id	sid	tid	token	lemma	pos
ajfa-140	1	1	asian	asian	ADJ
ajfa-140	1	2	journal	journal	PROPN
ajfa-140	1	3	of	of	ADP
ajfa-140	1	4	finance	finance	PROPN
ajfa-140	1	5	&	&	CCONJ
ajfa-140	1	6	accounting	accounting	PROPN
ajfa-140	1	7	issn	issn	PROPN
ajfa-140	1	8	1946	1946	NUM
ajfa-140	1	9	-	-	PUNCT
ajfa-140	1	10	052x	052x	NOUN
ajfa-140	1	11	2009	2009	NUM
ajfa-140	1	12	,	,	PUNCT
ajfa-140	1	13	vol	vol	NOUN
ajfa-140	1	14	.	.	PROPN
ajfa-140	1	15	1	1	NUM
ajfa-140	1	16	,	,	PUNCT
ajfa-140	1	17	no	no	INTJ
ajfa-140	1	18	.	.	NOUN
ajfa-140	1	19	2	2	NUM
ajfa-140	1	20	:	:	PUNCT
ajfa-140	1	21	e5	e5	PROPN
ajfa-140	1	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	1	23	106	106	NUM
ajfa-140	1	24	volatility	volatility	NOUN
ajfa-140	1	25	spillovers	spillover	NOUN
ajfa-140	1	26	between	between	ADP
ajfa-140	1	27	new	new	PROPN
ajfa-140	1	28	zealand	zealand	PROPN
ajfa-140	1	29	stock	stock	NOUN
ajfa-140	1	30	market	market	NOUN
ajfa-140	1	31	returns	return	NOUN
ajfa-140	1	32	and	and	CCONJ
ajfa-140	1	33	exchange	exchange	NOUN
ajfa-140	1	34	rate	rate	NOUN
ajfa-140	1	35	changes	change	NOUN
ajfa-140	1	36	before	before	ADP
ajfa-140	1	37	and	and	CCONJ
ajfa-140	1	38	after	after	ADP
ajfa-140	1	39	the	the	DET
ajfa-140	1	40	1997	1997	NUM
ajfa-140	1	41	asian	asian	ADJ
ajfa-140	1	42	financial	financial	ADJ
ajfa-140	1	43	crisis	crisis	NOUN
ajfa-140	1	44	daniel	daniel	PROPN
ajfa-140	1	45	fs	fs	ADP
ajfa-140	1	46	choi	choi	PROPN
ajfa-140	1	47	(	(	PUNCT
ajfa-140	1	48	corresponding	corresponding	ADJ
ajfa-140	1	49	author	author	NOUN
ajfa-140	1	50	)	)	PUNCT
ajfa-140	1	51	department	department	NOUN
ajfa-140	1	52	of	of	ADP
ajfa-140	1	53	finance	finance	NOUN
ajfa-140	1	54	,	,	PUNCT
ajfa-140	1	55	waikato	waikato	NOUN
ajfa-140	1	56	management	management	NOUN
ajfa-140	1	57	school	school	NOUN
ajfa-140	1	58	,	,	PUNCT
ajfa-140	1	59	university	university	NOUN
ajfa-140	1	60	of	of	ADP
ajfa-140	1	61	waikato	waikato	PROPN
ajfa-140	1	62	private	private	ADJ
ajfa-140	1	63	bag	bag	NOUN
ajfa-140	1	64	3105	3105	NUM
ajfa-140	1	65	,	,	PUNCT
ajfa-140	1	66	hamilton	hamilton	PROPN
ajfa-140	1	67	,	,	PUNCT
ajfa-140	1	68	new	new	PROPN
ajfa-140	1	69	zealand	zealand	PROPN
ajfa-140	1	70	tel	tel	PROPN
ajfa-140	1	71	:	:	PUNCT
ajfa-140	1	72	+647	+647	NUM
ajfa-140	1	73	838	838	NUM
ajfa-140	1	74	4973	4973	NUM
ajfa-140	1	75	e	e	NOUN
ajfa-140	1	76	-	-	NOUN
ajfa-140	1	77	mail	mail	NOUN
ajfa-140	1	78	:	:	PUNCT
ajfa-140	1	79	dfschoi@waikato.ac.nz	dfschoi@waikato.ac.nz	ADJ
ajfa-140	1	80	victor	victor	PROPN
ajfa-140	1	81	fang	fang	PROPN
ajfa-140	1	82	department	department	PROPN
ajfa-140	1	83	of	of	ADP
ajfa-140	1	84	accounting	accounting	NOUN
ajfa-140	1	85	and	and	CCONJ
ajfa-140	1	86	finance	finance	NOUN
ajfa-140	1	87	,	,	PUNCT
ajfa-140	1	88	monash	monash	PROPN
ajfa-140	1	89	university	university	PROPN
ajfa-140	1	90	900	900	NUM
ajfa-140	1	91	dandenong	dandenong	NOUN
ajfa-140	1	92	road	road	NOUN
ajfa-140	1	93	,	,	PUNCT
ajfa-140	1	94	caulfield	caulfield	PROPN
ajfa-140	1	95	east	east	PROPN
ajfa-140	1	96	,	,	PUNCT
ajfa-140	1	97	vic	vic	PROPN
ajfa-140	1	98	,	,	PUNCT
ajfa-140	1	99	3145	3145	NUM
ajfa-140	1	100	,	,	PUNCT
ajfa-140	1	101	australia	australia	PROPN
ajfa-140	1	102	tel	tel	PROPN
ajfa-140	1	103	:	:	PUNCT
ajfa-140	1	104	+613	+613	PROPN
ajfa-140	1	105	9903	9903	NUM
ajfa-140	1	106	2183	2183	NUM
ajfa-140	1	107	e	e	X
ajfa-140	1	108	-	-	NOUN
ajfa-140	1	109	mail	mail	NOUN
ajfa-140	1	110	:	:	PUNCT
ajfa-140	1	111	victor.fang@buseco.monash.edu.au	victor.fang@buseco.monash.edu.au	PROPN
ajfa-140	1	112	tian	tian	PROPN
ajfa-140	1	113	yong	yong	PROPN
ajfa-140	1	114	fu	fu	PROPN
ajfa-140	1	115	portfolio	portfolio	PROPN
ajfa-140	1	116	risk	risk	NOUN
ajfa-140	1	117	management	management	NOUN
ajfa-140	1	118	,	,	PUNCT
ajfa-140	1	119	ge	ge	PROPN
ajfa-140	1	120	money	money	PROPN
ajfa-140	1	121	,	,	PUNCT
ajfa-140	1	122	8	8	NUM
ajfa-140	1	123	tangihua	tangihua	PROPN
ajfa-140	1	124	street	street	NOUN
ajfa-140	1	125	,	,	PUNCT
ajfa-140	1	126	auckland	auckland	PROPN
ajfa-140	1	127	1010	1010	NUM
ajfa-140	1	128	,	,	PUNCT
ajfa-140	1	129	new	new	PROPN
ajfa-140	1	130	zealand	zealand	PROPN
ajfa-140	1	131	tel	tel	PROPN
ajfa-140	1	132	:	:	PUNCT
ajfa-140	1	133	+649	+649	PROPN
ajfa-140	1	134	355	355	NUM
ajfa-140	1	135	1930	1930	NUM
ajfa-140	1	136	e	e	NOUN
ajfa-140	1	137	-	-	NOUN
ajfa-140	1	138	mail	mail	NOUN
ajfa-140	1	139	:	:	PUNCT
ajfa-140	1	140	tianyong.fu@ge.com	tianyong.fu@ge.com	NUM
ajfa-140	2	1	abstract	abstract	ADJ
ajfa-140	2	2	researchers	researcher	NOUN
ajfa-140	2	3	in	in	ADP
ajfa-140	2	4	the	the	DET
ajfa-140	2	5	last	last	ADJ
ajfa-140	2	6	decade	decade	NOUN
ajfa-140	2	7	have	have	AUX
ajfa-140	2	8	been	be	AUX
ajfa-140	2	9	investigating	investigate	VERB
ajfa-140	2	10	the	the	DET
ajfa-140	2	11	interdependence	interdependence	NOUN
ajfa-140	2	12	of	of	ADP
ajfa-140	2	13	stock	stock	NOUN
ajfa-140	2	14	returns	return	NOUN
ajfa-140	2	15	and	and	CCONJ
ajfa-140	2	16	exchange	exchange	NOUN
ajfa-140	2	17	rate	rate	NOUN
ajfa-140	2	18	changes	change	NOUN
ajfa-140	2	19	within	within	ADP
ajfa-140	2	20	the	the	DET
ajfa-140	2	21	same	same	ADJ
ajfa-140	2	22	economy	economy	NOUN
ajfa-140	2	23	.	.	PUNCT
ajfa-140	3	1	kanas	kanas	PROPN
ajfa-140	3	2	(	(	PUNCT
ajfa-140	3	3	2000	2000	NUM
ajfa-140	3	4	)	)	PUNCT
ajfa-140	3	5	and	and	CCONJ
ajfa-140	3	6	yang	yang	PROPN
ajfa-140	3	7	and	and	CCONJ
ajfa-140	3	8	doong	doong	PROPN
ajfa-140	3	9	(	(	PUNCT
ajfa-140	3	10	2004	2004	NUM
ajfa-140	3	11	)	)	PUNCT
ajfa-140	3	12	find	find	VERB
ajfa-140	3	13	that	that	SCONJ
ajfa-140	3	14	for	for	ADP
ajfa-140	3	15	the	the	DET
ajfa-140	3	16	g-7	g-7	NOUN
ajfa-140	3	17	countries	country	NOUN
ajfa-140	3	18	,	,	PUNCT
ajfa-140	3	19	in	in	ADP
ajfa-140	3	20	general	general	ADJ
ajfa-140	3	21	,	,	PUNCT
ajfa-140	3	22	the	the	DET
ajfa-140	3	23	volatility	volatility	NOUN
ajfa-140	3	24	of	of	ADP
ajfa-140	3	25	the	the	DET
ajfa-140	3	26	stock	stock	NOUN
ajfa-140	3	27	market	market	NOUN
ajfa-140	3	28	spills	spill	VERB
ajfa-140	3	29	over	over	ADP
ajfa-140	3	30	to	to	ADP
ajfa-140	3	31	the	the	DET
ajfa-140	3	32	exchange	exchange	NOUN
ajfa-140	3	33	rate	rate	NOUN
ajfa-140	3	34	market	market	NOUN
ajfa-140	3	35	but	but	CCONJ
ajfa-140	3	36	that	that	SCONJ
ajfa-140	3	37	volatility	volatility	NOUN
ajfa-140	3	38	spillovers	spillover	NOUN
ajfa-140	3	39	from	from	ADP
ajfa-140	3	40	the	the	DET
ajfa-140	3	41	exchange	exchange	NOUN
ajfa-140	3	42	rate	rate	NOUN
ajfa-140	3	43	market	market	NOUN
ajfa-140	3	44	to	to	ADP
ajfa-140	3	45	the	the	DET
ajfa-140	3	46	stock	stock	NOUN
ajfa-140	3	47	market	market	NOUN
ajfa-140	3	48	are	be	AUX
ajfa-140	3	49	insignificant	insignificant	ADJ
ajfa-140	3	50	.	.	PUNCT
ajfa-140	4	1	chen	chen	PROPN
ajfa-140	4	2	,	,	PUNCT
ajfa-140	4	3	naylor	naylor	PROPN
ajfa-140	4	4	,	,	PUNCT
ajfa-140	4	5	and	and	CCONJ
ajfa-140	4	6	lu	lu	PROPN
ajfa-140	4	7	(	(	PUNCT
ajfa-140	4	8	2004	2004	NUM
ajfa-140	4	9	)	)	PUNCT
ajfa-140	4	10	find	find	VERB
ajfa-140	4	11	that	that	SCONJ
ajfa-140	4	12	nz	nz	ADJ
ajfa-140	4	13	individual	individual	ADJ
ajfa-140	4	14	firm	firm	NOUN
ajfa-140	4	15	returns	return	NOUN
ajfa-140	4	16	are	be	AUX
ajfa-140	4	17	significantly	significantly	ADV
ajfa-140	4	18	exposed	expose	VERB
ajfa-140	4	19	to	to	AUX
ajfa-140	4	20	exchange	exchange	NOUN
ajfa-140	4	21	rate	rate	NOUN
ajfa-140	4	22	changes	change	NOUN
ajfa-140	4	23	.	.	PUNCT
ajfa-140	5	1	this	this	DET
ajfa-140	5	2	study	study	NOUN
ajfa-140	5	3	complements	complement	VERB
ajfa-140	5	4	their	their	PRON
ajfa-140	5	5	work	work	NOUN
ajfa-140	5	6	by	by	ADP
ajfa-140	5	7	investigating	investigate	VERB
ajfa-140	5	8	the	the	DET
ajfa-140	5	9	volatility	volatility	NOUN
ajfa-140	5	10	spillover	spillover	VERB
ajfa-140	5	11	between	between	ADP
ajfa-140	5	12	the	the	DET
ajfa-140	5	13	stock	stock	NOUN
ajfa-140	5	14	market	market	NOUN
ajfa-140	5	15	and	and	CCONJ
ajfa-140	5	16	the	the	DET
ajfa-140	5	17	foreign	foreign	ADJ
ajfa-140	5	18	exchange	exchange	NOUN
ajfa-140	5	19	market	market	NOUN
ajfa-140	5	20	within	within	ADP
ajfa-140	5	21	the	the	DET
ajfa-140	5	22	nz	nz	NOUN
ajfa-140	5	23	economy	economy	NOUN
ajfa-140	5	24	.	.	PUNCT
ajfa-140	6	1	keywords	keyword	NOUN
ajfa-140	6	2	:	:	PUNCT
ajfa-140	6	3	new	new	PROPN
ajfa-140	6	4	zealand	zealand	PROPN
ajfa-140	6	5	,	,	PUNCT
ajfa-140	6	6	egarch	egarch	NOUN
ajfa-140	6	7	model	model	NOUN
ajfa-140	6	8	,	,	PUNCT
ajfa-140	6	9	volatility	volatility	NOUN
ajfa-140	6	10	spillover	spillover	NOUN
ajfa-140	6	11	,	,	PUNCT
ajfa-140	6	12	asian	asian	ADJ
ajfa-140	6	13	financial	financial	ADJ
ajfa-140	6	14	crisis	crisis	PROPN
ajfa-140	6	15	jel	jel	PROPN
ajfa-140	6	16	classifications	classification	NOUN
ajfa-140	6	17	:	:	PUNCT
ajfa-140	6	18	e44	e44	NOUN
ajfa-140	6	19	,	,	PUNCT
ajfa-140	6	20	g01	g01	VERB
ajfa-140	6	21	asian	asian	ADJ
ajfa-140	6	22	journal	journal	NOUN
ajfa-140	6	23	of	of	ADP
ajfa-140	6	24	finance	finance	PROPN
ajfa-140	6	25	&	&	CCONJ
ajfa-140	6	26	accounting	accounting	PROPN
ajfa-140	6	27	issn	issn	PROPN
ajfa-140	6	28	1946	1946	NUM
ajfa-140	6	29	-	-	PUNCT
ajfa-140	6	30	052x	052x	NOUN
ajfa-140	6	31	2009	2009	NUM
ajfa-140	6	32	,	,	PUNCT
ajfa-140	6	33	vol	vol	NOUN
ajfa-140	6	34	.	.	PROPN
ajfa-140	7	1	1	1	NUM
ajfa-140	7	2	,	,	PUNCT
ajfa-140	7	3	no	no	INTJ
ajfa-140	7	4	.	.	NOUN
ajfa-140	7	5	2	2	NUM
ajfa-140	7	6	:	:	PUNCT
ajfa-140	8	1	e5	e5	PROPN
ajfa-140	8	2	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-140	8	3	107	107	NUM
ajfa-140	8	4	1	1	NUM
ajfa-140	8	5	.	.	PUNCT
ajfa-140	9	1	introduction	introduction	NOUN
ajfa-140	9	2	volatility	volatility	NOUN
ajfa-140	9	3	spillovers	spillover	NOUN
ajfa-140	9	4	between	between	ADP
ajfa-140	9	5	stock	stock	NOUN
ajfa-140	9	6	market	market	NOUN
ajfa-140	9	7	returns	return	NOUN
ajfa-140	9	8	and	and	CCONJ
ajfa-140	9	9	exchange	exchange	NOUN
ajfa-140	9	10	rate	rate	NOUN
ajfa-140	9	11	changes	change	NOUN
ajfa-140	9	12	within	within	ADP
ajfa-140	9	13	the	the	DET
ajfa-140	9	14	same	same	ADJ
ajfa-140	9	15	economy	economy	NOUN
ajfa-140	9	16	have	have	AUX
ajfa-140	9	17	been	be	AUX
ajfa-140	9	18	examined	examine	VERB
ajfa-140	9	19	over	over	ADP
ajfa-140	9	20	time	time	NOUN
ajfa-140	9	21	and	and	CCONJ
ajfa-140	9	22	across	across	ADP
ajfa-140	9	23	different	different	ADJ
ajfa-140	9	24	countries	country	NOUN
ajfa-140	9	25	.	.	PUNCT
ajfa-140	10	1	kanas	kanas	PROPN
ajfa-140	10	2	(	(	PUNCT
ajfa-140	10	3	2000	2000	NUM
ajfa-140	10	4	)	)	PUNCT
ajfa-140	10	5	and	and	CCONJ
ajfa-140	10	6	yang	yang	PROPN
ajfa-140	10	7	and	and	CCONJ
ajfa-140	10	8	doong	doong	PROPN
ajfa-140	10	9	(	(	PUNCT
ajfa-140	10	10	2004	2004	NUM
ajfa-140	10	11	)	)	PUNCT
ajfa-140	10	12	find	find	VERB
ajfa-140	10	13	unidirectional	unidirectional	ADJ
ajfa-140	10	14	volatility	volatility	NOUN
ajfa-140	10	15	spillovers	spillover	NOUN
ajfa-140	10	16	from	from	ADP
ajfa-140	10	17	stock	stock	NOUN
ajfa-140	10	18	market	market	NOUN
ajfa-140	10	19	returns	return	NOUN
ajfa-140	10	20	to	to	PART
ajfa-140	10	21	exchange	exchange	VERB
ajfa-140	10	22	rate	rate	NOUN
ajfa-140	10	23	changes	change	NOUN
ajfa-140	10	24	in	in	ADP
ajfa-140	10	25	the	the	DET
ajfa-140	10	26	g-7	g-7	NOUN
ajfa-140	10	27	markets	market	NOUN
ajfa-140	10	28	.	.	PUNCT
ajfa-140	11	1	the	the	DET
ajfa-140	11	2	market	market	NOUN
ajfa-140	11	3	capitalization	capitalization	NOUN
ajfa-140	11	4	of	of	ADP
ajfa-140	11	5	each	each	PRON
ajfa-140	11	6	of	of	ADP
ajfa-140	11	7	the	the	DET
ajfa-140	11	8	g-7	g-7	NOUN
ajfa-140	11	9	countries	country	NOUN
ajfa-140	11	10	is	be	AUX
ajfa-140	11	11	large	large	ADJ
ajfa-140	11	12	and	and	CCONJ
ajfa-140	11	13	multinationals	multinational	NOUN
ajfa-140	11	14	in	in	ADP
ajfa-140	11	15	the	the	DET
ajfa-140	11	16	g-7	g-7	NOUN
ajfa-140	11	17	are	be	AUX
ajfa-140	11	18	fairly	fairly	ADV
ajfa-140	11	19	well	well	ADV
ajfa-140	11	20	-	-	PUNCT
ajfa-140	11	21	diversified	diversify	VERB
ajfa-140	11	22	.	.	PUNCT
ajfa-140	12	1	chen	chen	PROPN
ajfa-140	12	2	,	,	PUNCT
ajfa-140	12	3	naylor	naylor	PROPN
ajfa-140	12	4	,	,	PUNCT
ajfa-140	12	5	and	and	CCONJ
ajfa-140	12	6	lu	lu	PROPN
ajfa-140	12	7	(	(	PUNCT
ajfa-140	12	8	2004	2004	NUM
ajfa-140	12	9	)	)	PUNCT
ajfa-140	12	10	point	point	VERB
ajfa-140	12	11	out	out	ADP
ajfa-140	12	12	that	that	SCONJ
ajfa-140	12	13	in	in	ADP
ajfa-140	12	14	a	a	DET
ajfa-140	12	15	large	large	ADJ
ajfa-140	12	16	market	market	NOUN
ajfa-140	12	17	with	with	ADP
ajfa-140	12	18	well	well	ADV
ajfa-140	12	19	-	-	PUNCT
ajfa-140	12	20	diversified	diversify	VERB
ajfa-140	12	21	firms	firm	NOUN
ajfa-140	12	22	,	,	PUNCT
ajfa-140	12	23	domestic	domestic	ADJ
ajfa-140	12	24	factors	factor	NOUN
ajfa-140	12	25	could	could	AUX
ajfa-140	12	26	be	be	AUX
ajfa-140	12	27	more	more	ADV
ajfa-140	12	28	important	important	ADJ
ajfa-140	12	29	than	than	ADP
ajfa-140	12	30	international	international	ADJ
ajfa-140	12	31	factors	factor	NOUN
ajfa-140	12	32	.	.	PUNCT
ajfa-140	13	1	in	in	ADP
ajfa-140	13	2	contrast	contrast	NOUN
ajfa-140	13	3	,	,	PUNCT
ajfa-140	13	4	the	the	DET
ajfa-140	13	5	new	new	PROPN
ajfa-140	13	6	zealand	zealand	PROPN
ajfa-140	13	7	market	market	NOUN
ajfa-140	13	8	is	be	AUX
ajfa-140	13	9	very	very	ADV
ajfa-140	13	10	small	small	ADJ
ajfa-140	13	11	relative	relative	ADJ
ajfa-140	13	12	to	to	ADP
ajfa-140	13	13	the	the	DET
ajfa-140	13	14	us	us	PROPN
ajfa-140	13	15	market	market	NOUN
ajfa-140	13	16	and	and	CCONJ
ajfa-140	13	17	firms	firm	NOUN
ajfa-140	13	18	in	in	ADP
ajfa-140	13	19	nz	nz	PROPN
ajfa-140	13	20	are	be	AUX
ajfa-140	13	21	much	much	ADV
ajfa-140	13	22	less	less	ADV
ajfa-140	13	23	diversified	diversified	ADJ
ajfa-140	13	24	.	.	PUNCT
ajfa-140	14	1	using	use	VERB
ajfa-140	14	2	a	a	DET
ajfa-140	14	3	two	two	NUM
ajfa-140	14	4	-	-	PUNCT
ajfa-140	14	5	factor	factor	NOUN
ajfa-140	14	6	model	model	NOUN
ajfa-140	14	7	,	,	PUNCT
ajfa-140	14	8	chen	chen	PROPN
ajfa-140	14	9	et	et	PROPN
ajfa-140	14	10	al	al	PROPN
ajfa-140	14	11	.	.	PROPN
ajfa-140	14	12	find	find	VERB
ajfa-140	14	13	that	that	SCONJ
ajfa-140	14	14	nz	nz	PROPN
ajfa-140	14	15	firm	firm	NOUN
ajfa-140	14	16	returns	return	NOUN
ajfa-140	14	17	(	(	PUNCT
ajfa-140	14	18	the	the	DET
ajfa-140	14	19	first	first	ADJ
ajfa-140	14	20	moment	moment	NOUN
ajfa-140	14	21	)	)	PUNCT
ajfa-140	14	22	are	be	AUX
ajfa-140	14	23	significantly	significantly	ADV
ajfa-140	14	24	explained	explain	VERB
ajfa-140	14	25	by	by	ADP
ajfa-140	14	26	exchange	exchange	NOUN
ajfa-140	14	27	rate	rate	NOUN
ajfa-140	14	28	changes	change	NOUN
ajfa-140	14	29	.	.	PUNCT
ajfa-140	15	1	however	however	ADV
ajfa-140	15	2	,	,	PUNCT
ajfa-140	15	3	chen	chen	PROPN
ajfa-140	15	4	et	et	PROPN
ajfa-140	15	5	al	al	PROPN
ajfa-140	15	6	.	.	PROPN
ajfa-140	15	7	do	do	AUX
ajfa-140	15	8	not	not	PART
ajfa-140	15	9	examine	examine	VERB
ajfa-140	15	10	the	the	DET
ajfa-140	15	11	volatility	volatility	NOUN
ajfa-140	15	12	(	(	PUNCT
ajfa-140	15	13	the	the	DET
ajfa-140	15	14	second	second	ADJ
ajfa-140	15	15	moment	moment	NOUN
ajfa-140	15	16	)	)	PUNCT
ajfa-140	15	17	spillover	spillover	VERB
ajfa-140	15	18	between	between	ADP
ajfa-140	15	19	the	the	DET
ajfa-140	15	20	stock	stock	NOUN
ajfa-140	15	21	market	market	NOUN
ajfa-140	15	22	returns	return	NOUN
ajfa-140	15	23	and	and	CCONJ
ajfa-140	15	24	exchange	exchange	NOUN
ajfa-140	15	25	rate	rate	NOUN
ajfa-140	15	26	changes	change	NOUN
ajfa-140	15	27	within	within	ADP
ajfa-140	15	28	the	the	DET
ajfa-140	15	29	nz	nz	NOUN
ajfa-140	15	30	economy	economy	NOUN
ajfa-140	15	31	.	.	PUNCT
ajfa-140	16	1	in	in	ADP
ajfa-140	16	2	this	this	DET
ajfa-140	16	3	paper	paper	NOUN
ajfa-140	16	4	,	,	PUNCT
ajfa-140	16	5	a	a	DET
ajfa-140	16	6	multivariate	multivariate	NOUN
ajfa-140	16	7	egarch	egarch	NOUN
ajfa-140	16	8	model	model	NOUN
ajfa-140	16	9	is	be	AUX
ajfa-140	16	10	used	use	VERB
ajfa-140	16	11	to	to	PART
ajfa-140	16	12	investigate	investigate	VERB
ajfa-140	16	13	the	the	DET
ajfa-140	16	14	volatility	volatility	NOUN
ajfa-140	16	15	spillover	spillover	VERB
ajfa-140	16	16	between	between	ADP
ajfa-140	16	17	stock	stock	NOUN
ajfa-140	16	18	market	market	NOUN
ajfa-140	16	19	returns	return	NOUN
ajfa-140	16	20	and	and	CCONJ
ajfa-140	16	21	exchange	exchange	NOUN
ajfa-140	16	22	rate	rate	NOUN
ajfa-140	16	23	changes	change	NOUN
ajfa-140	16	24	in	in	ADP
ajfa-140	16	25	nz	nz	PROPN
ajfa-140	16	26	.	.	PUNCT
ajfa-140	17	1	the	the	DET
ajfa-140	17	2	egarch	egarch	NOUN
ajfa-140	17	3	model	model	NOUN
ajfa-140	17	4	takes	take	VERB
ajfa-140	17	5	into	into	ADP
ajfa-140	17	6	account	account	PROPN
ajfa-140	17	7	new	new	PROPN
ajfa-140	17	8	zealand	zealand	PROPN
ajfa-140	17	9	’s	’s	PART
ajfa-140	17	10	asymmetric	asymmetric	ADJ
ajfa-140	17	11	,	,	PUNCT
ajfa-140	17	12	or	or	CCONJ
ajfa-140	17	13	down	down	ADP
ajfa-140	17	14	-	-	PUNCT
ajfa-140	17	15	market	market	NOUN
ajfa-140	17	16	effects	effect	NOUN
ajfa-140	17	17	.	.	PUNCT
ajfa-140	18	1	the	the	DET
ajfa-140	18	2	sample	sample	NOUN
ajfa-140	18	3	period	period	NOUN
ajfa-140	18	4	spans	span	VERB
ajfa-140	18	5	from	from	ADP
ajfa-140	18	6	1990	1990	NUM
ajfa-140	18	7	to	to	ADP
ajfa-140	18	8	2004	2004	NUM
ajfa-140	18	9	.	.	PUNCT
ajfa-140	19	1	the	the	DET
ajfa-140	19	2	1997	1997	NUM
ajfa-140	19	3	asian	asian	ADJ
ajfa-140	19	4	financial	financial	ADJ
ajfa-140	19	5	crisis	crisis	NOUN
ajfa-140	19	6	(	(	PUNCT
ajfa-140	19	7	afc	afc	PROPN
ajfa-140	19	8	)	)	PUNCT
ajfa-140	19	9	occurs	occur	VERB
ajfa-140	19	10	in	in	ADP
ajfa-140	19	11	the	the	DET
ajfa-140	19	12	middle	middle	NOUN
ajfa-140	19	13	of	of	ADP
ajfa-140	19	14	our	our	PRON
ajfa-140	19	15	sample	sample	NOUN
ajfa-140	19	16	period	period	NOUN
ajfa-140	19	17	.	.	PUNCT
ajfa-140	20	1	it	it	PRON
ajfa-140	20	2	is	be	AUX
ajfa-140	20	3	thus	thus	ADV
ajfa-140	20	4	appropriate	appropriate	ADJ
ajfa-140	20	5	to	to	PART
ajfa-140	20	6	examine	examine	VERB
ajfa-140	20	7	the	the	DET
ajfa-140	20	8	change	change	NOUN
ajfa-140	20	9	in	in	ADP
ajfa-140	20	10	volatility	volatility	NOUN
ajfa-140	20	11	spillover	spillover	VERB
ajfa-140	20	12	effects	effect	NOUN
ajfa-140	20	13	before	before	ADV
ajfa-140	20	14	and	and	CCONJ
ajfa-140	20	15	after	after	ADP
ajfa-140	20	16	the	the	DET
ajfa-140	20	17	afc	afc	PROPN
ajfa-140	20	18	.	.	PUNCT
ajfa-140	21	1	our	our	PRON
ajfa-140	21	2	empirical	empirical	ADJ
ajfa-140	21	3	evidence	evidence	NOUN
ajfa-140	21	4	shows	show	VERB
ajfa-140	21	5	that	that	SCONJ
ajfa-140	21	6	in	in	ADP
ajfa-140	21	7	the	the	DET
ajfa-140	21	8	full	full	ADJ
ajfa-140	21	9	sample	sample	NOUN
ajfa-140	21	10	the	the	DET
ajfa-140	21	11	volatility	volatility	NOUN
ajfa-140	21	12	of	of	ADP
ajfa-140	21	13	the	the	DET
ajfa-140	21	14	nz	nz	PROPN
ajfa-140	21	15	stock	stock	NOUN
ajfa-140	21	16	market	market	NOUN
ajfa-140	21	17	returns	return	NOUN
ajfa-140	21	18	spills	spill	VERB
ajfa-140	21	19	over	over	ADP
ajfa-140	21	20	to	to	ADP
ajfa-140	21	21	all	all	DET
ajfa-140	21	22	three	three	NUM
ajfa-140	21	23	exchange	exchange	NOUN
ajfa-140	21	24	rates	rate	NOUN
ajfa-140	21	25	changes	change	NOUN
ajfa-140	21	26	;	;	PUNCT
ajfa-140	21	27	only	only	ADV
ajfa-140	21	28	the	the	DET
ajfa-140	21	29	nzd	nzd	PROPN
ajfa-140	21	30	/	/	SYM
ajfa-140	21	31	usd	usd	NOUN
ajfa-140	21	32	volatility	volatility	NOUN
ajfa-140	21	33	spills	spill	VERB
ajfa-140	21	34	over	over	ADP
ajfa-140	21	35	to	to	ADP
ajfa-140	21	36	the	the	DET
ajfa-140	21	37	stock	stock	NOUN
ajfa-140	21	38	market	market	NOUN
ajfa-140	21	39	returns	return	NOUN
ajfa-140	21	40	.	.	PUNCT
ajfa-140	22	1	the	the	DET
ajfa-140	22	2	stock	stock	NOUN
ajfa-140	22	3	market	market	NOUN
ajfa-140	22	4	returns	return	NOUN
ajfa-140	22	5	maintain	maintain	VERB
ajfa-140	22	6	unidirectional	unidirectional	ADJ
ajfa-140	22	7	volatility	volatility	NOUN
ajfa-140	22	8	spillover	spillover	VERB
ajfa-140	22	9	to	to	ADP
ajfa-140	22	10	the	the	DET
ajfa-140	22	11	nzd	nzd	PROPN
ajfa-140	22	12	/	/	SYM
ajfa-140	22	13	aud	aud	NOUN
ajfa-140	22	14	in	in	ADP
ajfa-140	22	15	the	the	DET
ajfa-140	22	16	full	full	ADJ
ajfa-140	22	17	sample	sample	NOUN
ajfa-140	22	18	as	as	ADV
ajfa-140	22	19	well	well	ADV
ajfa-140	22	20	as	as	ADP
ajfa-140	22	21	each	each	DET
ajfa-140	22	22	subperiod	subperiod	NOUN
ajfa-140	22	23	.	.	PUNCT
ajfa-140	23	1	in	in	ADP
ajfa-140	23	2	the	the	DET
ajfa-140	23	3	pre	pre	PROPN
ajfa-140	23	4	-	-	PROPN
ajfa-140	23	5	afc	afc	ADJ
ajfa-140	23	6	period	period	NOUN
ajfa-140	23	7	,	,	PUNCT
ajfa-140	23	8	there	there	PRON
ajfa-140	23	9	are	be	VERB
ajfa-140	23	10	bidirectional	bidirectional	ADJ
ajfa-140	23	11	volatility	volatility	NOUN
ajfa-140	23	12	spillovers	spillover	NOUN
ajfa-140	23	13	between	between	ADP
ajfa-140	23	14	the	the	DET
ajfa-140	23	15	stock	stock	NOUN
ajfa-140	23	16	market	market	NOUN
ajfa-140	23	17	returns	return	NOUN
ajfa-140	23	18	and	and	CCONJ
ajfa-140	23	19	the	the	DET
ajfa-140	23	20	nzd	nzd	NOUN
ajfa-140	23	21	/	/	SYM
ajfa-140	23	22	usd	usd	NOUN
ajfa-140	23	23	and	and	CCONJ
ajfa-140	23	24	the	the	DET
ajfa-140	23	25	twi	twi	PROPN
ajfa-140	23	26	index	index	NOUN
ajfa-140	23	27	.	.	PUNCT
ajfa-140	24	1	however	however	ADV
ajfa-140	24	2	,	,	PUNCT
ajfa-140	24	3	there	there	PRON
ajfa-140	24	4	are	be	VERB
ajfa-140	24	5	only	only	ADV
ajfa-140	24	6	unidirectional	unidirectional	ADJ
ajfa-140	24	7	volatility	volatility	NOUN
ajfa-140	24	8	spillovers	spillover	NOUN
ajfa-140	24	9	from	from	ADP
ajfa-140	24	10	the	the	DET
ajfa-140	24	11	nzd	nzd	NOUN
ajfa-140	24	12	/	/	SYM
ajfa-140	24	13	usd	usd	NOUN
ajfa-140	24	14	and	and	CCONJ
ajfa-140	24	15	the	the	DET
ajfa-140	24	16	twi	twi	PROPN
ajfa-140	24	17	index	index	NOUN
ajfa-140	24	18	to	to	ADP
ajfa-140	24	19	stock	stock	NOUN
ajfa-140	24	20	market	market	NOUN
ajfa-140	24	21	returns	return	NOUN
ajfa-140	24	22	in	in	ADP
ajfa-140	24	23	the	the	DET
ajfa-140	24	24	post	post	ADJ
ajfa-140	24	25	-	-	ADJ
ajfa-140	24	26	afc	afc	ADJ
ajfa-140	24	27	period	period	NOUN
ajfa-140	24	28	.	.	PUNCT
ajfa-140	25	1	2	2	X
ajfa-140	25	2	.	.	X
ajfa-140	25	3	literature	literature	PROPN
ajfa-140	25	4	review	review	PROPN
ajfa-140	25	5	brailsford	brailsford	PROPN
ajfa-140	25	6	(	(	PUNCT
ajfa-140	25	7	1996	1996	NUM
ajfa-140	25	8	)	)	PUNCT
