id	sid	tid	token	lemma	pos
ajfa-4510	1	1	microsoft	microsoft	PROPN
ajfa-4510	1	2	word	word	NOUN
ajfa-4510	1	3	4510-16663-1-sm-writer2-new.doc	4510-16663-1-sm-writer2-new.doc	NUM
ajfa-4510	1	4	asian	asian	ADJ
ajfa-4510	1	5	journal	journal	NOUN
ajfa-4510	1	6	of	of	ADP
ajfa-4510	1	7	finance	finance	PROPN
ajfa-4510	1	8	&	&	CCONJ
ajfa-4510	1	9	accounting	accounting	PROPN
ajfa-4510	1	10	issn	issn	PROPN
ajfa-4510	1	11	1946	1946	NUM
ajfa-4510	1	12	-	-	PUNCT
ajfa-4510	1	13	052x	052x	NOUN
ajfa-4510	1	14	2013	2013	NUM
ajfa-4510	1	15	,	,	PUNCT
ajfa-4510	1	16	vol	vol	NOUN
ajfa-4510	1	17	.	.	PROPN
ajfa-4510	1	18	5	5	NUM
ajfa-4510	1	19	,	,	PUNCT
ajfa-4510	1	20	no	no	INTJ
ajfa-4510	1	21	.	.	NOUN
ajfa-4510	1	22	2	2	NUM
ajfa-4510	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4510	1	24	289	289	NUM
ajfa-4510	1	25	time	time	NOUN
ajfa-4510	1	26	varying	vary	VERB
ajfa-4510	1	27	macroeconomic	macroeconomic	ADJ
ajfa-4510	1	28	risk	risk	NOUN
ajfa-4510	1	29	and	and	CCONJ
ajfa-4510	1	30	industry	industry	NOUN
ajfa-4510	1	31	stock	stock	NOUN
ajfa-4510	1	32	returns	return	NOUN
ajfa-4510	1	33	:	:	PUNCT
ajfa-4510	1	34	empirical	empirical	ADJ
ajfa-4510	1	35	evidence	evidence	NOUN
ajfa-4510	1	36	from	from	ADP
ajfa-4510	1	37	india	india	PROPN
ajfa-4510	1	38	dr	dr	PROPN
ajfa-4510	1	39	.	.	PROPN
ajfa-4510	1	40	t.g.saji	t.g.saji	PROPN
ajfa-4510	1	41	assistant	assistant	ADJ
ajfa-4510	1	42	professor	professor	NOUN
ajfa-4510	1	43	post	post	PROPN
ajfa-4510	1	44	graduate	graduate	PROPN
ajfa-4510	1	45	department	department	PROPN
ajfa-4510	1	46	of	of	ADP
ajfa-4510	1	47	commerce	commerce	PROPN
ajfa-4510	1	48	and	and	CCONJ
ajfa-4510	1	49	management	management	NOUN
ajfa-4510	1	50	studies	study	NOUN
ajfa-4510	1	51	government	government	NOUN
ajfa-4510	1	52	college	college	PROPN
ajfa-4510	1	53	,	,	PUNCT
ajfa-4510	1	54	thrissur	thrissur	PROPN
ajfa-4510	1	55	,	,	PUNCT
ajfa-4510	1	56	kerala	kerala	PROPN
ajfa-4510	1	57	,	,	PUNCT
ajfa-4510	1	58	680014	680014	NUM
ajfa-4510	1	59	,	,	PUNCT
ajfa-4510	1	60	india	india	PROPN
ajfa-4510	1	61	tel	tel	PROPN
ajfa-4510	1	62	:	:	PUNCT
ajfa-4510	1	63	91	91	NUM
ajfa-4510	1	64	-	-	SYM
ajfa-4510	1	65	94	94	NUM
ajfa-4510	1	66	-	-	PUNCT
ajfa-4510	1	67	4686	4686	NUM
ajfa-4510	1	68	-	-	SYM
ajfa-4510	1	69	9214	9214	NUM
ajfa-4510	1	70	e-mail:sajthazhungal@gmail.com	e-mail:sajthazhungal@gmail.com	NUM
ajfa-4510	1	71	received	receive	VERB
ajfa-4510	1	72	:	:	PUNCT
ajfa-4510	1	73	nov	nov	PROPN
ajfa-4510	1	74	.	.	PROPN
ajfa-4510	1	75	4	4	NUM
ajfa-4510	1	76	,	,	PUNCT
ajfa-4510	1	77	2013	2013	NUM
ajfa-4510	1	78	accepted	accept	VERB
ajfa-4510	1	79	:	:	PUNCT
ajfa-4510	1	80	december	december	PROPN
ajfa-4510	1	81	10	10	NUM
ajfa-4510	1	82	,	,	PUNCT
ajfa-4510	1	83	2013	2013	NUM
ajfa-4510	1	84	published	publish	VERB
ajfa-4510	1	85	:	:	PUNCT
ajfa-4510	1	86	december	december	PROPN
ajfa-4510	1	87	10	10	NUM
ajfa-4510	1	88	,	,	PUNCT
ajfa-4510	1	89	2013	2013	NUM
ajfa-4510	1	90	doi:10.5296	doi:10.5296	NOUN
ajfa-4510	1	91	/	/	SYM
ajfa-4510	1	92	ajfa.v5i2.4510	ajfa.v5i2.4510	NUM
ajfa-4510	1	93	url	url	PROPN
ajfa-4510	1	94	:	:	PUNCT
ajfa-4510	1	95	http://dx.doi.org/10.5296/ajfa.v5i2.4510	http://dx.doi.org/10.5296/ajfa.v5i2.4510	VERB
ajfa-4510	1	96	abstract	abstract	NOUN
ajfa-4510	1	97	this	this	DET
ajfa-4510	1	98	paper	paper	NOUN
ajfa-4510	1	99	searches	search	VERB
ajfa-4510	1	100	further	further	ADJ
ajfa-4510	1	101	evidence	evidence	NOUN
ajfa-4510	1	102	for	for	ADP
ajfa-4510	1	103	the	the	DET
ajfa-4510	1	104	relation	relation	NOUN
ajfa-4510	1	105	between	between	ADP
ajfa-4510	1	106	the	the	DET
ajfa-4510	1	107	time	time	NOUN
ajfa-4510	1	108	varying	vary	VERB
ajfa-4510	1	109	macroeconomic	macroeconomic	ADJ
ajfa-4510	1	110	conditions	condition	NOUN
ajfa-4510	1	111	and	and	CCONJ
ajfa-4510	1	112	stock	stock	NOUN
ajfa-4510	1	113	returns	return	NOUN
ajfa-4510	1	114	in	in	ADP
ajfa-4510	1	115	india	india	PROPN
ajfa-4510	1	116	using	use	VERB
ajfa-4510	1	117	monthly	monthly	ADJ
ajfa-4510	1	118	data	datum	NOUN
ajfa-4510	1	119	during	during	ADP
ajfa-4510	1	120	the	the	DET
ajfa-4510	1	121	post	post	NOUN
ajfa-4510	1	122	2000	2000	NUM
ajfa-4510	1	123	period	period	NOUN
ajfa-4510	1	124	.	.	PUNCT
ajfa-4510	2	1	unlike	unlike	ADP
ajfa-4510	2	2	other	other	ADJ
ajfa-4510	2	3	research	research	NOUN
ajfa-4510	2	4	in	in	ADP
ajfa-4510	2	5	the	the	DET
ajfa-4510	2	6	area	area	NOUN
ajfa-4510	2	7	,	,	PUNCT
ajfa-4510	2	8	the	the	DET
ajfa-4510	2	9	study	study	NOUN
ajfa-4510	2	10	uses	use	VERB
ajfa-4510	2	11	industry	industry	NOUN
ajfa-4510	2	12	level	level	NOUN
ajfa-4510	2	13	stock	stock	NOUN
ajfa-4510	2	14	price	price	NOUN
ajfa-4510	2	15	data	datum	NOUN
ajfa-4510	2	16	on	on	ADP
ajfa-4510	2	17	six	six	NUM
ajfa-4510	2	18	sectors	sector	NOUN
ajfa-4510	2	19	namely	namely	ADV
ajfa-4510	2	20	banking	banking	NOUN
ajfa-4510	2	21	,	,	PUNCT
ajfa-4510	2	22	energy	energy	NOUN
ajfa-4510	2	23	,	,	PUNCT
ajfa-4510	2	24	fmcg	fmcg	NOUN
ajfa-4510	2	25	,	,	PUNCT
ajfa-4510	2	26	information	information	NOUN
ajfa-4510	2	27	technology	technology	NOUN
ajfa-4510	2	28	,	,	PUNCT
ajfa-4510	2	29	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	2	30	and	and	CCONJ
ajfa-4510	2	31	automobiles	automobile	NOUN
ajfa-4510	2	32	.	.	PUNCT
ajfa-4510	3	1	data	datum	NOUN
ajfa-4510	3	2	availability	availability	NOUN
ajfa-4510	3	3	and	and	CCONJ
ajfa-4510	3	4	diverging	diverge	VERB
ajfa-4510	3	5	business	business	NOUN
ajfa-4510	3	6	cycle	cycle	NOUN
ajfa-4510	3	7	sensitivity	sensitivity	NOUN
ajfa-4510	3	8	constitute	constitute	VERB
ajfa-4510	3	9	the	the	DET
ajfa-4510	3	10	rationale	rationale	NOUN
ajfa-4510	3	11	behind	behind	ADP
ajfa-4510	3	12	the	the	DET
ajfa-4510	3	13	selection	selection	NOUN
ajfa-4510	3	14	of	of	ADP
ajfa-4510	3	15	industry	industry	NOUN
ajfa-4510	3	16	groupings	grouping	NOUN
ajfa-4510	3	17	.	.	PUNCT
ajfa-4510	4	1	empirical	empirical	ADJ
ajfa-4510	4	2	methodology	methodology	NOUN
ajfa-4510	4	3	involves	involve	VERB
ajfa-4510	4	4	a	a	DET
ajfa-4510	4	5	multi	multi	ADJ
ajfa-4510	4	6	-	-	NOUN
ajfa-4510	4	7	factor	factor	NOUN
ajfa-4510	4	8	modeling	modeling	NOUN
ajfa-4510	4	9	using	use	VERB
ajfa-4510	4	10	generalized	generalized	ADJ
ajfa-4510	4	11	auto	auto	NOUN
ajfa-4510	4	12	regressive	regressive	ADJ
ajfa-4510	4	13	conditional	conditional	ADJ
ajfa-4510	4	14	heteroskedasticity	heteroskedasticity	NOUN
ajfa-4510	4	15	(	(	PUNCT
ajfa-4510	4	16	garch	garch	NOUN
ajfa-4510	4	17	)	)	PUNCT
ajfa-4510	4	18	model	model	NOUN
ajfa-4510	4	19	.	.	PUNCT
ajfa-4510	5	1	the	the	DET
ajfa-4510	5	2	results	result	NOUN
ajfa-4510	5	3	of	of	ADP
ajfa-4510	5	4	the	the	DET
ajfa-4510	5	5	study	study	NOUN
ajfa-4510	5	6	proved	prove	VERB
ajfa-4510	5	7	that	that	SCONJ
ajfa-4510	5	8	the	the	DET
ajfa-4510	5	9	expected	expect	VERB
ajfa-4510	5	10	premium	premium	NOUN
ajfa-4510	5	11	on	on	ADP
ajfa-4510	5	12	stock	stock	NOUN
ajfa-4510	5	13	market	market	NOUN
ajfa-4510	5	14	investments	investment	NOUN
ajfa-4510	5	15	in	in	ADP
ajfa-4510	5	16	india	india	PROPN
ajfa-4510	5	17	was	be	AUX
ajfa-4510	5	18	time	time	NOUN
ajfa-4510	5	19	varying	vary	VERB
ajfa-4510	5	20	and	and	CCONJ
ajfa-4510	5	21	has	have	AUX
ajfa-4510	5	22	been	be	AUX
ajfa-4510	5	23	affected	affect	VERB
ajfa-4510	5	24	by	by	ADP
ajfa-4510	5	25	the	the	DET
ajfa-4510	5	26	time	time	NOUN
ajfa-4510	5	27	varying	vary	VERB
ajfa-4510	5	28	conditional	conditional	ADJ
ajfa-4510	5	29	volatilities	volatility	NOUN
ajfa-4510	5	30	of	of	ADP
ajfa-4510	5	31	macroeconomic	macroeconomic	ADJ
ajfa-4510	5	32	factors	factor	NOUN
ajfa-4510	5	33	.	.	PUNCT
ajfa-4510	6	1	the	the	DET
ajfa-4510	6	2	impact	impact	NOUN
ajfa-4510	6	3	of	of	ADP
ajfa-4510	6	4	economic	economic	ADJ
ajfa-4510	6	5	changes	change	NOUN
ajfa-4510	6	6	found	find	VERB
ajfa-4510	6	7	different	different	ADJ
ajfa-4510	6	8	across	across	ADP
ajfa-4510	6	9	the	the	DET
ajfa-4510	6	10	industries	industry	NOUN
ajfa-4510	6	11	and	and	CCONJ
ajfa-4510	6	12	the	the	DET
ajfa-4510	6	13	sectoral	sectoral	ADJ
ajfa-4510	6	14	variations	variation	NOUN
ajfa-4510	6	15	in	in	ADP
ajfa-4510	6	16	stock	stock	NOUN
ajfa-4510	6	17	returns	return	NOUN
ajfa-4510	6	18	confirm	confirm	VERB
ajfa-4510	6	19	the	the	DET
ajfa-4510	6	20	potentials	potential	NOUN
ajfa-4510	6	21	of	of	ADP
ajfa-4510	6	22	industry	industry	NOUN
ajfa-4510	6	23	allocation	allocation	NOUN
ajfa-4510	6	24	for	for	ADP
ajfa-4510	6	25	the	the	DET
ajfa-4510	6	26	diversification	diversification	NOUN
ajfa-4510	6	27	of	of	ADP
ajfa-4510	6	28	investment	investment	NOUN
ajfa-4510	6	29	risks	risk	NOUN
ajfa-4510	6	30	.	.	PUNCT
ajfa-4510	7	1	keywords	keyword	NOUN
ajfa-4510	7	2	:	:	PUNCT
ajfa-4510	7	3	macroeconomic	macroeconomic	ADJ
ajfa-4510	7	4	variables	variable	NOUN
ajfa-4510	7	5	,	,	PUNCT
ajfa-4510	7	6	stock	stock	NOUN
ajfa-4510	7	7	returns	return	NOUN
ajfa-4510	7	8	,	,	PUNCT
ajfa-4510	7	9	garch	garch	NOUN
ajfa-4510	7	10	,	,	PUNCT
ajfa-4510	7	11	conditional	conditional	ADJ
ajfa-4510	7	12	volatilities	volatilities	PROPN
ajfa-4510	7	13	jel	jel	PROPN
ajfa-4510	7	14	classification	classification	NOUN
ajfa-4510	7	15	:	:	PUNCT
ajfa-4510	7	16	c22	c22	NOUN
ajfa-4510	7	17	,	,	PUNCT
ajfa-4510	7	18	c32	c32	NOUN
ajfa-4510	7	19	,	,	PUNCT
ajfa-4510	7	20	e44	e44	NOUN
ajfa-4510	7	21	asian	asian	ADJ
ajfa-4510	7	22	journal	journal	PROPN
ajfa-4510	7	23	of	of	ADP
ajfa-4510	7	24	finance	finance	PROPN
ajfa-4510	7	25	&	&	CCONJ
ajfa-4510	7	26	accounting	accounting	PROPN
ajfa-4510	7	27	issn	issn	PROPN
ajfa-4510	7	28	1946	1946	NUM
ajfa-4510	7	29	-	-	PUNCT
ajfa-4510	7	30	052x	052x	NOUN
ajfa-4510	7	31	2013	2013	NUM
ajfa-4510	7	32	,	,	PUNCT
ajfa-4510	7	33	vol	vol	NOUN
ajfa-4510	7	34	.	.	PROPN
ajfa-4510	7	35	5	5	NUM
ajfa-4510	7	36	,	,	PUNCT
ajfa-4510	7	37	no	no	INTJ
ajfa-4510	7	38	.	.	NOUN
ajfa-4510	7	39	2	2	NUM
ajfa-4510	7	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	7	41	290	290	NUM
ajfa-4510	7	42	1	1	NUM
ajfa-4510	7	43	.	.	PUNCT
ajfa-4510	8	1	introduction	introduction	NOUN
ajfa-4510	8	2	discovering	discover	VERB
ajfa-4510	8	3	the	the	DET
ajfa-4510	8	4	forces	force	NOUN
ajfa-4510	8	5	that	that	PRON
ajfa-4510	8	6	impel	impel	VERB
ajfa-4510	8	7	stock	stock	NOUN
ajfa-4510	8	8	returns	return	NOUN
ajfa-4510	8	9	is	be	AUX
ajfa-4510	8	10	a	a	DET
ajfa-4510	8	11	major	major	ADJ
ajfa-4510	8	12	topic	topic	NOUN
ajfa-4510	8	13	of	of	ADP
ajfa-4510	8	14	discussion	discussion	NOUN
ajfa-4510	8	15	among	among	ADP
ajfa-4510	8	16	academics	academic	NOUN
ajfa-4510	8	17	and	and	CCONJ
ajfa-4510	8	18	practitioners	practitioner	NOUN
ajfa-4510	8	19	.	.	PUNCT
ajfa-4510	9	1	the	the	DET
ajfa-4510	9	2	stock	stock	NOUN
ajfa-4510	9	3	price	price	NOUN
ajfa-4510	9	4	movement	movement	NOUN
ajfa-4510	9	5	is	be	AUX
ajfa-4510	9	6	highly	highly	ADV
ajfa-4510	9	7	exposed	expose	VERB
ajfa-4510	9	8	to	to	ADP
ajfa-4510	9	9	the	the	DET
ajfa-4510	9	10	changes	change	NOUN
ajfa-4510	9	11	in	in	ADP
ajfa-4510	9	12	fundamentals	fundamental	NOUN
ajfa-4510	9	13	,	,	PUNCT
ajfa-4510	9	14	among	among	ADP
ajfa-4510	9	15	which	which	PRON
ajfa-4510	9	16	the	the	DET
ajfa-4510	9	17	economic	economic	ADJ
ajfa-4510	9	18	factors	factor	NOUN
ajfa-4510	9	19	representing	represent	VERB
ajfa-4510	9	20	real	real	ADJ
ajfa-4510	9	21	and	and	CCONJ
ajfa-4510	9	22	financial	financial	ADJ
ajfa-4510	9	23	sectors	sector	NOUN
ajfa-4510	9	24	seems	seem	VERB
ajfa-4510	9	25	to	to	PART
ajfa-4510	9	26	be	be	AUX
ajfa-4510	9	27	dominant	dominant	ADJ
ajfa-4510	9	28	.	.	PUNCT
ajfa-4510	10	1	the	the	DET
ajfa-4510	10	2	rationale	rationale	NOUN
ajfa-4510	10	3	behind	behind	ADP
ajfa-4510	10	4	such	such	ADJ
ajfa-4510	10	5	holding	holding	NOUN
ajfa-4510	10	6	is	be	AUX
ajfa-4510	10	7	that	that	SCONJ
ajfa-4510	10	8	the	the	DET
ajfa-4510	10	9	real	real	ADJ
ajfa-4510	10	10	value	value	NOUN
ajfa-4510	10	11	of	of	ADP
ajfa-4510	10	12	a	a	DET
ajfa-4510	10	13	stock	stock	NOUN
ajfa-4510	10	14	almost	almost	ADV
ajfa-4510	10	15	equal	equal	ADJ
ajfa-4510	10	16	to	to	ADP
ajfa-4510	10	17	the	the	DET
ajfa-4510	10	18	present	present	ADJ
ajfa-4510	10	19	value	value	NOUN
ajfa-4510	10	20	of	of	ADP
ajfa-4510	10	21	future	future	ADJ
ajfa-4510	10	22	cash	cash	NOUN
ajfa-4510	10	23	inflows	inflow	NOUN
ajfa-4510	10	24	from	from	ADP
ajfa-4510	10	25	its	its	PRON
ajfa-4510	10	26	investments	investment	NOUN
ajfa-4510	10	27	.	.	PUNCT
ajfa-4510	11	1	the	the	DET
ajfa-4510	11	2	modern	modern	ADJ
ajfa-4510	11	3	financial	financial	ADJ
ajfa-4510	11	4	theory	theory	NOUN
ajfa-4510	11	5	considers	consider	VERB
ajfa-4510	11	6	systematic	systematic	ADJ
ajfa-4510	11	7	factors	factor	NOUN
ajfa-4510	11	8	as	as	ADP
ajfa-4510	11	9	the	the	DET
ajfa-4510	11	10	prime	prime	ADJ
ajfa-4510	11	11	sources	source	NOUN
ajfa-4510	11	12	of	of	ADP
ajfa-4510	11	13	variations	variation	NOUN
ajfa-4510	11	14	in	in	ADP
ajfa-4510	11	15	stock	stock	NOUN
ajfa-4510	11	16	returns	return	NOUN
ajfa-4510	11	17	.	.	PUNCT
ajfa-4510	12	1	the	the	DET
ajfa-4510	12	2	specific	specific	ADJ
ajfa-4510	12	3	nature	nature	NOUN
ajfa-4510	12	4	of	of	ADP
ajfa-4510	12	5	an	an	DET
ajfa-4510	12	6	economy	economy	NOUN
ajfa-4510	12	7	along	along	ADP
ajfa-4510	12	8	with	with	ADP
ajfa-4510	12	9	its	its	PRON
ajfa-4510	12	10	linkage	linkage	NOUN
ajfa-4510	12	11	with	with	ADP
ajfa-4510	12	12	the	the	DET
ajfa-4510	12	13	external	external	ADJ
ajfa-4510	12	14	world	world	NOUN
ajfa-4510	12	15	often	often	ADV
ajfa-4510	12	16	decide	decide	VERB
ajfa-4510	12	17	the	the	DET
ajfa-4510	12	18	size	size	NOUN
ajfa-4510	12	19	and	and	CCONJ
ajfa-4510	12	20	patterns	pattern	NOUN
ajfa-4510	12	21	of	of	ADP
ajfa-4510	12	22	cash	cash	NOUN
ajfa-4510	12	23	inflows	inflow	NOUN
ajfa-4510	12	24	to	to	ADP
ajfa-4510	12	25	its	its	PRON
ajfa-4510	12	26	different	different	ADJ
ajfa-4510	12	27	sectors	sector	NOUN
ajfa-4510	12	28	in	in	ADP
ajfa-4510	12	29	changing	change	VERB
ajfa-4510	12	30	economic	economic	ADJ
ajfa-4510	12	31	cycles	cycle	NOUN
ajfa-4510	12	32	.	.	PUNCT
ajfa-4510	13	1	sometimes	sometimes	ADV
ajfa-4510	13	2	investment	investment	NOUN
ajfa-4510	13	3	in	in	ADP
ajfa-4510	13	4	stocks	stock	NOUN
ajfa-4510	13	5	of	of	ADP
ajfa-4510	13	6	worst	bad	ADJ
ajfa-4510	13	7	industry	industry	NOUN
ajfa-4510	13	8	at	at	ADP
ajfa-4510	13	9	the	the	DET
ajfa-4510	13	10	expansion	expansion	NOUN
ajfa-4510	13	11	stage	stage	NOUN
ajfa-4510	13	12	of	of	ADP
ajfa-4510	13	13	an	an	DET
ajfa-4510	13	14	economy	economy	NOUN
ajfa-4510	13	15	delivers	deliver	VERB
ajfa-4510	13	16	better	well	ADJ
ajfa-4510	13	17	return	return	NOUN
ajfa-4510	13	18	than	than	SCONJ
ajfa-4510	13	19	that	that	SCONJ
ajfa-4510	13	20	the	the	DET
ajfa-4510	13	21	best	good	ADJ
ajfa-4510	13	22	industry	industry	NOUN
ajfa-4510	13	23	in	in	ADP
ajfa-4510	13	24	the	the	DET
ajfa-4510	13	25	declining	decline	VERB
ajfa-4510	13	26	stage	stage	NOUN
ajfa-4510	13	27	delivers	deliver	NOUN
ajfa-4510	13	28	,	,	PUNCT
ajfa-4510	13	29	hence	hence	ADV
ajfa-4510	13	30	a	a	DET
ajfa-4510	13	31	stock	stock	NOUN
ajfa-4510	13	32	analyst	analyst	NOUN
ajfa-4510	13	33	should	should	AUX
ajfa-4510	13	34	identify	identify	VERB
ajfa-4510	13	35	the	the	DET
ajfa-4510	13	36	key	key	ADJ
ajfa-4510	13	37	economic	economic	ADJ
ajfa-4510	13	38	factors	factor	NOUN
ajfa-4510	13	39	that	that	PRON
ajfa-4510	13	40	influence	influence	VERB
ajfa-4510	13	41	the	the	DET
ajfa-4510	13	42	performance	performance	NOUN
ajfa-4510	13	43	of	of	ADP
ajfa-4510	13	44	particular	particular	ADJ
ajfa-4510	13	45	sector	sector	NOUN
ajfa-4510	13	46	and	and	CCONJ
ajfa-4510	13	47	also	also	ADV
ajfa-4510	13	48	its	its	PRON
ajfa-4510	13	49	relative	relative	ADJ
ajfa-4510	13	50	strength	strength	NOUN
ajfa-4510	13	51	or	or	CCONJ
ajfa-4510	13	52	weakness	weakness	NOUN
ajfa-4510	13	53	.	.	PUNCT
ajfa-4510	14	1	several	several	ADJ
ajfa-4510	14	2	models	model	NOUN
ajfa-4510	14	3	explaining	explain	VERB
ajfa-4510	14	4	the	the	DET
ajfa-4510	14	5	relation	relation	NOUN
ajfa-4510	14	6	between	between	ADP
ajfa-4510	14	7	stock	stock	NOUN
ajfa-4510	14	8	return	return	NOUN
ajfa-4510	14	9	and	and	CCONJ
ajfa-4510	14	10	its	its	PRON
ajfa-4510	14	11	determining	determine	VERB
ajfa-4510	14	12	factors	factor	NOUN
ajfa-4510	14	13	are	be	AUX
ajfa-4510	14	14	available	available	ADJ
ajfa-4510	14	15	today	today	NOUN
ajfa-4510	14	16	.	.	PUNCT
ajfa-4510	15	1	the	the	DET
ajfa-4510	15	2	capital	capital	NOUN
ajfa-4510	15	3	asset	asset	NOUN
ajfa-4510	15	4	pricing	pricing	NOUN
ajfa-4510	15	5	model	model	NOUN
ajfa-4510	15	6	(	(	PUNCT
ajfa-4510	15	7	capm	capm	PROPN
ajfa-4510	15	8	)	)	PUNCT
ajfa-4510	15	9	of	of	ADP
ajfa-4510	15	10	sharpe	sharpe	PROPN
ajfa-4510	15	11	(	(	PUNCT
ajfa-4510	15	12	1964	1964	NUM
ajfa-4510	15	13	)	)	PUNCT
ajfa-4510	15	14	and	and	CCONJ
ajfa-4510	15	15	lintner	lintner	X
ajfa-4510	15	16	(	(	PUNCT
ajfa-4510	15	17	1965	1965	NUM
ajfa-4510	15	18	)	)	PUNCT
ajfa-4510	15	19	explains	explain	VERB
ajfa-4510	15	20	the	the	DET
ajfa-4510	15	21	variation	variation	NOUN
ajfa-4510	15	22	in	in	ADP
ajfa-4510	15	23	stock	stock	NOUN
ajfa-4510	15	24	returns	return	NOUN
ajfa-4510	15	25	as	as	ADP
ajfa-4510	15	26	the	the	DET
ajfa-4510	15	27	linear	linear	ADJ
ajfa-4510	15	28	function	function	NOUN
ajfa-4510	15	29	of	of	ADP
ajfa-4510	15	30	changes	change	NOUN
ajfa-4510	15	31	in	in	ADP
ajfa-4510	15	32	the	the	DET
ajfa-4510	15	33	market	market	NOUN
ajfa-4510	15	34	beta	beta	NOUN
ajfa-4510	15	35	.	.	PUNCT
ajfa-4510	16	1	these	these	DET
ajfa-4510	16	2	predictions	prediction	NOUN
ajfa-4510	16	3	have	have	AUX
ajfa-4510	16	4	become	become	VERB
ajfa-4510	16	5	the	the	DET
ajfa-4510	16	6	subject	subject	ADJ
ajfa-4510	16	7	matter	matter	NOUN
ajfa-4510	16	8	of	of	ADP
ajfa-4510	16	9	investigation	investigation	NOUN
ajfa-4510	16	10	in	in	ADP
ajfa-4510	16	11	many	many	ADJ
ajfa-4510	16	12	studies	study	NOUN
ajfa-4510	16	13	later	later	ADV
ajfa-4510	16	14	.	.	PUNCT
ajfa-4510	17	1	much	much	ADJ
ajfa-4510	17	2	of	of	ADP
ajfa-4510	17	3	the	the	DET
ajfa-4510	17	4	evidence	evidence	NOUN
ajfa-4510	17	5	proved	prove	VERB
ajfa-4510	17	6	empirical	empirical	ADJ
ajfa-4510	17	7	contradictions	contradiction	NOUN
ajfa-4510	17	8	of	of	ADP
ajfa-4510	17	9	capm	capm	PROPN
ajfa-4510	17	10	model	model	NOUN
ajfa-4510	17	11	and	and	CCONJ
ajfa-4510	17	12	they	they	PRON
ajfa-4510	17	13	strongly	strongly	ADV
ajfa-4510	17	14	challenged	challenge	VERB
ajfa-4510	17	15	the	the	DET
ajfa-4510	17	16	ability	ability	NOUN
ajfa-4510	17	17	of	of	ADP
ajfa-4510	17	18	market	market	NOUN
ajfa-4510	17	19	return	return	NOUN
ajfa-4510	17	20	as	as	ADP
ajfa-4510	17	21	the	the	DET
ajfa-4510	17	22	sole	sole	ADJ
ajfa-4510	17	23	factor	factor	NOUN
ajfa-4510	17	24	to	to	PART
ajfa-4510	17	25	explain	explain	VERB
ajfa-4510	17	26	the	the	DET
ajfa-4510	17	27	variations	variation	NOUN
ajfa-4510	17	28	in	in	ADP
ajfa-4510	17	29	stock	stock	NOUN
ajfa-4510	17	30	returns	return	NOUN
ajfa-4510	17	31	.	.	PUNCT
ajfa-4510	18	1	most	most	ADJ
ajfa-4510	18	2	of	of	ADP
ajfa-4510	18	3	these	these	DET
ajfa-4510	18	4	studies	study	NOUN
ajfa-4510	18	5	suggested	suggest	VERB
ajfa-4510	18	6	the	the	DET
ajfa-4510	18	7	use	use	NOUN
ajfa-4510	18	8	of	of	ADP
ajfa-4510	18	9	a	a	DET
ajfa-4510	18	10	multifactor	multifactor	NOUN
ajfa-4510	18	11	approach	approach	NOUN
ajfa-4510	18	12	to	to	PART
ajfa-4510	18	13	identify	identify	VERB
ajfa-4510	18	14	the	the	DET
ajfa-4510	18	15	extra	extra	ADJ
ajfa-4510	18	16	market	market	NOUN
ajfa-4510	18	17	factors	factor	NOUN
ajfa-4510	18	18	which	which	PRON
ajfa-4510	18	19	cause	cause	VERB
ajfa-4510	18	20	price	price	NOUN
ajfa-4510	18	21	volatility	volatility	NOUN
ajfa-4510	18	22	in	in	ADP
ajfa-4510	18	23	stock	stock	NOUN
ajfa-4510	18	24	markets	market	NOUN
ajfa-4510	18	25	.	.	PUNCT
ajfa-4510	19	1	this	this	DET
ajfa-4510	19	2	approach	approach	NOUN
ajfa-4510	19	3	takes	take	VERB
ajfa-4510	19	4	an	an	DET
ajfa-4510	19	5	assumption	assumption	NOUN
ajfa-4510	19	6	that	that	SCONJ
ajfa-4510	19	7	the	the	DET
ajfa-4510	19	8	stock	stock	NOUN
ajfa-4510	19	9	return	return	NOUN
ajfa-4510	19	10	are	be	AUX
ajfa-4510	19	11	under	under	ADP
ajfa-4510	19	12	the	the	DET
ajfa-4510	19	13	influence	influence	NOUN
ajfa-4510	19	14	of	of	ADP
ajfa-4510	19	15	a	a	DET
ajfa-4510	19	16	limited	limited	ADJ
ajfa-4510	19	17	number	number	NOUN
ajfa-4510	19	18	of	of	ADP
ajfa-4510	19	19	economic	economic	ADJ
ajfa-4510	19	20	factors	factor	NOUN
ajfa-4510	19	21	.	.	PUNCT
ajfa-4510	20	1	the	the	DET
ajfa-4510	20	2	pioneer	pioneer	NOUN
ajfa-4510	20	3	in	in	ADP
ajfa-4510	20	4	that	that	DET
ajfa-4510	20	5	approach	approach	NOUN
ajfa-4510	20	6	is	be	AUX
ajfa-4510	20	7	arbitrage	arbitrage	NOUN
ajfa-4510	20	8	pricing	pricing	NOUN
ajfa-4510	20	9	theory	theory	NOUN
ajfa-4510	20	10	(	(	PUNCT
ajfa-4510	20	11	apt	apt	ADJ
ajfa-4510	20	12	)	)	PUNCT
ajfa-4510	20	13	developed	develop	VERB
ajfa-4510	20	14	by	by	ADP
ajfa-4510	20	15	ross	ross	PROPN
ajfa-4510	20	16	(	(	PUNCT
ajfa-4510	20	17	1976	1976	NUM
ajfa-4510	20	18	)	)	PUNCT
ajfa-4510	20	19	.	.	PUNCT
ajfa-4510	21	1	roll	roll	NOUN
ajfa-4510	21	2	and	and	CCONJ
ajfa-4510	21	3	ross	ross	PROPN
ajfa-4510	21	4	(	(	PUNCT
ajfa-4510	21	5	1980	1980	NUM
ajfa-4510	21	6	)	)	PUNCT
ajfa-4510	21	7	modified	modify	VERB
ajfa-4510	21	8	apt	apt	ADJ
ajfa-4510	21	9	in	in	ADP
ajfa-4510	21	10	the	the	DET
ajfa-4510	21	11	form	form	NOUN
ajfa-4510	21	12	of	of	ADP
ajfa-4510	21	13	a	a	DET
ajfa-4510	21	14	model	model	NOUN
ajfa-4510	21	15	capable	capable	ADJ
ajfa-4510	21	16	to	to	PART
ajfa-4510	21	17	test	test	VERB
ajfa-4510	21	18	its	its	PRON
ajfa-4510	21	19	fitness	fitness	NOUN
ajfa-4510	21	20	.	.	PUNCT
ajfa-4510	22	1	in	in	ADP
ajfa-4510	22	2	addition	addition	NOUN
ajfa-4510	22	3	to	to	ADP
ajfa-4510	22	4	apt	apt	ADJ
ajfa-4510	22	5	,	,	PUNCT
ajfa-4510	22	6	a	a	DET
ajfa-4510	22	7	multi	multi	ADJ
ajfa-4510	22	8	beta	beta	PROPN
ajfa-4510	22	9	capm	capm	PROPN
ajfa-4510	22	10	approach	approach	NOUN
ajfa-4510	22	11	can	can	AUX
ajfa-4510	22	12	also	also	ADV
ajfa-4510	22	13	be	be	AUX
ajfa-4510	22	14	used	use	VERB
ajfa-4510	22	15	for	for	ADP
ajfa-4510	22	16	discovering	discover	VERB
ajfa-4510	22	17	extra	extra	ADJ
ajfa-4510	22	18	factors	factor	NOUN
ajfa-4510	22	19	in	in	ADP
ajfa-4510	22	20	addition	addition	NOUN
ajfa-4510	22	21	to	to	ADP
ajfa-4510	22	22	market	market	NOUN
ajfa-4510	22	23	return	return	NOUN
ajfa-4510	22	24	which	which	PRON
ajfa-4510	22	25	contribute	contribute	VERB
ajfa-4510	22	26	to	to	ADP
ajfa-4510	22	27	stock	stock	NOUN
ajfa-4510	22	28	returns	return	NOUN
ajfa-4510	22	29	volatility	volatility	NOUN
ajfa-4510	22	30	.	.	PUNCT
ajfa-4510	23	1	in	in	ADP
ajfa-4510	23	2	practice	practice	NOUN
ajfa-4510	23	3	,	,	PUNCT
ajfa-4510	23	4	risk	risk	NOUN
ajfa-4510	23	5	averters	averter	NOUN
ajfa-4510	23	6	in	in	ADP
ajfa-4510	23	7	financial	financial	ADJ
ajfa-4510	23	8	markets	market	NOUN
ajfa-4510	23	9	want	want	VERB
ajfa-4510	23	10	to	to	PART
ajfa-4510	23	11	forecast	forecast	VERB
ajfa-4510	23	12	not	not	PART
ajfa-4510	23	13	only	only	ADJ
ajfa-4510	23	14	returns	return	NOUN
ajfa-4510	23	15	,	,	PUNCT
ajfa-4510	23	16	but	but	CCONJ
ajfa-4510	23	17	also	also	ADV
ajfa-4510	23	18	volatility	volatility	NOUN
ajfa-4510	23	19	during	during	ADP
ajfa-4510	23	20	their	their	PRON
ajfa-4510	23	21	investments	investment	NOUN
ajfa-4510	23	22	.	.	PUNCT
ajfa-4510	24	1	on	on	ADP
ajfa-4510	24	2	realizing	realize	VERB
ajfa-4510	24	3	this	this	PRON
ajfa-4510	24	4	,	,	PUNCT
ajfa-4510	24	5	now	now	ADV
ajfa-4510	24	6	a	a	DET
ajfa-4510	24	7	day	day	NOUN
ajfa-4510	24	8	’s	’s	PART
ajfa-4510	24	9	consensus	consensus	NOUN
ajfa-4510	24	10	exists	exist	VERB
ajfa-4510	24	11	among	among	ADP
ajfa-4510	24	12	the	the	DET
ajfa-4510	24	13	analysts	analyst	NOUN
ajfa-4510	24	14	as	as	ADP
ajfa-4510	24	15	to	to	ADP
ajfa-4510	24	16	the	the	DET
ajfa-4510	24	17	need	need	NOUN
ajfa-4510	24	18	of	of	ADP
ajfa-4510	24	19	using	use	VERB
ajfa-4510	24	20	conditional	conditional	ADJ
ajfa-4510	24	21	means	mean	NOUN
ajfa-4510	24	22	and	and	CCONJ
ajfa-4510	24	23	variance	variance	NOUN
ajfa-4510	24	24	in	in	ADP
ajfa-4510	24	25	financial	financial	ADJ
ajfa-4510	24	26	econometric	econometric	ADJ
ajfa-4510	24	27	analysis	analysis	NOUN
ajfa-4510	24	28	.	.	PUNCT
ajfa-4510	25	1	when	when	SCONJ
ajfa-4510	25	2	forecasting	forecast	VERB
ajfa-4510	25	3	expected	expect	VERB
ajfa-4510	25	4	returns	return	NOUN
ajfa-4510	25	5	,	,	PUNCT
ajfa-4510	25	6	the	the	DET
ajfa-4510	25	7	investors	investor	NOUN
ajfa-4510	25	8	should	should	AUX
ajfa-4510	25	9	consider	consider	VERB
ajfa-4510	25	10	heteroskadasticity	heteroskadasticity	NOUN
ajfa-4510	25	11	(	(	PUNCT
ajfa-4510	25	12	merton	merton	PROPN
ajfa-4510	25	13	,	,	PUNCT
ajfa-4510	25	14	1980	1980	NUM
ajfa-4510	25	15	)	)	PUNCT
ajfa-4510	25	16	.	.	PUNCT
ajfa-4510	26	1	literature	literature	NOUN
ajfa-4510	26	2	shows	show	VERB
ajfa-4510	26	3	that	that	SCONJ
ajfa-4510	26	4	the	the	DET
ajfa-4510	26	5	class	class	NOUN
ajfa-4510	26	6	of	of	ADP
ajfa-4510	26	7	generalized	generalized	ADJ
ajfa-4510	26	8	auto	auto	NOUN
ajfa-4510	26	9	regressive	regressive	ADJ
ajfa-4510	26	10	conditional	conditional	ADJ
ajfa-4510	26	11	heteroskedasticity	heteroskedasticity	NOUN
ajfa-4510	26	12	(	(	PUNCT
ajfa-4510	26	13	garch	garch	NOUN
ajfa-4510	26	14	)	)	PUNCT
ajfa-4510	26	15	successfully	successfully	ADV
ajfa-4510	26	16	captures	capture	VERB
ajfa-4510	26	17	asset	asset	NOUN
ajfa-4510	26	18	returns	return	NOUN
ajfa-4510	26	19	and	and	CCONJ
ajfa-4510	26	20	volatility	volatility	NOUN
ajfa-4510	26	21	by	by	ADP
ajfa-4510	26	22	allowing	allow	VERB
ajfa-4510	26	23	the	the	DET
ajfa-4510	26	24	means	mean	NOUN
ajfa-4510	26	25	of	of	ADP
ajfa-4510	26	26	asset	asset	NOUN
ajfa-4510	26	27	returns	return	NOUN
ajfa-4510	26	28	to	to	PART
ajfa-4510	26	29	depend	depend	VERB
ajfa-4510	26	30	on	on	ADP
ajfa-4510	26	31	their	their	PRON
ajfa-4510	26	32	time	time	NOUN
ajfa-4510	26	33	varying	vary	VERB
ajfa-4510	26	34	variance	variance	NOUN
ajfa-4510	26	35	as	as	ADV
ajfa-4510	26	36	well	well	ADV
ajfa-4510	26	37	as	as	ADP
ajfa-4510	26	38	other	other	ADJ
ajfa-4510	26	39	contributory	contributory	NOUN
ajfa-4510	26	40	factors	factor	NOUN
ajfa-4510	26	41	(	(	PUNCT
ajfa-4510	26	42	butt	butt	PROPN
ajfa-4510	26	43	et	et	PROPN
ajfa-4510	26	44	al	al	PROPN
ajfa-4510	26	45	.	.	PROPN
ajfa-4510	27	1	(	(	PUNCT
ajfa-4510	27	2	2010	2010	NUM
ajfa-4510	27	3	)	)	PUNCT
ajfa-4510	27	4	.	.	PUNCT
ajfa-4510	28	1	as	as	ADP
ajfa-4510	28	2	an	an	DET
ajfa-4510	28	3	emerging	emerge	VERB
ajfa-4510	28	4	economy	economy	NOUN
ajfa-4510	28	5	,	,	PUNCT
ajfa-4510	28	6	india	india	PROPN
ajfa-4510	28	7	has	have	AUX
ajfa-4510	28	8	gained	gain	VERB
ajfa-4510	28	9	significant	significant	ADJ
ajfa-4510	28	10	amount	amount	NOUN
ajfa-4510	28	11	of	of	ADP
ajfa-4510	28	12	economic	economic	ADJ
ajfa-4510	28	13	growth	growth	NOUN
ajfa-4510	28	14	during	during	ADP
ajfa-4510	28	15	the	the	DET
ajfa-4510	28	16	post	post	NOUN
ajfa-4510	28	17	liberalization	liberalization	NOUN
ajfa-4510	28	18	period	period	NOUN
ajfa-4510	28	19	.	.	PUNCT
ajfa-4510	29	1	being	be	AUX
ajfa-4510	29	2	a	a	DET
ajfa-4510	29	3	cost	cost	NOUN
ajfa-4510	29	4	efficient	efficient	ADJ
ajfa-4510	29	5	labor	labor	NOUN
ajfa-4510	29	6	rich	rich	ADJ
ajfa-4510	29	7	economy	economy	NOUN
ajfa-4510	29	8	,	,	PUNCT
ajfa-4510	29	9	india	india	PROPN
ajfa-4510	29	10	is	be	AUX
ajfa-4510	29	11	able	able	ADJ
ajfa-4510	29	12	to	to	PART
ajfa-4510	29	13	capitalize	capitalize	VERB
ajfa-4510	29	14	the	the	DET
ajfa-4510	29	15	service	service	NOUN
ajfa-4510	29	16	sector	sector	NOUN
ajfa-4510	29	17	boom	boom	NOUN
ajfa-4510	29	18	,	,	PUNCT
ajfa-4510	29	19	especially	especially	ADV
ajfa-4510	29	20	in	in	ADP
ajfa-4510	29	21	it	it	PRON
ajfa-4510	29	22	and	and	CCONJ
ajfa-4510	29	23	ites	ite	NOUN
ajfa-4510	29	24	sector	sector	NOUN
ajfa-4510	29	25	,	,	PUNCT
ajfa-4510	29	26	in	in	ADP
ajfa-4510	29	27	the	the	DET
ajfa-4510	29	28	global	global	ADJ
ajfa-4510	29	29	market	market	NOUN
ajfa-4510	29	30	.	.	PUNCT
ajfa-4510	30	1	the	the	DET
ajfa-4510	30	2	economy	economy	NOUN
ajfa-4510	30	3	continues	continue	VERB
ajfa-4510	30	4	to	to	PART
ajfa-4510	30	5	expand	expand	VERB
ajfa-4510	30	6	with	with	ADP
ajfa-4510	30	7	service	service	NOUN
ajfa-4510	30	8	sector	sector	NOUN
ajfa-4510	30	9	as	as	ADP
ajfa-4510	30	10	its	its	PRON
ajfa-4510	30	11	driving	driving	NOUN
ajfa-4510	30	12	force	force	NOUN
ajfa-4510	30	13	.	.	PUNCT
ajfa-4510	31	1	the	the	DET
ajfa-4510	31	2	economic	economic	ADJ
ajfa-4510	31	3	expansion	expansion	NOUN
ajfa-4510	31	4	led	lead	VERB
ajfa-4510	31	5	to	to	ADP
ajfa-4510	31	6	improved	improve	VERB
ajfa-4510	31	7	income	income	NOUN
ajfa-4510	31	8	distribution	distribution	NOUN
ajfa-4510	31	9	in	in	ADP
ajfa-4510	31	10	the	the	DET
ajfa-4510	31	11	country	country	NOUN
ajfa-4510	31	12	,	,	PUNCT
ajfa-4510	31	13	by	by	ADP
ajfa-4510	31	14	this	this	DET
ajfa-4510	31	15	many	many	ADJ
ajfa-4510	31	16	sectors	sector	NOUN
ajfa-4510	31	17	including	include	VERB
ajfa-4510	31	18	banking	banking	NOUN
ajfa-4510	31	19	,	,	PUNCT
ajfa-4510	31	20	automobiles	automobile	NOUN
ajfa-4510	31	21	,	,	PUNCT
ajfa-4510	31	22	and	and	CCONJ
ajfa-4510	31	23	fmcg	fmcg	NOUN
ajfa-4510	31	24	have	have	AUX
ajfa-4510	31	25	benefitted	benefit	VERB
ajfa-4510	31	26	much	much	ADJ
ajfa-4510	31	27	.	.	PUNCT
ajfa-4510	32	1	the	the	DET
ajfa-4510	32	2	global	global	ADJ
ajfa-4510	32	3	financial	financial	ADJ
ajfa-4510	32	4	crisis	crisis	NOUN
ajfa-4510	32	5	badly	badly	ADV
ajfa-4510	32	6	affected	affect	VERB
ajfa-4510	32	7	the	the	DET
ajfa-4510	32	8	earnings	earning	NOUN
ajfa-4510	32	9	of	of	ADP
ajfa-4510	32	10	certain	certain	ADJ
ajfa-4510	32	11	sectors	sector	NOUN
ajfa-4510	32	12	like	like	ADP
ajfa-4510	32	13	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	32	14	;	;	PUNCT
ajfa-4510	32	15	information	information	NOUN
ajfa-4510	32	16	technology	technology	NOUN
ajfa-4510	32	17	etc	etc	X
ajfa-4510	32	18	…	…	PUNCT
ajfa-4510	32	19	since	since	SCONJ
ajfa-4510	32	20	their	their	PRON
ajfa-4510	32	21	asian	asian	ADJ
ajfa-4510	32	22	journal	journal	NOUN
ajfa-4510	32	23	of	of	ADP
ajfa-4510	32	24	finance	finance	PROPN
ajfa-4510	32	25	&	&	CCONJ
ajfa-4510	32	26	accounting	accounting	PROPN
ajfa-4510	32	27	issn	issn	PROPN
ajfa-4510	32	28	1946	1946	NUM
ajfa-4510	32	29	-	-	PUNCT
ajfa-4510	32	30	052x	052x	NOUN
ajfa-4510	32	31	2013	2013	NUM
ajfa-4510	32	32	,	,	PUNCT
ajfa-4510	32	33	vol	vol	NOUN
ajfa-4510	32	34	.	.	PROPN
ajfa-4510	32	35	5	5	NUM
ajfa-4510	32	36	,	,	PUNCT
ajfa-4510	32	37	no	no	INTJ
ajfa-4510	32	38	.	.	NOUN
ajfa-4510	32	39	2	2	NUM
ajfa-4510	32	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	32	41	291	291	NUM
ajfa-4510	32	42	exposure	exposure	NOUN
ajfa-4510	32	43	to	to	ADP
ajfa-4510	32	44	foreign	foreign	ADJ
ajfa-4510	32	45	markets	market	NOUN
ajfa-4510	32	46	are	be	AUX
ajfa-4510	32	47	relatively	relatively	ADV
ajfa-4510	32	48	more	more	ADJ
ajfa-4510	32	49	.	.	PUNCT
ajfa-4510	33	1	the	the	DET
ajfa-4510	33	2	price	price	NOUN
ajfa-4510	33	3	fluctuations	fluctuation	NOUN
ajfa-4510	33	4	in	in	ADP
ajfa-4510	33	5	crude	crude	ADJ
ajfa-4510	33	6	oil	oil	NOUN
ajfa-4510	33	7	market	market	NOUN
ajfa-4510	33	8	have	have	AUX
ajfa-4510	33	9	affected	affect	VERB
ajfa-4510	33	10	the	the	DET
ajfa-4510	33	11	performance	performance	NOUN
ajfa-4510	33	12	of	of	ADP
ajfa-4510	33	13	energy	energy	NOUN
ajfa-4510	33	14	sector	sector	NOUN
ajfa-4510	33	15	.	.	PUNCT
ajfa-4510	34	1	it	it	PRON
ajfa-4510	34	2	is	be	AUX
ajfa-4510	34	3	worthy	worthy	ADJ
ajfa-4510	34	4	to	to	PART
ajfa-4510	34	5	remember	remember	VERB
ajfa-4510	34	6	that	that	SCONJ
ajfa-4510	34	7	almost	almost	ADV
ajfa-4510	34	8	all	all	PRON
ajfa-4510	34	9	of	of	ADP
ajfa-4510	34	10	these	these	DET
ajfa-4510	34	11	economic	economic	ADJ
ajfa-4510	34	12	revolutions	revolution	NOUN
ajfa-4510	34	13	were	be	AUX
ajfa-4510	34	14	happened	happen	VERB
ajfa-4510	34	15	during	during	ADP
ajfa-4510	34	16	the	the	DET
ajfa-4510	34	17	post	post	NOUN
ajfa-4510	34	18	2000	2000	NUM
ajfa-4510	34	19	period	period	NOUN
ajfa-4510	34	20	.	.	PUNCT
ajfa-4510	35	1	the	the	DET
ajfa-4510	35	2	governance	governance	NOUN
ajfa-4510	35	3	and	and	CCONJ
ajfa-4510	35	4	financial	financial	ADJ
ajfa-4510	35	5	innovation	innovation	NOUN
ajfa-4510	35	6	practices	practice	NOUN
ajfa-4510	35	7	during	during	ADP
ajfa-4510	35	8	this	this	DET
ajfa-4510	35	9	period	period	NOUN
ajfa-4510	35	10	have	have	AUX
ajfa-4510	35	11	brought	bring	VERB
ajfa-4510	35	12	in	in	ADP
ajfa-4510	35	13	creditable	creditable	ADJ
ajfa-4510	35	14	makeovers	makeover	NOUN
ajfa-4510	35	15	which	which	PRON
ajfa-4510	35	16	in	in	ADP
ajfa-4510	35	17	turn	turn	NOUN
ajfa-4510	35	18	fuelled	fuel	VERB
ajfa-4510	35	19	the	the	DET
ajfa-4510	35	20	growth	growth	NOUN
ajfa-4510	35	21	of	of	ADP
ajfa-4510	35	22	an	an	DET
ajfa-4510	35	23	equity	equity	NOUN
ajfa-4510	35	24	cult	cult	NOUN
ajfa-4510	35	25	in	in	ADP
ajfa-4510	35	26	india	india	PROPN
ajfa-4510	35	27	.	.	PUNCT
ajfa-4510	36	1	then	then	ADV
ajfa-4510	36	2	indian	indian	ADJ
ajfa-4510	36	3	stock	stock	NOUN
ajfa-4510	36	4	market	market	NOUN
ajfa-4510	36	5	shoots	shoot	VERB
ajfa-4510	36	6	up	up	ADP
ajfa-4510	36	7	which	which	PRON
ajfa-4510	36	8	rejuvenated	rejuvenate	VERB
ajfa-4510	36	9	confidence	confidence	NOUN
ajfa-4510	36	10	to	to	ADP
ajfa-4510	36	11	domestic	domestic	ADJ
ajfa-4510	36	12	investment	investment	NOUN
ajfa-4510	36	13	base	base	NOUN
ajfa-4510	36	14	,	,	PUNCT
ajfa-4510	36	15	at	at	ADP
ajfa-4510	36	16	the	the	DET
ajfa-4510	36	17	same	same	ADJ
ajfa-4510	36	18	time	time	NOUN
ajfa-4510	36	19	augment	augment	VERB
ajfa-4510	36	20	foreign	foreign	ADJ
ajfa-4510	36	21	investment	investment	NOUN
ajfa-4510	36	22	flows	flow	VERB
ajfa-4510	36	23	in	in	ADP
ajfa-4510	36	24	to	to	ADP
ajfa-4510	36	25	the	the	DET
ajfa-4510	36	26	country	country	NOUN
ajfa-4510	36	27	.	.	PUNCT
ajfa-4510	37	1	on	on	ADP
ajfa-4510	37	2	consolidating	consolidate	VERB
ajfa-4510	37	3	these	these	DET
ajfa-4510	37	4	facts	fact	NOUN
ajfa-4510	37	5	researchers	researcher	NOUN
ajfa-4510	37	6	need	need	VERB
ajfa-4510	37	7	to	to	PART
ajfa-4510	37	8	answer	answer	VERB
ajfa-4510	37	9	certain	certain	ADJ
ajfa-4510	37	10	questions	question	NOUN
ajfa-4510	37	11	.	.	PUNCT
ajfa-4510	38	1	do	do	AUX
ajfa-4510	38	2	the	the	DET
ajfa-4510	38	3	economic	economic	ADJ
ajfa-4510	38	4	forces	force	NOUN
ajfa-4510	38	5	impact	impact	VERB
ajfa-4510	38	6	the	the	DET
ajfa-4510	38	7	sectoral	sectoral	ADJ
ajfa-4510	38	8	stock	stock	NOUN
ajfa-4510	38	9	returns	return	NOUN
ajfa-4510	38	10	in	in	ADP
ajfa-4510	38	11	india	india	PROPN
ajfa-4510	38	12	symmetrically	symmetrically	ADV
ajfa-4510	38	13	?	?	PUNCT
ajfa-4510	39	1	if	if	SCONJ
ajfa-4510	39	2	not	not	PART
ajfa-4510	39	3	,	,	PUNCT
