9	an	an	DET
ajm-1758	37	10	individual	individual	ADJ
ajm-1758	37	11	firm	firm	NOUN
ajm-1758	37	12	is	be	AUX
ajm-1758	37	13	exposed	expose	VERB
ajm-1758	37	14	to	to	ADP
ajm-1758	37	15	country	country	NOUN
ajm-1758	37	16	risk	risk	NOUN
ajm-1758	37	17	.	.	PUNCT
ajm-1758	38	1	in	in	ADP
ajm-1758	38	2	our	our	PRON
ajm-1758	38	3	case	case	NOUN
ajm-1758	38	4	study	study	NOUN
ajm-1758	38	5	,	,	PUNCT
ajm-1758	38	6	some	some	PRON
ajm-1758	38	7	might	might	AUX
ajm-1758	38	8	view	view	VERB
ajm-1758	38	9	the	the	DET
ajm-1758	38	10	exposure	exposure	NOUN
ajm-1758	38	11	of	of	ADP
ajm-1758	38	12	via	via	ADP
ajm-1758	38	13	varejo	varejo	PROPN
ajm-1758	38	14	to	to	ADP
ajm-1758	38	15	brazilian	brazilian	ADJ
ajm-1758	38	16	country	country	NOUN
ajm-1758	38	17	risk	risk	NOUN
ajm-1758	38	18	as	as	ADP
ajm-1758	38	19	significantly	significantly	ADV
ajm-1758	38	20	higher	high	ADJ
ajm-1758	38	21	than	than	ADP
ajm-1758	38	22	that	that	PRON
ajm-1758	38	23	of	of	ADP
ajm-1758	38	24	embraer	embraer	PROPN
ajm-1758	38	25	since	since	SCONJ
ajm-1758	38	26	the	the	DET
ajm-1758	38	27	former	former	ADJ
ajm-1758	38	28	earns	earn	VERB
ajm-1758	38	29	100	100	NUM
ajm-1758	38	30	%	%	NOUN
ajm-1758	38	31	of	of	ADP
ajm-1758	38	32	its	its	PRON
ajm-1758	38	33	revenues	revenue	NOUN
ajm-1758	38	34	in	in	ADP
ajm-1758	38	35	brazil	brazil	PROPN
ajm-1758	38	36	while	while	SCONJ
ajm-1758	38	37	embraer	embraer	PROPN
ajm-1758	38	38	earns	earn	VERB
ajm-1758	38	39	about	about	ADV
ajm-1758	38	40	20	20	NUM
ajm-1758	38	41	%	%	NOUN
ajm-1758	38	42	of	of	ADP
ajm-1758	38	43	its	its	PRON
ajm-1758	38	44	revenues	revenue	NOUN
ajm-1758	38	45	in	in	ADP
ajm-1758	38	46	brazil	brazil	PROPN
ajm-1758	38	47	.	.	PUNCT
ajm-1758	39	1	five	five	NUM
ajm-1758	39	2	approaches	approach	NOUN
ajm-1758	39	3	commonly	commonly	ADV
ajm-1758	39	4	discussed	discuss	VERB
ajm-1758	39	5	in	in	ADP
ajm-1758	39	6	academic	academic	ADJ
ajm-1758	39	7	literature	literature	NOUN
ajm-1758	39	8	and	and	CCONJ
ajm-1758	39	9	used	use	VERB
ajm-1758	39	10	in	in	ADP
ajm-1758	39	11	practice	practice	NOUN
ajm-1758	39	12	follow	follow	NOUN
ajm-1758	40	1	and	and	CCONJ
ajm-1758	40	2	we	we	PRON
ajm-1758	40	3	calculate	calculate	VERB
ajm-1758	40	4	the	the	DET
ajm-1758	40	5	cost	cost	NOUN
ajm-1758	40	6	of	of	ADP
ajm-1758	40	7	equity	equity	NOUN
ajm-1758	40	8	for	for	ADP
ajm-1758	40	9	each	each	PRON
ajm-1758	40	10	of	of	ADP
ajm-1758	40	11	the	the	DET
ajm-1758	40	12	three	three	NUM
ajm-1758	40	13	case	case	NOUN
ajm-1758	40	14	firms	firm	NOUN
ajm-1758	40	15	using	use	VERB
ajm-1758	40	16	these	these	DET
ajm-1758	40	17	approaches	approach	NOUN
ajm-1758	40	18	.	.	PUNCT
ajm-1758	41	1	approaches	approach	NOUN
ajm-1758	41	2	:	:	PUNCT
ajm-1758	41	3	1	1	X
ajm-1758	41	4	.	.	X
ajm-1758	42	1	use	use	VERB
ajm-1758	42	2	the	the	DET
ajm-1758	42	3	single	single	ADJ
ajm-1758	42	4	factor	factor	NOUN
ajm-1758	42	5	capm	capm	PROPN
ajm-1758	42	6	and	and	CCONJ
ajm-1758	42	7	assume	assume	VERB
ajm-1758	42	8	beta	beta	NOUN
ajm-1758	42	9	will	will	AUX
ajm-1758	42	10	capture	capture	VERB
ajm-1758	42	11	country	country	NOUN
ajm-1758	42	12	risk	risk	NOUN
ajm-1758	42	13	2	2	NUM
ajm-1758	42	14	.	.	PUNCT
ajm-1758	42	15	add	add	VERB
ajm-1758	42	16	a	a	DET
ajm-1758	42	17	country	country	NOUN
ajm-1758	42	18	risk	risk	NOUN
ajm-1758	42	19	premium	premium	NOUN
ajm-1758	42	20	to	to	ADP
ajm-1758	42	21	the	the	DET
ajm-1758	42	22	capm	capm	PROPN
ajm-1758	42	23	model	model	NOUN
ajm-1758	42	24	above	above	ADP
ajm-1758	42	25	3	3	NUM
ajm-1758	42	26	.	.	NOUN
ajm-1758	42	27	incorporate	incorporate	NOUN
ajm-1758	42	28	country	country	NOUN
ajm-1758	42	29	risk	risk	NOUN
ajm-1758	42	30	in	in	ADP
ajm-1758	42	31	the	the	DET
ajm-1758	42	32	risk	risk	NOUN
ajm-1758	42	33	free	free	ADJ
ajm-1758	42	34	rate	rate	NOUN
ajm-1758	42	35	by	by	ADP
ajm-1758	42	36	using	use	VERB
ajm-1758	42	37	the	the	DET
ajm-1758	42	38	sovereign	sovereign	ADJ
ajm-1758	42	39	yield	yield	NOUN
ajm-1758	42	40	4	4	NUM
ajm-1758	42	41	.	.	PUNCT
ajm-1758	42	42	calculate	calculate	VERB
ajm-1758	42	43	a	a	DET
ajm-1758	42	44	country	country	NOUN
ajm-1758	42	45	specific	specific	ADJ
ajm-1758	42	46	equity	equity	NOUN
ajm-1758	42	47	risk	risk	NOUN
ajm-1758	42	48	premium	premium	NOUN
ajm-1758	42	49	(	(	PUNCT
ajm-1758	42	50	erp	erp	NOUN
ajm-1758	42	51	)	)	PUNCT
ajm-1758	42	52	5	5	NUM
ajm-1758	42	53	.	.	X
ajm-1758	42	54	calculate	calculate	VERB
ajm-1758	42	55	a	a	DET
ajm-1758	42	56	weighted	weighted	ADJ
ajm-1758	42	57	average	average	ADJ
ajm-1758	42	58	erp	erp	NOUN
ajm-1758	42	59	based	base	VERB
ajm-1758	42	60	on	on	ADP
ajm-1758	42	61	the	the	DET
ajm-1758	42	62	countries	country	NOUN
ajm-1758	42	63	where	where	SCONJ
ajm-1758	42	64	revenue	revenue	NOUN
ajm-1758	42	65	is	be	AUX
ajm-1758	42	66	generated	generate	VERB
ajm-1758	42	67	or	or	CCONJ
ajm-1758	42	68	assets	asset	NOUN
ajm-1758	42	69	are	be	AUX
ajm-1758	42	70	located	locate	VERB
ajm-1758	42	71	a	a	DET
ajm-1758	42	72	sixth	sixth	ADJ
ajm-1758	42	73	approach	approach	NOUN
ajm-1758	42	74	has	have	AUX
ajm-1758	42	75	been	be	AUX
ajm-1758	42	76	recommended	recommend	VERB
ajm-1758	42	77	by	by	ADP
ajm-1758	42	78	academics	academic	NOUN
ajm-1758	42	79	including	include	VERB
ajm-1758	42	80	damodaran	damodaran	VERB
ajm-1758	42	81	and	and	CCONJ
ajm-1758	42	82	abuaf	abuaf	NOUN
ajm-1758	42	83	.	.	PUNCT
ajm-1758	43	1	here	here	ADV
ajm-1758	43	2	,	,	PUNCT
ajm-1758	43	3	capm	capm	PROPN
ajm-1758	43	4	is	be	AUX
ajm-1758	43	5	extended	extend	VERB
ajm-1758	43	6	to	to	PART
ajm-1758	43	7	include	include	VERB
ajm-1758	43	8	a	a	DET
ajm-1758	43	9	second	second	ADJ
ajm-1758	43	10	factor	factor	NOUN
ajm-1758	43	11	to	to	PART
ajm-1758	43	12	capture	capture	VERB
ajm-1758	43	13	the	the	DET
ajm-1758	43	14	sensitivity	sensitivity	NOUN
ajm-1758	43	15	of	of	ADP
ajm-1758	43	16	the	the	DET
ajm-1758	43	17	firm	firm	NOUN
ajm-1758	43	18	�	�	PROPN
ajm-1758	43	19	s	s	PART
ajm-1758	43	20	equity	equity	NOUN
ajm-1758	43	21	to	to	ADP
ajm-1758	43	22	country	country	NOUN
ajm-1758	43	23	risk	risk	NOUN
ajm-1758	43	24	.	.	PUNCT
ajm-1758	44	1	this	this	DET
ajm-1758	44	2	approach	approach	NOUN
ajm-1758	44	3	requires	require	VERB
ajm-1758	44	4	calculation	calculation	NOUN
ajm-1758	44	5	of	of	ADP
ajm-1758	44	6	this	this	DET
ajm-1758	44	7	second	second	ADJ
ajm-1758	44	8	factor	factor	NOUN
ajm-1758	44	9	and	and	CCONJ
ajm-1758	44	10	since	since	SCONJ
ajm-1758	44	11	the	the	DET
ajm-1758	44	12	data	data	NOUN
ajm-1758	44	13	is	be	AUX
ajm-1758	44	14	not	not	PART
ajm-1758	44	15	readily	readily	ADV
ajm-1758	44	16	available	available	ADJ
ajm-1758	44	17	the	the	DET
ajm-1758	44	18	technique	technique	NOUN
ajm-1758	44	19	is	be	AUX
ajm-1758	44	20	not	not	PART
ajm-1758	44	21	used	use	VERB
ajm-1758	44	22	much	much	ADJ
ajm-1758	44	23	in	in	ADP
ajm-1758	44	24	practice	practice	NOUN
ajm-1758	44	25	and	and	CCONJ
ajm-1758	44	26	is	be	AUX
ajm-1758	44	27	not	not	PART
ajm-1758	44	28	included	include	VERB
ajm-1758	44	29	here	here	ADV
ajm-1758	44	30	.	.	PUNCT
ajm-1758	45	1	results	result	VERB
ajm-1758	45	2	�	�	PROPN
ajm-1758	45	3	data	datum	NOUN
ajm-1758	45	4	from	from	ADP
ajm-1758	45	5	april	april	PROPN
ajm-1758	45	6	2016	2016	NUM
ajm-1758	45	7	since	since	SCONJ
ajm-1758	45	8	our	our	PRON
ajm-1758	45	9	three	three	NUM
ajm-1758	45	10	case	case	NOUN
ajm-1758	45	11	firms	firm	NOUN
ajm-1758	45	12	are	be	AUX
ajm-1758	45	13	located	locate	VERB
ajm-1758	45	14	in	in	ADP
ajm-1758	45	15	brazil	brazil	PROPN
ajm-1758	45	16	and	and	CCONJ
ajm-1758	45	17	report	report	NOUN
ajm-1758	45	18	in	in	ADP