ajfa-140	25	9	is	be	AUX
ajfa-140	25	10	the	the	DET
ajfa-140	25	11	first	first	ADJ
ajfa-140	25	12	to	to	PART
ajfa-140	25	13	investigate	investigate	VERB
ajfa-140	25	14	volatility	volatility	NOUN
ajfa-140	25	15	spillovers	spillover	NOUN
ajfa-140	25	16	between	between	ADP
ajfa-140	25	17	the	the	DET
ajfa-140	25	18	nz	nz	PROPN
ajfa-140	25	19	and	and	CCONJ
ajfa-140	25	20	australian	australian	ADJ
ajfa-140	25	21	stock	stock	NOUN
ajfa-140	25	22	markets	market	NOUN
ajfa-140	25	23	.	.	PUNCT
ajfa-140	26	1	he	he	PRON
ajfa-140	26	2	finds	find	VERB
ajfa-140	26	3	that	that	SCONJ
ajfa-140	26	4	,	,	PUNCT
ajfa-140	26	5	after	after	ADP
ajfa-140	26	6	controlling	control	VERB
ajfa-140	26	7	for	for	ADP
ajfa-140	26	8	the	the	DET
ajfa-140	26	9	effects	effect	NOUN
ajfa-140	26	10	of	of	ADP
ajfa-140	26	11	the	the	DET
ajfa-140	26	12	us	us	PROPN
ajfa-140	26	13	volatility	volatility	NOUN
ajfa-140	26	14	,	,	PUNCT
ajfa-140	26	15	the	the	DET
ajfa-140	26	16	australian	australian	ADJ
ajfa-140	26	17	market	market	NOUN
ajfa-140	26	18	volatility	volatility	NOUN
ajfa-140	26	19	spills	spill	VERB
ajfa-140	26	20	over	over	ADP
ajfa-140	26	21	to	to	ADP
ajfa-140	26	22	the	the	DET
ajfa-140	26	23	nz	nz	NOUN
ajfa-140	26	24	market	market	NOUN
ajfa-140	26	25	but	but	CCONJ
ajfa-140	26	26	not	not	PART
ajfa-140	26	27	the	the	DET
ajfa-140	26	28	reverse	reverse	NOUN
ajfa-140	26	29	.	.	PUNCT
ajfa-140	27	1	however	however	ADV
ajfa-140	27	2	,	,	PUNCT
ajfa-140	27	3	brailsford	brailsford	PROPN
ajfa-140	27	4	does	do	AUX
ajfa-140	27	5	not	not	PART
ajfa-140	27	6	study	study	VERB
ajfa-140	27	7	the	the	DET
ajfa-140	27	8	volatility	volatility	NOUN
ajfa-140	27	9	spillover	spillover	VERB
ajfa-140	27	10	between	between	ADP
ajfa-140	27	11	exchange	exchange	NOUN
ajfa-140	27	12	rate	rate	NOUN
ajfa-140	27	13	changes	change	NOUN
ajfa-140	27	14	and	and	CCONJ
ajfa-140	27	15	stock	stock	NOUN
ajfa-140	27	16	market	market	NOUN
ajfa-140	27	17	returns	return	NOUN
ajfa-140	27	18	within	within	ADP
ajfa-140	27	19	either	either	CCONJ
ajfa-140	27	20	the	the	DET
ajfa-140	27	21	nz	nz	ADJ
ajfa-140	27	22	or	or	CCONJ
ajfa-140	27	23	australian	australian	ADJ
ajfa-140	27	24	economy	economy	NOUN
ajfa-140	27	25	.	.	PUNCT
ajfa-140	28	1	kanas	kanas	PROPN
ajfa-140	28	2	(	(	PUNCT
ajfa-140	28	3	2000	2000	NUM
ajfa-140	28	4	)	)	PUNCT
ajfa-140	28	5	studies	study	NOUN
ajfa-140	28	6	volatility	volatility	NOUN
ajfa-140	28	7	spillovers	spillover	NOUN
ajfa-140	28	8	between	between	ADP
ajfa-140	28	9	stock	stock	NOUN
ajfa-140	28	10	returns	return	NOUN
ajfa-140	28	11	and	and	CCONJ
ajfa-140	28	12	exchange	exchange	NOUN
ajfa-140	28	13	rate	rate	NOUN
ajfa-140	28	14	changes	change	NOUN
ajfa-140	28	15	in	in	ADP
ajfa-140	28	16	six	six	NUM
ajfa-140	28	17	industrialized	industrialized	ADJ
ajfa-140	28	18	countries	country	NOUN
ajfa-140	28	19	,	,	PUNCT
ajfa-140	28	20	namely	namely	ADV
ajfa-140	28	21	,	,	PUNCT
ajfa-140	28	22	the	the	DET
ajfa-140	28	23	us	us	PROPN
ajfa-140	28	24	,	,	PUNCT
ajfa-140	28	25	the	the	DET
ajfa-140	28	26	uk	uk	PROPN
ajfa-140	28	27	,	,	PUNCT
ajfa-140	28	28	japan	japan	PROPN
ajfa-140	28	29	,	,	PUNCT
ajfa-140	28	30	germany	germany	PROPN
ajfa-140	28	31	,	,	PUNCT
ajfa-140	28	32	france	france	PROPN
ajfa-140	28	33	,	,	PUNCT
ajfa-140	28	34	and	and	CCONJ
ajfa-140	28	35	canada	canada	PROPN
ajfa-140	28	36	.	.	PUNCT
ajfa-140	29	1	he	he	PRON
ajfa-140	29	2	finds	find	VERB
ajfa-140	29	3	evidence	evidence	NOUN
ajfa-140	29	4	of	of	ADP
ajfa-140	29	5	spillovers	spillover	NOUN
ajfa-140	29	6	from	from	ADP
ajfa-140	29	7	stock	stock	NOUN
ajfa-140	29	8	market	market	NOUN
ajfa-140	29	9	returns	return	NOUN
ajfa-140	29	10	to	to	PART
ajfa-140	29	11	exchange	exchange	VERB
ajfa-140	29	12	rate	rate	NOUN
ajfa-140	29	13	changes	change	NOUN
ajfa-140	29	14	for	for	ADP
ajfa-140	29	15	all	all	DET
ajfa-140	29	16	countries	country	NOUN
ajfa-140	29	17	except	except	SCONJ
ajfa-140	29	18	germany	germany	PROPN
ajfa-140	29	19	.	.	PUNCT
ajfa-140	30	1	on	on	ADP
ajfa-140	30	2	the	the	DET
ajfa-140	30	3	other	other	ADJ
ajfa-140	30	4	hand	hand	NOUN
ajfa-140	30	5	,	,	PUNCT
ajfa-140	30	6	the	the	DET
ajfa-140	30	7	volatility	volatility	NOUN
ajfa-140	30	8	spillovers	spillover	NOUN
ajfa-140	30	9	from	from	ADP
ajfa-140	30	10	exchange	exchange	NOUN
ajfa-140	30	11	rate	rate	NOUN
ajfa-140	30	12	changes	change	NOUN
ajfa-140	30	13	to	to	ADP
ajfa-140	30	14	stock	stock	NOUN
ajfa-140	30	15	returns	return	NOUN
ajfa-140	30	16	are	be	AUX
ajfa-140	30	17	completely	completely	ADV
ajfa-140	30	18	insignificant	insignificant	ADJ
ajfa-140	30	19	.	.	PUNCT
ajfa-140	31	1	yang	yang	PROPN
ajfa-140	31	2	and	and	CCONJ
ajfa-140	31	3	doong	doong	PROPN
ajfa-140	31	4	(	(	PUNCT
ajfa-140	31	5	2004	2004	NUM
ajfa-140	31	6	)	)	PUNCT
ajfa-140	31	7	expand	expand	VERB
ajfa-140	31	8	kanas	kana	NOUN
ajfa-140	31	9	’	'	PUNCT
ajfa-140	31	10	sample	sample	NOUN
ajfa-140	31	11	to	to	ADP
ajfa-140	31	12	the	the	DET
ajfa-140	31	13	g-7	g-7	NOUN
ajfa-140	31	14	by	by	ADP
ajfa-140	31	15	including	include	VERB
ajfa-140	31	16	italy	italy	PROPN
ajfa-140	31	17	.	.	PUNCT
ajfa-140	32	1	their	their	PRON
ajfa-140	32	2	empirical	empirical	ADJ
ajfa-140	32	3	evidence	evidence	NOUN
ajfa-140	32	4	shows	show	VERB
ajfa-140	32	5	stock	stock	NOUN
ajfa-140	32	6	price	price	NOUN
ajfa-140	32	7	movements	movement	NOUN
ajfa-140	32	8	will	will	AUX
ajfa-140	32	9	impact	impact	VERB
ajfa-140	32	10	on	on	ADP
ajfa-140	32	11	future	future	ADJ
ajfa-140	32	12	exchange	exchange	NOUN
ajfa-140	32	13	rate	rate	NOUN
ajfa-140	32	14	movements	movement	NOUN
ajfa-140	32	15	,	,	PUNCT
ajfa-140	32	16	but	but	CCONJ
ajfa-140	32	17	exchange	exchange	NOUN
ajfa-140	32	18	rate	rate	NOUN
ajfa-140	32	19	changes	change	NOUN
ajfa-140	32	20	have	have	VERB
ajfa-140	32	21	less	less	ADJ
ajfa-140	32	22	direct	direct	ADJ
ajfa-140	32	23	effect	effect	NOUN
ajfa-140	32	24	on	on	ADP
ajfa-140	32	25	future	future	ADJ
ajfa-140	32	26	stock	stock	NOUN
ajfa-140	32	27	returns	return	NOUN
ajfa-140	32	28	,	,	PUNCT
ajfa-140	32	29	which	which	PRON
ajfa-140	32	30	is	be	AUX
ajfa-140	32	31	similar	similar	ADJ
ajfa-140	32	32	to	to	ADP
ajfa-140	32	33	kanas	kanas	PROPN
ajfa-140	32	34	’	'	PUNCT
ajfa-140	32	35	findings	finding	NOUN
ajfa-140	32	36	.	.	PUNCT
ajfa-140	33	1	chen	chen	PROPN
ajfa-140	33	2	,	,	PUNCT
ajfa-140	33	3	naylor	naylor	PROPN
ajfa-140	33	4	,	,	PUNCT
ajfa-140	33	5	and	and	CCONJ
ajfa-140	33	6	lu	lu	PROPN
ajfa-140	33	7	(	(	PUNCT
ajfa-140	33	8	2004	2004	NUM
ajfa-140	33	9	)	)	PUNCT
ajfa-140	33	10	observe	observe	VERB
ajfa-140	33	11	that	that	SCONJ
ajfa-140	33	12	in	in	ADP
ajfa-140	33	13	large	large	ADJ
ajfa-140	33	14	markets	market	NOUN
ajfa-140	33	15	like	like	ADP
ajfa-140	33	16	the	the	DET
ajfa-140	33	17	us	us	PROPN
ajfa-140	33	18	,	,	PUNCT
ajfa-140	33	19	domestic	domestic	ADJ
ajfa-140	33	20	factors	factor	NOUN
ajfa-140	33	21	are	be	AUX
ajfa-140	33	22	a	a	DET
ajfa-140	33	23	major	major	ADJ
ajfa-140	33	24	concern	concern	NOUN
ajfa-140	33	25	over	over	ADP
ajfa-140	33	26	international	international	ADJ
ajfa-140	33	27	factors	factor	NOUN
ajfa-140	33	28	.	.	PUNCT
ajfa-140	34	1	furthermore	furthermore	ADV
ajfa-140	34	2	,	,	PUNCT
ajfa-140	34	3	us	us	PROPN
ajfa-140	34	4	multinational	multinational	ADJ
ajfa-140	34	5	firms	firm	NOUN
ajfa-140	34	6	tend	tend	VERB
ajfa-140	34	7	to	to	PART
ajfa-140	34	8	be	be	AUX
ajfa-140	34	9	fairly	fairly	ADV
ajfa-140	34	10	diversified	diversified	ADJ
ajfa-140	34	11	.	.	PUNCT
ajfa-140	35	1	these	these	DET
ajfa-140	35	2	two	two	NUM
ajfa-140	35	3	points	point	NOUN
ajfa-140	35	4	may	may	AUX
ajfa-140	35	5	explain	explain	VERB
ajfa-140	35	6	why	why	SCONJ
ajfa-140	35	7	there	there	PRON
ajfa-140	35	8	is	be	VERB
ajfa-140	35	9	unidirectional	unidirectional	ADJ
ajfa-140	35	10	volatility	volatility	NOUN
ajfa-140	35	11	spillover	spillover	VERB
ajfa-140	35	12	from	from	ADP
ajfa-140	35	13	stock	stock	NOUN
ajfa-140	35	14	market	market	NOUN
ajfa-140	35	15	returns	return	NOUN
ajfa-140	35	16	to	to	PART
ajfa-140	35	17	exchange	exchange	VERB
ajfa-140	35	18	rate	rate	NOUN
ajfa-140	35	19	changes	change	NOUN
ajfa-140	35	20	.	.	PUNCT
ajfa-140	36	1	in	in	ADP
ajfa-140	36	2	contrast	contrast	NOUN
ajfa-140	36	3	to	to	ADP
ajfa-140	36	4	the	the	DET
ajfa-140	36	5	us	us	PROPN
ajfa-140	36	6	market	market	NOUN
ajfa-140	36	7	,	,	PUNCT
ajfa-140	36	8	chen	chen	PROPN
ajfa-140	36	9	et	et	PROPN
ajfa-140	36	10	al	al	PROPN
ajfa-140	36	11	.	.	PROPN
ajfa-140	36	12	point	point	VERB
ajfa-140	36	13	out	out	ADP
ajfa-140	36	14	that	that	SCONJ
ajfa-140	36	15	the	the	DET
ajfa-140	36	16	nz	nz	NOUN
ajfa-140	36	17	market	market	NOUN
ajfa-140	36	18	is	be	AUX
ajfa-140	36	19	very	very	ADV
ajfa-140	36	20	asian	asian	ADJ
ajfa-140	36	21	journal	journal	NOUN
ajfa-140	36	22	of	of	ADP
ajfa-140	36	23	finance	finance	PROPN
ajfa-140	36	24	&	&	CCONJ
ajfa-140	36	25	accounting	accounting	PROPN
ajfa-140	36	26	issn	issn	PROPN
ajfa-140	36	27	1946	1946	NUM
ajfa-140	36	28	-	-	PUNCT
ajfa-140	36	29	052x	052x	NOUN
ajfa-140	36	30	2009	2009	NUM
ajfa-140	36	31	,	,	PUNCT
ajfa-140	36	32	vol	vol	NOUN
ajfa-140	36	33	.	.	PROPN
ajfa-140	36	34	1	1	NUM
ajfa-140	36	35	,	,	PUNCT
ajfa-140	36	36	no	no	INTJ
ajfa-140	36	37	.	.	NOUN
ajfa-140	36	38	2	2	NUM
ajfa-140	36	39	:	:	PUNCT
ajfa-140	36	40	e5	e5	PROPN
ajfa-140	36	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	36	42	108	108	NUM
ajfa-140	36	43	small	small	ADJ
ajfa-140	36	44	but	but	CCONJ
ajfa-140	36	45	open	open	ADJ
ajfa-140	36	46	to	to	ADP
ajfa-140	36	47	the	the	DET
ajfa-140	36	48	international	international	ADJ
ajfa-140	36	49	economy	economy	NOUN
ajfa-140	36	50	.	.	PUNCT
ajfa-140	37	1	moreover	moreover	ADV
ajfa-140	37	2	,	,	PUNCT
ajfa-140	37	3	most	most	ADJ
ajfa-140	37	4	nz	nz	ADJ
ajfa-140	37	5	firms	firm	NOUN
ajfa-140	37	6	are	be	AUX
ajfa-140	37	7	not	not	PART
ajfa-140	37	8	very	very	ADV
ajfa-140	37	9	well	well	ADV
ajfa-140	37	10	-	-	PUNCT
ajfa-140	37	11	diversified	diversify	VERB
ajfa-140	37	12	.	.	PUNCT
ajfa-140	38	1	dungey	dungey	PROPN
ajfa-140	38	2	(	(	PUNCT
ajfa-140	38	3	1999	1999	NUM
ajfa-140	38	4	)	)	PUNCT
ajfa-140	38	5	argues	argue	VERB
ajfa-140	38	6	that	that	SCONJ
ajfa-140	38	7	it	it	PRON
ajfa-140	38	8	is	be	AUX
ajfa-140	38	9	the	the	DET
ajfa-140	38	10	international	international	ADJ
ajfa-140	38	11	factor	factor	NOUN
ajfa-140	38	12	that	that	PRON
ajfa-140	38	13	mainly	mainly	ADV
ajfa-140	38	14	affects	affect	VERB
ajfa-140	38	15	the	the	DET
ajfa-140	38	16	volatility	volatility	NOUN
ajfa-140	38	17	of	of	ADP
ajfa-140	38	18	nz	nz	ADJ
ajfa-140	38	19	dollars	dollar	NOUN
ajfa-140	38	20	.	.	PUNCT
ajfa-140	39	1	he	he	PRON
ajfa-140	39	2	points	point	VERB
ajfa-140	39	3	out	out	ADP
ajfa-140	39	4	that	that	SCONJ
ajfa-140	39	5	the	the	DET
ajfa-140	39	6	nz	nz	PROPN
ajfa-140	39	7	currency	currency	NOUN
ajfa-140	39	8	is	be	AUX
ajfa-140	39	9	mainly	mainly	ADV
ajfa-140	39	10	affected	affect	VERB
ajfa-140	39	11	by	by	ADP
ajfa-140	39	12	international	international	ADJ
ajfa-140	39	13	factors	factor	NOUN
ajfa-140	39	14	as	as	SCONJ
ajfa-140	39	15	more	more	ADJ
ajfa-140	39	16	than	than	ADP
ajfa-140	39	17	50	50	NUM
ajfa-140	39	18	%	%	NOUN
ajfa-140	39	19	of	of	ADP
ajfa-140	39	20	the	the	DET
ajfa-140	39	21	decomposition	decomposition	NOUN
ajfa-140	39	22	of	of	ADP
ajfa-140	39	23	the	the	DET
ajfa-140	39	24	nz	nz	ADJ
ajfa-140	39	25	dollar	dollar	NOUN
ajfa-140	39	26	volatility	volatility	NOUN
ajfa-140	39	27	in	in	ADP
ajfa-140	39	28	the	the	DET
ajfa-140	39	29	foreign	foreign	ADJ
ajfa-140	39	30	currency	currency	NOUN
ajfa-140	39	31	market	market	NOUN
ajfa-140	39	32	is	be	AUX
ajfa-140	39	33	due	due	ADJ
ajfa-140	39	34	to	to	ADP
ajfa-140	39	35	overseas	overseas	ADJ
ajfa-140	39	36	impacts	impact	NOUN
ajfa-140	39	37	.	.	PUNCT
ajfa-140	40	1	moreover	moreover	ADV
ajfa-140	40	2	,	,	PUNCT
ajfa-140	40	3	the	the	DET
ajfa-140	40	4	nz	nz	PROPN
ajfa-140	40	5	stock	stock	NOUN
ajfa-140	40	6	market	market	NOUN
ajfa-140	40	7	is	be	AUX
ajfa-140	40	8	small	small	ADJ
ajfa-140	40	9	,	,	PUNCT
ajfa-140	40	10	illiquid	illiquid	NOUN
ajfa-140	40	11	,	,	PUNCT
ajfa-140	40	12	limited	limit	VERB
ajfa-140	40	13	in	in	ADP
ajfa-140	40	14	diversification	diversification	NOUN
ajfa-140	40	15	,	,	PUNCT
ajfa-140	40	16	and	and	CCONJ
ajfa-140	40	17	exposed	expose	VERB
ajfa-140	40	18	to	to	ADP
ajfa-140	40	19	exchange	exchange	NOUN
ajfa-140	40	20	rate	rate	NOUN
ajfa-140	40	21	volatility	volatility	NOUN
ajfa-140	40	22	.	.	PUNCT
ajfa-140	41	1	in	in	ADP
ajfa-140	41	2	other	other	ADJ
ajfa-140	41	3	words	word	NOUN
ajfa-140	41	4	,	,	PUNCT
ajfa-140	41	5	volatility	volatility	NOUN
ajfa-140	41	6	shocks	shock	NOUN
ajfa-140	41	7	in	in	ADP
ajfa-140	41	8	the	the	DET
ajfa-140	41	9	local	local	ADJ
ajfa-140	41	10	nz	nz	PROPN
ajfa-140	41	11	stock	stock	NOUN
ajfa-140	41	12	market	market	NOUN
ajfa-140	41	13	can	can	AUX
ajfa-140	41	14	have	have	VERB
ajfa-140	41	15	little	little	ADJ
ajfa-140	41	16	effect	effect	NOUN
ajfa-140	41	17	on	on	ADP
ajfa-140	41	18	the	the	DET
ajfa-140	41	19	movement	movement	NOUN
ajfa-140	41	20	of	of	ADP
ajfa-140	41	21	the	the	DET
ajfa-140	41	22	nz	nz	PROPN
ajfa-140	41	23	currency	currency	NOUN
ajfa-140	41	24	.	.	PUNCT
ajfa-140	42	1	it	it	PRON
ajfa-140	42	2	is	be	AUX
ajfa-140	42	3	thus	thus	ADV
ajfa-140	42	4	very	very	ADV
ajfa-140	42	5	likely	likely	ADJ
ajfa-140	42	6	that	that	SCONJ
ajfa-140	42	7	nz	nz	PROPN
ajfa-140	42	8	stock	stock	NOUN
ajfa-140	42	9	returns	return	NOUN
ajfa-140	42	10	are	be	AUX
ajfa-140	42	11	impacted	impact	VERB
ajfa-140	42	12	by	by	ADP
ajfa-140	42	13	exchange	exchange	NOUN
ajfa-140	42	14	rate	rate	NOUN
ajfa-140	42	15	changes	change	NOUN
ajfa-140	42	16	.	.	PUNCT
ajfa-140	43	1	the	the	DET
ajfa-140	43	2	nz	nz	PROPN
ajfa-140	43	3	currency	currency	NOUN
ajfa-140	43	4	has	have	AUX
ajfa-140	43	5	been	be	AUX
ajfa-140	43	6	floating	float	VERB
ajfa-140	43	7	independently	independently	ADV
ajfa-140	43	8	on	on	ADP
ajfa-140	43	9	the	the	DET
ajfa-140	43	10	international	international	ADJ
ajfa-140	43	11	exchange	exchange	NOUN
ajfa-140	43	12	market	market	NOUN
ajfa-140	43	13	since	since	SCONJ
ajfa-140	43	14	1985	1985	NUM
ajfa-140	43	15	.	.	PUNCT
ajfa-140	44	1	the	the	DET
ajfa-140	44	2	nz	nz	PROPN
ajfa-140	44	3	dollar	dollar	NOUN
ajfa-140	44	4	takes	take	VERB
ajfa-140	44	5	price	price	NOUN
ajfa-140	44	6	-	-	PUNCT
ajfa-140	44	7	taker	taker	NOUN
ajfa-140	44	8	positions	position	NOUN
ajfa-140	44	9	because	because	SCONJ
ajfa-140	44	10	of	of	ADP
ajfa-140	44	11	its	its	PRON
ajfa-140	44	12	relatively	relatively	ADV
ajfa-140	44	13	small	small	ADJ
ajfa-140	44	14	capitalization	capitalization	NOUN
ajfa-140	44	15	in	in	ADP
ajfa-140	44	16	the	the	DET
ajfa-140	44	17	foreign	foreign	ADJ
ajfa-140	44	18	exchange	exchange	NOUN
ajfa-140	44	19	market	market	NOUN
ajfa-140	44	20	.	.	PUNCT
ajfa-140	45	1	the	the	DET
ajfa-140	45	2	reserve	reserve	PROPN
ajfa-140	45	3	bank	bank	PROPN
ajfa-140	45	4	of	of	ADP
ajfa-140	45	5	new	new	PROPN
ajfa-140	45	6	zealand	zealand	PROPN
ajfa-140	45	7	(	(	PUNCT
ajfa-140	45	8	rbnz	rbnz	PROPN
ajfa-140	45	9	)	)	PUNCT
ajfa-140	45	10	has	have	VERB
ajfa-140	45	11	no	no	DET
ajfa-140	45	12	intervening	intervene	VERB
ajfa-140	45	13	monetary	monetary	ADJ
ajfa-140	45	14	policy	policy	NOUN
ajfa-140	45	15	to	to	PART
ajfa-140	45	16	intervene	intervene	VERB
ajfa-140	45	17	for	for	ADP
ajfa-140	45	18	nz	nz	NOUN
ajfa-140	45	19	dollar	dollar	NOUN
ajfa-140	45	20	value	value	NOUN
ajfa-140	45	21	within	within	ADP
ajfa-140	45	22	the	the	DET
ajfa-140	45	23	sample	sample	NOUN
ajfa-140	45	24	period	period	NOUN
ajfa-140	45	25	(	(	PUNCT
ajfa-140	45	26	the	the	DET
ajfa-140	45	27	nz	nz	PROPN
ajfa-140	45	28	government	government	NOUN
ajfa-140	45	29	amended	amend	VERB
ajfa-140	45	30	the	the	DET
ajfa-140	45	31	rbnz	rbnz	NOUN
ajfa-140	45	32	guidelines	guideline	NOUN
ajfa-140	45	33	in	in	ADP
ajfa-140	45	34	2006	2006	NUM
ajfa-140	45	35	to	to	PART
ajfa-140	45	36	allow	allow	VERB
ajfa-140	45	37	the	the	DET
ajfa-140	45	38	central	central	ADJ
ajfa-140	45	39	bank	bank	NOUN
ajfa-140	45	40	to	to	PART
ajfa-140	45	41	actively	actively	ADV
ajfa-140	45	42	trade	trade	VERB
ajfa-140	45	43	to	to	PART
ajfa-140	45	44	support	support	VERB
ajfa-140	45	45	or	or	CCONJ
ajfa-140	45	46	dampen	dampen	VERB
ajfa-140	45	47	the	the	DET
ajfa-140	45	48	nzd	nzd	NOUN
ajfa-140	45	49	if	if	SCONJ
ajfa-140	45	50	it	it	PRON
ajfa-140	45	51	was	be	AUX
ajfa-140	45	52	appreciating	appreciate	VERB
ajfa-140	45	53	or	or	CCONJ
ajfa-140	45	54	falling	fall	VERB
ajfa-140	45	55	too	too	ADV
ajfa-140	45	56	rapidly	rapidly	ADV
ajfa-140	45	57	.	.	PUNCT
ajfa-140	45	58	)	)	PUNCT
ajfa-140	46	1	nz	nz	PROPN
ajfa-140	46	2	is	be	AUX
ajfa-140	46	3	not	not	PART
ajfa-140	46	4	a	a	DET
ajfa-140	46	5	world	world	NOUN
ajfa-140	46	6	leader	leader	NOUN
ajfa-140	46	7	in	in	ADP
ajfa-140	46	8	industrial	industrial	ADJ
ajfa-140	46	9	or	or	CCONJ
ajfa-140	46	10	commercial	commercial	ADJ
ajfa-140	46	11	areas	area	NOUN
ajfa-140	46	12	and	and	CCONJ
ajfa-140	46	13	the	the	DET
ajfa-140	46	14	gdp	gdp	NOUN
ajfa-140	46	15	figures	figure	NOUN
ajfa-140	46	16	show	show	VERB
ajfa-140	46	17	that	that	SCONJ
ajfa-140	46	18	nz	nz	PROPN
ajfa-140	46	19	is	be	AUX
ajfa-140	46	20	small	small	ADJ
ajfa-140	46	21	and	and	CCONJ
ajfa-140	46	22	easily	easily	ADV
ajfa-140	46	23	affected	affect	VERB
ajfa-140	46	24	by	by	ADP
ajfa-140	46	25	international	international	ADJ
ajfa-140	46	26	economical	economical	ADJ
ajfa-140	46	27	movements	movement	NOUN
ajfa-140	46	28	.	.	PUNCT
ajfa-140	47	1	local	local	ADJ
ajfa-140	47	2	nz	nz	NOUN
ajfa-140	47	3	firms	firm	NOUN
ajfa-140	47	4	are	be	AUX
ajfa-140	47	5	less	less	ADV
ajfa-140	47	6	diversified	diversified	ADJ
ajfa-140	47	7	,	,	PUNCT
ajfa-140	47	8	having	have	VERB
ajfa-140	47	9	either	either	CCONJ
ajfa-140	47	10	exports	export	NOUN
ajfa-140	47	11	and/or	and/or	CCONJ
ajfa-140	47	12	imports	import	VERB
ajfa-140	47	13	orientations	orientation	NOUN
ajfa-140	47	14	.	.	PUNCT
ajfa-140	48	1	the	the	DET
ajfa-140	48	2	close	close	ADJ
ajfa-140	48	3	linkage	linkage	NOUN
ajfa-140	48	4	among	among	ADP
ajfa-140	48	5	local	local	ADJ
ajfa-140	48	6	nz	nz	NOUN
ajfa-140	48	7	companies	company	NOUN
ajfa-140	48	8	ensures	ensure	VERB
ajfa-140	48	9	none	none	NOUN
ajfa-140	48	10	of	of	ADP
ajfa-140	48	11	the	the	DET
ajfa-140	48	12	firms	firm	NOUN
ajfa-140	48	13	can	can	AUX
ajfa-140	48	14	be	be	AUX
ajfa-140	48	15	exempted	exempt	VERB
ajfa-140	48	16	from	from	ADP
ajfa-140	48	17	international	international	ADJ
ajfa-140	48	18	influences	influence	NOUN
ajfa-140	48	19	.	.	PUNCT
ajfa-140	49	1	moreover	moreover	ADV
ajfa-140	49	2	,	,	PUNCT
ajfa-140	49	3	although	although	SCONJ
ajfa-140	49	4	the	the	DET
ajfa-140	49	5	nz	nz	PROPN
ajfa-140	49	6	stock	stock	NOUN
ajfa-140	49	7	market	market	NOUN
ajfa-140	49	8	is	be	AUX
ajfa-140	49	9	very	very	ADV
ajfa-140	49	10	small	small	ADJ
ajfa-140	49	11	and	and	CCONJ
ajfa-140	49	12	less	less	ADV
ajfa-140	49	13	liquid	liquid	ADJ
ajfa-140	49	14	than	than	ADP
ajfa-140	49	15	many	many	ADJ
ajfa-140	49	16	overseas	overseas	ADJ
ajfa-140	49	17	markets	market	NOUN
ajfa-140	49	18	,	,	PUNCT
ajfa-140	49	19	the	the	DET
ajfa-140	49	20	nz	nz	PROPN
ajfa-140	49	21	stock	stock	PROPN
ajfa-140	49	22	exchange	exchange	NOUN
ajfa-140	49	23	is	be	AUX
ajfa-140	49	24	efficient	efficient	ADJ
ajfa-140	49	25	with	with	ADP
ajfa-140	49	26	high	high	ADJ
ajfa-140	49	27	market	market	NOUN
ajfa-140	49	28	awareness	awareness	NOUN
ajfa-140	49	29	,	,	PUNCT
ajfa-140	49	30	especially	especially	ADV
ajfa-140	49	31	to	to	ADP
ajfa-140	49	32	the	the	DET
ajfa-140	49	33	exchange	exchange	NOUN
ajfa-140	49	34	rate	rate	NOUN
ajfa-140	49	35	uncertainty	uncertainty	NOUN
ajfa-140	49	36	.	.	PUNCT
ajfa-140	50	1	all	all	DET
ajfa-140	50	2	these	these	DET
ajfa-140	50	3	unique	unique	ADJ
ajfa-140	50	4	and	and	CCONJ
ajfa-140	50	5	important	important	ADJ
ajfa-140	50	6	characteristics	characteristic	NOUN
ajfa-140	50	7	of	of	ADP
ajfa-140	50	8	the	the	DET
ajfa-140	50	9	nz	nz	PROPN
ajfa-140	50	10	economy	economy	NOUN
ajfa-140	50	11	attract	attract	VERB
ajfa-140	50	12	us	we	PRON
ajfa-140	50	13	to	to	PART
ajfa-140	50	14	use	use	VERB
ajfa-140	50	15	its	its	PRON
ajfa-140	50	16	data	datum	NOUN
ajfa-140	50	17	for	for	ADP
ajfa-140	50	18	investigating	investigate	VERB
ajfa-140	50	19	how	how	SCONJ
ajfa-140	50	20	the	the	DET
ajfa-140	50	21	nz	nz	PROPN
ajfa-140	50	22	stock	stock	NOUN
ajfa-140	50	23	market	market	NOUN
ajfa-140	50	24	volatility	volatility	NOUN
ajfa-140	50	25	responds	respond	VERB
ajfa-140	50	26	to	to	ADP
ajfa-140	50	27	the	the	DET
ajfa-140	50	28	exchange	exchange	NOUN
ajfa-140	50	29	rate	rate	NOUN
ajfa-140	50	30	variability	variability	NOUN
ajfa-140	50	31	.	.	PUNCT
ajfa-140	51	1	a	a	DET
ajfa-140	51	2	recent	recent	ADJ
ajfa-140	51	3	study	study	NOUN
ajfa-140	51	4	of	of	ADP
ajfa-140	51	5	alaganar	alaganar	NOUN
ajfa-140	51	6	and	and	CCONJ
ajfa-140	51	7	bhar	bhar	PROPN
ajfa-140	51	8	(	(	PUNCT
ajfa-140	51	9	2007	2007	NUM
ajfa-140	51	10	)	)	PUNCT
ajfa-140	51	11	indicates	indicate	VERB
ajfa-140	51	12	that	that	SCONJ
ajfa-140	51	13	the	the	DET
ajfa-140	51	14	firstand	firstand	NOUN
ajfa-140	51	15	second	second	ADJ
ajfa-140	51	16	-	-	PUNCT
ajfa-140	51	17	order	order	NOUN
ajfa-140	51	18	effects	effect	NOUN
ajfa-140	51	19	of	of	ADP
ajfa-140	51	20	exchange	exchange	NOUN
ajfa-140	51	21	rate	rate	NOUN
ajfa-140	51	22	changes	change	NOUN
ajfa-140	51	23	impact	impact	NOUN
ajfa-140	51	24	significantly	significantly	ADV
ajfa-140	51	25	on	on	ADP
ajfa-140	51	26	diversified	diversified	ADJ
ajfa-140	51	27	portfolios	portfolio	NOUN
ajfa-140	51	28	in	in	ADP
ajfa-140	51	29	the	the	DET
ajfa-140	51	30	us	us	PROPN
ajfa-140	51	31	share	share	NOUN
ajfa-140	51	32	market	market	NOUN
ajfa-140	51	33	.	.	PUNCT
ajfa-140	52	1	they	they	PRON
ajfa-140	52	2	use	use	VERB
ajfa-140	52	3	weekly	weekly	ADJ
ajfa-140	52	4	returns	return	NOUN
ajfa-140	52	5	of	of	ADP
ajfa-140	52	6	16	16	NUM
ajfa-140	52	7	world	world	NOUN
ajfa-140	52	8	equity	equity	NOUN
ajfa-140	52	9	benchmark	benchmark	PROPN
ajfa-140	52	10	series	series	PROPN
