id	sid	tid	token	lemma	pos
ajfa-1764	1	1	microsoft	microsoft	PROPN
ajfa-1764	1	2	word	word	NOUN
ajfa-1764	1	3	1764	1764	NUM
ajfa-1764	1	4	-	-	SYM
ajfa-1764	1	5	6924	6924	NUM
ajfa-1764	1	6	-	-	PUNCT
ajfa-1764	1	7	4	4	NUM
ajfa-1764	1	8	-	-	PUNCT
ajfa-1764	1	9	rv	rv	NOUN
ajfa-1764	1	10	-	-	PUNCT
ajfa-1764	1	11	writer2	writer2	VERB
ajfa-1764	1	12	-	-	ADJ
ajfa-1764	1	13	new	new	ADJ
ajfa-1764	1	14	asian	asian	ADJ
ajfa-1764	1	15	journal	journal	NOUN
ajfa-1764	1	16	of	of	ADP
ajfa-1764	1	17	finance	finance	PROPN
ajfa-1764	1	18	&	&	CCONJ
ajfa-1764	1	19	accounting	accounting	PROPN
ajfa-1764	1	20	issn	issn	PROPN
ajfa-1764	1	21	1946	1946	NUM
ajfa-1764	1	22	-	-	PUNCT
ajfa-1764	1	23	052x	052x	NOUN
ajfa-1764	1	24	2012	2012	NUM
ajfa-1764	1	25	,	,	PUNCT
ajfa-1764	1	26	vol	vol	NOUN
ajfa-1764	1	27	.	.	PROPN
ajfa-1764	1	28	4	4	NUM
ajfa-1764	1	29	,	,	PUNCT
ajfa-1764	1	30	no	no	INTJ
ajfa-1764	1	31	.	.	NOUN
ajfa-1764	1	32	2	2	NUM
ajfa-1764	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1764	1	34	1	1	NUM
ajfa-1764	1	35	testing	testing	NOUN
ajfa-1764	1	36	for	for	ADP
ajfa-1764	1	37	convergence	convergence	NOUN
ajfa-1764	1	38	in	in	ADP
ajfa-1764	1	39	the	the	DET
ajfa-1764	1	40	european	european	ADJ
ajfa-1764	1	41	insurance	insurance	NOUN
ajfa-1764	1	42	sector	sector	NOUN
ajfa-1764	1	43	:	:	PUNCT
ajfa-1764	1	44	a	a	DET
ajfa-1764	1	45	non	non	ADJ
ajfa-1764	1	46	-	-	ADJ
ajfa-1764	1	47	linear	linear	ADJ
ajfa-1764	1	48	factor	factor	NOUN
ajfa-1764	1	49	approach	approach	PROPN
ajfa-1764	1	50	dr	dr	PROPN
ajfa-1764	1	51	.	.	PROPN
ajfa-1764	1	52	nicholas	nicholas	PROPN
ajfa-1764	1	53	apergis	apergis	PROPN
ajfa-1764	1	54	*	*	PROPN
ajfa-1764	1	55	university	university	PROPN
ajfa-1764	1	56	of	of	ADP
ajfa-1764	1	57	piraeus	piraeus	NOUN
ajfa-1764	1	58	,	,	PUNCT
ajfa-1764	1	59	185	185	NUM
ajfa-1764	1	60	34	34	NUM
ajfa-1764	1	61	,	,	PUNCT
ajfa-1764	1	62	greece	greece	PROPN
ajfa-1764	1	63	e	e	PROPN
ajfa-1764	1	64	-	-	NOUN
ajfa-1764	1	65	mail	mail	NOUN
ajfa-1764	1	66	:	:	PUNCT
ajfa-1764	1	67	napergis@unii.gr	napergis@unii.gr	SCONJ
ajfa-1764	1	68	dr	dr	PROPN
ajfa-1764	1	69	.	.	PROPN
ajfa-1764	1	70	alexandros	alexandros	PROPN
ajfa-1764	1	71	gabrielsen	gabrielsen	VERB
ajfa-1764	1	72	sumitomo	sumitomo	PROPN
ajfa-1764	1	73	mitsui	mitsui	PROPN
ajfa-1764	1	74	banking	banking	PROPN
ajfa-1764	1	75	corporation	corporation	PROPN
ajfa-1764	1	76	europe	europe	PROPN
ajfa-1764	1	77	,	,	PUNCT
ajfa-1764	1	78	london	london	PROPN
ajfa-1764	1	79	,	,	PUNCT
ajfa-1764	1	80	uk	uk	PROPN
ajfa-1764	1	81	e	e	NOUN
ajfa-1764	1	82	-	-	NOUN
ajfa-1764	1	83	mail	mail	NOUN
ajfa-1764	1	84	:	:	PUNCT
ajfa-1764	1	85	alexandros_gabrielsen@gb.smbcgroup.com	alexandros_gabrielsen@gb.smbcgroup.com	PROPN
ajfa-1764	1	86	dr	dr	PROPN
ajfa-1764	1	87	.	.	PROPN
ajfa-1764	1	88	james	james	PROPN
ajfa-1764	1	89	payne	payne	PROPN
ajfa-1764	1	90	university	university	PROPN
ajfa-1764	1	91	of	of	ADP
ajfa-1764	1	92	south	south	PROPN
ajfa-1764	1	93	florida	florida	PROPN
ajfa-1764	1	94	,	,	PUNCT
ajfa-1764	1	95	4202	4202	NUM
ajfa-1764	1	96	e.	e.	PROPN
ajfa-1764	1	97	fowler	fowler	PROPN
ajfa-1764	1	98	avenue	avenue	PROPN
ajfa-1764	1	99	,	,	PUNCT
ajfa-1764	1	100	tampa	tampa	PROPN
ajfa-1764	1	101	,	,	PUNCT
ajfa-1764	1	102	fl	fl	PROPN
ajfa-1764	1	103	33620	33620	NUM
ajfa-1764	1	104	,	,	PUNCT
ajfa-1764	1	105	usa	usa	PROPN
ajfa-1764	1	106	e	e	PROPN
ajfa-1764	1	107	-	-	NOUN
ajfa-1764	1	108	mail	mail	NOUN
ajfa-1764	1	109	:	:	PUNCT
ajfa-1764	1	110	jpayne@poly.usf.edu	jpayne@poly.usf.edu	PROPN
ajfa-1764	1	111	dr	dr	PROPN
ajfa-1764	1	112	.	.	PROPN
ajfa-1764	1	113	paolo	paolo	PROPN
ajfa-1764	1	114	zagaglia	zagaglia	PROPN
ajfa-1764	1	115	università	università	PROPN
ajfa-1764	1	116	di	di	PROPN
ajfa-1764	1	117	bologna	bologna	PROPN
ajfa-1764	1	118	,	,	PUNCT
ajfa-1764	1	119	strada	strada	PROPN
ajfa-1764	1	120	maggiore	maggiore	PROPN
ajfa-1764	1	121	45	45	NUM
ajfa-1764	1	122	–	–	SYM
ajfa-1764	1	123	40126	40126	NUM
ajfa-1764	1	124	,	,	PUNCT
ajfa-1764	1	125	italy	italy	PROPN
ajfa-1764	1	126	e	e	PROPN
ajfa-1764	1	127	-	-	NOUN
ajfa-1764	1	128	mail	mail	NOUN
ajfa-1764	1	129	:	:	PUNCT
ajfa-1764	1	130	pzagaglia@bologna.it	pzagaglia@bologna.it	NOUN
ajfa-1764	1	131	received	receive	VERB
ajfa-1764	1	132	:	:	PUNCT
ajfa-1764	1	133	may	may	AUX
ajfa-1764	1	134	3	3	NUM
ajfa-1764	1	135	,	,	PUNCT
ajfa-1764	1	136	2012	2012	NUM
ajfa-1764	1	137	accepted	accept	VERB
ajfa-1764	1	138	:	:	PUNCT
ajfa-1764	2	1	may	may	AUX
ajfa-1764	2	2	25	25	NUM
ajfa-1764	2	3	,	,	PUNCT
ajfa-1764	2	4	2012	2012	NUM
ajfa-1764	2	5	published	publish	VERB
ajfa-1764	2	6	:	:	PUNCT
ajfa-1764	2	7	december	december	PROPN
ajfa-1764	2	8	1	1	NUM
ajfa-1764	2	9	,	,	PUNCT
ajfa-1764	2	10	2012	2012	NUM
ajfa-1764	2	11	doi:10.5296	doi:10.5296	NOUN
ajfa-1764	2	12	/	/	SYM
ajfa-1764	2	13	ajfa.v4i2.1764	ajfa.v4i2.1764	NUM
ajfa-1764	2	14	url	url	NOUN
ajfa-1764	2	15	:	:	PUNCT
ajfa-1764	2	16	http://dx.doi.org/10.5296/ajfa.v4i2.1764	http://dx.doi.org/10.5296/ajfa.v4i2.1764	ADP
ajfa-1764	2	17	the	the	DET
ajfa-1764	2	18	views	view	NOUN
ajfa-1764	2	19	expressed	express	VERB
ajfa-1764	2	20	in	in	ADP
ajfa-1764	2	21	this	this	DET
ajfa-1764	2	22	paper	paper	NOUN
ajfa-1764	2	23	solely	solely	ADV
ajfa-1764	2	24	reflect	reflect	VERB
ajfa-1764	2	25	the	the	DET
ajfa-1764	2	26	views	view	NOUN
ajfa-1764	2	27	of	of	ADP
ajfa-1764	2	28	the	the	DET
ajfa-1764	2	29	author	author	NOUN
ajfa-1764	2	30	and	and	CCONJ
ajfa-1764	2	31	not	not	PART
ajfa-1764	2	32	necessarily	necessarily	ADV
ajfa-1764	2	33	those	those	PRON
ajfa-1764	2	34	of	of	ADP
ajfa-1764	2	35	sumitomo	sumitomo	PROPN
ajfa-1764	2	36	mitsui	mitsui	PROPN
ajfa-1764	2	37	banking	banking	PROPN
ajfa-1764	2	38	corporation	corporation	PROPN
ajfa-1764	2	39	europe	europe	PROPN
ajfa-1764	2	40	limited	limit	VERB
ajfa-1764	2	41	.	.	PUNCT
ajfa-1764	3	1	abstract	abstract	ADJ
ajfa-1764	3	2	this	this	DET
ajfa-1764	3	3	paper	paper	NOUN
ajfa-1764	3	4	investigates	investigate	VERB
ajfa-1764	3	5	the	the	DET
ajfa-1764	3	6	factors	factor	NOUN
ajfa-1764	3	7	behind	behind	ADP
ajfa-1764	3	8	long	long	ADJ
ajfa-1764	3	9	-	-	PUNCT
ajfa-1764	3	10	term	term	NOUN
ajfa-1764	3	11	convergence	convergence	NOUN
ajfa-1764	3	12	in	in	ADP
ajfa-1764	3	13	the	the	DET
ajfa-1764	3	14	insurance	insurance	NOUN
ajfa-1764	3	15	sector	sector	NOUN
ajfa-1764	3	16	by	by	ADP
ajfa-1764	3	17	questioning	question	VERB
ajfa-1764	3	18	the	the	DET
ajfa-1764	3	19	role	role	NOUN
ajfa-1764	3	20	of	of	ADP
ajfa-1764	3	21	harmonization	harmonization	NOUN
ajfa-1764	3	22	and	and	CCONJ
ajfa-1764	3	23	regulation	regulation	NOUN
ajfa-1764	3	24	across	across	ADP
ajfa-1764	3	25	the	the	DET
ajfa-1764	3	26	emu	emu	PROPN
ajfa-1764	3	27	.	.	PUNCT
ajfa-1764	4	1	by	by	ADP
ajfa-1764	4	2	investigating	investigate	VERB
ajfa-1764	4	3	convergence	convergence	NOUN
ajfa-1764	4	4	through	through	ADP
ajfa-1764	4	5	balance	balance	NOUN
ajfa-1764	4	6	-	-	PUNCT
ajfa-1764	4	7	sheet	sheet	NOUN
ajfa-1764	4	8	items	item	NOUN
ajfa-1764	4	9	,	,	PUNCT
ajfa-1764	4	10	the	the	DET
ajfa-1764	4	11	study	study	NOUN
ajfa-1764	4	12	sheds	shed	VERB
ajfa-1764	4	13	light	light	NOUN
ajfa-1764	4	14	on	on	ADP
ajfa-1764	4	15	the	the	DET
ajfa-1764	4	16	role	role	NOUN
ajfa-1764	4	17	played	play	VERB
ajfa-1764	4	18	by	by	ADP
ajfa-1764	4	19	the	the	DET
ajfa-1764	4	20	asian	asian	ADJ
ajfa-1764	4	21	journal	journal	NOUN
ajfa-1764	4	22	of	of	ADP
ajfa-1764	4	23	finance	finance	PROPN
ajfa-1764	4	24	&	&	CCONJ
ajfa-1764	4	25	accounting	accounting	PROPN
ajfa-1764	4	26	issn	issn	PROPN
ajfa-1764	4	27	1946	1946	NUM
ajfa-1764	4	28	-	-	PUNCT
ajfa-1764	4	29	052x	052x	NOUN
ajfa-1764	4	30	2012	2012	NUM
ajfa-1764	4	31	,	,	PUNCT
ajfa-1764	4	32	vol	vol	NOUN
ajfa-1764	4	33	.	.	PROPN
ajfa-1764	4	34	4	4	NUM
ajfa-1764	4	35	,	,	PUNCT
ajfa-1764	4	36	no	no	INTJ
ajfa-1764	4	37	.	.	NOUN
ajfa-1764	4	38	2	2	NUM
ajfa-1764	4	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	4	40	2	2	NUM
ajfa-1764	4	41	management	management	NOUN
ajfa-1764	4	42	preferences	preference	NOUN
ajfa-1764	4	43	of	of	ADP
ajfa-1764	4	44	insurances	insurance	NOUN
ajfa-1764	4	45	across	across	ADP
ajfa-1764	4	46	the	the	DET
ajfa-1764	4	47	emu	emu	PROPN
ajfa-1764	4	48	.	.	PUNCT
ajfa-1764	5	1	overall	overall	PROPN
ajfa-1764	5	2	,	,	PUNCT
ajfa-1764	5	3	the	the	DET
ajfa-1764	5	4	convergence	convergence	NOUN
ajfa-1764	5	5	tests	test	NOUN
ajfa-1764	5	6	employed	employ	VERB
ajfa-1764	5	7	within	within	ADP
ajfa-1764	5	8	this	this	DET
ajfa-1764	5	9	study	study	NOUN
ajfa-1764	5	10	provide	provide	VERB
ajfa-1764	5	11	evidence	evidence	NOUN
ajfa-1764	5	12	of	of	ADP
ajfa-1764	5	13	limited	limited	ADJ
ajfa-1764	5	14	convergence	convergence	NOUN
ajfa-1764	5	15	within	within	ADP
ajfa-1764	5	16	the	the	DET
ajfa-1764	5	17	insurance	insurance	NOUN
ajfa-1764	5	18	sector	sector	NOUN
ajfa-1764	5	19	across	across	ADP
ajfa-1764	5	20	the	the	DET
ajfa-1764	5	21	emu	emu	PROPN
ajfa-1764	5	22	countries	country	NOUN
ajfa-1764	5	23	.	.	PUNCT
ajfa-1764	6	1	keywords	keyword	NOUN
ajfa-1764	6	2	:	:	PUNCT
ajfa-1764	6	3	financial	financial	ADJ
ajfa-1764	6	4	convergence	convergence	NOUN
ajfa-1764	6	5	,	,	PUNCT
ajfa-1764	6	6	phillip	phillip	NOUN
ajfa-1764	6	7	and	and	CCONJ
ajfa-1764	6	8	sul	sul	PROPN
ajfa-1764	6	9	convergence	convergence	NOUN
ajfa-1764	6	10	method	method	NOUN
ajfa-1764	6	11	,	,	PUNCT
ajfa-1764	6	12	european	european	ADJ
ajfa-1764	6	13	insurance	insurance	NOUN
ajfa-1764	6	14	sector	sector	NOUN
ajfa-1764	6	15	_	_	PUNCT
ajfa-1764	7	1	_	_	PUNCT
ajfa-1764	8	1	_	_	PUNCT
ajfa-1764	9	1	_	_	PUNCT
ajfa-1764	10	1	_	_	PUNCT
ajfa-1764	11	1	_	_	PUNCT
ajfa-1764	12	1	_	_	PUNCT
ajfa-1764	13	1	_	_	PUNCT
ajfa-1764	14	1	_	_	PUNCT
ajfa-1764	15	1	_	_	PUNCT
ajfa-1764	16	1	_	_	PUNCT
ajfa-1764	17	1	_	_	PUNCT
ajfa-1764	18	1	_	_	PUNCT
ajfa-1764	19	1	_	_	PUNCT
ajfa-1764	20	1	_	_	PUNCT
ajfa-1764	21	1	_	_	PUNCT
ajfa-1764	22	1	*	*	PUNCT
ajfa-1764	22	2	corresponding	correspond	VERB
ajfa-1764	22	3	author	author	NOUN
ajfa-1764	22	4	asian	asian	PROPN
ajfa-1764	22	5	journal	journal	PROPN
ajfa-1764	22	6	of	of	ADP
ajfa-1764	22	7	finance	finance	PROPN
ajfa-1764	22	8	&	&	CCONJ
ajfa-1764	22	9	accounting	accounting	PROPN
ajfa-1764	22	10	issn	issn	PROPN
ajfa-1764	22	11	1946	1946	NUM
ajfa-1764	22	12	-	-	PUNCT
ajfa-1764	22	13	052x	052x	NOUN
ajfa-1764	22	14	2012	2012	NUM
ajfa-1764	22	15	,	,	PUNCT
ajfa-1764	22	16	vol	vol	NOUN
ajfa-1764	22	17	.	.	PROPN
ajfa-1764	22	18	4	4	NUM
ajfa-1764	22	19	,	,	PUNCT
ajfa-1764	22	20	no	no	INTJ
ajfa-1764	22	21	.	.	NOUN
ajfa-1764	22	22	2	2	NUM
ajfa-1764	22	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1764	22	24	3	3	NUM
ajfa-1764	22	25	1	1	NUM
ajfa-1764	22	26	.	.	PUNCT
ajfa-1764	23	1	introduction	introduction	NOUN
ajfa-1764	23	2	–	–	PUNCT
ajfa-1764	23	3	literature	literature	NOUN
ajfa-1764	23	4	review	review	NOUN
ajfa-1764	23	5	over	over	ADP
ajfa-1764	23	6	the	the	DET
ajfa-1764	23	7	recent	recent	ADJ
ajfa-1764	23	8	period	period	NOUN
ajfa-1764	23	9	,	,	PUNCT
ajfa-1764	23	10	the	the	DET
ajfa-1764	23	11	financial	financial	ADJ
ajfa-1764	23	12	services	service	NOUN
ajfa-1764	23	13	industry	industry	NOUN
ajfa-1764	23	14	has	have	AUX
ajfa-1764	23	15	experienced	experience	VERB
ajfa-1764	23	16	significant	significant	ADJ
ajfa-1764	23	17	convergence	convergence	NOUN
ajfa-1764	23	18	trends	trend	NOUN
ajfa-1764	23	19	,	,	PUNCT
ajfa-1764	23	20	mainly	mainly	ADV
ajfa-1764	23	21	due	due	ADP
ajfa-1764	23	22	to	to	ADP
ajfa-1764	23	23	the	the	DET
ajfa-1764	23	24	deregulation	deregulation	NOUN
ajfa-1764	23	25	of	of	ADP
ajfa-1764	23	26	financial	financial	ADJ
ajfa-1764	23	27	markets	market	NOUN
ajfa-1764	23	28	in	in	ADP
ajfa-1764	23	29	europe	europe	PROPN
ajfa-1764	23	30	,	,	PUNCT
ajfa-1764	23	31	the	the	DET
ajfa-1764	23	32	u.s	u.s	PROPN
ajfa-1764	23	33	.	.	PROPN
ajfa-1764	23	34	,	,	PUNCT
ajfa-1764	23	35	and	and	CCONJ
ajfa-1764	23	36	asia	asia	PROPN
ajfa-1764	23	37	.	.	PUNCT
ajfa-1764	24	1	prior	prior	ADV
ajfa-1764	24	2	to	to	ADP
ajfa-1764	24	3	the	the	DET
ajfa-1764	24	4	introduction	introduction	NOUN
ajfa-1764	24	5	of	of	ADP
ajfa-1764	24	6	the	the	DET
ajfa-1764	24	7	european	european	PROPN
ajfa-1764	24	8	monetary	monetary	PROPN
ajfa-1764	24	9	union	union	PROPN
ajfa-1764	24	10	(	(	PUNCT
ajfa-1764	24	11	emu	emu	PROPN
ajfa-1764	24	12	)	)	PUNCT
ajfa-1764	24	13	,	,	PUNCT
ajfa-1764	24	14	the	the	DET
ajfa-1764	24	15	european	european	ADJ
ajfa-1764	24	16	markets	market	NOUN
ajfa-1764	24	17	were	be	AUX
ajfa-1764	24	18	a	a	DET
ajfa-1764	24	19	fragmented	fragmented	ADJ
ajfa-1764	24	20	network	network	NOUN
ajfa-1764	24	21	due	due	ADP
ajfa-1764	24	22	to	to	ADP
ajfa-1764	24	23	the	the	DET
ajfa-1764	24	24	heterogeneous	heterogeneous	ADJ
ajfa-1764	24	25	taxation	taxation	NOUN
ajfa-1764	24	26	,	,	PUNCT
ajfa-1764	24	27	regulatory	regulatory	ADJ
ajfa-1764	24	28	and	and	CCONJ
ajfa-1764	24	29	transaction	transaction	NOUN
ajfa-1764	24	30	costs	cost	NOUN
ajfa-1764	24	31	regimes	regime	NOUN
ajfa-1764	24	32	,	,	PUNCT
ajfa-1764	24	33	increasing	increase	VERB
ajfa-1764	24	34	the	the	DET
ajfa-1764	24	35	complexity	complexity	NOUN
ajfa-1764	24	36	of	of	ADP
ajfa-1764	24	37	cross	cross	ADJ
ajfa-1764	24	38	-	-	ADJ
ajfa-1764	24	39	market	market	ADJ
ajfa-1764	24	40	development	development	NOUN
ajfa-1764	24	41	.	.	PUNCT
ajfa-1764	25	1	therefore	therefore	ADV
ajfa-1764	25	2	,	,	PUNCT
ajfa-1764	25	3	expectations	expectation	NOUN
ajfa-1764	25	4	to	to	PART
ajfa-1764	25	5	find	find	VERB
ajfa-1764	25	6	convergence	convergence	NOUN
ajfa-1764	25	7	are	be	AUX
ajfa-1764	25	8	based	base	VERB
ajfa-1764	25	9	on	on	ADP
ajfa-1764	25	10	the	the	DET
ajfa-1764	25	11	effects	effect	NOUN
ajfa-1764	25	12	of	of	ADP
ajfa-1764	25	13	the	the	DET
ajfa-1764	25	14	harmonization	harmonization	NOUN
ajfa-1764	25	15	of	of	ADP
ajfa-1764	25	16	regulatory	regulatory	ADJ
ajfa-1764	25	17	and	and	CCONJ
ajfa-1764	25	18	supervisory	supervisory	ADJ
ajfa-1764	25	19	policies	policy	NOUN
ajfa-1764	25	20	as	as	ADV
ajfa-1764	25	21	well	well	ADV
ajfa-1764	25	22	as	as	ADP
ajfa-1764	25	23	the	the	DET
ajfa-1764	25	24	mechanisms	mechanism	NOUN
ajfa-1764	25	25	for	for	ADP
ajfa-1764	25	26	coordination	coordination	NOUN
ajfa-1764	25	27	of	of	ADP
ajfa-1764	25	28	macroeconomic	macroeconomic	ADJ
ajfa-1764	25	29	policies	policy	NOUN
ajfa-1764	25	30	of	of	ADP
ajfa-1764	25	31	the	the	DET
ajfa-1764	25	32	national	national	ADJ
ajfa-1764	25	33	authorities	authority	NOUN
ajfa-1764	25	34	with	with	ADP
ajfa-1764	25	35	the	the	DET
ajfa-1764	25	36	emu	emu	PROPN
ajfa-1764	25	37	.	.	PUNCT
ajfa-1764	26	1	although	although	SCONJ
ajfa-1764	26	2	under	under	ADP
ajfa-1764	26	3	the	the	DET
ajfa-1764	26	4	notion	notion	NOUN
ajfa-1764	26	5	of	of	ADP
ajfa-1764	26	6	optimum	optimum	ADJ
ajfa-1764	26	7	currency	currency	NOUN
ajfa-1764	26	8	,	,	PUNCT
ajfa-1764	26	9	all	all	DET
ajfa-1764	26	10	factors	factor	NOUN
ajfa-1764	26	11	of	of	ADP
ajfa-1764	26	12	production	production	NOUN
ajfa-1764	26	13	should	should	AUX
ajfa-1764	26	14	move	move	VERB
ajfa-1764	26	15	freely	freely	ADV
ajfa-1764	26	16	across	across	ADP
ajfa-1764	26	17	borders	border	NOUN
ajfa-1764	26	18	,	,	PUNCT
ajfa-1764	26	19	it	it	PRON
ajfa-1764	26	20	is	be	AUX
ajfa-1764	26	21	capital	capital	NOUN
ajfa-1764	26	22	flows	flow	NOUN
ajfa-1764	26	23	that	that	PRON
ajfa-1764	26	24	cross	cross	VERB
ajfa-1764	26	25	borders	border	NOUN
ajfa-1764	26	26	much	much	ADV
ajfa-1764	26	27	more	more	ADV
ajfa-1764	26	28	easily	easily	ADV
ajfa-1764	26	29	than	than	ADP
ajfa-1764	26	30	labor	labor	NOUN
ajfa-1764	26	31	or	or	CCONJ
ajfa-1764	26	32	goods	good	NOUN
ajfa-1764	26	33	.	.	PUNCT
ajfa-1764	27	1	hence	hence	ADV
ajfa-1764	27	2	,	,	PUNCT
ajfa-1764	27	3	financial	financial	ADJ
ajfa-1764	27	4	markets	market	NOUN
ajfa-1764	27	5	are	be	AUX
ajfa-1764	27	6	expected	expect	VERB
ajfa-1764	27	7	to	to	PART
ajfa-1764	27	8	show	show	VERB
ajfa-1764	27	9	a	a	DET
ajfa-1764	27	10	faster	fast	ADJ
ajfa-1764	27	11	rate	rate	NOUN
ajfa-1764	27	12	of	of	ADP
ajfa-1764	27	13	convergence	convergence	NOUN
ajfa-1764	27	14	compared	compare	VERB
ajfa-1764	27	15	to	to	ADP
ajfa-1764	27	16	the	the	DET
ajfa-1764	27	17	other	other	ADJ
ajfa-1764	27	18	markets	market	NOUN
ajfa-1764	27	19	.	.	PUNCT
ajfa-1764	28	1	there	there	PRON
ajfa-1764	28	2	are	be	VERB
ajfa-1764	28	3	still	still	ADV
ajfa-1764	28	4	open	open	ADJ
ajfa-1764	28	5	questions	question	NOUN
ajfa-1764	28	6	regarding	regard	VERB
ajfa-1764	28	7	insurance	insurance	NOUN
ajfa-1764	28	8	integration	integration	NOUN
ajfa-1764	28	9	within	within	ADP
ajfa-1764	28	10	the	the	DET
ajfa-1764	28	11	emu	emu	PROPN
ajfa-1764	28	12	which	which	PRON
ajfa-1764	28	13	are	be	AUX
ajfa-1764	28	14	not	not	PART
ajfa-1764	28	15	attributable	attributable	ADJ
ajfa-1764	28	16	to	to	ADP
ajfa-1764	28	17	labor	labor	NOUN
ajfa-1764	28	18	heterogeneity	heterogeneity	NOUN
ajfa-1764	28	19	or	or	CCONJ
ajfa-1764	28	20	persistent	persistent	ADJ
ajfa-1764	28	21	residual	residual	ADJ
ajfa-1764	28	22	regulatory	regulatory	ADJ
ajfa-1764	28	23	differences	difference	NOUN
ajfa-1764	28	24	between	between	ADP
ajfa-1764	28	25	member	member	NOUN
ajfa-1764	28	26	states	state	NOUN
ajfa-1764	28	27	but	but	CCONJ
ajfa-1764	28	28	also	also	ADV
ajfa-1764	28	29	to	to	ADP
ajfa-1764	28	30	the	the	DET
ajfa-1764	28	31	effects	effect	NOUN
ajfa-1764	28	32	of	of	ADP
ajfa-1764	28	33	the	the	DET
ajfa-1764	28	34	recent	recent	ADJ
ajfa-1764	28	35	credit	credit	NOUN
ajfa-1764	28	36	crisis	crisis	NOUN
ajfa-1764	28	37	on	on	ADP
ajfa-1764	28	38	the	the	DET
ajfa-1764	28	39	overall	overall	ADJ
ajfa-1764	28	40	european	european	ADJ
ajfa-1764	28	41	insurance	insurance	NOUN
ajfa-1764	28	42	sector	sector	NOUN
ajfa-1764	28	43	.	.	PUNCT
ajfa-1764	29	1	convergence	convergence	NOUN
ajfa-1764	29	2	in	in	ADP
ajfa-1764	29	3	the	the	DET
ajfa-1764	29	4	market	market	NOUN
ajfa-1764	29	5	for	for	ADP
ajfa-1764	29	6	risk	risk	NOUN
ajfa-1764	29	7	transfer	transfer	NOUN
ajfa-1764	29	8	within	within	ADP
ajfa-1764	29	9	the	the	DET
ajfa-1764	29	10	property	property	NOUN
ajfa-1764	29	11	-	-	PUNCT
ajfa-1764	29	12	liability	liability	NOUN
ajfa-1764	29	13	insurance	insurance	NOUN
ajfa-1764	29	14	industry	industry	NOUN
ajfa-1764	29	15	has	have	AUX
ajfa-1764	29	16	been	be	AUX
ajfa-1764	29	17	rather	rather	ADV
ajfa-1764	29	18	slow	slow	ADJ
ajfa-1764	29	19	,	,	PUNCT
ajfa-1764	29	20	due	due	ADP
ajfa-1764	29	21	to	to	ADP
ajfa-1764	29	22	certain	certain	ADJ
ajfa-1764	29	23	factors	factor	NOUN
ajfa-1764	29	24	as	as	ADP
ajfa-1764	29	25	informational	informational	ADJ
ajfa-1764	29	26	opacity	opacity	NOUN
ajfa-1764	29	27	of	of	ADP
ajfa-1764	29	28	insurance	insurance	NOUN
ajfa-1764	29	29	markets	market	NOUN
ajfa-1764	29	30	,	,	PUNCT
ajfa-1764	29	31	informational	informational	ADJ
ajfa-1764	29	32	asymmetries	asymmetry	NOUN
ajfa-1764	29	33	between	between	ADP
ajfa-1764	29	34	buyers	buyer	NOUN
ajfa-1764	29	35	and	and	CCONJ
ajfa-1764	29	36	insurers	insurer	NOUN
ajfa-1764	29	37	and	and	CCONJ
ajfa-1764	29	38	between	between	ADP
ajfa-1764	29	39	insurers	insurer	NOUN
ajfa-1764	29	40	and	and	CCONJ
ajfa-1764	29	41	reinsurers	reinsurer	NOUN
ajfa-1764	29	42	,	,	PUNCT
ajfa-1764	29	43	high	high	ADJ
ajfa-1764	29	44	transactions	transaction	NOUN
ajfa-1764	29	45	costs	cost	NOUN
ajfa-1764	29	46	,	,	PUNCT
ajfa-1764	29	47	and	and	CCONJ
ajfa-1764	29	48	,	,	PUNCT
ajfa-1764	29	49	finally	finally	ADV
ajfa-1764	29	50	,	,	PUNCT
ajfa-1764	29	51	inhibiting	inhibit	VERB
ajfa-1764	29	52	financial	financial	ADJ
ajfa-1764	29	53	innovations	innovation	NOUN
ajfa-1764	29	54	that	that	PRON
ajfa-1764	29	55	require	require	VERB
ajfa-1764	29	56	transparency	transparency	NOUN
ajfa-1764	29	57	.	.	PUNCT
ajfa-1764	30	1	nevertheless	nevertheless	ADV
ajfa-1764	30	2	,	,	PUNCT
ajfa-1764	30	3	convergence	convergence	NOUN
ajfa-1764	30	4	in	in	ADP
ajfa-1764	30	5	the	the	DET
ajfa-1764	30	6	property	property	NOUN
ajfa-1764	30	7	-	-	PUNCT
ajfa-1764	30	8	liability	liability	NOUN
ajfa-1764	30	9	insurance	insurance	NOUN
ajfa-1764	30	10	market	market	NOUN
ajfa-1764	30	11	is	be	AUX
ajfa-1764	30	12	strong	strong	ADJ
ajfa-1764	30	13	with	with	ADP
ajfa-1764	30	14	the	the	DET
ajfa-1764	30	15	most	most	ADV
ajfa-1764	30	16	important	important	ADJ
ajfa-1764	30	17	driver	driver	NOUN
ajfa-1764	30	18	of	of	ADP
ajfa-1764	30	19	such	such	ADJ
ajfa-1764	30	20	trend	trend	NOUN
ajfa-1764	30	21	being	be	AUX
ajfa-1764	30	22	the	the	DET
ajfa-1764	30	23	growth	growth	NOUN
ajfa-1764	30	24	in	in	ADP
ajfa-1764	30	25	property	property	NOUN
ajfa-1764	30	26	values	value	NOUN
ajfa-1764	30	27	in	in	ADP
ajfa-1764	30	28	geographical	geographical	ADJ
ajfa-1764	30	29	areas	area	NOUN
ajfa-1764	30	30	prone	prone	ADJ
ajfa-1764	30	31	to	to	ADP
ajfa-1764	30	32	catastrophic	catastrophic	ADJ
ajfa-1764	30	33	risk	risk	NOUN
ajfa-1764	30	34	,	,	PUNCT
ajfa-1764	30	35	the	the	DET
ajfa-1764	30	36	capacity	capacity	NOUN
ajfa-1764	30	37	of	of	ADP
ajfa-1764	30	38	the	the	DET
ajfa-1764	30	39	convergence	convergence	NOUN
ajfa-1764	30	40	process	process	NOUN
ajfa-1764	30	41	itself	itself	PRON
ajfa-1764	30	42	to	to	PART
ajfa-1764	30	43	moderate	moderate	VERB
ajfa-1764	30	44	the	the	DET
ajfa-1764	30	45	effects	effect	NOUN
ajfa-1764	30	46	of	of	ADP
ajfa-1764	30	47	the	the	DET
ajfa-1764	30	48	reinsurance	reinsurance	NOUN
ajfa-1764	30	49	underwriting	underwriting	NOUN
ajfa-1764	30	50	cycle	cycle	NOUN
ajfa-1764	30	51	,	,	PUNCT
ajfa-1764	30	52	the	the	DET
ajfa-1764	30	53	advances	advance	NOUN
ajfa-1764	30	54	of	of	ADP
ajfa-1764	30	55	computing	computing	NOUN
ajfa-1764	30	56	and	and	CCONJ
ajfa-1764	30	57	communicating	communicate	VERB
ajfa-1764	30	58	technologies	technology	NOUN
ajfa-1764	30	59	,	,	PUNCT
ajfa-1764	30	60	the	the	DET
ajfa-1764	30	61	development	development	NOUN
ajfa-1764	30	62	of	of	ADP
ajfa-1764	30	63	holistic	holistic	ADJ
ajfa-1764	30	64	or	or	CCONJ
ajfa-1764	30	65	enterprise	enterprise	NOUN
ajfa-1764	30	66	-	-	PUNCT
ajfa-1764	30	67	wide	wide	ADJ
ajfa-1764	30	68	risk	risk	NOUN
ajfa-1764	30	69	management	management	NOUN
ajfa-1764	30	70	,	,	PUNCT
ajfa-1764	30	71	the	the	DET
ajfa-1764	30	72	presence	presence	NOUN
ajfa-1764	30	73	of	of	ADP
ajfa-1764	30	74	certain	certain	ADJ
ajfa-1764	30	75	regulatory	regulatory	ADJ
ajfa-1764	30	76	,	,	PUNCT
ajfa-1764	30	77	accounting	accounting	NOUN
ajfa-1764	30	78	,	,	PUNCT
ajfa-1764	30	79	tax	tax	NOUN
ajfa-1764	30	80	,	,	PUNCT
ajfa-1764	30	81	and	and	CCONJ
ajfa-1764	30	82	rating	rating	NOUN
ajfa-1764	30	83	agency	agency	NOUN
ajfa-1764	30	84	factors	factor	NOUN
ajfa-1764	30	85	enabling	enable	VERB
ajfa-1764	30	86	insurers	insurer	NOUN
ajfa-1764	30	87	to	to	PART
ajfa-1764	30	88	develop	develop	VERB
ajfa-1764	30	89	a	a	DET
ajfa-1764	30	90	wide	wide	ADJ
ajfa-1764	30	91	range	range	NOUN
ajfa-1764	30	92	of	of	ADP
ajfa-1764	30	93	products	product	NOUN
ajfa-1764	30	94	to	to	PART
ajfa-1764	30	95	control	control	VERB
ajfa-1764	30	96	regulatory	regulatory	ADJ
ajfa-1764	30	97	and	and	CCONJ
ajfa-1764	30	98	tax	tax	NOUN
ajfa-1764	30	99	costs	cost	NOUN
ajfa-1764	30	100	,	,	PUNCT
ajfa-1764	30	101	and	and	CCONJ
ajfa-1764	30	102	,	,	PUNCT
ajfa-1764	30	103	finally	finally	ADV
ajfa-1764	30	104	,	,	PUNCT
ajfa-1764	30	105	developments	development	NOUN
ajfa-1764	30	106	in	in	ADP
ajfa-1764	30	107	financial	financial	ADJ
ajfa-1764	30	108	theories	theory	NOUN
ajfa-1764	30	109	that	that	PRON
ajfa-1764	30	110	provided	provide	VERB
ajfa-1764	30	111	a	a	DET
ajfa-1764	30	112	clear	clear	ADJ
ajfa-1764	30	113	understanding	understanding	NOUN
ajfa-1764	30	114	to	to	ADP
ajfa-1764	30	115	market	market	NOUN
ajfa-1764	30	116	participants	participant	NOUN
ajfa-1764	30	117	about	about	ADP
ajfa-1764	30	118	risk	risk	NOUN
ajfa-1764	30	119	management	management	NOUN
ajfa-1764	30	120	approaches	approach	NOUN
ajfa-1764	30	121	and	and	CCONJ
ajfa-1764	30	122	financial	financial	ADJ
ajfa-1764	30	123	innovation	innovation	NOUN
ajfa-1764	30	124	opportunities	opportunity	NOUN
ajfa-1764	30	125	(	(	PUNCT
ajfa-1764	30	126	cummins	cummin	NOUN
ajfa-1764	30	127	et	et	NOUN
ajfa-1764	30	128	al	al	PROPN
ajfa-1764	30	129	.	.	PROPN
ajfa-1764	30	130	,	,	PUNCT
ajfa-1764	30	131	2004	2004	NUM
ajfa-1764	30	132	;	;	PUNCT
ajfa-1764	30	133	cummins	cummin	NOUN
ajfa-1764	30	134	,	,	PUNCT
ajfa-1764	30	135	2005	2005	NUM
ajfa-1764	30	136	;	;	PUNCT
ajfa-1764	30	137	cummins	cummin	NOUN
ajfa-1764	30	138	and	and	CCONJ
ajfa-1764	30	139	weiss	weiss	NOUN
ajfa-1764	30	140	,	,	PUNCT
ajfa-1764	30	141	2009	2009	NUM
ajfa-1764	30	142	)	)	PUNCT
ajfa-1764	30	143	.	.	PUNCT
ajfa-1764	31	1	critical	critical	ADJ
ajfa-1764	31	2	questions	question	NOUN
ajfa-1764	31	3	extend	extend	VERB
ajfa-1764	31	4	on	on	ADP
ajfa-1764	31	5	how	how	SCONJ
ajfa-1764	31	6	to	to	PART
ajfa-1764	31	7	measure	measure	VERB
ajfa-1764	31	8	the	the	DET
ajfa-1764	31	9	degree	degree	NOUN
ajfa-1764	31	10	of	of	ADP
ajfa-1764	31	11	financial	financial	ADJ
ajfa-1764	31	12	integration	integration	NOUN
ajfa-1764	31	13	and	and	CCONJ
ajfa-1764	31	14	ultimately	ultimately	ADV
ajfa-1764	31	15	convergence	convergence	NOUN
ajfa-1764	31	16	within	within	ADP
ajfa-1764	31	17	the	the	DET
ajfa-1764	31	18	insurance	insurance	NOUN
ajfa-1764	31	19	sector	sector	NOUN
ajfa-1764	31	20	.	.	PUNCT
ajfa-1764	32	1	growth	growth	NOUN
ajfa-1764	32	2	theory	theory	NOUN
ajfa-1764	32	3	was	be	AUX
ajfa-1764	32	4	the	the	DET
ajfa-1764	32	5	main	main	ADJ
ajfa-1764	32	6	motivator	motivator	NOUN
ajfa-1764	32	7	behind	behind	ADP
ajfa-1764	32	8	economic	economic	ADJ
ajfa-1764	32	9	convergence	convergence	NOUN
ajfa-1764	32	10	with	with	ADP
ajfa-1764	32	11	the	the	DET
ajfa-1764	32	12	notional	notional	ADJ
ajfa-1764	32	13	idea	idea	NOUN
ajfa-1764	32	14	that	that	SCONJ
ajfa-1764	32	15	the	the	DET
ajfa-1764	32	16	rate	rate	NOUN
ajfa-1764	32	17	of	of	ADP
ajfa-1764	32	18	increase	increase	NOUN
ajfa-1764	32	19	of	of	ADP
ajfa-1764	32	20	per	per	X
ajfa-1764	32	21	capita	capita	X
ajfa-1764	32	22	output	output	NOUN
ajfa-1764	32	23	is	be	AUX
ajfa-1764	32	24	inversely	inversely	ADV
ajfa-1764	32	25	related	relate	VERB
ajfa-1764	32	26	to	to	ADP
ajfa-1764	32	27	the	the	DET
ajfa-1764	32	28	initial	initial	ADJ
ajfa-1764	32	29	level	level	NOUN
ajfa-1764	32	30	of	of	ADP
ajfa-1764	32	31	this	this	DET
ajfa-1764	32	32	variable	variable	NOUN
ajfa-1764	32	33	.	.	PUNCT
ajfa-1764	33	1	this	this	PRON
ajfa-1764	33	2	is	be	AUX
ajfa-1764	33	3	referred	refer	VERB
ajfa-1764	33	4	to	to	ADP
ajfa-1764	33	5	as	as	ADP
ajfa-1764	33	6	absolute	absolute	ADJ
ajfa-1764	33	7	convergence	convergence	NOUN
ajfa-1764	33	8	and	and	CCONJ
ajfa-1764	33	9	the	the	DET
ajfa-1764	33	10	economic	economic	ADJ
ajfa-1764	33	11	interpretation	interpretation	NOUN
ajfa-1764	33	12	is	be	AUX
ajfa-1764	33	13	that	that	SCONJ
ajfa-1764	33	14	if	if	SCONJ
ajfa-1764	33	15	all	all	DET
ajfa-1764	33	16	economies	economy	NOUN
ajfa-1764	33	17	have	have	VERB
ajfa-1764	33	18	the	the	DET
ajfa-1764	33	19	same	same	ADJ
ajfa-1764	33	20	steady	steady	ADJ
ajfa-1764	33	21	state	state	NOUN
ajfa-1764	33	22	and	and	CCONJ
ajfa-1764	33	23	differ	differ	VERB
ajfa-1764	33	24	only	only	ADV
ajfa-1764	33	25	with	with	ADP
ajfa-1764	33	26	respect	respect	NOUN
ajfa-1764	33	27	to	to	ADP
ajfa-1764	33	28	initial	initial	ADJ
ajfa-1764	33	29	conditions	condition	NOUN
ajfa-1764	33	30	,	,	PUNCT
ajfa-1764	33	31	then	then	ADV
ajfa-1764	33	32	emerging	emerge	VERB
ajfa-1764	33	33	or	or	CCONJ
ajfa-1764	33	34	less	less	ADV
ajfa-1764	33	35	developed	develop	VERB
ajfa-1764	33	36	economies	economy	NOUN
ajfa-1764	33	37	will	will	AUX
ajfa-1764	33	38	grow	grow	VERB
ajfa-1764	33	39	at	at	ADP
ajfa-1764	33	40	a	a	DET
ajfa-1764	33	41	faster	fast	ADJ
ajfa-1764	33	42	rate	rate	NOUN
ajfa-1764	33	43	and	and	CCONJ
ajfa-1764	33	44	will	will	AUX
ajfa-1764	33	45	eventually	eventually	ADV
ajfa-1764	33	46	catch	catch	VERB
ajfa-1764	33	47	up	up	ADP
ajfa-1764	33	48	with	with	ADP
ajfa-1764	33	49	the	the	DET
ajfa-1764	33	50	developed	develop	VERB
ajfa-1764	33	51	economies	economy	NOUN
ajfa-1764	33	52	.	.	PUNCT
ajfa-1764	34	1	barro	barro	PROPN
ajfa-1764	34	2	and	and	CCONJ
ajfa-1764	34	3	sala	sala	PROPN
ajfa-1764	34	4	-	-	PUNCT
ajfa-1764	34	5	i	i	PROPN
ajfa-1764	34	6	-	-	PUNCT
ajfa-1764	34	7	martin	martin	PROPN
ajfa-1764	34	8	(	(	PUNCT
ajfa-1764	34	9	1991	1991	NUM
ajfa-1764	34	10	,	,	PUNCT
ajfa-1764	34	11	1992	1992	NUM
ajfa-1764	34	12	)	)	PUNCT
ajfa-1764	34	13	introduce	introduce	VERB
ajfa-1764	34	14	the	the	DET
ajfa-1764	34	15	concepts	concept	NOUN
ajfa-1764	34	16	of	of	ADP
ajfa-1764	34	17	βand	βand	NOUN
ajfa-1764	34	18	σ	σ	NOUN
ajfa-1764	34	19	-	-	PUNCT
ajfa-1764	34	20	convergence	convergence	NOUN
ajfa-1764	34	21	based	base	VERB
ajfa-1764	34	22	on	on	ADP
ajfa-1764	34	23	the	the	DET
ajfa-1764	34	24	log	log	NOUN
ajfa-1764	34	25	-	-	PUNCT
ajfa-1764	34	26	linearized	linearize	VERB
ajfa-1764	34	27	approximation	approximation	NOUN
ajfa-1764	34	28	of	of	ADP
ajfa-1764	34	29	the	the	DET
ajfa-1764	34	30	solow	solow	PROPN
ajfa-1764	34	31	growth	growth	NOUN
ajfa-1764	34	32	model	model	NOUN
ajfa-1764	34	33	with	with	ADP
ajfa-1764	34	34	a	a	DET
ajfa-1764	34	35	cobb	cobb	PROPN
ajfa-1764	34	36	-	-	PUNCT
ajfa-1764	34	37	douglas	douglas	PROPN
ajfa-1764	34	38	production	production	NOUN
ajfa-1764	34	39	function	function	NOUN
ajfa-1764	34	40	.	.	PUNCT
ajfa-1764	35	1	the	the	DET
ajfa-1764	35	2	β	β	NOUN
ajfa-1764	35	3	-	-	NOUN
ajfa-1764	35	4	convergence	convergence	NOUN
ajfa-1764	35	5	determines	determine	VERB
ajfa-1764	35	6	the	the	DET
ajfa-1764	35	7	speed	speed	NOUN
ajfa-1764	35	8	of	of	ADP
ajfa-1764	35	9	adjustment	adjustment	NOUN
ajfa-1764	35	10	of	of	ADP
ajfa-1764	35	11	deviations	deviation	NOUN
ajfa-1764	35	12	to	to	ADP
ajfa-1764	35	13	the	the	DET
ajfa-1764	35	14	long	long	ADV
ajfa-1764	35	15	-	-	PUNCT
