id	sid	tid	token	lemma	pos
ajfa-4830	1	1	microsoft	microsoft	PROPN
ajfa-4830	1	2	word	word	NOUN
ajfa-4830	1	3	4830-17681-2-sm-writer2-new.doc	4830-17681-2-sm-writer2-new.doc	NUM
ajfa-4830	1	4	asian	asian	ADJ
ajfa-4830	1	5	journal	journal	NOUN
ajfa-4830	1	6	of	of	ADP
ajfa-4830	1	7	finance	finance	PROPN
ajfa-4830	1	8	&	&	CCONJ
ajfa-4830	1	9	accounting	accounting	PROPN
ajfa-4830	1	10	issn	issn	PROPN
ajfa-4830	1	11	1946	1946	NUM
ajfa-4830	1	12	-	-	PUNCT
ajfa-4830	1	13	052x	052x	PROPN
ajfa-4830	1	14	2014	2014	NUM
ajfa-4830	1	15	,	,	PUNCT
ajfa-4830	1	16	vol	vol	NOUN
ajfa-4830	1	17	.	.	PROPN
ajfa-4830	1	18	6	6	NUM
ajfa-4830	1	19	,	,	PUNCT
ajfa-4830	1	20	no	no	INTJ
ajfa-4830	1	21	.	.	NOUN
ajfa-4830	1	22	1	1	NUM
ajfa-4830	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4830	1	24	423	423	NUM
ajfa-4830	1	25	a	a	DET
ajfa-4830	1	26	study	study	NOUN
ajfa-4830	1	27	on	on	ADP
ajfa-4830	1	28	options	option	NOUN
ajfa-4830	1	29	pricing	pricing	NOUN
ajfa-4830	1	30	using	use	VERB
ajfa-4830	1	31	garch	garch	NOUN
ajfa-4830	1	32	and	and	CCONJ
ajfa-4830	1	33	black	black	ADJ
ajfa-4830	1	34	-	-	PUNCT
ajfa-4830	1	35	scholes	schole	NOUN
ajfa-4830	1	36	-	-	PUNCT
ajfa-4830	1	37	merton	merton	NOUN
ajfa-4830	1	38	model	model	NOUN
ajfa-4830	1	39	zohra	zohra	PROPN
ajfa-4830	1	40	bi	bi	PROPN
ajfa-4830	1	41	department	department	PROPN
ajfa-4830	1	42	of	of	ADP
ajfa-4830	1	43	finance	finance	NOUN
ajfa-4830	1	44	,	,	PUNCT
ajfa-4830	1	45	school	school	NOUN
ajfa-4830	1	46	of	of	ADP
ajfa-4830	1	47	business	business	NOUN
ajfa-4830	1	48	,	,	PUNCT
ajfa-4830	1	49	alliance	alliance	NOUN
ajfa-4830	1	50	university	university	PROPN
ajfa-4830	1	51	,	,	PUNCT
ajfa-4830	1	52	bangalore	bangalore	PROPN
ajfa-4830	1	53	,	,	PUNCT
ajfa-4830	1	54	india	india	PROPN
ajfa-4830	1	55	e	e	PROPN
ajfa-4830	1	56	-	-	NOUN
ajfa-4830	1	57	mail	mail	NOUN
ajfa-4830	1	58	:	:	PUNCT
ajfa-4830	2	1	zohrayousuf@gmail.com	zohrayousuf@gmail.com	X
ajfa-4830	2	2	abdullah	abdullah	PROPN
ajfa-4830	2	3	yousuf	yousuf	PROPN
ajfa-4830	2	4	department	department	PROPN
ajfa-4830	2	5	of	of	ADP
ajfa-4830	2	6	hr	hr	PROPN
ajfa-4830	2	7	,	,	PUNCT
ajfa-4830	2	8	jain	jain	PROPN
ajfa-4830	2	9	university	university	PROPN
ajfa-4830	2	10	,	,	PUNCT
ajfa-4830	2	11	bangalore	bangalore	PROPN
ajfa-4830	2	12	,	,	PUNCT
ajfa-4830	2	13	india	india	PROPN
ajfa-4830	2	14	e	e	PROPN
ajfa-4830	2	15	-	-	NOUN
ajfa-4830	2	16	mail	mail	NOUN
ajfa-4830	2	17	:	:	PUNCT
ajfa-4830	2	18	yousufaroma@gmail.com	yousufaroma@gmail.com	X
ajfa-4830	2	19	mihir	mihir	PROPN
ajfa-4830	2	20	dash	dash	NOUN
ajfa-4830	2	21	department	department	NOUN
ajfa-4830	2	22	of	of	ADP
ajfa-4830	2	23	quantitative	quantitative	ADJ
ajfa-4830	2	24	methods	method	NOUN
ajfa-4830	2	25	,	,	PUNCT
ajfa-4830	2	26	school	school	NOUN
ajfa-4830	2	27	of	of	ADP
ajfa-4830	2	28	business	business	PROPN
ajfa-4830	2	29	alliance	alliance	PROPN
ajfa-4830	2	30	university	university	PROPN
ajfa-4830	2	31	,	,	PUNCT
ajfa-4830	2	32	bangalore	bangalore	PROPN
ajfa-4830	2	33	,	,	PUNCT
ajfa-4830	2	34	india	india	PROPN
ajfa-4830	2	35	e	e	PROPN
ajfa-4830	2	36	-	-	NOUN
ajfa-4830	2	37	mail	mail	NOUN
ajfa-4830	2	38	:	:	PUNCT
ajfa-4830	2	39	mihir@alliance.edu.in	mihir@alliance.edu.in	NOUN
ajfa-4830	2	40	received	receive	VERB
ajfa-4830	2	41	:	:	PUNCT
ajfa-4830	2	42	dec	dec	PROPN
ajfa-4830	2	43	.	.	PROPN
ajfa-4830	2	44	24	24	NUM
ajfa-4830	2	45	,	,	PUNCT
ajfa-4830	2	46	2013	2013	NUM
ajfa-4830	2	47	accepted	accept	VERB
ajfa-4830	2	48	:	:	PUNCT
ajfa-4830	2	49	june	june	PROPN
ajfa-4830	2	50	17	17	NUM
ajfa-4830	2	51	,	,	PUNCT
ajfa-4830	2	52	2014	2014	NUM
ajfa-4830	2	53	published	publish	VERB
ajfa-4830	2	54	:	:	PUNCT
ajfa-4830	2	55	june	june	PROPN
ajfa-4830	2	56	17	17	NUM
ajfa-4830	2	57	,	,	PUNCT
ajfa-4830	2	58	2014	2014	NUM
ajfa-4830	2	59	doi:10.5296	doi:10.5296	NOUN
ajfa-4830	2	60	/	/	SYM
ajfa-4830	2	61	ajfa.v6i1.4830	ajfa.v6i1.4830	PROPN
ajfa-4830	2	62	url	url	NOUN
ajfa-4830	2	63	:	:	PUNCT
ajfa-4830	2	64	http://dx.doi.org/10.5296/ajfa.v6i1.4830	http://dx.doi.org/10.5296/ajfa.v6i1.4830	PROPN
ajfa-4830	2	65	abstract	abstract	ADJ
ajfa-4830	2	66	options	option	NOUN
ajfa-4830	2	67	are	be	AUX
ajfa-4830	2	68	instruments	instrument	NOUN
ajfa-4830	2	69	which	which	PRON
ajfa-4830	2	70	have	have	VERB
ajfa-4830	2	71	the	the	DET
ajfa-4830	2	72	special	special	ADJ
ajfa-4830	2	73	property	property	NOUN
ajfa-4830	2	74	of	of	ADP
ajfa-4830	2	75	limiting	limit	VERB
ajfa-4830	2	76	the	the	DET
ajfa-4830	2	77	downside	downside	ADJ
ajfa-4830	2	78	risk	risk	NOUN
ajfa-4830	2	79	,	,	PUNCT
ajfa-4830	2	80	while	while	SCONJ
ajfa-4830	2	81	not	not	PART
ajfa-4830	2	82	limiting	limit	VERB
ajfa-4830	2	83	the	the	DET
ajfa-4830	2	84	upside	upside	ADJ
ajfa-4830	2	85	potential	potential	NOUN
ajfa-4830	2	86	,	,	PUNCT
ajfa-4830	2	87	thus	thus	ADV
ajfa-4830	2	88	their	their	PRON
ajfa-4830	2	89	use	use	NOUN
ajfa-4830	2	90	in	in	ADP
ajfa-4830	2	91	hedging	hedging	NOUN
ajfa-4830	2	92	.	.	PUNCT
ajfa-4830	3	1	the	the	DET
ajfa-4830	3	2	share	share	NOUN
ajfa-4830	3	3	of	of	ADP
ajfa-4830	3	4	the	the	DET
ajfa-4830	3	5	options	option	NOUN
ajfa-4830	3	6	market	market	NOUN
ajfa-4830	3	7	in	in	ADP
ajfa-4830	3	8	the	the	DET
ajfa-4830	3	9	indian	indian	ADJ
ajfa-4830	3	10	capital	capital	NOUN
ajfa-4830	3	11	market	market	NOUN
ajfa-4830	3	12	has	have	AUX
ajfa-4830	3	13	increased	increase	VERB
ajfa-4830	3	14	to	to	ADP
ajfa-4830	3	15	64	64	NUM
ajfa-4830	3	16	%	%	NOUN
ajfa-4830	3	17	in	in	ADP
ajfa-4830	3	18	just	just	ADV
ajfa-4830	3	19	over	over	ADP
ajfa-4830	3	20	a	a	PRON
ajfa-4830	3	21	decade	decade	NOUN
ajfa-4830	3	22	.	.	PUNCT
ajfa-4830	4	1	the	the	DET
ajfa-4830	4	2	trading	trading	NOUN
ajfa-4830	4	3	turnover	turnover	NOUN
ajfa-4830	4	4	of	of	ADP
ajfa-4830	4	5	options	option	NOUN
ajfa-4830	4	6	in	in	ADP
ajfa-4830	4	7	the	the	DET
ajfa-4830	4	8	fy11	fy11	PROPN
ajfa-4830	4	9	was	be	AUX
ajfa-4830	4	10	rs	rs	ADJ
ajfa-4830	4	11	.	.	PUNCT
ajfa-4830	5	1	193,95,710	193,95,710	NUM
ajfa-4830	5	2	crore	crore	NUM
ajfa-4830	5	3	,	,	PUNCT
ajfa-4830	5	4	and	and	CCONJ
ajfa-4830	5	5	the	the	DET
ajfa-4830	5	6	trading	trading	NOUN
ajfa-4830	5	7	volume	volume	NOUN
ajfa-4830	5	8	generated	generate	VERB
ajfa-4830	5	9	by	by	ADP
ajfa-4830	5	10	options	option	NOUN
ajfa-4830	5	11	market	market	NOUN
ajfa-4830	5	12	was	be	AUX
ajfa-4830	5	13	almost	almost	ADV
ajfa-4830	5	14	two	two	NUM
ajfa-4830	5	15	times	time	NOUN
ajfa-4830	5	16	that	that	PRON
ajfa-4830	5	17	of	of	ADP
ajfa-4830	5	18	the	the	DET
ajfa-4830	5	19	volume	volume	NOUN
ajfa-4830	5	20	generated	generate	VERB
ajfa-4830	5	21	in	in	ADP
ajfa-4830	5	22	the	the	DET
ajfa-4830	5	23	cash	cash	NOUN
ajfa-4830	5	24	market	market	NOUN
ajfa-4830	5	25	and	and	CCONJ
ajfa-4830	5	26	futures	future	NOUN
ajfa-4830	5	27	market	market	NOUN
ajfa-4830	5	28	put	put	VERB
ajfa-4830	5	29	together	together	ADV
ajfa-4830	5	30	.	.	PUNCT
ajfa-4830	6	1	so	so	ADV
ajfa-4830	6	2	trading	trading	NOUN
ajfa-4830	6	3	and	and	CCONJ
ajfa-4830	6	4	pricing	pricing	NOUN
ajfa-4830	6	5	of	of	ADP
ajfa-4830	6	6	stock	stock	NOUN
ajfa-4830	6	7	option	option	NOUN
ajfa-4830	6	8	have	have	AUX
ajfa-4830	6	9	occupied	occupy	VERB
ajfa-4830	6	10	an	an	DET
ajfa-4830	6	11	important	important	ADJ
ajfa-4830	6	12	place	place	NOUN
ajfa-4830	6	13	in	in	ADP
ajfa-4830	6	14	the	the	DET
ajfa-4830	6	15	indian	indian	ADJ
ajfa-4830	6	16	derivatives	derivative	NOUN
ajfa-4830	6	17	market	market	NOUN
ajfa-4830	6	18	.	.	PUNCT
ajfa-4830	7	1	volatility	volatility	NOUN
ajfa-4830	7	2	is	be	AUX
ajfa-4830	7	3	a	a	DET
ajfa-4830	7	4	critical	critical	ADJ
ajfa-4830	7	5	factor	factor	NOUN
ajfa-4830	7	6	influencing	influence	VERB
ajfa-4830	7	7	the	the	DET
ajfa-4830	7	8	option	option	NOUN
ajfa-4830	7	9	pricing	pricing	NOUN
ajfa-4830	7	10	;	;	PUNCT
ajfa-4830	7	11	however	however	ADV
ajfa-4830	7	12	,	,	PUNCT
ajfa-4830	7	13	it	it	PRON
ajfa-4830	7	14	is	be	AUX
ajfa-4830	7	15	an	an	DET
ajfa-4830	7	16	extremely	extremely	ADV
ajfa-4830	7	17	difficult	difficult	ADJ
ajfa-4830	7	18	factor	factor	NOUN
ajfa-4830	7	19	to	to	PART
ajfa-4830	7	20	forecast	forecast	VERB
ajfa-4830	7	21	.	.	PUNCT
ajfa-4830	8	1	hence	hence	ADV
ajfa-4830	8	2	the	the	DET
ajfa-4830	8	3	crucial	crucial	ADJ
ajfa-4830	8	4	problem	problem	NOUN
ajfa-4830	8	5	lies	lie	VERB
ajfa-4830	8	6	with	with	ADP
ajfa-4830	8	7	the	the	DET
ajfa-4830	8	8	accurate	accurate	ADJ
ajfa-4830	8	9	estimation	estimation	NOUN
ajfa-4830	8	10	of	of	ADP
ajfa-4830	8	11	volatility	volatility	NOUN
ajfa-4830	8	12	.	.	PUNCT
ajfa-4830	9	1	the	the	DET
ajfa-4830	9	2	estimated	estimate	VERB
ajfa-4830	9	3	volatility	volatility	NOUN
ajfa-4830	9	4	can	can	AUX
ajfa-4830	9	5	be	be	AUX
ajfa-4830	9	6	used	use	VERB
ajfa-4830	9	7	to	to	PART
ajfa-4830	9	8	determine	determine	VERB
ajfa-4830	9	9	future	future	ADJ
ajfa-4830	9	10	prices	price	NOUN
ajfa-4830	9	11	of	of	ADP
ajfa-4830	9	12	the	the	DET
ajfa-4830	9	13	stock	stock	NOUN
ajfa-4830	9	14	or	or	CCONJ
ajfa-4830	9	15	the	the	DET
ajfa-4830	9	16	stock	stock	NOUN
ajfa-4830	9	17	option	option	NOUN
ajfa-4830	9	18	.	.	PUNCT
ajfa-4830	10	1	empirical	empirical	ADJ
ajfa-4830	10	2	research	research	NOUN
ajfa-4830	10	3	has	have	AUX
ajfa-4830	10	4	shown	show	VERB
ajfa-4830	10	5	that	that	SCONJ
ajfa-4830	10	6	using	use	VERB
ajfa-4830	10	7	historical	historical	ADJ
ajfa-4830	10	8	volatility	volatility	NOUN
ajfa-4830	10	9	in	in	ADP
ajfa-4830	10	10	different	different	ADJ
ajfa-4830	10	11	option	option	NOUN
ajfa-4830	10	12	pricing	pricing	NOUN
ajfa-4830	10	13	models	model	NOUN
ajfa-4830	10	14	leads	lead	VERB
ajfa-4830	10	15	to	to	ADP
ajfa-4830	10	16	pricing	pricing	NOUN
ajfa-4830	10	17	biases	bias	NOUN
ajfa-4830	10	18	.	.	PUNCT
ajfa-4830	11	1	the	the	DET
ajfa-4830	11	2	garch	garch	NOUN
ajfa-4830	11	3	(	(	PUNCT
ajfa-4830	11	4	1	1	NUM
ajfa-4830	11	5	,	,	PUNCT
ajfa-4830	11	6	1	1	X
ajfa-4830	11	7	)	)	PUNCT
ajfa-4830	11	8	model	model	NOUN
ajfa-4830	11	9	can	can	AUX
ajfa-4830	11	10	be	be	AUX
ajfa-4830	11	11	a	a	DET
ajfa-4830	11	12	solution	solution	NOUN
ajfa-4830	11	13	for	for	ADP
ajfa-4830	11	14	this	this	DET
ajfa-4830	11	15	asian	asian	ADJ
ajfa-4830	11	16	journal	journal	NOUN
ajfa-4830	11	17	of	of	ADP
ajfa-4830	11	18	finance	finance	PROPN
ajfa-4830	11	19	&	&	CCONJ
ajfa-4830	11	20	accounting	accounting	PROPN
ajfa-4830	11	21	issn	issn	PROPN
ajfa-4830	11	22	1946	1946	NUM
ajfa-4830	11	23	-	-	PUNCT
ajfa-4830	11	24	052x	052x	PROPN
ajfa-4830	11	25	2014	2014	NUM
ajfa-4830	11	26	,	,	PUNCT
ajfa-4830	11	27	vol	vol	NOUN
ajfa-4830	11	28	.	.	PROPN
ajfa-4830	11	29	6	6	NUM
ajfa-4830	11	30	,	,	PUNCT
ajfa-4830	11	31	no	no	INTJ
ajfa-4830	11	32	.	.	NOUN
ajfa-4830	11	33	1	1	NUM
ajfa-4830	11	34	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	11	35	424	424	NUM
ajfa-4830	11	36	problem	problem	NOUN
ajfa-4830	11	37	.	.	PUNCT
ajfa-4830	12	1	the	the	DET
ajfa-4830	12	2	present	present	ADJ
ajfa-4830	12	3	study	study	NOUN
ajfa-4830	12	4	applies	apply	VERB
ajfa-4830	12	5	the	the	DET
ajfa-4830	12	6	garch	garch	NOUN
ajfa-4830	12	7	(	(	PUNCT
ajfa-4830	12	8	1	1	NUM
ajfa-4830	12	9	,	,	PUNCT
ajfa-4830	12	10	1	1	X
ajfa-4830	12	11	)	)	PUNCT
ajfa-4830	12	12	model	model	NOUN
ajfa-4830	12	13	to	to	PART
ajfa-4830	12	14	estimate	estimate	VERB
ajfa-4830	12	15	the	the	DET
ajfa-4830	12	16	volatility	volatility	NOUN
ajfa-4830	12	17	,	,	PUNCT
ajfa-4830	12	18	and	and	CCONJ
ajfa-4830	12	19	applies	apply	VERB
ajfa-4830	12	20	this	this	DET
ajfa-4830	12	21	estimated	estimate	VERB
ajfa-4830	12	22	volatility	volatility	NOUN
ajfa-4830	12	23	to	to	PART
ajfa-4830	12	24	calculate	calculate	VERB
ajfa-4830	12	25	option	option	NOUN
ajfa-4830	12	26	prices	price	NOUN
ajfa-4830	12	27	with	with	ADP
ajfa-4830	12	28	the	the	DET
ajfa-4830	12	29	help	help	NOUN
ajfa-4830	12	30	of	of	ADP
ajfa-4830	12	31	black	black	ADJ
ajfa-4830	12	32	-	-	PUNCT
ajfa-4830	12	33	scholes	schole	NOUN
ajfa-4830	12	34	-	-	PUNCT
ajfa-4830	12	35	merton	merton	NOUN
ajfa-4830	12	36	model	model	NOUN
ajfa-4830	12	37	.	.	PUNCT
ajfa-4830	13	1	keywords	keyword	NOUN
ajfa-4830	13	2	:	:	PUNCT
ajfa-4830	13	3	garch	garch	NOUN
ajfa-4830	13	4	model	model	NOUN
ajfa-4830	13	5	,	,	PUNCT
ajfa-4830	13	6	black	black	ADJ
ajfa-4830	13	7	-	-	PUNCT
ajfa-4830	13	8	scholes	schole	NOUN
ajfa-4830	13	9	-	-	PUNCT
ajfa-4830	13	10	merton	merton	NOUN
ajfa-4830	13	11	model	model	NOUN
ajfa-4830	13	12	,	,	PUNCT
ajfa-4830	13	13	option	option	NOUN
ajfa-4830	13	14	prices	price	NOUN
ajfa-4830	13	15	,	,	PUNCT
ajfa-4830	13	16	volatility	volatility	NOUN
ajfa-4830	13	17	asian	asian	ADJ
ajfa-4830	13	18	journal	journal	NOUN
ajfa-4830	13	19	of	of	ADP
ajfa-4830	13	20	finance	finance	PROPN
ajfa-4830	13	21	&	&	CCONJ
ajfa-4830	13	22	accounting	accounting	PROPN
ajfa-4830	13	23	issn	issn	PROPN
ajfa-4830	13	24	1946	1946	NUM
ajfa-4830	13	25	-	-	PUNCT
ajfa-4830	13	26	052x	052x	PROPN
ajfa-4830	13	27	2014	2014	NUM
ajfa-4830	13	28	,	,	PUNCT
ajfa-4830	13	29	vol	vol	NOUN
ajfa-4830	13	30	.	.	PROPN
ajfa-4830	13	31	6	6	NUM
ajfa-4830	13	32	,	,	PUNCT
ajfa-4830	13	33	no	no	INTJ
ajfa-4830	13	34	.	.	NOUN
ajfa-4830	13	35	1	1	NUM
ajfa-4830	13	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4830	13	37	425	425	NUM
ajfa-4830	13	38	1	1	NUM
ajfa-4830	13	39	.	.	PUNCT
ajfa-4830	14	1	introduction	introduction	NOUN
ajfa-4830	14	2	an	an	DET
ajfa-4830	14	3	option	option	NOUN
ajfa-4830	14	4	is	be	AUX
ajfa-4830	14	5	a	a	DET
ajfa-4830	14	6	derivative	derivative	ADJ
ajfa-4830	14	7	financial	financial	ADJ
ajfa-4830	14	8	instrument	instrument	NOUN
ajfa-4830	14	9	that	that	PRON
ajfa-4830	14	10	specifies	specify	VERB
ajfa-4830	14	11	a	a	DET
ajfa-4830	14	12	contract	contract	NOUN
ajfa-4830	14	13	between	between	ADP
ajfa-4830	14	14	two	two	NUM
ajfa-4830	14	15	parties	party	NOUN
ajfa-4830	14	16	for	for	ADP
ajfa-4830	14	17	a	a	DET
ajfa-4830	14	18	future	future	ADJ
ajfa-4830	14	19	transaction	transaction	NOUN
ajfa-4830	14	20	on	on	ADP
ajfa-4830	14	21	an	an	DET
ajfa-4830	14	22	asset	asset	NOUN
ajfa-4830	14	23	at	at	ADP
ajfa-4830	14	24	a	a	DET
ajfa-4830	14	25	reference	reference	NOUN
ajfa-4830	14	26	price	price	NOUN
ajfa-4830	14	27	called	call	VERB
ajfa-4830	14	28	the	the	DET
ajfa-4830	14	29	strike	strike	NOUN
ajfa-4830	14	30	price	price	NOUN
ajfa-4830	14	31	.	.	PUNCT
ajfa-4830	15	1	the	the	DET
ajfa-4830	15	2	buyer	buyer	NOUN
ajfa-4830	15	3	of	of	ADP
ajfa-4830	15	4	the	the	DET
ajfa-4830	15	5	option	option	NOUN
ajfa-4830	15	6	gains	gain	VERB
ajfa-4830	15	7	the	the	DET
ajfa-4830	15	8	right	right	NOUN
ajfa-4830	15	9	,	,	PUNCT
ajfa-4830	15	10	but	but	CCONJ
ajfa-4830	15	11	not	not	PART
ajfa-4830	15	12	the	the	DET
ajfa-4830	15	13	obligation	obligation	NOUN
ajfa-4830	15	14	,	,	PUNCT
ajfa-4830	15	15	to	to	PART
ajfa-4830	15	16	engage	engage	VERB
ajfa-4830	15	17	in	in	ADP
ajfa-4830	15	18	that	that	DET
ajfa-4830	15	19	transaction	transaction	NOUN
ajfa-4830	15	20	,	,	PUNCT
ajfa-4830	15	21	while	while	SCONJ
ajfa-4830	15	22	the	the	DET
ajfa-4830	15	23	seller	seller	NOUN
ajfa-4830	15	24	incurs	incur	VERB
ajfa-4830	15	25	the	the	DET
ajfa-4830	15	26	corresponding	correspond	VERB
ajfa-4830	15	27	obligation	obligation	NOUN
ajfa-4830	15	28	to	to	PART
ajfa-4830	15	29	fulfill	fulfill	VERB
ajfa-4830	15	30	the	the	DET
ajfa-4830	15	31	transaction	transaction	NOUN
ajfa-4830	15	32	.	.	PUNCT
ajfa-4830	16	1	in	in	ADP
ajfa-4830	16	2	return	return	NOUN
ajfa-4830	16	3	for	for	ADP
ajfa-4830	16	4	assuming	assume	VERB
ajfa-4830	16	5	the	the	DET
ajfa-4830	16	6	obligation	obligation	NOUN
ajfa-4830	16	7	,	,	PUNCT
ajfa-4830	16	8	called	call	VERB
ajfa-4830	16	9	writing	write	VERB
ajfa-4830	16	10	the	the	DET
ajfa-4830	16	11	option	option	NOUN
ajfa-4830	16	12	,	,	PUNCT
ajfa-4830	16	13	the	the	DET
ajfa-4830	16	14	originator	originator	NOUN
ajfa-4830	16	15	of	of	ADP
ajfa-4830	16	16	the	the	DET
ajfa-4830	16	17	option	option	NOUN
ajfa-4830	16	18	collects	collect	VERB
ajfa-4830	16	19	a	a	DET
ajfa-4830	16	20	payment	payment	NOUN
ajfa-4830	16	21	,	,	PUNCT
ajfa-4830	16	22	the	the	DET
ajfa-4830	16	23	premium	premium	NOUN
ajfa-4830	16	24	,	,	PUNCT
ajfa-4830	16	25	from	from	ADP
ajfa-4830	16	26	the	the	DET
ajfa-4830	16	27	buyer	buyer	NOUN
ajfa-4830	16	28	.	.	PUNCT
ajfa-4830	17	1	so	so	ADV
ajfa-4830	17	2	the	the	DET
ajfa-4830	17	3	loss	loss	NOUN
ajfa-4830	17	4	for	for	ADP
ajfa-4830	17	5	an	an	DET
ajfa-4830	17	6	option	option	NOUN
ajfa-4830	17	7	buyer	buyer	NOUN
ajfa-4830	17	8	is	be	AUX
ajfa-4830	17	9	limited	limit	VERB
ajfa-4830	17	10	to	to	ADP
ajfa-4830	17	11	the	the	DET
ajfa-4830	17	12	premium	premium	NOUN
ajfa-4830	17	13	paid	pay	VERB
ajfa-4830	17	14	,	,	PUNCT
ajfa-4830	17	15	whereas	whereas	SCONJ
ajfa-4830	17	16	the	the	DET
ajfa-4830	17	17	loss	loss	NOUN
ajfa-4830	17	18	for	for	ADP
ajfa-4830	17	19	an	an	DET
ajfa-4830	17	20	option	option	NOUN
ajfa-4830	17	21	seller	seller	NOUN
ajfa-4830	17	22	is	be	AUX
ajfa-4830	17	23	unlimited	unlimited	ADJ
ajfa-4830	17	24	.	.	PUNCT
ajfa-4830	18	1	many	many	ADJ
ajfa-4830	18	2	options	option	NOUN
ajfa-4830	18	3	are	be	AUX
ajfa-4830	18	4	created	create	VERB
ajfa-4830	18	5	in	in	ADP
ajfa-4830	18	6	standardized	standardized	ADJ
ajfa-4830	18	7	form	form	NOUN
ajfa-4830	18	8	and	and	CCONJ
ajfa-4830	18	9	traded	trade	VERB
ajfa-4830	18	10	on	on	ADP
ajfa-4830	18	11	an	an	DET
ajfa-4830	18	12	options	option	NOUN
ajfa-4830	18	13	exchange	exchange	NOUN
ajfa-4830	18	14	among	among	ADP
ajfa-4830	18	15	the	the	DET
ajfa-4830	18	16	general	general	ADJ
ajfa-4830	18	17	public	public	NOUN
ajfa-4830	18	18	,	,	PUNCT
ajfa-4830	18	19	while	while	SCONJ
ajfa-4830	18	20	other	other	ADJ
ajfa-4830	18	21	over	over	ADP
ajfa-4830	18	22	-	-	PUNCT
ajfa-4830	18	23	the	the	DET
ajfa-4830	18	24	-	-	PUNCT
ajfa-4830	18	25	counter	counter	NOUN
ajfa-4830	18	26	options	option	NOUN
ajfa-4830	18	27	are	be	AUX
ajfa-4830	18	28	customized	customize	VERB
ajfa-4830	18	29	ad	ad	X
ajfa-4830	18	30	hoc	hoc	X
ajfa-4830	18	31	to	to	ADP
ajfa-4830	18	32	the	the	DET
ajfa-4830	18	33	desires	desire	NOUN
ajfa-4830	18	34	of	of	ADP
ajfa-4830	18	35	the	the	DET
ajfa-4830	18	36	buyer	buyer	NOUN
ajfa-4830	18	37	,	,	PUNCT
ajfa-4830	18	38	usually	usually	ADV
ajfa-4830	18	39	by	by	ADP
ajfa-4830	18	40	an	an	DET
ajfa-4830	18	41	investment	investment	NOUN
ajfa-4830	18	42	bank	bank	NOUN
ajfa-4830	18	43	.	.	PUNCT
ajfa-4830	19	1	the	the	DET
ajfa-4830	19	2	price	price	NOUN
ajfa-4830	19	3	of	of	ADP
ajfa-4830	19	4	an	an	DET
ajfa-4830	19	5	option	option	NOUN
ajfa-4830	19	6	derives	derive	VERB
ajfa-4830	19	7	from	from	ADP
ajfa-4830	19	8	the	the	DET
ajfa-4830	19	9	difference	difference	NOUN
ajfa-4830	19	10	between	between	ADP
ajfa-4830	19	11	the	the	DET
ajfa-4830	19	12	reference	reference	NOUN
ajfa-4830	19	13	price	price	NOUN
ajfa-4830	19	14	and	and	CCONJ
ajfa-4830	19	15	the	the	DET
ajfa-4830	19	16	value	value	NOUN
ajfa-4830	19	17	of	of	ADP
ajfa-4830	19	18	the	the	DET
ajfa-4830	19	19	underlying	underlie	VERB
ajfa-4830	19	20	asset	asset	NOUN
ajfa-4830	19	21	plus	plus	CCONJ
ajfa-4830	19	22	a	a	DET
ajfa-4830	19	23	premium	premium	NOUN
ajfa-4830	19	24	based	base	VERB
ajfa-4830	19	25	on	on	ADP
ajfa-4830	19	26	the	the	DET
ajfa-4830	19	27	time	time	NOUN
ajfa-4830	19	28	remaining	remain	VERB
ajfa-4830	19	29	until	until	ADP
ajfa-4830	19	30	the	the	DET
ajfa-4830	19	31	expiration	expiration	NOUN
ajfa-4830	19	32	of	of	ADP
ajfa-4830	19	33	the	the	DET
ajfa-4830	19	34	option	option	NOUN
ajfa-4830	19	35	.	.	PUNCT
ajfa-4830	20	1	there	there	PRON
ajfa-4830	20	2	are	be	VERB
ajfa-4830	20	3	two	two	NUM
ajfa-4830	20	4	types	type	NOUN
ajfa-4830	20	5	of	of	ADP
ajfa-4830	20	6	options	option	NOUN
ajfa-4830	20	7	:	:	PUNCT
ajfa-4830	20	8	call	call	VERB
ajfa-4830	20	9	options	option	NOUN
ajfa-4830	20	10	and	and	CCONJ
ajfa-4830	20	11	put	put	VERB
ajfa-4830	20	12	options	option	NOUN
ajfa-4830	20	13	.	.	PUNCT
ajfa-4830	21	1	a	a	DET
ajfa-4830	21	2	call	call	NOUN
ajfa-4830	21	3	option	option	NOUN
ajfa-4830	21	4	conveys	convey	VERB
ajfa-4830	21	5	the	the	DET
ajfa-4830	21	6	right	right	NOUN
ajfa-4830	21	7	to	to	PART
ajfa-4830	21	8	buy	buy	VERB
ajfa-4830	21	9	the	the	DET
ajfa-4830	21	10	underlying	underlie	VERB
ajfa-4830	21	11	asset	asset	NOUN
ajfa-4830	21	12	at	at	ADP
ajfa-4830	21	13	a	a	DET
ajfa-4830	21	14	specific	specific	ADJ
ajfa-4830	21	15	price	price	NOUN
ajfa-4830	21	16	,	,	PUNCT
ajfa-4830	21	17	while	while	SCONJ
ajfa-4830	21	18	a	a	DET
ajfa-4830	21	19	put	put	NOUN
ajfa-4830	21	20	option	option	NOUN
ajfa-4830	21	21	conveys	convey	VERB
ajfa-4830	21	22	the	the	DET
ajfa-4830	21	23	right	right	NOUN
ajfa-4830	21	24	to	to	PART
ajfa-4830	21	25	sell	sell	VERB
ajfa-4830	21	26	the	the	DET
ajfa-4830	21	27	underlying	underlie	VERB
ajfa-4830	21	28	asset	asset	NOUN
ajfa-4830	21	29	at	at	ADP
ajfa-4830	21	30	a	a	DET
ajfa-4830	21	31	specific	specific	ADJ
ajfa-4830	21	32	price	price	NOUN
ajfa-4830	21	33	.	.	PUNCT
ajfa-4830	22	1	option	option	NOUN
ajfa-4830	22	2	contracts	contract	NOUN
ajfa-4830	22	3	have	have	VERB
ajfa-4830	22	4	the	the	DET
ajfa-4830	22	5	following	follow	VERB
ajfa-4830	22	6	specifications	specification	NOUN
ajfa-4830	22	7	:	:	PUNCT
ajfa-4830	22	8	the	the	DET
ajfa-4830	22	9	type	type	NOUN
ajfa-4830	22	10	(	(	PUNCT
ajfa-4830	22	11	call	call	VERB
ajfa-4830	22	12	or	or	CCONJ
ajfa-4830	22	13	put	put	VERB
ajfa-4830	22	14	)	)	PUNCT
ajfa-4830	22	15	,	,	PUNCT
ajfa-4830	22	16	the	the	DET
ajfa-4830	22	17	quantity	quantity	NOUN
ajfa-4830	22	18	and	and	CCONJ
ajfa-4830	22	19	class	class	NOUN
ajfa-4830	22	20	of	of	ADP
ajfa-4830	22	21	the	the	DET
ajfa-4830	22	22	underlying	underlie	VERB
ajfa-4830	22	23	asset	asset	NOUN
ajfa-4830	22	24	,	,	PUNCT
ajfa-4830	22	25	the	the	DET
ajfa-4830	22	26	strike	strike	NOUN
ajfa-4830	22	27	/	/	SYM
ajfa-4830	22	28	exercise	exercise	NOUN
ajfa-4830	22	29	price	price	NOUN
ajfa-4830	22	30	(	(	PUNCT
ajfa-4830	22	31	i.e.	i.e.	X
ajfa-4830	22	32	the	the	DET
ajfa-4830	22	33	price	price	NOUN
ajfa-4830	22	34	at	at	ADP
ajfa-4830	22	35	which	which	PRON
ajfa-4830	22	36	the	the	DET
ajfa-4830	22	37	underlying	underlying	ADJ
ajfa-4830	22	38	transaction	transaction	NOUN
ajfa-4830	22	39	will	will	AUX
ajfa-4830	22	40	occur	occur	VERB
ajfa-4830	22	41	upon	upon	SCONJ
ajfa-4830	22	42	exercise	exercise	NOUN
ajfa-4830	22	43	of	of	ADP
ajfa-4830	22	44	the	the	DET
ajfa-4830	22	45	option	option	NOUN
ajfa-4830	22	46	)	)	PUNCT
ajfa-4830	22	47	,	,	PUNCT
ajfa-4830	22	48	the	the	DET
ajfa-4830	22	49	expiration	expiration	NOUN
ajfa-4830	22	50	date	date	NOUN
ajfa-4830	22	51	(	(	PUNCT
ajfa-4830	22	52	the	the	DET
ajfa-4830	22	53	last	last	ADJ
ajfa-4830	22	54	date	date	NOUN
ajfa-4830	22	55	the	the	DET
ajfa-4830	22	56	option	option	NOUN
ajfa-4830	22	57	can	can	AUX
ajfa-4830	22	58	be	be	AUX
ajfa-4830	22	59	exercised	exercise	VERB
ajfa-4830	22	60	)	)	PUNCT
ajfa-4830	22	61	,	,	PUNCT
ajfa-4830	22	62	and	and	CCONJ
ajfa-4830	22	63	the	the	DET
ajfa-4830	22	64	settlement	settlement	NOUN
ajfa-4830	22	65	terms	term	NOUN
ajfa-4830	22	66	(	(	PUNCT
ajfa-4830	22	67	for	for	ADP
ajfa-4830	22	68	instance	instance	NOUN
ajfa-4830	22	69	,	,	PUNCT
ajfa-4830	22	70	whether	whether	SCONJ
ajfa-4830	22	71	the	the	DET
ajfa-4830	22	72	writer	writer	NOUN
ajfa-4830	22	73	must	must	AUX
ajfa-4830	22	74	deliver	deliver	VERB
ajfa-4830	22	75	the	the	DET
ajfa-4830	22	76	actual	actual	ADJ
ajfa-4830	22	77	asset	asset	NOUN
ajfa-4830	22	78	on	on	ADP
ajfa-4830	22	79	exercise	exercise	NOUN
ajfa-4830	22	80	,	,	PUNCT
ajfa-4830	22	81	or	or	CCONJ
ajfa-4830	22	82	may	may	AUX
ajfa-4830	22	83	simply	simply	ADV
ajfa-4830	22	84	tender	tender	VERB
ajfa-4830	22	85	the	the	DET
ajfa-4830	22	86	equivalent	equivalent	ADJ
ajfa-4830	22	87	cash	cash	NOUN
ajfa-4830	22	88	amount	amount	NOUN
ajfa-4830	22	89	)	)	PUNCT
ajfa-4830	22	90	.	.	PUNCT
ajfa-4830	23	1	also	also	ADV
ajfa-4830	23	2	,	,	PUNCT
ajfa-4830	23	3	there	there	PRON
ajfa-4830	23	4	are	be	VERB
ajfa-4830	23	5	two	two	NUM
ajfa-4830	23	6	option	option	NOUN
ajfa-4830	23	7	styles	style	NOUN
ajfa-4830	23	8	:	:	PUNCT
ajfa-4830	23	9	european	european	ADJ
ajfa-4830	23	10	style	style	NOUN
ajfa-4830	23	11	options	option	NOUN
ajfa-4830	23	12	can	can	AUX
ajfa-4830	23	13	be	be	AUX
ajfa-4830	23	14	exercised	exercise	VERB
ajfa-4830	23	15	only	only	ADV
ajfa-4830	23	16	on	on	ADP
ajfa-4830	23	17	the	the	DET
ajfa-4830	23	18	expiry	expiry	NOUN
ajfa-4830	23	19	date	date	NOUN
ajfa-4830	23	20	,	,	PUNCT
ajfa-4830	23	21	while	while	SCONJ
ajfa-4830	23	22	american	american	ADJ
ajfa-4830	23	23	style	style	NOUN
ajfa-4830	23	24	options	option	NOUN
ajfa-4830	23	25	can	can	AUX
ajfa-4830	23	26	be	be	AUX
ajfa-4830	23	27	exercised	exercise	VERB
ajfa-4830	23	28	any	any	DET
ajfa-4830	23	29	time	time	NOUN
ajfa-4830	23	30	before	before	ADP
ajfa-4830	23	31	the	the	DET
ajfa-4830	23	32	expiry	expiry	NOUN
ajfa-4830	23	33	date	date	NOUN
ajfa-4830	23	34	.	.	PUNCT
ajfa-4830	24	1	the	the	DET
ajfa-4830	24	2	black	black	ADJ
ajfa-4830	24	3	-	-	PUNCT
ajfa-4830	24	4	scholes	schole	NOUN
ajfa-4830	24	5	-	-	PUNCT
ajfa-4830	24	6	merton	merton	NOUN
ajfa-4830	24	7	model	model	NOUN
ajfa-4830	24	8	(	(	PUNCT
ajfa-4830	24	9	1973	1973	NUM
ajfa-4830	24	10	)	)	PUNCT
ajfa-4830	24	11	is	be	AUX
ajfa-4830	24	12	the	the	DET
ajfa-4830	24	13	most	most	ADV
ajfa-4830	24	14	widely	widely	ADV
ajfa-4830	24	15	-	-	PUNCT
ajfa-4830	24	16	used	use	VERB
ajfa-4830	24	17	model	model	NOUN