ajfa-140	52	11	(	(	PUNCT
ajfa-140	52	12	webs	webs	NOUN
ajfa-140	52	13	)	)	PUNCT
ajfa-140	52	14	in	in	ADP
ajfa-140	52	15	the	the	DET
ajfa-140	52	16	study	study	NOUN
ajfa-140	52	17	while	while	SCONJ
ajfa-140	52	18	each	each	DET
ajfa-140	52	19	webs	webs	NOUN
ajfa-140	52	20	series	series	NOUN
ajfa-140	52	21	represents	represent	VERB
ajfa-140	52	22	a	a	DET
ajfa-140	52	23	diversified	diversified	ADJ
ajfa-140	52	24	portfolio	portfolio	NOUN
ajfa-140	52	25	of	of	ADP
ajfa-140	52	26	investing	invest	VERB
ajfa-140	52	27	in	in	ADP
ajfa-140	52	28	foreign	foreign	ADJ
ajfa-140	52	29	shares	share	NOUN
ajfa-140	52	30	in	in	ADP
ajfa-140	52	31	a	a	DET
ajfa-140	52	32	country	country	NOUN
ajfa-140	52	33	outside	outside	ADP
ajfa-140	52	34	of	of	ADP
ajfa-140	52	35	the	the	DET
ajfa-140	52	36	united	united	PROPN
ajfa-140	52	37	states	states	PROPN
ajfa-140	52	38	.	.	PUNCT
ajfa-140	53	1	the	the	DET
ajfa-140	53	2	diversification	diversification	NOUN
ajfa-140	53	3	technique	technique	NOUN
ajfa-140	53	4	is	be	AUX
ajfa-140	53	5	efficiently	efficiently	ADV
ajfa-140	53	6	applied	apply	VERB
ajfa-140	53	7	in	in	ADP
ajfa-140	53	8	webs	webs	NOUN
ajfa-140	53	9	while	while	SCONJ
ajfa-140	53	10	tracking	track	VERB
ajfa-140	53	11	the	the	DET
ajfa-140	53	12	performance	performance	NOUN
ajfa-140	53	13	of	of	ADP
ajfa-140	53	14	a	a	DET
ajfa-140	53	15	foreign	foreign	ADJ
ajfa-140	53	16	country	country	NOUN
ajfa-140	53	17	’s	’s	PART
ajfa-140	53	18	morgan	morgan	PROPN
ajfa-140	53	19	stanley	stanley	PROPN
ajfa-140	53	20	capital	capital	PROPN
ajfa-140	53	21	international	international	PROPN
ajfa-140	53	22	(	(	PUNCT
ajfa-140	53	23	msci	msci	PROPN
ajfa-140	53	24	)	)	PUNCT
ajfa-140	53	25	index	index	NOUN
ajfa-140	53	26	though	though	SCONJ
ajfa-140	53	27	webs	webs	NOUN
ajfa-140	53	28	are	be	AUX
ajfa-140	53	29	traded	trade	VERB
ajfa-140	53	30	only	only	ADV
ajfa-140	53	31	in	in	ADP
ajfa-140	53	32	us	us	PROPN
ajfa-140	53	33	dollars	dollar	NOUN
ajfa-140	53	34	.	.	PUNCT
ajfa-140	54	1	alaganar	alaganar	PROPN
ajfa-140	54	2	and	and	CCONJ
ajfa-140	54	3	bhar	bhar	PROPN
ajfa-140	54	4	employ	employ	VERB
ajfa-140	54	5	the	the	DET
ajfa-140	54	6	gjr	gjr	NOUN
ajfa-140	54	7	and	and	CCONJ
ajfa-140	54	8	garch	garch	NOUN
ajfa-140	54	9	-	-	PUNCT
ajfa-140	54	10	m	m	NOUN
ajfa-140	54	11	models	model	NOUN
ajfa-140	54	12	in	in	ADP
ajfa-140	54	13	testing	test	VERB
ajfa-140	54	14	the	the	DET
ajfa-140	54	15	impact	impact	NOUN
ajfa-140	54	16	of	of	ADP
ajfa-140	54	17	exchange	exchange	NOUN
ajfa-140	54	18	rate	rate	NOUN
ajfa-140	54	19	volatility	volatility	NOUN
ajfa-140	54	20	on	on	ADP
ajfa-140	54	21	returns	return	NOUN
ajfa-140	54	22	of	of	ADP
ajfa-140	54	23	diversified	diversified	ADJ
ajfa-140	54	24	country	country	NOUN
ajfa-140	54	25	index	index	NOUN
ajfa-140	54	26	portfolios	portfolio	NOUN
ajfa-140	54	27	.	.	PUNCT
ajfa-140	55	1	they	they	PRON
ajfa-140	55	2	find	find	VERB
ajfa-140	55	3	that	that	SCONJ
ajfa-140	55	4	the	the	DET
ajfa-140	55	5	exchange	exchange	NOUN
ajfa-140	55	6	rate	rate	NOUN
ajfa-140	55	7	uncertainty	uncertainty	NOUN
ajfa-140	55	8	is	be	AUX
ajfa-140	55	9	priced	price	VERB
ajfa-140	55	10	as	as	ADP
ajfa-140	55	11	a	a	DET
ajfa-140	55	12	factor	factor	NOUN
ajfa-140	55	13	in	in	ADP
ajfa-140	55	14	webs	webs	NOUN
ajfa-140	55	15	returns	return	NOUN
ajfa-140	55	16	.	.	PUNCT
ajfa-140	56	1	they	they	PRON
ajfa-140	56	2	point	point	VERB
ajfa-140	56	3	out	out	ADP
ajfa-140	56	4	that	that	SCONJ
ajfa-140	56	5	the	the	DET
ajfa-140	56	6	second	second	ADJ
ajfa-140	56	7	moment	moment	NOUN
ajfa-140	56	8	exchange	exchange	NOUN
ajfa-140	56	9	rate	rate	NOUN
ajfa-140	56	10	information	information	NOUN
ajfa-140	56	11	is	be	AUX
ajfa-140	56	12	important	important	ADJ
ajfa-140	56	13	for	for	ADP
ajfa-140	56	14	diversifications	diversification	NOUN
ajfa-140	56	15	in	in	ADP
ajfa-140	56	16	the	the	DET
ajfa-140	56	17	stock	stock	NOUN
ajfa-140	56	18	market	market	NOUN
ajfa-140	56	19	.	.	PUNCT
ajfa-140	57	1	the	the	DET
ajfa-140	57	2	exchange	exchange	NOUN
ajfa-140	57	3	rate	rate	NOUN
ajfa-140	57	4	risk	risk	NOUN
ajfa-140	57	5	is	be	AUX
ajfa-140	57	6	priced	price	VERB
ajfa-140	57	7	in	in	ADP
ajfa-140	57	8	returns	return	NOUN
ajfa-140	57	9	and	and	CCONJ
ajfa-140	57	10	the	the	DET
ajfa-140	57	11	exchange	exchange	NOUN
ajfa-140	57	12	rate	rate	NOUN
ajfa-140	57	13	volatility	volatility	NOUN
ajfa-140	57	14	is	be	AUX
ajfa-140	57	15	important	important	ADJ
ajfa-140	57	16	to	to	ADP
ajfa-140	57	17	investors	investor	NOUN
ajfa-140	57	18	.	.	PUNCT
ajfa-140	58	1	the	the	DET
ajfa-140	58	2	extent	extent	NOUN
ajfa-140	58	3	to	to	PART
ajfa-140	58	4	which	which	PRON
ajfa-140	58	5	similar	similar	ADJ
ajfa-140	58	6	findings	finding	NOUN
ajfa-140	58	7	will	will	AUX
ajfa-140	58	8	hold	hold	VERB
ajfa-140	58	9	for	for	ADP
ajfa-140	58	10	smaller	small	ADJ
ajfa-140	58	11	economies	economy	NOUN
ajfa-140	58	12	remains	remain	VERB
ajfa-140	58	13	open	open	ADJ
ajfa-140	58	14	.	.	PUNCT
ajfa-140	59	1	chen	chen	PROPN
ajfa-140	59	2	et	et	PROPN
ajfa-140	59	3	al	al	PROPN
ajfa-140	59	4	.	.	PUNCT
ajfa-140	60	1	use	use	VERB
ajfa-140	60	2	a	a	DET
ajfa-140	60	3	two	two	NUM
ajfa-140	60	4	-	-	PUNCT
ajfa-140	60	5	factor	factor	NOUN
ajfa-140	60	6	model	model	NOUN
ajfa-140	60	7	with	with	ADP
ajfa-140	60	8	the	the	DET
ajfa-140	60	9	market	market	NOUN
ajfa-140	60	10	returns	return	NOUN
ajfa-140	60	11	and	and	CCONJ
ajfa-140	60	12	exchange	exchange	NOUN
ajfa-140	60	13	rate	rate	NOUN
ajfa-140	60	14	changes	change	NOUN
ajfa-140	60	15	as	as	ADP
ajfa-140	60	16	factors	factor	NOUN
ajfa-140	60	17	to	to	PART
ajfa-140	60	18	explain	explain	VERB
ajfa-140	60	19	individual	individual	ADJ
ajfa-140	60	20	firm	firm	ADJ
ajfa-140	60	21	returns	return	NOUN
ajfa-140	60	22	.	.	PUNCT
ajfa-140	61	1	their	their	PRON
ajfa-140	61	2	empirical	empirical	ADJ
ajfa-140	61	3	results	result	NOUN
ajfa-140	61	4	show	show	VERB
ajfa-140	61	5	that	that	SCONJ
ajfa-140	61	6	sample	sample	NOUN
ajfa-140	61	7	firm	firm	NOUN
ajfa-140	61	8	returns	return	NOUN
ajfa-140	61	9	are	be	AUX
ajfa-140	61	10	significantly	significantly	ADV
ajfa-140	61	11	impacted	impact	VERB
ajfa-140	61	12	by	by	ADP
ajfa-140	61	13	exchange	exchange	NOUN
ajfa-140	61	14	rate	rate	NOUN
ajfa-140	61	15	exposure	exposure	NOUN
ajfa-140	61	16	.	.	PUNCT
ajfa-140	62	1	this	this	DET
ajfa-140	62	2	paper	paper	NOUN
ajfa-140	62	3	differs	differ	VERB
ajfa-140	62	4	from	from	ADP
ajfa-140	62	5	chen	chen	PROPN
ajfa-140	62	6	et	et	PROPN
ajfa-140	62	7	al	al	PROPN
ajfa-140	62	8	.	.	PROPN
ajfa-140	62	9	’s	’s	PART
ajfa-140	62	10	study	study	NOUN
ajfa-140	62	11	in	in	ADP
ajfa-140	62	12	that	that	SCONJ
ajfa-140	62	13	the	the	DET
ajfa-140	62	14	investigation	investigation	NOUN
ajfa-140	62	15	focuses	focus	VERB
ajfa-140	62	16	on	on	ADP
ajfa-140	62	17	the	the	DET
ajfa-140	62	18	volatility	volatility	NOUN
ajfa-140	62	19	spillover	spillover	VERB
ajfa-140	62	20	between	between	ADP
ajfa-140	62	21	stock	stock	NOUN
ajfa-140	62	22	market	market	NOUN
ajfa-140	62	23	returns	return	NOUN
ajfa-140	62	24	and	and	CCONJ
ajfa-140	62	25	exchange	exchange	NOUN
ajfa-140	62	26	rate	rate	NOUN
ajfa-140	62	27	changes	change	NOUN
ajfa-140	62	28	in	in	ADP
ajfa-140	62	29	nz	nz	PROPN
ajfa-140	62	30	.	.	PROPN
ajfa-140	62	31	pinfold	pinfold	PROPN
ajfa-140	62	32	et	et	PROPN
ajfa-140	62	33	al	al	PROPN
ajfa-140	62	34	.	.	PROPN
ajfa-140	63	1	(	(	PUNCT
ajfa-140	63	2	2001	2001	NUM
ajfa-140	63	3	)	)	PUNCT
ajfa-140	63	4	point	point	VERB
ajfa-140	63	5	out	out	ADP
ajfa-140	63	6	that	that	SCONJ
ajfa-140	63	7	the	the	DET
ajfa-140	63	8	nz	nz	PROPN
ajfa-140	63	9	stock	stock	NOUN
ajfa-140	63	10	market	market	NOUN
ajfa-140	63	11	is	be	AUX
ajfa-140	63	12	characterized	characterize	VERB
ajfa-140	63	13	by	by	ADP
ajfa-140	63	14	down	down	ADJ
ajfa-140	63	15	market	market	NOUN
ajfa-140	63	16	conditions	condition	NOUN
ajfa-140	63	17	.	.	PUNCT
ajfa-140	64	1	as	as	ADP
ajfa-140	64	2	a	a	DET
ajfa-140	64	3	result	result	NOUN
ajfa-140	64	4	,	,	PUNCT
ajfa-140	64	5	filtering	filter	VERB
ajfa-140	64	6	away	away	ADV
ajfa-140	64	7	the	the	DET
ajfa-140	64	8	leverage	leverage	NOUN
ajfa-140	64	9	effect	effect	NOUN
ajfa-140	64	10	in	in	ADP
ajfa-140	64	11	volatility	volatility	NOUN
ajfa-140	64	12	spillover	spillover	NOUN
ajfa-140	64	13	tests	test	NOUN
ajfa-140	64	14	is	be	AUX
ajfa-140	64	15	essential	essential	ADJ
ajfa-140	64	16	.	.	PUNCT
ajfa-140	65	1	the	the	DET
ajfa-140	65	2	egarch	egarch	NOUN
ajfa-140	65	3	model	model	NOUN
ajfa-140	65	4	handles	handle	VERB
ajfa-140	65	5	the	the	DET
ajfa-140	65	6	leverage	leverage	NOUN
ajfa-140	65	7	effect	effect	NOUN
ajfa-140	65	8	very	very	ADV
ajfa-140	65	9	efficiently	efficiently	ADV
ajfa-140	65	10	.	.	PUNCT
ajfa-140	66	1	in	in	ADP
ajfa-140	66	2	this	this	DET
ajfa-140	66	3	paper	paper	NOUN
ajfa-140	66	4	,	,	PUNCT
ajfa-140	66	5	a	a	DET
ajfa-140	66	6	multivariate	multivariate	NOUN
ajfa-140	66	7	egarch	egarch	NOUN
ajfa-140	66	8	model	model	NOUN
ajfa-140	66	9	is	be	AUX
ajfa-140	66	10	used	use	VERB
ajfa-140	66	11	to	to	PART
ajfa-140	66	12	take	take	VERB
ajfa-140	66	13	into	into	ADP
ajfa-140	66	14	account	account	NOUN
ajfa-140	66	15	new	new	ADJ
ajfa-140	66	16	asian	asian	ADJ
ajfa-140	66	17	journal	journal	NOUN
ajfa-140	66	18	of	of	ADP
ajfa-140	66	19	finance	finance	PROPN
ajfa-140	66	20	&	&	CCONJ
ajfa-140	66	21	accounting	accounting	PROPN
ajfa-140	66	22	issn	issn	PROPN
ajfa-140	66	23	1946	1946	NUM
ajfa-140	66	24	-	-	PUNCT
ajfa-140	66	25	052x	052x	NOUN
ajfa-140	66	26	2009	2009	NUM
ajfa-140	66	27	,	,	PUNCT
ajfa-140	66	28	vol	vol	NOUN
ajfa-140	66	29	.	.	PROPN
ajfa-140	66	30	1	1	NUM
ajfa-140	66	31	,	,	PUNCT
ajfa-140	66	32	no	no	INTJ
ajfa-140	66	33	.	.	NOUN
ajfa-140	66	34	2	2	NUM
ajfa-140	66	35	:	:	PUNCT
ajfa-140	66	36	e5	e5	PROPN
ajfa-140	66	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	66	38	109	109	NUM
ajfa-140	66	39	zealand	zealand	PROPN
ajfa-140	66	40	’s	’s	PART
ajfa-140	66	41	asymmetric	asymmetric	ADJ
ajfa-140	66	42	,	,	PUNCT
ajfa-140	66	43	or	or	CCONJ
ajfa-140	66	44	down	down	ADP
ajfa-140	66	45	-	-	PUNCT
ajfa-140	66	46	market	market	NOUN
ajfa-140	66	47	effects	effect	NOUN
ajfa-140	66	48	.	.	PUNCT
ajfa-140	67	1	3	3	X
ajfa-140	67	2	.	.	X
ajfa-140	67	3	data	datum	NOUN
ajfa-140	67	4	and	and	CCONJ
ajfa-140	67	5	methodology	methodology	NOUN
ajfa-140	67	6	3.1	3.1	NUM
ajfa-140	67	7	data	datum	NOUN
ajfa-140	67	8	and	and	CCONJ
ajfa-140	67	9	descriptive	descriptive	ADJ
ajfa-140	67	10	statistics	statistic	NOUN
ajfa-140	67	11	daily	daily	PROPN
ajfa-140	67	12	nz	nz	PROPN
ajfa-140	67	13	total	total	ADJ
ajfa-140	67	14	market	market	NOUN
ajfa-140	67	15	index	index	NOUN
ajfa-140	67	16	prices	price	NOUN
ajfa-140	67	17	were	be	AUX
ajfa-140	67	18	collected	collect	VERB
ajfa-140	67	19	from	from	ADP
ajfa-140	67	20	datastream	datastream	NOUN
ajfa-140	67	21	.	.	PUNCT
ajfa-140	68	1	the	the	DET
ajfa-140	68	2	usa	usa	PROPN
ajfa-140	68	3	and	and	CCONJ
ajfa-140	68	4	australian	australian	ADJ
ajfa-140	68	5	markets	market	NOUN
ajfa-140	68	6	are	be	AUX
ajfa-140	68	7	the	the	DET
ajfa-140	68	8	two	two	NUM
ajfa-140	68	9	largest	large	ADJ
ajfa-140	68	10	export	export	NOUN
ajfa-140	68	11	markets	market	NOUN
ajfa-140	68	12	for	for	ADP
ajfa-140	68	13	nz	nz	NOUN
ajfa-140	68	14	firms	firm	NOUN
ajfa-140	68	15	.	.	PUNCT
ajfa-140	69	1	the	the	DET
ajfa-140	69	2	exchange	exchange	NOUN
ajfa-140	69	3	rates	rate	VERB
ajfa-140	69	4	nzd	nzd	PROPN
ajfa-140	69	5	/	/	SYM
ajfa-140	69	6	aud	aud	NOUN
ajfa-140	69	7	and	and	CCONJ
ajfa-140	69	8	nzd	nzd	PROPN
ajfa-140	69	9	/	/	SYM
ajfa-140	69	10	usd	usd	NOUN
ajfa-140	69	11	as	as	ADV
ajfa-140	69	12	well	well	ADV
ajfa-140	69	13	as	as	ADP
ajfa-140	69	14	the	the	DET
ajfa-140	69	15	twi	twi	PROPN
ajfa-140	69	16	index	index	NOUN
ajfa-140	69	17	were	be	AUX
ajfa-140	69	18	collected	collect	VERB
ajfa-140	69	19	from	from	ADP
ajfa-140	69	20	the	the	DET
ajfa-140	69	21	reserve	reserve	PROPN
ajfa-140	69	22	bank	bank	PROPN
ajfa-140	69	23	of	of	ADP
ajfa-140	69	24	new	new	PROPN
ajfa-140	69	25	zealand	zealand	PROPN
ajfa-140	69	26	.	.	PUNCT
ajfa-140	70	1	the	the	DET
ajfa-140	70	2	sample	sample	NOUN
ajfa-140	70	3	period	period	NOUN
ajfa-140	70	4	spans	span	VERB
ajfa-140	70	5	15	15	NUM
ajfa-140	70	6	years	year	NOUN
ajfa-140	70	7	from	from	ADP
ajfa-140	70	8	january	january	PROPN
ajfa-140	70	9	1990	1990	NUM
ajfa-140	70	10	to	to	ADP
ajfa-140	70	11	december	december	PROPN
ajfa-140	70	12	2004	2004	NUM
ajfa-140	70	13	.	.	PUNCT
ajfa-140	71	1	there	there	PRON
ajfa-140	71	2	are	be	VERB
ajfa-140	71	3	3,866	3,866	NUM
ajfa-140	71	4	daily	daily	ADJ
ajfa-140	71	5	observations	observation	NOUN
ajfa-140	71	6	.	.	PUNCT
ajfa-140	72	1	the	the	DET
ajfa-140	72	2	1997	1997	NUM
ajfa-140	72	3	asian	asian	ADJ
ajfa-140	72	4	financial	financial	ADJ
ajfa-140	72	5	crisis	crisis	NOUN
ajfa-140	72	6	(	(	PUNCT
ajfa-140	72	7	afc	afc	PROPN
ajfa-140	72	8	)	)	PUNCT
ajfa-140	72	9	occurs	occur	VERB
ajfa-140	72	10	right	right	ADV
ajfa-140	72	11	in	in	ADP
ajfa-140	72	12	the	the	DET
ajfa-140	72	13	middle	middle	NOUN
ajfa-140	72	14	of	of	ADP
ajfa-140	72	15	the	the	DET
ajfa-140	72	16	sample	sample	NOUN
ajfa-140	72	17	period	period	NOUN
ajfa-140	72	18	.	.	PUNCT
ajfa-140	73	1	the	the	DET
ajfa-140	73	2	full	full	ADJ
ajfa-140	73	3	sample	sample	NOUN
ajfa-140	73	4	data	datum	NOUN
ajfa-140	73	5	were	be	AUX
ajfa-140	73	6	split	split	VERB
ajfa-140	73	7	into	into	ADP
ajfa-140	73	8	two	two	NUM
ajfa-140	73	9	approximately	approximately	ADV
ajfa-140	73	10	equal	equal	ADJ
ajfa-140	73	11	sub	sub	NOUN
ajfa-140	73	12	-	-	ADJ
ajfa-140	73	13	periods	period	NOUN
ajfa-140	73	14	–	–	PUNCT
ajfa-140	73	15	the	the	DET
ajfa-140	73	16	pre	pre	PROPN
ajfa-140	73	17	-	-	NOUN
ajfa-140	73	18	afc	afc	ADJ
ajfa-140	73	19	period	period	NOUN
ajfa-140	73	20	(	(	PUNCT
ajfa-140	73	21	january	january	PROPN
ajfa-140	73	22	1990	1990	NUM
ajfa-140	73	23	to	to	ADP
ajfa-140	73	24	june	june	PROPN
ajfa-140	73	25	1997	1997	NUM
ajfa-140	73	26	)	)	PUNCT
ajfa-140	73	27	and	and	CCONJ
ajfa-140	73	28	the	the	DET
ajfa-140	73	29	post	post	ADJ
ajfa-140	73	30	-	-	ADJ
ajfa-140	73	31	afc	afc	ADJ
ajfa-140	73	32	period	period	NOUN
ajfa-140	73	33	(	(	PUNCT
ajfa-140	73	34	august	august	PROPN
ajfa-140	73	35	1997	1997	NUM
ajfa-140	73	36	to	to	ADP
ajfa-140	73	37	december	december	PROPN
ajfa-140	73	38	2004	2004	NUM
ajfa-140	73	39	)	)	PUNCT
ajfa-140	73	40	,	,	PUNCT
ajfa-140	73	41	each	each	PRON
ajfa-140	73	42	covering	cover	VERB
ajfa-140	73	43	7.5	7.5	NUM
ajfa-140	73	44	years	year	NOUN
ajfa-140	73	45	.	.	PUNCT
ajfa-140	74	1	in	in	ADP
ajfa-140	74	2	this	this	DET
ajfa-140	74	3	study	study	NOUN
ajfa-140	74	4	,	,	PUNCT
ajfa-140	74	5	the	the	DET
ajfa-140	74	6	stock	stock	NOUN
ajfa-140	74	7	market	market	NOUN
ajfa-140	74	8	returns	return	NOUN
ajfa-140	74	9	and	and	CCONJ
ajfa-140	74	10	all	all	DET
ajfa-140	74	11	exchange	exchange	NOUN
ajfa-140	74	12	rate	rate	NOUN
ajfa-140	74	13	changes	change	NOUN
ajfa-140	74	14	are	be	AUX
ajfa-140	74	15	defined	define	VERB
ajfa-140	74	16	as	as	ADP
ajfa-140	74	17	log	log	NOUN
ajfa-140	74	18	relative	relative	ADJ
ajfa-140	74	19	returns	return	NOUN
ajfa-140	74	20	.	.	PUNCT
ajfa-140	75	1	table	table	NOUN
ajfa-140	75	2	1	1	NUM
ajfa-140	75	3	shows	show	VERB
ajfa-140	75	4	summary	summary	NOUN
ajfa-140	75	5	statistics	statistic	NOUN
ajfa-140	75	6	of	of	ADP
ajfa-140	75	7	stock	stock	NOUN
ajfa-140	75	8	and	and	CCONJ
ajfa-140	75	9	foreign	foreign	ADJ
ajfa-140	75	10	exchange	exchange	NOUN
ajfa-140	75	11	market	market	NOUN
ajfa-140	75	12	returns	return	NOUN
ajfa-140	75	13	.	.	PUNCT
ajfa-140	76	1	the	the	DET
ajfa-140	76	2	jarque	jarque	NOUN
ajfa-140	76	3	-	-	PUNCT
ajfa-140	76	4	bera	bera	NOUN
ajfa-140	76	5	test	test	NOUN
ajfa-140	76	6	is	be	AUX
ajfa-140	76	7	performed	perform	VERB
ajfa-140	76	8	for	for	ADP
ajfa-140	76	9	the	the	DET
ajfa-140	76	10	stock	stock	NOUN
ajfa-140	76	11	market	market	NOUN
ajfa-140	76	12	returns	return	NOUN
ajfa-140	76	13	and	and	CCONJ
ajfa-140	76	14	exchange	exchange	NOUN
ajfa-140	76	15	rate	rate	NOUN
ajfa-140	76	16	returns	return	NOUN
ajfa-140	76	17	in	in	ADP
ajfa-140	76	18	order	order	NOUN
ajfa-140	76	19	to	to	PART
ajfa-140	76	20	test	test	VERB
ajfa-140	76	21	the	the	DET
ajfa-140	76	22	normality	normality	NOUN
ajfa-140	76	23	of	of	ADP
ajfa-140	76	24	each	each	DET
ajfa-140	76	25	series	series	NOUN
ajfa-140	76	26	.	.	PUNCT
ajfa-140	77	1	the	the	DET
ajfa-140	77	2	results	result	NOUN
ajfa-140	77	3	show	show	VERB
ajfa-140	77	4	that	that	SCONJ
ajfa-140	77	5	the	the	DET
ajfa-140	77	6	distribution	distribution	NOUN
ajfa-140	77	7	of	of	ADP
ajfa-140	77	8	the	the	DET
ajfa-140	77	9	stock	stock	NOUN
ajfa-140	77	10	market	market	NOUN
ajfa-140	77	11	returns	return	NOUN
ajfa-140	77	12	and	and	CCONJ
ajfa-140	77	13	exchange	exchange	NOUN
ajfa-140	77	14	rate	rate	NOUN
ajfa-140	77	15	returns	return	NOUN
ajfa-140	77	16	are	be	AUX
ajfa-140	77	17	not	not	PART
ajfa-140	77	18	normal	normal	ADJ
ajfa-140	77	19	.	.	PUNCT
ajfa-140	78	1	the	the	DET
ajfa-140	78	2	egarch	egarch	NOUN
ajfa-140	78	3	model	model	NOUN
ajfa-140	78	4	is	be	AUX
ajfa-140	78	5	used	use	VERB
ajfa-140	78	6	to	to	PART
ajfa-140	78	7	examine	examine	VERB
ajfa-140	78	8	the	the	DET
ajfa-140	78	9	dynamic	dynamic	ADJ
ajfa-140	78	10	volatility	volatility	NOUN
ajfa-140	78	11	relationship	relationship	NOUN
ajfa-140	78	12	between	between	ADP
ajfa-140	78	13	nz	nz	PROPN
ajfa-140	78	14	stock	stock	NOUN
ajfa-140	78	15	market	market	NOUN
ajfa-140	78	16	returns	return	NOUN
ajfa-140	78	17	and	and	CCONJ
ajfa-140	78	18	foreign	foreign	ADJ
ajfa-140	78	19	exchange	exchange	NOUN
ajfa-140	78	20	rate	rate	NOUN
ajfa-140	78	21	changes	change	NOUN
ajfa-140	78	22	.	.	PUNCT
ajfa-140	79	1	table	table	NOUN
ajfa-140	79	2	1	1	NUM
ajfa-140	79	3	also	also	ADV
ajfa-140	79	4	contains	contain	VERB
ajfa-140	79	5	the	the	DET
ajfa-140	79	6	results	result	NOUN
ajfa-140	79	7	of	of	ADP
ajfa-140	79	8	augmented	augment	VERB
ajfa-140	79	9	dickey	dickey	NOUN
ajfa-140	79	10	-	-	PUNCT
ajfa-140	79	11	fuller	full	ADJ
ajfa-140	79	12	(	(	PUNCT
ajfa-140	79	13	adf	adf	NOUN
ajfa-140	79	14	)	)	PUNCT
ajfa-140	79	15	unit	unit	NOUN
ajfa-140	79	16	root	root	NOUN
ajfa-140	79	17	tests	test	NOUN
ajfa-140	79	18	.	.	PUNCT
ajfa-140	80	1	all	all	DET
ajfa-140	80	2	stock	stock	NOUN
ajfa-140	80	3	and	and	CCONJ
ajfa-140	80	4	exchange	exchange	NOUN
ajfa-140	80	5	return	return	NOUN
ajfa-140	80	6	series	series	NOUN
ajfa-140	80	7	are	be	AUX
ajfa-140	80	8	integrated	integrate	VERB
ajfa-140	80	9	with	with	ADP
ajfa-140	80	10	i(0	i(0	PROPN
ajfa-140	80	11	)	)	PUNCT
ajfa-140	80	12	,	,	PUNCT
ajfa-140	80	13	i.e.	i.e.	X
ajfa-140	80	14	,	,	PUNCT
ajfa-140	80	15	stationary	stationary	ADJ
ajfa-140	80	16	,	,	PUNCT
ajfa-140	80	17	as	as	ADV
ajfa-140	80	18	all	all	DET
ajfa-140	80	19	t	t	NOUN
ajfa-140	80	20	-	-	PUNCT
ajfa-140	80	21	statistics	statistic	NOUN
ajfa-140	80	22	are	be	AUX
ajfa-140	80	23	highly	highly	ADV
ajfa-140	80	24	significant	significant	ADJ
ajfa-140	80	25	at	at	ADP
ajfa-140	80	26	the	the	DET
ajfa-140	80	27	1	1	NUM
ajfa-140	80	28	%	%	NOUN
ajfa-140	80	29	level	level	NOUN
ajfa-140	80	30	.	.	PUNCT
ajfa-140	81	1	table	table	NOUN
ajfa-140	81	2	1	1	NUM
ajfa-140	81	3	.	.	PUNCT
ajfa-140	82	1	summary	summary	NOUN
ajfa-140	82	2	statistics	statistic	NOUN
ajfa-140	82	3	statistics	statistic	VERB
ajfa-140	82	4	stock	stock	PROPN
ajfa-140	82	5	return	return	PROPN
ajfa-140	82	6	exchange	exchange	NOUN
ajfa-140	82	7	rate	rate	NOUN
ajfa-140	82	8	return	return	NOUN
ajfa-140	82	9	total	total	ADJ
ajfa-140	82	10	market	market	NOUN
ajfa-140	82	11	index	index	NOUN
ajfa-140	82	12	nzd	nzd	PROPN
ajfa-140	82	13	/	/	SYM
ajfa-140	82	14	aud	aud	PROPN
ajfa-140	82	15	nzd	nzd	PROPN
ajfa-140	82	16	/	/	SYM
ajfa-140	82	17	usd	usd	NOUN
ajfa-140	82	18	twi	twi	NOUN
ajfa-140	82	19	index	index	NOUN
ajfa-140	82	20	observations	observation	NOUN
ajfa-140	82	21	3867	3867	NUM
ajfa-140	82	22	3867	3867	NUM
ajfa-140	82	23	3867	3867	NUM
ajfa-140	82	24	3867	3867	NUM
ajfa-140	82	25	mean	mean	VERB
ajfa-140	82	26	0.00013	0.00013	NUM
ajfa-140	83	1	0.00005	0.00005	NUM
ajfa-140	83	2	0.00005	0.00005	NUM
ajfa-140	83	3	0.00003	0.00003	NUM
ajfa-140	83	4	median	median	NOUN
ajfa-140	83	5	0.00000	0.00000	NUM
ajfa-140	83	6	0.00009	0.00009	NUM
ajfa-140	83	7	0.00017	0.00017	NUM
ajfa-140	83	8	0.00020	0.00020	NUM
ajfa-140	83	9	maximum	maximum	NOUN
ajfa-140	83	10	0.09153	0.09153	NUM
ajfa-140	83	11	0.03408	0.03408	NUM
ajfa-140	83	12	0.04298	0.04298	NUM
ajfa-140	83	13	0.03547	0.03547	NUM
ajfa-140	83	14	minimum	minimum	ADJ
ajfa-140	83	15	-0.12788	-0.12788	NOUN
ajfa-140	83	16	-0.03632	-0.03632	ADJ
ajfa-140	83	17	-0.03619	-0.03619	PUNCT
ajfa-140	84	1	-0.03214	-0.03214	ADJ
ajfa-140	84	2	std	std	PROPN
ajfa-140	84	3	.	.	PUNCT
ajfa-140	85	1	dev	dev	PROPN
ajfa-140	85	2	.	.	PUNCT
ajfa-140	86	1	0.00955	0.00955	NUM
ajfa-140	86	2	0.004474	0.004474	NUM
ajfa-140	86	3	0.006132	0.006132	NUM
ajfa-140	86	4	0.004808	0.004808	NUM
ajfa-140	86	5	skewness	skewness	PROPN
ajfa-140	86	6	-0.41425	-0.41425	PROPN
ajfa-140	86	7	-0.07996	-0.07996	PROPN
ajfa-140	86	8	-0.07939	-0.07939	PROPN
ajfa-140	86	9	-0.32546	-0.32546	NOUN
ajfa-140	86	10	kurtosis	kurtosis	VERB
ajfa-140	86	11	17.76697	17.76697	NUM
ajfa-140	86	12	7.77129	7.77129	NUM
ajfa-140	86	13	7.11378	7.11378	NUM
ajfa-140	86	14	7.11155	7.11155	NUM
ajfa-140	86	15	jarque	jarque	NOUN
ajfa-140	86	16	-	-	PUNCT
ajfa-140	86	17	bera	bera	NOUN
ajfa-140	86	18	35246.08	35246.08	NUM
ajfa-140	86	19	3672.17	3672.17	NUM
ajfa-140	86	20	2730.81	2730.81	NUM
ajfa-140	86	21	2792.07	2792.07	NUM
ajfa-140	86	22	adf	adf	NOUN
ajfa-140	86	23	test	test	NOUN
ajfa-140	86	24	-41.07	-41.07	PUNCT
ajfa-140	86	25	-66.76	-66.76	PUNCT
ajfa-140	86	26	-37.83	-37.83	PROPN
ajfa-140	86	27	-38.33	-38.33	PROPN
ajfa-140	86	28	note	note	VERB
ajfa-140	86	29	:	:	PUNCT
ajfa-140	86	30	this	this	DET
ajfa-140	86	31	table	table	NOUN
ajfa-140	86	32	presents	present	VERB
ajfa-140	86	33	basic	basic	ADJ
ajfa-140	86	34	descriptive	descriptive	ADJ
ajfa-140	86	35	statistics	statistic	NOUN
ajfa-140	86	36	of	of	ADP
