id	sid	tid	token	lemma	pos
ajfa-312	1	1	microsoft	microsoft	PROPN
ajfa-312	1	2	word	word	NOUN
ajfa-312	1	3	312	312	NUM
ajfa-312	1	4	-	-	PUNCT
ajfa-312	1	5	3496	3496	NUM
ajfa-312	1	6	-	-	PUNCT
ajfa-312	1	7	1	1	NUM
ajfa-312	1	8	-	-	PUNCT
ajfa-312	1	9	pb	pb	ADP
ajfa-312	1	10	asian	asian	ADJ
ajfa-312	1	11	journal	journal	NOUN
ajfa-312	1	12	of	of	ADP
ajfa-312	1	13	finance	finance	PROPN
ajfa-312	1	14	&	&	CCONJ
ajfa-312	1	15	accounting	accounting	PROPN
ajfa-312	1	16	issn	issn	PROPN
ajfa-312	1	17	1946	1946	NUM
ajfa-312	1	18	-	-	PUNCT
ajfa-312	1	19	052x	052x	NOUN
ajfa-312	1	20	2010	2010	NUM
ajfa-312	1	21	,	,	PUNCT
ajfa-312	1	22	vol	vol	NOUN
ajfa-312	1	23	.	.	PROPN
ajfa-312	1	24	2	2	NUM
ajfa-312	1	25	,	,	PUNCT
ajfa-312	1	26	no	no	INTJ
ajfa-312	1	27	.	.	NOUN
ajfa-312	1	28	2	2	NUM
ajfa-312	1	29	:	:	PUNCT
ajfa-312	1	30	e2	e2	PROPN
ajfa-312	1	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	1	32	21	21	NUM
ajfa-312	1	33	chinese	chinese	ADJ
ajfa-312	1	34	and	and	CCONJ
ajfa-312	1	35	indian	indian	ADJ
ajfa-312	1	36	stock	stock	NOUN
ajfa-312	1	37	market	market	NOUN
ajfa-312	1	38	linkages	linkage	NOUN
ajfa-312	1	39	with	with	ADP
ajfa-312	1	40	developed	develop	VERB
ajfa-312	1	41	stock	stock	NOUN
ajfa-312	1	42	markets	market	NOUN
ajfa-312	1	43	gurcharan	gurcharan	VERB
ajfa-312	1	44	singh	singh	PROPN
ajfa-312	1	45	pritam	pritam	PROPN
ajfa-312	1	46	singh	singh	PROPN
ajfa-312	1	47	buckingham	buckingham	PROPN
ajfa-312	1	48	business	business	PROPN
ajfa-312	1	49	school	school	PROPN
ajfa-312	1	50	university	university	PROPN
ajfa-312	1	51	of	of	ADP
ajfa-312	1	52	buckingham	buckingham	PROPN
ajfa-312	1	53	,	,	PUNCT
ajfa-312	1	54	united	united	PROPN
ajfa-312	1	55	kingdom	kingdom	PROPN
ajfa-312	2	1	tel	tel	PROPN
ajfa-312	2	2	:	:	PUNCT
ajfa-312	2	3	44	44	NUM
ajfa-312	2	4	-	-	PUNCT
ajfa-312	2	5	012	012	NUM
ajfa-312	2	6	-	-	PUNCT
ajfa-312	2	7	8082	8082	NUM
ajfa-312	2	8	-	-	SYM
ajfa-312	2	9	0503	0503	NUM
ajfa-312	2	10	e	e	NOUN
ajfa-312	2	11	-	-	NOUN
ajfa-312	2	12	mail	mail	NOUN
ajfa-312	2	13	:	:	PUNCT
ajfa-312	2	14	gurcharan.singh@buckingham.ac.uk	gurcharan.singh@buckingham.ac.uk	NUM
ajfa-312	2	15	received	receive	VERB
ajfa-312	2	16	:	:	PUNCT
ajfa-312	2	17	2010	2010	NUM
ajfa-312	2	18	-	-	SYM
ajfa-312	2	19	02	02	NUM
ajfa-312	2	20	-	-	PUNCT
ajfa-312	2	21	01	01	NUM
ajfa-312	2	22	accepted	accept	VERB
ajfa-312	2	23	:	:	PUNCT
ajfa-312	2	24	2011	2011	NUM
ajfa-312	2	25	-	-	SYM
ajfa-312	2	26	04	04	NUM
ajfa-312	2	27	-	-	PUNCT
ajfa-312	2	28	28	28	NUM
ajfa-312	2	29	doi:10.5296	doi:10.5296	NOUN
ajfa-312	2	30	/	/	SYM
ajfa-312	2	31	ajfa.v2i2.312	ajfa.v2i2.312	PROPN
ajfa-312	2	32	abstract	abstract	ADJ
ajfa-312	2	33	this	this	DET
ajfa-312	2	34	study	study	NOUN
ajfa-312	2	35	examines	examine	VERB
ajfa-312	2	36	the	the	DET
ajfa-312	2	37	linkages	linkage	NOUN
ajfa-312	2	38	of	of	ADP
ajfa-312	2	39	the	the	DET
ajfa-312	2	40	two	two	NUM
ajfa-312	2	41	leading	lead	VERB
ajfa-312	2	42	emerging	emerge	VERB
ajfa-312	2	43	markets	market	NOUN
ajfa-312	2	44	i.e.	i.e.	X
ajfa-312	2	45	chinese	chinese	ADJ
ajfa-312	2	46	and	and	CCONJ
ajfa-312	2	47	indian	indian	ADJ
ajfa-312	2	48	market	market	NOUN
ajfa-312	2	49	with	with	ADP
ajfa-312	2	50	developed	develop	VERB
ajfa-312	2	51	markets	market	NOUN
ajfa-312	2	52	.	.	PUNCT
ajfa-312	3	1	using	use	VERB
ajfa-312	3	2	daily	daily	ADJ
ajfa-312	3	3	data	datum	NOUN
ajfa-312	3	4	from	from	ADP
ajfa-312	3	5	january	january	PROPN
ajfa-312	3	6	2000	2000	NUM
ajfa-312	3	7	to	to	ADP
ajfa-312	3	8	december	december	PROPN
ajfa-312	3	9	2009	2009	NUM
ajfa-312	3	10	,	,	PUNCT
ajfa-312	3	11	the	the	DET
ajfa-312	3	12	stock	stock	NOUN
ajfa-312	3	13	market	market	NOUN
ajfa-312	3	14	indices	index	NOUN
ajfa-312	3	15	of	of	ADP
ajfa-312	3	16	china	china	PROPN
ajfa-312	3	17	,	,	PUNCT
ajfa-312	3	18	india	india	PROPN
ajfa-312	3	19	,	,	PUNCT
ajfa-312	3	20	united	united	PROPN
ajfa-312	3	21	states	states	PROPN
ajfa-312	3	22	,	,	PUNCT
ajfa-312	3	23	united	united	ADJ
ajfa-312	3	24	kingdom	kingdom	PROPN
ajfa-312	3	25	,	,	PUNCT
ajfa-312	3	26	japan	japan	PROPN
ajfa-312	3	27	and	and	CCONJ
ajfa-312	3	28	hong	hong	PROPN
ajfa-312	3	29	kong	kong	PROPN
ajfa-312	3	30	are	be	AUX
ajfa-312	3	31	examined	examine	VERB
ajfa-312	3	32	.	.	PUNCT
ajfa-312	4	1	the	the	DET
ajfa-312	4	2	linkages	linkage	NOUN
ajfa-312	4	3	are	be	AUX
ajfa-312	4	4	modelled	model	VERB
ajfa-312	4	5	using	use	VERB
ajfa-312	4	6	the	the	DET
ajfa-312	4	7	correlation	correlation	NOUN
ajfa-312	4	8	test	test	NOUN
ajfa-312	4	9	,	,	PUNCT
ajfa-312	4	10	granger	granger	PROPN
ajfa-312	4	11	causality	causality	PROPN
ajfa-312	4	12	and	and	CCONJ
ajfa-312	4	13	the	the	DET
ajfa-312	4	14	cointegration	cointegration	NOUN
ajfa-312	4	15	test	test	NOUN
ajfa-312	4	16	applying	apply	VERB
ajfa-312	4	17	error	error	NOUN
ajfa-312	4	18	correction	correction	NOUN
ajfa-312	4	19	model	model	NOUN
ajfa-312	4	20	.	.	PUNCT
ajfa-312	5	1	it	it	PRON
ajfa-312	5	2	was	be	AUX
ajfa-312	5	3	found	find	VERB
ajfa-312	5	4	that	that	SCONJ
ajfa-312	5	5	chinese	chinese	ADJ
ajfa-312	5	6	and	and	CCONJ
ajfa-312	5	7	indian	indian	ADJ
ajfa-312	5	8	markets	market	NOUN
ajfa-312	5	9	are	be	AUX
ajfa-312	5	10	both	both	PRON
ajfa-312	5	11	correlated	correlate	VERB
ajfa-312	5	12	with	with	ADP
ajfa-312	5	13	all	all	DET
ajfa-312	5	14	four	four	NUM
ajfa-312	5	15	major	major	ADJ
ajfa-312	5	16	markets	market	NOUN
ajfa-312	5	17	.	.	PUNCT
ajfa-312	6	1	both	both	DET
ajfa-312	6	2	markets	market	NOUN
ajfa-312	6	3	have	have	AUX
ajfa-312	6	4	at	at	ADV
ajfa-312	6	5	least	least	ADJ
ajfa-312	6	6	had	have	VERB
ajfa-312	6	7	a	a	DET
ajfa-312	6	8	unilateral	unilateral	ADJ
ajfa-312	6	9	causality	causality	NOUN
ajfa-312	6	10	with	with	ADP
ajfa-312	6	11	all	all	DET
ajfa-312	6	12	four	four	NUM
ajfa-312	6	13	developed	developed	ADJ
ajfa-312	6	14	markets	market	NOUN
ajfa-312	6	15	.	.	PUNCT
ajfa-312	7	1	this	this	PRON
ajfa-312	7	2	suggests	suggest	VERB
ajfa-312	7	3	that	that	SCONJ
ajfa-312	7	4	the	the	DET
ajfa-312	7	5	benefits	benefit	NOUN
ajfa-312	7	6	of	of	ADP
ajfa-312	7	7	any	any	DET
ajfa-312	7	8	short	short	ADJ
ajfa-312	7	9	-	-	PUNCT
ajfa-312	7	10	term	term	NOUN
ajfa-312	7	11	diversification	diversification	NOUN
ajfa-312	7	12	,	,	PUNCT
ajfa-312	7	13	or	or	CCONJ
ajfa-312	7	14	speculative	speculative	ADJ
ajfa-312	7	15	activities	activity	NOUN
ajfa-312	7	16	,	,	PUNCT
ajfa-312	7	17	are	be	AUX
ajfa-312	7	18	limited	limit	VERB
ajfa-312	7	19	between	between	ADP
ajfa-312	7	20	them	they	PRON
ajfa-312	7	21	.	.	PUNCT
ajfa-312	8	1	keywords	keyword	NOUN
ajfa-312	8	2	:	:	PUNCT
ajfa-312	8	3	market	market	NOUN
ajfa-312	8	4	linkages	linkage	NOUN
ajfa-312	8	5	,	,	PUNCT
ajfa-312	8	6	co	co	NOUN
ajfa-312	8	7	-	-	NOUN
ajfa-312	8	8	integration	integration	NOUN
ajfa-312	8	9	,	,	PUNCT
ajfa-312	8	10	china	china	PROPN
ajfa-312	8	11	jel	jel	PROPN
ajfa-312	8	12	classifications	classification	NOUN
ajfa-312	8	13	:	:	PUNCT
ajfa-312	8	14	f3	f3	ADJ
ajfa-312	8	15	,	,	PUNCT
ajfa-312	8	16	f36	f36	NOUN
ajfa-312	8	17	,	,	PUNCT
ajfa-312	8	18	f37	f37	NOUN
ajfa-312	8	19	asian	asian	ADJ
ajfa-312	8	20	journal	journal	NOUN
ajfa-312	8	21	of	of	ADP
ajfa-312	8	22	finance	finance	PROPN
ajfa-312	8	23	&	&	CCONJ
ajfa-312	8	24	accounting	accounting	PROPN
ajfa-312	8	25	issn	issn	PROPN
ajfa-312	8	26	1946	1946	NUM
ajfa-312	8	27	-	-	PUNCT
ajfa-312	8	28	052x	052x	NOUN
ajfa-312	8	29	2010	2010	NUM
ajfa-312	8	30	,	,	PUNCT
ajfa-312	8	31	vol	vol	NOUN
ajfa-312	8	32	.	.	PROPN
ajfa-312	8	33	2	2	NUM
ajfa-312	8	34	,	,	PUNCT
ajfa-312	8	35	no	no	INTJ
ajfa-312	8	36	.	.	NOUN
ajfa-312	8	37	2	2	NUM
ajfa-312	8	38	:	:	PUNCT
ajfa-312	8	39	e2	e2	VERB
ajfa-312	8	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-312	8	41	22	22	NUM
ajfa-312	8	42	1	1	NUM
ajfa-312	8	43	.	.	PUNCT
ajfa-312	9	1	introduction	introduction	NOUN
ajfa-312	9	2	international	international	ADJ
ajfa-312	9	3	stock	stock	NOUN
ajfa-312	9	4	markets	market	NOUN
ajfa-312	9	5	have	have	AUX
ajfa-312	9	6	become	become	VERB
ajfa-312	9	7	further	far	ADV
ajfa-312	9	8	integrated	integrate	VERB
ajfa-312	9	9	in	in	ADP
ajfa-312	9	10	the	the	DET
ajfa-312	9	11	recent	recent	ADJ
ajfa-312	9	12	years	year	NOUN
ajfa-312	9	13	.	.	PUNCT
ajfa-312	10	1	factors	factor	NOUN
ajfa-312	10	2	such	such	ADJ
ajfa-312	10	3	as	as	ADP
ajfa-312	10	4	the	the	DET
ajfa-312	10	5	progressive	progressive	ADJ
ajfa-312	10	6	removal	removal	NOUN
ajfa-312	10	7	of	of	ADP
ajfa-312	10	8	restrictions	restriction	NOUN
ajfa-312	10	9	and	and	CCONJ
ajfa-312	10	10	relaxation	relaxation	NOUN
ajfa-312	10	11	of	of	ADP
ajfa-312	10	12	controls	control	NOUN
ajfa-312	10	13	on	on	ADP
ajfa-312	10	14	capital	capital	NOUN
ajfa-312	10	15	movements	movement	NOUN
ajfa-312	10	16	have	have	AUX
ajfa-312	10	17	helped	help	VERB
ajfa-312	10	18	further	far	ADV
ajfa-312	10	19	towards	towards	ADP
ajfa-312	10	20	this	this	PRON
ajfa-312	10	21	and	and	CCONJ
ajfa-312	10	22	have	have	AUX
ajfa-312	10	23	indirectly	indirectly	ADV
ajfa-312	10	24	increased	increase	VERB
ajfa-312	10	25	the	the	DET
ajfa-312	10	26	flow	flow	NOUN
ajfa-312	10	27	of	of	ADP
ajfa-312	10	28	funds	fund	NOUN
ajfa-312	10	29	across	across	ADP
ajfa-312	10	30	countries	country	NOUN
ajfa-312	10	31	.	.	PUNCT
ajfa-312	11	1	hence	hence	ADV
ajfa-312	11	2	,	,	PUNCT
ajfa-312	11	3	the	the	DET
ajfa-312	11	4	national	national	ADJ
ajfa-312	11	5	stock	stock	NOUN
ajfa-312	11	6	exchanges	exchange	NOUN
ajfa-312	11	7	are	be	AUX
ajfa-312	11	8	becoming	become	VERB
ajfa-312	11	9	more	more	ADV
ajfa-312	11	10	integrated	integrated	ADJ
ajfa-312	11	11	and	and	CCONJ
ajfa-312	11	12	moving	move	VERB
ajfa-312	11	13	towards	towards	ADP
ajfa-312	11	14	a	a	DET
ajfa-312	11	15	single	single	ADJ
ajfa-312	11	16	international	international	ADJ
ajfa-312	11	17	stock	stock	NOUN
ajfa-312	11	18	exchange	exchange	NOUN
ajfa-312	11	19	.	.	PUNCT
ajfa-312	12	1	the	the	DET
ajfa-312	12	2	point	point	NOUN
ajfa-312	12	3	when	when	SCONJ
ajfa-312	12	4	the	the	DET
ajfa-312	12	5	correlation	correlation	NOUN
ajfa-312	12	6	between	between	ADP
ajfa-312	12	7	the	the	DET
ajfa-312	12	8	returns	return	NOUN
ajfa-312	12	9	of	of	ADP
ajfa-312	12	10	the	the	DET
ajfa-312	12	11	equity	equity	NOUN
ajfa-312	12	12	markets	market	NOUN
ajfa-312	12	13	increases	increase	NOUN
ajfa-312	12	14	,	,	PUNCT
ajfa-312	12	15	the	the	DET
ajfa-312	12	16	risk	risk	NOUN
ajfa-312	12	17	exposure	exposure	NOUN
ajfa-312	12	18	of	of	ADP
ajfa-312	12	19	the	the	DET
ajfa-312	12	20	portfolio	portfolio	NOUN
ajfa-312	12	21	(	(	PUNCT
ajfa-312	12	22	all	all	DET
ajfa-312	12	23	else	else	ADV
ajfa-312	12	24	being	be	AUX
ajfa-312	12	25	constant	constant	ADJ
ajfa-312	12	26	)	)	PUNCT
ajfa-312	12	27	will	will	AUX
ajfa-312	12	28	start	start	VERB
ajfa-312	12	29	to	to	PART
ajfa-312	12	30	increase	increase	VERB
ajfa-312	12	31	and	and	CCONJ
ajfa-312	12	32	,	,	PUNCT
ajfa-312	12	33	at	at	ADP
ajfa-312	12	34	a	a	DET
ajfa-312	12	35	,	,	PUNCT
ajfa-312	12	36	certain	certain	ADJ
ajfa-312	12	37	point	point	NOUN
ajfa-312	12	38	international	international	ADJ
ajfa-312	12	39	diversification	diversification	NOUN
ajfa-312	12	40	will	will	AUX
ajfa-312	12	41	no	no	ADV
ajfa-312	12	42	longer	long	ADV
ajfa-312	12	43	look	look	VERB
ajfa-312	12	44	beneficial	beneficial	ADJ
ajfa-312	12	45	.	.	PUNCT
ajfa-312	13	1	however	however	ADV
ajfa-312	13	2	this	this	PRON
ajfa-312	13	3	allows	allow	VERB
ajfa-312	13	4	investors	investor	NOUN
ajfa-312	13	5	to	to	PART
ajfa-312	13	6	spread	spread	VERB
ajfa-312	13	7	their	their	PRON
ajfa-312	13	8	portfolio	portfolio	NOUN
ajfa-312	13	9	across	across	ADP
ajfa-312	13	10	markets	market	NOUN
ajfa-312	13	11	which	which	PRON
ajfa-312	13	12	in	in	ADP
ajfa-312	13	13	return	return	NOUN
ajfa-312	13	14	reduce	reduce	VERB
ajfa-312	13	15	risk	risk	NOUN
ajfa-312	13	16	when	when	SCONJ
ajfa-312	13	17	diversified	diversified	ADJ
ajfa-312	13	18	effectively	effectively	ADV
ajfa-312	13	19	.	.	PUNCT
ajfa-312	14	1	with	with	ADP
ajfa-312	14	2	the	the	DET
ajfa-312	14	3	rapid	rapid	ADJ
ajfa-312	14	4	growth	growth	NOUN
ajfa-312	14	5	in	in	ADP
ajfa-312	14	6	india	india	PROPN
ajfa-312	14	7	and	and	CCONJ
ajfa-312	14	8	china	china	PROPN
ajfa-312	14	9	,	,	PUNCT
ajfa-312	14	10	many	many	ADJ
ajfa-312	14	11	investors	investor	NOUN
ajfa-312	14	12	would	would	AUX
ajfa-312	14	13	certainly	certainly	ADV
ajfa-312	14	14	consider	consider	VERB
ajfa-312	14	15	investing	invest	VERB
ajfa-312	14	16	in	in	ADP
ajfa-312	14	17	the	the	DET
ajfa-312	14	18	two	two	NUM
ajfa-312	14	19	markets	market	NOUN
ajfa-312	14	20	rather	rather	ADV
ajfa-312	14	21	than	than	ADP
ajfa-312	14	22	in	in	ADP
ajfa-312	14	23	the	the	DET
ajfa-312	14	24	advanced	advanced	ADJ
ajfa-312	14	25	or	or	CCONJ
ajfa-312	14	26	developed	developed	ADJ
ajfa-312	14	27	markets	market	NOUN
ajfa-312	14	28	.	.	PUNCT
ajfa-312	15	1	however	however	ADV
ajfa-312	15	2	,	,	PUNCT
ajfa-312	15	3	the	the	DET
ajfa-312	15	4	question	question	NOUN
ajfa-312	15	5	of	of	ADP
ajfa-312	15	6	whether	whether	SCONJ
ajfa-312	15	7	both	both	DET
ajfa-312	15	8	markets	market	NOUN
ajfa-312	15	9	are	be	AUX
ajfa-312	15	10	integrated	integrate	VERB
ajfa-312	15	11	with	with	ADP
ajfa-312	15	12	other	other	ADJ
ajfa-312	15	13	stock	stock	NOUN
ajfa-312	15	14	markets	market	NOUN
ajfa-312	15	15	so	so	SCONJ
ajfa-312	15	16	that	that	SCONJ
ajfa-312	15	17	investing	invest	VERB
ajfa-312	15	18	in	in	ADP
ajfa-312	15	19	india	india	PROPN
ajfa-312	15	20	and	and	CCONJ
ajfa-312	15	21	china	china	PROPN
ajfa-312	15	22	will	will	AUX
ajfa-312	15	23	provide	provide	VERB
ajfa-312	15	24	the	the	DET
ajfa-312	15	25	benefit	benefit	NOUN
ajfa-312	15	26	of	of	ADP
ajfa-312	15	27	diversification	diversification	NOUN
ajfa-312	15	28	is	be	AUX
ajfa-312	15	29	a	a	DET
ajfa-312	15	30	major	major	ADJ
ajfa-312	15	31	concern	concern	NOUN
ajfa-312	15	32	for	for	ADP
ajfa-312	15	33	investors	investor	NOUN
ajfa-312	15	34	.	.	PUNCT
ajfa-312	16	1	this	this	DET
ajfa-312	16	2	lead	lead	NOUN
ajfa-312	16	3	to	to	PART
ajfa-312	16	4	investigate	investigate	VERB
ajfa-312	16	5	whether	whether	SCONJ
ajfa-312	16	6	,	,	PUNCT
ajfa-312	16	7	despite	despite	SCONJ
ajfa-312	16	8	the	the	DET
ajfa-312	16	9	growing	grow	VERB
ajfa-312	16	10	importance	importance	NOUN
ajfa-312	16	11	and	and	CCONJ
ajfa-312	16	12	contribution	contribution	NOUN
ajfa-312	16	13	of	of	ADP
ajfa-312	16	14	the	the	DET
ajfa-312	16	15	two	two	NUM
ajfa-312	16	16	major	major	ADJ
ajfa-312	16	17	emerging	emerge	VERB
ajfa-312	16	18	markets	market	NOUN
ajfa-312	16	19	i.e.	i.e.	X
ajfa-312	16	20	,	,	PUNCT
ajfa-312	16	21	india	india	PROPN
ajfa-312	16	22	and	and	CCONJ
ajfa-312	16	23	china	china	PROPN
ajfa-312	16	24	to	to	ADP
ajfa-312	16	25	the	the	DET
ajfa-312	16	26	world	world	NOUN
ajfa-312	16	27	economy	economy	NOUN
ajfa-312	16	28	,	,	PUNCT
ajfa-312	16	29	their	their	PRON
ajfa-312	16	30	stock	stock	NOUN
ajfa-312	16	31	markets	market	NOUN
ajfa-312	16	32	are	be	AUX
ajfa-312	16	33	interdependent	interdependent	ADJ
ajfa-312	16	34	with	with	ADP
ajfa-312	16	35	other	other	ADJ
ajfa-312	16	36	stock	stock	NOUN
ajfa-312	16	37	markets	market	NOUN
ajfa-312	16	38	?	?	PUNCT
ajfa-312	17	1	therefore	therefore	ADV
ajfa-312	17	2	the	the	DET
ajfa-312	17	3	aim	aim	NOUN
ajfa-312	17	4	of	of	ADP
ajfa-312	17	5	this	this	DET
ajfa-312	17	6	paper	paper	NOUN
ajfa-312	17	7	is	be	AUX
ajfa-312	17	8	to	to	PART
ajfa-312	17	9	present	present	VERB
ajfa-312	17	10	the	the	DET
ajfa-312	17	11	linkages	linkage	NOUN
ajfa-312	17	12	or	or	CCONJ
ajfa-312	17	13	relationship	relationship	NOUN
ajfa-312	17	14	of	of	ADP
ajfa-312	17	15	indian	indian	ADJ
ajfa-312	17	16	and	and	CCONJ
ajfa-312	17	17	chinese	chinese	ADJ
ajfa-312	17	18	with	with	ADP
ajfa-312	17	19	four	four	NUM
ajfa-312	17	20	other	other	ADJ
ajfa-312	17	21	major	major	ADJ
ajfa-312	17	22	developed	develop	VERB
ajfa-312	17	23	markets	market	NOUN
ajfa-312	17	24	namely	namely	ADV
ajfa-312	17	25	united	united	ADJ
ajfa-312	17	26	states	states	PROPN
ajfa-312	17	27	,	,	PUNCT
ajfa-312	17	28	united	united	ADJ
ajfa-312	17	29	kingdom	kingdom	PROPN
ajfa-312	17	30	,	,	PUNCT
ajfa-312	17	31	japan	japan	PROPN
ajfa-312	17	32	and	and	CCONJ
ajfa-312	17	33	hong	hong	PROPN
ajfa-312	17	34	kong	kong	PROPN
ajfa-312	17	35	using	use	VERB
ajfa-312	17	36	various	various	ADJ
ajfa-312	17	37	econometric	econometric	ADJ
ajfa-312	17	38	techniques	technique	NOUN
ajfa-312	17	39	.	.	PUNCT
ajfa-312	18	1	numerous	numerous	ADJ
ajfa-312	18	2	works	work	NOUN
ajfa-312	18	3	studying	study	VERB
ajfa-312	18	4	international	international	ADJ
ajfa-312	18	5	linkages	linkage	NOUN
ajfa-312	18	6	of	of	ADP
ajfa-312	18	7	the	the	DET
ajfa-312	18	8	equity	equity	NOUN
ajfa-312	18	9	markets	market	NOUN
ajfa-312	18	10	have	have	AUX
ajfa-312	18	11	contributed	contribute	VERB
ajfa-312	18	12	an	an	DET
ajfa-312	18	13	in	in	ADP
ajfa-312	18	14	-	-	PUNCT
ajfa-312	18	15	depth	depth	NOUN
ajfa-312	18	16	understanding	understanding	NOUN
ajfa-312	18	17	of	of	ADP
ajfa-312	18	18	the	the	DET
ajfa-312	18	19	market	market	NOUN
ajfa-312	18	20	behaviour	behaviour	NOUN
ajfa-312	18	21	.	.	PUNCT
ajfa-312	19	1	however	however	ADV
ajfa-312	19	2	,	,	PUNCT
ajfa-312	19	3	little	little	ADJ
ajfa-312	19	4	attention	attention	NOUN
ajfa-312	19	5	has	have	AUX
ajfa-312	19	6	been	be	AUX
ajfa-312	19	7	given	give	VERB
ajfa-312	19	8	to	to	ADP
ajfa-312	19	9	both	both	CCONJ
ajfa-312	19	10	the	the	DET
ajfa-312	19	11	emerging	emerge	VERB
ajfa-312	19	12	indian	indian	ADJ
ajfa-312	19	13	and	and	CCONJ
ajfa-312	19	14	chinese	chinese	ADJ
ajfa-312	19	15	equity	equity	NOUN
ajfa-312	19	16	markets	market	NOUN
ajfa-312	19	17	since	since	SCONJ
ajfa-312	19	18	their	their	PRON
ajfa-312	19	19	rapid	rapid	ADJ
ajfa-312	19	20	economic	economic	ADJ
ajfa-312	19	21	growth	growth	NOUN
ajfa-312	19	22	early	early	ADV
ajfa-312	19	23	this	this	DET
ajfa-312	19	24	decade	decade	NOUN
ajfa-312	19	25	.	.	PUNCT
ajfa-312	20	1	therefore	therefore	ADV
ajfa-312	20	2	the	the	DET
ajfa-312	20	3	paper	paper	NOUN
ajfa-312	20	4	is	be	AUX
ajfa-312	20	5	designed	design	VERB
ajfa-312	20	6	to	to	PART
ajfa-312	20	7	fill	fill	VERB
ajfa-312	20	8	the	the	DET
ajfa-312	20	9	above	above	ADJ
ajfa-312	20	10	gap	gap	NOUN
ajfa-312	20	11	by	by	ADP
ajfa-312	20	12	applying	apply	VERB
ajfa-312	20	13	various	various	ADJ
ajfa-312	20	14	robust	robust	ADJ
ajfa-312	20	15	techniques	technique	NOUN
ajfa-312	20	16	and	and	CCONJ
ajfa-312	20	17	the	the	DET
ajfa-312	20	18	study	study	NOUN
ajfa-312	20	19	is	be	AUX
ajfa-312	20	20	organized	organize	VERB
ajfa-312	20	21	as	as	SCONJ
ajfa-312	20	22	follows	follow	VERB
ajfa-312	20	23	:	:	PUNCT
ajfa-312	20	24	section	section	NOUN
ajfa-312	20	25	two	two	NUM
ajfa-312	20	26	reviews	review	VERB
ajfa-312	20	27	the	the	DET
ajfa-312	20	28	empirical	empirical	ADJ
ajfa-312	20	29	studies	study	NOUN
ajfa-312	20	30	of	of	ADP
ajfa-312	20	31	this	this	DET
ajfa-312	20	32	issue	issue	NOUN
ajfa-312	20	33	.	.	PUNCT
ajfa-312	21	1	the	the	DET
ajfa-312	21	2	methodology	methodology	NOUN
ajfa-312	21	3	is	be	AUX
ajfa-312	21	4	discussed	discuss	VERB
ajfa-312	21	5	in	in	ADP
ajfa-312	21	6	section	section	NOUN
ajfa-312	21	7	three	three	NUM
ajfa-312	21	8	,	,	PUNCT
ajfa-312	21	9	while	while	SCONJ
ajfa-312	21	10	section	section	NOUN
ajfa-312	21	11	four	four	NUM
ajfa-312	21	12	provides	provide	VERB
ajfa-312	21	13	a	a	DET
ajfa-312	21	14	discussion	discussion	NOUN
ajfa-312	21	15	of	of	ADP
ajfa-312	21	16	the	the	DET
ajfa-312	21	17	data	datum	NOUN
ajfa-312	21	18	as	as	ADV
ajfa-312	21	19	well	well	ADV
ajfa-312	21	20	as	as	ADP
ajfa-312	21	21	the	the	DET
ajfa-312	21	22	empirical	empirical	ADJ
ajfa-312	21	23	results	result	NOUN
ajfa-312	21	24	.	.	PUNCT
ajfa-312	22	1	finally	finally	ADV
ajfa-312	22	2	,	,	PUNCT
ajfa-312	22	3	section	section	NOUN
ajfa-312	22	4	five	five	NUM
ajfa-312	22	5	offers	offer	NOUN
ajfa-312	22	6	concluding	conclude	VERB
ajfa-312	22	7	remarks	remark	NOUN
ajfa-312	22	8	.	.	PUNCT
ajfa-312	23	1	2	2	X
ajfa-312	23	2	.	.	X
ajfa-312	23	3	literature	literature	NOUN
ajfa-312	23	4	review	review	VERB
ajfa-312	23	5	numerous	numerous	ADJ
ajfa-312	23	6	studies	study	NOUN
ajfa-312	23	7	have	have	AUX
ajfa-312	23	8	been	be	AUX
ajfa-312	23	9	carried	carry	VERB
ajfa-312	23	10	out	out	ADP
ajfa-312	23	11	to	to	PART
ajfa-312	23	12	investigate	investigate	VERB
ajfa-312	23	13	stock	stock	NOUN
ajfa-312	23	14	market	market	NOUN
ajfa-312	23	15	linkages	linkage	NOUN
ajfa-312	23	16	,	,	PUNCT
ajfa-312	23	17	integration	integration	NOUN
ajfa-312	23	18	or	or	CCONJ
ajfa-312	23	19	interdependence	interdependence	NOUN
ajfa-312	23	20	.	.	PUNCT
ajfa-312	24	1	stock	stock	NOUN
ajfa-312	24	2	market	market	NOUN
ajfa-312	24	3	is	be	AUX
ajfa-312	24	4	said	say	VERB
ajfa-312	24	5	to	to	PART
ajfa-312	24	6	be	be	AUX
ajfa-312	24	7	integrated	integrate	VERB
ajfa-312	24	8	when	when	SCONJ
ajfa-312	24	9	correlation	correlation	NOUN
ajfa-312	24	10	exists	exist	VERB
ajfa-312	24	11	between	between	ADP
ajfa-312	24	12	markets	market	NOUN
ajfa-312	24	13	.	.	PUNCT
ajfa-312	25	1	however	however	ADV
ajfa-312	25	2	the	the	DET
ajfa-312	25	3	results	result	NOUN
ajfa-312	25	4	of	of	ADP
ajfa-312	25	5	these	these	DET
ajfa-312	25	6	studies	study	NOUN
ajfa-312	25	7	are	be	AUX
ajfa-312	25	8	mixed	mixed	ADJ
ajfa-312	25	9	,	,	PUNCT
ajfa-312	25	10	inconsistent	inconsistent	ADJ
ajfa-312	25	11	and	and	CCONJ
ajfa-312	25	12	sometimes	sometimes	ADV
ajfa-312	25	13	even	even	ADV
ajfa-312	25	14	contradict	contradict	VERB
ajfa-312	25	15	with	with	ADP
ajfa-312	25	16	each	each	DET
ajfa-312	25	17	other	other	ADJ
ajfa-312	25	18	(	(	PUNCT
ajfa-312	25	19	hilliard	hilliard	NOUN
ajfa-312	25	20	(	(	PUNCT
ajfa-312	25	21	1997	1997	NUM
ajfa-312	25	22	)	)	PUNCT
ajfa-312	25	23	,	,	PUNCT
ajfa-312	25	24	aggarwal	aggarwal	PROPN
ajfa-312	25	25	et	et	PROPN
ajfa-312	25	26	.	.	PUNCT
ajfa-312	26	1	al	al	PROPN
ajfa-312	26	2	.	.	PROPN
ajfa-312	27	1	(	(	PUNCT
ajfa-312	27	2	2003	2003	NUM
ajfa-312	27	3	)	)	PUNCT
ajfa-312	27	4	,	,	PUNCT
ajfa-312	27	5	abbas	abbas	NOUN
ajfa-312	27	6	and	and	CCONJ
ajfa-312	27	7	chancharat	chancharat	NOUN
ajfa-312	27	8	(	(	PUNCT
ajfa-312	27	9	2008	2008	NUM
ajfa-312	27	10	)	)	PUNCT
ajfa-312	27	11	)	)	PUNCT
ajfa-312	27	12	.	.	PUNCT
ajfa-312	28	1	if	if	SCONJ
ajfa-312	28	2	evidence	evidence	NOUN
ajfa-312	28	3	of	of	ADP
ajfa-312	28	4	stock	stock	NOUN
ajfa-312	28	5	market	market	NOUN
ajfa-312	28	6	linkage	linkage	NOUN
ajfa-312	28	7	were	be	AUX
ajfa-312	28	8	found	find	VERB
ajfa-312	28	9	,	,	PUNCT
ajfa-312	28	10	it	it	PRON
ajfa-312	28	11	would	would	AUX
ajfa-312	28	12	imply	imply	VERB
ajfa-312	28	13	that	that	SCONJ
ajfa-312	28	14	there	there	PRON
ajfa-312	28	15	is	be	VERB
ajfa-312	28	16	a	a	DET
ajfa-312	28	17	common	common	ADJ
ajfa-312	28	18	force	force	NOUN
ajfa-312	28	19	that	that	PRON
ajfa-312	28	20	brings	bring	VERB
ajfa-312	28	21	these	these	DET
ajfa-312	28	22	markets	market	NOUN
ajfa-312	28	23	together	together	ADV
ajfa-312	28	24	(	(	PUNCT
ajfa-312	28	25	choudhry	choudhry	PROPN
ajfa-312	28	26	et	et	PROPN
ajfa-312	28	27	.	.	PUNCT
ajfa-312	29	1	al	al	PROPN
ajfa-312	29	2	.	.	PROPN
ajfa-312	30	1	(	(	PUNCT
ajfa-312	30	2	2007	2007	NUM
ajfa-312	30	3	)	)	PUNCT
ajfa-312	30	4	)	)	PUNCT
ajfa-312	31	1	hence	hence	ADV
ajfa-312	31	2	,	,	PUNCT
ajfa-312	31	3	the	the	DET
ajfa-312	31	4	benefit	benefit	NOUN
ajfa-312	31	5	of	of	ADP
ajfa-312	31	6	diversification	diversification	NOUN
ajfa-312	31	7	would	would	AUX
ajfa-312	31	8	be	be	AUX
ajfa-312	31	9	limited	limit	VERB
ajfa-312	31	10	.	.	PUNCT
ajfa-312	32	1	apart	apart	ADV
ajfa-312	32	2	from	from	ADP
ajfa-312	32	3	analyzing	analyze	VERB
ajfa-312	32	4	only	only	ADV
ajfa-312	32	5	the	the	DET
ajfa-312	32	6	interdependencies	interdependency	NOUN
ajfa-312	32	7	of	of	ADP
ajfa-312	32	8	stock	stock	NOUN
ajfa-312	32	9	markets	market	NOUN
ajfa-312	32	10	,	,	PUNCT
ajfa-312	32	11	many	many	ADJ
ajfa-312	32	12	researchers	researcher	NOUN
ajfa-312	32	13	have	have	AUX
ajfa-312	32	14	also	also	ADV
ajfa-312	32	15	focused	focus	VERB
ajfa-312	32	16	on	on	ADP
ajfa-312	32	17	the	the	DET
ajfa-312	32	18	impact	impact	NOUN
ajfa-312	32	19	of	of	ADP
ajfa-312	32	20	major	major	ADJ
ajfa-312	32	21	events	event	NOUN
ajfa-312	32	22	such	such	ADJ
ajfa-312	32	23	as	as	ADP
ajfa-312	32	24	market	market	NOUN
ajfa-312	32	25	crisis	crisis	NOUN
ajfa-312	32	26	,	,	PUNCT
ajfa-312	32	27	market	market	NOUN
ajfa-312	32	28	liberalization	liberalization	NOUN
ajfa-312	32	29	,	,	PUNCT
ajfa-312	32	30	etc	etc	X
ajfa-312	32	31	on	on	ADP
ajfa-312	32	32	the	the	DET
ajfa-312	32	33	stock	stock	NOUN
ajfa-312	32	34	market	market	NOUN
ajfa-312	32	35	linkages	linkage	NOUN
ajfa-312	32	36	(	(	PUNCT
ajfa-312	32	37	tan	tan	NOUN
ajfa-312	32	38	and	and	CCONJ
ajfa-312	32	39	tse	tse	PROPN
ajfa-312	32	40	(	(	PUNCT
ajfa-312	32	41	2002	2002	NUM
ajfa-312	32	42	)	)	PUNCT
ajfa-312	32	43	,	,	PUNCT
ajfa-312	32	44	lim	lim	PROPN
ajfa-312	32	45	and	and	CCONJ
ajfa-312	32	46	mcaleer	mcaleer	NOUN
ajfa-312	32	47	(	(	PUNCT
ajfa-312	32	48	2004	2004	NUM
ajfa-312	32	49	)	)	PUNCT
ajfa-312	32	50	,	,	PUNCT
ajfa-312	32	51	aggarwal	aggarwal	PROPN
ajfa-312	32	52	et	et	PROPN
ajfa-312	32	53	.	.	PUNCT
ajfa-312	33	1	al	al	PROPN
ajfa-312	33	2	.	.	PUNCT
ajfa-312	33	3	(	(	PUNCT
ajfa-312	33	4	2008	2008	NUM
ajfa-312	33	5	)	)	PUNCT
ajfa-312	33	6	)	)	PUNCT
ajfa-312	33	7	.	.	PUNCT
ajfa-312	34	1	since	since	SCONJ
ajfa-312	34	2	the	the	DET
ajfa-312	34	3	early	early	ADJ
ajfa-312	34	4	1990s	1990	NOUN
ajfa-312	34	5	,	,	PUNCT
ajfa-312	34	6	most	most	ADJ
ajfa-312	34	7	of	of	ADP
ajfa-312	34	8	the	the	DET
ajfa-312	34	9	research	research	NOUN
ajfa-312	34	10	on	on	ADP
ajfa-312	34	11	international	international	ADJ
ajfa-312	34	12	stock	stock	NOUN
ajfa-312	34	13	market	market	NOUN
ajfa-312	34	14	linkages	linkage	NOUN
ajfa-312	34	15	has	have	AUX
ajfa-312	34	16	been	be	AUX
ajfa-312	34	17	concentrated	concentrate	VERB
ajfa-312	34	18	on	on	ADP
ajfa-312	34	19	the	the	DET
ajfa-312	34	20	mature	mature	ADJ
ajfa-312	34	21	and	and	CCONJ
ajfa-312	34	22	emerging	emerge	VERB
ajfa-312	34	23	asian	asian	ADJ
ajfa-312	34	24	journal	journal	NOUN
ajfa-312	34	25	of	of	ADP
ajfa-312	34	26	finance	finance	PROPN
ajfa-312	34	27	&	&	CCONJ
ajfa-312	34	28	accounting	accounting	PROPN
ajfa-312	34	29	issn	issn	PROPN
ajfa-312	34	30	1946	1946	NUM
ajfa-312	34	31	-	-	PUNCT
ajfa-312	34	32	052x	052x	NOUN
ajfa-312	34	33	2010	2010	NUM
ajfa-312	34	34	,	,	PUNCT
ajfa-312	34	35	vol	vol	NOUN
ajfa-312	34	36	.	.	PROPN
ajfa-312	34	37	2	2	NUM
ajfa-312	34	38	,	,	PUNCT
ajfa-312	34	39	no	no	INTJ
ajfa-312	34	40	.	.	NOUN
ajfa-312	34	41	2	2	NUM
ajfa-312	34	42	:	:	PUNCT
ajfa-312	34	43	e2	e2	VERB
ajfa-312	34	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	34	45	23	23	NUM
ajfa-312	34	46	markets	market	NOUN
ajfa-312	34	47	.	.	PUNCT
ajfa-312	35	1	studies	study	NOUN
ajfa-312	35	2	by	by	ADP
ajfa-312	35	3	hilliard	hilliard	NOUN
ajfa-312	35	4	(	(	PUNCT
ajfa-312	35	5	1997	1997	NUM
ajfa-312	35	6	)	)	PUNCT
ajfa-312	35	7	and	and	CCONJ
ajfa-312	35	8	asimakopoulos	asimakopoulos	PROPN
ajfa-312	35	9	et	et	PROPN
ajfa-312	35	10	.	.	PUNCT
ajfa-312	36	1	al	al	PROPN
ajfa-312	36	2	.	.	PROPN
ajfa-312	37	1	(	(	PUNCT
ajfa-312	37	2	2002	2002	NUM
ajfa-312	37	3	)	)	PUNCT
ajfa-312	37	4	investigated	investigate	VERB
ajfa-312	37	5	the	the	DET
ajfa-312	37	6	interrelationship	interrelationship	NOUN
ajfa-312	37	7	between	between	ADP
ajfa-312	37	8	daily	daily	ADJ
ajfa-312	37	9	returns	return	NOUN
ajfa-312	37	10	generated	generate	VERB
ajfa-312	37	11	by	by	ADP
ajfa-312	37	12	major	major	ADJ
ajfa-312	37	13	stock	stock	NOUN
ajfa-312	37	14	exchanges	exchange	NOUN
ajfa-312	37	15	.	.	PUNCT
ajfa-312	38	1	evidence	evidence	NOUN
ajfa-312	38	2	found	find	VERB
ajfa-312	38	3	that	that	SCONJ
ajfa-312	38	4	strong	strong	ADJ
ajfa-312	38	5	interdependence	interdependence	NOUN
ajfa-312	38	6	exists	exist	VERB
ajfa-312	38	7	between	between	ADP
ajfa-312	38	8	the	the	DET
ajfa-312	38	9	daily	daily	ADJ
ajfa-312	38	10	returns	return	NOUN
ajfa-312	38	11	generated	generate	VERB
ajfa-312	38	12	by	by	ADP
ajfa-312	38	13	united	united	PROPN
ajfa-312	38	14	states	states	PROPN
ajfa-312	38	15	and	and	CCONJ
ajfa-312	38	16	other	other	ADJ
ajfa-312	38	17	selected	select	VERB
ajfa-312	38	18	major	major	ADJ
ajfa-312	38	19	world	world	NOUN
ajfa-312	38	20	indices	index	NOUN
ajfa-312	38	21	.	.	PUNCT
ajfa-312	39	1	this	this	PRON
ajfa-312	39	2	was	be	AUX
ajfa-312	39	3	followed	follow	VERB
ajfa-312	39	4	by	by	ADP
ajfa-312	39	5	the	the	DET
ajfa-312	39	6	work	work	NOUN
ajfa-312	39	7	of	of	ADP
ajfa-312	39	8	aggarwal	aggarwal	PROPN
ajfa-312	39	9	et	et	PROPN
ajfa-312	39	10	.	.	PUNCT
ajfa-312	40	1	al	al	PROPN
ajfa-312	40	2	.	.	PROPN
ajfa-312	41	1	(	(	PUNCT
ajfa-312	41	2	2003	2003	NUM
ajfa-312	41	3	)	)	PUNCT
ajfa-312	41	4	that	that	PRON
ajfa-312	41	5	examined	examine	VERB
ajfa-312	41	6	the	the	DET
ajfa-312	41	7	time	time	NOUN
ajfa-312	41	8	-	-	PUNCT
ajfa-312	41	9	varying	vary	VERB
ajfa-312	41	10	integration	integration	NOUN
ajfa-312	41	11	of	of	ADP
ajfa-312	41	12	european	european	ADJ
ajfa-312	41	13	equity	equity	NOUN
ajfa-312	41	14	markets	market	NOUN
ajfa-312	41	15	over	over	ADP
ajfa-312	41	16	the	the	DET
ajfa-312	41	17	1985	1985	NUM
ajfa-312	41	18	to	to	ADP
ajfa-312	41	19	2002	2002	NUM
ajfa-312	41	20	period	period	NOUN
ajfa-312	41	21	using	use	VERB
ajfa-312	41	22	daily	daily	ADJ
ajfa-312	41	23	data	datum	NOUN
ajfa-312	41	24	for	for	ADP
ajfa-312	41	25	the	the	DET
ajfa-312	41	26	main	main	ADJ
ajfa-312	41	27	eu	eu	PROPN
ajfa-312	41	28	countries	country	NOUN
ajfa-312	41	29	.	.	PUNCT
ajfa-312	42	1	using	use	VERB
ajfa-312	42	2	estimates	estimate	NOUN
ajfa-312	42	3	of	of	ADP
ajfa-312	42	4	traditional	traditional	ADJ
ajfa-312	42	5	co	co	NOUN
ajfa-312	42	6	-	-	NOUN
ajfa-312	42	7	integration	integration	NOUN
ajfa-312	42	8	,	,	PUNCT
ajfa-312	42	9	haldane	haldane	NOUN
ajfa-312	42	10	and	and	CCONJ
ajfa-312	42	11	hall	hall	PROPN
ajfa-312	42	12	kalman	kalman	PROPN
ajfa-312	42	13	filter	filter	NOUN
ajfa-312	42	14	technique	technique	NOUN
ajfa-312	42	15	,	,	PUNCT
ajfa-312	42	16	and	and	CCONJ
ajfa-312	42	17	dynamic	dynamic	ADJ
ajfa-312	42	18	eigenvalue	eigenvalue	NOUN
ajfa-312	42	19	analysis	analysis	NOUN
ajfa-312	42	20	in	in	ADP
ajfa-312	42	21	their	their	PRON
ajfa-312	42	22	study	study	NOUN
ajfa-312	42	23	,	,	PUNCT
ajfa-312	42	24	the	the	DET
ajfa-312	42	25	result	result	NOUN
ajfa-312	42	26	shows	show	VERB
ajfa-312	42	27	the	the	DET
ajfa-312	42	28	evidence	evidence	NOUN
ajfa-312	42	29	of	of	ADP
ajfa-312	42	30	integration	integration	NOUN
ajfa-312	42	31	in	in	ADP
ajfa-312	42	32	european	european	ADJ
ajfa-312	42	33	countries	country	NOUN
ajfa-312	42	34	only	only	ADV
ajfa-312	42	35	after	after	ADP
ajfa-312	42	36	the	the	DET
ajfa-312	42	37	establishment	establishment	NOUN
ajfa-312	42	38	of	of	ADP
ajfa-312	42	39	emu	emu	PROPN
ajfa-312	42	40	and	and	CCONJ
ajfa-312	42	41	the	the	DET
ajfa-312	42	42	ecb	ecb	NOUN
ajfa-312	42	43	during	during	ADP
ajfa-312	42	44	1997	1997	NUM
ajfa-312	42	45	-	-	SYM
ajfa-312	42	46	98	98	NUM
ajfa-312	42	47	periods	period	NOUN
ajfa-312	42	48	.	.	PUNCT
ajfa-312	43	1	the	the	DET
ajfa-312	43	2	result	result	NOUN
ajfa-312	43	3	also	also	ADV
ajfa-312	43	4	indicates	indicate	VERB
ajfa-312	43	5	that	that	SCONJ
ajfa-312	43	6	frankfurt	frankfurt	PROPN
ajfa-312	43	7	is	be	AUX
ajfa-312	43	8	the	the	DET
ajfa-312	43	9	dominant	dominant	ADJ
ajfa-312	43	10	market	market	NOUN
ajfa-312	43	11	for	for	ADP
ajfa-312	43	12	equities	equity	NOUN
ajfa-312	43	13	in	in	ADP
ajfa-312	43	14	europe	europe	PROPN
ajfa-312	43	15	.	.	PUNCT
ajfa-312	44	1	by	by	ADP
ajfa-312	44	2	controlling	control	VERB
ajfa-312	44	3	for	for	ADP
ajfa-312	44	4	the	the	DET
ajfa-312	44	5	exchange	exchange	NOUN
ajfa-312	44	6	rate	rate	NOUN
ajfa-312	44	7	,	,	PUNCT
ajfa-312	44	8	tan	tan	PROPN
ajfa-312	44	9	and	and	CCONJ
ajfa-312	44	10	tse	tse	PROPN
ajfa-312	44	11	(	(	PUNCT
ajfa-312	44	12	2002	2002	NUM
ajfa-312	44	13	)	)	PUNCT
ajfa-312	44	14	use	use	VERB
ajfa-312	44	15	daily	daily	ADJ
ajfa-312	44	16	data	datum	NOUN
ajfa-312	44	17	in	in	ADP
ajfa-312	44	18	local	local	ADJ
ajfa-312	44	19	currencies	currency	NOUN
ajfa-312	44	20	over	over	ADP
ajfa-312	44	21	1988	1988	NUM
ajfa-312	44	22	-	-	SYM
ajfa-312	44	23	2000	2000	NUM
ajfa-312	44	24	to	to	PART
ajfa-312	44	25	examine	examine	VERB
ajfa-312	44	26	the	the	DET
ajfa-312	44	27	linkages	linkage	NOUN
ajfa-312	44	28	among	among	ADP
ajfa-312	44	29	u.s	u.s	PROPN
ajfa-312	44	30	.	.	PROPN
ajfa-312	44	31	,	,	PUNCT
ajfa-312	44	32	japan	japan	PROPN
ajfa-312	44	33	,	,	PUNCT
ajfa-312	44	34	and	and	CCONJ
ajfa-312	44	35	seven	seven	NUM
ajfa-312	44	36	asian	asian	ADJ
ajfa-312	44	37	stock	stock	NOUN
ajfa-312	44	38	markets	market	NOUN
ajfa-312	44	39	including	include	VERB
ajfa-312	44	40	malaysia	malaysia	PROPN
ajfa-312	44	41	,	,	PUNCT
ajfa-312	44	42	philippines	philippine	NOUN
ajfa-312	44	43	,	,	PUNCT
ajfa-312	44	44	singapore	singapore	PROPN
ajfa-312	44	45	,	,	PUNCT
ajfa-312	44	46	and	and	CCONJ
ajfa-312	44	47	thailand	thailand	PROPN
ajfa-312	44	48	.	.	PUNCT
ajfa-312	45	1	by	by	ADP
ajfa-312	45	2	truncating	truncate	VERB
ajfa-312	45	3	the	the	DET
ajfa-312	45	4	data	datum	NOUN
ajfa-312	45	5	at	at	ADP
ajfa-312	45	6	the	the	DET
ajfa-312	45	7	end	end	NOUN
ajfa-312	45	8	of	of	ADP
ajfa-312	45	9	1996	1996	NUM
ajfa-312	45	10	and	and	CCONJ
ajfa-312	45	11	restarting	restart	VERB
ajfa-312	45	12	the	the	DET
ajfa-312	45	13	data	datum	NOUN
ajfa-312	45	14	in	in	ADP
ajfa-312	45	15	mid-1998	mid-1998	NOUN
ajfa-312	45	16	to	to	PART
ajfa-312	45	17	create	create	VERB
ajfa-312	45	18	a	a	DET
ajfa-312	45	19	pre	pre	NOUN
ajfa-312	45	20	-	-	NOUN
ajfa-312	45	21	crisis	crisis	NOUN
ajfa-312	45	22	and	and	CCONJ
ajfa-312	45	23	post	post	ADJ
ajfa-312	45	24	-	-	ADJ
ajfa-312	45	25	crisis	crisis	ADJ
ajfa-312	45	26	comparison	comparison	NOUN
ajfa-312	45	27	,	,	PUNCT
ajfa-312	45	28	they	they	PRON
ajfa-312	45	29	found	find	VERB
ajfa-312	45	30	that	that	SCONJ
ajfa-312	45	31	markets	market	NOUN
ajfa-312	45	32	appear	appear	VERB
ajfa-312	45	33	to	to	PART
ajfa-312	45	34	be	be	AUX
ajfa-312	45	35	more	more	ADV
ajfa-312	45	36	integrated	integrated	ADJ
ajfa-312	45	37	after	after	ADP
ajfa-312	45	38	the	the	DET
ajfa-312	45	39	crisis	crisis	NOUN
ajfa-312	45	40	than	than	ADP
ajfa-312	45	41	before	before	ADV
ajfa-312	45	42	.	.	PUNCT
ajfa-312	46	1	another	another	DET
ajfa-312	46	2	interesting	interesting	ADJ
ajfa-312	46	3	result	result	NOUN
ajfa-312	46	4	is	be	AUX
ajfa-312	46	5	that	that	SCONJ
ajfa-312	46	6	malaysia	malaysia	PROPN
ajfa-312	46	7	is	be	AUX
ajfa-312	46	8	less	less	ADV
ajfa-312	46	9	affected	affect	VERB
ajfa-312	46	10	by	by	ADP
ajfa-312	46	11	the	the	DET
ajfa-312	46	12	u.s	u.s	PROPN
ajfa-312	46	13	.	.	PROPN
ajfa-312	46	14	and	and	CCONJ
ajfa-312	46	15	japan	japan	PROPN
ajfa-312	46	16	after	after	ADP
ajfa-312	46	17	the	the	DET
ajfa-312	46	18	crisis	crisis	NOUN
ajfa-312	46	19	,	,	PUNCT
ajfa-312	46	20	which	which	PRON
ajfa-312	46	21	can	can	AUX
ajfa-312	46	22	be	be	AUX
ajfa-312	46	23	attributed	attribute	VERB
ajfa-312	46	24	to	to	ADP
ajfa-312	46	25	the	the	DET
ajfa-312	46	26	success	success	NOUN
ajfa-312	46	27	of	of	ADP
ajfa-312	46	28	its	its	PRON
ajfa-312	46	29	capital	capital	NOUN
ajfa-312	46	30	and	and	CCONJ
ajfa-312	46	31	currency	currency	NOUN
ajfa-312	46	32	controls	control	NOUN
ajfa-312	46	33	,	,	PUNCT
ajfa-312	46	34	but	but	CCONJ
ajfa-312	46	35	singapore	singapore	PROPN
ajfa-312	46	36	and	and	CCONJ
ajfa-312	46	37	malaysia	malaysia	PROPN
ajfa-312	46	38	still	still	ADV
ajfa-312	46	39	affect	affect	VERB
ajfa-312	46	40	each	each	DET
ajfa-312	46	41	other	other	ADJ
ajfa-312	46	42	strongly	strongly	ADV
ajfa-312	46	43	,	,	PUNCT
ajfa-312	46	44	which	which	PRON
ajfa-312	46	45	can	can	AUX
ajfa-312	46	46	be	be	AUX
ajfa-312	46	47	attributed	attribute	VERB
ajfa-312	46	48	to	to	ADP
ajfa-312	46	49	geographic	geographic	ADJ
ajfa-312	46	50	proximity	proximity	NOUN
ajfa-312	46	51	,	,	PUNCT
ajfa-312	46	52	economic	economic	ADJ
ajfa-312	46	53	linkages	linkage	NOUN
ajfa-312	46	54	,	,	PUNCT
ajfa-312	46	55	and	and	CCONJ
ajfa-312	46	56	structural	structural	ADJ
ajfa-312	46	57	symmetry	symmetry	NOUN
ajfa-312	46	58	.	.	PUNCT
ajfa-312	47	1	meanwhile	meanwhile	ADV
ajfa-312	47	2	golaka	golaka	PROPN
ajfa-312	47	3	et	et	PROPN
ajfa-312	47	4	.	.	PUNCT
ajfa-312	48	1	al	al	PROPN
ajfa-312	48	2	.	.	PROPN
ajfa-312	49	1	(	(	PUNCT