ajfa-4830	24	18	of	of	ADP
ajfa-4830	24	19	determining	determine	VERB
ajfa-4830	24	20	option	option	NOUN
ajfa-4830	24	21	prices	price	NOUN
ajfa-4830	24	22	.	.	PUNCT
ajfa-4830	25	1	the	the	DET
ajfa-4830	25	2	model	model	NOUN
ajfa-4830	25	3	expresses	express	VERB
ajfa-4830	25	4	the	the	DET
ajfa-4830	25	5	prices	price	NOUN
ajfa-4830	25	6	of	of	ADP
ajfa-4830	25	7	european	european	ADJ
ajfa-4830	25	8	call	call	NOUN
ajfa-4830	25	9	and	and	CCONJ
ajfa-4830	25	10	put	put	VERB
ajfa-4830	25	11	options	option	NOUN
ajfa-4830	25	12	on	on	ADP
ajfa-4830	25	13	a	a	DET
ajfa-4830	25	14	non	non	ADJ
ajfa-4830	25	15	-	-	ADJ
ajfa-4830	25	16	dividend	dividend	ADJ
ajfa-4830	25	17	-	-	PUNCT
ajfa-4830	25	18	paying	pay	VERB
ajfa-4830	25	19	stock	stock	NOUN
ajfa-4830	25	20	in	in	ADP
ajfa-4830	25	21	terms	term	NOUN
ajfa-4830	25	22	of	of	ADP
ajfa-4830	25	23	five	five	NUM
ajfa-4830	25	24	parameters	parameter	NOUN
ajfa-4830	25	25	:	:	PUNCT
ajfa-4830	25	26	the	the	DET
ajfa-4830	25	27	spot	spot	NOUN
ajfa-4830	25	28	price	price	NOUN
ajfa-4830	25	29	of	of	ADP
ajfa-4830	25	30	the	the	DET
ajfa-4830	25	31	underlying	underlie	VERB
ajfa-4830	25	32	stock	stock	NOUN
ajfa-4830	25	33	,	,	PUNCT
ajfa-4830	25	34	the	the	DET
ajfa-4830	25	35	exercise	exercise	NOUN
ajfa-4830	25	36	price	price	NOUN
ajfa-4830	25	37	at	at	ADP
ajfa-4830	25	38	which	which	PRON
ajfa-4830	25	39	the	the	DET
ajfa-4830	25	40	transaction	transaction	NOUN
ajfa-4830	25	41	will	will	AUX
ajfa-4830	25	42	be	be	AUX
ajfa-4830	25	43	executed	execute	VERB
ajfa-4830	25	44	,	,	PUNCT
ajfa-4830	25	45	the	the	DET
ajfa-4830	25	46	expiration	expiration	NOUN
ajfa-4830	25	47	period	period	NOUN
ajfa-4830	25	48	after	after	ADP
ajfa-4830	25	49	which	which	PRON
ajfa-4830	25	50	the	the	DET
ajfa-4830	25	51	option	option	NOUN
ajfa-4830	25	52	can	can	AUX
ajfa-4830	25	53	be	be	AUX
ajfa-4830	25	54	exercised	exercise	VERB
ajfa-4830	25	55	,	,	PUNCT
ajfa-4830	25	56	the	the	DET
ajfa-4830	25	57	risk	risk	NOUN
ajfa-4830	25	58	-	-	PUNCT
ajfa-4830	25	59	free	free	ADJ
ajfa-4830	25	60	rate	rate	NOUN
ajfa-4830	25	61	of	of	ADP
ajfa-4830	25	62	return	return	NOUN
ajfa-4830	25	63	,	,	PUNCT
ajfa-4830	25	64	and	and	CCONJ
ajfa-4830	25	65	the	the	DET
ajfa-4830	25	66	volatility	volatility	NOUN
ajfa-4830	25	67	of	of	ADP
ajfa-4830	25	68	returns	return	NOUN
ajfa-4830	25	69	of	of	ADP
ajfa-4830	25	70	the	the	DET
ajfa-4830	25	71	underlying	underlie	VERB
ajfa-4830	25	72	stock	stock	NOUN
ajfa-4830	25	73	.	.	PUNCT
ajfa-4830	26	1	volatility	volatility	NOUN
ajfa-4830	26	2	is	be	AUX
ajfa-4830	26	3	a	a	DET
ajfa-4830	26	4	critical	critical	ADJ
ajfa-4830	26	5	factor	factor	NOUN
ajfa-4830	26	6	influencing	influence	VERB
ajfa-4830	26	7	the	the	DET
ajfa-4830	26	8	option	option	NOUN
ajfa-4830	26	9	pricing	pricing	NOUN
ajfa-4830	26	10	;	;	PUNCT
ajfa-4830	26	11	however	however	ADV
ajfa-4830	26	12	,	,	PUNCT
ajfa-4830	26	13	it	it	PRON
ajfa-4830	26	14	is	be	AUX
ajfa-4830	26	15	an	an	DET
ajfa-4830	26	16	extremely	extremely	ADV
ajfa-4830	26	17	difficult	difficult	ADJ
ajfa-4830	26	18	factor	factor	NOUN
ajfa-4830	26	19	to	to	PART
ajfa-4830	26	20	forecast	forecast	VERB
ajfa-4830	26	21	.	.	PUNCT
ajfa-4830	27	1	hence	hence	ADV
ajfa-4830	27	2	the	the	DET
ajfa-4830	27	3	crucial	crucial	ADJ
ajfa-4830	27	4	problem	problem	NOUN
ajfa-4830	27	5	lies	lie	VERB
ajfa-4830	27	6	with	with	ADP
ajfa-4830	27	7	the	the	DET
ajfa-4830	27	8	accurate	accurate	ADJ
ajfa-4830	27	9	estimation	estimation	NOUN
ajfa-4830	27	10	of	of	ADP
ajfa-4830	27	11	volatility	volatility	NOUN
ajfa-4830	27	12	.	.	PUNCT
ajfa-4830	28	1	the	the	DET
ajfa-4830	28	2	estimated	estimate	VERB
ajfa-4830	28	3	volatility	volatility	NOUN
ajfa-4830	28	4	can	can	AUX
ajfa-4830	28	5	be	be	AUX
ajfa-4830	28	6	used	use	VERB
ajfa-4830	28	7	to	to	PART
ajfa-4830	28	8	determine	determine	VERB
ajfa-4830	28	9	future	future	ADJ
ajfa-4830	28	10	prices	price	NOUN
ajfa-4830	28	11	of	of	ADP
ajfa-4830	28	12	the	the	DET
ajfa-4830	28	13	stock	stock	NOUN
ajfa-4830	28	14	or	or	CCONJ
ajfa-4830	28	15	the	the	DET
ajfa-4830	28	16	stock	stock	NOUN
ajfa-4830	28	17	option	option	NOUN
ajfa-4830	28	18	,	,	PUNCT
ajfa-4830	28	19	and	and	CCONJ
ajfa-4830	28	20	thus	thus	ADV
ajfa-4830	28	21	an	an	DET
ajfa-4830	28	22	investor	investor	NOUN
ajfa-4830	28	23	can	can	AUX
ajfa-4830	28	24	use	use	VERB
ajfa-4830	28	25	arbitrage	arbitrage	NOUN
ajfa-4830	28	26	strategies	strategy	NOUN
ajfa-4830	28	27	accordingly	accordingly	ADV
ajfa-4830	28	28	to	to	PART
ajfa-4830	28	29	benefit	benefit	VERB
ajfa-4830	28	30	from	from	ADP
ajfa-4830	28	31	the	the	DET
ajfa-4830	28	32	model	model	NOUN
ajfa-4830	28	33	.	.	PUNCT
ajfa-4830	29	1	2	2	X
ajfa-4830	29	2	.	.	X
ajfa-4830	29	3	literature	literature	NOUN
ajfa-4830	29	4	review	review	VERB
ajfa-4830	29	5	there	there	PRON
ajfa-4830	29	6	is	be	VERB
ajfa-4830	29	7	a	a	DET
ajfa-4830	29	8	vast	vast	ADJ
ajfa-4830	29	9	literature	literature	NOUN
ajfa-4830	29	10	on	on	ADP
ajfa-4830	29	11	options	option	NOUN
ajfa-4830	29	12	pricing	pricing	NOUN
ajfa-4830	29	13	using	use	VERB
ajfa-4830	29	14	the	the	DET
ajfa-4830	29	15	garch	garch	NOUN
ajfa-4830	29	16	-	-	PUNCT
ajfa-4830	29	17	black	black	NOUN
ajfa-4830	29	18	-	-	PUNCT
ajfa-4830	29	19	scholes	schole	NOUN
ajfa-4830	29	20	-	-	PUNCT
ajfa-4830	29	21	merton	merton	NOUN
ajfa-4830	29	22	model	model	NOUN
ajfa-4830	29	23	.	.	PUNCT
ajfa-4830	30	1	some	some	PRON
ajfa-4830	30	2	of	of	ADP
ajfa-4830	30	3	the	the	DET
ajfa-4830	30	4	relevant	relevant	ADJ
ajfa-4830	30	5	literature	literature	NOUN
ajfa-4830	30	6	is	be	AUX
ajfa-4830	30	7	reviewed	review	VERB
ajfa-4830	30	8	in	in	ADP
ajfa-4830	30	9	the	the	DET
ajfa-4830	30	10	following	following	NOUN
ajfa-4830	30	11	.	.	PUNCT
ajfa-4830	31	1	adesi	adesi	PROPN
ajfa-4830	31	2	et	et	PROPN
ajfa-4830	31	3	al	al	PROPN
ajfa-4830	31	4	(	(	PUNCT
ajfa-4830	31	5	2007	2007	NUM
ajfa-4830	31	6	)	)	PUNCT
ajfa-4830	31	7	proposed	propose	VERB
ajfa-4830	31	8	a	a	DET
ajfa-4830	31	9	method	method	NOUN
ajfa-4830	31	10	for	for	ADP
ajfa-4830	31	11	pricing	pricing	NOUN
ajfa-4830	31	12	options	option	NOUN
ajfa-4830	31	13	based	base	VERB
ajfa-4830	31	14	on	on	ADP
ajfa-4830	31	15	garch	garch	NOUN
ajfa-4830	31	16	models	model	NOUN
ajfa-4830	31	17	with	with	ADP
ajfa-4830	31	18	filtered	filter	VERB
ajfa-4830	31	19	historical	historical	ADJ
ajfa-4830	31	20	innovations	innovation	NOUN
ajfa-4830	31	21	.	.	PUNCT
ajfa-4830	32	1	they	they	PRON
ajfa-4830	32	2	found	find	VERB
ajfa-4830	32	3	that	that	SCONJ
ajfa-4830	32	4	their	their	PRON
ajfa-4830	32	5	model	model	NOUN
ajfa-4830	32	6	outperformed	outperform	VERB
ajfa-4830	32	7	other	other	ADJ
ajfa-4830	32	8	garch	garch	NOUN
ajfa-4830	32	9	pricing	pricing	NOUN
ajfa-4830	32	10	models	model	NOUN
ajfa-4830	32	11	and	and	CCONJ
ajfa-4830	32	12	black	black	ADJ
ajfa-4830	32	13	-	-	PUNCT
ajfa-4830	32	14	scholes	schole	NOUN
ajfa-4830	32	15	models	model	NOUN
ajfa-4830	32	16	empirically	empirically	ADV
ajfa-4830	32	17	for	for	ADP
ajfa-4830	32	18	s&p	s&p	PROPN
ajfa-4830	32	19	500	500	NUM
ajfa-4830	32	20	index	index	NOUN
ajfa-4830	32	21	options	option	NOUN
ajfa-4830	32	22	.	.	PUNCT
ajfa-4830	33	1	their	their	PRON
ajfa-4830	33	2	model	model	NOUN
ajfa-4830	33	3	was	be	AUX
ajfa-4830	33	4	validated	validate	VERB
ajfa-4830	33	5	by	by	ADP
ajfa-4830	33	6	empirically	empirically	ADV
ajfa-4830	33	7	obtaining	obtain	VERB
ajfa-4830	33	8	decreasing	decrease	VERB
ajfa-4830	33	9	state	state	NOUN
ajfa-4830	33	10	price	price	NOUN
ajfa-4830	33	11	densities	density	NOUN
ajfa-4830	33	12	per	per	ADP
ajfa-4830	33	13	unit	unit	NOUN
ajfa-4830	33	14	probability	probability	NOUN
ajfa-4830	33	15	.	.	PUNCT
ajfa-4830	34	1	also	also	ADV
ajfa-4830	34	2	,	,	PUNCT
ajfa-4830	34	3	their	their	PRON
ajfa-4830	34	4	model	model	NOUN
ajfa-4830	34	5	explained	explain	VERB
ajfa-4830	34	6	implied	imply	VERB
ajfa-4830	34	7	volatility	volatility	NOUN
ajfa-4830	34	8	smiles	smile	NOUN
ajfa-4830	34	9	by	by	ADP
ajfa-4830	34	10	the	the	DET
ajfa-4830	34	11	negative	negative	ADJ
ajfa-4830	34	12	asymmetry	asymmetry	NOUN
ajfa-4830	34	13	of	of	ADP
ajfa-4830	34	14	the	the	DET
ajfa-4830	34	15	filtered	filter	VERB
ajfa-4830	34	16	asian	asian	ADJ
ajfa-4830	34	17	journal	journal	NOUN
ajfa-4830	34	18	of	of	ADP
ajfa-4830	34	19	finance	finance	PROPN
ajfa-4830	34	20	&	&	CCONJ
ajfa-4830	34	21	accounting	accounting	PROPN
ajfa-4830	34	22	issn	issn	PROPN
ajfa-4830	34	23	1946	1946	NUM
ajfa-4830	34	24	-	-	PUNCT
ajfa-4830	34	25	052x	052x	PROPN
ajfa-4830	34	26	2014	2014	NUM
ajfa-4830	34	27	,	,	PUNCT
ajfa-4830	34	28	vol	vol	NOUN
ajfa-4830	34	29	.	.	PROPN
ajfa-4830	34	30	6	6	NUM
ajfa-4830	34	31	,	,	PUNCT
ajfa-4830	34	32	no	no	INTJ
ajfa-4830	34	33	.	.	NOUN
ajfa-4830	34	34	1	1	NUM
ajfa-4830	34	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	34	36	426	426	NUM
ajfa-4830	34	37	historical	historical	ADJ
ajfa-4830	34	38	innovations	innovation	NOUN
ajfa-4830	34	39	.	.	PUNCT
ajfa-4830	35	1	the	the	DET
ajfa-4830	35	2	study	study	NOUN
ajfa-4830	35	3	also	also	ADV
ajfa-4830	35	4	provides	provide	VERB
ajfa-4830	35	5	empirical	empirical	ADJ
ajfa-4830	35	6	evidence	evidence	NOUN
ajfa-4830	35	7	and	and	CCONJ
ajfa-4830	35	8	quantifies	quantify	VERB
ajfa-4830	35	9	the	the	DET
ajfa-4830	35	10	deterioration	deterioration	NOUN
ajfa-4830	35	11	of	of	ADP
ajfa-4830	35	12	the	the	DET
ajfa-4830	35	13	delta	delta	NOUN
ajfa-4830	35	14	hedging	hedge	VERB
ajfa-4830	35	15	in	in	ADP
ajfa-4830	35	16	the	the	DET
ajfa-4830	35	17	presence	presence	NOUN
ajfa-4830	35	18	of	of	ADP
ajfa-4830	35	19	large	large	ADJ
ajfa-4830	35	20	volatility	volatility	NOUN
ajfa-4830	35	21	shocks	shock	NOUN
ajfa-4830	35	22	.	.	PUNCT
ajfa-4830	36	1	cristofferson	cristofferson	PROPN
ajfa-4830	36	2	et	et	PROPN
ajfa-4830	36	3	al	al	PROPN
ajfa-4830	36	4	(	(	PUNCT
ajfa-4830	36	5	2004	2004	NUM
ajfa-4830	36	6	)	)	PUNCT
ajfa-4830	36	7	extended	extend	VERB
ajfa-4830	36	8	their	their	PRON
ajfa-4830	36	9	results	result	NOUN
ajfa-4830	36	10	in	in	ADP
ajfa-4830	36	11	the	the	DET
ajfa-4830	36	12	presence	presence	NOUN
ajfa-4830	36	13	of	of	ADP
ajfa-4830	36	14	conditional	conditional	ADJ
ajfa-4830	36	15	skewness	skewness	NOUN
ajfa-4830	36	16	.	.	PUNCT
ajfa-4830	37	1	siu	siu	NOUN
ajfa-4830	37	2	et	et	PROPN
ajfa-4830	37	3	al	al	PROPN
ajfa-4830	37	4	(	(	PUNCT
ajfa-4830	37	5	2004	2004	NUM
ajfa-4830	37	6	)	)	PUNCT
ajfa-4830	37	7	proposed	propose	VERB
ajfa-4830	37	8	a	a	DET
ajfa-4830	37	9	method	method	NOUN
ajfa-4830	37	10	for	for	ADP
ajfa-4830	37	11	pricing	price	VERB
ajfa-4830	37	12	derivatives	derivative	NOUN
ajfa-4830	37	13	under	under	ADP
ajfa-4830	37	14	the	the	DET
ajfa-4830	37	15	garch	garch	NOUN
ajfa-4830	37	16	assumption	assumption	NOUN
ajfa-4830	37	17	for	for	ADP
ajfa-4830	37	18	underlying	underlie	VERB
ajfa-4830	37	19	assets	asset	NOUN
ajfa-4830	37	20	in	in	ADP
ajfa-4830	37	21	the	the	DET
ajfa-4830	37	22	context	context	NOUN
ajfa-4830	37	23	of	of	ADP
ajfa-4830	37	24	a	a	DET
ajfa-4830	37	25	dynamic	dynamic	ADJ
ajfa-4830	37	26	version	version	NOUN
ajfa-4830	37	27	of	of	ADP
ajfa-4830	37	28	gerber	gerber	NOUN
ajfa-4830	37	29	-	-	PUNCT
ajfa-4830	37	30	shiu	shiu	PROPN
ajfa-4830	37	31	's	's	PART
ajfa-4830	37	32	option	option	NOUN
ajfa-4830	37	33	-	-	PUNCT
ajfa-4830	37	34	pricing	pricing	NOUN
ajfa-4830	37	35	model	model	NOUN
ajfa-4830	37	36	.	.	PUNCT
ajfa-4830	38	1	instead	instead	ADV
ajfa-4830	38	2	of	of	ADP
ajfa-4830	38	3	adopting	adopt	VERB
ajfa-4830	38	4	the	the	DET
ajfa-4830	38	5	notion	notion	NOUN
ajfa-4830	38	6	of	of	ADP
ajfa-4830	38	7	local	local	ADJ
ajfa-4830	38	8	risk	risk	NOUN
ajfa-4830	38	9	-	-	PUNCT
ajfa-4830	38	10	neutral	neutral	ADJ
ajfa-4830	38	11	valuation	valuation	NOUN
ajfa-4830	38	12	relationship	relationship	NOUN
ajfa-4830	38	13	(	(	PUNCT
ajfa-4830	38	14	lrnvr	lrnvr	NOUN
ajfa-4830	38	15	)	)	PUNCT
ajfa-4830	38	16	they	they	PRON
ajfa-4830	38	17	employ	employ	VERB
ajfa-4830	38	18	the	the	DET
ajfa-4830	38	19	concept	concept	NOUN
ajfa-4830	38	20	of	of	ADP
ajfa-4830	38	21	conditional	conditional	ADJ
ajfa-4830	38	22	esscher	esscher	PROPN
ajfa-4830	38	23	transforms	transform	VERB
ajfa-4830	38	24	to	to	PART
ajfa-4830	38	25	identify	identify	VERB
ajfa-4830	38	26	a	a	DET
ajfa-4830	38	27	martingale	martingale	ADJ
ajfa-4830	38	28	measure	measure	NOUN
ajfa-4830	38	29	under	under	ADP
ajfa-4830	38	30	the	the	DET
ajfa-4830	38	31	incomplete	incomplete	ADJ
ajfa-4830	38	32	market	market	NOUN
ajfa-4830	38	33	setting	setting	NOUN
ajfa-4830	38	34	.	.	PUNCT
ajfa-4830	39	1	under	under	ADP
ajfa-4830	39	2	the	the	DET
ajfa-4830	39	3	conditional	conditional	ADJ
ajfa-4830	39	4	normality	normality	NOUN
ajfa-4830	39	5	assumption	assumption	NOUN
ajfa-4830	39	6	for	for	ADP
ajfa-4830	39	7	the	the	DET
ajfa-4830	39	8	stock	stock	NOUN
ajfa-4830	39	9	innovation	innovation	NOUN
ajfa-4830	39	10	,	,	PUNCT
ajfa-4830	39	11	the	the	DET
ajfa-4830	39	12	pricing	pricing	NOUN
ajfa-4830	39	13	result	result	NOUN
ajfa-4830	39	14	is	be	AUX
ajfa-4830	39	15	consistent	consistent	ADJ
ajfa-4830	39	16	with	with	ADP
ajfa-4830	39	17	that	that	PRON
ajfa-4830	39	18	of	of	ADP
ajfa-4830	39	19	duan	duan	PROPN
ajfa-4830	39	20	.	.	PROPN
ajfa-4830	40	1	in	in	ADP
ajfa-4830	40	2	line	line	NOUN
ajfa-4830	40	3	with	with	ADP
ajfa-4830	40	4	the	the	DET
ajfa-4830	40	5	gerber	gerber	NOUN
ajfa-4830	40	6	-	-	PUNCT
ajfa-4830	40	7	shiu	shiu	PROPN
ajfa-4830	40	8	's	's	PART
ajfa-4830	40	9	option	option	NOUN
ajfa-4830	40	10	pricing	pricing	NOUN
ajfa-4830	40	11	model	model	NOUN
ajfa-4830	40	12	,	,	PUNCT
ajfa-4830	40	13	they	they	PRON
ajfa-4830	40	14	also	also	ADV
ajfa-4830	40	15	justify	justify	VERB
ajfa-4830	40	16	the	the	DET
ajfa-4830	40	17	pricing	pricing	NOUN
ajfa-4830	40	18	result	result	NOUN
ajfa-4830	40	19	within	within	ADP
ajfa-4830	40	20	the	the	DET
ajfa-4830	40	21	dynamic	dynamic	ADJ
ajfa-4830	40	22	framework	framework	NOUN
ajfa-4830	40	23	of	of	ADP
ajfa-4830	40	24	utility	utility	NOUN
ajfa-4830	40	25	maximization	maximization	NOUN
ajfa-4830	40	26	problems	problem	NOUN
ajfa-4830	40	27	which	which	PRON
ajfa-4830	40	28	makes	make	VERB
ajfa-4830	40	29	the	the	DET
ajfa-4830	40	30	economic	economic	ADJ
ajfa-4830	40	31	intuition	intuition	NOUN
ajfa-4830	40	32	of	of	ADP
ajfa-4830	40	33	the	the	DET
ajfa-4830	40	34	pricing	pricing	NOUN
ajfa-4830	40	35	result	result	VERB
ajfa-4830	40	36	more	more	ADV
ajfa-4830	40	37	appealing	appealing	ADJ
ajfa-4830	40	38	.	.	PUNCT
ajfa-4830	41	1	numerical	numerical	ADJ
ajfa-4830	41	2	results	result	NOUN
ajfa-4830	41	3	for	for	ADP
ajfa-4830	41	4	the	the	DET
ajfa-4830	41	5	comparison	comparison	NOUN
ajfa-4830	41	6	of	of	ADP
ajfa-4830	41	7	the	the	DET
ajfa-4830	41	8	model	model	NOUN
ajfa-4830	41	9	with	with	ADP
ajfa-4830	41	10	the	the	DET
ajfa-4830	41	11	black	black	ADJ
ajfa-4830	41	12	-	-	PUNCT
ajfa-4830	41	13	scholes	schole	NOUN
ajfa-4830	41	14	-	-	PUNCT
ajfa-4830	41	15	merton	merton	NOUN
ajfa-4830	41	16	option	option	NOUN
ajfa-4830	41	17	pricing	pricing	NOUN
ajfa-4830	41	18	model	model	NOUN
ajfa-4830	41	19	are	be	AUX
ajfa-4830	41	20	also	also	ADV
ajfa-4830	41	21	presented	present	VERB
ajfa-4830	41	22	.	.	PUNCT
ajfa-4830	42	1	dash	dash	NOUN
ajfa-4830	42	2	et	et	PROPN
ajfa-4830	42	3	al	al	PROPN
ajfa-4830	42	4	(	(	PUNCT
ajfa-4830	42	5	2012	2012	NUM
ajfa-4830	42	6	)	)	PUNCT
ajfa-4830	42	7	applied	apply	VERB
ajfa-4830	42	8	the	the	DET
ajfa-4830	42	9	garch	garch	NOUN
ajfa-4830	42	10	options	option	NOUN
ajfa-4830	42	11	pricing	pricing	NOUN
ajfa-4830	42	12	model	model	NOUN
ajfa-4830	42	13	for	for	ADP
ajfa-4830	42	14	options	option	NOUN
ajfa-4830	42	15	traded	trade	VERB
ajfa-4830	42	16	on	on	ADP
ajfa-4830	42	17	the	the	DET
ajfa-4830	42	18	national	national	PROPN
ajfa-4830	42	19	stock	stock	PROPN
ajfa-4830	42	20	exchange	exchange	PROPN
ajfa-4830	42	21	,	,	PUNCT
ajfa-4830	42	22	india	india	PROPN
ajfa-4830	42	23	.	.	PUNCT
ajfa-4830	43	1	they	they	PRON
ajfa-4830	43	2	used	use	VERB
ajfa-4830	43	3	the	the	DET
ajfa-4830	43	4	garch(1	garch(1	NOUN
ajfa-4830	43	5	,	,	PUNCT
ajfa-4830	43	6	1	1	X
ajfa-4830	43	7	)	)	PUNCT
ajfa-4830	43	8	model	model	NOUN
ajfa-4830	43	9	to	to	PART
ajfa-4830	43	10	obtain	obtain	VERB
ajfa-4830	43	11	volatility	volatility	NOUN
ajfa-4830	43	12	projections	projection	NOUN
ajfa-4830	43	13	,	,	PUNCT
ajfa-4830	43	14	and	and	CCONJ
ajfa-4830	43	15	calculated	calculate	VERB
ajfa-4830	43	16	option	option	NOUN
ajfa-4830	43	17	prices	price	NOUN
ajfa-4830	43	18	using	use	VERB
ajfa-4830	43	19	these	these	DET
ajfa-4830	43	20	volatility	volatility	NOUN
ajfa-4830	43	21	projections	projection	NOUN
ajfa-4830	43	22	in	in	ADP
ajfa-4830	43	23	the	the	DET
ajfa-4830	43	24	black	black	ADJ
ajfa-4830	43	25	-	-	PUNCT
ajfa-4830	43	26	scholes	schole	NOUN
ajfa-4830	43	27	-	-	PUNCT
ajfa-4830	43	28	merton	merton	NOUN
ajfa-4830	43	29	model	model	NOUN
ajfa-4830	43	30	.	.	PUNCT
ajfa-4830	44	1	they	they	PRON
ajfa-4830	44	2	found	find	VERB
ajfa-4830	44	3	that	that	SCONJ
ajfa-4830	44	4	the	the	DET
ajfa-4830	44	5	implied	imply	VERB
ajfa-4830	44	6	volatilities	volatility	NOUN
ajfa-4830	44	7	(	(	PUNCT
ajfa-4830	44	8	for	for	ADP
ajfa-4830	44	9	both	both	DET
ajfa-4830	44	10	calls	call	NOUN
ajfa-4830	44	11	and	and	CCONJ
ajfa-4830	44	12	puts	put	NOUN
ajfa-4830	44	13	)	)	PUNCT
ajfa-4830	44	14	were	be	AUX
ajfa-4830	44	15	overestimated	overestimate	VERB
ajfa-4830	44	16	,	,	PUNCT
ajfa-4830	44	17	and	and	CCONJ
ajfa-4830	44	18	that	that	PRON
ajfa-4830	44	19	call	call	VERB
ajfa-4830	44	20	and	and	CCONJ
ajfa-4830	44	21	put	put	NOUN
ajfa-4830	44	22	option	option	NOUN
ajfa-4830	44	23	prices	price	NOUN
ajfa-4830	44	24	were	be	AUX
ajfa-4830	44	25	predominantly	predominantly	ADV
ajfa-4830	44	26	overvalued	overvalue	VERB
ajfa-4830	44	27	,	,	PUNCT
ajfa-4830	44	28	and	and	CCONJ
ajfa-4830	44	29	,	,	PUNCT
ajfa-4830	44	30	further	far	ADV
ajfa-4830	44	31	,	,	PUNCT
ajfa-4830	44	32	that	that	PRON
ajfa-4830	44	33	put	put	NOUN
ajfa-4830	44	34	options	option	NOUN
ajfa-4830	44	35	were	be	AUX
ajfa-4830	44	36	more	more	ADV
ajfa-4830	44	37	overpriced	overpriced	ADJ
ajfa-4830	44	38	than	than	ADP
ajfa-4830	44	39	call	call	NOUN
ajfa-4830	44	40	options	option	NOUN
ajfa-4830	44	41	.	.	PUNCT
ajfa-4830	45	1	they	they	PRON
ajfa-4830	45	2	also	also	ADV
ajfa-4830	45	3	found	find	VERB
ajfa-4830	45	4	that	that	SCONJ
ajfa-4830	45	5	the	the	DET
ajfa-4830	45	6	overestimation	overestimation	NOUN
ajfa-4830	45	7	of	of	ADP
ajfa-4830	45	8	volatility	volatility	NOUN
ajfa-4830	45	9	and	and	CCONJ
ajfa-4830	45	10	overvaluation	overvaluation	NOUN
ajfa-4830	45	11	of	of	ADP
ajfa-4830	45	12	options	option	NOUN
ajfa-4830	45	13	prices	price	NOUN
ajfa-4830	45	14	increased	increase	VERB
ajfa-4830	45	15	with	with	ADP
ajfa-4830	45	16	higher	high	ADJ
ajfa-4830	45	17	market	market	NOUN
ajfa-4830	45	18	capitalization	capitalization	NOUN
ajfa-4830	45	19	and	and	CCONJ
ajfa-4830	45	20	moderate	moderate	ADJ
ajfa-4830	45	21	/	/	SYM
ajfa-4830	45	22	higher	high	ADJ
ajfa-4830	45	23	trading	trading	NOUN
ajfa-4830	45	24	volume	volume	NOUN
ajfa-4830	45	25	of	of	ADP
ajfa-4830	45	26	the	the	DET
ajfa-4830	45	27	underlying	underlie	VERB
ajfa-4830	45	28	stocks	stock	NOUN
ajfa-4830	45	29	.	.	PUNCT
ajfa-4830	46	1	duan	duan	PROPN
ajfa-4830	46	2	(	(	PUNCT
ajfa-4830	46	3	1995	1995	NUM
ajfa-4830	46	4	)	)	PUNCT
ajfa-4830	46	5	introduced	introduce	VERB
ajfa-4830	46	6	the	the	DET
ajfa-4830	46	7	garch	garch	NOUN
ajfa-4830	46	8	option	option	NOUN
ajfa-4830	46	9	pricing	pricing	NOUN
ajfa-4830	46	10	model	model	NOUN
ajfa-4830	46	11	,	,	PUNCT
ajfa-4830	46	12	linking	link	VERB
ajfa-4830	46	13	econometric	econometric	ADJ
ajfa-4830	46	14	models	model	NOUN
ajfa-4830	46	15	with	with	ADP
ajfa-4830	46	16	the	the	DET
ajfa-4830	46	17	options	option	NOUN
ajfa-4830	46	18	pricing	pricing	NOUN
ajfa-4830	46	19	literature	literature	NOUN
ajfa-4830	46	20	.	.	PUNCT
ajfa-4830	47	1	heston	heston	PROPN
ajfa-4830	47	2	and	and	CCONJ
ajfa-4830	47	3	nandi	nandi	PROPN
ajfa-4830	47	4	(	(	PUNCT
ajfa-4830	47	5	2000	2000	NUM
ajfa-4830	47	6	)	)	PUNCT
ajfa-4830	47	7	developed	develop	VERB
ajfa-4830	47	8	a	a	DET
ajfa-4830	47	9	closed	closed	ADJ
ajfa-4830	47	10	-	-	PUNCT
ajfa-4830	47	11	form	form	NOUN
ajfa-4830	47	12	option	option	NOUN
ajfa-4830	47	13	valuation	valuation	NOUN
ajfa-4830	47	14	formula	formula	NOUN
ajfa-4830	47	15	for	for	ADP
ajfa-4830	47	16	a	a	DET
ajfa-4830	47	17	spot	spot	NOUN
ajfa-4830	47	18	asset	asset	NOUN
ajfa-4830	47	19	whose	whose	DET
ajfa-4830	47	20	variance	variance	NOUN
ajfa-4830	47	21	follows	follow	VERB
ajfa-4830	47	22	a	a	DET
ajfa-4830	47	23	garch	garch	NOUN
ajfa-4830	47	24	(	(	PUNCT
ajfa-4830	47	25	p	p	NOUN
ajfa-4830	47	26	,	,	PUNCT
ajfa-4830	47	27	q)-process	q)-process	NOUN
ajfa-4830	47	28	that	that	PRON
ajfa-4830	47	29	can	can	AUX
ajfa-4830	47	30	be	be	AUX
ajfa-4830	47	31	correlated	correlate	VERB
ajfa-4830	47	32	with	with	ADP
ajfa-4830	47	33	the	the	DET
ajfa-4830	47	34	returns	return	NOUN
ajfa-4830	47	35	of	of	ADP
ajfa-4830	47	36	the	the	DET
ajfa-4830	47	37	spot	spot	NOUN
ajfa-4830	47	38	asset	asset	NOUN
ajfa-4830	47	39	.	.	PUNCT
ajfa-4830	48	1	they	they	PRON
ajfa-4830	48	2	found	find	VERB
ajfa-4830	48	3	empirically	empirically	ADV
ajfa-4830	48	4	for	for	ADP
ajfa-4830	48	5	s&p500	s&p500	NOUN
ajfa-4830	48	6	index	index	NOUN
ajfa-4830	48	7	options	option	NOUN
ajfa-4830	48	8	that	that	PRON
ajfa-4830	48	9	their	their	PRON
ajfa-4830	48	10	model	model	NOUN
ajfa-4830	48	11	had	have	VERB
ajfa-4830	48	12	lower	low	ADJ
ajfa-4830	48	13	valuation	valuation	NOUN
ajfa-4830	48	14	errors	error	NOUN
ajfa-4830	48	15	than	than	ADP
ajfa-4830	48	16	the	the	DET
ajfa-4830	48	17	black	black	ADJ
ajfa-4830	48	18	-	-	PUNCT
ajfa-4830	48	19	scholes	schole	NOUN
ajfa-4830	48	20	-	-	PUNCT
ajfa-4830	48	21	merton	merton	NOUN
ajfa-4830	48	22	model	model	NOUN
ajfa-4830	48	23	with	with	ADP
ajfa-4830	48	24	implied	imply	VERB
ajfa-4830	48	25	volatilities	volatility	NOUN
ajfa-4830	48	26	.	.	PUNCT
ajfa-4830	49	1	they	they	PRON
ajfa-4830	49	2	argued	argue	VERB
ajfa-4830	49	3	that	that	SCONJ
ajfa-4830	49	4	the	the	DET
ajfa-4830	49	5	garch	garch	NOUN
ajfa-4830	49	6	model	model	NOUN
ajfa-4830	49	7	was	be	AUX
ajfa-4830	49	8	able	able	ADJ
ajfa-4830	49	9	to	to	PART
ajfa-4830	49	10	simultaneously	simultaneously	ADV
ajfa-4830	49	11	capture	capture	VERB
ajfa-4830	49	12	the	the	DET
ajfa-4830	49	13	correlation	correlation	NOUN
ajfa-4830	49	14	of	of	ADP
ajfa-4830	49	15	volatility	volatility	NOUN
ajfa-4830	49	16	with	with	ADP
ajfa-4830	49	17	spot	spot	NOUN
ajfa-4830	49	18	returns	return	NOUN
ajfa-4830	49	19	and	and	CCONJ
ajfa-4830	49	20	the	the	DET
ajfa-4830	49	21	path	path	NOUN
ajfa-4830	49	22	dependence	dependence	NOUN
ajfa-4830	49	23	in	in	ADP
ajfa-4830	49	24	volatility	volatility	NOUN
ajfa-4830	49	25	.	.	PUNCT
ajfa-4830	50	1	hao	hao	PROPN
ajfa-4830	50	2	and	and	CCONJ
ajfa-4830	50	3	yang	yang	PROPN
ajfa-4830	50	4	(	(	PUNCT
ajfa-4830	50	5	2011	2011	NUM
ajfa-4830	50	6	)	)	PUNCT
ajfa-4830	50	7	presented	present	VERB
ajfa-4830	50	8	a	a	DET
ajfa-4830	50	9	scenario	scenario	NOUN
ajfa-4830	50	10	-	-	PUNCT
ajfa-4830	50	11	based	base	VERB
ajfa-4830	50	12	risk	risk	NOUN
ajfa-4830	50	13	measure	measure	NOUN
ajfa-4830	50	14	for	for	ADP
ajfa-4830	50	15	a	a	DET
ajfa-4830	50	16	portfolio	portfolio	NOUN
ajfa-4830	50	17	of	of	ADP
ajfa-4830	50	18	european	european	ADJ
ajfa-4830	50	19	-	-	PUNCT
ajfa-4830	50	20	style	style	NOUN
ajfa-4830	50	21	derivative	derivative	ADJ
ajfa-4830	50	22	securities	security	NOUN
ajfa-4830	50	23	over	over	ADP
ajfa-4830	50	24	a	a	DET
ajfa-4830	50	25	fixed	fix	VERB
ajfa-4830	50	26	time	time	NOUN
ajfa-4830	50	27	horizon	horizon	NOUN
ajfa-4830	50	28	under	under	ADP
ajfa-4830	50	29	the	the	DET
ajfa-4830	50	30	regime	regime	NOUN
ajfa-4830	50	31	-	-	PUNCT
ajfa-4830	50	32	switching	switch	VERB
ajfa-4830	50	33	black	black	ADJ
ajfa-4830	50	34	-	-	PUNCT
ajfa-4830	50	35	scholes	schole	NOUN
ajfa-4830	50	36	economy	economy	NOUN
ajfa-4830	50	37	.	.	PUNCT
ajfa-4830	51	1	the	the	DET
ajfa-4830	51	2	study	study	NOUN
ajfa-4830	51	3	derived	derive	VERB
ajfa-4830	51	4	a	a	DET
ajfa-4830	51	5	closed	closed	ADJ
ajfa-4830	51	6	-	-	PUNCT
ajfa-4830	51	7	form	form	NOUN
ajfa-4830	51	8	expression	expression	NOUN
ajfa-4830	51	9	for	for	ADP
ajfa-4830	51	10	the	the	DET
ajfa-4830	51	11	risk	risk	NOUN
ajfa-4830	51	12	measure	measure	NOUN
ajfa-4830	51	13	for	for	ADP
ajfa-4830	51	14	vanilla	vanilla	NOUN
ajfa-4830	51	15	european	european	ADJ
ajfa-4830	51	16	options	option	NOUN
ajfa-4830	51	17	and	and	CCONJ
ajfa-4830	51	18	barrier	barrier	NOUN
ajfa-4830	51	19	options	option	NOUN
ajfa-4830	51	20	,	,	PUNCT
ajfa-4830	51	21	and	and	CCONJ
ajfa-4830	51	22	this	this	DET
ajfa-4830	51	23	approach	approach	NOUN
ajfa-4830	51	24	can	can	AUX
ajfa-4830	51	25	be	be	AUX
ajfa-4830	51	26	applied	apply	VERB
ajfa-4830	51	27	to	to	ADP
ajfa-4830	51	28	some	some	DET
ajfa-4830	51	29	other	other	ADJ
ajfa-4830	51	30	exotic	exotic	ADJ
ajfa-4830	51	31	options	option	NOUN
ajfa-4830	51	32	.	.	PUNCT
ajfa-4830	52	1	the	the	DET
ajfa-4830	52	2	results	result	NOUN
ajfa-4830	52	3	of	of	ADP
ajfa-4830	52	4	the	the	DET
ajfa-4830	52	5	study	study	NOUN
ajfa-4830	52	6	provide	provide	VERB
ajfa-4830	52	7	some	some	DET
ajfa-4830	52	8	guidelines	guideline	NOUN
