id	sid	tid	token	lemma	pos
ajfa-633	1	1	microsoft	microsoft	PROPN
ajfa-633	1	2	word	word	PROPN
ajfa-633	1	3	macro	macro	PROPN
ajfa-633	1	4	ec	ec	PROPN
ajfa-633	1	5	ful	ful	PROPN
ajfa-633	1	6	paper	paper	NOUN
ajfa-633	1	7	-	-	PUNCT
ajfa-633	1	8	writer2	writer2	VERB
ajfa-633	1	9	-	-	ADJ
ajfa-633	1	10	new	new	ADJ
ajfa-633	1	11	asian	asian	ADJ
ajfa-633	1	12	journal	journal	NOUN
ajfa-633	1	13	of	of	ADP
ajfa-633	1	14	finance	finance	PROPN
ajfa-633	1	15	&	&	CCONJ
ajfa-633	1	16	accounting	accounting	PROPN
ajfa-633	1	17	issn	issn	PROPN
ajfa-633	1	18	1946	1946	NUM
ajfa-633	1	19	-	-	PUNCT
ajfa-633	1	20	052x	052x	NOUN
ajfa-633	1	21	2011	2011	NUM
ajfa-633	1	22	,	,	PUNCT
ajfa-633	1	23	vol	vol	NOUN
ajfa-633	1	24	.	.	PROPN
ajfa-633	2	1	3	3	NUM
ajfa-633	2	2	,	,	PUNCT
ajfa-633	2	3	no	no	INTJ
ajfa-633	2	4	.	.	NOUN
ajfa-633	2	5	1	1	NUM
ajfa-633	2	6	:	:	PUNCT
ajfa-633	2	7	e13	e13	VERB
ajfa-633	2	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-633	2	9	208	208	NUM
ajfa-633	2	10	causal	causal	ADJ
ajfa-633	2	11	relationship	relationship	NOUN
ajfa-633	2	12	between	between	ADP
ajfa-633	2	13	macro	macro	ADJ
ajfa-633	2	14	-	-	ADJ
ajfa-633	2	15	economic	economic	ADJ
ajfa-633	2	16	indicators	indicator	NOUN
ajfa-633	2	17	and	and	CCONJ
ajfa-633	2	18	stock	stock	NOUN
ajfa-633	2	19	market	market	NOUN
ajfa-633	2	20	in	in	ADP
ajfa-633	2	21	india	india	PROPN
ajfa-633	2	22	dr	dr	PROPN
ajfa-633	2	23	.	.	PROPN
ajfa-633	2	24	naliniprava	naliniprava	PROPN
ajfa-633	2	25	tripathy	tripathy	PROPN
ajfa-633	2	26	associate	associate	NOUN
ajfa-633	2	27	professor	professor	NOUN
ajfa-633	2	28	(	(	PUNCT
ajfa-633	2	29	finance	finance	NOUN
ajfa-633	2	30	)	)	PUNCT
ajfa-633	2	31	,	,	PUNCT
ajfa-633	2	32	indian	indian	PROPN
ajfa-633	2	33	institute	institute	PROPN
ajfa-633	2	34	of	of	ADP
ajfa-633	2	35	management	management	PROPN
ajfa-633	2	36	shillong	shillong	PROPN
ajfa-633	2	37	meghalaya	meghalaya	PROPN
ajfa-633	2	38	,	,	PUNCT
ajfa-633	2	39	pin	pin	NOUN
ajfa-633	2	40	793	793	NUM
ajfa-633	2	41	014	014	NUM
ajfa-633	2	42	,	,	PUNCT
ajfa-633	2	43	india	india	PROPN
ajfa-633	2	44	tel	tel	PROPN
ajfa-633	2	45	:	:	PUNCT
ajfa-633	2	46	91	91	NUM
ajfa-633	2	47	-	-	PUNCT
ajfa-633	2	48	364	364	NUM
ajfa-633	2	49	-	-	PUNCT
ajfa-633	2	50	230	230	NUM
ajfa-633	2	51	-	-	PUNCT
ajfa-633	2	52	8037	8037	NUM
ajfa-633	2	53	e	e	NOUN
ajfa-633	2	54	-	-	NOUN
ajfa-633	2	55	mail	mail	NOUN
ajfa-633	2	56	:	:	PUNCT
ajfa-633	2	57	nalini.607@rediffmail.com	nalini.607@rediffmail.com	X
ajfa-633	2	58	received	receive	VERB
ajfa-633	2	59	:	:	PUNCT
ajfa-633	2	60	may	may	AUX
ajfa-633	2	61	16	16	NUM
ajfa-633	2	62	,	,	PUNCT
ajfa-633	2	63	2011	2011	NUM
ajfa-633	2	64	accepted	accept	VERB
ajfa-633	2	65	:	:	PUNCT
ajfa-633	2	66	november	november	PROPN
ajfa-633	2	67	13	13	NUM
ajfa-633	2	68	,	,	PUNCT
ajfa-633	2	69	2011	2011	NUM
ajfa-633	2	70	published	publish	VERB
ajfa-633	2	71	:	:	PUNCT
ajfa-633	2	72	december	december	PROPN
ajfa-633	2	73	1	1	NUM
ajfa-633	2	74	,	,	PUNCT
ajfa-633	2	75	2011	2011	NUM
ajfa-633	2	76	doi:10.5296	doi:10.5296	NOUN
ajfa-633	2	77	/	/	SYM
ajfa-633	2	78	ajfa.v3i1.633	ajfa.v3i1.633	PROPN
ajfa-633	2	79	url	url	NOUN
ajfa-633	2	80	:	:	PUNCT
ajfa-633	2	81	http://dx.doi.org/10.5296/ajfa.v3i1.633	http://dx.doi.org/10.5296/ajfa.v3i1.633	X
ajfa-633	2	82	abstract	abstract	NOUN
ajfa-633	2	83	this	this	DET
ajfa-633	2	84	paper	paper	NOUN
ajfa-633	2	85	investigated	investigate	VERB
ajfa-633	2	86	the	the	DET
ajfa-633	2	87	market	market	NOUN
ajfa-633	2	88	efficiency	efficiency	NOUN
ajfa-633	2	89	and	and	CCONJ
ajfa-633	2	90	causal	causal	ADJ
ajfa-633	2	91	relationship	relationship	NOUN
ajfa-633	2	92	between	between	ADP
ajfa-633	2	93	selected	select	VERB
ajfa-633	2	94	macroeconomic	macroeconomic	ADJ
ajfa-633	2	95	variables	variable	NOUN
ajfa-633	2	96	and	and	CCONJ
ajfa-633	2	97	the	the	DET
ajfa-633	2	98	indian	indian	ADJ
ajfa-633	2	99	stock	stock	NOUN
ajfa-633	2	100	market	market	NOUN
ajfa-633	2	101	during	during	ADP
ajfa-633	2	102	the	the	DET
ajfa-633	2	103	period	period	NOUN
ajfa-633	2	104	january	january	PROPN
ajfa-633	2	105	2005	2005	NUM
ajfa-633	2	106	to	to	ADP
ajfa-633	2	107	february	february	PROPN
ajfa-633	2	108	2011	2011	NUM
ajfa-633	2	109	by	by	ADP
ajfa-633	2	110	using	use	VERB
ajfa-633	2	111	ljung	ljung	PROPN
ajfa-633	2	112	-	-	PUNCT
ajfa-633	2	113	box	box	NOUN
ajfa-633	2	114	q	q	NOUN
ajfa-633	2	115	test	test	NOUN
ajfa-633	2	116	,	,	PUNCT
ajfa-633	2	117	breusch	breusch	PROPN
ajfa-633	2	118	-	-	PUNCT
ajfa-633	2	119	godfrey	godfrey	NOUN
ajfa-633	2	120	lm	lm	PROPN
ajfa-633	2	121	test	test	NOUN
ajfa-633	2	122	,	,	PUNCT
ajfa-633	2	123	unit	unit	NOUN
ajfa-633	2	124	root	root	NOUN
ajfa-633	2	125	test	test	NOUN
ajfa-633	2	126	,	,	PUNCT
ajfa-633	2	127	granger	granger	PROPN
ajfa-633	2	128	causality	causality	PROPN
ajfa-633	2	129	test.the	test.the	DET
ajfa-633	2	130	study	study	NOUN
ajfa-633	2	131	confirms	confirm	VERB
ajfa-633	2	132	the	the	DET
ajfa-633	2	133	presence	presence	NOUN
ajfa-633	2	134	of	of	ADP
ajfa-633	2	135	autocorrelation	autocorrelation	NOUN
ajfa-633	2	136	in	in	ADP
ajfa-633	2	137	the	the	DET
ajfa-633	2	138	indian	indian	ADJ
ajfa-633	2	139	stock	stock	NOUN
ajfa-633	2	140	market	market	NOUN
ajfa-633	2	141	and	and	CCONJ
ajfa-633	2	142	macro	macro	ADJ
ajfa-633	2	143	economic	economic	ADJ
ajfa-633	2	144	variables	variable	NOUN
ajfa-633	2	145	which	which	PRON
ajfa-633	2	146	implies	imply	VERB
ajfa-633	2	147	that	that	SCONJ
ajfa-633	2	148	the	the	DET
ajfa-633	2	149	market	market	NOUN
ajfa-633	2	150	fell	fall	VERB
ajfa-633	2	151	into	into	ADP
ajfa-633	2	152	form	form	NOUN
ajfa-633	2	153	of	of	ADP
ajfa-633	2	154	efficient	efficient	ADJ
ajfa-633	2	155	market	market	NOUN
ajfa-633	2	156	hypothesis	hypothesis	NOUN
ajfa-633	2	157	.	.	PUNCT
ajfa-633	3	1	further	far	ADV
ajfa-633	3	2	the	the	DET
ajfa-633	3	3	granger	granger	NOUN
ajfa-633	3	4	-	-	PUNCT
ajfa-633	3	5	causality	causality	NOUN
ajfa-633	3	6	test	test	NOUN
ajfa-633	3	7	shows	show	VERB
ajfa-633	3	8	evidence	evidence	NOUN
ajfa-633	3	9	of	of	ADP
ajfa-633	3	10	bidirectional	bidirectional	ADJ
ajfa-633	3	11	relationship	relationship	NOUN
ajfa-633	3	12	between	between	ADP
ajfa-633	3	13	interest	interest	NOUN
ajfa-633	3	14	rate	rate	NOUN
ajfa-633	3	15	and	and	CCONJ
ajfa-633	3	16	stock	stock	NOUN
ajfa-633	3	17	market	market	NOUN
ajfa-633	3	18	,	,	PUNCT
ajfa-633	3	19	exchange	exchange	NOUN
ajfa-633	3	20	rate	rate	NOUN
ajfa-633	3	21	and	and	CCONJ
ajfa-633	3	22	stock	stock	NOUN
ajfa-633	3	23	market	market	NOUN
ajfa-633	3	24	,	,	PUNCT
ajfa-633	3	25	international	international	ADJ
ajfa-633	3	26	stock	stock	NOUN
ajfa-633	3	27	market	market	NOUN
ajfa-633	3	28	and	and	CCONJ
ajfa-633	3	29	bse	bse	NOUN
ajfa-633	3	30	volume	volume	NOUN
ajfa-633	3	31	,	,	PUNCT
ajfa-633	3	32	exchange	exchange	NOUN
ajfa-633	3	33	rate	rate	NOUN
ajfa-633	3	34	and	and	CCONJ
ajfa-633	3	35	bse	bse	NOUN
ajfa-633	3	36	volume	volume	NOUN
ajfa-633	3	37	.	.	PUNCT
ajfa-633	4	1	so	so	ADV
ajfa-633	4	2	it	it	PRON
ajfa-633	4	3	suggests	suggest	VERB
ajfa-633	4	4	that	that	SCONJ
ajfa-633	4	5	any	any	DET
ajfa-633	4	6	change	change	NOUN
ajfa-633	4	7	of	of	ADP
ajfa-633	4	8	exchange	exchange	NOUN
ajfa-633	4	9	rate	rate	NOUN
ajfa-633	4	10	,	,	PUNCT
ajfa-633	4	11	interest	interest	NOUN
ajfa-633	4	12	rate	rate	NOUN
ajfa-633	4	13	and	and	CCONJ
ajfa-633	4	14	international	international	ADJ
ajfa-633	4	15	market	market	NOUN
ajfa-633	4	16	significantly	significantly	ADV
ajfa-633	4	17	influencing	influence	VERB
ajfa-633	4	18	the	the	DET
ajfa-633	4	19	stock	stock	NOUN
ajfa-633	4	20	market	market	NOUN
ajfa-633	4	21	in	in	ADP
ajfa-633	4	22	the	the	DET
ajfa-633	4	23	economy	economy	NOUN
ajfa-633	4	24	and	and	CCONJ
ajfa-633	4	25	vice	vice	NOUN
ajfa-633	4	26	versa	versa	ADV
ajfa-633	4	27	.	.	PUNCT
ajfa-633	5	1	the	the	DET
ajfa-633	5	2	study	study	NOUN
ajfa-633	5	3	also	also	ADV
ajfa-633	5	4	reported	report	VERB
ajfa-633	5	5	unidirectional	unidirectional	ADJ
ajfa-633	5	6	causality	causality	NOUN
ajfa-633	5	7	running	run	VERB
ajfa-633	5	8	from	from	ADP
ajfa-633	5	9	international	international	ADJ
ajfa-633	5	10	stock	stock	NOUN
ajfa-633	5	11	market	market	NOUN
ajfa-633	5	12	to	to	ADP
ajfa-633	5	13	domestic	domestic	ADJ
ajfa-633	5	14	stock	stock	NOUN
ajfa-633	5	15	market	market	NOUN
ajfa-633	5	16	,	,	PUNCT
ajfa-633	5	17	interest	interest	NOUN
ajfa-633	5	18	rate	rate	NOUN
ajfa-633	5	19	,	,	PUNCT
ajfa-633	5	20	exchange	exchange	NOUN
ajfa-633	5	21	rate	rate	NOUN
ajfa-633	5	22	and	and	CCONJ
ajfa-633	5	23	inflation	inflation	NOUN
ajfa-633	5	24	rate	rate	NOUN
ajfa-633	5	25	indicating	indicate	VERB
ajfa-633	5	26	sizeable	sizeable	ADJ
ajfa-633	5	27	influence	influence	NOUN
ajfa-633	5	28	in	in	ADP
ajfa-633	5	29	the	the	DET
ajfa-633	5	30	stock	stock	NOUN
ajfa-633	5	31	market	market	NOUN
ajfa-633	5	32	movement	movement	NOUN
ajfa-633	5	33	in	in	ADP
ajfa-633	5	34	the	the	DET
ajfa-633	5	35	considered	consider	VERB
ajfa-633	5	36	period	period	NOUN
ajfa-633	5	37	.	.	PUNCT
ajfa-633	6	1	the	the	DET
ajfa-633	6	2	study	study	NOUN