ajfa-312	49	2	2003	2003	NUM
ajfa-312	49	3	)	)	PUNCT
ajfa-312	49	4	examined	examine	VERB
ajfa-312	49	5	the	the	DET
ajfa-312	49	6	interdependence	interdependence	NOUN
ajfa-312	49	7	of	of	ADP
ajfa-312	49	8	the	the	DET
ajfa-312	49	9	three	three	NUM
ajfa-312	49	10	major	major	ADJ
ajfa-312	49	11	stock	stock	NOUN
ajfa-312	49	12	markets	market	NOUN
ajfa-312	49	13	in	in	ADP
ajfa-312	49	14	south	south	PROPN
ajfa-312	49	15	asia	asia	PROPN
ajfa-312	49	16	.	.	PUNCT
ajfa-312	50	1	using	use	VERB
ajfa-312	50	2	daily	daily	ADJ
ajfa-312	50	3	stock	stock	NOUN
ajfa-312	50	4	market	market	NOUN
ajfa-312	50	5	indices	index	NOUN
ajfa-312	50	6	of	of	ADP
ajfa-312	50	7	india	india	PROPN
ajfa-312	50	8	(	(	PUNCT
ajfa-312	50	9	nse	nse	NOUN
ajfa-312	50	10	-	-	PUNCT
ajfa-312	50	11	nifty	nifty	ADJ
ajfa-312	50	12	)	)	PUNCT
ajfa-312	50	13	,	,	PUNCT
ajfa-312	50	14	singapore	singapore	PROPN
ajfa-312	50	15	(	(	PUNCT
ajfa-312	50	16	sti	sti	PROPN
ajfa-312	50	17	)	)	PUNCT
ajfa-312	50	18	and	and	CCONJ
ajfa-312	50	19	taiwan	taiwan	PROPN
ajfa-312	50	20	(	(	PUNCT
ajfa-312	50	21	taiex	taiex	PROPN
ajfa-312	50	22	)	)	PUNCT
ajfa-312	50	23	from	from	ADP
ajfa-312	50	24	january	january	PROPN
ajfa-312	50	25	1994	1994	NUM
ajfa-312	50	26	to	to	ADP
ajfa-312	50	27	november	november	PROPN
ajfa-312	50	28	2002	2002	NUM
ajfa-312	50	29	,	,	PUNCT
ajfa-312	50	30	employed	employ	VERB
ajfa-312	50	31	bivariate	bivariate	ADJ
ajfa-312	50	32	and	and	CCONJ
ajfa-312	50	33	multivariate	multivariate	VERB
ajfa-312	50	34	co	co	NOUN
ajfa-312	50	35	-	-	NOUN
ajfa-312	50	36	integration	integration	NOUN
ajfa-312	50	37	test	test	NOUN
ajfa-312	50	38	.	.	PUNCT
ajfa-312	51	1	the	the	DET
ajfa-312	51	2	result	result	NOUN
ajfa-312	51	3	shows	show	VERB
ajfa-312	51	4	that	that	SCONJ
ajfa-312	51	5	no	no	DET
ajfa-312	51	6	co	co	NOUN
ajfa-312	51	7	-	-	NOUN
ajfa-312	51	8	integration	integration	NOUN
ajfa-312	51	9	was	be	AUX
ajfa-312	51	10	found	find	VERB
ajfa-312	51	11	for	for	ADP
ajfa-312	51	12	the	the	DET
ajfa-312	51	13	entire	entire	ADJ
ajfa-312	51	14	period	period	NOUN
ajfa-312	51	15	which	which	PRON
ajfa-312	51	16	leads	lead	VERB
ajfa-312	51	17	one	one	NUM
ajfa-312	51	18	to	to	PART
ajfa-312	51	19	conclude	conclude	VERB
ajfa-312	51	20	that	that	SCONJ
ajfa-312	51	21	there	there	PRON
ajfa-312	51	22	is	be	VERB
ajfa-312	51	23	no	no	DET
ajfa-312	51	24	long	long	ADJ
ajfa-312	51	25	run	run	NOUN
ajfa-312	51	26	equilibrium	equilibrium	NOUN
ajfa-312	51	27	between	between	ADP
ajfa-312	51	28	india	india	PROPN
ajfa-312	51	29	,	,	PUNCT
ajfa-312	51	30	singapore	singapore	PROPN
ajfa-312	51	31	and	and	CCONJ
ajfa-312	51	32	taiwan	taiwan	PROPN
ajfa-312	51	33	.	.	PUNCT
ajfa-312	52	1	similarly	similarly	ADV
ajfa-312	52	2	by	by	ADP
ajfa-312	52	3	working	work	VERB
ajfa-312	52	4	on	on	ADP
ajfa-312	52	5	a	a	DET
ajfa-312	52	6	list	list	NOUN
ajfa-312	52	7	of	of	ADP
ajfa-312	52	8	semi	semi	ADJ
ajfa-312	52	9	-	-	ADJ
ajfa-312	52	10	strong	strong	ADJ
ajfa-312	52	11	efficient	efficient	ADJ
ajfa-312	52	12	market	market	NOUN
ajfa-312	52	13	,	,	PUNCT
ajfa-312	52	14	lim	lim	PROPN
ajfa-312	52	15	and	and	CCONJ
ajfa-312	52	16	mcaleer	mcaleer	NOUN
ajfa-312	52	17	(	(	PUNCT
ajfa-312	52	18	2004	2004	NUM
ajfa-312	52	19	)	)	PUNCT
ajfa-312	52	20	conducts	conduct	VERB
ajfa-312	52	21	a	a	DET
ajfa-312	52	22	study	study	NOUN
ajfa-312	52	23	to	to	PART
ajfa-312	52	24	examine	examine	VERB
ajfa-312	52	25	the	the	DET
ajfa-312	52	26	dynamic	dynamic	ADJ
ajfa-312	52	27	interdependencies	interdependency	NOUN
ajfa-312	52	28	of	of	ADP
ajfa-312	52	29	five	five	NUM
ajfa-312	52	30	asean	asean	ADJ
ajfa-312	52	31	stock	stock	NOUN
ajfa-312	52	32	markets	market	NOUN
ajfa-312	52	33	i.e.	i.e.	X
ajfa-312	52	34	indonesia	indonesia	PROPN
ajfa-312	52	35	,	,	PUNCT
ajfa-312	52	36	malaysia	malaysia	PROPN
ajfa-312	52	37	,	,	PUNCT
ajfa-312	52	38	philippines	philippine	NOUN
ajfa-312	52	39	,	,	PUNCT
ajfa-312	52	40	singapore	singapore	PROPN
ajfa-312	52	41	and	and	CCONJ
ajfa-312	52	42	thailand	thailand	PROPN
ajfa-312	52	43	with	with	ADP
ajfa-312	52	44	the	the	DET
ajfa-312	52	45	us	us	PROPN
ajfa-312	52	46	stock	stock	NOUN
ajfa-312	52	47	market	market	NOUN
ajfa-312	52	48	over	over	ADP
ajfa-312	52	49	the	the	DET
ajfa-312	52	50	period	period	NOUN
ajfa-312	52	51	of	of	ADP
ajfa-312	52	52	april	april	PROPN
ajfa-312	52	53	1990	1990	NUM
ajfa-312	52	54	to	to	ADP
ajfa-312	52	55	july	july	PROPN
ajfa-312	52	56	1997	1997	NUM
ajfa-312	52	57	using	use	VERB
ajfa-312	52	58	daily	daily	ADJ
ajfa-312	52	59	total	total	ADJ
ajfa-312	52	60	market	market	NOUN
ajfa-312	52	61	-	-	PUNCT
ajfa-312	52	62	return	return	NOUN
ajfa-312	52	63	indices	index	NOUN
ajfa-312	52	64	for	for	ADP
ajfa-312	52	65	each	each	DET
ajfa-312	52	66	stock	stock	NOUN
ajfa-312	52	67	market	market	NOUN
ajfa-312	52	68	.	.	PUNCT
ajfa-312	53	1	the	the	DET
ajfa-312	53	2	result	result	NOUN
ajfa-312	53	3	indicates	indicate	VERB
ajfa-312	53	4	higher	high	ADJ
ajfa-312	53	5	average	average	ADJ
ajfa-312	53	6	returns	return	NOUN
ajfa-312	53	7	and	and	CCONJ
ajfa-312	53	8	correlations	correlation	NOUN
ajfa-312	53	9	over	over	ADP
ajfa-312	53	10	the	the	DET
ajfa-312	53	11	post	post	NOUN
ajfa-312	53	12	crisis	crisis	NOUN
ajfa-312	53	13	period	period	NOUN
ajfa-312	53	14	.	.	PUNCT
ajfa-312	54	1	result	result	NOUN
ajfa-312	54	2	also	also	ADV
ajfa-312	54	3	indicates	indicate	VERB
ajfa-312	54	4	an	an	DET
ajfa-312	54	5	increase	increase	NOUN
ajfa-312	54	6	in	in	ADP
ajfa-312	54	7	the	the	DET
ajfa-312	54	8	integration	integration	NOUN
ajfa-312	54	9	between	between	ADP
ajfa-312	54	10	the	the	DET
ajfa-312	54	11	asean-5	asean-5	NUM
ajfa-312	54	12	markets	market	NOUN
ajfa-312	54	13	after	after	ADP
ajfa-312	54	14	the	the	DET
ajfa-312	54	15	financial	financial	ADJ
ajfa-312	54	16	crisis	crisis	NOUN
ajfa-312	54	17	and	and	CCONJ
ajfa-312	54	18	us	us	PROPN
ajfa-312	54	19	market	market	NOUN
ajfa-312	54	20	returns	return	NOUN
ajfa-312	54	21	have	have	VERB
ajfa-312	54	22	significant	significant	ADJ
ajfa-312	54	23	influence	influence	NOUN
ajfa-312	54	24	on	on	ADP
ajfa-312	54	25	the	the	DET
ajfa-312	54	26	returns	return	NOUN
ajfa-312	54	27	of	of	ADP
ajfa-312	54	28	all	all	DET
ajfa-312	54	29	asean-5	asean-5	NUM
ajfa-312	54	30	markets	market	NOUN
ajfa-312	54	31	.	.	PUNCT
ajfa-312	55	1	another	another	DET
ajfa-312	55	2	study	study	NOUN
ajfa-312	55	3	carried	carry	VERB
ajfa-312	55	4	out	out	ADP
ajfa-312	55	5	by	by	ADP
ajfa-312	55	6	click	click	NOUN
ajfa-312	55	7	and	and	CCONJ
ajfa-312	55	8	plummer	plummer	PROPN
ajfa-312	55	9	(	(	PUNCT
ajfa-312	55	10	2005	2005	NUM
ajfa-312	55	11	)	)	PUNCT
ajfa-312	55	12	,	,	PUNCT
ajfa-312	55	13	controlling	control	VERB
ajfa-312	55	14	for	for	ADP
ajfa-312	55	15	local	local	ADJ
ajfa-312	55	16	currency	currency	NOUN
ajfa-312	55	17	examined	examine	VERB
ajfa-312	55	18	whether	whether	SCONJ
ajfa-312	55	19	the	the	DET
ajfa-312	55	20	asean	asean	ADJ
ajfa-312	55	21	stock	stock	NOUN
ajfa-312	55	22	markets	market	NOUN
ajfa-312	55	23	are	be	AUX
ajfa-312	55	24	integrated	integrate	VERB
ajfa-312	55	25	or	or	CCONJ
ajfa-312	55	26	segmented	segment	VERB
ajfa-312	55	27	using	use	VERB
ajfa-312	55	28	co	co	ADJ
ajfa-312	55	29	-	-	NOUN
ajfa-312	55	30	integration	integration	NOUN
ajfa-312	55	31	technique	technique	NOUN
ajfa-312	55	32	using	use	VERB
ajfa-312	55	33	daily	daily	ADJ
ajfa-312	55	34	and	and	CCONJ
ajfa-312	55	35	weekly	weekly	ADJ
ajfa-312	55	36	stock	stock	NOUN
ajfa-312	55	37	index	index	NOUN
ajfa-312	55	38	quotes	quote	NOUN
ajfa-312	55	39	in	in	ADP
ajfa-312	55	40	local	local	ADJ
ajfa-312	55	41	currency	currency	NOUN
ajfa-312	55	42	data	datum	NOUN
ajfa-312	55	43	from	from	ADP
ajfa-312	55	44	july	july	PROPN
ajfa-312	55	45	1998	1998	NUM
ajfa-312	55	46	to	to	ADP
ajfa-312	55	47	december	december	PROPN
ajfa-312	55	48	2002	2002	NUM
ajfa-312	55	49	.	.	PUNCT
ajfa-312	56	1	the	the	DET
ajfa-312	56	2	empirical	empirical	ADJ
ajfa-312	56	3	result	result	NOUN
ajfa-312	56	4	suggests	suggest	VERB
ajfa-312	56	5	that	that	SCONJ
ajfa-312	56	6	the	the	DET
ajfa-312	56	7	asean-5	asean-5	NUM
ajfa-312	56	8	stock	stock	NOUN
ajfa-312	56	9	markets	market	NOUN
ajfa-312	56	10	are	be	AUX
ajfa-312	56	11	co	co	ADJ
ajfa-312	56	12	-	-	VERB
ajfa-312	56	13	integrated	integrated	ADJ
ajfa-312	56	14	.	.	PUNCT
ajfa-312	57	1	however	however	ADV
ajfa-312	57	2	,	,	PUNCT
ajfa-312	57	3	only	only	ADV
ajfa-312	57	4	one	one	NUM
ajfa-312	57	5	co	co	ADJ
ajfa-312	57	6	-	-	ADJ
ajfa-312	57	7	integrating	integrating	ADJ
ajfa-312	57	8	vector	vector	NOUN
ajfa-312	57	9	is	be	AUX
ajfa-312	57	10	found	find	VERB
ajfa-312	57	11	,	,	PUNCT
ajfa-312	57	12	leaving	leave	VERB
ajfa-312	57	13	four	four	NUM
ajfa-312	57	14	common	common	ADJ
ajfa-312	57	15	trends	trend	NOUN
ajfa-312	57	16	among	among	ADP
ajfa-312	57	17	the	the	DET
ajfa-312	57	18	five	five	NUM
ajfa-312	57	19	variables	variable	NOUN
ajfa-312	57	20	.	.	PUNCT
ajfa-312	58	1	hence	hence	ADV
ajfa-312	58	2	,	,	PUNCT
ajfa-312	58	3	the	the	DET
ajfa-312	58	4	asean	asean	ADJ
ajfa-312	58	5	stock	stock	NOUN
ajfa-312	58	6	markets	market	NOUN
ajfa-312	58	7	are	be	AUX
ajfa-312	58	8	integrated	integrate	VERB
ajfa-312	58	9	,	,	PUNCT
ajfa-312	58	10	but	but	CCONJ
ajfa-312	58	11	the	the	DET
ajfa-312	58	12	integration	integration	NOUN
ajfa-312	58	13	is	be	AUX
ajfa-312	58	14	still	still	ADV
ajfa-312	58	15	far	far	ADV
ajfa-312	58	16	from	from	ADP
ajfa-312	58	17	complete	complete	ADJ
ajfa-312	58	18	.	.	PUNCT
ajfa-312	59	1	later	later	ADV
ajfa-312	59	2	royfaizal	royfaizal	VERB
ajfa-312	59	3	et	et	PROPN
ajfa-312	59	4	.	.	PUNCT
ajfa-312	60	1	al	al	PROPN
ajfa-312	60	2	.	.	PROPN
ajfa-312	61	1	(	(	PUNCT
ajfa-312	61	2	2007	2007	NUM
ajfa-312	61	3	)	)	PUNCT
ajfa-312	61	4	analyse	analyse	VERB
ajfa-312	61	5	the	the	DET
ajfa-312	61	6	stock	stock	NOUN
ajfa-312	61	7	market	market	NOUN
ajfa-312	61	8	interdependencies	interdependency	NOUN
ajfa-312	61	9	between	between	ADP
ajfa-312	61	10	the	the	DET
ajfa-312	61	11	asean	asean	PROPN
ajfa-312	61	12	and	and	CCONJ
ajfa-312	61	13	u.s	u.s	PROPN
ajfa-312	61	14	.	.	PROPN
ajfa-312	61	15	stock	stock	NOUN
ajfa-312	61	16	markets	market	NOUN
ajfa-312	61	17	before	before	ADV
ajfa-312	61	18	,	,	PUNCT
ajfa-312	61	19	during	during	ADP
ajfa-312	61	20	and	and	CCONJ
ajfa-312	61	21	after	after	ADP
ajfa-312	61	22	asian	asian	ADJ
ajfa-312	61	23	financial	financial	ADJ
ajfa-312	61	24	crisis	crisis	NOUN
ajfa-312	61	25	by	by	ADP
ajfa-312	61	26	using	use	VERB
ajfa-312	61	27	weekly	weekly	ADJ
ajfa-312	61	28	stock	stock	NOUN
ajfa-312	61	29	asian	asian	ADJ
ajfa-312	61	30	journal	journal	NOUN
ajfa-312	61	31	of	of	ADP
ajfa-312	61	32	finance	finance	PROPN
ajfa-312	61	33	&	&	CCONJ
ajfa-312	61	34	accounting	accounting	PROPN
ajfa-312	61	35	issn	issn	PROPN
ajfa-312	61	36	1946	1946	NUM
ajfa-312	61	37	-	-	PUNCT
ajfa-312	61	38	052x	052x	NOUN
ajfa-312	61	39	2010	2010	NUM
ajfa-312	61	40	,	,	PUNCT
ajfa-312	61	41	vol	vol	NOUN
ajfa-312	61	42	.	.	PROPN
ajfa-312	61	43	2	2	NUM
ajfa-312	61	44	,	,	PUNCT
ajfa-312	61	45	no	no	INTJ
ajfa-312	61	46	.	.	NOUN
ajfa-312	61	47	2	2	NUM
ajfa-312	61	48	:	:	PUNCT
ajfa-312	61	49	e2	e2	PROPN
ajfa-312	61	50	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	61	51	24	24	NUM
ajfa-312	61	52	indices	index	NOUN
ajfa-312	61	53	expressed	express	VERB
ajfa-312	61	54	in	in	ADP
ajfa-312	61	55	local	local	ADJ
ajfa-312	61	56	currencies	currency	NOUN
ajfa-312	61	57	from	from	ADP
ajfa-312	61	58	july1997	july1997	PROPN
ajfa-312	61	59	to	to	ADP
ajfa-312	61	60	june	june	PROPN
ajfa-312	61	61	1998	1998	NUM
ajfa-312	61	62	.	.	PUNCT
ajfa-312	62	1	employing	employ	VERB
ajfa-312	62	2	the	the	DET
ajfa-312	62	3	granger	granger	NOUN
ajfa-312	62	4	-	-	PUNCT
ajfa-312	62	5	causality	causality	NOUN
ajfa-312	62	6	test	test	NOUN
ajfa-312	62	7	based	base	VERB
ajfa-312	62	8	on	on	ADP
ajfa-312	62	9	vecm	vecm	NOUN
ajfa-312	62	10	to	to	PART
ajfa-312	62	11	test	test	VERB
ajfa-312	62	12	the	the	DET
ajfa-312	62	13	long	long	ADJ
ajfa-312	62	14	run	run	NOUN
ajfa-312	62	15	relationship	relationship	NOUN
ajfa-312	62	16	among	among	ADP
ajfa-312	62	17	the	the	DET
ajfa-312	62	18	stock	stock	NOUN
ajfa-312	62	19	markets	market	NOUN
ajfa-312	62	20	,	,	PUNCT
ajfa-312	62	21	the	the	DET
ajfa-312	62	22	study	study	NOUN
ajfa-312	62	23	shows	show	VERB
ajfa-312	62	24	that	that	SCONJ
ajfa-312	62	25	the	the	DET
ajfa-312	62	26	long	long	ADV
ajfa-312	62	27	-	-	PUNCT
ajfa-312	62	28	run	run	NOUN
ajfa-312	62	29	relationships	relationship	NOUN
ajfa-312	62	30	between	between	ADP
ajfa-312	62	31	asean	asean	ADJ
ajfa-312	62	32	stock	stock	NOUN
ajfa-312	62	33	markets	market	NOUN
ajfa-312	62	34	occur	occur	VERB
ajfa-312	62	35	only	only	ADV
ajfa-312	62	36	for	for	ADP
ajfa-312	62	37	during	during	ADP
ajfa-312	62	38	and	and	CCONJ
ajfa-312	62	39	post	post	ADJ
ajfa-312	62	40	-	-	ADJ
ajfa-312	62	41	crisis	crisis	ADJ
ajfa-312	62	42	period	period	NOUN
ajfa-312	62	43	.	.	PUNCT
ajfa-312	63	1	in	in	ADP
ajfa-312	63	2	a	a	DET
ajfa-312	63	3	similar	similar	ADJ
ajfa-312	63	4	study	study	NOUN
ajfa-312	63	5	on	on	ADP
ajfa-312	63	6	the	the	DET
ajfa-312	63	7	asian	asian	ADJ
ajfa-312	63	8	markets	market	NOUN
ajfa-312	63	9	choudhry	choudhry	PROPN
ajfa-312	63	10	et	et	PROPN
ajfa-312	63	11	.	.	PUNCT
ajfa-312	64	1	al	al	PROPN
ajfa-312	64	2	.	.	PROPN
ajfa-312	65	1	(	(	PUNCT
ajfa-312	65	2	2007	2007	NUM
ajfa-312	65	3	)	)	PUNCT
ajfa-312	65	4	observed	observe	VERB
ajfa-312	65	5	the	the	DET
ajfa-312	65	6	changes	change	NOUN
ajfa-312	65	7	in	in	ADP
ajfa-312	65	8	the	the	DET
ajfa-312	65	9	long	long	ADJ
ajfa-312	65	10	run	run	NOUN
ajfa-312	65	11	relationship	relationship	NOUN
ajfa-312	65	12	between	between	ADP
ajfa-312	65	13	eight	eight	NUM
ajfa-312	65	14	far	far	ADV
ajfa-312	65	15	east	east	NOUN
ajfa-312	65	16	countries	country	NOUN
ajfa-312	65	17	namely	namely	ADV
ajfa-312	65	18	thailand	thailand	PROPN
ajfa-312	65	19	,	,	PUNCT
ajfa-312	65	20	malaysia	malaysia	PROPN
ajfa-312	65	21	,	,	PUNCT
ajfa-312	65	22	indonesia	indonesia	PROPN
ajfa-312	65	23	,	,	PUNCT
ajfa-312	65	24	hong	hong	PROPN
ajfa-312	65	25	kong	kong	PROPN
ajfa-312	65	26	,	,	PUNCT
ajfa-312	65	27	singapore	singapore	PROPN
ajfa-312	65	28	,	,	PUNCT
ajfa-312	65	29	the	the	DET
ajfa-312	65	30	philippines	philippine	NOUN
ajfa-312	65	31	,	,	PUNCT
ajfa-312	65	32	south	south	PROPN
ajfa-312	65	33	korea	korea	PROPN
ajfa-312	65	34	and	and	CCONJ
ajfa-312	65	35	taiwan	taiwan	PROPN
ajfa-312	65	36	around	around	ADP
ajfa-312	65	37	the	the	DET
ajfa-312	65	38	asian	asian	ADJ
ajfa-312	65	39	financial	financial	ADJ
ajfa-312	65	40	crisis	crisis	NOUN
ajfa-312	65	41	of	of	ADP
ajfa-312	65	42	1997	1997	NUM
ajfa-312	65	43	-	-	SYM
ajfa-312	65	44	98	98	NUM
ajfa-312	65	45	.	.	PUNCT
ajfa-312	66	1	they	they	PRON
ajfa-312	66	2	examined	examine	VERB
ajfa-312	66	3	the	the	DET
ajfa-312	66	4	change	change	NOUN
ajfa-312	66	5	in	in	ADP
ajfa-312	66	6	the	the	DET
ajfa-312	66	7	influence	influence	NOUN
ajfa-312	66	8	of	of	ADP
ajfa-312	66	9	the	the	DET
ajfa-312	66	10	u.s	u.s	PROPN
ajfa-312	66	11	.	.	PROPN
ajfa-312	66	12	and	and	CCONJ
ajfa-312	66	13	japanese	japanese	ADJ
ajfa-312	66	14	stock	stock	NOUN
ajfa-312	66	15	markets	market	NOUN
ajfa-312	66	16	in	in	ADP
ajfa-312	66	17	the	the	DET
ajfa-312	66	18	far	far	PROPN
ajfa-312	66	19	east	east	NOUN
ajfa-312	66	20	region	region	NOUN
ajfa-312	66	21	before	before	ADV
ajfa-312	66	22	,	,	PUNCT
ajfa-312	66	23	during	during	ADP
ajfa-312	66	24	and	and	CCONJ
ajfa-312	66	25	after	after	ADP
ajfa-312	66	26	the	the	DET
ajfa-312	66	27	asian	asian	ADJ
ajfa-312	66	28	financial	financial	ADJ
ajfa-312	66	29	crisis	crisis	NOUN
ajfa-312	66	30	using	use	VERB
ajfa-312	66	31	daily	daily	ADJ
ajfa-312	66	32	stock	stock	NOUN
ajfa-312	66	33	price	price	NOUN
ajfa-312	66	34	indices	index	NOUN
ajfa-312	66	35	from	from	ADP
ajfa-312	66	36	january	january	PROPN
ajfa-312	66	37	1	1	NUM
ajfa-312	66	38	,	,	PUNCT
ajfa-312	66	39	1998	1998	NUM
ajfa-312	66	40	to	to	ADP
ajfa-312	66	41	january	january	PROPN
ajfa-312	66	42	1	1	NUM
ajfa-312	66	43	,	,	PUNCT
ajfa-312	66	44	2003	2003	NUM
ajfa-312	66	45	.	.	PUNCT
ajfa-312	67	1	correlation	correlation	NOUN
ajfa-312	67	2	coefficients	coefficient	NOUN
ajfa-312	67	3	,	,	PUNCT
ajfa-312	67	4	multivariate	multivariate	NOUN
ajfa-312	67	5	co	co	NOUN
ajfa-312	67	6	-	-	NOUN
ajfa-312	67	7	integration	integration	NOUN
ajfa-312	67	8	,	,	PUNCT
ajfa-312	67	9	causality	causality	NOUN
ajfa-312	67	10	test	test	NOUN
ajfa-312	67	11	and	and	CCONJ
ajfa-312	67	12	regression	regression	NOUN
ajfa-312	67	13	were	be	AUX
ajfa-312	67	14	conducted	conduct	VERB
ajfa-312	67	15	.	.	PUNCT
ajfa-312	68	1	results	result	NOUN
ajfa-312	68	2	showed	show	VERB
ajfa-312	68	3	significant	significant	ADJ
ajfa-312	68	4	long	long	ADJ
ajfa-312	68	5	-	-	PUNCT
ajfa-312	68	6	run	run	NOUN
ajfa-312	68	7	relationship	relationship	NOUN
ajfa-312	68	8	and	and	CCONJ
ajfa-312	68	9	linkages	linkage	NOUN
ajfa-312	68	10	between	between	ADP
ajfa-312	68	11	the	the	DET
ajfa-312	68	12	far	far	PROPN
ajfa-312	68	13	east	east	NOUN
ajfa-312	68	14	stock	stock	NOUN
ajfa-312	68	15	markets	market	NOUN
ajfa-312	68	16	before	before	ADV
ajfa-312	68	17	,	,	PUNCT
ajfa-312	68	18	during	during	ADP
ajfa-312	68	19	and	and	CCONJ
ajfa-312	68	20	after	after	ADP
ajfa-312	68	21	the	the	DET
ajfa-312	68	22	crisis	crisis	NOUN
ajfa-312	68	23	.	.	PUNCT
ajfa-312	69	1	it	it	PRON
ajfa-312	69	2	was	be	AUX
ajfa-312	69	3	also	also	ADV
ajfa-312	69	4	found	find	VERB
ajfa-312	69	5	larger	large	ADJ
ajfa-312	69	6	u.s	u.s	PROPN
ajfa-312	69	7	.	.	PROPN
ajfa-312	69	8	influence	influence	NOUN
ajfa-312	69	9	in	in	ADP
ajfa-312	69	10	all	all	DET
ajfa-312	69	11	periods	period	NOUN
ajfa-312	69	12	and	and	CCONJ
ajfa-312	69	13	some	some	DET
ajfa-312	69	14	evidence	evidence	NOUN
ajfa-312	69	15	of	of	ADP
ajfa-312	69	16	increasing	increase	VERB
ajfa-312	69	17	japanese	japanese	ADJ
ajfa-312	69	18	influence	influence	NOUN
ajfa-312	69	19	to	to	ADP
ajfa-312	69	20	the	the	DET
ajfa-312	69	21	eight	eight	NUM
ajfa-312	69	22	far	far	ADV
ajfa-312	69	23	east	east	NOUN
ajfa-312	69	24	countries	country	NOUN
ajfa-312	69	25	.	.	PUNCT
ajfa-312	70	1	meanwhile	meanwhile	ADV
ajfa-312	70	2	abbas	abbas	PROPN
ajfa-312	70	3	and	and	CCONJ
ajfa-312	70	4	chancharat	chancharat	NOUN
ajfa-312	70	5	(	(	PUNCT
ajfa-312	70	6	2008	2008	NUM
ajfa-312	70	7	)	)	PUNCT
ajfa-312	70	8	investigated	investigate	VERB
ajfa-312	70	9	the	the	DET
ajfa-312	70	10	existence	existence	NOUN
ajfa-312	70	11	of	of	ADP
ajfa-312	70	12	co	co	NOUN
ajfa-312	70	13	-	-	NOUN
ajfa-312	70	14	integration	integration	NOUN
ajfa-312	70	15	and	and	CCONJ
ajfa-312	70	16	causality	causality	NOUN
ajfa-312	70	17	between	between	ADP
ajfa-312	70	18	the	the	DET
ajfa-312	70	19	stock	stock	NOUN
ajfa-312	70	20	market	market	NOUN
ajfa-312	70	21	price	price	NOUN
ajfa-312	70	22	indices	index	NOUN
ajfa-312	70	23	of	of	ADP
ajfa-312	70	24	thailand	thailand	PROPN
ajfa-312	70	25	and	and	CCONJ
ajfa-312	70	26	its	its	PRON
ajfa-312	70	27	major	major	ADJ
ajfa-312	70	28	trading	trading	NOUN
ajfa-312	70	29	partners	partner	NOUN
ajfa-312	70	30	(	(	PUNCT
ajfa-312	70	31	australia	australia	PROPN
ajfa-312	70	32	,	,	PUNCT
ajfa-312	70	33	hong	hong	PROPN
ajfa-312	70	34	kong	kong	PROPN
ajfa-312	70	35	,	,	PUNCT
ajfa-312	70	36	indonesia	indonesia	PROPN
ajfa-312	70	37	,	,	PUNCT
ajfa-312	70	38	japan	japan	PROPN
ajfa-312	70	39	,	,	PUNCT
ajfa-312	70	40	korea	korea	PROPN
ajfa-312	70	41	,	,	PUNCT
ajfa-312	70	42	malaysia	malaysia	PROPN
ajfa-312	70	43	,	,	PUNCT
ajfa-312	70	44	the	the	DET
ajfa-312	70	45	philippines	philippine	NOUN
ajfa-312	70	46	,	,	PUNCT
ajfa-312	70	47	singapore	singapore	PROPN
ajfa-312	70	48	,	,	PUNCT
ajfa-312	70	49	taiwan	taiwan	PROPN
ajfa-312	70	50	,	,	PUNCT
ajfa-312	70	51	the	the	DET
ajfa-312	70	52	uk	uk	PROPN
ajfa-312	70	53	and	and	CCONJ
ajfa-312	70	54	the	the	DET
ajfa-312	70	55	usa	usa	PROPN
ajfa-312	70	56	)	)	PUNCT
ajfa-312	70	57	,	,	PUNCT
ajfa-312	70	58	using	use	VERB
ajfa-312	70	59	monthly	monthly	ADJ
ajfa-312	70	60	data	datum	NOUN
ajfa-312	70	61	spanning	span	VERB
ajfa-312	70	62	the	the	DET
ajfa-312	70	63	period	period	NOUN
ajfa-312	70	64	from	from	ADP
ajfa-312	70	65	december	december	PROPN
ajfa-312	70	66	1987	1987	NUM
ajfa-312	70	67	to	to	ADP
ajfa-312	70	68	december	december	PROPN
ajfa-312	70	69	2005	2005	NUM
ajfa-312	70	70	.	.	PUNCT
ajfa-312	71	1	they	they	PRON
ajfa-312	71	2	used	use	VERB
ajfa-312	71	3	both	both	CCONJ
ajfa-312	71	4	the	the	DET
ajfa-312	71	5	engle	engle	PROPN
ajfa-312	71	6	-	-	PUNCT
ajfa-312	71	7	granger	granger	PROPN
ajfa-312	71	8	two	two	NUM
ajfa-312	71	9	-	-	PUNCT
ajfa-312	71	10	step	step	NOUN
ajfa-312	71	11	procedure	procedure	NOUN
ajfa-312	71	12	(	(	PUNCT
ajfa-312	71	13	by	by	ADP
ajfa-312	71	14	assuming	assume	VERB
ajfa-312	71	15	no	no	DET
ajfa-312	71	16	structural	structural	ADJ
ajfa-312	71	17	breaks	break	NOUN
ajfa-312	71	18	)	)	PUNCT
ajfa-312	71	19	and	and	CCONJ
ajfa-312	71	20	the	the	DET
ajfa-312	71	21	gregory	gregory	PROPN
ajfa-312	71	22	and	and	CCONJ
ajfa-312	71	23	hansen	hansen	PROPN
ajfa-312	71	24	test	test	PROPN
ajfa-312	71	25	(	(	PUNCT
ajfa-312	71	26	allowing	allow	VERB
ajfa-312	71	27	for	for	ADP
ajfa-312	71	28	one	one	NUM
ajfa-312	71	29	structural	structural	ADJ
ajfa-312	71	30	break	break	NOUN
ajfa-312	71	31	)	)	PUNCT
ajfa-312	71	32	.	.	PUNCT
ajfa-312	72	1	from	from	ADP
ajfa-312	72	2	the	the	DET
ajfa-312	72	3	result	result	NOUN
ajfa-312	72	4	,	,	PUNCT
ajfa-312	72	5	evidence	evidence	NOUN
ajfa-312	72	6	of	of	ADP
ajfa-312	72	7	potential	potential	ADJ
ajfa-312	72	8	long	long	ADJ
ajfa-312	72	9	run	run	NOUN
ajfa-312	72	10	benefits	benefit	NOUN
ajfa-312	72	11	from	from	ADP
ajfa-312	72	12	diversifying	diversify	VERB
ajfa-312	72	13	the	the	DET
ajfa-312	72	14	investment	investment	NOUN
ajfa-312	72	15	portfolios	portfolio	NOUN
ajfa-312	72	16	internationally	internationally	ADV
ajfa-312	72	17	was	be	AUX
ajfa-312	72	18	found	find	VERB
ajfa-312	72	19	.	.	PUNCT
ajfa-312	73	1	results	result	NOUN
ajfa-312	73	2	also	also	ADV
ajfa-312	73	3	notice	notice	VERB
ajfa-312	73	4	that	that	SCONJ
ajfa-312	73	5	the	the	DET
ajfa-312	73	6	stock	stock	NOUN
ajfa-312	73	7	returns	return	NOUN
ajfa-312	73	8	of	of	ADP
ajfa-312	73	9	thailand	thailand	PROPN
ajfa-312	73	10	and	and	CCONJ
ajfa-312	73	11	three	three	NUM
ajfa-312	73	12	of	of	ADP
ajfa-312	73	13	its	its	PRON
ajfa-312	73	14	neighbouring	neighbouring	ADJ
ajfa-312	73	15	countries	country	NOUN
ajfa-312	73	16	(	(	PUNCT
ajfa-312	73	17	malaysia	malaysia	PROPN
ajfa-312	73	18	,	,	PUNCT
ajfa-312	73	19	singapore	singapore	PROPN
ajfa-312	73	20	and	and	CCONJ
ajfa-312	73	21	taiwan	taiwan	PROPN
ajfa-312	73	22	)	)	PUNCT
ajfa-312	73	23	are	be	AUX
ajfa-312	73	24	interrelated	interrelate	VERB
ajfa-312	73	25	during	during	ADP
ajfa-312	73	26	these	these	DET
ajfa-312	73	27	periods	period	NOUN
ajfa-312	73	28	.	.	PUNCT
ajfa-312	74	1	although	although	SCONJ
ajfa-312	74	2	there	there	PRON
ajfa-312	74	3	are	be	VERB
ajfa-312	74	4	continuous	continuous	ADJ
ajfa-312	74	5	researches	research	NOUN
ajfa-312	74	6	done	do	VERB
ajfa-312	74	7	on	on	ADP
ajfa-312	74	8	market	market	NOUN
ajfa-312	74	9	integration	integration	NOUN
ajfa-312	74	10	,	,	PUNCT
ajfa-312	74	11	it	it	PRON
ajfa-312	74	12	has	have	AUX
ajfa-312	74	13	mainly	mainly	ADV
ajfa-312	74	14	focused	focus	VERB
ajfa-312	74	15	on	on	ADP
ajfa-312	74	16	the	the	DET
ajfa-312	74	17	developed	develop	VERB
ajfa-312	74	18	markets	market	NOUN
ajfa-312	74	19	.	.	PUNCT
ajfa-312	75	1	until	until	ADP
ajfa-312	75	2	the	the	DET
ajfa-312	75	3	late	late	ADJ
ajfa-312	75	4	1980s	1980	NOUN
ajfa-312	75	5	the	the	DET
ajfa-312	75	6	asian	asian	ADJ
ajfa-312	75	7	-	-	PUNCT
ajfa-312	75	8	pacific	pacific	ADJ
ajfa-312	75	9	stock	stock	NOUN
ajfa-312	75	10	markets	market	NOUN
ajfa-312	75	11	,	,	PUNCT
ajfa-312	75	12	had	have	AUX
ajfa-312	75	13	grown	grow	VERB
ajfa-312	75	14	in	in	ADP
ajfa-312	75	15	some	some	DET
ajfa-312	75	16	importance	importance	NOUN
ajfa-312	75	17	,	,	PUNCT
ajfa-312	75	18	where	where	SCONJ
ajfa-312	75	19	a	a	DET
ajfa-312	75	20	considerable	considerable	ADJ
ajfa-312	75	21	amount	amount	NOUN
ajfa-312	75	22	of	of	ADP
ajfa-312	75	23	work	work	NOUN
ajfa-312	75	24	was	be	AUX
ajfa-312	75	25	done	do	VERB
ajfa-312	75	26	to	to	PART
ajfa-312	75	27	investigate	investigate	VERB
ajfa-312	75	28	the	the	DET
ajfa-312	75	29	relationship	relationship	NOUN
ajfa-312	75	30	and	and	CCONJ
ajfa-312	75	31	linkages	linkage	NOUN
ajfa-312	75	32	among	among	ADP
ajfa-312	75	33	the	the	DET
ajfa-312	75	34	markets	market	NOUN
ajfa-312	75	35	.	.	PUNCT
ajfa-312	76	1	however	however	ADV
ajfa-312	76	2	,	,	PUNCT
ajfa-312	76	3	few	few	ADJ
ajfa-312	76	4	studies	study	NOUN
ajfa-312	76	5	concentrated	concentrate	VERB
ajfa-312	76	6	on	on	ADP
ajfa-312	76	7	the	the	DET
ajfa-312	76	8	relationship	relationship	NOUN
ajfa-312	76	9	of	of	ADP
ajfa-312	76	10	two	two	NUM
ajfa-312	76	11	major	major	ADJ
ajfa-312	76	12	emerging	emerge	VERB
ajfa-312	76	13	markets	market	NOUN
ajfa-312	76	14	namely	namely	ADV
ajfa-312	76	15	china	china	PROPN
ajfa-312	76	16	and	and	CCONJ
ajfa-312	76	17	india	india	PROPN
ajfa-312	76	18	with	with	ADP
ajfa-312	76	19	other	other	ADJ
ajfa-312	76	20	major	major	ADJ
ajfa-312	76	21	developed	develop	VERB
ajfa-312	76	22	stock	stock	NOUN
ajfa-312	76	23	markets	market	NOUN
ajfa-312	76	24	in	in	ADP
ajfa-312	76	25	the	the	DET
ajfa-312	76	26	world	world	NOUN
ajfa-312	76	27	.	.	PUNCT
ajfa-312	77	1	in	in	ADP
ajfa-312	77	2	the	the	DET
ajfa-312	77	3	mid	mid	ADJ
ajfa-312	77	4	twentieth	twentieth	ADJ
ajfa-312	77	5	century	century	NOUN
ajfa-312	77	6	,	,	PUNCT
ajfa-312	77	7	chi	chi	PROPN
ajfa-312	77	8	et	et	PROPN
ajfa-312	77	9	.	.	PUNCT
ajfa-312	78	1	al	al	PROPN
ajfa-312	78	2	.	.	PROPN
ajfa-312	79	1	(	(	PUNCT
ajfa-312	79	2	2006	2006	NUM
ajfa-312	79	3	)	)	PUNCT
ajfa-312	79	4	examined	examine	VERB
ajfa-312	79	5	the	the	DET
ajfa-312	79	6	bilateral	bilateral	ADJ
ajfa-312	79	7	relations	relation	NOUN
ajfa-312	79	8	between	between	ADP
ajfa-312	79	9	three	three	NUM
ajfa-312	79	10	pairs	pair	NOUN
ajfa-312	79	11	of	of	ADP
ajfa-312	79	12	stock	stock	NOUN
ajfa-312	79	13	markets	market	NOUN
ajfa-312	79	14	,	,	PUNCT
ajfa-312	79	15	namely	namely	ADV
ajfa-312	79	16	india	india	PROPN
ajfa-312	79	17	-	-	PUNCT
ajfa-312	79	18	u.s	u.s	PROPN
ajfa-312	79	19	.	.	PROPN
ajfa-312	79	20	,	,	PUNCT
ajfa-312	79	21	india	india	PROPN
ajfa-312	79	22	-	-	PUNCT
ajfa-312	79	23	china	china	PROPN
ajfa-312	79	24	and	and	CCONJ
ajfa-312	79	25	china	china	PROPN
ajfa-312	79	26	-	-	PUNCT
ajfa-312	79	27	u.s	u.s	PROPN
ajfa-312	79	28	.	.	PROPN
ajfa-312	80	1	they	they	PRON
ajfa-312	80	2	used	use	VERB
ajfa-312	80	3	weekly	weekly	ADJ
ajfa-312	80	4	stock	stock	NOUN
ajfa-312	80	5	index	index	NOUN
ajfa-312	80	6	of	of	ADP
ajfa-312	80	7	bombay	bombay	PROPN
ajfa-312	80	8	stock	stock	PROPN
ajfa-312	80	9	exchange	exchange	PROPN
ajfa-312	80	10	national	national	PROPN
ajfa-312	80	11	index	index	NOUN
ajfa-312	80	12	for	for	ADP
ajfa-312	80	13	india	india	PROPN
ajfa-312	80	14	,	,	PUNCT
ajfa-312	80	15	all	all	PRON
ajfa-312	80	16	shares	share	NOUN
ajfa-312	80	17	index	index	NOUN
ajfa-312	80	18	from	from	ADP
ajfa-312	80	19	shanghai	shanghai	PROPN
ajfa-312	80	20	stock	stock	PROPN
ajfa-312	80	21	exchange	exchange	PROPN
ajfa-312	80	22	for	for	ADP
ajfa-312	80	23	china	china	PROPN
ajfa-312	80	24	,	,	PUNCT
ajfa-312	80	25	and	and	CCONJ
ajfa-312	80	26	the	the	DET
ajfa-312	80	27	s&p	s&p	PROPN
ajfa-312	80	28	500	500	NUM
ajfa-312	80	29	index	index	NOUN
ajfa-312	80	30	for	for	ADP
ajfa-312	80	31	u.s	u.s	PROPN
ajfa-312	80	32	.	.	PROPN
ajfa-312	80	33	market	market	NOUN
ajfa-312	80	34	from	from	ADP
ajfa-312	80	35	january	january	PROPN
ajfa-312	80	36	2	2	NUM
ajfa-312	80	37	,	,	PUNCT
ajfa-312	80	38	1991	1991	NUM
ajfa-312	80	39	to	to	ADP
ajfa-312	80	40	december	december	PROPN
ajfa-312	80	41	29	29	NUM
ajfa-312	80	42	,	,	PUNCT
ajfa-312	80	43	2004	2004	NUM
ajfa-312	80	44	.	.	PUNCT
ajfa-312	81	1	augmented	augment	VERB
ajfa-312	81	2	dickey	dickey	PROPN
ajfa-312	81	3	-	-	PUNCT
ajfa-312	81	4	fuller	full	ADJ
ajfa-312	81	5	and	and	CCONJ
ajfa-312	81	6	phillip	phillip	PROPN
ajfa-312	81	7	-	-	PUNCT
ajfa-312	81	8	perron	perron	PROPN
ajfa-312	81	9	unit	unit	NOUN
ajfa-312	81	10	root	root	PROPN
ajfa-312	81	11	test	test	NOUN
ajfa-312	81	12	were	be	AUX
ajfa-312	81	13	used	use	VERB
ajfa-312	81	14	to	to	PART
ajfa-312	81	15	test	test	VERB
ajfa-312	81	16	the	the	DET
ajfa-312	81	17	stationary	stationary	NOUN
ajfa-312	81	18	of	of	ADP
ajfa-312	81	19	the	the	DET
ajfa-312	81	20	series	series	NOUN
ajfa-312	81	21	and	and	CCONJ
ajfa-312	81	22	subsequently	subsequently	ADV
ajfa-312	81	23	employ	employ	VERB
ajfa-312	81	24	the	the	DET
ajfa-312	81	25	fractionally	fractionally	ADV
ajfa-312	81	26	integrated	integrate	VERB
ajfa-312	81	27	vector	vector	NOUN
ajfa-312	81	28	error	error	NOUN
ajfa-312	81	29	correction	correction	NOUN
ajfa-312	81	30	model	model	NOUN
ajfa-312	81	31	(	(	PUNCT
ajfa-312	81	32	fivecm	fivecm	NOUN
ajfa-312	81	33	)	)	PUNCT
ajfa-312	81	34	to	to	PART
ajfa-312	81	35	detect	detect	VERB
ajfa-312	81	36	the	the	DET
ajfa-312	81	37	co	co	NOUN
ajfa-312	81	38	-	-	NOUN
ajfa-312	81	39	movement	movement	NOUN
ajfa-312	81	40	of	of	ADP
ajfa-312	81	41	the	the	DET
ajfa-312	81	42	pairs	pair	NOUN
ajfa-312	81	43	of	of	ADP
ajfa-312	81	44	stock	stock	NOUN
ajfa-312	81	45	markets	market	NOUN
ajfa-312	81	46	.	.	PUNCT
ajfa-312	82	1	result	result	NOUN
ajfa-312	82	2	shows	show	VERB
ajfa-312	82	3	that	that	SCONJ
ajfa-312	82	4	the	the	DET
ajfa-312	82	5	three	three	NUM
ajfa-312	82	6	markets	market	NOUN
ajfa-312	82	7	are	be	AUX
ajfa-312	82	8	fractionally	fractionally	ADV
ajfa-312	82	9	co	co	VERB
ajfa-312	82	10	-	-	VERB
ajfa-312	82	11	integrated	integrate	VERB
ajfa-312	82	12	with	with	ADP
ajfa-312	82	13	each	each	DET
ajfa-312	82	14	other	other	ADJ
ajfa-312	82	15	.	.	PUNCT
ajfa-312	83	1	it	it	PRON
ajfa-312	83	2	was	be	AUX
ajfa-312	83	3	also	also	ADV
ajfa-312	83	4	found	find	VERB
ajfa-312	83	5	that	that	SCONJ
ajfa-312	83	6	u.s	u.s	PROPN
ajfa-312	83	7	.	.	PROPN
ajfa-312	83	8	market	market	NOUN
ajfa-312	83	9	leads	lead	VERB
ajfa-312	83	10	the	the	DET
ajfa-312	83	11	indian	indian	ADJ
ajfa-312	83	12	market	market	NOUN
ajfa-312	83	13	in	in	ADP
ajfa-312	83	14	information	information	NOUN
ajfa-312	83	15	spill	spill	NOUN
ajfa-312	83	16	-	-	PUNCT
ajfa-312	83	17	over	over	ADP
ajfa-312	83	18	and	and	CCONJ
ajfa-312	83	19	leads	lead	VERB
ajfa-312	83	20	the	the	DET
ajfa-312	83	21	chinese	chinese	ADJ
ajfa-312	83	22	market	market	NOUN
ajfa-312	83	23	in	in	ADP
ajfa-312	83	24	return	return	NOUN
ajfa-312	83	25	transmission	transmission	NOUN
ajfa-312	83	26	.	.	PUNCT
ajfa-312	84	1	these	these	DET
ajfa-312	84	2	results	result	NOUN
ajfa-312	84	3	suggest	suggest	VERB
ajfa-312	84	4	that	that	SCONJ
ajfa-312	84	5	the	the	DET
ajfa-312	84	6	two	two	NUM
ajfa-312	84	7	emerging	emerge	VERB
ajfa-312	84	8	markets	market	NOUN
ajfa-312	84	9	appear	appear	VERB
ajfa-312	84	10	to	to	PART
ajfa-312	84	11	be	be	AUX
ajfa-312	84	12	more	more	ADV
ajfa-312	84	13	closely	closely	ADV
ajfa-312	84	14	linked	link	VERB
ajfa-312	84	15	to	to	ADP
ajfa-312	84	16	each	each	DET
ajfa-312	84	17	other	other	ADJ
ajfa-312	84	18	relative	relative	ADJ
ajfa-312	84	19	to	to	ADP
ajfa-312	84	20	the	the	DET
ajfa-312	84	21	u.s	u.s	PROPN
ajfa-312	84	22	.	.	PROPN
ajfa-312	84	23	asian	asian	PROPN
ajfa-312	84	24	journal	journal	PROPN
ajfa-312	84	25	of	of	ADP
ajfa-312	84	26	finance	finance	PROPN
ajfa-312	84	27	&	&	CCONJ
ajfa-312	84	28	accounting	accounting	PROPN
ajfa-312	84	29	issn	issn	PROPN
ajfa-312	84	30	1946	1946	NUM
ajfa-312	84	31	-	-	PUNCT
ajfa-312	84	32	052x	052x	NOUN
ajfa-312	84	33	2010	2010	NUM
ajfa-312	84	34	,	,	PUNCT
ajfa-312	84	35	vol	vol	NOUN
ajfa-312	84	36	.	.	PROPN
ajfa-312	84	37	2	2	NUM
ajfa-312	84	38	,	,	PUNCT
ajfa-312	84	39	no	no	INTJ
ajfa-312	84	40	.	.	NOUN
ajfa-312	84	41	2	2	NUM
ajfa-312	84	42	:	:	PUNCT
ajfa-312	84	43	e2	e2	NOUN
ajfa-312	84	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	84	45	25	25	NUM
ajfa-312	84	46	similarly	similarly	ADV
ajfa-312	84	47	chattopadhyay	chattopadhyay	NOUN
ajfa-312	84	48	and	and	CCONJ
ajfa-312	84	49	behera	behera	PROPN
ajfa-312	84	50	(	(	PUNCT
ajfa-312	84	51	2006	2006	NUM
ajfa-312	84	52	)	)	PUNCT
ajfa-312	84	53	later	later	ADV
ajfa-312	84	54	examined	examine	VERB
ajfa-312	84	55	if	if	SCONJ
ajfa-312	84	56	the	the	DET
ajfa-312	84	57	reform	reform	NOUN
ajfa-312	84	58	in	in	ADP
ajfa-312	84	59	the	the	DET
ajfa-312	84	60	indian	indian	ADJ
ajfa-312	84	61	stock	stock	NOUN
ajfa-312	84	62	market	market	NOUN
ajfa-312	84	63	had	have	AUX
ajfa-312	84	64	led	lead	VERB
ajfa-312	84	65	to	to	ADP
ajfa-312	84	66	the	the	DET
ajfa-312	84	67	integration	integration	NOUN
ajfa-312	84	68	with	with	ADP
ajfa-312	84	69	the	the	DET
ajfa-312	84	70	developed	develop	VERB
ajfa-312	84	71	stock	stock	NOUN
ajfa-312	84	72	markets	market	NOUN
ajfa-312	84	73	in	in	ADP
ajfa-312	84	74	the	the	DET
ajfa-312	84	75	world	world	NOUN
ajfa-312	84	76	.	.	PUNCT
ajfa-312	85	1	it	it	PRON
ajfa-312	85	2	was	be	AUX
ajfa-312	85	3	found	find	VERB
ajfa-312	85	4	that	that	SCONJ
ajfa-312	85	5	indian	indian	ADJ
ajfa-312	85	6	stock	stock	NOUN
ajfa-312	85	7	market	market	NOUN
ajfa-312	85	8	is	be	AUX
ajfa-312	85	9	not	not	PART
ajfa-312	85	10	co	co	ADJ
ajfa-312	85	11	-	-	VERB
ajfa-312	85	12	integrated	integrate	VERB
ajfa-312	85	13	with	with	ADP
ajfa-312	85	14	the	the	DET
ajfa-312	85	15	developed	develop	VERB
ajfa-312	85	16	market	market	NOUN
ajfa-312	85	17	as	as	ADV
ajfa-312	85	18	yet	yet	ADV
ajfa-312	85	19	although	although	SCONJ
ajfa-312	85	20	some	some	DET
ajfa-312	85	21	short	short	ADJ
ajfa-312	85	22	-	-	PUNCT
ajfa-312	85	23	term	term	NOUN
ajfa-312	85	24	impact	impact	NOUN
ajfa-312	85	25	does	do	AUX
ajfa-312	85	26	exist	exist	VERB
ajfa-312	85	27	.	.	PUNCT
ajfa-312	86	1	more	more	ADV
ajfa-312	86	2	recently	recently	ADV
ajfa-312	86	3	,	,	PUNCT
ajfa-312	86	4	janak	janak	PROPN
ajfa-312	86	5	raj	raj	PROPN
ajfa-312	86	6	and	and	CCONJ
ajfa-312	86	7	sarat	sarat	PROPN
ajfa-312	86	8	dhal	dhal	NOUN
ajfa-312	86	9	(	(	PUNCT
ajfa-312	86	10	2008	2008	NUM
ajfa-312	86	11	)	)	PUNCT
ajfa-312	86	12	investigated	investigate	VERB
ajfa-312	86	13	the	the	DET
ajfa-312	86	14	financial	financial	ADJ
ajfa-312	86	15	integration	integration	NOUN
ajfa-312	86	16	of	of	ADP
ajfa-312	86	17	india	india	PROPN
ajfa-312	86	18	’s	’s	PART
ajfa-312	86	19	stock	stock	NOUN
ajfa-312	86	20	market	market	NOUN
ajfa-312	86	21	with	with	ADP
ajfa-312	86	22	global	global	ADJ
ajfa-312	86	23	and	and	CCONJ
ajfa-312	86	24	major	major	ADJ
ajfa-312	86	25	regional	regional	ADJ
ajfa-312	86	26	markets	market	NOUN
ajfa-312	86	27	.	.	PUNCT
ajfa-312	87	1	it	it	PRON
ajfa-312	87	2	was	be	AUX
ajfa-312	87	3	found	find	VERB
ajfa-312	87	4	that	that	SCONJ
ajfa-312	87	5	indian	indian	ADJ
ajfa-312	87	6	market	market	NOUN
ajfa-312	87	7	’s	’s	PART
ajfa-312	87	8	dependence	dependence	NOUN
ajfa-312	87	9	on	on	ADP
ajfa-312	87	10	global	global	ADJ
ajfa-312	87	11	markets	market	NOUN
ajfa-312	87	12	,	,	PUNCT
ajfa-312	87	13	such	such	ADJ
ajfa-312	87	14	as	as	ADP
ajfa-312	87	15	u.s	u.s	PROPN
ajfa-312	87	16	.	.	PROPN
ajfa-312	87	17	and	and	CCONJ
ajfa-312	87	18	u.k	u.k	PROPN
ajfa-312	87	19	.	.	PROPN
ajfa-312	87	20	,	,	PUNCT
ajfa-312	87	21	is	be	AUX
ajfa-312	87	22	substantially	substantially	ADV
ajfa-312	87	23	higher	high	ADJ
ajfa-312	87	24	than	than	ADP
ajfa-312	87	25	on	on	ADP
ajfa-312	87	26	regional	regional	ADJ
ajfa-312	87	27	markets	market	NOUN
ajfa-312	87	28	such	such	ADJ
ajfa-312	87	29	as	as	ADP
ajfa-312	87	30	singapore	singapore	PROPN
ajfa-312	87	31	and	and	CCONJ
ajfa-312	87	32	hong	hong	PROPN
ajfa-312	87	33	kong	kong	PROPN
ajfa-312	87	34	while	while	SCONJ
ajfa-312	87	35	japanese	japanese	ADJ
ajfa-312	87	36	market	market	NOUN
ajfa-312	87	37	has	have	VERB
ajfa-312	87	38	weak	weak	ADJ
ajfa-312	87	39	influence	influence	NOUN
ajfa-312	87	40	on	on	ADP
ajfa-312	87	41	indian	indian	ADJ
ajfa-312	87	42	market	market	NOUN
ajfa-312	87	43	.	.	PUNCT
ajfa-312	88	1	one	one	NUM
ajfa-312	88	2	of	of	ADP
ajfa-312	88	3	the	the	DET
ajfa-312	88	4	recent	recent	ADJ
ajfa-312	88	5	works	work	NOUN
ajfa-312	88	6	by	by	ADP
ajfa-312	88	7	singh	singh	PROPN
ajfa-312	88	8	et	et	PROPN
ajfa-312	88	9	.	.	PUNCT
ajfa-312	89	1	al	al	PROPN
ajfa-312	89	2	.	.	PROPN