ajfa-4830	52	9	and	and	CCONJ
ajfa-4830	52	10	insights	insight	NOUN
ajfa-4830	52	11	for	for	ADP
ajfa-4830	52	12	portfolios	portfolio	NOUN
ajfa-4830	52	13	containing	contain	VERB
ajfa-4830	52	14	different	different	ADJ
ajfa-4830	52	15	kinds	kind	NOUN
ajfa-4830	52	16	of	of	ADP
ajfa-4830	52	17	derivatives	derivative	NOUN
ajfa-4830	52	18	.	.	PUNCT
ajfa-4830	53	1	jacobs	jacobs	PROPN
ajfa-4830	53	2	and	and	CCONJ
ajfa-4830	53	3	christofferson	christofferson	NOUN
ajfa-4830	53	4	(	(	PUNCT
ajfa-4830	53	5	2004	2004	NUM
ajfa-4830	53	6	)	)	PUNCT
ajfa-4830	53	7	compared	compare	VERB
ajfa-4830	53	8	a	a	DET
ajfa-4830	53	9	range	range	NOUN
ajfa-4830	53	10	of	of	ADP
ajfa-4830	53	11	garch	garch	NOUN
ajfa-4830	53	12	models	model	NOUN
ajfa-4830	53	13	with	with	ADP
ajfa-4830	53	14	different	different	ADJ
ajfa-4830	53	15	lags	lag	NOUN
ajfa-4830	53	16	,	,	PUNCT
ajfa-4830	53	17	using	use	VERB
ajfa-4830	53	18	option	option	NOUN
ajfa-4830	53	19	prices	price	NOUN
ajfa-4830	53	20	and	and	CCONJ
ajfa-4830	53	21	returns	return	NOUN
ajfa-4830	53	22	.	.	PUNCT
ajfa-4830	54	1	they	they	PRON
ajfa-4830	54	2	found	find	VERB
ajfa-4830	54	3	that	that	SCONJ
ajfa-4830	54	4	,	,	PUNCT
ajfa-4830	54	5	in	in	ADP
ajfa-4830	54	6	contrast	contrast	NOUN
ajfa-4830	54	7	to	to	ADP
ajfa-4830	54	8	the	the	DET
ajfa-4830	54	9	returns	return	NOUN
ajfa-4830	54	10	-	-	PUNCT
ajfa-4830	54	11	based	base	VERB
ajfa-4830	54	12	objective	objective	ADJ
ajfa-4830	54	13	function	function	NOUN
ajfa-4830	54	14	,	,	PUNCT
ajfa-4830	54	15	using	use	VERB
ajfa-4830	54	16	an	an	DET
ajfa-4830	54	17	option	option	NOUN
ajfa-4830	54	18	price	price	NOUN
ajfa-4830	54	19	-	-	PUNCT
ajfa-4830	54	20	based	base	VERB
ajfa-4830	54	21	objective	objective	ADJ
ajfa-4830	54	22	function	function	NOUN
ajfa-4830	54	23	favored	favor	VERB
ajfa-4830	54	24	a	a	DET
ajfa-4830	54	25	more	more	ADV
ajfa-4830	54	26	parsimonious	parsimonious	ADJ
ajfa-4830	54	27	model	model	NOUN
ajfa-4830	54	28	.	.	PUNCT
ajfa-4830	55	1	jacobs	jacobs	PROPN
ajfa-4830	55	2	et	et	PROPN
ajfa-4830	55	3	al	al	PROPN
ajfa-4830	55	4	(	(	PUNCT
ajfa-4830	55	5	2004	2004	NUM
ajfa-4830	55	6	)	)	PUNCT
ajfa-4830	55	7	suggested	suggest	VERB
ajfa-4830	55	8	that	that	SCONJ
ajfa-4830	55	9	index	index	NOUN
ajfa-4830	55	10	option	option	NOUN
ajfa-4830	55	11	prices	price	NOUN
ajfa-4830	55	12	differ	differ	VERB
ajfa-4830	55	13	systematically	systematically	ADV
ajfa-4830	55	14	from	from	ADP
ajfa-4830	55	15	those	those	PRON
ajfa-4830	55	16	predicted	predict	VERB
ajfa-4830	55	17	by	by	ADP
ajfa-4830	55	18	the	the	DET
ajfa-4830	55	19	black	black	ADJ
ajfa-4830	55	20	-	-	PUNCT
ajfa-4830	55	21	scholes	schole	NOUN
ajfa-4830	55	22	-	-	PUNCT
ajfa-4830	55	23	merton	merton	NOUN
ajfa-4830	55	24	model	model	NOUN
ajfa-4830	55	25	.	.	PUNCT
ajfa-4830	56	1	in	in	ADP
ajfa-4830	56	2	particular	particular	ADJ
ajfa-4830	56	3	,	,	PUNCT
ajfa-4830	56	4	out	out	ADV
ajfa-4830	56	5	-	-	PUNCT
ajfa-4830	56	6	of	of	ADP
ajfa-4830	56	7	-	-	PUNCT
ajfa-4830	56	8	the	the	DET
ajfa-4830	56	9	-	-	PUNCT
ajfa-4830	56	10	money	money	NOUN
ajfa-4830	56	11	put	put	VERB
ajfa-4830	56	12	prices	price	NOUN
ajfa-4830	56	13	and	and	CCONJ
ajfa-4830	56	14	in	in	ADP
ajfa-4830	56	15	-	-	PUNCT
ajfa-4830	56	16	the	the	DET
ajfa-4830	56	17	-	-	PUNCT
ajfa-4830	56	18	money	money	NOUN
ajfa-4830	56	19	call	call	NOUN
ajfa-4830	56	20	prices	price	NOUN
ajfa-4830	56	21	were	be	AUX
ajfa-4830	56	22	higher	high	ADJ
ajfa-4830	56	23	than	than	SCONJ
ajfa-4830	56	24	predicted	predict	VERB
ajfa-4830	56	25	by	by	ADP
ajfa-4830	56	26	the	the	DET
ajfa-4830	56	27	black	black	ADJ
ajfa-4830	56	28	-	-	PUNCT
ajfa-4830	56	29	scholes	schole	NOUN
ajfa-4830	56	30	-	-	PUNCT
ajfa-4830	56	31	merton	merton	NOUN
ajfa-4830	56	32	model	model	NOUN
ajfa-4830	56	33	.	.	PUNCT
ajfa-4830	57	1	they	they	PRON
ajfa-4830	57	2	suggested	suggest	VERB
ajfa-4830	57	3	an	an	DET
ajfa-4830	57	4	analytic	analytic	ADJ
ajfa-4830	57	5	option	option	NOUN
ajfa-4830	57	6	pricing	pricing	NOUN
ajfa-4830	57	7	formula	formula	NOUN
ajfa-4830	57	8	consistent	consistent	ADJ
ajfa-4830	57	9	with	with	ADP
ajfa-4830	57	10	the	the	DET
ajfa-4830	57	11	stock	stock	NOUN
ajfa-4830	57	12	return	return	NOUN
ajfa-4830	57	13	dynamic	dynamic	ADJ
ajfa-4830	57	14	,	,	PUNCT
ajfa-4830	57	15	viz	viz	PROPN
ajfa-4830	57	16	.	.	PUNCT
ajfa-4830	58	1	an	an	DET
ajfa-4830	58	2	inverse	inverse	ADJ
ajfa-4830	58	3	gaussian	gaussian	ADJ
ajfa-4830	58	4	garch	garch	NOUN
ajfa-4830	58	5	model	model	NOUN
ajfa-4830	58	6	,	,	PUNCT
ajfa-4830	58	7	which	which	PRON
ajfa-4830	58	8	performed	perform	VERB
ajfa-4830	58	9	better	well	ADV
ajfa-4830	58	10	than	than	ADP
ajfa-4830	58	11	the	the	DET
ajfa-4830	58	12	usual	usual	PROPN
ajfa-4830	58	13	bsm	bsm	PROPN
ajfa-4830	58	14	model	model	NOUN
ajfa-4830	58	15	for	for	ADP
ajfa-4830	58	16	out	out	ADV
ajfa-4830	58	17	-	-	PUNCT
ajfa-4830	58	18	of	of	ADP
ajfa-4830	58	19	-	-	PUNCT
ajfa-4830	58	20	the	the	DET
ajfa-4830	58	21	-	-	PUNCT
ajfa-4830	58	22	money	money	NOUN
ajfa-4830	58	23	puts	put	VERB
ajfa-4830	58	24	on	on	ADP
ajfa-4830	58	25	the	the	DET
ajfa-4830	58	26	s&p	s&p	PROPN
ajfa-4830	58	27	500	500	NUM
ajfa-4830	58	28	index	index	NOUN
ajfa-4830	58	29	.	.	PUNCT
ajfa-4830	59	1	singh	singh	PROPN
ajfa-4830	59	2	et	et	PROPN
ajfa-4830	59	3	al	al	PROPN
ajfa-4830	59	4	(	(	PUNCT
ajfa-4830	59	5	2011	2011	NUM
ajfa-4830	59	6	)	)	PUNCT
ajfa-4830	59	7	empirically	empirically	ADV
ajfa-4830	59	8	investigated	investigate	VERB
ajfa-4830	59	9	the	the	DET
ajfa-4830	59	10	forecasting	forecasting	NOUN
ajfa-4830	59	11	performance	performance	NOUN
ajfa-4830	59	12	of	of	ADP
ajfa-4830	59	13	closed	closed	ADJ
ajfa-4830	59	14	-	-	PUNCT
ajfa-4830	59	15	form	form	NOUN
ajfa-4830	59	16	discrete	discrete	ADJ
ajfa-4830	59	17	time	time	NOUN
ajfa-4830	59	18	garch	garch	NOUN
ajfa-4830	59	19	option	option	NOUN
ajfa-4830	59	20	pricing	pricing	NOUN
ajfa-4830	59	21	model	model	NOUN
ajfa-4830	59	22	with	with	ADP
ajfa-4830	59	23	benchmark	benchmark	ADJ
ajfa-4830	59	24	black	black	ADJ
ajfa-4830	59	25	-	-	PUNCT
ajfa-4830	59	26	scholes	schole	NOUN
ajfa-4830	59	27	and	and	CCONJ
ajfa-4830	59	28	its	its	PRON
ajfa-4830	59	29	version	version	NOUN
ajfa-4830	59	30	practitioner	practitioner	NOUN
ajfa-4830	59	31	black	black	ADJ
ajfa-4830	59	32	-	-	PUNCT
ajfa-4830	59	33	scholes	schole	NOUN
ajfa-4830	59	34	model	model	NOUN
ajfa-4830	59	35	for	for	ADP
ajfa-4830	59	36	pricing	price	VERB
ajfa-4830	59	37	s&p	s&p	PROPN
ajfa-4830	59	38	asian	asian	ADJ
ajfa-4830	59	39	journal	journal	NOUN
ajfa-4830	59	40	of	of	ADP
ajfa-4830	59	41	finance	finance	PROPN
ajfa-4830	59	42	&	&	CCONJ
ajfa-4830	59	43	accounting	accounting	PROPN
ajfa-4830	59	44	issn	issn	PROPN
ajfa-4830	59	45	1946	1946	NUM
ajfa-4830	59	46	-	-	PUNCT
ajfa-4830	59	47	052x	052x	PROPN
ajfa-4830	59	48	2014	2014	NUM
ajfa-4830	59	49	,	,	PUNCT
ajfa-4830	59	50	vol	vol	NOUN
ajfa-4830	59	51	.	.	PROPN
ajfa-4830	60	1	6	6	NUM
ajfa-4830	60	2	,	,	PUNCT
ajfa-4830	60	3	no	no	INTJ
ajfa-4830	60	4	.	.	NOUN
ajfa-4830	60	5	1	1	NUM
ajfa-4830	60	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	60	7	427	427	NUM
ajfa-4830	60	8	cnx	cnx	NOUN
ajfa-4830	60	9	nifty	nifty	ADJ
ajfa-4830	60	10	50	50	NUM
ajfa-4830	60	11	index	index	NOUN
ajfa-4830	60	12	option	option	NOUN
ajfa-4830	60	13	of	of	ADP
ajfa-4830	60	14	india	india	PROPN
ajfa-4830	60	15	,	,	PUNCT
ajfa-4830	60	16	relative	relative	ADJ
ajfa-4830	60	17	to	to	ADP
ajfa-4830	60	18	market	market	NOUN
ajfa-4830	60	19	price	price	NOUN
ajfa-4830	60	20	using	use	VERB
ajfa-4830	60	21	error	error	NOUN
ajfa-4830	60	22	metrics	metric	NOUN
ajfa-4830	60	23	,	,	PUNCT
ajfa-4830	60	24	moneyness	moneyness	NOUN
ajfa-4830	60	25	-	-	PUNCT
ajfa-4830	60	26	maturity	maturity	NOUN
ajfa-4830	60	27	-	-	PUNCT
ajfa-4830	60	28	wise	wise	ADJ
ajfa-4830	60	29	.	.	PUNCT
ajfa-4830	61	1	they	they	PRON
ajfa-4830	61	2	found	find	VERB
ajfa-4830	61	3	that	that	SCONJ
ajfa-4830	61	4	the	the	DET
ajfa-4830	61	5	practitioner	practitioner	NOUN
ajfa-4830	61	6	black	black	ADJ
ajfa-4830	61	7	-	-	PUNCT
ajfa-4830	61	8	scholes	schole	NOUN
ajfa-4830	61	9	model	model	NOUN
ajfa-4830	61	10	outperforms	outperform	VERB
ajfa-4830	61	11	the	the	DET
ajfa-4830	61	12	other	other	ADJ
ajfa-4830	61	13	two	two	NUM
ajfa-4830	61	14	models	model	NOUN
ajfa-4830	61	15	,	,	PUNCT
ajfa-4830	61	16	and	and	CCONJ
ajfa-4830	61	17	reduced	reduce	VERB
ajfa-4830	61	18	the	the	DET
ajfa-4830	61	19	price	price	NOUN
ajfa-4830	61	20	bias	bias	NOUN
ajfa-4830	61	21	between	between	ADP
ajfa-4830	61	22	model	model	NOUN
ajfa-4830	61	23	and	and	CCONJ
ajfa-4830	61	24	market	market	NOUN
ajfa-4830	61	25	.	.	PUNCT
ajfa-4830	62	1	varma	varma	PROPN
ajfa-4830	62	2	(	(	PUNCT
ajfa-4830	62	3	2002	2002	NUM
ajfa-4830	62	4	)	)	PUNCT
ajfa-4830	62	5	evaluated	evaluate	VERB
ajfa-4830	62	6	the	the	DET
ajfa-4830	62	7	volatility	volatility	NOUN
ajfa-4830	62	8	pricing	pricing	NOUN
ajfa-4830	62	9	of	of	ADP
ajfa-4830	62	10	the	the	DET
ajfa-4830	62	11	index	index	NOUN
ajfa-4830	62	12	options	option	NOUN
ajfa-4830	62	13	with	with	ADP
ajfa-4830	62	14	the	the	DET
ajfa-4830	62	15	help	help	NOUN
ajfa-4830	62	16	of	of	ADP
ajfa-4830	62	17	the	the	DET
ajfa-4830	62	18	black	black	ADJ
ajfa-4830	62	19	-	-	PUNCT
ajfa-4830	62	20	scholes	schole	NOUN
ajfa-4830	62	21	-	-	PUNCT
ajfa-4830	62	22	merton	merton	NOUN
ajfa-4830	62	23	option	option	NOUN
ajfa-4830	62	24	pricing	pricing	NOUN
ajfa-4830	62	25	formula	formula	NOUN
ajfa-4830	62	26	and	and	CCONJ
ajfa-4830	62	27	the	the	DET
ajfa-4830	62	28	garch	garch	NOUN
ajfa-4830	62	29	(	(	PUNCT
ajfa-4830	62	30	1	1	NUM
ajfa-4830	62	31	,	,	PUNCT
ajfa-4830	62	32	1	1	X
ajfa-4830	62	33	)	)	PUNCT
ajfa-4830	62	34	model	model	NOUN
ajfa-4830	62	35	and	and	CCONJ
ajfa-4830	62	36	has	have	AUX
ajfa-4830	62	37	found	find	VERB
ajfa-4830	62	38	severe	severe	ADJ
ajfa-4830	62	39	mispricing	mispricing	NOUN
ajfa-4830	62	40	in	in	ADP
ajfa-4830	62	41	indian	indian	ADJ
ajfa-4830	62	42	index	index	NOUN
ajfa-4830	62	43	options	option	NOUN
ajfa-4830	62	44	.	.	PUNCT
ajfa-4830	63	1	he	he	PRON
ajfa-4830	63	2	has	have	AUX
ajfa-4830	63	3	also	also	ADV
ajfa-4830	63	4	established	establish	VERB
ajfa-4830	63	5	the	the	DET
ajfa-4830	63	6	significant	significant	ADJ
ajfa-4830	63	7	difference	difference	NOUN
ajfa-4830	63	8	in	in	ADP
ajfa-4830	63	9	volatility	volatility	NOUN
ajfa-4830	63	10	smiles	smile	NOUN
ajfa-4830	63	11	for	for	ADP
ajfa-4830	63	12	call	call	NOUN
ajfa-4830	63	13	and	and	CCONJ
ajfa-4830	63	14	put	put	ADJ
ajfa-4830	63	15	options	option	NOUN
ajfa-4830	63	16	.	.	PUNCT
ajfa-4830	64	1	lehar	lehar	PROPN
ajfa-4830	64	2	et	et	PROPN
ajfa-4830	64	3	al	al	PROPN
ajfa-4830	64	4	(	(	PUNCT
ajfa-4830	64	5	2002	2002	NUM
ajfa-4830	64	6	)	)	PUNCT
ajfa-4830	64	7	examined	examine	VERB
ajfa-4830	64	8	the	the	DET
ajfa-4830	64	9	performance	performance	NOUN
ajfa-4830	64	10	of	of	ADP
ajfa-4830	64	11	two	two	NUM
ajfa-4830	64	12	extensions	extension	NOUN
ajfa-4830	64	13	of	of	ADP
ajfa-4830	64	14	the	the	DET
ajfa-4830	64	15	black	black	ADJ
ajfa-4830	64	16	-	-	PUNCT
ajfa-4830	64	17	scholes	schole	NOUN
ajfa-4830	64	18	-	-	PUNCT
ajfa-4830	64	19	merton	merton	NOUN
ajfa-4830	64	20	framework	framework	NOUN
ajfa-4830	64	21	,	,	PUNCT
ajfa-4830	64	22	the	the	DET
ajfa-4830	64	23	garch	garch	NOUN
ajfa-4830	64	24	and	and	CCONJ
ajfa-4830	64	25	the	the	DET
ajfa-4830	64	26	stochastic	stochastic	ADJ
ajfa-4830	64	27	volatility	volatility	NOUN
ajfa-4830	64	28	option	option	NOUN
ajfa-4830	64	29	pricing	pricing	NOUN
ajfa-4830	64	30	model	model	NOUN
ajfa-4830	64	31	.	.	PUNCT
ajfa-4830	65	1	they	they	PRON
ajfa-4830	65	2	found	find	VERB
ajfa-4830	65	3	empirically	empirically	ADV
ajfa-4830	65	4	for	for	ADP
ajfa-4830	65	5	ftse	ftse	NOUN
ajfa-4830	65	6	100	100	NUM
ajfa-4830	65	7	option	option	NOUN
ajfa-4830	65	8	prices	price	NOUN
ajfa-4830	65	9	that	that	PRON
ajfa-4830	65	10	garch	garch	NOUN
ajfa-4830	65	11	dominated	dominate	VERB
ajfa-4830	65	12	over	over	ADP
ajfa-4830	65	13	the	the	DET
ajfa-4830	65	14	stochastic	stochastic	ADJ
ajfa-4830	65	15	volatility	volatility	NOUN
ajfa-4830	65	16	and	and	CCONJ
ajfa-4830	65	17	the	the	DET
ajfa-4830	65	18	black	black	ADJ
ajfa-4830	65	19	-	-	PUNCT
ajfa-4830	65	20	scholes	schole	NOUN
ajfa-4830	65	21	-	-	PUNCT
ajfa-4830	65	22	merton	merton	NOUN
ajfa-4830	65	23	model	model	NOUN
ajfa-4830	65	24	.	.	PUNCT
ajfa-4830	66	1	however	however	ADV
ajfa-4830	66	2	,	,	PUNCT
ajfa-4830	66	3	they	they	PRON
ajfa-4830	66	4	found	find	VERB
ajfa-4830	66	5	significant	significant	ADJ
ajfa-4830	66	6	errors	error	NOUN
ajfa-4830	66	7	in	in	ADP
ajfa-4830	66	8	the	the	DET
ajfa-4830	66	9	prediction	prediction	NOUN
ajfa-4830	66	10	of	of	ADP
ajfa-4830	66	11	the	the	DET
ajfa-4830	66	12	market	market	NOUN
ajfa-4830	66	13	risk	risk	NOUN
ajfa-4830	66	14	from	from	ADP
ajfa-4830	66	15	hypothetical	hypothetical	ADJ
ajfa-4830	66	16	derivative	derivative	ADJ
ajfa-4830	66	17	positions	position	NOUN
ajfa-4830	66	18	in	in	ADP
ajfa-4830	66	19	all	all	DET
ajfa-4830	66	20	the	the	DET
ajfa-4830	66	21	models	model	NOUN
ajfa-4830	66	22	.	.	PUNCT
ajfa-4830	67	1	3	3	X
ajfa-4830	67	2	.	.	X
ajfa-4830	67	3	methodology	methodology	NOUN
ajfa-4830	67	4	the	the	DET
ajfa-4830	67	5	objective	objective	NOUN
ajfa-4830	67	6	of	of	ADP
ajfa-4830	67	7	the	the	DET
ajfa-4830	67	8	present	present	ADJ
ajfa-4830	67	9	study	study	NOUN
ajfa-4830	67	10	is	be	AUX
ajfa-4830	67	11	to	to	PART
ajfa-4830	67	12	analyse	analyse	VERB
ajfa-4830	67	13	systematic	systematic	ADJ
ajfa-4830	67	14	mispricing	mispricing	NOUN
ajfa-4830	67	15	of	of	ADP
ajfa-4830	67	16	stock	stock	NOUN
ajfa-4830	67	17	and	and	CCONJ
ajfa-4830	67	18	index	index	NOUN
ajfa-4830	67	19	options	option	NOUN
ajfa-4830	67	20	on	on	ADP
ajfa-4830	67	21	the	the	DET
ajfa-4830	67	22	nse	nse	NOUN
ajfa-4830	67	23	using	use	VERB
ajfa-4830	67	24	the	the	DET
ajfa-4830	67	25	garch	garch	NOUN
ajfa-4830	67	26	model	model	NOUN
ajfa-4830	67	27	and	and	CCONJ
ajfa-4830	67	28	the	the	DET
ajfa-4830	67	29	black	black	ADJ
ajfa-4830	67	30	-	-	PUNCT
ajfa-4830	67	31	scholes	schole	NOUN
ajfa-4830	67	32	-	-	PUNCT
ajfa-4830	67	33	merton	merton	NOUN
ajfa-4830	67	34	options	option	NOUN
ajfa-4830	67	35	pricing	pricing	NOUN
ajfa-4830	67	36	model	model	NOUN
ajfa-4830	67	37	.	.	PUNCT
ajfa-4830	68	1	to	to	PART
ajfa-4830	68	2	analyses	analyse	VERB
ajfa-4830	68	3	the	the	DET
ajfa-4830	68	4	stock	stock	NOUN
ajfa-4830	68	5	options	option	NOUN
ajfa-4830	68	6	ten	ten	NUM
ajfa-4830	68	7	companies	company	NOUN
ajfa-4830	68	8	from	from	ADP
ajfa-4830	68	9	ten	ten	NUM
ajfa-4830	68	10	different	different	ADJ
ajfa-4830	68	11	sectors	sector	NOUN
ajfa-4830	68	12	,	,	PUNCT
ajfa-4830	68	13	closing	close	VERB
ajfa-4830	68	14	stock	stock	NOUN
ajfa-4830	68	15	prices	price	NOUN
ajfa-4830	68	16	were	be	AUX
ajfa-4830	68	17	obtained	obtain	VERB
ajfa-4830	68	18	from	from	ADP
ajfa-4830	68	19	the	the	DET
ajfa-4830	68	20	national	national	ADJ
ajfa-4830	68	21	stock	stock	NOUN
ajfa-4830	68	22	exchange1	exchange1	NOUN
ajfa-4830	68	23	for	for	ADP
ajfa-4830	68	24	the	the	DET
ajfa-4830	68	25	period	period	NOUN
ajfa-4830	68	26	of	of	ADP
ajfa-4830	68	27	1	1	NUM
ajfa-4830	68	28	-	-	PUNCT
ajfa-4830	68	29	may-2012	may-2012	NOUN
ajfa-4830	68	30	to	to	ADP
ajfa-4830	68	31	30	30	NUM
ajfa-4830	68	32	-	-	PUNCT
ajfa-4830	68	33	apr-2013	apr-2013	NOUN
ajfa-4830	68	34	were	be	AUX
ajfa-4830	68	35	taken	take	VERB
ajfa-4830	68	36	to	to	PART
ajfa-4830	68	37	calculate	calculate	VERB
ajfa-4830	68	38	the	the	DET
ajfa-4830	68	39	volatility	volatility	NOUN
ajfa-4830	68	40	using	use	VERB
ajfa-4830	68	41	the	the	DET
ajfa-4830	68	42	garch(1,1	garch(1,1	NOUN
ajfa-4830	68	43	)	)	PUNCT
ajfa-4830	68	44	model	model	NOUN
ajfa-4830	68	45	for	for	ADP
ajfa-4830	68	46	30-,60-	30-,60-	NUM
ajfa-4830	68	47	,	,	PUNCT
ajfa-4830	68	48	and	and	CCONJ
ajfa-4830	68	49	90	90	NUM
ajfa-4830	68	50	-	-	PUNCT
ajfa-4830	68	51	day	day	NOUN
ajfa-4830	68	52	periods	period	NOUN
ajfa-4830	68	53	.	.	PUNCT
ajfa-4830	69	1	the	the	DET
ajfa-4830	69	2	volatility	volatility	NOUN
ajfa-4830	69	3	values	value	NOUN
ajfa-4830	69	4	thus	thus	ADV
ajfa-4830	69	5	obtained	obtain	VERB
ajfa-4830	69	6	were	be	AUX
ajfa-4830	69	7	used	use	VERB
ajfa-4830	69	8	in	in	ADP
ajfa-4830	69	9	the	the	DET
ajfa-4830	69	10	black	black	ADJ
ajfa-4830	69	11	-	-	PUNCT
ajfa-4830	69	12	scholes	schole	NOUN
ajfa-4830	69	13	-	-	PUNCT
ajfa-4830	69	14	merton	merton	NOUN
ajfa-4830	69	15	model	model	NOUN
ajfa-4830	69	16	to	to	PART
ajfa-4830	69	17	calculate	calculate	VERB
ajfa-4830	69	18	the	the	DET
ajfa-4830	69	19	call	call	NOUN
ajfa-4830	69	20	and	and	CCONJ
ajfa-4830	69	21	put	put	VERB
ajfa-4830	69	22	prices	price	NOUN
ajfa-4830	69	23	for	for	ADP
ajfa-4830	69	24	the	the	DET
ajfa-4830	69	25	stocks	stock	NOUN
ajfa-4830	69	26	.	.	PUNCT
ajfa-4830	70	1	3.1	3.1	NUM
ajfa-4830	70	2	.	.	PUNCT
ajfa-4830	70	3	garch	garch	NOUN
ajfa-4830	70	4	(	(	PUNCT
ajfa-4830	70	5	generalized	generalize	VERB
ajfa-4830	70	6	autoregressive	autoregressive	ADJ
ajfa-4830	70	7	conditional	conditional	ADJ
ajfa-4830	70	8	hetroscedasticity	hetroscedasticity	NOUN
ajfa-4830	70	9	)	)	PUNCT
ajfa-4830	70	10	model	model	NOUN
ajfa-4830	70	11	the	the	DET
ajfa-4830	70	12	generalized	generalized	ADJ
ajfa-4830	70	13	autoregressive	autoregressive	ADJ
ajfa-4830	70	14	conditional	conditional	ADJ
ajfa-4830	70	15	heteroscedasticity	heteroscedasticity	NOUN
ajfa-4830	70	16	(	(	PUNCT
ajfa-4830	70	17	garch	garch	NOUN
ajfa-4830	70	18	)	)	PUNCT
ajfa-4830	70	19	models	model	NOUN
ajfa-4830	70	20	were	be	AUX
ajfa-4830	70	21	propounded	propound	VERB
ajfa-4830	70	22	by	by	ADP
ajfa-4830	70	23	engle	engle	PROPN
ajfa-4830	70	24	(	(	PUNCT
ajfa-4830	70	25	1982	1982	NUM
ajfa-4830	70	26	)	)	PUNCT
ajfa-4830	70	27	and	and	CCONJ
ajfa-4830	70	28	bollerslev	bollerslev	ADJ
ajfa-4830	70	29	(	(	PUNCT
ajfa-4830	70	30	1986	1986	NUM
ajfa-4830	70	31	)	)	PUNCT
ajfa-4830	70	32	.	.	PUNCT
ajfa-4830	71	1	the	the	DET
ajfa-4830	71	2	distinctive	distinctive	ADJ
ajfa-4830	71	3	feature	feature	NOUN
ajfa-4830	71	4	of	of	ADP
ajfa-4830	71	5	these	these	DET
ajfa-4830	71	6	models	model	NOUN
ajfa-4830	71	7	is	be	AUX
ajfa-4830	71	8	that	that	SCONJ
ajfa-4830	71	9	they	they	PRON
ajfa-4830	71	10	recognize	recognize	VERB
ajfa-4830	71	11	that	that	SCONJ
ajfa-4830	71	12	volatilities	volatility	NOUN
ajfa-4830	71	13	and	and	CCONJ
ajfa-4830	71	14	correlations	correlation	NOUN
ajfa-4830	71	15	are	be	AUX
ajfa-4830	71	16	not	not	PART
ajfa-4830	71	17	constant	constant	ADJ
ajfa-4830	71	18	:	:	PUNCT
ajfa-4830	71	19	i.e.	i.e.	X
ajfa-4830	71	20	volatility	volatility	NOUN
ajfa-4830	71	21	clustering	clustering	NOUN
ajfa-4830	71	22	and	and	CCONJ
ajfa-4830	71	23	excess	excess	ADJ
ajfa-4830	71	24	kurtosis	kurtosis	NOUN
ajfa-4830	71	25	.	.	PUNCT
ajfa-4830	72	1	the	the	DET
ajfa-4830	72	2	garch	garch	NOUN
ajfa-4830	72	3	models	model	NOUN
ajfa-4830	72	4	are	be	AUX
ajfa-4830	72	5	discrete	discrete	ADJ
ajfa-4830	72	6	-	-	PUNCT
ajfa-4830	72	7	time	time	NOUN
ajfa-4830	72	8	models	model	NOUN
ajfa-4830	72	9	,	,	PUNCT
ajfa-4830	72	10	attempting	attempt	VERB
ajfa-4830	72	11	to	to	PART
ajfa-4830	72	12	track	track	VERB
ajfa-4830	72	13	changes	change	NOUN
ajfa-4830	72	14	in	in	ADP
ajfa-4830	72	15	the	the	DET
ajfa-4830	72	16	correlation	correlation	NOUN
ajfa-4830	72	17	and	and	CCONJ
ajfa-4830	72	18	volatility	volatility	NOUN
ajfa-4830	72	19	over	over	ADP
ajfa-4830	72	20	time	time	NOUN
ajfa-4830	72	21	.	.	PUNCT
ajfa-4830	73	1	the	the	DET
ajfa-4830	73	2	garch	garch	NOUN
ajfa-4830	73	3	model	model	NOUN
ajfa-4830	73	4	is	be	AUX
ajfa-4830	73	5	used	use	VERB
ajfa-4830	73	6	to	to	PART
ajfa-4830	73	7	estimate	estimate	VERB
ajfa-4830	73	8	volatility	volatility	NOUN
ajfa-4830	73	9	for	for	ADP
ajfa-4830	73	10	a	a	DET
ajfa-4830	73	11	variety	variety	NOUN
ajfa-4830	73	12	of	of	ADP
ajfa-4830	73	13	financial	financial	ADJ
ajfa-4830	73	14	time	time	NOUN
ajfa-4830	73	15	series	series	PROPN
ajfa-4830	73	16	:	:	PUNCT
ajfa-4830	73	17	stock	stock	NOUN
ajfa-4830	73	18	returns	return	NOUN
ajfa-4830	73	19	,	,	PUNCT
ajfa-4830	73	20	interest	interest	NOUN
ajfa-4830	73	21	rates	rate	NOUN
ajfa-4830	73	22	,	,	PUNCT
ajfa-4830	73	23	and	and	CCONJ
ajfa-4830	73	24	foreign	foreign	ADJ
ajfa-4830	73	25	exchange	exchange	NOUN
ajfa-4830	73	26	rates	rate	NOUN
ajfa-4830	73	27	.	.	PUNCT
ajfa-4830	74	1	garch	garch	NOUN
ajfa-4830	74	2	models	model	NOUN
ajfa-4830	74	3	have	have	AUX
ajfa-4830	74	4	been	be	AUX
ajfa-4830	74	5	applied	apply	VERB
ajfa-4830	74	6	in	in	ADP
ajfa-4830	74	7	various	various	ADJ
ajfa-4830	74	8	fields	field	NOUN
ajfa-4830	74	9	such	such	ADJ
ajfa-4830	74	10	as	as	ADP
ajfa-4830	74	11	asset	asset	NOUN
ajfa-4830	74	12	allocation	allocation	NOUN
ajfa-4830	74	13	,	,	PUNCT
ajfa-4830	74	14	risk	risk	NOUN
ajfa-4830	74	15	management	management	NOUN
ajfa-4830	74	16	,	,	PUNCT
ajfa-4830	74	17	and	and	CCONJ
ajfa-4830	74	18	portfolio	portfolio	NOUN
ajfa-4830	74	19	management	management	NOUN
ajfa-4830	74	20	,	,	PUNCT
ajfa-4830	74	21	and	and	CCONJ
ajfa-4830	74	22	option	option	NOUN
ajfa-4830	74	23	pricing	pricing	NOUN
ajfa-4830	74	24	.	.	PUNCT
ajfa-4830	75	1	the	the	DET
ajfa-4830	75	2	garch	garch	NOUN
ajfa-4830	75	3	(	(	PUNCT
ajfa-4830	75	4	p	p	X
ajfa-4830	75	5	,	,	PUNCT
ajfa-4830	75	6	q	q	NOUN
ajfa-4830	75	7	)	)	PUNCT
ajfa-4830	75	8	model	model	NOUN
ajfa-4830	75	9	is	be	AUX
ajfa-4830	75	10	formulated	formulate	VERB
ajfa-4830	75	11	as	as	ADP
ajfa-4830	75	12	:	:	PUNCT
ajfa-4830	75	13	,	,	PUNCT
ajfa-4830	75	14	where	where	SCONJ
ajfa-4830	75	15	p	p	NOUN
ajfa-4830	75	16	is	be	AUX
ajfa-4830	75	17	the	the	DET
ajfa-4830	75	18	order	order	NOUN
ajfa-4830	75	19	of	of	ADP
ajfa-4830	75	20	the	the	DET
ajfa-4830	75	21	garch	garch	NOUN
ajfa-4830	75	22	(	(	PUNCT
ajfa-4830	75	23	lagged	lag	VERB
ajfa-4830	75	24	volatility	volatility	NOUN
ajfa-4830	75	25	)	)	PUNCT
ajfa-4830	75	26	terms	term	NOUN
ajfa-4830	75	27	,	,	PUNCT
ajfa-4830	75	28	and	and	CCONJ
ajfa-4830	75	29	q	q	NOUN
ajfa-4830	75	30	is	be	AUX
ajfa-4830	75	31	the	the	DET
ajfa-4830	75	32	order	order	NOUN
ajfa-4830	75	33	of	of	ADP
ajfa-4830	75	34	the	the	DET
ajfa-4830	75	35	arch	arch	NOUN
ajfa-4830	75	36	(	(	PUNCT
ajfa-4830	75	37	lagged	lag	VERB
ajfa-4830	75	38	squared	square	VERB
ajfa-4830	75	39	-	-	PUNCT
ajfa-4830	75	40	error	error	NOUN
ajfa-4830	75	41	)	)	PUNCT
ajfa-4830	75	42	terms	term	NOUN
ajfa-4830	75	43	.	.	PUNCT
ajfa-4830	76	1	in	in	ADP
ajfa-4830	76	2	the	the	DET
ajfa-4830	76	3	academic	academic	ADJ
ajfa-4830	76	4	literature	literature	NOUN
ajfa-4830	76	5	,	,	PUNCT
ajfa-4830	76	6	the	the	DET
ajfa-4830	76	7	garch	garch	NOUN
ajfa-4830	76	8	(	(	PUNCT
ajfa-4830	76	9	1	1	NUM
ajfa-4830	76	10	,	,	PUNCT
ajfa-4830	76	11	1	1	X
ajfa-4830	76	12	)	)	PUNCT
ajfa-4830	76	13	process	process	NOUN
ajfa-4830	76	14	seems	seem	VERB
ajfa-4830	76	15	to	to	PART
ajfa-4830	76	16	be	be	AUX
ajfa-4830	76	17	perceived	perceive	VERB
ajfa-4830	76	18	as	as	ADP
ajfa-4830	76	19	a	a	DET
ajfa-4830	76	20	realistic	realistic	ADJ
ajfa-4830	76	21	data	data	NOUN
ajfa-4830	76	22	generating	generating	NOUN
ajfa-4830	76	23	process	process	NOUN
ajfa-4830	76	24	for	for	ADP
ajfa-4830	76	25	financial	financial	ADJ
ajfa-4830	76	26	returns	return	NOUN
ajfa-4830	76	27	.	.	PUNCT
ajfa-4830	77	1	an	an	DET
ajfa-4830	77	2	intuitively	intuitively	ADV
ajfa-4830	77	3	appealing	appealing	ADJ
ajfa-4830	77	4	interpretation	interpretation	NOUN
ajfa-4830	77	5	of	of	ADP
ajfa-4830	77	6	the	the	DET
ajfa-4830	77	7	garch	garch	NOUN
ajfa-4830	77	8	(	(	PUNCT
ajfa-4830	77	9	1	1	NUM
ajfa-4830	77	10	,	,	PUNCT
ajfa-4830	77	11	l	l	NOUN
ajfa-4830	77	12	)	)	PUNCT
ajfa-4830	77	13	model	model	NOUN
ajfa-4830	77	14	is	be	AUX
ajfa-4830	77	15	easy	easy	ADJ
ajfa-4830	77	16	to	to	PART
ajfa-4830	77	17	understand	understand	VERB
ajfa-4830	77	18	.	.	PUNCT
ajfa-4830	78	1	the	the	DET
ajfa-4830	78	2	garch	garch	NOUN
ajfa-4830	78	3	forecast	forecast	NOUN
ajfa-4830	78	4	variance	variance	NOUN
ajfa-4830	78	5	is	be	AUX
ajfa-4830	78	6	a	a	DET
ajfa-4830	78	7	weighted	weight	VERB
ajfa-4830	78	8	asian	asian	ADJ
ajfa-4830	78	9	journal	journal	NOUN
ajfa-4830	78	10	of	of	ADP
ajfa-4830	78	11	finance	finance	PROPN
ajfa-4830	78	12	&	&	CCONJ
ajfa-4830	78	13	accounting	accounting	PROPN
ajfa-4830	78	14	issn	issn	PROPN
ajfa-4830	78	15	1946	1946	NUM
ajfa-4830	78	16	-	-	PUNCT
ajfa-4830	78	17	052x	052x	PROPN
ajfa-4830	78	18	2014	2014	NUM
ajfa-4830	78	19	,	,	PUNCT
ajfa-4830	78	20	vol	vol	NOUN
ajfa-4830	78	21	.	.	PROPN
ajfa-4830	78	22	6	6	NUM
ajfa-4830	78	23	,	,	PUNCT
ajfa-4830	78	24	no	no	INTJ
ajfa-4830	78	25	.	.	NOUN
ajfa-4830	78	26	1	1	NUM
ajfa-4830	78	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	78	28	428	428	NUM
ajfa-4830	78	29	average	average	NOUN
ajfa-4830	78	30	of	of	ADP
ajfa-4830	78	31	three	three	NUM
ajfa-4830	78	32	different	different	ADJ
ajfa-4830	78	33	variance	variance	NOUN
ajfa-4830	78	34	forecasts	forecast	NOUN
ajfa-4830	78	35	.	.	PUNCT
ajfa-4830	79	1	one	one	NUM
ajfa-4830	79	2	is	be	AUX
ajfa-4830	79	3	a	a	DET
ajfa-4830	79	4	constant	constant	ADJ
ajfa-4830	79	5	variance	variance	NOUN
ajfa-4830	79	6	that	that	PRON
ajfa-4830	79	7	corresponds	correspond	VERB
ajfa-4830	79	8	to	to	ADP
ajfa-4830	79	9	the	the	DET
ajfa-4830	79	10	long	long	ADV
ajfa-4830	79	11	-	-	PUNCT
ajfa-4830	79	12	run	run	VERB
