id	sid	tid	token	lemma	pos
ajfa-1694	1	1	microsoft	microsoft	PROPN
ajfa-1694	1	2	word	word	NOUN
ajfa-1694	1	3	1694	1694	NUM
ajfa-1694	1	4	-	-	SYM
ajfa-1694	1	5	6687	6687	NUM
ajfa-1694	1	6	-	-	PUNCT
ajfa-1694	1	7	1	1	NUM
ajfa-1694	1	8	-	-	PUNCT
ajfa-1694	1	9	rv	rv	NOUN
ajfa-1694	1	10	-	-	PUNCT
ajfa-1694	1	11	writer2	writer2	VERB
ajfa-1694	1	12	-	-	ADJ
ajfa-1694	1	13	new	new	ADJ
ajfa-1694	1	14	-	-	PUNCT
ajfa-1694	1	15	final	final	ADJ
ajfa-1694	1	16	asian	asian	ADJ
ajfa-1694	1	17	journal	journal	NOUN
ajfa-1694	1	18	of	of	ADP
ajfa-1694	1	19	finance	finance	PROPN
ajfa-1694	1	20	&	&	CCONJ
ajfa-1694	1	21	accounting	accounting	PROPN
ajfa-1694	1	22	issn	issn	PROPN
ajfa-1694	1	23	1946	1946	NUM
ajfa-1694	1	24	-	-	PUNCT
ajfa-1694	1	25	052x	052x	NOUN
ajfa-1694	1	26	2012	2012	NUM
ajfa-1694	1	27	,	,	PUNCT
ajfa-1694	1	28	vol	vol	NOUN
ajfa-1694	1	29	.	.	PROPN
ajfa-1694	1	30	4	4	NUM
ajfa-1694	1	31	,	,	PUNCT
ajfa-1694	1	32	no	no	INTJ
ajfa-1694	1	33	.	.	NOUN
ajfa-1694	1	34	1	1	NUM
ajfa-1694	1	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	1	36	313	313	NUM
ajfa-1694	1	37	the	the	DET
ajfa-1694	1	38	role	role	NOUN
ajfa-1694	1	39	of	of	ADP
ajfa-1694	1	40	macroeconomic	macroeconomic	ADJ
ajfa-1694	1	41	factors	factor	NOUN
ajfa-1694	1	42	in	in	ADP
ajfa-1694	1	43	explaining	explain	VERB
ajfa-1694	1	44	the	the	DET
ajfa-1694	1	45	cost	cost	NOUN
ajfa-1694	1	46	of	of	ADP
ajfa-1694	1	47	capital	capital	NOUN
ajfa-1694	1	48	:	:	PUNCT
ajfa-1694	1	49	evidence	evidence	NOUN
ajfa-1694	1	50	from	from	ADP
ajfa-1694	1	51	a	a	DET
ajfa-1694	1	52	group	group	NOUN
ajfa-1694	1	53	of	of	ADP
ajfa-1694	1	54	emerging	emerge	VERB
ajfa-1694	1	55	economies	economy	NOUN
ajfa-1694	1	56	nicholas	nicholas	PROPN
ajfa-1694	1	57	apergis	apergis	VERB
ajfa-1694	1	58	(	(	PUNCT
ajfa-1694	1	59	corresponding	correspond	VERB
ajfa-1694	1	60	author	author	NOUN
ajfa-1694	1	61	)	)	PUNCT
ajfa-1694	1	62	department	department	NOUN
ajfa-1694	1	63	of	of	ADP
ajfa-1694	1	64	banking	banking	PROPN
ajfa-1694	1	65	&	&	CCONJ
ajfa-1694	1	66	financial	financial	PROPN
ajfa-1694	1	67	management	management	PROPN
ajfa-1694	1	68	university	university	PROPN
ajfa-1694	1	69	of	of	ADP
ajfa-1694	1	70	piraeus	piraeus	NOUN
ajfa-1694	1	71	,	,	PUNCT
ajfa-1694	1	72	80	80	NUM
ajfa-1694	1	73	karaoli	karaoli	NOUN
ajfa-1694	1	74	&	&	CCONJ
ajfa-1694	1	75	dimitriou	dimitriou	PROPN
ajfa-1694	1	76	,	,	PUNCT
ajfa-1694	1	77	18534	18534	NUM
ajfa-1694	1	78	piraeus	piraeus	NOUN
ajfa-1694	1	79	,	,	PUNCT
ajfa-1694	1	80	greece	greece	PROPN
ajfa-1694	1	81	e	e	PROPN
ajfa-1694	1	82	-	-	NOUN
ajfa-1694	1	83	mail	mail	NOUN
ajfa-1694	1	84	:	:	PUNCT
ajfa-1694	1	85	napergis@unipi.gr	napergis@unipi.gr	PROPN
ajfa-1694	1	86	sofia	sofia	PROPN
ajfa-1694	1	87	eleftheriou	eleftheriou	PROPN
ajfa-1694	1	88	department	department	PROPN
ajfa-1694	1	89	of	of	ADP
ajfa-1694	1	90	business	business	PROPN
ajfa-1694	1	91	administration	administration	PROPN
ajfa-1694	1	92	university	university	PROPN
ajfa-1694	1	93	of	of	ADP
ajfa-1694	1	94	piraeus	piraeus	NOUN
ajfa-1694	1	95	,	,	PUNCT
ajfa-1694	1	96	80	80	NUM
ajfa-1694	1	97	karaoli	karaoli	NOUN
ajfa-1694	1	98	&	&	CCONJ
ajfa-1694	1	99	dimitriou	dimitriou	PROPN
ajfa-1694	1	100	,	,	PUNCT
ajfa-1694	1	101	18534	18534	NUM
ajfa-1694	1	102	piraeus	piraeus	NOUN
ajfa-1694	1	103	,	,	PUNCT
ajfa-1694	1	104	greece	greece	PROPN
ajfa-1694	1	105	e	e	PROPN
ajfa-1694	1	106	-	-	NOUN
ajfa-1694	1	107	mail	mail	NOUN
ajfa-1694	1	108	:	:	PUNCT
ajfa-1694	1	109	sofelef@webmail.unipi.gr	sofelef@webmail.unipi.gr	PART
ajfa-1694	1	110	received	receive	VERB
ajfa-1694	1	111	:	:	PUNCT
ajfa-1694	1	112	april	april	PROPN
ajfa-1694	1	113	23	23	NUM
ajfa-1694	1	114	,	,	PUNCT
ajfa-1694	1	115	2012	2012	NUM
ajfa-1694	1	116	accepted	accept	VERB
ajfa-1694	1	117	:	:	PUNCT
ajfa-1694	1	118	may	may	AUX
ajfa-1694	1	119	9	9	NUM
ajfa-1694	1	120	,	,	PUNCT
ajfa-1694	1	121	2012	2012	NUM
ajfa-1694	1	122	published	publish	VERB
ajfa-1694	1	123	:	:	PUNCT
ajfa-1694	1	124	june	june	PROPN
ajfa-1694	1	125	1	1	NUM
ajfa-1694	1	126	,	,	PUNCT
ajfa-1694	1	127	2012	2012	NUM
ajfa-1694	1	128	doi:10.5296	doi:10.5296	NOUN
ajfa-1694	1	129	/	/	SYM
ajfa-1694	1	130	ajfa.v4i1.1694	ajfa.v4i1.1694	NUM
ajfa-1694	1	131	url	url	PROPN
ajfa-1694	1	132	:	:	PUNCT
ajfa-1694	1	133	http://dx.doi.org/10.5296/ajfa.v4i1.1694	http://dx.doi.org/10.5296/ajfa.v4i1.1694	PROPN
ajfa-1694	1	134	abstract	abstract	ADV
ajfa-1694	1	135	this	this	DET
ajfa-1694	1	136	study	study	NOUN
ajfa-1694	1	137	analyzes	analyze	VERB
ajfa-1694	1	138	the	the	DET
ajfa-1694	1	139	dynamic	dynamic	ADJ
ajfa-1694	1	140	relationship	relationship	NOUN
ajfa-1694	1	141	between	between	ADP
ajfa-1694	1	142	the	the	DET
ajfa-1694	1	143	cost	cost	NOUN
ajfa-1694	1	144	of	of	ADP
ajfa-1694	1	145	capital	capital	NOUN
ajfa-1694	1	146	and	and	CCONJ
ajfa-1694	1	147	macroeconomic	macroeconomic	ADJ
ajfa-1694	1	148	factors	factor	NOUN
ajfa-1694	1	149	for	for	ADP
ajfa-1694	1	150	a	a	DET
ajfa-1694	1	151	group	group	NOUN
ajfa-1694	1	152	of	of	ADP
ajfa-1694	1	153	emerging	emerge	VERB
ajfa-1694	1	154	markets	market	NOUN
ajfa-1694	1	155	spanning	span	VERB
ajfa-1694	1	156	the	the	DET
ajfa-1694	1	157	period	period	NOUN
ajfa-1694	1	158	1996	1996	NUM
ajfa-1694	1	159	-	-	SYM
ajfa-1694	1	160	2009	2009	NUM
ajfa-1694	1	161	and	and	CCONJ
ajfa-1694	1	162	using	use	VERB
ajfa-1694	1	163	the	the	DET
ajfa-1694	1	164	gmm	gmm	PROPN
ajfa-1694	1	165	estimator	estimator	NOUN
ajfa-1694	1	166	methodology	methodology	PROPN
ajfa-1694	1	167	,	,	PUNCT
ajfa-1694	1	168	suggested	suggest	VERB
ajfa-1694	1	169	in	in	ADP
ajfa-1694	1	170	arellano	arellano	PROPN
ajfa-1694	1	171	and	and	CCONJ
ajfa-1694	1	172	bond	bond	NOUN
ajfa-1694	1	173	(	(	PUNCT
ajfa-1694	1	174	1991	1991	NUM
ajfa-1694	1	175	)	)	PUNCT
ajfa-1694	1	176	.	.	PUNCT
ajfa-1694	2	1	the	the	DET
ajfa-1694	2	2	empirical	empirical	ADJ
ajfa-1694	2	3	findings	finding	NOUN
ajfa-1694	2	4	indicate	indicate	VERB
ajfa-1694	2	5	that	that	SCONJ
ajfa-1694	2	6	these	these	DET
ajfa-1694	2	7	macroeconomic	macroeconomic	ADJ
ajfa-1694	2	8	factors	factor	NOUN
ajfa-1694	2	9	play	play	VERB
ajfa-1694	2	10	a	a	DET
ajfa-1694	2	11	significant	significant	ADJ
ajfa-1694	2	12	role	role	NOUN
ajfa-1694	2	13	in	in	ADP
ajfa-1694	2	14	explaining	explain	VERB
ajfa-1694	2	15	the	the	DET
ajfa-1694	2	16	cost	cost	NOUN
ajfa-1694	2	17	of	of	ADP
ajfa-1694	2	18	capital	capital	NOUN
ajfa-1694	2	19	in	in	ADP
ajfa-1694	2	20	the	the	DET
ajfa-1694	2	21	emerging	emerge	VERB
ajfa-1694	2	22	markets	market	NOUN
ajfa-1694	2	23	.	.	PUNCT
ajfa-1694	3	1	keywords	keyword	NOUN
ajfa-1694	3	2	:	:	PUNCT
ajfa-1694	3	3	cost	cost	NOUN
ajfa-1694	3	4	of	of	ADP
ajfa-1694	3	5	capital	capital	NOUN
ajfa-1694	3	6	,	,	PUNCT
ajfa-1694	3	7	macroeconomic	macroeconomic	ADJ
ajfa-1694	3	8	factors	factor	NOUN
ajfa-1694	3	9	,	,	PUNCT
ajfa-1694	3	10	emerging	emerge	VERB
ajfa-1694	3	11	countries	country	NOUN
ajfa-1694	3	12	,	,	PUNCT
ajfa-1694	3	13	panel	panel	NOUN
ajfa-1694	3	14	data	datum	NOUN
ajfa-1694	3	15	,	,	PUNCT
ajfa-1694	3	16	gmm	gmm	PROPN
ajfa-1694	3	17	methodology	methodology	PROPN
ajfa-1694	3	18	asian	asian	PROPN
ajfa-1694	3	19	journal	journal	PROPN
ajfa-1694	3	20	of	of	ADP
ajfa-1694	3	21	finance	finance	PROPN
ajfa-1694	3	22	&	&	CCONJ
ajfa-1694	3	23	accounting	accounting	PROPN
ajfa-1694	3	24	issn	issn	PROPN
ajfa-1694	3	25	1946	1946	NUM
ajfa-1694	3	26	-	-	PUNCT
ajfa-1694	3	27	052x	052x	NOUN
ajfa-1694	3	28	2012	2012	NUM
ajfa-1694	3	29	,	,	PUNCT
ajfa-1694	3	30	vol	vol	NOUN
ajfa-1694	3	31	.	.	PROPN
ajfa-1694	4	1	4	4	NUM
ajfa-1694	4	2	,	,	PUNCT
ajfa-1694	4	3	no	no	INTJ
ajfa-1694	4	4	.	.	NOUN
ajfa-1694	4	5	1	1	NUM
ajfa-1694	4	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1694	4	7	314	314	NUM
ajfa-1694	4	8	1	1	NUM
ajfa-1694	4	9	.	.	PUNCT
ajfa-1694	4	10	introduction	introduction	NOUN
ajfa-1694	4	11	and	and	CCONJ
ajfa-1694	4	12	literature	literature	NOUN
ajfa-1694	4	13	1.1	1.1	NUM
ajfa-1694	4	14	general	general	ADJ
ajfa-1694	4	15	issues	issue	NOUN
ajfa-1694	4	16	the	the	DET
ajfa-1694	4	17	cost	cost	NOUN
ajfa-1694	4	18	of	of	ADP
ajfa-1694	4	19	equity	equity	NOUN
ajfa-1694	4	20	capital	capital	NOUN
ajfa-1694	4	21	is	be	AUX
ajfa-1694	4	22	considered	consider	VERB
ajfa-1694	4	23	as	as	ADP
ajfa-1694	4	24	a	a	DET
ajfa-1694	4	25	crucial	crucial	ADJ
ajfa-1694	4	26	factor	factor	NOUN
ajfa-1694	4	27	in	in	ADP
ajfa-1694	4	28	assessing	assess	VERB
ajfa-1694	4	29	investment	investment	NOUN
ajfa-1694	4	30	opportunities	opportunity	NOUN
ajfa-1694	4	31	across	across	ADP
ajfa-1694	4	32	international	international	ADJ
ajfa-1694	4	33	capital	capital	NOUN
ajfa-1694	4	34	markets	market	NOUN
ajfa-1694	4	35	.	.	PUNCT
ajfa-1694	5	1	the	the	DET
ajfa-1694	5	2	general	general	ADJ
ajfa-1694	5	3	approach	approach	NOUN
ajfa-1694	5	4	is	be	AUX
ajfa-1694	5	5	to	to	PART
ajfa-1694	5	6	use	use	VERB
ajfa-1694	5	7	the	the	DET
ajfa-1694	5	8	capital	capital	NOUN
ajfa-1694	5	9	asset	asset	NOUN
ajfa-1694	5	10	pricing	pricing	NOUN
ajfa-1694	5	11	model	model	NOUN
ajfa-1694	5	12	(	(	PUNCT
ajfa-1694	5	13	capm	capm	PROPN
ajfa-1694	5	14	)	)	PUNCT
ajfa-1694	5	15	to	to	PART
ajfa-1694	5	16	assess	assess	VERB
ajfa-1694	5	17	the	the	DET
ajfa-1694	5	18	cost	cost	NOUN
ajfa-1694	5	19	of	of	ADP
ajfa-1694	5	20	the	the	DET
ajfa-1694	5	21	equity	equity	NOUN
ajfa-1694	5	22	capital	capital	NOUN
ajfa-1694	5	23	.	.	PUNCT
ajfa-1694	6	1	this	this	DET
ajfa-1694	6	2	general	general	ADJ
ajfa-1694	6	3	employment	employment	NOUN
ajfa-1694	6	4	is	be	AUX
ajfa-1694	6	5	based	base	VERB
ajfa-1694	6	6	on	on	ADP
ajfa-1694	6	7	the	the	DET
ajfa-1694	6	8	fact	fact	NOUN
ajfa-1694	6	9	that	that	SCONJ
ajfa-1694	6	10	once	once	SCONJ
ajfa-1694	6	11	the	the	DET
ajfa-1694	6	12	future	future	ADJ
ajfa-1694	6	13	payoffs	payoff	NOUN
ajfa-1694	6	14	from	from	ADP
ajfa-1694	6	15	capital	capital	NOUN
ajfa-1694	6	16	market	market	NOUN
ajfa-1694	6	17	investments	investment	NOUN
ajfa-1694	6	18	are	be	AUX
ajfa-1694	6	19	risky	risky	ADJ
ajfa-1694	6	20	,	,	PUNCT
ajfa-1694	6	21	then	then	ADV
ajfa-1694	6	22	the	the	DET
ajfa-1694	6	23	return	return	NOUN
ajfa-1694	6	24	employed	employ	VERB
ajfa-1694	6	25	to	to	PART
ajfa-1694	6	26	assess	assess	VERB
ajfa-1694	6	27	the	the	DET
ajfa-1694	6	28	net	net	ADJ
ajfa-1694	6	29	present	present	ADJ
ajfa-1694	6	30	value	value	NOUN
ajfa-1694	6	31	of	of	ADP
ajfa-1694	6	32	such	such	ADJ
ajfa-1694	6	33	investments	investment	NOUN
ajfa-1694	6	34	should	should	AUX
ajfa-1694	6	35	be	be	AUX
ajfa-1694	6	36	generated	generate	VERB
ajfa-1694	6	37	by	by	ADP
ajfa-1694	6	38	a	a	DET
ajfa-1694	6	39	comparable	comparable	ADJ
ajfa-1694	6	40	risky	risky	ADJ
ajfa-1694	6	41	alternative	alternative	ADJ
ajfa-1694	6	42	investment	investment	NOUN
ajfa-1694	6	43	opportunity	opportunity	NOUN
ajfa-1694	6	44	,	,	PUNCT
ajfa-1694	6	45	such	such	ADJ
ajfa-1694	6	46	as	as	ADP
ajfa-1694	6	47	investments	investment	NOUN
ajfa-1694	6	48	in	in	ADP
ajfa-1694	6	49	the	the	DET
ajfa-1694	6	50	stock	stock	NOUN
ajfa-1694	6	51	market	market	NOUN
ajfa-1694	6	52	.	.	PUNCT
ajfa-1694	7	1	in	in	ADP
ajfa-1694	7	2	other	other	ADJ
ajfa-1694	7	3	words	word	NOUN
ajfa-1694	7	4	,	,	PUNCT
ajfa-1694	7	5	the	the	DET
ajfa-1694	7	6	capm	capm	PROPN
ajfa-1694	7	7	predicts	predict	VERB
ajfa-1694	7	8	that	that	SCONJ
ajfa-1694	7	9	the	the	DET
ajfa-1694	7	10	expected	expect	VERB
ajfa-1694	7	11	return	return	NOUN
ajfa-1694	7	12	can	can	AUX
ajfa-1694	7	13	be	be	AUX
ajfa-1694	7	14	employed	employ	VERB
ajfa-1694	7	15	as	as	ADP
ajfa-1694	7	16	a	a	DET
ajfa-1694	7	17	discount	discount	NOUN
ajfa-1694	7	18	rate	rate	NOUN
ajfa-1694	7	19	in	in	ADP
ajfa-1694	7	20	assessing	assess	VERB
ajfa-1694	7	21	the	the	DET
ajfa-1694	7	22	net	net	ADJ
ajfa-1694	7	23	present	present	ADJ
ajfa-1694	7	24	value	value	NOUN
ajfa-1694	7	25	of	of	ADP
ajfa-1694	7	26	a	a	DET
ajfa-1694	7	27	capital	capital	NOUN
ajfa-1694	7	28	market	market	NOUN
ajfa-1694	7	29	investment	investment	NOUN
ajfa-1694	7	30	.	.	PUNCT
ajfa-1694	8	1	in	in	ADP
ajfa-1694	8	2	a	a	DET
ajfa-1694	8	3	globalized	globalized	ADJ
ajfa-1694	8	4	world	world	NOUN
ajfa-1694	8	5	characterized	characterize	VERB
ajfa-1694	8	6	by	by	ADP
ajfa-1694	8	7	increased	increase	VERB
ajfa-1694	8	8	capital	capital	NOUN
ajfa-1694	8	9	mobility	mobility	NOUN
ajfa-1694	8	10	,	,	PUNCT
ajfa-1694	8	11	valuation	valuation	NOUN
ajfa-1694	8	12	is	be	AUX
ajfa-1694	8	13	highly	highly	ADV
ajfa-1694	8	14	important	important	ADJ
ajfa-1694	8	15	in	in	ADP
ajfa-1694	8	16	emerging	emerge	VERB
ajfa-1694	8	17	markets	market	NOUN
ajfa-1694	8	18	,	,	PUNCT
ajfa-1694	8	19	especially	especially	ADV
ajfa-1694	8	20	for	for	ADP
ajfa-1694	8	21	privatization	privatization	NOUN
ajfa-1694	8	22	,	,	PUNCT
ajfa-1694	8	23	joint	joint	ADJ
ajfa-1694	8	24	ventures	venture	NOUN
ajfa-1694	8	25	,	,	PUNCT
ajfa-1694	8	26	mergers	merger	NOUN
ajfa-1694	8	27	and	and	CCONJ
ajfa-1694	8	28	acquisitions	acquisition	NOUN
ajfa-1694	8	29	and	and	CCONJ
ajfa-1694	8	30	restructuring	restructuring	NOUN
ajfa-1694	8	31	.	.	PUNCT
ajfa-1694	9	1	however	however	ADV
ajfa-1694	9	2	,	,	PUNCT
ajfa-1694	9	3	the	the	DET
ajfa-1694	9	4	valuation	valuation	NOUN
ajfa-1694	9	5	issue	issue	NOUN
ajfa-1694	9	6	turns	turn	VERB
ajfa-1694	9	7	to	to	PART
ajfa-1694	9	8	be	be	AUX
ajfa-1694	9	9	more	more	ADV
ajfa-1694	9	10	difficult	difficult	ADJ
ajfa-1694	9	11	in	in	ADP
ajfa-1694	9	12	emerging	emerge	VERB
ajfa-1694	9	13	markets	market	NOUN
ajfa-1694	9	14	due	due	ADJ
ajfa-1694	9	15	to	to	ADP
ajfa-1694	9	16	higher	high	ADJ
ajfa-1694	9	17	risks	risk	NOUN
ajfa-1694	9	18	,	,	PUNCT
ajfa-1694	9	19	such	such	ADJ
ajfa-1694	9	20	as	as	ADP
ajfa-1694	9	21	macroeconomic	macroeconomic	ADJ
ajfa-1694	9	22	volatility	volatility	NOUN
ajfa-1694	9	23	,	,	PUNCT
ajfa-1694	9	24	capital	capital	NOUN
ajfa-1694	9	25	controls	control	NOUN
ajfa-1694	9	26	,	,	PUNCT
ajfa-1694	9	27	political	political	ADJ
ajfa-1694	9	28	and	and	CCONJ
ajfa-1694	9	29	regulatory	regulatory	ADJ
ajfa-1694	9	30	changes	change	NOUN
ajfa-1694	9	31	,	,	PUNCT
ajfa-1694	9	32	enforced	enforce	VERB
ajfa-1694	9	33	contract	contract	NOUN
ajfa-1694	9	34	and	and	CCONJ
ajfa-1694	9	35	investor	investor	NOUN
ajfa-1694	9	36	rights	right	NOUN
ajfa-1694	9	37	and	and	CCONJ
ajfa-1694	9	38	corruption	corruption	NOUN
ajfa-1694	9	39	.	.	PUNCT
ajfa-1694	10	1	macroeconomic	macroeconomic	ADJ
ajfa-1694	10	2	volatility	volatility	NOUN
ajfa-1694	10	3	,	,	PUNCT
ajfa-1694	10	4	which	which	PRON
ajfa-1694	10	5	is	be	AUX
ajfa-1694	10	6	the	the	DET
ajfa-1694	10	7	main	main	ADJ
ajfa-1694	10	8	theme	theme	NOUN
ajfa-1694	10	9	of	of	ADP
ajfa-1694	10	10	our	our	PRON
ajfa-1694	10	11	study	study	NOUN
ajfa-1694	10	12	,	,	PUNCT
ajfa-1694	10	13	seems	seem	VERB
ajfa-1694	10	14	to	to	PART
ajfa-1694	10	15	be	be	AUX
ajfa-1694	10	16	extremely	extremely	ADV
ajfa-1694	10	17	important	important	ADJ
ajfa-1694	10	18	for	for	ADP
ajfa-1694	10	19	emerging	emerge	VERB
ajfa-1694	10	20	markets	market	NOUN
ajfa-1694	10	21	,	,	PUNCT
ajfa-1694	10	22	where	where	SCONJ
ajfa-1694	10	23	the	the	DET
ajfa-1694	10	24	financial	financial	ADJ
ajfa-1694	10	25	collapse	collapse	NOUN
ajfa-1694	10	26	and	and	CCONJ
ajfa-1694	10	27	subsequent	subsequent	ADJ
ajfa-1694	10	28	recession	recession	NOUN
ajfa-1694	10	29	have	have	AUX
ajfa-1694	10	30	generated	generate	VERB
ajfa-1694	10	31	increased	increase	VERB
ajfa-1694	10	32	nonperforming	nonperforme	VERB
ajfa-1694	10	33	bank	bank	NOUN
ajfa-1694	10	34	loans	loan	NOUN
ajfa-1694	10	35	.	.	PUNCT
ajfa-1694	11	1	at	at	ADP
ajfa-1694	11	2	the	the	DET
ajfa-1694	11	3	same	same	ADJ
ajfa-1694	11	4	time	time	NOUN
ajfa-1694	11	5	,	,	PUNCT
ajfa-1694	11	6	there	there	PRON
ajfa-1694	11	7	is	be	VERB
ajfa-1694	11	8	no	no	DET
ajfa-1694	11	9	general	general	ADJ
ajfa-1694	11	10	consensus	consensus	NOUN
ajfa-1694	11	11	among	among	ADP
ajfa-1694	11	12	academics	academic	NOUN
ajfa-1694	11	13	and	and	CCONJ
ajfa-1694	11	14	practitioners	practitioner	NOUN
ajfa-1694	11	15	as	as	ADP
ajfa-1694	11	16	to	to	ADP
ajfa-1694	11	17	the	the	DET
ajfa-1694	11	18	best	good	ADJ
ajfa-1694	11	19	approach	approach	NOUN
ajfa-1694	11	20	to	to	PART
ajfa-1694	11	21	use	use	VERB
ajfa-1694	11	22	in	in	ADP
ajfa-1694	11	23	estimating	estimate	VERB
ajfa-1694	11	24	the	the	DET
ajfa-1694	11	25	cost	cost	NOUN
ajfa-1694	11	26	of	of	ADP
ajfa-1694	11	27	capital	capital	NOUN
ajfa-1694	11	28	with	with	ADP
ajfa-1694	11	29	regard	regard	NOUN
ajfa-1694	11	30	to	to	ADP
ajfa-1694	11	31	firms	firm	NOUN
ajfa-1694	11	32	operating	operate	VERB
ajfa-1694	11	33	in	in	ADP
ajfa-1694	11	34	emerging	emerge	VERB
ajfa-1694	11	35	markets	market	NOUN
ajfa-1694	11	36	.	.	PUNCT
ajfa-1694	12	1	these	these	DET
ajfa-1694	12	2	markets	market	NOUN
ajfa-1694	12	3	are	be	AUX
ajfa-1694	12	4	considered	consider	VERB
ajfa-1694	12	5	to	to	PART
ajfa-1694	12	6	be	be	AUX
ajfa-1694	12	7	less	less	ADV
ajfa-1694	12	8	integrated	integrated	ADJ
ajfa-1694	12	9	on	on	ADP
ajfa-1694	12	10	a	a	DET
ajfa-1694	12	11	regional	regional	ADJ
ajfa-1694	12	12	and/or	and/or	CCONJ
ajfa-1694	12	13	world	world	NOUN
ajfa-1694	12	14	level	level	NOUN
ajfa-1694	12	15	,	,	PUNCT
ajfa-1694	12	16	and	and	CCONJ
ajfa-1694	12	17	the	the	DET
ajfa-1694	12	18	approach	approach	NOUN
ajfa-1694	12	19	adopted	adopt	VERB
ajfa-1694	12	20	to	to	PART
ajfa-1694	12	21	evaluate	evaluate	VERB
ajfa-1694	12	22	the	the	DET
ajfa-1694	12	23	cost	cost	NOUN
ajfa-1694	12	24	of	of	ADP
ajfa-1694	12	25	capital	capital	NOUN
ajfa-1694	12	26	may	may	AUX
ajfa-1694	12	27	affect	affect	VERB
ajfa-1694	12	28	local	local	ADJ
ajfa-1694	12	29	market	market	NOUN
ajfa-1694	12	30	volatility	volatility	NOUN
ajfa-1694	12	31	.	.	PUNCT
ajfa-1694	13	1	(	(	PUNCT
ajfa-1694	13	2	graham	graham	PROPN
ajfa-1694	13	3	and	and	CCONJ
ajfa-1694	13	4	harvey	harvey	PROPN
ajfa-1694	13	5	,	,	PUNCT
ajfa-1694	13	6	2001	2001	NUM
ajfa-1694	13	7	)	)	PUNCT
ajfa-1694	13	8	argue	argue	VERB
ajfa-1694	13	9	that	that	SCONJ
ajfa-1694	13	10	the	the	DET
ajfa-1694	13	11	cost	cost	NOUN
ajfa-1694	13	12	of	of	ADP
ajfa-1694	13	13	capital	capital	NOUN
ajfa-1694	13	14	in	in	ADP
ajfa-1694	13	15	emerging	emerge	VERB
ajfa-1694	13	16	markets	market	NOUN
ajfa-1694	13	17	also	also	ADV
ajfa-1694	13	18	receives	receive	VERB
ajfa-1694	13	19	a	a	DET
ajfa-1694	13	20	downward	downward	ADJ
ajfa-1694	13	21	adjustment	adjustment	NOUN
ajfa-1694	13	22	due	due	ADP
ajfa-1694	13	23	to	to	ADP
ajfa-1694	13	24	diversification	diversification	NOUN
ajfa-1694	13	25	effects	effect	NOUN
ajfa-1694	13	26	.	.	PUNCT
ajfa-1694	14	1	a	a	DET
ajfa-1694	14	2	potential	potential	ADJ
ajfa-1694	14	3	reason	reason	NOUN
ajfa-1694	14	4	for	for	ADP
ajfa-1694	14	5	this	this	PRON
ajfa-1694	14	6	is	be	AUX
ajfa-1694	14	7	that	that	SCONJ
ajfa-1694	14	8	the	the	DET
ajfa-1694	14	9	higher	high	ADJ
ajfa-1694	14	10	,	,	PUNCT
ajfa-1694	14	11	vis	vis	X
ajfa-1694	14	12	-	-	ADJ
ajfa-1694	14	13	à	à	X
ajfa-1694	14	14	-	-	PUNCT
ajfa-1694	14	15	vis	vis	X
ajfa-1694	14	16	the	the	DET
ajfa-1694	14	17	developed	develop	VERB
ajfa-1694	14	18	markets	market	NOUN
ajfa-1694	14	19	,	,	PUNCT
ajfa-1694	14	20	systematic	systematic	ADJ
ajfa-1694	14	21	risk	risk	NOUN
ajfa-1694	14	22	for	for	ADP
ajfa-1694	14	23	these	these	DET
ajfa-1694	14	24	economies	economy	NOUN
ajfa-1694	14	25	should	should	AUX
ajfa-1694	14	26	be	be	AUX
ajfa-1694	14	27	added	add	VERB
ajfa-1694	14	28	and	and	CCONJ
ajfa-1694	14	29	reflected	reflect	VERB
ajfa-1694	14	30	in	in	ADP
ajfa-1694	14	31	the	the	DET
ajfa-1694	14	32	cost	cost	NOUN
ajfa-1694	14	33	of	of	ADP
ajfa-1694	14	34	capital	capital	NOUN
ajfa-1694	14	35	.	.	PUNCT
ajfa-1694	15	1	finally	finally	ADV
ajfa-1694	15	2	,	,	PUNCT
ajfa-1694	15	3	the	the	DET
ajfa-1694	15	4	risks	risk	NOUN
ajfa-1694	15	5	associated	associate	VERB
ajfa-1694	15	6	with	with	ADP
ajfa-1694	15	7	emerging	emerge	VERB
ajfa-1694	15	8	markets	market	NOUN
ajfa-1694	15	9	are	be	AUX
ajfa-1694	15	10	by	by	ADP
ajfa-1694	15	11	majority	majority	NOUN
ajfa-1694	15	12	considered	consider	VERB
ajfa-1694	15	13	as	as	SCONJ
ajfa-1694	15	14	extra	extra	ADJ
ajfa-1694	15	15	premia	premia	PROPN
ajfa-1694	15	16	added	add	VERB
ajfa-1694	15	17	to	to	ADP
ajfa-1694	15	18	the	the	DET
ajfa-1694	15	19	discount	discount	NOUN
ajfa-1694	15	20	factor	factor	NOUN
ajfa-1694	15	21	(	(	PUNCT
ajfa-1694	15	22	the	the	DET
ajfa-1694	15	23	cost	cost	NOUN
ajfa-1694	15	24	of	of	ADP
ajfa-1694	15	25	capital	capital	NOUN
ajfa-1694	15	26	)	)	PUNCT
ajfa-1694	15	27	used	use	VERB
ajfa-1694	15	28	to	to	PART
ajfa-1694	15	29	calculate	calculate	VERB
ajfa-1694	15	30	the	the	DET
ajfa-1694	15	31	present	present	ADJ
ajfa-1694	15	32	value	value	NOUN
ajfa-1694	15	33	of	of	ADP
ajfa-1694	15	34	future	future	ADJ
ajfa-1694	15	35	cash	cash	NOUN
ajfa-1694	15	36	flows	flow	NOUN
ajfa-1694	15	37	,	,	PUNCT
ajfa-1694	15	38	a	a	DET
ajfa-1694	15	39	procedure	procedure	NOUN
ajfa-1694	15	40	used	use	VERB
ajfa-1694	15	41	extensively	extensively	ADV
ajfa-1694	15	42	by	by	ADP
ajfa-1694	15	43	firms	firm	NOUN
ajfa-1694	15	44	to	to	PART
ajfa-1694	15	45	evaluate	evaluate	VERB
ajfa-1694	15	46	the	the	DET
ajfa-1694	15	47	potential	potential	ADJ
ajfa-1694	15	48	profitability	profitability	NOUN
ajfa-1694	15	49	of	of	ADP
ajfa-1694	15	50	future	future	ADJ
ajfa-1694	15	51	investment	investment	NOUN
ajfa-1694	15	52	projects	project	NOUN
ajfa-1694	15	53	.	.	PUNCT
ajfa-1694	16	1	however	however	ADV
ajfa-1694	16	2	,	,	PUNCT
ajfa-1694	16	3	certain	certain	ADJ
ajfa-1694	16	4	studies	study	NOUN
ajfa-1694	16	5	document	document	VERB
ajfa-1694	16	6	the	the	DET
ajfa-1694	16	7	invalidation	invalidation	NOUN
ajfa-1694	16	8	of	of	ADP
ajfa-1694	16	9	a	a	DET
ajfa-1694	16	10	simple	simple	ADJ
ajfa-1694	16	11	association	association	NOUN
ajfa-1694	16	12	between	between	ADP
ajfa-1694	16	13	risk	risk	NOUN
ajfa-1694	16	14	and	and	CCONJ
ajfa-1694	16	15	return	return	NOUN
ajfa-1694	16	16	,	,	PUNCT
ajfa-1694	16	17	as	as	SCONJ
ajfa-1694	16	18	the	the	DET
ajfa-1694	16	19	capm	capm	PROPN
ajfa-1694	16	20	predicts	predict	NOUN
ajfa-1694	16	21	(	(	PUNCT
ajfa-1694	16	22	lakonishok	lakonishok	NOUN
ajfa-1694	16	23	and	and	CCONJ
ajfa-1694	16	24	shapiro	shapiro	NOUN
ajfa-1694	16	25	,	,	PUNCT
ajfa-1694	16	26	1986	1986	NUM
ajfa-1694	16	27	)	)	PUNCT
ajfa-1694	16	28	.	.	PUNCT
ajfa-1694	17	1	moreover	moreover	ADV
ajfa-1694	17	2	,	,	PUNCT
ajfa-1694	17	3	fama	fama	PROPN
ajfa-1694	17	4	and	and	CCONJ
ajfa-1694	17	5	french	french	ADJ
ajfa-1694	17	6	(	(	PUNCT
ajfa-1694	17	7	1993	1993	NUM
ajfa-1694	17	8	)	)	PUNCT
ajfa-1694	17	9	denote	denote	VERB
ajfa-1694	17	10	that	that	SCONJ
ajfa-1694	17	11	more	more	ADJ
ajfa-1694	17	12	factors	factor	NOUN
ajfa-1694	17	13	than	than	ADP
ajfa-1694	17	14	firm	firm	NOUN
ajfa-1694	17	15	’s	’s	PART
ajfa-1694	17	16	fundamentals	fundamental	NOUN
ajfa-1694	17	17	and	and	CCONJ
ajfa-1694	17	18	market	market	NOUN
ajfa-1694	17	19	risk	risk	NOUN
ajfa-1694	17	20	could	could	AUX
ajfa-1694	17	21	be	be	AUX
ajfa-1694	17	22	responsible	responsible	ADJ
ajfa-1694	17	23	for	for	ADP
ajfa-1694	17	24	determining	determine	VERB
ajfa-1694	17	25	a	a	DET
ajfa-1694	17	26	firm	firm	NOUN
ajfa-1694	17	27	’s	’s	PART
ajfa-1694	17	28	financial	financial	ADJ
ajfa-1694	17	29	aggregates	aggregate	NOUN
ajfa-1694	17	30	,	,	PUNCT
ajfa-1694	17	31	such	such	ADJ
ajfa-1694	17	32	as	as	ADP
ajfa-1694	17	33	stock	stock	NOUN
ajfa-1694	17	34	returns	return	NOUN
ajfa-1694	17	35	.	.	PUNCT
ajfa-1694	18	1	swanson	swanson	PROPN
ajfa-1694	18	2	et	et	PROPN
ajfa-1694	18	3	al	al	PROPN
ajfa-1694	18	4	.	.	PROPN
ajfa-1694	19	1	(	(	PUNCT
ajfa-1694	19	2	2001	2001	NUM
ajfa-1694	19	3	)	)	PUNCT
ajfa-1694	19	4	indicate	indicate	VERB
ajfa-1694	19	5	that	that	DET
ajfa-1694	19	6	firm	firm	NOUN
ajfa-1694	19	7	’s	’s	PART
ajfa-1694	19	8	fundamental	fundamental	ADJ
ajfa-1694	19	9	signals	signal	NOUN
ajfa-1694	19	10	provide	provide	VERB
ajfa-1694	19	11	value	value	NOUN
ajfa-1694	19	12	relevant	relevant	ADJ
ajfa-1694	19	13	information	information	NOUN
ajfa-1694	19	14	about	about	ADP
ajfa-1694	19	15	the	the	DET
ajfa-1694	19	16	effects	effect	NOUN
ajfa-1694	19	17	of	of	ADP
ajfa-1694	19	18	certain	certain	ADJ
ajfa-1694	19	19	macroeconomic	macroeconomic	ADJ
ajfa-1694	19	20	variables	variable	NOUN
ajfa-1694	19	21	on	on	ADP
ajfa-1694	19	22	the	the	DET
ajfa-1694	19	23	market	market	NOUN
ajfa-1694	19	24	’s	’s	PART
ajfa-1694	19	25	expectation	expectation	NOUN
ajfa-1694	19	26	about	about	ADP
ajfa-1694	19	27	changes	change	NOUN
ajfa-1694	19	28	in	in	ADP
ajfa-1694	19	29	future	future	ADJ
ajfa-1694	19	30	cash	cash	NOUN
ajfa-1694	19	31	flows	flow	NOUN
ajfa-1694	19	32	and	and	CCONJ
ajfa-1694	19	33	stock	stock	NOUN
ajfa-1694	19	34	prices	price	NOUN
ajfa-1694	19	35	.	.	PUNCT
ajfa-1694	20	1	al	al	PROPN
ajfa-1694	20	2	-	-	PUNCT
ajfa-1694	20	3	qenae	qenae	PROPN
ajfa-1694	20	4	et	et	PROPN
ajfa-1694	20	5	al	al	PROPN
ajfa-1694	20	6	.	.	PROPN
ajfa-1694	21	1	(	(	PUNCT
ajfa-1694	21	2	2002	2002	NUM
ajfa-1694	21	3	)	)	PUNCT
ajfa-1694	21	4	investigate	investigate	VERB
ajfa-1694	21	5	the	the	DET
ajfa-1694	21	6	effect	effect	NOUN
ajfa-1694	21	7	of	of	ADP
ajfa-1694	21	8	earnings	earning	NOUN
ajfa-1694	21	9	and	and	CCONJ
ajfa-1694	21	10	certain	certain	ADJ
ajfa-1694	21	11	macroeconomic	macroeconomic	ADJ
ajfa-1694	21	12	variables	variable	NOUN
ajfa-1694	21	13	on	on	ADP
ajfa-1694	21	14	stock	stock	NOUN
ajfa-1694	21	15	prices	price	NOUN
ajfa-1694	21	16	for	for	ADP
ajfa-1694	21	17	the	the	DET
ajfa-1694	21	18	kuwait	kuwait	PROPN
ajfa-1694	21	19	stock	stock	NOUN
ajfa-1694	21	20	market	market	NOUN
ajfa-1694	21	21	.	.	PUNCT
ajfa-1694	22	1	their	their	PRON
ajfa-1694	22	2	findings	finding	NOUN
ajfa-1694	22	3	show	show	VERB
ajfa-1694	22	4	that	that	SCONJ
ajfa-1694	22	5	there	there	PRON
ajfa-1694	22	6	exists	exist	VERB
ajfa-1694	22	7	a	a	DET
ajfa-1694	22	8	significant	significant	ADJ
ajfa-1694	22	9	relationship	relationship	NOUN
ajfa-1694	22	10	between	between	ADP
ajfa-1694	22	11	stock	stock	NOUN
ajfa-1694	22	12	prices	price	NOUN
ajfa-1694	22	13	and	and	CCONJ
ajfa-1694	22	14	earnings	earning	NOUN
ajfa-1694	22	15	as	as	ADV
ajfa-1694	22	16	well	well	ADV
ajfa-1694	22	17	as	as	ADP
ajfa-1694	22	18	macroeconomic	macroeconomic	ADJ
ajfa-1694	22	19	variables	variable	NOUN
ajfa-1694	22	20	,	,	PUNCT
ajfa-1694	22	21	such	such	ADJ
ajfa-1694	22	22	as	as	ADP
ajfa-1694	22	23	inflation	inflation	NOUN
ajfa-1694	22	24	and	and	CCONJ
ajfa-1694	22	25	interest	interest	NOUN
ajfa-1694	22	26	rates	rate	NOUN
ajfa-1694	22	27	.	.	PUNCT
ajfa-1694	23	1	by	by	ADP
ajfa-1694	23	2	contrast	contrast	NOUN
ajfa-1694	23	3	,	,	PUNCT
ajfa-1694	23	4	johnson	johnson	PROPN
ajfa-1694	23	5	et	et	PROPN
ajfa-1694	23	6	al	al	PROPN
ajfa-1694	23	7	.	.	PROPN
ajfa-1694	23	8	(	(	PUNCT
ajfa-1694	23	9	2000	2000	NUM
ajfa-1694	23	10	)	)	PUNCT
ajfa-1694	23	11	do	do	AUX
ajfa-1694	23	12	not	not	PART
ajfa-1694	23	13	find	find	VERB
ajfa-1694	23	14	any	any	DET
ajfa-1694	23	15	relation	relation	NOUN
ajfa-1694	23	16	between	between	ADP
ajfa-1694	23	17	stock	stock	NOUN
ajfa-1694	23	18	prices	price	NOUN
ajfa-1694	23	19	in	in	ADP
ajfa-1694	23	20	25	25	NUM
ajfa-1694	23	21	emerging	emerge	VERB
ajfa-1694	23	22	economies	economy	NOUN
ajfa-1694	23	23	and	and	CCONJ
ajfa-1694	23	24	the	the	DET
ajfa-1694	23	25	extent	extent	NOUN
ajfa-1694	23	26	of	of	ADP
ajfa-1694	23	27	certain	certain	ADJ
ajfa-1694	23	28	macroeconomic	macroeconomic	ADJ
ajfa-1694	23	29	variables	variable	NOUN
ajfa-1694	23	30	.	.	PUNCT
ajfa-1694	24	1	asian	asian	ADJ
ajfa-1694	24	2	journal	journal	PROPN
ajfa-1694	24	3	of	of	ADP
ajfa-1694	24	4	finance	finance	PROPN
ajfa-1694	24	5	&	&	CCONJ
ajfa-1694	24	6	accounting	accounting	PROPN
ajfa-1694	24	7	issn	issn	PROPN
ajfa-1694	24	8	1946	1946	NUM
ajfa-1694	24	9	-	-	PUNCT
ajfa-1694	24	10	052x	052x	NOUN
ajfa-1694	24	11	2012	2012	NUM
ajfa-1694	24	12	,	,	PUNCT
ajfa-1694	24	13	vol	vol	NOUN
ajfa-1694	24	14	.	.	PROPN
ajfa-1694	24	15	4	4	NUM
ajfa-1694	24	16	,	,	PUNCT
ajfa-1694	24	17	no	no	INTJ
ajfa-1694	24	18	.	.	NOUN
ajfa-1694	24	19	1	1	NUM
ajfa-1694	24	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	24	21	315	315	NUM
ajfa-1694	24	22	the	the	DET
ajfa-1694	24	23	absence	absence	NOUN
ajfa-1694	24	24	of	of	ADP
ajfa-1694	24	25	a	a	DET
ajfa-1694	24	26	simple	simple	ADJ
ajfa-1694	24	27	association	association	NOUN
ajfa-1694	24	28	as	as	SCONJ
ajfa-1694	24	29	it	it	PRON
ajfa-1694	24	30	is	be	AUX
ajfa-1694	24	31	predicted	predict	VERB
ajfa-1694	24	32	by	by	ADP
ajfa-1694	24	33	the	the	DET
ajfa-1694	24	34	capm	capm	PROPN
ajfa-1694	24	35	turns	turn	VERB
ajfa-1694	24	36	stronger	strong	ADJ
ajfa-1694	24	37	for	for	ADP
ajfa-1694	24	38	the	the	DET
ajfa-1694	24	39	case	case	NOUN
ajfa-1694	24	40	of	of	ADP
ajfa-1694	24	41	emerging	emerge	VERB
ajfa-1694	24	42	markets	market	NOUN
ajfa-1694	24	43	,	,	PUNCT
ajfa-1694	24	44	which	which	PRON
ajfa-1694	24	45	are	be	AUX
ajfa-1694	24	46	less	less	ADV
ajfa-1694	24	47	efficient	efficient	ADJ
ajfa-1694	24	48	and	and	CCONJ
ajfa-1694	24	49	less	less	ADV
ajfa-1694	24	50	liquid	liquid	ADJ
ajfa-1694	24	51	vis	vis	X
ajfa-1694	24	52	-	-	ADJ
ajfa-1694	24	53	à	à	X
ajfa-1694	24	54	-	-	PUNCT
ajfa-1694	24	55	vis	vis	X
ajfa-1694	24	56	the	the	DET
ajfa-1694	24	57	developed	develop	VERB
ajfa-1694	24	58	markets	market	NOUN
ajfa-1694	24	59	.	.	PUNCT
ajfa-1694	25	1	harvey	harvey	NOUN
ajfa-1694	25	2	(	(	PUNCT
ajfa-1694	25	3	1995	1995	NUM
ajfa-1694	25	4	)	)	PUNCT
ajfa-1694	25	5	shows	show	VERB
ajfa-1694	25	6	that	that	SCONJ
ajfa-1694	25	7	such	such	ADJ
ajfa-1694	25	8	markets	market	NOUN
ajfa-1694	25	9	are	be	AUX
ajfa-1694	25	10	characterized	characterize	VERB
ajfa-1694	25	11	by	by	ADP
ajfa-1694	25	12	low	low	ADJ
ajfa-1694	25	13	betas	beta	NOUN
ajfa-1694	25	14	,	,	PUNCT
ajfa-1694	25	15	which	which	PRON
ajfa-1694	25	16	make	make	VERB
ajfa-1694	25	17	the	the	DET
ajfa-1694	25	18	evidence	evidence	NOUN
ajfa-1694	25	19	predicted	predict	VERB
ajfa-1694	25	20	by	by	ADP
ajfa-1694	25	21	the	the	DET
ajfa-1694	25	22	capm	capm	PROPN
ajfa-1694	25	23	less	less	ADV
ajfa-1694	25	24	valid	valid	ADJ
ajfa-1694	25	25	while	while	SCONJ
ajfa-1694	25	26	the	the	DET
ajfa-1694	25	27	simple	simple	ADJ
ajfa-1694	25	28	capm	capm	PROPN
ajfa-1694	25	29	model	model	NOUN
ajfa-1694	25	30	should	should	AUX
ajfa-1694	25	31	incorporate	incorporate	VERB
ajfa-1694	25	32	country	country	NOUN
ajfa-1694	25	33	risk	risk	NOUN
ajfa-1694	25	34	ratings	rating	NOUN
ajfa-1694	25	35	as	as	ADP
ajfa-1694	25	36	an	an	DET
ajfa-1694	25	37	additional	additional	ADJ
ajfa-1694	25	38	explanatory	explanatory	ADJ
ajfa-1694	25	39	variable	variable	NOUN
ajfa-1694	25	40	in	in	ADP
ajfa-1694	25	41	determining	determine	VERB
ajfa-1694	25	42	expected	expect	VERB
ajfa-1694	25	43	returns	return	NOUN
ajfa-1694	25	44	.	.	PUNCT
ajfa-1694	26	1	within	within	ADP
ajfa-1694	26	2	a	a	DET
ajfa-1694	26	3	different	different	ADJ
ajfa-1694	26	4	strand	strand	NOUN
ajfa-1694	26	5	of	of	ADP
ajfa-1694	26	6	the	the	DET