ajm-1758	45	19	brazilian	brazilian	ADJ
ajm-1758	45	20	reals	real	NOUN
ajm-1758	45	21	the	the	DET
ajm-1758	45	22	cost	cost	NOUN
ajm-1758	45	23	of	of	ADP
ajm-1758	45	24	equity	equity	NOUN
ajm-1758	45	25	is	be	AUX
ajm-1758	45	26	calculated	calculate	VERB
ajm-1758	45	27	in	in	ADP
ajm-1758	45	28	local	local	ADJ
ajm-1758	45	29	,	,	PUNCT
ajm-1758	45	30	nominal	nominal	ADJ
ajm-1758	45	31	terms	term	NOUN
ajm-1758	45	32	�	�	X
ajm-1758	45	33	i.e.	i.e.	X
ajm-1758	45	34	the	the	DET
ajm-1758	45	35	cost	cost	NOUN
ajm-1758	45	36	of	of	ADP
ajm-1758	45	37	raising	raise	VERB
ajm-1758	45	38	equity	equity	NOUN
ajm-1758	45	39	in	in	ADP
ajm-1758	45	40	brazil	brazil	PROPN
ajm-1758	45	41	in	in	ADP
ajm-1758	45	42	reals	real	NOUN
ajm-1758	45	43	.	.	PUNCT
ajm-1758	46	1	data	datum	NOUN
ajm-1758	46	2	sources	source	NOUN
ajm-1758	46	3	are	be	AUX
ajm-1758	46	4	shown	show	VERB
ajm-1758	46	5	in	in	ADP
ajm-1758	46	6	appendix	appendix	NOUN
ajm-1758	46	7	1	1	NUM
ajm-1758	46	8	.	.	PUNCT
ajm-1758	47	1	we	we	PRON
ajm-1758	47	2	use	use	VERB
ajm-1758	47	3	information	information	NOUN
ajm-1758	47	4	available	available	ADJ
ajm-1758	47	5	on	on	ADP
ajm-1758	47	6	bloomberg	bloomberg	PROPN
ajm-1758	47	7	and	and	CCONJ
ajm-1758	47	8	s&p	s&p	PROPN
ajm-1758	47	9	capiq	capiq	NOUN
ajm-1758	47	10	.	.	PUNCT
ajm-1758	48	1	approach	approach	NOUN
ajm-1758	48	2	1	1	NUM
ajm-1758	48	3	:	:	PUNCT
ajm-1758	48	4	use	use	VERB
ajm-1758	48	5	the	the	DET
ajm-1758	48	6	single	single	ADJ
ajm-1758	48	7	factor	factor	NOUN
ajm-1758	48	8	capm	capm	PROPN
ajm-1758	48	9	and	and	CCONJ
ajm-1758	48	10	assume	assume	VERB
ajm-1758	48	11	beta	beta	NOUN
ajm-1758	48	12	will	will	AUX
ajm-1758	48	13	capture	capture	VERB
ajm-1758	48	14	country	country	NOUN
ajm-1758	48	15	risk	risk	NOUN
ajm-1758	48	16	rationale	rationale	NOUN
ajm-1758	48	17	:	:	PUNCT
ajm-1758	48	18	if	if	SCONJ
ajm-1758	48	19	beta	beta	NOUN
ajm-1758	48	20	is	be	AUX
ajm-1758	48	21	measured	measure	VERB
ajm-1758	48	22	as	as	ADP
ajm-1758	48	23	firm	firm	ADJ
ajm-1758	48	24	return	return	NOUN
ajm-1758	48	25	sensitivity	sensitivity	NOUN
ajm-1758	48	26	compared	compare	VERB
ajm-1758	48	27	to	to	ADP
ajm-1758	48	28	a	a	DET
ajm-1758	48	29	global	global	ADJ
ajm-1758	48	30	index	index	NOUN
ajm-1758	48	31	then	then	ADV
ajm-1758	48	32	beta	beta	NOUN
ajm-1758	48	33	should	should	AUX
ajm-1758	48	34	capture	capture	VERB
ajm-1758	48	35	country	country	NOUN
ajm-1758	48	36	risk	risk	NOUN
ajm-1758	48	37	.	.	PUNCT
ajm-1758	49	1	american	american	ADJ
ajm-1758	49	2	journal	journal	PROPN
ajm-1758	49	3	of	of	ADP
ajm-1758	49	4	management	management	NOUN
ajm-1758	49	5	vol	vol	NOUN
ajm-1758	49	6	.	.	PUNCT
ajm-1758	50	1	17(2	17(2	NUM
ajm-1758	50	2	)	)	PUNCT
ajm-1758	50	3	2017	2017	NUM
ajm-1758	50	4	61	61	NUM
ajm-1758	50	5	limitations	limitation	NOUN
ajm-1758	50	6	:	:	PUNCT
ajm-1758	50	7	evidence	evidence	NOUN
ajm-1758	50	8	suggests	suggest	VERB
ajm-1758	50	9	country	country	NOUN
ajm-1758	50	10	risk	risk	NOUN
ajm-1758	50	11	is	be	AUX
ajm-1758	50	12	not	not	PART
ajm-1758	50	13	included	include	VERB
ajm-1758	50	14	in	in	ADP
ajm-1758	50	15	this	this	DET
ajm-1758	50	16	beta	beta	NOUN
ajm-1758	50	17	and	and	CCONJ
ajm-1758	50	18	the	the	DET
ajm-1758	50	19	approach	approach	NOUN
ajm-1758	50	20	is	be	AUX
ajm-1758	50	21	rarely	rarely	ADV
ajm-1758	50	22	used	use	VERB
ajm-1758	50	23	in	in	ADP
ajm-1758	50	24	practice	practice	NOUN
ajm-1758	50	25	.	.	PUNCT
ajm-1758	51	1	lack	lack	NOUN
ajm-1758	51	2	of	of	ADP
ajm-1758	51	3	liquidity	liquidity	NOUN
ajm-1758	51	4	may	may	AUX
ajm-1758	51	5	contribute	contribute	VERB
ajm-1758	51	6	to	to	ADP
ajm-1758	51	7	inability	inability	NOUN
ajm-1758	51	8	of	of	ADP
ajm-1758	51	9	beta	beta	NOUN
ajm-1758	51	10	to	to	PART
ajm-1758	51	11	capture	capture	VERB
ajm-1758	51	12	country	country	NOUN
ajm-1758	51	13	risk	risk	NOUN
ajm-1758	51	14	.	.	PUNCT
ajm-1758	52	1	formula	formula	NOUN
ajm-1758	52	2	:	:	PUNCT
ajm-1758	52	3	ke	ke	NOUN
ajm-1758	52	4	=	=	PUNCT
ajm-1758	52	5	krf	krf	PROPN
ajm-1758	52	6	+	+	CCONJ
ajm-1758	52	7	erp	erp	X
ajm-1758	52	8	*	*	PUNCT
ajm-1758	52	9	beta	beta	NOUN
ajm-1758	52	10	inputs	input	NOUN
ajm-1758	52	11	krf	krf	NOUN
ajm-1758	52	12	=	=	SYM
ajm-1758	52	13	us	we	PRON
ajm-1758	52	14	or	or	CCONJ
ajm-1758	52	15	equivalent	equivalent	ADJ
ajm-1758	52	16	ten	ten	NUM
ajm-1758	52	17	-	-	PUNCT
ajm-1758	52	18	year	year	NOUN
ajm-1758	52	19	yield	yield	NOUN
ajm-1758	52	20	plus	plus	CCONJ
ajm-1758	52	21	inflation	inflation	NOUN
ajm-1758	52	22	differential	differential	NOUN
ajm-1758	52	23	between	between	ADP
ajm-1758	52	24	local	local	ADJ
ajm-1758	52	25	country	country	NOUN
ajm-1758	52	26	and	and	CCONJ
ajm-1758	52	27	us	we	PRON
ajm-1758	52	28	to	to	PART
ajm-1758	52	29	capture	capture	VERB
ajm-1758	52	30	local	local	ADJ
ajm-1758	52	31	risk	risk	NOUN
ajm-1758	52	32	free	free	ADJ
ajm-1758	52	33	rate	rate	NOUN
ajm-1758	52	34	erp	erp	PROPN
ajm-1758	52	35	=	=	SYM
ajm-1758	52	36	us	us	PROPN
ajm-1758	52	37	equity	equity	NOUN
ajm-1758	52	38	risk	risk	NOUN
ajm-1758	52	39	premium	premium	NOUN
ajm-1758	52	40	per	per	ADP
ajm-1758	52	41	damodaran	damodaran	NOUN
ajm-1758	52	42	and	and	CCONJ
ajm-1758	52	43	several	several	ADJ
ajm-1758	52	44	investment	investment	NOUN
ajm-1758	52	45	bank	bank	NOUN
ajm-1758	52	46	estimates	estimate	VERB
ajm-1758	52	47	beta	beta	NOUN
ajm-1758	52	48	=	=	SYM
ajm-1758	52	49	firm	firm	NOUN
ajm-1758	52	50	beta	beta	NOUN
ajm-1758	52	51	calculated	calculate	VERB
ajm-1758	52	52	using	use	VERB
ajm-1758	52	53	us	we	PRON
ajm-1758	52	54	or	or	CCONJ
ajm-1758	52	55	global	global	ADJ
ajm-1758	52	56	index	index	NOUN
ajm-1758	52	57	(	(	PUNCT
ajm-1758	52	58	from	from	ADP
ajm-1758	52	59	bloomberg	bloomberg	PROPN
ajm-1758	52	60	calculated	calculate	VERB
ajm-1758	52	61	using	use	VERB
ajm-1758	52	62	s&p	s&p	PROPN
ajm-1758	52	63	500	500	NUM
ajm-1758	52	64	)	)	PUNCT
ajm-1758	52	65	.	.	PUNCT
ajm-1758	53	1	bloomberg	bloomberg	PROPN
ajm-1758	53	2	did	do	AUX
ajm-1758	53	3	not	not	PART
ajm-1758	53	4	report	report	VERB
ajm-1758	53	5	this	this	DET
ajm-1758	53	6	beta	beta	NOUN
ajm-1758	53	7	for	for	ADP
ajm-1758	53	8	via	via	ADP
ajm-1758	53	9	varejo	varejo	PROPN
ajm-1758	53	10	so	so	SCONJ
ajm-1758	53	11	we	we	PRON
ajm-1758	53	12	calculated	calculate	VERB
ajm-1758	53	13	a	a	DET
ajm-1758	53	14	levered	lever	VERB
ajm-1758	53	15	beta	beta	NOUN
ajm-1758	53	16	based	base	VERB
ajm-1758	53	17	off	off	ADP
ajm-1758	53	18	the	the	DET
ajm-1758	53	19	industry	industry	NOUN
ajm-1758	53	20	beta	beta	NOUN
ajm-1758	53	21	,	,	PUNCT
ajm-1758	53	22	a	a	DET
ajm-1758	53	23	common	common	ADJ
ajm-1758	53	24	practice	practice	NOUN
ajm-1758	53	25	when	when	SCONJ
ajm-1758	53	26	there	there	PRON
ajm-1758	53	27	is	be	VERB
ajm-1758	53	28	not	not	PART
ajm-1758	53	29	a	a	DET
ajm-1758	53	30	published	publish	VERB
ajm-1758	53	31	beta	beta	NOUN
ajm-1758	53	32	or	or	CCONJ
ajm-1758	53	33	when	when	SCONJ
ajm-1758	53	34	liquidity	liquidity	NOUN
ajm-1758	53	35	is	be	AUX
ajm-1758	53	36	low	low	ADJ
ajm-1758	53	37	.	.	PUNCT
ajm-1758	54	1	table	table	NOUN
ajm-1758	54	2	1	1	NUM
ajm-1758	54	3	use	use	VERB
ajm-1758	54	4	the	the	DET
ajm-1758	54	5	single	single	ADJ
ajm-1758	54	6	factor	factor	NOUN
ajm-1758	54	7	capm	capm	PROPN
ajm-1758	54	8	and	and	CCONJ
ajm-1758	54	9	assume	assume	VERB
ajm-1758	54	10	beta	beta	NOUN
ajm-1758	54	11	will	will	AUX
ajm-1758	54	12	capture	capture	VERB
ajm-1758	54	13	country	country	NOUN
ajm-1758	54	14	risk	risk	NOUN
ajm-1758	54	15	inputs	input	NOUN
ajm-1758	54	16	krf	krf	VERB
ajm-1758	54	17	us	we	PRON
ajm-1758	54	18	1.8	1.8	NUM
ajm-1758	54	19	%	%	NOUN