ajfa-4830	79	13	average	average	ADJ
ajfa-4830	79	14	.	.	PUNCT
ajfa-4830	80	1	the	the	DET
ajfa-4830	80	2	second	second	ADJ
ajfa-4830	80	3	is	be	AUX
ajfa-4830	80	4	the	the	DET
ajfa-4830	80	5	forecast	forecast	NOUN
ajfa-4830	80	6	that	that	PRON
ajfa-4830	80	7	was	be	AUX
ajfa-4830	80	8	made	make	VERB
ajfa-4830	80	9	in	in	ADP
ajfa-4830	80	10	the	the	DET
ajfa-4830	80	11	previous	previous	ADJ
ajfa-4830	80	12	period	period	NOUN
ajfa-4830	80	13	.	.	PUNCT
ajfa-4830	81	1	the	the	DET
ajfa-4830	81	2	third	third	NOUN
ajfa-4830	81	3	is	be	AUX
ajfa-4830	81	4	the	the	DET
ajfa-4830	81	5	new	new	ADJ
ajfa-4830	81	6	information	information	NOUN
ajfa-4830	81	7	that	that	PRON
ajfa-4830	81	8	was	be	AUX
ajfa-4830	81	9	not	not	PART
ajfa-4830	81	10	available	available	ADJ
ajfa-4830	81	11	when	when	SCONJ
ajfa-4830	81	12	the	the	DET
ajfa-4830	81	13	previous	previous	ADJ
ajfa-4830	81	14	forecast	forecast	NOUN
ajfa-4830	81	15	was	be	AUX
ajfa-4830	81	16	made	make	VERB
ajfa-4830	81	17	.	.	PUNCT
ajfa-4830	82	1	this	this	PRON
ajfa-4830	82	2	could	could	AUX
ajfa-4830	82	3	be	be	AUX
ajfa-4830	82	4	viewed	view	VERB
ajfa-4830	82	5	as	as	ADP
ajfa-4830	82	6	a	a	DET
ajfa-4830	82	7	variance	variance	NOUN
ajfa-4830	82	8	forecast	forecast	NOUN
ajfa-4830	82	9	based	base	VERB
ajfa-4830	82	10	on	on	ADP
ajfa-4830	82	11	one	one	NUM
ajfa-4830	82	12	period	period	NOUN
ajfa-4830	82	13	of	of	ADP
ajfa-4830	82	14	information	information	NOUN
ajfa-4830	82	15	.	.	PUNCT
ajfa-4830	83	1	the	the	DET
ajfa-4830	83	2	weights	weight	NOUN
ajfa-4830	83	3	on	on	ADP
ajfa-4830	83	4	these	these	DET
ajfa-4830	83	5	three	three	NUM
ajfa-4830	83	6	forecasts	forecast	NOUN
ajfa-4830	83	7	determine	determine	VERB
ajfa-4830	83	8	how	how	SCONJ
ajfa-4830	83	9	fast	fast	ADV
ajfa-4830	83	10	the	the	DET
ajfa-4830	83	11	variance	variance	NOUN
ajfa-4830	83	12	changes	change	NOUN
ajfa-4830	83	13	with	with	ADP
ajfa-4830	83	14	new	new	ADJ
ajfa-4830	83	15	information	information	NOUN
ajfa-4830	83	16	and	and	CCONJ
ajfa-4830	83	17	how	how	SCONJ
ajfa-4830	83	18	fast	fast	ADV
ajfa-4830	83	19	it	it	PRON
ajfa-4830	83	20	reverts	revert	VERB
ajfa-4830	83	21	to	to	ADP
ajfa-4830	83	22	its	its	PRON
ajfa-4830	83	23	long	long	ADV
ajfa-4830	83	24	-	-	PUNCT
ajfa-4830	83	25	run	run	VERB
ajfa-4830	83	26	mean	mean	NOUN
ajfa-4830	83	27	.	.	PUNCT
ajfa-4830	84	1	volatility	volatility	NOUN
ajfa-4830	84	2	and	and	CCONJ
ajfa-4830	84	3	risk	risk	NOUN
ajfa-4830	84	4	both	both	DET
ajfa-4830	84	5	terms	term	NOUN
ajfa-4830	84	6	are	be	AUX
ajfa-4830	84	7	used	use	VERB
ajfa-4830	84	8	interchangeably	interchangeably	ADV
ajfa-4830	84	9	today	today	NOUN
ajfa-4830	84	10	.	.	PUNCT
ajfa-4830	85	1	if	if	SCONJ
ajfa-4830	85	2	one	one	PRON
ajfa-4830	85	3	decides	decide	VERB
ajfa-4830	85	4	to	to	PART
ajfa-4830	85	5	approach	approach	VERB
ajfa-4830	85	6	the	the	DET
ajfa-4830	85	7	difficult	difficult	ADJ
ajfa-4830	85	8	problem	problem	NOUN
ajfa-4830	85	9	of	of	ADP
ajfa-4830	85	10	forecast	forecast	NOUN
ajfa-4830	85	11	evaluation	evaluation	NOUN
ajfa-4830	85	12	,	,	PUNCT
ajfa-4830	85	13	the	the	DET
ajfa-4830	85	14	first	first	ADJ
ajfa-4830	85	15	consideration	consideration	NOUN
ajfa-4830	85	16	is	be	AUX
ajfa-4830	85	17	:	:	PUNCT
ajfa-4830	85	18	which	which	DET
ajfa-4830	85	19	volatility	volatility	NOUN
ajfa-4830	85	20	is	be	AUX
ajfa-4830	85	21	being	be	AUX
ajfa-4830	85	22	forecast	forecast	VERB
ajfa-4830	85	23	?	?	PUNCT
ajfa-4830	86	1	for	for	ADP
ajfa-4830	86	2	option	option	NOUN
ajfa-4830	86	3	pricing	pricing	NOUN
ajfa-4830	86	4	,	,	PUNCT
ajfa-4830	86	5	portfolio	portfolio	NOUN
ajfa-4830	86	6	optimization	optimization	NOUN
ajfa-4830	86	7	and	and	CCONJ
ajfa-4830	86	8	risk	risk	NOUN
ajfa-4830	86	9	management	management	NOUN
ajfa-4830	86	10	one	one	PRON
ajfa-4830	86	11	needs	need	VERB
ajfa-4830	86	12	a	a	DET
ajfa-4830	86	13	forecast	forecast	NOUN
ajfa-4830	86	14	of	of	ADP
ajfa-4830	86	15	the	the	DET
ajfa-4830	86	16	volatility	volatility	NOUN
ajfa-4830	86	17	that	that	PRON
ajfa-4830	86	18	governs	govern	VERB
ajfa-4830	86	19	the	the	DET
ajfa-4830	86	20	underlying	underlie	VERB
ajfa-4830	86	21	price	price	NOUN
ajfa-4830	86	22	process	process	NOUN
ajfa-4830	86	23	until	until	ADP
ajfa-4830	86	24	some	some	DET
ajfa-4830	86	25	future	future	ADJ
ajfa-4830	86	26	risk	risk	NOUN
ajfa-4830	86	27	horizon	horizon	NOUN
ajfa-4830	86	28	.	.	PUNCT
ajfa-4830	87	1	future	future	ADJ
ajfa-4830	87	2	volatility	volatility	NOUN
ajfa-4830	87	3	is	be	AUX
ajfa-4830	87	4	an	an	DET
ajfa-4830	87	5	extremely	extremely	ADV
ajfa-4830	87	6	difficult	difficult	ADJ
ajfa-4830	87	7	thing	thing	NOUN
ajfa-4830	87	8	to	to	PART
ajfa-4830	87	9	forecast	forecast	VERB
ajfa-4830	87	10	because	because	SCONJ
ajfa-4830	87	11	the	the	DET
ajfa-4830	87	12	actual	actual	ADJ
ajfa-4830	87	13	realization	realization	NOUN
ajfa-4830	87	14	of	of	ADP
ajfa-4830	87	15	the	the	DET
ajfa-4830	87	16	future	future	ADJ
ajfa-4830	87	17	process	process	NOUN
ajfa-4830	87	18	volatility	volatility	NOUN
ajfa-4830	87	19	will	will	AUX
ajfa-4830	87	20	be	be	AUX
ajfa-4830	87	21	influenced	influence	VERB
ajfa-4830	87	22	by	by	ADP
ajfa-4830	87	23	events	event	NOUN
ajfa-4830	87	24	that	that	PRON
ajfa-4830	87	25	happen	happen	VERB
ajfa-4830	87	26	in	in	ADP
ajfa-4830	87	27	the	the	DET
ajfa-4830	87	28	future	future	NOUN
ajfa-4830	87	29	,	,	PUNCT
ajfa-4830	87	30	e.g.	e.g.	ADV
ajfa-4830	87	31	large	large	ADJ
ajfa-4830	87	32	market	market	NOUN
ajfa-4830	87	33	movements	movement	NOUN
ajfa-4830	87	34	at	at	ADP
ajfa-4830	87	35	any	any	DET
ajfa-4830	87	36	time	time	NOUN
ajfa-4830	87	37	before	before	ADP
ajfa-4830	87	38	the	the	DET
ajfa-4830	87	39	risk	risk	NOUN
ajfa-4830	87	40	horizon	horizon	NOUN
ajfa-4830	87	41	.	.	PUNCT
ajfa-4830	88	1	thus	thus	ADV
ajfa-4830	88	2	the	the	DET
ajfa-4830	88	3	real	real	ADJ
ajfa-4830	88	4	problem	problem	NOUN
ajfa-4830	88	5	is	be	AUX
ajfa-4830	88	6	that	that	PRON
ajfa-4830	88	7	of	of	ADP
ajfa-4830	88	8	prediction	prediction	NOUN
ajfa-4830	88	9	of	of	ADP
ajfa-4830	88	10	volatility	volatility	NOUN
ajfa-4830	88	11	.	.	PUNCT
ajfa-4830	89	1	the	the	DET
ajfa-4830	89	2	predicted	predict	VERB
ajfa-4830	89	3	volatility	volatility	NOUN
ajfa-4830	89	4	can	can	AUX
ajfa-4830	89	5	be	be	AUX
ajfa-4830	89	6	used	use	VERB
ajfa-4830	89	7	to	to	PART
ajfa-4830	89	8	determine	determine	VERB
ajfa-4830	89	9	future	future	ADJ
ajfa-4830	89	10	prices	price	NOUN
ajfa-4830	89	11	of	of	ADP
ajfa-4830	89	12	the	the	DET
ajfa-4830	89	13	stock	stock	NOUN
ajfa-4830	89	14	or	or	CCONJ
ajfa-4830	89	15	the	the	DET
ajfa-4830	89	16	stock	stock	NOUN
ajfa-4830	89	17	option	option	NOUN
ajfa-4830	89	18	,	,	PUNCT
ajfa-4830	89	19	and	and	CCONJ
ajfa-4830	89	20	thus	thus	ADV
ajfa-4830	89	21	an	an	DET
ajfa-4830	89	22	investor	investor	NOUN
ajfa-4830	89	23	can	can	AUX
ajfa-4830	89	24	use	use	VERB
ajfa-4830	89	25	arbitrage	arbitrage	NOUN
ajfa-4830	89	26	strategies	strategy	NOUN
ajfa-4830	89	27	accordingly	accordingly	ADV
ajfa-4830	89	28	to	to	PART
ajfa-4830	89	29	benefit	benefit	VERB
ajfa-4830	89	30	from	from	ADP
ajfa-4830	89	31	the	the	DET
ajfa-4830	89	32	model	model	NOUN
ajfa-4830	89	33	.	.	PUNCT
ajfa-4830	90	1	the	the	DET
ajfa-4830	90	2	garch	garch	NOUN
ajfa-4830	90	3	(	(	PUNCT
ajfa-4830	90	4	1	1	NUM
ajfa-4830	90	5	,	,	PUNCT
ajfa-4830	90	6	1	1	X
ajfa-4830	90	7	)	)	PUNCT
ajfa-4830	90	8	model	model	NOUN
ajfa-4830	90	9	is	be	AUX
ajfa-4830	90	10	represented	represent	VERB
ajfa-4830	90	11	as	as	ADP
ajfa-4830	90	12	,	,	PUNCT
ajfa-4830	90	13	where	where	SCONJ
ajfa-4830	90	14	γ	γ	NOUN
ajfa-4830	90	15	represents	represent	VERB
ajfa-4830	90	16	the	the	DET
ajfa-4830	90	17	weight	weight	NOUN
ajfa-4830	90	18	of	of	ADP
ajfa-4830	90	19	long	long	ADJ
ajfa-4830	90	20	run	run	NOUN
ajfa-4830	90	21	variance	variance	NOUN
ajfa-4830	90	22	;	;	PUNCT
ajfa-4830	90	23	vl	vl	PROPN
ajfa-4830	90	24	represents	represent	VERB
ajfa-4830	90	25	the	the	DET
ajfa-4830	90	26	long	long	ADV
ajfa-4830	90	27	-	-	PUNCT
ajfa-4830	90	28	run	run	NOUN
ajfa-4830	90	29	variance	variance	NOUN
ajfa-4830	90	30	,	,	PUNCT
ajfa-4830	90	31	α	α	PROPN
ajfa-4830	90	32	the	the	DET
ajfa-4830	90	33	weight	weight	NOUN
ajfa-4830	90	34	of	of	ADP
ajfa-4830	90	35	periodic	periodic	ADJ
ajfa-4830	90	36	returns	return	NOUN
ajfa-4830	90	37	,	,	PUNCT
ajfa-4830	90	38	and	and	CCONJ
ajfa-4830	90	39	β	β	X
ajfa-4830	90	40	the	the	DET
ajfa-4830	90	41	weight	weight	NOUN
ajfa-4830	90	42	of	of	ADP
ajfa-4830	90	43	variance	variance	NOUN
ajfa-4830	90	44	.	.	PUNCT
ajfa-4830	91	1	the	the	DET
ajfa-4830	91	2	parameters	parameter	NOUN
ajfa-4830	91	3	α	α	PRON
ajfa-4830	91	4	,	,	PUNCT
ajfa-4830	91	5	β	β	PROPN
ajfa-4830	91	6	and	and	CCONJ
ajfa-4830	91	7	ω	ω	PROPN
ajfa-4830	91	8	are	be	AUX
ajfa-4830	91	9	estimated	estimate	VERB
ajfa-4830	91	10	by	by	ADP
ajfa-4830	91	11	using	use	VERB
ajfa-4830	91	12	the	the	DET
ajfa-4830	91	13	maximum	maximum	ADJ
ajfa-4830	91	14	likelihood	likelihood	NOUN
ajfa-4830	91	15	method	method	NOUN
ajfa-4830	91	16	,	,	PUNCT
ajfa-4830	91	17	maximizing	maximize	VERB
ajfa-4830	91	18	the	the	DET
ajfa-4830	91	19	log	log	NOUN
ajfa-4830	91	20	-	-	PUNCT
ajfa-4830	91	21	likelihood	likelihood	NOUN
ajfa-4830	91	22	function	function	NOUN
ajfa-4830	91	23	,	,	PUNCT
ajfa-4830	91	24	subject	subject	ADJ
ajfa-4830	91	25	to	to	ADP
ajfa-4830	91	26	the	the	DET
ajfa-4830	91	27	constraint	constraint	NOUN
ajfa-4830	91	28	α	α	NOUN
ajfa-4830	92	1	+	+	X
ajfa-4830	92	2	β	β	X
ajfa-4830	92	3	<	<	X
ajfa-4830	92	4	1	1	NUM
ajfa-4830	92	5	.	.	PUNCT
ajfa-4830	93	1	once	once	SCONJ
ajfa-4830	93	2	the	the	DET
ajfa-4830	93	3	values	value	NOUN
ajfa-4830	93	4	of	of	ADP
ajfa-4830	93	5	α	α	NOUN
ajfa-4830	93	6	,	,	PUNCT
ajfa-4830	93	7	β	β	X
ajfa-4830	93	8	and	and	CCONJ
ajfa-4830	93	9	ω	ω	PROPN
ajfa-4830	93	10	are	be	AUX
ajfa-4830	93	11	obtained	obtain	VERB
ajfa-4830	93	12	,	,	PUNCT
ajfa-4830	93	13	γ	γ	X
ajfa-4830	93	14	=	=	SYM
ajfa-4830	93	15	1	1	NUM
ajfa-4830	93	16	–	–	PUNCT
ajfa-4830	93	17	α	α	NOUN
ajfa-4830	93	18	–	–	PUNCT
ajfa-4830	93	19	β	β	NOUN
ajfa-4830	93	20	,	,	PUNCT
ajfa-4830	93	21	and	and	CCONJ
ajfa-4830	93	22	vl	vl	PROPN
ajfa-4830	93	23	is	be	AUX
ajfa-4830	93	24	calculated	calculate	VERB
ajfa-4830	93	25	as	as	ADP
ajfa-4830	93	26	ω	ω	PROPN
ajfa-4830	93	27	/	/	SYM
ajfa-4830	93	28	γ	γ	PROPN
ajfa-4830	93	29	.	.	PUNCT
ajfa-4830	94	1	the	the	DET
ajfa-4830	94	2	annualized	annualize	VERB
ajfa-4830	94	3	volatility	volatility	NOUN
ajfa-4830	94	4	is	be	AUX
ajfa-4830	94	5	calculated	calculate	VERB
ajfa-4830	94	6	as	as	ADP
ajfa-4830	94	7	251*vl	251*vl	NUM
ajfa-4830	94	8	.	.	PUNCT
ajfa-4830	95	1	this	this	DET
ajfa-4830	95	2	volatility	volatility	NOUN
ajfa-4830	95	3	is	be	AUX
ajfa-4830	95	4	then	then	ADV
ajfa-4830	95	5	used	use	VERB
ajfa-4830	95	6	to	to	PART
ajfa-4830	95	7	calculate	calculate	VERB
ajfa-4830	95	8	the	the	DET
ajfa-4830	95	9	option	option	NOUN
ajfa-4830	95	10	prices	price	NOUN
ajfa-4830	95	11	.	.	PUNCT
ajfa-4830	96	1	3.2	3.2	NUM
ajfa-4830	96	2	.	.	PUNCT
ajfa-4830	97	1	the	the	DET
ajfa-4830	97	2	black	black	ADJ
ajfa-4830	97	3	-	-	PUNCT
ajfa-4830	97	4	scholes	schole	NOUN
ajfa-4830	97	5	-	-	PUNCT
ajfa-4830	97	6	merton	merton	NOUN
ajfa-4830	97	7	model	model	NOUN
ajfa-4830	97	8	the	the	DET
ajfa-4830	97	9	black	black	ADJ
ajfa-4830	97	10	scholes	schole	NOUN
ajfa-4830	97	11	-	-	PUNCT
ajfa-4830	97	12	merton	merton	NOUN
ajfa-4830	97	13	model	model	NOUN
ajfa-4830	97	14	(	(	PUNCT
ajfa-4830	97	15	1973	1973	NUM
ajfa-4830	97	16	)	)	PUNCT
ajfa-4830	97	17	is	be	AUX
ajfa-4830	97	18	one	one	NUM
ajfa-4830	97	19	of	of	ADP
ajfa-4830	97	20	the	the	DET
ajfa-4830	97	21	most	most	ADV
ajfa-4830	97	22	important	important	ADJ
ajfa-4830	97	23	concepts	concept	NOUN
ajfa-4830	97	24	in	in	ADP
ajfa-4830	97	25	modern	modern	ADJ
ajfa-4830	97	26	financial	financial	ADJ
ajfa-4830	97	27	theory	theory	NOUN
ajfa-4830	97	28	.	.	PUNCT
ajfa-4830	98	1	the	the	DET
ajfa-4830	98	2	bsm	bsm	PROPN
ajfa-4830	98	3	model	model	NOUN
ajfa-4830	98	4	gives	give	VERB
ajfa-4830	98	5	the	the	DET
ajfa-4830	98	6	formulae	formulae	NOUN
ajfa-4830	98	7	for	for	ADP
ajfa-4830	98	8	european	european	ADJ
ajfa-4830	98	9	call	call	NOUN
ajfa-4830	98	10	and	and	CCONJ
ajfa-4830	98	11	put	put	VERB
ajfa-4830	98	12	options	option	NOUN
ajfa-4830	98	13	on	on	ADP
ajfa-4830	98	14	a	a	DET
ajfa-4830	98	15	non	non	ADJ
ajfa-4830	98	16	-	-	ADJ
ajfa-4830	98	17	dividend	dividend	ADJ
ajfa-4830	98	18	-	-	PUNCT
ajfa-4830	98	19	paying	pay	VERB
ajfa-4830	98	20	stock	stock	NOUN
ajfa-4830	98	21	as	as	SCONJ
ajfa-4830	98	22	follows	follow	VERB
ajfa-4830	98	23	:	:	PUNCT
ajfa-4830	98	24	where	where	SCONJ
ajfa-4830	98	25	s	s	NOUN
ajfa-4830	98	26	represents	represent	VERB
ajfa-4830	98	27	the	the	DET
ajfa-4830	98	28	spot	spot	NOUN
ajfa-4830	98	29	price	price	NOUN
ajfa-4830	98	30	of	of	ADP
ajfa-4830	98	31	stock	stock	NOUN
ajfa-4830	98	32	,	,	PUNCT
ajfa-4830	98	33	x	x	PRON
ajfa-4830	98	34	represents	represent	VERB
ajfa-4830	98	35	the	the	DET
ajfa-4830	98	36	exercise	exercise	NOUN
ajfa-4830	98	37	price	price	NOUN
ajfa-4830	98	38	of	of	ADP
ajfa-4830	98	39	the	the	DET
ajfa-4830	98	40	option	option	NOUN
ajfa-4830	98	41	,	,	PUNCT
ajfa-4830	98	42	r	r	NOUN
ajfa-4830	98	43	is	be	AUX
ajfa-4830	98	44	the	the	DET
ajfa-4830	98	45	annual	annual	ADJ
ajfa-4830	98	46	risk	risk	NOUN
ajfa-4830	98	47	-	-	PUNCT
ajfa-4830	98	48	free	free	ADJ
ajfa-4830	98	49	rate	rate	NOUN
ajfa-4830	98	50	of	of	ADP
ajfa-4830	98	51	return	return	NOUN
ajfa-4830	98	52	,	,	PUNCT
ajfa-4830	98	53	t	t	PROPN
ajfa-4830	98	54	is	be	AUX
ajfa-4830	98	55	the	the	DET
ajfa-4830	98	56	time	time	NOUN
ajfa-4830	98	57	to	to	ADP
ajfa-4830	98	58	expiry	expiry	NOUN
ajfa-4830	98	59	of	of	ADP
ajfa-4830	98	60	the	the	DET
ajfa-4830	98	61	option	option	NOUN
ajfa-4830	98	62	,	,	PUNCT
ajfa-4830	98	63	and	and	CCONJ
ajfa-4830	98	64	is	be	AUX
ajfa-4830	98	65	the	the	DET
ajfa-4830	98	66	annual	annual	ADJ
ajfa-4830	98	67	asian	asian	ADJ
ajfa-4830	98	68	journal	journal	NOUN
ajfa-4830	98	69	of	of	ADP
ajfa-4830	98	70	finance	finance	PROPN
ajfa-4830	98	71	&	&	CCONJ
ajfa-4830	98	72	accounting	accounting	PROPN
ajfa-4830	98	73	issn	issn	PROPN
ajfa-4830	98	74	1946	1946	NUM
ajfa-4830	98	75	-	-	PUNCT
ajfa-4830	98	76	052x	052x	PROPN
ajfa-4830	98	77	2014	2014	NUM
ajfa-4830	98	78	,	,	PUNCT
ajfa-4830	98	79	vol	vol	NOUN
ajfa-4830	98	80	.	.	PROPN
ajfa-4830	99	1	6	6	NUM
ajfa-4830	99	2	,	,	PUNCT
ajfa-4830	99	3	no	no	INTJ
ajfa-4830	99	4	.	.	NOUN
ajfa-4830	99	5	1	1	NUM
ajfa-4830	99	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	99	7	429	429	NUM
ajfa-4830	99	8	volatility	volatility	NOUN
ajfa-4830	99	9	of	of	ADP
ajfa-4830	99	10	the	the	DET
ajfa-4830	99	11	stock	stock	NOUN
ajfa-4830	99	12	.	.	PUNCT
ajfa-4830	100	1	in	in	ADP
ajfa-4830	100	2	the	the	DET
ajfa-4830	100	3	analysis	analysis	NOUN
ajfa-4830	100	4	,	,	PUNCT
ajfa-4830	100	5	for	for	ADP
ajfa-4830	100	6	each	each	DET
ajfa-4830	100	7	option	option	NOUN
ajfa-4830	100	8	,	,	PUNCT
ajfa-4830	100	9	the	the	DET
ajfa-4830	100	10	exercise	exercise	NOUN
ajfa-4830	100	11	price	price	NOUN
ajfa-4830	100	12	was	be	AUX
ajfa-4830	100	13	taken	take	VERB
ajfa-4830	100	14	at	at	ADP
ajfa-4830	100	15	par	par	NOUN
ajfa-4830	100	16	with	with	ADP
ajfa-4830	100	17	the	the	DET
ajfa-4830	100	18	spot	spot	NOUN
ajfa-4830	100	19	price	price	NOUN
ajfa-4830	100	20	on	on	ADP
ajfa-4830	100	21	1	1	NUM
ajfa-4830	100	22	-	-	PUNCT
ajfa-4830	100	23	jan-2013	jan-2013	NOUN
ajfa-4830	100	24	;	;	PUNCT
ajfa-4830	100	25	the	the	DET
ajfa-4830	100	26	times	time	NOUN
ajfa-4830	100	27	to	to	ADP
ajfa-4830	100	28	expiry	expiry	NOUN
ajfa-4830	100	29	considered	consider	VERB
ajfa-4830	100	30	were	be	AUX
ajfa-4830	100	31	30-	30-	NUM
ajfa-4830	100	32	,	,	PUNCT
ajfa-4830	100	33	60-	60-	ADV
ajfa-4830	100	34	,	,	PUNCT
ajfa-4830	100	35	and	and	CCONJ
ajfa-4830	100	36	90	90	NUM
ajfa-4830	100	37	-	-	PUNCT
ajfa-4830	100	38	days	day	NOUN
ajfa-4830	100	39	;	;	PUNCT
ajfa-4830	100	40	and	and	CCONJ
ajfa-4830	100	41	the	the	DET
ajfa-4830	100	42	risk	risk	NOUN
ajfa-4830	100	43	-	-	PUNCT
ajfa-4830	100	44	free	free	ADJ
ajfa-4830	100	45	rate	rate	NOUN
ajfa-4830	100	46	considered	consider	VERB
ajfa-4830	100	47	was	be	AUX
ajfa-4830	100	48	7.27	7.27	NUM
ajfa-4830	100	49	%	%	NOUN
ajfa-4830	100	50	p.a	p.a	PROPN
ajfa-4830	100	51	.	.	PUNCT
ajfa-4830	101	1	the	the	DET
ajfa-4830	101	2	volatility	volatility	NOUN
ajfa-4830	101	3	used	use	VERB
ajfa-4830	101	4	was	be	AUX
ajfa-4830	101	5	the	the	DET
ajfa-4830	101	6	long	long	ADV
ajfa-4830	101	7	-	-	PUNCT
ajfa-4830	101	8	run	run	NOUN
ajfa-4830	101	9	volatility	volatility	NOUN
ajfa-4830	101	10	estimated	estimate	VERB
ajfa-4830	101	11	by	by	ADP
ajfa-4830	101	12	the	the	DET
ajfa-4830	101	13	garch	garch	NOUN
ajfa-4830	101	14	model	model	NOUN
ajfa-4830	101	15	.	.	PUNCT
ajfa-4830	102	1	the	the	DET
ajfa-4830	102	2	market	market	NOUN
ajfa-4830	102	3	values	value	NOUN
ajfa-4830	102	4	of	of	ADP
ajfa-4830	102	5	the	the	DET
ajfa-4830	102	6	options	option	NOUN
ajfa-4830	102	7	were	be	AUX
ajfa-4830	102	8	compared	compare	VERB
ajfa-4830	102	9	with	with	ADP
ajfa-4830	102	10	the	the	DET
ajfa-4830	102	11	estimated	estimate	VERB
ajfa-4830	102	12	values	value	NOUN
ajfa-4830	102	13	using	use	VERB
ajfa-4830	102	14	the	the	DET
ajfa-4830	102	15	paired	pair	VERB
ajfa-4830	102	16	-	-	PUNCT
ajfa-4830	102	17	samples	sample	NOUN
ajfa-4830	102	18	wilcoxon	wilcoxon	ADJ
ajfa-4830	102	19	test	test	NOUN
ajfa-4830	102	20	.	.	PUNCT
ajfa-4830	103	1	the	the	DET
ajfa-4830	103	2	%	%	NOUN
ajfa-4830	103	3	age	age	NOUN
ajfa-4830	103	4	difference	difference	NOUN
ajfa-4830	103	5	between	between	ADP
ajfa-4830	103	6	the	the	DET
ajfa-4830	103	7	market	market	NOUN
ajfa-4830	103	8	values	value	NOUN
ajfa-4830	103	9	and	and	CCONJ
ajfa-4830	103	10	the	the	DET
ajfa-4830	103	11	estimated	estimate	VERB
ajfa-4830	103	12	garch	garch	NOUN
ajfa-4830	103	13	-	-	PUNCT
ajfa-4830	103	14	bsm	bsm	NOUN
ajfa-4830	103	15	prices	price	NOUN
ajfa-4830	103	16	were	be	AUX
ajfa-4830	103	17	calculated	calculate	VERB
ajfa-4830	103	18	to	to	PART
ajfa-4830	103	19	assess	assess	VERB
ajfa-4830	103	20	the	the	DET
ajfa-4830	103	21	extent	extent	NOUN
ajfa-4830	103	22	of	of	ADP
ajfa-4830	103	23	mispricing	misprice	VERB
ajfa-4830	103	24	.	.	PUNCT
ajfa-4830	104	1	also	also	ADV
ajfa-4830	104	2	,	,	PUNCT
ajfa-4830	104	3	the	the	DET
ajfa-4830	104	4	extent	extent	NOUN
ajfa-4830	104	5	of	of	ADP
ajfa-4830	104	6	mispricing	misprice	VERB
ajfa-4830	104	7	for	for	ADP
ajfa-4830	104	8	30-	30-	NUM
ajfa-4830	104	9	,	,	PUNCT
ajfa-4830	104	10	60-	60-	ADV
ajfa-4830	104	11	,	,	PUNCT
ajfa-4830	104	12	and	and	CCONJ
ajfa-4830	104	13	90	90	NUM
ajfa-4830	104	14	-	-	PUNCT
ajfa-4830	104	15	day	day	NOUN
ajfa-4830	104	16	call	call	NOUN
ajfa-4830	104	17	and	and	CCONJ
ajfa-4830	104	18	put	put	ADJ
ajfa-4830	104	19	options	option	NOUN
ajfa-4830	104	20	were	be	AUX
ajfa-4830	104	21	compared	compare	VERB
ajfa-4830	104	22	using	use	VERB
ajfa-4830	104	23	the	the	DET
ajfa-4830	104	24	paired	pair	VERB
ajfa-4830	104	25	-	-	PUNCT
ajfa-4830	104	26	samples	sample	NOUN
ajfa-4830	104	27	wilcoxon	wilcoxon	ADJ
ajfa-4830	104	28	test	test	NOUN
ajfa-4830	104	29	.	.	PUNCT
ajfa-4830	105	1	4	4	X
ajfa-4830	105	2	.	.	X
ajfa-4830	105	3	analysis	analysis	NOUN
ajfa-4830	105	4	4.1	4.1	NUM
ajfa-4830	105	5	call	call	NOUN
ajfa-4830	105	6	option	option	NOUN
ajfa-4830	105	7	:	:	PUNCT
ajfa-4830	105	8	table	table	NOUN
ajfa-4830	105	9	1	1	NUM
ajfa-4830	105	10	.	.	PUNCT
ajfa-4830	105	11	comparison	comparison	NOUN
ajfa-4830	105	12	of	of	ADP
ajfa-4830	105	13	call	call	NOUN
ajfa-4830	105	14	option	option	NOUN
ajfa-4830	105	15	values	value	NOUN
ajfa-4830	105	16	calculated	calculate	VERB
ajfa-4830	105	17	using	use	VERB
ajfa-4830	105	18	black	black	ADJ
ajfa-4830	105	19	-	-	PUNCT
ajfa-4830	105	20	scholes	schole	NOUN
ajfa-4830	105	21	and	and	CCONJ
ajfa-4830	105	22	the	the	DET
ajfa-4830	105	23	market	market	NOUN
ajfa-4830	105	24	option	option	NOUN
ajfa-4830	105	25	value	value	NOUN
ajfa-4830	105	26	for	for	ADP
ajfa-4830	105	27	30	30	NUM
ajfa-4830	105	28	,	,	PUNCT
ajfa-4830	105	29	60	60	NUM
ajfa-4830	105	30	&	&	CCONJ
ajfa-4830	105	31	90	90	NUM
ajfa-4830	105	32	day	day	NOUN
ajfa-4830	105	33	expiry	expiry	NOUN
ajfa-4830	105	34	companies	company	NOUN
ajfa-4830	105	35	call	call	VERB
ajfa-4830	105	36	option	option	NOUN
ajfa-4830	105	37	black	black	ADJ
ajfa-4830	105	38	-	-	PUNCT
ajfa-4830	105	39	scholes	schole	NOUN
ajfa-4830	105	40	option	option	NOUN
ajfa-4830	105	41	value	value	NOUN
ajfa-4830	105	42	market	market	NOUN
ajfa-4830	105	43	value	value	NOUN
ajfa-4830	105	44	30	30	NUM
ajfa-4830	105	45	day	day	NOUN
ajfa-4830	105	46	60	60	NUM
ajfa-4830	105	47	day	day	NOUN
ajfa-4830	105	48	90	90	NUM
ajfa-4830	105	49	day	day	NOUN
ajfa-4830	105	50	30	30	NUM
ajfa-4830	105	51	day	day	NOUN
ajfa-4830	105	52	60	60	NUM
ajfa-4830	105	53	day	day	NOUN
ajfa-4830	105	54	90	90	NUM
ajfa-4830	105	55	day	day	NOUN
ajfa-4830	105	56	ambuja	ambuja	NOUN
ajfa-4830	105	57	cements	cement	NOUN
ajfa-4830	105	58	limited	limit	VERB
ajfa-4830	105	59	4.23	4.23	NUM
ajfa-4830	105	60	11.59	11.59	NUM
ajfa-4830	105	61	16.17	16.17	NUM
ajfa-4830	105	62	7.6	7.6	NUM
ajfa-4830	105	63	19.45	19.45	NUM
ajfa-4830	105	64	19.45	19.45	NUM
ajfa-4830	105	65	bharti	bharti	PROPN
ajfa-4830	105	66	airtel	airtel	VERB
ajfa-4830	105	67	13.1	13.1	NUM
ajfa-4830	105	68	15.51	15.51	NUM
ajfa-4830	105	69	29.2	29.2	NUM
ajfa-4830	105	70	18.65	18.65	NUM
ajfa-4830	105	71	26	26	NUM
ajfa-4830	105	72	38.5	38.5	NUM
ajfa-4830	105	73	cipla	cipla	NOUN
ajfa-4830	105	74	limited	limit	VERB
ajfa-4830	105	75	12.6	12.6	NUM
ajfa-4830	105	76	20.96	20.96	NUM
ajfa-4830	105	77	28.05	28.05	NUM
ajfa-4830	105	78	17.3	17.3	NUM
ajfa-4830	105	79	35.2	35.2	NUM
ajfa-4830	105	80	35.2	35.2	NUM
ajfa-4830	105	81	dlf	dlf	PROPN
ajfa-4830	105	82	limited	limit	VERB
ajfa-4830	105	83	11.19	11.19	NUM
ajfa-4830	105	84	13.59	13.59	NUM
ajfa-4830	105	85	14.35	14.35	NUM
ajfa-4830	105	86	18.6	18.6	NUM
ajfa-4830	105	87	29	29	NUM
ajfa-4830	105	88	15.55	15.55	NUM
ajfa-4830	105	89	hero	hero	NOUN
ajfa-4830	105	90	motocorp	motocorp	PROPN
ajfa-4830	105	91	limited	limit	VERB
ajfa-4830	105	92	106.18	106.18	NUM
ajfa-4830	105	93	130.69	130.69	NUM
ajfa-4830	105	94	133.8	133.8	NUM
ajfa-4830	105	95	354.25	354.25	NUM
ajfa-4830	105	96	214.45	214.45	NUM
ajfa-4830	105	97	134.4	134.4	NUM
ajfa-4830	105	98	hindustan	hindustan	ADJ
ajfa-4830	105	99	petroleum	petroleum	NOUN
ajfa-4830	105	100	corporation	corporation	NOUN
ajfa-4830	105	101	limited	limit	VERB
ajfa-4830	105	102	24.07	24.07	NUM
ajfa-4830	105	103	22.78	22.78	NUM
ajfa-4830	105	104	17.73	17.73	NUM
ajfa-4830	105	105	23.8	23.8	NUM
ajfa-4830	105	106	38	38	NUM
ajfa-4830	105	107	15	15	NUM
ajfa-4830	105	108	hindustan	hindustan	PROPN
ajfa-4830	105	109	unilever	unilever	PROPN
ajfa-4830	105	110	limited	limit	VERB
ajfa-4830	105	111	15.68	15.68	NUM
ajfa-4830	105	112	30.67	30.67	NUM
ajfa-4830	105	113	26.05	26.05	NUM
ajfa-4830	105	114	19.35	19.35	NUM
ajfa-4830	105	115	89.2	89.2	NUM
ajfa-4830	105	116	29	29	NUM
ajfa-4830	105	117	infosys	infosy	NOUN
ajfa-4830	105	118	limited	limit	VERB
ajfa-4830	105	119	98.18	98.18	NUM
ajfa-4830	105	120	119.48	119.48	NUM
ajfa-4830	105	121	167.6	167.6	NUM
ajfa-4830	105	122	102.15	102.15	NUM
ajfa-4830	105	123	5	5	NUM
ajfa-4830	105	124	138.1	138.1	NUM
ajfa-4830	105	125	state	state	NOUN
ajfa-4830	105	126	bank	bank	PROPN
ajfa-4830	105	127	of	of	ADP
ajfa-4830	105	128	india	india	PROPN
ajfa-4830	105	129	52.56	52.56	NUM
ajfa-4830	105	130	63.85	63.85	NUM
ajfa-4830	105	131	100.96	100.96	NUM
ajfa-4830	105	132	92.3	92.3	NUM
ajfa-4830	105	133	150	150	NUM
ajfa-4830	105	134	145.3	145.3	NUM
ajfa-4830	105	135	sun	sun	NOUN
ajfa-4830	105	136	tv	tv	NOUN
ajfa-4830	105	137	network	network	NOUN
ajfa-4830	105	138	limited	limit	VERB
ajfa-4830	105	139	21.62	21.62	NUM
ajfa-4830	105	140	28.98	28.98	NUM
ajfa-4830	105	141	27.41	27.41	NUM
ajfa-4830	105	142	32.5	32.5	NUM
ajfa-4830	105	143	23.95	23.95	NUM
ajfa-4830	105	144	40.5	40.5	NUM
ajfa-4830	105	145	asian	asian	ADJ
ajfa-4830	105	146	journal	journal	NOUN
ajfa-4830	105	147	of	of	ADP
ajfa-4830	105	148	finance	finance	PROPN
ajfa-4830	105	149	&	&	CCONJ
ajfa-4830	105	150	accounting	accounting	PROPN
ajfa-4830	105	151	issn	issn	PROPN
ajfa-4830	105	152	1946	1946	NUM
ajfa-4830	105	153	-	-	PUNCT
ajfa-4830	105	154	052x	052x	PROPN
ajfa-4830	105	155	2014	2014	NUM
ajfa-4830	105	156	,	,	PUNCT
ajfa-4830	105	157	vol	vol	NOUN
ajfa-4830	105	158	.	.	PROPN
ajfa-4830	105	159	6	6	NUM
ajfa-4830	105	160	,	,	PUNCT
ajfa-4830	105	161	no	no	INTJ
ajfa-4830	105	162	.	.	NOUN
ajfa-4830	105	163	1	1	NUM
ajfa-4830	105	164	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	105	165	430	430	NUM
ajfa-4830	105	166	table	table	NOUN
ajfa-4830	105	167	2	2	NUM
ajfa-4830	105	168	.	.	PUNCT
ajfa-4830	105	169	average	average	ADJ
ajfa-4830	105	170	difference	difference	NOUN
ajfa-4830	105	171	in	in	ADP
ajfa-4830	105	172	three	three	NUM
ajfa-4830	105	173	different	different	ADJ
ajfa-4830	105	174	stock	stock	NOUN
ajfa-4830	105	175	call	call	NOUN
ajfa-4830	105	176	options	option	NOUN
ajfa-4830	105	177	for	for	ADP
ajfa-4830	105	178	different	different	ADJ
ajfa-4830	105	179	time	time	NOUN
ajfa-4830	105	180	period	period	NOUN
ajfa-4830	105	181	of	of	ADP