ajfa-312	90	1	(	(	PUNCT
ajfa-312	90	2	2009	2009	NUM
ajfa-312	90	3	)	)	PUNCT
ajfa-312	90	4	applied	apply	VERB
ajfa-312	90	5	the	the	DET
ajfa-312	90	6	open	open	ADJ
ajfa-312	90	7	and	and	CCONJ
ajfa-312	90	8	closed	closed	ADJ
ajfa-312	90	9	price	price	NOUN
ajfa-312	90	10	volatility	volatility	NOUN
ajfa-312	90	11	testing	test	VERB
ajfa-312	90	12	the	the	DET
ajfa-312	90	13	interdependence	interdependence	NOUN
ajfa-312	90	14	of	of	ADP
ajfa-312	90	15	fifteen	fifteen	NUM
ajfa-312	90	16	world	world	NOUN
ajfa-312	90	17	indices	index	NOUN
ajfa-312	90	18	including	include	VERB
ajfa-312	90	19	an	an	DET
ajfa-312	90	20	indian	indian	ADJ
ajfa-312	90	21	market	market	NOUN
ajfa-312	90	22	index	index	NOUN
ajfa-312	90	23	in	in	ADP
ajfa-312	90	24	terms	term	NOUN
ajfa-312	90	25	of	of	ADP
ajfa-312	90	26	return	return	NOUN
ajfa-312	90	27	and	and	CCONJ
ajfa-312	90	28	volatility	volatility	NOUN
ajfa-312	90	29	spillover	spillover	VERB
ajfa-312	90	30	effect	effect	NOUN
ajfa-312	90	31	.	.	PUNCT
ajfa-312	91	1	vector	vector	NOUN
ajfa-312	91	2	autoregressive	autoregressive	ADJ
ajfa-312	91	3	model	model	NOUN
ajfa-312	91	4	(	(	PUNCT
ajfa-312	91	5	var	var	NOUN
ajfa-312	91	6	)	)	PUNCT
ajfa-312	91	7	was	be	AUX
ajfa-312	91	8	used	use	VERB
ajfa-312	91	9	to	to	PART
ajfa-312	91	10	estimate	estimate	VERB
ajfa-312	91	11	the	the	DET
ajfa-312	91	12	conditional	conditional	ADJ
ajfa-312	91	13	return	return	NOUN
ajfa-312	91	14	spillover	spillover	VERB
ajfa-312	91	15	among	among	ADP
ajfa-312	91	16	these	these	DET
ajfa-312	91	17	indices	index	NOUN
ajfa-312	91	18	in	in	ADP
ajfa-312	91	19	which	which	PRON
ajfa-312	91	20	all	all	DET
ajfa-312	91	21	fifteen	fifteen	NUM
ajfa-312	91	22	indices	index	NOUN
ajfa-312	91	23	are	be	AUX
ajfa-312	91	24	considered	consider	VERB
ajfa-312	91	25	together	together	ADV
ajfa-312	91	26	.	.	PUNCT
ajfa-312	92	1	it	it	PRON
ajfa-312	92	2	is	be	AUX
ajfa-312	92	3	found	find	VERB
ajfa-312	92	4	that	that	SCONJ
ajfa-312	92	5	there	there	PRON
ajfa-312	92	6	is	be	VERB
ajfa-312	92	7	greater	great	ADJ
ajfa-312	92	8	regional	regional	ADJ
ajfa-312	92	9	influence	influence	NOUN
ajfa-312	92	10	among	among	ADP
ajfa-312	92	11	asian	asian	ADJ
ajfa-312	92	12	markets	market	NOUN
ajfa-312	92	13	in	in	ADP
ajfa-312	92	14	return	return	NOUN
ajfa-312	92	15	and	and	CCONJ
ajfa-312	92	16	volatility	volatility	NOUN
ajfa-312	92	17	than	than	ADP
ajfa-312	92	18	with	with	ADP
ajfa-312	92	19	european	european	PROPN
ajfa-312	92	20	and	and	CCONJ
ajfa-312	92	21	us	we	PRON
ajfa-312	92	22	.	.	PUNCT
ajfa-312	93	1	japanese	japanese	ADJ
ajfa-312	93	2	market	market	NOUN
ajfa-312	93	3	,	,	PUNCT
ajfa-312	93	4	which	which	PRON
ajfa-312	93	5	is	be	AUX
ajfa-312	93	6	first	first	ADJ
ajfa-312	93	7	to	to	PART
ajfa-312	93	8	open	open	VERB
ajfa-312	93	9	,	,	PUNCT
ajfa-312	93	10	is	be	AUX
ajfa-312	93	11	affected	affect	VERB
ajfa-312	93	12	by	by	ADP
ajfa-312	93	13	us	we	PRON
ajfa-312	93	14	and	and	CCONJ
ajfa-312	93	15	european	european	ADJ
ajfa-312	93	16	markets	market	NOUN
ajfa-312	93	17	only	only	ADV
ajfa-312	93	18	and	and	CCONJ
ajfa-312	93	19	affects	affect	VERB
ajfa-312	93	20	most	most	ADJ
ajfa-312	93	21	of	of	ADP
ajfa-312	93	22	the	the	DET
ajfa-312	93	23	asian	asian	ADJ
ajfa-312	93	24	markets	market	NOUN
ajfa-312	93	25	.	.	PUNCT
ajfa-312	94	1	us	we	PRON
ajfa-312	94	2	market	market	NOUN
ajfa-312	94	3	is	be	AUX
ajfa-312	94	4	influenced	influence	VERB
ajfa-312	94	5	by	by	ADP
ajfa-312	94	6	both	both	CCONJ
ajfa-312	94	7	asian	asian	ADJ
ajfa-312	94	8	and	and	CCONJ
ajfa-312	94	9	european	european	ADJ
ajfa-312	94	10	markets	market	NOUN
ajfa-312	94	11	.	.	PUNCT
ajfa-312	95	1	in	in	ADP
ajfa-312	95	2	comparison	comparison	NOUN
ajfa-312	95	3	to	to	ADP
ajfa-312	95	4	the	the	DET
ajfa-312	95	5	work	work	NOUN
ajfa-312	95	6	done	do	VERB
ajfa-312	95	7	above	above	ADP
ajfa-312	95	8	this	this	DET
ajfa-312	95	9	research	research	NOUN
ajfa-312	95	10	applied	apply	VERB
ajfa-312	95	11	the	the	DET
ajfa-312	95	12	intra	intra	ADJ
ajfa-312	95	13	-	-	ADJ
ajfa-312	95	14	day	day	NOUN
ajfa-312	95	15	readings	reading	NOUN
ajfa-312	95	16	to	to	PART
ajfa-312	95	17	observe	observe	VERB
ajfa-312	95	18	the	the	DET
ajfa-312	95	19	linkages	linkage	NOUN
ajfa-312	95	20	between	between	ADP
ajfa-312	95	21	china	china	PROPN
ajfa-312	95	22	and	and	CCONJ
ajfa-312	95	23	india	india	PROPN
ajfa-312	95	24	with	with	ADP
ajfa-312	95	25	major	major	ADJ
ajfa-312	95	26	developed	develop	VERB
ajfa-312	95	27	markets	market	NOUN
ajfa-312	95	28	,	,	PUNCT
ajfa-312	95	29	this	this	DET
ajfa-312	95	30	study	study	NOUN
ajfa-312	95	31	will	will	AUX
ajfa-312	95	32	also	also	ADV
ajfa-312	95	33	focus	focus	VERB
ajfa-312	95	34	on	on	ADP
ajfa-312	95	35	analysing	analyse	VERB
ajfa-312	95	36	whether	whether	SCONJ
ajfa-312	95	37	the	the	DET
ajfa-312	95	38	two	two	NUM
ajfa-312	95	39	major	major	ADJ
ajfa-312	95	40	emerging	emerge	VERB
ajfa-312	95	41	markets	market	NOUN
ajfa-312	95	42	decouple	decouple	VERB
ajfa-312	95	43	from	from	ADP
ajfa-312	95	44	major	major	ADJ
ajfa-312	95	45	developed	develop	VERB
ajfa-312	95	46	markets	market	NOUN
ajfa-312	95	47	namely	namely	ADV
ajfa-312	95	48	u.s	u.s	PROPN
ajfa-312	95	49	.	.	PROPN
ajfa-312	95	50	,	,	PUNCT
ajfa-312	95	51	u.k	u.k	PROPN
ajfa-312	95	52	.	.	PROPN
ajfa-312	95	53	,	,	PUNCT
ajfa-312	95	54	japan	japan	PROPN
ajfa-312	95	55	and	and	CCONJ
ajfa-312	95	56	hong	hong	PROPN
ajfa-312	95	57	kong	kong	PROPN
ajfa-312	95	58	.	.	PUNCT
ajfa-312	96	1	3	3	X
ajfa-312	96	2	.	.	X
ajfa-312	96	3	research	research	NOUN
ajfa-312	96	4	methodology	methodology	NOUN
ajfa-312	96	5	3.1	3.1	NUM
ajfa-312	96	6	data	datum	NOUN
ajfa-312	96	7	the	the	DET
ajfa-312	96	8	data	datum	NOUN
ajfa-312	96	9	used	use	VERB
ajfa-312	96	10	in	in	ADP
ajfa-312	96	11	this	this	DET
ajfa-312	96	12	study	study	NOUN
ajfa-312	96	13	are	be	AUX
ajfa-312	96	14	from	from	ADP
ajfa-312	96	15	the	the	DET
ajfa-312	96	16	major	major	ADJ
ajfa-312	96	17	stock	stock	NOUN
ajfa-312	96	18	market	market	NOUN
ajfa-312	96	19	indices	indice	VERB
ajfa-312	96	20	both	both	CCONJ
ajfa-312	96	21	the	the	DET
ajfa-312	96	22	indian	indian	ADJ
ajfa-312	96	23	and	and	CCONJ
ajfa-312	96	24	chinese	chinese	ADJ
ajfa-312	96	25	stock	stock	NOUN
ajfa-312	96	26	market	market	NOUN
ajfa-312	96	27	.	.	PUNCT
ajfa-312	97	1	for	for	ADP
ajfa-312	97	2	the	the	DET
ajfa-312	97	3	indian	indian	ADJ
ajfa-312	97	4	market	market	NOUN
ajfa-312	97	5	,	,	PUNCT
ajfa-312	97	6	bombay	bombay	PROPN
ajfa-312	97	7	stock	stock	PROPN
ajfa-312	97	8	exchange	exchange	PROPN
ajfa-312	97	9	(	(	PUNCT
ajfa-312	97	10	bse	bse	PROPN
ajfa-312	97	11	)	)	PUNCT
ajfa-312	97	12	sensex	sensex	NOUN
ajfa-312	97	13	30	30	NUM
ajfa-312	97	14	index	index	NOUN
ajfa-312	97	15	and	and	CCONJ
ajfa-312	97	16	national	national	ADJ
ajfa-312	97	17	stock	stock	PROPN
ajfa-312	97	18	exchange	exchange	PROPN
ajfa-312	97	19	(	(	PUNCT
ajfa-312	97	20	nse	nse	NOUN
ajfa-312	97	21	)	)	PUNCT
ajfa-312	97	22	s&p	s&p	PROPN
ajfa-312	97	23	cnx	cnx	PROPN
ajfa-312	97	24	nifty	nifty	PROPN
ajfa-312	97	25	is	be	AUX
ajfa-312	97	26	used	use	VERB
ajfa-312	97	27	.	.	PUNCT
ajfa-312	98	1	meanwhile	meanwhile	ADV
ajfa-312	98	2	,	,	PUNCT
ajfa-312	98	3	for	for	ADP
ajfa-312	98	4	chinese	chinese	ADJ
ajfa-312	98	5	market	market	NOUN
ajfa-312	98	6	it	it	PRON
ajfa-312	98	7	is	be	AUX
ajfa-312	98	8	shanghai	shanghai	PROPN
ajfa-312	98	9	stock	stock	PROPN
ajfa-312	98	10	exchange	exchange	PROPN
ajfa-312	98	11	composite	composite	ADJ
ajfa-312	98	12	index	index	NOUN
ajfa-312	98	13	and	and	CCONJ
ajfa-312	98	14	shenzhen	shenzhen	PROPN
ajfa-312	98	15	composite	composite	PROPN
ajfa-312	98	16	index	index	NOUN
ajfa-312	98	17	.	.	PUNCT
ajfa-312	99	1	the	the	DET
ajfa-312	99	2	data	datum	NOUN
ajfa-312	99	3	for	for	ADP
ajfa-312	99	4	the	the	DET
ajfa-312	99	5	major	major	ADJ
ajfa-312	99	6	four	four	NUM
ajfa-312	99	7	major	major	ADJ
ajfa-312	99	8	markets	market	NOUN
ajfa-312	99	9	are	be	AUX
ajfa-312	99	10	the	the	DET
ajfa-312	99	11	dow	dow	PROPN
ajfa-312	99	12	jones	jones	PROPN
ajfa-312	99	13	industrial	industrial	PROPN
ajfa-312	99	14	average	average	PROPN
ajfa-312	99	15	(	(	PUNCT
ajfa-312	99	16	djia	djia	PROPN
ajfa-312	99	17	)	)	PUNCT
ajfa-312	99	18	for	for	ADP
ajfa-312	99	19	the	the	DET
ajfa-312	99	20	u.s	u.s	PROPN
ajfa-312	99	21	.	.	PROPN
ajfa-312	99	22	,	,	PUNCT
ajfa-312	99	23	ftse-100	ftse-100	VERB
ajfa-312	99	24	for	for	ADP
ajfa-312	99	25	u.k	u.k	PROPN
ajfa-312	99	26	.	.	PROPN
ajfa-312	99	27	,	,	PUNCT
ajfa-312	99	28	nikkei-225	nikkei-225	PROPN
ajfa-312	99	29	stock	stock	PROPN
ajfa-312	99	30	average	average	NOUN
ajfa-312	99	31	for	for	ADP
ajfa-312	99	32	japan	japan	PROPN
ajfa-312	99	33	and	and	CCONJ
ajfa-312	99	34	hang	hang	VERB
ajfa-312	99	35	seng	seng	PROPN
ajfa-312	99	36	index	index	NOUN
ajfa-312	99	37	for	for	ADP
ajfa-312	99	38	hong	hong	PROPN
ajfa-312	99	39	kong	kong	PROPN
ajfa-312	99	40	.	.	PUNCT
ajfa-312	100	1	refer	refer	VERB
ajfa-312	100	2	to	to	PART
ajfa-312	100	3	figure	figure	VERB
ajfa-312	100	4	1	1	NUM
ajfa-312	100	5	below	below	ADV
ajfa-312	100	6	on	on	ADP
ajfa-312	100	7	the	the	DET
ajfa-312	100	8	trading	trading	NOUN
ajfa-312	100	9	time	time	NOUN
ajfa-312	100	10	of	of	ADP
ajfa-312	100	11	these	these	DET
ajfa-312	100	12	markets	market	NOUN
ajfa-312	100	13	.	.	PUNCT
ajfa-312	101	1	asian	asian	ADJ
ajfa-312	101	2	journal	journal	PROPN
ajfa-312	101	3	of	of	ADP
ajfa-312	101	4	finance	finance	PROPN
ajfa-312	101	5	&	&	CCONJ
ajfa-312	101	6	accounting	accounting	PROPN
ajfa-312	101	7	issn	issn	PROPN
ajfa-312	101	8	1946	1946	NUM
ajfa-312	101	9	-	-	PUNCT
ajfa-312	101	10	052x	052x	NOUN
ajfa-312	101	11	2010	2010	NUM
ajfa-312	101	12	,	,	PUNCT
ajfa-312	101	13	vol	vol	NOUN
ajfa-312	101	14	.	.	PROPN
ajfa-312	101	15	2	2	NUM
ajfa-312	101	16	,	,	PUNCT
ajfa-312	101	17	no	no	INTJ
ajfa-312	101	18	.	.	NOUN
ajfa-312	101	19	2	2	NUM
ajfa-312	101	20	:	:	PUNCT
ajfa-312	101	21	e2	e2	VERB
ajfa-312	101	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	101	23	26	26	NUM
ajfa-312	101	24	stock	stock	NOUN
ajfa-312	101	25	market	market	NOUN
ajfa-312	101	26	trading	trading	NOUN
ajfa-312	101	27	timing	timing	NOUN
ajfa-312	101	28	0	0	NUM
ajfa-312	102	1	1	1	NUM
ajfa-312	102	2	2	2	NUM
ajfa-312	102	3	3	3	NUM
ajfa-312	102	4	4	4	NUM
ajfa-312	102	5	5	5	NUM
ajfa-312	102	6	6	6	NUM
ajfa-312	102	7	7	7	NUM
ajfa-312	102	8	8	8	NUM
ajfa-312	102	9	9	9	NUM
ajfa-312	102	10	10	10	NUM
ajfa-312	102	11	11	11	NUM
ajfa-312	102	12	12	12	NUM
ajfa-312	102	13	13	13	NUM
ajfa-312	102	14	14	14	NUM
ajfa-312	102	15	15	15	NUM
ajfa-312	102	16	16	16	NUM
ajfa-312	102	17	17	17	NUM
ajfa-312	102	18	18	18	NUM
ajfa-312	102	19	19	19	NUM
ajfa-312	102	20	20	20	NUM
ajfa-312	102	21	21	21	NUM
ajfa-312	102	22	22	22	NUM
ajfa-312	102	23	23	23	NUM
ajfa-312	102	24	24	24	NUM
ajfa-312	102	25	tokyo	tokyo	PROPN
ajfa-312	102	26	stock	stock	NOUN
ajfa-312	102	27	market	market	NOUN
ajfa-312	102	28	hong	hong	PROPN
ajfa-312	102	29	kong	kong	PROPN
ajfa-312	102	30	stock	stock	PROPN
ajfa-312	102	31	exchange	exchange	PROPN
ajfa-312	102	32	shenzhen	shenzhen	PROPN
ajfa-312	102	33	stock	stock	PROPN
ajfa-312	102	34	exchange	exchange	PROPN
ajfa-312	102	35	shanghai	shanghai	PROPN
ajfa-312	102	36	stock	stock	PROPN
ajfa-312	102	37	exchange	exchange	PROPN
ajfa-312	102	38	bombay	bombay	PROPN
ajfa-312	102	39	stock	stock	PROPN
ajfa-312	102	40	exchange	exchange	PROPN
ajfa-312	102	41	national	national	PROPN
ajfa-312	102	42	stock	stock	PROPN
ajfa-312	102	43	exchange	exchange	PROPN
ajfa-312	102	44	of	of	ADP
ajfa-312	102	45	india	india	PROPN
ajfa-312	102	46	london	london	PROPN
ajfa-312	102	47	stock	stock	PROPN
ajfa-312	102	48	exchange	exchange	PROPN
ajfa-312	102	49	new	new	PROPN
ajfa-312	102	50	york	york	PROPN
ajfa-312	102	51	stock	stock	PROPN
ajfa-312	102	52	exchange	exchange	PROPN
ajfa-312	102	53	stock	stock	NOUN
ajfa-312	102	54	exchanges	exchange	NOUN
ajfa-312	102	55	index	index	NOUN
ajfa-312	102	56	used	use	VERB
ajfa-312	102	57	time	time	NOUN
ajfa-312	102	58	zone	zone	NOUN
ajfa-312	102	59	opening	opening	NOUN
ajfa-312	102	60	time	time	NOUN
ajfa-312	102	61	closing	closing	NOUN
ajfa-312	102	62	time	time	NOUN
ajfa-312	102	63	tokyo	tokyo	PROPN
ajfa-312	102	64	stock	stock	NOUN
ajfa-312	102	65	exchange	exchange	PROPN
ajfa-312	102	66	(	(	PUNCT
ajfa-312	102	67	tse	tse	PROPN
ajfa-312	102	68	)	)	PUNCT
ajfa-312	102	69	nky	nky	PROPN
ajfa-312	102	70	jst	jst	PROPN
ajfa-312	102	71	(	(	PUNCT
ajfa-312	102	72	utc+9	utc+9	PROPN
ajfa-312	102	73	)	)	PUNCT
ajfa-312	102	74	09.00	09.00	NUM
ajfa-312	102	75	15.00	15.00	NUM
ajfa-312	102	76	hong	hong	PROPN
ajfa-312	102	77	kong	kong	PROPN
ajfa-312	102	78	stock	stock	PROPN
ajfa-312	102	79	exchange	exchange	PROPN
ajfa-312	102	80	(	(	PUNCT
ajfa-312	102	81	hkex	hkex	ADJ
ajfa-312	102	82	)	)	PUNCT
ajfa-312	102	83	hsi	hsi	PROPN
ajfa-312	102	84	hkt	hkt	PROPN
ajfa-312	102	85	(	(	PUNCT
ajfa-312	102	86	utc+8	utc+8	PROPN
ajfa-312	102	87	)	)	PUNCT
ajfa-312	102	88	09:30	09:30	NUM
ajfa-312	102	89	16.00	16.00	NUM
ajfa-312	102	90	shenzhen	shenzhen	PROPN
ajfa-312	102	91	stock	stock	PROPN
ajfa-312	102	92	exchange	exchange	PROPN
ajfa-312	102	93	(	(	PUNCT
ajfa-312	102	94	szse	szse	NOUN
ajfa-312	102	95	)	)	PUNCT
ajfa-312	102	96	szcomp	szcomp	NOUN
ajfa-312	102	97	cse	cse	PROPN
ajfa-312	102	98	(	(	PUNCT
ajfa-312	102	99	utc+8	utc+8	PROPN
ajfa-312	102	100	)	)	PUNCT
ajfa-312	102	101	09.30	09.30	NUM
ajfa-312	102	102	15.00	15.00	NUM
ajfa-312	102	103	shanghai	shanghai	PROPN
ajfa-312	102	104	stock	stock	PROPN
ajfa-312	102	105	exchange	exchange	PROPN
ajfa-312	102	106	(	(	PUNCT
ajfa-312	102	107	sse	sse	PROPN
ajfa-312	102	108	)	)	PUNCT
ajfa-312	102	109	shcomp	shcomp	NOUN
ajfa-312	102	110	cse	cse	PROPN
ajfa-312	102	111	(	(	PUNCT
ajfa-312	102	112	utc+8	utc+8	PROPN
ajfa-312	102	113	)	)	PUNCT
ajfa-312	102	114	09.30	09.30	NUM
ajfa-312	102	115	15.00	15.00	NUM
ajfa-312	102	116	bombay	bombay	PROPN
ajfa-312	102	117	stock	stock	PROPN
ajfa-312	102	118	exchange	exchange	PROPN
ajfa-312	102	119	(	(	PUNCT
ajfa-312	102	120	bse	bse	PROPN
ajfa-312	102	121	)	)	PUNCT
ajfa-312	102	122	sensex	sensex	PROPN
ajfa-312	102	123	ist	ist	PROPN
ajfa-312	102	124	(	(	PUNCT
ajfa-312	102	125	utc+5.5	utc+5.5	PROPN
ajfa-312	102	126	)	)	PUNCT
ajfa-312	102	127	09.00	09.00	NUM
ajfa-312	102	128	15.30	15.30	NUM
ajfa-312	102	129	national	national	ADJ
ajfa-312	102	130	stock	stock	PROPN
ajfa-312	102	131	exchange	exchange	PROPN
ajfa-312	102	132	of	of	ADP
ajfa-312	102	133	india	india	PROPN
ajfa-312	102	134	(	(	PUNCT
ajfa-312	102	135	nse	nse	NOUN
ajfa-312	102	136	)	)	PUNCT
ajfa-312	102	137	nifty	nifty	ADJ
ajfa-312	102	138	ist	ist	NOUN
ajfa-312	102	139	(	(	PUNCT
ajfa-312	102	140	utc+5.5	utc+5.5	PROPN
ajfa-312	102	141	)	)	PUNCT
ajfa-312	102	142	09.00	09.00	NUM
ajfa-312	102	143	15.30	15.30	NUM
ajfa-312	102	144	london	london	PROPN
ajfa-312	102	145	stock	stock	PROPN
ajfa-312	102	146	exchange	exchange	PROPN
ajfa-312	102	147	(	(	PUNCT
ajfa-312	102	148	lse	lse	PROPN
ajfa-312	102	149	)	)	PUNCT
ajfa-312	102	150	ftse	ftse	PROPN
ajfa-312	102	151	gmt	gmt	X
ajfa-312	102	152	(	(	PUNCT
ajfa-312	102	153	utc+0	utc+0	PROPN
ajfa-312	102	154	,	,	PUNCT
ajfa-312	102	155	dst	dst	PROPN
ajfa-312	102	156	)	)	PUNCT
ajfa-312	102	157	08.00	08.00	NUM
ajfa-312	102	158	16.30	16.30	NUM
ajfa-312	102	159	new	new	PROPN
ajfa-312	102	160	york	york	PROPN
ajfa-312	102	161	stock	stock	PROPN
ajfa-312	102	162	exchange	exchange	PROPN
ajfa-312	102	163	(	(	PUNCT
ajfa-312	102	164	nyse	nyse	PROPN
ajfa-312	102	165	)	)	PUNCT
ajfa-312	102	166	djia	djia	PROPN
ajfa-312	102	167	et	et	PROPN
ajfa-312	102	168	(	(	PUNCT
ajfa-312	102	169	utc-5	utc-5	ADV
ajfa-312	102	170	,	,	PUNCT
ajfa-312	102	171	dst	dst	NOUN
ajfa-312	102	172	)	)	PUNCT
ajfa-312	102	173	09.30	09.30	NUM
ajfa-312	102	174	16.00	16.00	NUM
ajfa-312	102	175	figure	figure	NOUN
ajfa-312	102	176	1	1	NUM
ajfa-312	102	177	.	.	PUNCT
ajfa-312	102	178	stock	stock	NOUN
ajfa-312	102	179	market	market	NOUN
ajfa-312	102	180	trading	trading	NOUN
ajfa-312	102	181	overlapping	overlap	VERB
ajfa-312	102	182	hours	hour	NOUN
ajfa-312	102	183	data	datum	NOUN
ajfa-312	102	184	consists	consist	VERB
ajfa-312	102	185	of	of	ADP
ajfa-312	102	186	the	the	DET
ajfa-312	102	187	daily	daily	ADJ
ajfa-312	102	188	intra	intra	ADJ
ajfa-312	102	189	-	-	ADJ
ajfa-312	102	190	day	day	NOUN
ajfa-312	102	191	price	price	NOUN
ajfa-312	102	192	for	for	ADP
ajfa-312	102	193	each	each	DET
ajfa-312	102	194	index	index	NOUN
ajfa-312	102	195	from	from	ADP
ajfa-312	102	196	january	january	PROPN
ajfa-312	102	197	2000	2000	NUM
ajfa-312	102	198	to	to	ADP
ajfa-312	102	199	december	december	PROPN
ajfa-312	102	200	2009	2009	NUM
ajfa-312	102	201	,	,	PUNCT
ajfa-312	102	202	amounts	amount	VERB
ajfa-312	102	203	a	a	DET
ajfa-312	102	204	total	total	NOUN
ajfa-312	102	205	of	of	ADP
ajfa-312	102	206	1,872	1,872	NUM
ajfa-312	102	207	observations	observation	NOUN
ajfa-312	102	208	with	with	ADP
ajfa-312	102	209	data	datum	NOUN
ajfa-312	102	210	omitted	omit	VERB
ajfa-312	102	211	during	during	ADP
ajfa-312	102	212	market	market	NOUN
ajfa-312	102	213	closed	close	VERB
ajfa-312	102	214	.	.	PUNCT
ajfa-312	103	1	the	the	DET
ajfa-312	103	2	price	price	NOUN
ajfa-312	103	3	of	of	ADP
ajfa-312	103	4	market	market	NOUN
ajfa-312	103	5	indices	index	NOUN
ajfa-312	103	6	were	be	AUX
ajfa-312	103	7	obtained	obtain	VERB
ajfa-312	103	8	from	from	ADP
ajfa-312	103	9	bloomberg	bloomberg	PROPN
ajfa-312	103	10	database	database	NOUN
ajfa-312	103	11	.	.	PUNCT
ajfa-312	104	1	the	the	DET
ajfa-312	104	2	cut	cut	NOUN
ajfa-312	104	3	of	of	ADP
ajfa-312	104	4	31	31	NUM
ajfa-312	104	5	december	december	PROPN
ajfa-312	104	6	2009	2009	NUM
ajfa-312	104	7	was	be	AUX
ajfa-312	104	8	used	use	VERB
ajfa-312	104	9	due	due	ADP
ajfa-312	104	10	to	to	ADP
ajfa-312	104	11	the	the	DET
ajfa-312	104	12	preference	preference	NOUN
ajfa-312	104	13	of	of	ADP
ajfa-312	104	14	observing	observe	VERB
ajfa-312	104	15	the	the	DET
ajfa-312	104	16	volatile	volatile	ADJ
ajfa-312	104	17	market	market	NOUN
ajfa-312	104	18	movements	movement	NOUN
ajfa-312	104	19	even	even	ADV
ajfa-312	104	20	during	during	ADP
ajfa-312	104	21	the	the	DET
ajfa-312	104	22	major	major	ADJ
ajfa-312	104	23	swing	swing	NOUN
ajfa-312	104	24	in	in	ADP
ajfa-312	104	25	the	the	DET
ajfa-312	104	26	developed	develop	VERB
ajfa-312	104	27	markets	market	NOUN
ajfa-312	104	28	due	due	ADJ
ajfa-312	104	29	to	to	ADP
ajfa-312	104	30	the	the	DET
ajfa-312	104	31	us	us	PROPN
ajfa-312	104	32	investment	investment	NOUN
ajfa-312	104	33	banks	bank	NOUN
ajfa-312	104	34	meltdown	meltdown	VERB
ajfa-312	104	35	.	.	PUNCT
ajfa-312	105	1	all	all	PRON
ajfa-312	105	2	of	of	ADP
ajfa-312	105	3	the	the	DET
ajfa-312	105	4	indices	index	NOUN
ajfa-312	105	5	are	be	AUX
ajfa-312	105	6	expressed	express	VERB
ajfa-312	105	7	in	in	ADP
ajfa-312	105	8	terms	term	NOUN
ajfa-312	105	9	of	of	ADP
ajfa-312	105	10	local	local	ADJ
ajfa-312	105	11	currencies	currency	NOUN
ajfa-312	105	12	to	to	PART
ajfa-312	105	13	avoid	avoid	VERB
ajfa-312	105	14	problems	problem	NOUN
ajfa-312	105	15	associated	associate	VERB
ajfa-312	105	16	with	with	ADP
ajfa-312	105	17	transformation	transformation	NOUN
ajfa-312	105	18	due	due	ADP
ajfa-312	105	19	to	to	ADP
ajfa-312	105	20	fluctuations	fluctuation	NOUN
ajfa-312	105	21	in	in	ADP
ajfa-312	105	22	exchange	exchange	NOUN
ajfa-312	105	23	rates	rate	NOUN
ajfa-312	105	24	and	and	CCONJ
ajfa-312	105	25	also	also	ADV
ajfa-312	105	26	to	to	PART
ajfa-312	105	27	avoid	avoid	VERB
ajfa-312	105	28	the	the	DET
ajfa-312	105	29	restrictive	restrictive	ADJ
ajfa-312	105	30	assumption	assumption	NOUN
ajfa-312	105	31	the	the	DET
ajfa-312	105	32	relative	relative	ADJ
ajfa-312	105	33	purchasing	purchasing	NOUN
ajfa-312	105	34	power	power	NOUN
ajfa-312	105	35	parity	parity	NOUN
ajfa-312	105	36	holds	hold	VERB
ajfa-312	105	37	.	.	PUNCT
ajfa-312	106	1	in	in	ADP
ajfa-312	106	2	addition	addition	NOUN
ajfa-312	106	3	,	,	PUNCT
ajfa-312	106	4	the	the	DET
ajfa-312	106	5	preference	preference	NOUN
ajfa-312	106	6	for	for	ADP
ajfa-312	106	7	local	local	ADJ
ajfa-312	106	8	currencies	currency	NOUN
ajfa-312	106	9	focuses	focus	VERB
ajfa-312	106	10	on	on	ADP
ajfa-312	106	11	the	the	DET
ajfa-312	106	12	domestic	domestic	ADJ
ajfa-312	106	13	causes	cause	NOUN
ajfa-312	106	14	of	of	ADP
ajfa-312	106	15	stock	stock	NOUN
ajfa-312	106	16	market	market	NOUN
ajfa-312	106	17	interdependence	interdependence	NOUN
ajfa-312	106	18	.	.	PUNCT
ajfa-312	107	1	according	accord	VERB
ajfa-312	107	2	to	to	ADP
ajfa-312	107	3	leong	leong	PROPN
ajfa-312	107	4	and	and	CCONJ
ajfa-312	107	5	felmingham	felmingham	PROPN
ajfa-312	107	6	(	(	PUNCT
ajfa-312	107	7	2001	2001	NUM
ajfa-312	107	8	)	)	PUNCT
ajfa-312	107	9	,	,	PUNCT
ajfa-312	107	10	by	by	ADP
ajfa-312	107	11	converting	convert	VERB
ajfa-312	107	12	these	these	DET
ajfa-312	107	13	indices	index	NOUN
ajfa-312	107	14	to	to	ADP
ajfa-312	107	15	a	a	DET
ajfa-312	107	16	common	common	ADJ
ajfa-312	107	17	currency	currency	NOUN
ajfa-312	107	18	there	there	PRON
ajfa-312	107	19	is	be	VERB
ajfa-312	107	20	a	a	DET
ajfa-312	107	21	possibility	possibility	NOUN
ajfa-312	107	22	that	that	SCONJ
ajfa-312	107	23	the	the	DET
ajfa-312	107	24	impact	impact	NOUN
ajfa-312	107	25	of	of	ADP
ajfa-312	107	26	local	local	ADJ
ajfa-312	107	27	economic	economic	ADJ
ajfa-312	107	28	conditions	condition	NOUN
ajfa-312	107	29	and	and	CCONJ
ajfa-312	107	30	domestic	domestic	ADJ
ajfa-312	107	31	economic	economic	ADJ
ajfa-312	107	32	policy	policy	NOUN
ajfa-312	107	33	maybe	maybe	ADV
ajfa-312	107	34	distorted	distort	VERB
ajfa-312	107	35	.	.	PUNCT
ajfa-312	108	1	the	the	DET
ajfa-312	108	2	data	data	NOUN
ajfa-312	108	3	is	be	AUX
ajfa-312	108	4	then	then	ADV
ajfa-312	108	5	analysed	analyse	VERB
ajfa-312	108	6	using	use	VERB
ajfa-312	108	7	e	e	NOUN
ajfa-312	108	8	-	-	NOUN
ajfa-312	108	9	view	view	NOUN
ajfa-312	108	10	6.1	6.1	NUM
ajfa-312	108	11	which	which	PRON
ajfa-312	108	12	provided	provide	VERB
ajfa-312	108	13	the	the	DET
ajfa-312	108	14	data	datum	NOUN
ajfa-312	108	15	analysis	analysis	NOUN
ajfa-312	108	16	and	and	CCONJ
ajfa-312	108	17	regression	regression	NOUN
ajfa-312	108	18	output	output	NOUN
ajfa-312	108	19	.	.	PUNCT
ajfa-312	109	1	asian	asian	ADJ
ajfa-312	109	2	journal	journal	PROPN
ajfa-312	109	3	of	of	ADP
ajfa-312	109	4	finance	finance	PROPN
ajfa-312	109	5	&	&	CCONJ
ajfa-312	109	6	accounting	accounting	PROPN
ajfa-312	109	7	issn	issn	PROPN
ajfa-312	109	8	1946	1946	NUM
ajfa-312	109	9	-	-	PUNCT
ajfa-312	109	10	052x	052x	NOUN
ajfa-312	109	11	2010	2010	NUM
ajfa-312	109	12	,	,	PUNCT
ajfa-312	109	13	vol	vol	NOUN
ajfa-312	109	14	.	.	PROPN
ajfa-312	109	15	2	2	NUM
ajfa-312	109	16	,	,	PUNCT
ajfa-312	109	17	no	no	INTJ
ajfa-312	109	18	.	.	NOUN
ajfa-312	109	19	2	2	NUM
ajfa-312	109	20	:	:	PUNCT
ajfa-312	109	21	e2	e2	VERB
ajfa-312	109	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	109	23	27	27	NUM
ajfa-312	109	24	3.2	3.2	NUM
ajfa-312	109	25	methodology	methodology	NOUN
ajfa-312	109	26	in	in	ADP
ajfa-312	109	27	order	order	NOUN
ajfa-312	109	28	to	to	PART
ajfa-312	109	29	analyse	analyse	VERB
ajfa-312	109	30	the	the	DET
ajfa-312	109	31	linkages	linkage	NOUN
ajfa-312	109	32	of	of	ADP
ajfa-312	109	33	indian	indian	ADJ
ajfa-312	109	34	and	and	CCONJ
ajfa-312	109	35	chinese	chinese	ADJ
ajfa-312	109	36	market	market	NOUN
ajfa-312	109	37	with	with	ADP
ajfa-312	109	38	other	other	ADJ
ajfa-312	109	39	major	major	ADJ
ajfa-312	109	40	markets	market	NOUN
ajfa-312	109	41	,	,	PUNCT
ajfa-312	109	42	the	the	DET
ajfa-312	109	43	study	study	NOUN
ajfa-312	109	44	adopts	adopt	VERB
ajfa-312	109	45	three	three	NUM
ajfa-312	109	46	major	major	ADJ
ajfa-312	109	47	methods	method	NOUN
ajfa-312	109	48	.	.	PUNCT
ajfa-312	110	1	3.2.1	3.2.1	NUM
ajfa-312	110	2	the	the	DET
ajfa-312	110	3	correlation	correlation	NOUN
ajfa-312	110	4	test	test	NOUN
ajfa-312	110	5	the	the	DET
ajfa-312	110	6	first	first	ADJ
ajfa-312	110	7	step	step	NOUN
ajfa-312	110	8	involves	involve	VERB
ajfa-312	110	9	a	a	DET
ajfa-312	110	10	simple	simple	ADJ
ajfa-312	110	11	correlation	correlation	NOUN
ajfa-312	110	12	test	test	NOUN
ajfa-312	110	13	to	to	PART
ajfa-312	110	14	measure	measure	VERB
ajfa-312	110	15	the	the	DET
ajfa-312	110	16	strength	strength	NOUN
ajfa-312	110	17	and	and	CCONJ
ajfa-312	110	18	direction	direction	NOUN
ajfa-312	110	19	of	of	ADP
ajfa-312	110	20	the	the	DET
ajfa-312	110	21	association	association	NOUN
ajfa-312	110	22	between	between	ADP
ajfa-312	110	23	the	the	DET
ajfa-312	110	24	stock	stock	NOUN
ajfa-312	110	25	indices	index	NOUN
ajfa-312	110	26	.	.	PUNCT
ajfa-312	111	1	the	the	DET
ajfa-312	111	2	significance	significance	NOUN
ajfa-312	111	3	of	of	ADP
ajfa-312	111	4	the	the	DET
ajfa-312	111	5	correlation	correlation	NOUN
ajfa-312	111	6	for	for	ADP
ajfa-312	111	7	each	each	DET
ajfa-312	111	8	index	index	NOUN
ajfa-312	111	9	provides	provide	VERB
ajfa-312	111	10	a	a	DET
ajfa-312	111	11	preliminary	preliminary	ADJ
ajfa-312	111	12	indication	indication	NOUN
ajfa-312	111	13	of	of	ADP
ajfa-312	111	14	the	the	DET
ajfa-312	111	15	strength	strength	NOUN
ajfa-312	111	16	of	of	ADP
ajfa-312	111	17	association	association	NOUN
ajfa-312	111	18	between	between	ADP
ajfa-312	111	19	the	the	DET
ajfa-312	111	20	indices	index	NOUN
ajfa-312	111	21	of	of	ADP
ajfa-312	111	22	different	different	ADJ
ajfa-312	111	23	stock	stock	NOUN
ajfa-312	111	24	markets	market	NOUN
ajfa-312	111	25	under	under	ADP
ajfa-312	111	26	study	study	NOUN
ajfa-312	111	27	.	.	PUNCT
ajfa-312	112	1	according	accord	VERB
ajfa-312	112	2	to	to	ADP
ajfa-312	112	3	leong	leong	PROPN
ajfa-312	112	4	and	and	CCONJ
ajfa-312	112	5	bruce	bruce	PROPN
ajfa-312	112	6	felmingham	felmingham	PROPN
ajfa-312	112	7	(	(	PUNCT
ajfa-312	112	8	2001	2001	NUM
ajfa-312	112	9	)	)	PUNCT
ajfa-312	112	10	,	,	PUNCT
ajfa-312	112	11	correlation	correlation	NOUN
ajfa-312	112	12	coefficients	coefficient	NOUN
ajfa-312	112	13	are	be	AUX
ajfa-312	112	14	known	know	VERB
ajfa-312	112	15	to	to	PART
ajfa-312	112	16	be	be	AUX
ajfa-312	112	17	biased	bias	VERB
ajfa-312	112	18	upward	upward	ADV
ajfa-312	112	19	if	if	SCONJ
ajfa-312	112	20	the	the	DET
ajfa-312	112	21	share	share	NOUN
ajfa-312	112	22	price	price	NOUN
ajfa-312	112	23	indices	index	NOUN
ajfa-312	112	24	has	have	VERB
ajfa-312	112	25	heteroskedastic	heteroskedastic	ADJ
ajfa-312	112	26	elements	element	NOUN
ajfa-312	112	27	,	,	PUNCT
ajfa-312	112	28	thus	thus	ADV
ajfa-312	112	29	it	it	PRON
ajfa-312	112	30	does	do	AUX
ajfa-312	112	31	not	not	PART
ajfa-312	112	32	provide	provide	VERB
ajfa-312	112	33	a	a	DET
ajfa-312	112	34	sound	sound	ADJ
ajfa-312	112	35	basis	basis	NOUN
ajfa-312	112	36	for	for	ADP
ajfa-312	112	37	studies	study	NOUN
ajfa-312	112	38	of	of	ADP
ajfa-312	112	39	interdependence	interdependence	NOUN
ajfa-312	112	40	.	.	PUNCT
ajfa-312	113	1	however	however	ADV
ajfa-312	113	2	correlation	correlation	NOUN
ajfa-312	113	3	analysis	analysis	NOUN
ajfa-312	113	4	only	only	ADV
ajfa-312	113	5	measures	measure	VERB
ajfa-312	113	6	the	the	DET
ajfa-312	113	7	degree	degree	NOUN
ajfa-312	113	8	of	of	ADP
ajfa-312	113	9	linear	linear	PROPN
ajfa-312	113	10	association	association	NOUN
ajfa-312	113	11	between	between	ADP
ajfa-312	113	12	two	two	NUM
ajfa-312	113	13	variables	variable	NOUN
ajfa-312	113	14	hence	hence	ADV
ajfa-312	113	15	provides	provide	VERB
ajfa-312	113	16	little	little	ADJ
ajfa-312	113	17	insight	insight	NOUN
ajfa-312	113	18	on	on	ADP
ajfa-312	113	19	the	the	DET
ajfa-312	113	20	dynamic	dynamic	ADJ
ajfa-312	113	21	linkages	linkage	NOUN
ajfa-312	113	22	and	and	CCONJ
ajfa-312	113	23	causality	causality	NOUN
ajfa-312	113	24	between	between	ADP
ajfa-312	113	25	stock	stock	NOUN
ajfa-312	113	26	markets	market	NOUN
ajfa-312	113	27	.	.	PUNCT
ajfa-312	114	1	therefore	therefore	ADV
ajfa-312	114	2	,	,	PUNCT
ajfa-312	114	3	the	the	DET
ajfa-312	114	4	analysis	analysis	NOUN
ajfa-312	114	5	of	of	ADP
ajfa-312	114	6	stock	stock	NOUN
ajfa-312	114	7	market	market	NOUN
ajfa-312	114	8	integration	integration	NOUN
ajfa-312	114	9	is	be	AUX
ajfa-312	114	10	extended	extend	VERB
ajfa-312	114	11	employing	employ	VERB
ajfa-312	114	12	granger	granger	PROPN
ajfa-312	114	13	causality	causality	PROPN
ajfa-312	114	14	test	test	NOUN
ajfa-312	114	15	.	.	PUNCT
ajfa-312	115	1	3.2.2	3.2.2	NUM
ajfa-312	115	2	granger	granger	NOUN
ajfa-312	115	3	causality	causality	PROPN
ajfa-312	115	4	test	test	NOUN
ajfa-312	115	5	granger	granger	PROPN
ajfa-312	115	6	causality	causality	PROPN
ajfa-312	115	7	test	test	NOUN
ajfa-312	115	8	is	be	AUX
ajfa-312	115	9	conducted	conduct	VERB
ajfa-312	115	10	to	to	PART
ajfa-312	115	11	further	far	ADV
ajfa-312	115	12	analyse	analyse	VERB
ajfa-312	115	13	the	the	DET
ajfa-312	115	14	significance	significance	NOUN
ajfa-312	115	15	and	and	CCONJ
ajfa-312	115	16	direction	direction	NOUN
ajfa-312	115	17	of	of	ADP
ajfa-312	115	18	causality	causality	NOUN
ajfa-312	115	19	between	between	ADP
ajfa-312	115	20	chinese	chinese	ADJ
ajfa-312	115	21	and	and	CCONJ
ajfa-312	115	22	indian	indian	ADJ
ajfa-312	115	23	market	market	NOUN
ajfa-312	115	24	with	with	ADP
ajfa-312	115	25	other	other	ADJ
ajfa-312	115	26	major	major	ADJ
ajfa-312	115	27	stock	stock	NOUN
ajfa-312	115	28	markets	market	NOUN
ajfa-312	115	29	.	.	PUNCT
ajfa-312	116	1	according	accord	VERB
ajfa-312	116	2	to	to	ADP
ajfa-312	116	3	granger	granger	PROPN
ajfa-312	116	4	(	(	PUNCT
ajfa-312	116	5	1969	1969	NUM
ajfa-312	116	6	)	)	PUNCT
ajfa-312	116	7	,	,	PUNCT
ajfa-312	116	8	this	this	DET
ajfa-312	116	9	test	test	NOUN
ajfa-312	116	10	will	will	AUX
ajfa-312	116	11	answer	answer	VERB
ajfa-312	116	12	the	the	DET
ajfa-312	116	13	question	question	NOUN
ajfa-312	116	14	of	of	ADP
ajfa-312	116	15	whether	whether	SCONJ
ajfa-312	116	16	x	x	PRON
ajfa-312	116	17	causes	cause	VERB
ajfa-312	116	18	y.	y.	PROPN
ajfa-312	116	19	y	y	PROPN
ajfa-312	116	20	is	be	AUX
ajfa-312	116	21	said	say	VERB
ajfa-312	116	22	to	to	PART
ajfa-312	116	23	be	be	AUX
ajfa-312	116	24	granger	granger	NOUN
ajfa-312	116	25	-	-	PUNCT
ajfa-312	116	26	caused	cause	VERB
ajfa-312	116	27	by	by	ADP
ajfa-312	116	28	x	x	PUNCT
ajfa-312	116	29	if	if	SCONJ
ajfa-312	116	30	x	x	PRON
ajfa-312	116	31	helps	help	VERB
ajfa-312	116	32	in	in	ADP
ajfa-312	116	33	the	the	DET
ajfa-312	116	34	prediction	prediction	NOUN
ajfa-312	116	35	of	of	ADP
ajfa-312	116	36	y	y	PROPN
ajfa-312	116	37	,	,	PUNCT
ajfa-312	116	38	or	or	CCONJ
ajfa-312	116	39	equivalently	equivalently	ADV
ajfa-312	116	40	if	if	SCONJ
ajfa-312	116	41	the	the	DET
ajfa-312	116	42	coefficient	coefficient	NOUN
ajfa-312	116	43	on	on	ADP
ajfa-312	116	44	the	the	DET
ajfa-312	116	45	lagged	lag	VERB
ajfa-312	116	46	x	x	PUNCT
ajfa-312	116	47	are	be	AUX
ajfa-312	116	48	statistically	statistically	ADV
ajfa-312	116	49	significant	significant	ADJ
ajfa-312	116	50	.	.	PUNCT
ajfa-312	117	1	to	to	PART
ajfa-312	117	2	show	show	VERB
ajfa-312	117	3	that	that	SCONJ
ajfa-312	117	4	x	x	PROPN
ajfa-312	117	5	granger	granger	PROPN
ajfa-312	117	6	cause	cause	VERB
ajfa-312	117	7	y	y	PROPN
ajfa-312	117	8	,	,	PUNCT
ajfa-312	117	9	first	first	ADJ
ajfa-312	117	10	step	step	NOUN
ajfa-312	117	11	is	be	AUX
ajfa-312	117	12	to	to	PART
ajfa-312	117	13	consider	consider	VERB
ajfa-312	117	14	an	an	DET
ajfa-312	117	15	autoregression	autoregression	NOUN
ajfa-312	117	16	for	for	ADP
ajfa-312	117	17	y.	y.	PROPN
ajfa-312	117	18	next	next	ADV
ajfa-312	117	19	,	,	PUNCT
ajfa-312	117	20	lagged	lag	VERB
ajfa-312	117	21	values	value	NOUN
ajfa-312	117	22	of	of	ADP
ajfa-312	117	23	x	x	SYM
ajfa-312	117	24	are	be	AUX
ajfa-312	117	25	added	add	VERB
ajfa-312	117	26	as	as	ADP
ajfa-312	117	27	the	the	DET
ajfa-312	117	28	extra	extra	ADJ
ajfa-312	117	29	independent	independent	ADJ
ajfa-312	117	30	variables	variable	NOUN
ajfa-312	117	31	.	.	PUNCT
ajfa-312	118	1	granger	granger	PROPN
ajfa-312	118	2	causality	causality	PROPN
ajfa-312	118	3	test	test	NOUN
ajfa-312	118	4	results	result	NOUN
ajfa-312	118	5	are	be	AUX
ajfa-312	118	6	very	very	ADV
ajfa-312	118	7	sensitive	sensitive	ADJ
ajfa-312	118	8	to	to	ADP
ajfa-312	118	9	the	the	DET
ajfa-312	118	10	number	number	NOUN
ajfa-312	118	11	of	of	ADP
ajfa-312	118	12	lags	lag	NOUN
ajfa-312	118	13	used	use	VERB
ajfa-312	118	14	in	in	ADP
ajfa-312	118	15	the	the	DET
ajfa-312	118	16	analysis	analysis	NOUN
ajfa-312	118	17	.	.	PUNCT
ajfa-312	119	1	there	there	PRON
ajfa-312	119	2	are	be	VERB
ajfa-312	119	3	four	four	NUM
ajfa-312	119	4	different	different	ADJ
ajfa-312	119	5	criteria	criterion	NOUN
ajfa-312	119	6	for	for	ADP
ajfa-312	119	7	specifying	specify	VERB
ajfa-312	119	8	the	the	DET
ajfa-312	119	9	lag	lag	NOUN
ajfa-312	119	10	length	length	NOUN
ajfa-312	119	11	.	.	PUNCT
ajfa-312	120	1	this	this	DET
ajfa-312	120	2	study	study	NOUN
ajfa-312	120	3	will	will	AUX
ajfa-312	120	4	adopt	adopt	VERB
ajfa-312	120	5	akaike	akaike	ADP
ajfa-312	120	6	information	information	NOUN
ajfa-312	120	7	criterion	criterion	NOUN
ajfa-312	120	8	(	(	PUNCT
ajfa-312	120	9	aic	aic	PROPN
ajfa-312	120	10	)	)	PUNCT
ajfa-312	120	11	suggested	suggest	VERB
ajfa-312	120	12	by	by	ADP
ajfa-312	120	13	akaike	akaike	ADJ
ajfa-312	120	14	(	(	PUNCT
ajfa-312	120	15	1974	1974	NUM
ajfa-312	120	16	)	)	PUNCT
ajfa-312	120	17	.	.	PUNCT
ajfa-312	121	1	the	the	DET
ajfa-312	121	2	equation	equation	NOUN
ajfa-312	121	3	for	for	ADP
ajfa-312	121	4	the	the	DET
ajfa-312	121	5	pairwise	pairwise	NOUN
ajfa-312	121	6	granger	granger	NOUN
ajfa-312	121	7	causality	causality	NOUN
ajfa-312	121	8	tests	test	NOUN
ajfa-312	121	9	are	be	AUX
ajfa-312	121	10	as	as	ADV
ajfa-312	121	11	follow	follow	NOUN
ajfa-312	121	12	:	:	PUNCT
ajfa-312	121	13	ttittitt	ttittitt	PROPN
ajfa-312	121	14	xxyyy	xxyyy	PROPN
ajfa-312	121	15			PROPN
ajfa-312	121	16			PROPN
ajfa-312	121	17			PROPN
ajfa-312	121	18	1111110	1111110	NUM
ajfa-312	121	19	........	........	PUNCT
ajfa-312	122	1	(	(	PUNCT
ajfa-312	122	2	1	1	X
ajfa-312	122	3	)	)	PUNCT
ajfa-312	122	4	where	where	SCONJ
ajfa-312	122	5	,	,	PUNCT
ajfa-312	122	6	xt	xt	PROPN
ajfa-312	122	7	and	and	CCONJ
ajfa-312	122	8	yt	yt	PROPN
ajfa-312	122	9	=	=	PUNCT
ajfa-312	122	10	daily	daily	ADJ
ajfa-312	122	11	stock	stock	NOUN
ajfa-312	122	12	market	market	NOUN
ajfa-312	122	13	index	index	NOUN
ajfa-312	122	14	for	for	ADP
ajfa-312	122	15	country	country	NOUN
ajfa-312	122	16	x	x	PUNCT
ajfa-312	122	17	and	and	CCONJ
ajfa-312	122	18	y	y	PROPN
ajfa-312	122	19	respectively	respectively	ADV
ajfa-312	122	20	µt	µt	ADV
ajfa-312	122	21	=	=	NOUN
ajfa-312	122	22	error	error	NOUN
ajfa-312	122	23	term	term	NOUN
ajfa-312	122	24	at	at	ADP
ajfa-312	122	25	time	time	NOUN
ajfa-312	122	26	t	t	PROPN
ajfa-312	122	27	the	the	DET
ajfa-312	122	28	f	f	PROPN
ajfa-312	122	29	test	test	NOUN
ajfa-312	122	30	is	be	AUX
ajfa-312	122	31	used	use	VERB
ajfa-312	122	32	to	to	PART
ajfa-312	122	33	test	test	VERB
ajfa-312	122	34	the	the	DET
ajfa-312	122	35	hypotheses	hypothesis	NOUN
ajfa-312	122	36	of	of	ADP
ajfa-312	122	37	the	the	DET
ajfa-312	122	38	granger	granger	PROPN
ajfa-312	122	39	causality	causality	NOUN
ajfa-312	122	40	as	as	ADP
ajfa-312	122	41	follow	follow	NOUN
ajfa-312	122	42	:	:	PUNCT
ajfa-312	122	43	h0	h0	NOUN
ajfa-312	122	44	:	:	PUNCT
ajfa-312	122	45	β1	β1	PROPN
ajfa-312	122	46	=	=	SYM
ajfa-312	122	47	β2	β2	NOUN
ajfa-312	122	48	=	=	NOUN
ajfa-312	122	49	0	0	PUNCT
ajfa-312	123	1	(	(	PUNCT
ajfa-312	123	2	x	x	NOUN
ajfa-312	123	3	does	do	AUX
ajfa-312	123	4	not	not	PART
ajfa-312	123	5	granger	granger	AUX
ajfa-312	123	6	cause	cause	VERB
ajfa-312	123	7	y	y	NOUN
ajfa-312	123	8	)	)	PUNCT
ajfa-312	123	9	h1	h1	PROPN
ajfa-312	123	10	:	:	PUNCT
ajfa-312	123	11	at	at	ADP
ajfa-312	123	12	least	least	ADJ
ajfa-312	123	13	one	one	NUM
ajfa-312	123	14	of	of	ADP
ajfa-312	123	15	the	the	DET
ajfa-312	123	16	β1	β1	PROPN
ajfa-312	123	17	≠	≠	PROPN
ajfa-312	123	18	0	0	NUM
ajfa-312	124	1	the	the	DET
ajfa-312	124	2	null	null	ADJ
ajfa-312	124	3	hypothesis	hypothesis	NOUN
ajfa-312	124	4	is	be	AUX
ajfa-312	124	5	rejected	reject	VERB
ajfa-312	124	6	if	if	SCONJ
ajfa-312	124	7	the	the	DET
ajfa-312	124	8	computed	computed	ADJ
ajfa-312	124	9	f	f	NOUN
ajfa-312	124	10	-	-	PUNCT
ajfa-312	124	11	value	value	NOUN
ajfa-312	124	12	exceeds	exceed	VERB
ajfa-312	124	13	the	the	DET
ajfa-312	124	14	critical	critical	ADJ
ajfa-312	124	15	f	f	NOUN
ajfa-312	124	16	value	value	NOUN