ajfa-1694	26	7	investigation	investigation	NOUN
ajfa-1694	26	8	bekaert	bekaert	NOUN
ajfa-1694	26	9	and	and	CCONJ
ajfa-1694	26	10	harvey	harvey	PROPN
ajfa-1694	26	11	(	(	PUNCT
ajfa-1694	26	12	2000	2000	NUM
ajfa-1694	26	13	)	)	PUNCT
ajfa-1694	26	14	and	and	CCONJ
ajfa-1694	26	15	sokalska	sokalska	NOUN
ajfa-1694	26	16	(	(	PUNCT
ajfa-1694	26	17	2001	2001	NUM
ajfa-1694	26	18	)	)	PUNCT
ajfa-1694	26	19	argue	argue	VERB
ajfa-1694	26	20	that	that	SCONJ
ajfa-1694	26	21	it	it	PRON
ajfa-1694	26	22	is	be	AUX
ajfa-1694	26	23	the	the	DET
ajfa-1694	26	24	local	local	ADJ
ajfa-1694	26	25	macroeconomic	macroeconomic	ADJ
ajfa-1694	26	26	environment	environment	NOUN
ajfa-1694	26	27	that	that	PRON
ajfa-1694	26	28	seems	seem	VERB
ajfa-1694	26	29	to	to	PART
ajfa-1694	26	30	be	be	AUX
ajfa-1694	26	31	more	more	ADV
ajfa-1694	26	32	important	important	ADJ
ajfa-1694	26	33	in	in	ADP
ajfa-1694	26	34	determining	determine	VERB
ajfa-1694	26	35	stock	stock	NOUN
ajfa-1694	26	36	price	price	NOUN
ajfa-1694	26	37	movements	movement	NOUN
ajfa-1694	26	38	.	.	PUNCT
ajfa-1694	27	1	1.2	1.2	NUM
ajfa-1694	27	2	macroeconomic	macroeconomic	ADJ
ajfa-1694	27	3	conditions	condition	NOUN
ajfa-1694	27	4	and	and	CCONJ
ajfa-1694	27	5	capital	capital	NOUN
ajfa-1694	27	6	markets	market	NOUN
ajfa-1694	27	7	the	the	DET
ajfa-1694	27	8	arbitrage	arbitrage	NOUN
ajfa-1694	27	9	pricing	pricing	NOUN
ajfa-1694	27	10	theory	theory	NOUN
ajfa-1694	27	11	(	(	PUNCT
ajfa-1694	27	12	apt	apt	ADJ
ajfa-1694	27	13	)	)	PUNCT
ajfa-1694	27	14	,	,	PUNCT
ajfa-1694	27	15	as	as	SCONJ
ajfa-1694	27	16	it	it	PRON
ajfa-1694	27	17	was	be	AUX
ajfa-1694	27	18	introduced	introduce	VERB
ajfa-1694	27	19	by	by	ADP
ajfa-1694	27	20	ross	ross	PROPN
ajfa-1694	27	21	(	(	PUNCT
ajfa-1694	27	22	1976	1976	NUM
ajfa-1694	27	23	)	)	PUNCT
ajfa-1694	27	24	,	,	PUNCT
ajfa-1694	27	25	initiated	initiate	VERB
ajfa-1694	27	26	the	the	DET
ajfa-1694	27	27	use	use	NOUN
ajfa-1694	27	28	of	of	ADP
ajfa-1694	27	29	variables	variable	NOUN
ajfa-1694	27	30	that	that	PRON
ajfa-1694	27	31	are	be	AUX
ajfa-1694	27	32	associated	associate	VERB
ajfa-1694	27	33	with	with	ADP
ajfa-1694	27	34	the	the	DET
ajfa-1694	27	35	macroeconomic	macroeconomic	ADJ
ajfa-1694	27	36	environment	environment	NOUN
ajfa-1694	27	37	of	of	ADP
ajfa-1694	27	38	the	the	DET
ajfa-1694	27	39	firm	firm	NOUN
ajfa-1694	27	40	.	.	PUNCT
ajfa-1694	28	1	chen	chen	PROPN
ajfa-1694	28	2	et	et	PROPN
ajfa-1694	28	3	al	al	PROPN
ajfa-1694	28	4	.	.	PROPN
ajfa-1694	28	5	(	(	PUNCT
ajfa-1694	28	6	1986	1986	NUM
ajfa-1694	28	7	)	)	PUNCT
ajfa-1694	28	8	express	express	VERB
ajfa-1694	28	9	the	the	DET
ajfa-1694	28	10	equity	equity	NOUN
ajfa-1694	28	11	returns	return	NOUN
ajfa-1694	28	12	as	as	ADP
ajfa-1694	28	13	a	a	DET
ajfa-1694	28	14	function	function	NOUN
ajfa-1694	28	15	of	of	ADP
ajfa-1694	28	16	macroeconomic	macroeconomic	ADJ
ajfa-1694	28	17	variables	variable	NOUN
ajfa-1694	28	18	within	within	ADP
ajfa-1694	28	19	their	their	PRON
ajfa-1694	28	20	‘	'	PUNCT
ajfa-1694	28	21	macroeconomic	macroeconomic	ADJ
ajfa-1694	28	22	factor	factor	NOUN
ajfa-1694	28	23	model	model	NOUN
ajfa-1694	28	24	’	'	PUNCT
ajfa-1694	28	25	.	.	PUNCT
ajfa-1694	29	1	they	they	PRON
ajfa-1694	29	2	conclude	conclude	VERB
ajfa-1694	29	3	that	that	SCONJ
ajfa-1694	29	4	stock	stock	NOUN
ajfa-1694	29	5	returns	return	NOUN
ajfa-1694	29	6	are	be	AUX
ajfa-1694	29	7	affected	affect	VERB
ajfa-1694	29	8	by	by	ADP
ajfa-1694	29	9	certain	certain	ADJ
ajfa-1694	29	10	macroeconomic	macroeconomic	ADJ
ajfa-1694	29	11	variables	variable	NOUN
ajfa-1694	29	12	mainly	mainly	ADV
ajfa-1694	29	13	through	through	ADP
ajfa-1694	29	14	the	the	DET
ajfa-1694	29	15	variables	variable	NOUN
ajfa-1694	29	16	of	of	ADP
ajfa-1694	29	17	the	the	DET
ajfa-1694	29	18	discount	discount	NOUN
ajfa-1694	29	19	rate	rate	NOUN
ajfa-1694	29	20	and	and	CCONJ
ajfa-1694	29	21	expected	expect	VERB
ajfa-1694	29	22	dividends	dividend	NOUN
ajfa-1694	29	23	.	.	PUNCT
ajfa-1694	30	1	the	the	DET
ajfa-1694	30	2	majority	majority	NOUN
ajfa-1694	30	3	of	of	ADP
ajfa-1694	30	4	relevant	relevant	ADJ
ajfa-1694	30	5	studies	study	NOUN
ajfa-1694	30	6	investigate	investigate	VERB
ajfa-1694	30	7	the	the	DET
ajfa-1694	30	8	association	association	NOUN
ajfa-1694	30	9	between	between	ADP
ajfa-1694	30	10	financial	financial	ADJ
ajfa-1694	30	11	aggregates	aggregate	NOUN
ajfa-1694	30	12	and	and	CCONJ
ajfa-1694	30	13	macroeconomic	macroeconomic	ADJ
ajfa-1694	30	14	variables	variable	NOUN
ajfa-1694	30	15	for	for	ADP
ajfa-1694	30	16	the	the	DET
ajfa-1694	30	17	u.s	u.s	PROPN
ajfa-1694	30	18	.	.	PROPN
ajfa-1694	30	19	(	(	PUNCT
ajfa-1694	30	20	clare	clare	PROPN
ajfa-1694	30	21	and	and	CCONJ
ajfa-1694	30	22	thomas	thomas	PROPN
ajfa-1694	30	23	,	,	PUNCT
ajfa-1694	30	24	1994	1994	NUM
ajfa-1694	30	25	;	;	PUNCT
ajfa-1694	30	26	gjerde	gjerde	VERB
ajfa-1694	30	27	and	and	CCONJ
ajfa-1694	30	28	saettem	saettem	NOUN
ajfa-1694	30	29	,	,	PUNCT
ajfa-1694	30	30	1999	1999	NUM
ajfa-1694	30	31	;	;	PUNCT
ajfa-1694	30	32	flannery	flannery	PROPN
ajfa-1694	30	33	and	and	CCONJ
ajfa-1694	30	34	protopapadakis	protopapadaki	NOUN
ajfa-1694	30	35	,	,	PUNCT
ajfa-1694	30	36	2002	2002	NUM
ajfa-1694	30	37	)	)	PUNCT
ajfa-1694	30	38	.	.	PUNCT
ajfa-1694	31	1	other	other	ADJ
ajfa-1694	31	2	studies	study	NOUN
ajfa-1694	31	3	pursue	pursue	VERB
ajfa-1694	31	4	a	a	DET
ajfa-1694	31	5	similar	similar	ADJ
ajfa-1694	31	6	investigation	investigation	NOUN
ajfa-1694	31	7	for	for	ADP
ajfa-1694	31	8	the	the	DET
ajfa-1694	31	9	economies	economy	NOUN
ajfa-1694	31	10	of	of	ADP
ajfa-1694	31	11	east	east	PROPN
ajfa-1694	31	12	asia	asia	PROPN
ajfa-1694	31	13	(	(	PUNCT
ajfa-1694	31	14	bailey	bailey	PROPN
ajfa-1694	31	15	and	and	CCONJ
ajfa-1694	31	16	chang	chang	PROPN
ajfa-1694	31	17	,	,	PUNCT
ajfa-1694	31	18	1996	1996	NUM
ajfa-1694	31	19	;	;	PUNCT
ajfa-1694	31	20	ibrahim	ibrahim	PROPN
ajfa-1694	31	21	and	and	CCONJ
ajfa-1694	31	22	aziz	aziz	PROPN
ajfa-1694	31	23	,	,	PUNCT
ajfa-1694	31	24	2003	2003	NUM
ajfa-1694	31	25	)	)	PUNCT
ajfa-1694	31	26	,	,	PUNCT
ajfa-1694	31	27	while	while	SCONJ
ajfa-1694	31	28	a	a	DET
ajfa-1694	31	29	third	third	ADJ
ajfa-1694	31	30	group	group	NOUN
ajfa-1694	31	31	of	of	ADP
ajfa-1694	31	32	studies	study	NOUN
ajfa-1694	31	33	investigate	investigate	VERB
ajfa-1694	31	34	the	the	DET
ajfa-1694	31	35	issue	issue	NOUN
ajfa-1694	31	36	for	for	ADP
ajfa-1694	31	37	groups	group	NOUN
ajfa-1694	31	38	of	of	ADP
ajfa-1694	31	39	countries	country	NOUN
ajfa-1694	31	40	.	.	PUNCT
ajfa-1694	32	1	within	within	ADP
ajfa-1694	32	2	this	this	DET
ajfa-1694	32	3	part	part	NOUN
ajfa-1694	32	4	of	of	ADP
ajfa-1694	32	5	the	the	DET
ajfa-1694	32	6	literature	literature	NOUN
ajfa-1694	32	7	,	,	PUNCT
ajfa-1694	32	8	bilson	bilson	PROPN
ajfa-1694	32	9	et	et	PROPN
ajfa-1694	32	10	al	al	PROPN
ajfa-1694	32	11	.	.	PROPN
ajfa-1694	33	1	(	(	PUNCT
ajfa-1694	33	2	2001	2001	NUM
ajfa-1694	33	3	)	)	PUNCT
ajfa-1694	33	4	suggest	suggest	VERB
ajfa-1694	33	5	that	that	SCONJ
ajfa-1694	33	6	consumer	consumer	NOUN
ajfa-1694	33	7	prices	price	NOUN
ajfa-1694	33	8	and	and	CCONJ
ajfa-1694	33	9	real	real	ADJ
ajfa-1694	33	10	economic	economic	ADJ
ajfa-1694	33	11	activity	activity	NOUN
ajfa-1694	33	12	are	be	AUX
ajfa-1694	33	13	not	not	PART
ajfa-1694	33	14	capable	capable	ADJ
ajfa-1694	33	15	of	of	ADP
ajfa-1694	33	16	explaining	explain	VERB
ajfa-1694	33	17	stock	stock	NOUN
ajfa-1694	33	18	returns	return	NOUN
ajfa-1694	33	19	in	in	ADP
ajfa-1694	33	20	a	a	DET
ajfa-1694	33	21	group	group	NOUN
ajfa-1694	33	22	of	of	ADP
ajfa-1694	33	23	emerging	emerge	VERB
ajfa-1694	33	24	economies	economy	NOUN
ajfa-1694	33	25	,	,	PUNCT
ajfa-1694	33	26	while	while	SCONJ
ajfa-1694	33	27	exchange	exchange	NOUN
ajfa-1694	33	28	rates	rate	NOUN
ajfa-1694	33	29	and	and	CCONJ
ajfa-1694	33	30	money	money	NOUN
ajfa-1694	33	31	supply	supply	NOUN
ajfa-1694	33	32	can	can	AUX
ajfa-1694	33	33	do	do	VERB
ajfa-1694	33	34	the	the	DET
ajfa-1694	33	35	job	job	NOUN
ajfa-1694	33	36	.	.	PUNCT
ajfa-1694	34	1	moreover	moreover	ADV
ajfa-1694	34	2	,	,	PUNCT
ajfa-1694	34	3	wongbangpo	wongbangpo	NOUN
ajfa-1694	34	4	and	and	CCONJ
ajfa-1694	34	5	sharma	sharma	PROPN
ajfa-1694	34	6	(	(	PUNCT
ajfa-1694	34	7	2002	2002	NUM
ajfa-1694	34	8	)	)	PUNCT
ajfa-1694	34	9	investigate	investigate	VERB
ajfa-1694	34	10	the	the	DET
ajfa-1694	34	11	relevance	relevance	NOUN
ajfa-1694	34	12	of	of	ADP
ajfa-1694	34	13	the	the	DET
ajfa-1694	34	14	macroeconomic	macroeconomic	ADJ
ajfa-1694	34	15	environment	environment	NOUN
ajfa-1694	34	16	in	in	ADP
ajfa-1694	34	17	explaining	explain	VERB
ajfa-1694	34	18	stock	stock	NOUN
ajfa-1694	34	19	returns	return	NOUN
ajfa-1694	34	20	for	for	ADP
ajfa-1694	34	21	five	five	NUM
ajfa-1694	34	22	asean	asean	ADJ
ajfa-1694	34	23	economies	economy	NOUN
ajfa-1694	34	24	,	,	PUNCT
ajfa-1694	34	25	while	while	SCONJ
ajfa-1694	34	26	rapach	rapach	NOUN
ajfa-1694	34	27	(	(	PUNCT
ajfa-1694	34	28	2002	2002	NUM
ajfa-1694	34	29	)	)	PUNCT
ajfa-1694	34	30	argues	argue	VERB
ajfa-1694	34	31	that	that	SCONJ
ajfa-1694	34	32	inflation	inflation	NOUN
ajfa-1694	34	33	does	do	AUX
ajfa-1694	34	34	not	not	PART
ajfa-1694	34	35	seem	seem	VERB
ajfa-1694	34	36	to	to	PART
ajfa-1694	34	37	be	be	AUX
ajfa-1694	34	38	a	a	DET
ajfa-1694	34	39	significant	significant	ADJ
ajfa-1694	34	40	variable	variable	NOUN
ajfa-1694	34	41	in	in	ADP
ajfa-1694	34	42	explaining	explain	VERB
ajfa-1694	34	43	stock	stock	NOUN
ajfa-1694	34	44	price	price	NOUN
ajfa-1694	34	45	movements	movement	NOUN
ajfa-1694	34	46	.	.	PUNCT
ajfa-1694	35	1	their	their	PRON
ajfa-1694	35	2	results	result	NOUN
ajfa-1694	35	3	display	display	VERB
ajfa-1694	35	4	that	that	SCONJ
ajfa-1694	35	5	stock	stock	NOUN
ajfa-1694	35	6	prices	price	NOUN
ajfa-1694	35	7	are	be	AUX
ajfa-1694	35	8	positively	positively	ADV
ajfa-1694	35	9	related	relate	VERB
ajfa-1694	35	10	to	to	ADP
ajfa-1694	35	11	output	output	NOUN
ajfa-1694	35	12	growth	growth	NOUN
ajfa-1694	35	13	,	,	PUNCT
ajfa-1694	35	14	which	which	PRON
ajfa-1694	35	15	seems	seem	VERB
ajfa-1694	35	16	to	to	PART
ajfa-1694	35	17	be	be	AUX
ajfa-1694	35	18	the	the	DET
ajfa-1694	35	19	sole	sole	ADJ
ajfa-1694	35	20	macroeconomic	macroeconomic	ADJ
ajfa-1694	35	21	variables	variable	NOUN
ajfa-1694	35	22	that	that	PRON
ajfa-1694	35	23	seems	seem	VERB
ajfa-1694	35	24	to	to	PART
ajfa-1694	35	25	be	be	AUX
ajfa-1694	35	26	important	important	ADJ
ajfa-1694	35	27	.	.	PUNCT
ajfa-1694	36	1	tsoukalas	tsoukalas	PROPN
ajfa-1694	36	2	(	(	PUNCT
ajfa-1694	36	3	2003	2003	NUM
ajfa-1694	36	4	)	)	PUNCT
ajfa-1694	36	5	finds	find	VERB
ajfa-1694	36	6	a	a	DET
ajfa-1694	36	7	strong	strong	ADJ
ajfa-1694	36	8	relationship	relationship	NOUN
ajfa-1694	36	9	between	between	ADP
ajfa-1694	36	10	stock	stock	NOUN
ajfa-1694	36	11	prices	price	NOUN
ajfa-1694	36	12	and	and	CCONJ
ajfa-1694	36	13	the	the	DET
ajfa-1694	36	14	macroeconomic	macroeconomic	ADJ
ajfa-1694	36	15	environment	environment	NOUN
ajfa-1694	36	16	of	of	ADP
ajfa-1694	36	17	firms	firm	NOUN
ajfa-1694	36	18	listed	list	VERB
ajfa-1694	36	19	on	on	ADP
ajfa-1694	36	20	the	the	DET
ajfa-1694	36	21	cypriot	cypriot	ADJ
ajfa-1694	36	22	stock	stock	NOUN
ajfa-1694	36	23	market	market	NOUN
ajfa-1694	36	24	.	.	PUNCT
ajfa-1694	37	1	chaudhuri	chaudhuri	PROPN
ajfa-1694	37	2	and	and	CCONJ
ajfa-1694	37	3	smiles	smile	NOUN
ajfa-1694	37	4	(	(	PUNCT
ajfa-1694	37	5	2004	2004	NUM
ajfa-1694	37	6	)	)	PUNCT
ajfa-1694	37	7	provide	provide	VERB
ajfa-1694	37	8	empirical	empirical	ADJ
ajfa-1694	37	9	support	support	NOUN
ajfa-1694	37	10	about	about	ADP
ajfa-1694	37	11	a	a	DET
ajfa-1694	37	12	strong	strong	ADJ
ajfa-1694	37	13	long	long	ADJ
ajfa-1694	37	14	-	-	PUNCT
ajfa-1694	37	15	run	run	NOUN
ajfa-1694	37	16	relationship	relationship	NOUN
ajfa-1694	37	17	between	between	ADP
ajfa-1694	37	18	stock	stock	NOUN
ajfa-1694	37	19	prices	price	NOUN
ajfa-1694	37	20	and	and	CCONJ
ajfa-1694	37	21	real	real	ADJ
ajfa-1694	37	22	macroeconomic	macroeconomic	ADJ
ajfa-1694	37	23	activity	activity	NOUN
ajfa-1694	37	24	,	,	PUNCT
ajfa-1694	37	25	as	as	SCONJ
ajfa-1694	37	26	it	it	PRON
ajfa-1694	37	27	is	be	AUX
ajfa-1694	37	28	described	describe	VERB
ajfa-1694	37	29	by	by	ADP
ajfa-1694	37	30	real	real	ADJ
ajfa-1694	37	31	income	income	NOUN
ajfa-1694	37	32	,	,	PUNCT
ajfa-1694	37	33	real	real	ADJ
ajfa-1694	37	34	private	private	ADJ
ajfa-1694	37	35	consumption	consumption	NOUN
ajfa-1694	37	36	and	and	CCONJ
ajfa-1694	37	37	real	real	ADJ
ajfa-1694	37	38	oil	oil	NOUN
ajfa-1694	37	39	prices	price	NOUN
ajfa-1694	37	40	for	for	ADP
ajfa-1694	37	41	the	the	DET
ajfa-1694	37	42	australian	australian	ADJ
ajfa-1694	37	43	stock	stock	NOUN
ajfa-1694	37	44	market	market	NOUN
ajfa-1694	37	45	while	while	SCONJ
ajfa-1694	37	46	hammoudeh	hammoudeh	NOUN
ajfa-1694	37	47	and	and	CCONJ
ajfa-1694	37	48	aleisa	aleisa	NOUN
ajfa-1694	37	49	(	(	PUNCT
ajfa-1694	37	50	2004	2004	NUM
ajfa-1694	37	51	)	)	PUNCT
ajfa-1694	37	52	show	show	VERB
ajfa-1694	37	53	that	that	SCONJ
ajfa-1694	37	54	the	the	DET
ajfa-1694	37	55	primary	primary	ADJ
ajfa-1694	37	56	determinants	determinant	NOUN
ajfa-1694	37	57	of	of	ADP
ajfa-1694	37	58	stock	stock	NOUN
ajfa-1694	37	59	prices	price	NOUN
ajfa-1694	37	60	are	be	AUX
ajfa-1694	37	61	inflation	inflation	NOUN
ajfa-1694	37	62	and	and	CCONJ
ajfa-1694	37	63	variables	variable	NOUN
ajfa-1694	37	64	associated	associate	VERB
ajfa-1694	37	65	with	with	ADP
ajfa-1694	37	66	public	public	ADJ
ajfa-1694	37	67	finance	finance	NOUN
ajfa-1694	37	68	.	.	PUNCT
ajfa-1694	38	1	in	in	ADP
ajfa-1694	38	2	general	general	ADJ
ajfa-1694	38	3	,	,	PUNCT
ajfa-1694	38	4	the	the	DET
ajfa-1694	38	5	findings	finding	NOUN
ajfa-1694	38	6	of	of	ADP
ajfa-1694	38	7	the	the	DET
ajfa-1694	38	8	majority	majority	NOUN
ajfa-1694	38	9	of	of	ADP
ajfa-1694	38	10	the	the	DET
ajfa-1694	38	11	above	above	ADJ
ajfa-1694	38	12	studies	study	NOUN
ajfa-1694	38	13	have	have	AUX
ajfa-1694	38	14	generated	generate	VERB
ajfa-1694	38	15	mixed	mixed	ADJ
ajfa-1694	38	16	results	result	NOUN
ajfa-1694	38	17	,	,	PUNCT
ajfa-1694	38	18	depending	depend	VERB
ajfa-1694	38	19	not	not	PART
ajfa-1694	38	20	only	only	ADV
ajfa-1694	38	21	on	on	ADP
ajfa-1694	38	22	the	the	DET
ajfa-1694	38	23	set	set	NOUN
ajfa-1694	38	24	of	of	ADP
ajfa-1694	38	25	macroeconomic	macroeconomic	ADJ
ajfa-1694	38	26	variables	variable	NOUN
ajfa-1694	38	27	used	use	VERB
ajfa-1694	38	28	,	,	PUNCT
ajfa-1694	38	29	but	but	CCONJ
ajfa-1694	38	30	also	also	ADV
ajfa-1694	38	31	on	on	ADP
ajfa-1694	38	32	the	the	DET
ajfa-1694	38	33	methodological	methodological	ADJ
ajfa-1694	38	34	approach	approach	NOUN
ajfa-1694	38	35	followed	follow	VERB
ajfa-1694	38	36	.	.	PUNCT
ajfa-1694	39	1	the	the	DET
ajfa-1694	39	2	primary	primary	ADJ
ajfa-1694	39	3	goal	goal	NOUN
ajfa-1694	39	4	of	of	ADP
ajfa-1694	39	5	this	this	DET
ajfa-1694	39	6	study	study	NOUN
ajfa-1694	39	7	is	be	AUX
ajfa-1694	39	8	to	to	PART
ajfa-1694	39	9	explore	explore	VERB
ajfa-1694	39	10	the	the	DET
ajfa-1694	39	11	role	role	NOUN
ajfa-1694	39	12	of	of	ADP
ajfa-1694	39	13	macroeconomic	macroeconomic	ADJ
ajfa-1694	39	14	factors	factor	NOUN
ajfa-1694	39	15	in	in	ADP
ajfa-1694	39	16	explaining	explain	VERB
ajfa-1694	39	17	the	the	DET
ajfa-1694	39	18	cost	cost	NOUN
ajfa-1694	39	19	of	of	ADP
ajfa-1694	39	20	equity	equity	NOUN
ajfa-1694	39	21	capital	capital	NOUN
ajfa-1694	39	22	for	for	ADP
ajfa-1694	39	23	a	a	DET
ajfa-1694	39	24	group	group	NOUN
ajfa-1694	39	25	of	of	ADP
ajfa-1694	39	26	emerging	emerge	VERB
ajfa-1694	39	27	countries	country	NOUN
ajfa-1694	39	28	.	.	PUNCT
ajfa-1694	40	1	such	such	ADJ
ajfa-1694	40	2	economies	economy	NOUN
ajfa-1694	40	3	usually	usually	ADV
ajfa-1694	40	4	attract	attract	VERB
ajfa-1694	40	5	the	the	DET
ajfa-1694	40	6	international	international	ADJ
ajfa-1694	40	7	investor	investor	NOUN
ajfa-1694	40	8	’s	’s	PART
ajfa-1694	40	9	interest	interest	NOUN
ajfa-1694	40	10	,	,	PUNCT
ajfa-1694	40	11	while	while	SCONJ
ajfa-1694	40	12	they	they	PRON
ajfa-1694	40	13	are	be	AUX
ajfa-1694	40	14	usually	usually	ADV
ajfa-1694	40	15	characterized	characterize	VERB
ajfa-1694	40	16	by	by	ADP
ajfa-1694	40	17	capital	capital	NOUN
ajfa-1694	40	18	markets	market	NOUN
ajfa-1694	40	19	that	that	PRON
ajfa-1694	40	20	offer	offer	VERB
ajfa-1694	40	21	very	very	ADV
ajfa-1694	40	22	high	high	ADJ
ajfa-1694	40	23	returns	return	NOUN
ajfa-1694	40	24	,	,	PUNCT
ajfa-1694	40	25	associated	associate	VERB
ajfa-1694	40	26	,	,	PUNCT
ajfa-1694	40	27	however	however	ADV
ajfa-1694	40	28	,	,	PUNCT
ajfa-1694	40	29	with	with	ADP
ajfa-1694	40	30	very	very	ADV
ajfa-1694	40	31	high	high	ADJ
ajfa-1694	40	32	volatility	volatility	NOUN
ajfa-1694	40	33	of	of	ADP
ajfa-1694	40	34	returns	return	NOUN
ajfa-1694	40	35	.	.	PUNCT
ajfa-1694	41	1	the	the	DET
ajfa-1694	41	2	novelty	novelty	NOUN
ajfa-1694	41	3	of	of	ADP
ajfa-1694	41	4	the	the	DET
ajfa-1694	41	5	study	study	NOUN
ajfa-1694	41	6	is	be	AUX
ajfa-1694	41	7	that	that	SCONJ
ajfa-1694	41	8	it	it	PRON
ajfa-1694	41	9	uses	use	VERB
ajfa-1694	41	10	a	a	DET
ajfa-1694	41	11	sample	sample	NOUN
ajfa-1694	41	12	of	of	ADP
ajfa-1694	41	13	countries	country	NOUN
ajfa-1694	41	14	never	never	ADV
ajfa-1694	41	15	examined	examine	VERB
ajfa-1694	41	16	before	before	ADV
ajfa-1694	41	17	in	in	ADP
ajfa-1694	41	18	the	the	DET
ajfa-1694	41	19	relevant	relevant	ADJ
ajfa-1694	41	20	literature	literature	NOUN
ajfa-1694	41	21	while	while	SCONJ
ajfa-1694	41	22	it	it	PRON
ajfa-1694	41	23	makes	make	VERB
ajfa-1694	41	24	use	use	NOUN
ajfa-1694	41	25	of	of	ADP
ajfa-1694	41	26	the	the	DET
ajfa-1694	41	27	gmm	gmm	PROPN
ajfa-1694	41	28	estimator	estimator	NOUN
ajfa-1694	41	29	methodology	methodology	PROPN
ajfa-1694	41	30	,	,	PUNCT
ajfa-1694	41	31	suggested	suggest	VERB
ajfa-1694	41	32	in	in	ADP
ajfa-1694	41	33	arellano	arellano	PROPN
ajfa-1694	41	34	and	and	CCONJ
ajfa-1694	41	35	bond	bond	NOUN
ajfa-1694	41	36	(	(	PUNCT
ajfa-1694	41	37	1991	1991	NUM
ajfa-1694	41	38	)	)	PUNCT
ajfa-1694	41	39	.	.	PUNCT
ajfa-1694	42	1	the	the	DET
ajfa-1694	42	2	results	result	NOUN
ajfa-1694	42	3	of	of	ADP
ajfa-1694	42	4	our	our	PRON
ajfa-1694	42	5	study	study	NOUN
ajfa-1694	42	6	are	be	AUX
ajfa-1694	42	7	expected	expect	VERB
ajfa-1694	42	8	to	to	PART
ajfa-1694	42	9	contribute	contribute	VERB
ajfa-1694	42	10	to	to	PART
ajfa-1694	42	11	enrich	enrich	VERB
ajfa-1694	42	12	the	the	DET
ajfa-1694	42	13	present	present	ADJ
ajfa-1694	42	14	asian	asian	ADJ
ajfa-1694	42	15	journal	journal	NOUN
ajfa-1694	42	16	of	of	ADP
ajfa-1694	42	17	finance	finance	PROPN
ajfa-1694	42	18	&	&	CCONJ
ajfa-1694	42	19	accounting	accounting	PROPN
ajfa-1694	42	20	issn	issn	PROPN
ajfa-1694	42	21	1946	1946	NUM
ajfa-1694	42	22	-	-	PUNCT
ajfa-1694	42	23	052x	052x	NOUN
ajfa-1694	42	24	2012	2012	NUM
ajfa-1694	42	25	,	,	PUNCT
ajfa-1694	42	26	vol	vol	NOUN
ajfa-1694	42	27	.	.	PROPN
ajfa-1694	43	1	4	4	NUM
ajfa-1694	43	2	,	,	PUNCT
ajfa-1694	43	3	no	no	INTJ
ajfa-1694	43	4	.	.	NOUN
ajfa-1694	43	5	1	1	NUM
ajfa-1694	43	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	43	7	316	316	NUM
ajfa-1694	43	8	literature	literature	NOUN
ajfa-1694	43	9	and	and	CCONJ
ajfa-1694	43	10	add	add	VERB
ajfa-1694	43	11	significant	significant	ADJ
ajfa-1694	43	12	value	value	NOUN
ajfa-1694	43	13	to	to	ADP
ajfa-1694	43	14	investors	investor	NOUN
ajfa-1694	43	15	,	,	PUNCT
ajfa-1694	43	16	market	market	NOUN
ajfa-1694	43	17	practitioners	practitioner	NOUN
ajfa-1694	43	18	as	as	ADV
ajfa-1694	43	19	well	well	ADV
ajfa-1694	43	20	as	as	ADP
ajfa-1694	43	21	regulators	regulator	NOUN
ajfa-1694	43	22	.	.	PUNCT
ajfa-1694	44	1	in	in	ADP
ajfa-1694	44	2	particular	particular	ADJ
ajfa-1694	44	3	,	,	PUNCT
ajfa-1694	44	4	portfolio	portfolio	NOUN
ajfa-1694	44	5	managers	manager	NOUN
ajfa-1694	44	6	and	and	CCONJ
ajfa-1694	44	7	investors	investor	NOUN
ajfa-1694	44	8	are	be	AUX
ajfa-1694	44	9	expected	expect	VERB
ajfa-1694	44	10	to	to	PART
ajfa-1694	44	11	find	find	VERB
ajfa-1694	44	12	results	result	NOUN
ajfa-1694	44	13	useful	useful	ADJ
ajfa-1694	44	14	for	for	ADP
ajfa-1694	44	15	determining	determine	VERB
ajfa-1694	44	16	the	the	DET
ajfa-1694	44	17	future	future	ADJ
ajfa-1694	44	18	behavior	behavior	NOUN
ajfa-1694	44	19	and	and	CCONJ
ajfa-1694	44	20	performance	performance	NOUN
ajfa-1694	44	21	of	of	ADP
ajfa-1694	44	22	the	the	DET
ajfa-1694	44	23	firms	firm	NOUN
ajfa-1694	44	24	’	'	PUNCT
ajfa-1694	44	25	cost	cost	NOUN
ajfa-1694	44	26	of	of	ADP
ajfa-1694	44	27	capital	capital	NOUN
ajfa-1694	44	28	,	,	PUNCT
ajfa-1694	44	29	for	for	ADP
ajfa-1694	44	30	identifying	identify	VERB
ajfa-1694	44	31	investment	investment	NOUN
ajfa-1694	44	32	approaches	approach	NOUN
ajfa-1694	44	33	,	,	PUNCT
ajfa-1694	44	34	pursuing	pursue	VERB
ajfa-1694	44	35	available	available	ADJ
ajfa-1694	44	36	investment	investment	NOUN
ajfa-1694	44	37	opportunities	opportunity	NOUN
ajfa-1694	44	38	,	,	PUNCT
ajfa-1694	44	39	and	and	CCONJ
ajfa-1694	44	40	reducing	reduce	VERB
ajfa-1694	44	41	the	the	DET
ajfa-1694	44	42	likelihood	likelihood	NOUN
ajfa-1694	44	43	of	of	ADP
ajfa-1694	44	44	high	high	ADJ
ajfa-1694	44	45	value	value	NOUN
ajfa-1694	44	46	losses	loss	NOUN
ajfa-1694	44	47	in	in	ADP
ajfa-1694	44	48	the	the	DET
ajfa-1694	44	49	market	market	NOUN
ajfa-1694	44	50	.	.	PUNCT
ajfa-1694	45	1	in	in	ADP
ajfa-1694	45	2	addition	addition	NOUN
ajfa-1694	45	3	,	,	PUNCT
ajfa-1694	45	4	market	market	NOUN
ajfa-1694	45	5	regulators	regulator	NOUN
ajfa-1694	45	6	are	be	AUX
ajfa-1694	45	7	expected	expect	VERB
ajfa-1694	45	8	to	to	PART
ajfa-1694	45	9	find	find	VERB
ajfa-1694	45	10	the	the	DET
ajfa-1694	45	11	results	result	NOUN
ajfa-1694	45	12	useful	useful	ADJ
ajfa-1694	45	13	in	in	ADP
ajfa-1694	45	14	avoiding	avoid	VERB
ajfa-1694	45	15	any	any	DET
ajfa-1694	45	16	unexpected	unexpected	ADJ
ajfa-1694	45	17	catastrophes	catastrophe	NOUN
ajfa-1694	45	18	,	,	PUNCT
ajfa-1694	45	19	controlling	control	VERB
ajfa-1694	45	20	market	market	NOUN
ajfa-1694	45	21	strategies	strategy	NOUN
ajfa-1694	45	22	and	and	CCONJ
ajfa-1694	45	23	assessing	assess	VERB
ajfa-1694	45	24	the	the	DET
ajfa-1694	45	25	degree	degree	NOUN
ajfa-1694	45	26	to	to	PART
ajfa-1694	45	27	which	which	PRON
ajfa-1694	45	28	the	the	DET
ajfa-1694	45	29	stock	stock	NOUN
ajfa-1694	45	30	market	market	NOUN
ajfa-1694	45	31	may	may	AUX
ajfa-1694	45	32	need	need	VERB
ajfa-1694	45	33	to	to	PART
ajfa-1694	45	34	be	be	AUX
ajfa-1694	45	35	reformed	reform	VERB
ajfa-1694	45	36	.	.	PUNCT
ajfa-1694	46	1	2	2	X
ajfa-1694	46	2	.	.	X
ajfa-1694	46	3	data	datum	NOUN
ajfa-1694	46	4	and	and	CCONJ
ajfa-1694	46	5	methodological	methodological	ADJ
ajfa-1694	46	6	approaches	approach	NOUN
ajfa-1694	46	7	2.1	2.1	NUM
ajfa-1694	46	8	data	datum	NOUN
ajfa-1694	46	9	the	the	DET
ajfa-1694	46	10	study	study	NOUN
ajfa-1694	46	11	makes	make	VERB
ajfa-1694	46	12	use	use	NOUN
ajfa-1694	46	13	of	of	ADP
ajfa-1694	46	14	quarterly	quarterly	ADJ
ajfa-1694	46	15	data	datum	NOUN
ajfa-1694	46	16	for	for	ADP
ajfa-1694	46	17	a	a	DET
ajfa-1694	46	18	group	group	NOUN
ajfa-1694	46	19	of	of	ADP
ajfa-1694	46	20	countries	country	NOUN
ajfa-1694	46	21	spanning	span	VERB
ajfa-1694	46	22	the	the	DET
ajfa-1694	46	23	period	period	NOUN
ajfa-1694	46	24	1990	1990	NUM
ajfa-1694	46	25	-	-	SYM
ajfa-1694	46	26	2009	2009	NUM
ajfa-1694	46	27	.	.	PUNCT
ajfa-1694	47	1	the	the	DET
ajfa-1694	47	2	data	datum	NOUN
ajfa-1694	47	3	set	set	VERB
ajfa-1694	47	4	includes	include	VERB
ajfa-1694	47	5	stock	stock	NOUN
ajfa-1694	47	6	market	market	NOUN
ajfa-1694	47	7	prices	price	NOUN
ajfa-1694	47	8	,	,	PUNCT
ajfa-1694	47	9	proxied	proxie	VERB
ajfa-1694	47	10	by	by	ADP
ajfa-1694	47	11	the	the	DET
ajfa-1694	47	12	country	country	NOUN
ajfa-1694	47	13	’s	’s	PART
ajfa-1694	47	14	capital	capital	NOUN
ajfa-1694	47	15	market	market	NOUN
ajfa-1694	47	16	index	index	NOUN
ajfa-1694	47	17	,	,	PUNCT
ajfa-1694	47	18	while	while	SCONJ
ajfa-1694	47	19	a	a	DET
ajfa-1694	47	20	number	number	NOUN
ajfa-1694	47	21	of	of	ADP
ajfa-1694	47	22	manufacturing	manufacturing	NOUN
ajfa-1694	47	23	firms	firm	NOUN
ajfa-1694	47	24	were	be	AUX
ajfa-1694	47	25	used	use	VERB
ajfa-1694	47	26	from	from	ADP
ajfa-1694	47	27	each	each	DET
ajfa-1694	47	28	country	country	NOUN
ajfa-1694	47	29	along	along	ADP
ajfa-1694	47	30	with	with	ADP
ajfa-1694	47	31	their	their	PRON
ajfa-1694	47	32	stock	stock	NOUN
ajfa-1694	47	33	prices	price	NOUN
ajfa-1694	47	34	.	.	PUNCT
ajfa-1694	48	1	data	datum	NOUN
ajfa-1694	48	2	was	be	AUX
ajfa-1694	48	3	obtained	obtain	VERB
ajfa-1694	48	4	from	from	ADP
ajfa-1694	48	5	bloomberg	bloomberg	PROPN
ajfa-1694	48	6	.	.	PUNCT
ajfa-1694	49	1	the	the	DET
ajfa-1694	49	2	appendix	appendix	NOUN
ajfa-1694	49	3	provides	provide	VERB
ajfa-1694	49	4	information	information	NOUN
ajfa-1694	49	5	about	about	ADP
ajfa-1694	49	6	the	the	DET
ajfa-1694	49	7	countries	country	NOUN
ajfa-1694	49	8	used	use	VERB
ajfa-1694	49	9	along	along	ADP
ajfa-1694	49	10	with	with	ADP
ajfa-1694	49	11	the	the	DET
ajfa-1694	49	12	number	number	NOUN
ajfa-1694	49	13	of	of	ADP
ajfa-1694	49	14	firms	firm	NOUN
ajfa-1694	49	15	from	from	ADP
ajfa-1694	49	16	each	each	DET
ajfa-1694	49	17	country	country	NOUN
ajfa-1694	49	18	from	from	ADP
ajfa-1694	49	19	which	which	PRON
ajfa-1694	49	20	those	those	DET
ajfa-1694	49	21	stock	stock	NOUN
ajfa-1694	49	22	prices	price	NOUN
ajfa-1694	49	23	were	be	AUX
ajfa-1694	49	24	obtained	obtain	VERB
ajfa-1694	49	25	.	.	PUNCT
ajfa-1694	50	1	the	the	DET
ajfa-1694	50	2	data	datum	NOUN
ajfa-1694	50	3	set	set	VERB
ajfa-1694	50	4	also	also	ADV
ajfa-1694	50	5	consists	consist	VERB
ajfa-1694	50	6	of	of	ADP
ajfa-1694	50	7	macroeconomic	macroeconomic	ADJ
ajfa-1694	50	8	factors	factor	NOUN
ajfa-1694	50	9	.	.	PUNCT
ajfa-1694	51	1	the	the	DET
ajfa-1694	51	2	macroeconomic	macroeconomic	ADJ
ajfa-1694	51	3	variables	variable	NOUN
ajfa-1694	51	4	set	set	VERB
ajfa-1694	51	5	includes	include	VERB
ajfa-1694	51	6	certain	certain	ADJ
ajfa-1694	51	7	important	important	ADJ
ajfa-1694	51	8	macroeconomic	macroeconomic	ADJ
ajfa-1694	51	9	factors	factor	NOUN
ajfa-1694	51	10	,	,	PUNCT
ajfa-1694	51	11	such	such	ADJ
ajfa-1694	51	12	as	as	ADP
ajfa-1694	51	13	the	the	DET
ajfa-1694	51	14	production	production	NOUN
ajfa-1694	51	15	capacity	capacity	NOUN
ajfa-1694	51	16	of	of	ADP
ajfa-1694	51	17	the	the	DET
ajfa-1694	51	18	economy	economy	NOUN
ajfa-1694	51	19	as	as	SCONJ
ajfa-1694	51	20	it	it	PRON
ajfa-1694	51	21	is	be	AUX
ajfa-1694	51	22	proxied	proxie	VERB
ajfa-1694	51	23	by	by	ADP
ajfa-1694	51	24	gdp	gdp	NOUN
ajfa-1694	51	25	(	(	PUNCT
ajfa-1694	51	26	y)-since	y)-since	SCONJ
ajfa-1694	51	27	the	the	DET
ajfa-1694	51	28	variable	variable	NOUN
ajfa-1694	51	29	affects	affect	VERB
ajfa-1694	51	30	the	the	DET
ajfa-1694	51	31	value	value	NOUN
ajfa-1694	51	32	of	of	ADP
ajfa-1694	51	33	firm	firm	NOUN
ajfa-1694	51	34	’s	’s	PART
ajfa-1694	51	35	cash	cash	NOUN
ajfa-1694	51	36	flows	flow	NOUN
ajfa-1694	51	37	,	,	PUNCT
ajfa-1694	51	38	the	the	DET
ajfa-1694	51	39	consumer	consumer	NOUN
ajfa-1694	51	40	price	price	NOUN
ajfa-1694	51	41	index	index	NOUN
ajfa-1694	51	42	(	(	PUNCT
ajfa-1694	51	43	p)-since	p)-since	NOUN
ajfa-1694	51	44	the	the	DET
ajfa-1694	51	45	variable	variable	NOUN
ajfa-1694	51	46	directly	directly	ADV
ajfa-1694	51	47	affects	affect	VERB
ajfa-1694	51	48	the	the	DET
ajfa-1694	51	49	nominal	nominal	ADJ
ajfa-1694	51	50	value	value	NOUN
ajfa-1694	51	51	of	of	ADP
ajfa-1694	51	52	cash	cash	NOUN
ajfa-1694	51	53	flows	flow	NOUN
ajfa-1694	51	54	,	,	PUNCT
ajfa-1694	51	55	the	the	DET
ajfa-1694	51	56	liquidity	liquidity	NOUN
ajfa-1694	51	57	in	in	ADP
ajfa-1694	51	58	the	the	DET
ajfa-1694	51	59	economy	economy	NOUN
ajfa-1694	51	60	as	as	SCONJ
ajfa-1694	51	61	it	it	PRON
ajfa-1694	51	62	is	be	AUX
ajfa-1694	51	63	proxied	proxie	VERB
ajfa-1694	51	64	by	by	ADP
ajfa-1694	51	65	the	the	DET
ajfa-1694	51	66	m1	m1	PROPN
ajfa-1694	51	67	(	(	PUNCT
ajfa-1694	51	68	m	m	NOUN
ajfa-1694	51	69	)	)	PUNCT
ajfa-1694	51	70	definition	definition	NOUN
ajfa-1694	51	71	of	of	ADP
ajfa-1694	51	72	money	money	NOUN
ajfa-1694	51	73	supply	supply	NOUN
ajfa-1694	51	74	,	,	PUNCT
ajfa-1694	51	75	the	the	DET
ajfa-1694	51	76	effective	effective	ADJ
ajfa-1694	51	77	exchange	exchange	NOUN
ajfa-1694	51	78	rate	rate	NOUN
ajfa-1694	51	79	(	(	PUNCT
ajfa-1694	51	80	e	e	NOUN
ajfa-1694	51	81	)	)	PUNCT
ajfa-1694	51	82	,	,	PUNCT
ajfa-1694	51	83	the	the	DET
ajfa-1694	51	84	short	short	ADJ
ajfa-1694	51	85	-	-	PUNCT
ajfa-1694	51	86	term	term	NOUN
ajfa-1694	51	87	interest	interest	NOUN
ajfa-1694	51	88	rate	rate	NOUN
ajfa-1694	51	89	(	(	PUNCT
ajfa-1694	51	90	r	r	NOUN
ajfa-1694	51	91	)	)	PUNCT
ajfa-1694	51	92	,	,	PUNCT
ajfa-1694	51	93	the	the	DET
ajfa-1694	51	94	trade	trade	NOUN
ajfa-1694	51	95	deficit	deficit	NOUN
ajfa-1694	51	96	(	(	PUNCT
ajfa-1694	51	97	tr	tr	VERB
ajfa-1694	51	98	)	)	PUNCT
ajfa-1694	51	99	,	,	PUNCT
ajfa-1694	51	100	as	as	SCONJ
ajfa-1694	51	101	it	it	PRON
ajfa-1694	51	102	is	be	AUX
ajfa-1694	51	103	defined	define	VERB
ajfa-1694	51	104	by	by	ADP
ajfa-1694	51	105	the	the	DET
ajfa-1694	51	106	difference	difference	NOUN
ajfa-1694	51	107	between	between	ADP
ajfa-1694	51	108	exports	export	NOUN
ajfa-1694	51	109	and	and	CCONJ
ajfa-1694	51	110	imports	import	NOUN
ajfa-1694	51	111	as	as	ADP
ajfa-1694	51	112	a	a	DET
ajfa-1694	51	113	percentage	percentage	NOUN
ajfa-1694	51	114	of	of	ADP
ajfa-1694	51	115	the	the	DET
ajfa-1694	51	116	country	country	NOUN
ajfa-1694	51	117	’s	’s	PART
ajfa-1694	51	118	gdp	gdp	NOUN
ajfa-1694	51	119	and	and	CCONJ
ajfa-1694	51	120	the	the	DET
ajfa-1694	51	121	government	government	NOUN
ajfa-1694	51	122	deficit	deficit	NOUN
ajfa-1694	51	123	(	(	PUNCT
ajfa-1694	51	124	def	def	PROPN
ajfa-1694	51	125	)	)	PUNCT
ajfa-1694	51	126	,	,	PUNCT
ajfa-1694	51	127	as	as	ADP
ajfa-1694	51	128	a	a	DET
ajfa-1694	51	129	percentage	percentage	NOUN
ajfa-1694	51	130	of	of	ADP
ajfa-1694	51	131	the	the	DET
ajfa-1694	51	132	country	country	NOUN
ajfa-1694	51	133	’s	’s	PART
ajfa-1694	51	134	gdp	gdp	PROPN
ajfa-1694	51	135	.	.	PROPN
ajfa-1694	52	1	data	datum	NOUN
ajfa-1694	52	2	on	on	ADP
ajfa-1694	52	3	macroeconomic	macroeconomic	ADJ
ajfa-1694	52	4	fundamentals	fundamental	NOUN
ajfa-1694	52	5	was	be	AUX
ajfa-1694	52	6	obtained	obtain	VERB
ajfa-1694	52	7	from	from	ADP
ajfa-1694	52	8	the	the	DET
ajfa-1694	52	9	imf	imf	PROPN
ajfa-1694	52	10	’s	’s	PART
ajfa-1694	52	11	international	international	ADJ
ajfa-1694	52	12	financial	financial	ADJ
ajfa-1694	52	13	statistics	statistic	NOUN
ajfa-1694	52	14	(	(	PUNCT
ajfa-1694	52	15	ifs	ifs	PROPN
ajfa-1694	52	16	)	)	PUNCT
ajfa-1694	52	17	database	database	NOUN
ajfa-1694	52	18	.	.	PUNCT
ajfa-1694	53	1	only	only	ADV
ajfa-1694	53	2	non	non	ADJ
ajfa-1694	53	3	-	-	ADJ
ajfa-1694	53	4	financial	financial	ADJ
ajfa-1694	53	5	firms	firm	NOUN
ajfa-1694	53	6	listed	list	VERB
ajfa-1694	53	7	on	on	ADP
ajfa-1694	53	8	stock	stock	NOUN
ajfa-1694	53	9	exchanges	exchange	NOUN