ajfa-1764	35	16	run	run	NOUN
ajfa-1764	35	17	equilibrium	equilibrium	NOUN
ajfa-1764	35	18	whereas	whereas	SCONJ
ajfa-1764	35	19	σ	σ	NOUN
ajfa-1764	35	20	-	-	PUNCT
ajfa-1764	35	21	convergence	convergence	NOUN
ajfa-1764	35	22	determines	determine	VERB
ajfa-1764	35	23	the	the	DET
ajfa-1764	35	24	decline	decline	NOUN
ajfa-1764	35	25	in	in	ADP
ajfa-1764	35	26	the	the	DET
ajfa-1764	35	27	variance	variance	NOUN
ajfa-1764	35	28	in	in	ADP
ajfa-1764	35	29	the	the	DET
ajfa-1764	35	30	overall	overall	ADJ
ajfa-1764	35	31	cross	cross	ADJ
ajfa-1764	35	32	-	-	ADJ
ajfa-1764	35	33	section	section	ADJ
ajfa-1764	35	34	dispersion	dispersion	NOUN
ajfa-1764	35	35	.	.	PUNCT
ajfa-1764	36	1	asian	asian	ADJ
ajfa-1764	36	2	journal	journal	PROPN
ajfa-1764	36	3	of	of	ADP
ajfa-1764	36	4	finance	finance	PROPN
ajfa-1764	36	5	&	&	CCONJ
ajfa-1764	36	6	accounting	accounting	PROPN
ajfa-1764	36	7	issn	issn	PROPN
ajfa-1764	36	8	1946	1946	NUM
ajfa-1764	36	9	-	-	PUNCT
ajfa-1764	36	10	052x	052x	NOUN
ajfa-1764	36	11	2012	2012	NUM
ajfa-1764	36	12	,	,	PUNCT
ajfa-1764	36	13	vol	vol	NOUN
ajfa-1764	36	14	.	.	PROPN
ajfa-1764	36	15	4	4	NUM
ajfa-1764	36	16	,	,	PUNCT
ajfa-1764	36	17	no	no	INTJ
ajfa-1764	36	18	.	.	NOUN
ajfa-1764	36	19	2	2	NUM
ajfa-1764	36	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1764	36	21	4	4	NUM
ajfa-1764	36	22	the	the	DET
ajfa-1764	36	23	initial	initial	ADJ
ajfa-1764	36	24	idea	idea	NOUN
ajfa-1764	36	25	of	of	ADP
ajfa-1764	36	26	convergence	convergence	NOUN
ajfa-1764	36	27	has	have	AUX
ajfa-1764	36	28	been	be	AUX
ajfa-1764	36	29	extended	extend	VERB
ajfa-1764	36	30	and	and	CCONJ
ajfa-1764	36	31	applied	apply	VERB
ajfa-1764	36	32	to	to	ADP
ajfa-1764	36	33	a	a	DET
ajfa-1764	36	34	wide	wide	ADJ
ajfa-1764	36	35	range	range	NOUN
ajfa-1764	36	36	of	of	ADP
ajfa-1764	36	37	financial	financial	ADJ
ajfa-1764	36	38	problems	problem	NOUN
ajfa-1764	36	39	,	,	PUNCT
ajfa-1764	36	40	among	among	ADP
ajfa-1764	36	41	which	which	PRON
ajfa-1764	36	42	is	be	AUX
ajfa-1764	36	43	financial	financial	ADJ
ajfa-1764	36	44	market	market	NOUN
ajfa-1764	36	45	integration	integration	NOUN
ajfa-1764	36	46	.	.	PUNCT
ajfa-1764	37	1	baele	baele	PROPN
ajfa-1764	37	2	et	et	PROPN
ajfa-1764	37	3	al	al	PROPN
ajfa-1764	37	4	.	.	PROPN
ajfa-1764	38	1	(	(	PUNCT
ajfa-1764	38	2	2004	2004	NUM
ajfa-1764	38	3	)	)	PUNCT
ajfa-1764	38	4	defines	define	VERB
ajfa-1764	38	5	financial	financial	ADJ
ajfa-1764	38	6	integration	integration	NOUN
ajfa-1764	38	7	as	as	ADP
ajfa-1764	38	8	the	the	DET
ajfa-1764	38	9	market	market	NOUN
ajfa-1764	38	10	for	for	ADP
ajfa-1764	38	11	a	a	DET
ajfa-1764	38	12	given	give	VERB
ajfa-1764	38	13	financial	financial	ADJ
ajfa-1764	38	14	instrument	instrument	NOUN
ajfa-1764	38	15	when	when	SCONJ
ajfa-1764	38	16	all	all	DET
ajfa-1764	38	17	economic	economic	ADJ
ajfa-1764	38	18	agents	agent	NOUN
ajfa-1764	38	19	with	with	ADP
ajfa-1764	38	20	the	the	DET
ajfa-1764	38	21	same	same	ADJ
ajfa-1764	38	22	relevant	relevant	ADJ
ajfa-1764	38	23	characteristics	characteristic	NOUN
ajfa-1764	38	24	that	that	PRON
ajfa-1764	38	25	act	act	VERB
ajfa-1764	38	26	in	in	ADP
ajfa-1764	38	27	the	the	DET
ajfa-1764	38	28	market	market	NOUN
ajfa-1764	38	29	face	face	VERB
ajfa-1764	38	30	a	a	DET
ajfa-1764	38	31	single	single	ADJ
ajfa-1764	38	32	set	set	NOUN
ajfa-1764	38	33	of	of	ADP
ajfa-1764	38	34	rules	rule	NOUN
ajfa-1764	38	35	,	,	PUNCT
ajfa-1764	38	36	have	have	VERB
ajfa-1764	38	37	equal	equal	ADJ
ajfa-1764	38	38	access	access	NOUN
ajfa-1764	38	39	and	and	CCONJ
ajfa-1764	38	40	are	be	AUX
ajfa-1764	38	41	treated	treat	VERB
ajfa-1764	38	42	equally	equally	ADV
ajfa-1764	38	43	.	.	PUNCT
ajfa-1764	39	1	there	there	PRON
ajfa-1764	39	2	is	be	VERB
ajfa-1764	39	3	a	a	DET
ajfa-1764	39	4	well	well	ADV
ajfa-1764	39	5	developed	develop	VERB
ajfa-1764	39	6	literature	literature	NOUN
ajfa-1764	39	7	that	that	PRON
ajfa-1764	39	8	tries	try	VERB
ajfa-1764	39	9	to	to	PART
ajfa-1764	39	10	test	test	VERB
ajfa-1764	39	11	and	and	CCONJ
ajfa-1764	39	12	find	find	VERB
ajfa-1764	39	13	evidence	evidence	NOUN
ajfa-1764	39	14	of	of	ADP
ajfa-1764	39	15	financial	financial	ADJ
ajfa-1764	39	16	integration	integration	NOUN
ajfa-1764	39	17	.	.	PUNCT
ajfa-1764	40	1	the	the	DET
ajfa-1764	40	2	studies	study	NOUN
ajfa-1764	40	3	of	of	ADP
ajfa-1764	40	4	adam	adam	PROPN
ajfa-1764	40	5	et	et	PROPN
ajfa-1764	40	6	al	al	PROPN
ajfa-1764	40	7	.	.	PUNCT
ajfa-1764	40	8	(	(	PUNCT
ajfa-1764	40	9	1998	1998	NUM
ajfa-1764	40	10	)	)	PUNCT
ajfa-1764	40	11	,	,	PUNCT
ajfa-1764	40	12	baele	baele	PROPN
ajfa-1764	40	13	et	et	PROPN
ajfa-1764	40	14	al	al	PROPN
ajfa-1764	40	15	.	.	PROPN
ajfa-1764	40	16	(	(	PUNCT
ajfa-1764	40	17	2004	2004	NUM
ajfa-1764	40	18	)	)	PUNCT
ajfa-1764	40	19	,	,	PUNCT
ajfa-1764	40	20	ozcan	ozcan	VERB
ajfa-1764	40	21	et	et	PROPN
ajfa-1764	40	22	al	al	PROPN
ajfa-1764	40	23	.	.	PROPN
ajfa-1764	41	1	(	(	PUNCT
ajfa-1764	41	2	2009	2009	NUM
ajfa-1764	41	3	)	)	PUNCT
ajfa-1764	41	4	,	,	PUNCT
ajfa-1764	41	5	lane	lane	NOUN
ajfa-1764	41	6	,	,	PUNCT
ajfa-1764	41	7	(	(	PUNCT
ajfa-1764	41	8	2008	2008	NUM
ajfa-1764	41	9	)	)	PUNCT
ajfa-1764	41	10	,	,	PUNCT
ajfa-1764	41	11	fabozzi	fabozzi	NOUN
ajfa-1764	41	12	and	and	CCONJ
ajfa-1764	41	13	choudhry	choudhry	NOUN
ajfa-1764	41	14	,	,	PUNCT
ajfa-1764	41	15	(	(	PUNCT
ajfa-1764	41	16	2004	2004	NUM
ajfa-1764	41	17	)	)	PUNCT
ajfa-1764	41	18	,	,	PUNCT
ajfa-1764	41	19	hristov	hristov	ADV
ajfa-1764	41	20	and	and	CCONJ
ajfa-1764	41	21	rozenov	rozenov	NOUN
ajfa-1764	41	22	(	(	PUNCT
ajfa-1764	41	23	2009	2009	NUM
ajfa-1764	41	24	)	)	PUNCT
ajfa-1764	41	25	measure	measure	VERB
ajfa-1764	41	26	the	the	DET
ajfa-1764	41	27	evolution	evolution	NOUN
ajfa-1764	41	28	of	of	ADP
ajfa-1764	41	29	capital	capital	NOUN
ajfa-1764	41	30	market	market	NOUN
ajfa-1764	41	31	integration	integration	NOUN
ajfa-1764	41	32	in	in	ADP
ajfa-1764	41	33	the	the	DET
ajfa-1764	41	34	european	european	PROPN
ajfa-1764	41	35	union	union	PROPN
ajfa-1764	41	36	(	(	PUNCT
ajfa-1764	41	37	eu	eu	PROPN
ajfa-1764	41	38	)	)	PUNCT
ajfa-1764	41	39	in	in	ADP
ajfa-1764	41	40	terms	term	NOUN
ajfa-1764	41	41	of	of	ADP
ajfa-1764	41	42	a	a	DET
ajfa-1764	41	43	set	set	NOUN
ajfa-1764	41	44	of	of	ADP
ajfa-1764	41	45	financial	financial	ADJ
ajfa-1764	41	46	indicators	indicator	NOUN
ajfa-1764	41	47	such	such	ADJ
ajfa-1764	41	48	as	as	ADP
ajfa-1764	41	49	:	:	PUNCT
ajfa-1764	41	50	price	price	NOUN
ajfa-1764	41	51	-	-	PUNCT
ajfa-1764	41	52	based	base	VERB
ajfa-1764	41	53	measures	measure	NOUN
ajfa-1764	41	54	that	that	PRON
ajfa-1764	41	55	capture	capture	VERB
ajfa-1764	41	56	the	the	DET
ajfa-1764	41	57	discrepancies	discrepancy	NOUN
ajfa-1764	41	58	in	in	ADP
ajfa-1764	41	59	asset	asset	NOUN
ajfa-1764	41	60	prices	price	NOUN
ajfa-1764	41	61	across	across	ADP
ajfa-1764	41	62	different	different	ADJ
ajfa-1764	41	63	european	european	ADJ
ajfa-1764	41	64	markets	market	NOUN
ajfa-1764	41	65	;	;	PUNCT
ajfa-1764	41	66	news	news	NOUN
ajfa-1764	41	67	-	-	PUNCT
ajfa-1764	41	68	based	base	VERB
ajfa-1764	41	69	response	response	NOUN
ajfa-1764	41	70	measures	measure	NOUN
ajfa-1764	41	71	that	that	PRON
ajfa-1764	41	72	analyze	analyze	VERB
ajfa-1764	41	73	the	the	DET
ajfa-1764	41	74	impact	impact	NOUN
ajfa-1764	41	75	of	of	ADP
ajfa-1764	41	76	common	common	ADJ
ajfa-1764	41	77	factors	factor	NOUN
ajfa-1764	41	78	on	on	ADP
ajfa-1764	41	79	assets	asset	NOUN
ajfa-1764	41	80	;	;	PUNCT
ajfa-1764	41	81	quantity	quantity	NOUN
ajfa-1764	41	82	-	-	PUNCT
ajfa-1764	41	83	based	base	VERB
ajfa-1764	41	84	measures	measure	NOUN
ajfa-1764	41	85	that	that	PRON
ajfa-1764	41	86	quantify	quantify	VERB
ajfa-1764	41	87	the	the	DET
ajfa-1764	41	88	effects	effect	NOUN
ajfa-1764	41	89	of	of	ADP
ajfa-1764	41	90	frictions	friction	NOUN
ajfa-1764	41	91	on	on	ADP
ajfa-1764	41	92	the	the	DET
ajfa-1764	41	93	demand	demand	NOUN
ajfa-1764	41	94	for	for	ADP
ajfa-1764	41	95	and	and	CCONJ
ajfa-1764	41	96	supply	supply	NOUN
ajfa-1764	41	97	of	of	ADP
ajfa-1764	41	98	securities	security	NOUN
ajfa-1764	41	99	.	.	PUNCT
ajfa-1764	42	1	they	they	PRON
ajfa-1764	42	2	find	find	VERB
ajfa-1764	42	3	that	that	SCONJ
ajfa-1764	42	4	although	although	SCONJ
ajfa-1764	42	5	integration	integration	NOUN
ajfa-1764	42	6	varies	vary	VERB
ajfa-1764	42	7	across	across	ADP
ajfa-1764	42	8	different	different	ADJ
ajfa-1764	42	9	product	product	NOUN
ajfa-1764	42	10	segments	segment	NOUN
ajfa-1764	42	11	and	and	CCONJ
ajfa-1764	42	12	different	different	ADJ
ajfa-1764	42	13	periods	period	NOUN
ajfa-1764	42	14	,	,	PUNCT
ajfa-1764	42	15	it	it	PRON
ajfa-1764	42	16	has	have	AUX
ajfa-1764	42	17	been	be	AUX
ajfa-1764	42	18	achieved	achieve	VERB
ajfa-1764	42	19	at	at	ADP
ajfa-1764	42	20	a	a	DET
ajfa-1764	42	21	substantial	substantial	ADJ
ajfa-1764	42	22	level	level	NOUN
ajfa-1764	42	23	between	between	ADP
ajfa-1764	42	24	standardised	standardised	ADJ
ajfa-1764	42	25	fixed	fix	VERB
ajfa-1764	42	26	income	income	NOUN
ajfa-1764	42	27	and	and	CCONJ
ajfa-1764	42	28	money	money	NOUN
ajfa-1764	42	29	markets	market	NOUN
ajfa-1764	42	30	,	,	PUNCT
ajfa-1764	42	31	i.e.	i.e.	X
ajfa-1764	42	32	unsecured	unsecured	ADJ
ajfa-1764	42	33	inter	inter	ADJ
ajfa-1764	42	34	-	-	ADJ
ajfa-1764	42	35	bank	bank	ADJ
ajfa-1764	42	36	deposits	deposit	NOUN
ajfa-1764	42	37	such	such	ADJ
ajfa-1764	42	38	as	as	ADP
ajfa-1764	42	39	eonia	eonia	NOUN
ajfa-1764	42	40	and	and	CCONJ
ajfa-1764	42	41	euribor	euribor	PROPN
ajfa-1764	42	42	,	,	PUNCT
ajfa-1764	42	43	and	and	CCONJ
ajfa-1764	42	44	interest	interest	NOUN
ajfa-1764	42	45	rate	rate	NOUN
ajfa-1764	42	46	swaps	swap	NOUN
ajfa-1764	42	47	.	.	PUNCT
ajfa-1764	43	1	along	along	ADP
ajfa-1764	43	2	with	with	ADP
ajfa-1764	43	3	the	the	DET
ajfa-1764	43	4	βand	βand	NOUN
ajfa-1764	43	5	σ	σ	NOUN
ajfa-1764	43	6	-	-	PUNCT
ajfa-1764	43	7	convergence	convergence	NOUN
ajfa-1764	43	8	measures	measure	NOUN
ajfa-1764	43	9	,	,	PUNCT
ajfa-1764	43	10	which	which	PRON
ajfa-1764	43	11	are	be	AUX
ajfa-1764	43	12	based	base	VERB
ajfa-1764	43	13	on	on	ADP
ajfa-1764	43	14	cross	cross	ADJ
ajfa-1764	43	15	-	-	ADJ
ajfa-1764	43	16	sectional	sectional	ADJ
ajfa-1764	43	17	data	datum	NOUN
ajfa-1764	43	18	,	,	PUNCT
ajfa-1764	43	19	there	there	PRON
ajfa-1764	43	20	are	be	VERB
ajfa-1764	43	21	a	a	DET
ajfa-1764	43	22	number	number	NOUN
ajfa-1764	43	23	of	of	ADP
ajfa-1764	43	24	studies	study	NOUN
ajfa-1764	43	25	which	which	PRON
ajfa-1764	43	26	employ	employ	VERB
ajfa-1764	43	27	time	time	NOUN
ajfa-1764	43	28	series	series	NOUN
ajfa-1764	43	29	tests	test	NOUN
ajfa-1764	43	30	of	of	ADP
ajfa-1764	43	31	convergence	convergence	NOUN
ajfa-1764	43	32	.	.	PUNCT
ajfa-1764	43	33	affinito	affinito	NOUN
ajfa-1764	43	34	and	and	CCONJ
ajfa-1764	43	35	farabullini	farabullini	PROPN
ajfa-1764	43	36	(	(	PUNCT
ajfa-1764	43	37	2006	2006	NUM
ajfa-1764	43	38	)	)	PUNCT
ajfa-1764	43	39	apply	apply	VERB
ajfa-1764	43	40	the	the	DET
ajfa-1764	43	41	law	law	NOUN
ajfa-1764	43	42	of	of	ADP
ajfa-1764	43	43	one	one	NUM
ajfa-1764	43	44	price	price	NOUN
ajfa-1764	43	45	to	to	PART
ajfa-1764	43	46	investigate	investigate	VERB
ajfa-1764	43	47	the	the	DET
ajfa-1764	43	48	integration	integration	NOUN
ajfa-1764	43	49	of	of	ADP
ajfa-1764	43	50	the	the	DET
ajfa-1764	43	51	eu	eu	PROPN
ajfa-1764	43	52	retail	retail	ADJ
ajfa-1764	43	53	banking	banking	NOUN
ajfa-1764	43	54	.	.	PUNCT
ajfa-1764	44	1	datta	datta	NOUN
ajfa-1764	44	2	(	(	PUNCT
ajfa-1764	44	3	2003	2003	NUM
ajfa-1764	44	4	)	)	PUNCT
ajfa-1764	44	5	proposes	propose	VERB
ajfa-1764	44	6	a	a	DET
ajfa-1764	44	7	transitional	transitional	ADJ
ajfa-1764	44	8	dynamics	dynamic	NOUN
ajfa-1764	44	9	and	and	CCONJ
ajfa-1764	44	10	convergence	convergence	NOUN
ajfa-1764	44	11	in	in	ADP
ajfa-1764	44	12	a	a	DET
ajfa-1764	44	13	time	time	NOUN
ajfa-1764	44	14	-	-	PUNCT
ajfa-1764	44	15	series	series	NOUN
ajfa-1764	44	16	framework	framework	NOUN
ajfa-1764	44	17	.	.	PUNCT
ajfa-1764	45	1	sorensen	sorensen	PROPN
ajfa-1764	45	2	and	and	CCONJ
ajfa-1764	45	3	guiterez	guiterez	PROPN
ajfa-1764	45	4	(	(	PUNCT
ajfa-1764	45	5	2006	2006	NUM
ajfa-1764	45	6	)	)	PUNCT
ajfa-1764	45	7	apply	apply	VERB
ajfa-1764	45	8	cluster	cluster	NOUN
ajfa-1764	45	9	analysis	analysis	NOUN
ajfa-1764	45	10	techniques	technique	NOUN
ajfa-1764	45	11	to	to	PART
ajfa-1764	45	12	detect	detect	VERB
ajfa-1764	45	13	possible	possible	ADJ
ajfa-1764	45	14	patterns	pattern	NOUN
ajfa-1764	45	15	and	and	CCONJ
ajfa-1764	45	16	trends	trend	NOUN
ajfa-1764	45	17	in	in	ADP
ajfa-1764	45	18	the	the	DET
ajfa-1764	45	19	euro	euro	PROPN
ajfa-1764	45	20	area	area	NOUN
ajfa-1764	45	21	banking	banking	NOUN
ajfa-1764	45	22	sector	sector	NOUN
ajfa-1764	45	23	in	in	ADP
ajfa-1764	45	24	terms	term	NOUN
ajfa-1764	45	25	of	of	ADP
ajfa-1764	45	26	the	the	DET
ajfa-1764	45	27	degree	degree	NOUN
ajfa-1764	45	28	of	of	ADP
ajfa-1764	45	29	homogeneity	homogeneity	NOUN
ajfa-1764	45	30	of	of	ADP
ajfa-1764	45	31	counties	county	NOUN
ajfa-1764	45	32	.	.	PUNCT
ajfa-1764	46	1	hardouvelis	hardouvelis	PROPN
ajfa-1764	46	2	et	et	PROPN
ajfa-1764	46	3	al	al	PROPN
ajfa-1764	46	4	(	(	PUNCT
ajfa-1764	46	5	2004	2004	NUM
ajfa-1764	46	6	,	,	PUNCT
ajfa-1764	46	7	2007	2007	NUM
ajfa-1764	46	8	)	)	PUNCT
ajfa-1764	46	9	apply	apply	VERB
ajfa-1764	46	10	the	the	DET
ajfa-1764	46	11	bekaert	bekaert	NOUN
ajfa-1764	46	12	and	and	CCONJ
ajfa-1764	46	13	harvey	harvey	NOUN
ajfa-1764	46	14	(	(	PUNCT
ajfa-1764	46	15	1995	1995	NUM
ajfa-1764	46	16	,	,	PUNCT
ajfa-1764	46	17	1997	1997	NUM
ajfa-1764	46	18	)	)	PUNCT
ajfa-1764	46	19	time	time	NOUN
ajfa-1764	46	20	-	-	PUNCT
ajfa-1764	46	21	varying	vary	VERB
ajfa-1764	46	22	integration	integration	NOUN
ajfa-1764	46	23	model	model	NOUN
ajfa-1764	46	24	to	to	PART
ajfa-1764	46	25	measure	measure	VERB
ajfa-1764	46	26	the	the	DET
ajfa-1764	46	27	integration	integration	NOUN
ajfa-1764	46	28	of	of	ADP
ajfa-1764	46	29	emu	emu	PROPN
ajfa-1764	46	30	economic	economic	ADJ
ajfa-1764	46	31	and	and	CCONJ
ajfa-1764	46	32	monetary	monetary	ADJ
ajfa-1764	46	33	integration	integration	NOUN
ajfa-1764	46	34	.	.	PUNCT
ajfa-1764	47	1	ferreira	ferreira	PROPN
ajfa-1764	47	2	and	and	CCONJ
ajfa-1764	47	3	gama	gama	X
ajfa-1764	47	4	(	(	PUNCT
ajfa-1764	47	5	2005	2005	NUM
ajfa-1764	47	6	)	)	PUNCT
ajfa-1764	47	7	apply	apply	VERB
ajfa-1764	47	8	a	a	DET
ajfa-1764	47	9	volatility	volatility	NOUN
ajfa-1764	47	10	decomposition	decomposition	NOUN
ajfa-1764	47	11	method	method	NOUN
ajfa-1764	47	12	to	to	PART
ajfa-1764	47	13	study	study	VERB
ajfa-1764	47	14	the	the	DET
ajfa-1764	47	15	volatility	volatility	NOUN
ajfa-1764	47	16	dynamics	dynamic	NOUN
ajfa-1764	47	17	at	at	ADP
ajfa-1764	47	18	the	the	DET
ajfa-1764	47	19	world	world	NOUN
ajfa-1764	47	20	,	,	PUNCT
ajfa-1764	47	21	country	country	NOUN
ajfa-1764	47	22	and	and	CCONJ
ajfa-1764	47	23	local	local	ADJ
ajfa-1764	47	24	industry	industry	NOUN
ajfa-1764	47	25	levels	level	NOUN
ajfa-1764	47	26	.	.	PUNCT
ajfa-1764	48	1	fratzscher	fratzscher	NOUN
ajfa-1764	48	2	(	(	PUNCT
ajfa-1764	48	3	2002	2002	NUM
ajfa-1764	48	4	)	)	PUNCT
ajfa-1764	48	5	measures	measure	VERB
ajfa-1764	48	6	financial	financial	ADJ
ajfa-1764	48	7	integration	integration	NOUN
ajfa-1764	48	8	based	base	VERB
ajfa-1764	48	9	on	on	ADP
ajfa-1764	48	10	an	an	DET
ajfa-1764	48	11	uncovered	uncovered	ADJ
ajfa-1764	48	12	interest	interest	NOUN
ajfa-1764	48	13	rate	rate	NOUN
ajfa-1764	48	14	parity	parity	NOUN
ajfa-1764	48	15	condition	condition	NOUN
ajfa-1764	48	16	.	.	PUNCT
ajfa-1764	49	1	they	they	PRON
ajfa-1764	49	2	all	all	PRON
ajfa-1764	49	3	find	find	VERB
ajfa-1764	49	4	that	that	SCONJ
ajfa-1764	49	5	the	the	DET
ajfa-1764	49	6	integration	integration	NOUN
ajfa-1764	49	7	of	of	ADP
ajfa-1764	49	8	the	the	DET
ajfa-1764	49	9	retail	retail	ADJ
ajfa-1764	49	10	banking	banking	NOUN
ajfa-1764	49	11	sector	sector	NOUN
ajfa-1764	49	12	is	be	AUX
ajfa-1764	49	13	still	still	ADV
ajfa-1764	49	14	progressing	progress	VERB
ajfa-1764	49	15	,	,	PUNCT
ajfa-1764	49	16	while	while	SCONJ
ajfa-1764	49	17	sorensen	sorensen	PROPN
ajfa-1764	49	18	and	and	CCONJ
ajfa-1764	49	19	guiterez	guiterez	PROPN
ajfa-1764	49	20	(	(	PUNCT
ajfa-1764	49	21	2006	2006	NUM
ajfa-1764	49	22	)	)	PUNCT
ajfa-1764	49	23	identify	identify	VERB
ajfa-1764	49	24	the	the	DET
ajfa-1764	49	25	presence	presence	NOUN
ajfa-1764	49	26	of	of	ADP
ajfa-1764	49	27	clusters	cluster	NOUN
ajfa-1764	49	28	within	within	ADP
ajfa-1764	49	29	the	the	DET
ajfa-1764	49	30	emu	emu	NOUN
ajfa-1764	49	31	:	:	PUNCT
ajfa-1764	49	32	the	the	PRON
ajfa-1764	49	33	contains	contain	VERB
ajfa-1764	49	34	germany	germany	PROPN
ajfa-1764	49	35	,	,	PUNCT
ajfa-1764	49	36	france	france	PROPN
ajfa-1764	49	37	,	,	PUNCT
ajfa-1764	49	38	belgium	belgium	PROPN
ajfa-1764	49	39	netherland	netherland	PROPN
ajfa-1764	49	40	,	,	PUNCT
ajfa-1764	49	41	austria	austria	PROPN
ajfa-1764	49	42	and	and	CCONJ
ajfa-1764	49	43	italy	italy	PROPN
ajfa-1764	49	44	and	and	CCONJ
ajfa-1764	49	45	the	the	DET
ajfa-1764	49	46	second	second	ADJ
ajfa-1764	49	47	spain	spain	PROPN
ajfa-1764	49	48	,	,	PUNCT
ajfa-1764	49	49	portugal	portugal	PROPN
ajfa-1764	49	50	and	and	CCONJ
ajfa-1764	49	51	greece	greece	PROPN
ajfa-1764	49	52	.	.	PUNCT
ajfa-1764	50	1	however	however	ADV
ajfa-1764	50	2	,	,	PUNCT
ajfa-1764	50	3	a	a	DET
ajfa-1764	50	4	number	number	NOUN
ajfa-1764	50	5	of	of	ADP
ajfa-1764	50	6	shortcomings	shortcoming	NOUN
ajfa-1764	50	7	have	have	AUX
ajfa-1764	50	8	been	be	AUX
ajfa-1764	50	9	identified	identify	VERB
ajfa-1764	50	10	in	in	ADP
ajfa-1764	50	11	the	the	DET
ajfa-1764	50	12	application	application	NOUN
ajfa-1764	50	13	of	of	ADP
ajfa-1764	50	14	these	these	DET
ajfa-1764	50	15	tests	test	NOUN
ajfa-1764	50	16	outside	outside	ADP
ajfa-1764	50	17	the	the	DET
ajfa-1764	50	18	growth	growth	NOUN
ajfa-1764	50	19	context	context	NOUN
ajfa-1764	50	20	since	since	SCONJ
ajfa-1764	50	21	βand	βand	PROPN
ajfa-1764	50	22	σ	σ	NOUN
ajfa-1764	50	23	-	-	PUNCT
ajfa-1764	50	24	convergence	convergence	NOUN
ajfa-1764	50	25	tests	test	NOUN
ajfa-1764	50	26	are	be	AUX
ajfa-1764	50	27	uninformative	uninformative	ADJ
ajfa-1764	50	28	on	on	ADP
ajfa-1764	50	29	the	the	DET
ajfa-1764	50	30	behavior	behavior	NOUN
ajfa-1764	50	31	of	of	ADP
ajfa-1764	50	32	the	the	DET
ajfa-1764	50	33	individual	individual	ADJ
ajfa-1764	50	34	economies	economy	NOUN
ajfa-1764	50	35	within	within	ADP
ajfa-1764	50	36	the	the	DET
ajfa-1764	50	37	entire	entire	ADJ
ajfa-1764	50	38	cross	cross	ADJ
ajfa-1764	50	39	-	-	ADJ
ajfa-1764	50	40	sectional	sectional	ADJ
ajfa-1764	50	41	panel	panel	NOUN
ajfa-1764	50	42	as	as	ADV
ajfa-1764	50	43	well	well	ADV
ajfa-1764	50	44	as	as	ADP
ajfa-1764	50	45	restrictive	restrictive	ADJ
ajfa-1764	50	46	in	in	ADP
ajfa-1764	50	47	their	their	PRON
ajfa-1764	50	48	assumptions	assumption	NOUN
ajfa-1764	50	49	regarding	regard	VERB
ajfa-1764	50	50	the	the	DET
ajfa-1764	50	51	underlying	underlie	VERB
ajfa-1764	50	52	panel	panel	NOUN
ajfa-1764	50	53	structures	structure	NOUN
ajfa-1764	50	54	(	(	PUNCT
ajfa-1764	50	55	islam	islam	PROPN
ajfa-1764	50	56	,	,	PUNCT
ajfa-1764	50	57	2003	2003	NUM
ajfa-1764	50	58	;	;	PUNCT
ajfa-1764	50	59	friedman	friedman	PROPN
ajfa-1764	50	60	,	,	PUNCT
ajfa-1764	50	61	1992	1992	NUM
ajfa-1764	50	62	;	;	PUNCT
ajfa-1764	50	63	quah	quah	NOUN
ajfa-1764	50	64	,	,	PUNCT
ajfa-1764	50	65	1996	1996	NUM
ajfa-1764	50	66	;	;	PUNCT
ajfa-1764	50	67	among	among	ADP
ajfa-1764	50	68	others	other	NOUN
ajfa-1764	50	69	)	)	PUNCT
ajfa-1764	50	70	.	.	PUNCT
ajfa-1764	51	1	phillips	phillip	NOUN
ajfa-1764	51	2	and	and	CCONJ
ajfa-1764	51	3	sul	sul	PROPN
ajfa-1764	51	4	(	(	PUNCT
ajfa-1764	51	5	2007	2007	NUM
ajfa-1764	51	6	)	)	PUNCT
ajfa-1764	51	7	propose	propose	VERB
ajfa-1764	51	8	a	a	DET
ajfa-1764	51	9	non	non	ADJ
ajfa-1764	51	10	-	-	ADJ
ajfa-1764	51	11	linear	linear	ADJ
ajfa-1764	51	12	time	time	NOUN
ajfa-1764	51	13	varying	vary	VERB
ajfa-1764	51	14	factor	factor	NOUN
ajfa-1764	51	15	representation	representation	NOUN
ajfa-1764	51	16	that	that	PRON
ajfa-1764	51	17	overcomes	overcome	VERB
ajfa-1764	51	18	the	the	DET
ajfa-1764	51	19	restrictions	restriction	NOUN
ajfa-1764	51	20	of	of	ADP
ajfa-1764	51	21	unit	unit	NOUN
ajfa-1764	51	22	root	root	NOUN
ajfa-1764	51	23	and	and	CCONJ
ajfa-1764	51	24	cointegration	cointegration	NOUN
ajfa-1764	51	25	tests	test	NOUN
ajfa-1764	51	26	.	.	PUNCT
ajfa-1764	52	1	their	their	PRON
ajfa-1764	52	2	formulation	formulation	NOUN
ajfa-1764	52	3	allows	allow	VERB
ajfa-1764	52	4	the	the	DET
ajfa-1764	52	5	estimation	estimation	NOUN
ajfa-1764	52	6	of	of	ADP
ajfa-1764	52	7	long	long	ADV
ajfa-1764	52	8	-	-	PUNCT
ajfa-1764	52	9	run	run	NOUN
ajfa-1764	52	10	equilibria	equilibrium	NOUN
ajfa-1764	52	11	within	within	ADP
ajfa-1764	52	12	a	a	DET
ajfa-1764	52	13	heterogeneous	heterogeneous	ADJ
ajfa-1764	52	14	panel	panel	NOUN
ajfa-1764	52	15	,	,	PUNCT
ajfa-1764	52	16	a	a	DET
ajfa-1764	52	17	wide	wide	ADJ
ajfa-1764	52	18	variety	variety	NOUN
ajfa-1764	52	19	of	of	ADP
ajfa-1764	52	20	possible	possible	ADJ
ajfa-1764	52	21	transition	transition	NOUN
ajfa-1764	52	22	paths	path	NOUN
ajfa-1764	52	23	towards	towards	ADP
ajfa-1764	52	24	convergence	convergence	NOUN
ajfa-1764	52	25	relative	relative	ADJ
ajfa-1764	52	26	to	to	ADP
ajfa-1764	52	27	the	the	DET
ajfa-1764	52	28	panel	panel	NOUN
ajfa-1764	52	29	cross	cross	PROPN
ajfa-1764	52	30	section	section	PROPN
ajfa-1764	52	31	average	average	ADJ
ajfa-1764	52	32	over	over	ADP
ajfa-1764	52	33	time	time	NOUN
ajfa-1764	52	34	and	and	CCONJ
ajfa-1764	52	35	the	the	DET
ajfa-1764	52	36	identification	identification	NOUN
ajfa-1764	52	37	of	of	ADP
ajfa-1764	52	38	the	the	DET
ajfa-1764	52	39	presence	presence	NOUN
ajfa-1764	52	40	of	of	ADP
ajfa-1764	52	41	club	club	NOUN
ajfa-1764	52	42	formation	formation	NOUN
ajfa-1764	52	43	.	.	PUNCT
ajfa-1764	53	1	the	the	DET
ajfa-1764	53	2	phillips	phillip	NOUN
ajfa-1764	53	3	and	and	CCONJ
ajfa-1764	53	4	sul	sul	PROPN
ajfa-1764	53	5	(	(	PUNCT
ajfa-1764	53	6	2007	2007	NUM
ajfa-1764	53	7	)	)	PUNCT
ajfa-1764	53	8	formulation	formulation	NOUN
ajfa-1764	53	9	is	be	AUX
ajfa-1764	53	10	a	a	DET
ajfa-1764	53	11	very	very	ADV
ajfa-1764	53	12	robust	robust	ADJ
ajfa-1764	53	13	and	and	CCONJ
ajfa-1764	53	14	attractive	attractive	ADJ
ajfa-1764	53	15	informative	informative	ADJ
ajfa-1764	53	16	measure	measure	NOUN
ajfa-1764	53	17	on	on	ADP
ajfa-1764	53	18	the	the	DET
ajfa-1764	53	19	behavior	behavior	NOUN
ajfa-1764	53	20	of	of	ADP
ajfa-1764	53	21	dynamic	dynamic	ADJ
ajfa-1764	53	22	characteristics	characteristic	NOUN
ajfa-1764	53	23	of	of	ADP
ajfa-1764	53	24	the	the	DET
ajfa-1764	53	25	heterogeneous	heterogeneous	ADJ
ajfa-1764	53	26	panel	panel	NOUN
ajfa-1764	53	27	.	.	PUNCT
ajfa-1764	54	1	fritsche	fritsche	NOUN
ajfa-1764	54	2	and	and	CCONJ
ajfa-1764	54	3	kuzin	kuzin	PROPN
ajfa-1764	54	4	(	(	PUNCT
ajfa-1764	54	5	2008	2008	NUM
ajfa-1764	54	6	)	)	PUNCT
ajfa-1764	54	7	apply	apply	VERB
ajfa-1764	54	8	this	this	DET
ajfa-1764	54	9	method	method	NOUN
ajfa-1764	54	10	to	to	PART
ajfa-1764	54	11	investigate	investigate	VERB
ajfa-1764	54	12	convergence	convergence	NOUN
ajfa-1764	54	13	in	in	ADP
ajfa-1764	54	14	european	european	ADJ
ajfa-1764	54	15	prices	price	NOUN
ajfa-1764	54	16	,	,	PUNCT
ajfa-1764	54	17	unit	unit	NOUN
ajfa-1764	54	18	labor	labor	NOUN
ajfa-1764	54	19	costs	cost	NOUN
ajfa-1764	54	20	,	,	PUNCT
ajfa-1764	54	21	income	income	NOUN
ajfa-1764	54	22	and	and	CCONJ
ajfa-1764	54	23	productivity	productivity	NOUN
ajfa-1764	54	24	over	over	ADP
ajfa-1764	54	25	the	the	DET
ajfa-1764	54	26	period	period	NOUN
ajfa-1764	54	27	asian	asian	ADJ
ajfa-1764	54	28	journal	journal	NOUN
ajfa-1764	54	29	of	of	ADP
ajfa-1764	54	30	finance	finance	PROPN
ajfa-1764	54	31	&	&	CCONJ
ajfa-1764	54	32	accounting	accounting	PROPN
ajfa-1764	54	33	issn	issn	PROPN
ajfa-1764	54	34	1946	1946	NUM
ajfa-1764	54	35	-	-	PUNCT
ajfa-1764	54	36	052x	052x	NOUN
ajfa-1764	54	37	2012	2012	NUM
ajfa-1764	54	38	,	,	PUNCT
ajfa-1764	54	39	vol	vol	NOUN
ajfa-1764	54	40	.	.	PROPN
ajfa-1764	54	41	4	4	NUM
ajfa-1764	54	42	,	,	PUNCT
ajfa-1764	54	43	no	no	INTJ
ajfa-1764	54	44	.	.	NOUN
ajfa-1764	54	45	2	2	NUM
ajfa-1764	54	46	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	54	47	5	5	NUM
ajfa-1764	54	48	1960	1960	NUM
ajfa-1764	54	49	-	-	SYM
ajfa-1764	54	50	2006	2006	NUM
ajfa-1764	54	51	and	and	CCONJ
ajfa-1764	54	52	find	find	VERB
ajfa-1764	54	53	different	different	ADJ
ajfa-1764	54	54	transition	transition	NOUN
ajfa-1764	54	55	paths	path	NOUN
ajfa-1764	54	56	of	of	ADP
ajfa-1764	54	57	convergence	convergence	NOUN
ajfa-1764	54	58	as	as	ADV
ajfa-1764	54	59	well	well	ADV
ajfa-1764	54	60	as	as	ADP
ajfa-1764	54	61	regional	regional	ADJ
ajfa-1764	54	62	clusters	cluster	NOUN
ajfa-1764	54	63	.	.	PUNCT
ajfa-1764	55	1	caporale	caporale	NOUN
ajfa-1764	55	2	et	et	PROPN
ajfa-1764	55	3	al	al	PROPN
ajfa-1764	55	4	.	.	PROPN
ajfa-1764	55	5	(	(	PUNCT
ajfa-1764	55	6	2009	2009	NUM
ajfa-1764	55	7	)	)	PUNCT
ajfa-1764	55	8	apply	apply	VERB
ajfa-1764	55	9	the	the	DET
ajfa-1764	55	10	phillips	phillip	NOUN
ajfa-1764	55	11	and	and	CCONJ
ajfa-1764	55	12	sul	sul	PROPN
ajfa-1764	55	13	(	(	PUNCT
ajfa-1764	55	14	2007	2007	NUM
ajfa-1764	55	15	)	)	PUNCT
ajfa-1764	55	16	method	method	NOUN
ajfa-1764	55	17	to	to	PART
ajfa-1764	55	18	test	test	VERB
ajfa-1764	55	19	for	for	ADP
ajfa-1764	55	20	convergence	convergence	NOUN
ajfa-1764	55	21	in	in	ADP
ajfa-1764	55	22	stock	stock	NOUN
ajfa-1764	55	23	returns	return	NOUN
ajfa-1764	55	24	to	to	ADP
ajfa-1764	55	25	an	an	DET
ajfa-1764	55	26	extensive	extensive	ADJ
ajfa-1764	55	27	dataset	dataset	NOUN
ajfa-1764	55	28	including	include	VERB
ajfa-1764	55	29	monthly	monthly	ADJ
ajfa-1764	55	30	stock	stock	NOUN
ajfa-1764	55	31	prices	price	NOUN
ajfa-1764	55	32	for	for	ADP
ajfa-1764	55	33	five	five	NUM
ajfa-1764	55	34	eu	eu	PROPN
ajfa-1764	55	35	countries	country	NOUN
ajfa-1764	55	36	as	as	ADV
ajfa-1764	55	37	well	well	ADV
ajfa-1764	55	38	as	as	ADP
ajfa-1764	55	39	the	the	DET
ajfa-1764	55	40	us	we	PRON
ajfa-1764	55	41	over	over	ADP
ajfa-1764	55	42	the	the	DET
ajfa-1764	55	43	period	period	NOUN
ajfa-1764	55	44	from	from	ADP
ajfa-1764	55	45	1973	1973	NUM
ajfa-1764	55	46	to	to	ADP
ajfa-1764	55	47	2008	2008	NUM
ajfa-1764	55	48	.	.	PUNCT
ajfa-1764	56	1	they	they	PRON
ajfa-1764	56	2	are	be	AUX
ajfa-1764	56	3	able	able	ADJ
ajfa-1764	56	4	to	to	PART
ajfa-1764	56	5	document	document	VERB
ajfa-1764	56	6	convergence	convergence	NOUN
ajfa-1764	56	7	/	/	SYM
ajfa-1764	56	8	divergence	divergence	NOUN
ajfa-1764	56	9	patterns	pattern	NOUN
ajfa-1764	56	10	as	as	ADV
ajfa-1764	56	11	well	well	ADV
ajfa-1764	56	12	as	as	ADP
ajfa-1764	56	13	to	to	PART
ajfa-1764	56	14	detect	detect	VERB
ajfa-1764	56	15	clusters	cluster	NOUN
ajfa-1764	56	16	on	on	ADP
ajfa-1764	56	17	a	a	DET
ajfa-1764	56	18	sectoral	sectoral	ADJ
ajfa-1764	56	19	,	,	PUNCT
ajfa-1764	56	20	industry	industry	NOUN
ajfa-1764	56	21	and	and	CCONJ
ajfa-1764	56	22	global	global	ADJ
ajfa-1764	56	23	level	level	NOUN
ajfa-1764	56	24	.	.	PUNCT
ajfa-1764	57	1	they	they	PRON
ajfa-1764	57	2	also	also	ADV
ajfa-1764	57	3	find	find	VERB
ajfa-1764	57	4	that	that	SCONJ
ajfa-1764	57	5	there	there	PRON
ajfa-1764	57	6	is	be	VERB
ajfa-1764	57	7	a	a	DET
ajfa-1764	57	8	global	global	ADJ
ajfa-1764	57	9	convergence	convergence	NOUN
ajfa-1764	57	10	/	/	SYM
ajfa-1764	57	11	divergence	divergence	NOUN
ajfa-1764	57	12	process	process	NOUN
ajfa-1764	57	13	which	which	PRON
ajfa-1764	57	14	is	be	AUX
ajfa-1764	57	15	not	not	PART
ajfa-1764	57	16	influenced	influence	VERB
ajfa-1764	57	17	by	by	ADP
ajfa-1764	57	18	eu	eu	PROPN
ajfa-1764	57	19	developments	development	NOUN
ajfa-1764	57	20	,	,	PUNCT
ajfa-1764	57	21	but	but	CCONJ
ajfa-1764	57	22	argue	argue	VERB
ajfa-1764	57	23	that	that	SCONJ
ajfa-1764	57	24	it	it	PRON
ajfa-1764	57	25	may	may	AUX
ajfa-1764	57	26	be	be	AUX
ajfa-1764	57	27	driven	drive	VERB
ajfa-1764	57	28	by	by	ADP
ajfa-1764	57	29	industry	industry	NOUN
ajfa-1764	57	30	versus	versus	ADP
ajfa-1764	57	31	country	country	NOUN
ajfa-1764	57	32	effects	effect	NOUN
ajfa-1764	57	33	.	.	PUNCT
ajfa-1764	58	1	rughoo	rughoo	PROPN
ajfa-1764	58	2	and	and	CCONJ
ajfa-1764	58	3	sarantis	sarantis	PROPN
ajfa-1764	58	4	(	(	PUNCT
ajfa-1764	58	5	2009	2009	NUM
ajfa-1764	58	6	)	)	PUNCT
ajfa-1764	58	7	apply	apply	VERB
ajfa-1764	58	8	the	the	DET
ajfa-1764	58	9	phillips	phillip	NOUN
ajfa-1764	58	10	and	and	CCONJ
ajfa-1764	58	11	sul	sul	PROPN
ajfa-1764	58	12	(	(	PUNCT
ajfa-1764	58	13	2007	2007	NUM
ajfa-1764	58	14	)	)	PUNCT
ajfa-1764	58	15	framework	framework	NOUN
ajfa-1764	58	16	to	to	PART
ajfa-1764	58	17	investigate	investigate	VERB
ajfa-1764	58	18	the	the	DET
ajfa-1764	58	19	integration	integration	NOUN
ajfa-1764	58	20	process	process	NOUN
ajfa-1764	58	21	in	in	ADP
ajfa-1764	58	22	the	the	DET
ajfa-1764	58	23	eu	eu	PROPN
ajfa-1764	58	24	retail	retail	ADJ
ajfa-1764	58	25	banking	banking	NOUN
ajfa-1764	58	26	sector	sector	NOUN
ajfa-1764	58	27	during	during	ADP
ajfa-1764	58	28	the	the	DET
ajfa-1764	58	29	period	period	NOUN
ajfa-1764	58	30	from	from	ADP
ajfa-1764	58	31	1995	1995	NUM
ajfa-1764	58	32	to	to	ADP
ajfa-1764	58	33	2008	2008	NUM
ajfa-1764	58	34	by	by	ADP
ajfa-1764	58	35	analysing	analyse	VERB
ajfa-1764	58	36	deposit	deposit	NOUN
ajfa-1764	58	37	and	and	CCONJ
ajfa-1764	58	38	lending	lending	NOUN
ajfa-1764	58	39	rates	rate	NOUN
ajfa-1764	58	40	to	to	ADP
ajfa-1764	58	41	non	non	ADJ
ajfa-1764	58	42	-	-	ADJ
ajfa-1764	58	43	financial	financial	ADJ
ajfa-1764	58	44	corporations	corporation	NOUN
ajfa-1764	58	45	.	.	PUNCT
ajfa-1764	59	1	these	these	DET
ajfa-1764	59	2	results	result	NOUN
ajfa-1764	59	3	highlight	highlight	VERB
ajfa-1764	59	4	the	the	DET
ajfa-1764	59	5	limited	limited	ADJ
ajfa-1764	59	6	convergence	convergence	NOUN