ajfa-4510	39	4	what	what	PRON
ajfa-4510	39	5	are	be	AUX
ajfa-4510	39	6	the	the	DET
ajfa-4510	39	7	economic	economic	ADJ
ajfa-4510	39	8	factors	factor	NOUN
ajfa-4510	39	9	critical	critical	ADJ
ajfa-4510	39	10	in	in	ADP
ajfa-4510	39	11	predicting	predict	VERB
ajfa-4510	39	12	stock	stock	NOUN
ajfa-4510	39	13	return	return	NOUN
ajfa-4510	39	14	variability	variability	NOUN
ajfa-4510	39	15	across	across	ADP
ajfa-4510	39	16	the	the	DET
ajfa-4510	39	17	sectors	sector	NOUN
ajfa-4510	39	18	?	?	PUNCT
ajfa-4510	40	1	to	to	PART
ajfa-4510	40	2	answer	answer	VERB
ajfa-4510	40	3	these	these	DET
ajfa-4510	40	4	questions	question	NOUN
ajfa-4510	40	5	it	it	PRON
ajfa-4510	40	6	is	be	AUX
ajfa-4510	40	7	imperative	imperative	ADJ
ajfa-4510	40	8	to	to	PART
ajfa-4510	40	9	measure	measure	VERB
ajfa-4510	40	10	the	the	DET
ajfa-4510	40	11	stock	stock	NOUN
ajfa-4510	40	12	return	return	NOUN
ajfa-4510	40	13	variations	variation	NOUN
ajfa-4510	40	14	across	across	ADP
ajfa-4510	40	15	industries	industry	NOUN
ajfa-4510	40	16	under	under	ADP
ajfa-4510	40	17	a	a	DET
ajfa-4510	40	18	transfigured	transfigured	ADJ
ajfa-4510	40	19	economic	economic	ADJ
ajfa-4510	40	20	frame	frame	NOUN
ajfa-4510	40	21	.	.	PUNCT
ajfa-4510	41	1	the	the	DET
ajfa-4510	41	2	rest	rest	NOUN
ajfa-4510	41	3	of	of	ADP
ajfa-4510	41	4	the	the	DET
ajfa-4510	41	5	paper	paper	NOUN
ajfa-4510	41	6	is	be	AUX
ajfa-4510	41	7	organized	organize	VERB
ajfa-4510	41	8	as	as	SCONJ
ajfa-4510	41	9	follows	follow	VERB
ajfa-4510	41	10	:	:	PUNCT
ajfa-4510	41	11	section	section	NOUN
ajfa-4510	41	12	2	2	NUM
ajfa-4510	41	13	reviews	review	NOUN
ajfa-4510	41	14	related	relate	VERB
ajfa-4510	41	15	studies	study	NOUN
ajfa-4510	41	16	.	.	PUNCT
ajfa-4510	42	1	section	section	NOUN
ajfa-4510	42	2	3	3	NUM
ajfa-4510	42	3	describes	describe	VERB
ajfa-4510	42	4	data	datum	NOUN
ajfa-4510	42	5	and	and	CCONJ
ajfa-4510	42	6	methodology	methodology	NOUN
ajfa-4510	42	7	employed	employ	VERB
ajfa-4510	42	8	in	in	ADP
ajfa-4510	42	9	this	this	DET
ajfa-4510	42	10	study	study	NOUN
ajfa-4510	42	11	.	.	PUNCT
ajfa-4510	43	1	section	section	NOUN
ajfa-4510	43	2	4	4	NUM
ajfa-4510	43	3	discusses	discuss	VERB
ajfa-4510	43	4	the	the	DET
ajfa-4510	43	5	results	result	NOUN
ajfa-4510	43	6	of	of	ADP
ajfa-4510	43	7	the	the	DET
ajfa-4510	43	8	analysis	analysis	NOUN
ajfa-4510	43	9	and	and	CCONJ
ajfa-4510	43	10	section	section	NOUN
ajfa-4510	43	11	5	5	NUM
ajfa-4510	43	12	concludes	conclude	VERB
ajfa-4510	43	13	the	the	DET
ajfa-4510	43	14	paper	paper	NOUN
ajfa-4510	43	15	.	.	PUNCT
ajfa-4510	44	1	2	2	X
ajfa-4510	44	2	.	.	X
ajfa-4510	44	3	review	review	NOUN
ajfa-4510	44	4	of	of	ADP
ajfa-4510	44	5	literature	literature	PROPN
ajfa-4510	44	6	a	a	DET
ajfa-4510	44	7	significant	significant	ADJ
ajfa-4510	44	8	amount	amount	NOUN
ajfa-4510	44	9	of	of	ADP
ajfa-4510	44	10	empirical	empirical	ADJ
ajfa-4510	44	11	literature	literature	NOUN
ajfa-4510	44	12	investigates	investigate	VERB
ajfa-4510	44	13	the	the	DET
ajfa-4510	44	14	relations	relation	NOUN
ajfa-4510	44	15	between	between	ADP
ajfa-4510	44	16	the	the	DET
ajfa-4510	44	17	economic	economic	ADJ
ajfa-4510	44	18	variables	variable	NOUN
ajfa-4510	44	19	and	and	CCONJ
ajfa-4510	44	20	stock	stock	NOUN
ajfa-4510	44	21	returns	return	NOUN
ajfa-4510	44	22	by	by	ADP
ajfa-4510	44	23	using	use	VERB
ajfa-4510	44	24	multifactor	multifactor	NOUN
ajfa-4510	44	25	asset	asset	NOUN
ajfa-4510	44	26	pricing	pricing	NOUN
ajfa-4510	44	27	models	model	NOUN
ajfa-4510	44	28	in	in	ADP
ajfa-4510	44	29	different	different	ADJ
ajfa-4510	44	30	country	country	NOUN
ajfa-4510	44	31	contexts	contexts	NOUN
ajfa-4510	44	32	.	.	PUNCT
ajfa-4510	45	1	as	as	ADP
ajfa-4510	45	2	a	a	DET
ajfa-4510	45	3	pioneering	pioneering	ADJ
ajfa-4510	45	4	work	work	NOUN
ajfa-4510	45	5	in	in	ADP
ajfa-4510	45	6	the	the	DET
ajfa-4510	45	7	area	area	NOUN
ajfa-4510	45	8	,	,	PUNCT
ajfa-4510	45	9	chen	chen	PROPN
ajfa-4510	45	10	(	(	PUNCT
ajfa-4510	45	11	1983	1983	NUM
ajfa-4510	45	12	)	)	PUNCT
ajfa-4510	45	13	gave	give	VERB
ajfa-4510	45	14	an	an	DET
ajfa-4510	45	15	economic	economic	ADJ
ajfa-4510	45	16	interpretation	interpretation	NOUN
ajfa-4510	45	17	to	to	ADP
ajfa-4510	45	18	statistical	statistical	ADJ
ajfa-4510	45	19	factors	factor	NOUN
ajfa-4510	45	20	.	.	PUNCT
ajfa-4510	46	1	in	in	ADP
ajfa-4510	46	2	their	their	PRON
ajfa-4510	46	3	popular	popular	ADJ
ajfa-4510	46	4	work	work	NOUN
ajfa-4510	46	5	,	,	PUNCT
ajfa-4510	46	6	chen	chen	PROPN
ajfa-4510	46	7	,	,	PUNCT
ajfa-4510	46	8	roll	roll	NOUN
ajfa-4510	46	9	and	and	CCONJ
ajfa-4510	46	10	ross	ross	PROPN
ajfa-4510	46	11	(	(	PUNCT
ajfa-4510	46	12	1986	1986	NUM
ajfa-4510	46	13	)	)	PUNCT
ajfa-4510	46	14	use	use	VERB
ajfa-4510	46	15	a	a	DET
ajfa-4510	46	16	six	six	NUM
ajfa-4510	46	17	factor	factor	NOUN
ajfa-4510	46	18	model	model	NOUN
ajfa-4510	46	19	based	base	VERB
ajfa-4510	46	20	on	on	ADP
ajfa-4510	46	21	monthly	monthly	ADJ
ajfa-4510	46	22	data	datum	NOUN
ajfa-4510	46	23	for	for	ADP
ajfa-4510	46	24	the	the	DET
ajfa-4510	46	25	period	period	NOUN
ajfa-4510	46	26	of	of	ADP
ajfa-4510	46	27	1953	1953	NUM
ajfa-4510	46	28	-	-	SYM
ajfa-4510	46	29	1983	1983	NUM
ajfa-4510	46	30	and	and	CCONJ
ajfa-4510	46	31	found	find	VERB
ajfa-4510	46	32	industrial	industrial	ADJ
ajfa-4510	46	33	production	production	NOUN
ajfa-4510	46	34	,	,	PUNCT
ajfa-4510	46	35	risk	risk	NOUN
ajfa-4510	46	36	premium	premium	NOUN
ajfa-4510	46	37	and	and	CCONJ
ajfa-4510	46	38	term	term	NOUN
ajfa-4510	46	39	structure	structure	NOUN
ajfa-4510	46	40	premium	premium	NOUN
ajfa-4510	46	41	as	as	ADP
ajfa-4510	46	42	the	the	DET
ajfa-4510	46	43	significant	significant	ADJ
ajfa-4510	46	44	determinants	determinant	NOUN
ajfa-4510	46	45	of	of	ADP
ajfa-4510	46	46	stock	stock	NOUN
ajfa-4510	46	47	returns	return	NOUN
ajfa-4510	46	48	in	in	ADP
ajfa-4510	46	49	u.s	u.s	PROPN
ajfa-4510	46	50	market	market	NOUN
ajfa-4510	46	51	.	.	PUNCT
ajfa-4510	47	1	their	their	PRON
ajfa-4510	47	2	model	model	NOUN
ajfa-4510	47	3	failed	fail	VERB
ajfa-4510	47	4	to	to	PART
ajfa-4510	47	5	capture	capture	VERB
ajfa-4510	47	6	the	the	DET
ajfa-4510	47	7	stock	stock	NOUN
ajfa-4510	47	8	returns	return	NOUN
ajfa-4510	47	9	’	'	PUNCT
ajfa-4510	47	10	relations	relation	NOUN
ajfa-4510	47	11	with	with	ADP
ajfa-4510	47	12	factors	factor	NOUN
ajfa-4510	47	13	like	like	ADP
ajfa-4510	47	14	market	market	NOUN
ajfa-4510	47	15	returns	return	NOUN
ajfa-4510	47	16	,	,	PUNCT
ajfa-4510	47	17	changes	change	NOUN
ajfa-4510	47	18	in	in	ADP
ajfa-4510	47	19	expected	expect	VERB
ajfa-4510	47	20	inflation	inflation	NOUN
ajfa-4510	47	21	,	,	PUNCT
ajfa-4510	47	22	and	and	CCONJ
ajfa-4510	47	23	unexpected	unexpected	ADJ
ajfa-4510	47	24	inflation	inflation	NOUN
ajfa-4510	47	25	.	.	PUNCT
ajfa-4510	48	1	later	later	ADV
ajfa-4510	48	2	zhou	zhou	X
ajfa-4510	48	3	(	(	PUNCT
ajfa-4510	48	4	1999	1999	NUM
ajfa-4510	48	5	)	)	PUNCT
ajfa-4510	48	6	confirmed	confirm	VERB
ajfa-4510	48	7	the	the	DET
ajfa-4510	48	8	statistical	statistical	ADJ
ajfa-4510	48	9	significance	significance	NOUN
ajfa-4510	48	10	of	of	ADP
ajfa-4510	48	11	four	four	NUM
ajfa-4510	48	12	out	out	ADP
ajfa-4510	48	13	of	of	ADP
ajfa-4510	48	14	six	six	NUM
ajfa-4510	48	15	variables	variable	NOUN
ajfa-4510	48	16	used	use	VERB
ajfa-4510	48	17	by	by	ADP
ajfa-4510	48	18	chen	chen	PROPN
ajfa-4510	48	19	et	et	PROPN
ajfa-4510	48	20	al	al	PROPN
ajfa-4510	48	21	.	.	PROPN
ajfa-4510	49	1	(	(	PUNCT
ajfa-4510	49	2	1986	1986	NUM
ajfa-4510	49	3	)	)	PUNCT
ajfa-4510	49	4	in	in	ADP
ajfa-4510	49	5	predicting	predict	VERB
ajfa-4510	49	6	u.s	u.s	PROPN
ajfa-4510	49	7	stock	stock	NOUN
ajfa-4510	49	8	returns	return	NOUN
ajfa-4510	49	9	.	.	PUNCT
ajfa-4510	50	1	mukherjee	mukherjee	PROPN
ajfa-4510	50	2	and	and	CCONJ
ajfa-4510	50	3	naka	naka	PROPN
ajfa-4510	50	4	(	(	PUNCT
ajfa-4510	50	5	1995	1995	NUM
ajfa-4510	50	6	)	)	PUNCT
ajfa-4510	50	7	,	,	PUNCT
ajfa-4510	50	8	wongbangpo	wongbangpo	NOUN
ajfa-4510	50	9	and	and	CCONJ
ajfa-4510	50	10	sharma	sharma	PROPN
ajfa-4510	50	11	(	(	PUNCT
ajfa-4510	50	12	2002	2002	NUM
ajfa-4510	50	13	)	)	PUNCT
ajfa-4510	50	14	,	,	PUNCT
ajfa-4510	50	15	chaudhari	chaudhari	NOUN
ajfa-4510	50	16	and	and	CCONJ
ajfa-4510	50	17	smile	smile	VERB
ajfa-4510	50	18	(	(	PUNCT
ajfa-4510	50	19	2004	2004	NUM
ajfa-4510	50	20	)	)	PUNCT
ajfa-4510	50	21	,	,	PUNCT
ajfa-4510	50	22	majid	majid	PROPN
ajfa-4510	50	23	and	and	CCONJ
ajfa-4510	50	24	yousof	yousof	NOUN
ajfa-4510	50	25	(	(	PUNCT
ajfa-4510	50	26	2009	2009	NUM
ajfa-4510	50	27	)	)	PUNCT
ajfa-4510	50	28	,	,	PUNCT
ajfa-4510	50	29	gazi	gazi	PROPN
ajfa-4510	50	30	and	and	CCONJ
ajfa-4510	50	31	hisham	hisham	PROPN
ajfa-4510	50	32	(	(	PUNCT
ajfa-4510	50	33	2010	2010	NUM
ajfa-4510	50	34	)	)	PUNCT
ajfa-4510	50	35	,	,	PUNCT
ajfa-4510	50	36	ibrahim	ibrahim	PROPN
ajfa-4510	50	37	(	(	PUNCT
ajfa-4510	50	38	2011	2011	NUM
ajfa-4510	50	39	)	)	PUNCT
ajfa-4510	50	40	and	and	CCONJ
ajfa-4510	50	41	ray	ray	NOUN
ajfa-4510	50	42	(	(	PUNCT
ajfa-4510	50	43	2012	2012	NUM
ajfa-4510	50	44	)	)	PUNCT
ajfa-4510	50	45	,	,	PUNCT
ajfa-4510	50	46	all	all	PRON
ajfa-4510	50	47	of	of	ADP
ajfa-4510	50	48	these	these	DET
ajfa-4510	50	49	studies	study	NOUN
ajfa-4510	50	50	have	have	AUX
ajfa-4510	50	51	found	find	VERB
ajfa-4510	50	52	significant	significant	ADJ
ajfa-4510	50	53	positive	positive	ADJ
ajfa-4510	50	54	association	association	NOUN
ajfa-4510	50	55	between	between	ADP
ajfa-4510	50	56	stock	stock	NOUN
ajfa-4510	50	57	prices	price	NOUN
ajfa-4510	50	58	and	and	CCONJ
ajfa-4510	50	59	economic	economic	ADJ
ajfa-4510	50	60	activities	activity	NOUN
ajfa-4510	50	61	in	in	ADP
ajfa-4510	50	62	various	various	ADJ
ajfa-4510	50	63	countries	country	NOUN
ajfa-4510	50	64	.	.	PUNCT
ajfa-4510	51	1	fama	fama	PROPN
ajfa-4510	51	2	and	and	CCONJ
ajfa-4510	51	3	french	french	ADJ
ajfa-4510	51	4	(	(	PUNCT
ajfa-4510	51	5	1993	1993	NUM
ajfa-4510	51	6	)	)	PUNCT
ajfa-4510	51	7	introduced	introduce	VERB
ajfa-4510	51	8	a	a	DET
ajfa-4510	51	9	‘	'	PUNCT
ajfa-4510	51	10	three	three	NUM
ajfa-4510	51	11	factor	factor	NOUN
ajfa-4510	51	12	model	model	NOUN
ajfa-4510	51	13	’	'	PUNCT
ajfa-4510	51	14	in	in	ADP
ajfa-4510	51	15	the	the	DET
ajfa-4510	51	16	spirit	spirit	PROPN
ajfa-4510	51	17	of	of	ADP
ajfa-4510	51	18	arbitrage	arbitrage	NOUN
ajfa-4510	51	19	pricing	pricing	NOUN
ajfa-4510	51	20	theory	theory	NOUN
ajfa-4510	51	21	.	.	PUNCT
ajfa-4510	52	1	they	they	PRON
ajfa-4510	52	2	argued	argue	VERB
ajfa-4510	52	3	that	that	SCONJ
ajfa-4510	52	4	the	the	DET
ajfa-4510	52	5	effects	effect	NOUN
ajfa-4510	52	6	of	of	ADP
ajfa-4510	52	7	size	size	NOUN
ajfa-4510	52	8	and	and	CCONJ
ajfa-4510	52	9	book	book	NOUN
ajfa-4510	52	10	equity	equity	NOUN
ajfa-4510	52	11	to	to	ADP
ajfa-4510	52	12	-	-	PUNCT
ajfa-4510	52	13	market	market	NOUN
ajfa-4510	52	14	equity	equity	NOUN
ajfa-4510	52	15	could	could	AUX
ajfa-4510	52	16	be	be	AUX
ajfa-4510	52	17	explained	explain	VERB
ajfa-4510	52	18	as	as	ADP
ajfa-4510	52	19	manifestations	manifestation	NOUN
ajfa-4510	52	20	of	of	ADP
ajfa-4510	52	21	risk	risk	NOUN
ajfa-4510	52	22	premiums	premium	NOUN
ajfa-4510	52	23	.	.	PUNCT
ajfa-4510	53	1	using	use	VERB
ajfa-4510	53	2	an	an	DET
ajfa-4510	53	3	arbitrage	arbitrage	NOUN
ajfa-4510	53	4	pricing	pricing	NOUN
ajfa-4510	53	5	type	type	NOUN
ajfa-4510	53	6	model	model	NOUN
ajfa-4510	53	7	they	they	PRON
ajfa-4510	53	8	show	show	VERB
ajfa-4510	53	9	that	that	SCONJ
ajfa-4510	53	10	stocks	stock	NOUN
ajfa-4510	53	11	with	with	ADP
ajfa-4510	53	12	higher	high	ADJ
ajfa-4510	53	13	sensitivity	sensitivity	NOUN
ajfa-4510	53	14	on	on	ADP
ajfa-4510	53	15	size	size	NOUN
ajfa-4510	53	16	or	or	CCONJ
ajfa-4510	53	17	book	book	NOUN
ajfa-4510	53	18	-	-	PUNCT
ajfa-4510	53	19	to	to	ADP
ajfa-4510	53	20	-	-	PUNCT
ajfa-4510	53	21	market	market	NOUN
ajfa-4510	53	22	factors	factor	NOUN
ajfa-4510	53	23	have	have	VERB
ajfa-4510	53	24	higher	high	ADJ
ajfa-4510	53	25	average	average	ADJ
ajfa-4510	53	26	returns	return	NOUN
ajfa-4510	53	27	.	.	PUNCT
ajfa-4510	54	1	according	accord	VERB
ajfa-4510	54	2	to	to	ADP
ajfa-4510	54	3	them	they	PRON
ajfa-4510	54	4	risk	risk	NOUN
ajfa-4510	54	5	is	be	AUX
ajfa-4510	54	6	determined	determine	VERB
ajfa-4510	54	7	by	by	ADP
ajfa-4510	54	8	sensitivity	sensitivity	NOUN
ajfa-4510	54	9	of	of	ADP
ajfa-4510	54	10	a	a	DET
ajfa-4510	54	11	stock	stock	NOUN
ajfa-4510	54	12	to	to	ADP
ajfa-4510	54	13	three	three	NUM
ajfa-4510	54	14	factors	factor	NOUN
ajfa-4510	54	15	(	(	PUNCT
ajfa-4510	54	16	1	1	NUM
ajfa-4510	54	17	)	)	PUNCT
ajfa-4510	54	18	market	market	NOUN
ajfa-4510	54	19	portfolio	portfolio	NOUN
ajfa-4510	54	20	,	,	PUNCT
ajfa-4510	54	21	(	(	PUNCT
ajfa-4510	54	22	2	2	X
ajfa-4510	54	23	)	)	PUNCT
ajfa-4510	54	24	a	a	DET
ajfa-4510	54	25	portfolio	portfolio	NOUN
ajfa-4510	54	26	that	that	PRON
ajfa-4510	54	27	reflects	reflect	VERB
ajfa-4510	54	28	relative	relative	ADJ
ajfa-4510	54	29	returns	return	NOUN
ajfa-4510	54	30	of	of	ADP
ajfa-4510	54	31	small	small	ADJ
ajfa-4510	54	32	verses	verses	ADP
ajfa-4510	54	33	large	large	ADJ
ajfa-4510	54	34	firms	firm	NOUN
ajfa-4510	54	35	and	and	CCONJ
ajfa-4510	54	36	,	,	PUNCT
ajfa-4510	54	37	(	(	PUNCT
ajfa-4510	54	38	3	3	X
ajfa-4510	54	39	)	)	PUNCT
ajfa-4510	54	40	a	a	DET
ajfa-4510	54	41	portfolio	portfolio	NOUN
ajfa-4510	54	42	that	that	PRON
ajfa-4510	54	43	reflects	reflect	VERB
ajfa-4510	54	44	relative	relative	ADJ
ajfa-4510	54	45	returns	return	NOUN
ajfa-4510	54	46	of	of	ADP
ajfa-4510	54	47	firms	firm	NOUN
ajfa-4510	54	48	with	with	ADP
ajfa-4510	54	49	high	high	ADJ
ajfa-4510	54	50	verses	verses	ADP
ajfa-4510	54	51	low	low	ADJ
ajfa-4510	54	52	book	book	NOUN
ajfa-4510	54	53	-	-	PUNCT
ajfa-4510	54	54	to	to	ADP
ajfa-4510	54	55	market	market	NOUN
ajfa-4510	54	56	ratio	ratio	NOUN
ajfa-4510	54	57	firms	firm	NOUN
ajfa-4510	54	58	.	.	PUNCT
ajfa-4510	55	1	they	they	PRON
ajfa-4510	55	2	argued	argue	VERB
ajfa-4510	55	3	that	that	SCONJ
ajfa-4510	55	4	even	even	ADV
ajfa-4510	55	5	though	though	SCONJ
ajfa-4510	55	6	size	size	NOUN
ajfa-4510	55	7	and	and	CCONJ
ajfa-4510	55	8	book	book	NOUN
ajfa-4510	55	9	to	to	ADP
ajfa-4510	55	10	market	market	NOUN
ajfa-4510	55	11	equity	equity	NOUN
ajfa-4510	55	12	ratios	ratio	NOUN
ajfa-4510	55	13	are	be	AUX
ajfa-4510	55	14	not	not	PART
ajfa-4510	55	15	direct	direct	ADJ
ajfa-4510	55	16	factors	factor	NOUN
ajfa-4510	55	17	affecting	affect	VERB
ajfa-4510	55	18	returns	return	NOUN
ajfa-4510	55	19	,	,	PUNCT
ajfa-4510	55	20	they	they	PRON
ajfa-4510	55	21	perhaps	perhaps	ADV
ajfa-4510	55	22	might	might	AUX
ajfa-4510	55	23	be	be	AUX
ajfa-4510	55	24	proxies	proxy	NOUN
ajfa-4510	55	25	for	for	ADP
ajfa-4510	55	26	more	more	ADJ
ajfa-4510	55	27	fundamental	fundamental	ADJ
ajfa-4510	55	28	determinants	determinant	NOUN
ajfa-4510	55	29	of	of	ADP
ajfa-4510	55	30	risk	risk	NOUN
ajfa-4510	55	31	.	.	PUNCT
ajfa-4510	56	1	thus	thus	ADV
ajfa-4510	56	2	they	they	PRON
ajfa-4510	56	3	conclude	conclude	VERB
ajfa-4510	56	4	that	that	SCONJ
ajfa-4510	56	5	these	these	DET
ajfa-4510	56	6	patterns	pattern	NOUN
ajfa-4510	56	7	of	of	ADP
ajfa-4510	56	8	returns	return	NOUN
ajfa-4510	56	9	are	be	AUX
ajfa-4510	56	10	consistent	consistent	ADJ
ajfa-4510	56	11	with	with	ADP
ajfa-4510	56	12	efficient	efficient	ADJ
ajfa-4510	56	13	market	market	NOUN
ajfa-4510	56	14	hypothesis	hypothesis	NOUN
ajfa-4510	56	15	in	in	ADP
ajfa-4510	56	16	which	which	PRON
ajfa-4510	56	17	expected	expect	VERB
ajfa-4510	56	18	returns	return	NOUN
ajfa-4510	56	19	depend	depend	VERB
ajfa-4510	56	20	solely	solely	ADV
ajfa-4510	56	21	on	on	ADP
ajfa-4510	56	22	risk	risk	NOUN
ajfa-4510	56	23	.	.	PUNCT
ajfa-4510	57	1	bae	bae	NOUN
ajfa-4510	57	2	and	and	CCONJ
ajfa-4510	57	3	duvall	duvall	PROPN
ajfa-4510	57	4	(	(	PUNCT
ajfa-4510	57	5	1996	1996	NUM
ajfa-4510	57	6	)	)	PUNCT
ajfa-4510	57	7	applied	apply	VERB
ajfa-4510	57	8	multi	multi	ADJ
ajfa-4510	57	9	-	-	ADJ
ajfa-4510	57	10	index	index	NOUN
ajfa-4510	57	11	capms	capm	NOUN
ajfa-4510	57	12	to	to	PART
ajfa-4510	57	13	explore	explore	VERB
ajfa-4510	57	14	the	the	DET
ajfa-4510	57	15	relationships	relationship	NOUN
ajfa-4510	57	16	of	of	ADP
ajfa-4510	57	17	us	us	PROPN
ajfa-4510	57	18	aerospace	aerospace	NOUN
ajfa-4510	57	19	industry	industry	NOUN
ajfa-4510	57	20	stock	stock	NOUN
ajfa-4510	57	21	returns	return	NOUN
ajfa-4510	57	22	to	to	ADP
ajfa-4510	57	23	selected	select	VERB
ajfa-4510	57	24	market	market	NOUN
ajfa-4510	57	25	and	and	CCONJ
ajfa-4510	57	26	industry	industry	NOUN
ajfa-4510	57	27	variables	variable	NOUN
ajfa-4510	57	28	during	during	ADP
ajfa-4510	57	29	the	the	DET
ajfa-4510	57	30	period	period	NOUN
ajfa-4510	57	31	1982	1982	NUM
ajfa-4510	57	32	-1991	-1991	NOUN
ajfa-4510	57	33	.	.	PUNCT
ajfa-4510	58	1	the	the	DET
ajfa-4510	58	2	study	study	NOUN
ajfa-4510	58	3	found	find	VERB
ajfa-4510	58	4	that	that	SCONJ
ajfa-4510	58	5	the	the	DET
ajfa-4510	58	6	asian	asian	ADJ
ajfa-4510	58	7	journal	journal	NOUN
ajfa-4510	58	8	of	of	ADP
ajfa-4510	58	9	finance	finance	PROPN
ajfa-4510	58	10	&	&	CCONJ
ajfa-4510	58	11	accounting	accounting	PROPN
ajfa-4510	58	12	issn	issn	PROPN
ajfa-4510	58	13	1946	1946	NUM
ajfa-4510	58	14	-	-	PUNCT
ajfa-4510	58	15	052x	052x	NOUN
ajfa-4510	58	16	2013	2013	NUM
ajfa-4510	58	17	,	,	PUNCT
ajfa-4510	58	18	vol	vol	NOUN
ajfa-4510	58	19	.	.	PROPN
ajfa-4510	58	20	5	5	NUM
ajfa-4510	58	21	,	,	PUNCT
ajfa-4510	58	22	no	no	INTJ
ajfa-4510	58	23	.	.	NOUN
ajfa-4510	58	24	2	2	NUM
ajfa-4510	58	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	58	26	292	292	NUM
ajfa-4510	58	27	market	market	NOUN
ajfa-4510	58	28	returns	return	NOUN
ajfa-4510	58	29	represented	represent	VERB
ajfa-4510	58	30	by	by	ADP
ajfa-4510	58	31	the	the	DET
ajfa-4510	58	32	s&p	s&p	PROPN
ajfa-4510	58	33	500	500	NUM
ajfa-4510	58	34	index	index	NOUN
ajfa-4510	58	35	and	and	CCONJ
ajfa-4510	58	36	department	department	PROPN
ajfa-4510	58	37	of	of	ADP
ajfa-4510	58	38	defense	defense	NOUN
ajfa-4510	58	39	expenditures	expenditure	NOUN
ajfa-4510	58	40	are	be	AUX
ajfa-4510	58	41	significantly	significantly	ADV
ajfa-4510	58	42	positively	positively	ADV
ajfa-4510	58	43	related	relate	VERB
ajfa-4510	58	44	to	to	ADP
ajfa-4510	58	45	aerospace	aerospace	NOUN
ajfa-4510	58	46	stock	stock	NOUN
ajfa-4510	58	47	returns	return	NOUN
ajfa-4510	58	48	.	.	PUNCT
ajfa-4510	59	1	cauchie	cauchie	NOUN
ajfa-4510	59	2	,	,	PUNCT
ajfa-4510	59	3	hoesli	hoesli	NOUN
ajfa-4510	59	4	and	and	CCONJ
ajfa-4510	59	5	isakov	isakov	PROPN
ajfa-4510	59	6	(	(	PUNCT
ajfa-4510	59	7	2002	2002	NUM
ajfa-4510	59	8	)	)	PUNCT
ajfa-4510	59	9	investigated	investigate	VERB
ajfa-4510	59	10	the	the	DET
ajfa-4510	59	11	determinants	determinant	NOUN
ajfa-4510	59	12	of	of	ADP
ajfa-4510	59	13	stock	stock	NOUN
ajfa-4510	59	14	returns	return	NOUN
ajfa-4510	59	15	in	in	ADP
ajfa-4510	59	16	a	a	DET
ajfa-4510	59	17	small	small	ADJ
ajfa-4510	59	18	open	open	ADJ
ajfa-4510	59	19	economy	economy	NOUN
ajfa-4510	59	20	in	in	ADP
ajfa-4510	59	21	an	an	DET
ajfa-4510	59	22	arbitrage	arbitrage	NOUN
ajfa-4510	59	23	pricing	pricing	NOUN
ajfa-4510	59	24	theory	theory	NOUN
ajfa-4510	59	25	framework	framework	NOUN
ajfa-4510	59	26	.	.	PUNCT
ajfa-4510	60	1	the	the	DET
ajfa-4510	60	2	analysis	analysis	NOUN
ajfa-4510	60	3	is	be	AUX
ajfa-4510	60	4	conducted	conduct	VERB
ajfa-4510	60	5	with	with	ADP
ajfa-4510	60	6	monthly	monthly	ADJ
ajfa-4510	60	7	data	datum	NOUN
ajfa-4510	60	8	from	from	ADP
ajfa-4510	60	9	the	the	DET
ajfa-4510	60	10	swiss	swiss	ADJ
ajfa-4510	60	11	stock	stock	NOUN
ajfa-4510	60	12	market	market	NOUN
ajfa-4510	60	13	over	over	ADP
ajfa-4510	60	14	the	the	DET
ajfa-4510	60	15	period	period	NOUN
ajfa-4510	60	16	1986	1986	NUM
ajfa-4510	60	17	-	-	SYM
ajfa-4510	60	18	2000	2000	NUM
ajfa-4510	60	19	.	.	PUNCT
ajfa-4510	61	1	they	they	PRON
ajfa-4510	61	2	used	use	VERB
ajfa-4510	61	3	data	datum	NOUN
ajfa-4510	61	4	on	on	ADP
ajfa-4510	61	5	industrial	industrial	ADJ
ajfa-4510	61	6	sector	sector	NOUN
ajfa-4510	61	7	indices	index	NOUN
ajfa-4510	61	8	,	,	PUNCT
ajfa-4510	61	9	as	as	ADV
ajfa-4510	61	10	well	well	ADV
ajfa-4510	61	11	as	as	ADP
ajfa-4510	61	12	macro	macro	ADJ
ajfa-4510	61	13	-	-	ADJ
ajfa-4510	61	14	economic	economic	ADJ
ajfa-4510	61	15	data	datum	NOUN
ajfa-4510	61	16	and	and	CCONJ
ajfa-4510	61	17	found	find	VERB
ajfa-4510	61	18	that	that	SCONJ
ajfa-4510	61	19	swiss	swiss	ADJ
ajfa-4510	61	20	equity	equity	NOUN
ajfa-4510	61	21	returns	return	NOUN
ajfa-4510	61	22	are	be	AUX
ajfa-4510	61	23	influenced	influence	VERB
ajfa-4510	61	24	by	by	ADP
ajfa-4510	61	25	both	both	CCONJ
ajfa-4510	61	26	global	global	ADJ
ajfa-4510	61	27	and	and	CCONJ
ajfa-4510	61	28	domestic	domestic	ADJ
ajfa-4510	61	29	economic	economic	ADJ
ajfa-4510	61	30	conditions	condition	NOUN
ajfa-4510	61	31	.	.	PUNCT
ajfa-4510	62	1	the	the	DET
ajfa-4510	62	2	results	result	NOUN
ajfa-4510	62	3	also	also	ADV
ajfa-4510	62	4	show	show	VERB
ajfa-4510	62	5	that	that	SCONJ
ajfa-4510	62	6	the	the	DET
ajfa-4510	62	7	statistically	statistically	ADV
ajfa-4510	62	8	determined	determined	ADJ
ajfa-4510	62	9	factors	factor	NOUN
ajfa-4510	62	10	yield	yield	VERB
ajfa-4510	62	11	a	a	DET
ajfa-4510	62	12	better	well	ADJ
ajfa-4510	62	13	representation	representation	NOUN
ajfa-4510	62	14	of	of	ADP
ajfa-4510	62	15	the	the	DET
ajfa-4510	62	16	determinants	determinant	NOUN
ajfa-4510	62	17	of	of	ADP
ajfa-4510	62	18	stock	stock	NOUN
ajfa-4510	62	19	returns	return	NOUN
ajfa-4510	62	20	than	than	ADP
ajfa-4510	62	21	the	the	DET
ajfa-4510	62	22	macro	macro	ADJ
ajfa-4510	62	23	-	-	ADJ
ajfa-4510	62	24	economic	economic	ADJ
ajfa-4510	62	25	variables	variable	NOUN
ajfa-4510	62	26	.	.	PUNCT
ajfa-4510	63	1	rehman	rehman	NOUN
ajfa-4510	63	2	and	and	CCONJ
ajfa-4510	63	3	saeedullah	saeedullah	PROPN
ajfa-4510	63	4	(	(	PUNCT
ajfa-4510	63	5	2005	2005	NUM
ajfa-4510	63	6	)	)	PUNCT
ajfa-4510	63	7	applied	apply	VERB
ajfa-4510	63	8	a	a	DET
ajfa-4510	63	9	multi	multi	ADJ
ajfa-4510	63	10	-	-	ADJ
ajfa-4510	63	11	index	index	ADJ
ajfa-4510	63	12	model	model	NOUN
ajfa-4510	63	13	to	to	PART
ajfa-4510	63	14	relate	relate	VERB
ajfa-4510	63	15	the	the	DET
ajfa-4510	63	16	stock	stock	NOUN
ajfa-4510	63	17	returns	return	NOUN
ajfa-4510	63	18	of	of	ADP
ajfa-4510	63	19	pakistan	pakistan	ADJ
ajfa-4510	63	20	cement	cement	NOUN
ajfa-4510	63	21	industry	industry	NOUN
ajfa-4510	63	22	firms	firm	NOUN
ajfa-4510	63	23	to	to	ADP
ajfa-4510	63	24	selected	select	VERB
ajfa-4510	63	25	market	market	NOUN
ajfa-4510	63	26	and	and	CCONJ
ajfa-4510	63	27	industry	industry	NOUN
ajfa-4510	63	28	variables	variable	NOUN
ajfa-4510	63	29	.	.	PUNCT
ajfa-4510	64	1	they	they	PRON
ajfa-4510	64	2	found	find	VERB
ajfa-4510	64	3	industry	industry	NOUN
ajfa-4510	64	4	variables	variable	NOUN
ajfa-4510	64	5	are	be	AUX
ajfa-4510	64	6	insignificantly	insignificantly	ADV
ajfa-4510	64	7	related	relate	VERB
ajfa-4510	64	8	to	to	ADP
ajfa-4510	64	9	the	the	DET
ajfa-4510	64	10	stock	stock	NOUN
ajfa-4510	64	11	returns	return	NOUN
ajfa-4510	64	12	of	of	ADP
ajfa-4510	64	13	cement	cement	NOUN
ajfa-4510	64	14	industry	industry	NOUN
ajfa-4510	64	15	but	but	CCONJ
ajfa-4510	64	16	they	they	PRON
ajfa-4510	64	17	do	do	AUX
ajfa-4510	64	18	increase	increase	VERB
ajfa-4510	64	19	the	the	DET
ajfa-4510	64	20	explanatory	explanatory	ADJ
ajfa-4510	64	21	power	power	NOUN
ajfa-4510	64	22	of	of	ADP
ajfa-4510	64	23	the	the	DET
ajfa-4510	64	24	model	model	NOUN
ajfa-4510	64	25	.	.	PUNCT
ajfa-4510	65	1	in	in	ADP
ajfa-4510	65	2	indian	indian	ADJ
ajfa-4510	65	3	scene	scene	NOUN
ajfa-4510	65	4	,	,	PUNCT
ajfa-4510	65	5	madhusoodanan	madhusoodanan	X
ajfa-4510	65	6	(	(	PUNCT
ajfa-4510	65	7	1997	1997	NUM
ajfa-4510	65	8	)	)	PUNCT
ajfa-4510	65	9	conducted	conduct	VERB
ajfa-4510	65	10	a	a	DET
ajfa-4510	65	11	study	study	NOUN
ajfa-4510	65	12	to	to	PART
ajfa-4510	65	13	find	find	VERB
ajfa-4510	65	14	out	out	ADP
ajfa-4510	65	15	the	the	DET
ajfa-4510	65	16	relationship	relationship	NOUN
ajfa-4510	65	17	between	between	ADP
ajfa-4510	65	18	the	the	DET
ajfa-4510	65	19	expected	expect	VERB
ajfa-4510	65	20	return	return	NOUN
ajfa-4510	65	21	and	and	CCONJ
ajfa-4510	65	22	risk	risk	NOUN
ajfa-4510	65	23	by	by	ADP
ajfa-4510	65	24	using	use	VERB
ajfa-4510	65	25	portfolio	portfolio	NOUN
ajfa-4510	65	26	method	method	NOUN
ajfa-4510	65	27	rather	rather	ADV
ajfa-4510	65	28	than	than	ADP
ajfa-4510	65	29	the	the	DET
ajfa-4510	65	30	individual	individual	ADJ
ajfa-4510	65	31	security	security	NOUN
ajfa-4510	65	32	approach	approach	NOUN
ajfa-4510	65	33	.	.	PUNCT
ajfa-4510	66	1	for	for	ADP
ajfa-4510	66	2	the	the	DET
ajfa-4510	66	3	purpose	purpose	NOUN
ajfa-4510	66	4	,	,	PUNCT
ajfa-4510	66	5	portfolios	portfolio	NOUN
ajfa-4510	66	6	were	be	AUX
ajfa-4510	66	7	formed	form	VERB
ajfa-4510	66	8	to	to	PART
ajfa-4510	66	9	test	test	VERB
ajfa-4510	66	10	their	their	PRON
ajfa-4510	66	11	performance	performance	NOUN
ajfa-4510	66	12	in	in	ADP
ajfa-4510	66	13	the	the	DET
ajfa-4510	66	14	consequent	consequent	ADJ
ajfa-4510	66	15	period	period	NOUN
ajfa-4510	66	16	.	.	PUNCT
ajfa-4510	67	1	results	result	NOUN
ajfa-4510	67	2	indicated	indicate	VERB
ajfa-4510	67	3	that	that	SCONJ
ajfa-4510	67	4	the	the	DET
ajfa-4510	67	5	risk	risk	NOUN
ajfa-4510	67	6	and	and	CCONJ
ajfa-4510	67	7	expected	expect	VERB
ajfa-4510	67	8	return	return	NOUN
ajfa-4510	67	9	in	in	ADP
ajfa-4510	67	10	the	the	DET
ajfa-4510	67	11	indian	indian	ADJ
ajfa-4510	67	12	market	market	NOUN
ajfa-4510	67	13	are	be	AUX
ajfa-4510	67	14	not	not	PART
ajfa-4510	67	15	necessarily	necessarily	ADV
ajfa-4510	67	16	positively	positively	ADV
ajfa-4510	67	17	related	relate	VERB
ajfa-4510	67	18	.	.	PUNCT
ajfa-4510	68	1	moreover	moreover	ADV
ajfa-4510	68	2	in	in	ADP
ajfa-4510	68	3	indian	indian	ADJ
ajfa-4510	68	4	market	market	NOUN
ajfa-4510	68	5	,	,	PUNCT
ajfa-4510	68	6	the	the	DET
ajfa-4510	68	7	investor	investor	NOUN
ajfa-4510	68	8	rationality	rationality	NOUN
ajfa-4510	68	9	and	and	CCONJ
ajfa-4510	68	10	risk	risk	NOUN
ajfa-4510	68	11	aversion	aversion	NOUN
ajfa-4510	68	12	do	do	AUX
ajfa-4510	68	13	not	not	PART
ajfa-4510	68	14	appear	appear	VERB
ajfa-4510	68	15	to	to	PART
ajfa-4510	68	16	be	be	AUX
ajfa-4510	68	17	important	important	ADJ
ajfa-4510	68	18	.	.	PUNCT
ajfa-4510	69	1	sehgal	sehgal	PROPN
ajfa-4510	69	2	(	(	PUNCT
ajfa-4510	69	3	1997	1997	NUM
ajfa-4510	69	4	)	)	PUNCT
ajfa-4510	69	5	empirically	empirically	ADV
ajfa-4510	69	6	tested	test	VERB
ajfa-4510	69	7	three	three	NUM
ajfa-4510	69	8	-	-	PUNCT
ajfa-4510	69	9	parameter	parameter	NOUN
ajfa-4510	69	10	capital	capital	NOUN
ajfa-4510	69	11	asset	asset	NOUN
ajfa-4510	69	12	pricing	pricing	NOUN
ajfa-4510	69	13	model	model	NOUN
ajfa-4510	69	14	in	in	ADP
ajfa-4510	69	15	indian	indian	ADJ
ajfa-4510	69	16	capital	capital	NOUN
ajfa-4510	69	17	market	market	NOUN
ajfa-4510	69	18	by	by	ADP
ajfa-4510	69	19	taking	take	VERB
ajfa-4510	69	20	monthly	monthly	ADJ
ajfa-4510	69	21	rates	rate	NOUN
ajfa-4510	69	22	of	of	ADP
ajfa-4510	69	23	return	return	NOUN
ajfa-4510	69	24	(	(	PUNCT
ajfa-4510	69	25	adjusted	adjust	VERB
ajfa-4510	69	26	for	for	ADP
ajfa-4510	69	27	bonus	bonus	NOUN
ajfa-4510	69	28	,	,	PUNCT
ajfa-4510	69	29	stock	stock	NOUN
ajfa-4510	69	30	splits	split	VERB
ajfa-4510	69	31	and	and	CCONJ
ajfa-4510	69	32	right	right	ADJ
ajfa-4510	69	33	issues	issue	NOUN
ajfa-4510	69	34	)	)	PUNCT
ajfa-4510	69	35	for	for	ADP
ajfa-4510	69	36	80	80	NUM
ajfa-4510	69	37	securities	security	NOUN
ajfa-4510	69	38	included	include	VERB
ajfa-4510	69	39	in	in	ADP
ajfa-4510	69	40	bse	bse	PROPN
ajfa-4510	69	41	national	national	PROPN
ajfa-4510	69	42	index	index	PROPN
ajfa-4510	69	43	.	.	PUNCT
ajfa-4510	70	1	the	the	DET
ajfa-4510	70	2	evidence	evidence	NOUN
ajfa-4510	70	3	indicated	indicate	VERB
ajfa-4510	70	4	that	that	SCONJ
ajfa-4510	70	5	capm	capm	PROPN
ajfa-4510	70	6	is	be	AUX
ajfa-4510	70	7	not	not	PART
ajfa-4510	70	8	a	a	DET
ajfa-4510	70	9	suitable	suitable	ADJ
ajfa-4510	70	10	descriptor	descriptor	NOUN
ajfa-4510	70	11	of	of	ADP
ajfa-4510	70	12	asset	asset	NOUN
ajfa-4510	70	13	pricing	pricing	NOUN
ajfa-4510	70	14	on	on	ADP
ajfa-4510	70	15	the	the	DET
ajfa-4510	70	16	indian	indian	ADJ
ajfa-4510	70	17	capital	capital	NOUN
ajfa-4510	70	18	market	market	NOUN
ajfa-4510	70	19	for	for	ADP
ajfa-4510	70	20	the	the	DET
ajfa-4510	70	21	period	period	NOUN
ajfa-4510	70	22	of	of	ADP
ajfa-4510	70	23	the	the	DET
ajfa-4510	70	24	study	study	NOUN
ajfa-4510	70	25	.	.	PUNCT
ajfa-4510	71	1	slope	slope	NOUN
ajfa-4510	71	2	was	be	AUX
ajfa-4510	71	3	found	find	VERB
ajfa-4510	71	4	negative	negative	ADJ
ajfa-4510	71	5	but	but	CCONJ
ajfa-4510	71	6	insignificant	insignificant	ADJ
ajfa-4510	71	7	for	for	ADP
ajfa-4510	71	8	the	the	DET
ajfa-4510	71	9	total	total	ADJ
ajfa-4510	71	10	period	period	NOUN
ajfa-4510	71	11	,	,	PUNCT
ajfa-4510	71	12	implying	imply	VERB
ajfa-4510	71	13	absence	absence	NOUN
ajfa-4510	71	14	of	of	ADP
ajfa-4510	71	15	any	any	DET
ajfa-4510	71	16	significant	significant	ADJ
ajfa-4510	71	17	relationship	relationship	NOUN
ajfa-4510	71	18	between	between	ADP
ajfa-4510	71	19	beta	beta	ADJ
ajfa-4510	71	20	and	and	CCONJ
ajfa-4510	71	21	average	average	ADJ
ajfa-4510	71	22	return	return	NOUN
ajfa-4510	71	23	.	.	PUNCT
ajfa-4510	72	1	malakar	malakar	PROPN
ajfa-4510	72	2	and	and	CCONJ
ajfa-4510	72	3	gupta	gupta	PROPN
ajfa-4510	72	4	(	(	PUNCT
ajfa-4510	72	5	2002	2002	NUM
ajfa-4510	72	6	)	)	PUNCT
ajfa-4510	72	7	took	take	VERB
ajfa-4510	72	8	an	an	DET
ajfa-4510	72	9	effort	effort	NOUN
ajfa-4510	72	10	to	to	PART
ajfa-4510	72	11	explain	explain	VERB
ajfa-4510	72	12	the	the	DET
ajfa-4510	72	13	major	major	ADJ
ajfa-4510	72	14	determinants	determinant	NOUN
ajfa-4510	72	15	of	of	ADP
ajfa-4510	72	16	sectoral	sectoral	ADJ
ajfa-4510	72	17	stocks	stock	NOUN
ajfa-4510	72	18	in	in	ADP
ajfa-4510	72	19	indian	indian	ADJ
ajfa-4510	72	20	stock	stock	NOUN
ajfa-4510	72	21	market	market	NOUN
ajfa-4510	72	22	.	.	PUNCT
ajfa-4510	73	1	their	their	PRON
ajfa-4510	73	2	sample	sample	NOUN
ajfa-4510	73	3	consists	consist	VERB
ajfa-4510	73	4	of	of	ADP
ajfa-4510	73	5	eight	eight	NUM
ajfa-4510	73	6	major	major	ADJ
ajfa-4510	73	7	cement	cement	NOUN
ajfa-4510	73	8	companies	company	NOUN
ajfa-4510	73	9	india	india	PROPN
ajfa-4510	73	10	and	and	CCONJ
ajfa-4510	73	11	study	study	NOUN
ajfa-4510	73	12	covered	cover	VERB
ajfa-4510	73	13	the	the	DET
ajfa-4510	73	14	period	period	NOUN
ajfa-4510	73	15	from	from	ADP
ajfa-4510	73	16	1968	1968	NUM
ajfa-4510	73	17	to	to	ADP
ajfa-4510	73	18	1988	1988	NUM
ajfa-4510	73	19	.	.	PUNCT
ajfa-4510	74	1	the	the	DET
ajfa-4510	74	2	study	study	NOUN
ajfa-4510	74	3	has	have	AUX
ajfa-4510	74	4	found	find	VERB
ajfa-4510	74	5	earnings	earning	NOUN
ajfa-4510	74	6	per	per	ADP
ajfa-4510	74	7	share	share	NOUN
ajfa-4510	74	8	and	and	CCONJ
ajfa-4510	74	9	investment	investment	NOUN
ajfa-4510	74	10	expenditure	expenditure	NOUN
ajfa-4510	74	11	to	to	PART
ajfa-4510	74	12	be	be	AUX
ajfa-4510	74	13	significant	significant	ADJ
ajfa-4510	74	14	determinants	determinant	NOUN
ajfa-4510	74	15	of	of	ADP
ajfa-4510	74	16	share	share	NOUN
ajfa-4510	74	17	price	price	NOUN
ajfa-4510	74	18	.	.	PUNCT
ajfa-4510	75	1	mishra	mishra	PROPN
ajfa-4510	75	2	(	(	PUNCT
ajfa-4510	75	3	2004	2004	NUM
ajfa-4510	75	4	)	)	PUNCT
ajfa-4510	75	5	examined	examine	VERB
ajfa-4510	75	6	the	the	DET
ajfa-4510	75	7	relationship	relationship	NOUN
ajfa-4510	75	8	between	between	ADP
ajfa-4510	75	9	stock	stock	NOUN
ajfa-4510	75	10	market	market	NOUN
ajfa-4510	75	11	and	and	CCONJ
ajfa-4510	75	12	foreign	foreign	ADJ
ajfa-4510	75	13	exchange	exchange	NOUN
ajfa-4510	75	14	markets	market	NOUN
ajfa-4510	75	15	in	in	ADP
ajfa-4510	75	16	india	india	PROPN
ajfa-4510	75	17	using	use	VERB
ajfa-4510	75	18	granger	granger	PROPN
ajfa-4510	75	19	causality	causality	PROPN
ajfa-4510	75	20	test	test	NOUN
ajfa-4510	75	21	and	and	CCONJ
ajfa-4510	75	22	vector	vector	NOUN
ajfa-4510	75	23	auto	auto	NOUN
ajfa-4510	75	24	regression	regression	NOUN
ajfa-4510	75	25	technique	technique	NOUN
ajfa-4510	75	26	.they	.they	PRON
ajfa-4510	75	27	used	use	VERB
ajfa-4510	75	28	monthly	monthly	ADJ
ajfa-4510	75	29	data	datum	NOUN
ajfa-4510	75	30	for	for	ADP
ajfa-4510	75	31	stock	stock	NOUN
ajfa-4510	75	32	return	return	NOUN
ajfa-4510	75	33	,	,	PUNCT
ajfa-4510	75	34	exchange	exchange	NOUN
ajfa-4510	75	35	rate	rate	NOUN
ajfa-4510	75	36	,	,	PUNCT
ajfa-4510	75	37	interest	interest	NOUN
ajfa-4510	75	38	rate	rate	NOUN
ajfa-4510	75	39	and	and	CCONJ
ajfa-4510	75	40	demand	demand	NOUN
ajfa-4510	75	41	for	for	ADP
ajfa-4510	75	42	money	money	NOUN
ajfa-4510	75	43	for	for	ADP
ajfa-4510	75	44	the	the	DET
ajfa-4510	75	45	period	period	NOUN
ajfa-4510	75	46	1992	1992	NUM
ajfa-4510	75	47	to	to	ADP
ajfa-4510	75	48	2002	2002	NUM
ajfa-4510	75	49	.	.	PUNCT
ajfa-4510	76	1	the	the	DET
ajfa-4510	76	2	study	study	NOUN
ajfa-4510	76	3	found	find	VERB
ajfa-4510	76	4	a	a	DET
ajfa-4510	76	5	unidirectional	unidirectional	ADJ
ajfa-4510	76	6	causality	causality	NOUN
ajfa-4510	76	7	between	between	ADP
ajfa-4510	76	8	the	the	DET
ajfa-4510	76	9	exchange	exchange	NOUN
ajfa-4510	76	10	rate	rate	NOUN
ajfa-4510	76	11	and	and	CCONJ
ajfa-4510	76	12	interest	interest	NOUN
ajfa-4510	76	13	rate	rate	NOUN
ajfa-4510	76	14	and	and	CCONJ
ajfa-4510	76	15	also	also	ADV
ajfa-4510	76	16	between	between	ADP
ajfa-4510	76	17	the	the	DET
ajfa-4510	76	18	exchange	exchange	NOUN
ajfa-4510	76	19	rate	rate	NOUN
ajfa-4510	76	20	return	return	NOUN
ajfa-4510	76	21	and	and	CCONJ
ajfa-4510	76	22	demand	demand	NOUN
ajfa-4510	76	23	for	for	ADP
ajfa-4510	76	24	money	money	NOUN
ajfa-4510	76	25	.	.	PUNCT
ajfa-4510	77	1	the	the	DET
ajfa-4510	77	2	study	study	NOUN
ajfa-4510	77	3	also	also	ADV
ajfa-4510	77	4	suggested	suggest	VERB
ajfa-4510	77	5	that	that	SCONJ
ajfa-4510	77	6	there	there	PRON
ajfa-4510	77	7	is	be	VERB
ajfa-4510	77	8	no	no	DET
ajfa-4510	77	9	granger	granger	NOUN
ajfa-4510	77	10	causality	causality	NOUN
ajfa-4510	77	11	between	between	ADP
ajfa-4510	77	12	the	the	DET
ajfa-4510	77	13	exchange	exchange	NOUN
ajfa-4510	77	14	rate	rate	NOUN
ajfa-4510	77	15	return	return	NOUN
ajfa-4510	77	16	and	and	CCONJ
ajfa-4510	77	17	stock	stock	NOUN
ajfa-4510	77	18	return	return	NOUN
ajfa-4510	77	19	ahmed	ahmed	PROPN
ajfa-4510	77	20	(	(	PUNCT
ajfa-4510	77	21	2008	2008	NUM
ajfa-4510	77	22	)	)	PUNCT
ajfa-4510	77	23	examined	examine	VERB
ajfa-4510	77	24	the	the	DET
ajfa-4510	77	25	nature	nature	NOUN
ajfa-4510	77	26	of	of	ADP
ajfa-4510	77	27	the	the	DET
ajfa-4510	77	28	causal	causal	ADJ
ajfa-4510	77	29	relationships	relationship	NOUN
ajfa-4510	77	30	between	between	ADP
ajfa-4510	77	31	stock	stock	NOUN
ajfa-4510	77	32	prices	price	NOUN
ajfa-4510	77	33	and	and	CCONJ
ajfa-4510	77	34	the	the	DET