ajfa-140	86	37	daily	daily	ADJ
ajfa-140	86	38	stock	stock	NOUN
ajfa-140	86	39	and	and	CCONJ
ajfa-140	86	40	foreign	foreign	ADJ
ajfa-140	86	41	exchange	exchange	NOUN
ajfa-140	86	42	returns	return	NOUN
ajfa-140	86	43	of	of	ADP
ajfa-140	86	44	the	the	DET
ajfa-140	86	45	new	new	PROPN
ajfa-140	86	46	zealand	zealand	PROPN
ajfa-140	86	47	market	market	NOUN
ajfa-140	86	48	.	.	PUNCT
ajfa-140	87	1	3.2	3.2	NUM
ajfa-140	87	2	methodology	methodology	NOUN
ajfa-140	87	3	the	the	DET
ajfa-140	87	4	relationships	relationship	NOUN
ajfa-140	87	5	between	between	ADP
ajfa-140	87	6	the	the	DET
ajfa-140	87	7	movements	movement	NOUN
ajfa-140	87	8	of	of	ADP
ajfa-140	87	9	the	the	DET
ajfa-140	87	10	stock	stock	NOUN
ajfa-140	87	11	market	market	NOUN
ajfa-140	87	12	volatility	volatility	NOUN
ajfa-140	87	13	and	and	CCONJ
ajfa-140	87	14	exchange	exchange	NOUN
ajfa-140	87	15	rate	rate	NOUN
ajfa-140	87	16	fluctuations	fluctuation	NOUN
ajfa-140	87	17	within	within	ADP
ajfa-140	87	18	an	an	DET
ajfa-140	87	19	egarch	egarch	NOUN
ajfa-140	87	20	model	model	NOUN
ajfa-140	87	21	,	,	PUNCT
ajfa-140	87	22	developed	develop	VERB
ajfa-140	87	23	by	by	ADP
ajfa-140	87	24	nelson	nelson	PROPN
ajfa-140	87	25	(	(	PUNCT
ajfa-140	87	26	1991	1991	NUM
ajfa-140	87	27	)	)	PUNCT
ajfa-140	87	28	,	,	PUNCT
ajfa-140	87	29	are	be	AUX
ajfa-140	87	30	examined	examine	VERB
ajfa-140	87	31	.	.	PUNCT
ajfa-140	88	1	the	the	DET
ajfa-140	88	2	multivariate	multivariate	NOUN
ajfa-140	88	3	egarch	egarch	PROPN
ajfa-140	88	4	asian	asian	PROPN
ajfa-140	88	5	journal	journal	PROPN
ajfa-140	88	6	of	of	ADP
ajfa-140	88	7	finance	finance	PROPN
ajfa-140	88	8	&	&	CCONJ
ajfa-140	88	9	accounting	accounting	PROPN
ajfa-140	88	10	issn	issn	PROPN
ajfa-140	88	11	1946	1946	NUM
ajfa-140	88	12	-	-	PUNCT
ajfa-140	88	13	052x	052x	NOUN
ajfa-140	88	14	2009	2009	NUM
ajfa-140	88	15	,	,	PUNCT
ajfa-140	88	16	vol	vol	NOUN
ajfa-140	88	17	.	.	PROPN
ajfa-140	88	18	1	1	NUM
ajfa-140	88	19	,	,	PUNCT
ajfa-140	88	20	no	no	INTJ
ajfa-140	88	21	.	.	NOUN
ajfa-140	88	22	2	2	NUM
ajfa-140	88	23	:	:	PUNCT
ajfa-140	88	24	e5	e5	PROPN
ajfa-140	88	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	88	26	110	110	NUM
ajfa-140	88	27	models	model	NOUN
ajfa-140	88	28	can	can	AUX
ajfa-140	88	29	effectively	effectively	ADV
ajfa-140	88	30	capture	capture	VERB
ajfa-140	88	31	the	the	DET
ajfa-140	88	32	asymmetric	asymmetric	ADJ
ajfa-140	88	33	effects	effect	NOUN
ajfa-140	88	34	of	of	ADP
ajfa-140	88	35	innovations	innovation	NOUN
ajfa-140	88	36	on	on	ADP
ajfa-140	88	37	volatility	volatility	NOUN
ajfa-140	88	38	in	in	ADP
ajfa-140	88	39	stock	stock	NOUN
ajfa-140	88	40	market	market	NOUN
ajfa-140	88	41	returns	return	NOUN
ajfa-140	88	42	while	while	SCONJ
ajfa-140	88	43	the	the	DET
ajfa-140	88	44	conditional	conditional	ADJ
ajfa-140	88	45	volatility	volatility	NOUN
ajfa-140	88	46	of	of	ADP
ajfa-140	88	47	currency	currency	NOUN
ajfa-140	88	48	movements	movement	NOUN
ajfa-140	88	49	can	can	AUX
ajfa-140	88	50	be	be	AUX
ajfa-140	88	51	included	include	VERB
ajfa-140	88	52	in	in	ADP
ajfa-140	88	53	the	the	DET
ajfa-140	88	54	model	model	NOUN
ajfa-140	88	55	at	at	ADP
ajfa-140	88	56	the	the	DET
ajfa-140	88	57	same	same	ADJ
ajfa-140	88	58	time	time	NOUN
ajfa-140	88	59	.	.	PUNCT
ajfa-140	89	1	this	this	DET
ajfa-140	89	2	important	important	ADJ
ajfa-140	89	3	feature	feature	NOUN
ajfa-140	89	4	of	of	ADP
ajfa-140	89	5	the	the	DET
ajfa-140	89	6	model	model	NOUN
ajfa-140	89	7	gives	give	VERB
ajfa-140	89	8	direct	direct	ADJ
ajfa-140	89	9	and	and	CCONJ
ajfa-140	89	10	explicit	explicit	ADJ
ajfa-140	89	11	measurement	measurement	NOUN
ajfa-140	89	12	of	of	ADP
ajfa-140	89	13	the	the	DET
ajfa-140	89	14	role	role	NOUN
ajfa-140	89	15	of	of	ADP
ajfa-140	89	16	exchange	exchange	NOUN
ajfa-140	89	17	rate	rate	NOUN
ajfa-140	89	18	fluctuations	fluctuation	NOUN
ajfa-140	89	19	in	in	ADP
ajfa-140	89	20	explaining	explain	VERB
ajfa-140	89	21	the	the	DET
ajfa-140	89	22	time	time	NOUN
ajfa-140	89	23	series	series	PROPN
ajfa-140	89	24	behaviour	behaviour	NOUN
ajfa-140	89	25	of	of	ADP
ajfa-140	89	26	the	the	DET
ajfa-140	89	27	stock	stock	NOUN
ajfa-140	89	28	market	market	NOUN
ajfa-140	89	29	volatility	volatility	NOUN
ajfa-140	89	30	.	.	PUNCT
ajfa-140	90	1	similarly	similarly	ADV
ajfa-140	90	2	,	,	PUNCT
ajfa-140	90	3	egarch	egarch	NOUN
ajfa-140	90	4	models	model	NOUN
ajfa-140	90	5	can	can	AUX
ajfa-140	90	6	test	test	VERB
ajfa-140	90	7	whether	whether	SCONJ
ajfa-140	90	8	the	the	DET
ajfa-140	90	9	exchange	exchange	NOUN
ajfa-140	90	10	rate	rate	NOUN
ajfa-140	90	11	volatility	volatility	NOUN
ajfa-140	90	12	effects	effect	NOUN
ajfa-140	90	13	are	be	AUX
ajfa-140	90	14	asymmetrical	asymmetrical	ADJ
ajfa-140	90	15	in	in	ADP
ajfa-140	90	16	the	the	DET
ajfa-140	90	17	foreign	foreign	ADJ
ajfa-140	90	18	exchange	exchange	NOUN
ajfa-140	90	19	market	market	NOUN
ajfa-140	90	20	,	,	PUNCT
ajfa-140	90	21	that	that	ADV
ajfa-140	90	22	is	is	ADV
ajfa-140	90	23	,	,	PUNCT
ajfa-140	90	24	whether	whether	SCONJ
ajfa-140	90	25	appreciations	appreciation	NOUN
ajfa-140	90	26	and	and	CCONJ
ajfa-140	90	27	depreciations	depreciation	NOUN
ajfa-140	90	28	of	of	ADP
ajfa-140	90	29	the	the	DET
ajfa-140	90	30	nz	nz	ADJ
ajfa-140	90	31	dollar	dollar	NOUN
ajfa-140	90	32	in	in	ADP
ajfa-140	90	33	the	the	DET
ajfa-140	90	34	past	past	NOUN
ajfa-140	90	35	have	have	VERB
ajfa-140	90	36	the	the	DET
ajfa-140	90	37	same	same	ADJ
ajfa-140	90	38	impacts	impact	NOUN
ajfa-140	90	39	on	on	ADP
ajfa-140	90	40	the	the	DET
ajfa-140	90	41	future	future	ADJ
ajfa-140	90	42	exchange	exchange	NOUN
ajfa-140	90	43	rate	rate	NOUN
ajfa-140	90	44	volatility	volatility	NOUN
ajfa-140	90	45	.	.	PUNCT
ajfa-140	91	1	this	this	PRON
ajfa-140	91	2	means	mean	VERB
ajfa-140	91	3	that	that	SCONJ
ajfa-140	91	4	the	the	DET
ajfa-140	91	5	egarch	egarch	NOUN
ajfa-140	91	6	model	model	NOUN
ajfa-140	91	7	tests	test	VERB
ajfa-140	91	8	the	the	DET
ajfa-140	91	9	leverage	leverage	NOUN
ajfa-140	91	10	effect	effect	NOUN
ajfa-140	91	11	in	in	ADP
ajfa-140	91	12	the	the	DET
ajfa-140	91	13	stock	stock	NOUN
ajfa-140	91	14	market	market	NOUN
ajfa-140	91	15	and	and	CCONJ
ajfa-140	91	16	also	also	ADV
ajfa-140	91	17	the	the	DET
ajfa-140	91	18	asymmetric	asymmetric	ADJ
ajfa-140	91	19	effects	effect	NOUN
ajfa-140	91	20	in	in	ADP
ajfa-140	91	21	the	the	DET
ajfa-140	91	22	foreign	foreign	ADJ
ajfa-140	91	23	exchange	exchange	NOUN
ajfa-140	91	24	market	market	NOUN
ajfa-140	91	25	.	.	PUNCT
ajfa-140	92	1	the	the	DET
ajfa-140	92	2	model	model	NOUN
ajfa-140	92	3	is	be	AUX
ajfa-140	92	4	specified	specify	VERB
ajfa-140	92	5	by	by	ADP
ajfa-140	92	6	the	the	DET
ajfa-140	92	7	following	follow	VERB
ajfa-140	92	8	equations	equation	NOUN
ajfa-140	92	9	:	:	PUNCT
ajfa-140	92	10	(	(	PUNCT
ajfa-140	92	11	7	7	X
ajfa-140	92	12	)	)	PUNCT
ajfa-140	92	13	(	(	PUNCT
ajfa-140	92	14	6	6	NUM
ajfa-140	92	15	)	)	PUNCT
ajfa-140	92	16	)	)	PUNCT
ajfa-140	92	17	(	(	PUNCT
ajfa-140	92	18	(	(	PUNCT
ajfa-140	92	19	5	5	NUM
ajfa-140	92	20	)	)	PUNCT
ajfa-140	92	21	)	)	PUNCT
ajfa-140	93	1	(	(	PUNCT
ajfa-140	93	2	(	(	PUNCT
ajfa-140	93	3	4	4	NUM
ajfa-140	93	4	)	)	PUNCT
ajfa-140	93	5	)	)	PUNCT
ajfa-140	93	6	(	(	PUNCT
ajfa-140	93	7	)	)	PUNCT
ajfa-140	93	8	(	(	PUNCT
ajfa-140	93	9	)	)	PUNCT
ajfa-140	93	10	(	(	PUNCT
ajfa-140	93	11	exp	exp	NOUN
ajfa-140	93	12	)	)	PUNCT
ajfa-140	93	13	3	3	NUM
ajfa-140	93	14	(	(	PUNCT
ajfa-140	93	15	)	)	PUNCT
ajfa-140	93	16	(	(	PUNCT
ajfa-140	93	17	)	)	PUNCT
ajfa-140	93	18	(	(	PUNCT
ajfa-140	93	19	)	)	PUNCT
ajfa-140	93	20	(	(	PUNCT
ajfa-140	93	21	exp	exp	NOUN
ajfa-140	93	22	(	(	PUNCT
ajfa-140	93	23	2	2	NUM
ajfa-140	93	24	)	)	PUNCT
ajfa-140	93	25	(	(	PUNCT
ajfa-140	93	26	1	1	NUM
ajfa-140	93	27	)	)	PUNCT
ajfa-140	93	28	,	,	PUNCT
ajfa-140	93	29	,	,	PUNCT
ajfa-140	93	30	,	,	PUNCT
ajfa-140	93	31	12111	12111	NUM
ajfa-140	93	32	11111	11111	NUM
ajfa-140	93	33	1212,211,20,2	1212,211,20,2	NUM
ajfa-140	93	34	1112,111,10,1	1112,111,10,1	NUM
ajfa-140	93	35	1	1	NUM
ajfa-140	93	36	,	,	PUNCT
ajfa-140	93	37	2	2	NUM
ajfa-140	93	38	1	1	NUM
ajfa-140	93	39	,	,	PUNCT
ajfa-140	93	40	20,2	20,2	NOUN
ajfa-140	93	41	1	1	NUM
ajfa-140	93	42	,	,	PUNCT
ajfa-140	93	43	1	1	NUM
ajfa-140	93	44	1	1	NUM
ajfa-140	93	45	,	,	PUNCT
ajfa-140	93	46	10,1	10,1	NUM
ajfa-140	93	47	fx	fx	PROPN
ajfa-140	93	48	t	t	PROPN
ajfa-140	93	49	r	r	NOUN
ajfa-140	93	50	tfxrtfxr	tfxrtfxr	NOUN
ajfa-140	93	51	fx	fx	PROPN
ajfa-140	93	52	t	t	PROPN
ajfa-140	93	53	fx	fx	PROPN
ajfa-140	93	54	t	t	PROPN
ajfa-140	93	55	fx	fx	PROPN
ajfa-140	93	56	t	t	PROPN
ajfa-140	93	57	fx	fx	PROPN
ajfa-140	93	58	t	t	PROPN
ajfa-140	93	59	r	r	NOUN
ajfa-140	93	60	t	t	NOUN
ajfa-140	93	61	r	r	NOUN
ajfa-140	93	62	t	t	NOUN
ajfa-140	93	63	r	r	NOUN
ajfa-140	93	64	t	t	NOUN
ajfa-140	93	65	r	r	NOUN
ajfa-140	93	66	t	t	PROPN
ajfa-140	93	67	fx	fx	PROPN
ajfa-140	93	68	t	t	PROPN
ajfa-140	93	69	fx	fx	PROPN
ajfa-140	93	70	t	t	PROPN
ajfa-140	93	71	r	r	PROPN
ajfa-140	93	72	t	t	PROPN
ajfa-140	93	73	fx	fx	NOUN
ajfa-140	93	74	t	t	PROPN
ajfa-140	93	75	r	r	PROPN
ajfa-140	93	76	t	t	PROPN
ajfa-140	93	77	fx	fx	NOUN
ajfa-140	93	78	t	t	PROPN
ajfa-140	93	79	r	r	NOUN
ajfa-140	93	80	t	t	PROPN
ajfa-140	93	81	r	r	NOUN
ajfa-140	93	82	t	t	PROPN
ajfa-140	93	83	fx	fx	NOUN
ajfa-140	93	84	t	t	PROPN
ajfa-140	93	85	p	p	X
ajfa-140	93	86	j	j	PROPN
ajfa-140	93	87	jtj	jtj	VERB
ajfa-140	93	88	p	p	NOUN
ajfa-140	93	89	j	j	PROPN
ajfa-140	93	90	jtjt	jtjt	PROPN
ajfa-140	93	91	r	r	PROPN
ajfa-140	93	92	t	t	PROPN
ajfa-140	93	93	p	p	X
ajfa-140	93	94	j	j	PROPN
ajfa-140	93	95	jtj	jtj	VERB
ajfa-140	93	96	p	p	PROPN
ajfa-140	93	97	j	j	PROPN
ajfa-140	93	98	jtjt	jtjt	PROPN
ajfa-140	93	99	hhh	hhh	PROPN
ajfa-140	94	1	zzezzf	zzezzf	INTJ
ajfa-140	94	2	zzezzf	zzezzf	PROPN
ajfa-140	94	3	hnzfzfh	hnzfzfh	PROPN
ajfa-140	94	4	hnzfzfh	hnzfzfh	PROPN
ajfa-140	94	5	fxrfx	fxrfx	PROPN
ajfa-140	94	6	fxrr	fxrr	PROPN
ajfa-140	94	7			PROPN
ajfa-140	94	8			X
ajfa-140	94	9	where	where	SCONJ
ajfa-140	94	10	rt	rt	PROPN
ajfa-140	94	11	and	and	CCONJ
ajfa-140	94	12	fxt	fxt	PROPN
ajfa-140	94	13	denote	denote	VERB
ajfa-140	94	14	the	the	DET
ajfa-140	94	15	stock	stock	NOUN
ajfa-140	94	16	market	market	NOUN
ajfa-140	94	17	returns	return	NOUN
ajfa-140	94	18	and	and	CCONJ
ajfa-140	94	19	exchange	exchange	NOUN
ajfa-140	94	20	rate	rate	NOUN
ajfa-140	94	21	changes	change	NOUN
ajfa-140	94	22	.	.	PUNCT
ajfa-140	95	1	the	the	DET
ajfa-140	95	2	twi	twi	PROPN
ajfa-140	95	3	index	index	NOUN
ajfa-140	95	4	,	,	PUNCT
ajfa-140	95	5	nzd	nzd	PROPN
ajfa-140	95	6	/	/	SYM
ajfa-140	95	7	aud	aud	NOUN
ajfa-140	95	8	and	and	CCONJ
ajfa-140	95	9	nzd	nzd	PROPN
ajfa-140	95	10	/	/	SYM
ajfa-140	95	11	usd	usd	NOUN
ajfa-140	95	12	,	,	PUNCT
ajfa-140	95	13	for	for	ADP
ajfa-140	95	14	fxt	fxt	NOUN
ajfa-140	95	15	respectively	respectively	ADV
ajfa-140	95	16	,	,	PUNCT
ajfa-140	95	17	are	be	AUX
ajfa-140	95	18	used	use	VERB
ajfa-140	95	19	to	to	PART
ajfa-140	95	20	examine	examine	VERB
ajfa-140	95	21	the	the	DET
ajfa-140	95	22	exchange	exchange	NOUN
ajfa-140	95	23	rate	rate	NOUN
ajfa-140	95	24	effects	effect	NOUN
ajfa-140	95	25	to	to	ADP
ajfa-140	95	26	stock	stock	NOUN
ajfa-140	95	27	market	market	NOUN
ajfa-140	95	28	returns	return	NOUN
ajfa-140	95	29	.	.	PUNCT
ajfa-140	96	1	the	the	DET
ajfa-140	96	2	number	number	NOUN
ajfa-140	96	3	of	of	ADP
ajfa-140	96	4	lags	lag	NOUN
ajfa-140	96	5	,	,	PUNCT
ajfa-140	96	6	denoted	denote	VERB
ajfa-140	96	7	by	by	ADP
ajfa-140	96	8	p	p	NOUN
ajfa-140	96	9	in	in	ADP
ajfa-140	96	10	equations	equation	NOUN
ajfa-140	96	11	(	(	PUNCT
ajfa-140	96	12	1	1	NUM
ajfa-140	96	13	)	)	PUNCT
ajfa-140	96	14	and	and	CCONJ
ajfa-140	96	15	(	(	PUNCT
ajfa-140	96	16	2	2	NUM
ajfa-140	96	17	)	)	PUNCT
ajfa-140	96	18	,	,	PUNCT
ajfa-140	96	19	is	be	AUX
ajfa-140	96	20	determined	determine	VERB
ajfa-140	96	21	by	by	ADP
ajfa-140	96	22	the	the	DET
ajfa-140	96	23	akaike	akaike	ADJ
ajfa-140	96	24	information	information	NOUN
ajfa-140	96	25	criteria	criterion	NOUN
ajfa-140	96	26	(	(	PUNCT
ajfa-140	96	27	aic	aic	PROPN
ajfa-140	96	28	)	)	PUNCT
ajfa-140	96	29	.	.	PUNCT
ajfa-140	97	1	the	the	DET
ajfa-140	97	2	analysis	analysis	NOUN
ajfa-140	97	3	searches	search	NOUN
ajfa-140	97	4	for	for	ADP
ajfa-140	97	5	a	a	DET
ajfa-140	97	6	dynamic	dynamic	ADJ
ajfa-140	97	7	relationship	relationship	NOUN
ajfa-140	97	8	between	between	ADP
ajfa-140	97	9	stock	stock	NOUN
ajfa-140	97	10	market	market	NOUN
ajfa-140	97	11	returns	return	NOUN
ajfa-140	97	12	and	and	CCONJ
ajfa-140	97	13	exchange	exchange	NOUN
ajfa-140	97	14	rate	rate	NOUN
ajfa-140	97	15	changes	change	NOUN
ajfa-140	97	16	.	.	PUNCT
ajfa-140	98	1	the	the	DET
ajfa-140	98	2	coefficients	coefficient	NOUN
ajfa-140	98	3	1,j	1,j	NOUN
ajfa-140	98	4	and	and	CCONJ
ajfa-140	98	5	2,j	2,j	PROPN
ajfa-140	98	6	in	in	ADP
ajfa-140	98	7	equations	equation	NOUN
ajfa-140	98	8	(	(	PUNCT
ajfa-140	98	9	1	1	NUM
ajfa-140	98	10	)	)	PUNCT
ajfa-140	98	11	and	and	CCONJ
ajfa-140	98	12	(	(	PUNCT
ajfa-140	98	13	2	2	X
ajfa-140	98	14	)	)	PUNCT
ajfa-140	98	15	show	show	VERB
ajfa-140	98	16	the	the	DET
ajfa-140	98	17	effects	effect	NOUN
ajfa-140	98	18	of	of	ADP
ajfa-140	98	19	exchange	exchange	NOUN
ajfa-140	98	20	rate	rate	NOUN
ajfa-140	98	21	changes	change	NOUN
ajfa-140	98	22	to	to	ADP
ajfa-140	98	23	stock	stock	NOUN
ajfa-140	98	24	market	market	NOUN
ajfa-140	98	25	returns	return	NOUN
ajfa-140	98	26	and	and	CCONJ
ajfa-140	98	27	the	the	DET
ajfa-140	98	28	reverse	reverse	ADJ
ajfa-140	98	29	effects	effect	NOUN
ajfa-140	98	30	respectively	respectively	ADV
ajfa-140	98	31	.	.	PUNCT
ajfa-140	99	1	in	in	ADP
ajfa-140	99	2	equations	equation	NOUN
ajfa-140	99	3	(	(	PUNCT
ajfa-140	99	4	3	3	X
ajfa-140	99	5	)	)	PUNCT
ajfa-140	99	6	to	to	ADP
ajfa-140	99	7	(	(	PUNCT
ajfa-140	99	8	7	7	NUM
ajfa-140	99	9	)	)	PUNCT
ajfa-140	99	10	,	,	PUNCT
ajfa-140	99	11	r	r	NOUN
ajfa-140	99	12	th	th	X
ajfa-140	99	13	and	and	CCONJ
ajfa-140	99	14	fx	fx	ADP
ajfa-140	99	15	th	th	X
ajfa-140	99	16	denote	denote	VERB
ajfa-140	99	17	the	the	DET
ajfa-140	99	18	conditional	conditional	ADJ
ajfa-140	99	19	variance	variance	NOUN
ajfa-140	99	20	of	of	ADP
ajfa-140	99	21	stock	stock	NOUN
ajfa-140	99	22	market	market	NOUN
ajfa-140	99	23	returns	return	NOUN
ajfa-140	99	24	and	and	CCONJ
ajfa-140	99	25	foreign	foreign	ADJ
ajfa-140	99	26	exchange	exchange	NOUN
ajfa-140	99	27	rate	rate	NOUN
ajfa-140	99	28	changes	change	NOUN
ajfa-140	99	29	.	.	PUNCT
ajfa-140	100	1	r	r	NOUN
ajfa-140	100	2	tz	tz	PROPN
ajfa-140	100	3	1	1	NUM
ajfa-140	100	4	and	and	CCONJ
ajfa-140	100	5	fx	fx	PROPN
ajfa-140	100	6	tz	tz	PROPN
ajfa-140	100	7	1	1	NUM
ajfa-140	100	8	denote	denote	VERB
ajfa-140	100	9	the	the	DET
ajfa-140	100	10	standardized	standardized	ADJ
ajfa-140	100	11	innovations	innovation	NOUN
ajfa-140	100	12	of	of	ADP
ajfa-140	100	13	nz	nz	ADJ
ajfa-140	100	14	stock	stock	NOUN
ajfa-140	100	15	market	market	NOUN
ajfa-140	100	16	returns	return	NOUN
ajfa-140	100	17	and	and	CCONJ
ajfa-140	100	18	exchange	exchange	NOUN
ajfa-140	100	19	rate	rate	NOUN
ajfa-140	100	20	changes	change	NOUN
ajfa-140	100	21	,	,	PUNCT
ajfa-140	100	22	respectively	respectively	ADV
ajfa-140	100	23	.	.	PUNCT
ajfa-140	101	1	the	the	DET
ajfa-140	101	2	coefficients	coefficient	NOUN
ajfa-140	101	3	1,2	1,2	NUM
ajfa-140	101	4	and	and	CCONJ
ajfa-140	101	5	2,1	2,1	NUM
ajfa-140	101	6	show	show	VERB
ajfa-140	101	7	whether	whether	SCONJ
ajfa-140	101	8	volatility	volatility	NOUN
ajfa-140	101	9	spillovers	spillover	NOUN
ajfa-140	101	10	exist	exist	VERB
ajfa-140	101	11	across	across	ADP
ajfa-140	101	12	the	the	DET
ajfa-140	101	13	stock	stock	NOUN
ajfa-140	101	14	market	market	NOUN
ajfa-140	101	15	and	and	CCONJ
ajfa-140	101	16	the	the	DET
ajfa-140	101	17	foreign	foreign	ADJ
ajfa-140	101	18	exchange	exchange	NOUN
ajfa-140	101	19	market	market	NOUN
ajfa-140	101	20	.	.	PUNCT
ajfa-140	102	1	in	in	ADP
ajfa-140	102	2	particular	particular	ADJ
ajfa-140	102	3	,	,	PUNCT
ajfa-140	102	4	1,2	1,2	NUM
ajfa-140	102	5	(	(	PUNCT
ajfa-140	102	6	2,1	2,1	NUM
ajfa-140	102	7	)	)	PUNCT
ajfa-140	102	8	indicates	indicate	VERB
ajfa-140	102	9	volatility	volatility	NOUN
ajfa-140	102	10	spillover	spillover	NOUN
ajfa-140	102	11	effects	effect	NOUN
ajfa-140	102	12	sourced	source	VERB
ajfa-140	102	13	from	from	ADP
ajfa-140	102	14	the	the	DET
ajfa-140	102	15	foreign	foreign	ADJ
ajfa-140	102	16	exchange	exchange	NOUN
ajfa-140	102	17	(	(	PUNCT
ajfa-140	102	18	stock	stock	NOUN
ajfa-140	102	19	)	)	PUNCT
ajfa-140	102	20	market	market	NOUN
ajfa-140	102	21	to	to	ADP
ajfa-140	102	22	the	the	DET
ajfa-140	102	23	stock	stock	NOUN
ajfa-140	102	24	(	(	PUNCT
ajfa-140	102	25	foreign	foreign	ADJ
ajfa-140	102	26	exchange	exchange	NOUN
ajfa-140	102	27	)	)	PUNCT
ajfa-140	102	28	market	market	NOUN
ajfa-140	102	29	.	.	PUNCT
ajfa-140	103	1	moreover	moreover	ADV
ajfa-140	103	2	,	,	PUNCT
ajfa-140	103	3	the	the	DET
ajfa-140	103	4	coefficients	coefficient	NOUN
ajfa-140	103	5	1,1	1,1	NUM
ajfa-140	103	6	and	and	CCONJ
ajfa-140	103	7	2,2	2,2	NUM
ajfa-140	103	8	show	show	VERB
ajfa-140	103	9	the	the	DET
ajfa-140	103	10	volatility	volatility	NOUN
ajfa-140	103	11	clustering	cluster	VERB
ajfa-140	103	12	in	in	ADP
ajfa-140	103	13	the	the	DET
ajfa-140	103	14	stock	stock	NOUN
ajfa-140	103	15	market	market	NOUN
ajfa-140	103	16	returns	return	NOUN
ajfa-140	103	17	and	and	CCONJ
ajfa-140	103	18	exchange	exchange	NOUN
ajfa-140	103	19	rate	rate	NOUN
ajfa-140	103	20	changes	change	NOUN
ajfa-140	103	21	.	.	PUNCT
ajfa-140	104	1	although	although	SCONJ
ajfa-140	104	2	volatility	volatility	NOUN
ajfa-140	104	3	autocorrelations	autocorrelation	NOUN
ajfa-140	104	4	are	be	AUX
ajfa-140	104	5	often	often	ADV
ajfa-140	104	6	identified	identify	VERB
ajfa-140	104	7	in	in	ADP
ajfa-140	104	8	international	international	ADJ
ajfa-140	104	9	stock	stock	NOUN
ajfa-140	104	10	markets	market	NOUN
ajfa-140	104	11	,	,	PUNCT
ajfa-140	104	12	it	it	PRON
ajfa-140	104	13	is	be	AUX
ajfa-140	104	14	not	not	PART
ajfa-140	104	15	clear	clear	ADJ
ajfa-140	104	16	if	if	SCONJ
ajfa-140	104	17	volatilities	volatility	NOUN
ajfa-140	104	18	in	in	ADP
ajfa-140	104	19	the	the	DET
ajfa-140	104	20	nz	nz	PROPN
ajfa-140	104	21	currency	currency	NOUN
ajfa-140	104	22	are	be	AUX
ajfa-140	104	23	autocorrelated	autocorrelate	VERB
ajfa-140	104	24	.	.	PUNCT
ajfa-140	105	1	a	a	DET
ajfa-140	105	2	statistically	statistically	ADV
ajfa-140	105	3	significant	significant	ADJ
ajfa-140	105	4	2,2	2,2	NUM
ajfa-140	105	5	provides	provide	VERB
ajfa-140	105	6	evidence	evidence	NOUN
ajfa-140	105	7	that	that	SCONJ
ajfa-140	105	8	volatility	volatility	NOUN
ajfa-140	105	9	in	in	ADP
ajfa-140	105	10	the	the	DET
ajfa-140	105	11	foreign	foreign	ADJ
ajfa-140	105	12	exchange	exchange	NOUN
ajfa-140	105	13	market	market	NOUN
ajfa-140	105	14	is	be	AUX
ajfa-140	105	15	significantly	significantly	ADV
ajfa-140	105	16	affected	affect	VERB
ajfa-140	105	17	by	by	ADP
ajfa-140	105	18	the	the	DET
ajfa-140	105	19	historical	historical	ADJ
ajfa-140	105	20	asian	asian	ADJ
ajfa-140	105	21	journal	journal	NOUN
ajfa-140	105	22	of	of	ADP
ajfa-140	105	23	finance	finance	PROPN
ajfa-140	105	24	&	&	CCONJ
ajfa-140	105	25	accounting	accounting	PROPN
ajfa-140	105	26	issn	issn	PROPN
ajfa-140	105	27	1946	1946	NUM
ajfa-140	105	28	-	-	PUNCT
ajfa-140	105	29	052x	052x	NOUN
ajfa-140	105	30	2009	2009	NUM
ajfa-140	105	31	,	,	PUNCT
ajfa-140	105	32	vol	vol	NOUN
ajfa-140	105	33	.	.	PROPN
ajfa-140	105	34	1	1	NUM
ajfa-140	105	35	,	,	PUNCT
ajfa-140	105	36	no	no	INTJ
ajfa-140	105	37	.	.	NOUN
ajfa-140	106	1	2	2	NUM
ajfa-140	106	2	:	:	PUNCT
ajfa-140	106	3	e5	e5	PROPN
ajfa-140	106	4	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	106	5	111	111	NUM
ajfa-140	106	6	volatility	volatility	NOUN
ajfa-140	106	7	changes	change	NOUN
ajfa-140	106	8	in	in	ADP
ajfa-140	106	9	the	the	DET
ajfa-140	106	10	exchange	exchange	NOUN
ajfa-140	106	11	rates	rate	NOUN
ajfa-140	106	12	.	.	PUNCT
ajfa-140	107	1	finally	finally	ADV
ajfa-140	107	2	,	,	PUNCT
ajfa-140	107	3	the	the	DET
ajfa-140	107	4	coefficients	coefficient	NOUN
ajfa-140	107	5	1	1	NUM
ajfa-140	107	6	and	and	CCONJ
ajfa-140	107	7	2	2	NUM
ajfa-140	107	8	indicate	indicate	VERB
ajfa-140	107	9	volatility	volatility	NOUN
ajfa-140	107	10	persistence	persistence	NOUN
ajfa-140	107	11	in	in	ADP
ajfa-140	107	12	the	the	DET
ajfa-140	107	13	stock	stock	NOUN
ajfa-140	107	14	market	market	NOUN
ajfa-140	107	15	and	and	CCONJ
ajfa-140	107	16	foreign	foreign	ADJ
ajfa-140	107	17	exchange	exchange	NOUN
ajfa-140	107	18	market	market	NOUN
ajfa-140	107	19	,	,	PUNCT
ajfa-140	107	20	respectively	respectively	ADV
ajfa-140	107	21	.	.	PUNCT
ajfa-140	108	1	egarch	egarch	NOUN
ajfa-140	108	2	models	model	NOUN
ajfa-140	108	3	facilitate	facilitate	VERB
ajfa-140	108	4	an	an	DET
ajfa-140	108	5	examination	examination	NOUN
ajfa-140	108	6	of	of	ADP
ajfa-140	108	7	the	the	DET
ajfa-140	108	8	asymmetric	asymmetric	ADJ
ajfa-140	108	9	effects	effect	NOUN
ajfa-140	108	10	in	in	ADP
ajfa-140	108	11	volatility	volatility	NOUN
ajfa-140	108	12	impacts	impact	NOUN
ajfa-140	108	13	.	.	PUNCT
ajfa-140	109	1	as	as	SCONJ
ajfa-140	109	2	mentioned	mention	VERB
ajfa-140	109	3	above	above	ADV
ajfa-140	109	4	,	,	PUNCT
ajfa-140	109	5	the	the	DET
ajfa-140	109	6	past	past	ADJ
ajfa-140	109	7	volatility	volatility	NOUN
ajfa-140	109	8	shocks	shock	NOUN
ajfa-140	109	9	can	can	AUX
ajfa-140	109	10	have	have	VERB
ajfa-140	109	11	asymmetric	asymmetric	ADJ
ajfa-140	109	12	effects	effect	NOUN
ajfa-140	109	13	on	on	ADP
ajfa-140	109	14	future	future	ADJ
ajfa-140	109	15	volatility	volatility	NOUN
ajfa-140	109	16	changes	change	NOUN
ajfa-140	109	17	in	in	ADP
ajfa-140	109	18	the	the	DET
ajfa-140	109	19	market	market	NOUN
ajfa-140	109	20	.	.	PUNCT
ajfa-140	110	1	the	the	DET
ajfa-140	110	2	coefficients	coefficient	NOUN
ajfa-140	110	3	1	1	NUM
ajfa-140	110	4	and	and	CCONJ
ajfa-140	110	5	2	2	NUM
ajfa-140	110	6	in	in	ADP
ajfa-140	110	7	equations	equation	NOUN
ajfa-140	110	8	(	(	PUNCT
ajfa-140	110	9	5	5	NUM
ajfa-140	110	10	)	)	PUNCT
ajfa-140	110	11	and	and	CCONJ