ajfa-1694	53	10	are	be	AUX
ajfa-1694	53	11	involved	involve	VERB
ajfa-1694	53	12	.	.	PUNCT
ajfa-1694	54	1	the	the	DET
ajfa-1694	54	2	reason	reason	NOUN
ajfa-1694	54	3	is	be	AUX
ajfa-1694	54	4	that	that	SCONJ
ajfa-1694	54	5	financial	financial	ADJ
ajfa-1694	54	6	firms	firm	NOUN
ajfa-1694	54	7	have	have	VERB
ajfa-1694	54	8	,	,	PUNCT
ajfa-1694	54	9	on	on	ADP
ajfa-1694	54	10	average	average	ADJ
ajfa-1694	54	11	,	,	PUNCT
ajfa-1694	54	12	higher	high	ADJ
ajfa-1694	54	13	leverage	leverage	NOUN
ajfa-1694	54	14	(	(	PUNCT
ajfa-1694	54	15	fama	fama	NOUN
ajfa-1694	54	16	and	and	CCONJ
ajfa-1694	54	17	french	french	ADJ
ajfa-1694	54	18	,	,	PUNCT
ajfa-1694	54	19	1995	1995	NUM
ajfa-1694	54	20	)	)	PUNCT
ajfa-1694	54	21	.	.	PUNCT
ajfa-1694	55	1	2.2	2.2	NUM
ajfa-1694	55	2	methodological	methodological	ADJ
ajfa-1694	55	3	approach	approach	NOUN
ajfa-1694	55	4	the	the	DET
ajfa-1694	55	5	focus	focus	NOUN
ajfa-1694	55	6	of	of	ADP
ajfa-1694	55	7	the	the	DET
ajfa-1694	55	8	empirical	empirical	ADJ
ajfa-1694	55	9	analysis	analysis	NOUN
ajfa-1694	55	10	is	be	AUX
ajfa-1694	55	11	the	the	DET
ajfa-1694	55	12	impact	impact	NOUN
ajfa-1694	55	13	of	of	ADP
ajfa-1694	55	14	certain	certain	ADJ
ajfa-1694	55	15	macroeconomic	macroeconomic	ADJ
ajfa-1694	55	16	variables	variable	NOUN
ajfa-1694	55	17	on	on	ADP
ajfa-1694	55	18	excess	excess	ADJ
ajfa-1694	55	19	stock	stock	NOUN
ajfa-1694	55	20	returns	return	NOUN
ajfa-1694	55	21	.	.	PUNCT
ajfa-1694	56	1	our	our	PRON
ajfa-1694	56	2	benchmark	benchmark	NOUN
ajfa-1694	56	3	model	model	NOUN
ajfa-1694	56	4	planned	plan	VERB
ajfa-1694	56	5	to	to	PART
ajfa-1694	56	6	be	be	AUX
ajfa-1694	56	7	tested	test	VERB
ajfa-1694	56	8	in	in	ADP
ajfa-1694	56	9	this	this	DET
ajfa-1694	56	10	study	study	NOUN
ajfa-1694	56	11	is	be	AUX
ajfa-1694	56	12	an	an	DET
ajfa-1694	56	13	extension	extension	NOUN
ajfa-1694	56	14	of	of	ADP
ajfa-1694	56	15	the	the	DET
ajfa-1694	56	16	standard	standard	ADJ
ajfa-1694	56	17	capm	capm	PROPN
ajfa-1694	56	18	mode	mode	NOUN
ajfa-1694	56	19	,	,	PUNCT
ajfa-1694	56	20	expressed	express	VERB
ajfa-1694	56	21	as	as	ADP
ajfa-1694	56	22	:	:	PUNCT
ajfa-1694	56	23	rit	rit	PROPN
ajfa-1694	56	24	–	–	PUNCT
ajfa-1694	56	25	rtf	rtf	PROPN
ajfa-1694	56	26	=	=	PUNCT
ajfa-1694	56	27	b0	b0	PROPN
ajfa-1694	56	28	+	+	CCONJ
ajfa-1694	56	29	b1	b1	PROPN
ajfa-1694	56	30	(	(	PUNCT
ajfa-1694	56	31	rt	rt	PROPN
ajfa-1694	56	32	m	m	PROPN
ajfa-1694	56	33	–	–	PUNCT
ajfa-1694	56	34	rt	rt	PROPN
ajfa-1694	56	35	f	f	X
ajfa-1694	56	36	)	)	PUNCT
ajfa-1694	57	1	+	+	NUM
ajfa-1694	57	2	b2	b2	NOUN
ajfa-1694	57	3	δr1	δr1	PROPN
ajfa-1694	57	4	t	t	NOUN
ajfa-1694	57	5	+	+	CCONJ
ajfa-1694	57	6	b3	b3	PROPN
ajfa-1694	57	7	δr2	δr2	NOUN
ajfa-1694	57	8	t	t	PROPN
ajfa-1694	57	9	+	+	CCONJ
ajfa-1694	57	10	....	....	PUNCT
ajfa-1694	58	1	+	+	CCONJ
ajfa-1694	58	2	bk	bk	VERB
ajfa-1694	58	3	δrkt	δrkt	NOUN
ajfa-1694	58	4	+	+	CCONJ
ajfa-1694	58	5	uit	uit	NOUN
ajfa-1694	58	6	where	where	SCONJ
ajfa-1694	58	7	ni	ni	PROPN
ajfa-1694	58	8	,	,	PUNCT
ajfa-1694	58	9	...	...	PUNCT
ajfa-1694	58	10	,	,	PUNCT
ajfa-1694	58	11	1	1	NUM
ajfa-1694	58	12	for	for	ADP
ajfa-1694	58	13	each	each	DET
ajfa-1694	58	14	firm	firm	NOUN
ajfa-1694	58	15	in	in	ADP
ajfa-1694	58	16	the	the	DET
ajfa-1694	58	17	ith	ith	PROPN
ajfa-1694	58	18	country	country	NOUN
ajfa-1694	58	19	in	in	ADP
ajfa-1694	58	20	the	the	DET
ajfa-1694	58	21	panel	panel	NOUN
ajfa-1694	58	22	,	,	PUNCT
ajfa-1694	58	23	tt	tt	PROPN
ajfa-1694	58	24	,	,	PUNCT
ajfa-1694	58	25	...	...	PUNCT
ajfa-1694	58	26	,	,	PUNCT
ajfa-1694	58	27	1	1	PROPN
ajfa-1694	58	28	refers	refer	VERB
ajfa-1694	58	29	to	to	ADP
ajfa-1694	58	30	the	the	DET
ajfa-1694	58	31	time	time	NOUN
ajfa-1694	58	32	period	period	NOUN
ajfa-1694	58	33	,	,	PUNCT
ajfa-1694	58	34	rit	rit	PROPN
ajfa-1694	58	35	is	be	AUX
ajfa-1694	58	36	the	the	DET
ajfa-1694	58	37	variable	variable	NOUN
ajfa-1694	58	38	of	of	ADP
ajfa-1694	58	39	stock	stock	NOUN
ajfa-1694	58	40	returns	return	NOUN
ajfa-1694	58	41	for	for	ADP
ajfa-1694	58	42	the	the	DET
ajfa-1694	58	43	stock	stock	NOUN
ajfa-1694	58	44	i	i	PRON
ajfa-1694	58	45	,	,	PUNCT
ajfa-1694	58	46	rt	rt	PROPN
ajfa-1694	58	47	f	f	PROPN
ajfa-1694	58	48	is	be	AUX
ajfa-1694	58	49	the	the	DET
ajfa-1694	58	50	risk	risk	NOUN
ajfa-1694	58	51	-	-	PUNCT
ajfa-1694	58	52	free	free	ADJ
ajfa-1694	58	53	rater	rater	NOUN
ajfa-1694	58	54	,	,	PUNCT
ajfa-1694	58	55	rt	rt	PROPN
ajfa-1694	58	56	m	m	VERB
ajfa-1694	58	57	is	be	AUX
ajfa-1694	58	58	the	the	DET
ajfa-1694	58	59	local	local	ADJ
ajfa-1694	58	60	index	index	NOUN
ajfa-1694	58	61	return	return	NOUN
ajfa-1694	58	62	,	,	PUNCT
ajfa-1694	58	63	while	while	SCONJ
ajfa-1694	58	64	the	the	DET
ajfa-1694	58	65	rkt	rkt	NOUN
ajfa-1694	58	66	denote	denote	NOUN
ajfa-1694	58	67	factors	factor	NOUN
ajfa-1694	58	68	,	,	PUNCT
ajfa-1694	58	69	such	such	ADJ
ajfa-1694	58	70	as	as	ADP
ajfa-1694	58	71	the	the	DET
ajfa-1694	58	72	macroeconomic	macroeconomic	ADJ
ajfa-1694	58	73	variables	variable	NOUN
ajfa-1694	58	74	.	.	PUNCT
ajfa-1694	59	1	finally	finally	ADV
ajfa-1694	59	2	,	,	PUNCT
ajfa-1694	59	3	δ	δ	PROPN
ajfa-1694	59	4	denotes	denote	VERB
ajfa-1694	59	5	first	first	ADJ
ajfa-1694	59	6	differences	difference	NOUN
ajfa-1694	59	7	and	and	CCONJ
ajfa-1694	59	8	u	u	NOUN
ajfa-1694	59	9	’s	’	VERB
ajfa-1694	59	10	are	be	AUX
ajfa-1694	59	11	random	random	ADJ
ajfa-1694	59	12	variables	variable	NOUN
ajfa-1694	59	13	,	,	PUNCT
ajfa-1694	59	14	i.e.	i.e.	X
ajfa-1694	59	15	white	white	ADJ
ajfa-1694	59	16	noises	noise	NOUN
ajfa-1694	59	17	with	with	ADP
ajfa-1694	59	18	n(0	n(0	PROPN
ajfa-1694	59	19	,	,	PUNCT
ajfa-1694	59	20	σ2	σ2	NOUN
ajfa-1694	59	21	)	)	PUNCT
ajfa-1694	59	22	.	.	PUNCT
ajfa-1694	60	1	the	the	DET
ajfa-1694	60	2	parameter	parameter	NOUN
ajfa-1694	60	3	b1	b1	PROPN
ajfa-1694	60	4	is	be	AUX
ajfa-1694	60	5	expected	expect	VERB
ajfa-1694	60	6	to	to	PART
ajfa-1694	60	7	be	be	AUX
ajfa-1694	60	8	positive	positive	ADJ
ajfa-1694	60	9	.	.	PUNCT
ajfa-1694	61	1	the	the	DET
ajfa-1694	61	2	model	model	NOUN
ajfa-1694	61	3	has	have	AUX
ajfa-1694	61	4	been	be	AUX
ajfa-1694	61	5	estimated	estimate	VERB
ajfa-1694	61	6	using	use	VERB
ajfa-1694	61	7	the	the	DET
ajfa-1694	61	8	gmm	gmm	PROPN
ajfa-1694	61	9	estimator	estimator	NOUN
ajfa-1694	61	10	,	,	PUNCT
ajfa-1694	61	11	suggested	suggest	VERB
ajfa-1694	61	12	by	by	ADP
ajfa-1694	61	13	arellano	arellano	PROPN
ajfa-1694	61	14	and	and	CCONJ
ajfa-1694	61	15	bond	bond	NOUN
ajfa-1694	61	16	(	(	PUNCT
ajfa-1694	61	17	1991	1991	NUM
ajfa-1694	61	18	)	)	PUNCT
ajfa-1694	61	19	,	,	PUNCT
ajfa-1694	61	20	while	while	SCONJ
ajfa-1694	61	21	only	only	ADV
ajfa-1694	61	22	statistically	statistically	ADV
ajfa-1694	61	23	significant	significant	ADJ
ajfa-1694	61	24	lags	lag	NOUN
ajfa-1694	61	25	are	be	AUX
ajfa-1694	61	26	used	use	VERB
ajfa-1694	61	27	in	in	ADP
ajfa-1694	61	28	the	the	DET
ajfa-1694	61	29	estimation	estimation	NOUN
ajfa-1694	61	30	.	.	PUNCT
ajfa-1694	62	1	asian	asian	ADJ
ajfa-1694	62	2	journal	journal	PROPN
ajfa-1694	62	3	of	of	ADP
ajfa-1694	62	4	finance	finance	PROPN
ajfa-1694	62	5	&	&	CCONJ
ajfa-1694	62	6	accounting	accounting	PROPN
ajfa-1694	62	7	issn	issn	PROPN
ajfa-1694	62	8	1946	1946	NUM
ajfa-1694	62	9	-	-	PUNCT
ajfa-1694	62	10	052x	052x	NOUN
ajfa-1694	62	11	2012	2012	NUM
ajfa-1694	62	12	,	,	PUNCT
ajfa-1694	62	13	vol	vol	NOUN
ajfa-1694	62	14	.	.	PROPN
ajfa-1694	62	15	4	4	NUM
ajfa-1694	62	16	,	,	PUNCT
ajfa-1694	62	17	no	no	INTJ
ajfa-1694	62	18	.	.	NOUN
ajfa-1694	62	19	1	1	NUM
ajfa-1694	62	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1694	62	21	317	317	NUM
ajfa-1694	62	22	3	3	NUM
ajfa-1694	62	23	.	.	PUNCT
ajfa-1694	63	1	empirical	empirical	ADJ
ajfa-1694	63	2	results	result	NOUN
ajfa-1694	63	3	3.1	3.1	NUM
ajfa-1694	63	4	panel	panel	NOUN
ajfa-1694	63	5	unit	unit	NOUN
ajfa-1694	63	6	root	root	NOUN
ajfa-1694	63	7	tests	test	NOUN
ajfa-1694	63	8	at	at	ADP
ajfa-1694	63	9	the	the	DET
ajfa-1694	63	10	outset	outset	NOUN
ajfa-1694	63	11	,	,	PUNCT
ajfa-1694	63	12	the	the	DET
ajfa-1694	63	13	statistical	statistical	ADJ
ajfa-1694	63	14	properties	property	NOUN
ajfa-1694	63	15	of	of	ADP
ajfa-1694	63	16	all	all	DET
ajfa-1694	63	17	the	the	DET
ajfa-1694	63	18	variables	variable	NOUN
ajfa-1694	63	19	under	under	ADP
ajfa-1694	63	20	investigation	investigation	NOUN
ajfa-1694	63	21	are	be	AUX
ajfa-1694	63	22	examined	examine	VERB
ajfa-1694	63	23	by	by	ADP
ajfa-1694	63	24	testing	test	VERB
ajfa-1694	63	25	for	for	ADP
ajfa-1694	63	26	the	the	DET
ajfa-1694	63	27	presence	presence	NOUN
ajfa-1694	63	28	of	of	ADP
ajfa-1694	63	29	unit	unit	NOUN
ajfa-1694	63	30	roots	root	NOUN
ajfa-1694	63	31	.	.	PUNCT
ajfa-1694	64	1	there	there	PRON
ajfa-1694	64	2	are	be	VERB
ajfa-1694	64	3	a	a	DET
ajfa-1694	64	4	variety	variety	NOUN
ajfa-1694	64	5	of	of	ADP
ajfa-1694	64	6	panel	panel	NOUN
ajfa-1694	64	7	unit	unit	NOUN
ajfa-1694	64	8	root	root	NOUN
ajfa-1694	64	9	tests	test	NOUN
ajfa-1694	64	10	,	,	PUNCT
ajfa-1694	64	11	which	which	PRON
ajfa-1694	64	12	include	include	VERB
ajfa-1694	64	13	maddala	maddala	NOUN
ajfa-1694	64	14	and	and	CCONJ
ajfa-1694	64	15	wu	wu	PROPN
ajfa-1694	64	16	(	(	PUNCT
ajfa-1694	64	17	1999	1999	NUM
ajfa-1694	64	18	)	)	PUNCT
ajfa-1694	64	19	,	,	PUNCT
ajfa-1694	64	20	hadri	hadri	NOUN
ajfa-1694	64	21	(	(	PUNCT
ajfa-1694	64	22	2000	2000	NUM
ajfa-1694	64	23	)	)	PUNCT
ajfa-1694	64	24	,	,	PUNCT
ajfa-1694	64	25	levin	levin	PROPN
ajfa-1694	64	26	et	et	PROPN
ajfa-1694	64	27	al	al	PROPN
ajfa-1694	64	28	.	.	PUNCT
ajfa-1694	65	1	(	(	PUNCT
ajfa-1694	65	2	llc	llc	PROPN
ajfa-1694	65	3	,	,	PUNCT
ajfa-1694	65	4	2002	2002	NUM
ajfa-1694	65	5	)	)	PUNCT
ajfa-1694	65	6	,	,	PUNCT
ajfa-1694	66	1	i	i	PRON
ajfa-1694	66	2	m	m	VERB
ajfa-1694	66	3	et	et	NOUN
ajfa-1694	66	4	al	al	PROPN
ajfa-1694	66	5	.	.	PUNCT
ajfa-1694	67	1	(	(	PUNCT
ajfa-1694	67	2	ips	ips	PROPN
ajfa-1694	67	3	,	,	PUNCT
ajfa-1694	67	4	2003	2003	NUM
ajfa-1694	67	5	)	)	PUNCT
ajfa-1694	67	6	,	,	PUNCT
ajfa-1694	67	7	and	and	CCONJ
ajfa-1694	67	8	carrion	carrion	NOUN
ajfa-1694	67	9	-	-	PUNCT
ajfa-1694	67	10	i	i	NOUN
ajfa-1694	67	11	-	-	PUNCT
ajfa-1694	67	12	silvestre	silvestre	NOUN
ajfa-1694	67	13	et	et	PROPN
ajfa-1694	67	14	al	al	PROPN
ajfa-1694	67	15	.	.	PUNCT
ajfa-1694	68	1	(	(	PUNCT
ajfa-1694	68	2	2005	2005	NUM
ajfa-1694	68	3	)	)	PUNCT
ajfa-1694	68	4	,	,	PUNCT
ajfa-1694	68	5	among	among	ADP
ajfa-1694	68	6	others	other	NOUN
ajfa-1694	68	7	.	.	PUNCT
ajfa-1694	69	1	consider	consider	VERB
ajfa-1694	69	2	the	the	DET
ajfa-1694	69	3	following	follow	VERB
ajfa-1694	69	4	autoregressive	autoregressive	ADJ
ajfa-1694	69	5	specification	specification	NOUN
ajfa-1694	69	6	:	:	PUNCT
ajfa-1694	69	7	ititiitiit	ititiitiit	PROPN
ajfa-1694	69	8	xyy	xyy	PROPN
ajfa-1694	69	9			PROPN
ajfa-1694	69	10			VERB
ajfa-1694	69	11	1	1	ADJ
ajfa-1694	69	12	(	(	PUNCT
ajfa-1694	69	13	1	1	NUM
ajfa-1694	69	14	)	)	PUNCT
ajfa-1694	69	15	where	where	SCONJ
ajfa-1694	69	16	ni	ni	PROPN
ajfa-1694	69	17	,	,	PUNCT
ajfa-1694	69	18	...	...	PUNCT
ajfa-1694	69	19	,	,	PUNCT
ajfa-1694	69	20	1	1	NUM
ajfa-1694	69	21	for	for	ADP
ajfa-1694	69	22	each	each	DET
ajfa-1694	69	23	firm	firm	NOUN
ajfa-1694	69	24	in	in	ADP
ajfa-1694	69	25	the	the	DET
ajfa-1694	69	26	panel	panel	NOUN
ajfa-1694	69	27	;	;	PUNCT
ajfa-1694	69	28	tt	tt	PROPN
ajfa-1694	69	29	,	,	PUNCT
ajfa-1694	69	30	...	...	PUNCT
ajfa-1694	69	31	,	,	PUNCT
ajfa-1694	69	32	1	1	PROPN
ajfa-1694	69	33	refers	refer	VERB
ajfa-1694	69	34	to	to	ADP
ajfa-1694	69	35	the	the	DET
ajfa-1694	69	36	time	time	NOUN
ajfa-1694	69	37	period	period	NOUN
ajfa-1694	69	38	;	;	PUNCT
ajfa-1694	69	39	itx	itx	NOUN
ajfa-1694	69	40	represents	represent	VERB
ajfa-1694	69	41	the	the	DET
ajfa-1694	69	42	exogenous	exogenous	ADJ
ajfa-1694	69	43	variables	variable	NOUN
ajfa-1694	69	44	in	in	ADP
ajfa-1694	69	45	the	the	DET
ajfa-1694	69	46	model	model	NOUN
ajfa-1694	69	47	,	,	PUNCT
ajfa-1694	69	48	including	include	VERB
ajfa-1694	69	49	fixed	fix	VERB
ajfa-1694	69	50	effects	effect	NOUN
ajfa-1694	69	51	or	or	CCONJ
ajfa-1694	69	52	individual	individual	ADJ
ajfa-1694	69	53	time	time	NOUN
ajfa-1694	69	54	trend	trend	NOUN
ajfa-1694	69	55	;	;	PUNCT
ajfa-1694	69	56	i	i	NOUN
ajfa-1694	69	57	are	be	AUX
ajfa-1694	69	58	the	the	DET
ajfa-1694	69	59	autoregressive	autoregressive	ADJ
ajfa-1694	69	60	coefficients	coefficient	NOUN
ajfa-1694	69	61	;	;	PUNCT
ajfa-1694	69	62	and	and	CCONJ
ajfa-1694	69	63	it	it	NUM
ajfa-1694	69	64	are	be	AUX
ajfa-1694	69	65	the	the	DET
ajfa-1694	69	66	stationary	stationary	ADJ
ajfa-1694	69	67	error	error	NOUN
ajfa-1694	69	68	terms	term	NOUN
ajfa-1694	69	69	.	.	PUNCT
ajfa-1694	70	1	if	if	SCONJ
ajfa-1694	70	2	1i	1i	NUM
ajfa-1694	70	3	,	,	PUNCT
ajfa-1694	70	4	ity	ity	PROPN
ajfa-1694	70	5	is	be	AUX
ajfa-1694	70	6	considered	consider	VERB
ajfa-1694	70	7	weakly	weakly	ADJ
ajfa-1694	70	8	trend	trend	NOUN
ajfa-1694	70	9	stationary	stationary	NOUN
ajfa-1694	70	10	,	,	PUNCT
ajfa-1694	70	11	whereas	whereas	SCONJ
ajfa-1694	70	12	if	if	SCONJ
ajfa-1694	70	13	1i	1i	NUM
ajfa-1694	70	14	,	,	PUNCT
ajfa-1694	70	15	then	then	ADV
ajfa-1694	70	16	ity	ity	PROPN
ajfa-1694	70	17	contains	contain	VERB
ajfa-1694	70	18	a	a	DET
ajfa-1694	70	19	unit	unit	NOUN
ajfa-1694	70	20	root	root	NOUN
ajfa-1694	70	21	.	.	PUNCT
ajfa-1694	71	1	the	the	DET
ajfa-1694	71	2	hadri	hadri	ADJ
ajfa-1694	71	3	(	(	PUNCT
ajfa-1694	71	4	2000	2000	NUM
ajfa-1694	71	5	)	)	PUNCT
ajfa-1694	71	6	and	and	CCONJ
ajfa-1694	71	7	levin	levin	PROPN
ajfa-1694	71	8	et	et	PROPN
ajfa-1694	71	9	al	al	PROPN
ajfa-1694	71	10	.	.	PROPN
ajfa-1694	71	11	(	(	PUNCT
ajfa-1694	71	12	2002	2002	NUM
ajfa-1694	71	13	)	)	PUNCT
ajfa-1694	71	14	panel	panel	NOUN
ajfa-1694	71	15	unit	unit	NOUN
ajfa-1694	71	16	root	root	NOUN
ajfa-1694	71	17	tests	test	NOUN
ajfa-1694	71	18	assume	assume	VERB
ajfa-1694	71	19	that	that	SCONJ
ajfa-1694	71	20	the	the	DET
ajfa-1694	71	21	error	error	NOUN
ajfa-1694	71	22	terms	term	NOUN
ajfa-1694	71	23	,	,	PUNCT
ajfa-1694	71	24	it	it	NUM
ajfa-1694	71	25	,	,	PUNCT
ajfa-1694	71	26	are	be	AUX
ajfa-1694	71	27	independently	independently	ADV
ajfa-1694	71	28	and	and	CCONJ
ajfa-1694	71	29	normally	normally	ADV
ajfa-1694	71	30	distributed	distribute	VERB
ajfa-1694	71	31	random	random	ADJ
ajfa-1694	71	32	variables	variable	NOUN
ajfa-1694	71	33	for	for	ADP
ajfa-1694	71	34	all	all	DET
ajfa-1694	71	35	si	si	NOUN
ajfa-1694	71	36	'	'	PUNCT
ajfa-1694	71	37	and	and	CCONJ
ajfa-1694	71	38	st	st	NOUN
ajfa-1694	71	39	'	'	PUNCT
ajfa-1694	71	40	with	with	ADP
ajfa-1694	71	41	mean	mean	PROPN
ajfa-1694	71	42	zero	zero	NUM
ajfa-1694	71	43	and	and	CCONJ
ajfa-1694	71	44	constant	constant	ADJ
ajfa-1694	71	45	variance	variance	NOUN
ajfa-1694	71	46	.	.	PUNCT
ajfa-1694	72	1	this	this	DET
ajfa-1694	72	2	assumption	assumption	NOUN
ajfa-1694	72	3	implies	imply	VERB
ajfa-1694	72	4	that	that	SCONJ
ajfa-1694	72	5	the	the	DET
ajfa-1694	72	6	coefficient	coefficient	NOUN
ajfa-1694	72	7	of	of	ADP
ajfa-1694	72	8	1ity	1ity	NUM
ajfa-1694	72	9	is	be	AUX
ajfa-1694	72	10	homogeneous	homogeneous	ADJ
ajfa-1694	72	11	across	across	ADP
ajfa-1694	72	12	all	all	DET
ajfa-1694	72	13	cross	cross	ADJ
ajfa-1694	72	14	-	-	ADJ
ajfa-1694	72	15	section	section	ADJ
ajfa-1694	72	16	units	unit	NOUN
ajfa-1694	72	17	of	of	ADP
ajfa-1694	72	18	the	the	DET
ajfa-1694	72	19	panel	panel	NOUN
ajfa-1694	72	20	and	and	CCONJ
ajfa-1694	72	21	individual	individual	ADJ
ajfa-1694	72	22	processes	process	NOUN
ajfa-1694	72	23	are	be	AUX
ajfa-1694	72	24	cross	cross	ADJ
ajfa-1694	72	25	-	-	ADJ
ajfa-1694	72	26	sectionally	sectionally	ADV
ajfa-1694	72	27	independent	independent	ADJ
ajfa-1694	72	28	.	.	PUNCT
ajfa-1694	73	1	in	in	ADP
ajfa-1694	73	2	the	the	DET
ajfa-1694	73	3	case	case	NOUN
ajfa-1694	73	4	of	of	ADP
ajfa-1694	73	5	dynamic	dynamic	ADJ
ajfa-1694	73	6	panel	panel	NOUN
ajfa-1694	73	7	data	datum	NOUN
ajfa-1694	73	8	models	model	NOUN
ajfa-1694	73	9	,	,	PUNCT
ajfa-1694	73	10	the	the	DET
ajfa-1694	73	11	recognition	recognition	NOUN
ajfa-1694	73	12	of	of	ADP
ajfa-1694	73	13	parameter	parameter	NOUN
ajfa-1694	73	14	heterogeneity	heterogeneity	NOUN
ajfa-1694	73	15	is	be	AUX
ajfa-1694	73	16	important	important	ADJ
ajfa-1694	73	17	to	to	PART
ajfa-1694	73	18	avoid	avoid	VERB
ajfa-1694	73	19	potential	potential	ADJ
ajfa-1694	73	20	biases	bias	NOUN
ajfa-1694	73	21	,	,	PUNCT
ajfa-1694	73	22	which	which	PRON
ajfa-1694	73	23	could	could	AUX
ajfa-1694	73	24	emerge	emerge	VERB
ajfa-1694	73	25	due	due	ADP
ajfa-1694	73	26	to	to	ADP
ajfa-1694	73	27	an	an	DET
ajfa-1694	73	28	improper	improper	ADJ
ajfa-1694	73	29	specification	specification	NOUN
ajfa-1694	73	30	.	.	PUNCT
ajfa-1694	74	1	in	in	ADP
ajfa-1694	74	2	light	light	NOUN
ajfa-1694	74	3	of	of	ADP
ajfa-1694	74	4	parameter	parameter	NOUN
ajfa-1694	74	5	heterogeneity	heterogeneity	NOUN
ajfa-1694	74	6	,	,	PUNCT
ajfa-1694	74	7	the	the	DET
ajfa-1694	74	8	ips	ips	PROPN
ajfa-1694	74	9	panel	panel	NOUN
ajfa-1694	74	10	unit	unit	NOUN
ajfa-1694	74	11	root	root	PROPN
ajfa-1694	74	12	test	test	NOUN
ajfa-1694	74	13	is	be	AUX
ajfa-1694	74	14	utilized	utilize	VERB
ajfa-1694	74	15	which	which	PRON
ajfa-1694	74	16	allows	allow	VERB
ajfa-1694	74	17	for	for	ADP
ajfa-1694	74	18	heterogeneous	heterogeneous	ADJ
ajfa-1694	74	19	autoregressive	autoregressive	ADJ
ajfa-1694	74	20	coefficients	coefficient	NOUN
ajfa-1694	74	21	.	.	PUNCT
ajfa-1694	75	1	such	such	ADJ
ajfa-1694	75	2	heterogeneity	heterogeneity	NOUN
ajfa-1694	75	3	could	could	AUX
ajfa-1694	75	4	occur	occur	VERB
ajfa-1694	75	5	due	due	ADP
ajfa-1694	75	6	to	to	ADP
ajfa-1694	75	7	the	the	DET
ajfa-1694	75	8	different	different	ADJ
ajfa-1694	75	9	economic	economic	ADJ
ajfa-1694	75	10	conditions	condition	NOUN
ajfa-1694	75	11	and	and	CCONJ
ajfa-1694	75	12	stages	stage	NOUN
ajfa-1694	75	13	of	of	ADP
ajfa-1694	75	14	economic	economic	ADJ
ajfa-1694	75	15	development	development	NOUN
ajfa-1694	75	16	in	in	ADP
ajfa-1694	75	17	each	each	DET
ajfa-1694	75	18	country	country	NOUN
ajfa-1694	75	19	.	.	PUNCT
ajfa-1694	76	1	i	i	PRON
ajfa-1694	76	2	m	m	VERB
ajfa-1694	76	3	et	et	NOUN
ajfa-1694	76	4	al	al	PROPN
ajfa-1694	76	5	.	.	PUNCT
ajfa-1694	77	1	(	(	PUNCT
ajfa-1694	77	2	2003	2003	NUM
ajfa-1694	77	3	)	)	PUNCT
ajfa-1694	77	4	suggest	suggest	VERB
ajfa-1694	77	5	averaging	average	VERB
ajfa-1694	77	6	the	the	DET
ajfa-1694	77	7	augmented	augment	VERB
ajfa-1694	77	8	dickey	dickey	NOUN
ajfa-1694	77	9	-	-	PUNCT
ajfa-1694	77	10	fuller	full	ADJ
ajfa-1694	77	11	(	(	PUNCT
ajfa-1694	77	12	adf	adf	NOUN
ajfa-1694	77	13	)	)	PUNCT
ajfa-1694	77	14	unit	unit	NOUN
ajfa-1694	77	15	root	root	NOUN
ajfa-1694	77	16	tests	test	NOUN
ajfa-1694	77	17	,	,	PUNCT
ajfa-1694	77	18	while	while	SCONJ
ajfa-1694	77	19	allowing	allow	VERB
ajfa-1694	77	20	for	for	ADP
ajfa-1694	77	21	different	different	ADJ
ajfa-1694	77	22	orders	order	NOUN
ajfa-1694	77	23	of	of	ADP
ajfa-1694	77	24	serial	serial	ADJ
ajfa-1694	77	25	correlation	correlation	NOUN
ajfa-1694	77	26	,	,	PUNCT
ajfa-1694	77	27	itjit	itjit	ADJ
ajfa-1694	78	1	p	p	X
ajfa-1694	78	2	j	j	PROPN
ajfa-1694	78	3	ijit	ijit	ADJ
ajfa-1694	78	4	ui	ui	PROPN
ajfa-1694	78	5			ADJ
ajfa-1694	78	6			NUM
ajfa-1694	79	1			PROPN
ajfa-1694	79	2	1	1	NUM
ajfa-1694	79	3	.	.	PUNCT
ajfa-1694	79	4	substitution	substitution	NOUN
ajfa-1694	79	5	of	of	ADP
ajfa-1694	79	6	this	this	DET
ajfa-1694	79	7	expression	expression	NOUN
ajfa-1694	79	8	into	into	ADP
ajfa-1694	79	9	(	(	PUNCT
ajfa-1694	79	10	1	1	NUM
ajfa-1694	79	11	)	)	PUNCT
ajfa-1694	79	12	yields	yield	NOUN
ajfa-1694	79	13	:	:	PUNCT
ajfa-1694	79	14	ititijit	ititijit	PROPN
ajfa-1694	79	15	p	p	X
ajfa-1694	79	16	j	j	PROPN
ajfa-1694	79	17	ijitiit	ijitiit	PROPN
ajfa-1694	79	18	xyy	xyy	PROPN
ajfa-1694	80	1	i	i	PRON
ajfa-1694	80	2			PROPN
ajfa-1694	80	3			PROPN
ajfa-1694	80	4			PROPN
ajfa-1694	80	5			X
ajfa-1694	80	6	11	11	NUM
ajfa-1694	80	7	(	(	PUNCT
ajfa-1694	80	8	2	2	NUM
ajfa-1694	80	9	)	)	PUNCT
ajfa-1694	80	10	where	where	SCONJ
ajfa-1694	80	11	ip	ip	NOUN
ajfa-1694	80	12	represents	represent	VERB
ajfa-1694	80	13	the	the	DET
ajfa-1694	80	14	number	number	NOUN
ajfa-1694	80	15	of	of	ADP
ajfa-1694	80	16	lags	lag	NOUN
ajfa-1694	80	17	in	in	ADP
ajfa-1694	80	18	the	the	DET
ajfa-1694	80	19	adf	adf	PROPN
ajfa-1694	80	20	regression	regression	NOUN
ajfa-1694	80	21	.	.	PUNCT
ajfa-1694	81	1	the	the	DET
ajfa-1694	81	2	null	null	ADJ
ajfa-1694	81	3	hypothesis	hypothesis	NOUN
ajfa-1694	81	4	is	be	AUX
ajfa-1694	81	5	that	that	SCONJ
ajfa-1694	81	6	each	each	DET
ajfa-1694	81	7	series	series	NOUN
ajfa-1694	81	8	in	in	ADP
ajfa-1694	81	9	the	the	DET
ajfa-1694	81	10	panel	panel	NOUN
ajfa-1694	81	11	contains	contain	VERB
ajfa-1694	81	12	a	a	DET
ajfa-1694	81	13	unit	unit	NOUN
ajfa-1694	81	14	root	root	NOUN
ajfa-1694	81	15	(	(	PUNCT
ajfa-1694	81	16	)	)	PUNCT
ajfa-1694	81	17	1:0	1:0	PROPN
ajfa-1694	81	18	iih	iih	PROPN
ajfa-1694	81	19			PROPN
ajfa-1694	81	20	.	.	PUNCT
ajfa-1694	82	1	the	the	DET
ajfa-1694	82	2	alternative	alternative	ADJ
ajfa-1694	82	3	hypothesis	hypothesis	NOUN
ajfa-1694	82	4	is	be	AUX
ajfa-1694	82	5	asian	asian	ADJ
ajfa-1694	82	6	journal	journal	NOUN
ajfa-1694	82	7	of	of	ADP
ajfa-1694	82	8	finance	finance	PROPN
ajfa-1694	82	9	&	&	CCONJ
ajfa-1694	82	10	accounting	accounting	PROPN
ajfa-1694	82	11	issn	issn	PROPN
ajfa-1694	82	12	1946	1946	NUM
ajfa-1694	82	13	-	-	PUNCT
ajfa-1694	82	14	052x	052x	NOUN
ajfa-1694	82	15	2012	2012	NUM
ajfa-1694	82	16	,	,	PUNCT
ajfa-1694	82	17	vol	vol	NOUN
ajfa-1694	82	18	.	.	PROPN
ajfa-1694	82	19	4	4	NUM
ajfa-1694	82	20	,	,	PUNCT
ajfa-1694	82	21	no	no	INTJ
ajfa-1694	82	22	.	.	NOUN
ajfa-1694	82	23	1	1	NUM
ajfa-1694	82	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1694	82	25	318	318	NUM
ajfa-1694	82	26	that	that	SCONJ
ajfa-1694	82	27	at	at	ADV
ajfa-1694	82	28	least	least	ADJ
ajfa-1694	82	29	one	one	NUM
ajfa-1694	82	30	of	of	ADP
ajfa-1694	82	31	the	the	DET
ajfa-1694	82	32	individual	individual	ADJ
ajfa-1694	82	33	series	series	NOUN
ajfa-1694	82	34	in	in	ADP
ajfa-1694	82	35	the	the	DET
ajfa-1694	82	36	panel	panel	NOUN
ajfa-1694	82	37	is	be	AUX
ajfa-1694	82	38	stationary	stationary	ADJ
ajfa-1694	82	39	(	(	PUNCT
ajfa-1694	82	40	)	)	PUNCT
ajfa-1694	82	41	1:0	1:0	NUM
ajfa-1694	82	42	ih	ih	DET
ajfa-1694	82	43			NOUN
ajfa-1694	82	44	.	.	PUNCT
ajfa-1694	83	1	i	i	PRON
ajfa-1694	83	2	m	m	VERB
ajfa-1694	83	3	et	et	NOUN
ajfa-1694	83	4	al	al	PROPN
ajfa-1694	83	5	.	.	PUNCT
ajfa-1694	84	1	(	(	PUNCT
ajfa-1694	84	2	2003	2003	NUM
ajfa-1694	84	3	)	)	PUNCT
ajfa-1694	84	4	specify	specify	VERB
ajfa-1694	84	5	a	a	DET
ajfa-1694	84	6	bart	bart	PROPN
ajfa-1694	84	7			PROPN
ajfa-1694	84	8	statistic	statistic	NOUN
ajfa-1694	84	9	as	as	SCONJ
ajfa-1694	84	10	the	the	DET
ajfa-1694	84	11	average	average	NOUN
ajfa-1694	84	12	of	of	ADP
ajfa-1694	84	13	the	the	DET
ajfa-1694	84	14	individual	individual	ADJ
ajfa-1694	84	15	adf	adf	PROPN
ajfa-1694	84	16	statistics	statistic	NOUN
ajfa-1694	84	17	as	as	SCONJ
ajfa-1694	84	18	follows	follow	VERB
ajfa-1694	84	19	:	:	PUNCT
ajfa-1694	84	20			X
ajfa-1694	84	21			NUM
ajfa-1694	84	22			PROPN
ajfa-1694	85	1	n	n	CCONJ
ajfa-1694	85	2	i	i	PRON
ajfa-1694	86	1	i	i	PRON
ajfa-1694	86	2	t	t	VERB
ajfa-1694	86	3	n	n	PROPN
ajfa-1694	86	4	bart	bart	PROPN
ajfa-1694	86	5	1	1	NUM
ajfa-1694	86	6	1	1	NUM
ajfa-1694	86	7			ADP
ajfa-1694	86	8	where	where	SCONJ
ajfa-1694	86	9	i	i	PRON
ajfa-1694	86	10	t	t	VERB
ajfa-1694	86	11			ADP
ajfa-1694	86	12	is	be	AUX
ajfa-1694	86	13	the	the	DET
ajfa-1694	86	14	individual	individual	ADJ
ajfa-1694	86	15	t	t	PROPN
ajfa-1694	86	16	-	-	PUNCT
ajfa-1694	86	17	statistic	statistic	NOUN
ajfa-1694	86	18	for	for	ADP
ajfa-1694	86	19	testing	test	VERB
ajfa-1694	86	20	iih	iih	PROPN
ajfa-1694	86	21			X
ajfa-1694	86	22	1:0	1:0	NUM
ajfa-1694	86	23			ADP
ajfa-1694	86	24	from	from	ADP
ajfa-1694	86	25	(	(	PUNCT
ajfa-1694	86	26	2	2	NUM
ajfa-1694	86	27	)	)	PUNCT
ajfa-1694	86	28	.	.	PUNCT
ajfa-1694	87	1	the	the	DET
ajfa-1694	87	2	bart	bart	PROPN
ajfa-1694	87	3			PROPN
ajfa-1694	87	4	statistic	statistic	NOUN
ajfa-1694	87	5	is	be	AUX
ajfa-1694	87	6	normally	normally	ADV
ajfa-1694	87	7	distributed	distribute	VERB
ajfa-1694	87	8	under	under	ADP
ajfa-1694	87	9	the	the	DET
ajfa-1694	87	10	null	null	ADJ
ajfa-1694	87	11	hypothesis	hypothesis	NOUN
ajfa-1694	87	12	,	,	PUNCT
ajfa-1694	87	13	with	with	ADP
ajfa-1694	87	14	the	the	DET
ajfa-1694	87	15	critical	critical	ADJ
ajfa-1694	87	16	values	value	NOUN
ajfa-1694	87	17	for	for	ADP
ajfa-1694	87	18	given	give	VERB
ajfa-1694	87	19	values	value	NOUN
ajfa-1694	87	20	of	of	ADP
ajfa-1694	87	21	n	n	PRON
ajfa-1694	87	22	and	and	CCONJ
ajfa-1694	87	23	t	t	PROPN
ajfa-1694	87	24	provided	provide	VERB
ajfa-1694	87	25	by	by	ADP
ajfa-1694	87	26	i	i	PRON
ajfa-1694	87	27	m	m	VERB
ajfa-1694	87	28	et	et	NOUN
ajfa-1694	87	29	al	al	PROPN
ajfa-1694	87	30	.	.	PUNCT
ajfa-1694	87	31	(	(	PUNCT
ajfa-1694	87	32	2003	2003	NUM
ajfa-1694	87	33	)	)	PUNCT
ajfa-1694	87	34	.	.	PUNCT
ajfa-1694	88	1	the	the	DET
ajfa-1694	88	2	llc	llc	PROPN
ajfa-1694	88	3	test	test	NOUN
ajfa-1694	88	4	allows	allow	VERB
ajfa-1694	88	5	heterogeneity	heterogeneity	NOUN
ajfa-1694	88	6	of	of	ADP
ajfa-1694	88	7	individual	individual	ADJ
ajfa-1694	88	8	deterministic	deterministic	ADJ
ajfa-1694	88	9	effects	effect	NOUN
ajfa-1694	88	10	and	and	CCONJ
ajfa-1694	88	11	heterogeneous	heterogeneous	ADJ
ajfa-1694	88	12	serial	serial	ADJ
ajfa-1694	88	13	correlation	correlation	NOUN
ajfa-1694	88	14	structure	structure	NOUN
ajfa-1694	88	15	of	of	ADP
ajfa-1694	88	16	the	the	DET
ajfa-1694	88	17	error	error	NOUN
ajfa-1694	88	18	terms	term	NOUN
ajfa-1694	88	19	assuming	assume	VERB
ajfa-1694	88	20	homogeneous	homogeneous	ADJ
ajfa-1694	88	21	first	first	ADJ
ajfa-1694	88	22	order	order	NOUN
ajfa-1694	88	23	autoregressive	autoregressive	ADJ
ajfa-1694	88	24	parameters	parameter	NOUN
ajfa-1694	88	25	.	.	PUNCT
ajfa-1694	89	1	they	they	PRON
ajfa-1694	89	2	also	also	ADV
ajfa-1694	89	3	assume	assume	VERB
ajfa-1694	89	4	that	that	SCONJ
ajfa-1694	89	5	both	both	PRON
ajfa-1694	89	6	n	n	NOUN
ajfa-1694	89	7	and	and	CCONJ
ajfa-1694	89	8	t	t	PROPN
ajfa-1694	89	9	tend	tend	VERB
ajfa-1694	89	10	to	to	PART
ajfa-1694	89	11	infinity	infinity	VERB
ajfa-1694	89	12	but	but	CCONJ
ajfa-1694	89	13	t	t	NOUN
ajfa-1694	89	14	increases	increase	VERB
ajfa-1694	89	15	at	at	ADP
ajfa-1694	89	16	a	a	DET
ajfa-1694	89	17	faster	fast	ADJ
ajfa-1694	89	18	rate	rate	NOUN
ajfa-1694	89	19	,	,	PUNCT
ajfa-1694	89	20	such	such	ADJ
ajfa-1694	89	21	that	that	SCONJ
ajfa-1694	89	22	n	n	CCONJ
ajfa-1694	89	23	/	/	SYM
ajfa-1694	89	24	t→0	t→0	NOUN
ajfa-1694	89	25	.	.	PUNCT
ajfa-1694	90	1	thus	thus	ADV
ajfa-1694	90	2	,	,	PUNCT
ajfa-1694	90	3	a	a	DET
ajfa-1694	90	4	procedure	procedure	NOUN
ajfa-1694	90	5	is	be	AUX
ajfa-1694	90	6	developed	develop	VERB
ajfa-1694	90	7	that	that	PRON
ajfa-1694	90	8	uses	use	VERB
ajfa-1694	90	9	t	t	PROPN
ajfa-1694	90	10	-	-	PUNCT
ajfa-1694	90	11	statistics	statistic	NOUN
ajfa-1694	90	12	of	of	ADP
ajfa-1694	90	13	the	the	DET
ajfa-1694	90	14	estimator	estimator	NOUN
ajfa-1694	90	15	to	to	PART
ajfa-1694	90	16	evaluate	evaluate	VERB
ajfa-1694	90	17	the	the	DET
ajfa-1694	90	18	hypothesis	hypothesis	NOUN
ajfa-1694	90	19	that	that	PRON
ajfa-1694	90	20	each	each	DET
ajfa-1694	90	21	individual	individual	ADJ
ajfa-1694	90	22	time	time	NOUN
ajfa-1694	90	23	series	series	PROPN
ajfa-1694	90	24	contains	contain	VERB
ajfa-1694	90	25	a	a	DET
ajfa-1694	90	26	unit	unit	NOUN
ajfa-1694	90	27	root	root	NOUN
ajfa-1694	90	28	against	against	ADP
ajfa-1694	90	29	the	the	DET
ajfa-1694	90	30	alternative	alternative	ADJ
ajfa-1694	90	31	hypothesis	hypothesis	NOUN
ajfa-1694	90	32	that	that	PRON
ajfa-1694	90	33	each	each	DET
ajfa-1694	90	34	time	time	NOUN
ajfa-1694	90	35	series	series	PROPN
ajfa-1694	90	36	is	be	AUX
ajfa-1694	90	37	stationary	stationary	ADJ
ajfa-1694	90	38	.	.	PUNCT
ajfa-1694	91	1	the	the	DET
ajfa-1694	91	2	test	test	NOUN
ajfa-1694	91	3	also	also	ADV
ajfa-1694	91	4	makes	make	VERB
ajfa-1694	91	5	use	use	NOUN
ajfa-1694	91	6	of	of	ADP
ajfa-1694	91	7	the	the	DET
ajfa-1694	91	8	adf	adf	PROPN
ajfa-1694	91	9	regression	regression	NOUN
ajfa-1694	91	10	methodology	methodology	NOUN
ajfa-1694	91	11	,	,	PUNCT
ajfa-1694	91	12	with	with	ADP
ajfa-1694	91	13	the	the	DET
ajfa-1694	91	14	adf	adf	PROPN
ajfa-1694	91	15	regression	regression	NOUN
ajfa-1694	91	16	defined	define	VERB
ajfa-1694	91	17	as	as	ADP
ajfa-1694	91	18	:	:	PUNCT
ajfa-1694	91	19	pi	pi	NOUN
ajfa-1694	91	20	δyit	δyit	NOUN
ajfa-1694	91	21	=	=	PUNCT
ajfa-1694	91	22	αi	αi	VERB
ajfa-1694	92	1	+	+	CCONJ
ajfa-1694	92	2	γi	γi	X
ajfa-1694	92	3	yi	yi	PROPN
ajfa-1694	92	4	,	,	PUNCT
ajfa-1694	92	5	t-1	t-1	PROPN
ajfa-1694	92	6	+	+	CCONJ
ajfa-1694	92	7	σbijδyi	σbijδyi	PROPN
ajfa-1694	92	8	,	,	PUNCT
ajfa-1694	92	9	t	t	PROPN
ajfa-1694	92	10	-	-	PUNCT
ajfa-1694	92	11	j	j	PROPN
ajfa-1694	92	12	+	+	CCONJ
ajfa-1694	92	13	εit	εit	PROPN
ajfa-1694	92	14	(	(	PUNCT
ajfa-1694	92	15	3	3	NUM
ajfa-1694	92	16	)	)	PUNCT
ajfa-1694	92	17	j=1	j=1	NOUN
ajfa-1694	92	18	moreover	moreover	ADV
ajfa-1694	92	19	,	,	PUNCT
ajfa-1694	92	20	the	the	DET
ajfa-1694	92	21	test	test	NOUN
ajfa-1694	92	22	implements	implement	VERB
ajfa-1694	92	23	a	a	DET
ajfa-1694	92	24	separate	separate	ADJ
ajfa-1694	92	25	adf	adf	NOUN
ajfa-1694	92	26	regression	regression	NOUN
ajfa-1694	92	27	for	for	ADP
ajfa-1694	92	28	each	each	DET
ajfa-1694	92	29	country	country	NOUN
ajfa-1694	92	30	where	where	SCONJ
ajfa-1694	92	31	the	the	DET
ajfa-1694	92	32	lag	lag	NOUN
ajfa-1694	92	33	order	order	NOUN
ajfa-1694	92	34	is	be	AUX
ajfa-1694	92	35	permitted	permit	VERB
ajfa-1694	92	36	to	to	PART
ajfa-1694	92	37	vary	vary	VERB
ajfa-1694	92	38	across	across	ADP
ajfa-1694	92	39	individual	individual	ADJ
ajfa-1694	92	40	countries	country	NOUN
ajfa-1694	92	41	.	.	PUNCT
ajfa-1694	93	1	the	the	DET
ajfa-1694	93	2	appropriate	appropriate	ADJ
ajfa-1694	93	3	lag	lag	NOUN
ajfa-1694	93	4	order	order	NOUN
ajfa-1694	93	5	is	be	AUX
ajfa-1694	93	6	chosen	choose	VERB
ajfa-1694	93	7	by	by	ADP
ajfa-1694	93	8	allowing	allow	VERB
ajfa-1694	93	9	the	the	DET
ajfa-1694	93	10	maximum	maximum	ADJ
ajfa-1694	93	11	lag	lag	NOUN
ajfa-1694	93	12	order	order	NOUN
ajfa-1694	93	13	and	and	CCONJ
ajfa-1694	93	14	then	then	ADV
ajfa-1694	93	15	uses	use	VERB
ajfa-1694	93	16	the	the	DET
ajfa-1694	93	17	t	t	NOUN
ajfa-1694	93	18	-	-	PUNCT
ajfa-1694	93	19	statistic	statistic	NOUN
ajfa-1694	93	20	for	for	ADP
ajfa-1694	93	21	the	the	DET
ajfa-1694	93	22	coefficients	coefficient	NOUN
ajfa-1694	93	23	of	of	ADP
ajfa-1694	93	24	the	the	DET
ajfa-1694	93	25	lag	lag	NOUN
ajfa-1694	93	26	terms	term	NOUN
ajfa-1694	93	27	to	to	PART
ajfa-1694	93	28	determine	determine	VERB
ajfa-1694	93	29	if	if	SCONJ
ajfa-1694	93	30	a	a	DET
ajfa-1694	93	31	smaller	small	ADJ
ajfa-1694	93	32	lag	lag	NOUN
ajfa-1694	93	33	order	order	NOUN
ajfa-1694	93	34	is	be	AUX
ajfa-1694	93	35	preferred	prefer	VERB
ajfa-1694	93	36	.	.	PUNCT
ajfa-1694	94	1	next	next	ADV