ajfa-4510	77	35	key	key	ADJ
ajfa-4510	77	36	macro	macro	ADJ
ajfa-4510	77	37	economic	economic	ADJ
ajfa-4510	77	38	variables	variable	NOUN
ajfa-4510	77	39	representing	represent	VERB
ajfa-4510	77	40	real	real	ADJ
ajfa-4510	77	41	and	and	CCONJ
ajfa-4510	77	42	financial	financial	ADJ
ajfa-4510	77	43	sector	sector	NOUN
ajfa-4510	77	44	of	of	ADP
ajfa-4510	77	45	the	the	DET
ajfa-4510	77	46	indian	indian	ADJ
ajfa-4510	77	47	economy	economy	NOUN
ajfa-4510	77	48	for	for	ADP
ajfa-4510	77	49	the	the	DET
ajfa-4510	77	50	period	period	NOUN
ajfa-4510	77	51	march	march	PROPN
ajfa-4510	77	52	,	,	PUNCT
ajfa-4510	77	53	1995	1995	NUM
ajfa-4510	77	54	to	to	ADP
ajfa-4510	77	55	march	march	PROPN
ajfa-4510	77	56	,	,	PUNCT
ajfa-4510	77	57	2007	2007	NUM
ajfa-4510	77	58	using	use	VERB
ajfa-4510	77	59	quarterly	quarterly	ADJ
ajfa-4510	77	60	data	datum	NOUN
ajfa-4510	77	61	.	.	PUNCT
ajfa-4510	78	1	the	the	DET
ajfa-4510	78	2	results	result	NOUN
ajfa-4510	78	3	of	of	ADP
ajfa-4510	78	4	the	the	DET
ajfa-4510	78	5	study	study	NOUN
ajfa-4510	78	6	revealed	reveal	VERB
ajfa-4510	78	7	differential	differential	ADJ
ajfa-4510	78	8	causal	causal	ADJ
ajfa-4510	78	9	links	link	NOUN
ajfa-4510	78	10	between	between	ADP
ajfa-4510	78	11	aggregate	aggregate	ADJ
ajfa-4510	78	12	macro	macro	ADJ
ajfa-4510	78	13	economic	economic	ADJ
ajfa-4510	78	14	variables	variable	NOUN
ajfa-4510	78	15	and	and	CCONJ
ajfa-4510	78	16	stock	stock	NOUN
ajfa-4510	78	17	indices	index	NOUN
ajfa-4510	78	18	in	in	ADP
ajfa-4510	78	19	the	the	DET
ajfa-4510	78	20	long	long	ADJ
ajfa-4510	78	21	run	run	NOUN
ajfa-4510	78	22	.	.	PUNCT
ajfa-4510	79	1	however	however	ADV
ajfa-4510	79	2	it	it	PRON
ajfa-4510	79	3	revealed	reveal	VERB
ajfa-4510	79	4	that	that	SCONJ
ajfa-4510	79	5	causal	causal	ADJ
ajfa-4510	79	6	pattern	pattern	NOUN
ajfa-4510	79	7	is	be	AUX
ajfa-4510	79	8	similar	similar	ADJ
ajfa-4510	79	9	in	in	ADP
ajfa-4510	79	10	both	both	DET
ajfa-4510	79	11	markets	market	NOUN
ajfa-4510	79	12	in	in	ADP
ajfa-4510	79	13	the	the	DET
ajfa-4510	79	14	short	short	ADJ
ajfa-4510	79	15	run	run	NOUN
ajfa-4510	79	16	.	.	PUNCT
ajfa-4510	80	1	the	the	DET
ajfa-4510	80	2	study	study	NOUN
ajfa-4510	80	3	results	result	NOUN
ajfa-4510	80	4	indicate	indicate	VERB
ajfa-4510	80	5	that	that	SCONJ
ajfa-4510	80	6	stock	stock	NOUN
ajfa-4510	80	7	prices	price	NOUN
ajfa-4510	80	8	in	in	ADP
ajfa-4510	80	9	india	india	PROPN
ajfa-4510	80	10	lead	lead	VERB
ajfa-4510	80	11	economic	economic	ADJ
ajfa-4510	80	12	activity	activity	NOUN
ajfa-4510	80	13	except	except	SCONJ
ajfa-4510	80	14	movement	movement	NOUN
ajfa-4510	80	15	in	in	ADP
ajfa-4510	80	16	interest	interest	NOUN
ajfa-4510	80	17	rate	rate	NOUN
ajfa-4510	80	18	.	.	PUNCT
ajfa-4510	81	1	interest	interest	NOUN
ajfa-4510	81	2	rate	rate	NOUN
ajfa-4510	81	3	seems	seem	VERB
ajfa-4510	81	4	to	to	PART
ajfa-4510	81	5	lead	lead	VERB
ajfa-4510	81	6	the	the	DET
ajfa-4510	81	7	stock	stock	NOUN
ajfa-4510	81	8	prices	price	NOUN
ajfa-4510	81	9	.	.	PUNCT
ajfa-4510	82	1	based	base	VERB
ajfa-4510	82	2	on	on	ADP
ajfa-4510	82	3	capm	capm	PROPN
ajfa-4510	82	4	as	as	ADP
ajfa-4510	82	5	theoretical	theoretical	ADJ
ajfa-4510	82	6	framework	framework	NOUN
ajfa-4510	82	7	and	and	CCONJ
ajfa-4510	82	8	the	the	DET
ajfa-4510	82	9	samples	sample	NOUN
ajfa-4510	82	10	of	of	ADP
ajfa-4510	82	11	size	size	NOUN
ajfa-4510	82	12	varying	vary	VERB
ajfa-4510	82	13	from	from	ADP
ajfa-4510	82	14	182	182	NUM
ajfa-4510	82	15	companies	company	NOUN
ajfa-4510	82	16	to	to	ADP
ajfa-4510	82	17	544	544	NUM
ajfa-4510	82	18	companies	company	NOUN
ajfa-4510	82	19	for	for	ADP
ajfa-4510	82	20	various	various	ADJ
ajfa-4510	82	21	estimations	estimation	NOUN
ajfa-4510	82	22	period	period	NOUN
ajfa-4510	82	23	between	between	ADP
ajfa-4510	82	24	april	april	PROPN
ajfa-4510	82	25	1991	1991	NUM
ajfa-4510	82	26	to	to	ADP
ajfa-4510	82	27	march	march	PROPN
ajfa-4510	82	28	2006	2006	NUM
ajfa-4510	82	29	francy	francy	NOUN
ajfa-4510	82	30	asian	asian	PROPN
ajfa-4510	82	31	journal	journal	PROPN
ajfa-4510	82	32	of	of	ADP
ajfa-4510	82	33	finance	finance	PROPN
ajfa-4510	82	34	&	&	CCONJ
ajfa-4510	82	35	accounting	accounting	PROPN
ajfa-4510	82	36	issn	issn	PROPN
ajfa-4510	82	37	1946	1946	NUM
ajfa-4510	82	38	-	-	PUNCT
ajfa-4510	82	39	052x	052x	NOUN
ajfa-4510	82	40	2013	2013	NUM
ajfa-4510	82	41	,	,	PUNCT
ajfa-4510	82	42	vol	vol	NOUN
ajfa-4510	82	43	.	.	PROPN
ajfa-4510	82	44	5	5	NUM
ajfa-4510	82	45	,	,	PUNCT
ajfa-4510	82	46	no	no	INTJ
ajfa-4510	82	47	.	.	NOUN
ajfa-4510	82	48	2	2	NUM
ajfa-4510	82	49	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	82	50	293	293	NUM
ajfa-4510	82	51	(	(	PUNCT
ajfa-4510	82	52	2008	2008	NUM
ajfa-4510	82	53	)	)	PUNCT
ajfa-4510	82	54	provides	provide	VERB
ajfa-4510	82	55	empirical	empirical	ADJ
ajfa-4510	82	56	validity	validity	NOUN
ajfa-4510	82	57	of	of	ADP
ajfa-4510	82	58	the	the	DET
ajfa-4510	82	59	three	three	NUM
ajfa-4510	82	60	factor	factor	NOUN
ajfa-4510	82	61	model	model	NOUN
ajfa-4510	82	62	of	of	ADP
ajfa-4510	82	63	fama	fama	PROPN
ajfa-4510	82	64	and	and	CCONJ
ajfa-4510	82	65	french(1992	french(1992	VERB
ajfa-4510	82	66	)	)	PUNCT
ajfa-4510	82	67	in	in	ADP
ajfa-4510	82	68	determining	determine	VERB
ajfa-4510	82	69	stock	stock	NOUN
ajfa-4510	82	70	returns	return	NOUN
ajfa-4510	82	71	in	in	ADP
ajfa-4510	82	72	india	india	PROPN
ajfa-4510	82	73	.	.	PUNCT
ajfa-4510	83	1	the	the	DET
ajfa-4510	83	2	explanatory	explanatory	ADJ
ajfa-4510	83	3	power	power	NOUN
ajfa-4510	83	4	of	of	ADP
ajfa-4510	83	5	the	the	DET
ajfa-4510	83	6	three	three	NUM
ajfa-4510	83	7	-	-	PUNCT
ajfa-4510	83	8	factor	factor	NOUN
ajfa-4510	83	9	model	model	NOUN
ajfa-4510	83	10	was	be	AUX
ajfa-4510	83	11	found	find	VERB
ajfa-4510	83	12	to	to	PART
ajfa-4510	83	13	lie	lie	VERB
ajfa-4510	83	14	between	between	ADP
ajfa-4510	83	15	69	69	NUM
ajfa-4510	83	16	per	per	ADP
ajfa-4510	83	17	cent	cent	NOUN
ajfa-4510	83	18	and	and	CCONJ
ajfa-4510	83	19	90	90	NUM
ajfa-4510	83	20	per	per	ADP
ajfa-4510	83	21	cent	cent	NOUN
ajfa-4510	83	22	for	for	ADP
ajfa-4510	83	23	the	the	DET
ajfa-4510	83	24	various	various	ADJ
ajfa-4510	83	25	portfolios	portfolio	NOUN
ajfa-4510	83	26	constructed	construct	VERB
ajfa-4510	83	27	which	which	PRON
ajfa-4510	83	28	shows	show	VERB
ajfa-4510	83	29	that	that	SCONJ
ajfa-4510	83	30	the	the	DET
ajfa-4510	83	31	three	three	NUM
ajfa-4510	83	32	-	-	PUNCT
ajfa-4510	83	33	factor	factor	NOUN
ajfa-4510	83	34	model	model	NOUN
ajfa-4510	83	35	has	have	AUX
ajfa-4510	83	36	captured	capture	VERB
ajfa-4510	83	37	the	the	DET
ajfa-4510	83	38	majority	majority	NOUN
ajfa-4510	83	39	of	of	ADP
ajfa-4510	83	40	the	the	DET
ajfa-4510	83	41	positive	positive	ADJ
ajfa-4510	83	42	returns	return	NOUN
ajfa-4510	83	43	that	that	PRON
ajfa-4510	83	44	had	have	AUX
ajfa-4510	83	45	been	be	AUX
ajfa-4510	83	46	left	leave	VERB
ajfa-4510	83	47	unexplained	unexplained	ADJ
ajfa-4510	83	48	by	by	ADP
ajfa-4510	83	49	the	the	DET
ajfa-4510	83	50	capm	capm	PROPN
ajfa-4510	83	51	in	in	ADP
ajfa-4510	83	52	indian	indian	ADJ
ajfa-4510	83	53	context	context	NOUN
ajfa-4510	83	54	.	.	PUNCT
ajfa-4510	84	1	time	time	NOUN
ajfa-4510	84	2	variation	variation	NOUN
ajfa-4510	84	3	in	in	ADP
ajfa-4510	84	4	stock	stock	NOUN
ajfa-4510	84	5	market	market	NOUN
ajfa-4510	84	6	volatility	volatility	NOUN
ajfa-4510	84	7	is	be	AUX
ajfa-4510	84	8	also	also	ADV
ajfa-4510	84	9	a	a	DET
ajfa-4510	84	10	matter	matter	NOUN
ajfa-4510	84	11	of	of	ADP
ajfa-4510	84	12	investigation	investigation	NOUN
ajfa-4510	84	13	for	for	ADP
ajfa-4510	84	14	many	many	ADJ
ajfa-4510	84	15	researchers	researcher	NOUN
ajfa-4510	84	16	in	in	ADP
ajfa-4510	84	17	different	different	ADJ
ajfa-4510	84	18	market	market	NOUN
ajfa-4510	84	19	context	context	NOUN
ajfa-4510	84	20	.	.	PUNCT
ajfa-4510	85	1	errunza	errunza	PROPN
ajfa-4510	85	2	and	and	CCONJ
ajfa-4510	85	3	hogan	hogan	PROPN
ajfa-4510	85	4	(	(	PUNCT
ajfa-4510	85	5	1998	1998	NUM
ajfa-4510	85	6	)	)	PUNCT
ajfa-4510	85	7	in	in	ADP
ajfa-4510	85	8	their	their	PRON
ajfa-4510	85	9	study	study	NOUN
ajfa-4510	85	10	,	,	PUNCT
ajfa-4510	85	11	provide	provide	VERB
ajfa-4510	85	12	evidence	evidence	NOUN
ajfa-4510	85	13	for	for	ADP
ajfa-4510	85	14	the	the	DET
ajfa-4510	85	15	impact	impact	NOUN
ajfa-4510	85	16	of	of	ADP
ajfa-4510	85	17	past	past	ADJ
ajfa-4510	85	18	variability	variability	NOUN
ajfa-4510	85	19	of	of	ADP
ajfa-4510	85	20	economic	economic	ADJ
ajfa-4510	85	21	factors	factor	NOUN
ajfa-4510	85	22	on	on	ADP
ajfa-4510	85	23	european	european	ADJ
ajfa-4510	85	24	stock	stock	NOUN
ajfa-4510	85	25	market	market	NOUN
ajfa-4510	85	26	volatility	volatility	NOUN
ajfa-4510	85	27	.	.	PUNCT
ajfa-4510	86	1	similar	similar	ADJ
ajfa-4510	86	2	study	study	NOUN
ajfa-4510	86	3	was	be	AUX
ajfa-4510	86	4	under	under	ADP
ajfa-4510	86	5	taken	take	VERB
ajfa-4510	86	6	by	by	ADP
ajfa-4510	86	7	mei	mei	PROPN
ajfa-4510	86	8	and	and	CCONJ
ajfa-4510	86	9	hu	hu	PROPN
ajfa-4510	86	10	(	(	PUNCT
ajfa-4510	86	11	2000	2000	NUM
ajfa-4510	86	12	)	)	PUNCT
ajfa-4510	86	13	based	base	VERB
ajfa-4510	86	14	on	on	ADP
ajfa-4510	86	15	real	real	ADJ
ajfa-4510	86	16	estate	estate	NOUN
ajfa-4510	86	17	stock	stock	NOUN
ajfa-4510	86	18	returns	return	NOUN
ajfa-4510	86	19	of	of	ADP
ajfa-4510	86	20	some	some	DET
ajfa-4510	86	21	asian	asian	ADJ
ajfa-4510	86	22	countries	country	NOUN
ajfa-4510	86	23	and	and	CCONJ
ajfa-4510	86	24	found	find	VERB
ajfa-4510	86	25	that	that	SCONJ
ajfa-4510	86	26	risk	risk	NOUN
ajfa-4510	86	27	premium	premium	NOUN
ajfa-4510	86	28	of	of	ADP
ajfa-4510	86	29	asian	asian	ADJ
ajfa-4510	86	30	property	property	NOUN
ajfa-4510	86	31	stocks	stock	NOUN
ajfa-4510	86	32	influenced	influence	VERB
ajfa-4510	86	33	significantly	significantly	ADV
ajfa-4510	86	34	by	by	ADP
ajfa-4510	86	35	macroeconomic	macroeconomic	ADJ
ajfa-4510	86	36	risk	risk	NOUN
ajfa-4510	86	37	factors	factor	NOUN
ajfa-4510	86	38	.	.	PUNCT
ajfa-4510	87	1	bivariate	bivariate	ADJ
ajfa-4510	87	2	garch	garch	NOUN
ajfa-4510	87	3	m	m	PROPN
ajfa-4510	87	4	model	model	NOUN
ajfa-4510	87	5	of	of	ADP
ajfa-4510	87	6	fang	fang	X
ajfa-4510	87	7	and	and	CCONJ
ajfa-4510	87	8	miller	miller	PROPN
ajfa-4510	87	9	(	(	PUNCT
ajfa-4510	87	10	2002	2002	NUM
ajfa-4510	87	11	)	)	PUNCT
ajfa-4510	87	12	measured	measure	VERB
ajfa-4510	87	13	the	the	DET
ajfa-4510	87	14	time	time	NOUN
ajfa-4510	87	15	varying	vary	VERB
ajfa-4510	87	16	conditional	conditional	ADJ
ajfa-4510	87	17	variances	variance	NOUN
ajfa-4510	87	18	of	of	ADP
ajfa-4510	87	19	stock	stock	NOUN
ajfa-4510	87	20	market	market	NOUN
ajfa-4510	87	21	returns	return	NOUN
ajfa-4510	87	22	and	and	CCONJ
ajfa-4510	87	23	currency	currency	NOUN
ajfa-4510	87	24	depreciation	depreciation	NOUN
ajfa-4510	87	25	in	in	ADP
ajfa-4510	87	26	five	five	NUM
ajfa-4510	87	27	emerging	emerge	VERB
ajfa-4510	87	28	east	east	ADJ
ajfa-4510	87	29	asian	asian	ADJ
ajfa-4510	87	30	markets	market	NOUN
ajfa-4510	87	31	.	.	PUNCT
ajfa-4510	88	1	liow	liow	PROPN
ajfa-4510	88	2	(	(	PUNCT
ajfa-4510	88	3	2004	2004	NUM
ajfa-4510	88	4	)	)	PUNCT
ajfa-4510	88	5	proved	prove	VERB
ajfa-4510	88	6	the	the	DET
ajfa-4510	88	7	expected	expected	ADJ
ajfa-4510	88	8	risk	risk	NOUN
ajfa-4510	88	9	premium	premium	NOUN
ajfa-4510	88	10	on	on	ADP
ajfa-4510	88	11	real	real	ADJ
ajfa-4510	88	12	estate	estate	NOUN
ajfa-4510	88	13	stock	stock	NOUN
ajfa-4510	88	14	in	in	ADP
ajfa-4510	88	15	singapore	singapore	PROPN
ajfa-4510	88	16	were	be	AUX
ajfa-4510	88	17	time	time	NOUN
ajfa-4510	88	18	varying	vary	VERB
ajfa-4510	88	19	and	and	CCONJ
ajfa-4510	88	20	correlated	correlate	VERB
ajfa-4510	88	21	to	to	ADP
ajfa-4510	88	22	time	time	NOUN
ajfa-4510	88	23	varying	vary	VERB
ajfa-4510	88	24	conditional	conditional	ADJ
ajfa-4510	88	25	volatilities	volatility	NOUN
ajfa-4510	88	26	of	of	ADP
ajfa-4510	88	27	macroeconomic	macroeconomic	ADJ
ajfa-4510	88	28	variables	variable	NOUN
ajfa-4510	88	29	.	.	PUNCT
ajfa-4510	89	1	in	in	ADP
ajfa-4510	89	2	their	their	PRON
ajfa-4510	89	3	comprehensive	comprehensive	ADJ
ajfa-4510	89	4	study	study	NOUN
ajfa-4510	89	5	liow	liow	NOUN
ajfa-4510	89	6	,	,	PUNCT
ajfa-4510	89	7	ibrahim	ibrahim	PROPN
ajfa-4510	89	8	and	and	CCONJ
ajfa-4510	89	9	huang	huang	PROPN
ajfa-4510	89	10	(	(	PUNCT
ajfa-4510	89	11	2006	2006	NUM
ajfa-4510	89	12	)	)	PUNCT
ajfa-4510	89	13	extend	extend	VERB
ajfa-4510	89	14	the	the	DET
ajfa-4510	89	15	work	work	NOUN
ajfa-4510	89	16	of	of	ADP
ajfa-4510	89	17	liow	liow	PROPN
ajfa-4510	89	18	(	(	PUNCT
ajfa-4510	89	19	2004	2004	NUM
ajfa-4510	89	20	)	)	PUNCT
ajfa-4510	89	21	to	to	ADP
ajfa-4510	89	22	some	some	DET
ajfa-4510	89	23	more	more	ADJ
ajfa-4510	89	24	markets	market	NOUN
ajfa-4510	89	25	,	,	PUNCT
ajfa-4510	89	26	japan	japan	PROPN
ajfa-4510	89	27	,	,	PUNCT
ajfa-4510	89	28	hong	hong	PROPN
ajfa-4510	89	29	kong	kong	PROPN
ajfa-4510	89	30	and	and	CCONJ
ajfa-4510	89	31	uk	uk	PROPN
ajfa-4510	89	32	.	.	PUNCT
ajfa-4510	90	1	even	even	ADV
ajfa-4510	90	2	though	though	SCONJ
ajfa-4510	90	3	the	the	DET
ajfa-4510	90	4	study	study	NOUN
ajfa-4510	90	5	confirmed	confirm	VERB
ajfa-4510	90	6	the	the	DET
ajfa-4510	90	7	validity	validity	NOUN
ajfa-4510	90	8	of	of	ADP
ajfa-4510	90	9	previous	previous	ADJ
ajfa-4510	90	10	findings	finding	NOUN
ajfa-4510	90	11	,	,	PUNCT
ajfa-4510	90	12	it	it	PRON
ajfa-4510	90	13	found	find	VERB
ajfa-4510	90	14	that	that	SCONJ
ajfa-4510	90	15	the	the	DET
ajfa-4510	90	16	impact	impact	NOUN
ajfa-4510	90	17	of	of	ADP
ajfa-4510	90	18	macroeconomic	macroeconomic	ADJ
ajfa-4510	90	19	factors	factor	NOUN
ajfa-4510	90	20	on	on	ADP
ajfa-4510	90	21	property	property	NOUN
ajfa-4510	90	22	stock	stock	NOUN
ajfa-4510	90	23	returns	return	NOUN
ajfa-4510	90	24	quite	quite	ADV
ajfa-4510	90	25	different	different	ADJ
ajfa-4510	90	26	across	across	ADP
ajfa-4510	90	27	the	the	DET
ajfa-4510	90	28	markets	market	NOUN
ajfa-4510	90	29	.	.	PUNCT
ajfa-4510	91	1	joseph	joseph	PROPN
ajfa-4510	91	2	and	and	CCONJ
ajfa-4510	91	3	vezos	vezo	NOUN
ajfa-4510	91	4	(	(	PUNCT
ajfa-4510	91	5	2006	2006	NUM
ajfa-4510	91	6	)	)	PUNCT
ajfa-4510	91	7	by	by	ADP
ajfa-4510	91	8	using	use	VERB
ajfa-4510	91	9	an	an	DET
ajfa-4510	91	10	egarch	egarch	NOUN
ajfa-4510	91	11	model	model	NOUN
ajfa-4510	91	12	tried	try	VERB
ajfa-4510	91	13	to	to	PART
ajfa-4510	91	14	capture	capture	VERB
ajfa-4510	91	15	the	the	DET
ajfa-4510	91	16	impact	impact	NOUN
ajfa-4510	91	17	of	of	ADP
ajfa-4510	91	18	interest	interest	NOUN
ajfa-4510	91	19	rate	rate	NOUN
ajfa-4510	91	20	movement	movement	PROPN
ajfa-4510	91	21	and	and	CCONJ
ajfa-4510	91	22	exchange	exchange	NOUN
ajfa-4510	91	23	rate	rate	NOUN
ajfa-4510	91	24	changes	change	NOUN
ajfa-4510	91	25	on	on	ADP
ajfa-4510	91	26	us	us	PROPN
ajfa-4510	91	27	banks	bank	NOUN
ajfa-4510	91	28	stock	stock	NOUN
ajfa-4510	91	29	returns	return	NOUN
ajfa-4510	91	30	.	.	PUNCT
ajfa-4510	92	1	the	the	DET
ajfa-4510	92	2	results	result	NOUN
ajfa-4510	92	3	showed	show	VERB
ajfa-4510	92	4	that	that	SCONJ
ajfa-4510	92	5	market	market	NOUN
ajfa-4510	92	6	return	return	NOUN
ajfa-4510	92	7	contributed	contribute	VERB
ajfa-4510	92	8	to	to	ADP
ajfa-4510	92	9	the	the	DET
ajfa-4510	92	10	variation	variation	NOUN
ajfa-4510	92	11	in	in	ADP
ajfa-4510	92	12	stock	stock	NOUN
ajfa-4510	92	13	returns	return	NOUN
ajfa-4510	92	14	and	and	CCONJ
ajfa-4510	92	15	its	its	PRON
ajfa-4510	92	16	sensitivity	sensitivity	NOUN
ajfa-4510	92	17	towards	towards	ADP
ajfa-4510	92	18	both	both	PRON
ajfa-4510	92	19	interest	interest	NOUN
ajfa-4510	92	20	rate	rate	NOUN
ajfa-4510	92	21	changes	change	NOUN
ajfa-4510	92	22	and	and	CCONJ
ajfa-4510	92	23	exchange	exchange	NOUN
ajfa-4510	92	24	rate	rate	NOUN
ajfa-4510	92	25	fluctuations	fluctuation	NOUN
ajfa-4510	92	26	was	be	AUX
ajfa-4510	92	27	not	not	PART
ajfa-4510	92	28	much	much	ADV
ajfa-4510	92	29	significant	significant	ADJ
ajfa-4510	92	30	.	.	PUNCT
ajfa-4510	93	1	butt	butt	PROPN
ajfa-4510	93	2	,	,	PUNCT
ajfa-4510	93	3	rehman	rehman	PROPN
ajfa-4510	93	4	,	,	PUNCT
ajfa-4510	93	5	khan	khan	PROPN
ajfa-4510	93	6	and	and	CCONJ
ajfa-4510	93	7	safwan	safwan	PROPN
ajfa-4510	93	8	(	(	PUNCT
ajfa-4510	93	9	2010	2010	NUM
ajfa-4510	93	10	)	)	PUNCT
ajfa-4510	93	11	under	under	ADP
ajfa-4510	93	12	garch	garch	NOUN
ajfa-4510	93	13	m	m	NOUN
ajfa-4510	93	14	framework	framework	NOUN
ajfa-4510	93	15	examined	examine	VERB
ajfa-4510	93	16	the	the	DET
ajfa-4510	93	17	stock	stock	NOUN
ajfa-4510	93	18	returns	return	VERB
ajfa-4510	93	19	variations	variation	NOUN
ajfa-4510	93	20	to	to	ADP
ajfa-4510	93	21	specific	specific	ADJ
ajfa-4510	93	22	economic	economic	ADJ
ajfa-4510	93	23	variables	variable	NOUN
ajfa-4510	93	24	by	by	ADP
ajfa-4510	93	25	applying	apply	VERB
ajfa-4510	93	26	a	a	DET
ajfa-4510	93	27	multi	multi	ADJ
ajfa-4510	93	28	factor	factor	NOUN
ajfa-4510	93	29	model	model	NOUN
ajfa-4510	93	30	.	.	PUNCT
ajfa-4510	94	1	the	the	DET
ajfa-4510	94	2	model	model	NOUN
ajfa-4510	94	3	applied	apply	VERB
ajfa-4510	94	4	on	on	ADP
ajfa-4510	94	5	the	the	DET
ajfa-4510	94	6	stock	stock	NOUN
ajfa-4510	94	7	returns	return	NOUN
ajfa-4510	94	8	of	of	ADP
ajfa-4510	94	9	firms	firm	NOUN
ajfa-4510	94	10	from	from	ADP
ajfa-4510	94	11	two	two	NUM
ajfa-4510	94	12	industriesbanking	industriesbanking	NOUN
ajfa-4510	94	13	and	and	CCONJ
ajfa-4510	94	14	textile	textile	NOUN
ajfa-4510	94	15	in	in	ADP
ajfa-4510	94	16	pakistan	pakistan	PROPN
ajfa-4510	94	17	.	.	PUNCT
ajfa-4510	95	1	the	the	DET
ajfa-4510	95	2	study	study	NOUN
ajfa-4510	95	3	found	find	VERB
ajfa-4510	95	4	that	that	SCONJ
ajfa-4510	95	5	economic	economic	ADJ
ajfa-4510	95	6	exposure	exposure	NOUN
ajfa-4510	95	7	is	be	AUX
ajfa-4510	95	8	higher	high	ADJ
ajfa-4510	95	9	at	at	ADP
ajfa-4510	95	10	industry	industry	NOUN
ajfa-4510	95	11	level	level	NOUN
ajfa-4510	95	12	than	than	ADP
ajfa-4510	95	13	the	the	DET
ajfa-4510	95	14	firm	firm	ADJ
ajfa-4510	95	15	level	level	NOUN
ajfa-4510	95	16	stock	stock	NOUN
ajfa-4510	95	17	returns	return	NOUN
ajfa-4510	95	18	.	.	PUNCT
ajfa-4510	96	1	in	in	ADP
ajfa-4510	96	2	their	their	PRON
ajfa-4510	96	3	study	study	NOUN
ajfa-4510	96	4	,	,	PUNCT
ajfa-4510	96	5	donadelli	donadelli	PROPN
ajfa-4510	96	6	and	and	CCONJ
ajfa-4510	96	7	lucchetta	lucchetta	PROPN
ajfa-4510	96	8	(	(	PUNCT
ajfa-4510	96	9	2013	2013	NUM
ajfa-4510	96	10	)	)	PUNCT
ajfa-4510	96	11	found	find	VERB
ajfa-4510	96	12	equity	equity	NOUN
ajfa-4510	96	13	risk	risk	NOUN
ajfa-4510	96	14	premium	premium	NOUN
ajfa-4510	96	15	in	in	ADP
ajfa-4510	96	16	emerging	emerge	VERB
ajfa-4510	96	17	market	market	NOUN
ajfa-4510	96	18	is	be	AUX
ajfa-4510	96	19	higher	high	ADJ
ajfa-4510	96	20	than	than	ADP
ajfa-4510	96	21	that	that	PRON
ajfa-4510	96	22	in	in	ADP
ajfa-4510	96	23	developed	develop	VERB
ajfa-4510	96	24	markets	market	NOUN
ajfa-4510	96	25	.	.	PUNCT
ajfa-4510	97	1	their	their	PRON
ajfa-4510	97	2	study	study	NOUN
ajfa-4510	97	3	also	also	ADV
ajfa-4510	97	4	confirmed	confirm	VERB
ajfa-4510	97	5	the	the	DET
ajfa-4510	97	6	time	time	NOUN
ajfa-4510	97	7	varying	vary	VERB
ajfa-4510	97	8	nature	nature	NOUN
ajfa-4510	97	9	of	of	ADP
ajfa-4510	97	10	emerging	emerge	VERB
ajfa-4510	97	11	stock	stock	NOUN
ajfa-4510	97	12	market	market	NOUN
ajfa-4510	97	13	excess	excess	ADJ
ajfa-4510	97	14	returns	return	NOUN
ajfa-4510	97	15	.	.	PUNCT
ajfa-4510	98	1	on	on	ADP
ajfa-4510	98	2	reviewing	review	VERB
ajfa-4510	98	3	the	the	DET
ajfa-4510	98	4	available	available	ADJ
ajfa-4510	98	5	literature	literature	NOUN
ajfa-4510	98	6	it	it	PRON
ajfa-4510	98	7	is	be	AUX
ajfa-4510	98	8	quite	quite	ADV
ajfa-4510	98	9	evident	evident	ADJ
ajfa-4510	98	10	that	that	SCONJ
ajfa-4510	98	11	the	the	DET
ajfa-4510	98	12	research	research	NOUN
ajfa-4510	98	13	on	on	ADP
ajfa-4510	98	14	the	the	DET
ajfa-4510	98	15	impact	impact	NOUN
ajfa-4510	98	16	of	of	ADP
ajfa-4510	98	17	macroeconomic	macroeconomic	ADJ
ajfa-4510	98	18	performance	performance	NOUN
ajfa-4510	98	19	on	on	ADP
ajfa-4510	98	20	the	the	DET
ajfa-4510	98	21	stock	stock	NOUN
ajfa-4510	98	22	price	price	NOUN
ajfa-4510	98	23	behavior	behavior	NOUN
ajfa-4510	98	24	is	be	AUX
ajfa-4510	98	25	not	not	PART
ajfa-4510	98	26	scanty	scanty	ADJ
ajfa-4510	98	27	in	in	ADP
ajfa-4510	98	28	indian	indian	ADJ
ajfa-4510	98	29	context	context	NOUN
ajfa-4510	98	30	.	.	PUNCT
ajfa-4510	99	1	but	but	CCONJ
ajfa-4510	99	2	most	most	ADJ
ajfa-4510	99	3	of	of	ADP
ajfa-4510	99	4	these	these	DET
ajfa-4510	99	5	studies	study	NOUN
ajfa-4510	99	6	provide	provide	VERB
ajfa-4510	99	7	a	a	DET
ajfa-4510	99	8	general	general	ADJ
ajfa-4510	99	9	measurement	measurement	NOUN
ajfa-4510	99	10	of	of	ADP
ajfa-4510	99	11	stock	stock	NOUN
ajfa-4510	99	12	return	return	NOUN
ajfa-4510	99	13	variations	variation	NOUN
ajfa-4510	99	14	influenced	influence	VERB
ajfa-4510	99	15	by	by	ADP
ajfa-4510	99	16	various	various	ADJ
ajfa-4510	99	17	economic	economic	ADJ
ajfa-4510	99	18	factors	factor	NOUN
ajfa-4510	99	19	.	.	PUNCT
ajfa-4510	100	1	surprisingly	surprisingly	ADV
ajfa-4510	100	2	very	very	ADV
ajfa-4510	100	3	few	few	ADJ
ajfa-4510	100	4	published	publish	VERB
ajfa-4510	100	5	research	research	NOUN
ajfa-4510	100	6	is	be	AUX
ajfa-4510	100	7	found	find	VERB
ajfa-4510	100	8	concerning	concern	VERB
ajfa-4510	100	9	the	the	DET
ajfa-4510	100	10	causality	causality	NOUN
ajfa-4510	100	11	between	between	ADP
ajfa-4510	100	12	the	the	DET
ajfa-4510	100	13	economic	economic	ADJ
ajfa-4510	100	14	variables	variable	NOUN
ajfa-4510	100	15	and	and	CCONJ
ajfa-4510	100	16	sectoral	sectoral	ADJ
ajfa-4510	100	17	stock	stock	NOUN
ajfa-4510	100	18	returns	return	NOUN
ajfa-4510	100	19	in	in	ADP
ajfa-4510	100	20	india	india	PROPN
ajfa-4510	100	21	.	.	PUNCT
ajfa-4510	101	1	moreover	moreover	ADV
ajfa-4510	101	2	indian	indian	ADJ
ajfa-4510	101	3	corporate	corporate	ADJ
ajfa-4510	101	4	sector	sector	NOUN
ajfa-4510	101	5	as	as	ADV
ajfa-4510	101	6	well	well	ADV
ajfa-4510	101	7	as	as	ADP
ajfa-4510	101	8	stock	stock	NOUN
ajfa-4510	101	9	market	market	NOUN
ajfa-4510	101	10	received	receive	VERB
ajfa-4510	101	11	significant	significant	ADJ
ajfa-4510	101	12	growth	growth	NOUN
ajfa-4510	101	13	during	during	ADP
ajfa-4510	101	14	the	the	DET
ajfa-4510	101	15	post	post	ADJ
ajfa-4510	101	16	financial	financial	ADJ
ajfa-4510	101	17	sector	sector	NOUN
ajfa-4510	101	18	reform	reform	NOUN
ajfa-4510	101	19	phase	phase	NOUN
ajfa-4510	101	20	(	(	PUNCT
ajfa-4510	101	21	second	second	ADJ
ajfa-4510	101	22	phase	phase	NOUN
ajfa-4510	101	23	)	)	PUNCT
ajfa-4510	101	24	of	of	ADP
ajfa-4510	101	25	2000	2000	NUM
ajfa-4510	101	26	.	.	PUNCT
ajfa-4510	102	1	to	to	ADP
ajfa-4510	102	2	the	the	DET
ajfa-4510	102	3	best	good	ADJ
ajfa-4510	102	4	of	of	ADP
ajfa-4510	102	5	our	our	PRON
ajfa-4510	102	6	knowledge	knowledge	NOUN
ajfa-4510	102	7	,	,	PUNCT
ajfa-4510	102	8	no	no	DET
ajfa-4510	102	9	exhaustive	exhaustive	ADJ
ajfa-4510	102	10	work	work	NOUN
ajfa-4510	102	11	on	on	ADP
ajfa-4510	102	12	the	the	DET
ajfa-4510	102	13	impact	impact	NOUN
ajfa-4510	102	14	of	of	ADP
ajfa-4510	102	15	macroeconomic	macroeconomic	ADJ
ajfa-4510	102	16	performance	performance	NOUN
ajfa-4510	102	17	on	on	ADP
ajfa-4510	102	18	stock	stock	NOUN
ajfa-4510	102	19	returns	return	NOUN
ajfa-4510	102	20	of	of	ADP
ajfa-4510	102	21	different	different	ADJ
ajfa-4510	102	22	industrial	industrial	ADJ
ajfa-4510	102	23	groupings	grouping	NOUN
ajfa-4510	102	24	covering	cover	VERB
ajfa-4510	102	25	this	this	DET
ajfa-4510	102	26	period	period	NOUN
ajfa-4510	102	27	in	in	ADP
ajfa-4510	102	28	indian	indian	ADJ
ajfa-4510	102	29	context	context	NOUN
ajfa-4510	102	30	has	have	AUX
ajfa-4510	102	31	not	not	PART
ajfa-4510	102	32	made	make	VERB
ajfa-4510	102	33	so	so	ADV
ajfa-4510	102	34	far	far	ADV
ajfa-4510	102	35	.	.	PUNCT
ajfa-4510	103	1	this	this	DET
ajfa-4510	103	2	paper	paper	NOUN
ajfa-4510	103	3	ultimately	ultimately	ADV
ajfa-4510	103	4	attempts	attempt	VERB
ajfa-4510	103	5	to	to	PART
ajfa-4510	103	6	discover	discover	VERB
ajfa-4510	103	7	which	which	PRON
ajfa-4510	103	8	,	,	PUNCT
ajfa-4510	103	9	if	if	SCONJ
ajfa-4510	103	10	any	any	PRON
ajfa-4510	103	11	,	,	PUNCT
ajfa-4510	103	12	of	of	ADP
ajfa-4510	103	13	the	the	DET
ajfa-4510	103	14	economic	economic	ADJ
ajfa-4510	103	15	variables	variable	NOUN
ajfa-4510	103	16	are	be	AUX
ajfa-4510	103	17	of	of	ADP
ajfa-4510	103	18	use	use	NOUN
ajfa-4510	103	19	in	in	ADP
ajfa-4510	103	20	explaining	explain	VERB
ajfa-4510	103	21	the	the	DET
ajfa-4510	103	22	variability	variability	NOUN
ajfa-4510	103	23	of	of	ADP
ajfa-4510	103	24	industry	industry	NOUN
ajfa-4510	103	25	stock	stock	NOUN
ajfa-4510	103	26	returns	return	NOUN
ajfa-4510	103	27	in	in	ADP
ajfa-4510	103	28	india	india	PROPN
ajfa-4510	103	29	.	.	PUNCT
ajfa-4510	104	1	however	however	ADV
ajfa-4510	104	2	this	this	DET
ajfa-4510	104	3	paper	paper	NOUN
ajfa-4510	104	4	does	do	AUX
ajfa-4510	104	5	not	not	PART
ajfa-4510	104	6	evaluate	evaluate	VERB
ajfa-4510	104	7	the	the	DET
ajfa-4510	104	8	stock	stock	NOUN
ajfa-4510	104	9	return	return	NOUN
ajfa-4510	104	10	performance	performance	NOUN
ajfa-4510	104	11	of	of	ADP
ajfa-4510	104	12	a	a	DET
ajfa-4510	104	13	particular	particular	ADJ
ajfa-4510	104	14	sector	sector	NOUN
ajfa-4510	104	15	relative	relative	ADJ
ajfa-4510	104	16	to	to	ADP
ajfa-4510	104	17	that	that	PRON
ajfa-4510	104	18	of	of	ADP
ajfa-4510	104	19	others	other	NOUN
ajfa-4510	104	20	in	in	ADP
ajfa-4510	104	21	terms	term	NOUN
ajfa-4510	104	22	of	of	ADP
ajfa-4510	104	23	its	its	PRON
ajfa-4510	104	24	sensitive	sensitive	ADJ
ajfa-4510	104	25	change	change	NOUN
ajfa-4510	104	26	to	to	ADP
ajfa-4510	104	27	a	a	DET
ajfa-4510	104	28	specific	specific	ADJ
ajfa-4510	104	29	industry	industry	NOUN
ajfa-4510	104	30	variable	variable	NOUN
ajfa-4510	104	31	.	.	PUNCT
ajfa-4510	105	1	asian	asian	ADJ
ajfa-4510	105	2	journal	journal	PROPN
ajfa-4510	105	3	of	of	ADP
ajfa-4510	105	4	finance	finance	PROPN
ajfa-4510	105	5	&	&	CCONJ
ajfa-4510	105	6	accounting	accounting	PROPN
ajfa-4510	105	7	issn	issn	PROPN
ajfa-4510	105	8	1946	1946	NUM
ajfa-4510	105	9	-	-	PUNCT
ajfa-4510	105	10	052x	052x	NOUN
ajfa-4510	105	11	2013	2013	NUM
ajfa-4510	105	12	,	,	PUNCT
ajfa-4510	105	13	vol	vol	NOUN
ajfa-4510	105	14	.	.	PROPN
ajfa-4510	105	15	5	5	NUM
ajfa-4510	105	16	,	,	PUNCT
ajfa-4510	105	17	no	no	INTJ
ajfa-4510	105	18	.	.	NOUN
ajfa-4510	105	19	2	2	NUM
ajfa-4510	105	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	105	21	294	294	NUM
ajfa-4510	105	22	3	3	NUM
ajfa-4510	105	23	.	.	PUNCT
ajfa-4510	106	1	data	datum	NOUN
ajfa-4510	106	2	and	and	CCONJ
ajfa-4510	106	3	methodology	methodology	NOUN
ajfa-4510	106	4	3.1	3.1	NUM
ajfa-4510	106	5	data	datum	NOUN
ajfa-4510	106	6	the	the	DET
ajfa-4510	106	7	researcher	researcher	NOUN
ajfa-4510	106	8	limits	limit	VERB
ajfa-4510	106	9	this	this	DET
ajfa-4510	106	10	study	study	NOUN
ajfa-4510	106	11	to	to	ADP
ajfa-4510	106	12	selected	select	VERB
ajfa-4510	106	13	six	six	NUM
ajfa-4510	106	14	independent	independent	ADJ
ajfa-4510	106	15	(	(	PUNCT
ajfa-4510	106	16	macroeconomic	macroeconomic	ADJ
ajfa-4510	106	17	)	)	PUNCT
ajfa-4510	106	18	variables	variable	NOUN
ajfa-4510	106	19	which	which	PRON
ajfa-4510	106	20	once	once	ADV
ajfa-4510	106	21	identified	identify	VERB
ajfa-4510	106	22	through	through	ADP
ajfa-4510	106	23	literature	literature	PROPN
ajfa-4510	106	24	review	review	PROPN
ajfa-4510	106	25	.	.	PUNCT
ajfa-4510	107	1	along	along	ADP
ajfa-4510	107	2	with	with	ADP
ajfa-4510	107	3	these	these	DET
ajfa-4510	107	4	economic	economic	ADJ
ajfa-4510	107	5	variables	variable	NOUN
ajfa-4510	107	6	,	,	PUNCT
ajfa-4510	107	7	market	market	NOUN
ajfa-4510	107	8	return	return	NOUN
ajfa-4510	107	9	measured	measure	VERB
ajfa-4510	107	10	by	by	ADP
ajfa-4510	107	11	the	the	DET
ajfa-4510	107	12	relative	relative	ADJ
ajfa-4510	107	13	change	change	NOUN
ajfa-4510	107	14	in	in	ADP
ajfa-4510	107	15	nse	nse	NOUN
ajfa-4510	107	16	nifty	nifty	NOUN
ajfa-4510	107	17	is	be	AUX
ajfa-4510	107	18	also	also	ADV
ajfa-4510	107	19	used	use	VERB
ajfa-4510	107	20	as	as	ADP
ajfa-4510	107	21	independent	independent	ADJ
ajfa-4510	107	22	variable	variable	NOUN
ajfa-4510	107	23	.	.	PUNCT
ajfa-4510	108	1	industrial	industrial	ADJ
ajfa-4510	108	2	production	production	NOUN
ajfa-4510	108	3	index	index	NOUN
ajfa-4510	108	4	in	in	ADP
ajfa-4510	108	5	india	india	PROPN
ajfa-4510	108	6	is	be	AUX
ajfa-4510	108	7	compiling	compile	VERB
ajfa-4510	108	8	and	and	CCONJ
ajfa-4510	108	9	publishing	publish	VERB
ajfa-4510	108	10	on	on	ADP
ajfa-4510	108	11	monthly	monthly	ADJ
ajfa-4510	108	12	basis	basis	NOUN
ajfa-4510	108	13	,	,	PUNCT
ajfa-4510	108	14	hence	hence	ADV
ajfa-4510	108	15	it	it	PRON
ajfa-4510	108	16	is	be	AUX
ajfa-4510	108	17	used	use	VERB
ajfa-4510	108	18	instead	instead	ADV
ajfa-4510	108	19	of	of	ADP
ajfa-4510	108	20	gdp	gdp	NOUN
ajfa-4510	108	21	to	to	PART
ajfa-4510	108	22	give	give	VERB
ajfa-4510	108	23	proxy	proxy	NOUN
ajfa-4510	108	24	for	for	ADP
ajfa-4510	108	25	the	the	DET
ajfa-4510	108	26	domestic	domestic	ADJ
ajfa-4510	108	27	supply	supply	NOUN
ajfa-4510	108	28	factors	factor	NOUN
ajfa-4510	108	29	/	/	SYM
ajfa-4510	108	30	national	national	ADJ
ajfa-4510	108	31	output	output	NOUN
ajfa-4510	108	32	.	.	PUNCT
ajfa-4510	109	1	to	to	PART
ajfa-4510	109	2	gauge	gauge	VERB
ajfa-4510	109	3	the	the	DET
ajfa-4510	109	4	money	money	NOUN
ajfa-4510	109	5	stock	stock	NOUN
ajfa-4510	109	6	in	in	ADP
ajfa-4510	109	7	the	the	DET
ajfa-4510	109	8	economy	economy	NOUN
ajfa-4510	109	9	the	the	DET
ajfa-4510	109	10	most	most	ADV
ajfa-4510	109	11	popularly	popularly	ADV
ajfa-4510	109	12	used	use	VERB
ajfa-4510	109	13	broad	broad	ADJ
ajfa-4510	109	14	money	money	NOUN
ajfa-4510	109	15	supply	supply	NOUN
ajfa-4510	109	16	(	(	PUNCT
ajfa-4510	109	17	m3	m3	PROPN
ajfa-4510	109	18	)	)	PUNCT
ajfa-4510	109	19	and	and	CCONJ
ajfa-4510	109	20	to	to	PART
ajfa-4510	109	21	give	give	VERB
ajfa-4510	109	22	proxy	proxy	NOUN
ajfa-4510	109	23	for	for	ADP
ajfa-4510	109	24	interest	interest	NOUN
ajfa-4510	109	25	rate	rate	NOUN
ajfa-4510	109	26	prevailing	prevail	VERB
ajfa-4510	109	27	in	in	ADP
ajfa-4510	109	28	the	the	DET
ajfa-4510	109	29	economy	economy	NOUN
ajfa-4510	109	30	3	3	NUM
ajfa-4510	109	31	months	month	NOUN
ajfa-4510	109	32	’	'	PUNCT
ajfa-4510	109	33	treasury	treasury	NOUN
ajfa-4510	109	34	bill	bill	NOUN
ajfa-4510	109	35	(	(	PUNCT
ajfa-4510	109	36	tb	tb	NOUN
ajfa-4510	109	37	)	)	PUNCT
ajfa-4510	109	38	rate	rate	NOUN
ajfa-4510	109	39	has	have	AUX
ajfa-4510	109	40	been	be	AUX
ajfa-4510	109	41	used	use	VERB
ajfa-4510	109	42	in	in	ADP
ajfa-4510	109	43	this	this	DET
ajfa-4510	109	44	study	study	NOUN
ajfa-4510	109	45	.	.	PUNCT
ajfa-4510	110	1	to	to	PART
ajfa-4510	110	2	account	account	VERB
ajfa-4510	110	3	for	for	ADP
ajfa-4510	110	4	inflation	inflation	NOUN
ajfa-4510	110	5	,	,	PUNCT
ajfa-4510	110	6	the	the	DET
ajfa-4510	110	7	whole	whole	ADJ
ajfa-4510	110	8	sale	sale	NOUN
ajfa-4510	110	9	price	price	NOUN
ajfa-4510	110	10	index	index	NOUN
ajfa-4510	110	11	and	and	CCONJ
ajfa-4510	110	12	to	to	PART
ajfa-4510	110	13	check	check	VERB
ajfa-4510	110	14	the	the	DET
ajfa-4510	110	15	linkage	linkage	NOUN
ajfa-4510	110	16	with	with	ADP
ajfa-4510	110	17	the	the	DET
ajfa-4510	110	18	external	external	ADJ
ajfa-4510	110	19	world	world	NOUN
ajfa-4510	110	20	,	,	PUNCT
ajfa-4510	110	21	rs/$	rs/$	NOUN
ajfa-4510	110	22	exchange	exchange	NOUN
ajfa-4510	110	23	rate	rate	NOUN
ajfa-4510	110	24	is	be	AUX
ajfa-4510	110	25	used	use	VERB
ajfa-4510	110	26	.	.	PUNCT
ajfa-4510	111	1	to	to	PART
ajfa-4510	111	2	recheck	recheck	VERB
ajfa-4510	111	3	the	the	DET
ajfa-4510	111	4	validity	validity	NOUN
ajfa-4510	111	5	of	of	ADP
ajfa-4510	111	6	some	some	PRON
ajfa-4510	111	7	of	of	ADP
ajfa-4510	111	8	the	the	DET
ajfa-4510	111	9	earlier	early	ADJ
ajfa-4510	111	10	studies	study	NOUN
ajfa-4510	111	11	finding	find	VERB
ajfa-4510	111	12	that	that	SCONJ
ajfa-4510	111	13	foreign	foreign	ADJ
ajfa-4510	111	14	institutional	institutional	ADJ
ajfa-4510	111	15	investors	investor	NOUN
ajfa-4510	111	16	is	be	AUX
ajfa-4510	111	17	the	the	DET
ajfa-4510	111	18	crucial	crucial	ADJ
ajfa-4510	111	19	factor	factor	NOUN
ajfa-4510	111	20	deciding	decide	VERB
ajfa-4510	111	21	the	the	DET
ajfa-4510	111	22	stock	stock	NOUN
ajfa-4510	111	23	price	price	NOUN
ajfa-4510	111	24	behavior	behavior	NOUN
ajfa-4510	111	25	in	in	ADP
ajfa-4510	111	26	india	india	PROPN
ajfa-4510	111	27	,	,	PUNCT
ajfa-4510	111	28	fii	fii	PROPN
ajfa-4510	111	29	net	net	PROPN
ajfa-4510	111	30	flows	flow	NOUN
ajfa-4510	111	31	to	to	ADP
ajfa-4510	111	32	india	india	PROPN
ajfa-4510	111	33	has	have	AUX
ajfa-4510	111	34	also	also	ADV
ajfa-4510	111	35	included	include	VERB
ajfa-4510	111	36	in	in	ADP
ajfa-4510	111	37	the	the	DET
ajfa-4510	111	38	data	data	NOUN
ajfa-4510	111	39	frame	frame	NOUN
ajfa-4510	111	40	.	.	PUNCT
ajfa-4510	112	1	data	datum	NOUN
ajfa-4510	112	2	selection	selection	NOUN
ajfa-4510	112	3	takes	take	VERB
ajfa-4510	112	4	into	into	ADP
ajfa-4510	112	5	account	account	NOUN
ajfa-4510	112	6	the	the	DET
ajfa-4510	112	7	data	data	NOUN
ajfa-4510	112	8	availability	availability	NOUN
ajfa-4510	112	9	and	and	CCONJ
ajfa-4510	112	10	their	their	PRON
ajfa-4510	112	11	accessibility	accessibility	NOUN
ajfa-4510	112	12	within	within	ADP
ajfa-4510	112	13	the	the	DET
ajfa-4510	112	14	available	available	ADJ
ajfa-4510	112	15	timeframe	timeframe	NOUN
ajfa-4510	112	16	.	.	PUNCT
ajfa-4510	113	1	most	most	ADJ
ajfa-4510	113	2	of	of	ADP
ajfa-4510	113	3	the	the	DET
ajfa-4510	113	4	macroeconomic	macroeconomic	ADJ
ajfa-4510	113	5	variables	variable	NOUN
ajfa-4510	113	6	under	under	ADP
ajfa-4510	113	7	study	study	NOUN
ajfa-4510	113	8	is	be	AUX
ajfa-4510	113	9	available	available	ADJ
ajfa-4510	113	10	on	on	ADP
ajfa-4510	113	11	monthly	monthly	ADJ
ajfa-4510	113	12	basis	basis	NOUN
ajfa-4510	113	13	only	only	ADV
ajfa-4510	113	14	which	which	PRON
ajfa-4510	113	15	restrict	restrict	VERB
ajfa-4510	113	16	the	the	DET
ajfa-4510	113	17	study	study	NOUN
ajfa-4510	113	18	to	to	PART
ajfa-4510	113	19	choose	choose	VERB
ajfa-4510	113	20	monthly	monthly	ADJ
ajfa-4510	113	21	data	datum	NOUN
ajfa-4510	113	22	.	.	PUNCT
ajfa-4510	114	1	required	require	VERB
ajfa-4510	114	2	macroeconomic	macroeconomic	ADJ
ajfa-4510	114	3	data	datum	NOUN
ajfa-4510	114	4	were	be	AUX
ajfa-4510	114	5	mainly	mainly	ADV
ajfa-4510	114	6	obtained	obtain	VERB
ajfa-4510	114	7	from	from	ADP
ajfa-4510	114	8	rbi	rbi	PROPN
ajfa-4510	114	9	handbook	handbook	NOUN
ajfa-4510	114	10	on	on	ADP
ajfa-4510	114	11	statistics	statistic	NOUN
ajfa-4510	114	12	and	and	CCONJ
ajfa-4510	114	13	economic	economic	ADJ
ajfa-4510	114	14	survey	survey	NOUN
ajfa-4510	114	15	reports	report	NOUN
ajfa-4510	114	16	(	(	PUNCT