ajfa-140	110	12	(	(	PUNCT
ajfa-140	110	13	6	6	X
ajfa-140	110	14	)	)	PUNCT
ajfa-140	110	15	reveal	reveal	VERB
ajfa-140	110	16	asymmetry	asymmetry	NOUN
ajfa-140	110	17	effects	effect	NOUN
ajfa-140	110	18	in	in	ADP
ajfa-140	110	19	the	the	DET
ajfa-140	110	20	stock	stock	NOUN
ajfa-140	110	21	market	market	NOUN
ajfa-140	110	22	and	and	CCONJ
ajfa-140	110	23	foreign	foreign	ADJ
ajfa-140	110	24	exchange	exchange	NOUN
ajfa-140	110	25	market	market	NOUN
ajfa-140	110	26	,	,	PUNCT
ajfa-140	110	27	respectively	respectively	ADV
ajfa-140	110	28	.	.	PUNCT
ajfa-140	111	1	a	a	DET
ajfa-140	111	2	positive	positive	ADJ
ajfa-140	111	3	(	(	PUNCT
ajfa-140	111	4	negative	negative	ADJ
ajfa-140	111	5	)	)	PUNCT
ajfa-140	111	6	and	and	CCONJ
ajfa-140	111	7	statistically	statistically	ADV
ajfa-140	111	8	significant	significant	ADJ
ajfa-140	111	9	1	1	NUM
ajfa-140	111	10	indicates	indicate	VERB
ajfa-140	111	11	good	good	ADJ
ajfa-140	111	12	(	(	PUNCT
ajfa-140	111	13	bad	bad	ADJ
ajfa-140	111	14	)	)	PUNCT
ajfa-140	111	15	news	news	NOUN
ajfa-140	111	16	in	in	ADP
ajfa-140	111	17	the	the	DET
ajfa-140	111	18	stock	stock	NOUN
ajfa-140	111	19	market	market	NOUN
ajfa-140	111	20	has	have	VERB
ajfa-140	111	21	greater	great	ADJ
ajfa-140	111	22	impact	impact	NOUN
ajfa-140	111	23	on	on	ADP
ajfa-140	111	24	the	the	DET
ajfa-140	111	25	volatility	volatility	NOUN
ajfa-140	111	26	of	of	ADP
ajfa-140	111	27	the	the	DET
ajfa-140	111	28	stock	stock	NOUN
ajfa-140	111	29	index	index	NOUN
ajfa-140	111	30	.	.	PUNCT
ajfa-140	112	1	likewise	likewise	ADV
ajfa-140	112	2	,	,	PUNCT
ajfa-140	112	3	the	the	DET
ajfa-140	112	4	coefficient	coefficient	NOUN
ajfa-140	112	5	2	2	NUM
ajfa-140	112	6	shows	show	VERB
ajfa-140	112	7	if	if	SCONJ
ajfa-140	112	8	appreciations	appreciation	NOUN
ajfa-140	112	9	in	in	ADP
ajfa-140	112	10	the	the	DET
ajfa-140	112	11	nz	nz	PROPN
ajfa-140	112	12	dollar	dollar	NOUN
ajfa-140	112	13	have	have	VERB
ajfa-140	112	14	the	the	DET
ajfa-140	112	15	same	same	ADJ
ajfa-140	112	16	impact	impact	NOUN
ajfa-140	112	17	on	on	ADP
ajfa-140	112	18	the	the	DET
ajfa-140	112	19	exchange	exchange	NOUN
ajfa-140	112	20	rate	rate	NOUN
ajfa-140	112	21	volatility	volatility	NOUN
ajfa-140	112	22	as	as	ADP
ajfa-140	112	23	depreciations	depreciation	NOUN
ajfa-140	112	24	.	.	PUNCT
ajfa-140	113	1	egarch	egarch	NOUN
ajfa-140	113	2	models	model	NOUN
ajfa-140	113	3	are	be	AUX
ajfa-140	113	4	estimated	estimate	VERB
ajfa-140	113	5	by	by	ADP
ajfa-140	113	6	using	use	VERB
ajfa-140	113	7	a	a	DET
ajfa-140	113	8	maximum	maximum	ADJ
ajfa-140	113	9	log	log	NOUN
ajfa-140	113	10	likelihood	likelihood	NOUN
ajfa-140	113	11	function	function	NOUN
ajfa-140	113	12	specified	specify	VERB
ajfa-140	113	13	by	by	ADP
ajfa-140	113	14	the	the	DET
ajfa-140	113	15	following	follow	VERB
ajfa-140	113	16	equation	equation	NOUN
ajfa-140	113	17	:	:	PUNCT
ajfa-140	113	18	t	t	PROPN
ajfa-140	113	19	t	t	PROPN
ajfa-140	113	20	tttt	tttt	NOUN
ajfa-140	113	21	hhntl	hhntl	ADJ
ajfa-140	113	22	1	1	NUM
ajfa-140	113	23	1'ln5.02ln5.0	1'ln5.02ln5.0	NOUN
ajfa-140	113	24	where	where	SCONJ
ajfa-140	113	25	is	be	AUX
ajfa-140	113	26	the	the	DET
ajfa-140	113	27	11×1	11×1	PROPN
ajfa-140	113	28	parameter	parameter	NOUN
ajfa-140	113	29	vector	vector	NOUN
ajfa-140	113	30	to	to	PART
ajfa-140	113	31	be	be	AUX
ajfa-140	113	32	estimated	estimate	VERB
ajfa-140	113	33	.	.	PUNCT
ajfa-140	114	1	n	n	PRON
ajfa-140	114	2	is	be	AUX
ajfa-140	114	3	the	the	DET
ajfa-140	114	4	number	number	NOUN
ajfa-140	114	5	of	of	ADP
ajfa-140	114	6	equations	equation	NOUN
ajfa-140	114	7	and	and	CCONJ
ajfa-140	114	8	as	as	SCONJ
ajfa-140	114	9	the	the	DET
ajfa-140	114	10	volatility	volatility	NOUN
ajfa-140	114	11	spillover	spillover	VERB
ajfa-140	114	12	between	between	ADP
ajfa-140	114	13	stock	stock	NOUN
ajfa-140	114	14	and	and	CCONJ
ajfa-140	114	15	foreign	foreign	ADJ
ajfa-140	114	16	exchange	exchange	NOUN
ajfa-140	114	17	markets	market	NOUN
ajfa-140	114	18	is	be	AUX
ajfa-140	114	19	analysed	analyse	VERB
ajfa-140	114	20	n=2	n=2	X
ajfa-140	114	21	.	.	PUNCT
ajfa-140	115	1	t	t	PROPN
ajfa-140	115	2	is	be	AUX
ajfa-140	115	3	the	the	DET
ajfa-140	115	4	number	number	NOUN
ajfa-140	115	5	of	of	ADP
ajfa-140	115	6	observations	observation	NOUN
ajfa-140	115	7	in	in	ADP
ajfa-140	115	8	the	the	DET
ajfa-140	115	9	sample	sample	NOUN
ajfa-140	115	10	;	;	PUNCT
ajfa-140	115	11	ht	ht	PROPN
ajfa-140	115	12	is	be	AUX
ajfa-140	115	13	a	a	DET
ajfa-140	115	14	2×2	2×2	NUM
ajfa-140	115	15	time	time	NOUN
ajfa-140	115	16	-	-	PUNCT
ajfa-140	115	17	varying	vary	VERB
ajfa-140	115	18	conditional	conditional	ADJ
ajfa-140	115	19	variance	variance	NOUN
ajfa-140	115	20	-	-	PUNCT
ajfa-140	115	21	covariance	covariance	NOUN
ajfa-140	115	22	matrix	matrix	NOUN
ajfa-140	115	23	with	with	ADP
ajfa-140	115	24	diagonal	diagonal	ADJ
ajfa-140	115	25	elements	element	NOUN
ajfa-140	115	26	given	give	VERB
ajfa-140	115	27	by	by	ADP
ajfa-140	115	28	equations	equation	NOUN
ajfa-140	115	29	(	(	PUNCT
ajfa-140	115	30	3	3	NUM
ajfa-140	115	31	)	)	PUNCT
ajfa-140	115	32	and	and	CCONJ
ajfa-140	115	33	(	(	PUNCT
ajfa-140	115	34	4	4	NUM
ajfa-140	115	35	)	)	PUNCT
ajfa-140	115	36	.	.	PUNCT
ajfa-140	116	1	fx	fx	PROPN
ajfa-140	116	2	t	t	PROPN
ajfa-140	116	3	r	r	PROPN
ajfa-140	116	4	tt	tt	PROPN
ajfa-140	116	5	'	'	PUNCT
ajfa-140	116	6	is	be	AUX
ajfa-140	116	7	the	the	DET
ajfa-140	116	8	vector	vector	NOUN
ajfa-140	116	9	of	of	ADP
ajfa-140	116	10	innovations	innovation	NOUN
ajfa-140	116	11	from	from	ADP
ajfa-140	116	12	the	the	DET
ajfa-140	116	13	stock	stock	NOUN
ajfa-140	116	14	market	market	NOUN
ajfa-140	116	15	and	and	CCONJ
ajfa-140	116	16	the	the	DET
ajfa-140	116	17	foreign	foreign	ADJ
ajfa-140	116	18	exchange	exchange	NOUN
ajfa-140	116	19	market	market	NOUN
ajfa-140	116	20	at	at	ADP
ajfa-140	116	21	time	time	NOUN
ajfa-140	116	22	t.	t.	PROPN
ajfa-140	116	23	4	4	NUM
ajfa-140	116	24	.	.	PUNCT
ajfa-140	116	25	empirical	empirical	ADJ
ajfa-140	116	26	results	result	NOUN
ajfa-140	116	27	4.1	4.1	NUM
ajfa-140	116	28	.	.	PUNCT
ajfa-140	117	1	full	full	ADJ
ajfa-140	117	2	sample	sample	NOUN
ajfa-140	117	3	period	period	NOUN
ajfa-140	117	4	results	result	VERB
ajfa-140	117	5	the	the	DET
ajfa-140	117	6	analysis	analysis	NOUN
ajfa-140	117	7	provides	provide	VERB
ajfa-140	117	8	evidence	evidence	NOUN
ajfa-140	117	9	of	of	ADP
ajfa-140	117	10	bidirectional	bidirectional	ADJ
ajfa-140	117	11	volatility	volatility	NOUN
ajfa-140	117	12	spillovers	spillover	NOUN
ajfa-140	117	13	between	between	ADP
ajfa-140	117	14	the	the	DET
ajfa-140	117	15	nz	nz	PROPN
ajfa-140	117	16	stock	stock	NOUN
ajfa-140	117	17	market	market	NOUN
ajfa-140	117	18	returns	return	NOUN
ajfa-140	117	19	and	and	CCONJ
ajfa-140	117	20	exchange	exchange	NOUN
ajfa-140	117	21	rate	rate	NOUN
ajfa-140	117	22	changes	change	NOUN
ajfa-140	117	23	when	when	SCONJ
ajfa-140	117	24	the	the	DET
ajfa-140	117	25	exchange	exchange	NOUN
ajfa-140	117	26	rate	rate	NOUN
ajfa-140	117	27	used	use	VERB
ajfa-140	117	28	is	be	AUX
ajfa-140	117	29	nzd	nzd	NOUN
ajfa-140	117	30	/	/	SYM
ajfa-140	117	31	usd	usd	NOUN
ajfa-140	117	32	.	.	PUNCT
ajfa-140	118	1	the	the	DET
ajfa-140	118	2	current	current	ADJ
ajfa-140	118	3	study	study	NOUN
ajfa-140	118	4	finds	find	VERB
ajfa-140	118	5	that	that	SCONJ
ajfa-140	118	6	there	there	PRON
ajfa-140	118	7	is	be	VERB
ajfa-140	118	8	significant	significant	ADJ
ajfa-140	118	9	volatility	volatility	NOUN
ajfa-140	118	10	clustering	clustering	NOUN
ajfa-140	118	11	,	,	PUNCT
ajfa-140	118	12	persistence	persistence	NOUN
ajfa-140	118	13	,	,	PUNCT
ajfa-140	118	14	and	and	CCONJ
ajfa-140	118	15	asymmetry	asymmetry	NOUN
ajfa-140	118	16	.	.	PUNCT
ajfa-140	119	1	volatility	volatility	NOUN
ajfa-140	119	2	clustering	clustering	NOUN
ajfa-140	119	3	(	(	PUNCT
ajfa-140	119	4	1,1	1,1	NUM
ajfa-140	119	5	and	and	CCONJ
ajfa-140	119	6	2,2	2,2	NUM
ajfa-140	119	7	)	)	PUNCT
ajfa-140	119	8	.	.	PUNCT
ajfa-140	120	1	table	table	NOUN
ajfa-140	120	2	2	2	NUM
ajfa-140	120	3	presents	present	VERB
ajfa-140	120	4	the	the	DET
ajfa-140	120	5	conditional	conditional	ADJ
ajfa-140	120	6	variances	variance	NOUN
ajfa-140	120	7	of	of	ADP
ajfa-140	120	8	the	the	DET
ajfa-140	120	9	stock	stock	NOUN
ajfa-140	120	10	market	market	NOUN
ajfa-140	120	11	returns	return	NOUN
ajfa-140	120	12	and	and	CCONJ
ajfa-140	120	13	exchange	exchange	NOUN
ajfa-140	120	14	rate	rate	NOUN
ajfa-140	120	15	changes	change	NOUN
ajfa-140	120	16	which	which	PRON
ajfa-140	120	17	are	be	AUX
ajfa-140	120	18	significantly	significantly	ADV
ajfa-140	120	19	impacted	impact	VERB
ajfa-140	120	20	by	by	ADP
ajfa-140	120	21	their	their	PRON
ajfa-140	120	22	own	own	ADJ
ajfa-140	120	23	standardized	standardized	ADJ
ajfa-140	120	24	innovation	innovation	NOUN
ajfa-140	120	25	in	in	ADP
ajfa-140	120	26	the	the	DET
ajfa-140	120	27	past	past	NOUN
ajfa-140	120	28	.	.	PUNCT
ajfa-140	121	1	the	the	DET
ajfa-140	121	2	coefficients	coefficient	NOUN
ajfa-140	121	3	1,1	1,1	NUM
ajfa-140	121	4	and	and	CCONJ
ajfa-140	121	5	2,2	2,2	NUM
ajfa-140	121	6	in	in	ADP
ajfa-140	121	7	equations	equation	NOUN
ajfa-140	121	8	(	(	PUNCT
ajfa-140	121	9	3	3	NUM
ajfa-140	121	10	)	)	PUNCT
ajfa-140	121	11	and	and	CCONJ
ajfa-140	121	12	(	(	PUNCT
ajfa-140	121	13	4	4	X
ajfa-140	121	14	)	)	PUNCT
ajfa-140	121	15	are	be	AUX
ajfa-140	121	16	statistically	statistically	ADV
ajfa-140	121	17	significant	significant	ADJ
ajfa-140	121	18	at	at	ADP
ajfa-140	121	19	the	the	DET
ajfa-140	121	20	1	1	NUM
ajfa-140	121	21	%	%	NOUN
ajfa-140	121	22	level	level	NOUN
ajfa-140	121	23	,	,	PUNCT
ajfa-140	121	24	in	in	ADP
ajfa-140	121	25	all	all	DET
ajfa-140	121	26	cases	case	NOUN
ajfa-140	121	27	,	,	PUNCT
ajfa-140	121	28	indicating	indicate	VERB
ajfa-140	121	29	volatility	volatility	NOUN
ajfa-140	121	30	clustering	cluster	VERB
ajfa-140	121	31	in	in	ADP
ajfa-140	121	32	both	both	CCONJ
ajfa-140	121	33	the	the	DET
ajfa-140	121	34	nz	nz	PROPN
ajfa-140	121	35	stock	stock	NOUN
ajfa-140	121	36	market	market	NOUN
ajfa-140	121	37	and	and	CCONJ
ajfa-140	121	38	the	the	DET
ajfa-140	121	39	fluctuations	fluctuation	NOUN
ajfa-140	121	40	of	of	ADP
ajfa-140	121	41	the	the	DET
ajfa-140	121	42	nz	nz	ADJ
ajfa-140	121	43	dollar	dollar	NOUN
ajfa-140	121	44	in	in	ADP
ajfa-140	121	45	the	the	DET
ajfa-140	121	46	international	international	ADJ
ajfa-140	121	47	foreign	foreign	ADJ
ajfa-140	121	48	exchange	exchange	NOUN
ajfa-140	121	49	market	market	NOUN
ajfa-140	121	50	.	.	PUNCT
ajfa-140	122	1	volatility	volatility	NOUN
ajfa-140	122	2	persistence	persistence	NOUN
ajfa-140	122	3	(	(	PUNCT
ajfa-140	122	4	1	1	NUM
ajfa-140	122	5	and	and	CCONJ
ajfa-140	122	6	2	2	NUM
ajfa-140	122	7	)	)	PUNCT
ajfa-140	122	8	.	.	PUNCT
ajfa-140	123	1	volatility	volatility	NOUN
ajfa-140	123	2	persistence	persistence	NOUN
ajfa-140	123	3	in	in	ADP
ajfa-140	123	4	stock	stock	NOUN
ajfa-140	123	5	market	market	NOUN
ajfa-140	123	6	returns	return	NOUN
ajfa-140	123	7	and	and	CCONJ
ajfa-140	123	8	exchange	exchange	NOUN
ajfa-140	123	9	rate	rate	NOUN
ajfa-140	123	10	movements	movement	NOUN
ajfa-140	123	11	is	be	AUX
ajfa-140	123	12	also	also	ADV
ajfa-140	123	13	evident	evident	ADJ
ajfa-140	123	14	.	.	PUNCT
ajfa-140	124	1	the	the	DET
ajfa-140	124	2	coefficients	coefficient	NOUN
ajfa-140	124	3	of	of	ADP
ajfa-140	124	4	volatility	volatility	NOUN
ajfa-140	124	5	persistence	persistence	NOUN
ajfa-140	124	6	(	(	PUNCT
ajfa-140	124	7	measured	measure	VERB
ajfa-140	124	8	by	by	ADP
ajfa-140	124	9	1	1	NUM
ajfa-140	124	10	and	and	CCONJ
ajfa-140	124	11	2	2	NUM
ajfa-140	124	12	)	)	PUNCT
ajfa-140	124	13	are	be	AUX
ajfa-140	124	14	statistically	statistically	ADV
ajfa-140	124	15	significant	significant	ADJ
ajfa-140	124	16	at	at	ADP
ajfa-140	124	17	the	the	DET
ajfa-140	124	18	1	1	NUM
ajfa-140	124	19	%	%	NOUN
ajfa-140	124	20	level	level	NOUN
ajfa-140	124	21	.	.	PUNCT
ajfa-140	125	1	these	these	DET
ajfa-140	125	2	results	result	NOUN
ajfa-140	125	3	are	be	AUX
ajfa-140	125	4	consistent	consistent	ADJ
ajfa-140	125	5	with	with	ADP
ajfa-140	125	6	those	those	PRON
ajfa-140	125	7	of	of	ADP
ajfa-140	125	8	najand	najand	NOUN
ajfa-140	125	9	and	and	CCONJ
ajfa-140	125	10	yung	yung	PROPN
ajfa-140	125	11	(	(	PUNCT
ajfa-140	125	12	1991	1991	NUM
ajfa-140	125	13	)	)	PUNCT
ajfa-140	125	14	.	.	PUNCT
ajfa-140	126	1	asian	asian	ADJ
ajfa-140	126	2	journal	journal	PROPN
ajfa-140	126	3	of	of	ADP
ajfa-140	126	4	finance	finance	PROPN
ajfa-140	126	5	&	&	CCONJ
ajfa-140	126	6	accounting	accounting	PROPN
ajfa-140	126	7	issn	issn	PROPN
ajfa-140	126	8	1946	1946	NUM
ajfa-140	126	9	-	-	PUNCT
ajfa-140	126	10	052x	052x	NOUN
ajfa-140	126	11	2009	2009	NUM
ajfa-140	126	12	,	,	PUNCT
ajfa-140	126	13	vol	vol	NOUN
ajfa-140	126	14	.	.	PROPN
ajfa-140	126	15	1	1	NUM
ajfa-140	126	16	,	,	PUNCT
ajfa-140	126	17	no	no	INTJ
ajfa-140	126	18	.	.	NOUN
ajfa-140	126	19	2	2	NUM
ajfa-140	126	20	:	:	PUNCT
ajfa-140	126	21	e5	e5	PROPN
ajfa-140	126	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	126	23	112	112	NUM
ajfa-140	126	24	table	table	NOUN
ajfa-140	126	25	2	2	NUM
ajfa-140	126	26	.	.	X
ajfa-140	127	1	volatility	volatility	NOUN
ajfa-140	127	2	spillover	spillover	VERB
ajfa-140	127	3	between	between	ADP
ajfa-140	127	4	stock	stock	NOUN
ajfa-140	127	5	returns	return	NOUN
ajfa-140	127	6	and	and	CCONJ
ajfa-140	127	7	exchange	exchange	NOUN
ajfa-140	127	8	rate	rate	NOUN
ajfa-140	127	9	changes	change	NOUN
ajfa-140	127	10	(	(	PUNCT
ajfa-140	127	11	full	full	ADJ
ajfa-140	127	12	sample	sample	NOUN
ajfa-140	127	13	period	period	NOUN
ajfa-140	127	14	:	:	PUNCT
ajfa-140	127	15	january	january	NOUN
ajfa-140	127	16	1990	1990	NUM
ajfa-140	127	17	december	december	PROPN
ajfa-140	127	18	2004	2004	NUM
ajfa-140	127	19	)	)	PUNCT
ajfa-140	127	20	panel	panel	NOUN
ajfa-140	127	21	a	a	DET
ajfa-140	127	22	:	:	PUNCT
ajfa-140	127	23	stock	stock	NOUN
ajfa-140	127	24	volatility	volatility	NOUN
ajfa-140	127	25	exchange	exchange	NOUN
ajfa-140	127	26	rate	rate	NOUN
ajfa-140	127	27	1,0	1,0	NUM
ajfa-140	127	28	1,1	1,1	NUM
ajfa-140	127	29	1,2	1,2	NUM
ajfa-140	127	30	1	1	NUM
ajfa-140	127	31	1	1	NUM
ajfa-140	127	32	nzd	nzd	PROPN
ajfa-140	127	33	/	/	SYM
ajfa-140	127	34	aud	aud	NOUN
ajfa-140	127	35	-0.2472	-0.2472	X
ajfa-140	127	36	*	*	PUNCT
ajfa-140	128	1	*	*	PUNCT
ajfa-140	128	2	*	*	PUNCT
ajfa-140	128	3	0.243	0.243	NUM
ajfa-140	128	4	*	*	PUNCT
ajfa-140	128	5	*	*	PUNCT
ajfa-140	128	6	*	*	PUNCT
ajfa-140	128	7	-0.0001	-0.0001	NOUN
ajfa-140	129	1	0.973	0.973	NUM
ajfa-140	129	2	*	*	PUNCT
ajfa-140	129	3	*	*	PUNCT
ajfa-140	129	4	*	*	PUNCT
ajfa-140	129	5	-0.141	-0.141	PUNCT
ajfa-140	129	6	*	*	PUNCT
ajfa-140	129	7	*	*	PUNCT
ajfa-140	129	8	*	*	PUNCT
ajfa-140	129	9	(	(	PUNCT
ajfa-140	129	10	-10.07	-10.07	NOUN
ajfa-140	129	11	)	)	PUNCT
ajfa-140	129	12	(	(	PUNCT
ajfa-140	129	13	28.24	28.24	NUM
ajfa-140	129	14	)	)	PUNCT
ajfa-140	129	15	(	(	PUNCT
ajfa-140	129	16	-0.01	-0.01	NUM
ajfa-140	129	17	)	)	PUNCT
ajfa-140	129	18	(	(	PUNCT
ajfa-140	129	19	380.80	380.80	NUM
ajfa-140	129	20	)	)	PUNCT
ajfa-140	129	21	(	(	PUNCT
ajfa-140	129	22	-5.38	-5.38	NOUN
ajfa-140	129	23	)	)	PUNCT
ajfa-140	129	24	nzd	nzd	PROPN
ajfa-140	129	25	/	/	SYM
ajfa-140	129	26	usd	usd	NOUN
ajfa-140	129	27	-0.289	-0.289	NOUN
ajfa-140	129	28	*	*	PUNCT
ajfa-140	129	29	*	*	PUNCT
ajfa-140	129	30	*	*	PUNCT
ajfa-140	129	31	0.164	0.164	NUM
ajfa-140	129	32	*	*	PUNCT
ajfa-140	129	33	*	*	PUNCT
ajfa-140	129	34	*	*	NOUN
ajfa-140	129	35	0.092	0.092	NUM
ajfa-140	129	36	*	*	PUNCT
ajfa-140	129	37	*	*	PUNCT
ajfa-140	129	38	*	*	PUNCT
ajfa-140	129	39	0.969	0.969	NUM
ajfa-140	129	40	*	*	PUNCT
ajfa-140	129	41	*	*	PUNCT
ajfa-140	129	42	*	*	PUNCT
ajfa-140	129	43	-0.348	-0.348	PUNCT
ajfa-140	129	44	*	*	PUNCT
ajfa-140	129	45	*	*	PUNCT
ajfa-140	129	46	*	*	PUNCT
ajfa-140	129	47	(	(	PUNCT
ajfa-140	129	48	-14.16	-14.16	PROPN
ajfa-140	129	49	)	)	PUNCT
ajfa-140	129	50	(	(	PUNCT
ajfa-140	129	51	30.28	30.28	NUM
ajfa-140	129	52	)	)	PUNCT
ajfa-140	129	53	(	(	PUNCT
ajfa-140	129	54	14.74	14.74	NUM
ajfa-140	129	55	)	)	PUNCT
ajfa-140	129	56	(	(	PUNCT
ajfa-140	129	57	466.89	466.89	NUM
ajfa-140	129	58	)	)	PUNCT
ajfa-140	129	59	(	(	PUNCT
ajfa-140	129	60	-12.63	-12.63	NOUN
ajfa-140	129	61	)	)	PUNCT
ajfa-140	129	62	twi	twi	PROPN
ajfa-140	129	63	index	index	NOUN
ajfa-140	129	64	-0.142	-0.142	PUNCT
ajfa-140	129	65	*	*	PUNCT
ajfa-140	130	1	*	*	PUNCT
ajfa-140	130	2	*	*	PUNCT
ajfa-140	130	3	0.058	0.058	NUM
ajfa-140	130	4	*	*	PUNCT
ajfa-140	130	5	*	*	PUNCT
ajfa-140	130	6	*	*	PUNCT
ajfa-140	130	7	-0.003	-0.003	NUM
ajfa-140	130	8	0.984	0.984	NUM
ajfa-140	130	9	*	*	PUNCT
ajfa-140	130	10	*	*	PUNCT
ajfa-140	130	11	*	*	PUNCT
ajfa-140	130	12	-0.698	-0.698	PUNCT
ajfa-140	130	13	*	*	PUNCT
ajfa-140	130	14	*	*	PUNCT
ajfa-140	130	15	*	*	PUNCT
ajfa-140	130	16	(	(	PUNCT
ajfa-140	130	17	-4.97	-4.97	NOUN
ajfa-140	130	18	)	)	PUNCT
ajfa-140	130	19	(	(	PUNCT
ajfa-140	130	20	5.02	5.02	NUM
ajfa-140	130	21	)	)	PUNCT
ajfa-140	130	22	(	(	PUNCT
ajfa-140	130	23	-0.21	-0.21	NOUN
ajfa-140	130	24	)	)	PUNCT
ajfa-140	130	25	(	(	PUNCT
ajfa-140	130	26	310.26	310.26	NUM
ajfa-140	130	27	)	)	PUNCT
ajfa-140	130	28	(	(	PUNCT
ajfa-140	130	29	-6.01	-6.01	NOUN
ajfa-140	130	30	)	)	PUNCT
ajfa-140	130	31	panel	panel	NOUN
ajfa-140	130	32	b	b	NOUN
ajfa-140	130	33	:	:	PUNCT
ajfa-140	130	34	exchange	exchange	NOUN
ajfa-140	130	35	rate	rate	NOUN
ajfa-140	130	36	volatility	volatility	NOUN
ajfa-140	130	37	exchange	exchange	NOUN
ajfa-140	130	38	rate	rate	NOUN
ajfa-140	130	39	2,0	2,0	NUM
ajfa-140	130	40	2,1	2,1	NUM
ajfa-140	130	41	2,2	2,2	NUM
ajfa-140	130	42	2	2	NUM
ajfa-140	130	43	2	2	NUM
ajfa-140	130	44	nzd	nzd	NOUN
ajfa-140	130	45	/	/	SYM
ajfa-140	130	46	aud	aud	NOUN
ajfa-140	130	47	-4.518	-4.518	PROPN
ajfa-140	131	1	*	*	PUNCT
ajfa-140	132	1	*	*	PUNCT
ajfa-140	132	2	*	*	PUNCT
ajfa-140	132	3	0.087	0.087	NUM
ajfa-140	132	4	*	*	PUNCT
ajfa-140	132	5	*	*	PUNCT
ajfa-140	132	6	*	*	PUNCT
ajfa-140	132	7	0.309	0.309	NUM
ajfa-140	132	8	*	*	PUNCT
ajfa-140	132	9	*	*	PUNCT
ajfa-140	132	10	*	*	PUNCT
ajfa-140	132	11	0.582	0.582	NUM
ajfa-140	132	12	*	*	PUNCT
ajfa-140	132	13	*	*	PUNCT
ajfa-140	132	14	*	*	PUNCT
ajfa-140	132	15	-0.022	-0.022	INTJ
ajfa-140	132	16	(	(	PUNCT
ajfa-140	132	17	-11.93	-11.93	PROPN
ajfa-140	132	18	)	)	PUNCT
ajfa-140	132	19	(	(	PUNCT
ajfa-140	132	20	4.16	4.16	NUM
ajfa-140	132	21	)	)	PUNCT
ajfa-140	132	22	(	(	PUNCT
ajfa-140	132	23	14.64	14.64	NUM
ajfa-140	132	24	)	)	PUNCT
ajfa-140	132	25	(	(	PUNCT
ajfa-140	132	26	16.73	16.73	NUM
ajfa-140	132	27	)	)	PUNCT
ajfa-140	132	28	(	(	PUNCT
ajfa-140	132	29	-0.53	-0.53	NOUN
ajfa-140	132	30	)	)	PUNCT
ajfa-140	132	31	nzd	nzd	PROPN
ajfa-140	132	32	/	/	SYM
ajfa-140	132	33	usd	usd	NOUN
ajfa-140	132	34	-0.078	-0.078	NOUN
ajfa-140	132	35	*	*	PUNCT
ajfa-140	132	36	*	*	PUNCT
ajfa-140	132	37	*	*	PUNCT
ajfa-140	132	38	0.019	0.019	NUM
ajfa-140	132	39	*	*	PUNCT
ajfa-140	132	40	*	*	PUNCT
ajfa-140	132	41	*	*	PUNCT
ajfa-140	132	42	0.194	0.194	NUM
ajfa-140	132	43	*	*	PUNCT
ajfa-140	132	44	*	*	PUNCT
ajfa-140	132	45	*	*	PUNCT
ajfa-140	132	46	0.991	0.991	NUM
ajfa-140	132	47	*	*	PUNCT
ajfa-140	133	1	*	*	PUNCT
ajfa-140	133	2	*	*	PUNCT
ajfa-140	133	3	-0.109	-0.109	PUNCT
ajfa-140	134	1	*	*	PUNCT
ajfa-140	134	2	*	*	PUNCT
ajfa-140	134	3	*	*	PUNCT
ajfa-140	134	4	(	(	PUNCT
ajfa-140	134	5	-5.15	-5.15	NOUN
ajfa-140	134	6	)	)	PUNCT
ajfa-140	134	7	(	(	PUNCT
ajfa-140	134	8	3.08	3.08	NUM
ajfa-140	134	9	)	)	PUNCT
ajfa-140	134	10	(	(	PUNCT
ajfa-140	134	11	22.36	22.36	NUM
ajfa-140	134	12	)	)	PUNCT
ajfa-140	134	13	(	(	PUNCT
ajfa-140	134	14	694.04	694.04	NUM
ajfa-140	134	15	)	)	PUNCT
ajfa-140	134	16	(	(	PUNCT
ajfa-140	134	17	-4.94	-4.94	NOUN
ajfa-140	134	18	)	)	PUNCT
ajfa-140	134	19	twi	twi	NOUN
ajfa-140	134	20	index	index	NOUN
ajfa-140	134	21	-6.719	-6.719	PUNCT
ajfa-140	134	22	*	*	PUNCT
ajfa-140	135	1	*	*	PUNCT
ajfa-140	135	2	*	*	PUNCT
ajfa-140	135	3	0.177	0.177	NUM
ajfa-140	135	4	*	*	PUNCT
ajfa-140	135	5	*	*	PUNCT
ajfa-140	135	6	*	*	PUNCT
ajfa-140	135	7	0.328	0.328	NUM
ajfa-140	135	8	*	*	PUNCT
ajfa-140	135	9	*	*	PUNCT
ajfa-140	135	10	*	*	PUNCT
ajfa-140	135	11	0.396	0.396	NUM
ajfa-140	135	12	*	*	PUNCT
ajfa-140	135	13	*	*	PUNCT
ajfa-140	135	14	*	*	PUNCT
ajfa-140	135	15	-0.012	-0.012	INTJ
ajfa-140	135	16	(	(	PUNCT
ajfa-140	135	17	-50.83	-50.83	PROPN
ajfa-140	135	18	)	)	PUNCT
ajfa-140	135	19	(	(	PUNCT
ajfa-140	135	20	5.54	5.54	NUM
ajfa-140	135	21	)	)	PUNCT
ajfa-140	135	22	(	(	PUNCT
ajfa-140	135	23	10.97	10.97	NUM
ajfa-140	135	24	)	)	PUNCT
ajfa-140	135	25	(	(	PUNCT
ajfa-140	135	26	33.27	33.27	NUM
ajfa-140	135	27	)	)	PUNCT
ajfa-140	135	28	(	(	PUNCT
ajfa-140	135	29	-0.20	-0.20	NOUN
ajfa-140	135	30	)	)	PUNCT
ajfa-140	135	31	note	note	NOUN
ajfa-140	135	32	:	:	PUNCT
ajfa-140	135	33	above	above	ADV
ajfa-140	135	34	are	be	AUX
ajfa-140	135	35	the	the	DET
ajfa-140	135	36	results	result	NOUN
ajfa-140	135	37	of	of	ADP
ajfa-140	135	38	egarch	egarch	NOUN
ajfa-140	135	39	models	model	NOUN
ajfa-140	135	40	,	,	PUNCT
ajfa-140	135	41	where	where	SCONJ
ajfa-140	135	42	α1,1	α1,1	PROPN
ajfa-140	135	43	and	and	CCONJ
ajfa-140	135	44	α2,2	α2,2	PROPN
ajfa-140	135	45	indicate	indicate	VERB
ajfa-140	135	46	volatility	volatility	NOUN
ajfa-140	135	47	clustering	cluster	VERB
ajfa-140	135	48	in	in	ADP
ajfa-140	135	49	the	the	DET
ajfa-140	135	50	stock	stock	NOUN
ajfa-140	135	51	returns	return	NOUN
ajfa-140	135	52	and	and	CCONJ
ajfa-140	135	53	exchange	exchange	NOUN
ajfa-140	135	54	rate	rate	NOUN
ajfa-140	135	55	changes	change	NOUN
ajfa-140	135	56	,	,	PUNCT
ajfa-140	135	57	respectively	respectively	ADV
ajfa-140	135	58	;	;	PUNCT
ajfa-140	135	59	α1,2	α1,2	PROPN
ajfa-140	135	60	(	(	PUNCT
ajfa-140	135	61	α2,1	α2,1	NOUN
ajfa-140	135	62	)	)	PUNCT
ajfa-140	135	63	is	be	AUX
ajfa-140	135	64	the	the	DET
ajfa-140	135	65	volatility	volatility	NOUN
ajfa-140	135	66	spillover	spillover	VERB
ajfa-140	135	67	from	from	ADP
ajfa-140	135	68	the	the	DET
ajfa-140	135	69	exchange	exchange	NOUN
ajfa-140	135	70	rate	rate	NOUN
ajfa-140	135	71	changes	change	NOUN
ajfa-140	135	72	(	(	PUNCT
ajfa-140	135	73	stock	stock	NOUN