ajfa-4830	105	182	expiry	expiry	NOUN
ajfa-4830	105	183	companies	company	NOUN
ajfa-4830	105	184	percentage	percentage	NOUN
ajfa-4830	105	185	difference	difference	NOUN
ajfa-4830	105	186	30	30	NUM
ajfa-4830	105	187	day	day	NOUN
ajfa-4830	105	188	60	60	NUM
ajfa-4830	105	189	day	day	NOUN
ajfa-4830	105	190	90	90	NUM
ajfa-4830	105	191	day	day	NOUN
ajfa-4830	105	192	ambuja	ambuja	NOUN
ajfa-4830	105	193	cements	cement	NOUN
ajfa-4830	105	194	limited	limit	VERB
ajfa-4830	105	195	0.443421	0.443421	NUM
ajfa-4830	105	196	0.404113	0.404113	NUM
ajfa-4830	105	197	0.168638	0.168638	NUM
ajfa-4830	105	198	bharti	bharti	PROPN
ajfa-4830	105	199	airtel	airtel	VERB
ajfa-4830	105	200	0.297587	0.297587	NUM
ajfa-4830	105	201	0.403462	0.403462	NUM
ajfa-4830	105	202	0.241558	0.241558	NUM
ajfa-4830	105	203	cipla	cipla	NOUN
ajfa-4830	105	204	limited	limit	VERB
ajfa-4830	105	205	0.271676	0.271676	NUM
ajfa-4830	105	206	0.404545	0.404545	NUM
ajfa-4830	105	207	0.203125	0.203125	NUM
ajfa-4830	105	208	dlf	dlf	NOUN
ajfa-4830	105	209	limited	limit	VERB
ajfa-4830	105	210	0.398387	0.398387	NUM
ajfa-4830	105	211	0.531379	0.531379	NUM
ajfa-4830	105	212	0.07717	0.07717	NUM
ajfa-4830	105	213	hero	hero	NOUN
ajfa-4830	105	214	motocorp	motocorp	PROPN
ajfa-4830	105	215	limited	limit	VERB
ajfa-4830	105	216	0.700268	0.700268	NUM
ajfa-4830	105	217	0.390581	0.390581	NUM
ajfa-4830	105	218	0.004464	0.004464	NUM
ajfa-4830	105	219	hindustan	hindustan	ADJ
ajfa-4830	105	220	petroleum	petroleum	NOUN
ajfa-4830	105	221	corporation	corporation	NOUN
ajfa-4830	105	222	limited	limit	VERB
ajfa-4830	105	223	-0.01134	-0.01134	NOUN
ajfa-4830	106	1	0.400526	0.400526	NUM
ajfa-4830	106	2	-0.182	-0.182	NOUN
ajfa-4830	106	3	hindustan	hindustan	PROPN
ajfa-4830	106	4	unilever	unilever	PROPN
ajfa-4830	106	5	limited	limit	VERB
ajfa-4830	106	6	0.189664	0.189664	NUM
ajfa-4830	106	7	0.656166	0.656166	NUM
ajfa-4830	106	8	0.101724	0.101724	NUM
ajfa-4830	106	9	infosys	infosy	NOUN
ajfa-4830	106	10	limited	limit	VERB
ajfa-4830	106	11	0.038864	0.038864	NUM
ajfa-4830	106	12	-22.896	-22.896	PUNCT
ajfa-4830	106	13	-0.21361	-0.21361	NOUN
ajfa-4830	106	14	state	state	PROPN
ajfa-4830	106	15	bank	bank	PROPN
ajfa-4830	106	16	of	of	ADP
ajfa-4830	106	17	india	india	PROPN
ajfa-4830	106	18	0.430553	0.430553	NUM
ajfa-4830	106	19	0.574333	0.574333	NUM
ajfa-4830	106	20	0.305162	0.305162	NUM
ajfa-4830	106	21	sun	sun	NOUN
ajfa-4830	106	22	tv	tv	NOUN
ajfa-4830	106	23	network	network	NOUN
ajfa-4830	106	24	limited	limit	VERB
ajfa-4830	106	25	0.334769	0.334769	NUM
ajfa-4830	106	26	-0.21002	-0.21002	NOUN
ajfa-4830	106	27	0.32321	0.32321	NUM
ajfa-4830	106	28	average	average	ADJ
ajfa-4830	106	29	difference	difference	NOUN
ajfa-4830	106	30	in	in	ADP
ajfa-4830	106	31	call	call	NOUN
ajfa-4830	106	32	option	option	NOUN
ajfa-4830	106	33	prices	price	NOUN
ajfa-4830	106	34	varies	vary	VERB
ajfa-4830	106	35	based	base	VERB
ajfa-4830	106	36	on	on	ADP
ajfa-4830	106	37	time	time	NOUN
ajfa-4830	106	38	effect	effect	NOUN
ajfa-4830	106	39	of	of	ADP
ajfa-4830	106	40	30	30	NUM
ajfa-4830	106	41	,	,	PUNCT
ajfa-4830	106	42	60	60	NUM
ajfa-4830	106	43	&	&	CCONJ
ajfa-4830	106	44	90	90	NUM
ajfa-4830	106	45	days	day	NOUN
ajfa-4830	106	46	.	.	PUNCT
ajfa-4830	107	1	there	there	PRON
ajfa-4830	107	2	is	be	VERB
ajfa-4830	107	3	only	only	ADV
ajfa-4830	107	4	a	a	DET
ajfa-4830	107	5	minute	minute	ADJ
ajfa-4830	107	6	difference	difference	NOUN
ajfa-4830	107	7	in	in	ADP
ajfa-4830	107	8	the	the	DET
ajfa-4830	107	9	option	option	NOUN
ajfa-4830	107	10	prices	price	NOUN
ajfa-4830	107	11	and	and	CCONJ
ajfa-4830	107	12	the	the	DET
ajfa-4830	107	13	above	above	ADJ
ajfa-4830	107	14	table	table	NOUN
ajfa-4830	107	15	also	also	ADV
ajfa-4830	107	16	shows	show	VERB
ajfa-4830	107	17	that	that	SCONJ
ajfa-4830	107	18	the	the	DET
ajfa-4830	107	19	stock	stock	NOUN
ajfa-4830	107	20	call	call	NOUN
ajfa-4830	107	21	option	option	NOUN
ajfa-4830	107	22	with	with	ADP
ajfa-4830	107	23	30	30	NUM
ajfa-4830	107	24	days	day	NOUN
ajfa-4830	107	25	to	to	ADP
ajfa-4830	107	26	expiry	expiry	NOUN
ajfa-4830	107	27	has	have	VERB
ajfa-4830	107	28	a	a	DET
ajfa-4830	107	29	difference	difference	NOUN
ajfa-4830	107	30	which	which	PRON
ajfa-4830	107	31	is	be	AUX
ajfa-4830	107	32	minimum	minimum	NOUN
ajfa-4830	107	33	between	between	ADP
ajfa-4830	107	34	the	the	DET
ajfa-4830	107	35	model	model	NOUN
ajfa-4830	107	36	and	and	CCONJ
ajfa-4830	107	37	market	market	NOUN
ajfa-4830	107	38	values	value	NOUN
ajfa-4830	107	39	.	.	PUNCT
ajfa-4830	108	1	4.2	4.2	NUM
ajfa-4830	108	2	put	put	NOUN
ajfa-4830	108	3	option	option	NOUN
ajfa-4830	108	4	:	:	PUNCT
ajfa-4830	108	5	table	table	NOUN
ajfa-4830	108	6	3	3	NUM
ajfa-4830	108	7	.	.	PUNCT
ajfa-4830	108	8	comparison	comparison	NOUN
ajfa-4830	108	9	of	of	ADP
ajfa-4830	108	10	put	put	VERB
ajfa-4830	108	11	option	option	NOUN
ajfa-4830	108	12	values	value	NOUN
ajfa-4830	108	13	calculated	calculate	VERB
ajfa-4830	108	14	using	use	VERB
ajfa-4830	108	15	black	black	ADJ
ajfa-4830	108	16	-	-	PUNCT
ajfa-4830	108	17	scholes	schole	NOUN
ajfa-4830	108	18	and	and	CCONJ
ajfa-4830	108	19	the	the	DET
ajfa-4830	108	20	market	market	NOUN
ajfa-4830	108	21	option	option	NOUN
ajfa-4830	108	22	value	value	NOUN
ajfa-4830	108	23	for	for	ADP
ajfa-4830	108	24	30	30	NUM
ajfa-4830	108	25	,	,	PUNCT
ajfa-4830	108	26	60	60	NUM
ajfa-4830	108	27	&	&	CCONJ
ajfa-4830	108	28	90	90	NUM
ajfa-4830	108	29	day	day	NOUN
ajfa-4830	108	30	expiry	expiry	NOUN
ajfa-4830	108	31	companies	company	NOUN
ajfa-4830	108	32	put	put	VERB
ajfa-4830	108	33	option	option	NOUN
ajfa-4830	108	34	black	black	ADJ
ajfa-4830	108	35	-	-	PUNCT
ajfa-4830	108	36	scholes	schole	NOUN
ajfa-4830	108	37	option	option	NOUN
ajfa-4830	108	38	value	value	NOUN
ajfa-4830	108	39	market	market	NOUN
ajfa-4830	108	40	value	value	NOUN
ajfa-4830	108	41	30	30	NUM
ajfa-4830	108	42	day	day	NOUN
ajfa-4830	108	43	60	60	NUM
ajfa-4830	108	44	day	day	NOUN
ajfa-4830	108	45	90	90	NUM
ajfa-4830	108	46	day	day	NOUN
ajfa-4830	108	47	30	30	NUM
ajfa-4830	108	48	day	day	NOUN
ajfa-4830	108	49	60	60	NUM
ajfa-4830	108	50	day	day	NOUN
ajfa-4830	108	51	90	90	NUM
ajfa-4830	108	52	day	day	NOUN
ajfa-4830	108	53	ambuja	ambuja	NOUN
ajfa-4830	108	54	cements	cement	NOUN
ajfa-4830	108	55	limited	limit	VERB
ajfa-4830	108	56	16.2	16.2	NUM
ajfa-4830	108	57	9.7	9.7	NUM
ajfa-4830	108	58	8.37	8.37	NUM
ajfa-4830	108	59	17.4	17.4	NUM
ajfa-4830	108	60	14.25	14.25	NUM
ajfa-4830	108	61	14.8	14.8	NUM
ajfa-4830	108	62	bharti	bharti	PROPN
ajfa-4830	108	63	airtel	airtel	VERB
ajfa-4830	108	64	8	8	NUM
ajfa-4830	108	65	10.99	10.99	NUM
ajfa-4830	108	66	17.66	17.66	NUM
ajfa-4830	108	67	16.6	16.6	NUM
ajfa-4830	108	68	25	25	NUM
ajfa-4830	108	69	25	25	NUM
ajfa-4830	108	70	cipla	cipla	NOUN
ajfa-4830	108	71	limited	limit	VERB
ajfa-4830	108	72	8.69	8.69	NUM
ajfa-4830	108	73	8.48	8.48	NUM
ajfa-4830	108	74	21.27	21.27	NUM
ajfa-4830	108	75	15.8	15.8	NUM
ajfa-4830	108	76	19.5	19.5	NUM
ajfa-4830	108	77	30.35	30.35	NUM
ajfa-4830	108	78	dlf	dlf	PROPN
ajfa-4830	108	79	limited	limit	VERB
ajfa-4830	108	80	9.66	9.66	NUM
ajfa-4830	108	81	12.21	12.21	NUM
ajfa-4830	108	82	9.23	9.23	NUM
ajfa-4830	108	83	17	17	NUM
ajfa-4830	108	84	51.5	51.5	NUM
ajfa-4830	108	85	21.1	21.1	NUM
ajfa-4830	108	86	hero	hero	NOUN
ajfa-4830	108	87	motocorp	motocorp	PROPN
ajfa-4830	108	88	limited	limit	VERB
ajfa-4830	108	89	92.63	92.63	NUM
ajfa-4830	108	90	72.79	72.79	NUM
ajfa-4830	108	91	83.57	83.57	NUM
ajfa-4830	108	92	119.6	119.6	NUM
ajfa-4830	108	93	62.05	62.05	NUM
ajfa-4830	108	94	120.95	120.95	NUM
ajfa-4830	108	95	hindustan	hindustan	ADJ
ajfa-4830	108	96	petroleum	petroleum	PROPN
ajfa-4830	108	97	corporation	corporation	PROPN
ajfa-4830	108	98	ltd	ltd	PROPN
ajfa-4830	108	99	.	.	PROPN
ajfa-4830	109	1	15.75	15.75	NUM
ajfa-4830	109	2	18.76	18.76	NUM
ajfa-4830	109	3	11.29	11.29	NUM
ajfa-4830	109	4	18.85	18.85	NUM
ajfa-4830	109	5	71.05	71.05	NUM
ajfa-4830	109	6	18.5	18.5	NUM
ajfa-4830	109	7	hindustan	hindustan	PROPN
ajfa-4830	109	8	unilever	unilever	PROPN
ajfa-4830	109	9	limited	limit	VERB
ajfa-4830	109	10	6.68	6.68	NUM
ajfa-4830	109	11	13.94	13.94	NUM
ajfa-4830	109	12	14.11	14.11	NUM
ajfa-4830	109	13	15.7	15.7	NUM
ajfa-4830	109	14	6.35	6.35	NUM
ajfa-4830	109	15	29.55	29.55	NUM
ajfa-4830	109	16	infosys	infosy	NOUN
ajfa-4830	109	17	limited	limit	VERB
ajfa-4830	109	18	57.91	57.91	NUM
ajfa-4830	109	19	88.86	88.86	NUM
ajfa-4830	109	20	113.41	113.41	NUM
ajfa-4830	109	21	76.8	76.8	NUM
ajfa-4830	109	22	453.75	453.75	NUM
ajfa-4830	109	23	94.85	94.85	NUM
ajfa-4830	109	24	state	state	NOUN
ajfa-4830	109	25	bank	bank	PROPN
ajfa-4830	109	26	of	of	ADP
ajfa-4830	109	27	india	india	PROPN
ajfa-4830	109	28	17.44	17.44	NUM
ajfa-4830	109	29	44.99	44.99	NUM
ajfa-4830	109	30	51.38	51.38	NUM
ajfa-4830	109	31	68.15	68.15	NUM
ajfa-4830	109	32	128.7	128.7	NUM
ajfa-4830	109	33	128.7	128.7	NUM
ajfa-4830	109	34	sun	sun	NOUN
ajfa-4830	109	35	tv	tv	NOUN
ajfa-4830	109	36	network	network	NOUN
ajfa-4830	109	37	limited	limit	VERB
ajfa-4830	109	38	19.3	19.3	NUM
ajfa-4830	109	39	21.11	21.11	NUM
ajfa-4830	109	40	17.74	17.74	NUM
ajfa-4830	109	41	30.95	30.95	NUM
ajfa-4830	109	42	80.5	80.5	NUM
ajfa-4830	109	43	39.8	39.8	NUM
ajfa-4830	109	44	table	table	NOUN
ajfa-4830	109	45	4	4	NUM
ajfa-4830	109	46	.	.	PUNCT
ajfa-4830	109	47	average	average	ADJ
ajfa-4830	109	48	difference	difference	NOUN
ajfa-4830	109	49	in	in	ADP
ajfa-4830	109	50	three	three	NUM
ajfa-4830	109	51	different	different	ADJ
ajfa-4830	109	52	stock	stock	NOUN
ajfa-4830	109	53	put	put	NOUN
ajfa-4830	109	54	options	option	NOUN
ajfa-4830	109	55	for	for	ADP
ajfa-4830	109	56	different	different	ADJ
ajfa-4830	109	57	time	time	NOUN
ajfa-4830	109	58	period	period	NOUN
ajfa-4830	109	59	of	of	ADP
ajfa-4830	109	60	asian	asian	ADJ
ajfa-4830	109	61	journal	journal	NOUN
ajfa-4830	109	62	of	of	ADP
ajfa-4830	109	63	finance	finance	PROPN
ajfa-4830	109	64	&	&	CCONJ
ajfa-4830	109	65	accounting	accounting	PROPN
ajfa-4830	109	66	issn	issn	PROPN
ajfa-4830	109	67	1946	1946	NUM
ajfa-4830	109	68	-	-	PUNCT
ajfa-4830	109	69	052x	052x	PROPN
ajfa-4830	109	70	2014	2014	NUM
ajfa-4830	109	71	,	,	PUNCT
ajfa-4830	109	72	vol	vol	NOUN
ajfa-4830	109	73	.	.	PROPN
ajfa-4830	109	74	6	6	NUM
ajfa-4830	109	75	,	,	PUNCT
ajfa-4830	109	76	no	no	INTJ
ajfa-4830	109	77	.	.	NOUN
ajfa-4830	109	78	1	1	NUM
ajfa-4830	109	79	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4830	109	80	431	431	NUM
ajfa-4830	109	81	expiry	expiry	NOUN
ajfa-4830	109	82	companies	company	NOUN
ajfa-4830	109	83	percentage	percentage	NOUN
ajfa-4830	109	84	difference	difference	NOUN
ajfa-4830	109	85	30	30	NUM
ajfa-4830	109	86	day	day	NOUN
ajfa-4830	109	87	60	60	NUM
ajfa-4830	109	88	day	day	NOUN
ajfa-4830	109	89	90	90	NUM
ajfa-4830	109	90	day	day	NOUN
ajfa-4830	109	91	ambuja	ambuja	NOUN
ajfa-4830	109	92	cements	cement	NOUN
ajfa-4830	109	93	limited	limit	VERB
ajfa-4830	109	94	0.069	0.069	NUM
ajfa-4830	109	95	0.3193	0.3193	NUM
ajfa-4830	109	96	0.4345	0.4345	NUM
ajfa-4830	109	97	bharti	bharti	PROPN
ajfa-4830	109	98	airtel	airtel	VERB
ajfa-4830	109	99	0.5181	0.5181	NUM
ajfa-4830	109	100	0.5604	0.5604	NUM
ajfa-4830	109	101	0.2936	0.2936	NUM
ajfa-4830	109	102	cipla	cipla	NOUN
ajfa-4830	109	103	limited	limit	VERB
ajfa-4830	109	104	0.45	0.45	NUM
ajfa-4830	109	105	0.5651	0.5651	NUM
ajfa-4830	109	106	0.2992	0.2992	NUM
ajfa-4830	109	107	dlf	dlf	NOUN
ajfa-4830	109	108	limited	limit	VERB
ajfa-4830	109	109	0.4318	0.4318	NUM
ajfa-4830	109	110	0.7629	0.7629	NUM
ajfa-4830	109	111	0.5626	0.5626	NUM
ajfa-4830	109	112	hero	hero	NOUN
ajfa-4830	109	113	motocorp	motocorp	PROPN
ajfa-4830	109	114	limited	limit	VERB
ajfa-4830	109	115	0.2255	0.2255	NUM
ajfa-4830	109	116	-0.1731	-0.1731	NOUN
ajfa-4830	109	117	0.3091	0.3091	NUM
ajfa-4830	109	118	hindustan	hindustan	ADJ
ajfa-4830	109	119	petroleum	petroleum	NOUN
ajfa-4830	109	120	corporation	corporation	NOUN
ajfa-4830	109	121	limited	limit	VERB
ajfa-4830	109	122	0.1645	0.1645	NUM
ajfa-4830	109	123	0.736	0.736	NUM
ajfa-4830	109	124	0.3897	0.3897	NUM
ajfa-4830	109	125	hindustan	hindustan	PROPN
ajfa-4830	109	126	unilever	unilever	PROPN
ajfa-4830	109	127	limited	limited	PROPN
ajfa-4830	109	128	0.5745	0.5745	NUM
ajfa-4830	109	129	-1.1953	-1.1953	VERB
ajfa-4830	109	130	0.5225	0.5225	NUM
ajfa-4830	109	131	infosys	infosy	NOUN
ajfa-4830	109	132	limited	limit	VERB
ajfa-4830	109	133	0.246	0.246	NUM
ajfa-4830	109	134	0.8042	0.8042	NUM
ajfa-4830	109	135	-0.1957	-0.1957	NOUN
ajfa-4830	109	136	state	state	PROPN
ajfa-4830	109	137	bank	bank	PROPN
ajfa-4830	109	138	of	of	ADP
ajfa-4830	109	139	india	india	PROPN
ajfa-4830	109	140	0.7441	0.7441	NUM
ajfa-4830	109	141	0.6504	0.6504	NUM
ajfa-4830	109	142	0.6008	0.6008	NUM
ajfa-4830	109	143	sun	sun	NOUN
ajfa-4830	109	144	tv	tv	NOUN
ajfa-4830	109	145	network	network	NOUN
ajfa-4830	109	146	limited	limit	VERB
ajfa-4830	109	147	0.3764	0.3764	NUM
ajfa-4830	109	148	0.7378	0.7378	NUM
ajfa-4830	109	149	0.5543	0.5543	NUM
ajfa-4830	109	150	average	average	ADJ
ajfa-4830	109	151	difference	difference	NOUN
ajfa-4830	109	152	in	in	ADP
ajfa-4830	109	153	put	put	ADJ
ajfa-4830	109	154	option	option	NOUN
ajfa-4830	109	155	prices	price	NOUN
ajfa-4830	109	156	varies	vary	VERB
ajfa-4830	109	157	based	base	VERB
ajfa-4830	109	158	on	on	ADP
ajfa-4830	109	159	time	time	NOUN
ajfa-4830	109	160	effect	effect	NOUN
ajfa-4830	109	161	of	of	ADP
ajfa-4830	109	162	30	30	NUM
ajfa-4830	109	163	,	,	PUNCT
ajfa-4830	109	164	60	60	NUM
ajfa-4830	109	165	&	&	CCONJ
ajfa-4830	109	166	90	90	NUM
ajfa-4830	109	167	days	day	NOUN
ajfa-4830	109	168	.	.	PUNCT
ajfa-4830	110	1	there	there	PRON
ajfa-4830	110	2	is	be	VERB
ajfa-4830	110	3	only	only	ADV
ajfa-4830	110	4	a	a	DET
ajfa-4830	110	5	minute	minute	ADJ
ajfa-4830	110	6	difference	difference	NOUN
ajfa-4830	110	7	in	in	ADP
ajfa-4830	110	8	the	the	DET
ajfa-4830	110	9	option	option	NOUN
ajfa-4830	110	10	prices	price	NOUN
ajfa-4830	110	11	and	and	CCONJ
ajfa-4830	110	12	the	the	DET
ajfa-4830	110	13	above	above	ADJ
ajfa-4830	110	14	table	table	NOUN
ajfa-4830	110	15	also	also	ADV
ajfa-4830	110	16	shows	show	VERB
ajfa-4830	110	17	that	that	SCONJ
ajfa-4830	110	18	the	the	DET
ajfa-4830	110	19	stock	stock	NOUN
ajfa-4830	110	20	call	call	NOUN
ajfa-4830	110	21	option	option	NOUN
ajfa-4830	110	22	with	with	ADP
ajfa-4830	110	23	30	30	NUM
ajfa-4830	110	24	days	day	NOUN
ajfa-4830	110	25	to	to	ADP
ajfa-4830	110	26	expiry	expiry	NOUN
ajfa-4830	110	27	has	have	VERB
ajfa-4830	110	28	a	a	DET
ajfa-4830	110	29	difference	difference	NOUN
ajfa-4830	110	30	which	which	PRON
ajfa-4830	110	31	is	be	AUX
ajfa-4830	110	32	minimum	minimum	NOUN
ajfa-4830	110	33	between	between	ADP
ajfa-4830	110	34	the	the	DET
ajfa-4830	110	35	model	model	NOUN
ajfa-4830	110	36	and	and	CCONJ
ajfa-4830	110	37	market	market	NOUN
ajfa-4830	110	38	values	value	NOUN
ajfa-4830	110	39	.	.	PUNCT
ajfa-4830	111	1	4.3	4.3	NUM
ajfa-4830	111	2	paired	pair	VERB
ajfa-4830	111	3	t	t	PROPN
ajfa-4830	111	4	-	-	PUNCT
ajfa-4830	111	5	test	test	NOUN
ajfa-4830	111	6	table	table	NOUN
ajfa-4830	111	7	5	5	NUM
ajfa-4830	111	8	.	.	PUNCT
ajfa-4830	111	9	spss	spss	ADJ
ajfa-4830	111	10	output	output	NOUN
ajfa-4830	111	11	of	of	ADP
ajfa-4830	111	12	paired	pair	VERB
ajfa-4830	111	13	sample	sample	NOUN
ajfa-4830	111	14	t	t	PROPN
ajfa-4830	111	15	-	-	PUNCT
ajfa-4830	111	16	test	test	NOUN
ajfa-4830	111	17	to	to	PART
ajfa-4830	111	18	compare	compare	VERB
ajfa-4830	111	19	the	the	DET
ajfa-4830	111	20	model	model	NOUN
ajfa-4830	111	21	and	and	CCONJ
ajfa-4830	111	22	market	market	NOUN
ajfa-4830	111	23	prices	price	NOUN
ajfa-4830	111	24	of	of	ADP
ajfa-4830	111	25	thirty	thirty	NUM
ajfa-4830	111	26	day	day	NOUN
ajfa-4830	111	27	call	call	NOUN
ajfa-4830	111	28	option	option	NOUN
ajfa-4830	111	29	price	price	NOUN
ajfa-4830	111	30	t	t	NOUN
ajfa-4830	111	31	-	-	PUNCT
ajfa-4830	111	32	test	test	NOUN
ajfa-4830	111	33	paired	pair	VERB
ajfa-4830	111	34	samples	sample	NOUN
ajfa-4830	111	35	statistics	statistic	NOUN
ajfa-4830	111	36	mean	mean	VERB
ajfa-4830	111	37	n	n	PRON
ajfa-4830	111	38	std	std	PROPN
ajfa-4830	111	39	.	.	PUNCT
ajfa-4830	112	1	deviation	deviation	NOUN
ajfa-4830	112	2	std	std	NOUN
ajfa-4830	112	3	.	.	PUNCT
ajfa-4830	112	4	error	error	NOUN
ajfa-4830	112	5	mean	mean	NOUN
ajfa-4830	112	6	pair	pair	NOUN
ajfa-4830	112	7	1	1	NUM
ajfa-4830	112	8	thirtydaybsm	thirtydaybsm	NOUN
ajfa-4830	112	9	thirtydaymv	thirtydaymv	VERB
ajfa-4830	112	10	35.9410	35.9410	NUM
ajfa-4830	112	11	68.6500	68.6500	NUM
ajfa-4830	112	12	10	10	NUM
ajfa-4830	112	13	10	10	NUM
ajfa-4830	112	14	37.304	37.304	NUM
ajfa-4830	112	15	50	50	NUM
ajfa-4830	112	16	105.602	105.602	NUM
ajfa-4830	112	17	34	34	NUM
ajfa-4830	112	18	11.796	11.796	NUM
ajfa-4830	112	19	72	72	NUM
ajfa-4830	112	20	33.394	33.394	NUM
ajfa-4830	112	21	39	39	NUM
ajfa-4830	112	22	paired	pair	VERB
ajfa-4830	112	23	samples	sample	NOUN
ajfa-4830	112	24	correlations	correlation	NOUN
ajfa-4830	112	25	n	n	PRON
ajfa-4830	112	26	correlation	correlation	NOUN
ajfa-4830	112	27	sig	sig	NOUN
ajfa-4830	112	28	.	.	PUNCT
ajfa-4830	113	1	pair	pair	NOUN
ajfa-4830	113	2	1	1	NUM
ajfa-4830	113	3	thirtydaybsm	thirtydaybsm	NOUN
ajfa-4830	113	4	&	&	CCONJ
ajfa-4830	113	5	thirtydaymv	thirtydaymv	VERB
ajfa-4830	113	6	10	10	NUM
ajfa-4830	113	7	0.849	0.849	NUM
ajfa-4830	113	8	0.002	0.002	NUM
ajfa-4830	113	9	paired	pair	VERB
ajfa-4830	113	10	samples	sample	NOUN
ajfa-4830	113	11	test	test	VERB
ajfa-4830	113	12	asian	asian	ADJ
ajfa-4830	113	13	journal	journal	NOUN
ajfa-4830	113	14	of	of	ADP
ajfa-4830	113	15	finance	finance	PROPN
ajfa-4830	113	16	&	&	CCONJ
ajfa-4830	113	17	accounting	accounting	PROPN
ajfa-4830	113	18	issn	issn	PROPN
ajfa-4830	113	19	1946	1946	NUM
ajfa-4830	113	20	-	-	PUNCT
ajfa-4830	113	21	052x	052x	PROPN
ajfa-4830	113	22	2014	2014	NUM
ajfa-4830	113	23	,	,	PUNCT
ajfa-4830	113	24	vol	vol	NOUN
ajfa-4830	113	25	.	.	PROPN
ajfa-4830	113	26	6	6	NUM
ajfa-4830	113	27	,	,	PUNCT
ajfa-4830	113	28	no	no	INTJ
ajfa-4830	113	29	.	.	NOUN
ajfa-4830	113	30	1	1	NUM
ajfa-4830	113	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4830	113	32	432	432	NUM
ajfa-4830	113	33	paired	pair	VERB
ajfa-4830	113	34	differences	difference	NOUN
ajfa-4830	113	35	95	95	NUM
ajfa-4830	113	36	%	%	NOUN
ajfa-4830	113	37	confidence	confidence	NOUN
ajfa-4830	113	38	interval	interval	NOUN
ajfa-4830	113	39	of	of	ADP
ajfa-4830	113	40	the	the	DET
ajfa-4830	113	41	difference	difference	NOUN
ajfa-4830	113	42	pair	pair	NOUN
ajfa-4830	113	43	1	1	NUM
ajfa-4830	113	44	thirtyday	thirtyday	PROPN
ajfa-4830	113	45	bsm	bsm	PROPN
ajfa-4830	113	46	thirtyday	thirtyday	PROPN
ajfa-4830	113	47	mv	mv	PROPN
ajfa-4830	113	48	mean	mean	VERB
ajfa-4830	113	49	std	std	PROPN
ajfa-4830	113	50	.	.	PUNCT
ajfa-4830	114	1	deviation	deviation	NOUN
ajfa-4830	114	2	std	std	NOUN
ajfa-4830	114	3	.	.	PUNCT
ajfa-4830	114	4	error	error	NOUN
ajfa-4830	114	5	mean	mean	VERB
ajfa-4830	114	6	lower	low	ADJ
ajfa-4830	114	7	upper	upper	ADJ
ajfa-4830	114	8	t	t	PROPN
ajfa-4830	114	9	df	df	PROPN
ajfa-4830	114	10	sig	sig	PROPN
ajfa-4830	114	11	.	.	PUNCT
ajfa-4830	115	1	(	(	PUNCT
ajfa-4830	115	2	2	2	NUM
ajfa-4830	115	3	-	-	PUNCT
ajfa-4830	115	4	tailed	tailed	ADJ
ajfa-4830	115	5	)	)	PUNCT
ajfa-4830	116	1	32.709	32.709	NUM
ajfa-4830	116	2	00	00	NUM
ajfa-4830	117	1	76.511	76.511	NUM
ajfa-4830	117	2	47	47	NUM
ajfa-4830	117	3	24.195	24.195	NUM
ajfa-4830	117	4	05	05	NUM
ajfa-4830	117	5	87.442	87.442	NUM
ajfa-4830	117	6	01	01	NUM
ajfa-4830	117	7	22.024	22.024	NUM
ajfa-4830	117	8	01	01	NUM
ajfa-4830	117	9	-1.352	-1.352	NOUN
ajfa-4830	117	10	9	9	NUM
ajfa-4830	117	11	0.209	0.209	NUM
ajfa-4830	117	12	paired	pair	VERB
ajfa-4830	117	13	sample	sample	NOUN
ajfa-4830	117	14	t	t	PROPN
ajfa-4830	117	15	-	-	PUNCT
ajfa-4830	117	16	test	test	NOUN
ajfa-4830	117	17	is	be	AUX
ajfa-4830	117	18	done	do	VERB
ajfa-4830	117	19	to	to	PART
ajfa-4830	117	20	check	check	VERB
ajfa-4830	117	21	whether	whether	SCONJ
ajfa-4830	117	22	the	the	DET
ajfa-4830	117	23	numerical	numerical	ADJ
ajfa-4830	117	24	difference	difference	NOUN
ajfa-4830	117	25	between	between	ADP
ajfa-4830	117	26	the	the	DET
ajfa-4830	117	27	actual	actual	ADJ
ajfa-4830	117	28	and	and	CCONJ
ajfa-4830	117	29	the	the	DET
ajfa-4830	117	30	expected	expect	VERB
ajfa-4830	117	31	thirty	thirty	NUM
ajfa-4830	117	32	day	day	NOUN
ajfa-4830	117	33	call	call	NOUN
ajfa-4830	117	34	option	option	NOUN
ajfa-4830	117	35	price	price	NOUN
ajfa-4830	117	36	of	of	ADP
ajfa-4830	117	37	stock	stock	NOUN
ajfa-4830	117	38	option	option	NOUN
ajfa-4830	117	39	which	which	PRON
ajfa-4830	117	40	is	be	AUX
ajfa-4830	117	41	significant	significant	ADJ
ajfa-4830	117	42	in	in	ADP
ajfa-4830	117	43	this	this	DET
ajfa-4830	117	44	case	case	NOUN
ajfa-4830	117	45	.	.	PUNCT
ajfa-4830	118	1	the	the	DET
ajfa-4830	118	2	spss	spss	PROPN
ajfa-4830	118	3	result	result	NOUN
ajfa-4830	118	4	show	show	VERB
ajfa-4830	118	5	that	that	SCONJ
ajfa-4830	118	6	the	the	DET
ajfa-4830	118	7	p	p	PROPN
ajfa-4830	118	8	value	value	NOUN
ajfa-4830	118	9	is	be	AUX
ajfa-4830	118	10	greater	great	ADJ
ajfa-4830	118	11	than	than	ADP
ajfa-4830	118	12	0.05	0.05	NUM
ajfa-4830	118	13	.	.	PUNCT
ajfa-4830	119	1	so	so	ADV
ajfa-4830	119	2	we	we	PRON
ajfa-4830	119	3	can	can	AUX
ajfa-4830	119	4	accept	accept	VERB
ajfa-4830	119	5	the	the	DET
ajfa-4830	119	6	null	null	ADJ
ajfa-4830	119	7	hypothesis	hypothesis	NOUN
ajfa-4830	119	8	that	that	SCONJ
ajfa-4830	119	9	there	there	PRON
ajfa-4830	119	10	is	be	VERB
ajfa-4830	119	11	no	no	DET
ajfa-4830	119	12	significant	significant	ADJ
ajfa-4830	119	13	difference	difference	NOUN
ajfa-4830	119	14	between	between	ADP
ajfa-4830	119	15	the	the	DET
ajfa-4830	119	16	actual	actual	ADJ
ajfa-4830	119	17	and	and	CCONJ
ajfa-4830	119	18	expected	expect	VERB
ajfa-4830	119	19	call	call	NOUN
ajfa-4830	119	20	option	option	NOUN
ajfa-4830	119	21	prices	price	NOUN
ajfa-4830	119	22	of	of	ADP
ajfa-4830	119	23	stock	stock	NOUN
ajfa-4830	119	24	option	option	NOUN
ajfa-4830	119	25	.	.	PUNCT
ajfa-4830	120	1	table	table	NOUN
ajfa-4830	120	2	6	6	NUM
ajfa-4830	120	3	.	.	PUNCT
ajfa-4830	120	4	spss	spss	ADJ
ajfa-4830	120	5	output	output	NOUN
ajfa-4830	120	6	of	of	ADP
ajfa-4830	120	7	paired	pair	VERB
ajfa-4830	120	8	sample	sample	NOUN
ajfa-4830	120	9	t	t	PROPN
ajfa-4830	120	10	-	-	PUNCT
ajfa-4830	120	11	test	test	NOUN
ajfa-4830	120	12	to	to	PART
ajfa-4830	120	13	compare	compare	VERB
ajfa-4830	120	14	the	the	DET
ajfa-4830	120	15	model	model	NOUN
ajfa-4830	120	16	and	and	CCONJ
ajfa-4830	120	17	market	market	NOUN
ajfa-4830	120	18	prices	price	NOUN
ajfa-4830	120	19	of	of	ADP
ajfa-4830	120	20	sixty	sixty	NUM
ajfa-4830	120	21	day	day	NOUN
ajfa-4830	120	22	call	call	NOUN
ajfa-4830	120	23	option	option	NOUN
ajfa-4830	120	24	price	price	NOUN
ajfa-4830	120	25	t	t	NOUN
ajfa-4830	120	26	-	-	PUNCT
ajfa-4830	120	27	test	test	NOUN
ajfa-4830	120	28	paired	pair	VERB
ajfa-4830	120	29	samples	sample	NOUN
ajfa-4830	120	30	statistics	statistic	NOUN
ajfa-4830	120	31	mean	mean	VERB
ajfa-4830	120	32	n	n	PRON
ajfa-4830	120	33	std	std	PROPN
ajfa-4830	120	34	.	.	PUNCT
ajfa-4830	121	1	deviation	deviation	NOUN
ajfa-4830	121	2	std	std	NOUN
ajfa-4830	121	3	.	.	PUNCT
ajfa-4830	121	4	error	error	NOUN
ajfa-4830	121	5	mean	mean	NOUN
ajfa-4830	121	6	pair	pair	NOUN
ajfa-4830	121	7	1	1	NUM
ajfa-4830	121	8	sixtydaybsm	sixtydaybsm	NOUN
ajfa-4830	121	9	sixtydaymv	sixtydaymv	PROPN
ajfa-4830	121	10	45.8100	45.8100	NUM
ajfa-4830	121	11	63.0250	63.0250	NUM
ajfa-4830	121	12	10	10	NUM
ajfa-4830	121	13	10	10	NUM
ajfa-4830	121	14	44.403	44.403	NUM
ajfa-4830	121	15	36	36	NUM
ajfa-4830	121	16	68.232	68.232	NUM
ajfa-4830	121	17	35	35	NUM
ajfa-4830	121	18	14.041	14.041	NUM
ajfa-4830	121	19	57	57	NUM
ajfa-4830	121	20	21.576	21.576	NUM
ajfa-4830	121	21	96	96	NUM
ajfa-4830	121	22	paired	pair	VERB
ajfa-4830	121	23	samples	sample	NOUN
ajfa-4830	121	24	correlations	correlation	NOUN
ajfa-4830	121	25	n	n	PRON
ajfa-4830	121	26	correlation	correlation	NOUN
ajfa-4830	121	27	sig	sig	NOUN
ajfa-4830	121	28	.	.	PUNCT
ajfa-4830	122	1	pair	pair	NOUN
ajfa-4830	122	2	1	1	NUM
ajfa-4830	122	3	sixtydaybsm	sixtydaybsm	PROPN
ajfa-4830	122	4	&	&	CCONJ
ajfa-4830	122	5	sixtydaymv	sixtydaymv	PROPN
ajfa-4830	122	6	10	10	NUM
ajfa-4830	122	7	0.564	0.564	NUM
ajfa-4830	122	8	0.089	0.089	NUM
ajfa-4830	122	9	paired	pair	VERB
ajfa-4830	122	10	samples	sample	NOUN
ajfa-4830	122	11	test	test	NOUN
ajfa-4830	122	12	paired	pair	VERB
ajfa-4830	122	13	differences	difference	NOUN
ajfa-4830	122	14	95	95	NUM
ajfa-4830	122	15	%	%	NOUN
ajfa-4830	122	16	confidence	confidence	NOUN
ajfa-4830	122	17	interval	interval	NOUN
ajfa-4830	122	18	of	of	ADP
ajfa-4830	122	19	the	the	DET
ajfa-4830	122	20	difference	difference	NOUN
ajfa-4830	122	21	pair	pair	NOUN
ajfa-4830	122	22	1	1	NUM
ajfa-4830	122	23	sixtydaybsm	sixtydaybsm	NOUN
ajfa-4830	122	24	sixtydaymv	sixtydaymv	NOUN
ajfa-4830	122	25	mean	mean	PROPN
ajfa-4830	122	26	std.deviation	std.deviation	NOUN
ajfa-4830	122	27	std.error	std.error	NOUN
ajfa-4830	122	28	mean	mean	VERB
ajfa-4830	122	29	lower	low	ADJ
ajfa-4830	122	30	upper	upper	ADJ
ajfa-4830	122	31	t	t	PROPN
ajfa-4830	122	32	df	df	PROPN