ajfa-633	6	3	points	point	VERB
ajfa-633	6	4	out	out	ADP
ajfa-633	6	5	that	that	SCONJ
ajfa-633	6	6	the	the	DET
ajfa-633	6	7	indian	indian	ADJ
ajfa-633	6	8	stock	stock	NOUN
ajfa-633	6	9	market	market	NOUN
ajfa-633	6	10	is	be	AUX
ajfa-633	6	11	sensitive	sensitive	ADJ
ajfa-633	6	12	towards	towards	ADP
ajfa-633	6	13	changing	change	VERB
ajfa-633	6	14	behavior	behavior	NOUN
ajfa-633	6	15	of	of	ADP
ajfa-633	6	16	international	international	ADJ
ajfa-633	6	17	market	market	NOUN
ajfa-633	6	18	,	,	PUNCT
ajfa-633	6	19	exchange	exchange	NOUN
ajfa-633	6	20	rate	rate	NOUN
ajfa-633	6	21	and	and	CCONJ
ajfa-633	6	22	interest	interest	NOUN
ajfa-633	6	23	rate	rate	NOUN
ajfa-633	6	24	in	in	ADP
ajfa-633	6	25	the	the	DET
ajfa-633	6	26	economy	economy	NOUN
ajfa-633	6	27	and	and	CCONJ
ajfa-633	6	28	they	they	PRON
ajfa-633	6	29	can	can	AUX
ajfa-633	6	30	be	be	AUX
ajfa-633	6	31	used	use	VERB
ajfa-633	6	32	to	to	PART
ajfa-633	6	33	predict	predict	VERB
ajfa-633	6	34	stock	stock	NOUN
ajfa-633	6	35	market	market	NOUN
ajfa-633	6	36	price	price	NOUN
ajfa-633	6	37	fluctuations	fluctuation	NOUN
ajfa-633	6	38	.	.	PUNCT
ajfa-633	7	1	keywords	keyword	NOUN
ajfa-633	7	2	:	:	PUNCT
ajfa-633	7	3	macroeconomic	macroeconomic	ADJ
ajfa-633	7	4	variables	variable	NOUN
ajfa-633	7	5	,	,	PUNCT
ajfa-633	7	6	stock	stock	NOUN
ajfa-633	7	7	market	market	NOUN
ajfa-633	7	8	,	,	PUNCT
ajfa-633	7	9	ljung	ljung	PROPN
ajfa-633	7	10	-	-	PUNCT
ajfa-633	7	11	box	box	NOUN
ajfa-633	7	12	q	q	NOUN
ajfa-633	7	13	test	test	NOUN
ajfa-633	7	14	,	,	PUNCT
ajfa-633	7	15	unit	unit	NOUN
ajfa-633	7	16	root	root	PROPN
ajfa-633	7	17	test	test	NOUN
ajfa-633	7	18	,	,	PUNCT
ajfa-633	7	19	granger	granger	NOUN
ajfa-633	7	20	-	-	PUNCT
ajfa-633	7	21	causality	causality	NOUN
ajfa-633	7	22	test	test	NOUN
ajfa-633	7	23	jel	jel	PROPN
ajfa-633	7	24	classification	classification	NOUN
ajfa-633	7	25	:	:	PUNCT
ajfa-633	7	26	g1	g1	PROPN
ajfa-633	7	27	,	,	PUNCT
ajfa-633	7	28	g7	g7	PROPN
ajfa-633	7	29	,	,	PUNCT
ajfa-633	7	30	c32	c32	NOUN
ajfa-633	7	31	asian	asian	ADJ
ajfa-633	7	32	journal	journal	PROPN
ajfa-633	7	33	of	of	ADP
ajfa-633	7	34	finance	finance	PROPN
ajfa-633	7	35	&	&	CCONJ
ajfa-633	7	36	accounting	accounting	PROPN
ajfa-633	7	37	issn	issn	PROPN
ajfa-633	7	38	1946	1946	NUM
ajfa-633	7	39	-	-	PUNCT
ajfa-633	7	40	052x	052x	NOUN
ajfa-633	7	41	2011	2011	NUM
ajfa-633	7	42	,	,	PUNCT
ajfa-633	7	43	vol	vol	NOUN
ajfa-633	7	44	.	.	PROPN
ajfa-633	8	1	3	3	NUM
ajfa-633	8	2	,	,	PUNCT
ajfa-633	8	3	no	no	INTJ
ajfa-633	8	4	.	.	NOUN
ajfa-633	8	5	1	1	NUM
ajfa-633	8	6	:	:	PUNCT
ajfa-633	8	7	e13	e13	VERB
ajfa-633	8	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	8	9	209	209	NUM
ajfa-633	8	10	1	1	NUM
ajfa-633	8	11	.	.	PUNCT
ajfa-633	9	1	introduction	introduction	NOUN
ajfa-633	9	2	over	over	ADP
ajfa-633	9	3	the	the	DET
ajfa-633	9	4	past	past	ADJ
ajfa-633	9	5	few	few	ADJ
ajfa-633	9	6	decades	decade	NOUN
ajfa-633	9	7	,	,	PUNCT
ajfa-633	9	8	the	the	DET
ajfa-633	9	9	interaction	interaction	NOUN
ajfa-633	9	10	of	of	ADP
ajfa-633	9	11	share	share	NOUN
ajfa-633	9	12	returns	return	NOUN
ajfa-633	9	13	and	and	CCONJ
ajfa-633	9	14	the	the	DET
ajfa-633	9	15	macroeconomic	macroeconomic	ADJ
ajfa-633	9	16	variables	variable	NOUN
ajfa-633	9	17	has	have	AUX
ajfa-633	9	18	been	be	AUX
ajfa-633	9	19	a	a	DET
ajfa-633	9	20	subject	subject	NOUN
ajfa-633	9	21	of	of	ADP
ajfa-633	9	22	interest	interest	NOUN
ajfa-633	9	23	among	among	ADP
ajfa-633	9	24	academicians	academician	NOUN
ajfa-633	9	25	and	and	CCONJ
ajfa-633	9	26	practitioners	practitioner	NOUN
ajfa-633	9	27	.	.	PUNCT
ajfa-633	10	1	kaneko	kaneko	PROPN
ajfa-633	10	2	and	and	CCONJ
ajfa-633	10	3	lee	lee	PROPN
ajfa-633	10	4	(	(	PUNCT
ajfa-633	10	5	1995	1995	NUM
ajfa-633	10	6	)	)	PUNCT
ajfa-633	10	7	,	,	PUNCT
ajfa-633	10	8	lee	lee	PROPN
ajfa-633	10	9	(	(	PUNCT
ajfa-633	10	10	1992	1992	NUM
ajfa-633	10	11	)	)	PUNCT
ajfa-633	10	12	,	,	PUNCT
ajfa-633	10	13	fama	fama	PROPN
ajfa-633	10	14	(	(	PUNCT
ajfa-633	10	15	1981	1981	NUM
ajfa-633	10	16	)	)	PUNCT
ajfa-633	10	17	determined	determine	VERB
ajfa-633	10	18	a	a	DET
ajfa-633	10	19	positive	positive	ADJ
ajfa-633	10	20	relation	relation	NOUN
ajfa-633	10	21	between	between	ADP
ajfa-633	10	22	stock	stock	NOUN
ajfa-633	10	23	returns	return	NOUN
ajfa-633	10	24	and	and	CCONJ
ajfa-633	10	25	real	real	ADJ
ajfa-633	10	26	economic	economic	ADJ
ajfa-633	10	27	activity	activity	NOUN
ajfa-633	10	28	in	in	ADP
ajfa-633	10	29	us	we	PRON
ajfa-633	10	30	and	and	CCONJ
ajfa-633	10	31	japanese	japanese	ADJ
ajfa-633	10	32	stock	stock	NOUN
ajfa-633	10	33	markets	market	NOUN
ajfa-633	10	34	but	but	CCONJ
ajfa-633	10	35	the	the	DET
ajfa-633	10	36	same	same	ADJ
ajfa-633	10	37	relation	relation	NOUN
ajfa-633	10	38	is	be	AUX
ajfa-633	10	39	not	not	PART
ajfa-633	10	40	found	find	VERB
ajfa-633	10	41	in	in	ADP
ajfa-633	10	42	european	european	ADJ
ajfa-633	10	43	and	and	CCONJ
ajfa-633	10	44	south	south	ADJ
ajfa-633	10	45	asian	asian	ADJ
ajfa-633	10	46	markets	market	NOUN
ajfa-633	10	47	.	.	PUNCT
ajfa-633	11	1	poon	poon	NOUN
ajfa-633	11	2	and	and	CCONJ
ajfa-633	11	3	taylor	taylor	PROPN
ajfa-633	11	4	(	(	PUNCT
ajfa-633	11	5	1991	1991	NUM
ajfa-633	11	6	)	)	PUNCT
ajfa-633	11	7	’s	’s	PART
ajfa-633	11	8	study	study	NOUN
ajfa-633	11	9	for	for	ADP
ajfa-633	11	10	the	the	DET
ajfa-633	11	11	uk	uk	PROPN
ajfa-633	11	12	market	market	NOUN
ajfa-633	11	13	,	,	PUNCT
ajfa-633	11	14	martinez	martinez	PROPN
ajfa-633	11	15	and	and	CCONJ
ajfa-633	11	16	rubio	rubio	PROPN
ajfa-633	11	17	(	(	PUNCT
ajfa-633	11	18	1989	1989	NUM
ajfa-633	11	19	)	)	PUNCT
ajfa-633	11	20	’s	’s	PART
ajfa-633	11	21	study	study	NOUN
ajfa-633	11	22	for	for	ADP
ajfa-633	11	23	the	the	DET
ajfa-633	11	24	spanish	spanish	ADJ
ajfa-633	11	25	market	market	NOUN
ajfa-633	11	26	,	,	PUNCT
ajfa-633	11	27	and	and	CCONJ
ajfa-633	11	28	gjerde	gjerde	VERB
ajfa-633	11	29	and	and	CCONJ
ajfa-633	11	30	saettem	saettem	PROPN
ajfa-633	11	31	(	(	PUNCT
ajfa-633	11	32	1999	1999	NUM
ajfa-633	11	33	)	)	PUNCT
ajfa-633	11	34	’s	’s	PART
ajfa-633	11	35	study	study	NOUN
ajfa-633	11	36	for	for	ADP
ajfa-633	11	37	the	the	DET
ajfa-633	11	38	norwegian	norwegian	ADJ
ajfa-633	11	39	market	market	NOUN
ajfa-633	11	40	have	have	AUX
ajfa-633	11	41	not	not	PART
ajfa-633	11	42	implied	imply	VERB
ajfa-633	11	43	a	a	DET
ajfa-633	11	44	significant	significant	ADJ
ajfa-633	11	45	relation	relation	NOUN
ajfa-633	11	46	between	between	ADP
ajfa-633	11	47	stock	stock	NOUN
ajfa-633	11	48	returns	return	NOUN
ajfa-633	11	49	and	and	CCONJ
ajfa-633	11	50	macroeconomic	macroeconomic	ADJ
ajfa-633	11	51	variables	variable	NOUN
ajfa-633	11	52	.	.	PUNCT
ajfa-633	12	1	mookerje	mookerje	NOUN
ajfa-633	12	2	and	and	CCONJ
ajfa-633	12	3	yu	yu	PROPN
ajfa-633	12	4	(	(	PUNCT
ajfa-633	12	5	1997	1997	NUM
ajfa-633	12	6	)	)	PUNCT
ajfa-633	12	7	’s	’s	PART
ajfa-633	12	8	study	study	NOUN
ajfa-633	12	9	on	on	ADP
ajfa-633	12	10	forecasting	forecast	VERB
ajfa-633	12	11	share	share	NOUN
ajfa-633	12	12	prices	price	NOUN
ajfa-633	12	13	for	for	ADP
ajfa-633	12	14	the	the	DET
ajfa-633	12	15	singapore	singapore	PROPN
ajfa-633	12	16	case	case	NOUN
ajfa-633	12	17	obtained	obtain	VERB
ajfa-633	12	18	a	a	DET
ajfa-633	12	19	result	result	NOUN
ajfa-633	12	20	that	that	SCONJ
ajfa-633	12	21	money	money	NOUN
ajfa-633	12	22	supply	supply	NOUN
ajfa-633	12	23	and	and	CCONJ
ajfa-633	12	24	exchange	exchange	NOUN
ajfa-633	12	25	rate	rate	NOUN
ajfa-633	12	26	have	have	AUX
ajfa-633	12	27	an	an	DET
ajfa-633	12	28	impact	impact	NOUN
ajfa-633	12	29	upon	upon	SCONJ
ajfa-633	12	30	forecasting	forecast	VERB
ajfa-633	12	31	share	share	NOUN
ajfa-633	12	32	prices	price	NOUN
ajfa-633	12	33	.	.	PUNCT
ajfa-633	13	1	so	so	ADV
ajfa-633	13	2	the	the	DET
ajfa-633	13	3	results	result	NOUN
ajfa-633	13	4	are	be	AUX
ajfa-633	13	5	mixed	mixed	ADJ
ajfa-633	13	6	.	.	PUNCT
ajfa-633	14	1	if	if	SCONJ
ajfa-633	14	2	stock	stock	NOUN
ajfa-633	14	3	prices	price	NOUN
ajfa-633	14	4	accurately	accurately	ADV
ajfa-633	14	5	reflect	reflect	VERB
ajfa-633	14	6	the	the	DET
ajfa-633	14	7	underlying	underlie	VERB
ajfa-633	14	8	fundamentals	fundamental	NOUN
ajfa-633	14	9	,	,	PUNCT
ajfa-633	14	10	then	then	ADV
ajfa-633	14	11	the	the	DET
ajfa-633	14	12	stock	stock	NOUN
ajfa-633	14	13	prices	price	NOUN
ajfa-633	14	14	should	should	AUX
ajfa-633	14	15	be	be	AUX
ajfa-633	14	16	employed	employ	VERB
ajfa-633	14	17	as	as	ADP
ajfa-633	14	18	leading	lead	VERB
ajfa-633	14	19	indicators	indicator	NOUN
ajfa-633	14	20	of	of	ADP
ajfa-633	14	21	future	future	ADJ
ajfa-633	14	22	economic	economic	ADJ
ajfa-633	14	23	activities	activity	NOUN
ajfa-633	14	24	.	.	PUNCT
ajfa-633	15	1	therefore	therefore	ADV
ajfa-633	15	2	,	,	PUNCT
ajfa-633	15	3	the	the	DET
ajfa-633	15	4	causal	causal	ADJ
ajfa-633	15	5	relations	relation	NOUN
ajfa-633	15	6	among	among	ADP
ajfa-633	15	7	macroeconomic	macroeconomic	ADJ
ajfa-633	15	8	variables	variable	NOUN
ajfa-633	15	9	and	and	CCONJ
ajfa-633	15	10	stock	stock	NOUN
ajfa-633	15	11	prices	price	NOUN
ajfa-633	15	12	are	be	AUX
ajfa-633	15	13	important	important	ADJ
