id	sid	tid	token	lemma	pos
ajfa-3365	1	1	microsoft	microsoft	PROPN
ajfa-3365	1	2	word	word	NOUN
ajfa-3365	1	3	3365-13208-1-rv-writer2-new.docx	3365-13208-1-rv-writer2-new.docx	NUM
ajfa-3365	1	4	asian	asian	ADJ
ajfa-3365	1	5	journal	journal	NOUN
ajfa-3365	1	6	of	of	ADP
ajfa-3365	1	7	finance	finance	PROPN
ajfa-3365	1	8	&	&	CCONJ
ajfa-3365	1	9	accounting	accounting	PROPN
ajfa-3365	1	10	issn	issn	PROPN
ajfa-3365	1	11	1946	1946	NUM
ajfa-3365	1	12	-	-	PUNCT
ajfa-3365	1	13	052x	052x	NOUN
ajfa-3365	1	14	2013	2013	NUM
ajfa-3365	1	15	,	,	PUNCT
ajfa-3365	1	16	vol	vol	NOUN
ajfa-3365	1	17	.	.	PROPN
ajfa-3365	1	18	5	5	NUM
ajfa-3365	1	19	,	,	PUNCT
ajfa-3365	1	20	no	no	INTJ
ajfa-3365	1	21	.	.	NOUN
ajfa-3365	1	22	1	1	NUM
ajfa-3365	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	1	24	233	233	NUM
ajfa-3365	1	25	information	information	NOUN
ajfa-3365	1	26	content	content	NOUN
ajfa-3365	1	27	of	of	ADP
ajfa-3365	1	28	csi	csi	PROPN
ajfa-3365	1	29	300	300	NUM
ajfa-3365	1	30	index	index	NOUN
ajfa-3365	1	31	futures	future	NOUN
ajfa-3365	1	32	during	during	ADP
ajfa-3365	1	33	extended	extended	ADJ
ajfa-3365	1	34	trading	trading	NOUN
ajfa-3365	1	35	hours	hour	NOUN
ajfa-3365	1	36	:	:	PUNCT
ajfa-3365	1	37	evidence	evidence	NOUN
ajfa-3365	1	38	from	from	ADP
ajfa-3365	1	39	china	china	PROPN
ajfa-3365	1	40	yugang	yugang	PROPN
ajfa-3365	1	41	chen	chen	PROPN
ajfa-3365	1	42	associate	associate	PROPN
ajfa-3365	1	43	professor	professor	NOUN
ajfa-3365	1	44	of	of	ADP
ajfa-3365	1	45	finance	finance	NOUN
ajfa-3365	1	46	,	,	PUNCT
ajfa-3365	1	47	business	business	NOUN
ajfa-3365	1	48	school	school	NOUN
ajfa-3365	1	49	sun	sun	PROPN
ajfa-3365	1	50	yat	yat	PROPN
ajfa-3365	1	51	-	-	PUNCT
ajfa-3365	1	52	sen	sen	PROPN
ajfa-3365	1	53	university	university	PROPN
ajfa-3365	1	54	135	135	NUM
ajfa-3365	1	55	xingang	xingang	PROPN
ajfa-3365	1	56	road	road	PROPN
ajfa-3365	1	57	,	,	PUNCT
ajfa-3365	1	58	guangzhou	guangzhou	PROPN
ajfa-3365	1	59	,	,	PUNCT
ajfa-3365	1	60	china	china	PROPN
ajfa-3365	1	61	,	,	PUNCT
ajfa-3365	1	62	510275	510275	NUM
ajfa-3365	1	63	e	e	NOUN
ajfa-3365	1	64	-	-	NOUN
ajfa-3365	1	65	mail	mail	NOUN
ajfa-3365	1	66	:	:	PUNCT
ajfa-3365	1	67	chenyugang76@163.com	chenyugang76@163.com	X
ajfa-3365	1	68	karen	karen	PROPN
ajfa-3365	1	69	jingrong	jingrong	PROPN
ajfa-3365	1	70	lin	lin	PROPN
ajfa-3365	1	71	(	(	PUNCT
ajfa-3365	1	72	corresponding	corresponding	ADJ
ajfa-3365	1	73	author	author	NOUN
ajfa-3365	1	74	)	)	PUNCT
ajfa-3365	1	75	assistant	assistant	NOUN
ajfa-3365	1	76	professor	professor	NOUN
ajfa-3365	1	77	of	of	ADP
ajfa-3365	1	78	accounting	accounting	PROPN
ajfa-3365	1	79	,	,	PUNCT
ajfa-3365	1	80	manning	man	VERB
ajfa-3365	1	81	school	school	NOUN
ajfa-3365	1	82	of	of	ADP
ajfa-3365	1	83	business	business	PROPN
ajfa-3365	1	84	university	university	PROPN
ajfa-3365	1	85	of	of	ADP
ajfa-3365	1	86	massachusetts	massachusetts	PROPN
ajfa-3365	1	87	-	-	PUNCT
ajfa-3365	1	88	lowell	lowell	PROPN
ajfa-3365	1	89	/	/	SYM
ajfa-3365	1	90	sun	sun	PROPN
ajfa-3365	1	91	yat	yat	PROPN
ajfa-3365	1	92	-	-	PUNCT
ajfa-3365	1	93	sen	sen	PROPN
ajfa-3365	1	94	university	university	PROPN
ajfa-3365	1	95	1	1	NUM
ajfa-3365	1	96	university	university	PROPN
ajfa-3365	1	97	avenue	avenue	PROPN
ajfa-3365	1	98	,	,	PUNCT
ajfa-3365	1	99	lowell	lowell	PROPN
ajfa-3365	1	100	,	,	PUNCT
ajfa-3365	1	101	ma	ma	PROPN
ajfa-3365	1	102	,	,	PUNCT
ajfa-3365	1	103	01854	01854	NUM
ajfa-3365	1	104	e	e	NOUN
ajfa-3365	1	105	-	-	NOUN
ajfa-3365	1	106	mail	mail	NOUN
ajfa-3365	1	107	:	:	PUNCT
ajfa-3365	2	1	jingrong_lin@uml.edu	jingrong_lin@uml.edu	NOUN
ajfa-3365	2	2	received	receive	VERB
ajfa-3365	2	3	:	:	PUNCT
ajfa-3365	2	4	march	march	PROPN
ajfa-3365	2	5	10	10	NUM
ajfa-3365	2	6	,	,	PUNCT
ajfa-3365	2	7	2013	2013	NUM
ajfa-3365	2	8	accepted	accept	VERB
ajfa-3365	2	9	:	:	PUNCT
ajfa-3365	2	10	april	april	PROPN
ajfa-3365	2	11	9	9	NUM
ajfa-3365	2	12	,	,	PUNCT
ajfa-3365	2	13	2013	2013	NUM
ajfa-3365	2	14	published	publish	VERB
ajfa-3365	2	15	:	:	PUNCT
ajfa-3365	2	16	june	june	PROPN
ajfa-3365	2	17	1	1	NUM
ajfa-3365	2	18	,	,	PUNCT
ajfa-3365	2	19	2013	2013	NUM
ajfa-3365	2	20	doi:10.5296	doi:10.5296	NOUN
ajfa-3365	2	21	/	/	SYM
ajfa-3365	2	22	ajfa.v5i1.3365	ajfa.v5i1.3365	NUM
ajfa-3365	2	23	url	url	NOUN
ajfa-3365	2	24	:	:	PUNCT
ajfa-3365	2	25	http://dx.doi.org/10.5296/ajfa.v5i1.3365	http://dx.doi.org/10.5296/ajfa.v5i1.3365	NUM
ajfa-3365	2	26	abstract	abstract	ADJ
ajfa-3365	2	27	china	china	PROPN
ajfa-3365	2	28	established	establish	VERB
ajfa-3365	2	29	its	its	PRON
ajfa-3365	2	30	stock	stock	NOUN
ajfa-3365	2	31	futures	future	NOUN
ajfa-3365	2	32	exchange	exchange	NOUN
ajfa-3365	2	33	in	in	ADP
ajfa-3365	2	34	year	year	NOUN
ajfa-3365	2	35	2006	2006	NUM
ajfa-3365	2	36	,	,	PUNCT
ajfa-3365	2	37	but	but	CCONJ
ajfa-3365	2	38	not	not	PART
ajfa-3365	2	39	until	until	ADP
ajfa-3365	2	40	year	year	NOUN
ajfa-3365	2	41	2010	2010	NUM
ajfa-3365	2	42	did	do	AUX
ajfa-3365	2	43	the	the	DET
ajfa-3365	2	44	first	first	ADJ
ajfa-3365	2	45	futures	future	NOUN
ajfa-3365	2	46	contract	contract	NOUN
ajfa-3365	2	47	become	become	VERB
ajfa-3365	2	48	publicly	publicly	ADV
ajfa-3365	2	49	available	available	ADJ
ajfa-3365	2	50	for	for	ADP
ajfa-3365	2	51	trading	trading	NOUN
ajfa-3365	2	52	.	.	PUNCT
ajfa-3365	3	1	the	the	DET
ajfa-3365	3	2	tight	tight	ADJ
ajfa-3365	3	3	government	government	NOUN
ajfa-3365	3	4	as	as	ADV
ajfa-3365	3	5	well	well	ADV
ajfa-3365	3	6	as	as	ADP
ajfa-3365	3	7	the	the	DET
ajfa-3365	3	8	composition	composition	NOUN
ajfa-3365	3	9	of	of	ADP
ajfa-3365	3	10	market	market	NOUN
ajfa-3365	3	11	participants	participant	NOUN
ajfa-3365	3	12	raises	raise	VERB
ajfa-3365	3	13	the	the	DET
ajfa-3365	3	14	question	question	NOUN
ajfa-3365	3	15	that	that	SCONJ
ajfa-3365	3	16	whether	whether	SCONJ
ajfa-3365	3	17	this	this	DET
ajfa-3365	3	18	futures	future	NOUN
ajfa-3365	3	19	market	market	NOUN
ajfa-3365	3	20	is	be	AUX
ajfa-3365	3	21	informationally	informationally	ADV
ajfa-3365	3	22	efficient	efficient	ADJ
ajfa-3365	3	23	.	.	PUNCT
ajfa-3365	4	1	we	we	PRON
ajfa-3365	4	2	study	study	VERB
ajfa-3365	4	3	the	the	DET
ajfa-3365	4	4	information	information	NOUN
ajfa-3365	4	5	incorporation	incorporation	NOUN
ajfa-3365	4	6	of	of	ADP
ajfa-3365	4	7	the	the	DET
ajfa-3365	4	8	futures	future	NOUN
ajfa-3365	4	9	market	market	NOUN
ajfa-3365	4	10	during	during	ADP
ajfa-3365	4	11	the	the	DET
ajfa-3365	4	12	extended	extended	ADJ
ajfa-3365	4	13	trading	trading	NOUN
ajfa-3365	4	14	hours	hour	NOUN
ajfa-3365	4	15	beyond	beyond	ADP
ajfa-3365	4	16	those	those	PRON
ajfa-3365	4	17	of	of	ADP
ajfa-3365	4	18	the	the	DET
ajfa-3365	4	19	underlying	underlie	VERB
ajfa-3365	4	20	spot	spot	NOUN
ajfa-3365	4	21	market	market	NOUN
ajfa-3365	4	22	.	.	PUNCT
ajfa-3365	5	1	our	our	PRON
ajfa-3365	5	2	analyses	analysis	NOUN
ajfa-3365	5	3	show	show	VERB
ajfa-3365	5	4	that	that	SCONJ
ajfa-3365	5	5	,	,	PUNCT
ajfa-3365	5	6	first	first	ADV
ajfa-3365	5	7	,	,	PUNCT
ajfa-3365	5	8	spot	spot	NOUN
ajfa-3365	5	9	market	market	NOUN
ajfa-3365	5	10	is	be	AUX
ajfa-3365	5	11	the	the	DET
ajfa-3365	5	12	main	main	ADJ
ajfa-3365	5	13	information	information	NOUN
ajfa-3365	5	14	source	source	NOUN
ajfa-3365	5	15	of	of	ADP
ajfa-3365	5	16	the	the	DET
ajfa-3365	5	17	futures	future	NOUN
ajfa-3365	5	18	market	market	NOUN
ajfa-3365	5	19	.	.	PUNCT
ajfa-3365	6	1	in	in	ADP
ajfa-3365	6	2	addition	addition	NOUN
ajfa-3365	6	3	,	,	PUNCT
ajfa-3365	6	4	using	use	VERB
ajfa-3365	6	5	a	a	DET
ajfa-3365	6	6	t	t	PROPN
ajfa-3365	6	7	-	-	PUNCT
ajfa-3365	6	8	garch	garch	NOUN
ajfa-3365	6	9	model	model	NOUN
ajfa-3365	6	10	,	,	PUNCT
ajfa-3365	6	11	we	we	PRON
ajfa-3365	6	12	show	show	VERB
ajfa-3365	6	13	that	that	SCONJ
ajfa-3365	6	14	the	the	DET
ajfa-3365	6	15	post	post	ADJ
ajfa-3365	6	16	-	-	ADJ
ajfa-3365	6	17	closing	closing	ADJ
ajfa-3365	6	18	,	,	PUNCT
ajfa-3365	6	19	overnight	overnight	ADV
ajfa-3365	6	20	and	and	CCONJ
ajfa-3365	6	21	pre	pre	ADJ
ajfa-3365	6	22	-	-	ADJ
ajfa-3365	6	23	opening	opening	ADJ
ajfa-3365	6	24	returns	return	NOUN
ajfa-3365	6	25	are	be	AUX
ajfa-3365	6	26	significantly	significantly	ADV
ajfa-3365	6	27	correlated	correlate	VERB
ajfa-3365	6	28	with	with	ADP
ajfa-3365	6	29	the	the	DET
ajfa-3365	6	30	overnight	overnight	ADJ
ajfa-3365	6	31	spot	spot	NOUN
ajfa-3365	6	32	market	market	NOUN
ajfa-3365	6	33	return	return	NOUN
ajfa-3365	6	34	.	.	PUNCT
ajfa-3365	7	1	second	second	ADV
ajfa-3365	7	2	,	,	PUNCT
ajfa-3365	7	3	the	the	DET
ajfa-3365	7	4	return	return	NOUN
ajfa-3365	7	5	innovations	innovation	NOUN
ajfa-3365	7	6	of	of	ADP
ajfa-3365	7	7	the	the	DET
ajfa-3365	7	8	futures	future	NOUN
ajfa-3365	7	9	market	market	NOUN
ajfa-3365	7	10	significantly	significantly	ADV
ajfa-3365	7	11	correlate	correlate	VERB
ajfa-3365	7	12	with	with	ADP
ajfa-3365	7	13	the	the	DET
ajfa-3365	7	14	overnight	overnight	ADJ
ajfa-3365	7	15	spot	spot	NOUN
ajfa-3365	7	16	market	market	NOUN
ajfa-3365	7	17	return	return	NOUN
ajfa-3365	7	18	,	,	PUNCT
ajfa-3365	7	19	indicating	indicate	VERB
ajfa-3365	7	20	a	a	DET
ajfa-3365	7	21	price	price	NOUN
ajfa-3365	7	22	discovery	discovery	NOUN
ajfa-3365	7	23	role	role	NOUN
ajfa-3365	7	24	of	of	ADP
ajfa-3365	7	25	the	the	DET
ajfa-3365	7	26	futures	future	NOUN
ajfa-3365	7	27	market	market	NOUN
ajfa-3365	7	28	.	.	PUNCT
ajfa-3365	8	1	finally	finally	ADV
ajfa-3365	8	2	,	,	PUNCT
ajfa-3365	8	3	the	the	DET
ajfa-3365	8	4	futures	future	NOUN
ajfa-3365	8	5	market	market	NOUN
ajfa-3365	8	6	during	during	ADP
ajfa-3365	8	7	the	the	DET
ajfa-3365	8	8	extended	extended	ADJ
ajfa-3365	8	9	hours	hour	NOUN
ajfa-3365	8	10	reflects	reflect	VERB
ajfa-3365	8	11	the	the	DET
ajfa-3365	8	12	overnight	overnight	ADJ
ajfa-3365	8	13	news	news	NOUN
ajfa-3365	8	14	in	in	ADP
ajfa-3365	8	15	the	the	DET
ajfa-3365	8	16	u.s	u.s	PROPN
ajfa-3365	8	17	.	.	PROPN
ajfa-3365	8	18	market	market	NOUN
ajfa-3365	8	19	.	.	PUNCT
ajfa-3365	9	1	keywords	keyword	NOUN
ajfa-3365	9	2	:	:	PUNCT
ajfa-3365	9	3	stock	stock	NOUN
ajfa-3365	9	4	index	index	NOUN
ajfa-3365	9	5	futures	future	NOUN
ajfa-3365	9	6	,	,	PUNCT
ajfa-3365	9	7	information	information	NOUN
ajfa-3365	9	8	content	content	NOUN
ajfa-3365	9	9	,	,	PUNCT
ajfa-3365	9	10	price	price	NOUN
ajfa-3365	9	11	discovery	discovery	NOUN
ajfa-3365	9	12	,	,	PUNCT
ajfa-3365	9	13	extended	extend	VERB
ajfa-3365	9	14	trading	trading	NOUN
ajfa-3365	9	15	hours	hour	NOUN
ajfa-3365	9	16	asian	asian	PROPN
ajfa-3365	9	17	journal	journal	NOUN
ajfa-3365	9	18	of	of	ADP
ajfa-3365	9	19	finance	finance	PROPN
ajfa-3365	9	20	&	&	CCONJ
ajfa-3365	9	21	accounting	accounting	PROPN
ajfa-3365	9	22	issn	issn	PROPN
ajfa-3365	9	23	1946	1946	NUM
ajfa-3365	9	24	-	-	PUNCT
ajfa-3365	9	25	052x	052x	NOUN
ajfa-3365	9	26	2013	2013	NUM
ajfa-3365	9	27	,	,	PUNCT
ajfa-3365	9	28	vol	vol	NOUN
ajfa-3365	9	29	.	.	PROPN
ajfa-3365	9	30	5	5	NUM
ajfa-3365	9	31	,	,	PUNCT
ajfa-3365	9	32	no	no	INTJ
ajfa-3365	9	33	.	.	NOUN
ajfa-3365	9	34	1	1	NUM
ajfa-3365	9	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3365	9	36	234	234	NUM
ajfa-3365	9	37	1	1	NUM
ajfa-3365	9	38	.	.	PUNCT
ajfa-3365	10	1	introduction	introduction	NOUN
ajfa-3365	10	2	we	we	PRON
ajfa-3365	10	3	investigate	investigate	VERB
ajfa-3365	10	4	information	information	NOUN
ajfa-3365	10	5	efficiency	efficiency	NOUN
ajfa-3365	10	6	of	of	ADP
ajfa-3365	10	7	the	the	DET
ajfa-3365	10	8	futures	future	NOUN
ajfa-3365	10	9	market	market	NOUN
ajfa-3365	10	10	in	in	ADP
ajfa-3365	10	11	an	an	DET
ajfa-3365	10	12	important	important	ADJ
ajfa-3365	10	13	emerging	emerge	VERB
ajfa-3365	10	14	economy	economy	NOUN
ajfa-3365	10	15	,	,	PUNCT
ajfa-3365	10	16	china	china	PROPN
ajfa-3365	10	17	.	.	PUNCT
ajfa-3365	11	1	in	in	ADP
ajfa-3365	11	2	particular	particular	ADJ
ajfa-3365	11	3	,	,	PUNCT
ajfa-3365	11	4	we	we	PRON
ajfa-3365	11	5	explore	explore	VERB
ajfa-3365	11	6	whether	whether	SCONJ
ajfa-3365	11	7	the	the	DET
ajfa-3365	11	8	csi	csi	ADJ
ajfa-3365	11	9	300	300	NUM
ajfa-3365	11	10	index	index	NOUN
ajfa-3365	11	11	futures	future	NOUN
ajfa-3365	11	12	traded	trade	VERB
ajfa-3365	11	13	during	during	ADP
ajfa-3365	11	14	extended	extended	ADJ
ajfa-3365	11	15	trading	trading	NOUN
ajfa-3365	11	16	hours	hour	NOUN
ajfa-3365	11	17	(	(	PUNCT
ajfa-3365	11	18	i.e.	i.e.	X
ajfa-3365	11	19	,	,	PUNCT
ajfa-3365	11	20	after	after	SCONJ
ajfa-3365	11	21	the	the	DET
ajfa-3365	11	22	spot	spot	NOUN
ajfa-3365	11	23	equity	equity	NOUN
ajfa-3365	11	24	market	market	NOUN
ajfa-3365	11	25	is	be	AUX
ajfa-3365	11	26	closed	close	VERB
ajfa-3365	11	27	or	or	CCONJ
ajfa-3365	11	28	before	before	SCONJ
ajfa-3365	11	29	it	it	PRON
ajfa-3365	11	30	is	be	AUX
ajfa-3365	11	31	open	open	ADJ
ajfa-3365	11	32	)	)	PUNCT
ajfa-3365	11	33	incorporate	incorporate	VERB
ajfa-3365	11	34	additional	additional	ADJ
ajfa-3365	11	35	information	information	NOUN
ajfa-3365	11	36	.	.	PUNCT
ajfa-3365	12	1	following	follow	VERB
ajfa-3365	12	2	other	other	ADJ
ajfa-3365	12	3	markets	market	NOUN
ajfa-3365	12	4	around	around	ADP
ajfa-3365	12	5	the	the	DET
ajfa-3365	12	6	world	world	NOUN
ajfa-3365	12	7	,	,	PUNCT
ajfa-3365	12	8	china	china	PROPN
ajfa-3365	12	9	has	have	AUX
ajfa-3365	12	10	adopted	adopt	VERB
ajfa-3365	12	11	asynchronous	asynchronous	ADJ
ajfa-3365	12	12	opening	opening	NOUN
ajfa-3365	12	13	and	and	CCONJ
ajfa-3365	12	14	closing	closing	NOUN
ajfa-3365	12	15	times	time	NOUN
ajfa-3365	12	16	between	between	ADP
ajfa-3365	12	17	the	the	DET
ajfa-3365	12	18	spot	spot	NOUN
ajfa-3365	12	19	and	and	CCONJ
ajfa-3365	12	20	the	the	DET
ajfa-3365	12	21	futures	future	NOUN
ajfa-3365	12	22	market	market	NOUN
ajfa-3365	12	23	.	.	PUNCT
ajfa-3365	13	1	we	we	PRON
ajfa-3365	13	2	investigate	investigate	VERB
ajfa-3365	13	3	the	the	DET
ajfa-3365	13	4	information	information	NOUN
ajfa-3365	13	5	role	role	NOUN
ajfa-3365	13	6	of	of	ADP
ajfa-3365	13	7	the	the	DET
ajfa-3365	13	8	futures	future	NOUN
ajfa-3365	13	9	market	market	NOUN
ajfa-3365	13	10	by	by	ADP
ajfa-3365	13	11	examining	examine	VERB
ajfa-3365	13	12	information	information	NOUN
ajfa-3365	13	13	incorporation	incorporation	NOUN
ajfa-3365	13	14	of	of	ADP
ajfa-3365	13	15	the	the	DET
ajfa-3365	13	16	csi	csi	ADJ
ajfa-3365	13	17	300	300	NUM
ajfa-3365	13	18	index	index	NOUN
ajfa-3365	13	19	futures	future	NOUN
ajfa-3365	13	20	during	during	ADP
ajfa-3365	13	21	the	the	DET
ajfa-3365	13	22	non	non	ADJ
ajfa-3365	13	23	-	-	ADJ
ajfa-3365	13	24	trading	trading	ADJ
ajfa-3365	13	25	hours	hour	NOUN
ajfa-3365	13	26	of	of	ADP
ajfa-3365	13	27	the	the	DET
ajfa-3365	13	28	underlying	underlie	VERB
ajfa-3365	13	29	spot	spot	NOUN
ajfa-3365	13	30	market	market	NOUN
ajfa-3365	13	31	.	.	PUNCT
ajfa-3365	14	1	the	the	DET
ajfa-3365	14	2	capital	capital	NOUN
ajfa-3365	14	3	market	market	NOUN
ajfa-3365	14	4	in	in	ADP
ajfa-3365	14	5	china	china	PROPN
ajfa-3365	14	6	is	be	AUX
ajfa-3365	14	7	heavily	heavily	ADV
ajfa-3365	14	8	regulated	regulate	VERB
ajfa-3365	14	9	with	with	ADP
ajfa-3365	14	10	numerous	numerous	ADJ
ajfa-3365	14	11	unsophisticated	unsophisticated	ADJ
ajfa-3365	14	12	individual	individual	ADJ
ajfa-3365	14	13	traders	trader	NOUN
ajfa-3365	14	14	as	as	ADP
ajfa-3365	14	15	market	market	NOUN
ajfa-3365	14	16	participants1	participants1	PROPN
ajfa-3365	14	17	.	.	PUNCT
ajfa-3365	15	1	thus	thus	ADV
ajfa-3365	15	2	,	,	PUNCT
ajfa-3365	15	3	the	the	DET
ajfa-3365	15	4	equity	equity	NOUN
ajfa-3365	15	5	market	market	NOUN
ajfa-3365	15	6	in	in	ADP
ajfa-3365	15	7	china	china	PROPN
ajfa-3365	15	8	is	be	AUX
ajfa-3365	15	9	often	often	ADV
ajfa-3365	15	10	considered	consider	VERB
ajfa-3365	15	11	to	to	PART
ajfa-3365	15	12	be	be	AUX
ajfa-3365	15	13	weakly	weakly	ADV
ajfa-3365	15	14	efficient	efficient	ADJ
ajfa-3365	15	15	regarding	regard	VERB
ajfa-3365	15	16	information	information	NOUN
ajfa-3365	15	17	incorporation	incorporation	NOUN
ajfa-3365	15	18	(	(	PUNCT
ajfa-3365	15	19	chong	chong	PROPN
ajfa-3365	15	20	,	,	PUNCT
ajfa-3365	15	21	lam	lam	PROPN
ajfa-3365	15	22	,	,	PUNCT
ajfa-3365	15	23	&	&	CCONJ
ajfa-3365	15	24	yan	yan	PROPN
ajfa-3365	15	25	,	,	PUNCT
ajfa-3365	15	26	2012	2012	NUM
ajfa-3365	15	27	;	;	PUNCT
ajfa-3365	15	28	gul	gul	PROPN
ajfa-3365	15	29	,	,	PUNCT
ajfa-3365	15	30	kim	kim	PROPN
ajfa-3365	15	31	,	,	PUNCT
ajfa-3365	15	32	&	&	CCONJ
ajfa-3365	15	33	qiu	qiu	PROPN
ajfa-3365	15	34	,	,	PUNCT
ajfa-3365	15	35	2010	2010	NUM
ajfa-3365	15	36	;	;	PUNCT
ajfa-3365	15	37	morck	morck	PROPN
ajfa-3365	15	38	,	,	PUNCT
ajfa-3365	15	39	yeung	yeung	PROPN
ajfa-3365	15	40	,	,	PUNCT
ajfa-3365	15	41	&	&	CCONJ
ajfa-3365	15	42	yu	yu	PROPN
ajfa-3365	15	43	,	,	PUNCT
ajfa-3365	15	44	2000	2000	NUM
ajfa-3365	15	45	)	)	PUNCT
ajfa-3365	15	46	.	.	PUNCT
ajfa-3365	16	1	in	in	ADP
ajfa-3365	16	2	2006	2006	NUM
ajfa-3365	16	3	,	,	PUNCT
ajfa-3365	16	4	the	the	DET
ajfa-3365	16	5	chinese	chinese	ADJ
ajfa-3365	16	6	securities	securities	PROPN
ajfa-3365	16	7	regulatory	regulatory	PROPN
ajfa-3365	16	8	commission	commission	PROPN
ajfa-3365	16	9	(	(	PUNCT
ajfa-3365	16	10	csrc	csrc	PROPN
ajfa-3365	16	11	)	)	PUNCT
ajfa-3365	16	12	established	establish	VERB
ajfa-3365	16	13	the	the	DET
ajfa-3365	16	14	china	china	PROPN
ajfa-3365	16	15	financial	financial	PROPN
ajfa-3365	16	16	futures	futures	PROPN
ajfa-3365	16	17	exchange	exchange	PROPN
ajfa-3365	16	18	(	(	PUNCT
ajfa-3365	16	19	ffex	ffex	PROPN
ajfa-3365	16	20	)	)	PUNCT
ajfa-3365	16	21	,	,	PUNCT
ajfa-3365	16	22	but	but	CCONJ
ajfa-3365	16	23	it	it	PRON
ajfa-3365	16	24	was	be	AUX
ajfa-3365	16	25	not	not	PART
ajfa-3365	16	26	until	until	ADP
ajfa-3365	16	27	year	year	NOUN
ajfa-3365	16	28	2010	2010	NUM
ajfa-3365	16	29	that	that	SCONJ
ajfa-3365	16	30	the	the	DET
ajfa-3365	16	31	first	first	ADJ
ajfa-3365	16	32	futures	future	NOUN
ajfa-3365	16	33	product	product	NOUN
ajfa-3365	16	34	based	base	VERB
ajfa-3365	16	35	on	on	ADP
ajfa-3365	16	36	the	the	DET
ajfa-3365	16	37	equity	equity	NOUN
ajfa-3365	16	38	market	market	NOUN
ajfa-3365	16	39	index	index	NOUN
ajfa-3365	16	40	,	,	PUNCT
ajfa-3365	16	41	the	the	DET
ajfa-3365	16	42	csi	csi	PROPN
ajfa-3365	16	43	300	300	NUM
ajfa-3365	16	44	index	index	NOUN
ajfa-3365	16	45	,	,	PUNCT
ajfa-3365	16	46	was	be	AUX
ajfa-3365	16	47	publicly	publicly	ADV
ajfa-3365	16	48	available	available	ADJ
ajfa-3365	16	49	for	for	ADP
ajfa-3365	16	50	trading	trading	NOUN
ajfa-3365	16	51	.	.	PUNCT
ajfa-3365	17	1	the	the	DET
ajfa-3365	17	2	government	government	NOUN
ajfa-3365	17	3	was	be	AUX
ajfa-3365	17	4	cautious	cautious	ADJ
ajfa-3365	17	5	about	about	ADP
ajfa-3365	17	6	the	the	DET
ajfa-3365	17	7	risks	risk	NOUN
ajfa-3365	17	8	involved	involve	VERB
ajfa-3365	17	9	in	in	ADP
ajfa-3365	17	10	developing	develop	VERB
ajfa-3365	17	11	the	the	DET
ajfa-3365	17	12	financial	financial	ADJ
ajfa-3365	17	13	derivatives	derivative	NOUN
ajfa-3365	17	14	markets	market	NOUN
ajfa-3365	17	15	in	in	ADP
ajfa-3365	17	16	china	china	PROPN
ajfa-3365	17	17	,	,	PUNCT
ajfa-3365	17	18	and	and	CCONJ
ajfa-3365	17	19	investors	investor	NOUN
ajfa-3365	17	20	are	be	AUX
ajfa-3365	17	21	concerned	concerned	ADJ
ajfa-3365	17	22	about	about	ADP
ajfa-3365	17	23	the	the	DET
ajfa-3365	17	24	market	market	NOUN
ajfa-3365	17	25	efficiency	efficiency	NOUN
ajfa-3365	17	26	of	of	ADP
ajfa-3365	17	27	these	these	DET
ajfa-3365	17	28	markets	market	NOUN
ajfa-3365	17	29	.	.	PUNCT
ajfa-3365	18	1	under	under	ADP
ajfa-3365	18	2	tight	tight	ADJ
ajfa-3365	18	3	control	control	NOUN
ajfa-3365	18	4	by	by	ADP
ajfa-3365	18	5	the	the	DET
ajfa-3365	18	6	government	government	NOUN
ajfa-3365	18	7	,	,	PUNCT
ajfa-3365	18	8	it	it	PRON
ajfa-3365	18	9	is	be	AUX
ajfa-3365	18	10	unclear	unclear	ADJ
ajfa-3365	18	11	whether	whether	SCONJ
ajfa-3365	18	12	china	china	PROPN
ajfa-3365	18	13	’s	’s	PART
ajfa-3365	18	14	futures	future	NOUN
ajfa-3365	18	15	market	market	NOUN
ajfa-3365	18	16	is	be	AUX
ajfa-3365	18	17	informationally	informationally	ADV
ajfa-3365	18	18	efficient	efficient	ADJ
ajfa-3365	18	19	.	.	PUNCT
ajfa-3365	19	1	in	in	ADP
ajfa-3365	19	2	this	this	DET
ajfa-3365	19	3	study	study	NOUN
ajfa-3365	19	4	we	we	PRON
ajfa-3365	19	5	address	address	VERB
ajfa-3365	19	6	three	three	NUM
ajfa-3365	19	7	interrelated	interrelated	ADJ
ajfa-3365	19	8	research	research	NOUN
ajfa-3365	19	9	questions	question	NOUN
ajfa-3365	19	10	.	.	PUNCT
ajfa-3365	20	1	first	first	ADV
ajfa-3365	20	2	,	,	PUNCT
ajfa-3365	20	3	how	how	SCONJ
ajfa-3365	20	4	are	be	AUX
ajfa-3365	20	5	returns	return	NOUN
ajfa-3365	20	6	from	from	ADP
ajfa-3365	20	7	different	different	ADJ
ajfa-3365	20	8	trading	trading	NOUN
ajfa-3365	20	9	sessions	session	NOUN
ajfa-3365	20	10	of	of	ADP
ajfa-3365	20	11	futures	future	NOUN
ajfa-3365	20	12	during	during	ADP
ajfa-3365	20	13	the	the	DET
ajfa-3365	20	14	non	non	ADJ
ajfa-3365	20	15	-	-	ADJ
ajfa-3365	20	16	trading	trading	ADJ
ajfa-3365	20	17	hours	hour	NOUN
ajfa-3365	20	18	related	relate	VERB
ajfa-3365	20	19	to	to	ADP
ajfa-3365	20	20	the	the	DET
ajfa-3365	20	21	overnight	overnight	ADJ
ajfa-3365	20	22	spot	spot	NOUN
ajfa-3365	20	23	market	market	NOUN
ajfa-3365	20	24	return	return	NOUN
ajfa-3365	20	25	?	?	PUNCT
ajfa-3365	21	1	second	second	ADV
ajfa-3365	21	2	,	,	PUNCT
ajfa-3365	21	3	following	follow	VERB
ajfa-3365	21	4	hiraki	hiraki	ADJ
ajfa-3365	21	5	,	,	PUNCT
ajfa-3365	21	6	maberly	maberly	ADV
ajfa-3365	21	7	,	,	PUNCT
ajfa-3365	21	8	and	and	CCONJ
ajfa-3365	21	9	takezawa	takezawa	PROPN
ajfa-3365	21	10	(	(	PUNCT
ajfa-3365	21	11	1995	1995	NUM
ajfa-3365	21	12	)	)	PUNCT
ajfa-3365	21	13	and	and	CCONJ
ajfa-3365	21	14	cheng	cheng	PROPN
ajfa-3365	21	15	,	,	PUNCT
ajfa-3365	21	16	jiang	jiang	PROPN
ajfa-3365	21	17	,	,	PUNCT
ajfa-3365	21	18	and	and	CCONJ
ajfa-3365	21	19	ng	ng	PROPN
ajfa-3365	21	20	(	(	PUNCT
ajfa-3365	21	21	2004	2004	NUM
ajfa-3365	21	22	)	)	PUNCT
ajfa-3365	21	23	,	,	PUNCT
ajfa-3365	21	24	does	do	AUX
ajfa-3365	21	25	the	the	DET
ajfa-3365	21	26	return	return	NOUN
ajfa-3365	21	27	innovation	innovation	NOUN
ajfa-3365	21	28	extracted	extract	VERB
ajfa-3365	21	29	from	from	ADP
ajfa-3365	21	30	the	the	DET
ajfa-3365	21	31	futures	future	NOUN
ajfa-3365	21	32	market	market	NOUN
ajfa-3365	21	33	during	during	ADP
ajfa-3365	21	34	the	the	DET
ajfa-3365	21	35	extended	extended	ADJ
ajfa-3365	21	36	trading	trading	NOUN
ajfa-3365	21	37	hours	hour	NOUN
ajfa-3365	21	38	explain	explain	VERB
ajfa-3365	21	39	the	the	DET
ajfa-3365	21	40	overnight	overnight	ADJ
ajfa-3365	21	41	spot	spot	NOUN
ajfa-3365	21	42	return	return	NOUN
ajfa-3365	21	43	?	?	PUNCT
ajfa-3365	22	1	finally	finally	ADV
ajfa-3365	22	2	,	,	PUNCT
ajfa-3365	22	3	is	be	AUX
ajfa-3365	22	4	the	the	DET
ajfa-3365	22	5	overnight	overnight	ADJ
ajfa-3365	22	6	futures	future	NOUN
ajfa-3365	22	7	market	market	NOUN
ajfa-3365	22	8	effective	effective	ADJ
ajfa-3365	22	9	in	in	ADP
ajfa-3365	22	10	incorporating	incorporate	VERB
ajfa-3365	22	11	information	information	NOUN
ajfa-3365	22	12	from	from	ADP
ajfa-3365	22	13	the	the	DET
ajfa-3365	22	14	main	main	ADJ
ajfa-3365	22	15	overseas	overseas	ADJ
ajfa-3365	22	16	markets	market	NOUN
ajfa-3365	22	17	such	such	ADJ
ajfa-3365	22	18	as	as	ADP
ajfa-3365	22	19	the	the	DET
ajfa-3365	22	20	u.s	u.s	PROPN
ajfa-3365	22	21	.	.	PROPN
ajfa-3365	22	22	market	market	NOUN
ajfa-3365	22	23	?	?	PUNCT
ajfa-3365	23	1	in	in	ADP
ajfa-3365	23	2	particular	particular	ADJ
ajfa-3365	23	3	,	,	PUNCT
ajfa-3365	23	4	we	we	PRON
ajfa-3365	23	5	investigate	investigate	VERB
ajfa-3365	23	6	two	two	NUM
ajfa-3365	23	7	sources	source	NOUN
ajfa-3365	23	8	of	of	ADP
ajfa-3365	23	9	additional	additional	ADJ
ajfa-3365	23	10	information	information	NOUN
ajfa-3365	23	11	:	:	PUNCT
ajfa-3365	23	12	the	the	DET
ajfa-3365	23	13	price	price	NOUN
ajfa-3365	23	14	volatility	volatility	NOUN
ajfa-3365	23	15	in	in	ADP
ajfa-3365	23	16	the	the	DET
ajfa-3365	23	17	u.s	u.s	PROPN
ajfa-3365	23	18	.	.	PROPN
ajfa-3365	23	19	market	market	NOUN
ajfa-3365	23	20	,	,	PUNCT
ajfa-3365	23	21	as	as	ADV
ajfa-3365	23	22	well	well	ADV
ajfa-3365	23	23	as	as	ADP
ajfa-3365	23	24	the	the	DET
ajfa-3365	23	25	overnight	overnight	ADJ
ajfa-3365	23	26	news	news	NOUN
ajfa-3365	23	27	of	of	ADP
ajfa-3365	23	28	the	the	DET
ajfa-3365	23	29	u.s	u.s	PROPN
ajfa-3365	23	30	.	.	PROPN
ajfa-3365	23	31	market	market	NOUN
ajfa-3365	23	32	(	(	PUNCT
ajfa-3365	23	33	such	such	ADJ
ajfa-3365	23	34	as	as	ADP
ajfa-3365	23	35	interest	interest	NOUN
ajfa-3365	23	36	rate	rate	NOUN
ajfa-3365	23	37	news	news	NOUN
ajfa-3365	23	38	released	release	VERB
ajfa-3365	23	39	by	by	ADP
ajfa-3365	23	40	the	the	DET
ajfa-3365	23	41	federal	federal	PROPN
ajfa-3365	23	42	reserve	reserve	PROPN
ajfa-3365	23	43	)	)	PUNCT
ajfa-3365	23	44	.	.	PUNCT
ajfa-3365	24	1	using	use	VERB
ajfa-3365	24	2	high	high	ADJ
ajfa-3365	24	3	-	-	PUNCT
ajfa-3365	24	4	frequency	frequency	NOUN
ajfa-3365	24	5	trading	trading	NOUN
ajfa-3365	24	6	data	datum	NOUN
ajfa-3365	24	7	at	at	ADP
ajfa-3365	24	8	the	the	DET
ajfa-3365	24	9	minute	minute	NOUN
ajfa-3365	24	10	level	level	NOUN
ajfa-3365	24	11	during	during	ADP
ajfa-3365	24	12	april	april	PROPN
ajfa-3365	24	13	16	16	NUM
ajfa-3365	24	14	,	,	PUNCT
ajfa-3365	24	15	2010	2010	NUM
ajfa-3365	24	16	to	to	ADP
ajfa-3365	24	17	february	february	PROPN
ajfa-3365	24	18	28	28	NUM
ajfa-3365	24	19	,	,	PUNCT
ajfa-3365	24	20	2011	2011	NUM
ajfa-3365	24	21	,	,	PUNCT
ajfa-3365	24	22	we	we	PRON
ajfa-3365	24	23	were	be	AUX
ajfa-3365	24	24	able	able	ADJ
ajfa-3365	24	25	to	to	PART
ajfa-3365	24	26	divide	divide	VERB
ajfa-3365	24	27	the	the	DET
ajfa-3365	24	28	trading	trading	NOUN
ajfa-3365	24	29	of	of	ADP
ajfa-3365	24	30	futures	future	NOUN
ajfa-3365	24	31	during	during	ADP
ajfa-3365	24	32	extended	extended	ADJ
ajfa-3365	24	33	hours	hour	NOUN
ajfa-3365	24	34	into	into	ADP
ajfa-3365	24	35	three	three	NUM
ajfa-3365	24	36	parts	part	NOUN
ajfa-3365	24	37	:	:	PUNCT
ajfa-3365	24	38	post	post	ADJ
ajfa-3365	24	39	-	-	ADJ
ajfa-3365	24	40	closing	closing	ADJ
ajfa-3365	24	41	trading	trading	NOUN
ajfa-3365	24	42	session	session	NOUN
ajfa-3365	24	43	(	(	PUNCT
ajfa-3365	24	44	15:00	15:00	NUM
ajfa-3365	24	45	-	-	PUNCT
ajfa-3365	24	46	15:15pm	15:15pm	NUM
ajfa-3365	24	47	)	)	PUNCT
ajfa-3365	24	48	,	,	PUNCT
ajfa-3365	24	49	overnight	overnight	ADJ
ajfa-3365	24	50	session	session	NOUN
ajfa-3365	24	51	(	(	PUNCT
ajfa-3365	24	52	15:15	15:15	NUM
ajfa-3365	24	53	-	-	SYM
ajfa-3365	24	54	9:15	9:15	NUM
ajfa-3365	24	55	,	,	PUNCT
ajfa-3365	24	56	next	next	ADJ
ajfa-3365	24	57	day	day	NOUN
ajfa-3365	24	58	)	)	PUNCT
ajfa-3365	24	59	,	,	PUNCT
ajfa-3365	24	60	and	and	CCONJ
ajfa-3365	24	61	pre	pre	ADJ
ajfa-3365	24	62	-	-	ADJ
ajfa-3365	24	63	opening	opening	ADJ
ajfa-3365	24	64	trading	trading	NOUN
ajfa-3365	24	65	session	session	NOUN
ajfa-3365	24	66	(	(	PUNCT
ajfa-3365	24	67	9:15	9:15	NUM
ajfa-3365	24	68	-	-	PUNCT
ajfa-3365	24	69	9:30	9:30	NUM
ajfa-3365	24	70	)	)	PUNCT
ajfa-3365	24	71	.	.	PUNCT
ajfa-3365	25	1	our	our	PRON
ajfa-3365	25	2	analyses	analysis	NOUN
ajfa-3365	25	3	generate	generate	VERB
ajfa-3365	25	4	empirical	empirical	ADJ
ajfa-3365	25	5	evidence	evidence	NOUN
ajfa-3365	25	6	as	as	SCONJ
ajfa-3365	25	7	follows	follow	VERB
ajfa-3365	25	8	.	.	PUNCT
ajfa-3365	26	1	first	first	ADV
ajfa-3365	26	2	,	,	PUNCT
ajfa-3365	26	3	we	we	PRON
ajfa-3365	26	4	confirm	confirm	VERB
ajfa-3365	26	5	that	that	SCONJ
ajfa-3365	26	6	the	the	DET
ajfa-3365	26	7	underlying	underlie	VERB
ajfa-3365	26	8	spot	spot	NOUN
ajfa-3365	26	9	equity	equity	NOUN
ajfa-3365	26	10	market	market	NOUN
ajfa-3365	26	11	is	be	AUX
ajfa-3365	26	12	the	the	DET
ajfa-3365	26	13	main	main	ADJ
ajfa-3365	26	14	information	information	NOUN
ajfa-3365	26	15	source	source	NOUN
ajfa-3365	26	16	of	of	ADP
ajfa-3365	26	17	the	the	DET
ajfa-3365	26	18	futures	future	NOUN
ajfa-3365	26	19	market	market	NOUN
ajfa-3365	26	20	.	.	PUNCT
ajfa-3365	27	1	specifically	specifically	ADV
ajfa-3365	27	2	,	,	PUNCT
ajfa-3365	27	3	trading	trading	NOUN
ajfa-3365	27	4	of	of	ADP
ajfa-3365	27	5	futures	future	NOUN
ajfa-3365	27	6	contracts	contract	NOUN
ajfa-3365	27	7	during	during	ADP
ajfa-3365	27	8	a	a	DET
ajfa-3365	27	9	post	post	ADJ
ajfa-3365	27	10	-	-	ADJ
ajfa-3365	27	11	closing	closing	ADJ
ajfa-3365	27	12	session	session	NOUN
ajfa-3365	27	13	is	be	AUX
ajfa-3365	27	14	less	less	ADV
ajfa-3365	27	15	active	active	ADJ
ajfa-3365	27	16	and	and	CCONJ
ajfa-3365	27	17	conveys	convey	VERB
ajfa-3365	27	18	less	less	ADJ
ajfa-3365	27	19	information	information	NOUN
ajfa-3365	27	20	than	than	SCONJ
ajfa-3365	27	21	it	it	PRON
ajfa-3365	27	22	does	do	VERB
ajfa-3365	27	23	when	when	SCONJ
ajfa-3365	27	24	the	the	DET
ajfa-3365	27	25	spot	spot	NOUN
ajfa-3365	27	26	market	market	NOUN
ajfa-3365	27	27	opens	open	VERB
ajfa-3365	27	28	.	.	PUNCT
ajfa-3365	28	1	in	in	ADP
ajfa-3365	28	2	addition	addition	NOUN
ajfa-3365	28	3	,	,	PUNCT
ajfa-3365	28	4	the	the	DET
ajfa-3365	28	5	three	three	NUM
ajfa-3365	28	6	trading	trading	NOUN
ajfa-3365	28	7	sessions	session	NOUN
ajfa-3365	28	8	of	of	ADP
ajfa-3365	28	9	csi	csi	PROPN
ajfa-3365	28	10	300	300	NUM
ajfa-3365	28	11	index	index	NOUN
ajfa-3365	28	12	futures	future	NOUN
ajfa-3365	28	13	are	be	AUX
ajfa-3365	28	14	significantly	significantly	ADV
ajfa-3365	28	15	correlated	correlate	VERB
ajfa-3365	28	16	with	with	ADP
ajfa-3365	28	17	the	the	DET
ajfa-3365	28	18	overnight	overnight	ADJ
ajfa-3365	28	19	spot	spot	NOUN
ajfa-3365	28	20	csi	csi	PROPN
ajfa-3365	28	21	300	300	NUM
ajfa-3365	28	22	index	index	NOUN
ajfa-3365	28	23	return	return	NOUN
ajfa-3365	28	24	.	.	PUNCT
ajfa-3365	29	1	second	second	ADV
ajfa-3365	29	2	,	,	PUNCT
ajfa-3365	29	3	we	we	PRON
ajfa-3365	29	4	find	find	VERB
ajfa-3365	29	5	significant	significant	ADJ
ajfa-3365	29	6	explanatory	explanatory	ADJ
ajfa-3365	29	7	power	power	NOUN
ajfa-3365	29	8	of	of	ADP
ajfa-3365	29	9	the	the	DET
ajfa-3365	29	10	futures	future	NOUN
ajfa-3365	29	11	return	return	VERB
ajfa-3365	29	12	innovations	innovation	NOUN
ajfa-3365	29	13	of	of	ADP
ajfa-3365	29	14	the	the	DET
ajfa-3365	29	15	post	post	ADJ
ajfa-3365	29	16	-	-	ADJ
ajfa-3365	29	17	closing	closing	ADJ
ajfa-3365	29	18	and	and	CCONJ
ajfa-3365	29	19	pre	pre	ADJ
ajfa-3365	29	20	-	-	ADJ
ajfa-3365	29	21	opening	opening	ADJ
ajfa-3365	29	22	sessions	session	NOUN
ajfa-3365	29	23	on	on	ADP
ajfa-3365	29	24	overnight	overnight	ADJ
ajfa-3365	29	25	spot	spot	NOUN
ajfa-3365	29	26	returns	return	NOUN
ajfa-3365	29	27	.	.	PUNCT
ajfa-3365	30	1	this	this	PRON
ajfa-3365	30	2	suggests	suggest	VERB
ajfa-3365	30	3	that	that	SCONJ
ajfa-3365	30	4	post	post	ADJ
ajfa-3365	30	5	-	-	ADJ
ajfa-3365	30	6	closing	closing	ADJ
ajfa-3365	30	7	and	and	CCONJ
ajfa-3365	30	8	pre	pre	ADJ
ajfa-3365	30	9	-	-	ADJ
ajfa-3365	30	10	opening	opening	ADJ
ajfa-3365	30	11	sessions	session	NOUN