ajfa-4830	122	33	sig	sig	PROPN
ajfa-4830	122	34	.	.	PUNCT
ajfa-4830	123	1	(	(	PUNCT
ajfa-4830	123	2	2	2	NUM
ajfa-4830	123	3	-	-	PUNCT
ajfa-4830	123	4	tailed	tailed	ADJ
ajfa-4830	123	5	)	)	PUNCT
ajfa-4830	123	6	17.21500	17.21500	NUM
ajfa-4830	124	1	56.641	56.641	NUM
ajfa-4830	124	2	61	61	NUM
ajfa-4830	124	3	17.911	17.911	NUM
ajfa-4830	124	4	65	65	NUM
ajfa-4830	124	5	57.733	57.733	NUM
ajfa-4830	124	6	96	96	NUM
ajfa-4830	124	7	23.303	23.303	NUM
ajfa-4830	124	8	96	96	NUM
ajfa-4830	124	9	-961	-961	PROPN
ajfa-4830	124	10	9	9	NUM
ajfa-4830	124	11	0.362	0.362	NUM
ajfa-4830	124	12	paired	pair	VERB
ajfa-4830	124	13	sample	sample	NOUN
ajfa-4830	124	14	t	t	PROPN
ajfa-4830	124	15	-	-	PUNCT
ajfa-4830	124	16	test	test	NOUN
ajfa-4830	124	17	is	be	AUX
ajfa-4830	124	18	done	do	VERB
ajfa-4830	124	19	to	to	PART
ajfa-4830	124	20	check	check	VERB
ajfa-4830	124	21	whether	whether	SCONJ
ajfa-4830	124	22	the	the	DET
ajfa-4830	124	23	numerical	numerical	ADJ
ajfa-4830	124	24	difference	difference	NOUN
ajfa-4830	124	25	between	between	ADP
ajfa-4830	124	26	the	the	DET
ajfa-4830	124	27	actual	actual	ADJ
ajfa-4830	124	28	and	and	CCONJ
ajfa-4830	124	29	the	the	DET
ajfa-4830	124	30	expected	expect	VERB
ajfa-4830	124	31	sixty	sixty	NUM
ajfa-4830	124	32	day	day	NOUN
ajfa-4830	124	33	call	call	NOUN
ajfa-4830	124	34	option	option	NOUN
ajfa-4830	124	35	price	price	NOUN
ajfa-4830	124	36	of	of	ADP
ajfa-4830	124	37	stock	stock	NOUN
ajfa-4830	124	38	option	option	NOUN
ajfa-4830	124	39	which	which	PRON
ajfa-4830	124	40	is	be	AUX
ajfa-4830	124	41	significant	significant	ADJ
ajfa-4830	124	42	in	in	ADP
ajfa-4830	124	43	this	this	DET
ajfa-4830	124	44	case	case	NOUN
ajfa-4830	124	45	.	.	PUNCT
ajfa-4830	125	1	the	the	DET
ajfa-4830	125	2	spss	spss	PROPN
ajfa-4830	125	3	result	result	NOUN
ajfa-4830	125	4	show	show	VERB
ajfa-4830	125	5	that	that	SCONJ
ajfa-4830	125	6	the	the	DET
ajfa-4830	125	7	p	p	PROPN
ajfa-4830	125	8	value	value	NOUN
ajfa-4830	125	9	is	be	AUX
ajfa-4830	125	10	greater	great	ADJ
ajfa-4830	125	11	than	than	ADP
ajfa-4830	125	12	0.05	0.05	NUM
ajfa-4830	125	13	.	.	PUNCT
ajfa-4830	126	1	so	so	ADV
ajfa-4830	126	2	we	we	PRON
ajfa-4830	126	3	can	can	AUX
ajfa-4830	126	4	accept	accept	VERB
ajfa-4830	126	5	the	the	DET
ajfa-4830	126	6	null	null	ADJ
ajfa-4830	126	7	hypothesis	hypothesis	NOUN
ajfa-4830	126	8	that	that	SCONJ
ajfa-4830	126	9	there	there	PRON
ajfa-4830	126	10	is	be	VERB
ajfa-4830	126	11	no	no	DET
ajfa-4830	126	12	significant	significant	ADJ
ajfa-4830	126	13	difference	difference	NOUN
ajfa-4830	126	14	between	between	ADP
ajfa-4830	126	15	the	the	DET
ajfa-4830	126	16	actual	actual	ADJ
ajfa-4830	126	17	and	and	CCONJ
ajfa-4830	126	18	expected	expect	VERB
ajfa-4830	126	19	call	call	NOUN
ajfa-4830	126	20	option	option	NOUN
ajfa-4830	126	21	asian	asian	ADJ
ajfa-4830	126	22	journal	journal	NOUN
ajfa-4830	126	23	of	of	ADP
ajfa-4830	126	24	finance	finance	PROPN
ajfa-4830	126	25	&	&	CCONJ
ajfa-4830	126	26	accounting	accounting	PROPN
ajfa-4830	126	27	issn	issn	PROPN
ajfa-4830	126	28	1946	1946	NUM
ajfa-4830	126	29	-	-	PUNCT
ajfa-4830	126	30	052x	052x	PROPN
ajfa-4830	126	31	2014	2014	NUM
ajfa-4830	126	32	,	,	PUNCT
ajfa-4830	126	33	vol	vol	NOUN
ajfa-4830	126	34	.	.	PROPN
ajfa-4830	127	1	6	6	NUM
ajfa-4830	127	2	,	,	PUNCT
ajfa-4830	127	3	no	no	INTJ
ajfa-4830	127	4	.	.	NOUN
ajfa-4830	127	5	1	1	NUM
ajfa-4830	127	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4830	127	7	433	433	NUM
ajfa-4830	127	8	prices	price	NOUN
ajfa-4830	127	9	of	of	ADP
ajfa-4830	127	10	stock	stock	NOUN
ajfa-4830	127	11	option	option	NOUN
ajfa-4830	127	12	.	.	PUNCT
ajfa-4830	128	1	table	table	NOUN
ajfa-4830	128	2	7	7	NUM
ajfa-4830	128	3	.	.	PUNCT
ajfa-4830	128	4	spss	spss	ADJ
ajfa-4830	128	5	output	output	NOUN
ajfa-4830	128	6	of	of	ADP
ajfa-4830	128	7	paired	pair	VERB
ajfa-4830	128	8	sample	sample	NOUN
ajfa-4830	128	9	t	t	PROPN
ajfa-4830	128	10	-	-	PUNCT
ajfa-4830	128	11	test	test	NOUN
ajfa-4830	128	12	to	to	PART
ajfa-4830	128	13	compare	compare	VERB
ajfa-4830	128	14	the	the	DET
ajfa-4830	128	15	model	model	NOUN
ajfa-4830	128	16	and	and	CCONJ
ajfa-4830	128	17	market	market	NOUN
ajfa-4830	128	18	prices	price	NOUN
ajfa-4830	128	19	of	of	ADP
ajfa-4830	128	20	ninety	ninety	NUM
ajfa-4830	128	21	day	day	NOUN
ajfa-4830	128	22	call	call	NOUN
ajfa-4830	128	23	option	option	NOUN
ajfa-4830	128	24	price	price	NOUN
ajfa-4830	128	25	t	t	NOUN
ajfa-4830	128	26	-	-	PUNCT
ajfa-4830	128	27	test	test	NOUN
ajfa-4830	128	28	paired	pair	VERB
ajfa-4830	128	29	samples	sample	NOUN
ajfa-4830	128	30	statistics	statistic	NOUN
ajfa-4830	128	31	mean	mean	VERB
ajfa-4830	128	32	n	n	PRON
ajfa-4830	128	33	std	std	PROPN
ajfa-4830	128	34	.	.	PUNCT
ajfa-4830	129	1	deviation	deviation	NOUN
ajfa-4830	129	2	std	std	NOUN
ajfa-4830	129	3	.	.	PUNCT
ajfa-4830	129	4	error	error	NOUN
ajfa-4830	129	5	mean	mean	NOUN
ajfa-4830	129	6	pair	pair	NOUN
ajfa-4830	129	7	1	1	NUM
ajfa-4830	129	8	ninetydaybsm	ninetydaybsm	ADJ
ajfa-4830	129	9	ninetydaymv	ninetydaymv	PROPN
ajfa-4830	129	10	56.1320	56.1320	NUM
ajfa-4830	129	11	61.1000	61.1000	NUM
ajfa-4830	129	12	10	10	NUM
ajfa-4830	129	13	10	10	NUM
ajfa-4830	129	14	56.300	56.300	NUM
ajfa-4830	129	15	98	98	NUM
ajfa-4830	129	16	54.734	54.734	NUM
ajfa-4830	129	17	31	31	NUM
ajfa-4830	129	18	17.803	17.803	NUM
ajfa-4830	129	19	93	93	NUM
ajfa-4830	129	20	17.308	17.308	NUM
ajfa-4830	129	21	51	51	NUM
ajfa-4830	129	22	paired	pair	VERB
ajfa-4830	129	23	samples	sample	NOUN
ajfa-4830	129	24	correlations	correlation	NOUN
ajfa-4830	129	25	n	n	PRON
ajfa-4830	129	26	correlation	correlation	NOUN
ajfa-4830	129	27	sig	sig	NOUN
ajfa-4830	129	28	.	.	PUNCT
ajfa-4830	130	1	pair	pair	PROPN
ajfa-4830	130	2	1	1	NUM
ajfa-4830	130	3	ninetydaybsm	ninetydaybsm	NOUN
ajfa-4830	130	4	&	&	CCONJ
ajfa-4830	130	5	ninetydaymv	ninetydaymv	PROPN
ajfa-4830	130	6	10	10	NUM
ajfa-4830	130	7	0.948	0.948	NUM
ajfa-4830	130	8	0.000	0.000	NUM
ajfa-4830	130	9	paired	pair	VERB
ajfa-4830	130	10	samples	sample	NOUN
ajfa-4830	130	11	test	test	NOUN
ajfa-4830	130	12	paired	pair	VERB
ajfa-4830	130	13	differences	difference	NOUN
ajfa-4830	130	14	95	95	NUM
ajfa-4830	130	15	%	%	NOUN
ajfa-4830	130	16	confidence	confidence	NOUN
ajfa-4830	130	17	interval	interval	NOUN
ajfa-4830	130	18	of	of	ADP
ajfa-4830	130	19	the	the	DET
ajfa-4830	130	20	difference	difference	NOUN
ajfa-4830	130	21	pai	pai	NOUN
ajfa-4830	130	22	r	r	NOUN
ajfa-4830	130	23	1	1	NUM
ajfa-4830	130	24	ninetydaybs	ninetydaybs	NOUN
ajfa-4830	130	25	m	m	VERB
ajfa-4830	130	26	ninetydaym	ninetydaym	NOUN
ajfa-4830	130	27	v	v	NOUN
ajfa-4830	130	28	mean	mean	NOUN
ajfa-4830	130	29	std.deviati	std.deviati	NUM
ajfa-4830	130	30	on	on	ADP
ajfa-4830	130	31	std.error	std.error	NUM
ajfa-4830	130	32	mean	mean	NOUN
ajfa-4830	130	33	lower	low	ADJ
ajfa-4830	130	34	upper	upper	ADJ
ajfa-4830	130	35	t	t	PROPN
ajfa-4830	130	36	d	d	X
ajfa-4830	130	37	f	f	PROPN
ajfa-4830	130	38	sig	sig	PROPN
ajfa-4830	130	39	.	.	PUNCT
ajfa-4830	131	1	(	(	PUNCT
ajfa-4830	131	2	2	2	NUM
ajfa-4830	131	3	-	-	PUNCT
ajfa-4830	131	4	tailed	tailed	ADJ
ajfa-4830	131	5	)	)	PUNCT
ajfa-4830	131	6	-4.968	-4.968	PUNCT
ajfa-4830	131	7	00	00	PUNCT
ajfa-4830	132	1	18.034	18.034	NUM
ajfa-4830	132	2	38	38	NUM
ajfa-4830	132	3	5.702	5.702	NUM
ajfa-4830	132	4	97	97	NUM
ajfa-4830	132	5	-17.869	-17.869	NUM
ajfa-4830	132	6	02	02	NUM
ajfa-4830	132	7	7.933	7.933	NUM
ajfa-4830	132	8	02	02	NUM
ajfa-4830	132	9	-87	-87	NUM
ajfa-4830	132	10	1	1	NUM
ajfa-4830	132	11	9	9	NUM
ajfa-4830	132	12	0.406	0.406	NUM
ajfa-4830	132	13	paired	pair	VERB
ajfa-4830	132	14	sample	sample	NOUN
ajfa-4830	132	15	t	t	PROPN
ajfa-4830	132	16	-	-	PUNCT
ajfa-4830	132	17	test	test	NOUN
ajfa-4830	132	18	is	be	AUX
ajfa-4830	132	19	done	do	VERB
ajfa-4830	132	20	to	to	PART
ajfa-4830	132	21	check	check	VERB
ajfa-4830	132	22	whether	whether	SCONJ
ajfa-4830	132	23	the	the	DET
ajfa-4830	132	24	numerical	numerical	ADJ
ajfa-4830	132	25	difference	difference	NOUN
ajfa-4830	132	26	between	between	ADP
ajfa-4830	132	27	the	the	DET
ajfa-4830	132	28	actual	actual	ADJ
ajfa-4830	132	29	and	and	CCONJ
ajfa-4830	132	30	the	the	DET
ajfa-4830	132	31	expected	expect	VERB
ajfa-4830	132	32	ninety	ninety	NUM
ajfa-4830	132	33	day	day	NOUN
ajfa-4830	132	34	call	call	NOUN
ajfa-4830	132	35	option	option	NOUN
ajfa-4830	132	36	price	price	NOUN
ajfa-4830	132	37	of	of	ADP
ajfa-4830	132	38	stock	stock	NOUN
ajfa-4830	132	39	option	option	NOUN
ajfa-4830	132	40	which	which	PRON
ajfa-4830	132	41	is	be	AUX
ajfa-4830	132	42	significant	significant	ADJ
ajfa-4830	132	43	in	in	ADP
ajfa-4830	132	44	this	this	DET
ajfa-4830	132	45	case	case	NOUN
ajfa-4830	132	46	.	.	PUNCT
ajfa-4830	133	1	the	the	DET
ajfa-4830	133	2	spss	spss	PROPN
ajfa-4830	133	3	result	result	NOUN
ajfa-4830	133	4	show	show	VERB
ajfa-4830	133	5	that	that	SCONJ
ajfa-4830	133	6	the	the	DET
ajfa-4830	133	7	p	p	PROPN
ajfa-4830	133	8	value	value	NOUN
ajfa-4830	133	9	is	be	AUX
ajfa-4830	133	10	greater	great	ADJ
ajfa-4830	133	11	than	than	ADP
ajfa-4830	133	12	0.05	0.05	NUM
ajfa-4830	133	13	.	.	PUNCT
ajfa-4830	134	1	so	so	ADV
ajfa-4830	134	2	we	we	PRON
ajfa-4830	134	3	can	can	AUX
ajfa-4830	134	4	accept	accept	VERB
ajfa-4830	134	5	the	the	DET
ajfa-4830	134	6	null	null	ADJ
ajfa-4830	134	7	hypothesis	hypothesis	NOUN
ajfa-4830	134	8	that	that	SCONJ
ajfa-4830	134	9	there	there	PRON
ajfa-4830	134	10	is	be	VERB
ajfa-4830	134	11	no	no	DET
ajfa-4830	134	12	significant	significant	ADJ
ajfa-4830	134	13	difference	difference	NOUN
ajfa-4830	134	14	between	between	ADP
ajfa-4830	134	15	the	the	DET
ajfa-4830	134	16	actual	actual	ADJ
ajfa-4830	134	17	and	and	CCONJ
ajfa-4830	134	18	expected	expect	VERB
ajfa-4830	134	19	call	call	NOUN
ajfa-4830	134	20	option	option	NOUN
ajfa-4830	134	21	prices	price	NOUN
ajfa-4830	134	22	of	of	ADP
ajfa-4830	134	23	stock	stock	NOUN
ajfa-4830	134	24	option	option	NOUN
ajfa-4830	134	25	.	.	PUNCT
ajfa-4830	135	1	asian	asian	ADJ
ajfa-4830	135	2	journal	journal	PROPN
ajfa-4830	135	3	of	of	ADP
ajfa-4830	135	4	finance	finance	PROPN
ajfa-4830	135	5	&	&	CCONJ
ajfa-4830	135	6	accounting	accounting	PROPN
ajfa-4830	135	7	issn	issn	PROPN
ajfa-4830	135	8	1946	1946	NUM
ajfa-4830	135	9	-	-	PUNCT
ajfa-4830	135	10	052x	052x	PROPN
ajfa-4830	135	11	2014	2014	NUM
ajfa-4830	135	12	,	,	PUNCT
ajfa-4830	135	13	vol	vol	NOUN
ajfa-4830	135	14	.	.	PROPN
ajfa-4830	136	1	6	6	NUM
ajfa-4830	136	2	,	,	PUNCT
ajfa-4830	136	3	no	no	INTJ
ajfa-4830	136	4	.	.	NOUN
ajfa-4830	136	5	1	1	NUM
ajfa-4830	136	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	136	7	434	434	NUM
ajfa-4830	136	8	table	table	NOUN
ajfa-4830	136	9	8	8	NUM
ajfa-4830	136	10	.	.	PUNCT
ajfa-4830	137	1	spss	spss	PROPN
ajfa-4830	137	2	output	output	NOUN
ajfa-4830	137	3	of	of	ADP
ajfa-4830	137	4	paired	pair	VERB
ajfa-4830	137	5	sample	sample	NOUN
ajfa-4830	137	6	t	t	PROPN
ajfa-4830	137	7	-	-	PUNCT
ajfa-4830	137	8	test	test	NOUN
ajfa-4830	137	9	to	to	PART
ajfa-4830	137	10	compare	compare	VERB
ajfa-4830	137	11	the	the	DET
ajfa-4830	137	12	model	model	NOUN
ajfa-4830	137	13	and	and	CCONJ
ajfa-4830	137	14	market	market	NOUN
ajfa-4830	137	15	prices	price	NOUN
ajfa-4830	137	16	of	of	ADP
ajfa-4830	137	17	thirty	thirty	NUM
ajfa-4830	137	18	day	day	NOUN
ajfa-4830	137	19	put	put	NOUN
ajfa-4830	137	20	option	option	NOUN
ajfa-4830	137	21	price	price	NOUN
ajfa-4830	137	22	t	t	NOUN
ajfa-4830	137	23	-	-	PUNCT
ajfa-4830	137	24	test	test	NOUN
ajfa-4830	137	25	paired	pair	VERB
ajfa-4830	137	26	samples	sample	NOUN
ajfa-4830	137	27	statistics	statistic	NOUN
ajfa-4830	137	28	mean	mean	VERB
ajfa-4830	137	29	n	n	PRON
ajfa-4830	137	30	std	std	PROPN
ajfa-4830	137	31	.	.	PUNCT
ajfa-4830	138	1	deviation	deviation	NOUN
ajfa-4830	138	2	std	std	NOUN
ajfa-4830	138	3	.	.	PUNCT
ajfa-4830	138	4	error	error	NOUN
ajfa-4830	138	5	mean	mean	NOUN
ajfa-4830	138	6	pair	pair	NOUN
ajfa-4830	138	7	1	1	NUM
ajfa-4830	138	8	thirtydaybsm	thirtydaybsm	NOUN
ajfa-4830	138	9	thirtydaymv	thirtydaymv	VERB
ajfa-4830	138	10	25.2260	25.2260	NUM
ajfa-4830	138	11	39.6850	39.6850	NUM
ajfa-4830	138	12	10	10	NUM
ajfa-4830	138	13	10	10	NUM
ajfa-4830	138	14	27.958	27.958	NUM
ajfa-4830	138	15	25	25	NUM
ajfa-4830	138	16	36.170	36.170	NUM
ajfa-4830	138	17	13	13	NUM
ajfa-4830	138	18	8.841	8.841	NUM
ajfa-4830	138	19	18	18	NUM
ajfa-4830	138	20	11.438	11.438	NUM
ajfa-4830	138	21	00	00	NUM
ajfa-4830	138	22	paired	pair	VERB
ajfa-4830	138	23	samples	sample	NOUN
ajfa-4830	138	24	correlations	correlation	NOUN
ajfa-4830	138	25	n	n	PRON
ajfa-4830	138	26	correlation	correlation	NOUN
ajfa-4830	138	27	sig	sig	NOUN
ajfa-4830	138	28	.	.	PUNCT
ajfa-4830	139	1	pair	pair	NOUN
ajfa-4830	139	2	1	1	NUM
ajfa-4830	139	3	thirtydaybsm	thirtydaybsm	NOUN
ajfa-4830	139	4	&	&	CCONJ
ajfa-4830	139	5	thirtydaymv	thirtydaymv	VERB
ajfa-4830	139	6	10	10	NUM
ajfa-4830	139	7	0.925	0.925	NUM
ajfa-4830	139	8	0.000	0.000	NUM
ajfa-4830	139	9	paired	pair	VERB
ajfa-4830	139	10	samples	sample	NOUN
ajfa-4830	139	11	test	test	NOUN
ajfa-4830	139	12	paired	pair	VERB
ajfa-4830	139	13	differences	difference	NOUN
ajfa-4830	139	14	95	95	NUM
ajfa-4830	139	15	%	%	NOUN
ajfa-4830	139	16	confidence	confidence	NOUN
ajfa-4830	139	17	interval	interval	NOUN
ajfa-4830	139	18	of	of	ADP
ajfa-4830	139	19	the	the	DET
ajfa-4830	139	20	difference	difference	NOUN
ajfa-4830	139	21	pair	pair	NOUN
ajfa-4830	140	1	1	1	NUM
ajfa-4830	140	2	thirtydaybsm	thirtydaybsm	NOUN
ajfa-4830	140	3	thirtydaymv	thirtydaymv	VERB
ajfa-4830	140	4	mean	mean	NOUN
ajfa-4830	140	5	std.deviation	std.deviation	NOUN
ajfa-4830	140	6	std.error	std.error	NOUN
ajfa-4830	140	7	mean	mean	VERB
ajfa-4830	140	8	lower	low	ADJ
ajfa-4830	140	9	upper	upper	ADJ
ajfa-4830	140	10	t	t	PROPN
ajfa-4830	140	11	df	df	PROPN
ajfa-4830	140	12	sig	sig	PROPN
ajfa-4830	140	13	.	.	PUNCT
ajfa-4830	141	1	(	(	PUNCT
ajfa-4830	141	2	2	2	NUM
ajfa-4830	141	3	-	-	PUNCT
ajfa-4830	141	4	tailed	tailed	ADJ
ajfa-4830	141	5	)	)	PUNCT
ajfa-4830	141	6	-14.459	-14.459	NOUN
ajfa-4830	141	7	00	00	NUM
ajfa-4830	142	1	14.800	14.800	NUM
ajfa-4830	142	2	94	94	NUM
ajfa-4830	142	3	4.680	4.680	NUM
ajfa-4830	142	4	47	47	NUM
ajfa-4830	142	5	-25.046	-25.046	PROPN
ajfa-4830	143	1	96	96	NUM
ajfa-4830	143	2	-3.871	-3.871	NOUN
ajfa-4830	143	3	04	04	NUM
ajfa-4830	143	4	-3.089	-3.089	NOUN
ajfa-4830	143	5	9	9	NUM
ajfa-4830	143	6	0.013	0.013	NUM
ajfa-4830	143	7	paired	pair	VERB
ajfa-4830	143	8	sample	sample	NOUN
ajfa-4830	143	9	t	t	PROPN
ajfa-4830	143	10	-	-	PUNCT
ajfa-4830	143	11	test	test	NOUN
ajfa-4830	143	12	is	be	AUX
ajfa-4830	143	13	done	do	VERB
ajfa-4830	143	14	to	to	PART
ajfa-4830	143	15	check	check	VERB
ajfa-4830	143	16	whether	whether	SCONJ
ajfa-4830	143	17	the	the	DET
ajfa-4830	143	18	numerical	numerical	ADJ
ajfa-4830	143	19	difference	difference	NOUN
ajfa-4830	143	20	between	between	ADP
ajfa-4830	143	21	the	the	DET
ajfa-4830	143	22	actual	actual	ADJ
ajfa-4830	143	23	and	and	CCONJ
ajfa-4830	143	24	the	the	DET
ajfa-4830	143	25	expected	expect	VERB
ajfa-4830	143	26	thirty	thirty	NUM
ajfa-4830	143	27	day	day	NOUN
ajfa-4830	143	28	put	put	NOUN
ajfa-4830	143	29	option	option	NOUN
ajfa-4830	143	30	price	price	NOUN
ajfa-4830	143	31	of	of	ADP
ajfa-4830	143	32	stock	stock	NOUN
ajfa-4830	143	33	option	option	NOUN
ajfa-4830	143	34	which	which	PRON
ajfa-4830	143	35	is	be	AUX
ajfa-4830	143	36	significant	significant	ADJ
ajfa-4830	143	37	in	in	ADP
ajfa-4830	143	38	this	this	DET
ajfa-4830	143	39	case	case	NOUN
ajfa-4830	143	40	.	.	PUNCT
ajfa-4830	144	1	the	the	DET
ajfa-4830	144	2	spss	spss	PROPN
ajfa-4830	144	3	result	result	NOUN
ajfa-4830	144	4	shows	show	VERB
ajfa-4830	144	5	that	that	SCONJ
ajfa-4830	144	6	the	the	DET
ajfa-4830	144	7	p	p	PROPN
ajfa-4830	144	8	value	value	NOUN
ajfa-4830	144	9	is	be	AUX
ajfa-4830	144	10	less	less	ADJ
ajfa-4830	144	11	than	than	ADP
ajfa-4830	144	12	0.05	0.05	NUM
ajfa-4830	144	13	.	.	PUNCT
ajfa-4830	145	1	so	so	ADV
ajfa-4830	145	2	we	we	PRON
ajfa-4830	145	3	can	can	AUX
ajfa-4830	145	4	reject	reject	VERB
ajfa-4830	145	5	the	the	DET
ajfa-4830	145	6	null	null	ADJ
ajfa-4830	145	7	hypothesis	hypothesis	NOUN
ajfa-4830	145	8	that	that	SCONJ
ajfa-4830	145	9	there	there	PRON
ajfa-4830	145	10	is	be	VERB
ajfa-4830	145	11	a	a	DET
ajfa-4830	145	12	significant	significant	ADJ
ajfa-4830	145	13	difference	difference	NOUN
ajfa-4830	145	14	between	between	ADP
ajfa-4830	145	15	the	the	DET
ajfa-4830	145	16	actual	actual	ADJ
ajfa-4830	145	17	and	and	CCONJ
ajfa-4830	145	18	expected	expect	VERB
ajfa-4830	145	19	call	call	NOUN
ajfa-4830	145	20	option	option	NOUN
ajfa-4830	145	21	prices	price	NOUN
ajfa-4830	145	22	of	of	ADP
ajfa-4830	145	23	stock	stock	NOUN
ajfa-4830	145	24	option	option	NOUN
ajfa-4830	145	25	.	.	PUNCT
ajfa-4830	146	1	table	table	NOUN
ajfa-4830	146	2	9	9	NUM
ajfa-4830	146	3	.	.	PUNCT
ajfa-4830	146	4	spss	spss	ADJ
ajfa-4830	146	5	output	output	NOUN
ajfa-4830	146	6	of	of	ADP
ajfa-4830	146	7	paired	pair	VERB
ajfa-4830	146	8	sample	sample	NOUN
ajfa-4830	146	9	t	t	PROPN
ajfa-4830	146	10	-	-	PUNCT
ajfa-4830	146	11	test	test	NOUN
ajfa-4830	146	12	to	to	PART
ajfa-4830	146	13	compare	compare	VERB
ajfa-4830	146	14	the	the	DET
ajfa-4830	146	15	model	model	NOUN
ajfa-4830	146	16	and	and	CCONJ
ajfa-4830	146	17	market	market	NOUN
ajfa-4830	146	18	prices	price	NOUN
ajfa-4830	146	19	of	of	ADP
ajfa-4830	146	20	sixty	sixty	NUM
ajfa-4830	146	21	day	day	NOUN
ajfa-4830	146	22	put	put	NOUN
ajfa-4830	146	23	option	option	NOUN
ajfa-4830	146	24	price	price	NOUN
ajfa-4830	146	25	t	t	NOUN
ajfa-4830	146	26	-	-	PUNCT
ajfa-4830	146	27	test	test	NOUN
ajfa-4830	146	28	paired	pair	VERB
ajfa-4830	146	29	samples	sample	NOUN
ajfa-4830	146	30	statistics	statistic	NOUN
ajfa-4830	146	31	mean	mean	VERB
ajfa-4830	146	32	n	n	PRON
ajfa-4830	146	33	std	std	PROPN
ajfa-4830	146	34	.	.	PUNCT
ajfa-4830	147	1	deviation	deviation	NOUN
ajfa-4830	147	2	std	std	NOUN
ajfa-4830	147	3	.	.	PUNCT
ajfa-4830	147	4	error	error	NOUN
ajfa-4830	147	5	mean	mean	NOUN
ajfa-4830	147	6	pair	pair	NOUN
ajfa-4830	147	7	1	1	NUM
ajfa-4830	147	8	sixtydaybsm	sixtydaybsm	NOUN
ajfa-4830	147	9	sixtydaymv	sixtydaymv	VERB
ajfa-4830	147	10	30.1830	30.1830	NUM
ajfa-4830	147	11	91.2650	91.2650	NUM
ajfa-4830	147	12	10	10	NUM
ajfa-4830	147	13	10	10	NUM
ajfa-4830	147	14	28.937	28.937	NUM
ajfa-4830	147	15	11	11	NUM
ajfa-4830	147	16	132.681	132.681	NUM
ajfa-4830	147	17	40	40	NUM
ajfa-4830	147	18	9.150	9.150	NUM
ajfa-4830	147	19	72	72	NUM
ajfa-4830	147	20	41.957	41.957	NUM
ajfa-4830	147	21	54	54	NUM
ajfa-4830	147	22	paired	pair	VERB
ajfa-4830	147	23	samples	sample	NOUN
ajfa-4830	147	24	correlations	correlation	NOUN
ajfa-4830	147	25	n	n	PRON
ajfa-4830	147	26	correlation	correlation	NOUN
ajfa-4830	147	27	sig	sig	NOUN
ajfa-4830	147	28	.	.	PUNCT
ajfa-4830	148	1	pair	pair	NOUN
ajfa-4830	148	2	1	1	NUM
ajfa-4830	148	3	sixtydaybsm	sixtydaybsm	PROPN
ajfa-4830	148	4	&	&	CCONJ
ajfa-4830	148	5	sixtydaymv	sixtydaymv	PROPN
ajfa-4830	148	6	10	10	NUM
ajfa-4830	148	7	0.793	0.793	NUM
ajfa-4830	148	8	0.006	0.006	NUM
ajfa-4830	148	9	asian	asian	ADJ
ajfa-4830	148	10	journal	journal	NOUN
ajfa-4830	148	11	of	of	ADP
ajfa-4830	148	12	finance	finance	PROPN
ajfa-4830	148	13	&	&	CCONJ
ajfa-4830	148	14	accounting	accounting	PROPN
ajfa-4830	148	15	issn	issn	PROPN
ajfa-4830	148	16	1946	1946	NUM
ajfa-4830	148	17	-	-	PUNCT
ajfa-4830	148	18	052x	052x	PROPN
ajfa-4830	148	19	2014	2014	NUM
ajfa-4830	148	20	,	,	PUNCT
ajfa-4830	148	21	vol	vol	NOUN
ajfa-4830	148	22	.	.	PROPN
ajfa-4830	148	23	6	6	NUM
ajfa-4830	148	24	,	,	PUNCT
ajfa-4830	148	25	no	no	INTJ
ajfa-4830	148	26	.	.	NOUN
ajfa-4830	148	27	1	1	NUM
ajfa-4830	148	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	148	29	435	435	NUM
ajfa-4830	148	30	paired	pair	VERB
ajfa-4830	148	31	samples	sample	NOUN
ajfa-4830	148	32	test	test	NOUN
ajfa-4830	148	33	paired	pair	VERB
ajfa-4830	148	34	differences	difference	NOUN
ajfa-4830	148	35	95	95	NUM
ajfa-4830	148	36	%	%	NOUN
ajfa-4830	148	37	confidence	confidence	NOUN
ajfa-4830	148	38	interval	interval	NOUN
ajfa-4830	148	39	of	of	ADP
ajfa-4830	148	40	the	the	DET
ajfa-4830	148	41	difference	difference	NOUN
ajfa-4830	148	42	pair	pair	NOUN
ajfa-4830	148	43	1	1	NUM
ajfa-4830	148	44	sixtydaybsm	sixtydaybsm	NOUN
ajfa-4830	148	45	sixtydaymv	sixtydaymv	NOUN
ajfa-4830	148	46	mean	mean	PROPN
ajfa-4830	148	47	std.deviation	std.deviation	NOUN
ajfa-4830	148	48	std.error	std.error	NOUN
ajfa-4830	148	49	mean	mean	VERB
ajfa-4830	148	50	lower	low	ADJ
ajfa-4830	148	51	upper	upper	ADJ
ajfa-4830	148	52	t	t	PROPN
ajfa-4830	148	53	df	df	PROPN
ajfa-4830	148	54	sig	sig	PROPN
ajfa-4830	148	55	.	.	PUNCT
ajfa-4830	149	1	(	(	PUNCT
ajfa-4830	149	2	2	2	NUM
ajfa-4830	149	3	-	-	PUNCT
ajfa-4830	149	4	tailed	tailed	ADJ
ajfa-4830	149	5	)	)	PUNCT
ajfa-4830	150	1	61.082	61.082	NUM
ajfa-4830	150	2	00	00	NUM
ajfa-4830	151	1	111.134	111.134	NUM
ajfa-4830	151	2	79	79	NUM
ajfa-4830	151	3	35.143	35.143	NUM
ajfa-4830	151	4	91	91	NUM
ajfa-4830	151	5	-140.583	-140.583	NUM
ajfa-4830	151	6	18.419	18.419	NUM
ajfa-4830	151	7	04	04	NUM
ajfa-4830	151	8	-1.738	-1.738	SYM
ajfa-4830	151	9	9	9	NUM
ajfa-4830	151	10	0.116	0.116	NUM
ajfa-4830	151	11	paired	pair	VERB
ajfa-4830	151	12	sample	sample	NOUN
ajfa-4830	151	13	t	t	PROPN
ajfa-4830	151	14	-	-	PUNCT
ajfa-4830	151	15	test	test	NOUN
ajfa-4830	151	16	is	be	AUX
ajfa-4830	151	17	done	do	VERB
ajfa-4830	151	18	to	to	PART
ajfa-4830	151	19	check	check	VERB
ajfa-4830	151	20	whether	whether	SCONJ
ajfa-4830	151	21	the	the	DET
ajfa-4830	151	22	numerical	numerical	ADJ
ajfa-4830	151	23	difference	difference	NOUN
ajfa-4830	151	24	between	between	ADP
ajfa-4830	151	25	the	the	DET
ajfa-4830	151	26	actual	actual	ADJ
ajfa-4830	151	27	and	and	CCONJ
ajfa-4830	151	28	the	the	DET
ajfa-4830	151	29	expected	expect	VERB
ajfa-4830	151	30	sixty	sixty	NUM
ajfa-4830	151	31	day	day	NOUN
ajfa-4830	151	32	put	put	NOUN
ajfa-4830	151	33	option	option	NOUN
ajfa-4830	151	34	price	price	NOUN
ajfa-4830	151	35	of	of	ADP
ajfa-4830	151	36	stock	stock	NOUN
ajfa-4830	151	37	option	option	NOUN
ajfa-4830	151	38	which	which	PRON
ajfa-4830	151	39	is	be	AUX
ajfa-4830	151	40	significant	significant	ADJ
ajfa-4830	151	41	in	in	ADP
ajfa-4830	151	42	this	this	DET
ajfa-4830	151	43	case	case	NOUN
ajfa-4830	151	44	.	.	PUNCT
ajfa-4830	152	1	the	the	DET
ajfa-4830	152	2	spss	spss	PROPN
ajfa-4830	152	3	result	result	NOUN
ajfa-4830	152	4	show	show	VERB
ajfa-4830	152	5	that	that	SCONJ
ajfa-4830	152	6	the	the	DET
ajfa-4830	152	7	p	p	PROPN
ajfa-4830	152	8	value	value	NOUN
ajfa-4830	152	9	is	be	AUX
ajfa-4830	152	10	greater	great	ADJ
ajfa-4830	152	11	than	than	ADP
ajfa-4830	152	12	0.05	0.05	NUM
ajfa-4830	152	13	.	.	PUNCT
ajfa-4830	153	1	so	so	ADV
ajfa-4830	153	2	we	we	PRON
ajfa-4830	153	3	can	can	AUX
ajfa-4830	153	4	accept	accept	VERB
ajfa-4830	153	5	the	the	DET
ajfa-4830	153	6	null	null	ADJ
ajfa-4830	153	7	hypothesis	hypothesis	NOUN
ajfa-4830	153	8	that	that	SCONJ
ajfa-4830	153	9	there	there	PRON
ajfa-4830	153	10	is	be	VERB
ajfa-4830	153	11	no	no	DET
ajfa-4830	153	12	significant	significant	ADJ
ajfa-4830	153	13	difference	difference	NOUN
ajfa-4830	153	14	between	between	ADP
ajfa-4830	153	15	the	the	DET
ajfa-4830	153	16	actual	actual	ADJ
ajfa-4830	153	17	and	and	CCONJ
ajfa-4830	153	18	expected	expect	VERB
ajfa-4830	153	19	put	put	NOUN
ajfa-4830	153	20	option	option	NOUN
ajfa-4830	153	21	prices	price	NOUN
ajfa-4830	153	22	of	of	ADP
ajfa-4830	153	23	stock	stock	NOUN
ajfa-4830	153	24	option	option	NOUN
ajfa-4830	153	25	.	.	PUNCT
ajfa-4830	154	1	table	table	NOUN
ajfa-4830	154	2	10	10	NUM
ajfa-4830	154	3	.	.	PUNCT
ajfa-4830	155	1	spss	spss	PROPN
ajfa-4830	155	2	output	output	NOUN
ajfa-4830	155	3	of	of	ADP
ajfa-4830	155	4	paired	pair	VERB
ajfa-4830	155	5	sample	sample	NOUN
ajfa-4830	155	6	t	t	PROPN
ajfa-4830	155	7	-	-	PUNCT
ajfa-4830	155	8	test	test	NOUN
ajfa-4830	155	9	to	to	PART
ajfa-4830	155	10	compare	compare	VERB
ajfa-4830	155	11	the	the	DET
ajfa-4830	155	12	model	model	NOUN
ajfa-4830	155	13	and	and	CCONJ
ajfa-4830	155	14	market	market	NOUN
ajfa-4830	155	15	prices	price	NOUN
ajfa-4830	155	16	of	of	ADP
ajfa-4830	155	17	ninety	ninety	NUM
ajfa-4830	155	18	day	day	NOUN
ajfa-4830	155	19	put	put	NOUN
ajfa-4830	155	20	option	option	NOUN
ajfa-4830	155	21	price	price	NOUN
ajfa-4830	155	22	t	t	NOUN
ajfa-4830	155	23	-	-	PUNCT
ajfa-4830	155	24	test	test	NOUN
ajfa-4830	155	25	paired	pair	VERB
ajfa-4830	155	26	samples	sample	NOUN
ajfa-4830	155	27	statistics	statistic	NOUN
ajfa-4830	155	28	mean	mean	VERB
ajfa-4830	155	29	n	n	PRON
ajfa-4830	155	30	std	std	PROPN
ajfa-4830	155	31	.	.	PUNCT
ajfa-4830	156	1	deviation	deviation	NOUN
ajfa-4830	156	2	std	std	NOUN
ajfa-4830	156	3	.	.	PUNCT
ajfa-4830	156	4	error	error	NOUN
ajfa-4830	156	5	mean	mean	NOUN
ajfa-4830	156	6	pair	pair	NOUN
ajfa-4830	156	7	1	1	NUM
ajfa-4830	156	8	ninetydaybsm	ninetydaybsm	NOUN
ajfa-4830	156	9	ninetydaymv	ninetydaymv	NOUN
ajfa-4830	156	10	34.8030	34.8030	NUM
ajfa-4830	156	11	52.3600	52.3600	NUM
ajfa-4830	156	12	10	10	NUM
ajfa-4830	156	13	10	10	NUM
ajfa-4830	156	14	36.414	36.414	NUM
ajfa-4830	156	15	27	27	NUM
ajfa-4830	156	16	44.451	44.451	NUM
ajfa-4830	156	17	33	33	NUM
ajfa-4830	156	18	11.515	11.515	NUM