ajfa-140	135	74	returns	return	NOUN
ajfa-140	135	75	)	)	PUNCT
ajfa-140	135	76	to	to	ADP
ajfa-140	135	77	stock	stock	NOUN
ajfa-140	135	78	returns	return	NOUN
ajfa-140	135	79	(	(	PUNCT
ajfa-140	135	80	exchange	exchange	NOUN
ajfa-140	135	81	rate	rate	NOUN
ajfa-140	135	82	changes	change	NOUN
ajfa-140	135	83	)	)	PUNCT
ajfa-140	135	84	;	;	PUNCT
ajfa-140	135	85	γ1	γ1	NOUN
ajfa-140	135	86	and	and	CCONJ
ajfa-140	135	87	γ2	γ2	PROPN
ajfa-140	135	88	are	be	AUX
ajfa-140	135	89	volatility	volatility	NOUN
ajfa-140	135	90	persistence	persistence	NOUN
ajfa-140	135	91	in	in	ADP
ajfa-140	135	92	the	the	DET
ajfa-140	135	93	markets	market	NOUN
ajfa-140	135	94	,	,	PUNCT
ajfa-140	135	95	δ1	δ1	NOUN
ajfa-140	135	96	and	and	CCONJ
ajfa-140	135	97	δ2	δ2	PROPN
ajfa-140	135	98	are	be	AUX
ajfa-140	135	99	the	the	DET
ajfa-140	135	100	asymmetry	asymmetry	NOUN
ajfa-140	135	101	in	in	ADP
ajfa-140	135	102	the	the	DET
ajfa-140	135	103	volatility	volatility	NOUN
ajfa-140	135	104	effects	effect	NOUN
ajfa-140	135	105	.	.	PUNCT
ajfa-140	136	1	t	t	PROPN
ajfa-140	136	2	-	-	PUNCT
ajfa-140	136	3	statistics	statistic	NOUN
ajfa-140	136	4	in	in	ADP
ajfa-140	136	5	parentheses	parenthesis	NOUN
ajfa-140	136	6	,	,	PUNCT
ajfa-140	136	7	*	*	PUNCT
ajfa-140	136	8	*	*	PUNCT
ajfa-140	136	9	*	*	PUNCT
ajfa-140	136	10	denotes	denote	NOUN
ajfa-140	136	11	significance	significance	NOUN
ajfa-140	136	12	at	at	ADP
ajfa-140	136	13	the	the	DET
ajfa-140	136	14	1	1	NUM
ajfa-140	136	15	%	%	NOUN
ajfa-140	136	16	level	level	NOUN
ajfa-140	136	17	,	,	PUNCT
ajfa-140	136	18	two	two	NUM
ajfa-140	136	19	-	-	PUNCT
ajfa-140	136	20	tailed	tail	VERB
ajfa-140	136	21	asymmetry	asymmetry	NOUN
ajfa-140	136	22	(	(	PUNCT
ajfa-140	136	23	1	1	NUM
ajfa-140	136	24	and	and	CCONJ
ajfa-140	136	25	2	2	NUM
ajfa-140	136	26	)	)	PUNCT
ajfa-140	136	27	.	.	PUNCT
ajfa-140	137	1	the	the	DET
ajfa-140	137	2	asymmetry	asymmetry	NOUN
ajfa-140	137	3	coefficients	coefficient	NOUN
ajfa-140	137	4	1	1	NUM
ajfa-140	137	5	are	be	AUX
ajfa-140	137	6	negative	negative	ADJ
ajfa-140	137	7	and	and	CCONJ
ajfa-140	137	8	statistically	statistically	ADV
ajfa-140	137	9	significant	significant	ADJ
ajfa-140	137	10	at	at	ADP
ajfa-140	137	11	the	the	DET
ajfa-140	137	12	1	1	NUM
ajfa-140	137	13	%	%	NOUN
ajfa-140	137	14	level	level	NOUN
ajfa-140	137	15	in	in	ADP
ajfa-140	137	16	all	all	DET
ajfa-140	137	17	cases	case	NOUN
ajfa-140	137	18	,	,	PUNCT
ajfa-140	137	19	suggesting	suggest	VERB
ajfa-140	137	20	strongly	strongly	ADV
ajfa-140	137	21	significant	significant	ADJ
ajfa-140	137	22	leverage	leverage	NOUN
ajfa-140	137	23	effects	effect	NOUN
ajfa-140	137	24	in	in	ADP
ajfa-140	137	25	the	the	DET
ajfa-140	137	26	nz	nz	PROPN
ajfa-140	137	27	stock	stock	NOUN
ajfa-140	137	28	market	market	NOUN
ajfa-140	137	29	.	.	PUNCT
ajfa-140	138	1	bad	bad	ADJ
ajfa-140	138	2	news	news	NOUN
ajfa-140	138	3	that	that	PRON
ajfa-140	138	4	results	result	VERB
ajfa-140	138	5	in	in	ADP
ajfa-140	138	6	stock	stock	NOUN
ajfa-140	138	7	decline	decline	NOUN
ajfa-140	138	8	in	in	ADP
ajfa-140	138	9	the	the	DET
ajfa-140	138	10	market	market	NOUN
ajfa-140	138	11	leads	lead	VERB
ajfa-140	138	12	to	to	ADP
ajfa-140	138	13	a	a	DET
ajfa-140	138	14	more	more	ADV
ajfa-140	138	15	volatile	volatile	ADJ
ajfa-140	138	16	stock	stock	NOUN
ajfa-140	138	17	movement	movement	NOUN
ajfa-140	138	18	.	.	PUNCT
ajfa-140	139	1	this	this	DET
ajfa-140	139	2	finding	finding	NOUN
ajfa-140	139	3	is	be	AUX
ajfa-140	139	4	consistent	consistent	ADJ
ajfa-140	139	5	with	with	ADP
ajfa-140	139	6	the	the	DET
ajfa-140	139	7	general	general	ADJ
ajfa-140	139	8	leverage	leverage	NOUN
ajfa-140	139	9	effect	effect	NOUN
ajfa-140	139	10	evidenced	evidence	VERB
ajfa-140	139	11	in	in	ADP
ajfa-140	139	12	the	the	DET
ajfa-140	139	13	literature	literature	NOUN
ajfa-140	139	14	.	.	PUNCT
ajfa-140	140	1	at	at	ADP
ajfa-140	140	2	the	the	DET
ajfa-140	140	3	same	same	ADJ
ajfa-140	140	4	time	time	NOUN
ajfa-140	140	5	,	,	PUNCT
ajfa-140	140	6	the	the	DET
ajfa-140	140	7	asymmetry	asymmetry	NOUN
ajfa-140	140	8	coefficient	coefficient	NOUN
ajfa-140	140	9	2	2	NUM
ajfa-140	140	10	is	be	AUX
ajfa-140	140	11	only	only	ADV
ajfa-140	140	12	statistically	statistically	ADV
ajfa-140	140	13	significant	significant	ADJ
ajfa-140	140	14	when	when	SCONJ
ajfa-140	140	15	nzd	nzd	NOUN
ajfa-140	140	16	/	/	SYM
ajfa-140	140	17	usd	usd	NOUN
ajfa-140	140	18	is	be	AUX
ajfa-140	140	19	used	use	VERB
ajfa-140	140	20	in	in	ADP
ajfa-140	140	21	the	the	DET
ajfa-140	140	22	model	model	NOUN
ajfa-140	140	23	.	.	PUNCT
ajfa-140	141	1	this	this	PRON
ajfa-140	141	2	implies	imply	VERB
ajfa-140	141	3	that	that	SCONJ
ajfa-140	141	4	currency	currency	NOUN
ajfa-140	141	5	depreciations	depreciation	NOUN
ajfa-140	141	6	in	in	ADP
ajfa-140	141	7	nz	nz	ADJ
ajfa-140	141	8	dollar	dollar	NOUN
ajfa-140	141	9	against	against	ADP
ajfa-140	141	10	the	the	DET
ajfa-140	141	11	us	us	PROPN
ajfa-140	141	12	currency	currency	NOUN
ajfa-140	141	13	result	result	VERB
ajfa-140	141	14	in	in	ADP
ajfa-140	141	15	more	more	ADJ
ajfa-140	141	16	volatility	volatility	NOUN
ajfa-140	141	17	in	in	ADP
ajfa-140	141	18	the	the	DET
ajfa-140	141	19	international	international	ADJ
ajfa-140	141	20	foreign	foreign	ADJ
ajfa-140	141	21	exchange	exchange	NOUN
ajfa-140	141	22	market	market	NOUN
ajfa-140	141	23	.	.	PUNCT
ajfa-140	142	1	this	this	DET
ajfa-140	142	2	case	case	NOUN
ajfa-140	142	3	,	,	PUNCT
ajfa-140	142	4	however	however	ADV
ajfa-140	142	5	,	,	PUNCT
ajfa-140	142	6	is	be	AUX
ajfa-140	142	7	not	not	PART
ajfa-140	142	8	applicable	applicable	ADJ
ajfa-140	142	9	to	to	ADP
ajfa-140	142	10	other	other	ADJ
ajfa-140	142	11	exchange	exchange	NOUN
ajfa-140	142	12	rate	rate	NOUN
ajfa-140	142	13	variables	variable	NOUN
ajfa-140	142	14	for	for	ADP
ajfa-140	142	15	the	the	DET
ajfa-140	142	16	nz	nz	PROPN
ajfa-140	142	17	dollar	dollar	NOUN
ajfa-140	142	18	.	.	PUNCT
ajfa-140	143	1	volatility	volatility	NOUN
ajfa-140	143	2	spillover	spillover	VERB
ajfa-140	143	3	(	(	PUNCT
ajfa-140	143	4	2,1	2,1	NUM
ajfa-140	143	5	and	and	CCONJ
ajfa-140	143	6	1,2	1,2	NUM
ajfa-140	143	7	)	)	PUNCT
ajfa-140	143	8	.	.	PUNCT
ajfa-140	144	1	looking	look	VERB
ajfa-140	144	2	at	at	ADP
ajfa-140	144	3	the	the	DET
ajfa-140	144	4	volatility	volatility	NOUN
ajfa-140	144	5	spillover	spillover	NOUN
ajfa-140	144	6	coefficients	coefficient	NOUN
ajfa-140	144	7	,	,	PUNCT
ajfa-140	144	8	we	we	PRON
ajfa-140	144	9	notice	notice	VERB
ajfa-140	144	10	significant	significant	ADJ
ajfa-140	144	11	volatility	volatility	NOUN
ajfa-140	144	12	spillover	spillover	VERB
ajfa-140	144	13	effects	effect	NOUN
ajfa-140	144	14	from	from	ADP
ajfa-140	144	15	the	the	DET
ajfa-140	144	16	stock	stock	NOUN
ajfa-140	144	17	market	market	NOUN
ajfa-140	144	18	to	to	ADP
ajfa-140	144	19	the	the	DET
ajfa-140	144	20	foreign	foreign	ADJ
ajfa-140	144	21	exchange	exchange	NOUN
ajfa-140	144	22	market	market	NOUN
ajfa-140	144	23	.	.	PUNCT
ajfa-140	145	1	the	the	DET
ajfa-140	145	2	coefficient	coefficient	NOUN
ajfa-140	145	3	1,2	1,2	NUM
ajfa-140	145	4	(	(	PUNCT
ajfa-140	145	5	table	table	NOUN
ajfa-140	145	6	2	2	NUM
ajfa-140	145	7	,	,	PUNCT
ajfa-140	145	8	panel	panel	NOUN
ajfa-140	145	9	b	b	NOUN
ajfa-140	145	10	)	)	PUNCT
ajfa-140	145	11	has	have	VERB
ajfa-140	145	12	high	high	ADJ
ajfa-140	145	13	statistical	statistical	ADJ
ajfa-140	145	14	significance	significance	NOUN
ajfa-140	145	15	for	for	ADP
ajfa-140	145	16	all	all	DET
ajfa-140	145	17	exchange	exchange	NOUN
ajfa-140	145	18	rate	rate	NOUN
ajfa-140	145	19	measurements	measurement	NOUN
ajfa-140	145	20	.	.	PUNCT
ajfa-140	146	1	the	the	DET
ajfa-140	146	2	results	result	NOUN
ajfa-140	146	3	are	be	AUX
ajfa-140	146	4	consistent	consistent	ADJ
ajfa-140	146	5	with	with	ADP
ajfa-140	146	6	the	the	DET
ajfa-140	146	7	findings	finding	NOUN
ajfa-140	146	8	of	of	ADP
ajfa-140	146	9	kanas	kanas	PROPN
ajfa-140	146	10	(	(	PUNCT
ajfa-140	146	11	2000	2000	NUM
ajfa-140	146	12	)	)	PUNCT
ajfa-140	146	13	that	that	SCONJ
ajfa-140	146	14	volatility	volatility	NOUN
ajfa-140	146	15	changes	change	NOUN
ajfa-140	146	16	in	in	ADP
ajfa-140	146	17	the	the	DET
ajfa-140	146	18	stock	stock	NOUN
ajfa-140	146	19	returns	return	NOUN
ajfa-140	146	20	have	have	VERB
ajfa-140	146	21	impacts	impact	NOUN
ajfa-140	146	22	on	on	ADP
ajfa-140	146	23	the	the	DET
ajfa-140	146	24	movements	movement	NOUN
ajfa-140	146	25	of	of	ADP
ajfa-140	146	26	foreign	foreign	ADJ
ajfa-140	146	27	currency	currency	NOUN
ajfa-140	146	28	.	.	PUNCT
ajfa-140	147	1	asian	asian	ADJ
ajfa-140	147	2	journal	journal	PROPN
ajfa-140	147	3	of	of	ADP
ajfa-140	147	4	finance	finance	PROPN
ajfa-140	147	5	&	&	CCONJ
ajfa-140	147	6	accounting	accounting	PROPN
ajfa-140	147	7	issn	issn	PROPN
ajfa-140	147	8	1946	1946	NUM
ajfa-140	147	9	-	-	PUNCT
ajfa-140	147	10	052x	052x	NOUN
ajfa-140	147	11	2009	2009	NUM
ajfa-140	147	12	,	,	PUNCT
ajfa-140	147	13	vol	vol	NOUN
ajfa-140	147	14	.	.	PROPN
ajfa-140	147	15	1	1	NUM
ajfa-140	147	16	,	,	PUNCT
ajfa-140	147	17	no	no	INTJ
ajfa-140	147	18	.	.	NOUN
ajfa-140	147	19	2	2	NUM
ajfa-140	147	20	:	:	PUNCT
ajfa-140	147	21	e5	e5	PROPN
ajfa-140	147	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	147	23	113	113	NUM
ajfa-140	147	24	the	the	DET
ajfa-140	147	25	volatility	volatility	NOUN
ajfa-140	147	26	of	of	ADP
ajfa-140	147	27	foreign	foreign	ADJ
ajfa-140	147	28	exchange	exchange	NOUN
ajfa-140	147	29	rate	rate	NOUN
ajfa-140	147	30	changes	change	NOUN
ajfa-140	147	31	also	also	ADV
ajfa-140	147	32	spill	spill	VERB
ajfa-140	147	33	over	over	ADP
ajfa-140	147	34	to	to	ADP
ajfa-140	147	35	the	the	DET
ajfa-140	147	36	stock	stock	NOUN
ajfa-140	147	37	market	market	NOUN
ajfa-140	147	38	returns	return	NOUN
ajfa-140	147	39	.	.	PUNCT
ajfa-140	148	1	the	the	DET
ajfa-140	148	2	coefficient	coefficient	NOUN
ajfa-140	148	3	2,1	2,1	NUM
ajfa-140	148	4	(	(	PUNCT
ajfa-140	148	5	table	table	NOUN
ajfa-140	148	6	2	2	NUM
ajfa-140	148	7	,	,	PUNCT
ajfa-140	148	8	panel	panel	NOUN
ajfa-140	148	9	a	a	PRON
ajfa-140	148	10	)	)	PUNCT
ajfa-140	148	11	is	be	AUX
ajfa-140	148	12	statistically	statistically	ADV
ajfa-140	148	13	significant	significant	ADJ
ajfa-140	148	14	at	at	ADP
ajfa-140	148	15	the	the	DET
ajfa-140	148	16	1	1	NUM
ajfa-140	148	17	%	%	NOUN
ajfa-140	148	18	level	level	NOUN
ajfa-140	148	19	when	when	SCONJ
ajfa-140	148	20	nzd	nzd	NOUN
ajfa-140	148	21	/	/	SYM
ajfa-140	148	22	usd	usd	NOUN
ajfa-140	148	23	is	be	AUX
ajfa-140	148	24	applied	apply	VERB
ajfa-140	148	25	as	as	ADP
ajfa-140	148	26	the	the	DET
ajfa-140	148	27	foreign	foreign	ADJ
ajfa-140	148	28	exchange	exchange	NOUN
ajfa-140	148	29	rate	rate	NOUN
ajfa-140	148	30	in	in	ADP
ajfa-140	148	31	the	the	DET
ajfa-140	148	32	model	model	NOUN
ajfa-140	148	33	.	.	PUNCT
ajfa-140	149	1	this	this	PRON
ajfa-140	149	2	indicates	indicate	VERB
ajfa-140	149	3	that	that	SCONJ
ajfa-140	149	4	the	the	DET
ajfa-140	149	5	volatility	volatility	NOUN
ajfa-140	149	6	changes	change	NOUN
ajfa-140	149	7	in	in	ADP
ajfa-140	149	8	nzd	nzd	NOUN
ajfa-140	149	9	/	/	SYM
ajfa-140	149	10	usd	usd	NOUN
ajfa-140	149	11	exchange	exchange	NOUN
ajfa-140	149	12	rate	rate	NOUN
ajfa-140	149	13	have	have	AUX
ajfa-140	149	14	spillover	spillover	VERB
ajfa-140	149	15	effects	effect	NOUN
ajfa-140	149	16	on	on	ADP
ajfa-140	149	17	the	the	DET
ajfa-140	149	18	stock	stock	NOUN
ajfa-140	149	19	market	market	NOUN
ajfa-140	149	20	returns	return	NOUN
ajfa-140	149	21	.	.	PUNCT
ajfa-140	150	1	however	however	ADV
ajfa-140	150	2	,	,	PUNCT
ajfa-140	150	3	the	the	DET
ajfa-140	150	4	spillover	spillover	NOUN
ajfa-140	150	5	effects	effect	NOUN
ajfa-140	150	6	are	be	AUX
ajfa-140	150	7	not	not	PART
ajfa-140	150	8	significant	significant	ADJ
ajfa-140	150	9	when	when	SCONJ
ajfa-140	150	10	the	the	DET
ajfa-140	150	11	nzd	nzd	PROPN
ajfa-140	150	12	/	/	SYM
ajfa-140	150	13	aud	aud	NOUN
ajfa-140	150	14	and	and	CCONJ
ajfa-140	150	15	the	the	DET
ajfa-140	150	16	twi	twi	PROPN
ajfa-140	150	17	index	index	NOUN
ajfa-140	150	18	are	be	AUX
ajfa-140	150	19	used	use	VERB
ajfa-140	150	20	in	in	ADP
ajfa-140	150	21	the	the	DET
ajfa-140	150	22	model	model	NOUN
ajfa-140	150	23	.	.	PUNCT
ajfa-140	151	1	4.2	4.2	NUM
ajfa-140	151	2	.	.	PUNCT
ajfa-140	152	1	sub	sub	NOUN
ajfa-140	152	2	-	-	ADJ
ajfa-140	152	3	periods	period	NOUN
ajfa-140	152	4	results	result	NOUN
ajfa-140	152	5	the	the	DET
ajfa-140	152	6	1997	1997	NUM
ajfa-140	152	7	asian	asian	ADJ
ajfa-140	152	8	financial	financial	ADJ
ajfa-140	152	9	crisis	crisis	NOUN
ajfa-140	152	10	(	(	PUNCT
ajfa-140	152	11	afc	afc	PROPN
ajfa-140	152	12	)	)	PUNCT
ajfa-140	152	13	occurred	occur	VERB
ajfa-140	152	14	in	in	ADP
ajfa-140	152	15	the	the	DET
ajfa-140	152	16	middle	middle	NOUN
ajfa-140	152	17	of	of	ADP
ajfa-140	152	18	the	the	DET
ajfa-140	152	19	sample	sample	NOUN
ajfa-140	152	20	period	period	NOUN
ajfa-140	152	21	.	.	PUNCT
ajfa-140	153	1	the	the	DET
ajfa-140	153	2	full	full	ADJ
ajfa-140	153	3	sample	sample	NOUN
ajfa-140	153	4	period	period	NOUN
ajfa-140	153	5	is	be	AUX
ajfa-140	153	6	thus	thus	ADV
ajfa-140	153	7	partitioned	partition	VERB
ajfa-140	153	8	into	into	ADP
ajfa-140	153	9	pre	pre	NOUN
ajfa-140	153	10	-	-	PROPN
ajfa-140	153	11	afc	afc	ADJ
ajfa-140	153	12	and	and	CCONJ
ajfa-140	153	13	post	post	PROPN
ajfa-140	153	14	-	-	PROPN
ajfa-140	153	15	afc	afc	ADJ
ajfa-140	153	16	sub	sub	NOUN
ajfa-140	153	17	-	-	NOUN
ajfa-140	153	18	periods	period	NOUN
ajfa-140	153	19	.	.	PUNCT
ajfa-140	154	1	there	there	PRON
ajfa-140	154	2	is	be	VERB
ajfa-140	154	3	consistent	consistent	ADJ
ajfa-140	154	4	unidirectional	unidirectional	ADJ
ajfa-140	154	5	volatility	volatility	NOUN
ajfa-140	154	6	spillover	spillover	VERB
ajfa-140	154	7	from	from	ADP
ajfa-140	154	8	nz	nz	ADJ
ajfa-140	154	9	stock	stock	NOUN
ajfa-140	154	10	market	market	NOUN
ajfa-140	154	11	returns	return	NOUN
ajfa-140	154	12	to	to	ADP
ajfa-140	154	13	nzd	nzd	NOUN
ajfa-140	154	14	/	/	SYM
ajfa-140	154	15	aud	aud	NOUN
ajfa-140	154	16	in	in	ADP
ajfa-140	154	17	the	the	DET
ajfa-140	154	18	two	two	NUM
ajfa-140	154	19	sub	sub	NOUN
ajfa-140	154	20	-	-	ADJ
ajfa-140	154	21	periods	period	NOUN
ajfa-140	154	22	.	.	PUNCT
ajfa-140	155	1	for	for	ADP
ajfa-140	155	2	both	both	CCONJ
ajfa-140	155	3	nzd	nzd	NOUN
ajfa-140	155	4	/	/	SYM
ajfa-140	155	5	usd	usd	NOUN
ajfa-140	155	6	and	and	CCONJ
ajfa-140	155	7	twi	twi	PROPN
ajfa-140	155	8	index	index	NOUN
ajfa-140	155	9	,	,	PUNCT
ajfa-140	155	10	in	in	ADP
ajfa-140	155	11	the	the	DET
ajfa-140	155	12	pre	pre	PROPN
ajfa-140	155	13	-	-	PROPN
ajfa-140	155	14	afc	afc	ADJ
ajfa-140	155	15	period	period	NOUN
ajfa-140	155	16	,	,	PUNCT
ajfa-140	155	17	the	the	DET
ajfa-140	155	18	volatility	volatility	NOUN
ajfa-140	155	19	spillover	spillover	VERB
ajfa-140	155	20	between	between	ADP
ajfa-140	155	21	nz	nz	PROPN
ajfa-140	155	22	stock	stock	NOUN
ajfa-140	155	23	market	market	NOUN
ajfa-140	155	24	returns	return	NOUN
ajfa-140	155	25	and	and	CCONJ
ajfa-140	155	26	these	these	DET
ajfa-140	155	27	two	two	NUM
ajfa-140	155	28	exchange	exchange	NOUN
ajfa-140	155	29	rate	rate	NOUN
ajfa-140	155	30	changes	change	NOUN
ajfa-140	155	31	are	be	AUX
ajfa-140	155	32	bidirectional	bidirectional	ADJ
ajfa-140	155	33	;	;	PUNCT
ajfa-140	155	34	in	in	ADP
ajfa-140	155	35	the	the	DET
ajfa-140	155	36	post	post	ADJ
ajfa-140	155	37	-	-	ADJ
ajfa-140	155	38	afc	afc	ADJ
ajfa-140	155	39	period	period	NOUN
ajfa-140	155	40	,	,	PUNCT
ajfa-140	155	41	there	there	PRON
ajfa-140	155	42	is	be	VERB
ajfa-140	155	43	only	only	ADV
ajfa-140	155	44	unidirectional	unidirectional	ADJ
ajfa-140	155	45	volatility	volatility	NOUN
ajfa-140	155	46	spillover	spillover	VERB
ajfa-140	155	47	from	from	ADP
ajfa-140	155	48	the	the	DET
ajfa-140	155	49	two	two	NUM
ajfa-140	155	50	exchange	exchange	NOUN
ajfa-140	155	51	rate	rate	NOUN
ajfa-140	155	52	changes	change	NOUN
ajfa-140	155	53	to	to	ADP
ajfa-140	155	54	the	the	DET
ajfa-140	155	55	stock	stock	NOUN
ajfa-140	155	56	market	market	NOUN
ajfa-140	155	57	returns	return	NOUN
ajfa-140	155	58	.	.	PUNCT
ajfa-140	156	1	all	all	DET
ajfa-140	156	2	egarch	egarch	NOUN
ajfa-140	156	3	models	model	NOUN
ajfa-140	156	4	exhibit	exhibit	VERB
ajfa-140	156	5	significant	significant	ADJ
ajfa-140	156	6	volatility	volatility	NOUN
ajfa-140	156	7	clustering	clustering	NOUN
ajfa-140	156	8	,	,	PUNCT
ajfa-140	156	9	persistence	persistence	NOUN
ajfa-140	156	10	,	,	PUNCT
ajfa-140	156	11	and	and	CCONJ
ajfa-140	156	12	asymmetry	asymmetry	NOUN
ajfa-140	156	13	.	.	PUNCT
ajfa-140	157	1	in	in	ADP
ajfa-140	157	2	the	the	DET
ajfa-140	157	3	following	following	NOUN
ajfa-140	157	4	,	,	PUNCT
ajfa-140	157	5	we	we	PRON
ajfa-140	157	6	report	report	VERB
ajfa-140	157	7	only	only	ADV
ajfa-140	157	8	the	the	DET
ajfa-140	157	9	evidence	evidence	NOUN
ajfa-140	157	10	of	of	ADP
ajfa-140	157	11	volatility	volatility	NOUN
ajfa-140	157	12	spillovers	spillover	NOUN
ajfa-140	157	13	.	.	PUNCT
ajfa-140	158	1	nzd	nzd	PROPN
ajfa-140	158	2	/	/	SYM
ajfa-140	158	3	aud	aud	NOUN
ajfa-140	158	4	and	and	CCONJ
ajfa-140	158	5	stock	stock	NOUN
ajfa-140	158	6	market	market	NOUN
ajfa-140	158	7	returns	return	NOUN
ajfa-140	158	8	.	.	PUNCT
ajfa-140	159	1	there	there	PRON
ajfa-140	159	2	is	be	VERB
ajfa-140	159	3	consistent	consistent	ADJ
ajfa-140	159	4	unidirectional	unidirectional	ADJ
ajfa-140	159	5	volatility	volatility	NOUN
ajfa-140	159	6	spillover	spillover	VERB
ajfa-140	159	7	from	from	ADP
ajfa-140	159	8	the	the	DET
ajfa-140	159	9	stock	stock	NOUN
ajfa-140	159	10	market	market	NOUN
ajfa-140	159	11	returns	return	NOUN
ajfa-140	159	12	to	to	ADP
ajfa-140	159	13	nzd	nzd	NOUN
ajfa-140	159	14	/	/	SYM
ajfa-140	159	15	aud	aud	NOUN
ajfa-140	159	16	in	in	ADP
ajfa-140	159	17	the	the	DET
ajfa-140	159	18	full	full	ADJ
ajfa-140	159	19	sample	sample	NOUN
ajfa-140	159	20	and	and	CCONJ
ajfa-140	159	21	both	both	CCONJ
ajfa-140	159	22	the	the	DET
ajfa-140	159	23	two	two	NUM
ajfa-140	159	24	sub	sub	NOUN
ajfa-140	159	25	-	-	NOUN
ajfa-140	159	26	periods	period	NOUN
ajfa-140	159	27	.	.	PUNCT
ajfa-140	160	1	it	it	PRON
ajfa-140	160	2	can	can	AUX
ajfa-140	160	3	be	be	AUX
ajfa-140	160	4	seen	see	VERB
ajfa-140	160	5	that	that	SCONJ
ajfa-140	160	6	the	the	DET
ajfa-140	160	7	coefficients	coefficient	NOUN
ajfa-140	160	8	α2,1	α2,1	PROPN
ajfa-140	160	9	in	in	ADP
ajfa-140	160	10	panel	panel	PROPN
ajfa-140	160	11	b	b	PROPN
ajfa-140	160	12	of	of	ADP
ajfa-140	160	13	tables	table	NOUN
ajfa-140	160	14	2	2	NUM
ajfa-140	160	15	,	,	PUNCT
ajfa-140	160	16	3	3	NUM
ajfa-140	160	17	,	,	PUNCT
ajfa-140	160	18	and	and	CCONJ
ajfa-140	160	19	4	4	NUM
ajfa-140	160	20	are	be	AUX
ajfa-140	160	21	statistically	statistically	ADV
ajfa-140	160	22	significant	significant	ADJ
ajfa-140	160	23	,	,	PUNCT
ajfa-140	160	24	while	while	SCONJ
ajfa-140	160	25	the	the	DET
ajfa-140	160	26	coefficients	coefficient	NOUN
ajfa-140	160	27	α1,2	α1,2	ADJ
ajfa-140	160	28	in	in	ADP
ajfa-140	160	29	panel	panel	NOUN
ajfa-140	160	30	a	a	PRON
ajfa-140	160	31	of	of	ADP
ajfa-140	160	32	tables	table	NOUN
ajfa-140	160	33	2	2	NUM
ajfa-140	160	34	,	,	PUNCT
ajfa-140	160	35	3	3	NUM
ajfa-140	160	36	,	,	PUNCT
ajfa-140	160	37	and	and	CCONJ
ajfa-140	160	38	4	4	NUM
ajfa-140	160	39	are	be	AUX
ajfa-140	160	40	insignificant	insignificant	ADJ
ajfa-140	160	41	.	.	PUNCT
ajfa-140	161	1	nzd	nzd	ADJ
ajfa-140	161	2	/	/	SYM
ajfa-140	161	3	usd	usd	NOUN
ajfa-140	161	4	and	and	CCONJ
ajfa-140	161	5	stock	stock	NOUN
ajfa-140	161	6	market	market	NOUN
ajfa-140	161	7	returns	return	NOUN
ajfa-140	161	8	.	.	PUNCT
ajfa-140	162	1	in	in	ADP
ajfa-140	162	2	the	the	DET
ajfa-140	162	3	full	full	ADJ
ajfa-140	162	4	sample	sample	NOUN
ajfa-140	162	5	,	,	PUNCT
ajfa-140	162	6	the	the	DET
ajfa-140	162	7	volatility	volatility	NOUN
ajfa-140	162	8	of	of	ADP
ajfa-140	162	9	stock	stock	NOUN
ajfa-140	162	10	index	index	NOUN
ajfa-140	162	11	returns	return	NOUN
ajfa-140	162	12	spills	spill	VERB
ajfa-140	162	13	over	over	ADP
ajfa-140	162	14	to	to	ADP
ajfa-140	162	15	the	the	DET
ajfa-140	162	16	three	three	NUM
ajfa-140	162	17	exchange	exchange	NOUN
ajfa-140	162	18	rate	rate	NOUN
ajfa-140	162	19	changes	change	NOUN
ajfa-140	162	20	(	(	PUNCT
ajfa-140	162	21	table	table	NOUN
ajfa-140	162	22	2	2	NUM
ajfa-140	162	23	,	,	PUNCT
ajfa-140	162	24	panel	panel	NOUN
ajfa-140	162	25	b	b	PROPN
ajfa-140	162	26	,	,	PUNCT
ajfa-140	162	27	α2,1	α2,1	PROPN
ajfa-140	162	28	)	)	PUNCT
ajfa-140	162	29	.	.	PUNCT
ajfa-140	163	1	these	these	DET
ajfa-140	163	2	spillover	spillover	ADJ
ajfa-140	163	3	effects	effect	NOUN
ajfa-140	163	4	are	be	AUX
ajfa-140	163	5	maintained	maintain	VERB
ajfa-140	163	6	in	in	ADP
ajfa-140	163	7	the	the	DET
ajfa-140	163	8	pre	pre	PROPN
ajfa-140	163	9	-	-	PROPN
ajfa-140	163	10	afc	afc	ADJ
ajfa-140	163	11	period	period	NOUN
ajfa-140	163	12	(	(	PUNCT
ajfa-140	163	13	table	table	NOUN
ajfa-140	163	14	3	3	NUM
ajfa-140	163	15	,	,	PUNCT
ajfa-140	163	16	panel	panel	NOUN
ajfa-140	163	17	b	b	PROPN
ajfa-140	163	18	,	,	PUNCT
ajfa-140	163	19	α2,1	α2,1	PROPN
ajfa-140	163	20	)	)	PUNCT
ajfa-140	163	21	but	but	CCONJ
ajfa-140	163	22	vanish	vanish	VERB
ajfa-140	163	23	in	in	ADP
ajfa-140	163	24	the	the	DET
ajfa-140	163	25	post	post	ADJ
ajfa-140	163	26	-	-	ADJ
ajfa-140	163	27	afc	afc	ADJ
ajfa-140	163	28	period	period	NOUN
ajfa-140	163	29	.	.	PUNCT
ajfa-140	164	1	twi	twi	PROPN
ajfa-140	164	2	index	index	NOUN
ajfa-140	164	3	and	and	CCONJ
ajfa-140	164	4	stock	stock	NOUN
ajfa-140	164	5	market	market	NOUN
ajfa-140	164	6	returns	return	NOUN
ajfa-140	164	7	.	.	PUNCT
ajfa-140	165	1	in	in	ADP
ajfa-140	165	2	the	the	DET
ajfa-140	165	3	full	full	ADJ
ajfa-140	165	4	sample	sample	NOUN
ajfa-140	165	5	,	,	PUNCT
ajfa-140	165	6	the	the	DET
ajfa-140	165	7	volatility	volatility	NOUN
ajfa-140	165	8	of	of	ADP
ajfa-140	165	9	stock	stock	NOUN
ajfa-140	165	10	index	index	NOUN
ajfa-140	165	11	returns	return	NOUN
ajfa-140	165	12	spills	spill	VERB
ajfa-140	165	13	over	over	ADP
ajfa-140	165	14	to	to	ADP
ajfa-140	165	15	exchange	exchange	VERB
ajfa-140	165	16	rate	rate	NOUN
ajfa-140	165	17	changes	change	NOUN
ajfa-140	165	18	(	(	PUNCT