ajfa-3365	30	12	convey	convey	VERB
ajfa-3365	30	13	private	private	ADJ
ajfa-3365	30	14	information	information	NOUN
ajfa-3365	30	15	about	about	ADP
ajfa-3365	30	16	1	1	NUM
ajfa-3365	30	17	individual	individual	ADJ
ajfa-3365	30	18	investors	investor	NOUN
ajfa-3365	30	19	are	be	AUX
ajfa-3365	30	20	the	the	DET
ajfa-3365	30	21	major	major	ADJ
ajfa-3365	30	22	force	force	NOUN
ajfa-3365	30	23	of	of	ADP
ajfa-3365	30	24	the	the	DET
ajfa-3365	30	25	stock	stock	NOUN
ajfa-3365	30	26	market	market	NOUN
ajfa-3365	30	27	.	.	PUNCT
ajfa-3365	31	1	for	for	ADP
ajfa-3365	31	2	example	example	NOUN
ajfa-3365	31	3	,	,	PUNCT
ajfa-3365	31	4	in	in	ADP
ajfa-3365	31	5	2009	2009	NUM
ajfa-3365	31	6	the	the	DET
ajfa-3365	31	7	aggregate	aggregate	ADJ
ajfa-3365	31	8	value	value	NOUN
ajfa-3365	31	9	of	of	ADP
ajfa-3365	31	10	stocks	stock	NOUN
ajfa-3365	31	11	possessed	possess	VERB
ajfa-3365	31	12	by	by	ADP
ajfa-3365	31	13	institutional	institutional	ADJ
ajfa-3365	31	14	investors	investor	NOUN
ajfa-3365	31	15	increased	increase	VERB
ajfa-3365	31	16	to	to	ADP
ajfa-3365	31	17	54.62	54.62	NUM
ajfa-3365	31	18	percent	percent	NOUN
ajfa-3365	31	19	.	.	PUNCT
ajfa-3365	32	1	source	source	NOUN
ajfa-3365	32	2	:	:	PUNCT
ajfa-3365	32	3	http://www.china.org.cn/business/news/2009-05/06/content_17732363.htm	http://www.china.org.cn/business/news/2009-05/06/content_17732363.htm	PROPN
ajfa-3365	32	4	asian	asian	ADJ
ajfa-3365	32	5	journal	journal	NOUN
ajfa-3365	32	6	of	of	ADP
ajfa-3365	32	7	finance	finance	PROPN
ajfa-3365	32	8	&	&	CCONJ
ajfa-3365	32	9	accounting	accounting	PROPN
ajfa-3365	32	10	issn	issn	PROPN
ajfa-3365	32	11	1946	1946	NUM
ajfa-3365	32	12	-	-	PUNCT
ajfa-3365	32	13	052x	052x	NOUN
ajfa-3365	32	14	2013	2013	NUM
ajfa-3365	32	15	,	,	PUNCT
ajfa-3365	32	16	vol	vol	NOUN
ajfa-3365	32	17	.	.	PROPN
ajfa-3365	32	18	5	5	NUM
ajfa-3365	32	19	,	,	PUNCT
ajfa-3365	32	20	no	no	INTJ
ajfa-3365	32	21	.	.	NOUN
ajfa-3365	32	22	1	1	NUM
ajfa-3365	32	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	32	24	235	235	NUM
ajfa-3365	32	25	the	the	DET
ajfa-3365	32	26	overnight	overnight	ADJ
ajfa-3365	32	27	spot	spot	NOUN
ajfa-3365	32	28	market	market	NOUN
ajfa-3365	32	29	.	.	PUNCT
ajfa-3365	33	1	finally	finally	ADV
ajfa-3365	33	2	,	,	PUNCT
ajfa-3365	33	3	we	we	PRON
ajfa-3365	33	4	confirm	confirm	VERB
ajfa-3365	33	5	the	the	DET
ajfa-3365	33	6	overnight	overnight	ADJ
ajfa-3365	33	7	return	return	NOUN
ajfa-3365	33	8	of	of	ADP
ajfa-3365	33	9	the	the	DET
ajfa-3365	33	10	futures	future	NOUN
ajfa-3365	33	11	market	market	NOUN
ajfa-3365	33	12	incorporates	incorporate	VERB
ajfa-3365	33	13	information	information	NOUN
ajfa-3365	33	14	from	from	ADP
ajfa-3365	33	15	a	a	DET
ajfa-3365	33	16	major	major	ADJ
ajfa-3365	33	17	overseas	overseas	ADJ
ajfa-3365	33	18	market	market	NOUN
ajfa-3365	33	19	,	,	PUNCT
ajfa-3365	33	20	in	in	ADP
ajfa-3365	33	21	our	our	PRON
ajfa-3365	33	22	case	case	NOUN
ajfa-3365	33	23	,	,	PUNCT
ajfa-3365	33	24	the	the	DET
ajfa-3365	33	25	u.s	u.s	PROPN
ajfa-3365	33	26	.	.	PROPN
ajfa-3365	33	27	market	market	NOUN
ajfa-3365	33	28	.	.	PUNCT
ajfa-3365	34	1	this	this	DET
ajfa-3365	34	2	result	result	NOUN
ajfa-3365	34	3	is	be	AUX
ajfa-3365	34	4	consistent	consistent	ADJ
ajfa-3365	34	5	with	with	ADP
ajfa-3365	34	6	the	the	DET
ajfa-3365	34	7	contagion	contagion	NOUN
ajfa-3365	34	8	model	model	NOUN
ajfa-3365	34	9	presented	present	VERB
ajfa-3365	34	10	by	by	ADP
ajfa-3365	34	11	king	king	NOUN
ajfa-3365	34	12	and	and	CCONJ
ajfa-3365	34	13	wadhwani	wadhwani	PROPN
ajfa-3365	34	14	(	(	PUNCT
ajfa-3365	34	15	1990	1990	NUM
ajfa-3365	34	16	)	)	PUNCT
ajfa-3365	34	17	.	.	PUNCT
ajfa-3365	35	1	our	our	PRON
ajfa-3365	35	2	study	study	NOUN
ajfa-3365	35	3	contributes	contribute	VERB
ajfa-3365	35	4	to	to	ADP
ajfa-3365	35	5	the	the	DET
ajfa-3365	35	6	existing	exist	VERB
ajfa-3365	35	7	literature	literature	NOUN
ajfa-3365	35	8	in	in	ADP
ajfa-3365	35	9	the	the	DET
ajfa-3365	35	10	following	following	ADJ
ajfa-3365	35	11	ways	way	NOUN
ajfa-3365	35	12	.	.	PUNCT
ajfa-3365	36	1	first	first	ADV
ajfa-3365	36	2	,	,	PUNCT
ajfa-3365	36	3	we	we	PRON
ajfa-3365	36	4	provide	provide	VERB
ajfa-3365	36	5	evidence	evidence	NOUN
ajfa-3365	36	6	of	of	ADP
ajfa-3365	36	7	information	information	NOUN
ajfa-3365	36	8	efficiency	efficiency	NOUN
ajfa-3365	36	9	of	of	ADP
ajfa-3365	36	10	the	the	DET
ajfa-3365	36	11	newly	newly	ADV
ajfa-3365	36	12	incepted	incepte	VERB
ajfa-3365	36	13	futures	future	NOUN
ajfa-3365	36	14	market	market	NOUN
ajfa-3365	36	15	in	in	ADP
ajfa-3365	36	16	china	china	PROPN
ajfa-3365	36	17	,	,	PUNCT
ajfa-3365	36	18	adding	add	VERB
ajfa-3365	36	19	to	to	ADP
ajfa-3365	36	20	the	the	DET
ajfa-3365	36	21	existing	exist	VERB
ajfa-3365	36	22	knowledge	knowledge	NOUN
ajfa-3365	36	23	about	about	ADP
ajfa-3365	36	24	futures	future	NOUN
ajfa-3365	36	25	markets	market	NOUN
ajfa-3365	36	26	in	in	ADP
ajfa-3365	36	27	emerging	emerge	VERB
ajfa-3365	36	28	economies	economy	NOUN
ajfa-3365	36	29	such	such	ADJ
ajfa-3365	36	30	as	as	ADP
ajfa-3365	36	31	hong	hong	PROPN
ajfa-3365	36	32	kong	kong	PROPN
ajfa-3365	36	33	and	and	CCONJ
ajfa-3365	36	34	korea	korea	PROPN
ajfa-3365	36	35	(	(	PUNCT
ajfa-3365	36	36	cheng	cheng	PROPN
ajfa-3365	36	37	et	et	PROPN
ajfa-3365	36	38	al	al	PROPN
ajfa-3365	36	39	.	.	PROPN
ajfa-3365	36	40	,	,	PUNCT
ajfa-3365	36	41	2004	2004	NUM
ajfa-3365	36	42	;	;	PUNCT
ajfa-3365	36	43	chong	chong	PROPN
ajfa-3365	36	44	et	et	PROPN
ajfa-3365	36	45	al	al	PROPN
ajfa-3365	36	46	.	.	PROPN
ajfa-3365	36	47	,	,	PUNCT
ajfa-3365	36	48	2012	2012	NUM
ajfa-3365	36	49	;	;	PUNCT
ajfa-3365	36	50	min	min	PROPN
ajfa-3365	36	51	&	&	CCONJ
ajfa-3365	36	52	najand	najand	PROPN
ajfa-3365	36	53	,	,	PUNCT
ajfa-3365	36	54	1999	1999	NUM
ajfa-3365	36	55	)	)	PUNCT
ajfa-3365	36	56	.	.	PUNCT
ajfa-3365	37	1	second	second	ADV
ajfa-3365	37	2	,	,	PUNCT
ajfa-3365	37	3	our	our	PRON
ajfa-3365	37	4	study	study	NOUN
ajfa-3365	37	5	sheds	shed	VERB
ajfa-3365	37	6	light	light	NOUN
ajfa-3365	37	7	on	on	ADP
ajfa-3365	37	8	the	the	DET
ajfa-3365	37	9	information	information	NOUN
ajfa-3365	37	10	transfer	transfer	NOUN
ajfa-3365	37	11	between	between	ADP
ajfa-3365	37	12	china	china	PROPN
ajfa-3365	37	13	’s	’s	PART
ajfa-3365	37	14	spot	spot	NOUN
ajfa-3365	37	15	and	and	CCONJ
ajfa-3365	37	16	futures	future	NOUN
ajfa-3365	37	17	market	market	NOUN
ajfa-3365	37	18	,	,	PUNCT
ajfa-3365	37	19	as	as	ADV
ajfa-3365	37	20	well	well	ADV
ajfa-3365	37	21	as	as	ADP
ajfa-3365	37	22	that	that	PRON
ajfa-3365	37	23	between	between	ADP
ajfa-3365	37	24	china	china	PROPN
ajfa-3365	37	25	’s	’s	PART
ajfa-3365	37	26	market	market	NOUN
ajfa-3365	37	27	and	and	CCONJ
ajfa-3365	37	28	the	the	DET
ajfa-3365	37	29	u.s	u.s	PROPN
ajfa-3365	37	30	.	.	PROPN
ajfa-3365	37	31	market	market	NOUN
ajfa-3365	37	32	.	.	PUNCT
ajfa-3365	38	1	the	the	DET
ajfa-3365	38	2	rest	rest	NOUN
ajfa-3365	38	3	of	of	ADP
ajfa-3365	38	4	this	this	DET
ajfa-3365	38	5	study	study	NOUN
ajfa-3365	38	6	is	be	AUX
ajfa-3365	38	7	organized	organize	VERB
ajfa-3365	38	8	as	as	SCONJ
ajfa-3365	38	9	follows	follow	VERB
ajfa-3365	38	10	:	:	PUNCT
ajfa-3365	38	11	section	section	NOUN
ajfa-3365	38	12	2	2	NUM
ajfa-3365	38	13	is	be	AUX
ajfa-3365	38	14	a	a	DET
ajfa-3365	38	15	literature	literature	NOUN
ajfa-3365	38	16	review	review	NOUN
ajfa-3365	38	17	and	and	CCONJ
ajfa-3365	38	18	hypotheses	hypothese	VERB
ajfa-3365	38	19	development	development	NOUN
ajfa-3365	38	20	,	,	PUNCT
ajfa-3365	38	21	section	section	NOUN
ajfa-3365	38	22	3	3	NUM
ajfa-3365	38	23	introduces	introduce	NOUN
ajfa-3365	38	24	data	datum	NOUN
ajfa-3365	38	25	and	and	CCONJ
ajfa-3365	38	26	methodology	methodology	NOUN
ajfa-3365	38	27	,	,	PUNCT
ajfa-3365	38	28	section	section	NOUN
ajfa-3365	38	29	4	4	NUM
ajfa-3365	38	30	discusses	discuss	VERB
ajfa-3365	38	31	empirical	empirical	ADJ
ajfa-3365	38	32	results	result	NOUN
ajfa-3365	38	33	,	,	PUNCT
ajfa-3365	38	34	and	and	CCONJ
ajfa-3365	38	35	section	section	NOUN
ajfa-3365	38	36	5	5	NUM
ajfa-3365	38	37	concludes	conclude	VERB
ajfa-3365	38	38	.	.	PUNCT
ajfa-3365	39	1	2	2	X
ajfa-3365	39	2	.	.	X
ajfa-3365	39	3	literature	literature	NOUN
ajfa-3365	39	4	review	review	PROPN
ajfa-3365	39	5	and	and	CCONJ
ajfa-3365	39	6	hypothesis	hypothesis	NOUN
ajfa-3365	39	7	development	development	NOUN
ajfa-3365	39	8	information	information	NOUN
ajfa-3365	39	9	content	content	NOUN
ajfa-3365	39	10	as	as	ADV
ajfa-3365	39	11	well	well	ADV
ajfa-3365	39	12	as	as	ADP
ajfa-3365	39	13	information	information	NOUN
ajfa-3365	39	14	efficiency	efficiency	NOUN
ajfa-3365	39	15	of	of	ADP
ajfa-3365	39	16	futures	future	NOUN
ajfa-3365	39	17	market	market	NOUN
ajfa-3365	39	18	has	have	AUX
ajfa-3365	39	19	attracted	attract	VERB
ajfa-3365	39	20	enormous	enormous	ADJ
ajfa-3365	39	21	academic	academic	ADJ
ajfa-3365	39	22	attentions	attention	NOUN
ajfa-3365	39	23	because	because	SCONJ
ajfa-3365	39	24	prices	price	NOUN
ajfa-3365	39	25	of	of	ADP
ajfa-3365	39	26	futures	future	NOUN
ajfa-3365	39	27	are	be	AUX
ajfa-3365	39	28	usually	usually	ADV
ajfa-3365	39	29	used	use	VERB
ajfa-3365	39	30	as	as	ADP
ajfa-3365	39	31	measures	measure	NOUN
ajfa-3365	39	32	of	of	ADP
ajfa-3365	39	33	market	market	NOUN
ajfa-3365	39	34	expectations	expectation	NOUN
ajfa-3365	39	35	.	.	PUNCT
ajfa-3365	40	1	an	an	DET
ajfa-3365	40	2	informationally	informationally	ADV
ajfa-3365	40	3	efficient	efficient	ADJ
ajfa-3365	40	4	futures	future	NOUN
ajfa-3365	40	5	market	market	NOUN
ajfa-3365	40	6	should	should	AUX
ajfa-3365	40	7	deliver	deliver	VERB
ajfa-3365	40	8	futures	future	NOUN
ajfa-3365	40	9	prices	price	NOUN
ajfa-3365	40	10	that	that	PRON
ajfa-3365	40	11	accurately	accurately	ADV
ajfa-3365	40	12	predict	predict	VERB
ajfa-3365	40	13	prices	price	NOUN
ajfa-3365	40	14	of	of	ADP
ajfa-3365	40	15	the	the	DET
ajfa-3365	40	16	spot	spot	NOUN
ajfa-3365	40	17	markets	market	NOUN
ajfa-3365	40	18	in	in	ADP
ajfa-3365	40	19	the	the	DET
ajfa-3365	40	20	future	future	NOUN
ajfa-3365	40	21	(	(	PUNCT
ajfa-3365	40	22	e.g.	e.g.	ADV
ajfa-3365	40	23	,	,	PUNCT
ajfa-3365	40	24	bigman	bigman	NOUN
ajfa-3365	40	25	,	,	PUNCT
ajfa-3365	40	26	goldfarb	goldfarb	PROPN
ajfa-3365	40	27	,	,	PUNCT
ajfa-3365	40	28	&	&	CCONJ
ajfa-3365	40	29	schechtman	schechtman	NOUN
ajfa-3365	40	30	,	,	PUNCT
ajfa-3365	40	31	1983	1983	NUM
ajfa-3365	40	32	)	)	PUNCT
ajfa-3365	40	33	.	.	PUNCT
ajfa-3365	41	1	based	base	VERB
ajfa-3365	41	2	on	on	ADP
ajfa-3365	41	3	this	this	DET
ajfa-3365	41	4	understanding	understanding	NOUN
ajfa-3365	41	5	,	,	PUNCT
ajfa-3365	41	6	a	a	DET
ajfa-3365	41	7	voluminous	voluminous	ADJ
ajfa-3365	41	8	literature	literature	NOUN
ajfa-3365	41	9	documents	document	NOUN
ajfa-3365	41	10	the	the	DET
ajfa-3365	41	11	correlation	correlation	NOUN
ajfa-3365	41	12	between	between	ADP
ajfa-3365	41	13	the	the	DET
ajfa-3365	41	14	volatility	volatility	NOUN
ajfa-3365	41	15	of	of	ADP
ajfa-3365	41	16	the	the	DET
ajfa-3365	41	17	futures	future	NOUN
ajfa-3365	41	18	and	and	CCONJ
ajfa-3365	41	19	spot	spot	NOUN
ajfa-3365	41	20	market	market	NOUN
ajfa-3365	41	21	(	(	PUNCT
ajfa-3365	41	22	e.g.	e.g.	ADV
ajfa-3365	41	23	,	,	PUNCT
ajfa-3365	41	24	antoniou	antoniou	PROPN
ajfa-3365	41	25	&	&	CCONJ
ajfa-3365	41	26	holmes	holmes	PROPN
ajfa-3365	41	27	,	,	PUNCT
ajfa-3365	41	28	1995	1995	NUM
ajfa-3365	41	29	;	;	PUNCT
ajfa-3365	41	30	chang	chang	PROPN
ajfa-3365	41	31	,	,	PUNCT
ajfa-3365	41	32	cheng	cheng	PROPN
ajfa-3365	41	33	,	,	PUNCT
ajfa-3365	41	34	&	&	CCONJ
ajfa-3365	41	35	pinegar	pinegar	PROPN
ajfa-3365	41	36	,	,	PUNCT
ajfa-3365	41	37	1999	1999	NUM
ajfa-3365	41	38	)	)	PUNCT
ajfa-3365	41	39	.	.	PUNCT
ajfa-3365	42	1	however	however	ADV
ajfa-3365	42	2	,	,	PUNCT
ajfa-3365	42	3	it	it	PRON
ajfa-3365	42	4	has	have	AUX
ajfa-3365	42	5	been	be	AUX
ajfa-3365	42	6	not	not	PART
ajfa-3365	42	7	explored	explore	VERB
ajfa-3365	42	8	that	that	SCONJ
ajfa-3365	42	9	whether	whether	SCONJ
ajfa-3365	42	10	the	the	DET
ajfa-3365	42	11	newly	newly	ADV
ajfa-3365	42	12	-	-	PUNCT
ajfa-3365	42	13	launched	launch	VERB
ajfa-3365	42	14	china	china	PROPN
ajfa-3365	42	15	’s	’s	PART
ajfa-3365	42	16	futures	future	NOUN
ajfa-3365	42	17	market	market	NOUN
ajfa-3365	42	18	is	be	AUX
ajfa-3365	42	19	informationally	informationally	ADV
ajfa-3365	42	20	efficient	efficient	ADJ
ajfa-3365	42	21	or	or	CCONJ
ajfa-3365	42	22	not	not	PART
ajfa-3365	42	23	.	.	PUNCT
ajfa-3365	43	1	on	on	ADP
ajfa-3365	43	2	the	the	DET
ajfa-3365	43	3	one	one	NUM
ajfa-3365	43	4	hand	hand	NOUN
ajfa-3365	43	5	,	,	PUNCT
ajfa-3365	43	6	the	the	DET
ajfa-3365	43	7	highly	highly	ADV
ajfa-3365	43	8	-	-	PUNCT
ajfa-3365	43	9	regulated	regulate	VERB
ajfa-3365	43	10	chinese	chinese	ADJ
ajfa-3365	43	11	markets	market	NOUN
ajfa-3365	43	12	can	can	AUX
ajfa-3365	43	13	generate	generate	VERB
ajfa-3365	43	14	fluctuate	fluctuate	NOUN
ajfa-3365	43	15	stock	stock	NOUN
ajfa-3365	43	16	prices	price	NOUN
ajfa-3365	43	17	conditional	conditional	ADJ
ajfa-3365	43	18	on	on	ADP
ajfa-3365	43	19	political	political	ADJ
ajfa-3365	43	20	swings	swing	NOUN
ajfa-3365	43	21	on	on	ADP
ajfa-3365	43	22	both	both	CCONJ
ajfa-3365	43	23	the	the	DET
ajfa-3365	43	24	spot	spot	NOUN
ajfa-3365	43	25	(	(	PUNCT
ajfa-3365	43	26	morck	morck	PROPN
ajfa-3365	43	27	et	et	PROPN
ajfa-3365	43	28	al	al	PROPN
ajfa-3365	43	29	.	.	PROPN
ajfa-3365	43	30	,	,	PUNCT
ajfa-3365	43	31	2000	2000	NUM
ajfa-3365	43	32	)	)	PUNCT
ajfa-3365	43	33	and	and	CCONJ
ajfa-3365	43	34	futures	future	NOUN
ajfa-3365	43	35	markets	market	NOUN
ajfa-3365	43	36	,	,	PUNCT
ajfa-3365	43	37	reducing	reduce	VERB
ajfa-3365	43	38	the	the	DET
ajfa-3365	43	39	predictability	predictability	NOUN
ajfa-3365	43	40	of	of	ADP
ajfa-3365	43	41	the	the	DET
ajfa-3365	43	42	futures	future	NOUN
ajfa-3365	43	43	prices	price	NOUN
ajfa-3365	43	44	to	to	ADP
ajfa-3365	43	45	the	the	DET
ajfa-3365	43	46	future	future	ADJ
ajfa-3365	43	47	spot	spot	NOUN
ajfa-3365	43	48	prices	price	NOUN
ajfa-3365	43	49	.	.	PUNCT
ajfa-3365	44	1	the	the	DET
ajfa-3365	44	2	fact	fact	NOUN
ajfa-3365	44	3	that	that	SCONJ
ajfa-3365	44	4	the	the	DET
ajfa-3365	44	5	major	major	ADJ
ajfa-3365	44	6	participants	participant	NOUN
ajfa-3365	44	7	of	of	ADP
ajfa-3365	44	8	the	the	DET
ajfa-3365	44	9	futures	future	NOUN
ajfa-3365	44	10	markets	market	NOUN
ajfa-3365	44	11	are	be	AUX
ajfa-3365	44	12	unsophisticated	unsophisticated	ADJ
ajfa-3365	44	13	investors	investor	NOUN
ajfa-3365	44	14	exacerbate	exacerbate	VERB
ajfa-3365	44	15	the	the	DET
ajfa-3365	44	16	problem	problem	NOUN
ajfa-3365	44	17	of	of	ADP
ajfa-3365	44	18	futures	future	NOUN
ajfa-3365	44	19	market	market	NOUN
ajfa-3365	44	20	may	may	AUX
ajfa-3365	44	21	lack	lack	VERB
ajfa-3365	44	22	information	information	NOUN
ajfa-3365	44	23	efficiency	efficiency	NOUN
ajfa-3365	44	24	.	.	PUNCT
ajfa-3365	45	1	on	on	ADP
ajfa-3365	45	2	the	the	DET
ajfa-3365	45	3	other	other	ADJ
ajfa-3365	45	4	hand	hand	NOUN
ajfa-3365	45	5	,	,	PUNCT
ajfa-3365	45	6	the	the	DET
ajfa-3365	45	7	long	long	ADJ
ajfa-3365	45	8	-	-	PUNCT
ajfa-3365	45	9	time	time	NOUN
ajfa-3365	45	10	deliberation	deliberation	NOUN
ajfa-3365	45	11	and	and	CCONJ
ajfa-3365	45	12	preparation	preparation	NOUN
ajfa-3365	45	13	of	of	ADP
ajfa-3365	45	14	the	the	DET
ajfa-3365	45	15	finance	finance	NOUN
ajfa-3365	45	16	ministry	ministry	PROPN
ajfa-3365	45	17	and	and	CCONJ
ajfa-3365	45	18	the	the	DET
ajfa-3365	45	19	stringent	stringent	ADJ
ajfa-3365	45	20	administrative	administrative	ADJ
ajfa-3365	45	21	environment	environment	NOUN
ajfa-3365	45	22	indicate	indicate	VERB
ajfa-3365	45	23	that	that	SCONJ
ajfa-3365	45	24	this	this	DET
ajfa-3365	45	25	market	market	NOUN
ajfa-3365	45	26	is	be	AUX
ajfa-3365	45	27	on	on	ADP
ajfa-3365	45	28	the	the	DET
ajfa-3365	45	29	attention	attention	NOUN
ajfa-3365	45	30	of	of	ADP
ajfa-3365	45	31	high	high	ADJ
ajfa-3365	45	32	-	-	PUNCT
ajfa-3365	45	33	level	level	NOUN
ajfa-3365	45	34	government	government	NOUN
ajfa-3365	45	35	attentions	attention	NOUN
ajfa-3365	45	36	.	.	PUNCT
ajfa-3365	46	1	therefore	therefore	ADV
ajfa-3365	46	2	,	,	PUNCT
ajfa-3365	46	3	if	if	SCONJ
ajfa-3365	46	4	informationally	informationally	ADV
ajfa-3365	46	5	inefficient	inefficient	ADJ
ajfa-3365	46	6	,	,	PUNCT
ajfa-3365	46	7	the	the	DET
ajfa-3365	46	8	government	government	NOUN
ajfa-3365	46	9	will	will	AUX
ajfa-3365	46	10	interfere	interfere	VERB
ajfa-3365	46	11	and	and	CCONJ
ajfa-3365	46	12	change	change	VERB
ajfa-3365	46	13	the	the	DET
ajfa-3365	46	14	regulatory	regulatory	ADJ
ajfa-3365	46	15	environment	environment	NOUN
ajfa-3365	46	16	.	.	PUNCT
ajfa-3365	47	1	we	we	PRON
ajfa-3365	47	2	test	test	VERB
ajfa-3365	47	3	the	the	DET
ajfa-3365	47	4	information	information	NOUN
ajfa-3365	47	5	efficiency	efficiency	NOUN
ajfa-3365	47	6	of	of	ADP
ajfa-3365	47	7	the	the	DET
ajfa-3365	47	8	futures	future	NOUN
ajfa-3365	47	9	market	market	NOUN
ajfa-3365	47	10	in	in	ADP
ajfa-3365	47	11	china	china	PROPN
ajfa-3365	47	12	by	by	ADP
ajfa-3365	47	13	asking	ask	VERB
ajfa-3365	47	14	the	the	DET
ajfa-3365	47	15	following	follow	VERB
ajfa-3365	47	16	research	research	NOUN
ajfa-3365	47	17	question	question	NOUN
ajfa-3365	47	18	:	:	PUNCT
ajfa-3365	47	19	how	how	SCONJ
ajfa-3365	47	20	are	be	AUX
ajfa-3365	47	21	returns	return	NOUN
ajfa-3365	47	22	from	from	ADP
ajfa-3365	47	23	different	different	ADJ
ajfa-3365	47	24	trading	trading	NOUN
ajfa-3365	47	25	sessions	session	NOUN
ajfa-3365	47	26	of	of	ADP
ajfa-3365	47	27	futures	future	NOUN
ajfa-3365	47	28	during	during	ADP
ajfa-3365	47	29	the	the	DET
ajfa-3365	47	30	non	non	ADJ
ajfa-3365	47	31	-	-	ADJ
ajfa-3365	47	32	trading	trading	ADJ
ajfa-3365	47	33	hours	hour	NOUN
ajfa-3365	47	34	related	relate	VERB
ajfa-3365	47	35	to	to	ADP
ajfa-3365	47	36	the	the	DET
ajfa-3365	47	37	overnight	overnight	ADJ
ajfa-3365	47	38	spot	spot	NOUN
ajfa-3365	47	39	market	market	NOUN
ajfa-3365	47	40	return	return	NOUN
ajfa-3365	47	41	?	?	PUNCT
ajfa-3365	48	1	hiraki	hiraki	PROPN
ajfa-3365	48	2	et	et	PROPN
ajfa-3365	48	3	al	al	PROPN
ajfa-3365	48	4	.	.	PROPN
ajfa-3365	49	1	(	(	PUNCT
ajfa-3365	49	2	1995	1995	NUM
ajfa-3365	49	3	)	)	PUNCT
ajfa-3365	49	4	show	show	VERB
ajfa-3365	49	5	that	that	SCONJ
ajfa-3365	49	6	the	the	DET
ajfa-3365	49	7	closing	closing	NOUN
ajfa-3365	49	8	returns	return	NOUN
ajfa-3365	49	9	of	of	ADP
ajfa-3365	49	10	the	the	DET
ajfa-3365	49	11	previous	previous	ADJ
ajfa-3365	49	12	day	day	NOUN
ajfa-3365	49	13	and	and	CCONJ
ajfa-3365	49	14	the	the	DET
ajfa-3365	49	15	opening	opening	NOUN
ajfa-3365	49	16	returns	return	NOUN
ajfa-3365	49	17	on	on	ADP
ajfa-3365	49	18	the	the	DET
ajfa-3365	49	19	next	next	ADJ
ajfa-3365	49	20	day	day	NOUN
ajfa-3365	49	21	are	be	AUX
ajfa-3365	49	22	positively	positively	ADV
ajfa-3365	49	23	correlated	correlate	VERB
ajfa-3365	49	24	,	,	PUNCT
ajfa-3365	49	25	indicating	indicate	VERB
ajfa-3365	49	26	information	information	NOUN
ajfa-3365	49	27	across	across	ADP
ajfa-3365	49	28	different	different	ADJ
ajfa-3365	49	29	dates	date	NOUN
ajfa-3365	49	30	transmission	transmission	NOUN
ajfa-3365	49	31	during	during	ADP
ajfa-3365	49	32	trading	trading	NOUN
ajfa-3365	49	33	(	(	PUNCT
ajfa-3365	49	34	e.g.	e.g.	ADV
ajfa-3365	49	35	,	,	PUNCT
ajfa-3365	49	36	kyle	kyle	NOUN
ajfa-3365	49	37	,	,	PUNCT
ajfa-3365	49	38	1985	1985	NUM
ajfa-3365	49	39	)	)	PUNCT
ajfa-3365	49	40	.	.	PUNCT
ajfa-3365	50	1	following	follow	VERB
ajfa-3365	50	2	this	this	DET
ajfa-3365	50	3	spirit	spirit	NOUN
ajfa-3365	50	4	,	,	PUNCT
ajfa-3365	50	5	if	if	SCONJ
ajfa-3365	50	6	the	the	DET
ajfa-3365	50	7	spot	spot	NOUN
ajfa-3365	50	8	market	market	NOUN
ajfa-3365	50	9	is	be	AUX
ajfa-3365	50	10	a	a	DET
ajfa-3365	50	11	good	good	ADJ
ajfa-3365	50	12	source	source	NOUN
ajfa-3365	50	13	of	of	ADP
ajfa-3365	50	14	information	information	NOUN
ajfa-3365	50	15	for	for	ADP
ajfa-3365	50	16	the	the	DET
ajfa-3365	50	17	futures	future	NOUN
ajfa-3365	50	18	market	market	NOUN
ajfa-3365	50	19	,	,	PUNCT
ajfa-3365	50	20	we	we	PRON
ajfa-3365	50	21	should	should	AUX
ajfa-3365	50	22	observe	observe	VERB
ajfa-3365	50	23	that	that	SCONJ
ajfa-3365	50	24	the	the	DET
ajfa-3365	50	25	post	post	ADJ
ajfa-3365	50	26	-	-	ADJ
ajfa-3365	50	27	closing	closing	ADJ
ajfa-3365	50	28	,	,	PUNCT
ajfa-3365	50	29	overnight	overnight	ADV
ajfa-3365	50	30	and	and	CCONJ
ajfa-3365	50	31	pre	pre	ADJ
ajfa-3365	50	32	-	-	ADJ
ajfa-3365	50	33	closing	closing	ADJ
ajfa-3365	50	34	returns	return	NOUN
ajfa-3365	50	35	of	of	ADP
ajfa-3365	50	36	the	the	DET
ajfa-3365	50	37	futures	future	NOUN
ajfa-3365	50	38	market	market	NOUN
ajfa-3365	50	39	are	be	AUX
ajfa-3365	50	40	positively	positively	ADV
ajfa-3365	50	41	correlated	correlate	VERB
ajfa-3365	50	42	with	with	ADP
ajfa-3365	50	43	the	the	DET
ajfa-3365	50	44	overnight	overnight	ADJ
ajfa-3365	50	45	spot	spot	NOUN
ajfa-3365	50	46	return	return	NOUN
ajfa-3365	50	47	.	.	PUNCT
ajfa-3365	51	1	we	we	PRON
ajfa-3365	51	2	therefore	therefore	ADV
ajfa-3365	51	3	form	form	VERB
ajfa-3365	51	4	our	our	PRON
ajfa-3365	51	5	hypothesis	hypothesis	NOUN
ajfa-3365	51	6	(	(	PUNCT
ajfa-3365	51	7	written	write	VERB
ajfa-3365	51	8	in	in	ADP
ajfa-3365	51	9	the	the	DET
ajfa-3365	51	10	null	null	ADJ
ajfa-3365	51	11	form	form	NOUN
ajfa-3365	51	12	)	)	PUNCT
ajfa-3365	51	13	as	as	SCONJ
ajfa-3365	51	14	follows	follow	VERB
ajfa-3365	51	15	:	:	PUNCT
ajfa-3365	51	16	h1a	h1a	NOUN
ajfa-3365	51	17	.	.	PUNCT
ajfa-3365	52	1	the	the	DET
ajfa-3365	52	2	post	post	ADJ
ajfa-3365	52	3	-	-	ADJ
ajfa-3365	52	4	closing	closing	ADJ
ajfa-3365	52	5	,	,	PUNCT
ajfa-3365	52	6	overnight	overnight	ADV
ajfa-3365	52	7	and	and	CCONJ
ajfa-3365	52	8	pre	pre	ADJ
ajfa-3365	52	9	-	-	ADJ
ajfa-3365	52	10	opening	opening	ADJ
ajfa-3365	52	11	returns	return	NOUN
ajfa-3365	52	12	of	of	ADP
ajfa-3365	52	13	the	the	DET
ajfa-3365	52	14	futures	future	NOUN
ajfa-3365	52	15	market	market	NOUN
ajfa-3365	52	16	are	be	AUX
ajfa-3365	52	17	not	not	PART
ajfa-3365	52	18	asian	asian	ADJ
ajfa-3365	52	19	journal	journal	NOUN
ajfa-3365	52	20	of	of	ADP
ajfa-3365	52	21	finance	finance	PROPN
ajfa-3365	52	22	&	&	CCONJ
ajfa-3365	52	23	accounting	accounting	PROPN
ajfa-3365	52	24	issn	issn	PROPN
ajfa-3365	52	25	1946	1946	NUM
ajfa-3365	52	26	-	-	PUNCT
ajfa-3365	52	27	052x	052x	NOUN
ajfa-3365	52	28	2013	2013	NUM
ajfa-3365	52	29	,	,	PUNCT
ajfa-3365	52	30	vol	vol	NOUN
ajfa-3365	52	31	.	.	PROPN
ajfa-3365	52	32	5	5	NUM
ajfa-3365	52	33	,	,	PUNCT
ajfa-3365	52	34	no	no	INTJ
ajfa-3365	52	35	.	.	NOUN
ajfa-3365	52	36	1	1	NUM
ajfa-3365	52	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3365	52	38	236	236	NUM
ajfa-3365	52	39	correlated	correlate	VERB
ajfa-3365	52	40	with	with	ADP
ajfa-3365	52	41	the	the	DET
ajfa-3365	52	42	overnight	overnight	ADJ
ajfa-3365	52	43	spot	spot	NOUN
ajfa-3365	52	44	return	return	NOUN
ajfa-3365	52	45	.	.	PUNCT
ajfa-3365	53	1	if	if	SCONJ
ajfa-3365	53	2	csi	csi	PROPN
ajfa-3365	53	3	300	300	NUM
ajfa-3365	53	4	index	index	NOUN
ajfa-3365	53	5	futures	future	NOUN
ajfa-3365	53	6	convey	convey	VERB
ajfa-3365	53	7	additional	additional	ADJ
ajfa-3365	53	8	information	information	NOUN
ajfa-3365	53	9	to	to	ADP
ajfa-3365	53	10	the	the	DET
ajfa-3365	53	11	spot	spot	NOUN
ajfa-3365	53	12	market	market	NOUN
ajfa-3365	53	13	,	,	PUNCT
ajfa-3365	53	14	the	the	DET
ajfa-3365	53	15	15	15	NUM
ajfa-3365	53	16	-	-	PUNCT
ajfa-3365	53	17	minute	minute	NOUN
ajfa-3365	53	18	extended	extended	ADJ
ajfa-3365	53	19	trading	trading	NOUN
ajfa-3365	53	20	session	session	NOUN
ajfa-3365	53	21	after	after	SCONJ
ajfa-3365	53	22	the	the	DET
ajfa-3365	53	23	spot	spot	NOUN
ajfa-3365	53	24	market	market	NOUN
ajfa-3365	53	25	closes	close	VERB
ajfa-3365	53	26	allows	allow	VERB
ajfa-3365	53	27	investors	investor	NOUN
ajfa-3365	53	28	to	to	PART
ajfa-3365	53	29	continuously	continuously	ADV
ajfa-3365	53	30	incorporate	incorporate	VERB
ajfa-3365	53	31	information	information	NOUN
ajfa-3365	53	32	.	.	PUNCT
ajfa-3365	54	1	similarly	similarly	ADV
ajfa-3365	54	2	,	,	PUNCT
ajfa-3365	54	3	trading	trading	NOUN
ajfa-3365	54	4	activities	activity	NOUN
ajfa-3365	54	5	in	in	ADP
ajfa-3365	54	6	the	the	DET
ajfa-3365	54	7	futures	future	NOUN
ajfa-3365	54	8	market	market	NOUN
ajfa-3365	54	9	during	during	ADP
ajfa-3365	54	10	the	the	DET
ajfa-3365	54	11	15	15	NUM
ajfa-3365	54	12	-	-	PUNCT
ajfa-3365	54	13	minute	minute	NOUN
ajfa-3365	54	14	pre	pre	ADJ
ajfa-3365	54	15	-	-	ADJ
ajfa-3365	54	16	opening	opening	ADJ
ajfa-3365	54	17	session	session	NOUN
ajfa-3365	54	18	impound	impound	NOUN
ajfa-3365	54	19	overnight	overnight	ADJ
ajfa-3365	54	20	information	information	NOUN
ajfa-3365	54	21	before	before	SCONJ
ajfa-3365	54	22	the	the	DET
ajfa-3365	54	23	spot	spot	NOUN
ajfa-3365	54	24	market	market	NOUN
ajfa-3365	54	25	opens	open	VERB
ajfa-3365	54	26	.	.	PUNCT
ajfa-3365	55	1	that	that	PRON
ajfa-3365	55	2	is	be	AUX
ajfa-3365	55	3	,	,	PUNCT
ajfa-3365	55	4	the	the	DET
ajfa-3365	55	5	unexpected	unexpected	ADJ
ajfa-3365	55	6	returns	return	NOUN
ajfa-3365	55	7	in	in	ADP
ajfa-3365	55	8	the	the	DET
ajfa-3365	55	9	futures	future	NOUN
ajfa-3365	55	10	market	market	NOUN
ajfa-3365	55	11	during	during	ADP
ajfa-3365	55	12	these	these	DET
ajfa-3365	55	13	two	two	NUM
ajfa-3365	55	14	trading	trading	NOUN
ajfa-3365	55	15	sessions	session	NOUN
ajfa-3365	55	16	shall	shall	AUX
ajfa-3365	55	17	be	be	AUX
ajfa-3365	55	18	able	able	ADJ
ajfa-3365	55	19	to	to	PART
ajfa-3365	55	20	predict	predict	VERB
ajfa-3365	55	21	the	the	DET
ajfa-3365	55	22	overnight	overnight	ADJ
ajfa-3365	55	23	spot	spot	NOUN
ajfa-3365	55	24	market	market	NOUN
ajfa-3365	55	25	returns	return	NOUN
ajfa-3365	55	26	.	.	PUNCT
ajfa-3365	56	1	both	both	PRON
ajfa-3365	56	2	foster	foster	ADJ
ajfa-3365	56	3	and	and	CCONJ
ajfa-3365	56	4	viswanathan	viswanathan	PROPN
ajfa-3365	56	5	(	(	PUNCT
ajfa-3365	56	6	1994	1994	NUM
ajfa-3365	56	7	)	)	PUNCT
ajfa-3365	56	8	and	and	CCONJ
ajfa-3365	56	9	hiraki	hiraki	ADJ
ajfa-3365	56	10	et	et	PROPN
ajfa-3365	56	11	al	al	PROPN
ajfa-3365	56	12	.	.	PROPN
ajfa-3365	57	1	(	(	PUNCT
ajfa-3365	57	2	1995	1995	NUM
ajfa-3365	57	3	)	)	PUNCT
ajfa-3365	57	4	find	find	VERB
ajfa-3365	57	5	that	that	SCONJ
ajfa-3365	57	6	informed	inform	VERB
ajfa-3365	57	7	traders	trader	NOUN
ajfa-3365	57	8	strategically	strategically	ADV
ajfa-3365	57	9	trade	trade	VERB
ajfa-3365	57	10	on	on	ADP
ajfa-3365	57	11	their	their	PRON
ajfa-3365	57	12	private	private	ADJ
ajfa-3365	57	13	information	information	NOUN
ajfa-3365	57	14	and	and	CCONJ
ajfa-3365	57	15	trading	trading	NOUN
ajfa-3365	57	16	of	of	ADP
ajfa-3365	57	17	futures	future	NOUN
ajfa-3365	57	18	contracts	contract	NOUN
ajfa-3365	57	19	during	during	ADP
ajfa-3365	57	20	post	post	ADJ
ajfa-3365	57	21	-	-	ADJ
ajfa-3365	57	22	closing	closing	ADJ
ajfa-3365	57	23	and	and	CCONJ
ajfa-3365	57	24	pre	pre	ADJ
ajfa-3365	57	25	-	-	ADJ
ajfa-3365	57	26	opening	opening	ADJ
ajfa-3365	57	27	sessions	session	NOUN
ajfa-3365	57	28	reveals	reveal	VERB
ajfa-3365	57	29	informed	informed	ADJ
ajfa-3365	57	30	traders	trader	NOUN
ajfa-3365	57	31	’	’	PART
ajfa-3365	57	32	private	private	ADJ
ajfa-3365	57	33	information	information	NOUN
ajfa-3365	57	34	and	and	CCONJ
ajfa-3365	57	35	facilitates	facilitate	VERB
ajfa-3365	57	36	price	price	NOUN
ajfa-3365	57	37	discovery	discovery	NOUN
ajfa-3365	57	38	of	of	ADP
ajfa-3365	57	39	the	the	DET
ajfa-3365	57	40	spot	spot	NOUN
ajfa-3365	57	41	market	market	NOUN
ajfa-3365	57	42	.	.	PUNCT
ajfa-3365	58	1	however	however	ADV
ajfa-3365	58	2	,	,	PUNCT
ajfa-3365	58	3	in	in	ADP
ajfa-3365	58	4	a	a	DET
ajfa-3365	58	5	country	country	NOUN
ajfa-3365	58	6	where	where	SCONJ
ajfa-3365	58	7	political	political	ADJ
ajfa-3365	58	8	control	control	NOUN
ajfa-3365	58	9	is	be	AUX
ajfa-3365	58	10	overwhelming	overwhelming	ADJ
ajfa-3365	58	11	,	,	PUNCT
ajfa-3365	58	12	information	information	NOUN
ajfa-3365	58	13	arbitrageurs	arbitrageur	NOUN
ajfa-3365	58	14	will	will	AUX
ajfa-3365	58	15	be	be	AUX
ajfa-3365	58	16	driven	drive	VERB
ajfa-3365	58	17	away	away	ADV
ajfa-3365	58	18	thus	thus	ADV
ajfa-3365	58	19	stock	stock	NOUN
ajfa-3365	58	20	prices	price	NOUN
ajfa-3365	58	21	reflects	reflect	VERB
ajfa-3365	58	22	only	only	ADV
ajfa-3365	58	23	public	public	ADJ
ajfa-3365	58	24	and	and	CCONJ
ajfa-3365	58	25	common	common	ADJ
ajfa-3365	58	26	information	information	NOUN
ajfa-3365	58	27	(	(	PUNCT
ajfa-3365	58	28	morck	morck	PROPN
ajfa-3365	58	29	et	et	PROPN
ajfa-3365	58	30	al	al	PROPN
ajfa-3365	58	31	.	.	PROPN
ajfa-3365	58	32	,	,	PUNCT
ajfa-3365	58	33	2000	2000	NUM
ajfa-3365	58	34	)	)	PUNCT
ajfa-3365	58	35	.	.	PUNCT
ajfa-3365	59	1	china	china	PROPN
ajfa-3365	59	2	is	be	AUX
ajfa-3365	59	3	one	one	NUM
ajfa-3365	59	4	of	of	ADP
ajfa-3365	59	5	such	such	ADJ
ajfa-3365	59	6	country	country	NOUN
ajfa-3365	59	7	according	accord	VERB
ajfa-3365	59	8	to	to	ADP
ajfa-3365	59	9	morck	morck	PROPN
ajfa-3365	59	10	et	et	PROPN
ajfa-3365	59	11	al	al	PROPN
ajfa-3365	59	12	.	.	PUNCT
ajfa-3365	60	1	(	(	PUNCT
ajfa-3365	60	2	2000	2000	NUM
ajfa-3365	60	3	)	)	PUNCT
ajfa-3365	60	4	.	.	PUNCT
ajfa-3365	61	1	therefore	therefore	ADV
ajfa-3365	61	2	,	,	PUNCT
ajfa-3365	61	3	a	a	PRON
ajfa-3365	61	4	priori	priori	X
ajfa-3365	61	5	,	,	PUNCT
ajfa-3365	61	6	it	it	PRON
ajfa-3365	61	7	is	be	AUX
ajfa-3365	61	8	difficult	difficult	ADJ
ajfa-3365	61	9	to	to	PART
ajfa-3365	61	10	predict	predict	VERB
ajfa-3365	61	11	whether	whether	SCONJ
ajfa-3365	61	12	china	china	PROPN
ajfa-3365	61	13	’s	’s	PART
ajfa-3365	61	14	index	index	NOUN
ajfa-3365	61	15	futures	future	NOUN
ajfa-3365	61	16	market	market	NOUN
ajfa-3365	61	17	incorporates	incorporate	VERB
ajfa-3365	61	18	information	information	NOUN
ajfa-3365	61	19	additional	additional	ADJ
ajfa-3365	61	20	to	to	ADP
ajfa-3365	61	21	that	that	PRON
ajfa-3365	61	22	traded	trade	VERB
ajfa-3365	61	23	in	in	ADP
ajfa-3365	61	24	the	the	DET
ajfa-3365	61	25	spot	spot	NOUN
ajfa-3365	61	26	market	market	NOUN
ajfa-3365	61	27	.	.	PUNCT
ajfa-3365	62	1	we	we	PRON
ajfa-3365	62	2	use	use	VERB
ajfa-3365	62	3	a	a	DET
ajfa-3365	62	4	t	t	NOUN
ajfa-3365	62	5	-	-	PUNCT
ajfa-3365	62	6	garch	garch	NOUN
ajfa-3365	62	7	(	(	PUNCT
ajfa-3365	62	8	1,1	1,1	NUM
ajfa-3365	62	9	)	)	PUNCT
ajfa-3365	62	10	model	model	NOUN
ajfa-3365	62	11	(	(	PUNCT
ajfa-3365	62	12	engle	engle	PROPN
ajfa-3365	62	13	&	&	CCONJ
ajfa-3365	62	14	ng	ng	PROPN
ajfa-3365	62	15	,	,	PUNCT
ajfa-3365	62	16	1993	1993	NUM
ajfa-3365	62	17	;	;	PUNCT
ajfa-3365	62	18	zakoian	zakoian	NOUN
ajfa-3365	62	19	,	,	PUNCT
ajfa-3365	62	20	1994	1994	NUM
ajfa-3365	62	21	)	)	PUNCT
ajfa-3365	62	22	to	to	PART
ajfa-3365	62	23	extract	extract	VERB
ajfa-3365	62	24	the	the	DET
ajfa-3365	62	25	returns	return	NOUN
ajfa-3365	62	26	innovation	innovation	NOUN