ajm-1758	54	20	country	country	NOUN
ajm-1758	54	21	inflation	inflation	NOUN
ajm-1758	54	22	differential	differential	VERB
ajm-1758	54	23	6.5	6.5	NUM
ajm-1758	54	24	%	%	NOUN
ajm-1758	54	25	erp	erp	NOUN
ajm-1758	54	26	us	us	PROPN
ajm-1758	54	27	6.0	6.0	NUM
ajm-1758	54	28	%	%	NOUN
ajm-1758	54	29	results	result	NOUN
ajm-1758	54	30	beta	beta	NOUN
ajm-1758	54	31	ke	ke	NOUN
ajm-1758	54	32	brasil	brasil	PROPN
ajm-1758	54	33	foods	food	NOUN
ajm-1758	54	34	0.81	0.81	NUM
ajm-1758	54	35	13.1	13.1	NUM
ajm-1758	54	36	%	%	NOUN
ajm-1758	54	37	embraer	embraer	PROPN
ajm-1758	54	38	1.09	1.09	NUM
ajm-1758	54	39	14.8	14.8	NUM
ajm-1758	54	40	%	%	NOUN
ajm-1758	54	41	via	via	ADP
ajm-1758	54	42	varejo	varejo	PROPN
ajm-1758	54	43	1.29	1.29	NUM
ajm-1758	54	44	16.0	16.0	NUM
ajm-1758	54	45	%	%	NOUN
ajm-1758	54	46	while	while	SCONJ
ajm-1758	54	47	empirical	empirical	ADJ
ajm-1758	54	48	studies	study	NOUN
ajm-1758	54	49	by	by	ADP
ajm-1758	54	50	academics	academic	NOUN
ajm-1758	54	51	provide	provide	VERB
ajm-1758	54	52	support	support	NOUN
ajm-1758	54	53	in	in	ADP
ajm-1758	54	54	developed	develop	VERB
ajm-1758	54	55	markets	market	NOUN
ajm-1758	54	56	for	for	ADP
ajm-1758	54	57	the	the	DET
ajm-1758	54	58	ability	ability	NOUN
ajm-1758	54	59	of	of	ADP
ajm-1758	54	60	this	this	DET
ajm-1758	54	61	approach	approach	NOUN
ajm-1758	54	62	to	to	PART
ajm-1758	54	63	capture	capture	VERB
ajm-1758	54	64	country	country	NOUN
ajm-1758	54	65	risk	risk	NOUN
ajm-1758	54	66	through	through	ADP
ajm-1758	54	67	beta	beta	NOUN
ajm-1758	54	68	,	,	PUNCT
ajm-1758	54	69	evidence	evidence	NOUN
ajm-1758	54	70	suggests	suggest	VERB
ajm-1758	54	71	investors	investor	NOUN
ajm-1758	54	72	require	require	VERB
ajm-1758	54	73	an	an	DET
ajm-1758	54	74	additional	additional	ADJ
ajm-1758	54	75	premium	premium	NOUN
ajm-1758	54	76	related	relate	VERB
ajm-1758	54	77	to	to	ADP
ajm-1758	54	78	country	country	NOUN
ajm-1758	54	79	risk	risk	NOUN
ajm-1758	54	80	that	that	PRON
ajm-1758	54	81	is	be	AUX
ajm-1758	54	82	not	not	PART
ajm-1758	54	83	captured	capture	VERB
ajm-1758	54	84	in	in	ADP
ajm-1758	54	85	the	the	DET
ajm-1758	54	86	single	single	ADJ
ajm-1758	54	87	factor	factor	NOUN
ajm-1758	54	88	capm	capm	PROPN
ajm-1758	54	89	.	.	PUNCT
ajm-1758	55	1	this	this	DET
ajm-1758	55	2	view	view	NOUN
ajm-1758	55	3	is	be	AUX
ajm-1758	55	4	consistent	consistent	ADJ
ajm-1758	55	5	with	with	ADP
ajm-1758	55	6	the	the	DET
ajm-1758	55	7	cfa	cfa	PROPN
ajm-1758	55	8	institute	institute	PROPN
ajm-1758	55	9	.	.	PUNCT
ajm-1758	56	1	as	as	ADP
ajm-1758	56	2	a	a	DET
ajm-1758	56	3	result	result	NOUN
ajm-1758	56	4	,	,	PUNCT
ajm-1758	56	5	other	other	ADJ
ajm-1758	56	6	approaches	approach	NOUN
ajm-1758	56	7	have	have	AUX
ajm-1758	56	8	been	be	AUX
ajm-1758	56	9	developed	develop	VERB
ajm-1758	56	10	in	in	ADP
ajm-1758	56	11	an	an	DET
ajm-1758	56	12	attempt	attempt	NOUN
ajm-1758	56	13	to	to	PART
ajm-1758	56	14	better	well	ADV
ajm-1758	56	15	capture	capture	VERB
ajm-1758	56	16	country	country	NOUN
ajm-1758	56	17	risk	risk	NOUN
ajm-1758	56	18	.	.	PUNCT
ajm-1758	57	1	approaches	approach	VERB
ajm-1758	57	2	2	2	NUM
ajm-1758	57	3	-	-	SYM
ajm-1758	57	4	5	5	NUM
ajm-1758	57	5	are	be	AUX
ajm-1758	57	6	methodologies	methodology	NOUN
ajm-1758	57	7	we	we	PRON
ajm-1758	57	8	have	have	AUX
ajm-1758	57	9	seen	see	VERB
ajm-1758	57	10	used	use	VERB
ajm-1758	57	11	in	in	ADP
ajm-1758	57	12	practice	practice	NOUN
ajm-1758	57	13	to	to	PART
ajm-1758	57	14	capture	capture	VERB
ajm-1758	57	15	the	the	DET
ajm-1758	57	16	country	country	NOUN
ajm-1758	57	17	risk	risk	NOUN
ajm-1758	57	18	.	.	PUNCT
ajm-1758	58	1	approach	approach	NOUN
ajm-1758	58	2	2	2	NUM
ajm-1758	58	3	:	:	PUNCT
ajm-1758	58	4	add	add	VERB
ajm-1758	58	5	a	a	DET
ajm-1758	58	6	country	country	NOUN
ajm-1758	58	7	risk	risk	NOUN
ajm-1758	58	8	premium	premium	NOUN
ajm-1758	58	9	to	to	ADP
ajm-1758	58	10	the	the	DET
ajm-1758	58	11	single	single	ADJ
ajm-1758	58	12	factor	factor	NOUN
ajm-1758	58	13	capm	capm	PROPN
ajm-1758	58	14	model	model	NOUN
ajm-1758	58	15	rationale	rationale	NOUN
ajm-1758	58	16	:	:	PUNCT
ajm-1758	58	17	empirical	empirical	ADJ
ajm-1758	58	18	evidence	evidence	NOUN
ajm-1758	58	19	suggests	suggest	VERB
ajm-1758	58	20	investors	investor	NOUN
ajm-1758	58	21	require	require	VERB
ajm-1758	58	22	an	an	DET
ajm-1758	58	23	additional	additional	ADJ
ajm-1758	58	24	premium	premium	NOUN
ajm-1758	58	25	related	relate	VERB
ajm-1758	58	26	to	to	ADP
ajm-1758	58	27	country	country	NOUN
ajm-1758	58	28	risk	risk	NOUN
ajm-1758	58	29	that	that	PRON
ajm-1758	58	30	is	be	AUX
ajm-1758	58	31	not	not	PART
ajm-1758	58	32	captured	capture	VERB
ajm-1758	58	33	in	in	ADP
ajm-1758	58	34	the	the	DET
ajm-1758	58	35	single	single	ADJ
ajm-1758	58	36	factor	factor	NOUN
ajm-1758	58	37	capm	capm	PROPN
ajm-1758	58	38	.	.	PUNCT
ajm-1758	59	1	country	country	NOUN
ajm-1758	59	2	risk	risk	NOUN
ajm-1758	59	3	then	then	ADV
ajm-1758	59	4	leads	lead	VERB
ajm-1758	59	5	to	to	ADP
ajm-1758	59	6	a	a	DET
ajm-1758	59	7	distinct	distinct	ADJ
ajm-1758	59	8	premium	premium	NOUN
ajm-1758	59	9	,	,	PUNCT
ajm-1758	59	10	somewhat	somewhat	ADV
ajm-1758	59	11	similar	similar	ADJ
ajm-1758	59	12	to	to	ADP
ajm-1758	59	13	a	a	DET
ajm-1758	59	14	premium	premium	NOUN
ajm-1758	59	15	for	for	ADP
ajm-1758	59	16	lack	lack	NOUN
ajm-1758	59	17	of	of	ADP
ajm-1758	59	18	liquidity	liquidity	NOUN
ajm-1758	59	19	,	,	PUNCT
ajm-1758	59	20	which	which	PRON
ajm-1758	59	21	should	should	AUX
ajm-1758	59	22	be	be	AUX
ajm-1758	59	23	added	add	VERB
ajm-1758	59	24	to	to	ADP
ajm-1758	59	25	the	the	DET
ajm-1758	59	26	cost	cost	NOUN
ajm-1758	59	27	of	of	ADP
ajm-1758	59	28	equity	equity	NOUN
ajm-1758	59	29	.	.	PUNCT
ajm-1758	60	1	higher	high	ADJ
ajm-1758	60	2	levels	level	NOUN
ajm-1758	60	3	of	of	ADP
ajm-1758	60	4	country	country	NOUN
ajm-1758	60	5	risk	risk	NOUN
ajm-1758	60	6	will	will	AUX
ajm-1758	60	7	imply	imply	VERB
ajm-1758	60	8	higher	high	ADJ
ajm-1758	60	9	costs	cost	NOUN
ajm-1758	60	10	of	of	ADP
ajm-1758	60	11	equity	equity	NOUN
ajm-1758	60	12	.	.	PUNCT
ajm-1758	61	1	the	the	DET
ajm-1758	61	2	premium	premium	NOUN
ajm-1758	61	3	is	be	AUX
ajm-1758	61	4	most	most	ADV
ajm-1758	61	5	often	often	ADV
ajm-1758	61	6	estimated	estimate	VERB
ajm-1758	61	7	from	from	ADP
ajm-1758	61	8	sovereign	sovereign	ADJ
ajm-1758	61	9	ratings	rating	NOUN
ajm-1758	61	10	and/or	and/or	CCONJ
ajm-1758	61	11	cds	cd	NOUN
ajm-1758	61	12	spreads	spread	NOUN
ajm-1758	61	13	.	.	PUNCT
ajm-1758	62	1	limitations	limitation	NOUN
ajm-1758	62	2	:	:	PUNCT
ajm-1758	62	3	this	this	DET
ajm-1758	62	4	approach	approach	NOUN
ajm-1758	62	5	applies	apply	VERB
ajm-1758	62	6	the	the	DET
ajm-1758	62	7	same	same	ADJ
ajm-1758	62	8	country	country	NOUN
ajm-1758	62	9	risk	risk	NOUN
ajm-1758	62	10	premium	premium	NOUN
ajm-1758	62	11	to	to	ADP
ajm-1758	62	12	all	all	DET
ajm-1758	62	13	firms	firm	NOUN
ajm-1758	62	14	in	in	ADP
ajm-1758	62	15	the	the	DET
ajm-1758	62	16	country	country	NOUN
ajm-1758	62	17	despite	despite	SCONJ
ajm-1758	62	18	evidence	evidence	NOUN
ajm-1758	62	19	that	that	SCONJ
ajm-1758	62	20	country	country	NOUN
ajm-1758	62	21	risk	risk	NOUN
ajm-1758	62	22	depends	depend	VERB
ajm-1758	62	23	on	on	ADP
ajm-1758	62	24	a	a	DET
ajm-1758	62	25	number	number	NOUN
ajm-1758	62	26	of	of	ADP
ajm-1758	62	27	factors	factor	NOUN
ajm-1758	62	28	including	include	VERB
ajm-1758	62	29	the	the	DET
ajm-1758	62	30	industry	industry	NOUN
ajm-1758	62	31	and	and	CCONJ
ajm-1758	62	32	where	where	SCONJ
ajm-1758	62	33	revenues	revenue	NOUN
ajm-1758	62	34	are	be	AUX