ajfa-1694	94	2	,	,	PUNCT
ajfa-1694	94	3	it	it	PRON
ajfa-1694	94	4	runs	run	VERB
ajfa-1694	94	5	two	two	NUM
ajfa-1694	94	6	separate	separate	ADJ
ajfa-1694	94	7	regressions	regression	NOUN
ajfa-1694	94	8	,	,	PUNCT
ajfa-1694	94	9	such	such	ADJ
ajfa-1694	94	10	as	as	ADP
ajfa-1694	94	11	:	:	PUNCT
ajfa-1694	94	12	pi	pi	NOUN
ajfa-1694	94	13	δyit	δyit	NOUN
ajfa-1694	94	14	=	=	PUNCT
ajfa-1694	94	15	ai	ai	VERB
ajfa-1694	94	16	+	+	PROPN
ajfa-1694	94	17	σbijδyi	σbijδyi	PROPN
ajfa-1694	94	18	,	,	PUNCT
ajfa-1694	94	19	t	t	PROPN
ajfa-1694	94	20	-	-	PUNCT
ajfa-1694	94	21	j	j	PROPN
ajfa-1694	95	1	+	+	CCONJ
ajfa-1694	95	2	eit	eit	PROPN
ajfa-1694	95	3	(	(	PUNCT
ajfa-1694	95	4	4	4	NUM
ajfa-1694	95	5	)	)	PUNCT
ajfa-1694	95	6	j=1	j=1	NOUN
ajfa-1694	95	7	and	and	CCONJ
ajfa-1694	95	8	pi	pi	PROPN
ajfa-1694	95	9	yi	yi	PROPN
ajfa-1694	95	10	,	,	PUNCT
ajfa-1694	95	11	t-1	t-1	PROPN
ajfa-1694	95	12	=	=	SYM
ajfa-1694	95	13	ai	ai	PROPN
ajfa-1694	95	14	+	+	PROPN
ajfa-1694	95	15	σbijδyi	σbijδyi	PROPN
ajfa-1694	95	16	,	,	PUNCT
ajfa-1694	95	17	t	t	PROPN
ajfa-1694	95	18	-	-	PUNCT
ajfa-1694	95	19	j	j	PROPN
ajfa-1694	95	20	+	+	PROPN
ajfa-1694	95	21	vi	vi	PROPN
ajfa-1694	95	22	,	,	PUNCT
ajfa-1694	95	23	t	t	PROPN
ajfa-1694	95	24	-	-	PUNCT
ajfa-1694	95	25	j	j	PROPN
ajfa-1694	95	26	(	(	PUNCT
ajfa-1694	95	27	5	5	NUM
ajfa-1694	95	28	)	)	PUNCT
ajfa-1694	95	29	j=1	j=1	NOUN
ajfa-1694	95	30	and	and	CCONJ
ajfa-1694	95	31	we	we	PRON
ajfa-1694	95	32	save	save	VERB
ajfa-1694	95	33	the	the	DET
ajfa-1694	95	34	residuals	residual	NOUN
ajfa-1694	95	35	(	(	PUNCT
ajfa-1694	95	36	eit	eit	NOUN
ajfa-1694	95	37	and	and	CCONJ
ajfa-1694	95	38	vi	vi	PROPN
ajfa-1694	95	39	,	,	PUNCT
ajfa-1694	95	40	t	t	PROPN
ajfa-1694	95	41	-	-	PUNCT
ajfa-1694	95	42	j	j	NOUN
ajfa-1694	95	43	)	)	PUNCT
ajfa-1694	95	44	.	.	PUNCT
ajfa-1694	96	1	we	we	PRON
ajfa-1694	96	2	divide	divide	VERB
ajfa-1694	96	3	the	the	DET
ajfa-1694	96	4	saved	save	VERB
ajfa-1694	96	5	residuals	residual	NOUN
ajfa-1694	96	6	by	by	ADP
ajfa-1694	96	7	the	the	DET
ajfa-1694	96	8	regression	regression	NOUN
ajfa-1694	96	9	standard	standard	ADJ
ajfa-1694	96	10	error	error	NOUN
ajfa-1694	96	11	of	of	ADP
ajfa-1694	96	12	the	the	DET
ajfa-1694	96	13	regression	regression	NOUN
ajfa-1694	96	14	for	for	ADP
ajfa-1694	96	15	normalization	normalization	NOUN
ajfa-1694	96	16	purposes	purpose	NOUN
ajfa-1694	96	17	and	and	CCONJ
ajfa-1694	96	18	,	,	PUNCT
ajfa-1694	96	19	next	next	ADV
ajfa-1694	96	20	,	,	PUNCT
ajfa-1694	96	21	we	we	PRON
ajfa-1694	96	22	run	run	VERB
ajfa-1694	96	23	the	the	DET
ajfa-1694	96	24	regression	regression	NOUN
ajfa-1694	96	25	:	:	PUNCT
ajfa-1694	97	1	eit	eit	PROPN
ajfa-1694	97	2	=	=	NOUN
ajfa-1694	97	3	ρ	ρ	PROPN
ajfa-1694	97	4	vi	vi	PROPN
ajfa-1694	97	5	,	,	PUNCT
ajfa-1694	97	6	t	t	PROPN
ajfa-1694	97	7	-	-	PUNCT
ajfa-1694	97	8	j	j	PROPN
ajfa-1694	97	9	+	+	CCONJ
ajfa-1694	97	10	εit	εit	PROPN
ajfa-1694	97	11	(	(	PUNCT
ajfa-1694	97	12	6	6	NUM
ajfa-1694	97	13	)	)	PUNCT
ajfa-1694	97	14	with	with	ADP
ajfa-1694	97	15	the	the	DET
ajfa-1694	97	16	null	null	ADJ
ajfa-1694	97	17	hypothesis	hypothesis	NOUN
ajfa-1694	97	18	being	be	AUX
ajfa-1694	97	19	h0	h0	NOUN
ajfa-1694	97	20	:	:	PUNCT
ajfa-1694	97	21	ρ1	ρ1	NOUN
ajfa-1694	97	22	=	=	PUNCT
ajfa-1694	97	23	...	...	PUNCT
ajfa-1694	98	1	=	=	PUNCT
ajfa-1694	98	2	ρn	ρn	PROPN
ajfa-1694	98	3	=	=	SYM
ajfa-1694	98	4	ρ	ρ	PROPN
ajfa-1694	98	5	=	=	SYM
ajfa-1694	98	6	0	0	NUM
ajfa-1694	98	7	and	and	CCONJ
ajfa-1694	98	8	the	the	DET
ajfa-1694	98	9	alternative	alternative	ADJ
ajfa-1694	98	10	hypothesis	hypothesis	NOUN
ajfa-1694	98	11	h1	h1	PROPN
ajfa-1694	98	12	:	:	PUNCT
ajfa-1694	98	13	γ1	γ1	PROPN
ajfa-1694	98	14	=	=	PUNCT
ajfa-1694	98	15	..	..	PUNCT
ajfa-1694	99	1	=	=	SYM
ajfa-1694	99	2	γn	γn	X
ajfa-1694	99	3	=	=	PUNCT
ajfa-1694	99	4	γ	γ	X
ajfa-1694	99	5	<	<	X
ajfa-1694	99	6	0	0	NUM
ajfa-1694	99	7	for	for	ADP
ajfa-1694	99	8	all	all	DET
ajfa-1694	99	9	i.	i.	PROPN
ajfa-1694	99	10	llc	llc	PROPN
ajfa-1694	99	11	show	show	VERB
ajfa-1694	99	12	that	that	SCONJ
ajfa-1694	99	13	the	the	DET
ajfa-1694	99	14	asymptotic	asymptotic	ADJ
ajfa-1694	99	15	properties	property	NOUN
ajfa-1694	99	16	of	of	ADP
ajfa-1694	99	17	the	the	DET
ajfa-1694	99	18	regression	regression	NOUN
ajfa-1694	99	19	estimators	estimator	NOUN
ajfa-1694	99	20	are	be	AUX
ajfa-1694	99	21	a	a	DET
ajfa-1694	99	22	mixture	mixture	NOUN
ajfa-1694	99	23	of	of	ADP
ajfa-1694	99	24	properties	property	NOUN
ajfa-1694	99	25	derived	derive	VERB
ajfa-1694	99	26	for	for	ADP
ajfa-1694	99	27	stationary	stationary	ADJ
ajfa-1694	99	28	panel	panel	NOUN
ajfa-1694	99	29	data	datum	NOUN
ajfa-1694	99	30	and	and	CCONJ
ajfa-1694	99	31	properties	property	NOUN
ajfa-1694	99	32	derived	derive	VERB
ajfa-1694	99	33	in	in	ADP
ajfa-1694	99	34	unit	unit	NOUN
ajfa-1694	99	35	roots	root	NOUN
ajfa-1694	99	36	testing	testing	NOUN
ajfa-1694	99	37	.	.	PUNCT
ajfa-1694	100	1	this	this	DET
ajfa-1694	100	2	test	test	NOUN
ajfa-1694	100	3	seems	seem	VERB
ajfa-1694	100	4	to	to	PART
ajfa-1694	100	5	have	have	VERB
ajfa-1694	100	6	certain	certain	ADJ
ajfa-1694	100	7	limitations	limitation	NOUN
ajfa-1694	100	8	,	,	PUNCT
ajfa-1694	100	9	such	such	ADJ
ajfa-1694	100	10	as	as	ADP
ajfa-1694	100	11	that	that	SCONJ
ajfa-1694	100	12	it	it	PRON
ajfa-1694	100	13	depends	depend	VERB
ajfa-1694	100	14	seriously	seriously	ADV
ajfa-1694	100	15	asian	asian	ADJ
ajfa-1694	100	16	journal	journal	NOUN
ajfa-1694	100	17	of	of	ADP
ajfa-1694	100	18	finance	finance	PROPN
ajfa-1694	100	19	&	&	CCONJ
ajfa-1694	100	20	accounting	accounting	PROPN
ajfa-1694	100	21	issn	issn	PROPN
ajfa-1694	100	22	1946	1946	NUM
ajfa-1694	100	23	-	-	PUNCT
ajfa-1694	100	24	052x	052x	NOUN
ajfa-1694	100	25	2012	2012	NUM
ajfa-1694	100	26	,	,	PUNCT
ajfa-1694	100	27	vol	vol	NOUN
ajfa-1694	100	28	.	.	PROPN
ajfa-1694	100	29	4	4	NUM
ajfa-1694	100	30	,	,	PUNCT
ajfa-1694	100	31	no	no	INTJ
ajfa-1694	100	32	.	.	NOUN
ajfa-1694	100	33	1	1	NUM
ajfa-1694	100	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1694	100	35	319	319	NUM
ajfa-1694	100	36	upon	upon	SCONJ
ajfa-1694	100	37	the	the	DET
ajfa-1694	100	38	independence	independence	NOUN
ajfa-1694	100	39	assumption	assumption	NOUN
ajfa-1694	100	40	across	across	ADP
ajfa-1694	100	41	individual	individual	ADJ
ajfa-1694	100	42	regressions	regression	NOUN
ajfa-1694	100	43	and	and	CCONJ
ajfa-1694	100	44	hence	hence	ADV
ajfa-1694	100	45	not	not	PART
ajfa-1694	100	46	applicable	applicable	ADJ
ajfa-1694	100	47	if	if	SCONJ
ajfa-1694	100	48	cross	cross	ADJ
ajfa-1694	100	49	sectional	sectional	ADJ
ajfa-1694	100	50	correlation	correlation	NOUN
ajfa-1694	100	51	is	be	AUX
ajfa-1694	100	52	present	present	ADJ
ajfa-1694	100	53	.	.	PUNCT
ajfa-1694	101	1	in	in	ADP
ajfa-1694	101	2	addition	addition	NOUN
ajfa-1694	101	3	,	,	PUNCT
ajfa-1694	101	4	a	a	DET
ajfa-1694	101	5	limitation	limitation	NOUN
ajfa-1694	101	6	is	be	AUX
ajfa-1694	101	7	associated	associate	VERB
ajfa-1694	101	8	with	with	ADP
ajfa-1694	101	9	the	the	DET
ajfa-1694	101	10	fact	fact	NOUN
ajfa-1694	101	11	that	that	SCONJ
ajfa-1694	101	12	the	the	DET
ajfa-1694	101	13	autoregressive	autoregressive	ADJ
ajfa-1694	101	14	parameters	parameter	NOUN
ajfa-1694	101	15	are	be	AUX
ajfa-1694	101	16	considered	consider	VERB
ajfa-1694	101	17	identical	identical	ADJ
ajfa-1694	101	18	across	across	ADP
ajfa-1694	101	19	the	the	DET
ajfa-1694	101	20	panel	panel	NOUN
ajfa-1694	101	21	regressions	regression	NOUN
ajfa-1694	101	22	(	(	PUNCT
ajfa-1694	101	23	see	see	VERB
ajfa-1694	101	24	the	the	DET
ajfa-1694	101	25	above	above	ADJ
ajfa-1694	101	26	null	null	ADJ
ajfa-1694	101	27	hypothesis	hypothesis	NOUN
ajfa-1694	101	28	)	)	PUNCT
ajfa-1694	101	29	.	.	PUNCT
ajfa-1694	102	1	however	however	ADV
ajfa-1694	102	2	,	,	PUNCT
ajfa-1694	102	3	this	this	DET
ajfa-1694	102	4	null	null	ADJ
ajfa-1694	102	5	hypothesis	hypothesis	NOUN
ajfa-1694	102	6	makes	make	VERB
ajfa-1694	102	7	sense	sense	NOUN
ajfa-1694	102	8	under	under	ADP
ajfa-1694	102	9	some	some	DET
ajfa-1694	102	10	cases	case	NOUN
ajfa-1694	102	11	.	.	PUNCT
ajfa-1694	103	1	as	as	SCONJ
ajfa-1694	103	2	maddala	maddala	NOUN
ajfa-1694	103	3	and	and	CCONJ
ajfa-1694	103	4	wu	wu	PROPN
ajfa-1694	103	5	(	(	PUNCT
ajfa-1694	103	6	1999	1999	NUM
ajfa-1694	103	7	)	)	PUNCT
ajfa-1694	103	8	point	point	VERB
ajfa-1694	103	9	out	out	ADP
ajfa-1694	103	10	,	,	PUNCT
ajfa-1694	103	11	the	the	DET
ajfa-1694	103	12	alternative	alternative	ADJ
ajfa-1694	103	13	hypothesis	hypothesis	NOUN
ajfa-1694	103	14	is	be	AUX
ajfa-1694	103	15	too	too	ADV
ajfa-1694	103	16	strong	strong	ADJ
ajfa-1694	103	17	to	to	PART
ajfa-1694	103	18	be	be	AUX
ajfa-1694	103	19	valid	valid	ADJ
ajfa-1694	103	20	in	in	ADP
ajfa-1694	103	21	any	any	DET
ajfa-1694	103	22	empirical	empirical	ADJ
ajfa-1694	103	23	case	case	NOUN
ajfa-1694	103	24	.	.	PUNCT
ajfa-1694	104	1	maddala	maddala	PROPN
ajfa-1694	104	2	and	and	CCONJ
ajfa-1694	104	3	wu	wu	PROPN
ajfa-1694	104	4	(	(	PUNCT
ajfa-1694	104	5	1999	1999	NUM
ajfa-1694	104	6	)	)	PUNCT
ajfa-1694	104	7	offer	offer	VERB
ajfa-1694	104	8	a	a	DET
ajfa-1694	104	9	strategy	strategy	NOUN
ajfa-1694	104	10	that	that	PRON
ajfa-1694	104	11	seems	seem	VERB
ajfa-1694	104	12	to	to	PART
ajfa-1694	104	13	overcome	overcome	VERB
ajfa-1694	104	14	the	the	DET
ajfa-1694	104	15	limitations	limitation	NOUN
ajfa-1694	104	16	of	of	ADP
ajfa-1694	104	17	both	both	DET
ajfa-1694	104	18	llc	llc	PROPN
ajfa-1694	104	19	and	and	CCONJ
ajfa-1694	104	20	i	i	PRON
ajfa-1694	104	21	m	m	VERB
ajfa-1694	104	22	et	et	PROPN
ajfa-1694	104	23	al	al	PROPN
ajfa-1694	104	24	.	.	PROPN
ajfa-1694	104	25	tests	test	NOUN
ajfa-1694	104	26	.	.	PUNCT
ajfa-1694	105	1	they	they	PRON
ajfa-1694	105	2	suggest	suggest	VERB
ajfa-1694	105	3	a	a	DET
ajfa-1694	105	4	non	non	ADJ
ajfa-1694	105	5	-	-	ADJ
ajfa-1694	105	6	parametric	parametric	ADJ
ajfa-1694	105	7	fisher	fisher	NOUN
ajfa-1694	105	8	-	-	PUNCT
ajfa-1694	105	9	type	type	NOUN
ajfa-1694	105	10	test	test	NOUN
ajfa-1694	105	11	,	,	PUNCT
ajfa-1694	105	12	which	which	PRON
ajfa-1694	105	13	is	be	AUX
ajfa-1694	105	14	based	base	VERB
ajfa-1694	105	15	on	on	ADP
ajfa-1694	105	16	a	a	DET
ajfa-1694	105	17	combination	combination	NOUN
ajfa-1694	105	18	of	of	ADP
ajfa-1694	105	19	the	the	DET
ajfa-1694	105	20	p	p	NOUN
ajfa-1694	105	21	-	-	PUNCT
ajfa-1694	105	22	values	value	NOUN
ajfa-1694	105	23	of	of	ADP
ajfa-1694	105	24	the	the	DET
ajfa-1694	105	25	t	t	PROPN
ajfa-1694	105	26	-	-	PUNCT
ajfa-1694	105	27	statistics	statistic	NOUN
ajfa-1694	105	28	for	for	ADP
ajfa-1694	105	29	a	a	DET
ajfa-1694	105	30	unit	unit	NOUN
ajfa-1694	105	31	root	root	NOUN
ajfa-1694	105	32	in	in	ADP
ajfa-1694	105	33	each	each	DET
ajfa-1694	105	34	cross	cross	ADJ
ajfa-1694	105	35	-	-	ADJ
ajfa-1694	105	36	sectional	sectional	ADJ
ajfa-1694	105	37	unit	unit	NOUN
ajfa-1694	105	38	(	(	PUNCT
ajfa-1694	105	39	the	the	DET
ajfa-1694	105	40	adf	adf	PROPN
ajfa-1694	105	41	test	test	NOUN
ajfa-1694	105	42	)	)	PUNCT
ajfa-1694	105	43	.	.	PUNCT
ajfa-1694	106	1	the	the	DET
ajfa-1694	106	2	testing	testing	NOUN
ajfa-1694	106	3	approach	approach	NOUN
ajfa-1694	106	4	has	have	VERB
ajfa-1694	106	5	the	the	DET
ajfa-1694	106	6	advantage	advantage	NOUN
ajfa-1694	106	7	of	of	ADP
ajfa-1694	106	8	allowing	allow	VERB
ajfa-1694	106	9	for	for	ADP
ajfa-1694	106	10	as	as	ADV
ajfa-1694	106	11	much	much	ADJ
ajfa-1694	106	12	heterogeneity	heterogeneity	NOUN
ajfa-1694	106	13	across	across	ADP
ajfa-1694	106	14	units	unit	NOUN
ajfa-1694	106	15	as	as	ADP
ajfa-1694	106	16	possible	possible	ADJ
ajfa-1694	106	17	.	.	PUNCT
ajfa-1694	107	1	under	under	ADP
ajfa-1694	107	2	the	the	DET
ajfa-1694	107	3	hypothesis	hypothesis	NOUN
ajfa-1694	107	4	that	that	SCONJ
ajfa-1694	107	5	the	the	DET
ajfa-1694	107	6	test	test	NOUN
ajfa-1694	107	7	statistics	statistic	NOUN
ajfa-1694	107	8	are	be	AUX
ajfa-1694	107	9	continuous	continuous	ADJ
ajfa-1694	107	10	,	,	PUNCT
ajfa-1694	107	11	the	the	DET
ajfa-1694	107	12	significance	significance	NOUN
ajfa-1694	107	13	of	of	ADP
ajfa-1694	107	14	p	p	NOUN
ajfa-1694	107	15	-	-	PUNCT
ajfa-1694	107	16	values	value	NOUN
ajfa-1694	107	17	is	be	AUX
ajfa-1694	107	18	independent	independent	ADJ
ajfa-1694	107	19	in	in	ADP
ajfa-1694	107	20	a	a	DET
ajfa-1694	107	21	uniform	uniform	ADJ
ajfa-1694	107	22	manner	manner	NOUN
ajfa-1694	107	23	,	,	PUNCT
ajfa-1694	107	24	e.g.	e.g.	ADV
ajfa-1694	107	25	they	they	PRON
ajfa-1694	107	26	uniform	uniform	VERB
ajfa-1694	107	27	(	(	PUNCT
ajfa-1694	107	28	0,1	0,1	NUM
ajfa-1694	107	29	)	)	PUNCT
ajfa-1694	107	30	variables	variable	NOUN
ajfa-1694	107	31	and	and	CCONJ
ajfa-1694	107	32	-2logp	-2logp	PROPN
ajfa-1694	107	33	has	have	AUX
ajfa-1694	107	34	a	a	DET
ajfa-1694	107	35	chi	chi	ADJ
ajfa-1694	107	36	-	-	PUNCT
ajfa-1694	107	37	squared	square	VERB
ajfa-1694	107	38	distribution	distribution	NOUN
ajfa-1694	107	39	with	with	ADP
ajfa-1694	107	40	two	two	NUM
ajfa-1694	107	41	degrees	degree	NOUN
ajfa-1694	107	42	of	of	ADP
ajfa-1694	107	43	freedom	freedom	NOUN
ajfa-1694	107	44	.	.	PUNCT
ajfa-1694	108	1	using	use	VERB
ajfa-1694	108	2	the	the	DET
ajfa-1694	108	3	additive	additive	ADJ
ajfa-1694	108	4	property	property	NOUN
ajfa-1694	108	5	of	of	ADP
ajfa-1694	108	6	the	the	DET
ajfa-1694	108	7	chi	chi	NOUN
ajfa-1694	108	8	-	-	PUNCT
ajfa-1694	108	9	squared	square	VERB
ajfa-1694	108	10	variables	variable	NOUN
ajfa-1694	108	11	,	,	PUNCT
ajfa-1694	108	12	the	the	DET
ajfa-1694	108	13	statistic	statistic	NOUN
ajfa-1694	108	14	:	:	PUNCT
ajfa-1694	108	15	n	n	ADP
ajfa-1694	108	16	λ	λ	X
ajfa-1694	108	17	=	=	SYM
ajfa-1694	108	18	2	2	NUM
ajfa-1694	108	19	σ	σ	PROPN
ajfa-1694	108	20	log(pi	log(pi	NOUN
ajfa-1694	108	21	)	)	PUNCT
ajfa-1694	108	22	is	be	AUX
ajfa-1694	108	23	constructed	construct	VERB
ajfa-1694	108	24	,	,	PUNCT
ajfa-1694	108	25	which	which	PRON
ajfa-1694	108	26	has	have	VERB
ajfa-1694	108	27	a	a	DET
ajfa-1694	108	28	chi	chi	ADJ
ajfa-1694	108	29	-	-	PUNCT
ajfa-1694	108	30	squared	square	VERB
ajfa-1694	108	31	distribution	distribution	NOUN
ajfa-1694	108	32	with	with	ADP
ajfa-1694	108	33	2n	2n	NUM
ajfa-1694	108	34	degrees	degree	NOUN
ajfa-1694	108	35	i=1	i=1	PRON
ajfa-1694	108	36	of	of	ADP
ajfa-1694	108	37	freedom	freedom	NOUN
ajfa-1694	108	38	.	.	PUNCT
ajfa-1694	109	1	the	the	DET
ajfa-1694	109	2	advantage	advantage	NOUN
ajfa-1694	109	3	of	of	ADP
ajfa-1694	109	4	this	this	DET
ajfa-1694	109	5	test	test	NOUN
ajfa-1694	109	6	is	be	AUX
ajfa-1694	109	7	that	that	SCONJ
ajfa-1694	109	8	it	it	PRON
ajfa-1694	109	9	does	do	AUX
ajfa-1694	109	10	not	not	PART
ajfa-1694	109	11	require	require	VERB
ajfa-1694	109	12	an	an	DET
ajfa-1694	109	13	infinite	infinite	ADJ
ajfa-1694	109	14	number	number	NOUN
ajfa-1694	109	15	of	of	ADP
ajfa-1694	109	16	groups	group	NOUN
ajfa-1694	109	17	to	to	PART
ajfa-1694	109	18	be	be	AUX
ajfa-1694	109	19	valid	valid	ADJ
ajfa-1694	109	20	,	,	PUNCT
ajfa-1694	109	21	so	so	SCONJ
ajfa-1694	109	22	we	we	PRON
ajfa-1694	109	23	do	do	AUX
ajfa-1694	109	24	not	not	PART
ajfa-1694	109	25	have	have	VERB
ajfa-1694	109	26	to	to	PART
ajfa-1694	109	27	assume	assume	VERB
ajfa-1694	109	28	that	that	SCONJ
ajfa-1694	109	29	all	all	DET
ajfa-1694	109	30	groups	group	NOUN
ajfa-1694	109	31	must	must	AUX
ajfa-1694	109	32	have	have	VERB
ajfa-1694	109	33	the	the	DET
ajfa-1694	109	34	same	same	ADJ
ajfa-1694	109	35	type	type	NOUN
ajfa-1694	109	36	of	of	ADP
ajfa-1694	109	37	non	non	ADJ
ajfa-1694	109	38	-	-	ADJ
ajfa-1694	109	39	stochastic	stochastic	ADJ
ajfa-1694	109	40	components	component	NOUN
ajfa-1694	109	41	.	.	PUNCT
ajfa-1694	110	1	in	in	ADP
ajfa-1694	110	2	addition	addition	NOUN
ajfa-1694	110	3	,	,	PUNCT
ajfa-1694	110	4	t	t	PROPN
ajfa-1694	110	5	is	be	AUX
ajfa-1694	110	6	not	not	PART
ajfa-1694	110	7	necessarily	necessarily	ADV
ajfa-1694	110	8	assumed	assume	VERB
ajfa-1694	110	9	to	to	PART
ajfa-1694	110	10	be	be	AUX
ajfa-1694	110	11	the	the	DET
ajfa-1694	110	12	same	same	ADJ
ajfa-1694	110	13	for	for	ADP
ajfa-1694	110	14	all	all	DET
ajfa-1694	110	15	the	the	DET
ajfa-1694	110	16	cross	cross	ADJ
ajfa-1694	110	17	-	-	ADJ
ajfa-1694	110	18	section	section	ADJ
ajfa-1694	110	19	units	unit	NOUN
ajfa-1694	110	20	,	,	PUNCT
ajfa-1694	110	21	its	its	PRON
ajfa-1694	110	22	critical	critical	ADJ
ajfa-1694	110	23	values	value	NOUN
ajfa-1694	110	24	are	be	AUX
ajfa-1694	110	25	not	not	PART
ajfa-1694	110	26	sensitive	sensitive	ADJ
ajfa-1694	110	27	to	to	ADP
ajfa-1694	110	28	the	the	DET
ajfa-1694	110	29	choice	choice	NOUN
ajfa-1694	110	30	of	of	ADP
ajfa-1694	110	31	lag	lag	NOUN
ajfa-1694	110	32	lengths	length	NOUN
ajfa-1694	110	33	in	in	ADP
ajfa-1694	110	34	the	the	DET
ajfa-1694	110	35	adf	adf	NOUN
ajfa-1694	110	36	regressions	regression	NOUN
ajfa-1694	110	37	,	,	PUNCT
ajfa-1694	110	38	and	and	CCONJ
ajfa-1694	110	39	finally	finally	ADV
ajfa-1694	110	40	,	,	PUNCT
ajfa-1694	110	41	it	it	PRON
ajfa-1694	110	42	does	do	AUX
ajfa-1694	110	43	not	not	PART
ajfa-1694	110	44	have	have	VERB
ajfa-1694	110	45	to	to	PART
ajfa-1694	110	46	assume	assume	VERB
ajfa-1694	110	47	that	that	SCONJ
ajfa-1694	110	48	none	none	NOUN
ajfa-1694	110	49	of	of	ADP
ajfa-1694	110	50	the	the	DET
ajfa-1694	110	51	groups	group	NOUN
ajfa-1694	110	52	have	have	VERB
ajfa-1694	110	53	a	a	DET
ajfa-1694	110	54	unit	unit	NOUN
ajfa-1694	110	55	root	root	NOUN
ajfa-1694	110	56	under	under	ADP
ajfa-1694	110	57	the	the	DET
ajfa-1694	110	58	alternative	alternative	ADJ
ajfa-1694	110	59	hypothesis	hypothesis	NOUN
ajfa-1694	110	60	.	.	PUNCT
ajfa-1694	111	1	the	the	DET
ajfa-1694	111	2	hadri	hadri	ADJ
ajfa-1694	111	3	(	(	PUNCT
ajfa-1694	111	4	2000	2000	NUM
ajfa-1694	111	5	)	)	PUNCT
ajfa-1694	111	6	lagrange	lagrange	NOUN
ajfa-1694	111	7	multiplier	multipli	ADJ
ajfa-1694	111	8	(	(	PUNCT
ajfa-1694	111	9	lm	lm	INTJ
ajfa-1694	111	10	)	)	PUNCT
ajfa-1694	111	11	test	test	NOUN
ajfa-1694	111	12	is	be	AUX
ajfa-1694	111	13	closely	closely	ADV
ajfa-1694	111	14	related	relate	VERB
ajfa-1694	111	15	to	to	ADP
ajfa-1694	111	16	that	that	PRON
ajfa-1694	111	17	of	of	ADP
ajfa-1694	111	18	the	the	DET
ajfa-1694	111	19	carrion	carrion	NOUN
ajfa-1694	111	20	-	-	PUNCT
ajfa-1694	111	21	i	i	NOUN
ajfa-1694	111	22	-	-	PUNCT
ajfa-1694	111	23	silvestre	silvestre	NOUN
ajfa-1694	111	24	et	et	PROPN
ajfa-1694	111	25	al	al	PROPN
ajfa-1694	111	26	.	.	PROPN
ajfa-1694	112	1	(	(	PUNCT
ajfa-1694	112	2	2005	2005	NUM
ajfa-1694	112	3	)	)	PUNCT
ajfa-1694	112	4	test	test	NOUN
ajfa-1694	112	5	.	.	PUNCT
ajfa-1694	113	1	it	it	PRON
ajfa-1694	113	2	has	have	VERB
ajfa-1694	113	3	the	the	DET
ajfa-1694	113	4	advantage	advantage	NOUN
ajfa-1694	113	5	of	of	ADP
ajfa-1694	113	6	combining	combine	VERB
ajfa-1694	113	7	both	both	CCONJ
ajfa-1694	113	8	stationary	stationary	ADJ
ajfa-1694	113	9	and	and	CCONJ
ajfa-1694	113	10	non	non	ADJ
ajfa-1694	113	11	-	-	ADJ
ajfa-1694	113	12	stationary	stationary	ADJ
ajfa-1694	113	13	variables	variable	NOUN
ajfa-1694	113	14	and	and	CCONJ
ajfa-1694	113	15	permits	permit	VERB
ajfa-1694	113	16	a	a	DET
ajfa-1694	113	17	formulation	formulation	NOUN
ajfa-1694	113	18	for	for	ADP
ajfa-1694	113	19	a	a	DET
ajfa-1694	113	20	residual	residual	ADJ
ajfa-1694	113	21	-	-	PUNCT
ajfa-1694	113	22	based	base	VERB
ajfa-1694	113	23	lm	lm	ADJ
ajfa-1694	113	24	test	test	NOUN
ajfa-1694	113	25	of	of	ADP
ajfa-1694	113	26	stationarity	stationarity	NOUN
ajfa-1694	113	27	.	.	PUNCT
ajfa-1694	114	1	hadri	hadri	PROPN
ajfa-1694	114	2	adopts	adopt	VERB
ajfa-1694	114	3	the	the	DET
ajfa-1694	114	4	following	follow	VERB
ajfa-1694	114	5	representation	representation	NOUN
ajfa-1694	114	6	:	:	PUNCT
ajfa-1694	114	7	yit	yit	PROPN
ajfa-1694	114	8	=	=	SYM
ajfa-1694	114	9	zit’γ	zit’γ	X
ajfa-1694	114	10	+	+	CCONJ
ajfa-1694	114	11	rit	rit	NOUN
ajfa-1694	114	12	+	+	CCONJ
ajfa-1694	114	13	εit	εit	NOUN
ajfa-1694	114	14	(	(	PUNCT
ajfa-1694	114	15	7	7	NUM
ajfa-1694	114	16	)	)	PUNCT
ajfa-1694	114	17	where	where	SCONJ
ajfa-1694	114	18	zit	zit	NOUN
ajfa-1694	114	19	is	be	AUX
ajfa-1694	114	20	the	the	DET
ajfa-1694	114	21	deterministic	deterministic	ADJ
ajfa-1694	114	22	component	component	NOUN
ajfa-1694	114	23	,	,	PUNCT
ajfa-1694	114	24	rit	rit	PROPN
ajfa-1694	114	25	is	be	AUX
ajfa-1694	114	26	a	a	DET
ajfa-1694	114	27	random	random	ADJ
ajfa-1694	114	28	walk	walk	NOUN
ajfa-1694	114	29	process	process	NOUN
ajfa-1694	114	30	defined	define	VERB
ajfa-1694	114	31	as	as	ADP
ajfa-1694	114	32	rit	rit	NOUN
ajfa-1694	114	33	=	=	SYM
ajfa-1694	114	34	ri	ri	PROPN
ajfa-1694	114	35	,	,	PUNCT
ajfa-1694	114	36	t-1	t-1	PROPN
ajfa-1694	114	37	+	+	CCONJ
ajfa-1694	114	38	uit	uit	PROPN
ajfa-1694	114	39	,	,	PUNCT
ajfa-1694	114	40	with	with	ADP
ajfa-1694	114	41	uit→iid(0	uit→iid(0	PROPN
ajfa-1694	114	42	,	,	PUNCT
ajfa-1694	114	43	σu	σu	PROPN
ajfa-1694	114	44	2	2	NUM
ajfa-1694	114	45	)	)	PUNCT
ajfa-1694	114	46	and	and	CCONJ
ajfa-1694	114	47	εit	εit	NOUN
ajfa-1694	114	48	is	be	AUX
ajfa-1694	114	49	a	a	DET
ajfa-1694	114	50	stationary	stationary	ADJ
ajfa-1694	114	51	process	process	NOUN
ajfa-1694	114	52	.	.	PUNCT
ajfa-1694	115	1	the	the	DET
ajfa-1694	115	2	null	null	ADJ
ajfa-1694	115	3	hypothesis	hypothesis	NOUN
ajfa-1694	115	4	of	of	ADP
ajfa-1694	115	5	trend	trend	NOUN
ajfa-1694	115	6	stationarity	stationarity	NOUN
ajfa-1694	115	7	corresponds	correspond	VERB
ajfa-1694	115	8	to	to	ADP
ajfa-1694	115	9	the	the	DET
ajfa-1694	115	10	hypothesis	hypothesis	NOUN
ajfa-1694	115	11	that	that	SCONJ
ajfa-1694	115	12	the	the	DET
ajfa-1694	115	13	variance	variance	NOUN
ajfa-1694	115	14	of	of	ADP
ajfa-1694	115	15	the	the	DET
ajfa-1694	115	16	random	random	ADJ
ajfa-1694	115	17	walk	walk	NOUN
ajfa-1694	115	18	is	be	AUX
ajfa-1694	115	19	zero	zero	NUM
ajfa-1694	115	20	.	.	PUNCT
ajfa-1694	116	1	the	the	DET
ajfa-1694	116	2	yit	yit	PROPN
ajfa-1694	116	3	process	process	NOUN
ajfa-1694	116	4	from	from	ADP
ajfa-1694	116	5	above	above	ADV
ajfa-1694	116	6	can	can	AUX
ajfa-1694	116	7	be	be	AUX
ajfa-1694	116	8	written	write	VERB
ajfa-1694	116	9	as	as	ADP
ajfa-1694	116	10	yit	yit	NOUN
ajfa-1694	116	11	=	=	SYM
ajfa-1694	116	12	zit	zit	NOUN
ajfa-1694	116	13	’	'	PUNCT
ajfa-1694	116	14	γ	γ	PROPN
ajfa-1694	116	15	+	+	X
ajfa-1694	116	16	eit	eit	PROPN
ajfa-1694	116	17	,	,	PUNCT
ajfa-1694	116	18	where	where	SCONJ
ajfa-1694	116	19	:	:	PUNCT
ajfa-1694	116	20	t	t	X
ajfa-1694	116	21	eit	eit	NOUN
ajfa-1694	117	1	=	=	PUNCT
ajfa-1694	117	2	σuij	σuij	NOUN
ajfa-1694	117	3	+	+	CCONJ
ajfa-1694	117	4	εit	εit	VERB
ajfa-1694	117	5	(	(	PUNCT
ajfa-1694	117	6	8)	8)	NUM
ajfa-1694	117	7	j=1	j=1	NOUN
ajfa-1694	117	8	the	the	DET
ajfa-1694	117	9	residuals	residual	NOUN
ajfa-1694	117	10	from	from	ADP
ajfa-1694	117	11	the	the	DET
ajfa-1694	117	12	above	above	ADJ
ajfa-1694	117	13	regression	regression	NOUN
ajfa-1694	117	14	(	(	PUNCT
ajfa-1694	117	15	eit	eit	VERB
ajfa-1694	117	16	)	)	PUNCT
ajfa-1694	117	17	are	be	AUX
ajfa-1694	117	18	obtained	obtain	VERB
ajfa-1694	117	19	.	.	PUNCT
ajfa-1694	118	1	this	this	DET
ajfa-1694	118	2	time	time	NOUN
ajfa-1694	118	3	the	the	DET
ajfa-1694	118	4	statistic	statistic	NOUN
ajfa-1694	118	5	can	can	AUX
ajfa-1694	118	6	be	be	AUX
ajfa-1694	118	7	written	write	VERB
ajfa-1694	118	8	as	as	ADP
ajfa-1694	118	9	:	:	PUNCT
ajfa-1694	118	10	n	n	PRON
ajfa-1694	118	11	t	t	X
ajfa-1694	118	12	lm	lm	NOUN
ajfa-1694	119	1	=	=	SYM
ajfa-1694	119	2	1	1	NUM
ajfa-1694	119	3	/	/	SYM
ajfa-1694	119	4	n	n	PRON
ajfa-1694	119	5	σ	σ	PROPN
ajfa-1694	119	6	(	(	PUNCT
ajfa-1694	119	7	σsit	σsit	NOUN
ajfa-1694	119	8	2	2	NUM
ajfa-1694	119	9	/	/	SYM
ajfa-1694	119	10	t2	t2	NOUN
ajfa-1694	119	11	/	/	SYM
ajfa-1694	119	12	σε	σε	NOUN
ajfa-1694	119	13	2	2	NUM
ajfa-1694	119	14	)	)	PUNCT
ajfa-1694	119	15	(	(	PUNCT
ajfa-1694	119	16	9	9	NUM
ajfa-1694	119	17	)	)	PUNCT
ajfa-1694	119	18	i=1	i=1	PROPN
ajfa-1694	119	19	t=1	t=1	PROPN
ajfa-1694	119	20	asian	asian	ADJ
ajfa-1694	119	21	journal	journal	NOUN
ajfa-1694	119	22	of	of	ADP
ajfa-1694	119	23	finance	finance	PROPN
ajfa-1694	119	24	&	&	CCONJ
ajfa-1694	119	25	accounting	accounting	PROPN
ajfa-1694	119	26	issn	issn	PROPN
ajfa-1694	119	27	1946	1946	NUM
ajfa-1694	119	28	-	-	PUNCT
ajfa-1694	119	29	052x	052x	NOUN
ajfa-1694	119	30	2012	2012	NUM
ajfa-1694	119	31	,	,	PUNCT
ajfa-1694	119	32	vol	vol	NOUN
ajfa-1694	119	33	.	.	PROPN
ajfa-1694	119	34	4	4	NUM
ajfa-1694	119	35	,	,	PUNCT
ajfa-1694	119	36	no	no	INTJ
ajfa-1694	119	37	.	.	NOUN
ajfa-1694	119	38	1	1	NUM
ajfa-1694	119	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	119	40	320	320	NUM
ajfa-1694	119	41	where	where	SCONJ
ajfa-1694	119	42	σε	σε	PROPN
ajfa-1694	119	43	2	2	NUM
ajfa-1694	119	44	is	be	AUX
ajfa-1694	119	45	the	the	DET
ajfa-1694	119	46	consistent	consistent	ADJ
ajfa-1694	119	47	newey	newey	NOUN
ajfa-1694	119	48	and	and	CCONJ
ajfa-1694	119	49	west	west	PROPN
ajfa-1694	119	50	(	(	PUNCT
ajfa-1694	119	51	1987	1987	NUM
ajfa-1694	119	52	)	)	PUNCT
ajfa-1694	119	53	estimate	estimate	NOUN
ajfa-1694	119	54	of	of	ADP
ajfa-1694	119	55	the	the	DET
ajfa-1694	119	56	long	long	ADV
ajfa-1694	119	57	-	-	PUNCT
ajfa-1694	119	58	run	run	VERB
ajfa-1694	119	59	variance	variance	NOUN
ajfa-1694	119	60	of	of	ADP
ajfa-1694	119	61	residuals	residual	NOUN
ajfa-1694	119	62	,	,	PUNCT
ajfa-1694	119	63	while	while	SCONJ
ajfa-1694	119	64	sit	sit	NOUN
ajfa-1694	119	65	is	be	AUX
ajfa-1694	119	66	defined	define	VERB
ajfa-1694	119	67	as	as	ADP
ajfa-1694	119	68	above	above	ADV
ajfa-1694	119	69	.	.	PUNCT
ajfa-1694	120	1	the	the	DET
ajfa-1694	120	2	lm	lm	PROPN
ajfa-1694	120	3	statistic	statistic	NOUN
ajfa-1694	120	4	is	be	AUX
ajfa-1694	120	5	consistent	consistent	ADJ
ajfa-1694	120	6	and	and	CCONJ
ajfa-1694	120	7	has	have	VERB
ajfa-1694	120	8	an	an	DET
ajfa-1694	120	9	asymptotic	asymptotic	ADJ
ajfa-1694	120	10	normal	normal	ADJ
ajfa-1694	120	11	distribution	distribution	NOUN
ajfa-1694	120	12	as	as	ADP
ajfa-1694	120	13	both	both	DET
ajfa-1694	120	14	t	t	PROPN
ajfa-1694	120	15	and	and	CCONJ
ajfa-1694	120	16	n→.	n→.	VERB
ajfa-1694	120	17	the	the	DET
ajfa-1694	120	18	main	main	ADJ
ajfa-1694	120	19	advantage	advantage	NOUN
ajfa-1694	120	20	of	of	ADP
ajfa-1694	120	21	this	this	DET
ajfa-1694	120	22	test	test	NOUN
ajfa-1694	120	23	is	be	AUX
ajfa-1694	120	24	that	that	SCONJ
ajfa-1694	120	25	the	the	DET
ajfa-1694	120	26	moments	moment	NOUN
ajfa-1694	120	27	of	of	ADP
ajfa-1694	120	28	the	the	DET
ajfa-1694	120	29	asymptotic	asymptotic	ADJ
ajfa-1694	120	30	distribution	distribution	NOUN
ajfa-1694	120	31	are	be	AUX
ajfa-1694	120	32	exactly	exactly	ADV
ajfa-1694	120	33	derived	derive	VERB
ajfa-1694	120	34	,	,	PUNCT
ajfa-1694	120	35	while	while	SCONJ
ajfa-1694	120	36	the	the	DET
ajfa-1694	120	37	disturbance	disturbance	NOUN
ajfa-1694	120	38	terms	term	NOUN
ajfa-1694	120	39	can	can	AUX
ajfa-1694	120	40	be	be	AUX
ajfa-1694	120	41	heteroskedastic	heteroskedastic	ADJ
ajfa-1694	120	42	across	across	ADP
ajfa-1694	120	43	i.	i.	PROPN
ajfa-1694	120	44	finally	finally	ADV
ajfa-1694	120	45	,	,	PUNCT
ajfa-1694	120	46	it	it	PRON
ajfa-1694	120	47	is	be	AUX
ajfa-1694	120	48	also	also	ADV
ajfa-1694	120	49	possible	possible	ADJ
ajfa-1694	120	50	to	to	PART
ajfa-1694	120	51	allow	allow	VERB
ajfa-1694	120	52	for	for	ADP
ajfa-1694	120	53	serial	serial	ADJ
ajfa-1694	120	54	dependence	dependence	NOUN
ajfa-1694	120	55	substituting	substitute	VERB
ajfa-1694	120	56	the	the	DET
ajfa-1694	120	57	assumption	assumption	NOUN
ajfa-1694	120	58	that	that	SCONJ
ajfa-1694	120	59	the	the	DET
ajfa-1694	120	60	errors	error	NOUN
ajfa-1694	120	61	εit	εit	VERB
ajfa-1694	120	62	are	be	AUX
ajfa-1694	120	63	i.i.d	i.i.d	ADJ
ajfa-1694	120	64	.	.	PUNCT
ajfa-1694	121	1	normally	normally	ADV
ajfa-1694	121	2	distributed	distribute	VERB
ajfa-1694	121	3	over	over	ADP
ajfa-1694	121	4	t	t	PROPN
ajfa-1694	121	5	with	with	ADP
ajfa-1694	121	6	the	the	DET
ajfa-1694	121	7	assumption	assumption	NOUN
ajfa-1694	121	8	that	that	SCONJ
ajfa-1694	121	9	they	they	PRON
ajfa-1694	121	10	satisfy	satisfy	VERB
ajfa-1694	121	11	the	the	DET
ajfa-1694	121	12	strong	strong	ADJ
ajfa-1694	121	13	mixing	mix	VERB
ajfa-1694	121	14	regularity	regularity	NOUN
ajfa-1694	121	15	conditions	condition	NOUN
ajfa-1694	121	16	of	of	ADP
ajfa-1694	121	17	phillips	phillip	NOUN
ajfa-1694	121	18	and	and	CCONJ
ajfa-1694	121	19	perron	perron	PROPN
ajfa-1694	121	20	(	(	PUNCT
ajfa-1694	121	21	1988	1988	NUM
ajfa-1694	121	22	)	)	PUNCT
ajfa-1694	121	23	.	.	PUNCT
ajfa-1694	122	1	in	in	ADP
ajfa-1694	122	2	this	this	DET
ajfa-1694	122	3	case	case	NOUN
ajfa-1694	122	4	we	we	PRON
ajfa-1694	122	5	replace	replace	VERB
ajfa-1694	122	6	σε	σε	PROPN
ajfa-1694	122	7	2	2	NUM
ajfa-1694	122	8	by	by	ADP
ajfa-1694	122	9	the	the	DET
ajfa-1694	122	10	long	long	ADV
ajfa-1694	122	11	-	-	PUNCT
ajfa-1694	122	12	run	run	NOUN
ajfa-1694	122	13	variance	variance	NOUN
ajfa-1694	122	14	,	,	PUNCT
ajfa-1694	122	15	defined	define	VERB
ajfa-1694	122	16	as	as	ADP
ajfa-1694	122	17	:	:	PUNCT
ajfa-1694	122	18	n	n	PROPN
ajfa-1694	122	19	σ2	σ2	NOUN
ajfa-1694	122	20	=	=	SYM
ajfa-1694	122	21	1	1	NUM
ajfa-1694	122	22	/	/	SYM
ajfa-1694	122	23	n	n	PRON
ajfa-1694	122	24	σ	σ	PROPN
ajfa-1694	122	25	limt-1	limt-1	NUM
ajfa-1694	122	26	(	(	PUNCT
ajfa-1694	122	27	sit	sit	VERB
ajfa-1694	122	28	2	2	NUM
ajfa-1694	122	29	)	)	PUNCT
ajfa-1694	122	30	(	(	PUNCT
ajfa-1694	122	31	10	10	NUM
ajfa-1694	122	32	)	)	PUNCT
ajfa-1694	122	33	i=1	i=1	PRON
ajfa-1694	122	34	t→	t→	PROPN
ajfa-1694	122	35	a	a	DET
ajfa-1694	122	36	consistent	consistent	ADJ
ajfa-1694	122	37	estimator	estimator	NOUN
ajfa-1694	122	38	of	of	ADP
ajfa-1694	122	39	the	the	DET
ajfa-1694	122	40	above	above	ADJ
ajfa-1694	122	41	variance	variance	NOUN
ajfa-1694	122	42	is	be	AUX
ajfa-1694	122	43	obtained	obtain	VERB
ajfa-1694	122	44	using	use	VERB
ajfa-1694	122	45	again	again	ADV
ajfa-1694	122	46	the	the	DET
ajfa-1694	122	47	estimators	estimator	NOUN
ajfa-1694	122	48	provided	provide	VERB
ajfa-1694	122	49	by	by	ADP
ajfa-1694	122	50	newey	newey	PROPN
ajfa-1694	122	51	and	and	CCONJ
ajfa-1694	122	52	west	west	PROPN
ajfa-1694	122	53	(	(	PUNCT
ajfa-1694	122	54	1994	1994	NUM
ajfa-1694	122	55	)	)	PUNCT
ajfa-1694	122	56	.	.	PUNCT
ajfa-1694	123	1	the	the	DET
ajfa-1694	123	2	results	result	NOUN
ajfa-1694	123	3	in	in	ADP
ajfa-1694	123	4	table	table	NOUN
ajfa-1694	123	5	1	1	NUM
ajfa-1694	123	6	point	point	NOUN
ajfa-1694	123	7	out	out	ADP
ajfa-1694	123	8	that	that	SCONJ
ajfa-1694	123	9	the	the	DET
ajfa-1694	123	10	hypothesis	hypothesis	NOUN
ajfa-1694	123	11	that	that	PRON
ajfa-1694	123	12	all	all	DET
ajfa-1694	123	13	the	the	DET
ajfa-1694	123	14	macroeconomic	macroeconomic	ADJ
ajfa-1694	123	15	variables	variable	NOUN
ajfa-1694	123	16	under	under	ADP
ajfa-1694	123	17	study	study	NOUN
ajfa-1694	123	18	contain	contain	VERB
ajfa-1694	123	19	a	a	DET
ajfa-1694	123	20	unit	unit	NOUN
ajfa-1694	123	21	root	root	NOUN
ajfa-1694	123	22	,	,	PUNCT
ajfa-1694	123	23	is	be	AUX
ajfa-1694	123	24	accepted	accept	VERB
ajfa-1694	123	25	at	at	ADP
ajfa-1694	123	26	the	the	DET
ajfa-1694	123	27	1	1	NUM