ajfa-312	124	17	at	at	ADP
ajfa-312	124	18	the	the	DET
ajfa-312	124	19	chosen	choose	VERB
ajfa-312	124	20	level	level	NOUN
ajfa-312	124	21	of	of	ADP
ajfa-312	124	22	significance	significance	NOUN
ajfa-312	124	23	(	(	PUNCT
ajfa-312	124	24	0.05	0.05	NUM
ajfa-312	124	25	)	)	PUNCT
ajfa-312	124	26	.	.	PUNCT
ajfa-312	125	1	this	this	PRON
ajfa-312	125	2	implies	imply	VERB
ajfa-312	125	3	that	that	SCONJ
ajfa-312	125	4	x	x	PRON
ajfa-312	125	5	does	do	AUX
ajfa-312	125	6	granger	granger	NOUN
ajfa-312	125	7	cause	cause	VERB
ajfa-312	125	8	y.	y.	PROPN
ajfa-312	125	9	the	the	DET
ajfa-312	125	10	test	test	NOUN
ajfa-312	125	11	is	be	AUX
ajfa-312	125	12	performed	perform	VERB
ajfa-312	125	13	in	in	ADP
ajfa-312	125	14	pair	pair	NOUN
ajfa-312	125	15	-	-	PUNCT
ajfa-312	125	16	form	form	NOUN
ajfa-312	125	17	between	between	ADP
ajfa-312	125	18	china	china	PROPN
ajfa-312	125	19	and	and	CCONJ
ajfa-312	125	20	u.s	u.s	PROPN
ajfa-312	125	21	,	,	PUNCT
ajfa-312	125	22	u.k	u.k	PROPN
ajfa-312	125	23	,	,	PUNCT
ajfa-312	125	24	japan	japan	PROPN
ajfa-312	125	25	and	and	CCONJ
ajfa-312	125	26	hong	hong	PROPN
ajfa-312	125	27	kong	kong	PROPN
ajfa-312	125	28	.	.	PUNCT
ajfa-312	126	1	similarly	similarly	ADV
ajfa-312	126	2	,	,	PUNCT
ajfa-312	126	3	the	the	DET
ajfa-312	126	4	same	same	ADJ
ajfa-312	126	5	method	method	NOUN
ajfa-312	126	6	is	be	AUX
ajfa-312	126	7	repeated	repeat	VERB
ajfa-312	126	8	between	between	ADP
ajfa-312	126	9	india	india	PROPN
ajfa-312	126	10	and	and	CCONJ
ajfa-312	126	11	u.s	u.s	PROPN
ajfa-312	126	12	,	,	PUNCT
ajfa-312	126	13	u.k	u.k	PROPN
ajfa-312	126	14	,	,	PUNCT
ajfa-312	126	15	japan	japan	PROPN
ajfa-312	126	16	and	and	CCONJ
ajfa-312	126	17	hong	hong	PROPN
ajfa-312	126	18	kong	kong	PROPN
ajfa-312	126	19	.	.	PUNCT
ajfa-312	127	1	the	the	DET
ajfa-312	127	2	causality	causality	NOUN
ajfa-312	127	3	asian	asian	PROPN
ajfa-312	127	4	journal	journal	NOUN
ajfa-312	127	5	of	of	ADP
ajfa-312	127	6	finance	finance	PROPN
ajfa-312	127	7	&	&	CCONJ
ajfa-312	127	8	accounting	accounting	PROPN
ajfa-312	127	9	issn	issn	PROPN
ajfa-312	127	10	1946	1946	NUM
ajfa-312	127	11	-	-	PUNCT
ajfa-312	127	12	052x	052x	NOUN
ajfa-312	127	13	2010	2010	NUM
ajfa-312	127	14	,	,	PUNCT
ajfa-312	127	15	vol	vol	NOUN
ajfa-312	127	16	.	.	PROPN
ajfa-312	127	17	2	2	NUM
ajfa-312	127	18	,	,	PUNCT
ajfa-312	127	19	no	no	INTJ
ajfa-312	127	20	.	.	NOUN
ajfa-312	127	21	2	2	NUM
ajfa-312	127	22	:	:	PUNCT
ajfa-312	127	23	e2	e2	VERB
ajfa-312	127	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-312	127	25	28	28	NUM
ajfa-312	127	26	between	between	ADP
ajfa-312	127	27	indian	indian	ADJ
ajfa-312	127	28	and	and	CCONJ
ajfa-312	127	29	chinese	chinese	ADJ
ajfa-312	127	30	market	market	NOUN
ajfa-312	127	31	is	be	AUX
ajfa-312	127	32	also	also	ADV
ajfa-312	127	33	examined	examine	VERB
ajfa-312	127	34	.	.	PUNCT
ajfa-312	128	1	3.2.3	3.2.3	NUM
ajfa-312	128	2	unit	unit	NOUN
ajfa-312	128	3	root	root	NOUN
ajfa-312	128	4	test	test	NOUN
ajfa-312	128	5	prior	prior	ADV
ajfa-312	128	6	to	to	ADP
ajfa-312	128	7	the	the	DET
ajfa-312	128	8	co	co	NOUN
ajfa-312	128	9	-	-	NOUN
ajfa-312	128	10	integration	integration	NOUN
ajfa-312	128	11	analysis	analysis	NOUN
ajfa-312	128	12	,	,	PUNCT
ajfa-312	128	13	the	the	DET
ajfa-312	128	14	univariate	univariate	ADJ
ajfa-312	128	15	properties	property	NOUN
ajfa-312	128	16	of	of	ADP
ajfa-312	128	17	the	the	DET
ajfa-312	128	18	data	data	NOUN
ajfa-312	128	19	series	series	NOUN
ajfa-312	128	20	are	be	AUX
ajfa-312	128	21	examined	examine	VERB
ajfa-312	128	22	whether	whether	SCONJ
ajfa-312	128	23	the	the	DET
ajfa-312	128	24	series	serie	NOUN
ajfa-312	128	25	are	be	AUX
ajfa-312	128	26	non	non	ADJ
ajfa-312	128	27	-	-	ADJ
ajfa-312	128	28	stationary	stationary	ADJ
ajfa-312	128	29	or	or	CCONJ
ajfa-312	128	30	contain	contain	VERB
ajfa-312	128	31	a	a	DET
ajfa-312	128	32	unit	unit	NOUN
ajfa-312	128	33	root	root	NOUN
ajfa-312	128	34	.	.	PUNCT
ajfa-312	129	1	a	a	DET
ajfa-312	129	2	series	series	NOUN
ajfa-312	129	3	is	be	AUX
ajfa-312	129	4	said	say	VERB
ajfa-312	129	5	to	to	PART
ajfa-312	129	6	be	be	AUX
ajfa-312	129	7	stationary	stationary	ADJ
ajfa-312	129	8	if	if	SCONJ
ajfa-312	129	9	the	the	DET
ajfa-312	129	10	mean	mean	NOUN
ajfa-312	129	11	and	and	CCONJ
ajfa-312	129	12	variance	variance	NOUN
ajfa-312	129	13	of	of	ADP
ajfa-312	129	14	the	the	DET
ajfa-312	129	15	series	series	NOUN
ajfa-312	129	16	do	do	AUX
ajfa-312	129	17	not	not	PART
ajfa-312	129	18	systematically	systematically	ADV
ajfa-312	129	19	differ	differ	VERB
ajfa-312	129	20	over	over	ADP
ajfa-312	129	21	the	the	DET
ajfa-312	129	22	time	time	NOUN
ajfa-312	129	23	period	period	NOUN
ajfa-312	129	24	.	.	PUNCT
ajfa-312	130	1	regression	regression	NOUN
ajfa-312	130	2	in	in	ADP
ajfa-312	130	3	which	which	PRON
ajfa-312	130	4	the	the	DET
ajfa-312	130	5	variables	variable	NOUN
ajfa-312	130	6	are	be	AUX
ajfa-312	130	7	non	non	ADJ
ajfa-312	130	8	-	-	ADJ
ajfa-312	130	9	stationary	stationary	ADJ
ajfa-312	130	10	can	can	AUX
ajfa-312	130	11	lead	lead	VERB
ajfa-312	130	12	to	to	ADP
ajfa-312	130	13	spurious	spurious	ADJ
ajfa-312	130	14	result	result	NOUN
ajfa-312	130	15	where	where	SCONJ
ajfa-312	130	16	variables	variable	NOUN
ajfa-312	130	17	may	may	AUX
ajfa-312	130	18	share	share	VERB
ajfa-312	130	19	the	the	DET
ajfa-312	130	20	same	same	ADJ
ajfa-312	130	21	time	time	NOUN
ajfa-312	130	22	trend	trend	NOUN
ajfa-312	130	23	even	even	ADV
ajfa-312	130	24	though	though	SCONJ
ajfa-312	130	25	they	they	PRON
ajfa-312	130	26	are	be	AUX
ajfa-312	130	27	not	not	PART
ajfa-312	130	28	really	really	ADV
ajfa-312	130	29	related	relate	VERB
ajfa-312	130	30	.	.	PUNCT
ajfa-312	131	1	unit	unit	NOUN
ajfa-312	131	2	root	root	PROPN
ajfa-312	131	3	test	test	NOUN
ajfa-312	131	4	involves	involve	VERB
ajfa-312	131	5	examining	examine	VERB
ajfa-312	131	6	whether	whether	SCONJ
ajfa-312	131	7	the	the	DET
ajfa-312	131	8	series	serie	NOUN
ajfa-312	131	9	are	be	AUX
ajfa-312	131	10	stationary	stationary	ADJ
ajfa-312	131	11	or	or	CCONJ
ajfa-312	131	12	not	not	PART
ajfa-312	131	13	at	at	ADP
ajfa-312	131	14	level	level	NOUN
ajfa-312	131	15	and	and	CCONJ
ajfa-312	131	16	subsequently	subsequently	ADV
ajfa-312	131	17	finding	find	VERB
ajfa-312	131	18	the	the	DET
ajfa-312	131	19	order	order	NOUN
ajfa-312	131	20	in	in	ADP
ajfa-312	131	21	which	which	PRON
ajfa-312	131	22	they	they	PRON
ajfa-312	131	23	are	be	AUX
ajfa-312	131	24	integrated	integrate	VERB
ajfa-312	131	25	if	if	SCONJ
ajfa-312	131	26	the	the	DET
ajfa-312	131	27	series	series	NOUN
ajfa-312	131	28	is	be	AUX
ajfa-312	131	29	non	non	ADJ
ajfa-312	131	30	-	-	ADJ
ajfa-312	131	31	stationary	stationary	ADJ
ajfa-312	131	32	.	.	PUNCT
ajfa-312	132	1	this	this	DET
ajfa-312	132	2	study	study	NOUN
ajfa-312	132	3	employs	employ	VERB
ajfa-312	132	4	augmented	augment	VERB
ajfa-312	132	5	dickey	dickey	NOUN
ajfa-312	132	6	-	-	PUNCT
ajfa-312	132	7	fuller	full	ADJ
ajfa-312	132	8	(	(	PUNCT
ajfa-312	132	9	adf	adf	NOUN
ajfa-312	132	10	)	)	PUNCT
ajfa-312	132	11	test	test	NOUN
ajfa-312	132	12	to	to	PART
ajfa-312	132	13	determine	determine	VERB
ajfa-312	132	14	the	the	DET
ajfa-312	132	15	unit	unit	NOUN
ajfa-312	132	16	root	root	NOUN
ajfa-312	132	17	property	property	NOUN
ajfa-312	132	18	of	of	ADP
ajfa-312	132	19	the	the	DET
ajfa-312	132	20	stock	stock	NOUN
ajfa-312	132	21	market	market	NOUN
ajfa-312	132	22	indices	index	NOUN
ajfa-312	132	23	which	which	PRON
ajfa-312	132	24	requires	require	VERB
ajfa-312	132	25	regressing	regress	VERB
ajfa-312	132	26	∆yi	∆yi	PROPN
ajfa-312	132	27	on	on	ADP
ajfa-312	132	28	a	a	DET
ajfa-312	132	29	constant	constant	ADJ
ajfa-312	132	30	,	,	PUNCT
ajfa-312	132	31	a	a	DET
ajfa-312	132	32	time	time	NOUN
ajfa-312	132	33	trend	trend	NOUN
ajfa-312	132	34	∆yt-1	∆yt-1	NOUN
ajfa-312	132	35	and	and	CCONJ
ajfa-312	132	36	several	several	ADJ
ajfa-312	132	37	lags	lag	NOUN
ajfa-312	132	38	of	of	ADP
ajfa-312	132	39	dependent	dependent	ADJ
ajfa-312	132	40	terms	term	NOUN
ajfa-312	132	41	as	as	SCONJ
ajfa-312	132	42	follows	follow	VERB
ajfa-312	132	43	:	:	PUNCT
ajfa-312	132	44	ttitt	ttitt	VERB
ajfa-312	132	45	yyy	yyy	PROPN
ajfa-312	132	46			ADP
ajfa-312	132	47			ADV
ajfa-312	132	48			X
ajfa-312	132	49			NUM
ajfa-312	132	50	1110	1110	NUM
ajfa-312	132	51	(	(	PUNCT
ajfa-312	132	52	2	2	NUM
ajfa-312	132	53	)	)	PUNCT
ajfa-312	132	54	where	where	SCONJ
ajfa-312	132	55	,	,	PUNCT
ajfa-312	132	56	∆	∆	PROPN
ajfa-312	132	57	=	=	SYM
ajfa-312	132	58	first	first	ADJ
ajfa-312	132	59	difference	difference	NOUN
ajfa-312	132	60	operator	operator	NOUN
ajfa-312	132	61	iand	iand	NOUN
ajfa-312	132	62			PROPN
ajfa-312	132	63	10	10	NUM
ajfa-312	132	64	,	,	PUNCT
ajfa-312	132	65	=	=	PRON
ajfa-312	132	66	coefficients	coefficient	NOUN
ajfa-312	132	67	to	to	PART
ajfa-312	132	68	be	be	AUX
ajfa-312	132	69	estimated	estimate	VERB
ajfa-312	132	70	ty	ty	INTJ
ajfa-312	132	71	=	=	PUNCT
ajfa-312	132	72	non	non	ADJ
ajfa-312	132	73	-	-	ADJ
ajfa-312	132	74	stationary	stationary	ADJ
ajfa-312	132	75	time	time	NOUN
ajfa-312	132	76	series	series	NOUN
ajfa-312	132	77	t	t	NOUN
ajfa-312	132	78	=	=	SYM
ajfa-312	132	79	error	error	NOUN
ajfa-312	132	80	term	term	NOUN
ajfa-312	132	81	at	at	ADP
ajfa-312	132	82	time	time	NOUN
ajfa-312	132	83	t	t	PROPN
ajfa-312	132	84	the	the	DET
ajfa-312	132	85	test	test	NOUN
ajfa-312	132	86	statistics	statistic	NOUN
ajfa-312	132	87	known	know	VERB
ajfa-312	132	88	as	as	ADP
ajfa-312	132	89	the	the	DET
ajfa-312	132	90	tau	tau	PROPN
ajfa-312	132	91	statistics	statistic	NOUN
ajfa-312	132	92	are	be	AUX
ajfa-312	132	93	checked	check	VERB
ajfa-312	132	94	against	against	ADP
ajfa-312	132	95	the	the	DET
ajfa-312	132	96	critical	critical	ADJ
ajfa-312	132	97	values	value	NOUN
ajfa-312	132	98	tabulated	tabulate	VERB
ajfa-312	132	99	by	by	ADP
ajfa-312	132	100	dickey	dickey	PROPN
ajfa-312	132	101	and	and	CCONJ
ajfa-312	132	102	fuller	full	ADJ
ajfa-312	132	103	on	on	ADP
ajfa-312	132	104	the	the	DET
ajfa-312	132	105	basis	basis	NOUN
ajfa-312	132	106	of	of	ADP
ajfa-312	132	107	monte	monte	PROPN
ajfa-312	132	108	carlo	carlo	PROPN
ajfa-312	132	109	simulationsi	simulationsi	PROPN
ajfa-312	132	110	.	.	PUNCT
ajfa-312	133	1	the	the	DET
ajfa-312	133	2	null	null	ADJ
ajfa-312	133	3	hypothesis	hypothesis	NOUN
ajfa-312	133	4	of	of	ADP
ajfa-312	133	5	series	series	NOUN
ajfa-312	133	6	contain	contain	VERB
ajfa-312	133	7	a	a	DET
ajfa-312	133	8	unit	unit	NOUN
ajfa-312	133	9	root	root	NOUN
ajfa-312	133	10	is	be	AUX
ajfa-312	133	11	rejected	reject	VERB
ajfa-312	133	12	if	if	SCONJ
ajfa-312	133	13	t	t	PROPN
ajfa-312	133	14	-	-	PUNCT
ajfa-312	133	15	statistics	statistic	NOUN
ajfa-312	133	16	is	be	AUX
ajfa-312	133	17	smaller	small	ADJ
ajfa-312	133	18	(	(	PUNCT
ajfa-312	133	19	more	more	ADV
ajfa-312	133	20	negative	negative	ADJ
ajfa-312	133	21	)	)	PUNCT
ajfa-312	133	22	than	than	ADP
ajfa-312	133	23	the	the	DET
ajfa-312	133	24	critical	critical	ADJ
ajfa-312	133	25	value	value	NOUN
ajfa-312	133	26	respectively	respectively	ADV
ajfa-312	133	27	.	.	PUNCT
ajfa-312	134	1	the	the	DET
ajfa-312	134	2	durbin	durbin	PROPN
ajfa-312	134	3	-	-	PUNCT
ajfa-312	134	4	watson	watson	PROPN
ajfa-312	134	5	test	test	NOUN
ajfa-312	134	6	values	value	NOUN
ajfa-312	134	7	are	be	AUX
ajfa-312	134	8	also	also	ADV
ajfa-312	134	9	observed	observe	VERB
ajfa-312	134	10	.	.	PUNCT
ajfa-312	135	1	dw	dw	PROPN
ajfa-312	135	2	test	test	PROPN
ajfa-312	135	3	statistics	statistic	NOUN
ajfa-312	135	4	value	value	NOUN
ajfa-312	135	5	of	of	ADP
ajfa-312	135	6	2	2	NUM
ajfa-312	135	7	or	or	CCONJ
ajfa-312	135	8	very	very	ADV
ajfa-312	135	9	close	close	ADJ
ajfa-312	135	10	to	to	ADP
ajfa-312	135	11	2	2	NUM
ajfa-312	135	12	will	will	AUX
ajfa-312	135	13	indicate	indicate	VERB
ajfa-312	135	14	that	that	SCONJ
ajfa-312	135	15	the	the	DET
ajfa-312	135	16	test	test	NOUN
ajfa-312	135	17	result	result	NOUN
ajfa-312	135	18	is	be	AUX
ajfa-312	135	19	reliable	reliable	ADJ
ajfa-312	135	20	i.e.	i.e.	X
ajfa-312	135	21	indication	indication	NOUN
ajfa-312	135	22	of	of	ADP
ajfa-312	135	23	no	no	DET
ajfa-312	135	24	autocorrelation	autocorrelation	NOUN
ajfa-312	135	25	problem	problem	NOUN
ajfa-312	135	26	.	.	PUNCT
ajfa-312	136	1	next	next	ADJ
ajfa-312	136	2	the	the	DET
ajfa-312	136	3	presence	presence	NOUN
ajfa-312	136	4	of	of	ADP
ajfa-312	136	5	co	co	NOUN
ajfa-312	136	6	-	-	NOUN
ajfa-312	136	7	movement	movement	NOUN
ajfa-312	136	8	between	between	ADP
ajfa-312	136	9	the	the	DET
ajfa-312	136	10	stock	stock	NOUN
ajfa-312	136	11	market	market	NOUN
ajfa-312	136	12	indices	index	NOUN
ajfa-312	136	13	is	be	AUX
ajfa-312	136	14	tested	test	VERB
ajfa-312	136	15	using	use	VERB
ajfa-312	136	16	co	co	NOUN
ajfa-312	136	17	-	-	NOUN
ajfa-312	136	18	integration	integration	NOUN
ajfa-312	136	19	test	test	NOUN
ajfa-312	136	20	.	.	PUNCT
ajfa-312	137	1	3.2.4	3.2.4	NUM
ajfa-312	137	2	co	co	NOUN
ajfa-312	137	3	-	-	NOUN
ajfa-312	137	4	integration	integration	NOUN
ajfa-312	137	5	test	test	NOUN
ajfa-312	137	6	co	co	NOUN
ajfa-312	137	7	-	-	NOUN
ajfa-312	137	8	integration	integration	NOUN
ajfa-312	137	9	test	test	NOUN
ajfa-312	137	10	is	be	AUX
ajfa-312	137	11	among	among	ADP
ajfa-312	137	12	the	the	DET
ajfa-312	137	13	most	most	ADV
ajfa-312	137	14	widely	widely	ADV
ajfa-312	137	15	used	use	VERB
ajfa-312	137	16	method	method	NOUN
ajfa-312	137	17	in	in	ADP
ajfa-312	137	18	examining	examine	VERB
ajfa-312	137	19	the	the	DET
ajfa-312	137	20	relationship	relationship	NOUN
ajfa-312	137	21	or	or	CCONJ
ajfa-312	137	22	integration	integration	NOUN
ajfa-312	137	23	in	in	ADP
ajfa-312	137	24	financial	financial	ADJ
ajfa-312	137	25	market	market	NOUN
ajfa-312	137	26	.	.	PUNCT
ajfa-312	138	1	the	the	DET
ajfa-312	138	2	concept	concept	NOUN
ajfa-312	138	3	of	of	ADP
ajfa-312	138	4	co	co	NOUN
ajfa-312	138	5	-	-	NOUN
ajfa-312	138	6	integration	integration	NOUN
ajfa-312	138	7	was	be	AUX
ajfa-312	138	8	introduced	introduce	VERB
ajfa-312	138	9	by	by	ADP
ajfa-312	138	10	granger	granger	PROPN
ajfa-312	138	11	(	(	PUNCT
ajfa-312	138	12	1981	1981	NUM
ajfa-312	138	13	)	)	PUNCT
ajfa-312	138	14	and	and	CCONJ
ajfa-312	138	15	further	far	ADV
ajfa-312	138	16	developed	develop	VERB
ajfa-312	138	17	by	by	ADP
ajfa-312	138	18	engle	engle	PROPN
ajfa-312	138	19	and	and	CCONJ
ajfa-312	138	20	granger	granger	PROPN
ajfa-312	138	21	(	(	PUNCT
ajfa-312	138	22	1987	1987	NUM
ajfa-312	138	23	)	)	PUNCT
ajfa-312	138	24	which	which	PRON
ajfa-312	138	25	incorporates	incorporate	VERB
ajfa-312	138	26	the	the	DET
ajfa-312	138	27	presence	presence	NOUN
ajfa-312	138	28	of	of	ADP
ajfa-312	138	29	non	non	ADJ
ajfa-312	138	30	-	-	ADJ
ajfa-312	138	31	stationary	stationary	ADJ
ajfa-312	138	32	,	,	PUNCT
ajfa-312	138	33	long	long	ADJ
ajfa-312	138	34	-	-	PUNCT
ajfa-312	138	35	term	term	NOUN
ajfa-312	138	36	relationship	relationship	NOUN
ajfa-312	138	37	and	and	CCONJ
ajfa-312	138	38	short	short	ADJ
ajfa-312	138	39	-	-	PUNCT
ajfa-312	138	40	run	run	NOUN
ajfa-312	138	41	dynamics	dynamic	NOUN
ajfa-312	138	42	in	in	ADP
ajfa-312	138	43	the	the	DET
ajfa-312	138	44	modelling	modelling	NOUN
ajfa-312	138	45	process	process	NOUN
ajfa-312	138	46	.	.	PUNCT
ajfa-312	139	1	a	a	DET
ajfa-312	139	2	series	series	NOUN
ajfa-312	139	3	is	be	AUX
ajfa-312	139	4	said	say	VERB
ajfa-312	139	5	to	to	PART
ajfa-312	139	6	be	be	AUX
ajfa-312	139	7	integrated	integrate	VERB
ajfa-312	139	8	of	of	ADP
ajfa-312	139	9	order	order	NOUN
ajfa-312	139	10	one	one	PRON
ajfa-312	139	11	i.e.	i.e.	X
ajfa-312	139	12	,	,	PUNCT
ajfa-312	139	13	i	i	PRON
ajfa-312	139	14	(	(	PUNCT
ajfa-312	139	15	1	1	X
ajfa-312	139	16	)	)	PUNCT
ajfa-312	139	17	if	if	SCONJ
ajfa-312	139	18	it	it	PRON
ajfa-312	139	19	becomes	become	VERB
ajfa-312	139	20	stationary	stationary	ADJ
ajfa-312	139	21	after	after	ADP
ajfa-312	139	22	the	the	DET
ajfa-312	139	23	first	first	ADJ
ajfa-312	139	24	differencing	differencing	NOUN
ajfa-312	139	25	.	.	PUNCT
ajfa-312	140	1	if	if	SCONJ
ajfa-312	140	2	there	there	PRON
ajfa-312	140	3	exists	exist	VERB
ajfa-312	140	4	a	a	DET
ajfa-312	140	5	linear	linear	ADJ
ajfa-312	140	6	combination	combination	NOUN
ajfa-312	140	7	of	of	ADP
ajfa-312	140	8	two	two	NUM
ajfa-312	140	9	or	or	CCONJ
ajfa-312	140	10	more	more	ADJ
ajfa-312	140	11	i	i	PRON
ajfa-312	140	12	(	(	PUNCT
ajfa-312	140	13	1	1	X
ajfa-312	140	14	)	)	PUNCT
ajfa-312	140	15	series	series	NOUN
ajfa-312	140	16	that	that	SCONJ
ajfa-312	140	17	its	its	PRON
ajfa-312	140	18	stationary	stationary	NOUN
ajfa-312	140	19	,	,	PUNCT
ajfa-312	140	20	then	then	ADV
ajfa-312	140	21	the	the	DET
ajfa-312	140	22	series	series	NOUN
ajfa-312	140	23	are	be	AUX
ajfa-312	140	24	co	co	AUX
ajfa-312	140	25	integrated	integrate	VERB
ajfa-312	140	26	.	.	PUNCT
ajfa-312	141	1	co	co	NOUN
ajfa-312	141	2	-	-	NOUN
ajfa-312	141	3	integration	integration	NOUN
ajfa-312	141	4	requires	require	VERB
ajfa-312	141	5	that	that	SCONJ
ajfa-312	141	6	the	the	DET
ajfa-312	141	7	variables	variable	NOUN
ajfa-312	141	8	to	to	PART
ajfa-312	141	9	be	be	AUX
ajfa-312	141	10	integrated	integrate	VERB
ajfa-312	141	11	of	of	ADP
ajfa-312	141	12	the	the	DET
ajfa-312	141	13	same	same	ADJ
ajfa-312	141	14	order	order	NOUN
ajfa-312	141	15	.	.	PUNCT
ajfa-312	142	1	thus	thus	ADV
ajfa-312	142	2	,	,	PUNCT
ajfa-312	142	3	this	this	DET
ajfa-312	142	4	study	study	NOUN
ajfa-312	142	5	employs	employ	VERB
ajfa-312	142	6	augmented	augment	VERB
ajfa-312	142	7	dickey	dickey	PROPN
ajfa-312	142	8	fuller	full	ADJ
ajfa-312	142	9	(	(	PUNCT
ajfa-312	142	10	adf	adf	NOUN
ajfa-312	142	11	)	)	PUNCT
ajfa-312	142	12	tests	test	NOUN
ajfa-312	142	13	to	to	PART
ajfa-312	142	14	determine	determine	VERB
ajfa-312	142	15	the	the	DET
ajfa-312	142	16	order	order	NOUN
ajfa-312	142	17	of	of	ADP
ajfa-312	142	18	integration	integration	NOUN
ajfa-312	142	19	for	for	ADP
ajfa-312	142	20	every	every	DET
ajfa-312	142	21	stock	stock	NOUN
ajfa-312	142	22	return	return	NOUN
ajfa-312	142	23	.	.	PUNCT
ajfa-312	143	1	when	when	SCONJ
ajfa-312	143	2	both	both	DET
ajfa-312	143	3	the	the	DET
ajfa-312	143	4	variables	variable	NOUN
ajfa-312	143	5	are	be	AUX
ajfa-312	143	6	asian	asian	ADJ
ajfa-312	143	7	journal	journal	NOUN
ajfa-312	143	8	of	of	ADP
ajfa-312	143	9	finance	finance	PROPN
ajfa-312	143	10	&	&	CCONJ
ajfa-312	143	11	accounting	accounting	PROPN
ajfa-312	143	12	issn	issn	PROPN
ajfa-312	143	13	1946	1946	NUM
ajfa-312	143	14	-	-	PUNCT
ajfa-312	143	15	052x	052x	NOUN
ajfa-312	143	16	2010	2010	NUM
ajfa-312	143	17	,	,	PUNCT
ajfa-312	143	18	vol	vol	NOUN
ajfa-312	143	19	.	.	PROPN
ajfa-312	143	20	2	2	NUM
ajfa-312	143	21	,	,	PUNCT
ajfa-312	143	22	no	no	INTJ
ajfa-312	143	23	.	.	NOUN
ajfa-312	143	24	2	2	NUM
ajfa-312	143	25	:	:	PUNCT
ajfa-312	143	26	e2	e2	PROPN
ajfa-312	143	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	143	28	29	29	NUM
ajfa-312	143	29	integrated	integrate	VERB
ajfa-312	143	30	of	of	ADP
ajfa-312	143	31	same	same	ADJ
ajfa-312	143	32	order	order	NOUN
ajfa-312	143	33	,	,	PUNCT
ajfa-312	143	34	then	then	ADV
ajfa-312	143	35	the	the	DET
ajfa-312	143	36	estimate	estimate	NOUN
ajfa-312	143	37	the	the	DET
ajfa-312	143	38	co	co	NOUN
ajfa-312	143	39	-	-	ADJ
ajfa-312	143	40	integrating	integrating	ADJ
ajfa-312	143	41	regression	regression	NOUN
ajfa-312	143	42	is	be	AUX
ajfa-312	143	43	carried	carry	VERB
ajfa-312	143	44	out	out	ADP
ajfa-312	143	45	using	use	VERB
ajfa-312	143	46	ordinary	ordinary	ADJ
ajfa-312	143	47	least	least	ADJ
ajfa-312	143	48	square	square	ADJ
ajfa-312	143	49	.	.	PUNCT
ajfa-312	144	1	ttt	ttt	PROPN
ajfa-312	144	2	xy	xy	PROPN
ajfa-312	144	3			PROPN
ajfa-312	144	4			PUNCT
ajfa-312	144	5	10	10	NUM
ajfa-312	144	6	(	(	PUNCT
ajfa-312	144	7	3	3	NUM
ajfa-312	144	8	)	)	PUNCT
ajfa-312	144	9	where	where	SCONJ
ajfa-312	144	10	y	y	PROPN
ajfa-312	144	11	and	and	CCONJ
ajfa-312	144	12	x	x	NOUN
ajfa-312	144	13	are	be	AUX
ajfa-312	144	14	non	non	ADJ
ajfa-312	144	15	-	-	ADJ
ajfa-312	144	16	stationary	stationary	ADJ
ajfa-312	144	17	series	series	NOUN
ajfa-312	144	18	.	.	PUNCT
ajfa-312	145	1	the	the	DET
ajfa-312	145	2	residuals	residual	NOUN
ajfa-312	145	3	,	,	PUNCT
ajfa-312	145	4	denotes	denote	NOUN
ajfa-312	145	5	as	as	SCONJ
ajfa-312	145	6	µt	µt	NUM
ajfa-312	145	7	are	be	AUX
ajfa-312	145	8	then	then	ADV
ajfa-312	145	9	tested	test	VERB
ajfa-312	145	10	to	to	PART
ajfa-312	145	11	ensure	ensure	VERB
ajfa-312	145	12	that	that	SCONJ
ajfa-312	145	13	they	they	PRON
ajfa-312	145	14	are	be	AUX
ajfa-312	145	15	i	i	PRON
ajfa-312	145	16	(	(	PUNCT
ajfa-312	145	17	0	0	NUM
ajfa-312	145	18	)	)	PUNCT
ajfa-312	145	19	by	by	ADP
ajfa-312	145	20	running	run	VERB
ajfa-312	145	21	the	the	DET
ajfa-312	145	22	augmented	augment	VERB
ajfa-312	145	23	dickey	dickey	NOUN
ajfa-312	145	24	-	-	PUNCT
ajfa-312	145	25	fuller	full	ADJ
ajfa-312	145	26	(	(	PUNCT
ajfa-312	145	27	adf	adf	NOUN
ajfa-312	145	28	)	)	PUNCT
ajfa-312	145	29	test	test	NOUN
ajfa-312	145	30	.	.	PUNCT
ajfa-312	146	1	the	the	DET
ajfa-312	146	2	time	time	NOUN
ajfa-312	146	3	series	series	PROPN
ajfa-312	146	4	is	be	AUX
ajfa-312	146	5	said	say	VERB
ajfa-312	146	6	to	to	PART
ajfa-312	146	7	be	be	AUX
ajfa-312	146	8	co	co	VERB
ajfa-312	146	9	-	-	VERB
ajfa-312	146	10	integrated	integrated	ADJ
ajfa-312	146	11	if	if	SCONJ
ajfa-312	146	12	the	the	DET
ajfa-312	146	13	residual	residual	ADJ
ajfa-312	146	14	is	be	AUX
ajfa-312	146	15	itself	itself	PRON
ajfa-312	146	16	stationary	stationary	ADJ
ajfa-312	146	17	,	,	PUNCT
ajfa-312	146	18	i	i	PRON
ajfa-312	146	19	(	(	PUNCT
ajfa-312	146	20	0	0	NUM
ajfa-312	146	21	)	)	PUNCT
ajfa-312	146	22	.	.	PUNCT
ajfa-312	147	1	the	the	DET
ajfa-312	147	2	residual	residual	ADJ
ajfa-312	147	3	will	will	AUX
ajfa-312	147	4	still	still	ADV
ajfa-312	147	5	be	be	AUX
ajfa-312	147	6	non	non	ADJ
ajfa-312	147	7	-	-	ADJ
ajfa-312	147	8	stationary	stationary	ADJ
ajfa-312	147	9	if	if	SCONJ
ajfa-312	147	10	the	the	DET
ajfa-312	147	11	time	time	NOUN
ajfa-312	147	12	series	series	PROPN
ajfa-312	147	13	are	be	AUX
ajfa-312	147	14	not	not	PART
ajfa-312	147	15	co	co	ADJ
ajfa-312	147	16	-	-	VERB
ajfa-312	147	17	integrated	integrated	ADJ
ajfa-312	147	18	.	.	PUNCT
ajfa-312	148	1	in	in	ADP
ajfa-312	148	2	result	result	NOUN
ajfa-312	148	3	the	the	DET
ajfa-312	148	4	non	non	ADJ
ajfa-312	148	5	-	-	ADJ
ajfa-312	148	6	stationary	stationary	ADJ
ajfa-312	148	7	i	i	PRON
ajfa-312	148	8	(	(	PUNCT
ajfa-312	148	9	1	1	X
ajfa-312	148	10	)	)	PUNCT
ajfa-312	148	11	series	series	NOUN
ajfa-312	148	12	have	have	AUX
ajfa-312	148	13	cancelled	cancel	VERB
ajfa-312	148	14	each	each	DET
ajfa-312	148	15	other	other	ADJ
ajfa-312	148	16	out	out	ADP
ajfa-312	148	17	to	to	PART
ajfa-312	148	18	produce	produce	VERB
ajfa-312	148	19	a	a	DET
ajfa-312	148	20	stationary	stationary	NOUN
ajfa-312	148	21	i	i	PRON
ajfa-312	148	22	(	(	PUNCT
ajfa-312	148	23	0	0	NUM
ajfa-312	148	24	)	)	PUNCT
ajfa-312	148	25	residual	residual	ADJ
ajfa-312	148	26	.	.	PUNCT
ajfa-312	149	1	next	next	ADP
ajfa-312	149	2	the	the	DET
ajfa-312	149	3	test	test	NOUN
ajfa-312	149	4	statistics	statistic	NOUN
ajfa-312	149	5	against	against	ADP
ajfa-312	149	6	the	the	DET
ajfa-312	149	7	critical	critical	ADJ
ajfa-312	149	8	values	value	NOUN
ajfa-312	149	9	are	be	AUX
ajfa-312	149	10	checked	check	VERB
ajfa-312	149	11	.	.	PUNCT
ajfa-312	150	1	if	if	SCONJ
ajfa-312	150	2	t	t	PROPN
ajfa-312	150	3	-	-	PUNCT
ajfa-312	150	4	statistics	statistic	NOUN
ajfa-312	150	5	is	be	AUX
ajfa-312	150	6	smaller	small	ADJ
ajfa-312	150	7	(	(	PUNCT
ajfa-312	150	8	more	more	ADV
ajfa-312	150	9	negative	negative	ADJ
ajfa-312	150	10	)	)	PUNCT
ajfa-312	150	11	than	than	ADP
ajfa-312	150	12	the	the	DET
ajfa-312	150	13	critical	critical	ADJ
ajfa-312	150	14	value	value	NOUN
ajfa-312	150	15	,	,	PUNCT
ajfa-312	150	16	null	null	ADJ
ajfa-312	150	17	hypothesis	hypothesis	NOUN
ajfa-312	150	18	of	of	ADP
ajfa-312	150	19	residuals	residual	NOUN
ajfa-312	150	20	contain	contain	VERB
ajfa-312	150	21	unit	unit	NOUN
ajfa-312	150	22	root	root	NOUN
ajfa-312	150	23	is	be	AUX
ajfa-312	150	24	rejected	reject	VERB
ajfa-312	150	25	and	and	CCONJ
ajfa-312	150	26	conclude	conclude	VERB
ajfa-312	150	27	that	that	SCONJ
ajfa-312	150	28	the	the	DET
ajfa-312	150	29	residuals	residual	NOUN
ajfa-312	150	30	or	or	CCONJ
ajfa-312	150	31	the	the	DET
ajfa-312	150	32	error	error	NOUN
ajfa-312	150	33	term	term	NOUN
ajfa-312	150	34	is	be	AUX
ajfa-312	150	35	stationary	stationary	ADJ
ajfa-312	150	36	.	.	PUNCT
ajfa-312	151	1	this	this	PRON
ajfa-312	151	2	would	would	AUX
ajfa-312	151	3	imply	imply	VERB
ajfa-312	151	4	that	that	SCONJ
ajfa-312	151	5	the	the	DET
ajfa-312	151	6	two	two	NUM
ajfa-312	151	7	stock	stock	NOUN
ajfa-312	151	8	indices	index	NOUN
ajfa-312	151	9	are	be	AUX
ajfa-312	151	10	co	co	ADJ
ajfa-312	151	11	-	-	VERB
ajfa-312	151	12	integrated	integrated	ADJ
ajfa-312	151	13	.	.	PUNCT
ajfa-312	152	1	3.2.5	3.2.5	NUM
ajfa-312	152	2	error	error	NOUN
ajfa-312	152	3	correction	correction	NOUN
ajfa-312	152	4	model	model	NOUN
ajfa-312	152	5	(	(	PUNCT
ajfa-312	152	6	ecm	ecm	PROPN
ajfa-312	152	7	)	)	PUNCT
ajfa-312	152	8	when	when	SCONJ
ajfa-312	152	9	the	the	DET
ajfa-312	152	10	two	two	NUM
ajfa-312	152	11	stock	stock	NOUN
ajfa-312	152	12	indices	index	NOUN
ajfa-312	152	13	are	be	AUX
ajfa-312	152	14	co	co	ADJ
ajfa-312	152	15	-	-	VERB
ajfa-312	152	16	integrated	integrated	ADJ
ajfa-312	152	17	,	,	PUNCT
ajfa-312	152	18	this	this	PRON
ajfa-312	152	19	also	also	ADV
ajfa-312	152	20	implies	imply	VERB
ajfa-312	152	21	that	that	SCONJ
ajfa-312	152	22	there	there	PRON
ajfa-312	152	23	is	be	VERB
ajfa-312	152	24	a	a	DET
ajfa-312	152	25	long	long	ADJ
ajfa-312	152	26	-	-	PUNCT
ajfa-312	152	27	term	term	NOUN
ajfa-312	152	28	equilibrium	equilibrium	NOUN
ajfa-312	152	29	relationship	relationship	NOUN
ajfa-312	152	30	between	between	ADP
ajfa-312	152	31	them	they	PRON
ajfa-312	152	32	.	.	PUNCT
ajfa-312	153	1	to	to	PART
ajfa-312	153	2	test	test	VERB
ajfa-312	153	3	if	if	SCONJ
ajfa-312	153	4	there	there	PRON
ajfa-312	153	5	may	may	AUX
ajfa-312	153	6	be	be	AUX
ajfa-312	153	7	disequilibrium	disequilibrium	NOUN
ajfa-312	153	8	in	in	ADP
ajfa-312	153	9	the	the	DET
ajfa-312	153	10	short	short	ADJ
ajfa-312	153	11	run	run	NOUN
ajfa-312	153	12	,	,	PUNCT
ajfa-312	153	13	the	the	DET
ajfa-312	153	14	residual	residual	NOUN
ajfa-312	153	15	of	of	ADP
ajfa-312	153	16	the	the	DET
ajfa-312	153	17	co	co	ADJ
ajfa-312	153	18	-	-	ADJ
ajfa-312	153	19	integrating	integrating	ADJ
ajfa-312	153	20	regression	regression	NOUN
ajfa-312	153	21	is	be	AUX
ajfa-312	153	22	used	use	VERB
ajfa-312	153	23	to	to	PART
ajfa-312	153	24	tie	tie	VERB
ajfa-312	153	25	its	its	PRON
ajfa-312	153	26	short	short	ADJ
ajfa-312	153	27	-	-	PUNCT
ajfa-312	153	28	run	run	NOUN
ajfa-312	153	29	behaviour	behaviour	NOUN
ajfa-312	153	30	to	to	ADP
ajfa-312	153	31	its	its	PRON
ajfa-312	153	32	long	long	ADJ
ajfa-312	153	33	-	-	PUNCT
ajfa-312	153	34	run	run	NOUN
ajfa-312	153	35	value	value	NOUN
ajfa-312	153	36	.	.	PUNCT
ajfa-312	154	1	according	accord	VERB
ajfa-312	154	2	to	to	ADP
ajfa-312	154	3	the	the	DET
ajfa-312	154	4	granger	granger	PROPN
ajfa-312	154	5	representation	representation	PROPN
ajfa-312	154	6	theorem	theorem	NOUN
ajfa-312	154	7	,	,	PUNCT
ajfa-312	154	8	if	if	SCONJ
ajfa-312	154	9	two	two	NUM
ajfa-312	154	10	variables	variable	NOUN
ajfa-312	154	11	are	be	AUX
ajfa-312	154	12	co	co	ADJ
ajfa-312	154	13	-	-	VERB
ajfa-312	154	14	integrated	integrated	ADJ
ajfa-312	154	15	,	,	PUNCT
ajfa-312	154	16	then	then	ADV
ajfa-312	154	17	the	the	DET
ajfa-312	154	18	relationship	relationship	NOUN
ajfa-312	154	19	between	between	ADP
ajfa-312	154	20	the	the	DET
ajfa-312	154	21	two	two	NUM
ajfa-312	154	22	can	can	AUX
ajfa-312	154	23	be	be	AUX
ajfa-312	154	24	expressed	express	VERB
ajfa-312	154	25	as	as	ADP
ajfa-312	154	26	an	an	DET
ajfa-312	154	27	error	error	NOUN
ajfa-312	154	28	correction	correction	NOUN
ajfa-312	154	29	model	model	NOUN
ajfa-312	154	30	(	(	PUNCT
ajfa-312	154	31	ecm	ecm	PROPN
ajfa-312	154	32	)	)	PUNCT
ajfa-312	154	33	.	.	PUNCT
ajfa-312	155	1	in	in	ADP
ajfa-312	155	2	this	this	DET
ajfa-312	155	3	model	model	NOUN
ajfa-312	155	4	,	,	PUNCT
ajfa-312	155	5	the	the	DET
ajfa-312	155	6	error	error	NOUN
ajfa-312	155	7	term	term	NOUN
ajfa-312	155	8	from	from	ADP
ajfa-312	155	9	the	the	DET
ajfa-312	155	10	ols	ol	NOUN
ajfa-312	155	11	regression	regression	NOUN
ajfa-312	155	12	,	,	PUNCT
ajfa-312	155	13	lagged	lag	VERB
ajfa-312	155	14	once	once	ADV
ajfa-312	155	15	acts	act	VERB
ajfa-312	155	16	as	as	ADP
ajfa-312	155	17	the	the	DET
ajfa-312	155	18	error	error	NOUN
ajfa-312	155	19	correction	correction	NOUN
ajfa-312	155	20	term	term	NOUN
ajfa-312	155	21	.	.	PUNCT
ajfa-312	156	1	the	the	DET
ajfa-312	156	2	ecm	ecm	PROPN
ajfa-312	156	3	allows	allow	VERB
ajfa-312	156	4	the	the	DET
ajfa-312	156	5	introduction	introduction	NOUN
ajfa-312	156	6	of	of	ADP
ajfa-312	156	7	past	past	ADJ
ajfa-312	156	8	disequilibrium	disequilibrium	NOUN
ajfa-312	156	9	as	as	ADP
ajfa-312	156	10	explanatory	explanatory	ADJ
ajfa-312	156	11	variables	variable	NOUN
ajfa-312	156	12	in	in	ADP
ajfa-312	156	13	the	the	DET
ajfa-312	156	14	dynamic	dynamic	ADJ
ajfa-312	156	15	behaviour	behaviour	NOUN
ajfa-312	156	16	of	of	ADP
ajfa-312	156	17	current	current	ADJ
ajfa-312	156	18	variable	variable	NOUN
ajfa-312	156	19	thus	thus	ADV
ajfa-312	156	20	enables	enable	VERB
ajfa-312	156	21	to	to	PART
ajfa-312	156	22	capture	capture	VERB
ajfa-312	156	23	both	both	CCONJ
ajfa-312	156	24	the	the	DET
ajfa-312	156	25	short	short	ADJ
ajfa-312	156	26	-	-	PUNCT
ajfa-312	156	27	run	run	NOUN
ajfa-312	156	28	dynamic	dynamic	ADJ
ajfa-312	156	29	and	and	CCONJ
ajfa-312	156	30	long	long	ADV
ajfa-312	156	31	-	-	PUNCT
ajfa-312	156	32	run	run	NOUN
ajfa-312	156	33	relationships	relationship	NOUN
ajfa-312	156	34	between	between	ADP
ajfa-312	156	35	the	the	DET
ajfa-312	156	36	stock	stock	NOUN
ajfa-312	156	37	indices	index	NOUN
ajfa-312	156	38	.	.	PUNCT
ajfa-312	157	1	the	the	DET
ajfa-312	157	2	basic	basic	ADJ
ajfa-312	157	3	ecm	ecm	NOUN
ajfa-312	157	4	is	be	AUX
ajfa-312	157	5	as	as	SCONJ
ajfa-312	157	6	follows	follow	VERB
ajfa-312	157	7	:	:	PUNCT
ajfa-312	157	8	tttt	tttt	PROPN
ajfa-312	157	9	xay	xay	PROPN
ajfa-312	157	10			PROPN
ajfa-312	157	11			PROPN
ajfa-312	157	12			PROPN
ajfa-312	157	13	121101	121101	NUM
ajfa-312	157	14	(	(	PUNCT
ajfa-312	157	15	4	4	NUM
ajfa-312	157	16	)	)	PUNCT
ajfa-312	157	17	where	where	SCONJ
ajfa-312	157	18	µt-1	µt-1	VERB
ajfa-312	157	19	,	,	PUNCT
ajfa-312	157	20	is	be	AUX
ajfa-312	157	21	the	the	DET
ajfa-312	157	22	lagged	lag	VERB
ajfa-312	157	23	value	value	NOUN
ajfa-312	157	24	of	of	ADP
ajfa-312	157	25	error	error	NOUN
ajfa-312	157	26	correction	correction	NOUN
ajfa-312	157	27	term	term	NOUN
ajfa-312	157	28	derived	derive	VERB
ajfa-312	157	29	from	from	ADP
ajfa-312	157	30	the	the	DET
ajfa-312	157	31	co	co	NOUN
ajfa-312	157	32	-	-	NOUN
ajfa-312	157	33	integration	integration	NOUN
ajfa-312	157	34	regression	regression	NOUN
ajfa-312	157	35	and	and	CCONJ
ajfa-312	157	36	εt	εt	PROPN
ajfa-312	157	37	is	be	AUX
ajfa-312	157	38	the	the	DET
ajfa-312	157	39	residual	residual	ADJ
ajfa-312	157	40	or	or	CCONJ
ajfa-312	157	41	error	error	NOUN
ajfa-312	157	42	term	term	NOUN
ajfa-312	157	43	with	with	ADP
ajfa-312	157	44	the	the	DET
ajfa-312	157	45	usual	usual	ADJ
ajfa-312	157	46	properties	property	NOUN
ajfa-312	157	47	.	.	PUNCT
ajfa-312	158	1	the	the	DET
ajfa-312	158	2	model	model	NOUN
ajfa-312	158	3	relates	relate	VERB
ajfa-312	158	4	to	to	ADP
ajfa-312	158	5	the	the	DET
ajfa-312	158	6	changes	change	NOUN
ajfa-312	158	7	in	in	ADP
ajfa-312	158	8	the	the	DET
ajfa-312	158	9	dependent	dependent	ADJ
ajfa-312	158	10	variable	variable	NOUN
ajfa-312	158	11	i.e.	i.e.	X
ajfa-312	158	12	,	,	PUNCT
ajfa-312	158	13	stock	stock	NOUN
ajfa-312	158	14	index	index	NOUN
ajfa-312	158	15	y	y	PROPN
ajfa-312	158	16	to	to	ADP
ajfa-312	158	17	the	the	DET
ajfa-312	158	18	change	change	NOUN
ajfa-312	158	19	in	in	ADP
ajfa-312	158	20	independent	independent	ADJ
ajfa-312	158	21	variables	variable	NOUN
ajfa-312	158	22	i.e.	i.e.	ADV
ajfa-312	158	23	,	,	PUNCT
ajfa-312	158	24	stock	stock	NOUN
ajfa-312	158	25	index	index	NOUN
ajfa-312	158	26	x	x	X
ajfa-312	158	27	and	and	CCONJ
ajfa-312	158	28	the	the	DET
ajfa-312	158	29	“	"	PUNCT
ajfa-312	158	30	equilibrating	equilibrating	NOUN
ajfa-312	158	31	”	"	PUNCT
ajfa-312	158	32	error	error	NOUN
ajfa-312	158	33	in	in	ADP
ajfa-312	158	34	the	the	DET
ajfa-312	158	35	previous	previous	ADJ
ajfa-312	158	36	period	period	NOUN
ajfa-312	158	37	.	.	PUNCT
ajfa-312	159	1	in	in	ADP
ajfa-312	159	2	the	the	DET
ajfa-312	159	3	above	above	ADJ
ajfa-312	159	4	regression	regression	NOUN
ajfa-312	159	5	,	,	PUNCT
ajfa-312	159	6	xt-1	xt-1	PUNCT
ajfa-312	159	7	captures	capture	VERB
ajfa-312	159	8	the	the	DET
ajfa-312	159	9	short	short	ADJ
ajfa-312	159	10	-	-	PUNCT
ajfa-312	159	11	run	run	NOUN
ajfa-312	159	12	disturbance	disturbance	NOUN
ajfa-312	159	13	in	in	ADP
ajfa-312	159	14	stock	stock	NOUN
ajfa-312	159	15	index	index	NOUN
ajfa-312	159	16	x.	x.	NOUN
ajfa-312	160	1	the	the	DET
ajfa-312	160	2	f	f	NOUN
ajfa-312	160	3	-	-	PUNCT
ajfa-312	160	4	tests	test	NOUN
ajfa-312	160	5	of	of	ADP
ajfa-312	160	6	the	the	DET
ajfa-312	160	7	differenced	difference	VERB
ajfa-312	160	8	independent	independent	ADJ
ajfa-312	160	9	stock	stock	NOUN
ajfa-312	160	10	index	index	NOUN
ajfa-312	160	11	xt-1	xt-1	PROPN
ajfa-312	160	12	,	,	PUNCT
ajfa-312	160	13	give	give	VERB
ajfa-312	160	14	a	a	DET
ajfa-312	160	15	sign	sign	NOUN
ajfa-312	160	16	of	of	ADP
ajfa-312	160	17	the	the	DET
ajfa-312	160	18	short	short	ADJ
ajfa-312	160	19	-	-	PUNCT
ajfa-312	160	20	term	term	NOUN
ajfa-312	160	21	causal	causal	ADJ
ajfa-312	160	22	effects	effect	NOUN
ajfa-312	160	23	.	.	PUNCT
ajfa-312	161	1	meanwhile	meanwhile	ADV
ajfa-312	161	2	,	,	PUNCT
ajfa-312	161	3	µt-1	µt-1	PUNCT
ajfa-312	161	4	captures	capture	VERB
ajfa-312	161	5	the	the	DET
ajfa-312	161	6	adjustment	adjustment	NOUN
ajfa-312	161	7	toward	toward	ADP
ajfa-312	161	8	the	the	DET
ajfa-312	161	9	long	long	ADV
ajfa-312	161	10	-	-	PUNCT
ajfa-312	161	11	run	run	NOUN
ajfa-312	161	12	equilibrium	equilibrium	NOUN
ajfa-312	161	13	.	.	PUNCT
ajfa-312	162	1	the	the	DET
ajfa-312	162	2	long	long	ADV
ajfa-312	162	3	-	-	PUNCT
ajfa-312	162	4	run	run	NOUN
ajfa-312	162	5	relationship	relationship	NOUN
ajfa-312	162	6	is	be	AUX
ajfa-312	162	7	indicated	indicate	VERB
ajfa-312	162	8	through	through	ADP
ajfa-312	162	9	the	the	DET
ajfa-312	162	10	significance	significance	NOUN
ajfa-312	162	11	of	of	ADP
ajfa-312	162	12	the	the	DET
ajfa-312	162	13	t	t	NOUN
ajfa-312	162	14	-	-	PUNCT
ajfa-312	162	15	test	test	NOUN
ajfa-312	162	16	of	of	ADP
ajfa-312	162	17	the	the	DET
ajfa-312	162	18	lagged	lag	VERB
ajfa-312	162	19	error	error	NOUN
ajfa-312	162	20	correction	correction	NOUN
ajfa-312	162	21	term	term	NOUN
ajfa-312	162	22	µt-1	µt-1	NOUN
ajfa-312	162	23	.	.	PUNCT
ajfa-312	163	1	however	however	ADV
ajfa-312	163	2	,	,	PUNCT
ajfa-312	163	3	the	the	DET
ajfa-312	163	4	coefficient	coefficient	NOUN
ajfa-312	163	5	of	of	ADP
ajfa-312	163	6	the	the	DET
ajfa-312	163	7	error	error	NOUN
ajfa-312	163	8	correction	correction	NOUN
ajfa-312	163	9	term	term	NOUN
ajfa-312	163	10	α2	α2	PROPN
ajfa-312	163	11	is	be	AUX
ajfa-312	163	12	a	a	DET
ajfa-312	163	13	short	short	ADJ
ajfa-312	163	14	-	-	PUNCT
ajfa-312	163	15	term	term	NOUN
ajfa-312	163	16	adjustment	adjustment	NOUN
ajfa-312	163	17	coefficient	coefficient	NOUN
ajfa-312	163	18	.	.	PUNCT
ajfa-312	164	1	it	it	PRON
ajfa-312	164	2	will	will	AUX
ajfa-312	164	3	explain	explain	VERB
ajfa-312	164	4	the	the	DET
ajfa-312	164	5	speed	speed	NOUN
ajfa-312	164	6	of	of	ADP
ajfa-312	164	7	adjustment	adjustment	NOUN
ajfa-312	164	8	back	back	ADV
ajfa-312	164	9	to	to	ADP
ajfa-312	164	10	equilibrium	equilibrium	NOUN
ajfa-312	164	11	if	if	SCONJ
ajfa-312	164	12	it	it	PRON
ajfa-312	164	13	is	be	AUX
ajfa-312	164	14	statistically	statistically	ADV
ajfa-312	164	15	significant	significant	ADJ
ajfa-312	164	16	.	.	PUNCT
ajfa-312	165	1	in	in	ADP
ajfa-312	165	2	other	other	ADJ
ajfa-312	165	3	words	word	NOUN
ajfa-312	165	4	,	,	PUNCT
ajfa-312	165	5	it	it	PRON
ajfa-312	165	6	represents	represent	VERB
ajfa-312	165	7	the	the	DET
ajfa-312	165	8	proportion	proportion	NOUN
ajfa-312	165	9	by	by	ADP
ajfa-312	165	10	which	which	PRON