ajfa-633	15	14	in	in	ADP
ajfa-633	15	15	the	the	DET
ajfa-633	15	16	formulation	formulation	NOUN
ajfa-633	15	17	of	of	ADP
ajfa-633	15	18	the	the	DET
ajfa-633	15	19	nation	nation	NOUN
ajfa-633	15	20	’s	’s	PART
ajfa-633	15	21	macroeconomic	macroeconomic	ADJ
ajfa-633	15	22	policy	policy	NOUN
ajfa-633	15	23	.	.	PUNCT
ajfa-633	16	1	presently	presently	ADV
ajfa-633	16	2	the	the	DET
ajfa-633	16	3	performance	performance	NOUN
ajfa-633	16	4	of	of	ADP
ajfa-633	16	5	indian	indian	ADJ
ajfa-633	16	6	stock	stock	NOUN
ajfa-633	16	7	market	market	NOUN
ajfa-633	16	8	is	be	AUX
ajfa-633	16	9	analyzed	analyze	VERB
ajfa-633	16	10	carefully	carefully	ADV
ajfa-633	16	11	by	by	ADP
ajfa-633	16	12	large	large	ADJ
ajfa-633	16	13	number	number	NOUN
ajfa-633	16	14	of	of	ADP
ajfa-633	16	15	global	global	ADJ
ajfa-633	16	16	players	player	NOUN
ajfa-633	16	17	;	;	PUNCT
ajfa-633	16	18	this	this	PRON
ajfa-633	16	19	motivates	motivate	VERB
ajfa-633	16	20	us	we	PRON
ajfa-633	16	21	for	for	ADP
ajfa-633	16	22	exploring	explore	VERB
ajfa-633	16	23	research	research	NOUN
ajfa-633	16	24	in	in	ADP
ajfa-633	16	25	indian	indian	ADJ
ajfa-633	16	26	stock	stock	NOUN
ajfa-633	16	27	market	market	NOUN
ajfa-633	16	28	and	and	CCONJ
ajfa-633	16	29	macroeconomic	macroeconomic	ADJ
ajfa-633	16	30	indicators	indicator	NOUN
ajfa-633	16	31	to	to	PART
ajfa-633	16	32	determine	determine	VERB
ajfa-633	16	33	the	the	DET
ajfa-633	16	34	indian	indian	ADJ
ajfa-633	16	35	stock	stock	NOUN
ajfa-633	16	36	market	market	NOUN
ajfa-633	16	37	efficiency	efficiency	NOUN
ajfa-633	16	38	to	to	PART
ajfa-633	16	39	give	give	VERB
ajfa-633	16	40	new	new	ADJ
ajfa-633	16	41	approach	approach	NOUN
ajfa-633	16	42	to	to	ADP
ajfa-633	16	43	the	the	DET
ajfa-633	16	44	foreign	foreign	ADJ
ajfa-633	16	45	investors	investor	NOUN
ajfa-633	16	46	,	,	PUNCT
ajfa-633	16	47	policy	policy	NOUN
ajfa-633	16	48	makers	maker	NOUN
ajfa-633	16	49	,	,	PUNCT
ajfa-633	16	50	traders	trader	NOUN
ajfa-633	16	51	,	,	PUNCT
ajfa-633	16	52	domestic	domestic	ADJ
ajfa-633	16	53	investors	investor	NOUN
ajfa-633	16	54	and	and	CCONJ
ajfa-633	16	55	academic	academic	ADJ
ajfa-633	16	56	researchers	researcher	NOUN
ajfa-633	16	57	.	.	PUNCT
ajfa-633	17	1	in	in	ADP
ajfa-633	17	2	this	this	DET
ajfa-633	17	3	paper	paper	NOUN
ajfa-633	17	4	,	,	PUNCT
ajfa-633	17	5	we	we	PRON
ajfa-633	17	6	have	have	AUX
ajfa-633	17	7	raised	raise	VERB
ajfa-633	17	8	three	three	NUM
ajfa-633	17	9	research	research	NOUN
ajfa-633	17	10	question	question	NOUN
ajfa-633	17	11	.first	.first	ADP
ajfa-633	17	12	this	this	DET
ajfa-633	17	13	paper	paper	NOUN
ajfa-633	17	14	will	will	AUX
ajfa-633	17	15	add	add	VERB
ajfa-633	17	16	to	to	ADP
ajfa-633	17	17	the	the	DET
ajfa-633	17	18	existing	exist	VERB
ajfa-633	17	19	literature	literature	NOUN
ajfa-633	17	20	by	by	ADP
ajfa-633	17	21	providing	provide	VERB
ajfa-633	17	22	robust	robust	ADJ
ajfa-633	17	23	result	result	NOUN
ajfa-633	17	24	.	.	PUNCT
ajfa-633	18	1	secondly	secondly	ADV
ajfa-633	18	2	we	we	PRON
ajfa-633	18	3	investigate	investigate	VERB
ajfa-633	18	4	the	the	DET
ajfa-633	18	5	causal	causal	ADJ
ajfa-633	18	6	relationship	relationship	NOUN
ajfa-633	18	7	between	between	ADP
ajfa-633	18	8	macroeconomic	macroeconomic	ADJ
ajfa-633	18	9	variables	variable	NOUN
ajfa-633	18	10	and	and	CCONJ
ajfa-633	18	11	indian	indian	ADJ
ajfa-633	18	12	stock	stock	NOUN
ajfa-633	18	13	market	market	NOUN
ajfa-633	18	14	by	by	ADP
ajfa-633	18	15	using	use	VERB
ajfa-633	18	16	granger	granger	PROPN
ajfa-633	18	17	causality	causality	NOUN
ajfa-633	18	18	test	test	NOUN
ajfa-633	18	19	for	for	ADP
ajfa-633	18	20	determining	determine	VERB
ajfa-633	18	21	whether	whether	SCONJ
ajfa-633	18	22	one	one	NUM
ajfa-633	18	23	time	time	NOUN
ajfa-633	18	24	series	series	NOUN
ajfa-633	18	25	is	be	AUX
ajfa-633	18	26	useful	useful	ADJ
ajfa-633	18	27	for	for	ADP
ajfa-633	18	28	forecasting	forecast	VERB
ajfa-633	18	29	another	another	PRON
ajfa-633	18	30	.	.	PUNCT
ajfa-633	19	1	thirdly	thirdly	ADV
ajfa-633	19	2	we	we	PRON
ajfa-633	19	3	use	use	VERB
ajfa-633	19	4	unit	unit	NOUN
ajfa-633	19	5	root	root	NOUN
ajfa-633	19	6	test	test	NOUN
ajfa-633	19	7	and	and	CCONJ
ajfa-633	19	8	box	box	NOUN
ajfa-633	19	9	-	-	PUNCT
ajfa-633	19	10	jenkins	jenkin	NOUN
ajfa-633	19	11	autoregressive	autoregressive	ADJ
ajfa-633	19	12	integrated	integrated	ADJ
ajfa-633	19	13	moving	move	VERB
ajfa-633	19	14	average	average	ADJ
ajfa-633	19	15	(	(	PUNCT
ajfa-633	19	16	arima	arima	NOUN
ajfa-633	19	17	)	)	PUNCT
ajfa-633	19	18	time	time	NOUN
ajfa-633	19	19	-	-	PUNCT
ajfa-633	19	20	series	series	NOUN
ajfa-633	19	21	process	process	NOUN
ajfa-633	19	22	to	to	PART
ajfa-633	19	23	determine	determine	VERB
ajfa-633	19	24	whether	whether	SCONJ
ajfa-633	19	25	indian	indian	ADJ
ajfa-633	19	26	stock	stock	NOUN
ajfa-633	19	27	market	market	NOUN
ajfa-633	19	28	exhibits	exhibit	VERB
ajfa-633	19	29	weak	weak	ADJ
ajfa-633	19	30	,	,	PUNCT
ajfa-633	19	31	semi	semi	ADJ
ajfa-633	19	32	-	-	ADJ
ajfa-633	19	33	strong	strong	ADJ
ajfa-633	19	34	,	,	PUNCT
ajfa-633	19	35	or	or	CCONJ
ajfa-633	19	36	strong	strong	ADJ
ajfa-633	19	37	form	form	NOUN
ajfa-633	19	38	of	of	ADP
ajfa-633	19	39	market	market	NOUN
ajfa-633	19	40	efficiency	efficiency	NOUN
ajfa-633	19	41	with	with	ADP
ajfa-633	19	42	reference	reference	NOUN
ajfa-633	19	43	to	to	ADP
ajfa-633	19	44	macroeconomic	macroeconomic	ADJ
ajfa-633	19	45	variables	variable	NOUN
ajfa-633	19	46	is	be	AUX
ajfa-633	19	47	concerned	concerned	ADJ
ajfa-633	19	48	to	to	PART
ajfa-633	19	49	obtain	obtain	VERB
ajfa-633	19	50	new	new	ADJ
ajfa-633	19	51	insights	insight	NOUN
ajfa-633	19	52	.	.	PUNCT
ajfa-633	20	1	therefore	therefore	ADV
ajfa-633	20	2	,	,	PUNCT
ajfa-633	20	3	the	the	DET
ajfa-633	20	4	present	present	ADJ
ajfa-633	20	5	work	work	NOUN
ajfa-633	20	6	improves	improve	VERB
ajfa-633	20	7	the	the	DET
ajfa-633	20	8	earlier	early	ADJ
ajfa-633	20	9	studies	study	NOUN
ajfa-633	20	10	and	and	CCONJ
ajfa-633	20	11	offers	offer	VERB
ajfa-633	20	12	a	a	DET
ajfa-633	20	13	value	value	NOUN
ajfa-633	20	14	addition	addition	NOUN
ajfa-633	20	15	to	to	ADP
ajfa-633	20	16	the	the	DET
ajfa-633	20	17	existing	exist	VERB
ajfa-633	20	18	literature	literature	NOUN
ajfa-633	20	19	.	.	PUNCT
ajfa-633	21	1	the	the	DET
ajfa-633	21	2	paper	paper	NOUN
ajfa-633	21	3	is	be	AUX
ajfa-633	21	4	organized	organize	VERB
ajfa-633	21	5	as	as	SCONJ
ajfa-633	21	6	follows	follow	VERB
ajfa-633	21	7	:	:	PUNCT
ajfa-633	21	8	section	section	NOUN
ajfa-633	21	9	2	2	NUM
ajfa-633	21	10	reviews	review	NOUN
ajfa-633	21	11	previous	previous	ADJ
ajfa-633	21	12	literature	literature	NOUN
ajfa-633	21	13	section	section	NOUN
ajfa-633	21	14	3	3	NUM
ajfa-633	21	15	describes	describe	VERB
ajfa-633	21	16	the	the	DET
ajfa-633	21	17	data	datum	NOUN
ajfa-633	21	18	&	&	CCONJ
ajfa-633	21	19	methodology	methodology	NOUN
ajfa-633	21	20	used	use	VERB
ajfa-633	21	21	in	in	ADP
ajfa-633	21	22	the	the	DET
ajfa-633	21	23	research	research	NOUN
ajfa-633	21	24	.	.	PUNCT
ajfa-633	22	1	the	the	DET
ajfa-633	22	2	results	result	NOUN
ajfa-633	22	3	are	be	AUX
ajfa-633	22	4	discussed	discuss	VERB
ajfa-633	22	5	in	in	ADP
ajfa-633	22	6	section	section	NOUN
ajfa-633	22	7	4	4	NUM
ajfa-633	22	8	and	and	CCONJ
ajfa-633	22	9	section	section	NOUN
ajfa-633	22	10	5	5	NUM
ajfa-633	22	11	concludes	conclude	VERB
ajfa-633	22	12	the	the	DET
ajfa-633	22	13	observation	observation	NOUN
ajfa-633	22	14	.	.	PUNCT
ajfa-633	23	1	2	2	X
ajfa-633	23	2	.	.	X
ajfa-633	23	3	literature	literature	NOUN
ajfa-633	23	4	review	review	VERB
ajfa-633	23	5	the	the	DET
ajfa-633	23	6	dynamic	dynamic	ADJ
ajfa-633	23	7	relationships	relationship	NOUN
ajfa-633	23	8	between	between	ADP
ajfa-633	23	9	macroeconomic	macroeconomic	ADJ
ajfa-633	23	10	variables	variable	NOUN
ajfa-633	23	11	and	and	CCONJ
ajfa-633	23	12	share	share	NOUN
ajfa-633	23	13	returns	return	NOUN
ajfa-633	23	14	have	have	AUX
ajfa-633	23	15	been	be	AUX
ajfa-633	23	16	widely	widely	ADV
ajfa-633	23	17	discussed	discuss	VERB
ajfa-633	23	18	and	and	CCONJ
ajfa-633	23	19	debated	debate	VERB
ajfa-633	23	20	.	.	PUNCT
ajfa-633	24	1	the	the	DET
ajfa-633	24	2	informational	informational	ADJ
ajfa-633	24	3	efficiency	efficiency	NOUN
ajfa-633	24	4	of	of	ADP
ajfa-633	24	5	major	major	ADJ
ajfa-633	24	6	stock	stock	NOUN
ajfa-633	24	7	markets	market	NOUN
ajfa-633	24	8	has	have	AUX
ajfa-633	24	9	been	be	AUX
ajfa-633	24	10	extensively	extensively	ADV
ajfa-633	24	11	examined	examine	VERB
ajfa-633	24	12	through	through	ADP
ajfa-633	24	13	the	the	DET
ajfa-633	24	14	study	study	NOUN
ajfa-633	24	15	of	of	ADP
ajfa-633	24	16	causal	causal	ADJ
ajfa-633	24	17	relations	relation	NOUN
ajfa-633	24	18	between	between	ADP
ajfa-633	24	19	stock	stock	NOUN
ajfa-633	24	20	price	price	NOUN
ajfa-633	24	21	indices	index	NOUN
ajfa-633	24	22	and	and	CCONJ
ajfa-633	24	23	macroeconomic	macroeconomic	ADJ
ajfa-633	24	24	aggregates	aggregate	NOUN
ajfa-633	24	25	.	.	PUNCT
ajfa-633	25	1	kwon	kwon	PROPN
ajfa-633	25	2	and	and	CCONJ
ajfa-633	25	3	shin	shin	PROPN
ajfa-633	25	4	(	(	PUNCT