ajfa-1694	123	28	%	%	NOUN
ajfa-1694	123	29	significant	significant	ADJ
ajfa-1694	123	30	level	level	NOUN
ajfa-1694	123	31	in	in	ADP
ajfa-1694	123	32	all	all	DET
ajfa-1694	123	33	tests	test	NOUN
ajfa-1694	123	34	,	,	PUNCT
ajfa-1694	123	35	suggesting	suggest	VERB
ajfa-1694	123	36	that	that	SCONJ
ajfa-1694	123	37	these	these	DET
ajfa-1694	123	38	variables	variable	NOUN
ajfa-1694	123	39	are	be	AUX
ajfa-1694	123	40	i(1	i(1	NOUN
ajfa-1694	123	41	)	)	PUNCT
ajfa-1694	123	42	.	.	PUNCT
ajfa-1694	124	1	by	by	ADP
ajfa-1694	124	2	contrast	contrast	NOUN
ajfa-1694	124	3	,	,	PUNCT
ajfa-1694	124	4	excess	excess	ADJ
ajfa-1694	124	5	returns	return	NOUN
ajfa-1694	124	6	for	for	ADP
ajfa-1694	124	7	individual	individual	ADJ
ajfa-1694	124	8	stocks	stock	NOUN
ajfa-1694	124	9	as	as	ADV
ajfa-1694	124	10	well	well	ADV
ajfa-1694	124	11	as	as	ADP
ajfa-1694	124	12	for	for	ADP
ajfa-1694	124	13	market	market	NOUN
ajfa-1694	124	14	indexes	index	NOUN
ajfa-1694	124	15	are	be	AUX
ajfa-1694	124	16	shown	show	VERB
ajfa-1694	124	17	to	to	PART
ajfa-1694	124	18	be	be	AUX
ajfa-1694	124	19	i(0	i(0	PROPN
ajfa-1694	124	20	)	)	PUNCT
ajfa-1694	124	21	variables	variable	NOUN
ajfa-1694	124	22	.	.	PUNCT
ajfa-1694	125	1	table	table	NOUN
ajfa-1694	125	2	1	1	NUM
ajfa-1694	125	3	.	.	PUNCT
ajfa-1694	125	4	panel	panel	NOUN
ajfa-1694	125	5	unit	unit	NOUN
ajfa-1694	125	6	root	root	NOUN
ajfa-1694	125	7	tests	test	VERB
ajfa-1694	125	8	ips	ips	PROPN
ajfa-1694	125	9	panel	panel	NOUN
ajfa-1694	125	10	unit	unit	NOUN
ajfa-1694	125	11	root	root	NOUN
ajfa-1694	125	12	tests	test	VERB
ajfa-1694	125	13	variables	variable	NOUN
ajfa-1694	125	14	without	without	ADP
ajfa-1694	125	15	trend	trend	NOUN
ajfa-1694	125	16	with	with	ADP
ajfa-1694	125	17	trend	trend	NOUN
ajfa-1694	125	18	y	y	PROPN
ajfa-1694	125	19	-2.11(3	-2.11(3	PROPN
ajfa-1694	125	20	)	)	PUNCT
ajfa-1694	125	21	-2.28(3	-2.28(3	PUNCT
ajfa-1694	125	22	)	)	PUNCT
ajfa-1694	125	23	δy	δy	NOUN
ajfa-1694	125	24	-5.30(1	-5.30(1	NUM
ajfa-1694	125	25	)	)	PUNCT
ajfa-1694	125	26	*	*	PUNCT
ajfa-1694	126	1	-5.66(2	-5.66(2	NOUN
ajfa-1694	126	2	)	)	PUNCT
ajfa-1694	126	3	*	*	PUNCT
ajfa-1694	127	1	m	m	NOUN
ajfa-1694	127	2	-1.09(2	-1.09(2	X
ajfa-1694	127	3	)	)	PUNCT
ajfa-1694	127	4	-1.36(2	-1.36(2	PUNCT
ajfa-1694	127	5	)	)	PUNCT
ajfa-1694	127	6	δm	δm	ADP
ajfa-1694	127	7	-4.93(2	-4.93(2	NOUN
ajfa-1694	127	8	)	)	PUNCT
ajfa-1694	127	9	*	*	PUNCT
ajfa-1694	127	10	-5.18(2	-5.18(2	NUM
ajfa-1694	127	11	)	)	PUNCT
ajfa-1694	127	12	*	*	PUNCT
ajfa-1694	127	13	fdef	fdef	ADJ
ajfa-1694	127	14	-1.71(2	-1.71(2	NOUN
ajfa-1694	127	15	)	)	PUNCT
ajfa-1694	127	16	-1.94(2	-1.94(2	NUM
ajfa-1694	127	17	)	)	PUNCT
ajfa-1694	127	18	δfdef	δfdef	ADJ
ajfa-1694	127	19	-4.83(1	-4.83(1	PUNCT
ajfa-1694	127	20	)	)	PUNCT
ajfa-1694	127	21	*	*	PUNCT
ajfa-1694	127	22	-4.97(1	-4.97(1	PROPN
ajfa-1694	127	23	)	)	PUNCT
ajfa-1694	127	24	*	*	PUNCT
ajfa-1694	128	1	p	p	X
ajfa-1694	128	2	-1.83(3	-1.83(3	NOUN
ajfa-1694	128	3	)	)	PUNCT
ajfa-1694	128	4	-1.94(3	-1.94(3	NUM
ajfa-1694	128	5	)	)	PUNCT
ajfa-1694	128	6	δp	δp	ADP
ajfa-1694	128	7	-5.48(1	-5.48(1	NOUN
ajfa-1694	128	8	)	)	PUNCT
ajfa-1694	128	9	*	*	PUNCT
ajfa-1694	128	10	-5.82(1	-5.82(1	NOUN
ajfa-1694	128	11	)	)	PUNCT
ajfa-1694	128	12	*	*	PUNCT
ajfa-1694	129	1	def	def	ADJ
ajfa-1694	129	2	-2.13(2	-2.13(2	NOUN
ajfa-1694	129	3	)	)	PUNCT
ajfa-1694	129	4	-2.34(2	-2.34(2	NOUN
ajfa-1694	129	5	)	)	PUNCT
ajfa-1694	129	6	δdef	δdef	NOUN
ajfa-1694	129	7	-5.21(1	-5.21(1	PUNCT
ajfa-1694	129	8	)	)	PUNCT
ajfa-1694	129	9	*	*	PUNCT
ajfa-1694	129	10	-5.74(1	-5.74(1	PUNCT
ajfa-1694	129	11	)	)	PUNCT
ajfa-1694	129	12	*	*	PUNCT
ajfa-1694	129	13	ri	ri	PROPN
ajfa-1694	129	14	-	-	PUNCT
ajfa-1694	129	15	r	r	NOUN
ajfa-1694	129	16	f	f	NOUN
ajfa-1694	129	17	-7.71(2	-7.71(2	NOUN
ajfa-1694	129	18	)	)	PUNCT
ajfa-1694	129	19	*	*	PUNCT
ajfa-1694	130	1	-7.84(2	-7.84(2	NOUN
ajfa-1694	130	2	)	)	PUNCT
ajfa-1694	130	3	*	*	PUNCT
ajfa-1694	131	1	rt	rt	PROPN
ajfa-1694	131	2	m	m	PROPN
ajfa-1694	131	3	–	–	PUNCT
ajfa-1694	131	4	rt	rt	PROPN
ajfa-1694	131	5	f	f	PROPN
ajfa-1694	131	6	-6.58(2	-6.58(2	PROPN
ajfa-1694	131	7	)	)	PUNCT
ajfa-1694	131	8	*	*	PUNCT
ajfa-1694	132	1	-6.82(1	-6.82(1	PROPN
ajfa-1694	132	2	)	)	PUNCT
ajfa-1694	132	3	*	*	PROPN
ajfa-1694	132	4	llc	llc	PROPN
ajfa-1694	132	5	panel	panel	NOUN
ajfa-1694	132	6	unit	unit	NOUN
ajfa-1694	132	7	root	root	NOUN
ajfa-1694	132	8	tests	test	VERB
ajfa-1694	132	9	variables	variable	NOUN
ajfa-1694	132	10	with	with	ADP
ajfa-1694	132	11	trend	trend	NOUN
ajfa-1694	132	12	y	y	PROPN
ajfa-1694	132	13	-2.03	-2.03	PROPN
ajfa-1694	132	14	δy	δy	PROPN
ajfa-1694	132	15	-5.28	-5.28	NOUN
ajfa-1694	132	16	*	*	NOUN
ajfa-1694	132	17	m	m	VERB
ajfa-1694	132	18	-1.14	-1.14	NOUN
ajfa-1694	133	1	δm	δm	ADP
ajfa-1694	133	2	-4.84	-4.84	NOUN
ajfa-1694	133	3	*	*	NOUN
ajfa-1694	133	4	fdef	fdef	ADJ
ajfa-1694	133	5	-1.55	-1.55	ADJ
ajfa-1694	133	6	asian	asian	ADJ
ajfa-1694	133	7	journal	journal	NOUN
ajfa-1694	133	8	of	of	ADP
ajfa-1694	133	9	finance	finance	PROPN
ajfa-1694	133	10	&	&	CCONJ
ajfa-1694	133	11	accounting	accounting	PROPN
ajfa-1694	133	12	issn	issn	PROPN
ajfa-1694	133	13	1946	1946	NUM
ajfa-1694	133	14	-	-	PUNCT
ajfa-1694	133	15	052x	052x	NOUN
ajfa-1694	133	16	2012	2012	NUM
ajfa-1694	133	17	,	,	PUNCT
ajfa-1694	133	18	vol	vol	NOUN
ajfa-1694	133	19	.	.	PROPN
ajfa-1694	133	20	4	4	NUM
ajfa-1694	133	21	,	,	PUNCT
ajfa-1694	133	22	no	no	INTJ
ajfa-1694	133	23	.	.	NOUN
ajfa-1694	133	24	1	1	NUM
ajfa-1694	133	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	133	26	321	321	NUM
ajfa-1694	133	27	δfdef	δfdef	ADJ
ajfa-1694	133	28	-4.94	-4.94	NOUN
ajfa-1694	133	29	*	*	SYM
ajfa-1694	133	30	p	p	NOUN
ajfa-1694	133	31	-1.62	-1.62	ADJ
ajfa-1694	133	32	δp	δp	ADP
ajfa-1694	133	33	-5.27	-5.27	PROPN
ajfa-1694	133	34	*	*	ADJ
ajfa-1694	133	35	def	def	ADJ
ajfa-1694	133	36	-2.19	-2.19	NUM
ajfa-1694	133	37	δdef	δdef	ADJ
ajfa-1694	133	38	-5.38	-5.38	PROPN
ajfa-1694	133	39	*	*	PUNCT
ajfa-1694	133	40	ri	ri	NOUN
ajfa-1694	133	41	-	-	PUNCT
ajfa-1694	133	42	r	r	NOUN
ajfa-1694	133	43	f	f	PROPN
ajfa-1694	133	44	-6.42	-6.42	NOUN
ajfa-1694	133	45	*	*	PROPN
ajfa-1694	133	46	rt	rt	PROPN
ajfa-1694	133	47	m	m	PROPN
ajfa-1694	133	48	–	–	PUNCT
ajfa-1694	133	49	rt	rt	PROPN
ajfa-1694	133	50	f	f	PROPN
ajfa-1694	133	51	-6.94	-6.94	PROPN
ajfa-1694	133	52	*	*	PROPN
ajfa-1694	133	53	handri	handri	PROPN
ajfa-1694	133	54	(	(	PUNCT
ajfa-1694	133	55	hom	hom	NOUN
ajfa-1694	133	56	)	)	PUNCT
ajfa-1694	133	57	panel	panel	NOUN
ajfa-1694	133	58	unit	unit	NOUN
ajfa-1694	133	59	root	root	NOUN
ajfa-1694	133	60	tests	test	VERB
ajfa-1694	133	61	variables	variable	NOUN
ajfa-1694	133	62	with	with	ADP
ajfa-1694	133	63	trend	trend	NOUN
ajfa-1694	133	64	y	y	PROPN
ajfa-1694	133	65	22.03	22.03	NUM
ajfa-1694	133	66	*	*	PUNCT
ajfa-1694	133	67	δy	δy	PROPN
ajfa-1694	133	68	1.09	1.09	NUM
ajfa-1694	133	69	m	m	NOUN
ajfa-1694	133	70	15.24	15.24	NUM
ajfa-1694	133	71	*	*	PUNCT
ajfa-1694	133	72	δm	δm	ADP
ajfa-1694	133	73	1.14	1.14	NUM
ajfa-1694	133	74	fdef	fdef	ADJ
ajfa-1694	133	75	16.55	16.55	NUM
ajfa-1694	133	76	*	*	PUNCT
ajfa-1694	133	77	δfdef	δfdef	ADJ
ajfa-1694	133	78	1.44	1.44	NUM
ajfa-1694	133	79	p	p	NOUN
ajfa-1694	133	80	17.62	17.62	NUM
ajfa-1694	133	81	*	*	NOUN
ajfa-1694	133	82	δp	δp	ADP
ajfa-1694	133	83	1.18	1.18	NUM
ajfa-1694	133	84	def	def	VERB
ajfa-1694	133	85	22.19	22.19	NUM
ajfa-1694	133	86	*	*	PUNCT
ajfa-1694	133	87	δdef	δdef	PROPN
ajfa-1694	133	88	1.34	1.34	NUM
ajfa-1694	133	89	ri	ri	NOUN
ajfa-1694	133	90	-	-	PUNCT
ajfa-1694	133	91	r	r	NOUN
ajfa-1694	133	92	f	f	PROPN
ajfa-1694	133	93	1.37	1.37	NUM
ajfa-1694	133	94	rt	rt	PROPN
ajfa-1694	133	95	m	m	PROPN
ajfa-1694	133	96	–	–	PUNCT
ajfa-1694	133	97	rt	rt	PROPN
ajfa-1694	133	98	f	f	PROPN
ajfa-1694	133	99	1.23	1.23	NUM
ajfa-1694	133	100	handri	handri	PROPN
ajfa-1694	133	101	(	(	PUNCT
ajfa-1694	133	102	het	het	PROPN
ajfa-1694	133	103	)	)	PUNCT
ajfa-1694	133	104	panel	panel	NOUN
ajfa-1694	133	105	unit	unit	NOUN
ajfa-1694	133	106	root	root	NOUN
ajfa-1694	133	107	tests	test	VERB
ajfa-1694	133	108	variables	variable	NOUN
ajfa-1694	133	109	with	with	ADP
ajfa-1694	133	110	trend	trend	NOUN
ajfa-1694	133	111	y	y	PROPN
ajfa-1694	133	112	20.32	20.32	NUM
ajfa-1694	133	113	*	*	PUNCT
ajfa-1694	133	114	δy	δy	PROPN
ajfa-1694	133	115	1.14	1.14	NUM
ajfa-1694	133	116	m	m	NOUN
ajfa-1694	133	117	13.22	13.22	NUM
ajfa-1694	133	118	*	*	PUNCT
ajfa-1694	133	119	δm	δm	ADP
ajfa-1694	133	120	1.07	1.07	NUM
ajfa-1694	133	121	fdef	fdef	ADJ
ajfa-1694	133	122	12.73	12.73	NUM
ajfa-1694	133	123	*	*	PUNCT
ajfa-1694	133	124	δfdef	δfdef	ADJ
ajfa-1694	133	125	1.39	1.39	NUM
ajfa-1694	133	126	p	p	NOUN
ajfa-1694	133	127	14.02	14.02	NUM
ajfa-1694	133	128	*	*	SYM
ajfa-1694	133	129	δp	δp	ADP
ajfa-1694	133	130	1.25	1.25	NUM
ajfa-1694	133	131	def	def	VERB
ajfa-1694	133	132	18.14	18.14	NUM
ajfa-1694	133	133	*	*	NOUN
ajfa-1694	133	134	δdef	δdef	PROPN
ajfa-1694	133	135	1.27	1.27	NUM
ajfa-1694	133	136	ri	ri	NOUN
ajfa-1694	133	137	-	-	PUNCT
ajfa-1694	133	138	r	r	NOUN
ajfa-1694	133	139	f	f	PROPN
ajfa-1694	133	140	1.41	1.41	NUM
ajfa-1694	133	141	rt	rt	PROPN
ajfa-1694	133	142	m	m	PROPN
ajfa-1694	133	143	–	–	PUNCT
ajfa-1694	133	144	rt	rt	PROPN
ajfa-1694	133	145	f	f	NUM
ajfa-1694	133	146	1.37	1.37	NUM
ajfa-1694	133	147	fisher	fisher	PROPN
ajfa-1694	133	148	-	-	PUNCT
ajfa-1694	133	149	adf	adf	NOUN
ajfa-1694	133	150	variables	variable	NOUN
ajfa-1694	133	151	y	y	PROPN
ajfa-1694	133	152	20.45	20.45	NUM
ajfa-1694	133	153	δy	δy	PROPN
ajfa-1694	133	154	104.46	104.46	NUM
ajfa-1694	133	155	*	*	NOUN
ajfa-1694	133	156	asian	asian	ADJ
ajfa-1694	133	157	journal	journal	NOUN
ajfa-1694	133	158	of	of	ADP
ajfa-1694	133	159	finance	finance	PROPN
ajfa-1694	133	160	&	&	CCONJ
ajfa-1694	133	161	accounting	accounting	PROPN
ajfa-1694	133	162	issn	issn	PROPN
ajfa-1694	133	163	1946	1946	NUM
ajfa-1694	133	164	-	-	PUNCT
ajfa-1694	133	165	052x	052x	NOUN
ajfa-1694	133	166	2012	2012	NUM
ajfa-1694	133	167	,	,	PUNCT
ajfa-1694	133	168	vol	vol	NOUN
ajfa-1694	133	169	.	.	PROPN
ajfa-1694	133	170	4	4	NUM
ajfa-1694	133	171	,	,	PUNCT
ajfa-1694	133	172	no	no	INTJ
ajfa-1694	133	173	.	.	NOUN
ajfa-1694	133	174	1	1	NUM
ajfa-1694	133	175	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	133	176	322	322	NUM
ajfa-1694	133	177	m	m	NOUN
ajfa-1694	133	178	17.83	17.83	NUM
ajfa-1694	133	179	δm	δm	ADP
ajfa-1694	133	180	98.77	98.77	NUM
ajfa-1694	133	181	*	*	PUNCT
ajfa-1694	133	182	fdef	fdef	ADJ
ajfa-1694	133	183	18.51	18.51	NUM
ajfa-1694	133	184	δfdef	δfdef	ADJ
ajfa-1694	133	185	92.34	92.34	NUM
ajfa-1694	133	186	*	*	PUNCT
ajfa-1694	134	1	p	p	X
ajfa-1694	134	2	17.63	17.63	NUM
ajfa-1694	134	3	δp	δp	ADP
ajfa-1694	134	4	112.52	112.52	NUM
ajfa-1694	134	5	*	*	PUNCT
ajfa-1694	134	6	def	def	ADJ
ajfa-1694	134	7	19.75	19.75	NUM
ajfa-1694	134	8	δdef	δdef	NOUN
ajfa-1694	134	9	108.75	108.75	NUM
ajfa-1694	134	10	*	*	SYM
ajfa-1694	134	11	ri	ri	PROPN
ajfa-1694	134	12	-	-	PUNCT
ajfa-1694	134	13	r	r	NOUN
ajfa-1694	134	14	f	f	PROPN
ajfa-1694	135	1	112.57	112.57	NUM
ajfa-1694	135	2	*	*	PUNCT
ajfa-1694	135	3	rt	rt	PROPN
ajfa-1694	135	4	m	m	PROPN
ajfa-1694	135	5	–	–	PUNCT
ajfa-1694	135	6	rt	rt	PROPN
ajfa-1694	135	7	f	f	PROPN
ajfa-1694	135	8	108.47	108.47	NUM
ajfa-1694	135	9	*	*	PROPN
ajfa-1694	135	10	fisher	fisher	PROPN
ajfa-1694	135	11	-	-	PUNCT
ajfa-1694	135	12	pp	pp	NOUN
ajfa-1694	135	13	variables	variable	NOUN
ajfa-1694	135	14	y	y	PROPN
ajfa-1694	135	15	24.58	24.58	NUM
ajfa-1694	135	16	δy	δy	NOUN
ajfa-1694	135	17	117.17	117.17	NUM
ajfa-1694	135	18	*	*	PUNCT
ajfa-1694	135	19	m	m	PROPN
ajfa-1694	135	20	19.72	19.72	NUM
ajfa-1694	135	21	δm	δm	ADP
ajfa-1694	135	22	99.93	99.93	NUM
ajfa-1694	135	23	*	*	NOUN
ajfa-1694	135	24	fdef	fdef	ADJ
ajfa-1694	135	25	21.56	21.56	NUM
ajfa-1694	135	26	δfdef	δfdef	ADJ
ajfa-1694	135	27	97.88	97.88	NUM
ajfa-1694	135	28	*	*	SYM
ajfa-1694	135	29	p	p	X
ajfa-1694	135	30	19.59	19.59	NUM
ajfa-1694	135	31	δp	δp	ADP
ajfa-1694	135	32	119.69	119.69	NUM
ajfa-1694	135	33	*	*	NOUN
ajfa-1694	135	34	def	def	PROPN
ajfa-1694	135	35	24.17	24.17	NUM
ajfa-1694	135	36	δdef	δdef	NOUN
ajfa-1694	135	37	129.82	129.82	NUM
ajfa-1694	135	38	*	*	SYM
ajfa-1694	135	39	ri	ri	NOUN
ajfa-1694	135	40	-	-	PUNCT
ajfa-1694	135	41	r	r	NOUN
ajfa-1694	135	42	f	f	PROPN
ajfa-1694	135	43	116.55	116.55	NUM
ajfa-1694	135	44	*	*	PUNCT
ajfa-1694	135	45	rt	rt	PROPN
ajfa-1694	135	46	m	m	PROPN
ajfa-1694	135	47	–	–	PUNCT
ajfa-1694	135	48	rt	rt	PROPN
ajfa-1694	135	49	f	f	PROPN
ajfa-1694	135	50	113.07	113.07	NUM
ajfa-1694	135	51	*	*	PROPN
ajfa-1694	135	52	numbers	number	NOUN
ajfa-1694	135	53	in	in	ADP
ajfa-1694	135	54	parentheses	parenthesis	NOUN
ajfa-1694	135	55	are	be	AUX
ajfa-1694	135	56	the	the	DET
ajfa-1694	135	57	augmented	augment	VERB
ajfa-1694	135	58	lags	lag	NOUN
ajfa-1694	135	59	included	include	VERB
ajfa-1694	135	60	in	in	ADP
ajfa-1694	135	61	the	the	DET
ajfa-1694	135	62	unit	unit	NOUN
ajfa-1694	135	63	root	root	NOUN
ajfa-1694	135	64	test	test	NOUN
ajfa-1694	135	65	,	,	PUNCT
ajfa-1694	135	66	while	while	SCONJ
ajfa-1694	135	67	δ	δ	PROPN
ajfa-1694	135	68	denotes	denote	VERB
ajfa-1694	135	69	first	first	ADJ
ajfa-1694	135	70	differences	difference	NOUN
ajfa-1694	135	71	.	.	PUNCT
ajfa-1694	136	1	*	*	PUNCT
ajfa-1694	136	2	denotes	denote	NOUN
ajfa-1694	136	3	statistical	statistical	ADJ
ajfa-1694	136	4	significance	significance	NOUN
ajfa-1694	136	5	at	at	ADP
ajfa-1694	136	6	1	1	NUM
ajfa-1694	136	7	%	%	NOUN
ajfa-1694	136	8	3.2	3.2	NUM
ajfa-1694	136	9	dynamic	dynamic	ADJ
ajfa-1694	136	10	heterogeneity	heterogeneity	NOUN
ajfa-1694	136	11	an	an	DET
ajfa-1694	136	12	issue	issue	NOUN
ajfa-1694	136	13	that	that	SCONJ
ajfa-1694	136	14	it	it	PRON
ajfa-1694	136	15	is	be	AUX
ajfa-1694	136	16	of	of	ADP
ajfa-1694	136	17	major	major	ADJ
ajfa-1694	136	18	concern	concern	NOUN
ajfa-1694	136	19	is	be	AUX
ajfa-1694	136	20	the	the	DET
ajfa-1694	136	21	heterogeneity	heterogeneity	NOUN
ajfa-1694	136	22	of	of	ADP
ajfa-1694	136	23	the	the	DET
ajfa-1694	136	24	firms	firm	NOUN
ajfa-1694	136	25	included	include	VERB
ajfa-1694	136	26	in	in	ADP
ajfa-1694	136	27	this	this	DET
ajfa-1694	136	28	data	data	NOUN
ajfa-1694	136	29	set	set	VERB
ajfa-1694	136	30	.	.	PUNCT
ajfa-1694	137	1	in	in	ADP
ajfa-1694	137	2	particular	particular	ADJ
ajfa-1694	137	3	,	,	PUNCT
ajfa-1694	137	4	through	through	ADP
ajfa-1694	137	5	time	time	NOUN
ajfa-1694	137	6	and	and	CCONJ
ajfa-1694	137	7	across	across	ADP
ajfa-1694	137	8	countries	country	NOUN
ajfa-1694	137	9	,	,	PUNCT
ajfa-1694	137	10	the	the	DET
ajfa-1694	137	11	effect	effect	NOUN
ajfa-1694	137	12	of	of	ADP
ajfa-1694	137	13	accounting	account	VERB
ajfa-1694	137	14	information	information	NOUN
ajfa-1694	137	15	on	on	ADP
ajfa-1694	137	16	stock	stock	NOUN
ajfa-1694	137	17	returns	return	NOUN
ajfa-1694	137	18	was	be	AUX
ajfa-1694	137	19	investigated	investigate	VERB
ajfa-1694	137	20	.	.	PUNCT
ajfa-1694	138	1	in	in	ADP
ajfa-1694	138	2	the	the	DET
ajfa-1694	138	3	statistical	statistical	ADJ
ajfa-1694	138	4	framework	framework	NOUN
ajfa-1694	138	5	of	of	ADP
ajfa-1694	138	6	this	this	DET
ajfa-1694	138	7	study	study	NOUN
ajfa-1694	138	8	we	we	PRON
ajfa-1694	138	9	first	first	ADV
ajfa-1694	138	10	test	test	VERB
ajfa-1694	138	11	for	for	ADP
ajfa-1694	138	12	heterogeneity	heterogeneity	NOUN
ajfa-1694	138	13	and	and	CCONJ
ajfa-1694	138	14	then	then	ADV
ajfa-1694	138	15	by	by	ADP
ajfa-1694	138	16	controlling	control	VERB
ajfa-1694	138	17	for	for	ADP
ajfa-1694	138	18	it	it	PRON
ajfa-1694	138	19	through	through	ADP
ajfa-1694	138	20	appropriate	appropriate	ADJ
ajfa-1694	138	21	techniques	technique	NOUN
ajfa-1694	138	22	(	(	PUNCT
ajfa-1694	138	23	holtz	holtz	NOUN
ajfa-1694	138	24	-	-	PUNCT
ajfa-1694	138	25	eakin	eakin	PROPN
ajfa-1694	138	26	,	,	PUNCT
ajfa-1694	138	27	1986	1986	NUM
ajfa-1694	138	28	;	;	PUNCT
ajfa-1694	138	29	holtz	holtz	PROPN
ajfa-1694	138	30	et	et	PROPN
ajfa-1694	138	31	al	al	PROPN
ajfa-1694	138	32	.	.	PROPN
ajfa-1694	138	33	,	,	PUNCT
ajfa-1694	138	34	1985	1985	NUM
ajfa-1694	138	35	)	)	PUNCT
ajfa-1694	138	36	.	.	PUNCT
ajfa-1694	139	1	the	the	DET
ajfa-1694	139	2	dynamic	dynamic	ADJ
ajfa-1694	139	3	heterogeneity	heterogeneity	NOUN
ajfa-1694	139	4	,	,	PUNCT
ajfa-1694	139	5	i.e.	i.e.	X
ajfa-1694	139	6	variation	variation	NOUN
ajfa-1694	139	7	of	of	ADP
ajfa-1694	139	8	the	the	DET
ajfa-1694	139	9	intercept	intercept	NOUN
ajfa-1694	139	10	over	over	ADP
ajfa-1694	139	11	countries	country	NOUN
ajfa-1694	139	12	and	and	CCONJ
ajfa-1694	139	13	time	time	NOUN
ajfa-1694	139	14	,	,	PUNCT
ajfa-1694	139	15	across	across	ADP
ajfa-1694	139	16	a	a	DET
ajfa-1694	139	17	cross	cross	NOUN
ajfa-1694	139	18	-	-	NOUN
ajfa-1694	139	19	section	section	NOUN
ajfa-1694	139	20	of	of	ADP
ajfa-1694	139	21	the	the	DET
ajfa-1694	139	22	relevant	relevant	ADJ
ajfa-1694	139	23	variables	variable	NOUN
ajfa-1694	139	24	can	can	AUX
ajfa-1694	139	25	be	be	AUX
ajfa-1694	139	26	investigated	investigate	VERB
ajfa-1694	139	27	as	as	SCONJ
ajfa-1694	139	28	follows	follow	VERB
ajfa-1694	139	29	:	:	PUNCT
ajfa-1694	139	30	in	in	ADP
ajfa-1694	139	31	the	the	DET
ajfa-1694	139	32	first	first	ADJ
ajfa-1694	139	33	step	step	NOUN
ajfa-1694	139	34	,	,	PUNCT
ajfa-1694	139	35	an	an	DET
ajfa-1694	139	36	adf(n	adf(n	NOUN
ajfa-1694	139	37	)	)	PUNCT
ajfa-1694	139	38	equation	equation	NOUN
ajfa-1694	139	39	for	for	ADP
ajfa-1694	139	40	each	each	DET
ajfa-1694	139	41	relationship	relationship	NOUN
ajfa-1694	139	42	in	in	ADP
ajfa-1694	139	43	the	the	DET
ajfa-1694	139	44	panel	panel	NOUN
ajfa-1694	139	45	is	be	AUX
ajfa-1694	139	46	estimated	estimate	VERB
ajfa-1694	139	47	;	;	PUNCT
ajfa-1694	139	48	then	then	ADV
ajfa-1694	139	49	,	,	PUNCT
ajfa-1694	139	50	the	the	DET
ajfa-1694	139	51	hypothesis	hypothesis	NOUN
ajfa-1694	139	52	of	of	ADP
ajfa-1694	139	53	whether	whether	SCONJ
ajfa-1694	139	54	regression	regression	NOUN
ajfa-1694	139	55	parameters	parameter	NOUN
ajfa-1694	139	56	are	be	AUX
ajfa-1694	139	57	equal	equal	ADJ
ajfa-1694	139	58	across	across	ADP
ajfa-1694	139	59	these	these	DET
ajfa-1694	139	60	equations	equation	NOUN
ajfa-1694	139	61	is	be	AUX
ajfa-1694	139	62	tested	test	VERB
ajfa-1694	139	63	.	.	PUNCT
ajfa-1694	140	1	next	next	ADV
ajfa-1694	140	2	,	,	PUNCT
ajfa-1694	140	3	a	a	DET
ajfa-1694	140	4	similar	similar	ADJ
ajfa-1694	140	5	test	test	NOUN
ajfa-1694	140	6	of	of	ADP
ajfa-1694	140	7	parameter	parameter	NOUN
ajfa-1694	140	8	equality	equality	NOUN
ajfa-1694	140	9	is	be	AUX
ajfa-1694	140	10	performed	perform	VERB
ajfa-1694	140	11	by	by	ADP
ajfa-1694	140	12	estimating	estimate	VERB
ajfa-1694	140	13	a	a	DET
ajfa-1694	140	14	n	n	CCONJ
ajfa-1694	140	15	-	-	PUNCT
ajfa-1694	140	16	order	order	NOUN
ajfa-1694	140	17	autoregressive	autoregressive	ADJ
ajfa-1694	140	18	model	model	NOUN
ajfa-1694	140	19	for	for	ADP
ajfa-1694	140	20	each	each	PRON
ajfa-1694	140	21	of	of	ADP
ajfa-1694	140	22	the	the	DET
ajfa-1694	140	23	relationships	relationship	NOUN
ajfa-1694	140	24	under	under	ADP
ajfa-1694	140	25	investigation	investigation	NOUN
ajfa-1694	140	26	.	.	PUNCT
ajfa-1694	141	1	standard	standard	ADJ
ajfa-1694	141	2	chow	chow	NOUN
ajfa-1694	141	3	-	-	PUNCT
ajfa-1694	141	4	type	type	NOUN
ajfa-1694	141	5	f	f	NOUN
ajfa-1694	141	6	tests	test	VERB
ajfa-1694	141	7	under	under	ADP
ajfa-1694	141	8	the	the	DET
ajfa-1694	141	9	null	null	NOUN
ajfa-1694	141	10	of	of	ADP
ajfa-1694	141	11	parameter	parameter	NOUN
ajfa-1694	141	12	equality	equality	NOUN
ajfa-1694	141	13	across	across	ADP
ajfa-1694	141	14	all	all	DET
ajfa-1694	141	15	relationships	relationship	NOUN
ajfa-1694	141	16	are	be	AUX
ajfa-1694	141	17	also	also	ADV
ajfa-1694	141	18	performed	perform	VERB
ajfa-1694	141	19	.	.	PUNCT
ajfa-1694	142	1	heterogeneity	heterogeneity	NOUN
ajfa-1694	142	2	in	in	ADP
ajfa-1694	142	3	cross	cross	ADJ
ajfa-1694	142	4	-	-	ADJ
ajfa-1694	142	5	sectional	sectional	ADJ
ajfa-1694	142	6	parameters	parameter	NOUN
ajfa-1694	142	7	is	be	AUX
ajfa-1694	142	8	indicated	indicate	VERB
ajfa-1694	142	9	if	if	SCONJ
ajfa-1694	142	10	the	the	DET
ajfa-1694	142	11	results	result	NOUN
ajfa-1694	142	12	reject	reject	VERB
ajfa-1694	142	13	the	the	DET
ajfa-1694	142	14	null	null	ADJ
ajfa-1694	142	15	hypothesis	hypothesis	NOUN
ajfa-1694	142	16	.	.	PUNCT
ajfa-1694	143	1	finally	finally	ADV
ajfa-1694	143	2	,	,	PUNCT
ajfa-1694	143	3	homogeneity	homogeneity	NOUN
ajfa-1694	143	4	error	error	NOUN
ajfa-1694	143	5	asian	asian	ADJ
ajfa-1694	143	6	journal	journal	NOUN
ajfa-1694	143	7	of	of	ADP
ajfa-1694	143	8	finance	finance	PROPN
ajfa-1694	143	9	&	&	CCONJ
ajfa-1694	143	10	accounting	accounting	PROPN
ajfa-1694	143	11	issn	issn	PROPN
ajfa-1694	143	12	1946	1946	NUM
ajfa-1694	143	13	-	-	PUNCT
ajfa-1694	143	14	052x	052x	NOUN
ajfa-1694	143	15	2012	2012	NUM
ajfa-1694	143	16	,	,	PUNCT
ajfa-1694	143	17	vol	vol	NOUN
ajfa-1694	143	18	.	.	PROPN
ajfa-1694	143	19	4	4	NUM
ajfa-1694	143	20	,	,	PUNCT
ajfa-1694	143	21	no	no	INTJ
ajfa-1694	143	22	.	.	NOUN
ajfa-1694	143	23	1	1	NUM
ajfa-1694	143	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	143	25	323	323	NUM
ajfa-1694	143	26	variance	variance	NOUN
ajfa-1694	143	27	across	across	ADP
ajfa-1694	143	28	groups	group	NOUN
ajfa-1694	143	29	is	be	AUX
ajfa-1694	143	30	also	also	ADV
ajfa-1694	143	31	examined	examine	VERB
ajfa-1694	143	32	as	as	ADP
ajfa-1694	143	33	another	another	DET
ajfa-1694	143	34	measure	measure	NOUN
ajfa-1694	143	35	of	of	ADP
ajfa-1694	143	36	dynamic	dynamic	ADJ
ajfa-1694	143	37	heterogeneity	heterogeneity	NOUN
ajfa-1694	143	38	.	.	PUNCT
ajfa-1694	144	1	white	white	PROPN
ajfa-1694	144	2	's	's	PART
ajfa-1694	144	3	tests	test	NOUN
ajfa-1694	144	4	for	for	ADP
ajfa-1694	144	5	group	group	NOUN
ajfa-1694	144	6	-	-	PUNCT
ajfa-1694	144	7	wise	wise	ADJ
ajfa-1694	144	8	heteroscedasticity	heteroscedasticity	NOUN
ajfa-1694	144	9	are	be	AUX
ajfa-1694	144	10	employed	employ	VERB
ajfa-1694	144	11	to	to	PART
ajfa-1694	144	12	serve	serve	VERB
ajfa-1694	144	13	this	this	DET
ajfa-1694	144	14	objective	objective	NOUN
ajfa-1694	144	15	.	.	PUNCT
ajfa-1694	145	1	the	the	DET
ajfa-1694	145	2	results	result	NOUN
ajfa-1694	145	3	of	of	ADP
ajfa-1694	145	4	this	this	DET
ajfa-1694	145	5	procedure	procedure	NOUN
ajfa-1694	145	6	are	be	AUX
ajfa-1694	145	7	reported	report	VERB
ajfa-1694	145	8	in	in	ADP
ajfa-1694	145	9	table	table	NOUN
ajfa-1694	145	10	2	2	NUM
ajfa-1694	145	11	.	.	PUNCT
ajfa-1694	146	1	the	the	DET
ajfa-1694	146	2	empirical	empirical	ADJ
ajfa-1694	146	3	findings	finding	NOUN
ajfa-1694	146	4	indicate	indicate	VERB
ajfa-1694	146	5	that	that	SCONJ
ajfa-1694	146	6	the	the	DET
ajfa-1694	146	7	relationship	relationship	NOUN
ajfa-1694	146	8	under	under	ADP
ajfa-1694	146	9	consideration	consideration	NOUN
ajfa-1694	146	10	is	be	AUX
ajfa-1694	146	11	characterized	characterize	VERB
ajfa-1694	146	12	by	by	ADP
ajfa-1694	146	13	heterogeneity	heterogeneity	NOUN
ajfa-1694	146	14	of	of	ADP
ajfa-1694	146	15	dynamics	dynamic	NOUN
ajfa-1694	146	16	and	and	CCONJ
ajfa-1694	146	17	error	error	NOUN
ajfa-1694	146	18	variance	variance	NOUN
ajfa-1694	146	19	across	across	ADP
ajfa-1694	146	20	groups	group	NOUN
ajfa-1694	146	21	,	,	PUNCT
ajfa-1694	146	22	supporting	support	VERB
ajfa-1694	146	23	the	the	DET
ajfa-1694	146	24	employment	employment	NOUN
ajfa-1694	146	25	of	of	ADP
ajfa-1694	146	26	panel	panel	NOUN
ajfa-1694	146	27	analysis	analysis	NOUN
ajfa-1694	146	28	.	.	PUNCT
ajfa-1694	147	1	table	table	NOUN
ajfa-1694	147	2	2	2	NUM
ajfa-1694	147	3	.	.	NUM
ajfa-1694	147	4	tests	test	NOUN
ajfa-1694	147	5	of	of	ADP
ajfa-1694	147	6	dynamic	dynamic	ADJ
ajfa-1694	147	7	heterogeneity	heterogeneity	NOUN
ajfa-1694	147	8	across	across	ADP
ajfa-1694	147	9	groups	group	NOUN
ajfa-1694	147	10	specification	specification	NOUN
ajfa-1694	147	11	adf(3	adf(3	ADV
ajfa-1694	147	12	)	)	PUNCT
ajfa-1694	148	1	ar(3	ar(3	NOUN
ajfa-1694	148	2	)	)	PUNCT
ajfa-1694	148	3	white	white	PROPN
ajfa-1694	148	4	’s	’s	PART
ajfa-1694	148	5	test	test	NOUN
ajfa-1694	148	6	28.16	28.16	NUM
ajfa-1694	148	7	*	*	SYM
ajfa-1694	148	8	38.92	38.92	NUM
ajfa-1694	148	9	*	*	PUNCT
ajfa-1694	149	1	68.37	68.37	NUM
ajfa-1694	149	2	*	*	NUM
ajfa-1694	149	3	adf(3	adf(3	PROPN
ajfa-1694	149	4	)	)	PUNCT
ajfa-1694	149	5	reports	report	VERB
ajfa-1694	149	6	the	the	DET
ajfa-1694	149	7	parameter	parameter	NOUN
ajfa-1694	149	8	equality	equality	NOUN
ajfa-1694	149	9	test	test	NOUN
ajfa-1694	149	10	(	(	PUNCT
ajfa-1694	149	11	f	f	X
ajfa-1694	149	12	-	-	PUNCT
ajfa-1694	149	13	test	test	NOUN
ajfa-1694	149	14	)	)	PUNCT
ajfa-1694	149	15	across	across	ADP
ajfa-1694	149	16	all	all	DET
ajfa-1694	149	17	relationships	relationship	NOUN
ajfa-1694	149	18	in	in	ADP
ajfa-1694	149	19	the	the	DET
ajfa-1694	149	20	panel	panel	NOUN
ajfa-1694	149	21	.	.	PUNCT
ajfa-1694	150	1	ar(3	ar(3	NOUN
ajfa-1694	150	2	)	)	PUNCT
ajfa-1694	150	3	displays	display	VERB
ajfa-1694	150	4	the	the	DET
ajfa-1694	150	5	f	f	NOUN
ajfa-1694	150	6	-	-	PUNCT
ajfa-1694	150	7	test	test	NOUN
ajfa-1694	150	8	of	of	ADP
ajfa-1694	150	9	parameter	parameter	NOUN
ajfa-1694	150	10	equality	equality	NOUN
ajfa-1694	150	11	conducted	conduct	VERB
ajfa-1694	150	12	in	in	ADP
ajfa-1694	150	13	a	a	DET
ajfa-1694	150	14	third	third	ADJ
ajfa-1694	150	15	-	-	PUNCT
ajfa-1694	150	16	order	order	NOUN
ajfa-1694	150	17	autoregressive	autoregressive	ADJ
ajfa-1694	150	18	model	model	NOUN
ajfa-1694	150	19	of	of	ADP
ajfa-1694	150	20	the	the	DET
ajfa-1694	150	21	relationships	relationship	NOUN
ajfa-1694	150	22	.	.	PUNCT
ajfa-1694	151	1	white	white	PROPN
ajfa-1694	151	2	’s	’s	PART
ajfa-1694	151	3	test	test	NOUN
ajfa-1694	151	4	reports	report	VERB
ajfa-1694	151	5	the	the	DET
ajfa-1694	151	6	white	white	PROPN
ajfa-1694	151	7	’s	’s	PART
ajfa-1694	151	8	test	test	NOUN
ajfa-1694	151	9	of	of	ADP
ajfa-1694	151	10	equality	equality	NOUN
ajfa-1694	151	11	of	of	ADP
ajfa-1694	151	12	variances	variance	NOUN
ajfa-1694	151	13	across	across	ADP
ajfa-1694	151	14	the	the	DET
ajfa-1694	151	15	investigated	investigate	VERB
ajfa-1694	151	16	relationships	relationship	NOUN
ajfa-1694	151	17	in	in	ADP
ajfa-1694	151	18	the	the	DET
ajfa-1694	151	19	panel	panel	NOUN
ajfa-1694	151	20	.	.	PUNCT
ajfa-1694	152	1	δ	δ	PROPN
ajfa-1694	152	2	denotes	denote	VERB
ajfa-1694	152	3	first	first	ADJ
ajfa-1694	152	4	differences	difference	NOUN
ajfa-1694	152	5	.	.	PUNCT
ajfa-1694	153	1	*	*	PUNCT
ajfa-1694	153	2	denotes	denote	NOUN
ajfa-1694	153	3	statistical	statistical	ADJ
ajfa-1694	153	4	significance	significance	NOUN
ajfa-1694	153	5	at	at	ADP
ajfa-1694	153	6	1	1	NUM
ajfa-1694	153	7	%	%	NOUN
ajfa-1694	153	8	.	.	PUNCT
ajfa-1694	154	1	3.3	3.3	NUM
ajfa-1694	154	2	gmm	gmm	NOUN
ajfa-1694	154	3	results	result	VERB
ajfa-1694	154	4	the	the	DET
ajfa-1694	154	5	results	result	NOUN
ajfa-1694	154	6	concerning	concern	VERB
ajfa-1694	154	7	the	the	DET
ajfa-1694	154	8	gmm	gmm	PROPN
ajfa-1694	154	9	estimations	estimation	NOUN
ajfa-1694	154	10	are	be	AUX
ajfa-1694	154	11	summarized	summarize	VERB
ajfa-1694	154	12	in	in	ADP
ajfa-1694	154	13	table	table	NOUN
ajfa-1694	154	14	3	3	NUM
ajfa-1694	154	15	.	.	PUNCT
ajfa-1694	155	1	the	the	DET
ajfa-1694	155	2	gmm	gmm	PROPN
ajfa-1694	155	3	estimator	estimator	NOUN
ajfa-1694	155	4	,	,	PUNCT
ajfa-1694	155	5	suggested	suggest	VERB
ajfa-1694	155	6	by	by	ADP
ajfa-1694	155	7	arellano	arellano	PROPN
ajfa-1694	155	8	and	and	CCONJ
ajfa-1694	155	9	bond	bond	NOUN
ajfa-1694	155	10	(	(	PUNCT
ajfa-1694	155	11	1991	1991	NUM
ajfa-1694	155	12	)	)	PUNCT
ajfa-1694	155	13	,	,	PUNCT
ajfa-1694	155	14	ensures	ensure	VERB
ajfa-1694	155	15	both	both	DET
ajfa-1694	155	16	efficiency	efficiency	NOUN
ajfa-1694	155	17	and	and	CCONJ
ajfa-1694	155	18	consistency	consistency	NOUN
ajfa-1694	155	19	since	since	SCONJ
ajfa-1694	155	20	all	all	DET
ajfa-1694	155	21	slope	slope	NOUN
ajfa-1694	155	22	coefficients	coefficient	NOUN
ajfa-1694	155	23	are	be	AUX
ajfa-1694	155	24	estimated	estimate	VERB
ajfa-1694	155	25	simultaneously	simultaneously	ADV
ajfa-1694	155	26	.	.	PUNCT
ajfa-1694	156	1	the	the	DET
ajfa-1694	156	2	sargan	sargan	PROPN
ajfa-1694	156	3	test	test	NOUN
ajfa-1694	156	4	ensures	ensure	VERB
ajfa-1694	156	5	the	the	DET
ajfa-1694	156	6	validity	validity	NOUN
ajfa-1694	156	7	of	of	ADP
ajfa-1694	156	8	instruments	instrument	NOUN
ajfa-1694	156	9	used	use	VERB
ajfa-1694	156	10	.	.	PUNCT
ajfa-1694	157	1	in	in	ADP
ajfa-1694	157	2	our	our	PRON
ajfa-1694	157	3	model	model	NOUN
ajfa-1694	157	4	the	the	DET
ajfa-1694	157	5	coefficients	coefficient	NOUN
ajfa-1694	157	6	are	be	AUX
ajfa-1694	157	7	shown	show	VERB
ajfa-1694	157	8	to	to	PART
ajfa-1694	157	9	have	have	VERB
ajfa-1694	157	10	the	the	DET
ajfa-1694	157	11	expected	expect	VERB
ajfa-1694	157	12	theoretical	theoretical	ADJ
ajfa-1694	157	13	signs	sign	NOUN
ajfa-1694	157	14	and	and	CCONJ
ajfa-1694	157	15	they	they	PRON
ajfa-1694	157	16	are	be	AUX
ajfa-1694	157	17	statistically	statistically	ADV
ajfa-1694	157	18	significant	significant	ADJ
ajfa-1694	157	19	at	at	ADP
ajfa-1694	157	20	the	the	DET
ajfa-1694	157	21	1	1	NUM
ajfa-1694	157	22	percent	percent	NOUN
ajfa-1694	157	23	significance	significance	NOUN
ajfa-1694	157	24	level	level	NOUN
ajfa-1694	157	25	.	.	PUNCT
ajfa-1694	158	1	the	the	DET
ajfa-1694	158	2	empirical	empirical	ADJ
ajfa-1694	158	3	findings	finding	NOUN
ajfa-1694	158	4	seem	seem	VERB
ajfa-1694	158	5	to	to	PART
ajfa-1694	158	6	lead	lead	VERB
ajfa-1694	158	7	us	we	PRON
ajfa-1694	158	8	to	to	ADP
ajfa-1694	158	9	the	the	DET
ajfa-1694	158	10	following	follow	VERB
ajfa-1694	158	11	observations	observation	NOUN
ajfa-1694	158	12	:	:	PUNCT
ajfa-1694	158	13	►	►	NOUN
ajfa-1694	158	14	the	the	DET
ajfa-1694	158	15	empirical	empirical	ADJ
ajfa-1694	158	16	evidence	evidence	NOUN
ajfa-1694	158	17	with	with	ADP
ajfa-1694	158	18	respect	respect	NOUN
ajfa-1694	158	19	to	to	ADP
ajfa-1694	158	20	the	the	DET
ajfa-1694	158	21	impact	impact	NOUN
ajfa-1694	158	22	of	of	ADP
ajfa-1694	158	23	inflation	inflation	NOUN
ajfa-1694	158	24	on	on	ADP
ajfa-1694	158	25	stock	stock	NOUN
ajfa-1694	158	26	prices	price	NOUN
ajfa-1694	158	27	is	be	AUX
ajfa-1694	158	28	inconclusive	inconclusive	ADJ
ajfa-1694	158	29	.	.	PUNCT
ajfa-1694	159	1	in	in	ADP
ajfa-1694	159	2	particular	particular	ADJ
ajfa-1694	159	3	,	,	PUNCT
ajfa-1694	159	4	chen	chen	PROPN
ajfa-1694	159	5	et	et	PROPN
ajfa-1694	159	6	al	al	PROPN
ajfa-1694	159	7	.	.	PROPN
ajfa-1694	159	8	(	(	PUNCT
ajfa-1694	159	9	1986	1986	NUM
ajfa-1694	159	10	)	)	PUNCT
ajfa-1694	159	11	,	,	PUNCT
ajfa-1694	159	12	flannery	flannery	NOUN
ajfa-1694	159	13	and	and	CCONJ
ajfa-1694	159	14	protopapadakis	protopapadaki	NOUN
ajfa-1694	159	15	(	(	PUNCT
ajfa-1694	159	16	2002	2002	NUM
ajfa-1694	159	17	)	)	PUNCT
ajfa-1694	159	18	and	and	CCONJ
ajfa-1694	159	19	wongbangpo	wongbangpo	NOUN
ajfa-1694	159	20	and	and	CCONJ
ajfa-1694	159	21	sharma	sharma	PROPN
ajfa-1694	159	22	(	(	PUNCT
ajfa-1694	159	23	2002	2002	NUM