ajfa-4830	156	19	20	20	NUM
ajfa-4830	156	20	14.056	14.056	NUM
ajfa-4830	156	21	74	74	NUM
ajfa-4830	156	22	paired	pair	VERB
ajfa-4830	156	23	samples	sample	NOUN
ajfa-4830	156	24	correlations	correlation	NOUN
ajfa-4830	156	25	n	n	PRON
ajfa-4830	156	26	correlation	correlation	NOUN
ajfa-4830	156	27	sig	sig	NOUN
ajfa-4830	156	28	.	.	PUNCT
ajfa-4830	157	1	pair	pair	PROPN
ajfa-4830	157	2	1	1	NUM
ajfa-4830	157	3	ninetydaybsm	ninetydaybsm	NOUN
ajfa-4830	157	4	&	&	CCONJ
ajfa-4830	157	5	ninetydaymv	ninetydaymv	PROPN
ajfa-4830	157	6	10	10	NUM
ajfa-4830	157	7	0.823	0.823	NUM
ajfa-4830	157	8	0.003	0.003	NUM
ajfa-4830	157	9	paired	pair	VERB
ajfa-4830	157	10	samples	sample	NOUN
ajfa-4830	157	11	test	test	NOUN
ajfa-4830	157	12	paired	pair	VERB
ajfa-4830	157	13	differences	difference	NOUN
ajfa-4830	157	14	95	95	NUM
ajfa-4830	157	15	%	%	NOUN
ajfa-4830	157	16	confidence	confidence	NOUN
ajfa-4830	157	17	interval	interval	NOUN
ajfa-4830	157	18	of	of	ADP
ajfa-4830	157	19	the	the	DET
ajfa-4830	157	20	difference	difference	NOUN
ajfa-4830	157	21	pair	pair	NOUN
ajfa-4830	157	22	1	1	NUM
ajfa-4830	157	23	ninetydaybsm	ninetydaybsm	ADJ
ajfa-4830	157	24	ninetydaymv	ninetydaymv	NOUN
ajfa-4830	157	25	mean	mean	VERB
ajfa-4830	157	26	std.deviation	std.deviation	NOUN
ajfa-4830	157	27	std.error	std.error	NOUN
ajfa-4830	157	28	mean	mean	VERB
ajfa-4830	157	29	lower	low	ADJ
ajfa-4830	157	30	upper	upper	ADJ
ajfa-4830	157	31	t	t	PROPN
ajfa-4830	157	32	df	df	PROPN
ajfa-4830	157	33	sig	sig	PROPN
ajfa-4830	157	34	.	.	PUNCT
ajfa-4830	158	1	(	(	PUNCT
ajfa-4830	158	2	2	2	NUM
ajfa-4830	158	3	-	-	PUNCT
ajfa-4830	158	4	tailed	tailed	ADJ
ajfa-4830	158	5	)	)	PUNCT
ajfa-4830	158	6	-17.557	-17.557	PUNCT
ajfa-4830	158	7	00	00	NUM
ajfa-4830	159	1	25.239	25.239	NUM
ajfa-4830	159	2	35	35	NUM
ajfa-4830	159	3	7.981	7.981	NUM
ajfa-4830	159	4	38	38	NUM
ajfa-4830	159	5	-35.61214	-35.61214	NUM
ajfa-4830	159	6	498	498	NUM
ajfa-4830	159	7	14	14	NUM
ajfa-4830	159	8	-2.200	-2.200	SYM
ajfa-4830	159	9	9	9	NUM
ajfa-4830	159	10	0.55	0.55	NUM
ajfa-4830	159	11	paired	pair	VERB
ajfa-4830	159	12	sample	sample	NOUN
ajfa-4830	159	13	t	t	PROPN
ajfa-4830	159	14	-	-	PUNCT
ajfa-4830	159	15	test	test	NOUN
ajfa-4830	159	16	is	be	AUX
ajfa-4830	159	17	done	do	VERB
ajfa-4830	159	18	to	to	PART
ajfa-4830	159	19	check	check	VERB
ajfa-4830	159	20	whether	whether	SCONJ
ajfa-4830	159	21	the	the	DET
ajfa-4830	159	22	numerical	numerical	ADJ
ajfa-4830	159	23	difference	difference	NOUN
ajfa-4830	159	24	between	between	ADP
ajfa-4830	159	25	the	the	DET
ajfa-4830	159	26	actual	actual	ADJ
ajfa-4830	159	27	and	and	CCONJ
ajfa-4830	159	28	the	the	DET
ajfa-4830	159	29	expected	expect	VERB
ajfa-4830	159	30	ninety	ninety	NUM
ajfa-4830	159	31	day	day	NOUN
ajfa-4830	159	32	put	put	NOUN
ajfa-4830	159	33	option	option	NOUN
ajfa-4830	159	34	price	price	NOUN
ajfa-4830	159	35	of	of	ADP
ajfa-4830	159	36	stock	stock	NOUN
ajfa-4830	159	37	option	option	NOUN
ajfa-4830	159	38	which	which	PRON
ajfa-4830	159	39	is	be	AUX
ajfa-4830	159	40	significant	significant	ADJ
ajfa-4830	159	41	in	in	ADP
ajfa-4830	159	42	this	this	DET
ajfa-4830	159	43	case	case	NOUN
ajfa-4830	159	44	.	.	PUNCT
ajfa-4830	160	1	the	the	DET
ajfa-4830	160	2	spss	spss	PROPN
ajfa-4830	160	3	result	result	NOUN
ajfa-4830	160	4	show	show	VERB
ajfa-4830	160	5	that	that	SCONJ
ajfa-4830	160	6	the	the	DET
ajfa-4830	160	7	p	p	PROPN
ajfa-4830	160	8	value	value	NOUN
ajfa-4830	160	9	is	be	AUX
ajfa-4830	160	10	greater	great	ADJ
ajfa-4830	160	11	than	than	ADP
ajfa-4830	160	12	0.05	0.05	NUM
ajfa-4830	160	13	.	.	PUNCT
ajfa-4830	161	1	so	so	ADV
ajfa-4830	161	2	we	we	PRON
ajfa-4830	161	3	can	can	AUX
ajfa-4830	161	4	accept	accept	VERB
ajfa-4830	161	5	the	the	DET
ajfa-4830	161	6	null	null	ADJ
ajfa-4830	161	7	asian	asian	ADJ
ajfa-4830	161	8	journal	journal	NOUN
ajfa-4830	161	9	of	of	ADP
ajfa-4830	161	10	finance	finance	PROPN
ajfa-4830	161	11	&	&	CCONJ
ajfa-4830	161	12	accounting	accounting	PROPN
ajfa-4830	161	13	issn	issn	PROPN
ajfa-4830	161	14	1946	1946	NUM
ajfa-4830	161	15	-	-	PUNCT
ajfa-4830	161	16	052x	052x	PROPN
ajfa-4830	161	17	2014	2014	NUM
ajfa-4830	161	18	,	,	PUNCT
ajfa-4830	161	19	vol	vol	NOUN
ajfa-4830	161	20	.	.	PROPN
ajfa-4830	162	1	6	6	NUM
ajfa-4830	162	2	,	,	PUNCT
ajfa-4830	162	3	no	no	INTJ
ajfa-4830	162	4	.	.	NOUN
ajfa-4830	162	5	1	1	NUM
ajfa-4830	162	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	162	7	436	436	NUM
ajfa-4830	162	8	hypothesis	hypothesis	NOUN
ajfa-4830	162	9	that	that	SCONJ
ajfa-4830	162	10	there	there	PRON
ajfa-4830	162	11	is	be	VERB
ajfa-4830	162	12	no	no	DET
ajfa-4830	162	13	significant	significant	ADJ
ajfa-4830	162	14	difference	difference	NOUN
ajfa-4830	162	15	between	between	ADP
ajfa-4830	162	16	the	the	DET
ajfa-4830	162	17	actual	actual	ADJ
ajfa-4830	162	18	and	and	CCONJ
ajfa-4830	162	19	expected	expect	VERB
ajfa-4830	162	20	put	put	NOUN
ajfa-4830	162	21	option	option	NOUN
ajfa-4830	162	22	prices	price	NOUN
ajfa-4830	162	23	of	of	ADP
ajfa-4830	162	24	stock	stock	NOUN
ajfa-4830	162	25	option	option	NOUN
ajfa-4830	162	26	.	.	PUNCT
ajfa-4830	163	1	4.4	4.4	NUM
ajfa-4830	163	2	.	.	PUNCT
ajfa-4830	164	1	multiple	multiple	ADJ
ajfa-4830	164	2	regressions	regression	NOUN
ajfa-4830	164	3	table	table	NOUN
ajfa-4830	164	4	11	11	NUM
ajfa-4830	164	5	.	.	PUNCT
ajfa-4830	165	1	spss	spss	PROPN
ajfa-4830	165	2	output	output	NOUN
ajfa-4830	165	3	of	of	ADP
ajfa-4830	165	4	multiple	multiple	ADJ
ajfa-4830	165	5	regression	regression	NOUN
ajfa-4830	165	6	for	for	ADP
ajfa-4830	165	7	stock	stock	NOUN
ajfa-4830	165	8	call	call	NOUN
ajfa-4830	165	9	options	option	NOUN
ajfa-4830	165	10	:	:	PUNCT
ajfa-4830	165	11	regression	regression	NOUN
ajfa-4830	165	12	variables	variable	NOUN
ajfa-4830	165	13	entered/	entered/	NUM
ajfa-4830	165	14	removed	remove	VERB
ajfa-4830	165	15	ᵇ	ᵇ	DET
ajfa-4830	165	16	model	model	NOUN
ajfa-4830	165	17	variables	variable	NOUN
ajfa-4830	165	18	entered	enter	VERB
ajfa-4830	165	19	variables	variable	NOUN
ajfa-4830	165	20	removed	remove	VERB
ajfa-4830	165	21	method	method	NOUN
ajfa-4830	165	22	1	1	NUM
ajfa-4830	165	23	maturity	maturity	NOUN
ajfa-4830	165	24	,	,	PUNCT
ajfa-4830	165	25	stock	stock	NOUN
ajfa-4830	165	26	,	,	PUNCT
ajfa-4830	165	27	price	price	NOUN
ajfa-4830	165	28	,	,	PUNCT
ajfa-4830	165	29	volatility	volatility	NOUN
ajfa-4830	165	30	,	,	PUNCT
ajfa-4830	165	31	strike	strike	NOUN
ajfa-4830	165	32	price	price	NOUN
ajfa-4830	165	33	ᵃ	ᵃ	PRON
ajfa-4830	165	34	enter	enter	VERB
ajfa-4830	165	35	a.	a.	NOUN
ajfa-4830	165	36	all	all	DET
ajfa-4830	165	37	reserved	reserved	ADJ
ajfa-4830	165	38	variables	variable	NOUN
ajfa-4830	165	39	entered	enter	VERB
ajfa-4830	165	40	b.	b.	PROPN
ajfa-4830	165	41	dependent	dependent	ADJ
ajfa-4830	165	42	variable	variable	NOUN
ajfa-4830	165	43	:	:	PUNCT
ajfa-4830	165	44	option	option	NOUN
ajfa-4830	165	45	price	price	NOUN
ajfa-4830	165	46	model	model	NOUN
ajfa-4830	165	47	summary	summary	NOUN
ajfa-4830	165	48	model	model	NOUN
ajfa-4830	165	49	r	r	PROPN
ajfa-4830	165	50	r	r	NOUN
ajfa-4830	165	51	square	square	ADJ
ajfa-4830	165	52	adjusted	adjust	VERB
ajfa-4830	165	53	r	r	NOUN
ajfa-4830	165	54	square	square	ADJ
ajfa-4830	165	55	std	std	NOUN
ajfa-4830	165	56	.	.	PUNCT
ajfa-4830	166	1	error	error	NOUN
ajfa-4830	166	2	of	of	ADP
ajfa-4830	166	3	the	the	DET
ajfa-4830	166	4	estimate	estimate	NOUN
ajfa-4830	166	5	1	1	NUM
ajfa-4830	166	6	0.971ᵃ	0.971ᵃ	NOUN
ajfa-4830	166	7	0.943	0.943	NUM
ajfa-4830	166	8	0.934	0.934	NUM
ajfa-4830	166	9	11.73665	11.73665	NUM
ajfa-4830	166	10	a.	a.	NOUN
ajfa-4830	166	11	predictors	predictor	NOUN
ajfa-4830	166	12	:	:	PUNCT
ajfa-4830	166	13	(	(	PUNCT
ajfa-4830	166	14	constant	constant	ADJ
ajfa-4830	166	15	)	)	PUNCT
ajfa-4830	166	16	,	,	PUNCT
ajfa-4830	166	17	maturity	maturity	NOUN
ajfa-4830	166	18	,	,	PUNCT
ajfa-4830	166	19	stock	stock	NOUN
ajfa-4830	166	20	price	price	NOUN
ajfa-4830	166	21	,	,	PUNCT
ajfa-4830	166	22	volatility	volatility	NOUN
ajfa-4830	166	23	,	,	PUNCT
ajfa-4830	166	24	strike	strike	NOUN
ajfa-4830	166	25	price	price	NOUN
ajfa-4830	166	26	anovaᵇ	anovaᵇ	NOUN
ajfa-4830	166	27	model	model	NOUN
ajfa-4830	166	28	sum	sum	NOUN
ajfa-4830	166	29	of	of	ADP
ajfa-4830	166	30	squares	square	NOUN
ajfa-4830	166	31	df	df	PROPN
ajfa-4830	166	32	mean	mean	PROPN
ajfa-4830	166	33	square	square	PROPN
ajfa-4830	166	34	f	f	PROPN
ajfa-4830	166	35	sig	sig	PROPN
ajfa-4830	166	36	.	.	PROPN
ajfa-4830	166	37	1	1	NUM
ajfa-4830	166	38	regression	regression	NOUN
ajfa-4830	166	39	57392.765	57392.765	NUM
ajfa-4830	166	40	4	4	NUM
ajfa-4830	166	41	14348.191	14348.191	NUM
ajfa-4830	166	42	104.162	104.162	NUM
ajfa-4830	166	43	0.000ᵃ	0.000ᵃ	NOUN
ajfa-4830	166	44	residual	residual	ADJ
ajfa-4830	166	45	3443.722	3443.722	NUM
ajfa-4830	166	46	25	25	NUM
ajfa-4830	166	47	137.749	137.749	NUM
ajfa-4830	166	48	total	total	NOUN
ajfa-4830	166	49	60836.487	60836.487	NUM
ajfa-4830	166	50	29	29	NUM
ajfa-4830	166	51	a.	a.	NOUN
ajfa-4830	166	52	predictors	predictor	NOUN
ajfa-4830	166	53	:	:	PUNCT
ajfa-4830	166	54	(	(	PUNCT
ajfa-4830	166	55	constant	constant	ADJ
ajfa-4830	166	56	)	)	PUNCT
ajfa-4830	166	57	,	,	PUNCT
ajfa-4830	166	58	maturity	maturity	NOUN
ajfa-4830	166	59	,	,	PUNCT
ajfa-4830	166	60	stock	stock	NOUN
ajfa-4830	166	61	price	price	NOUN
ajfa-4830	166	62	,	,	PUNCT
ajfa-4830	166	63	volatility	volatility	NOUN
ajfa-4830	166	64	,	,	PUNCT
ajfa-4830	167	1	strike	strike	VERB
ajfa-4830	167	2	price	price	NOUN
ajfa-4830	167	3	b.	b.	PROPN
ajfa-4830	167	4	dependent	dependent	ADJ
ajfa-4830	167	5	variable	variable	NOUN
ajfa-4830	167	6	:	:	PUNCT
ajfa-4830	167	7	option	option	NOUN
ajfa-4830	167	8	price	price	NOUN
ajfa-4830	167	9	multiple	multiple	ADJ
ajfa-4830	167	10	regression	regression	NOUN
ajfa-4830	167	11	is	be	AUX
ajfa-4830	167	12	done	do	VERB
ajfa-4830	167	13	to	to	PART
ajfa-4830	167	14	find	find	VERB
ajfa-4830	167	15	out	out	ADP
ajfa-4830	167	16	the	the	DET
ajfa-4830	167	17	independent	independent	ADJ
ajfa-4830	167	18	variables	variable	NOUN
ajfa-4830	167	19	on	on	ADP
ajfa-4830	167	20	which	which	PRON
ajfa-4830	167	21	call	call	VERB
ajfa-4830	167	22	option	option	NOUN
ajfa-4830	167	23	prices	price	NOUN
ajfa-4830	167	24	of	of	ADP
ajfa-4830	167	25	the	the	DET
ajfa-4830	167	26	stock	stock	NOUN
ajfa-4830	167	27	option	option	NOUN
ajfa-4830	167	28	depends	depend	VERB
ajfa-4830	167	29	upon	upon	SCONJ
ajfa-4830	167	30	.	.	PUNCT
ajfa-4830	168	1	the	the	DET
ajfa-4830	168	2	independent	independent	ADJ
ajfa-4830	168	3	variables	variable	NOUN
ajfa-4830	168	4	considered	consider	VERB
ajfa-4830	168	5	are	be	AUX
ajfa-4830	168	6	strike	strike	NOUN
ajfa-4830	168	7	price	price	NOUN
ajfa-4830	168	8	,	,	PUNCT
ajfa-4830	168	9	spot	spot	NOUN
ajfa-4830	168	10	price	price	NOUN
ajfa-4830	168	11	,	,	PUNCT
ajfa-4830	168	12	volatility	volatility	NOUN
ajfa-4830	168	13	and	and	CCONJ
ajfa-4830	168	14	maturity	maturity	NOUN
ajfa-4830	168	15	time	time	NOUN
ajfa-4830	168	16	.	.	PUNCT
ajfa-4830	169	1	the	the	DET
ajfa-4830	169	2	results	result	NOUN
ajfa-4830	169	3	of	of	ADP
ajfa-4830	169	4	the	the	DET
ajfa-4830	169	5	spss	spss	PROPN
ajfa-4830	169	6	output	output	NOUN
ajfa-4830	169	7	show	show	NOUN
ajfa-4830	169	8	there	there	PRON
ajfa-4830	169	9	is	be	VERB
ajfa-4830	169	10	dependency	dependency	NOUN
ajfa-4830	169	11	of	of	ADP
ajfa-4830	169	12	call	call	NOUN
ajfa-4830	169	13	option	option	NOUN
ajfa-4830	169	14	prices	price	NOUN
ajfa-4830	169	15	of	of	ADP
ajfa-4830	169	16	the	the	DET
ajfa-4830	169	17	stock	stock	NOUN
ajfa-4830	169	18	option	option	NOUN
ajfa-4830	169	19	on	on	ADP
ajfa-4830	169	20	all	all	DET
ajfa-4830	169	21	the	the	DET
ajfa-4830	169	22	variables	variable	NOUN
ajfa-4830	169	23	except	except	SCONJ
ajfa-4830	169	24	the	the	DET
ajfa-4830	169	25	maturity	maturity	NOUN
ajfa-4830	169	26	time	time	NOUN
ajfa-4830	169	27	as	as	SCONJ
ajfa-4830	169	28	r	r	NOUN
ajfa-4830	169	29	square	square	ADJ
ajfa-4830	169	30	value	value	NOUN
ajfa-4830	169	31	is	be	AUX
ajfa-4830	169	32	high	high	ADJ
ajfa-4830	169	33	and	and	CCONJ
ajfa-4830	169	34	the	the	DET
ajfa-4830	169	35	p	p	ADJ
ajfa-4830	169	36	values	value	NOUN
ajfa-4830	169	37	are	be	AUX
ajfa-4830	169	38	less	less	ADJ
ajfa-4830	169	39	than	than	ADP
ajfa-4830	169	40	0.05	0.05	NUM
ajfa-4830	169	41	in	in	ADP
ajfa-4830	169	42	all	all	DET
ajfa-4830	169	43	the	the	DET
ajfa-4830	169	44	cases	case	NOUN
ajfa-4830	169	45	except	except	SCONJ
ajfa-4830	169	46	maturity	maturity	NOUN
ajfa-4830	169	47	time	time	NOUN
ajfa-4830	169	48	.	.	PUNCT
ajfa-4830	170	1	asian	asian	ADJ
ajfa-4830	170	2	journal	journal	PROPN
ajfa-4830	170	3	of	of	ADP
ajfa-4830	170	4	finance	finance	PROPN
ajfa-4830	170	5	&	&	CCONJ
ajfa-4830	170	6	accounting	accounting	PROPN
ajfa-4830	170	7	issn	issn	PROPN
ajfa-4830	170	8	1946	1946	NUM
ajfa-4830	170	9	-	-	PUNCT
ajfa-4830	170	10	052x	052x	PROPN
ajfa-4830	170	11	2014	2014	NUM
ajfa-4830	170	12	,	,	PUNCT
ajfa-4830	170	13	vol	vol	NOUN
ajfa-4830	170	14	.	.	PROPN
ajfa-4830	171	1	6	6	NUM
ajfa-4830	171	2	,	,	PUNCT
ajfa-4830	171	3	no	no	INTJ
ajfa-4830	171	4	.	.	NOUN
ajfa-4830	171	5	1	1	NUM
ajfa-4830	171	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	171	7	437	437	NUM
ajfa-4830	171	8	table	table	NOUN
ajfa-4830	171	9	12	12	NUM
ajfa-4830	171	10	.	.	PUNCT
ajfa-4830	172	1	spss	spss	PROPN
ajfa-4830	172	2	output	output	NOUN
ajfa-4830	172	3	of	of	ADP
ajfa-4830	172	4	multiple	multiple	ADJ
ajfa-4830	172	5	regression	regression	NOUN
ajfa-4830	172	6	for	for	ADP
ajfa-4830	172	7	stock	stock	NOUN
ajfa-4830	172	8	put	put	NOUN
ajfa-4830	172	9	options	option	NOUN
ajfa-4830	172	10	:	:	PUNCT
ajfa-4830	172	11	regression	regression	NOUN
ajfa-4830	172	12	variables	variable	NOUN
ajfa-4830	172	13	entered/	entered/	NUM
ajfa-4830	172	14	removed	remove	VERB
ajfa-4830	172	15	ᵇ	ᵇ	DET
ajfa-4830	172	16	model	model	NOUN
ajfa-4830	172	17	variables	variable	NOUN
ajfa-4830	172	18	entered	enter	VERB
ajfa-4830	172	19	variables	variable	NOUN
ajfa-4830	172	20	removed	remove	VERB
ajfa-4830	172	21	method	method	NOUN
ajfa-4830	172	22	1	1	NUM
ajfa-4830	172	23	maturity	maturity	NOUN
ajfa-4830	172	24	,	,	PUNCT
ajfa-4830	172	25	stock	stock	NOUN
ajfa-4830	172	26	,	,	PUNCT
ajfa-4830	172	27	price	price	NOUN
ajfa-4830	172	28	,	,	PUNCT
ajfa-4830	172	29	volatility	volatility	NOUN
ajfa-4830	172	30	,	,	PUNCT
ajfa-4830	172	31	strike	strike	NOUN
ajfa-4830	172	32	price	price	NOUN
ajfa-4830	172	33	ᵃ	ᵃ	PRON
ajfa-4830	172	34	enter	enter	VERB
ajfa-4830	172	35	a.	a.	NOUN
ajfa-4830	172	36	all	all	DET
ajfa-4830	172	37	reserved	reserved	ADJ
ajfa-4830	172	38	variables	variable	NOUN
ajfa-4830	172	39	entered	enter	VERB
ajfa-4830	172	40	b.	b.	PROPN
ajfa-4830	172	41	dependent	dependent	ADJ
ajfa-4830	172	42	variable	variable	NOUN
ajfa-4830	172	43	:	:	PUNCT
ajfa-4830	172	44	option	option	NOUN
ajfa-4830	172	45	price	price	NOUN
ajfa-4830	172	46	model	model	NOUN
ajfa-4830	172	47	summary	summary	NOUN
ajfa-4830	172	48	model	model	NOUN
ajfa-4830	172	49	r	r	PROPN
ajfa-4830	172	50	r	r	NOUN
ajfa-4830	172	51	square	square	ADJ
ajfa-4830	172	52	adjusted	adjust	VERB
ajfa-4830	172	53	r	r	NOUN
ajfa-4830	172	54	square	square	ADJ
ajfa-4830	172	55	std	std	NOUN
ajfa-4830	172	56	.	.	PUNCT
ajfa-4830	173	1	error	error	NOUN
ajfa-4830	173	2	of	of	ADP
ajfa-4830	173	3	the	the	DET
ajfa-4830	173	4	estimate	estimate	NOUN
ajfa-4830	173	5	1	1	NUM
ajfa-4830	173	6	0.966ᵃ	0.966ᵃ	NUM
ajfa-4830	173	7	0.932	0.932	NUM
ajfa-4830	173	8	0.922	0.922	NUM
ajfa-4830	173	9	8.5351	8.5351	NUM
ajfa-4830	173	10	a.	a.	NOUN
ajfa-4830	173	11	predictors	predictor	NOUN
ajfa-4830	173	12	:	:	PUNCT
ajfa-4830	173	13	(	(	PUNCT
ajfa-4830	173	14	constant	constant	ADJ
ajfa-4830	173	15	)	)	PUNCT
ajfa-4830	173	16	,	,	PUNCT
ajfa-4830	173	17	maturity	maturity	NOUN
ajfa-4830	173	18	,	,	PUNCT
ajfa-4830	173	19	stock	stock	NOUN
ajfa-4830	173	20	price	price	NOUN
ajfa-4830	173	21	,	,	PUNCT
ajfa-4830	173	22	volatility	volatility	NOUN
ajfa-4830	173	23	,	,	PUNCT
ajfa-4830	173	24	strike	strike	NOUN
ajfa-4830	173	25	price	price	NOUN
ajfa-4830	173	26	anovaᵇ	anovaᵇ	NOUN
ajfa-4830	173	27	model	model	NOUN
ajfa-4830	173	28	sum	sum	NOUN
ajfa-4830	173	29	of	of	ADP
ajfa-4830	173	30	squares	square	NOUN
ajfa-4830	173	31	df	df	PROPN
ajfa-4830	173	32	mean	mean	PROPN
ajfa-4830	173	33	square	square	PROPN
ajfa-4830	173	34	f	f	PROPN
ajfa-4830	173	35	sig	sig	PROPN
ajfa-4830	173	36	.	.	PROPN
ajfa-4830	173	37	1	1	NUM
ajfa-4830	173	38	regression	regression	VERB
ajfa-4830	173	39	25142.779	25142.779	NUM
ajfa-4830	173	40	4	4	NUM
ajfa-4830	173	41	14348.191	14348.191	NUM
ajfa-4830	173	42	86.286	86.286	NUM
ajfa-4830	173	43	0.000ᵃ	0.000ᵃ	NOUN
ajfa-4830	173	44	residual	residual	ADJ
ajfa-4830	173	45	1821.177	1821.177	NUM
ajfa-4830	173	46	25	25	NUM
ajfa-4830	173	47	72.847	72.847	NUM
ajfa-4830	173	48	total	total	NOUN
ajfa-4830	173	49	26963.957	26963.957	NUM
ajfa-4830	173	50	29	29	NUM
ajfa-4830	173	51	a.	a.	NOUN
ajfa-4830	173	52	predictors	predictor	NOUN
ajfa-4830	173	53	:	:	PUNCT
ajfa-4830	173	54	(	(	PUNCT
ajfa-4830	173	55	constant	constant	ADJ
ajfa-4830	173	56	)	)	PUNCT
ajfa-4830	173	57	,	,	PUNCT
ajfa-4830	173	58	maturity	maturity	NOUN
ajfa-4830	173	59	,	,	PUNCT
ajfa-4830	173	60	stock	stock	NOUN
ajfa-4830	173	61	price	price	NOUN
ajfa-4830	173	62	,	,	PUNCT
ajfa-4830	173	63	volatility	volatility	NOUN
ajfa-4830	173	64	,	,	PUNCT
ajfa-4830	173	65	strike	strike	VERB
ajfa-4830	173	66	price	price	NOUN
ajfa-4830	173	67	b.	b.	PROPN
ajfa-4830	173	68	dependent	dependent	ADJ
ajfa-4830	173	69	variable	variable	NOUN
ajfa-4830	173	70	:	:	PUNCT
ajfa-4830	174	1	option	option	NOUN
ajfa-4830	174	2	price	price	NOUN
ajfa-4830	174	3	coefficientsᵃ	coefficientsᵃ	PROPN
ajfa-4830	174	4	unstandardized	unstandardized	ADJ
ajfa-4830	174	5	coefficients	coefficient	NOUN
ajfa-4830	174	6	standardized	standardized	ADJ
ajfa-4830	174	7	coefficients	coefficient	NOUN
ajfa-4830	174	8	model	model	NOUN
ajfa-4830	174	9	1	1	NUM
ajfa-4830	174	10	(	(	PUNCT
ajfa-4830	174	11	constant	constant	ADJ
ajfa-4830	174	12	)	)	PUNCT
ajfa-4830	174	13	b	b	NOUN
ajfa-4830	174	14	std	std	PROPN
ajfa-4830	174	15	.	.	NOUN
ajfa-4830	174	16	error	error	NOUN
ajfa-4830	174	17	beta	beta	PROPN
ajfa-4830	174	18	t	t	PROPN
ajfa-4830	174	19	sig	sig	PROPN
ajfa-4830	174	20	.	.	PUNCT
ajfa-4830	175	1	-28.825	-28.825	PROPN
ajfa-4830	175	2	5.624	5.624	NUM
ajfa-4830	175	3	-5.125	-5.125	NOUN
ajfa-4830	175	4	0	0	NUM
ajfa-4830	175	5	stock	stock	NOUN
ajfa-4830	175	6	price	price	NOUN
ajfa-4830	175	7	-0.742	-0.742	PUNCT
ajfa-4830	175	8	0.08	0.08	NUM
ajfa-4830	175	9	-22.412	-22.412	NUM
ajfa-4830	175	10	-9.277	-9.277	PUNCT
ajfa-4830	175	11	0	0	NUM
ajfa-4830	175	12	strike	strike	NOUN
ajfa-4830	175	13	price	price	NOUN
ajfa-4830	175	14	0.755	0.755	NUM
ajfa-4830	175	15	0.079	0.079	NUM
ajfa-4830	175	16	23.187	23.187	NUM
ajfa-4830	175	17	9.611	9.611	NUM
ajfa-4830	175	18	0	0	NUM
ajfa-4830	175	19	volatility	volatility	NOUN
ajfa-4830	175	20	307.237	307.237	NUM
ajfa-4830	175	21	54.425	54.425	NUM
ajfa-4830	175	22	0.436	0.436	NUM
ajfa-4830	175	23	5.645	5.645	NUM
ajfa-4830	175	24	0	0	NUM
ajfa-4830	175	25	maturity	maturity	NOUN
ajfa-4830	175	26	-72.704	-72.704	PRON
ajfa-4830	176	1	32.503	32.503	NUM
ajfa-4830	176	2	-0.163	-0.163	NUM
ajfa-4830	176	3	-2.237	-2.237	NUM
ajfa-4830	176	4	0.034	0.034	NUM
ajfa-4830	176	5	multiple	multiple	ADJ
ajfa-4830	176	6	regression	regression	NOUN
ajfa-4830	176	7	is	be	AUX
ajfa-4830	176	8	done	do	VERB
ajfa-4830	176	9	to	to	PART
ajfa-4830	176	10	find	find	VERB
ajfa-4830	176	11	out	out	ADP
ajfa-4830	176	12	the	the	DET
ajfa-4830	176	13	independent	independent	ADJ
ajfa-4830	176	14	variables	variable	NOUN
ajfa-4830	176	15	on	on	ADP
ajfa-4830	176	16	which	which	PRON
ajfa-4830	176	17	call	call	VERB
ajfa-4830	176	18	option	option	NOUN
ajfa-4830	176	19	prices	price	NOUN
ajfa-4830	176	20	of	of	ADP
ajfa-4830	176	21	the	the	DET
ajfa-4830	176	22	stock	stock	NOUN
ajfa-4830	176	23	option	option	NOUN
ajfa-4830	176	24	depends	depend	VERB
ajfa-4830	176	25	upon	upon	SCONJ
ajfa-4830	176	26	.	.	PUNCT
ajfa-4830	177	1	the	the	DET
ajfa-4830	177	2	independent	independent	ADJ
ajfa-4830	177	3	variables	variable	NOUN
ajfa-4830	177	4	considered	consider	VERB
ajfa-4830	177	5	are	be	AUX
ajfa-4830	177	6	strike	strike	NOUN
ajfa-4830	177	7	price	price	NOUN
ajfa-4830	177	8	,	,	PUNCT
ajfa-4830	177	9	spot	spot	NOUN
ajfa-4830	177	10	price	price	NOUN
ajfa-4830	177	11	,	,	PUNCT
ajfa-4830	177	12	volatility	volatility	NOUN
ajfa-4830	177	13	and	and	CCONJ
ajfa-4830	177	14	maturity	maturity	NOUN
ajfa-4830	177	15	time	time	NOUN
ajfa-4830	177	16	.	.	PUNCT
ajfa-4830	178	1	the	the	DET
ajfa-4830	178	2	results	result	NOUN
ajfa-4830	178	3	of	of	ADP
ajfa-4830	178	4	the	the	DET
ajfa-4830	178	5	spss	spss	PROPN
ajfa-4830	178	6	output	output	NOUN
ajfa-4830	178	7	show	show	NOUN
ajfa-4830	178	8	there	there	PRON
ajfa-4830	178	9	is	be	VERB
ajfa-4830	178	10	dependency	dependency	NOUN
ajfa-4830	178	11	of	of	ADP
ajfa-4830	178	12	put	put	VERB
ajfa-4830	178	13	option	option	NOUN
ajfa-4830	178	14	prices	price	NOUN
ajfa-4830	178	15	of	of	ADP
ajfa-4830	178	16	the	the	DET
ajfa-4830	178	17	stock	stock	NOUN
ajfa-4830	178	18	option	option	NOUN
ajfa-4830	178	19	on	on	ADP
ajfa-4830	178	20	all	all	DET
ajfa-4830	178	21	the	the	DET
ajfa-4830	178	22	variables	variable	NOUN
ajfa-4830	178	23	as	as	SCONJ
ajfa-4830	178	24	r	r	NOUN
ajfa-4830	178	25	square	square	ADJ
ajfa-4830	178	26	value	value	NOUN
ajfa-4830	178	27	is	be	AUX
ajfa-4830	178	28	high	high	ADJ
ajfa-4830	178	29	and	and	CCONJ
ajfa-4830	178	30	the	the	DET
ajfa-4830	178	31	p	p	ADJ
ajfa-4830	178	32	asian	asian	ADJ
ajfa-4830	178	33	journal	journal	NOUN
ajfa-4830	178	34	of	of	ADP
ajfa-4830	178	35	finance	finance	PROPN
ajfa-4830	178	36	&	&	CCONJ
ajfa-4830	178	37	accounting	accounting	PROPN
ajfa-4830	178	38	issn	issn	PROPN
ajfa-4830	178	39	1946	1946	NUM
ajfa-4830	178	40	-	-	PUNCT
ajfa-4830	178	41	052x	052x	PROPN
ajfa-4830	178	42	2014	2014	NUM
ajfa-4830	178	43	,	,	PUNCT
ajfa-4830	178	44	vol	vol	NOUN
ajfa-4830	178	45	.	.	PROPN
ajfa-4830	178	46	6	6	NUM
ajfa-4830	178	47	,	,	PUNCT
ajfa-4830	178	48	no	no	INTJ
ajfa-4830	178	49	.	.	NOUN
ajfa-4830	178	50	1	1	NUM
ajfa-4830	178	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4830	178	52	438	438	NUM
ajfa-4830	178	53	values	value	NOUN
ajfa-4830	178	54	are	be	AUX
ajfa-4830	178	55	less	less	ADJ
ajfa-4830	178	56	than	than	ADP
ajfa-4830	178	57	0.05	0.05	NUM
ajfa-4830	178	58	in	in	ADP
ajfa-4830	178	59	all	all	DET
ajfa-4830	178	60	the	the	DET
ajfa-4830	178	61	cases	case	NOUN
ajfa-4830	178	62	.	.	PUNCT
ajfa-4830	179	1	5	5	X
ajfa-4830	179	2	.	.	X
ajfa-4830	179	3	discussion	discussion	NOUN
ajfa-4830	179	4	the	the	DET
ajfa-4830	179	5	findings	finding	NOUN
ajfa-4830	179	6	of	of	ADP
ajfa-4830	179	7	the	the	DET
ajfa-4830	179	8	study	study	NOUN
ajfa-4830	179	9	suggest	suggest	VERB
ajfa-4830	179	10	that	that	SCONJ
ajfa-4830	179	11	options	option	NOUN
ajfa-4830	179	12	are	be	AUX
ajfa-4830	179	13	significantly	significantly	ADV
ajfa-4830	179	14	overpriced	overpriced	ADJ
ajfa-4830	179	15	.	.	PUNCT
ajfa-4830	180	1	however	however	ADV
ajfa-4830	180	2	,	,	PUNCT
ajfa-4830	180	3	an	an	DET
ajfa-4830	180	4	interesting	interesting	ADJ
ajfa-4830	180	5	possibility	possibility	NOUN
ajfa-4830	180	6	suggested	suggest	VERB
ajfa-4830	180	7	by	by	ADP
ajfa-4830	180	8	the	the	DET
ajfa-4830	180	9	findings	finding	NOUN
ajfa-4830	180	10	is	be	AUX
ajfa-4830	180	11	that	that	SCONJ
ajfa-4830	180	12	this	this	DET
ajfa-4830	180	13	overpricing	overpricing	NOUN
ajfa-4830	180	14	decreases	decrease	VERB
ajfa-4830	180	15	with	with	ADP
ajfa-4830	180	16	expiration	expiration	NOUN
ajfa-4830	180	17	period	period	NOUN
ajfa-4830	180	18	.	.	PUNCT
ajfa-4830	181	1	also	also	ADV
ajfa-4830	181	2	,	,	PUNCT
ajfa-4830	181	3	the	the	DET
ajfa-4830	181	4	findings	finding	NOUN
ajfa-4830	181	5	suggest	suggest	VERB
ajfa-4830	181	6	that	that	SCONJ
ajfa-4830	181	7	put	put	VERB
ajfa-4830	181	8	overpricing	overpricing	NOUN
ajfa-4830	181	9	is	be	AUX
ajfa-4830	181	10	significantly	significantly	ADV
ajfa-4830	181	11	higher	high	ADJ
ajfa-4830	181	12	than	than	SCONJ
ajfa-4830	181	13	call	call	VERB
ajfa-4830	181	14	overpricing	overpricing	NOUN
ajfa-4830	181	15	,	,	PUNCT
ajfa-4830	181	16	as	as	SCONJ
ajfa-4830	181	17	suggested	suggest	VERB
ajfa-4830	181	18	by	by	ADP
ajfa-4830	181	19	dash	dash	NOUN
ajfa-4830	181	20	et	et	PROPN
ajfa-4830	181	21	al	al	PROPN
ajfa-4830	181	22	(	(	PUNCT
ajfa-4830	181	23	2012	2012	NUM
ajfa-4830	181	24	)	)	PUNCT
ajfa-4830	181	25	,	,	PUNCT
ajfa-4830	181	26	particularly	particularly	ADV
ajfa-4830	181	27	for	for	ADP
ajfa-4830	181	28	longer	long	ADJ
ajfa-4830	181	29	expiration	expiration	NOUN
ajfa-4830	181	30	periods	period	NOUN
ajfa-4830	181	31	.	.	PUNCT
ajfa-4830	182	1	the	the	DET
ajfa-4830	182	2	study	study	NOUN
ajfa-4830	182	3	has	have	VERB
ajfa-4830	182	4	several	several	ADJ
ajfa-4830	182	5	limitations	limitation	NOUN
ajfa-4830	182	6	.	.	PUNCT
ajfa-4830	183	1	the	the	DET
ajfa-4830	183	2	sample	sample	NOUN
ajfa-4830	183	3	size	size	NOUN
ajfa-4830	183	4	used	use	VERB
ajfa-4830	183	5	for	for	ADP
ajfa-4830	183	6	the	the	DET
ajfa-4830	183	7	analysis	analysis	NOUN
ajfa-4830	183	8	is	be	AUX