ajfa-4510	114	17	various	various	ADJ
ajfa-4510	114	18	issues	issue	NOUN
ajfa-4510	114	19	)	)	PUNCT
ajfa-4510	114	20	published	publish	VERB
ajfa-4510	114	21	by	by	ADP
ajfa-4510	114	22	government	government	NOUN
ajfa-4510	114	23	of	of	ADP
ajfa-4510	114	24	india	india	PROPN
ajfa-4510	114	25	.	.	PUNCT
ajfa-4510	115	1	the	the	DET
ajfa-4510	115	2	data	datum	NOUN
ajfa-4510	115	3	for	for	ADP
ajfa-4510	115	4	nifty	nifty	ADJ
ajfa-4510	115	5	was	be	AUX
ajfa-4510	115	6	obtained	obtain	VERB
ajfa-4510	115	7	from	from	ADP
ajfa-4510	115	8	the	the	DET
ajfa-4510	115	9	website	website	NOUN
ajfa-4510	115	10	of	of	ADP
ajfa-4510	115	11	national	national	ADJ
ajfa-4510	115	12	stock	stock	PROPN
ajfa-4510	115	13	exchange	exchange	PROPN
ajfa-4510	115	14	.	.	PUNCT
ajfa-4510	116	1	then	then	ADV
ajfa-4510	116	2	,	,	PUNCT
ajfa-4510	116	3	stock	stock	NOUN
ajfa-4510	116	4	returns	return	NOUN
ajfa-4510	116	5	from	from	ADP
ajfa-4510	116	6	six	six	NUM
ajfa-4510	116	7	industries	industry	NOUN
ajfa-4510	116	8	namely	namely	ADV
ajfa-4510	116	9	banking	banking	NOUN
ajfa-4510	116	10	,	,	PUNCT
ajfa-4510	116	11	energy	energy	NOUN
ajfa-4510	116	12	,	,	PUNCT
ajfa-4510	116	13	fmcg	fmcg	NOUN
ajfa-4510	116	14	,	,	PUNCT
ajfa-4510	116	15	information	information	NOUN
ajfa-4510	116	16	technology	technology	NOUN
ajfa-4510	116	17	,	,	PUNCT
ajfa-4510	116	18	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	116	19	and	and	CCONJ
ajfa-4510	116	20	automobiles	automobile	NOUN
ajfa-4510	116	21	were	be	AUX
ajfa-4510	116	22	considered	consider	VERB
ajfa-4510	116	23	based	base	VERB
ajfa-4510	116	24	on	on	ADP
ajfa-4510	116	25	the	the	DET
ajfa-4510	116	26	availability	availability	NOUN
ajfa-4510	116	27	of	of	ADP
ajfa-4510	116	28	the	the	DET
ajfa-4510	116	29	data	datum	NOUN
ajfa-4510	116	30	.	.	PUNCT
ajfa-4510	117	1	monthly	monthly	ADJ
ajfa-4510	117	2	closing	closing	NOUN
ajfa-4510	117	3	values	value	NOUN
ajfa-4510	117	4	of	of	ADP
ajfa-4510	117	5	the	the	DET
ajfa-4510	117	6	indices	index	NOUN
ajfa-4510	117	7	representing	represent	VERB
ajfa-4510	117	8	these	these	DET
ajfa-4510	117	9	sectors	sector	NOUN
ajfa-4510	117	10	were	be	AUX
ajfa-4510	117	11	used	use	VERB
ajfa-4510	117	12	for	for	ADP
ajfa-4510	117	13	ascertaining	ascertain	VERB
ajfa-4510	117	14	the	the	DET
ajfa-4510	117	15	sector	sector	NOUN
ajfa-4510	117	16	wise	wise	ADJ
ajfa-4510	117	17	stock	stock	NOUN
ajfa-4510	117	18	returns	return	NOUN
ajfa-4510	117	19	.	.	PUNCT
ajfa-4510	118	1	among	among	ADP
ajfa-4510	118	2	these	these	DET
ajfa-4510	118	3	six	six	NUM
ajfa-4510	118	4	indices	index	NOUN
ajfa-4510	118	5	,	,	PUNCT
ajfa-4510	118	6	all	all	DET
ajfa-4510	118	7	five	five	NUM
ajfa-4510	118	8	indices	index	NOUN
ajfa-4510	118	9	except	except	SCONJ
ajfa-4510	118	10	,	,	PUNCT
ajfa-4510	118	11	automobile	automobile	NOUN
ajfa-4510	118	12	are	be	AUX
ajfa-4510	118	13	nse	nse	NOUN
ajfa-4510	118	14	indices	index	NOUN
ajfa-4510	118	15	.	.	PUNCT
ajfa-4510	119	1	since	since	SCONJ
ajfa-4510	119	2	nse	nse	NOUN
ajfa-4510	119	3	is	be	AUX
ajfa-4510	119	4	not	not	PART
ajfa-4510	119	5	publishing	publish	VERB
ajfa-4510	119	6	any	any	DET
ajfa-4510	119	7	automobile	automobile	NOUN
ajfa-4510	119	8	sector	sector	NOUN
ajfa-4510	119	9	index	index	NOUN
ajfa-4510	119	10	,	,	PUNCT
ajfa-4510	119	11	the	the	DET
ajfa-4510	119	12	index	index	NOUN
ajfa-4510	119	13	representing	represent	VERB
ajfa-4510	119	14	automobile	automobile	NOUN
ajfa-4510	119	15	stock	stock	NOUN
ajfa-4510	119	16	movement	movement	NOUN
ajfa-4510	119	17	has	have	AUX
ajfa-4510	119	18	taken	take	VERB
ajfa-4510	119	19	from	from	ADP
ajfa-4510	119	20	bombay	bombay	PROPN
ajfa-4510	119	21	stock	stock	PROPN
ajfa-4510	119	22	exchange	exchange	PROPN
ajfa-4510	119	23	.	.	PUNCT
ajfa-4510	120	1	realty	realty	NOUN
ajfa-4510	120	2	and	and	CCONJ
ajfa-4510	120	3	infrastructure	infrastructure	NOUN
ajfa-4510	120	4	indices	index	NOUN
ajfa-4510	120	5	could	could	AUX
ajfa-4510	120	6	also	also	ADV
ajfa-4510	120	7	not	not	PART
ajfa-4510	120	8	to	to	PART
ajfa-4510	120	9	be	be	AUX
ajfa-4510	120	10	included	include	VERB
ajfa-4510	120	11	as	as	SCONJ
ajfa-4510	120	12	these	these	DET
ajfa-4510	120	13	indices	index	NOUN
ajfa-4510	120	14	have	have	AUX
ajfa-4510	120	15	been	be	AUX
ajfa-4510	120	16	compiled	compile	VERB
ajfa-4510	120	17	and	and	CCONJ
ajfa-4510	120	18	published	publish	VERB
ajfa-4510	120	19	by	by	ADP
ajfa-4510	120	20	stock	stock	NOUN
ajfa-4510	120	21	exchanges	exchange	NOUN
ajfa-4510	120	22	in	in	ADP
ajfa-4510	120	23	india	india	PROPN
ajfa-4510	120	24	since	since	SCONJ
ajfa-4510	120	25	2005	2005	NUM
ajfa-4510	120	26	only	only	ADV
ajfa-4510	120	27	,	,	PUNCT
ajfa-4510	120	28	the	the	DET
ajfa-4510	120	29	inclusion	inclusion	NOUN
ajfa-4510	120	30	of	of	ADP
ajfa-4510	120	31	which	which	PRON
ajfa-4510	120	32	definitely	definitely	ADV
ajfa-4510	120	33	lack	lack	VERB
ajfa-4510	120	34	data	datum	NOUN
ajfa-4510	120	35	consistency	consistency	NOUN
ajfa-4510	120	36	in	in	ADP
ajfa-4510	120	37	comparison	comparison	NOUN
ajfa-4510	120	38	on	on	ADP
ajfa-4510	120	39	time	time	NOUN
ajfa-4510	120	40	period	period	NOUN
ajfa-4510	120	41	basis	basis	NOUN
ajfa-4510	120	42	.	.	PUNCT
ajfa-4510	121	1	as	as	SCONJ
ajfa-4510	121	2	many	many	ADJ
ajfa-4510	121	3	of	of	ADP
ajfa-4510	121	4	the	the	DET
ajfa-4510	121	5	sector	sector	NOUN
ajfa-4510	121	6	indices	indice	VERB
ajfa-4510	121	7	values	value	NOUN
ajfa-4510	121	8	are	be	AUX
ajfa-4510	121	9	available	available	ADJ
ajfa-4510	121	10	from	from	ADP
ajfa-4510	121	11	the	the	DET
ajfa-4510	121	12	financial	financial	ADJ
ajfa-4510	121	13	year	year	NOUN
ajfa-4510	121	14	2001	2001	NUM
ajfa-4510	121	15	-	-	SYM
ajfa-4510	121	16	02	02	NUM
ajfa-4510	121	17	only	only	ADV
ajfa-4510	121	18	,	,	PUNCT
ajfa-4510	121	19	this	this	DET
ajfa-4510	121	20	part	part	NOUN
ajfa-4510	121	21	of	of	ADP
ajfa-4510	121	22	analysis	analysis	NOUN
ajfa-4510	121	23	covered	cover	VERB
ajfa-4510	121	24	only	only	ADV
ajfa-4510	121	25	nine	nine	NUM
ajfa-4510	121	26	years	year	NOUN
ajfa-4510	121	27	from	from	ADP
ajfa-4510	121	28	that	that	DET
ajfa-4510	121	29	financial	financial	ADJ
ajfa-4510	121	30	year	year	NOUN
ajfa-4510	121	31	to	to	ADP
ajfa-4510	121	32	2009	2009	NUM
ajfa-4510	121	33	-	-	SYM
ajfa-4510	121	34	10	10	NUM
ajfa-4510	121	35	.	.	PUNCT
ajfa-4510	121	36	3.2	3.2	NUM
ajfa-4510	121	37	empirical	empirical	ADJ
ajfa-4510	121	38	methodology	methodology	NOUN
ajfa-4510	121	39	the	the	DET
ajfa-4510	121	40	study	study	NOUN
ajfa-4510	121	41	relates	relate	VERB
ajfa-4510	121	42	the	the	DET
ajfa-4510	121	43	performance	performance	NOUN
ajfa-4510	121	44	of	of	ADP
ajfa-4510	121	45	six	six	NUM
ajfa-4510	121	46	industrial	industrial	ADJ
ajfa-4510	121	47	stock	stock	NOUN
ajfa-4510	121	48	returns	return	NOUN
ajfa-4510	121	49	in	in	ADP
ajfa-4510	121	50	india	india	PROPN
ajfa-4510	121	51	with	with	ADP
ajfa-4510	121	52	the	the	DET
ajfa-4510	121	53	macroeconomic	macroeconomic	ADJ
ajfa-4510	121	54	performance	performance	NOUN
ajfa-4510	121	55	of	of	ADP
ajfa-4510	121	56	the	the	DET
ajfa-4510	121	57	country	country	NOUN
ajfa-4510	121	58	during	during	ADP
ajfa-4510	121	59	the	the	DET
ajfa-4510	121	60	post	post	NOUN
ajfa-4510	121	61	2000	2000	NUM
ajfa-4510	121	62	period	period	NOUN
ajfa-4510	121	63	.	.	PUNCT
ajfa-4510	122	1	it	it	PRON
ajfa-4510	122	2	estimates	estimate	VERB
ajfa-4510	122	3	five	five	NUM
ajfa-4510	122	4	garch	garch	NOUN
ajfa-4510	122	5	(	(	PUNCT
ajfa-4510	122	6	generalized	generalize	VERB
ajfa-4510	122	7	autoregressive	autoregressive	ADJ
ajfa-4510	122	8	conditional	conditional	ADJ
ajfa-4510	122	9	heteroskedasticity	heteroskedasticity	NOUN
ajfa-4510	122	10	)	)	PUNCT
ajfa-4510	122	11	equations	equation	NOUN
ajfa-4510	122	12	separately	separately	ADV
ajfa-4510	122	13	to	to	PART
ajfa-4510	122	14	find	find	VERB
ajfa-4510	122	15	out	out	ADP
ajfa-4510	122	16	the	the	DET
ajfa-4510	122	17	sensitive	sensitive	ADJ
ajfa-4510	122	18	relationship	relationship	NOUN
ajfa-4510	122	19	of	of	ADP
ajfa-4510	122	20	each	each	PRON
ajfa-4510	122	21	of	of	ADP
ajfa-4510	122	22	the	the	DET
ajfa-4510	122	23	selected	select	VERB
ajfa-4510	122	24	industrial	industrial	ADJ
ajfa-4510	122	25	stock	stock	NOUN
ajfa-4510	122	26	returns	return	NOUN
ajfa-4510	122	27	with	with	ADP
ajfa-4510	122	28	the	the	DET
ajfa-4510	122	29	macroeconomic	macroeconomic	ADJ
ajfa-4510	122	30	performance	performance	NOUN
ajfa-4510	122	31	of	of	ADP
ajfa-4510	122	32	the	the	DET
ajfa-4510	122	33	country	country	NOUN
ajfa-4510	122	34	.	.	PUNCT
ajfa-4510	123	1	the	the	DET
ajfa-4510	123	2	empirical	empirical	ADJ
ajfa-4510	123	3	procedure	procedure	NOUN
ajfa-4510	123	4	pursued	pursue	VERB
ajfa-4510	123	5	in	in	ADP
ajfa-4510	123	6	the	the	DET
ajfa-4510	123	7	study	study	NOUN
ajfa-4510	123	8	is	be	AUX
ajfa-4510	123	9	detailed	detail	VERB
ajfa-4510	123	10	below	below	ADP
ajfa-4510	123	11	:	:	PUNCT
ajfa-4510	123	12	3.2.1	3.2.1	NUM
ajfa-4510	123	13	unit	unit	NOUN
ajfa-4510	123	14	root	root	NOUN
ajfa-4510	123	15	test	test	NOUN
ajfa-4510	123	16	time	time	NOUN
ajfa-4510	123	17	series	series	PROPN
ajfa-4510	123	18	analysis	analysis	NOUN
ajfa-4510	123	19	must	must	AUX
ajfa-4510	123	20	be	be	AUX
ajfa-4510	123	21	stationary	stationary	ADJ
ajfa-4510	123	22	for	for	ADP
ajfa-4510	123	23	producing	produce	VERB
ajfa-4510	123	24	most	most	ADV
ajfa-4510	123	25	reliable	reliable	ADJ
ajfa-4510	123	26	results	result	NOUN
ajfa-4510	123	27	.	.	PUNCT
ajfa-4510	124	1	a	a	DET
ajfa-4510	124	2	data	data	NOUN
ajfa-4510	124	3	series	series	NOUN
ajfa-4510	124	4	is	be	AUX
ajfa-4510	124	5	said	say	VERB
ajfa-4510	124	6	to	to	PART
ajfa-4510	124	7	be	be	AUX
ajfa-4510	124	8	stationary	stationary	ADJ
ajfa-4510	124	9	if	if	SCONJ
ajfa-4510	124	10	its	its	PRON
ajfa-4510	124	11	mean	mean	NOUN
ajfa-4510	124	12	and	and	CCONJ
ajfa-4510	124	13	variance	variance	NOUN
ajfa-4510	124	14	are	be	AUX
ajfa-4510	124	15	constant	constant	ADJ
ajfa-4510	124	16	(	(	PUNCT
ajfa-4510	124	17	non	non	ADJ
ajfa-4510	124	18	-	-	ADJ
ajfa-4510	124	19	changing	changing	ADJ
ajfa-4510	124	20	)	)	PUNCT
ajfa-4510	124	21	overtime	overtime	NOUN
ajfa-4510	124	22	and	and	CCONJ
ajfa-4510	124	23	the	the	DET
ajfa-4510	124	24	asian	asian	ADJ
ajfa-4510	124	25	journal	journal	NOUN
ajfa-4510	124	26	of	of	ADP
ajfa-4510	124	27	finance	finance	PROPN
ajfa-4510	124	28	&	&	CCONJ
ajfa-4510	124	29	accounting	accounting	PROPN
ajfa-4510	124	30	issn	issn	PROPN
ajfa-4510	124	31	1946	1946	NUM
ajfa-4510	124	32	-	-	PUNCT
ajfa-4510	124	33	052x	052x	NOUN
ajfa-4510	124	34	2013	2013	NUM
ajfa-4510	124	35	,	,	PUNCT
ajfa-4510	124	36	vol	vol	NOUN
ajfa-4510	124	37	.	.	PROPN
ajfa-4510	124	38	5	5	NUM
ajfa-4510	124	39	,	,	PUNCT
ajfa-4510	124	40	no	no	INTJ
ajfa-4510	124	41	.	.	NOUN
ajfa-4510	124	42	2	2	NUM
ajfa-4510	124	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	124	44	295	295	NUM
ajfa-4510	124	45	value	value	NOUN
ajfa-4510	124	46	of	of	ADP
ajfa-4510	124	47	co	co	NOUN
ajfa-4510	124	48	variance	variance	NOUN
ajfa-4510	124	49	between	between	ADP
ajfa-4510	124	50	time	time	NOUN
ajfa-4510	124	51	periods	period	NOUN
ajfa-4510	124	52	depends	depend	VERB
ajfa-4510	124	53	only	only	ADV
ajfa-4510	124	54	on	on	ADP
ajfa-4510	124	55	the	the	DET
ajfa-4510	124	56	distance	distance	NOUN
ajfa-4510	124	57	or	or	CCONJ
ajfa-4510	124	58	lag	lag	VERB
ajfa-4510	124	59	between	between	ADP
ajfa-4510	124	60	two	two	NUM
ajfa-4510	124	61	time	time	NOUN
ajfa-4510	124	62	periods	period	NOUN
ajfa-4510	124	63	and	and	CCONJ
ajfa-4510	124	64	not	not	PART
ajfa-4510	124	65	on	on	ADP
ajfa-4510	124	66	the	the	DET
ajfa-4510	124	67	actual	actual	ADJ
ajfa-4510	124	68	time	time	NOUN
ajfa-4510	124	69	at	at	ADP
ajfa-4510	124	70	which	which	PRON
ajfa-4510	124	71	the	the	DET
ajfa-4510	124	72	covariance	covariance	NOUN
ajfa-4510	124	73	is	be	AUX
ajfa-4510	124	74	computed	compute	VERB
ajfa-4510	124	75	.	.	PUNCT
ajfa-4510	125	1	estimation	estimation	NOUN
ajfa-4510	125	2	using	use	VERB
ajfa-4510	125	3	non	non	ADJ
ajfa-4510	125	4	-	-	ADJ
ajfa-4510	125	5	stationary	stationary	ADJ
ajfa-4510	125	6	data	datum	NOUN
ajfa-4510	125	7	will	will	AUX
ajfa-4510	125	8	lead	lead	VERB
ajfa-4510	125	9	to	to	ADP
ajfa-4510	125	10	unreliable	unreliable	ADJ
ajfa-4510	125	11	t	t	PROPN
ajfa-4510	125	12	-	-	PUNCT
ajfa-4510	125	13	statistics	statistic	NOUN
ajfa-4510	125	14	,	,	PUNCT
ajfa-4510	125	15	as	as	SCONJ
ajfa-4510	125	16	the	the	DET
ajfa-4510	125	17	underlying	underlying	ADJ
ajfa-4510	125	18	time	time	NOUN
ajfa-4510	125	19	series	series	NOUN
ajfa-4510	125	20	would	would	AUX
ajfa-4510	125	21	theoretically	theoretically	ADV
ajfa-4510	125	22	have	have	VERB
ajfa-4510	125	23	infinite	infinite	ADJ
ajfa-4510	125	24	variances	variance	NOUN
ajfa-4510	125	25	.	.	PUNCT
ajfa-4510	126	1	so	so	ADV
ajfa-4510	126	2	before	before	ADP
ajfa-4510	126	3	initiating	initiate	VERB
ajfa-4510	126	4	any	any	DET
ajfa-4510	126	5	type	type	NOUN
ajfa-4510	126	6	of	of	ADP
ajfa-4510	126	7	advanced	advanced	ADJ
ajfa-4510	126	8	econometric	econometric	ADJ
ajfa-4510	126	9	techniques	technique	NOUN
ajfa-4510	126	10	for	for	ADP
ajfa-4510	126	11	the	the	DET
ajfa-4510	126	12	study	study	NOUN
ajfa-4510	126	13	,	,	PUNCT
ajfa-4510	126	14	at	at	ADP
ajfa-4510	126	15	first	first	ADV
ajfa-4510	126	16	it	it	PRON
ajfa-4510	126	17	should	should	AUX
ajfa-4510	126	18	check	check	VERB
ajfa-4510	126	19	the	the	DET
ajfa-4510	126	20	stationary	stationary	ADJ
ajfa-4510	126	21	property	property	NOUN
ajfa-4510	126	22	of	of	ADP
ajfa-4510	126	23	the	the	DET
ajfa-4510	126	24	time	time	NOUN
ajfa-4510	126	25	series	series	PROPN
ajfa-4510	126	26	variables	variable	NOUN
ajfa-4510	126	27	used	use	VERB
ajfa-4510	126	28	in	in	ADP
ajfa-4510	126	29	the	the	DET
ajfa-4510	126	30	study	study	NOUN
ajfa-4510	126	31	by	by	ADP
ajfa-4510	126	32	performing	perform	VERB
ajfa-4510	126	33	unit	unit	NOUN
ajfa-4510	126	34	root	root	NOUN
ajfa-4510	126	35	test	test	NOUN
ajfa-4510	126	36	.	.	PUNCT
ajfa-4510	127	1	the	the	DET
ajfa-4510	127	2	study	study	NOUN
ajfa-4510	127	3	has	have	AUX
ajfa-4510	127	4	followed	follow	VERB
ajfa-4510	127	5	the	the	DET
ajfa-4510	127	6	standard	standard	ADJ
ajfa-4510	127	7	procedure	procedure	NOUN
ajfa-4510	127	8	of	of	ADP
ajfa-4510	127	9	unit	unit	NOUN
ajfa-4510	127	10	root	root	NOUN
ajfa-4510	127	11	testing	testing	NOUN
ajfa-4510	127	12	by	by	ADP
ajfa-4510	127	13	employing	employ	VERB
ajfa-4510	127	14	the	the	DET
ajfa-4510	127	15	augmented	augment	VERB
ajfa-4510	127	16	dicky	dicky	ADJ
ajfa-4510	127	17	fuller	full	ADJ
ajfa-4510	127	18	(	(	PUNCT
ajfa-4510	127	19	adf	adf	NOUN
ajfa-4510	127	20	)	)	PUNCT
ajfa-4510	127	21	test	test	NOUN
ajfa-4510	127	22	.	.	PUNCT
ajfa-4510	128	1	adf	adf	NOUN
ajfa-4510	128	2	test	test	NOUN
ajfa-4510	128	3	on	on	ADP
ajfa-4510	128	4	the	the	DET
ajfa-4510	128	5	variables	variable	NOUN
ajfa-4510	128	6	in	in	ADP
ajfa-4510	128	7	level	level	NOUN
ajfa-4510	128	8	and	and	CCONJ
ajfa-4510	128	9	first	first	ADJ
ajfa-4510	128	10	difference	difference	NOUN
ajfa-4510	128	11	is	be	AUX
ajfa-4510	128	12	employed	employ	VERB
ajfa-4510	128	13	to	to	PART
ajfa-4510	128	14	check	check	VERB
ajfa-4510	128	15	for	for	ADP
ajfa-4510	128	16	stationary	stationary	NOUN
ajfa-4510	128	17	.	.	PUNCT
ajfa-4510	129	1	augmented	augment	VERB
ajfa-4510	129	2	dickey	dickey	PROPN
ajfa-4510	129	3	fuller	full	ADJ
ajfa-4510	129	4	(	(	PUNCT
ajfa-4510	129	5	adf	adf	NOUN
ajfa-4510	129	6	)	)	PUNCT
ajfa-4510	129	7	test	test	NOUN
ajfa-4510	129	8	adf	adf	PROPN
ajfa-4510	129	9	is	be	AUX
ajfa-4510	129	10	a	a	DET
ajfa-4510	129	11	parametric	parametric	ADJ
ajfa-4510	129	12	method	method	NOUN
ajfa-4510	129	13	for	for	ADP
ajfa-4510	129	14	controlling	control	VERB
ajfa-4510	129	15	higher	high	ADJ
ajfa-4510	129	16	order	order	NOUN
ajfa-4510	129	17	correlation	correlation	NOUN
ajfa-4510	129	18	by	by	ADP
ajfa-4510	129	19	assuming	assume	VERB
ajfa-4510	129	20	that	that	SCONJ
ajfa-4510	129	21	the	the	DET
ajfa-4510	129	22	series	series	NOUN
ajfa-4510	129	23	follows	follow	VERB
ajfa-4510	129	24	an	an	DET
ajfa-4510	129	25	ar	ar	NOUN
ajfa-4510	129	26	(	(	PUNCT
ajfa-4510	129	27	p	p	NOUN
ajfa-4510	129	28	)	)	PUNCT
ajfa-4510	129	29	process	process	NOUN
ajfa-4510	129	30	(	(	PUNCT
ajfa-4510	129	31	dickey	dickey	NOUN
ajfa-4510	129	32	and	and	CCONJ
ajfa-4510	129	33	fuller	full	ADJ
ajfa-4510	129	34	1979	1979	NUM
ajfa-4510	129	35	,	,	PUNCT
ajfa-4510	129	36	1981	1981	NUM
ajfa-4510	129	37	)	)	PUNCT
ajfa-4510	129	38	.	.	PUNCT
ajfa-4510	130	1	this	this	DET
ajfa-4510	130	2	process	process	NOUN
ajfa-4510	130	3	is	be	AUX
ajfa-4510	130	4	done	do	VERB
ajfa-4510	130	5	by	by	ADP
ajfa-4510	130	6	adding	add	VERB
ajfa-4510	130	7	lagged	lag	VERB
ajfa-4510	130	8	difference	difference	NOUN
ajfa-4510	130	9	terms	term	NOUN
ajfa-4510	130	10	of	of	ADP
ajfa-4510	130	11	the	the	DET
ajfa-4510	130	12	dependent	dependent	ADJ
ajfa-4510	130	13	variable	variable	NOUN
ajfa-4510	130	14	to	to	ADP
ajfa-4510	130	15	the	the	DET
ajfa-4510	130	16	right	right	ADJ
ajfa-4510	130	17	-	-	PUNCT
ajfa-4510	130	18	hand	hand	NOUN
ajfa-4510	130	19	side	side	NOUN
ajfa-4510	130	20	of	of	ADP
ajfa-4510	130	21	the	the	DET
ajfa-4510	130	22	regression	regression	NOUN
ajfa-4510	130	23	.	.	PUNCT
ajfa-4510	131	1	the	the	DET
ajfa-4510	131	2	augmented	augment	VERB
ajfa-4510	131	3	dickey	dickey	PROPN
ajfa-4510	131	4	-	-	PUNCT
ajfa-4510	131	5	fuller	full	ADJ
ajfa-4510	131	6	test	test	NOUN
ajfa-4510	131	7	requires	require	VERB
ajfa-4510	131	8	running	run	VERB
ajfa-4510	131	9	a	a	DET
ajfa-4510	131	10	regression	regression	NOUN
ajfa-4510	131	11	of	of	ADP
ajfa-4510	131	12	the	the	DET
ajfa-4510	131	13	first	first	ADJ
ajfa-4510	131	14	difference	difference	NOUN
ajfa-4510	131	15	of	of	ADP
ajfa-4510	131	16	the	the	DET
ajfa-4510	131	17	series	series	NOUN
ajfa-4510	131	18	against	against	ADP
ajfa-4510	131	19	the	the	DET
ajfa-4510	131	20	series	series	NOUN
ajfa-4510	131	21	lagged	lag	VERB
ajfa-4510	131	22	once	once	ADV
ajfa-4510	131	23	lagged	lag	VERB
ajfa-4510	131	24	difference	difference	NOUN
ajfa-4510	131	25	terms	term	NOUN
ajfa-4510	131	26	and	and	CCONJ
ajfa-4510	131	27	a	a	DET
ajfa-4510	131	28	constant	constant	ADJ
ajfa-4510	131	29	with	with	ADP
ajfa-4510	131	30	a	a	DET
ajfa-4510	131	31	time	time	NOUN
ajfa-4510	131	32	trend	trend	NOUN
ajfa-4510	131	33	such	such	ADJ
ajfa-4510	131	34	as	as	ADP
ajfa-4510	131	35	:	:	PUNCT
ajfa-4510	131	36	)	)	PUNCT
ajfa-4510	131	37	1	1	NUM
ajfa-4510	131	38	(	(	PUNCT
ajfa-4510	131	39	1	1	NUM
ajfa-4510	131	40	1100	1100	NUM
ajfa-4510	131	41	−−−−−−−+δ+++=δ	−−−−−−−+δ+++=δ	NOUN
ajfa-4510	131	42			X
ajfa-4510	132	1	=	=	PUNCT
ajfa-4510	132	2	−−	−−	NOUN
ajfa-4510	132	3	t	t	NOUN
ajfa-4510	132	4	m	m	VERB
ajfa-4510	132	5	i	i	PRON
ajfa-4510	132	6	titt	titt	INTJ
ajfa-4510	132	7	yyty	yyty	ADJ
ajfa-4510	132	8	εγλβα	εγλβα	NOUN
ajfa-4510	132	9	where	where	SCONJ
ajfa-4510	132	10	∆	∆	PROPN
ajfa-4510	132	11	is	be	AUX
ajfa-4510	132	12	the	the	DET
ajfa-4510	132	13	first	first	ADJ
ajfa-4510	132	14	difference	difference	NOUN
ajfa-4510	132	15	operator	operator	NOUN
ajfa-4510	132	16	,	,	PUNCT
ajfa-4510	132	17	εt	εt	PROPN
ajfa-4510	132	18	is	be	AUX
ajfa-4510	132	19	an	an	DET
ajfa-4510	132	20	error	error	NOUN
ajfa-4510	132	21	term	term	NOUN
ajfa-4510	132	22	,	,	PUNCT
ajfa-4510	132	23	and	and	CCONJ
ajfa-4510	132	24	m	m	NOUN
ajfa-4510	132	25	is	be	AUX
ajfa-4510	132	26	the	the	DET
ajfa-4510	132	27	number	number	NOUN
ajfa-4510	132	28	of	of	ADP
ajfa-4510	132	29	lagged	lag	VERB
ajfa-4510	132	30	first	first	ADV
ajfa-4510	132	31	differenced	differenced	ADJ
ajfa-4510	132	32	term	term	NOUN
ajfa-4510	132	33	and	and	CCONJ
ajfa-4510	132	34	is	be	AUX
ajfa-4510	132	35	determined	determine	VERB
ajfa-4510	132	36	such	such	ADJ
ajfa-4510	132	37	that	that	SCONJ
ajfa-4510	132	38	εt	εt	PROPN
ajfa-4510	132	39	is	be	AUX
ajfa-4510	132	40	approaching	approach	VERB
ajfa-4510	132	41	white	white	ADJ
ajfa-4510	132	42	noise	noise	NOUN
ajfa-4510	132	43	.	.	PUNCT
ajfa-4510	133	1	the	the	DET
ajfa-4510	133	2	ho	ho	PROPN
ajfa-4510	133	3	hypothesize	hypothesize	NOUN
ajfa-4510	133	4	that	that	PRON
ajfa-4510	133	5	yt	yt	PROPN
ajfa-4510	133	6	is	be	AUX
ajfa-4510	133	7	non	non	ADJ
ajfa-4510	133	8	stationary	stationary	ADJ
ajfa-4510	133	9	time	time	NOUN
ajfa-4510	133	10	series	series	PROPN
ajfa-4510	133	11	(	(	PUNCT
ajfa-4510	133	12	has	have	VERB
ajfa-4510	133	13	a	a	DET
ajfa-4510	133	14	unit	unit	NOUN
ajfa-4510	133	15	root	root	NOUN
ajfa-4510	133	16	)	)	PUNCT
ajfa-4510	133	17	translates	translate	VERB
ajfa-4510	133	18	in	in	ADV
ajfa-4510	133	19	to	to	PART
ajfa-4510	133	20	hoe	hoe	VERB
ajfa-4510	133	21	:	:	PUNCT
ajfa-4510	133	22	λ=	λ=	VERB
ajfa-4510	133	23	0	0	X
ajfa-4510	133	24	.	.	PUNCT
ajfa-4510	134	1	the	the	DET
ajfa-4510	134	2	output	output	NOUN
ajfa-4510	134	3	of	of	ADP
ajfa-4510	134	4	the	the	DET
ajfa-4510	134	5	adf	adf	PROPN
ajfa-4510	134	6	test	test	NOUN
ajfa-4510	134	7	consists	consist	VERB
ajfa-4510	134	8	of	of	ADP
ajfa-4510	134	9	the	the	DET
ajfa-4510	134	10	t	t	PROPN
ajfa-4510	134	11	(	(	PUNCT
ajfa-4510	134	12	tau	tau	NOUN
ajfa-4510	134	13	)	)	PUNCT
ajfa-4510	134	14	statistic	statistic	NOUN
ajfa-4510	134	15	on	on	ADP
ajfa-4510	134	16	estimated	estimate	VERB
ajfa-4510	134	17	coefficient	coefficient	NOUN
ajfa-4510	134	18	of	of	ADP
ajfa-4510	134	19	the	the	DET
ajfa-4510	134	20	lagged	lag	VERB
ajfa-4510	134	21	variable	variable	NOUN
ajfa-4510	134	22	(	(	PUNCT
ajfa-4510	134	23	λ	λ	NOUN
ajfa-4510	134	24	)	)	PUNCT
ajfa-4510	134	25	and	and	CCONJ
ajfa-4510	134	26	the	the	DET
ajfa-4510	134	27	critical	critical	ADJ
ajfa-4510	134	28	values	value	NOUN
ajfa-4510	134	29	for	for	ADP
ajfa-4510	134	30	the	the	DET
ajfa-4510	134	31	test	test	NOUN
ajfa-4510	134	32	of	of	ADP
ajfa-4510	134	33	a	a	DET
ajfa-4510	134	34	zero	zero	NUM
ajfa-4510	134	35	coefficient	coefficient	NOUN
ajfa-4510	134	36	.	.	PUNCT
ajfa-4510	135	1	if	if	SCONJ
ajfa-4510	135	2	the	the	DET
ajfa-4510	135	3	estimated	estimate	VERB
ajfa-4510	135	4	adf	adf	NOUN
ajfa-4510	135	5	statistic	statistic	NOUN
ajfa-4510	135	6	is	be	AUX
ajfa-4510	135	7	larger	large	ADJ
ajfa-4510	135	8	(	(	PUNCT
ajfa-4510	135	9	in	in	ADP
ajfa-4510	135	10	absolute	absolute	ADJ
ajfa-4510	135	11	)	)	PUNCT
ajfa-4510	135	12	than	than	ADP
ajfa-4510	135	13	its	its	PRON
ajfa-4510	135	14	critical	critical	ADJ
ajfa-4510	135	15	value	value	NOUN
ajfa-4510	135	16	then	then	ADV
ajfa-4510	135	17	the	the	DET
ajfa-4510	135	18	null	null	NOUN
ajfa-4510	135	19	is	be	AUX
ajfa-4510	135	20	rejected	reject	VERB
ajfa-4510	135	21	suggesting	suggest	VERB
ajfa-4510	135	22	that	that	SCONJ
ajfa-4510	135	23	the	the	DET
ajfa-4510	135	24	series	series	NOUN
ajfa-4510	135	25	is	be	AUX
ajfa-4510	135	26	a	a	DET
ajfa-4510	135	27	stationary	stationary	NOUN
ajfa-4510	135	28	.	.	PUNCT
ajfa-4510	136	1	the	the	DET
ajfa-4510	136	2	choice	choice	NOUN
ajfa-4510	136	3	of	of	ADP
ajfa-4510	136	4	optimal	optimal	ADJ
ajfa-4510	136	5	lag	lag	NOUN
ajfa-4510	136	6	length	length	NOUN
ajfa-4510	136	7	used	use	VERB
ajfa-4510	136	8	in	in	ADP
ajfa-4510	136	9	the	the	DET
ajfa-4510	136	10	unit	unit	NOUN
ajfa-4510	136	11	root	root	NOUN
ajfa-4510	136	12	tests	test	NOUN
ajfa-4510	136	13	is	be	AUX
ajfa-4510	136	14	determined	determine	VERB
ajfa-4510	136	15	by	by	ADP
ajfa-4510	136	16	applying	apply	VERB
ajfa-4510	136	17	akaike	akaike	ADV
ajfa-4510	136	18	(	(	PUNCT
ajfa-4510	136	19	aic	aic	PROPN
ajfa-4510	136	20	)	)	PUNCT
ajfa-4510	136	21	and	and	CCONJ
ajfa-4510	136	22	schwarz	schwarz	NOUN
ajfa-4510	136	23	(	(	PUNCT
ajfa-4510	136	24	sic	sic	ADJ
ajfa-4510	136	25	)	)	PUNCT
ajfa-4510	136	26	information	information	NOUN
ajfa-4510	136	27	criteria	criterion	NOUN
ajfa-4510	136	28	.	.	PUNCT
ajfa-4510	137	1	3.2.2	3.2.2	NUM
ajfa-4510	137	2	garch	garch	NOUN
ajfa-4510	137	3	(	(	PUNCT
ajfa-4510	137	4	generalized	generalize	VERB
ajfa-4510	137	5	autoregressive	autoregressive	ADJ
ajfa-4510	137	6	conditional	conditional	ADJ
ajfa-4510	137	7	heteroskedasticity	heteroskedasticity	NOUN
ajfa-4510	137	8	)	)	PUNCT
ajfa-4510	137	9	conventional	conventional	ADJ
ajfa-4510	137	10	econometric	econometric	ADJ
ajfa-4510	137	11	analysis	analysis	NOUN
ajfa-4510	137	12	takes	take	VERB
ajfa-4510	137	13	homoskedasticity	homoskedasticity	NOUN
ajfa-4510	137	14	assumption	assumption	NOUN
ajfa-4510	137	15	or	or	CCONJ
ajfa-4510	137	16	views	view	VERB
ajfa-4510	137	17	the	the	DET
ajfa-4510	137	18	disturbance	disturbance	NOUN
ajfa-4510	137	19	terms	term	NOUN
ajfa-4510	137	20	as	as	ADV
ajfa-4510	137	21	constant	constant	ADJ
ajfa-4510	137	22	over	over	ADP
ajfa-4510	137	23	time	time	NOUN
ajfa-4510	137	24	(	(	PUNCT
ajfa-4510	137	25	asteriou	asteriou	NOUN
ajfa-4510	137	26	and	and	CCONJ
ajfa-4510	137	27	hall	hall	NOUN
ajfa-4510	137	28	,	,	PUNCT
ajfa-4510	137	29	p.	p.	NOUN
ajfa-4510	137	30	249	249	NUM
ajfa-4510	137	31	)	)	PUNCT
ajfa-4510	137	32	.	.	PUNCT
ajfa-4510	138	1	but	but	CCONJ
ajfa-4510	138	2	most	most	ADJ
ajfa-4510	138	3	of	of	ADP
ajfa-4510	138	4	the	the	DET
ajfa-4510	138	5	asian	asian	ADJ
ajfa-4510	138	6	journal	journal	NOUN
ajfa-4510	138	7	of	of	ADP
ajfa-4510	138	8	finance	finance	PROPN
ajfa-4510	138	9	&	&	CCONJ
ajfa-4510	138	10	accounting	accounting	PROPN
ajfa-4510	138	11	issn	issn	PROPN
ajfa-4510	138	12	1946	1946	NUM
ajfa-4510	138	13	-	-	PUNCT
ajfa-4510	138	14	052x	052x	NOUN
ajfa-4510	138	15	2013	2013	NUM
ajfa-4510	138	16	,	,	PUNCT
ajfa-4510	138	17	vol	vol	NOUN
ajfa-4510	138	18	.	.	PROPN
ajfa-4510	138	19	5	5	NUM
ajfa-4510	138	20	,	,	PUNCT
ajfa-4510	138	21	no	no	INTJ
ajfa-4510	138	22	.	.	NOUN
ajfa-4510	138	23	2	2	NUM
ajfa-4510	138	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4510	138	25	296	296	NUM
ajfa-4510	138	26	financial	financial	ADJ
ajfa-4510	138	27	data	datum	NOUN
ajfa-4510	138	28	exhibit	exhibit	VERB
ajfa-4510	138	29	periods	period	NOUN
ajfa-4510	138	30	of	of	ADP
ajfa-4510	138	31	unusually	unusually	ADV
ajfa-4510	138	32	high	high	ADJ
ajfa-4510	138	33	volatility	volatility	NOUN
ajfa-4510	138	34	followed	follow	VERB
ajfa-4510	138	35	by	by	ADP
ajfa-4510	138	36	more	more	ADJ
ajfa-4510	138	37	tranquil	tranquil	NOUN
ajfa-4510	138	38	periods	period	NOUN
ajfa-4510	138	39	of	of	ADP
ajfa-4510	138	40	low	low	ADJ
ajfa-4510	138	41	volatility	volatility	NOUN
ajfa-4510	138	42	.	.	PUNCT
ajfa-4510	139	1	in	in	ADP
ajfa-4510	139	2	such	such	ADJ
ajfa-4510	139	3	cases	case	NOUN
ajfa-4510	139	4	the	the	DET
ajfa-4510	139	5	assumption	assumption	NOUN
ajfa-4510	139	6	of	of	ADP
ajfa-4510	139	7	homoskedasticity	homoskedasticity	NOUN
ajfa-4510	139	8	is	be	AUX
ajfa-4510	139	9	very	very	ADV
ajfa-4510	139	10	limiting	limiting	ADJ
ajfa-4510	139	11	,	,	PUNCT
ajfa-4510	139	12	and	and	CCONJ
ajfa-4510	139	13	in	in	ADP
ajfa-4510	139	14	such	such	ADJ
ajfa-4510	139	15	instances	instance	NOUN
ajfa-4510	139	16	it	it	PRON
ajfa-4510	139	17	is	be	AUX
ajfa-4510	139	18	preferable	preferable	ADJ
ajfa-4510	139	19	to	to	PART
ajfa-4510	139	20	examine	examine	VERB
ajfa-4510	139	21	patterns	pattern	NOUN
ajfa-4510	139	22	that	that	PRON
ajfa-4510	139	23	allow	allow	VERB
ajfa-4510	139	24	the	the	DET
ajfa-4510	139	25	variance	variance	NOUN
ajfa-4510	139	26	to	to	PART
ajfa-4510	139	27	depend	depend	VERB
ajfa-4510	139	28	upon	upon	SCONJ
ajfa-4510	139	29	its	its	PRON
ajfa-4510	139	30	history	history	NOUN
ajfa-4510	139	31	.	.	PUNCT
ajfa-4510	140	1	estimates	estimate	VERB
ajfa-4510	140	2	a	a	DET
ajfa-4510	140	3	garch	garch	NOUN
ajfa-4510	140	4	model	model	NOUN
ajfa-4510	140	5	(	(	PUNCT
ajfa-4510	140	6	garch	garch	NOUN
ajfa-4510	140	7	=	=	NOUN
ajfa-4510	140	8	generalized	generalize	VERB
ajfa-4510	140	9	autoregressive	autoregressive	ADJ
ajfa-4510	140	10	conditional	conditional	ADJ
ajfa-4510	140	11	heteroskedasticity	heteroskedasticity	NOUN
ajfa-4510	140	12	)	)	PUNCT
ajfa-4510	140	13	,	,	PUNCT
ajfa-4510	140	14	either	either	CCONJ
ajfa-4510	140	15	a	a	DET
ajfa-4510	140	16	univariate	univariate	ADJ
ajfa-4510	140	17	model	model	NOUN
ajfa-4510	140	18	or	or	CCONJ
ajfa-4510	140	19	a	a	DET
ajfa-4510	140	20	multivariate	multivariate	NOUN
ajfa-4510	140	21	model	model	NOUN
ajfa-4510	140	22	,	,	PUNCT
ajfa-4510	140	23	if	if	SCONJ
ajfa-4510	140	24	independent	independent	ADJ
ajfa-4510	140	25	variables	variable	NOUN
ajfa-4510	140	26	are	be	AUX
ajfa-4510	140	27	selected	select	VERB
ajfa-4510	140	28	,	,	PUNCT
ajfa-4510	140	29	including	include	VERB
ajfa-4510	140	30	the	the	DET
ajfa-4510	140	31	given	give	VERB
ajfa-4510	140	32	exogenous	exogenous	ADJ
ajfa-4510	140	33	variables	variable	NOUN
ajfa-4510	140	34	.	.	PUNCT
ajfa-4510	141	1	the	the	DET
ajfa-4510	141	2	conditional	conditional	ADJ
ajfa-4510	141	3	variance	variance	NOUN
ajfa-4510	141	4	equation	equation	NOUN
ajfa-4510	141	5	is	be	AUX
ajfa-4510	141	6	shown	show	VERB
ajfa-4510	141	7	below	below	ADP
ajfa-4510	141	8	.	.	PUNCT
ajfa-4510	142	1	)	)	PUNCT
ajfa-4510	143	1	2	2	NUM
ajfa-4510	143	2	(	(	PUNCT
ajfa-4510	143	3	11	11	NUM
ajfa-4510	143	4	2	2	NUM
ajfa-4510	143	5	0	0	NUM
ajfa-4510	143	6	−−−−−−−++=	−−−−−−−++=	NOUN
ajfa-4510	143	7			NOUN
ajfa-4510	143	8	=	=	PUNCT
ajfa-4510	143	9	−	−	PROPN
ajfa-4510	143	10	=	=	PUNCT
ajfa-4510	144	1	−	−	PROPN
ajfa-4510	144	2	p	p	X
ajfa-4510	144	3	j	j	PROPN
ajfa-4510	144	4	jtj	jtj	VERB
ajfa-4510	144	5	q	q	PROPN
ajfa-4510	145	1	i	i	PRON
ajfa-4510	145	2	itit	itit	VERB
ajfa-4510	145	3	hh	hh	INTJ
ajfa-4510	145	4	βεαα	βεαα	VERB
ajfa-4510	145	5	the	the	DET
ajfa-4510	145	6	parameter	parameter	NOUN
ajfa-4510	145	7	p	p	PROPN
ajfa-4510	145	8	therefore	therefore	ADV
ajfa-4510	145	9	represents	represent	VERB
ajfa-4510	145	10	the	the	DET
ajfa-4510	145	11	generalized	generalized	ADJ
ajfa-4510	145	12	(	(	PUNCT
ajfa-4510	145	13	or	or	CCONJ
ajfa-4510	145	14	"	"	PUNCT
ajfa-4510	145	15	ar	ar	NOUN
ajfa-4510	145	16	"	"	PUNCT
ajfa-4510	145	17	)	)	PUNCT
ajfa-4510	145	18	order	order	NOUN
ajfa-4510	145	19	,	,	PUNCT
ajfa-4510	145	20	while	while	SCONJ
ajfa-4510	145	21	q	q	NOUN
ajfa-4510	145	22	represents	represent	VERB
ajfa-4510	145	23	the	the	DET
ajfa-4510	145	24	regular	regular	ADJ
ajfa-4510	145	25	arch	arch	NOUN
ajfa-4510	145	26	(	(	PUNCT
ajfa-4510	145	27	or	or	CCONJ
ajfa-4510	145	28	"	"	PUNCT
ajfa-4510	145	29	ma	ma	NOUN
ajfa-4510	145	30	"	"	PUNCT
ajfa-4510	145	31	)	)	PUNCT
ajfa-4510	145	32	order	order	NOUN
ajfa-4510	145	33	.	.	PUNCT
ajfa-4510	146	1	if	if	SCONJ
ajfa-4510	146	2	p	p	NOUN
ajfa-4510	146	3	is	be	AUX
ajfa-4510	146	4	non	non	ADJ
ajfa-4510	146	5	-	-	ADJ
ajfa-4510	146	6	zero	zero	NUM
ajfa-4510	146	7	,	,	PUNCT
ajfa-4510	146	8	q	q	NOUN
ajfa-4510	146	9	must	must	AUX
ajfa-4510	146	10	also	also	ADV
ajfa-4510	146	11	be	be	AUX
ajfa-4510	146	12	non	non	ADJ
ajfa-4510	146	13	-	-	ADJ
ajfa-4510	146	14	zero	zero	NUM
ajfa-4510	146	15	otherwise	otherwise	ADV
ajfa-4510	146	16	the	the	DET
ajfa-4510	146	17	model	model	NOUN
ajfa-4510	146	18	is	be	AUX
ajfa-4510	146	19	unidentified	unidentified	ADJ
ajfa-4510	146	20	.	.	PUNCT
ajfa-4510	147	1	however	however	ADV
ajfa-4510	147	2	,	,	PUNCT
ajfa-4510	147	3	one	one	PRON
ajfa-4510	147	4	can	can	AUX
ajfa-4510	147	5	estimate	estimate	VERB
ajfa-4510	147	6	a	a	DET
ajfa-4510	147	7	regular	regular	ADJ
ajfa-4510	147	8	arch	arch	ADJ
ajfa-4510	147	9	model	model	NOUN
ajfa-4510	147	10	by	by	ADP
ajfa-4510	147	11	setting	set	VERB
ajfa-4510	147	12	q	q	NOUN
ajfa-4510	147	13	to	to	ADP
ajfa-4510	147	14	a	a	DET
ajfa-4510	147	15	positive	positive	ADJ
ajfa-4510	147	16	value	value	NOUN
ajfa-4510	147	17	and	and	CCONJ
ajfa-4510	147	18	p	p	NOUN
ajfa-4510	147	19	to	to	ADP
ajfa-4510	147	20	zero	zero	NUM
ajfa-4510	147	21	.	.	PUNCT
ajfa-4510	148	1	the	the	DET
ajfa-4510	148	2	sum	sum	NOUN
ajfa-4510	148	3	of	of	ADP
ajfa-4510	148	4	p	p	PROPN
ajfa-4510	148	5	and	and	CCONJ
ajfa-4510	148	6	q	q	NOUN
ajfa-4510	148	7	must	must	AUX
ajfa-4510	148	8	be	be	AUX
ajfa-4510	148	9	not	not	PART
ajfa-4510	148	10	greater	great	ADJ
ajfa-4510	148	11	than	than	ADP
ajfa-4510	148	12	5	5	NUM
ajfa-4510	148	13	.	.	SYM
ajfa-4510	148	14	4	4	NUM
ajfa-4510	148	15	.	.	NOUN
ajfa-4510	149	1	results	result	NOUN
ajfa-4510	149	2	and	and	CCONJ
ajfa-4510	149	3	discussions	discussion	NOUN
ajfa-4510	149	4	4.1	4.1	NUM
ajfa-4510	149	5	industrial	industrial	ADJ
ajfa-4510	149	6	stock	stock	NOUN
ajfa-4510	149	7	returns	return	NOUN
ajfa-4510	149	8	–	–	PUNCT
ajfa-4510	149	9	descriptive	descriptive	ADJ
ajfa-4510	149	10	statistics	statistic	NOUN
ajfa-4510	149	11	table	table	NOUN
ajfa-4510	149	12	1	1	NUM
ajfa-4510	149	13	presents	present	VERB
ajfa-4510	149	14	the	the	DET
ajfa-4510	149	15	summary	summary	NOUN
ajfa-4510	149	16	statistics	statistic	NOUN
ajfa-4510	149	17	for	for	ADP
ajfa-4510	149	18	the	the	DET
ajfa-4510	149	19	five	five	NUM
ajfa-4510	149	20	industrial	industrial	ADJ
ajfa-4510	149	21	sector	sector	NOUN
ajfa-4510	149	22	indices	index	NOUN
ajfa-4510	149	23	for	for	ADP
ajfa-4510	149	24	the	the	DET
ajfa-4510	149	25	period	period	NOUN
ajfa-4510	149	26	2002	2002	NUM
ajfa-4510	149	27	-	-	SYM
ajfa-4510	149	28	2010	2010	NUM
ajfa-4510	149	29	.	.	PUNCT
ajfa-4510	150	1	minimum	minimum	ADJ
ajfa-4510	150	2	and	and	CCONJ
ajfa-4510	150	3	maximum	maximum	ADJ
ajfa-4510	150	4	rate	rate	NOUN
ajfa-4510	150	5	of	of	ADP
ajfa-4510	150	6	return	return	NOUN
ajfa-4510	150	7	provided	provide	VERB
ajfa-4510	150	8	by	by	ADP
ajfa-4510	150	9	each	each	DET
ajfa-4510	150	10	sector	sector	NOUN
ajfa-4510	150	11	index	index	NOUN
ajfa-4510	150	12	during	during	ADP
ajfa-4510	150	13	the	the	DET
ajfa-4510	150	14	period	period	NOUN
ajfa-4510	150	15	and	and	CCONJ
ajfa-4510	150	16	their	their	PRON
ajfa-4510	150	17	respective	respective	ADJ
ajfa-4510	150	18	mean	mean	NOUN
ajfa-4510	150	19	,	,	PUNCT
ajfa-4510	150	20	standard	standard	ADJ
ajfa-4510	150	21	deviation	deviation	NOUN
ajfa-4510	150	22	(	(	PUNCT
ajfa-4510	150	23	s.d	s.d	PROPN
ajfa-4510	150	24	)	)	PUNCT
ajfa-4510	150	25	and	and	CCONJ
ajfa-4510	150	26	skewness	skewness	NOUN
ajfa-4510	150	27	are	be	AUX
ajfa-4510	150	28	also	also	ADV
ajfa-4510	150	29	reported	report	VERB
ajfa-4510	150	30	.	.	PUNCT
ajfa-4510	151	1	sd	sd	NOUN
ajfa-4510	151	2	and	and	CCONJ
ajfa-4510	151	3	skewness	skewness	NOUN
ajfa-4510	151	4	are	be	AUX
ajfa-4510	151	5	computed	compute	VERB
ajfa-4510	151	6	for	for	ADP
ajfa-4510	151	7	explaining	explain	VERB
ajfa-4510	151	8	the	the	DET
ajfa-4510	151	9	volatility	volatility	NOUN
ajfa-4510	151	10	and	and	CCONJ
ajfa-4510	151	11	normality	normality	NOUN
ajfa-4510	151	12	of	of	ADP
ajfa-4510	151	13	the	the	DET
ajfa-4510	151	14	distribution	distribution	NOUN
ajfa-4510	151	15	respectively	respectively	ADV
ajfa-4510	151	16	.	.	PUNCT
ajfa-4510	152	1	lower	low	ADJ
ajfa-4510	152	2	rate	rate	NOUN
ajfa-4510	152	3	volatility	volatility	NOUN