ajm-1758	62	35	generated	generate	VERB
ajm-1758	62	36	.	.	PUNCT
ajm-1758	63	1	formula	formula	NOUN
ajm-1758	63	2	:	:	PUNCT
ajm-1758	63	3	ke	ke	NOUN
ajm-1758	63	4	=	=	PUNCT
ajm-1758	63	5	krf	krf	PROPN
ajm-1758	63	6	+	+	CCONJ
ajm-1758	63	7	erp	erp	X
ajm-1758	63	8	*	*	PUNCT
ajm-1758	63	9	beta	beta	NOUN
ajm-1758	63	10	+	+	CCONJ
ajm-1758	63	11	crp	crp	NOUN
ajm-1758	63	12	inputs	input	NOUN
ajm-1758	63	13	:	:	PUNCT
ajm-1758	63	14	krf	krf	PROPN
ajm-1758	63	15	=	=	PUNCT
ajm-1758	63	16	us	us	PROPN
ajm-1758	63	17	or	or	CCONJ
ajm-1758	63	18	equivalent	equivalent	ADJ
ajm-1758	63	19	ten	ten	NUM
ajm-1758	63	20	-	-	PUNCT
ajm-1758	63	21	year	year	NOUN
ajm-1758	63	22	yield	yield	NOUN
ajm-1758	63	23	plus	plus	CCONJ
ajm-1758	63	24	inflation	inflation	NOUN
ajm-1758	63	25	differential	differential	NOUN
ajm-1758	63	26	to	to	PART
ajm-1758	63	27	capture	capture	VERB
ajm-1758	63	28	local	local	ADJ
ajm-1758	63	29	risk	risk	NOUN
ajm-1758	63	30	free	free	ADJ
ajm-1758	63	31	rate	rate	NOUN
ajm-1758	63	32	erp	erp	PROPN
ajm-1758	64	1	=	=	PRON
ajm-1758	64	2	us	us	PROPN
ajm-1758	64	3	beta	beta	NOUN
ajm-1758	64	4	=	=	SYM
ajm-1758	64	5	local	local	ADJ
ajm-1758	64	6	beta	beta	NOUN
ajm-1758	64	7	calculated	calculate	VERB
ajm-1758	64	8	against	against	ADP
ajm-1758	64	9	brazilian	brazilian	ADJ
ajm-1758	64	10	market	market	NOUN
ajm-1758	64	11	index	index	NOUN
ajm-1758	64	12	.	.	PUNCT
ajm-1758	65	1	(	(	PUNCT
ajm-1758	65	2	do	do	AUX
ajm-1758	65	3	not	not	PART
ajm-1758	65	4	use	use	VERB
ajm-1758	65	5	the	the	DET
ajm-1758	65	6	firm	firm	NOUN
ajm-1758	65	7	�	�	PROPN
ajm-1758	65	8	s	s	PART
ajm-1758	65	9	actual	actual	ADJ
ajm-1758	65	10	beta	beta	NOUN
ajm-1758	65	11	calculated	calculate	VERB
ajm-1758	65	12	against	against	ADP
ajm-1758	65	13	a	a	DET
ajm-1758	65	14	global	global	ADJ
ajm-1758	65	15	index	index	NOUN
ajm-1758	65	16	since	since	SCONJ
ajm-1758	65	17	this	this	PRON
ajm-1758	65	18	will	will	AUX
ajm-1758	65	19	likely	likely	ADV
ajm-1758	65	20	lead	lead	VERB
ajm-1758	65	21	to	to	ADP
ajm-1758	65	22	double	double	ADJ
ajm-1758	65	23	counting	counting	NOUN
ajm-1758	65	24	country	country	NOUN
ajm-1758	65	25	risk	risk	NOUN
ajm-1758	65	26	)	)	PUNCT
ajm-1758	65	27	crp	crp	NOUN
ajm-1758	65	28	=	=	SYM
ajm-1758	65	29	country	country	NOUN
ajm-1758	65	30	risk	risk	NOUN
ajm-1758	65	31	premium	premium	NOUN
ajm-1758	65	32	estimated	estimate	VERB
ajm-1758	65	33	from	from	ADP
ajm-1758	65	34	credit	credit	NOUN
ajm-1758	65	35	spreads	spread	NOUN
ajm-1758	65	36	on	on	ADP
ajm-1758	65	37	debt	debt	NOUN
ajm-1758	65	38	or	or	CCONJ
ajm-1758	65	39	sources	source	NOUN
ajm-1758	65	40	such	such	ADJ
ajm-1758	65	41	as	as	ADP
ajm-1758	65	42	damodaran	damodaran	VERB
ajm-1758	65	43	.	.	PUNCT
ajm-1758	66	1	many	many	ADJ
ajm-1758	66	2	banks	bank	NOUN
ajm-1758	66	3	estimate	estimate	VERB
ajm-1758	66	4	crps	crps	PROPN
ajm-1758	66	5	.	.	PUNCT
ajm-1758	67	1	consider	consider	VERB
ajm-1758	67	2	the	the	DET
ajm-1758	67	3	krf	krf	PROPN
ajm-1758	67	4	and	and	CCONJ
ajm-1758	67	5	crp	crp	PROPN
ajm-1758	67	6	sources	source	NOUN
ajm-1758	67	7	and	and	CCONJ
ajm-1758	67	8	take	take	VERB
ajm-1758	67	9	care	care	NOUN
ajm-1758	67	10	not	not	PART
ajm-1758	67	11	to	to	PART
ajm-1758	67	12	double	double	VERB
ajm-1758	67	13	count	count	VERB
ajm-1758	67	14	the	the	DET
ajm-1758	67	15	inflation	inflation	NOUN
ajm-1758	67	16	differential	differential	NOUN
ajm-1758	67	17	.	.	PUNCT
ajm-1758	68	1	62	62	NUM
ajm-1758	68	2	american	american	ADJ
ajm-1758	68	3	journal	journal	PROPN
ajm-1758	68	4	of	of	ADP
ajm-1758	68	5	management	management	NOUN
ajm-1758	68	6	vol	vol	NOUN
ajm-1758	68	7	.	.	PUNCT
ajm-1758	69	1	17(2	17(2	NUM
ajm-1758	69	2	)	)	PUNCT
ajm-1758	69	3	2017	2017	NUM
ajm-1758	69	4	table	table	NOUN
ajm-1758	69	5	2	2	NUM
ajm-1758	69	6	add	add	VERB
ajm-1758	69	7	a	a	DET
ajm-1758	69	8	country	country	NOUN
ajm-1758	69	9	risk	risk	NOUN
ajm-1758	69	10	premium	premium	NOUN
ajm-1758	69	11	to	to	ADP
ajm-1758	69	12	the	the	DET
ajm-1758	69	13	single	single	ADJ
ajm-1758	69	14	factor	factor	NOUN
ajm-1758	69	15	capm	capm	PROPN
ajm-1758	69	16	model	model	PROPN
ajm-1758	69	17	inputs	input	NOUN
ajm-1758	69	18	krf	krf	VERB
ajm-1758	69	19	us	we	PRON
ajm-1758	69	20	1.8	1.8	NUM
ajm-1758	69	21	%	%	NOUN
ajm-1758	69	22	country	country	NOUN
ajm-1758	69	23	inflation	inflation	NOUN
ajm-1758	69	24	differential	differential	VERB
ajm-1758	69	25	6.5	6.5	NUM
ajm-1758	69	26	%	%	NOUN
ajm-1758	69	27	erp	erp	NOUN
ajm-1758	69	28	us	us	PROPN
ajm-1758	69	29	6.0	6.0	NUM
ajm-1758	69	30	%	%	NOUN
ajm-1758	69	31	country	country	NOUN
ajm-1758	69	32	risk	risk	NOUN
ajm-1758	69	33	premium	premium	NOUN
ajm-1758	69	34	3.4	3.4	NUM
ajm-1758	69	35	%	%	NOUN
ajm-1758	69	36	results	result	NOUN
ajm-1758	69	37	beta	beta	NOUN
ajm-1758	69	38	ke	ke	NOUN
ajm-1758	69	39	brasil	brasil	NOUN
ajm-1758	69	40	foods	food	NOUN
ajm-1758	69	41	0.70	0.70	NUM
ajm-1758	69	42	15.9	15.9	NUM
ajm-1758	69	43	%	%	NOUN
ajm-1758	69	44	embraer	embraer	PROPN
ajm-1758	69	45	0.45	0.45	NUM
ajm-1758	69	46	14.4	14.4	NUM
ajm-1758	69	47	%	%	NOUN
ajm-1758	69	48	via	via	ADP
ajm-1758	69	49	varejo	varejo	ADJ
ajm-1758	69	50	1.03	1.03	NUM
ajm-1758	69	51	17.9	17.9	NUM
ajm-1758	69	52	%	%	NOUN
ajm-1758	69	53	approach	approach	NOUN
ajm-1758	69	54	3	3	NUM
ajm-1758	69	55	:	:	PUNCT
ajm-1758	69	56	include	include	VERB
ajm-1758	69	57	country	country	NOUN
ajm-1758	69	58	risk	risk	NOUN
ajm-1758	69	59	in	in	ADP
ajm-1758	69	60	the	the	DET
ajm-1758	69	61	risk	risk	NOUN
ajm-1758	69	62	free	free	ADJ
ajm-1758	69	63	rate	rate	NOUN
ajm-1758	69	64	rationale	rationale	NOUN
ajm-1758	69	65	:	:	PUNCT
ajm-1758	69	66	capture	capture	NOUN
ajm-1758	69	67	country	country	NOUN
ajm-1758	69	68	risk	risk	NOUN
ajm-1758	69	69	by	by	ADP
ajm-1758	69	70	using	use	VERB
ajm-1758	69	71	the	the	DET
ajm-1758	69	72	sovereign	sovereign	ADJ
ajm-1758	69	73	ten	ten	NUM
ajm-1758	69	74	-	-	PUNCT
ajm-1758	69	75	year	year	NOUN
ajm-1758	69	76	yield	yield	NOUN
ajm-1758	69	77	as	as	ADP
ajm-1758	69	78	the	the	DET
ajm-1758	69	79	risk	risk	NOUN
ajm-1758	69	80	free	free	ADJ
ajm-1758	69	81	rate	rate	NOUN
ajm-1758	69	82	.	.	PUNCT
ajm-1758	70	1	note	note	VERB
ajm-1758	70	2	if	if	SCONJ
ajm-1758	70	3	this	this	DET
ajm-1758	70	4	technique	technique	NOUN
ajm-1758	70	5	is	be	AUX
ajm-1758	70	6	applied	apply	VERB
ajm-1758	70	7	,	,	PUNCT
ajm-1758	70	8	then	then	ADV
ajm-1758	70	9	the	the	DET
ajm-1758	70	10	risk	risk	NOUN
ajm-1758	70	11	free	free	ADJ
ajm-1758	70	12	rate	rate	NOUN
ajm-1758	70	13	is	be	AUX
ajm-1758	70	14	not	not	PART
ajm-1758	70	15	truly	truly	ADV
ajm-1758	70	16	risk	risk	VERB
ajm-1758	70	17	free	free	ADJ
ajm-1758	70	18	since	since	SCONJ
ajm-1758	70	19	it	it	PRON
ajm-1758	70	20	incorporates	incorporate	VERB
ajm-1758	70	21	country	country	NOUN
ajm-1758	70	22	risk	risk	NOUN
ajm-1758	70	23	.	.	PUNCT
ajm-1758	71	1	this	this	PRON
ajm-1758	71	2	is	be	AUX
ajm-1758	71	3	another	another	DET
ajm-1758	71	4	way	way	NOUN
ajm-1758	71	5	of	of	ADP
ajm-1758	71	6	including	include	VERB
ajm-1758	71	7	country	country	NOUN
ajm-1758	71	8	risk	risk	NOUN
ajm-1758	71	9	,	,	PUNCT
ajm-1758	71	10	similar	similar	ADJ
ajm-1758	71	11	to	to	PART
ajm-1758	71	12	approach	approach	VERB
ajm-1758	71	13	2	2	NUM
ajm-1758	71	14	.	.	PUNCT
ajm-1758	72	1	limitations	limitation	NOUN
ajm-1758	72	2	:	:	PUNCT
ajm-1758	72	3	this	this	PRON
ajm-1758	72	4	assumes	assume	VERB
ajm-1758	72	5	that	that	SCONJ
ajm-1758	72	6	the	the	DET
ajm-1758	72	7	country	country	NOUN
ajm-1758	72	8	risk	risk	NOUN
ajm-1758	72	9	on	on	ADP
ajm-1758	72	10	ten	ten	NUM
ajm-1758	72	11	-	-	PUNCT