ajfa-1764	59	7	achieved	achieve	VERB
ajfa-1764	59	8	by	by	ADP
ajfa-1764	59	9	european	european	ADJ
ajfa-1764	59	10	institutions	institution	NOUN
ajfa-1764	59	11	particularly	particularly	ADV
ajfa-1764	59	12	in	in	ADP
ajfa-1764	59	13	the	the	DET
ajfa-1764	59	14	banking	banking	NOUN
ajfa-1764	59	15	sector	sector	NOUN
ajfa-1764	59	16	due	due	ADP
ajfa-1764	59	17	to	to	ADP
ajfa-1764	59	18	persistent	persistent	ADJ
ajfa-1764	59	19	regulatory	regulatory	ADJ
ajfa-1764	59	20	and	and	CCONJ
ajfa-1764	59	21	cross	cross	ADJ
ajfa-1764	59	22	-	-	ADJ
ajfa-1764	59	23	country	country	ADJ
ajfa-1764	59	24	heterogeneity	heterogeneity	NOUN
ajfa-1764	59	25	,	,	PUNCT
ajfa-1764	59	26	accompanied	accompany	VERB
ajfa-1764	59	27	by	by	ADP
ajfa-1764	59	28	the	the	DET
ajfa-1764	59	29	effects	effect	NOUN
ajfa-1764	59	30	of	of	ADP
ajfa-1764	59	31	the	the	DET
ajfa-1764	59	32	recent	recent	ADJ
ajfa-1764	59	33	credit	credit	NOUN
ajfa-1764	59	34	crisis	crisis	NOUN
ajfa-1764	59	35	on	on	ADP
ajfa-1764	59	36	macro	macro	ADJ
ajfa-1764	59	37	fundamentals	fundamental	NOUN
ajfa-1764	59	38	,	,	PUNCT
ajfa-1764	59	39	i.e.	i.e.	X
ajfa-1764	59	40	expectations	expectation	NOUN
ajfa-1764	59	41	of	of	ADP
ajfa-1764	59	42	inflation	inflation	NOUN
ajfa-1764	59	43	,	,	PUNCT
ajfa-1764	59	44	growth	growth	NOUN
ajfa-1764	59	45	rates	rate	NOUN
ajfa-1764	59	46	,	,	PUNCT
ajfa-1764	59	47	sovereign	sovereign	ADJ
ajfa-1764	59	48	credit	credit	NOUN
ajfa-1764	59	49	risk	risk	NOUN
ajfa-1764	59	50	,	,	PUNCT
ajfa-1764	59	51	among	among	ADP
ajfa-1764	59	52	others	other	NOUN
ajfa-1764	59	53	,	,	PUNCT
ajfa-1764	59	54	to	to	ADP
ajfa-1764	59	55	liquidity	liquidity	NOUN
ajfa-1764	59	56	and	and	CCONJ
ajfa-1764	59	57	credit	credit	NOUN
ajfa-1764	59	58	risk	risk	NOUN
ajfa-1764	59	59	in	in	ADP
ajfa-1764	59	60	the	the	DET
ajfa-1764	59	61	banking	banking	NOUN
ajfa-1764	59	62	and	and	CCONJ
ajfa-1764	59	63	insurance	insurance	NOUN
ajfa-1764	59	64	sectors	sector	NOUN
ajfa-1764	59	65	.	.	PUNCT
ajfa-1764	60	1	following	follow	VERB
ajfa-1764	60	2	the	the	DET
ajfa-1764	60	3	eu	eu	PROPN
ajfa-1764	60	4	sovereign	sovereign	ADJ
ajfa-1764	60	5	debt	debt	NOUN
ajfa-1764	60	6	crisis	crisis	NOUN
ajfa-1764	60	7	,	,	PUNCT
ajfa-1764	60	8	there	there	PRON
ajfa-1764	60	9	have	have	AUX
ajfa-1764	60	10	been	be	AUX
ajfa-1764	60	11	a	a	DET
ajfa-1764	60	12	number	number	NOUN
ajfa-1764	60	13	of	of	ADP
ajfa-1764	60	14	key	key	ADJ
ajfa-1764	60	15	developments	development	NOUN
ajfa-1764	60	16	to	to	PART
ajfa-1764	60	17	reform	reform	VERB
ajfa-1764	60	18	the	the	DET
ajfa-1764	60	19	functioning	functioning	NOUN
ajfa-1764	60	20	of	of	ADP
ajfa-1764	60	21	the	the	DET
ajfa-1764	60	22	emu	emu	PROPN
ajfa-1764	60	23	in	in	ADP
ajfa-1764	60	24	the	the	DET
ajfa-1764	60	25	event	event	NOUN
ajfa-1764	60	26	of	of	ADP
ajfa-1764	60	27	a	a	DET
ajfa-1764	60	28	crisis	crisis	NOUN
ajfa-1764	60	29	.	.	PUNCT
ajfa-1764	61	1	this	this	PRON
ajfa-1764	61	2	led	lead	VERB
ajfa-1764	61	3	to	to	ADP
ajfa-1764	61	4	the	the	DET
ajfa-1764	61	5	creation	creation	NOUN
ajfa-1764	61	6	of	of	ADP
ajfa-1764	61	7	the	the	DET
ajfa-1764	61	8	european	european	PROPN
ajfa-1764	61	9	stability	stability	PROPN
ajfa-1764	61	10	facility	facility	NOUN
ajfa-1764	61	11	(	(	PUNCT
ajfa-1764	61	12	efsf	efsf	PROPN
ajfa-1764	61	13	)	)	PUNCT
ajfa-1764	61	14	,	,	PUNCT
ajfa-1764	61	15	the	the	DET
ajfa-1764	61	16	european	european	ADJ
ajfa-1764	61	17	financial	financial	ADJ
ajfa-1764	61	18	stability	stability	NOUN
ajfa-1764	61	19	mechanism	mechanism	NOUN
ajfa-1764	61	20	(	(	PUNCT
ajfa-1764	61	21	efsm	efsm	NOUN
ajfa-1764	61	22	)	)	PUNCT
ajfa-1764	61	23	and	and	CCONJ
ajfa-1764	61	24	european	european	PROPN
ajfa-1764	61	25	treasury	treasury	PROPN
ajfa-1764	61	26	.	.	PUNCT
ajfa-1764	62	1	the	the	DET
ajfa-1764	62	2	first	first	ADJ
ajfa-1764	62	3	two	two	NUM
ajfa-1764	62	4	are	be	AUX
ajfa-1764	62	5	legal	legal	ADJ
ajfa-1764	62	6	instruments	instrument	NOUN
ajfa-1764	62	7	aiming	aim	VERB
ajfa-1764	62	8	at	at	ADP
ajfa-1764	62	9	preserving	preserve	VERB
ajfa-1764	62	10	the	the	DET
ajfa-1764	62	11	financial	financial	ADJ
ajfa-1764	62	12	stability	stability	NOUN
ajfa-1764	62	13	in	in	ADP
ajfa-1764	62	14	emu	emu	PROPN
ajfa-1764	62	15	by	by	ADP
ajfa-1764	62	16	providing	provide	VERB
ajfa-1764	62	17	financial	financial	ADJ
ajfa-1764	62	18	assistance	assistance	NOUN
ajfa-1764	62	19	to	to	ADP
ajfa-1764	62	20	emu	emu	PROPN
ajfa-1764	62	21	states	state	NOUN
ajfa-1764	62	22	in	in	ADP
ajfa-1764	62	23	difficulty	difficulty	NOUN
ajfa-1764	62	24	.	.	PUNCT
ajfa-1764	63	1	the	the	DET
ajfa-1764	63	2	european	european	PROPN
ajfa-1764	63	3	treasury	treasury	PROPN
ajfa-1764	63	4	is	be	AUX
ajfa-1764	63	5	an	an	DET
ajfa-1764	63	6	authority	authority	NOUN
ajfa-1764	63	7	that	that	PRON
ajfa-1764	63	8	is	be	AUX
ajfa-1764	63	9	responsible	responsible	ADJ
ajfa-1764	63	10	for	for	ADP
ajfa-1764	63	11	tax	tax	NOUN
ajfa-1764	63	12	policy	policy	NOUN
ajfa-1764	63	13	oversight	oversight	NOUN
ajfa-1764	63	14	and	and	CCONJ
ajfa-1764	63	15	government	government	NOUN
ajfa-1764	63	16	spending	spending	NOUN
ajfa-1764	63	17	coordination	coordination	NOUN
ajfa-1764	63	18	of	of	ADP
ajfa-1764	63	19	eu	eu	PROPN
ajfa-1764	63	20	member	member	NOUN
ajfa-1764	63	21	countries	country	NOUN
ajfa-1764	63	22	.	.	PUNCT
ajfa-1764	64	1	for	for	ADP
ajfa-1764	64	2	policy	policy	NOUN
ajfa-1764	64	3	makers	maker	NOUN
ajfa-1764	64	4	financial	financial	ADJ
ajfa-1764	64	5	integration	integration	NOUN
ajfa-1764	64	6	poses	pose	VERB
ajfa-1764	64	7	a	a	DET
ajfa-1764	64	8	number	number	NOUN
ajfa-1764	64	9	of	of	ADP
ajfa-1764	64	10	challenges	challenge	NOUN
ajfa-1764	64	11	that	that	PRON
ajfa-1764	64	12	we	we	PRON
ajfa-1764	64	13	try	try	VERB
ajfa-1764	64	14	to	to	PART
ajfa-1764	64	15	address	address	VERB
ajfa-1764	64	16	in	in	ADP
ajfa-1764	64	17	this	this	DET
ajfa-1764	64	18	study	study	NOUN
ajfa-1764	64	19	.	.	PUNCT
ajfa-1764	65	1	therefore	therefore	ADV
ajfa-1764	65	2	,	,	PUNCT
ajfa-1764	65	3	the	the	DET
ajfa-1764	65	4	goal	goal	NOUN
ajfa-1764	65	5	of	of	ADP
ajfa-1764	65	6	this	this	DET
ajfa-1764	65	7	study	study	NOUN
ajfa-1764	65	8	is	be	AUX
ajfa-1764	65	9	to	to	PART
ajfa-1764	65	10	investigate	investigate	VERB
ajfa-1764	65	11	the	the	DET
ajfa-1764	65	12	effects	effect	NOUN
ajfa-1764	65	13	of	of	ADP
ajfa-1764	65	14	the	the	DET
ajfa-1764	65	15	recent	recent	ADJ
ajfa-1764	65	16	crisis	crisis	NOUN
ajfa-1764	65	17	as	as	ADV
ajfa-1764	65	18	well	well	ADV
ajfa-1764	65	19	as	as	ADP
ajfa-1764	65	20	the	the	DET
ajfa-1764	65	21	harmonisation	harmonisation	NOUN
ajfa-1764	65	22	measures	measure	NOUN
ajfa-1764	65	23	put	put	VERB
ajfa-1764	65	24	forward	forward	ADV
ajfa-1764	65	25	on	on	ADP
ajfa-1764	65	26	the	the	DET
ajfa-1764	65	27	integration	integration	NOUN
ajfa-1764	65	28	of	of	ADP
ajfa-1764	65	29	the	the	DET
ajfa-1764	65	30	eu	eu	PROPN
ajfa-1764	65	31	insurance	insurance	NOUN
ajfa-1764	65	32	sector	sector	NOUN
ajfa-1764	65	33	.	.	PUNCT
ajfa-1764	66	1	in	in	ADP
ajfa-1764	66	2	this	this	DET
ajfa-1764	66	3	respect	respect	NOUN
ajfa-1764	66	4	we	we	PRON
ajfa-1764	66	5	apply	apply	VERB
ajfa-1764	66	6	the	the	DET
ajfa-1764	66	7	phillips	phillip	NOUN
ajfa-1764	66	8	and	and	CCONJ
ajfa-1764	66	9	sul	sul	PROPN
ajfa-1764	66	10	(	(	PUNCT
ajfa-1764	66	11	2007	2007	NUM
ajfa-1764	66	12	)	)	PUNCT
ajfa-1764	66	13	convergence	convergence	NOUN
ajfa-1764	66	14	formulation	formulation	NOUN
ajfa-1764	66	15	and	and	CCONJ
ajfa-1764	66	16	clustering	clustering	ADJ
ajfa-1764	66	17	algorithm	algorithm	NOUN
ajfa-1764	66	18	.	.	PUNCT
ajfa-1764	67	1	in	in	ADP
ajfa-1764	67	2	particular	particular	ADJ
ajfa-1764	67	3	,	,	PUNCT
ajfa-1764	67	4	the	the	DET
ajfa-1764	67	5	study	study	NOUN
ajfa-1764	67	6	employs	employ	VERB
ajfa-1764	67	7	a	a	DET
ajfa-1764	67	8	sample	sample	NOUN
ajfa-1764	67	9	of	of	ADP
ajfa-1764	67	10	16	16	NUM
ajfa-1764	67	11	insurance	insurance	NOUN
ajfa-1764	67	12	companies	company	NOUN
ajfa-1764	67	13	within	within	ADP
ajfa-1764	67	14	the	the	DET
ajfa-1764	67	15	emu	emu	PROPN
ajfa-1764	67	16	and	and	CCONJ
ajfa-1764	67	17	it	it	PRON
ajfa-1764	67	18	bases	base	VERB
ajfa-1764	67	19	the	the	DET
ajfa-1764	67	20	analysis	analysis	NOUN
ajfa-1764	67	21	on	on	ADP
ajfa-1764	67	22	balance	balance	NOUN
ajfa-1764	67	23	sheet	sheet	NOUN
ajfa-1764	67	24	management	management	NOUN
ajfa-1764	67	25	.	.	PUNCT
ajfa-1764	68	1	not	not	PART
ajfa-1764	68	2	only	only	ADV
ajfa-1764	68	3	has	have	AUX
ajfa-1764	68	4	this	this	DET
ajfa-1764	68	5	approach	approach	NOUN
ajfa-1764	68	6	not	not	PART
ajfa-1764	68	7	been	be	AUX
ajfa-1764	68	8	previously	previously	ADV
ajfa-1764	68	9	applied	apply	VERB
ajfa-1764	68	10	,	,	PUNCT
ajfa-1764	68	11	but	but	CCONJ
ajfa-1764	68	12	it	it	PRON
ajfa-1764	68	13	is	be	AUX
ajfa-1764	68	14	a	a	DET
ajfa-1764	68	15	reflection	reflection	NOUN
ajfa-1764	68	16	of	of	ADP
ajfa-1764	68	17	the	the	DET
ajfa-1764	68	18	institutions	institution	NOUN
ajfa-1764	68	19	’	'	PUNCT
ajfa-1764	68	20	long	long	ADJ
ajfa-1764	68	21	-	-	PUNCT
ajfa-1764	68	22	term	term	NOUN
ajfa-1764	68	23	strategic	strategic	ADJ
ajfa-1764	68	24	management	management	NOUN
ajfa-1764	68	25	with	with	ADP
ajfa-1764	68	26	responses	response	NOUN
ajfa-1764	68	27	to	to	ADP
ajfa-1764	68	28	the	the	DET
ajfa-1764	68	29	exogenous	exogenous	ADJ
ajfa-1764	68	30	macro	macro	ADJ
ajfa-1764	68	31	conditions	condition	NOUN
ajfa-1764	68	32	.	.	PUNCT
ajfa-1764	69	1	this	this	DET
ajfa-1764	69	2	research	research	NOUN
ajfa-1764	69	3	effort	effort	NOUN
ajfa-1764	69	4	will	will	AUX
ajfa-1764	69	5	provide	provide	VERB
ajfa-1764	69	6	useful	useful	ADJ
ajfa-1764	69	7	insights	insight	NOUN
ajfa-1764	69	8	into	into	ADP
ajfa-1764	69	9	the	the	DET
ajfa-1764	69	10	integration	integration	NOUN
ajfa-1764	69	11	dynamics	dynamic	NOUN
ajfa-1764	69	12	of	of	ADP
ajfa-1764	69	13	the	the	DET
ajfa-1764	69	14	sector	sector	NOUN
ajfa-1764	69	15	under	under	ADP
ajfa-1764	69	16	study	study	NOUN
ajfa-1764	69	17	.	.	PUNCT
ajfa-1764	70	1	the	the	DET
ajfa-1764	70	2	results	result	NOUN
ajfa-1764	70	3	will	will	AUX
ajfa-1764	70	4	allow	allow	VERB
ajfa-1764	70	5	policy	policy	NOUN
ajfa-1764	70	6	makers	maker	NOUN
ajfa-1764	70	7	to	to	PART
ajfa-1764	70	8	visualise	visualise	VERB
ajfa-1764	70	9	which	which	DET
ajfa-1764	70	10	country	country	NOUN
ajfa-1764	70	11	’s	’s	PART
ajfa-1764	70	12	insurances	insurance	NOUN
ajfa-1764	70	13	will	will	AUX
ajfa-1764	70	14	converge	converge	VERB
ajfa-1764	70	15	and	and	CCONJ
ajfa-1764	70	16	,	,	PUNCT
ajfa-1764	70	17	thus	thus	ADV
ajfa-1764	70	18	,	,	PUNCT
ajfa-1764	70	19	adopt	adopt	VERB
ajfa-1764	70	20	specific	specific	ADJ
ajfa-1764	70	21	measures	measure	NOUN
ajfa-1764	70	22	to	to	PART
ajfa-1764	70	23	promote	promote	VERB
ajfa-1764	70	24	a	a	DET
ajfa-1764	70	25	higher	high	ADJ
ajfa-1764	70	26	degree	degree	NOUN
ajfa-1764	70	27	of	of	ADP
ajfa-1764	70	28	integration	integration	NOUN
ajfa-1764	70	29	for	for	ADP
ajfa-1764	70	30	the	the	DET
ajfa-1764	70	31	other	other	ADJ
ajfa-1764	70	32	countries	country	NOUN
ajfa-1764	70	33	’	'	PUNCT
ajfa-1764	70	34	insurances	insurance	NOUN
ajfa-1764	70	35	.	.	PUNCT
ajfa-1764	71	1	the	the	DET
ajfa-1764	71	2	paper	paper	NOUN
ajfa-1764	71	3	is	be	AUX
ajfa-1764	71	4	organised	organise	VERB
ajfa-1764	71	5	as	as	SCONJ
ajfa-1764	71	6	follows	follow	VERB
ajfa-1764	71	7	:	:	PUNCT
ajfa-1764	71	8	section	section	NOUN
ajfa-1764	71	9	2	2	NUM
ajfa-1764	71	10	outlines	outline	VERB
ajfa-1764	71	11	the	the	DET
ajfa-1764	71	12	methodology	methodology	NOUN
ajfa-1764	71	13	employed	employ	VERB
ajfa-1764	71	14	in	in	ADP
ajfa-1764	71	15	this	this	DET
ajfa-1764	71	16	study	study	NOUN
ajfa-1764	71	17	,	,	PUNCT
ajfa-1764	71	18	while	while	SCONJ
ajfa-1764	71	19	section	section	NOUN
ajfa-1764	71	20	3	3	NUM
ajfa-1764	71	21	describes	describe	VERB
ajfa-1764	71	22	the	the	DET
ajfa-1764	71	23	data	datum	NOUN
ajfa-1764	71	24	set	set	VERB
ajfa-1764	71	25	.	.	PUNCT
ajfa-1764	72	1	section	section	NOUN
ajfa-1764	72	2	4	4	NUM
ajfa-1764	72	3	presents	present	VERB
ajfa-1764	72	4	the	the	DET
ajfa-1764	72	5	empirical	empirical	ADJ
ajfa-1764	72	6	results	result	NOUN
ajfa-1764	72	7	and	and	CCONJ
ajfa-1764	72	8	section	section	NOUN
ajfa-1764	72	9	5	5	NUM
ajfa-1764	72	10	concludes	conclude	VERB
ajfa-1764	72	11	.	.	PUNCT
ajfa-1764	73	1	2	2	X
ajfa-1764	73	2	.	.	X
ajfa-1764	73	3	methodology	methodology	NOUN
ajfa-1764	73	4	take	take	VERB
ajfa-1764	73	5	the	the	DET
ajfa-1764	73	6	simple	simple	ADJ
ajfa-1764	73	7	example	example	NOUN
ajfa-1764	73	8	of	of	ADP
ajfa-1764	73	9	a	a	DET
ajfa-1764	73	10	single	single	ADJ
ajfa-1764	73	11	factor	factor	NOUN
ajfa-1764	73	12	model	model	NOUN
ajfa-1764	73	13	:	:	PUNCT
ajfa-1764	73	14	it	it	PRON
ajfa-1764	74	1	i	i	PRON
ajfa-1764	74	2	t	t	VERB
ajfa-1764	74	3	itx	itx	NOUN
ajfa-1764	74	4			NUM
ajfa-1764	74	5			NOUN
ajfa-1764	74	6			PROPN
ajfa-1764	74	7			VERB
ajfa-1764	74	8	(	(	PUNCT
ajfa-1764	74	9	1	1	X
ajfa-1764	74	10	)	)	PUNCT
ajfa-1764	74	11	asian	asian	ADJ
ajfa-1764	74	12	journal	journal	NOUN
ajfa-1764	74	13	of	of	ADP
ajfa-1764	74	14	finance	finance	PROPN
ajfa-1764	74	15	&	&	CCONJ
ajfa-1764	74	16	accounting	accounting	PROPN
ajfa-1764	74	17	issn	issn	PROPN
ajfa-1764	74	18	1946	1946	NUM
ajfa-1764	74	19	-	-	PUNCT
ajfa-1764	74	20	052x	052x	NOUN
ajfa-1764	74	21	2012	2012	NUM
ajfa-1764	74	22	,	,	PUNCT
ajfa-1764	74	23	vol	vol	NOUN
ajfa-1764	74	24	.	.	PROPN
ajfa-1764	74	25	4	4	NUM
ajfa-1764	74	26	,	,	PUNCT
ajfa-1764	74	27	no	no	INTJ
ajfa-1764	74	28	.	.	NOUN
ajfa-1764	74	29	2	2	NUM
ajfa-1764	74	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1764	74	31	6	6	NUM
ajfa-1764	74	32	where	where	SCONJ
ajfa-1764	74	33	i	i	PROPN
ajfa-1764	74	34	measures	measure	VERB
ajfa-1764	74	35	the	the	DET
ajfa-1764	74	36	idiosyncratic	idiosyncratic	ADJ
ajfa-1764	74	37	distance	distance	NOUN
ajfa-1764	74	38	between	between	ADP
ajfa-1764	74	39	some	some	DET
ajfa-1764	74	40	common	common	ADJ
ajfa-1764	74	41	factor	factor	NOUN
ajfa-1764	74	42	t	t	PROPN
ajfa-1764	74	43	and	and	CCONJ
ajfa-1764	74	44	the	the	DET
ajfa-1764	74	45	systematic	systematic	ADJ
ajfa-1764	74	46	part	part	NOUN
ajfa-1764	74	47	of	of	ADP
ajfa-1764	74	48	itx	itx	NOUN
ajfa-1764	74	49	.	.	PUNCT
ajfa-1764	75	1	the	the	DET
ajfa-1764	75	2	model	model	NOUN
ajfa-1764	75	3	captures	capture	VERB
ajfa-1764	75	4	the	the	DET
ajfa-1764	75	5	evolution	evolution	NOUN
ajfa-1764	75	6	of	of	ADP
ajfa-1764	75	7	the	the	DET
ajfa-1764	75	8	individual	individual	ADJ
ajfa-1764	75	9	itx	itx	NOUN
ajfa-1764	75	10	in	in	ADP
ajfa-1764	75	11	relation	relation	NOUN
ajfa-1764	75	12	to	to	ADP
ajfa-1764	75	13	t	t	NUM
ajfa-1764	75	14	by	by	ADP
ajfa-1764	75	15	means	mean	NOUN
ajfa-1764	75	16	of	of	ADP
ajfa-1764	75	17	its	its	PRON
ajfa-1764	75	18	two	two	NUM
ajfa-1764	75	19	idiosyncratic	idiosyncratic	ADJ
ajfa-1764	75	20	elements	element	NOUN
ajfa-1764	75	21	:	:	PUNCT
ajfa-1764	75	22	the	the	DET
ajfa-1764	75	23	systematic	systematic	ADJ
ajfa-1764	75	24	element	element	NOUN
ajfa-1764	75	25	(	(	PUNCT
ajfa-1764	75	26	i	i	ADV
ajfa-1764	75	27	)	)	PUNCT
ajfa-1764	75	28	and	and	CCONJ
ajfa-1764	75	29	the	the	DET
ajfa-1764	75	30	error	error	NOUN
ajfa-1764	75	31	(	(	PUNCT
ajfa-1764	75	32	it	it	NUM
ajfa-1764	75	33	)	)	PUNCT
ajfa-1764	75	34	.	.	PUNCT
ajfa-1764	76	1	phillips	phillip	NOUN
ajfa-1764	76	2	and	and	CCONJ
ajfa-1764	76	3	sul	sul	PROPN
ajfa-1764	76	4	(	(	PUNCT
ajfa-1764	76	5	2007	2007	NUM
ajfa-1764	76	6	)	)	PUNCT
ajfa-1764	76	7	extent	extent	NOUN
ajfa-1764	76	8	(	(	PUNCT
ajfa-1764	76	9	1	1	NUM
ajfa-1764	76	10	)	)	PUNCT
ajfa-1764	76	11	to	to	PART
ajfa-1764	76	12	allow	allow	VERB
ajfa-1764	76	13	the	the	DET
ajfa-1764	76	14	systematic	systematic	ADJ
ajfa-1764	76	15	idiosyncratic	idiosyncratic	ADJ
ajfa-1764	76	16	element	element	NOUN
ajfa-1764	76	17	to	to	PART
ajfa-1764	76	18	evolve	evolve	VERB
ajfa-1764	76	19	over	over	ADP
ajfa-1764	76	20	time	time	NOUN
ajfa-1764	76	21	;	;	PUNCT
ajfa-1764	76	22	which	which	PRON
ajfa-1764	76	23	accommodates	accommodate	VERB
ajfa-1764	76	24	heterogeneous	heterogeneous	ADJ
ajfa-1764	76	25	agent	agent	NOUN
ajfa-1764	76	26	behaviour	behaviour	NOUN
ajfa-1764	76	27	and	and	CCONJ
ajfa-1764	76	28	evolution	evolution	NOUN
ajfa-1764	76	29	in	in	ADP
ajfa-1764	76	30	that	that	DET
ajfa-1764	76	31	behaviour	behaviour	NOUN
ajfa-1764	76	32	by	by	ADP
ajfa-1764	76	33	means	mean	NOUN
ajfa-1764	76	34	of	of	ADP
ajfa-1764	76	35	a	a	DET
ajfa-1764	76	36	time	time	NOUN
ajfa-1764	76	37	varying	vary	VERB
ajfa-1764	76	38	factor	factor	NOUN
ajfa-1764	76	39	loading	loading	NOUN
ajfa-1764	76	40	coefficient	coefficient	NOUN
ajfa-1764	76	41	it	it	ADV
ajfa-1764	76	42	,	,	PUNCT
ajfa-1764	76	43	such	such	ADJ
ajfa-1764	76	44	that	that	SCONJ
ajfa-1764	76	45	:	:	PUNCT
ajfa-1764	76	46	it	it	PRON
ajfa-1764	76	47	it	it	PRON
ajfa-1764	76	48	tx	tx	VERB
ajfa-1764	76	49			NUM
ajfa-1764	76	50			NOUN
ajfa-1764	76	51	(	(	PUNCT
ajfa-1764	76	52	2	2	NUM
ajfa-1764	76	53	)	)	PUNCT
ajfa-1764	76	54	where	where	SCONJ
ajfa-1764	76	55	both	both	DET
ajfa-1764	76	56	components	component	NOUN
ajfa-1764	76	57	are	be	AUX
ajfa-1764	76	58	now	now	ADV
ajfa-1764	76	59	time	time	NOUN
ajfa-1764	76	60	-	-	PUNCT
ajfa-1764	76	61	varying	vary	VERB
ajfa-1764	76	62	and	and	CCONJ
ajfa-1764	76	63	it	it	PRON
ajfa-1764	76	64	is	be	AUX
ajfa-1764	76	65	possible	possible	ADJ
ajfa-1764	76	66	to	to	PART
ajfa-1764	76	67	use	use	VERB
ajfa-1764	76	68	a	a	DET
ajfa-1764	76	69	non	non	ADJ
ajfa-1764	76	70	-	-	ADJ
ajfa-1764	76	71	parametric	parametric	ADJ
ajfa-1764	76	72	formulation	formulation	NOUN
ajfa-1764	76	73	to	to	PART
ajfa-1764	76	74	estimate	estimate	VERB
ajfa-1764	76	75	a	a	DET
ajfa-1764	76	76	transition	transition	NOUN
ajfa-1764	76	77	function	function	NOUN
ajfa-1764	76	78	based	base	VERB
ajfa-1764	76	79	on	on	ADP
ajfa-1764	76	80	it	it	NOUN
ajfa-1764	76	81	;	;	PUNCT
ajfa-1764	76	82	whish	whish	NOUN
ajfa-1764	76	83	is	be	AUX
ajfa-1764	76	84	given	give	VERB
ajfa-1764	76	85	as	as	ADP
ajfa-1764	76	86	:	:	PUNCT
ajfa-1764	76	87	1	1	NUM
ajfa-1764	76	88	1	1	NUM
ajfa-1764	76	89	it	it	PRON
ajfa-1764	76	90	it	it	PRON
ajfa-1764	77	1	it	it	PRON
ajfa-1764	77	2	it	it	PRON
ajfa-1764	77	3	it	it	PRON
ajfa-1764	77	4	x	x	PUNCT
ajfa-1764	77	5	h	h	NOUN
ajfa-1764	77	6	x	x	NOUN
ajfa-1764	77	7	n	n	CCONJ
ajfa-1764	77	8	n	n	CCONJ
ajfa-1764	77	9			NUM
ajfa-1764	78	1			NUM
ajfa-1764	78	2			NUM
ajfa-1764	78	3			NUM
ajfa-1764	78	4			X
ajfa-1764	78	5			X
ajfa-1764	78	6	(	(	PUNCT
ajfa-1764	78	7	3	3	X
ajfa-1764	78	8	)	)	PUNCT
ajfa-1764	78	9	where	where	SCONJ
ajfa-1764	78	10	ith	ith	PROPN
ajfa-1764	78	11	measures	measure	VERB
ajfa-1764	78	12	the	the	DET
ajfa-1764	78	13	loading	loading	NOUN
ajfa-1764	78	14	coefficient	coefficient	NOUN
ajfa-1764	78	15	it	it	VERB
ajfa-1764	78	16	in	in	ADP
ajfa-1764	78	17	relation	relation	NOUN
ajfa-1764	78	18	to	to	ADP
ajfa-1764	78	19	the	the	DET
ajfa-1764	78	20	panel	panel	NOUN
ajfa-1764	78	21	average	average	NOUN
ajfa-1764	78	22	at	at	ADP
ajfa-1764	78	23	time	time	NOUN
ajfa-1764	78	24	t.	t.	PROPN
ajfa-1764	78	25	in	in	ADP
ajfa-1764	78	26	case	case	NOUN
ajfa-1764	78	27	the	the	DET
ajfa-1764	78	28	factor	factor	NOUN
ajfa-1764	78	29	loading	loading	NOUN
ajfa-1764	78	30	coefficients	coefficient	NOUN
ajfa-1764	78	31	it	it	ADV
ajfa-1764	78	32	converge	converge	VERB
ajfa-1764	78	33	to	to	ADP
ajfa-1764	78	34			PROPN
ajfa-1764	78	35	then	then	ADV
ajfa-1764	78	36	the	the	DET
ajfa-1764	78	37	relative	relative	ADJ
ajfa-1764	78	38	transition	transition	NOUN
ajfa-1764	78	39	parameters	parameter	NOUN
ajfa-1764	78	40	ith	ith	PROPN
ajfa-1764	78	41	converge	converge	VERB
ajfa-1764	78	42	to	to	ADP
ajfa-1764	78	43	unity	unity	NOUN
ajfa-1764	78	44	and	and	CCONJ
ajfa-1764	78	45	the	the	DET
ajfa-1764	78	46	long	long	ADJ
ajfa-1764	78	47	run	run	NOUN
ajfa-1764	78	48	cross	cross	PROPN
ajfa-1764	78	49	section	section	NOUN
ajfa-1764	78	50	variance	variance	NOUN
ajfa-1764	78	51	of	of	ADP
ajfa-1764	78	52	ith	ith	NOUN
ajfa-1764	78	53	to	to	ADP
ajfa-1764	78	54	zero	zero	NUM
ajfa-1764	78	55	.	.	PUNCT
ajfa-1764	79	1	measuring	measure	VERB
ajfa-1764	79	2	convergence	convergence	NOUN
ajfa-1764	79	3	entails	entail	VERB
ajfa-1764	79	4	the	the	DET
ajfa-1764	79	5	estimation	estimation	NOUN
ajfa-1764	79	6	of	of	ADP
ajfa-1764	79	7	a	a	DET
ajfa-1764	79	8	regression	regression	NOUN
ajfa-1764	79	9	t	t	NOUN
ajfa-1764	79	10	-	-	PUNCT
ajfa-1764	79	11	test	test	NOUN
ajfa-1764	79	12	of	of	ADP
ajfa-1764	79	13	the	the	DET
ajfa-1764	79	14	null	null	ADJ
ajfa-1764	79	15	hypothesis	hypothesis	NOUN
ajfa-1764	79	16	of	of	ADP
ajfa-1764	79	17	convergence	convergence	NOUN
ajfa-1764	79	18	against	against	ADP
ajfa-1764	79	19	the	the	DET
ajfa-1764	79	20	alternative	alternative	NOUN
ajfa-1764	79	21	of	of	ADP
ajfa-1764	79	22	divergence	divergence	NOUN
ajfa-1764	79	23	:	:	PUNCT
ajfa-1764	79	24	0	0	NUM
ajfa-1764	79	25	1	1	NUM
ajfa-1764	79	26	:	:	SYM
ajfa-1764	79	27	0	0	NUM
ajfa-1764	79	28	:	:	SYM
ajfa-1764	79	29	0	0	PUNCT
ajfa-1764	80	1	i	i	PRON
ajfa-1764	80	2	i	i	PRON
ajfa-1764	80	3	h	h	VERB
ajfa-1764	80	4	and	and	CCONJ
ajfa-1764	80	5	a	a	DET
ajfa-1764	80	6	h	h	NOUN
ajfa-1764	80	7	and	and	CCONJ
ajfa-1764	80	8	a	a	DET
ajfa-1764	80	9			NUM
ajfa-1764	80	10			NUM
ajfa-1764	80	11			NUM
ajfa-1764	80	12			NUM
ajfa-1764	80	13			NUM
ajfa-1764	80	14			NUM
ajfa-1764	80	15			PROPN
ajfa-1764	80	16			PROPN
ajfa-1764	80	17	(	(	PUNCT
ajfa-1764	80	18	4	4	X
ajfa-1764	80	19	)	)	PUNCT
ajfa-1764	80	20	the	the	DET
ajfa-1764	80	21	regression	regression	NOUN
ajfa-1764	80	22	of	of	ADP
ajfa-1764	80	23	the	the	DET
ajfa-1764	80	24	cross	cross	PROPN
ajfa-1764	80	25	sectional	sectional	ADJ
ajfa-1764	80	26	variance	variance	NOUN
ajfa-1764	80	27	ratio	ratio	NOUN
ajfa-1764	80	28	1	1	NUM
ajfa-1764	80	29	/	/	SYM
ajfa-1764	80	30	th	th	X
ajfa-1764	80	31	h	h	NOUN
ajfa-1764	80	32	is	be	AUX
ajfa-1764	80	33	then	then	ADV
ajfa-1764	80	34	given	give	VERB
ajfa-1764	80	35	as	as	ADP
ajfa-1764	80	36	:	:	PUNCT
ajfa-1764	80	37			PROPN
ajfa-1764	81	1			PROPN
ajfa-1764	81	2			ADJ
ajfa-1764	81	3			ADP
ajfa-1764	81	4			ADJ
ajfa-1764	81	5	1log	1log	PROPN
ajfa-1764	81	6	2	2	NUM
ajfa-1764	81	7	log	log	NOUN
ajfa-1764	81	8	log	log	NOUN
ajfa-1764	81	9	,	,	PUNCT
ajfa-1764	81	10	,	,	PUNCT
ajfa-1764	81	11	1	1	NUM
ajfa-1764	81	12	,	,	PUNCT
ajfa-1764	81	13	,	,	PUNCT
ajfa-1764	81	14	,	,	PUNCT
ajfa-1764	81	15	0	0	NUM
ajfa-1764	81	16	t	t	NOUN
ajfa-1764	81	17	t	t	NOUN
ajfa-1764	81	18	h	h	NOUN
ajfa-1764	81	19	l	l	PROPN
ajfa-1764	81	20	t	t	PROPN
ajfa-1764	81	21	a	a	PRON
ajfa-1764	81	22	b	b	PROPN
ajfa-1764	81	23	t	t	X
ajfa-1764	81	24	u	u	NOUN
ajfa-1764	81	25	t	t	PROPN
ajfa-1764	82	1	rt	rt	PROPN
ajfa-1764	82	2	rt	rt	PROPN
ajfa-1764	82	3	t	t	PROPN
ajfa-1764	82	4	r	r	NOUN
ajfa-1764	82	5	h	h	NOUN
ajfa-1764	82	6			NOUN
ajfa-1764	82	7			PROPN
ajfa-1764	82	8			VERB
ajfa-1764	82	9			PRON
ajfa-1764	82	10			ADV
ajfa-1764	82	11			PUNCT
ajfa-1764	82	12			PROPN
ajfa-1764	82	13			ADJ
ajfa-1764	82	14			X
ajfa-1764	82	15			PROPN
ajfa-1764	82	16			PROPN
ajfa-1764	82	17			NOUN
ajfa-1764	82	18			PUNCT
ajfa-1764	83	1			NUM
ajfa-1764	83	2			NUM
ajfa-1764	83	3			NUM
ajfa-1764	83	4	(	(	PUNCT
ajfa-1764	83	5	5	5	NUM
ajfa-1764	83	6	)	)	PUNCT
ajfa-1764	83	7	where	where	SCONJ
ajfa-1764	83	8	asian	asian	ADJ
ajfa-1764	83	9	journal	journal	NOUN
ajfa-1764	83	10	of	of	ADP
ajfa-1764	83	11	finance	finance	PROPN
ajfa-1764	83	12	&	&	CCONJ
ajfa-1764	83	13	accounting	accounting	PROPN
ajfa-1764	83	14	issn	issn	PROPN
ajfa-1764	83	15	1946	1946	NUM
ajfa-1764	83	16	-	-	PUNCT
ajfa-1764	83	17	052x	052x	NOUN
ajfa-1764	83	18	2012	2012	NUM
ajfa-1764	83	19	,	,	PUNCT
ajfa-1764	83	20	vol	vol	NOUN
ajfa-1764	83	21	.	.	PROPN
ajfa-1764	83	22	4	4	NUM
ajfa-1764	83	23	,	,	PUNCT
ajfa-1764	83	24	no	no	INTJ
ajfa-1764	83	25	.	.	NOUN
ajfa-1764	83	26	2	2	NUM
ajfa-1764	83	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1764	83	28	7	7	NUM
ajfa-1764	83	29			NOUN
ajfa-1764	83	30			SYM
ajfa-1764	83	31			NOUN
ajfa-1764	83	32			PUNCT
ajfa-1764	83	33			NOUN
ajfa-1764	83	34			NOUN
ajfa-1764	83	35	2	2	NUM
ajfa-1764	83	36	1	1	NUM
ajfa-1764	83	37	1	1	NUM
ajfa-1764	83	38	1	1	NUM
ajfa-1764	83	39	1	1	NUM
ajfa-1764	83	40	,	,	PUNCT
ajfa-1764	83	41	log	log	VERB
ajfa-1764	83	42	1	1	NUM
ajfa-1764	83	43	n	n	NOUN
ajfa-1764	83	44	it	it	PRON
ajfa-1764	84	1	i	i	PRON
ajfa-1764	84	2	h	h	VERB
ajfa-1764	85	1	h	h	NOUN
ajfa-1764	85	2	n	n	VERB
ajfa-1764	85	3	l	l	NOUN
ajfa-1764	85	4	t	t	NOUN
ajfa-1764	85	5	t	t	PROPN
ajfa-1764	86	1			NUM
ajfa-1764	86	2			PROPN
ajfa-1764	86	3			PROPN
ajfa-1764	86	4			PROPN
ajfa-1764	86	5			ADV
ajfa-1764	86	6			X
ajfa-1764	86	7	(	(	PUNCT
ajfa-1764	86	8	6	6	NUM
ajfa-1764	86	9	)	)	PUNCT
ajfa-1764	86	10	additionally	additionally	ADV
ajfa-1764	86	11	,	,	PUNCT
ajfa-1764	86	12	the	the	DET
ajfa-1764	86	13	fitted	fit	VERB
ajfa-1764	86	14	coefficient	coefficient	NOUN
ajfa-1764	86	15	of	of	ADP
ajfa-1764	86	16	log	log	PROPN
ajfa-1764	86	17	t	t	PROPN
ajfa-1764	86	18	(	(	PUNCT
ajfa-1764	86	19	i.e.	i.e.	X
ajfa-1764	86	20	speed	speed	NOUN
ajfa-1764	86	21	of	of	ADP
ajfa-1764	86	22	conversion	conversion	NOUN
ajfa-1764	86	23	)	)	PUNCT
ajfa-1764	86	24	is	be	AUX
ajfa-1764	86	25	given	give	VERB
ajfa-1764	86	26	by	by	ADP
ajfa-1764	86	27	2b	2b	NOUN
ajfa-1764	86	28	a	a	NOUN
ajfa-1764	86	29			PUNCT
ajfa-1764	86	30			PROPN
ajfa-1764	86	31	,	,	PUNCT
ajfa-1764	86	32	where	where	SCONJ
ajfa-1764	86	33	a	a	DET
ajfa-1764	86	34			PROPN
ajfa-1764	86	35	is	be	AUX
ajfa-1764	86	36	the	the	DET
ajfa-1764	86	37	estimate	estimate	NOUN
ajfa-1764	86	38	of	of	ADP
ajfa-1764	86	39			NOUN
ajfa-1764	86	40	in	in	ADP
ajfa-1764	86	41	0h	0h	PROPN
ajfa-1764	86	42	;	;	PUNCT
ajfa-1764	86	43	and	and	CCONJ
ajfa-1764	86	44	the	the	DET
ajfa-1764	86	45	regression	regression	NOUN
ajfa-1764	86	46	coefficient	coefficient	NOUN
ajfa-1764	86	47	b	b	PROPN
ajfa-1764	86	48			PROPN
ajfa-1764	86	49	is	be	AUX
ajfa-1764	86	50	then	then	ADV
ajfa-1764	86	51	tested	test	VERB
ajfa-1764	86	52	under	under	ADP
ajfa-1764	86	53	the	the	DET
ajfa-1764	86	54	one	one	NUM
ajfa-1764	86	55	-	-	PUNCT
ajfa-1764	86	56	sided	sided	ADJ
ajfa-1764	86	57	null	null	ADJ
ajfa-1764	86	58	hypothesis	hypothesis	NOUN
ajfa-1764	86	59	0a	0a	PROPN
ajfa-1764	86	60			NUM
ajfa-1764	86	61	using	use	VERB
ajfa-1764	86	62	a	a	DET
ajfa-1764	86	63	hac	hac	NOUN
ajfa-1764	86	64	standard	standard	ADJ
ajfa-1764	86	65	error	error	NOUN
ajfa-1764	86	66	.	.	PUNCT
ajfa-1764	87	1	under	under	ADP
ajfa-1764	87	2	convergence	convergence	NOUN
ajfa-1764	87	3			NOUN
ajfa-1764	87	4	1log	1log	PUNCT
ajfa-1764	87	5	th	th	NOUN
ajfa-1764	87	6	h	h	NOUN
ajfa-1764	87	7	diverges	diverge	VERB
ajfa-1764	87	8	to	to	ADP
ajfa-1764	87	9			VERB
ajfa-1764	87	10	,	,	PUNCT
ajfa-1764	87	11	either	either	CCONJ
ajfa-1764	87	12	as	as	ADP
ajfa-1764	87	13			PROPN
ajfa-1764	87	14	2log	2log	PROPN
ajfa-1764	87	15	l	l	NOUN
ajfa-1764	87	16	t	t	NOUN
ajfa-1764	87	17	when	when	SCONJ
ajfa-1764	87	18	0	0	PROPN
ajfa-1764	87	19			NUM
ajfa-1764	87	20	,	,	PUNCT
ajfa-1764	87	21	or	or	CCONJ
ajfa-1764	87	22	as	as	ADP
ajfa-1764	87	23	2	2	NUM
ajfa-1764	87	24	log	log	NOUN
ajfa-1764	87	25	t	t	NOUN
ajfa-1764	87	26	when	when	SCONJ
ajfa-1764	87	27	0a	0a	PROPN
ajfa-1764	87	28			INTJ
ajfa-1764	87	29	.	.	PUNCT
ajfa-1764	88	1	divergence	divergence	NOUN
ajfa-1764	88	2	of	of	ADP
ajfa-1764	88	3			NOUN
ajfa-1764	88	4	1log	1log	PUNCT
ajfa-1764	88	5	th	th	NUM
ajfa-1764	88	6	h	h	NOUN
ajfa-1764	88	7	corresponds	correspond	VERB
ajfa-1764	88	8	to	to	PART
ajfa-1764	88	9	0th	0th	NOUN
ajfa-1764	88	10	as	as	ADP
ajfa-1764	88	11	t	t	NUM
ajfa-1764	88	12			NOUN
ajfa-1764	88	13	.	.	PUNCT
ajfa-1764	89	1	rejection	rejection	NOUN
ajfa-1764	89	2	of	of	ADP
ajfa-1764	89	3	the	the	DET
ajfa-1764	89	4	null	null	NOUN
ajfa-1764	89	5	of	of	ADP
ajfa-1764	89	6	convergence	convergence	NOUN
ajfa-1764	89	7	does	do	AUX
ajfa-1764	89	8	not	not	PART
ajfa-1764	89	9	immediately	immediately	ADV
ajfa-1764	89	10	imply	imply	VERB
ajfa-1764	89	11	that	that	SCONJ
ajfa-1764	89	12	there	there	PRON
ajfa-1764	89	13	is	be	VERB
ajfa-1764	89	14	no	no	DET
ajfa-1764	89	15	evidence	evidence	NOUN
ajfa-1764	89	16	of	of	ADP
ajfa-1764	89	17	convergence	convergence	NOUN
ajfa-1764	89	18	in	in	ADP
ajfa-1764	89	19	the	the	DET
ajfa-1764	89	20	subgroups	subgroup	NOUN
ajfa-1764	89	21	of	of	ADP
ajfa-1764	89	22	the	the	DET
ajfa-1764	89	23	panel	panel	NOUN
ajfa-1764	89	24	.	.	PUNCT
ajfa-1764	90	1	it	it	PRON
ajfa-1764	90	2	is	be	AUX
ajfa-1764	90	3	possible	possible	ADJ
ajfa-1764	90	4	,	,	PUNCT
ajfa-1764	90	5	when	when	SCONJ
ajfa-1764	90	6	moving	move	VERB
ajfa-1764	90	7	away	away	ADV
ajfa-1764	90	8	from	from	ADP
ajfa-1764	90	9	the	the	DET
ajfa-1764	90	10	strict	strict	ADJ
ajfa-1764	90	11	null	null	ADJ
ajfa-1764	90	12	hypothesis	hypothesis	NOUN
ajfa-1764	90	13	of	of	ADP
ajfa-1764	90	14	full	full	ADJ
ajfa-1764	90	15	convergence	convergence	NOUN
ajfa-1764	90	16	,	,	PUNCT
ajfa-1764	90	17	to	to	PART
ajfa-1764	90	18	observe	observe	VERB
ajfa-1764	90	19	convergence	convergence	NOUN
ajfa-1764	90	20	clusters	cluster	NOUN
ajfa-1764	90	21	around	around	ADP
ajfa-1764	90	22	separate	separate	ADJ
ajfa-1764	90	23	equilibrium	equilibrium	NOUN
ajfa-1764	90	24	,	,	PUNCT
ajfa-1764	90	25	or	or	CCONJ
ajfa-1764	90	26	even	even	ADV
ajfa-1764	90	27	convergence	convergence	NOUN
ajfa-1764	90	28	clusters	cluster	NOUN
ajfa-1764	90	29	and	and	CCONJ
ajfa-1764	90	30	divergent	divergent	ADJ
ajfa-1764	90	31	members	member	NOUN
ajfa-1764	90	32	in	in	ADP
ajfa-1764	90	33	the	the	DET
ajfa-1764	90	34	full	full	ADJ
ajfa-1764	90	35	panel	panel	NOUN
ajfa-1764	90	36	.	.	PUNCT
ajfa-1764	91	1	it	it	PRON
ajfa-1764	91	2	is	be	AUX
ajfa-1764	91	3	,	,	PUNCT
ajfa-1764	91	4	therefore	therefore	ADV
ajfa-1764	91	5	,	,	PUNCT
ajfa-1764	91	6	of	of	ADP