ajfa-633	25	5	1999	1999	NUM
ajfa-633	25	6	)	)	PUNCT
ajfa-633	25	7	applied	apply	VERB
ajfa-633	25	8	engle	engle	PROPN
ajfa-633	25	9	-	-	PUNCT
ajfa-633	25	10	granger	granger	PROPN
ajfa-633	25	11	co	co	NOUN
ajfa-633	25	12	integration	integration	NOUN
ajfa-633	25	13	and	and	CCONJ
ajfa-633	25	14	the	the	DET
ajfa-633	25	15	granger	granger	NOUN
ajfa-633	25	16	-	-	PUNCT
ajfa-633	25	17	causality	causality	NOUN
ajfa-633	25	18	tests	test	NOUN
ajfa-633	25	19	from	from	ADP
ajfa-633	25	20	the	the	DET
ajfa-633	25	21	vector	vector	NOUN
ajfa-633	25	22	error	error	NOUN
ajfa-633	25	23	correction	correction	NOUN
ajfa-633	25	24	model	model	NOUN
ajfa-633	25	25	(	(	PUNCT
ajfa-633	25	26	vecm	vecm	NOUN
ajfa-633	25	27	)	)	PUNCT
ajfa-633	25	28	and	and	CCONJ
ajfa-633	25	29	found	find	VERB
ajfa-633	25	30	that	that	SCONJ
ajfa-633	25	31	the	the	DET
ajfa-633	25	32	korean	korean	ADJ
ajfa-633	25	33	stock	stock	NOUN
ajfa-633	25	34	market	market	NOUN
ajfa-633	25	35	is	be	AUX
ajfa-633	25	36	co	co	AUX
ajfa-633	25	37	integrated	integrate	VERB
ajfa-633	25	38	with	with	ADP
ajfa-633	25	39	a	a	DET
ajfa-633	25	40	set	set	NOUN
ajfa-633	25	41	of	of	ADP
ajfa-633	25	42	macroeconomic	macroeconomic	ADJ
ajfa-633	25	43	variables	variable	NOUN
ajfa-633	25	44	.	.	PUNCT
ajfa-633	26	1	however	however	ADV
ajfa-633	26	2	,	,	PUNCT
ajfa-633	26	3	using	use	VERB
ajfa-633	26	4	the	the	DET
ajfa-633	26	5	granger	granger	NOUN
ajfa-633	26	6	-	-	PUNCT
ajfa-633	26	7	causality	causality	NOUN
ajfa-633	26	8	test	test	NOUN
ajfa-633	26	9	on	on	ADP
ajfa-633	26	10	macroeconomic	macroeconomic	ADJ
ajfa-633	26	11	variables	variable	NOUN
ajfa-633	26	12	and	and	CCONJ
ajfa-633	26	13	the	the	DET
ajfa-633	26	14	korean	korean	ADJ
ajfa-633	26	15	stock	stock	PROPN
ajfa-633	26	16	index	index	PROPN
ajfa-633	26	17	,	,	PUNCT
ajfa-633	26	18	the	the	DET
ajfa-633	26	19	authors	author	NOUN
ajfa-633	26	20	found	find	VERB
ajfa-633	26	21	that	that	SCONJ
ajfa-633	26	22	the	the	DET
ajfa-633	26	23	korean	korean	ADJ
ajfa-633	26	24	stock	stock	NOUN
ajfa-633	26	25	index	index	NOUN
ajfa-633	26	26	is	be	AUX
ajfa-633	26	27	not	not	PART
ajfa-633	26	28	a	a	DET
ajfa-633	26	29	leading	lead	VERB
ajfa-633	26	30	indicator	indicator	NOUN
ajfa-633	26	31	for	for	ADP
ajfa-633	26	32	economic	economic	ADJ
ajfa-633	26	33	variables	variable	NOUN
ajfa-633	26	34	.	.	PUNCT
ajfa-633	27	1	mayasmai	mayasmai	NOUN
ajfa-633	27	2	and	and	CCONJ
ajfa-633	27	3	koh	koh	PROPN
ajfa-633	27	4	(	(	PUNCT
ajfa-633	27	5	2000	2000	NUM
ajfa-633	27	6	)	)	PUNCT
ajfa-633	27	7	used	use	VERB
ajfa-633	27	8	the	the	DET
ajfa-633	27	9	johansen	johansen	PROPN
ajfa-633	27	10	co	co	PROPN
ajfa-633	27	11	integration	integration	NOUN
ajfa-633	27	12	test	test	NOUN
ajfa-633	27	13	in	in	ADP
ajfa-633	27	14	the	the	DET
ajfa-633	27	15	vector	vector	NOUN
ajfa-633	27	16	error	error	NOUN
ajfa-633	27	17	correction	correction	NOUN
ajfa-633	27	18	model	model	NOUN
ajfa-633	27	19	(	(	PUNCT
ajfa-633	27	20	vecm	vecm	NOUN
ajfa-633	27	21	)	)	PUNCT
ajfa-633	27	22	and	and	CCONJ
ajfa-633	27	23	found	find	VERB
ajfa-633	27	24	that	that	SCONJ
ajfa-633	27	25	the	the	DET
ajfa-633	27	26	singapore	singapore	PROPN
ajfa-633	27	27	stock	stock	NOUN
ajfa-633	27	28	market	market	NOUN
ajfa-633	27	29	is	be	AUX
ajfa-633	27	30	co	co	AUX
ajfa-633	27	31	integrated	integrate	VERB
ajfa-633	27	32	with	with	ADP
ajfa-633	27	33	asian	asian	ADJ
ajfa-633	27	34	journal	journal	NOUN
ajfa-633	27	35	of	of	ADP
ajfa-633	27	36	finance	finance	PROPN
ajfa-633	27	37	&	&	CCONJ
ajfa-633	27	38	accounting	accounting	PROPN
ajfa-633	27	39	issn	issn	PROPN
ajfa-633	27	40	1946	1946	NUM
ajfa-633	27	41	-	-	PUNCT
ajfa-633	27	42	052x	052x	NOUN
ajfa-633	27	43	2011	2011	NUM
ajfa-633	27	44	,	,	PUNCT
ajfa-633	27	45	vol	vol	NOUN
ajfa-633	27	46	.	.	PROPN
ajfa-633	28	1	3	3	NUM
ajfa-633	28	2	,	,	PUNCT
ajfa-633	28	3	no	no	INTJ
ajfa-633	28	4	.	.	NOUN
ajfa-633	28	5	1	1	NUM
ajfa-633	28	6	:	:	PUNCT
ajfa-633	28	7	e13	e13	VERB
ajfa-633	28	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	28	9	210	210	NUM
ajfa-633	28	10	five	five	NUM
ajfa-633	28	11	macroeconomic	macroeconomic	ADJ
ajfa-633	28	12	variables	variable	NOUN
ajfa-633	28	13	.	.	PUNCT
ajfa-633	29	1	muradoglu	muradoglu	PROPN
ajfa-633	29	2	,	,	PUNCT
ajfa-633	29	3	metin	metin	PROPN
ajfa-633	29	4	and	and	CCONJ
ajfa-633	29	5	argac	argac	PROPN
ajfa-633	29	6	(	(	PUNCT
ajfa-633	29	7	2001	2001	NUM
ajfa-633	29	8	)	)	PUNCT
ajfa-633	29	9	examined	examine	VERB
ajfa-633	29	10	the	the	DET
ajfa-633	29	11	long	long	ADV
ajfa-633	29	12	-	-	PUNCT
ajfa-633	29	13	run	run	NOUN
ajfa-633	29	14	relationship	relationship	NOUN
ajfa-633	29	15	between	between	ADP
ajfa-633	29	16	stock	stock	NOUN
ajfa-633	29	17	returns	return	NOUN
ajfa-633	29	18	and	and	CCONJ
ajfa-633	29	19	three	three	NUM
ajfa-633	29	20	monetary	monetary	ADJ
ajfa-633	29	21	variables	variable	NOUN
ajfa-633	29	22	(	(	PUNCT
ajfa-633	29	23	overnight	overnight	ADJ
ajfa-633	29	24	interest	interest	NOUN
ajfa-633	29	25	rate	rate	NOUN
ajfa-633	29	26	,	,	PUNCT
ajfa-633	29	27	money	money	NOUN
ajfa-633	29	28	supply	supply	NOUN
ajfa-633	29	29	and	and	CCONJ
ajfa-633	29	30	foreign	foreign	ADJ
ajfa-633	29	31	exchange	exchange	NOUN
ajfa-633	29	32	rate	rate	NOUN
ajfa-633	29	33	)	)	PUNCT
ajfa-633	29	34	in	in	ADP
ajfa-633	29	35	turkey	turkey	NOUN
ajfa-633	29	36	.	.	PUNCT
ajfa-633	30	1	they	they	PRON
ajfa-633	30	2	pointed	point	VERB
ajfa-633	30	3	out	out	ADP
ajfa-633	30	4	that	that	SCONJ
ajfa-633	30	5	the	the	DET
ajfa-633	30	6	whole	whole	ADJ
ajfa-633	30	7	sample	sample	NOUN
ajfa-633	30	8	period	period	NOUN
ajfa-633	30	9	(	(	PUNCT
ajfa-633	30	10	1988	1988	NUM
ajfa-633	30	11	-	-	SYM
ajfa-633	30	12	1995	1995	NUM
ajfa-633	30	13	)	)	PUNCT
ajfa-633	30	14	showed	show	VERB
ajfa-633	30	15	no	no	DET
ajfa-633	30	16	co	co	ADJ
ajfa-633	30	17	-	-	ADJ
ajfa-633	30	18	integrating	integrating	ADJ
ajfa-633	30	19	relationship	relationship	NOUN
ajfa-633	30	20	between	between	ADP
ajfa-633	30	21	stock	stock	NOUN
ajfa-633	30	22	prices	price	NOUN
ajfa-633	30	23	and	and	CCONJ
ajfa-633	30	24	any	any	PRON
ajfa-633	30	25	of	of	ADP
ajfa-633	30	26	the	the	DET
ajfa-633	30	27	monetary	monetary	ADJ
ajfa-633	30	28	variables	variable	NOUN
ajfa-633	30	29	.	.	PUNCT
ajfa-633	31	1	this	this	PRON
ajfa-633	31	2	is	be	AUX
ajfa-633	31	3	also	also	ADV
ajfa-633	31	4	true	true	ADJ
ajfa-633	31	5	only	only	ADV
ajfa-633	31	6	for	for	ADP
ajfa-633	31	7	the	the	DET
ajfa-633	31	8	first	first	ADJ
ajfa-633	31	9	sub	sub	NOUN
ajfa-633	31	10	-	-	NOUN
ajfa-633	31	11	sample	sample	ADJ
ajfa-633	31	12	(	(	PUNCT
ajfa-633	31	13	1988	1988	NUM
ajfa-633	31	14	-	-	SYM
ajfa-633	31	15	1989	1989	NUM
ajfa-633	31	16	)	)	PUNCT
ajfa-633	31	17	but	but	CCONJ
ajfa-633	31	18	all	all	DET
ajfa-633	31	19	the	the	DET
ajfa-633	31	20	variables	variable	NOUN
ajfa-633	31	21	were	be	AUX
ajfa-633	31	22	co	co	AUX
ajfa-633	31	23	integrated	integrate	VERB
ajfa-633	31	24	with	with	ADP
ajfa-633	31	25	stock	stock	NOUN
ajfa-633	31	26	prices	price	NOUN
ajfa-633	31	27	for	for	ADP
ajfa-633	31	28	the	the	DET
ajfa-633	31	29	second	second	ADJ
ajfa-633	31	30	(	(	PUNCT
ajfa-633	31	31	1990	1990	NUM
ajfa-633	31	32	-	-	SYM
ajfa-633	31	33	1992	1992	NUM
ajfa-633	31	34	)	)	PUNCT
ajfa-633	31	35	and	and	CCONJ
ajfa-633	31	36	third	third	ADJ
ajfa-633	31	37	sub	sub	NOUN
ajfa-633	31	38	-	-	NOUN
ajfa-633	31	39	samples	sample	NOUN
ajfa-633	31	40	(	(	PUNCT
ajfa-633	31	41	1993	1993	NUM
ajfa-633	31	42	-	-	SYM
ajfa-633	31	43	1995	1995	NUM
ajfa-633	31	44	)	)	PUNCT
ajfa-633	31	45	.	.	PUNCT
ajfa-633	32	1	nevertheless	nevertheless	ADV
ajfa-633	32	2	,	,	PUNCT
ajfa-633	32	3	in	in	ADP
ajfa-633	32	4	general	general	ADJ
ajfa-633	32	5	,	,	PUNCT
ajfa-633	32	6	ibrahim	ibrahim	PROPN
ajfa-633	32	7	and	and	CCONJ
ajfa-633	32	8	aziz	aziz	PROPN
ajfa-633	32	9	(	(	PUNCT
ajfa-633	32	10	2003	2003	NUM
ajfa-633	32	11	)	)	PUNCT
ajfa-633	32	12	,	,	PUNCT
ajfa-633	32	13	booth	booth	NOUN
ajfa-633	32	14	and	and	CCONJ
ajfa-633	32	15	booth	booth	NOUN
ajfa-633	32	16	(	(	PUNCT
ajfa-633	32	17	1997	1997	NUM
ajfa-633	32	18	)	)	PUNCT
ajfa-633	32	19	,	,	PUNCT
ajfa-633	32	20	wongbanpo	wongbanpo	NOUN
ajfa-633	32	21	and	and	CCONJ
ajfa-633	32	22	sharma	sharma	PROPN
ajfa-633	32	23	(	(	PUNCT
ajfa-633	32	24	2002	2002	NUM
ajfa-633	32	25	)	)	PUNCT
ajfa-633	32	26	,	,	PUNCT
ajfa-633	32	27	chen	chen	PROPN
ajfa-633	32	28	(	(	PUNCT
ajfa-633	32	29	2003	2003	NUM
ajfa-633	32	30	)	)	PUNCT
ajfa-633	32	31	,	,	PUNCT
ajfa-633	32	32	chen	chen	PROPN
ajfa-633	32	33	et	et	PROPN
ajfa-633	32	34	al	al	PROPN
ajfa-633	32	35	.	.	PROPN
ajfa-633	33	1	(	(	PUNCT
ajfa-633	33	2	2005	2005	NUM
ajfa-633	33	3	)	)	PUNCT
ajfa-633	33	4	and	and	CCONJ
ajfa-633	33	5	mukherjee	mukherjee	PROPN
ajfa-633	33	6	and	and	CCONJ
ajfa-633	33	7	naka	naka	PROPN
ajfa-633	33	8	(	(	PUNCT
ajfa-633	33	9	1995	1995	NUM
ajfa-633	33	10	)	)	PUNCT
ajfa-633	33	11	reveal	reveal	VERB
ajfa-633	33	12	that	that	SCONJ
ajfa-633	33	13	the	the	DET
ajfa-633	33	14	rate	rate	NOUN
ajfa-633	33	15	of	of	ADP
ajfa-633	33	16	inflation	inflation	NOUN
ajfa-633	33	17	,	,	PUNCT
ajfa-633	33	18	money	money	NOUN
ajfa-633	33	19	growth	growth	NOUN