ajfa-1694	159	24	)	)	PUNCT
ajfa-1694	159	25	argue	argue	VERB
ajfa-1694	159	26	that	that	SCONJ
ajfa-1694	159	27	inflation	inflation	NOUN
ajfa-1694	159	28	is	be	AUX
ajfa-1694	159	29	negatively	negatively	ADV
ajfa-1694	159	30	associated	associate	VERB
ajfa-1694	159	31	with	with	ADP
ajfa-1694	159	32	stock	stock	NOUN
ajfa-1694	159	33	returns	return	NOUN
ajfa-1694	159	34	.	.	PUNCT
ajfa-1694	160	1	in	in	ADP
ajfa-1694	160	2	the	the	DET
ajfa-1694	160	3	same	same	ADJ
ajfa-1694	160	4	framework	framework	NOUN
ajfa-1694	160	5	,	,	PUNCT
ajfa-1694	160	6	maysami	maysami	NOUN
ajfa-1694	160	7	and	and	CCONJ
ajfa-1694	160	8	koh	koh	PROPN
ajfa-1694	160	9	(	(	PUNCT
ajfa-1694	160	10	2000	2000	NUM
ajfa-1694	160	11	)	)	PUNCT
ajfa-1694	160	12	argue	argue	VERB
ajfa-1694	160	13	that	that	SCONJ
ajfa-1694	160	14	higher	high	ADJ
ajfa-1694	160	15	inflation	inflation	NOUN
ajfa-1694	160	16	usually	usually	ADV
ajfa-1694	160	17	leads	lead	VERB
ajfa-1694	160	18	to	to	ADP
ajfa-1694	160	19	upcoming	upcoming	ADJ
ajfa-1694	160	20	tighter	tight	ADJ
ajfa-1694	160	21	economic	economic	ADJ
ajfa-1694	160	22	policies	policy	NOUN
ajfa-1694	160	23	that	that	PRON
ajfa-1694	160	24	are	be	AUX
ajfa-1694	160	25	expected	expect	VERB
ajfa-1694	160	26	to	to	PART
ajfa-1694	160	27	have	have	VERB
ajfa-1694	160	28	a	a	DET
ajfa-1694	160	29	negative	negative	ADJ
ajfa-1694	160	30	impact	impact	NOUN
ajfa-1694	160	31	on	on	ADP
ajfa-1694	160	32	financial	financial	ADJ
ajfa-1694	160	33	aggregates	aggregate	NOUN
ajfa-1694	160	34	.	.	PUNCT
ajfa-1694	161	1	by	by	ADP
ajfa-1694	161	2	contrast	contrast	NOUN
ajfa-1694	161	3	,	,	PUNCT
ajfa-1694	161	4	according	accord	VERB
ajfa-1694	161	5	to	to	ADP
ajfa-1694	161	6	clare	clare	NOUN
ajfa-1694	161	7	and	and	CCONJ
ajfa-1694	161	8	thomas	thomas	PROPN
ajfa-1694	161	9	(	(	PUNCT
ajfa-1694	161	10	1994	1994	NUM
ajfa-1694	161	11	)	)	PUNCT
ajfa-1694	161	12	and	and	CCONJ
ajfa-1694	161	13	ibrahim	ibrahim	PROPN
ajfa-1694	161	14	and	and	CCONJ
ajfa-1694	161	15	aziz	aziz	PROPN
ajfa-1694	161	16	(	(	PUNCT
ajfa-1694	161	17	2003	2003	NUM
ajfa-1694	161	18	)	)	PUNCT
ajfa-1694	161	19	,	,	PUNCT
ajfa-1694	161	20	this	this	DET
ajfa-1694	161	21	association	association	NOUN
ajfa-1694	161	22	turns	turn	VERB
ajfa-1694	161	23	out	out	ADP
ajfa-1694	161	24	to	to	PART
ajfa-1694	161	25	be	be	AUX
ajfa-1694	161	26	positive	positive	ADJ
ajfa-1694	161	27	,	,	PUNCT
ajfa-1694	161	28	which	which	PRON
ajfa-1694	161	29	is	be	AUX
ajfa-1694	161	30	probably	probably	ADV
ajfa-1694	161	31	explained	explain	VERB
ajfa-1694	161	32	by	by	ADP
ajfa-1694	161	33	the	the	DET
ajfa-1694	161	34	inadequacy	inadequacy	NOUN
ajfa-1694	161	35	of	of	ADP
ajfa-1694	161	36	the	the	DET
ajfa-1694	161	37	hedging	hedge	VERB
ajfa-1694	161	38	role	role	NOUN
ajfa-1694	161	39	of	of	ADP
ajfa-1694	161	40	stocks	stock	NOUN
ajfa-1694	161	41	against	against	ADP
ajfa-1694	161	42	inflation	inflation	NOUN
ajfa-1694	161	43	.	.	PUNCT
ajfa-1694	162	1	our	our	PRON
ajfa-1694	162	2	results	result	NOUN
ajfa-1694	162	3	indicate	indicate	VERB
ajfa-1694	162	4	that	that	SCONJ
ajfa-1694	162	5	inflation	inflation	NOUN
ajfa-1694	162	6	is	be	AUX
ajfa-1694	162	7	a	a	DET
ajfa-1694	162	8	factor	factor	NOUN
ajfa-1694	162	9	that	that	PRON
ajfa-1694	162	10	has	have	VERB
ajfa-1694	162	11	a	a	DET
ajfa-1694	162	12	positive	positive	ADJ
ajfa-1694	162	13	impact	impact	NOUN
ajfa-1694	162	14	on	on	ADP
ajfa-1694	162	15	excess	excess	ADJ
ajfa-1694	162	16	stock	stock	NOUN
ajfa-1694	162	17	returns	return	NOUN
ajfa-1694	162	18	in	in	ADP
ajfa-1694	162	19	our	our	PRON
ajfa-1694	162	20	emerging	emerge	VERB
ajfa-1694	162	21	economies	economy	NOUN
ajfa-1694	162	22	sample	sample	NOUN
ajfa-1694	162	23	.	.	PUNCT
ajfa-1694	163	1	►	►	ADJ
ajfa-1694	163	2	evidence	evidence	NOUN
ajfa-1694	163	3	in	in	ADP
ajfa-1694	163	4	the	the	DET
ajfa-1694	163	5	literature	literature	NOUN
ajfa-1694	163	6	displays	display	VERB
ajfa-1694	163	7	that	that	SCONJ
ajfa-1694	163	8	there	there	PRON
ajfa-1694	163	9	is	be	VERB
ajfa-1694	163	10	a	a	DET
ajfa-1694	163	11	positive	positive	ADJ
ajfa-1694	163	12	association	association	NOUN
ajfa-1694	163	13	between	between	ADP
ajfa-1694	163	14	output	output	NOUN
ajfa-1694	163	15	and	and	CCONJ
ajfa-1694	163	16	stock	stock	NOUN
ajfa-1694	163	17	returns	return	NOUN
ajfa-1694	163	18	(	(	PUNCT
ajfa-1694	163	19	park	park	NOUN
ajfa-1694	163	20	,	,	PUNCT
ajfa-1694	163	21	1997	1997	NUM
ajfa-1694	163	22	)	)	PUNCT
ajfa-1694	163	23	.	.	PUNCT
ajfa-1694	164	1	this	this	DET
ajfa-1694	164	2	association	association	NOUN
ajfa-1694	164	3	is	be	AUX
ajfa-1694	164	4	mainly	mainly	ADV
ajfa-1694	164	5	due	due	ADP
ajfa-1694	164	6	to	to	ADP
ajfa-1694	164	7	the	the	DET
ajfa-1694	164	8	reaction	reaction	NOUN
ajfa-1694	164	9	of	of	ADP
ajfa-1694	164	10	stock	stock	NOUN
ajfa-1694	164	11	market	market	NOUN
ajfa-1694	164	12	participants	participant	NOUN
ajfa-1694	164	13	to	to	ADP
ajfa-1694	164	14	macroeconomic	macroeconomic	ADJ
ajfa-1694	164	15	variables	variable	NOUN
ajfa-1694	164	16	tight	tight	ADV
ajfa-1694	164	17	to	to	ADP
ajfa-1694	164	18	higher	high	ADJ
ajfa-1694	164	19	(	(	PUNCT
ajfa-1694	164	20	lower	low	ADJ
ajfa-1694	164	21	)	)	PUNCT
ajfa-1694	164	22	output	output	NOUN
ajfa-1694	164	23	,	,	PUNCT
ajfa-1694	164	24	such	such	ADJ
ajfa-1694	164	25	as	as	ADP
ajfa-1694	164	26	high	high	ADJ
ajfa-1694	164	27	(	(	PUNCT
ajfa-1694	164	28	low	low	ADJ
ajfa-1694	164	29	)	)	PUNCT
ajfa-1694	164	30	employment	employment	NOUN
ajfa-1694	164	31	,	,	PUNCT
ajfa-1694	164	32	which	which	PRON
ajfa-1694	164	33	in	in	ADP
ajfa-1694	164	34	turn	turn	NOUN
ajfa-1694	164	35	,	,	PUNCT
ajfa-1694	164	36	are	be	AUX
ajfa-1694	164	37	positively	positively	ADV
ajfa-1694	164	38	related	relate	VERB
ajfa-1694	164	39	to	to	ADP
ajfa-1694	164	40	earnings	earning	NOUN
ajfa-1694	164	41	and	and	CCONJ
ajfa-1694	164	42	future	future	ADJ
ajfa-1694	164	43	business	business	NOUN
ajfa-1694	164	44	conditions	condition	NOUN
ajfa-1694	164	45	.	.	PUNCT
ajfa-1694	165	1	hassapis	hassapis	PROPN
ajfa-1694	165	2	and	and	CCONJ
ajfa-1694	165	3	kalyvitis	kalyvitis	PROPN
ajfa-1694	165	4	(	(	PUNCT
ajfa-1694	165	5	2002	2002	NUM
ajfa-1694	165	6	)	)	PUNCT
ajfa-1694	165	7	also	also	ADV
ajfa-1694	165	8	show	show	VERB
ajfa-1694	165	9	that	that	SCONJ
ajfa-1694	165	10	there	there	PRON
ajfa-1694	165	11	exists	exist	VERB
ajfa-1694	165	12	a	a	DET
ajfa-1694	165	13	positive	positive	ADJ
ajfa-1694	165	14	association	association	NOUN
ajfa-1694	165	15	between	between	ADP
ajfa-1694	165	16	stock	stock	NOUN
ajfa-1694	165	17	returns	return	NOUN
ajfa-1694	165	18	and	and	CCONJ
ajfa-1694	165	19	future	future	ADJ
ajfa-1694	165	20	growth	growth	NOUN
ajfa-1694	165	21	,	,	PUNCT
ajfa-1694	165	22	which	which	PRON
ajfa-1694	165	23	is	be	AUX
ajfa-1694	165	24	probably	probably	ADV
ajfa-1694	165	25	due	due	ADJ
ajfa-1694	165	26	to	to	ADP
ajfa-1694	165	27	the	the	DET
ajfa-1694	165	28	link	link	NOUN
ajfa-1694	165	29	between	between	ADP
ajfa-1694	165	30	anticipated	anticipate	VERB
ajfa-1694	165	31	economic	economic	ADJ
ajfa-1694	165	32	growth	growth	NOUN
ajfa-1694	165	33	and	and	CCONJ
ajfa-1694	165	34	the	the	DET
ajfa-1694	165	35	current	current	ADJ
ajfa-1694	165	36	price	price	NOUN
ajfa-1694	165	37	of	of	ADP
ajfa-1694	165	38	capital	capital	NOUN
ajfa-1694	165	39	.	.	PUNCT
ajfa-1694	166	1	our	our	PRON
ajfa-1694	166	2	empirical	empirical	ADJ
ajfa-1694	166	3	findings	finding	NOUN
ajfa-1694	166	4	confirm	confirm	VERB
ajfa-1694	166	5	the	the	DET
ajfa-1694	166	6	above	above	ADJ
ajfa-1694	166	7	arguments	argument	NOUN
ajfa-1694	166	8	by	by	ADP
ajfa-1694	166	9	reporting	report	VERB
ajfa-1694	166	10	a	a	DET
ajfa-1694	166	11	positive	positive	ADJ
ajfa-1694	166	12	association	association	NOUN
ajfa-1694	166	13	between	between	ADP
ajfa-1694	166	14	income	income	NOUN
ajfa-1694	166	15	and	and	CCONJ
ajfa-1694	166	16	excess	excess	ADJ
ajfa-1694	166	17	stock	stock	NOUN
ajfa-1694	166	18	returns	return	NOUN
ajfa-1694	166	19	.	.	PUNCT
ajfa-1694	167	1	asian	asian	ADJ
ajfa-1694	167	2	journal	journal	PROPN
ajfa-1694	167	3	of	of	ADP
ajfa-1694	167	4	finance	finance	PROPN
ajfa-1694	167	5	&	&	CCONJ
ajfa-1694	167	6	accounting	accounting	PROPN
ajfa-1694	167	7	issn	issn	PROPN
ajfa-1694	167	8	1946	1946	NUM
ajfa-1694	167	9	-	-	PUNCT
ajfa-1694	167	10	052x	052x	NOUN
ajfa-1694	167	11	2012	2012	NUM
ajfa-1694	167	12	,	,	PUNCT
ajfa-1694	167	13	vol	vol	NOUN
ajfa-1694	167	14	.	.	PROPN
ajfa-1694	167	15	4	4	NUM
ajfa-1694	167	16	,	,	PUNCT
ajfa-1694	167	17	no	no	INTJ
ajfa-1694	167	18	.	.	NOUN
ajfa-1694	167	19	1	1	NUM
ajfa-1694	167	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1694	167	21	324	324	NUM
ajfa-1694	167	22	►	►	NOUN
ajfa-1694	167	23	mukherjee	mukherjee	NOUN
ajfa-1694	167	24	and	and	CCONJ
ajfa-1694	167	25	naka	naka	PROPN
ajfa-1694	167	26	(	(	PUNCT
ajfa-1694	167	27	1995	1995	NUM
ajfa-1694	167	28	)	)	PUNCT
ajfa-1694	167	29	and	and	CCONJ
ajfa-1694	167	30	cheung	cheung	PROPN
ajfa-1694	167	31	and	and	CCONJ
ajfa-1694	167	32	ng	ng	PROPN
ajfa-1694	167	33	(	(	PUNCT
ajfa-1694	167	34	1998	1998	NUM
ajfa-1694	167	35	)	)	PUNCT
ajfa-1694	167	36	report	report	VERB
ajfa-1694	167	37	a	a	DET
ajfa-1694	167	38	positive	positive	ADJ
ajfa-1694	167	39	association	association	NOUN
ajfa-1694	167	40	between	between	ADP
ajfa-1694	167	41	money	money	NOUN
ajfa-1694	167	42	supply	supply	NOUN
ajfa-1694	167	43	and	and	CCONJ
ajfa-1694	167	44	stock	stock	NOUN
ajfa-1694	167	45	prices	price	NOUN
ajfa-1694	167	46	,	,	PUNCT
ajfa-1694	167	47	on	on	ADP
ajfa-1694	167	48	the	the	DET
ajfa-1694	167	49	grounds	ground	NOUN
ajfa-1694	167	50	that	that	SCONJ
ajfa-1694	167	51	money	money	NOUN
ajfa-1694	167	52	supply	supply	NOUN
ajfa-1694	167	53	changes	change	NOUN
ajfa-1694	167	54	have	have	VERB
ajfa-1694	167	55	a	a	DET
ajfa-1694	167	56	positive	positive	ADJ
ajfa-1694	167	57	impact	impact	NOUN
ajfa-1694	167	58	on	on	ADP
ajfa-1694	167	59	real	real	ADJ
ajfa-1694	167	60	economic	economic	ADJ
ajfa-1694	167	61	activities	activity	NOUN
ajfa-1694	167	62	variables	variable	NOUN
ajfa-1694	167	63	.	.	PUNCT
ajfa-1694	168	1	gan	gan	VERB
ajfa-1694	168	2	et	et	PROPN
ajfa-1694	168	3	al	al	PROPN
ajfa-1694	168	4	.	.	PROPN
ajfa-1694	169	1	(	(	PUNCT
ajfa-1694	169	2	2006	2006	NUM
ajfa-1694	169	3	)	)	PUNCT
ajfa-1694	169	4	also	also	ADV
ajfa-1694	169	5	display	display	VERB
ajfa-1694	169	6	that	that	SCONJ
ajfa-1694	169	7	opportunity	opportunity	NOUN
ajfa-1694	169	8	costs	cost	NOUN
ajfa-1694	169	9	of	of	ADP
ajfa-1694	169	10	holding	hold	VERB
ajfa-1694	169	11	cash	cash	NOUN
ajfa-1694	169	12	rise	rise	NOUN
ajfa-1694	169	13	with	with	ADP
ajfa-1694	169	14	higher	high	ADJ
ajfa-1694	169	15	interest	interest	NOUN
ajfa-1694	169	16	rates	rate	NOUN
ajfa-1694	169	17	and	and	CCONJ
ajfa-1694	169	18	the	the	DET
ajfa-1694	169	19	trade	trade	NOUN
ajfa-1694	169	20	-	-	PUNCT
ajfa-1694	169	21	off	off	NOUN
ajfa-1694	169	22	and	and	CCONJ
ajfa-1694	169	23	the	the	DET
ajfa-1694	169	24	trade	trade	NOUN
ajfa-1694	169	25	-	-	PUNCT
ajfa-1694	169	26	off	off	NOUN
ajfa-1694	169	27	to	to	ADP
ajfa-1694	169	28	holding	hold	VERB
ajfa-1694	169	29	other	other	ADJ
ajfa-1694	169	30	interest	interest	NOUN
ajfa-1694	169	31	-	-	PUNCT
ajfa-1694	169	32	bearing	bear	VERB
ajfa-1694	169	33	assets	asset	NOUN
ajfa-1694	169	34	would	would	AUX
ajfa-1694	169	35	lead	lead	VERB
ajfa-1694	169	36	to	to	ADP
ajfa-1694	169	37	lower	low	ADJ
ajfa-1694	169	38	share	share	NOUN
ajfa-1694	169	39	prices	price	NOUN
ajfa-1694	169	40	.	.	PUNCT
ajfa-1694	170	1	our	our	PRON
ajfa-1694	170	2	empirical	empirical	ADJ
ajfa-1694	170	3	findings	finding	NOUN
ajfa-1694	170	4	are	be	AUX
ajfa-1694	170	5	consistent	consistent	ADJ
ajfa-1694	170	6	with	with	ADP
ajfa-1694	170	7	these	these	DET
ajfa-1694	170	8	arguments	argument	NOUN
ajfa-1694	170	9	by	by	ADP
ajfa-1694	170	10	reaching	reach	VERB
ajfa-1694	170	11	a	a	DET
ajfa-1694	170	12	positive	positive	ADJ
ajfa-1694	170	13	relationship	relationship	NOUN
ajfa-1694	170	14	between	between	ADP
ajfa-1694	170	15	excess	excess	ADJ
ajfa-1694	170	16	stock	stock	NOUN
ajfa-1694	170	17	returns	return	NOUN
ajfa-1694	170	18	and	and	CCONJ
ajfa-1694	170	19	money	money	NOUN
ajfa-1694	170	20	supply	supply	NOUN
ajfa-1694	170	21	.	.	PUNCT
ajfa-1694	171	1	►	►	NOUN
ajfa-1694	171	2	in	in	ADP
ajfa-1694	171	3	terms	term	NOUN
ajfa-1694	171	4	now	now	ADV
ajfa-1694	171	5	of	of	ADP
ajfa-1694	171	6	budget	budget	NOUN
ajfa-1694	171	7	deficits	deficit	NOUN
ajfa-1694	171	8	,	,	PUNCT
ajfa-1694	171	9	the	the	DET
ajfa-1694	171	10	relationship	relationship	NOUN
ajfa-1694	171	11	between	between	ADP
ajfa-1694	171	12	stock	stock	NOUN
ajfa-1694	171	13	prices	price	NOUN
ajfa-1694	171	14	and	and	CCONJ
ajfa-1694	171	15	such	such	ADJ
ajfa-1694	171	16	deficits	deficit	NOUN
ajfa-1694	171	17	is	be	AUX
ajfa-1694	171	18	important	important	ADJ
ajfa-1694	171	19	,	,	PUNCT
ajfa-1694	171	20	because	because	SCONJ
ajfa-1694	171	21	large	large	ADJ
ajfa-1694	171	22	deficits	deficit	NOUN
ajfa-1694	171	23	tend	tend	VERB
ajfa-1694	171	24	to	to	PART
ajfa-1694	171	25	undermine	undermine	VERB
ajfa-1694	171	26	investor	investor	NOUN
ajfa-1694	171	27	’s	’s	PART
ajfa-1694	171	28	confidence	confidence	NOUN
ajfa-1694	171	29	through	through	ADP
ajfa-1694	171	30	the	the	DET
ajfa-1694	171	31	inability	inability	NOUN
ajfa-1694	171	32	of	of	ADP
ajfa-1694	171	33	firms	firm	NOUN
ajfa-1694	171	34	to	to	PART
ajfa-1694	171	35	raise	raise	VERB
ajfa-1694	171	36	capital	capital	NOUN
ajfa-1694	171	37	on	on	ADP
ajfa-1694	171	38	favorable	favorable	ADJ
ajfa-1694	171	39	terms	term	NOUN
ajfa-1694	171	40	.	.	PUNCT
ajfa-1694	172	1	at	at	ADP
ajfa-1694	172	2	the	the	DET
ajfa-1694	172	3	same	same	ADJ
ajfa-1694	172	4	time	time	NOUN
ajfa-1694	172	5	,	,	PUNCT
ajfa-1694	172	6	large	large	ADJ
ajfa-1694	172	7	budget	budget	NOUN
ajfa-1694	172	8	deficits	deficit	NOUN
ajfa-1694	172	9	affect	affect	VERB
ajfa-1694	172	10	stock	stock	NOUN
ajfa-1694	172	11	prices	price	NOUN
ajfa-1694	172	12	through	through	ADP
ajfa-1694	172	13	their	their	PRON
ajfa-1694	172	14	impact	impact	NOUN
ajfa-1694	172	15	on	on	ADP
ajfa-1694	172	16	inflation	inflation	NOUN
ajfa-1694	172	17	as	as	ADV
ajfa-1694	172	18	well	well	ADV
ajfa-1694	172	19	as	as	ADP
ajfa-1694	172	20	through	through	ADP
ajfa-1694	172	21	expected	expect	VERB
ajfa-1694	172	22	future	future	ADJ
ajfa-1694	172	23	taxes	taxis	NOUN
ajfa-1694	172	24	and	and	CCONJ
ajfa-1694	172	25	rising	rise	VERB
ajfa-1694	172	26	interest	interest	NOUN
ajfa-1694	172	27	rates	rate	NOUN
ajfa-1694	172	28	.	.	PUNCT
ajfa-1694	173	1	bulmash	bulmash	NOUN
ajfa-1694	173	2	and	and	CCONJ
ajfa-1694	173	3	trivoli	trivoli	NOUN
ajfa-1694	173	4	(	(	PUNCT
ajfa-1694	173	5	1991	1991	NUM
ajfa-1694	173	6	)	)	PUNCT
ajfa-1694	173	7	find	find	VERB
ajfa-1694	173	8	a	a	DET
ajfa-1694	173	9	positive	positive	ADJ
ajfa-1694	173	10	association	association	NOUN
ajfa-1694	173	11	between	between	ADP
ajfa-1694	173	12	those	those	DET
ajfa-1694	173	13	deficits	deficit	NOUN
ajfa-1694	173	14	and	and	CCONJ
ajfa-1694	173	15	stock	stock	NOUN
ajfa-1694	173	16	returns	return	NOUN
ajfa-1694	173	17	.	.	PUNCT
ajfa-1694	174	1	adrangi	adrangi	PROPN
ajfa-1694	174	2	and	and	CCONJ
ajfa-1694	174	3	allender	allend	ADJ
ajfa-1694	174	4	(	(	PUNCT
ajfa-1694	174	5	1998	1998	NUM
ajfa-1694	174	6	)	)	PUNCT
ajfa-1694	174	7	provide	provide	VERB
ajfa-1694	174	8	evidence	evidence	NOUN
ajfa-1694	174	9	that	that	SCONJ
ajfa-1694	174	10	a	a	DET
ajfa-1694	174	11	negative	negative	ADJ
ajfa-1694	174	12	association	association	NOUN
ajfa-1694	174	13	between	between	ADP
ajfa-1694	174	14	stock	stock	NOUN
ajfa-1694	174	15	returns	return	NOUN
ajfa-1694	174	16	and	and	CCONJ
ajfa-1694	174	17	budget	budget	NOUN
ajfa-1694	174	18	deficits	deficit	NOUN
ajfa-1694	174	19	in	in	ADP
ajfa-1694	174	20	many	many	ADJ
ajfa-1694	174	21	countries	country	NOUN
ajfa-1694	174	22	is	be	AUX
ajfa-1694	174	23	documented	document	VERB
ajfa-1694	174	24	.	.	PUNCT
ajfa-1694	175	1	the	the	DET
ajfa-1694	175	2	empirical	empirical	ADJ
ajfa-1694	175	3	results	result	NOUN
ajfa-1694	175	4	of	of	ADP
ajfa-1694	175	5	this	this	DET
ajfa-1694	175	6	study	study	NOUN
ajfa-1694	175	7	reveal	reveal	VERB
ajfa-1694	175	8	a	a	DET
ajfa-1694	175	9	positive	positive	ADJ
ajfa-1694	175	10	association	association	NOUN
ajfa-1694	175	11	between	between	ADP
ajfa-1694	175	12	government	government	NOUN
ajfa-1694	175	13	deficits	deficit	NOUN
ajfa-1694	175	14	and	and	CCONJ
ajfa-1694	175	15	excess	excess	ADJ
ajfa-1694	175	16	stock	stock	NOUN
ajfa-1694	175	17	returns	return	NOUN
ajfa-1694	175	18	,	,	PUNCT
ajfa-1694	175	19	implying	imply	VERB
ajfa-1694	175	20	that	that	SCONJ
ajfa-1694	175	21	in	in	ADP
ajfa-1694	175	22	emerging	emerge	VERB
ajfa-1694	175	23	economies	economy	NOUN
ajfa-1694	175	24	these	these	DET
ajfa-1694	175	25	deficits	deficit	NOUN
ajfa-1694	175	26	act	act	VERB
ajfa-1694	175	27	as	as	ADP
ajfa-1694	175	28	a	a	DET
ajfa-1694	175	29	boost	boost	NOUN
ajfa-1694	175	30	-	-	PUNCT
ajfa-1694	175	31	up	up	ADP
ajfa-1694	175	32	mechanism	mechanism	NOUN
ajfa-1694	175	33	for	for	ADP
ajfa-1694	175	34	the	the	DET
ajfa-1694	175	35	economy	economy	NOUN
ajfa-1694	175	36	,	,	PUNCT
ajfa-1694	175	37	thus	thus	ADV
ajfa-1694	175	38	,	,	PUNCT
ajfa-1694	175	39	leading	lead	VERB
ajfa-1694	175	40	to	to	ADP
ajfa-1694	175	41	higher	high	ADJ
ajfa-1694	175	42	stock	stock	NOUN
ajfa-1694	175	43	returns	return	NOUN
ajfa-1694	175	44	.	.	PUNCT
ajfa-1694	176	1	►	►	NOUN
ajfa-1694	176	2	the	the	DET
ajfa-1694	176	3	current	current	ADJ
ajfa-1694	176	4	literature	literature	NOUN
ajfa-1694	176	5	on	on	ADP
ajfa-1694	176	6	the	the	DET
ajfa-1694	176	7	link	link	NOUN
ajfa-1694	176	8	between	between	ADP
ajfa-1694	176	9	stock	stock	NOUN
ajfa-1694	176	10	prices	price	NOUN
ajfa-1694	176	11	and	and	CCONJ
ajfa-1694	176	12	the	the	DET
ajfa-1694	176	13	trade	trade	NOUN
ajfa-1694	176	14	account	account	NOUN
ajfa-1694	176	15	deficit	deficit	NOUN
ajfa-1694	176	16	is	be	AUX
ajfa-1694	176	17	small	small	ADJ
ajfa-1694	176	18	.	.	PUNCT
ajfa-1694	177	1	very	very	ADV
ajfa-1694	177	2	few	few	ADJ
ajfa-1694	177	3	authors	author	NOUN
ajfa-1694	177	4	discuss	discuss	VERB
ajfa-1694	177	5	the	the	DET
ajfa-1694	177	6	association	association	NOUN
ajfa-1694	177	7	between	between	ADP
ajfa-1694	177	8	stock	stock	NOUN
ajfa-1694	177	9	price	price	NOUN
ajfa-1694	177	10	shocks	shock	NOUN
ajfa-1694	177	11	and	and	CCONJ
ajfa-1694	177	12	global	global	ADJ
ajfa-1694	177	13	imbalances	imbalance	NOUN
ajfa-1694	177	14	,	,	PUNCT
ajfa-1694	177	15	such	such	ADJ
ajfa-1694	177	16	as	as	ADP
ajfa-1694	177	17	fratzscher	fratzscher	NOUN
ajfa-1694	177	18	et	et	PROPN
ajfa-1694	177	19	al	al	PROPN
ajfa-1694	177	20	.	.	PUNCT
ajfa-1694	177	21	(	(	PUNCT
ajfa-1694	177	22	2007	2007	NUM
ajfa-1694	177	23	)	)	PUNCT
ajfa-1694	177	24	,	,	PUNCT
ajfa-1694	177	25	barnett	barnett	PROPN
ajfa-1694	177	26	and	and	CCONJ
ajfa-1694	177	27	straub	straub	PROPN
ajfa-1694	177	28	(	(	PUNCT
ajfa-1694	177	29	2008	2008	NUM
ajfa-1694	177	30	)	)	PUNCT
ajfa-1694	177	31	and	and	CCONJ
ajfa-1694	177	32	fretzscher	fretzscher	PROPN
ajfa-1694	177	33	and	and	CCONJ
ajfa-1694	177	34	straub	straub	PROPN
ajfa-1694	177	35	(	(	PUNCT
ajfa-1694	177	36	2009	2009	NUM
ajfa-1694	177	37	)	)	PUNCT
ajfa-1694	177	38	.	.	PUNCT
ajfa-1694	178	1	the	the	DET
ajfa-1694	178	2	literature	literature	NOUN
ajfa-1694	178	3	generates	generate	VERB
ajfa-1694	178	4	mixed	mixed	ADJ
ajfa-1694	178	5	results	result	NOUN
ajfa-1694	178	6	across	across	ADP
ajfa-1694	178	7	countries	country	NOUN
ajfa-1694	178	8	.	.	PUNCT
ajfa-1694	179	1	in	in	ADP
ajfa-1694	179	2	our	our	PRON
ajfa-1694	179	3	case	case	NOUN
ajfa-1694	179	4	,	,	PUNCT
ajfa-1694	179	5	the	the	DET
ajfa-1694	179	6	association	association	NOUN
ajfa-1694	179	7	turns	turn	VERB
ajfa-1694	179	8	out	out	ADP
ajfa-1694	179	9	to	to	PART
ajfa-1694	179	10	be	be	AUX
ajfa-1694	179	11	positive	positive	ADJ
ajfa-1694	179	12	,	,	PUNCT
ajfa-1694	179	13	probably	probably	ADV
ajfa-1694	179	14	indicating	indicate	VERB
ajfa-1694	179	15	that	that	SCONJ
ajfa-1694	179	16	the	the	DET
ajfa-1694	179	17	presence	presence	NOUN
ajfa-1694	179	18	of	of	ADP
ajfa-1694	179	19	a	a	DET
ajfa-1694	179	20	trade	trade	NOUN
ajfa-1694	179	21	deficit	deficit	NOUN
ajfa-1694	179	22	is	be	AUX
ajfa-1694	179	23	expected	expect	VERB
ajfa-1694	179	24	to	to	PART
ajfa-1694	179	25	depreciate	depreciate	VERB
ajfa-1694	179	26	the	the	DET
ajfa-1694	179	27	domestic	domestic	ADJ
ajfa-1694	179	28	currency	currency	NOUN
ajfa-1694	179	29	,	,	PUNCT
ajfa-1694	179	30	thus	thus	ADV
ajfa-1694	179	31	,	,	PUNCT
ajfa-1694	179	32	leading	lead	VERB
ajfa-1694	179	33	to	to	ADP
ajfa-1694	179	34	higher	high	ADJ
ajfa-1694	179	35	exports	export	NOUN
ajfa-1694	179	36	and	and	CCONJ
ajfa-1694	179	37	higher	high	ADJ
ajfa-1694	179	38	growth	growth	NOUN
ajfa-1694	179	39	.	.	PUNCT
ajfa-1694	180	1	►	►	NOUN
ajfa-1694	180	2	the	the	DET
ajfa-1694	180	3	relationship	relationship	NOUN
ajfa-1694	180	4	between	between	ADP
ajfa-1694	180	5	stock	stock	NOUN
ajfa-1694	180	6	returns	return	NOUN
ajfa-1694	180	7	and	and	CCONJ
ajfa-1694	180	8	interest	interest	NOUN
ajfa-1694	180	9	rates	rate	NOUN
ajfa-1694	180	10	is	be	AUX
ajfa-1694	180	11	negative	negative	ADJ
ajfa-1694	180	12	,	,	PUNCT
ajfa-1694	180	13	a	a	DET
ajfa-1694	180	14	piece	piece	NOUN
ajfa-1694	180	15	of	of	ADP
ajfa-1694	180	16	evidence	evidence	NOUN
ajfa-1694	180	17	supported	support	VERB
ajfa-1694	180	18	by	by	ADP
ajfa-1694	180	19	chen	chen	PROPN
ajfa-1694	180	20	(	(	PUNCT
ajfa-1694	180	21	1991	1991	NUM
ajfa-1694	180	22	)	)	PUNCT
ajfa-1694	180	23	,	,	PUNCT
ajfa-1694	180	24	gjerde	gjerde	VERB
ajfa-1694	180	25	and	and	CCONJ
ajfa-1694	180	26	saettem	saettem	PROPN
ajfa-1694	180	27	(	(	PUNCT
ajfa-1694	180	28	1999	1999	NUM
ajfa-1694	180	29	)	)	PUNCT
ajfa-1694	180	30	and	and	CCONJ
ajfa-1694	180	31	maysami	maysami	NOUN
ajfa-1694	180	32	and	and	CCONJ
ajfa-1694	180	33	koh	koh	PROPN
ajfa-1694	180	34	(	(	PUNCT
ajfa-1694	180	35	2000	2000	NUM
ajfa-1694	180	36	)	)	PUNCT
ajfa-1694	180	37	.	.	PUNCT
ajfa-1694	181	1	this	this	DET
ajfa-1694	181	2	negative	negative	ADJ
ajfa-1694	181	3	association	association	NOUN
ajfa-1694	181	4	implies	imply	VERB
ajfa-1694	181	5	that	that	SCONJ
ajfa-1694	181	6	interest	interest	NOUN
ajfa-1694	181	7	rates	rate	NOUN
ajfa-1694	181	8	represent	represent	VERB
ajfa-1694	181	9	not	not	PART
ajfa-1694	181	10	only	only	ADV
ajfa-1694	181	11	the	the	DET
ajfa-1694	181	12	opportunity	opportunity	NOUN
ajfa-1694	181	13	cost	cost	NOUN
ajfa-1694	181	14	of	of	ADP
ajfa-1694	181	15	investments	investment	NOUN
ajfa-1694	181	16	in	in	ADP
ajfa-1694	181	17	the	the	DET
ajfa-1694	181	18	stock	stock	NOUN
ajfa-1694	181	19	exchange	exchange	NOUN
ajfa-1694	181	20	market	market	NOUN
ajfa-1694	181	21	,	,	PUNCT
ajfa-1694	181	22	but	but	CCONJ
ajfa-1694	181	23	also	also	ADV
ajfa-1694	181	24	the	the	DET
ajfa-1694	181	25	higher	high	ADJ
ajfa-1694	181	26	borrowing	borrowing	NOUN
ajfa-1694	181	27	cost	cost	NOUN
ajfa-1694	181	28	from	from	ADP
ajfa-1694	181	29	the	the	DET
ajfa-1694	181	30	banking	banking	NOUN
ajfa-1694	181	31	sector	sector	NOUN
ajfa-1694	181	32	,	,	PUNCT
ajfa-1694	181	33	considering	consider	VERB
ajfa-1694	181	34	that	that	SCONJ
ajfa-1694	181	35	our	our	PRON
ajfa-1694	181	36	economies	economy	NOUN
ajfa-1694	181	37	under	under	ADP
ajfa-1694	181	38	study	study	NOUN
ajfa-1694	181	39	belong	belong	VERB
ajfa-1694	181	40	in	in	ADP
ajfa-1694	181	41	a	a	DET
ajfa-1694	181	42	bank	bank	NOUN
ajfa-1694	181	43	-	-	PUNCT
ajfa-1694	181	44	based	base	VERB
ajfa-1694	181	45	borrowing	borrowing	NOUN
ajfa-1694	181	46	system	system	NOUN
ajfa-1694	181	47	.	.	PUNCT
ajfa-1694	182	1	►	►	NOUN
ajfa-1694	182	2	the	the	DET
ajfa-1694	182	3	constant	constant	ADJ
ajfa-1694	182	4	terms	term	NOUN
ajfa-1694	182	5	turns	turn	VERB
ajfa-1694	182	6	out	out	ADP
ajfa-1694	182	7	to	to	PART
ajfa-1694	182	8	be	be	AUX
ajfa-1694	182	9	statistically	statistically	ADV
ajfa-1694	182	10	insignificant	insignificant	ADJ
ajfa-1694	182	11	,	,	PUNCT
ajfa-1694	182	12	implying	imply	VERB
ajfa-1694	182	13	that	that	SCONJ
ajfa-1694	182	14	by	by	ADP
ajfa-1694	182	15	introducing	introduce	VERB
ajfa-1694	182	16	the	the	DET
ajfa-1694	182	17	macroeconomic	macroeconomic	ADJ
ajfa-1694	182	18	factors	factor	NOUN
ajfa-1694	182	19	in	in	ADP
ajfa-1694	182	20	the	the	DET
ajfa-1694	182	21	capm	capm	PROPN
ajfa-1694	182	22	model	model	NOUN
ajfa-1694	182	23	keeps	keep	VERB
ajfa-1694	182	24	pricing	pricing	NOUN
ajfa-1694	182	25	errors	error	NOUN
ajfa-1694	182	26	very	very	ADV
ajfa-1694	182	27	low	low	ADJ
ajfa-1694	182	28	.	.	PUNCT
ajfa-1694	183	1	►	►	NOUN
ajfa-1694	183	2	finally	finally	ADV
ajfa-1694	183	3	,	,	PUNCT
ajfa-1694	183	4	the	the	DET
ajfa-1694	183	5	local	local	ADJ
ajfa-1694	183	6	indices	index	NOUN
ajfa-1694	183	7	are	be	AUX
ajfa-1694	183	8	shown	show	VERB
ajfa-1694	183	9	to	to	PART
ajfa-1694	183	10	be	be	AUX
ajfa-1694	183	11	statistically	statistically	ADV
ajfa-1694	183	12	insignificant	insignificant	ADJ
ajfa-1694	183	13	,	,	PUNCT
ajfa-1694	183	14	indicating	indicate	VERB
ajfa-1694	183	15	that	that	SCONJ
ajfa-1694	183	16	this	this	DET
ajfa-1694	183	17	factor	factor	NOUN
ajfa-1694	183	18	as	as	ADV
ajfa-1694	183	19	well	well	ADV
ajfa-1694	183	20	is	be	AUX
ajfa-1694	183	21	capable	capable	ADJ
ajfa-1694	183	22	of	of	ADP
ajfa-1694	183	23	explaining	explain	VERB
ajfa-1694	183	24	some	some	PRON
ajfa-1694	183	25	of	of	ADP
ajfa-1694	183	26	the	the	DET
ajfa-1694	183	27	volatility	volatility	NOUN
ajfa-1694	183	28	of	of	ADP
ajfa-1694	183	29	stock	stock	NOUN
ajfa-1694	183	30	returns	return	NOUN
ajfa-1694	183	31	.	.	PUNCT
ajfa-1694	184	1	asian	asian	ADJ
ajfa-1694	184	2	journal	journal	PROPN
ajfa-1694	184	3	of	of	ADP
ajfa-1694	184	4	finance	finance	PROPN
ajfa-1694	184	5	&	&	CCONJ
ajfa-1694	184	6	accounting	accounting	PROPN
ajfa-1694	184	7	issn	issn	PROPN
ajfa-1694	184	8	1946	1946	NUM
ajfa-1694	184	9	-	-	PUNCT
ajfa-1694	184	10	052x	052x	NOUN
ajfa-1694	184	11	2012	2012	NUM
ajfa-1694	184	12	,	,	PUNCT
ajfa-1694	184	13	vol	vol	NOUN
ajfa-1694	184	14	.	.	PROPN
ajfa-1694	184	15	4	4	NUM
ajfa-1694	184	16	,	,	PUNCT
ajfa-1694	184	17	no	no	INTJ
ajfa-1694	184	18	.	.	NOUN
ajfa-1694	184	19	1	1	NUM
ajfa-1694	184	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1694	184	21	325	325	NUM
ajfa-1694	184	22	table	table	NOUN
ajfa-1694	184	23	3	3	NUM
ajfa-1694	184	24	.	.	PUNCT
ajfa-1694	185	1	gmm	gmm	PROPN
ajfa-1694	185	2	results	result	VERB
ajfa-1694	185	3	dependent	dependent	ADJ
ajfa-1694	185	4	variable	variable	ADJ
ajfa-1694	185	5	coefficient	coefficient	NOUN
ajfa-1694	185	6	t	t	NOUN
ajfa-1694	185	7	-	-	PUNCT
ajfa-1694	185	8	statistic	statistic	NOUN
ajfa-1694	185	9	b0	b0	PROPN
ajfa-1694	185	10	0.047	0.047	NUM
ajfa-1694	185	11	1.12	1.12	NUM
ajfa-1694	185	12	b1	b1	NOUN
ajfa-1694	185	13	0.026	0.026	NUM
ajfa-1694	185	14	4.59	4.59	NUM
ajfa-1694	185	15	*	*	PUNCT
ajfa-1694	185	16	b2	b2	NOUN
ajfa-1694	185	17	0.326	0.326	NUM
ajfa-1694	185	18	4.71	4.71	NUM
ajfa-1694	185	19	*	*	PUNCT
ajfa-1694	185	20	b3	b3	NOUN
ajfa-1694	185	21	0.178	0.178	NUM
ajfa-1694	185	22	4.82	4.82	NUM
ajfa-1694	185	23	*	*	PUNCT
ajfa-1694	185	24	b4	b4	NOUN
ajfa-1694	185	25	0.306	0.306	NUM
ajfa-1694	185	26	5.94	5.94	NUM
ajfa-1694	185	27	*	*	PUNCT
ajfa-1694	185	28	b5	b5	PROPN
ajfa-1694	185	29	0.247	0.247	NUM
ajfa-1694	185	30	8.05	8.05	NUM
ajfa-1694	185	31	*	*	PUNCT
ajfa-1694	185	32	b6	b6	NOUN
ajfa-1694	185	33	0.426	0.426	NUM
ajfa-1694	185	34	5.24	5.24	NUM
ajfa-1694	185	35	*	*	PUNCT
ajfa-1694	185	36	b7	b7	PROPN
ajfa-1694	185	37	-0.142	-0.142	PUNCT
ajfa-1694	186	1	5.48	5.48	NUM
ajfa-1694	186	2	*	*	SYM
ajfa-1694	186	3	r	r	X
ajfa-1694	186	4	-	-	PUNCT
ajfa-1694	186	5	squared	square	VERB
ajfa-1694	186	6	0.71	0.71	NUM
ajfa-1694	186	7	sargan	sargan	NOUN
ajfa-1694	186	8	test	test	NOUN
ajfa-1694	186	9	0.917	0.917	NUM
ajfa-1694	186	10	*	*	PUNCT
ajfa-1694	186	11	denotes	denote	NOUN
ajfa-1694	186	12	statistical	statistical	ADJ
ajfa-1694	186	13	significance	significance	NOUN
ajfa-1694	186	14	at	at	ADP
ajfa-1694	186	15	1	1	NUM
ajfa-1694	186	16	%	%	NOUN
ajfa-1694	186	17	.	.	PUNCT
ajfa-1694	187	1	4	4	X
ajfa-1694	187	2	.	.	X
ajfa-1694	187	3	conclusions	conclusion	NOUN
ajfa-1694	187	4	and	and	CCONJ
ajfa-1694	187	5	implications	implication	NOUN
ajfa-1694	187	6	our	our	PRON
ajfa-1694	187	7	study	study	NOUN
ajfa-1694	187	8	investigated	investigate	VERB
ajfa-1694	187	9	the	the	DET
ajfa-1694	187	10	relationship	relationship	NOUN
ajfa-1694	187	11	between	between	ADP
ajfa-1694	187	12	excess	excess	ADJ
ajfa-1694	187	13	stock	stock	NOUN
ajfa-1694	187	14	returns	return	NOUN
ajfa-1694	187	15	and	and	CCONJ
ajfa-1694	187	16	the	the	DET
ajfa-1694	187	17	macroeconomic	macroeconomic	ADJ
ajfa-1694	187	18	environment	environment	NOUN
ajfa-1694	187	19	for	for	ADP
ajfa-1694	187	20	a	a	DET
ajfa-1694	187	21	sample	sample	NOUN
ajfa-1694	187	22	of	of	ADP
ajfa-1694	187	23	emerging	emerge	VERB
ajfa-1694	187	24	economies	economy	NOUN
ajfa-1694	187	25	.	.	PUNCT
ajfa-1694	188	1	the	the	DET
ajfa-1694	188	2	empirical	empirical	ADJ
ajfa-1694	188	3	results	result	NOUN
ajfa-1694	188	4	recommend	recommend	VERB
ajfa-1694	188	5	that	that	SCONJ
ajfa-1694	188	6	potential	potential	ADJ
ajfa-1694	188	7	investors	investor	NOUN
ajfa-1694	188	8	should	should	AUX
ajfa-1694	188	9	pay	pay	VERB
ajfa-1694	188	10	attention	attention	NOUN
ajfa-1694	188	11	to	to	ADP
ajfa-1694	188	12	information	information	NOUN
ajfa-1694	188	13	emerging	emerge	VERB
ajfa-1694	188	14	from	from	ADP
ajfa-1694	188	15	the	the	DET
ajfa-1694	188	16	macroeconomic	macroeconomic	ADJ
ajfa-1694	188	17	environment	environment	NOUN
ajfa-1694	188	18	.	.	PUNCT
ajfa-1694	189	1	our	our	PRON
ajfa-1694	189	2	empirical	empirical	ADJ
ajfa-1694	189	3	findings	finding	NOUN
ajfa-1694	189	4	have	have	VERB
ajfa-1694	189	5	important	important	ADJ
ajfa-1694	189	6	implications	implication	NOUN
ajfa-1694	189	7	for	for	ADP
ajfa-1694	189	8	the	the	DET
ajfa-1694	189	9	association	association	NOUN
ajfa-1694	189	10	between	between	ADP
ajfa-1694	189	11	the	the	DET
ajfa-1694	189	12	macroeconomic	macroeconomic	ADJ
ajfa-1694	189	13	environment	environment	NOUN
ajfa-1694	189	14	,	,	PUNCT
ajfa-1694	189	15	the	the	DET
ajfa-1694	189	16	cost	cost	NOUN
ajfa-1694	189	17	of	of	ADP
ajfa-1694	189	18	capital	capital	NOUN
ajfa-1694	189	19	and	and	CCONJ
ajfa-1694	189	20	the	the	DET
ajfa-1694	189	21	capital	capital	NOUN
ajfa-1694	189	22	budgeting	budgeting	NOUN
ajfa-1694	189	23	process	process	NOUN
ajfa-1694	189	24	.	.	PUNCT
ajfa-1694	190	1	in	in	ADP
ajfa-1694	190	2	particular	particular	ADJ
ajfa-1694	190	3	,	,	PUNCT
ajfa-1694	190	4	the	the	DET
ajfa-1694	190	5	macroeconomic	macroeconomic	ADJ
ajfa-1694	190	6	environment	environment	NOUN
ajfa-1694	190	7	seems	seem	VERB
ajfa-1694	190	8	to	to	PART
ajfa-1694	190	9	be	be	AUX
ajfa-1694	190	10	a	a	DET