ajfa-312	165	11	the	the	DET
ajfa-312	165	12	long	long	ADV
ajfa-312	165	13	-	-	PUNCT
ajfa-312	165	14	run	run	NOUN
ajfa-312	165	15	disequilibrium	disequilibrium	NOUN
ajfa-312	165	16	in	in	ADP
ajfa-312	165	17	stock	stock	NOUN
ajfa-312	165	18	index	index	NOUN
ajfa-312	165	19	y	y	PROPN
ajfa-312	165	20	is	be	AUX
ajfa-312	165	21	being	be	AUX
ajfa-312	165	22	corrected	correct	VERB
ajfa-312	165	23	in	in	ADP
ajfa-312	165	24	each	each	DET
ajfa-312	165	25	short	short	ADJ
ajfa-312	165	26	period	period	NOUN
ajfa-312	165	27	.	.	PUNCT
ajfa-312	166	1	asian	asian	ADJ
ajfa-312	166	2	journal	journal	PROPN
ajfa-312	166	3	of	of	ADP
ajfa-312	166	4	finance	finance	PROPN
ajfa-312	166	5	&	&	CCONJ
ajfa-312	166	6	accounting	accounting	PROPN
ajfa-312	166	7	issn	issn	PROPN
ajfa-312	166	8	1946	1946	NUM
ajfa-312	166	9	-	-	PUNCT
ajfa-312	166	10	052x	052x	NOUN
ajfa-312	166	11	2010	2010	NUM
ajfa-312	166	12	,	,	PUNCT
ajfa-312	166	13	vol	vol	NOUN
ajfa-312	166	14	.	.	PROPN
ajfa-312	166	15	2	2	NUM
ajfa-312	166	16	,	,	PUNCT
ajfa-312	166	17	no	no	INTJ
ajfa-312	166	18	.	.	NOUN
ajfa-312	166	19	2	2	NUM
ajfa-312	166	20	:	:	PUNCT
ajfa-312	166	21	e2	e2	VERB
ajfa-312	166	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	166	23	30	30	NUM
ajfa-312	166	24	4	4	NUM
ajfa-312	166	25	.	.	PUNCT
ajfa-312	167	1	research	research	NOUN
ajfa-312	167	2	results	result	VERB
ajfa-312	167	3	4.1	4.1	NUM
ajfa-312	167	4	descriptive	descriptive	ADJ
ajfa-312	167	5	statistics	statistic	NOUN
ajfa-312	167	6	the	the	DET
ajfa-312	167	7	descriptive	descriptive	ADJ
ajfa-312	167	8	statistics	statistic	NOUN
ajfa-312	167	9	for	for	ADP
ajfa-312	167	10	all	all	DET
ajfa-312	167	11	the	the	DET
ajfa-312	167	12	eight	eight	NUM
ajfa-312	167	13	stock	stock	NOUN
ajfa-312	167	14	indices	index	NOUN
ajfa-312	167	15	under	under	ADP
ajfa-312	167	16	study	study	NOUN
ajfa-312	167	17	are	be	AUX
ajfa-312	167	18	given	give	VERB
ajfa-312	167	19	in	in	ADP
ajfa-312	167	20	table	table	NOUN
ajfa-312	167	21	1	1	NUM
ajfa-312	167	22	.	.	PUNCT
ajfa-312	168	1	these	these	PRON
ajfa-312	168	2	include	include	VERB
ajfa-312	168	3	the	the	DET
ajfa-312	168	4	distribution	distribution	NOUN
ajfa-312	168	5	of	of	ADP
ajfa-312	168	6	mean	mean	ADJ
ajfa-312	168	7	,	,	PUNCT
ajfa-312	168	8	standard	standard	ADJ
ajfa-312	168	9	deviation	deviation	NOUN
ajfa-312	168	10	,	,	PUNCT
ajfa-312	168	11	skewness	skewness	NOUN
ajfa-312	168	12	and	and	CCONJ
ajfa-312	168	13	kurtosis	kurtosis	NOUN
ajfa-312	168	14	.	.	PUNCT
ajfa-312	169	1	for	for	ADP
ajfa-312	169	2	the	the	DET
ajfa-312	169	3	purpose	purpose	NOUN
ajfa-312	169	4	of	of	ADP
ajfa-312	169	5	comparison	comparison	NOUN
ajfa-312	169	6	,	,	PUNCT
ajfa-312	169	7	the	the	DET
ajfa-312	169	8	daily	daily	ADJ
ajfa-312	169	9	closing	closing	NOUN
ajfa-312	169	10	price	price	NOUN
ajfa-312	169	11	index	index	NOUN
ajfa-312	169	12	for	for	ADP
ajfa-312	169	13	each	each	DET
ajfa-312	169	14	stock	stock	NOUN
ajfa-312	169	15	market	market	NOUN
ajfa-312	169	16	is	be	AUX
ajfa-312	169	17	transformed	transform	VERB
ajfa-312	169	18	to	to	ADP
ajfa-312	169	19	its	its	PRON
ajfa-312	169	20	return	return	NOUN
ajfa-312	169	21	form	form	NOUN
ajfa-312	169	22	.	.	PUNCT
ajfa-312	170	1	table	table	NOUN
ajfa-312	170	2	1	1	NUM
ajfa-312	170	3	.	.	PUNCT
ajfa-312	170	4	descriptive	descriptive	ADJ
ajfa-312	170	5	statistics	statistic	NOUN
ajfa-312	170	6	shcomp	shcomp	PROPN
ajfa-312	170	7	szcomp	szcomp	PROPN
ajfa-312	170	8	sensex	sensex	PROPN
ajfa-312	170	9	nifty	nifty	PROPN
ajfa-312	170	10	djia	djia	PROPN
ajfa-312	170	11	ftse	ftse	PROPN
ajfa-312	170	12	nky	nky	PROPN
ajfa-312	170	13	hsi	hsi	PROPN
ajfa-312	170	14	mean	mean	VERB
ajfa-312	170	15	0.027	0.027	NUM
ajfa-312	170	16	0.031	0.031	NUM
ajfa-312	170	17	0.057	0.057	NUM
ajfa-312	170	18	0.059	0.059	NUM
ajfa-312	170	19	0.006	0.006	NUM
ajfa-312	170	20	-0.002	-0.002	PUNCT
ajfa-312	170	21	-0.033	-0.033	NUM
ajfa-312	170	22	0.003	0.003	NUM
ajfa-312	170	23	median	median	NOUN
ajfa-312	170	24	0.050	0.050	NUM
ajfa-312	170	25	0.101	0.101	NUM
ajfa-312	170	26	0.139	0.139	NUM
ajfa-312	170	27	0.148	0.148	NUM
ajfa-312	170	28	0.037	0.037	NUM
ajfa-312	170	29	0.023	0.023	NUM
ajfa-312	170	30	-0.013	-0.013	PUNCT
ajfa-312	170	31	0.037	0.037	NUM
ajfa-312	170	32	maximum	maximum	NOUN
ajfa-312	170	33	9.857	9.857	NUM
ajfa-312	170	34	9.684	9.684	NUM
ajfa-312	170	35	8.254	8.254	NUM
ajfa-312	170	36	8.295	8.295	NUM
ajfa-312	170	37	6.348	6.348	NUM
ajfa-312	170	38	6.082	6.082	NUM
ajfa-312	170	39	14.150	14.150	NUM
ajfa-312	170	40	10.721	10.721	NUM
ajfa-312	170	41	minimum	minimum	ADJ
ajfa-312	170	42	-8.841	-8.841	NOUN
ajfa-312	170	43	-8.543	-8.543	NOUN
ajfa-312	170	44	-11.139	-11.139	NOUN
ajfa-312	170	45	-12.238	-12.238	PUNCT
ajfa-312	170	46	-7.129	-7.129	NUM
ajfa-312	171	1	-5.481	-5.481	NUM
ajfa-312	171	2	-11.406	-11.406	INTJ
ajfa-312	171	3	-8.867	-8.867	PUNCT
ajfa-312	171	4	std	std	PROPN
ajfa-312	171	5	.	.	PROPN
ajfa-312	171	6	dev	dev	PROPN
ajfa-312	171	7	.	.	PUNCT
ajfa-312	172	1	1.716	1.716	NUM
ajfa-312	172	2	1.819	1.819	NUM
ajfa-312	172	3	1.615	1.615	NUM
ajfa-312	172	4	1.604	1.604	NUM
ajfa-312	172	5	1.095	1.095	NUM
ajfa-312	172	6	1.160	1.160	NUM
ajfa-312	172	7	1.539	1.539	NUM
ajfa-312	172	8	1.540	1.540	NUM
ajfa-312	172	9	skewness	skewness	NOUN
ajfa-312	172	10	0.163	0.163	NUM
ajfa-312	172	11	-0.120	-0.120	NUM
ajfa-312	172	12	-0.414	-0.414	PUNCT
ajfa-312	172	13	-0.492	-0.492	PROPN
ajfa-312	172	14	0.014	0.014	NUM
ajfa-312	172	15	-0.072	-0.072	NOUN
ajfa-312	172	16	-0.294	-0.294	NOUN
ajfa-312	172	17	-0.047	-0.047	X
ajfa-312	172	18	kurtosis	kurtosis	VERB
ajfa-312	172	19	7.547	7.547	NUM
ajfa-312	172	20	6.828	6.828	NUM
ajfa-312	172	21	6.337	6.337	NUM
ajfa-312	172	22	7.130	7.130	NUM
ajfa-312	172	23	6.317	6.317	NUM
ajfa-312	172	24	5.702	5.702	NUM
ajfa-312	172	25	10.380	10.380	NUM
ajfa-312	172	26	8.518	8.518	NUM
ajfa-312	172	27	jarque	jarque	NOUN
ajfa-312	172	28	-	-	PUNCT
ajfa-312	172	29	bera	bera	NOUN
ajfa-312	172	30	1879.226	1879.226	NUM
ajfa-312	172	31	1329.949	1329.949	NUM
ajfa-312	172	32	1069.148	1069.148	NUM
ajfa-312	172	33	1629.552	1629.552	NUM
ajfa-312	172	34	995.011	995.011	NUM
ajfa-312	172	35	661.829	661.829	NUM
ajfa-312	172	36	4955.139	4955.139	NUM
ajfa-312	172	37	2753.485	2753.485	NUM
ajfa-312	172	38	in	in	ADP
ajfa-312	172	39	term	term	NOUN
ajfa-312	172	40	of	of	ADP
ajfa-312	172	41	absolute	absolute	ADJ
ajfa-312	172	42	value	value	NOUN
ajfa-312	172	43	,	,	PUNCT
ajfa-312	172	44	the	the	DET
ajfa-312	172	45	mean	mean	NOUN
ajfa-312	172	46	of	of	ADP
ajfa-312	172	47	the	the	DET
ajfa-312	172	48	two	two	NUM
ajfa-312	172	49	indian	indian	ADJ
ajfa-312	172	50	markets	market	NOUN
ajfa-312	172	51	are	be	AUX
ajfa-312	172	52	greater	great	ADJ
ajfa-312	172	53	than	than	ADP
ajfa-312	172	54	other	other	ADJ
ajfa-312	172	55	indices	index	NOUN
ajfa-312	172	56	.	.	PUNCT
ajfa-312	173	1	meanwhile	meanwhile	ADV
ajfa-312	173	2	,	,	PUNCT
ajfa-312	173	3	in	in	ADP
ajfa-312	173	4	the	the	DET
ajfa-312	173	5	same	same	ADJ
ajfa-312	173	6	observation	observation	NOUN
ajfa-312	173	7	period	period	NOUN
ajfa-312	173	8	,	,	PUNCT
ajfa-312	173	9	the	the	DET
ajfa-312	173	10	chinese	chinese	ADJ
ajfa-312	173	11	markets	market	NOUN
ajfa-312	173	12	index	index	NOUN
ajfa-312	173	13	has	have	AUX
ajfa-312	173	14	been	be	AUX
ajfa-312	173	15	the	the	DET
ajfa-312	173	16	most	most	ADV
ajfa-312	173	17	volatile	volatile	ADJ
ajfa-312	173	18	while	while	SCONJ
ajfa-312	173	19	the	the	DET
ajfa-312	173	20	djia	djia	PROPN
ajfa-312	173	21	index	index	NOUN
ajfa-312	173	22	is	be	AUX
ajfa-312	173	23	the	the	DET
ajfa-312	173	24	least	least	ADV
ajfa-312	173	25	volatile	volatile	ADJ
ajfa-312	173	26	.	.	PUNCT
ajfa-312	174	1	table	table	NOUN
ajfa-312	174	2	1	1	NUM
ajfa-312	174	3	also	also	ADV
ajfa-312	174	4	shows	show	VERB
ajfa-312	174	5	that	that	SCONJ
ajfa-312	174	6	the	the	DET
ajfa-312	174	7	indices	index	NOUN
ajfa-312	174	8	’	'	PUNCT
ajfa-312	174	9	skewness	skewness	NOUN
ajfa-312	174	10	values	value	NOUN
ajfa-312	174	11	are	be	AUX
ajfa-312	174	12	negative	negative	ADJ
ajfa-312	174	13	,	,	PUNCT
ajfa-312	174	14	and	and	CCONJ
ajfa-312	174	15	that	that	SCONJ
ajfa-312	174	16	all	all	DET
ajfa-312	174	17	the	the	DET
ajfa-312	174	18	indices	index	NOUN
ajfa-312	174	19	have	have	AUX
ajfa-312	174	20	kurtosis	kurtosis	VERB
ajfa-312	174	21	values	value	NOUN
ajfa-312	174	22	larger	large	ADJ
ajfa-312	174	23	than	than	ADP
ajfa-312	174	24	3	3	NUM
ajfa-312	174	25	,	,	PUNCT
ajfa-312	174	26	which	which	PRON
ajfa-312	174	27	indicate	indicate	VERB
ajfa-312	174	28	fat	fat	ADJ
ajfa-312	174	29	-	-	PUNCT
ajfa-312	174	30	tails	tail	NOUN
ajfa-312	174	31	.	.	PUNCT
ajfa-312	175	1	therefore	therefore	ADV
ajfa-312	175	2	,	,	PUNCT
ajfa-312	175	3	the	the	DET
ajfa-312	175	4	jarque	jarque	NOUN
ajfa-312	175	5	-	-	PUNCT
ajfa-312	175	6	bera	bera	NOUN
ajfa-312	175	7	(	(	PUNCT
ajfa-312	175	8	jb	jb	PROPN
ajfa-312	175	9	)	)	PUNCT
ajfa-312	175	10	values	value	NOUN
ajfa-312	175	11	of	of	ADP
ajfa-312	175	12	the	the	DET
ajfa-312	175	13	indices	index	NOUN
ajfa-312	175	14	imply	imply	VERB
ajfa-312	175	15	that	that	SCONJ
ajfa-312	175	16	none	none	NOUN
ajfa-312	175	17	of	of	ADP
ajfa-312	175	18	the	the	DET
ajfa-312	175	19	indices	index	NOUN
ajfa-312	175	20	is	be	AUX
ajfa-312	175	21	normally	normally	ADV
ajfa-312	175	22	distributed	distribute	VERB
ajfa-312	175	23	which	which	PRON
ajfa-312	175	24	is	be	AUX
ajfa-312	175	25	consistent	consistent	ADJ
ajfa-312	175	26	with	with	ADP
ajfa-312	175	27	prior	prior	ADJ
ajfa-312	175	28	literature	literature	NOUN
ajfa-312	175	29	.	.	PUNCT
ajfa-312	176	1	figure	figure	NOUN
ajfa-312	176	2	2	2	NUM
ajfa-312	176	3	.	.	PUNCT
ajfa-312	176	4	movement	movement	NOUN
ajfa-312	176	5	of	of	ADP
ajfa-312	176	6	the	the	DET
ajfa-312	176	7	indices	index	NOUN
ajfa-312	176	8	in	in	ADP
ajfa-312	176	9	the	the	DET
ajfa-312	176	10	observed	observe	VERB
ajfa-312	176	11	period	period	NOUN
ajfa-312	176	12	figure	figure	NOUN
ajfa-312	176	13	2	2	NUM
ajfa-312	176	14	above	above	ADP
ajfa-312	176	15	presents	present	VERB
ajfa-312	176	16	the	the	DET
ajfa-312	176	17	movement	movement	NOUN
ajfa-312	176	18	of	of	ADP
ajfa-312	176	19	all	all	DET
ajfa-312	176	20	the	the	DET
ajfa-312	176	21	eight	eight	NUM
ajfa-312	176	22	indices	index	NOUN
ajfa-312	176	23	in	in	ADP
ajfa-312	176	24	the	the	DET
ajfa-312	176	25	observed	observed	ADJ
ajfa-312	176	26	period	period	NOUN
ajfa-312	176	27	from	from	ADP
ajfa-312	176	28	asian	asian	ADJ
ajfa-312	176	29	journal	journal	NOUN
ajfa-312	176	30	of	of	ADP
ajfa-312	176	31	finance	finance	PROPN
ajfa-312	176	32	&	&	CCONJ
ajfa-312	176	33	accounting	accounting	PROPN
ajfa-312	176	34	issn	issn	PROPN
ajfa-312	176	35	1946	1946	NUM
ajfa-312	176	36	-	-	PUNCT
ajfa-312	176	37	052x	052x	NOUN
ajfa-312	176	38	2010	2010	NUM
ajfa-312	176	39	,	,	PUNCT
ajfa-312	176	40	vol	vol	NOUN
ajfa-312	176	41	.	.	PROPN
ajfa-312	176	42	2	2	NUM
ajfa-312	176	43	,	,	PUNCT
ajfa-312	176	44	no	no	INTJ
ajfa-312	176	45	.	.	NOUN
ajfa-312	176	46	2	2	NUM
ajfa-312	176	47	:	:	PUNCT
ajfa-312	176	48	e2	e2	VERB
ajfa-312	176	49	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	176	50	31	31	NUM
ajfa-312	176	51	january	january	PROPN
ajfa-312	176	52	2000	2000	NUM
ajfa-312	176	53	to	to	ADP
ajfa-312	176	54	december	december	PROPN
ajfa-312	176	55	2009	2009	NUM
ajfa-312	176	56	.	.	PUNCT
ajfa-312	177	1	as	as	SCONJ
ajfa-312	177	2	can	can	AUX
ajfa-312	177	3	be	be	AUX
ajfa-312	177	4	seen	see	VERB
ajfa-312	177	5	in	in	ADP
ajfa-312	177	6	figure	figure	NOUN
ajfa-312	177	7	2	2	NUM
ajfa-312	177	8	,	,	PUNCT
ajfa-312	177	9	hang	hang	VERB
ajfa-312	177	10	seng	seng	PROPN
ajfa-312	177	11	and	and	CCONJ
ajfa-312	177	12	nikkei	nikkei	PROPN
ajfa-312	177	13	record	record	NOUN
ajfa-312	177	14	the	the	DET
ajfa-312	177	15	market	market	NOUN
ajfa-312	177	16	capitalizations	capitalization	NOUN
ajfa-312	177	17	that	that	PRON
ajfa-312	177	18	are	be	AUX
ajfa-312	177	19	much	much	ADV
ajfa-312	177	20	higher	high	ADJ
ajfa-312	177	21	than	than	ADP
ajfa-312	177	22	those	those	PRON
ajfa-312	177	23	of	of	ADP
ajfa-312	177	24	the	the	DET
ajfa-312	177	25	other	other	ADJ
ajfa-312	177	26	observed	observed	ADJ
ajfa-312	177	27	indices	index	NOUN
ajfa-312	177	28	.	.	PUNCT
ajfa-312	178	1	interesting	interesting	ADJ
ajfa-312	178	2	observation	observation	NOUN
ajfa-312	178	3	from	from	ADP
ajfa-312	178	4	figure	figure	NOUN
ajfa-312	178	5	2	2	NUM
ajfa-312	178	6	is	be	AUX
ajfa-312	178	7	that	that	PRON
ajfa-312	178	8	sensex	sensex	NOUN
ajfa-312	178	9	’s	’s	PART
ajfa-312	178	10	market	market	NOUN
ajfa-312	178	11	capitalization	capitalization	NOUN
ajfa-312	178	12	started	start	VERB
ajfa-312	178	13	to	to	PART
ajfa-312	178	14	increase	increase	VERB
ajfa-312	178	15	in	in	ADP
ajfa-312	178	16	the	the	DET
ajfa-312	178	17	year	year	NOUN
ajfa-312	178	18	2005	2005	NUM
ajfa-312	178	19	.	.	PUNCT
ajfa-312	179	1	all	all	DET
ajfa-312	179	2	stock	stock	NOUN
ajfa-312	179	3	indices	index	NOUN
ajfa-312	179	4	started	start	VERB
ajfa-312	179	5	to	to	PART
ajfa-312	179	6	decline	decline	VERB
ajfa-312	179	7	or	or	CCONJ
ajfa-312	179	8	having	have	VERB
ajfa-312	179	9	negative	negative	ADJ
ajfa-312	179	10	growth	growth	NOUN
ajfa-312	179	11	in	in	ADP
ajfa-312	179	12	the	the	DET
ajfa-312	179	13	february	february	PROPN
ajfa-312	179	14	2008	2008	NUM
ajfa-312	179	15	onwards	onwards	ADP
ajfa-312	179	16	.	.	PUNCT
ajfa-312	180	1	this	this	PRON
ajfa-312	180	2	is	be	AUX
ajfa-312	180	3	contributed	contribute	VERB
ajfa-312	180	4	by	by	ADP
ajfa-312	180	5	the	the	DET
ajfa-312	180	6	credit	credit	NOUN
ajfa-312	180	7	crisis	crisis	NOUN
ajfa-312	180	8	that	that	PRON
ajfa-312	180	9	took	take	VERB
ajfa-312	180	10	on	on	ADP
ajfa-312	180	11	a	a	DET
ajfa-312	180	12	full	full	ADJ
ajfa-312	180	13	head	head	NOUN
ajfa-312	180	14	stem	stem	NOUN
ajfa-312	180	15	from	from	ADP
ajfa-312	180	16	august	august	PROPN
ajfa-312	180	17	2007	2007	NUM
ajfa-312	180	18	where	where	SCONJ
ajfa-312	180	19	most	most	ADJ
ajfa-312	180	20	world	world	NOUN
ajfa-312	180	21	stock	stock	NOUN
ajfa-312	180	22	markets	market	NOUN
ajfa-312	180	23	are	be	AUX
ajfa-312	180	24	falling	fall	VERB
ajfa-312	180	25	in	in	ADP
ajfa-312	180	26	tandem	tandem	NOUN
ajfa-312	180	27	with	with	ADP
ajfa-312	180	28	each	each	DET
ajfa-312	180	29	other	other	ADJ
ajfa-312	180	30	.	.	PUNCT
ajfa-312	181	1	4.2	4.2	NUM
ajfa-312	181	2	analysis	analysis	NOUN
ajfa-312	181	3	of	of	ADP
ajfa-312	181	4	correlations	correlation	NOUN
ajfa-312	181	5	the	the	DET
ajfa-312	181	6	correlations	correlation	NOUN
ajfa-312	181	7	between	between	ADP
ajfa-312	181	8	the	the	DET
ajfa-312	181	9	stock	stock	NOUN
ajfa-312	181	10	indices	index	NOUN
ajfa-312	181	11	for	for	ADP
ajfa-312	181	12	the	the	DET
ajfa-312	181	13	period	period	NOUN
ajfa-312	181	14	of	of	ADP
ajfa-312	181	15	january	january	PROPN
ajfa-312	181	16	2000	2000	NUM
ajfa-312	181	17	to	to	ADP
ajfa-312	181	18	december	december	PROPN
ajfa-312	181	19	2009	2009	NUM
ajfa-312	181	20	are	be	AUX
ajfa-312	181	21	computed	compute	VERB
ajfa-312	181	22	to	to	PART
ajfa-312	181	23	measure	measure	VERB
ajfa-312	181	24	the	the	DET
ajfa-312	181	25	strength	strength	NOUN
ajfa-312	181	26	of	of	ADP
ajfa-312	181	27	the	the	DET
ajfa-312	181	28	association	association	NOUN
ajfa-312	181	29	between	between	ADP
ajfa-312	181	30	the	the	DET
ajfa-312	181	31	stock	stock	NOUN
ajfa-312	181	32	indices	index	NOUN
ajfa-312	181	33	.	.	PUNCT
ajfa-312	182	1	table	table	NOUN
ajfa-312	182	2	2	2	NUM
ajfa-312	182	3	presents	present	VERB
ajfa-312	182	4	the	the	DET
ajfa-312	182	5	simple	simple	ADJ
ajfa-312	182	6	correlation	correlation	NOUN
ajfa-312	182	7	coefficients	coefficient	NOUN
ajfa-312	182	8	among	among	ADP
ajfa-312	182	9	the	the	DET
ajfa-312	182	10	8	8	NUM
ajfa-312	182	11	stock	stock	NOUN
ajfa-312	182	12	indices	index	NOUN
ajfa-312	182	13	under	under	ADP
ajfa-312	182	14	study	study	NOUN
ajfa-312	182	15	.	.	PUNCT
ajfa-312	183	1	table	table	NOUN
ajfa-312	183	2	2	2	NUM
ajfa-312	183	3	.	.	PUNCT
ajfa-312	183	4	correlation	correlation	NOUN
ajfa-312	183	5	of	of	ADP
ajfa-312	183	6	stock	stock	NOUN
ajfa-312	183	7	price	price	NOUN
ajfa-312	183	8	indices	index	NOUN
ajfa-312	183	9	shcomp	shcomp	NOUN
ajfa-312	183	10	szcomp	szcomp	PROPN
ajfa-312	183	11	sensex	sensex	PROPN
ajfa-312	183	12	nifty	nifty	PROPN
ajfa-312	183	13	djia	djia	PROPN
ajfa-312	183	14	ftse	ftse	PROPN
ajfa-312	183	15	nky	nky	PROPN
ajfa-312	183	16	hsi	hsi	PROPN
ajfa-312	183	17	shcomp	shcomp	PROPN
ajfa-312	183	18	1.000	1.000	NUM
ajfa-312	183	19	szcomp	szcomp	VERB
ajfa-312	183	20	0.985	0.985	NUM
ajfa-312	183	21	1.000	1.000	NUM
ajfa-312	183	22	sensex	sensex	NOUN
ajfa-312	183	23	0.749	0.749	NUM
ajfa-312	183	24	0.686	0.686	NUM
ajfa-312	183	25	1.000	1.000	NUM
ajfa-312	183	26	nifty	nifty	ADJ
ajfa-312	183	27	0.750	0.750	NUM
ajfa-312	183	28	0.688	0.688	NUM
ajfa-312	183	29	0.999	0.999	NUM
ajfa-312	183	30	1.000	1.000	NUM
ajfa-312	183	31	djia	djia	NOUN
ajfa-312	183	32	0.731	0.731	NUM
ajfa-312	183	33	0.683	0.683	NUM
ajfa-312	183	34	0.817	0.817	NUM
ajfa-312	183	35	0.813	0.813	NUM
ajfa-312	183	36	1.000	1.000	NUM
ajfa-312	183	37	ftse	ftse	NOUN
ajfa-312	183	38	0.530	0.530	NUM
ajfa-312	183	39	0.529	0.529	NUM
ajfa-312	183	40	0.532	0.532	NUM
ajfa-312	183	41	0.522	0.522	NUM
ajfa-312	183	42	0.814	0.814	NUM
ajfa-312	183	43	1.000	1.000	NUM
ajfa-312	183	44	nky	nky	PROPN
ajfa-312	183	45	0.417	0.417	NUM
ajfa-312	183	46	0.397	0.397	NUM
ajfa-312	183	47	0.514	0.514	NUM
ajfa-312	183	48	0.500	0.500	NUM
ajfa-312	183	49	0.762	0.762	NUM
ajfa-312	183	50	0.912	0.912	NUM
ajfa-312	183	51	1.000	1.000	NUM
ajfa-312	183	52	hsi	hsi	NOUN
ajfa-312	183	53	0.828	0.828	NUM
ajfa-312	183	54	0.791	0.791	NUM
ajfa-312	183	55	0.918	0.918	NUM
ajfa-312	183	56	0.918	0.918	NUM
ajfa-312	183	57	0.895	0.895	NUM
ajfa-312	183	58	0.733	0.733	NUM
ajfa-312	183	59	0.671	0.671	NUM
ajfa-312	183	60	1.000	1.000	NUM
ajfa-312	183	61	while	while	SCONJ
ajfa-312	183	62	the	the	DET
ajfa-312	183	63	numerical	numerical	ADJ
ajfa-312	183	64	values	value	NOUN
ajfa-312	183	65	of	of	ADP
ajfa-312	183	66	correlation	correlation	NOUN
ajfa-312	183	67	coefficients	coefficient	NOUN
ajfa-312	183	68	may	may	AUX
ajfa-312	183	69	range	range	VERB
ajfa-312	183	70	from	from	ADP
ajfa-312	183	71	1.0	1.0	NUM
ajfa-312	183	72	to	to	ADP
ajfa-312	183	73	-1.0	-1.0	PROPN
ajfa-312	183	74	,	,	PUNCT
ajfa-312	183	75	the	the	DET
ajfa-312	183	76	majority	majority	NOUN
ajfa-312	183	77	of	of	ADP
ajfa-312	183	78	the	the	DET
ajfa-312	183	79	correlation	correlation	NOUN
ajfa-312	183	80	in	in	ADP
ajfa-312	183	81	table	table	NOUN
ajfa-312	183	82	2	2	NUM
ajfa-312	183	83	exceeds	exceed	VERB
ajfa-312	183	84	0.3	0.3	NUM
ajfa-312	183	85	and	and	CCONJ
ajfa-312	183	86	often	often	ADV
ajfa-312	183	87	exceeds	exceed	VERB
ajfa-312	183	88	0.5	0.5	NUM
ajfa-312	183	89	.	.	PUNCT
ajfa-312	183	90	from	from	ADP
ajfa-312	183	91	the	the	DET
ajfa-312	183	92	result	result	NOUN
ajfa-312	183	93	,	,	PUNCT
ajfa-312	183	94	we	we	PRON
ajfa-312	183	95	can	can	AUX
ajfa-312	183	96	see	see	VERB
ajfa-312	183	97	that	that	SCONJ
ajfa-312	183	98	both	both	CCONJ
ajfa-312	183	99	shanghai	shanghai	PROPN
ajfa-312	183	100	and	and	CCONJ
ajfa-312	183	101	shenzen	shenzen	PROPN
ajfa-312	183	102	are	be	AUX
ajfa-312	183	103	highly	highly	ADV
ajfa-312	183	104	correlated	correlate	VERB
ajfa-312	183	105	with	with	ADP
ajfa-312	183	106	hang	hang	PROPN
ajfa-312	183	107	seng	seng	PROPN
ajfa-312	183	108	with	with	ADP
ajfa-312	183	109	correlation	correlation	NOUN
ajfa-312	183	110	coefficient	coefficient	NOUN
ajfa-312	183	111	of	of	ADP
ajfa-312	183	112	0.82	0.82	NUM
ajfa-312	183	113	and	and	CCONJ
ajfa-312	183	114	0.79	0.79	NUM
ajfa-312	183	115	respectively	respectively	ADV
ajfa-312	183	116	.	.	PUNCT
ajfa-312	184	1	this	this	PRON
ajfa-312	184	2	may	may	AUX
ajfa-312	184	3	be	be	AUX
ajfa-312	184	4	due	due	ADJ
ajfa-312	184	5	to	to	ADP
ajfa-312	184	6	the	the	DET
ajfa-312	184	7	close	close	ADJ
ajfa-312	184	8	proximity	proximity	NOUN
ajfa-312	184	9	between	between	ADP
ajfa-312	184	10	the	the	DET
ajfa-312	184	11	markets	market	NOUN
ajfa-312	184	12	resulting	result	VERB
ajfa-312	184	13	in	in	ADP
ajfa-312	184	14	increase	increase	NOUN
ajfa-312	184	15	money	money	NOUN
ajfa-312	184	16	flows	flow	NOUN
ajfa-312	184	17	as	as	SCONJ
ajfa-312	184	18	investors	investor	NOUN
ajfa-312	184	19	can	can	AUX
ajfa-312	184	20	easily	easily	ADV
ajfa-312	184	21	switch	switch	VERB
ajfa-312	184	22	investments	investment	NOUN
ajfa-312	184	23	between	between	ADP
ajfa-312	184	24	the	the	DET
ajfa-312	184	25	two	two	NUM
ajfa-312	184	26	markets	market	NOUN
ajfa-312	184	27	.	.	PUNCT
ajfa-312	185	1	thus	thus	ADV
ajfa-312	185	2	stock	stock	NOUN
ajfa-312	185	3	price	price	NOUN
ajfa-312	185	4	indices	index	NOUN
ajfa-312	185	5	between	between	ADP
ajfa-312	185	6	china	china	PROPN
ajfa-312	185	7	and	and	CCONJ
ajfa-312	185	8	hong	hong	PROPN
ajfa-312	185	9	kong	kong	PROPN
ajfa-312	185	10	tend	tend	VERB
ajfa-312	185	11	to	to	PART
ajfa-312	185	12	correlate	correlate	VERB
ajfa-312	185	13	.	.	PUNCT
ajfa-312	186	1	correlation	correlation	NOUN
ajfa-312	186	2	between	between	ADP
ajfa-312	186	3	shanghai	shanghai	PROPN
ajfa-312	186	4	and	and	CCONJ
ajfa-312	186	5	shenzen	shenzen	PROPN
ajfa-312	186	6	stock	stock	NOUN
ajfa-312	186	7	indices	index	NOUN
ajfa-312	186	8	with	with	ADP
ajfa-312	186	9	both	both	DET
ajfa-312	186	10	sensex	sensex	NOUN
ajfa-312	186	11	and	and	CCONJ
ajfa-312	186	12	nifty	nifty	ADJ
ajfa-312	186	13	are	be	AUX
ajfa-312	186	14	also	also	ADV
ajfa-312	186	15	higher	high	ADJ
ajfa-312	186	16	than	than	ADP
ajfa-312	186	17	correlation	correlation	NOUN
ajfa-312	186	18	between	between	ADP
ajfa-312	186	19	them	they	PRON
ajfa-312	186	20	and	and	CCONJ
ajfa-312	186	21	djia	djia	PROPN
ajfa-312	186	22	.	.	PUNCT
ajfa-312	187	1	this	this	PRON
ajfa-312	187	2	suggests	suggest	VERB
ajfa-312	187	3	that	that	SCONJ
ajfa-312	187	4	both	both	CCONJ
ajfa-312	187	5	shanghai	shanghai	PROPN
ajfa-312	187	6	and	and	CCONJ
ajfa-312	187	7	shenzen	shenzen	PROPN
ajfa-312	187	8	are	be	AUX
ajfa-312	187	9	more	more	ADV
ajfa-312	187	10	correlated	correlate	VERB
ajfa-312	187	11	with	with	ADP
ajfa-312	187	12	india	india	PROPN
ajfa-312	187	13	as	as	SCONJ
ajfa-312	187	14	compared	compare	VERB
ajfa-312	187	15	to	to	ADP
ajfa-312	187	16	u.s	u.s	PROPN
ajfa-312	187	17	.	.	PROPN
ajfa-312	187	18	in	in	ADP
ajfa-312	187	19	the	the	DET
ajfa-312	187	20	period	period	NOUN
ajfa-312	187	21	under	under	ADP
ajfa-312	187	22	study	study	NOUN
ajfa-312	187	23	.	.	PUNCT
ajfa-312	188	1	the	the	DET
ajfa-312	188	2	increasing	increase	VERB
ajfa-312	188	3	economic	economic	ADJ
ajfa-312	188	4	interdependence	interdependence	NOUN
ajfa-312	188	5	between	between	ADP
ajfa-312	188	6	the	the	DET
ajfa-312	188	7	china	china	PROPN
ajfa-312	188	8	and	and	CCONJ
ajfa-312	188	9	india	india	PROPN
ajfa-312	188	10	has	have	AUX
ajfa-312	188	11	contributed	contribute	VERB
ajfa-312	188	12	to	to	ADP
ajfa-312	188	13	the	the	DET
ajfa-312	188	14	high	high	ADJ
ajfa-312	188	15	correlation	correlation	NOUN
ajfa-312	188	16	or	or	CCONJ
ajfa-312	188	17	co	co	NOUN
ajfa-312	188	18	-	-	NOUN
ajfa-312	188	19	movement	movement	NOUN
ajfa-312	188	20	between	between	ADP
ajfa-312	188	21	the	the	DET
ajfa-312	188	22	two	two	NUM
ajfa-312	188	23	markets	market	NOUN
ajfa-312	188	24	.	.	PUNCT
ajfa-312	189	1	china	china	PROPN
ajfa-312	189	2	has	have	VERB
ajfa-312	189	3	relatively	relatively	ADV
ajfa-312	189	4	lower	low	ADJ
ajfa-312	189	5	correlation	correlation	NOUN
ajfa-312	189	6	with	with	ADP
ajfa-312	189	7	u.k	u.k	PROPN
ajfa-312	189	8	.	.	PROPN
ajfa-312	189	9	and	and	CCONJ
ajfa-312	189	10	japan	japan	PROPN
ajfa-312	189	11	as	as	SCONJ
ajfa-312	189	12	the	the	DET
ajfa-312	189	13	correlation	correlation	NOUN
ajfa-312	189	14	between	between	ADP
ajfa-312	189	15	shanghai	shanghai	PROPN
ajfa-312	189	16	and	and	CCONJ
ajfa-312	189	17	shenzen	shenzen	PROPN
ajfa-312	189	18	indices	index	NOUN
ajfa-312	189	19	with	with	ADP
ajfa-312	189	20	ftse	ftse	PROPN
ajfa-312	189	21	and	and	CCONJ
ajfa-312	189	22	nikkei	nikkei	NOUN
ajfa-312	189	23	are	be	AUX
ajfa-312	189	24	lower	low	ADJ
ajfa-312	189	25	.	.	PUNCT
ajfa-312	190	1	the	the	DET
ajfa-312	190	2	result	result	NOUN
ajfa-312	190	3	also	also	ADV
ajfa-312	190	4	indicates	indicate	VERB
ajfa-312	190	5	that	that	SCONJ
ajfa-312	190	6	the	the	DET
ajfa-312	190	7	correlations	correlation	NOUN
ajfa-312	190	8	between	between	ADP
ajfa-312	190	9	sensex	sensex	NOUN
ajfa-312	190	10	and	and	CCONJ
ajfa-312	190	11	nifty	nifty	ADJ
ajfa-312	190	12	with	with	ADP
ajfa-312	190	13	hang	hang	PROPN
ajfa-312	190	14	seng	seng	PROPN
ajfa-312	190	15	index	index	NOUN
ajfa-312	190	16	are	be	AUX
ajfa-312	190	17	relatively	relatively	ADV
ajfa-312	190	18	high	high	ADJ
ajfa-312	190	19	.	.	PUNCT
ajfa-312	191	1	this	this	PRON
ajfa-312	191	2	implies	imply	VERB
ajfa-312	191	3	that	that	SCONJ
ajfa-312	191	4	india	india	PROPN
ajfa-312	191	5	is	be	AUX
ajfa-312	191	6	highly	highly	ADV
ajfa-312	191	7	correlated	correlate	VERB
ajfa-312	191	8	with	with	ADP
ajfa-312	191	9	hong	hong	PROPN
ajfa-312	191	10	kong	kong	PROPN
ajfa-312	191	11	.	.	PUNCT
ajfa-312	192	1	the	the	DET
ajfa-312	192	2	correlation	correlation	NOUN
ajfa-312	192	3	between	between	ADP
ajfa-312	192	4	sensex	sensex	NOUN
ajfa-312	192	5	and	and	CCONJ
ajfa-312	192	6	nifty	nifty	ADJ
ajfa-312	192	7	with	with	ADP
ajfa-312	192	8	djia	djia	PROPN
ajfa-312	192	9	are	be	AUX
ajfa-312	192	10	also	also	ADV
ajfa-312	192	11	quite	quite	ADV
ajfa-312	192	12	high	high	ADJ
ajfa-312	192	13	suggesting	suggest	VERB
ajfa-312	192	14	that	that	SCONJ
ajfa-312	192	15	there	there	PRON
ajfa-312	192	16	is	be	VERB
ajfa-312	192	17	a	a	DET
ajfa-312	192	18	positive	positive	ADJ
ajfa-312	192	19	correlation	correlation	NOUN
ajfa-312	192	20	between	between	ADP
ajfa-312	192	21	india	india	PROPN
ajfa-312	192	22	and	and	CCONJ
ajfa-312	192	23	u.s	u.s	PROPN
ajfa-312	192	24	.	.	PROPN
ajfa-312	192	25	nevertheless	nevertheless	ADV
ajfa-312	192	26	,	,	PUNCT
ajfa-312	192	27	there	there	PRON
ajfa-312	192	28	is	be	VERB
ajfa-312	192	29	no	no	DET
ajfa-312	192	30	negative	negative	ADJ
ajfa-312	192	31	correlation	correlation	NOUN
ajfa-312	192	32	found	find	VERB
ajfa-312	192	33	between	between	ADP
ajfa-312	192	34	the	the	DET
ajfa-312	192	35	eight	eight	NUM
ajfa-312	192	36	markets	market	NOUN
ajfa-312	192	37	asian	asian	ADJ
ajfa-312	192	38	journal	journal	NOUN
ajfa-312	192	39	of	of	ADP
ajfa-312	192	40	finance	finance	PROPN
ajfa-312	192	41	&	&	CCONJ
ajfa-312	192	42	accounting	accounting	PROPN
ajfa-312	192	43	issn	issn	PROPN
ajfa-312	192	44	1946	1946	NUM
ajfa-312	192	45	-	-	PUNCT
ajfa-312	192	46	052x	052x	NOUN
ajfa-312	192	47	2010	2010	NUM
ajfa-312	192	48	,	,	PUNCT
ajfa-312	192	49	vol	vol	NOUN
ajfa-312	192	50	.	.	PROPN
ajfa-312	192	51	2	2	NUM
ajfa-312	192	52	,	,	PUNCT
ajfa-312	192	53	no	no	INTJ
ajfa-312	192	54	.	.	NOUN
ajfa-312	192	55	2	2	NUM
ajfa-312	192	56	:	:	PUNCT
ajfa-312	192	57	e2	e2	VERB
ajfa-312	192	58	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-312	192	59	32	32	NUM
ajfa-312	192	60	under	under	ADP
ajfa-312	192	61	study	study	NOUN
ajfa-312	192	62	for	for	ADP
ajfa-312	192	63	the	the	DET
ajfa-312	192	64	period	period	NOUN
ajfa-312	192	65	.	.	PUNCT
ajfa-312	193	1	overall	overall	ADV
ajfa-312	193	2	,	,	PUNCT
ajfa-312	193	3	the	the	DET
ajfa-312	193	4	results	result	NOUN
ajfa-312	193	5	from	from	ADP
ajfa-312	193	6	the	the	DET
ajfa-312	193	7	correlation	correlation	NOUN
ajfa-312	193	8	coefficients	coefficient	NOUN
ajfa-312	193	9	suggest	suggest	VERB
ajfa-312	193	10	some	some	DET
ajfa-312	193	11	insight	insight	NOUN
ajfa-312	193	12	on	on	ADP
ajfa-312	193	13	the	the	DET
ajfa-312	193	14	short	short	ADJ
ajfa-312	193	15	-	-	PUNCT
ajfa-312	193	16	term	term	NOUN
ajfa-312	193	17	relations	relation	NOUN
ajfa-312	193	18	between	between	ADP
ajfa-312	193	19	china	china	PROPN
ajfa-312	193	20	and	and	CCONJ
ajfa-312	193	21	india	india	PROPN
ajfa-312	193	22	with	with	ADP
ajfa-312	193	23	other	other	ADJ
ajfa-312	193	24	major	major	ADJ
ajfa-312	193	25	markets	market	NOUN
ajfa-312	193	26	.	.	PUNCT
ajfa-312	194	1	4.3	4.3	NUM
ajfa-312	194	2	analysis	analysis	NOUN
ajfa-312	194	3	of	of	ADP
ajfa-312	194	4	granger	granger	PROPN
ajfa-312	194	5	causality	causality	PROPN
ajfa-312	194	6	test	test	NOUN
ajfa-312	194	7	the	the	DET
ajfa-312	194	8	granger	granger	PROPN
ajfa-312	194	9	causality	causality	NOUN
ajfa-312	194	10	test	test	NOUN
ajfa-312	194	11	is	be	AUX
ajfa-312	194	12	conducted	conduct	VERB
ajfa-312	194	13	to	to	PART
ajfa-312	194	14	investigate	investigate	VERB
ajfa-312	194	15	direction	direction	NOUN
ajfa-312	194	16	of	of	ADP
ajfa-312	194	17	causality	causality	NOUN
ajfa-312	194	18	between	between	ADP
ajfa-312	194	19	chinese	chinese	ADJ
ajfa-312	194	20	and	and	CCONJ
ajfa-312	194	21	indian	indian	ADJ
ajfa-312	194	22	market	market	NOUN
ajfa-312	194	23	with	with	ADP
ajfa-312	194	24	other	other	ADJ
ajfa-312	194	25	major	major	ADJ
ajfa-312	194	26	stock	stock	NOUN
ajfa-312	194	27	markets	market	NOUN
ajfa-312	194	28	.	.	PUNCT
ajfa-312	195	1	the	the	DET
ajfa-312	195	2	f	f	PROPN
ajfa-312	195	3	-	-	PUNCT
ajfa-312	195	4	statistics	statistic	NOUN
ajfa-312	195	5	from	from	ADP
ajfa-312	195	6	the	the	DET
ajfa-312	195	7	granger	granger	PROPN
ajfa-312	195	8	causality	causality	PROPN
ajfa-312	195	9	test	test	NOUN
ajfa-312	195	10	results	result	NOUN
ajfa-312	195	11	is	be	AUX
ajfa-312	195	12	presented	present	VERB
ajfa-312	195	13	in	in	ADP
ajfa-312	195	14	table	table	NOUN
ajfa-312	195	15	3	3	NUM
ajfa-312	195	16	.	.	X
ajfa-312	195	17	panel	panel	NOUN
ajfa-312	195	18	a	a	PRON
ajfa-312	195	19	in	in	ADP
ajfa-312	195	20	the	the	DET
ajfa-312	195	21	table	table	NOUN
ajfa-312	195	22	below	below	ADP
ajfa-312	195	23	show	show	VERB
ajfa-312	195	24	the	the	DET
ajfa-312	195	25	result	result	NOUN
ajfa-312	195	26	of	of	ADP
ajfa-312	195	27	granger	granger	PROPN
ajfa-312	195	28	causality	causality	PROPN
ajfa-312	195	29	test	test	NOUN
ajfa-312	195	30	between	between	ADP
ajfa-312	195	31	chinese	chinese	ADJ
ajfa-312	195	32	market	market	NOUN
ajfa-312	195	33	and	and	CCONJ
ajfa-312	195	34	other	other	ADJ
ajfa-312	195	35	major	major	ADJ
ajfa-312	195	36	markets	market	NOUN
ajfa-312	195	37	.	.	PUNCT
ajfa-312	196	1	the	the	DET
ajfa-312	196	2	test	test	NOUN
ajfa-312	196	3	results	result	NOUN
ajfa-312	196	4	suggest	suggest	VERB
ajfa-312	196	5	that	that	SCONJ
ajfa-312	196	6	there	there	PRON
ajfa-312	196	7	is	be	VERB
ajfa-312	196	8	a	a	DET
ajfa-312	196	9	bi	bi	ADJ
ajfa-312	196	10	-	-	ADJ
ajfa-312	196	11	directional	directional	ADJ
ajfa-312	196	12	causality	causality	NOUN
ajfa-312	196	13	between	between	ADP
ajfa-312	196	14	both	both	DET
ajfa-312	196	15	shanghai	shanghai	PROPN
ajfa-312	196	16	and	and	CCONJ
ajfa-312	196	17	hang	hang	VERB
ajfa-312	196	18	seng	seng	PROPN
ajfa-312	196	19	.	.	PUNCT
ajfa-312	197	1	a	a	DET
ajfa-312	197	2	unidirectional	unidirectional	ADJ
ajfa-312	197	3	causality	causality	NOUN
ajfa-312	197	4	exists	exist	VERB
ajfa-312	197	5	between	between	ADP
ajfa-312	197	6	shanghai	shanghai	PROPN
ajfa-312	197	7	and	and	CCONJ
ajfa-312	197	8	djia	djia	PROPN
ajfa-312	197	9	where	where	SCONJ
ajfa-312	197	10	djia	djia	PROPN
ajfa-312	197	11	granger	granger	PROPN
ajfa-312	197	12	causes	cause	VERB
ajfa-312	197	13	shanghai	shanghai	PROPN
ajfa-312	197	14	.	.	PUNCT
ajfa-312	198	1	similarly	similarly	ADV
ajfa-312	198	2	,	,	PUNCT
ajfa-312	198	3	ftse	ftse	PROPN
ajfa-312	198	4	also	also	ADV
ajfa-312	198	5	granger	granger	PROPN
ajfa-312	198	6	causes	cause	VERB
ajfa-312	198	7	shanghai	shanghai	PROPN
ajfa-312	198	8	and	and	CCONJ
ajfa-312	198	9	hence	hence	ADV
ajfa-312	198	10	they	they	PRON
ajfa-312	198	11	have	have	VERB
ajfa-312	198	12	a	a	DET
ajfa-312	198	13	unidirectional	unidirectional	ADJ
ajfa-312	198	14	causality	causality	NOUN
ajfa-312	198	15	.	.	PUNCT
ajfa-312	199	1	the	the	DET
ajfa-312	199	2	results	result	NOUN
ajfa-312	199	3	also	also	ADV
ajfa-312	199	4	show	show	VERB
ajfa-312	199	5	that	that	SCONJ
ajfa-312	199	6	shanghai	shanghai	PROPN
ajfa-312	199	7	granger	granger	PROPN
ajfa-312	199	8	causes	cause	VERB
ajfa-312	199	9	nikkei	nikkei	NOUN
ajfa-312	199	10	which	which	PRON
ajfa-312	199	11	implies	imply	VERB
ajfa-312	199	12	that	that	SCONJ
ajfa-312	199	13	they	they	PRON
ajfa-312	199	14	also	also	ADV
ajfa-312	199	15	have	have	VERB
ajfa-312	199	16	unidirectional	unidirectional	ADJ
ajfa-312	199	17	causality	causality	NOUN
ajfa-312	199	18	.	.	PUNCT
ajfa-312	200	1	similar	similar	ADJ
ajfa-312	200	2	result	result	NOUN
ajfa-312	200	3	with	with	ADP
ajfa-312	200	4	shanghai	shanghai	PROPN
ajfa-312	200	5	,	,	PUNCT
ajfa-312	200	6	shenzen	shenzen	PROPN
ajfa-312	200	7	also	also	ADV
ajfa-312	200	8	has	have	VERB
ajfa-312	200	9	bidirectional	bidirectional	ADJ
ajfa-312	200	10	causality	causality	NOUN
ajfa-312	200	11	with	with	ADP
ajfa-312	200	12	hang	hang	PROPN
ajfa-312	200	13	seng	seng	PROPN
ajfa-312	200	14	and	and	CCONJ
ajfa-312	200	15	a	a	DET
ajfa-312	200	16	unidirectional	unidirectional	ADJ
ajfa-312	200	17	causality	causality	NOUN
ajfa-312	200	18	with	with	ADP
ajfa-312	200	19	ftse	ftse	PROPN
ajfa-312	200	20	and	and	CCONJ
ajfa-312	200	21	nikkei	nikkei	PROPN
ajfa-312	200	22	.	.	PUNCT
ajfa-312	201	1	however	however	ADV
ajfa-312	201	2	,	,	PUNCT
ajfa-312	201	3	an	an	DET
ajfa-312	201	4	interesting	interesting	ADJ
ajfa-312	201	5	result	result	NOUN
ajfa-312	201	6	to	to	PART
ajfa-312	201	7	note	note	VERB
ajfa-312	201	8	is	be	AUX
ajfa-312	201	9	shenzen	shenzen	PROPN
ajfa-312	201	10	has	have	VERB
ajfa-312	201	11	bidirectional	bidirectional	ADJ
ajfa-312	201	12	causality	causality	NOUN
ajfa-312	201	13	with	with	ADP
ajfa-312	201	14	djia	djia	PROPN
ajfa-312	201	15	which	which	PRON
ajfa-312	201	16	is	be	AUX
ajfa-312	201	17	not	not	PART
ajfa-312	201	18	the	the	DET
ajfa-312	201	19	case	case	NOUN
ajfa-312	201	20	for	for	ADP
ajfa-312	201	21	shanghai	shanghai	PROPN
ajfa-312	201	22	.	.	PUNCT
ajfa-312	202	1	asian	asian	PROPN
ajfa-312	202	2	journal	journal	PROPN
ajfa-312	202	3	of	of	ADP
ajfa-312	202	4	finance	finance	PROPN
ajfa-312	202	5	&	&	CCONJ
ajfa-312	202	6	accounting	accounting	PROPN
ajfa-312	202	7	issn	issn	PROPN
ajfa-312	202	8	1946	1946	NUM
ajfa-312	202	9	-	-	PUNCT
ajfa-312	202	10	052x	052x	NOUN
ajfa-312	202	11	2010	2010	NUM
ajfa-312	202	12	,	,	PUNCT
ajfa-312	202	13	vol	vol	NOUN
ajfa-312	202	14	.	.	PROPN
ajfa-312	202	15	2	2	NUM
ajfa-312	202	16	,	,	PUNCT
ajfa-312	202	17	no	no	INTJ
ajfa-312	202	18	.	.	NOUN
ajfa-312	202	19	2	2	NUM
ajfa-312	202	20	:	:	PUNCT
ajfa-312	202	21	e2	e2	VERB
ajfa-312	202	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	202	23	33	33	NUM
ajfa-312	202	24	table	table	NOUN
ajfa-312	202	25	3	3	NUM
ajfa-312	202	26	.	.	PUNCT
ajfa-312	202	27	results	result	NOUN
ajfa-312	202	28	of	of	ADP
ajfa-312	202	29	the	the	DET
ajfa-312	202	30	granger	granger	PROPN
ajfa-312	202	31	causality	causality	PROPN
ajfa-312	202	32	test	test	NOUN
ajfa-312	202	33	panel	panel	NOUN
ajfa-312	202	34	a	a	DET
ajfa-312	202	35	panel	panel	NOUN
ajfa-312	202	36	b	b	PROPN
ajfa-312	202	37	panel	panel	NOUN
ajfa-312	202	38	c	c	NOUN
ajfa-312	202	39	causality	causality	NOUN
ajfa-312	203	1	f	f	PROPN
ajfa-312	203	2	-	-	PUNCT
ajfa-312	203	3	statistics	statistic	NOUN
ajfa-312	203	4	p	p	NOUN
ajfa-312	203	5	value	value	NOUN
ajfa-312	203	6	causality	causality	NOUN
ajfa-312	203	7	f	f	PROPN
ajfa-312	203	8	statistics	statistic	NOUN
ajfa-312	203	9	p	p	ADJ
ajfa-312	203	10	-	-	PUNCT
ajfa-312	203	11	value	value	NOUN
ajfa-312	203	12	causality	causality	NOUN
ajfa-312	203	13	f	f	PROPN
ajfa-312	203	14	statistics	statistics	PROPN
ajfa-312	203	15	p	p	NOUN
ajfa-312	203	16	value	value	NOUN
ajfa-312	203	17	shcomp	shcomp	NOUN
ajfa-312	203	18	→	→	PUNCT
ajfa-312	203	19	djia	djia	PROPN
ajfa-312	203	20	.3915	.3915	VERB
ajfa-312	203	21	0.2045	0.2045	NUM
ajfa-312	203	22	sensex	sensex	NOUN
ajfa-312	203	23	→	→	SYM
ajfa-312	203	24	djia	djia	PROPN
ajfa-312	203	25	.3915	.3915	VERB
ajfa-312	203	26	0.2045	0.2045	NUM
ajfa-312	203	27	shcomp	shcomp	NOUN
ajfa-312	203	28	→	→	SYM
ajfa-312	203	29	sensex	sensex	NOUN
ajfa-312	203	30	2.6823	2.6823	NUM
ajfa-312	203	31	*	*	SYM
ajfa-312	203	32	0.0092	0.0092	NUM
ajfa-312	203	33	djia	djia	PROPN
ajfa-312	203	34	→	→	SYM
ajfa-312	203	35	shcomp	shcomp	NOUN