ajfa-140	165	19	table	table	NOUN
ajfa-140	165	20	2	2	NUM
ajfa-140	165	21	,	,	PUNCT
ajfa-140	165	22	panel	panel	NOUN
ajfa-140	165	23	b	b	PROPN
ajfa-140	165	24	,	,	PUNCT
ajfa-140	165	25	α2,1	α2,1	PROPN
ajfa-140	165	26	)	)	PUNCT
ajfa-140	165	27	.	.	PUNCT
ajfa-140	166	1	in	in	ADP
ajfa-140	166	2	this	this	DET
ajfa-140	166	3	instance	instance	NOUN
ajfa-140	166	4	,	,	PUNCT
ajfa-140	166	5	this	this	DET
ajfa-140	166	6	spillover	spillover	ADJ
ajfa-140	166	7	effect	effect	NOUN
ajfa-140	166	8	is	be	AUX
ajfa-140	166	9	only	only	ADV
ajfa-140	166	10	maintained	maintain	VERB
ajfa-140	166	11	in	in	ADP
ajfa-140	166	12	the	the	DET
ajfa-140	166	13	pre	pre	PROPN
ajfa-140	166	14	-	-	PROPN
ajfa-140	166	15	afc	afc	ADJ
ajfa-140	166	16	period	period	NOUN
ajfa-140	166	17	(	(	PUNCT
ajfa-140	166	18	table	table	NOUN
ajfa-140	166	19	3	3	NUM
ajfa-140	166	20	,	,	PUNCT
ajfa-140	166	21	panel	panel	NOUN
ajfa-140	166	22	b	b	PROPN
ajfa-140	166	23	,	,	PUNCT
ajfa-140	166	24	α2,1	α2,1	PROPN
ajfa-140	166	25	)	)	PUNCT
ajfa-140	166	26	but	but	CCONJ
ajfa-140	166	27	vanishes	vanish	VERB
ajfa-140	166	28	in	in	ADP
ajfa-140	166	29	the	the	DET
ajfa-140	166	30	post	post	ADJ
ajfa-140	166	31	-	-	ADJ
ajfa-140	166	32	afc	afc	ADJ
ajfa-140	166	33	period	period	NOUN
ajfa-140	166	34	(	(	PUNCT
ajfa-140	166	35	table	table	NOUN
ajfa-140	166	36	4	4	NUM
ajfa-140	166	37	,	,	PUNCT
ajfa-140	166	38	panel	panel	NOUN
ajfa-140	166	39	b	b	PROPN
ajfa-140	166	40	,	,	PUNCT
ajfa-140	166	41	α2,1	α2,1	PROPN
ajfa-140	166	42	)	)	PUNCT
ajfa-140	166	43	.	.	PUNCT
ajfa-140	167	1	asian	asian	ADJ
ajfa-140	167	2	journal	journal	PROPN
ajfa-140	167	3	of	of	ADP
ajfa-140	167	4	finance	finance	PROPN
ajfa-140	167	5	&	&	CCONJ
ajfa-140	167	6	accounting	accounting	PROPN
ajfa-140	167	7	issn	issn	PROPN
ajfa-140	167	8	1946	1946	NUM
ajfa-140	167	9	-	-	PUNCT
ajfa-140	167	10	052x	052x	NOUN
ajfa-140	167	11	2009	2009	NUM
ajfa-140	167	12	,	,	PUNCT
ajfa-140	167	13	vol	vol	NOUN
ajfa-140	167	14	.	.	PROPN
ajfa-140	167	15	1	1	NUM
ajfa-140	167	16	,	,	PUNCT
ajfa-140	167	17	no	no	INTJ
ajfa-140	167	18	.	.	NOUN
ajfa-140	167	19	2	2	NUM
ajfa-140	167	20	:	:	PUNCT
ajfa-140	167	21	e5	e5	PROPN
ajfa-140	167	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	167	23	114	114	NUM
ajfa-140	167	24	table	table	NOUN
ajfa-140	167	25	3	3	NUM
ajfa-140	167	26	.	.	X
ajfa-140	168	1	volatility	volatility	NOUN
ajfa-140	168	2	spillover	spillover	VERB
ajfa-140	168	3	between	between	ADP
ajfa-140	168	4	stock	stock	NOUN
ajfa-140	168	5	returns	return	NOUN
ajfa-140	168	6	and	and	CCONJ
ajfa-140	168	7	exchange	exchange	NOUN
ajfa-140	168	8	rate	rate	NOUN
ajfa-140	168	9	changes	change	NOUN
ajfa-140	168	10	(	(	PUNCT
ajfa-140	168	11	pre	pre	NOUN
ajfa-140	168	12	-	-	PROPN
ajfa-140	168	13	afc	afc	PROPN
ajfa-140	168	14	,	,	PUNCT
ajfa-140	168	15	3	3	NUM
ajfa-140	168	16	january	january	PROPN
ajfa-140	168	17	1990	1990	NUM
ajfa-140	168	18	–	–	PUNCT
ajfa-140	168	19	30	30	NUM
ajfa-140	168	20	june	june	NOUN
ajfa-140	168	21	1997	1997	NUM
ajfa-140	168	22	)	)	PUNCT
ajfa-140	168	23	panel	panel	NOUN
ajfa-140	168	24	a	a	DET
ajfa-140	168	25	:	:	PUNCT
ajfa-140	168	26	stock	stock	NOUN
ajfa-140	168	27	volatility	volatility	NOUN
ajfa-140	168	28	exchange	exchange	NOUN
ajfa-140	168	29	rate	rate	NOUN
ajfa-140	168	30	1,0	1,0	NUM
ajfa-140	168	31	1,1	1,1	NUM
ajfa-140	168	32	1,2	1,2	NUM
ajfa-140	168	33	1	1	NUM
ajfa-140	168	34	1	1	NUM
ajfa-140	168	35	nzd	nzd	PROPN
ajfa-140	168	36	/	/	SYM
ajfa-140	168	37	aud	aud	NOUN
ajfa-140	168	38	-0.092	-0.092	PUNCT
ajfa-140	168	39	*	*	PUNCT
ajfa-140	168	40	*	*	PUNCT
ajfa-140	168	41	*	*	PUNCT
ajfa-140	168	42	0.123	0.123	NUM
ajfa-140	168	43	*	*	PUNCT
ajfa-140	168	44	*	*	PUNCT
ajfa-140	168	45	*	*	PUNCT
ajfa-140	168	46	-0.010	-0.010	PUNCT
ajfa-140	169	1	0.990	0.990	NUM
ajfa-140	169	2	*	*	PUNCT
ajfa-140	169	3	*	*	PUNCT
ajfa-140	169	4	*	*	PUNCT
ajfa-140	169	5	-0.025	-0.025	PUNCT
ajfa-140	169	6	(	(	PUNCT
ajfa-140	169	7	-3.97	-3.97	NOUN
ajfa-140	169	8	)	)	PUNCT
ajfa-140	169	9	(	(	PUNCT
ajfa-140	169	10	8.54	8.54	NUM
ajfa-140	169	11	)	)	PUNCT
ajfa-140	169	12	(	(	PUNCT
ajfa-140	169	13	-1.02	-1.02	X
ajfa-140	169	14	)	)	PUNCT
ajfa-140	169	15	(	(	PUNCT
ajfa-140	169	16	395.56	395.56	NUM
ajfa-140	169	17	)	)	PUNCT
ajfa-140	169	18	(	(	PUNCT
ajfa-140	169	19	-0.46	-0.46	X
ajfa-140	169	20	)	)	PUNCT
ajfa-140	169	21	nzd	nzd	PROPN
ajfa-140	169	22	/	/	SYM
ajfa-140	169	23	usd	usd	NOUN
ajfa-140	169	24	-0.490	-0.490	PUNCT
ajfa-140	169	25	*	*	PUNCT
ajfa-140	169	26	*	*	PUNCT
ajfa-140	169	27	*	*	PUNCT
ajfa-140	169	28	0.258	0.258	NUM
ajfa-140	169	29	*	*	PUNCT
ajfa-140	169	30	*	*	PUNCT
ajfa-140	169	31	*	*	PUNCT
ajfa-140	169	32	-0.052	-0.052	PUNCT
ajfa-140	169	33	*	*	PUNCT
ajfa-140	169	34	*	*	PUNCT
ajfa-140	169	35	*	*	PUNCT
ajfa-140	169	36	0.969	0.969	NUM
ajfa-140	169	37	*	*	PUNCT
ajfa-140	169	38	*	*	PUNCT
ajfa-140	169	39	*	*	PUNCT
ajfa-140	169	40	-0.284	-0.284	PUNCT
ajfa-140	170	1	*	*	PUNCT
ajfa-140	170	2	*	*	PUNCT
ajfa-140	170	3	*	*	PUNCT
ajfa-140	170	4	(	(	PUNCT
ajfa-140	170	5	-8.10	-8.10	NOUN
ajfa-140	170	6	)	)	PUNCT
ajfa-140	170	7	(	(	PUNCT
ajfa-140	170	8	9.96	9.96	NUM
ajfa-140	170	9	)	)	PUNCT
ajfa-140	170	10	(	(	PUNCT
ajfa-140	170	11	-3.59	-3.59	NOUN
ajfa-140	170	12	)	)	PUNCT
ajfa-140	170	13	(	(	PUNCT
ajfa-140	170	14	466.88	466.88	NUM
ajfa-140	170	15	)	)	PUNCT
ajfa-140	170	16	(	(	PUNCT
ajfa-140	170	17	-6.68	-6.68	X
ajfa-140	170	18	)	)	PUNCT
ajfa-140	170	19	twi	twi	PROPN
ajfa-140	170	20	index	index	NOUN
ajfa-140	170	21	-0.134	-0.134	NOUN
ajfa-140	171	1	*	*	PUNCT
ajfa-140	171	2	*	*	PUNCT
ajfa-140	171	3	*	*	PUNCT
ajfa-140	171	4	0.141	0.141	NUM
ajfa-140	171	5	*	*	PUNCT
ajfa-140	171	6	*	*	PUNCT
ajfa-140	171	7	*	*	PUNCT
ajfa-140	171	8	-0.025	-0.025	PUNCT
ajfa-140	171	9	*	*	PUNCT
ajfa-140	172	1	*	*	PUNCT
ajfa-140	172	2	*	*	PUNCT
ajfa-140	172	3	0.985	0.985	NUM
ajfa-140	172	4	*	*	PUNCT
ajfa-140	172	5	*	*	PUNCT
ajfa-140	172	6	*	*	PUNCT
ajfa-140	172	7	-0.101	-0.101	PUNCT
ajfa-140	172	8	*	*	PUNCT
ajfa-140	172	9	*	*	PUNCT
ajfa-140	172	10	(	(	PUNCT
ajfa-140	172	11	-4.49	-4.49	NUM
ajfa-140	172	12	)	)	PUNCT
ajfa-140	172	13	(	(	PUNCT
ajfa-140	172	14	8.39	8.39	NUM
ajfa-140	172	15	)	)	PUNCT
ajfa-140	172	16	(	(	PUNCT
ajfa-140	172	17	-2.35	-2.35	NOUN
ajfa-140	172	18	)	)	PUNCT
ajfa-140	172	19	(	(	PUNCT
ajfa-140	172	20	304.96	304.96	NUM
ajfa-140	172	21	)	)	PUNCT
ajfa-140	172	22	(	(	PUNCT
ajfa-140	172	23	-2.09	-2.09	NUM
ajfa-140	172	24	)	)	PUNCT
ajfa-140	172	25	panel	panel	NOUN
ajfa-140	172	26	b	b	NOUN
ajfa-140	172	27	:	:	PUNCT
ajfa-140	172	28	exchange	exchange	NOUN
ajfa-140	172	29	rate	rate	NOUN
ajfa-140	172	30	volatility	volatility	NOUN
ajfa-140	172	31	exchange	exchange	NOUN
ajfa-140	172	32	rate	rate	NOUN
ajfa-140	172	33	2,0	2,0	NUM
ajfa-140	172	34	2,1	2,1	NUM
ajfa-140	172	35	2,2	2,2	NUM
ajfa-140	172	36	2	2	NUM
ajfa-140	172	37	2	2	NUM
ajfa-140	172	38	nzd	nzd	NOUN
ajfa-140	172	39	/	/	SYM
ajfa-140	172	40	aud	aud	NOUN
ajfa-140	172	41	-8.418	-8.418	NOUN
ajfa-140	173	1	*	*	PUNCT
ajfa-140	174	1	*	*	PUNCT
ajfa-140	174	2	*	*	PUNCT
ajfa-140	174	3	0.112	0.112	NUM
ajfa-140	174	4	*	*	PUNCT
ajfa-140	175	1	*	*	PUNCT
ajfa-140	175	2	*	*	PUNCT
ajfa-140	175	3	0.380	0.380	NUM
ajfa-140	175	4	*	*	PUNCT
ajfa-140	175	5	*	*	PUNCT
ajfa-140	175	6	*	*	X
ajfa-140	175	7	0.221	0.221	NUM
ajfa-140	175	8	*	*	PUNCT
ajfa-140	175	9	*	*	PUNCT
ajfa-140	175	10	*	*	PUNCT
ajfa-140	176	1	0.181	0.181	NUM
ajfa-140	176	2	*	*	PUNCT
ajfa-140	176	3	*	*	PUNCT
ajfa-140	176	4	*	*	PUNCT
ajfa-140	176	5	(	(	PUNCT
ajfa-140	176	6	-9.24	-9.24	NOUN
ajfa-140	176	7	)	)	PUNCT
ajfa-140	176	8	(	(	PUNCT
ajfa-140	176	9	3.52	3.52	NUM
ajfa-140	176	10	)	)	PUNCT
ajfa-140	176	11	(	(	PUNCT
ajfa-140	176	12	11.41	11.41	NUM
ajfa-140	176	13	)	)	PUNCT
ajfa-140	176	14	(	(	PUNCT
ajfa-140	176	15	2.65	2.65	NUM
ajfa-140	176	16	)	)	PUNCT
ajfa-140	176	17	(	(	PUNCT
ajfa-140	176	18	3.18	3.18	NUM
ajfa-140	176	19	)	)	PUNCT
ajfa-140	176	20	nzd	nzd	PROPN
ajfa-140	176	21	/	/	SYM
ajfa-140	176	22	usd	usd	NOUN
ajfa-140	176	23	-1.102	-1.102	NOUN
ajfa-140	176	24	*	*	PUNCT
ajfa-140	176	25	*	*	PUNCT
ajfa-140	176	26	*	*	PUNCT
ajfa-140	177	1	0.064	0.064	NUM
ajfa-140	177	2	*	*	PUNCT
ajfa-140	177	3	*	*	PUNCT
ajfa-140	177	4	*	*	PUNCT
ajfa-140	177	5	0.210	0.210	NUM
ajfa-140	177	6	*	*	PUNCT
ajfa-140	177	7	*	*	PUNCT
ajfa-140	177	8	*	*	PUNCT
ajfa-140	177	9	0.991	0.991	NUM
ajfa-140	177	10	*	*	PUNCT
ajfa-140	177	11	*	*	PUNCT
ajfa-140	177	12	*	*	PUNCT
ajfa-140	177	13	-0.095	-0.095	PUNCT
ajfa-140	177	14	*	*	PUNCT
ajfa-140	177	15	*	*	PUNCT
ajfa-140	177	16	*	*	PUNCT
ajfa-140	177	17	(	(	PUNCT
ajfa-140	177	18	-10.67	-10.67	ADJ
ajfa-140	177	19	)	)	PUNCT
ajfa-140	177	20	(	(	PUNCT
ajfa-140	177	21	3.47	3.47	NUM
ajfa-140	177	22	)	)	PUNCT
ajfa-140	177	23	(	(	PUNCT
ajfa-140	177	24	11.50	11.50	NUM
ajfa-140	177	25	)	)	PUNCT
ajfa-140	177	26	(	(	PUNCT
ajfa-140	177	27	694.04	694.04	NUM
ajfa-140	177	28	)	)	PUNCT
ajfa-140	177	29	(	(	PUNCT
ajfa-140	177	30	-2.10	-2.10	NOUN
ajfa-140	177	31	)	)	PUNCT
ajfa-140	177	32	twi	twi	PROPN
ajfa-140	177	33	index	index	NOUN
ajfa-140	177	34	-2.437	-2.437	PUNCT
ajfa-140	177	35	*	*	PUNCT
ajfa-140	177	36	*	*	PUNCT
ajfa-140	177	37	*	*	PUNCT
ajfa-140	177	38	0.091	0.091	NUM
ajfa-140	177	39	*	*	PUNCT
ajfa-140	177	40	*	*	PUNCT
ajfa-140	177	41	*	*	PUNCT
ajfa-140	177	42	0.222	0.222	NUM
ajfa-140	177	43	*	*	PUNCT
ajfa-140	177	44	*	*	PUNCT
ajfa-140	177	45	*	*	PUNCT
ajfa-140	177	46	0.782	0.782	NUM
ajfa-140	177	47	*	*	PUNCT
ajfa-140	177	48	*	*	PUNCT
ajfa-140	177	49	*	*	PUNCT
ajfa-140	177	50	-0.097	-0.097	PUNCT
ajfa-140	177	51	*	*	PUNCT
ajfa-140	177	52	*	*	PUNCT
ajfa-140	177	53	(	(	PUNCT
ajfa-140	177	54	-9.99	-9.99	INTJ
ajfa-140	177	55	)	)	PUNCT
ajfa-140	177	56	(	(	PUNCT
ajfa-140	177	57	3.08	3.08	NUM
ajfa-140	177	58	)	)	PUNCT
ajfa-140	177	59	(	(	PUNCT
ajfa-140	177	60	12.89	12.89	NUM
ajfa-140	177	61	)	)	PUNCT
ajfa-140	177	62	(	(	PUNCT
ajfa-140	177	63	35.76	35.76	NUM
ajfa-140	177	64	)	)	PUNCT
ajfa-140	177	65	(	(	PUNCT
ajfa-140	177	66	-2.13	-2.13	NOUN
ajfa-140	177	67	)	)	PUNCT
ajfa-140	177	68	note	note	NOUN
ajfa-140	177	69	:	:	PUNCT
ajfa-140	177	70	please	please	INTJ
ajfa-140	177	71	see	see	VERB
ajfa-140	177	72	table	table	NOUN
ajfa-140	177	73	2	2	NUM
ajfa-140	177	74	for	for	ADP
ajfa-140	177	75	variable	variable	ADJ
ajfa-140	177	76	definitions	definition	NOUN
ajfa-140	177	77	.	.	PUNCT
ajfa-140	178	1	t	t	NOUN
ajfa-140	178	2	-	-	PUNCT
ajfa-140	178	3	statistics	statistic	NOUN
ajfa-140	178	4	in	in	ADP
ajfa-140	178	5	parentheses	parenthesis	NOUN
ajfa-140	178	6	;	;	PUNCT
ajfa-140	178	7	*	*	PUNCT
ajfa-140	178	8	*	*	PUNCT
ajfa-140	178	9	*	*	PUNCT
ajfa-140	178	10	(	(	PUNCT
ajfa-140	178	11	*	*	NOUN
ajfa-140	178	12	*	*	NOUN
ajfa-140	178	13	)	)	PUNCT
ajfa-140	178	14	denote	denote	NOUN
ajfa-140	178	15	significance	significance	NOUN
ajfa-140	178	16	at	at	ADP
ajfa-140	178	17	the	the	DET
ajfa-140	178	18	1	1	NUM
ajfa-140	178	19	%	%	NOUN
ajfa-140	178	20	(	(	PUNCT
ajfa-140	178	21	5	5	NUM
ajfa-140	178	22	%	%	NOUN
ajfa-140	178	23	)	)	PUNCT
ajfa-140	178	24	level	level	NOUN
ajfa-140	178	25	,	,	PUNCT
ajfa-140	178	26	two	two	NUM
ajfa-140	178	27	-	-	PUNCT
ajfa-140	178	28	tailed	tail	VERB
ajfa-140	178	29	asian	asian	ADJ
ajfa-140	178	30	journal	journal	NOUN
ajfa-140	178	31	of	of	ADP
ajfa-140	178	32	finance	finance	PROPN
ajfa-140	178	33	&	&	CCONJ
ajfa-140	178	34	accounting	accounting	PROPN
ajfa-140	178	35	issn	issn	PROPN
ajfa-140	178	36	1946	1946	NUM
ajfa-140	178	37	-	-	PUNCT
ajfa-140	178	38	052x	052x	NOUN
ajfa-140	178	39	2009	2009	NUM
ajfa-140	178	40	,	,	PUNCT
ajfa-140	178	41	vol	vol	NOUN
ajfa-140	178	42	.	.	PROPN
ajfa-140	178	43	1	1	NUM
ajfa-140	178	44	,	,	PUNCT
ajfa-140	178	45	no	no	INTJ
ajfa-140	178	46	.	.	NOUN
ajfa-140	178	47	2	2	NUM
ajfa-140	178	48	:	:	PUNCT
ajfa-140	178	49	e5	e5	PROPN
ajfa-140	178	50	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	178	51	115	115	NUM
ajfa-140	178	52	table	table	NOUN
ajfa-140	178	53	4	4	NUM
ajfa-140	178	54	.	.	PUNCT
ajfa-140	179	1	volatility	volatility	NOUN
ajfa-140	179	2	spillover	spillover	VERB
ajfa-140	179	3	between	between	ADP
ajfa-140	179	4	stock	stock	NOUN
ajfa-140	179	5	returns	return	NOUN
ajfa-140	179	6	and	and	CCONJ
ajfa-140	179	7	exchange	exchange	NOUN
ajfa-140	179	8	rate	rate	NOUN
ajfa-140	179	9	changes	change	NOUN
ajfa-140	179	10	(	(	PUNCT
ajfa-140	179	11	post	post	PROPN
ajfa-140	179	12	-	-	PROPN
ajfa-140	179	13	afc	afc	ADJ
ajfa-140	179	14	,	,	PUNCT
ajfa-140	179	15	august	august	PROPN
ajfa-140	179	16	1997	1997	NUM
ajfa-140	179	17	–	–	PUNCT
ajfa-140	179	18	31	31	NUM
ajfa-140	179	19	december	december	PROPN
ajfa-140	179	20	2004	2004	NUM
ajfa-140	179	21	)	)	PUNCT
ajfa-140	179	22	panel	panel	NOUN
ajfa-140	179	23	a	a	DET
ajfa-140	179	24	:	:	PUNCT
ajfa-140	179	25	stock	stock	NOUN
ajfa-140	179	26	volatility	volatility	NOUN
ajfa-140	179	27	exchange	exchange	NOUN
ajfa-140	179	28	rate	rate	NOUN
ajfa-140	179	29	1,0	1,0	NUM
ajfa-140	179	30	1,1	1,1	NUM
ajfa-140	179	31	1,2	1,2	NUM
ajfa-140	179	32	1	1	NUM
ajfa-140	179	33	1	1	NUM
ajfa-140	179	34	nzd	nzd	PROPN
ajfa-140	179	35	/	/	SYM
ajfa-140	179	36	aud	aud	NOUN
ajfa-140	179	37	-0.531	-0.531	PROPN
ajfa-140	179	38	*	*	PUNCT
ajfa-140	179	39	*	*	PUNCT
ajfa-140	179	40	*	*	PUNCT
ajfa-140	179	41	0.280	0.280	NUM
ajfa-140	179	42	*	*	PUNCT
ajfa-140	179	43	*	*	PUNCT
ajfa-140	179	44	*	*	PUNCT
ajfa-140	179	45	-0.033	-0.033	PUNCT
ajfa-140	179	46	0.945	0.945	NUM
ajfa-140	179	47	*	*	PUNCT
ajfa-140	179	48	*	*	PUNCT
ajfa-140	179	49	*	*	PUNCT
ajfa-140	179	50	-0.353	-0.353	PUNCT
ajfa-140	179	51	*	*	PUNCT
ajfa-140	179	52	*	*	PUNCT
ajfa-140	179	53	*	*	PUNCT
ajfa-140	179	54	(	(	PUNCT
ajfa-140	179	55	-5.92	-5.92	NUM
ajfa-140	179	56	)	)	PUNCT
ajfa-140	179	57	(	(	PUNCT
ajfa-140	179	58	18.63	18.63	NUM
ajfa-140	179	59	)	)	PUNCT
ajfa-140	179	60	(	(	PUNCT
ajfa-140	179	61	-1.32	-1.32	NUM
ajfa-140	179	62	)	)	PUNCT
ajfa-140	179	63	(	(	PUNCT
ajfa-140	179	64	106.23	106.23	NUM
ajfa-140	179	65	)	)	PUNCT
ajfa-140	179	66	(	(	PUNCT
ajfa-140	179	67	-8.31	-8.31	X
ajfa-140	179	68	)	)	PUNCT
ajfa-140	179	69	nzd	nzd	PROPN
ajfa-140	179	70	/	/	SYM
ajfa-140	179	71	usd	usd	NOUN
ajfa-140	179	72	-6.728	-6.728	NOUN
ajfa-140	179	73	*	*	PUNCT
ajfa-140	180	1	*	*	PUNCT
ajfa-140	180	2	*	*	PUNCT
ajfa-140	180	3	0.056	0.056	NUM
ajfa-140	180	4	*	*	PUNCT
ajfa-140	180	5	*	*	PUNCT
ajfa-140	180	6	*	*	PUNCT
ajfa-140	180	7	0.067	0.067	NUM
ajfa-140	180	8	*	*	PUNCT
ajfa-140	180	9	*	*	PUNCT
ajfa-140	180	10	*	*	PUNCT
ajfa-140	180	11	0.288	0.288	NUM
ajfa-140	180	12	*	*	PUNCT
ajfa-140	180	13	*	*	PUNCT
ajfa-140	180	14	*	*	PUNCT
ajfa-140	180	15	-0.460	-0.460	PUNCT
ajfa-140	180	16	*	*	PUNCT
ajfa-140	180	17	(	(	PUNCT
ajfa-140	180	18	-12.16	-12.16	ADV
ajfa-140	180	19	)	)	PUNCT
ajfa-140	180	20	(	(	PUNCT
ajfa-140	180	21	5.42	5.42	NUM
ajfa-140	180	22	)	)	PUNCT
ajfa-140	180	23	(	(	PUNCT
ajfa-140	180	24	2.53	2.53	NUM
ajfa-140	180	25	)	)	PUNCT
ajfa-140	180	26	(	(	PUNCT
ajfa-140	180	27	4.79	4.79	NUM
ajfa-140	180	28	)	)	PUNCT
ajfa-140	180	29	(	(	PUNCT
ajfa-140	180	30	-1.85	-1.85	NOUN
ajfa-140	180	31	)	)	PUNCT
ajfa-140	180	32	twi	twi	PROPN
ajfa-140	180	33	index	index	NOUN
ajfa-140	180	34	-1.015	-1.015	PUNCT
ajfa-140	181	1	*	*	PUNCT
ajfa-140	182	1	*	*	PUNCT
ajfa-140	182	2	*	*	PUNCT
ajfa-140	182	3	0.324	0.324	NUM
ajfa-140	182	4	*	*	PUNCT
ajfa-140	182	5	*	*	PUNCT
ajfa-140	182	6	*	*	X
ajfa-140	182	7	0.053	0.053	NUM
ajfa-140	182	8	*	*	PUNCT
ajfa-140	183	1	*	*	PUNCT
ajfa-140	183	2	*	*	PUNCT
ajfa-140	183	3	0.984	0.984	NUM
ajfa-140	183	4	*	*	PUNCT
ajfa-140	183	5	*	*	PUNCT
ajfa-140	183	6	*	*	PUNCT
ajfa-140	183	7	-0.062	-0.062	PUNCT
ajfa-140	184	1	*	*	PUNCT
ajfa-140	184	2	*	*	PUNCT
ajfa-140	184	3	(	(	PUNCT
ajfa-140	184	4	-9.42	-9.42	NUM
ajfa-140	184	5	)	)	PUNCT
ajfa-140	184	6	(	(	PUNCT
ajfa-140	184	7	22.52	22.52	NUM
ajfa-140	184	8	)	)	PUNCT
ajfa-140	184	9	(	(	PUNCT
ajfa-140	184	10	3.74	3.74	NUM
ajfa-140	184	11	)	)	PUNCT
ajfa-140	184	12	(	(	PUNCT
ajfa-140	184	13	310.26	310.26	NUM
ajfa-140	184	14	)	)	PUNCT
ajfa-140	184	15	(	(	PUNCT
ajfa-140	184	16	-2.19	-2.19	X
ajfa-140	184	17	)	)	PUNCT
ajfa-140	184	18	panel	panel	NOUN
ajfa-140	184	19	b	b	NOUN
ajfa-140	184	20	:	:	PUNCT
ajfa-140	184	21	exchange	exchange	NOUN
ajfa-140	184	22	rate	rate	NOUN
ajfa-140	184	23	volatility	volatility	NOUN
ajfa-140	184	24	exchange	exchange	NOUN
ajfa-140	184	25	rate	rate	NOUN
ajfa-140	184	26	2,0	2,0	NUM
ajfa-140	184	27	2,1	2,1	NUM
ajfa-140	184	28	2,2	2,2	NUM
ajfa-140	184	29	2	2	NUM
ajfa-140	184	30	2	2	NUM
ajfa-140	184	31	nzd	nzd	NOUN
ajfa-140	184	32	/	/	SYM
ajfa-140	184	33	aud	aud	NOUN
ajfa-140	184	34	-0.855	-0.855	PUNCT
ajfa-140	185	1	*	*	PUNCT
ajfa-140	185	2	*	*	PUNCT
ajfa-140	185	3	*	*	PUNCT
ajfa-140	185	4	0.081	0.081	NUM
ajfa-140	185	5	*	*	PUNCT
ajfa-140	185	6	*	*	PUNCT
ajfa-140	185	7	*	*	PUNCT
ajfa-140	185	8	0.120	0.120	NUM
ajfa-140	185	9	*	*	PUNCT
ajfa-140	185	10	*	*	PUNCT
ajfa-140	185	11	*	*	PUNCT
ajfa-140	185	12	0.921	0.921	NUM
ajfa-140	185	13	*	*	PUNCT
ajfa-140	185	14	*	*	PUNCT
ajfa-140	185	15	*	*	PUNCT
ajfa-140	185	16	-0.103	-0.103	NUM
ajfa-140	185	17	(	(	PUNCT
ajfa-140	185	18	-3.23	-3.23	NOUN
ajfa-140	185	19	)	)	PUNCT
ajfa-140	185	20	(	(	PUNCT
ajfa-140	185	21	3.58	3.58	NUM
ajfa-140	185	22	)	)	PUNCT
ajfa-140	185	23	(	(	PUNCT
ajfa-140	185	24	4.68	4.68	NUM
ajfa-140	185	25	)	)	PUNCT
ajfa-140	185	26	(	(	PUNCT
ajfa-140	185	27	38.24	38.24	NUM
ajfa-140	185	28	)	)	PUNCT
ajfa-140	185	29	(	(	PUNCT
ajfa-140	185	30	-1.1037	-1.1037	NOUN
ajfa-140	185	31	)	)	PUNCT
ajfa-140	185	32	nzd	nzd	PROPN
ajfa-140	185	33	/	/	SYM
ajfa-140	185	34	usd	usd	NOUN
ajfa-140	185	35	-4.935	-4.935	NOUN
ajfa-140	186	1	*	*	PUNCT
ajfa-140	186	2	*	*	PUNCT
ajfa-140	186	3	*	*	PUNCT
ajfa-140	186	4	-0.007	-0.007	PUNCT
ajfa-140	187	1	0.121	0.121	NUM
ajfa-140	187	2	*	*	PUNCT
ajfa-140	187	3	*	*	PUNCT
ajfa-140	187	4	*	*	PUNCT
ajfa-140	187	5	0.492	0.492	NUM
ajfa-140	187	6	*	*	PUNCT
ajfa-140	187	7	*	*	PUNCT
ajfa-140	187	8	*	*	PUNCT
ajfa-140	187	9	-0.871	-0.871	PUNCT
ajfa-140	187	10	*	*	PUNCT
ajfa-140	187	11	*	*	PUNCT
ajfa-140	187	12	*	*	PUNCT
ajfa-140	187	13	(	(	PUNCT
ajfa-140	187	14	-3.80	-3.80	PROPN
ajfa-140	187	15	)	)	PUNCT
ajfa-140	187	16	-0.2975	-0.2975	NOUN
ajfa-140	187	17	(	(	PUNCT
ajfa-140	187	18	3.91	3.91	NUM
ajfa-140	187	19	)	)	PUNCT
ajfa-140	187	20	(	(	PUNCT
ajfa-140	187	21	3.67	3.67	NUM
ajfa-140	187	22	)	)	PUNCT
ajfa-140	187	23	(	(	PUNCT
ajfa-140	187	24	-3.67	-3.67	X
ajfa-140	187	25	)	)	PUNCT
ajfa-140	187	26	twi	twi	PROPN
ajfa-140	187	27	index	index	NOUN
ajfa-140	187	28	-6.097	-6.097	PUNCT
ajfa-140	188	1	*	*	PUNCT
ajfa-140	188	2	*	*	PUNCT
ajfa-140	189	1	*	*	PUNCT
ajfa-140	189	2	-0.003	-0.003	NOUN
ajfa-140	189	3	0.067	0.067	NUM
ajfa-140	189	4	*	*	PUNCT
ajfa-140	190	1	*	*	PUNCT
ajfa-140	190	2	*	*	PUNCT
ajfa-140	190	3	0.396	0.396	NUM
ajfa-140	190	4	*	*	PUNCT
ajfa-140	191	1	*	*	PUNCT
ajfa-140	191	2	*	*	PUNCT
ajfa-140	191	3	-0.635	-0.635	PUNCT
ajfa-140	191	4	*	*	PUNCT
ajfa-140	191	5	*	*	PUNCT
ajfa-140	191	6	*	*	PUNCT
ajfa-140	191	7	(	(	PUNCT
ajfa-140	191	8	-2.39	-2.39	PROPN
ajfa-140	191	9	)	)	PUNCT
ajfa-140	191	10	(	(	PUNCT
ajfa-140	191	11	-0.10	-0.10	NUM
ajfa-140	191	12	)	)	PUNCT
ajfa-140	191	13	(	(	PUNCT
ajfa-140	191	14	5.19	5.19	NUM
ajfa-140	191	15	)	)	PUNCT
ajfa-140	191	16	(	(	PUNCT
ajfa-140	191	17	33.27	33.27	NUM
ajfa-140	191	18	)	)	PUNCT
ajfa-140	191	19	(	(	PUNCT
ajfa-140	191	20	-3.12	-3.12	X
ajfa-140	191	21	)	)	PUNCT
ajfa-140	191	22	note	note	NOUN
ajfa-140	191	23	:	:	PUNCT
ajfa-140	191	24	please	please	INTJ
ajfa-140	191	25	see	see	VERB
ajfa-140	191	26	table	table	NOUN
ajfa-140	191	27	2	2	NUM
ajfa-140	191	28	for	for	ADP
ajfa-140	191	29	variable	variable	ADJ
ajfa-140	191	30	definitions	definition	NOUN
ajfa-140	191	31	.	.	PUNCT
ajfa-140	192	1	t	t	NOUN
ajfa-140	192	2	-	-	PUNCT
ajfa-140	192	3	statistics	statistic	NOUN
ajfa-140	192	4	in	in	ADP
ajfa-140	192	5	parentheses	parenthesis	NOUN
ajfa-140	192	6	;	;	PUNCT
ajfa-140	192	7	*	*	PUNCT
ajfa-140	192	8	*	*	PUNCT
ajfa-140	192	9	*	*	PUNCT
ajfa-140	192	10	(	(	PUNCT
ajfa-140	192	11	*	*	PUNCT
ajfa-140	192	12	*	*	NOUN
ajfa-140	192	13	,	,	PUNCT
ajfa-140	192	14	*	*	ADJ
ajfa-140	192	15	)	)	PUNCT
ajfa-140	192	16	denote	denote	NOUN
ajfa-140	192	17	significance	significance	NOUN
ajfa-140	192	18	at	at	ADP
ajfa-140	192	19	the	the	DET
ajfa-140	192	20	1	1	NUM
ajfa-140	192	21	%	%	NOUN
ajfa-140	192	22	(	(	PUNCT
ajfa-140	192	23	5	5	NUM
ajfa-140	192	24	%	%	NOUN
ajfa-140	192	25	,	,	PUNCT
ajfa-140	192	26	10	10	NUM
ajfa-140	192	27	%	%	NOUN
ajfa-140	192	28	)	)	PUNCT
ajfa-140	192	29	level	level	NOUN
ajfa-140	192	30	,	,	PUNCT
ajfa-140	192	31	two	two	NUM
ajfa-140	192	32	-	-	PUNCT
ajfa-140	192	33	tailed	tailed	ADJ
ajfa-140	192	34	it	it	PRON
ajfa-140	192	35	is	be	AUX
ajfa-140	192	36	clear	clear	ADJ
ajfa-140	192	37	that	that	SCONJ
ajfa-140	192	38	the	the	DET
ajfa-140	192	39	1997	1997	NUM
ajfa-140	192	40	asian	asian	ADJ
ajfa-140	192	41	financial	financial	ADJ
ajfa-140	192	42	crisis	crisis	NOUN
ajfa-140	192	43	is	be	AUX
ajfa-140	192	44	a	a	DET
ajfa-140	192	45	critical	critical	ADJ
ajfa-140	192	46	event	event	NOUN
ajfa-140	192	47	for	for	ADP
ajfa-140	192	48	the	the	DET
ajfa-140	192	49	volatility	volatility	NOUN
ajfa-140	192	50	transmission	transmission	NOUN
ajfa-140	192	51	between	between	ADP
ajfa-140	192	52	the	the	DET
ajfa-140	192	53	foreign	foreign	ADJ
ajfa-140	192	54	exchange	exchange	NOUN
ajfa-140	192	55	market	market	NOUN
ajfa-140	192	56	and	and	CCONJ
ajfa-140	192	57	the	the	DET
ajfa-140	192	58	stock	stock	NOUN
ajfa-140	192	59	market	market	NOUN
ajfa-140	192	60	in	in	ADP
ajfa-140	192	61	nz	nz	PROPN
ajfa-140	192	62	.	.	PROPN
ajfa-140	193	1	before	before	ADP
ajfa-140	193	2	the	the	DET
ajfa-140	193	3	crisis	crisis	NOUN
ajfa-140	193	4	,	,	PUNCT
ajfa-140	193	5	there	there	PRON
ajfa-140	193	6	were	be	VERB
ajfa-140	193	7	bidirectional	bidirectional	ADJ
ajfa-140	193	8	volatility	volatility	NOUN
ajfa-140	193	9	spillovers	spillover	NOUN
ajfa-140	193	10	between	between	ADP
ajfa-140	193	11	exchange	exchange	NOUN
ajfa-140	193	12	rate	rate	NOUN
ajfa-140	193	13	changes	change	NOUN