ajfa-3365	62	27	from	from	ADP
ajfa-3365	62	28	the	the	DET
ajfa-3365	62	29	extended	extended	ADJ
ajfa-3365	62	30	trading	trading	NOUN
ajfa-3365	62	31	hours	hour	NOUN
ajfa-3365	62	32	to	to	PART
ajfa-3365	62	33	predict	predict	VERB
ajfa-3365	62	34	the	the	DET
ajfa-3365	62	35	overnight	overnight	ADJ
ajfa-3365	62	36	spot	spot	NOUN
ajfa-3365	62	37	market	market	NOUN
ajfa-3365	62	38	returns2	returns2	NOUN
ajfa-3365	62	39	.	.	PUNCT
ajfa-3365	63	1	the	the	DET
ajfa-3365	63	2	second	second	ADJ
ajfa-3365	63	3	hypothesis	hypothesis	NOUN
ajfa-3365	63	4	(	(	PUNCT
ajfa-3365	63	5	written	write	VERB
ajfa-3365	63	6	in	in	ADP
ajfa-3365	63	7	the	the	DET
ajfa-3365	63	8	null	null	ADJ
ajfa-3365	63	9	form	form	NOUN
ajfa-3365	63	10	)	)	PUNCT
ajfa-3365	63	11	is	be	AUX
ajfa-3365	63	12	formulated	formulate	VERB
ajfa-3365	63	13	as	as	ADP
ajfa-3365	63	14	the	the	DET
ajfa-3365	63	15	following	following	NOUN
ajfa-3365	63	16	:	:	PUNCT
ajfa-3365	63	17	h1b	h1b	PROPN
ajfa-3365	63	18	.	.	PUNCT
ajfa-3365	64	1	the	the	DET
ajfa-3365	64	2	return	return	NOUN
ajfa-3365	64	3	innovations	innovation	NOUN
ajfa-3365	64	4	of	of	ADP
ajfa-3365	64	5	csi	csi	PROPN
ajfa-3365	64	6	300	300	NUM
ajfa-3365	64	7	index	index	NOUN
ajfa-3365	64	8	futures	future	NOUN
ajfa-3365	64	9	contracts	contract	NOUN
ajfa-3365	64	10	during	during	ADP
ajfa-3365	64	11	the	the	DET
ajfa-3365	64	12	extended	extended	ADJ
ajfa-3365	64	13	trading	trading	NOUN
ajfa-3365	64	14	hours	hour	NOUN
ajfa-3365	64	15	do	do	AUX
ajfa-3365	64	16	not	not	PART
ajfa-3365	64	17	correlate	correlate	VERB
ajfa-3365	64	18	with	with	ADP
ajfa-3365	64	19	the	the	DET
ajfa-3365	64	20	overnight	overnight	ADJ
ajfa-3365	64	21	spot	spot	NOUN
ajfa-3365	64	22	return	return	NOUN
ajfa-3365	64	23	of	of	ADP
ajfa-3365	64	24	the	the	DET
ajfa-3365	64	25	csi	csi	ADJ
ajfa-3365	64	26	300	300	NUM
ajfa-3365	64	27	index	index	NOUN
ajfa-3365	64	28	.	.	PUNCT
ajfa-3365	65	1	one	one	NUM
ajfa-3365	65	2	important	important	ADJ
ajfa-3365	65	3	information	information	NOUN
ajfa-3365	65	4	source	source	NOUN
ajfa-3365	65	5	for	for	ADP
ajfa-3365	65	6	the	the	DET
ajfa-3365	65	7	futures	future	NOUN
ajfa-3365	65	8	market	market	NOUN
ajfa-3365	65	9	after	after	ADP
ajfa-3365	65	10	the	the	DET
ajfa-3365	65	11	spot	spot	NOUN
ajfa-3365	65	12	market	market	NOUN
ajfa-3365	65	13	closes	close	NOUN
ajfa-3365	65	14	will	will	AUX
ajfa-3365	65	15	be	be	AUX
ajfa-3365	65	16	information	information	NOUN
ajfa-3365	65	17	from	from	ADP
ajfa-3365	65	18	the	the	DET
ajfa-3365	65	19	overseas	overseas	ADJ
ajfa-3365	65	20	market	market	NOUN
ajfa-3365	65	21	.	.	PUNCT
ajfa-3365	66	1	king	king	NOUN
ajfa-3365	66	2	and	and	CCONJ
ajfa-3365	66	3	wadhwani	wadhwani	PROPN
ajfa-3365	66	4	(	(	PUNCT
ajfa-3365	66	5	1990	1990	NUM
ajfa-3365	66	6	)	)	PUNCT
ajfa-3365	66	7	find	find	VERB
ajfa-3365	66	8	that	that	SCONJ
ajfa-3365	66	9	rational	rational	ADJ
ajfa-3365	66	10	investors	investor	NOUN
ajfa-3365	66	11	infer	infer	VERB
ajfa-3365	66	12	private	private	ADJ
ajfa-3365	66	13	information	information	NOUN
ajfa-3365	66	14	from	from	ADP
ajfa-3365	66	15	trading	trade	VERB
ajfa-3365	66	16	in	in	ADP
ajfa-3365	66	17	other	other	ADJ
ajfa-3365	66	18	markets	market	NOUN
ajfa-3365	66	19	.	.	PUNCT
ajfa-3365	67	1	lin	lin	PROPN
ajfa-3365	67	2	,	,	PUNCT
ajfa-3365	67	3	engle	engle	PROPN
ajfa-3365	67	4	,	,	PUNCT
ajfa-3365	67	5	and	and	CCONJ
ajfa-3365	67	6	ito	ito	PROPN
ajfa-3365	67	7	(	(	PUNCT
ajfa-3365	67	8	1994	1994	NUM
ajfa-3365	67	9	)	)	PUNCT
ajfa-3365	67	10	find	find	VERB
ajfa-3365	67	11	that	that	SCONJ
ajfa-3365	67	12	the	the	DET
ajfa-3365	67	13	tokyo	tokyo	PROPN
ajfa-3365	67	14	and	and	CCONJ
ajfa-3365	67	15	new	new	PROPN
ajfa-3365	67	16	york	york	PROPN
ajfa-3365	67	17	stock	stock	NOUN
ajfa-3365	67	18	exchanges	exchange	NOUN
ajfa-3365	67	19	have	have	AUX
ajfa-3365	67	20	correlated	correlate	VERB
ajfa-3365	67	21	overnight	overnight	ADV
ajfa-3365	67	22	and	and	CCONJ
ajfa-3365	67	23	daytime	daytime	ADJ
ajfa-3365	67	24	returns	return	NOUN
ajfa-3365	67	25	,	,	PUNCT
ajfa-3365	67	26	indicating	indicate	VERB
ajfa-3365	67	27	information	information	NOUN
ajfa-3365	67	28	revealed	reveal	VERB
ajfa-3365	67	29	during	during	ADP
ajfa-3365	67	30	the	the	DET
ajfa-3365	67	31	trading	trading	NOUN
ajfa-3365	67	32	hours	hour	NOUN
ajfa-3365	67	33	of	of	ADP
ajfa-3365	67	34	one	one	NUM
ajfa-3365	67	35	market	market	NOUN
ajfa-3365	67	36	has	have	VERB
ajfa-3365	67	37	a	a	DET
ajfa-3365	67	38	global	global	ADJ
ajfa-3365	67	39	impact	impact	NOUN
ajfa-3365	67	40	on	on	ADP
ajfa-3365	67	41	the	the	DET
ajfa-3365	67	42	returns	return	NOUN
ajfa-3365	67	43	of	of	ADP
ajfa-3365	67	44	the	the	DET
ajfa-3365	67	45	other	other	ADJ
ajfa-3365	67	46	market	market	NOUN
ajfa-3365	67	47	.	.	PUNCT
ajfa-3365	68	1	following	follow	VERB
ajfa-3365	68	2	these	these	DET
ajfa-3365	68	3	arguments	argument	NOUN
ajfa-3365	68	4	,	,	PUNCT
ajfa-3365	68	5	we	we	PRON
ajfa-3365	68	6	examine	examine	VERB
ajfa-3365	68	7	whether	whether	SCONJ
ajfa-3365	68	8	overnight	overnight	ADJ
ajfa-3365	68	9	csi300	csi300	PROPN
ajfa-3365	68	10	index	index	NOUN
ajfa-3365	68	11	futures	future	NOUN
ajfa-3365	68	12	returns	return	NOUN
ajfa-3365	68	13	incorporate	incorporate	VERB
ajfa-3365	68	14	news	news	NOUN
ajfa-3365	68	15	from	from	ADP
ajfa-3365	68	16	the	the	DET
ajfa-3365	68	17	daytime	daytime	ADJ
ajfa-3365	68	18	trading	trading	NOUN
ajfa-3365	68	19	in	in	ADP
ajfa-3365	68	20	the	the	DET
ajfa-3365	68	21	u.s	u.s	PROPN
ajfa-3365	68	22	.	.	PROPN
ajfa-3365	68	23	market	market	NOUN
ajfa-3365	68	24	,	,	PUNCT
ajfa-3365	68	25	and	and	CCONJ
ajfa-3365	68	26	our	our	PRON
ajfa-3365	68	27	third	third	ADJ
ajfa-3365	68	28	hypothesis	hypothesis	NOUN
ajfa-3365	68	29	(	(	PUNCT
ajfa-3365	68	30	written	write	VERB
ajfa-3365	68	31	in	in	ADP
ajfa-3365	68	32	the	the	DET
ajfa-3365	68	33	null	null	ADJ
ajfa-3365	68	34	form	form	NOUN
ajfa-3365	68	35	)	)	PUNCT
ajfa-3365	68	36	is	be	AUX
ajfa-3365	68	37	the	the	DET
ajfa-3365	68	38	following	follow	VERB
ajfa-3365	68	39	:	:	PUNCT
ajfa-3365	68	40	h2	h2	NOUN
ajfa-3365	68	41	.	.	PUNCT
ajfa-3365	69	1	the	the	DET
ajfa-3365	69	2	trading	trading	NOUN
ajfa-3365	69	3	of	of	ADP
ajfa-3365	69	4	futures	future	NOUN
ajfa-3365	69	5	contracts	contract	NOUN
ajfa-3365	69	6	does	do	AUX
ajfa-3365	69	7	not	not	PART
ajfa-3365	69	8	reflect	reflect	VERB
ajfa-3365	69	9	the	the	DET
ajfa-3365	69	10	overnight	overnight	ADJ
ajfa-3365	69	11	information	information	NOUN
ajfa-3365	69	12	arrival	arrival	NOUN
ajfa-3365	69	13	in	in	ADP
ajfa-3365	69	14	the	the	DET
ajfa-3365	69	15	u.s	u.s	PROPN
ajfa-3365	69	16	.	.	PROPN
ajfa-3365	69	17	market	market	NOUN
ajfa-3365	69	18	.	.	PUNCT
ajfa-3365	70	1	3	3	X
ajfa-3365	70	2	.	.	X
ajfa-3365	70	3	data	datum	NOUN
ajfa-3365	70	4	and	and	CCONJ
ajfa-3365	70	5	methodology	methodology	NOUN
ajfa-3365	70	6	3.1	3.1	NUM
ajfa-3365	70	7	extended	extended	ADJ
ajfa-3365	70	8	trading	trading	NOUN
ajfa-3365	70	9	hours	hour	NOUN
ajfa-3365	70	10	of	of	ADP
ajfa-3365	70	11	the	the	DET
ajfa-3365	70	12	spot	spot	NOUN
ajfa-3365	70	13	market	market	NOUN
ajfa-3365	70	14	we	we	PRON
ajfa-3365	70	15	obtained	obtain	VERB
ajfa-3365	70	16	the	the	DET
ajfa-3365	70	17	high	high	ADJ
ajfa-3365	70	18	-	-	PUNCT
ajfa-3365	70	19	frequency	frequency	NOUN
ajfa-3365	70	20	trading	trading	NOUN
ajfa-3365	70	21	data	datum	NOUN
ajfa-3365	70	22	at	at	ADP
ajfa-3365	70	23	the	the	DET
ajfa-3365	70	24	minute	minute	ADJ
ajfa-3365	70	25	level	level	NOUN
ajfa-3365	70	26	from	from	ADP
ajfa-3365	70	27	the	the	DET
ajfa-3365	70	28	tinysoft	tinysoft	NOUN
ajfa-3365	70	29	database	database	NOUN
ajfa-3365	70	30	.	.	PUNCT
ajfa-3365	71	1	we	we	PRON
ajfa-3365	71	2	divide	divide	VERB
ajfa-3365	71	3	each	each	DET
ajfa-3365	71	4	day	day	NOUN
ajfa-3365	71	5	’s	’s	PART
ajfa-3365	71	6	trading	trading	NOUN
ajfa-3365	71	7	into	into	ADP
ajfa-3365	71	8	fifteen	fifteen	NUM
ajfa-3365	71	9	-	-	PUNCT
ajfa-3365	71	10	minute	minute	NOUN
ajfa-3365	71	11	intervals	interval	NOUN
ajfa-3365	71	12	.	.	PUNCT
ajfa-3365	72	1	the	the	DET
ajfa-3365	72	2	normal	normal	ADJ
ajfa-3365	72	3	trading	trading	NOUN
ajfa-3365	72	4	hours	hour	NOUN
ajfa-3365	72	5	of	of	ADP
ajfa-3365	72	6	the	the	DET
ajfa-3365	72	7	spot	spot	NOUN
ajfa-3365	72	8	market	market	NOUN
ajfa-3365	72	9	is	be	AUX
ajfa-3365	72	10	9:00	9:00	NUM
ajfa-3365	72	11	-	-	SYM
ajfa-3365	72	12	15:00	15:00	NUM
ajfa-3365	72	13	every	every	DET
ajfa-3365	72	14	day	day	NOUN
ajfa-3365	72	15	.	.	PUNCT
ajfa-3365	73	1	the	the	DET
ajfa-3365	73	2	extended	extended	ADJ
ajfa-3365	73	3	trading	trading	NOUN
ajfa-3365	73	4	hours	hour	NOUN
ajfa-3365	73	5	of	of	ADP
ajfa-3365	73	6	futures	future	NOUN
ajfa-3365	73	7	contracts	contract	NOUN
ajfa-3365	73	8	are	be	AUX
ajfa-3365	73	9	2	2	NUM
ajfa-3365	73	10	engle	engle	NOUN
ajfa-3365	73	11	and	and	CCONJ
ajfa-3365	73	12	ng	ng	PROPN
ajfa-3365	73	13	(	(	PUNCT
ajfa-3365	73	14	1993	1993	NUM
ajfa-3365	73	15	)	)	PUNCT
ajfa-3365	73	16	show	show	VERB
ajfa-3365	73	17	that	that	SCONJ
ajfa-3365	73	18	,	,	PUNCT
ajfa-3365	73	19	in	in	ADP
ajfa-3365	73	20	japan	japan	PROPN
ajfa-3365	73	21	’s	’s	PART
ajfa-3365	73	22	market	market	NOUN
ajfa-3365	73	23	,	,	PUNCT
ajfa-3365	73	24	the	the	DET
ajfa-3365	73	25	t	t	PROPN
ajfa-3365	73	26	-	-	PUNCT
ajfa-3365	73	27	garch	garch	NOUN
ajfa-3365	73	28	model	model	NOUN
ajfa-3365	73	29	is	be	AUX
ajfa-3365	73	30	the	the	DET
ajfa-3365	73	31	best	good	ADJ
ajfa-3365	73	32	parametric	parametric	ADJ
ajfa-3365	73	33	model	model	NOUN
ajfa-3365	73	34	when	when	SCONJ
ajfa-3365	73	35	there	there	PRON
ajfa-3365	73	36	is	be	VERB
ajfa-3365	73	37	asymmetric	asymmetric	ADJ
ajfa-3365	73	38	return	return	NOUN
ajfa-3365	73	39	volatility	volatility	NOUN
ajfa-3365	73	40	conditional	conditional	ADJ
ajfa-3365	73	41	on	on	ADP
ajfa-3365	73	42	news	news	NOUN
ajfa-3365	73	43	types	type	NOUN
ajfa-3365	73	44	.	.	PUNCT
ajfa-3365	74	1	(	(	PUNCT
ajfa-3365	74	2	chiang	chiang	PROPN
ajfa-3365	74	3	&	&	CCONJ
ajfa-3365	74	4	wang	wang	PROPN
ajfa-3365	74	5	,	,	PUNCT
ajfa-3365	74	6	2002	2002	NUM
ajfa-3365	74	7	)	)	PUNCT
ajfa-3365	74	8	used	use	VERB
ajfa-3365	74	9	it	it	PRON
ajfa-3365	74	10	to	to	PART
ajfa-3365	74	11	investigate	investigate	VERB
ajfa-3365	74	12	the	the	DET
ajfa-3365	74	13	taiwan	taiwan	PROPN
ajfa-3365	74	14	futures	future	NOUN
ajfa-3365	74	15	market	market	NOUN
ajfa-3365	74	16	.	.	PUNCT
ajfa-3365	75	1	we	we	PRON
ajfa-3365	75	2	therefore	therefore	ADV
ajfa-3365	75	3	follow	follow	VERB
ajfa-3365	75	4	this	this	DET
ajfa-3365	75	5	approach	approach	NOUN
ajfa-3365	75	6	because	because	SCONJ
ajfa-3365	75	7	we	we	PRON
ajfa-3365	75	8	assume	assume	VERB
ajfa-3365	75	9	that	that	SCONJ
ajfa-3365	75	10	asian	asian	ADJ
ajfa-3365	75	11	countries	country	NOUN
ajfa-3365	75	12	share	share	VERB
ajfa-3365	75	13	commonalities	commonality	NOUN
ajfa-3365	75	14	in	in	ADP
ajfa-3365	75	15	market	market	NOUN
ajfa-3365	75	16	microstructures	microstructure	NOUN
ajfa-3365	75	17	.	.	PUNCT
ajfa-3365	76	1	asian	asian	ADJ
ajfa-3365	76	2	journal	journal	PROPN
ajfa-3365	76	3	of	of	ADP
ajfa-3365	76	4	finance	finance	PROPN
ajfa-3365	76	5	&	&	CCONJ
ajfa-3365	76	6	accounting	accounting	PROPN
ajfa-3365	76	7	issn	issn	PROPN
ajfa-3365	76	8	1946	1946	NUM
ajfa-3365	76	9	-	-	PUNCT
ajfa-3365	76	10	052x	052x	NOUN
ajfa-3365	76	11	2013	2013	NUM
ajfa-3365	76	12	,	,	PUNCT
ajfa-3365	76	13	vol	vol	NOUN
ajfa-3365	76	14	.	.	PROPN
ajfa-3365	76	15	5	5	NUM
ajfa-3365	76	16	,	,	PUNCT
ajfa-3365	76	17	no	no	INTJ
ajfa-3365	76	18	.	.	NOUN
ajfa-3365	76	19	1	1	NUM
ajfa-3365	76	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	76	21	237	237	NUM
ajfa-3365	76	22	9:15	9:15	NUM
ajfa-3365	76	23	-	-	SYM
ajfa-3365	76	24	9:30am	9:30am	NUM
ajfa-3365	76	25	and	and	CCONJ
ajfa-3365	76	26	15:00	15:00	NUM
ajfa-3365	76	27	-	-	SYM
ajfa-3365	76	28	15:15	15:15	NUM
ajfa-3365	76	29	(	(	PUNCT
ajfa-3365	76	30	3:00	3:00	NUM
ajfa-3365	76	31	-	-	PUNCT
ajfa-3365	76	32	3:15pm	3:15pm	NUM
ajfa-3365	76	33	)	)	PUNCT
ajfa-3365	76	34	.	.	PUNCT
ajfa-3365	77	1	we	we	PRON
ajfa-3365	77	2	further	far	ADV
ajfa-3365	77	3	decompose	decompose	VERB
ajfa-3365	77	4	the	the	DET
ajfa-3365	77	5	return	return	NOUN
ajfa-3365	77	6	of	of	ADP
ajfa-3365	77	7	csi	csi	ADJ
ajfa-3365	77	8	300	300	NUM
ajfa-3365	77	9	futures	future	NOUN
ajfa-3365	77	10	in	in	ADP
ajfa-3365	77	11	the	the	DET
ajfa-3365	77	12	non	non	ADJ
ajfa-3365	77	13	-	-	ADJ
ajfa-3365	77	14	trading	trading	ADJ
ajfa-3365	77	15	hours	hour	NOUN
ajfa-3365	77	16	of	of	ADP
ajfa-3365	77	17	the	the	DET
ajfa-3365	77	18	spot	spot	NOUN
ajfa-3365	77	19	market	market	NOUN
ajfa-3365	77	20	as	as	ADP
ajfa-3365	77	21	the	the	DET
ajfa-3365	77	22	following	following	NOUN
ajfa-3365	77	23	:	:	PUNCT
ajfa-3365	77	24	3.2	3.2	NUM
ajfa-3365	77	25	information	information	NOUN
ajfa-3365	77	26	captured	capture	VERB
ajfa-3365	77	27	by	by	ADP
ajfa-3365	77	28	the	the	DET
ajfa-3365	77	29	futures	future	NOUN
ajfa-3365	77	30	and	and	CCONJ
ajfa-3365	77	31	spot	spot	NOUN
ajfa-3365	77	32	markets	market	NOUN
ajfa-3365	77	33	to	to	PART
ajfa-3365	77	34	test	test	VERB
ajfa-3365	77	35	hypotheses	hypothesis	NOUN
ajfa-3365	77	36	h1a	h1a	PROPN
ajfa-3365	77	37	,	,	PUNCT
ajfa-3365	77	38	we	we	PRON
ajfa-3365	77	39	test	test	VERB
ajfa-3365	77	40	the	the	DET
ajfa-3365	77	41	difference	difference	NOUN
ajfa-3365	77	42	of	of	ADP
ajfa-3365	77	43	the	the	DET
ajfa-3365	77	44	price	price	NOUN
ajfa-3365	77	45	change	change	NOUN
ajfa-3365	77	46	,	,	PUNCT
ajfa-3365	77	47	return	return	NOUN
ajfa-3365	77	48	and	and	CCONJ
ajfa-3365	77	49	trading	trading	NOUN
ajfa-3365	77	50	volume	volume	NOUN
ajfa-3365	77	51	of	of	ADP
ajfa-3365	77	52	the	the	DET
ajfa-3365	77	53	csi	csi	ADJ
ajfa-3365	77	54	300	300	NUM
ajfa-3365	77	55	index	index	NOUN
ajfa-3365	77	56	futures	future	NOUN
ajfa-3365	77	57	during	during	ADP
ajfa-3365	77	58	the	the	DET
ajfa-3365	77	59	three	three	NUM
ajfa-3365	77	60	sessions	session	NOUN
ajfa-3365	77	61	:	:	PUNCT
ajfa-3365	77	62	pre	pre	ADJ
ajfa-3365	77	63	-	-	VERB
ajfa-3365	77	64	opening	opening	NOUN
ajfa-3365	77	65	of	of	ADP
ajfa-3365	77	66	the	the	DET
ajfa-3365	77	67	spot	spot	NOUN
ajfa-3365	77	68	market	market	NOUN
ajfa-3365	77	69	,	,	PUNCT
ajfa-3365	77	70	opening	opening	NOUN
ajfa-3365	77	71	of	of	ADP
ajfa-3365	77	72	the	the	DET
ajfa-3365	77	73	spot	spot	NOUN
ajfa-3365	77	74	market	market	NOUN
ajfa-3365	77	75	,	,	PUNCT
ajfa-3365	77	76	and	and	CCONJ
ajfa-3365	77	77	post	post	ADJ
ajfa-3365	77	78	-	-	ADJ
ajfa-3365	77	79	closing	closing	NOUN
ajfa-3365	77	80	of	of	ADP
ajfa-3365	77	81	the	the	DET
ajfa-3365	77	82	spot	spot	NOUN
ajfa-3365	77	83	market	market	NOUN
ajfa-3365	77	84	.	.	PUNCT
ajfa-3365	78	1	this	this	DET
ajfa-3365	78	2	test	test	NOUN
ajfa-3365	78	3	is	be	AUX
ajfa-3365	78	4	more	more	ADV
ajfa-3365	78	5	descriptive	descriptive	ADJ
ajfa-3365	78	6	in	in	ADP
ajfa-3365	78	7	nature	nature	NOUN
ajfa-3365	78	8	.	.	PUNCT
ajfa-3365	79	1	to	to	PART
ajfa-3365	79	2	test	test	VERB
ajfa-3365	79	3	h1b	h1b	PROPN
ajfa-3365	79	4	,	,	PUNCT
ajfa-3365	79	5	we	we	PRON
ajfa-3365	79	6	run	run	VERB
ajfa-3365	79	7	the	the	DET
ajfa-3365	79	8	following	following	ADJ
ajfa-3365	79	9	regression	regression	NOUN
ajfa-3365	79	10	model	model	NOUN
ajfa-3365	79	11	,	,	PUNCT
ajfa-3365	79	12	eq	eq	X
ajfa-3365	79	13	(	(	PUNCT
ajfa-3365	79	14	1	1	NUM
ajfa-3365	79	15	)	)	PUNCT
ajfa-3365	79	16	,	,	PUNCT
ajfa-3365	79	17	in	in	ADP
ajfa-3365	79	18	which	which	PRON
ajfa-3365	79	19	spot	spot	NOUN
ajfa-3365	79	20	market	market	NOUN
ajfa-3365	79	21	overnight	overnight	ADJ
ajfa-3365	79	22	return	return	NOUN
ajfa-3365	79	23	of	of	ADP
ajfa-3365	79	24	day	day	NOUN
ajfa-3365	79	25	t	t	PROPN
ajfa-3365	79	26	(	(	PUNCT
ajfa-3365	79	27	i.e.	i.e.	X
ajfa-3365	79	28	,	,	PUNCT
ajfa-3365	79	29	ret300,t	ret300,t	NOUN
ajfa-3365	79	30	)	)	PUNCT
ajfa-3365	79	31	is	be	AUX
ajfa-3365	79	32	regressed	regress	VERB
ajfa-3365	79	33	on	on	ADP
ajfa-3365	79	34	the	the	DET
ajfa-3365	79	35	futures	future	NOUN
ajfa-3365	79	36	return	return	NOUN
ajfa-3365	79	37	during	during	ADP
ajfa-3365	79	38	three	three	NUM
ajfa-3365	79	39	sessions	session	NOUN
ajfa-3365	79	40	:	:	PUNCT
ajfa-3365	79	41	post	post	ADJ
ajfa-3365	79	42	-	-	ADJ
ajfa-3365	79	43	closing	closing	ADJ
ajfa-3365	79	44	return	return	NOUN
ajfa-3365	79	45	of	of	ADP
ajfa-3365	79	46	day	day	NOUN
ajfa-3365	79	47	t	t	PROPN
ajfa-3365	79	48	(	(	PUNCT
ajfa-3365	79	49	i.e.	i.e.	X
ajfa-3365	79	50	,	,	PUNCT
ajfa-3365	79	51	ret1	ret1	NOUN
ajfa-3365	79	52	,	,	PUNCT
ajfa-3365	79	53	t	t	PROPN
ajfa-3365	79	54	)	)	PUNCT
ajfa-3365	79	55	,	,	PUNCT
ajfa-3365	79	56	overnight	overnight	ADJ
ajfa-3365	79	57	return	return	NOUN
ajfa-3365	79	58	(	(	PUNCT
ajfa-3365	79	59	i.e.	i.e.	X
ajfa-3365	79	60	,	,	PUNCT
ajfa-3365	79	61	ret2	ret2	NOUN
ajfa-3365	79	62	,	,	PUNCT
ajfa-3365	79	63	t	t	PROPN
ajfa-3365	79	64	)	)	PUNCT
ajfa-3365	79	65	,	,	PUNCT
ajfa-3365	79	66	and	and	CCONJ
ajfa-3365	79	67	pre	pre	ADJ
ajfa-3365	79	68	-	-	ADJ
ajfa-3365	79	69	opening	opening	ADJ
ajfa-3365	79	70	return	return	NOUN
ajfa-3365	79	71	of	of	ADP
ajfa-3365	79	72	day	day	NOUN
ajfa-3365	79	73	t+1	t+1	PROPN
ajfa-3365	79	74	(	(	PUNCT
ajfa-3365	79	75	i.e.	i.e.	X
ajfa-3365	79	76	,	,	PUNCT
ajfa-3365	79	77	ret3	ret3	ADJ
ajfa-3365	79	78	,	,	PUNCT
ajfa-3365	79	79	t	t	PROPN
ajfa-3365	79	80	)	)	PUNCT
ajfa-3365	79	81	.	.	PUNCT
ajfa-3365	80	1	we	we	PRON
ajfa-3365	80	2	labeled	label	VERB
ajfa-3365	80	3	all	all	DET
ajfa-3365	80	4	three	three	NUM
ajfa-3365	80	5	sessions	session	NOUN
ajfa-3365	80	6	with	with	ADP
ajfa-3365	80	7	subscript	subscript	PROPN
ajfa-3365	80	8	t	t	PROPN
ajfa-3365	80	9	to	to	PART
ajfa-3365	80	10	reflect	reflect	VERB
ajfa-3365	80	11	the	the	DET
ajfa-3365	80	12	fact	fact	NOUN
ajfa-3365	80	13	that	that	SCONJ
ajfa-3365	80	14	these	these	DET
ajfa-3365	80	15	returns	return	NOUN
ajfa-3365	80	16	are	be	AUX
ajfa-3365	80	17	regressed	regress	VERB
ajfa-3365	80	18	corresponding	correspond	VERB
ajfa-3365	80	19	to	to	ADP
ajfa-3365	80	20	the	the	DET
ajfa-3365	80	21	overnight	overnight	ADJ
ajfa-3365	80	22	spot	spot	NOUN
ajfa-3365	80	23	market	market	NOUN
ajfa-3365	80	24	return	return	NOUN
ajfa-3365	80	25	of	of	ADP
ajfa-3365	80	26	a	a	DET
ajfa-3365	80	27	particular	particular	ADJ
ajfa-3365	80	28	day	day	NOUN
ajfa-3365	80	29	.	.	PUNCT
ajfa-3365	80	30	,	,	PUNCT
ajfa-3365	81	1	=	=	PUNCT
ajfa-3365	82	1	+	+	PUNCT
ajfa-3365	82	2	,	,	PUNCT
ajfa-3365	82	3	+	+	CCONJ
ajfa-3365	82	4	,	,	PUNCT
ajfa-3365	82	5	+	+	CCONJ
ajfa-3365	82	6	,	,	PUNCT
ajfa-3365	82	7	+	+	CCONJ
ajfa-3365	82	8	ϵ	ϵ	NUM
ajfa-3365	82	9	,	,	PUNCT
ajfa-3365	82	10	(	(	PUNCT
ajfa-3365	82	11	1	1	X
ajfa-3365	82	12	)	)	PUNCT
ajfa-3365	82	13	and	and	CCONJ
ajfa-3365	82	14	ret300,t	ret300,t	PROPN
ajfa-3365	82	15	is	be	AUX
ajfa-3365	82	16	calculated	calculate	VERB
ajfa-3365	82	17	as	as	SCONJ
ajfa-3365	82	18	follows	follow	VERB
ajfa-3365	82	19	:	:	PUNCT
ajfa-3365	82	20	,	,	PUNCT
ajfa-3365	82	21	=	=	SYM
ajfa-3365	82	22	(	(	PUNCT
ajfa-3365	82	23	2	2	NUM
ajfa-3365	82	24	)	)	PUNCT
ajfa-3365	82	25	where	where	SCONJ
ajfa-3365	82	26	pt	pt	PROPN
ajfa-3365	82	27	is	be	AUX
ajfa-3365	82	28	the	the	DET
ajfa-3365	82	29	opening	opening	NOUN
ajfa-3365	82	30	price	price	NOUN
ajfa-3365	82	31	of	of	ADP
ajfa-3365	82	32	csi	csi	PROPN
ajfa-3365	82	33	300	300	NUM
ajfa-3365	82	34	in	in	ADP
ajfa-3365	82	35	day	day	NOUN
ajfa-3365	82	36	t	t	PROPN
ajfa-3365	82	37	,	,	PUNCT
ajfa-3365	82	38	and	and	CCONJ
ajfa-3365	82	39	pt-1	pt-1	ADV
ajfa-3365	82	40	is	be	AUX
ajfa-3365	82	41	the	the	DET
ajfa-3365	82	42	closing	closing	NOUN
ajfa-3365	82	43	price	price	NOUN
ajfa-3365	82	44	of	of	ADP
ajfa-3365	82	45	day	day	NOUN
ajfa-3365	82	46	t-1	t-1	PROPN
ajfa-3365	82	47	.	.	PUNCT
ajfa-3365	83	1	empirically	empirically	ADV
ajfa-3365	83	2	,	,	PUNCT
ajfa-3365	83	3	we	we	PRON
ajfa-3365	83	4	use	use	VERB
ajfa-3365	83	5	the	the	DET
ajfa-3365	83	6	t	t	PROPN
ajfa-3365	83	7	-	-	PUNCT
ajfa-3365	83	8	garch	garch	NOUN
ajfa-3365	83	9	model	model	NOUN
ajfa-3365	83	10	(	(	PUNCT
ajfa-3365	83	11	zakoian	zakoian	NOUN
ajfa-3365	83	12	,	,	PUNCT
ajfa-3365	83	13	1994	1994	NUM
ajfa-3365	83	14	)	)	PUNCT
ajfa-3365	83	15	to	to	PART
ajfa-3365	83	16	estimate	estimate	VERB
ajfa-3365	83	17	the	the	DET
ajfa-3365	83	18	coefficients	coefficient	NOUN
ajfa-3365	83	19	.	.	PUNCT
ajfa-3365	84	1	statistically	statistically	ADV
ajfa-3365	84	2	significant	significant	ADJ
ajfa-3365	84	3	coefficients	coefficient	NOUN
ajfa-3365	84	4	β1	β1	PROPN
ajfa-3365	84	5	,	,	PUNCT
ajfa-3365	84	6	β2	β2	NOUN
ajfa-3365	84	7	,	,	PUNCT
ajfa-3365	84	8	or	or	CCONJ
ajfa-3365	84	9	β3	β3	VERB
ajfa-3365	84	10	imply	imply	VERB
ajfa-3365	84	11	that	that	SCONJ
ajfa-3365	84	12	(	(	PUNCT
ajfa-3365	84	13	at	at	ADP
ajfa-3365	84	14	least	least	ADJ
ajfa-3365	84	15	partially	partially	ADV
ajfa-3365	84	16	)	)	PUNCT
ajfa-3365	84	17	the	the	DET
ajfa-3365	84	18	futures	future	NOUN
ajfa-3365	84	19	market	market	NOUN
ajfa-3365	84	20	captures	capture	VERB
ajfa-3365	84	21	information	information	NOUN
ajfa-3365	84	22	that	that	PRON
ajfa-3365	84	23	is	be	AUX
ajfa-3365	84	24	incorporated	incorporate	VERB
ajfa-3365	84	25	into	into	ADP
ajfa-3365	84	26	the	the	DET
ajfa-3365	84	27	spot	spot	NOUN
ajfa-3365	84	28	market	market	NOUN
ajfa-3365	84	29	.	.	PUNCT
ajfa-3365	85	1	the	the	DET
ajfa-3365	85	2	underlying	underlie	VERB
ajfa-3365	85	3	information	information	NOUN
ajfa-3365	85	4	between	between	ADP
ajfa-3365	85	5	the	the	DET
ajfa-3365	85	6	two	two	NUM
ajfa-3365	85	7	markets	market	NOUN
ajfa-3365	85	8	is	be	AUX
ajfa-3365	85	9	similar	similar	ADJ
ajfa-3365	85	10	.	.	PUNCT
ajfa-3365	86	1	additional	additional	ADJ
ajfa-3365	86	2	information	information	NOUN
ajfa-3365	86	3	reflected	reflect	VERB
ajfa-3365	86	4	in	in	ADP
ajfa-3365	86	5	the	the	DET
ajfa-3365	86	6	futures	future	NOUN
ajfa-3365	86	7	market	market	NOUN
ajfa-3365	86	8	to	to	PART
ajfa-3365	86	9	test	test	NOUN
ajfa-3365	86	10	h2	h2	PROPN
ajfa-3365	86	11	,	,	PUNCT
ajfa-3365	86	12	we	we	PRON
ajfa-3365	86	13	follow	follow	VERB
ajfa-3365	86	14	hiraki	hiraki	ADJ
ajfa-3365	86	15	et	et	PROPN
ajfa-3365	86	16	al	al	PROPN
ajfa-3365	86	17	.	.	PROPN
ajfa-3365	87	1	(	(	PUNCT
ajfa-3365	87	2	1995	1995	NUM
ajfa-3365	87	3	)	)	PUNCT
ajfa-3365	87	4	and	and	CCONJ
ajfa-3365	87	5	cheng	cheng	PROPN
ajfa-3365	87	6	et	et	PROPN
ajfa-3365	87	7	al	al	PROPN
ajfa-3365	87	8	.	.	PROPN
ajfa-3365	88	1	(	(	PUNCT
ajfa-3365	88	2	2004	2004	NUM
ajfa-3365	88	3	)	)	PUNCT
ajfa-3365	88	4	,	,	PUNCT
ajfa-3365	88	5	using	use	VERB
ajfa-3365	88	6	a	a	DET
ajfa-3365	88	7	two	two	NUM
ajfa-3365	88	8	stage	stage	NOUN
ajfa-3365	88	9	model	model	NOUN
ajfa-3365	88	10	to	to	PART
ajfa-3365	88	11	extract	extract	VERB
ajfa-3365	88	12	information	information	NOUN
ajfa-3365	88	13	from	from	ADP
ajfa-3365	88	14	the	the	DET
ajfa-3365	88	15	futures	future	NOUN
ajfa-3365	88	16	returns	return	NOUN
ajfa-3365	88	17	and	and	CCONJ
ajfa-3365	88	18	to	to	PART
ajfa-3365	88	19	predict	predict	VERB
ajfa-3365	88	20	the	the	DET
ajfa-3365	88	21	overnight	overnight	ADJ
ajfa-3365	88	22	spot	spot	NOUN
ajfa-3365	88	23	market	market	NOUN
ajfa-3365	88	24	return	return	NOUN
ajfa-3365	88	25	.	.	PUNCT
ajfa-3365	89	1	in	in	ADP
ajfa-3365	89	2	the	the	DET
ajfa-3365	89	3	first	first	ADJ
ajfa-3365	89	4	stage	stage	NOUN
ajfa-3365	89	5	,	,	PUNCT
ajfa-3365	89	6	a	a	DET
ajfa-3365	89	7	t	t	NOUN
ajfa-3365	89	8	-	-	PUNCT
ajfa-3365	89	9	garch	garch	NOUN
ajfa-3365	89	10	(	(	PUNCT
ajfa-3365	89	11	1,1	1,1	NUM
ajfa-3365	89	12	)	)	PUNCT
ajfa-3365	89	13	model	model	NOUN
ajfa-3365	89	14	is	be	AUX
ajfa-3365	89	15	used	use	VERB
ajfa-3365	89	16	to	to	PART
ajfa-3365	89	17	estimate	estimate	VERB
ajfa-3365	89	18	the	the	DET
ajfa-3365	89	19	following	follow	VERB
ajfa-3365	89	20	models	model	NOUN
ajfa-3365	89	21	to	to	PART
ajfa-3365	89	22	extract	extract	VERB
ajfa-3365	89	23	return	return	NOUN
ajfa-3365	89	24	innovation	innovation	NOUN
ajfa-3365	89	25	from	from	ADP
ajfa-3365	89	26	the	the	DET
ajfa-3365	89	27	futures	future	NOUN
ajfa-3365	89	28	returns	return	NOUN
ajfa-3365	89	29	:	:	PUNCT
ajfa-3365	89	30	9:15	9:15	NUM
ajfa-3365	89	31	9:30	9:30	NUM
ajfa-3365	89	32	(	(	PUNCT
ajfa-3365	89	33	information	information	NOUN
ajfa-3365	89	34	after	after	ADP
ajfa-3365	89	35	the	the	DET
ajfa-3365	89	36	closing	closing	NOUN
ajfa-3365	89	37	of	of	ADP
ajfa-3365	89	38	the	the	DET
ajfa-3365	89	39	spot	spot	NOUN
ajfa-3365	89	40	market	market	NOUN
ajfa-3365	89	41	in	in	ADP
ajfa-3365	89	42	day	day	PROPN
ajfa-3365	89	43	t-1	t-1	PROPN
ajfa-3365	89	44	)	)	PUNCT
ajfa-3365	89	45	(	(	PUNCT
ajfa-3365	89	46	information	information	NOUN
ajfa-3365	89	47	during	during	ADP
ajfa-3365	89	48	closing	close	VERB
ajfa-3365	89	49	hours	hour	NOUN
ajfa-3365	89	50	of	of	ADP
ajfa-3365	89	51	both	both	DET
ajfa-3365	89	52	futures	future	NOUN
ajfa-3365	89	53	and	and	CCONJ
ajfa-3365	89	54	spot	spot	NOUN
ajfa-3365	89	55	markets	market	NOUN
ajfa-3365	89	56	)	)	PUNCT
ajfa-3365	89	57	(	(	PUNCT
ajfa-3365	89	58	information	information	NOUN
ajfa-3365	89	59	before	before	ADP
ajfa-3365	89	60	the	the	DET
ajfa-3365	89	61	opening	opening	NOUN
ajfa-3365	89	62	of	of	ADP
ajfa-3365	89	63	stock	stock	NOUN
ajfa-3365	89	64	market	market	NOUN
ajfa-3365	89	65	in	in	ADP
ajfa-3365	89	66	day	day	PROPN
ajfa-3365	89	67	t	t	PROPN
ajfa-3365	89	68	)	)	PUNCT
ajfa-3365	89	69	15:00	15:00	NUM
ajfa-3365	89	70	15:15	15:15	NUM
ajfa-3365	89	71	total	total	ADJ
ajfa-3365	89	72	information	information	NOUN
ajfa-3365	89	73	during	during	ADP
ajfa-3365	89	74	three	three	NUM
ajfa-3365	89	75	non	non	ADJ
ajfa-3365	89	76	-	-	ADJ
ajfa-3365	89	77	trading	trading	ADJ
ajfa-3365	89	78	sessions	session	NOUN
ajfa-3365	89	79	of	of	ADP
ajfa-3365	89	80	stock	stock	NOUN
ajfa-3365	89	81	market	market	NOUN
ajfa-3365	89	82	(	(	PUNCT
ajfa-3365	89	83	ret300	ret300	PROPN
ajfa-3365	89	84	)	)	PUNCT
ajfa-3365	89	85	ret1	ret1	NOUN
ajfa-3365	89	86	ret2	ret2	NOUN
ajfa-3365	89	87	ret3	ret3	PROPN
ajfa-3365	89	88	asian	asian	PROPN
ajfa-3365	89	89	journal	journal	PROPN
ajfa-3365	89	90	of	of	ADP
ajfa-3365	89	91	finance	finance	PROPN
ajfa-3365	89	92	&	&	CCONJ
ajfa-3365	89	93	accounting	accounting	PROPN
ajfa-3365	89	94	issn	issn	PROPN
ajfa-3365	89	95	1946	1946	NUM
ajfa-3365	89	96	-	-	PUNCT
ajfa-3365	89	97	052x	052x	NOUN
ajfa-3365	89	98	2013	2013	NUM
ajfa-3365	89	99	,	,	PUNCT
ajfa-3365	89	100	vol	vol	NOUN
ajfa-3365	89	101	.	.	PROPN
ajfa-3365	90	1	5	5	NUM
ajfa-3365	90	2	,	,	PUNCT
ajfa-3365	90	3	no	no	INTJ
ajfa-3365	90	4	.	.	NOUN
ajfa-3365	90	5	1	1	NUM
ajfa-3365	90	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	90	7	238	238	NUM
ajfa-3365	90	8	ret	ret	NOUN
ajfa-3365	90	9	,	,	PUNCT
ajfa-3365	90	10	=	=	PUNCT
ajfa-3365	91	1	c	c	PROPN
ajfa-3365	91	2	+	+	CCONJ
ajfa-3365	91	3	c	c	PROPN
ajfa-3365	91	4	ret	ret	NOUN
ajfa-3365	91	5	,	,	PUNCT
ajfa-3365	91	6	+	+	CCONJ
ajfa-3365	91	7	u	u	NOUN
ajfa-3365	91	8	h	h	NOUN
ajfa-3365	91	9	=	=	SYM
ajfa-3365	91	10	α	α	PROPN
ajfa-3365	92	1	+	+	X
ajfa-3365	92	2	α	α	NOUN
ajfa-3365	92	3	u	u	NOUN
ajfa-3365	92	4	+	+	X
ajfa-3365	92	5	α	α	PROPN
ajfa-3365	92	6	d	d	X
ajfa-3365	92	7	u	u	NOUN
ajfa-3365	92	8	+	+	NOUN
ajfa-3365	92	9	α	α	NOUN
ajfa-3365	92	10	h	h	NOUN
ajfa-3365	93	1	d	d	NOUN
ajfa-3365	93	2	=	=	SYM
ajfa-3365	93	3	1	1	NUM
ajfa-3365	93	4	u	u	NOUN
ajfa-3365	93	5	<	<	X
ajfa-3365	93	6	0	0	NUM
ajfa-3365	93	7	(	(	PUNCT
ajfa-3365	93	8	)	)	PUNCT
ajfa-3365	93	9	0	0	NUM
ajfa-3365	94	1	u	u	NOUN
ajfa-3365	94	2	≥	≥	NOUN
ajfa-3365	94	3	0(good	0(good	PROPN
ajfa-3365	94	4	news	news	PROPN
ajfa-3365	94	5	)	)	PUNCT
ajfa-3365	94	6	(	(	PUNCT
ajfa-3365	94	7	3	3	X
ajfa-3365	94	8	)	)	PUNCT
ajfa-3365	94	9	where	where	SCONJ
ajfa-3365	94	10	ht	ht	PROPN
ajfa-3365	94	11	is	be	AUX
ajfa-3365	94	12	the	the	DET
ajfa-3365	94	13	conditional	conditional	ADJ
ajfa-3365	94	14	standard	standard	ADJ
ajfa-3365	94	15	deviation	deviation	NOUN
ajfa-3365	94	16	of	of	ADP
ajfa-3365	94	17	the	the	DET
ajfa-3365	94	18	ut	ut	PROPN
ajfa-3365	94	19	process	process	NOUN
ajfa-3365	94	20	,	,	PUNCT
ajfa-3365	94	21	and	and	CCONJ
ajfa-3365	94	22	ut	ut	PROPN
ajfa-3365	94	23	captures	capture	VERB
ajfa-3365	94	24	the	the	DET
ajfa-3365	94	25	private	private	ADJ
ajfa-3365	94	26	information	information	NOUN
ajfa-3365	94	27	of	of	ADP
ajfa-3365	94	28	futures	future	NOUN
ajfa-3365	94	29	traded	trade	VERB
ajfa-3365	94	30	during	during	ADP
ajfa-3365	94	31	the	the	DET
ajfa-3365	94	32	post	post	ADJ
ajfa-3365	94	33	-	-	ADJ
ajfa-3365	94	34	closing	closing	ADJ
ajfa-3365	94	35	session	session	NOUN
ajfa-3365	94	36	.	.	PUNCT
ajfa-3365	95	1	ret	ret	PROPN
ajfa-3365	95	2	,	,	PUNCT
ajfa-3365	95	3	=	=	PUNCT
ajfa-3365	96	1	c	c	PROPN
ajfa-3365	96	2	+	+	CCONJ
ajfa-3365	96	3	c	c	PROPN
ajfa-3365	96	4	ret	ret	NOUN
ajfa-3365	96	5	,	,	PUNCT
ajfa-3365	96	6	+	+	CCONJ
ajfa-3365	97	1	v	v	X
ajfa-3365	97	2	h	h	NOUN
ajfa-3365	97	3	=	=	PUNCT
ajfa-3365	97	4	β	β	NOUN
ajfa-3365	97	5	+	+	X
ajfa-3365	97	6	β	β	X
ajfa-3365	97	7	v	v	NOUN
ajfa-3365	97	8	+	+	X
ajfa-3365	97	9	β	β	X
ajfa-3365	97	10	d	d	X
ajfa-3365	97	11	v	v	ADP
ajfa-3365	97	12	+	+	CCONJ
ajfa-3365	97	13	β	β	NOUN
ajfa-3365	97	14	h	h	NOUN
ajfa-3365	98	1	d	d	NOUN
ajfa-3365	98	2	=	=	SYM
ajfa-3365	98	3	1	1	NUM
ajfa-3365	98	4	v	v	ADP
ajfa-3365	98	5	<	<	X
ajfa-3365	98	6	0	0	NUM
ajfa-3365	98	7	(	(	PUNCT
ajfa-3365	98	8	)	)	PUNCT
ajfa-3365	98	9	0	0	PROPN
ajfa-3365	99	1	v	v	NUM
ajfa-3365	99	2	≥	≥	NOUN
ajfa-3365	99	3	0(good	0(good	PROPN
ajfa-3365	99	4	news	news	PROPN
ajfa-3365	99	5	)	)	PUNCT
ajfa-3365	99	6	(	(	PUNCT
ajfa-3365	99	7	4	4	X
ajfa-3365	99	8	)	)	PUNCT
ajfa-3365	99	9	where	where	SCONJ
ajfa-3365	99	10	vt	vt	PROPN
ajfa-3365	99	11	captures	capture	VERB
ajfa-3365	99	12	the	the	DET
ajfa-3365	99	13	private	private	ADJ
ajfa-3365	99	14	information	information	NOUN
ajfa-3365	99	15	of	of	ADP
ajfa-3365	99	16	futures	future	NOUN
ajfa-3365	99	17	traded	trade	VERB
ajfa-3365	99	18	during	during	ADP
ajfa-3365	99	19	the	the	DET
ajfa-3365	99	20	pre	pre	ADJ
ajfa-3365	99	21	-	-	ADJ
ajfa-3365	99	22	opening	opening	ADJ
ajfa-3365	99	23	session	session	NOUN
ajfa-3365	99	24	.	.	PUNCT
ajfa-3365	100	1	in	in	ADP
ajfa-3365	100	2	the	the	DET
ajfa-3365	100	3	second	second	ADJ
ajfa-3365	100	4	stage	stage	NOUN
ajfa-3365	100	5	,	,	PUNCT
ajfa-3365	100	6	we	we	PRON
ajfa-3365	100	7	regress	regress	VERB
ajfa-3365	100	8	the	the	DET
ajfa-3365	100	9	overnight	overnight	ADJ
ajfa-3365	100	10	spot	spot	NOUN
ajfa-3365	100	11	market	market	NOUN
ajfa-3365	100	12	return	return	NOUN
ajfa-3365	100	13	on	on	ADP
ajfa-3365	100	14	the	the	DET
ajfa-3365	100	15	return	return	NOUN
ajfa-3365	100	16	innovation	innovation	NOUN
ajfa-3365	100	17	from	from	ADP
ajfa-3365	100	18	the	the	DET
ajfa-3365	100	19	futures	future	NOUN