ajfa-1694	190	11	crucial	crucial	ADJ
ajfa-1694	190	12	factor	factor	NOUN
ajfa-1694	190	13	for	for	ADP
ajfa-1694	190	14	capital	capital	NOUN
ajfa-1694	190	15	budgeting	budgeting	NOUN
ajfa-1694	190	16	.	.	PUNCT
ajfa-1694	191	1	in	in	ADP
ajfa-1694	191	2	calculating	calculate	VERB
ajfa-1694	191	3	discount	discount	NOUN
ajfa-1694	191	4	rates	rate	NOUN
ajfa-1694	191	5	(	(	PUNCT
ajfa-1694	191	6	the	the	DET
ajfa-1694	191	7	cost	cost	NOUN
ajfa-1694	191	8	of	of	ADP
ajfa-1694	191	9	capital	capital	NOUN
ajfa-1694	191	10	)	)	PUNCT
ajfa-1694	191	11	firms	firm	NOUN
ajfa-1694	191	12	tend	tend	VERB
ajfa-1694	191	13	to	to	PART
ajfa-1694	191	14	incorporate	incorporate	VERB
ajfa-1694	191	15	the	the	DET
ajfa-1694	191	16	risks	risk	NOUN
ajfa-1694	191	17	associated	associate	VERB
ajfa-1694	191	18	with	with	ADP
ajfa-1694	191	19	macroeconomics	macroeconomic	NOUN
ajfa-1694	191	20	to	to	ADP
ajfa-1694	191	21	this	this	DET
ajfa-1694	191	22	discounting	discount	VERB
ajfa-1694	191	23	factor	factor	NOUN
ajfa-1694	191	24	,	,	PUNCT
ajfa-1694	191	25	an	an	DET
ajfa-1694	191	26	approach	approach	NOUN
ajfa-1694	191	27	that	that	PRON
ajfa-1694	191	28	will	will	AUX
ajfa-1694	191	29	affect	affect	VERB
ajfa-1694	191	30	investment	investment	NOUN
ajfa-1694	191	31	project	project	NOUN
ajfa-1694	191	32	strategic	strategic	ADJ
ajfa-1694	191	33	evaluation	evaluation	NOUN
ajfa-1694	191	34	decisions	decision	NOUN
ajfa-1694	191	35	.	.	PUNCT
ajfa-1694	192	1	this	this	PRON
ajfa-1694	192	2	also	also	ADV
ajfa-1694	192	3	indicates	indicate	VERB
ajfa-1694	192	4	that	that	SCONJ
ajfa-1694	192	5	practitioners	practitioner	NOUN
ajfa-1694	192	6	might	might	AUX
ajfa-1694	192	7	not	not	PART
ajfa-1694	192	8	even	even	ADV
ajfa-1694	192	9	apply	apply	VERB
ajfa-1694	192	10	the	the	DET
ajfa-1694	192	11	capm	capm	PROPN
ajfa-1694	192	12	rule	rule	NOUN
ajfa-1694	192	13	to	to	PART
ajfa-1694	192	14	evaluate	evaluate	VERB
ajfa-1694	192	15	their	their	PRON
ajfa-1694	192	16	investments	investment	NOUN
ajfa-1694	192	17	and	and	CCONJ
ajfa-1694	192	18	to	to	PART
ajfa-1694	192	19	estimate	estimate	VERB
ajfa-1694	192	20	their	their	PRON
ajfa-1694	192	21	equity	equity	NOUN
ajfa-1694	192	22	cost	cost	NOUN
ajfa-1694	192	23	,	,	PUNCT
ajfa-1694	192	24	implying	imply	VERB
ajfa-1694	192	25	that	that	SCONJ
ajfa-1694	192	26	financial	financial	ADJ
ajfa-1694	192	27	theory	theory	NOUN
ajfa-1694	192	28	may	may	AUX
ajfa-1694	192	29	have	have	VERB
ajfa-1694	192	30	to	to	PART
ajfa-1694	192	31	reconsider	reconsider	VERB
ajfa-1694	192	32	and	and	CCONJ
ajfa-1694	192	33	reevaluate	reevaluate	VERB
ajfa-1694	192	34	the	the	DET
ajfa-1694	192	35	assumptions	assumption	NOUN
ajfa-1694	192	36	and	and	CCONJ
ajfa-1694	192	37	implications	implication	NOUN
ajfa-1694	192	38	of	of	ADP
ajfa-1694	192	39	mainstream	mainstream	NOUN
ajfa-1694	192	40	theories	theory	NOUN
ajfa-1694	192	41	in	in	ADP
ajfa-1694	192	42	capital	capital	NOUN
ajfa-1694	192	43	budgeting	budgeting	NOUN
ajfa-1694	192	44	and	and	CCONJ
ajfa-1694	192	45	,	,	PUNCT
ajfa-1694	192	46	thus	thus	ADV
ajfa-1694	192	47	,	,	PUNCT
ajfa-1694	192	48	have	have	VERB
ajfa-1694	192	49	to	to	PART
ajfa-1694	192	50	turn	turn	VERB
ajfa-1694	192	51	to	to	ADP
ajfa-1694	192	52	alternative	alternative	ADJ
ajfa-1694	192	53	evaluation	evaluation	NOUN
ajfa-1694	192	54	methods	method	NOUN
ajfa-1694	192	55	,	,	PUNCT
ajfa-1694	192	56	such	such	ADJ
ajfa-1694	192	57	as	as	ADP
ajfa-1694	192	58	the	the	DET
ajfa-1694	192	59	payback	payback	NOUN
ajfa-1694	192	60	method	method	NOUN
ajfa-1694	192	61	.	.	PUNCT
ajfa-1694	193	1	in	in	ADP
ajfa-1694	193	2	addition	addition	NOUN
ajfa-1694	193	3	,	,	PUNCT
ajfa-1694	193	4	the	the	DET
ajfa-1694	193	5	monetary	monetary	ADJ
ajfa-1694	193	6	authorities	authority	NOUN
ajfa-1694	193	7	should	should	AUX
ajfa-1694	193	8	also	also	ADV
ajfa-1694	193	9	benefit	benefit	VERB
ajfa-1694	193	10	from	from	ADP
ajfa-1694	193	11	the	the	DET
ajfa-1694	193	12	empirical	empirical	ADJ
ajfa-1694	193	13	findings	finding	NOUN
ajfa-1694	193	14	of	of	ADP
ajfa-1694	193	15	this	this	DET
ajfa-1694	193	16	study	study	NOUN
ajfa-1694	193	17	,	,	PUNCT
ajfa-1694	193	18	especially	especially	ADV
ajfa-1694	193	19	those	those	PRON
ajfa-1694	193	20	that	that	PRON
ajfa-1694	193	21	implement	implement	VERB
ajfa-1694	193	22	an	an	DET
ajfa-1694	193	23	inflation	inflation	NOUN
ajfa-1694	193	24	-	-	PUNCT
ajfa-1694	193	25	targeting	target	VERB
ajfa-1694	193	26	based	base	VERB
ajfa-1694	193	27	monetary	monetary	ADJ
ajfa-1694	193	28	policy	policy	NOUN
ajfa-1694	193	29	,	,	PUNCT
ajfa-1694	193	30	considering	consider	VERB
ajfa-1694	193	31	the	the	DET
ajfa-1694	193	32	close	close	ADJ
ajfa-1694	193	33	tights	tight	NOUN
ajfa-1694	193	34	of	of	ADP
ajfa-1694	193	35	the	the	DET
ajfa-1694	193	36	stock	stock	NOUN
ajfa-1694	193	37	market	market	NOUN
ajfa-1694	193	38	with	with	ADP
ajfa-1694	193	39	the	the	DET
ajfa-1694	193	40	macroeconomic	macroeconomic	ADJ
ajfa-1694	193	41	environment	environment	NOUN
ajfa-1694	193	42	.	.	PUNCT
ajfa-1694	194	1	a	a	DET
ajfa-1694	194	2	future	future	ADJ
ajfa-1694	194	3	research	research	NOUN
ajfa-1694	194	4	agenda	agenda	NOUN
ajfa-1694	194	5	could	could	AUX
ajfa-1694	194	6	use	use	VERB
ajfa-1694	194	7	an	an	DET
ajfa-1694	194	8	expanded	expand	VERB
ajfa-1694	194	9	set	set	NOUN
ajfa-1694	194	10	of	of	ADP
ajfa-1694	194	11	macroeconomic	macroeconomic	ADJ
ajfa-1694	194	12	variables	variable	NOUN
ajfa-1694	194	13	,	,	PUNCT
ajfa-1694	194	14	which	which	PRON
ajfa-1694	194	15	might	might	AUX
ajfa-1694	194	16	provide	provide	VERB
ajfa-1694	194	17	alternative	alternative	ADJ
ajfa-1694	194	18	information	information	NOUN
ajfa-1694	194	19	contents	content	NOUN
ajfa-1694	194	20	about	about	ADP
ajfa-1694	194	21	their	their	PRON
ajfa-1694	194	22	impact	impact	NOUN
ajfa-1694	194	23	on	on	ADP
ajfa-1694	194	24	stock	stock	NOUN
ajfa-1694	194	25	returns	return	NOUN
ajfa-1694	194	26	.	.	PUNCT
ajfa-1694	195	1	acknowledgement	acknowledgement	NOUN
ajfa-1694	195	2	the	the	DET
ajfa-1694	195	3	authors	author	NOUN
ajfa-1694	195	4	wish	wish	VERB
ajfa-1694	195	5	to	to	PART
ajfa-1694	195	6	thank	thank	VERB
ajfa-1694	195	7	two	two	NUM
ajfa-1694	195	8	referees	referee	NOUN
ajfa-1694	195	9	from	from	ADP
ajfa-1694	195	10	the	the	DET
ajfa-1694	195	11	journal	journal	NOUN
ajfa-1694	195	12	whose	whose	DET
ajfa-1694	195	13	comments	comment	NOUN
ajfa-1694	195	14	improved	improve	VERB
ajfa-1694	195	15	the	the	DET
ajfa-1694	195	16	quality	quality	NOUN
ajfa-1694	195	17	of	of	ADP
ajfa-1694	195	18	the	the	DET
ajfa-1694	195	19	paper	paper	NOUN
ajfa-1694	195	20	.	.	PUNCT
ajfa-1694	196	1	needless	needless	ADJ
ajfa-1694	196	2	to	to	PART
ajfa-1694	196	3	say	say	VERB
ajfa-1694	196	4	,	,	PUNCT
ajfa-1694	196	5	the	the	DET
ajfa-1694	196	6	usual	usual	ADJ
ajfa-1694	196	7	disclaimer	disclaimer	NOUN
ajfa-1694	196	8	applies	apply	VERB
ajfa-1694	196	9	.	.	PUNCT
ajfa-1694	197	1	asian	asian	ADJ
ajfa-1694	197	2	journal	journal	PROPN
ajfa-1694	197	3	of	of	ADP
ajfa-1694	197	4	finance	finance	PROPN
ajfa-1694	197	5	&	&	CCONJ
ajfa-1694	197	6	accounting	accounting	PROPN
ajfa-1694	197	7	issn	issn	PROPN
ajfa-1694	197	8	1946	1946	NUM
ajfa-1694	197	9	-	-	PUNCT
ajfa-1694	197	10	052x	052x	NOUN
ajfa-1694	197	11	2012	2012	NUM
ajfa-1694	197	12	,	,	PUNCT
ajfa-1694	197	13	vol	vol	NOUN
ajfa-1694	197	14	.	.	PROPN
ajfa-1694	197	15	4	4	NUM
ajfa-1694	197	16	,	,	PUNCT
ajfa-1694	197	17	no	no	INTJ
ajfa-1694	197	18	.	.	NOUN
ajfa-1694	197	19	1	1	NUM
ajfa-1694	197	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1694	197	21	326	326	NUM
ajfa-1694	197	22	references	reference	NOUN
ajfa-1694	197	23	adrangi	adrangi	PROPN
ajfa-1694	197	24	,	,	PUNCT
ajfa-1694	197	25	b.	b.	PROPN
ajfa-1694	197	26	,	,	PUNCT
ajfa-1694	197	27	&	&	CCONJ
ajfa-1694	197	28	allender	allender	PROPN
ajfa-1694	197	29	,	,	PUNCT
ajfa-1694	197	30	m.	m.	NOUN
ajfa-1694	197	31	(	(	PUNCT
ajfa-1694	197	32	1998	1998	NUM
ajfa-1694	197	33	)	)	PUNCT
ajfa-1694	197	34	.	.	PUNCT
ajfa-1694	198	1	budget	budget	NOUN
ajfa-1694	198	2	deficits	deficit	NOUN
ajfa-1694	198	3	and	and	CCONJ
ajfa-1694	198	4	stock	stock	NOUN
ajfa-1694	198	5	prices	price	NOUN
ajfa-1694	198	6	:	:	PUNCT
ajfa-1694	198	7	international	international	ADJ
ajfa-1694	198	8	evidence	evidence	NOUN
ajfa-1694	198	9	.	.	PUNCT
ajfa-1694	199	1	journal	journal	NOUN
ajfa-1694	199	2	of	of	ADP
ajfa-1694	199	3	economics	economic	NOUN
ajfa-1694	199	4	and	and	CCONJ
ajfa-1694	199	5	finance	finance	NOUN
ajfa-1694	199	6	,	,	PUNCT
ajfa-1694	199	7	22	22	NUM
ajfa-1694	199	8	,	,	PUNCT
ajfa-1694	199	9	57	57	NUM
ajfa-1694	199	10	-	-	SYM
ajfa-1694	199	11	66	66	NUM
ajfa-1694	199	12	.	.	PUNCT
ajfa-1694	200	1	http://dx.doi.org/10.1007/bf02771476	http://dx.doi.org/10.1007/bf02771476	NUM
ajfa-1694	200	2	al	al	PROPN
ajfa-1694	200	3	-	-	PUNCT
ajfa-1694	200	4	qenae	qenae	PROPN
ajfa-1694	200	5	,	,	PUNCT
ajfa-1694	200	6	r.	r.	PROPN
ajfa-1694	200	7	,	,	PUNCT
ajfa-1694	200	8	li	li	PROPN
ajfa-1694	200	9	,	,	PUNCT
ajfa-1694	200	10	c.	c.	PROPN
ajfa-1694	200	11	,	,	PUNCT
ajfa-1694	200	12	&	&	CCONJ
ajfa-1694	200	13	wearing	wear	VERB
ajfa-1694	200	14	,	,	PUNCT
ajfa-1694	200	15	b.	b.	PROPN
ajfa-1694	200	16	(	(	PUNCT
ajfa-1694	200	17	2002	2002	NUM
ajfa-1694	200	18	)	)	PUNCT
ajfa-1694	200	19	.	.	PUNCT
ajfa-1694	201	1	the	the	DET
ajfa-1694	201	2	information	information	NOUN
ajfa-1694	201	3	content	content	NOUN
ajfa-1694	201	4	of	of	ADP
ajfa-1694	201	5	earnings	earning	NOUN
ajfa-1694	201	6	on	on	ADP
ajfa-1694	201	7	stock	stock	NOUN
ajfa-1694	201	8	prices	price	NOUN
ajfa-1694	201	9	:	:	PUNCT
ajfa-1694	201	10	the	the	DET
ajfa-1694	201	11	kuwait	kuwait	PROPN
ajfa-1694	201	12	stock	stock	PROPN
ajfa-1694	201	13	exchange	exchange	PROPN
ajfa-1694	201	14	.	.	PUNCT
ajfa-1694	202	1	multinational	multinational	ADJ
ajfa-1694	202	2	finance	finance	NOUN
ajfa-1694	202	3	journal	journal	NOUN
ajfa-1694	202	4	,	,	PUNCT
ajfa-1694	202	5	6	6	NUM
ajfa-1694	202	6	,	,	PUNCT
ajfa-1694	202	7	197	197	NUM
ajfa-1694	202	8	-	-	SYM
ajfa-1694	202	9	221	221	NUM
ajfa-1694	202	10	.	.	PUNCT
ajfa-1694	203	1	arellano	arellano	PROPN
ajfa-1694	203	2	,	,	PUNCT
ajfa-1694	203	3	m.	m.	NOUN
ajfa-1694	203	4	,	,	PUNCT
ajfa-1694	203	5	&	&	CCONJ
ajfa-1694	203	6	bond	bond	PROPN
ajfa-1694	203	7	,	,	PUNCT
ajfa-1694	203	8	s.	s.	PROPN
ajfa-1694	203	9	(	(	PUNCT
ajfa-1694	203	10	1991	1991	NUM
ajfa-1694	203	11	)	)	PUNCT
ajfa-1694	203	12	.	.	PUNCT
ajfa-1694	204	1	some	some	DET
ajfa-1694	204	2	tests	test	NOUN
ajfa-1694	204	3	of	of	ADP
ajfa-1694	204	4	specification	specification	NOUN
ajfa-1694	204	5	for	for	ADP
ajfa-1694	204	6	panel	panel	NOUN
ajfa-1694	204	7	data	datum	NOUN
ajfa-1694	204	8	:	:	PUNCT
ajfa-1694	204	9	monte	monte	PROPN
ajfa-1694	204	10	carlo	carlo	PROPN
ajfa-1694	204	11	evidence	evidence	NOUN
ajfa-1694	204	12	and	and	CCONJ
ajfa-1694	204	13	an	an	DET
ajfa-1694	204	14	application	application	NOUN
ajfa-1694	204	15	to	to	ADP
ajfa-1694	204	16	employment	employment	NOUN
ajfa-1694	204	17	equations	equation	NOUN
ajfa-1694	204	18	.	.	PUNCT
ajfa-1694	205	1	review	review	NOUN
ajfa-1694	205	2	of	of	ADP
ajfa-1694	205	3	economic	economic	ADJ
ajfa-1694	205	4	studies	study	NOUN
ajfa-1694	205	5	,	,	PUNCT
ajfa-1694	205	6	58	58	NUM
ajfa-1694	205	7	,	,	PUNCT
ajfa-1694	205	8	277	277	NUM
ajfa-1694	205	9	-	-	SYM
ajfa-1694	205	10	297	297	NUM
ajfa-1694	205	11	.	.	PUNCT
ajfa-1694	206	1	http://dx.doi.org/10.2307/2297968	http://dx.doi.org/10.2307/2297968	PROPN
ajfa-1694	206	2	bailey	bailey	PROPN
ajfa-1694	206	3	,	,	PUNCT
ajfa-1694	206	4	w.	w.	PROPN
ajfa-1694	206	5	,	,	PUNCT
ajfa-1694	206	6	&	&	CCONJ
ajfa-1694	206	7	chung	chung	PROPN
ajfa-1694	206	8	,	,	PUNCT
ajfa-1694	206	9	y.	y.	PROPN
ajfa-1694	206	10	p.	p.	PROPN
ajfa-1694	206	11	(	(	PUNCT
ajfa-1694	206	12	1996	1996	NUM
ajfa-1694	206	13	)	)	PUNCT
ajfa-1694	206	14	.	.	PUNCT
ajfa-1694	207	1	risk	risk	NOUN
ajfa-1694	207	2	and	and	CCONJ
ajfa-1694	207	3	return	return	VERB
ajfa-1694	207	4	in	in	ADP
ajfa-1694	207	5	the	the	DET
ajfa-1694	207	6	philippine	philippine	ADJ
ajfa-1694	207	7	equity	equity	NOUN
ajfa-1694	207	8	market	market	NOUN
ajfa-1694	207	9	:	:	PUNCT
ajfa-1694	207	10	a	a	DET
ajfa-1694	207	11	multifactor	multifactor	NOUN
ajfa-1694	207	12	exploration	exploration	NOUN
ajfa-1694	207	13	.	.	PUNCT
ajfa-1694	208	1	pacific	pacific	ADJ
ajfa-1694	208	2	-	-	PUNCT
ajfa-1694	208	3	basin	basin	NOUN
ajfa-1694	208	4	finance	finance	NOUN
ajfa-1694	208	5	journal	journal	NOUN
ajfa-1694	208	6	,	,	PUNCT
ajfa-1694	208	7	4	4	NUM
ajfa-1694	208	8	,	,	PUNCT
ajfa-1694	208	9	197	197	NUM
ajfa-1694	208	10	-	-	SYM
ajfa-1694	208	11	218	218	NUM
ajfa-1694	208	12	.	.	PUNCT
ajfa-1694	209	1	http://dx.doi.org/10.1016/0927-538x(96)00011-x	http://dx.doi.org/10.1016/0927-538x(96)00011-x	PROPN
ajfa-1694	209	2	barnett	barnett	PROPN
ajfa-1694	209	3	,	,	PUNCT
ajfa-1694	209	4	a.	a.	PROPN
ajfa-1694	209	5	,	,	PUNCT
ajfa-1694	209	6	&	&	CCONJ
ajfa-1694	209	7	straub	straub	PROPN
ajfa-1694	209	8	,	,	PUNCT
ajfa-1694	209	9	r.	r.	PROPN
ajfa-1694	209	10	(	(	PUNCT
ajfa-1694	209	11	2008	2008	NUM
ajfa-1694	209	12	)	)	PUNCT
ajfa-1694	209	13	.	.	PUNCT
ajfa-1694	210	1	what	what	PRON
ajfa-1694	210	2	drives	drive	VERB
ajfa-1694	210	3	u.s	u.s	PROPN
ajfa-1694	210	4	.	.	PROPN
ajfa-1694	210	5	current	current	ADJ
ajfa-1694	210	6	account	account	NOUN
ajfa-1694	210	7	fluctuations	fluctuation	NOUN
ajfa-1694	210	8	?	?	PUNCT
ajfa-1694	211	1	ecb	ecb	PROPN
ajfa-1694	211	2	working	working	PROPN
ajfa-1694	211	3	paper	paper	NOUN
ajfa-1694	211	4	,	,	PUNCT
ajfa-1694	211	5	no	no	INTJ
ajfa-1694	211	6	.	.	NOUN
ajfa-1694	211	7	959	959	NUM
ajfa-1694	211	8	.	.	PUNCT
ajfa-1694	212	1	http://www.ecb.int/pub/pdf/scpwps/ecbwp959.pdf	http://www.ecb.int/pub/pdf/scpwps/ecbwp959.pdf	PROPN
ajfa-1694	212	2	bekaert	bekaert	PROPN
ajfa-1694	212	3	,	,	PUNCT
ajfa-1694	212	4	g.	g.	PROPN
ajfa-1694	212	5	,	,	PUNCT
ajfa-1694	212	6	&	&	CCONJ
ajfa-1694	212	7	harvey	harvey	PROPN
ajfa-1694	212	8	,	,	PUNCT
ajfa-1694	212	9	c.	c.	PROPN
ajfa-1694	212	10	(	(	PUNCT
ajfa-1694	212	11	2000	2000	NUM
ajfa-1694	212	12	)	)	PUNCT
ajfa-1694	212	13	.	.	PUNCT
ajfa-1694	213	1	foreign	foreign	ADJ
ajfa-1694	213	2	speculators	speculator	NOUN
ajfa-1694	213	3	and	and	CCONJ
ajfa-1694	213	4	emerging	emerge	VERB
ajfa-1694	213	5	equity	equity	NOUN
ajfa-1694	213	6	markets	market	NOUN
ajfa-1694	213	7	.	.	PUNCT
ajfa-1694	214	1	journal	journal	PROPN
ajfa-1694	214	2	of	of	ADP
ajfa-1694	214	3	finance	finance	NOUN
ajfa-1694	214	4	,	,	PUNCT
ajfa-1694	214	5	55	55	NUM
ajfa-1694	214	6	,	,	PUNCT
ajfa-1694	214	7	565	565	NUM
ajfa-1694	214	8	-	-	SYM
ajfa-1694	214	9	613	613	NUM
ajfa-1694	214	10	.	.	PUNCT
ajfa-1694	215	1	http://dx.doi.org/10.1111/0022-1082.00220	http://dx.doi.org/10.1111/0022-1082.00220	PROPN
ajfa-1694	215	2	bilson	bilson	PROPN
ajfa-1694	215	3	,	,	PUNCT
ajfa-1694	215	4	c.	c.	PROPN
ajfa-1694	215	5	m.	m.	PROPN
ajfa-1694	215	6	,	,	PUNCT
ajfa-1694	215	7	brailsford	brailsford	NOUN
ajfa-1694	215	8	,	,	PUNCT
ajfa-1694	215	9	t.	t.	PROPN
ajfa-1694	215	10	j.	j.	PROPN
ajfa-1694	215	11	,	,	PUNCT
ajfa-1694	215	12	&	&	CCONJ
ajfa-1694	215	13	hooper	hooper	PROPN
ajfa-1694	215	14	,	,	PUNCT
ajfa-1694	215	15	v.	v.	PROPN
ajfa-1694	215	16	j.	j.	PROPN
ajfa-1694	215	17	(	(	PUNCT
ajfa-1694	215	18	2001	2001	NUM
ajfa-1694	215	19	)	)	PUNCT
ajfa-1694	215	20	.	.	PUNCT
ajfa-1694	216	1	selecting	select	VERB
ajfa-1694	216	2	macroeconomic	macroeconomic	ADJ
ajfa-1694	216	3	variables	variable	NOUN
ajfa-1694	216	4	as	as	ADP
ajfa-1694	216	5	explanatory	explanatory	ADJ
ajfa-1694	216	6	factors	factor	NOUN
ajfa-1694	216	7	of	of	ADP
ajfa-1694	216	8	emerging	emerge	VERB
ajfa-1694	216	9	stock	stock	NOUN
ajfa-1694	216	10	market	market	NOUN
ajfa-1694	216	11	returns	return	NOUN
ajfa-1694	216	12	.	.	PUNCT
ajfa-1694	217	1	pacific	pacific	ADJ
ajfa-1694	217	2	-	-	PUNCT
ajfa-1694	217	3	basin	basin	NOUN
ajfa-1694	217	4	finance	finance	NOUN
ajfa-1694	217	5	journal	journal	NOUN
ajfa-1694	217	6	,	,	PUNCT
ajfa-1694	217	7	9	9	NUM
ajfa-1694	217	8	,	,	PUNCT
ajfa-1694	217	9	401	401	NUM
ajfa-1694	217	10	-	-	SYM
ajfa-1694	217	11	426	426	NUM
ajfa-1694	217	12	.	.	PUNCT
ajfa-1694	218	1	http://dx.doi.org/10.1016/s0927-538x(01)00020-8	http://dx.doi.org/10.1016/s0927-538x(01)00020-8	NOUN
ajfa-1694	218	2	bulmash	bulmash	PROPN
ajfa-1694	218	3	,	,	PUNCT
ajfa-1694	218	4	s.	s.	PROPN
ajfa-1694	218	5	,	,	PUNCT
ajfa-1694	218	6	&	&	CCONJ
ajfa-1694	218	7	trivoli	trivoli	PROPN
ajfa-1694	218	8	,	,	PUNCT
ajfa-1694	218	9	g.	g.	PROPN
ajfa-1694	218	10	(	(	PUNCT
ajfa-1694	218	11	1991	1991	NUM
ajfa-1694	218	12	)	)	PUNCT
ajfa-1694	218	13	.	.	PUNCT
ajfa-1694	219	1	time	time	NOUN
ajfa-1694	219	2	-	-	PUNCT
ajfa-1694	219	3	lagged	lag	VERB
ajfa-1694	219	4	interactions	interaction	NOUN
ajfa-1694	219	5	between	between	ADP
ajfa-1694	219	6	stock	stock	NOUN
ajfa-1694	219	7	prices	price	NOUN
ajfa-1694	219	8	and	and	CCONJ
ajfa-1694	219	9	selected	select	VERB
ajfa-1694	219	10	economic	economic	ADJ
ajfa-1694	219	11	variables	variable	NOUN
ajfa-1694	219	12	.	.	PUNCT
ajfa-1694	220	1	journal	journal	NOUN
ajfa-1694	220	2	of	of	ADP
ajfa-1694	220	3	portfolio	portfolio	NOUN
ajfa-1694	220	4	management	management	NOUN
ajfa-1694	220	5	,	,	PUNCT
ajfa-1694	220	6	17	17	NUM
ajfa-1694	220	7	,	,	PUNCT
ajfa-1694	220	8	61	61	NUM
ajfa-1694	220	9	-	-	SYM
ajfa-1694	220	10	67	67	NUM
ajfa-1694	220	11	.	.	PUNCT
ajfa-1694	221	1	http://dx.doi.org/10.3905/jpm.1991.409351	http://dx.doi.org/10.3905/jpm.1991.409351	PROPN
ajfa-1694	221	2	chaudhuri	chaudhuri	PROPN
ajfa-1694	221	3	,	,	PUNCT
ajfa-1694	221	4	k.	k.	PROPN
ajfa-1694	221	5	,	,	PUNCT
ajfa-1694	221	6	&	&	CCONJ
ajfa-1694	221	7	smiles	smile	NOUN
ajfa-1694	221	8	,	,	PUNCT
ajfa-1694	221	9	s.	s.	PROPN
ajfa-1694	221	10	(	(	PUNCT
ajfa-1694	221	11	2004	2004	NUM
ajfa-1694	221	12	)	)	PUNCT
ajfa-1694	221	13	.	.	PUNCT
ajfa-1694	222	1	stock	stock	NOUN
ajfa-1694	222	2	market	market	NOUN
ajfa-1694	222	3	and	and	CCONJ
ajfa-1694	222	4	aggregate	aggregate	VERB
ajfa-1694	222	5	economic	economic	ADJ
ajfa-1694	222	6	activity	activity	NOUN
ajfa-1694	222	7	:	:	PUNCT
ajfa-1694	222	8	evidence	evidence	NOUN
ajfa-1694	222	9	from	from	ADP
ajfa-1694	222	10	australia	australia	PROPN
ajfa-1694	222	11	.	.	PUNCT
ajfa-1694	223	1	applied	apply	VERB
ajfa-1694	223	2	financial	financial	ADJ
ajfa-1694	223	3	economics	economic	NOUN
ajfa-1694	223	4	,	,	PUNCT
ajfa-1694	223	5	14	14	NUM
ajfa-1694	223	6	,	,	PUNCT
ajfa-1694	223	7	121	121	NUM
ajfa-1694	223	8	-	-	SYM
ajfa-1694	223	9	129	129	NUM
ajfa-1694	223	10	.	.	PUNCT
ajfa-1694	224	1	http://dx.doi.org/10.1080/0960310042000176399	http://dx.doi.org/10.1080/0960310042000176399	PROPN
ajfa-1694	224	2	chen	chen	PROPN
ajfa-1694	224	3	,	,	PUNCT
ajfa-1694	224	4	n.	n.	PROPN
ajfa-1694	224	5	f.	f.	PROPN
ajfa-1694	224	6	(	(	PUNCT
ajfa-1694	224	7	1991	1991	NUM
ajfa-1694	224	8	)	)	PUNCT
ajfa-1694	224	9	.	.	PUNCT
ajfa-1694	225	1	financial	financial	ADJ
ajfa-1694	225	2	investment	investment	NOUN
ajfa-1694	225	3	opportunities	opportunity	NOUN
ajfa-1694	225	4	and	and	CCONJ
ajfa-1694	225	5	the	the	DET
ajfa-1694	225	6	macroeconomy	macroeconomy	NOUN
ajfa-1694	225	7	.	.	PUNCT
ajfa-1694	226	1	journal	journal	PROPN
ajfa-1694	226	2	of	of	ADP
ajfa-1694	226	3	finance	finance	NOUN
ajfa-1694	226	4	,	,	PUNCT
ajfa-1694	226	5	46	46	NUM
ajfa-1694	226	6	,	,	PUNCT
ajfa-1694	226	7	529	529	NUM
ajfa-1694	226	8	-	-	SYM
ajfa-1694	226	9	554	554	NUM
ajfa-1694	226	10	.	.	PUNCT
ajfa-1694	227	1	chen	chen	PROPN
ajfa-1694	227	2	,	,	PUNCT
ajfa-1694	227	3	n.	n.	PROPN
ajfa-1694	227	4	f.	f.	PROPN
ajfa-1694	227	5	,	,	PUNCT
ajfa-1694	227	6	roll	roll	PROPN
ajfa-1694	227	7	,	,	PUNCT
ajfa-1694	227	8	r.	r.	PROPN
ajfa-1694	227	9	,	,	PUNCT
ajfa-1694	227	10	&	&	CCONJ
ajfa-1694	227	11	ross	ross	PROPN
ajfa-1694	227	12	,	,	PUNCT
ajfa-1694	227	13	s.	s.	PROPN
ajfa-1694	227	14	a.	a.	PROPN
ajfa-1694	227	15	(	(	PUNCT
ajfa-1694	227	16	1986	1986	NUM
ajfa-1694	227	17	)	)	PUNCT
ajfa-1694	227	18	.	.	PUNCT
ajfa-1694	228	1	economic	economic	ADJ
ajfa-1694	228	2	forces	force	NOUN
ajfa-1694	228	3	and	and	CCONJ
ajfa-1694	228	4	the	the	DET
ajfa-1694	228	5	stock	stock	NOUN
ajfa-1694	228	6	market	market	NOUN
ajfa-1694	228	7	.	.	PUNCT
ajfa-1694	229	1	journal	journal	NOUN
ajfa-1694	229	2	of	of	ADP
ajfa-1694	229	3	business	business	NOUN
ajfa-1694	229	4	,	,	PUNCT
ajfa-1694	229	5	59	59	NUM
ajfa-1694	229	6	,	,	PUNCT
ajfa-1694	229	7	383	383	NUM
ajfa-1694	229	8	-	-	SYM
ajfa-1694	229	9	403	403	NUM
ajfa-1694	229	10	.	.	PUNCT
ajfa-1694	230	1	http://dx.doi.org/10.1086/296344	http://dx.doi.org/10.1086/296344	PROPN
ajfa-1694	230	2	cheung	cheung	PROPN
ajfa-1694	230	3	,	,	PUNCT
ajfa-1694	230	4	y.	y.	PROPN
ajfa-1694	230	5	w.	w.	PROPN
ajfa-1694	230	6	,	,	PUNCT
ajfa-1694	230	7	&	&	CCONJ
ajfa-1694	230	8	ng	ng	PROPN
ajfa-1694	230	9	,	,	PUNCT
ajfa-1694	230	10	l.	l.	PROPN
ajfa-1694	230	11	k.	k.	PROPN
ajfa-1694	230	12	(	(	PUNCT
ajfa-1694	230	13	1998	1998	NUM
ajfa-1694	230	14	)	)	PUNCT
ajfa-1694	230	15	.	.	PUNCT
ajfa-1694	231	1	international	international	ADJ
ajfa-1694	231	2	evidence	evidence	NOUN
ajfa-1694	231	3	on	on	ADP
ajfa-1694	231	4	the	the	DET
ajfa-1694	231	5	stock	stock	NOUN
ajfa-1694	231	6	market	market	NOUN
ajfa-1694	231	7	and	and	CCONJ
ajfa-1694	231	8	aggregate	aggregate	VERB
ajfa-1694	231	9	economic	economic	ADJ
ajfa-1694	231	10	activity	activity	NOUN
ajfa-1694	231	11	.	.	PUNCT
ajfa-1694	232	1	journal	journal	NOUN
ajfa-1694	232	2	of	of	ADP
ajfa-1694	232	3	empirical	empirical	ADJ
ajfa-1694	232	4	finance	finance	NOUN
ajfa-1694	232	5	,	,	PUNCT
ajfa-1694	232	6	5	5	NUM
ajfa-1694	232	7	,	,	PUNCT
ajfa-1694	232	8	281	281	NUM
ajfa-1694	232	9	-	-	SYM
ajfa-1694	232	10	296	296	NUM
ajfa-1694	232	11	.	.	PUNCT
ajfa-1694	233	1	http://dx.doi.org/10.1016/s0927-5398(97)00025-x	http://dx.doi.org/10.1016/s0927-5398(97)00025-x	AUX
ajfa-1694	233	2	cjerde	cjerde	ADJ
ajfa-1694	233	3	,	,	PUNCT
ajfa-1694	233	4	o.	o.	INTJ
ajfa-1694	233	5	,	,	PUNCT
ajfa-1694	233	6	knivsfla	knivsfla	PROPN
ajfa-1694	233	7	,	,	PUNCT
ajfa-1694	233	8	k.	k.	PROPN
ajfa-1694	233	9	h.	h.	PROPN
ajfa-1694	233	10	,	,	PUNCT
ajfa-1694	233	11	&	&	CCONJ
ajfa-1694	233	12	soettem	soettem	PROPN
ajfa-1694	233	13	,	,	PUNCT
ajfa-1694	233	14	f.	f.	PROPN
ajfa-1694	233	15	(	(	PUNCT
ajfa-1694	233	16	2005	2005	NUM
ajfa-1694	233	17	)	)	PUNCT
ajfa-1694	233	18	.	.	PUNCT
ajfa-1694	234	1	the	the	DET
ajfa-1694	234	2	value	value	NOUN
ajfa-1694	234	3	relevance	relevance	NOUN
ajfa-1694	234	4	of	of	ADP
ajfa-1694	234	5	financial	financial	ADJ
ajfa-1694	234	6	reporting	reporting	NOUN
ajfa-1694	234	7	on	on	ADP
ajfa-1694	234	8	the	the	DET
ajfa-1694	234	9	oslo	oslo	PROPN
ajfa-1694	234	10	stock	stock	PROPN
ajfa-1694	234	11	exchange	exchange	PROPN
ajfa-1694	234	12	over	over	ADP
ajfa-1694	234	13	the	the	DET
ajfa-1694	234	14	period	period	NOUN
ajfa-1694	234	15	1964	1964	NUM
ajfa-1694	234	16	-	-	SYM
ajfa-1694	234	17	2003	2003	NUM
ajfa-1694	234	18	.	.	PUNCT
ajfa-1694	235	1	working	work	VERB
ajfa-1694	235	2	paper	paper	NOUN
ajfa-1694	235	3	,	,	PUNCT
ajfa-1694	235	4	norwegian	norwegian	ADJ
ajfa-1694	235	5	school	school	NOUN
ajfa-1694	235	6	of	of	ADP
ajfa-1694	235	7	economics	economic	NOUN
ajfa-1694	235	8	and	and	CCONJ
ajfa-1694	235	9	business	business	PROPN
ajfa-1694	235	10	administration	administration	PROPN
ajfa-1694	235	11	,	,	PUNCT
ajfa-1694	235	12	norway	norway	PROPN
ajfa-1694	235	13	.	.	PUNCT
ajfa-1694	236	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=930390	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=930390	PROPN
ajfa-1694	236	2	asian	asian	ADJ
ajfa-1694	236	3	journal	journal	PROPN
ajfa-1694	236	4	of	of	ADP
ajfa-1694	236	5	finance	finance	PROPN
ajfa-1694	236	6	&	&	CCONJ
ajfa-1694	236	7	accounting	accounting	PROPN
ajfa-1694	236	8	issn	issn	PROPN
ajfa-1694	236	9	1946	1946	NUM
ajfa-1694	236	10	-	-	PUNCT
ajfa-1694	236	11	052x	052x	NOUN
ajfa-1694	236	12	2012	2012	NUM
ajfa-1694	236	13	,	,	PUNCT
ajfa-1694	236	14	vol	vol	NOUN
ajfa-1694	236	15	.	.	PROPN
ajfa-1694	236	16	4	4	NUM
ajfa-1694	236	17	,	,	PUNCT
ajfa-1694	236	18	no	no	INTJ
ajfa-1694	236	19	.	.	NOUN
ajfa-1694	236	20	1	1	NUM
ajfa-1694	236	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	236	22	327	327	NUM
ajfa-1694	236	23	clare	clare	NOUN
ajfa-1694	236	24	,	,	PUNCT
ajfa-1694	236	25	a.	a.	PROPN
ajfa-1694	236	26	d.	d.	PROPN
ajfa-1694	236	27	,	,	PUNCT
ajfa-1694	236	28	&	&	CCONJ
ajfa-1694	236	29	thomas	thomas	PROPN
ajfa-1694	236	30	,	,	PUNCT
ajfa-1694	236	31	s.	s.	PROPN
ajfa-1694	236	32	h.	h.	PROPN
ajfa-1694	236	33	(	(	PUNCT
ajfa-1694	236	34	1994	1994	NUM
ajfa-1694	236	35	)	)	PUNCT
ajfa-1694	236	36	.	.	PUNCT
ajfa-1694	237	1	macroeconomic	macroeconomic	ADJ
ajfa-1694	237	2	factors	factor	NOUN
ajfa-1694	237	3	,	,	PUNCT
ajfa-1694	237	4	the	the	DET
ajfa-1694	237	5	apt	apt	ADJ
ajfa-1694	237	6	and	and	CCONJ
ajfa-1694	237	7	the	the	DET
ajfa-1694	237	8	uk	uk	PROPN
ajfa-1694	237	9	stock	stock	NOUN
ajfa-1694	237	10	market	market	NOUN
ajfa-1694	237	11	.	.	PUNCT
ajfa-1694	238	1	journal	journal	PROPN
ajfa-1694	238	2	of	of	ADP
ajfa-1694	238	3	business	business	NOUN
ajfa-1694	238	4	finance	finance	NOUN
ajfa-1694	238	5	and	and	CCONJ
ajfa-1694	238	6	accounting	accounting	NOUN
ajfa-1694	238	7	,	,	PUNCT
ajfa-1694	238	8	21	21	NUM
ajfa-1694	238	9	,	,	PUNCT
ajfa-1694	238	10	309	309	NUM
ajfa-1694	238	11	-	-	SYM
ajfa-1694	238	12	330	330	NUM
ajfa-1694	238	13	.	.	PUNCT
ajfa-1694	239	1	http://dx.doi.org/10.1111/j.1468-5957.1994.tb00322.x	http://dx.doi.org/10.1111/j.1468-5957.1994.tb00322.x	PROPN
ajfa-1694	239	2	fama	fama	PROPN
ajfa-1694	239	3	,	,	PUNCT
ajfa-1694	239	4	e.	e.	PROPN
ajfa-1694	239	5	f.	f.	PROPN
ajfa-1694	239	6	,	,	PUNCT
ajfa-1694	239	7	&	&	CCONJ
ajfa-1694	239	8	french	french	PROPN
ajfa-1694	239	9	,	,	PUNCT
ajfa-1694	239	10	k.	k.	PROPN
ajfa-1694	239	11	r.	r.	PROPN
ajfa-1694	239	12	(	(	PUNCT
ajfa-1694	239	13	1993	1993	NUM
ajfa-1694	239	14	)	)	PUNCT
ajfa-1694	239	15	.	.	PUNCT
ajfa-1694	240	1	common	common	ADJ
ajfa-1694	240	2	risk	risk	NOUN
ajfa-1694	240	3	factors	factor	NOUN
ajfa-1694	240	4	in	in	ADP
ajfa-1694	240	5	the	the	DET
ajfa-1694	240	6	returns	return	NOUN
ajfa-1694	240	7	on	on	ADP
ajfa-1694	240	8	stocks	stock	NOUN
ajfa-1694	240	9	and	and	CCONJ
ajfa-1694	240	10	bonds	bond	NOUN
ajfa-1694	240	11	.	.	PUNCT
ajfa-1694	241	1	journal	journal	NOUN
ajfa-1694	241	2	of	of	ADP
ajfa-1694	241	3	financial	financial	ADJ
ajfa-1694	241	4	economics	economic	NOUN
ajfa-1694	241	5	,	,	PUNCT
ajfa-1694	241	6	33	33	NUM
ajfa-1694	241	7	,	,	PUNCT
ajfa-1694	241	8	3	3	NUM
ajfa-1694	241	9	-	-	SYM
ajfa-1694	241	10	56	56	NUM
ajfa-1694	241	11	.	.	PUNCT
ajfa-1694	242	1	http://dx.doi.org/10.1016/0304-405x(93)90023-5	http://dx.doi.org/10.1016/0304-405x(93)90023-5	PROPN
ajfa-1694	242	2	fama	fama	PROPN
ajfa-1694	242	3	,	,	PUNCT
ajfa-1694	242	4	e.	e.	PROPN
ajfa-1694	242	5	f.	f.	PROPN
ajfa-1694	242	6	,	,	PUNCT
ajfa-1694	242	7	&	&	CCONJ
ajfa-1694	242	8	french	french	PROPN
ajfa-1694	242	9	,	,	PUNCT
ajfa-1694	242	10	k.	k.	PROPN
ajfa-1694	242	11	r.	r.	PROPN
ajfa-1694	242	12	(	(	PUNCT
ajfa-1694	242	13	1995	1995	NUM
ajfa-1694	242	14	)	)	PUNCT
ajfa-1694	242	15	.	.	PUNCT
ajfa-1694	243	1	size	size	NOUN
ajfa-1694	243	2	and	and	CCONJ
ajfa-1694	243	3	book	book	NOUN
ajfa-1694	243	4	-	-	PUNCT
ajfa-1694	243	5	to	to	ADP
ajfa-1694	243	6	-	-	PUNCT
ajfa-1694	243	7	market	market	NOUN
ajfa-1694	243	8	factors	factor	NOUN
ajfa-1694	243	9	in	in	ADP
ajfa-1694	243	10	earnings	earning	NOUN
ajfa-1694	243	11	and	and	CCONJ
ajfa-1694	243	12	returns	return	NOUN
ajfa-1694	243	13	.	.	PUNCT
ajfa-1694	244	1	journal	journal	NOUN
ajfa-1694	244	2	of	of	ADP
ajfa-1694	244	3	finance	finance	NOUN
ajfa-1694	244	4	,	,	PUNCT
ajfa-1694	244	5	50	50	NUM
ajfa-1694	244	6	,	,	PUNCT
ajfa-1694	244	7	131	131	NUM
ajfa-1694	244	8	-	-	SYM
ajfa-1694	244	9	155	155	NUM
ajfa-1694	244	10	.	.	PUNCT
ajfa-1694	245	1	flannery	flannery	PROPN
ajfa-1694	245	2	,	,	PUNCT
ajfa-1694	245	3	m.	m.	PROPN
ajfa-1694	245	4	j.	j.	PROPN
ajfa-1694	245	5	,	,	PUNCT
ajfa-1694	245	6	&	&	CCONJ
ajfa-1694	245	7	protopapadakis	protopapadakis	PROPN
ajfa-1694	245	8	,	,	PUNCT
ajfa-1694	245	9	a.	a.	NOUN
ajfa-1694	245	10	a.	a.	NOUN
ajfa-1694	245	11	(	(	PUNCT
ajfa-1694	245	12	2002	2002	NUM
ajfa-1694	245	13	)	)	PUNCT
ajfa-1694	245	14	.	.	PUNCT
ajfa-1694	246	1	macroeconomic	macroeconomic	ADJ
ajfa-1694	246	2	factors	factor	NOUN
ajfa-1694	246	3	do	do	AUX
ajfa-1694	246	4	influence	influence	NOUN
ajfa-1694	246	5	aggregate	aggregate	VERB
ajfa-1694	246	6	stock	stock	NOUN
ajfa-1694	246	7	returns	return	NOUN
ajfa-1694	246	8	.	.	PUNCT
ajfa-1694	247	1	review	review	NOUN
ajfa-1694	247	2	of	of	ADP
ajfa-1694	247	3	financial	financial	ADJ
ajfa-1694	247	4	studies	study	NOUN
ajfa-1694	247	5	,	,	PUNCT
ajfa-1694	247	6	15	15	NUM
ajfa-1694	247	7	,	,	PUNCT
ajfa-1694	247	8	751	751	NUM
ajfa-1694	247	9	-	-	SYM
ajfa-1694	247	10	782	782	NUM
ajfa-1694	247	11	.	.	PUNCT
ajfa-1694	248	1	http://dx.doi.org/10.1093/rfs/15.3.751	http://dx.doi.org/10.1093/rfs/15.3.751	ADJ
ajfa-1694	248	2	fratzscher	fratzscher	NOUN
ajfa-1694	248	3	,	,	PUNCT
ajfa-1694	248	4	m.	m.	NOUN
ajfa-1694	248	5	,	,	PUNCT
ajfa-1694	248	6	&	&	CCONJ
ajfa-1694	248	7	straub	straub	PROPN
ajfa-1694	248	8	,	,	PUNCT
ajfa-1694	248	9	r.	r.	PROPN
ajfa-1694	248	10	(	(	PUNCT
ajfa-1694	248	11	2009	2009	NUM
ajfa-1694	248	12	)	)	PUNCT
ajfa-1694	248	13	.	.	PUNCT
ajfa-1694	249	1	asset	asset	NOUN
ajfa-1694	249	2	prices	price	NOUN
ajfa-1694	249	3	and	and	CCONJ
ajfa-1694	249	4	current	current	ADJ
ajfa-1694	249	5	account	account	NOUN
ajfa-1694	249	6	fluctuations	fluctuation	NOUN
ajfa-1694	249	7	in	in	ADP
ajfa-1694	249	8	g7	g7	PROPN
ajfa-1694	249	9	economies	economy	NOUN
ajfa-1694	249	10	.	.	PUNCT
ajfa-1694	250	1	ecb	ecb	PROPN
ajfa-1694	250	2	working	working	PROPN
ajfa-1694	250	3	paper	paper	NOUN
ajfa-1694	250	4	,	,	PUNCT
ajfa-1694	250	5	no	no	INTJ
ajfa-1694	250	6	.	.	NOUN
ajfa-1694	250	7	1014	1014	NUM
ajfa-1694	250	8	.	.	PUNCT
ajfa-1694	251	1	http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1014.pdf	http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1014.pdf	PROPN
ajfa-1694	251	2	fratzscher	fratzscher	PROPN
ajfa-1694	251	3	,	,	PUNCT
ajfa-1694	251	4	m.	m.	NOUN
ajfa-1694	251	5	,	,	PUNCT
ajfa-1694	251	6	juvenal	juvenal	PROPN
ajfa-1694	251	7	,	,	PUNCT
ajfa-1694	251	8	l.	l.	PROPN
ajfa-1694	251	9	,	,	PUNCT
ajfa-1694	251	10	&	&	CCONJ
ajfa-1694	251	11	sarno	sarno	PROPN
ajfa-1694	251	12	,	,	PUNCT
ajfa-1694	251	13	l.	l.	PROPN
ajfa-1694	251	14	(	(	PUNCT
ajfa-1694	251	15	2007	2007	NUM
ajfa-1694	251	16	)	)	PUNCT
ajfa-1694	251	17	.	.	PUNCT
ajfa-1694	252	1	asset	asset	NOUN
ajfa-1694	252	2	prices	price	NOUN
ajfa-1694	252	3	,	,	PUNCT
ajfa-1694	252	4	exchange	exchange	NOUN
ajfa-1694	252	5	rates	rate	NOUN
ajfa-1694	252	6	and	and	CCONJ
ajfa-1694	252	7	the	the	DET
ajfa-1694	252	8	current	current	ADJ
ajfa-1694	252	9	account	account	NOUN
ajfa-1694	252	10	.	.	PUNCT