ajfa-1764	91	7	paramount	paramount	ADJ
ajfa-1764	91	8	importance	importance	NOUN
ajfa-1764	91	9	to	to	PART
ajfa-1764	91	10	identify	identify	VERB
ajfa-1764	91	11	these	these	DET
ajfa-1764	91	12	clusters	cluster	NOUN
ajfa-1764	91	13	.	.	PUNCT
ajfa-1764	92	1	phillips	phillip	NOUN
ajfa-1764	92	2	and	and	CCONJ
ajfa-1764	92	3	sul	sul	PROPN
ajfa-1764	92	4	(	(	PUNCT
ajfa-1764	92	5	2007	2007	NUM
ajfa-1764	92	6	)	)	PUNCT
ajfa-1764	92	7	propose	propose	VERB
ajfa-1764	92	8	a	a	DET
ajfa-1764	92	9	clustering	clustering	ADJ
ajfa-1764	92	10	algorithm	algorithm	NOUN
ajfa-1764	92	11	;	;	PUNCT
ajfa-1764	92	12	which	which	PRON
ajfa-1764	92	13	allows	allow	VERB
ajfa-1764	92	14	the	the	DET
ajfa-1764	92	15	investigation	investigation	NOUN
ajfa-1764	92	16	of	of	ADP
ajfa-1764	92	17	possible	possible	ADJ
ajfa-1764	92	18	relationships	relationship	NOUN
ajfa-1764	92	19	between	between	ADP
ajfa-1764	92	20	the	the	DET
ajfa-1764	92	21	empirical	empirical	ADJ
ajfa-1764	92	22	clusters	cluster	NOUN
ajfa-1764	92	23	and	and	CCONJ
ajfa-1764	92	24	economic	economic	ADJ
ajfa-1764	92	25	characteristics	characteristic	NOUN
ajfa-1764	92	26	.	.	PUNCT
ajfa-1764	93	1	there	there	PRON
ajfa-1764	93	2	are	be	VERB
ajfa-1764	93	3	four	four	NUM
ajfa-1764	93	4	steps	step	NOUN
ajfa-1764	93	5	describe	describe	VERB
ajfa-1764	93	6	the	the	DET
ajfa-1764	93	7	procedure	procedure	NOUN
ajfa-1764	93	8	to	to	PART
ajfa-1764	93	9	determine	determine	VERB
ajfa-1764	93	10	the	the	DET
ajfa-1764	93	11	clustering	clustering	NOUN
ajfa-1764	93	12	pattern	pattern	NOUN
ajfa-1764	93	13	and	and	CCONJ
ajfa-1764	93	14	to	to	PART
ajfa-1764	93	15	provide	provide	VERB
ajfa-1764	93	16	a	a	DET
ajfa-1764	93	17	stopping	stopping	NOUN
ajfa-1764	93	18	rule	rule	NOUN
ajfa-1764	93	19	for	for	ADP
ajfa-1764	93	20	the	the	DET
ajfa-1764	93	21	calculations	calculation	NOUN
ajfa-1764	93	22	.	.	PUNCT
ajfa-1764	94	1	the	the	DET
ajfa-1764	94	2	first	first	ADJ
ajfa-1764	94	3	step	step	NOUN
ajfa-1764	94	4	,	,	PUNCT
ajfa-1764	94	5	orders	order	VERB
ajfa-1764	94	6	the	the	DET
ajfa-1764	94	7	individuals	individual	NOUN
ajfa-1764	94	8	in	in	ADP
ajfa-1764	94	9	the	the	DET
ajfa-1764	94	10	panel	panel	NOUN
ajfa-1764	94	11	according	accord	VERB
ajfa-1764	94	12	to	to	ADP
ajfa-1764	94	13	the	the	DET
ajfa-1764	94	14	last	last	ADJ
ajfa-1764	94	15	observation	observation	NOUN
ajfa-1764	94	16	in	in	ADP
ajfa-1764	94	17	the	the	DET
ajfa-1764	94	18	panel	panel	NOUN
ajfa-1764	94	19	;	;	PUNCT
ajfa-1764	94	20	the	the	DET
ajfa-1764	94	21	second	second	ADJ
ajfa-1764	94	22	step	step	NOUN
ajfa-1764	94	23	;	;	PUNCT
ajfa-1764	94	24	is	be	AUX
ajfa-1764	94	25	to	to	PART
ajfa-1764	94	26	find	find	VERB
ajfa-1764	94	27	a	a	DET
ajfa-1764	94	28	core	core	NOUN
ajfa-1764	94	29	convergence	convergence	NOUN
ajfa-1764	94	30	group	group	NOUN
ajfa-1764	94	31	based	base	VERB
ajfa-1764	94	32	on	on	ADP
ajfa-1764	94	33	a	a	DET
ajfa-1764	94	34	set	set	NOUN
ajfa-1764	94	35	of	of	ADP
ajfa-1764	94	36	criteria	criterion	NOUN
ajfa-1764	94	37	and	and	CCONJ
ajfa-1764	94	38	then	then	ADV
ajfa-1764	94	39	proceed	proceed	VERB
ajfa-1764	94	40	to	to	PART
ajfa-1764	94	41	,	,	PUNCT
ajfa-1764	94	42	step	step	VERB
ajfa-1764	94	43	three	three	NUM
ajfa-1764	94	44	,	,	PUNCT
ajfa-1764	94	45	to	to	PART
ajfa-1764	94	46	evaluate	evaluate	VERB
ajfa-1764	94	47	additional	additional	ADJ
ajfa-1764	94	48	individuals	individual	NOUN
ajfa-1764	94	49	for	for	ADP
ajfa-1764	94	50	membership	membership	NOUN
ajfa-1764	94	51	of	of	ADP
ajfa-1764	94	52	this	this	DET
ajfa-1764	94	53	group	group	NOUN
ajfa-1764	94	54	.	.	PUNCT
ajfa-1764	95	1	the	the	DET
ajfa-1764	95	2	final	final	ADJ
ajfa-1764	95	3	step	step	NOUN
ajfa-1764	95	4	provides	provide	VERB
ajfa-1764	95	5	the	the	DET
ajfa-1764	95	6	stopping	stopping	NOUN
ajfa-1764	95	7	rule	rule	NOUN
ajfa-1764	95	8	for	for	ADP
ajfa-1764	95	9	the	the	DET
ajfa-1764	95	10	cluster	cluster	NOUN
ajfa-1764	95	11	calculations	calculation	NOUN
ajfa-1764	95	12	.	.	PUNCT
ajfa-1764	96	1	3	3	X
ajfa-1764	96	2	.	.	X
ajfa-1764	96	3	data	datum	NOUN
ajfa-1764	96	4	description	description	NOUN
ajfa-1764	96	5	the	the	DET
ajfa-1764	96	6	study	study	NOUN
ajfa-1764	96	7	makes	make	VERB
ajfa-1764	96	8	use	use	NOUN
ajfa-1764	96	9	of	of	ADP
ajfa-1764	96	10	annual	annual	ADJ
ajfa-1764	96	11	data	datum	NOUN
ajfa-1764	96	12	for	for	ADP
ajfa-1764	96	13	a	a	DET
ajfa-1764	96	14	number	number	NOUN
ajfa-1764	96	15	of	of	ADP
ajfa-1764	96	16	financial	financial	ADJ
ajfa-1764	96	17	ratios	ratio	NOUN
ajfa-1764	96	18	for	for	ADP
ajfa-1764	96	19	16	16	NUM
ajfa-1764	96	20	insurance	insurance	NOUN
ajfa-1764	96	21	institutions	institution	NOUN
ajfa-1764	96	22	(	(	PUNCT
ajfa-1764	96	23	due	due	ADP
ajfa-1764	96	24	to	to	ADP
ajfa-1764	96	25	data	datum	NOUN
ajfa-1764	96	26	availability	availability	NOUN
ajfa-1764	96	27	)	)	PUNCT
ajfa-1764	96	28	spanning	span	VERB
ajfa-1764	96	29	the	the	DET
ajfa-1764	96	30	period	period	NOUN
ajfa-1764	96	31	1990	1990	NUM
ajfa-1764	96	32	-	-	SYM
ajfa-1764	96	33	2010	2010	NUM
ajfa-1764	96	34	obtained	obtain	VERB
ajfa-1764	96	35	from	from	ADP
ajfa-1764	96	36	bloomberg	bloomberg	PROPN
ajfa-1764	96	37	.	.	PUNCT
ajfa-1764	97	1	the	the	DET
ajfa-1764	97	2	names	name	NOUN
ajfa-1764	97	3	of	of	ADP
ajfa-1764	97	4	the	the	DET
ajfa-1764	97	5	insurance	insurance	NOUN
ajfa-1764	97	6	institutions	institution	NOUN
ajfa-1764	97	7	are	be	AUX
ajfa-1764	97	8	presented	present	VERB
ajfa-1764	97	9	in	in	ADP
ajfa-1764	97	10	table	table	NOUN
ajfa-1764	97	11	1	1	NUM
ajfa-1764	97	12	.	.	PUNCT
ajfa-1764	98	1	the	the	DET
ajfa-1764	98	2	dataset	dataset	NOUN
ajfa-1764	98	3	includes	include	VERB
ajfa-1764	98	4	not	not	PART
ajfa-1764	98	5	only	only	ADV
ajfa-1764	98	6	global	global	ADJ
ajfa-1764	98	7	reinsurance	reinsurance	NOUN
ajfa-1764	98	8	institutions	institution	NOUN
ajfa-1764	98	9	but	but	CCONJ
ajfa-1764	98	10	also	also	ADV
ajfa-1764	98	11	regional	regional	ADJ
ajfa-1764	98	12	insurance	insurance	NOUN
ajfa-1764	98	13	institutions	institution	NOUN
ajfa-1764	98	14	,	,	PUNCT
ajfa-1764	98	15	a	a	DET
ajfa-1764	98	16	fact	fact	NOUN
ajfa-1764	98	17	that	that	PRON
ajfa-1764	98	18	allows	allow	VERB
ajfa-1764	98	19	the	the	DET
ajfa-1764	98	20	presence	presence	NOUN
ajfa-1764	98	21	of	of	ADP
ajfa-1764	98	22	adequate	adequate	ADJ
ajfa-1764	98	23	heterogeneity	heterogeneity	NOUN
ajfa-1764	98	24	.	.	PUNCT
ajfa-1764	99	1	empirical	empirical	ADJ
ajfa-1764	99	2	evidence	evidence	NOUN
ajfa-1764	99	3	suggests	suggest	VERB
ajfa-1764	99	4	that	that	SCONJ
ajfa-1764	99	5	financial	financial	ADJ
ajfa-1764	99	6	accounting	accounting	NOUN
ajfa-1764	99	7	ratios	ratio	NOUN
ajfa-1764	99	8	can	can	AUX
ajfa-1764	99	9	predict	predict	VERB
ajfa-1764	99	10	future	future	ADJ
ajfa-1764	99	11	stock	stock	NOUN
ajfa-1764	99	12	returns	return	NOUN
ajfa-1764	99	13	,	,	PUNCT
ajfa-1764	99	14	especially	especially	ADV
ajfa-1764	99	15	in	in	ADP
ajfa-1764	99	16	long	long	ADJ
ajfa-1764	99	17	horizons	horizon	NOUN
ajfa-1764	99	18	(	(	PUNCT
ajfa-1764	99	19	rozeff	rozeff	NOUN
ajfa-1764	99	20	,	,	PUNCT
ajfa-1764	99	21	1984	1984	NUM
ajfa-1764	99	22	;	;	PUNCT
ajfa-1764	99	23	fama	fama	PROPN
ajfa-1764	99	24	and	and	CCONJ
ajfa-1764	99	25	french	french	ADJ
ajfa-1764	99	26	,	,	PUNCT
ajfa-1764	99	27	1988	1988	NUM
ajfa-1764	99	28	;	;	PUNCT
ajfa-1764	99	29	pontiff	pontiff	ADJ
ajfa-1764	99	30	and	and	CCONJ
ajfa-1764	99	31	schall	schall	PROPN
ajfa-1764	99	32	,	,	PUNCT
ajfa-1764	99	33	1998	1998	NUM
ajfa-1764	99	34	;	;	PUNCT
ajfa-1764	99	35	campbell	campbell	PROPN
ajfa-1764	99	36	and	and	CCONJ
ajfa-1764	99	37	shiller	shiller	PROPN
ajfa-1764	99	38	,	,	PUNCT
ajfa-1764	99	39	1988	1988	NUM
ajfa-1764	99	40	,	,	PUNCT
ajfa-1764	99	41	1989	1989	NUM
ajfa-1764	99	42	,	,	PUNCT
ajfa-1764	99	43	2005	2005	NUM
ajfa-1764	99	44	;	;	PUNCT
ajfa-1764	99	45	cochrane	cochrane	NOUN
ajfa-1764	99	46	,	,	PUNCT
ajfa-1764	99	47	1992	1992	NUM
ajfa-1764	99	48	,	,	PUNCT
ajfa-1764	99	49	2008	2008	NUM
ajfa-1764	99	50	;	;	PUNCT
ajfa-1764	99	51	goetzman	goetzman	NOUN
ajfa-1764	99	52	and	and	CCONJ
ajfa-1764	99	53	jorion	jorion	NOUN
ajfa-1764	99	54	,	,	PUNCT
ajfa-1764	99	55	1993	1993	NUM
ajfa-1764	99	56	;	;	PUNCT
ajfa-1764	99	57	hodrick	hodrick	PROPN
ajfa-1764	99	58	,	,	PUNCT
ajfa-1764	99	59	1992	1992	NUM
ajfa-1764	99	60	;	;	PUNCT
ajfa-1764	99	61	lewellen	lewellen	VERB
ajfa-1764	99	62	,	,	PUNCT
ajfa-1764	99	63	2004	2004	NUM
ajfa-1764	99	64	;	;	PUNCT
ajfa-1764	99	65	lettau	lettau	PROPN
ajfa-1764	99	66	and	and	CCONJ
ajfa-1764	99	67	ludvigson	ludvigson	PROPN
ajfa-1764	99	68	,	,	PUNCT
ajfa-1764	99	69	2005	2005	NUM
ajfa-1764	99	70	;	;	PUNCT
ajfa-1764	99	71	hecht	hecht	PROPN
ajfa-1764	99	72	and	and	CCONJ
ajfa-1764	99	73	vuolteenaho	vuolteenaho	NOUN
ajfa-1764	99	74	,	,	PUNCT
ajfa-1764	99	75	2006	2006	NUM
ajfa-1764	99	76	;	;	PUNCT
ajfa-1764	99	77	lettau	lettau	PROPN
ajfa-1764	99	78	and	and	CCONJ
ajfa-1764	99	79	nieuwerburgh	nieuwerburgh	PROPN
ajfa-1764	99	80	,	,	PUNCT
ajfa-1764	99	81	2008	2008	NUM
ajfa-1764	99	82	;	;	PUNCT
ajfa-1764	99	83	among	among	ADP
ajfa-1764	99	84	others	other	NOUN
ajfa-1764	99	85	)	)	PUNCT
ajfa-1764	99	86	.	.	PUNCT
ajfa-1764	100	1	asian	asian	ADJ
ajfa-1764	100	2	journal	journal	PROPN
ajfa-1764	100	3	of	of	ADP
ajfa-1764	100	4	finance	finance	PROPN
ajfa-1764	100	5	&	&	CCONJ
ajfa-1764	100	6	accounting	accounting	PROPN
ajfa-1764	100	7	issn	issn	PROPN
ajfa-1764	100	8	1946	1946	NUM
ajfa-1764	100	9	-	-	PUNCT
ajfa-1764	100	10	052x	052x	NOUN
ajfa-1764	100	11	2012	2012	NUM
ajfa-1764	100	12	,	,	PUNCT
ajfa-1764	100	13	vol	vol	NOUN
ajfa-1764	100	14	.	.	PROPN
ajfa-1764	100	15	4	4	NUM
ajfa-1764	100	16	,	,	PUNCT
ajfa-1764	100	17	no	no	INTJ
ajfa-1764	100	18	.	.	NOUN
ajfa-1764	100	19	2	2	NUM
ajfa-1764	100	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	100	21	8	8	NUM
ajfa-1764	100	22	table	table	NOUN
ajfa-1764	100	23	1	1	NUM
ajfa-1764	100	24	.	.	PUNCT
ajfa-1764	100	25	list	list	NOUN
ajfa-1764	100	26	of	of	ADP
ajfa-1764	100	27	insurance	insurance	NOUN
ajfa-1764	100	28	firms	firm	NOUN
ajfa-1764	100	29	uniqa	uniqa	NOUN
ajfa-1764	100	30	,	,	PUNCT
ajfa-1764	100	31	vienna	vienna	NOUN
ajfa-1764	100	32	insurance	insurance	NOUN
ajfa-1764	100	33	,	,	PUNCT
ajfa-1764	100	34	ageas	agea	NOUN
ajfa-1764	100	35	,	,	PUNCT
ajfa-1764	100	36	alm	alm	NOUN
ajfa-1764	100	37	brand	brand	NOUN
ajfa-1764	100	38	as	as	ADP
ajfa-1764	100	39	,	,	PUNCT
ajfa-1764	100	40	topdanmark	topdanmark	NOUN
ajfa-1764	100	41	a	a	PROPN
ajfa-1764	100	42	/	/	SYM
ajfa-1764	100	43	s	s	PROPN
ajfa-1764	100	44	,	,	PUNCT
ajfa-1764	100	45	cnp	cnp	PROPN
ajfa-1764	100	46	assurances	assurance	NOUN
ajfa-1764	100	47	,	,	PUNCT
ajfa-1764	100	48	axa	axa	PROPN
ajfa-1764	100	49	,	,	PUNCT
ajfa-1764	100	50	scor	scor	PROPN
ajfa-1764	100	51	se	se	PROPN
ajfa-1764	100	52	,	,	PUNCT
ajfa-1764	100	53	wuerttembergische	wuerttembergische	PROPN
ajfa-1764	100	54	le	le	X
ajfa-1764	100	55	,	,	PUNCT
ajfa-1764	100	56	allianz	allianz	PROPN
ajfa-1764	100	57	se	se	PROPN
ajfa-1764	100	58	,	,	PUNCT
ajfa-1764	100	59	generali	generali	PROPN
ajfa-1764	100	60	deutch	deutch	PROPN
ajfa-1764	100	61	,	,	PUNCT
ajfa-1764	100	62	hannover	hannover	PROPN
ajfa-1764	100	63	rueckversic	rueckversic	PROPN
ajfa-1764	100	64	munchener	munchener	NOUN
ajfa-1764	100	65	ruckvewr	ruckvewr	PROPN
ajfa-1764	100	66	,	,	PUNCT
ajfa-1764	100	67	nuernberger	nuernberger	PROPN
ajfa-1764	100	68	bet.-ag	bet.-ag	PROPN
ajfa-1764	100	69	,	,	PUNCT
ajfa-1764	100	70	sampo	sampo	PROPN
ajfa-1764	100	71	oyj	oyj	PROPN
ajfa-1764	100	72	,	,	PUNCT
ajfa-1764	100	73	mannheimer	mannheimer	PROPN
ajfa-1764	100	74	ag	ag	PROPN
ajfa-1764	100	75	holdin	holdin	VERB
ajfa-1764	100	76	the	the	DET
ajfa-1764	100	77	accounting	accounting	NOUN
ajfa-1764	100	78	rations	ration	NOUN
ajfa-1764	100	79	employed	employ	VERB
ajfa-1764	100	80	in	in	ADP
ajfa-1764	100	81	this	this	DET
ajfa-1764	100	82	study	study	NOUN
ajfa-1764	100	83	are	be	AUX
ajfa-1764	100	84	indicators	indicator	NOUN
ajfa-1764	100	85	such	such	ADJ
ajfa-1764	100	86	as	as	ADP
ajfa-1764	100	87	,	,	PUNCT
ajfa-1764	100	88	gross	gross	ADJ
ajfa-1764	100	89	profits	profit	NOUN
ajfa-1764	100	90	to	to	ADP
ajfa-1764	100	91	assets	asset	NOUN
ajfa-1764	100	92	,	,	PUNCT
ajfa-1764	100	93	net	net	NOUN
ajfa-1764	100	94	(	(	PUNCT
ajfa-1764	100	95	operating	operate	VERB
ajfa-1764	100	96	)	)	PUNCT
ajfa-1764	100	97	income	income	NOUN
ajfa-1764	100	98	to	to	ADP
ajfa-1764	100	99	assets	asset	NOUN
ajfa-1764	100	100	,	,	PUNCT
ajfa-1764	100	101	investment	investment	NOUN
ajfa-1764	100	102	(	(	PUNCT
ajfa-1764	100	103	net	net	ADJ
ajfa-1764	100	104	investment	investment	NOUN
ajfa-1764	100	105	income	income	NOUN
ajfa-1764	100	106	before	before	ADP
ajfa-1764	100	107	taxes	taxis	NOUN
ajfa-1764	100	108	)	)	PUNCT
ajfa-1764	100	109	to	to	ADP
ajfa-1764	100	110	assets	asset	NOUN
ajfa-1764	100	111	,	,	PUNCT
ajfa-1764	100	112	equity	equity	NOUN
ajfa-1764	100	113	to	to	ADP
ajfa-1764	100	114	assets	asset	NOUN
ajfa-1764	100	115	,	,	PUNCT
ajfa-1764	100	116	provisions	provision	NOUN
ajfa-1764	100	117	of	of	ADP
ajfa-1764	100	118	assets	asset	NOUN
ajfa-1764	100	119	(	(	PUNCT
ajfa-1764	100	120	assets	asset	NOUN
ajfa-1764	100	121	which	which	PRON
ajfa-1764	100	122	are	be	AUX
ajfa-1764	100	123	held	hold	VERB
ajfa-1764	100	124	to	to	PART
ajfa-1764	100	125	cover	cover	VERB
ajfa-1764	100	126	obligations	obligation	NOUN
ajfa-1764	100	127	to	to	ADP
ajfa-1764	100	128	policyholders	policyholder	NOUN
ajfa-1764	100	129	)	)	PUNCT
ajfa-1764	100	130	,	,	PUNCT
ajfa-1764	100	131	growth	growth	NOUN
ajfa-1764	100	132	rates	rate	NOUN
ajfa-1764	100	133	of	of	ADP
ajfa-1764	100	134	total	total	ADJ
ajfa-1764	100	135	assets	asset	NOUN
ajfa-1764	100	136	,	,	PUNCT
ajfa-1764	100	137	total	total	ADJ
ajfa-1764	100	138	expenses	expense	NOUN
ajfa-1764	100	139	to	to	ADP
ajfa-1764	100	140	assets	asset	NOUN
ajfa-1764	100	141	and	and	CCONJ
ajfa-1764	100	142	total	total	ADJ
ajfa-1764	100	143	reserves	reserve	NOUN
ajfa-1764	100	144	to	to	ADP
ajfa-1764	100	145	assets	asset	NOUN
ajfa-1764	100	146	,	,	PUNCT
ajfa-1764	100	147	that	that	PRON
ajfa-1764	100	148	reflect	reflect	VERB
ajfa-1764	100	149	various	various	ADJ
ajfa-1764	100	150	aspects	aspect	NOUN
ajfa-1764	100	151	of	of	ADP
ajfa-1764	100	152	the	the	DET
ajfa-1764	100	153	insurance	insurance	NOUN
ajfa-1764	100	154	sector	sector	NOUN
ajfa-1764	100	155	potential	potential	ADJ
ajfa-1764	100	156	future	future	ADJ
ajfa-1764	100	157	course	course	NOUN
ajfa-1764	100	158	,	,	PUNCT
ajfa-1764	100	159	such	such	ADJ
ajfa-1764	100	160	as	as	ADP
ajfa-1764	100	161	,	,	PUNCT
ajfa-1764	100	162	profitability	profitability	NOUN
ajfa-1764	100	163	,	,	PUNCT
ajfa-1764	100	164	risk	risk	NOUN
ajfa-1764	100	165	exposure	exposure	NOUN
ajfa-1764	100	166	,	,	PUNCT
ajfa-1764	100	167	solvency	solvency	NOUN
ajfa-1764	100	168	,	,	PUNCT
ajfa-1764	100	169	as	as	ADV
ajfa-1764	100	170	well	well	ADV
ajfa-1764	100	171	as	as	ADP
ajfa-1764	100	172	operational	operational	ADJ
ajfa-1764	100	173	,	,	PUNCT
ajfa-1764	100	174	financial	financial	ADJ
ajfa-1764	100	175	and	and	CCONJ
ajfa-1764	100	176	strategic	strategic	ADJ
ajfa-1764	100	177	management	management	NOUN
ajfa-1764	100	178	.	.	PUNCT
ajfa-1764	101	1	4	4	X
ajfa-1764	101	2	.	.	X
ajfa-1764	101	3	empirical	empirical	ADJ
ajfa-1764	101	4	findings	finding	NOUN
ajfa-1764	101	5	the	the	DET
ajfa-1764	101	6	magnitude	magnitude	NOUN
ajfa-1764	101	7	of	of	ADP
ajfa-1764	101	8	the	the	DET
ajfa-1764	101	9	convergence	convergence	NOUN
ajfa-1764	101	10	coefficient	coefficient	NOUN
ajfa-1764	101	11	,	,	PUNCT
ajfa-1764	101	12	b	b	PROPN
ajfa-1764	101	13			PROPN
ajfa-1764	101	14	,	,	PUNCT
ajfa-1764	101	15	delineates	delineate	VERB
ajfa-1764	101	16	the	the	DET
ajfa-1764	101	17	speed	speed	NOUN
ajfa-1764	101	18	of	of	ADP
ajfa-1764	101	19	convergence	convergence	NOUN
ajfa-1764	101	20	;	;	PUNCT
ajfa-1764	101	21	with	with	ADP
ajfa-1764	101	22	a	a	DET
ajfa-1764	101	23	typically	typically	ADV
ajfa-1764	101	24	a	a	DET
ajfa-1764	101	25	higher	high	ADJ
ajfa-1764	101	26	value	value	NOUN
ajfa-1764	101	27	,	,	PUNCT
ajfa-1764	101	28	b	b	PROPN
ajfa-1764	101	29			PROPN
ajfa-1764	101	30	,	,	PUNCT
ajfa-1764	101	31	indicating	indicate	VERB
ajfa-1764	101	32	a	a	DET
ajfa-1764	101	33	faster	fast	ADJ
ajfa-1764	101	34	rate	rate	NOUN
ajfa-1764	101	35	of	of	ADP
ajfa-1764	101	36	convergence	convergence	NOUN
ajfa-1764	101	37	.	.	PUNCT
ajfa-1764	102	1	the	the	DET
ajfa-1764	102	2	phillips	phillip	NOUN
ajfa-1764	102	3	and	and	CCONJ
ajfa-1764	102	4	sul	sul	PROPN
ajfa-1764	102	5	(	(	PUNCT
ajfa-1764	102	6	2007	2007	NUM
ajfa-1764	102	7	)	)	PUNCT
ajfa-1764	102	8	log	log	PROPN
ajfa-1764	102	9	t	t	PROPN
ajfa-1764	102	10	-	-	PUNCT
ajfa-1764	102	11	test	test	NOUN
ajfa-1764	102	12	results	result	NOUN
ajfa-1764	102	13	indicates	indicate	VERB
ajfa-1764	102	14	rejection	rejection	NOUN
ajfa-1764	102	15	of	of	ADP
ajfa-1764	102	16	the	the	DET
ajfa-1764	102	17	null	null	ADJ
ajfa-1764	102	18	hypothesis	hypothesis	NOUN
ajfa-1764	102	19	of	of	ADP
ajfa-1764	102	20	convergence	convergence	NOUN
ajfa-1764	102	21	at	at	ADP
ajfa-1764	102	22	the	the	DET
ajfa-1764	102	23	5	5	NUM
ajfa-1764	102	24	%	%	NOUN
ajfa-1764	102	25	significance	significance	NOUN
ajfa-1764	102	26	level	level	NOUN
ajfa-1764	102	27	;	;	PUNCT
ajfa-1764	102	28	illustrating	illustrate	VERB
ajfa-1764	102	29	that	that	SCONJ
ajfa-1764	102	30	the	the	DET
ajfa-1764	102	31	eu	eu	PROPN
ajfa-1764	102	32	insurance	insurance	NOUN
ajfa-1764	102	33	sector	sector	NOUN
ajfa-1764	102	34	is	be	AUX
ajfa-1764	102	35	heterogeneous	heterogeneous	ADJ
ajfa-1764	102	36	in	in	ADP
ajfa-1764	102	37	terms	term	NOUN
ajfa-1764	102	38	of	of	ADP
ajfa-1764	102	39	strategic	strategic	ADJ
ajfa-1764	102	40	development	development	NOUN
ajfa-1764	102	41	as	as	ADV
ajfa-1764	102	42	well	well	ADV
ajfa-1764	102	43	as	as	ADP
ajfa-1764	102	44	risk	risk	NOUN
ajfa-1764	102	45	and	and	CCONJ
ajfa-1764	102	46	financial	financial	ADJ
ajfa-1764	102	47	management	management	NOUN
ajfa-1764	102	48	.	.	PUNCT
ajfa-1764	103	1	furthermore	furthermore	ADV
ajfa-1764	103	2	,	,	PUNCT
ajfa-1764	103	3	the	the	DET
ajfa-1764	103	4	value	value	NOUN
ajfa-1764	103	5	of	of	ADP
ajfa-1764	103	6	the	the	DET
ajfa-1764	103	7	convergence	convergence	NOUN
ajfa-1764	103	8	coefficient	coefficient	NOUN
ajfa-1764	103	9	highlights	highlight	VERB
ajfa-1764	103	10	the	the	DET
ajfa-1764	103	11	rate	rate	NOUN
ajfa-1764	103	12	of	of	ADP
ajfa-1764	103	13	divergence	divergence	NOUN
ajfa-1764	103	14	.	.	PUNCT
ajfa-1764	104	1	in	in	ADP
ajfa-1764	104	2	particular	particular	ADJ
ajfa-1764	104	3	,	,	PUNCT
ajfa-1764	104	4	regarding	regard	VERB
ajfa-1764	104	5	the	the	DET
ajfa-1764	104	6	insurance	insurance	NOUN
ajfa-1764	104	7	sector	sector	NOUN
ajfa-1764	104	8	,	,	PUNCT
ajfa-1764	104	9	the	the	DET
ajfa-1764	104	10	highest	high	ADJ
ajfa-1764	104	11	divergence	divergence	NOUN
ajfa-1764	104	12	reported	report	VERB
ajfa-1764	104	13	for	for	ADP
ajfa-1764	104	14	the	the	DET
ajfa-1764	104	15	insurance	insurance	NOUN
ajfa-1764	104	16	sector	sector	NOUN
ajfa-1764	104	17	is	be	AUX
ajfa-1764	104	18	detected	detect	VERB
ajfa-1764	104	19	for	for	ADP
ajfa-1764	104	20	the	the	DET
ajfa-1764	104	21	investment	investment	NOUN
ajfa-1764	104	22	to	to	ADP
ajfa-1764	104	23	assets	asset	NOUN
ajfa-1764	104	24	ratio	ratio	PROPN
ajfa-1764	104	25			PROPN
ajfa-1764	104	26	1.564b	1.564b	PROPN
ajfa-1764	104	27			PROPN
ajfa-1764	104	28			PROPN
ajfa-1764	104	29			PROPN
ajfa-1764	104	30	,	,	PUNCT
ajfa-1764	104	31	followed	follow	VERB
ajfa-1764	104	32	by	by	ADP
ajfa-1764	104	33	the	the	DET
ajfa-1764	104	34	growth	growth	NOUN
ajfa-1764	104	35	rate	rate	NOUN
ajfa-1764	104	36	of	of	ADP
ajfa-1764	104	37	real	real	ADJ
ajfa-1764	104	38	total	total	ADJ
ajfa-1764	104	39	assets	asset	NOUN
ajfa-1764	104	40			NOUN
ajfa-1764	104	41	1.121	1.121	NUM
ajfa-1764	104	42	�	�	PROPN
ajfa-1764	104	43	b	b	NOUN
ajfa-1764	104	44			PROPN
ajfa-1764	104	45			PROPN
ajfa-1764	104	46			PROPN
ajfa-1764	104	47	,	,	PUNCT
ajfa-1764	104	48	with	with	ADP
ajfa-1764	104	49	the	the	DET
ajfa-1764	104	50	lowest	low	ADJ
ajfa-1764	104	51	being	being	AUX
ajfa-1764	104	52	detected	detect	VERB
ajfa-1764	104	53	for	for	ADP
ajfa-1764	104	54	gross	gross	ADJ
ajfa-1764	104	55	profits	profit	NOUN
ajfa-1764	104	56	to	to	ADP
ajfa-1764	104	57	assets	asset	NOUN
ajfa-1764	104	58	ratio	ratio	NOUN
ajfa-1764	104	59			PROPN
ajfa-1764	104	60	0.433	0.433	SYM
ajfa-1764	104	61	�	�	PROPN
ajfa-1764	104	62	b	b	NOUN
ajfa-1764	104	63			PROPN
ajfa-1764	104	64			PROPN
ajfa-1764	104	65			PROPN
ajfa-1764	104	66	.	.	PUNCT
ajfa-1764	105	1	overall	overall	ADV
ajfa-1764	105	2	,	,	PUNCT
ajfa-1764	105	3	the	the	DET
ajfa-1764	105	4	log	log	NOUN
ajfa-1764	105	5	t	t	NOUN
ajfa-1764	105	6	-	-	PUNCT
ajfa-1764	105	7	test	test	NOUN
ajfa-1764	105	8	provides	provide	VERB
ajfa-1764	105	9	evidence	evidence	NOUN
ajfa-1764	105	10	of	of	ADP
ajfa-1764	105	11	limited	limited	ADJ
ajfa-1764	105	12	convergence	convergence	NOUN
ajfa-1764	105	13	within	within	ADP
ajfa-1764	105	14	the	the	DET
ajfa-1764	105	15	insurance	insurance	NOUN
ajfa-1764	105	16	sectors	sector	NOUN
ajfa-1764	105	17	across	across	ADP
ajfa-1764	105	18	the	the	DET
ajfa-1764	105	19	emu	emu	PROPN
ajfa-1764	105	20	countries	country	NOUN
ajfa-1764	105	21	.	.	PUNCT
ajfa-1764	106	1	it	it	PRON
ajfa-1764	106	2	is	be	AUX
ajfa-1764	106	3	worth	worth	ADJ
ajfa-1764	106	4	mentioning	mention	VERB
ajfa-1764	106	5	at	at	ADP
ajfa-1764	106	6	this	this	DET
ajfa-1764	106	7	point	point	NOUN
ajfa-1764	106	8	that	that	SCONJ
ajfa-1764	106	9	one	one	NUM
ajfa-1764	106	10	of	of	ADP
ajfa-1764	106	11	the	the	DET
ajfa-1764	106	12	advantages	advantage	NOUN
ajfa-1764	106	13	of	of	ADP
ajfa-1764	106	14	the	the	DET
ajfa-1764	106	15	methodological	methodological	ADJ
ajfa-1764	106	16	approach	approach	NOUN
ajfa-1764	106	17	is	be	AUX
ajfa-1764	106	18	that	that	SCONJ
ajfa-1764	106	19	the	the	DET
ajfa-1764	106	20	number	number	NOUN
ajfa-1764	106	21	of	of	ADP
ajfa-1764	106	22	elements	element	NOUN
ajfa-1764	106	23	entering	enter	VERB
ajfa-1764	106	24	each	each	DET
ajfa-1764	106	25	sub	sub	NOUN
ajfa-1764	106	26	-	-	NOUN
ajfa-1764	106	27	group	group	NOUN
ajfa-1764	106	28	could	could	AUX
ajfa-1764	106	29	be	be	AUX
ajfa-1764	106	30	ranged	range	VERB
ajfa-1764	106	31	from	from	ADP
ajfa-1764	106	32	one	one	NUM
ajfa-1764	106	33	to	to	ADP
ajfa-1764	106	34	infinity	infinity	NOUN
ajfa-1764	106	35	.	.	PUNCT
ajfa-1764	107	1	in	in	ADP
ajfa-1764	107	2	other	other	ADJ
ajfa-1764	107	3	words	word	NOUN
ajfa-1764	107	4	,	,	PUNCT
ajfa-1764	107	5	even	even	ADV
ajfa-1764	107	6	a	a	DET
ajfa-1764	107	7	single	single	ADJ
ajfa-1764	107	8	element	element	NOUN
ajfa-1764	107	9	,	,	PUNCT
ajfa-1764	107	10	e.g.	e.g.	ADV
ajfa-1764	107	11	firm	firm	NOUN
ajfa-1764	107	12	,	,	PUNCT
ajfa-1764	107	13	is	be	AUX
ajfa-1764	107	14	possible	possible	ADJ
ajfa-1764	107	15	to	to	PART
ajfa-1764	107	16	form	form	VERB
ajfa-1764	107	17	an	an	DET
ajfa-1764	107	18	entire	entire	ADJ
ajfa-1764	107	19	sub	sub	NOUN
ajfa-1764	107	20	-	-	NOUN
ajfa-1764	107	21	group	group	NOUN
ajfa-1764	107	22	without	without	ADP
ajfa-1764	107	23	this	this	PRON
ajfa-1764	107	24	altering	alter	VERB
ajfa-1764	107	25	the	the	DET
ajfa-1764	107	26	validity	validity	NOUN
ajfa-1764	107	27	of	of	ADP
ajfa-1764	107	28	the	the	DET
ajfa-1764	107	29	results	result	NOUN
ajfa-1764	107	30	.	.	PUNCT
ajfa-1764	108	1	at	at	ADP
ajfa-1764	108	2	the	the	DET
ajfa-1764	108	3	same	same	ADJ
ajfa-1764	108	4	time	time	NOUN
ajfa-1764	108	5	,	,	PUNCT
ajfa-1764	108	6	any	any	DET
ajfa-1764	108	7	potential	potential	ADJ
ajfa-1764	108	8	changes	change	NOUN
ajfa-1764	108	9	that	that	PRON
ajfa-1764	108	10	could	could	AUX
ajfa-1764	108	11	have	have	AUX
ajfa-1764	108	12	occurred	occur	VERB
ajfa-1764	108	13	over	over	ADP
ajfa-1764	108	14	the	the	DET
ajfa-1764	108	15	time	time	NOUN
ajfa-1764	108	16	span	span	NOUN
ajfa-1764	108	17	of	of	ADP
ajfa-1764	108	18	our	our	PRON
ajfa-1764	108	19	sample	sample	NOUN
ajfa-1764	108	20	has	have	AUX
ajfa-1764	108	21	been	be	AUX
ajfa-1764	108	22	taken	take	VERB
ajfa-1764	108	23	explicitly	explicitly	ADV
ajfa-1764	108	24	into	into	ADP
ajfa-1764	108	25	consideration	consideration	NOUN
ajfa-1764	108	26	by	by	ADP
ajfa-1764	108	27	the	the	DET
ajfa-1764	108	28	algorithm	algorithm	NOUN
ajfa-1764	108	29	itself	itself	PRON
ajfa-1764	108	30	,	,	PUNCT
ajfa-1764	108	31	since	since	SCONJ
ajfa-1764	108	32	it	it	PRON
ajfa-1764	108	33	is	be	AUX
ajfa-1764	108	34	based	base	VERB
ajfa-1764	108	35	on	on	ADP
ajfa-1764	108	36	a	a	DET
ajfa-1764	108	37	non	non	ADJ
ajfa-1764	108	38	-	-	ADJ
ajfa-1764	108	39	linear	linear	ADJ
ajfa-1764	108	40	function	function	NOUN
ajfa-1764	108	41	type	type	NOUN
ajfa-1764	108	42	of	of	ADP
ajfa-1764	108	43	estimation	estimation	NOUN
ajfa-1764	108	44	.	.	PUNCT
ajfa-1764	109	1	under	under	ADP
ajfa-1764	109	2	the	the	DET
ajfa-1764	109	3	assumption	assumption	NOUN
ajfa-1764	109	4	that	that	SCONJ
ajfa-1764	109	5	the	the	DET
ajfa-1764	109	6	optimizing	optimize	VERB
ajfa-1764	109	7	behavior	behavior	NOUN
ajfa-1764	109	8	of	of	ADP
ajfa-1764	109	9	insurances	insurances	PROPN
ajfa-1764	109	10	is	be	AUX
ajfa-1764	109	11	exogenous	exogenous	ADJ
ajfa-1764	109	12	and	and	CCONJ
ajfa-1764	109	13	that	that	SCONJ
ajfa-1764	109	14	it	it	PRON
ajfa-1764	109	15	does	do	AUX
ajfa-1764	109	16	not	not	PART
ajfa-1764	109	17	change	change	VERB
ajfa-1764	109	18	through	through	ADP
ajfa-1764	109	19	time	time	NOUN
ajfa-1764	109	20	,	,	PUNCT
ajfa-1764	109	21	our	our	PRON
ajfa-1764	109	22	results	result	NOUN
ajfa-1764	109	23	would	would	AUX
ajfa-1764	109	24	be	be	AUX
ajfa-1764	109	25	a	a	DET
ajfa-1764	109	26	mere	mere	ADJ
ajfa-1764	109	27	reflection	reflection	NOUN
ajfa-1764	109	28	of	of	ADP
ajfa-1764	109	29	convergence	convergence	NOUN
ajfa-1764	109	30	in	in	ADP
ajfa-1764	109	31	both	both	CCONJ
ajfa-1764	109	32	the	the	DET
ajfa-1764	109	33	real	real	ADJ
ajfa-1764	109	34	economies	economy	NOUN
ajfa-1764	109	35	and	and	CCONJ
ajfa-1764	109	36	across	across	ADP
ajfa-1764	109	37	financial	financial	ADJ
ajfa-1764	109	38	markets	market	NOUN
ajfa-1764	109	39	.	.	PUNCT
ajfa-1764	110	1	however	however	ADV
ajfa-1764	110	2	,	,	PUNCT
ajfa-1764	110	3	insurance	insurance	NOUN
ajfa-1764	110	4	businesses	business	NOUN
ajfa-1764	110	5	are	be	AUX
ajfa-1764	110	6	characterized	characterize	VERB
ajfa-1764	110	7	by	by	ADP
ajfa-1764	110	8	management	management	NOUN
ajfa-1764	110	9	preferences	preference	NOUN
ajfa-1764	110	10	that	that	PRON
ajfa-1764	110	11	tend	tend	VERB
ajfa-1764	110	12	to	to	PART
ajfa-1764	110	13	change	change	VERB
ajfa-1764	110	14	as	as	ADP
ajfa-1764	110	15	a	a	DET
ajfa-1764	110	16	function	function	NOUN
ajfa-1764	110	17	of	of	ADP
ajfa-1764	110	18	the	the	DET
ajfa-1764	110	19	state	state	NOUN
ajfa-1764	110	20	of	of	ADP
ajfa-1764	110	21	the	the	DET
ajfa-1764	110	22	asian	asian	ADJ
ajfa-1764	110	23	journal	journal	NOUN
ajfa-1764	110	24	of	of	ADP
ajfa-1764	110	25	finance	finance	PROPN
ajfa-1764	110	26	&	&	CCONJ
ajfa-1764	110	27	accounting	accounting	PROPN
ajfa-1764	110	28	issn	issn	PROPN
ajfa-1764	110	29	1946	1946	NUM
ajfa-1764	110	30	-	-	PUNCT
ajfa-1764	110	31	052x	052x	NOUN
ajfa-1764	110	32	2012	2012	NUM
ajfa-1764	110	33	,	,	PUNCT
ajfa-1764	110	34	vol	vol	NOUN
ajfa-1764	110	35	.	.	PROPN
ajfa-1764	110	36	4	4	NUM
ajfa-1764	110	37	,	,	PUNCT
ajfa-1764	110	38	no	no	INTJ
ajfa-1764	110	39	.	.	NOUN
ajfa-1764	110	40	2	2	NUM
ajfa-1764	110	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	110	42	9	9	NUM
ajfa-1764	110	43	economy	economy	NOUN
ajfa-1764	110	44	,	,	PUNCT
ajfa-1764	110	45	and	and	CCONJ
ajfa-1764	110	46	of	of	ADP
ajfa-1764	110	47	the	the	DET
ajfa-1764	110	48	conditions	condition	NOUN
ajfa-1764	110	49	prevailing	prevail	VERB
ajfa-1764	110	50	in	in	ADP
ajfa-1764	110	51	financial	financial	ADJ
ajfa-1764	110	52	markets	market	NOUN
ajfa-1764	110	53	.	.	PUNCT
ajfa-1764	111	1	for	for	ADP
ajfa-1764	111	2	instance	instance	NOUN
ajfa-1764	111	3	,	,	PUNCT
ajfa-1764	111	4	when	when	SCONJ
ajfa-1764	111	5	funding	funding	NOUN
ajfa-1764	111	6	conditions	condition	NOUN
ajfa-1764	111	7	tighten	tighten	VERB
ajfa-1764	111	8	in	in	ADP
ajfa-1764	111	9	the	the	DET
ajfa-1764	111	10	markets	market	NOUN
ajfa-1764	111	11	,	,	PUNCT
ajfa-1764	111	12	financial	financial	ADJ
ajfa-1764	111	13	firms	firm	NOUN
ajfa-1764	111	14	may	may	AUX
ajfa-1764	111	15	change	change	VERB
ajfa-1764	111	16	their	their	PRON
ajfa-1764	111	17	asset	asset	NOUN
ajfa-1764	111	18	-	-	PUNCT
ajfa-1764	111	19	liability	liability	NOUN
ajfa-1764	111	20	management	management	NOUN
ajfa-1764	111	21	plans	plan	NOUN
ajfa-1764	111	22	accordingly	accordingly	ADV
ajfa-1764	111	23	.	.	PUNCT
ajfa-1764	112	1	we	we	PRON
ajfa-1764	112	2	can	can	AUX
ajfa-1764	112	3	think	think	VERB
ajfa-1764	112	4	of	of	ADP
ajfa-1764	112	5	the	the	DET
ajfa-1764	112	6	short	short	ADJ
ajfa-1764	112	7	-	-	PUNCT
ajfa-1764	112	8	term	term	NOUN
ajfa-1764	112	9	response	response	NOUN
ajfa-1764	112	10	to	to	ADP
ajfa-1764	112	11	changes	change	NOUN
ajfa-1764	112	12	in	in	ADP
ajfa-1764	112	13	aggregate	aggregate	ADJ
ajfa-1764	112	14	macroeconomic	macroeconomic	ADJ
ajfa-1764	112	15	and	and	CCONJ
ajfa-1764	112	16	financial	financial	ADJ
ajfa-1764	112	17	conditions	condition	NOUN
ajfa-1764	112	18	as	as	ADP
ajfa-1764	112	19	a	a	DET
ajfa-1764	112	20	manifestation	manifestation	NOUN
ajfa-1764	112	21	of	of	ADP
ajfa-1764	112	22	the	the	DET
ajfa-1764	112	23	tactical	tactical	ADJ
ajfa-1764	112	24	implementation	implementation	NOUN
ajfa-1764	112	25	of	of	ADP
ajfa-1764	112	26	actions	action	NOUN
ajfa-1764	112	27	for	for	ADP
ajfa-1764	112	28	the	the	DET
ajfa-1764	112	29	objective	objective	NOUN
ajfa-1764	112	30	of	of	ADP