ajfa-3365	100	20	during	during	ADP
ajfa-3365	100	21	the	the	DET
ajfa-3365	100	22	extended	extended	ADJ
ajfa-3365	100	23	trading	trading	NOUN
ajfa-3365	100	24	hours	hour	NOUN
ajfa-3365	100	25	.	.	PUNCT
ajfa-3365	101	1	that	that	PRON
ajfa-3365	101	2	is	is	ADV
ajfa-3365	101	3	,	,	PUNCT
ajfa-3365	101	4	we	we	PRON
ajfa-3365	101	5	estimate	estimate	VERB
ajfa-3365	101	6	the	the	DET
ajfa-3365	101	7	following	follow	VERB
ajfa-3365	101	8	t	t	PROPN
ajfa-3365	101	9	-	-	PUNCT
ajfa-3365	101	10	garch	garch	NOUN
ajfa-3365	101	11	(	(	PUNCT
ajfa-3365	101	12	1	1	NUM
ajfa-3365	101	13	,	,	PUNCT
ajfa-3365	101	14	1	1	X
ajfa-3365	101	15	)	)	PUNCT
ajfa-3365	101	16	model	model	NOUN
ajfa-3365	101	17	:	:	PUNCT
ajfa-3365	101	18	ret	ret	NOUN
ajfa-3365	101	19	,	,	PUNCT
ajfa-3365	101	20	=	=	PUNCT
ajfa-3365	102	1	c	c	PROPN
ajfa-3365	103	1	+	+	NOUN
ajfa-3365	103	2	c	c	NOUN
ajfa-3365	103	3	u	u	NOUN
ajfa-3365	103	4	+	+	X
ajfa-3365	103	5	c	c	PROPN
ajfa-3365	103	6	v	v	NOUN
ajfa-3365	103	7	+	+	CCONJ
ajfa-3365	103	8	ε	ε	PROPN
ajfa-3365	103	9	h	h	NOUN
ajfa-3365	103	10	=	=	SYM
ajfa-3365	103	11	γ	γ	X
ajfa-3365	103	12	+	+	X
ajfa-3365	103	13	γ	γ	X
ajfa-3365	103	14	ε	ε	PROPN
ajfa-3365	103	15	+	+	CCONJ
ajfa-3365	103	16	γ	γ	X
ajfa-3365	103	17	d	d	X
ajfa-3365	103	18	ε	ε	PROPN
ajfa-3365	103	19	+	+	CCONJ
ajfa-3365	103	20	γ	γ	PROPN
ajfa-3365	103	21	h	h	NOUN
ajfa-3365	103	22	d	d	NOUN
ajfa-3365	103	23	=	=	SYM
ajfa-3365	103	24	1	1	NUM
ajfa-3365	103	25	ε	ε	X
ajfa-3365	103	26	<	<	X
ajfa-3365	103	27	0	0	PROPN
ajfa-3365	103	28	(	(	PUNCT
ajfa-3365	103	29	)	)	PUNCT
ajfa-3365	103	30	0	0	NUM
ajfa-3365	104	1	ε	ε	PROPN
ajfa-3365	104	2	≥	≥	PROPN
ajfa-3365	104	3	0(good	0(good	PROPN
ajfa-3365	104	4	news	news	PROPN
ajfa-3365	104	5	)	)	PUNCT
ajfa-3365	104	6	(	(	PUNCT
ajfa-3365	104	7	5	5	X
ajfa-3365	104	8	)	)	SYM
ajfa-3365	104	9	4	4	NUM
ajfa-3365	104	10	.	.	PUNCT
ajfa-3365	104	11	results	result	VERB
ajfa-3365	104	12	4.1	4.1	NUM
ajfa-3365	104	13	descriptive	descriptive	ADJ
ajfa-3365	104	14	statistics	statistic	NOUN
ajfa-3365	104	15	figure	figure	VERB
ajfa-3365	104	16	1	1	NUM
ajfa-3365	104	17	depicts	depict	VERB
ajfa-3365	104	18	the	the	DET
ajfa-3365	104	19	csi	csi	ADJ
ajfa-3365	104	20	300	300	NUM
ajfa-3365	104	21	index	index	NOUN
ajfa-3365	104	22	(	(	PUNCT
ajfa-3365	104	23	spot	spot	NOUN
ajfa-3365	104	24	market	market	NOUN
ajfa-3365	104	25	)	)	PUNCT
ajfa-3365	104	26	return	return	VERB
ajfa-3365	104	27	volatility	volatility	NOUN
ajfa-3365	104	28	and	and	CCONJ
ajfa-3365	104	29	volume	volume	NOUN
ajfa-3365	104	30	.	.	PUNCT
ajfa-3365	105	1	we	we	PRON
ajfa-3365	105	2	calculate	calculate	VERB
ajfa-3365	105	3	return	return	NOUN
ajfa-3365	105	4	volatility	volatility	NOUN
ajfa-3365	105	5	using	use	VERB
ajfa-3365	105	6	two	two	NUM
ajfa-3365	105	7	methods	method	NOUN
ajfa-3365	105	8	:	:	PUNCT
ajfa-3365	105	9	the	the	DET
ajfa-3365	105	10	high	high	ADJ
ajfa-3365	105	11	-	-	PUNCT
ajfa-3365	105	12	low	low	ADJ
ajfa-3365	105	13	(	(	PUNCT
ajfa-3365	105	14	hl	hl	NOUN
ajfa-3365	105	15	)	)	PUNCT
ajfa-3365	105	16	method	method	NOUN
ajfa-3365	105	17	and	and	CCONJ
ajfa-3365	105	18	the	the	DET
ajfa-3365	105	19	end	end	NOUN
ajfa-3365	105	20	-	-	PUNCT
ajfa-3365	105	21	to	to	ADP
ajfa-3365	105	22	-	-	PUNCT
ajfa-3365	105	23	end	end	NOUN
ajfa-3365	105	24	(	(	PUNCT
ajfa-3365	105	25	ee	ee	NOUN
ajfa-3365	105	26	)	)	PUNCT
ajfa-3365	105	27	method	method	NOUN
ajfa-3365	105	28	(	(	PUNCT
ajfa-3365	105	29	parkinson	parkinson	NOUN
ajfa-3365	105	30	,	,	PUNCT
ajfa-3365	105	31	1980	1980	NUM
ajfa-3365	105	32	)	)	PUNCT
ajfa-3365	105	33	.	.	PUNCT
ajfa-3365	106	1	the	the	DET
ajfa-3365	106	2	extreme	extreme	ADJ
ajfa-3365	106	3	value	value	NOUN
ajfa-3365	106	4	variance	variance	NOUN
ajfa-3365	106	5	estimator	estimator	NOUN
ajfa-3365	106	6	is	be	AUX
ajfa-3365	106	7	superior	superior	ADJ
ajfa-3365	106	8	to	to	ADP
ajfa-3365	106	9	the	the	DET
ajfa-3365	106	10	traditional	traditional	ADJ
ajfa-3365	106	11	close	close	NOUN
ajfa-3365	106	12	-	-	PUNCT
ajfa-3365	106	13	to	to	ADP
ajfa-3365	106	14	-	-	PUNCT
ajfa-3365	106	15	close	close	NOUN
ajfa-3365	106	16	variance	variance	NOUN
ajfa-3365	106	17	estimator	estimator	NOUN
ajfa-3365	106	18	in	in	ADP
ajfa-3365	106	19	providing	provide	VERB
ajfa-3365	106	20	an	an	DET
ajfa-3365	106	21	efficient	efficient	ADJ
ajfa-3365	106	22	estimate	estimate	NOUN
ajfa-3365	106	23	of	of	ADP
ajfa-3365	106	24	return	return	NOUN
ajfa-3365	106	25	volatility	volatility	NOUN
ajfa-3365	106	26	.	.	PUNCT
ajfa-3365	107	1	the	the	DET
ajfa-3365	107	2	return	return	NOUN
ajfa-3365	107	3	volatility	volatility	NOUN
ajfa-3365	107	4	by	by	ADP
ajfa-3365	107	5	hl	hl	NOUN
ajfa-3365	107	6	method	method	NOUN
ajfa-3365	107	7	is	be	AUX
ajfa-3365	107	8	calculated	calculate	VERB
ajfa-3365	107	9	as	as	ADP
ajfa-3365	107	10	the	the	DET
ajfa-3365	107	11	following	following	NOUN
ajfa-3365	107	12	:	:	PUNCT
ajfa-3365	107	13	=	=	SYM
ajfa-3365	107	14	(	(	PUNCT
ajfa-3365	107	15	∑	∑	PROPN
ajfa-3365	107	16	ln	ln	INTJ
ajfa-3365	107	17	,	,	PUNCT
ajfa-3365	107	18	−	−	PROPN
ajfa-3365	107	19	ln	ln	INTJ
ajfa-3365	107	20	,	,	PUNCT
ajfa-3365	107	21	)	)	PUNCT
ajfa-3365	107	22	.	.	PUNCT
ajfa-3365	108	1	(	(	PUNCT
ajfa-3365	108	2	6	6	NUM
ajfa-3365	108	3	)	)	PUNCT
ajfa-3365	108	4	where	where	SCONJ
ajfa-3365	108	5	p	p	NOUN
ajfa-3365	108	6	,	,	PUNCT
ajfa-3365	108	7	is	be	AUX
ajfa-3365	108	8	csi	csi	PROPN
ajfa-3365	108	9	futures	future	NOUN
ajfa-3365	108	10	’	'	PUNCT
ajfa-3365	108	11	highest	high	ADJ
ajfa-3365	108	12	price	price	NOUN
ajfa-3365	108	13	and	and	CCONJ
ajfa-3365	108	14	p	p	NOUN
ajfa-3365	108	15	,	,	PUNCT
ajfa-3365	108	16	is	be	AUX
ajfa-3365	108	17	the	the	DET
ajfa-3365	108	18	lowest	low	ADJ
ajfa-3365	108	19	price	price	NOUN
ajfa-3365	108	20	during	during	ADP
ajfa-3365	108	21	session	session	NOUN
ajfa-3365	108	22	i	i	PRON
ajfa-3365	108	23	on	on	ADP
ajfa-3365	108	24	day	day	PROPN
ajfa-3365	108	25	t	t	PROPN
ajfa-3365	108	26	,	,	PUNCT
ajfa-3365	108	27	and	and	CCONJ
ajfa-3365	108	28	n	n	PRON
ajfa-3365	108	29	is	be	AUX
ajfa-3365	108	30	the	the	DET
ajfa-3365	108	31	number	number	NOUN
ajfa-3365	108	32	of	of	ADP
ajfa-3365	108	33	observations	observation	NOUN
ajfa-3365	108	34	.	.	PUNCT
ajfa-3365	109	1	the	the	DET
ajfa-3365	109	2	volatility	volatility	NOUN
ajfa-3365	109	3	by	by	ADP
ajfa-3365	109	4	ee	ee	PROPN
ajfa-3365	109	5	method	method	NOUN
ajfa-3365	109	6	is	be	AUX
ajfa-3365	109	7	calculated	calculate	VERB
ajfa-3365	109	8	as	as	ADP
ajfa-3365	109	9	the	the	DET
ajfa-3365	109	10	following	following	NOUN
ajfa-3365	109	11	:	:	PUNCT
ajfa-3365	109	12	=	=	SYM
ajfa-3365	109	13	(	(	PUNCT
ajfa-3365	109	14	∑	∑	PROPN
ajfa-3365	109	15	ln	ln	INTJ
ajfa-3365	109	16	,	,	PUNCT
ajfa-3365	109	17	−	−	PROPN
ajfa-3365	109	18	ln	ln	INTJ
ajfa-3365	109	19	,	,	PUNCT
ajfa-3365	109	20	)	)	PUNCT
ajfa-3365	109	21	.	.	PUNCT
ajfa-3365	110	1	(	(	PUNCT
ajfa-3365	110	2	7	7	X
ajfa-3365	110	3	)	)	PUNCT
ajfa-3365	110	4	where	where	SCONJ
ajfa-3365	110	5	,	,	PUNCT
ajfa-3365	110	6	is	be	AUX
ajfa-3365	110	7	the	the	DET
ajfa-3365	110	8	closing	closing	NOUN
ajfa-3365	110	9	price	price	NOUN
ajfa-3365	110	10	of	of	ADP
ajfa-3365	110	11	time	time	NOUN
ajfa-3365	110	12	t	t	PROPN
ajfa-3365	110	13	and	and	CCONJ
ajfa-3365	110	14	,	,	PUNCT
ajfa-3365	110	15	is	be	AUX
ajfa-3365	110	16	the	the	DET
ajfa-3365	110	17	closing	closing	NOUN
ajfa-3365	110	18	price	price	NOUN
ajfa-3365	110	19	of	of	ADP
ajfa-3365	110	20	time	time	NOUN
ajfa-3365	110	21	t-1	t-1	PROPN
ajfa-3365	110	22	.	.	PUNCT
ajfa-3365	111	1	the	the	DET
ajfa-3365	111	2	volume	volume	NOUN
ajfa-3365	111	3	is	be	AUX
ajfa-3365	111	4	calculated	calculate	VERB
ajfa-3365	111	5	as	as	ADP
ajfa-3365	111	6	the	the	DET
ajfa-3365	111	7	following	follow	VERB
ajfa-3365	111	8	:	:	PUNCT
ajfa-3365	111	9	asian	asian	ADJ
ajfa-3365	111	10	journal	journal	NOUN
ajfa-3365	111	11	of	of	ADP
ajfa-3365	111	12	finance	finance	PROPN
ajfa-3365	111	13	&	&	CCONJ
ajfa-3365	111	14	accounting	accounting	PROPN
ajfa-3365	111	15	issn	issn	PROPN
ajfa-3365	111	16	1946	1946	NUM
ajfa-3365	111	17	-	-	PUNCT
ajfa-3365	111	18	052x	052x	NOUN
ajfa-3365	111	19	2013	2013	NUM
ajfa-3365	111	20	,	,	PUNCT
ajfa-3365	111	21	vol	vol	NOUN
ajfa-3365	111	22	.	.	PROPN
ajfa-3365	111	23	5	5	NUM
ajfa-3365	111	24	,	,	PUNCT
ajfa-3365	111	25	no	no	INTJ
ajfa-3365	111	26	.	.	NOUN
ajfa-3365	111	27	1	1	NUM
ajfa-3365	111	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	111	29	239	239	NUM
ajfa-3365	111	30	=	=	SYM
ajfa-3365	111	31	,	,	PUNCT
ajfa-3365	111	32	(	(	PUNCT
ajfa-3365	111	33	8)	8)	NUM
ajfa-3365	111	34	similarly	similarly	ADV
ajfa-3365	111	35	,	,	PUNCT
ajfa-3365	111	36	figure	figure	NOUN
ajfa-3365	111	37	2	2	NUM
ajfa-3365	111	38	panels	panel	NOUN
ajfa-3365	111	39	(	(	PUNCT
ajfa-3365	111	40	a)-(d	a)-(d	NOUN
ajfa-3365	111	41	)	)	PUNCT
ajfa-3365	111	42	portray	portray	VERB
ajfa-3365	111	43	the	the	DET
ajfa-3365	111	44	trading	trading	NOUN
ajfa-3365	111	45	of	of	ADP
ajfa-3365	111	46	index	index	NOUN
ajfa-3365	111	47	futures	future	NOUN
ajfa-3365	111	48	of	of	ADP
ajfa-3365	111	49	four	four	NUM
ajfa-3365	111	50	different	different	ADJ
ajfa-3365	111	51	contracts	contract	NOUN
ajfa-3365	111	52	,	,	PUNCT
ajfa-3365	111	53	if01	if01	PROPN
ajfa-3365	111	54	-	-	PUNCT
ajfa-3365	111	55	if043	if043	PROPN
ajfa-3365	111	56	.	.	PUNCT
ajfa-3365	112	1	figure	figure	NOUN
ajfa-3365	112	2	1	1	NUM
ajfa-3365	112	3	and	and	CCONJ
ajfa-3365	112	4	figure	figure	VERB
ajfa-3365	112	5	2	2	NUM
ajfa-3365	112	6	show	show	VERB
ajfa-3365	112	7	that	that	SCONJ
ajfa-3365	112	8	spot	spot	NOUN
ajfa-3365	112	9	and	and	CCONJ
ajfa-3365	112	10	futures	future	NOUN
ajfa-3365	112	11	markets	market	NOUN
ajfa-3365	112	12	have	have	VERB
ajfa-3365	112	13	similar	similar	ADJ
ajfa-3365	112	14	pattern	pattern	NOUN
ajfa-3365	112	15	of	of	ADP
ajfa-3365	112	16	return	return	NOUN
ajfa-3365	112	17	volatility	volatility	NOUN
ajfa-3365	112	18	.	.	PUNCT
ajfa-3365	113	1	additionally	additionally	ADV
ajfa-3365	113	2	,	,	PUNCT
ajfa-3365	113	3	if01	if01	PROPN
ajfa-3365	113	4	-	-	PUNCT
ajfa-3365	113	5	if03	if03	PROPN
ajfa-3365	113	6	contracts	contract	NOUN
ajfa-3365	113	7	share	share	VERB
ajfa-3365	113	8	similar	similar	ADJ
ajfa-3365	113	9	patterns	pattern	NOUN
ajfa-3365	113	10	of	of	ADP
ajfa-3365	113	11	return	return	NOUN
ajfa-3365	113	12	volatility	volatility	NOUN
ajfa-3365	113	13	and	and	CCONJ
ajfa-3365	113	14	volume	volume	NOUN
ajfa-3365	113	15	,	,	PUNCT
ajfa-3365	113	16	too	too	ADV
ajfa-3365	113	17	.	.	PUNCT
ajfa-3365	114	1	if04	if04	PROPN
ajfa-3365	114	2	is	be	AUX
ajfa-3365	114	3	slightly	slightly	ADV
ajfa-3365	114	4	different	different	ADJ
ajfa-3365	114	5	.	.	PUNCT
ajfa-3365	115	1	we	we	PRON
ajfa-3365	115	2	then	then	ADV
ajfa-3365	115	3	,	,	PUNCT
ajfa-3365	115	4	in	in	ADP
ajfa-3365	115	5	the	the	DET
ajfa-3365	115	6	following	follow	VERB
ajfa-3365	115	7	analysis	analysis	NOUN
ajfa-3365	115	8	,	,	PUNCT
ajfa-3365	115	9	use	use	VERB
ajfa-3365	115	10	the	the	DET
ajfa-3365	115	11	if01	if01	PROPN
ajfa-3365	115	12	contract	contract	NOUN
ajfa-3365	115	13	as	as	ADP
ajfa-3365	115	14	our	our	PRON
ajfa-3365	115	15	sample	sample	NOUN
ajfa-3365	115	16	because	because	SCONJ
ajfa-3365	115	17	this	this	PRON
ajfa-3365	115	18	is	be	AUX
ajfa-3365	115	19	the	the	DET
ajfa-3365	115	20	contract	contract	NOUN
ajfa-3365	115	21	with	with	ADP
ajfa-3365	115	22	the	the	DET
ajfa-3365	115	23	largest	large	ADJ
ajfa-3365	115	24	trading	trading	NOUN
ajfa-3365	115	25	volume	volume	NOUN
ajfa-3365	115	26	among	among	ADP
ajfa-3365	115	27	the	the	DET
ajfa-3365	115	28	four	four	NUM
ajfa-3365	115	29	types	type	NOUN
ajfa-3365	115	30	of	of	ADP
ajfa-3365	115	31	contracts	contract	NOUN
ajfa-3365	115	32	.	.	PUNCT
ajfa-3365	116	1	figure	figure	NOUN
ajfa-3365	116	2	1	1	NUM
ajfa-3365	116	3	.	.	PUNCT
ajfa-3365	116	4	price	price	NOUN
ajfa-3365	116	5	volatility	volatility	NOUN
ajfa-3365	116	6	of	of	ADP
ajfa-3365	116	7	csi300	csi300	PROPN
ajfa-3365	116	8	index	index	NOUN
ajfa-3365	116	9	(	(	PUNCT
ajfa-3365	116	10	spot	spot	NOUN
ajfa-3365	116	11	market	market	NOUN
ajfa-3365	116	12	)	)	PUNCT
ajfa-3365	116	13	this	this	DET
ajfa-3365	116	14	graph	graph	NOUN
ajfa-3365	116	15	presents	present	VERB
ajfa-3365	116	16	the	the	DET
ajfa-3365	116	17	price	price	NOUN
ajfa-3365	116	18	volatility	volatility	NOUN
ajfa-3365	116	19	,	,	PUNCT
ajfa-3365	116	20	calculated	calculate	VERB
ajfa-3365	116	21	using	use	VERB
ajfa-3365	116	22	the	the	DET
ajfa-3365	116	23	high	high	ADJ
ajfa-3365	116	24	-	-	PUNCT
ajfa-3365	116	25	low	low	NOUN
ajfa-3365	116	26	method	method	NOUN
ajfa-3365	116	27	(	(	PUNCT
ajfa-3365	116	28	σ_hl	σ_hl	NOUN
ajfa-3365	116	29	)	)	PUNCT
ajfa-3365	116	30	and	and	CCONJ
ajfa-3365	116	31	end	end	NOUN
ajfa-3365	116	32	-	-	PUNCT
ajfa-3365	116	33	to	to	ADP
ajfa-3365	116	34	-	-	PUNCT
ajfa-3365	116	35	end	end	NOUN
ajfa-3365	116	36	method	method	NOUN
ajfa-3365	116	37	(	(	PUNCT
ajfa-3365	116	38	σ_ee	σ_ee	PROPN
ajfa-3365	116	39	)	)	PUNCT
ajfa-3365	116	40	(	(	PUNCT
ajfa-3365	116	41	parkinson	parkinson	NOUN
ajfa-3365	116	42	,	,	PUNCT
ajfa-3365	116	43	1980	1980	NUM
ajfa-3365	116	44	)	)	PUNCT
ajfa-3365	116	45	,	,	PUNCT
ajfa-3365	116	46	as	as	ADV
ajfa-3365	116	47	well	well	ADV
ajfa-3365	116	48	as	as	ADP
ajfa-3365	116	49	trading	trading	NOUN
ajfa-3365	116	50	volume	volume	NOUN
ajfa-3365	116	51	csi	csi	PROPN
ajfa-3365	116	52	300	300	NUM
ajfa-3365	116	53	index	index	NOUN
ajfa-3365	116	54	(	(	PUNCT
ajfa-3365	116	55	spot	spot	NOUN
ajfa-3365	116	56	market	market	NOUN
ajfa-3365	116	57	)	)	PUNCT
ajfa-3365	116	58	.	.	PUNCT
ajfa-3365	117	1	the	the	DET
ajfa-3365	117	2	volatility	volatility	NOUN
ajfa-3365	117	3	calculated	calculate	VERB
ajfa-3365	117	4	using	use	VERB
ajfa-3365	117	5	high	high	ADJ
ajfa-3365	117	6	-	-	PUNCT
ajfa-3365	117	7	low	low	NOUN
ajfa-3365	117	8	method	method	NOUN
ajfa-3365	117	9	is	be	AUX
ajfa-3365	117	10	based	base	VERB
ajfa-3365	117	11	on	on	ADP
ajfa-3365	117	12	the	the	DET
ajfa-3365	117	13	following	following	ADJ
ajfa-3365	117	14	model	model	NOUN
ajfa-3365	117	15	:	:	PUNCT
ajfa-3365	117	16	=	=	SYM
ajfa-3365	117	17	(	(	PUNCT
ajfa-3365	117	18	∑	∑	PROPN
ajfa-3365	117	19	ln	ln	INTJ
ajfa-3365	117	20	,	,	PUNCT
ajfa-3365	117	21	−	−	PROPN
ajfa-3365	117	22	ln	ln	INTJ
ajfa-3365	117	23	,	,	PUNCT
ajfa-3365	117	24	)	)	PUNCT
ajfa-3365	117	25	.	.	PUNCT
ajfa-3365	118	1	;	;	PUNCT
ajfa-3365	118	2	where	where	SCONJ
ajfa-3365	118	3	p	p	NOUN
ajfa-3365	118	4	,	,	PUNCT
ajfa-3365	118	5	is	be	AUX
ajfa-3365	118	6	csi	csi	PROPN
ajfa-3365	118	7	300	300	NUM
ajfa-3365	118	8	index	index	NOUN
ajfa-3365	118	9	’	'	PUNCT
ajfa-3365	118	10	highest	high	ADJ
ajfa-3365	118	11	price	price	NOUN
ajfa-3365	118	12	and	and	CCONJ
ajfa-3365	118	13	p	p	NOUN
ajfa-3365	118	14	,	,	PUNCT
ajfa-3365	118	15	is	be	AUX
ajfa-3365	118	16	the	the	DET
ajfa-3365	118	17	lowest	low	ADJ
ajfa-3365	118	18	price	price	NOUN
ajfa-3365	118	19	during	during	ADP
ajfa-3365	118	20	session	session	NOUN
ajfa-3365	118	21	i	i	PRON
ajfa-3365	118	22	on	on	ADP
ajfa-3365	118	23	day	day	PROPN
ajfa-3365	118	24	t	t	PROPN
ajfa-3365	118	25	,	,	PUNCT
ajfa-3365	118	26	and	and	CCONJ
ajfa-3365	118	27	n	n	PRON
ajfa-3365	118	28	is	be	AUX
ajfa-3365	118	29	the	the	DET
ajfa-3365	118	30	number	number	NOUN
ajfa-3365	118	31	of	of	ADP
ajfa-3365	118	32	observations	observation	NOUN
ajfa-3365	118	33	.	.	PUNCT
ajfa-3365	119	1	the	the	DET
ajfa-3365	119	2	extreme	extreme	ADJ
ajfa-3365	119	3	value	value	NOUN
ajfa-3365	119	4	variance	variance	NOUN
ajfa-3365	119	5	estimator	estimator	NOUN
ajfa-3365	119	6	is	be	AUX
ajfa-3365	119	7	superior	superior	ADJ
ajfa-3365	119	8	to	to	ADP
ajfa-3365	119	9	the	the	DET
ajfa-3365	119	10	traditional	traditional	ADJ
ajfa-3365	119	11	close	close	NOUN
ajfa-3365	119	12	-	-	PUNCT
ajfa-3365	119	13	to	to	ADP
ajfa-3365	119	14	-	-	PUNCT
ajfa-3365	119	15	close	close	NOUN
ajfa-3365	119	16	variance	variance	NOUN
ajfa-3365	119	17	estimator	estimator	NOUN
ajfa-3365	119	18	in	in	ADP
ajfa-3365	119	19	providing	provide	VERB
ajfa-3365	119	20	an	an	DET
ajfa-3365	119	21	efficient	efficient	ADJ
ajfa-3365	119	22	estimate	estimate	NOUN
ajfa-3365	119	23	of	of	ADP
ajfa-3365	119	24	return	return	NOUN
ajfa-3365	119	25	volatility	volatility	NOUN
ajfa-3365	119	26	.	.	PUNCT
ajfa-3365	120	1	the	the	DET
ajfa-3365	120	2	end	end	NOUN
ajfa-3365	120	3	-	-	PUNCT
ajfa-3365	120	4	to	to	ADP
ajfa-3365	120	5	-	-	PUNCT
ajfa-3365	120	6	end	end	NOUN
ajfa-3365	120	7	method	method	NOUN
ajfa-3365	120	8	is	be	AUX
ajfa-3365	120	9	based	base	VERB
ajfa-3365	120	10	on	on	ADP
ajfa-3365	120	11	the	the	DET
ajfa-3365	120	12	following	following	ADJ
ajfa-3365	120	13	model	model	NOUN
ajfa-3365	120	14	:	:	PUNCT
ajfa-3365	120	15	=	=	SYM
ajfa-3365	120	16	(	(	PUNCT
ajfa-3365	120	17	∑	∑	PROPN
ajfa-3365	120	18	ln	ln	INTJ
ajfa-3365	120	19	,	,	PUNCT
ajfa-3365	120	20	−	−	PROPN
ajfa-3365	120	21	ln	ln	INTJ
ajfa-3365	120	22	,	,	PUNCT
ajfa-3365	120	23	)	)	PUNCT
ajfa-3365	120	24	.	.	PUNCT
ajfa-3365	121	1	;	;	PUNCT
ajfa-3365	121	2	3	3	X
ajfa-3365	121	3	if01	if01	PROPN
ajfa-3365	121	4	,	,	PUNCT
ajfa-3365	121	5	if02	if02	PROPN
ajfa-3365	121	6	,	,	PUNCT
ajfa-3365	121	7	if03	if03	PROPN
ajfa-3365	121	8	and	and	CCONJ
ajfa-3365	121	9	if04	if04	PROPN
ajfa-3365	121	10	are	be	AUX
ajfa-3365	121	11	four	four	NUM
ajfa-3365	121	12	different	different	ADJ
ajfa-3365	121	13	index	index	NOUN
ajfa-3365	121	14	futures	future	NOUN
ajfa-3365	121	15	contracts	contract	NOUN
ajfa-3365	121	16	with	with	ADP
ajfa-3365	121	17	different	different	ADJ
ajfa-3365	121	18	maturity	maturity	NOUN
ajfa-3365	121	19	dates	date	NOUN
ajfa-3365	121	20	:	:	PUNCT
ajfa-3365	121	21	these	these	PRON
ajfa-3365	121	22	are	be	AUX
ajfa-3365	121	23	contracts	contract	NOUN
ajfa-3365	121	24	with	with	ADP
ajfa-3365	121	25	maturity	maturity	NOUN
ajfa-3365	121	26	dates	date	NOUN
ajfa-3365	121	27	in	in	ADP
ajfa-3365	121	28	the	the	DET
ajfa-3365	121	29	current	current	ADJ
ajfa-3365	121	30	month	month	NOUN
ajfa-3365	121	31	,	,	PUNCT
ajfa-3365	121	32	next	next	ADJ
ajfa-3365	121	33	month	month	NOUN
ajfa-3365	121	34	,	,	PUNCT
ajfa-3365	121	35	the	the	DET
ajfa-3365	121	36	last	last	ADJ
ajfa-3365	121	37	month	month	NOUN
ajfa-3365	121	38	of	of	ADP
ajfa-3365	121	39	the	the	DET
ajfa-3365	121	40	closest	close	ADJ
ajfa-3365	121	41	quarter	quarter	NOUN
ajfa-3365	121	42	,	,	PUNCT
ajfa-3365	121	43	and	and	CCONJ
ajfa-3365	121	44	the	the	DET
ajfa-3365	121	45	last	last	ADJ
ajfa-3365	121	46	month	month	NOUN
ajfa-3365	121	47	of	of	ADP
ajfa-3365	121	48	the	the	DET
ajfa-3365	121	49	next	next	ADJ
ajfa-3365	121	50	closest	close	ADJ
ajfa-3365	121	51	quarter	quarter	NOUN
ajfa-3365	121	52	.	.	PUNCT
ajfa-3365	122	1	for	for	ADP
ajfa-3365	122	2	example	example	NOUN
ajfa-3365	122	3	,	,	PUNCT
ajfa-3365	122	4	assuming	assume	VERB
ajfa-3365	122	5	it	it	PRON
ajfa-3365	122	6	currently	currently	ADV
ajfa-3365	122	7	is	be	AUX
ajfa-3365	122	8	april	april	PROPN
ajfa-3365	122	9	,	,	PUNCT
ajfa-3365	122	10	if01	if01	PROPN
ajfa-3365	122	11	-	-	PUNCT
ajfa-3365	122	12	04	04	NUM
ajfa-3365	122	13	refer	refer	NOUN
ajfa-3365	122	14	to	to	ADP
ajfa-3365	122	15	contracts	contract	NOUN
ajfa-3365	122	16	with	with	ADP
ajfa-3365	122	17	maturity	maturity	NOUN
ajfa-3365	122	18	dates	date	NOUN
ajfa-3365	122	19	at	at	ADP
ajfa-3365	122	20	the	the	DET
ajfa-3365	122	21	third	third	ADJ
ajfa-3365	122	22	friday	friday	PROPN
ajfa-3365	122	23	in	in	ADP
ajfa-3365	122	24	april	april	PROPN
ajfa-3365	122	25	,	,	PUNCT
ajfa-3365	122	26	may	may	AUX
ajfa-3365	122	27	,	,	PUNCT
ajfa-3365	122	28	june	june	PROPN
ajfa-3365	122	29	,	,	PUNCT
ajfa-3365	122	30	and	and	CCONJ
ajfa-3365	122	31	september	september	PROPN
ajfa-3365	122	32	,	,	PUNCT
ajfa-3365	122	33	respectively	respectively	ADV
ajfa-3365	122	34	.	.	PUNCT
ajfa-3365	123	1	if	if	SCONJ
ajfa-3365	123	2	the	the	DET
ajfa-3365	123	3	current	current	ADJ
ajfa-3365	123	4	month	month	NOUN
ajfa-3365	123	5	is	be	AUX
ajfa-3365	123	6	may	may	AUX
ajfa-3365	123	7	,	,	PUNCT
ajfa-3365	123	8	then	then	ADV
ajfa-3365	123	9	if01	if01	PROPN
ajfa-3365	123	10	-	-	PUNCT
ajfa-3365	123	11	04	04	NUM
ajfa-3365	123	12	refer	refer	NOUN
ajfa-3365	123	13	to	to	ADP
ajfa-3365	123	14	contracts	contract	NOUN
ajfa-3365	123	15	with	with	ADP
ajfa-3365	123	16	maturity	maturity	NOUN
ajfa-3365	123	17	dates	date	NOUN
ajfa-3365	123	18	at	at	ADP
ajfa-3365	123	19	the	the	DET
ajfa-3365	123	20	third	third	ADJ
ajfa-3365	123	21	friday	friday	PROPN
ajfa-3365	123	22	in	in	ADP
ajfa-3365	123	23	may	may	PROPN
ajfa-3365	123	24	,	,	PUNCT
ajfa-3365	123	25	june	june	PROPN
ajfa-3365	123	26	,	,	PUNCT
ajfa-3365	123	27	september	september	PROPN
ajfa-3365	123	28	,	,	PUNCT
ajfa-3365	123	29	and	and	CCONJ
ajfa-3365	123	30	december	december	PROPN
ajfa-3365	123	31	,	,	PUNCT
ajfa-3365	123	32	respectively	respectively	ADV
ajfa-3365	123	33	.	.	PUNCT
ajfa-3365	124	1	asian	asian	ADJ
ajfa-3365	124	2	journal	journal	PROPN
ajfa-3365	124	3	of	of	ADP
ajfa-3365	124	4	finance	finance	PROPN
ajfa-3365	124	5	&	&	CCONJ
ajfa-3365	124	6	accounting	accounting	PROPN
ajfa-3365	124	7	issn	issn	PROPN
ajfa-3365	124	8	1946	1946	NUM
ajfa-3365	124	9	-	-	PUNCT
ajfa-3365	124	10	052x	052x	NOUN
ajfa-3365	124	11	2013	2013	NUM
ajfa-3365	124	12	,	,	PUNCT
ajfa-3365	124	13	vol	vol	NOUN
ajfa-3365	124	14	.	.	PROPN
ajfa-3365	124	15	5	5	NUM
ajfa-3365	124	16	,	,	PUNCT
ajfa-3365	124	17	no	no	INTJ
ajfa-3365	124	18	.	.	NOUN
ajfa-3365	124	19	1	1	NUM
ajfa-3365	124	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3365	124	21	240	240	NUM
ajfa-3365	124	22	the	the	DET
ajfa-3365	124	23	trading	trading	NOUN
ajfa-3365	124	24	volume	volume	NOUN
ajfa-3365	124	25	is	be	AUX
ajfa-3365	124	26	calculated	calculate	VERB
ajfa-3365	124	27	as	as	ADP
ajfa-3365	124	28	:	:	PUNCT
ajfa-3365	124	29	=	=	SYM
ajfa-3365	124	30	∑	∑	PUNCT
ajfa-3365	124	31	,	,	PUNCT
ajfa-3365	124	32	.	.	PUNCT
ajfa-3365	125	1	this	this	DET
ajfa-3365	125	2	graph	graph	NOUN
ajfa-3365	125	3	presents	present	VERB
ajfa-3365	125	4	the	the	DET
ajfa-3365	125	5	price	price	NOUN
ajfa-3365	125	6	volatility	volatility	NOUN
ajfa-3365	125	7	,	,	PUNCT
ajfa-3365	125	8	calculated	calculate	VERB
ajfa-3365	125	9	using	use	VERB
ajfa-3365	125	10	the	the	DET
ajfa-3365	125	11	high	high	ADJ
ajfa-3365	125	12	-	-	PUNCT
ajfa-3365	125	13	low	low	NOUN
ajfa-3365	125	14	method	method	NOUN
ajfa-3365	125	15	(	(	PUNCT
ajfa-3365	125	16	σ_hl	σ_hl	NOUN
ajfa-3365	125	17	)	)	PUNCT
ajfa-3365	125	18	and	and	CCONJ
ajfa-3365	125	19	end	end	NOUN
ajfa-3365	125	20	-	-	PUNCT
ajfa-3365	125	21	to	to	ADP
ajfa-3365	125	22	-	-	PUNCT
ajfa-3365	125	23	end	end	NOUN
ajfa-3365	125	24	method	method	NOUN
ajfa-3365	125	25	(	(	PUNCT
ajfa-3365	125	26	σ_ee	σ_ee	PROPN
ajfa-3365	125	27	)	)	PUNCT
ajfa-3365	125	28	(	(	PUNCT
ajfa-3365	125	29	parkinson	parkinson	NOUN
ajfa-3365	125	30	,	,	PUNCT
ajfa-3365	125	31	1980	1980	NUM
ajfa-3365	125	32	)	)	PUNCT
ajfa-3365	125	33	,	,	PUNCT
ajfa-3365	125	34	as	as	ADV
ajfa-3365	125	35	well	well	ADV
ajfa-3365	125	36	as	as	ADP
ajfa-3365	125	37	trading	trading	NOUN
ajfa-3365	125	38	volume	volume	NOUN
ajfa-3365	125	39	of	of	ADP
ajfa-3365	125	40	four	four	NUM
ajfa-3365	125	41	different	different	ADJ
ajfa-3365	125	42	contracts	contract	NOUN
ajfa-3365	125	43	of	of	ADP
ajfa-3365	125	44	the	the	DET
ajfa-3365	125	45	csi	csi	ADJ
ajfa-3365	125	46	300	300	NUM
ajfa-3365	125	47	index	index	NOUN
ajfa-3365	125	48	.	.	PUNCT
ajfa-3365	126	1	all	all	DET
ajfa-3365	126	2	variables	variable	NOUN
ajfa-3365	126	3	are	be	AUX
ajfa-3365	126	4	defined	define	VERB
ajfa-3365	126	5	in	in	ADP
ajfa-3365	126	6	figure	figure	NOUN
ajfa-3365	126	7	1	1	NUM
ajfa-3365	126	8	.	.	PUNCT
ajfa-3365	127	1	(	(	PUNCT
ajfa-3365	127	2	a	a	X
ajfa-3365	127	3	)	)	PUNCT
ajfa-3365	127	4	(	(	PUNCT
ajfa-3365	127	5	b	b	NOUN
ajfa-3365	127	6	)	)	PUNCT
ajfa-3365	127	7	asian	asian	ADJ
ajfa-3365	127	8	journal	journal	NOUN
ajfa-3365	127	9	of	of	ADP
ajfa-3365	127	10	finance	finance	PROPN
ajfa-3365	127	11	&	&	CCONJ
ajfa-3365	127	12	accounting	accounting	PROPN
ajfa-3365	127	13	issn	issn	PROPN
ajfa-3365	127	14	1946	1946	NUM
ajfa-3365	127	15	-	-	PUNCT
ajfa-3365	127	16	052x	052x	NOUN
ajfa-3365	127	17	2013	2013	NUM
ajfa-3365	127	18	,	,	PUNCT
ajfa-3365	127	19	vol	vol	NOUN
ajfa-3365	127	20	.	.	PROPN
ajfa-3365	127	21	5	5	NUM
ajfa-3365	127	22	,	,	PUNCT
ajfa-3365	127	23	no	no	INTJ
ajfa-3365	127	24	.	.	NOUN
ajfa-3365	127	25	1	1	NUM
ajfa-3365	127	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3365	127	27	241	241	NUM
ajfa-3365	127	28	(	(	PUNCT
ajfa-3365	127	29	c	c	NOUN
ajfa-3365	127	30	)	)	PUNCT
ajfa-3365	127	31	(	(	PUNCT
ajfa-3365	127	32	d	d	X
ajfa-3365	127	33	)	)	PUNCT
ajfa-3365	127	34	figure	figure	NOUN
ajfa-3365	127	35	2	2	NUM
ajfa-3365	127	36	.	.	PUNCT
ajfa-3365	127	37	price	price	NOUN
ajfa-3365	127	38	volatility	volatility	NOUN
ajfa-3365	127	39	of	of	ADP
ajfa-3365	127	40	csi	csi	PROPN
ajfa-3365	127	41	300	300	NUM
ajfa-3365	127	42	index	index	NOUN
ajfa-3365	127	43	futures	future	NOUN
ajfa-3365	127	44	table	table	NOUN
ajfa-3365	127	45	1	1	NUM
ajfa-3365	127	46	reports	report	VERB
ajfa-3365	127	47	descriptive	descriptive	ADJ
ajfa-3365	127	48	statistics	statistic	NOUN
ajfa-3365	127	49	of	of	ADP
ajfa-3365	127	50	the	the	DET
ajfa-3365	127	51	variables	variable	NOUN
ajfa-3365	127	52	.	.	PUNCT
ajfa-3365	128	1	by	by	ADP
ajfa-3365	128	2	comparing	compare	VERB
ajfa-3365	128	3	ret1	ret1	NOUN
ajfa-3365	128	4	,	,	PUNCT
ajfa-3365	128	5	ret2	ret2	NOUN
ajfa-3365	128	6	and	and	CCONJ
ajfa-3365	128	7	ret3	ret3	ADJ
ajfa-3365	128	8	,	,	PUNCT
ajfa-3365	128	9	we	we	PRON
ajfa-3365	128	10	observe	observe	VERB
ajfa-3365	128	11	that	that	SCONJ
ajfa-3365	128	12	ret2	ret2	NOUN
ajfa-3365	128	13	is	be	AUX
ajfa-3365	128	14	larger	large	ADJ
ajfa-3365	128	15	than	than	ADP
ajfa-3365	128	16	returns	return	NOUN
ajfa-3365	128	17	in	in	ADP
ajfa-3365	128	18	the	the	DET
ajfa-3365	128	19	other	other	ADJ
ajfa-3365	128	20	two	two	NUM
ajfa-3365	128	21	sessions	session	NOUN
ajfa-3365	128	22	.	.	PUNCT
ajfa-3365	129	1	this	this	PRON
ajfa-3365	129	2	indicates	indicate	VERB
ajfa-3365	129	3	that	that	SCONJ
ajfa-3365	129	4	overnight	overnight	ADJ
ajfa-3365	129	5	information	information	NOUN
ajfa-3365	129	6	usually	usually	ADV
ajfa-3365	129	7	triggers	trigger	VERB
ajfa-3365	129	8	more	more	ADJ
ajfa-3365	129	9	price	price	NOUN
ajfa-3365	129	10	reactions	reaction	NOUN
ajfa-3365	129	11	than	than	ADP
ajfa-3365	129	12	that	that	PRON
ajfa-3365	129	13	in	in	ADP
ajfa-3365	129	14	the	the	DET
ajfa-3365	129	15	extended	extended	ADJ
ajfa-3365	129	16	trading	trading	NOUN
ajfa-3365	129	17	hours	hour	NOUN
ajfa-3365	129	18	.	.	PUNCT
ajfa-3365	130	1	table	table	NOUN
ajfa-3365	130	2	2	2	NUM
ajfa-3365	130	3	reports	report	VERB
ajfa-3365	130	4	the	the	DET
ajfa-3365	130	5	pearson	pearson	PROPN
ajfa-3365	130	6	correlation	correlation	NOUN
ajfa-3365	130	7	coefficients	coefficient	NOUN
ajfa-3365	130	8	among	among	ADP
ajfa-3365	130	9	variables	variable	NOUN
ajfa-3365	130	10	.	.	PUNCT
ajfa-3365	131	1	the	the	DET
ajfa-3365	131	2	overnight	overnight	ADJ
ajfa-3365	131	3	spot	spot	NOUN
ajfa-3365	131	4	return	return	NOUN
ajfa-3365	131	5	is	be	AUX
ajfa-3365	131	6	positively	positively	ADV
ajfa-3365	131	7	and	and	CCONJ
ajfa-3365	131	8	significantly	significantly	ADV
ajfa-3365	131	9	related	relate	VERB
ajfa-3365	131	10	to	to	ADP
ajfa-3365	131	11	the	the	DET
ajfa-3365	131	12	overnight	overnight	NOUN
ajfa-3365	131	13	and	and	CCONJ
ajfa-3365	131	14	the	the	DET
ajfa-3365	131	15	pre	pre	ADJ
ajfa-3365	131	16	-	-	ADJ
ajfa-3365	131	17	opening	opening	ADJ
ajfa-3365	131	18	futures	future	NOUN
ajfa-3365	131	19	return	return	NOUN
ajfa-3365	131	20	.	.	PUNCT
ajfa-3365	132	1	table	table	NOUN
ajfa-3365	132	2	1	1	NUM
ajfa-3365	132	3	.	.	PUNCT
ajfa-3365	132	4	descriptive	descriptive	ADJ
ajfa-3365	132	5	statistics	statistic	NOUN
ajfa-3365	132	6	of	of	ADP
ajfa-3365	132	7	variables	variable	NOUN
ajfa-3365	132	8	this	this	DET
ajfa-3365	132	9	table	table	NOUN
ajfa-3365	132	10	presents	present	VERB
ajfa-3365	132	11	descriptive	descriptive	ADJ
ajfa-3365	132	12	statistics	statistic	NOUN
ajfa-3365	132	13	of	of	ADP
ajfa-3365	132	14	the	the	DET
ajfa-3365	132	15	csi	csi	ADJ
ajfa-3365	132	16	300	300	NUM
ajfa-3365	132	17	index	index	NOUN
ajfa-3365	132	18	spot	spot	NOUN
ajfa-3365	132	19	market	market	NOUN
ajfa-3365	132	20	return	return	NOUN
ajfa-3365	132	21	and	and	CCONJ
ajfa-3365	132	22	the	the	DET
ajfa-3365	132	23	returns	return	NOUN
ajfa-3365	132	24	on	on	ADP
ajfa-3365	132	25	three	three	NUM
ajfa-3365	132	26	trading	trading	NOUN
ajfa-3365	132	27	sessions	session	NOUN
ajfa-3365	132	28	of	of	ADP
ajfa-3365	132	29	the	the	DET
ajfa-3365	132	30	csi	csi	ADJ
ajfa-3365	132	31	300	300	NUM
ajfa-3365	132	32	index	index	NOUN
ajfa-3365	132	33	futures	future	NOUN
ajfa-3365	132	34	when	when	SCONJ
ajfa-3365	132	35	the	the	DET
ajfa-3365	132	36	spot	spot	NOUN
ajfa-3365	132	37	market	market	NOUN
ajfa-3365	132	38	is	be	AUX
ajfa-3365	132	39	closed	close	VERB
ajfa-3365	132	40	.	.	PUNCT
ajfa-3365	133	1	specifically	specifically	ADV
ajfa-3365	133	2	,	,	PUNCT
ajfa-3365	133	3	ret300	ret300	PROPN
ajfa-3365	133	4	is	be	AUX
ajfa-3365	133	5	the	the	DET
ajfa-3365	133	6	total	total	ADJ
ajfa-3365	133	7	return	return	NOUN
ajfa-3365	133	8	of	of	ADP
ajfa-3365	133	9	the	the	DET
ajfa-3365	133	10	csi	csi	ADJ
ajfa-3365	133	11	300	300	NUM
ajfa-3365	133	12	index	index	NOUN
ajfa-3365	133	13	during	during	ADP
ajfa-3365	133	14	the	the	DET
ajfa-3365	133	15	non	non	ADJ
ajfa-3365	133	16	-	-	ADJ
ajfa-3365	133	17	trading	trading	ADJ
ajfa-3365	133	18	hours	hour	NOUN
ajfa-3365	133	19	of	of	ADP
ajfa-3365	133	20	asian	asian	ADJ
ajfa-3365	133	21	journal	journal	NOUN
ajfa-3365	133	22	of	of	ADP
ajfa-3365	133	23	finance	finance	PROPN
ajfa-3365	133	24	&	&	CCONJ
ajfa-3365	133	25	accounting	accounting	PROPN
ajfa-3365	133	26	issn	issn	PROPN
ajfa-3365	133	27	1946	1946	NUM
ajfa-3365	133	28	-	-	PUNCT
ajfa-3365	133	29	052x	052x	NOUN
ajfa-3365	133	30	2013	2013	NUM
ajfa-3365	133	31	,	,	PUNCT
ajfa-3365	133	32	vol	vol	NOUN
ajfa-3365	133	33	.	.	PROPN
ajfa-3365	133	34	5	5	NUM
ajfa-3365	133	35	,	,	PUNCT
ajfa-3365	133	36	no	no	INTJ
ajfa-3365	133	37	.	.	NOUN
ajfa-3365	133	38	1	1	NUM
ajfa-3365	133	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	133	40	242	242	NUM
ajfa-3365	133	41	the	the	DET
ajfa-3365	133	42	spot	spot	NOUN
ajfa-3365	133	43	market	market	NOUN
ajfa-3365	133	44	.	.	PUNCT
ajfa-3365	134	1	ret300	ret300	PROPN
ajfa-3365	134	2	is	be	AUX
ajfa-3365	134	3	calculated	calculate	VERB
ajfa-3365	134	4	as	as	ADP
ajfa-3365	134	5	the	the	DET
ajfa-3365	134	6	difference	difference	NOUN
ajfa-3365	134	7	between	between	ADP
ajfa-3365	134	8	the	the	DET