ajm-1758	72	12	year	year	NOUN
ajm-1758	72	13	government	government	NOUN
ajm-1758	72	14	debt	debt	NOUN
ajm-1758	72	15	is	be	AUX
ajm-1758	72	16	identical	identical	ADJ
ajm-1758	72	17	to	to	ADP
ajm-1758	72	18	the	the	DET
ajm-1758	72	19	country	country	NOUN
ajm-1758	72	20	risk	risk	NOUN
ajm-1758	72	21	on	on	ADP
ajm-1758	72	22	equity	equity	NOUN
ajm-1758	72	23	investments	investment	NOUN
ajm-1758	72	24	and	and	CCONJ
ajm-1758	72	25	that	that	SCONJ
ajm-1758	72	26	all	all	DET
ajm-1758	72	27	equity	equity	NOUN
ajm-1758	72	28	investments	investment	NOUN
ajm-1758	72	29	are	be	AUX
ajm-1758	72	30	exposed	expose	VERB
ajm-1758	72	31	to	to	ADP
ajm-1758	72	32	identical	identical	ADJ
ajm-1758	72	33	levels	level	NOUN
ajm-1758	72	34	of	of	ADP
ajm-1758	72	35	country	country	NOUN
ajm-1758	72	36	risk	risk	NOUN
ajm-1758	72	37	.	.	PUNCT
ajm-1758	73	1	formula	formula	NOUN
ajm-1758	73	2	:	:	PUNCT
ajm-1758	73	3	ke	ke	NOUN
ajm-1758	73	4	=	=	PUNCT
ajm-1758	73	5	krf	krf	PROPN
ajm-1758	73	6	+	+	CCONJ
ajm-1758	73	7	erp	erp	X
ajm-1758	73	8	*	*	PUNCT
ajm-1758	73	9	beta	beta	NOUN
ajm-1758	73	10	inputs	input	NOUN
ajm-1758	73	11	krf	krf	NOUN
ajm-1758	73	12	=	=	SYM
ajm-1758	73	13	sovereign	sovereign	ADJ
ajm-1758	73	14	ten	ten	NUM
ajm-1758	73	15	-	-	PUNCT
ajm-1758	73	16	year	year	NOUN
ajm-1758	73	17	yield	yield	NOUN
ajm-1758	73	18	erp	erp	NOUN
ajm-1758	74	1	=	=	PRON
ajm-1758	74	2	us	us	PROPN
ajm-1758	74	3	beta	beta	NOUN
ajm-1758	74	4	=	=	SYM
ajm-1758	74	5	local	local	ADJ
ajm-1758	74	6	beta	beta	NOUN
ajm-1758	74	7	(	(	PUNCT
ajm-1758	74	8	calculated	calculate	VERB
ajm-1758	74	9	against	against	ADP
ajm-1758	74	10	brazilian	brazilian	ADJ
ajm-1758	74	11	market	market	NOUN
ajm-1758	74	12	index	index	NOUN
ajm-1758	74	13	)	)	PUNCT
ajm-1758	74	14	table	table	NOUN
ajm-1758	74	15	3	3	NUM
ajm-1758	74	16	include	include	VERB
ajm-1758	74	17	country	country	NOUN
ajm-1758	74	18	risk	risk	NOUN
ajm-1758	74	19	in	in	ADP
ajm-1758	74	20	the	the	DET
ajm-1758	74	21	risk	risk	NOUN
ajm-1758	74	22	free	free	ADJ
ajm-1758	74	23	rate	rate	NOUN
ajm-1758	74	24	inputs	input	NOUN
ajm-1758	74	25	local	local	ADJ
ajm-1758	74	26	risk	risk	NOUN
ajm-1758	74	27	free	free	ADJ
ajm-1758	74	28	rate	rate	NOUN
ajm-1758	74	29	10.25	10.25	NUM
ajm-1758	74	30	%	%	NOUN
ajm-1758	74	31	erp	erp	NOUN
ajm-1758	74	32	us	us	PROPN
ajm-1758	74	33	6.0	6.0	NUM
ajm-1758	74	34	%	%	NOUN
ajm-1758	74	35	results	result	NOUN
ajm-1758	74	36	beta	beta	NOUN
ajm-1758	74	37	ke	ke	NOUN
ajm-1758	74	38	brasil	brasil	NOUN
ajm-1758	74	39	foods	food	NOUN
ajm-1758	74	40	0.70	0.70	NUM
ajm-1758	74	41	14.5	14.5	NUM
ajm-1758	74	42	%	%	NOUN
ajm-1758	74	43	embraer	embraer	PROPN
ajm-1758	74	44	0.45	0.45	NUM
ajm-1758	74	45	13.0	13.0	NUM
ajm-1758	74	46	%	%	NOUN
ajm-1758	74	47	via	via	ADP
ajm-1758	74	48	varejo	varejo	ADJ
ajm-1758	74	49	1.03	1.03	NUM
ajm-1758	74	50	16.4	16.4	NUM
ajm-1758	74	51	%	%	NOUN
ajm-1758	74	52	note	note	NOUN
ajm-1758	74	53	that	that	PRON
ajm-1758	74	54	approaches	approach	VERB
ajm-1758	74	55	2	2	NUM
ajm-1758	74	56	and	and	CCONJ
ajm-1758	74	57	3	3	NUM
ajm-1758	74	58	may	may	AUX
ajm-1758	74	59	yield	yield	VERB
ajm-1758	74	60	identical	identical	ADJ
ajm-1758	74	61	results	result	NOUN
ajm-1758	74	62	,	,	PUNCT
ajm-1758	74	63	depending	depend	VERB
ajm-1758	74	64	on	on	ADP
ajm-1758	74	65	how	how	SCONJ
ajm-1758	74	66	the	the	DET
ajm-1758	74	67	crp	crp	NOUN
ajm-1758	74	68	is	be	AUX
ajm-1758	74	69	calculated	calculate	VERB
ajm-1758	74	70	and	and	CCONJ
ajm-1758	74	71	whether	whether	SCONJ
ajm-1758	74	72	the	the	DET
ajm-1758	74	73	sovereign	sovereign	ADJ
ajm-1758	74	74	yield	yield	NOUN
ajm-1758	74	75	is	be	AUX
ajm-1758	74	76	an	an	DET
ajm-1758	74	77	actual	actual	ADJ
ajm-1758	74	78	value	value	NOUN
ajm-1758	74	79	at	at	ADP
ajm-1758	74	80	a	a	DET
ajm-1758	74	81	specific	specific	ADJ
ajm-1758	74	82	date	date	NOUN
ajm-1758	74	83	or	or	CCONJ
ajm-1758	74	84	has	have	AUX
ajm-1758	74	85	been	be	AUX
ajm-1758	74	86	smoothed	smooth	VERB
ajm-1758	74	87	.	.	PUNCT
ajm-1758	75	1	approach	approach	NOUN
ajm-1758	75	2	4	4	NUM
ajm-1758	75	3	:	:	PUNCT
ajm-1758	75	4	calculate	calculate	VERB
ajm-1758	75	5	a	a	DET
ajm-1758	75	6	country	country	NOUN
ajm-1758	75	7	specific	specific	ADJ
ajm-1758	75	8	equity	equity	NOUN
ajm-1758	75	9	risk	risk	NOUN
ajm-1758	75	10	premium	premium	NOUN
ajm-1758	75	11	(	(	PUNCT
ajm-1758	75	12	erp	erp	NOUN
ajm-1758	75	13	)	)	PUNCT
ajm-1758	75	14	rationale	rationale	NOUN
ajm-1758	75	15	:	:	PUNCT
ajm-1758	75	16	capture	capture	NOUN
ajm-1758	75	17	country	country	NOUN
ajm-1758	75	18	risk	risk	NOUN
ajm-1758	75	19	by	by	ADP
ajm-1758	75	20	using	use	VERB
ajm-1758	75	21	an	an	DET
ajm-1758	75	22	equity	equity	NOUN
ajm-1758	75	23	risk	risk	NOUN
ajm-1758	75	24	premium	premium	NOUN
ajm-1758	75	25	specific	specific	ADJ
ajm-1758	75	26	to	to	ADP
ajm-1758	75	27	the	the	DET
ajm-1758	75	28	country	country	NOUN
ajm-1758	75	29	.	.	PUNCT
ajm-1758	76	1	this	this	PRON
ajm-1758	76	2	can	can	AUX
ajm-1758	76	3	differ	differ	VERB
ajm-1758	76	4	from	from	ADP
ajm-1758	76	5	approach	approach	NOUN
ajm-1758	76	6	3	3	NUM
ajm-1758	76	7	if	if	SCONJ
ajm-1758	76	8	,	,	PUNCT
ajm-1758	76	9	for	for	ADP
ajm-1758	76	10	example	example	NOUN
ajm-1758	76	11	,	,	PUNCT
ajm-1758	76	12	equities	equity	NOUN
ajm-1758	76	13	are	be	AUX
ajm-1758	76	14	deemed	deem	VERB
ajm-1758	76	15	more	more	ADV
ajm-1758	76	16	volatile	volatile	ADJ
ajm-1758	76	17	and	and	CCONJ
ajm-1758	76	18	therefore	therefore	ADV
ajm-1758	76	19	riskier	risky	ADJ
ajm-1758	76	20	than	than	ADP
ajm-1758	76	21	debt	debt	NOUN
ajm-1758	76	22	.	.	PUNCT
ajm-1758	77	1	in	in	ADP
ajm-1758	77	2	such	such	ADJ
ajm-1758	77	3	cases	case	NOUN
ajm-1758	77	4	the	the	DET
ajm-1758	77	5	country	country	NOUN
ajm-1758	77	6	specific	specific	ADJ
ajm-1758	77	7	erp	erp	NOUN
ajm-1758	77	8	used	use	VERB
ajm-1758	77	9	would	would	AUX
ajm-1758	77	10	be	be	AUX
ajm-1758	77	11	higher	high	ADJ
ajm-1758	77	12	than	than	SCONJ
ajm-1758	77	13	the	the	DET
ajm-1758	77	14	cds	cd	NOUN
ajm-1758	77	15	spread	spread	VERB
ajm-1758	77	16	or	or	CCONJ
ajm-1758	77	17	the	the	DET
ajm-1758	77	18	spread	spread	NOUN
ajm-1758	77	19	embedded	embed	VERB
ajm-1758	77	20	in	in	ADP
ajm-1758	77	21	sovereign	sovereign	ADJ
ajm-1758	77	22	bonds	bond	NOUN
ajm-1758	77	23	.	.	PUNCT
ajm-1758	78	1	it	it	PRON
ajm-1758	78	2	is	be	AUX
ajm-1758	78	3	also	also	ADV
ajm-1758	78	4	used	use	VERB
ajm-1758	78	5	when	when	SCONJ
ajm-1758	78	6	no	no	DET
ajm-1758	78	7	sovereign	sovereign	ADJ
ajm-1758	78	8	bonds	bond	NOUN
ajm-1758	78	9	trade	trade	NOUN
ajm-1758	78	10	or	or	CCONJ
ajm-1758	78	11	liquidity	liquidity	NOUN
ajm-1758	78	12	is	be	AUX
ajm-1758	78	13	limited	limited	ADJ
ajm-1758	78	14	.	.	PUNCT
ajm-1758	79	1	limitations	limitation	NOUN
ajm-1758	79	2	:	:	PUNCT
ajm-1758	79	3	like	like	ADP
ajm-1758	79	4	approach	approach	NOUN
ajm-1758	79	5	3	3	NUM
ajm-1758	79	6	,	,	PUNCT
ajm-1758	79	7	this	this	DET
ajm-1758	79	8	approach	approach	NOUN
ajm-1758	79	9	assumes	assume	VERB
ajm-1758	79	10	all	all	DET
ajm-1758	79	11	equity	equity	NOUN
ajm-1758	79	12	investments	investment	NOUN
ajm-1758	79	13	are	be	AUX
ajm-1758	79	14	exposed	expose	VERB
ajm-1758	79	15	to	to	ADP
ajm-1758	79	16	identical	identical	ADJ
ajm-1758	79	17	levels	level	NOUN
ajm-1758	79	18	of	of	ADP
ajm-1758	79	19	country	country	NOUN
ajm-1758	79	20	risk	risk	NOUN
ajm-1758	79	21	.	.	PUNCT
ajm-1758	80	1	formula	formula	NOUN
ajm-1758	80	2	:	:	PUNCT
ajm-1758	80	3	ke	ke	NOUN
ajm-1758	80	4	=	=	PUNCT
ajm-1758	80	5	krf	krf	PROPN
ajm-1758	80	6	+	+	CCONJ
ajm-1758	80	7	erp	erp	X
ajm-1758	80	8	*	*	PUNCT