ajfa-1764	112	31	profit	profit	NOUN
ajfa-1764	112	32	maximization	maximization	NOUN
ajfa-1764	112	33	.	.	PUNCT
ajfa-1764	113	1	the	the	DET
ajfa-1764	113	2	implementation	implementation	NOUN
ajfa-1764	113	3	of	of	ADP
ajfa-1764	113	4	these	these	DET
ajfa-1764	113	5	types	type	NOUN
ajfa-1764	113	6	of	of	ADP
ajfa-1764	113	7	actions	action	NOUN
ajfa-1764	113	8	can	can	AUX
ajfa-1764	113	9	lead	lead	VERB
ajfa-1764	113	10	to	to	ADP
ajfa-1764	113	11	a	a	DET
ajfa-1764	113	12	divergence	divergence	NOUN
ajfa-1764	113	13	in	in	ADP
ajfa-1764	113	14	management	management	NOUN
ajfa-1764	113	15	practices	practice	NOUN
ajfa-1764	113	16	.	.	PUNCT
ajfa-1764	114	1	financial	financial	ADJ
ajfa-1764	114	2	firms	firm	NOUN
ajfa-1764	114	3	also	also	ADV
ajfa-1764	114	4	operate	operate	VERB
ajfa-1764	114	5	with	with	ADP
ajfa-1764	114	6	the	the	DET
ajfa-1764	114	7	purpose	purpose	NOUN
ajfa-1764	114	8	of	of	ADP
ajfa-1764	114	9	maximizing	maximize	VERB
ajfa-1764	114	10	their	their	PRON
ajfa-1764	114	11	company	company	NOUN
ajfa-1764	114	12	growth	growth	NOUN
ajfa-1764	114	13	and	and	CCONJ
ajfa-1764	114	14	profitability	profitability	NOUN
ajfa-1764	114	15	in	in	ADP
ajfa-1764	114	16	the	the	DET
ajfa-1764	114	17	long	long	ADJ
ajfa-1764	114	18	run	run	NOUN
ajfa-1764	114	19	.	.	PUNCT
ajfa-1764	115	1	in	in	ADP
ajfa-1764	115	2	this	this	DET
ajfa-1764	115	3	context	context	NOUN
ajfa-1764	115	4	,	,	PUNCT
ajfa-1764	115	5	they	they	PRON
ajfa-1764	115	6	formulate	formulate	VERB
ajfa-1764	115	7	strategic	strategic	ADJ
ajfa-1764	115	8	plans	plan	NOUN
ajfa-1764	115	9	that	that	PRON
ajfa-1764	115	10	lay	lie	VERB
ajfa-1764	115	11	down	down	ADP
ajfa-1764	115	12	the	the	DET
ajfa-1764	115	13	general	general	ADJ
ajfa-1764	115	14	framework	framework	NOUN
ajfa-1764	115	15	for	for	ADP
ajfa-1764	115	16	tactical	tactical	ADJ
ajfa-1764	115	17	actions	action	NOUN
ajfa-1764	115	18	.	.	PUNCT
ajfa-1764	116	1	long	long	ADJ
ajfa-1764	116	2	-	-	PUNCT
ajfa-1764	116	3	term	term	NOUN
ajfa-1764	116	4	plans	plan	NOUN
ajfa-1764	116	5	are	be	AUX
ajfa-1764	116	6	based	base	VERB
ajfa-1764	116	7	on	on	ADP
ajfa-1764	116	8	assumptions	assumption	NOUN
ajfa-1764	116	9	about	about	ADP
ajfa-1764	116	10	the	the	DET
ajfa-1764	116	11	macroeconomic	macroeconomic	ADJ
ajfa-1764	116	12	and	and	CCONJ
ajfa-1764	116	13	financial	financial	ADJ
ajfa-1764	116	14	environment	environment	NOUN
ajfa-1764	116	15	that	that	PRON
ajfa-1764	116	16	firms	firm	NOUN
ajfa-1764	116	17	might	might	AUX
ajfa-1764	116	18	see	see	VERB
ajfa-1764	116	19	to	to	PART
ajfa-1764	116	20	prevail	prevail	VERB
ajfa-1764	116	21	in	in	ADP
ajfa-1764	116	22	the	the	DET
ajfa-1764	116	23	future	future	NOUN
ajfa-1764	116	24	.	.	PUNCT
ajfa-1764	117	1	to	to	PART
ajfa-1764	117	2	sum	sum	VERB
ajfa-1764	117	3	up	up	ADP
ajfa-1764	117	4	,	,	PUNCT
ajfa-1764	117	5	by	by	ADP
ajfa-1764	117	6	investigating	investigate	VERB
ajfa-1764	117	7	convergence	convergence	NOUN
ajfa-1764	117	8	through	through	ADP
ajfa-1764	117	9	balance	balance	NOUN
ajfa-1764	117	10	-	-	PUNCT
ajfa-1764	117	11	sheet	sheet	NOUN
ajfa-1764	117	12	items	item	NOUN
ajfa-1764	117	13	,	,	PUNCT
ajfa-1764	117	14	our	our	PRON
ajfa-1764	117	15	study	study	NOUN
ajfa-1764	117	16	sheds	shed	VERB
ajfa-1764	117	17	light	light	NOUN
ajfa-1764	117	18	on	on	ADP
ajfa-1764	117	19	the	the	DET
ajfa-1764	117	20	role	role	NOUN
ajfa-1764	117	21	played	play	VERB
ajfa-1764	117	22	by	by	ADP
ajfa-1764	117	23	the	the	DET
ajfa-1764	117	24	management	management	NOUN
ajfa-1764	117	25	preferences	preference	NOUN
ajfa-1764	117	26	of	of	ADP
ajfa-1764	117	27	insurances	insurance	NOUN
ajfa-1764	117	28	across	across	ADP
ajfa-1764	117	29	the	the	DET
ajfa-1764	117	30	emu	emu	PROPN
ajfa-1764	117	31	.	.	PROPN
ajfa-1764	118	1	for	for	ADP
ajfa-1764	118	2	the	the	DET
ajfa-1764	118	3	insurance	insurance	NOUN
ajfa-1764	118	4	section	section	NOUN
ajfa-1764	118	5	and	and	CCONJ
ajfa-1764	118	6	with	with	ADP
ajfa-1764	118	7	regards	regard	NOUN
ajfa-1764	118	8	to	to	ADP
ajfa-1764	118	9	gross	gross	ADJ
ajfa-1764	118	10	profits	profit	NOUN
ajfa-1764	118	11	to	to	ADP
ajfa-1764	118	12	assets	asset	NOUN
ajfa-1764	118	13	two	two	NUM
ajfa-1764	118	14	sub	sub	NOUN
ajfa-1764	118	15	-	-	NOUN
ajfa-1764	118	16	clubs	club	NOUN
ajfa-1764	118	17	have	have	AUX
ajfa-1764	118	18	been	be	AUX
ajfa-1764	118	19	identified	identify	VERB
ajfa-1764	118	20	each	each	PRON
ajfa-1764	118	21	with	with	ADP
ajfa-1764	118	22	14	14	NUM
ajfa-1764	118	23	and	and	CCONJ
ajfa-1764	118	24	2	2	NUM
ajfa-1764	118	25	insurers	insurer	NOUN
ajfa-1764	118	26	,	,	PUNCT
ajfa-1764	118	27	respectively	respectively	ADV
ajfa-1764	118	28	(	(	PUNCT
ajfa-1764	118	29	table	table	NOUN
ajfa-1764	118	30	2	2	NUM
ajfa-1764	118	31	)	)	PUNCT
ajfa-1764	118	32	.	.	PUNCT
ajfa-1764	119	1	the	the	DET
ajfa-1764	119	2	first	first	ADJ
ajfa-1764	119	3	cluster	cluster	NOUN
ajfa-1764	119	4	consist	consist	NOUN
ajfa-1764	119	5	of	of	ADP
ajfa-1764	119	6	uniqa	uniqa	NOUN
ajfa-1764	119	7	,	,	PUNCT
ajfa-1764	119	8	vienna	vienna	NOUN
ajfa-1764	119	9	insurance	insurance	NOUN
ajfa-1764	119	10	,	,	PUNCT
ajfa-1764	119	11	ageas	agea	NOUN
ajfa-1764	119	12	,	,	PUNCT
ajfa-1764	119	13	alm	alm	PROPN
ajfa-1764	119	14	brand	brand	PROPN
ajfa-1764	119	15	,	,	PUNCT
ajfa-1764	119	16	topdanmark	topdanmark	NOUN
ajfa-1764	119	17	,	,	PUNCT
ajfa-1764	119	18	cnp	cnp	PROPN
ajfa-1764	119	19	assurances	assurance	NOUN
ajfa-1764	119	20	,	,	PUNCT
ajfa-1764	119	21	axa	axa	PROPN
ajfa-1764	119	22	,	,	PUNCT
ajfa-1764	119	23	scor	scor	PROPN
ajfa-1764	119	24	,	,	PUNCT
ajfa-1764	119	25	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	119	26	,	,	PUNCT
ajfa-1764	119	27	allianz	allianz	PROPN
ajfa-1764	119	28	,	,	PUNCT
ajfa-1764	119	29	generalli	generalli	PROPN
ajfa-1764	119	30	deutsch	deutsch	PROPN
ajfa-1764	119	31	,	,	PUNCT
ajfa-1764	119	32	hannover	hannover	NOUN
ajfa-1764	119	33	rueckversic	rueckversic	NOUN
ajfa-1764	119	34	,	,	PUNCT
ajfa-1764	119	35	munchener	munchener	NOUN
ajfa-1764	119	36	ruckver	ruckver	VERB
ajfa-1764	119	37	and	and	CCONJ
ajfa-1764	119	38	nuernberger	nuernberg	ADJ
ajfa-1764	119	39	ber	ber	NOUN
ajfa-1764	119	40	;	;	PUNCT
ajfa-1764	119	41	and	and	CCONJ
ajfa-1764	119	42	the	the	DET
ajfa-1764	119	43	second	second	ADJ
ajfa-1764	119	44	cluster	cluster	NOUN
ajfa-1764	119	45	of	of	ADP
ajfa-1764	119	46	sampo	sampo	PROPN
ajfa-1764	119	47	oyj	oyj	PROPN
ajfa-1764	119	48	and	and	CCONJ
ajfa-1764	119	49	mannheimer	mannheimer	NOUN
ajfa-1764	119	50	.	.	PUNCT
ajfa-1764	120	1	according	accord	VERB
ajfa-1764	120	2	to	to	ADP
ajfa-1764	120	3	the	the	DET
ajfa-1764	120	4	algorithm	algorithm	NOUN
ajfa-1764	120	5	of	of	ADP
ajfa-1764	120	6	phillips	phillip	NOUN
ajfa-1764	120	7	and	and	CCONJ
ajfa-1764	120	8	sul	sul	PROPN
ajfa-1764	120	9	(	(	PUNCT
ajfa-1764	120	10	2007	2007	NUM
ajfa-1764	120	11	)	)	PUNCT
ajfa-1764	120	12	,	,	PUNCT
ajfa-1764	120	13	the	the	DET
ajfa-1764	120	14	methodology	methodology	NOUN
ajfa-1764	120	15	first	first	ADV
ajfa-1764	120	16	selects	select	VERB
ajfa-1764	120	17	uniqa	uniqa	PROPN
ajfa-1764	120	18	and	and	CCONJ
ajfa-1764	120	19	vienna	vienna	NOUN
ajfa-1764	120	20	insurance	insurance	NOUN
ajfa-1764	120	21	and	and	CCONJ
ajfa-1764	120	22	determines	determine	VERB
ajfa-1764	120	23	whether	whether	SCONJ
ajfa-1764	120	24	they	they	PRON
ajfa-1764	120	25	converge	converge	VERB
ajfa-1764	120	26	in	in	ADP
ajfa-1764	120	27	terms	term	NOUN
ajfa-1764	120	28	of	of	ADP
ajfa-1764	120	29	their	their	PRON
ajfa-1764	120	30	gross	gross	ADJ
ajfa-1764	120	31	profits	profit	NOUN
ajfa-1764	120	32	to	to	ADP
ajfa-1764	120	33	assets	asset	NOUN
ajfa-1764	120	34	ratio	ratio	NOUN
ajfa-1764	120	35	.	.	PUNCT
ajfa-1764	121	1	next	next	ADV
ajfa-1764	121	2	,	,	PUNCT
ajfa-1764	121	3	it	it	PRON
ajfa-1764	121	4	compares	compare	VERB
ajfa-1764	121	5	these	these	DET
ajfa-1764	121	6	two	two	NUM
ajfa-1764	121	7	as	as	ADP
ajfa-1764	121	8	one	one	NUM
ajfa-1764	121	9	with	with	ADP
ajfa-1764	121	10	the	the	DET
ajfa-1764	121	11	ageas	agea	NOUN
ajfa-1764	121	12	.	.	PUNCT
ajfa-1764	122	1	if	if	SCONJ
ajfa-1764	122	2	the	the	DET
ajfa-1764	122	3	t	t	PROPN
ajfa-1764	122	4	-	-	PUNCT
ajfa-1764	122	5	statistic	statistic	NOUN
ajfa-1764	122	6	recomme3nds	recomme3nd	NOUN
ajfa-1764	122	7	convergence	convergence	NOUN
ajfa-1764	122	8	it	it	PRON
ajfa-1764	122	9	adds	add	VERB
ajfa-1764	122	10	the	the	DET
ajfa-1764	122	11	insurance	insurance	NOUN
ajfa-1764	122	12	firm	firm	NOUN
ajfa-1764	122	13	in	in	ADP
ajfa-1764	122	14	the	the	DET
ajfa-1764	122	15	same	same	ADJ
ajfa-1764	122	16	group	group	NOUN
ajfa-1764	122	17	,	,	PUNCT
ajfa-1764	122	18	otherwise	otherwise	ADV
ajfa-1764	122	19	it	it	PRON
ajfa-1764	122	20	forms	form	VERB
ajfa-1764	122	21	a	a	DET
ajfa-1764	122	22	separate	separate	ADJ
ajfa-1764	122	23	group	group	NOUN
ajfa-1764	122	24	,	,	PUNCT
ajfa-1764	122	25	and	and	CCONJ
ajfa-1764	122	26	so	so	ADV
ajfa-1764	122	27	on	on	ADV
ajfa-1764	122	28	.	.	PUNCT
ajfa-1764	123	1	moreover	moreover	ADV
ajfa-1764	123	2	,	,	PUNCT
ajfa-1764	123	3	according	accord	VERB
ajfa-1764	123	4	to	to	ADP
ajfa-1764	123	5	the	the	DET
ajfa-1764	123	6	log	log	NOUN
ajfa-1764	123	7	t	t	NOUN
ajfa-1764	123	8	-	-	PUNCT
ajfa-1764	123	9	test	test	NOUN
ajfa-1764	123	10	results	result	NOUN
ajfa-1764	123	11	the	the	DET
ajfa-1764	123	12	convergence	convergence	NOUN
ajfa-1764	123	13	is	be	AUX
ajfa-1764	123	14	stronger	strong	ADJ
ajfa-1764	123	15	for	for	ADP
ajfa-1764	123	16	the	the	DET
ajfa-1764	123	17	second	second	ADJ
ajfa-1764	123	18	cluster	cluster	NOUN
ajfa-1764	123	19	.	.	PUNCT
ajfa-1764	124	1	table	table	NOUN
ajfa-1764	124	2	2	2	NUM
ajfa-1764	124	3	.	.	PUNCT
ajfa-1764	124	4	gross	gross	ADJ
ajfa-1764	124	5	profits	profit	NOUN
ajfa-1764	124	6	to	to	ADP
ajfa-1764	124	7	assets	asset	NOUN
ajfa-1764	124	8	firms	firm	NOUN
ajfa-1764	124	9	b	b	PROPN
ajfa-1764	124	10	coefficient	coefficient	PROPN
ajfa-1764	124	11	t	t	PROPN
ajfa-1764	124	12	-	-	PUNCT
ajfa-1764	124	13	statistic	statistic	NOUN
ajfa-1764	124	14	full	full	ADJ
ajfa-1764	124	15	sample	sample	NOUN
ajfa-1764	124	16	-0.433	-0.433	PUNCT
ajfa-1764	124	17	-2.843	-2.843	PROPN
ajfa-1764	124	18	1st	1st	ADJ
ajfa-1764	124	19	club	club	NOUN
ajfa-1764	124	20	uniqa	uniqa	PROPN
ajfa-1764	124	21	,	,	PUNCT
ajfa-1764	124	22	vienna	vienna	NOUN
ajfa-1764	124	23	insurance	insurance	PROPN
ajfa-1764	124	24	,	,	PUNCT
ajfa-1764	124	25	ageas	agea	NOUN
ajfa-1764	124	26	,	,	PUNCT
ajfa-1764	124	27	alm	alm	NOUN
ajfa-1764	124	28	brand	brand	NOUN
ajfa-1764	124	29	as	as	ADP
ajfa-1764	124	30	,	,	PUNCT
ajfa-1764	124	31	topdanmark	topdanmark	NOUN
ajfa-1764	124	32	a	a	PROPN
ajfa-1764	124	33	/	/	SYM
ajfa-1764	124	34	s	s	PROPN
ajfa-1764	124	35	,	,	PUNCT
ajfa-1764	124	36	cnp	cnp	PROPN
ajfa-1764	124	37	assurances	assurance	NOUN
ajfa-1764	124	38	,	,	PUNCT
ajfa-1764	124	39	axa	axa	PROPN
ajfa-1764	124	40	,	,	PUNCT
ajfa-1764	124	41	scor	scor	PROPN
ajfa-1764	124	42	se	se	PROPN
ajfa-1764	124	43	,	,	PUNCT
ajfa-1764	124	44	wuerttembergische	wuerttembergische	PROPN
ajfa-1764	124	45	le	le	X
ajfa-1764	124	46	,	,	PUNCT
ajfa-1764	124	47	allianz	allianz	PROPN
ajfa-1764	124	48	se	se	PROPN
ajfa-1764	124	49	,	,	PUNCT
ajfa-1764	124	50	generali	generali	PROPN
ajfa-1764	124	51	deutsch	deutsch	PROPN
ajfa-1764	124	52	,	,	PUNCT
ajfa-1764	124	53	hannover	hannover	NOUN
ajfa-1764	124	54	rueckversic	rueckversic	NOUN
ajfa-1764	124	55	,	,	PUNCT
ajfa-1764	124	56	munchener	munchener	NOUN
ajfa-1764	124	57	ruckver	ruckver	ADV
ajfa-1764	124	58	,	,	PUNCT
ajfa-1764	124	59	nuernberger	nuernberger	NOUN
ajfa-1764	124	60	bet.-ag	bet.-ag	PROPN
ajfa-1764	124	61	-0.513	-0.513	NUM
ajfa-1764	124	62	-1.495	-1.495	PROPN
ajfa-1764	124	63	2nd	2nd	PROPN
ajfa-1764	124	64	club	club	PROPN
ajfa-1764	124	65	sampo	sampo	PROPN
ajfa-1764	124	66	oyj	oyj	PROPN
ajfa-1764	124	67	,	,	PUNCT
ajfa-1764	124	68	mannheimer	mannheimer	PROPN
ajfa-1764	124	69	ag	ag	PROPN
ajfa-1764	124	70	holdin	holdin	VERB
ajfa-1764	124	71	0.475	0.475	NUM
ajfa-1764	124	72	3.172	3.172	NUM
ajfa-1764	124	73	there	there	ADV
ajfa-1764	124	74	exist	exist	VERB
ajfa-1764	124	75	two	two	NUM
ajfa-1764	124	76	sub	sub	NOUN
ajfa-1764	124	77	-	-	NOUN
ajfa-1764	124	78	clubs	club	NOUN
ajfa-1764	124	79	within	within	ADP
ajfa-1764	124	80	the	the	DET
ajfa-1764	124	81	investment	investment	NOUN
ajfa-1764	124	82	to	to	ADP
ajfa-1764	124	83	assets	asset	NOUN
ajfa-1764	124	84	panel	panel	NOUN
ajfa-1764	124	85	(	(	PUNCT
ajfa-1764	124	86	table	table	NOUN
ajfa-1764	124	87	3	3	NUM
ajfa-1764	124	88	)	)	PUNCT
ajfa-1764	124	89	;	;	PUNCT
ajfa-1764	124	90	with	with	ADP
ajfa-1764	124	91	8	8	NUM
ajfa-1764	124	92	and	and	CCONJ
ajfa-1764	124	93	6	6	NUM
ajfa-1764	124	94	insurers	insurer	NOUN
ajfa-1764	124	95	,	,	PUNCT
ajfa-1764	124	96	respectively	respectively	ADV
ajfa-1764	124	97	.	.	PUNCT
ajfa-1764	125	1	the	the	DET
ajfa-1764	125	2	first	first	ADJ
ajfa-1764	125	3	comprises	comprise	NOUN
ajfa-1764	125	4	of	of	ADP
ajfa-1764	125	5	uniqa	uniqa	NOUN
ajfa-1764	125	6	,	,	PUNCT
ajfa-1764	125	7	ageas	agea	NOUN
ajfa-1764	125	8	,	,	PUNCT
ajfa-1764	125	9	topdanmark	topdanmark	PROPN
ajfa-1764	125	10	,	,	PUNCT
ajfa-1764	125	11	scor	scor	PROPN
ajfa-1764	125	12	,	,	PUNCT
ajfa-1764	125	13	hannover	hannover	PROPN
ajfa-1764	125	14	rueckversic	rueckversic	NOUN
ajfa-1764	125	15	,	,	PUNCT
ajfa-1764	125	16	munchener	munchener	NOUN
ajfa-1764	125	17	ruckver	ruckver	ADV
ajfa-1764	125	18	which	which	PRON
ajfa-1764	125	19	appears	appear	VERB
ajfa-1764	125	20	to	to	PART
ajfa-1764	125	21	converge	converge	VERB
ajfa-1764	125	22	with	with	ADP
ajfa-1764	125	23	a	a	DET
ajfa-1764	125	24	stronger	strong	ADJ
ajfa-1764	125	25	convergence	convergence	NOUN
ajfa-1764	125	26	speed	speed	NOUN
ajfa-1764	125	27	of	of	ADP
ajfa-1764	125	28			NOUN
ajfa-1764	125	29	0.358	0.358	NOUN
ajfa-1764	125	30	�	�	NOUN
ajfa-1764	125	31	b	b	NOUN
ajfa-1764	125	32			PROPN
ajfa-1764	125	33			PROPN
ajfa-1764	125	34	than	than	ADP
ajfa-1764	125	35	the	the	DET
ajfa-1764	125	36	second	second	ADJ
ajfa-1764	125	37	cluster	cluster	NOUN
ajfa-1764	125	38			PROPN
ajfa-1764	125	39	1.049	1.049	PUNCT
ajfa-1764	125	40	�	�	PROPN
ajfa-1764	125	41	b	b	NOUN
ajfa-1764	125	42			PROPN
ajfa-1764	125	43			PROPN
ajfa-1764	125	44			PROPN
ajfa-1764	125	45	;	;	PUNCT
ajfa-1764	125	46	which	which	PRON
ajfa-1764	125	47	is	be	AUX
ajfa-1764	125	48	made	make	VERB
ajfa-1764	125	49	up	up	ADP
ajfa-1764	125	50	by	by	ADP
ajfa-1764	125	51	the	the	DET
ajfa-1764	125	52	alm	alm	NOUN
ajfa-1764	125	53	asian	asian	PROPN
ajfa-1764	125	54	journal	journal	PROPN
ajfa-1764	125	55	of	of	ADP
ajfa-1764	125	56	finance	finance	PROPN
ajfa-1764	125	57	&	&	CCONJ
ajfa-1764	125	58	accounting	accounting	PROPN
ajfa-1764	125	59	issn	issn	PROPN
ajfa-1764	125	60	1946	1946	NUM
ajfa-1764	125	61	-	-	PUNCT
ajfa-1764	125	62	052x	052x	NOUN
ajfa-1764	125	63	2012	2012	NUM
ajfa-1764	125	64	,	,	PUNCT
ajfa-1764	125	65	vol	vol	NOUN
ajfa-1764	125	66	.	.	PROPN
ajfa-1764	126	1	4	4	NUM
ajfa-1764	126	2	,	,	PUNCT
ajfa-1764	126	3	no	no	INTJ
ajfa-1764	126	4	.	.	NOUN
ajfa-1764	126	5	2	2	NUM
ajfa-1764	126	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	126	7	10	10	NUM
ajfa-1764	126	8	brand	brand	NOUN
ajfa-1764	126	9	,	,	PUNCT
ajfa-1764	126	10	axa	axa	PROPN
ajfa-1764	126	11	,	,	PUNCT
ajfa-1764	126	12	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	126	13	,	,	PUNCT
ajfa-1764	126	14	generalli	generalli	PROPN
ajfa-1764	126	15	deutsch	deutsch	PROPN
ajfa-1764	126	16	,	,	PUNCT
ajfa-1764	126	17	mannheimer	mannheimer	NOUN
ajfa-1764	126	18	and	and	CCONJ
ajfa-1764	126	19	nuernberger	nuernberger	ADJ
ajfa-1764	126	20	ber	ber	NOUN
ajfa-1764	126	21	.	.	PUNCT
ajfa-1764	127	1	the	the	DET
ajfa-1764	127	2	non	non	ADJ
ajfa-1764	127	3	-	-	ADJ
ajfa-1764	127	4	converging	converging	ADJ
ajfa-1764	127	5	club	club	NOUN
ajfa-1764	127	6	is	be	AUX
ajfa-1764	127	7	made	make	VERB
ajfa-1764	127	8	by	by	ADP
ajfa-1764	127	9	vienna	vienna	NOUN
ajfa-1764	127	10	insurance	insurance	PROPN
ajfa-1764	127	11	,	,	PUNCT
ajfa-1764	127	12	sampo	sampo	PROPN
ajfa-1764	127	13	oyj	oyj	PROPN
ajfa-1764	127	14	and	and	CCONJ
ajfa-1764	127	15	cnp	cnp	PROPN
ajfa-1764	127	16	assurances	assurance	NOUN
ajfa-1764	127	17	.	.	PUNCT
ajfa-1764	128	1	the	the	DET
ajfa-1764	128	2	club	club	NOUN
ajfa-1764	128	3	clustering	cluster	VERB
ajfa-1764	128	4	algorithm	algorithm	NOUN
ajfa-1764	128	5	also	also	ADV
ajfa-1764	128	6	identifies	identify	VERB
ajfa-1764	128	7	three	three	NUM
ajfa-1764	128	8	divergent	divergent	ADJ
ajfa-1764	128	9	insurers	insurer	NOUN
ajfa-1764	128	10	,	,	PUNCT
ajfa-1764	128	11	namely	namely	ADV
ajfa-1764	128	12	vienna	vienna	NOUN
ajfa-1764	128	13	insurance	insurance	NOUN
ajfa-1764	128	14	,	,	PUNCT
ajfa-1764	128	15	sampo	sampo	PROPN
ajfa-1764	128	16	oyj	oyj	PROPN
ajfa-1764	128	17	and	and	CCONJ
ajfa-1764	128	18	cnp	cnp	PROPN
ajfa-1764	128	19	assurances	assurance	NOUN
ajfa-1764	128	20	.	.	PUNCT
ajfa-1764	129	1	table	table	NOUN
ajfa-1764	129	2	3	3	NUM
ajfa-1764	129	3	.	.	PUNCT
ajfa-1764	130	1	investment	investment	NOUN
ajfa-1764	130	2	to	to	ADP
ajfa-1764	130	3	assets	asset	NOUN
ajfa-1764	130	4	firms	firm	NOUN
ajfa-1764	130	5	b	b	PROPN
ajfa-1764	130	6	coefficient	coefficient	PROPN
ajfa-1764	130	7	t	t	PROPN
ajfa-1764	130	8	-	-	PUNCT
ajfa-1764	130	9	statistic	statistic	NOUN
ajfa-1764	130	10	full	full	ADJ
ajfa-1764	130	11	sample	sample	NOUN
ajfa-1764	130	12	-1.564	-1.564	PUNCT
ajfa-1764	130	13	-6.523	-6.523	NUM
ajfa-1764	130	14	1st	1st	ADJ
ajfa-1764	130	15	club	club	NOUN
ajfa-1764	130	16	uniqa	uniqa	NOUN
ajfa-1764	130	17	,	,	PUNCT
ajfa-1764	130	18	ageas	agea	NOUN
ajfa-1764	130	19	,	,	PUNCT
ajfa-1764	130	20	topdanmark	topdanmark	NOUN
ajfa-1764	130	21	a	a	PROPN
ajfa-1764	130	22	/	/	SYM
ajfa-1764	130	23	s	s	PROPN
ajfa-1764	130	24	,	,	PUNCT
ajfa-1764	130	25	scor	scor	PROPN
ajfa-1764	130	26	se	se	PROPN
ajfa-1764	130	27	,	,	PUNCT
ajfa-1764	130	28	allianz	allianz	PROPN
ajfa-1764	130	29	se	se	PROPN
ajfa-1764	130	30	,	,	PUNCT
ajfa-1764	130	31	hannover	hannover	NOUN
ajfa-1764	130	32	rueckversic	rueckversic	NOUN
ajfa-1764	130	33	,	,	PUNCT
ajfa-1764	130	34	munchener	munchener	NOUN
ajfa-1764	130	35	ruckver	ruckver	VERB
ajfa-1764	130	36	0.358	0.358	NUM
ajfa-1764	130	37	3.469	3.469	NUM
ajfa-1764	130	38	2nd	2nd	ADJ
ajfa-1764	130	39	club	club	NOUN
ajfa-1764	130	40	alm	alm	NOUN
ajfa-1764	130	41	brand	brand	PROPN
ajfa-1764	130	42	as	as	ADP
ajfa-1764	130	43	,	,	PUNCT
ajfa-1764	130	44	axa	axa	PROPN
ajfa-1764	130	45	,	,	PUNCT
ajfa-1764	130	46	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	130	47	le	le	X
ajfa-1764	130	48	,	,	PUNCT
ajfa-1764	130	49	generali	generali	PROPN
ajfa-1764	130	50	deutsch	deutsch	PROPN
ajfa-1764	130	51	,	,	PUNCT
ajfa-1764	130	52	mannheimer	mannheimer	NOUN
ajfa-1764	130	53	ag	ag	PROPN
ajfa-1764	130	54	holdin	holdin	NOUN
ajfa-1764	130	55	,	,	PUNCT
ajfa-1764	130	56	nuernberger	nuernberger	NOUN
ajfa-1764	130	57	bet.-ag	bet.-ag	PART
ajfa-1764	130	58	-1.049	-1.049	PROPN
ajfa-1764	130	59	-1.395	-1.395	X
ajfa-1764	130	60	non	non	X
ajfa-1764	130	61	–	–	PUNCT
ajfa-1764	130	62	converging	converge	VERB
ajfa-1764	130	63	vienna	vienna	NOUN
ajfa-1764	130	64	insurance	insurance	NOUN
ajfa-1764	130	65	,	,	PUNCT
ajfa-1764	130	66	sampo	sampo	PROPN
ajfa-1764	130	67	oyj	oyj	PROPN
ajfa-1764	130	68	,	,	PUNCT
ajfa-1764	130	69	cnp	cnp	PROPN
ajfa-1764	130	70	assurances	assurances	PROPN
ajfa-1764	130	71	-1.909	-1.909	PROPN
ajfa-1764	130	72	-6.532	-6.532	PUNCT
ajfa-1764	130	73	net	net	ADJ
ajfa-1764	130	74	income	income	NOUN
ajfa-1764	130	75	to	to	ADP
ajfa-1764	130	76	assets	asset	NOUN
ajfa-1764	130	77	is	be	AUX
ajfa-1764	130	78	described	describe	VERB
ajfa-1764	130	79	by	by	ADP
ajfa-1764	130	80	two	two	NUM
ajfa-1764	130	81	sub	sub	NOUN
ajfa-1764	130	82	-	-	NOUN
ajfa-1764	130	83	clubs	club	NOUN
ajfa-1764	130	84	with	with	ADP
ajfa-1764	130	85	3	3	NUM
ajfa-1764	130	86	and	and	CCONJ
ajfa-1764	130	87	4	4	NUM
ajfa-1764	130	88	(	(	PUNCT
ajfa-1764	130	89	table	table	NOUN
ajfa-1764	130	90	4	4	NUM
ajfa-1764	130	91	)	)	PUNCT
ajfa-1764	130	92	.	.	PUNCT
ajfa-1764	131	1	the	the	DET
ajfa-1764	131	2	speed	speed	NOUN
ajfa-1764	131	3	of	of	ADP
ajfa-1764	131	4	convergence	convergence	NOUN
ajfa-1764	131	5	is	be	AUX
ajfa-1764	131	6	higher	high	ADJ
ajfa-1764	131	7	for	for	ADP
ajfa-1764	131	8	the	the	DET
ajfa-1764	131	9	second	second	ADJ
ajfa-1764	131	10	club	club	NOUN
ajfa-1764	131	11			PROPN
ajfa-1764	131	12	1.269	1.269	SYM
ajfa-1764	131	13	�	�	NOUN
ajfa-1764	131	14	b	b	NOUN
ajfa-1764	131	15			PROPN
ajfa-1764	131	16			PROPN
ajfa-1764	131	17	,	,	PUNCT
ajfa-1764	131	18	which	which	PRON
ajfa-1764	131	19	consists	consist	VERB
ajfa-1764	131	20	of	of	ADP
ajfa-1764	131	21	sampo	sampo	PROPN
ajfa-1764	131	22	oyj	oyj	PROPN
ajfa-1764	131	23	,	,	PUNCT
ajfa-1764	131	24	generalli	generalli	NOUN
ajfa-1764	131	25	deutsch	deutsch	PROPN
ajfa-1764	131	26	,	,	PUNCT
ajfa-1764	131	27	manheiimer	manheiimer	NOUN
ajfa-1764	131	28	,	,	PUNCT
ajfa-1764	131	29	nuernberger	nuernberger	NOUN
ajfa-1764	131	30	bet	bet	NOUN
ajfa-1764	131	31	;	;	PUNCT
ajfa-1764	131	32	compared	compare	VERB
ajfa-1764	131	33	with	with	ADP
ajfa-1764	131	34	the	the	DET
ajfa-1764	131	35	first	first	ADJ
ajfa-1764	131	36	club	club	NOUN
ajfa-1764	131	37			PROPN
ajfa-1764	131	38	0.655	0.655	NOUN
ajfa-1764	131	39	�	�	PROPN
ajfa-1764	131	40	b	b	NOUN
ajfa-1764	131	41			NOUN
ajfa-1764	131	42			PROPN
ajfa-1764	131	43	which	which	PRON
ajfa-1764	131	44	is	be	AUX
ajfa-1764	131	45	composed	compose	VERB
ajfa-1764	131	46	by	by	ADP
ajfa-1764	131	47	vienna	vienna	NOUN
ajfa-1764	131	48	insurance	insurance	PROPN
ajfa-1764	131	49	,	,	PUNCT
ajfa-1764	131	50	alm	alm	NOUN
ajfa-1764	131	51	brand	brand	NOUN
ajfa-1764	131	52	and	and	CCONJ
ajfa-1764	131	53	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	131	54	.	.	PUNCT
ajfa-1764	132	1	finally	finally	ADV
ajfa-1764	132	2	,	,	PUNCT
ajfa-1764	132	3	the	the	DET
ajfa-1764	132	4	uniqa	uniqa	NOUN
ajfa-1764	132	5	,	,	PUNCT
ajfa-1764	132	6	ageas	agea	NOUN
ajfa-1764	132	7	,	,	PUNCT
ajfa-1764	132	8	topdanmark	topdanmark	NOUN
ajfa-1764	132	9	,	,	PUNCT
ajfa-1764	132	10	cnp	cnp	PROPN
ajfa-1764	132	11	assurances	assurance	NOUN
ajfa-1764	132	12	,	,	PUNCT
ajfa-1764	132	13	axa	axa	PROPN
ajfa-1764	132	14	,	,	PUNCT
ajfa-1764	132	15	scor	scor	PROPN
ajfa-1764	132	16	,	,	PUNCT
ajfa-1764	132	17	allianz	allianz	PROPN
ajfa-1764	132	18	,	,	PUNCT
ajfa-1764	132	19	hannover	hannover	PROPN
ajfa-1764	132	20	rueckversic	rueckversic	NOUN
ajfa-1764	132	21	and	and	CCONJ
ajfa-1764	132	22	munchener	munchener	NOUN
ajfa-1764	132	23	ruckver	ruckver	ADV
ajfa-1764	132	24	diverge	diverge	NOUN
ajfa-1764	132	25	according	accord	VERB
ajfa-1764	132	26	to	to	ADP
ajfa-1764	132	27	the	the	DET
ajfa-1764	132	28	log	log	NOUN
ajfa-1764	132	29	t	t	NOUN
ajfa-1764	132	30	-	-	PUNCT
ajfa-1764	132	31	test	test	NOUN
ajfa-1764	132	32	result	result	NOUN
ajfa-1764	132	33	.	.	PUNCT
ajfa-1764	133	1	table	table	NOUN
ajfa-1764	133	2	4	4	NUM
ajfa-1764	133	3	.	.	PUNCT
ajfa-1764	133	4	net	net	ADJ
ajfa-1764	133	5	income	income	NOUN
ajfa-1764	133	6	to	to	ADP
ajfa-1764	133	7	assets	asset	NOUN
ajfa-1764	133	8	firms	firm	NOUN
ajfa-1764	133	9	b	b	PROPN
ajfa-1764	133	10	coefficient	coefficient	PROPN
ajfa-1764	133	11	t	t	PROPN
ajfa-1764	133	12	-	-	PUNCT
ajfa-1764	133	13	statistic	statistic	NOUN
ajfa-1764	133	14	full	full	ADJ
ajfa-1764	133	15	sample	sample	NOUN
ajfa-1764	133	16	-1.046	-1.046	PUNCT
ajfa-1764	133	17	-19.134	-19.134	PROPN
ajfa-1764	133	18	1st	1st	ADJ
ajfa-1764	133	19	club	club	NOUN
ajfa-1764	133	20	vienna	vienna	PROPN
ajfa-1764	133	21	insurance	insurance	PROPN
ajfa-1764	133	22	,	,	PUNCT
ajfa-1764	133	23	alm	alm	NOUN
ajfa-1764	133	24	brand	brand	NOUN
ajfa-1764	133	25	as	as	ADP
ajfa-1764	133	26	,	,	PUNCT
ajfa-1764	133	27	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	133	28	le	le	ADP
ajfa-1764	133	29	0.270	0.270	NUM
ajfa-1764	133	30	0.655	0.655	NUM
ajfa-1764	133	31	2nd	2nd	ADJ
ajfa-1764	133	32	club	club	PROPN
ajfa-1764	133	33	sampo	sampo	PROPN
ajfa-1764	133	34	oyj	oyj	PROPN
ajfa-1764	133	35	,	,	PUNCT
ajfa-1764	133	36	generali	generali	PROPN
ajfa-1764	133	37	deutsch	deutsch	PROPN
ajfa-1764	133	38	,	,	PUNCT
ajfa-1764	133	39	mannheimer	mannheimer	NOUN
ajfa-1764	133	40	ag	ag	PROPN
ajfa-1764	133	41	holdin	holdin	NOUN
ajfa-1764	133	42	,	,	PUNCT
ajfa-1764	133	43	nuernberger	nuernberger	NOUN
ajfa-1764	133	44	bet.-ag	bet.-ag	PROPN
ajfa-1764	133	45	0.610	0.610	NUM
ajfa-1764	133	46	1.269	1.269	NUM
ajfa-1764	133	47	non	non	ADJ
ajfa-1764	133	48	converging	converge	VERB
ajfa-1764	133	49	uniqa	uniqa	NOUN
ajfa-1764	133	50	,	,	PUNCT
ajfa-1764	133	51	ageas	agea	NOUN
ajfa-1764	133	52	,	,	PUNCT
ajfa-1764	133	53	topdanmark	topdanmark	NOUN
ajfa-1764	133	54	a	a	PROPN
ajfa-1764	133	55	/	/	SYM
ajfa-1764	133	56	s	s	PROPN
ajfa-1764	133	57	,	,	PUNCT
ajfa-1764	133	58	cnp	cnp	PROPN
ajfa-1764	133	59	assurances	assurance	NOUN
ajfa-1764	133	60	,	,	PUNCT
ajfa-1764	133	61	axa	axa	PROPN
ajfa-1764	133	62	,	,	PUNCT
ajfa-1764	133	63	scor	scor	PROPN
ajfa-1764	133	64	se	se	PROPN
ajfa-1764	133	65	,	,	PUNCT
ajfa-1764	133	66	allianz	allianz	PROPN
ajfa-1764	133	67	se	se	PROPN
ajfa-1764	133	68	,	,	PUNCT
ajfa-1764	133	69	hannover	hannover	NOUN
ajfa-1764	133	70	rueckversic	rueckversic	NOUN
ajfa-1764	133	71	,	,	PUNCT
ajfa-1764	133	72	munchener	munchener	NOUN
ajfa-1764	133	73	ruckver	ruckver	ADV
ajfa-1764	133	74	-0.651	-0.651	NOUN
ajfa-1764	133	75	-37.447	-37.447	PROPN
ajfa-1764	133	76	asian	asian	ADJ
ajfa-1764	133	77	journal	journal	NOUN
ajfa-1764	133	78	of	of	ADP
ajfa-1764	133	79	finance	finance	PROPN
ajfa-1764	133	80	&	&	CCONJ
ajfa-1764	133	81	accounting	accounting	PROPN
ajfa-1764	133	82	issn	issn	PROPN
ajfa-1764	133	83	1946	1946	NUM
ajfa-1764	133	84	-	-	PUNCT
ajfa-1764	133	85	052x	052x	NOUN
ajfa-1764	133	86	2012	2012	NUM
ajfa-1764	133	87	,	,	PUNCT
ajfa-1764	133	88	vol	vol	NOUN
ajfa-1764	133	89	.	.	PROPN
ajfa-1764	133	90	4	4	NUM
ajfa-1764	133	91	,	,	PUNCT
ajfa-1764	133	92	no	no	INTJ
ajfa-1764	133	93	.	.	NOUN
ajfa-1764	133	94	2	2	NUM
ajfa-1764	133	95	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1764	133	96	11	11	NUM
ajfa-1764	133	97	with	with	ADP
ajfa-1764	133	98	regards	regard	NOUN
ajfa-1764	133	99	to	to	ADP
ajfa-1764	133	100	equity	equity	NOUN
ajfa-1764	133	101	to	to	ADP
ajfa-1764	133	102	assets	asset	NOUN
ajfa-1764	133	103	there	there	ADV
ajfa-1764	133	104	exist	exist	VERB
ajfa-1764	133	105	only	only	ADV
ajfa-1764	133	106	one	one	NUM
ajfa-1764	133	107	sub	sub	NOUN
ajfa-1764	133	108	club	club	NOUN
ajfa-1764	133	109	that	that	SCONJ
ajfa-1764	133	110	comprises	comprise	VERB
ajfa-1764	133	111	of	of	ADP
ajfa-1764	133	112	vienna	vienna	NOUN
ajfa-1764	133	113	insurance	insurance	NOUN
ajfa-1764	133	114	,	,	PUNCT
ajfa-1764	133	115	alm	alm	PROPN
ajfa-1764	133	116	brand	brand	PROPN
ajfa-1764	133	117	,	,	PUNCT
ajfa-1764	133	118	sampo	sampo	PROPN
ajfa-1764	133	119	oyj	oyj	PROPN
ajfa-1764	133	120	,	,	PUNCT
ajfa-1764	133	121	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	133	122	,	,	PUNCT
ajfa-1764	133	123	generalli	generalli	PROPN
ajfa-1764	133	124	deutsch	deutsch	PROPN
ajfa-1764	133	125	,	,	PUNCT
ajfa-1764	133	126	mannheimer	mannheimer	NOUN
ajfa-1764	133	127	and	and	CCONJ
ajfa-1764	133	128	nuernberger	nuernberger	ADJ
ajfa-1764	133	129	bet	bet	NOUN
ajfa-1764	133	130	and	and	CCONJ
ajfa-1764	133	131	all	all	DET
ajfa-1764	133	132	the	the	DET
ajfa-1764	133	133	reaming	ream	VERB
ajfa-1764	133	134	insurers	insurer	NOUN
ajfa-1764	133	135	according	accord	VERB
ajfa-1764	133	136	to	to	ADP
ajfa-1764	133	137	the	the	DET
ajfa-1764	133	138	log	log	NOUN
ajfa-1764	133	139	t	t	NOUN
ajfa-1764	133	140	-	-	PUNCT
ajfa-1764	133	141	test	test	NOUN
ajfa-1764	133	142	diverge	diverge	NOUN
ajfa-1764	133	143	(	(	PUNCT
ajfa-1764	133	144	table	table	NOUN
ajfa-1764	133	145	5	5	NUM
ajfa-1764	133	146	)	)	PUNCT
ajfa-1764	133	147	.	.	PUNCT
ajfa-1764	134	1	table	table	NOUN
ajfa-1764	134	2	5	5	NUM
ajfa-1764	134	3	.	.	PUNCT
ajfa-1764	135	1	equity	equity	NOUN
ajfa-1764	135	2	to	to	ADP
ajfa-1764	135	3	assets	asset	NOUN
ajfa-1764	135	4	firms	firm	NOUN
ajfa-1764	135	5	b	b	PROPN
ajfa-1764	135	6	coefficient	coefficient	PROPN
ajfa-1764	135	7	t	t	PROPN
ajfa-1764	135	8	-	-	PUNCT
ajfa-1764	135	9	statistic	statistic	NOUN
ajfa-1764	135	10	full	full	ADJ
ajfa-1764	135	11	sample	sample	NOUN
ajfa-1764	135	12	-0.816	-0.816	INTJ
ajfa-1764	135	13	-8.765	-8.765	NUM
ajfa-1764	135	14	1st	1st	ADJ
ajfa-1764	135	15	club	club	NOUN
ajfa-1764	135	16	vienna	vienna	PROPN
ajfa-1764	135	17	insurance	insurance	PROPN
ajfa-1764	135	18	,	,	PUNCT
ajfa-1764	135	19	alm	alm	NOUN
ajfa-1764	135	20	brand	brand	NOUN
ajfa-1764	135	21	as	as	ADP
ajfa-1764	135	22	,	,	PUNCT
ajfa-1764	135	23	sampo	sampo	PROPN
ajfa-1764	135	24	oyj	oyj	PROPN
ajfa-1764	135	25	,	,	PUNCT
ajfa-1764	135	26	wuerttembergische	wuerttembergische	PROPN
ajfa-1764	135	27	le	le	X
ajfa-1764	135	28	,	,	PUNCT
ajfa-1764	135	29	generali	generali	PROPN
ajfa-1764	135	30	deutsch	deutsch	PROPN
ajfa-1764	135	31	,	,	PUNCT
ajfa-1764	135	32	mannheimer	mannheimer	NOUN
ajfa-1764	135	33	ag	ag	PROPN
ajfa-1764	135	34	holdin	holdin	NOUN
ajfa-1764	135	35	,	,	PUNCT
ajfa-1764	135	36	nuernberger	nuernberger	NOUN
ajfa-1764	135	37	bet.-ag	bet.-ag	VERB
ajfa-1764	135	38	0.676	0.676	NUM
ajfa-1764	135	39	3.242	3.242	NUM
ajfa-1764	135	40	non	non	ADJ
ajfa-1764	135	41	-	-	NOUN
ajfa-1764	135	42	convergi	convergi	ADJ
ajfa-1764	135	43	ng	ng	PROPN
ajfa-1764	135	44	uniqa	uniqa	PROPN
ajfa-1764	135	45	,	,	PUNCT
ajfa-1764	135	46	ageas	agea	NOUN
ajfa-1764	135	47	,	,	PUNCT
ajfa-1764	135	48	topdanmark	topdanmark	NOUN
ajfa-1764	135	49	a	a	PROPN
ajfa-1764	135	50	/	/	SYM
ajfa-1764	135	51	s	s	PROPN
ajfa-1764	135	52	,	,	PUNCT
ajfa-1764	135	53	cnp	cnp	PROPN