ajfa-3365	134	9	closing	closing	NOUN
ajfa-3365	134	10	price	price	NOUN
ajfa-3365	134	11	of	of	ADP
ajfa-3365	134	12	day	day	NOUN
ajfa-3365	134	13	t	t	NOUN
ajfa-3365	134	14	and	and	CCONJ
ajfa-3365	134	15	the	the	DET
ajfa-3365	134	16	opening	opening	NOUN
ajfa-3365	134	17	prices	price	NOUN
ajfa-3365	134	18	of	of	ADP
ajfa-3365	134	19	day	day	NOUN
ajfa-3365	134	20	t+1	t+1	PROPN
ajfa-3365	134	21	of	of	ADP
ajfa-3365	134	22	the	the	DET
ajfa-3365	134	23	csi	csi	PROPN
ajfa-3365	134	24	300	300	NUM
ajfa-3365	134	25	index	index	NOUN
ajfa-3365	134	26	,	,	PUNCT
ajfa-3365	134	27	divided	divide	VERB
ajfa-3365	134	28	by	by	ADP
ajfa-3365	134	29	the	the	DET
ajfa-3365	134	30	closing	closing	NOUN
ajfa-3365	134	31	price	price	NOUN
ajfa-3365	134	32	of	of	ADP
ajfa-3365	134	33	the	the	DET
ajfa-3365	134	34	csi	csi	ADJ
ajfa-3365	134	35	300	300	NUM
ajfa-3365	134	36	index	index	NOUN
ajfa-3365	134	37	of	of	ADP
ajfa-3365	134	38	day	day	NOUN
ajfa-3365	134	39	t.	t.	PROPN
ajfa-3365	134	40	ret1	ret1	NOUN
ajfa-3365	134	41	is	be	AUX
ajfa-3365	134	42	the	the	DET
ajfa-3365	134	43	return	return	NOUN
ajfa-3365	134	44	of	of	ADP
ajfa-3365	134	45	stock	stock	NOUN
ajfa-3365	134	46	index	index	NOUN
ajfa-3365	134	47	futures	future	NOUN
ajfa-3365	134	48	during	during	ADP
ajfa-3365	134	49	15:00	15:00	NUM
ajfa-3365	134	50	-	-	SYM
ajfa-3365	134	51	15:15	15:15	NUM
ajfa-3365	134	52	,	,	PUNCT
ajfa-3365	134	53	ret2	ret2	NOUN
ajfa-3365	134	54	is	be	AUX
ajfa-3365	134	55	the	the	DET
ajfa-3365	134	56	return	return	NOUN
ajfa-3365	134	57	of	of	ADP
ajfa-3365	134	58	stock	stock	NOUN
ajfa-3365	134	59	index	index	NOUN
ajfa-3365	134	60	futures	future	NOUN
ajfa-3365	134	61	during	during	ADP
ajfa-3365	134	62	15:15	15:15	NUM
ajfa-3365	134	63	9:15	9:15	NUM
ajfa-3365	134	64	(	(	PUNCT
ajfa-3365	134	65	next	next	ADJ
ajfa-3365	134	66	day	day	NOUN
ajfa-3365	134	67	)	)	PUNCT
ajfa-3365	134	68	,	,	PUNCT
ajfa-3365	134	69	and	and	CCONJ
ajfa-3365	134	70	ret3	ret3	PROPN
ajfa-3365	134	71	is	be	AUX
ajfa-3365	134	72	the	the	DET
ajfa-3365	134	73	return	return	NOUN
ajfa-3365	134	74	of	of	ADP
ajfa-3365	134	75	stock	stock	NOUN
ajfa-3365	134	76	index	index	NOUN
ajfa-3365	134	77	futures	future	NOUN
ajfa-3365	134	78	during	during	ADP
ajfa-3365	134	79	9:15	9:15	NUM
ajfa-3365	134	80	-	-	PUNCT
ajfa-3365	134	81	9:30	9:30	NUM
ajfa-3365	134	82	.	.	PUNCT
ajfa-3365	135	1	variable	variable	ADJ
ajfa-3365	135	2	mean	mean	NOUN
ajfa-3365	135	3	std.dev	std.dev	NUM
ajfa-3365	135	4	median	median	NOUN
ajfa-3365	135	5	max	max	PROPN
ajfa-3365	135	6	min	min	PROPN
ajfa-3365	136	1	ret300	ret300	PROPN
ajfa-3365	136	2	-0.001	-0.001	PROPN
ajfa-3365	136	3	*	*	PUNCT
ajfa-3365	136	4	*	*	PUNCT
ajfa-3365	136	5	a	a	DET
ajfa-3365	136	6	0.008	0.008	NUM
ajfa-3365	136	7	-0.001	-0.001	NUM
ajfa-3365	136	8	0.021	0.021	NUM
ajfa-3365	136	9	-0.029	-0.029	PUNCT
ajfa-3365	136	10	ret1	ret1	VERB
ajfa-3365	136	11	0.000	0.000	NUM
ajfa-3365	136	12	0.002	0.002	NUM
ajfa-3365	136	13	0.000	0.000	NUM
ajfa-3365	136	14	0.006	0.006	NUM
ajfa-3365	136	15	-0.007	-0.007	PUNCT
ajfa-3365	136	16	ret2	ret2	NOUN
ajfa-3365	136	17	0.001	0.001	NUM
ajfa-3365	136	18	*	*	NOUN
ajfa-3365	136	19	*	*	PUNCT
ajfa-3365	136	20	0.007	0.007	NUM
ajfa-3365	136	21	0.001	0.001	NUM
ajfa-3365	136	22	0.030	0.030	NUM
ajfa-3365	136	23	-0.026	-0.026	PUNCT
ajfa-3365	136	24	ret3	ret3	ADJ
ajfa-3365	136	25	0.000	0.000	NUM
ajfa-3365	136	26	0.003	0.003	NUM
ajfa-3365	136	27	0.000	0.000	NUM
ajfa-3365	136	28	0.009	0.009	NUM
ajfa-3365	136	29	-0.008	-0.008	PUNCT
ajfa-3365	136	30	t	t	NOUN
ajfa-3365	136	31	-	-	PUNCT
ajfa-3365	136	32	tests	test	NOUN
ajfa-3365	136	33	:	:	PUNCT
ajfa-3365	136	34	null	null	ADJ
ajfa-3365	136	35	conclusion	conclusion	NOUN
ajfa-3365	136	36	p	p	NOUN
ajfa-3365	136	37	-	-	PUNCT
ajfa-3365	136	38	value	value	NOUN
ajfa-3365	136	39	ret1=	ret1=	NOUN
ajfa-3365	136	40	ret2	ret2	NOUN
ajfa-3365	136	41	rejected	reject	VERB
ajfa-3365	136	42	0.068	0.068	NUM
ajfa-3365	136	43	ret2=	ret2=	PROPN
ajfa-3365	136	44	ret3	ret3	PROPN
ajfa-3365	136	45	rejected	reject	VERB
ajfa-3365	136	46	0.062	0.062	NUM
ajfa-3365	136	47	ret1=	ret1=	NOUN
ajfa-3365	136	48	ret3	ret3	ADJ
ajfa-3365	136	49	0.970	0.970	NUM
ajfa-3365	136	50	note	note	NOUN
ajfa-3365	136	51	:	:	PUNCT
ajfa-3365	136	52	*	*	PUNCT
ajfa-3365	136	53	*	*	PUNCT
ajfa-3365	136	54	*	*	PUNCT
ajfa-3365	136	55	,	,	PUNCT
ajfa-3365	136	56	*	*	PUNCT
ajfa-3365	136	57	*	*	PUNCT
ajfa-3365	136	58	,	,	PUNCT
ajfa-3365	136	59	*	*	PUNCT
ajfa-3365	136	60	represent	represent	VERB
ajfa-3365	136	61	statistical	statistical	ADJ
ajfa-3365	136	62	significance	significance	NOUN
ajfa-3365	136	63	at	at	ADP
ajfa-3365	136	64	levels	level	NOUN
ajfa-3365	136	65	of	of	ADP
ajfa-3365	136	66	1	1	NUM
ajfa-3365	136	67	%	%	NOUN
ajfa-3365	136	68	,	,	PUNCT
ajfa-3365	136	69	5	5	NUM
ajfa-3365	136	70	%	%	NOUN
ajfa-3365	136	71	and	and	CCONJ
ajfa-3365	136	72	10	10	NUM
ajfa-3365	136	73	%	%	NOUN
ajfa-3365	136	74	,	,	PUNCT
ajfa-3365	136	75	respectively	respectively	ADV
ajfa-3365	136	76	.	.	PUNCT
ajfa-3365	137	1	at	at	ADP
ajfa-3365	137	2	-	-	PUNCT
ajfa-3365	137	3	test	test	NOUN
ajfa-3365	137	4	is	be	AUX
ajfa-3365	137	5	performed	perform	VERB
ajfa-3365	137	6	to	to	PART
ajfa-3365	137	7	examine	examine	VERB
ajfa-3365	137	8	whether	whether	SCONJ
ajfa-3365	137	9	the	the	DET
ajfa-3365	137	10	mean	mean	NOUN
ajfa-3365	137	11	of	of	ADP
ajfa-3365	137	12	the	the	DET
ajfa-3365	137	13	variable	variable	NOUN
ajfa-3365	137	14	is	be	AUX
ajfa-3365	137	15	significantly	significantly	ADV
ajfa-3365	137	16	different	different	ADJ
ajfa-3365	137	17	from	from	ADP
ajfa-3365	137	18	0	0	NUM
ajfa-3365	137	19	.	.	PUNCT
ajfa-3365	137	20	table	table	NOUN
ajfa-3365	137	21	2	2	NUM
ajfa-3365	137	22	.	.	PUNCT
ajfa-3365	137	23	correlation	correlation	NOUN
ajfa-3365	137	24	table	table	NOUN
ajfa-3365	137	25	ret300	ret300	PROPN
ajfa-3365	137	26	ret1	ret1	NOUN
ajfa-3365	137	27	ret2	ret2	NOUN
ajfa-3365	137	28	ret3	ret3	PROPN
ajfa-3365	137	29	ret300	ret300	PROPN
ajfa-3365	137	30	1	1	NUM
ajfa-3365	137	31	ret1	ret1	NOUN
ajfa-3365	137	32	0.097	0.097	NUM
ajfa-3365	137	33	1	1	NUM
ajfa-3365	137	34	ret2	ret2	NOUN
ajfa-3365	137	35	0.722	0.722	NUM
ajfa-3365	137	36	*	*	NOUN
ajfa-3365	137	37	*	*	PUNCT
ajfa-3365	137	38	*	*	PUNCT
ajfa-3365	137	39	-0.091	-0.091	NUM
ajfa-3365	137	40	1	1	NUM
ajfa-3365	137	41	ret3	ret3	VERB
ajfa-3365	137	42	0.424	0.424	NUM
ajfa-3365	137	43	*	*	PUNCT
ajfa-3365	137	44	*	*	PUNCT
ajfa-3365	137	45	*	*	PUNCT
ajfa-3365	137	46	-0.011	-0.011	NUM
ajfa-3365	137	47	0.072	0.072	NUM
ajfa-3365	137	48	1	1	NUM
ajfa-3365	137	49	4.2	4.2	NUM
ajfa-3365	137	50	information	information	NOUN
ajfa-3365	137	51	captured	capture	VERB
ajfa-3365	137	52	by	by	ADP
ajfa-3365	137	53	the	the	DET
ajfa-3365	137	54	futures	future	NOUN
ajfa-3365	137	55	and	and	CCONJ
ajfa-3365	137	56	spot	spot	NOUN
ajfa-3365	137	57	markets	market	NOUN
ajfa-3365	137	58	to	to	PART
ajfa-3365	137	59	test	test	VERB
ajfa-3365	137	60	hypothesis	hypothesis	NOUN
ajfa-3365	137	61	h1	h1	PROPN
ajfa-3365	137	62	,	,	PUNCT
ajfa-3365	137	63	we	we	PRON
ajfa-3365	137	64	estimate	estimate	VERB
ajfa-3365	137	65	eq	eq	NOUN
ajfa-3365	137	66	(	(	PUNCT
ajfa-3365	137	67	1	1	X
ajfa-3365	137	68	)	)	PUNCT
ajfa-3365	137	69	using	use	VERB
ajfa-3365	137	70	the	the	DET
ajfa-3365	137	71	t	t	PROPN
ajfa-3365	137	72	-	-	PUNCT
ajfa-3365	137	73	garch	garch	NOUN
ajfa-3365	137	74	model	model	NOUN
ajfa-3365	137	75	developed	develop	VERB
ajfa-3365	137	76	in	in	ADP
ajfa-3365	137	77	zakoian	zakoian	PROPN
ajfa-3365	137	78	(	(	PUNCT
ajfa-3365	137	79	1994	1994	NUM
ajfa-3365	137	80	)	)	PUNCT
ajfa-3365	137	81	,	,	PUNCT
ajfa-3365	137	82	and	and	CCONJ
ajfa-3365	137	83	results	result	NOUN
ajfa-3365	137	84	are	be	AUX
ajfa-3365	137	85	presented	present	VERB
ajfa-3365	137	86	in	in	ADP
ajfa-3365	137	87	table	table	NOUN
ajfa-3365	137	88	3	3	NUM
ajfa-3365	137	89	.	.	PUNCT
ajfa-3365	138	1	the	the	DET
ajfa-3365	138	2	coefficients	coefficient	NOUN
ajfa-3365	138	3	for	for	ADP
ajfa-3365	138	4	ret1	ret1	NOUN
ajfa-3365	138	5	,	,	PUNCT
ajfa-3365	138	6	ret2	ret2	NOUN
ajfa-3365	138	7	,	,	PUNCT
ajfa-3365	138	8	and	and	CCONJ
ajfa-3365	138	9	ret3	ret3	PROPN
ajfa-3365	138	10	are	be	AUX
ajfa-3365	138	11	positive	positive	ADJ
ajfa-3365	138	12	and	and	CCONJ
ajfa-3365	138	13	significant	significant	ADJ
ajfa-3365	138	14	at	at	ADP
ajfa-3365	138	15	the	the	DET
ajfa-3365	138	16	1	1	NUM
ajfa-3365	138	17	%	%	NOUN
ajfa-3365	138	18	level	level	NOUN
ajfa-3365	138	19	,	,	PUNCT
ajfa-3365	138	20	with	with	ADP
ajfa-3365	138	21	a	a	DET
ajfa-3365	138	22	z	z	NOUN
ajfa-3365	138	23	-	-	NOUN
ajfa-3365	138	24	statistic	statistic	NOUN
ajfa-3365	138	25	of	of	ADP
ajfa-3365	138	26	9.956	9.956	NUM
ajfa-3365	138	27	,	,	PUNCT
ajfa-3365	138	28	27.833	27.833	NUM
ajfa-3365	138	29	and	and	CCONJ
ajfa-3365	138	30	13.620	13.620	NUM
ajfa-3365	138	31	,	,	PUNCT
ajfa-3365	138	32	respectively	respectively	ADV
ajfa-3365	138	33	.	.	PUNCT
ajfa-3365	139	1	this	this	PRON
ajfa-3365	139	2	indicates	indicate	VERB
ajfa-3365	139	3	that	that	SCONJ
ajfa-3365	139	4	information	information	NOUN
ajfa-3365	139	5	reflected	reflect	VERB
ajfa-3365	139	6	in	in	ADP
ajfa-3365	139	7	spot	spot	NOUN
ajfa-3365	139	8	prices	price	NOUN
ajfa-3365	139	9	is	be	AUX
ajfa-3365	139	10	also	also	ADV
ajfa-3365	139	11	incorporated	incorporate	VERB
ajfa-3365	139	12	in	in	ADP
ajfa-3365	139	13	futures	future	NOUN
ajfa-3365	139	14	prices	price	NOUN
ajfa-3365	139	15	.	.	PUNCT
ajfa-3365	140	1	entering	enter	VERB
ajfa-3365	140	2	ret1	ret1	NOUN
ajfa-3365	140	3	,	,	PUNCT
ajfa-3365	140	4	ret2	ret2	NOUN
ajfa-3365	140	5	,	,	PUNCT
ajfa-3365	140	6	and	and	CCONJ
ajfa-3365	140	7	ret3	ret3	VERB
ajfa-3365	140	8	one	one	NUM
ajfa-3365	140	9	by	by	ADP
ajfa-3365	140	10	one	one	NUM
ajfa-3365	140	11	into	into	ADP
ajfa-3365	140	12	the	the	DET
ajfa-3365	140	13	regression	regression	NOUN
ajfa-3365	140	14	generates	generate	VERB
ajfa-3365	140	15	similar	similar	ADJ
ajfa-3365	140	16	results	result	NOUN
ajfa-3365	140	17	.	.	PUNCT
ajfa-3365	141	1	asian	asian	ADJ
ajfa-3365	141	2	journal	journal	PROPN
ajfa-3365	141	3	of	of	ADP
ajfa-3365	141	4	finance	finance	PROPN
ajfa-3365	141	5	&	&	CCONJ
ajfa-3365	141	6	accounting	accounting	PROPN
ajfa-3365	141	7	issn	issn	PROPN
ajfa-3365	141	8	1946	1946	NUM
ajfa-3365	141	9	-	-	PUNCT
ajfa-3365	141	10	052x	052x	NOUN
ajfa-3365	141	11	2013	2013	NUM
ajfa-3365	141	12	,	,	PUNCT
ajfa-3365	141	13	vol	vol	NOUN
ajfa-3365	141	14	.	.	PROPN
ajfa-3365	141	15	5	5	NUM
ajfa-3365	141	16	,	,	PUNCT
ajfa-3365	141	17	no	no	INTJ
ajfa-3365	141	18	.	.	NOUN
ajfa-3365	141	19	1	1	NUM
ajfa-3365	141	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	141	21	243	243	NUM
ajfa-3365	141	22	table	table	NOUN
ajfa-3365	141	23	3	3	NUM
ajfa-3365	141	24	.	.	X
ajfa-3365	141	25	information	information	NOUN
ajfa-3365	141	26	captured	capture	VERB
ajfa-3365	141	27	by	by	ADP
ajfa-3365	141	28	futures	future	NOUN
ajfa-3365	141	29	market	market	NOUN
ajfa-3365	141	30	and	and	CCONJ
ajfa-3365	141	31	spot	spot	NOUN
ajfa-3365	141	32	market	market	NOUN
ajfa-3365	141	33	when	when	SCONJ
ajfa-3365	141	34	spot	spot	NOUN
ajfa-3365	141	35	market	market	NOUN
ajfa-3365	141	36	is	be	AUX
ajfa-3365	141	37	closed	close	VERB
ajfa-3365	141	38	this	this	DET
ajfa-3365	141	39	table	table	NOUN
ajfa-3365	141	40	presents	present	VERB
ajfa-3365	141	41	the	the	DET
ajfa-3365	141	42	multiple	multiple	ADJ
ajfa-3365	141	43	regression	regression	NOUN
ajfa-3365	141	44	results	result	NOUN
ajfa-3365	141	45	of	of	ADP
ajfa-3365	141	46	eq	eq	NOUN
ajfa-3365	141	47	(	(	PUNCT
ajfa-3365	141	48	1	1	X
ajfa-3365	141	49	)	)	PUNCT
ajfa-3365	141	50	using	use	VERB
ajfa-3365	141	51	tgarch	tgarch	NOUN
ajfa-3365	141	52	(	(	PUNCT
ajfa-3365	141	53	1,1	1,1	NUM
ajfa-3365	141	54	)	)	PUNCT
ajfa-3365	141	55	model	model	NOUN
ajfa-3365	141	56	(	(	PUNCT
ajfa-3365	141	57	zakoian	zakoian	NOUN
ajfa-3365	141	58	,	,	PUNCT
ajfa-3365	141	59	1994	1994	NUM
ajfa-3365	141	60	)	)	PUNCT
ajfa-3365	141	61	.	.	PUNCT
ajfa-3365	142	1	ret300	ret300	PROPN
ajfa-3365	142	2	is	be	AUX
ajfa-3365	142	3	the	the	DET
ajfa-3365	142	4	total	total	ADJ
ajfa-3365	142	5	return	return	NOUN
ajfa-3365	142	6	of	of	ADP
ajfa-3365	142	7	csi	csi	PROPN
ajfa-3365	142	8	300	300	NUM
ajfa-3365	142	9	index	index	NOUN
ajfa-3365	142	10	during	during	ADP
ajfa-3365	142	11	the	the	DET
ajfa-3365	142	12	non	non	ADJ
ajfa-3365	142	13	-	-	ADJ
ajfa-3365	142	14	trading	trading	ADJ
ajfa-3365	142	15	hours	hour	NOUN
ajfa-3365	142	16	of	of	ADP
ajfa-3365	142	17	the	the	DET
ajfa-3365	142	18	spot	spot	NOUN
ajfa-3365	142	19	market	market	NOUN
ajfa-3365	142	20	.	.	PUNCT
ajfa-3365	143	1	that	that	PRON
ajfa-3365	143	2	is	is	AUX
ajfa-3365	143	3	,	,	PUNCT
ajfa-3365	143	4	ret300	ret300	PROPN
ajfa-3365	143	5	is	be	AUX
ajfa-3365	143	6	calculated	calculate	VERB
ajfa-3365	143	7	as	as	ADP
ajfa-3365	143	8	the	the	DET
ajfa-3365	143	9	difference	difference	NOUN
ajfa-3365	143	10	between	between	ADP
ajfa-3365	143	11	the	the	DET
ajfa-3365	143	12	closing	closing	NOUN
ajfa-3365	143	13	price	price	NOUN
ajfa-3365	143	14	of	of	ADP
ajfa-3365	143	15	day	day	NOUN
ajfa-3365	143	16	t	t	NOUN
ajfa-3365	143	17	and	and	CCONJ
ajfa-3365	143	18	the	the	DET
ajfa-3365	143	19	opening	opening	NOUN
ajfa-3365	143	20	price	price	NOUN
ajfa-3365	143	21	of	of	ADP
ajfa-3365	143	22	day	day	NOUN
ajfa-3365	143	23	t+1	t+1	PROPN
ajfa-3365	143	24	of	of	ADP
ajfa-3365	143	25	the	the	DET
ajfa-3365	143	26	csi	csi	PROPN
ajfa-3365	143	27	300	300	NUM
ajfa-3365	143	28	index	index	NOUN
ajfa-3365	143	29	,	,	PUNCT
ajfa-3365	143	30	divided	divide	VERB
ajfa-3365	143	31	by	by	ADP
ajfa-3365	143	32	the	the	DET
ajfa-3365	143	33	closing	closing	NOUN
ajfa-3365	143	34	price	price	NOUN
ajfa-3365	143	35	of	of	ADP
ajfa-3365	143	36	the	the	DET
ajfa-3365	143	37	csi	csi	ADJ
ajfa-3365	143	38	300	300	NUM
ajfa-3365	143	39	index	index	NOUN
ajfa-3365	143	40	of	of	ADP
ajfa-3365	143	41	day	day	NOUN
ajfa-3365	143	42	t.	t.	PROPN
ajfa-3365	143	43	ret1	ret1	NOUN
ajfa-3365	143	44	is	be	AUX
ajfa-3365	143	45	the	the	DET
ajfa-3365	143	46	return	return	NOUN
ajfa-3365	143	47	of	of	ADP
ajfa-3365	143	48	stock	stock	NOUN
ajfa-3365	143	49	index	index	NOUN
ajfa-3365	143	50	futures	future	NOUN
ajfa-3365	143	51	during	during	ADP
ajfa-3365	143	52	15:00	15:00	NUM
ajfa-3365	143	53	-	-	SYM
ajfa-3365	143	54	15:15	15:15	NUM
ajfa-3365	143	55	,	,	PUNCT
ajfa-3365	143	56	ret2	ret2	NOUN
ajfa-3365	143	57	is	be	AUX
ajfa-3365	143	58	the	the	DET
ajfa-3365	143	59	return	return	NOUN
ajfa-3365	143	60	of	of	ADP
ajfa-3365	143	61	stock	stock	NOUN
ajfa-3365	143	62	index	index	NOUN
ajfa-3365	143	63	futures	future	NOUN
ajfa-3365	143	64	during	during	ADP
ajfa-3365	143	65	15:15	15:15	NUM
ajfa-3365	143	66	9:15	9:15	NUM
ajfa-3365	143	67	(	(	PUNCT
ajfa-3365	143	68	next	next	ADJ
ajfa-3365	143	69	day	day	NOUN
ajfa-3365	143	70	)	)	PUNCT
ajfa-3365	143	71	,	,	PUNCT
ajfa-3365	143	72	and	and	CCONJ
ajfa-3365	143	73	ret3	ret3	PROPN
ajfa-3365	143	74	is	be	AUX
ajfa-3365	143	75	the	the	DET
ajfa-3365	143	76	return	return	NOUN
ajfa-3365	143	77	of	of	ADP
ajfa-3365	143	78	stock	stock	NOUN
ajfa-3365	143	79	index	index	NOUN
ajfa-3365	143	80	futures	future	NOUN
ajfa-3365	143	81	during	during	ADP
ajfa-3365	143	82	9:15	9:15	NUM
ajfa-3365	143	83	-	-	PUNCT
ajfa-3365	143	84	9:30	9:30	NUM
ajfa-3365	143	85	.	.	PUNCT
ajfa-3365	144	1	ret	ret	NOUN
ajfa-3365	144	2	,	,	PUNCT
ajfa-3365	144	3	=	=	PUNCT
ajfa-3365	145	1	c	c	PROPN
ajfa-3365	145	2	+	+	CCONJ
ajfa-3365	145	3	c	c	PROPN
ajfa-3365	145	4	ret	ret	NOUN
ajfa-3365	145	5	,	,	PUNCT
ajfa-3365	145	6	+	+	CCONJ
ajfa-3365	145	7	c	c	X
ajfa-3365	145	8	ret	ret	NOUN
ajfa-3365	145	9	,	,	PUNCT
ajfa-3365	145	10	+	+	CCONJ
ajfa-3365	145	11	c	c	X
ajfa-3365	145	12	ret	ret	NOUN
ajfa-3365	145	13	,	,	PUNCT
ajfa-3365	145	14	+	+	CCONJ
ajfa-3365	146	1	ϵ	ϵ	X
ajfa-3365	146	2	h	h	NOUN
ajfa-3365	146	3	=	=	SYM
ajfa-3365	146	4	δ	δ	PROPN
ajfa-3365	146	5	+	+	CCONJ
ajfa-3365	146	6	δ	δ	PROPN
ajfa-3365	147	1	ϵ	ϵ	PROPN
ajfa-3365	147	2	+	+	CCONJ
ajfa-3365	147	3	δ	δ	PROPN
ajfa-3365	147	4	d	d	PROPN
ajfa-3365	147	5	ϵ	ϵ	PROPN
ajfa-3365	148	1	+	+	CCONJ
ajfa-3365	148	2	δ	δ	PROPN
ajfa-3365	148	3	h	h	NOUN
ajfa-3365	149	1	d	d	NOUN
ajfa-3365	149	2	=	=	SYM
ajfa-3365	149	3	1	1	NUM
ajfa-3365	149	4	ϵ	ϵ	X
ajfa-3365	149	5	<	<	X
ajfa-3365	149	6	0	0	PROPN
ajfa-3365	149	7	(	(	PUNCT
ajfa-3365	149	8	)	)	PUNCT
ajfa-3365	149	9	0	0	NUM
ajfa-3365	150	1	ϵ	ϵ	DET
ajfa-3365	150	2	≥	≥	NOUN
ajfa-3365	150	3	0(good	0(good	PROPN
ajfa-3365	150	4	news	news	PROPN
ajfa-3365	150	5	)	)	PUNCT
ajfa-3365	150	6	ϵ	ϵ	PROPN
ajfa-3365	150	7	is	be	AUX
ajfa-3365	150	8	the	the	DET
ajfa-3365	150	9	residual	residual	ADJ
ajfa-3365	150	10	of	of	ADP
ajfa-3365	150	11	the	the	DET
ajfa-3365	150	12	model	model	NOUN
ajfa-3365	150	13	.	.	PUNCT
ajfa-3365	151	1	(	(	PUNCT
ajfa-3365	151	2	1	1	X
ajfa-3365	151	3	)	)	PUNCT
ajfa-3365	151	4	(	(	PUNCT
ajfa-3365	151	5	2	2	NUM
ajfa-3365	151	6	)	)	PUNCT
ajfa-3365	151	7	(	(	PUNCT
ajfa-3365	151	8	3	3	X
ajfa-3365	151	9	)	)	PUNCT
ajfa-3365	151	10	(	(	PUNCT
ajfa-3365	151	11	4	4	X
ajfa-3365	151	12	)	)	PUNCT
ajfa-3365	151	13	variables	variable	NOUN
ajfa-3365	151	14	ret300	ret300	ADJ
ajfa-3365	151	15	ret300	ret300	NOUN
ajfa-3365	151	16	ret300	ret300	NOUN
ajfa-3365	151	17	ret300	ret300	NOUN
ajfa-3365	151	18	intercept	intercept	NOUN
ajfa-3365	151	19	-0.001	-0.001	NOUN
ajfa-3365	151	20	*	*	PUNCT
ajfa-3365	151	21	*	*	PUNCT
ajfa-3365	151	22	*	*	PUNCT
ajfa-3365	152	1	-0.001	-0.001	PUNCT
ajfa-3365	152	2	*	*	PUNCT
ajfa-3365	152	3	*	*	PUNCT
ajfa-3365	152	4	-0.001	-0.001	PUNCT
ajfa-3365	153	1	*	*	PUNCT
ajfa-3365	153	2	*	*	PUNCT
ajfa-3365	153	3	*	*	PUNCT
ajfa-3365	153	4	-0.001	-0.001	PUNCT
ajfa-3365	153	5	*	*	PUNCT
ajfa-3365	153	6	*	*	PUNCT
ajfa-3365	153	7	(	(	PUNCT
ajfa-3365	153	8	-7.017	-7.017	X
ajfa-3365	153	9	)	)	PUNCT
ajfa-3365	153	10	(	(	PUNCT
ajfa-3365	153	11	-2.160	-2.160	NUM
ajfa-3365	153	12	)	)	PUNCT
ajfa-3365	153	13	(	(	PUNCT
ajfa-3365	153	14	-3.676	-3.676	NUM
ajfa-3365	153	15	)	)	PUNCT
ajfa-3365	153	16	(	(	PUNCT
ajfa-3365	153	17	-1.191	-1.191	NOUN
ajfa-3365	153	18	)	)	PUNCT
ajfa-3365	153	19	ret11	ret11	NOUN
ajfa-3365	153	20	0.807	0.807	NUM
ajfa-3365	153	21	*	*	PUNCT
ajfa-3365	153	22	*	*	PUNCT
ajfa-3365	153	23	*	*	PUNCT
ajfa-3365	153	24	0.862	0.862	NUM
ajfa-3365	153	25	*	*	PUNCT
ajfa-3365	153	26	*	*	PUNCT
ajfa-3365	153	27	*	*	PUNCT
ajfa-3365	153	28	(	(	PUNCT
ajfa-3365	153	29	9.956	9.956	NUM
ajfa-3365	153	30	)	)	PUNCT
ajfa-3365	153	31	(	(	PUNCT
ajfa-3365	153	32	3.304	3.304	NUM
ajfa-3365	153	33	)	)	PUNCT
ajfa-3365	153	34	ret2	ret2	NOUN
ajfa-3365	153	35	0.865	0.865	NUM
ajfa-3365	153	36	*	*	PUNCT
ajfa-3365	153	37	*	*	PUNCT
ajfa-3365	153	38	*	*	PUNCT
ajfa-3365	153	39	0.865	0.865	NUM
ajfa-3365	153	40	*	*	PUNCT
ajfa-3365	153	41	*	*	PUNCT
ajfa-3365	153	42	*	*	PUNCT
ajfa-3365	153	43	(	(	PUNCT
ajfa-3365	153	44	27.833	27.833	NUM
ajfa-3365	153	45	)	)	PUNCT
ajfa-3365	153	46	(	(	PUNCT
ajfa-3365	153	47	20.643	20.643	NUM
ajfa-3365	153	48	)	)	PUNCT
ajfa-3365	153	49	ret3	ret3	VERB
ajfa-3365	153	50	1.005	1.005	NUM
ajfa-3365	153	51	*	*	PUNCT
ajfa-3365	153	52	*	*	PUNCT
ajfa-3365	153	53	*	*	PUNCT
ajfa-3365	153	54	1.243	1.243	NUM
ajfa-3365	153	55	*	*	PUNCT
ajfa-3365	153	56	*	*	PUNCT
ajfa-3365	153	57	*	*	PUNCT
ajfa-3365	153	58	(	(	PUNCT
ajfa-3365	153	59	13.620	13.620	NUM
ajfa-3365	153	60	)	)	PUNCT
ajfa-3365	153	61	(	(	PUNCT
ajfa-3365	153	62	9.309	9.309	NUM
ajfa-3365	153	63	)	)	PUNCT
ajfa-3365	153	64	intercept	intercept	VERB
ajfa-3365	153	65	0.002	0.002	NUM
ajfa-3365	153	66	*	*	PUNCT
ajfa-3365	153	67	*	*	PUNCT
ajfa-3365	153	68	*	*	PUNCT
ajfa-3365	153	69	-0.009	-0.009	X
ajfa-3365	153	70	*	*	PUNCT
ajfa-3365	153	71	*	*	PUNCT
ajfa-3365	153	72	0.006	0.006	NUM
ajfa-3365	153	73	*	*	PUNCT
ajfa-3365	153	74	*	*	PUNCT
ajfa-3365	153	75	*	*	PUNCT
ajfa-3365	153	76	-0.004	-0.004	PUNCT
ajfa-3365	153	77	(	(	PUNCT
ajfa-3365	153	78	4.328	4.328	NUM
ajfa-3365	153	79	)	)	PUNCT
ajfa-3365	153	80	(	(	PUNCT
ajfa-3365	153	81	-1.960	-1.960	NUM
ajfa-3365	153	82	)	)	PUNCT
ajfa-3365	153	83	(	(	PUNCT
ajfa-3365	153	84	6.261	6.261	NUM
ajfa-3365	153	85	)	)	PUNCT
ajfa-3365	153	86	(	(	PUNCT
ajfa-3365	153	87	-2.549	-2.549	PROPN
ajfa-3365	153	88	)	)	PUNCT
ajfa-3365	153	89	ε	ε	PROPN
ajfa-3365	153	90	0.478	0.478	NUM
ajfa-3365	153	91	*	*	PUNCT
ajfa-3365	153	92	*	*	PUNCT
ajfa-3365	153	93	*	*	PUNCT
ajfa-3365	153	94	0.059	0.059	NUM
ajfa-3365	153	95	0.003	0.003	NUM
ajfa-3365	153	96	0.074	0.074	NUM
ajfa-3365	153	97	(	(	PUNCT
ajfa-3365	153	98	3.235	3.235	NUM
ajfa-3365	153	99	)	)	PUNCT
ajfa-3365	153	100	(	(	PUNCT
ajfa-3365	153	101	1.193	1.193	NUM
ajfa-3365	153	102	)	)	PUNCT
ajfa-3365	153	103	(	(	PUNCT
ajfa-3365	153	104	0.039	0.039	NUM
ajfa-3365	153	105	)	)	PUNCT
ajfa-3365	153	106	(	(	PUNCT
ajfa-3365	153	107	1.317	1.317	NUM
ajfa-3365	153	108	)	)	PUNCT
ajfa-3365	153	109	d	d	SYM
ajfa-3365	153	110	ε	ε	PROPN
ajfa-3365	153	111	0.381	0.381	NUM
ajfa-3365	153	112	*	*	PUNCT
ajfa-3365	153	113	*	*	PUNCT
ajfa-3365	153	114	*	*	PUNCT
ajfa-3365	153	115	-0.008	-0.008	NOUN
ajfa-3365	153	116	0.468	0.468	SYM
ajfa-3365	153	117	*	*	PUNCT
ajfa-3365	153	118	*	*	PUNCT
ajfa-3365	153	119	*	*	PUNCT
ajfa-3365	153	120	-0.074	-0.074	X
ajfa-3365	153	121	(	(	PUNCT
ajfa-3365	153	122	2.940	2.940	NUM
ajfa-3365	153	123	)	)	PUNCT
ajfa-3365	153	124	(	(	PUNCT
ajfa-3365	153	125	-0.457	-0.457	PUNCT
ajfa-3365	153	126	)	)	PUNCT
ajfa-3365	153	127	(	(	PUNCT
ajfa-3365	153	128	5.117	5.117	NUM
ajfa-3365	153	129	)	)	PUNCT
ajfa-3365	153	130	(	(	PUNCT
ajfa-3365	153	131	-1.335	-1.335	NUM
ajfa-3365	153	132	)	)	PUNCT
ajfa-3365	153	133	h	h	NOUN
ajfa-3365	153	134	0.095	0.095	NUM
ajfa-3365	153	135	2.139	2.139	NUM
ajfa-3365	153	136	*	*	PUNCT
ajfa-3365	153	137	*	*	PUNCT
ajfa-3365	153	138	*	*	PUNCT
ajfa-3365	154	1	-0.307	-0.307	PUNCT
ajfa-3365	154	2	*	*	PUNCT
ajfa-3365	154	3	*	*	PUNCT
ajfa-3365	155	1	1.513	1.513	NUM
ajfa-3365	155	2	*	*	PUNCT
ajfa-3365	155	3	*	*	PUNCT
ajfa-3365	155	4	*	*	PUNCT
ajfa-3365	155	5	(	(	PUNCT
ajfa-3365	155	6	1.130	1.130	NUM
ajfa-3365	155	7	)	)	PUNCT
ajfa-3365	155	8	(	(	PUNCT
ajfa-3365	155	9	3.293	3.293	NUM
ajfa-3365	155	10	)	)	PUNCT
ajfa-3365	155	11	(	(	PUNCT
ajfa-3365	155	12	-2.036	-2.036	NOUN
ajfa-3365	155	13	)	)	PUNCT
ajfa-3365	155	14	(	(	PUNCT
ajfa-3365	155	15	3.221	3.221	NUM
ajfa-3365	155	16	)	)	PUNCT
ajfa-3365	155	17	n	n	PRON
ajfa-3365	155	18	208	208	NUM
ajfa-3365	155	19	208	208	NUM
ajfa-3365	155	20	208	208	NUM
ajfa-3365	155	21	208	208	NUM
ajfa-3365	155	22	wald	wald	X
ajfa-3365	155	23	chi2	chi2	NOUN
ajfa-3365	155	24	882.619	882.619	NUM
ajfa-3365	155	25	10.915	10.915	NUM
ajfa-3365	155	26	426.138	426.138	NUM
ajfa-3365	155	27	86.657	86.657	NUM
ajfa-3365	155	28	log	log	NOUN
ajfa-3365	155	29	likelihood	likelihood	VERB
ajfa-3365	155	30	864.150	864.150	NUM
ajfa-3365	155	31	732.515	732.515	NUM
ajfa-3365	155	32	805.790	805.790	NUM
ajfa-3365	155	33	745.170	745.170	NUM
ajfa-3365	155	34	prob	prob	NOUN
ajfa-3365	155	35	>	>	X
ajfa-3365	155	36	chi2	chi2	PROPN
ajfa-3365	155	37	0.000	0.000	NUM
ajfa-3365	156	1	0.001	0.001	NUM
ajfa-3365	156	2	0.000	0.000	NUM
ajfa-3365	156	3	0.000	0.000	NUM
ajfa-3365	156	4	note	note	NOUN
ajfa-3365	156	5	:	:	PUNCT
ajfa-3365	156	6	*	*	PUNCT
ajfa-3365	156	7	*	*	PUNCT
ajfa-3365	156	8	*	*	PUNCT
ajfa-3365	156	9	,	,	PUNCT
ajfa-3365	156	10	*	*	PUNCT
ajfa-3365	156	11	*	*	PUNCT
ajfa-3365	156	12	,	,	PUNCT
ajfa-3365	156	13	*	*	PUNCT
ajfa-3365	156	14	represent	represent	VERB
ajfa-3365	156	15	statistical	statistical	ADJ
ajfa-3365	156	16	significance	significance	NOUN
ajfa-3365	156	17	at	at	ADP
ajfa-3365	156	18	levels	level	NOUN
ajfa-3365	156	19	of	of	ADP
ajfa-3365	156	20	1	1	NUM
ajfa-3365	156	21	%	%	NOUN
ajfa-3365	156	22	,	,	PUNCT
ajfa-3365	156	23	5	5	NUM
ajfa-3365	156	24	%	%	NOUN
ajfa-3365	156	25	and	and	CCONJ
ajfa-3365	156	26	10	10	NUM
ajfa-3365	156	27	%	%	NOUN
ajfa-3365	156	28	,	,	PUNCT
ajfa-3365	156	29	respectively	respectively	ADV
ajfa-3365	156	30	.	.	PUNCT
ajfa-3365	157	1	z	z	X
ajfa-3365	157	2	-	-	PUNCT
ajfa-3365	157	3	statistics	statistic	NOUN
ajfa-3365	157	4	are	be	AUX
ajfa-3365	157	5	reported	report	VERB
ajfa-3365	157	6	in	in	ADP
ajfa-3365	157	7	parentheses	parenthesis	NOUN
ajfa-3365	157	8	.	.	PUNCT
ajfa-3365	158	1	4.3	4.3	NUM
ajfa-3365	158	2	additional	additional	ADJ
ajfa-3365	158	3	information	information	NOUN
ajfa-3365	158	4	reflected	reflect	VERB
ajfa-3365	158	5	in	in	ADP
ajfa-3365	158	6	the	the	DET
ajfa-3365	158	7	futures	future	NOUN
ajfa-3365	158	8	market	market	NOUN
ajfa-3365	158	9	a	a	DET
ajfa-3365	158	10	t	t	NOUN
ajfa-3365	158	11	-	-	PUNCT
ajfa-3365	158	12	garch	garch	NOUN
ajfa-3365	158	13	(	(	PUNCT
ajfa-3365	158	14	1,1	1,1	NUM
ajfa-3365	158	15	)	)	PUNCT
ajfa-3365	158	16	model	model	NOUN
ajfa-3365	158	17	is	be	AUX
ajfa-3365	158	18	used	use	VERB
ajfa-3365	158	19	to	to	PART
ajfa-3365	158	20	estimate	estimate	VERB
ajfa-3365	158	21	eq	eq	ADP
ajfa-3365	158	22	.	.	PUNCT
ajfa-3365	159	1	(	(	PUNCT
ajfa-3365	159	2	4	4	NUM
ajfa-3365	159	3	)	)	PUNCT
ajfa-3365	159	4	and	and	CCONJ
ajfa-3365	159	5	eq	eq	NOUN
ajfa-3365	159	6	.	.	PUNCT
ajfa-3365	160	1	(	(	PUNCT
ajfa-3365	160	2	5	5	NUM
ajfa-3365	160	3	)	)	PUNCT
ajfa-3365	160	4	.	.	PUNCT
ajfa-3365	161	1	table	table	NOUN
ajfa-3365	161	2	4	4	NUM
ajfa-3365	161	3	reports	report	VERB
ajfa-3365	161	4	the	the	DET
ajfa-3365	161	5	asian	asian	ADJ
ajfa-3365	161	6	journal	journal	NOUN
ajfa-3365	161	7	of	of	ADP
ajfa-3365	161	8	finance	finance	PROPN
ajfa-3365	161	9	&	&	CCONJ
ajfa-3365	161	10	accounting	accounting	PROPN
ajfa-3365	161	11	issn	issn	PROPN
ajfa-3365	161	12	1946	1946	NUM
ajfa-3365	161	13	-	-	PUNCT
ajfa-3365	161	14	052x	052x	NOUN
ajfa-3365	161	15	2013	2013	NUM
ajfa-3365	161	16	,	,	PUNCT
ajfa-3365	161	17	vol	vol	NOUN
ajfa-3365	161	18	.	.	PROPN
ajfa-3365	161	19	5	5	NUM
ajfa-3365	161	20	,	,	PUNCT
ajfa-3365	161	21	no	no	INTJ
ajfa-3365	161	22	.	.	NOUN
ajfa-3365	161	23	1	1	NUM
ajfa-3365	161	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	161	25	244	244	NUM
ajfa-3365	161	26	first	first	ADJ
ajfa-3365	161	27	-	-	PUNCT
ajfa-3365	161	28	stage	stage	NOUN
ajfa-3365	161	29	,	,	PUNCT
ajfa-3365	161	30	in	in	ADP
ajfa-3365	161	31	which	which	PRON
ajfa-3365	161	32	futures	future	NOUN
ajfa-3365	161	33	return	return	VERB
ajfa-3365	161	34	innovation	innovation	NOUN
ajfa-3365	161	35	(	(	PUNCT
ajfa-3365	161	36	i.e.	i.e.	X
ajfa-3365	161	37	unexpected	unexpected	ADJ
ajfa-3365	161	38	information	information	NOUN
ajfa-3365	161	39	contained	contain	VERB
ajfa-3365	161	40	in	in	ADP
ajfa-3365	161	41	futures	future	NOUN
ajfa-3365	161	42	returns	return	NOUN
ajfa-3365	161	43	)	)	PUNCT
ajfa-3365	161	44	during	during	ADP
ajfa-3365	161	45	extended	extended	ADJ
ajfa-3365	161	46	trading	trading	NOUN
ajfa-3365	161	47	hours	hour	NOUN
ajfa-3365	161	48	,	,	PUNCT
ajfa-3365	161	49	are	be	AUX
ajfa-3365	161	50	extracted	extract	VERB
ajfa-3365	161	51	.	.	PUNCT
ajfa-3365	162	1	panel	panel	NOUN
ajfa-3365	162	2	a	a	DET
ajfa-3365	162	3	presents	present	NOUN
ajfa-3365	162	4	the	the	DET
ajfa-3365	162	5	estimated	estimate	VERB
ajfa-3365	162	6	coefficients	coefficient	NOUN
ajfa-3365	162	7	for	for	ADP
ajfa-3365	162	8	regression	regression	NOUN
ajfa-3365	162	9	using	use	VERB
ajfa-3365	162	10	the	the	DET
ajfa-3365	162	11	futures	future	NOUN
ajfa-3365	162	12	return	return	NOUN
ajfa-3365	162	13	during	during	ADP
ajfa-3365	162	14	the	the	DET
ajfa-3365	162	15	post	post	ADJ
ajfa-3365	162	16	-	-	ADJ
ajfa-3365	162	17	closing	closing	ADJ
ajfa-3365	162	18	session	session	NOUN
ajfa-3365	162	19	(	(	PUNCT
ajfa-3365	162	20	ret1	ret1	NOUN
ajfa-3365	162	21	)	)	PUNCT
ajfa-3365	162	22	as	as	ADP
ajfa-3365	162	23	the	the	DET
ajfa-3365	162	24	dependent	dependent	ADJ
ajfa-3365	162	25	variable	variable	NOUN
ajfa-3365	162	26	.	.	PUNCT
ajfa-3365	163	1	the	the	DET
ajfa-3365	163	2	coefficient	coefficient	NOUN
ajfa-3365	163	3	for	for	ADP
ajfa-3365	163	4	ret2	ret2	NOUN
ajfa-3365	163	5	is	be	AUX
ajfa-3365	163	6	not	not	PART
ajfa-3365	163	7	significant	significant	ADJ
ajfa-3365	163	8	.	.	PUNCT
ajfa-3365	164	1	this	this	PRON
ajfa-3365	164	2	indicates	indicate	VERB
ajfa-3365	164	3	that	that	SCONJ
ajfa-3365	164	4	the	the	DET
ajfa-3365	164	5	information	information	NOUN
ajfa-3365	164	6	reflected	reflect	VERB
ajfa-3365	164	7	in	in	ADP
ajfa-3365	164	8	the	the	DET
ajfa-3365	164	9	post	post	ADJ
ajfa-3365	164	10	-	-	ADJ
ajfa-3365	164	11	closing	closing	ADJ
ajfa-3365	164	12	session	session	NOUN
ajfa-3365	164	13	(	(	PUNCT
ajfa-3365	164	14	15:00	15:00	NUM
ajfa-3365	164	15	-	-	SYM
ajfa-3365	164	16	15:15	15:15	NUM
ajfa-3365	164	17	)	)	PUNCT
ajfa-3365	164	18	does	do	AUX
ajfa-3365	164	19	not	not	PART
ajfa-3365	164	20	overlap	overlap	VERB
ajfa-3365	164	21	with	with	ADP
ajfa-3365	164	22	the	the	DET
ajfa-3365	164	23	information	information	NOUN
ajfa-3365	164	24	captured	capture	VERB
ajfa-3365	164	25	by	by	ADP
ajfa-3365	164	26	ret2	ret2	NOUN
ajfa-3365	164	27	during	during	ADP
ajfa-3365	164	28	the	the	DET
ajfa-3365	164	29	regular	regular	ADJ
ajfa-3365	164	30	trading	trading	NOUN
ajfa-3365	164	31	hours	hour	NOUN
ajfa-3365	164	32	(	(	PUNCT
ajfa-3365	164	33	from	from	ADP
ajfa-3365	164	34	9:30	9:30	NUM
ajfa-3365	164	35	-	-	SYM
ajfa-3365	164	36	15:00	15:00	NUM
ajfa-3365	164	37	)	)	PUNCT
ajfa-3365	164	38	.	.	PUNCT
ajfa-3365	165	1	this	this	DET
ajfa-3365	165	2	result	result	NOUN
ajfa-3365	165	3	is	be	AUX
ajfa-3365	165	4	different	different	ADJ
ajfa-3365	165	5	from	from	ADP
ajfa-3365	165	6	that	that	PRON
ajfa-3365	165	7	in	in	ADP
ajfa-3365	165	8	the	the	DET
ajfa-3365	165	9	study	study	NOUN
ajfa-3365	165	10	by	by	ADP
ajfa-3365	165	11	cheng	cheng	PROPN
ajfa-3365	165	12	et	et	PROPN
ajfa-3365	165	13	al	al	PROPN
ajfa-3365	165	14	.	.	PROPN
ajfa-3365	166	1	(	(	PUNCT
ajfa-3365	166	2	2004	2004	NUM
ajfa-3365	166	3	)	)	PUNCT
ajfa-3365	166	4	,	,	PUNCT
ajfa-3365	166	5	who	who	PRON
ajfa-3365	166	6	found	find	VERB
ajfa-3365	166	7	a	a	DET
ajfa-3365	166	8	positive	positive	ADJ
ajfa-3365	166	9	relation	relation	NOUN
ajfa-3365	166	10	between	between	ADP
ajfa-3365	166	11	the	the	DET
ajfa-3365	166	12	returns	return	NOUN
ajfa-3365	166	13	during	during	ADP
ajfa-3365	166	14	the	the	DET
ajfa-3365	166	15	post	post	ADJ
ajfa-3365	166	16	-	-	ADJ
ajfa-3365	166	17	closing	closing	ADJ
ajfa-3365	166	18	session	session	NOUN
ajfa-3365	166	19	and	and	CCONJ
ajfa-3365	166	20	the	the	DET
ajfa-3365	166	21	returns	return	NOUN
ajfa-3365	166	22	during	during	ADP
ajfa-3365	166	23	the	the	DET
ajfa-3365	166	24	regular	regular	ADJ
ajfa-3365	166	25	trading	trading	NOUN
ajfa-3365	166	26	hours	hour	NOUN
ajfa-3365	166	27	.	.	PUNCT
ajfa-3365	167	1	through	through	ADP
ajfa-3365	167	2	the	the	DET