ajm-1758	80	9	beta	beta	NOUN
ajm-1758	80	10	inputs	input	NOUN
ajm-1758	80	11	:	:	PUNCT
ajm-1758	80	12	krf	krf	PROPN
ajm-1758	80	13	=	=	PUNCT
ajm-1758	80	14	us	us	PROPN
ajm-1758	80	15	or	or	CCONJ
ajm-1758	80	16	equivalent	equivalent	ADJ
ajm-1758	80	17	ten	ten	NUM
ajm-1758	80	18	-	-	PUNCT
ajm-1758	80	19	year	year	NOUN
ajm-1758	80	20	yield	yield	NOUN
ajm-1758	80	21	plus	plus	CCONJ
ajm-1758	80	22	inflation	inflation	NOUN
ajm-1758	80	23	differential	differential	NOUN
ajm-1758	80	24	between	between	ADP
ajm-1758	80	25	local	local	ADJ
ajm-1758	80	26	country	country	NOUN
ajm-1758	80	27	and	and	CCONJ
ajm-1758	80	28	us	we	PRON
ajm-1758	80	29	to	to	PART
ajm-1758	80	30	capture	capture	VERB
ajm-1758	80	31	local	local	ADJ
ajm-1758	80	32	risk	risk	NOUN
ajm-1758	80	33	free	free	ADJ
ajm-1758	80	34	rate	rate	NOUN
ajm-1758	80	35	american	american	PROPN
ajm-1758	80	36	journal	journal	PROPN
ajm-1758	80	37	of	of	ADP
ajm-1758	80	38	management	management	NOUN
ajm-1758	80	39	vol	vol	NOUN
ajm-1758	80	40	.	.	PUNCT
ajm-1758	81	1	17(2	17(2	NUM
ajm-1758	81	2	)	)	PUNCT
ajm-1758	81	3	2017	2017	NUM
ajm-1758	81	4	63	63	NUM
ajm-1758	81	5	erp	erp	NOUN
ajm-1758	81	6	=	=	SYM
ajm-1758	81	7	brazilian	brazilian	ADJ
ajm-1758	81	8	erp	erp	PROPN
ajm-1758	81	9	beta	beta	NOUN
ajm-1758	81	10	=	=	SYM
ajm-1758	81	11	local	local	ADJ
ajm-1758	81	12	beta	beta	NOUN
ajm-1758	81	13	(	(	PUNCT
ajm-1758	81	14	calculated	calculate	VERB
ajm-1758	81	15	against	against	ADP
ajm-1758	81	16	brazilian	brazilian	ADJ
ajm-1758	81	17	market	market	NOUN
ajm-1758	81	18	index	index	NOUN
ajm-1758	81	19	)	)	PUNCT
ajm-1758	81	20	table	table	NOUN
ajm-1758	81	21	4	4	NUM
ajm-1758	81	22	calculate	calculate	VERB
ajm-1758	81	23	a	a	DET
ajm-1758	81	24	country	country	NOUN
ajm-1758	81	25	specific	specific	ADJ
ajm-1758	81	26	equity	equity	NOUN
ajm-1758	81	27	risk	risk	NOUN
ajm-1758	81	28	premium	premium	NOUN
ajm-1758	81	29	(	(	PUNCT
ajm-1758	81	30	erp	erp	NOUN
ajm-1758	81	31	)	)	PUNCT
ajm-1758	81	32	inputs	input	NOUN
ajm-1758	81	33	krf	krf	VERB
ajm-1758	81	34	us	we	PRON
ajm-1758	81	35	1.8	1.8	NUM
ajm-1758	81	36	%	%	NOUN
ajm-1758	81	37	country	country	NOUN
ajm-1758	81	38	inflation	inflation	NOUN
ajm-1758	81	39	differential	differential	VERB
ajm-1758	81	40	6.5	6.5	NUM
ajm-1758	81	41	%	%	NOUN
ajm-1758	81	42	erp	erp	PROPN
ajm-1758	81	43	brazil	brazil	PROPN
ajm-1758	81	44	9.65	9.65	NUM
ajm-1758	81	45	%	%	NOUN
ajm-1758	81	46	results	result	NOUN
ajm-1758	81	47	beta	beta	NOUN
ajm-1758	81	48	ke	ke	NOUN
ajm-1758	81	49	brasil	brasil	NOUN
ajm-1758	81	50	foods	food	NOUN
ajm-1758	81	51	0.70	0.70	NUM
ajm-1758	81	52	15.0	15.0	NUM
ajm-1758	81	53	%	%	NOUN
ajm-1758	81	54	embraer	embraer	PROPN
ajm-1758	81	55	0.45	0.45	NUM
ajm-1758	81	56	12.6	12.6	NUM
ajm-1758	81	57	%	%	NOUN
ajm-1758	81	58	via	via	ADP
ajm-1758	81	59	varejo	varejo	ADJ
ajm-1758	81	60	1.03	1.03	NUM
ajm-1758	81	61	18.2	18.2	NUM
ajm-1758	81	62	%	%	NOUN
ajm-1758	81	63	approach	approach	NOUN
ajm-1758	81	64	5	5	NUM
ajm-1758	81	65	:	:	PUNCT
ajm-1758	81	66	calculate	calculate	VERB
ajm-1758	81	67	a	a	DET
ajm-1758	81	68	country	country	NOUN
ajm-1758	81	69	weighted	weight	VERB
ajm-1758	81	70	average	average	ADJ
ajm-1758	81	71	erp	erp	NOUN
ajm-1758	81	72	based	base	VERB
ajm-1758	81	73	on	on	ADP
ajm-1758	81	74	where	where	SCONJ
ajm-1758	81	75	revenue	revenue	NOUN
ajm-1758	81	76	is	be	AUX
ajm-1758	81	77	generated	generate	VERB
ajm-1758	81	78	rationale	rationale	NOUN
ajm-1758	81	79	:	:	PUNCT
ajm-1758	81	80	investors	investor	NOUN
ajm-1758	81	81	may	may	AUX
ajm-1758	81	82	perceive	perceive	VERB
ajm-1758	81	83	country	country	NOUN
ajm-1758	81	84	risk	risk	NOUN
ajm-1758	81	85	as	as	ADP
ajm-1758	81	86	a	a	DET
ajm-1758	81	87	function	function	NOUN
ajm-1758	81	88	of	of	ADP
ajm-1758	81	89	the	the	DET
ajm-1758	81	90	countries	country	NOUN
ajm-1758	81	91	or	or	CCONJ
ajm-1758	81	92	regions	region	NOUN
ajm-1758	81	93	where	where	SCONJ
ajm-1758	81	94	the	the	DET
ajm-1758	81	95	firm	firm	NOUN
ajm-1758	81	96	operates	operate	VERB
ajm-1758	81	97	rather	rather	ADV
ajm-1758	81	98	than	than	ADP
ajm-1758	81	99	just	just	ADV
ajm-1758	81	100	the	the	DET
ajm-1758	81	101	country	country	NOUN
ajm-1758	81	102	where	where	SCONJ
ajm-1758	81	103	the	the	DET
ajm-1758	81	104	firm	firm	NOUN
ajm-1758	81	105	is	be	AUX
ajm-1758	81	106	headquartered	headquarter	VERB
ajm-1758	81	107	.	.	PUNCT
ajm-1758	82	1	limitations	limitation	NOUN
ajm-1758	82	2	:	:	PUNCT
ajm-1758	82	3	requires	require	VERB
ajm-1758	82	4	more	more	ADJ
ajm-1758	82	5	computation	computation	NOUN
ajm-1758	82	6	time	time	NOUN
ajm-1758	82	7	since	since	SCONJ
ajm-1758	82	8	a	a	DET
ajm-1758	82	9	weighted	weight	VERB
ajm-1758	82	10	erp	erp	NOUN
ajm-1758	82	11	is	be	AUX
ajm-1758	82	12	not	not	PART
ajm-1758	82	13	available	available	ADJ
ajm-1758	82	14	in	in	ADP
ajm-1758	82	15	online	online	ADJ
ajm-1758	82	16	sources	source	NOUN
ajm-1758	82	17	such	such	ADJ
ajm-1758	82	18	as	as	ADP
ajm-1758	82	19	bloomberg	bloomberg	PROPN
ajm-1758	82	20	or	or	CCONJ
ajm-1758	82	21	cap	cap	NOUN
ajm-1758	82	22	iq	iq	NOUN
ajm-1758	82	23	.	.	PUNCT
ajm-1758	83	1	formula	formula	NOUN
ajm-1758	83	2	:	:	PUNCT
ajm-1758	83	3	ke	ke	NOUN
ajm-1758	83	4	=	=	PUNCT
ajm-1758	83	5	krf	krf	PROPN
ajm-1758	83	6	+	+	CCONJ
ajm-1758	83	7	erp	erp	X
ajm-1758	83	8	*	*	PUNCT
ajm-1758	83	9	beta	beta	NOUN
ajm-1758	83	10	inputs	input	NOUN
ajm-1758	83	11	krf	krf	NOUN
ajm-1758	83	12	=	=	SYM
ajm-1758	83	13	us	we	PRON
ajm-1758	83	14	or	or	CCONJ
ajm-1758	83	15	equivalent	equivalent	ADJ
ajm-1758	83	16	ten	ten	NUM
ajm-1758	83	17	-	-	PUNCT
ajm-1758	83	18	year	year	NOUN
ajm-1758	83	19	yield	yield	NOUN
ajm-1758	83	20	plus	plus	CCONJ
ajm-1758	83	21	inflation	inflation	NOUN
ajm-1758	83	22	differential	differential	NOUN
ajm-1758	83	23	between	between	ADP
ajm-1758	83	24	local	local	ADJ
ajm-1758	83	25	country	country	NOUN
ajm-1758	83	26	and	and	CCONJ
ajm-1758	83	27	us	we	PRON
ajm-1758	83	28	to	to	PART
ajm-1758	83	29	capture	capture	VERB
ajm-1758	83	30	local	local	ADJ
ajm-1758	83	31	risk	risk	NOUN
ajm-1758	83	32	free	free	ADJ
ajm-1758	83	33	rate	rate	NOUN
ajm-1758	83	34	erp	erp	PROPN
ajm-1758	83	35	=	=	PUNCT
ajm-1758	83	36	country	country	NOUN
ajm-1758	83	37	weighted	weight	VERB
ajm-1758	83	38	erp	erp	PROPN
ajm-1758	83	39	based	base	VERB
ajm-1758	83	40	on	on	ADP
ajm-1758	83	41	where	where	SCONJ
ajm-1758	83	42	revenues	revenue	NOUN
ajm-1758	83	43	are	be	AUX
ajm-1758	83	44	generated	generate	VERB
ajm-1758	83	45	beta	beta	NOUN
ajm-1758	83	46	=	=	SYM
ajm-1758	83	47	firm	firm	NOUN
ajm-1758	83	48	beta	beta	NOUN
ajm-1758	83	49	calculated	calculate	VERB
ajm-1758	83	50	using	use	VERB
ajm-1758	83	51	us	we	PRON
ajm-1758	83	52	or	or	CCONJ
ajm-1758	83	53	global	global	ADJ
ajm-1758	83	54	index	index	NOUN
ajm-1758	83	55	(	(	PUNCT
ajm-1758	83	56	from	from	ADP
ajm-1758	83	57	bloomberg	bloomberg	PROPN
ajm-1758	83	58	calculated	calculate	VERB
ajm-1758	83	59	using	use	VERB
ajm-1758	83	60	s&p	s&p	PROPN
ajm-1758	83	61	500	500	NUM
ajm-1758	83	62	)	)	PUNCT
ajm-1758	83	63	.	.	PUNCT
ajm-1758	84	1	bloomberg	bloomberg	PROPN
ajm-1758	84	2	did	do	AUX
ajm-1758	84	3	not	not	PART
ajm-1758	84	4	report	report	VERB
ajm-1758	84	5	this	this	DET
ajm-1758	84	6	beta	beta	NOUN
ajm-1758	84	7	for	for	ADP
ajm-1758	84	8	via	via	ADP
ajm-1758	84	9	varejo	varejo	PROPN
ajm-1758	84	10	so	so	SCONJ
ajm-1758	84	11	we	we	PRON
ajm-1758	84	12	calculated	calculate	VERB
ajm-1758	84	13	a	a	DET
ajm-1758	84	14	levered	lever	VERB
ajm-1758	84	15	beta	beta	NOUN
ajm-1758	84	16	based	base	VERB