ajfa-4510	152	4	in	in	ADP
ajfa-4510	152	5	the	the	DET
ajfa-4510	152	6	distribution	distribution	NOUN
ajfa-4510	152	7	of	of	ADP
ajfa-4510	152	8	return	return	NOUN
ajfa-4510	152	9	indicates	indicate	VERB
ajfa-4510	152	10	more	more	ADJ
ajfa-4510	152	11	consistency	consistency	NOUN
ajfa-4510	152	12	in	in	ADP
ajfa-4510	152	13	market	market	NOUN
ajfa-4510	152	14	and	and	CCONJ
ajfa-4510	152	15	lesser	less	ADJ
ajfa-4510	152	16	chance	chance	NOUN
ajfa-4510	152	17	for	for	SCONJ
ajfa-4510	152	18	investors	investor	NOUN
ajfa-4510	152	19	to	to	PART
ajfa-4510	152	20	lose	lose	VERB
ajfa-4510	152	21	their	their	PRON
ajfa-4510	152	22	money	money	NOUN
ajfa-4510	152	23	.	.	PUNCT
ajfa-4510	153	1	generally	generally	ADV
ajfa-4510	153	2	value	value	VERB
ajfa-4510	153	3	for	for	ADP
ajfa-4510	153	4	zero	zero	NUM
ajfa-4510	153	5	skewness	skewness	NOUN
ajfa-4510	153	6	represents	represent	VERB
ajfa-4510	153	7	that	that	SCONJ
ajfa-4510	153	8	the	the	DET
ajfa-4510	153	9	observed	observed	ADJ
ajfa-4510	153	10	distribution	distribution	NOUN
ajfa-4510	153	11	is	be	AUX
ajfa-4510	153	12	normally	normally	ADV
ajfa-4510	153	13	distributed	distribute	VERB
ajfa-4510	153	14	.	.	PUNCT
ajfa-4510	154	1	the	the	DET
ajfa-4510	154	2	skewness	skewness	NOUN
ajfa-4510	154	3	coefficient	coefficient	NOUN
ajfa-4510	154	4	,	,	PUNCT
ajfa-4510	154	5	in	in	ADP
ajfa-4510	154	6	excess	excess	NOUN
ajfa-4510	154	7	of	of	ADP
ajfa-4510	154	8	unity	unity	NOUN
ajfa-4510	154	9	is	be	AUX
ajfa-4510	154	10	taken	take	VERB
ajfa-4510	154	11	to	to	PART
ajfa-4510	154	12	be	be	AUX
ajfa-4510	154	13	fairly	fairly	ADV
ajfa-4510	154	14	extreme	extreme	ADJ
ajfa-4510	154	15	(	(	PUNCT
ajfa-4510	154	16	chou	chou	NOUN
ajfa-4510	154	17	1969	1969	NUM
ajfa-4510	154	18	)	)	PUNCT
ajfa-4510	154	19	.	.	PUNCT
ajfa-4510	155	1	asian	asian	ADJ
ajfa-4510	155	2	journal	journal	PROPN
ajfa-4510	155	3	of	of	ADP
ajfa-4510	155	4	finance	finance	PROPN
ajfa-4510	155	5	&	&	CCONJ
ajfa-4510	155	6	accounting	accounting	PROPN
ajfa-4510	155	7	issn	issn	PROPN
ajfa-4510	155	8	1946	1946	NUM
ajfa-4510	155	9	-	-	PUNCT
ajfa-4510	155	10	052x	052x	NOUN
ajfa-4510	155	11	2013	2013	NUM
ajfa-4510	155	12	,	,	PUNCT
ajfa-4510	155	13	vol	vol	NOUN
ajfa-4510	155	14	.	.	PROPN
ajfa-4510	155	15	5	5	NUM
ajfa-4510	155	16	,	,	PUNCT
ajfa-4510	155	17	no	no	INTJ
ajfa-4510	155	18	.	.	NOUN
ajfa-4510	155	19	2	2	NUM
ajfa-4510	155	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4510	155	21	297	297	NUM
ajfa-4510	155	22	table	table	NOUN
ajfa-4510	155	23	1	1	NUM
ajfa-4510	155	24	.	.	PUNCT
ajfa-4510	155	25	industrial	industrial	ADJ
ajfa-4510	155	26	stock	stock	NOUN
ajfa-4510	155	27	returns	return	NOUN
ajfa-4510	155	28	–	–	PUNCT
ajfa-4510	155	29	descriptive	descriptive	ADJ
ajfa-4510	155	30	statistics	statistic	NOUN
ajfa-4510	155	31	minimum	minimum	ADJ
ajfa-4510	155	32	maximum	maximum	ADJ
ajfa-4510	155	33	return	return	NOUN
ajfa-4510	155	34	on	on	ADP
ajfa-4510	155	35	annual	annual	ADJ
ajfa-4510	155	36	basis	basis	NOUN
ajfa-4510	155	37	s.d	s.d	PROPN
ajfa-4510	155	38	skewness	skewness	NOUN
ajfa-4510	155	39	banking	banking	NOUN
ajfa-4510	155	40	-26.66	-26.66	PROPN
ajfa-4510	155	41	44.53	44.53	NUM
ajfa-4510	155	42	28.80	28.80	NUM
ajfa-4510	155	43	10.53	10.53	NUM
ajfa-4510	155	44	0.200	0.200	NUM
ajfa-4510	155	45	energy	energy	NOUN
ajfa-4510	155	46	-29.02	-29.02	PROPN
ajfa-4510	155	47	36.60	36.60	NUM
ajfa-4510	155	48	27.72	27.72	NUM
ajfa-4510	155	49	9.19	9.19	NUM
ajfa-4510	155	50	-0.088	-0.088	ADP
ajfa-4510	155	51	fmcg	fmcg	NOUN
ajfa-4510	155	52	-17.90	-17.90	PROPN
ajfa-4510	155	53	28.21	28.21	NUM
ajfa-4510	155	54	13.32	13.32	NUM
ajfa-4510	155	55	6.93	6.93	NUM
ajfa-4510	155	56	0.303	0.303	NUM
ajfa-4510	155	57	it	it	PRON
ajfa-4510	155	58	-42.00	-42.00	ADP
ajfa-4510	155	59	38.21	38.21	NUM
ajfa-4510	155	60	13.92	13.92	NUM
ajfa-4510	155	61	11.29	11.29	NUM
ajfa-4510	155	62	-0.316	-0.316	PROPN
ajfa-4510	155	63	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	155	64	-24.38	-24.38	PROPN
ajfa-4510	155	65	16.48	16.48	NUM
ajfa-4510	155	66	20.02	20.02	NUM
ajfa-4510	155	67	7.14	7.14	NUM
ajfa-4510	155	68	-0.534	-0.534	NOUN
ajfa-4510	155	69	*	*	PUNCT
ajfa-4510	155	70	automobiles	automobile	NOUN
ajfa-4510	155	71	-26.92	-26.92	PROPN
ajfa-4510	155	72	31.80	31.80	NUM
ajfa-4510	155	73	23.16	23.16	NUM
ajfa-4510	155	74	9.28	9.28	NUM
ajfa-4510	155	75	-0.002	-0.002	PUNCT
ajfa-4510	155	76	compiled	compile	VERB
ajfa-4510	155	77	from	from	ADP
ajfa-4510	155	78	nse	nse	NOUN
ajfa-4510	155	79	industry	industry	NOUN
ajfa-4510	155	80	indices	indice	VERB
ajfa-4510	155	81	data	datum	NOUN
ajfa-4510	155	82	*	*	PUNCT
ajfa-4510	155	83	bse	bse	PROPN
ajfa-4510	155	84	auto	auto	NOUN
ajfa-4510	155	85	index	index	NOUN
ajfa-4510	155	86	data	datum	NOUN
ajfa-4510	155	87	the	the	DET
ajfa-4510	155	88	statistics	statistic	NOUN
ajfa-4510	155	89	shows	show	VERB
ajfa-4510	155	90	that	that	SCONJ
ajfa-4510	155	91	the	the	DET
ajfa-4510	155	92	return	return	NOUN
ajfa-4510	155	93	generating	generating	NOUN
ajfa-4510	155	94	capacity	capacity	NOUN
ajfa-4510	155	95	of	of	ADP
ajfa-4510	155	96	different	different	ADJ
ajfa-4510	155	97	sector	sector	NOUN
ajfa-4510	155	98	stocks	stock	NOUN
ajfa-4510	155	99	are	be	AUX
ajfa-4510	155	100	not	not	PART
ajfa-4510	155	101	uniform	uniform	ADJ
ajfa-4510	155	102	during	during	ADP
ajfa-4510	155	103	the	the	DET
ajfa-4510	155	104	study	study	NOUN
ajfa-4510	155	105	period	period	NOUN
ajfa-4510	155	106	.	.	PUNCT
ajfa-4510	156	1	moreover	moreover	ADV
ajfa-4510	156	2	the	the	DET
ajfa-4510	156	3	variability	variability	NOUN
ajfa-4510	156	4	of	of	ADP
ajfa-4510	156	5	returns	return	NOUN
ajfa-4510	156	6	which	which	PRON
ajfa-4510	156	7	is	be	AUX
ajfa-4510	156	8	measured	measure	VERB
ajfa-4510	156	9	by	by	ADP
ajfa-4510	156	10	both	both	DET
ajfa-4510	156	11	standard	standard	ADJ
ajfa-4510	156	12	deviation	deviation	NOUN
ajfa-4510	156	13	and	and	CCONJ
ajfa-4510	156	14	range	range	NOUN
ajfa-4510	156	15	(	(	PUNCT
ajfa-4510	156	16	difference	difference	NOUN
ajfa-4510	156	17	between	between	ADP
ajfa-4510	156	18	maximum	maximum	ADJ
ajfa-4510	156	19	and	and	CCONJ
ajfa-4510	156	20	minimum	minimum	NOUN
ajfa-4510	156	21	of	of	ADP
ajfa-4510	156	22	returns	return	NOUN
ajfa-4510	156	23	during	during	ADP
ajfa-4510	156	24	a	a	DET
ajfa-4510	156	25	period	period	NOUN
ajfa-4510	156	26	)	)	PUNCT
ajfa-4510	156	27	is	be	AUX
ajfa-4510	156	28	also	also	ADV
ajfa-4510	156	29	much	much	ADV
ajfa-4510	156	30	different	different	ADJ
ajfa-4510	156	31	from	from	ADP
ajfa-4510	156	32	industry	industry	NOUN
ajfa-4510	156	33	to	to	ADP
ajfa-4510	156	34	industry	industry	NOUN
ajfa-4510	156	35	.	.	PUNCT
ajfa-4510	157	1	when	when	SCONJ
ajfa-4510	157	2	the	the	DET
ajfa-4510	157	3	banking	banking	NOUN
ajfa-4510	157	4	sector	sector	NOUN
ajfa-4510	157	5	scrip	scrip	NOUN
ajfa-4510	157	6	delivered	deliver	VERB
ajfa-4510	157	7	the	the	DET
ajfa-4510	157	8	highest	high	ADJ
ajfa-4510	157	9	return	return	NOUN
ajfa-4510	157	10	of	of	ADP
ajfa-4510	157	11	28.80	28.80	NUM
ajfa-4510	157	12	per	per	ADP
ajfa-4510	157	13	cent	cent	NOUN
ajfa-4510	157	14	to	to	ADP
ajfa-4510	157	15	its	its	PRON
ajfa-4510	157	16	investors	investor	NOUN
ajfa-4510	157	17	,	,	PUNCT
ajfa-4510	157	18	energy	energy	NOUN
ajfa-4510	157	19	sector	sector	NOUN
ajfa-4510	157	20	delivered	deliver	VERB
ajfa-4510	157	21	almost	almost	ADV
ajfa-4510	157	22	same	same	ADJ
ajfa-4510	157	23	scale	scale	NOUN
ajfa-4510	157	24	of	of	ADP
ajfa-4510	157	25	return	return	NOUN
ajfa-4510	157	26	with	with	ADP
ajfa-4510	157	27	27.72	27.72	NUM
ajfa-4510	157	28	per	per	ADP
ajfa-4510	157	29	cent	cent	NOUN
ajfa-4510	157	30	.	.	PUNCT
ajfa-4510	158	1	automobiles	automobile	NOUN
ajfa-4510	158	2	and	and	CCONJ
ajfa-4510	158	3	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	158	4	were	be	AUX
ajfa-4510	158	5	produced	produce	VERB
ajfa-4510	158	6	returns	return	NOUN
ajfa-4510	158	7	at	at	ADP
ajfa-4510	158	8	the	the	DET
ajfa-4510	158	9	rate	rate	NOUN
ajfa-4510	158	10	of	of	ADP
ajfa-4510	158	11	23	23	NUM
ajfa-4510	158	12	per	per	ADP
ajfa-4510	158	13	cent	cent	NOUN
ajfa-4510	158	14	and	and	CCONJ
ajfa-4510	158	15	20	20	NUM
ajfa-4510	158	16	per	per	ADP
ajfa-4510	158	17	cent	cent	NOUN
ajfa-4510	158	18	respectively	respectively	ADV
ajfa-4510	158	19	.	.	PUNCT
ajfa-4510	159	1	the	the	DET
ajfa-4510	159	2	performance	performance	NOUN
ajfa-4510	159	3	of	of	ADP
ajfa-4510	159	4	information	information	NOUN
ajfa-4510	159	5	technology	technology	NOUN
ajfa-4510	159	6	and	and	CCONJ
ajfa-4510	159	7	fmcg	fmcg	NOUN
ajfa-4510	159	8	stocks	stock	NOUN
ajfa-4510	159	9	in	in	ADP
ajfa-4510	159	10	terms	term	NOUN
ajfa-4510	159	11	of	of	ADP
ajfa-4510	159	12	return	return	NOUN
ajfa-4510	159	13	were	be	AUX
ajfa-4510	159	14	far	far	ADV
ajfa-4510	159	15	behind	behind	ADP
ajfa-4510	159	16	of	of	ADP
ajfa-4510	159	17	other	other	ADJ
ajfa-4510	159	18	sector	sector	NOUN
ajfa-4510	159	19	indices	index	NOUN
ajfa-4510	159	20	.	.	PUNCT
ajfa-4510	160	1	but	but	CCONJ
ajfa-4510	160	2	in	in	ADP
ajfa-4510	160	3	risk	risk	NOUN
ajfa-4510	160	4	terms	term	NOUN
ajfa-4510	160	5	the	the	DET
ajfa-4510	160	6	performance	performance	NOUN
ajfa-4510	160	7	of	of	ADP
ajfa-4510	160	8	fmcg	fmcg	NOUN
ajfa-4510	160	9	sector	sector	NOUN
ajfa-4510	160	10	indices	index	NOUN
ajfa-4510	160	11	outperforms	outperform	VERB
ajfa-4510	160	12	other	other	ADJ
ajfa-4510	160	13	sector	sector	NOUN
ajfa-4510	160	14	indices	index	NOUN
ajfa-4510	160	15	.	.	PUNCT
ajfa-4510	161	1	pharmaceutical	pharmaceutical	NOUN
ajfa-4510	161	2	stocks	stock	NOUN
ajfa-4510	161	3	also	also	ADV
ajfa-4510	161	4	showed	show	VERB
ajfa-4510	161	5	more	more	ADJ
ajfa-4510	161	6	consistency	consistency	NOUN
ajfa-4510	161	7	compared	compare	VERB
ajfa-4510	161	8	to	to	ADP
ajfa-4510	161	9	the	the	DET
ajfa-4510	161	10	stocks	stock	NOUN
ajfa-4510	161	11	of	of	ADP
ajfa-4510	161	12	remaining	remain	VERB
ajfa-4510	161	13	sectors	sector	NOUN
ajfa-4510	161	14	.	.	PUNCT
ajfa-4510	162	1	stability	stability	NOUN
ajfa-4510	162	2	in	in	ADP
ajfa-4510	162	3	delivering	deliver	VERB
ajfa-4510	162	4	returns	return	NOUN
ajfa-4510	162	5	to	to	ADP
ajfa-4510	162	6	investors	investor	NOUN
ajfa-4510	162	7	by	by	ADP
ajfa-4510	162	8	energy	energy	NOUN
ajfa-4510	162	9	sector	sector	NOUN
ajfa-4510	162	10	is	be	AUX
ajfa-4510	162	11	almost	almost	ADV
ajfa-4510	162	12	similar	similar	ADJ
ajfa-4510	162	13	to	to	ADP
ajfa-4510	162	14	that	that	PRON
ajfa-4510	162	15	of	of	ADP
ajfa-4510	162	16	automobiles	automobile	NOUN
ajfa-4510	162	17	during	during	ADP
ajfa-4510	162	18	this	this	DET
ajfa-4510	162	19	period	period	NOUN
ajfa-4510	162	20	.	.	PUNCT
ajfa-4510	163	1	information	information	NOUN
ajfa-4510	163	2	technology	technology	NOUN
ajfa-4510	163	3	and	and	CCONJ
ajfa-4510	163	4	banking	banking	NOUN
ajfa-4510	163	5	sector	sector	NOUN
ajfa-4510	163	6	stocks	stock	NOUN
ajfa-4510	163	7	proved	prove	VERB
ajfa-4510	163	8	to	to	PART
ajfa-4510	163	9	be	be	AUX
ajfa-4510	163	10	the	the	DET
ajfa-4510	163	11	most	most	ADV
ajfa-4510	163	12	risky	risky	ADJ
ajfa-4510	163	13	investments	investment	NOUN
ajfa-4510	163	14	for	for	ADP
ajfa-4510	163	15	investors	investor	NOUN
ajfa-4510	163	16	with	with	ADP
ajfa-4510	163	17	the	the	DET
ajfa-4510	163	18	standard	standard	ADJ
ajfa-4510	163	19	deviations	deviation	NOUN
ajfa-4510	163	20	of	of	ADP
ajfa-4510	163	21	11.29	11.29	NUM
ajfa-4510	163	22	per	per	ADP
ajfa-4510	163	23	cent	cent	NOUN
ajfa-4510	163	24	and	and	CCONJ
ajfa-4510	163	25	10.53	10.53	NUM
ajfa-4510	163	26	per	per	ADP
ajfa-4510	163	27	cent	cent	NOUN
ajfa-4510	163	28	respectively	respectively	ADV
ajfa-4510	163	29	.	.	PUNCT
ajfa-4510	164	1	the	the	DET
ajfa-4510	164	2	variability	variability	NOUN
ajfa-4510	164	3	in	in	ADP
ajfa-4510	164	4	return	return	NOUN
ajfa-4510	164	5	from	from	ADP
ajfa-4510	164	6	these	these	DET
ajfa-4510	164	7	sectors	sector	NOUN
ajfa-4510	164	8	in	in	ADP
ajfa-4510	164	9	terms	term	NOUN
ajfa-4510	164	10	of	of	ADP
ajfa-4510	164	11	range	range	NOUN
ajfa-4510	164	12	is	be	AUX
ajfa-4510	164	13	also	also	ADV
ajfa-4510	164	14	considerably	considerably	ADV
ajfa-4510	164	15	high	high	ADJ
ajfa-4510	164	16	compared	compare	VERB
ajfa-4510	164	17	to	to	ADP
ajfa-4510	164	18	other	other	ADJ
ajfa-4510	164	19	sectors	sector	NOUN
ajfa-4510	164	20	.	.	PUNCT
ajfa-4510	165	1	here	here	ADV
ajfa-4510	165	2	it	it	PRON
ajfa-4510	165	3	is	be	AUX
ajfa-4510	165	4	also	also	ADV
ajfa-4510	165	5	very	very	ADV
ajfa-4510	165	6	interesting	interesting	ADJ
ajfa-4510	165	7	to	to	PART
ajfa-4510	165	8	note	note	VERB
ajfa-4510	165	9	that	that	SCONJ
ajfa-4510	165	10	the	the	DET
ajfa-4510	165	11	return	return	NOUN
ajfa-4510	165	12	profile	profile	NOUN
ajfa-4510	165	13	of	of	ADP
ajfa-4510	165	14	the	the	DET
ajfa-4510	165	15	most	most	ADV
ajfa-4510	165	16	risky	risky	ADJ
ajfa-4510	165	17	stock	stock	NOUN
ajfa-4510	165	18	investment	investment	NOUN
ajfa-4510	165	19	among	among	ADP
ajfa-4510	165	20	the	the	DET
ajfa-4510	165	21	group	group	NOUN
ajfa-4510	165	22	–	–	PUNCT
ajfa-4510	165	23	information	information	NOUN
ajfa-4510	165	24	technology	technology	NOUN
ajfa-4510	165	25	sector	sector	NOUN
ajfa-4510	165	26	stocks	stock	NOUN
ajfa-4510	165	27	is	be	AUX
ajfa-4510	165	28	somewhat	somewhat	ADV
ajfa-4510	165	29	poor	poor	ADJ
ajfa-4510	165	30	which	which	PRON
ajfa-4510	165	31	further	far	ADV
ajfa-4510	165	32	creates	create	VERB
ajfa-4510	165	33	an	an	DET
ajfa-4510	165	34	impression	impression	NOUN
ajfa-4510	165	35	that	that	SCONJ
ajfa-4510	165	36	the	the	DET
ajfa-4510	165	37	return	return	NOUN
ajfa-4510	165	38	from	from	ADP
ajfa-4510	165	39	stock	stock	NOUN
ajfa-4510	165	40	investments	investment	NOUN
ajfa-4510	165	41	of	of	ADP
ajfa-4510	165	42	all	all	DET
ajfa-4510	165	43	sectors	sector	NOUN
ajfa-4510	165	44	shall	shall	AUX
ajfa-4510	165	45	not	not	PART
ajfa-4510	165	46	always	always	ADV
ajfa-4510	165	47	be	be	AUX
ajfa-4510	165	48	commensurate	commensurate	ADJ
ajfa-4510	165	49	with	with	ADP
ajfa-4510	165	50	its	its	PRON
ajfa-4510	165	51	risk	risk	NOUN
ajfa-4510	165	52	profile	profile	NOUN
ajfa-4510	165	53	.	.	PUNCT
ajfa-4510	166	1	investment	investment	NOUN
ajfa-4510	166	2	in	in	ADP
ajfa-4510	166	3	it	it	PRON
ajfa-4510	166	4	sector	sector	NOUN
ajfa-4510	166	5	stocks	stock	NOUN
ajfa-4510	166	6	in	in	ADP
ajfa-4510	166	7	india	india	PROPN
ajfa-4510	166	8	has	have	AUX
ajfa-4510	166	9	not	not	PART
ajfa-4510	166	10	been	be	AUX
ajfa-4510	166	11	better	well	ADV
ajfa-4510	166	12	rewarded	reward	VERB
ajfa-4510	166	13	for	for	ADP
ajfa-4510	166	14	the	the	DET
ajfa-4510	166	15	level	level	NOUN
ajfa-4510	166	16	of	of	ADP
ajfa-4510	166	17	the	the	DET
ajfa-4510	166	18	risk	risk	NOUN
ajfa-4510	166	19	that	that	SCONJ
ajfa-4510	166	20	its	its	PRON
ajfa-4510	166	21	investors	investor	NOUN
ajfa-4510	166	22	actually	actually	ADV
ajfa-4510	166	23	assumed	assume	VERB
ajfa-4510	166	24	during	during	ADP
ajfa-4510	166	25	the	the	DET
ajfa-4510	166	26	period	period	NOUN
ajfa-4510	166	27	of	of	ADP
ajfa-4510	166	28	the	the	DET
ajfa-4510	166	29	study	study	NOUN
ajfa-4510	166	30	.	.	PUNCT
ajfa-4510	167	1	it	it	PRON
ajfa-4510	167	2	can	can	AUX
ajfa-4510	167	3	also	also	ADV
ajfa-4510	167	4	be	be	AUX
ajfa-4510	167	5	seen	see	VERB
ajfa-4510	167	6	that	that	SCONJ
ajfa-4510	167	7	frequency	frequency	NOUN
ajfa-4510	167	8	distribution	distribution	NOUN
ajfa-4510	167	9	of	of	ADP
ajfa-4510	167	10	all	all	DET
ajfa-4510	167	11	the	the	DET
ajfa-4510	167	12	indices	index	NOUN
ajfa-4510	167	13	except	except	SCONJ
ajfa-4510	167	14	energy	energy	NOUN
ajfa-4510	167	15	and	and	CCONJ
ajfa-4510	167	16	automobiles	automobile	NOUN
ajfa-4510	167	17	are	be	AUX
ajfa-4510	167	18	not	not	PART
ajfa-4510	167	19	normal	normal	ADJ
ajfa-4510	167	20	,	,	PUNCT
ajfa-4510	167	21	but	but	CCONJ
ajfa-4510	167	22	none	none	NOUN
ajfa-4510	167	23	of	of	ADP
ajfa-4510	167	24	them	they	PRON
ajfa-4510	167	25	showed	show	VERB
ajfa-4510	167	26	any	any	DET
ajfa-4510	167	27	extreme	extreme	ADJ
ajfa-4510	167	28	skewness	skewness	NOUN
ajfa-4510	167	29	.	.	PUNCT
ajfa-4510	168	1	skewness	skewness	PROPN
ajfa-4510	168	2	coefficient	coefficient	NOUN
ajfa-4510	168	3	for	for	ADP
ajfa-4510	168	4	both	both	CCONJ
ajfa-4510	168	5	energy	energy	NOUN
ajfa-4510	168	6	and	and	CCONJ
ajfa-4510	168	7	auto	auto	NOUN
ajfa-4510	168	8	sector	sector	NOUN
ajfa-4510	168	9	returns	return	NOUN
ajfa-4510	168	10	almost	almost	ADV
ajfa-4510	168	11	equal	equal	ADJ
ajfa-4510	168	12	to	to	ADP
ajfa-4510	168	13	zero	zero	NUM
ajfa-4510	168	14	which	which	DET
ajfa-4510	168	15	one	one	NUM
ajfa-4510	168	16	way	way	NOUN
ajfa-4510	168	17	help	help	VERB
ajfa-4510	168	18	to	to	PART
ajfa-4510	168	19	say	say	VERB
ajfa-4510	168	20	that	that	SCONJ
ajfa-4510	168	21	market	market	NOUN
ajfa-4510	168	22	for	for	ADP
ajfa-4510	168	23	these	these	DET
ajfa-4510	168	24	two	two	NUM
ajfa-4510	168	25	sectors	sector	NOUN
ajfa-4510	168	26	is	be	AUX
ajfa-4510	168	27	relatively	relatively	ADV
ajfa-4510	168	28	normal	normal	ADJ
ajfa-4510	168	29	.	.	PUNCT
ajfa-4510	169	1	when	when	SCONJ
ajfa-4510	169	2	it	it	PRON
ajfa-4510	169	3	and	and	CCONJ
ajfa-4510	169	4	pharmaceutical	pharmaceutical	NOUN
ajfa-4510	169	5	indices	index	NOUN
ajfa-4510	169	6	showed	show	VERB
ajfa-4510	169	7	moderate	moderate	ADJ
ajfa-4510	169	8	degree	degree	NOUN
ajfa-4510	169	9	of	of	ADP
ajfa-4510	169	10	negative	negative	ADJ
ajfa-4510	169	11	skewness	skewness	NOUN
ajfa-4510	169	12	indicating	indicate	VERB
ajfa-4510	169	13	the	the	DET
ajfa-4510	169	14	greater	great	ADJ
ajfa-4510	169	15	probability	probability	NOUN
ajfa-4510	169	16	of	of	ADP
ajfa-4510	169	17	large	large	ADJ
ajfa-4510	169	18	decreases	decrease	NOUN
ajfa-4510	169	19	in	in	ADP
ajfa-4510	169	20	prices	price	NOUN
ajfa-4510	169	21	rather	rather	ADV
ajfa-4510	169	22	than	than	ADP
ajfa-4510	169	23	rises	rise	NOUN
ajfa-4510	169	24	,	,	PUNCT
ajfa-4510	169	25	banking	banking	NOUN
ajfa-4510	169	26	and	and	CCONJ
ajfa-4510	169	27	fmcg	fmcg	NOUN
ajfa-4510	169	28	sectors	sector	NOUN
ajfa-4510	169	29	showed	show	VERB
ajfa-4510	169	30	low	low	ADJ
ajfa-4510	169	31	degree	degree	NOUN
ajfa-4510	169	32	of	of	ADP
ajfa-4510	169	33	positive	positive	ADJ
ajfa-4510	169	34	asymmetry	asymmetry	NOUN
ajfa-4510	169	35	in	in	ADP
ajfa-4510	169	36	its	its	PRON
ajfa-4510	169	37	distribution	distribution	NOUN
ajfa-4510	169	38	of	of	ADP
ajfa-4510	169	39	returns	return	NOUN
ajfa-4510	169	40	.	.	PUNCT
ajfa-4510	170	1	thus	thus	ADV
ajfa-4510	170	2	the	the	DET
ajfa-4510	170	3	descriptive	descriptive	ADJ
ajfa-4510	170	4	statistics	statistic	NOUN
ajfa-4510	170	5	on	on	ADP
ajfa-4510	170	6	variance	variance	NOUN
ajfa-4510	170	7	and	and	CCONJ
ajfa-4510	170	8	skewness	skewness	NOUN
ajfa-4510	170	9	contribute	contribute	VERB
ajfa-4510	170	10	to	to	ADP
ajfa-4510	170	11	different	different	ADJ
ajfa-4510	170	12	volatilities	volatility	NOUN
ajfa-4510	170	13	across	across	ADP
ajfa-4510	170	14	the	the	DET
ajfa-4510	170	15	industrial	industrial	ADJ
ajfa-4510	170	16	sectors	sector	NOUN
ajfa-4510	170	17	in	in	ADP
ajfa-4510	170	18	india	india	PROPN
ajfa-4510	170	19	.	.	PUNCT
ajfa-4510	171	1	consequently	consequently	ADV
ajfa-4510	171	2	the	the	DET
ajfa-4510	171	3	base	base	ADJ
ajfa-4510	171	4	hypothesis	hypothesis	NOUN
ajfa-4510	171	5	in	in	ADP
ajfa-4510	171	6	every	every	DET
ajfa-4510	171	7	efficient	efficient	ADJ
ajfa-4510	171	8	asian	asian	ADJ
ajfa-4510	171	9	journal	journal	NOUN
ajfa-4510	171	10	of	of	ADP
ajfa-4510	171	11	finance	finance	PROPN
ajfa-4510	171	12	&	&	CCONJ
ajfa-4510	171	13	accounting	accounting	PROPN
ajfa-4510	171	14	issn	issn	PROPN
ajfa-4510	171	15	1946	1946	NUM
ajfa-4510	171	16	-	-	PUNCT
ajfa-4510	171	17	052x	052x	NOUN
ajfa-4510	171	18	2013	2013	NUM
ajfa-4510	171	19	,	,	PUNCT
ajfa-4510	171	20	vol	vol	NOUN
ajfa-4510	171	21	.	.	PROPN
ajfa-4510	171	22	5	5	NUM
ajfa-4510	171	23	,	,	PUNCT
ajfa-4510	171	24	no	no	INTJ
ajfa-4510	171	25	.	.	NOUN
ajfa-4510	171	26	2	2	NUM
ajfa-4510	171	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	171	28	298	298	NUM
ajfa-4510	171	29	capital	capital	NOUN
ajfa-4510	171	30	market	market	NOUN
ajfa-4510	171	31	that	that	PRON
ajfa-4510	171	32	the	the	DET
ajfa-4510	171	33	stock	stock	NOUN
ajfa-4510	171	34	returns	return	NOUN
ajfa-4510	171	35	and	and	CCONJ
ajfa-4510	171	36	macroeconomic	macroeconomic	ADJ
ajfa-4510	171	37	performance	performance	NOUN
ajfa-4510	171	38	are	be	AUX
ajfa-4510	171	39	normally	normally	ADV
ajfa-4510	171	40	distributed	distribute	VERB
ajfa-4510	171	41	may	may	AUX
ajfa-4510	171	42	not	not	PART
ajfa-4510	171	43	be	be	AUX
ajfa-4510	171	44	validated	validate	VERB
ajfa-4510	171	45	.	.	PUNCT
ajfa-4510	172	1	these	these	DET
ajfa-4510	172	2	findings	finding	NOUN
ajfa-4510	172	3	suggest	suggest	VERB
ajfa-4510	172	4	that	that	SCONJ
ajfa-4510	172	5	stock	stock	NOUN
ajfa-4510	172	6	returns	return	NOUN
ajfa-4510	172	7	and	and	CCONJ
ajfa-4510	172	8	economic	economic	ADJ
ajfa-4510	172	9	time	time	NOUN
ajfa-4510	172	10	series	series	PROPN
ajfa-4510	172	11	exhibit	exhibit	VERB
ajfa-4510	172	12	conditional	conditional	ADJ
ajfa-4510	172	13	heteroskedasticity	heteroskedasticity	NOUN
ajfa-4510	172	14	and	and	CCONJ
ajfa-4510	172	15	that	that	SCONJ
ajfa-4510	172	16	a	a	DET
ajfa-4510	172	17	garch	garch	NOUN
ajfa-4510	172	18	specification	specification	NOUN
ajfa-4510	172	19	is	be	AUX
ajfa-4510	172	20	appropriate	appropriate	ADJ
ajfa-4510	172	21	for	for	ADP
ajfa-4510	172	22	capturing	capture	VERB
ajfa-4510	172	23	the	the	DET
ajfa-4510	172	24	presence	presence	NOUN
ajfa-4510	172	25	of	of	ADP
ajfa-4510	172	26	time	time	NOUN
ajfa-4510	172	27	varying	vary	VERB
ajfa-4510	172	28	volatility	volatility	NOUN
ajfa-4510	172	29	.	.	PUNCT
ajfa-4510	173	1	4.2	4.2	NUM
ajfa-4510	173	2	unit	unit	NOUN
ajfa-4510	173	3	root	root	NOUN
ajfa-4510	173	4	test	test	NOUN
ajfa-4510	173	5	results	result	NOUN
ajfa-4510	173	6	adf	adf	PROPN
ajfa-4510	173	7	test	test	NOUN
ajfa-4510	173	8	is	be	AUX
ajfa-4510	173	9	applied	apply	VERB
ajfa-4510	173	10	on	on	ADP
ajfa-4510	173	11	all	all	DET
ajfa-4510	173	12	variables	variable	NOUN
ajfa-4510	173	13	that	that	PRON
ajfa-4510	173	14	is	be	AUX
ajfa-4510	173	15	,	,	PUNCT
ajfa-4510	173	16	on	on	ADP
ajfa-4510	173	17	both	both	PRON
ajfa-4510	173	18	stock	stock	NOUN
ajfa-4510	173	19	returns	return	NOUN
ajfa-4510	173	20	and	and	CCONJ
ajfa-4510	173	21	economic	economic	ADJ
ajfa-4510	173	22	factors	factor	NOUN
ajfa-4510	173	23	.	.	PUNCT
ajfa-4510	174	1	in	in	ADP
ajfa-4510	174	2	adf	adf	PROPN
ajfa-4510	174	3	unit	unit	NOUN
ajfa-4510	174	4	root	root	PROPN
ajfa-4510	174	5	test	test	NOUN
ajfa-4510	174	6	,	,	PUNCT
ajfa-4510	174	7	we	we	PRON
ajfa-4510	174	8	test	test	VERB
ajfa-4510	174	9	the	the	DET
ajfa-4510	174	10	null	null	ADJ
ajfa-4510	174	11	hypothesis	hypothesis	NOUN
ajfa-4510	174	12	that	that	PRON
ajfa-4510	174	13	the	the	DET
ajfa-4510	174	14	time	time	NOUN
ajfa-4510	174	15	series	series	PROPN
ajfa-4510	174	16	has	have	VERB
ajfa-4510	174	17	a	a	DET
ajfa-4510	174	18	unit	unit	NOUN
ajfa-4510	174	19	root	root	NOUN
ajfa-4510	174	20	or	or	CCONJ
ajfa-4510	174	21	it	it	PRON
ajfa-4510	174	22	is	be	AUX
ajfa-4510	174	23	non	non	ADJ
ajfa-4510	174	24	-	-	ADJ
ajfa-4510	174	25	stationary	stationary	ADJ
ajfa-4510	174	26	.	.	PUNCT
ajfa-4510	174	27	table	table	NOUN
ajfa-4510	175	1	2	2	NUM
ajfa-4510	175	2	.	.	PUNCT
ajfa-4510	175	3	test	test	NOUN
ajfa-4510	175	4	results	result	NOUN
ajfa-4510	175	5	for	for	ADP
ajfa-4510	175	6	stationarity	stationarity	NOUN
ajfa-4510	175	7	of	of	ADP
ajfa-4510	175	8	variables	variable	NOUN
ajfa-4510	175	9	variables	variables	ADJ
ajfa-4510	175	10	level	level	NOUN
ajfa-4510	175	11	(	(	PUNCT
ajfa-4510	175	12	with	with	ADP
ajfa-4510	175	13	trend	trend	NOUN
ajfa-4510	175	14	and	and	CCONJ
ajfa-4510	175	15	intercept	intercept	NOUN
ajfa-4510	175	16	)	)	PUNCT
ajfa-4510	175	17	first	first	ADJ
ajfa-4510	175	18	difference	difference	NOUN
ajfa-4510	175	19	(	(	PUNCT
ajfa-4510	175	20	with	with	ADP
ajfa-4510	175	21	trend	trend	NOUN
ajfa-4510	175	22	and	and	CCONJ
ajfa-4510	175	23	intercept	intercept	NOUN
ajfa-4510	175	24	)	)	PUNCT
ajfa-4510	175	25	test	test	NOUN
ajfa-4510	175	26	statistic	statistic	NOUN
ajfa-4510	175	27	p	p	PROPN
ajfa-4510	175	28	value	value	NOUN
ajfa-4510	175	29	test	test	NOUN
ajfa-4510	175	30	statistic	statistic	NOUN
ajfa-4510	175	31	p	p	PROPN
ajfa-4510	175	32	value	value	NOUN
ajfa-4510	175	33	energy	energy	NOUN
ajfa-4510	175	34	-3.8995	-3.8995	NOUN
ajfa-4510	176	1	0.0121	0.0121	NUM
ajfa-4510	176	2	*	*	PUNCT
ajfa-4510	176	3	*	*	PROPN
ajfa-4510	176	4	-4.6408	-4.6408	PROPN
ajfa-4510	176	5	0.0008	0.0008	NUM
ajfa-4510	176	6	*	*	NOUN
ajfa-4510	176	7	information	information	NOUN
ajfa-4510	176	8	technology	technology	NOUN
ajfa-4510	176	9	-2.2288	-2.2288	VERB
ajfa-4510	176	10	0.4729	0.4729	NUM
ajfa-4510	176	11	-4.8304	-4.8304	VERB
ajfa-4510	176	12	0.0004	0.0004	NUM
ajfa-4510	176	13	*	*	NOUN
ajfa-4510	176	14	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	176	15	-2.5398	-2.5398	NOUN
ajfa-4510	176	16	0.3087	0.3087	NUM
ajfa-4510	176	17	-4.9389	-4.9389	NOUN
ajfa-4510	176	18	0.0001	0.0001	NUM
ajfa-4510	176	19	*	*	PUNCT
ajfa-4510	176	20	fmcg	fmcg	NOUN
ajfa-4510	176	21	-2.2088	-2.2088	VERB
ajfa-4510	176	22	0.4840	0.4840	NUM
ajfa-4510	176	23	-4.3231	-4.3231	NOUN
ajfa-4510	176	24	0.0028	0.0028	NUM
ajfa-4510	176	25	*	*	NOUN
ajfa-4510	176	26	*	*	PUNCT
ajfa-4510	176	27	banking	banking	NOUN
ajfa-4510	176	28	-3.3113	-3.3113	NOUN
ajfa-4510	176	29	0.0643	0.0643	NUM
ajfa-4510	176	30	*	*	PUNCT
ajfa-4510	176	31	*	*	PUNCT
ajfa-4510	176	32	*	*	PUNCT
ajfa-4510	176	33	-3.9479	-3.9479	PUNCT
ajfa-4510	177	1	0.0103	0.0103	NUM
ajfa-4510	177	2	*	*	PUNCT
ajfa-4510	177	3	*	*	NOUN
ajfa-4510	177	4	auto	auto	NOUN
ajfa-4510	177	5	-2.9681	-2.9681	NOUN
ajfa-4510	177	6	0.1413	0.1413	NUM
ajfa-4510	177	7	-2.7632	-2.7632	NOUN
ajfa-4510	177	8	0.0824	0.0824	NUM
ajfa-4510	177	9	*	*	PUNCT
ajfa-4510	177	10	*	*	PUNCT
ajfa-4510	177	11	*	*	PUNCT
ajfa-4510	177	12	nifty	nifty	ADJ
ajfa-4510	177	13	-3.0524	-3.0524	NOUN
ajfa-4510	177	14	0.1180	0.1180	NUM
ajfa-4510	177	15	-4.3760	-4.3760	PUNCT
ajfa-4510	178	1	0.0023	0.0023	NUM
ajfa-4510	178	2	*	*	NOUN
ajfa-4510	178	3	exchange	exchange	NOUN
ajfa-4510	178	4	rate	rate	NOUN
ajfa-4510	178	5	-3.4173	-3.4173	NOUN
ajfa-4510	178	6	0.0490	0.0490	NUM
ajfa-4510	178	7	*	*	PUNCT
ajfa-4510	178	8	*	*	PUNCT
ajfa-4510	178	9	-3.9084	-3.9084	NOUN
ajfa-4510	178	10	0.0117	0.0117	NUM
ajfa-4510	178	11	*	*	PUNCT
ajfa-4510	178	12	*	*	PROPN
ajfa-4510	178	13	m3	m3	PROPN
ajfa-4510	178	14	-1.6895	-1.6895	PROPN
ajfa-4510	178	15	0.7562	0.7562	NUM
ajfa-4510	178	16	-7.3649	-7.3649	VERB
ajfa-4510	178	17	0.0000	0.0000	NUM
ajfa-4510	178	18	*	*	NOUN
ajfa-4510	178	19	wpi	wpi	PROPN
ajfa-4510	178	20	-2.0260	-2.0260	NOUN
ajfa-4510	178	21	0.5865	0.5865	NUM
ajfa-4510	178	22	-4.9822	-4.9822	NOUN
ajfa-4510	179	1	0.0001	0.0001	NUM
ajfa-4510	179	2	*	*	PUNCT
ajfa-4510	179	3	tbr	tbr	NOUN
ajfa-4510	179	4	-2.3104	-2.3104	NOUN
ajfa-4510	179	5	0.4246	0.4246	NUM
ajfa-4510	179	6	-10.4551	-10.4551	SYM
ajfa-4510	179	7	0.0000	0.0000	NUM
ajfa-4510	179	8	*	*	PUNCT
ajfa-4510	179	9	iip	iip	PROPN
ajfa-4510	179	10	-1.8458	-1.8458	NOUN
ajfa-4510	179	11	0.6823	0.6823	NUM
ajfa-4510	179	12	-6.0065	-6.0065	NOUN
ajfa-4510	179	13	0.0001	0.0001	NUM
ajfa-4510	179	14	*	*	NOUN
ajfa-4510	179	15	fii	fii	PROPN
ajfa-4510	179	16	-5.4718	-5.4718	NOUN
ajfa-4510	179	17	0.0000	0.0000	NUM
ajfa-4510	179	18	*	*	PUNCT
ajfa-4510	179	19	-7.2943	-7.2943	NOUN
ajfa-4510	179	20	0.0000	0.0000	NUM
ajfa-4510	179	21	*	*	PUNCT
ajfa-4510	180	1	*	*	PUNCT
ajfa-4510	180	2	significant	significant	ADJ
ajfa-4510	180	3	at	at	ADP
ajfa-4510	180	4	1	1	NUM
ajfa-4510	180	5	per	per	NOUN
ajfa-4510	180	6	cent	cent	NOUN
ajfa-4510	180	7	level	level	NOUN
ajfa-4510	180	8	*	*	PUNCT
ajfa-4510	180	9	*	*	PUNCT
ajfa-4510	180	10	significant	significant	ADJ
ajfa-4510	180	11	at	at	ADP
ajfa-4510	180	12	5	5	NUM
ajfa-4510	180	13	per	per	NOUN
ajfa-4510	180	14	cent	cent	NOUN
ajfa-4510	180	15	level	level	NOUN
ajfa-4510	180	16	*	*	PUNCT
ajfa-4510	180	17	*	*	PUNCT
ajfa-4510	180	18	*	*	PUNCT
ajfa-4510	180	19	significant	significant	ADJ
ajfa-4510	180	20	at	at	ADP
ajfa-4510	180	21	10	10	NUM
ajfa-4510	180	22	per	per	NOUN
ajfa-4510	180	23	cent	cent	NOUN
ajfa-4510	180	24	level	level	NOUN
ajfa-4510	180	25	table	table	NOUN
ajfa-4510	180	26	2	2	NUM
ajfa-4510	180	27	summarizes	summarize	NOUN
ajfa-4510	180	28	the	the	DET
ajfa-4510	180	29	results	result	NOUN
ajfa-4510	180	30	of	of	ADP
ajfa-4510	180	31	adf	adf	PROPN
ajfa-4510	180	32	unit	unit	NOUN
ajfa-4510	180	33	root	root	NOUN
ajfa-4510	180	34	tests	test	NOUN
ajfa-4510	180	35	.	.	PUNCT
ajfa-4510	181	1	on	on	ADP
ajfa-4510	181	2	the	the	DET
ajfa-4510	181	3	basis	basis	NOUN
ajfa-4510	181	4	of	of	ADP
ajfa-4510	181	5	test	test	NOUN
ajfa-4510	181	6	statistics	statistic	NOUN
ajfa-4510	181	7	,	,	PUNCT
ajfa-4510	181	8	only	only	ADV
ajfa-4510	181	9	the	the	DET
ajfa-4510	181	10	banking	banking	NOUN
ajfa-4510	181	11	and	and	CCONJ
ajfa-4510	181	12	energy	energy	NOUN
ajfa-4510	181	13	stock	stock	NOUN
ajfa-4510	181	14	returns	return	NOUN
ajfa-4510	181	15	found	find	VERB
ajfa-4510	181	16	stationary	stationary	ADJ
ajfa-4510	181	17	at	at	ADP
ajfa-4510	181	18	levels	level	NOUN
ajfa-4510	181	19	with	with	ADP
ajfa-4510	181	20	intercept	intercept	NOUN
ajfa-4510	181	21	and	and	CCONJ
ajfa-4510	181	22	linear	linear	ADJ
ajfa-4510	181	23	trend	trend	NOUN
ajfa-4510	181	24	.	.	PUNCT
ajfa-4510	182	1	among	among	ADP
ajfa-4510	182	2	the	the	DET
ajfa-4510	182	3	independent	independent	ADJ
ajfa-4510	182	4	variables	variable	NOUN
ajfa-4510	182	5	all	all	DET
ajfa-4510	182	6	the	the	DET
ajfa-4510	182	7	series	series	NOUN
ajfa-4510	182	8	except	except	SCONJ
ajfa-4510	182	9	foreign	foreign	ADJ
ajfa-4510	182	10	institutional	institutional	ADJ
ajfa-4510	182	11	investment	investment	NOUN
ajfa-4510	182	12	net	net	NOUN
ajfa-4510	182	13	flows	flow	NOUN
ajfa-4510	182	14	and	and	CCONJ
ajfa-4510	182	15	exchange	exchange	NOUN
ajfa-4510	182	16	found	find	VERB
ajfa-4510	182	17	non	non	ADJ
ajfa-4510	182	18	stationary	stationary	NOUN
ajfa-4510	182	19	at	at	ADP
ajfa-4510	182	20	level	level	NOUN
ajfa-4510	182	21	.	.	PUNCT
ajfa-4510	183	1	so	so	ADV
ajfa-4510	183	2	it	it	PRON
ajfa-4510	183	3	is	be	AUX
ajfa-4510	183	4	reasonable	reasonable	ADJ
ajfa-4510	183	5	to	to	PART
ajfa-4510	183	6	believe	believe	VERB
ajfa-4510	183	7	that	that	SCONJ
ajfa-4510	183	8	these	these	DET
ajfa-4510	183	9	series	serie	NOUN
ajfa-4510	183	10	are	be	AUX
ajfa-4510	183	11	integrated	integrate	VERB
ajfa-4510	183	12	of	of	ADP
ajfa-4510	183	13	order	order	NOUN
ajfa-4510	183	14	0	0	NUM
ajfa-4510	183	15	,	,	PUNCT
ajfa-4510	183	16	hence	hence	ADV
ajfa-4510	183	17	i(0	i(0	ADJ
ajfa-4510	183	18	)	)	PUNCT
ajfa-4510	183	19	variable	variable	NOUN
ajfa-4510	183	20	.	.	PUNCT
ajfa-4510	184	1	but	but	CCONJ
ajfa-4510	184	2	the	the	DET
ajfa-4510	184	3	remaining	remain	VERB
ajfa-4510	184	4	stock	stock	NOUN
ajfa-4510	184	5	returns	return	NOUN
ajfa-4510	184	6	and	and	CCONJ
ajfa-4510	184	7	macroeconomic	macroeconomic	ADJ
ajfa-4510	184	8	variablestbr	variablestbr	NOUN
ajfa-4510	184	9	,	,	PUNCT
ajfa-4510	184	10	wpi	wpi	NOUN
ajfa-4510	184	11	,	,	PUNCT
ajfa-4510	184	12	and	and	CCONJ
ajfa-4510	184	13	m3	m3	PROPN
ajfa-4510	184	14	are	be	AUX
ajfa-4510	184	15	integrated	integrate	VERB
ajfa-4510	184	16	of	of	ADP
ajfa-4510	184	17	order	order	NOUN
ajfa-4510	184	18	one	one	NUM
ajfa-4510	184	19	,	,	PUNCT
ajfa-4510	184	20	i(1	i(1	PROPN
ajfa-4510	184	21	)	)	PUNCT
ajfa-4510	184	22	,	,	PUNCT
ajfa-4510	184	23	as	as	SCONJ
ajfa-4510	184	24	they	they	PRON
ajfa-4510	184	25	asian	asian	ADJ
ajfa-4510	184	26	journal	journal	NOUN
ajfa-4510	184	27	of	of	ADP
ajfa-4510	184	28	finance	finance	PROPN
ajfa-4510	184	29	&	&	CCONJ
ajfa-4510	184	30	accounting	accounting	PROPN
ajfa-4510	184	31	issn	issn	PROPN
ajfa-4510	184	32	1946	1946	NUM
ajfa-4510	184	33	-	-	PUNCT
ajfa-4510	184	34	052x	052x	NOUN
ajfa-4510	184	35	2013	2013	NUM
ajfa-4510	184	36	,	,	PUNCT
ajfa-4510	184	37	vol	vol	NOUN
ajfa-4510	184	38	.	.	PROPN
ajfa-4510	184	39	5	5	NUM
ajfa-4510	184	40	,	,	PUNCT
ajfa-4510	184	41	no	no	INTJ
ajfa-4510	184	42	.	.	NOUN
ajfa-4510	184	43	2	2	NUM
ajfa-4510	184	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	184	45	299	299	NUM
ajfa-4510	184	46	become	become	VERB
ajfa-4510	184	47	stationary	stationary	ADJ
ajfa-4510	184	48	with	with	ADP
ajfa-4510	184	49	intercept	intercept	NOUN
ajfa-4510	184	50	and	and	CCONJ
ajfa-4510	184	51	trend	trend	NOUN
ajfa-4510	184	52	after	after	ADP
ajfa-4510	184	53	their	their	PRON
ajfa-4510	184	54	first	first	ADJ
ajfa-4510	184	55	differencing	differencing	NOUN
ajfa-4510	184	56	.	.	PUNCT
ajfa-4510	185	1	4.3	4.3	NUM
ajfa-4510	185	2	garch	garch	NOUN
ajfa-4510	185	3	results	result	VERB
ajfa-4510	185	4	the	the	DET
ajfa-4510	185	5	stock	stock	NOUN
ajfa-4510	185	6	performance	performance	NOUN
ajfa-4510	185	7	of	of	ADP
ajfa-4510	185	8	six	six	NUM
ajfa-4510	185	9	sectors	sector	NOUN
ajfa-4510	185	10	was	be	AUX
ajfa-4510	185	11	analyzed	analyze	VERB
ajfa-4510	185	12	at	at	ADP
ajfa-4510	185	13	industry	industry	NOUN
ajfa-4510	185	14	level	level	NOUN
ajfa-4510	185	15	.	.	PUNCT
ajfa-4510	186	1	the	the	DET
ajfa-4510	186	2	fitted	fit	VERB
ajfa-4510	186	3	garch	garch	NOUN
ajfa-4510	186	4	models	model	NOUN
ajfa-4510	186	5	estimate	estimate	VERB
ajfa-4510	186	6	diverse	diverse	ADJ
ajfa-4510	186	7	pattern	pattern	NOUN
ajfa-4510	186	8	of	of	ADP
ajfa-4510	186	9	relationship	relationship	NOUN
ajfa-4510	186	10	between	between	ADP
ajfa-4510	186	11	industrials	industrial	NOUN
ajfa-4510	186	12	stock	stock	NOUN
ajfa-4510	186	13	returns	return	NOUN
ajfa-4510	186	14	and	and	CCONJ
ajfa-4510	186	15	the	the	DET
ajfa-4510	186	16	macroeconomic	macroeconomic	ADJ
ajfa-4510	186	17	conditions	condition	NOUN
ajfa-4510	186	18	in	in	ADP
ajfa-4510	186	19	india	india	PROPN
ajfa-4510	186	20	.	.	PUNCT
ajfa-4510	187	1	both	both	PRON
ajfa-4510	187	2	arch	arch	ADJ
ajfa-4510	187	3	and	and	CCONJ
ajfa-4510	187	4	garch	garch	NOUN
ajfa-4510	187	5	terms	term	NOUN
ajfa-4510	187	6	are	be	AUX
ajfa-4510	187	7	statistically	statistically	ADV
ajfa-4510	187	8	significant	significant	ADJ
ajfa-4510	187	9	for	for	ADP
ajfa-4510	187	10	three	three	NUM
ajfa-4510	187	11	sectorsinformation	sectorsinformation	NOUN
ajfa-4510	187	12	technology	technology	NOUN
ajfa-4510	187	13	,	,	PUNCT
ajfa-4510	187	14	energy	energy	NOUN
ajfa-4510	187	15	and	and	CCONJ
ajfa-4510	187	16	fmcg	fmcg	PROPN
ajfa-4510	187	17	;	;	PUNCT
ajfa-4510	187	18	which	which	PRON
ajfa-4510	187	19	establish	establish	VERB