ajfa-3365	167	3	t	t	PROPN
ajfa-3365	167	4	-	-	PUNCT
ajfa-3365	167	5	garch	garch	NOUN
ajfa-3365	167	6	model	model	NOUN
ajfa-3365	167	7	,	,	PUNCT
ajfa-3365	167	8	we	we	PRON
ajfa-3365	167	9	extract	extract	VERB
ajfa-3365	167	10	unexpected	unexpected	ADJ
ajfa-3365	167	11	components	component	NOUN
ajfa-3365	167	12	from	from	ADP
ajfa-3365	167	13	futures	future	NOUN
ajfa-3365	167	14	returns	return	NOUN
ajfa-3365	167	15	for	for	ADP
ajfa-3365	167	16	the	the	DET
ajfa-3365	167	17	post	post	ADJ
ajfa-3365	167	18	-	-	ADJ
ajfa-3365	167	19	closing	closing	ADJ
ajfa-3365	167	20	session	session	NOUN
ajfa-3365	167	21	(	(	PUNCT
ajfa-3365	167	22	ut	ut	PROPN
ajfa-3365	167	23	)	)	PUNCT
ajfa-3365	167	24	.	.	PUNCT
ajfa-3365	168	1	panel	panel	NOUN
ajfa-3365	168	2	b	b	PROPN
ajfa-3365	168	3	reports	report	VERB
ajfa-3365	168	4	the	the	DET
ajfa-3365	168	5	estimated	estimate	VERB
ajfa-3365	168	6	coefficients	coefficient	NOUN
ajfa-3365	168	7	for	for	ADP
ajfa-3365	168	8	regression	regression	NOUN
ajfa-3365	168	9	using	use	VERB
ajfa-3365	168	10	the	the	DET
ajfa-3365	168	11	pre	pre	ADJ
ajfa-3365	168	12	-	-	ADJ
ajfa-3365	168	13	opening	opening	ADJ
ajfa-3365	168	14	session	session	NOUN
ajfa-3365	168	15	(	(	PUNCT
ajfa-3365	168	16	ret3	ret3	ADJ
ajfa-3365	168	17	)	)	PUNCT
ajfa-3365	168	18	as	as	ADP
ajfa-3365	168	19	the	the	DET
ajfa-3365	168	20	dependent	dependent	ADJ
ajfa-3365	168	21	variable	variable	NOUN
ajfa-3365	168	22	.	.	PUNCT
ajfa-3365	169	1	the	the	DET
ajfa-3365	169	2	coefficient	coefficient	NOUN
ajfa-3365	169	3	for	for	ADP
ajfa-3365	169	4	ret1,t-1	ret1,t-1	NOUN
ajfa-3365	169	5	is	be	AUX
ajfa-3365	169	6	also	also	ADV
ajfa-3365	169	7	not	not	PART
ajfa-3365	169	8	significant	significant	ADJ
ajfa-3365	169	9	,	,	PUNCT
ajfa-3365	169	10	indicating	indicate	VERB
ajfa-3365	169	11	that	that	SCONJ
ajfa-3365	169	12	the	the	DET
ajfa-3365	169	13	information	information	NOUN
ajfa-3365	169	14	reflected	reflect	VERB
ajfa-3365	169	15	in	in	ADP
ajfa-3365	169	16	the	the	DET
ajfa-3365	169	17	pre	pre	ADJ
ajfa-3365	169	18	-	-	ADJ
ajfa-3365	169	19	opening	opening	ADJ
ajfa-3365	169	20	session	session	NOUN
ajfa-3365	169	21	(	(	PUNCT
ajfa-3365	169	22	9:15	9:15	NUM
ajfa-3365	169	23	a.m.	a.m.	NOUN
ajfa-3365	169	24	to	to	ADP
ajfa-3365	169	25	9:30	9:30	NUM
ajfa-3365	169	26	a.m.	a.m.	ADV
ajfa-3365	169	27	)	)	PUNCT
ajfa-3365	169	28	does	do	AUX
ajfa-3365	169	29	not	not	PART
ajfa-3365	169	30	overlap	overlap	VERB
ajfa-3365	169	31	with	with	ADP
ajfa-3365	169	32	the	the	DET
ajfa-3365	169	33	information	information	NOUN
ajfa-3365	169	34	captured	capture	VERB
ajfa-3365	169	35	by	by	ADP
ajfa-3365	169	36	ret1,t-1	ret1,t-1	NOUN
ajfa-3365	169	37	during	during	ADP
ajfa-3365	169	38	the	the	DET
ajfa-3365	169	39	post	post	ADJ
ajfa-3365	169	40	-	-	ADJ
ajfa-3365	169	41	closing	closing	ADJ
ajfa-3365	169	42	session	session	NOUN
ajfa-3365	169	43	(	(	PUNCT
ajfa-3365	169	44	15:00	15:00	NUM
ajfa-3365	169	45	p.m.	p.m.	NOUN
ajfa-3365	169	46	to	to	ADP
ajfa-3365	169	47	15:15	15:15	NUM
ajfa-3365	169	48	p.m.	p.m.	NUM
ajfa-3365	169	49	)	)	PUNCT
ajfa-3365	169	50	.	.	PUNCT
ajfa-3365	170	1	this	this	DET
ajfa-3365	170	2	result	result	NOUN
ajfa-3365	170	3	is	be	AUX
ajfa-3365	170	4	consistent	consistent	ADJ
ajfa-3365	170	5	with	with	ADP
ajfa-3365	170	6	that	that	PRON
ajfa-3365	170	7	in	in	ADP
ajfa-3365	170	8	the	the	DET
ajfa-3365	170	9	study	study	NOUN
ajfa-3365	170	10	by	by	ADP
ajfa-3365	170	11	cheng	cheng	PROPN
ajfa-3365	170	12	et	et	PROPN
ajfa-3365	170	13	al	al	PROPN
ajfa-3365	170	14	.	.	PROPN
ajfa-3365	171	1	(	(	PUNCT
ajfa-3365	171	2	2004	2004	NUM
ajfa-3365	171	3	)	)	PUNCT
ajfa-3365	171	4	.	.	PUNCT
ajfa-3365	172	1	through	through	ADP
ajfa-3365	172	2	the	the	DET
ajfa-3365	172	3	t	t	PROPN
ajfa-3365	172	4	-	-	PUNCT
ajfa-3365	172	5	garch	garch	NOUN
ajfa-3365	172	6	model	model	NOUN
ajfa-3365	172	7	,	,	PUNCT
ajfa-3365	172	8	we	we	PRON
ajfa-3365	172	9	extract	extract	VERB
ajfa-3365	172	10	unexpected	unexpected	ADJ
ajfa-3365	172	11	components	component	NOUN
ajfa-3365	172	12	from	from	ADP
ajfa-3365	172	13	futures	future	NOUN
ajfa-3365	172	14	returns	return	NOUN
ajfa-3365	172	15	for	for	ADP
ajfa-3365	172	16	the	the	DET
ajfa-3365	172	17	post	post	ADJ
ajfa-3365	172	18	-	-	ADJ
ajfa-3365	172	19	closing	closing	ADJ
ajfa-3365	172	20	session	session	NOUN
ajfa-3365	172	21	(	(	PUNCT
ajfa-3365	172	22	vt	vt	NOUN
ajfa-3365	172	23	)	)	PUNCT
ajfa-3365	172	24	.	.	PUNCT
ajfa-3365	173	1	table	table	NOUN
ajfa-3365	173	2	4	4	NUM
ajfa-3365	173	3	.	.	X
ajfa-3365	174	1	tgarch	tgarch	NOUN
ajfa-3365	174	2	(	(	PUNCT
ajfa-3365	174	3	1,1	1,1	NUM
ajfa-3365	174	4	)	)	PUNCT
ajfa-3365	174	5	models	model	NOUN
ajfa-3365	174	6	for	for	ADP
ajfa-3365	174	7	extracting	extract	VERB
ajfa-3365	174	8	information	information	NOUN
ajfa-3365	174	9	variables	variable	NOUN
ajfa-3365	174	10	this	this	DET
ajfa-3365	174	11	table	table	NOUN
ajfa-3365	174	12	presents	present	VERB
ajfa-3365	174	13	multiple	multiple	ADJ
ajfa-3365	174	14	regression	regression	NOUN
ajfa-3365	174	15	results	result	NOUN
ajfa-3365	174	16	of	of	ADP
ajfa-3365	174	17	eq	eq	NOUN
ajfa-3365	174	18	(	(	PUNCT
ajfa-3365	174	19	1	1	X
ajfa-3365	174	20	)	)	PUNCT
ajfa-3365	174	21	using	use	VERB
ajfa-3365	174	22	tgarch	tgarch	NOUN
ajfa-3365	174	23	(	(	PUNCT
ajfa-3365	174	24	1,1	1,1	NUM
ajfa-3365	174	25	)	)	PUNCT
ajfa-3365	174	26	model	model	NOUN
ajfa-3365	174	27	(	(	PUNCT
ajfa-3365	174	28	zakoian	zakoian	NOUN
ajfa-3365	174	29	,	,	PUNCT
ajfa-3365	174	30	1994	1994	NUM
ajfa-3365	174	31	)	)	PUNCT
ajfa-3365	174	32	.	.	PUNCT
ajfa-3365	175	1	ret1	ret1	NOUN
ajfa-3365	175	2	is	be	AUX
ajfa-3365	175	3	the	the	DET
ajfa-3365	175	4	return	return	NOUN
ajfa-3365	175	5	of	of	ADP
ajfa-3365	175	6	stock	stock	NOUN
ajfa-3365	175	7	index	index	NOUN
ajfa-3365	175	8	futures	future	NOUN
ajfa-3365	175	9	during	during	ADP
ajfa-3365	175	10	15:00	15:00	NUM
ajfa-3365	175	11	-	-	SYM
ajfa-3365	175	12	15:15	15:15	NUM
ajfa-3365	175	13	,	,	PUNCT
ajfa-3365	175	14	ret2	ret2	NOUN
ajfa-3365	175	15	is	be	AUX
ajfa-3365	175	16	the	the	DET
ajfa-3365	175	17	return	return	NOUN
ajfa-3365	175	18	of	of	ADP
ajfa-3365	175	19	stock	stock	NOUN
ajfa-3365	175	20	index	index	NOUN
ajfa-3365	175	21	futures	future	NOUN
ajfa-3365	175	22	during	during	ADP
ajfa-3365	175	23	15:15	15:15	NUM
ajfa-3365	175	24	9:15	9:15	NUM
ajfa-3365	175	25	(	(	PUNCT
ajfa-3365	175	26	next	next	ADJ
ajfa-3365	175	27	day	day	NOUN
ajfa-3365	175	28	)	)	PUNCT
ajfa-3365	175	29	,	,	PUNCT
ajfa-3365	175	30	and	and	CCONJ
ajfa-3365	175	31	ret3	ret3	PROPN
ajfa-3365	175	32	is	be	AUX
ajfa-3365	175	33	the	the	DET
ajfa-3365	175	34	return	return	NOUN
ajfa-3365	175	35	of	of	ADP
ajfa-3365	175	36	stock	stock	NOUN
ajfa-3365	175	37	index	index	NOUN
ajfa-3365	175	38	futures	future	NOUN
ajfa-3365	175	39	during	during	ADP
ajfa-3365	175	40	9:15	9:15	NUM
ajfa-3365	175	41	-	-	PUNCT
ajfa-3365	175	42	9:30	9:30	NUM
ajfa-3365	175	43	.	.	PUNCT
ajfa-3365	176	1	panel	panel	NOUN
ajfa-3365	176	2	a.	a.	NOUN
ajfa-3365	176	3	extracting	extract	VERB
ajfa-3365	176	4	information	information	NOUN
ajfa-3365	176	5	of	of	ADP
ajfa-3365	176	6	the	the	DET
ajfa-3365	176	7	post	post	ADJ
ajfa-3365	176	8	-	-	ADJ
ajfa-3365	176	9	closing	closing	ADJ
ajfa-3365	176	10	session	session	NOUN
ajfa-3365	176	11	panel	panel	NOUN
ajfa-3365	176	12	a	a	DET
ajfa-3365	176	13	reports	report	NOUN
ajfa-3365	176	14	the	the	DET
ajfa-3365	176	15	extraction	extraction	NOUN
ajfa-3365	176	16	of	of	ADP
ajfa-3365	176	17	the	the	DET
ajfa-3365	176	18	futures	future	NOUN
ajfa-3365	176	19	return	return	VERB
ajfa-3365	176	20	innovations	innovation	NOUN
ajfa-3365	176	21	of	of	ADP
ajfa-3365	176	22	the	the	DET
ajfa-3365	176	23	post	post	ADJ
ajfa-3365	176	24	-	-	ADJ
ajfa-3365	176	25	closing	closing	ADJ
ajfa-3365	176	26	session	session	NOUN
ajfa-3365	176	27	using	use	VERB
ajfa-3365	176	28	the	the	DET
ajfa-3365	176	29	following	following	ADJ
ajfa-3365	176	30	t	t	PROPN
ajfa-3365	176	31	-	-	PUNCT
ajfa-3365	176	32	garch(1,1	garch(1,1	NOUN
ajfa-3365	176	33	)	)	PUNCT
ajfa-3365	176	34	model	model	NOUN
ajfa-3365	176	35	:	:	PUNCT
ajfa-3365	176	36	ret	ret	NOUN
ajfa-3365	176	37	,	,	PUNCT
ajfa-3365	176	38	=	=	PUNCT
ajfa-3365	176	39	c	c	PROPN
ajfa-3365	177	1	+	+	CCONJ
ajfa-3365	177	2	c	c	PROPN
ajfa-3365	177	3	ret	ret	NOUN
ajfa-3365	177	4	,	,	PUNCT
ajfa-3365	177	5	+	+	CCONJ
ajfa-3365	177	6	u	u	NOUN
ajfa-3365	177	7	h	h	NOUN
ajfa-3365	177	8	=	=	SYM
ajfa-3365	177	9	α	α	PROPN
ajfa-3365	178	1	+	+	X
ajfa-3365	178	2	α	α	NOUN
ajfa-3365	178	3	u	u	NOUN
ajfa-3365	178	4	+	+	X
ajfa-3365	178	5	α	α	PROPN
ajfa-3365	178	6	d	d	X
ajfa-3365	178	7	u	u	NOUN
ajfa-3365	178	8	+	+	NOUN
ajfa-3365	178	9	α	α	NOUN
ajfa-3365	178	10	h	h	NOUN
ajfa-3365	179	1	d	d	NOUN
ajfa-3365	179	2	=	=	SYM
ajfa-3365	179	3	1	1	NUM
ajfa-3365	179	4	u	u	NOUN
ajfa-3365	179	5	<	<	X
ajfa-3365	179	6	0	0	NUM
ajfa-3365	179	7	(	(	PUNCT
ajfa-3365	179	8	)	)	PUNCT
ajfa-3365	179	9	0	0	NUM
ajfa-3365	180	1	u	u	NOUN
ajfa-3365	180	2	≥	≥	NOUN
ajfa-3365	180	3	0(good	0(good	PROPN
ajfa-3365	180	4	news	news	PROPN
ajfa-3365	180	5	)	)	PUNCT
ajfa-3365	180	6	where	where	SCONJ
ajfa-3365	180	7	ut	ut	PROPN
ajfa-3365	180	8	is	be	AUX
ajfa-3365	180	9	the	the	DET
ajfa-3365	180	10	residual	residual	ADJ
ajfa-3365	180	11	of	of	ADP
ajfa-3365	180	12	our	our	PRON
ajfa-3365	180	13	model	model	NOUN
ajfa-3365	180	14	.	.	PUNCT
ajfa-3365	181	1	asian	asian	ADJ
ajfa-3365	181	2	journal	journal	PROPN
ajfa-3365	181	3	of	of	ADP
ajfa-3365	181	4	finance	finance	PROPN
ajfa-3365	181	5	&	&	CCONJ
ajfa-3365	181	6	accounting	accounting	PROPN
ajfa-3365	181	7	issn	issn	PROPN
ajfa-3365	181	8	1946	1946	NUM
ajfa-3365	181	9	-	-	PUNCT
ajfa-3365	181	10	052x	052x	NOUN
ajfa-3365	181	11	2013	2013	NUM
ajfa-3365	181	12	,	,	PUNCT
ajfa-3365	181	13	vol	vol	NOUN
ajfa-3365	181	14	.	.	PROPN
ajfa-3365	181	15	5	5	NUM
ajfa-3365	181	16	,	,	PUNCT
ajfa-3365	181	17	no	no	INTJ
ajfa-3365	181	18	.	.	NOUN
ajfa-3365	181	19	1	1	NUM
ajfa-3365	181	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	181	21	245	245	NUM
ajfa-3365	181	22	variable	variable	ADJ
ajfa-3365	181	23	coefficient	coefficient	NOUN
ajfa-3365	181	24	estimate	estimate	VERB
ajfa-3365	181	25	z	z	NOUN
ajfa-3365	181	26	-	-	PUNCT
ajfa-3365	181	27	stat	stat	NOUN
ajfa-3365	181	28	.	.	PUNCT
ajfa-3365	182	1	intercept	intercept	NOUN
ajfa-3365	182	2	c	c	PROPN
ajfa-3365	182	3	×	×	PROPN
ajfa-3365	183	1	10	10	NUM
ajfa-3365	183	2	0.183	0.183	NUM
ajfa-3365	183	3	1.319	1.319	NUM
ajfa-3365	183	4	ret2	ret2	NOUN
ajfa-3365	183	5	c	c	PROPN
ajfa-3365	183	6	-0.027	-0.027	NOUN
ajfa-3365	183	7	-1.328	-1.328	PUNCT
ajfa-3365	183	8	intercept	intercept	VERB
ajfa-3365	183	9	α	α	NOUN
ajfa-3365	183	10	0.001	0.001	NUM
ajfa-3365	183	11	0.822	0.822	NUM
ajfa-3365	183	12	ε	ε	PROPN
ajfa-3365	183	13	α	α	NUM
ajfa-3365	183	14	-0.202	-0.202	NOUN
ajfa-3365	183	15	-2.231	-2.231	PUNCT
ajfa-3365	183	16	*	*	PUNCT
ajfa-3365	183	17	*	*	PUNCT
ajfa-3365	183	18	d	d	X
ajfa-3365	183	19	ε	ε	PROPN
ajfa-3365	183	20	α	α	PROPN
ajfa-3365	183	21	0.032	0.032	NUM
ajfa-3365	183	22	0.347	0.347	NUM
ajfa-3365	183	23	h	h	NOUN
ajfa-3365	183	24	α	α	NOUN
ajfa-3365	183	25	0.762	0.762	NUM
ajfa-3365	183	26	1.739	1.739	NUM
ajfa-3365	183	27	*	*	NOUN
ajfa-3365	183	28	n	n	PRON
ajfa-3365	183	29	208	208	NUM
ajfa-3365	183	30	log	log	NOUN
ajfa-3365	183	31	-	-	PUNCT
ajfa-3365	183	32	likelihood	likelihood	NOUN
ajfa-3365	183	33	1.763	1.763	NUM
ajfa-3365	183	34	wald	wald	ADJ
ajfa-3365	183	35	chi2	chi2	NOUN
ajfa-3365	183	36	1019.885	1019.885	NUM
ajfa-3365	183	37	prob	prob	NOUN
ajfa-3365	183	38	>	>	X
ajfa-3365	183	39	chi2	chi2	PROPN
ajfa-3365	183	40	0.184	0.184	NUM
ajfa-3365	183	41	table	table	NOUN
ajfa-3365	183	42	4	4	NUM
ajfa-3365	183	43	(	(	PUNCT
ajfa-3365	183	44	cont’d	cont’d	NOUN
ajfa-3365	183	45	)	)	PUNCT
ajfa-3365	183	46	panel	panel	NOUN
ajfa-3365	183	47	b.	b.	PROPN
ajfa-3365	183	48	extracting	extract	VERB
ajfa-3365	183	49	information	information	NOUN
ajfa-3365	183	50	of	of	ADP
ajfa-3365	183	51	the	the	DET
ajfa-3365	183	52	pre	pre	ADJ
ajfa-3365	183	53	-	-	ADJ
ajfa-3365	183	54	opening	opening	ADJ
ajfa-3365	183	55	session	session	NOUN
ajfa-3365	183	56	panel	panel	NOUN
ajfa-3365	183	57	b	b	PROPN
ajfa-3365	183	58	reports	report	VERB
ajfa-3365	183	59	the	the	DET
ajfa-3365	183	60	extraction	extraction	NOUN
ajfa-3365	183	61	of	of	ADP
ajfa-3365	183	62	the	the	DET
ajfa-3365	183	63	futures	future	NOUN
ajfa-3365	183	64	return	return	VERB
ajfa-3365	183	65	innovations	innovation	NOUN
ajfa-3365	183	66	of	of	ADP
ajfa-3365	183	67	the	the	DET
ajfa-3365	183	68	pre	pre	ADJ
ajfa-3365	183	69	-	-	ADJ
ajfa-3365	183	70	opening	opening	ADJ
ajfa-3365	183	71	session	session	NOUN
ajfa-3365	183	72	using	use	VERB
ajfa-3365	183	73	the	the	DET
ajfa-3365	183	74	following	following	ADJ
ajfa-3365	183	75	t	t	PROPN
ajfa-3365	183	76	-	-	PUNCT
ajfa-3365	183	77	garch(1,1	garch(1,1	NOUN
ajfa-3365	183	78	)	)	PUNCT
ajfa-3365	183	79	model	model	NOUN
ajfa-3365	183	80	:	:	PUNCT
ajfa-3365	183	81	ret	ret	NOUN
ajfa-3365	183	82	,	,	PUNCT
ajfa-3365	183	83	=	=	PUNCT
ajfa-3365	184	1	c	c	PROPN
ajfa-3365	184	2	+	+	CCONJ
ajfa-3365	184	3	c	c	PROPN
ajfa-3365	184	4	ret	ret	NOUN
ajfa-3365	184	5	,	,	PUNCT
ajfa-3365	184	6	+	+	CCONJ
ajfa-3365	185	1	v	v	X
ajfa-3365	185	2	h	h	NOUN
ajfa-3365	185	3	=	=	PUNCT
ajfa-3365	185	4	β	β	NOUN
ajfa-3365	185	5	+	+	X
ajfa-3365	185	6	β	β	X
ajfa-3365	185	7	v	v	NOUN
ajfa-3365	185	8	+	+	X
ajfa-3365	185	9	β	β	X
ajfa-3365	185	10	d	d	X
ajfa-3365	185	11	v	v	ADP
ajfa-3365	185	12	+	+	CCONJ
ajfa-3365	185	13	β	β	NOUN
ajfa-3365	185	14	h	h	NOUN
ajfa-3365	186	1	d	d	NOUN
ajfa-3365	186	2	=	=	SYM
ajfa-3365	186	3	1	1	NUM
ajfa-3365	186	4	v	v	ADP
ajfa-3365	186	5	<	<	X
ajfa-3365	186	6	0	0	NUM
ajfa-3365	186	7	(	(	PUNCT
ajfa-3365	186	8	)	)	PUNCT
ajfa-3365	186	9	0	0	PROPN
ajfa-3365	187	1	v	v	NUM
ajfa-3365	187	2	≥	≥	NOUN
ajfa-3365	187	3	0(good	0(good	PROPN
ajfa-3365	187	4	news	news	PROPN
ajfa-3365	187	5	)	)	PUNCT
ajfa-3365	187	6	where	where	SCONJ
ajfa-3365	187	7	vt	vt	PROPN
ajfa-3365	187	8	is	be	AUX
ajfa-3365	187	9	the	the	DET
ajfa-3365	187	10	residual	residual	ADJ
ajfa-3365	187	11	of	of	ADP
ajfa-3365	187	12	our	our	PRON
ajfa-3365	187	13	model	model	NOUN
ajfa-3365	187	14	.	.	PUNCT
ajfa-3365	188	1	variable	variable	ADJ
ajfa-3365	188	2	coefficient	coefficient	NOUN
ajfa-3365	188	3	estimate	estimate	VERB
ajfa-3365	188	4	z	z	NOUN
ajfa-3365	188	5	-	-	PUNCT
ajfa-3365	188	6	stat	stat	NOUN
ajfa-3365	188	7	.	.	PUNCT
ajfa-3365	189	1	intercept	intercept	NOUN
ajfa-3365	189	2	c	c	PROPN
ajfa-3365	189	3	×	×	PROPN
ajfa-3365	189	4	10	10	NUM
ajfa-3365	189	5	-0.686	-0.686	NUM
ajfa-3365	189	6	-0.274	-0.274	NOUN
ajfa-3365	189	7	ret1,t-1	ret1,t-1	PROPN
ajfa-3365	189	8	c	c	NOUN
ajfa-3365	189	9	-0.155	-0.155	PUNCT
ajfa-3365	189	10	-1.427	-1.427	NOUN
ajfa-3365	189	11	intercept	intercept	VERB
ajfa-3365	189	12	β	β	X
ajfa-3365	189	13	×	×	NOUN
ajfa-3365	189	14	10	10	NUM
ajfa-3365	189	15	-0.457	-0.457	PUNCT
ajfa-3365	189	16	-0.314	-0.314	VERB
ajfa-3365	189	17	ε	ε	PROPN
ajfa-3365	189	18	β	β	X
ajfa-3365	189	19	0.311	0.311	NUM
ajfa-3365	189	20	1.998	1.998	NUM
ajfa-3365	189	21	*	*	PUNCT
ajfa-3365	189	22	*	*	PUNCT
ajfa-3365	189	23	d	d	X
ajfa-3365	189	24	ε	ε	PROPN
ajfa-3365	189	25	β	β	X
ajfa-3365	189	26	-0.331	-0.331	PUNCT
ajfa-3365	189	27	-1.903	-1.903	PUNCT
ajfa-3365	189	28	*	*	PUNCT
ajfa-3365	189	29	h	h	NOUN
ajfa-3365	189	30	β	β	X
ajfa-3365	189	31	1.154	1.154	NUM
ajfa-3365	189	32	1.907	1.907	NUM
ajfa-3365	189	33	*	*	SYM
ajfa-3365	189	34	n	n	PRON
ajfa-3365	189	35	162	162	NUM
ajfa-3365	189	36	log	log	NOUN
ajfa-3365	189	37	-	-	PUNCT
ajfa-3365	189	38	likelihood	likelihood	NOUN
ajfa-3365	189	39	2.037	2.037	NUM
ajfa-3365	189	40	wald	wald	NOUN
ajfa-3365	189	41	chi2	chi2	NOUN
ajfa-3365	189	42	747.239	747.239	NUM
ajfa-3365	189	43	prob	prob	NOUN
ajfa-3365	189	44	>	>	X
ajfa-3365	189	45	chi2	chi2	PROPN
ajfa-3365	189	46	0.153	0.153	NUM
ajfa-3365	189	47	note	note	NOUN
ajfa-3365	189	48	:	:	PUNCT
ajfa-3365	189	49	*	*	PUNCT
ajfa-3365	189	50	*	*	PUNCT
ajfa-3365	189	51	*	*	PUNCT
ajfa-3365	189	52	,	,	PUNCT
ajfa-3365	189	53	*	*	PUNCT
ajfa-3365	189	54	*	*	PUNCT
ajfa-3365	189	55	,	,	PUNCT
ajfa-3365	189	56	*	*	PUNCT
ajfa-3365	189	57	represent	represent	VERB
ajfa-3365	189	58	statistical	statistical	ADJ
ajfa-3365	189	59	significance	significance	NOUN
ajfa-3365	189	60	at	at	ADP
ajfa-3365	189	61	levels	level	NOUN
ajfa-3365	189	62	of	of	ADP
ajfa-3365	189	63	1	1	NUM
ajfa-3365	189	64	%	%	NOUN
ajfa-3365	189	65	,	,	PUNCT
ajfa-3365	189	66	5	5	NUM
ajfa-3365	189	67	%	%	NOUN
ajfa-3365	189	68	and	and	CCONJ
ajfa-3365	189	69	10	10	NUM
ajfa-3365	189	70	%	%	NOUN
ajfa-3365	189	71	,	,	PUNCT
ajfa-3365	189	72	respectively	respectively	ADV
ajfa-3365	189	73	.	.	PUNCT
ajfa-3365	189	74	table	table	NOUN
ajfa-3365	189	75	5	5	NUM
ajfa-3365	189	76	presents	present	VERB
ajfa-3365	189	77	the	the	DET
ajfa-3365	189	78	second	second	ADJ
ajfa-3365	189	79	-	-	PUNCT
ajfa-3365	189	80	stage	stage	NOUN
ajfa-3365	189	81	results	result	NOUN
ajfa-3365	189	82	,	,	PUNCT
ajfa-3365	189	83	in	in	ADP
ajfa-3365	189	84	which	which	PRON
ajfa-3365	189	85	overnight	overnight	ADJ
ajfa-3365	189	86	spot	spot	NOUN
ajfa-3365	189	87	market	market	NOUN
ajfa-3365	189	88	returns	return	NOUN
ajfa-3365	189	89	are	be	AUX
ajfa-3365	189	90	explained	explain	VERB
ajfa-3365	189	91	by	by	ADP
ajfa-3365	189	92	the	the	DET
ajfa-3365	189	93	innovations	innovation	NOUN
ajfa-3365	189	94	of	of	ADP
ajfa-3365	189	95	the	the	DET
ajfa-3365	189	96	futures	future	NOUN
ajfa-3365	189	97	market	market	NOUN
ajfa-3365	189	98	returns	return	NOUN
ajfa-3365	189	99	.	.	PUNCT
ajfa-3365	190	1	the	the	DET
ajfa-3365	190	2	coefficient	coefficient	NOUN
ajfa-3365	190	3	of	of	ADP
ajfa-3365	190	4	ut-1	ut-1	PROPN
ajfa-3365	190	5	is	be	AUX
ajfa-3365	190	6	negative	negative	ADJ
ajfa-3365	190	7	asian	asian	ADJ
ajfa-3365	190	8	journal	journal	NOUN
ajfa-3365	190	9	of	of	ADP
ajfa-3365	190	10	finance	finance	PROPN
ajfa-3365	190	11	&	&	CCONJ
ajfa-3365	190	12	accounting	accounting	PROPN
ajfa-3365	190	13	issn	issn	PROPN
ajfa-3365	190	14	1946	1946	NUM
ajfa-3365	190	15	-	-	PUNCT
ajfa-3365	190	16	052x	052x	NOUN
ajfa-3365	190	17	2013	2013	NUM
ajfa-3365	190	18	,	,	PUNCT
ajfa-3365	190	19	vol	vol	NOUN
ajfa-3365	190	20	.	.	PROPN
ajfa-3365	190	21	5	5	NUM
ajfa-3365	190	22	,	,	PUNCT
ajfa-3365	190	23	no	no	INTJ
ajfa-3365	190	24	.	.	NOUN
ajfa-3365	190	25	1	1	NUM
ajfa-3365	190	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	190	27	246	246	NUM
ajfa-3365	190	28	and	and	CCONJ
ajfa-3365	190	29	significant	significant	ADJ
ajfa-3365	190	30	at	at	ADP
ajfa-3365	190	31	the	the	DET
ajfa-3365	190	32	level	level	NOUN
ajfa-3365	190	33	of	of	ADP
ajfa-3365	190	34	10	10	NUM
ajfa-3365	190	35	%	%	NOUN
ajfa-3365	190	36	,	,	PUNCT
ajfa-3365	190	37	suggesting	suggest	VERB
ajfa-3365	190	38	that	that	SCONJ
ajfa-3365	190	39	post	post	ADJ
ajfa-3365	190	40	-	-	ADJ
ajfa-3365	190	41	closing	closing	ADJ
ajfa-3365	190	42	futures	future	NOUN
ajfa-3365	190	43	innovations	innovation	NOUN
ajfa-3365	190	44	are	be	AUX
ajfa-3365	190	45	weakly	weakly	ADV
ajfa-3365	190	46	negatively	negatively	ADV
ajfa-3365	190	47	correlated	correlate	VERB
ajfa-3365	190	48	with	with	ADP
ajfa-3365	190	49	overnight	overnight	ADJ
ajfa-3365	190	50	spot	spot	NOUN
ajfa-3365	190	51	returns	return	NOUN
ajfa-3365	190	52	.	.	PUNCT
ajfa-3365	191	1	the	the	DET
ajfa-3365	191	2	coefficient	coefficient	NOUN
ajfa-3365	191	3	of	of	ADP
ajfa-3365	191	4	vt	vt	PROPN
ajfa-3365	191	5	is	be	AUX
ajfa-3365	191	6	positive	positive	ADJ
ajfa-3365	191	7	and	and	CCONJ
ajfa-3365	191	8	significant	significant	ADJ
ajfa-3365	191	9	at	at	ADP
ajfa-3365	191	10	the	the	DET
ajfa-3365	191	11	level	level	NOUN
ajfa-3365	191	12	of	of	ADP
ajfa-3365	191	13	1	1	NUM
ajfa-3365	191	14	%	%	NOUN
ajfa-3365	191	15	,	,	PUNCT
ajfa-3365	191	16	with	with	ADP
ajfa-3365	191	17	a	a	DET
ajfa-3365	191	18	z	z	NOUN
ajfa-3365	191	19	-	-	NOUN
ajfa-3365	191	20	statistic	statistic	NOUN
ajfa-3365	191	21	of	of	ADP
ajfa-3365	191	22	5.993	5.993	NUM
ajfa-3365	191	23	.	.	PUNCT
ajfa-3365	192	1	this	this	PRON
ajfa-3365	192	2	indicates	indicate	VERB
ajfa-3365	192	3	that	that	SCONJ
ajfa-3365	192	4	pre	pre	ADJ
ajfa-3365	192	5	-	-	ADJ
ajfa-3365	192	6	opening	opening	ADJ
ajfa-3365	192	7	futures	future	NOUN
ajfa-3365	192	8	unexpected	unexpected	ADJ
ajfa-3365	192	9	information	information	NOUN
ajfa-3365	192	10	has	have	VERB
ajfa-3365	192	11	a	a	DET
ajfa-3365	192	12	positive	positive	ADJ
ajfa-3365	192	13	impact	impact	NOUN
ajfa-3365	192	14	on	on	ADP
ajfa-3365	192	15	spot	spot	NOUN
ajfa-3365	192	16	returns	return	NOUN
ajfa-3365	192	17	,	,	PUNCT
ajfa-3365	192	18	consistent	consistent	ADJ
ajfa-3365	192	19	with	with	ADP
ajfa-3365	192	20	the	the	DET
ajfa-3365	192	21	findings	finding	NOUN
ajfa-3365	192	22	in	in	ADP
ajfa-3365	192	23	hiraki	hiraki	PROPN
ajfa-3365	192	24	et	et	PROPN
ajfa-3365	192	25	al	al	PROPN
ajfa-3365	192	26	.	.	PROPN
ajfa-3365	193	1	(	(	PUNCT
ajfa-3365	193	2	1995	1995	NUM
ajfa-3365	193	3	)	)	PUNCT
ajfa-3365	193	4	and	and	CCONJ
ajfa-3365	193	5	cheng	cheng	PROPN
ajfa-3365	193	6	et	et	PROPN
ajfa-3365	193	7	al	al	PROPN
ajfa-3365	193	8	.	.	PROPN
ajfa-3365	194	1	(	(	PUNCT
ajfa-3365	194	2	2004	2004	NUM
ajfa-3365	194	3	)	)	PUNCT
ajfa-3365	194	4	.	.	PUNCT
ajfa-3365	195	1	table	table	NOUN
ajfa-3365	195	2	5	5	NUM
ajfa-3365	195	3	.	.	X
ajfa-3365	196	1	tgarch	tgarch	NOUN
ajfa-3365	196	2	(	(	PUNCT
ajfa-3365	196	3	1,1	1,1	NUM
ajfa-3365	196	4	)	)	PUNCT
ajfa-3365	196	5	model	model	NOUN
ajfa-3365	196	6	for	for	ADP
ajfa-3365	196	7	overnight	overnight	ADJ
ajfa-3365	196	8	spot	spot	NOUN
ajfa-3365	196	9	returns	return	NOUN
ajfa-3365	196	10	ret300	ret300	NOUN
ajfa-3365	196	11	represents	represent	VERB
ajfa-3365	196	12	the	the	DET
ajfa-3365	196	13	overnight	overnight	ADJ
ajfa-3365	196	14	spot	spot	NOUN
ajfa-3365	196	15	return	return	NOUN
ajfa-3365	196	16	;	;	PUNCT
ajfa-3365	196	17	ut-1	ut-1	NUM
ajfa-3365	196	18	is	be	AUX
ajfa-3365	196	19	the	the	DET
ajfa-3365	196	20	lagged	lag	VERB
ajfa-3365	196	21	futures	future	NOUN
ajfa-3365	196	22	return	return	VERB
ajfa-3365	196	23	innovation	innovation	NOUN
ajfa-3365	196	24	during	during	ADP
ajfa-3365	196	25	the	the	DET
ajfa-3365	196	26	post	post	ADJ
ajfa-3365	196	27	-	-	ADJ
ajfa-3365	196	28	closing	closing	ADJ
ajfa-3365	196	29	session	session	NOUN
ajfa-3365	196	30	;	;	PUNCT
ajfa-3365	196	31	vt	vt	PROPN
ajfa-3365	196	32	is	be	AUX
ajfa-3365	196	33	the	the	DET
ajfa-3365	196	34	futures	future	NOUN
ajfa-3365	196	35	return	return	NOUN
ajfa-3365	196	36	innovation	innovation	NOUN
ajfa-3365	196	37	during	during	ADP
ajfa-3365	196	38	the	the	DET
ajfa-3365	196	39	pre	pre	ADJ
ajfa-3365	196	40	-	-	ADJ
ajfa-3365	196	41	opening	opening	ADJ
ajfa-3365	196	42	session	session	NOUN
ajfa-3365	196	43	;	;	PUNCT
ajfa-3365	196	44	is	be	AUX
ajfa-3365	196	45	the	the	DET
ajfa-3365	196	46	residual	residual	ADJ
ajfa-3365	196	47	of	of	ADP
ajfa-3365	196	48	our	our	PRON
ajfa-3365	196	49	model	model	NOUN
ajfa-3365	196	50	.	.	PUNCT
ajfa-3365	197	1	ret	ret	PROPN
ajfa-3365	197	2	,	,	PUNCT
ajfa-3365	197	3	=	=	PUNCT
ajfa-3365	198	1	c	c	PROPN
ajfa-3365	199	1	+	+	NOUN
ajfa-3365	199	2	c	c	NOUN
ajfa-3365	199	3	u	u	NOUN
ajfa-3365	199	4	+	+	X
ajfa-3365	199	5	c	c	PROPN
ajfa-3365	199	6	v	v	NOUN
ajfa-3365	199	7	+	+	CCONJ
ajfa-3365	199	8	ε	ε	PROPN
ajfa-3365	199	9	h	h	NOUN
ajfa-3365	199	10	=	=	SYM
ajfa-3365	199	11	γ	γ	X
ajfa-3365	199	12	+	+	X
ajfa-3365	199	13	γ	γ	X
ajfa-3365	199	14	ε	ε	PROPN
ajfa-3365	199	15	+	+	CCONJ
ajfa-3365	199	16	γ	γ	X
ajfa-3365	199	17	d	d	X
ajfa-3365	199	18	ε	ε	PROPN
ajfa-3365	199	19	+	+	CCONJ
ajfa-3365	199	20	γ	γ	PROPN
ajfa-3365	199	21	h	h	NOUN
ajfa-3365	199	22	d	d	NOUN
ajfa-3365	199	23	=	=	SYM
ajfa-3365	199	24	1	1	NUM
ajfa-3365	199	25	ε	ε	X
ajfa-3365	199	26	<	<	X
ajfa-3365	199	27	0	0	PROPN
ajfa-3365	199	28	(	(	PUNCT
ajfa-3365	199	29	)	)	PUNCT
ajfa-3365	199	30	0	0	NUM
ajfa-3365	200	1	ε	ε	PROPN
ajfa-3365	200	2	≥	≥	PROPN
ajfa-3365	200	3	0(good	0(good	PROPN
ajfa-3365	200	4	news	news	PROPN
ajfa-3365	200	5	)	)	PUNCT
ajfa-3365	200	6	variable	variable	ADJ
ajfa-3365	200	7	coefficient	coefficient	NOUN
ajfa-3365	200	8	estimate	estimate	VERB
ajfa-3365	200	9	z	z	NOUN
ajfa-3365	200	10	-	-	PUNCT
ajfa-3365	200	11	stat	stat	NOUN
ajfa-3365	200	12	.	.	PUNCT
ajfa-3365	201	1	intercept	intercept	NOUN
ajfa-3365	201	2	c	c	NOUN
ajfa-3365	201	3	-0.002	-0.002	PUNCT
ajfa-3365	201	4	*	*	PUNCT
ajfa-3365	201	5	*	*	PUNCT
ajfa-3365	201	6	*	*	PUNCT
ajfa-3365	201	7	-3.384	-3.384	PUNCT
ajfa-3365	201	8	u	u	X
ajfa-3365	201	9	c	c	NOUN
ajfa-3365	201	10	-0.558	-0.558	X
ajfa-3365	201	11	*	*	PUNCT
ajfa-3365	201	12	-1.845	-1.845	PROPN
ajfa-3365	202	1	v	v	PART
ajfa-3365	202	2	c	c	NOUN
ajfa-3365	202	3	1.108	1.108	NUM
ajfa-3365	202	4	*	*	PUNCT
ajfa-3365	202	5	*	*	PUNCT
ajfa-3365	202	6	*	*	PUNCT
ajfa-3365	202	7	5.993	5.993	NUM
ajfa-3365	202	8	intercept	intercept	NOUN
ajfa-3365	202	9	γ	γ	X
ajfa-3365	202	10	0.002	0.002	NUM
ajfa-3365	202	11	0.845	0.845	NUM
ajfa-3365	202	12	ε	ε	PROPN
ajfa-3365	202	13	γ	γ	PROPN
ajfa-3365	202	14	0.265	0.265	NUM
ajfa-3365	202	15	1.623	1.623	NUM
ajfa-3365	202	16	d	d	NOUN
ajfa-3365	202	17	ε	ε	PROPN
ajfa-3365	202	18	γ	γ	X
ajfa-3365	202	19	-0.390	-0.390	X
ajfa-3365	202	20	*	*	PUNCT
ajfa-3365	202	21	*	*	PUNCT
ajfa-3365	202	22	*	*	PUNCT
ajfa-3365	202	23	-2.941	-2.941	ADJ
ajfa-3365	202	24	h	h	PROPN
ajfa-3365	202	25	γ	γ	NOUN
ajfa-3365	202	26	0.719	0.719	NUM
ajfa-3365	202	27	*	*	X
ajfa-3365	202	28	*	*	X
ajfa-3365	202	29	1.986	1.986	NUM
ajfa-3365	202	30	observations	observation	NOUN
ajfa-3365	202	31	162	162	NUM
ajfa-3365	202	32	wald	wald	NOUN
ajfa-3365	202	33	chi2	chi2	PROPN
ajfa-3365	202	34	36.642	36.642	NUM
ajfa-3365	202	35	log	log	NOUN
ajfa-3365	202	36	likelihood	likelihood	VERB
ajfa-3365	202	37	590.724	590.724	NUM
ajfa-3365	202	38	prob	prob	NOUN
ajfa-3365	202	39	>	>	X
ajfa-3365	202	40	chi2	chi2	PROPN
ajfa-3365	202	41	0.000	0.000	NUM
ajfa-3365	202	42	note	note	NOUN
ajfa-3365	202	43	:	:	PUNCT
ajfa-3365	202	44	*	*	PUNCT
ajfa-3365	202	45	*	*	PUNCT
ajfa-3365	202	46	*	*	PUNCT
ajfa-3365	202	47	,	,	PUNCT
ajfa-3365	202	48	*	*	PUNCT
ajfa-3365	202	49	*	*	PUNCT
ajfa-3365	202	50	,	,	PUNCT
ajfa-3365	202	51	*	*	PUNCT
ajfa-3365	202	52	represent	represent	VERB
ajfa-3365	202	53	statistical	statistical	ADJ
ajfa-3365	202	54	significance	significance	NOUN
ajfa-3365	202	55	at	at	ADP
ajfa-3365	202	56	levels	level	NOUN
ajfa-3365	202	57	of	of	ADP
ajfa-3365	202	58	1	1	NUM
ajfa-3365	202	59	%	%	NOUN
ajfa-3365	202	60	,	,	PUNCT
ajfa-3365	202	61	5	5	NUM
ajfa-3365	202	62	%	%	NOUN
ajfa-3365	202	63	and	and	CCONJ
ajfa-3365	202	64	10	10	NUM
ajfa-3365	202	65	%	%	NOUN
ajfa-3365	202	66	,	,	PUNCT
ajfa-3365	202	67	respectively	respectively	ADV
ajfa-3365	202	68	.	.	PUNCT
ajfa-3365	203	1	4.4	4.4	NUM
ajfa-3365	203	2	overnight	overnight	ADJ
ajfa-3365	203	3	information	information	NOUN
ajfa-3365	203	4	from	from	ADP
ajfa-3365	203	5	the	the	DET
ajfa-3365	203	6	u.s	u.s	PROPN
ajfa-3365	203	7	.	.	PROPN
ajfa-3365	203	8	market	market	NOUN
ajfa-3365	203	9	reflected	reflect	VERB
ajfa-3365	203	10	in	in	ADP
ajfa-3365	203	11	futures	future	NOUN
ajfa-3365	203	12	to	to	PART
ajfa-3365	203	13	test	test	VERB
ajfa-3365	203	14	hypothesis	hypothesis	NOUN
ajfa-3365	203	15	h2	h2	NOUN
ajfa-3365	203	16	,	,	PUNCT
ajfa-3365	203	17	we	we	PRON
ajfa-3365	203	18	investigate	investigate	VERB
ajfa-3365	203	19	the	the	DET
ajfa-3365	203	20	extent	extent	NOUN
ajfa-3365	203	21	to	to	ADP
ajfa-3365	203	22	which	which	PRON
ajfa-3365	203	23	overnight	overnight	PROPN
ajfa-3365	203	24	u.s	u.s	PROPN
ajfa-3365	203	25	.	.	PROPN
ajfa-3365	203	26	market	market	NOUN
ajfa-3365	203	27	information	information	NOUN
ajfa-3365	203	28	is	be	AUX
ajfa-3365	203	29	incorporated	incorporate	VERB
ajfa-3365	203	30	into	into	ADP
ajfa-3365	203	31	the	the	DET
ajfa-3365	203	32	csi	csi	ADJ
ajfa-3365	203	33	300	300	NUM
ajfa-3365	203	34	index	index	NOUN
ajfa-3365	203	35	futures	future	NOUN
ajfa-3365	203	36	market	market	NOUN
ajfa-3365	203	37	.	.	PUNCT
ajfa-3365	204	1	empirically	empirically	ADV
ajfa-3365	204	2	,	,	PUNCT
ajfa-3365	204	3	we	we	PRON
ajfa-3365	204	4	use	use	VERB
ajfa-3365	204	5	two	two	NUM
ajfa-3365	204	6	types	type	NOUN
ajfa-3365	204	7	of	of	ADP
ajfa-3365	204	8	news	news	NOUN
ajfa-3365	204	9	from	from	ADP
ajfa-3365	204	10	the	the	DET
ajfa-3365	204	11	u.s	u.s	PROPN
ajfa-3365	204	12	.	.	PROPN
ajfa-3365	204	13	market	market	NOUN
ajfa-3365	204	14	to	to	PART
ajfa-3365	204	15	capture	capture	VERB
ajfa-3365	204	16	the	the	DET
ajfa-3365	204	17	highversus	highversus	PROPN
ajfa-3365	204	18	lownews	lownews	PROPN
ajfa-3365	204	19	day	day	NOUN
ajfa-3365	204	20	of	of	ADP
ajfa-3365	204	21	trading	trading	NOUN
ajfa-3365	204	22	in	in	ADP
ajfa-3365	204	23	the	the	DET
ajfa-3365	204	24	u.s	u.s	PROPN
ajfa-3365	204	25	.	.	PROPN
ajfa-3365	204	26	market	market	NOUN
ajfa-3365	204	27	.	.	PUNCT
ajfa-3365	205	1	we	we	PRON
ajfa-3365	205	2	define	define	VERB
ajfa-3365	205	3	days	day	NOUN
ajfa-3365	205	4	in	in	ADP
ajfa-3365	205	5	which	which	PRON
ajfa-3365	205	6	price	price	NOUN
ajfa-3365	205	7	volatility	volatility	NOUN
ajfa-3365	205	8	is	be	AUX
ajfa-3365	205	9	high	high	ADJ
ajfa-3365	205	10	(	(	PUNCT
ajfa-3365	205	11	i.e.	i.e.	X
ajfa-3365	205	12	,	,	PUNCT
ajfa-3365	205	13	daily	daily	ADJ
ajfa-3365	205	14	price	price	NOUN
ajfa-3365	205	15	volatility	volatility	NOUN
ajfa-3365	205	16	ranks	rank	VERB
ajfa-3365	205	17	in	in	ADP
ajfa-3365	205	18	the	the	DET
ajfa-3365	205	19	top	top	ADJ
ajfa-3365	205	20	33	33	NUM
ajfa-3365	205	21	%	%	NOUN
ajfa-3365	205	22	)	)	PUNCT
ajfa-3365	205	23	in	in	ADP
ajfa-3365	205	24	the	the	DET
ajfa-3365	205	25	u.s	u.s	PROPN
ajfa-3365	205	26	.	.	PROPN
ajfa-3365	205	27	market	market	NOUN
ajfa-3365	205	28	,	,	PUNCT
ajfa-3365	205	29	as	as	ADV
ajfa-3365	205	30	well	well	ADV
ajfa-3365	205	31	as	as	ADP
ajfa-3365	205	32	days	day	NOUN
ajfa-3365	205	33	when	when	SCONJ
ajfa-3365	205	34	the	the	DET
ajfa-3365	205	35	federal	federal	PROPN
ajfa-3365	205	36	reserve	reserve	PROPN
ajfa-3365	205	37	released	release	VERB
ajfa-3365	205	38	interest	interest	NOUN
ajfa-3365	205	39	rate	rate	NOUN
ajfa-3365	205	40	news	news	NOUN
ajfa-3365	205	41	,	,	PUNCT
ajfa-3365	205	42	as	as	ADP
ajfa-3365	205	43	high	high	ADJ
ajfa-3365	205	44	-	-	PUNCT
ajfa-3365	205	45	news	news	NOUN
ajfa-3365	205	46	days	day	NOUN
ajfa-3365	205	47	.	.	PUNCT
ajfa-3365	206	1	we	we	PRON
ajfa-3365	206	2	define	define	VERB
ajfa-3365	206	3	days	day	NOUN
ajfa-3365	206	4	otherwise	otherwise	ADV
ajfa-3365	206	5	(	(	PUNCT
ajfa-3365	206	6	i.e.	i.e.	X
ajfa-3365	206	7	,	,	PUNCT
ajfa-3365	206	8	daily	daily	ADJ
ajfa-3365	206	9	price	price	NOUN