ajfa-312	203	36	13.7304	13.7304	NUM
ajfa-312	203	37	*	*	SYM
ajfa-312	203	38	0.0000	0.0000	NUM
ajfa-312	203	39	djia	djia	NOUN
ajfa-312	203	40	→	→	SYM
ajfa-312	203	41	sensex	sensex	NOUN
ajfa-312	203	42	13.7304	13.7304	NUM
ajfa-312	203	43	*	*	SYM
ajfa-312	203	44	0.0000	0.0000	NUM
ajfa-312	203	45	sensex	sensex	NOUN
ajfa-312	203	46	→	→	SYM
ajfa-312	203	47	shcomp	shcomp	NOUN
ajfa-312	203	48	4.8723	4.8723	NUM
ajfa-312	203	49	*	*	SYM
ajfa-312	203	50	0.0000	0.0000	NUM
ajfa-312	203	51	shcomp	shcomp	NOUN
ajfa-312	203	52	→	→	SYM
ajfa-312	203	53	ftse	ftse	PROPN
ajfa-312	203	54	2.2727	2.2727	NUM
ajfa-312	203	55	0.0264	0.0264	NUM
ajfa-312	203	56	sensex	sensex	NOUN
ajfa-312	203	57	→	→	SYM
ajfa-312	203	58	ftse	ftse	PROPN
ajfa-312	203	59	2.2727	2.2727	NUM
ajfa-312	203	60	0.0264	0.0264	NUM
ajfa-312	203	61	shcomp	shcomp	NOUN
ajfa-312	203	62	→	→	SYM
ajfa-312	203	63	nifty	nifty	ADJ
ajfa-312	203	64	2.5449	2.5449	NUM
ajfa-312	203	65	*	*	SYM
ajfa-312	203	66	0.0131	0.0131	NUM
ajfa-312	203	67	ftse	ftse	NOUN
ajfa-312	203	68	→	→	SYM
ajfa-312	203	69	shcomp	shcomp	NOUN
ajfa-312	203	70	7.7012	7.7012	NUM
ajfa-312	203	71	*	*	SYM
ajfa-312	203	72	0.0000	0.0000	NUM
ajfa-312	203	73	ftse	ftse	NOUN
ajfa-312	203	74	→	→	SYM
ajfa-312	203	75	sensex	sensex	NOUN
ajfa-312	203	76	7.7012	7.7012	NUM
ajfa-312	203	77	*	*	SYM
ajfa-312	203	78	0.0000	0.0000	NUM
ajfa-312	203	79	nifty→	nifty→	PROPN
ajfa-312	203	80	shcomp	shcomp	NOUN
ajfa-312	203	81	4.1352	4.1352	NUM
ajfa-312	203	82	*	*	SYM
ajfa-312	203	83	0.0002	0.0002	NUM
ajfa-312	203	84	shcomp	shcomp	NOUN
ajfa-312	203	85	→	→	PUNCT
ajfa-312	203	86	nky	nky	PROPN
ajfa-312	203	87	4.2241	4.2241	NUM
ajfa-312	203	88	*	*	SYM
ajfa-312	203	89	0.0001	0.0001	NUM
ajfa-312	203	90	sensex	sensex	NOUN
ajfa-312	203	91	→	→	SYM
ajfa-312	203	92	nky	nky	PROPN
ajfa-312	203	93	4.2241	4.2241	NUM
ajfa-312	203	94	*	*	SYM
ajfa-312	203	95	0.0001	0.0001	NUM
ajfa-312	203	96	szcomp	szcomp	NOUN
ajfa-312	203	97	→	→	SYM
ajfa-312	203	98	sensex	sensex	NOUN
ajfa-312	203	99	nky	nky	PROPN
ajfa-312	203	100	→	→	SYM
ajfa-312	203	101	shcomp	shcomp	NOUN
ajfa-312	203	102	0.6580	0.6580	NUM
ajfa-312	203	103	0.7079	0.7079	NUM
ajfa-312	203	104	nky	nky	PROPN
ajfa-312	203	105	→	→	SYM
ajfa-312	203	106	sensex	sensex	NOUN
ajfa-312	203	107	0.6580	0.6580	NUM
ajfa-312	203	108	0.7079	0.7079	NUM
ajfa-312	203	109	sensex	sensex	NOUN
ajfa-312	203	110	→	→	SYM
ajfa-312	203	111	szcomp	szcomp	NOUN
ajfa-312	203	112	3.2893	3.2893	NUM
ajfa-312	203	113	*	*	SYM
ajfa-312	203	114	0.0018	0.0018	NUM
ajfa-312	203	115	shcomp	shcomp	NOUN
ajfa-312	203	116	→	→	PUNCT
ajfa-312	203	117	hsi	hsi	PROPN
ajfa-312	203	118	2.2102	2.2102	NUM
ajfa-312	203	119	*	*	SYM
ajfa-312	203	120	0.0309	0.0309	NUM
ajfa-312	203	121	sensex	sensex	NOUN
ajfa-312	203	122	→	→	SYM
ajfa-312	203	123	hsi	hsi	PROPN
ajfa-312	203	124	2.2102	2.2102	NUM
ajfa-312	203	125	*	*	PUNCT
ajfa-312	203	126	0.0309	0.0309	NUM
ajfa-312	203	127	szcomp	szcomp	NOUN
ajfa-312	203	128	→	→	SYM
ajfa-312	203	129	nifty	nifty	ADJ
ajfa-312	203	130	3.3279	3.3279	NUM
ajfa-312	203	131	*	*	SYM
ajfa-312	203	132	0.0016	0.0016	NUM
ajfa-312	203	133	hsi	hsi	PROPN
ajfa-312	203	134	→	→	SYM
ajfa-312	203	135	shcomp	shcomp	NOUN
ajfa-312	203	136	3.4602	3.4602	NUM
ajfa-312	203	137	*	*	NOUN
ajfa-312	203	138	0.0011	0.0011	NUM
ajfa-312	203	139	hsi	hsi	PROPN
ajfa-312	203	140	→	→	SYM
ajfa-312	203	141	sensex	sensex	NOUN
ajfa-312	203	142	3.4602	3.4602	NUM
ajfa-312	203	143	*	*	NOUN
ajfa-312	204	1	0.0011	0.0011	NUM
ajfa-312	204	2	nifty→	nifty→	PUNCT
ajfa-312	204	3	szcomp	szcomp	VERB
ajfa-312	204	4	3.5449	3.5449	NUM
ajfa-312	204	5	*	*	NOUN
ajfa-312	204	6	0.0009	0.0009	NUM
ajfa-312	204	7	szcomp	szcomp	NOUN
ajfa-312	204	8	→	→	PUNCT
ajfa-312	204	9	djia	djia	PROPN
ajfa-312	204	10	2.7042	2.7042	NUM
ajfa-312	204	11	*	*	PUNCT
ajfa-312	204	12	0.0086	0.0086	NUM
ajfa-312	204	13	nifty	nifty	NOUN
ajfa-312	204	14	→	→	X
ajfa-312	204	15	djia	djia	PROPN
ajfa-312	204	16	1.7164	1.7164	NUM
ajfa-312	204	17	0.1008	0.1008	NUM
ajfa-312	204	18	2.7291	2.7291	NUM
ajfa-312	204	19	*	*	PUNCT
ajfa-312	204	20	0.0081	0.0081	NUM
ajfa-312	204	21	djia	djia	PROPN
ajfa-312	204	22	→	→	SYM
ajfa-312	204	23	szcomp	szcomp	VERB
ajfa-312	204	24	2.9075	2.9075	NUM
ajfa-312	204	25	*	*	PUNCT
ajfa-312	204	26	0.0050	0.0050	NUM
ajfa-312	204	27	djia	djia	PROPN
ajfa-312	204	28	→	→	SYM
ajfa-312	204	29	nifty	nifty	ADJ
ajfa-312	204	30	13.4686	13.4686	NUM
ajfa-312	204	31	*	*	SYM
ajfa-312	204	32	0.0000	0.0000	NUM
ajfa-312	204	33	szcomp	szcomp	NOUN
ajfa-312	204	34	→	→	SYM
ajfa-312	204	35	ftse	ftse	NOUN
ajfa-312	204	36	1.2501	1.2501	NUM
ajfa-312	204	37	0.2717	0.2717	NUM
ajfa-312	204	38	nifty	nifty	ADJ
ajfa-312	204	39	→	→	SYM
ajfa-312	204	40	ftse	ftse	NOUN
ajfa-312	204	41	2.3895	2.3895	NUM
ajfa-312	204	42	*	*	SYM
ajfa-312	204	43	0.0196	0.0196	NUM
ajfa-312	204	44	ftse	ftse	NOUN
ajfa-312	204	45	→	→	SYM
ajfa-312	204	46	szcomp	szcomp	NOUN
ajfa-312	204	47	3.6839	3.6839	NUM
ajfa-312	204	48	*	*	SYM
ajfa-312	204	49	0.0006	0.0006	NUM
ajfa-312	204	50	ftse	ftse	NOUN
ajfa-312	204	51	→	→	SYM
ajfa-312	204	52	nifty	nifty	ADJ
ajfa-312	204	53	7.5921	7.5921	NUM
ajfa-312	204	54	*	*	SYM
ajfa-312	204	55	0.0000	0.0000	NUM
ajfa-312	204	56	szcomp	szcomp	NOUN
ajfa-312	204	57	→	→	PUNCT
ajfa-312	204	58	nky	nky	PROPN
ajfa-312	204	59	2.1465	2.1465	NUM
ajfa-312	204	60	*	*	SYM
ajfa-312	204	61	0.0362	0.0362	NUM
ajfa-312	204	62	nifty	nifty	NOUN
ajfa-312	204	63	→	→	PUNCT
ajfa-312	204	64	nky	nky	PROPN
ajfa-312	204	65	3.4333	3.4333	NUM
ajfa-312	204	66	*	*	SYM
ajfa-312	204	67	0.0012	0.0012	NUM
ajfa-312	204	68	nky	nky	PROPN
ajfa-312	204	69	→	→	SYM
ajfa-312	204	70	szcomp	szcomp	VERB
ajfa-312	204	71	1.0607	1.0607	NUM
ajfa-312	204	72	0.3865	0.3865	NUM
ajfa-312	204	73	nky	nky	PROPN
ajfa-312	204	74	→	→	SYM
ajfa-312	204	75	nifty	nifty	ADJ
ajfa-312	204	76	0.6698	0.6698	NUM
ajfa-312	204	77	0.6979	0.6979	NUM
ajfa-312	204	78	szcomp	szcomp	NOUN
ajfa-312	204	79	→	→	PUNCT
ajfa-312	204	80	hsi	hsi	PROPN
ajfa-312	204	81	7.3174	7.3174	NUM
ajfa-312	204	82	*	*	SYM
ajfa-312	204	83	0.0000	0.0000	NUM
ajfa-312	204	84	nifty	nifty	NOUN
ajfa-312	204	85	→	→	PUNCT
ajfa-312	204	86	hsi	hsi	PROPN
ajfa-312	204	87	1.9739	1.9739	NUM
ajfa-312	204	88	0.0551	0.0551	NUM
ajfa-312	204	89	hsi	hsi	PROPN
ajfa-312	204	90	→	→	SYM
ajfa-312	204	91	szcomp	szcomp	VERB
ajfa-312	204	92	2.6358	2.6358	NUM
ajfa-312	204	93	*	*	PUNCT
ajfa-312	204	94	0.0104	0.0104	NUM
ajfa-312	204	95	hsi	hsi	PROPN
ajfa-312	204	96	→	→	SYM
ajfa-312	204	97	nifty	nifty	ADJ
ajfa-312	204	98	4.0323	4.0323	NUM
ajfa-312	204	99	*	*	SYM
ajfa-312	204	100	0.0002	0.0002	NUM
ajfa-312	204	101	*	*	PUNCT
ajfa-312	204	102	indicates	indicate	VERB
ajfa-312	204	103	significance	significance	NOUN
ajfa-312	204	104	at	at	ADP
ajfa-312	204	105	the	the	DET
ajfa-312	204	106	5	5	NUM
ajfa-312	204	107	%	%	NOUN
ajfa-312	204	108	level	level	NOUN
ajfa-312	204	109	panel	panel	NOUN
ajfa-312	204	110	b	b	NOUN
ajfa-312	204	111	show	show	VERB
ajfa-312	204	112	the	the	DET
ajfa-312	204	113	result	result	NOUN
ajfa-312	204	114	of	of	ADP
ajfa-312	204	115	granger	granger	PROPN
ajfa-312	204	116	causality	causality	PROPN
ajfa-312	204	117	test	test	NOUN
ajfa-312	204	118	between	between	ADP
ajfa-312	204	119	indian	indian	ADJ
ajfa-312	204	120	market	market	NOUN
ajfa-312	204	121	and	and	CCONJ
ajfa-312	204	122	other	other	ADJ
ajfa-312	204	123	major	major	ADJ
ajfa-312	204	124	markets	market	NOUN
ajfa-312	204	125	.	.	PUNCT
ajfa-312	205	1	the	the	DET
ajfa-312	205	2	results	result	NOUN
ajfa-312	205	3	show	show	VERB
ajfa-312	205	4	that	that	SCONJ
ajfa-312	205	5	sensex	sensex	NOUN
ajfa-312	205	6	has	have	VERB
ajfa-312	205	7	bidirectional	bidirectional	ADJ
ajfa-312	205	8	causality	causality	NOUN
ajfa-312	205	9	with	with	ADP
ajfa-312	205	10	hangseng	hangseng	NOUN
ajfa-312	205	11	.	.	PUNCT
ajfa-312	206	1	this	this	DET
ajfa-312	206	2	result	result	NOUN
ajfa-312	206	3	supports	support	VERB
ajfa-312	206	4	the	the	DET
ajfa-312	206	5	high	high	ADJ
ajfa-312	206	6	correlation	correlation	NOUN
ajfa-312	206	7	found	find	VERB
ajfa-312	206	8	between	between	ADP
ajfa-312	206	9	them	they	PRON
ajfa-312	206	10	in	in	ADP
ajfa-312	206	11	the	the	DET
ajfa-312	206	12	analysis	analysis	NOUN
ajfa-312	206	13	of	of	ADP
ajfa-312	206	14	correlation	correlation	NOUN
ajfa-312	206	15	earlier	early	ADV
ajfa-312	206	16	.	.	PUNCT
ajfa-312	207	1	asian	asian	ADJ
ajfa-312	207	2	journal	journal	PROPN
ajfa-312	207	3	of	of	ADP
ajfa-312	207	4	finance	finance	PROPN
ajfa-312	207	5	&	&	CCONJ
ajfa-312	207	6	accounting	accounting	PROPN
ajfa-312	207	7	issn	issn	PROPN
ajfa-312	207	8	1946	1946	NUM
ajfa-312	207	9	-	-	PUNCT
ajfa-312	207	10	052x	052x	NOUN
ajfa-312	207	11	2010	2010	NUM
ajfa-312	207	12	,	,	PUNCT
ajfa-312	207	13	vol	vol	NOUN
ajfa-312	207	14	.	.	PROPN
ajfa-312	207	15	2	2	NUM
ajfa-312	207	16	,	,	PUNCT
ajfa-312	207	17	no	no	INTJ
ajfa-312	207	18	.	.	NOUN
ajfa-312	207	19	2	2	NUM
ajfa-312	207	20	:	:	PUNCT
ajfa-312	207	21	e2	e2	VERB
ajfa-312	207	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-312	207	23	34	34	NUM
ajfa-312	207	24	meanwhile	meanwhile	ADV
ajfa-312	207	25	,	,	PUNCT
ajfa-312	207	26	there	there	PRON
ajfa-312	207	27	is	be	VERB
ajfa-312	207	28	also	also	ADV
ajfa-312	207	29	evidence	evidence	NOUN
ajfa-312	207	30	unidirectional	unidirectional	ADJ
ajfa-312	207	31	causality	causality	NOUN
ajfa-312	207	32	from	from	ADP
ajfa-312	207	33	djia	djia	PROPN
ajfa-312	207	34	to	to	ADP
ajfa-312	207	35	sensex	sensex	NOUN
ajfa-312	207	36	and	and	CCONJ
ajfa-312	207	37	ftse	ftse	PROPN
ajfa-312	207	38	to	to	ADP
ajfa-312	207	39	sensex	sensex	PROPN
ajfa-312	207	40	.	.	PUNCT
ajfa-312	208	1	in	in	ADP
ajfa-312	208	2	other	other	ADJ
ajfa-312	208	3	words	word	NOUN
ajfa-312	208	4	,	,	PUNCT
ajfa-312	208	5	sensex	sensex	PROPN
ajfa-312	208	6	is	be	AUX
ajfa-312	208	7	granger	granger	PROPN
ajfa-312	208	8	caused	cause	VERB
ajfa-312	208	9	by	by	ADP
ajfa-312	208	10	the	the	DET
ajfa-312	208	11	djia	djia	PROPN
ajfa-312	208	12	and	and	CCONJ
ajfa-312	208	13	also	also	ADV
ajfa-312	208	14	ftse	ftse	PROPN
ajfa-312	208	15	.	.	PUNCT
ajfa-312	209	1	results	result	NOUN
ajfa-312	209	2	also	also	ADV
ajfa-312	209	3	suggest	suggest	VERB
ajfa-312	209	4	that	that	SCONJ
ajfa-312	209	5	sensex	sensex	PROPN
ajfa-312	209	6	does	do	AUX
ajfa-312	209	7	granger	granger	PROPN
ajfa-312	209	8	causes	cause	VERB
ajfa-312	209	9	nikkei	nikkei	PROPN
ajfa-312	209	10	.	.	PUNCT
ajfa-312	210	1	a	a	DET
ajfa-312	210	2	different	different	ADJ
ajfa-312	210	3	causality	causality	NOUN
ajfa-312	210	4	is	be	AUX
ajfa-312	210	5	found	find	VERB
ajfa-312	210	6	in	in	ADP
ajfa-312	210	7	another	another	DET
ajfa-312	210	8	indian	indian	ADJ
ajfa-312	210	9	stock	stock	NOUN
ajfa-312	210	10	index	index	NOUN
ajfa-312	210	11	i.e.	i.e.	X
ajfa-312	210	12	nifty	nifty	ADJ
ajfa-312	210	13	.	.	PUNCT
ajfa-312	211	1	the	the	DET
ajfa-312	211	2	results	result	NOUN
ajfa-312	211	3	show	show	VERB
ajfa-312	211	4	that	that	SCONJ
ajfa-312	211	5	nifty	nifty	ADJ
ajfa-312	211	6	has	have	VERB
ajfa-312	211	7	bidirectional	bidirectional	ADJ
ajfa-312	211	8	causality	causality	NOUN
ajfa-312	211	9	with	with	ADP
ajfa-312	211	10	ftse	ftse	PROPN
ajfa-312	211	11	.	.	PUNCT
ajfa-312	212	1	there	there	PRON
ajfa-312	212	2	is	be	VERB
ajfa-312	212	3	also	also	ADV
ajfa-312	212	4	unidirectional	unidirectional	ADJ
ajfa-312	212	5	causality	causality	NOUN
ajfa-312	212	6	from	from	ADP
ajfa-312	212	7	djia	djia	PROPN
ajfa-312	212	8	to	to	PART
ajfa-312	212	9	nifty	nifty	VERB
ajfa-312	212	10	and	and	CCONJ
ajfa-312	212	11	hang	hang	VERB
ajfa-312	212	12	seng	seng	PROPN
ajfa-312	212	13	to	to	PART
ajfa-312	212	14	nifty	nifty	VERB
ajfa-312	212	15	.	.	PUNCT
ajfa-312	213	1	similar	similar	ADJ
ajfa-312	213	2	with	with	ADP
ajfa-312	213	3	sensex	sensex	NOUN
ajfa-312	213	4	,	,	PUNCT
ajfa-312	213	5	nifty	nifty	ADJ
ajfa-312	213	6	also	also	ADV
ajfa-312	213	7	does	do	AUX
ajfa-312	213	8	granger	granger	PROPN
ajfa-312	213	9	causes	cause	VERB
ajfa-312	213	10	nikkei	nikkei	NOUN
ajfa-312	213	11	.	.	PUNCT
ajfa-312	214	1	the	the	DET
ajfa-312	214	2	direction	direction	NOUN
ajfa-312	214	3	of	of	ADP
ajfa-312	214	4	causality	causality	NOUN
ajfa-312	214	5	between	between	ADP
ajfa-312	214	6	the	the	DET
ajfa-312	214	7	two	two	NUM
ajfa-312	214	8	major	major	ADJ
ajfa-312	214	9	emerging	emerge	VERB
ajfa-312	214	10	markets	market	NOUN
ajfa-312	214	11	i.e.	i.e.	X
ajfa-312	214	12	china	china	PROPN
ajfa-312	214	13	and	and	CCONJ
ajfa-312	214	14	india	india	PROPN
ajfa-312	214	15	are	be	AUX
ajfa-312	214	16	also	also	ADV
ajfa-312	214	17	examined	examine	VERB
ajfa-312	214	18	here	here	ADV
ajfa-312	214	19	.	.	PUNCT
ajfa-312	215	1	the	the	DET
ajfa-312	215	2	results	result	NOUN
ajfa-312	215	3	of	of	ADP
ajfa-312	215	4	granger	granger	PROPN
ajfa-312	215	5	causality	causality	PROPN
ajfa-312	215	6	test	test	NOUN
ajfa-312	215	7	between	between	ADP
ajfa-312	215	8	the	the	DET
ajfa-312	215	9	two	two	NUM
ajfa-312	215	10	markets	market	NOUN
ajfa-312	215	11	is	be	AUX
ajfa-312	215	12	presented	present	VERB
ajfa-312	215	13	in	in	ADP
ajfa-312	215	14	panel	panel	NOUN
ajfa-312	215	15	c.	c.	NOUN
ajfa-312	215	16	it	it	PRON
ajfa-312	215	17	is	be	AUX
ajfa-312	215	18	found	find	VERB
ajfa-312	215	19	that	that	SCONJ
ajfa-312	215	20	there	there	PRON
ajfa-312	215	21	is	be	VERB
ajfa-312	215	22	bidirectional	bidirectional	ADJ
ajfa-312	215	23	causality	causality	NOUN
ajfa-312	215	24	between	between	ADP
ajfa-312	215	25	china	china	PROPN
ajfa-312	215	26	and	and	CCONJ
ajfa-312	215	27	india	india	PROPN
ajfa-312	215	28	.	.	PUNCT
ajfa-312	216	1	this	this	PRON
ajfa-312	216	2	can	can	AUX
ajfa-312	216	3	be	be	AUX
ajfa-312	216	4	seen	see	VERB
ajfa-312	216	5	in	in	ADP
ajfa-312	216	6	the	the	DET
ajfa-312	216	7	increased	increase	VERB
ajfa-312	216	8	amount	amount	NOUN
ajfa-312	216	9	of	of	ADP
ajfa-312	216	10	bilateral	bilateral	ADJ
ajfa-312	216	11	trade	trade	NOUN
ajfa-312	216	12	between	between	ADP
ajfa-312	216	13	the	the	DET
ajfa-312	216	14	two	two	NUM
ajfa-312	216	15	countries	country	NOUN
ajfa-312	216	16	over	over	ADP
ajfa-312	216	17	the	the	DET
ajfa-312	216	18	years	year	NOUN
ajfa-312	216	19	.	.	PUNCT
ajfa-312	217	1	to	to	PART
ajfa-312	217	2	sum	sum	VERB
ajfa-312	217	3	up	up	ADP
ajfa-312	217	4	,	,	PUNCT
ajfa-312	217	5	overall	overall	ADJ
ajfa-312	217	6	results	result	NOUN
ajfa-312	217	7	of	of	ADP
ajfa-312	217	8	granger	granger	PROPN
ajfa-312	217	9	causality	causality	PROPN
ajfa-312	217	10	test	test	NOUN
ajfa-312	217	11	suggest	suggest	VERB
ajfa-312	217	12	that	that	SCONJ
ajfa-312	217	13	the	the	DET
ajfa-312	217	14	chinese	chinese	ADJ
ajfa-312	217	15	market	market	NOUN
ajfa-312	217	16	has	have	VERB
ajfa-312	217	17	bidirectional	bidirectional	ADJ
ajfa-312	217	18	causality	causality	NOUN
ajfa-312	217	19	with	with	ADP
ajfa-312	217	20	the	the	DET
ajfa-312	217	21	hong	hong	PROPN
ajfa-312	217	22	kong	kong	PROPN
ajfa-312	217	23	market	market	NOUN
ajfa-312	217	24	.	.	PUNCT
ajfa-312	218	1	this	this	PRON
ajfa-312	218	2	support	support	VERB
ajfa-312	218	3	the	the	DET
ajfa-312	218	4	evidence	evidence	NOUN
ajfa-312	218	5	of	of	ADP
ajfa-312	218	6	high	high	ADJ
ajfa-312	218	7	correlation	correlation	NOUN
ajfa-312	218	8	between	between	ADP
ajfa-312	218	9	the	the	DET
ajfa-312	218	10	two	two	NUM
ajfa-312	218	11	markets	market	NOUN
ajfa-312	218	12	in	in	ADP
ajfa-312	218	13	the	the	DET
ajfa-312	218	14	analysis	analysis	NOUN
ajfa-312	218	15	of	of	ADP
ajfa-312	218	16	simple	simple	ADJ
ajfa-312	218	17	correlation	correlation	NOUN
ajfa-312	218	18	conducted	conduct	VERB
ajfa-312	218	19	earlier	early	ADV
ajfa-312	218	20	.	.	PUNCT
ajfa-312	219	1	another	another	DET
ajfa-312	219	2	interesting	interesting	ADJ
ajfa-312	219	3	result	result	NOUN
ajfa-312	219	4	is	be	AUX
ajfa-312	219	5	the	the	DET
ajfa-312	219	6	evidence	evidence	NOUN
ajfa-312	219	7	of	of	ADP
ajfa-312	219	8	bidirectional	bidirectional	ADJ
ajfa-312	219	9	causality	causality	NOUN
ajfa-312	219	10	between	between	ADP
ajfa-312	219	11	china	china	PROPN
ajfa-312	219	12	and	and	CCONJ
ajfa-312	219	13	india	india	PROPN
ajfa-312	219	14	.	.	PUNCT
ajfa-312	220	1	4.4	4.4	NUM
ajfa-312	220	2	analysis	analysis	NOUN
ajfa-312	220	3	of	of	ADP
ajfa-312	220	4	unit	unit	NOUN
ajfa-312	220	5	root	root	PROPN
ajfa-312	220	6	test	test	NOUN
ajfa-312	220	7	augmented	augment	VERB
ajfa-312	220	8	dickey	dickey	NOUN
ajfa-312	220	9	-	-	PUNCT
ajfa-312	220	10	fuller	full	ADJ
ajfa-312	220	11	(	(	PUNCT
ajfa-312	220	12	adf	adf	NOUN
ajfa-312	220	13	)	)	PUNCT
ajfa-312	220	14	test	test	NOUN
ajfa-312	220	15	is	be	AUX
ajfa-312	220	16	used	use	VERB
ajfa-312	220	17	to	to	PART
ajfa-312	220	18	test	test	VERB
ajfa-312	220	19	the	the	DET
ajfa-312	220	20	stationarity	stationarity	NOUN
ajfa-312	220	21	of	of	ADP
ajfa-312	220	22	the	the	DET
ajfa-312	220	23	stock	stock	NOUN
ajfa-312	220	24	price	price	NOUN
ajfa-312	220	25	indices	index	NOUN
ajfa-312	220	26	.	.	PUNCT
ajfa-312	221	1	the	the	DET
ajfa-312	221	2	result	result	NOUN
ajfa-312	221	3	of	of	ADP
ajfa-312	221	4	adf	adf	PROPN
ajfa-312	221	5	unit	unit	NOUN
ajfa-312	221	6	root	root	PROPN
ajfa-312	221	7	test	test	NOUN
ajfa-312	221	8	in	in	ADP
ajfa-312	221	9	table	table	NOUN
ajfa-312	221	10	4	4	NUM
ajfa-312	221	11	shows	show	VERB
ajfa-312	221	12	that	that	SCONJ
ajfa-312	221	13	the	the	DET
ajfa-312	221	14	null	null	ADJ
ajfa-312	221	15	hypothesis	hypothesis	NOUN
ajfa-312	221	16	of	of	ADP
ajfa-312	221	17	a	a	DET
ajfa-312	221	18	unit	unit	NOUN
ajfa-312	221	19	root	root	NOUN
ajfa-312	221	20	can	can	AUX
ajfa-312	221	21	not	not	PART
ajfa-312	221	22	be	be	AUX
ajfa-312	221	23	rejected	reject	VERB
ajfa-312	221	24	,	,	PUNCT
ajfa-312	221	25	which	which	PRON
ajfa-312	221	26	indicates	indicate	VERB
ajfa-312	221	27	that	that	SCONJ
ajfa-312	221	28	all	all	DET
ajfa-312	221	29	stock	stock	NOUN
ajfa-312	221	30	indices	index	NOUN
ajfa-312	221	31	are	be	AUX
ajfa-312	221	32	non	non	ADJ
ajfa-312	221	33	-	-	ADJ
ajfa-312	221	34	stationary	stationary	ADJ
ajfa-312	221	35	series	series	NOUN
ajfa-312	221	36	.	.	PUNCT
ajfa-312	222	1	however	however	ADV
ajfa-312	222	2	,	,	PUNCT
ajfa-312	222	3	since	since	SCONJ
ajfa-312	222	4	the	the	DET
ajfa-312	222	5	t	t	PROPN
ajfa-312	222	6	-	-	PUNCT
ajfa-312	222	7	statistics	statistic	NOUN
ajfa-312	222	8	is	be	AUX
ajfa-312	222	9	smaller	small	ADJ
ajfa-312	222	10	(	(	PUNCT
ajfa-312	222	11	more	more	ADV
ajfa-312	222	12	negative	negative	ADJ
ajfa-312	222	13	)	)	PUNCT
ajfa-312	222	14	than	than	ADP
ajfa-312	222	15	the	the	DET
ajfa-312	222	16	critical	critical	ADJ
ajfa-312	222	17	value	value	NOUN
ajfa-312	222	18	in	in	ADP
ajfa-312	222	19	the	the	DET
ajfa-312	222	20	first	first	ADJ
ajfa-312	222	21	difference	difference	NOUN
ajfa-312	222	22	form	form	NOUN
ajfa-312	222	23	,	,	PUNCT
ajfa-312	222	24	there	there	PRON
ajfa-312	222	25	is	be	VERB
ajfa-312	222	26	no	no	DET
ajfa-312	222	27	evidence	evidence	NOUN
ajfa-312	222	28	to	to	PART
ajfa-312	222	29	support	support	VERB
ajfa-312	222	30	that	that	SCONJ
ajfa-312	222	31	the	the	DET
ajfa-312	222	32	presence	presence	NOUN
ajfa-312	222	33	of	of	ADP
ajfa-312	222	34	unit	unit	NOUN
ajfa-312	222	35	in	in	ADP
ajfa-312	222	36	the	the	DET
ajfa-312	222	37	series	series	NOUN
ajfa-312	222	38	.	.	PUNCT
ajfa-312	223	1	hence	hence	ADV
ajfa-312	223	2	,	,	PUNCT
ajfa-312	223	3	all	all	DET
ajfa-312	223	4	the	the	DET
ajfa-312	223	5	stock	stock	NOUN
ajfa-312	223	6	price	price	NOUN
ajfa-312	223	7	indices	index	NOUN
ajfa-312	223	8	are	be	AUX
ajfa-312	223	9	stationary	stationary	ADJ
ajfa-312	223	10	,	,	PUNCT
ajfa-312	223	11	and	and	CCONJ
ajfa-312	223	12	integrated	integrate	VERB
ajfa-312	223	13	of	of	ADP
ajfa-312	223	14	order	order	NOUN
ajfa-312	223	15	one	one	NUM
ajfa-312	223	16	,	,	PUNCT
ajfa-312	223	17	i	i	PRON
ajfa-312	223	18	(	(	PUNCT
ajfa-312	223	19	1	1	X
ajfa-312	223	20	)	)	PUNCT
ajfa-312	223	21	which	which	PRON
ajfa-312	223	22	is	be	AUX
ajfa-312	223	23	consistent	consistent	ADJ
ajfa-312	223	24	with	with	ADP
ajfa-312	223	25	results	result	NOUN
ajfa-312	223	26	in	in	ADP
ajfa-312	223	27	the	the	DET
ajfa-312	223	28	finance	finance	NOUN
ajfa-312	223	29	literature	literature	NOUN
ajfa-312	223	30	.	.	PUNCT
ajfa-312	224	1	table	table	NOUN
ajfa-312	224	2	4	4	NUM
ajfa-312	224	3	.	.	PUNCT
ajfa-312	224	4	augmented	augment	VERB
ajfa-312	224	5	dickey	dickey	PROPN
ajfa-312	224	6	-	-	PUNCT
ajfa-312	224	7	fuller	full	ADJ
ajfa-312	224	8	test	test	NOUN
ajfa-312	224	9	results	result	VERB
ajfa-312	224	10	stock	stock	NOUN
ajfa-312	224	11	index	index	NOUN
ajfa-312	224	12	level	level	NOUN
ajfa-312	224	13	(	(	PUNCT
ajfa-312	224	14	with	with	ADP
ajfa-312	224	15	intercept	intercept	NOUN
ajfa-312	224	16	and	and	CCONJ
ajfa-312	224	17	trend	trend	NOUN
ajfa-312	224	18	)	)	PUNCT
ajfa-312	224	19	first	first	ADJ
ajfa-312	224	20	difference	difference	NOUN
ajfa-312	224	21	(	(	PUNCT
ajfa-312	224	22	constant	constant	ADJ
ajfa-312	224	23	)	)	PUNCT
ajfa-312	224	24	shcomp	shcomp	NOUN
ajfa-312	224	25	-0.9696	-0.9696	PROPN
ajfa-312	224	26	-45.2038	-45.2038	PUNCT
ajfa-312	224	27	szcomp	szcomp	PROPN
ajfa-312	224	28	-1.1197	-1.1197	PROPN
ajfa-312	224	29	-42.5494	-42.5494	SYM
ajfa-312	224	30	sensex	sensex	PROPN
ajfa-312	224	31	-1.6728	-1.6728	PROPN
ajfa-312	224	32	-42.7364	-42.7364	PUNCT
ajfa-312	224	33	nifty	nifty	ADJ
ajfa-312	224	34	-1.7862	-1.7862	NOUN
ajfa-312	224	35	-43.8788	-43.8788	PUNCT
ajfa-312	224	36	djia	djia	PROPN
ajfa-312	224	37	-2.0061	-2.0061	PROPN
ajfa-312	224	38	-45.6734	-45.6734	PUNCT
ajfa-312	224	39	ftse	ftse	PROPN
ajfa-312	224	40	-2.0221	-2.0221	NOUN
ajfa-312	224	41	-33.9525	-33.9525	PUNCT
ajfa-312	224	42	nky	nky	PROPN
ajfa-312	224	43	-1.8336	-1.8336	PROPN
ajfa-312	224	44	-42.6997	-42.6997	PUNCT
ajfa-312	224	45	hangseng	hangseng	NOUN
ajfa-312	224	46	-1.9343	-1.9343	NOUN
ajfa-312	224	47	-45.3721	-45.3721	NUM
ajfa-312	224	48	1	1	NUM
ajfa-312	224	49	%	%	NOUN
ajfa-312	224	50	critical	critical	ADJ
ajfa-312	224	51	value	value	NOUN
ajfa-312	224	52	-3.9630	-3.9630	NOUN
ajfa-312	224	53	-2.5662	-2.5662	NOUN
ajfa-312	224	54	5	5	NUM
ajfa-312	224	55	%	%	NOUN
ajfa-312	224	56	critical	critical	ADJ
ajfa-312	224	57	value	value	NOUN
ajfa-312	224	58	-3.4122	-3.4122	PUNCT
ajfa-312	224	59	-1.9410	-1.9410	PROPN
ajfa-312	224	60	10	10	NUM
ajfa-312	224	61	%	%	NOUN
ajfa-312	224	62	critical	critical	ADJ
ajfa-312	224	63	value	value	NOUN
ajfa-312	224	64	-3.1280	-3.1280	NOUN
ajfa-312	224	65	-1.6166	-1.6166	PROPN
ajfa-312	225	1	4.5	4.5	NUM
ajfa-312	225	2	analysis	analysis	NOUN
ajfa-312	225	3	of	of	ADP
ajfa-312	225	4	eagle	eagle	PROPN
ajfa-312	225	5	granger	granger	PROPN
ajfa-312	225	6	test	test	PROPN
ajfa-312	225	7	once	once	ADV
ajfa-312	225	8	identifying	identify	VERB
ajfa-312	225	9	that	that	SCONJ
ajfa-312	225	10	all	all	DET
ajfa-312	225	11	stock	stock	NOUN
ajfa-312	225	12	indices	index	NOUN
ajfa-312	225	13	are	be	AUX
ajfa-312	225	14	integrated	integrate	VERB
ajfa-312	225	15	of	of	ADP
ajfa-312	225	16	same	same	ADJ
ajfa-312	225	17	order	order	NOUN
ajfa-312	225	18	,	,	PUNCT
ajfa-312	225	19	then	then	ADV
ajfa-312	225	20	the	the	DET
ajfa-312	225	21	co	co	ADJ
ajfa-312	225	22	-	-	ADJ
ajfa-312	225	23	integrating	integrating	ADJ
ajfa-312	225	24	regression	regression	NOUN
ajfa-312	225	25	using	use	VERB
ajfa-312	225	26	ols	ol	NOUN
ajfa-312	225	27	are	be	AUX
ajfa-312	225	28	estimated	estimate	VERB
ajfa-312	225	29	.	.	PUNCT
ajfa-312	226	1	the	the	DET
ajfa-312	226	2	residuals	residual	NOUN
ajfa-312	226	3	,	,	PUNCT
ajfa-312	226	4	denotes	denote	NOUN
ajfa-312	226	5	as	as	SCONJ
ajfa-312	226	6	µt	µt	NOUN
ajfa-312	226	7	are	be	AUX
ajfa-312	226	8	tested	test	VERB
ajfa-312	226	9	to	to	PART
ajfa-312	226	10	ensure	ensure	VERB
ajfa-312	226	11	that	that	SCONJ
ajfa-312	226	12	they	they	PRON
ajfa-312	226	13	are	be	AUX
ajfa-312	226	14	stationary	stationary	ADJ
ajfa-312	226	15	by	by	ADP
ajfa-312	226	16	running	run	VERB
ajfa-312	226	17	augmented	augment	VERB
ajfa-312	226	18	dickey	dickey	NOUN
ajfa-312	226	19	-	-	PUNCT
ajfa-312	226	20	fuller	full	ADJ
ajfa-312	226	21	(	(	PUNCT
ajfa-312	226	22	adf	adf	NOUN
ajfa-312	226	23	)	)	PUNCT
ajfa-312	226	24	test	test	NOUN
ajfa-312	226	25	.	.	PUNCT
ajfa-312	227	1	the	the	DET
ajfa-312	227	2	result	result	NOUN
ajfa-312	227	3	of	of	ADP
ajfa-312	227	4	the	the	DET
ajfa-312	227	5	adf	adf	PROPN
ajfa-312	227	6	test	test	NOUN
ajfa-312	227	7	on	on	ADP
ajfa-312	227	8	asian	asian	ADJ
ajfa-312	227	9	journal	journal	NOUN
ajfa-312	227	10	of	of	ADP
ajfa-312	227	11	finance	finance	PROPN
ajfa-312	227	12	&	&	CCONJ
ajfa-312	227	13	accounting	accounting	PROPN
ajfa-312	227	14	issn	issn	PROPN
ajfa-312	227	15	1946	1946	NUM
ajfa-312	227	16	-	-	PUNCT
ajfa-312	227	17	052x	052x	NOUN
ajfa-312	227	18	2010	2010	NUM
ajfa-312	227	19	,	,	PUNCT
ajfa-312	227	20	vol	vol	NOUN
ajfa-312	227	21	.	.	PROPN
ajfa-312	227	22	2	2	NUM
ajfa-312	227	23	,	,	PUNCT
ajfa-312	227	24	no	no	INTJ
ajfa-312	227	25	.	.	NOUN
ajfa-312	227	26	2	2	NUM
ajfa-312	227	27	:	:	PUNCT
ajfa-312	227	28	e2	e2	VERB
ajfa-312	227	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	227	30	35	35	NUM
ajfa-312	227	31	the	the	DET
ajfa-312	227	32	residuals	residual	NOUN
ajfa-312	227	33	of	of	ADP
ajfa-312	227	34	the	the	DET
ajfa-312	227	35	regression	regression	NOUN
ajfa-312	227	36	is	be	AUX
ajfa-312	227	37	presented	present	VERB
ajfa-312	227	38	in	in	ADP
ajfa-312	227	39	table	table	NOUN
ajfa-312	227	40	5	5	NUM
ajfa-312	227	41	below	below	ADV
ajfa-312	227	42	.	.	PUNCT
ajfa-312	228	1	schwarz	schwarz	PROPN
ajfa-312	228	2	info	info	NOUN
ajfa-312	228	3	criterion	criterion	NOUN
ajfa-312	228	4	is	be	AUX
ajfa-312	228	5	used	use	VERB
ajfa-312	228	6	to	to	PART
ajfa-312	228	7	determine	determine	VERB
ajfa-312	228	8	the	the	DET
ajfa-312	228	9	appropriate	appropriate	ADJ
ajfa-312	228	10	number	number	NOUN
ajfa-312	228	11	of	of	ADP
ajfa-312	228	12	lags	lag	NOUN
ajfa-312	228	13	.	.	PUNCT
ajfa-312	229	1	the	the	DET
ajfa-312	229	2	dw	dw	PROPN
ajfa-312	229	3	test	test	PROPN
ajfa-312	229	4	statistics	statistic	NOUN
ajfa-312	229	5	from	from	ADP
ajfa-312	229	6	each	each	DET
ajfa-312	229	7	regression	regression	NOUN
ajfa-312	229	8	equations	equation	NOUN
ajfa-312	229	9	are	be	AUX
ajfa-312	229	10	examined	examine	VERB
ajfa-312	229	11	to	to	PART
ajfa-312	229	12	ensure	ensure	VERB
ajfa-312	229	13	that	that	SCONJ
ajfa-312	229	14	there	there	PRON
ajfa-312	229	15	is	be	VERB
ajfa-312	229	16	no	no	DET
ajfa-312	229	17	autocorrelation	autocorrelation	NOUN
ajfa-312	229	18	problem	problem	NOUN
ajfa-312	229	19	.	.	PUNCT
ajfa-312	230	1	since	since	SCONJ
ajfa-312	230	2	the	the	DET
ajfa-312	230	3	test	test	NOUN
ajfa-312	230	4	statistics	statistic	NOUN
ajfa-312	230	5	are	be	AUX
ajfa-312	230	6	smaller	small	ADJ
ajfa-312	230	7	(	(	PUNCT
ajfa-312	230	8	more	more	ADV
ajfa-312	230	9	negative	negative	ADJ
ajfa-312	230	10	)	)	PUNCT
ajfa-312	230	11	than	than	ADP
ajfa-312	230	12	the	the	DET
ajfa-312	230	13	critical	critical	ADJ
ajfa-312	230	14	value	value	NOUN
ajfa-312	230	15	,	,	PUNCT
ajfa-312	230	16	null	null	ADJ
ajfa-312	230	17	hypothesis	hypothesis	NOUN
ajfa-312	230	18	of	of	ADP
ajfa-312	230	19	residuals	residual	NOUN
ajfa-312	230	20	contain	contain	VERB
ajfa-312	230	21	unit	unit	NOUN
ajfa-312	230	22	root	root	NOUN
ajfa-312	230	23	is	be	AUX
ajfa-312	230	24	rejected	reject	VERB
ajfa-312	230	25	and	and	CCONJ
ajfa-312	230	26	conclude	conclude	VERB
ajfa-312	230	27	that	that	SCONJ
ajfa-312	230	28	the	the	DET
ajfa-312	230	29	residuals	residual	NOUN
ajfa-312	230	30	or	or	CCONJ
ajfa-312	230	31	the	the	DET
ajfa-312	230	32	error	error	NOUN
ajfa-312	230	33	term	term	NOUN
ajfa-312	230	34	is	be	AUX
ajfa-312	230	35	stationary	stationary	ADJ
ajfa-312	230	36	.	.	PUNCT
ajfa-312	231	1	this	this	PRON
ajfa-312	231	2	would	would	AUX
ajfa-312	231	3	imply	imply	VERB
ajfa-312	231	4	that	that	SCONJ
ajfa-312	231	5	the	the	DET
ajfa-312	231	6	two	two	NUM
ajfa-312	231	7	stock	stock	NOUN
ajfa-312	231	8	indices	index	NOUN
ajfa-312	231	9	are	be	AUX
ajfa-312	231	10	co	co	ADJ
ajfa-312	231	11	-	-	VERB
ajfa-312	231	12	integrated	integrated	ADJ
ajfa-312	231	13	.	.	PUNCT
ajfa-312	232	1	hence	hence	ADV
ajfa-312	232	2	the	the	DET
ajfa-312	232	3	results	result	NOUN
ajfa-312	232	4	indicate	indicate	VERB
ajfa-312	232	5	that	that	SCONJ
ajfa-312	232	6	shanghai	shanghai	PROPN
ajfa-312	232	7	and	and	CCONJ
ajfa-312	232	8	shenzen	shenzen	PROPN
ajfa-312	232	9	composite	composite	ADJ
ajfa-312	232	10	index	index	NOUN
ajfa-312	232	11	are	be	AUX
ajfa-312	232	12	co	co	ADJ
ajfa-312	232	13	-	-	VERB
ajfa-312	232	14	integrated	integrate	VERB
ajfa-312	232	15	with	with	ADP
ajfa-312	232	16	djia	djia	PROPN
ajfa-312	232	17	,	,	PUNCT
ajfa-312	232	18	ftse	ftse	PROPN
ajfa-312	232	19	,	,	PUNCT
ajfa-312	232	20	nikkei	nikkei	PROPN
ajfa-312	232	21	,	,	PUNCT
ajfa-312	232	22	hang	hang	PROPN
ajfa-312	232	23	seng	seng	PROPN
ajfa-312	232	24	,	,	PUNCT
ajfa-312	232	25	sensex	sensex	PROPN
ajfa-312	232	26	and	and	CCONJ
ajfa-312	232	27	nifty	nifty	ADJ
ajfa-312	232	28	.	.	PUNCT
ajfa-312	233	1	in	in	ADP
ajfa-312	233	2	other	other	ADJ
ajfa-312	233	3	words	word	NOUN
ajfa-312	233	4	,	,	PUNCT
ajfa-312	233	5	china	china	PROPN
ajfa-312	233	6	is	be	AUX
ajfa-312	233	7	co	co	ADJ
ajfa-312	233	8	-	-	VERB
ajfa-312	233	9	integrated	integrate	VERB
ajfa-312	233	10	with	with	ADP
ajfa-312	233	11	u.s	u.s	PROPN
ajfa-312	233	12	.	.	PROPN
ajfa-312	233	13	,	,	PUNCT
ajfa-312	233	14	u.k	u.k	PROPN
ajfa-312	233	15	.	.	PROPN
ajfa-312	233	16	,	,	PUNCT
ajfa-312	233	17	japan	japan	PROPN
ajfa-312	233	18	,	,	PUNCT
ajfa-312	233	19	hong	hong	PROPN
ajfa-312	233	20	kong	kong	PROPN
ajfa-312	233	21	and	and	CCONJ
ajfa-312	233	22	india	india	PROPN
ajfa-312	233	23	stock	stock	NOUN
ajfa-312	233	24	market	market	NOUN
ajfa-312	233	25	.	.	PUNCT
ajfa-312	234	1	similarly	similarly	ADV
ajfa-312	234	2	,	,	PUNCT
ajfa-312	234	3	the	the	DET
ajfa-312	234	4	results	result	NOUN
ajfa-312	234	5	also	also	ADV
ajfa-312	234	6	indicate	indicate	VERB
ajfa-312	234	7	that	that	SCONJ
ajfa-312	234	8	sensex	sensex	NOUN
ajfa-312	234	9	and	and	CCONJ
ajfa-312	234	10	nifty	nifty	ADJ
ajfa-312	234	11	composite	composite	ADJ
ajfa-312	234	12	index	index	NOUN
ajfa-312	234	13	are	be	AUX
ajfa-312	234	14	co	co	ADJ
ajfa-312	234	15	-	-	VERB
ajfa-312	234	16	integrated	integrate	VERB
ajfa-312	234	17	with	with	ADP
ajfa-312	234	18	djia	djia	PROPN
ajfa-312	234	19	,	,	PUNCT
ajfa-312	234	20	ftse	ftse	PROPN
ajfa-312	234	21	,	,	PUNCT
ajfa-312	234	22	nikkei	nikkei	PROPN
ajfa-312	234	23	,	,	PUNCT
ajfa-312	234	24	hangseng	hangseng	NOUN
ajfa-312	234	25	,	,	PUNCT
ajfa-312	234	26	shanghai	shanghai	PROPN
ajfa-312	234	27	and	and	CCONJ
ajfa-312	234	28	shenzen	shenzen	PROPN
ajfa-312	234	29	composite	composite	ADJ
ajfa-312	234	30	index	index	NOUN
ajfa-312	234	31	.	.	PUNCT
ajfa-312	235	1	in	in	ADP
ajfa-312	235	2	other	other	ADJ
ajfa-312	235	3	words	word	NOUN
ajfa-312	235	4	,	,	PUNCT
ajfa-312	235	5	india	india	PROPN
ajfa-312	235	6	is	be	AUX
ajfa-312	235	7	also	also	ADV
ajfa-312	235	8	co	co	ADJ
ajfa-312	235	9	-	-	VERB
ajfa-312	235	10	integrated	integrate	VERB
ajfa-312	235	11	with	with	ADP
ajfa-312	235	12	u.s	u.s	PROPN
ajfa-312	235	13	.	.	PROPN
ajfa-312	235	14	,	,	PUNCT
ajfa-312	235	15	u.k	u.k	PROPN
ajfa-312	235	16	.	.	PROPN
ajfa-312	235	17	,	,	PUNCT
ajfa-312	235	18	japan	japan	PROPN
ajfa-312	235	19	,	,	PUNCT
ajfa-312	235	20	hong	hong	PROPN
ajfa-312	235	21	kong	kong	PROPN
ajfa-312	235	22	and	and	CCONJ
ajfa-312	235	23	china	china	PROPN
ajfa-312	235	24	stock	stock	NOUN
ajfa-312	235	25	market	market	NOUN
ajfa-312	235	26	.	.	PUNCT
ajfa-312	236	1	the	the	DET
ajfa-312	236	2	findings	finding	NOUN
ajfa-312	236	3	where	where	SCONJ
ajfa-312	236	4	stock	stock	NOUN
ajfa-312	236	5	market	market	NOUN
ajfa-312	236	6	indices	index	NOUN
ajfa-312	236	7	are	be	AUX
ajfa-312	236	8	co	co	ADJ
ajfa-312	236	9	-	-	ADJ
ajfa-312	236	10	integrated	integrated	ADJ
ajfa-312	236	11	means	mean	NOUN
ajfa-312	236	12	that	that	SCONJ
ajfa-312	236	13	there	there	PRON
ajfa-312	236	14	is	be	VERB
ajfa-312	236	15	a	a	DET
ajfa-312	236	16	linear	linear	ADJ
ajfa-312	236	17	combination	combination	NOUN
ajfa-312	236	18	between	between	ADP
ajfa-312	236	19	the	the	DET
ajfa-312	236	20	indices	index	NOUN
ajfa-312	236	21	that	that	PRON
ajfa-312	236	22	forces	force	VERB
ajfa-312	236	23	these	these	DET
ajfa-312	236	24	indices	index	NOUN
ajfa-312	236	25	to	to	PART
ajfa-312	236	26	have	have	VERB
ajfa-312	236	27	a	a	DET
ajfa-312	236	28	long	long	ADJ
ajfa-312	236	29	-	-	PUNCT
ajfa-312	236	30	term	term	NOUN
ajfa-312	236	31	equilibrium	equilibrium	NOUN
ajfa-312	236	32	relationship	relationship	NOUN
ajfa-312	236	33	even	even	ADV
ajfa-312	236	34	though	though	SCONJ
ajfa-312	236	35	the	the	DET
ajfa-312	236	36	indices	index	NOUN
ajfa-312	236	37	may	may	AUX
ajfa-312	236	38	wander	wander	VERB
ajfa-312	236	39	away	away	ADV
ajfa-312	236	40	from	from	ADP
ajfa-312	236	41	each	each	DET
ajfa-312	236	42	other	other	ADJ
ajfa-312	236	43	in	in	ADP
ajfa-312	236	44	the	the	DET
ajfa-312	236	45	short	short	ADJ
ajfa-312	236	46	run	run	NOUN
ajfa-312	236	47	.	.	PUNCT
ajfa-312	236	48	table	table	NOUN
ajfa-312	236	49	5	5	NUM
ajfa-312	236	50	.	.	PUNCT
ajfa-312	236	51	unit	unit	NOUN
ajfa-312	236	52	root	root	PROPN
ajfa-312	236	53	test	test	NOUN
ajfa-312	236	54	applied	apply	VERB
ajfa-312	236	55	to	to	ADP
ajfa-312	236	56	the	the	DET
ajfa-312	236	57	residuals	residual	NOUN
ajfa-312	236	58	of	of	ADP
ajfa-312	236	59	cointegrating	cointegrate	VERB
ajfa-312	236	60	regressions	regression	NOUN
ajfa-312	236	61	indices	index	NOUN
ajfa-312	236	62	test	test	NOUN
ajfa-312	236	63	statistics	statistic	NOUN
ajfa-312	236	64	for	for	ADP
ajfa-312	236	65	residuals	residual	NOUN
ajfa-312	236	66	indices	index	NOUN
ajfa-312	236	67	test	test	NOUN
ajfa-312	236	68	statistics	statistic	NOUN
ajfa-312	236	69	for	for	ADP
ajfa-312	236	70	residuals	residual	NOUN
ajfa-312	236	71	indices	index	NOUN
ajfa-312	236	72	test	test	NOUN
ajfa-312	236	73	statistics	statistic	NOUN
ajfa-312	236	74	for	for	ADP
ajfa-312	236	75	residuals	residual	NOUN
ajfa-312	236	76	indices	index	NOUN
ajfa-312	236	77	test	test	NOUN
ajfa-312	236	78	statistics	statistic	NOUN
ajfa-312	236	79	for	for	ADP
ajfa-312	236	80	residuals	residual	NOUN
ajfa-312	236	81	shcomp	shcomp	NOUN
ajfa-312	236	82	/	/	SYM
ajfa-312	236	83	djia	djia	PROPN
ajfa-312	236	84	-45.3205	-45.3205	PUNCT
ajfa-312	236	85	szcomp	szcomp	PROPN
ajfa-312	236	86	/	/	SYM
ajfa-312	236	87	djia	djia	PROPN
ajfa-312	236	88	-42.5724	-42.5724	PUNCT
ajfa-312	236	89	sensex	sensex	PROPN
ajfa-312	236	90	/	/	SYM
ajfa-312	236	91	djia	djia	PROPN
ajfa-312	236	92	-44.3596	-44.3596	PUNCT
ajfa-312	236	93	nifty	nifty	PROPN
ajfa-312	236	94	/	/	SYM
ajfa-312	236	95	djia	djia	PROPN
ajfa-312	236	96	-45.4221	-45.4221	PUNCT
ajfa-312	236	97	shcomp	shcomp	NOUN
ajfa-312	236	98	/	/	SYM
ajfa-312	236	99	ftse	ftse	PROPN
ajfa-312	236	100	-45.6862	-45.6862	PUNCT
ajfa-312	236	101	szcomp	szcomp	VERB
ajfa-312	236	102	/	/	SYM
ajfa-312	236	103	ftse	ftse	PROPN
ajfa-312	236	104	-42.6642	-42.6642	PUNCT
ajfa-312	236	105	sensex	sensex	PROPN
ajfa-312	236	106	/	/	SYM
ajfa-312	236	107	ftse	ftse	PROPN
ajfa-312	236	108	-45.1657	-45.1657	PUNCT
ajfa-312	236	109	nifty	nifty	PROPN
ajfa-312	236	110	/	/	SYM
ajfa-312	236	111	ftse	ftse	PROPN
ajfa-312	236	112	-46.2349	-46.2349	PUNCT
ajfa-312	236	113	shcomp	shcomp	PROPN
ajfa-312	236	114	/	/	SYM
ajfa-312	236	115	nky	nky	PROPN
ajfa-312	236	116	-44.6919	-44.6919	PUNCT
ajfa-312	236	117	szcomp	szcomp	VERB
ajfa-312	236	118	/	/	PUNCT
ajfa-312	236	119	nky	nky	PROPN
ajfa-312	236	120	-41.7810	-41.7810	PUNCT
ajfa-312	236	121	sensex	sensex	PROPN
ajfa-312	236	122	/	/	SYM
ajfa-312	236	123	nky	nky	PROPN
ajfa-312	236	124	-45.0863	-45.0863	PUNCT
ajfa-312	236	125	nifty	nifty	PROPN
ajfa-312	236	126	/	/	SYM
ajfa-312	236	127	nky	nky	PROPN
ajfa-312	236	128	-45.9832	-45.9832	PUNCT
ajfa-312	236	129	shcomp	shcomp	NOUN
ajfa-312	236	130	/	/	SYM
ajfa-312	236	131	hangseng	hangseng	NOUN
ajfa-312	236	132	-44.3255	-44.3255	PUNCT
ajfa-312	236	133	szcomp	szcomp	VERB
ajfa-312	236	134	/	/	SYM
ajfa-312	236	135	hangseng	hangseng	NOUN
ajfa-312	236	136	-40.8034	-40.8034	PUNCT
ajfa-312	236	137	sensex	sensex	NOUN
ajfa-312	236	138	/	/	SYM
ajfa-312	236	139	hangseng	hangseng	NOUN
ajfa-312	236	140	-43.4152	-43.4152	PUNCT
ajfa-312	236	141	nifty	nifty	ADJ
ajfa-312	236	142	/	/	SYM