ajfa-1764	135	54	assurances	assurance	NOUN
ajfa-1764	135	55	,	,	PUNCT
ajfa-1764	135	56	axa	axa	PROPN
ajfa-1764	135	57	,	,	PUNCT
ajfa-1764	135	58	scor	scor	PROPN
ajfa-1764	135	59	se	se	PROPN
ajfa-1764	135	60	,	,	PUNCT
ajfa-1764	135	61	allianz	allianz	PROPN
ajfa-1764	135	62	se	se	PROPN
ajfa-1764	135	63	,	,	PUNCT
ajfa-1764	135	64	hannover	hannover	NOUN
ajfa-1764	135	65	rueckversic	rueckversic	NOUN
ajfa-1764	135	66	,	,	PUNCT
ajfa-1764	135	67	munchener	munchener	NOUN
ajfa-1764	135	68	ruckver	ruckver	ADV
ajfa-1764	135	69	-0.803	-0.803	ADP
ajfa-1764	135	70	-45.190	-45.190	ADJ
ajfa-1764	135	71	under	under	ADP
ajfa-1764	135	72	provisions	provision	NOUN
ajfa-1764	135	73	to	to	ADP
ajfa-1764	135	74	assets	asset	NOUN
ajfa-1764	135	75	there	there	PRON
ajfa-1764	135	76	are	be	VERB
ajfa-1764	135	77	two	two	NUM
ajfa-1764	135	78	sub	sub	NOUN
ajfa-1764	135	79	-	-	NOUN
ajfa-1764	135	80	groups	group	NOUN
ajfa-1764	135	81	(	(	PUNCT
ajfa-1764	135	82	table	table	NOUN
ajfa-1764	135	83	6	6	NUM
ajfa-1764	135	84	)	)	PUNCT
ajfa-1764	135	85	.	.	PUNCT
ajfa-1764	136	1	the	the	DET
ajfa-1764	136	2	second	second	ADJ
ajfa-1764	136	3	club	club	NOUN
ajfa-1764	136	4	converges	converge	VERB
ajfa-1764	136	5	at	at	ADP
ajfa-1764	136	6	higher	high	ADJ
ajfa-1764	136	7	speed	speed	NOUN
ajfa-1764	136	8			PROPN
ajfa-1764	136	9	1.746	1.746	SYM
ajfa-1764	136	10	�	�	PROPN
ajfa-1764	136	11	b	b	NOUN
ajfa-1764	136	12			PROPN
ajfa-1764	136	13			PROPN
ajfa-1764	136	14	than	than	ADP
ajfa-1764	136	15	the	the	DET
ajfa-1764	136	16	first	first	ADJ
ajfa-1764	136	17	club	club	NOUN
ajfa-1764	136	18			PROPN
ajfa-1764	136	19	0.091	0.091	NOUN
ajfa-1764	136	20	�	�	PROPN
ajfa-1764	136	21	b	b	NOUN
ajfa-1764	136	22			PROPN
ajfa-1764	136	23			PROPN
ajfa-1764	136	24	.	.	PUNCT
ajfa-1764	137	1	the	the	DET
ajfa-1764	137	2	first	first	ADJ
ajfa-1764	137	3	club	club	NOUN
ajfa-1764	137	4	is	be	AUX
ajfa-1764	137	5	made	make	VERB
ajfa-1764	137	6	up	up	ADP
ajfa-1764	137	7	by	by	ADP
ajfa-1764	137	8	vienna	vienna	NOUN
ajfa-1764	137	9	insurance	insurance	PROPN
ajfa-1764	137	10	,	,	PUNCT
ajfa-1764	137	11	alm	alm	NOUN
ajfa-1764	137	12	brand	brand	PROPN
ajfa-1764	137	13	,	,	PUNCT
ajfa-1764	137	14	axa	axa	PROPN
ajfa-1764	137	15	,	,	PUNCT
ajfa-1764	137	16	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	137	17	,	,	PUNCT
ajfa-1764	137	18	mannheimer	mannheimer	NOUN
ajfa-1764	137	19	and	and	CCONJ
ajfa-1764	137	20	nuernberger	nuernberger	NOUN
ajfa-1764	137	21	bet	bet	NOUN
ajfa-1764	137	22	;	;	PUNCT
ajfa-1764	137	23	while	while	SCONJ
ajfa-1764	137	24	the	the	DET
ajfa-1764	137	25	second	second	ADJ
ajfa-1764	137	26	by	by	ADP
ajfa-1764	137	27	sampo	sampo	PROPN
ajfa-1764	137	28	oyj	oyj	PROPN
ajfa-1764	137	29	and	and	CCONJ
ajfa-1764	137	30	generali	generali	PROPN
ajfa-1764	137	31	deutsh	deutsh	NOUN
ajfa-1764	137	32	.	.	PUNCT
ajfa-1764	138	1	finally	finally	ADV
ajfa-1764	138	2	,	,	PUNCT
ajfa-1764	138	3	the	the	DET
ajfa-1764	138	4	club	club	NOUN
ajfa-1764	138	5	converging	converge	VERB
ajfa-1764	138	6	algorithm	algorithm	NOUN
ajfa-1764	138	7	reveals	reveal	VERB
ajfa-1764	138	8	that	that	SCONJ
ajfa-1764	138	9	uniqa	uniqa	NOUN
ajfa-1764	138	10	,	,	PUNCT
ajfa-1764	138	11	ageas	agea	NOUN
ajfa-1764	138	12	,	,	PUNCT
ajfa-1764	138	13	topdanmark	topdanmark	NOUN
ajfa-1764	138	14	,	,	PUNCT
ajfa-1764	138	15	cnp	cnp	PROPN
ajfa-1764	138	16	assurances	assurance	NOUN
ajfa-1764	138	17	,	,	PUNCT
ajfa-1764	138	18	scor	scor	PROPN
ajfa-1764	138	19	,	,	PUNCT
ajfa-1764	138	20	allianz	allianz	PROPN
ajfa-1764	138	21	,	,	PUNCT
ajfa-1764	138	22	hannover	hannover	PROPN
ajfa-1764	138	23	rueckversic	rueckversic	NOUN
ajfa-1764	138	24	and	and	CCONJ
ajfa-1764	138	25	munchener	munchener	NOUN
ajfa-1764	138	26	ruckver	ruckver	ADV
ajfa-1764	138	27	diverge	diverge	NOUN
ajfa-1764	138	28	.	.	PUNCT
ajfa-1764	139	1	table	table	NOUN
ajfa-1764	139	2	6	6	NUM
ajfa-1764	139	3	.	.	PUNCT
ajfa-1764	140	1	provisions	provision	NOUN
ajfa-1764	140	2	to	to	ADP
ajfa-1764	140	3	assets	asset	NOUN
ajfa-1764	140	4	firms	firm	NOUN
ajfa-1764	140	5	b	b	PROPN
ajfa-1764	140	6	coefficient	coefficient	PROPN
ajfa-1764	140	7	t	t	PROPN
ajfa-1764	140	8	-	-	PUNCT
ajfa-1764	140	9	statistic	statistic	NOUN
ajfa-1764	140	10	full	full	ADJ
ajfa-1764	140	11	sample	sample	NOUN
ajfa-1764	140	12	-0.542	-0.542	PUNCT
ajfa-1764	140	13	-4.672	-4.672	PUNCT
ajfa-1764	140	14	1st	1st	ADJ
ajfa-1764	140	15	club	club	NOUN
ajfa-1764	140	16	vienna	vienna	NOUN
ajfa-1764	140	17	insurance	insurance	PROPN
ajfa-1764	140	18	,	,	PUNCT
ajfa-1764	140	19	alm	alm	NOUN
ajfa-1764	140	20	brand	brand	NOUN
ajfa-1764	140	21	as	as	ADP
ajfa-1764	140	22	,	,	PUNCT
ajfa-1764	140	23	axa	axa	PROPN
ajfa-1764	140	24	,	,	PUNCT
ajfa-1764	140	25	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	140	26	le	le	X
ajfa-1764	140	27	,	,	PUNCT
ajfa-1764	140	28	mannheimer	mannheimer	PROPN
ajfa-1764	140	29	ag	ag	PROPN
ajfa-1764	140	30	holdin	holdin	NOUN
ajfa-1764	140	31	,	,	PUNCT
ajfa-1764	140	32	nuernberger	nuernberger	NOUN
ajfa-1764	140	33	bet.-ag	bet.-ag	PART
ajfa-1764	140	34	0.091	0.091	NUM
ajfa-1764	140	35	0.380	0.380	NUM
ajfa-1764	140	36	2nd	2nd	ADJ
ajfa-1764	140	37	club	club	NOUN
ajfa-1764	140	38	sampo	sampo	PROPN
ajfa-1764	140	39	oyj	oyj	PROPN
ajfa-1764	140	40	,	,	PUNCT
ajfa-1764	140	41	generali	generali	PROPN
ajfa-1764	140	42	deutsch	deutsch	NOUN
ajfa-1764	140	43	1.746	1.746	NUM
ajfa-1764	140	44	5.724	5.724	NUM
ajfa-1764	140	45	non	non	ADJ
ajfa-1764	140	46	converging	converge	VERB
ajfa-1764	140	47	uniqa	uniqa	NOUN
ajfa-1764	140	48	,	,	PUNCT
ajfa-1764	140	49	ageas	agea	NOUN
ajfa-1764	140	50	,	,	PUNCT
ajfa-1764	140	51	topdanmark	topdanmark	NOUN
ajfa-1764	140	52	as	as	ADP
ajfa-1764	140	53	,	,	PUNCT
ajfa-1764	140	54	cnp	cnp	PROPN
ajfa-1764	140	55	assurances	assurance	NOUN
ajfa-1764	140	56	,	,	PUNCT
ajfa-1764	140	57	scor	scor	PROPN
ajfa-1764	140	58	se	se	PROPN
ajfa-1764	140	59	,	,	PUNCT
ajfa-1764	140	60	allianz	allianz	PROPN
ajfa-1764	140	61	se	se	PROPN
ajfa-1764	140	62	,	,	PUNCT
ajfa-1764	140	63	hannover	hannover	NOUN
ajfa-1764	140	64	rueckversic	rueckversic	NOUN
ajfa-1764	140	65	,	,	PUNCT
ajfa-1764	140	66	munchener	munchener	NOUN
ajfa-1764	140	67	ruckver	ruckver	ADV
ajfa-1764	140	68	-0.583	-0.583	PROPN
ajfa-1764	140	69	-43.294	-43.294	VERB
ajfa-1764	140	70	asian	asian	ADJ
ajfa-1764	140	71	journal	journal	NOUN
ajfa-1764	140	72	of	of	ADP
ajfa-1764	140	73	finance	finance	PROPN
ajfa-1764	140	74	&	&	CCONJ
ajfa-1764	140	75	accounting	accounting	PROPN
ajfa-1764	140	76	issn	issn	PROPN
ajfa-1764	140	77	1946	1946	NUM
ajfa-1764	140	78	-	-	PUNCT
ajfa-1764	140	79	052x	052x	NOUN
ajfa-1764	140	80	2012	2012	NUM
ajfa-1764	140	81	,	,	PUNCT
ajfa-1764	140	82	vol	vol	NOUN
ajfa-1764	140	83	.	.	PROPN
ajfa-1764	140	84	4	4	NUM
ajfa-1764	140	85	,	,	PUNCT
ajfa-1764	140	86	no	no	INTJ
ajfa-1764	140	87	.	.	NOUN
ajfa-1764	140	88	2	2	NUM
ajfa-1764	140	89	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1764	140	90	12	12	NUM
ajfa-1764	140	91	with	with	ADP
ajfa-1764	140	92	regards	regard	NOUN
ajfa-1764	140	93	to	to	ADP
ajfa-1764	140	94	growth	growth	NOUN
ajfa-1764	140	95	rate	rate	NOUN
ajfa-1764	140	96	of	of	ADP
ajfa-1764	140	97	real	real	ADJ
ajfa-1764	140	98	total	total	ADJ
ajfa-1764	140	99	assets	asset	NOUN
ajfa-1764	140	100	three	three	NUM
ajfa-1764	140	101	clubs	club	NOUN
ajfa-1764	140	102	exist	exist	VERB
ajfa-1764	140	103	with	with	ADP
ajfa-1764	140	104	3	3	NUM
ajfa-1764	140	105	,	,	PUNCT
ajfa-1764	140	106	2	2	NUM
ajfa-1764	140	107	and	and	CCONJ
ajfa-1764	140	108	2	2	NUM
ajfa-1764	140	109	insurers	insurer	NOUN
ajfa-1764	140	110	,	,	PUNCT
ajfa-1764	140	111	respectively	respectively	ADV
ajfa-1764	140	112	(	(	PUNCT
ajfa-1764	140	113	table	table	NOUN
ajfa-1764	140	114	7	7	NUM
ajfa-1764	140	115	)	)	PUNCT
ajfa-1764	140	116	.	.	PUNCT
ajfa-1764	141	1	the	the	DET
ajfa-1764	141	2	first	first	ADJ
ajfa-1764	141	3	club	club	NOUN
ajfa-1764	141	4	converges	converge	VERB
ajfa-1764	141	5	at	at	ADP
ajfa-1764	141	6	a	a	DET
ajfa-1764	141	7	higher	high	ADJ
ajfa-1764	141	8	speed	speed	NOUN
ajfa-1764	141	9			PROPN
ajfa-1764	141	10	0.670	0.670	SYM
ajfa-1764	141	11	�	�	PROPN
ajfa-1764	141	12	b	b	NOUN
ajfa-1764	141	13			PROPN
ajfa-1764	141	14			PROPN
ajfa-1764	141	15	than	than	ADP
ajfa-1764	141	16	the	the	DET
ajfa-1764	141	17	remaining	remain	VERB
ajfa-1764	141	18	two	two	NUM
ajfa-1764	141	19	clubs	club	NOUN
ajfa-1764	141	20			PROPN
ajfa-1764	141	21	0.025	0.025	ADJ
ajfa-1764	141	22	�	�	PROPN
ajfa-1764	141	23	b	b	NOUN
ajfa-1764	141	24			PROPN
ajfa-1764	141	25			PROPN
ajfa-1764	141	26	and	and	CCONJ
ajfa-1764	141	27			PROPN
ajfa-1764	141	28	0.961	0.961	NOUN
ajfa-1764	141	29	�	�	PROPN
ajfa-1764	141	30	b	b	NOUN
ajfa-1764	141	31			PROPN
ajfa-1764	141	32			PROPN
ajfa-1764	141	33			PROPN
ajfa-1764	141	34	that	that	DET
ajfa-1764	141	35	weakly	weakly	ADJ
ajfa-1764	141	36	converge	converge	VERB
ajfa-1764	141	37	.	.	PUNCT
ajfa-1764	142	1	the	the	DET
ajfa-1764	142	2	first	first	ADJ
ajfa-1764	142	3	cluster	cluster	NOUN
ajfa-1764	142	4	consists	consist	VERB
ajfa-1764	142	5	of	of	ADP
ajfa-1764	142	6	vienna	vienna	NOUN
ajfa-1764	142	7	insurance	insurance	NOUN
ajfa-1764	142	8	,	,	PUNCT
ajfa-1764	142	9	alm	alm	NOUN
ajfa-1764	142	10	brand	brand	NOUN
ajfa-1764	142	11	and	and	CCONJ
ajfa-1764	142	12	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	142	13	;	;	PUNCT
ajfa-1764	142	14	the	the	DET
ajfa-1764	142	15	second	second	ADJ
ajfa-1764	142	16	cluster	cluster	NOUN
ajfa-1764	142	17	of	of	ADP
ajfa-1764	142	18	sampo	sampo	PROPN
ajfa-1764	142	19	oyj	oyj	PROPN
ajfa-1764	142	20	and	and	CCONJ
ajfa-1764	142	21	nuernberger	nuernberger	ADJ
ajfa-1764	142	22	bet	bet	NOUN
ajfa-1764	142	23	;	;	PUNCT
ajfa-1764	142	24	the	the	DET
ajfa-1764	142	25	third	third	ADJ
ajfa-1764	142	26	cluster	cluster	NOUN
ajfa-1764	142	27	of	of	ADP
ajfa-1764	142	28	axa	axa	PROPN
ajfa-1764	142	29	and	and	CCONJ
ajfa-1764	142	30	generalli	generalli	PROPN
ajfa-1764	142	31	deutsch	deutsch	PROPN
ajfa-1764	142	32	.	.	PUNCT
ajfa-1764	143	1	finally	finally	ADV
ajfa-1764	143	2	,	,	PUNCT
ajfa-1764	143	3	the	the	DET
ajfa-1764	143	4	remaining	remain	VERB
ajfa-1764	143	5	insurers	insurer	NOUN
ajfa-1764	143	6	diverge	diverge	VERB
ajfa-1764	143	7	as	as	SCONJ
ajfa-1764	143	8	shown	show	VERB
ajfa-1764	143	9	by	by	ADP
ajfa-1764	143	10	the	the	DET
ajfa-1764	143	11	log	log	NOUN
ajfa-1764	143	12	t	t	PROPN
ajfa-1764	143	13	-	-	PUNCT
ajfa-1764	143	14	statistic	statistic	NOUN
ajfa-1764	143	15	.	.	PUNCT
ajfa-1764	144	1	table	table	NOUN
ajfa-1764	144	2	7	7	NUM
ajfa-1764	144	3	.	.	PUNCT
ajfa-1764	144	4	growth	growth	NOUN
ajfa-1764	144	5	rate	rate	NOUN
ajfa-1764	144	6	of	of	ADP
ajfa-1764	144	7	real	real	ADJ
ajfa-1764	144	8	total	total	ADJ
ajfa-1764	144	9	assets	asset	NOUN
ajfa-1764	144	10	firms	firm	NOUN
ajfa-1764	145	1	b	b	NOUN
ajfa-1764	145	2	coefficient	coefficient	PROPN
ajfa-1764	145	3	t	t	PROPN
ajfa-1764	145	4	-	-	PUNCT
ajfa-1764	145	5	statistic	statistic	NOUN
ajfa-1764	145	6	full	full	ADJ
ajfa-1764	145	7	sample	sample	NOUN
ajfa-1764	145	8	-1.121	-1.121	ADP
ajfa-1764	145	9	-8.116	-8.116	NUM
ajfa-1764	145	10	1st	1st	ADJ
ajfa-1764	145	11	club	club	NOUN
ajfa-1764	145	12	vienna	vienna	PROPN
ajfa-1764	145	13	insurance	insurance	PROPN
ajfa-1764	145	14	,	,	PUNCT
ajfa-1764	145	15	alm	alm	NOUN
ajfa-1764	145	16	brand	brand	NOUN
ajfa-1764	145	17	as	as	ADP
ajfa-1764	145	18	,	,	PUNCT
ajfa-1764	145	19	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	145	20	le	le	X
ajfa-1764	145	21	0.670	0.670	NUM
ajfa-1764	145	22	0.886	0.886	NUM
ajfa-1764	145	23	2nd	2nd	ADJ
ajfa-1764	145	24	club	club	PROPN
ajfa-1764	145	25	sampo	sampo	PROPN
ajfa-1764	145	26	oyj	oyj	PROPN
ajfa-1764	145	27	,	,	PUNCT
ajfa-1764	145	28	nuernberger	nuernberger	NOUN
ajfa-1764	145	29	bet.-ag	bet.-ag	VERB
ajfa-1764	145	30	0.025	0.025	NUM
ajfa-1764	145	31	0.087	0.087	NUM
ajfa-1764	145	32	3rd	3rd	ADJ
ajfa-1764	145	33	club	club	NOUN
ajfa-1764	145	34	axa	axa	NOUN
ajfa-1764	145	35	,	,	PUNCT
ajfa-1764	145	36	generali	generali	ADJ
ajfa-1764	145	37	deutsch	deutsch	NOUN
ajfa-1764	145	38	-0.961	-0.961	PROPN
ajfa-1764	145	39	-0.807	-0.807	PUNCT
ajfa-1764	145	40	non	non	ADJ
ajfa-1764	145	41	–	–	PUNCT
ajfa-1764	145	42	converging	converge	VERB
ajfa-1764	145	43	uniqa	uniqa	NOUN
ajfa-1764	145	44	,	,	PUNCT
ajfa-1764	145	45	ageas	agea	NOUN
ajfa-1764	145	46	,	,	PUNCT
ajfa-1764	145	47	topdanmark	topdanmark	NOUN
ajfa-1764	145	48	a	a	PROPN
ajfa-1764	145	49	/	/	SYM
ajfa-1764	145	50	s	s	PROPN
ajfa-1764	145	51	,	,	PUNCT
ajfa-1764	145	52	cnp	cnp	PROPN
ajfa-1764	145	53	assurances	assurance	NOUN
ajfa-1764	145	54	,	,	PUNCT
ajfa-1764	145	55	scor	scor	PROPN
ajfa-1764	145	56	se	se	PROPN
ajfa-1764	145	57	,	,	PUNCT
ajfa-1764	145	58	allianz	allianz	PROPN
ajfa-1764	145	59	se	se	PROPN
ajfa-1764	145	60	,	,	PUNCT
ajfa-1764	145	61	hannover	hannover	NOUN
ajfa-1764	145	62	rueckversic	rueckversic	NOUN
ajfa-1764	145	63	,	,	PUNCT
ajfa-1764	145	64	mannheimer	mannheimer	NOUN
ajfa-1764	145	65	ag	ag	PROPN
ajfa-1764	145	66	holdin	holdin	PROPN
ajfa-1764	145	67	,	,	PUNCT
ajfa-1764	145	68	munchener	munchener	NOUN
ajfa-1764	145	69	ruckver	ruckver	ADV
ajfa-1764	145	70	-0.682	-0.682	VERB
ajfa-1764	145	71	-41.189	-41.189	PROPN
ajfa-1764	145	72	in	in	ADP
ajfa-1764	145	73	terms	term	NOUN
ajfa-1764	145	74	of	of	ADP
ajfa-1764	145	75	the	the	DET
ajfa-1764	145	76	total	total	ADJ
ajfa-1764	145	77	expenses	expense	NOUN
ajfa-1764	145	78	to	to	ADP
ajfa-1764	145	79	assets	asset	NOUN
ajfa-1764	145	80	ratio	ratio	NOUN
ajfa-1764	145	81	,	,	PUNCT
ajfa-1764	145	82	two	two	NUM
ajfa-1764	145	83	sub	sub	NOUN
ajfa-1764	145	84	-	-	NOUN
ajfa-1764	145	85	clubs	club	NOUN
ajfa-1764	145	86	are	be	AUX
ajfa-1764	145	87	highlighted	highlight	VERB
ajfa-1764	145	88	with	with	ADP
ajfa-1764	145	89	4	4	NUM
ajfa-1764	145	90	and	and	CCONJ
ajfa-1764	145	91	2	2	NUM
ajfa-1764	145	92	insurers	insurer	NOUN
ajfa-1764	145	93	,	,	PUNCT
ajfa-1764	145	94	respectively	respectively	ADV
ajfa-1764	145	95	(	(	PUNCT
ajfa-1764	145	96	table	table	NOUN
ajfa-1764	145	97	8)	8)	NUM
ajfa-1764	145	98	.	.	PUNCT
ajfa-1764	146	1	the	the	DET
ajfa-1764	146	2	first	first	ADJ
ajfa-1764	146	3	club	club	NOUN
ajfa-1764	146	4	consists	consist	VERB
ajfa-1764	146	5	of	of	ADP
ajfa-1764	146	6	vienna	vienna	NOUN
ajfa-1764	146	7	insurance	insurance	PROPN
ajfa-1764	146	8	,	,	PUNCT
ajfa-1764	146	9	alm	alm	NOUN
ajfa-1764	146	10	brand	brand	NOUN
ajfa-1764	146	11	,	,	PUNCT
ajfa-1764	146	12	wuerttembersgische	wuerttembersgische	NOUN
ajfa-1764	146	13	and	and	CCONJ
ajfa-1764	146	14	generalli	generalli	NOUN
ajfa-1764	146	15	deutsch	deutsch	NOUN
ajfa-1764	146	16	and	and	CCONJ
ajfa-1764	146	17	converges	converge	VERB
ajfa-1764	146	18	at	at	ADP
ajfa-1764	146	19	a	a	DET
ajfa-1764	146	20	higher	high	ADJ
ajfa-1764	146	21	speed	speed	NOUN
ajfa-1764	146	22	than	than	ADP
ajfa-1764	146	23	the	the	DET
ajfa-1764	146	24	second	second	ADJ
ajfa-1764	146	25	club	club	NOUN
ajfa-1764	146	26	which	which	PRON
ajfa-1764	146	27	is	be	AUX
ajfa-1764	146	28	made	make	VERB
ajfa-1764	146	29	up	up	ADP
ajfa-1764	146	30	by	by	ADP
ajfa-1764	146	31	axa	axa	NOUN
ajfa-1764	146	32	and	and	CCONJ
ajfa-1764	146	33	nuerneberget	nuerneberget	NOUN
ajfa-1764	146	34	bet	bet	NOUN
ajfa-1764	146	35	.	.	PUNCT
ajfa-1764	147	1	all	all	DET
ajfa-1764	147	2	the	the	DET
ajfa-1764	147	3	other	other	ADJ
ajfa-1764	147	4	insurers	insurer	NOUN
ajfa-1764	147	5	diverge	diverge	VERB
ajfa-1764	147	6	according	accord	VERB
ajfa-1764	147	7	the	the	DET
ajfa-1764	147	8	log	log	NOUN
ajfa-1764	147	9	t	t	PROPN
ajfa-1764	147	10	-	-	PUNCT
ajfa-1764	147	11	statistic	statistic	NOUN
ajfa-1764	147	12	,	,	PUNCT
ajfa-1764	147	13	which	which	PRON
ajfa-1764	147	14	rejects	reject	VERB
ajfa-1764	147	15	the	the	DET
ajfa-1764	147	16	null	null	ADJ
ajfa-1764	147	17	hypothesis	hypothesis	NOUN
ajfa-1764	147	18	of	of	ADP
ajfa-1764	147	19	convergence	convergence	NOUN
ajfa-1764	147	20	at	at	ADP
ajfa-1764	147	21	1	1	NUM
ajfa-1764	147	22	%	%	NOUN
ajfa-1764	147	23	significant	significant	ADJ
ajfa-1764	147	24	level	level	NOUN
ajfa-1764	147	25	.	.	PUNCT
ajfa-1764	148	1	asian	asian	ADJ
ajfa-1764	148	2	journal	journal	PROPN
ajfa-1764	148	3	of	of	ADP
ajfa-1764	148	4	finance	finance	PROPN
ajfa-1764	148	5	&	&	CCONJ
ajfa-1764	148	6	accounting	accounting	PROPN
ajfa-1764	148	7	issn	issn	PROPN
ajfa-1764	148	8	1946	1946	NUM
ajfa-1764	148	9	-	-	PUNCT
ajfa-1764	148	10	052x	052x	NOUN
ajfa-1764	148	11	2012	2012	NUM
ajfa-1764	148	12	,	,	PUNCT
ajfa-1764	148	13	vol	vol	NOUN
ajfa-1764	148	14	.	.	PROPN
ajfa-1764	148	15	4	4	NUM
ajfa-1764	148	16	,	,	PUNCT
ajfa-1764	148	17	no	no	INTJ
ajfa-1764	148	18	.	.	NOUN
ajfa-1764	148	19	2	2	NUM
ajfa-1764	148	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	148	21	13	13	NUM
ajfa-1764	148	22	table	table	NOUN
ajfa-1764	148	23	8	8	NUM
ajfa-1764	148	24	.	.	PUNCT
ajfa-1764	149	1	total	total	ADJ
ajfa-1764	149	2	expenses	expense	NOUN
ajfa-1764	149	3	to	to	ADP
ajfa-1764	149	4	assets	asset	NOUN
ajfa-1764	149	5	firms	firm	NOUN
ajfa-1764	149	6	b	b	PROPN
ajfa-1764	149	7	coefficient	coefficient	PROPN
ajfa-1764	149	8	t	t	PROPN
ajfa-1764	149	9	-	-	PUNCT
ajfa-1764	149	10	statistic	statistic	NOUN
ajfa-1764	149	11	full	full	ADJ
ajfa-1764	149	12	sample	sample	NOUN
ajfa-1764	149	13	-0.878	-0.878	PUNCT
ajfa-1764	149	14	-284.941	-284.941	NUM
ajfa-1764	149	15	1st	1st	ADJ
ajfa-1764	149	16	club	club	NOUN
ajfa-1764	149	17	vienna	vienna	PROPN
ajfa-1764	149	18	insurance	insurance	PROPN
ajfa-1764	149	19	,	,	PUNCT
ajfa-1764	149	20	alm	alm	NOUN
ajfa-1764	149	21	brand	brand	NOUN
ajfa-1764	149	22	as	as	ADP
ajfa-1764	149	23	,	,	PUNCT
ajfa-1764	149	24	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	149	25	le	le	X
ajfa-1764	149	26	,	,	PUNCT
ajfa-1764	149	27	generali	generali	PROPN
ajfa-1764	149	28	deutsch	deutsch	NOUN
ajfa-1764	149	29	0.485	0.485	NUM
ajfa-1764	149	30	5.589	5.589	NUM
ajfa-1764	149	31	2nd	2nd	ADJ
ajfa-1764	149	32	club	club	NOUN
ajfa-1764	149	33	axa	axa	NOUN
ajfa-1764	149	34	,	,	PUNCT
ajfa-1764	149	35	nuernberger	nuernberger	NOUN
ajfa-1764	149	36	bet.-ag	bet.-ag	VERB
ajfa-1764	149	37	0.321	0.321	NUM
ajfa-1764	149	38	0.154	0.154	NUM
ajfa-1764	149	39	non	non	ADJ
ajfa-1764	149	40	converging	converge	VERB
ajfa-1764	149	41	uniqa	uniqa	NOUN
ajfa-1764	149	42	,	,	PUNCT
ajfa-1764	149	43	ageas	agea	NOUN
ajfa-1764	149	44	,	,	PUNCT
ajfa-1764	149	45	topdanmark	topdanmark	NOUN
ajfa-1764	149	46	a	a	PROPN
ajfa-1764	149	47	/	/	SYM
ajfa-1764	149	48	s	s	PROPN
ajfa-1764	149	49	,	,	PUNCT
ajfa-1764	149	50	sampo	sampo	PROPN
ajfa-1764	149	51	oyj	oyj	PROPN
ajfa-1764	149	52	,	,	PUNCT
ajfa-1764	149	53	cnp	cnp	PROPN
ajfa-1764	149	54	assurances	assurance	NOUN
ajfa-1764	149	55	,	,	PUNCT
ajfa-1764	149	56	scor	scor	PROPN
ajfa-1764	149	57	se	se	PROPN
ajfa-1764	149	58	,	,	PUNCT
ajfa-1764	149	59	allianz	allianz	PROPN
ajfa-1764	149	60	se	se	PROPN
ajfa-1764	149	61	,	,	PUNCT
ajfa-1764	149	62	hannover	hannover	NOUN
ajfa-1764	149	63	rueckversic	rueckversic	NOUN
ajfa-1764	149	64	,	,	PUNCT
ajfa-1764	149	65	mannheimer	mannheimer	NOUN
ajfa-1764	149	66	ag	ag	PROPN
ajfa-1764	149	67	holdin	holdin	PROPN
ajfa-1764	149	68	,	,	PUNCT
ajfa-1764	149	69	munchener	munchener	NOUN
ajfa-1764	149	70	ruckver	ruckver	ADV
ajfa-1764	149	71	-0.934	-0.934	PUNCT
ajfa-1764	149	72	-190.823	-190.823	PUNCT
ajfa-1764	150	1	the	the	DET
ajfa-1764	150	2	final	final	ADJ
ajfa-1764	150	3	ratio	ratio	NOUN
ajfa-1764	150	4	to	to	PART
ajfa-1764	150	5	be	be	AUX
ajfa-1764	150	6	examined	examine	VERB
ajfa-1764	150	7	is	be	AUX
ajfa-1764	150	8	the	the	DET
ajfa-1764	150	9	total	total	ADJ
ajfa-1764	150	10	reserves	reserve	NOUN
ajfa-1764	150	11	to	to	ADP
ajfa-1764	150	12	assets	asset	NOUN
ajfa-1764	150	13	and	and	CCONJ
ajfa-1764	150	14	the	the	DET
ajfa-1764	150	15	club	club	NOUN
ajfa-1764	150	16	convergence	convergence	NOUN
ajfa-1764	150	17	algorithm	algorithm	NOUN
ajfa-1764	150	18	reveals	reveal	VERB
ajfa-1764	150	19	two	two	NUM
ajfa-1764	150	20	sub	sub	NOUN
ajfa-1764	150	21	-	-	NOUN
ajfa-1764	150	22	clubs	club	NOUN
ajfa-1764	150	23	(	(	PUNCT
ajfa-1764	150	24	table	table	NOUN
ajfa-1764	150	25	9	9	NUM
ajfa-1764	150	26	)	)	PUNCT
ajfa-1764	150	27	.	.	PUNCT
ajfa-1764	151	1	the	the	DET
ajfa-1764	151	2	first	first	ADJ
ajfa-1764	151	3	is	be	AUX
ajfa-1764	151	4	comprised	comprise	VERB
ajfa-1764	151	5	by	by	ADP
ajfa-1764	151	6	vienna	vienna	NOUN
ajfa-1764	151	7	insurance	insurance	PROPN
ajfa-1764	151	8	,	,	PUNCT
ajfa-1764	151	9	alm	alm	NOUN
ajfa-1764	151	10	brand	brand	NOUN
ajfa-1764	151	11	and	and	CCONJ
ajfa-1764	151	12	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	151	13	and	and	CCONJ
ajfa-1764	151	14	second	second	ADJ
ajfa-1764	151	15	by	by	ADP
ajfa-1764	151	16	sampo	sampo	PROPN
ajfa-1764	151	17	oyj	oyj	PROPN
ajfa-1764	151	18	,	,	PUNCT
ajfa-1764	151	19	generalli	generalli	NOUN
ajfa-1764	151	20	deutsch	deutsch	NOUN
ajfa-1764	151	21	mannheimer	mannheimer	NOUN
ajfa-1764	151	22	and	and	CCONJ
ajfa-1764	151	23	nuerneberger	nuerneberger	NOUN
ajfa-1764	151	24	.	.	PUNCT
ajfa-1764	152	1	the	the	DET
ajfa-1764	152	2	convergence	convergence	NOUN
ajfa-1764	152	3	coefficient	coefficient	NOUN
ajfa-1764	152	4	reveals	reveal	VERB
ajfa-1764	152	5	that	that	SCONJ
ajfa-1764	152	6	the	the	DET
ajfa-1764	152	7	second	second	ADJ
ajfa-1764	152	8	cluster	cluster	NOUN
ajfa-1764	152	9	converges	converge	VERB
ajfa-1764	152	10	at	at	ADP
ajfa-1764	152	11	a	a	DET
ajfa-1764	152	12	higher	high	ADJ
ajfa-1764	152	13	speed	speed	NOUN
ajfa-1764	152	14			NOUN
ajfa-1764	152	15	0.610	0.610	SYM
ajfa-1764	152	16	�	�	NOUN
ajfa-1764	152	17	b	b	NOUN
ajfa-1764	152	18			PROPN
ajfa-1764	152	19			PROPN
ajfa-1764	152	20	compared	compare	VERB
ajfa-1764	152	21	with	with	ADP
ajfa-1764	152	22	the	the	DET
ajfa-1764	152	23	first	first	ADJ
ajfa-1764	152	24	cluster	cluster	NOUN
ajfa-1764	152	25			PROPN
ajfa-1764	152	26	0.270	0.270	SYM
ajfa-1764	152	27	�	�	PROPN
ajfa-1764	152	28	b	b	NOUN
ajfa-1764	152	29			PROPN
ajfa-1764	152	30			PROPN
ajfa-1764	152	31	.	.	PUNCT
ajfa-1764	153	1	finally	finally	ADV
ajfa-1764	153	2	,	,	PUNCT
ajfa-1764	153	3	the	the	DET
ajfa-1764	153	4	remaining	remain	VERB
ajfa-1764	153	5	insurers	insurer	NOUN
ajfa-1764	153	6	diverge	diverge	VERB
ajfa-1764	153	7	.	.	PUNCT
ajfa-1764	154	1	table	table	NOUN
ajfa-1764	154	2	9	9	NUM
ajfa-1764	154	3	.	.	PUNCT
ajfa-1764	154	4	total	total	ADJ
ajfa-1764	154	5	reserves	reserve	NOUN
ajfa-1764	154	6	to	to	ADP
ajfa-1764	154	7	assets	asset	NOUN
ajfa-1764	154	8	firms	firm	NOUN
ajfa-1764	154	9	b	b	PROPN
ajfa-1764	154	10	coefficient	coefficient	PROPN
ajfa-1764	154	11	t	t	PROPN
ajfa-1764	154	12	-	-	PUNCT
ajfa-1764	154	13	stat	stat	NOUN
ajfa-1764	154	14	full	full	ADJ
ajfa-1764	154	15	sample	sample	NOUN
ajfa-1764	154	16	-1.046	-1.046	PUNCT
ajfa-1764	155	1	-19.134	-19.134	PROPN
ajfa-1764	155	2	1s	1s	NUM
ajfa-1764	155	3	club	club	PROPN
ajfa-1764	155	4	vienna	vienna	PROPN
ajfa-1764	155	5	insurance	insurance	PROPN
ajfa-1764	155	6	,	,	PUNCT
ajfa-1764	155	7	alm	alm	NOUN
ajfa-1764	155	8	brand	brand	NOUN
ajfa-1764	155	9	as	as	ADP
ajfa-1764	155	10	,	,	PUNCT
ajfa-1764	155	11	wuerttembergische	wuerttembergische	NOUN
ajfa-1764	155	12	le	le	ADP
ajfa-1764	155	13	0.270	0.270	NUM
ajfa-1764	155	14	0.655	0.655	NUM
ajfa-1764	155	15	2nd	2nd	ADJ
ajfa-1764	155	16	club	club	PROPN
ajfa-1764	155	17	sampo	sampo	PROPN
ajfa-1764	155	18	oyj	oyj	PROPN
ajfa-1764	155	19	,	,	PUNCT
ajfa-1764	155	20	generali	generali	PROPN
ajfa-1764	155	21	deutsch	deutsch	PROPN
ajfa-1764	155	22	,	,	PUNCT
ajfa-1764	155	23	mannheimer	mannheimer	NOUN
ajfa-1764	155	24	ag	ag	PROPN
ajfa-1764	155	25	holdin	holdin	NOUN
ajfa-1764	155	26	,	,	PUNCT
ajfa-1764	155	27	nuernberger	nuernberger	NOUN
ajfa-1764	155	28	bet.-ag	bet.-ag	PROPN
ajfa-1764	155	29	0.610	0.610	NUM
ajfa-1764	155	30	1.269	1.269	NUM
ajfa-1764	155	31	non	non	ADJ
ajfa-1764	155	32	-	-	ADJ
ajfa-1764	155	33	converging	converging	ADJ
ajfa-1764	155	34	uniqa	uniqa	NOUN
ajfa-1764	155	35	,	,	PUNCT
ajfa-1764	155	36	ageas	agea	NOUN
ajfa-1764	155	37	,	,	PUNCT
ajfa-1764	155	38	topdanmark	topdanmark	NOUN
ajfa-1764	155	39	a	a	PROPN
ajfa-1764	155	40	/	/	SYM
ajfa-1764	155	41	s	s	PROPN
ajfa-1764	155	42	,	,	PUNCT
ajfa-1764	155	43	cnp	cnp	PROPN
ajfa-1764	155	44	assurances	assurance	NOUN
ajfa-1764	155	45	,	,	PUNCT
ajfa-1764	155	46	axa	axa	PROPN
ajfa-1764	155	47	,	,	PUNCT
ajfa-1764	155	48	scor	scor	PROPN
ajfa-1764	155	49	se	se	PROPN
ajfa-1764	155	50	,	,	PUNCT
ajfa-1764	155	51	allianz	allianz	PROPN
ajfa-1764	155	52	se	se	PROPN
ajfa-1764	155	53	,	,	PUNCT
ajfa-1764	155	54	hannover	hannover	NOUN
ajfa-1764	155	55	rueckversic	rueckversic	NOUN
ajfa-1764	155	56	,	,	PUNCT
ajfa-1764	155	57	munchener	munchener	NOUN
ajfa-1764	155	58	ruckver	ruckver	PROPN
ajfa-1764	155	59	-0.357	-0.357	PROPN
ajfa-1764	155	60	-45.994	-45.994	PROPN
ajfa-1764	155	61	5	5	NUM
ajfa-1764	155	62	.	.	PUNCT
ajfa-1764	156	1	conclusions	conclusion	NOUN
ajfa-1764	156	2	the	the	DET
ajfa-1764	156	3	results	result	NOUN
ajfa-1764	156	4	presented	present	VERB
ajfa-1764	156	5	in	in	ADP
ajfa-1764	156	6	this	this	DET
ajfa-1764	156	7	paper	paper	NOUN
ajfa-1764	156	8	represent	represent	VERB
ajfa-1764	156	9	only	only	ADV
ajfa-1764	156	10	a	a	DET
ajfa-1764	156	11	first	first	ADJ
ajfa-1764	156	12	step	step	NOUN
ajfa-1764	156	13	towards	towards	ADP
ajfa-1764	156	14	understanding	understand	VERB
ajfa-1764	156	15	the	the	DET
ajfa-1764	156	16	factors	factor	NOUN
ajfa-1764	156	17	behind	behind	ADP
ajfa-1764	156	18	long	long	ADJ
ajfa-1764	156	19	-	-	PUNCT
ajfa-1764	156	20	term	term	NOUN
ajfa-1764	156	21	integration	integration	NOUN
ajfa-1764	156	22	in	in	ADP
ajfa-1764	156	23	the	the	DET
ajfa-1764	156	24	insurance	insurance	NOUN
ajfa-1764	156	25	sector	sector	NOUN
ajfa-1764	156	26	.	.	PUNCT
ajfa-1764	157	1	first	first	ADV
ajfa-1764	157	2	,	,	PUNCT
ajfa-1764	157	3	it	it	PRON
ajfa-1764	157	4	calls	call	VERB
ajfa-1764	157	5	into	into	ADP
ajfa-1764	157	6	question	question	NOUN
ajfa-1764	157	7	the	the	DET
ajfa-1764	157	8	asian	asian	ADJ
ajfa-1764	157	9	journal	journal	NOUN
ajfa-1764	157	10	of	of	ADP
ajfa-1764	157	11	finance	finance	PROPN
ajfa-1764	157	12	&	&	CCONJ
ajfa-1764	157	13	accounting	accounting	PROPN
ajfa-1764	157	14	issn	issn	PROPN
ajfa-1764	157	15	1946	1946	NUM
ajfa-1764	157	16	-	-	PUNCT
ajfa-1764	157	17	052x	052x	NOUN
ajfa-1764	157	18	2012	2012	NUM
ajfa-1764	157	19	,	,	PUNCT
ajfa-1764	157	20	vol	vol	NOUN
ajfa-1764	157	21	.	.	PROPN
ajfa-1764	157	22	4	4	NUM
ajfa-1764	157	23	,	,	PUNCT
ajfa-1764	157	24	no	no	INTJ
ajfa-1764	157	25	.	.	NOUN
ajfa-1764	157	26	2	2	NUM
ajfa-1764	157	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	157	28	14	14	NUM
ajfa-1764	157	29	role	role	NOUN
ajfa-1764	157	30	of	of	ADP
ajfa-1764	157	31	harmonization	harmonization	NOUN
ajfa-1764	157	32	and	and	CCONJ
ajfa-1764	157	33	regulation	regulation	NOUN
ajfa-1764	157	34	across	across	ADP
ajfa-1764	157	35	the	the	DET
ajfa-1764	157	36	emu	emu	PROPN
ajfa-1764	157	37	as	as	ADP
ajfa-1764	157	38	a	a	DET
ajfa-1764	157	39	force	force	NOUN
ajfa-1764	157	40	leading	lead	VERB
ajfa-1764	157	41	to	to	ADP
ajfa-1764	157	42	the	the	DET
ajfa-1764	157	43	creation	creation	NOUN
ajfa-1764	157	44	of	of	ADP
ajfa-1764	157	45	common	common	ADJ
ajfa-1764	157	46	market	market	NOUN
ajfa-1764	157	47	.	.	PUNCT
ajfa-1764	158	1	these	these	DET
ajfa-1764	158	2	rules	rule	NOUN
ajfa-1764	158	3	are	be	AUX
ajfa-1764	158	4	typically	typically	ADV
ajfa-1764	158	5	amended	amend	VERB
ajfa-1764	158	6	before	before	ADP
ajfa-1764	158	7	their	their	PRON
ajfa-1764	158	8	implementation	implementation	NOUN
ajfa-1764	158	9	at	at	ADP
ajfa-1764	158	10	the	the	DET
ajfa-1764	158	11	national	national	ADJ
ajfa-1764	158	12	level	level	NOUN
ajfa-1764	158	13	.	.	PUNCT
ajfa-1764	159	1	in	in	ADP
ajfa-1764	159	2	the	the	DET
ajfa-1764	159	3	face	face	NOUN
ajfa-1764	159	4	of	of	ADP
ajfa-1764	159	5	imperfect	imperfect	ADJ
ajfa-1764	159	6	integration	integration	NOUN
ajfa-1764	159	7	in	in	ADP
ajfa-1764	159	8	real	real	ADJ
ajfa-1764	159	9	and	and	CCONJ
ajfa-1764	159	10	financial	financial	ADJ
ajfa-1764	159	11	markets	market	NOUN
ajfa-1764	159	12	,	,	PUNCT
ajfa-1764	159	13	it	it	PRON
ajfa-1764	159	14	may	may	AUX
ajfa-1764	159	15	be	be	AUX
ajfa-1764	159	16	argued	argue	VERB
ajfa-1764	159	17	that	that	SCONJ
ajfa-1764	159	18	this	this	DET
ajfa-1764	159	19	implementation	implementation	NOUN
ajfa-1764	159	20	process	process	NOUN
ajfa-1764	159	21	is	be	AUX
ajfa-1764	159	22	adapted	adapt	VERB
ajfa-1764	159	23	to	to	ADP
ajfa-1764	159	24	the	the	DET
ajfa-1764	159	25	existing	exist	VERB
ajfa-1764	159	26	practices	practice	NOUN
ajfa-1764	159	27	and	and	CCONJ
ajfa-1764	159	28	preferences	preference	NOUN
ajfa-1764	159	29	of	of	ADP
ajfa-1764	159	30	local	local	ADJ
ajfa-1764	159	31	insurance	insurance	NOUN
ajfa-1764	159	32	businesses	business	NOUN
ajfa-1764	159	33	,	,	PUNCT
ajfa-1764	159	34	thus	thus	ADV
ajfa-1764	159	35	providing	provide	VERB
ajfa-1764	159	36	a	a	DET
ajfa-1764	159	37	further	further	ADJ
ajfa-1764	159	38	incentive	incentive	NOUN
ajfa-1764	159	39	towards	towards	ADP
ajfa-1764	159	40	divergence	divergence	NOUN
ajfa-1764	159	41	in	in	ADP
ajfa-1764	159	42	the	the	DET
ajfa-1764	159	43	long	long	ADJ
ajfa-1764	159	44	run	run	NOUN
ajfa-1764	159	45	.	.	PUNCT
ajfa-1764	160	1	second	second	ADJ
ajfa-1764	160	2	,	,	PUNCT
ajfa-1764	160	3	it	it	PRON
ajfa-1764	160	4	is	be	AUX
ajfa-1764	160	5	not	not	PART
ajfa-1764	160	6	clear	clear	ADJ
ajfa-1764	160	7	whether	whether	SCONJ
ajfa-1764	160	8	a	a	DET
ajfa-1764	160	9	mere	mere	ADJ
ajfa-1764	160	10	change	change	NOUN
ajfa-1764	160	11	in	in	ADP
ajfa-1764	160	12	the	the	DET
ajfa-1764	160	13	structure	structure	NOUN
ajfa-1764	160	14	of	of	ADP
ajfa-1764	160	15	projective	projective	ADJ