ajfa-3365	206	10	volatility	volatility	NOUN
ajfa-3365	206	11	ranks	rank	VERB
ajfa-3365	206	12	in	in	ADP
ajfa-3365	206	13	the	the	DET
ajfa-3365	206	14	bottom	bottom	ADJ
ajfa-3365	206	15	33	33	NUM
ajfa-3365	206	16	%	%	NOUN
ajfa-3365	206	17	,	,	PUNCT
ajfa-3365	206	18	and	and	CCONJ
ajfa-3365	206	19	days	day	NOUN
ajfa-3365	206	20	without	without	ADP
ajfa-3365	206	21	interest	interest	NOUN
ajfa-3365	206	22	rate	rate	NOUN
ajfa-3365	206	23	news	news	PROPN
ajfa-3365	206	24	)	)	PUNCT
ajfa-3365	206	25	as	as	ADP
ajfa-3365	206	26	low	low	ADJ
ajfa-3365	206	27	-	-	PUNCT
ajfa-3365	206	28	news	news	NOUN
ajfa-3365	206	29	days	day	NOUN
ajfa-3365	206	30	.	.	PUNCT
ajfa-3365	207	1	panel	panel	NOUN
ajfa-3365	207	2	a	a	PRON
ajfa-3365	207	3	of	of	ADP
ajfa-3365	207	4	table	table	NOUN
ajfa-3365	207	5	6	6	NUM
ajfa-3365	207	6	reports	report	NOUN
ajfa-3365	207	7	the	the	DET
ajfa-3365	207	8	mean	mean	NOUN
ajfa-3365	207	9	and	and	CCONJ
ajfa-3365	207	10	median	median	NOUN
ajfa-3365	207	11	of	of	ADP
ajfa-3365	207	12	price	price	NOUN
ajfa-3365	207	13	change	change	NOUN
ajfa-3365	207	14	,	,	PUNCT
ajfa-3365	207	15	return	return	NOUN
ajfa-3365	207	16	and	and	CCONJ
ajfa-3365	207	17	trading	trading	NOUN
ajfa-3365	207	18	volume	volume	NOUN
ajfa-3365	207	19	of	of	ADP
ajfa-3365	207	20	index	index	NOUN
ajfa-3365	207	21	futures	future	NOUN
ajfa-3365	207	22	during	during	ADP
ajfa-3365	207	23	the	the	DET
ajfa-3365	207	24	pre	pre	ADJ
ajfa-3365	207	25	-	-	ADJ
ajfa-3365	207	26	opening	opening	ADJ
ajfa-3365	207	27	sessions	session	NOUN
ajfa-3365	207	28	(	(	PUNCT
ajfa-3365	207	29	i.e.	i.e.	X
ajfa-3365	207	30	,	,	PUNCT
ajfa-3365	207	31	9:15	9:15	NUM
ajfa-3365	207	32	-	-	SYM
ajfa-3365	207	33	9:30	9:30	NUM
ajfa-3365	207	34	)	)	PUNCT
ajfa-3365	207	35	in	in	ADP
ajfa-3365	207	36	both	both	DET
ajfa-3365	207	37	highand	highand	ADJ
ajfa-3365	207	38	lownews	lownew	NOUN
ajfa-3365	207	39	days	day	NOUN
ajfa-3365	207	40	,	,	PUNCT
ajfa-3365	207	41	where	where	SCONJ
ajfa-3365	207	42	news	news	NOUN
ajfa-3365	207	43	is	be	AUX
ajfa-3365	207	44	defined	define	VERB
ajfa-3365	207	45	by	by	ADP
ajfa-3365	207	46	price	price	NOUN
ajfa-3365	207	47	volatility	volatility	NOUN
ajfa-3365	207	48	in	in	ADP
ajfa-3365	207	49	the	the	DET
ajfa-3365	207	50	daytime	daytime	ADJ
ajfa-3365	207	51	trading	trading	NOUN
ajfa-3365	207	52	of	of	ADP
ajfa-3365	207	53	the	the	DET
ajfa-3365	207	54	u.s	u.s	PROPN
ajfa-3365	207	55	.	.	PROPN
ajfa-3365	207	56	market	market	NOUN
ajfa-3365	207	57	.	.	PUNCT
ajfa-3365	208	1	it	it	PRON
ajfa-3365	208	2	asian	asian	ADJ
ajfa-3365	208	3	journal	journal	NOUN
ajfa-3365	208	4	of	of	ADP
ajfa-3365	208	5	finance	finance	PROPN
ajfa-3365	208	6	&	&	CCONJ
ajfa-3365	208	7	accounting	accounting	PROPN
ajfa-3365	208	8	issn	issn	PROPN
ajfa-3365	208	9	1946	1946	NUM
ajfa-3365	208	10	-	-	PUNCT
ajfa-3365	208	11	052x	052x	NOUN
ajfa-3365	208	12	2013	2013	NUM
ajfa-3365	208	13	,	,	PUNCT
ajfa-3365	208	14	vol	vol	NOUN
ajfa-3365	208	15	.	.	PROPN
ajfa-3365	208	16	5	5	NUM
ajfa-3365	208	17	,	,	PUNCT
ajfa-3365	208	18	no	no	INTJ
ajfa-3365	208	19	.	.	NOUN
ajfa-3365	208	20	1	1	NUM
ajfa-3365	208	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	208	22	247	247	NUM
ajfa-3365	208	23	shows	show	VERB
ajfa-3365	208	24	that	that	SCONJ
ajfa-3365	208	25	during	during	ADP
ajfa-3365	208	26	high	high	ADJ
ajfa-3365	208	27	-	-	PUNCT
ajfa-3365	208	28	news	news	NOUN
ajfa-3365	208	29	days	day	NOUN
ajfa-3365	208	30	,	,	PUNCT
ajfa-3365	208	31	price	price	NOUN
ajfa-3365	208	32	changes	change	NOUN
ajfa-3365	208	33	and	and	CCONJ
ajfa-3365	208	34	returns	return	NOUN
ajfa-3365	208	35	during	during	ADP
ajfa-3365	208	36	the	the	DET
ajfa-3365	208	37	pre	pre	ADJ
ajfa-3365	208	38	-	-	ADJ
ajfa-3365	208	39	opening	opening	ADJ
ajfa-3365	208	40	sessions	session	NOUN
ajfa-3365	208	41	are	be	AUX
ajfa-3365	208	42	not	not	PART
ajfa-3365	208	43	significantly	significantly	ADV
ajfa-3365	208	44	different	different	ADJ
ajfa-3365	208	45	from	from	ADP
ajfa-3365	208	46	those	those	PRON
ajfa-3365	208	47	in	in	ADP
ajfa-3365	208	48	the	the	DET
ajfa-3365	208	49	low	low	ADJ
ajfa-3365	208	50	-	-	PUNCT
ajfa-3365	208	51	news	news	NOUN
ajfa-3365	208	52	days	day	NOUN
ajfa-3365	208	53	,	,	PUNCT
ajfa-3365	208	54	while	while	SCONJ
ajfa-3365	208	55	the	the	DET
ajfa-3365	208	56	trading	trading	NOUN
ajfa-3365	208	57	volumes	volume	NOUN
ajfa-3365	208	58	are	be	AUX
ajfa-3365	208	59	significantly	significantly	ADV
ajfa-3365	208	60	different	different	ADJ
ajfa-3365	208	61	.	.	PUNCT
ajfa-3365	209	1	panel	panel	NOUN
ajfa-3365	209	2	b	b	PROPN
ajfa-3365	209	3	reports	report	VERB
ajfa-3365	209	4	the	the	DET
ajfa-3365	209	5	mean	mean	NOUN
ajfa-3365	209	6	and	and	CCONJ
ajfa-3365	209	7	median	median	NOUN
ajfa-3365	209	8	of	of	ADP
ajfa-3365	209	9	price	price	NOUN
ajfa-3365	209	10	change	change	NOUN
ajfa-3365	209	11	,	,	PUNCT
ajfa-3365	209	12	return	return	NOUN
ajfa-3365	209	13	and	and	CCONJ
ajfa-3365	209	14	trading	trading	NOUN
ajfa-3365	209	15	volume	volume	NOUN
ajfa-3365	209	16	of	of	ADP
ajfa-3365	209	17	index	index	NOUN
ajfa-3365	209	18	futures	future	NOUN
ajfa-3365	209	19	during	during	ADP
ajfa-3365	209	20	the	the	DET
ajfa-3365	209	21	pre	pre	ADJ
ajfa-3365	209	22	-	-	ADJ
ajfa-3365	209	23	opening	opening	ADJ
ajfa-3365	209	24	sessions	session	NOUN
ajfa-3365	209	25	in	in	ADP
ajfa-3365	209	26	both	both	DET
ajfa-3365	209	27	highand	highand	ADJ
ajfa-3365	209	28	lownews	lownew	NOUN
ajfa-3365	209	29	days	day	NOUN
ajfa-3365	209	30	,	,	PUNCT
ajfa-3365	209	31	where	where	SCONJ
ajfa-3365	209	32	news	news	NOUN
ajfa-3365	209	33	is	be	AUX
ajfa-3365	209	34	defined	define	VERB
ajfa-3365	209	35	by	by	ADP
ajfa-3365	209	36	the	the	DET
ajfa-3365	209	37	u.s	u.s	PROPN
ajfa-3365	209	38	.	.	PROPN
ajfa-3365	209	39	federal	federal	PROPN
ajfa-3365	209	40	reserve	reserve	PROPN
ajfa-3365	209	41	interest	interest	PROPN
ajfa-3365	209	42	rate	rate	NOUN
ajfa-3365	209	43	news	news	PROPN
ajfa-3365	209	44	.	.	PUNCT
ajfa-3365	210	1	panel	panel	NOUN
ajfa-3365	210	2	b	b	PROPN
ajfa-3365	210	3	shows	show	VERB
ajfa-3365	210	4	that	that	SCONJ
ajfa-3365	210	5	the	the	DET
ajfa-3365	210	6	price	price	NOUN
ajfa-3365	210	7	changes	change	NOUN
ajfa-3365	210	8	in	in	ADP
ajfa-3365	210	9	the	the	DET
ajfa-3365	210	10	highversus	highversus	ADJ
ajfa-3365	210	11	low	low	ADJ
ajfa-3365	210	12	-	-	PUNCT
ajfa-3365	210	13	news	news	NOUN
ajfa-3365	210	14	days	day	NOUN
ajfa-3365	210	15	are	be	AUX
ajfa-3365	210	16	significantly	significantly	ADV
ajfa-3365	210	17	different	different	ADJ
ajfa-3365	210	18	for	for	ADP
ajfa-3365	210	19	the	the	DET
ajfa-3365	210	20	pre	pre	ADJ
ajfa-3365	210	21	-	-	ADJ
ajfa-3365	210	22	opening	opening	ADJ
ajfa-3365	210	23	trading	trading	NOUN
ajfa-3365	210	24	of	of	ADP
ajfa-3365	210	25	index	index	NOUN
ajfa-3365	210	26	futures	future	NOUN
ajfa-3365	210	27	.	.	PUNCT
ajfa-3365	211	1	combined	combine	VERB
ajfa-3365	211	2	,	,	PUNCT
ajfa-3365	211	3	the	the	DET
ajfa-3365	211	4	price	price	NOUN
ajfa-3365	211	5	discovery	discovery	NOUN
ajfa-3365	211	6	process	process	NOUN
ajfa-3365	211	7	of	of	ADP
ajfa-3365	211	8	the	the	DET
ajfa-3365	211	9	index	index	NOUN
ajfa-3365	211	10	futures	future	NOUN
ajfa-3365	211	11	before	before	SCONJ
ajfa-3365	211	12	the	the	DET
ajfa-3365	211	13	spot	spot	NOUN
ajfa-3365	211	14	market	market	NOUN
ajfa-3365	211	15	opens	opens	AUX
ajfa-3365	211	16	appear	appear	VERB
ajfa-3365	211	17	to	to	PART
ajfa-3365	211	18	be	be	AUX
ajfa-3365	211	19	effective	effective	ADJ
ajfa-3365	211	20	in	in	ADP
ajfa-3365	211	21	reflecting	reflect	VERB
ajfa-3365	211	22	overnight	overnight	ADJ
ajfa-3365	211	23	u.s	u.s	PROPN
ajfa-3365	211	24	.	.	PROPN
ajfa-3365	211	25	market	market	NOUN
ajfa-3365	211	26	news	news	NOUN
ajfa-3365	211	27	.	.	PUNCT
ajfa-3365	212	1	table	table	NOUN
ajfa-3365	212	2	6	6	NUM
ajfa-3365	212	3	.	.	PUNCT
ajfa-3365	213	1	incorporation	incorporation	NOUN
ajfa-3365	213	2	of	of	ADP
ajfa-3365	213	3	u.s	u.s	PROPN
ajfa-3365	213	4	.	.	PROPN
ajfa-3365	213	5	market	market	NOUN
ajfa-3365	213	6	overnight	overnight	ADJ
ajfa-3365	213	7	information	information	NOUN
ajfa-3365	213	8	for	for	ADP
ajfa-3365	213	9	the	the	DET
ajfa-3365	213	10	futures	future	NOUN
ajfa-3365	213	11	market	market	NOUN
ajfa-3365	213	12	panel	panel	NOUN
ajfa-3365	213	13	a.	a.	NOUN
ajfa-3365	213	14	high	high	PROPN
ajfa-3365	213	15	/	/	SYM
ajfa-3365	213	16	lownews	lownew	NOUN
ajfa-3365	213	17	days	day	NOUN
ajfa-3365	213	18	defined	define	VERB
ajfa-3365	213	19	by	by	ADP
ajfa-3365	213	20	u.s	u.s	PROPN
ajfa-3365	213	21	.	.	PROPN
ajfa-3365	213	22	market	market	NOUN
ajfa-3365	213	23	trading	trading	NOUN
ajfa-3365	213	24	rs	rs	NOUN
ajfa-3365	213	25	obs	obs	PROPN
ajfa-3365	213	26	.	.	PUNCT
ajfa-3365	214	1	mean	mean	ADJ
ajfa-3365	214	2	median	median	ADJ
ajfa-3365	214	3	price	price	NOUN
ajfa-3365	214	4	change	change	NOUN
ajfa-3365	214	5	return	return	NOUN
ajfa-3365	214	6	volume	volume	NOUN
ajfa-3365	214	7	(	(	PUNCT
ajfa-3365	214	8	billion	billion	NUM
ajfa-3365	214	9	)	)	PUNCT
ajfa-3365	214	10	price	price	NOUN
ajfa-3365	214	11	change	change	NOUN
ajfa-3365	214	12	return	return	NOUN
ajfa-3365	214	13	volume	volume	NOUN
ajfa-3365	214	14	(	(	PUNCT
ajfa-3365	214	15	billion	billion	NUM
ajfa-3365	214	16	)	)	PUNCT
ajfa-3365	214	17	lowest	low	ADJ
ajfa-3365	214	18	33	33	NUM
ajfa-3365	214	19	%	%	NOUN
ajfa-3365	214	20	45	45	NUM
ajfa-3365	214	21	0.34	0.34	NUM
ajfa-3365	214	22	%	%	NOUN
ajfa-3365	214	23	0.22	0.22	NUM
ajfa-3365	214	24	%	%	NOUN
ajfa-3365	214	25	6.707	6.707	NUM
ajfa-3365	214	26	0.24	0.24	NUM
ajfa-3365	214	27	%	%	NOUN
ajfa-3365	214	28	0.18	0.18	NUM
ajfa-3365	214	29	%	%	NOUN
ajfa-3365	214	30	6.725	6.725	NUM
ajfa-3365	214	31	highest	high	ADJ
ajfa-3365	214	32	33	33	NUM
ajfa-3365	214	33	%	%	NOUN
ajfa-3365	214	34	45	45	NUM
ajfa-3365	214	35	0.30	0.30	NUM
ajfa-3365	214	36	%	%	NOUN
ajfa-3365	214	37	0.18	0.18	NUM
ajfa-3365	214	38	%	%	NOUN
ajfa-3365	214	39	9.029	9.029	NUM
ajfa-3365	214	40	0.25	0.25	NUM
ajfa-3365	214	41	%	%	NOUN
ajfa-3365	214	42	0.12	0.12	NUM
ajfa-3365	214	43	%	%	NOUN
ajfa-3365	214	44	8.646	8.646	NUM
ajfa-3365	214	45	high	high	ADJ
ajfa-3365	214	46	-	-	PUNCT
ajfa-3365	214	47	low	low	NOUN
ajfa-3365	214	48	0.04	0.04	NUM
ajfa-3365	214	49	%	%	NOUN
ajfa-3365	214	50	0.03	0.03	NUM
ajfa-3365	214	51	%	%	NOUN
ajfa-3365	214	52	-2.322	-2.322	NOUN
ajfa-3365	214	53	*	*	PUNCT
ajfa-3365	214	54	*	*	PUNCT
ajfa-3365	214	55	*	*	PUNCT
ajfa-3365	214	56	-0.01	-0.01	NUM
ajfa-3365	214	57	%	%	NOUN
ajfa-3365	214	58	0.06	0.06	NUM
ajfa-3365	214	59	%	%	NOUN
ajfa-3365	214	60	-1.921	-1.921	NOUN
ajfa-3365	214	61	*	*	X
ajfa-3365	214	62	*	*	PUNCT
ajfa-3365	214	63	*	*	PUNCT
ajfa-3365	214	64	p	p	X
ajfa-3365	214	65	0.41	0.41	NUM
ajfa-3365	214	66	0.76	0.76	NUM
ajfa-3365	214	67	0.01	0.01	NUM
ajfa-3365	214	68	0.36	0.36	NUM
ajfa-3365	214	69	0.2	0.2	NUM
ajfa-3365	214	70	0.01	0.01	NUM
ajfa-3365	214	71	note	note	NOUN
ajfa-3365	214	72	:	:	PUNCT
ajfa-3365	214	73	rs	rs	INTJ
ajfa-3365	214	74	is	be	VERB
ajfa-3365	214	75	the	the	DET
ajfa-3365	214	76	absolute	absolute	ADJ
ajfa-3365	214	77	value	value	NOUN
ajfa-3365	214	78	of	of	ADP
ajfa-3365	214	79	the	the	DET
ajfa-3365	214	80	s&p500	s&p500	NOUN
ajfa-3365	214	81	's	's	PART
ajfa-3365	214	82	return	return	NOUN
ajfa-3365	214	83	at	at	ADP
ajfa-3365	214	84	last	last	ADJ
ajfa-3365	214	85	night	night	NOUN
ajfa-3365	214	86	.	.	PUNCT
ajfa-3365	215	1	we	we	PRON
ajfa-3365	215	2	divided	divide	VERB
ajfa-3365	215	3	the	the	DET
ajfa-3365	215	4	trading	trading	NOUN
ajfa-3365	215	5	day	day	NOUN
ajfa-3365	215	6	in	in	ADP
ajfa-3365	215	7	the	the	DET
ajfa-3365	215	8	sample	sample	NOUN
ajfa-3365	215	9	into	into	ADP
ajfa-3365	215	10	three	three	NUM
ajfa-3365	215	11	groups	group	NOUN
ajfa-3365	215	12	of	of	ADP
ajfa-3365	215	13	high	high	ADJ
ajfa-3365	215	14	,	,	PUNCT
ajfa-3365	215	15	medium	medium	NOUN
ajfa-3365	215	16	and	and	CCONJ
ajfa-3365	215	17	low	low	ADJ
ajfa-3365	215	18	in	in	ADP
ajfa-3365	215	19	accordance	accordance	NOUN
ajfa-3365	215	20	with	with	ADP
ajfa-3365	215	21	price	price	NOUN
ajfa-3365	215	22	fluctuations	fluctuation	NOUN
ajfa-3365	215	23	of	of	ADP
ajfa-3365	215	24	u.s	u.s	PROPN
ajfa-3365	215	25	.	.	PROPN
ajfa-3365	215	26	stocks	stock	NOUN
ajfa-3365	215	27	in	in	ADP
ajfa-3365	215	28	the	the	DET
ajfa-3365	215	29	last	last	ADJ
ajfa-3365	215	30	night	night	NOUN
ajfa-3365	215	31	.	.	PUNCT
ajfa-3365	216	1	the	the	DET
ajfa-3365	216	2	trading	trading	NOUN
ajfa-3365	216	3	day	day	NOUN
ajfa-3365	216	4	with	with	ADP
ajfa-3365	216	5	the	the	DET
ajfa-3365	216	6	highest	high	ADJ
ajfa-3365	216	7	price	price	NOUN
ajfa-3365	216	8	change	change	NOUN
ajfa-3365	216	9	of	of	ADP
ajfa-3365	216	10	u.s	u.s	PROPN
ajfa-3365	216	11	.	.	PROPN
ajfa-3365	216	12	stocks	stock	NOUN
ajfa-3365	216	13	was	be	AUX
ajfa-3365	216	14	used	use	VERB
ajfa-3365	216	15	as	as	ADP
ajfa-3365	216	16	the	the	DET
ajfa-3365	216	17	trading	trading	NOUN
ajfa-3365	216	18	day	day	NOUN
ajfa-3365	216	19	with	with	ADP
ajfa-3365	216	20	the	the	DET
ajfa-3365	216	21	most	most	ADV
ajfa-3365	216	22	overnight	overnight	ADJ
ajfa-3365	216	23	information	information	NOUN
ajfa-3365	216	24	.	.	PUNCT
ajfa-3365	217	1	on	on	ADP
ajfa-3365	217	2	the	the	DET
ajfa-3365	217	3	contrary	contrary	NOUN
ajfa-3365	217	4	,	,	PUNCT
ajfa-3365	217	5	the	the	DET
ajfa-3365	217	6	trading	trading	NOUN
ajfa-3365	217	7	day	day	NOUN
ajfa-3365	217	8	with	with	ADP
ajfa-3365	217	9	the	the	DET
ajfa-3365	217	10	lowest	low	ADJ
ajfa-3365	217	11	price	price	NOUN
ajfa-3365	217	12	change	change	NOUN
ajfa-3365	217	13	of	of	ADP
ajfa-3365	217	14	u.s	u.s	PROPN
ajfa-3365	217	15	.	.	PROPN
ajfa-3365	217	16	stocks	stock	NOUN
ajfa-3365	217	17	was	be	AUX
ajfa-3365	217	18	used	use	VERB
ajfa-3365	217	19	as	as	ADP
ajfa-3365	217	20	the	the	DET
ajfa-3365	217	21	trading	trading	NOUN
ajfa-3365	217	22	day	day	NOUN
ajfa-3365	217	23	with	with	ADP
ajfa-3365	217	24	the	the	DET
ajfa-3365	217	25	least	least	ADJ
ajfa-3365	217	26	overnight	overnight	ADJ
ajfa-3365	217	27	information	information	NOUN
ajfa-3365	217	28	.	.	PUNCT
ajfa-3365	218	1	*	*	PUNCT
ajfa-3365	219	1	*	*	PUNCT
ajfa-3365	219	2	*	*	PUNCT
ajfa-3365	219	3	,	,	PUNCT
ajfa-3365	219	4	*	*	PUNCT
ajfa-3365	219	5	*	*	PUNCT
ajfa-3365	219	6	,	,	PUNCT
ajfa-3365	219	7	*	*	PUNCT
ajfa-3365	219	8	represent	represent	VERB
ajfa-3365	219	9	statistical	statistical	ADJ
ajfa-3365	219	10	significance	significance	NOUN
ajfa-3365	219	11	at	at	ADP
ajfa-3365	219	12	levels	level	NOUN
ajfa-3365	219	13	of	of	ADP
ajfa-3365	219	14	1	1	NUM
ajfa-3365	219	15	%	%	NOUN
ajfa-3365	219	16	,	,	PUNCT
ajfa-3365	219	17	5	5	NUM
ajfa-3365	219	18	%	%	NOUN
ajfa-3365	219	19	and	and	CCONJ
ajfa-3365	219	20	10	10	NUM
ajfa-3365	219	21	%	%	NOUN
ajfa-3365	219	22	,	,	PUNCT
ajfa-3365	219	23	respectively	respectively	ADV
ajfa-3365	219	24	.	.	PUNCT
ajfa-3365	220	1	panel	panel	PROPN
ajfa-3365	220	2	b.	b.	PROPN
ajfa-3365	220	3	high	high	PROPN
ajfa-3365	220	4	/	/	SYM
ajfa-3365	220	5	lownews	lownew	NOUN
ajfa-3365	220	6	days	day	NOUN
ajfa-3365	220	7	defined	define	VERB
ajfa-3365	220	8	by	by	ADP
ajfa-3365	220	9	u.s	u.s	PROPN
ajfa-3365	220	10	.	.	PROPN
ajfa-3365	220	11	fed	fed	PROPN
ajfa-3365	220	12	interest	interest	NOUN
ajfa-3365	220	13	rate	rate	NOUN
ajfa-3365	220	14	news	news	NOUN
ajfa-3365	220	15	release	release	NOUN
ajfa-3365	220	16	note	note	NOUN
ajfa-3365	220	17	:	:	PUNCT
ajfa-3365	220	18	we	we	PRON
ajfa-3365	220	19	collected	collect	VERB
ajfa-3365	220	20	nine	nine	NUM
ajfa-3365	220	21	samples	sample	NOUN
ajfa-3365	220	22	of	of	ADP
ajfa-3365	220	23	monetary	monetary	ADJ
ajfa-3365	220	24	policy	policy	NOUN
ajfa-3365	220	25	adjustment	adjustment	NOUN
ajfa-3365	220	26	events	event	NOUN
ajfa-3365	220	27	from	from	ADP
ajfa-3365	220	28	the	the	DET
ajfa-3365	220	29	208	208	NUM
ajfa-3365	220	30	trading	trading	NOUN
ajfa-3365	220	31	days	day	NOUN
ajfa-3365	220	32	and	and	CCONJ
ajfa-3365	220	33	used	use	VERB
ajfa-3365	220	34	the	the	DET
ajfa-3365	220	35	nine	nine	NUM
ajfa-3365	220	36	trading	trading	NOUN
ajfa-3365	220	37	days	day	NOUN
ajfa-3365	220	38	with	with	ADP
ajfa-3365	220	39	overnight	overnight	ADJ
ajfa-3365	220	40	monetary	monetary	ADJ
ajfa-3365	220	41	policy	policy	NOUN
ajfa-3365	220	42	adjustments	adjustment	NOUN
ajfa-3365	220	43	as	as	ADP
ajfa-3365	220	44	the	the	DET
ajfa-3365	220	45	trading	trading	NOUN
ajfa-3365	220	46	day	day	NOUN
ajfa-3365	220	47	with	with	ADP
ajfa-3365	220	48	important	important	ADJ
ajfa-3365	220	49	overnight	overnight	ADJ
ajfa-3365	220	50	information	information	NOUN
ajfa-3365	220	51	.	.	PUNCT
ajfa-3365	221	1	we	we	PRON
ajfa-3365	221	2	compared	compare	VERB
ajfa-3365	221	3	the	the	DET
ajfa-3365	221	4	trading	trading	NOUN
ajfa-3365	221	5	behavior	behavior	NOUN
ajfa-3365	221	6	during	during	ADP
ajfa-3365	221	7	the	the	DET
ajfa-3365	221	8	first	first	ADJ
ajfa-3365	221	9	15	15	NUM
ajfa-3365	221	10	minutes	minute	NOUN
ajfa-3365	221	11	of	of	ADP
ajfa-3365	221	12	the	the	DET
ajfa-3365	221	13	opening	opening	NOUN
ajfa-3365	221	14	of	of	ADP
ajfa-3365	221	15	the	the	DET
ajfa-3365	221	16	stock	stock	NOUN
ajfa-3365	221	17	futures	future	NOUN
ajfa-3365	221	18	market	market	NOUN
ajfa-3365	221	19	in	in	ADP
ajfa-3365	221	20	these	these	DET
ajfa-3365	221	21	nine	nine	NUM
ajfa-3365	221	22	trading	trading	NOUN
ajfa-3365	221	23	days	day	NOUN
ajfa-3365	221	24	(	(	PUNCT
ajfa-3365	221	25	n	n	X
ajfa-3365	221	26	(	(	PUNCT
ajfa-3365	221	27	2	2	NUM
ajfa-3365	221	28	)	)	PUNCT
ajfa-3365	221	29	)	)	PUNCT
ajfa-3365	221	30	with	with	ADP
ajfa-3365	221	31	the	the	DET
ajfa-3365	221	32	remaining	remain	VERB
ajfa-3365	221	33	199	199	NUM
ajfa-3365	221	34	trading	trading	NOUN
ajfa-3365	221	35	days	day	NOUN
ajfa-3365	221	36	(	(	PUNCT
ajfa-3365	221	37	n	n	X
ajfa-3365	221	38	(	(	PUNCT
ajfa-3365	221	39	1	1	NUM
ajfa-3365	221	40	)	)	PUNCT
ajfa-3365	221	41	)	)	PUNCT
ajfa-3365	221	42	.	.	PUNCT
ajfa-3365	222	1	*	*	PUNCT
ajfa-3365	222	2	*	*	PUNCT
ajfa-3365	222	3	*	*	PUNCT
ajfa-3365	222	4	,	,	PUNCT
ajfa-3365	222	5	*	*	PUNCT
ajfa-3365	222	6	*	*	PUNCT
ajfa-3365	222	7	,	,	PUNCT
ajfa-3365	222	8	*	*	PUNCT
ajfa-3365	222	9	represent	represent	VERB
ajfa-3365	222	10	statistical	statistical	ADJ
ajfa-3365	222	11	significance	significance	NOUN
ajfa-3365	222	12	at	at	ADP
ajfa-3365	222	13	levels	level	NOUN
ajfa-3365	222	14	of	of	ADP
ajfa-3365	222	15	1	1	NUM
ajfa-3365	222	16	%	%	NOUN
ajfa-3365	222	17	,	,	PUNCT
ajfa-3365	222	18	5	5	NUM
ajfa-3365	222	19	%	%	NOUN
ajfa-3365	222	20	and	and	CCONJ
ajfa-3365	222	21	10	10	NUM
ajfa-3365	222	22	%	%	NOUN
ajfa-3365	222	23	,	,	PUNCT
ajfa-3365	222	24	respectively	respectively	ADV
ajfa-3365	222	25	.	.	PUNCT
ajfa-3365	223	1	information	information	NOUN
ajfa-3365	223	2	obs	obs	PROPN
ajfa-3365	223	3	.	.	PUNCT
ajfa-3365	224	1	mean	mean	ADJ
ajfa-3365	224	2	median	median	ADJ
ajfa-3365	224	3	price	price	NOUN
ajfa-3365	224	4	change	change	NOUN
ajfa-3365	224	5	return	return	NOUN
ajfa-3365	224	6	volume	volume	NOUN
ajfa-3365	224	7	(	(	PUNCT
ajfa-3365	224	8	billion	billion	NUM
ajfa-3365	224	9	)	)	PUNCT
ajfa-3365	224	10	price	price	NOUN
ajfa-3365	224	11	change	change	NOUN
ajfa-3365	224	12	return	return	NOUN
ajfa-3365	224	13	volume	volume	NOUN
ajfa-3365	224	14	(	(	PUNCT
ajfa-3365	224	15	billion	billion	NUM
ajfa-3365	224	16	)	)	PUNCT
ajfa-3365	224	17	n(1	n(1	NOUN
ajfa-3365	224	18	)	)	PUNCT
ajfa-3365	224	19	199	199	NUM
ajfa-3365	224	20	0.30	0.30	NUM
ajfa-3365	224	21	%	%	NOUN
ajfa-3365	224	22	0.19	0.19	NUM
ajfa-3365	224	23	%	%	NOUN
ajfa-3365	224	24	7.544	7.544	NUM
ajfa-3365	224	25	0.26	0.26	NUM
ajfa-3365	224	26	%	%	NOUN
ajfa-3365	224	27	0.14	0.14	NUM
ajfa-3365	224	28	%	%	NOUN
ajfa-3365	224	29	7.489	7.489	NUM
ajfa-3365	224	30	n(2	n(2	NOUN
ajfa-3365	224	31	)	)	PUNCT
ajfa-3365	224	32	9	9	NUM
ajfa-3365	224	33	0.46	0.46	NUM
ajfa-3365	224	34	%	%	NOUN
ajfa-3365	224	35	0.26	0.26	NUM
ajfa-3365	224	36	%	%	NOUN
ajfa-3365	224	37	9.206	9.206	NUM
ajfa-3365	224	38	0.44	0.44	NUM
ajfa-3365	224	39	%	%	NOUN
ajfa-3365	224	40	0.20	0.20	NUM
ajfa-3365	224	41	%	%	NOUN
ajfa-3365	224	42	8.216	8.216	NUM
ajfa-3365	224	43	n(1)n(2	n(1)n(2	NOUN
ajfa-3365	224	44	)	)	PUNCT
ajfa-3365	225	1	-0.16	-0.16	NUM
ajfa-3365	226	1	%	%	INTJ
ajfa-3365	226	2	*	*	PUNCT
ajfa-3365	226	3	*	*	PUNCT
ajfa-3365	226	4	*	*	PUNCT
ajfa-3365	226	5	-0.07	-0.07	NUM
ajfa-3365	226	6	%	%	NOUN
ajfa-3365	226	7	-1.662	-1.662	PUNCT
ajfa-3365	226	8	-0.18	-0.18	NUM
ajfa-3365	226	9	%	%	NOUN
ajfa-3365	226	10	*	*	PUNCT
ajfa-3365	226	11	*	*	PUNCT
ajfa-3365	226	12	*	*	PUNCT
ajfa-3365	226	13	-0.05	-0.05	NUM
ajfa-3365	226	14	%	%	NOUN
ajfa-3365	226	15	-0.727	-0.727	PUNCT
ajfa-3365	226	16	p	p	NOUN
ajfa-3365	226	17	0.02	0.02	NUM
ajfa-3365	226	18	0.48	0.48	NUM
ajfa-3365	226	19	0.41	0.41	NUM
ajfa-3365	226	20	0.02	0.02	NUM
ajfa-3365	226	21	0.4	0.4	NUM
ajfa-3365	226	22	0.35	0.35	NUM
ajfa-3365	226	23	asian	asian	ADJ
ajfa-3365	226	24	journal	journal	NOUN
ajfa-3365	226	25	of	of	ADP
ajfa-3365	226	26	finance	finance	PROPN
ajfa-3365	226	27	&	&	CCONJ
ajfa-3365	226	28	accounting	accounting	PROPN
ajfa-3365	226	29	issn	issn	PROPN
ajfa-3365	226	30	1946	1946	NUM
ajfa-3365	226	31	-	-	PUNCT
ajfa-3365	226	32	052x	052x	NOUN
ajfa-3365	226	33	2013	2013	NUM
ajfa-3365	226	34	,	,	PUNCT
ajfa-3365	226	35	vol	vol	NOUN
ajfa-3365	226	36	.	.	PROPN
ajfa-3365	226	37	5	5	NUM
ajfa-3365	226	38	,	,	PUNCT
ajfa-3365	226	39	no	no	INTJ
ajfa-3365	226	40	.	.	NOUN
ajfa-3365	226	41	1	1	NUM
ajfa-3365	226	42	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3365	226	43	248	248	NUM
ajfa-3365	226	44	5	5	NUM
ajfa-3365	226	45	.	.	PUNCT
ajfa-3365	227	1	conclusions	conclusion	NOUN
ajfa-3365	227	2	in	in	ADP
ajfa-3365	227	3	this	this	DET
ajfa-3365	227	4	paper	paper	NOUN
ajfa-3365	227	5	,	,	PUNCT
ajfa-3365	227	6	we	we	PRON
ajfa-3365	227	7	study	study	VERB
ajfa-3365	227	8	the	the	DET
ajfa-3365	227	9	information	information	NOUN
ajfa-3365	227	10	role	role	NOUN
ajfa-3365	227	11	of	of	ADP
ajfa-3365	227	12	the	the	DET
ajfa-3365	227	13	newly	newly	ADV
ajfa-3365	227	14	launched	launch	VERB
ajfa-3365	227	15	futures	future	NOUN
ajfa-3365	227	16	market	market	NOUN
ajfa-3365	227	17	in	in	ADP
ajfa-3365	227	18	china	china	PROPN
ajfa-3365	227	19	.	.	PUNCT
ajfa-3365	228	1	in	in	ADP
ajfa-3365	228	2	particular	particular	ADJ
ajfa-3365	228	3	,	,	PUNCT
ajfa-3365	228	4	we	we	PRON
ajfa-3365	228	5	examine	examine	VERB
ajfa-3365	228	6	information	information	NOUN
ajfa-3365	228	7	incorporations	incorporation	NOUN
ajfa-3365	228	8	of	of	ADP
ajfa-3365	228	9	the	the	DET
ajfa-3365	228	10	futures	future	NOUN
ajfa-3365	228	11	market	market	NOUN
ajfa-3365	228	12	during	during	ADP
ajfa-3365	228	13	the	the	DET
ajfa-3365	228	14	extended	extended	ADJ
ajfa-3365	228	15	trading	trading	NOUN
ajfa-3365	228	16	sessions	session	NOUN
ajfa-3365	228	17	to	to	ADP
ajfa-3365	228	18	the	the	DET
ajfa-3365	228	19	underlying	underlie	VERB
ajfa-3365	228	20	spot	spot	NOUN
ajfa-3365	228	21	market	market	NOUN
ajfa-3365	228	22	.	.	PUNCT
ajfa-3365	229	1	our	our	PRON
ajfa-3365	229	2	findings	finding	NOUN
ajfa-3365	229	3	are	be	AUX
ajfa-3365	229	4	three	three	NUM
ajfa-3365	229	5	-	-	PUNCT
ajfa-3365	229	6	folded	fold	VERB
ajfa-3365	229	7	.	.	PUNCT
ajfa-3365	230	1	first	first	ADV
ajfa-3365	230	2	,	,	PUNCT
ajfa-3365	230	3	the	the	DET
ajfa-3365	230	4	spot	spot	NOUN
ajfa-3365	230	5	market	market	NOUN
ajfa-3365	230	6	is	be	AUX
ajfa-3365	230	7	the	the	DET
ajfa-3365	230	8	main	main	ADJ
ajfa-3365	230	9	information	information	NOUN
ajfa-3365	230	10	source	source	NOUN
ajfa-3365	230	11	to	to	ADP
ajfa-3365	230	12	the	the	DET
ajfa-3365	230	13	futures	future	NOUN
ajfa-3365	230	14	market	market	NOUN
ajfa-3365	230	15	,	,	PUNCT
ajfa-3365	230	16	and	and	CCONJ
ajfa-3365	230	17	private	private	ADJ
ajfa-3365	230	18	information	information	NOUN
ajfa-3365	230	19	incorporation	incorporation	NOUN
ajfa-3365	230	20	of	of	ADP
ajfa-3365	230	21	the	the	DET
ajfa-3365	230	22	futures	future	NOUN
ajfa-3365	230	23	market	market	NOUN
ajfa-3365	230	24	after	after	SCONJ
ajfa-3365	230	25	spot	spot	NOUN
ajfa-3365	230	26	market	market	NOUN
ajfa-3365	230	27	closes	close	NOUN
ajfa-3365	230	28	becomes	become	VERB
ajfa-3365	230	29	significantly	significantly	ADV
ajfa-3365	230	30	weaker	weak	ADJ
ajfa-3365	230	31	.	.	PUNCT
ajfa-3365	231	1	this	this	PRON
ajfa-3365	231	2	indicates	indicate	VERB
ajfa-3365	231	3	a	a	DET
ajfa-3365	231	4	weak	weak	ADJ
ajfa-3365	231	5	informational	informational	ADJ
ajfa-3365	231	6	efficiency	efficiency	NOUN
ajfa-3365	231	7	of	of	ADP
ajfa-3365	231	8	the	the	DET
ajfa-3365	231	9	futures	future	NOUN
ajfa-3365	231	10	market	market	NOUN
ajfa-3365	231	11	.	.	PUNCT
ajfa-3365	232	1	second	second	ADV
ajfa-3365	232	2	,	,	PUNCT
ajfa-3365	232	3	using	use	VERB
ajfa-3365	232	4	a	a	DET
ajfa-3365	232	5	t	t	NOUN
ajfa-3365	232	6	-	-	PUNCT
ajfa-3365	232	7	garch(1,1	garch(1,1	NOUN
ajfa-3365	232	8	)	)	PUNCT
ajfa-3365	232	9	model	model	NOUN
ajfa-3365	232	10	,	,	PUNCT
ajfa-3365	232	11	we	we	PRON
ajfa-3365	232	12	test	test	VERB
ajfa-3365	232	13	whether	whether	SCONJ
ajfa-3365	232	14	the	the	DET
ajfa-3365	232	15	return	return	NOUN
ajfa-3365	232	16	innovations	innovation	NOUN
ajfa-3365	232	17	in	in	ADP
ajfa-3365	232	18	the	the	DET
ajfa-3365	232	19	futures	future	NOUN
ajfa-3365	232	20	market	market	NOUN
ajfa-3365	232	21	are	be	AUX
ajfa-3365	232	22	correlated	correlate	VERB
ajfa-3365	232	23	with	with	ADP
ajfa-3365	232	24	the	the	DET
ajfa-3365	232	25	spot	spot	NOUN
ajfa-3365	232	26	market	market	NOUN
ajfa-3365	232	27	,	,	PUNCT
ajfa-3365	232	28	and	and	CCONJ
ajfa-3365	232	29	we	we	PRON
ajfa-3365	232	30	confirmed	confirm	VERB
ajfa-3365	232	31	a	a	DET
ajfa-3365	232	32	positive	positive	ADJ
ajfa-3365	232	33	relation	relation	NOUN
ajfa-3365	232	34	between	between	ADP
ajfa-3365	232	35	returns	return	NOUN
ajfa-3365	232	36	from	from	ADP
ajfa-3365	232	37	the	the	DET
ajfa-3365	232	38	two	two	NUM
ajfa-3365	232	39	market	market	NOUN
ajfa-3365	232	40	.	.	PUNCT
ajfa-3365	233	1	third	third	ADV
ajfa-3365	233	2	,	,	PUNCT
ajfa-3365	233	3	we	we	PRON
ajfa-3365	233	4	test	test	VERB
ajfa-3365	233	5	whether	whether	SCONJ
ajfa-3365	233	6	futures	future	NOUN
ajfa-3365	233	7	market	market	NOUN
ajfa-3365	233	8	incorporate	incorporate	VERB
ajfa-3365	233	9	additional	additional	ADJ
ajfa-3365	233	10	news	news	NOUN
ajfa-3365	233	11	from	from	ADP
ajfa-3365	233	12	the	the	DET
ajfa-3365	233	13	overseas	overseas	ADJ
ajfa-3365	233	14	market	market	NOUN
ajfa-3365	233	15	(	(	PUNCT
ajfa-3365	233	16	i.e.	i.e.	X
ajfa-3365	233	17	,	,	PUNCT
ajfa-3365	233	18	the	the	DET
ajfa-3365	233	19	u.s	u.s	PROPN
ajfa-3365	233	20	.	.	PROPN
ajfa-3365	233	21	market	market	NOUN
ajfa-3365	233	22	)	)	PUNCT
ajfa-3365	233	23	and	and	CCONJ
ajfa-3365	233	24	we	we	PRON
ajfa-3365	233	25	confirm	confirm	VERB
ajfa-3365	233	26	a	a	DET
ajfa-3365	233	27	positive	positive	ADJ
ajfa-3365	233	28	answer	answer	NOUN
ajfa-3365	233	29	to	to	ADP
ajfa-3365	233	30	this	this	DET
ajfa-3365	233	31	research	research	NOUN
ajfa-3365	233	32	question	question	NOUN
ajfa-3365	233	33	.	.	PUNCT
ajfa-3365	234	1	overall	overall	ADV
ajfa-3365	234	2	,	,	PUNCT
ajfa-3365	234	3	our	our	PRON
ajfa-3365	234	4	results	result	NOUN
ajfa-3365	234	5	show	show	VERB
ajfa-3365	234	6	that	that	SCONJ
ajfa-3365	234	7	the	the	DET
ajfa-3365	234	8	futures	future	NOUN
ajfa-3365	234	9	market	market	NOUN
ajfa-3365	234	10	in	in	ADP
ajfa-3365	234	11	such	such	DET
ajfa-3365	234	12	a	a	DET
ajfa-3365	234	13	strong	strong	ADJ
ajfa-3365	234	14	politically	politically	ADV
ajfa-3365	234	15	controlled	control	VERB
ajfa-3365	234	16	economy	economy	NOUN
ajfa-3365	234	17	is	be	AUX
ajfa-3365	234	18	informationally	informationally	ADV
ajfa-3365	234	19	functional	functional	ADJ
ajfa-3365	234	20	,	,	PUNCT
ajfa-3365	234	21	but	but	CCONJ
ajfa-3365	234	22	only	only	ADV
ajfa-3365	234	23	to	to	ADP
ajfa-3365	234	24	a	a	DET
ajfa-3365	234	25	weak	weak	ADJ
ajfa-3365	234	26	extent	extent	NOUN
ajfa-3365	234	27	.	.	PUNCT
ajfa-3365	235	1	our	our	PRON
ajfa-3365	235	2	paper	paper	NOUN
ajfa-3365	235	3	adds	add	VERB
ajfa-3365	235	4	to	to	ADP
ajfa-3365	235	5	the	the	DET
ajfa-3365	235	6	current	current	ADJ
ajfa-3365	235	7	discussion	discussion	NOUN
ajfa-3365	235	8	of	of	ADP
ajfa-3365	235	9	information	information	NOUN
ajfa-3365	235	10	content	content	NOUN
ajfa-3365	235	11	of	of	ADP
ajfa-3365	235	12	newly	newly	ADV
ajfa-3365	235	13	incepted	incepte	VERB
ajfa-3365	235	14	markets	market	NOUN
ajfa-3365	235	15	such	such	ADJ
ajfa-3365	235	16	as	as	ADP
ajfa-3365	235	17	japan	japan	PROPN
ajfa-3365	235	18	,	,	PUNCT
ajfa-3365	235	19	korea	korea	PROPN
ajfa-3365	235	20	and	and	CCONJ
ajfa-3365	235	21	hong	hong	PROPN
ajfa-3365	235	22	kong	kong	PROPN
ajfa-3365	235	23	.	.	PUNCT
ajfa-3365	236	1	grossman	grossman	PROPN
ajfa-3365	236	2	(	(	PUNCT
ajfa-3365	236	3	1977	1977	NUM
ajfa-3365	236	4	)	)	PUNCT
ajfa-3365	236	5	point	point	VERB
ajfa-3365	236	6	out	out	ADP
ajfa-3365	236	7	that	that	SCONJ
ajfa-3365	236	8	future	future	ADJ
ajfa-3365	236	9	market	market	NOUN
ajfa-3365	236	10	can	can	AUX
ajfa-3365	236	11	facilitate	facilitate	VERB
ajfa-3365	236	12	information	information	NOUN
ajfa-3365	236	13	transfer	transfer	NOUN
ajfa-3365	236	14	from	from	ADP
ajfa-3365	236	15	informed	informed	ADJ
ajfa-3365	236	16	investors	investor	NOUN
ajfa-3365	236	17	to	to	ADP
ajfa-3365	236	18	uninformed	uninformed	ADJ
ajfa-3365	236	19	investors	investor	NOUN
ajfa-3365	236	20	,	,	PUNCT
ajfa-3365	236	21	and	and	CCONJ
ajfa-3365	236	22	our	our	PRON
ajfa-3365	236	23	results	result	NOUN
ajfa-3365	236	24	indicate	indicate	VERB
ajfa-3365	236	25	that	that	SCONJ
ajfa-3365	236	26	futures	future	NOUN
ajfa-3365	236	27	market	market	NOUN
ajfa-3365	236	28	in	in	ADP
ajfa-3365	236	29	china	china	PROPN
ajfa-3365	236	30	fulfills	fulfill	VERB
ajfa-3365	236	31	this	this	DET
ajfa-3365	236	32	information	information	NOUN
ajfa-3365	236	33	transmission	transmission	NOUN
ajfa-3365	236	34	role	role	NOUN
ajfa-3365	236	35	.	.	PUNCT
ajfa-3365	237	1	the	the	DET
ajfa-3365	237	2	implications	implication	NOUN
ajfa-3365	237	3	of	of	ADP
ajfa-3365	237	4	our	our	PRON
ajfa-3365	237	5	results	result	NOUN
ajfa-3365	237	6	are	be	AUX
ajfa-3365	237	7	not	not	PART
ajfa-3365	237	8	only	only	ADV
ajfa-3365	237	9	theoretical	theoretical	ADJ
ajfa-3365	237	10	but	but	CCONJ
ajfa-3365	237	11	also	also	ADV
ajfa-3365	237	12	practical	practical	ADJ
ajfa-3365	237	13	.	.	PUNCT
ajfa-3365	238	1	for	for	ADP
ajfa-3365	238	2	example	example	NOUN
ajfa-3365	238	3	,	,	PUNCT
ajfa-3365	238	4	in	in	ADP
ajfa-3365	238	5	china	china	PROPN
ajfa-3365	238	6	there	there	PRON
ajfa-3365	238	7	are	be	VERB