ajfa-633	33	20	,	,	PUNCT
ajfa-633	33	21	interest	interest	NOUN
ajfa-633	33	22	rates	rate	NOUN
ajfa-633	33	23	,	,	PUNCT
ajfa-633	33	24	industrial	industrial	ADJ
ajfa-633	33	25	production	production	NOUN
ajfa-633	33	26	,	,	PUNCT
ajfa-633	33	27	reserves	reserve	NOUN
ajfa-633	33	28	,	,	PUNCT
ajfa-633	33	29	and	and	CCONJ
ajfa-633	33	30	exchange	exchange	NOUN
ajfa-633	33	31	rates	rate	NOUN
ajfa-633	33	32	are	be	AUX
ajfa-633	33	33	the	the	DET
ajfa-633	33	34	most	most	ADV
ajfa-633	33	35	popular	popular	ADJ
ajfa-633	33	36	significant	significant	ADJ
ajfa-633	33	37	factors	factor	NOUN
ajfa-633	33	38	in	in	ADP
ajfa-633	33	39	explaining	explain	VERB
ajfa-633	33	40	the	the	DET
ajfa-633	33	41	stock	stock	NOUN
ajfa-633	33	42	market	market	NOUN
ajfa-633	33	43	movement	movement	NOUN
ajfa-633	33	44	.	.	PUNCT
ajfa-633	34	1	however	however	ADV
ajfa-633	34	2	,	,	PUNCT
ajfa-633	34	3	empirical	empirical	ADJ
ajfa-633	34	4	studies	study	NOUN
ajfa-633	34	5	by	by	ADP
ajfa-633	34	6	barrows	barrow	NOUN
ajfa-633	34	7	and	and	CCONJ
ajfa-633	34	8	naka	naka	X
ajfa-633	34	9	(	(	PUNCT
ajfa-633	34	10	1994	1994	NUM
ajfa-633	34	11	)	)	PUNCT
ajfa-633	34	12	conclude	conclude	VERB
ajfa-633	34	13	that	that	SCONJ
ajfa-633	34	14	inflation	inflation	NOUN
ajfa-633	34	15	has	have	VERB
ajfa-633	34	16	negative	negative	ADJ
ajfa-633	34	17	effects	effect	NOUN
ajfa-633	34	18	on	on	ADP
ajfa-633	34	19	the	the	DET
ajfa-633	34	20	stock	stock	NOUN
ajfa-633	34	21	market	market	NOUN
ajfa-633	34	22	.	.	PUNCT
ajfa-633	35	1	the	the	DET
ajfa-633	35	2	‘	'	PUNCT
ajfa-633	35	3	exchange	exchange	NOUN
ajfa-633	35	4	rate	rate	NOUN
ajfa-633	35	5	channel	channel	NOUN
ajfa-633	35	6	’	'	PUNCT
ajfa-633	35	7	by	by	ADP
ajfa-633	35	8	pan	pan	PROPN
ajfa-633	35	9	et	et	PROPN
ajfa-633	35	10	al	al	PROPN
ajfa-633	35	11	.	.	PROPN
ajfa-633	35	12	(	(	PUNCT
ajfa-633	35	13	2007	2007	NUM
ajfa-633	35	14	)	)	PUNCT
ajfa-633	35	15	is	be	AUX
ajfa-633	35	16	consistent	consistent	ADJ
ajfa-633	35	17	with	with	ADP
ajfa-633	35	18	the	the	DET
ajfa-633	35	19	‘	'	PUNCT
ajfa-633	35	20	flow	flow	ADJ
ajfa-633	35	21	oriented	orient	VERB
ajfa-633	35	22	’	'	PUNCT
ajfa-633	35	23	exchange	exchange	NOUN
ajfa-633	35	24	rate	rate	NOUN
ajfa-633	35	25	model	model	NOUN
ajfa-633	35	26	,	,	PUNCT
ajfa-633	35	27	introduced	introduce	VERB
ajfa-633	35	28	by	by	ADP
ajfa-633	35	29	dornbusch	dornbusch	NOUN
ajfa-633	35	30	and	and	CCONJ
ajfa-633	35	31	fisher	fisher	PROPN
ajfa-633	35	32	(	(	PUNCT
ajfa-633	35	33	1980	1980	NUM
ajfa-633	35	34	)	)	PUNCT
ajfa-633	35	35	.	.	PUNCT
ajfa-633	36	1	they	they	PRON
ajfa-633	36	2	affirm	affirm	VERB
ajfa-633	36	3	that	that	SCONJ
ajfa-633	36	4	exchange	exchange	NOUN
ajfa-633	36	5	rate	rate	NOUN
ajfa-633	36	6	movements	movement	NOUN
ajfa-633	36	7	initially	initially	ADV
ajfa-633	36	8	affect	affect	VERB
ajfa-633	36	9	the	the	DET
ajfa-633	36	10	international	international	ADJ
ajfa-633	36	11	competitiveness	competitiveness	NOUN
ajfa-633	36	12	and	and	CCONJ
ajfa-633	36	13	trade	trade	NOUN
ajfa-633	36	14	position	position	NOUN
ajfa-633	36	15	,	,	PUNCT
ajfa-633	36	16	followed	follow	VERB
ajfa-633	36	17	by	by	ADP
ajfa-633	36	18	the	the	DET
ajfa-633	36	19	real	real	ADJ
ajfa-633	36	20	output	output	NOUN
ajfa-633	36	21	of	of	ADP
ajfa-633	36	22	the	the	DET
ajfa-633	36	23	country	country	NOUN
ajfa-633	36	24	,	,	PUNCT
ajfa-633	36	25	and	and	CCONJ
ajfa-633	36	26	finally	finally	ADV
ajfa-633	36	27	affects	affect	VERB
ajfa-633	36	28	the	the	DET
ajfa-633	36	29	current	current	ADJ
ajfa-633	36	30	and	and	CCONJ
ajfa-633	36	31	future	future	ADJ
ajfa-633	36	32	cash	cash	NOUN
ajfa-633	36	33	flows	flow	NOUN
ajfa-633	36	34	of	of	ADP
ajfa-633	36	35	companies	company	NOUN
ajfa-633	36	36	,	,	PUNCT
ajfa-633	36	37	which	which	PRON
ajfa-633	36	38	can	can	AUX
ajfa-633	36	39	be	be	AUX
ajfa-633	36	40	inferred	infer	VERB
ajfa-633	36	41	from	from	ADP
ajfa-633	36	42	the	the	DET
ajfa-633	36	43	stock	stock	NOUN
ajfa-633	36	44	price	price	NOUN
ajfa-633	36	45	movements	movement	NOUN
ajfa-633	36	46	.	.	PUNCT
ajfa-633	37	1	donatas	donata	NOUN
ajfa-633	37	2	,	,	PUNCT
ajfa-633	37	3	p.	p.	NOUN
ajfa-633	37	4	,	,	PUNCT
ajfa-633	37	5	&	&	CCONJ
ajfa-633	37	6	vytautas	vytautas	PROPN
ajfa-633	37	7	b.	b.	PROPN
ajfa-633	37	8	,(2009)analyzes	,(2009)analyzes	PUNCT
ajfa-633	37	9	the	the	DET
ajfa-633	37	10	relationships	relationship	NOUN
ajfa-633	37	11	between	between	ADP
ajfa-633	37	12	a	a	DET
ajfa-633	37	13	group	group	NOUN
ajfa-633	37	14	of	of	ADP
ajfa-633	37	15	macroeconomic	macroeconomic	ADJ
ajfa-633	37	16	variables	variable	NOUN
ajfa-633	37	17	and	and	CCONJ
ajfa-633	37	18	the	the	DET
ajfa-633	37	19	lithuanian	lithuanian	ADJ
ajfa-633	37	20	stock	stock	NOUN
ajfa-633	37	21	market	market	NOUN
ajfa-633	37	22	index	index	NOUN
ajfa-633	37	23	and	and	CCONJ
ajfa-633	37	24	reveals	reveal	VERB
ajfa-633	37	25	that	that	SCONJ
ajfa-633	37	26	some	some	DET
ajfa-633	37	27	macroeconomic	macroeconomic	ADJ
ajfa-633	37	28	variables	variable	NOUN
ajfa-633	37	29	lead	lead	VERB
ajfa-633	37	30	lithuanian	lithuanian	ADJ
ajfa-633	37	31	stock	stock	NOUN
ajfa-633	37	32	market	market	NOUN
ajfa-633	37	33	returns	return	NOUN
ajfa-633	37	34	.	.	PUNCT
ajfa-633	38	1	3	3	X
ajfa-633	38	2	.	.	NOUN
ajfa-633	38	3	time	time	PROPN
ajfa-633	38	4	series	series	PROPN
ajfa-633	38	5	data	data	PROPN
ajfa-633	38	6	and	and	CCONJ
ajfa-633	38	7	methodology	methodology	NOUN
ajfa-633	38	8	many	many	ADJ
ajfa-633	38	9	financial	financial	ADJ
ajfa-633	38	10	time	time	NOUN
ajfa-633	38	11	series	series	PROPN
ajfa-633	38	12	contain	contain	VERB
ajfa-633	38	13	a	a	DET
ajfa-633	38	14	unit	unit	NOUN
ajfa-633	38	15	root	root	NOUN
ajfa-633	38	16	,	,	PUNCT
ajfa-633	38	17	i.e.	i.e.	X
ajfa-633	38	18	the	the	DET
ajfa-633	38	19	series	series	NOUN
ajfa-633	38	20	are	be	AUX
ajfa-633	38	21	non	non	ADJ
ajfa-633	38	22	-	-	ADJ
ajfa-633	38	23	stationary	stationary	ADJ
ajfa-633	38	24	and	and	CCONJ
ajfa-633	38	25	it	it	PRON
ajfa-633	38	26	is	be	AUX
ajfa-633	38	27	generally	generally	ADV
ajfa-633	38	28	acknowledged	acknowledge	VERB
ajfa-633	38	29	that	that	SCONJ
ajfa-633	38	30	stock	stock	NOUN
ajfa-633	38	31	index	index	NOUN
ajfa-633	38	32	and	and	CCONJ
ajfa-633	38	33	macroeconomic	macroeconomic	ADJ
ajfa-633	38	34	variables	variable	NOUN
ajfa-633	38	35	might	might	AUX
ajfa-633	38	36	not	not	PART
ajfa-633	38	37	be	be	AUX
ajfa-633	38	38	exception	exception	NOUN
ajfa-633	38	39	.	.	PUNCT
ajfa-633	39	1	so	so	ADV
ajfa-633	39	2	the	the	DET
ajfa-633	39	3	required	require	VERB
ajfa-633	39	4	time	time	NOUN
ajfa-633	39	5	series	series	PROPN
ajfa-633	39	6	weekly	weekly	ADJ
ajfa-633	39	7	data	datum	NOUN
ajfa-633	39	8	have	have	AUX
ajfa-633	39	9	been	be	AUX
ajfa-633	39	10	collected	collect	VERB
ajfa-633	39	11	from	from	ADP
ajfa-633	39	12	the	the	DET
ajfa-633	39	13	www.rbi.com	www.rbi.com	NOUN
ajfa-633	39	14	and	and	CCONJ
ajfa-633	39	15	www.bse.com	www.bse.com	VERB
ajfa-633	39	16	for	for	ADP
ajfa-633	39	17	a	a	DET
ajfa-633	39	18	period	period	NOUN
ajfa-633	39	19	of	of	ADP
ajfa-633	39	20	six	six	NUM
ajfa-633	39	21	years	year	NOUN
ajfa-633	39	22	from	from	ADP
ajfa-633	39	23	january	january	PROPN
ajfa-633	39	24	2005	2005	NUM
ajfa-633	39	25	to	to	ADP
ajfa-633	39	26	february	february	PROPN
ajfa-633	39	27	2011.we	2011.we	NUM
ajfa-633	39	28	have	have	AUX
ajfa-633	39	29	chosen	choose	VERB
ajfa-633	39	30	the	the	DET
ajfa-633	39	31	data	datum	NOUN
ajfa-633	39	32	period	period	NOUN
ajfa-633	39	33	2005	2005	NUM
ajfa-633	39	34	to	to	ADP
ajfa-633	39	35	2011	2011	NUM
ajfa-633	39	36	because	because	SCONJ
ajfa-633	39	37	during	during	ADP
ajfa-633	39	38	this	this	DET
ajfa-633	39	39	period	period	NOUN
ajfa-633	39	40	indian	indian	ADJ
ajfa-633	39	41	stock	stock	NOUN
ajfa-633	39	42	markets	market	NOUN
ajfa-633	39	43	have	have	AUX
ajfa-633	39	44	undergone	undergo	VERB
ajfa-633	39	45	substantial	substantial	ADJ
ajfa-633	39	46	policy	policy	NOUN
ajfa-633	39	47	changes	change	NOUN
ajfa-633	39	48	characterised	characterise	VERB
ajfa-633	39	49	by	by	ADP
ajfa-633	39	50	the	the	DET
ajfa-633	39	51	revival	revival	NOUN
ajfa-633	39	52	of	of	ADP
ajfa-633	39	53	private	private	ADJ
ajfa-633	39	54	foreign	foreign	ADJ
ajfa-633	39	55	capital	capital	NOUN
ajfa-633	39	56	flows	flow	NOUN
ajfa-633	39	57	to	to	ADP
ajfa-633	39	58	emerging	emerge	VERB
ajfa-633	39	59	market	market	NOUN
ajfa-633	39	60	economies	economy	NOUN
ajfa-633	39	61	,	,	PUNCT
ajfa-633	39	62	flexible	flexible	ADJ
ajfa-633	39	63	exchange	exchange	NOUN
ajfa-633	39	64	rates	rate	NOUN
ajfa-633	39	65	,	,	PUNCT
ajfa-633	39	66	strong	strong	ADJ
ajfa-633	39	67	economic	economic	ADJ
ajfa-633	39	68	growth	growth	NOUN
ajfa-633	39	69	,	,	PUNCT
ajfa-633	39	70	credit	credit	NOUN
ajfa-633	39	71	market	market	NOUN
ajfa-633	39	72	crisis	crisis	NOUN
ajfa-633	39	73	in	in	ADP
ajfa-633	39	74	the	the	DET
ajfa-633	39	75	united	united	PROPN
ajfa-633	39	76	states	states	PROPN
ajfa-633	39	77	and	and	CCONJ
ajfa-633	39	78	sharp	sharp	ADJ
ajfa-633	39	79	fell	fall	VERB
ajfa-633	39	80	in	in	ADP
ajfa-633	39	81	asian	asian	ADJ