ajfa-312	236	143	hangseng	hangseng	NOUN
ajfa-312	236	144	-43.8789	-43.8789	PUNCT
ajfa-312	236	145	shcomp	shcomp	NOUN
ajfa-312	236	146	/	/	SYM
ajfa-312	236	147	sensex	sensex	NOUN
ajfa-312	236	148	-45.9762	-45.9762	PUNCT
ajfa-312	236	149	szcomp	szcomp	PROPN
ajfa-312	236	150	/	/	SYM
ajfa-312	236	151	sensex	sensex	PROPN
ajfa-312	236	152	-42.4048	-42.4048	PUNCT
ajfa-312	236	153	sensex	sensex	PROPN
ajfa-312	236	154	/	/	SYM
ajfa-312	236	155	shcomp	shcomp	NOUN
ajfa-312	236	156	-43.4695	-43.4695	PUNCT
ajfa-312	236	157	nifty	nifty	ADJ
ajfa-312	236	158	/	/	SYM
ajfa-312	236	159	shcomp	shcomp	NOUN
ajfa-312	236	160	-44.3998	-44.3998	PUNCT
ajfa-312	236	161	shcomp	shcomp	NOUN
ajfa-312	236	162	/	/	SYM
ajfa-312	236	163	nifty	nifty	ADJ
ajfa-312	236	164	-45.7357	-45.7357	PUNCT
ajfa-312	236	165	szcomp	szcomp	PROPN
ajfa-312	236	166	/	/	SYM
ajfa-312	236	167	nifty	nifty	ADJ
ajfa-312	236	168	-42.0861	-42.0861	PUNCT
ajfa-312	236	169	sensex	sensex	PROPN
ajfa-312	236	170	/	/	SYM
ajfa-312	236	171	szcomp	szcomp	PROPN
ajfa-312	236	172	-42.5959	-42.5959	PUNCT
ajfa-312	236	173	nifty	nifty	ADJ
ajfa-312	236	174	/	/	SYM
ajfa-312	236	175	szcomp	szcomp	VERB
ajfa-312	236	176	-43.4066	-43.4066	PUNCT
ajfa-312	236	177	1	1	NUM
ajfa-312	236	178	%	%	NOUN
ajfa-312	236	179	critical	critical	ADJ
ajfa-312	236	180	value	value	NOUN
ajfa-312	236	181	-2.5662	-2.5662	NOUN
ajfa-312	236	182	5	5	NUM
ajfa-312	236	183	%	%	NOUN
ajfa-312	236	184	critical	critical	ADJ
ajfa-312	236	185	value	value	NOUN
ajfa-312	236	186	-1.9410	-1.9410	VERB
ajfa-312	236	187	10	10	NUM
ajfa-312	236	188	%	%	NOUN
ajfa-312	236	189	critical	critical	ADJ
ajfa-312	236	190	value	value	NOUN
ajfa-312	236	191	-1.6166	-1.6166	X
ajfa-312	236	192	4.6	4.6	NUM
ajfa-312	236	193	analysis	analysis	NOUN
ajfa-312	236	194	of	of	ADP
ajfa-312	236	195	error	error	NOUN
ajfa-312	236	196	correction	correction	NOUN
ajfa-312	236	197	model	model	NOUN
ajfa-312	236	198	as	as	SCONJ
ajfa-312	236	199	stated	state	VERB
ajfa-312	236	200	in	in	ADP
ajfa-312	236	201	granger	granger	PROPN
ajfa-312	236	202	representation	representation	PROPN
ajfa-312	236	203	theorem	theorem	PROPN
ajfa-312	236	204	,	,	PUNCT
ajfa-312	236	205	the	the	DET
ajfa-312	236	206	relationship	relationship	NOUN
ajfa-312	236	207	between	between	ADP
ajfa-312	236	208	two	two	NUM
ajfa-312	236	209	co	co	ADJ
ajfa-312	236	210	-	-	ADJ
ajfa-312	236	211	integrated	integrated	ADJ
ajfa-312	236	212	variables	variable	NOUN
ajfa-312	236	213	can	can	AUX
ajfa-312	236	214	be	be	AUX
ajfa-312	236	215	expressed	express	VERB
ajfa-312	236	216	as	as	ADP
ajfa-312	236	217	error	error	NOUN
ajfa-312	236	218	correction	correction	NOUN
ajfa-312	236	219	model	model	NOUN
ajfa-312	236	220	(	(	PUNCT
ajfa-312	236	221	ecm	ecm	PROPN
ajfa-312	236	222	)	)	PUNCT
ajfa-312	236	223	which	which	PRON
ajfa-312	236	224	is	be	AUX
ajfa-312	236	225	useful	useful	ADJ
ajfa-312	236	226	to	to	PART
ajfa-312	236	227	capture	capture	VERB
ajfa-312	236	228	both	both	CCONJ
ajfa-312	236	229	the	the	DET
ajfa-312	236	230	short	short	ADJ
ajfa-312	236	231	-	-	PUNCT
ajfa-312	236	232	run	run	NOUN
ajfa-312	236	233	dynamic	dynamic	ADJ
ajfa-312	236	234	and	and	CCONJ
ajfa-312	236	235	long	long	ADV
ajfa-312	236	236	-	-	PUNCT
ajfa-312	236	237	run	run	NOUN
ajfa-312	236	238	relationships	relationship	NOUN
ajfa-312	236	239	between	between	ADP
ajfa-312	236	240	the	the	DET
ajfa-312	236	241	stock	stock	NOUN
ajfa-312	236	242	indices	index	NOUN
ajfa-312	236	243	.	.	PUNCT
ajfa-312	237	1	table	table	NOUN
ajfa-312	237	2	6	6	NUM
ajfa-312	237	3	below	below	ADP
ajfa-312	237	4	summarise	summarise	VERB
ajfa-312	237	5	the	the	DET
ajfa-312	237	6	f	f	PROPN
ajfa-312	237	7	-	-	PUNCT
ajfa-312	237	8	statistics	statistic	NOUN
ajfa-312	237	9	,	,	PUNCT
ajfa-312	237	10	coefficient	coefficient	NOUN
ajfa-312	237	11	of	of	ADP
ajfa-312	237	12	the	the	DET
ajfa-312	237	13	lagged	lag	VERB
ajfa-312	237	14	value	value	NOUN
ajfa-312	237	15	of	of	ADP
ajfa-312	237	16	error	error	NOUN
ajfa-312	237	17	correction	correction	NOUN
ajfa-312	237	18	term	term	NOUN
ajfa-312	237	19	(	(	PUNCT
ajfa-312	237	20	ect	ect	X
ajfa-312	237	21	)	)	PUNCT
ajfa-312	237	22	and	and	CCONJ
ajfa-312	237	23	the	the	DET
ajfa-312	237	24	t	t	PROPN
ajfa-312	237	25	-	-	PUNCT
ajfa-312	237	26	ratio	ratio	NOUN
ajfa-312	237	27	between	between	ADP
ajfa-312	237	28	pairs	pair	NOUN
ajfa-312	237	29	of	of	ADP
ajfa-312	237	30	stock	stock	NOUN
ajfa-312	237	31	market	market	NOUN
ajfa-312	237	32	indices	index	NOUN
ajfa-312	237	33	of	of	ADP
ajfa-312	237	34	china	china	PROPN
ajfa-312	237	35	and	and	CCONJ
ajfa-312	237	36	india	india	PROPN
ajfa-312	237	37	with	with	ADP
ajfa-312	237	38	four	four	NUM
ajfa-312	237	39	major	major	ADJ
ajfa-312	237	40	markets	market	NOUN
ajfa-312	237	41	.	.	PUNCT
ajfa-312	238	1	this	this	DET
ajfa-312	238	2	bivariate	bivariate	ADJ
ajfa-312	238	3	co	co	NOUN
ajfa-312	238	4	-	-	NOUN
ajfa-312	238	5	integration	integration	NOUN
ajfa-312	238	6	,	,	PUNCT
ajfa-312	238	7	if	if	SCONJ
ajfa-312	238	8	it	it	PRON
ajfa-312	238	9	exist	exist	VERB
ajfa-312	238	10	will	will	AUX
ajfa-312	238	11	reveal	reveal	VERB
ajfa-312	238	12	the	the	DET
ajfa-312	238	13	existence	existence	NOUN
ajfa-312	238	14	of	of	ADP
ajfa-312	238	15	a	a	DET
ajfa-312	238	16	long	long	ADV
ajfa-312	238	17	-	-	PUNCT
ajfa-312	238	18	run	run	NOUN
ajfa-312	238	19	equilibrium	equilibrium	NOUN
ajfa-312	238	20	.	.	PUNCT
ajfa-312	239	1	asian	asian	ADJ
ajfa-312	239	2	journal	journal	PROPN
ajfa-312	239	3	of	of	ADP
ajfa-312	239	4	finance	finance	PROPN
ajfa-312	239	5	&	&	CCONJ
ajfa-312	239	6	accounting	accounting	PROPN
ajfa-312	239	7	issn	issn	PROPN
ajfa-312	239	8	1946	1946	NUM
ajfa-312	239	9	-	-	PUNCT
ajfa-312	239	10	052x	052x	NOUN
ajfa-312	239	11	2010	2010	NUM
ajfa-312	239	12	,	,	PUNCT
ajfa-312	239	13	vol	vol	NOUN
ajfa-312	239	14	.	.	PROPN
ajfa-312	239	15	2	2	NUM
ajfa-312	239	16	,	,	PUNCT
ajfa-312	239	17	no	no	INTJ
ajfa-312	239	18	.	.	NOUN
ajfa-312	239	19	2	2	NUM
ajfa-312	239	20	:	:	PUNCT
ajfa-312	239	21	e2	e2	VERB
ajfa-312	239	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-312	239	23	36	36	NUM
ajfa-312	239	24	the	the	DET
ajfa-312	239	25	significance	significance	NOUN
ajfa-312	239	26	of	of	ADP
ajfa-312	239	27	the	the	DET
ajfa-312	239	28	f	f	PROPN
ajfa-312	239	29	-	-	PUNCT
ajfa-312	239	30	statistics	statistic	NOUN
ajfa-312	239	31	on	on	ADP
ajfa-312	239	32	the	the	DET
ajfa-312	239	33	lagged	lag	VERB
ajfa-312	239	34	value	value	NOUN
ajfa-312	239	35	of	of	ADP
ajfa-312	239	36	ect	ect	NOUN
ajfa-312	239	37	,	,	PUNCT
ajfa-312	239	38	suggests	suggest	VERB
ajfa-312	239	39	that	that	SCONJ
ajfa-312	239	40	short	short	ADJ
ajfa-312	239	41	-	-	PUNCT
ajfa-312	239	42	run	run	NOUN
ajfa-312	239	43	causality	causality	NOUN
ajfa-312	239	44	exists	exist	VERB
ajfa-312	239	45	between	between	ADP
ajfa-312	239	46	the	the	DET
ajfa-312	239	47	two	two	NUM
ajfa-312	239	48	co	co	ADJ
ajfa-312	239	49	-	-	ADJ
ajfa-312	239	50	integrating	integrating	ADJ
ajfa-312	239	51	indices	index	NOUN
ajfa-312	239	52	.	.	PUNCT
ajfa-312	240	1	on	on	ADP
ajfa-312	240	2	the	the	DET
ajfa-312	240	3	other	other	ADJ
ajfa-312	240	4	hand	hand	NOUN
ajfa-312	240	5	,	,	PUNCT
ajfa-312	240	6	the	the	DET
ajfa-312	240	7	long	long	ADV
ajfa-312	240	8	-	-	PUNCT
ajfa-312	240	9	run	run	NOUN
ajfa-312	240	10	relationship	relationship	NOUN
ajfa-312	240	11	is	be	AUX
ajfa-312	240	12	captured	capture	VERB
ajfa-312	240	13	through	through	ADP
ajfa-312	240	14	the	the	DET
ajfa-312	240	15	significance	significance	NOUN
ajfa-312	240	16	of	of	ADP
ajfa-312	240	17	the	the	DET
ajfa-312	240	18	t	t	PROPN
ajfa-312	240	19	test	test	NOUN
ajfa-312	240	20	of	of	ADP
ajfa-312	240	21	the	the	DET
ajfa-312	240	22	lagged	lag	VERB
ajfa-312	240	23	error	error	NOUN
ajfa-312	240	24	correction	correction	NOUN
ajfa-312	240	25	term	term	NOUN
ajfa-312	240	26	.	.	PUNCT
ajfa-312	241	1	table	table	NOUN
ajfa-312	241	2	6	6	NUM
ajfa-312	241	3	.	.	PUNCT
ajfa-312	241	4	bivariate	bivariate	ADJ
ajfa-312	241	5	ecm	ecm	NOUN
ajfa-312	241	6	for	for	ADP
ajfa-312	241	7	co	co	ADJ
ajfa-312	241	8	-	-	ADJ
ajfa-312	241	9	integrated	integrated	ADJ
ajfa-312	241	10	indices	index	NOUN
ajfa-312	241	11	panel	panel	NOUN
ajfa-312	241	12	a	a	DET
ajfa-312	241	13	panel	panel	NOUN
ajfa-312	242	1	b	b	PROPN
ajfa-312	242	2	stock	stock	NOUN
ajfa-312	242	3	indices	indice	VERB
ajfa-312	242	4	α2	α2	PROPN
ajfa-312	242	5	t	t	PROPN
ajfa-312	242	6	-	-	PUNCT
ajfa-312	242	7	stat	stat	NOUN
ajfa-312	242	8	for	for	ADP
ajfa-312	242	9	µt-1	µt-1	ADP
ajfa-312	242	10	f	f	PROPN
ajfa-312	242	11	stock	stock	NOUN
ajfa-312	242	12	indices	indice	VERB
ajfa-312	242	13	α2	α2	PROPN
ajfa-312	242	14	t	t	PROPN
ajfa-312	242	15	-	-	PUNCT
ajfa-312	242	16	stat	stat	NOUN
ajfa-312	242	17	for	for	ADP
ajfa-312	242	18	µt-1	µt-1	NUM
ajfa-312	242	19	f	f	PROPN
ajfa-312	242	20	shcomp	shcomp	NOUN
ajfa-312	242	21	/	/	SYM
ajfa-312	242	22	djia	djia	PROPN
ajfa-312	242	23	-0.047	-0.047	PUNCT
ajfa-312	242	24	-2.043	-2.043	PROPN
ajfa-312	242	25	*	*	PUNCT
ajfa-312	242	26	3.068	3.068	NUM
ajfa-312	242	27	*	*	NOUN
ajfa-312	242	28	sensex	sensex	PROPN
ajfa-312	242	29	/	/	SYM
ajfa-312	242	30	djia	djia	PROPN
ajfa-312	242	31	-0.026	-0.026	PUNCT
ajfa-312	242	32	-1.108	-1.108	PUNCT
ajfa-312	242	33	48.293	48.293	NUM
ajfa-312	242	34	*	*	NOUN
ajfa-312	242	35	shcomp	shcomp	NOUN
ajfa-312	242	36	/	/	SYM
ajfa-312	242	37	ftse	ftse	PROPN
ajfa-312	242	38	-0.054	-0.054	X
ajfa-312	242	39	-2.334	-2.334	PUNCT
ajfa-312	242	40	*	*	X
ajfa-312	242	41	12.353	12.353	NUM
ajfa-312	242	42	*	*	PUNCT
ajfa-312	242	43	sensex	sensex	PROPN
ajfa-312	242	44	/	/	SYM
ajfa-312	242	45	ftse	ftse	PROPN
ajfa-312	242	46	-0.044	-0.044	X
ajfa-312	243	1	-1.895	-1.895	PROPN
ajfa-312	243	2	*	*	PUNCT
ajfa-312	243	3	125.877	125.877	NUM
ajfa-312	243	4	*	*	NOUN
ajfa-312	243	5	shcomp	shcomp	NOUN
ajfa-312	243	6	/	/	SYM
ajfa-312	243	7	nky	nky	PROPN
ajfa-312	243	8	-0.036	-0.036	NOUN
ajfa-312	243	9	-1.535	-1.535	PROPN
ajfa-312	243	10	51.614	51.614	NUM
ajfa-312	243	11	*	*	PROPN
ajfa-312	243	12	sensex	sensex	PROPN
ajfa-312	243	13	/	/	SYM
ajfa-312	243	14	nky	nky	PROPN
ajfa-312	243	15	-0.045	-0.045	PROPN
ajfa-312	244	1	-1.935	-1.935	PROPN
ajfa-312	244	2	*	*	PUNCT
ajfa-312	244	3	*	*	PUNCT
ajfa-312	244	4	217.661	217.661	NUM
ajfa-312	244	5	*	*	SYM
ajfa-312	244	6	shcomp/	shcomp/	NUM
ajfa-312	244	7	hangseng	hangseng	NOUN
ajfa-312	244	8	-1.024	-1.024	PUNCT
ajfa-312	244	9	-1.031	-1.031	NOUN
ajfa-312	244	10	189.966	189.966	NUM
ajfa-312	244	11	*	*	SYM
ajfa-312	244	12	sensex/	sensex/	NUM
ajfa-312	244	13	hangseng	hangseng	NOUN
ajfa-312	244	14	-0.004	-0.004	PUNCT
ajfa-312	244	15	-0.154	-0.154	PROPN
ajfa-312	244	16	611.053	611.053	NUM
ajfa-312	244	17	*	*	NOUN
ajfa-312	244	18	shcomp	shcomp	NOUN
ajfa-312	244	19	/	/	SYM
ajfa-312	244	20	sensex	sensex	NOUN
ajfa-312	244	21	-0.062	-0.062	PRON
ajfa-312	244	22	-2.667	-2.667	NOUN
ajfa-312	244	23	*	*	PROPN
ajfa-312	244	24	93.646	93.646	NUM
ajfa-312	244	25	*	*	SYM
ajfa-312	244	26	sensex/	sensex/	NUM
ajfa-312	244	27	shcomp	shcomp	NOUN
ajfa-312	244	28	-0.006	-0.006	PROPN
ajfa-312	244	29	-0.245	-0.245	X
ajfa-312	244	30	89.781	89.781	NUM
ajfa-312	244	31	*	*	NOUN
ajfa-312	244	32	shcomp	shcomp	NOUN
ajfa-312	244	33	/	/	SYM
ajfa-312	244	34	nifty	nifty	ADJ
ajfa-312	244	35	-0.057	-0.057	PUNCT
ajfa-312	244	36	-2.440	-2.440	PUNCT
ajfa-312	244	37	*	*	PUNCT
ajfa-312	244	38	105.705	105.705	NUM
ajfa-312	244	39	*	*	NOUN
ajfa-312	244	40	sensex	sensex	NOUN
ajfa-312	244	41	/	/	SYM
ajfa-312	244	42	szcomp	szcomp	VERB
ajfa-312	244	43	0.015	0.015	NUM
ajfa-312	244	44	0.636	0.636	NUM
ajfa-312	244	45	59.551	59.551	NUM
ajfa-312	244	46	*	*	PUNCT
ajfa-312	244	47	szcomp	szcomp	PROPN
ajfa-312	244	48	/	/	PUNCT
ajfa-312	244	49	djia	djia	PROPN
ajfa-312	244	50	0.015	0.015	NUM
ajfa-312	245	1	0.664	0.664	NUM
ajfa-312	245	2	0.431	0.431	NUM
ajfa-312	245	3	nifty	nifty	ADJ
ajfa-312	245	4	/	/	SYM
ajfa-312	245	5	djia	djia	NOUN
ajfa-312	245	6	-0.049	-0.049	PUNCT
ajfa-312	245	7	-2.132	-2.132	PUNCT
ajfa-312	245	8	*	*	PUNCT
ajfa-312	245	9	44.562	44.562	NUM
ajfa-312	245	10	*	*	PUNCT
ajfa-312	245	11	szcomp	szcomp	NOUN
ajfa-312	245	12	/	/	SYM
ajfa-312	245	13	ftse	ftse	PROPN
ajfa-312	245	14	0.013	0.013	NUM
ajfa-312	245	15	0.571	0.571	NUM
ajfa-312	245	16	4.593	4.593	NUM
ajfa-312	245	17	*	*	PUNCT
ajfa-312	245	18	nifty	nifty	ADJ
ajfa-312	245	19	/	/	SYM
ajfa-312	245	20	ftse	ftse	PROPN
ajfa-312	245	21	-0.067	-0.067	NOUN
ajfa-312	246	1	-2.909	-2.909	X
ajfa-312	246	2	*	*	PUNCT
ajfa-312	246	3	118.953	118.953	NUM
ajfa-312	246	4	*	*	NOUN
ajfa-312	246	5	shcomp	shcomp	NOUN
ajfa-312	246	6	/	/	SYM
ajfa-312	246	7	nky	nky	PROPN
ajfa-312	247	1	0.032	0.032	NUM
ajfa-312	247	2	1.374	1.374	NUM
ajfa-312	247	3	36.134	36.134	NUM
ajfa-312	247	4	*	*	NOUN
ajfa-312	247	5	nifty	nifty	ADJ
ajfa-312	247	6	/	/	SYM
ajfa-312	247	7	nky	nky	PROPN
ajfa-312	247	8	-0.065	-0.065	NUM
ajfa-312	247	9	-2.787	-2.787	PUNCT
ajfa-312	247	10	*	*	SYM
ajfa-312	247	11	212.886	212.886	NUM
ajfa-312	247	12	*	*	PUNCT
ajfa-312	247	13	shcomp/	shcomp/	NUM
ajfa-312	247	14	hangseng	hangseng	NOUN
ajfa-312	247	15	0.060	0.060	NUM
ajfa-312	247	16	2.573	2.573	NUM
ajfa-312	247	17	*	*	PUNCT
ajfa-312	247	18	125.535	125.535	NUM
ajfa-312	247	19	*	*	SYM
ajfa-312	247	20	nifty	nifty	ADJ
ajfa-312	247	21	/	/	SYM
ajfa-312	247	22	hangseng	hangseng	NOUN
ajfa-312	247	23	-0.014	-0.014	NOUN
ajfa-312	247	24	-0.611	-0.611	PROPN
ajfa-312	247	25	628.000	628.000	NUM
ajfa-312	247	26	*	*	NOUN
ajfa-312	247	27	shcomp	shcomp	NOUN
ajfa-312	247	28	/	/	SYM
ajfa-312	247	29	sensex	sensex	PROPN
ajfa-312	247	30	0.019	0.019	NUM
ajfa-312	247	31	0.835	0.835	NUM
ajfa-312	247	32	59.706	59.706	NUM
ajfa-312	247	33	*	*	NOUN
ajfa-312	247	34	nifty	nifty	ADJ
ajfa-312	247	35	/	/	SYM
ajfa-312	247	36	shcomp	shcomp	NOUN
ajfa-312	247	37	-0.027	-0.027	PUNCT
ajfa-312	247	38	-1.163	-1.163	PROPN
ajfa-312	247	39	103.151	103.151	NUM
ajfa-312	247	40	*	*	NOUN
ajfa-312	247	41	shcomp	shcomp	NOUN
ajfa-312	247	42	/	/	SYM
ajfa-312	247	43	nifty	nifty	ADJ
ajfa-312	247	44	0.027	0.027	NUM
ajfa-312	247	45	1.163	1.163	NUM
ajfa-312	247	46	68.056	68.056	NUM
ajfa-312	247	47	*	*	NOUN
ajfa-312	247	48	nifty	nifty	ADJ
ajfa-312	247	49	/	/	SYM
ajfa-312	247	50	szcomp	szcomp	NOUN
ajfa-312	247	51	-0.004	-0.004	PUNCT
ajfa-312	247	52	-0.181	-0.181	PUNCT
ajfa-312	247	53	67.349	67.349	NUM
ajfa-312	247	54	*	*	PUNCT
ajfa-312	247	55	*	*	PUNCT
ajfa-312	247	56	indicates	indicate	VERB
ajfa-312	247	57	significance	significance	NOUN
ajfa-312	247	58	at	at	ADP
ajfa-312	247	59	the	the	DET
ajfa-312	247	60	5	5	NUM
ajfa-312	247	61	%	%	NOUN
ajfa-312	247	62	level	level	NOUN
ajfa-312	247	63	*	*	PUNCT
ajfa-312	247	64	*	*	PUNCT
ajfa-312	247	65	indicates	indicate	VERB
ajfa-312	247	66	significance	significance	NOUN
ajfa-312	247	67	at	at	ADP
ajfa-312	247	68	the	the	DET
ajfa-312	247	69	10	10	NUM
ajfa-312	247	70	%	%	NOUN
ajfa-312	247	71	level	level	NOUN
ajfa-312	247	72	panel	panel	NOUN
ajfa-312	247	73	a	a	DET
ajfa-312	247	74	presents	present	NOUN
ajfa-312	247	75	the	the	DET
ajfa-312	247	76	result	result	NOUN
ajfa-312	247	77	tested	test	VERB
ajfa-312	247	78	between	between	ADP
ajfa-312	247	79	shanghai	shanghai	PROPN
ajfa-312	247	80	and	and	CCONJ
ajfa-312	247	81	shenzen	shenzen	PROPN
ajfa-312	247	82	index	index	NOUN
ajfa-312	247	83	with	with	ADP
ajfa-312	247	84	other	other	ADJ
ajfa-312	247	85	indices	index	NOUN
ajfa-312	247	86	.	.	PUNCT
ajfa-312	248	1	the	the	DET
ajfa-312	248	2	significance	significance	NOUN
ajfa-312	248	3	of	of	ADP
ajfa-312	248	4	the	the	DET
ajfa-312	248	5	f	f	PROPN
ajfa-312	248	6	stat	stat	NOUN
ajfa-312	248	7	on	on	ADP
ajfa-312	248	8	lagged	lag	VERB
ajfa-312	248	9	value	value	NOUN
ajfa-312	248	10	of	of	ADP
ajfa-312	248	11	independent	independent	ADJ
ajfa-312	248	12	stock	stock	NOUN
ajfa-312	248	13	index	index	NOUN
ajfa-312	248	14	xt-1	xt-1	PROPN
ajfa-312	248	15	,	,	PUNCT
ajfa-312	248	16	suggests	suggest	VERB
ajfa-312	248	17	that	that	SCONJ
ajfa-312	248	18	short	short	ADJ
ajfa-312	248	19	-	-	PUNCT
ajfa-312	248	20	run	run	NOUN
ajfa-312	248	21	causality	causality	NOUN
ajfa-312	248	22	exist	exist	VERB
ajfa-312	248	23	between	between	ADP
ajfa-312	248	24	shanghai	shanghai	PROPN
ajfa-312	248	25	and	and	CCONJ
ajfa-312	248	26	all	all	DET
ajfa-312	248	27	indices	index	NOUN
ajfa-312	248	28	at	at	ADP
ajfa-312	248	29	the	the	DET
ajfa-312	248	30	5	5	NUM
ajfa-312	248	31	per	per	NOUN
ajfa-312	248	32	cent	cent	NOUN
ajfa-312	248	33	level	level	NOUN
ajfa-312	248	34	.	.	PUNCT
ajfa-312	249	1	there	there	PRON
ajfa-312	249	2	is	be	VERB
ajfa-312	249	3	also	also	ADV
ajfa-312	249	4	evidence	evidence	NOUN
ajfa-312	249	5	of	of	ADP
ajfa-312	249	6	short	short	ADJ
ajfa-312	249	7	-	-	PUNCT
ajfa-312	249	8	run	run	NOUN
ajfa-312	249	9	causality	causality	NOUN
ajfa-312	249	10	between	between	ADP
ajfa-312	249	11	shenzen	shenzen	PROPN
ajfa-312	249	12	and	and	CCONJ
ajfa-312	249	13	other	other	ADJ
ajfa-312	249	14	indices	index	NOUN
ajfa-312	249	15	except	except	SCONJ
ajfa-312	249	16	djia	djia	PROPN
ajfa-312	249	17	,	,	PUNCT
ajfa-312	249	18	which	which	PRON
ajfa-312	249	19	means	mean	VERB
ajfa-312	249	20	that	that	SCONJ
ajfa-312	249	21	there	there	PRON
ajfa-312	249	22	is	be	VERB
ajfa-312	249	23	no	no	DET
ajfa-312	249	24	causal	causal	ADJ
ajfa-312	249	25	link	link	NOUN
ajfa-312	249	26	from	from	ADP
ajfa-312	249	27	djia	djia	PROPN
ajfa-312	249	28	to	to	ADP
ajfa-312	249	29	shenzen	shenzen	PROPN
ajfa-312	249	30	.	.	PUNCT
ajfa-312	250	1	however	however	ADV
ajfa-312	250	2	,	,	PUNCT
ajfa-312	250	3	the	the	DET
ajfa-312	250	4	significant	significant	NOUN
ajfa-312	250	5	of	of	ADP
ajfa-312	250	6	t	t	PROPN
ajfa-312	250	7	stat	stat	NOUN
ajfa-312	250	8	on	on	ADP
ajfa-312	250	9	the	the	DET
ajfa-312	250	10	lagged	lag	VERB
ajfa-312	250	11	error	error	NOUN
ajfa-312	250	12	correction	correction	NOUN
ajfa-312	250	13	term	term	NOUN
ajfa-312	250	14	µt-1	µt-1	PUNCT
ajfa-312	250	15	suggests	suggest	VERB
ajfa-312	250	16	that	that	SCONJ
ajfa-312	250	17	there	there	PRON
ajfa-312	250	18	is	be	VERB
ajfa-312	250	19	long	long	ADV
ajfa-312	250	20	-	-	PUNCT
ajfa-312	250	21	run	run	NOUN
ajfa-312	250	22	relationship	relationship	NOUN
ajfa-312	250	23	between	between	ADP
ajfa-312	250	24	shanghai	shanghai	PROPN
ajfa-312	250	25	and	and	CCONJ
ajfa-312	250	26	djia	djia	PROPN
ajfa-312	250	27	,	,	PUNCT
ajfa-312	250	28	ftse	ftse	PROPN
ajfa-312	250	29	and	and	CCONJ
ajfa-312	250	30	both	both	PRON
ajfa-312	250	31	indian	indian	ADJ
ajfa-312	250	32	stock	stock	NOUN
ajfa-312	250	33	indices	indice	VERB
ajfa-312	250	34	i.e.	i.e.	X
ajfa-312	250	35	sensex	sensex	NOUN
ajfa-312	250	36	and	and	CCONJ
ajfa-312	250	37	nifty	nifty	ADJ
ajfa-312	250	38	at	at	ADP
ajfa-312	250	39	5	5	NUM
ajfa-312	250	40	per	per	NOUN
ajfa-312	250	41	cent	cent	NOUN
ajfa-312	250	42	level	level	NOUN
ajfa-312	250	43	.	.	PUNCT
ajfa-312	251	1	however	however	ADV
ajfa-312	251	2	for	for	SCONJ
ajfa-312	251	3	shenzen	shenzen	ADJ
ajfa-312	251	4	,	,	PUNCT
ajfa-312	251	5	long	long	ADJ
ajfa-312	251	6	-	-	PUNCT
ajfa-312	251	7	run	run	NOUN
ajfa-312	251	8	relationship	relationship	NOUN
ajfa-312	251	9	is	be	AUX
ajfa-312	251	10	only	only	ADV
ajfa-312	251	11	found	find	VERB
ajfa-312	251	12	with	with	ADP
ajfa-312	251	13	hang	hang	PROPN
ajfa-312	251	14	seng	seng	PROPN
ajfa-312	251	15	.	.	PUNCT
ajfa-312	252	1	the	the	DET
ajfa-312	252	2	results	result	NOUN
ajfa-312	252	3	of	of	ADP
ajfa-312	252	4	f	f	PROPN
ajfa-312	252	5	stat	stat	PROPN
ajfa-312	252	6	and	and	CCONJ
ajfa-312	252	7	t	t	PROPN
ajfa-312	252	8	ratio	ratio	NOUN
ajfa-312	252	9	for	for	ADP
ajfa-312	252	10	indian	indian	ADJ
ajfa-312	252	11	market	market	NOUN
ajfa-312	252	12	are	be	AUX
ajfa-312	252	13	summarized	summarize	VERB
ajfa-312	252	14	in	in	ADP
ajfa-312	252	15	panel	panel	NOUN
ajfa-312	252	16	b.	b.	PROPN
ajfa-312	253	1	the	the	DET
ajfa-312	253	2	results	result	NOUN
ajfa-312	253	3	saw	see	VERB
ajfa-312	253	4	both	both	DET
ajfa-312	253	5	sensex	sensex	NOUN
ajfa-312	253	6	and	and	CCONJ
ajfa-312	253	7	nifty	nifty	ADJ
ajfa-312	253	8	have	have	VERB
ajfa-312	253	9	short	short	ADJ
ajfa-312	253	10	-	-	PUNCT
ajfa-312	253	11	run	run	NOUN
ajfa-312	253	12	causality	causality	NOUN
ajfa-312	253	13	with	with	ADP
ajfa-312	253	14	all	all	DET
ajfa-312	253	15	the	the	DET
ajfa-312	253	16	four	four	NUM
ajfa-312	253	17	major	major	ADJ
ajfa-312	253	18	markets	market	NOUN
ajfa-312	253	19	.	.	PUNCT
ajfa-312	254	1	however	however	ADV
ajfa-312	254	2	,	,	PUNCT
ajfa-312	254	3	sensex	sensex	PROPN
ajfa-312	254	4	is	be	AUX
ajfa-312	254	5	found	find	VERB
ajfa-312	254	6	to	to	PART
ajfa-312	254	7	have	have	VERB
ajfa-312	254	8	a	a	DET
ajfa-312	254	9	long	long	ADJ
ajfa-312	254	10	run	run	NOUN
ajfa-312	254	11	relationship	relationship	NOUN
ajfa-312	254	12	only	only	ADV
ajfa-312	254	13	with	with	ADP
ajfa-312	254	14	ftse	ftse	NOUN
ajfa-312	254	15	as	as	ADP
ajfa-312	254	16	evidence	evidence	NOUN
ajfa-312	254	17	by	by	ADP
ajfa-312	254	18	the	the	DET
ajfa-312	254	19	significance	significance	NOUN
ajfa-312	254	20	of	of	ADP
ajfa-312	254	21	t	t	PROPN
ajfa-312	254	22	stat	stat	NOUN
ajfa-312	254	23	on	on	ADP
ajfa-312	254	24	lagged	lag	VERB
ajfa-312	254	25	error	error	NOUN
ajfa-312	254	26	correction	correction	NOUN
ajfa-312	254	27	term	term	NOUN
ajfa-312	254	28	at	at	ADP
ajfa-312	254	29	5	5	NUM
ajfa-312	254	30	per	per	ADP
ajfa-312	254	31	cent	cent	NOUN
ajfa-312	254	32	.	.	PUNCT
ajfa-312	255	1	result	result	PROPN
ajfa-312	255	2	also	also	ADV
ajfa-312	255	3	suggests	suggest	VERB
ajfa-312	255	4	that	that	SCONJ
ajfa-312	255	5	sensex	sensex	NOUN
ajfa-312	255	6	has	have	VERB
ajfa-312	255	7	a	a	DET
ajfa-312	255	8	long	long	ADJ
ajfa-312	255	9	run	run	NOUN
ajfa-312	255	10	relationship	relationship	NOUN
ajfa-312	255	11	with	with	ADP
ajfa-312	255	12	nikkei	nikkei	NOUN
ajfa-312	255	13	at	at	ADP
ajfa-312	255	14	10	10	NUM
ajfa-312	255	15	per	per	NOUN
ajfa-312	255	16	cent	cent	NOUN
ajfa-312	255	17	level	level	NOUN
ajfa-312	255	18	.	.	PUNCT
ajfa-312	256	1	therefore	therefore	ADV
ajfa-312	256	2	,	,	PUNCT
ajfa-312	256	3	nifty	nifty	ADJ
ajfa-312	256	4	is	be	AUX
ajfa-312	256	5	found	find	VERB
ajfa-312	256	6	to	to	PART
ajfa-312	256	7	have	have	VERB
ajfa-312	256	8	a	a	DET
ajfa-312	256	9	long	long	ADJ
ajfa-312	256	10	run	run	NOUN
ajfa-312	256	11	relationship	relationship	NOUN
ajfa-312	256	12	with	with	ADP
ajfa-312	256	13	djia	djia	PROPN
ajfa-312	256	14	,	,	PUNCT
ajfa-312	256	15	ftse	ftse	PROPN
ajfa-312	256	16	and	and	CCONJ
ajfa-312	256	17	nky	nky	PROPN
ajfa-312	256	18	.	.	PUNCT
ajfa-312	257	1	although	although	SCONJ
ajfa-312	257	2	the	the	DET
ajfa-312	257	3	ect	ect	NOUN
ajfa-312	257	4	is	be	AUX
ajfa-312	257	5	only	only	ADV
ajfa-312	257	6	statistically	statistically	ADV
ajfa-312	257	7	significant	significant	ADJ
ajfa-312	257	8	in	in	ADP
ajfa-312	257	9	few	few	ADJ
ajfa-312	257	10	equations	equation	NOUN
ajfa-312	257	11	,	,	PUNCT
ajfa-312	257	12	we	we	PRON
ajfa-312	257	13	can	can	AUX
ajfa-312	257	14	not	not	PART
ajfa-312	257	15	assume	assume	VERB
ajfa-312	257	16	that	that	SCONJ
ajfa-312	257	17	all	all	DET
ajfa-312	257	18	asian	asian	ADJ
ajfa-312	257	19	journal	journal	NOUN
ajfa-312	257	20	of	of	ADP
ajfa-312	257	21	finance	finance	PROPN
ajfa-312	257	22	&	&	CCONJ
ajfa-312	257	23	accounting	accounting	PROPN
ajfa-312	257	24	issn	issn	PROPN
ajfa-312	257	25	1946	1946	NUM
ajfa-312	257	26	-	-	PUNCT
ajfa-312	257	27	052x	052x	NOUN
ajfa-312	257	28	2010	2010	NUM
ajfa-312	257	29	,	,	PUNCT
ajfa-312	257	30	vol	vol	NOUN
ajfa-312	257	31	.	.	PROPN
ajfa-312	257	32	2	2	NUM
ajfa-312	257	33	,	,	PUNCT
ajfa-312	257	34	no	no	INTJ
ajfa-312	257	35	.	.	NOUN
ajfa-312	257	36	2	2	NUM
ajfa-312	257	37	:	:	PUNCT
ajfa-312	257	38	e2	e2	VERB
ajfa-312	257	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	257	40	37	37	NUM
ajfa-312	257	41	other	other	ADJ
ajfa-312	257	42	markets	market	NOUN
ajfa-312	257	43	are	be	AUX
ajfa-312	257	44	non	non	ADJ
ajfa-312	257	45	-	-	ADJ
ajfa-312	257	46	causal	causal	ADJ
ajfa-312	257	47	to	to	ADP
ajfa-312	257	48	both	both	DET
ajfa-312	257	49	sensex	sensex	NOUN
ajfa-312	257	50	and	and	CCONJ
ajfa-312	257	51	nifty	nifty	ADJ
ajfa-312	257	52	since	since	SCONJ
ajfa-312	257	53	the	the	DET
ajfa-312	257	54	short	short	ADJ
ajfa-312	257	55	run	run	NOUN
ajfa-312	257	56	channel	channel	NOUN
ajfa-312	257	57	still	still	ADV
ajfa-312	257	58	active	active	ADJ
ajfa-312	257	59	indicated	indicate	VERB
ajfa-312	257	60	by	by	ADP
ajfa-312	257	61	the	the	DET
ajfa-312	257	62	significance	significance	NOUN
ajfa-312	257	63	f	f	PROPN
ajfa-312	257	64	stat	stat	NOUN
ajfa-312	257	65	in	in	ADP
ajfa-312	257	66	all	all	DET
ajfa-312	257	67	equations	equation	NOUN
ajfa-312	257	68	of	of	ADP
ajfa-312	257	69	sensex	sensex	NOUN
ajfa-312	257	70	and	and	CCONJ
ajfa-312	257	71	nifty	nifty	ADJ
ajfa-312	257	72	with	with	ADP
ajfa-312	257	73	other	other	ADJ
ajfa-312	257	74	markets	market	NOUN
ajfa-312	257	75	.	.	PUNCT
ajfa-312	258	1	5	5	X
ajfa-312	258	2	.	.	X
ajfa-312	258	3	conclusion	conclusion	NOUN
ajfa-312	258	4	this	this	DET
ajfa-312	258	5	study	study	NOUN
ajfa-312	258	6	has	have	AUX
ajfa-312	258	7	investigated	investigate	VERB
ajfa-312	258	8	the	the	DET
ajfa-312	258	9	linkage	linkage	NOUN
ajfa-312	258	10	of	of	ADP
ajfa-312	258	11	both	both	CCONJ
ajfa-312	258	12	indian	indian	ADJ
ajfa-312	258	13	and	and	CCONJ
ajfa-312	258	14	chinese	chinese	ADJ
ajfa-312	258	15	market	market	NOUN
ajfa-312	258	16	with	with	ADP
ajfa-312	258	17	other	other	ADJ
ajfa-312	258	18	major	major	ADJ
ajfa-312	258	19	developed	develop	VERB
ajfa-312	258	20	markets	market	NOUN
ajfa-312	258	21	namely	namely	ADV
ajfa-312	258	22	united	united	ADJ
ajfa-312	258	23	states	states	PROPN
ajfa-312	258	24	(	(	PUNCT
ajfa-312	258	25	u.s	u.s	PROPN
ajfa-312	258	26	.	.	PROPN
ajfa-312	258	27	)	)	PUNCT
ajfa-312	258	28	,	,	PUNCT
ajfa-312	258	29	united	united	PROPN
ajfa-312	258	30	kingdom	kingdom	PROPN
ajfa-312	258	31	(	(	PUNCT
ajfa-312	258	32	u.k	u.k	PROPN
ajfa-312	258	33	.	.	PROPN
ajfa-312	258	34	)	)	PUNCT
ajfa-312	258	35	,	,	PUNCT
ajfa-312	258	36	japan	japan	PROPN
ajfa-312	258	37	and	and	CCONJ
ajfa-312	258	38	hong	hong	PROPN
ajfa-312	258	39	kong	kong	PROPN
ajfa-312	258	40	.	.	PUNCT
ajfa-312	259	1	extending	extend	VERB
ajfa-312	259	2	related	related	ADJ
ajfa-312	259	3	empirical	empirical	ADJ
ajfa-312	259	4	studies	study	NOUN
ajfa-312	259	5	,	,	PUNCT
ajfa-312	259	6	the	the	DET
ajfa-312	259	7	correlation	correlation	NOUN
ajfa-312	259	8	test	test	NOUN
ajfa-312	259	9	is	be	AUX
ajfa-312	259	10	used	use	VERB
ajfa-312	259	11	as	as	ADP
ajfa-312	259	12	preliminary	preliminary	ADJ
ajfa-312	259	13	phase	phase	NOUN
ajfa-312	259	14	of	of	ADP
ajfa-312	259	15	examining	examine	VERB
ajfa-312	259	16	the	the	DET
ajfa-312	259	17	linkages	linkage	NOUN
ajfa-312	259	18	between	between	ADP
ajfa-312	259	19	the	the	DET
ajfa-312	259	20	markets	market	NOUN
ajfa-312	259	21	.	.	PUNCT
ajfa-312	260	1	next	next	ADP
ajfa-312	260	2	the	the	DET
ajfa-312	260	3	co	co	NOUN
ajfa-312	260	4	-	-	NOUN
ajfa-312	260	5	integration	integration	NOUN
ajfa-312	260	6	test	test	NOUN
ajfa-312	260	7	is	be	AUX
ajfa-312	260	8	applied	apply	VERB
ajfa-312	260	9	to	to	PART
ajfa-312	260	10	comprehensively	comprehensively	ADV
ajfa-312	260	11	investigate	investigate	VERB
ajfa-312	260	12	the	the	DET
ajfa-312	260	13	direction	direction	NOUN
ajfa-312	260	14	of	of	ADP
ajfa-312	260	15	relationship	relationship	NOUN
ajfa-312	260	16	.	.	PUNCT
ajfa-312	261	1	based	base	VERB
ajfa-312	261	2	on	on	ADP
ajfa-312	261	3	the	the	DET
ajfa-312	261	4	analysis	analysis	NOUN
ajfa-312	261	5	of	of	ADP
ajfa-312	261	6	correlation	correlation	NOUN
ajfa-312	261	7	,	,	PUNCT
ajfa-312	261	8	it	it	PRON
ajfa-312	261	9	was	be	AUX
ajfa-312	261	10	found	find	VERB
ajfa-312	261	11	that	that	SCONJ
ajfa-312	261	12	both	both	PRON
ajfa-312	261	13	china	china	PROPN
ajfa-312	261	14	and	and	CCONJ
ajfa-312	261	15	india	india	PROPN
ajfa-312	261	16	are	be	AUX
ajfa-312	261	17	highly	highly	ADV
ajfa-312	261	18	correlated	correlate	VERB
ajfa-312	261	19	with	with	ADP
ajfa-312	261	20	u.s	u.s	PROPN
ajfa-312	261	21	.	.	PROPN
ajfa-312	261	22	this	this	PRON
ajfa-312	261	23	is	be	AUX
ajfa-312	261	24	not	not	PART
ajfa-312	261	25	surprising	surprising	ADJ
ajfa-312	261	26	as	as	SCONJ
ajfa-312	261	27	u.s	u.s	PROPN
ajfa-312	261	28	is	be	AUX
ajfa-312	261	29	the	the	DET
ajfa-312	261	30	world	world	NOUN
ajfa-312	261	31	’s	’s	PART
ajfa-312	261	32	foremost	foremost	ADJ
ajfa-312	261	33	stock	stock	NOUN
ajfa-312	261	34	market	market	NOUN
ajfa-312	261	35	and	and	CCONJ
ajfa-312	261	36	has	have	VERB
ajfa-312	261	37	large	large	ADJ
ajfa-312	261	38	influence	influence	NOUN
ajfa-312	261	39	on	on	ADP
ajfa-312	261	40	other	other	ADJ
ajfa-312	261	41	stock	stock	NOUN
ajfa-312	261	42	markets	market	NOUN
ajfa-312	261	43	.	.	PUNCT
ajfa-312	262	1	beside	beside	ADP
ajfa-312	262	2	that	that	PRON
ajfa-312	262	3	u.s	u.s	PROPN
ajfa-312	262	4	.	.	PROPN
ajfa-312	262	5	is	be	AUX
ajfa-312	262	6	also	also	ADV
ajfa-312	262	7	one	one	NUM
ajfa-312	262	8	of	of	ADP
ajfa-312	262	9	the	the	DET
ajfa-312	262	10	main	main	ADJ
ajfa-312	262	11	trading	trading	NOUN
ajfa-312	262	12	partners	partner	NOUN
ajfa-312	262	13	for	for	ADP
ajfa-312	262	14	both	both	DET
ajfa-312	262	15	china	china	PROPN
ajfa-312	262	16	and	and	CCONJ
ajfa-312	262	17	india	india	PROPN
ajfa-312	262	18	.	.	PUNCT
ajfa-312	263	1	it	it	PRON
ajfa-312	263	2	was	be	AUX
ajfa-312	263	3	also	also	ADV
ajfa-312	263	4	found	find	VERB
ajfa-312	263	5	that	that	SCONJ
ajfa-312	263	6	china	china	PROPN
ajfa-312	263	7	is	be	AUX
ajfa-312	263	8	highly	highly	ADV
ajfa-312	263	9	correlated	correlate	VERB
ajfa-312	263	10	with	with	ADP
ajfa-312	263	11	hong	hong	PROPN
ajfa-312	263	12	kong	kong	PROPN
ajfa-312	263	13	.	.	PUNCT
ajfa-312	264	1	this	this	PRON
ajfa-312	264	2	may	may	AUX
ajfa-312	264	3	be	be	AUX
ajfa-312	264	4	due	due	ADJ
ajfa-312	264	5	to	to	ADP
ajfa-312	264	6	the	the	DET
ajfa-312	264	7	close	close	ADJ
ajfa-312	264	8	proximity	proximity	NOUN
ajfa-312	264	9	between	between	ADP
ajfa-312	264	10	the	the	DET
ajfa-312	264	11	markets	market	NOUN
ajfa-312	264	12	resulting	result	VERB
ajfa-312	264	13	in	in	ADP
ajfa-312	264	14	increase	increase	NOUN
ajfa-312	264	15	money	money	NOUN
ajfa-312	264	16	flows	flow	NOUN
ajfa-312	264	17	as	as	SCONJ
ajfa-312	264	18	investors	investor	NOUN
ajfa-312	264	19	can	can	AUX
ajfa-312	264	20	easily	easily	ADV
ajfa-312	264	21	switch	switch	VERB
ajfa-312	264	22	investments	investment	NOUN
ajfa-312	264	23	between	between	ADP
ajfa-312	264	24	the	the	DET
ajfa-312	264	25	two	two	NUM
ajfa-312	264	26	markets	market	NOUN
ajfa-312	264	27	.	.	PUNCT
ajfa-312	265	1	thus	thus	ADV
ajfa-312	265	2	stock	stock	NOUN
ajfa-312	265	3	price	price	NOUN
ajfa-312	265	4	indices	index	NOUN
ajfa-312	265	5	between	between	ADP
ajfa-312	265	6	china	china	PROPN
ajfa-312	265	7	and	and	CCONJ
ajfa-312	265	8	hong	hong	PROPN
ajfa-312	265	9	kong	kong	PROPN
ajfa-312	265	10	tend	tend	VERB
ajfa-312	265	11	to	to	PART
ajfa-312	265	12	correlate	correlate	VERB
ajfa-312	265	13	.	.	PUNCT
ajfa-312	266	1	india	india	PROPN
ajfa-312	266	2	is	be	AUX
ajfa-312	266	3	also	also	ADV
ajfa-312	266	4	found	find	VERB
ajfa-312	266	5	to	to	PART
ajfa-312	266	6	have	have	VERB
ajfa-312	266	7	high	high	ADJ
ajfa-312	266	8	correlation	correlation	NOUN
ajfa-312	266	9	with	with	ADP
ajfa-312	266	10	hong	hong	PROPN
ajfa-312	266	11	kong	kong	PROPN
ajfa-312	266	12	.	.	PUNCT
ajfa-312	267	1	both	both	CCONJ
ajfa-312	267	2	chinese	chinese	ADJ
ajfa-312	267	3	and	and	CCONJ
ajfa-312	267	4	indian	indian	ADJ
ajfa-312	267	5	markets	market	NOUN
ajfa-312	267	6	are	be	AUX
ajfa-312	267	7	found	find	VERB
ajfa-312	267	8	to	to	PART
ajfa-312	267	9	be	be	AUX
ajfa-312	267	10	highly	highly	ADV
ajfa-312	267	11	correlated	correlate	VERB
ajfa-312	267	12	.	.	PUNCT
ajfa-312	268	1	the	the	DET
ajfa-312	268	2	increasing	increase	VERB
ajfa-312	268	3	economic	economic	ADJ
ajfa-312	268	4	interdependence	interdependence	NOUN
ajfa-312	268	5	between	between	ADP
ajfa-312	268	6	the	the	DET
ajfa-312	268	7	china	china	PROPN
ajfa-312	268	8	and	and	CCONJ
ajfa-312	268	9	india	india	PROPN
ajfa-312	268	10	has	have	AUX
ajfa-312	268	11	contributed	contribute	VERB
ajfa-312	268	12	to	to	ADP
ajfa-312	268	13	the	the	DET
ajfa-312	268	14	high	high	ADJ
ajfa-312	268	15	correlation	correlation	NOUN
ajfa-312	268	16	or	or	CCONJ
ajfa-312	268	17	co	co	NOUN
ajfa-312	268	18	-	-	NOUN
ajfa-312	268	19	movement	movement	NOUN
ajfa-312	268	20	between	between	ADP
ajfa-312	268	21	the	the	DET
ajfa-312	268	22	two	two	NUM
ajfa-312	268	23	markets	market	NOUN
ajfa-312	268	24	.	.	PUNCT
ajfa-312	269	1	overall	overall	ADV
ajfa-312	269	2	,	,	PUNCT
ajfa-312	269	3	the	the	DET
ajfa-312	269	4	results	result	NOUN
ajfa-312	269	5	from	from	ADP
ajfa-312	269	6	the	the	DET
ajfa-312	269	7	correlation	correlation	NOUN
ajfa-312	269	8	coefficients	coefficient	NOUN
ajfa-312	269	9	suggest	suggest	VERB
ajfa-312	269	10	some	some	DET
ajfa-312	269	11	insight	insight	NOUN
ajfa-312	269	12	on	on	ADP
ajfa-312	269	13	the	the	DET
ajfa-312	269	14	short	short	ADJ
ajfa-312	269	15	-	-	PUNCT
ajfa-312	269	16	term	term	NOUN
ajfa-312	269	17	co	co	NOUN
ajfa-312	269	18	-	-	NOUN
ajfa-312	269	19	movement	movement	NOUN
ajfa-312	269	20	between	between	ADP
ajfa-312	269	21	china	china	PROPN
ajfa-312	269	22	and	and	CCONJ
ajfa-312	269	23	india	india	PROPN
ajfa-312	269	24	with	with	ADP
ajfa-312	269	25	other	other	ADJ
ajfa-312	269	26	major	major	ADJ
ajfa-312	269	27	markets	market	NOUN
ajfa-312	269	28	which	which	PRON
ajfa-312	269	29	suggests	suggest	VERB
ajfa-312	269	30	that	that	SCONJ
ajfa-312	269	31	the	the	DET
ajfa-312	269	32	benefits	benefit	NOUN
ajfa-312	269	33	of	of	ADP
ajfa-312	269	34	any	any	DET
ajfa-312	269	35	short	short	ADJ
ajfa-312	269	36	-	-	PUNCT
ajfa-312	269	37	term	term	NOUN
ajfa-312	269	38	diversification	diversification	NOUN
ajfa-312	269	39	,	,	PUNCT
ajfa-312	269	40	or	or	CCONJ
ajfa-312	269	41	speculative	speculative	ADJ
ajfa-312	269	42	activities	activity	NOUN
ajfa-312	269	43	,	,	PUNCT
ajfa-312	269	44	are	be	AUX
ajfa-312	269	45	limited	limit	VERB
ajfa-312	269	46	between	between	ADP
ajfa-312	269	47	them	they	PRON
ajfa-312	269	48	.	.	PUNCT
ajfa-312	270	1	several	several	ADJ
ajfa-312	270	2	interesting	interesting	ADJ
ajfa-312	270	3	observations	observation	NOUN
ajfa-312	270	4	emerge	emerge	VERB
ajfa-312	270	5	from	from	ADP
ajfa-312	270	6	the	the	DET
ajfa-312	270	7	granger	granger	PROPN
ajfa-312	270	8	causality	causality	NOUN
ajfa-312	270	9	analysis	analysis	NOUN
ajfa-312	270	10	.	.	PUNCT
ajfa-312	271	1	first	first	ADV
ajfa-312	271	2	,	,	PUNCT
ajfa-312	271	3	the	the	DET
ajfa-312	271	4	findings	finding	NOUN
ajfa-312	271	5	show	show	VERB
ajfa-312	271	6	that	that	SCONJ
ajfa-312	271	7	there	there	PRON
ajfa-312	271	8	is	be	VERB
ajfa-312	271	9	bi	bi	ADJ
ajfa-312	271	10	-	-	ADJ
ajfa-312	271	11	directional	directional	ADJ
ajfa-312	271	12	causality	causality	NOUN
ajfa-312	271	13	between	between	ADP
ajfa-312	271	14	china	china	PROPN
ajfa-312	271	15	and	and	CCONJ
ajfa-312	271	16	hong	hong	PROPN
ajfa-312	271	17	kong	kong	PROPN
ajfa-312	271	18	.	.	PUNCT
ajfa-312	272	1	again	again	ADV
ajfa-312	272	2	,	,	PUNCT
ajfa-312	272	3	this	this	DET
ajfa-312	272	4	result	result	NOUN
ajfa-312	272	5	supports	support	VERB
ajfa-312	272	6	the	the	DET
ajfa-312	272	7	high	high	ADJ
ajfa-312	272	8	correlation	correlation	NOUN
ajfa-312	272	9	found	find	VERB
ajfa-312	272	10	between	between	ADP
ajfa-312	272	11	the	the	DET
ajfa-312	272	12	two	two	NUM
ajfa-312	272	13	markets	market	NOUN
ajfa-312	272	14	.	.	PUNCT
ajfa-312	273	1	china	china	PROPN
ajfa-312	273	2	is	be	AUX
ajfa-312	273	3	also	also	ADV
ajfa-312	273	4	found	find	VERB
ajfa-312	273	5	to	to	PART
ajfa-312	273	6	have	have	VERB
ajfa-312	273	7	bidirectional	bidirectional	ADJ
ajfa-312	273	8	causality	causality	NOUN
ajfa-312	273	9	with	with	ADP
ajfa-312	273	10	u.k	u.k	PROPN
ajfa-312	273	11	.	.	PROPN
ajfa-312	273	12	china	china	PROPN
ajfa-312	273	13	is	be	AUX
ajfa-312	273	14	also	also	ADV
ajfa-312	273	15	found	find	VERB
ajfa-312	273	16	to	to	PART
ajfa-312	273	17	have	have	VERB
ajfa-312	273	18	unidirectional	unidirectional	ADJ
ajfa-312	273	19	causality	causality	NOUN
ajfa-312	273	20	with	with	ADP
ajfa-312	273	21	japan	japan	PROPN