ajfa-4510	187	20	the	the	DET
ajfa-4510	187	21	time	time	NOUN
ajfa-4510	187	22	varying	vary	VERB
ajfa-4510	187	23	characteristics	characteristic	NOUN
ajfa-4510	187	24	of	of	ADP
ajfa-4510	187	25	their	their	PRON
ajfa-4510	187	26	stock	stock	NOUN
ajfa-4510	187	27	returns	return	NOUN
ajfa-4510	187	28	volatility	volatility	NOUN
ajfa-4510	187	29	.	.	PUNCT
ajfa-4510	188	1	conditional	conditional	ADJ
ajfa-4510	188	2	volatility	volatility	NOUN
ajfa-4510	188	3	of	of	ADP
ajfa-4510	188	4	stock	stock	NOUN
ajfa-4510	188	5	returns	return	NOUN
ajfa-4510	188	6	of	of	ADP
ajfa-4510	188	7	these	these	DET
ajfa-4510	188	8	sectors	sector	NOUN
ajfa-4510	188	9	could	could	AUX
ajfa-4510	188	10	be	be	AUX
ajfa-4510	188	11	the	the	DET
ajfa-4510	188	12	function	function	NOUN
ajfa-4510	188	13	of	of	ADP
ajfa-4510	188	14	both	both	CCONJ
ajfa-4510	188	15	the	the	DET
ajfa-4510	188	16	lag	lag	NOUN
ajfa-4510	188	17	of	of	ADP
ajfa-4510	188	18	the	the	DET
ajfa-4510	188	19	squared	square	VERB
ajfa-4510	188	20	residuals	residual	NOUN
ajfa-4510	188	21	and	and	CCONJ
ajfa-4510	188	22	lagged	lag	VERB
ajfa-4510	188	23	variances	variance	NOUN
ajfa-4510	188	24	.	.	PUNCT
ajfa-4510	189	1	only	only	ADV
ajfa-4510	189	2	garch	garch	NOUN
ajfa-4510	189	3	term	term	NOUN
ajfa-4510	189	4	is	be	AUX
ajfa-4510	189	5	statistically	statistically	ADV
ajfa-4510	189	6	significant	significant	ADJ
ajfa-4510	189	7	for	for	ADP
ajfa-4510	189	8	the	the	DET
ajfa-4510	189	9	remaining	remain	VERB
ajfa-4510	189	10	sectors	sector	NOUN
ajfa-4510	189	11	which	which	PRON
ajfa-4510	189	12	provide	provide	VERB
ajfa-4510	189	13	the	the	DET
ajfa-4510	189	14	impression	impression	NOUN
ajfa-4510	189	15	that	that	SCONJ
ajfa-4510	189	16	the	the	DET
ajfa-4510	189	17	stock	stock	NOUN
ajfa-4510	189	18	returns	return	NOUN
ajfa-4510	189	19	of	of	ADP
ajfa-4510	189	20	banking	banking	NOUN
ajfa-4510	189	21	,	,	PUNCT
ajfa-4510	189	22	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	189	23	and	and	CCONJ
ajfa-4510	189	24	automobile	automobile	NOUN
ajfa-4510	189	25	sectors	sector	NOUN
ajfa-4510	189	26	are	be	AUX
ajfa-4510	189	27	the	the	DET
ajfa-4510	189	28	functions	function	NOUN
ajfa-4510	189	29	of	of	ADP
ajfa-4510	189	30	their	their	PRON
ajfa-4510	189	31	lag	lag	NOUN
ajfa-4510	189	32	variances	variance	NOUN
ajfa-4510	189	33	.	.	PUNCT
ajfa-4510	190	1	the	the	DET
ajfa-4510	190	2	statistically	statistically	ADV
ajfa-4510	190	3	significant	significant	ADJ
ajfa-4510	190	4	relationship	relationship	NOUN
ajfa-4510	190	5	between	between	ADP
ajfa-4510	190	6	risk	risk	NOUN
ajfa-4510	190	7	(	(	PUNCT
ajfa-4510	190	8	lag	lag	NOUN
ajfa-4510	190	9	variances	variance	NOUN
ajfa-4510	190	10	)	)	PUNCT
ajfa-4510	190	11	and	and	CCONJ
ajfa-4510	190	12	returns	return	NOUN
ajfa-4510	190	13	provide	provide	VERB
ajfa-4510	190	14	the	the	DET
ajfa-4510	190	15	evidence	evidence	NOUN
ajfa-4510	190	16	for	for	ADP
ajfa-4510	190	17	the	the	DET
ajfa-4510	190	18	risk	risk	NOUN
ajfa-4510	190	19	premium	premium	NOUN
ajfa-4510	190	20	for	for	ADP
ajfa-4510	190	21	the	the	DET
ajfa-4510	190	22	risk	risk	NOUN
ajfa-4510	190	23	associated	associate	VERB
ajfa-4510	190	24	with	with	ADP
ajfa-4510	190	25	the	the	DET
ajfa-4510	190	26	stock	stock	NOUN
ajfa-4510	190	27	returns	return	NOUN
ajfa-4510	190	28	of	of	ADP
ajfa-4510	190	29	all	all	DET
ajfa-4510	190	30	sectors	sector	NOUN
ajfa-4510	190	31	.	.	PUNCT
ajfa-4510	191	1	table	table	NOUN
ajfa-4510	191	2	3	3	NUM
ajfa-4510	191	3	.	.	PUNCT
ajfa-4510	192	1	macroeconomic	macroeconomic	ADJ
ajfa-4510	192	2	factors	factor	NOUN
ajfa-4510	192	3	and	and	CCONJ
ajfa-4510	192	4	stock	stock	NOUN
ajfa-4510	192	5	returns	return	NOUN
ajfa-4510	192	6	:	:	PUNCT
ajfa-4510	192	7	garch	garch	NOUN
ajfa-4510	192	8	results	result	VERB
ajfa-4510	192	9	dependent	dependent	ADJ
ajfa-4510	192	10	variable	variable	ADJ
ajfa-4510	192	11	constant	constant	ADJ
ajfa-4510	192	12	nifty	nifty	ADJ
ajfa-4510	192	13	wpi	wpi	PROPN
ajfa-4510	192	14	exchange	exchange	NOUN
ajfa-4510	192	15	iip	iip	PROPN
ajfa-4510	192	16	m3	m3	PROPN
ajfa-4510	192	17	fii(net	fii(net	PROPN
ajfa-4510	192	18	)	)	PUNCT
ajfa-4510	192	19	t	t	PROPN
ajfa-4510	192	20	bill	bill	NOUN
ajfa-4510	192	21	rate	rate	PROPN
ajfa-4510	192	22	arch	arch	ADJ
ajfa-4510	192	23	garch	garch	NOUN
ajfa-4510	192	24	rate	rate	NOUN
ajfa-4510	192	25	information	information	NOUN
ajfa-4510	192	26	-1.9106	-1.9106	PROPN
ajfa-4510	193	1	*	*	PUNCT
ajfa-4510	194	1	*	*	PUNCT
ajfa-4510	194	2	*	*	PUNCT
ajfa-4510	195	1	4.7234	4.7234	NUM
ajfa-4510	195	2	*	*	PUNCT
ajfa-4510	195	3	-2.1437	-2.1437	NOUN
ajfa-4510	195	4	*	*	PUNCT
ajfa-4510	195	5	*	*	PUNCT
ajfa-4510	195	6	1.8393	1.8393	NUM
ajfa-4510	195	7	*	*	PUNCT
ajfa-4510	195	8	*	*	PUNCT
ajfa-4510	195	9	*	*	PUNCT
ajfa-4510	195	10	1.8201	1.8201	NUM
ajfa-4510	195	11	*	*	PUNCT
ajfa-4510	195	12	*	*	PUNCT
ajfa-4510	195	13	*	*	PUNCT
ajfa-4510	195	14	-0.4334	-0.4334	NOUN
ajfa-4510	195	15	-1.132	-1.132	X
ajfa-4510	195	16	-2.2924	-2.2924	NOUN
ajfa-4510	195	17	*	*	PUNCT
ajfa-4510	195	18	*	*	PUNCT
ajfa-4510	195	19	1.8549	1.8549	NUM
ajfa-4510	195	20	*	*	PUNCT
ajfa-4510	195	21	*	*	PUNCT
ajfa-4510	195	22	*	*	PUNCT
ajfa-4510	195	23	8.2768	8.2768	NUM
ajfa-4510	195	24	*	*	NOUN
ajfa-4510	195	25	technology	technology	NOUN
ajfa-4510	195	26	-0.056	-0.056	PROPN
ajfa-4510	195	27	0.0000	0.0000	NUM
ajfa-4510	195	28	-0.0321	-0.0321	NOUN
ajfa-4510	195	29	-0.0659	-0.0659	NOUN
ajfa-4510	195	30	-0.0687	-0.0687	NOUN
ajfa-4510	195	31	-0.6647	-0.6647	PUNCT
ajfa-4510	195	32	-0.25764	-0.25764	PROPN
ajfa-4510	195	33	-0.0218	-0.0218	NOUN
ajfa-4510	195	34	-0.0636	-0.0636	NOUN
ajfa-4510	196	1	0.0000	0.0000	NUM
ajfa-4510	196	2	pharmaceuticals	pharmaceutical	NOUN
ajfa-4510	196	3	-0.1452	-0.1452	NOUN
ajfa-4510	196	4	3.2217	3.2217	NUM
ajfa-4510	196	5	*	*	SYM
ajfa-4510	196	6	-0.442	-0.442	PUNCT
ajfa-4510	197	1	1.1025	1.1025	NUM
ajfa-4510	197	2	-1.4653	-1.4653	X
ajfa-4510	197	3	0.4545	0.4545	NUM
ajfa-4510	197	4	-0.9727	-0.9727	NOUN
ajfa-4510	197	5	1.132	1.132	NUM
ajfa-4510	197	6	0.0206	0.0206	NUM
ajfa-4510	197	7	9.5320	9.5320	NUM
ajfa-4510	197	8	*	*	PUNCT
ajfa-4510	197	9	*	*	PUNCT
ajfa-4510	197	10	*	*	PROPN
ajfa-4510	197	11	-0.8845	-0.8845	PROPN
ajfa-4510	197	12	-0.0013	-0.0013	PROPN
ajfa-4510	197	13	-0.6582	-0.6582	PROPN
ajfa-4510	197	14	-0.2703	-0.2703	PROPN
ajfa-4510	197	15	-0.1484	-0.1484	PROPN
ajfa-4510	198	1	-0.6495	-0.6495	PROPN
ajfa-4510	198	2	-0.3307	-0.3307	PUNCT
ajfa-4510	198	3	-0.2576	-0.2576	PROPN
ajfa-4510	198	4	-0.9836	-0.9836	PROPN
ajfa-4510	199	1	-0.0508	-0.0508	PROPN
ajfa-4510	199	2	energy	energy	NOUN
ajfa-4510	199	3	1.3086	1.3086	NUM
ajfa-4510	199	4	7.1307	7.1307	NUM
ajfa-4510	199	5	*	*	PUNCT
ajfa-4510	199	6	-0.2773	-0.2773	PROPN
ajfa-4510	199	7	0.798	0.798	NUM
ajfa-4510	199	8	-0.3886	-0.3886	ADJ
ajfa-4510	199	9	-2.7577	-2.7577	NOUN
ajfa-4510	199	10	*	*	PUNCT
ajfa-4510	200	1	-12.4251	-12.4251	PUNCT
ajfa-4510	200	2	*	*	PUNCT
ajfa-4510	200	3	0.8462	0.8462	NUM
ajfa-4510	200	4	1.9534	1.9534	NUM
ajfa-4510	200	5	*	*	PUNCT
ajfa-4510	200	6	*	*	PUNCT
ajfa-4510	200	7	*	*	PUNCT
ajfa-4510	201	1	2.1497	2.1497	NUM
ajfa-4510	201	2	*	*	SYM
ajfa-4510	201	3	*	*	NOUN
ajfa-4510	201	4	-0.1907	-0.1907	NOUN
ajfa-4510	201	5	0.0000	0.0000	NUM
ajfa-4510	201	6	-0.7816	-0.7816	PROPN
ajfa-4510	201	7	-0.4249	-0.4249	PROPN
ajfa-4510	201	8	-0.6976	-0.6976	PROPN
ajfa-4510	201	9	-0.0059	-0.0059	PROPN
ajfa-4510	201	10	0.0000	0.0000	NUM
ajfa-4510	201	11	-0.3875	-0.3875	PROPN
ajfa-4510	201	12	-0.0508	-0.0508	PROPN
ajfa-4510	201	13	-0.0316	-0.0316	VERB
ajfa-4510	201	14	banking	bank	VERB
ajfa-4510	201	15	2.6917	2.6917	NUM
ajfa-4510	201	16	*	*	PUNCT
ajfa-4510	201	17	0.9629	0.9629	NUM
ajfa-4510	201	18	-0.7321	-0.7321	NOUN
ajfa-4510	201	19	-1.3642	-1.3642	PROPN
ajfa-4510	202	1	-2.5641	-2.5641	PROPN
ajfa-4510	203	1	*	*	PROPN
ajfa-4510	203	2	*	*	PROPN
ajfa-4510	203	3	0.5803	0.5803	NUM
ajfa-4510	203	4	-0.3126	-0.3126	NOUN
ajfa-4510	203	5	1.0061	1.0061	NUM
ajfa-4510	203	6	0.7593	0.7593	NUM
ajfa-4510	203	7	3.9674	3.9674	NUM
ajfa-4510	203	8	*	*	PUNCT
ajfa-4510	203	9	-0.0071	-0.0071	NOUN
ajfa-4510	203	10	-0.3356	-0.3356	NOUN
ajfa-4510	203	11	-0.4641	-0.4641	PROPN
ajfa-4510	204	1	-0.1725	-0.1725	PROPN
ajfa-4510	204	2	-0.0103	-0.0103	PROPN
ajfa-4510	205	1	-0.5617	-0.5617	PROPN
ajfa-4510	205	2	-0.7546	-0.7546	PROPN
ajfa-4510	205	3	-0.3144	-0.3144	PROPN
ajfa-4510	206	1	-0.4477	-0.4477	NOUN
ajfa-4510	207	1	0.0000	0.0000	NUM
ajfa-4510	207	2	automobiles	automobile	VERB
ajfa-4510	207	3	0.5038	0.5038	NUM
ajfa-4510	207	4	-3.8297	-3.8297	NOUN
ajfa-4510	207	5	*	*	PUNCT
ajfa-4510	207	6	0.1149	0.1149	NUM
ajfa-4510	207	7	-1.7957	-1.7957	NOUN
ajfa-4510	207	8	*	*	PUNCT
ajfa-4510	207	9	*	*	PUNCT
ajfa-4510	207	10	*	*	X
ajfa-4510	207	11	1.1311	1.1311	NUM
ajfa-4510	207	12	0.0849	0.0849	NUM
ajfa-4510	207	13	-0.6721	-0.6721	NOUN
ajfa-4510	207	14	-1.1461	-1.1461	NOUN
ajfa-4510	207	15	0.7617	0.7617	NUM
ajfa-4510	207	16	4.8185	4.8185	NUM
ajfa-4510	207	17	*	*	PUNCT
ajfa-4510	207	18	-0.6144	-0.6144	NOUN
ajfa-4510	207	19	-0.0001	-0.0001	NOUN
ajfa-4510	207	20	-0.9085	-0.9085	NOUN
ajfa-4510	207	21	-0.0725	-0.0725	PROPN
ajfa-4510	208	1	-0.258	-0.258	PROPN
ajfa-4510	208	2	-0.9324	-0.9324	PROPN
ajfa-4510	208	3	-0.5015	-0.5015	PROPN
ajfa-4510	208	4	-0.2518	-0.2518	PROPN
ajfa-4510	209	1	-0.4462	-0.4462	PROPN
ajfa-4510	210	1	0.0000	0.0000	NUM
ajfa-4510	210	2	fmcg	fmcg	NOUN
ajfa-4510	210	3	1.0082	1.0082	NUM
ajfa-4510	210	4	0.0763	0.0763	NUM
ajfa-4510	210	5	-0.0541	-0.0541	NOUN
ajfa-4510	210	6	-0.6691	-0.6691	NOUN
ajfa-4510	210	7	-0.9006	-0.9006	PROPN
ajfa-4510	210	8	-1.2716	-1.2716	PROPN
ajfa-4510	210	9	-0.0035	-0.0035	VERB
ajfa-4510	211	1	1.8847	1.8847	NUM
ajfa-4510	211	2	*	*	PUNCT
ajfa-4510	211	3	*	*	PUNCT
ajfa-4510	211	4	*	*	PUNCT
ajfa-4510	212	1	2.3365	2.3365	NUM
ajfa-4510	212	2	*	*	PUNCT
ajfa-4510	212	3	*	*	NOUN
ajfa-4510	212	4	11.1522	11.1522	NUM
ajfa-4510	212	5	*	*	SYM
ajfa-4510	212	6	-0.3133	-0.3133	NOUN
ajfa-4510	212	7	-0.9392	-0.9392	PROPN
ajfa-4510	212	8	-0.9569	-0.9569	X
ajfa-4510	212	9	-0.6571	-0.6571	PROPN
ajfa-4510	212	10	-0.3678	-0.3678	NOUN
ajfa-4510	212	11	-0.2035	-0.2035	PROPN
ajfa-4510	212	12	-0.9972	-0.9972	PUNCT
ajfa-4510	213	1	-0.0595	-0.0595	NOUN
ajfa-4510	213	2	-0.0194	-0.0194	PROPN
ajfa-4510	214	1	0.0000	0.0000	NUM
ajfa-4510	214	2	(	(	PUNCT
ajfa-4510	214	3	figures	figure	NOUN
ajfa-4510	214	4	given	give	VERB
ajfa-4510	214	5	in	in	ADP
ajfa-4510	214	6	parentheses	parenthesis	NOUN
ajfa-4510	214	7	indicate	indicate	VERB
ajfa-4510	214	8	p	p	NOUN
ajfa-4510	214	9	value	value	NOUN
ajfa-4510	214	10	)	)	PUNCT
ajfa-4510	214	11	*	*	PUNCT
ajfa-4510	214	12	significant	significant	ADJ
ajfa-4510	214	13	at	at	ADP
ajfa-4510	214	14	1	1	NUM
ajfa-4510	214	15	per	per	NOUN
ajfa-4510	214	16	cent	cent	NOUN
ajfa-4510	214	17	level	level	NOUN
ajfa-4510	214	18	*	*	PUNCT
ajfa-4510	214	19	*	*	PUNCT
ajfa-4510	214	20	significant	significant	ADJ
ajfa-4510	214	21	at	at	ADP
ajfa-4510	214	22	5	5	NUM
ajfa-4510	214	23	per	per	NOUN
ajfa-4510	214	24	cent	cent	NOUN
ajfa-4510	214	25	level	level	NOUN
ajfa-4510	214	26	*	*	PUNCT
ajfa-4510	214	27	*	*	PUNCT
ajfa-4510	214	28	*	*	PUNCT
ajfa-4510	214	29	significant	significant	ADJ
ajfa-4510	214	30	at	at	ADP
ajfa-4510	214	31	10	10	NUM
ajfa-4510	214	32	per	per	NOUN
ajfa-4510	214	33	cent	cent	NOUN
ajfa-4510	214	34	level	level	NOUN
ajfa-4510	214	35	market	market	NOUN
ajfa-4510	214	36	exposure	exposure	NOUN
ajfa-4510	214	37	found	find	VERB
ajfa-4510	214	38	as	as	ADP
ajfa-4510	214	39	the	the	DET
ajfa-4510	214	40	most	most	ADV
ajfa-4510	214	41	significant	significant	ADJ
ajfa-4510	214	42	factor	factor	NOUN
ajfa-4510	214	43	in	in	ADP
ajfa-4510	214	44	determining	determine	VERB
ajfa-4510	214	45	stock	stock	NOUN
ajfa-4510	214	46	returns	return	NOUN
ajfa-4510	214	47	in	in	ADP
ajfa-4510	214	48	india	india	PROPN
ajfa-4510	214	49	.	.	PUNCT
ajfa-4510	215	1	this	this	PRON
ajfa-4510	215	2	is	be	AUX
ajfa-4510	215	3	because	because	SCONJ
ajfa-4510	215	4	market	market	NOUN
ajfa-4510	215	5	return	return	NOUN
ajfa-4510	215	6	has	have	VERB
ajfa-4510	215	7	significant	significant	ADJ
ajfa-4510	215	8	relationship	relationship	NOUN
ajfa-4510	215	9	with	with	ADP
ajfa-4510	215	10	stock	stock	NOUN
ajfa-4510	215	11	returns	return	NOUN
ajfa-4510	215	12	of	of	ADP
ajfa-4510	215	13	the	the	DET
ajfa-4510	215	14	sectors	sector	NOUN
ajfa-4510	215	15	other	other	ADJ
ajfa-4510	215	16	than	than	ADP
ajfa-4510	215	17	banking	banking	NOUN
ajfa-4510	215	18	and	and	CCONJ
ajfa-4510	215	19	fmcg	fmcg	PROPN
ajfa-4510	215	20	.	.	PUNCT
ajfa-4510	216	1	but	but	CCONJ
ajfa-4510	216	2	automobile	automobile	NOUN
ajfa-4510	216	3	stock	stock	NOUN
ajfa-4510	216	4	returns	return	NOUN
ajfa-4510	216	5	have	have	VERB
ajfa-4510	216	6	only	only	ADV
ajfa-4510	216	7	negative	negative	ADJ
ajfa-4510	216	8	impact	impact	NOUN
ajfa-4510	216	9	by	by	ADP
ajfa-4510	216	10	general	general	ADJ
ajfa-4510	216	11	market	market	NOUN
ajfa-4510	216	12	changes	change	NOUN
ajfa-4510	216	13	.	.	PUNCT
ajfa-4510	217	1	indian	indian	ADJ
ajfa-4510	217	2	banking	banking	NOUN
ajfa-4510	217	3	and	and	CCONJ
ajfa-4510	217	4	fmcg	fmcg	NOUN
ajfa-4510	217	5	sectors	sector	NOUN
ajfa-4510	217	6	performed	perform	VERB
ajfa-4510	217	7	relatively	relatively	ADV
ajfa-4510	217	8	well	well	ADV
ajfa-4510	217	9	even	even	ADV
ajfa-4510	217	10	during	during	ADP
ajfa-4510	217	11	the	the	DET
ajfa-4510	217	12	period	period	NOUN
ajfa-4510	217	13	of	of	ADP
ajfa-4510	217	14	recession	recession	NOUN
ajfa-4510	217	15	.	.	PUNCT
ajfa-4510	218	1	when	when	SCONJ
ajfa-4510	218	2	the	the	DET
ajfa-4510	218	3	growth	growth	NOUN
ajfa-4510	218	4	of	of	ADP
ajfa-4510	218	5	banking	banking	NOUN
ajfa-4510	218	6	sector	sector	NOUN
ajfa-4510	218	7	in	in	ADP
ajfa-4510	218	8	the	the	DET
ajfa-4510	218	9	country	country	NOUN
ajfa-4510	218	10	is	be	AUX
ajfa-4510	218	11	mainly	mainly	ADV
ajfa-4510	218	12	due	due	ADJ
ajfa-4510	218	13	to	to	ADP
ajfa-4510	218	14	the	the	DET
ajfa-4510	218	15	prudent	prudent	ADJ
ajfa-4510	218	16	rbi	rbi	NOUN
ajfa-4510	218	17	policies	policy	NOUN
ajfa-4510	218	18	,	,	PUNCT
ajfa-4510	218	19	the	the	DET
ajfa-4510	218	20	domestic	domestic	ADJ
ajfa-4510	218	21	market	market	NOUN
ajfa-4510	218	22	orientation	orientation	NOUN
ajfa-4510	218	23	insulates	insulate	VERB
ajfa-4510	218	24	the	the	DET
ajfa-4510	218	25	fmcg	fmcg	NOUN
ajfa-4510	218	26	sector	sector	NOUN
ajfa-4510	218	27	from	from	ADP
ajfa-4510	218	28	the	the	DET
ajfa-4510	218	29	asian	asian	ADJ
ajfa-4510	218	30	journal	journal	NOUN
ajfa-4510	218	31	of	of	ADP
ajfa-4510	218	32	finance	finance	PROPN
ajfa-4510	218	33	&	&	CCONJ
ajfa-4510	218	34	accounting	accounting	PROPN
ajfa-4510	218	35	issn	issn	PROPN
ajfa-4510	218	36	1946	1946	NUM
ajfa-4510	218	37	-	-	PUNCT
ajfa-4510	218	38	052x	052x	NOUN
ajfa-4510	218	39	2013	2013	NUM
ajfa-4510	218	40	,	,	PUNCT
ajfa-4510	218	41	vol	vol	NOUN
ajfa-4510	218	42	.	.	PROPN
ajfa-4510	218	43	5	5	NUM
ajfa-4510	218	44	,	,	PUNCT
ajfa-4510	218	45	no	no	INTJ
ajfa-4510	218	46	.	.	NOUN
ajfa-4510	218	47	2	2	NUM
ajfa-4510	218	48	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4510	218	49	300	300	NUM
ajfa-4510	218	50	economic	economic	ADJ
ajfa-4510	218	51	downturns	downturn	NOUN
ajfa-4510	218	52	(	(	PUNCT
ajfa-4510	218	53	saji	saji	PROPN
ajfa-4510	218	54	,	,	PUNCT
ajfa-4510	218	55	harikumar	harikumar	PROPN
ajfa-4510	218	56	&	&	CCONJ
ajfa-4510	218	57	kasim	kasim	PROPN
ajfa-4510	218	58	,	,	PUNCT
ajfa-4510	218	59	2013	2013	NUM
ajfa-4510	218	60	)	)	PUNCT
ajfa-4510	218	61	.	.	PUNCT
ajfa-4510	219	1	this	this	PRON
ajfa-4510	219	2	could	could	AUX
ajfa-4510	219	3	be	be	AUX
ajfa-4510	219	4	taken	take	VERB
ajfa-4510	219	5	as	as	ADP
ajfa-4510	219	6	the	the	DET
ajfa-4510	219	7	better	well	ADJ
ajfa-4510	219	8	explanation	explanation	NOUN
ajfa-4510	219	9	for	for	ADP
ajfa-4510	219	10	the	the	DET
ajfa-4510	219	11	independence	independence	NOUN
ajfa-4510	219	12	of	of	ADP
ajfa-4510	219	13	the	the	DET
ajfa-4510	219	14	stock	stock	NOUN
ajfa-4510	219	15	return	return	NOUN
ajfa-4510	219	16	of	of	ADP
ajfa-4510	219	17	these	these	DET
ajfa-4510	219	18	two	two	NUM
ajfa-4510	219	19	sectors	sector	NOUN
ajfa-4510	219	20	from	from	ADP
ajfa-4510	219	21	the	the	DET
ajfa-4510	219	22	changes	change	NOUN
ajfa-4510	219	23	in	in	ADP
ajfa-4510	219	24	benchmark	benchmark	ADJ
ajfa-4510	219	25	index	index	NOUN
ajfa-4510	219	26	.	.	PUNCT
ajfa-4510	220	1	garch	garch	NOUN
ajfa-4510	220	2	estimation	estimation	NOUN
ajfa-4510	220	3	results	result	NOUN
ajfa-4510	220	4	also	also	ADV
ajfa-4510	220	5	provide	provide	VERB
ajfa-4510	220	6	evidence	evidence	NOUN
ajfa-4510	220	7	for	for	ADP
ajfa-4510	220	8	the	the	DET
ajfa-4510	220	9	diverging	diverging	ADJ
ajfa-4510	220	10	nature	nature	NOUN
ajfa-4510	220	11	of	of	ADP
ajfa-4510	220	12	stock	stock	NOUN
ajfa-4510	220	13	returns	return	NOUN
ajfa-4510	220	14	exposure	exposure	NOUN
ajfa-4510	220	15	at	at	ADP
ajfa-4510	220	16	industry	industry	NOUN
ajfa-4510	220	17	level	level	NOUN
ajfa-4510	220	18	to	to	ADP
ajfa-4510	220	19	the	the	DET
ajfa-4510	220	20	changes	change	NOUN
ajfa-4510	220	21	in	in	ADP
ajfa-4510	220	22	economic	economic	ADJ
ajfa-4510	220	23	factors	factor	NOUN
ajfa-4510	220	24	.	.	PUNCT
ajfa-4510	221	1	wholesale	wholesale	ADJ
ajfa-4510	221	2	price	price	NOUN
ajfa-4510	221	3	index	index	NOUN
ajfa-4510	221	4	is	be	AUX
ajfa-4510	221	5	insignificant	insignificant	ADJ
ajfa-4510	221	6	to	to	PART
ajfa-4510	221	7	stock	stock	VERB
ajfa-4510	221	8	returns	return	NOUN
ajfa-4510	221	9	of	of	ADP
ajfa-4510	221	10	almost	almost	ADV
ajfa-4510	221	11	all	all	PRON
ajfa-4510	221	12	sectors	sector	NOUN
ajfa-4510	221	13	except	except	SCONJ
ajfa-4510	221	14	that	that	PRON
ajfa-4510	221	15	of	of	ADP
ajfa-4510	221	16	information	information	NOUN
ajfa-4510	221	17	technology	technology	NOUN
ajfa-4510	221	18	.	.	PUNCT
ajfa-4510	222	1	this	this	PRON
ajfa-4510	222	2	suggests	suggest	VERB
ajfa-4510	222	3	that	that	SCONJ
ajfa-4510	222	4	the	the	DET
ajfa-4510	222	5	rising	rise	VERB
ajfa-4510	222	6	inflation	inflation	NOUN
ajfa-4510	222	7	in	in	ADP
ajfa-4510	222	8	the	the	DET
ajfa-4510	222	9	country	country	NOUN
ajfa-4510	222	10	often	often	ADV
ajfa-4510	222	11	leaves	leave	VERB
ajfa-4510	222	12	the	the	DET
ajfa-4510	222	13	stock	stock	NOUN
ajfa-4510	222	14	returns	return	NOUN
ajfa-4510	222	15	of	of	ADP
ajfa-4510	222	16	most	most	ADJ
ajfa-4510	222	17	sectors	sector	NOUN
ajfa-4510	222	18	being	be	AUX
ajfa-4510	222	19	unaffected	unaffected	ADJ
ajfa-4510	222	20	.	.	PUNCT
ajfa-4510	223	1	however	however	ADV
ajfa-4510	223	2	the	the	DET
ajfa-4510	223	3	inflationary	inflationary	ADJ
ajfa-4510	223	4	conditions	condition	NOUN
ajfa-4510	223	5	in	in	ADP
ajfa-4510	223	6	the	the	DET
ajfa-4510	223	7	country	country	NOUN
ajfa-4510	223	8	pull	pull	VERB
ajfa-4510	223	9	down	down	ADP
ajfa-4510	223	10	the	the	DET
ajfa-4510	223	11	performance	performance	NOUN
ajfa-4510	223	12	of	of	ADP
ajfa-4510	223	13	it	it	PRON
ajfa-4510	223	14	sector	sector	NOUN
ajfa-4510	223	15	,	,	PUNCT
ajfa-4510	223	16	hence	hence	ADV
ajfa-4510	223	17	its	its	PRON
ajfa-4510	223	18	stock	stock	NOUN
ajfa-4510	223	19	returns	return	NOUN
ajfa-4510	223	20	also	also	ADV
ajfa-4510	223	21	.	.	PUNCT
ajfa-4510	224	1	the	the	DET
ajfa-4510	224	2	fluctuations	fluctuation	NOUN
ajfa-4510	224	3	in	in	ADP
ajfa-4510	224	4	value	value	NOUN
ajfa-4510	224	5	of	of	ADP
ajfa-4510	224	6	dollar	dollar	NOUN
ajfa-4510	224	7	against	against	ADP
ajfa-4510	224	8	rupee	rupee	NOUN
ajfa-4510	224	9	are	be	AUX
ajfa-4510	224	10	affecting	affect	VERB
ajfa-4510	224	11	the	the	DET
ajfa-4510	224	12	stock	stock	NOUN
ajfa-4510	224	13	returns	return	NOUN
ajfa-4510	224	14	of	of	ADP
ajfa-4510	224	15	only	only	ADV
ajfa-4510	224	16	two	two	NUM
ajfa-4510	224	17	sectors	sector	NOUN
ajfa-4510	224	18	,	,	PUNCT
ajfa-4510	224	19	information	information	NOUN
ajfa-4510	224	20	technology	technology	NOUN
ajfa-4510	224	21	and	and	CCONJ
ajfa-4510	224	22	automobiles	automobile	NOUN
ajfa-4510	224	23	.	.	PUNCT
ajfa-4510	225	1	it	it	PRON
ajfa-4510	225	2	stock	stock	NOUN
ajfa-4510	225	3	return	return	NOUN
ajfa-4510	225	4	is	be	AUX
ajfa-4510	225	5	impacted	impact	VERB
ajfa-4510	225	6	positively	positively	ADV
ajfa-4510	225	7	by	by	ADP
ajfa-4510	225	8	the	the	DET
ajfa-4510	225	9	depreciation	depreciation	NOUN
ajfa-4510	225	10	of	of	ADP
ajfa-4510	225	11	indian	indian	ADJ
ajfa-4510	225	12	rupee	rupee	NOUN
ajfa-4510	225	13	.	.	PUNCT
ajfa-4510	226	1	indian	indian	ADJ
ajfa-4510	226	2	it	it	PRON
ajfa-4510	226	3	industry	industry	NOUN
ajfa-4510	226	4	is	be	AUX
ajfa-4510	226	5	more	more	ADV
ajfa-4510	226	6	exposed	expose	VERB
ajfa-4510	226	7	to	to	ADP
ajfa-4510	226	8	the	the	DET
ajfa-4510	226	9	export	export	NOUN
ajfa-4510	226	10	market	market	NOUN
ajfa-4510	226	11	(	(	PUNCT
ajfa-4510	226	12	us	us	PROPN
ajfa-4510	226	13	and	and	CCONJ
ajfa-4510	226	14	europe	europe	PROPN
ajfa-4510	226	15	)	)	PUNCT
ajfa-4510	226	16	for	for	ADP
ajfa-4510	226	17	their	their	PRON
ajfa-4510	226	18	revenues	revenue	NOUN
ajfa-4510	226	19	(	(	PUNCT
ajfa-4510	226	20	nasscom	nasscom	NOUN
ajfa-4510	226	21	,	,	PUNCT
ajfa-4510	226	22	2008	2008	NUM
ajfa-4510	226	23	)	)	PUNCT
ajfa-4510	226	24	,	,	PUNCT
ajfa-4510	226	25	hence	hence	ADV
ajfa-4510	226	26	the	the	DET
ajfa-4510	226	27	depreciation	depreciation	NOUN
ajfa-4510	226	28	of	of	ADP
ajfa-4510	226	29	rupee	rupee	NOUN
ajfa-4510	226	30	enable	enable	VERB
ajfa-4510	226	31	it	it	PRON
ajfa-4510	226	32	to	to	PART
ajfa-4510	226	33	make	make	VERB
ajfa-4510	226	34	more	more	ADJ
ajfa-4510	226	35	earnings	earning	NOUN
ajfa-4510	226	36	on	on	ADP
ajfa-4510	226	37	dollar	dollar	NOUN
ajfa-4510	226	38	realizations	realization	NOUN
ajfa-4510	226	39	.	.	PUNCT
ajfa-4510	227	1	however	however	ADV
ajfa-4510	227	2	the	the	DET
ajfa-4510	227	3	continuous	continuous	ADJ
ajfa-4510	227	4	depreciation	depreciation	NOUN
ajfa-4510	227	5	of	of	ADP
ajfa-4510	227	6	rupee	rupee	NOUN
ajfa-4510	227	7	is	be	AUX
ajfa-4510	227	8	causing	cause	VERB
ajfa-4510	227	9	a	a	DET
ajfa-4510	227	10	negative	negative	ADJ
ajfa-4510	227	11	effect	effect	NOUN
ajfa-4510	227	12	on	on	ADP
ajfa-4510	227	13	stock	stock	NOUN
ajfa-4510	227	14	returns	return	NOUN
ajfa-4510	227	15	of	of	ADP
ajfa-4510	227	16	automobile	automobile	NOUN
ajfa-4510	227	17	sector	sector	NOUN
ajfa-4510	227	18	.	.	PUNCT
ajfa-4510	228	1	indian	indian	ADJ
ajfa-4510	228	2	automobile	automobile	NOUN
ajfa-4510	228	3	sector	sector	NOUN
ajfa-4510	228	4	is	be	AUX
ajfa-4510	228	5	depending	depend	VERB
ajfa-4510	228	6	heavily	heavily	ADV
ajfa-4510	228	7	on	on	ADP
ajfa-4510	228	8	foreign	foreign	ADJ
ajfa-4510	228	9	supplies	supply	NOUN
ajfa-4510	228	10	for	for	ADP
ajfa-4510	228	11	their	their	PRON
ajfa-4510	228	12	input	input	NOUN
ajfa-4510	228	13	materials	material	NOUN
ajfa-4510	228	14	and	and	CCONJ
ajfa-4510	228	15	assembling	assemble	VERB
ajfa-4510	228	16	parts	part	NOUN
ajfa-4510	228	17	.	.	PUNCT
ajfa-4510	229	1	the	the	DET
ajfa-4510	229	2	rupee	rupee	NOUN
ajfa-4510	229	3	depreciation	depreciation	NOUN
ajfa-4510	229	4	definitely	definitely	ADV
ajfa-4510	229	5	brings	bring	VERB
ajfa-4510	229	6	in	in	ADP
ajfa-4510	229	7	increased	increase	VERB
ajfa-4510	229	8	cost	cost	NOUN
ajfa-4510	229	9	to	to	ADP
ajfa-4510	229	10	the	the	DET
ajfa-4510	229	11	sector	sector	NOUN
ajfa-4510	229	12	in	in	ADP
ajfa-4510	229	13	rupee	rupee	NOUN
ajfa-4510	229	14	terms	term	NOUN
ajfa-4510	229	15	.	.	PUNCT
ajfa-4510	230	1	industrial	industrial	ADJ
ajfa-4510	230	2	production	production	NOUN
ajfa-4510	230	3	index	index	NOUN
ajfa-4510	230	4	is	be	AUX
ajfa-4510	230	5	positively	positively	ADV
ajfa-4510	230	6	related	relate	VERB
ajfa-4510	230	7	to	to	ADP
ajfa-4510	230	8	the	the	DET
ajfa-4510	230	9	it	it	PRON
ajfa-4510	230	10	stock	stock	NOUN
ajfa-4510	230	11	return	return	NOUN
ajfa-4510	230	12	and	and	CCONJ
ajfa-4510	230	13	negatively	negatively	ADV
ajfa-4510	230	14	related	relate	VERB
ajfa-4510	230	15	to	to	ADP
ajfa-4510	230	16	banking	banking	NOUN
ajfa-4510	230	17	returns	return	NOUN
ajfa-4510	230	18	.	.	PUNCT
ajfa-4510	231	1	other	other	ADJ
ajfa-4510	231	2	sectors	sector	NOUN
ajfa-4510	231	3	hold	hold	VERB
ajfa-4510	231	4	no	no	DET
ajfa-4510	231	5	causal	causal	ADJ
ajfa-4510	231	6	relation	relation	NOUN
ajfa-4510	231	7	with	with	ADP
ajfa-4510	231	8	index	index	NOUN
ajfa-4510	231	9	of	of	ADP
ajfa-4510	231	10	industrial	industrial	ADJ
ajfa-4510	231	11	production	production	NOUN
ajfa-4510	231	12	.	.	PUNCT
ajfa-4510	232	1	the	the	DET
ajfa-4510	232	2	positive	positive	ADJ
ajfa-4510	232	3	relationship	relationship	NOUN
ajfa-4510	232	4	between	between	ADP
ajfa-4510	232	5	it	it	PRON
ajfa-4510	232	6	stock	stock	NOUN
ajfa-4510	232	7	returns	return	NOUN
ajfa-4510	232	8	and	and	CCONJ
ajfa-4510	232	9	real	real	ADJ
ajfa-4510	232	10	output	output	NOUN
ajfa-4510	232	11	might	might	AUX
ajfa-4510	232	12	be	be	AUX
ajfa-4510	232	13	due	due	ADJ
ajfa-4510	232	14	to	to	ADP
ajfa-4510	232	15	the	the	DET
ajfa-4510	232	16	dominant	dominant	ADJ
ajfa-4510	232	17	share	share	NOUN
ajfa-4510	232	18	of	of	ADP
ajfa-4510	232	19	it	it	PRON
ajfa-4510	232	20	industry	industry	NOUN
ajfa-4510	232	21	in	in	ADP
ajfa-4510	232	22	the	the	DET
ajfa-4510	232	23	total	total	ADJ
ajfa-4510	232	24	industrial	industrial	ADJ
ajfa-4510	232	25	production	production	NOUN
ajfa-4510	232	26	of	of	ADP
ajfa-4510	232	27	india	india	PROPN
ajfa-4510	232	28	.	.	PUNCT
ajfa-4510	233	1	the	the	DET
ajfa-4510	233	2	negative	negative	ADJ
ajfa-4510	233	3	relationship	relationship	NOUN
ajfa-4510	233	4	between	between	ADP
ajfa-4510	233	5	banking	banking	NOUN
ajfa-4510	233	6	stock	stock	NOUN
ajfa-4510	233	7	returns	return	NOUN
ajfa-4510	233	8	and	and	CCONJ
ajfa-4510	233	9	the	the	DET
ajfa-4510	233	10	total	total	ADJ
ajfa-4510	233	11	production	production	NOUN
ajfa-4510	233	12	in	in	ADP
ajfa-4510	233	13	real	real	ADJ
ajfa-4510	233	14	sector	sector	NOUN
ajfa-4510	233	15	shows	show	VERB
ajfa-4510	233	16	the	the	DET
ajfa-4510	233	17	diversion	diversion	NOUN
ajfa-4510	233	18	of	of	ADP
ajfa-4510	233	19	investible	investible	ADJ
ajfa-4510	233	20	wealth	wealth	NOUN
ajfa-4510	233	21	from	from	ADP
ajfa-4510	233	22	financial	financial	ADJ
ajfa-4510	233	23	sector	sector	NOUN
ajfa-4510	233	24	to	to	ADP
ajfa-4510	233	25	real	real	ADJ
ajfa-4510	233	26	sector	sector	NOUN
ajfa-4510	233	27	and	and	CCONJ
ajfa-4510	233	28	vice	vice	NOUN
ajfa-4510	233	29	versa	versa	ADV
ajfa-4510	233	30	.	.	PUNCT
ajfa-4510	234	1	money	money	NOUN
ajfa-4510	234	2	supply	supply	NOUN
ajfa-4510	234	3	variable	variable	NOUN
ajfa-4510	234	4	has	have	AUX
ajfa-4510	234	5	shown	show	VERB
ajfa-4510	234	6	insignificant	insignificant	ADJ
ajfa-4510	234	7	relationship	relationship	NOUN
ajfa-4510	234	8	in	in	ADP
ajfa-4510	234	9	almost	almost	ADV
ajfa-4510	234	10	sectors	sector	NOUN
ajfa-4510	234	11	.	.	PUNCT
ajfa-4510	235	1	the	the	DET
ajfa-4510	235	2	broad	broad	ADJ
ajfa-4510	235	3	money	money	NOUN
ajfa-4510	235	4	variable	variable	NOUN
ajfa-4510	235	5	holds	hold	VERB
ajfa-4510	235	6	significant	significant	ADJ
ajfa-4510	235	7	bearing	bearing	NOUN
ajfa-4510	235	8	only	only	ADV
ajfa-4510	235	9	on	on	ADP
ajfa-4510	235	10	energy	energy	NOUN
ajfa-4510	235	11	sector	sector	NOUN
ajfa-4510	235	12	returns	return	NOUN
ajfa-4510	235	13	.	.	PUNCT
ajfa-4510	236	1	fii	fii	PROPN
ajfa-4510	236	2	net	net	PROPN
ajfa-4510	236	3	flows	flow	NOUN
ajfa-4510	236	4	are	be	AUX
ajfa-4510	236	5	insignificant	insignificant	ADJ
ajfa-4510	236	6	for	for	ADP
ajfa-4510	236	7	almost	almost	ADV
ajfa-4510	236	8	all	all	DET
ajfa-4510	236	9	sectors	sector	NOUN
ajfa-4510	236	10	,	,	PUNCT
ajfa-4510	236	11	but	but	CCONJ
ajfa-4510	236	12	have	have	AUX
ajfa-4510	236	13	shown	show	VERB
ajfa-4510	236	14	uniform	uniform	ADJ
ajfa-4510	236	15	behavior	behavior	NOUN
ajfa-4510	236	16	to	to	PART
ajfa-4510	236	17	stock	stock	NOUN
ajfa-4510	236	18	returns	return	NOUN
ajfa-4510	236	19	in	in	ADP
ajfa-4510	236	20	india	india	PROPN
ajfa-4510	236	21	.	.	PUNCT
ajfa-4510	237	1	this	this	DET
ajfa-4510	237	2	external	external	ADJ
ajfa-4510	237	3	variable	variable	NOUN
ajfa-4510	237	4	holds	hold	VERB
ajfa-4510	237	5	inverse	inverse	NOUN
ajfa-4510	237	6	relationship	relationship	NOUN
ajfa-4510	237	7	with	with	ADP
ajfa-4510	237	8	the	the	DET
ajfa-4510	237	9	price	price	NOUN
ajfa-4510	237	10	changes	change	NOUN
ajfa-4510	237	11	in	in	ADP
ajfa-4510	237	12	different	different	ADJ
ajfa-4510	237	13	sectors	sector	NOUN
ajfa-4510	237	14	.	.	PUNCT
ajfa-4510	238	1	however	however	ADV
ajfa-4510	238	2	such	such	ADJ
ajfa-4510	238	3	relationship	relationship	NOUN
ajfa-4510	238	4	is	be	AUX
ajfa-4510	238	5	significant	significant	ADJ
ajfa-4510	238	6	for	for	ADP
ajfa-4510	238	7	energy	energy	NOUN
ajfa-4510	238	8	sector	sector	NOUN
ajfa-4510	238	9	only	only	ADV
ajfa-4510	238	10	.	.	PUNCT
ajfa-4510	239	1	the	the	DET
ajfa-4510	239	2	insignificance	insignificance	NOUN
ajfa-4510	239	3	of	of	ADP
ajfa-4510	239	4	impact	impact	NOUN
ajfa-4510	239	5	of	of	ADP
ajfa-4510	239	6	fii	fii	PROPN
ajfa-4510	239	7	on	on	ADP
ajfa-4510	239	8	stock	stock	NOUN
ajfa-4510	239	9	returns	return	NOUN
ajfa-4510	239	10	in	in	ADP
ajfa-4510	239	11	india	india	PROPN
ajfa-4510	239	12	imples	imple	VERB
ajfa-4510	239	13	the	the	DET
ajfa-4510	239	14	strength	strength	NOUN
ajfa-4510	239	15	of	of	ADP
ajfa-4510	239	16	the	the	DET
ajfa-4510	239	17	domestic	domestic	ADJ
ajfa-4510	239	18	institutional	institutional	ADJ
ajfa-4510	239	19	investment	investment	NOUN
ajfa-4510	239	20	base	base	NOUN
ajfa-4510	239	21	of	of	ADP
ajfa-4510	239	22	the	the	DET
ajfa-4510	239	23	country	country	NOUN
ajfa-4510	239	24	which	which	PRON
ajfa-4510	239	25	seems	seem	VERB
ajfa-4510	239	26	to	to	PART
ajfa-4510	239	27	be	be	AUX
ajfa-4510	239	28	vital	vital	ADJ
ajfa-4510	239	29	inputs	input	NOUN
ajfa-4510	239	30	for	for	ADP
ajfa-4510	239	31	policymakers	policymaker	NOUN
ajfa-4510	239	32	and	and	CCONJ
ajfa-4510	239	33	regulators	regulator	NOUN
ajfa-4510	239	34	.	.	PUNCT
ajfa-4510	240	1	the	the	DET
ajfa-4510	240	2	interest	interest	NOUN
ajfa-4510	240	3	rate	rate	NOUN
ajfa-4510	240	4	is	be	AUX
ajfa-4510	240	5	found	find	VERB
ajfa-4510	240	6	negatively	negatively	ADV
ajfa-4510	240	7	related	relate	VERB
ajfa-4510	240	8	to	to	ADP
ajfa-4510	240	9	the	the	DET
ajfa-4510	240	10	stock	stock	NOUN
ajfa-4510	240	11	returns	return	NOUN
ajfa-4510	240	12	of	of	ADP
ajfa-4510	240	13	it	it	PRON
ajfa-4510	240	14	and	and	CCONJ
ajfa-4510	240	15	automobile	automobile	NOUN
ajfa-4510	240	16	sectors	sector	NOUN
ajfa-4510	240	17	;	;	PUNCT
ajfa-4510	240	18	nevertheless	nevertheless	ADV
ajfa-4510	240	19	the	the	DET
ajfa-4510	240	20	impact	impact	NOUN
ajfa-4510	240	21	is	be	AUX
ajfa-4510	240	22	significant	significant	ADJ
ajfa-4510	240	23	for	for	ADP
ajfa-4510	240	24	only	only	ADV
ajfa-4510	240	25	it	it	PRON
ajfa-4510	240	26	sector	sector	NOUN
ajfa-4510	240	27	.	.	PUNCT
ajfa-4510	241	1	the	the	DET
ajfa-4510	241	2	lower	low	ADJ
ajfa-4510	241	3	interest	interest	NOUN
ajfa-4510	241	4	rate	rate	NOUN
ajfa-4510	241	5	means	mean	VERB
ajfa-4510	241	6	lower	low	ADJ
ajfa-4510	241	7	cost	cost	NOUN
ajfa-4510	241	8	of	of	ADP
ajfa-4510	241	9	capital	capital	NOUN
ajfa-4510	241	10	and	and	CCONJ
ajfa-4510	241	11	better	well	ADJ
ajfa-4510	241	12	corporate	corporate	ADJ
ajfa-4510	241	13	earnings	earning	NOUN
ajfa-4510	241	14	,	,	PUNCT
ajfa-4510	241	15	which	which	PRON
ajfa-4510	241	16	influence	influence	VERB
ajfa-4510	241	17	positively	positively	ADV
ajfa-4510	241	18	on	on	ADP
ajfa-4510	241	19	share	share	NOUN
ajfa-4510	241	20	prices	price	NOUN
ajfa-4510	241	21	of	of	ADP
ajfa-4510	241	22	these	these	DET
ajfa-4510	241	23	two	two	NUM
ajfa-4510	241	24	sectors	sector	NOUN
ajfa-4510	241	25	.	.	PUNCT
ajfa-4510	242	1	with	with	ADP
ajfa-4510	242	2	the	the	DET
ajfa-4510	242	3	stock	stock	NOUN
ajfa-4510	242	4	returns	return	NOUN
ajfa-4510	242	5	of	of	ADP
ajfa-4510	242	6	remaining	remain	VERB
ajfa-4510	242	7	sectors	sector	NOUN
ajfa-4510	242	8	,	,	PUNCT
ajfa-4510	242	9	the	the	DET
ajfa-4510	242	10	interest	interest	NOUN
ajfa-4510	242	11	rate	rate	NOUN
ajfa-4510	242	12	variable	variable	NOUN
ajfa-4510	242	13	is	be	AUX
ajfa-4510	242	14	positively	positively	ADV
ajfa-4510	242	15	related	relate	VERB
ajfa-4510	242	16	.	.	PUNCT
ajfa-4510	243	1	among	among	ADP
ajfa-4510	243	2	these	these	PRON
ajfa-4510	243	3	,	,	PUNCT
ajfa-4510	243	4	except	except	SCONJ
ajfa-4510	243	5	banking	banking	NOUN
ajfa-4510	243	6	,	,	PUNCT
ajfa-4510	243	7	all	all	DET
ajfa-4510	243	8	other	other	ADJ
ajfa-4510	243	9	sectors	sector	NOUN
ajfa-4510	243	10	are	be	AUX
ajfa-4510	243	11	more	more	ADJ
ajfa-4510	243	12	of	of	ADP
ajfa-4510	243	13	defensive	defensive	ADJ
ajfa-4510	243	14	nature	nature	NOUN
ajfa-4510	243	15	;	;	PUNCT
ajfa-4510	243	16	hence	hence	ADV
ajfa-4510	243	17	rational	rational	ADJ
ajfa-4510	243	18	to	to	PART
ajfa-4510	243	19	treat	treat	VERB
ajfa-4510	243	20	their	their	PRON
ajfa-4510	243	21	stock	stock	NOUN
ajfa-4510	243	22	returns	return	NOUN
ajfa-4510	243	23	independent	independent	ADJ
ajfa-4510	243	24	of	of	ADP
ajfa-4510	243	25	interest	interest	NOUN
ajfa-4510	243	26	rate	rate	NOUN
ajfa-4510	243	27	changes	change	NOUN
ajfa-4510	243	28	.	.	PUNCT
ajfa-4510	244	1	the	the	DET
ajfa-4510	244	2	positive	positive	ADJ
ajfa-4510	244	3	relationship	relationship	NOUN
ajfa-4510	244	4	of	of	ADP
ajfa-4510	244	5	banking	banking	NOUN
ajfa-4510	244	6	stock	stock	NOUN
ajfa-4510	244	7	returns	return	NOUN
ajfa-4510	244	8	can	can	AUX
ajfa-4510	244	9	be	be	AUX
ajfa-4510	244	10	attributed	attribute	VERB
ajfa-4510	244	11	to	to	ADP
ajfa-4510	244	12	the	the	DET
ajfa-4510	244	13	nature	nature	NOUN
ajfa-4510	244	14	of	of	ADP
ajfa-4510	244	15	the	the	DET
ajfa-4510	244	16	industry	industry	NOUN
ajfa-4510	244	17	being	be	AUX
ajfa-4510	244	18	financial	financial	ADJ
ajfa-4510	244	19	sector	sector	NOUN
ajfa-4510	244	20	.	.	PUNCT
ajfa-4510	245	1	the	the	DET
ajfa-4510	245	2	market	market	NOUN
ajfa-4510	245	3	return	return	NOUN
ajfa-4510	245	4	contributes	contribute	VERB
ajfa-4510	245	5	largely	largely	ADV
ajfa-4510	245	6	to	to	ADP
ajfa-4510	245	7	the	the	DET
ajfa-4510	245	8	variations	variation	NOUN
ajfa-4510	245	9	in	in	ADP
ajfa-4510	245	10	stock	stock	NOUN
ajfa-4510	245	11	returns	return	NOUN
ajfa-4510	245	12	of	of	ADP
ajfa-4510	245	13	most	most	ADJ
ajfa-4510	245	14	of	of	ADP
ajfa-4510	245	15	the	the	DET
ajfa-4510	245	16	sectors	sector	NOUN
ajfa-4510	245	17	.	.	PUNCT
ajfa-4510	246	1	many	many	ADJ
ajfa-4510	246	2	of	of	ADP
ajfa-4510	246	3	other	other	ADJ
ajfa-4510	246	4	economic	economic	ADJ