ajm-1758	84	17	off	off	ADP
ajm-1758	84	18	the	the	DET
ajm-1758	84	19	industry	industry	NOUN
ajm-1758	84	20	beta	beta	NOUN
ajm-1758	84	21	.	.	PUNCT
ajm-1758	84	22	table	table	NOUN
ajm-1758	84	23	5	5	NUM
ajm-1758	84	24	calculate	calculate	NOUN
ajm-1758	84	25	a	a	DET
ajm-1758	84	26	country	country	NOUN
ajm-1758	84	27	weighted	weight	VERB
ajm-1758	84	28	average	average	ADJ
ajm-1758	84	29	erp	erp	NOUN
ajm-1758	84	30	based	base	VERB
ajm-1758	84	31	on	on	ADP
ajm-1758	84	32	where	where	SCONJ
ajm-1758	84	33	revenue	revenue	NOUN
ajm-1758	84	34	is	be	AUX
ajm-1758	84	35	generated	generate	VERB
ajm-1758	84	36	inputs	input	NOUN
ajm-1758	84	37	krf	krf	VERB
ajm-1758	84	38	us	we	PRON
ajm-1758	84	39	1.8	1.8	NUM
ajm-1758	84	40	%	%	NOUN
ajm-1758	84	41	country	country	NOUN
ajm-1758	84	42	inflation	inflation	NOUN
ajm-1758	84	43	differential	differential	VERB
ajm-1758	84	44	6.5	6.5	NUM
ajm-1758	84	45	%	%	NOUN
ajm-1758	84	46	results	result	NOUN
ajm-1758	84	47	wtd	wtd	NOUN
ajm-1758	84	48	erp	erp	PROPN
ajm-1758	84	49	beta	beta	PROPN
ajm-1758	84	50	ke	ke	PROPN
ajm-1758	84	51	brasil	brasil	PROPN
ajm-1758	84	52	foods	food	NOUN
ajm-1758	84	53	8.6	8.6	NUM
ajm-1758	84	54	%	%	NOUN
ajm-1758	84	55	0.81	0.81	NUM
ajm-1758	84	56	15.2	15.2	NUM
ajm-1758	84	57	%	%	NOUN
ajm-1758	84	58	embraer	embraer	PROPN
ajm-1758	84	59	7.1	7.1	NUM
ajm-1758	84	60	%	%	NOUN
ajm-1758	84	61	1.09	1.09	NUM
ajm-1758	84	62	16.0	16.0	NUM
ajm-1758	84	63	%	%	NOUN
ajm-1758	84	64	via	via	ADP
ajm-1758	84	65	varejo	varejo	ADJ
ajm-1758	84	66	9.7	9.7	NUM
ajm-1758	84	67	%	%	NOUN
ajm-1758	84	68	1.29	1.29	NUM
ajm-1758	84	69	20.7	20.7	NUM
ajm-1758	84	70	%	%	NOUN
ajm-1758	84	71	conclusion	conclusion	NOUN
ajm-1758	84	72	although	although	SCONJ
ajm-1758	84	73	the	the	DET
ajm-1758	84	74	formula	formula	NOUN
ajm-1758	84	75	generally	generally	ADV
ajm-1758	84	76	used	use	VERB
ajm-1758	84	77	for	for	ADP
ajm-1758	84	78	the	the	DET
ajm-1758	84	79	cost	cost	NOUN
ajm-1758	84	80	of	of	ADP
ajm-1758	84	81	equity	equity	NOUN
ajm-1758	84	82	appears	appear	VERB
ajm-1758	84	83	simple	simple	ADJ
ajm-1758	84	84	,	,	PUNCT
ajm-1758	84	85	actually	actually	ADV
ajm-1758	84	86	calculating	calculate	VERB
ajm-1758	84	87	cost	cost	NOUN
ajm-1758	84	88	of	of	ADP
ajm-1758	84	89	equity	equity	NOUN
ajm-1758	84	90	in	in	ADP
ajm-1758	84	91	emerging	emerge	VERB
ajm-1758	84	92	markets	market	NOUN
ajm-1758	84	93	can	can	AUX
ajm-1758	84	94	be	be	AUX
ajm-1758	84	95	quite	quite	ADV
ajm-1758	84	96	challenging	challenging	ADJ
ajm-1758	84	97	since	since	SCONJ
ajm-1758	84	98	there	there	PRON
ajm-1758	84	99	are	be	VERB
ajm-1758	84	100	many	many	ADJ
ajm-1758	84	101	possible	possible	ADJ
ajm-1758	84	102	options	option	NOUN
ajm-1758	84	103	to	to	PART
ajm-1758	84	104	use	use	VERB
ajm-1758	84	105	for	for	ADP
ajm-1758	84	106	the	the	DET
ajm-1758	84	107	risk	risk	NOUN
ajm-1758	84	108	free	free	ADJ
ajm-1758	84	109	rate	rate	NOUN
ajm-1758	84	110	,	,	PUNCT
ajm-1758	84	111	the	the	DET
ajm-1758	84	112	equity	equity	NOUN
ajm-1758	84	113	risk	risk	NOUN
ajm-1758	84	114	premium	premium	NOUN
ajm-1758	84	115	and	and	CCONJ
ajm-1758	84	116	beta	beta	NOUN
ajm-1758	84	117	.	.	PUNCT
ajm-1758	85	1	the	the	DET
ajm-1758	85	2	decision	decision	NOUN
ajm-1758	85	3	on	on	ADP
ajm-1758	85	4	if	if	SCONJ
ajm-1758	85	5	and	and	CCONJ
ajm-1758	85	6	how	how	SCONJ
ajm-1758	85	7	to	to	PART
ajm-1758	85	8	incorporate	incorporate	VERB
ajm-1758	85	9	country	country	NOUN
ajm-1758	85	10	risk	risk	NOUN
ajm-1758	85	11	adds	add	VERB
ajm-1758	85	12	an	an	DET
ajm-1758	85	13	additional	additional	ADJ
ajm-1758	85	14	level	level	NOUN
ajm-1758	85	15	of	of	ADP
ajm-1758	85	16	complexity	complexity	NOUN
ajm-1758	85	17	.	.	PUNCT
ajm-1758	86	1	utilizing	utilize	VERB
ajm-1758	86	2	five	five	NUM
ajm-1758	86	3	approaches	approach	NOUN
ajm-1758	86	4	we	we	PRON
ajm-1758	86	5	have	have	AUX
ajm-1758	86	6	seen	see	VERB
ajm-1758	86	7	used	use	VERB
ajm-1758	86	8	in	in	ADP
ajm-1758	86	9	practice	practice	NOUN
ajm-1758	86	10	to	to	PART
ajm-1758	86	11	estimate	estimate	VERB
ajm-1758	86	12	the	the	DET
ajm-1758	86	13	cost	cost	NOUN
ajm-1758	86	14	of	of	ADP
ajm-1758	86	15	equity	equity	NOUN
ajm-1758	86	16	for	for	ADP
ajm-1758	86	17	three	three	NUM
ajm-1758	86	18	brazilian	brazilian	ADJ
ajm-1758	86	19	firms	firm	NOUN
ajm-1758	86	20	in	in	ADP
ajm-1758	86	21	april	april	PROPN
ajm-1758	86	22	2016	2016	NUM
ajm-1758	86	23	we	we	PRON
ajm-1758	86	24	get	get	VERB
ajm-1758	86	25	a	a	DET
ajm-1758	86	26	fairly	fairly	ADV
ajm-1758	86	27	wide	wide	ADJ
ajm-1758	86	28	range	range	NOUN
ajm-1758	86	29	of	of	ADP
ajm-1758	86	30	results	result	NOUN
ajm-1758	86	31	.	.	PUNCT
ajm-1758	87	1	for	for	ADP
ajm-1758	87	2	firms	firm	NOUN
ajm-1758	87	3	with	with	ADP
ajm-1758	87	4	significant	significant	ADJ
ajm-1758	87	5	country	country	NOUN
ajm-1758	87	6	risk	risk	NOUN
ajm-1758	87	7	,	,	PUNCT
ajm-1758	87	8	prior	prior	ADJ
ajm-1758	87	9	studies	study	NOUN
ajm-1758	87	10	and	and	CCONJ
ajm-1758	87	11	our	our	PRON
ajm-1758	87	12	own	own	ADJ
ajm-1758	87	13	results	result	NOUN
ajm-1758	87	14	suggest	suggest	VERB
ajm-1758	87	15	that	that	SCONJ
ajm-1758	87	16	the	the	DET
ajm-1758	87	17	first	first	ADJ
ajm-1758	87	18	approach	approach	NOUN
ajm-1758	87	19	64	64	NUM
ajm-1758	87	20	american	american	ADJ
ajm-1758	87	21	journal	journal	NOUN
ajm-1758	87	22	of	of	ADP
ajm-1758	87	23	management	management	NOUN
ajm-1758	87	24	vol	vol	NOUN
ajm-1758	87	25	.	.	PUNCT
ajm-1758	88	1	17(2	17(2	NUM
ajm-1758	88	2	)	)	PUNCT
ajm-1758	88	3	2017	2017	NUM
ajm-1758	88	4	may	may	AUX
ajm-1758	88	5	underestimate	underestimate	VERB
ajm-1758	88	6	the	the	DET
ajm-1758	88	7	cost	cost	NOUN
ajm-1758	88	8	of	of	ADP
ajm-1758	88	9	equity	equity	NOUN
ajm-1758	88	10	for	for	ADP
ajm-1758	88	11	some	some	DET
ajm-1758	88	12	firms	firm	NOUN
ajm-1758	88	13	since	since	SCONJ
ajm-1758	88	14	the	the	DET
ajm-1758	88	15	country	country	NOUN
ajm-1758	88	16	risk	risk	NOUN
ajm-1758	88	17	premium	premium	NOUN
ajm-1758	88	18	is	be	AUX
ajm-1758	88	19	not	not	PART
ajm-1758	88	20	explicitly	explicitly	ADV
ajm-1758	88	21	incorporated	incorporate	VERB
ajm-1758	88	22	.	.	PUNCT
ajm-1758	89	1	the	the	DET
ajm-1758	89	2	results	result	NOUN
ajm-1758	89	3	are	be	AUX
ajm-1758	89	4	also	also	ADV
ajm-1758	89	5	strongly	strongly	ADV
ajm-1758	89	6	impacted	impact	VERB
ajm-1758	89	7	by	by	ADP
ajm-1758	89	8	the	the	DET
ajm-1758	89	9	beta	beta	NOUN
ajm-1758	89	10	selected	select	VERB
ajm-1758	89	11	.	.	PUNCT
ajm-1758	90	1	here	here	ADV
ajm-1758	90	2	we	we	PRON
ajm-1758	90	3	used	use	VERB
ajm-1758	90	4	a	a	DET
ajm-1758	90	5	global	global	ADJ
ajm-1758	90	6	beta	beta	NOUN
ajm-1758	90	7	in	in	ADP
ajm-1758	90	8	approaches	approach	NOUN
ajm-1758	90	9	1	1	NUM
ajm-1758	90	10	and	and	CCONJ
ajm-1758	90	11	5	5	NUM
ajm-1758	90	12	and	and	CCONJ
ajm-1758	90	13	a	a	DET
ajm-1758	90	14	local	local	ADJ
ajm-1758	90	15	beta	beta	NOUN
ajm-1758	90	16	in	in	ADP
ajm-1758	90	17	approaches	approach	NOUN
ajm-1758	90	18	2	2	NUM
ajm-1758	90	19	,	,	PUNCT
ajm-1758	90	20	3	3	NUM
ajm-1758	90	21	and	and	CCONJ
ajm-1758	90	22	4	4	NUM
ajm-1758	90	23	.	.	NOUN
ajm-1758	90	24	approaches	approach	VERB
ajm-1758	90	25	two	two	NUM
ajm-1758	90	26	through	through	ADP
ajm-1758	90	27	four	four	NUM
ajm-1758	90	28	incorporate	incorporate	NOUN
ajm-1758	90	29	country	country	NOUN
ajm-1758	90	30	risk	risk	NOUN
ajm-1758	90	31	but	but	CCONJ
ajm-1758	90	32	apply	apply	VERB
ajm-1758	90	33	the	the	DET
ajm-1758	90	34	same	same	ADJ
ajm-1758	90	35	premium	premium	NOUN
ajm-1758	90	36	to	to	ADP
ajm-1758	90	37	all	all	DET
ajm-1758	90	38	firm	firm	ADJ