ajfa-633	39	82	market	market	NOUN
ajfa-633	39	83	.	.	PUNCT
ajfa-633	40	1	these	these	DET
ajfa-633	40	2	changes	change	NOUN
ajfa-633	40	3	have	have	AUX
ajfa-633	40	4	affected	affect	VERB
ajfa-633	40	5	the	the	DET
ajfa-633	40	6	movement	movement	NOUN
ajfa-633	40	7	in	in	ADP
ajfa-633	40	8	index	index	NOUN
ajfa-633	40	9	and	and	CCONJ
ajfa-633	40	10	magnitude	magnitude	NOUN
ajfa-633	40	11	of	of	ADP
ajfa-633	40	12	volume	volume	NOUN
ajfa-633	40	13	trades	trade	NOUN
ajfa-633	40	14	in	in	ADP
ajfa-633	40	15	the	the	DET
ajfa-633	40	16	market	market	NOUN
ajfa-633	40	17	in	in	ADP
ajfa-633	40	18	different	different	ADJ
ajfa-633	40	19	ways	way	NOUN
ajfa-633	40	20	.	.	PUNCT
ajfa-633	41	1	there	there	PRON
ajfa-633	41	2	are	be	VERB
ajfa-633	41	3	many	many	ADJ
ajfa-633	41	4	macroeconomic	macroeconomic	ADJ
ajfa-633	41	5	variables	variable	NOUN
ajfa-633	41	6	which	which	PRON
ajfa-633	41	7	affecting	affect	VERB
ajfa-633	41	8	the	the	DET
ajfa-633	41	9	stock	stock	NOUN
ajfa-633	41	10	market	market	NOUN
ajfa-633	41	11	but	but	CCONJ
ajfa-633	41	12	the	the	DET
ajfa-633	41	13	most	most	ADV
ajfa-633	41	14	prominent	prominent	ADJ
ajfa-633	41	15	are	be	AUX
ajfa-633	41	16	interest	interest	NOUN
ajfa-633	41	17	rate	rate	NOUN
ajfa-633	41	18	,	,	PUNCT
ajfa-633	41	19	inflation	inflation	NOUN
ajfa-633	41	20	rate	rate	NOUN
ajfa-633	41	21	,	,	PUNCT
ajfa-633	41	22	exchange	exchange	NOUN
ajfa-633	41	23	rate	rate	NOUN
ajfa-633	41	24	and	and	CCONJ
ajfa-633	41	25	international	international	ADJ
ajfa-633	41	26	market	market	NOUN
ajfa-633	41	27	.	.	PUNCT
ajfa-633	42	1	a	a	DET
ajfa-633	42	2	fall	fall	NOUN
ajfa-633	42	3	in	in	ADP
ajfa-633	42	4	interest	interest	NOUN
ajfa-633	42	5	rates	rate	NOUN
ajfa-633	42	6	reduces	reduce	VERB
ajfa-633	42	7	the	the	DET
ajfa-633	42	8	costs	cost	NOUN
ajfa-633	42	9	of	of	ADP
ajfa-633	42	10	borrowing	borrowing	NOUN
ajfa-633	42	11	and	and	CCONJ
ajfa-633	42	12	encourages	encourage	VERB
ajfa-633	42	13	firms	firm	NOUN
ajfa-633	42	14	for	for	ADP
ajfa-633	42	15	expansion	expansion	NOUN
ajfa-633	42	16	with	with	ADP
ajfa-633	42	17	the	the	DET
ajfa-633	42	18	expectation	expectation	NOUN
ajfa-633	42	19	of	of	ADP
ajfa-633	42	20	generating	generate	VERB
ajfa-633	42	21	future	future	ADJ
ajfa-633	42	22	expected	expect	VERB
ajfa-633	42	23	returns	return	NOUN
ajfa-633	42	24	for	for	ADP
ajfa-633	42	25	the	the	DET
ajfa-633	42	26	firm	firm	NOUN
ajfa-633	42	27	.	.	PUNCT
ajfa-633	43	1	further	further	ADJ
ajfa-633	43	2	significant	significant	ADJ
ajfa-633	43	3	amount	amount	NOUN
ajfa-633	43	4	of	of	ADP
ajfa-633	43	5	stocks	stock	NOUN
ajfa-633	43	6	are	be	AUX
ajfa-633	43	7	purchased	purchase	VERB
ajfa-633	43	8	with	with	ADP
ajfa-633	43	9	borrowed	borrow	VERB
ajfa-633	43	10	money	money	NOUN
ajfa-633	43	11	.	.	PUNCT
ajfa-633	44	1	so	so	ADV
ajfa-633	44	2	an	an	DET
ajfa-633	44	3	increase	increase	NOUN
ajfa-633	44	4	in	in	ADP
ajfa-633	44	5	interest	interest	NOUN
ajfa-633	44	6	rates	rate	NOUN
ajfa-633	44	7	will	will	AUX
ajfa-633	44	8	be	be	AUX
ajfa-633	44	9	more	more	ADV
ajfa-633	44	10	costly	costly	ADJ
ajfa-633	44	11	for	for	ADP
ajfa-633	44	12	stock	stock	NOUN
ajfa-633	44	13	transactions	transaction	NOUN
ajfa-633	44	14	that	that	PRON
ajfa-633	44	15	lead	lead	VERB
ajfa-633	44	16	to	to	PART
ajfa-633	44	17	reduce	reduce	VERB
ajfa-633	44	18	demand	demand	NOUN
ajfa-633	44	19	and	and	CCONJ
ajfa-633	44	20	affect	affect	VERB
ajfa-633	44	21	the	the	DET
ajfa-633	44	22	share	share	NOUN
ajfa-633	44	23	price	price	NOUN
ajfa-633	44	24	.	.	PUNCT
ajfa-633	45	1	hence	hence	ADV
ajfa-633	45	2	,	,	PUNCT
ajfa-633	45	3	changing	change	VERB
ajfa-633	45	4	interest	interest	NOUN
ajfa-633	45	5	rate	rate	NOUN
ajfa-633	45	6	has	have	VERB
ajfa-633	45	7	greater	great	ADJ
ajfa-633	45	8	influence	influence	NOUN
ajfa-633	45	9	on	on	ADP
ajfa-633	45	10	stock	stock	NOUN
ajfa-633	45	11	market	market	NOUN
ajfa-633	45	12	variability	variability	NOUN
ajfa-633	45	13	.	.	PUNCT
ajfa-633	46	1	so	so	ADV
ajfa-633	46	2	we	we	PRON
ajfa-633	46	3	have	have	AUX
ajfa-633	46	4	chosen	choose	VERB
ajfa-633	46	5	91	91	NUM
ajfa-633	46	6	-	-	PUNCT
ajfa-633	46	7	days	day	NOUN
ajfa-633	46	8	treasury	treasury	NOUN
ajfa-633	46	9	bill	bill	NOUN
ajfa-633	46	10	as	as	ADP
ajfa-633	46	11	proxy	proxy	NOUN
ajfa-633	46	12	for	for	ADP
ajfa-633	46	13	short	short	ADJ
ajfa-633	46	14	term	term	NOUN
ajfa-633	46	15	interest	interest	NOUN
ajfa-633	46	16	rate	rate	NOUN
ajfa-633	46	17	which	which	PRON
ajfa-633	46	18	is	be	AUX
ajfa-633	46	19	very	very	ADV
ajfa-633	46	20	popular	popular	ADJ
ajfa-633	46	21	short	short	ADJ
ajfa-633	46	22	-	-	PUNCT
ajfa-633	46	23	term	term	NOUN
ajfa-633	46	24	risk	risk	NOUN
ajfa-633	46	25	free	free	ADJ
ajfa-633	46	26	instrument	instrument	NOUN
ajfa-633	46	27	in	in	ADP
ajfa-633	46	28	india	india	PROPN
ajfa-633	46	29	.	.	PUNCT
ajfa-633	47	1	similarly	similarly	ADV
ajfa-633	47	2	wholesale	wholesale	ADJ
ajfa-633	47	3	price	price	NOUN
ajfa-633	47	4	index	index	NOUN
ajfa-633	47	5	focuses	focus	VERB
ajfa-633	47	6	on	on	ADP
ajfa-633	47	7	the	the	DET
ajfa-633	47	8	price	price	NOUN
ajfa-633	47	9	of	of	ADP
ajfa-633	47	10	goods	good	NOUN
ajfa-633	47	11	traded	trade	VERB
ajfa-633	47	12	between	between	ADP
ajfa-633	47	13	corporations	corporation	NOUN
ajfa-633	47	14	.	.	PUNCT
ajfa-633	48	1	it	it	PRON
ajfa-633	48	2	also	also	ADV
ajfa-633	48	3	monitors	monitor	VERB
ajfa-633	48	4	price	price	NOUN
ajfa-633	48	5	movements	movement	NOUN
ajfa-633	48	6	that	that	PRON
ajfa-633	48	7	reflect	reflect	VERB
ajfa-633	48	8	supply	supply	NOUN
ajfa-633	48	9	and	and	CCONJ
ajfa-633	48	10	demand	demand	NOUN
ajfa-633	48	11	in	in	ADP
ajfa-633	48	12	industry	industry	NOUN
ajfa-633	48	13	,	,	PUNCT
ajfa-633	48	14	manufacturing	manufacturing	NOUN
ajfa-633	48	15	and	and	CCONJ
ajfa-633	48	16	construction	construction	NOUN
ajfa-633	48	17	.	.	PUNCT
ajfa-633	49	1	this	this	PRON
ajfa-633	49	2	helps	help	VERB
ajfa-633	49	3	in	in	ADP
ajfa-633	49	4	analyzing	analyze	VERB
ajfa-633	49	5	both	both	DET
ajfa-633	49	6	asian	asian	ADJ
ajfa-633	49	7	journal	journal	NOUN
ajfa-633	49	8	of	of	ADP
ajfa-633	49	9	finance	finance	PROPN
ajfa-633	49	10	&	&	CCONJ
ajfa-633	49	11	accounting	accounting	PROPN
ajfa-633	49	12	issn	issn	PROPN
ajfa-633	49	13	1946	1946	NUM
ajfa-633	49	14	-	-	PUNCT
ajfa-633	49	15	052x	052x	NOUN
ajfa-633	49	16	2011	2011	NUM
ajfa-633	49	17	,	,	PUNCT
ajfa-633	49	18	vol	vol	NOUN
ajfa-633	49	19	.	.	PROPN
ajfa-633	50	1	3	3	NUM
ajfa-633	50	2	,	,	PUNCT
ajfa-633	50	3	no	no	INTJ
ajfa-633	50	4	.	.	NOUN
ajfa-633	50	5	1	1	NUM
ajfa-633	50	6	:	:	PUNCT
ajfa-633	50	7	e13	e13	VERB
ajfa-633	50	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	50	9	211	211	NUM
ajfa-633	50	10	macroeconomic	macroeconomic	ADJ
ajfa-633	50	11	and	and	CCONJ
ajfa-633	50	12	microeconomic	microeconomic	ADJ
ajfa-633	50	13	conditions	condition	NOUN
ajfa-633	50	14	.	.	PUNCT
ajfa-633	51	1	in	in	ADP
ajfa-633	51	2	india	india	PROPN
ajfa-633	51	3	the	the	DET
ajfa-633	51	4	changes	change	NOUN
ajfa-633	51	5	of	of	ADP
ajfa-633	51	6	wpi	wpi	NOUN
ajfa-633	51	7	is	be	AUX
ajfa-633	51	8	used	use	VERB
ajfa-633	51	9	to	to	PART
ajfa-633	51	10	measure	measure	VERB
ajfa-633	51	11	inflation	inflation	NOUN
ajfa-633	51	12	rate	rate	NOUN
ajfa-633	51	13	.	.	PUNCT
ajfa-633	52	1	it	it	PRON
ajfa-633	52	2	is	be	AUX
ajfa-633	52	3	believed	believe	VERB
ajfa-633	52	4	that	that	SCONJ
ajfa-633	52	5	change	change	NOUN
ajfa-633	52	6	in	in	ADP
ajfa-633	52	7	wpi	wpi	PROPN
ajfa-633	52	8	influences	influence	VERB
ajfa-633	52	9	stocks	stock	NOUN
ajfa-633	52	10	and	and	CCONJ
ajfa-633	52	11	fixed	fix	VERB
ajfa-633	52	12	price	price	NOUN
ajfa-633	52	13	markets	market	NOUN
ajfa-633	52	14	.	.	PUNCT
ajfa-633	53	1	so	so	ADV
ajfa-633	53	2	we	we	PRON
ajfa-633	53	3	have	have	AUX
ajfa-633	53	4	chosen	choose	VERB
ajfa-633	53	5	wpi	wpi	NOUN
ajfa-633	53	6	as	as	ADP
ajfa-633	53	7	proxy	proxy	NOUN
ajfa-633	53	8	for	for	ADP
ajfa-633	53	9	inflation	inflation	NOUN
ajfa-633	53	10	rate	rate	NOUN
ajfa-633	53	11	.	.	PUNCT
ajfa-633	54	1	thirdly	thirdly	ADV
ajfa-633	54	2	,	,	PUNCT
ajfa-633	54	3	the	the	DET
ajfa-633	54	4	s&p	s&p	PROPN
ajfa-633	54	5	500	500	NUM
ajfa-633	54	6	is	be	AUX
ajfa-633	54	7	considered	consider	VERB
ajfa-633	54	8	as	as	ADP
ajfa-633	54	9	the	the	DET
ajfa-633	54	10	best	good	ADJ
ajfa-633	54	11	single	single	ADJ
ajfa-633	54	12	gauge	gauge	NOUN
ajfa-633	54	13	of	of	ADP
ajfa-633	54	14	the	the	DET
ajfa-633	54	15	large	large	ADJ
ajfa-633	54	16	cap	cap	NOUN
ajfa-633	54	17	u.s	u.s	PROPN
ajfa-633	54	18	.	.	PROPN
ajfa-633	54	19	equities	equity	NOUN
ajfa-633	54	20	market	market	NOUN
ajfa-633	54	21	.	.	PUNCT
ajfa-633	55	1	the	the	DET
ajfa-633	55	2	index	index	NOUN
ajfa-633	55	3	includes	include	VERB
ajfa-633	55	4	500	500	NUM
ajfa-633	55	5	leading	lead	VERB
ajfa-633	55	6	companies	company	NOUN
ajfa-633	55	7	in	in	ADP
ajfa-633	55	8	leading	lead	VERB
ajfa-633	55	9	industries	industry	NOUN
ajfa-633	55	10	of	of	ADP
ajfa-633	55	11	the	the	DET
ajfa-633	55	12	u.s	u.s	PROPN
ajfa-633	55	13	.	.	PROPN
ajfa-633	55	14	economy	economy	NOUN
ajfa-633	55	15	,	,	PUNCT