ajfa-140	193	14	(	(	PUNCT
ajfa-140	193	15	nzd	nzd	NOUN
ajfa-140	193	16	/	/	SYM
ajfa-140	193	17	usd	usd	NOUN
ajfa-140	193	18	and	and	CCONJ
ajfa-140	193	19	twi	twi	PROPN
ajfa-140	193	20	index	index	NOUN
ajfa-140	193	21	)	)	PUNCT
ajfa-140	193	22	and	and	CCONJ
ajfa-140	193	23	the	the	DET
ajfa-140	193	24	stock	stock	NOUN
ajfa-140	193	25	market	market	NOUN
ajfa-140	193	26	returns	return	NOUN
ajfa-140	193	27	within	within	ADP
ajfa-140	193	28	the	the	DET
ajfa-140	193	29	nz	nz	NOUN
ajfa-140	193	30	economy	economy	NOUN
ajfa-140	193	31	(	(	PUNCT
ajfa-140	193	32	table	table	NOUN
ajfa-140	193	33	3	3	NUM
ajfa-140	193	34	,	,	PUNCT
ajfa-140	193	35	1,2	1,2	NUM
ajfa-140	193	36	in	in	ADP
ajfa-140	193	37	panel	panel	NOUN
ajfa-140	193	38	a	a	PRON
ajfa-140	193	39	and	and	CCONJ
ajfa-140	193	40	2,1	2,1	NUM
ajfa-140	193	41	in	in	ADP
ajfa-140	193	42	panel	panel	NOUN
ajfa-140	193	43	b	b	NOUN
ajfa-140	193	44	)	)	PUNCT
ajfa-140	193	45	.	.	PUNCT
ajfa-140	194	1	after	after	ADP
ajfa-140	194	2	the	the	DET
ajfa-140	194	3	crisis	crisis	NOUN
ajfa-140	194	4	,	,	PUNCT
ajfa-140	194	5	only	only	ADV
ajfa-140	194	6	the	the	DET
ajfa-140	194	7	volatility	volatility	NOUN
ajfa-140	194	8	of	of	ADP
ajfa-140	194	9	nzd	nzd	NOUN
ajfa-140	194	10	/	/	SYM
ajfa-140	194	11	usd	usd	NOUN
ajfa-140	194	12	and	and	CCONJ
ajfa-140	194	13	twi	twi	PROPN
ajfa-140	194	14	index	index	NOUN
ajfa-140	194	15	changes	change	NOUN
ajfa-140	194	16	spill	spill	VERB
ajfa-140	194	17	over	over	ADP
ajfa-140	194	18	to	to	ADP
ajfa-140	194	19	the	the	DET
ajfa-140	194	20	stock	stock	NOUN
ajfa-140	194	21	market	market	NOUN
ajfa-140	194	22	returns	return	NOUN
ajfa-140	194	23	(	(	PUNCT
ajfa-140	194	24	table	table	NOUN
ajfa-140	194	25	4	4	NUM
ajfa-140	194	26	,	,	PUNCT
ajfa-140	194	27	1,2	1,2	NUM
ajfa-140	194	28	in	in	ADP
ajfa-140	194	29	panel	panel	NOUN
ajfa-140	194	30	a	a	PRON
ajfa-140	194	31	and	and	CCONJ
ajfa-140	194	32	2,1	2,1	NUM
ajfa-140	194	33	in	in	ADP
ajfa-140	194	34	panel	panel	NOUN
ajfa-140	194	35	b	b	NOUN
ajfa-140	194	36	)	)	PUNCT
ajfa-140	194	37	.	.	PUNCT
ajfa-140	195	1	this	this	PRON
ajfa-140	195	2	is	be	AUX
ajfa-140	195	3	consistent	consistent	ADJ
ajfa-140	195	4	with	with	ADP
ajfa-140	195	5	the	the	DET
ajfa-140	195	6	view	view	NOUN
ajfa-140	195	7	that	that	SCONJ
ajfa-140	195	8	the	the	DET
ajfa-140	195	9	nz	nz	PROPN
ajfa-140	195	10	currency	currency	NOUN
ajfa-140	195	11	is	be	AUX
ajfa-140	195	12	driven	drive	VERB
ajfa-140	195	13	by	by	ADP
ajfa-140	195	14	international	international	ADJ
ajfa-140	195	15	factors	factor	NOUN
ajfa-140	195	16	instead	instead	ADV
ajfa-140	195	17	of	of	ADP
ajfa-140	195	18	domestic	domestic	ADJ
ajfa-140	195	19	factors	factor	NOUN
ajfa-140	195	20	.	.	PUNCT
ajfa-140	196	1	5	5	X
ajfa-140	196	2	.	.	X
ajfa-140	196	3	summary	summary	NOUN
ajfa-140	196	4	and	and	CCONJ
ajfa-140	196	5	conclusions	conclusion	NOUN
ajfa-140	196	6	this	this	DET
ajfa-140	196	7	paper	paper	NOUN
ajfa-140	196	8	examines	examine	VERB
ajfa-140	196	9	volatility	volatility	NOUN
ajfa-140	196	10	spillovers	spillover	NOUN
ajfa-140	196	11	between	between	ADP
ajfa-140	196	12	stock	stock	NOUN
ajfa-140	196	13	market	market	NOUN
ajfa-140	196	14	returns	return	NOUN
ajfa-140	196	15	and	and	CCONJ
ajfa-140	196	16	exchange	exchange	NOUN
ajfa-140	196	17	rate	rate	NOUN
ajfa-140	196	18	changes	change	NOUN
ajfa-140	196	19	within	within	ADP
ajfa-140	196	20	the	the	DET
ajfa-140	196	21	new	new	PROPN
ajfa-140	196	22	zealand	zealand	PROPN
ajfa-140	196	23	economy	economy	NOUN
ajfa-140	196	24	.	.	PUNCT
ajfa-140	197	1	down	down	ADP
ajfa-140	197	2	-	-	PUNCT
ajfa-140	197	3	market	market	NOUN
ajfa-140	197	4	effects	effect	NOUN
ajfa-140	197	5	,	,	PUNCT
ajfa-140	197	6	in	in	ADP
ajfa-140	197	7	the	the	DET
ajfa-140	197	8	nz	nz	PROPN
ajfa-140	197	9	stock	stock	NOUN
ajfa-140	197	10	market	market	NOUN
ajfa-140	197	11	,	,	PUNCT
ajfa-140	197	12	are	be	AUX
ajfa-140	197	13	effectively	effectively	ADV
ajfa-140	197	14	controlled	control	VERB
ajfa-140	197	15	by	by	ADP
ajfa-140	197	16	incorporating	incorporate	VERB
ajfa-140	197	17	the	the	DET
ajfa-140	197	18	leverage	leverage	NOUN
ajfa-140	197	19	effect	effect	NOUN
ajfa-140	197	20	in	in	ADP
ajfa-140	197	21	the	the	DET
ajfa-140	197	22	egarch	egarch	NOUN
ajfa-140	197	23	framework	framework	NOUN
ajfa-140	197	24	.	.	PUNCT
ajfa-140	198	1	the	the	DET
ajfa-140	198	2	1997	1997	NUM
ajfa-140	198	3	asian	asian	ADJ
ajfa-140	198	4	financial	financial	ADJ
ajfa-140	198	5	crisis	crisis	NOUN
ajfa-140	198	6	(	(	PUNCT
ajfa-140	198	7	afc	afc	PROPN
ajfa-140	198	8	)	)	PUNCT
ajfa-140	198	9	occurs	occur	VERB
ajfa-140	198	10	in	in	ADP
ajfa-140	198	11	the	the	DET
ajfa-140	198	12	middle	middle	NOUN
ajfa-140	198	13	of	of	ADP
ajfa-140	198	14	our	our	PRON
ajfa-140	198	15	sample	sample	NOUN
ajfa-140	198	16	period	period	NOUN
ajfa-140	198	17	encouraging	encourage	VERB
ajfa-140	198	18	us	we	PRON
ajfa-140	198	19	to	to	PART
ajfa-140	198	20	partition	partition	VERB
ajfa-140	198	21	the	the	DET
ajfa-140	198	22	full	full	ADJ
ajfa-140	198	23	sample	sample	NOUN
ajfa-140	198	24	period	period	NOUN
ajfa-140	198	25	into	into	ADP
ajfa-140	198	26	pre	pre	PROPN
ajfa-140	198	27	-	-	PROPN
ajfa-140	198	28	afc	afc	ADJ
ajfa-140	198	29	and	and	CCONJ
ajfa-140	198	30	post	post	PROPN
ajfa-140	198	31	-	-	PROPN
ajfa-140	198	32	afc	afc	ADJ
ajfa-140	198	33	sub	sub	NOUN
ajfa-140	198	34	-	-	NOUN
ajfa-140	198	35	periods	period	NOUN
ajfa-140	198	36	.	.	PUNCT
ajfa-140	199	1	there	there	PRON
ajfa-140	199	2	is	be	VERB
ajfa-140	199	3	consistent	consistent	ADJ
ajfa-140	199	4	unidirectional	unidirectional	ADJ
ajfa-140	199	5	volatility	volatility	NOUN
ajfa-140	199	6	spillover	spillover	VERB
ajfa-140	199	7	from	from	ADP
ajfa-140	199	8	nz	nz	ADJ
ajfa-140	199	9	stock	stock	NOUN
ajfa-140	199	10	market	market	NOUN
ajfa-140	199	11	returns	return	NOUN
ajfa-140	199	12	to	to	ADP
ajfa-140	199	13	nzd	nzd	NOUN
ajfa-140	199	14	/	/	SYM
ajfa-140	199	15	aud	aud	NOUN
ajfa-140	199	16	changes	change	NOUN
ajfa-140	199	17	in	in	ADP
ajfa-140	199	18	the	the	DET
ajfa-140	199	19	full	full	ADJ
ajfa-140	199	20	sample	sample	NOUN
ajfa-140	199	21	and	and	CCONJ
ajfa-140	199	22	each	each	PRON
ajfa-140	199	23	of	of	ADP
ajfa-140	199	24	the	the	DET
ajfa-140	199	25	two	two	NUM
ajfa-140	199	26	sub	sub	NOUN
ajfa-140	199	27	-	-	ADJ
ajfa-140	199	28	periods	period	NOUN
ajfa-140	199	29	.	.	PUNCT
ajfa-140	200	1	for	for	ADP
ajfa-140	200	2	both	both	CCONJ
ajfa-140	200	3	the	the	DET
ajfa-140	200	4	nzd	nzd	PROPN
ajfa-140	200	5	/	/	SYM
ajfa-140	200	6	usd	usd	NOUN
ajfa-140	200	7	and	and	CCONJ
ajfa-140	200	8	the	the	DET
ajfa-140	200	9	twi	twi	PROPN
ajfa-140	200	10	index	index	NOUN
ajfa-140	200	11	,	,	PUNCT
ajfa-140	200	12	the	the	DET
ajfa-140	200	13	volatility	volatility	NOUN
ajfa-140	200	14	of	of	ADP
ajfa-140	200	15	nz	nz	ADJ
ajfa-140	200	16	stock	stock	NOUN
ajfa-140	200	17	market	market	NOUN
ajfa-140	200	18	returns	return	NOUN
ajfa-140	200	19	spills	spill	VERB
ajfa-140	200	20	over	over	ADP
ajfa-140	200	21	to	to	ADP
ajfa-140	200	22	both	both	CCONJ
ajfa-140	200	23	the	the	DET
ajfa-140	200	24	nzd	nzd	PROPN
ajfa-140	200	25	/	/	SYM
ajfa-140	200	26	usd	usd	NOUN
ajfa-140	200	27	and	and	CCONJ
ajfa-140	200	28	the	the	DET
ajfa-140	200	29	twi	twi	NOUN
ajfa-140	200	30	in	in	ADP
ajfa-140	200	31	the	the	DET
ajfa-140	200	32	pre	pre	PROPN
ajfa-140	200	33	-	-	PROPN
ajfa-140	200	34	afc	afc	ADJ
ajfa-140	200	35	period	period	NOUN
ajfa-140	200	36	but	but	CCONJ
ajfa-140	200	37	not	not	PART
ajfa-140	200	38	in	in	ADP
ajfa-140	200	39	the	the	DET
ajfa-140	200	40	post	post	ADJ
ajfa-140	200	41	-	-	ADJ
ajfa-140	200	42	afc	afc	ADJ
ajfa-140	200	43	period	period	NOUN
ajfa-140	200	44	.	.	PUNCT
ajfa-140	201	1	however	however	ADV
ajfa-140	201	2	,	,	PUNCT
ajfa-140	201	3	the	the	DET
ajfa-140	201	4	volatility	volatility	NOUN
ajfa-140	201	5	of	of	ADP
ajfa-140	201	6	nzd	nzd	NOUN
ajfa-140	201	7	/	/	SYM
ajfa-140	201	8	usd	usd	NOUN
ajfa-140	201	9	and	and	CCONJ
ajfa-140	201	10	twi	twi	PROPN
ajfa-140	201	11	index	index	NOUN
ajfa-140	201	12	changes	change	NOUN
ajfa-140	201	13	spills	spill	VERB
ajfa-140	201	14	over	over	ADP
ajfa-140	201	15	to	to	ADP
ajfa-140	201	16	asian	asian	ADJ
ajfa-140	201	17	journal	journal	NOUN
ajfa-140	201	18	of	of	ADP
ajfa-140	201	19	finance	finance	PROPN
ajfa-140	201	20	&	&	CCONJ
ajfa-140	201	21	accounting	accounting	PROPN
ajfa-140	201	22	issn	issn	PROPN
ajfa-140	201	23	1946	1946	NUM
ajfa-140	201	24	-	-	PUNCT
ajfa-140	201	25	052x	052x	NOUN
ajfa-140	201	26	2009	2009	NUM
ajfa-140	201	27	,	,	PUNCT
ajfa-140	201	28	vol	vol	NOUN
ajfa-140	201	29	.	.	PROPN
ajfa-140	202	1	1	1	NUM
ajfa-140	202	2	,	,	PUNCT
ajfa-140	202	3	no	no	INTJ
ajfa-140	202	4	.	.	NOUN
ajfa-140	202	5	2	2	NUM
ajfa-140	202	6	:	:	PUNCT
ajfa-140	202	7	e5	e5	PROPN
ajfa-140	202	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	202	9	116	116	NUM
ajfa-140	202	10	the	the	DET
ajfa-140	202	11	stock	stock	NOUN
ajfa-140	202	12	market	market	NOUN
ajfa-140	202	13	returns	return	NOUN
ajfa-140	202	14	both	both	CCONJ
ajfa-140	202	15	before	before	ADP
ajfa-140	202	16	and	and	CCONJ
ajfa-140	202	17	after	after	ADP
ajfa-140	202	18	the	the	DET
ajfa-140	202	19	afc	afc	PROPN
ajfa-140	202	20	.	.	PUNCT
ajfa-140	203	1	our	our	PRON
ajfa-140	203	2	empirical	empirical	ADJ
ajfa-140	203	3	evidence	evidence	NOUN
ajfa-140	203	4	agrees	agree	VERB
ajfa-140	203	5	with	with	ADP
ajfa-140	203	6	chen	chen	PROPN
ajfa-140	203	7	et	et	PROPN
ajfa-140	203	8	al	al	PROPN
ajfa-140	203	9	.	.	PROPN
ajfa-140	204	1	(	(	PUNCT
ajfa-140	204	2	2004	2004	NUM
ajfa-140	204	3	)	)	PUNCT
ajfa-140	205	1	that	that	SCONJ
ajfa-140	205	2	the	the	DET
ajfa-140	205	3	small	small	ADJ
ajfa-140	205	4	and	and	CCONJ
ajfa-140	205	5	open	open	ADJ
ajfa-140	205	6	nz	nz	NOUN
ajfa-140	205	7	stock	stock	NOUN
ajfa-140	205	8	market	market	NOUN
ajfa-140	205	9	is	be	AUX
ajfa-140	205	10	exposed	expose	VERB
ajfa-140	205	11	to	to	ADP
ajfa-140	205	12	and	and	CCONJ
ajfa-140	205	13	impacted	impact	VERB
ajfa-140	205	14	by	by	ADP
ajfa-140	205	15	foreign	foreign	ADJ
ajfa-140	205	16	currency	currency	NOUN
ajfa-140	205	17	movements	movement	NOUN
ajfa-140	205	18	.	.	PUNCT
ajfa-140	206	1	acknowledgment	acknowledgment	NOUN
ajfa-140	206	2	the	the	DET
ajfa-140	206	3	authors	author	NOUN
ajfa-140	206	4	wish	wish	VERB
ajfa-140	206	5	to	to	PART
ajfa-140	206	6	thank	thank	VERB
ajfa-140	206	7	vincent	vincent	PROPN
ajfa-140	206	8	xiang	xiang	PROPN
ajfa-140	206	9	,	,	PUNCT
ajfa-140	206	10	monash	monash	PROPN
ajfa-140	206	11	university	university	PROPN
ajfa-140	206	12	,	,	PUNCT
ajfa-140	206	13	for	for	ADP
ajfa-140	206	14	his	his	PRON
ajfa-140	206	15	assistance	assistance	NOUN
ajfa-140	206	16	in	in	ADP
ajfa-140	206	17	conducting	conduct	VERB
ajfa-140	206	18	empirical	empirical	ADJ
ajfa-140	206	19	tests	test	NOUN
ajfa-140	206	20	.	.	PUNCT
ajfa-140	207	1	we	we	PRON
ajfa-140	207	2	acknowledge	acknowledge	VERB
ajfa-140	207	3	helpful	helpful	ADJ
ajfa-140	207	4	comments	comment	NOUN
ajfa-140	207	5	and	and	CCONJ
ajfa-140	207	6	suggestions	suggestion	NOUN
ajfa-140	207	7	from	from	ADP
ajfa-140	207	8	associate	associate	ADJ
ajfa-140	207	9	professor	professor	PROPN
ajfa-140	207	10	stuart	stuart	PROPN
ajfa-140	207	11	locke	locke	PROPN
ajfa-140	207	12	,	,	PUNCT
ajfa-140	207	13	university	university	PROPN
ajfa-140	207	14	of	of	ADP
ajfa-140	207	15	waikato	waikato	PROPN
ajfa-140	207	16	.	.	PUNCT
ajfa-140	208	1	asian	asian	ADJ
ajfa-140	208	2	journal	journal	PROPN
ajfa-140	208	3	of	of	ADP
ajfa-140	208	4	finance	finance	PROPN
ajfa-140	208	5	&	&	CCONJ
ajfa-140	208	6	accounting	accounting	PROPN
ajfa-140	208	7	issn	issn	PROPN
ajfa-140	208	8	1946	1946	NUM
ajfa-140	208	9	-	-	PUNCT
ajfa-140	208	10	052x	052x	NOUN
ajfa-140	208	11	2009	2009	NUM
ajfa-140	208	12	,	,	PUNCT
ajfa-140	208	13	vol	vol	NOUN
ajfa-140	208	14	.	.	PROPN
ajfa-140	208	15	1	1	NUM
ajfa-140	208	16	,	,	PUNCT
ajfa-140	208	17	no	no	INTJ
ajfa-140	208	18	.	.	NOUN
ajfa-140	208	19	2	2	NUM
ajfa-140	208	20	:	:	PUNCT
ajfa-140	208	21	e5	e5	PROPN
ajfa-140	208	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-140	208	23	117	117	NUM
ajfa-140	208	24	references	reference	NOUN
ajfa-140	208	25	alaganar	alaganar	PROPN
ajfa-140	208	26	,	,	PUNCT
ajfa-140	208	27	v.t	v.t	PROPN
ajfa-140	208	28	.	.	PROPN
ajfa-140	208	29	,	,	PUNCT
ajfa-140	208	30	&	&	CCONJ
ajfa-140	208	31	bhar	bhar	PROPN
ajfa-140	208	32	,	,	PUNCT
ajfa-140	208	33	r.	r.	PROPN
ajfa-140	208	34	(	(	PUNCT
ajfa-140	208	35	2007	2007	NUM
ajfa-140	208	36	)	)	PUNCT
ajfa-140	208	37	.	.	PUNCT
ajfa-140	209	1	empirical	empirical	ADJ
ajfa-140	209	2	properties	property	NOUN
ajfa-140	209	3	of	of	ADP
ajfa-140	209	4	currency	currency	NOUN
ajfa-140	209	5	risk	risk	NOUN
ajfa-140	209	6	in	in	ADP
ajfa-140	209	7	country	country	NOUN
ajfa-140	209	8	index	index	NOUN
ajfa-140	209	9	portfolios	portfolio	NOUN
ajfa-140	209	10	.	.	PUNCT
ajfa-140	210	1	quarterly	quarterly	ADJ
ajfa-140	210	2	review	review	NOUN
ajfa-140	210	3	of	of	ADP
ajfa-140	210	4	economics	economic	NOUN
ajfa-140	210	5	and	and	CCONJ
ajfa-140	210	6	finance	finance	NOUN
ajfa-140	210	7	,	,	PUNCT
ajfa-140	210	8	47	47	NUM
ajfa-140	210	9	,	,	PUNCT
ajfa-140	210	10	159–174	159–174	NUM
ajfa-140	210	11	.	.	PUNCT
ajfa-140	211	1	brailsford	brailsford	PROPN
ajfa-140	211	2	,	,	PUNCT
ajfa-140	211	3	t.j	t.j	PROPN
ajfa-140	211	4	.	.	PROPN
ajfa-140	211	5	(	(	PUNCT
ajfa-140	211	6	1996	1996	NUM
ajfa-140	211	7	)	)	PUNCT
ajfa-140	211	8	.	.	PUNCT
ajfa-140	212	1	volatility	volatility	NOUN
ajfa-140	212	2	spillover	spillover	VERB
ajfa-140	212	3	across	across	ADP
ajfa-140	212	4	the	the	DET
ajfa-140	212	5	tasman	tasman	NOUN
ajfa-140	212	6	.	.	PUNCT
ajfa-140	213	1	australian	australian	ADJ
ajfa-140	213	2	journal	journal	NOUN
ajfa-140	213	3	of	of	ADP
ajfa-140	213	4	management	management	NOUN
ajfa-140	213	5	,	,	PUNCT
ajfa-140	213	6	21	21	NUM
ajfa-140	213	7	(	(	PUNCT
ajfa-140	213	8	1	1	NUM
ajfa-140	213	9	)	)	PUNCT
ajfa-140	213	10	,	,	PUNCT
ajfa-140	213	11	13–27	13–27	NUM
ajfa-140	213	12	.	.	PUNCT
ajfa-140	214	1	chen	chen	PROPN
ajfa-140	214	2	,	,	PUNCT
ajfa-140	214	3	j.	j.	PROPN
ajfa-140	214	4	,	,	PUNCT
ajfa-140	214	5	naylor	naylor	PROPN
ajfa-140	214	6	,	,	PUNCT
ajfa-140	214	7	m.	m.	NOUN
ajfa-140	214	8	,	,	PUNCT
ajfa-140	214	9	&	&	CCONJ
ajfa-140	214	10	lu	lu	PROPN
ajfa-140	214	11	,	,	PUNCT
ajfa-140	214	12	x.	x.	NOUN
ajfa-140	214	13	(	(	PUNCT
ajfa-140	214	14	2004	2004	NUM
ajfa-140	214	15	)	)	PUNCT
ajfa-140	214	16	.	.	PUNCT
ajfa-140	215	1	some	some	DET
ajfa-140	215	2	insights	insight	NOUN
ajfa-140	215	3	into	into	ADP
ajfa-140	215	4	the	the	DET
ajfa-140	215	5	foreign	foreign	ADJ
ajfa-140	215	6	exchange	exchange	NOUN
ajfa-140	215	7	pricing	pricing	NOUN
ajfa-140	215	8	puzzle	puzzle	NOUN
ajfa-140	215	9	:	:	PUNCT
ajfa-140	215	10	evidence	evidence	NOUN
ajfa-140	215	11	from	from	ADP
ajfa-140	215	12	a	a	DET
ajfa-140	215	13	small	small	ADJ
ajfa-140	215	14	open	open	ADJ
ajfa-140	215	15	economy	economy	NOUN
ajfa-140	215	16	.	.	PUNCT
ajfa-140	216	1	pacific	pacific	ADJ
ajfa-140	216	2	-	-	PUNCT
ajfa-140	216	3	basin	basin	NOUN
ajfa-140	216	4	finance	finance	NOUN
ajfa-140	216	5	journal	journal	NOUN
ajfa-140	216	6	,	,	PUNCT
ajfa-140	216	7	12	12	NUM
ajfa-140	216	8	,	,	PUNCT
ajfa-140	216	9	41	41	NUM
ajfa-140	216	10	–	–	SYM
ajfa-140	216	11	64	64	NUM
ajfa-140	216	12	.	.	PUNCT
ajfa-140	217	1	dungey	dungey	PROPN
ajfa-140	217	2	,	,	PUNCT
ajfa-140	217	3	m.	m.	NOUN
ajfa-140	217	4	(	(	PUNCT
ajfa-140	217	5	1999	1999	NUM
ajfa-140	217	6	)	)	PUNCT
ajfa-140	217	7	.	.	PUNCT
ajfa-140	218	1	decomposing	decompose	VERB
ajfa-140	218	2	exchange	exchange	NOUN
ajfa-140	218	3	rate	rate	NOUN
ajfa-140	218	4	volatility	volatility	NOUN
ajfa-140	218	5	around	around	ADP
ajfa-140	218	6	the	the	DET
ajfa-140	218	7	pacific	pacific	PROPN
ajfa-140	218	8	rim	rim	PROPN
ajfa-140	218	9	.	.	PUNCT
ajfa-140	219	1	journal	journal	PROPN
ajfa-140	219	2	of	of	ADP
ajfa-140	219	3	asian	asian	ADJ
ajfa-140	219	4	economics	economic	NOUN
ajfa-140	219	5	,	,	PUNCT
ajfa-140	219	6	10	10	NUM
ajfa-140	219	7	,	,	PUNCT
ajfa-140	219	8	525–535	525–535	NUM
ajfa-140	219	9	.	.	PUNCT
ajfa-140	220	1	kanas	kanas	PROPN
ajfa-140	220	2	,	,	PUNCT
ajfa-140	220	3	a.	a.	PROPN
ajfa-140	220	4	(	(	PUNCT
ajfa-140	220	5	2000	2000	NUM
ajfa-140	220	6	)	)	PUNCT
ajfa-140	220	7	.	.	PUNCT
ajfa-140	221	1	volatility	volatility	NOUN
ajfa-140	221	2	spillover	spillover	VERB
ajfa-140	221	3	between	between	ADP
ajfa-140	221	4	stock	stock	NOUN
ajfa-140	221	5	returns	return	NOUN
ajfa-140	221	6	and	and	CCONJ
ajfa-140	221	7	exchange	exchange	NOUN
ajfa-140	221	8	rate	rate	NOUN
ajfa-140	221	9	changes	change	NOUN
ajfa-140	221	10	:	:	PUNCT
ajfa-140	221	11	international	international	ADJ
ajfa-140	221	12	evidence	evidence	NOUN
ajfa-140	221	13	.	.	PUNCT
ajfa-140	222	1	journal	journal	NOUN
ajfa-140	222	2	of	of	ADP
ajfa-140	222	3	business	business	NOUN
ajfa-140	222	4	finance	finance	PROPN
ajfa-140	222	5	&	&	CCONJ
ajfa-140	222	6	accounting	accounting	PROPN
ajfa-140	222	7	,	,	PUNCT
ajfa-140	222	8	27	27	NUM
ajfa-140	222	9	(	(	PUNCT
ajfa-140	222	10	3	3	NUM
ajfa-140	222	11	)	)	PUNCT
ajfa-140	222	12	&	&	CCONJ
ajfa-140	222	13	(	(	PUNCT
ajfa-140	222	14	4	4	NUM
ajfa-140	222	15	)	)	PUNCT
ajfa-140	222	16	,	,	PUNCT
ajfa-140	222	17	447–467	447–467	NUM
ajfa-140	222	18	.	.	PUNCT
ajfa-140	223	1	najand	najand	PROPN
ajfa-140	223	2	,	,	PUNCT
ajfa-140	223	3	m.	m.	NOUN
ajfa-140	223	4	,	,	PUNCT
ajfa-140	223	5	&	&	CCONJ
ajfa-140	223	6	yung	yung	PROPN
ajfa-140	223	7	,	,	PUNCT
ajfa-140	223	8	k.	k.	PROPN
ajfa-140	223	9	(	(	PUNCT
ajfa-140	223	10	1991	1991	NUM
ajfa-140	223	11	)	)	PUNCT
ajfa-140	223	12	.	.	PUNCT
ajfa-140	224	1	a	a	DET
ajfa-140	224	2	garch	garch	NOUN
ajfa-140	224	3	examination	examination	NOUN
ajfa-140	224	4	of	of	ADP
ajfa-140	224	5	the	the	DET
ajfa-140	224	6	relationship	relationship	NOUN
ajfa-140	224	7	between	between	ADP
ajfa-140	224	8	volume	volume	NOUN
ajfa-140	224	9	and	and	CCONJ
ajfa-140	224	10	price	price	NOUN
ajfa-140	224	11	variability	variability	NOUN
ajfa-140	224	12	in	in	ADP
ajfa-140	224	13	futures	future	NOUN
ajfa-140	224	14	markets	market	NOUN
ajfa-140	224	15	.	.	PUNCT
ajfa-140	225	1	journal	journal	PROPN
ajfa-140	225	2	of	of	ADP
ajfa-140	225	3	futures	future	NOUN
ajfa-140	225	4	markets	market	NOUN
ajfa-140	225	5	,	,	PUNCT
ajfa-140	225	6	11	11	NUM
ajfa-140	225	7	(	(	PUNCT
ajfa-140	225	8	5	5	NUM
ajfa-140	225	9	)	)	PUNCT
ajfa-140	225	10	,	,	PUNCT
ajfa-140	225	11	613–621	613–621	NUM
ajfa-140	225	12	.	.	PUNCT
ajfa-140	226	1	nelson	nelson	PROPN
ajfa-140	226	2	,	,	PUNCT
ajfa-140	226	3	d.	d.	PROPN
ajfa-140	226	4	(	(	PUNCT
ajfa-140	226	5	1991	1991	NUM
ajfa-140	226	6	)	)	PUNCT
ajfa-140	226	7	.	.	PUNCT
ajfa-140	227	1	conditional	conditional	ADJ
ajfa-140	227	2	heteroskedasticity	heteroskedasticity	NOUN
ajfa-140	227	3	in	in	ADP
ajfa-140	227	4	asset	asset	NOUN
ajfa-140	227	5	returns	return	NOUN
ajfa-140	227	6	:	:	PUNCT
ajfa-140	227	7	a	a	DET
ajfa-140	227	8	new	new	ADJ
ajfa-140	227	9	approach	approach	NOUN
ajfa-140	227	10	.	.	PUNCT
ajfa-140	228	1	econometrica	econometrica	PROPN
ajfa-140	228	2	,	,	PUNCT
ajfa-140	228	3	59	59	NUM
ajfa-140	228	4	,	,	PUNCT
ajfa-140	228	5	347–370	347–370	NUM
ajfa-140	228	6	.	.	PUNCT
ajfa-140	229	1	pinfold	pinfold	ADJ
ajfa-140	229	2	,	,	PUNCT
ajfa-140	229	3	j.f	j.f	PROPN
ajfa-140	229	4	.	.	PROPN
ajfa-140	229	5	,	,	PUNCT
ajfa-140	229	6	wilson	wilson	PROPN
ajfa-140	229	7	,	,	PUNCT
ajfa-140	229	8	w.r	w.r	PROPN
ajfa-140	229	9	.	.	PROPN
ajfa-140	229	10	,	,	PUNCT
ajfa-140	229	11	&	&	CCONJ
ajfa-140	229	12	li	li	PROPN
ajfa-140	229	13	,	,	PUNCT
ajfa-140	229	14	q.	q.	PROPN
ajfa-140	229	15	(	(	PUNCT
ajfa-140	229	16	2001	2001	NUM
ajfa-140	229	17	)	)	PUNCT
ajfa-140	229	18	.	.	PUNCT
ajfa-140	230	1	book	book	NOUN
ajfa-140	230	2	-	-	PUNCT
ajfa-140	230	3	to	to	ADP
ajfa-140	230	4	-	-	PUNCT
ajfa-140	230	5	market	market	NOUN
ajfa-140	230	6	and	and	CCONJ
ajfa-140	230	7	size	size	NOUN
ajfa-140	230	8	as	as	ADP
ajfa-140	230	9	determinants	determinant	NOUN
ajfa-140	230	10	of	of	ADP
ajfa-140	230	11	returns	return	NOUN
ajfa-140	230	12	in	in	ADP
ajfa-140	230	13	small	small	ADJ
ajfa-140	230	14	illiquid	illiquid	ADJ
ajfa-140	230	15	markets	market	NOUN
ajfa-140	230	16	:	:	PUNCT
ajfa-140	230	17	the	the	DET
ajfa-140	230	18	new	new	PROPN
ajfa-140	230	19	zealand	zealand	PROPN
ajfa-140	230	20	case	case	NOUN
ajfa-140	230	21	.	.	PUNCT
ajfa-140	231	1	financial	financial	ADJ
ajfa-140	231	2	services	service	NOUN
ajfa-140	231	3	review	review	PROPN
ajfa-140	231	4	,	,	PUNCT
ajfa-140	231	5	10	10	NUM
ajfa-140	231	6	,	,	PUNCT
ajfa-140	231	7	291–302	291–302	NUM
ajfa-140	231	8	.	.	X
ajfa-140	231	9	yang	yang	PROPN
ajfa-140	231	10	,	,	PUNCT
ajfa-140	231	11	s.	s.	PROPN
ajfa-140	231	12	,	,	PUNCT
ajfa-140	231	13	&	&	CCONJ
ajfa-140	231	14	doong	doong	PROPN
ajfa-140	231	15	,	,	PUNCT
ajfa-140	231	16	s.	s.	PROPN
ajfa-140	231	17	(	(	PUNCT
ajfa-140	231	18	2004	2004	NUM
ajfa-140	231	19	)	)	PUNCT
ajfa-140	231	20	.	.	PUNCT
ajfa-140	232	1	price	price	NOUN
ajfa-140	232	2	and	and	CCONJ
ajfa-140	232	3	volatility	volatility	NOUN
ajfa-140	232	4	spillovers	spillover	NOUN
ajfa-140	232	5	between	between	ADP
ajfa-140	232	6	stock	stock	NOUN
ajfa-140	232	7	prices	price	NOUN
ajfa-140	232	8	and	and	CCONJ
ajfa-140	232	9	exchange	exchange	NOUN
ajfa-140	232	10	rates	rate	NOUN
ajfa-140	232	11	:	:	PUNCT
ajfa-140	232	12	empirical	empirical	ADJ
ajfa-140	232	13	evidence	evidence	NOUN
ajfa-140	232	14	from	from	ADP
ajfa-140	232	15	the	the	DET
ajfa-140	232	16	g-7	g-7	NOUN
ajfa-140	232	17	countries	country	NOUN
ajfa-140	232	18	.	.	PUNCT
ajfa-140	233	1	international	international	ADJ
ajfa-140	233	2	journal	journal	PROPN
ajfa-140	233	3	of	of	ADP
ajfa-140	233	4	business	business	NOUN
ajfa-140	233	5	and	and	CCONJ
ajfa-140	233	6	economics	economic	NOUN
ajfa-140	233	7	,	,	PUNCT
ajfa-140	233	8	3(2	3(2	NUM
ajfa-140	233	9	)	)	PUNCT
ajfa-140	233	10	,	,	PUNCT
ajfa-140	233	11	139	139	NUM
ajfa-140	233	12	-	-	SYM
ajfa-140	233	13	153	153	NUM
ajfa-140	233	14	.	.	PUNCT