ajm-1758	90	39	,	,	PUNCT
ajm-1758	90	40	regardless	regardless	ADV
ajm-1758	90	41	of	of	ADP
ajm-1758	90	42	the	the	DET
ajm-1758	90	43	nature	nature	NOUN
ajm-1758	90	44	of	of	ADP
ajm-1758	90	45	the	the	DET
ajm-1758	90	46	industry	industry	NOUN
ajm-1758	90	47	or	or	CCONJ
ajm-1758	90	48	where	where	SCONJ
ajm-1758	90	49	the	the	DET
ajm-1758	90	50	revenues	revenue	NOUN
ajm-1758	90	51	are	be	AUX
ajm-1758	90	52	generated	generate	VERB
ajm-1758	90	53	.	.	PUNCT
ajm-1758	91	1	the	the	DET
ajm-1758	91	2	final	final	ADJ
ajm-1758	91	3	approach	approach	NOUN
ajm-1758	91	4	requires	require	VERB
ajm-1758	91	5	additional	additional	ADJ
ajm-1758	91	6	effort	effort	NOUN
ajm-1758	91	7	since	since	SCONJ
ajm-1758	91	8	the	the	DET
ajm-1758	91	9	equity	equity	NOUN
ajm-1758	91	10	risk	risk	NOUN
ajm-1758	91	11	premium	premium	NOUN
ajm-1758	91	12	must	must	AUX
ajm-1758	91	13	be	be	AUX
ajm-1758	91	14	calculated	calculate	VERB
ajm-1758	91	15	.	.	PUNCT
ajm-1758	92	1	here	here	ADV
ajm-1758	92	2	we	we	PRON
ajm-1758	92	3	determined	determine	VERB
ajm-1758	92	4	an	an	DET
ajm-1758	92	5	equity	equity	NOUN
ajm-1758	92	6	risk	risk	NOUN
ajm-1758	92	7	premium	premium	NOUN
ajm-1758	92	8	based	base	VERB
ajm-1758	92	9	on	on	ADP
ajm-1758	92	10	the	the	DET
ajm-1758	92	11	weighted	weighted	ADJ
ajm-1758	92	12	average	average	NOUN
ajm-1758	92	13	of	of	ADP
ajm-1758	92	14	the	the	DET
ajm-1758	92	15	country	country	NOUN
ajm-1758	92	16	equity	equity	NOUN
ajm-1758	92	17	risk	risk	NOUN
ajm-1758	92	18	premium	premium	NOUN
ajm-1758	92	19	where	where	SCONJ
ajm-1758	92	20	revenues	revenue	NOUN
ajm-1758	92	21	were	be	AUX
ajm-1758	92	22	generated	generate	VERB
ajm-1758	92	23	.	.	PUNCT
ajm-1758	93	1	accordingly	accordingly	ADV
ajm-1758	93	2	,	,	PUNCT
ajm-1758	93	3	via	via	ADP
ajm-1758	93	4	varejo	varejo	PROPN
ajm-1758	93	5	has	have	VERB
ajm-1758	93	6	a	a	DET
ajm-1758	93	7	higher	high	ADJ
ajm-1758	93	8	cost	cost	NOUN
ajm-1758	93	9	of	of	ADP
ajm-1758	93	10	equity	equity	NOUN
ajm-1758	93	11	,	,	PUNCT
ajm-1758	93	12	compared	compare	VERB
ajm-1758	93	13	to	to	ADP
ajm-1758	93	14	the	the	DET
ajm-1758	93	15	other	other	ADJ
ajm-1758	93	16	approaches	approach	NOUN
ajm-1758	93	17	,	,	PUNCT
ajm-1758	93	18	since	since	SCONJ
ajm-1758	93	19	all	all	DET
ajm-1758	93	20	revenues	revenue	NOUN
ajm-1758	93	21	are	be	AUX
ajm-1758	93	22	earned	earn	VERB
ajm-1758	93	23	in	in	ADP
ajm-1758	93	24	brazil	brazil	PROPN
ajm-1758	93	25	the	the	DET
ajm-1758	93	26	results	result	NOUN
ajm-1758	93	27	would	would	AUX
ajm-1758	93	28	have	have	VERB
ajm-1758	93	29	a	a	DET
ajm-1758	93	30	significant	significant	ADJ
ajm-1758	93	31	impact	impact	NOUN
ajm-1758	93	32	of	of	ADP
ajm-1758	93	33	financial	financial	ADJ
ajm-1758	93	34	decision	decision	NOUN
ajm-1758	93	35	making	making	NOUN
ajm-1758	93	36	including	include	VERB
ajm-1758	93	37	valuation	valuation	NOUN
ajm-1758	93	38	and	and	CCONJ
ajm-1758	93	39	capital	capital	NOUN
ajm-1758	93	40	budgeting	budgeting	NOUN
ajm-1758	93	41	decisions	decision	NOUN
ajm-1758	93	42	.	.	PUNCT
ajm-1758	94	1	table	table	NOUN
ajm-1758	94	2	6	6	NUM
ajm-1758	94	3	summary	summary	NOUN
ajm-1758	94	4	of	of	ADP
ajm-1758	94	5	results	result	NOUN
ajm-1758	94	6	appr	appr	PROPN
ajm-1758	94	7	1	1	NUM
ajm-1758	94	8	appr	appr	PROPN
ajm-1758	94	9	2	2	NUM
ajm-1758	94	10	appr	appr	NOUN
ajm-1758	94	11	3	3	NUM
ajm-1758	94	12	appr	appr	NOUN
ajm-1758	94	13	4	4	NUM
ajm-1758	94	14	appr	appr	NOUN
ajm-1758	94	15	5	5	NUM
ajm-1758	94	16	ke	ke	PROPN
ajm-1758	94	17	brf	brf	PROPN
ajm-1758	94	18	13.1	13.1	NUM
ajm-1758	94	19	%	%	NOUN
ajm-1758	94	20	15.9	15.9	NUM
ajm-1758	94	21	%	%	NOUN
ajm-1758	94	22	14.5	14.5	NUM
ajm-1758	94	23	%	%	NOUN
ajm-1758	94	24	15.0	15.0	NUM
ajm-1758	94	25	%	%	NOUN
ajm-1758	94	26	15.2	15.2	NUM
ajm-1758	94	27	%	%	NOUN
ajm-1758	94	28	ke	ke	NOUN
ajm-1758	94	29	embr	embr	NOUN
ajm-1758	94	30	14.8	14.8	NUM
ajm-1758	94	31	%	%	NOUN
ajm-1758	94	32	14.4	14.4	NUM
ajm-1758	94	33	%	%	NOUN
ajm-1758	94	34	13.0	13.0	NUM
ajm-1758	94	35	%	%	NOUN
ajm-1758	94	36	12.6	12.6	NUM
ajm-1758	94	37	%	%	NOUN
ajm-1758	94	38	16.0	16.0	NUM
ajm-1758	94	39	%	%	NOUN
ajm-1758	94	40	ke	ke	NOUN
ajm-1758	94	41	via	via	ADP
ajm-1758	94	42	16.0	16.0	NUM
ajm-1758	94	43	%	%	NOUN
ajm-1758	94	44	17.9	17.9	NUM
ajm-1758	94	45	%	%	NOUN
ajm-1758	94	46	16.4	16.4	NUM
ajm-1758	94	47	%	%	NOUN
ajm-1758	94	48	18.2	18.2	NUM
ajm-1758	94	49	%	%	NOUN
ajm-1758	94	50	20.7	20.7	NUM
ajm-1758	94	51	%	%	NOUN
ajm-1758	94	52	data	datum	NOUN
ajm-1758	94	53	sources	source	NOUN
ajm-1758	94	54	bloomberg	bloomberg	PROPN
ajm-1758	94	55	s&p	s&p	PROPN
ajm-1758	94	56	capital	capital	NOUN
ajm-1758	94	57	iq	iq	PROPN
ajm-1758	94	58	damodaran	damodaran	NOUN
ajm-1758	94	59	:	:	PUNCT
ajm-1758	94	60	country	country	NOUN
ajm-1758	94	61	and	and	CCONJ
ajm-1758	94	62	equity	equity	NOUN
ajm-1758	94	63	risk	risk	NOUN
ajm-1758	94	64	premium	premium	NOUN
ajm-1758	94	65	data	datum	NOUN
ajm-1758	94	66	found	find	VERB
ajm-1758	94	67	at	at	ADP
ajm-1758	94	68	:	:	PUNCT
ajm-1758	94	69	http://pages.stern.nyu.edu/~adamodar/new_home_page/datafile/ctryprem.html	http://pages.stern.nyu.edu/~adamodar/new_home_page/datafile/ctryprem.html	ADJ
ajm-1758	94	70	references	reference	NOUN
ajm-1758	94	71	harvey	harvey	PROPN
ajm-1758	94	72	,	,	PUNCT
ajm-1758	94	73	campbell	campbell	PROPN
ajm-1758	94	74	(	(	PUNCT
ajm-1758	94	75	2005	2005	NUM
ajm-1758	94	76	)	)	PUNCT
ajm-1758	94	77	.	.	PUNCT
ajm-1758	95	1	twelve	twelve	NUM
ajm-1758	95	2	ways	way	NOUN
ajm-1758	95	3	to	to	PART
ajm-1758	95	4	calculate	calculate	VERB
ajm-1758	95	5	the	the	DET
ajm-1758	95	6	international	international	ADJ
ajm-1758	95	7	cost	cost	NOUN
ajm-1758	95	8	of	of	ADP
ajm-1758	95	9	capital	capital	NOUN
ajm-1758	95	10	.	.	PUNCT
ajm-1758	96	1	https://faculty.fuqua.duke.edu/~charvey/teaching/ba456_2006/harvey_12_ways_to.pdf	https://faculty.fuqua.duke.edu/~charvey/teaching/ba456_2006/harvey_12_ways_to.pdf	PROPN
ajm-1758	96	2	von	von	PROPN
ajm-1758	96	3	jenner	jenner	PROPN
ajm-1758	96	4	,	,	PUNCT
ajm-1758	96	5	mark	mark	PROPN
ajm-1758	96	6	humphrey	humphrey	PROPN
ajm-1758	96	7	(	(	PUNCT
ajm-1758	96	8	2008	2008	NUM
ajm-1758	96	9	)	)	PUNCT
ajm-1758	96	10	.	.	PUNCT
ajm-1758	97	1	calculating	calculate	VERB
ajm-1758	97	2	the	the	DET
ajm-1758	97	3	cost	cost	NOUN
ajm-1758	97	4	of	of	ADP
ajm-1758	97	5	equity	equity	NOUN
ajm-1758	97	6	in	in	ADP
ajm-1758	97	7	emerging	emerge	VERB
ajm-1758	97	8	markets	market	NOUN
ajm-1758	97	9	.	.	PUNCT
ajm-1758	98	1	the	the	DET
ajm-1758	98	2	finsia	finsia	PROPN
ajm-1758	98	3	journal	journal	NOUN
ajm-1758	98	4	of	of	ADP
ajm-1758	98	5	applied	apply	VERB
ajm-1758	98	6	finance	finance	NOUN
ajm-1758	98	7	.	.	PUNCT
ajm-1758	99	1	issue	issue	NOUN
ajm-1758	99	2	4	4	NUM
ajm-1758	99	3	p	p	NOUN
ajm-1758	99	4	21	21	NUM
ajm-1758	99	5	.	.	PUNCT
ajm-1758	100	1	abuaf	abuaf	PROPN
ajm-1758	100	2	,	,	PUNCT
ajm-1758	100	3	niso	niso	NOUN
ajm-1758	100	4	(	(	PUNCT
ajm-1758	100	5	2011	2011	NUM
ajm-1758	100	6	)	)	PUNCT
ajm-1758	100	7	.	.	PUNCT
ajm-1758	101	1	valuing	value	VERB
ajm-1758	101	2	emerging	emerge	VERB
ajm-1758	101	3	market	market	NOUN
ajm-1758	101	4	equities	equity	NOUN
ajm-1758	101	5	�	�	AUX
ajm-1758	101	6	the	the	DET
ajm-1758	101	7	empirical	empirical	ADJ
ajm-1758	101	8	evidence	evidence	NOUN
ajm-1758	101	9	.	.	PUNCT
ajm-1758	102	1	journal	journal	NOUN
ajm-1758	102	2	of	of	ADP
ajm-1758	102	3	applied	apply	VERB
ajm-1758	102	4	finance	finance	NOUN
ajm-1758	102	5	,	,	PUNCT
ajm-1758	102	6	no	no	INTJ
ajm-1758	102	7	.	.	NOUN
ajm-1758	102	8	2	2	X
ajm-1758	102	9	.	.	PUNCT