ajfa-4510	246	5	variables	variable	NOUN
ajfa-4510	246	6	also	also	ADV
ajfa-4510	246	7	account	account	VERB
ajfa-4510	246	8	for	for	ADP
ajfa-4510	246	9	variations	variation	NOUN
ajfa-4510	246	10	in	in	ADP
ajfa-4510	246	11	stock	stock	NOUN
ajfa-4510	246	12	returns	return	NOUN
ajfa-4510	246	13	even	even	ADV
ajfa-4510	246	14	though	though	SCONJ
ajfa-4510	246	15	the	the	DET
ajfa-4510	246	16	asian	asian	ADJ
ajfa-4510	246	17	journal	journal	NOUN
ajfa-4510	246	18	of	of	ADP
ajfa-4510	246	19	finance	finance	PROPN
ajfa-4510	246	20	&	&	CCONJ
ajfa-4510	246	21	accounting	accounting	PROPN
ajfa-4510	246	22	issn	issn	PROPN
ajfa-4510	246	23	1946	1946	NUM
ajfa-4510	246	24	-	-	PUNCT
ajfa-4510	246	25	052x	052x	NOUN
ajfa-4510	246	26	2013	2013	NUM
ajfa-4510	246	27	,	,	PUNCT
ajfa-4510	246	28	vol	vol	NOUN
ajfa-4510	246	29	.	.	PROPN
ajfa-4510	246	30	5	5	NUM
ajfa-4510	246	31	,	,	PUNCT
ajfa-4510	246	32	no	no	INTJ
ajfa-4510	246	33	.	.	NOUN
ajfa-4510	246	34	2	2	NUM
ajfa-4510	246	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	246	36	301	301	NUM
ajfa-4510	246	37	study	study	NOUN
ajfa-4510	246	38	observed	observe	VERB
ajfa-4510	246	39	their	their	PRON
ajfa-4510	246	40	impact	impact	NOUN
ajfa-4510	246	41	different	different	ADV
ajfa-4510	246	42	across	across	ADP
ajfa-4510	246	43	the	the	DET
ajfa-4510	246	44	sectors	sector	NOUN
ajfa-4510	246	45	.	.	PUNCT
ajfa-4510	247	1	so	so	ADV
ajfa-4510	247	2	the	the	DET
ajfa-4510	247	3	inclusion	inclusion	NOUN
ajfa-4510	247	4	of	of	ADP
ajfa-4510	247	5	relevant	relevant	ADJ
ajfa-4510	247	6	economic	economic	ADJ
ajfa-4510	247	7	variables	variable	NOUN
ajfa-4510	247	8	along	along	ADP
ajfa-4510	247	9	with	with	ADP
ajfa-4510	247	10	the	the	DET
ajfa-4510	247	11	market	market	NOUN
ajfa-4510	247	12	return	return	NOUN
ajfa-4510	247	13	in	in	ADP
ajfa-4510	247	14	a	a	DET
ajfa-4510	247	15	model	model	NOUN
ajfa-4510	247	16	definitely	definitely	ADV
ajfa-4510	247	17	adds	add	VERB
ajfa-4510	247	18	its	its	PRON
ajfa-4510	247	19	explanatory	explanatory	ADJ
ajfa-4510	247	20	power	power	NOUN
ajfa-4510	247	21	in	in	ADP
ajfa-4510	247	22	estimating	estimate	VERB
ajfa-4510	247	23	stock	stock	NOUN
ajfa-4510	247	24	returns	return	NOUN
ajfa-4510	247	25	.	.	PUNCT
ajfa-4510	248	1	this	this	DET
ajfa-4510	248	2	finding	finding	NOUN
ajfa-4510	248	3	do	do	VERB
ajfa-4510	248	4	up	up	ADP
ajfa-4510	248	5	the	the	DET
ajfa-4510	248	6	utility	utility	NOUN
ajfa-4510	248	7	of	of	ADP
ajfa-4510	248	8	multifactor	multifactor	NOUN
ajfa-4510	248	9	modeling	modeling	NOUN
ajfa-4510	248	10	in	in	ADP
ajfa-4510	248	11	stock	stock	NOUN
ajfa-4510	248	12	return	return	NOUN
ajfa-4510	248	13	estimation	estimation	NOUN
ajfa-4510	248	14	which	which	PRON
ajfa-4510	248	15	earlier	early	ADV
ajfa-4510	248	16	reported	report	VERB
ajfa-4510	248	17	in	in	ADP
ajfa-4510	248	18	studies	study	NOUN
ajfa-4510	248	19	like	like	ADP
ajfa-4510	248	20	chen	chen	PROPN
ajfa-4510	248	21	et	et	PROPN
ajfa-4510	248	22	al	al	PROPN
ajfa-4510	248	23	(	(	PUNCT
ajfa-4510	248	24	1986	1986	NUM
ajfa-4510	248	25	)	)	PUNCT
ajfa-4510	248	26	and	and	CCONJ
ajfa-4510	248	27	butt	butt	PROPN
ajfa-4510	248	28	et	et	PROPN
ajfa-4510	248	29	al	al	PROPN
ajfa-4510	248	30	.	.	PUNCT
ajfa-4510	249	1	(	(	PUNCT
ajfa-4510	249	2	2010	2010	NUM
ajfa-4510	249	3	)	)	PUNCT
ajfa-4510	249	4	.	.	PUNCT
ajfa-4510	250	1	5	5	X
ajfa-4510	250	2	.	.	X
ajfa-4510	250	3	conclusion	conclusion	NOUN
ajfa-4510	250	4	the	the	DET
ajfa-4510	250	5	study	study	NOUN
ajfa-4510	250	6	investigates	investigate	VERB
ajfa-4510	250	7	the	the	DET
ajfa-4510	250	8	relations	relation	NOUN
ajfa-4510	250	9	between	between	ADP
ajfa-4510	250	10	time	time	NOUN
ajfa-4510	250	11	varying	vary	VERB
ajfa-4510	250	12	macroeconomic	macroeconomic	ADJ
ajfa-4510	250	13	conditions	condition	NOUN
ajfa-4510	250	14	and	and	CCONJ
ajfa-4510	250	15	industrial	industrial	ADJ
ajfa-4510	250	16	stock	stock	NOUN
ajfa-4510	250	17	returns	return	NOUN
ajfa-4510	250	18	in	in	ADP
ajfa-4510	250	19	india	india	PROPN
ajfa-4510	250	20	.	.	PUNCT
ajfa-4510	251	1	the	the	DET
ajfa-4510	251	2	descriptive	descriptive	ADJ
ajfa-4510	251	3	statistics	statistic	NOUN
ajfa-4510	251	4	on	on	ADP
ajfa-4510	251	5	variance	variance	NOUN
ajfa-4510	251	6	and	and	CCONJ
ajfa-4510	251	7	skewness	skewness	NOUN
ajfa-4510	251	8	suggest	suggest	VERB
ajfa-4510	251	9	that	that	SCONJ
ajfa-4510	251	10	stock	stock	NOUN
ajfa-4510	251	11	returns	return	NOUN
ajfa-4510	251	12	and	and	CCONJ
ajfa-4510	251	13	economic	economic	ADJ
ajfa-4510	251	14	time	time	NOUN
ajfa-4510	251	15	series	series	PROPN
ajfa-4510	251	16	exhibit	exhibit	VERB
ajfa-4510	251	17	conditional	conditional	ADJ
ajfa-4510	251	18	heteroskedasticity	heteroskedasticity	NOUN
ajfa-4510	251	19	.	.	PUNCT
ajfa-4510	252	1	hence	hence	ADV
ajfa-4510	252	2	the	the	DET
ajfa-4510	252	3	garch	garch	NOUN
ajfa-4510	252	4	specification	specification	NOUN
ajfa-4510	252	5	is	be	AUX
ajfa-4510	252	6	appropriate	appropriate	ADJ
ajfa-4510	252	7	for	for	ADP
ajfa-4510	252	8	capturing	capture	VERB
ajfa-4510	252	9	the	the	DET
ajfa-4510	252	10	presence	presence	NOUN
ajfa-4510	252	11	of	of	ADP
ajfa-4510	252	12	time	time	NOUN
ajfa-4510	252	13	varying	vary	VERB
ajfa-4510	252	14	volatility	volatility	NOUN
ajfa-4510	252	15	in	in	ADP
ajfa-4510	252	16	india	india	PROPN
ajfa-4510	252	17	.	.	PUNCT
ajfa-4510	253	1	multivariate	multivariate	PROPN
ajfa-4510	253	2	asymmetric	asymmetric	ADJ
ajfa-4510	253	3	garch	garch	NOUN
ajfa-4510	253	4	modeling	modeling	NOUN
ajfa-4510	253	5	administered	administer	VERB
ajfa-4510	253	6	in	in	ADP
ajfa-4510	253	7	the	the	DET
ajfa-4510	253	8	study	study	NOUN
ajfa-4510	253	9	found	find	VERB
ajfa-4510	253	10	evidence	evidence	NOUN
ajfa-4510	253	11	of	of	ADP
ajfa-4510	253	12	linkage	linkage	NOUN
ajfa-4510	253	13	between	between	ADP
ajfa-4510	253	14	macroeconomic	macroeconomic	ADJ
ajfa-4510	253	15	conditions	condition	NOUN
ajfa-4510	253	16	and	and	CCONJ
ajfa-4510	253	17	industrial	industrial	ADJ
ajfa-4510	253	18	stock	stock	NOUN
ajfa-4510	253	19	returns	return	NOUN
ajfa-4510	253	20	.	.	PUNCT
ajfa-4510	254	1	however	however	ADV
ajfa-4510	254	2	the	the	DET
ajfa-4510	254	3	impact	impact	NOUN
ajfa-4510	254	4	of	of	ADP
ajfa-4510	254	5	macroeconomic	macroeconomic	ADJ
ajfa-4510	254	6	forces	force	NOUN
ajfa-4510	254	7	on	on	ADP
ajfa-4510	254	8	stock	stock	NOUN
ajfa-4510	254	9	returns	return	NOUN
ajfa-4510	254	10	is	be	AUX
ajfa-4510	254	11	different	different	ADJ
ajfa-4510	254	12	from	from	ADP
ajfa-4510	254	13	industry	industry	NOUN
ajfa-4510	254	14	to	to	ADP
ajfa-4510	254	15	industry	industry	NOUN
ajfa-4510	254	16	.	.	PUNCT
ajfa-4510	255	1	we	we	PRON
ajfa-4510	255	2	find	find	VERB
ajfa-4510	255	3	the	the	DET
ajfa-4510	255	4	evidence	evidence	NOUN
ajfa-4510	255	5	of	of	ADP
ajfa-4510	255	6	maximum	maximum	ADJ
ajfa-4510	255	7	economic	economic	ADJ
ajfa-4510	255	8	shocks	shock	NOUN
ajfa-4510	255	9	on	on	ADP
ajfa-4510	255	10	the	the	DET
ajfa-4510	255	11	stock	stock	NOUN
ajfa-4510	255	12	returns	return	NOUN
ajfa-4510	255	13	of	of	ADP
ajfa-4510	255	14	india	india	PROPN
ajfa-4510	255	15	’s	’s	PART
ajfa-4510	255	16	flagship	flagship	NOUN
ajfa-4510	255	17	industry	industry	NOUN
ajfa-4510	255	18	,	,	PUNCT
ajfa-4510	255	19	information	information	NOUN
ajfa-4510	255	20	technology	technology	NOUN
ajfa-4510	255	21	sector	sector	NOUN
ajfa-4510	255	22	.	.	PUNCT
ajfa-4510	256	1	except	except	SCONJ
ajfa-4510	256	2	money	money	NOUN
ajfa-4510	256	3	supply	supply	NOUN
ajfa-4510	256	4	and	and	CCONJ
ajfa-4510	256	5	index	index	NOUN
ajfa-4510	256	6	of	of	ADP
ajfa-4510	256	7	industrial	industrial	ADJ
ajfa-4510	256	8	production	production	NOUN
ajfa-4510	256	9	,	,	PUNCT
ajfa-4510	256	10	all	all	DET
ajfa-4510	256	11	other	other	ADJ
ajfa-4510	256	12	economic	economic	ADJ
ajfa-4510	256	13	variables	variable	NOUN
ajfa-4510	256	14	have	have	VERB
ajfa-4510	256	15	strong	strong	ADJ
ajfa-4510	256	16	bearing	bearing	NOUN
ajfa-4510	256	17	on	on	ADP
ajfa-4510	256	18	the	the	DET
ajfa-4510	256	19	stock	stock	NOUN
ajfa-4510	256	20	returns	return	NOUN
ajfa-4510	256	21	of	of	ADP
ajfa-4510	256	22	information	information	NOUN
ajfa-4510	256	23	technology	technology	NOUN
ajfa-4510	256	24	.	.	PUNCT
ajfa-4510	257	1	when	when	SCONJ
ajfa-4510	257	2	energy	energy	NOUN
ajfa-4510	257	3	sector	sector	NOUN
ajfa-4510	257	4	returns	return	NOUN
ajfa-4510	257	5	is	be	AUX
ajfa-4510	257	6	impacted	impact	VERB
ajfa-4510	257	7	by	by	ADP
ajfa-4510	257	8	money	money	NOUN
ajfa-4510	257	9	supply	supply	NOUN
ajfa-4510	257	10	and	and	CCONJ
ajfa-4510	257	11	foreign	foreign	ADJ
ajfa-4510	257	12	institutional	institutional	ADJ
ajfa-4510	257	13	inflows	inflow	NOUN
ajfa-4510	257	14	,	,	PUNCT
ajfa-4510	257	15	automobile	automobile	NOUN
ajfa-4510	257	16	stock	stock	NOUN
ajfa-4510	257	17	returns	return	NOUN
ajfa-4510	257	18	and	and	CCONJ
ajfa-4510	257	19	fmcg	fmcg	NOUN
ajfa-4510	257	20	stock	stock	NOUN
ajfa-4510	257	21	returns	return	NOUN
ajfa-4510	257	22	are	be	AUX
ajfa-4510	257	23	affected	affect	VERB
ajfa-4510	257	24	by	by	ADP
ajfa-4510	257	25	the	the	DET
ajfa-4510	257	26	changes	change	NOUN
ajfa-4510	257	27	in	in	ADP
ajfa-4510	257	28	exchange	exchange	NOUN
ajfa-4510	257	29	rate	rate	NOUN
ajfa-4510	257	30	and	and	CCONJ
ajfa-4510	257	31	interest	interest	NOUN
ajfa-4510	257	32	rate	rate	NOUN
ajfa-4510	257	33	respectively	respectively	ADV
ajfa-4510	257	34	.	.	PUNCT
ajfa-4510	258	1	the	the	DET
ajfa-4510	258	2	stock	stock	NOUN
ajfa-4510	258	3	returns	return	NOUN
ajfa-4510	258	4	of	of	ADP
ajfa-4510	258	5	financial	financial	ADJ
ajfa-4510	258	6	services	service	NOUN
ajfa-4510	258	7	sector	sector	NOUN
ajfa-4510	258	8	,	,	PUNCT
ajfa-4510	258	9	banking	banking	NOUN
ajfa-4510	258	10	sector	sector	NOUN
ajfa-4510	258	11	,	,	PUNCT
ajfa-4510	258	12	have	have	AUX
ajfa-4510	258	13	shown	show	VERB
ajfa-4510	258	14	negative	negative	ADJ
ajfa-4510	258	15	responses	response	NOUN
ajfa-4510	258	16	to	to	ADP
ajfa-4510	258	17	the	the	DET
ajfa-4510	258	18	increases	increase	NOUN
ajfa-4510	258	19	in	in	ADP
ajfa-4510	258	20	the	the	DET
ajfa-4510	258	21	total	total	ADJ
ajfa-4510	258	22	productivity	productivity	NOUN
ajfa-4510	258	23	of	of	ADP
ajfa-4510	258	24	the	the	DET
ajfa-4510	258	25	country	country	NOUN
ajfa-4510	258	26	.	.	PUNCT
ajfa-4510	259	1	the	the	DET
ajfa-4510	259	2	negative	negative	ADJ
ajfa-4510	259	3	relationship	relationship	NOUN
ajfa-4510	259	4	between	between	ADP
ajfa-4510	259	5	banking	banking	NOUN
ajfa-4510	259	6	stock	stock	NOUN
ajfa-4510	259	7	returns	return	NOUN
ajfa-4510	259	8	and	and	CCONJ
ajfa-4510	259	9	the	the	DET
ajfa-4510	259	10	total	total	ADJ
ajfa-4510	259	11	production	production	NOUN
ajfa-4510	259	12	in	in	ADP
ajfa-4510	259	13	real	real	ADJ
ajfa-4510	259	14	sector	sector	NOUN
ajfa-4510	259	15	revealed	reveal	VERB
ajfa-4510	259	16	the	the	DET
ajfa-4510	259	17	diversion	diversion	NOUN
ajfa-4510	259	18	of	of	ADP
ajfa-4510	259	19	investible	investible	ADJ
ajfa-4510	259	20	wealth	wealth	NOUN
ajfa-4510	259	21	form	form	NOUN
ajfa-4510	259	22	financial	financial	ADJ
ajfa-4510	259	23	sector	sector	NOUN
ajfa-4510	259	24	to	to	ADP
ajfa-4510	259	25	real	real	ADJ
ajfa-4510	259	26	sector	sector	NOUN
ajfa-4510	259	27	and	and	CCONJ
ajfa-4510	259	28	vice	vice	NOUN
ajfa-4510	259	29	versa	versa	ADV
ajfa-4510	259	30	.	.	PUNCT
ajfa-4510	260	1	pharmaceutical	pharmaceutical	ADJ
ajfa-4510	260	2	stocks	stock	NOUN
ajfa-4510	260	3	remain	remain	VERB
ajfa-4510	260	4	indifferent	indifferent	ADJ
ajfa-4510	260	5	to	to	ADP
ajfa-4510	260	6	the	the	DET
ajfa-4510	260	7	changes	change	NOUN
ajfa-4510	260	8	in	in	ADP
ajfa-4510	260	9	the	the	DET
ajfa-4510	260	10	macroeconomic	macroeconomic	ADJ
ajfa-4510	260	11	conditions	condition	NOUN
ajfa-4510	260	12	.	.	PUNCT
ajfa-4510	261	1	market	market	NOUN
ajfa-4510	261	2	return	return	NOUN
ajfa-4510	261	3	is	be	AUX
ajfa-4510	261	4	the	the	DET
ajfa-4510	261	5	most	most	ADV
ajfa-4510	261	6	significant	significant	ADJ
ajfa-4510	261	7	factor	factor	NOUN
ajfa-4510	261	8	which	which	PRON
ajfa-4510	261	9	contributes	contribute	VERB
ajfa-4510	261	10	to	to	ADP
ajfa-4510	261	11	the	the	DET
ajfa-4510	261	12	variations	variation	NOUN
ajfa-4510	261	13	in	in	ADP
ajfa-4510	261	14	industrial	industrial	ADJ
ajfa-4510	261	15	stock	stock	NOUN
ajfa-4510	261	16	returns	return	NOUN
ajfa-4510	261	17	in	in	ADP
ajfa-4510	261	18	india	india	PROPN
ajfa-4510	261	19	.	.	PUNCT
ajfa-4510	262	1	so	so	ADV
ajfa-4510	262	2	we	we	PRON
ajfa-4510	262	3	can	can	AUX
ajfa-4510	262	4	expect	expect	VERB
ajfa-4510	262	5	the	the	DET
ajfa-4510	262	6	existence	existence	NOUN
ajfa-4510	262	7	of	of	ADP
ajfa-4510	262	8	risk	risk	NOUN
ajfa-4510	262	9	premium	premium	NOUN
ajfa-4510	262	10	at	at	ADP
ajfa-4510	262	11	least	least	ADJ
ajfa-4510	262	12	for	for	ADP
ajfa-4510	262	13	the	the	DET
ajfa-4510	262	14	market	market	NOUN
ajfa-4510	262	15	risk	risk	NOUN
ajfa-4510	262	16	associated	associate	VERB
ajfa-4510	262	17	with	with	ADP
ajfa-4510	262	18	the	the	DET
ajfa-4510	262	19	stock	stock	NOUN
ajfa-4510	262	20	returns	return	NOUN
ajfa-4510	262	21	at	at	ADP
ajfa-4510	262	22	industry	industry	NOUN
ajfa-4510	262	23	level	level	NOUN
ajfa-4510	262	24	.	.	PUNCT
ajfa-4510	263	1	moreover	moreover	ADV
ajfa-4510	263	2	the	the	DET
ajfa-4510	263	3	stock	stock	NOUN
ajfa-4510	263	4	return	return	NOUN
ajfa-4510	263	5	volatility	volatility	NOUN
ajfa-4510	263	6	revealed	reveal	VERB
ajfa-4510	263	7	time	time	NOUN
ajfa-4510	263	8	varying	vary	VERB
ajfa-4510	263	9	properties	property	NOUN
ajfa-4510	263	10	across	across	ADP
ajfa-4510	263	11	the	the	DET
ajfa-4510	263	12	industries	industry	NOUN
ajfa-4510	263	13	which	which	PRON
ajfa-4510	263	14	basically	basically	ADV
ajfa-4510	263	15	could	could	AUX
ajfa-4510	263	16	be	be	AUX
ajfa-4510	263	17	the	the	DET
ajfa-4510	263	18	outcome	outcome	NOUN
ajfa-4510	263	19	of	of	ADP
ajfa-4510	263	20	both	both	CCONJ
ajfa-4510	263	21	the	the	DET
ajfa-4510	263	22	lag	lag	NOUN
ajfa-4510	263	23	of	of	ADP
ajfa-4510	263	24	the	the	DET
ajfa-4510	263	25	squared	square	VERB
ajfa-4510	263	26	residuals	residual	NOUN
ajfa-4510	263	27	and	and	CCONJ
ajfa-4510	263	28	lagged	lag	VERB
ajfa-4510	263	29	variances	variance	NOUN
ajfa-4510	263	30	in	in	ADP
ajfa-4510	263	31	most	most	ADJ
ajfa-4510	263	32	cases	case	NOUN
ajfa-4510	263	33	.	.	PUNCT
ajfa-4510	264	1	ultimately	ultimately	ADV
ajfa-4510	264	2	this	this	DET
ajfa-4510	264	3	study	study	NOUN
ajfa-4510	264	4	rationalizes	rationalize	VERB
ajfa-4510	264	5	the	the	DET
ajfa-4510	264	6	usefulness	usefulness	NOUN
ajfa-4510	264	7	of	of	ADP
ajfa-4510	264	8	a	a	DET
ajfa-4510	264	9	multifactor	multifactor	NOUN
ajfa-4510	264	10	model	model	NOUN
ajfa-4510	264	11	in	in	ADP
ajfa-4510	264	12	stock	stock	NOUN
ajfa-4510	264	13	return	return	NOUN
ajfa-4510	264	14	estimation	estimation	NOUN
ajfa-4510	264	15	process	process	NOUN
ajfa-4510	264	16	.	.	PUNCT
ajfa-4510	265	1	along	along	ADP
ajfa-4510	265	2	with	with	ADP
ajfa-4510	265	3	the	the	DET
ajfa-4510	265	4	market	market	NOUN
ajfa-4510	265	5	return	return	NOUN
ajfa-4510	265	6	one	one	PRON
ajfa-4510	265	7	has	have	VERB
ajfa-4510	265	8	to	to	PART
ajfa-4510	265	9	include	include	VERB
ajfa-4510	265	10	other	other	ADJ
ajfa-4510	265	11	economic	economic	ADJ
ajfa-4510	265	12	variables	variable	NOUN
ajfa-4510	265	13	also	also	ADV
ajfa-4510	265	14	which	which	PRON
ajfa-4510	265	15	is	be	AUX
ajfa-4510	265	16	significant	significant	ADJ
ajfa-4510	265	17	in	in	ADP
ajfa-4510	265	18	explaining	explain	VERB
ajfa-4510	265	19	stock	stock	NOUN
ajfa-4510	265	20	return	return	NOUN
ajfa-4510	265	21	variations	variation	NOUN
ajfa-4510	265	22	.	.	PUNCT
ajfa-4510	266	1	the	the	DET
ajfa-4510	266	2	nature	nature	NOUN
ajfa-4510	266	3	and	and	CCONJ
ajfa-4510	266	4	degree	degree	NOUN
ajfa-4510	266	5	of	of	ADP
ajfa-4510	266	6	relationship	relationship	NOUN
ajfa-4510	266	7	between	between	ADP
ajfa-4510	266	8	stock	stock	NOUN
ajfa-4510	266	9	returns	return	NOUN
ajfa-4510	266	10	and	and	CCONJ
ajfa-4510	266	11	economic	economic	ADJ
ajfa-4510	266	12	variables	variable	NOUN
ajfa-4510	266	13	are	be	AUX
ajfa-4510	266	14	different	different	ADJ
ajfa-4510	266	15	across	across	ADP
ajfa-4510	266	16	the	the	DET
ajfa-4510	266	17	industries	industry	NOUN
ajfa-4510	266	18	.	.	PUNCT
ajfa-4510	267	1	hence	hence	ADV
ajfa-4510	267	2	the	the	DET
ajfa-4510	267	3	investor	investor	NOUN
ajfa-4510	267	4	of	of	ADP
ajfa-4510	267	5	a	a	DET
ajfa-4510	267	6	particular	particular	ADJ
ajfa-4510	267	7	sector	sector	NOUN
ajfa-4510	267	8	has	have	VERB
ajfa-4510	267	9	to	to	PART
ajfa-4510	267	10	design	design	VERB
ajfa-4510	267	11	a	a	DET
ajfa-4510	267	12	model	model	NOUN
ajfa-4510	267	13	by	by	ADP
ajfa-4510	267	14	including	include	VERB
ajfa-4510	267	15	those	those	DET
ajfa-4510	267	16	variables	variable	NOUN
ajfa-4510	267	17	which	which	PRON
ajfa-4510	267	18	have	have	VERB
ajfa-4510	267	19	sufficient	sufficient	ADJ
ajfa-4510	267	20	explanatory	explanatory	ADJ
ajfa-4510	267	21	power	power	NOUN
ajfa-4510	267	22	in	in	ADP
ajfa-4510	267	23	determining	determine	VERB
ajfa-4510	267	24	his	his	PRON
ajfa-4510	267	25	stock	stock	NOUN
ajfa-4510	267	26	returns	return	NOUN
ajfa-4510	267	27	.	.	PUNCT
ajfa-4510	268	1	the	the	DET
ajfa-4510	268	2	vigor	vigor	NOUN
ajfa-4510	268	3	of	of	ADP
ajfa-4510	268	4	this	this	DET
ajfa-4510	268	5	paper	paper	NOUN
ajfa-4510	268	6	is	be	AUX
ajfa-4510	268	7	to	to	PART
ajfa-4510	268	8	supply	supply	VERB
ajfa-4510	268	9	with	with	ADP
ajfa-4510	268	10	different	different	ADJ
ajfa-4510	268	11	models	model	NOUN
ajfa-4510	268	12	using	use	VERB
ajfa-4510	268	13	relevant	relevant	ADJ
ajfa-4510	268	14	economic	economic	ADJ
ajfa-4510	268	15	variables	variable	NOUN
ajfa-4510	268	16	by	by	ADP
ajfa-4510	268	17	judging	judge	VERB
ajfa-4510	268	18	their	their	PRON
ajfa-4510	268	19	fitness	fitness	NOUN
ajfa-4510	268	20	and	and	CCONJ
ajfa-4510	268	21	also	also	ADV
ajfa-4510	268	22	by	by	ADP
ajfa-4510	268	23	substantiating	substantiate	VERB
ajfa-4510	268	24	the	the	DET
ajfa-4510	268	25	reason	reason	NOUN
ajfa-4510	268	26	for	for	ADP
ajfa-4510	268	27	the	the	DET
ajfa-4510	268	28	inclusion	inclusion	NOUN
ajfa-4510	268	29	of	of	ADP
ajfa-4510	268	30	a	a	DET
ajfa-4510	268	31	particular	particular	ADJ
ajfa-4510	268	32	variable	variable	NOUN
ajfa-4510	268	33	in	in	ADP
ajfa-4510	268	34	an	an	DET
ajfa-4510	268	35	estimation	estimation	NOUN
ajfa-4510	268	36	model	model	NOUN
ajfa-4510	268	37	.	.	PUNCT
ajfa-4510	269	1	the	the	DET
ajfa-4510	269	2	findings	finding	NOUN
ajfa-4510	269	3	and	and	CCONJ
ajfa-4510	269	4	implications	implication	NOUN
ajfa-4510	269	5	of	of	ADP
ajfa-4510	269	6	this	this	DET
ajfa-4510	269	7	study	study	NOUN
ajfa-4510	269	8	are	be	AUX
ajfa-4510	269	9	limited	limit	VERB
ajfa-4510	269	10	to	to	ADP
ajfa-4510	269	11	the	the	DET
ajfa-4510	269	12	post	post	ADJ
ajfa-4510	269	13	financial	financial	ADJ
ajfa-4510	269	14	sector	sector	NOUN
ajfa-4510	269	15	reform	reform	NOUN
ajfa-4510	269	16	period	period	NOUN
ajfa-4510	269	17	2000	2000	NUM
ajfa-4510	269	18	-	-	SYM
ajfa-4510	269	19	2010	2010	NUM
ajfa-4510	269	20	for	for	ADP
ajfa-4510	269	21	india	india	PROPN
ajfa-4510	269	22	.	.	PUNCT
ajfa-4510	270	1	using	use	VERB
ajfa-4510	270	2	alternative	alternative	ADJ
ajfa-4510	270	3	methodologies	methodology	NOUN
ajfa-4510	270	4	such	such	ADJ
ajfa-4510	270	5	as	as	ADP
ajfa-4510	270	6	cointegration	cointegration	NOUN
ajfa-4510	270	7	,	,	PUNCT
ajfa-4510	270	8	ardl	ardl	NOUN
ajfa-4510	270	9	etc	etc	X
ajfa-4510	270	10	..	..	X
ajfa-4510	270	11	,	,	PUNCT
ajfa-4510	270	12	incorporating	incorporate	VERB
ajfa-4510	270	13	longer	long	ADJ
ajfa-4510	270	14	sample	sample	NOUN
ajfa-4510	270	15	period	period	NOUN
ajfa-4510	270	16	and	and	CCONJ
ajfa-4510	270	17	including	include	VERB
ajfa-4510	270	18	other	other	ADJ
ajfa-4510	270	19	macroeconomic	macroeconomic	ADJ
ajfa-4510	270	20	variables	variable	NOUN
ajfa-4510	270	21	that	that	SCONJ
ajfa-4510	270	22	asian	asian	ADJ
ajfa-4510	270	23	journal	journal	NOUN
ajfa-4510	270	24	of	of	ADP
ajfa-4510	270	25	finance	finance	PROPN
ajfa-4510	270	26	&	&	CCONJ
ajfa-4510	270	27	accounting	accounting	PROPN
ajfa-4510	270	28	issn	issn	PROPN
ajfa-4510	270	29	1946	1946	NUM
ajfa-4510	270	30	-	-	PUNCT
ajfa-4510	270	31	052x	052x	NOUN
ajfa-4510	270	32	2013	2013	NUM
ajfa-4510	270	33	,	,	PUNCT
ajfa-4510	270	34	vol	vol	NOUN
ajfa-4510	270	35	.	.	PROPN
ajfa-4510	270	36	5	5	NUM
ajfa-4510	270	37	,	,	PUNCT
ajfa-4510	270	38	no	no	INTJ
ajfa-4510	270	39	.	.	NOUN
ajfa-4510	270	40	2	2	NUM
ajfa-4510	270	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4510	270	42	302	302	NUM
ajfa-4510	270	43	may	may	AUX
ajfa-4510	270	44	potentially	potentially	ADV
ajfa-4510	270	45	affect	affect	VERB
ajfa-4510	270	46	stock	stock	NOUN
ajfa-4510	270	47	returns	return	NOUN
ajfa-4510	270	48	might	might	AUX
ajfa-4510	270	49	improve	improve	VERB
ajfa-4510	270	50	further	further	ADJ
ajfa-4510	270	51	analysis	analysis	NOUN
ajfa-4510	270	52	and	and	CCONJ
ajfa-4510	270	53	significance	significance	NOUN
ajfa-4510	270	54	of	of	ADP
ajfa-4510	270	55	the	the	DET
ajfa-4510	270	56	study	study	NOUN
ajfa-4510	270	57	in	in	ADP
ajfa-4510	270	58	this	this	DET
ajfa-4510	270	59	issue	issue	NOUN
ajfa-4510	270	60	.	.	PUNCT
ajfa-4510	271	1	moreover	moreover	ADV
ajfa-4510	271	2	the	the	DET
ajfa-4510	271	3	inclusion	inclusion	NOUN
ajfa-4510	271	4	of	of	ADP
ajfa-4510	271	5	data	datum	NOUN
ajfa-4510	271	6	about	about	ADP
ajfa-4510	271	7	other	other	ADJ
ajfa-4510	271	8	prominent	prominent	ADJ
ajfa-4510	271	9	emerging	emerge	VERB
ajfa-4510	271	10	markets	market	NOUN
ajfa-4510	271	11	definitely	definitely	ADV
ajfa-4510	271	12	makes	make	VERB
ajfa-4510	271	13	the	the	DET
ajfa-4510	271	14	study	study	NOUN
ajfa-4510	271	15	more	more	ADV
ajfa-4510	271	16	fruitful	fruitful	ADJ
ajfa-4510	271	17	by	by	ADP
ajfa-4510	271	18	better	well	ADJ
ajfa-4510	271	19	generalization	generalization	NOUN
ajfa-4510	271	20	of	of	ADP
ajfa-4510	271	21	the	the	DET
ajfa-4510	271	22	results	result	NOUN
ajfa-4510	271	23	in	in	ADP
ajfa-4510	271	24	emerging	emerge	VERB
ajfa-4510	271	25	market	market	NOUN
ajfa-4510	271	26	context	context	NOUN
ajfa-4510	271	27	.	.	PUNCT
ajfa-4510	272	1	references	reference	NOUN
ajfa-4510	272	2	asteriou	asteriou	ADV
ajfa-4510	272	3	,	,	PUNCT
ajfa-4510	272	4	d.	d.	PROPN
ajfa-4510	272	5	,	,	PUNCT
ajfa-4510	272	6	&	&	CCONJ
ajfa-4510	272	7	hall	hall	PROPN
ajfa-4510	272	8	,	,	PUNCT
ajfa-4510	272	9	s.g	s.g	PROPN
ajfa-4510	272	10	.	.	PROPN
ajfa-4510	272	11	(	(	PUNCT
ajfa-4510	272	12	2005	2005	NUM
ajfa-4510	272	13	)	)	PUNCT
ajfa-4510	272	14	.	.	PUNCT
ajfa-4510	273	1	applied	apply	VERB
ajfa-4510	273	2	econometrics	econometric	NOUN
ajfa-4510	273	3	.	.	PUNCT
ajfa-4510	274	1	london	london	PROPN
ajfa-4510	274	2	,	,	PUNCT
ajfa-4510	274	3	palgrave	palgrave	PROPN
ajfa-4510	274	4	macmillan	macmillan	PROPN
ajfa-4510	274	5	.	.	PUNCT
ajfa-4510	275	1	bae	bae	PROPN
ajfa-4510	275	2	,	,	PUNCT
ajfa-4510	275	3	c.s	c.s	PROPN
ajfa-4510	275	4	.	.	PROPN
ajfa-4510	275	5	,	,	PUNCT
ajfa-4510	275	6	&	&	CCONJ
ajfa-4510	275	7	duvall	duvall	PROPN
ajfa-4510	275	8	,	,	PUNCT
ajfa-4510	275	9	j.g	j.g	PROPN
ajfa-4510	275	10	.	.	PROPN
ajfa-4510	275	11	(	(	PUNCT
ajfa-4510	275	12	1996	1996	NUM
ajfa-4510	275	13	)	)	PUNCT
ajfa-4510	275	14	.	.	PUNCT
ajfa-4510	276	1	an	an	DET
ajfa-4510	276	2	empirical	empirical	ADJ
ajfa-4510	276	3	analysis	analysis	NOUN
ajfa-4510	276	4	of	of	ADP
ajfa-4510	276	5	market	market	NOUN
ajfa-4510	276	6	and	and	CCONJ
ajfa-4510	276	7	industry	industry	NOUN
ajfa-4510	276	8	factors	factor	NOUN
ajfa-4510	276	9	in	in	ADP
ajfa-4510	276	10	stock	stock	NOUN
ajfa-4510	276	11	returns	return	NOUN
ajfa-4510	276	12	of	of	ADP
ajfa-4510	276	13	u.s	u.s	PROPN
ajfa-4510	276	14	.	.	PROPN
ajfa-4510	276	15	aerospace	aerospace	NOUN
ajfa-4510	276	16	industry	industry	NOUN
ajfa-4510	276	17	.	.	PUNCT
ajfa-4510	277	1	journal	journal	PROPN
ajfa-4510	277	2	of	of	ADP
ajfa-4510	277	3	financial	financial	ADJ
ajfa-4510	277	4	and	and	CCONJ
ajfa-4510	277	5	strategic	strategic	ADJ
ajfa-4510	277	6	decisions	decision	NOUN
ajfa-4510	277	7	,	,	PUNCT
ajfa-4510	277	8	9(2	9(2	NUM
ajfa-4510	277	9	)	)	PUNCT
ajfa-4510	277	10	,	,	PUNCT
ajfa-4510	277	11	85	85	NUM
ajfa-4510	277	12	-	-	SYM
ajfa-4510	277	13	94	94	NUM
ajfa-4510	277	14	.	.	PUNCT
ajfa-4510	278	1	butt	butt	PROPN
ajfa-4510	278	2	,	,	PUNCT
ajfa-4510	278	3	b.z	b.z	PROPN
ajfa-4510	278	4	.	.	PROPN
ajfa-4510	278	5	,	,	PUNCT
ajfa-4510	278	6	rehman	rehman	PROPN
ajfa-4510	278	7	,	,	PUNCT
ajfa-4510	278	8	k.u	k.u	PROPN
ajfa-4510	278	9	.	.	PROPN
ajfa-4510	278	10	,	,	PUNCT
ajfa-4510	278	11	khan	khan	PROPN
ajfa-4510	278	12	,	,	PUNCT
ajfa-4510	278	13	m.a	m.a	PROPN
ajfa-4510	278	14	.	.	PROPN
ajfa-4510	278	15	,	,	PUNCT
ajfa-4510	278	16	&	&	CCONJ
ajfa-4510	278	17	safwan	safwan	PROPN
ajfa-4510	278	18	,	,	PUNCT
ajfa-4510	278	19	n.	n.	NOUN
ajfa-4510	278	20	(	(	PUNCT
ajfa-4510	278	21	2010	2010	NUM
ajfa-4510	278	22	)	)	PUNCT
ajfa-4510	278	23	.	.	PUNCT
ajfa-4510	279	1	do	do	AUX
ajfa-4510	279	2	economic	economic	ADJ
ajfa-4510	279	3	factors	factor	NOUN
ajfa-4510	279	4	influence	influence	VERB
ajfa-4510	279	5	stock	stock	NOUN
ajfa-4510	279	6	returns	return	NOUN
ajfa-4510	279	7	?	?	PUNCT
ajfa-4510	280	1	a	a	DET
ajfa-4510	280	2	firm	firm	ADJ
ajfa-4510	280	3	and	and	CCONJ
ajfa-4510	280	4	industry	industry	NOUN
ajfa-4510	280	5	level	level	NOUN
ajfa-4510	280	6	analysis	analysis	NOUN
ajfa-4510	280	7	.	.	PUNCT
ajfa-4510	281	1	african	african	ADJ
ajfa-4510	281	2	journal	journal	PROPN
ajfa-4510	281	3	of	of	ADP
ajfa-4510	281	4	business	business	NOUN
ajfa-4510	281	5	management	management	NOUN
ajfa-4510	281	6	,	,	PUNCT
ajfa-4510	281	7	4(5	4(5	PROPN
ajfa-4510	281	8	)	)	PUNCT
ajfa-4510	281	9	,	,	PUNCT
ajfa-4510	281	10	583	583	NUM
ajfa-4510	281	11	-	-	SYM
ajfa-4510	281	12	593	593	NUM
ajfa-4510	281	13	.	.	PUNCT
ajfa-4510	282	1	cauchie	cauchie	NOUN
ajfa-4510	282	2	,	,	PUNCT
ajfa-4510	282	3	s.	s.	PROPN
ajfa-4510	282	4	,	,	PUNCT
ajfa-4510	282	5	hoesli	hoesli	NOUN
ajfa-4510	282	6	,	,	PUNCT
ajfa-4510	282	7	m.	m.	NOUN
ajfa-4510	282	8	&	&	CCONJ
ajfa-4510	282	9	isakov	isakov	PROPN
ajfa-4510	282	10	,	,	PUNCT
ajfa-4510	282	11	d.	d.	PROPN
ajfa-4510	282	12	(	(	PUNCT
ajfa-4510	282	13	2002	2002	NUM
ajfa-4510	282	14	)	)	PUNCT
ajfa-4510	282	15	.	.	PUNCT
ajfa-4510	283	1	the	the	DET
ajfa-4510	283	2	determinants	determinant	NOUN
ajfa-4510	283	3	of	of	ADP
ajfa-4510	283	4	stock	stock	NOUN
ajfa-4510	283	5	returns	return	NOUN
ajfa-4510	283	6	in	in	ADP
ajfa-4510	283	7	a	a	DET
ajfa-4510	283	8	small	small	ADJ
ajfa-4510	283	9	open	open	ADJ
ajfa-4510	283	10	economy	economy	NOUN
ajfa-4510	283	11	.	.	PUNCT
ajfa-4510	284	1	working	work	VERB
ajfa-4510	284	2	paper	paper	PROPN
ajfa-4510	284	3	no	no	INTJ
ajfa-4510	284	4	.	.	PROPN
ajfa-4510	284	5	80	80	NUM
ajfa-4510	284	6	,	,	PUNCT
ajfa-4510	284	7	finrisk	finrisk	NOUN
ajfa-4510	284	8	,	,	PUNCT
ajfa-4510	284	9	national	national	ADJ
ajfa-4510	284	10	centre	centre	NOUN
ajfa-4510	284	11	of	of	ADP
ajfa-4510	284	12	competence	competence	NOUN
ajfa-4510	284	13	in	in	ADP
ajfa-4510	284	14	research	research	NOUN
ajfa-4510	284	15	.	.	PUNCT
ajfa-4510	285	1	chaudhary	chaudhary	PROPN
ajfa-4510	285	2	,	,	PUNCT
ajfa-4510	285	3	k.	k.	PROPN
ajfa-4510	285	4	,	,	PUNCT
ajfa-4510	285	5	&	&	CCONJ
ajfa-4510	285	6	smile	smile	PROPN
ajfa-4510	285	7	,	,	PUNCT
ajfa-4510	285	8	s.	s.	PROPN
ajfa-4510	285	9	(	(	PUNCT
ajfa-4510	285	10	2004	2004	NUM
ajfa-4510	285	11	)	)	PUNCT
ajfa-4510	285	12	.	.	PUNCT
ajfa-4510	286	1	stock	stock	NOUN
ajfa-4510	286	2	market	market	NOUN
ajfa-4510	286	3	and	and	CCONJ
ajfa-4510	286	4	aggregate	aggregate	VERB
ajfa-4510	286	5	economic	economic	ADJ
ajfa-4510	286	6	activity	activity	NOUN
ajfa-4510	286	7	:	:	PUNCT
ajfa-4510	286	8	evidence	evidence	NOUN
ajfa-4510	286	9	from	from	ADP
ajfa-4510	286	10	australia	australia	PROPN
ajfa-4510	286	11	.	.	PUNCT
ajfa-4510	287	1	applied	apply	VERB
ajfa-4510	287	2	financial	financial	ADJ
ajfa-4510	287	3	economics	economic	NOUN
ajfa-4510	287	4	,	,	PUNCT
ajfa-4510	287	5	14	14	NUM
ajfa-4510	287	6	,	,	PUNCT
ajfa-4510	287	7	121	121	NUM
ajfa-4510	287	8	-	-	SYM
ajfa-4510	287	9	29	29	NUM
ajfa-4510	287	10	.	.	PUNCT
ajfa-4510	288	1	http://dx.doi.org/10.1080/0960310042000176399	http://dx.doi.org/10.1080/0960310042000176399	PROPN
ajfa-4510	288	2	chen	chen	PROPN
ajfa-4510	288	3	,	,	PUNCT
ajfa-4510	288	4	n.	n.	NOUN
ajfa-4510	288	5	,	,	PUNCT
ajfa-4510	288	6	roll	roll	NOUN
ajfa-4510	288	7	,	,	PUNCT
ajfa-4510	288	8	r.	r.	PROPN
ajfa-4510	288	9	,	,	PUNCT
ajfa-4510	288	10	&	&	CCONJ
ajfa-4510	288	11	ross	ross	PROPN
ajfa-4510	288	12	,	,	PUNCT
ajfa-4510	288	13	s.	s.	PROPN
ajfa-4510	288	14	(	(	PUNCT
ajfa-4510	288	15	1986	1986	NUM
ajfa-4510	288	16	)	)	PUNCT
ajfa-4510	288	17	.	.	PUNCT
ajfa-4510	289	1	economic	economic	ADJ
ajfa-4510	289	2	forces	force	NOUN
ajfa-4510	289	3	and	and	CCONJ
ajfa-4510	289	4	the	the	DET
ajfa-4510	289	5	stock	stock	NOUN
ajfa-4510	289	6	market	market	NOUN
ajfa-4510	289	7	.	.	PUNCT
ajfa-4510	290	1	journal	journal	NOUN
ajfa-4510	290	2	of	of	ADP
ajfa-4510	290	3	business	business	NOUN
ajfa-4510	290	4	,	,	PUNCT
ajfa-4510	290	5	59(3	59(3	NUM
ajfa-4510	290	6	)	)	PUNCT
ajfa-4510	290	7	,	,	PUNCT
ajfa-4510	290	8	383	383	NUM
ajfa-4510	290	9	-	-	SYM
ajfa-4510	290	10	403	403	NUM
ajfa-4510	290	11	.	.	PUNCT
ajfa-4510	291	1	http://dx.doi.org/10.1086/296344	http://dx.doi.org/10.1086/296344	PROPN
ajfa-4510	291	2	chen	chen	PROPN
ajfa-4510	291	3	,	,	PUNCT
ajfa-4510	291	4	n.f	n.f	PROPN
ajfa-4510	291	5	.	.	PROPN
ajfa-4510	291	6	(	(	PUNCT
ajfa-4510	291	7	1983	1983	NUM
ajfa-4510	291	8	)	)	PUNCT
ajfa-4510	291	9	.	.	PUNCT
ajfa-4510	292	1	some	some	DET
ajfa-4510	292	2	empirical	empirical	ADJ
ajfa-4510	292	3	tests	test	NOUN
ajfa-4510	292	4	of	of	ADP
ajfa-4510	292	5	the	the	DET
ajfa-4510	292	6	theory	theory	NOUN
ajfa-4510	292	7	of	of	ADP
ajfa-4510	292	8	arbitrage	arbitrage	NOUN
ajfa-4510	292	9	of	of	ADP
ajfa-4510	292	10	pricing	pricing	NOUN
ajfa-4510	292	11	.	.	PUNCT
ajfa-4510	293	1	journal	journal	PROPN
ajfa-4510	293	2	of	of	ADP
ajfa-4510	293	3	finance	finance	NOUN
ajfa-4510	293	4	,	,	PUNCT
ajfa-4510	293	5	38(5	38(5	NUM
ajfa-4510	293	6	)	)	PUNCT
ajfa-4510	293	7	,	,	PUNCT
ajfa-4510	293	8	1393	1393	NUM
ajfa-4510	293	9	-	-	SYM
ajfa-4510	293	10	414	414	NUM
ajfa-4510	293	11	.	.	PUNCT
ajfa-4510	294	1	http://dx.doi.org/10.1111/j.1540-6261.1983.tb03831.x	http://dx.doi.org/10.1111/j.1540-6261.1983.tb03831.x	PROPN
ajfa-4510	294	2	chou	chou	PROPN
ajfa-4510	294	3	,	,	PUNCT
ajfa-4510	294	4	y.l	y.l	PROPN
ajfa-4510	294	5	.	.	PROPN
ajfa-4510	294	6	(	(	PUNCT
ajfa-4510	294	7	1969	1969	NUM
ajfa-4510	294	8	)	)	PUNCT
ajfa-4510	294	9	.	.	PUNCT
ajfa-4510	295	1	statistical	statistical	ADJ
ajfa-4510	295	2	analysts	analyst	NOUN
ajfa-4510	295	3	.	.	PUNCT
ajfa-4510	296	1	london	london	PROPN
ajfa-4510	296	2	,	,	PUNCT
ajfa-4510	296	3	holt	holt	PROPN
ajfa-4510	296	4	rinehart	rinehart	PROPN
ajfa-4510	296	5	and	and	CCONJ
ajfa-4510	296	6	winston	winston	PROPN
ajfa-4510	296	7	.	.	PUNCT
ajfa-4510	297	1	dickey	dickey	PROPN
ajfa-4510	297	2	,	,	PUNCT
ajfa-4510	297	3	d.a	d.a	PROPN
ajfa-4510	297	4	.	.	PROPN
ajfa-4510	297	5	,	,	PUNCT
ajfa-4510	297	6	&	&	CCONJ
ajfa-4510	297	7	fuller	full	ADJ
ajfa-4510	297	8	,	,	PUNCT
ajfa-4510	297	9	w.a	w.a	PROPN
ajfa-4510	297	10	.	.	PROPN
ajfa-4510	297	11	(	(	PUNCT
ajfa-4510	297	12	1979	1979	NUM
ajfa-4510	297	13	)	)	PUNCT
ajfa-4510	297	14	.	.	PUNCT
ajfa-4510	298	1	distribution	distribution	NOUN
ajfa-4510	298	2	of	of	ADP
ajfa-4510	298	3	the	the	DET
ajfa-4510	298	4	estimators	estimator	NOUN
ajfa-4510	298	5	for	for	ADP
ajfa-4510	298	6	autoregressive	autoregressive	ADJ
ajfa-4510	298	7	time	time	NOUN
ajfa-4510	298	8	series	series	NOUN
ajfa-4510	298	9	with	with	ADP
ajfa-4510	298	10	a	a	DET
ajfa-4510	298	11	unit	unit	NOUN
ajfa-4510	298	12	root	root	NOUN
ajfa-4510	298	13	.	.	PUNCT
ajfa-4510	299	1	journal	journal	PROPN
ajfa-4510	299	2	of	of	ADP
ajfa-4510	299	3	american	american	PROPN
ajfa-4510	299	4	statistical	statistical	ADJ
ajfa-4510	299	5	association	association	NOUN
ajfa-4510	299	6	,	,	PUNCT
ajfa-4510	299	7	74	74	NUM
ajfa-4510	299	8	,	,	PUNCT
ajfa-4510	299	9	427	427	NUM
ajfa-4510	299	10	-	-	SYM
ajfa-4510	299	11	31	31	NUM
ajfa-4510	299	12	.	.	PUNCT
ajfa-4510	300	1	dickey	dickey	PROPN
ajfa-4510	300	2	,	,	PUNCT
ajfa-4510	300	3	d.a	d.a	PROPN
ajfa-4510	300	4	.	.	PROPN
ajfa-4510	300	5	,	,	PUNCT
ajfa-4510	300	6	&	&	CCONJ
ajfa-4510	300	7	fuller	full	ADJ
ajfa-4510	300	8	,	,	PUNCT
ajfa-4510	300	9	w.a	w.a	PROPN
ajfa-4510	300	10	.	.	PROPN
ajfa-4510	300	11	(	(	PUNCT
ajfa-4510	300	12	1981	1981	NUM
ajfa-4510	300	13	)	)	PUNCT
ajfa-4510	300	14	.	.	PUNCT
ajfa-4510	301	1	likelihood	likelihood	NOUN
ajfa-4510	301	2	ratio	ratio	NOUN
ajfa-4510	301	3	statistics	statistic	NOUN
ajfa-4510	301	4	for	for	ADP
ajfa-4510	301	5	autoregressive	autoregressive	ADJ
ajfa-4510	301	6	time	time	NOUN
ajfa-4510	301	7	series	series	NOUN
ajfa-4510	301	8	with	with	ADP
ajfa-4510	301	9	a	a	DET
ajfa-4510	301	10	unit	unit	NOUN
ajfa-4510	301	11	root	root	NOUN
ajfa-4510	301	12	.	.	PUNCT
ajfa-4510	302	1	econometrica	econometrica	PROPN
ajfa-4510	302	2	,	,	PUNCT
ajfa-4510	302	3	49	49	NUM
ajfa-4510	302	4	,	,	PUNCT
ajfa-4510	302	5	1057	1057	NUM
ajfa-4510	302	6	-	-	SYM
ajfa-4510	302	7	72	72	NUM
ajfa-4510	302	8	.	.	PUNCT
ajfa-4510	303	1	http://dx.doi.org/10.2307/1912517	http://dx.doi.org/10.2307/1912517	PROPN
ajfa-4510	303	2	donadelli	donadelli	PROPN
ajfa-4510	303	3	,	,	PUNCT
ajfa-4510	303	4	m.	m.	NOUN
ajfa-4510	303	5	,	,	PUNCT
ajfa-4510	303	6	&	&	CCONJ
ajfa-4510	303	7	lucchetta	lucchetta	PROPN
ajfa-4510	303	8	,	,	PUNCT
ajfa-4510	303	9	m.	m.	NOUN
ajfa-4510	303	10	(	(	PUNCT
ajfa-4510	303	11	2013	2013	NUM
ajfa-4510	303	12	)	)	PUNCT
ajfa-4510	303	13	.	.	PUNCT
ajfa-4510	304	1	stock	stock	NOUN
ajfa-4510	304	2	market	market	NOUN
ajfa-4510	304	3	premia	premia	NOUN
ajfa-4510	304	4	:	:	PUNCT
ajfa-4510	304	5	some	some	DET
ajfa-4510	304	6	evidence	evidence	NOUN
ajfa-4510	304	7	from	from	ADP
ajfa-4510	304	8	industrial	industrial	ADJ
ajfa-4510	304	9	stock	stock	NOUN
ajfa-4510	304	10	market	market	NOUN
ajfa-4510	304	11	data	datum	NOUN
ajfa-4510	304	12	.	.	PUNCT
ajfa-4510	305	1	asian	asian	ADJ
ajfa-4510	305	2	economic	economic	ADJ
ajfa-4510	305	3	and	and	CCONJ
ajfa-4510	305	4	financial	financial	ADJ
ajfa-4510	305	5	review	review	NOUN
ajfa-4510	305	6	,	,	PUNCT
ajfa-4510	305	7	3(4	3(4	NUM
ajfa-4510	305	8	)	)	PUNCT
ajfa-4510	305	9	,	,	PUNCT
ajfa-4510	305	10	398	398	NUM
ajfa-4510	305	11	-	-	SYM
ajfa-4510	305	12	422	422	NUM
ajfa-4510	305	13	.	.	PUNCT