ajfa-1694	253	1	ecb	ecb	PROPN
ajfa-1694	253	2	working	working	PROPN
ajfa-1694	253	3	paper	paper	NOUN
ajfa-1694	253	4	,	,	PUNCT
ajfa-1694	253	5	no	no	INTJ
ajfa-1694	253	6	.	.	NOUN
ajfa-1694	253	7	790	790	NUM
ajfa-1694	253	8	.	.	PUNCT
ajfa-1694	254	1	http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp790.pdf	http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp790.pdf	NOUN
ajfa-1694	254	2	gan	gan	PROPN
ajfa-1694	254	3	,	,	PUNCT
ajfa-1694	254	4	c.	c.	PROPN
ajfa-1694	254	5	,	,	PUNCT
ajfa-1694	254	6	lee	lee	PROPN
ajfa-1694	254	7	,	,	PUNCT
ajfa-1694	254	8	m.	m.	NOUN
ajfa-1694	254	9	,	,	PUNCT
ajfa-1694	254	10	young	young	ADJ
ajfa-1694	254	11	,	,	PUNCT
ajfa-1694	254	12	h.	h.	PROPN
ajfa-1694	254	13	w.	w.	PROPN
ajfa-1694	254	14	a.	a.	PROPN
ajfa-1694	254	15	,	,	PUNCT
ajfa-1694	254	16	&	&	CCONJ
ajfa-1694	254	17	zhang	zhang	PROPN
ajfa-1694	254	18	,	,	PUNCT
ajfa-1694	254	19	j.	j.	PROPN
ajfa-1694	254	20	(	(	PUNCT
ajfa-1694	254	21	2006	2006	NUM
ajfa-1694	254	22	)	)	PUNCT
ajfa-1694	254	23	.	.	PUNCT
ajfa-1694	255	1	macroeconomic	macroeconomic	ADJ
ajfa-1694	255	2	variables	variable	NOUN
ajfa-1694	255	3	and	and	CCONJ
ajfa-1694	255	4	stock	stock	NOUN
ajfa-1694	255	5	market	market	NOUN
ajfa-1694	255	6	interaction	interaction	NOUN
ajfa-1694	255	7	:	:	PUNCT
ajfa-1694	255	8	new	new	PROPN
ajfa-1694	255	9	zealand	zealand	PROPN
ajfa-1694	255	10	evidence	evidence	NOUN
ajfa-1694	255	11	.	.	PUNCT
ajfa-1694	256	1	investment	investment	NOUN
ajfa-1694	256	2	management	management	NOUN
ajfa-1694	256	3	and	and	CCONJ
ajfa-1694	256	4	financial	financial	ADJ
ajfa-1694	256	5	innovations	innovation	NOUN
ajfa-1694	256	6	,	,	PUNCT
ajfa-1694	256	7	3	3	NUM
ajfa-1694	256	8	,	,	PUNCT
ajfa-1694	256	9	5	5	NUM
ajfa-1694	256	10	-	-	SYM
ajfa-1694	256	11	20	20	NUM
ajfa-1694	256	12	.	.	PUNCT
ajfa-1694	257	1	gjerde	gjerde	VERB
ajfa-1694	257	2	,	,	PUNCT
ajfa-1694	257	3	o.	o.	PROPN
ajfa-1694	257	4	,	,	PUNCT
ajfa-1694	257	5	&	&	CCONJ
ajfa-1694	257	6	saettem	saettem	PROPN
ajfa-1694	257	7	,	,	PUNCT
ajfa-1694	257	8	f.	f.	PROPN
ajfa-1694	257	9	(	(	PUNCT
ajfa-1694	257	10	1999	1999	NUM
ajfa-1694	257	11	)	)	PUNCT
ajfa-1694	257	12	.	.	PUNCT
ajfa-1694	258	1	causal	causal	ADJ
ajfa-1694	258	2	relations	relation	NOUN
ajfa-1694	258	3	among	among	ADP
ajfa-1694	258	4	stock	stock	NOUN
ajfa-1694	258	5	returns	return	NOUN
ajfa-1694	258	6	and	and	CCONJ
ajfa-1694	258	7	macroeconomic	macroeconomic	ADJ
ajfa-1694	258	8	variables	variable	NOUN
ajfa-1694	258	9	in	in	ADP
ajfa-1694	258	10	a	a	DET
ajfa-1694	258	11	small	small	ADJ
ajfa-1694	258	12	open	open	ADJ
ajfa-1694	258	13	economy	economy	NOUN
ajfa-1694	258	14	.	.	PUNCT
ajfa-1694	259	1	journal	journal	PROPN
ajfa-1694	259	2	of	of	ADP
ajfa-1694	259	3	international	international	ADJ
ajfa-1694	259	4	financial	financial	ADJ
ajfa-1694	259	5	markets	market	NOUN
ajfa-1694	259	6	,	,	PUNCT
ajfa-1694	259	7	institutions	institution	NOUN
ajfa-1694	259	8	and	and	CCONJ
ajfa-1694	259	9	money	money	NOUN
ajfa-1694	259	10	,	,	PUNCT
ajfa-1694	259	11	9	9	NUM
ajfa-1694	259	12	,	,	PUNCT
ajfa-1694	259	13	61	61	NUM
ajfa-1694	259	14	-	-	SYM
ajfa-1694	259	15	74	74	NUM
ajfa-1694	259	16	.	.	PUNCT
ajfa-1694	260	1	http://dx.doi.org/10.1016/s1042-4431(98)00036-5	http://dx.doi.org/10.1016/s1042-4431(98)00036-5	PROPN
ajfa-1694	260	2	graham	graham	PROPN
ajfa-1694	260	3	,	,	PUNCT
ajfa-1694	260	4	j.	j.	PROPN
ajfa-1694	260	5	r.	r.	PROPN
ajfa-1694	260	6	,	,	PUNCT
ajfa-1694	260	7	&	&	CCONJ
ajfa-1694	260	8	harvey	harvey	PROPN
ajfa-1694	260	9	,	,	PUNCT
ajfa-1694	260	10	c.	c.	PROPN
ajfa-1694	260	11	r.	r.	PROPN
ajfa-1694	260	12	(	(	PUNCT
ajfa-1694	260	13	2001	2001	NUM
ajfa-1694	260	14	)	)	PUNCT
ajfa-1694	260	15	.	.	PUNCT
ajfa-1694	261	1	the	the	DET
ajfa-1694	261	2	theory	theory	NOUN
ajfa-1694	261	3	and	and	CCONJ
ajfa-1694	261	4	practice	practice	NOUN
ajfa-1694	261	5	of	of	ADP
ajfa-1694	261	6	corporate	corporate	ADJ
ajfa-1694	261	7	finance	finance	NOUN
ajfa-1694	261	8	:	:	PUNCT
ajfa-1694	261	9	evidence	evidence	NOUN
ajfa-1694	261	10	from	from	ADP
ajfa-1694	261	11	the	the	DET
ajfa-1694	261	12	field	field	NOUN
ajfa-1694	261	13	.	.	PUNCT
ajfa-1694	262	1	journal	journal	NOUN
ajfa-1694	262	2	of	of	ADP
ajfa-1694	262	3	financial	financial	ADJ
ajfa-1694	262	4	economics	economic	NOUN
ajfa-1694	262	5	,	,	PUNCT
ajfa-1694	262	6	61	61	NUM
ajfa-1694	262	7	,	,	PUNCT
ajfa-1694	262	8	1	1	NUM
ajfa-1694	262	9	-	-	SYM
ajfa-1694	262	10	29	29	NUM
ajfa-1694	262	11	.	.	PUNCT
ajfa-1694	263	1	hadri	hadri	PROPN
ajfa-1694	263	2	,	,	PUNCT
ajfa-1694	263	3	k.	k.	PROPN
ajfa-1694	263	4	(	(	PUNCT
ajfa-1694	263	5	2000	2000	NUM
ajfa-1694	263	6	)	)	PUNCT
ajfa-1694	263	7	.	.	PUNCT
ajfa-1694	264	1	testing	test	VERB
ajfa-1694	264	2	for	for	ADP
ajfa-1694	264	3	stationarity	stationarity	NOUN
ajfa-1694	264	4	in	in	ADP
ajfa-1694	264	5	heterogeneous	heterogeneous	ADJ
ajfa-1694	264	6	panel	panel	NOUN
ajfa-1694	264	7	data	datum	NOUN
ajfa-1694	264	8	.	.	PUNCT
ajfa-1694	265	1	econometric	econometric	PROPN
ajfa-1694	265	2	journal	journal	PROPN
ajfa-1694	265	3	,	,	PUNCT
ajfa-1694	265	4	3	3	NUM
ajfa-1694	265	5	,	,	PUNCT
ajfa-1694	265	6	148	148	NUM
ajfa-1694	265	7	-	-	SYM
ajfa-1694	265	8	161	161	NUM
ajfa-1694	265	9	.	.	PUNCT
ajfa-1694	266	1	http://dx.doi.org/10.1111/1368-423x.00043	http://dx.doi.org/10.1111/1368-423x.00043	NOUN
ajfa-1694	266	2	hammoudeh	hammoudeh	NOUN
ajfa-1694	266	3	,	,	PUNCT
ajfa-1694	266	4	s.	s.	PROPN
ajfa-1694	266	5	,	,	PUNCT
ajfa-1694	266	6	&	&	CCONJ
ajfa-1694	266	7	aleisa	aleisa	PROPN
ajfa-1694	266	8	,	,	PUNCT
ajfa-1694	266	9	e.	e.	PROPN
ajfa-1694	266	10	(	(	PUNCT
ajfa-1694	266	11	2004	2004	NUM
ajfa-1694	266	12	)	)	PUNCT
ajfa-1694	266	13	.	.	PUNCT
ajfa-1694	267	1	dynamic	dynamic	ADJ
ajfa-1694	267	2	relationships	relationship	NOUN
ajfa-1694	267	3	among	among	ADP
ajfa-1694	267	4	gcc	gcc	NOUN
ajfa-1694	267	5	stock	stock	NOUN
ajfa-1694	267	6	markets	market	NOUN
ajfa-1694	267	7	and	and	CCONJ
ajfa-1694	267	8	nymex	nymex	NOUN
ajfa-1694	267	9	oil	oil	NOUN
ajfa-1694	267	10	future	future	NOUN
ajfa-1694	267	11	.	.	PUNCT
ajfa-1694	268	1	contemporary	contemporary	ADJ
ajfa-1694	268	2	economic	economic	ADJ
ajfa-1694	268	3	policy	policy	NOUN
ajfa-1694	268	4	,	,	PUNCT
ajfa-1694	268	5	22	22	NUM
ajfa-1694	268	6	,	,	PUNCT
ajfa-1694	268	7	250	250	NUM
ajfa-1694	268	8	-	-	SYM
ajfa-1694	268	9	269	269	NUM
ajfa-1694	268	10	.	.	PUNCT
ajfa-1694	269	1	http://dx.doi.org/10.1093/cep/byh018	http://dx.doi.org/10.1093/cep/byh018	NOUN
ajfa-1694	269	2	harvey	harvey	NOUN
ajfa-1694	269	3	,	,	PUNCT
ajfa-1694	269	4	c.	c.	PROPN
ajfa-1694	269	5	r.	r.	PROPN
ajfa-1694	269	6	(	(	PUNCT
ajfa-1694	269	7	1995	1995	NUM
ajfa-1694	269	8	)	)	PUNCT
ajfa-1694	269	9	.	.	PUNCT
ajfa-1694	270	1	predictable	predictable	ADJ
ajfa-1694	270	2	risk	risk	NOUN
ajfa-1694	270	3	and	and	CCONJ
ajfa-1694	270	4	returns	return	NOUN
ajfa-1694	270	5	in	in	ADP
ajfa-1694	270	6	emerging	emerge	VERB
ajfa-1694	270	7	markets	market	NOUN
ajfa-1694	270	8	.	.	PUNCT
ajfa-1694	271	1	review	review	NOUN
ajfa-1694	271	2	of	of	ADP
ajfa-1694	271	3	financial	financial	ADJ
ajfa-1694	271	4	studies	study	NOUN
ajfa-1694	271	5	,	,	PUNCT
ajfa-1694	271	6	8	8	NUM
ajfa-1694	271	7	,	,	PUNCT
ajfa-1694	271	8	773	773	NUM
ajfa-1694	271	9	-	-	SYM
ajfa-1694	271	10	816	816	NUM
ajfa-1694	271	11	.	.	PUNCT
ajfa-1694	272	1	http://dx.doi.org/10.1093/rfs/8.3.773	http://dx.doi.org/10.1093/rfs/8.3.773	PROPN
ajfa-1694	272	2	hassapis	hassapis	INTJ
ajfa-1694	272	3	,	,	PUNCT
ajfa-1694	272	4	c.	c.	PROPN
ajfa-1694	272	5	,	,	PUNCT
ajfa-1694	272	6	&	&	CCONJ
ajfa-1694	272	7	kalyvitis	kalyvitis	PROPN
ajfa-1694	272	8	,	,	PUNCT
ajfa-1694	272	9	s.	s.	PROPN
ajfa-1694	272	10	(	(	PUNCT
ajfa-1694	272	11	2002	2002	NUM
ajfa-1694	272	12	)	)	PUNCT
ajfa-1694	272	13	.	.	PUNCT
ajfa-1694	273	1	investigating	investigate	VERB
ajfa-1694	273	2	the	the	DET
ajfa-1694	273	3	links	link	NOUN
ajfa-1694	273	4	between	between	ADP
ajfa-1694	273	5	growth	growth	NOUN
ajfa-1694	273	6	and	and	CCONJ
ajfa-1694	273	7	real	real	ADJ
ajfa-1694	273	8	stock	stock	NOUN
ajfa-1694	273	9	price	price	NOUN
ajfa-1694	273	10	changes	change	NOUN
ajfa-1694	273	11	with	with	ADP
ajfa-1694	273	12	empirical	empirical	ADJ
ajfa-1694	273	13	evidence	evidence	NOUN
ajfa-1694	273	14	from	from	ADP
ajfa-1694	273	15	the	the	DET
ajfa-1694	273	16	g-7	g-7	NOUN
ajfa-1694	273	17	economies	economy	NOUN
ajfa-1694	273	18	.	.	PUNCT
ajfa-1694	274	1	quarterly	quarterly	ADJ
ajfa-1694	274	2	review	review	NOUN
ajfa-1694	274	3	of	of	ADP
ajfa-1694	274	4	economics	economic	NOUN
ajfa-1694	274	5	and	and	CCONJ
ajfa-1694	274	6	finance	finance	NOUN
ajfa-1694	274	7	,	,	PUNCT
ajfa-1694	274	8	42	42	NUM
ajfa-1694	274	9	,	,	PUNCT
ajfa-1694	274	10	543	543	NUM
ajfa-1694	274	11	-	-	SYM
ajfa-1694	274	12	575	575	NUM
ajfa-1694	274	13	.	.	PUNCT
ajfa-1694	275	1	http://dx.doi.org/10.1016/s1062-9769(01)00111-9	http://dx.doi.org/10.1016/s1062-9769(01)00111-9	ADP
ajfa-1694	275	2	holtz	holtz	PROPN
ajfa-1694	275	3	-	-	PUNCT
ajfa-1694	275	4	eakin	eakin	PROPN
ajfa-1694	275	5	,	,	PUNCT
ajfa-1694	275	6	d.	d.	PROPN
ajfa-1694	275	7	(	(	PUNCT
ajfa-1694	275	8	1986	1986	NUM
ajfa-1694	275	9	)	)	PUNCT
ajfa-1694	275	10	.	.	PUNCT
ajfa-1694	276	1	testing	test	VERB
ajfa-1694	276	2	for	for	ADP
ajfa-1694	276	3	individual	individual	ADJ
ajfa-1694	276	4	effects	effect	NOUN
ajfa-1694	276	5	in	in	ADP
ajfa-1694	276	6	dynamic	dynamic	ADJ
ajfa-1694	276	7	models	model	NOUN
ajfa-1694	276	8	using	use	VERB
ajfa-1694	276	9	panel	panel	NOUN
ajfa-1694	276	10	data	datum	NOUN
ajfa-1694	276	11	.	.	PUNCT
ajfa-1694	277	1	nber	nber	PROPN
ajfa-1694	277	2	technical	technical	PROPN
ajfa-1694	277	3	paper	paper	PROPN
ajfa-1694	277	4	series	series	NOUN
ajfa-1694	277	5	,	,	PUNCT
ajfa-1694	277	6	no	no	INTJ
ajfa-1694	277	7	.	.	NOUN
ajfa-1694	277	8	57	57	NUM
ajfa-1694	277	9	.	.	PUNCT
ajfa-1694	278	1	http://www.nber.org/papers/t0057.pdf	http://www.nber.org/papers/t0057.pdf	NOUN
ajfa-1694	278	2	asian	asian	PROPN
ajfa-1694	278	3	journal	journal	PROPN
ajfa-1694	278	4	of	of	ADP
ajfa-1694	278	5	finance	finance	PROPN
ajfa-1694	278	6	&	&	CCONJ
ajfa-1694	278	7	accounting	accounting	PROPN
ajfa-1694	278	8	issn	issn	PROPN
ajfa-1694	278	9	1946	1946	NUM
ajfa-1694	278	10	-	-	PUNCT
ajfa-1694	278	11	052x	052x	NOUN
ajfa-1694	278	12	2012	2012	NUM
ajfa-1694	278	13	,	,	PUNCT
ajfa-1694	278	14	vol	vol	NOUN
ajfa-1694	278	15	.	.	PROPN
ajfa-1694	278	16	4	4	NUM
ajfa-1694	278	17	,	,	PUNCT
ajfa-1694	278	18	no	no	INTJ
ajfa-1694	278	19	.	.	NOUN
ajfa-1694	278	20	1	1	NUM
ajfa-1694	278	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	278	22	328	328	NUM
ajfa-1694	278	23	holtz	holtz	NOUN
ajfa-1694	278	24	-	-	PUNCT
ajfa-1694	278	25	eakin	eakin	PROPN
ajfa-1694	278	26	,	,	PUNCT
ajfa-1694	278	27	d.	d.	PROPN
ajfa-1694	278	28	,	,	PUNCT
ajfa-1694	278	29	w.	w.	PROPN
ajfa-1694	278	30	newey	newey	PROPN
ajfa-1694	278	31	,	,	PUNCT
ajfa-1694	278	32	&	&	CCONJ
ajfa-1694	278	33	h.	h.	PROPN
ajfa-1694	278	34	rosen	rosen	PROPN
ajfa-1694	278	35	(	(	PUNCT
ajfa-1694	278	36	1985	1985	NUM
ajfa-1694	278	37	)	)	PUNCT
ajfa-1694	278	38	.	.	PUNCT
ajfa-1694	279	1	implementing	implement	VERB
ajfa-1694	279	2	causality	causality	NOUN
ajfa-1694	279	3	tests	test	NOUN
ajfa-1694	279	4	with	with	ADP
ajfa-1694	279	5	panel.data	panel.data	NOUN
ajfa-1694	279	6	with	with	ADP
ajfa-1694	279	7	an	an	DET
ajfa-1694	279	8	example	example	NOUN
ajfa-1694	279	9	from	from	ADP
ajfa-1694	279	10	local	local	ADJ
ajfa-1694	279	11	public	public	ADJ
ajfa-1694	279	12	finance	finance	NOUN
ajfa-1694	279	13	.	.	PUNCT
ajfa-1694	280	1	nber	nber	PROPN
ajfa-1694	280	2	technical	technical	PROPN
ajfa-1694	280	3	working	working	PROPN
ajfa-1694	280	4	paper	paper	NOUN
ajfa-1694	280	5	,	,	PUNCT
ajfa-1694	280	6	no	no	INTJ
ajfa-1694	280	7	.	.	NOUN
ajfa-1694	280	8	48	48	NUM
ajfa-1694	280	9	.	.	PUNCT
ajfa-1694	281	1	http://www.nber.org/papers/t0048.pdf	http://www.nber.org/papers/t0048.pdf	VERB
ajfa-1694	281	2	i	i	PRON
ajfa-1694	281	3	m	m	PROPN
ajfa-1694	281	4	,	,	PUNCT
ajfa-1694	281	5	k.s	k.s	PROPN
ajfa-1694	281	6	.	.	PROPN
ajfa-1694	281	7	,	,	PUNCT
ajfa-1694	281	8	m.h	m.h	PROPN
ajfa-1694	281	9	.	.	PROPN
ajfa-1694	281	10	pesaran	pesaran	PROPN
ajfa-1694	281	11	,	,	PUNCT
ajfa-1694	281	12	&	&	CCONJ
ajfa-1694	281	13	y.	y.	PROPN
ajfa-1694	281	14	shin	shin	PROPN
ajfa-1694	281	15	(	(	PUNCT
ajfa-1694	281	16	2003	2003	NUM
ajfa-1694	281	17	)	)	PUNCT
ajfa-1694	281	18	.	.	PUNCT
ajfa-1694	282	1	testing	test	VERB
ajfa-1694	282	2	for	for	ADP
ajfa-1694	282	3	unit	unit	NOUN
ajfa-1694	282	4	roots	root	NOUN
ajfa-1694	282	5	in	in	ADP
ajfa-1694	282	6	heterogeneous	heterogeneous	ADJ
ajfa-1694	282	7	panels	panel	NOUN
ajfa-1694	282	8	.	.	PUNCT
ajfa-1694	283	1	journal	journal	PROPN
ajfa-1694	283	2	of	of	ADP
ajfa-1694	283	3	econometrics	econometric	NOUN
ajfa-1694	283	4	,	,	PUNCT
ajfa-1694	283	5	115	115	NUM
ajfa-1694	283	6	,	,	PUNCT
ajfa-1694	283	7	53	53	NUM
ajfa-1694	283	8	-	-	SYM
ajfa-1694	283	9	74	74	NUM
ajfa-1694	283	10	.	.	PUNCT
ajfa-1694	284	1	http://dx.doi.org/10.1016/s0304-4076(03)00092-7	http://dx.doi.org/10.1016/s0304-4076(03)00092-7	PROPN
ajfa-1694	284	2	johnson	johnson	PROPN
ajfa-1694	284	3	,	,	PUNCT
ajfa-1694	284	4	s.	s.	PROPN
ajfa-1694	284	5	,	,	PUNCT
ajfa-1694	284	6	boone	boone	PROPN
ajfa-1694	284	7	,	,	PUNCT
ajfa-1694	284	8	p.	p.	NOUN
ajfa-1694	284	9	,	,	PUNCT
ajfa-1694	284	10	breach	breach	NOUN
ajfa-1694	284	11	,	,	PUNCT
ajfa-1694	284	12	a.	a.	PROPN
ajfa-1694	284	13	,	,	PUNCT
ajfa-1694	284	14	&	&	CCONJ
ajfa-1694	284	15	friedman	friedman	PROPN
ajfa-1694	284	16	,	,	PUNCT
ajfa-1694	284	17	e.	e.	PROPN
ajfa-1694	284	18	(	(	PUNCT
ajfa-1694	284	19	2000	2000	NUM
ajfa-1694	284	20	)	)	PUNCT
ajfa-1694	284	21	.	.	PUNCT
ajfa-1694	285	1	corporate	corporate	ADJ
ajfa-1694	285	2	governance	governance	NOUN
ajfa-1694	285	3	in	in	ADP
ajfa-1694	285	4	the	the	DET
ajfa-1694	285	5	asian	asian	ADJ
ajfa-1694	285	6	financial	financial	ADJ
ajfa-1694	285	7	crisis	crisis	NOUN
ajfa-1694	285	8	.	.	PUNCT
ajfa-1694	286	1	journal	journal	NOUN
ajfa-1694	286	2	of	of	ADP
ajfa-1694	286	3	financial	financial	ADJ
ajfa-1694	286	4	economics	economic	NOUN
ajfa-1694	286	5	,	,	PUNCT
ajfa-1694	286	6	58	58	NUM
ajfa-1694	286	7	,	,	PUNCT
ajfa-1694	286	8	141	141	NUM
ajfa-1694	286	9	-	-	SYM
ajfa-1694	286	10	186	186	NUM
ajfa-1694	286	11	.	.	PUNCT
ajfa-1694	287	1	http://dx.doi.org/10.1016/s0304-405x(00)00069-6	http://dx.doi.org/10.1016/s0304-405x(00)00069-6	ADJ
ajfa-1694	287	2	lakonishok	lakonishok	NOUN
ajfa-1694	287	3	,	,	PUNCT
ajfa-1694	287	4	j.	j.	PROPN
ajfa-1694	287	5	,	,	PUNCT
ajfa-1694	287	6	&	&	CCONJ
ajfa-1694	287	7	shapiro	shapiro	PROPN
ajfa-1694	287	8	,	,	PUNCT
ajfa-1694	287	9	a.	a.	NOUN
ajfa-1694	287	10	(	(	PUNCT
ajfa-1694	287	11	1986	1986	NUM
ajfa-1694	287	12	)	)	PUNCT
ajfa-1694	287	13	.	.	PUNCT
ajfa-1694	288	1	systematic	systematic	ADJ
ajfa-1694	288	2	risk	risk	NOUN
ajfa-1694	288	3	,	,	PUNCT
ajfa-1694	288	4	total	total	ADJ
ajfa-1694	288	5	risk	risk	NOUN
ajfa-1694	288	6	,	,	PUNCT
ajfa-1694	288	7	and	and	CCONJ
ajfa-1694	288	8	size	size	NOUN
ajfa-1694	288	9	as	as	ADP
ajfa-1694	288	10	determinants	determinant	NOUN
ajfa-1694	288	11	of	of	ADP
ajfa-1694	288	12	stock	stock	NOUN
ajfa-1694	288	13	market	market	NOUN
ajfa-1694	288	14	returns	return	NOUN
ajfa-1694	288	15	.	.	PUNCT
ajfa-1694	289	1	journal	journal	NOUN
ajfa-1694	289	2	of	of	ADP
ajfa-1694	289	3	banking	banking	NOUN
ajfa-1694	289	4	and	and	CCONJ
ajfa-1694	289	5	finance	finance	NOUN
ajfa-1694	289	6	,	,	PUNCT
ajfa-1694	289	7	10	10	NUM
ajfa-1694	289	8	,	,	PUNCT
ajfa-1694	289	9	115	115	NUM
ajfa-1694	289	10	-	-	SYM
ajfa-1694	289	11	132	132	NUM
ajfa-1694	289	12	.	.	PUNCT
ajfa-1694	290	1	http://dx.doi.org/10.1016/0378-4266(86)90023-3	http://dx.doi.org/10.1016/0378-4266(86)90023-3	PROPN
ajfa-1694	290	2	levin	levin	PROPN
ajfa-1694	290	3	,	,	PUNCT
ajfa-1694	290	4	r.	r.	PROPN
ajfa-1694	290	5	,	,	PUNCT
ajfa-1694	290	6	lin	lin	PROPN
ajfa-1694	290	7	,	,	PUNCT
ajfa-1694	290	8	c.	c.	PROPN
ajfa-1694	290	9	f.	f.	PROPN
ajfa-1694	290	10	,	,	PUNCT
ajfa-1694	290	11	&	&	CCONJ
ajfa-1694	290	12	chu	chu	PROPN
ajfa-1694	290	13	,	,	PUNCT
ajfa-1694	290	14	c.	c.	PROPN
ajfa-1694	290	15	(	(	PUNCT
ajfa-1694	290	16	2002	2002	NUM
ajfa-1694	290	17	)	)	PUNCT
ajfa-1694	290	18	.	.	PUNCT
ajfa-1694	291	1	unit	unit	NOUN
ajfa-1694	291	2	root	root	NOUN
ajfa-1694	291	3	tests	test	NOUN
ajfa-1694	291	4	in	in	ADP
ajfa-1694	291	5	panel	panel	NOUN
ajfa-1694	291	6	data	datum	NOUN
ajfa-1694	291	7	:	:	PUNCT
ajfa-1694	291	8	asymptotic	asymptotic	ADJ
ajfa-1694	291	9	and	and	CCONJ
ajfa-1694	291	10	finite	finite	ADJ
ajfa-1694	291	11	sample	sample	NOUN
ajfa-1694	291	12	properties	property	NOUN
ajfa-1694	291	13	.	.	PUNCT
ajfa-1694	292	1	journal	journal	PROPN
ajfa-1694	292	2	of	of	ADP
ajfa-1694	292	3	econometrics	econometric	NOUN
ajfa-1694	292	4	,	,	PUNCT
ajfa-1694	292	5	108	108	NUM
ajfa-1694	292	6	,	,	PUNCT
ajfa-1694	292	7	1	1	NUM
ajfa-1694	292	8	-	-	SYM
ajfa-1694	292	9	24	24	NUM
ajfa-1694	292	10	.	.	PUNCT
ajfa-1694	293	1	http://dx.doi.org/10.1016/s0304-4076(01)00098-7	http://dx.doi.org/10.1016/s0304-4076(01)00098-7	PROPN
ajfa-1694	293	2	maddala	maddala	PROPN
ajfa-1694	293	3	,	,	PUNCT
ajfa-1694	293	4	g.	g.	PROPN
ajfa-1694	293	5	s.	s.	PROPN
ajfa-1694	293	6	,	,	PUNCT
ajfa-1694	293	7	&	&	CCONJ
ajfa-1694	293	8	wu	wu	PROPN
ajfa-1694	293	9	,	,	PUNCT
ajfa-1694	293	10	s.	s.	PROPN
ajfa-1694	293	11	(	(	PUNCT
ajfa-1694	293	12	1999	1999	NUM
ajfa-1694	293	13	)	)	PUNCT
ajfa-1694	293	14	.	.	PUNCT
ajfa-1694	294	1	a	a	DET
ajfa-1694	294	2	comparative	comparative	ADJ
ajfa-1694	294	3	study	study	NOUN
ajfa-1694	294	4	of	of	ADP
ajfa-1694	294	5	unit	unit	NOUN
ajfa-1694	294	6	root	root	NOUN
ajfa-1694	294	7	tests	test	NOUN
ajfa-1694	294	8	with	with	ADP
ajfa-1694	294	9	panel	panel	NOUN
ajfa-1694	294	10	data	datum	NOUN
ajfa-1694	294	11	and	and	CCONJ
ajfa-1694	294	12	a	a	DET
ajfa-1694	294	13	new	new	ADJ
ajfa-1694	294	14	simple	simple	ADJ
ajfa-1694	294	15	test	test	NOUN
ajfa-1694	294	16	.	.	PUNCT
ajfa-1694	295	1	oxford	oxford	PROPN
ajfa-1694	295	2	bulleting	bulleting	NOUN
ajfa-1694	295	3	of	of	ADP
ajfa-1694	295	4	economics	economic	NOUN
ajfa-1694	295	5	and	and	CCONJ
ajfa-1694	295	6	statistics	statistic	NOUN
ajfa-1694	295	7	,	,	PUNCT
ajfa-1694	295	8	61	61	NUM
ajfa-1694	295	9	,	,	PUNCT
ajfa-1694	295	10	631	631	NUM
ajfa-1694	295	11	-	-	SYM
ajfa-1694	295	12	652	652	NUM
ajfa-1694	295	13	.	.	PUNCT
ajfa-1694	296	1	http://dx.doi.org/10.1111/1468-0084.61.s1.13	http://dx.doi.org/10.1111/1468-0084.61.s1.13	PROPN
ajfa-1694	296	2	maysami	maysami	PROPN
ajfa-1694	296	3	,	,	PUNCT
ajfa-1694	296	4	r.	r.	PROPN
ajfa-1694	296	5	c.	c.	PROPN
ajfa-1694	296	6	,	,	PUNCT
ajfa-1694	296	7	&	&	CCONJ
ajfa-1694	296	8	koh	koh	PROPN
ajfa-1694	296	9	,	,	PUNCT
ajfa-1694	296	10	t.	t.	PROPN
ajfa-1694	296	11	s.	s.	PROPN
ajfa-1694	296	12	(	(	PUNCT
ajfa-1694	296	13	2000	2000	NUM
ajfa-1694	296	14	)	)	PUNCT
ajfa-1694	296	15	.	.	PUNCT
ajfa-1694	297	1	a	a	DET
ajfa-1694	297	2	vector	vector	NOUN
ajfa-1694	297	3	error	error	NOUN
ajfa-1694	297	4	correction	correction	NOUN
ajfa-1694	297	5	model	model	NOUN
ajfa-1694	297	6	of	of	ADP
ajfa-1694	297	7	singapore	singapore	PROPN
ajfa-1694	297	8	stock	stock	NOUN
ajfa-1694	297	9	market	market	NOUN
ajfa-1694	297	10	.	.	PUNCT
ajfa-1694	298	1	international	international	ADJ
ajfa-1694	298	2	review	review	NOUN
ajfa-1694	298	3	of	of	ADP
ajfa-1694	298	4	economic	economic	ADJ
ajfa-1694	298	5	and	and	CCONJ
ajfa-1694	298	6	finance	finance	NOUN
ajfa-1694	298	7	,	,	PUNCT
ajfa-1694	298	8	9	9	NUM
ajfa-1694	298	9	,	,	PUNCT
ajfa-1694	298	10	79	79	NUM
ajfa-1694	298	11	-	-	SYM
ajfa-1694	298	12	96	96	NUM
ajfa-1694	298	13	.	.	PUNCT
ajfa-1694	299	1	http://dx.doi.org/10.1016/s1059-0560(99)00042-8	http://dx.doi.org/10.1016/s1059-0560(99)00042-8	PROPN
ajfa-1694	299	2	mukherjee	mukherjee	PROPN
ajfa-1694	299	3	,	,	PUNCT
ajfa-1694	299	4	t.	t.	PROPN
ajfa-1694	299	5	k.	k.	PROPN
ajfa-1694	299	6	,	,	PUNCT
ajfa-1694	299	7	&	&	CCONJ
ajfa-1694	299	8	naka	naka	PROPN
ajfa-1694	299	9	,	,	PUNCT
ajfa-1694	299	10	a.	a.	NOUN
ajfa-1694	299	11	(	(	PUNCT
ajfa-1694	299	12	1995	1995	NUM
ajfa-1694	299	13	)	)	PUNCT
ajfa-1694	299	14	.	.	PUNCT
ajfa-1694	300	1	dynamic	dynamic	ADJ
ajfa-1694	300	2	relations	relation	NOUN
ajfa-1694	300	3	between	between	ADP
ajfa-1694	300	4	macroeconomic	macroeconomic	ADJ
ajfa-1694	300	5	variables	variable	NOUN
ajfa-1694	300	6	and	and	CCONJ
ajfa-1694	300	7	the	the	DET
ajfa-1694	300	8	japanese	japanese	ADJ
ajfa-1694	300	9	stock	stock	NOUN
ajfa-1694	300	10	market	market	NOUN
ajfa-1694	300	11	:	:	PUNCT
ajfa-1694	300	12	an	an	DET
ajfa-1694	300	13	application	application	NOUN
ajfa-1694	300	14	of	of	ADP
ajfa-1694	300	15	a	a	DET
ajfa-1694	300	16	vector	vector	NOUN
ajfa-1694	300	17	error	error	NOUN
ajfa-1694	300	18	correction	correction	NOUN
ajfa-1694	300	19	model	model	NOUN
ajfa-1694	300	20	.	.	PUNCT
ajfa-1694	301	1	journal	journal	PROPN
ajfa-1694	301	2	of	of	ADP
ajfa-1694	301	3	financial	financial	ADJ
ajfa-1694	301	4	research	research	NOUN
ajfa-1694	301	5	,	,	PUNCT
ajfa-1694	301	6	18	18	NUM
ajfa-1694	301	7	,	,	PUNCT
ajfa-1694	301	8	223	223	NUM
ajfa-1694	301	9	-	-	SYM
ajfa-1694	301	10	237	237	NUM
ajfa-1694	301	11	.	.	PUNCT
ajfa-1694	302	1	park	park	NOUN
ajfa-1694	302	2	,	,	PUNCT
ajfa-1694	302	3	s.	s.	PROPN
ajfa-1694	302	4	(	(	PUNCT
ajfa-1694	302	5	1997	1997	NUM
ajfa-1694	302	6	)	)	PUNCT
ajfa-1694	302	7	.	.	PUNCT
ajfa-1694	303	1	rationality	rationality	NOUN
ajfa-1694	303	2	of	of	ADP
ajfa-1694	303	3	negative	negative	ADJ
ajfa-1694	303	4	stock	stock	NOUN
ajfa-1694	303	5	-	-	PUNCT
ajfa-1694	303	6	price	price	NOUN
ajfa-1694	303	7	responses	response	NOUN
ajfa-1694	303	8	to	to	ADP
ajfa-1694	303	9	strong	strong	ADJ
ajfa-1694	303	10	economic	economic	ADJ
ajfa-1694	303	11	activity	activity	NOUN
ajfa-1694	303	12	.	.	PUNCT
ajfa-1694	304	1	financial	financial	ADJ
ajfa-1694	304	2	analysts	analyst	NOUN
ajfa-1694	304	3	journal	journal	NOUN
ajfa-1694	304	4	,	,	PUNCT
ajfa-1694	304	5	53	53	NUM
ajfa-1694	304	6	,	,	PUNCT
ajfa-1694	304	7	52	52	NUM
ajfa-1694	304	8	-	-	SYM
ajfa-1694	304	9	56	56	NUM
ajfa-1694	304	10	.	.	PUNCT
ajfa-1694	305	1	http://dx.doi.org/10.2469/faj.v53.n5.2117	http://dx.doi.org/10.2469/faj.v53.n5.2117	PROPN
ajfa-1694	305	2	rapach	rapach	PROPN
ajfa-1694	305	3	,	,	PUNCT
ajfa-1694	305	4	d.	d.	PROPN
ajfa-1694	305	5	e.	e.	PROPN
ajfa-1694	305	6	(	(	PUNCT
ajfa-1694	305	7	2002	2002	NUM
ajfa-1694	305	8	)	)	PUNCT
ajfa-1694	305	9	.	.	PUNCT
ajfa-1694	306	1	the	the	DET
ajfa-1694	306	2	long	long	ADV
ajfa-1694	306	3	-	-	PUNCT
ajfa-1694	306	4	run	run	NOUN
ajfa-1694	306	5	relationship	relationship	NOUN
ajfa-1694	306	6	between	between	ADP
ajfa-1694	306	7	inflation	inflation	NOUN
ajfa-1694	306	8	and	and	CCONJ
ajfa-1694	306	9	real	real	ADJ
ajfa-1694	306	10	stock	stock	NOUN
ajfa-1694	306	11	prices	price	NOUN
ajfa-1694	306	12	.	.	PUNCT
ajfa-1694	307	1	journal	journal	NOUN
ajfa-1694	307	2	of	of	ADP
ajfa-1694	307	3	macroeconomics	macroeconomic	NOUN
ajfa-1694	307	4	,	,	PUNCT
ajfa-1694	307	5	24	24	NUM
ajfa-1694	307	6	,	,	PUNCT
ajfa-1694	307	7	331	331	NUM
ajfa-1694	307	8	-	-	SYM
ajfa-1694	307	9	351	351	NUM
ajfa-1694	307	10	.	.	PUNCT
ajfa-1694	308	1	http://dx.doi.org/10.1016/s0164-0704(02)00041-1	http://dx.doi.org/10.1016/s0164-0704(02)00041-1	PROPN
ajfa-1694	308	2	ross	ross	PROPN
ajfa-1694	308	3	,	,	PUNCT
ajfa-1694	308	4	s.	s.	PROPN
ajfa-1694	308	5	a.	a.	PROPN
ajfa-1694	308	6	(	(	PUNCT
ajfa-1694	308	7	1976	1976	NUM
ajfa-1694	308	8	)	)	PUNCT
ajfa-1694	308	9	.	.	PUNCT
ajfa-1694	309	1	the	the	DET
ajfa-1694	309	2	arbitrage	arbitrage	NOUN
ajfa-1694	309	3	theory	theory	NOUN
ajfa-1694	309	4	of	of	ADP
ajfa-1694	309	5	capital	capital	NOUN
ajfa-1694	309	6	asset	asset	NOUN
ajfa-1694	309	7	pricing	pricing	NOUN
ajfa-1694	309	8	.	.	PUNCT
ajfa-1694	310	1	journal	journal	NOUN
ajfa-1694	310	2	of	of	ADP
ajfa-1694	310	3	economic	economic	ADJ
ajfa-1694	310	4	theory	theory	NOUN
ajfa-1694	310	5	,	,	PUNCT
ajfa-1694	310	6	13	13	NUM
ajfa-1694	310	7	,	,	PUNCT
ajfa-1694	310	8	341	341	NUM
ajfa-1694	310	9	-	-	SYM
ajfa-1694	310	10	360	360	NUM
ajfa-1694	310	11	.	.	PUNCT
ajfa-1694	311	1	http://dx.doi.org/10.1016/0022-0531(76)90046-6	http://dx.doi.org/10.1016/0022-0531(76)90046-6	NOUN
ajfa-1694	311	2	sokalska	sokalska	PROPN
ajfa-1694	311	3	,	,	PUNCT
ajfa-1694	311	4	m.	m.	NOUN
ajfa-1694	311	5	(	(	PUNCT
ajfa-1694	311	6	2001	2001	NUM
ajfa-1694	311	7	)	)	PUNCT
ajfa-1694	311	8	.	.	PUNCT
ajfa-1694	312	1	what	what	PRON
ajfa-1694	312	2	drives	drive	VERB
ajfa-1694	312	3	equity	equity	NOUN
ajfa-1694	312	4	returns	return	NOUN
ajfa-1694	312	5	in	in	ADP
ajfa-1694	312	6	central	central	ADJ
ajfa-1694	312	7	and	and	CCONJ
ajfa-1694	312	8	eastern	eastern	ADJ
ajfa-1694	312	9	europe	europe	PROPN
ajfa-1694	312	10	.	.	PUNCT
ajfa-1694	313	1	working	work	VERB
ajfa-1694	313	2	paper	paper	NOUN
ajfa-1694	313	3	,	,	PUNCT
ajfa-1694	313	4	warsaw	warsaw	PROPN
ajfa-1694	313	5	school	school	NOUN
ajfa-1694	313	6	of	of	ADP
ajfa-1694	313	7	economics	economic	NOUN
ajfa-1694	313	8	.	.	PUNCT
ajfa-1694	314	1	http://papers.ssrn.com/sol3/abstractnotfound.cfm	http://papers.ssrn.com/sol3/abstractnotfound.cfm	PROPN
ajfa-1694	314	2	swanson	swanson	PROPN
ajfa-1694	314	3	,	,	PUNCT
ajfa-1694	314	4	e.	e.	PROPN
ajfa-1694	314	5	,	,	PUNCT
ajfa-1694	314	6	rees	rees	PROPN
ajfa-1694	314	7	,	,	PUNCT
ajfa-1694	314	8	l.	l.	PROPN
ajfa-1694	314	9	,	,	PUNCT
ajfa-1694	314	10	&	&	CCONJ
ajfa-1694	314	11	juarez	juarez	PROPN
ajfa-1694	314	12	-	-	PUNCT
ajfa-1694	314	13	valdes	valde	NOUN
ajfa-1694	314	14	,	,	PUNCT
ajfa-1694	314	15	l.	l.	PROPN
ajfa-1694	314	16	(	(	PUNCT
ajfa-1694	314	17	2001	2001	NUM
ajfa-1694	314	18	)	)	PUNCT
ajfa-1694	314	19	.	.	PUNCT
ajfa-1694	315	1	the	the	DET
ajfa-1694	315	2	contribution	contribution	NOUN
ajfa-1694	315	3	of	of	ADP
ajfa-1694	315	4	fundamental	fundamental	ADJ
ajfa-1694	315	5	analysis	analysis	NOUN
ajfa-1694	315	6	in	in	ADP
ajfa-1694	315	7	the	the	DET
ajfa-1694	315	8	presence	presence	NOUN
ajfa-1694	315	9	of	of	ADP
ajfa-1694	315	10	inflation	inflation	NOUN
ajfa-1694	315	11	and	and	CCONJ
ajfa-1694	315	12	a	a	DET
ajfa-1694	315	13	currency	currency	NOUN
ajfa-1694	315	14	devaluation	devaluation	NOUN
ajfa-1694	315	15	.	.	PUNCT
ajfa-1694	316	1	working	work	VERB
ajfa-1694	316	2	paper	paper	NOUN
ajfa-1694	316	3	,	,	PUNCT
ajfa-1694	316	4	texas	texas	PROPN
ajfa-1694	316	5	a	a	PROPN
ajfa-1694	316	6	&	&	CCONJ
ajfa-1694	316	7	m	m	PROPN
ajfa-1694	316	8	university	university	NOUN
ajfa-1694	316	9	.	.	PUNCT
ajfa-1694	317	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=260596	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=260596	NOUN
ajfa-1694	317	2	tsoukalas	tsoukalas	PROPN
ajfa-1694	317	3	,	,	PUNCT
ajfa-1694	317	4	d.	d.	PROPN
ajfa-1694	317	5	(	(	PUNCT
ajfa-1694	317	6	2003	2003	NUM
ajfa-1694	317	7	)	)	PUNCT
ajfa-1694	317	8	.	.	PUNCT
ajfa-1694	318	1	macroeconomic	macroeconomic	ADJ
ajfa-1694	318	2	factors	factor	NOUN
ajfa-1694	318	3	and	and	CCONJ
ajfa-1694	318	4	stock	stock	NOUN
ajfa-1694	318	5	prices	price	NOUN
ajfa-1694	318	6	in	in	ADP
ajfa-1694	318	7	the	the	DET
ajfa-1694	318	8	emerging	emerge	VERB
ajfa-1694	318	9	cypriot	cypriot	ADJ
ajfa-1694	318	10	equity	equity	NOUN
ajfa-1694	318	11	market	market	NOUN
ajfa-1694	318	12	.	.	PUNCT
ajfa-1694	319	1	managerial	managerial	ADJ
ajfa-1694	319	2	finance	finance	NOUN
ajfa-1694	319	3	,	,	PUNCT
ajfa-1694	319	4	29	29	NUM
ajfa-1694	319	5	,	,	PUNCT
ajfa-1694	319	6	87	87	NUM
ajfa-1694	319	7	-	-	SYM
ajfa-1694	319	8	92	92	NUM
ajfa-1694	319	9	.	.	PUNCT
ajfa-1694	320	1	http://dx.doi.org/10.1108/03074350310768300	http://dx.doi.org/10.1108/03074350310768300	NOUN
ajfa-1694	320	2	asian	asian	PROPN
ajfa-1694	320	3	journal	journal	PROPN
ajfa-1694	320	4	of	of	ADP
ajfa-1694	320	5	finance	finance	PROPN
ajfa-1694	320	6	&	&	CCONJ
ajfa-1694	320	7	accounting	accounting	PROPN
ajfa-1694	320	8	issn	issn	PROPN
ajfa-1694	320	9	1946	1946	NUM
ajfa-1694	320	10	-	-	PUNCT
ajfa-1694	320	11	052x	052x	NOUN
ajfa-1694	320	12	2012	2012	NUM
ajfa-1694	320	13	,	,	PUNCT
ajfa-1694	320	14	vol	vol	NOUN
ajfa-1694	320	15	.	.	PROPN
ajfa-1694	320	16	4	4	NUM
ajfa-1694	320	17	,	,	PUNCT
ajfa-1694	320	18	no	no	INTJ
ajfa-1694	320	19	.	.	NOUN
ajfa-1694	320	20	1	1	NUM
ajfa-1694	320	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1694	320	22	329	329	NUM
ajfa-1694	320	23	wongbangpo	wongbangpo	NOUN
ajfa-1694	320	24	,	,	PUNCT
ajfa-1694	320	25	p.	p.	NOUN
ajfa-1694	320	26	,	,	PUNCT
ajfa-1694	320	27	&	&	CCONJ
ajfa-1694	320	28	sharma	sharma	PROPN
ajfa-1694	320	29	,	,	PUNCT
ajfa-1694	320	30	s.	s.	PROPN
ajfa-1694	320	31	c.	c.	PROPN
ajfa-1694	320	32	(	(	PUNCT
ajfa-1694	320	33	2002	2002	NUM
ajfa-1694	320	34	)	)	PUNCT
ajfa-1694	320	35	.	.	PUNCT
ajfa-1694	321	1	stock	stock	NOUN
ajfa-1694	321	2	market	market	NOUN
ajfa-1694	321	3	and	and	CCONJ
ajfa-1694	321	4	macroeconomic	macroeconomic	ADJ
ajfa-1694	321	5	fundamental	fundamental	ADJ
ajfa-1694	321	6	dynamic	dynamic	ADJ
ajfa-1694	321	7	interactions	interaction	NOUN
ajfa-1694	321	8	:	:	PUNCT
ajfa-1694	321	9	asean-5	asean-5	NUM
ajfa-1694	321	10	countries	country	NOUN
ajfa-1694	321	11	.	.	PUNCT
ajfa-1694	322	1	journal	journal	NOUN
ajfa-1694	322	2	of	of	ADP
ajfa-1694	322	3	asian	asian	ADJ
ajfa-1694	322	4	economics	economic	NOUN
ajfa-1694	322	5	,	,	PUNCT
ajfa-1694	322	6	13	13	NUM
ajfa-1694	322	7	,	,	PUNCT
ajfa-1694	322	8	27	27	NUM
ajfa-1694	322	9	-	-	SYM
ajfa-1694	322	10	51	51	NUM
ajfa-1694	322	11	.	.	PUNCT
ajfa-1694	323	1	http://dx.doi.org/10.1016/s1049-0078(01)00111-7	http://dx.doi.org/10.1016/s1049-0078(01)00111-7	ADV
ajfa-1694	323	2	appendix	appendix	VERB
ajfa-1694	323	3	countries	country	NOUN
ajfa-1694	323	4	number	number	NOUN
ajfa-1694	323	5	of	of	ADP
ajfa-1694	323	6	firms	firm	NOUN
ajfa-1694	323	7	argentina	argentina	PROPN
ajfa-1694	323	8	175	175	NUM
ajfa-1694	323	9	brazil	brazil	PROPN
ajfa-1694	323	10	284	284	NUM
ajfa-1694	323	11	chile	chile	PROPN
ajfa-1694	323	12	128	128	NUM
ajfa-1694	323	13	czech	czech	PROPN
ajfa-1694	323	14	235	235	NUM
ajfa-1694	323	15	egypt	egypt	PROPN
ajfa-1694	323	16	42	42	NUM
ajfa-1694	323	17	india	india	PROPN
ajfa-1694	323	18	570	570	NUM
ajfa-1694	323	19	indonesia	indonesia	PROPN
ajfa-1694	323	20	355	355	NUM
ajfa-1694	323	21	israel	israel	PROPN
ajfa-1694	323	22	140	140	NUM
ajfa-1694	323	23	malaysia	malaysia	PROPN
ajfa-1694	323	24	367	367	NUM
ajfa-1694	323	25	mexico	mexico	PROPN
ajfa-1694	323	26	322	322	NUM
ajfa-1694	323	27	pakistan	pakistan	PROPN
ajfa-1694	323	28	60	60	NUM
ajfa-1694	323	29	peru	peru	PROPN
ajfa-1694	323	30	55	55	NUM
ajfa-1694	323	31	philippines	philippine	NOUN
ajfa-1694	323	32	110	110	NUM
ajfa-1694	323	33	thailand	thailand	PROPN
ajfa-1694	323	34	158	158	NUM
ajfa-1694	323	35	south	south	PROPN
ajfa-1694	323	36	africa	africa	PROPN
ajfa-1694	323	37	140	140	NUM
ajfa-1694	323	38	venezuela	venezuela	PROPN
ajfa-1694	323	39	85	85	NUM