ajfa-3365	238	8	limited	limit	VERB
ajfa-3365	238	9	invest	invest	VERB
ajfa-3365	238	10	instruments	instrument	NOUN
ajfa-3365	238	11	to	to	PART
ajfa-3365	238	12	form	form	VERB
ajfa-3365	238	13	complicated	complicated	ADJ
ajfa-3365	238	14	investment	investment	NOUN
ajfa-3365	238	15	strategies	strategy	NOUN
ajfa-3365	238	16	for	for	ADP
ajfa-3365	238	17	institutional	institutional	ADJ
ajfa-3365	238	18	investors	investor	NOUN
ajfa-3365	238	19	,	,	PUNCT
ajfa-3365	238	20	but	but	CCONJ
ajfa-3365	238	21	the	the	DET
ajfa-3365	238	22	futures	future	NOUN
ajfa-3365	238	23	market	market	NOUN
ajfa-3365	238	24	,	,	PUNCT
ajfa-3365	238	25	if	if	SCONJ
ajfa-3365	238	26	informationally	informationally	ADV
ajfa-3365	238	27	efficient	efficient	ADJ
ajfa-3365	238	28	,	,	PUNCT
ajfa-3365	238	29	adds	add	VERB
ajfa-3365	238	30	to	to	ADP
ajfa-3365	238	31	the	the	DET
ajfa-3365	238	32	possible	possible	ADJ
ajfa-3365	238	33	instruments	instrument	NOUN
ajfa-3365	238	34	for	for	ADP
ajfa-3365	238	35	institutional	institutional	ADJ
ajfa-3365	238	36	investors	investor	NOUN
ajfa-3365	238	37	.	.	PUNCT
ajfa-3365	239	1	especially	especially	ADV
ajfa-3365	239	2	,	,	PUNCT
ajfa-3365	239	3	the	the	DET
ajfa-3365	239	4	extended	extended	ADJ
ajfa-3365	239	5	trading	trading	NOUN
ajfa-3365	239	6	hours	hour	NOUN
ajfa-3365	239	7	provided	provide	VERB
ajfa-3365	239	8	additional	additional	ADJ
ajfa-3365	239	9	investment	investment	NOUN
ajfa-3365	239	10	opportunities	opportunity	NOUN
ajfa-3365	239	11	.	.	PUNCT
ajfa-3365	240	1	acknowledgement	acknowledgement	NOUN
ajfa-3365	240	2	the	the	DET
ajfa-3365	240	3	authors	author	NOUN
ajfa-3365	240	4	would	would	AUX
ajfa-3365	240	5	like	like	VERB
ajfa-3365	240	6	to	to	PART
ajfa-3365	240	7	thank	thank	VERB
ajfa-3365	240	8	liming	liming	NOUN
ajfa-3365	240	9	zhao	zhao	PROPN
ajfa-3365	240	10	,	,	PUNCT
ajfa-3365	240	11	jinsong	jinsong	PROPN
ajfa-3365	240	12	tan	tan	PROPN
ajfa-3365	240	13	,	,	PUNCT
ajfa-3365	240	14	and	and	CCONJ
ajfa-3365	240	15	the	the	DET
ajfa-3365	240	16	research	research	NOUN
ajfa-3365	240	17	team	team	NOUN
ajfa-3365	240	18	at	at	ADP
ajfa-3365	240	19	the	the	DET
ajfa-3365	240	20	china	china	PROPN
ajfa-3365	240	21	financial	financial	PROPN
ajfa-3365	240	22	futures	futures	PROPN
ajfa-3365	240	23	exchange	exchange	PROPN
ajfa-3365	240	24	(	(	PUNCT
ajfa-3365	240	25	ffex	ffex	PROPN
ajfa-3365	240	26	)	)	PUNCT
ajfa-3365	240	27	for	for	ADP
ajfa-3365	240	28	helpful	helpful	ADJ
ajfa-3365	240	29	comments	comment	NOUN
ajfa-3365	240	30	and	and	CCONJ
ajfa-3365	240	31	suggestions	suggestion	NOUN
ajfa-3365	240	32	.	.	PUNCT
ajfa-3365	241	1	this	this	DET
ajfa-3365	241	2	study	study	NOUN
ajfa-3365	241	3	,	,	PUNCT
ajfa-3365	241	4	originally	originally	ADV
ajfa-3365	241	5	written	write	VERB
ajfa-3365	241	6	in	in	ADP
ajfa-3365	241	7	chinese	chinese	PROPN
ajfa-3365	241	8	,	,	PUNCT
ajfa-3365	241	9	won	win	VERB
ajfa-3365	241	10	the	the	DET
ajfa-3365	241	11	best	good	ADJ
ajfa-3365	241	12	paper	paper	NOUN
ajfa-3365	241	13	award	award	NOUN
ajfa-3365	241	14	in	in	ADP
ajfa-3365	241	15	the	the	DET
ajfa-3365	241	16	research	research	NOUN
ajfa-3365	241	17	competition	competition	NOUN
ajfa-3365	241	18	held	hold	VERB
ajfa-3365	241	19	by	by	ADP
ajfa-3365	241	20	the	the	DET
ajfa-3365	241	21	ffex	ffex	NOUN
ajfa-3365	241	22	in	in	ADP
ajfa-3365	241	23	2011	2011	NUM
ajfa-3365	241	24	.	.	PUNCT
ajfa-3365	242	1	karen	karen	PROPN
ajfa-3365	242	2	jingrong	jingrong	PROPN
ajfa-3365	242	3	lin	lin	PROPN
ajfa-3365	242	4	would	would	AUX
ajfa-3365	242	5	like	like	VERB
ajfa-3365	242	6	to	to	PART
ajfa-3365	242	7	thank	thank	VERB
ajfa-3365	242	8	business	business	NOUN
ajfa-3365	242	9	school	school	NOUN
ajfa-3365	242	10	at	at	ADP
ajfa-3365	242	11	the	the	DET
ajfa-3365	242	12	sun	sun	PROPN
ajfa-3365	242	13	yat	yat	PROPN
ajfa-3365	242	14	-	-	PUNCT
ajfa-3365	242	15	sen	sen	PROPN
ajfa-3365	242	16	university	university	PROPN
ajfa-3365	242	17	for	for	ADP
ajfa-3365	242	18	the	the	DET
ajfa-3365	242	19	financial	financial	ADJ
ajfa-3365	242	20	assistance	assistance	NOUN
ajfa-3365	242	21	at	at	ADP
ajfa-3365	242	22	the	the	DET
ajfa-3365	242	23	time	time	NOUN
ajfa-3365	242	24	this	this	DET
ajfa-3365	242	25	paper	paper	NOUN
ajfa-3365	242	26	was	be	AUX
ajfa-3365	242	27	written	write	VERB
ajfa-3365	242	28	.	.	PUNCT
ajfa-3365	243	1	references	reference	NOUN
ajfa-3365	243	2	antoniou	antoniou	PROPN
ajfa-3365	243	3	,	,	PUNCT
ajfa-3365	243	4	a.	a.	PROPN
ajfa-3365	243	5	,	,	PUNCT
ajfa-3365	243	6	&	&	CCONJ
ajfa-3365	243	7	holmes	holmes	PROPN
ajfa-3365	243	8	,	,	PUNCT
ajfa-3365	243	9	p.	p.	NOUN
ajfa-3365	243	10	(	(	PUNCT
ajfa-3365	243	11	1995	1995	NUM
ajfa-3365	243	12	)	)	PUNCT
ajfa-3365	243	13	.	.	PUNCT
ajfa-3365	244	1	futures	future	NOUN
ajfa-3365	244	2	trading	trading	NOUN
ajfa-3365	244	3	,	,	PUNCT
ajfa-3365	244	4	information	information	NOUN
ajfa-3365	244	5	and	and	CCONJ
ajfa-3365	244	6	spot	spot	NOUN
ajfa-3365	244	7	price	price	NOUN
ajfa-3365	244	8	volatility	volatility	NOUN
ajfa-3365	244	9	:	:	PUNCT
ajfa-3365	244	10	evidence	evidence	NOUN
ajfa-3365	244	11	for	for	ADP
ajfa-3365	244	12	the	the	DET
ajfa-3365	244	13	ftse-100	ftse-100	PROPN
ajfa-3365	244	14	stock	stock	NOUN
ajfa-3365	244	15	index	index	NOUN
ajfa-3365	244	16	futures	future	NOUN
ajfa-3365	244	17	contract	contract	NOUN
ajfa-3365	244	18	using	use	VERB
ajfa-3365	244	19	garch	garch	NOUN
ajfa-3365	244	20	.	.	PUNCT
ajfa-3365	245	1	journal	journal	NOUN
ajfa-3365	245	2	of	of	ADP
ajfa-3365	245	3	banking	banking	NOUN
ajfa-3365	245	4	&	&	CCONJ
ajfa-3365	245	5	finance	finance	PROPN
ajfa-3365	245	6	,	,	PUNCT
ajfa-3365	245	7	19(1	19(1	NUM
ajfa-3365	245	8	)	)	PUNCT
ajfa-3365	245	9	,	,	PUNCT
ajfa-3365	245	10	117	117	NUM
ajfa-3365	245	11	-	-	SYM
ajfa-3365	245	12	129	129	NUM
ajfa-3365	245	13	.	.	PUNCT
ajfa-3365	246	1	http://dx.doi.org/10.1016/0378-4266(94)00059-c	http://dx.doi.org/10.1016/0378-4266(94)00059-c	ADP
ajfa-3365	246	2	bigman	bigman	PROPN
ajfa-3365	246	3	,	,	PUNCT
ajfa-3365	246	4	d.	d.	PROPN
ajfa-3365	246	5	,	,	PUNCT
ajfa-3365	246	6	goldfarb	goldfarb	PROPN
ajfa-3365	246	7	,	,	PUNCT
ajfa-3365	246	8	d.	d.	PROPN
ajfa-3365	246	9	,	,	PUNCT
ajfa-3365	246	10	&	&	CCONJ
ajfa-3365	246	11	schechtman	schechtman	PROPN
ajfa-3365	246	12	,	,	PUNCT
ajfa-3365	246	13	e.	e.	PROPN
ajfa-3365	246	14	(	(	PUNCT
ajfa-3365	246	15	1983	1983	NUM
ajfa-3365	246	16	)	)	PUNCT
ajfa-3365	246	17	.	.	PUNCT
ajfa-3365	247	1	futures	future	NOUN
ajfa-3365	247	2	market	market	NOUN
ajfa-3365	247	3	efficiency	efficiency	NOUN
ajfa-3365	247	4	and	and	CCONJ
ajfa-3365	247	5	the	the	DET
ajfa-3365	247	6	time	time	NOUN
ajfa-3365	247	7	content	content	NOUN
ajfa-3365	247	8	of	of	ADP
ajfa-3365	247	9	the	the	DET
ajfa-3365	247	10	information	information	NOUN
ajfa-3365	247	11	sets	set	NOUN
ajfa-3365	247	12	.	.	PUNCT
ajfa-3365	248	1	the	the	DET
ajfa-3365	248	2	journal	journal	PROPN
ajfa-3365	248	3	of	of	ADP
ajfa-3365	248	4	futures	future	NOUN
ajfa-3365	248	5	markets	market	NOUN
ajfa-3365	248	6	(	(	PUNCT
ajfa-3365	248	7	pre-1986	pre-1986	NOUN
ajfa-3365	248	8	)	)	PUNCT
ajfa-3365	248	9	,	,	PUNCT
ajfa-3365	248	10	3(3	3(3	NUM
ajfa-3365	248	11	)	)	PUNCT
ajfa-3365	248	12	,	,	PUNCT
ajfa-3365	248	13	321	321	NUM
ajfa-3365	248	14	-	-	SYM
ajfa-3365	248	15	321	321	NUM
ajfa-3365	248	16	.	.	PUNCT
ajfa-3365	249	1	http://dx.doi.org/10.1002/fut.3990030307	http://dx.doi.org/10.1002/fut.3990030307	PROPN
ajfa-3365	249	2	chang	chang	PROPN
ajfa-3365	249	3	,	,	PUNCT
ajfa-3365	249	4	e.	e.	PROPN
ajfa-3365	249	5	c.	c.	PROPN
ajfa-3365	249	6	,	,	PUNCT
ajfa-3365	249	7	cheng	cheng	PROPN
ajfa-3365	249	8	,	,	PUNCT
ajfa-3365	249	9	j.	j.	PROPN
ajfa-3365	249	10	w.	w.	PROPN
ajfa-3365	249	11	,	,	PUNCT
ajfa-3365	249	12	&	&	CCONJ
ajfa-3365	249	13	pinegar	pinegar	PROPN
ajfa-3365	249	14	,	,	PUNCT
ajfa-3365	249	15	j.	j.	PROPN
ajfa-3365	249	16	m.	m.	PROPN
ajfa-3365	249	17	(	(	PUNCT
ajfa-3365	249	18	1999	1999	NUM
ajfa-3365	249	19	)	)	PUNCT
ajfa-3365	249	20	.	.	PUNCT
ajfa-3365	250	1	does	do	AUX
ajfa-3365	250	2	futures	future	NOUN
ajfa-3365	250	3	trading	trading	NOUN
ajfa-3365	250	4	increase	increase	VERB
ajfa-3365	250	5	stock	stock	NOUN
ajfa-3365	250	6	market	market	NOUN
ajfa-3365	250	7	volatility	volatility	NOUN
ajfa-3365	250	8	?	?	PUNCT
ajfa-3365	251	1	the	the	DET
ajfa-3365	251	2	case	case	NOUN
ajfa-3365	251	3	of	of	ADP
ajfa-3365	251	4	the	the	DET
ajfa-3365	251	5	nikkei	nikkei	PROPN
ajfa-3365	251	6	stock	stock	PROPN
ajfa-3365	251	7	index	index	NOUN
ajfa-3365	251	8	futures	future	NOUN
ajfa-3365	251	9	markets	market	NOUN
ajfa-3365	251	10	.	.	PUNCT
ajfa-3365	252	1	journal	journal	NOUN
ajfa-3365	252	2	of	of	ADP
ajfa-3365	252	3	banking	banking	NOUN
ajfa-3365	252	4	&	&	CCONJ
ajfa-3365	252	5	finance	finance	NOUN
ajfa-3365	252	6	,	,	PUNCT
ajfa-3365	252	7	23(5	23(5	NUM
ajfa-3365	252	8	)	)	PUNCT
ajfa-3365	252	9	,	,	PUNCT
ajfa-3365	252	10	727	727	NUM
ajfa-3365	252	11	-	-	SYM
ajfa-3365	252	12	753	753	NUM
ajfa-3365	252	13	.	.	PUNCT
ajfa-3365	253	1	http://dx.doi.org/10.1016/s0378-4266(98)00069-7	http://dx.doi.org/10.1016/s0378-4266(98)00069-7	PROPN
ajfa-3365	253	2	cheng	cheng	PROPN
ajfa-3365	253	3	,	,	PUNCT
ajfa-3365	253	4	l.	l.	PROPN
ajfa-3365	253	5	t.	t.	PROPN
ajfa-3365	253	6	w.	w.	PROPN
ajfa-3365	253	7	,	,	PUNCT
ajfa-3365	253	8	jiang	jiang	PROPN
ajfa-3365	253	9	,	,	PUNCT
ajfa-3365	253	10	l.	l.	PROPN
ajfa-3365	253	11	,	,	PUNCT
ajfa-3365	253	12	&	&	CCONJ
ajfa-3365	253	13	ng	ng	PROPN
ajfa-3365	253	14	,	,	PUNCT
ajfa-3365	253	15	r.	r.	PROPN
ajfa-3365	253	16	w.	w.	PROPN
ajfa-3365	253	17	y.	y.	PROPN
ajfa-3365	253	18	(	(	PUNCT
ajfa-3365	253	19	2004	2004	NUM
ajfa-3365	253	20	)	)	PUNCT
ajfa-3365	253	21	.	.	PUNCT
ajfa-3365	254	1	information	information	NOUN
ajfa-3365	254	2	content	content	NOUN
ajfa-3365	254	3	of	of	ADP
ajfa-3365	254	4	extended	extended	ADJ
ajfa-3365	254	5	trading	trading	NOUN
ajfa-3365	254	6	asian	asian	ADJ
ajfa-3365	254	7	journal	journal	NOUN
ajfa-3365	254	8	of	of	ADP
ajfa-3365	254	9	finance	finance	PROPN
ajfa-3365	254	10	&	&	CCONJ
ajfa-3365	254	11	accounting	accounting	PROPN
ajfa-3365	254	12	issn	issn	PROPN
ajfa-3365	254	13	1946	1946	NUM
ajfa-3365	254	14	-	-	PUNCT
ajfa-3365	254	15	052x	052x	NOUN
ajfa-3365	254	16	2013	2013	NUM
ajfa-3365	254	17	,	,	PUNCT
ajfa-3365	254	18	vol	vol	NOUN
ajfa-3365	254	19	.	.	PROPN
ajfa-3365	254	20	5	5	NUM
ajfa-3365	254	21	,	,	PUNCT
ajfa-3365	254	22	no	no	INTJ
ajfa-3365	254	23	.	.	NOUN
ajfa-3365	254	24	1	1	NUM
ajfa-3365	254	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3365	254	26	249	249	NUM
ajfa-3365	254	27	for	for	ADP
ajfa-3365	254	28	index	index	NOUN
ajfa-3365	254	29	futures	future	NOUN
ajfa-3365	254	30	.	.	PUNCT
ajfa-3365	255	1	journal	journal	PROPN
ajfa-3365	255	2	of	of	ADP
ajfa-3365	255	3	futures	future	NOUN
ajfa-3365	255	4	markets	market	NOUN
ajfa-3365	255	5	,	,	PUNCT
ajfa-3365	255	6	24(9	24(9	NUM
ajfa-3365	255	7	)	)	PUNCT
ajfa-3365	255	8	,	,	PUNCT
ajfa-3365	255	9	861	861	NUM
ajfa-3365	255	10	-	-	SYM
ajfa-3365	255	11	886	886	NUM
ajfa-3365	255	12	.	.	PUNCT
ajfa-3365	256	1	http://dx.doi.org/10.1002/fut.20110	http://dx.doi.org/10.1002/fut.20110	PROPN
ajfa-3365	256	2	chiang	chiang	PROPN
ajfa-3365	256	3	,	,	PUNCT
ajfa-3365	256	4	m.-h	m.-h	PROPN
ajfa-3365	256	5	.	.	PROPN
ajfa-3365	256	6	,	,	PUNCT
ajfa-3365	256	7	&	&	CCONJ
ajfa-3365	256	8	wang	wang	PROPN
ajfa-3365	256	9	,	,	PUNCT
ajfa-3365	256	10	c.-y	c.-y	NOUN
ajfa-3365	256	11	.	.	PUNCT
ajfa-3365	257	1	(	(	PUNCT
ajfa-3365	257	2	2002	2002	NUM
ajfa-3365	257	3	)	)	PUNCT
ajfa-3365	257	4	.	.	PUNCT
ajfa-3365	258	1	the	the	DET
ajfa-3365	258	2	impact	impact	NOUN
ajfa-3365	258	3	of	of	ADP
ajfa-3365	258	4	futures	future	NOUN
ajfa-3365	258	5	trading	trading	NOUN
ajfa-3365	258	6	on	on	ADP
ajfa-3365	258	7	spot	spot	NOUN
ajfa-3365	258	8	index	index	NOUN
ajfa-3365	258	9	volatility	volatility	NOUN
ajfa-3365	258	10	:	:	PUNCT
ajfa-3365	258	11	evidence	evidence	NOUN
ajfa-3365	258	12	for	for	ADP
ajfa-3365	258	13	taiwan	taiwan	PROPN
ajfa-3365	258	14	index	index	NOUN
ajfa-3365	258	15	futures	future	NOUN
ajfa-3365	258	16	.	.	PUNCT
ajfa-3365	259	1	applied	apply	VERB
ajfa-3365	259	2	economics	economic	NOUN
ajfa-3365	259	3	letters	letter	NOUN
ajfa-3365	259	4	,	,	PUNCT
ajfa-3365	259	5	9(6	9(6	NUM
ajfa-3365	259	6	)	)	PUNCT
ajfa-3365	259	7	,	,	PUNCT
ajfa-3365	259	8	381	381	NUM
ajfa-3365	259	9	-	-	SYM
ajfa-3365	259	10	385	385	NUM
ajfa-3365	259	11	.	.	PUNCT
ajfa-3365	260	1	http://dx.doi.org/10.1080/13504850110068837	http://dx.doi.org/10.1080/13504850110068837	PROPN
ajfa-3365	260	2	chong	chong	PROPN
ajfa-3365	260	3	,	,	PUNCT
ajfa-3365	260	4	t.	t.	PROPN
ajfa-3365	260	5	t.-l	t.-l	PROPN
ajfa-3365	260	6	.	.	PUNCT
ajfa-3365	260	7	,	,	PUNCT
ajfa-3365	260	8	lam	lam	PROPN
ajfa-3365	260	9	,	,	PUNCT
ajfa-3365	260	10	t.-h	t.-h	PROPN
ajfa-3365	260	11	.	.	PUNCT
ajfa-3365	260	12	,	,	PUNCT
ajfa-3365	260	13	&	&	CCONJ
ajfa-3365	260	14	yan	yan	PROPN
ajfa-3365	260	15	,	,	PUNCT
ajfa-3365	260	16	i.	i.	PROPN
ajfa-3365	260	17	k.-m	k.-m	PROPN
ajfa-3365	260	18	.	.	PUNCT
ajfa-3365	261	1	(	(	PUNCT
ajfa-3365	261	2	2012	2012	NUM
ajfa-3365	261	3	)	)	PUNCT
ajfa-3365	261	4	.	.	PUNCT
ajfa-3365	262	1	is	be	AUX
ajfa-3365	262	2	the	the	DET
ajfa-3365	262	3	chinese	chinese	ADJ
ajfa-3365	262	4	stock	stock	NOUN
ajfa-3365	262	5	market	market	NOUN
ajfa-3365	262	6	really	really	ADV
ajfa-3365	262	7	inefficient	inefficient	ADJ
ajfa-3365	262	8	?	?	PUNCT
ajfa-3365	263	1	[	[	X
ajfa-3365	263	2	article	article	NOUN
ajfa-3365	263	3	]	]	PUNCT
ajfa-3365	263	4	.	.	PUNCT
ajfa-3365	264	1	china	china	PROPN
ajfa-3365	264	2	economic	economic	PROPN
ajfa-3365	264	3	review	review	PROPN
ajfa-3365	264	4	(	(	PUNCT
ajfa-3365	264	5	1043951x	1043951x	NUM
ajfa-3365	264	6	)	)	PUNCT
ajfa-3365	264	7	,	,	PUNCT
ajfa-3365	264	8	23(1	23(1	X
ajfa-3365	264	9	)	)	PUNCT
ajfa-3365	264	10	,	,	PUNCT
ajfa-3365	264	11	122	122	NUM
ajfa-3365	264	12	-	-	SYM
ajfa-3365	264	13	137	137	NUM
ajfa-3365	264	14	.	.	PUNCT
ajfa-3365	265	1	http://dx.doi.org/10.1016/j.chieco.2011.08.003	http://dx.doi.org/10.1016/j.chieco.2011.08.003	NOUN
ajfa-3365	265	2	engle	engle	PROPN
ajfa-3365	265	3	,	,	PUNCT
ajfa-3365	265	4	r.	r.	PROPN
ajfa-3365	265	5	f.	f.	PROPN
ajfa-3365	265	6	,	,	PUNCT
ajfa-3365	265	7	&	&	CCONJ
ajfa-3365	265	8	ng	ng	PROPN
ajfa-3365	265	9	,	,	PUNCT
ajfa-3365	265	10	v.	v.	PROPN
ajfa-3365	265	11	k.	k.	PROPN
ajfa-3365	265	12	(	(	PUNCT
ajfa-3365	265	13	1993	1993	NUM
ajfa-3365	265	14	)	)	PUNCT
ajfa-3365	265	15	.	.	PUNCT
ajfa-3365	266	1	measuring	measure	VERB
ajfa-3365	266	2	and	and	CCONJ
ajfa-3365	266	3	testing	test	VERB
ajfa-3365	266	4	the	the	DET
ajfa-3365	266	5	impact	impact	NOUN
ajfa-3365	266	6	of	of	ADP
ajfa-3365	266	7	news	news	NOUN
ajfa-3365	266	8	on	on	ADP
ajfa-3365	266	9	volatility	volatility	NOUN
ajfa-3365	266	10	.	.	PUNCT
ajfa-3365	267	1	the	the	DET
ajfa-3365	267	2	journal	journal	PROPN
ajfa-3365	267	3	of	of	ADP
ajfa-3365	267	4	finance	finance	NOUN
ajfa-3365	267	5	,	,	PUNCT
ajfa-3365	267	6	48(5	48(5	NUM
ajfa-3365	267	7	)	)	PUNCT
ajfa-3365	267	8	,	,	PUNCT
ajfa-3365	267	9	1749	1749	NUM
ajfa-3365	267	10	-	-	SYM
ajfa-3365	267	11	1778	1778	NUM
ajfa-3365	267	12	.	.	PUNCT
ajfa-3365	268	1	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05127.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb05127.x	PROPN
ajfa-3365	268	2	foster	foster	PROPN
ajfa-3365	268	3	,	,	PUNCT
ajfa-3365	268	4	f.	f.	PROPN
ajfa-3365	268	5	d.	d.	PROPN
ajfa-3365	268	6	,	,	PUNCT
ajfa-3365	268	7	&	&	CCONJ
ajfa-3365	268	8	viswanathan	viswanathan	PROPN
ajfa-3365	268	9	,	,	PUNCT
ajfa-3365	268	10	s.	s.	PROPN
ajfa-3365	268	11	(	(	PUNCT
ajfa-3365	268	12	1994	1994	NUM
ajfa-3365	268	13	)	)	PUNCT
ajfa-3365	268	14	.	.	PUNCT
ajfa-3365	269	1	strategic	strategic	ADJ
ajfa-3365	269	2	trading	trading	NOUN
ajfa-3365	269	3	with	with	ADP
ajfa-3365	269	4	asymmetrically	asymmetrically	ADV
ajfa-3365	269	5	informed	inform	VERB
ajfa-3365	269	6	traders	trader	NOUN
ajfa-3365	269	7	and	and	CCONJ
ajfa-3365	269	8	long	long	ADV
ajfa-3365	269	9	-	-	PUNCT
ajfa-3365	269	10	lived	live	VERB
ajfa-3365	269	11	information	information	NOUN
ajfa-3365	269	12	.	.	PUNCT
ajfa-3365	270	1	journal	journal	NOUN
ajfa-3365	270	2	of	of	ADP
ajfa-3365	270	3	financial	financial	ADJ
ajfa-3365	270	4	and	and	CCONJ
ajfa-3365	270	5	quantitative	quantitative	ADJ
ajfa-3365	270	6	analysis	analysis	NOUN
ajfa-3365	270	7	,	,	PUNCT
ajfa-3365	270	8	29(04	29(04	NUM
ajfa-3365	270	9	)	)	PUNCT
ajfa-3365	270	10	,	,	PUNCT
ajfa-3365	270	11	499	499	NUM
ajfa-3365	270	12	-	-	SYM
ajfa-3365	270	13	518	518	NUM
ajfa-3365	270	14	.	.	PUNCT
ajfa-3365	271	1	http://dx.doi.org/10.2307/2331107	http://dx.doi.org/10.2307/2331107	PROPN
ajfa-3365	271	2	grossman	grossman	PROPN
ajfa-3365	271	3	,	,	PUNCT
ajfa-3365	271	4	s.	s.	PROPN
ajfa-3365	271	5	j.	j.	PROPN
ajfa-3365	271	6	(	(	PUNCT
ajfa-3365	271	7	1977	1977	NUM
ajfa-3365	271	8	)	)	PUNCT
ajfa-3365	271	9	.	.	PUNCT
ajfa-3365	272	1	the	the	DET
ajfa-3365	272	2	existence	existence	NOUN
ajfa-3365	272	3	of	of	ADP
ajfa-3365	272	4	futures	future	NOUN
ajfa-3365	272	5	markets	market	NOUN
ajfa-3365	272	6	,	,	PUNCT
ajfa-3365	272	7	noisy	noisy	ADJ
ajfa-3365	272	8	rational	rational	ADJ
ajfa-3365	272	9	expectations	expectation	NOUN
ajfa-3365	272	10	and	and	CCONJ
ajfa-3365	272	11	informational	informational	ADJ
ajfa-3365	272	12	externalities	externality	NOUN
ajfa-3365	272	13	.	.	PUNCT
ajfa-3365	273	1	the	the	DET
ajfa-3365	273	2	review	review	NOUN
ajfa-3365	273	3	of	of	ADP
ajfa-3365	273	4	economic	economic	ADJ
ajfa-3365	273	5	studies	study	NOUN
ajfa-3365	273	6	,	,	PUNCT
ajfa-3365	273	7	44(3	44(3	NOUN
ajfa-3365	273	8	)	)	PUNCT
ajfa-3365	273	9	,	,	PUNCT
ajfa-3365	273	10	431	431	NUM
ajfa-3365	273	11	-	-	SYM
ajfa-3365	273	12	449	449	NUM
ajfa-3365	273	13	.	.	PUNCT
ajfa-3365	273	14	http://dx.doi.org/10.2307/2296900	http://dx.doi.org/10.2307/2296900	PROPN
ajfa-3365	273	15	gul	gul	PROPN
ajfa-3365	273	16	,	,	PUNCT
ajfa-3365	273	17	f.	f.	PROPN
ajfa-3365	273	18	a.	a.	PROPN
ajfa-3365	273	19	,	,	PUNCT
ajfa-3365	273	20	kim	kim	PROPN
ajfa-3365	273	21	,	,	PUNCT
ajfa-3365	273	22	j.-b	j.-b	PROPN
ajfa-3365	273	23	.	.	PROPN
ajfa-3365	273	24	,	,	PUNCT
ajfa-3365	273	25	&	&	CCONJ
ajfa-3365	273	26	qiu	qiu	PROPN
ajfa-3365	273	27	,	,	PUNCT
ajfa-3365	273	28	a.	a.	NOUN
ajfa-3365	273	29	a.	a.	NOUN
ajfa-3365	273	30	(	(	PUNCT
ajfa-3365	273	31	2010	2010	NUM
ajfa-3365	273	32	)	)	PUNCT
ajfa-3365	273	33	.	.	PUNCT
ajfa-3365	274	1	ownership	ownership	NOUN
ajfa-3365	274	2	concentration	concentration	NOUN
ajfa-3365	274	3	,	,	PUNCT
ajfa-3365	274	4	foreign	foreign	ADJ
ajfa-3365	274	5	shareholding	shareholding	NOUN
ajfa-3365	274	6	,	,	PUNCT
ajfa-3365	274	7	audit	audit	NOUN
ajfa-3365	274	8	quality	quality	NOUN
ajfa-3365	274	9	,	,	PUNCT
ajfa-3365	274	10	and	and	CCONJ
ajfa-3365	274	11	stock	stock	NOUN
ajfa-3365	274	12	price	price	NOUN
ajfa-3365	274	13	synchronicity	synchronicity	NOUN
ajfa-3365	274	14	:	:	PUNCT
ajfa-3365	274	15	evidence	evidence	NOUN
ajfa-3365	274	16	from	from	ADP
ajfa-3365	274	17	china	china	PROPN
ajfa-3365	274	18	journal	journal	PROPN
ajfa-3365	274	19	of	of	ADP
ajfa-3365	274	20	financial	financial	ADJ
ajfa-3365	274	21	economics	economic	NOUN
ajfa-3365	274	22	,	,	PUNCT
ajfa-3365	274	23	95(3	95(3	NUM
ajfa-3365	274	24	)	)	PUNCT
ajfa-3365	274	25	,	,	PUNCT
ajfa-3365	274	26	425	425	NUM
ajfa-3365	274	27	-	-	SYM
ajfa-3365	274	28	442	442	NUM
ajfa-3365	274	29	.	.	PUNCT
ajfa-3365	275	1	http://dx.doi.org/10.1016/j.jfineco.2009.11.005	http://dx.doi.org/10.1016/j.jfineco.2009.11.005	PROPN
ajfa-3365	275	2	hiraki	hiraki	NOUN
ajfa-3365	275	3	,	,	PUNCT
ajfa-3365	275	4	t.	t.	PROPN
ajfa-3365	275	5	,	,	PUNCT
ajfa-3365	275	6	maberly	maberly	ADV
ajfa-3365	275	7	,	,	PUNCT
ajfa-3365	275	8	e.	e.	PROPN
ajfa-3365	275	9	d.	d.	PROPN
ajfa-3365	275	10	,	,	PUNCT
ajfa-3365	275	11	&	&	CCONJ
ajfa-3365	275	12	takezawa	takezawa	PROPN
ajfa-3365	275	13	,	,	PUNCT
ajfa-3365	275	14	n.	n.	NOUN
ajfa-3365	275	15	(	(	PUNCT
ajfa-3365	275	16	1995	1995	NUM
ajfa-3365	275	17	)	)	PUNCT
ajfa-3365	275	18	.	.	PUNCT
ajfa-3365	276	1	the	the	DET
ajfa-3365	276	2	information	information	NOUN
ajfa-3365	276	3	content	content	NOUN
ajfa-3365	276	4	of	of	ADP
ajfa-3365	276	5	end	end	NOUN
ajfa-3365	276	6	-	-	PUNCT
ajfa-3365	276	7	of	of	ADP
ajfa-3365	276	8	-	-	PUNCT
ajfa-3365	276	9	the	the	DET
ajfa-3365	276	10	-	-	PUNCT
ajfa-3365	276	11	day	day	NOUN
ajfa-3365	276	12	index	index	NOUN
ajfa-3365	276	13	futures	future	NOUN
ajfa-3365	276	14	returns	return	NOUN
ajfa-3365	276	15	:	:	PUNCT
ajfa-3365	276	16	international	international	ADJ
ajfa-3365	276	17	evidence	evidence	NOUN
ajfa-3365	276	18	from	from	ADP
ajfa-3365	276	19	the	the	DET
ajfa-3365	276	20	osaka	osaka	PROPN
ajfa-3365	276	21	nikkei	nikkei	PROPN
ajfa-3365	276	22	225	225	NUM
ajfa-3365	276	23	futures	future	NOUN
ajfa-3365	276	24	contract	contract	NOUN
ajfa-3365	276	25	.	.	PUNCT
ajfa-3365	277	1	journal	journal	NOUN
ajfa-3365	277	2	of	of	ADP
ajfa-3365	277	3	banking	banking	NOUN
ajfa-3365	277	4	&	&	CCONJ
ajfa-3365	277	5	finance	finance	PROPN
ajfa-3365	277	6	,	,	PUNCT
ajfa-3365	277	7	19(5	19(5	NUM
ajfa-3365	277	8	)	)	PUNCT
ajfa-3365	277	9	,	,	PUNCT
ajfa-3365	277	10	921	921	NUM
ajfa-3365	277	11	-	-	SYM
ajfa-3365	277	12	936	936	NUM
ajfa-3365	277	13	.	.	PUNCT
ajfa-3365	278	1	http://dx.doi.org/10.1016/0378-4266(94)00064-a	http://dx.doi.org/10.1016/0378-4266(94)00064-a	PROPN
ajfa-3365	278	2	king	king	NOUN
ajfa-3365	278	3	,	,	PUNCT
ajfa-3365	278	4	m.	m.	NOUN
ajfa-3365	278	5	,	,	PUNCT
ajfa-3365	278	6	&	&	CCONJ
ajfa-3365	278	7	wadhwani	wadhwani	PROPN
ajfa-3365	278	8	,	,	PUNCT
ajfa-3365	278	9	s.	s.	PROPN
ajfa-3365	278	10	(	(	PUNCT
ajfa-3365	278	11	1990	1990	NUM
ajfa-3365	278	12	)	)	PUNCT
ajfa-3365	278	13	.	.	PUNCT
ajfa-3365	279	1	transmission	transmission	NOUN
ajfa-3365	279	2	of	of	ADP
ajfa-3365	279	3	volatility	volatility	NOUN
ajfa-3365	279	4	between	between	ADP
ajfa-3365	279	5	stock	stock	NOUN
ajfa-3365	279	6	markets	market	NOUN
ajfa-3365	279	7	.	.	PUNCT
ajfa-3365	280	1	review	review	NOUN
ajfa-3365	280	2	of	of	ADP
ajfa-3365	280	3	financial	financial	ADJ
ajfa-3365	280	4	studies	study	NOUN
ajfa-3365	280	5	,	,	PUNCT
ajfa-3365	280	6	3(1	3(1	NUM
ajfa-3365	280	7	)	)	PUNCT
ajfa-3365	280	8	,	,	PUNCT
ajfa-3365	280	9	5	5	NUM
ajfa-3365	280	10	-	-	SYM
ajfa-3365	280	11	33	33	NUM
ajfa-3365	280	12	.	.	PUNCT
ajfa-3365	281	1	http://dx.doi.org/10.1093/rfs/3.1.5	http://dx.doi.org/10.1093/rfs/3.1.5	PROPN
ajfa-3365	281	2	kyle	kyle	PROPN
ajfa-3365	281	3	,	,	PUNCT
ajfa-3365	281	4	a.	a.	PROPN
ajfa-3365	281	5	s.	s.	PROPN
ajfa-3365	281	6	(	(	PUNCT
ajfa-3365	281	7	1985	1985	NUM
ajfa-3365	281	8	)	)	PUNCT
ajfa-3365	281	9	.	.	PUNCT
ajfa-3365	282	1	continuous	continuous	ADJ
ajfa-3365	282	2	auctions	auction	NOUN
ajfa-3365	282	3	and	and	CCONJ
ajfa-3365	282	4	insider	insider	NOUN
ajfa-3365	282	5	trading	trading	NOUN
ajfa-3365	282	6	.	.	PUNCT
ajfa-3365	283	1	econometrica	econometrica	PROPN
ajfa-3365	283	2	,	,	PUNCT
ajfa-3365	283	3	53(6	53(6	PROPN
ajfa-3365	283	4	)	)	PUNCT
ajfa-3365	283	5	,	,	PUNCT
ajfa-3365	283	6	1315	1315	NUM
ajfa-3365	283	7	-	-	SYM
ajfa-3365	283	8	1335	1335	NUM
ajfa-3365	283	9	.	.	PUNCT
ajfa-3365	284	1	http://dx.doi.org/10.2307/1913210	http://dx.doi.org/10.2307/1913210	PROPN
ajfa-3365	284	2	lin	lin	PROPN
ajfa-3365	284	3	,	,	PUNCT
ajfa-3365	284	4	w.-l	w.-l	PROPN
ajfa-3365	284	5	.	.	PUNCT
ajfa-3365	284	6	,	,	PUNCT
ajfa-3365	284	7	engle	engle	PROPN
ajfa-3365	284	8	,	,	PUNCT
ajfa-3365	284	9	r.	r.	PROPN
ajfa-3365	284	10	,	,	PUNCT
ajfa-3365	284	11	&	&	CCONJ
ajfa-3365	284	12	ito	ito	PROPN
ajfa-3365	284	13	,	,	PUNCT
ajfa-3365	284	14	t.	t.	PROPN
ajfa-3365	284	15	(	(	PUNCT
ajfa-3365	284	16	1994	1994	NUM
ajfa-3365	284	17	)	)	PUNCT
ajfa-3365	284	18	.	.	PUNCT
ajfa-3365	285	1	do	do	AUX
ajfa-3365	285	2	bulls	bull	NOUN
ajfa-3365	285	3	and	and	CCONJ
ajfa-3365	285	4	bears	bear	NOUN
ajfa-3365	285	5	move	move	VERB
ajfa-3365	285	6	across	across	ADP
ajfa-3365	285	7	borders	border	NOUN
ajfa-3365	285	8	?	?	PUNCT
ajfa-3365	286	1	international	international	ADJ
ajfa-3365	286	2	transmission	transmission	NOUN
ajfa-3365	286	3	of	of	ADP
ajfa-3365	286	4	stock	stock	NOUN
ajfa-3365	286	5	returns	return	NOUN
ajfa-3365	286	6	and	and	CCONJ
ajfa-3365	286	7	volatility	volatility	NOUN
ajfa-3365	286	8	.	.	PUNCT
ajfa-3365	287	1	review	review	NOUN
ajfa-3365	287	2	of	of	ADP
ajfa-3365	287	3	financial	financial	ADJ
ajfa-3365	287	4	studies	study	NOUN
ajfa-3365	287	5	,	,	PUNCT
ajfa-3365	287	6	7(3	7(3	NUM
ajfa-3365	287	7	)	)	PUNCT
ajfa-3365	287	8	,	,	PUNCT
ajfa-3365	287	9	507	507	NUM
ajfa-3365	287	10	-	-	SYM
ajfa-3365	287	11	538	538	NUM
ajfa-3365	287	12	.	.	PUNCT
ajfa-3365	287	13	http://dx.doi.org/10.1093/rfs/7.3.507	http://dx.doi.org/10.1093/rfs/7.3.507	PRON
ajfa-3365	287	14	min	min	PROPN
ajfa-3365	287	15	,	,	PUNCT
ajfa-3365	287	16	j.	j.	PROPN
ajfa-3365	287	17	h.	h.	PROPN
ajfa-3365	287	18	,	,	PUNCT
ajfa-3365	287	19	&	&	CCONJ
ajfa-3365	287	20	najand	najand	PROPN
ajfa-3365	287	21	,	,	PUNCT
ajfa-3365	287	22	m.	m.	NOUN
ajfa-3365	287	23	(	(	PUNCT
ajfa-3365	287	24	1999	1999	NUM
ajfa-3365	287	25	)	)	PUNCT
ajfa-3365	287	26	.	.	PUNCT
ajfa-3365	288	1	a	a	DET
ajfa-3365	288	2	further	further	ADJ
ajfa-3365	288	3	investigation	investigation	NOUN
ajfa-3365	288	4	of	of	ADP
ajfa-3365	288	5	the	the	DET
ajfa-3365	288	6	lead	lead	NOUN
ajfa-3365	288	7	–	–	PUNCT
ajfa-3365	288	8	lag	lag	NOUN
ajfa-3365	288	9	relationship	relationship	NOUN
ajfa-3365	288	10	between	between	ADP
ajfa-3365	288	11	the	the	DET
ajfa-3365	288	12	spot	spot	NOUN
ajfa-3365	288	13	market	market	NOUN
ajfa-3365	288	14	and	and	CCONJ
ajfa-3365	288	15	stock	stock	NOUN
ajfa-3365	288	16	index	index	NOUN
ajfa-3365	288	17	futures	future	NOUN
ajfa-3365	288	18	:	:	PUNCT
ajfa-3365	288	19	early	early	ADJ
ajfa-3365	288	20	evidence	evidence	NOUN
ajfa-3365	288	21	from	from	ADP
ajfa-3365	288	22	korea	korea	PROPN
ajfa-3365	288	23	.	.	PUNCT
ajfa-3365	289	1	journal	journal	PROPN
ajfa-3365	289	2	of	of	ADP
ajfa-3365	289	3	futures	future	NOUN
ajfa-3365	289	4	markets	market	NOUN
ajfa-3365	289	5	,	,	PUNCT
ajfa-3365	289	6	19(2	19(2	NUM
ajfa-3365	289	7	)	)	PUNCT
ajfa-3365	289	8	,	,	PUNCT
ajfa-3365	289	9	217	217	NUM
ajfa-3365	289	10	-	-	SYM
ajfa-3365	289	11	232	232	NUM
ajfa-3365	289	12	.	.	PUNCT
ajfa-3365	290	1	http://dx.doi.org/10.1002/(sici)1096-9934(199904)19:2<217::aid-fut5>3.0.co;2-8	http://dx.doi.org/10.1002/(sici)1096-9934(199904)19:2<217::aid-fut5>3.0.co;2-8	PROPN
ajfa-3365	290	2	morck	morck	PROPN
ajfa-3365	290	3	,	,	PUNCT
ajfa-3365	290	4	r.	r.	PROPN
ajfa-3365	290	5	,	,	PUNCT
ajfa-3365	290	6	yeung	yeung	PROPN
ajfa-3365	290	7	,	,	PUNCT
ajfa-3365	290	8	b.	b.	PROPN
ajfa-3365	290	9	,	,	PUNCT
ajfa-3365	290	10	&	&	CCONJ
ajfa-3365	290	11	yu	yu	PROPN
ajfa-3365	290	12	,	,	PUNCT
ajfa-3365	290	13	w.	w.	PROPN
ajfa-3365	290	14	(	(	PUNCT
ajfa-3365	290	15	2000	2000	NUM
ajfa-3365	290	16	)	)	PUNCT
ajfa-3365	290	17	.	.	PUNCT
ajfa-3365	291	1	the	the	DET
ajfa-3365	291	2	information	information	NOUN
ajfa-3365	291	3	content	content	NOUN
ajfa-3365	291	4	of	of	ADP
ajfa-3365	291	5	stock	stock	NOUN
ajfa-3365	291	6	markets	market	NOUN
ajfa-3365	291	7	:	:	PUNCT
ajfa-3365	291	8	why	why	SCONJ
ajfa-3365	291	9	do	do	AUX
ajfa-3365	291	10	emerging	emerge	VERB
ajfa-3365	291	11	markets	market	NOUN
ajfa-3365	291	12	have	have	VERB
ajfa-3365	291	13	synchronous	synchronous	ADJ
ajfa-3365	291	14	stock	stock	NOUN
ajfa-3365	291	15	price	price	NOUN
ajfa-3365	291	16	movements	movement	NOUN
ajfa-3365	291	17	?	?	PUNCT
ajfa-3365	292	1	journal	journal	NOUN
ajfa-3365	292	2	of	of	ADP
ajfa-3365	292	3	financial	financial	ADJ
ajfa-3365	292	4	asian	asian	ADJ
ajfa-3365	292	5	journal	journal	NOUN
ajfa-3365	292	6	of	of	ADP
ajfa-3365	292	7	finance	finance	PROPN
ajfa-3365	292	8	&	&	CCONJ
ajfa-3365	292	9	accounting	accounting	PROPN
ajfa-3365	292	10	issn	issn	PROPN
ajfa-3365	292	11	1946	1946	NUM
ajfa-3365	292	12	-	-	PUNCT
ajfa-3365	292	13	052x	052x	NOUN
ajfa-3365	292	14	2013	2013	NUM
ajfa-3365	292	15	,	,	PUNCT
ajfa-3365	292	16	vol	vol	NOUN
ajfa-3365	292	17	.	.	PROPN
ajfa-3365	292	18	5	5	NUM
ajfa-3365	292	19	,	,	PUNCT
ajfa-3365	292	20	no	no	INTJ
ajfa-3365	292	21	.	.	NOUN
ajfa-3365	292	22	1	1	NUM
ajfa-3365	292	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3365	292	24	250	250	NUM
ajfa-3365	292	25	economics	economic	NOUN
ajfa-3365	292	26	,	,	PUNCT
ajfa-3365	292	27	58(1,2	58(1,2	NUM
ajfa-3365	292	28	)	)	PUNCT
ajfa-3365	292	29	,	,	PUNCT
ajfa-3365	292	30	215	215	NUM
ajfa-3365	292	31	-	-	SYM
ajfa-3365	292	32	260	260	NUM
ajfa-3365	292	33	.	.	PUNCT
ajfa-3365	293	1	parkinson	parkinson	NOUN
ajfa-3365	293	2	,	,	PUNCT
ajfa-3365	293	3	m.	m.	NOUN
ajfa-3365	293	4	(	(	PUNCT
ajfa-3365	293	5	1980	1980	NUM
ajfa-3365	293	6	)	)	PUNCT
ajfa-3365	293	7	.	.	PUNCT
ajfa-3365	294	1	the	the	DET
ajfa-3365	294	2	extreme	extreme	ADJ
ajfa-3365	294	3	value	value	NOUN
ajfa-3365	294	4	method	method	NOUN
ajfa-3365	294	5	for	for	ADP
ajfa-3365	294	6	estimating	estimate	VERB
ajfa-3365	294	7	the	the	DET
ajfa-3365	294	8	variance	variance	NOUN
ajfa-3365	294	9	of	of	ADP
ajfa-3365	294	10	the	the	DET
ajfa-3365	294	11	rate	rate	NOUN
ajfa-3365	294	12	of	of	ADP
ajfa-3365	294	13	return	return	NOUN
ajfa-3365	294	14	.	.	PUNCT
ajfa-3365	295	1	the	the	DET
ajfa-3365	295	2	journal	journal	NOUN
ajfa-3365	295	3	of	of	ADP
ajfa-3365	295	4	business	business	NOUN
ajfa-3365	295	5	,	,	PUNCT
ajfa-3365	295	6	53(1	53(1	NOUN
ajfa-3365	295	7	)	)	PUNCT
ajfa-3365	295	8	,	,	PUNCT
ajfa-3365	295	9	61	61	NUM
ajfa-3365	295	10	-	-	SYM
ajfa-3365	295	11	65	65	NUM
ajfa-3365	295	12	.	.	PUNCT
ajfa-3365	296	1	doi	doi	NOUN
ajfa-3365	296	2	:	:	PUNCT
ajfa-3365	296	3	10.2307/2352357	10.2307/2352357	NUM
ajfa-3365	296	4	zakoian	zakoian	NOUN
ajfa-3365	296	5	,	,	PUNCT
ajfa-3365	296	6	j.-m	j.-m	PROPN
ajfa-3365	296	7	.	.	PUNCT
ajfa-3365	297	1	(	(	PUNCT
ajfa-3365	297	2	1994	1994	NUM
ajfa-3365	297	3	)	)	PUNCT
ajfa-3365	297	4	.	.	PUNCT
ajfa-3365	298	1	threshold	threshold	PROPN
ajfa-3365	298	2	heteroskedastic	heteroskedastic	ADJ
ajfa-3365	298	3	models	model	NOUN
ajfa-3365	298	4	.	.	PUNCT
ajfa-3365	299	1	journal	journal	NOUN
ajfa-3365	299	2	of	of	ADP
ajfa-3365	299	3	economic	economic	ADJ
ajfa-3365	299	4	dynamics	dynamic	NOUN
ajfa-3365	299	5	and	and	CCONJ
ajfa-3365	299	6	control	control	NOUN
ajfa-3365	299	7	,	,	PUNCT
ajfa-3365	299	8	18(5	18(5	NUM
ajfa-3365	299	9	)	)	PUNCT
ajfa-3365	299	10	,	,	PUNCT
ajfa-3365	299	11	931	931	NUM
ajfa-3365	299	12	-	-	SYM
ajfa-3365	299	13	955	955	NUM
ajfa-3365	299	14	.	.	PUNCT
ajfa-3365	300	1	http://dx.doi.org/10.1016/0165-1889(94)90039-6	http://dx.doi.org/10.1016/0165-1889(94)90039-6	PUNCT