ajfa-1764	160	16	costs	cost	NOUN
ajfa-1764	160	17	is	be	AUX
ajfa-1764	160	18	a	a	DET
ajfa-1764	160	19	factor	factor	NOUN
ajfa-1764	160	20	strong	strong	ADJ
ajfa-1764	160	21	enough	enough	ADV
ajfa-1764	160	22	to	to	PART
ajfa-1764	160	23	change	change	VERB
ajfa-1764	160	24	the	the	DET
ajfa-1764	160	25	preferences	preference	NOUN
ajfa-1764	160	26	of	of	ADP
ajfa-1764	160	27	insurances	insurance	NOUN
ajfa-1764	160	28	in	in	ADP
ajfa-1764	160	29	the	the	DET
ajfa-1764	160	30	implementation	implementation	NOUN
ajfa-1764	160	31	of	of	ADP
ajfa-1764	160	32	their	their	PRON
ajfa-1764	160	33	strategic	strategic	ADJ
ajfa-1764	160	34	plans	plan	NOUN
ajfa-1764	160	35	of	of	ADP
ajfa-1764	160	36	development	development	NOUN
ajfa-1764	160	37	.	.	PUNCT
ajfa-1764	161	1	in	in	ADP
ajfa-1764	161	2	particular	particular	ADJ
ajfa-1764	161	3	,	,	PUNCT
ajfa-1764	161	4	financial	financial	ADJ
ajfa-1764	161	5	firms	firm	NOUN
ajfa-1764	161	6	may	may	AUX
ajfa-1764	161	7	have	have	VERB
ajfa-1764	161	8	different	different	ADJ
ajfa-1764	161	9	instruments	instrument	NOUN
ajfa-1764	161	10	to	to	PART
ajfa-1764	161	11	neutralize	neutralize	VERB
ajfa-1764	161	12	the	the	DET
ajfa-1764	161	13	impact	impact	NOUN
ajfa-1764	161	14	of	of	ADP
ajfa-1764	161	15	common	common	ADJ
ajfa-1764	161	16	regulatory	regulatory	ADJ
ajfa-1764	161	17	regimes	regime	NOUN
ajfa-1764	161	18	.	.	PUNCT
ajfa-1764	162	1	the	the	DET
ajfa-1764	162	2	results	result	NOUN
ajfa-1764	162	3	have	have	VERB
ajfa-1764	162	4	helpful	helpful	ADJ
ajfa-1764	162	5	implications	implication	NOUN
ajfa-1764	162	6	for	for	ADP
ajfa-1764	162	7	the	the	DET
ajfa-1764	162	8	insurance	insurance	NOUN
ajfa-1764	162	9	industry	industry	NOUN
ajfa-1764	162	10	by	by	ADP
ajfa-1764	162	11	helping	help	VERB
ajfa-1764	162	12	to	to	PART
ajfa-1764	162	13	identify	identify	VERB
ajfa-1764	162	14	the	the	DET
ajfa-1764	162	15	need	need	NOUN
ajfa-1764	162	16	for	for	ADP
ajfa-1764	162	17	certain	certain	ADJ
ajfa-1764	162	18	functions	function	NOUN
ajfa-1764	162	19	undertaken	undertake	VERB
ajfa-1764	162	20	by	by	ADP
ajfa-1764	162	21	the	the	DET
ajfa-1764	162	22	insurers	insurer	NOUN
ajfa-1764	162	23	in	in	ADP
ajfa-1764	162	24	terms	term	NOUN
ajfa-1764	162	25	of	of	ADP
ajfa-1764	162	26	underwriting	underwriting	NOUN
ajfa-1764	162	27	and	and	CCONJ
ajfa-1764	162	28	risk	risk	NOUN
ajfa-1764	162	29	selection	selection	NOUN
ajfa-1764	162	30	,	,	PUNCT
ajfa-1764	162	31	pricing	pricing	NOUN
ajfa-1764	162	32	,	,	PUNCT
ajfa-1764	162	33	and	and	CCONJ
ajfa-1764	162	34	liability	liability	NOUN
ajfa-1764	162	35	management	management	NOUN
ajfa-1764	162	36	.	.	PUNCT
ajfa-1764	163	1	they	they	PRON
ajfa-1764	163	2	could	could	AUX
ajfa-1764	163	3	also	also	ADV
ajfa-1764	163	4	be	be	AUX
ajfa-1764	163	5	useful	useful	ADJ
ajfa-1764	163	6	to	to	PART
ajfa-1764	163	7	identify	identify	VERB
ajfa-1764	163	8	the	the	DET
ajfa-1764	163	9	way	way	NOUN
ajfa-1764	163	10	securitization	securitization	NOUN
ajfa-1764	163	11	is	be	AUX
ajfa-1764	163	12	expected	expect	VERB
ajfa-1764	163	13	to	to	PART
ajfa-1764	163	14	mitigate	mitigate	VERB
ajfa-1764	163	15	any	any	DET
ajfa-1764	163	16	negative	negative	ADJ
ajfa-1764	163	17	effect	effect	NOUN
ajfa-1764	163	18	on	on	ADP
ajfa-1764	163	19	liquidity	liquidity	NOUN
ajfa-1764	163	20	and	and	CCONJ
ajfa-1764	163	21	leverage	leverage	NOUN
ajfa-1764	163	22	,	,	PUNCT
ajfa-1764	163	23	to	to	PART
ajfa-1764	163	24	enhance	enhance	VERB
ajfa-1764	163	25	credit	credit	NOUN
ajfa-1764	163	26	quality	quality	NOUN
ajfa-1764	163	27	considerations	consideration	NOUN
ajfa-1764	163	28	,	,	PUNCT
ajfa-1764	163	29	to	to	PART
ajfa-1764	163	30	improve	improve	VERB
ajfa-1764	163	31	any	any	DET
ajfa-1764	163	32	regulatory	regulatory	ADJ
ajfa-1764	163	33	considerations	consideration	NOUN
ajfa-1764	163	34	,	,	PUNCT
ajfa-1764	163	35	to	to	PART
ajfa-1764	163	36	facilitate	facilitate	VERB
ajfa-1764	163	37	more	more	ADV
ajfa-1764	163	38	efficient	efficient	ADJ
ajfa-1764	163	39	risk	risk	NOUN
ajfa-1764	163	40	management	management	NOUN
ajfa-1764	163	41	,	,	PUNCT
ajfa-1764	163	42	and	and	CCONJ
ajfa-1764	163	43	,	,	PUNCT
ajfa-1764	163	44	thus	thus	ADV
ajfa-1764	163	45	,	,	PUNCT
ajfa-1764	163	46	to	to	PART
ajfa-1764	163	47	permit	permit	VERB
ajfa-1764	163	48	the	the	DET
ajfa-1764	163	49	participating	participate	VERB
ajfa-1764	163	50	insurance	insurance	NOUN
ajfa-1764	163	51	firms	firm	NOUN
ajfa-1764	163	52	to	to	PART
ajfa-1764	163	53	continue	continue	VERB
ajfa-1764	163	54	their	their	PRON
ajfa-1764	163	55	growth	growth	NOUN
ajfa-1764	163	56	.	.	PUNCT
ajfa-1764	164	1	our	our	PRON
ajfa-1764	164	2	results	result	NOUN
ajfa-1764	164	3	can	can	AUX
ajfa-1764	164	4	be	be	AUX
ajfa-1764	164	5	extended	extend	VERB
ajfa-1764	164	6	along	along	ADP
ajfa-1764	164	7	a	a	DET
ajfa-1764	164	8	number	number	NOUN
ajfa-1764	164	9	of	of	ADP
ajfa-1764	164	10	relevant	relevant	ADJ
ajfa-1764	164	11	directions	direction	NOUN
ajfa-1764	164	12	.	.	PUNCT
ajfa-1764	165	1	it	it	PRON
ajfa-1764	165	2	would	would	AUX
ajfa-1764	165	3	be	be	AUX
ajfa-1764	165	4	interesting	interesting	ADJ
ajfa-1764	165	5	to	to	PART
ajfa-1764	165	6	understand	understand	VERB
ajfa-1764	165	7	how	how	SCONJ
ajfa-1764	165	8	far	far	ADV
ajfa-1764	165	9	the	the	DET
ajfa-1764	165	10	speed	speed	NOUN
ajfa-1764	165	11	of	of	ADP
ajfa-1764	165	12	convergence	convergence	NOUN
ajfa-1764	165	13	differs	differ	VERB
ajfa-1764	165	14	between	between	ADP
ajfa-1764	165	15	clusters	cluster	NOUN
ajfa-1764	165	16	of	of	ADP
ajfa-1764	165	17	financial	financial	ADJ
ajfa-1764	165	18	firms	firm	NOUN
ajfa-1764	165	19	,	,	PUNCT
ajfa-1764	165	20	on	on	ADP
ajfa-1764	165	21	average	average	ADJ
ajfa-1764	165	22	.	.	PUNCT
ajfa-1764	166	1	understanding	understand	VERB
ajfa-1764	166	2	the	the	DET
ajfa-1764	166	3	relation	relation	NOUN
ajfa-1764	166	4	between	between	ADP
ajfa-1764	166	5	the	the	DET
ajfa-1764	166	6	convergence	convergence	NOUN
ajfa-1764	166	7	rates	rate	NOUN
ajfa-1764	166	8	and	and	CCONJ
ajfa-1764	166	9	observable	observable	ADJ
ajfa-1764	166	10	economic	economic	ADJ
ajfa-1764	166	11	and	and	CCONJ
ajfa-1764	166	12	financial	financial	ADJ
ajfa-1764	166	13	variables	variable	NOUN
ajfa-1764	166	14	,	,	PUNCT
ajfa-1764	166	15	such	such	ADJ
ajfa-1764	166	16	as	as	ADP
ajfa-1764	166	17	money	money	NOUN
ajfa-1764	166	18	market	market	NOUN
ajfa-1764	166	19	rates	rate	NOUN
ajfa-1764	166	20	and	and	CCONJ
ajfa-1764	166	21	measures	measure	NOUN
ajfa-1764	166	22	of	of	ADP
ajfa-1764	166	23	macroeconomic	macroeconomic	ADJ
ajfa-1764	166	24	performance	performance	NOUN
ajfa-1764	166	25	,	,	PUNCT
ajfa-1764	166	26	would	would	AUX
ajfa-1764	166	27	provide	provide	VERB
ajfa-1764	166	28	additional	additional	ADJ
ajfa-1764	166	29	insights	insight	NOUN
ajfa-1764	166	30	on	on	ADP
ajfa-1764	166	31	the	the	DET
ajfa-1764	166	32	nature	nature	NOUN
ajfa-1764	166	33	of	of	ADP
ajfa-1764	166	34	the	the	DET
ajfa-1764	166	35	different	different	ADJ
ajfa-1764	166	36	convergence	convergence	NOUN
ajfa-1764	166	37	clubs	club	NOUN
ajfa-1764	166	38	.	.	PUNCT
ajfa-1764	167	1	finally	finally	ADV
ajfa-1764	167	2	,	,	PUNCT
ajfa-1764	167	3	it	it	PRON
ajfa-1764	167	4	would	would	AUX
ajfa-1764	167	5	be	be	AUX
ajfa-1764	167	6	important	important	ADJ
ajfa-1764	167	7	to	to	PART
ajfa-1764	167	8	measure	measure	VERB
ajfa-1764	167	9	the	the	DET
ajfa-1764	167	10	persistence	persistence	NOUN
ajfa-1764	167	11	of	of	ADP
ajfa-1764	167	12	the	the	DET
ajfa-1764	167	13	deviations	deviation	NOUN
ajfa-1764	167	14	from	from	ADP
ajfa-1764	167	15	long	long	ADJ
ajfa-1764	167	16	-	-	PUNCT
ajfa-1764	167	17	term	term	NOUN
ajfa-1764	167	18	convergence	convergence	NOUN
ajfa-1764	167	19	levels	level	NOUN
ajfa-1764	167	20	across	across	ADP
ajfa-1764	167	21	other	other	ADJ
ajfa-1764	167	22	financial	financial	ADJ
ajfa-1764	167	23	institutions	institution	NOUN
ajfa-1764	167	24	,	,	PUNCT
ajfa-1764	167	25	such	such	ADJ
ajfa-1764	167	26	as	as	ADP
ajfa-1764	167	27	banks	bank	NOUN
ajfa-1764	167	28	.	.	PUNCT
ajfa-1764	168	1	acknowledgement	acknowledgement	NOUN
ajfa-1764	168	2	the	the	DET
ajfa-1764	168	3	authors	author	NOUN
ajfa-1764	168	4	wish	wish	VERB
ajfa-1764	168	5	to	to	PART
ajfa-1764	168	6	to	to	PART
ajfa-1764	168	7	thank	thank	VERB
ajfa-1764	168	8	the	the	DET
ajfa-1764	168	9	editor	editor	NOUN
ajfa-1764	168	10	and	and	CCONJ
ajfa-1764	168	11	a	a	DET
ajfa-1764	168	12	referee	referee	NOUN
ajfa-1764	168	13	of	of	ADP
ajfa-1764	168	14	this	this	DET
ajfa-1764	168	15	journal	journal	NOUN
ajfa-1764	168	16	for	for	ADP
ajfa-1764	168	17	their	their	PRON
ajfa-1764	168	18	constructive	constructive	ADJ
ajfa-1764	168	19	comments	comment	NOUN
ajfa-1764	168	20	and	and	CCONJ
ajfa-1764	168	21	suggestions	suggestion	NOUN
ajfa-1764	168	22	on	on	ADP
ajfa-1764	168	23	an	an	DET
ajfa-1764	168	24	earlier	early	ADJ
ajfa-1764	168	25	draft	draft	NOUN
ajfa-1764	168	26	of	of	ADP
ajfa-1764	168	27	this	this	DET
ajfa-1764	168	28	paper	paper	NOUN
ajfa-1764	168	29	.	.	PUNCT
ajfa-1764	169	1	needless	needless	ADJ
ajfa-1764	169	2	to	to	PART
ajfa-1764	169	3	say	say	VERB
ajfa-1764	169	4	,	,	PUNCT
ajfa-1764	169	5	the	the	DET
ajfa-1764	169	6	usual	usual	ADJ
ajfa-1764	169	7	disclaimer	disclaimer	NOUN
ajfa-1764	169	8	applies	apply	VERB
ajfa-1764	169	9	.	.	PUNCT
ajfa-1764	170	1	references	reference	NOUN
ajfa-1764	170	2	adam	adam	PROPN
ajfa-1764	170	3	k.	k.	PROPN
ajfa-1764	170	4	,	,	PUNCT
ajfa-1764	170	5	jappelli	jappelli	PROPN
ajfa-1764	170	6	t.	t.	PROPN
ajfa-1764	170	7	,	,	PUNCT
ajfa-1764	170	8	menichini	menichini	ADJ
ajfa-1764	170	9	a.	a.	NOUN
ajfa-1764	170	10	,	,	PUNCT
ajfa-1764	170	11	padula	padula	NOUN
ajfa-1764	170	12	m.	m.	NOUN
ajfa-1764	170	13	,	,	PUNCT
ajfa-1764	170	14	&	&	CCONJ
ajfa-1764	170	15	pagano	pagano	PROPN
ajfa-1764	170	16	m.	m.	NOUN
ajfa-1764	170	17	(	(	PUNCT
ajfa-1764	170	18	2002	2002	NUM
ajfa-1764	170	19	)	)	PUNCT
ajfa-1764	170	20	.	.	PUNCT
ajfa-1764	171	1	analyse	analyse	PROPN
ajfa-1764	171	2	,	,	PUNCT
ajfa-1764	171	3	compare	compare	VERB
ajfa-1764	171	4	and	and	CCONJ
ajfa-1764	171	5	apply	apply	VERB
ajfa-1764	171	6	alternative	alternative	ADJ
ajfa-1764	171	7	indicators	indicator	NOUN
ajfa-1764	171	8	and	and	CCONJ
ajfa-1764	171	9	monitoring	monitor	VERB
ajfa-1764	171	10	methodologies	methodology	NOUN
ajfa-1764	171	11	to	to	PART
ajfa-1764	171	12	measure	measure	VERB
ajfa-1764	171	13	the	the	DET
ajfa-1764	171	14	evolution	evolution	NOUN
ajfa-1764	171	15	of	of	ADP
ajfa-1764	171	16	capital	capital	NOUN
ajfa-1764	171	17	market	market	NOUN
ajfa-1764	171	18	integration	integration	NOUN
ajfa-1764	171	19	in	in	ADP
ajfa-1764	171	20	the	the	DET
ajfa-1764	171	21	european	european	PROPN
ajfa-1764	171	22	union	union	PROPN
ajfa-1764	171	23	,	,	PUNCT
ajfa-1764	171	24	working	working	NOUN
ajfa-1764	171	25	paper	paper	NOUN
ajfa-1764	171	26	,	,	PUNCT
ajfa-1764	171	27	center	center	NOUN
ajfa-1764	171	28	for	for	ADP
ajfa-1764	171	29	studies	study	NOUN
ajfa-1764	171	30	in	in	ADP
ajfa-1764	171	31	economics	economic	NOUN
ajfa-1764	171	32	and	and	CCONJ
ajfa-1764	171	33	finance	finance	NOUN
ajfa-1764	171	34	,	,	PUNCT
ajfa-1764	171	35	university	university	NOUN
ajfa-1764	171	36	of	of	ADP
ajfa-1764	171	37	salerno	salerno	PROPN
ajfa-1764	171	38	.	.	PUNCT
ajfa-1764	172	1	affinito	affinito	PROPN
ajfa-1764	172	2	m.	m.	PROPN
ajfa-1764	172	3	,	,	PUNCT
ajfa-1764	172	4	&	&	CCONJ
ajfa-1764	172	5	farabullini	farabullini	PROPN
ajfa-1764	172	6	f.	f.	PROPN
ajfa-1764	172	7	(	(	PUNCT
ajfa-1764	172	8	2006	2006	NUM
ajfa-1764	172	9	)	)	PUNCT
ajfa-1764	172	10	.	.	PUNCT
ajfa-1764	173	1	does	do	VERB
ajfa-1764	173	2	the	the	DET
ajfa-1764	173	3	law	law	NOUN
ajfa-1764	173	4	of	of	ADP
ajfa-1764	173	5	one	one	NUM
ajfa-1764	173	6	price	price	NOUN
ajfa-1764	173	7	hold	hold	NOUN
ajfa-1764	173	8	in	in	ADP
ajfa-1764	173	9	retail	retail	ADJ
ajfa-1764	173	10	banking	banking	NOUN
ajfa-1764	173	11	?	?	PUNCT
ajfa-1764	174	1	an	an	DET
ajfa-1764	174	2	analysis	analysis	NOUN
ajfa-1764	174	3	of	of	ADP
ajfa-1764	174	4	national	national	ADJ
ajfa-1764	174	5	interest	interest	NOUN
ajfa-1764	174	6	rate	rate	NOUN
ajfa-1764	174	7	differentials	differential	NOUN
ajfa-1764	174	8	in	in	ADP
ajfa-1764	174	9	the	the	DET
ajfa-1764	174	10	euro	euro	PROPN
ajfa-1764	174	11	area	area	NOUN
ajfa-1764	174	12	,	,	PUNCT
ajfa-1764	174	13	research	research	NOUN
ajfa-1764	174	14	paper	paper	NOUN
ajfa-1764	174	15	,	,	PUNCT
ajfa-1764	174	16	bank	bank	PROPN
ajfa-1764	174	17	of	of	ADP
ajfa-1764	174	18	italy	italy	PROPN
ajfa-1764	174	19	,	,	PUNCT
ajfa-1764	174	20	economic	economic	ADJ
ajfa-1764	174	21	research	research	NOUN
ajfa-1764	174	22	department	department	PROPN
ajfa-1764	174	23	,	,	PUNCT
ajfa-1764	174	24	http://www.ijcb.org/journal/ijcb09q1a1.pdf	http://www.ijcb.org/journal/ijcb09q1a1.pdf	PROPN
ajfa-1764	174	25	baele	baele	PROPN
ajfa-1764	174	26	,	,	PUNCT
ajfa-1764	174	27	l.	l.	PROPN
ajfa-1764	174	28	,	,	PUNCT
ajfa-1764	174	29	ferrando	ferrando	PROPN
ajfa-1764	174	30	,	,	PUNCT
ajfa-1764	174	31	a.	a.	NOUN
ajfa-1764	174	32	,	,	PUNCT
ajfa-1764	174	33	hoerdahl	hoerdahl	PROPN
ajfa-1764	174	34	,	,	PUNCT
ajfa-1764	174	35	p.	p.	PROPN
ajfa-1764	174	36	,	,	PUNCT
ajfa-1764	174	37	krylova	krylova	PROPN
ajfa-1764	174	38	,	,	PUNCT
ajfa-1764	174	39	e.	e.	PROPN
ajfa-1764	174	40	,	,	PUNCT
ajfa-1764	174	41	&	&	CCONJ
ajfa-1764	174	42	monnet	monnet	PROPN
ajfa-1764	174	43	,	,	PUNCT
ajfa-1764	174	44	c.	c.	PROPN
ajfa-1764	174	45	(	(	PUNCT
ajfa-1764	174	46	2004	2004	NUM
ajfa-1764	174	47	)	)	PUNCT
ajfa-1764	174	48	.	.	PUNCT
ajfa-1764	175	1	measuring	measure	VERB
ajfa-1764	175	2	financial	financial	ADJ
ajfa-1764	175	3	integration	integration	NOUN
ajfa-1764	175	4	in	in	ADP
ajfa-1764	175	5	the	the	DET
ajfa-1764	175	6	euro	euro	PROPN
ajfa-1764	175	7	area	area	NOUN
ajfa-1764	175	8	.	.	PUNCT
ajfa-1764	176	1	occasional	occasional	ADJ
ajfa-1764	176	2	paper	paper	NOUN
ajfa-1764	176	3	series	series	NOUN
ajfa-1764	176	4	,	,	PUNCT
ajfa-1764	176	5	14	14	NUM
ajfa-1764	176	6	,	,	PUNCT
ajfa-1764	176	7	european	european	ADJ
ajfa-1764	176	8	central	central	PROPN
ajfa-1764	176	9	bank	bank	PROPN
ajfa-1764	176	10	.	.	PUNCT
ajfa-1764	177	1	barro	barro	PROPN
ajfa-1764	177	2	,	,	PUNCT
ajfa-1764	177	3	r.	r.	PROPN
ajfa-1764	177	4	j.	j.	PROPN
ajfa-1764	177	5	,	,	PUNCT
ajfa-1764	177	6	&	&	CCONJ
ajfa-1764	177	7	sala	sala	PROPN
ajfa-1764	177	8	-	-	PUNCT
ajfa-1764	177	9	i	i	PROPN
ajfa-1764	177	10	-	-	PUNCT
ajfa-1764	177	11	martin	martin	PROPN
ajfa-1764	177	12	,	,	PUNCT
ajfa-1764	177	13	x.	x.	NOUN
ajfa-1764	177	14	(	(	PUNCT
ajfa-1764	177	15	1991	1991	NUM
ajfa-1764	177	16	)	)	PUNCT
ajfa-1764	177	17	.	.	PUNCT
ajfa-1764	178	1	convergence	convergence	NOUN
ajfa-1764	178	2	across	across	ADP
ajfa-1764	178	3	states	state	NOUN
ajfa-1764	178	4	and	and	CCONJ
ajfa-1764	178	5	regions	region	NOUN
ajfa-1764	178	6	.	.	PUNCT
ajfa-1764	179	1	brookings	brookings	PROPN
ajfa-1764	179	2	papers	paper	NOUN
ajfa-1764	179	3	on	on	ADP
ajfa-1764	179	4	economic	economic	ADJ
ajfa-1764	179	5	activity	activity	NOUN
ajfa-1764	179	6	,	,	PUNCT
ajfa-1764	179	7	22	22	NUM
ajfa-1764	179	8	,	,	PUNCT
ajfa-1764	179	9	107	107	NUM
ajfa-1764	179	10	-	-	SYM
ajfa-1764	179	11	182	182	NUM
ajfa-1764	179	12	.	.	PUNCT
ajfa-1764	180	1	http://dx.doi.org/10.2307/2534639	http://dx.doi.org/10.2307/2534639	PROPN
ajfa-1764	180	2	asian	asian	PROPN
ajfa-1764	180	3	journal	journal	PROPN
ajfa-1764	180	4	of	of	ADP
ajfa-1764	180	5	finance	finance	PROPN
ajfa-1764	180	6	&	&	CCONJ
ajfa-1764	180	7	accounting	accounting	PROPN
ajfa-1764	180	8	issn	issn	PROPN
ajfa-1764	180	9	1946	1946	NUM
ajfa-1764	180	10	-	-	PUNCT
ajfa-1764	180	11	052x	052x	NOUN
ajfa-1764	180	12	2012	2012	NUM
ajfa-1764	180	13	,	,	PUNCT
ajfa-1764	180	14	vol	vol	NOUN
ajfa-1764	180	15	.	.	PROPN
ajfa-1764	180	16	4	4	NUM
ajfa-1764	180	17	,	,	PUNCT
ajfa-1764	180	18	no	no	INTJ
ajfa-1764	180	19	.	.	NOUN
ajfa-1764	180	20	2	2	NUM
ajfa-1764	180	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	180	22	15	15	NUM
ajfa-1764	180	23	barro	barro	NOUN
ajfa-1764	180	24	,	,	PUNCT
ajfa-1764	180	25	r.	r.	PROPN
ajfa-1764	180	26	j.	j.	PROPN
ajfa-1764	180	27	,	,	PUNCT
ajfa-1764	180	28	&	&	CCONJ
ajfa-1764	180	29	sala	sala	PROPN
ajfa-1764	180	30	-	-	PUNCT
ajfa-1764	180	31	i	i	PROPN
ajfa-1764	180	32	-	-	PUNCT
ajfa-1764	180	33	martin	martin	PROPN
ajfa-1764	180	34	,	,	PUNCT
ajfa-1764	180	35	x.	x.	NOUN
ajfa-1764	180	36	(	(	PUNCT
ajfa-1764	180	37	1992	1992	NUM
ajfa-1764	180	38	)	)	PUNCT
ajfa-1764	180	39	.	.	PUNCT
ajfa-1764	181	1	convergence	convergence	NOUN
ajfa-1764	181	2	,	,	PUNCT
ajfa-1764	181	3	the	the	DET
ajfa-1764	181	4	journal	journal	NOUN
ajfa-1764	181	5	of	of	ADP
ajfa-1764	181	6	political	political	ADJ
ajfa-1764	181	7	economy	economy	NOUN
ajfa-1764	181	8	,	,	PUNCT
ajfa-1764	181	9	100	100	NUM
ajfa-1764	181	10	,	,	PUNCT
ajfa-1764	181	11	223	223	NUM
ajfa-1764	181	12	-	-	SYM
ajfa-1764	181	13	251	251	NUM
ajfa-1764	181	14	.	.	PUNCT
ajfa-1764	182	1	http://dx.doi.org/10.1086/261816	http://dx.doi.org/10.1086/261816	PROPN
ajfa-1764	182	2	bekaert	bekaert	PROPN
ajfa-1764	182	3	,	,	PUNCT
ajfa-1764	182	4	g.	g.	PROPN
ajfa-1764	182	5	,	,	PUNCT
ajfa-1764	182	6	&	&	CCONJ
ajfa-1764	182	7	harvey	harvey	PROPN
ajfa-1764	182	8	,	,	PUNCT
ajfa-1764	182	9	c.	c.	PROPN
ajfa-1764	182	10	r.	r.	PROPN
ajfa-1764	182	11	(	(	PUNCT
ajfa-1764	182	12	1995	1995	NUM
ajfa-1764	182	13	)	)	PUNCT
ajfa-1764	182	14	.	.	PUNCT
ajfa-1764	183	1	time	time	NOUN
ajfa-1764	183	2	-	-	PUNCT
ajfa-1764	183	3	varying	vary	VERB
ajfa-1764	183	4	world	world	NOUN
ajfa-1764	183	5	market	market	NOUN
ajfa-1764	183	6	integration	integration	NOUN
ajfa-1764	183	7	.	.	PUNCT
ajfa-1764	184	1	journal	journal	PROPN
ajfa-1764	184	2	of	of	ADP
ajfa-1764	184	3	finance	finance	NOUN
ajfa-1764	184	4	,	,	PUNCT
ajfa-1764	184	5	50	50	NUM
ajfa-1764	184	6	,	,	PUNCT
ajfa-1764	184	7	403	403	NUM
ajfa-1764	184	8	-	-	SYM
ajfa-1764	184	9	444	444	NUM
ajfa-1764	184	10	.	.	PUNCT
ajfa-1764	185	1	bekaert	bekaert	NOUN
ajfa-1764	185	2	,	,	PUNCT
ajfa-1764	185	3	g.	g.	PROPN
ajfa-1764	185	4	,	,	PUNCT
ajfa-1764	185	5	&	&	CCONJ
ajfa-1764	185	6	harvey	harvey	PROPN
ajfa-1764	185	7	,	,	PUNCT
ajfa-1764	185	8	c.	c.	PROPN
ajfa-1764	185	9	r.	r.	PROPN
ajfa-1764	185	10	(	(	PUNCT
ajfa-1764	185	11	1997	1997	NUM
ajfa-1764	185	12	)	)	PUNCT
ajfa-1764	185	13	.	.	PUNCT
ajfa-1764	186	1	emerging	emerge	VERB
ajfa-1764	186	2	equity	equity	NOUN
ajfa-1764	186	3	market	market	NOUN
ajfa-1764	186	4	volatility	volatility	NOUN
ajfa-1764	186	5	.	.	PUNCT
ajfa-1764	187	1	journal	journal	NOUN
ajfa-1764	187	2	of	of	ADP
ajfa-1764	187	3	financial	financial	ADJ
ajfa-1764	187	4	economics	economic	NOUN
ajfa-1764	187	5	,	,	PUNCT
ajfa-1764	187	6	43	43	NUM
ajfa-1764	187	7	,	,	PUNCT
ajfa-1764	187	8	29	29	NUM
ajfa-1764	187	9	-	-	SYM
ajfa-1764	187	10	77	77	NUM
ajfa-1764	187	11	.	.	PUNCT
ajfa-1764	188	1	http://dx.doi.org/10.1016/s0304-405x(96)00889-6	http://dx.doi.org/10.1016/s0304-405x(96)00889-6	NOUN
ajfa-1764	188	2	campbell	campbell	PROPN
ajfa-1764	188	3	,	,	PUNCT
ajfa-1764	188	4	j.	j.	PROPN
ajfa-1764	188	5	y.	y.	PROPN
ajfa-1764	188	6	,	,	PUNCT
ajfa-1764	188	7	&	&	CCONJ
ajfa-1764	188	8	shiller	shiller	PROPN
ajfa-1764	188	9	,	,	PUNCT
ajfa-1764	188	10	r.	r.	PROPN
ajfa-1764	188	11	j.	j.	PROPN
ajfa-1764	188	12	(	(	PUNCT
ajfa-1764	188	13	1988	1988	NUM
ajfa-1764	188	14	)	)	PUNCT
ajfa-1764	188	15	.	.	PUNCT
ajfa-1764	189	1	stock	stock	NOUN
ajfa-1764	189	2	price	price	NOUN
ajfa-1764	189	3	,	,	PUNCT
ajfa-1764	189	4	earnings	earning	NOUN
ajfa-1764	189	5	and	and	CCONJ
ajfa-1764	189	6	expected	expect	VERB
ajfa-1764	189	7	dividends	dividend	NOUN
ajfa-1764	189	8	.	.	PUNCT
ajfa-1764	190	1	journal	journal	PROPN
ajfa-1764	190	2	of	of	ADP
ajfa-1764	190	3	finance	finance	NOUN
ajfa-1764	190	4	,	,	PUNCT
ajfa-1764	190	5	43	43	NUM
ajfa-1764	190	6	,	,	PUNCT
ajfa-1764	190	7	661	661	NUM
ajfa-1764	190	8	-	-	SYM
ajfa-1764	190	9	676	676	NUM
ajfa-1764	190	10	.	.	PUNCT
ajfa-1764	191	1	campbell	campbell	PROPN
ajfa-1764	191	2	,	,	PUNCT
ajfa-1764	191	3	j.	j.	PROPN
ajfa-1764	191	4	y.	y.	PROPN
ajfa-1764	191	5	,	,	PUNCT
ajfa-1764	191	6	&	&	CCONJ
ajfa-1764	191	7	shiller	shiller	PROPN
ajfa-1764	191	8	,	,	PUNCT
ajfa-1764	191	9	r.	r.	PROPN
ajfa-1764	191	10	j.	j.	PROPN
ajfa-1764	191	11	(	(	PUNCT
ajfa-1764	191	12	1989	1989	NUM
ajfa-1764	191	13	)	)	PUNCT
ajfa-1764	191	14	.	.	PUNCT
ajfa-1764	192	1	the	the	DET
ajfa-1764	192	2	dividend	dividend	NOUN
ajfa-1764	192	3	-	-	PUNCT
ajfa-1764	192	4	price	price	NOUN
ajfa-1764	192	5	ratio	ratio	NOUN
ajfa-1764	192	6	and	and	CCONJ
ajfa-1764	192	7	expectations	expectation	NOUN
ajfa-1764	192	8	of	of	ADP
ajfa-1764	192	9	future	future	ADJ
ajfa-1764	192	10	dividends	dividend	NOUN
ajfa-1764	192	11	and	and	CCONJ
ajfa-1764	192	12	discount	discount	NOUN
ajfa-1764	192	13	factors	factor	NOUN
ajfa-1764	192	14	.	.	PUNCT
ajfa-1764	193	1	review	review	NOUN
ajfa-1764	193	2	of	of	ADP
ajfa-1764	193	3	financial	financial	ADJ
ajfa-1764	193	4	studies	study	NOUN
ajfa-1764	193	5	,	,	PUNCT
ajfa-1764	193	6	1	1	NUM
ajfa-1764	193	7	,	,	PUNCT
ajfa-1764	193	8	195–228	195–228	NUM
ajfa-1764	193	9	.	.	PUNCT
ajfa-1764	194	1	http://dx.doi.org/10.1093/rfs/1.3.195	http://dx.doi.org/10.1093/rfs/1.3.195	PROPN
ajfa-1764	194	2	campbell	campbell	PROPN
ajfa-1764	194	3	,	,	PUNCT
ajfa-1764	194	4	j.	j.	PROPN
ajfa-1764	194	5	y.	y.	PROPN
ajfa-1764	194	6	,	,	PUNCT
ajfa-1764	194	7	&	&	CCONJ
ajfa-1764	194	8	shiller	shiller	PROPN
ajfa-1764	194	9	,	,	PUNCT
ajfa-1764	194	10	r.	r.	PROPN
ajfa-1764	194	11	j.	j.	PROPN
ajfa-1764	194	12	(	(	PUNCT
ajfa-1764	194	13	2005	2005	NUM
ajfa-1764	194	14	)	)	PUNCT
ajfa-1764	194	15	.	.	PUNCT
ajfa-1764	195	1	valuation	valuation	NOUN
ajfa-1764	195	2	ratios	ratio	NOUN
ajfa-1764	195	3	and	and	CCONJ
ajfa-1764	195	4	the	the	DET
ajfa-1764	195	5	long	long	ADV
ajfa-1764	195	6	-	-	PUNCT
ajfa-1764	195	7	run	run	VERB
ajfa-1764	195	8	stock	stock	NOUN
ajfa-1764	195	9	market	market	NOUN
ajfa-1764	195	10	outlook	outlook	NOUN
ajfa-1764	195	11	:	:	PUNCT
ajfa-1764	195	12	an	an	DET
ajfa-1764	195	13	update	update	NOUN
ajfa-1764	195	14	,	,	PUNCT
ajfa-1764	195	15	chapter	chapter	NOUN
ajfa-1764	195	16	5	5	NUM
ajfa-1764	195	17	in	in	ADP
ajfa-1764	195	18	richard	richard	PROPN
ajfa-1764	195	19	h.	h.	PROPN
ajfa-1764	195	20	thaler	thaler	PROPN
ajfa-1764	195	21	(	(	PUNCT
ajfa-1764	195	22	ed	ed	NOUN
ajfa-1764	195	23	.	.	PUNCT
ajfa-1764	195	24	)	)	PUNCT
ajfa-1764	195	25	,	,	PUNCT
ajfa-1764	195	26	advances	advance	NOUN
ajfa-1764	195	27	in	in	ADP
ajfa-1764	195	28	behavioral	behavioral	ADJ
ajfa-1764	195	29	finance	finance	NOUN
ajfa-1764	195	30	,	,	PUNCT
ajfa-1764	195	31	ii	ii	PROPN
ajfa-1764	195	32	,	,	PUNCT
ajfa-1764	195	33	princeton	princeton	PROPN
ajfa-1764	195	34	university	university	PROPN
ajfa-1764	195	35	press	press	NOUN
ajfa-1764	195	36	,	,	PUNCT
ajfa-1764	195	37	173	173	NUM
ajfa-1764	195	38	-	-	SYM
ajfa-1764	195	39	201	201	NUM
ajfa-1764	195	40	.	.	PUNCT
ajfa-1764	196	1	caporale	caporale	NOUN
ajfa-1764	196	2	,	,	PUNCT
ajfa-1764	196	3	g.	g.	PROPN
ajfa-1764	196	4	,	,	PUNCT
ajfa-1764	196	5	m.	m.	NOUN
ajfa-1764	196	6	,	,	PUNCT
ajfa-1764	196	7	erdogan	erdogan	PROPN
ajfa-1764	196	8	,	,	PUNCT
ajfa-1764	196	9	b.	b.	PROPN
ajfa-1764	196	10	,	,	PUNCT
ajfa-1764	196	11	&	&	CCONJ
ajfa-1764	196	12	kuzin	kuzin	PROPN
ajfa-1764	196	13	,	,	PUNCT
ajfa-1764	196	14	v.	v.	PROPN
ajfa-1764	196	15	(	(	PUNCT
ajfa-1764	196	16	2009	2009	NUM
ajfa-1764	196	17	)	)	PUNCT
ajfa-1764	196	18	.	.	PUNCT
ajfa-1764	197	1	testing	test	VERB
ajfa-1764	197	2	for	for	ADP
ajfa-1764	197	3	convergence	convergence	NOUN
ajfa-1764	197	4	in	in	ADP
ajfa-1764	197	5	stock	stock	NOUN
ajfa-1764	197	6	markets	market	NOUN
ajfa-1764	197	7	:	:	PUNCT
ajfa-1764	197	8	a	a	DET
ajfa-1764	197	9	non	non	ADJ
ajfa-1764	197	10	-	-	ADJ
ajfa-1764	197	11	linear	linear	ADJ
ajfa-1764	197	12	factor	factor	NOUN
ajfa-1764	197	13	approach	approach	NOUN
ajfa-1764	197	14	.	.	PUNCT
ajfa-1764	198	1	working	work	VERB
ajfa-1764	198	2	paper	paper	NOUN
ajfa-1764	198	3	,	,	PUNCT
ajfa-1764	198	4	no	no	INTJ
ajfa-1764	198	5	.	.	NOUN
ajfa-1764	198	6	09	09	NUM
ajfa-1764	198	7	-	-	SYM
ajfa-1764	198	8	35	35	NUM
ajfa-1764	198	9	,	,	PUNCT
ajfa-1764	198	10	brunel	brunel	PROPN
ajfa-1764	198	11	university	university	PROPN
ajfa-1764	198	12	,	,	PUNCT
ajfa-1764	198	13	http://www.brunel.ac.uk/__data/assets/pdf_file/0003/82128/0935.pdf	http://www.brunel.ac.uk/__data/assets/pdf_file/0003/82128/0935.pdf	PROPN
ajfa-1764	198	14	cochrane	cochrane	PROPN
ajfa-1764	198	15	,	,	PUNCT
ajfa-1764	198	16	j.	j.	PROPN
ajfa-1764	198	17	h.	h.	PROPN
ajfa-1764	198	18	(	(	PUNCT
ajfa-1764	198	19	1992	1992	NUM
ajfa-1764	198	20	)	)	PUNCT
ajfa-1764	198	21	.	.	PUNCT
ajfa-1764	199	1	explaining	explain	VERB
ajfa-1764	199	2	the	the	DET
ajfa-1764	199	3	variance	variance	NOUN
ajfa-1764	199	4	of	of	ADP
ajfa-1764	199	5	price	price	NOUN
ajfa-1764	199	6	-	-	PUNCT
ajfa-1764	199	7	dividend	dividend	NOUN
ajfa-1764	199	8	ratios	ratio	NOUN
ajfa-1764	199	9	.	.	PUNCT
ajfa-1764	200	1	review	review	NOUN
ajfa-1764	200	2	of	of	ADP
ajfa-1764	200	3	financial	financial	ADJ
ajfa-1764	200	4	studies	study	NOUN
ajfa-1764	200	5	,	,	PUNCT
ajfa-1764	200	6	5	5	NUM
ajfa-1764	200	7	,	,	PUNCT
ajfa-1764	200	8	243	243	NUM
ajfa-1764	200	9	-	-	SYM
ajfa-1764	200	10	280	280	NUM
ajfa-1764	200	11	.	.	PUNCT
ajfa-1764	201	1	http://dx.doi.org/10.1093/rfs/5.2.243	http://dx.doi.org/10.1093/rfs/5.2.243	PROPN
ajfa-1764	201	2	cochrane	cochrane	PROPN
ajfa-1764	201	3	,	,	PUNCT
ajfa-1764	201	4	j.	j.	PROPN
ajfa-1764	201	5	h.	h.	PROPN
ajfa-1764	201	6	(	(	PUNCT
ajfa-1764	201	7	1994	1994	NUM
ajfa-1764	201	8	)	)	PUNCT
ajfa-1764	201	9	.	.	PUNCT
ajfa-1764	202	1	permanent	permanent	ADJ
ajfa-1764	202	2	and	and	CCONJ
ajfa-1764	202	3	transitory	transitory	ADJ
ajfa-1764	202	4	components	component	NOUN
ajfa-1764	202	5	of	of	ADP
ajfa-1764	202	6	gnp	gnp	PROPN
ajfa-1764	202	7	and	and	CCONJ
ajfa-1764	202	8	stock	stock	NOUN
ajfa-1764	202	9	prices	price	NOUN
ajfa-1764	202	10	.	.	PUNCT
ajfa-1764	203	1	quarterly	quarterly	ADJ
ajfa-1764	203	2	journal	journal	NOUN
ajfa-1764	203	3	of	of	ADP
ajfa-1764	203	4	economics	economic	NOUN
ajfa-1764	203	5	,	,	PUNCT
ajfa-1764	203	6	109	109	NUM
ajfa-1764	203	7	,	,	PUNCT
ajfa-1764	203	8	241–265	241–265	NUM
ajfa-1764	203	9	.	.	PUNCT
ajfa-1764	204	1	http://dx.doi.org/10.2307/2118434	http://dx.doi.org/10.2307/2118434	PROPN
ajfa-1764	204	2	cochrane	cochrane	PROPN
ajfa-1764	204	3	,	,	PUNCT
ajfa-1764	204	4	j.	j.	PROPN
ajfa-1764	204	5	h.	h.	PROPN
ajfa-1764	204	6	(	(	PUNCT
ajfa-1764	204	7	2001	2001	NUM
ajfa-1764	204	8	)	)	PUNCT
ajfa-1764	204	9	.	.	PUNCT
ajfa-1764	205	1	asset	asset	NOUN
ajfa-1764	205	2	pricing	pricing	NOUN
ajfa-1764	205	3	,	,	PUNCT
ajfa-1764	205	4	princeton	princeton	PROPN
ajfa-1764	205	5	university	university	PROPN
ajfa-1764	205	6	press	press	NOUN
ajfa-1764	205	7	.	.	PUNCT
ajfa-1764	206	1	cochrane	cochrane	PROPN
ajfa-1764	206	2	,	,	PUNCT
ajfa-1764	206	3	j.	j.	PROPN
ajfa-1764	206	4	h.	h.	PROPN
ajfa-1764	206	5	(	(	PUNCT
ajfa-1764	206	6	2008	2008	NUM
ajfa-1764	206	7	)	)	PUNCT
ajfa-1764	206	8	.	.	PUNCT
ajfa-1764	207	1	the	the	DET
ajfa-1764	207	2	dog	dog	NOUN
ajfa-1764	207	3	that	that	PRON
ajfa-1764	207	4	did	do	AUX
ajfa-1764	207	5	not	not	PART
ajfa-1764	207	6	bark	bark	VERB
ajfa-1764	207	7	:	:	PUNCT
ajfa-1764	207	8	a	a	DET
ajfa-1764	207	9	defense	defense	NOUN
ajfa-1764	207	10	of	of	ADP
ajfa-1764	207	11	return	return	NOUN
ajfa-1764	207	12	predictability	predictability	NOUN
ajfa-1764	207	13	.	.	PUNCT
ajfa-1764	208	1	review	review	NOUN
ajfa-1764	208	2	of	of	ADP
ajfa-1764	208	3	financial	financial	ADJ
ajfa-1764	208	4	studies	study	NOUN
ajfa-1764	208	5	,	,	PUNCT
ajfa-1764	208	6	21	21	NUM
ajfa-1764	208	7	,	,	PUNCT
ajfa-1764	208	8	1533—1575	1533—1575	NUM
ajfa-1764	208	9	.	.	PUNCT
ajfa-1764	209	1	http://dx.doi.org/10.1093/rfs/hhm046	http://dx.doi.org/10.1093/rfs/hhm046	PROPN
ajfa-1764	209	2	cummins	cummins	PROPN
ajfa-1764	209	3	,	,	PUNCT
ajfa-1764	209	4	j.	j.	PROPN
ajfa-1764	209	5	d.	d.	PROPN
ajfa-1764	209	6	(	(	PUNCT
ajfa-1764	209	7	2005	2005	NUM
ajfa-1764	209	8	)	)	PUNCT
ajfa-1764	209	9	.	.	PUNCT
ajfa-1764	210	1	convergence	convergence	NOUN
ajfa-1764	210	2	in	in	ADP
ajfa-1764	210	3	wholesale	wholesale	ADJ
ajfa-1764	210	4	financial	financial	ADJ
ajfa-1764	210	5	services	service	NOUN
ajfa-1764	210	6	:	:	PUNCT
ajfa-1764	210	7	reinsurance	reinsurance	NOUN
ajfa-1764	210	8	and	and	CCONJ
ajfa-1764	210	9	investment	investment	NOUN
ajfa-1764	210	10	banking	banking	NOUN
ajfa-1764	210	11	.	.	PUNCT
ajfa-1764	211	1	the	the	DET
ajfa-1764	211	2	geneva	geneva	PROPN
ajfa-1764	211	3	papers	paper	NOUN
ajfa-1764	211	4	,	,	PUNCT
ajfa-1764	211	5	30	30	NUM
ajfa-1764	211	6	,	,	PUNCT
ajfa-1764	211	7	187	187	NUM
ajfa-1764	211	8	-	-	SYM
ajfa-1764	211	9	222	222	NUM
ajfa-1764	211	10	.	.	PUNCT
ajfa-1764	212	1	http://dx.doi.org/10.1057/palgrave.gpp.2510031	http://dx.doi.org/10.1057/palgrave.gpp.2510031	NOUN
ajfa-1764	212	2	cummins	cummins	PROPN
ajfa-1764	212	3	,	,	PUNCT
ajfa-1764	212	4	j.	j.	PROPN
ajfa-1764	212	5	d.	d.	PROPN
ajfa-1764	212	6	,	,	PUNCT
ajfa-1764	212	7	&	&	CCONJ
ajfa-1764	212	8	weiss	weiss	PROPN
ajfa-1764	212	9	,	,	PUNCT
ajfa-1764	212	10	m.	m.	NOUN
ajfa-1764	212	11	a.	a.	NOUN
ajfa-1764	212	12	(	(	PUNCT
ajfa-1764	212	13	2009	2009	NUM
ajfa-1764	212	14	)	)	PUNCT
ajfa-1764	212	15	.	.	PUNCT
ajfa-1764	213	1	convergence	convergence	NOUN
ajfa-1764	213	2	of	of	ADP
ajfa-1764	213	3	insurance	insurance	NOUN
ajfa-1764	213	4	and	and	CCONJ
ajfa-1764	213	5	financial	financial	ADJ
ajfa-1764	213	6	markets	market	NOUN
ajfa-1764	213	7	:	:	PUNCT
ajfa-1764	213	8	hybrid	hybrid	ADJ
ajfa-1764	213	9	and	and	CCONJ
ajfa-1764	213	10	securitized	securitized	ADJ
ajfa-1764	213	11	risk	risk	NOUN