ajfa-633	55	16	capturing	capture	VERB
ajfa-633	55	17	75	75	NUM
ajfa-633	55	18	%	%	NOUN
ajfa-633	55	19	coverage	coverage	NOUN
ajfa-633	55	20	of	of	ADP
ajfa-633	55	21	u.s	u.s	PROPN
ajfa-633	55	22	.	.	PROPN
ajfa-633	55	23	equities	equity	NOUN
ajfa-633	55	24	.	.	PUNCT
ajfa-633	56	1	it	it	PRON
ajfa-633	56	2	is	be	AUX
ajfa-633	56	3	also	also	ADV
ajfa-633	56	4	included	include	VERB
ajfa-633	56	5	in	in	ADP
ajfa-633	56	6	the	the	DET
ajfa-633	56	7	index	index	NOUN
ajfa-633	56	8	of	of	ADP
ajfa-633	56	9	leading	lead	VERB
ajfa-633	56	10	indicators	indicator	NOUN
ajfa-633	56	11	.	.	PUNCT
ajfa-633	57	1	further	far	ADV
ajfa-633	57	2	,	,	PUNCT
ajfa-633	57	3	the	the	DET
ajfa-633	57	4	"	"	PUNCT
ajfa-633	57	5	s&p	s&p	PROPN
ajfa-633	57	6	500"captures	500"capture	NOUN
ajfa-633	57	7	the	the	DET
ajfa-633	57	8	changes	change	NOUN
ajfa-633	57	9	in	in	ADP
ajfa-633	57	10	the	the	DET
ajfa-633	57	11	prices	price	NOUN
ajfa-633	57	12	of	of	ADP
ajfa-633	57	13	the	the	DET
ajfa-633	57	14	index	index	NOUN
ajfa-633	57	15	components	component	NOUN
ajfa-633	57	16	.	.	PUNCT
ajfa-633	58	1	it	it	PRON
ajfa-633	58	2	is	be	AUX
ajfa-633	58	3	noticed	notice	VERB
ajfa-633	58	4	that	that	SCONJ
ajfa-633	58	5	many	many	ADJ
ajfa-633	58	6	times	time	NOUN
ajfa-633	58	7	variability	variability	NOUN
ajfa-633	58	8	of	of	ADP
ajfa-633	58	9	indian	indian	ADJ
ajfa-633	58	10	stock	stock	NOUN
ajfa-633	58	11	market	market	NOUN
ajfa-633	58	12	is	be	AUX
ajfa-633	58	13	happening	happen	VERB
ajfa-633	58	14	due	due	ADP
ajfa-633	58	15	to	to	ADP
ajfa-633	58	16	international	international	ADJ
ajfa-633	58	17	market	market	NOUN
ajfa-633	58	18	factors	factor	NOUN
ajfa-633	58	19	.	.	PUNCT
ajfa-633	59	1	so	so	ADV
ajfa-633	59	2	s&p	s&p	PROPN
ajfa-633	59	3	500	500	NUM
ajfa-633	59	4	is	be	AUX
ajfa-633	59	5	taken	take	VERB
ajfa-633	59	6	as	as	ADP
ajfa-633	59	7	proxy	proxy	NOUN
ajfa-633	59	8	for	for	ADP
ajfa-633	59	9	international	international	ADJ
ajfa-633	59	10	market	market	NOUN
ajfa-633	59	11	index	index	NOUN
ajfa-633	59	12	.	.	PUNCT
ajfa-633	60	1	fourthly	fourthly	ADV
ajfa-633	60	2	,	,	PUNCT
ajfa-633	60	3	change	change	NOUN
ajfa-633	60	4	in	in	ADP
ajfa-633	60	5	exchange	exchange	NOUN
ajfa-633	60	6	rate	rate	NOUN
ajfa-633	60	7	affects	affect	VERB
ajfa-633	60	8	the	the	DET
ajfa-633	60	9	overseas	overseas	ADJ
ajfa-633	60	10	operational	operational	ADJ
ajfa-633	60	11	performances	performance	NOUN
ajfa-633	60	12	of	of	ADP
ajfa-633	60	13	firm	firm	NOUN
ajfa-633	60	14	which	which	PRON
ajfa-633	60	15	will	will	AUX
ajfa-633	60	16	affect	affect	VERB
ajfa-633	60	17	its	its	PRON
ajfa-633	60	18	share	share	NOUN
ajfa-633	60	19	price	price	NOUN
ajfa-633	60	20	.	.	PUNCT
ajfa-633	61	1	so	so	ADV
ajfa-633	61	2	we	we	PRON
ajfa-633	61	3	have	have	AUX
ajfa-633	61	4	taken	take	VERB
ajfa-633	61	5	exchange	exchange	NOUN
ajfa-633	61	6	rate	rate	NOUN
ajfa-633	61	7	one	one	NUM
ajfa-633	61	8	of	of	ADP
ajfa-633	61	9	the	the	DET
ajfa-633	61	10	variables	variable	NOUN
ajfa-633	61	11	to	to	PART
ajfa-633	61	12	determine	determine	VERB
ajfa-633	61	13	its	its	PRON
ajfa-633	61	14	impact	impact	NOUN
ajfa-633	61	15	on	on	ADP
ajfa-633	61	16	stock	stock	NOUN
ajfa-633	61	17	market	market	NOUN
ajfa-633	61	18	.	.	PUNCT
ajfa-633	62	1	fifthly	fifthly	ADV
ajfa-633	62	2	,	,	PUNCT
ajfa-633	62	3	bombay	bombay	PROPN
ajfa-633	62	4	stock	stock	PROPN
ajfa-633	62	5	exchange	exchange	PROPN
ajfa-633	62	6	is	be	AUX
ajfa-633	62	7	the	the	DET
ajfa-633	62	8	oldest	old	ADJ
ajfa-633	62	9	stock	stock	NOUN
ajfa-633	62	10	exchange	exchange	NOUN
ajfa-633	62	11	in	in	ADP
ajfa-633	62	12	asia	asia	PROPN
ajfa-633	62	13	and	and	CCONJ
ajfa-633	62	14	today	today	NOUN
ajfa-633	62	15	,	,	PUNCT
ajfa-633	62	16	it	it	PRON
ajfa-633	62	17	is	be	AUX
ajfa-633	62	18	the	the	DET
ajfa-633	62	19	world	world	NOUN
ajfa-633	62	20	's	's	PART
ajfa-633	62	21	5th	5th	NOUN
ajfa-633	62	22	most	most	ADV
ajfa-633	62	23	active	active	ADJ
ajfa-633	62	24	in	in	ADP
ajfa-633	62	25	terms	term	NOUN
ajfa-633	62	26	of	of	ADP
ajfa-633	62	27	number	number	NOUN
ajfa-633	62	28	of	of	ADP
ajfa-633	62	29	transactions	transaction	NOUN
ajfa-633	62	30	handled	handle	VERB
ajfa-633	62	31	through	through	ADP
ajfa-633	62	32	its	its	PRON
ajfa-633	62	33	electronic	electronic	ADJ
ajfa-633	62	34	trading	trading	NOUN
ajfa-633	62	35	system	system	NOUN
ajfa-633	62	36	.	.	PUNCT
ajfa-633	63	1	it	it	PRON
ajfa-633	63	2	is	be	AUX
ajfa-633	63	3	also	also	ADV
ajfa-633	63	4	in	in	ADP
ajfa-633	63	5	the	the	DET
ajfa-633	63	6	top	top	ADJ
ajfa-633	63	7	ten	ten	NUM
ajfa-633	63	8	of	of	ADP
ajfa-633	63	9	global	global	ADJ
ajfa-633	63	10	exchanges	exchange	NOUN
ajfa-633	63	11	in	in	ADP
ajfa-633	63	12	terms	term	NOUN
ajfa-633	63	13	of	of	ADP
ajfa-633	63	14	the	the	DET
ajfa-633	63	15	market	market	NOUN
ajfa-633	63	16	capitalization	capitalization	NOUN
ajfa-633	63	17	of	of	ADP
ajfa-633	63	18	its	its	PRON
ajfa-633	63	19	listed	list	VERB
ajfa-633	63	20	companies.bse	companies.bse	NOUN
ajfa-633	63	21	have	have	AUX
ajfa-633	63	22	facilitated	facilitate	VERB
ajfa-633	63	23	the	the	DET
ajfa-633	63	24	growth	growth	NOUN
ajfa-633	63	25	of	of	ADP
ajfa-633	63	26	the	the	DET
ajfa-633	63	27	indian	indian	ADJ
ajfa-633	63	28	corporate	corporate	ADJ
ajfa-633	63	29	sector	sector	NOUN
ajfa-633	63	30	by	by	ADP
ajfa-633	63	31	providing	provide	VERB
ajfa-633	63	32	with	with	ADP
ajfa-633	63	33	an	an	DET
ajfa-633	63	34	efficient	efficient	ADJ
ajfa-633	63	35	capital	capital	NOUN
ajfa-633	63	36	raising	raise	VERB
ajfa-633	63	37	platform	platform	NOUN
ajfa-633	63	38	.	.	PUNCT
ajfa-633	64	1	the	the	DET
ajfa-633	64	2	bse	bse	PROPN
ajfa-633	64	3	index	index	PROPN
ajfa-633	64	4	,	,	PUNCT
ajfa-633	64	5	sensex	sensex	PROPN
ajfa-633	64	6	,	,	PUNCT
ajfa-633	64	7	is	be	AUX
ajfa-633	64	8	india	india	PROPN
ajfa-633	64	9	's	's	PART
ajfa-633	64	10	first	first	ADJ
ajfa-633	64	11	and	and	CCONJ
ajfa-633	64	12	most	most	ADV
ajfa-633	64	13	popular	popular	ADJ
ajfa-633	64	14	stock	stock	NOUN
ajfa-633	64	15	market	market	NOUN
ajfa-633	64	16	benchmark	benchmark	NOUN
ajfa-633	64	17	index	index	NOUN
ajfa-633	64	18	.	.	PUNCT
ajfa-633	65	1	so	so	ADV
ajfa-633	65	2	we	we	PRON
ajfa-633	65	3	have	have	AUX
ajfa-633	65	4	taken	take	VERB
ajfa-633	65	5	sensex	sensex	NOUN
ajfa-633	65	6	as	as	ADP
ajfa-633	65	7	proxy	proxy	NOUN
ajfa-633	65	8	for	for	ADP
ajfa-633	65	9	indian	indian	ADJ
ajfa-633	65	10	stock	stock	NOUN
ajfa-633	65	11	market	market	NOUN
ajfa-633	65	12	.	.	PUNCT
ajfa-633	66	1	lastly	lastly	ADV
ajfa-633	66	2	trading	trading	NOUN
ajfa-633	66	3	volume	volume	NOUN
ajfa-633	66	4	refers	refer	VERB
ajfa-633	66	5	to	to	ADP
ajfa-633	66	6	the	the	DET
ajfa-633	66	7	number	number	NOUN
ajfa-633	66	8	of	of	ADP
ajfa-633	66	9	shares	share	NOUN
ajfa-633	66	10	traded	trade	VERB
ajfa-633	66	11	during	during	ADP
ajfa-633	66	12	a	a	DET
ajfa-633	66	13	defined	define	VERB
ajfa-633	66	14	time	time	NOUN
ajfa-633	66	15	period	period	NOUN
ajfa-633	66	16	.	.	PUNCT
ajfa-633	67	1	when	when	SCONJ
ajfa-633	67	2	investors	investor	NOUN
ajfa-633	67	3	or	or	CCONJ
ajfa-633	67	4	financial	financial	ADJ
ajfa-633	67	5	analysts	analyst	NOUN
ajfa-633	67	6	see	see	VERB
ajfa-633	67	7	a	a	DET
ajfa-633	67	8	large	large	ADJ
ajfa-633	67	9	increase	increase	NOUN
ajfa-633	67	10	in	in	ADP
ajfa-633	67	11	volume	volume	NOUN
ajfa-633	67	12	,	,	PUNCT
ajfa-633	67	13	it	it	PRON
ajfa-633	67	14	may	may	AUX
ajfa-633	67	15	indicate	indicate	VERB
ajfa-633	67	16	a	a	DET
ajfa-633	67	17	significant	significant	ADJ
ajfa-633	67	18	change	change	NOUN
ajfa-633	67	19	in	in	ADP
ajfa-633	67	20	the	the	DET
ajfa-633	67	21	price	price	NOUN
ajfa-633	67	22	of	of	ADP
ajfa-633	67	23	security	security	NOUN
ajfa-633	67	24	.	.	PUNCT
ajfa-633	68	1	significant	significant	ADJ
ajfa-633	68	2	volume	volume	NOUN
ajfa-633	68	3	spikes	spike	NOUN
ajfa-633	68	4	may	may	AUX
ajfa-633	68	5	indicate	indicate	VERB
ajfa-633	68	6	some	some	DET
ajfa-633	68	7	kind	kind	NOUN
ajfa-633	68	8	of	of	ADP
ajfa-633	68	9	important	important	ADJ
ajfa-633	68	10	news	news	NOUN
ajfa-633	68	11	taking	take	VERB
ajfa-633	68	12	place	place	NOUN
ajfa-633	68	13	in	in	ADP
ajfa-633	68	14	the	the	DET
ajfa-633	68	15	stock	stock	NOUN
ajfa-633	68	16	market	market	NOUN
ajfa-633	68	17	.	.	PUNCT
ajfa-633	69	1	we	we	PRON
ajfa-633	69	2	have	have	AUX
ajfa-633	69	3	taken	take	VERB
ajfa-633	69	4	trading	trading	NOUN
ajfa-633	69	5	volume	volume	NOUN
ajfa-633	69	6	as	as	ADP
ajfa-633	69	7	another	another	DET
ajfa-633	69	8	variable	variable	NOUN
ajfa-633	69	9	to	to	PART
ajfa-633	69	10	determine	determine	VERB
ajfa-633	69	11	its	its	PRON
ajfa-633	69	12	impact	impact	NOUN
ajfa-633	69	13	on	on	ADP
ajfa-633	69	14	stock	stock	NOUN
ajfa-633	69	15	market	market	NOUN
ajfa-633	69	16	as	as	ADV
ajfa-633	69	17	well	well	ADV
ajfa-633	69	18	.	.	PUNCT
ajfa-633	70	1	the	the	DET
ajfa-633	70	2	return	return	NOUN
ajfa-633	70	3	is	be	AUX
ajfa-633	70	4	calculated	calculate	VERB
ajfa-633	70	5	as	as	ADP
ajfa-633	70	6	the	the	DET
ajfa-633	70	7	continuously	continuously	ADV
ajfa-633	70	8	-	-	PUNCT
ajfa-633	70	9	compounded	compound	VERB