ajfa-4830	183	9	small	small	ADJ
ajfa-4830	183	10	,	,	PUNCT
ajfa-4830	183	11	and	and	CCONJ
ajfa-4830	183	12	the	the	DET
ajfa-4830	183	13	selected	select	VERB
ajfa-4830	183	14	stocks	stock	NOUN
ajfa-4830	183	15	are	be	AUX
ajfa-4830	183	16	all	all	ADV
ajfa-4830	183	17	large	large	ADJ
ajfa-4830	183	18	-	-	PUNCT
ajfa-4830	183	19	cap	cap	NOUN
ajfa-4830	183	20	stocks	stock	NOUN
ajfa-4830	183	21	;	;	PUNCT
ajfa-4830	183	22	so	so	SCONJ
ajfa-4830	183	23	that	that	SCONJ
ajfa-4830	183	24	it	it	PRON
ajfa-4830	183	25	is	be	AUX
ajfa-4830	183	26	not	not	PART
ajfa-4830	183	27	clear	clear	ADJ
ajfa-4830	183	28	whether	whether	SCONJ
ajfa-4830	183	29	the	the	DET
ajfa-4830	183	30	results	result	NOUN
ajfa-4830	183	31	of	of	ADP
ajfa-4830	183	32	the	the	DET
ajfa-4830	183	33	study	study	NOUN
ajfa-4830	183	34	extend	extend	VERB
ajfa-4830	183	35	to	to	PART
ajfa-4830	183	36	mediumand	mediumand	VERB
ajfa-4830	183	37	small	small	ADJ
ajfa-4830	183	38	-	-	PUNCT
ajfa-4830	183	39	cap	cap	NOUN
ajfa-4830	183	40	stocks	stock	NOUN
ajfa-4830	183	41	.	.	PUNCT
ajfa-4830	184	1	another	another	DET
ajfa-4830	184	2	difficulty	difficulty	NOUN
ajfa-4830	184	3	is	be	AUX
ajfa-4830	184	4	that	that	PRON
ajfa-4830	184	5	of	of	ADP
ajfa-4830	184	6	trading	trading	NOUN
ajfa-4830	184	7	volume	volume	NOUN
ajfa-4830	184	8	,	,	PUNCT
ajfa-4830	184	9	which	which	PRON
ajfa-4830	184	10	may	may	AUX
ajfa-4830	184	11	also	also	ADV
ajfa-4830	184	12	affect	affect	VERB
ajfa-4830	184	13	overpricing	overprice	VERB
ajfa-4830	184	14	,	,	PUNCT
ajfa-4830	184	15	as	as	SCONJ
ajfa-4830	184	16	suggested	suggest	VERB
ajfa-4830	184	17	by	by	ADP
ajfa-4830	184	18	dash	dash	NOUN
ajfa-4830	184	19	et	et	PROPN
ajfa-4830	184	20	al	al	PROPN
ajfa-4830	184	21	(	(	PUNCT
ajfa-4830	184	22	2012	2012	NUM
ajfa-4830	184	23	)	)	PUNCT
ajfa-4830	184	24	.	.	PUNCT
ajfa-4830	185	1	finally	finally	ADV
ajfa-4830	185	2	,	,	PUNCT
ajfa-4830	185	3	another	another	DET
ajfa-4830	185	4	limitation	limitation	NOUN
ajfa-4830	185	5	that	that	PRON
ajfa-4830	185	6	may	may	AUX
ajfa-4830	185	7	bias	bias	VERB
ajfa-4830	185	8	the	the	DET
ajfa-4830	185	9	results	result	NOUN
ajfa-4830	185	10	of	of	ADP
ajfa-4830	185	11	the	the	DET
ajfa-4830	185	12	study	study	NOUN
ajfa-4830	185	13	is	be	AUX
ajfa-4830	185	14	the	the	DET
ajfa-4830	185	15	choice	choice	NOUN
ajfa-4830	185	16	of	of	ADP
ajfa-4830	185	17	research	research	NOUN
ajfa-4830	185	18	period	period	NOUN
ajfa-4830	185	19	;	;	PUNCT
ajfa-4830	185	20	it	it	PRON
ajfa-4830	185	21	is	be	AUX
ajfa-4830	185	22	not	not	PART
ajfa-4830	185	23	clear	clear	ADJ
ajfa-4830	185	24	whether	whether	SCONJ
ajfa-4830	185	25	the	the	DET
ajfa-4830	185	26	results	result	NOUN
ajfa-4830	185	27	extend	extend	VERB
ajfa-4830	185	28	to	to	ADP
ajfa-4830	185	29	other	other	ADJ
ajfa-4830	185	30	periods	period	NOUN
ajfa-4830	185	31	,	,	PUNCT
ajfa-4830	185	32	particularly	particularly	ADV
ajfa-4830	185	33	under	under	ADP
ajfa-4830	185	34	high	high	ADJ
ajfa-4830	185	35	volatility	volatility	NOUN
ajfa-4830	185	36	.	.	PUNCT
ajfa-4830	186	1	there	there	PRON
ajfa-4830	186	2	is	be	VERB
ajfa-4830	186	3	great	great	ADJ
ajfa-4830	186	4	scope	scope	NOUN
ajfa-4830	186	5	for	for	ADP
ajfa-4830	186	6	applying	apply	VERB
ajfa-4830	186	7	garch	garch	NOUN
ajfa-4830	186	8	option	option	NOUN
ajfa-4830	186	9	pricing	pricing	NOUN
ajfa-4830	186	10	models	model	NOUN
ajfa-4830	186	11	to	to	PART
ajfa-4830	186	12	examine	examine	VERB
ajfa-4830	186	13	several	several	ADJ
ajfa-4830	186	14	other	other	ADJ
ajfa-4830	186	15	interesting	interesting	ADJ
ajfa-4830	186	16	properties	property	NOUN
ajfa-4830	186	17	of	of	ADP
ajfa-4830	186	18	options	option	NOUN
ajfa-4830	186	19	,	,	PUNCT
ajfa-4830	186	20	including	include	VERB
ajfa-4830	186	21	implied	imply	VERB
ajfa-4830	186	22	volatility	volatility	NOUN
ajfa-4830	186	23	,	,	PUNCT
ajfa-4830	186	24	volatility	volatility	NOUN
ajfa-4830	186	25	smiles	smile	NOUN
ajfa-4830	186	26	,	,	PUNCT
ajfa-4830	186	27	and	and	CCONJ
ajfa-4830	186	28	the	the	DET
ajfa-4830	186	29	time	time	NOUN
ajfa-4830	186	30	-	-	PUNCT
ajfa-4830	186	31	variability	variability	NOUN
ajfa-4830	186	32	of	of	ADP
ajfa-4830	186	33	options	option	NOUN
ajfa-4830	186	34	properties	property	NOUN
ajfa-4830	186	35	(	(	PUNCT
ajfa-4830	186	36	e.g.	e.g.	ADV
ajfa-4830	186	37	greeks	greeks	PROPN
ajfa-4830	186	38	)	)	PUNCT
ajfa-4830	186	39	.	.	PUNCT
ajfa-4830	187	1	references	reference	NOUN
ajfa-4830	187	2	adesi	adesi	PROPN
ajfa-4830	187	3	g.b	g.b	PROPN
ajfa-4830	187	4	,	,	PUNCT
ajfa-4830	187	5	engle	engle	PROPN
ajfa-4830	187	6	.	.	PUNCT
ajfa-4830	188	1	r.f	r.f	PROPN
ajfa-4830	188	2	and	and	CCONJ
ajfa-4830	188	3	mancini.l	mancini.l	PROPN
ajfa-4830	188	4	.	.	PUNCT
ajfa-4830	189	1	(	(	PUNCT
ajfa-4830	189	2	2008	2008	NUM
ajfa-4830	189	3	)	)	PUNCT
ajfa-4830	189	4	.	.	PUNCT
ajfa-4830	190	1	a	a	DET
ajfa-4830	190	2	garch	garch	NOUN
ajfa-4830	190	3	option	option	NOUN
ajfa-4830	190	4	pricing	pricing	NOUN
ajfa-4830	190	5	model	model	NOUN
ajfa-4830	190	6	with	with	ADP
ajfa-4830	190	7	filtered	filter	VERB
ajfa-4830	190	8	historical	historical	ADJ
ajfa-4830	190	9	simulation	simulation	NOUN
ajfa-4830	190	10	.	.	PUNCT
ajfa-4830	191	1	review	review	NOUN
ajfa-4830	191	2	of	of	ADP
ajfa-4830	191	3	financial	financial	ADJ
ajfa-4830	191	4	studies	study	NOUN
ajfa-4830	191	5	.	.	PUNCT
ajfa-4830	192	1	bakshi.g	bakshi.g	PROPN
ajfa-4830	192	2	,	,	PUNCT
ajfa-4830	192	3	c.	c.	PROPN
ajfa-4830	192	4	cao	cao	PROPN
ajfa-4830	192	5	,	,	PUNCT
ajfa-4830	192	6	&	&	CCONJ
ajfa-4830	192	7	z.	z.	PROPN
ajfa-4830	192	8	chen	chen	PROPN
ajfa-4830	192	9	.	.	PUNCT
ajfa-4830	193	1	(	(	PUNCT
ajfa-4830	193	2	1997	1997	NUM
ajfa-4830	193	3	)	)	PUNCT
ajfa-4830	193	4	.	.	PUNCT
ajfa-4830	194	1	empirical	empirical	ADJ
ajfa-4830	194	2	performance	performance	NOUN
ajfa-4830	194	3	of	of	ADP
ajfa-4830	194	4	alternative	alternative	ADJ
ajfa-4830	194	5	option	option	NOUN
ajfa-4830	194	6	pricing	pricing	NOUN
ajfa-4830	194	7	models	model	NOUN
ajfa-4830	194	8	.	.	PUNCT
ajfa-4830	195	1	journal	journal	NOUN
ajfa-4830	195	2	of	of	ADP
ajfa-4830	195	3	finance	finance	NOUN
ajfa-4830	195	4	,	,	PUNCT
ajfa-4830	195	5	52	52	NUM
ajfa-4830	195	6	,	,	PUNCT
ajfa-4830	195	7	2003	2003	NUM
ajfa-4830	195	8	-	-	SYM
ajfa-4830	195	9	2049	2049	NUM
ajfa-4830	195	10	.	.	PUNCT
ajfa-4830	196	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb02749.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb02749.x	PROPN
ajfa-4830	196	2	black.f	black.f	PROPN
ajfa-4830	196	3	.	.	PROPN
ajfa-4830	196	4	,	,	PUNCT
ajfa-4830	196	5	&	&	CCONJ
ajfa-4830	196	6	m.scholes	m.schole	NOUN
ajfa-4830	196	7	.	.	PUNCT
ajfa-4830	197	1	(	(	PUNCT
ajfa-4830	197	2	1973	1973	NUM
ajfa-4830	197	3	)	)	PUNCT
ajfa-4830	197	4	.	.	PUNCT
ajfa-4830	198	1	the	the	DET
ajfa-4830	198	2	valuation	valuation	NOUN
ajfa-4830	198	3	of	of	ADP
ajfa-4830	198	4	option	option	NOUN
ajfa-4830	198	5	and	and	CCONJ
ajfa-4830	198	6	corporate	corporate	ADJ
ajfa-4830	198	7	liabilities	liability	NOUN
ajfa-4830	198	8	,	,	PUNCT
ajfa-4830	198	9	journal	journal	NOUN
ajfa-4830	198	10	of	of	ADP
ajfa-4830	198	11	political	political	ADJ
ajfa-4830	198	12	economy	economy	NOUN
ajfa-4830	198	13	,	,	PUNCT
ajfa-4830	198	14	81,637	81,637	NUM
ajfa-4830	198	15	-	-	SYM
ajfa-4830	198	16	654	654	NUM
ajfa-4830	198	17	.	.	PUNCT
ajfa-4830	199	1	http://dx.doi.org/10.1086/260062	http://dx.doi.org/10.1086/260062	PROPN
ajfa-4830	199	2	christoffwerson.p	christoffwerson.p	PROPN
ajfa-4830	199	3	.	.	PROPN
ajfa-4830	199	4	,	,	PUNCT
ajfa-4830	199	5	&	&	CCONJ
ajfa-4830	199	6	k.	k.	PROPN
ajfa-4830	199	7	jacobs	jacobs	PROPN
ajfa-4830	199	8	.	.	PUNCT
ajfa-4830	200	1	(	(	PUNCT
ajfa-4830	200	2	2004	2004	NUM
ajfa-4830	200	3	)	)	PUNCT
ajfa-4830	200	4	.	.	PUNCT
ajfa-4830	201	1	which	which	DET
ajfa-4830	201	2	garch	garch	NOUN
ajfa-4830	201	3	model	model	NOUN
ajfa-4830	201	4	for	for	ADP
ajfa-4830	201	5	option	option	NOUN
ajfa-4830	201	6	valuation	valuation	NOUN
ajfa-4830	201	7	.	.	PUNCT
ajfa-4830	202	1	journal	journal	PROPN
ajfa-4830	202	2	of	of	ADP
ajfa-4830	202	3	management	management	NOUN
ajfa-4830	202	4	science	science	NOUN
ajfa-4830	202	5	,	,	PUNCT
ajfa-4830	202	6	50,1204	50,1204	NUM
ajfa-4830	202	7	-	-	SYM
ajfa-4830	202	8	1221	1221	NUM
ajfa-4830	202	9	.	.	PUNCT
ajfa-4830	203	1	http://dx.doi.org/10.1287/mnsc.1040.0276	http://dx.doi.org/10.1287/mnsc.1040.0276	PROPN
ajfa-4830	203	2	dash.m	dash.m	PROPN
ajfa-4830	203	3	,	,	PUNCT
ajfa-4830	203	4	dagha.j.k	dagha.j.k	PROPN
ajfa-4830	203	5	.	.	PUNCT
ajfa-4830	203	6	,	,	PUNCT
ajfa-4830	204	1	sharma.p	sharma.p	PROPN
ajfa-4830	204	2	.	.	PROPN
ajfa-4830	204	3	,	,	PUNCT
ajfa-4830	204	4	&	&	CCONJ
ajfa-4830	204	5	singhal.r	singhal.r	PROPN
ajfa-4830	204	6	.	.	PUNCT
ajfa-4830	205	1	(	(	PUNCT
ajfa-4830	205	2	2012	2012	NUM
ajfa-4830	205	3	)	)	PUNCT
ajfa-4830	205	4	.	.	PUNCT
ajfa-4830	206	1	an	an	DET
ajfa-4830	206	2	application	application	NOUN
ajfa-4830	206	3	of	of	ADP
ajfa-4830	206	4	garch	garch	NOUN
ajfa-4830	206	5	models	model	NOUN
ajfa-4830	206	6	in	in	ADP
ajfa-4830	206	7	detecting	detect	VERB
ajfa-4830	206	8	systematic	systematic	ADJ
ajfa-4830	206	9	bias	bias	NOUN
ajfa-4830	206	10	in	in	ADP
ajfa-4830	206	11	option	option	NOUN
ajfa-4830	206	12	pricing	pricing	NOUN
ajfa-4830	206	13	and	and	CCONJ
ajfa-4830	206	14	determining	determine	VERB
ajfa-4830	206	15	arbitage	arbitage	NOUN
ajfa-4830	206	16	in	in	ADP
ajfa-4830	206	17	options	option	NOUN
ajfa-4830	206	18	.	.	PUNCT
ajfa-4830	207	1	journal	journal	PROPN
ajfa-4830	207	2	of	of	ADP
ajfa-4830	207	3	centrum	centrum	PROPN
ajfa-4830	207	4	cathedra	cathedra	NOUN
ajfa-4830	207	5	,	,	PUNCT
ajfa-4830	207	6	5(1),91	5(1),91	NUM
ajfa-4830	207	7	-	-	SYM
ajfa-4830	207	8	101	101	NUM
ajfa-4830	207	9	.	.	PUNCT
ajfa-4830	208	1	http://dx.doi.org/10.7835/jcc-berj-2012-0069	http://dx.doi.org/10.7835/jcc-berj-2012-0069	ADP
ajfa-4830	208	2	duan.j	duan.j	PROPN
ajfa-4830	208	3	.	.	PUNCT
ajfa-4830	209	1	(	(	PUNCT
ajfa-4830	209	2	1995	1995	NUM
ajfa-4830	209	3	)	)	PUNCT
ajfa-4830	209	4	.	.	PUNCT
ajfa-4830	210	1	the	the	DET
ajfa-4830	210	2	garch	garch	NOUN
ajfa-4830	210	3	option	option	NOUN
ajfa-4830	210	4	pricing	pricing	NOUN
ajfa-4830	210	5	model	model	NOUN
ajfa-4830	210	6	.	.	PUNCT
ajfa-4830	211	1	mathematical	mathematical	ADJ
ajfa-4830	211	2	finance	finance	NOUN
ajfa-4830	211	3	,	,	PUNCT
ajfa-4830	211	4	5(1),13	5(1),13	NUM
ajfa-4830	211	5	-	-	SYM
ajfa-4830	211	6	32	32	NUM
ajfa-4830	211	7	.	.	PUNCT
ajfa-4830	212	1	e.ghysels	e.ghysel	NOUN
ajfa-4830	212	2	,	,	PUNCT
ajfa-4830	212	3	&	&	CCONJ
ajfa-4830	212	4	chernov.m	chernov.m	NOUN
ajfa-4830	212	5	.	.	PUNCT
ajfa-4830	213	1	(	(	PUNCT
ajfa-4830	213	2	2000	2000	NUM
ajfa-4830	213	3	)	)	PUNCT
ajfa-4830	213	4	.	.	PUNCT
ajfa-4830	214	1	a	a	DET
ajfa-4830	214	2	study	study	NOUN
ajfa-4830	214	3	towards	towards	ADP
ajfa-4830	214	4	a	a	DET
ajfa-4830	214	5	unified	unified	ADJ
ajfa-4830	214	6	approach	approach	NOUN
ajfa-4830	214	7	to	to	ADP
ajfa-4830	214	8	the	the	DET
ajfa-4830	214	9	joint	joint	ADJ
ajfa-4830	214	10	estimation	estimation	NOUN
ajfa-4830	214	11	of	of	ADP
ajfa-4830	214	12	objective	objective	ADJ
ajfa-4830	214	13	and	and	CCONJ
ajfa-4830	214	14	risk	risk	VERB
ajfa-4830	214	15	neutral	neutral	ADJ
ajfa-4830	214	16	measues	measue	NOUN
ajfa-4830	214	17	for	for	ADP
ajfa-4830	214	18	the	the	DET
ajfa-4830	214	19	purpose	purpose	NOUN
ajfa-4830	214	20	of	of	ADP
ajfa-4830	214	21	option	option	NOUN
ajfa-4830	214	22	valuation	valuation	NOUN
ajfa-4830	214	23	.	.	PUNCT
ajfa-4830	215	1	journal	journal	PROPN
ajfa-4830	215	2	of	of	ADP
ajfa-4830	215	3	financial	financial	ADJ
ajfa-4830	215	4	economic	economic	ADJ
ajfa-4830	215	5	,	,	PUNCT
ajfa-4830	215	6	56,407	56,407	NUM
ajfa-4830	215	7	-	-	SYM
ajfa-4830	215	8	458	458	NUM
ajfa-4830	215	9	.	.	PUNCT
ajfa-4830	216	1	http://dx.doi.org/10.1016/s0304-405x(00)00046-5	http://dx.doi.org/10.1016/s0304-405x(00)00046-5	X
ajfa-4830	217	1	hao	hao	PROPN
ajfa-4830	217	2	.	.	PUNCT
ajfa-4830	218	1	f.	f.	PROPN
ajfa-4830	218	2	,	,	PUNCT
ajfa-4830	218	3	&	&	CCONJ
ajfa-4830	218	4	yang	yang	PROPN
ajfa-4830	218	5	,	,	PUNCT
ajfa-4830	218	6	h.	h.	PROPN
ajfa-4830	218	7	(	(	PUNCT
ajfa-4830	218	8	2011	2011	NUM
ajfa-4830	218	9	)	)	PUNCT
ajfa-4830	218	10	.	.	PUNCT
ajfa-4830	219	1	coherent	coherent	ADJ
ajfa-4830	219	2	risk	risk	NOUN
ajfa-4830	219	3	measure	measure	NOUN
ajfa-4830	219	4	for	for	ADP
ajfa-4830	219	5	derivatives	derivative	NOUN
ajfa-4830	219	6	under	under	ADP
ajfa-4830	219	7	black	black	ADJ
ajfa-4830	219	8	-	-	PUNCT
ajfa-4830	219	9	scholes	schole	NOUN
ajfa-4830	219	10	economy	economy	NOUN
ajfa-4830	219	11	with	with	ADP
ajfa-4830	219	12	regime	regime	NOUN
ajfa-4830	219	13	switching	switching	NOUN
ajfa-4830	219	14	.	.	PUNCT
ajfa-4830	220	1	journal	journal	PROPN
ajfa-4830	220	2	of	of	ADP
ajfa-4830	220	3	managerial	managerial	ADJ
ajfa-4830	220	4	finance	finance	NOUN
ajfa-4830	220	5	,	,	PUNCT
ajfa-4830	220	6	37(11),1011	37(11),1011	NUM
ajfa-4830	220	7	-	-	SYM
ajfa-4830	220	8	1024	1024	NUM
ajfa-4830	220	9	.	.	PUNCT
ajfa-4830	221	1	http://dx.doi.org/10.1108/03074351111167910	http://dx.doi.org/10.1108/03074351111167910	PROPN
ajfa-4830	221	2	heston.s.l	heston.s.l	PROPN
ajfa-4830	221	3	.	.	PUNCT
ajfa-4830	222	1	(	(	PUNCT
ajfa-4830	222	2	1993	1993	NUM
ajfa-4830	222	3	)	)	PUNCT
ajfa-4830	222	4	.	.	PUNCT
ajfa-4830	223	1	a	a	DET
ajfa-4830	223	2	close	close	ADJ
ajfa-4830	223	3	form	form	NOUN
ajfa-4830	223	4	solution	solution	NOUN
ajfa-4830	223	5	for	for	ADP
ajfa-4830	223	6	option	option	NOUN
ajfa-4830	223	7	with	with	ADP
ajfa-4830	223	8	stochastic	stochastic	ADJ
ajfa-4830	223	9	volatility	volatility	NOUN
ajfa-4830	223	10	with	with	ADP
ajfa-4830	223	11	asian	asian	ADJ
ajfa-4830	223	12	journal	journal	NOUN
ajfa-4830	223	13	of	of	ADP
ajfa-4830	223	14	finance	finance	PROPN
ajfa-4830	223	15	&	&	CCONJ
ajfa-4830	223	16	accounting	accounting	PROPN
ajfa-4830	223	17	issn	issn	PROPN
ajfa-4830	223	18	1946	1946	NUM
ajfa-4830	223	19	-	-	PUNCT
ajfa-4830	223	20	052x	052x	PROPN
ajfa-4830	223	21	2014	2014	NUM
ajfa-4830	223	22	,	,	PUNCT
ajfa-4830	223	23	vol	vol	NOUN
ajfa-4830	223	24	.	.	PROPN
ajfa-4830	223	25	6	6	NUM
ajfa-4830	223	26	,	,	PUNCT
ajfa-4830	223	27	no	no	INTJ
ajfa-4830	223	28	.	.	NOUN
ajfa-4830	223	29	1	1	NUM
ajfa-4830	223	30	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4830	223	31	439	439	NUM
ajfa-4830	223	32	application	application	NOUN
ajfa-4830	223	33	to	to	ADP
ajfa-4830	223	34	bond	bond	NOUN
ajfa-4830	223	35	and	and	CCONJ
ajfa-4830	223	36	currency	currency	NOUN
ajfa-4830	223	37	options	option	NOUN
ajfa-4830	223	38	.	.	PUNCT
ajfa-4830	224	1	review	review	NOUN
ajfa-4830	224	2	of	of	ADP
ajfa-4830	224	3	financial	financial	ADJ
ajfa-4830	224	4	studies	study	NOUN
ajfa-4830	224	5	,	,	PUNCT
ajfa-4830	224	6	6	6	NUM
ajfa-4830	224	7	,	,	PUNCT
ajfa-4830	224	8	327	327	NUM
ajfa-4830	224	9	-	-	SYM
ajfa-4830	224	10	343	343	NUM
ajfa-4830	224	11	.	.	PUNCT
ajfa-4830	225	1	http://dx.doi.org/10.1093/rfs/6.2.327	http://dx.doi.org/10.1093/rfs/6.2.327	PROPN
ajfa-4830	225	2	jackwerth	jackwerth	NOUN
ajfa-4830	225	3	,	,	PUNCT
ajfa-4830	225	4	&	&	CCONJ
ajfa-4830	225	5	buraschi	buraschi	PROPN
ajfa-4830	225	6	.	.	PUNCT
ajfa-4830	226	1	a.	a.	NOUN
ajfa-4830	226	2	(	(	PUNCT
ajfa-4830	226	3	2001	2001	NUM
ajfa-4830	226	4	)	)	PUNCT
ajfa-4830	226	5	.	.	PUNCT
ajfa-4830	227	1	the	the	DET
ajfa-4830	227	2	price	price	NOUN
ajfa-4830	227	3	of	of	ADP
ajfa-4830	227	4	a	a	DET
ajfa-4830	227	5	smile	smile	NOUN
ajfa-4830	227	6	:	:	PUNCT
ajfa-4830	227	7	hedgeing	hedgeing	NOUN
ajfa-4830	227	8	and	and	CCONJ
ajfa-4830	227	9	spanning	span	VERB
ajfa-4830	227	10	in	in	ADP
ajfa-4830	227	11	option	option	NOUN
ajfa-4830	227	12	market	market	NOUN
ajfa-4830	227	13	,	,	PUNCT
ajfa-4830	227	14	14,495	14,495	NUM
ajfa-4830	227	15	-	-	SYM
ajfa-4830	227	16	527	527	NUM
ajfa-4830	227	17	.	.	PUNCT
ajfa-4830	228	1	jacobs.c	jacobs.c	PROPN
ajfa-4830	228	2	.	.	PROPN
ajfa-4830	228	3	,	,	PUNCT
ajfa-4830	228	4	&	&	CCONJ
ajfa-4830	228	5	christofferson.p	christofferson.p	PROPN
ajfa-4830	228	6	.	.	PUNCT
ajfa-4830	229	1	(	(	PUNCT
ajfa-4830	229	2	2004	2004	NUM
ajfa-4830	229	3	)	)	PUNCT
ajfa-4830	229	4	.	.	PUNCT
ajfa-4830	230	1	which	which	DET
ajfa-4830	230	2	garch	garch	NOUN
ajfa-4830	230	3	model	model	NOUN
ajfa-4830	230	4	for	for	ADP
ajfa-4830	230	5	option	option	NOUN
ajfa-4830	230	6	valuation	valuation	NOUN
ajfa-4830	230	7	.	.	PUNCT
ajfa-4830	231	1	jounal	jounal	NOUN
ajfa-4830	231	2	of	of	ADP
ajfa-4830	231	3	management	management	NOUN
ajfa-4830	231	4	sciences	science	NOUN
ajfa-4830	231	5	,	,	PUNCT
ajfa-4830	231	6	50,1204	50,1204	NUM
ajfa-4830	231	7	-	-	SYM
ajfa-4830	231	8	1221	1221	NUM
ajfa-4830	231	9	.	.	PUNCT
ajfa-4830	232	1	http://dx.doi.org/10.1287/mnsc.1040.0276	http://dx.doi.org/10.1287/mnsc.1040.0276	NOUN
ajfa-4830	232	2	jacobs.c	jacobs.c	PROPN
ajfa-4830	232	3	,	,	PUNCT
ajfa-4830	232	4	heston	heston	PROPN
ajfa-4830	232	5	,	,	PUNCT
ajfa-4830	232	6	s.l	s.l	PROPN
ajfa-4830	232	7	.	.	PROPN
ajfa-4830	232	8	,	,	PUNCT
ajfa-4830	232	9	&	&	CCONJ
ajfa-4830	232	10	christofferson	christofferson	NOUN
ajfa-4830	232	11	.	.	PUNCT
ajfa-4830	233	1	p	p	X
ajfa-4830	233	2	..	..	PUNCT
ajfa-4830	233	3	a.	a.	NOUN
ajfa-4830	233	4	(	(	PUNCT
ajfa-4830	233	5	2004	2004	NUM
ajfa-4830	233	6	)	)	PUNCT
ajfa-4830	233	7	.	.	PUNCT
ajfa-4830	234	1	a	a	DET
ajfa-4830	234	2	garch	garch	NOUN
ajfa-4830	234	3	option	option	NOUN
ajfa-4830	234	4	pricing	pricing	NOUN
ajfa-4830	234	5	model	model	NOUN
ajfa-4830	234	6	with	with	ADP
ajfa-4830	234	7	filtered	filter	VERB
ajfa-4830	234	8	historical	historical	ADJ
ajfa-4830	234	9	simulation	simulation	NOUN
ajfa-4830	234	10	.	.	PUNCT
ajfa-4830	235	1	http://dx.doi.org/10.1287/mnsc.1040.0276	http://dx.doi.org/10.1287/mnsc.1040.0276	PROPN
ajfa-4830	235	2	lehar.a	lehar.a	PROPN
ajfa-4830	235	3	,	,	PUNCT
ajfa-4830	235	4	scheicher.m	scheicher.m	PROPN
ajfa-4830	235	5	.	.	PUNCT
ajfa-4830	235	6	,	,	PUNCT
ajfa-4830	235	7	&	&	CCONJ
ajfa-4830	235	8	schittenkopt.c	schittenkopt.c	PROPN
ajfa-4830	235	9	.	.	PUNCT
ajfa-4830	236	1	(	(	PUNCT
ajfa-4830	236	2	2002	2002	NUM
ajfa-4830	236	3	)	)	PUNCT
ajfa-4830	236	4	.	.	PUNCT
ajfa-4830	237	1	garch	garch	NOUN
ajfa-4830	237	2	vs.	vs.	ADP
ajfa-4830	237	3	stochastic	stochastic	ADJ
ajfa-4830	237	4	volatilityoption	volatilityoption	NOUN
ajfa-4830	237	5	pricing	pricing	NOUN
ajfa-4830	237	6	and	and	CCONJ
ajfa-4830	237	7	risk	risk	NOUN
ajfa-4830	237	8	management	management	NOUN
ajfa-4830	237	9	.	.	PUNCT
ajfa-4830	238	1	journal	journal	NOUN
ajfa-4830	238	2	of	of	ADP
ajfa-4830	238	3	banking	banking	NOUN
ajfa-4830	238	4	&	&	CCONJ
ajfa-4830	238	5	finance	finance	NOUN
ajfa-4830	238	6	,	,	PUNCT
ajfa-4830	238	7	26(2/3	26(2/3	NUM
ajfa-4830	238	8	)	)	PUNCT
ajfa-4830	238	9	,	,	PUNCT
ajfa-4830	238	10	323	323	NUM
ajfa-4830	238	11	-	-	SYM
ajfa-4830	238	12	346	346	NUM
ajfa-4830	238	13	.	.	PUNCT
ajfa-4830	239	1	http://dx.doi.org/10.1016/s0378-4266(01)00225-4	http://dx.doi.org/10.1016/s0378-4266(01)00225-4	NOUN
ajfa-4830	239	2	m.scholes	m.schole	NOUN
ajfa-4830	239	3	,	,	PUNCT
ajfa-4830	239	4	&	&	CCONJ
ajfa-4830	239	5	black.f	black.f	PROPN
ajfa-4830	239	6	.	.	PUNCT
ajfa-4830	240	1	(	(	PUNCT
ajfa-4830	240	2	1973	1973	NUM
ajfa-4830	240	3	)	)	PUNCT
ajfa-4830	240	4	.	.	PUNCT
ajfa-4830	241	1	valuation	valuation	NOUN
ajfa-4830	241	2	of	of	ADP
ajfa-4830	241	3	options	option	NOUN
ajfa-4830	241	4	and	and	CCONJ
ajfa-4830	241	5	corporate	corporate	ADJ
ajfa-4830	241	6	liabilities	liability	NOUN
ajfa-4830	241	7	.	.	PUNCT
ajfa-4830	242	1	journal	journal	NOUN
ajfa-4830	242	2	of	of	ADP
ajfa-4830	242	3	political	political	ADJ
ajfa-4830	242	4	economy	economy	NOUN
ajfa-4830	242	5	,	,	PUNCT
ajfa-4830	242	6	81,637	81,637	NUM
ajfa-4830	242	7	-	-	SYM
ajfa-4830	242	8	654	654	NUM
ajfa-4830	242	9	.	.	PUNCT
ajfa-4830	243	1	http://dx.doi.org/10.1086/260062	http://dx.doi.org/10.1086/260062	PROPN
ajfa-4830	243	2	nandi.s	nandi.	VERB
ajfa-4830	243	3	.	.	PROPN
ajfa-4830	243	4	,	,	PUNCT
ajfa-4830	243	5	&	&	CCONJ
ajfa-4830	243	6	heston	heston	PROPN
ajfa-4830	243	7	.	.	PUNCT
ajfa-4830	244	1	s.	s.	PROPN
ajfa-4830	244	2	l.	l.	PROPN
ajfa-4830	244	3	(	(	PUNCT
ajfa-4830	244	4	2000	2000	NUM
ajfa-4830	244	5	)	)	PUNCT
ajfa-4830	244	6	.	.	PUNCT
ajfa-4830	245	1	a	a	DET
ajfa-4830	245	2	close	close	ADJ
ajfa-4830	245	3	form	form	NOUN
ajfa-4830	245	4	garch	garch	NOUN
ajfa-4830	245	5	option	option	NOUN
ajfa-4830	245	6	valuation	valuation	NOUN
ajfa-4830	245	7	model	model	NOUN
ajfa-4830	245	8	.	.	PUNCT
ajfa-4830	246	1	review	review	NOUN
ajfa-4830	246	2	of	of	ADP
ajfa-4830	246	3	financial	financial	ADJ
ajfa-4830	246	4	studies	study	NOUN
ajfa-4830	246	5	,	,	PUNCT
ajfa-4830	246	6	13(3	13(3	NUM
ajfa-4830	246	7	)	)	PUNCT
ajfa-4830	246	8	.	.	PUNCT
ajfa-4830	247	1	http://dx.doi.org/10.1093/rfs/13.3.585	http://dx.doi.org/10.1093/rfs/13.3.585	PROPN
ajfa-4830	247	2	ross.s.a	ross.s.a	PROPN
ajfa-4830	247	3	.	.	PUNCT
ajfa-4830	248	1	cox	cox	PROPN
ajfa-4830	248	2	.	.	PUNCT
ajfa-4830	249	1	j.c	j.c	PROPN
ajfa-4830	249	2	.	.	PROPN
ajfa-4830	249	3	(	(	PUNCT
ajfa-4830	249	4	1976	1976	NUM
ajfa-4830	249	5	)	)	PUNCT
ajfa-4830	249	6	.	.	PUNCT
ajfa-4830	250	1	the	the	DET
ajfa-4830	250	2	valuation	valuation	NOUN
ajfa-4830	250	3	of	of	ADP
ajfa-4830	250	4	options	option	NOUN
ajfa-4830	250	5	for	for	ADP
ajfa-4830	250	6	alternative	alternative	ADJ
ajfa-4830	250	7	stochastic	stochastic	ADJ
ajfa-4830	250	8	processes	process	NOUN
ajfa-4830	250	9	.	.	PUNCT
ajfa-4830	251	1	journal	journal	NOUN
ajfa-4830	251	2	of	of	ADP
ajfa-4830	251	3	financial	financial	ADJ
ajfa-4830	251	4	economics	economic	NOUN
ajfa-4830	251	5	,	,	PUNCT
ajfa-4830	251	6	3	3	NUM
ajfa-4830	251	7	,	,	PUNCT
ajfa-4830	251	8	145	145	NUM
ajfa-4830	251	9	-	-	SYM
ajfa-4830	251	10	166	166	NUM
ajfa-4830	251	11	.	.	PUNCT
ajfa-4830	252	1	http://dx.doi.org/10.1016/0304-405x(76)90023-4	http://dx.doi.org/10.1016/0304-405x(76)90023-4	NOUN
ajfa-4830	252	2	singh.v.p	singh.v.p	PROPN
ajfa-4830	252	3	,	,	PUNCT
ajfa-4830	252	4	ahmed.n	ahmed.n	PRON
ajfa-4830	252	5	,	,	PUNCT
ajfa-4830	252	6	and	and	CCONJ
ajfa-4830	252	7	pachori.p.(2011	pachori.p.(2011	NOUN
ajfa-4830	252	8	)	)	PUNCT
ajfa-4830	252	9	.	.	PUNCT
ajfa-4830	253	1	empirical	empirical	ADJ
ajfa-4830	253	2	analysis	analysis	NOUN
ajfa-4830	253	3	of	of	ADP
ajfa-4830	253	4	garch	garch	NOUN
ajfa-4830	253	5	and	and	CCONJ
ajfa-4830	253	6	practitioner	practitioner	NOUN
ajfa-4830	253	7	black	black	ADJ
ajfa-4830	253	8	-	-	PUNCT
ajfa-4830	253	9	scholes	schole	NOUN
ajfa-4830	253	10	model	model	NOUN
ajfa-4830	253	11	for	for	ADP
ajfa-4830	253	12	pricing	pricing	NOUN
ajfa-4830	253	13	s	s	PROPN
ajfa-4830	253	14	&	&	CCONJ
ajfa-4830	253	15	p	p	NOUN
ajfa-4830	253	16	nifty	nifty	ADJ
ajfa-4830	253	17	50	50	NUM
ajfa-4830	253	18	index	index	NOUN
ajfa-4830	253	19	options	option	NOUN
ajfa-4830	253	20	of	of	ADP
ajfa-4830	253	21	india	india	PROPN
ajfa-4830	253	22	.	.	PUNCT
ajfa-4830	254	1	decision	decision	NOUN
ajfa-4830	254	2	,	,	PUNCT
ajfa-4830	254	3	38(2),51	38(2),51	NUM
ajfa-4830	254	4	-	-	SYM
ajfa-4830	254	5	67	67	NUM
ajfa-4830	254	6	.	.	PUNCT
ajfa-4830	255	1	siu.t.k	siu.t.k	NOUN
ajfa-4830	255	2	.	.	PUNCT
ajfa-4830	256	1	tong	tong	PROPN
ajfa-4830	256	2	.	.	PUNCT
ajfa-4830	257	1	h	h	PROPN
ajfa-4830	257	2	and	and	CCONJ
ajfa-4830	257	3	yang.h	yang.h	PROPN
ajfa-4830	257	4	.	.	PUNCT
ajfa-4830	258	1	(	(	PUNCT
ajfa-4830	258	2	2004	2004	NUM
ajfa-4830	258	3	)	)	PUNCT
ajfa-4830	258	4	.	.	PUNCT
ajfa-4830	259	1	on	on	ADP
ajfa-4830	259	2	pricing	price	VERB
ajfa-4830	259	3	derivatives	derivative	NOUN
ajfa-4830	259	4	under	under	ADP
ajfa-4830	259	5	garch	garch	NOUN
ajfa-4830	259	6	models	model	NOUN
ajfa-4830	259	7	:	:	PUNCT
ajfa-4830	259	8	a	a	DET
ajfa-4830	259	9	dynamic	dynamic	ADJ
ajfa-4830	259	10	gerber	gerber	NOUN
ajfa-4830	259	11	-	-	PUNCT
ajfa-4830	259	12	shiu	shiu	PROPN
ajfa-4830	259	13	's	's	PART
ajfa-4830	259	14	approach	approach	NOUN
ajfa-4830	259	15	.	.	PUNCT
ajfa-4830	260	1	north	north	ADJ
ajfa-4830	260	2	american	american	ADJ
ajfa-4830	260	3	actuarial	actuarial	ADJ
ajfa-4830	260	4	journal	journal	NOUN
ajfa-4830	260	5	,	,	PUNCT
ajfa-4830	260	6	8	8	NUM
ajfa-4830	260	7	,	,	PUNCT
ajfa-4830	260	8	17	17	NUM
ajfa-4830	260	9	-	-	SYM
ajfa-4830	260	10	31	31	NUM
ajfa-4830	260	11	.	.	PUNCT
ajfa-4830	261	1	varma.j.r	varma.j.r	PROPN
ajfa-4830	261	2	.	.	PUNCT
ajfa-4830	262	1	(	(	PUNCT
ajfa-4830	262	2	2002	2002	NUM
ajfa-4830	262	3	)	)	PUNCT
ajfa-4830	262	4	.	.	PUNCT
ajfa-4830	263	1	mispricing	misprice	VERB
ajfa-4830	263	2	of	of	ADP
ajfa-4830	263	3	volatility	volatility	NOUN
ajfa-4830	263	4	in	in	ADP
ajfa-4830	263	5	the	the	DET
ajfa-4830	263	6	indian	indian	ADJ
ajfa-4830	263	7	index	index	NOUN
ajfa-4830	263	8	option	option	NOUN
ajfa-4830	263	9	market	market	NOUN
ajfa-4830	263	10	.	.	PUNCT
ajfa-4830	264	1	iim	iim	PROPN
ajfa-4830	264	2	,	,	PUNCT
ajfa-4830	264	3	ahmedabad	ahmedabad	PROPN
ajfa-4830	264	4	,	,	PUNCT
ajfa-4830	264	5	working	working	NOUN
ajfa-4830	264	6	paper	paper	NOUN
ajfa-4830	264	7	series	series	NOUN
ajfa-4830	264	8	no	no	PRON
ajfa-4830	264	9	:	:	PUNCT
ajfa-4830	264	10	2002	2002	NUM
ajfa-4830	264	11	-	-	SYM
ajfa-4830	264	12	04	04	NUM
ajfa-4830	264	13	-	-	PUNCT
ajfa-4830	264	14	01	01	NUM
ajfa-4830	264	15	.	.	PUNCT