ajfa-1764	213	12	-	-	PUNCT
ajfa-1764	213	13	transfer	transfer	NOUN
ajfa-1764	213	14	solutions	solution	NOUN
ajfa-1764	213	15	.	.	PUNCT
ajfa-1764	214	1	the	the	DET
ajfa-1764	214	2	journal	journal	NOUN
ajfa-1764	214	3	of	of	ADP
ajfa-1764	214	4	risk	risk	NOUN
ajfa-1764	214	5	and	and	CCONJ
ajfa-1764	214	6	insurance	insurance	NOUN
ajfa-1764	214	7	,	,	PUNCT
ajfa-1764	214	8	76	76	NUM
ajfa-1764	214	9	,	,	PUNCT
ajfa-1764	214	10	493	493	NUM
ajfa-1764	214	11	-	-	SYM
ajfa-1764	214	12	545	545	NUM
ajfa-1764	214	13	.	.	PUNCT
ajfa-1764	215	1	http://dx.doi.org/10.1111/j.1539-6975.2009.01311.x	http://dx.doi.org/10.1111/j.1539-6975.2009.01311.x	NOUN
ajfa-1764	215	2	cummins	cummins	PROPN
ajfa-1764	215	3	,	,	PUNCT
ajfa-1764	215	4	j.	j.	PROPN
ajfa-1764	215	5	d.	d.	PROPN
ajfa-1764	215	6	,	,	PUNCT
ajfa-1764	215	7	lalonde	lalonde	PROPN
ajfa-1764	215	8	,	,	PUNCT
ajfa-1764	215	9	d.	d.	PROPN
ajfa-1764	215	10	,	,	PUNCT
ajfa-1764	215	11	&	&	CCONJ
ajfa-1764	215	12	phillips	phillips	PROPN
ajfa-1764	215	13	,	,	PUNCT
ajfa-1764	215	14	r.	r.	PROPN
ajfa-1764	215	15	d.	d.	PROPN
ajfa-1764	215	16	(	(	PUNCT
ajfa-1764	215	17	2004	2004	NUM
ajfa-1764	215	18	)	)	PUNCT
ajfa-1764	215	19	.	.	PUNCT
ajfa-1764	216	1	the	the	DET
ajfa-1764	216	2	basis	basis	NOUN
ajfa-1764	216	3	risk	risk	NOUN
ajfa-1764	216	4	of	of	ADP
ajfa-1764	216	5	index	index	NOUN
ajfa-1764	216	6	-	-	PUNCT
ajfa-1764	216	7	linked	link	VERB
ajfa-1764	216	8	catastrophic	catastrophic	ADJ
ajfa-1764	216	9	loss	loss	NOUN
ajfa-1764	216	10	securities	security	NOUN
ajfa-1764	216	11	.	.	PUNCT
ajfa-1764	217	1	journal	journal	PROPN
ajfa-1764	217	2	of	of	ADP
ajfa-1764	217	3	financial	financial	ADJ
ajfa-1764	217	4	economics	economic	NOUN
ajfa-1764	217	5	,	,	PUNCT
ajfa-1764	217	6	71	71	NUM
ajfa-1764	217	7	,	,	PUNCT
ajfa-1764	217	8	77	77	NUM
ajfa-1764	217	9	-	-	SYM
ajfa-1764	217	10	111	111	NUM
ajfa-1764	217	11	.	.	PUNCT
ajfa-1764	218	1	http://dx.doi.org/10.1016/s0304-405x(03)00172-7	http://dx.doi.org/10.1016/s0304-405x(03)00172-7	PROPN
ajfa-1764	218	2	fabozzi	fabozzi	PROPN
ajfa-1764	218	3	,	,	PUNCT
ajfa-1764	218	4	j.	j.	PROPN
ajfa-1764	218	5	,	,	PUNCT
ajfa-1764	218	6	&	&	CCONJ
ajfa-1764	218	7	choundhry	choundhry	PROPN
ajfa-1764	218	8	,	,	PUNCT
ajfa-1764	218	9	m.	m.	NOUN
ajfa-1764	218	10	(	(	PUNCT
ajfa-1764	218	11	2004	2004	NUM
ajfa-1764	218	12	)	)	PUNCT
ajfa-1764	218	13	.	.	PUNCT
ajfa-1764	219	1	the	the	DET
ajfa-1764	219	2	handbook	handbook	NOUN
ajfa-1764	219	3	of	of	ADP
ajfa-1764	219	4	european	european	ADJ
ajfa-1764	219	5	structured	structured	ADJ
ajfa-1764	219	6	financial	financial	ADJ
ajfa-1764	219	7	products	product	NOUN
ajfa-1764	219	8	.	.	PUNCT
ajfa-1764	220	1	wiley	wiley	PROPN
ajfa-1764	220	2	.	.	PUNCT
ajfa-1764	221	1	asian	asian	ADJ
ajfa-1764	221	2	journal	journal	PROPN
ajfa-1764	221	3	of	of	ADP
ajfa-1764	221	4	finance	finance	PROPN
ajfa-1764	221	5	&	&	CCONJ
ajfa-1764	221	6	accounting	accounting	PROPN
ajfa-1764	221	7	issn	issn	PROPN
ajfa-1764	221	8	1946	1946	NUM
ajfa-1764	221	9	-	-	PUNCT
ajfa-1764	221	10	052x	052x	NOUN
ajfa-1764	221	11	2012	2012	NUM
ajfa-1764	221	12	,	,	PUNCT
ajfa-1764	221	13	vol	vol	NOUN
ajfa-1764	221	14	.	.	PROPN
ajfa-1764	221	15	4	4	NUM
ajfa-1764	221	16	,	,	PUNCT
ajfa-1764	221	17	no	no	INTJ
ajfa-1764	221	18	.	.	NOUN
ajfa-1764	221	19	2	2	NUM
ajfa-1764	221	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	221	21	16	16	NUM
ajfa-1764	221	22	fama	fama	NOUN
ajfa-1764	221	23	,	,	PUNCT
ajfa-1764	221	24	e.	e.	PROPN
ajfa-1764	221	25	f.	f.	PROPN
ajfa-1764	221	26	,	,	PUNCT
ajfa-1764	221	27	&	&	CCONJ
ajfa-1764	221	28	k.	k.	PROPN
ajfa-1764	221	29	r.	r.	PROPN
ajfa-1764	221	30	french	french	PROPN
ajfa-1764	221	31	(	(	PUNCT
ajfa-1764	221	32	1988	1988	NUM
ajfa-1764	221	33	)	)	PUNCT
ajfa-1764	221	34	.	.	PUNCT
ajfa-1764	222	1	dividend	dividend	NOUN
ajfa-1764	222	2	yields	yield	NOUN
ajfa-1764	222	3	and	and	CCONJ
ajfa-1764	222	4	expected	expect	VERB
ajfa-1764	222	5	stock	stock	NOUN
ajfa-1764	222	6	returns	return	NOUN
ajfa-1764	222	7	.	.	PUNCT
ajfa-1764	223	1	journal	journal	NOUN
ajfa-1764	223	2	of	of	ADP
ajfa-1764	223	3	financial	financial	ADJ
ajfa-1764	223	4	economics	economic	NOUN
ajfa-1764	223	5	,	,	PUNCT
ajfa-1764	223	6	22	22	NUM
ajfa-1764	223	7	,	,	PUNCT
ajfa-1764	223	8	3–27	3–27	NOUN
ajfa-1764	223	9	.	.	PUNCT
ajfa-1764	224	1	http://dx.doi.org/10.1016/0304-405x(88)90020-7	http://dx.doi.org/10.1016/0304-405x(88)90020-7	PROPN
ajfa-1764	224	2	ferreira	ferreira	PROPN
ajfa-1764	224	3	m.	m.	PROPN
ajfa-1764	224	4	a.	a.	PROPN
ajfa-1764	224	5	and	and	CCONJ
ajfa-1764	224	6	gama	gama	NOUN
ajfa-1764	224	7	,	,	PUNCT
ajfa-1764	224	8	p.	p.	NOUN
ajfa-1764	224	9	m.	m.	NOUN
ajfa-1764	224	10	(	(	PUNCT
ajfa-1764	224	11	2005	2005	NUM
ajfa-1764	224	12	)	)	PUNCT
ajfa-1764	224	13	.	.	PUNCT
ajfa-1764	225	1	have	have	VERB
ajfa-1764	225	2	world	world	NOUN
ajfa-1764	225	3	,	,	PUNCT
ajfa-1764	225	4	country	country	NOUN
ajfa-1764	225	5	and	and	CCONJ
ajfa-1764	225	6	industry	industry	NOUN
ajfa-1764	225	7	risk	risk	NOUN
ajfa-1764	225	8	changed	change	VERB
ajfa-1764	225	9	over	over	ADP
ajfa-1764	225	10	time	time	NOUN
ajfa-1764	225	11	?	?	PUNCT
ajfa-1764	226	1	an	an	DET
ajfa-1764	226	2	investigation	investigation	NOUN
ajfa-1764	226	3	of	of	ADP
ajfa-1764	226	4	the	the	DET
ajfa-1764	226	5	developed	develop	VERB
ajfa-1764	226	6	stock	stock	NOUN
ajfa-1764	226	7	markets	market	NOUN
ajfa-1764	226	8	volatility	volatility	NOUN
ajfa-1764	226	9	.	.	PUNCT
ajfa-1764	227	1	journal	journal	NOUN
ajfa-1764	227	2	of	of	ADP
ajfa-1764	227	3	financial	financial	ADJ
ajfa-1764	227	4	and	and	CCONJ
ajfa-1764	227	5	quantitative	quantitative	ADJ
ajfa-1764	227	6	analysis	analysis	NOUN
ajfa-1764	227	7	,	,	PUNCT
ajfa-1764	227	8	40	40	NUM
ajfa-1764	227	9	,	,	PUNCT
ajfa-1764	227	10	195	195	NUM
ajfa-1764	227	11	-	-	SYM
ajfa-1764	227	12	222	222	NUM
ajfa-1764	227	13	.	.	PUNCT
ajfa-1764	228	1	http://dx.doi.org/10.1017/s0022109000001794	http://dx.doi.org/10.1017/s0022109000001794	PROPN
ajfa-1764	228	2	ferreira	ferreira	PROPN
ajfa-1764	228	3	m.	m.	PROPN
ajfa-1764	228	4	a.	a.	PROPN
ajfa-1764	228	5	,	,	PUNCT
ajfa-1764	228	6	&	&	CCONJ
ajfa-1764	228	7	ferreira	ferreira	PROPN
ajfa-1764	228	8	,	,	PUNCT
ajfa-1764	228	9	m.	m.	NOUN
ajfa-1764	228	10	a.	a.	NOUN
ajfa-1764	228	11	(	(	PUNCT
ajfa-1764	228	12	2006	2006	NUM
ajfa-1764	228	13	)	)	PUNCT
ajfa-1764	228	14	.	.	PUNCT
ajfa-1764	229	1	the	the	DET
ajfa-1764	229	2	importance	importance	NOUN
ajfa-1764	229	3	of	of	ADP
ajfa-1764	229	4	industry	industry	NOUN
ajfa-1764	229	5	and	and	CCONJ
ajfa-1764	229	6	country	country	NOUN
ajfa-1764	229	7	effects	effect	NOUN
ajfa-1764	229	8	in	in	ADP
ajfa-1764	229	9	the	the	DET
ajfa-1764	229	10	emu	emu	PROPN
ajfa-1764	229	11	equity	equity	NOUN
ajfa-1764	229	12	markets	market	NOUN
ajfa-1764	229	13	.	.	PUNCT
ajfa-1764	230	1	european	european	ADJ
ajfa-1764	230	2	financial	financial	ADJ
ajfa-1764	230	3	management	management	NOUN
ajfa-1764	230	4	,	,	PUNCT
ajfa-1764	230	5	12	12	NUM
ajfa-1764	230	6	,	,	PUNCT
ajfa-1764	230	7	341	341	NUM
ajfa-1764	230	8	-	-	SYM
ajfa-1764	230	9	373	373	NUM
ajfa-1764	230	10	.	.	PUNCT
ajfa-1764	231	1	http://dx.doi.org/10.1111/j.1354-7798.2006.00324.x	http://dx.doi.org/10.1111/j.1354-7798.2006.00324.x	ADJ
ajfa-1764	231	2	fratzscher	fratzscher	NOUN
ajfa-1764	231	3	,	,	PUNCT
ajfa-1764	231	4	m.	m.	NOUN
ajfa-1764	231	5	(	(	PUNCT
ajfa-1764	231	6	2002	2002	NUM
ajfa-1764	231	7	)	)	PUNCT
ajfa-1764	231	8	.	.	PUNCT
ajfa-1764	232	1	financial	financial	ADJ
ajfa-1764	232	2	market	market	NOUN
ajfa-1764	232	3	integration	integration	NOUN
ajfa-1764	232	4	in	in	ADP
ajfa-1764	232	5	europe	europe	PROPN
ajfa-1764	232	6	:	:	PUNCT
ajfa-1764	232	7	on	on	ADP
ajfa-1764	232	8	the	the	DET
ajfa-1764	232	9	effects	effect	NOUN
ajfa-1764	232	10	of	of	ADP
ajfa-1764	232	11	emu	emu	PROPN
ajfa-1764	232	12	on	on	ADP
ajfa-1764	232	13	stock	stock	NOUN
ajfa-1764	232	14	markets	market	NOUN
ajfa-1764	232	15	.	.	PUNCT
ajfa-1764	233	1	international	international	ADJ
ajfa-1764	233	2	journal	journal	PROPN
ajfa-1764	233	3	of	of	ADP
ajfa-1764	233	4	finance	finance	NOUN
ajfa-1764	233	5	and	and	CCONJ
ajfa-1764	233	6	economics	economic	NOUN
ajfa-1764	233	7	,	,	PUNCT
ajfa-1764	233	8	7	7	NUM
ajfa-1764	233	9	,	,	PUNCT
ajfa-1764	233	10	165	165	NUM
ajfa-1764	233	11	-	-	SYM
ajfa-1764	233	12	93	93	NUM
ajfa-1764	233	13	.	.	PUNCT
ajfa-1764	234	1	http://dx.doi.org/10.1002/ijfe.187	http://dx.doi.org/10.1002/ijfe.187	PROPN
ajfa-1764	234	2	fritsche	fritsche	NOUN
ajfa-1764	234	3	,	,	PUNCT
ajfa-1764	234	4	u.	u.	PROPN
ajfa-1764	234	5	,	,	PUNCT
ajfa-1764	234	6	&	&	CCONJ
ajfa-1764	234	7	kuzin	kuzin	PROPN
ajfa-1764	234	8	,	,	PUNCT
ajfa-1764	234	9	v.	v.	PROPN
ajfa-1764	234	10	(	(	PUNCT
ajfa-1764	234	11	2008	2008	NUM
ajfa-1764	234	12	)	)	PUNCT
ajfa-1764	234	13	.	.	PUNCT
ajfa-1764	235	1	analysing	analyse	VERB
ajfa-1764	235	2	convergence	convergence	NOUN
ajfa-1764	235	3	in	in	ADP
ajfa-1764	235	4	europe	europe	PROPN
ajfa-1764	235	5	using	use	VERB
ajfa-1764	235	6	a	a	DET
ajfa-1764	235	7	nonlinear	nonlinear	ADJ
ajfa-1764	235	8	single	single	ADJ
ajfa-1764	235	9	factor	factor	NOUN
ajfa-1764	235	10	model	model	NOUN
ajfa-1764	235	11	,	,	PUNCT
ajfa-1764	235	12	macroeconomics	macroeconomic	NOUN
ajfa-1764	235	13	and	and	CCONJ
ajfa-1764	235	14	finance	finance	NOUN
ajfa-1764	235	15	series	series	NOUN
ajfa-1764	235	16	,	,	PUNCT
ajfa-1764	235	17	200802	200802	NUM
ajfa-1764	235	18	,	,	PUNCT
ajfa-1764	235	19	hamburg	hamburg	PROPN
ajfa-1764	235	20	university	university	PROPN
ajfa-1764	235	21	,	,	PUNCT
ajfa-1764	235	22	department	department	PROPN
ajfa-1764	235	23	wirtschaft	wirtschaft	PROPN
ajfa-1764	235	24	und	und	PROPN
ajfa-1764	235	25	politik	politik	PROPN
ajfa-1764	235	26	.	.	PUNCT
ajfa-1764	236	1	goetzman	goetzman	PROPN
ajfa-1764	236	2	,	,	PUNCT
ajfa-1764	236	3	w.	w.	PROPN
ajfa-1764	236	4	n.	n.	PROPN
ajfa-1764	236	5	and	and	CCONJ
ajfa-1764	236	6	jorion	jorion	NOUN
ajfa-1764	236	7	,	,	PUNCT
ajfa-1764	236	8	p.	p.	NOUN
ajfa-1764	236	9	(	(	PUNCT
ajfa-1764	236	10	1993	1993	NUM
ajfa-1764	236	11	)	)	PUNCT
ajfa-1764	236	12	.	.	PUNCT
ajfa-1764	237	1	testing	test	VERB
ajfa-1764	237	2	the	the	DET
ajfa-1764	237	3	predictive	predictive	ADJ
ajfa-1764	237	4	power	power	NOUN
ajfa-1764	237	5	of	of	ADP
ajfa-1764	237	6	dividend	dividend	NOUN
ajfa-1764	237	7	yields	yield	NOUN
ajfa-1764	237	8	.	.	PUNCT
ajfa-1764	238	1	journal	journal	PROPN
ajfa-1764	238	2	of	of	ADP
ajfa-1764	238	3	finance	finance	NOUN
ajfa-1764	238	4	,	,	PUNCT
ajfa-1764	238	5	48	48	NUM
ajfa-1764	238	6	,	,	PUNCT
ajfa-1764	238	7	663–679	663–679	NUM
ajfa-1764	238	8	.	.	PUNCT
ajfa-1764	239	1	hardouvelis	hardouvelis	PROPN
ajfa-1764	239	2	,	,	PUNCT
ajfa-1764	239	3	g.	g.	PROPN
ajfa-1764	239	4	a.	a.	PROPN
ajfa-1764	239	5	,	,	PUNCT
ajfa-1764	239	6	malliaropulos	malliaropulos	PROPN
ajfa-1764	239	7	,	,	PUNCT
ajfa-1764	239	8	d.	d.	PROPN
ajfa-1764	239	9	,	,	PUNCT
ajfa-1764	239	10	&	&	CCONJ
ajfa-1764	239	11	priestley	priestley	PROPN
ajfa-1764	239	12	,	,	PUNCT
ajfa-1764	239	13	r.	r.	PROPN
ajfa-1764	239	14	(	(	PUNCT
ajfa-1764	239	15	2007	2007	NUM
ajfa-1764	239	16	)	)	PUNCT
ajfa-1764	239	17	.	.	PUNCT
ajfa-1764	240	1	the	the	DET
ajfa-1764	240	2	impact	impact	NOUN
ajfa-1764	240	3	of	of	ADP
ajfa-1764	240	4	emu	emu	PROPN
ajfa-1764	240	5	on	on	ADP
ajfa-1764	240	6	the	the	DET
ajfa-1764	240	7	equity	equity	NOUN
ajfa-1764	240	8	cost	cost	NOUN
ajfa-1764	240	9	of	of	ADP
ajfa-1764	240	10	capital	capital	NOUN
ajfa-1764	240	11	.	.	PUNCT
ajfa-1764	241	1	journal	journal	PROPN
ajfa-1764	241	2	of	of	ADP
ajfa-1764	241	3	international	international	ADJ
ajfa-1764	241	4	money	money	NOUN
ajfa-1764	241	5	and	and	CCONJ
ajfa-1764	241	6	finance	finance	NOUN
ajfa-1764	241	7	,	,	PUNCT
ajfa-1764	241	8	26	26	NUM
ajfa-1764	241	9	,	,	PUNCT
ajfa-1764	241	10	305	305	NUM
ajfa-1764	241	11	-	-	SYM
ajfa-1764	241	12	327	327	NUM
ajfa-1764	241	13	.	.	PUNCT
ajfa-1764	242	1	http://dx.doi.org/10.1016/j.jimonfin.2006.12.002	http://dx.doi.org/10.1016/j.jimonfin.2006.12.002	PROPN
ajfa-1764	242	2	hardouvelis	hardouvelis	PROPN
ajfa-1764	242	3	,	,	PUNCT
ajfa-1764	242	4	g.	g.	PROPN
ajfa-1764	242	5	,	,	PUNCT
ajfa-1764	242	6	malliaropulos	malliaropulos	PROPN
ajfa-1764	242	7	,	,	PUNCT
ajfa-1764	242	8	d.	d.	PROPN
ajfa-1764	242	9	,	,	PUNCT
ajfa-1764	242	10	&	&	CCONJ
ajfa-1764	242	11	priestley	priestley	PROPN
ajfa-1764	242	12	,	,	PUNCT
ajfa-1764	242	13	r.	r.	PROPN
ajfa-1764	242	14	(	(	PUNCT
ajfa-1764	242	15	2004	2004	NUM
ajfa-1764	242	16	)	)	PUNCT
ajfa-1764	242	17	.	.	PUNCT
ajfa-1764	243	1	emu	emu	PROPN
ajfa-1764	243	2	and	and	CCONJ
ajfa-1764	243	3	european	european	ADJ
ajfa-1764	243	4	stock	stock	NOUN
ajfa-1764	243	5	market	market	NOUN
ajfa-1764	243	6	integration	integration	NOUN
ajfa-1764	243	7	.	.	PUNCT
ajfa-1764	244	1	journal	journal	NOUN
ajfa-1764	244	2	of	of	ADP
ajfa-1764	244	3	business	business	NOUN
ajfa-1764	244	4	,	,	PUNCT
ajfa-1764	244	5	79	79	NUM
ajfa-1764	244	6	,	,	PUNCT
ajfa-1764	244	7	365	365	NUM
ajfa-1764	244	8	-	-	SYM
ajfa-1764	244	9	392	392	NUM
ajfa-1764	244	10	.	.	PUNCT
ajfa-1764	245	1	http://dx.doi.org/10.1086/497414	http://dx.doi.org/10.1086/497414	PROPN
ajfa-1764	245	2	hecht	hecht	PROPN
ajfa-1764	245	3	,	,	PUNCT
ajfa-1764	245	4	p.	p.	PROPN
ajfa-1764	245	5	,	,	PUNCT
ajfa-1764	245	6	&	&	CCONJ
ajfa-1764	245	7	vuolteenaho	vuolteenaho	PROPN
ajfa-1764	245	8	,	,	PUNCT
ajfa-1764	245	9	t.	t.	PROPN
ajfa-1764	245	10	(	(	PUNCT
ajfa-1764	245	11	2006	2006	NUM
ajfa-1764	245	12	)	)	PUNCT
ajfa-1764	245	13	.	.	PUNCT
ajfa-1764	246	1	explaining	explain	VERB
ajfa-1764	246	2	returns	return	NOUN
ajfa-1764	246	3	with	with	ADP
ajfa-1764	246	4	cash	cash	NOUN
ajfa-1764	246	5	-	-	PUNCT
ajfa-1764	246	6	flows	flow	NOUN
ajfa-1764	246	7	proxies	proxy	NOUN
ajfa-1764	246	8	.	.	PUNCT
ajfa-1764	247	1	review	review	NOUN
ajfa-1764	247	2	of	of	ADP
ajfa-1764	247	3	financial	financial	ADJ
ajfa-1764	247	4	studies	study	NOUN
ajfa-1764	247	5	,	,	PUNCT
ajfa-1764	247	6	19	19	NUM
ajfa-1764	247	7	,	,	PUNCT
ajfa-1764	247	8	159	159	NUM
ajfa-1764	247	9	-	-	SYM
ajfa-1764	247	10	194	194	NUM
ajfa-1764	247	11	.	.	PUNCT
ajfa-1764	248	1	http://dx.doi.org/10.1093/rfs/hhj001	http://dx.doi.org/10.1093/rfs/hhj001	PROPN
ajfa-1764	248	2	hodrick	hodrick	PROPN
ajfa-1764	248	3	,	,	PUNCT
ajfa-1764	248	4	r.	r.	PROPN
ajfa-1764	248	5	(	(	PUNCT
ajfa-1764	248	6	1992	1992	NUM
ajfa-1764	248	7	)	)	PUNCT
ajfa-1764	248	8	.	.	PUNCT
ajfa-1764	249	1	dividend	dividend	NOUN
ajfa-1764	249	2	yields	yield	NOUN
ajfa-1764	249	3	and	and	CCONJ
ajfa-1764	249	4	expected	expect	VERB
ajfa-1764	249	5	stock	stock	NOUN
ajfa-1764	249	6	returns	return	NOUN
ajfa-1764	249	7	:	:	PUNCT
ajfa-1764	249	8	alternative	alternative	ADJ
ajfa-1764	249	9	procedures	procedure	NOUN
ajfa-1764	249	10	for	for	ADP
ajfa-1764	249	11	inference	inference	NOUN
ajfa-1764	249	12	and	and	CCONJ
ajfa-1764	249	13	measurement	measurement	NOUN
ajfa-1764	249	14	.	.	PUNCT
ajfa-1764	250	1	review	review	NOUN
ajfa-1764	250	2	of	of	ADP
ajfa-1764	250	3	financial	financial	ADJ
ajfa-1764	250	4	studies	study	NOUN
ajfa-1764	250	5	,	,	PUNCT
ajfa-1764	250	6	5	5	NUM
ajfa-1764	250	7	,	,	PUNCT
ajfa-1764	250	8	357–386	357–386	NUM
ajfa-1764	250	9	.	.	PUNCT
ajfa-1764	251	1	http://dx.doi.org/10.1093/rfs/5.3.357	http://dx.doi.org/10.1093/rfs/5.3.357	PROPN
ajfa-1764	251	2	islam	islam	PROPN
ajfa-1764	251	3	,	,	PUNCT
ajfa-1764	251	4	n.	n.	PROPN
ajfa-1764	251	5	(	(	PUNCT
ajfa-1764	251	6	2003	2003	NUM
ajfa-1764	251	7	)	)	PUNCT
ajfa-1764	251	8	.	.	PUNCT
ajfa-1764	252	1	what	what	PRON
ajfa-1764	252	2	have	have	AUX
ajfa-1764	252	3	we	we	PRON
ajfa-1764	252	4	learnt	learn	VERB
ajfa-1764	252	5	from	from	ADP
ajfa-1764	252	6	the	the	DET
ajfa-1764	252	7	convergence	convergence	NOUN
ajfa-1764	252	8	debate	debate	NOUN
ajfa-1764	252	9	?	?	PUNCT
ajfa-1764	253	1	journal	journal	NOUN
ajfa-1764	253	2	of	of	ADP
ajfa-1764	253	3	economic	economic	ADJ
ajfa-1764	253	4	surveys	survey	NOUN
ajfa-1764	253	5	,	,	PUNCT
ajfa-1764	253	6	17	17	NUM
ajfa-1764	253	7	,	,	PUNCT
ajfa-1764	253	8	309	309	NUM
ajfa-1764	253	9	-	-	SYM
ajfa-1764	253	10	362	362	NUM
ajfa-1764	253	11	.	.	PUNCT
ajfa-1764	254	1	http://dx.doi.org/10.1111/1467-6419.00197	http://dx.doi.org/10.1111/1467-6419.00197	PROPN
ajfa-1764	254	2	lane	lane	NOUN
ajfa-1764	254	3	,	,	PUNCT
ajfa-1764	254	4	p.	p.	PROPN
ajfa-1764	254	5	,	,	PUNCT
ajfa-1764	254	6	r.	r.	PROPN
ajfa-1764	254	7	(	(	PUNCT
ajfa-1764	254	8	2008	2008	NUM
ajfa-1764	254	9	)	)	PUNCT
ajfa-1764	254	10	.	.	PUNCT
ajfa-1764	255	1	emu	emu	PROPN
ajfa-1764	255	2	and	and	CCONJ
ajfa-1764	255	3	financial	financial	ADJ
ajfa-1764	255	4	integration	integration	NOUN
ajfa-1764	255	5	,	,	PUNCT
ajfa-1764	255	6	the	the	DET
ajfa-1764	255	7	euro	euro	NOUN
ajfa-1764	255	8	at	at	ADP
ajfa-1764	255	9	ten	ten	NUM
ajfa-1764	255	10	:	:	PUNCT
ajfa-1764	255	11	5th	5th	ADJ
ajfa-1764	255	12	european	european	ADJ
ajfa-1764	255	13	central	central	ADJ
ajfa-1764	255	14	banking	banking	NOUN
ajfa-1764	255	15	conference	conference	NOUN
ajfa-1764	255	16	,	,	PUNCT
ajfa-1764	255	17	lucrezia	lucrezia	PROPN
ajfa-1764	255	18	reichlin	reichlin	PROPN
ajfa-1764	255	19	,	,	PUNCT
ajfa-1764	255	20	ed	ed	NOUN
ajfa-1764	255	21	.	.	PROPN
ajfa-1764	255	22	,	,	PUNCT
ajfa-1764	255	23	ecb	ecb	PROPN
ajfa-1764	255	24	.	.	PUNCT
ajfa-1764	256	1	iiis	iiis	PROPN
ajfa-1764	256	2	272	272	NUM
ajfa-1764	256	3	.	.	PUNCT
ajfa-1764	257	1	http://openaccess.city.ac.uk/1116/1/gabrielsen,_alexandros.pdf	http://openaccess.city.ac.uk/1116/1/gabrielsen,_alexandros.pdf	NOUN
ajfa-1764	257	2	lettau	lettau	NOUN
ajfa-1764	257	3	,	,	PUNCT
ajfa-1764	257	4	m.	m.	NOUN
ajfa-1764	257	5	and	and	CCONJ
ajfa-1764	257	6	ludvigson	ludvigson	PROPN
ajfa-1764	257	7	,	,	PUNCT
ajfa-1764	257	8	s.	s.	PROPN
ajfa-1764	257	9	c.	c.	PROPN
ajfa-1764	257	10	(	(	PUNCT
ajfa-1764	257	11	2005	2005	NUM
ajfa-1764	257	12	)	)	PUNCT
ajfa-1764	257	13	.	.	PUNCT
ajfa-1764	258	1	expected	expect	VERB
ajfa-1764	258	2	returns	return	NOUN
ajfa-1764	258	3	and	and	CCONJ
ajfa-1764	258	4	expected	expect	VERB
ajfa-1764	258	5	dividend	dividend	NOUN
ajfa-1764	258	6	growth	growth	NOUN
ajfa-1764	258	7	.	.	PUNCT
ajfa-1764	259	1	journal	journal	NOUN
ajfa-1764	259	2	of	of	ADP
ajfa-1764	259	3	financial	financial	ADJ
ajfa-1764	259	4	economics	economic	NOUN
ajfa-1764	259	5	,	,	PUNCT
ajfa-1764	259	6	76	76	NUM
ajfa-1764	259	7	,	,	PUNCT
ajfa-1764	259	8	583–626	583–626	NUM
ajfa-1764	259	9	.	.	PUNCT
ajfa-1764	260	1	http://dx.doi.org/10.1016/j.jfineco.2004.05.008	http://dx.doi.org/10.1016/j.jfineco.2004.05.008	NOUN
ajfa-1764	260	2	lettau	lettau	NOUN
ajfa-1764	260	3	,	,	PUNCT
ajfa-1764	260	4	m.	m.	NOUN
ajfa-1764	260	5	,	,	PUNCT
ajfa-1764	260	6	&	&	CCONJ
ajfa-1764	260	7	van	van	PROPN
ajfa-1764	260	8	nieuwerburgh	nieuwerburgh	PROPN
ajfa-1764	260	9	,	,	PUNCT
ajfa-1764	260	10	s.	s.	PROPN
ajfa-1764	260	11	(	(	PUNCT
ajfa-1764	260	12	2008	2008	NUM
ajfa-1764	260	13	)	)	PUNCT
ajfa-1764	260	14	.	.	PUNCT
ajfa-1764	261	1	reconciling	reconcile	VERB
ajfa-1764	261	2	the	the	DET
ajfa-1764	261	3	return	return	NOUN
ajfa-1764	261	4	predictability	predictability	NOUN
ajfa-1764	261	5	evidence	evidence	NOUN
ajfa-1764	261	6	.	.	PUNCT
ajfa-1764	262	1	review	review	NOUN
ajfa-1764	262	2	of	of	ADP
ajfa-1764	262	3	financial	financial	ADJ
ajfa-1764	262	4	studies	study	NOUN
ajfa-1764	262	5	,	,	PUNCT
ajfa-1764	262	6	21	21	NUM
ajfa-1764	262	7	,	,	PUNCT
ajfa-1764	262	8	1607	1607	NUM
ajfa-1764	262	9	-	-	SYM
ajfa-1764	262	10	1652	1652	NUM
ajfa-1764	262	11	.	.	PUNCT
ajfa-1764	263	1	http://dx.doi.org/10.1093/rfs/hhm074	http://dx.doi.org/10.1093/rfs/hhm074	PROPN
ajfa-1764	263	2	asian	asian	PROPN
ajfa-1764	263	3	journal	journal	PROPN
ajfa-1764	263	4	of	of	ADP
ajfa-1764	263	5	finance	finance	PROPN
ajfa-1764	263	6	&	&	CCONJ
ajfa-1764	263	7	accounting	accounting	PROPN
ajfa-1764	263	8	issn	issn	PROPN
ajfa-1764	263	9	1946	1946	NUM
ajfa-1764	263	10	-	-	PUNCT
ajfa-1764	263	11	052x	052x	NOUN
ajfa-1764	263	12	2012	2012	NUM
ajfa-1764	263	13	,	,	PUNCT
ajfa-1764	263	14	vol	vol	NOUN
ajfa-1764	263	15	.	.	PROPN
ajfa-1764	263	16	4	4	NUM
ajfa-1764	263	17	,	,	PUNCT
ajfa-1764	263	18	no	no	INTJ
ajfa-1764	263	19	.	.	NOUN
ajfa-1764	263	20	2	2	NUM
ajfa-1764	263	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1764	263	22	17	17	NUM
ajfa-1764	263	23	lewellen	lewellen	NOUN
ajfa-1764	263	24	,	,	PUNCT
ajfa-1764	263	25	j.	j.	PROPN
ajfa-1764	263	26	w.	w.	PROPN
ajfa-1764	263	27	(	(	PUNCT
ajfa-1764	263	28	2004	2004	NUM
ajfa-1764	263	29	)	)	PUNCT
ajfa-1764	263	30	.	.	PUNCT
ajfa-1764	264	1	predicting	predict	VERB
ajfa-1764	264	2	returns	return	NOUN
ajfa-1764	264	3	with	with	ADP
ajfa-1764	264	4	financial	financial	ADJ
ajfa-1764	264	5	ratios	ratio	NOUN
ajfa-1764	264	6	.	.	PUNCT
ajfa-1764	265	1	journal	journal	NOUN
ajfa-1764	265	2	of	of	ADP
ajfa-1764	265	3	financial	financial	ADJ
ajfa-1764	265	4	economics	economic	NOUN
ajfa-1764	265	5	,	,	PUNCT
ajfa-1764	265	6	74	74	NUM
ajfa-1764	265	7	,	,	PUNCT
ajfa-1764	265	8	209–235	209–235	NUM
ajfa-1764	265	9	.	.	PUNCT
ajfa-1764	266	1	http://dx.doi.org/10.1016/j.jfineco.2002.11.002	http://dx.doi.org/10.1016/j.jfineco.2002.11.002	PROPN
ajfa-1764	266	2	ozcan	ozcan	NOUN
ajfa-1764	266	3	,	,	PUNCT
ajfa-1764	266	4	k.	k.	PROPN
ajfa-1764	266	5	,	,	PUNCT
ajfa-1764	266	6	s.	s.	PROPN
ajfa-1764	266	7	,	,	PUNCT
ajfa-1764	266	8	manganelli	manganelli	PROPN
ajfa-1764	266	9	,	,	PUNCT
ajfa-1764	266	10	s.	s.	PROPN
ajfa-1764	266	11	,	,	PUNCT
ajfa-1764	266	12	papaioannou	papaioannou	PROPN
ajfa-1764	266	13	,	,	PUNCT
ajfa-1764	266	14	e.	e.	PROPN
ajfa-1764	266	15	,	,	PUNCT
ajfa-1764	266	16	&	&	CCONJ
ajfa-1764	266	17	peydró	peydró	PROPN
ajfa-1764	266	18	,	,	PUNCT
ajfa-1764	266	19	j.	j.	PROPN
ajfa-1764	266	20	l.	l.	PROPN
ajfa-1764	266	21	(	(	PUNCT
ajfa-1764	266	22	2009	2009	NUM
ajfa-1764	266	23	)	)	PUNCT
ajfa-1764	266	24	.	.	PUNCT
ajfa-1764	267	1	financial	financial	ADJ
ajfa-1764	267	2	integration	integration	NOUN
ajfa-1764	267	3	and	and	CCONJ
ajfa-1764	267	4	risk	risk	NOUN
ajfa-1764	267	5	sharing	sharing	NOUN
ajfa-1764	267	6	:	:	PUNCT
ajfa-1764	267	7	the	the	DET
ajfa-1764	267	8	role	role	NOUN
ajfa-1764	267	9	of	of	ADP
ajfa-1764	267	10	monetary	monetary	ADJ
ajfa-1764	267	11	union	union	NOUN
ajfa-1764	267	12	,	,	PUNCT
ajfa-1764	267	13	the	the	DET
ajfa-1764	267	14	euro	euro	NOUN
ajfa-1764	267	15	at	at	ADP
ajfa-1764	267	16	ten	ten	NUM
ajfa-1764	267	17	:	:	PUNCT
ajfa-1764	267	18	5th	5th	ADJ
ajfa-1764	267	19	european	european	ADJ
ajfa-1764	267	20	central	central	ADJ
ajfa-1764	267	21	banking	banking	NOUN
ajfa-1764	267	22	conference	conference	NOUN
ajfa-1764	267	23	13	13	NUM
ajfa-1764	267	24	-	-	SYM
ajfa-1764	267	25	14	14	NUM
ajfa-1764	267	26	november	november	PROPN
ajfa-1764	267	27	2008	2008	NUM
ajfa-1764	267	28	,	,	PUNCT
ajfa-1764	267	29	lucrezia	lucrezia	PROPN
ajfa-1764	267	30	reichlin	reichlin	PROPN
ajfa-1764	267	31	,	,	PUNCT
ajfa-1764	267	32	editor	editor	NOUN
ajfa-1764	267	33	.	.	PUNCT
ajfa-1764	268	1	phillips	phillips	PROPN
ajfa-1764	268	2	,	,	PUNCT
ajfa-1764	268	3	p.	p.	PROPN
ajfa-1764	268	4	c.	c.	PROPN
ajfa-1764	268	5	,	,	PUNCT
ajfa-1764	268	6	&	&	CCONJ
ajfa-1764	268	7	sul	sul	PROPN
ajfa-1764	268	8	,	,	PUNCT
ajfa-1764	268	9	d.	d.	PROPN
ajfa-1764	268	10	(	(	PUNCT
ajfa-1764	268	11	2007	2007	NUM
ajfa-1764	268	12	)	)	PUNCT
ajfa-1764	268	13	.	.	PUNCT
ajfa-1764	269	1	transition	transition	NOUN
ajfa-1764	269	2	modelling	modelling	NOUN
ajfa-1764	269	3	and	and	CCONJ
ajfa-1764	269	4	econometric	econometric	ADJ
ajfa-1764	269	5	convergence	convergence	NOUN
ajfa-1764	269	6	tests	test	NOUN
ajfa-1764	269	7	.	.	PUNCT
ajfa-1764	270	1	econometrica	econometrica	PROPN
ajfa-1764	270	2	,	,	PUNCT
ajfa-1764	270	3	75	75	NUM
ajfa-1764	270	4	,	,	PUNCT
ajfa-1764	270	5	1771	1771	NUM
ajfa-1764	270	6	-	-	SYM
ajfa-1764	270	7	1855	1855	NUM
ajfa-1764	270	8	.	.	PUNCT
ajfa-1764	271	1	http://dx.doi.org/10.1111/j.1468-0262.2007.00811.x	http://dx.doi.org/10.1111/j.1468-0262.2007.00811.x	PRON
ajfa-1764	271	2	pontiff	pontiff	NOUN
ajfa-1764	271	3	,	,	PUNCT
ajfa-1764	271	4	j.	j.	PROPN
ajfa-1764	271	5	,	,	PUNCT
ajfa-1764	271	6	&	&	CCONJ
ajfa-1764	271	7	schall	schall	PROPN
ajfa-1764	271	8	,	,	PUNCT
ajfa-1764	271	9	l.	l.	PROPN
ajfa-1764	271	10	d.	d.	PROPN
ajfa-1764	271	11	(	(	PUNCT
ajfa-1764	271	12	1998	1998	NUM
ajfa-1764	271	13	)	)	PUNCT
ajfa-1764	271	14	.	.	PUNCT
ajfa-1764	272	1	book	book	NOUN
ajfa-1764	272	2	-	-	PUNCT
ajfa-1764	272	3	to	to	ADP
ajfa-1764	272	4	-	-	PUNCT
ajfa-1764	272	5	market	market	NOUN
ajfa-1764	272	6	ratios	ratio	NOUN
ajfa-1764	272	7	as	as	ADP
ajfa-1764	272	8	predictors	predictor	NOUN
ajfa-1764	272	9	of	of	ADP
ajfa-1764	272	10	market	market	NOUN
ajfa-1764	272	11	returns	return	NOUN
ajfa-1764	272	12	.	.	PUNCT
ajfa-1764	273	1	journal	journal	NOUN
ajfa-1764	273	2	of	of	ADP
ajfa-1764	273	3	financial	financial	ADJ
ajfa-1764	273	4	economics	economic	NOUN
ajfa-1764	273	5	,	,	PUNCT
ajfa-1764	273	6	49	49	NUM
ajfa-1764	273	7	,	,	PUNCT
ajfa-1764	273	8	141	141	NUM
ajfa-1764	273	9	-	-	SYM
ajfa-1764	273	10	160	160	NUM
ajfa-1764	273	11	.	.	PUNCT
ajfa-1764	274	1	http://dx.doi.org/10.1016/s0304-405x(98)00020-8	http://dx.doi.org/10.1016/s0304-405x(98)00020-8	NOUN
ajfa-1764	274	2	quah	quah	PROPN
ajfa-1764	274	3	d.	d.	NOUN
ajfa-1764	274	4	(	(	PUNCT
ajfa-1764	274	5	1996	1996	NUM
ajfa-1764	274	6	)	)	PUNCT
ajfa-1764	274	7	.	.	PUNCT
ajfa-1764	275	1	empirics	empiric	NOUN
ajfa-1764	275	2	for	for	ADP
ajfa-1764	275	3	economic	economic	ADJ
ajfa-1764	275	4	growth	growth	NOUN
ajfa-1764	275	5	and	and	CCONJ
ajfa-1764	275	6	convergence	convergence	NOUN
ajfa-1764	275	7	.	.	PUNCT
ajfa-1764	276	1	european	european	ADJ
ajfa-1764	276	2	economic	economic	PROPN
ajfa-1764	276	3	review	review	PROPN
ajfa-1764	276	4	,	,	PUNCT
ajfa-1764	276	5	40	40	NUM
ajfa-1764	276	6	,	,	PUNCT
ajfa-1764	276	7	1353	1353	NUM
ajfa-1764	276	8	-	-	SYM
ajfa-1764	276	9	1376	1376	NUM
ajfa-1764	276	10	.	.	PUNCT
ajfa-1764	277	1	http://dx.doi.org/10.1016/0014-2921(95)00051-8	http://dx.doi.org/10.1016/0014-2921(95)00051-8	PROPN
ajfa-1764	277	2	rozeff	rozeff	PROPN
ajfa-1764	277	3	,	,	PUNCT
ajfa-1764	277	4	m.	m.	NOUN
ajfa-1764	277	5	s.	s.	PROPN
ajfa-1764	277	6	(	(	PUNCT
ajfa-1764	277	7	1984	1984	NUM
ajfa-1764	277	8	)	)	PUNCT
ajfa-1764	277	9	.	.	PUNCT
ajfa-1764	278	1	dividend	dividend	NOUN
ajfa-1764	278	2	yields	yield	NOUN
ajfa-1764	278	3	are	be	AUX
ajfa-1764	278	4	equity	equity	NOUN
ajfa-1764	278	5	risk	risk	NOUN
ajfa-1764	278	6	premia	premia	PROPN
ajfa-1764	278	7	.	.	PUNCT
ajfa-1764	279	1	journal	journal	PROPN
ajfa-1764	279	2	of	of	ADP
ajfa-1764	279	3	portfolio	portfolio	PROPN
ajfa-1764	279	4	management	management	NOUN
ajfa-1764	279	5	,	,	PUNCT
ajfa-1764	279	6	49	49	NUM
ajfa-1764	279	7	,	,	PUNCT
ajfa-1764	279	8	141–160	141–160	NUM
ajfa-1764	279	9	.	.	PUNCT
ajfa-1764	280	1	rughoo	rughoo	PROPN
ajfa-1764	280	2	,	,	PUNCT
ajfa-1764	280	3	a.	a.	NOUN
ajfa-1764	280	4	,	,	PUNCT
ajfa-1764	280	5	&	&	CCONJ
ajfa-1764	280	6	sarantis	sarantis	PROPN
ajfa-1764	280	7	,	,	PUNCT
ajfa-1764	280	8	n.	n.	NOUN
ajfa-1764	280	9	(	(	PUNCT
ajfa-1764	280	10	2009	2009	NUM
ajfa-1764	280	11	)	)	PUNCT
ajfa-1764	280	12	.	.	PUNCT
ajfa-1764	281	1	integration	integration	NOUN
ajfa-1764	281	2	in	in	ADP
ajfa-1764	281	3	european	european	ADJ
ajfa-1764	281	4	retail	retail	ADJ
ajfa-1764	281	5	banking	banking	NOUN
ajfa-1764	281	6	:	:	PUNCT
ajfa-1764	281	7	evidence	evidence	NOUN
ajfa-1764	281	8	from	from	ADP
ajfa-1764	281	9	savings	saving	NOUN
ajfa-1764	281	10	and	and	CCONJ
ajfa-1764	281	11	lending	lending	NOUN
ajfa-1764	281	12	rates	rate	NOUN
ajfa-1764	281	13	to	to	ADP
ajfa-1764	281	14	non	non	ADJ
ajfa-1764	281	15	-	-	ADJ
ajfa-1764	281	16	financial	financial	ADJ
ajfa-1764	281	17	corporations	corporation	NOUN
ajfa-1764	281	18	,	,	PUNCT
ajfa-1764	281	19	working	work	VERB
ajfa-1764	281	20	paper	paper	NOUN
ajfa-1764	281	21	series	series	NOUN
ajfa-1764	281	22	:	:	PUNCT
ajfa-1764	281	23	23	23	NUM
ajfa-1764	281	24	-	-	SYM
ajfa-1764	281	25	11	11	NUM
ajfa-1764	281	26	,	,	PUNCT
ajfa-1764	281	27	london	london	PROPN
ajfa-1764	281	28	metropolitan	metropolitan	PROPN
ajfa-1764	281	29	business	business	PROPN
ajfa-1764	281	30	school	school	PROPN
ajfa-1764	281	31	,	,	PUNCT
ajfa-1764	281	32	london	london	PROPN
ajfa-1764	281	33	metropolitan	metropolitan	PROPN
ajfa-1764	281	34	university	university	PROPN
ajfa-1764	281	35	,	,	PUNCT
ajfa-1764	281	36	http://www.londonmet.ac.uk/fms/mrsite/acad/lmbs/research%20centres/cemea/	http://www.londonmet.ac.uk/fms/mrsite/acad/lmbs/research%20centres/cemea/	PROPN
ajfa-1764	281	37	working%20papers%202011/23_2011.pdf	working%20papers%202011/23_2011.pdf	PROPN
ajfa-1764	281	38	sorensen	sorensen	PROPN
ajfa-1764	281	39	,	,	PUNCT
ajfa-1764	281	40	c.	c.	PROPN
ajfa-1764	281	41	k.	k.	PROPN
ajfa-1764	281	42	,	,	PUNCT
ajfa-1764	281	43	&	&	CCONJ
ajfa-1764	281	44	guiterrez	guiterrez	PROPN
ajfa-1764	281	45	,	,	PUNCT
ajfa-1764	281	46	j.	j.	PROPN
ajfa-1764	281	47	m.	m.	PROPN
ajfa-1764	281	48	p.	p.	PROPN
ajfa-1764	281	49	(	(	PUNCT
ajfa-1764	281	50	2006	2006	NUM
ajfa-1764	281	51	)	)	PUNCT
ajfa-1764	281	52	.	.	PUNCT
ajfa-1764	282	1	euro	euro	PROPN
ajfa-1764	282	2	area	area	NOUN
ajfa-1764	282	3	banking	banking	NOUN
ajfa-1764	282	4	sector	sector	NOUN
ajfa-1764	282	5	integration	integration	NOUN
ajfa-1764	282	6	–	–	PUNCT
ajfa-1764	282	7	using	use	VERB
ajfa-1764	282	8	hierarchical	hierarchical	ADJ
ajfa-1764	282	9	cluster	cluster	NOUN
ajfa-1764	282	10	analysis	analysis	NOUN
ajfa-1764	282	11	techniques	technique	NOUN
ajfa-1764	282	12	.	.	PUNCT
ajfa-1764	283	1	ecb	ecb	PROPN
ajfa-1764	283	2	working	working	PROPN
ajfa-1764	283	3	paper	paper	NOUN
ajfa-1764	283	4	,	,	PUNCT
ajfa-1764	283	5	no	no	INTJ
ajfa-1764	283	6	.	.	PROPN
ajfa-1764	283	7	627	627	NUM
ajfa-1764	283	8	,	,	PUNCT