ajfa-4510	306	1	errunza	errunza	ADJ
ajfa-4510	306	2	,	,	PUNCT
ajfa-4510	306	3	v.	v.	PROPN
ajfa-4510	306	4	,	,	PUNCT
ajfa-4510	306	5	&	&	CCONJ
ajfa-4510	306	6	hogan	hogan	PROPN
ajfa-4510	306	7	,	,	PUNCT
ajfa-4510	306	8	k.	k.	PROPN
ajfa-4510	307	1	(	(	PUNCT
ajfa-4510	307	2	1998	1998	NUM
ajfa-4510	307	3	)	)	PUNCT
ajfa-4510	307	4	.	.	PUNCT
ajfa-4510	308	1	macroeconomic	macroeconomic	ADJ
ajfa-4510	308	2	determinants	determinant	NOUN
ajfa-4510	308	3	of	of	ADP
ajfa-4510	308	4	stock	stock	NOUN
ajfa-4510	308	5	market	market	NOUN
ajfa-4510	308	6	volatility	volatility	NOUN
ajfa-4510	308	7	.	.	PUNCT
ajfa-4510	309	1	european	european	ADJ
ajfa-4510	309	2	journal	journal	PROPN
ajfa-4510	309	3	of	of	ADP
ajfa-4510	309	4	financial	financial	ADJ
ajfa-4510	309	5	management	management	NOUN
ajfa-4510	309	6	,	,	PUNCT
ajfa-4510	309	7	4(3	4(3	NUM
ajfa-4510	309	8	)	)	PUNCT
ajfa-4510	309	9	,	,	PUNCT
ajfa-4510	309	10	361	361	NUM
ajfa-4510	309	11	-	-	SYM
ajfa-4510	309	12	377	377	NUM
ajfa-4510	309	13	.	.	PUNCT
ajfa-4510	310	1	http://dx.doi.org/10.1111/1468-036x.00071	http://dx.doi.org/10.1111/1468-036x.00071	PROPN
ajfa-4510	310	2	fama	fama	NOUN
ajfa-4510	310	3	,	,	PUNCT
ajfa-4510	310	4	e.f	e.f	PROPN
ajfa-4510	310	5	.	.	PROPN
ajfa-4510	310	6	,	,	PUNCT
ajfa-4510	310	7	&	&	CCONJ
ajfa-4510	310	8	french	french	PROPN
ajfa-4510	310	9	,	,	PUNCT
ajfa-4510	310	10	k.r	k.r	PROPN
ajfa-4510	310	11	.	.	PROPN
ajfa-4510	310	12	(	(	PUNCT
ajfa-4510	310	13	1992	1992	NUM
ajfa-4510	310	14	)	)	PUNCT
ajfa-4510	310	15	.	.	PUNCT
ajfa-4510	311	1	the	the	DET
ajfa-4510	311	2	cross	cross	NOUN
ajfa-4510	311	3	-	-	NOUN
ajfa-4510	311	4	section	section	NOUN
ajfa-4510	311	5	of	of	ADP
ajfa-4510	311	6	expected	expect	VERB
ajfa-4510	311	7	stock	stock	NOUN
ajfa-4510	311	8	returns	return	NOUN
ajfa-4510	311	9	.	.	PUNCT
ajfa-4510	312	1	journal	journal	NOUN
ajfa-4510	312	2	of	of	ADP
ajfa-4510	312	3	finance	finance	NOUN
ajfa-4510	312	4	,	,	PUNCT
ajfa-4510	312	5	47	47	NUM
ajfa-4510	312	6	,	,	PUNCT
ajfa-4510	312	7	427	427	NUM
ajfa-4510	312	8	-	-	SYM
ajfa-4510	312	9	465	465	NUM
ajfa-4510	312	10	.	.	PUNCT
ajfa-4510	313	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	PROPN
ajfa-4510	313	2	fama	fama	PROPN
ajfa-4510	313	3	,	,	PUNCT
ajfa-4510	313	4	e.f	e.f	PROPN
ajfa-4510	313	5	.	.	PROPN
ajfa-4510	313	6	,	,	PUNCT
ajfa-4510	313	7	&	&	CCONJ
ajfa-4510	313	8	french	french	PROPN
ajfa-4510	313	9	,	,	PUNCT
ajfa-4510	313	10	k.r.(1993	k.r.(1993	PROPN
ajfa-4510	313	11	)	)	PUNCT
ajfa-4510	313	12	.	.	PUNCT
ajfa-4510	314	1	common	common	ADJ
ajfa-4510	314	2	risk	risk	NOUN
ajfa-4510	314	3	factors	factor	NOUN
ajfa-4510	314	4	in	in	ADP
ajfa-4510	314	5	the	the	DET
ajfa-4510	314	6	returns	return	NOUN
ajfa-4510	314	7	of	of	ADP
ajfa-4510	314	8	stock	stock	NOUN
ajfa-4510	314	9	and	and	CCONJ
ajfa-4510	314	10	bonds	bond	NOUN
ajfa-4510	314	11	.	.	PUNCT
ajfa-4510	315	1	journal	journal	NOUN
ajfa-4510	315	2	of	of	ADP
ajfa-4510	315	3	financial	financial	ADJ
ajfa-4510	315	4	economics	economic	NOUN
ajfa-4510	315	5	,	,	PUNCT
ajfa-4510	315	6	33	33	NUM
ajfa-4510	315	7	,	,	PUNCT
ajfa-4510	315	8	3	3	NUM
ajfa-4510	315	9	-	-	SYM
ajfa-4510	315	10	56	56	NUM
ajfa-4510	315	11	.	.	PUNCT
ajfa-4510	316	1	http://dx.doi.org/10.1016/0304-405x(93)90023-5	http://dx.doi.org/10.1016/0304-405x(93)90023-5	PROPN
ajfa-4510	316	2	asian	asian	ADJ
ajfa-4510	316	3	journal	journal	PROPN
ajfa-4510	316	4	of	of	ADP
ajfa-4510	316	5	finance	finance	PROPN
ajfa-4510	316	6	&	&	CCONJ
ajfa-4510	316	7	accounting	accounting	PROPN
ajfa-4510	316	8	issn	issn	PROPN
ajfa-4510	316	9	1946	1946	NUM
ajfa-4510	316	10	-	-	PUNCT
ajfa-4510	316	11	052x	052x	NOUN
ajfa-4510	316	12	2013	2013	NUM
ajfa-4510	316	13	,	,	PUNCT
ajfa-4510	316	14	vol	vol	NOUN
ajfa-4510	316	15	.	.	PROPN
ajfa-4510	316	16	5	5	NUM
ajfa-4510	316	17	,	,	PUNCT
ajfa-4510	316	18	no	no	INTJ
ajfa-4510	316	19	.	.	NOUN
ajfa-4510	316	20	2	2	NUM
ajfa-4510	316	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4510	316	22	303	303	NUM
ajfa-4510	316	23	francy	francy	NOUN
ajfa-4510	316	24	,	,	PUNCT
ajfa-4510	316	25	t.v	t.v	PROPN
ajfa-4510	316	26	.	.	PROPN
ajfa-4510	316	27	(	(	PUNCT
ajfa-4510	316	28	2008	2008	NUM
ajfa-4510	316	29	)	)	PUNCT
ajfa-4510	316	30	.	.	PUNCT
ajfa-4510	317	1	mean	mean	ADJ
ajfa-4510	317	2	variance	variance	NOUN
ajfa-4510	317	3	approach	approach	NOUN
ajfa-4510	317	4	of	of	ADP
ajfa-4510	317	5	portfolio	portfolio	NOUN
ajfa-4510	317	6	management	management	NOUN
ajfa-4510	317	7	:	:	PUNCT
ajfa-4510	317	8	an	an	DET
ajfa-4510	317	9	empirical	empirical	ADJ
ajfa-4510	317	10	analysis	analysis	NOUN
ajfa-4510	317	11	of	of	ADP
ajfa-4510	317	12	indian	indian	ADJ
ajfa-4510	317	13	experience	experience	NOUN
ajfa-4510	317	14	.	.	PUNCT
ajfa-4510	318	1	unpublished	unpublished	ADJ
ajfa-4510	318	2	doctoral	doctoral	ADJ
ajfa-4510	318	3	dissertation	dissertation	NOUN
ajfa-4510	318	4	,	,	PUNCT
ajfa-4510	318	5	mahatma	mahatma	PROPN
ajfa-4510	318	6	gandhi	gandhi	PROPN
ajfa-4510	318	7	university	university	PROPN
ajfa-4510	318	8	,	,	PUNCT
ajfa-4510	318	9	india	india	PROPN
ajfa-4510	318	10	.	.	PUNCT
ajfa-4510	319	1	gazi	gazi	PROPN
ajfa-4510	319	2	,	,	PUNCT
ajfa-4510	319	3	m.h	m.h	PROPN
ajfa-4510	319	4	.	.	PROPN
ajfa-4510	319	5	,	,	PUNCT
ajfa-4510	319	6	&	&	CCONJ
ajfa-4510	319	7	hisham	hisham	PROPN
ajfa-4510	319	8	,	,	PUNCT
ajfa-4510	319	9	a.	a.	NOUN
ajfa-4510	319	10	(	(	PUNCT
ajfa-4510	319	11	2010	2010	NUM
ajfa-4510	319	12	)	)	PUNCT
ajfa-4510	319	13	.	.	PUNCT
ajfa-4510	320	1	can	can	AUX
ajfa-4510	320	2	macroeconomic	macroeconomic	ADJ
ajfa-4510	320	3	factors	factor	NOUN
ajfa-4510	320	4	explain	explain	VERB
ajfa-4510	320	5	equity	equity	NOUN
ajfa-4510	320	6	returns	return	NOUN
ajfa-4510	320	7	in	in	ADP
ajfa-4510	320	8	the	the	DET
ajfa-4510	320	9	long	long	ADJ
ajfa-4510	320	10	run	run	NOUN
ajfa-4510	320	11	?	?	PUNCT
ajfa-4510	321	1	the	the	DET
ajfa-4510	321	2	case	case	NOUN
ajfa-4510	321	3	of	of	ADP
ajfa-4510	321	4	jordan	jordan	PROPN
ajfa-4510	321	5	.	.	PUNCT
ajfa-4510	322	1	draft	draft	VERB
ajfa-4510	322	2	4	4	NUM
ajfa-4510	322	3	-	-	SYM
ajfa-4510	322	4	15/05/2010	15/05/2010	NUM
ajfa-4510	322	5	,	,	PUNCT
ajfa-4510	322	6	school	school	NOUN
ajfa-4510	322	7	of	of	ADP
ajfa-4510	322	8	economics	economic	NOUN
ajfa-4510	322	9	and	and	CCONJ
ajfa-4510	322	10	finance	finance	NOUN
ajfa-4510	322	11	,	,	PUNCT
ajfa-4510	322	12	university	university	NOUN
ajfa-4510	322	13	of	of	ADP
ajfa-4510	322	14	western	western	PROPN
ajfa-4510	322	15	sydney	sydney	PROPN
ajfa-4510	322	16	,	,	PUNCT
ajfa-4510	322	17	australia	australia	PROPN
ajfa-4510	322	18	.	.	PUNCT
ajfa-4510	323	1	ibrahim	ibrahim	PROPN
ajfa-4510	323	2	,	,	PUNCT
ajfa-4510	323	3	m.h	m.h	PROPN
ajfa-4510	323	4	.	.	PROPN
ajfa-4510	323	5	(	(	PUNCT
ajfa-4510	323	6	2011	2011	NUM
ajfa-4510	323	7	)	)	PUNCT
ajfa-4510	323	8	.	.	PUNCT
ajfa-4510	324	1	stock	stock	NOUN
ajfa-4510	324	2	market	market	NOUN
ajfa-4510	324	3	development	development	NOUN
ajfa-4510	324	4	and	and	CCONJ
ajfa-4510	324	5	macroeconomic	macroeconomic	ADJ
ajfa-4510	324	6	performance	performance	NOUN
ajfa-4510	324	7	in	in	ADP
ajfa-4510	324	8	thailand	thailand	PROPN
ajfa-4510	324	9	.	.	PUNCT
ajfa-4510	325	1	inzinerine	inzinerine	PROPN
ajfa-4510	325	2	ekonomika	ekonomika	PROPN
ajfa-4510	325	3	-	-	PUNCT
ajfa-4510	325	4	engineering	engineering	NOUN
ajfa-4510	325	5	economics	economic	NOUN
ajfa-4510	325	6	,	,	PUNCT
ajfa-4510	325	7	22(3	22(3	NUM
ajfa-4510	325	8	)	)	PUNCT
ajfa-4510	325	9	,	,	PUNCT
ajfa-4510	325	10	230	230	NUM
ajfa-4510	325	11	-	-	SYM
ajfa-4510	325	12	240	240	NUM
ajfa-4510	325	13	.	.	PUNCT
ajfa-4510	326	1	joseph	joseph	PROPN
ajfa-4510	326	2	,	,	PUNCT
ajfa-4510	326	3	l.n	l.n	PROPN
ajfa-4510	326	4	.	.	PROPN
ajfa-4510	326	5	,	,	PUNCT
ajfa-4510	326	6	&	&	CCONJ
ajfa-4510	326	7	vezos	vezo	NOUN
ajfa-4510	326	8	,	,	PUNCT
ajfa-4510	326	9	p.	p.	NOUN
ajfa-4510	326	10	(	(	PUNCT
ajfa-4510	326	11	2006	2006	NUM
ajfa-4510	326	12	)	)	PUNCT
ajfa-4510	326	13	.	.	PUNCT
ajfa-4510	327	1	the	the	DET
ajfa-4510	327	2	sensitivity	sensitivity	NOUN
ajfa-4510	327	3	of	of	ADP
ajfa-4510	327	4	us	us	PROPN
ajfa-4510	327	5	banks	bank	NOUN
ajfa-4510	327	6	’	’	PART
ajfa-4510	327	7	stock	stock	NOUN
ajfa-4510	327	8	returns	return	NOUN
ajfa-4510	327	9	to	to	ADP
ajfa-4510	327	10	interest	interest	NOUN
ajfa-4510	327	11	rate	rate	NOUN
ajfa-4510	327	12	and	and	CCONJ
ajfa-4510	327	13	exchange	exchange	NOUN
ajfa-4510	327	14	rate	rate	NOUN
ajfa-4510	327	15	changes	change	NOUN
ajfa-4510	327	16	.	.	PUNCT
ajfa-4510	328	1	managerial	managerial	ADJ
ajfa-4510	328	2	finance	finance	NOUN
ajfa-4510	328	3	,	,	PUNCT
ajfa-4510	328	4	32(2	32(2	NUM
ajfa-4510	328	5	)	)	PUNCT
ajfa-4510	328	6	,	,	PUNCT
ajfa-4510	328	7	182	182	NUM
ajfa-4510	328	8	-	-	SYM
ajfa-4510	328	9	199	199	NUM
ajfa-4510	328	10	.	.	PUNCT
ajfa-4510	329	1	http://dx.doi.org/10.1108/0307435061064193	http://dx.doi.org/10.1108/0307435061064193	PROPN
ajfa-4510	329	2	lintner	lintner	PROPN
ajfa-4510	329	3	,	,	PUNCT
ajfa-4510	329	4	j.	j.	PROPN
ajfa-4510	329	5	(	(	PUNCT
ajfa-4510	329	6	1965	1965	NUM
ajfa-4510	329	7	)	)	PUNCT
ajfa-4510	329	8	.	.	PUNCT
ajfa-4510	330	1	the	the	DET
ajfa-4510	330	2	valuation	valuation	NOUN
ajfa-4510	330	3	of	of	ADP
ajfa-4510	330	4	risk	risk	NOUN
ajfa-4510	330	5	assets	asset	NOUN
ajfa-4510	330	6	and	and	CCONJ
ajfa-4510	330	7	the	the	DET
ajfa-4510	330	8	selection	selection	NOUN
ajfa-4510	330	9	of	of	ADP
ajfa-4510	330	10	risky	risky	ADJ
ajfa-4510	330	11	investments	investment	NOUN
ajfa-4510	330	12	in	in	ADP
ajfa-4510	330	13	stock	stock	NOUN
ajfa-4510	330	14	portfolios	portfolio	NOUN
ajfa-4510	330	15	and	and	CCONJ
ajfa-4510	330	16	capital	capital	NOUN
ajfa-4510	330	17	budgets	budget	NOUN
ajfa-4510	330	18	.	.	PUNCT
ajfa-4510	331	1	review	review	NOUN
ajfa-4510	331	2	of	of	ADP
ajfa-4510	331	3	economics	economic	NOUN
ajfa-4510	331	4	and	and	CCONJ
ajfa-4510	331	5	statistics	statistic	NOUN
ajfa-4510	331	6	,	,	PUNCT
ajfa-4510	331	7	47(1	47(1	NUM
ajfa-4510	331	8	)	)	PUNCT
ajfa-4510	331	9	,	,	PUNCT
ajfa-4510	331	10	13	13	NUM
ajfa-4510	331	11	-	-	SYM
ajfa-4510	331	12	37	37	NUM
ajfa-4510	331	13	.	.	PUNCT
ajfa-4510	332	1	http://dx.doi.org/10.2307/1924119	http://dx.doi.org/10.2307/1924119	PROPN
ajfa-4510	332	2	liow	liow	PROPN
ajfa-4510	332	3	,	,	PUNCT
ajfa-4510	332	4	k.h	k.h	PROPN
ajfa-4510	332	5	.	.	PUNCT
ajfa-4510	332	6	(	(	PUNCT
ajfa-4510	332	7	2004	2004	NUM
ajfa-4510	332	8	)	)	PUNCT
ajfa-4510	332	9	.	.	PUNCT
ajfa-4510	333	1	time	time	NOUN
ajfa-4510	333	2	varying	vary	VERB
ajfa-4510	333	3	macroeconomic	macroeconomic	ADJ
ajfa-4510	333	4	risk	risk	NOUN
ajfa-4510	333	5	and	and	CCONJ
ajfa-4510	333	6	commercial	commercial	ADJ
ajfa-4510	333	7	real	real	ADJ
ajfa-4510	333	8	estate	estate	NOUN
ajfa-4510	333	9	:	:	PUNCT
ajfa-4510	333	10	an	an	DET
ajfa-4510	333	11	asset	asset	NOUN
ajfa-4510	333	12	pricing	pricing	NOUN
ajfa-4510	333	13	perspective	perspective	NOUN
ajfa-4510	333	14	.	.	PUNCT
ajfa-4510	334	1	journal	journal	NOUN
ajfa-4510	334	2	of	of	ADP
ajfa-4510	334	3	real	real	ADJ
ajfa-4510	334	4	estate	estate	NOUN
ajfa-4510	334	5	portfolio	portfolio	NOUN
ajfa-4510	334	6	management	management	NOUN
ajfa-4510	334	7	,	,	PUNCT
ajfa-4510	334	8	10(1	10(1	NUM
ajfa-4510	334	9	)	)	PUNCT
ajfa-4510	334	10	,	,	PUNCT
ajfa-4510	334	11	47	47	NUM
ajfa-4510	334	12	-	-	SYM
ajfa-4510	334	13	58	58	NUM
ajfa-4510	334	14	.	.	PUNCT
ajfa-4510	335	1	liow	liow	PROPN
ajfa-4510	335	2	,	,	PUNCT
ajfa-4510	335	3	h.k	h.k	PROPN
ajfa-4510	335	4	.	.	PROPN
ajfa-4510	335	5	,	,	PUNCT
ajfa-4510	335	6	ibrahim	ibrahim	PROPN
ajfa-4510	335	7	,	,	PUNCT
ajfa-4510	335	8	f.m	f.m	PROPN
ajfa-4510	335	9	.	.	PROPN
ajfa-4510	335	10	,	,	PUNCT
ajfa-4510	335	11	&	&	CCONJ
ajfa-4510	335	12	huang	huang	PROPN
ajfa-4510	335	13	,	,	PUNCT
ajfa-4510	335	14	q.	q.	PROPN
ajfa-4510	335	15	(	(	PUNCT
ajfa-4510	335	16	2006	2006	NUM
ajfa-4510	335	17	)	)	PUNCT
ajfa-4510	335	18	.	.	PUNCT
ajfa-4510	336	1	macroeconomic	macroeconomic	ADJ
ajfa-4510	336	2	risk	risk	NOUN
ajfa-4510	336	3	influences	influence	NOUN
ajfa-4510	336	4	on	on	ADP
ajfa-4510	336	5	the	the	DET
ajfa-4510	336	6	property	property	NOUN
ajfa-4510	336	7	stock	stock	NOUN
ajfa-4510	336	8	market	market	NOUN
ajfa-4510	336	9	.	.	PUNCT
ajfa-4510	337	1	journal	journal	NOUN
ajfa-4510	337	2	of	of	ADP
ajfa-4510	337	3	property	property	NOUN
ajfa-4510	337	4	investment	investment	NOUN
ajfa-4510	337	5	finance	finance	NOUN
ajfa-4510	337	6	,	,	PUNCT
ajfa-4510	337	7	24(4	24(4	NUM
ajfa-4510	337	8	)	)	PUNCT
ajfa-4510	337	9	,	,	PUNCT
ajfa-4510	337	10	295	295	NUM
ajfa-4510	337	11	-	-	SYM
ajfa-4510	337	12	323	323	NUM
ajfa-4510	337	13	.	.	PUNCT
ajfa-4510	338	1	http://dx.doi.org/10.1108/14635780610674507	http://dx.doi.org/10.1108/14635780610674507	NOUN
ajfa-4510	338	2	malakar	malakar	PROPN
ajfa-4510	338	3	,	,	PUNCT
ajfa-4510	338	4	b.	b.	PROPN
ajfa-4510	338	5	,	,	PUNCT
ajfa-4510	338	6	&	&	CCONJ
ajfa-4510	338	7	gupta	gupta	PROPN
ajfa-4510	338	8	,	,	PUNCT
ajfa-4510	338	9	r.	r.	PROPN
ajfa-4510	338	10	(	(	PUNCT
ajfa-4510	338	11	2002	2002	NUM
ajfa-4510	338	12	)	)	PUNCT
ajfa-4510	338	13	.	.	PUNCT
ajfa-4510	339	1	determinants	determinant	NOUN
ajfa-4510	339	2	of	of	ADP
ajfa-4510	339	3	share	share	NOUN
ajfa-4510	339	4	pricea	pricea	PROPN
ajfa-4510	339	5	system	system	NOUN
ajfa-4510	339	6	approach	approach	NOUN
ajfa-4510	339	7	:	:	PUNCT
ajfa-4510	339	8	the	the	DET
ajfa-4510	339	9	modified	modify	VERB
ajfa-4510	339	10	model	model	NOUN
ajfa-4510	339	11	.	.	PUNCT
ajfa-4510	340	1	finance	finance	PROPN
ajfa-4510	340	2	india	india	PROPN
ajfa-4510	340	3	,	,	PUNCT
ajfa-4510	340	4	16(4	16(4	NUM
ajfa-4510	340	5	)	)	PUNCT
ajfa-4510	340	6	,	,	PUNCT
ajfa-4510	340	7	14	14	NUM
ajfa-4510	340	8	-	-	SYM
ajfa-4510	340	9	19	19	NUM
ajfa-4510	340	10	.	.	PUNCT
ajfa-4510	340	11	madhusoodanan	madhusoodanan	PROPN
ajfa-4510	340	12	,	,	PUNCT
ajfa-4510	340	13	t.p	t.p	PROPN
ajfa-4510	340	14	.	.	PROPN
ajfa-4510	340	15	(	(	PUNCT
ajfa-4510	340	16	1997	1997	NUM
ajfa-4510	340	17	)	)	PUNCT
ajfa-4510	340	18	.	.	PUNCT
ajfa-4510	341	1	risk	risk	NOUN
ajfa-4510	341	2	and	and	CCONJ
ajfa-4510	341	3	return	return	VERB
ajfa-4510	341	4	:	:	PUNCT
ajfa-4510	341	5	a	a	DET
ajfa-4510	341	6	new	new	ADJ
ajfa-4510	341	7	look	look	NOUN
ajfa-4510	341	8	at	at	ADP
ajfa-4510	341	9	the	the	DET
ajfa-4510	341	10	indian	indian	ADJ
ajfa-4510	341	11	stock	stock	NOUN
ajfa-4510	341	12	market	market	NOUN
ajfa-4510	341	13	.	.	PUNCT
ajfa-4510	342	1	finance	finance	PROPN
ajfa-4510	342	2	india	india	PROPN
ajfa-4510	342	3	,	,	PUNCT
ajfa-4510	342	4	1(2	1(2	NUM
ajfa-4510	342	5	)	)	PUNCT
ajfa-4510	342	6	,	,	PUNCT
ajfa-4510	342	7	285	285	NUM
ajfa-4510	342	8	-	-	SYM
ajfa-4510	342	9	304	304	NUM
ajfa-4510	342	10	.	.	PUNCT
ajfa-4510	343	1	majid	majid	PROPN
ajfa-4510	343	2	,	,	PUNCT
ajfa-4510	343	3	s.m	s.m	PROPN
ajfa-4510	343	4	.	.	PROPN
ajfa-4510	343	5	,	,	PUNCT
ajfa-4510	343	6	&	&	CCONJ
ajfa-4510	343	7	yusuf	yusuf	PROPN
ajfa-4510	343	8	,	,	PUNCT
ajfa-4510	343	9	m.r.(2009	m.r.(2009	PROPN
ajfa-4510	343	10	)	)	PUNCT
ajfa-4510	343	11	.	.	PUNCT
ajfa-4510	344	1	long	long	ADV
ajfa-4510	344	2	-	-	PUNCT
ajfa-4510	344	3	run	run	NOUN
ajfa-4510	344	4	relationship	relationship	NOUN
ajfa-4510	344	5	between	between	ADP
ajfa-4510	344	6	islamic	islamic	ADJ
ajfa-4510	344	7	stock	stock	NOUN
ajfa-4510	344	8	returns	return	NOUN
ajfa-4510	344	9	and	and	CCONJ
ajfa-4510	344	10	macroeconomic	macroeconomic	ADJ
ajfa-4510	344	11	variables	variable	NOUN
ajfa-4510	344	12	.	.	PUNCT
ajfa-4510	345	1	humanonics	humanonic	NOUN
ajfa-4510	345	2	,	,	PUNCT
ajfa-4510	345	3	25	25	NUM
ajfa-4510	345	4	(	(	PUNCT
ajfa-4510	345	5	2	2	NUM
ajfa-4510	345	6	)	)	PUNCT
ajfa-4510	345	7	,	,	PUNCT
ajfa-4510	345	8	127	127	NUM
ajfa-4510	345	9	-	-	SYM
ajfa-4510	345	10	41	41	NUM
ajfa-4510	345	11	.	.	PUNCT
ajfa-4510	346	1	mei	mei	PROPN
ajfa-4510	346	2	,	,	PUNCT
ajfa-4510	346	3	j.	j.	PROPN
ajfa-4510	346	4	&	&	CCONJ
ajfa-4510	346	5	hu	hu	PROPN
ajfa-4510	346	6	,	,	PUNCT
ajfa-4510	346	7	j.	j.	PROPN
ajfa-4510	346	8	(	(	PUNCT
ajfa-4510	346	9	2000	2000	NUM
ajfa-4510	346	10	)	)	PUNCT
ajfa-4510	346	11	.	.	PUNCT
ajfa-4510	347	1	conditional	conditional	ADJ
ajfa-4510	347	2	risk	risk	NOUN
ajfa-4510	347	3	premiums	premium	NOUN
ajfa-4510	347	4	of	of	ADP
ajfa-4510	347	5	asian	asian	ADJ
ajfa-4510	347	6	real	real	ADJ
ajfa-4510	347	7	estate	estate	NOUN
ajfa-4510	347	8	stocks	stock	NOUN
ajfa-4510	347	9	.	.	PUNCT
ajfa-4510	348	1	journal	journal	NOUN
ajfa-4510	348	2	of	of	ADP
ajfa-4510	348	3	real	real	ADJ
ajfa-4510	348	4	estate	estate	NOUN
ajfa-4510	348	5	financial	financial	ADJ
ajfa-4510	348	6	economics	economic	NOUN
ajfa-4510	348	7	,	,	PUNCT
ajfa-4510	348	8	21(3	21(3	NUM
ajfa-4510	348	9	)	)	PUNCT
ajfa-4510	348	10	,	,	PUNCT
ajfa-4510	348	11	297	297	NUM
ajfa-4510	348	12	-	-	SYM
ajfa-4510	348	13	313	313	NUM
ajfa-4510	348	14	.	.	PUNCT
ajfa-4510	349	1	http://dx.doi.org/10.1023/a:1012008004402	http://dx.doi.org/10.1023/a:1012008004402	PROPN
ajfa-4510	349	2	merton	merton	PROPN
ajfa-4510	349	3	,	,	PUNCT
ajfa-4510	349	4	r.c	r.c	PROPN
ajfa-4510	349	5	.	.	PROPN
ajfa-4510	349	6	(	(	PUNCT
ajfa-4510	349	7	1980	1980	NUM
ajfa-4510	349	8	)	)	PUNCT
ajfa-4510	349	9	.	.	PUNCT
ajfa-4510	350	1	on	on	ADP
ajfa-4510	350	2	estimating	estimate	VERB
ajfa-4510	350	3	the	the	DET
ajfa-4510	350	4	expected	expect	VERB
ajfa-4510	350	5	return	return	NOUN
ajfa-4510	350	6	on	on	ADP
ajfa-4510	350	7	the	the	DET
ajfa-4510	350	8	market	market	NOUN
ajfa-4510	350	9	.	.	PUNCT
ajfa-4510	351	1	journal	journal	NOUN
ajfa-4510	351	2	of	of	ADP
ajfa-4510	351	3	financial	financial	ADJ
ajfa-4510	351	4	economics	economic	NOUN
ajfa-4510	351	5	,	,	PUNCT
ajfa-4510	351	6	8	8	NUM
ajfa-4510	351	7	,	,	PUNCT
ajfa-4510	351	8	323	323	NUM
ajfa-4510	351	9	-	-	SYM
ajfa-4510	351	10	361	361	NUM
ajfa-4510	351	11	.	.	PUNCT
ajfa-4510	352	1	http://dx.doi.org/10.1016/0304-405x(80)90007-0	http://dx.doi.org/10.1016/0304-405x(80)90007-0	PROPN
ajfa-4510	353	1	mishra	mishra	PROPN
ajfa-4510	353	2	,	,	PUNCT
ajfa-4510	353	3	a.k	a.k	PROPN
ajfa-4510	353	4	.	.	PROPN
ajfa-4510	353	5	(	(	PUNCT
ajfa-4510	353	6	2004	2004	NUM
ajfa-4510	353	7	)	)	PUNCT
ajfa-4510	353	8	.	.	PUNCT
ajfa-4510	354	1	stock	stock	NOUN
ajfa-4510	354	2	market	market	NOUN
ajfa-4510	354	3	and	and	CCONJ
ajfa-4510	354	4	foreign	foreign	ADJ
ajfa-4510	354	5	exchange	exchange	NOUN
ajfa-4510	354	6	market	market	NOUN
ajfa-4510	354	7	in	in	ADP
ajfa-4510	354	8	india	india	PROPN
ajfa-4510	354	9	:	:	PUNCT
ajfa-4510	354	10	are	be	AUX
ajfa-4510	354	11	they	they	PRON
ajfa-4510	354	12	related	relate	VERB
ajfa-4510	354	13	?	?	PUNCT
ajfa-4510	355	1	south	south	PROPN
ajfa-4510	355	2	asia	asia	PROPN
ajfa-4510	355	3	economic	economic	PROPN
ajfa-4510	355	4	journal	journal	PROPN
ajfa-4510	355	5	,	,	PUNCT
ajfa-4510	355	6	5(2	5(2	NUM
ajfa-4510	355	7	)	)	PUNCT
ajfa-4510	355	8	,	,	PUNCT
ajfa-4510	355	9	209	209	NUM
ajfa-4510	355	10	-	-	SYM
ajfa-4510	355	11	232	232	NUM
ajfa-4510	355	12	.	.	PUNCT
ajfa-4510	356	1	http://dx.doi.org/10.1177/139156140400500202	http://dx.doi.org/10.1177/139156140400500202	PROPN
ajfa-4510	356	2	mukherjee	mukherjee	PROPN
ajfa-4510	356	3	,	,	PUNCT
ajfa-4510	356	4	t.k	t.k	PROPN
ajfa-4510	356	5	.	.	PROPN
ajfa-4510	356	6	,	,	PUNCT
ajfa-4510	356	7	&	&	CCONJ
ajfa-4510	356	8	naka	naka	PROPN
ajfa-4510	356	9	,	,	PUNCT
ajfa-4510	356	10	a.	a.	NOUN
ajfa-4510	356	11	(	(	PUNCT
ajfa-4510	356	12	1995	1995	NUM
ajfa-4510	356	13	)	)	PUNCT
ajfa-4510	356	14	.	.	PUNCT
ajfa-4510	357	1	dynamic	dynamic	ADJ
ajfa-4510	357	2	relations	relation	NOUN
ajfa-4510	357	3	between	between	ADP
ajfa-4510	357	4	macroeconomic	macroeconomic	ADJ
ajfa-4510	357	5	variables	variable	NOUN
ajfa-4510	357	6	and	and	CCONJ
ajfa-4510	357	7	the	the	DET
ajfa-4510	357	8	japanese	japanese	ADJ
ajfa-4510	357	9	stock	stock	NOUN
ajfa-4510	357	10	market	market	NOUN
ajfa-4510	357	11	:	:	PUNCT
ajfa-4510	357	12	an	an	DET
ajfa-4510	357	13	application	application	NOUN
ajfa-4510	357	14	of	of	ADP
ajfa-4510	357	15	a	a	DET
ajfa-4510	357	16	vector	vector	NOUN
ajfa-4510	357	17	error	error	NOUN
ajfa-4510	357	18	correction	correction	NOUN
ajfa-4510	357	19	model	model	NOUN
ajfa-4510	357	20	.	.	PUNCT
ajfa-4510	358	1	journal	journal	PROPN
ajfa-4510	358	2	of	of	ADP
ajfa-4510	358	3	financial	financial	ADJ
ajfa-4510	358	4	research	research	NOUN
ajfa-4510	358	5	,	,	PUNCT
ajfa-4510	358	6	18	18	NUM
ajfa-4510	358	7	,	,	PUNCT
ajfa-4510	358	8	223	223	NUM
ajfa-4510	358	9	-	-	SYM
ajfa-4510	358	10	37	37	NUM
ajfa-4510	358	11	.	.	PUNCT
ajfa-4510	359	1	asian	asian	ADJ
ajfa-4510	359	2	journal	journal	PROPN
ajfa-4510	359	3	of	of	ADP
ajfa-4510	359	4	finance	finance	PROPN
ajfa-4510	359	5	&	&	CCONJ
ajfa-4510	359	6	accounting	accounting	PROPN
ajfa-4510	359	7	issn	issn	PROPN
ajfa-4510	359	8	1946	1946	NUM
ajfa-4510	359	9	-	-	PUNCT
ajfa-4510	359	10	052x	052x	NOUN
ajfa-4510	359	11	2013	2013	NUM
ajfa-4510	359	12	,	,	PUNCT
ajfa-4510	359	13	vol	vol	NOUN
ajfa-4510	359	14	.	.	PROPN
ajfa-4510	359	15	5	5	NUM
ajfa-4510	359	16	,	,	PUNCT
ajfa-4510	359	17	no	no	INTJ
ajfa-4510	359	18	.	.	NOUN
ajfa-4510	359	19	2	2	NUM
ajfa-4510	359	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4510	359	21	304	304	NUM
ajfa-4510	359	22	nasscom	nasscom	NOUN
ajfa-4510	359	23	.	.	PUNCT
ajfa-4510	360	1	the	the	DET
ajfa-4510	360	2	it	it	PRON
ajfa-4510	360	3	industry	industry	NOUN
ajfa-4510	360	4	in	in	ADP
ajfa-4510	360	5	india	india	PROPN
ajfa-4510	360	6	–	–	PUNCT
ajfa-4510	360	7	strategic	strategic	ADJ
ajfa-4510	360	8	2008	2008	NUM
ajfa-4510	360	9	review	review	NOUN
ajfa-4510	360	10	ray	ray	NOUN
ajfa-4510	360	11	,	,	PUNCT
ajfa-4510	360	12	s.	s.	PROPN
ajfa-4510	360	13	(	(	PUNCT
ajfa-4510	360	14	2012	2012	NUM
ajfa-4510	360	15	)	)	PUNCT
ajfa-4510	360	16	.	.	PUNCT
ajfa-4510	361	1	testing	test	VERB
ajfa-4510	361	2	granger	granger	PROPN
ajfa-4510	361	3	causal	causal	PROPN
ajfa-4510	361	4	relationship	relationship	NOUN
ajfa-4510	361	5	between	between	ADP
ajfa-4510	361	6	macroeconomic	macroeconomic	ADJ
ajfa-4510	361	7	variables	variable	NOUN
ajfa-4510	361	8	and	and	CCONJ
ajfa-4510	361	9	stock	stock	NOUN
ajfa-4510	361	10	price	price	NOUN
ajfa-4510	361	11	behavior	behavior	NOUN
ajfa-4510	361	12	:	:	PUNCT
ajfa-4510	361	13	evidence	evidence	NOUN
ajfa-4510	361	14	from	from	ADP
ajfa-4510	361	15	india	india	PROPN
ajfa-4510	361	16	.	.	PUNCT
ajfa-4510	362	1	advances	advance	NOUN
ajfa-4510	362	2	in	in	ADP
ajfa-4510	362	3	applied	apply	VERB
ajfa-4510	362	4	economics	economic	NOUN
ajfa-4510	362	5	and	and	CCONJ
ajfa-4510	362	6	finance	finance	NOUN
ajfa-4510	362	7	,	,	PUNCT
ajfa-4510	362	8	3(1	3(1	NUM
ajfa-4510	362	9	)	)	PUNCT
ajfa-4510	362	10	,	,	PUNCT
ajfa-4510	362	11	470	470	NUM
ajfa-4510	362	12	-	-	SYM
ajfa-4510	362	13	481	481	NUM
ajfa-4510	362	14	.	.	PUNCT
ajfa-4510	363	1	ross	ross	PROPN
ajfa-4510	363	2	,	,	PUNCT
ajfa-4510	363	3	s.a	s.a	PROPN
ajfa-4510	363	4	.	.	PROPN
ajfa-4510	363	5	(	(	PUNCT
ajfa-4510	363	6	1976	1976	NUM
ajfa-4510	363	7	)	)	PUNCT
ajfa-4510	363	8	.	.	PUNCT
ajfa-4510	364	1	the	the	DET
ajfa-4510	364	2	arbitrage	arbitrage	NOUN
ajfa-4510	364	3	theory	theory	NOUN
ajfa-4510	364	4	of	of	ADP
ajfa-4510	364	5	capital	capital	NOUN
ajfa-4510	364	6	asset	asset	NOUN
ajfa-4510	364	7	pricing	pricing	NOUN
ajfa-4510	364	8	.	.	PUNCT
ajfa-4510	365	1	journal	journal	NOUN
ajfa-4510	365	2	of	of	ADP
ajfa-4510	365	3	economic	economic	ADJ
ajfa-4510	365	4	theory	theory	NOUN
ajfa-4510	365	5	,	,	PUNCT
ajfa-4510	365	6	13(4	13(4	NUM
ajfa-4510	365	7	)	)	PUNCT
ajfa-4510	365	8	,	,	PUNCT
ajfa-4510	365	9	341	341	NUM
ajfa-4510	365	10	-	-	SYM
ajfa-4510	365	11	60	60	NUM
ajfa-4510	365	12	.	.	PUNCT
ajfa-4510	366	1	http://dx.doi.org/10.1016/0022-0531(76)90046-6	http://dx.doi.org/10.1016/0022-0531(76)90046-6	NOUN
ajfa-4510	366	2	roll	roll	NOUN
ajfa-4510	366	3	,	,	PUNCT
ajfa-4510	366	4	r.	r.	PROPN
ajfa-4510	366	5	,	,	PUNCT
ajfa-4510	366	6	&	&	CCONJ
ajfa-4510	366	7	ross	ross	PROPN
ajfa-4510	366	8	,	,	PUNCT
ajfa-4510	366	9	s.a	s.a	PROPN
ajfa-4510	366	10	(	(	PUNCT
ajfa-4510	366	11	1980	1980	NUM
ajfa-4510	366	12	)	)	PUNCT
ajfa-4510	366	13	.	.	PUNCT
ajfa-4510	367	1	an	an	DET
ajfa-4510	367	2	empirical	empirical	ADJ
ajfa-4510	367	3	investigation	investigation	NOUN
ajfa-4510	367	4	of	of	ADP
ajfa-4510	367	5	the	the	DET
ajfa-4510	367	6	arbitrage	arbitrage	NOUN
ajfa-4510	367	7	pricing	pricing	NOUN
ajfa-4510	367	8	theory	theory	NOUN
ajfa-4510	367	9	.	.	PUNCT
ajfa-4510	368	1	journal	journal	PROPN
ajfa-4510	368	2	of	of	ADP
ajfa-4510	368	3	finance	finance	NOUN
ajfa-4510	368	4	,	,	PUNCT
ajfa-4510	368	5	35(5	35(5	NUM
ajfa-4510	368	6	)	)	PUNCT
ajfa-4510	368	7	,	,	PUNCT
ajfa-4510	368	8	1073	1073	NUM
ajfa-4510	368	9	-	-	SYM
ajfa-4510	368	10	103	103	NUM
ajfa-4510	368	11	.	.	PUNCT
ajfa-4510	369	1	http://dx.doi.org/10.1111/j.1540-6261.1980.tb02197.x	http://dx.doi.org/10.1111/j.1540-6261.1980.tb02197.x	X
ajfa-4510	369	2	rehman	rehman	PROPN
ajfa-4510	369	3	,	,	PUNCT
ajfa-4510	369	4	k.	k.	PROPN
ajfa-4510	369	5	,	,	PUNCT
ajfa-4510	369	6	&	&	CCONJ
ajfa-4510	369	7	saeedullah	saeedullah	PROPN
ajfa-4510	369	8	,	,	PUNCT
ajfa-4510	369	9	m.	m.	NOUN
ajfa-4510	369	10	(	(	PUNCT
ajfa-4510	369	11	2005	2005	NUM
ajfa-4510	369	12	)	)	PUNCT
ajfa-4510	369	13	.	.	PUNCT
ajfa-4510	370	1	empirical	empirical	ADJ
ajfa-4510	370	2	analysis	analysis	NOUN
ajfa-4510	370	3	of	of	ADP
ajfa-4510	370	4	markets	market	NOUN
ajfa-4510	370	5	and	and	CCONJ
ajfa-4510	370	6	industry	industry	NOUN
ajfa-4510	370	7	factors	factor	NOUN
ajfa-4510	370	8	in	in	ADP
ajfa-4510	370	9	stock	stock	NOUN
ajfa-4510	370	10	returns	return	NOUN
ajfa-4510	370	11	of	of	ADP
ajfa-4510	370	12	pakistan	pakistan	ADJ
ajfa-4510	370	13	cement	cement	NOUN
ajfa-4510	370	14	industry	industry	NOUN
ajfa-4510	370	15	.	.	PUNCT
ajfa-4510	371	1	journal	journal	PROPN
ajfa-4510	371	2	of	of	ADP
ajfa-4510	371	3	independent	independent	ADJ
ajfa-4510	371	4	studies	study	NOUN
ajfa-4510	371	5	and	and	CCONJ
ajfa-4510	371	6	research	research	NOUN
ajfa-4510	371	7	,	,	PUNCT
ajfa-4510	371	8	3(2	3(2	NUM
ajfa-4510	371	9	)	)	PUNCT
ajfa-4510	371	10	,	,	PUNCT
ajfa-4510	371	11	13	13	NUM
ajfa-4510	371	12	-	-	SYM
ajfa-4510	371	13	20	20	NUM
ajfa-4510	371	14	.	.	PUNCT
ajfa-4510	372	1	saji	saji	PROPN
ajfa-4510	372	2	,	,	PUNCT
ajfa-4510	372	3	t.g	t.g	PROPN
ajfa-4510	372	4	,	,	PUNCT
ajfa-4510	372	5	harikumar	harikumar	PROPN
ajfa-4510	372	6	,	,	PUNCT
ajfa-4510	372	7	s.	s.	PROPN
ajfa-4510	372	8	,	,	PUNCT
ajfa-4510	372	9	&	&	CCONJ
ajfa-4510	372	10	kasim	kasim	PROPN
ajfa-4510	372	11	,	,	PUNCT
ajfa-4510	372	12	c.m	c.m	PROPN
ajfa-4510	372	13	.	.	PROPN
ajfa-4510	372	14	(	(	PUNCT
ajfa-4510	372	15	2013	2013	NUM
ajfa-4510	372	16	)	)	PUNCT
ajfa-4510	372	17	.	.	PUNCT
ajfa-4510	373	1	the	the	DET
ajfa-4510	373	2	global	global	ADJ
ajfa-4510	373	3	financial	financial	ADJ
ajfa-4510	373	4	crisis	crisis	NOUN
ajfa-4510	373	5	and	and	CCONJ
ajfa-4510	373	6	the	the	DET
ajfa-4510	373	7	performance	performance	NOUN
ajfa-4510	373	8	of	of	ADP
ajfa-4510	373	9	the	the	DET
ajfa-4510	373	10	indian	indian	ADJ
ajfa-4510	373	11	corporate	corporate	ADJ
ajfa-4510	373	12	sector	sector	NOUN
ajfa-4510	373	13	:	:	PUNCT
ajfa-4510	373	14	a	a	DET
ajfa-4510	373	15	firm	firm	ADJ
ajfa-4510	373	16	level	level	NOUN
ajfa-4510	373	17	analysis	analysis	NOUN
ajfa-4510	373	18	.	.	PUNCT
ajfa-4510	374	1	indian	indian	ADJ
ajfa-4510	374	2	journal	journal	PROPN
ajfa-4510	374	3	of	of	ADP
ajfa-4510	374	4	finance,7(5	finance,7(5	NOUN
ajfa-4510	374	5	)	)	PUNCT
ajfa-4510	374	6	,	,	PUNCT
ajfa-4510	374	7	14	14	NUM
ajfa-4510	374	8	-	-	SYM
ajfa-4510	374	9	23	23	NUM
ajfa-4510	374	10	sehgal	sehgal	NOUN
ajfa-4510	374	11	,	,	PUNCT
ajfa-4510	374	12	s.	s.	PROPN
ajfa-4510	374	13	(	(	PUNCT
ajfa-4510	374	14	1997	1997	NUM
ajfa-4510	374	15	)	)	PUNCT
ajfa-4510	374	16	.	.	PUNCT
ajfa-4510	375	1	an	an	DET
ajfa-4510	375	2	empirical	empirical	ADJ
ajfa-4510	375	3	testing	testing	NOUN
ajfa-4510	375	4	of	of	ADP
ajfa-4510	375	5	three	three	NUM
ajfa-4510	375	6	parameter	parameter	NOUN
ajfa-4510	375	7	capital	capital	NOUN
ajfa-4510	375	8	asset	asset	NOUN
ajfa-4510	375	9	pricing	pricing	NOUN
ajfa-4510	375	10	model	model	NOUN
ajfa-4510	375	11	in	in	ADP
ajfa-4510	375	12	india	india	PROPN
ajfa-4510	375	13	.	.	PUNCT
ajfa-4510	376	1	finance	finance	PROPN
ajfa-4510	376	2	india	india	PROPN
ajfa-4510	376	3	,	,	PUNCT
ajfa-4510	376	4	11(4	11(4	NUM
ajfa-4510	376	5	)	)	PUNCT
ajfa-4510	376	6	,	,	PUNCT
ajfa-4510	376	7	424	424	NUM
ajfa-4510	376	8	-	-	SYM
ajfa-4510	376	9	442	442	NUM
ajfa-4510	376	10	.	.	PUNCT
ajfa-4510	377	1	shahid	shahid	PROPN
ajfa-4510	377	2	,	,	PUNCT
ajfa-4510	377	3	a.	a.	NOUN
ajfa-4510	377	4	(	(	PUNCT
ajfa-4510	377	5	2008	2008	NUM
ajfa-4510	377	6	)	)	PUNCT
ajfa-4510	377	7	.	.	PUNCT
ajfa-4510	378	1	aggregate	aggregate	VERB
ajfa-4510	378	2	economic	economic	ADJ
ajfa-4510	378	3	variables	variable	NOUN
ajfa-4510	378	4	and	and	CCONJ
ajfa-4510	378	5	stock	stock	NOUN
ajfa-4510	378	6	markets	market	NOUN
ajfa-4510	378	7	in	in	ADP
ajfa-4510	378	8	india	india	PROPN
ajfa-4510	378	9	.	.	PUNCT
ajfa-4510	379	1	international	international	ADJ
ajfa-4510	379	2	research	research	PROPN
ajfa-4510	379	3	journal	journal	NOUN
ajfa-4510	379	4	of	of	ADP
ajfa-4510	379	5	finance	finance	NOUN
ajfa-4510	379	6	and	and	CCONJ
ajfa-4510	379	7	economics	economic	NOUN
ajfa-4510	379	8	,	,	PUNCT
ajfa-4510	379	9	14	14	NUM
ajfa-4510	379	10	,	,	PUNCT
ajfa-4510	379	11	141	141	NUM
ajfa-4510	379	12	-	-	SYM
ajfa-4510	379	13	64	64	NUM
ajfa-4510	379	14	.	.	PUNCT
ajfa-4510	380	1	sharpe	sharpe	PROPN
ajfa-4510	380	2	,	,	PUNCT
ajfa-4510	380	3	w.f	w.f	PROPN
ajfa-4510	380	4	.	.	PROPN
ajfa-4510	380	5	(	(	PUNCT
ajfa-4510	380	6	1964	1964	NUM
ajfa-4510	380	7	)	)	PUNCT
ajfa-4510	380	8	.	.	PUNCT
ajfa-4510	381	1	capital	capital	NOUN
ajfa-4510	381	2	asset	asset	NOUN
ajfa-4510	381	3	prices	price	NOUN
ajfa-4510	381	4	:	:	PUNCT
ajfa-4510	381	5	a	a	DET
ajfa-4510	381	6	theory	theory	NOUN
ajfa-4510	381	7	of	of	ADP
ajfa-4510	381	8	market	market	NOUN
ajfa-4510	381	9	equilibrium	equilibrium	NOUN
ajfa-4510	381	10	under	under	ADP
ajfa-4510	381	11	conditions	condition	NOUN
ajfa-4510	381	12	of	of	ADP
ajfa-4510	381	13	risk	risk	NOUN
ajfa-4510	381	14	.	.	PUNCT
ajfa-4510	382	1	journal	journal	NOUN
ajfa-4510	382	2	of	of	ADP
ajfa-4510	382	3	finance	finance	NOUN
ajfa-4510	382	4	,	,	PUNCT
ajfa-4510	382	5	19	19	NUM
ajfa-4510	382	6	,	,	PUNCT
ajfa-4510	382	7	425	425	NUM
ajfa-4510	382	8	-	-	SYM
ajfa-4510	382	9	42	42	NUM
ajfa-4510	382	10	.	.	PUNCT
ajfa-4510	383	1	trivedi	trivedi	PROPN
ajfa-4510	383	2	,	,	PUNCT
ajfa-4510	383	3	p.	p.	PROPN
ajfa-4510	383	4	,	,	PUNCT
ajfa-4510	383	5	&	&	CCONJ
ajfa-4510	383	6	nair	nair	PROPN
ajfa-4510	383	7	,	,	PUNCT
ajfa-4510	383	8	a.	a.	NOUN
ajfa-4510	383	9	(	(	PUNCT
ajfa-4510	383	10	2003	2003	NUM
ajfa-4510	383	11	)	)	PUNCT
ajfa-4510	383	12	.	.	PUNCT
ajfa-4510	384	1	determinants	determinant	NOUN
ajfa-4510	384	2	of	of	ADP
ajfa-4510	384	3	fii	fii	PROPN
ajfa-4510	384	4	investment	investment	NOUN
ajfa-4510	384	5	inflow	inflow	NOUN
ajfa-4510	384	6	to	to	ADP
ajfa-4510	384	7	india	india	PROPN
ajfa-4510	384	8	.	.	PUNCT
ajfa-4510	385	1	conference	conference	NOUN
ajfa-4510	385	2	paper	paper	PROPN
ajfa-4510	385	3	,	,	PUNCT
ajfa-4510	385	4	igdra	igdra	PROPN
ajfa-4510	385	5	,	,	PUNCT
ajfa-4510	385	6	mumbai	mumbai	PROPN
ajfa-4510	385	7	.	.	PUNCT
ajfa-4510	386	1	january	january	PROPN
ajfa-4510	386	2	30	30	NUM
ajfa-4510	386	3	–	–	PUNCT
ajfa-4510	386	4	february	february	PROPN
ajfa-4510	386	5	1	1	NUM
ajfa-4510	386	6	.	.	PUNCT
ajfa-4510	387	1	wongbangpo	wongbangpo	PROPN
ajfa-4510	387	2	p.	p.	PROPN
ajfa-4510	387	3	,	,	PUNCT
ajfa-4510	387	4	&	&	CCONJ
ajfa-4510	387	5	sharma	sharma	PROPN
ajfa-4510	387	6	,	,	PUNCT
ajfa-4510	387	7	s.c	s.c	PROPN
ajfa-4510	387	8	.	.	PROPN
ajfa-4510	387	9	(	(	PUNCT
ajfa-4510	387	10	2002	2002	NUM
ajfa-4510	387	11	)	)	PUNCT
ajfa-4510	387	12	.	.	PUNCT
ajfa-4510	388	1	stock	stock	NOUN
ajfa-4510	388	2	market	market	NOUN
ajfa-4510	388	3	and	and	CCONJ
ajfa-4510	388	4	macroeconomic	macroeconomic	ADJ
ajfa-4510	388	5	fundamental	fundamental	ADJ
ajfa-4510	388	6	dynamic	dynamic	ADJ
ajfa-4510	388	7	interactions	interaction	NOUN
ajfa-4510	388	8	:	:	PUNCT
ajfa-4510	388	9	asean-5	asean-5	NUM
ajfa-4510	388	10	countries	country	NOUN
ajfa-4510	388	11	.	.	PUNCT
ajfa-4510	389	1	journal	journal	NOUN
ajfa-4510	389	2	of	of	ADP
ajfa-4510	389	3	asian	asian	ADJ
ajfa-4510	389	4	economics	economic	NOUN
ajfa-4510	389	5	,	,	PUNCT
ajfa-4510	389	6	13	13	NUM
ajfa-4510	389	7	,	,	PUNCT
ajfa-4510	389	8	27	27	NUM
ajfa-4510	389	9	-	-	SYM
ajfa-4510	389	10	51	51	NUM
ajfa-4510	389	11	.	.	PUNCT
ajfa-4510	390	1	http://dx.doi.org/10.1016/s1049-0078(01)00111-7	http://dx.doi.org/10.1016/s1049-0078(01)00111-7	X
ajfa-4510	390	2	zhou	zhou	PROPN
ajfa-4510	390	3	,	,	PUNCT
ajfa-4510	390	4	g.	g.	PROPN
ajfa-4510	390	5	(	(	PUNCT
ajfa-4510	390	6	1999	1999	NUM
ajfa-4510	390	7	)	)	PUNCT
ajfa-4510	390	8	.	.	PUNCT
ajfa-4510	391	1	security	security	NOUN
ajfa-4510	391	2	factors	factor	NOUN
ajfa-4510	391	3	as	as	ADP
ajfa-4510	391	4	linear	linear	ADJ
ajfa-4510	391	5	combinations	combination	NOUN
ajfa-4510	391	6	of	of	ADP
ajfa-4510	391	7	economic	economic	ADJ
ajfa-4510	391	8	variables	variable	NOUN
ajfa-4510	391	9	.	.	PUNCT
ajfa-4510	392	1	journal	journal	NOUN
ajfa-4510	392	2	of	of	ADP
ajfa-4510	392	3	financial	financial	ADJ
ajfa-4510	392	4	markets	market	NOUN
ajfa-4510	392	5	,	,	PUNCT
ajfa-4510	392	6	2(4	2(4	NUM
ajfa-4510	392	7	)	)	PUNCT
ajfa-4510	392	8	,	,	PUNCT
ajfa-4510	392	9	403	403	NUM
ajfa-4510	392	10	-	-	SYM
ajfa-4510	392	11	432	432	NUM
ajfa-4510	392	12	.	.	PUNCT
ajfa-4510	393	1	http://dx.doi.org/10.1016/s1386-4181(99)00008-7	http://dx.doi.org/10.1016/s1386-4181(99)00008-7	PROPN
ajfa-4510	393	2	merton	merton	PROPN
ajfa-4510	393	3	,	,	PUNCT
ajfa-4510	393	4	r.c	r.c	PROPN
ajfa-4510	393	5	.	.	PROPN
ajfa-4510	393	6	(	(	PUNCT
ajfa-4510	393	7	1980	1980	NUM
ajfa-4510	393	8	)	)	PUNCT
ajfa-4510	393	9	.	.	PUNCT
ajfa-4510	394	1	on	on	ADP
ajfa-4510	394	2	estimating	estimate	VERB
ajfa-4510	394	3	the	the	DET
ajfa-4510	394	4	expected	expect	VERB
ajfa-4510	394	5	return	return	NOUN
ajfa-4510	394	6	on	on	ADP
ajfa-4510	394	7	the	the	DET
ajfa-4510	394	8	market	market	NOUN
ajfa-4510	394	9	.	.	PUNCT
ajfa-4510	395	1	journal	journal	NOUN
ajfa-4510	395	2	of	of	ADP
ajfa-4510	395	3	financial	financial	ADJ
ajfa-4510	395	4	economics	economic	NOUN
ajfa-4510	395	5	,	,	PUNCT
ajfa-4510	395	6	8	8	NUM
ajfa-4510	395	7	,	,	PUNCT
ajfa-4510	395	8	323	323	NUM
ajfa-4510	395	9	-	-	SYM
ajfa-4510	395	10	361	361	NUM
ajfa-4510	395	11	.	.	PUNCT
ajfa-4510	395	12	http://dx.doi.org/10.1016/0304-405x(80)90007-0	http://dx.doi.org/10.1016/0304-405x(80)90007-0	PUNCT