ajfa-312	273	22	where	where	SCONJ
ajfa-312	273	23	china	china	PROPN
ajfa-312	273	24	granger	granger	PROPN
ajfa-312	273	25	causes	cause	VERB
ajfa-312	273	26	japan	japan	PROPN
ajfa-312	273	27	but	but	CCONJ
ajfa-312	273	28	not	not	PART
ajfa-312	273	29	vice	vice	ADV
ajfa-312	273	30	versa	versa	ADV
ajfa-312	273	31	.	.	PUNCT
ajfa-312	274	1	interestingly	interestingly	ADV
ajfa-312	274	2	,	,	PUNCT
ajfa-312	274	3	different	different	ADJ
ajfa-312	274	4	results	result	NOUN
ajfa-312	274	5	are	be	AUX
ajfa-312	274	6	found	find	VERB
ajfa-312	274	7	between	between	ADP
ajfa-312	274	8	shanghai	shanghai	PROPN
ajfa-312	274	9	and	and	CCONJ
ajfa-312	274	10	shenzen	shenzen	PROPN
ajfa-312	274	11	with	with	ADP
ajfa-312	274	12	u.s	u.s	PROPN
ajfa-312	274	13	market	market	NOUN
ajfa-312	274	14	.	.	PUNCT
ajfa-312	275	1	it	it	PRON
ajfa-312	275	2	was	be	AUX
ajfa-312	275	3	also	also	ADV
ajfa-312	275	4	found	find	VERB
ajfa-312	275	5	that	that	SCONJ
ajfa-312	275	6	u.s	u.s	PROPN
ajfa-312	275	7	does	do	AUX
ajfa-312	275	8	granger	granger	PROPN
ajfa-312	275	9	causes	cause	VERB
ajfa-312	275	10	shanghai	shanghai	PROPN
ajfa-312	275	11	but	but	CCONJ
ajfa-312	275	12	not	not	PART
ajfa-312	275	13	vice	vice	ADV
ajfa-312	275	14	versa	versa	ADV
ajfa-312	275	15	.	.	PUNCT
ajfa-312	276	1	however	however	ADV
ajfa-312	276	2	,	,	PUNCT
ajfa-312	276	3	shenzen	shenzen	PROPN
ajfa-312	276	4	found	find	VERB
ajfa-312	276	5	to	to	PART
ajfa-312	276	6	have	have	VERB
ajfa-312	276	7	bi	bi	ADJ
ajfa-312	276	8	-	-	ADJ
ajfa-312	276	9	directional	directional	ADJ
ajfa-312	276	10	causality	causality	NOUN
ajfa-312	276	11	with	with	ADP
ajfa-312	276	12	u.s	u.s	PROPN
ajfa-312	276	13	market	market	NOUN
ajfa-312	276	14	.	.	PUNCT
ajfa-312	277	1	secondly	secondly	ADV
ajfa-312	277	2	,	,	PUNCT
ajfa-312	277	3	u.s	u.s	PROPN
ajfa-312	277	4	market	market	NOUN
ajfa-312	277	5	is	be	AUX
ajfa-312	277	6	found	find	VERB
ajfa-312	277	7	to	to	ADP
ajfa-312	277	8	granger	granger	PROPN
ajfa-312	277	9	causes	cause	VERB
ajfa-312	277	10	the	the	DET
ajfa-312	277	11	indian	indian	ADJ
ajfa-312	277	12	market	market	NOUN
ajfa-312	277	13	but	but	CCONJ
ajfa-312	277	14	not	not	PART
ajfa-312	277	15	vice	vice	ADV
ajfa-312	277	16	versa	versa	ADV
ajfa-312	277	17	.	.	PUNCT
ajfa-312	278	1	whereas	whereas	SCONJ
ajfa-312	278	2	,	,	PUNCT
ajfa-312	278	3	indian	indian	ADJ
ajfa-312	278	4	market	market	NOUN
ajfa-312	278	5	is	be	AUX
ajfa-312	278	6	found	find	VERB
ajfa-312	278	7	to	to	ADP
ajfa-312	278	8	granger	granger	PROPN
ajfa-312	278	9	cause	cause	VERB
ajfa-312	278	10	the	the	DET
ajfa-312	278	11	japanese	japanese	ADJ
ajfa-312	278	12	market	market	NOUN
ajfa-312	278	13	but	but	CCONJ
ajfa-312	278	14	not	not	PART
ajfa-312	278	15	vice	vice	ADV
ajfa-312	278	16	versa	versa	ADV
ajfa-312	278	17	.	.	PUNCT
ajfa-312	279	1	there	there	PRON
ajfa-312	279	2	is	be	VERB
ajfa-312	279	3	also	also	ADV
ajfa-312	279	4	short	short	ADJ
ajfa-312	279	5	run	run	NOUN
ajfa-312	279	6	causality	causality	NOUN
ajfa-312	279	7	between	between	ADP
ajfa-312	279	8	india	india	PROPN
ajfa-312	279	9	-	-	PUNCT
ajfa-312	279	10	u.k	u.k	PROPN
ajfa-312	279	11	and	and	CCONJ
ajfa-312	279	12	india	india	PROPN
ajfa-312	279	13	-	-	PUNCT
ajfa-312	279	14	hong	hong	PROPN
ajfa-312	279	15	kong	kong	PROPN
ajfa-312	279	16	market	market	NOUN
ajfa-312	279	17	.	.	PUNCT
ajfa-312	280	1	this	this	DET
ajfa-312	280	2	result	result	NOUN
ajfa-312	280	3	contradicts	contradict	VERB
ajfa-312	280	4	with	with	ADP
ajfa-312	280	5	chattopadhyay	chattopadhyay	NOUN
ajfa-312	280	6	and	and	CCONJ
ajfa-312	280	7	behera	behera	PROPN
ajfa-312	280	8	(	(	PUNCT
ajfa-312	280	9	2006	2006	NUM
ajfa-312	280	10	)	)	PUNCT
ajfa-312	280	11	where	where	SCONJ
ajfa-312	280	12	they	they	PRON
ajfa-312	280	13	found	find	VERB
ajfa-312	280	14	that	that	SCONJ
ajfa-312	280	15	us	we	PRON
ajfa-312	280	16	,	,	PUNCT
ajfa-312	280	17	uk	uk	PROPN
ajfa-312	280	18	and	and	CCONJ
ajfa-312	280	19	hk	hk	PROPN
ajfa-312	280	20	stock	stock	NOUN
ajfa-312	280	21	markets	market	NOUN
ajfa-312	280	22	granger	granger	PROPN
ajfa-312	280	23	cause	cause	VERB
ajfa-312	280	24	the	the	DET
ajfa-312	280	25	india	india	PROPN
ajfa-312	280	26	stock	stock	NOUN
ajfa-312	280	27	market	market	NOUN
ajfa-312	280	28	but	but	CCONJ
ajfa-312	280	29	do	do	AUX
ajfa-312	280	30	not	not	PART
ajfa-312	280	31	vice	vice	ADV
ajfa-312	280	32	versa	versa	ADV
ajfa-312	280	33	.	.	PUNCT
ajfa-312	281	1	thirdly	thirdly	ADV
ajfa-312	281	2	,	,	PUNCT
ajfa-312	281	3	bidirectional	bidirectional	ADJ
ajfa-312	281	4	causality	causality	NOUN
ajfa-312	281	5	is	be	AUX
ajfa-312	281	6	found	find	VERB
ajfa-312	281	7	between	between	ADP
ajfa-312	281	8	the	the	DET
ajfa-312	281	9	chinese	chinese	ADJ
ajfa-312	281	10	and	and	CCONJ
ajfa-312	281	11	indian	indian	ADJ
ajfa-312	281	12	markets	market	NOUN
ajfa-312	281	13	.	.	PUNCT
ajfa-312	282	1	this	this	PRON
ajfa-312	282	2	is	be	AUX
ajfa-312	282	3	also	also	ADV
ajfa-312	282	4	further	far	ADV
ajfa-312	282	5	supported	support	VERB
ajfa-312	282	6	by	by	ADP
ajfa-312	282	7	the	the	DET
ajfa-312	282	8	high	high	ADJ
ajfa-312	282	9	correlation	correlation	NOUN
ajfa-312	282	10	found	find	VERB
ajfa-312	282	11	between	between	ADP
ajfa-312	282	12	the	the	DET
ajfa-312	282	13	two	two	NUM
ajfa-312	282	14	markets	market	NOUN
ajfa-312	282	15	earlier	early	ADV
ajfa-312	282	16	.	.	PUNCT
ajfa-312	283	1	however	however	ADV
ajfa-312	283	2	,	,	PUNCT
ajfa-312	283	3	this	this	DET
ajfa-312	283	4	finding	finding	NOUN
ajfa-312	283	5	slightly	slightly	ADV
ajfa-312	283	6	differs	differ	VERB
ajfa-312	283	7	from	from	ADP
ajfa-312	283	8	chen	chen	PROPN
ajfa-312	283	9	et	et	PROPN
ajfa-312	283	10	.	.	PUNCT
ajfa-312	284	1	al	al	PROPN
ajfa-312	284	2	.	.	PROPN
ajfa-312	285	1	(	(	PUNCT
ajfa-312	285	2	2006	2006	NUM
ajfa-312	285	3	)	)	PUNCT
ajfa-312	285	4	which	which	PRON
ajfa-312	285	5	found	find	VERB
ajfa-312	285	6	that	that	SCONJ
ajfa-312	285	7	the	the	DET
ajfa-312	285	8	chinese	chinese	ADJ
ajfa-312	285	9	market	market	NOUN
ajfa-312	285	10	asian	asian	ADJ
ajfa-312	285	11	journal	journal	NOUN
ajfa-312	285	12	of	of	ADP
ajfa-312	285	13	finance	finance	PROPN
ajfa-312	285	14	&	&	CCONJ
ajfa-312	285	15	accounting	accounting	PROPN
ajfa-312	285	16	issn	issn	PROPN
ajfa-312	285	17	1946	1946	NUM
ajfa-312	285	18	-	-	PUNCT
ajfa-312	285	19	052x	052x	NOUN
ajfa-312	285	20	2010	2010	NUM
ajfa-312	285	21	,	,	PUNCT
ajfa-312	285	22	vol	vol	NOUN
ajfa-312	285	23	.	.	PROPN
ajfa-312	285	24	2	2	NUM
ajfa-312	285	25	,	,	PUNCT
ajfa-312	285	26	no	no	INTJ
ajfa-312	285	27	.	.	NOUN
ajfa-312	285	28	2	2	NUM
ajfa-312	285	29	:	:	PUNCT
ajfa-312	285	30	e2	e2	VERB
ajfa-312	285	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-312	285	32	38	38	NUM
ajfa-312	285	33	granger	granger	NOUN
ajfa-312	285	34	causes	cause	VERB
ajfa-312	285	35	the	the	DET
ajfa-312	285	36	indian	indian	ADJ
ajfa-312	285	37	market	market	NOUN
ajfa-312	285	38	but	but	CCONJ
ajfa-312	285	39	not	not	PART
ajfa-312	285	40	vice	vice	ADV
ajfa-312	285	41	versa	versa	ADV
ajfa-312	285	42	.	.	PUNCT
ajfa-312	286	1	in	in	ADP
ajfa-312	286	2	terms	term	NOUN
ajfa-312	286	3	of	of	ADP
ajfa-312	286	4	co	co	NOUN
ajfa-312	286	5	-	-	NOUN
ajfa-312	286	6	integration	integration	NOUN
ajfa-312	286	7	it	it	PRON
ajfa-312	286	8	is	be	AUX
ajfa-312	286	9	seen	see	VERB
ajfa-312	286	10	that	that	SCONJ
ajfa-312	286	11	there	there	PRON
ajfa-312	286	12	is	be	VERB
ajfa-312	286	13	evidence	evidence	NOUN
ajfa-312	286	14	of	of	ADP
ajfa-312	286	15	co	co	NOUN
ajfa-312	286	16	-	-	NOUN
ajfa-312	286	17	integration	integration	NOUN
ajfa-312	286	18	relationship	relationship	NOUN
ajfa-312	286	19	across	across	ADP
ajfa-312	286	20	the	the	DET
ajfa-312	286	21	markets	market	NOUN
ajfa-312	286	22	under	under	ADP
ajfa-312	286	23	study	study	NOUN
ajfa-312	286	24	.	.	PUNCT
ajfa-312	287	1	china	china	PROPN
ajfa-312	287	2	is	be	AUX
ajfa-312	287	3	found	find	VERB
ajfa-312	287	4	to	to	PART
ajfa-312	287	5	be	be	AUX
ajfa-312	287	6	co	co	VERB
ajfa-312	287	7	-	-	VERB
ajfa-312	287	8	integrated	integrate	VERB
ajfa-312	287	9	with	with	ADP
ajfa-312	287	10	u.s	u.s	PROPN
ajfa-312	287	11	.	.	PROPN
ajfa-312	287	12	,	,	PUNCT
ajfa-312	287	13	u.k	u.k	PROPN
ajfa-312	287	14	.	.	PROPN
ajfa-312	287	15	,	,	PUNCT
ajfa-312	287	16	japan	japan	PROPN
ajfa-312	287	17	,	,	PUNCT
ajfa-312	287	18	hong	hong	PROPN
ajfa-312	287	19	kong	kong	PROPN
ajfa-312	287	20	and	and	CCONJ
ajfa-312	287	21	india	india	PROPN
ajfa-312	287	22	stock	stock	NOUN
ajfa-312	287	23	market	market	NOUN
ajfa-312	287	24	.	.	PUNCT
ajfa-312	288	1	similarly	similarly	ADV
ajfa-312	288	2	,	,	PUNCT
ajfa-312	288	3	india	india	PROPN
ajfa-312	288	4	is	be	AUX
ajfa-312	288	5	also	also	ADV
ajfa-312	288	6	co	co	ADJ
ajfa-312	288	7	-	-	VERB
ajfa-312	288	8	integrated	integrate	VERB
ajfa-312	288	9	with	with	ADP
ajfa-312	288	10	u.s	u.s	PROPN
ajfa-312	288	11	.	.	PROPN
ajfa-312	288	12	,	,	PUNCT
ajfa-312	288	13	u.k	u.k	PROPN
ajfa-312	288	14	.	.	PROPN
ajfa-312	288	15	,	,	PUNCT
ajfa-312	288	16	japan	japan	PROPN
ajfa-312	288	17	,	,	PUNCT
ajfa-312	288	18	hong	hong	PROPN
ajfa-312	288	19	kong	kong	PROPN
ajfa-312	288	20	and	and	CCONJ
ajfa-312	288	21	china	china	PROPN
ajfa-312	288	22	stock	stock	NOUN
ajfa-312	288	23	market	market	NOUN
ajfa-312	288	24	.	.	PUNCT
ajfa-312	289	1	meanwhile	meanwhile	ADV
ajfa-312	289	2	the	the	DET
ajfa-312	289	3	chinese	chinese	ADJ
ajfa-312	289	4	market	market	NOUN
ajfa-312	289	5	is	be	AUX
ajfa-312	289	6	also	also	ADV
ajfa-312	289	7	co	co	ADJ
ajfa-312	289	8	-	-	VERB
ajfa-312	289	9	integrated	integrate	VERB
ajfa-312	289	10	with	with	ADP
ajfa-312	289	11	indian	indian	ADJ
ajfa-312	289	12	market	market	NOUN
ajfa-312	289	13	.	.	PUNCT
ajfa-312	290	1	subsequently	subsequently	ADV
ajfa-312	290	2	the	the	DET
ajfa-312	290	3	error	error	NOUN
ajfa-312	290	4	correction	correction	NOUN
ajfa-312	290	5	model	model	NOUN
ajfa-312	290	6	(	(	PUNCT
ajfa-312	290	7	ecm	ecm	PROPN
ajfa-312	290	8	)	)	PUNCT
ajfa-312	290	9	analysis	analysis	NOUN
ajfa-312	290	10	showed	show	VERB
ajfa-312	290	11	that	that	SCONJ
ajfa-312	290	12	there	there	PRON
ajfa-312	290	13	is	be	VERB
ajfa-312	290	14	short	short	ADJ
ajfa-312	290	15	-	-	PUNCT
ajfa-312	290	16	run	run	NOUN
ajfa-312	290	17	causality	causality	NOUN
ajfa-312	290	18	between	between	ADP
ajfa-312	290	19	the	the	DET
ajfa-312	290	20	chinese	chinese	ADJ
ajfa-312	290	21	markets	market	NOUN
ajfa-312	290	22	with	with	ADP
ajfa-312	290	23	all	all	DET
ajfa-312	290	24	the	the	DET
ajfa-312	290	25	other	other	ADJ
ajfa-312	290	26	indices	index	NOUN
ajfa-312	290	27	.	.	PUNCT
ajfa-312	291	1	however	however	ADV
ajfa-312	291	2	,	,	PUNCT
ajfa-312	291	3	long	long	ADJ
ajfa-312	291	4	run	run	NOUN
ajfa-312	291	5	relationship	relationship	NOUN
ajfa-312	291	6	is	be	AUX
ajfa-312	291	7	only	only	ADV
ajfa-312	291	8	found	find	VERB
ajfa-312	291	9	between	between	ADP
ajfa-312	291	10	china	china	PROPN
ajfa-312	291	11	and	and	CCONJ
ajfa-312	291	12	u.s	u.s	PROPN
ajfa-312	291	13	,	,	PUNCT
ajfa-312	291	14	u.k	u.k	PROPN
ajfa-312	291	15	,	,	PUNCT
ajfa-312	291	16	hong	hong	PROPN
ajfa-312	291	17	kong	kong	PROPN
ajfa-312	291	18	and	and	CCONJ
ajfa-312	291	19	indian	indian	ADJ
ajfa-312	291	20	market	market	NOUN
ajfa-312	291	21	.	.	PUNCT
ajfa-312	292	1	similarly	similarly	ADV
ajfa-312	292	2	,	,	PUNCT
ajfa-312	292	3	the	the	DET
ajfa-312	292	4	analysis	analysis	NOUN
ajfa-312	292	5	of	of	ADP
ajfa-312	292	6	ecm	ecm	PROPN
ajfa-312	292	7	suggests	suggest	VERB
ajfa-312	292	8	that	that	SCONJ
ajfa-312	292	9	the	the	DET
ajfa-312	292	10	indian	indian	ADJ
ajfa-312	292	11	market	market	NOUN
ajfa-312	292	12	does	do	AUX
ajfa-312	292	13	have	have	VERB
ajfa-312	292	14	short	short	ADJ
ajfa-312	292	15	run	run	NOUN
ajfa-312	292	16	causality	causality	NOUN
ajfa-312	292	17	with	with	ADP
ajfa-312	292	18	all	all	DET
ajfa-312	292	19	the	the	DET
ajfa-312	292	20	four	four	NUM
ajfa-312	292	21	major	major	ADJ
ajfa-312	292	22	developed	develop	VERB
ajfa-312	292	23	markets	market	NOUN
ajfa-312	292	24	.	.	PUNCT
ajfa-312	293	1	however	however	ADV
ajfa-312	293	2	,	,	PUNCT
ajfa-312	293	3	long	long	ADJ
ajfa-312	293	4	-	-	PUNCT
ajfa-312	293	5	run	run	NOUN
ajfa-312	293	6	causality	causality	NOUN
ajfa-312	293	7	is	be	AUX
ajfa-312	293	8	only	only	ADV
ajfa-312	293	9	found	find	VERB
ajfa-312	293	10	between	between	ADP
ajfa-312	293	11	the	the	DET
ajfa-312	293	12	indian	indian	ADJ
ajfa-312	293	13	market	market	NOUN
ajfa-312	293	14	with	with	ADP
ajfa-312	293	15	u.s	u.s	PROPN
ajfa-312	293	16	.	.	PROPN
ajfa-312	293	17	,	,	PUNCT
ajfa-312	293	18	u.k	u.k	PROPN
ajfa-312	293	19	.	.	PROPN
ajfa-312	293	20	and	and	CCONJ
ajfa-312	293	21	japanese	japanese	ADJ
ajfa-312	293	22	market	market	NOUN
ajfa-312	293	23	.	.	PUNCT
ajfa-312	294	1	in	in	ADP
ajfa-312	294	2	conclusion	conclusion	NOUN
ajfa-312	294	3	,	,	PUNCT
ajfa-312	294	4	both	both	CCONJ
ajfa-312	294	5	chinese	chinese	ADJ
ajfa-312	294	6	and	and	CCONJ
ajfa-312	294	7	indian	indian	ADJ
ajfa-312	294	8	market	market	NOUN
ajfa-312	294	9	is	be	AUX
ajfa-312	294	10	correlated	correlate	VERB
ajfa-312	294	11	with	with	ADP
ajfa-312	294	12	all	all	DET
ajfa-312	294	13	four	four	NUM
ajfa-312	294	14	developed	develop	VERB
ajfa-312	294	15	markets	market	NOUN
ajfa-312	294	16	under	under	ADP
ajfa-312	294	17	study	study	NOUN
ajfa-312	294	18	namely	namely	ADV
ajfa-312	294	19	u.s	u.s	PROPN
ajfa-312	294	20	.	.	PROPN
ajfa-312	294	21	,	,	PUNCT
ajfa-312	294	22	u.k	u.k	PROPN
ajfa-312	294	23	.	.	PROPN
ajfa-312	294	24	,	,	PUNCT
ajfa-312	294	25	japan	japan	PROPN
ajfa-312	294	26	and	and	CCONJ
ajfa-312	294	27	hong	hong	PROPN
ajfa-312	294	28	kong	kong	PROPN
ajfa-312	294	29	.	.	PUNCT
ajfa-312	295	1	this	this	DET
ajfa-312	295	2	result	result	NOUN
ajfa-312	295	3	is	be	AUX
ajfa-312	295	4	further	far	ADV
ajfa-312	295	5	confirmed	confirm	VERB
ajfa-312	295	6	with	with	ADP
ajfa-312	295	7	the	the	DET
ajfa-312	295	8	analysis	analysis	NOUN
ajfa-312	295	9	of	of	ADP
ajfa-312	295	10	granger	granger	PROPN
ajfa-312	295	11	causality	causality	NOUN
ajfa-312	295	12	where	where	SCONJ
ajfa-312	295	13	the	the	DET
ajfa-312	295	14	both	both	CCONJ
ajfa-312	295	15	chinese	chinese	ADJ
ajfa-312	295	16	and	and	CCONJ
ajfa-312	295	17	indian	indian	ADJ
ajfa-312	295	18	markets	market	NOUN
ajfa-312	295	19	have	have	AUX
ajfa-312	295	20	at	at	ADV
ajfa-312	295	21	least	least	ADJ
ajfa-312	295	22	had	have	VERB
ajfa-312	295	23	unilateral	unilateral	ADJ
ajfa-312	295	24	causality	causality	NOUN
ajfa-312	295	25	with	with	ADP
ajfa-312	295	26	all	all	DET
ajfa-312	295	27	four	four	NUM
ajfa-312	295	28	developed	develop	VERB
ajfa-312	295	29	markets	market	NOUN
ajfa-312	295	30	.	.	PUNCT
ajfa-312	296	1	plus	plus	CCONJ
ajfa-312	296	2	there	there	PRON
ajfa-312	296	3	are	be	VERB
ajfa-312	296	4	linkages	linkage	NOUN
ajfa-312	296	5	between	between	ADP
ajfa-312	296	6	the	the	DET
ajfa-312	296	7	chinese	chinese	ADJ
ajfa-312	296	8	and	and	CCONJ
ajfa-312	296	9	indian	indian	ADJ
ajfa-312	296	10	market	market	NOUN
ajfa-312	296	11	.	.	PUNCT
ajfa-312	297	1	the	the	DET
ajfa-312	297	2	relationship	relationship	NOUN
ajfa-312	297	3	can	can	AUX
ajfa-312	297	4	be	be	AUX
ajfa-312	297	5	seen	see	VERB
ajfa-312	297	6	in	in	ADP
ajfa-312	297	7	the	the	DET
ajfa-312	297	8	increasing	increase	VERB
ajfa-312	297	9	bilateral	bilateral	ADJ
ajfa-312	297	10	trades	trade	NOUN
ajfa-312	297	11	between	between	ADP
ajfa-312	297	12	both	both	DET
ajfa-312	297	13	countries	country	NOUN
ajfa-312	297	14	as	as	SCONJ
ajfa-312	297	15	india	india	PROPN
ajfa-312	297	16	is	be	AUX
ajfa-312	297	17	also	also	ADV
ajfa-312	297	18	one	one	NUM
ajfa-312	297	19	of	of	ADP
ajfa-312	297	20	the	the	DET
ajfa-312	297	21	largest	large	ADJ
ajfa-312	297	22	trading	trading	NOUN
ajfa-312	297	23	partners	partner	NOUN
ajfa-312	297	24	of	of	ADP
ajfa-312	297	25	china	china	PROPN
ajfa-312	297	26	in	in	ADP
ajfa-312	297	27	south	south	PROPN
ajfa-312	297	28	asia	asia	PROPN
ajfa-312	297	29	.	.	PUNCT
ajfa-312	298	1	in	in	ADP
ajfa-312	298	2	terms	term	NOUN
ajfa-312	298	3	of	of	ADP
ajfa-312	298	4	diversification	diversification	NOUN
ajfa-312	298	5	opportunities	opportunity	NOUN
ajfa-312	298	6	this	this	PRON
ajfa-312	298	7	does	do	AUX
ajfa-312	298	8	not	not	PART
ajfa-312	298	9	mean	mean	VERB
ajfa-312	298	10	that	that	SCONJ
ajfa-312	298	11	the	the	DET
ajfa-312	298	12	chinese	chinese	ADJ
ajfa-312	298	13	and	and	CCONJ
ajfa-312	298	14	indian	indian	ADJ
ajfa-312	298	15	markets	market	NOUN
ajfa-312	298	16	are	be	AUX
ajfa-312	298	17	no	no	ADV
ajfa-312	298	18	longer	long	ADV
ajfa-312	298	19	beneficial	beneficial	ADJ
ajfa-312	298	20	to	to	ADP
ajfa-312	298	21	investors	investor	NOUN
ajfa-312	298	22	,	,	PUNCT
ajfa-312	298	23	as	as	SCONJ
ajfa-312	298	24	they	they	PRON
ajfa-312	298	25	could	could	AUX
ajfa-312	298	26	switch	switch	VERB
ajfa-312	298	27	investments	investment	NOUN
ajfa-312	298	28	into	into	ADP
ajfa-312	298	29	other	other	ADJ
ajfa-312	298	30	different	different	ADJ
ajfa-312	298	31	emerging	emerge	VERB
ajfa-312	298	32	markets	market	NOUN
ajfa-312	298	33	that	that	PRON
ajfa-312	298	34	have	have	VERB
ajfa-312	298	35	sufficiently	sufficiently	ADV
ajfa-312	298	36	low	low	ADJ
ajfa-312	298	37	correlation	correlation	NOUN
ajfa-312	298	38	to	to	ADP
ajfa-312	298	39	developed	develop	VERB
ajfa-312	298	40	markets	market	NOUN
ajfa-312	298	41	.	.	PUNCT
ajfa-312	299	1	references	reference	NOUN
ajfa-312	299	2	abbas	abbas	PROPN
ajfa-312	299	3	v.	v.	ADV
ajfa-312	299	4	,	,	PUNCT
ajfa-312	299	5	and	and	CCONJ
ajfa-312	299	6	surachai	surachai	PROPN
ajfa-312	299	7	c.	c.	PROPN
ajfa-312	299	8	,	,	PUNCT
ajfa-312	299	9	(	(	PUNCT
ajfa-312	299	10	2008	2008	NUM
ajfa-312	299	11	)	)	PUNCT
ajfa-312	299	12	.	.	PUNCT
ajfa-312	300	1	dynamic	dynamic	ADJ
ajfa-312	300	2	linkages	linkage	NOUN
ajfa-312	300	3	between	between	ADP
ajfa-312	300	4	thai	thai	PROPN
ajfa-312	300	5	and	and	CCONJ
ajfa-312	300	6	international	international	ADJ
ajfa-312	300	7	stock	stock	NOUN
ajfa-312	300	8	markets	market	NOUN
ajfa-312	300	9	”	"	PUNCT
ajfa-312	300	10	,	,	PUNCT
ajfa-312	300	11	journal	journal	NOUN
ajfa-312	300	12	of	of	ADP
ajfa-312	300	13	economics	economic	NOUN
ajfa-312	300	14	studies	study	NOUN
ajfa-312	300	15	,	,	PUNCT
ajfa-312	300	16	35	35	NUM
ajfa-312	300	17	,	,	PUNCT
ajfa-312	300	18	pp	pp	ADJ
ajfa-312	300	19	.	.	PUNCT
ajfa-312	300	20	425	425	NUM
ajfa-312	300	21	-	-	SYM
ajfa-312	300	22	441	441	NUM
ajfa-312	300	23	.	.	PUNCT
ajfa-312	301	1	aggarwal	aggarwal	PROPN
ajfa-312	301	2	r.	r.	PROPN
ajfa-312	301	3	,	,	PUNCT
ajfa-312	301	4	lucey	lucey	PROPN
ajfa-312	301	5	b.	b.	PROPN
ajfa-312	301	6	m.	m.	PROPN
ajfa-312	301	7	,	,	PUNCT
ajfa-312	301	8	muckley	muckley	PROPN
ajfa-312	301	9	c.	c.	PROPN
ajfa-312	301	10	,	,	PUNCT
ajfa-312	301	11	(	(	PUNCT
ajfa-312	301	12	2003	2003	NUM
ajfa-312	301	13	)	)	PUNCT
ajfa-312	301	14	.	.	PUNCT
ajfa-312	302	1	dynamics	dynamic	NOUN
ajfa-312	302	2	of	of	ADP
ajfa-312	302	3	equity	equity	NOUN
ajfa-312	302	4	market	market	NOUN
ajfa-312	302	5	integration	integration	NOUN
ajfa-312	302	6	in	in	ADP
ajfa-312	302	7	europe	europe	PROPN
ajfa-312	302	8	.	.	PUNCT
ajfa-312	303	1	journal	journal	PROPN
ajfa-312	303	2	of	of	ADP
ajfa-312	303	3	economic	economic	ADJ
ajfa-312	303	4	literature	literature	NOUN
ajfa-312	303	5	,	,	PUNCT
ajfa-312	303	6	3	3	NUM
ajfa-312	303	7	,	,	PUNCT
ajfa-312	303	8	no	no	NOUN
ajfa-312	303	9	.	.	NOUN
ajfa-312	303	10	4	4	NUM
ajfa-312	303	11	asimakopoulos	asimakopoulo	NOUN
ajfa-312	303	12	,	,	PUNCT
ajfa-312	303	13	i.	i.	NOUN
ajfa-312	303	14	,	,	PUNCT
ajfa-312	303	15	goddard	goddard	PROPN
ajfa-312	303	16	,	,	PUNCT
ajfa-312	303	17	j.	j.	PROPN
ajfa-312	303	18	and	and	CCONJ
ajfa-312	303	19	siriopoulos	siriopoulos	PROPN
ajfa-312	303	20	,	,	PUNCT
ajfa-312	303	21	c.	c.	PROPN
ajfa-312	303	22	(	(	PUNCT
ajfa-312	303	23	2002	2002	NUM
ajfa-312	303	24	)	)	PUNCT
ajfa-312	303	25	.	.	PUNCT
ajfa-312	304	1	interdependence	interdependence	NOUN
ajfa-312	304	2	between	between	ADP
ajfa-312	304	3	the	the	DET
ajfa-312	304	4	us	us	PROPN
ajfa-312	304	5	and	and	CCONJ
ajfa-312	304	6	major	major	ADJ
ajfa-312	304	7	european	european	ADJ
ajfa-312	304	8	equity	equity	NOUN
ajfa-312	304	9	markets	market	NOUN
ajfa-312	304	10	:	:	PUNCT
ajfa-312	304	11	evidence	evidence	NOUN
ajfa-312	304	12	from	from	ADP
ajfa-312	304	13	spectral	spectral	ADJ
ajfa-312	304	14	analysis	analysis	NOUN
ajfa-312	304	15	,	,	PUNCT
ajfa-312	304	16	applied	apply	VERB
ajfa-312	304	17	financial	financial	ADJ
ajfa-312	304	18	economics	economic	NOUN
ajfa-312	304	19	,	,	PUNCT
ajfa-312	304	20	10	10	NUM
ajfa-312	304	21	,	,	PUNCT
ajfa-312	304	22	41–7	41–7	PROPN
ajfa-312	304	23	.	.	PUNCT
ajfa-312	305	1	chattopadhyay	chattopadhyay	PROPN
ajfa-312	305	2	and	and	CCONJ
ajfa-312	305	3	behera	behera	PROPN
ajfa-312	305	4	.	.	PUNCT
ajfa-312	306	1	(	(	PUNCT
ajfa-312	306	2	2006	2006	NUM
ajfa-312	306	3	)	)	PUNCT
ajfa-312	306	4	.	.	PUNCT
ajfa-312	307	1	financial	financial	ADJ
ajfa-312	307	2	integration	integration	NOUN
ajfa-312	307	3	for	for	ADP
ajfa-312	307	4	indian	indian	ADJ
ajfa-312	307	5	stock	stock	NOUN
ajfa-312	307	6	market	market	NOUN
ajfa-312	307	7	working	working	NOUN
ajfa-312	307	8	paper	paper	NOUN
ajfa-312	307	9	,	,	PUNCT
ajfa-312	307	10	12th	12th	ADJ
ajfa-312	307	11	annual	annual	ADJ
ajfa-312	307	12	conference	conference	NOUN
ajfa-312	307	13	on	on	ADP
ajfa-312	307	14	money	money	NOUN
ajfa-312	307	15	and	and	CCONJ
ajfa-312	307	16	finance	finance	NOUN
ajfa-312	307	17	in	in	ADP
ajfa-312	307	18	the	the	DET
ajfa-312	307	19	indian	indian	ADJ
ajfa-312	307	20	economy	economy	NOUN
ajfa-312	307	21	chi	chi	PROPN
ajfa-312	307	22	,	,	PUNCT
ajfa-312	307	23	j.	j.	PROPN
ajfa-312	307	24	;	;	PUNCT
ajfa-312	307	25	k.	k.	PROPN
ajfa-312	307	26	li	li	PROPN
ajfa-312	307	27	;	;	PUNCT
ajfa-312	307	28	and	and	CCONJ
ajfa-312	307	29	m.	m.	NOUN
ajfa-312	307	30	young	young	PROPN
ajfa-312	307	31	.	.	PUNCT
ajfa-312	308	1	(	(	PUNCT
ajfa-312	308	2	2006	2006	NUM
ajfa-312	308	3	)	)	PUNCT
ajfa-312	308	4	.	.	PUNCT
ajfa-312	309	1	financial	financial	ADJ
ajfa-312	309	2	integration	integration	NOUN
ajfa-312	309	3	in	in	ADP
ajfa-312	309	4	east	east	PROPN
ajfa-312	309	5	asian	asian	PROPN
ajfa-312	309	6	equity	equity	NOUN
ajfa-312	309	7	markets	market	NOUN
ajfa-312	309	8	.	.	PUNCT
ajfa-312	310	1	pacific	pacific	ADJ
ajfa-312	310	2	economic	economic	ADJ
ajfa-312	310	3	review	review	PROPN
ajfa-312	310	4	11	11	NUM
ajfa-312	310	5	,	,	PUNCT
ajfa-312	310	6	4	4	NUM
ajfa-312	310	7	:	:	SYM
ajfa-312	310	8	513	513	NUM
ajfa-312	310	9	-	-	SYM
ajfa-312	310	10	526	526	NUM
ajfa-312	310	11	.	.	PUNCT
ajfa-312	311	1	choudhry	choudhry	PROPN
ajfa-312	311	2	t	t	PROPN
ajfa-312	311	3	,	,	PUNCT
ajfa-312	311	4	lu	lu	PROPN
ajfa-312	311	5	l	l	PROPN
ajfa-312	311	6	and	and	CCONJ
ajfa-312	311	7	peng	peng	PROPN
ajfa-312	311	8	ke	ke	PROPN
ajfa-312	311	9	(	(	PUNCT
ajfa-312	311	10	2007	2007	NUM
ajfa-312	311	11	)	)	PUNCT
ajfa-312	311	12	.	.	PUNCT
ajfa-312	312	1	common	common	ADJ
ajfa-312	312	2	stochastic	stochastic	ADJ
ajfa-312	312	3	trends	trend	NOUN
ajfa-312	312	4	among	among	ADP
ajfa-312	312	5	far	far	ADJ
ajfa-312	312	6	east	east	NOUN
ajfa-312	312	7	stock	stock	NOUN
ajfa-312	312	8	prices	price	NOUN
ajfa-312	312	9	:	:	PUNCT
ajfa-312	312	10	effects	effect	NOUN
ajfa-312	312	11	of	of	ADP
ajfa-312	312	12	the	the	DET
ajfa-312	312	13	asian	asian	ADJ
ajfa-312	312	14	financial	financial	ADJ
ajfa-312	312	15	crisis	crisis	NOUN
ajfa-312	312	16	,	,	PUNCT
ajfa-312	312	17	international	international	ADJ
ajfa-312	312	18	review	review	NOUN
ajfa-312	312	19	of	of	ADP
ajfa-312	312	20	financial	financial	ADJ
ajfa-312	312	21	analysis	analysis	NOUN
ajfa-312	312	22	,	,	PUNCT
ajfa-312	312	23	16	16	NUM
ajfa-312	312	24	,	,	PUNCT
ajfa-312	312	25	242	242	NUM
ajfa-312	312	26	-	-	SYM
ajfa-312	312	27	261	261	NUM
ajfa-312	312	28	.	.	PUNCT
ajfa-312	313	1	asian	asian	ADJ
ajfa-312	313	2	journal	journal	PROPN
ajfa-312	313	3	of	of	ADP
ajfa-312	313	4	finance	finance	PROPN
ajfa-312	313	5	&	&	CCONJ
ajfa-312	313	6	accounting	accounting	PROPN
ajfa-312	313	7	issn	issn	PROPN
ajfa-312	313	8	1946	1946	NUM
ajfa-312	313	9	-	-	PUNCT
ajfa-312	313	10	052x	052x	NOUN
ajfa-312	313	11	2010	2010	NUM
ajfa-312	313	12	,	,	PUNCT
ajfa-312	313	13	vol	vol	NOUN
ajfa-312	313	14	.	.	PROPN
ajfa-312	313	15	2	2	NUM
ajfa-312	313	16	,	,	PUNCT
ajfa-312	313	17	no	no	INTJ
ajfa-312	313	18	.	.	NOUN
ajfa-312	313	19	2	2	NUM
ajfa-312	313	20	:	:	PUNCT
ajfa-312	313	21	e2	e2	VERB
ajfa-312	313	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-312	313	23	39	39	NUM
ajfa-312	313	24	click	click	VERB
ajfa-312	313	25	r.	r.	PROPN
ajfa-312	313	26	w.	w.	PROPN
ajfa-312	313	27	,	,	PUNCT
ajfa-312	313	28	and	and	CCONJ
ajfa-312	313	29	plummer	plummer	PROPN
ajfa-312	313	30	m.	m.	PROPN
ajfa-312	313	31	g.	g.	PROPN
ajfa-312	313	32	,	,	PUNCT
ajfa-312	313	33	(	(	PUNCT
ajfa-312	313	34	2005	2005	NUM
ajfa-312	313	35	)	)	PUNCT
ajfa-312	313	36	.	.	PUNCT
ajfa-312	314	1	stock	stock	NOUN
ajfa-312	314	2	market	market	NOUN
ajfa-312	314	3	integration	integration	NOUN
ajfa-312	314	4	in	in	ADP
ajfa-312	314	5	asean	asean	PROPN
ajfa-312	314	6	after	after	ADP
ajfa-312	314	7	the	the	DET
ajfa-312	314	8	asian	asian	ADJ
ajfa-312	314	9	financial	financial	ADJ
ajfa-312	314	10	crisis	crisis	NOUN
ajfa-312	314	11	,	,	PUNCT
ajfa-312	314	12	journal	journal	NOUN
ajfa-312	314	13	of	of	ADP
ajfa-312	314	14	asian	asian	ADJ
ajfa-312	314	15	economics	economic	NOUN
ajfa-312	314	16	,	,	PUNCT
ajfa-312	314	17	16	16	NUM
ajfa-312	314	18	,	,	PUNCT
ajfa-312	314	19	5	5	NUM
ajfa-312	314	20	-	-	SYM
ajfa-312	314	21	28	28	NUM
ajfa-312	314	22	.	.	PUNCT
ajfa-312	315	1	golaka	golaka	PROPN
ajfa-312	315	2	,	,	PUNCT
ajfa-312	315	3	c.	c.	PROPN
ajfa-312	315	4	nath	nath	PROPN
ajfa-312	315	5	,	,	PUNCT
ajfa-312	315	6	(	(	PUNCT
ajfa-312	315	7	2003	2003	NUM
ajfa-312	315	8	)	)	PUNCT
ajfa-312	315	9	.	.	PUNCT
ajfa-312	316	1	integration	integration	NOUN
ajfa-312	316	2	of	of	ADP
ajfa-312	316	3	global	global	ADJ
ajfa-312	316	4	equity	equity	NOUN
ajfa-312	316	5	markets	market	NOUN
ajfa-312	316	6	–	–	PUNCT
ajfa-312	316	7	a	a	DET
ajfa-312	316	8	case	case	NOUN
ajfa-312	316	9	for	for	ADP
ajfa-312	316	10	india	india	PROPN
ajfa-312	316	11	,	,	PUNCT
ajfa-312	316	12	nse	nse	NOUN
ajfa-312	316	13	news	news	NOUN
ajfa-312	316	14	,	,	PUNCT
ajfa-312	316	15	november	november	PROPN
ajfa-312	316	16	,	,	PUNCT
ajfa-312	316	17	pp.11–16	pp.11–16	NOUN
ajfa-312	316	18	.	.	PUNCT
ajfa-312	317	1	granger	granger	NOUN
ajfa-312	317	2	,	,	PUNCT
ajfa-312	317	3	c.w.j	c.w.j	NOUN
ajfa-312	317	4	.	.	PUNCT
ajfa-312	318	1	(	(	PUNCT
ajfa-312	318	2	1969	1969	NUM
ajfa-312	318	3	)	)	PUNCT
ajfa-312	318	4	.	.	PUNCT
ajfa-312	319	1	investigating	investigate	VERB
ajfa-312	319	2	causal	causal	ADJ
ajfa-312	319	3	relations	relation	NOUN
ajfa-312	319	4	by	by	ADP
ajfa-312	319	5	econometric	econometric	ADJ
ajfa-312	319	6	methods	method	NOUN
ajfa-312	319	7	and	and	CCONJ
ajfa-312	319	8	cross	cross	ADJ
ajfa-312	319	9	-	-	ADJ
ajfa-312	319	10	spectral	spectral	ADJ
ajfa-312	319	11	methods	method	NOUN
ajfa-312	319	12	,	,	PUNCT
ajfa-312	319	13	econometrica	econometrica	PROPN
ajfa-312	319	14	,	,	PUNCT
ajfa-312	319	15	34	34	NUM
ajfa-312	319	16	,	,	PUNCT
ajfa-312	319	17	424	424	NUM
ajfa-312	319	18	-	-	SYM
ajfa-312	319	19	438	438	NUM
ajfa-312	319	20	.	.	PUNCT
ajfa-312	320	1	hilliard	hilliard	NOUN
ajfa-312	320	2	,	,	PUNCT
ajfa-312	320	3	j.e	j.e	PROPN
ajfa-312	320	4	.	.	PROPN
ajfa-312	320	5	(	(	PUNCT
ajfa-312	320	6	1979	1979	NUM
ajfa-312	320	7	)	)	PUNCT
ajfa-312	320	8	.	.	PUNCT
ajfa-312	321	1	relationship	relationship	NOUN
ajfa-312	321	2	between	between	ADP
ajfa-312	321	3	equity	equity	NOUN
ajfa-312	321	4	indices	index	NOUN
ajfa-312	321	5	on	on	ADP
ajfa-312	321	6	world	world	NOUN
ajfa-312	321	7	exchanges	exchange	NOUN
ajfa-312	321	8	,	,	PUNCT
ajfa-312	321	9	journal	journal	NOUN
ajfa-312	321	10	of	of	ADP
ajfa-312	321	11	finance	finance	NOUN
ajfa-312	321	12	,	,	PUNCT
ajfa-312	321	13	34	34	NUM
ajfa-312	321	14	,	,	PUNCT
ajfa-312	321	15	pp	pp	ADJ
ajfa-312	321	16	.	.	PUNCT
ajfa-312	322	1	103	103	NUM
ajfa-312	322	2	-	-	SYM
ajfa-312	322	3	104	104	NUM
ajfa-312	322	4	.	.	PUNCT
ajfa-312	323	1	janak	janak	PROPN
ajfa-312	323	2	,	,	PUNCT
ajfa-312	323	3	r.	r.	PROPN
ajfa-312	323	4	,	,	PUNCT
ajfa-312	323	5	and	and	CCONJ
ajfa-312	323	6	sarat	sarat	PROPN
ajfa-312	323	7	d.	d.	PROPN
ajfa-312	323	8	(	(	PUNCT
ajfa-312	323	9	2008	2008	NUM
ajfa-312	323	10	)	)	PUNCT
ajfa-312	323	11	.	.	PUNCT
ajfa-312	324	1	integration	integration	NOUN
ajfa-312	324	2	of	of	ADP
ajfa-312	324	3	india	india	PROPN
ajfa-312	324	4	’s	’s	PART
ajfa-312	324	5	stock	stock	NOUN
ajfa-312	324	6	market	market	NOUN
ajfa-312	324	7	with	with	ADP
ajfa-312	324	8	global	global	ADJ
ajfa-312	324	9	and	and	CCONJ
ajfa-312	324	10	major	major	ADJ
ajfa-312	324	11	regional	regional	ADJ
ajfa-312	324	12	markets	market	NOUN
ajfa-312	324	13	,	,	PUNCT
ajfa-312	324	14	bis	bis	ADJ
ajfa-312	324	15	papers	paper	NOUN
ajfa-312	324	16	,	,	PUNCT
ajfa-312	324	17	no	no	INTJ
ajfa-312	324	18	.	.	PUNCT
ajfa-312	325	1	42	42	NUM
ajfa-312	325	2	leong	leong	PROPN
ajfa-312	325	3	.	.	PUNCT
ajfa-312	326	1	s.	s.	PROPN
ajfa-312	326	2	c.	c.	PROPN
ajfa-312	326	3	and	and	CCONJ
ajfa-312	326	4	felmingham	felmingham	PROPN
ajfa-312	326	5	.	.	PUNCT
ajfa-312	327	1	b.	b.	PROPN
ajfa-312	327	2	(	(	PUNCT
ajfa-312	327	3	2001	2001	NUM
ajfa-312	327	4	)	)	PUNCT
ajfa-312	327	5	.	.	PUNCT
ajfa-312	328	1	the	the	DET
ajfa-312	328	2	interdependence	interdependence	NOUN
ajfa-312	328	3	of	of	ADP
ajfa-312	328	4	share	share	NOUN
ajfa-312	328	5	markets	market	NOUN
ajfa-312	328	6	in	in	ADP
ajfa-312	328	7	the	the	DET
ajfa-312	328	8	developed	develop	VERB
ajfa-312	328	9	economies	economy	NOUN
ajfa-312	328	10	of	of	ADP
ajfa-312	328	11	east	east	PROPN
ajfa-312	328	12	asia	asia	PROPN
ajfa-312	328	13	.	.	PUNCT
ajfa-312	329	1	pacific	pacific	ADJ
ajfa-312	329	2	-	-	PUNCT
ajfa-312	329	3	basin	basin	NOUN
ajfa-312	329	4	finance	finance	NOUN
ajfa-312	329	5	journal	journal	NOUN
ajfa-312	329	6	.	.	PUNCT
ajfa-312	330	1	11	11	NUM
ajfa-312	330	2	:	:	PUNCT
ajfa-312	331	1	219–237	219–237	NUM
ajfa-312	331	2	.	.	PUNCT
ajfa-312	332	1	lim	lim	PROPN
ajfa-312	332	2	,	,	PUNCT
ajfa-312	332	3	l.k	l.k	PROPN
ajfa-312	332	4	.	.	PROPN
ajfa-312	332	5	,	,	PUNCT
ajfa-312	332	6	and	and	CCONJ
ajfa-312	332	7	mcaleer	mcaleer	NOUN
ajfa-312	332	8	,	,	PUNCT
ajfa-312	332	9	m.	m.	NOUN
ajfa-312	332	10	(	(	PUNCT
ajfa-312	332	11	2004	2004	NUM
ajfa-312	332	12	)	)	PUNCT
ajfa-312	332	13	.	.	PUNCT
ajfa-312	333	1	convergence	convergence	NOUN
ajfa-312	333	2	and	and	CCONJ
ajfa-312	333	3	catching	catch	VERB
ajfa-312	333	4	up	up	ADP
ajfa-312	333	5	in	in	ADP
ajfa-312	333	6	asean	asean	ADJ
ajfa-312	333	7	:	:	PUNCT
ajfa-312	333	8	a	a	DET
ajfa-312	333	9	comparative	comparative	ADJ
ajfa-312	333	10	analysis	analysis	NOUN
ajfa-312	333	11	,	,	PUNCT
ajfa-312	333	12	applied	apply	VERB
ajfa-312	333	13	economics	economic	NOUN
ajfa-312	333	14	,	,	PUNCT
ajfa-312	333	15	36	36	NUM
ajfa-312	333	16	,	,	PUNCT
ajfa-312	333	17	2	2	NUM
ajfa-312	333	18	,	,	PUNCT
ajfa-312	333	19	pp.137	pp.137	PROPN
ajfa-312	333	20	-	-	X
ajfa-312	333	21	53	53	NUM
ajfa-312	333	22	.	.	PUNCT
ajfa-312	333	23	royfaizal	royfaizal	PROPN
ajfa-312	333	24	,	,	PUNCT
ajfa-312	333	25	r.	r.	PROPN
ajfa-312	333	26	c.	c.	PROPN
ajfa-312	333	27	,	,	PUNCT
ajfa-312	333	28	lee	lee	PROPN
ajfa-312	333	29	,	,	PUNCT
ajfa-312	333	30	c	c	PROPN
ajfa-312	333	31	and	and	CCONJ
ajfa-312	333	32	mohamed	mohamed	PROPN
ajfa-312	333	33	,	,	PUNCT
ajfa-312	333	34	azali	azali	VERB
ajfa-312	333	35	.	.	PUNCT
ajfa-312	334	1	(	(	PUNCT
ajfa-312	334	2	2007	2007	NUM
ajfa-312	334	3	)	)	PUNCT
ajfa-312	334	4	.	.	PUNCT
ajfa-312	335	1	asean-5	asean-5	NUM
ajfa-312	335	2	+	+	NOUN
ajfa-312	335	3	3	3	NUM
ajfa-312	335	4	and	and	CCONJ
ajfa-312	335	5	us	we	PRON
ajfa-312	335	6	stock	stock	NOUN
ajfa-312	335	7	markets	market	NOUN
ajfa-312	335	8	interdependence	interdependence	NOUN
ajfa-312	335	9	before	before	ADV
ajfa-312	335	10	,	,	PUNCT
ajfa-312	335	11	during	during	ADP
ajfa-312	335	12	and	and	CCONJ
ajfa-312	335	13	after	after	ADP
ajfa-312	335	14	asian	asian	ADJ
ajfa-312	335	15	financial	financial	ADJ
ajfa-312	335	16	crisis	crisis	NOUN
ajfa-312	335	17	,	,	PUNCT
ajfa-312	335	18	mpra	mpra	PROPN
ajfa-312	335	19	paper	paper	PROPN
ajfa-312	335	20	10263	10263	NUM
ajfa-312	335	21	,	,	PUNCT
ajfa-312	335	22	university	university	NOUN
ajfa-312	335	23	library	library	NOUN
ajfa-312	335	24	of	of	ADP
ajfa-312	335	25	munich	munich	PROPN
ajfa-312	335	26	,	,	PUNCT
ajfa-312	335	27	germany	germany	PROPN
ajfa-312	335	28	tan	tan	PROPN
ajfa-312	335	29	,	,	PUNCT
ajfa-312	335	30	k.	k.	PROPN
ajfa-312	335	31	b.	b.	PROPN
ajfa-312	335	32	,	,	PUNCT
ajfa-312	335	33	and	and	CCONJ
ajfa-312	335	34	y.k	y.k	PROPN
ajfa-312	335	35	.	.	PROPN
ajfa-312	335	36	tse	tse	PROPN
ajfa-312	335	37	.	.	PUNCT
ajfa-312	336	1	(	(	PUNCT
ajfa-312	336	2	2002	2002	NUM
ajfa-312	336	3	)	)	PUNCT
ajfa-312	336	4	.	.	PUNCT
ajfa-312	337	1	the	the	DET
ajfa-312	337	2	integration	integration	NOUN
ajfa-312	337	3	of	of	ADP
ajfa-312	337	4	the	the	DET
ajfa-312	337	5	east	east	PROPN
ajfa-312	337	6	and	and	CCONJ
ajfa-312	337	7	south	south	ADJ
ajfa-312	337	8	-	-	PUNCT
ajfa-312	337	9	east	east	NOUN
ajfa-312	337	10	asian	asian	ADJ
ajfa-312	337	11	equity	equity	NOUN
ajfa-312	337	12	markets	market	NOUN
ajfa-312	337	13	,	,	PUNCT
ajfa-312	337	14	international	international	ADJ
ajfa-312	337	15	center	center	NOUN
ajfa-312	337	16	for	for	ADP
ajfa-312	337	17	the	the	DET
ajfa-312	337	18	study	study	NOUN
ajfa-312	337	19	of	of	ADP
ajfa-312	337	20	east	east	PROPN
ajfa-312	337	21	asian	asian	PROPN
ajfa-312	337	22	development	development	PROPN
ajfa-312	337	23	working	working	PROPN
ajfa-312	337	24	paper	paper	NOUN
ajfa-312	337	25	no	no	INTJ
ajfa-312	337	26	.	.	NOUN
ajfa-312	337	27	2002	2002	NUM
ajfa-312	337	28	-	-	SYM
ajfa-312	337	29	11	11	NUM
ajfa-312	337	30	.	.	PUNCT
ajfa-312	338	1	copyright	copyright	NOUN
ajfa-312	338	2	disclaimer	disclaimer	PROPN
ajfa-312	338	3	copyright	copyright	NOUN
ajfa-312	338	4	reserved	reserve	VERB
ajfa-312	338	5	by	by	ADP
ajfa-312	338	6	the	the	DET
ajfa-312	338	7	author(s	author(s	NOUN
ajfa-312	338	8	)	)	PUNCT
ajfa-312	338	9	.	.	PUNCT
ajfa-312	339	1	this	this	DET
ajfa-312	339	2	article	article	NOUN
ajfa-312	339	3	is	be	AUX
ajfa-312	339	4	an	an	DET
ajfa-312	339	5	open	open	ADJ
ajfa-312	339	6	-	-	PUNCT
ajfa-312	339	7	access	access	NOUN
ajfa-312	339	8	article	article	NOUN
ajfa-312	339	9	distributed	distribute	VERB
ajfa-312	339	10	under	under	ADP
ajfa-312	339	11	the	the	DET
ajfa-312	339	12	terms	term	NOUN
ajfa-312	339	13	and	and	CCONJ
ajfa-312	339	14	conditions	condition	NOUN
ajfa-312	339	15	of	of	ADP
ajfa-312	339	16	the	the	DET
ajfa-312	339	17	creative	creative	ADJ
ajfa-312	339	18	commons	common	NOUN
ajfa-312	339	19	attribution	attribution	NOUN
ajfa-312	339	20	license	license	NOUN
ajfa-312	339	21	(	(	PUNCT
ajfa-312	339	22	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-312	339	23	)	)	PUNCT
ajfa-312	339	24	.	.	PUNCT
ajfa-312	340	1	i	i	PRON
ajfa-312	340	2	d.	d.	PROPN
ajfa-312	340	3	a.	a.	PROPN
ajfa-312	340	4	dickey	dickey	PROPN
ajfa-312	340	5	and	and	CCONJ
ajfa-312	340	6	w.	w.	PROPN
ajfa-312	340	7	a.	a.	PROPN
ajfa-312	340	8	fuller	fuller	NOUN
ajfa-312	340	9	,	,	PUNCT
ajfa-312	340	10	“	"	PUNCT
ajfa-312	340	11	distribution	distribution	NOUN
ajfa-312	340	12	of	of	ADP
ajfa-312	340	13	the	the	DET
ajfa-312	340	14	estimators	estimator	NOUN
ajfa-312	340	15	for	for	ADP
ajfa-312	340	16	autoregressive	autoregressive	ADJ
ajfa-312	340	17	time	time	NOUN
ajfa-312	340	18	series	series	NOUN
ajfa-312	340	19	with	with	ADP
ajfa-312	340	20	a	a	DET
ajfa-312	340	21	unit	unit	NOUN
ajfa-312	340	22	root	root	NOUN
ajfa-312	340	23	,	,	PUNCT
ajfa-312	340	24	”	"	PUNCT
ajfa-312	340	25	journal	journal	NOUN
ajfa-312	340	26	of	of	ADP
ajfa-312	340	27	the	the	DET
ajfa-312	340	28	american	american	PROPN
ajfa-312	340	29	statistical	statistical	PROPN
ajfa-312	340	30	association	association	PROPN
ajfa-312	340	31	,	,	PUNCT
ajfa-312	340	32	vol	vol	NOUN
ajfa-312	340	33	.	.	PROPN
ajfa-312	340	34	74	74	NUM
ajfa-312	340	35	,	,	PUNCT
ajfa-312	340	36	1979	1979	NUM
ajfa-312	340	37	,	,	PUNCT
ajfa-312	340	38	pp	pp	ADJ
ajfa-312	340	39	.	.	PUNCT
ajfa-312	341	1	427	427	NUM
ajfa-312	341	2	-	-	SYM
ajfa-312	341	3	431	431	NUM
ajfa-312	341	4	.	.	PUNCT