ajfa-633	70	10	return	return	NOUN
ajfa-633	70	11	using	use	VERB
ajfa-633	70	12	the	the	DET
ajfa-633	70	13	closing	closing	NOUN
ajfa-633	70	14	price	price	NOUN
ajfa-633	70	15	:	:	PUNCT
ajfa-633	70	16	%	%	NOUN
ajfa-633	70	17	100)ln	100)ln	NUM
ajfa-633	70	18	(	(	PUNCT
ajfa-633	70	19	1	1	NUM
ajfa-633	70	20			NOUN
ajfa-633	70	21	t	t	NOUN
ajfa-633	70	22	t	t	PROPN
ajfa-633	70	23	t	t	PROPN
ajfa-633	70	24	p	p	X
ajfa-633	70	25	p	p	PROPN
ajfa-633	70	26	r	r	NOUN
ajfa-633	70	27	(	(	PUNCT
ajfa-633	70	28	1	1	NUM
ajfa-633	70	29	)	)	PUNCT
ajfa-633	70	30	where	where	SCONJ
ajfa-633	70	31	ln	ln	ADJ
ajfa-633	70	32	(	(	PUNCT
ajfa-633	70	33	pt	pt	NOUN
ajfa-633	70	34	)	)	PUNCT
ajfa-633	70	35	denotes	denote	VERB
ajfa-633	70	36	the	the	DET
ajfa-633	70	37	natural	natural	ADJ
ajfa-633	70	38	logarithm	logarithm	NOUN
ajfa-633	70	39	of	of	ADP
ajfa-633	70	40	the	the	DET
ajfa-633	70	41	closing	closing	NOUN
ajfa-633	70	42	price	price	NOUN
ajfa-633	70	43	at	at	ADP
ajfa-633	70	44	time	time	NOUN
ajfa-633	70	45	t.	t.	PROPN
ajfa-633	70	46	the	the	DET
ajfa-633	70	47	theory	theory	NOUN
ajfa-633	70	48	behind	behind	ADP
ajfa-633	70	49	arma	arma	PROPN
ajfa-633	70	50	estimation	estimation	NOUN
ajfa-633	70	51	is	be	AUX
ajfa-633	70	52	based	base	VERB
ajfa-633	70	53	on	on	ADP
ajfa-633	70	54	stationary	stationary	ADJ
ajfa-633	70	55	time	time	NOUN
ajfa-633	70	56	series	series	NOUN
ajfa-633	70	57	.	.	PUNCT
ajfa-633	71	1	a	a	DET
ajfa-633	71	2	series	series	NOUN
ajfa-633	71	3	is	be	AUX
ajfa-633	71	4	said	say	VERB
ajfa-633	71	5	to	to	PART
ajfa-633	71	6	be	be	AUX
ajfa-633	71	7	stationary	stationary	ADJ
ajfa-633	71	8	if	if	SCONJ
ajfa-633	71	9	the	the	DET
ajfa-633	71	10	mean	mean	NOUN
ajfa-633	71	11	and	and	CCONJ
ajfa-633	71	12	auto	auto	NOUN
ajfa-633	71	13	co	co	NOUN
ajfa-633	71	14	variances	variance	NOUN
ajfa-633	71	15	of	of	ADP
ajfa-633	71	16	the	the	DET
ajfa-633	71	17	series	series	NOUN
ajfa-633	71	18	do	do	AUX
ajfa-633	71	19	not	not	PART
ajfa-633	71	20	depend	depend	VERB
ajfa-633	71	21	on	on	ADP
ajfa-633	71	22	time	time	NOUN
ajfa-633	71	23	.	.	PUNCT
ajfa-633	72	1	any	any	DET
ajfa-633	72	2	series	series	NOUN
ajfa-633	72	3	that	that	PRON
ajfa-633	72	4	is	be	AUX
ajfa-633	72	5	not	not	PART
ajfa-633	72	6	stationary	stationary	ADJ
ajfa-633	72	7	is	be	AUX
ajfa-633	72	8	said	say	VERB
ajfa-633	72	9	to	to	PART
ajfa-633	72	10	be	be	AUX
ajfa-633	72	11	non	non	ADJ
ajfa-633	72	12	stationary	stationary	NOUN
ajfa-633	72	13	.	.	PUNCT
ajfa-633	73	1	a	a	DET
ajfa-633	73	2	common	common	ADJ
ajfa-633	73	3	example	example	NOUN
ajfa-633	73	4	of	of	ADP
ajfa-633	73	5	a	a	DET
ajfa-633	73	6	non	non	ADJ
ajfa-633	73	7	stationary	stationary	ADJ
ajfa-633	73	8	series	series	NOUN
ajfa-633	73	9	is	be	AUX
ajfa-633	73	10	the	the	DET
ajfa-633	73	11	random	random	ADJ
ajfa-633	73	12	walk	walk	NOUN
ajfa-633	73	13	.	.	PUNCT
ajfa-633	74	1	serial	serial	ADJ
ajfa-633	74	2	correlation	correlation	NOUN
ajfa-633	74	3	coefficient	coefficient	NOUN
ajfa-633	74	4	test	test	NOUN
ajfa-633	74	5	is	be	AUX
ajfa-633	74	6	a	a	DET
ajfa-633	74	7	widely	widely	ADV
ajfa-633	74	8	used	use	VERB
ajfa-633	74	9	procedure	procedure	NOUN
ajfa-633	74	10	that	that	PRON
ajfa-633	74	11	tests	test	VERB
ajfa-633	74	12	the	the	DET
ajfa-633	74	13	relationship	relationship	NOUN
ajfa-633	74	14	between	between	ADP
ajfa-633	74	15	returns	return	NOUN
ajfa-633	74	16	in	in	ADP
ajfa-633	74	17	the	the	DET
ajfa-633	74	18	current	current	ADJ
ajfa-633	74	19	period	period	NOUN
ajfa-633	74	20	with	with	ADP
ajfa-633	74	21	those	those	PRON
ajfa-633	74	22	in	in	ADP
ajfa-633	74	23	the	the	DET
ajfa-633	74	24	previous	previous	ADJ
ajfa-633	74	25	period	period	NOUN
ajfa-633	74	26	.	.	PUNCT
ajfa-633	75	1	if	if	SCONJ
ajfa-633	75	2	no	no	DET
ajfa-633	75	3	significant	significant	ADJ
ajfa-633	75	4	autocorrelation	autocorrelation	NOUN
ajfa-633	75	5	are	be	AUX
ajfa-633	75	6	found	find	VERB
ajfa-633	75	7	then	then	ADV
ajfa-633	75	8	the	the	DET
ajfa-633	75	9	series	series	NOUN
ajfa-633	75	10	are	be	AUX
ajfa-633	75	11	expected	expect	VERB
ajfa-633	75	12	to	to	PART
ajfa-633	75	13	follow	follow	VERB
ajfa-633	75	14	a	a	DET
ajfa-633	75	15	random	random	ADJ
ajfa-633	75	16	walk	walk	NOUN
ajfa-633	75	17	.	.	PUNCT
ajfa-633	76	1	the	the	DET
ajfa-633	76	2	durbin	durbin	PROPN
ajfa-633	76	3	-	-	PUNCT
ajfa-633	76	4	watson	watson	NOUN
ajfa-633	76	5	statistics	statistic	NOUN
ajfa-633	76	6	is	be	AUX
ajfa-633	76	7	a	a	DET
ajfa-633	76	8	test	test	NOUN
ajfa-633	76	9	for	for	ADP
ajfa-633	76	10	first	first	ADJ
ajfa-633	76	11	-	-	PUNCT
ajfa-633	76	12	order	order	NOUN
ajfa-633	76	13	serial	serial	ADJ
ajfa-633	76	14	correlation	correlation	NOUN
ajfa-633	76	15	.	.	PUNCT
ajfa-633	77	1	the	the	DET
ajfa-633	77	2	durbin	durbin	NOUN
ajfa-633	77	3	-	-	PUNCT
ajfa-633	77	4	watson	watson	PROPN
ajfa-633	77	5	is	be	AUX
ajfa-633	77	6	a	a	DET
ajfa-633	77	7	test	test	NOUN
ajfa-633	77	8	of	of	ADP
ajfa-633	77	9	the	the	DET
ajfa-633	77	10	hypothesis	hypothesis	NOUN
ajfa-633	77	11	p=0	p=0	PROPN
ajfa-633	77	12	in	in	ADP
ajfa-633	77	13	the	the	DET
ajfa-633	77	14	specification	specification	NOUN
ajfa-633	77	15	:	:	PUNCT
ajfa-633	77	16	t	t	PROPN
ajfa-633	77	17	t	t	PROPN
ajfa-633	77	18	pu	pu	PROPN
ajfa-633	77	19	t	t	PROPN
ajfa-633	77	20	u	u	PROPN
ajfa-633	77	21			PROPN
ajfa-633	77	22			VERB
ajfa-633	77	23			NOUN
ajfa-633	77	24	1	1	NUM
ajfa-633	77	25	(	(	PUNCT
ajfa-633	77	26	2	2	NUM
ajfa-633	77	27	)	)	PUNCT
ajfa-633	77	28	if	if	SCONJ
ajfa-633	77	29	there	there	PRON
ajfa-633	77	30	is	be	VERB
ajfa-633	77	31	no	no	DET
ajfa-633	77	32	serial	serial	ADJ
ajfa-633	77	33	correlation	correlation	NOUN
ajfa-633	77	34	,	,	PUNCT
ajfa-633	77	35	the	the	DET
ajfa-633	77	36	dw	dw	PROPN
ajfa-633	77	37	statistic	statistic	PROPN
ajfa-633	77	38	will	will	AUX
ajfa-633	77	39	be	be	AUX
ajfa-633	77	40	around	around	ADP
ajfa-633	77	41	2	2	NUM
ajfa-633	77	42	.	.	PUNCT
ajfa-633	78	1	the	the	DET
ajfa-633	78	2	dw	dw	PROPN
ajfa-633	78	3	statistic	statistic	PROPN
ajfa-633	78	4	will	will	AUX
ajfa-633	78	5	fall	fall	VERB
ajfa-633	78	6	below	below	ADP
ajfa-633	78	7	2	2	NUM
ajfa-633	78	8	if	if	SCONJ
ajfa-633	78	9	there	there	PRON
ajfa-633	78	10	is	be	VERB
ajfa-633	78	11	positive	positive	ADJ
ajfa-633	78	12	serial	serial	ADJ
ajfa-633	78	13	correlation	correlation	NOUN
ajfa-633	78	14	(	(	PUNCT
ajfa-633	78	15	in	in	ADP
ajfa-633	78	16	the	the	DET
ajfa-633	78	17	worst	bad	ADJ
ajfa-633	78	18	case	case	NOUN
ajfa-633	78	19	,	,	PUNCT
ajfa-633	78	20	it	it	PRON
ajfa-633	78	21	will	will	AUX
ajfa-633	78	22	be	be	AUX
ajfa-633	78	23	near	near	ADP
ajfa-633	78	24	zero	zero	NUM
ajfa-633	78	25	)	)	PUNCT
ajfa-633	78	26	.	.	PUNCT
ajfa-633	79	1	if	if	SCONJ
ajfa-633	79	2	there	there	PRON
ajfa-633	79	3	is	be	VERB
ajfa-633	79	4	asian	asian	ADJ
ajfa-633	79	5	journal	journal	NOUN
ajfa-633	79	6	of	of	ADP
ajfa-633	79	7	finance	finance	PROPN
ajfa-633	79	8	&	&	CCONJ
ajfa-633	79	9	accounting	accounting	PROPN
ajfa-633	79	10	issn	issn	PROPN
ajfa-633	79	11	1946	1946	NUM
ajfa-633	79	12	-	-	PUNCT
ajfa-633	79	13	052x	052x	NOUN
ajfa-633	79	14	2011	2011	NUM
ajfa-633	79	15	,	,	PUNCT
ajfa-633	79	16	vol	vol	NOUN
ajfa-633	79	17	.	.	PROPN
ajfa-633	80	1	3	3	NUM
ajfa-633	80	2	,	,	PUNCT
ajfa-633	80	3	no	no	INTJ
ajfa-633	80	4	.	.	NOUN
ajfa-633	80	5	1	1	NUM
ajfa-633	80	6	:	:	PUNCT
ajfa-633	80	7	e13	e13	VERB
ajfa-633	80	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-633	80	9	212	212	NUM
ajfa-633	80	10	negative	negative	ADJ
ajfa-633	80	11	correlation	correlation	NOUN
ajfa-633	80	12	,	,	PUNCT
ajfa-633	80	13	the	the	DET
ajfa-633	80	14	statistics	statistic	NOUN
ajfa-633	80	15	will	will	AUX
ajfa-633	80	16	lie	lie	VERB
ajfa-633	80	17	somewhere	somewhere	ADV
ajfa-633	80	18	between	between	ADP
ajfa-633	80	19	2	2	NUM
ajfa-633	80	20	and	and	CCONJ
ajfa-633	80	21	4.however	4.however	NUM
ajfa-633	80	22	there	there	PRON
ajfa-633	80	23	are	be	VERB
ajfa-633	80	24	limitations	limitation	NOUN
ajfa-633	80	25	of	of	ADP
ajfa-633	80	26	the	the	DET
ajfa-633	80	27	dw	dw	PROPN
ajfa-633	80	28	test	test	NOUN
ajfa-633	80	29	as	as	ADP
ajfa-633	80	30	a	a	DET
ajfa-633	80	31	test	test	NOUN
ajfa-633	80	32	for	for	ADP
ajfa-633	80	33	serial	serial	ADJ
ajfa-633	80	34	correlation	correlation	NOUN
ajfa-633	80	35	.	.	PUNCT
ajfa-633	81	1	so	so	ADV
ajfa-633	81	2	two	two	NUM
ajfa-633	81	3	other	other	ADJ
ajfa-633	81	4	tests	test	NOUN
ajfa-633	81	5	of	of	ADP
ajfa-633	81	6	serial	serial	ADJ
ajfa-633	81	7	correlation	correlation	NOUN
ajfa-633	81	8	—	—	PUNCT
ajfa-633	81	9	the	the	DET
ajfa-633	81	10	q	q	NOUN
ajfa-633	81	11	-	-	PUNCT
ajfa-633	81	12	statistic	statistic	NOUN
ajfa-633	81	13	and	and	CCONJ
ajfa-633	81	14	the	the	DET
ajfa-633	81	15	breusch	breusch	NOUN
ajfa-633	81	16	-	-	PUNCT
ajfa-633	81	17	godfrey	godfrey	PROPN
ajfa-633	81	18	lm	lm	PROPN
ajfa-633	81	19	test	test	NOUN
ajfa-633	81	20	are	be	AUX
ajfa-633	81	21	preferred	prefer	VERB
ajfa-633	81	22	in	in	ADP
ajfa-633	81	23	most	most	ADJ
ajfa-633	81	24	applications	application	NOUN
ajfa-633	81	25	.	.	PUNCT
ajfa-633	82	1	the	the	DET
ajfa-633	82	2	best	good	ADJ
ajfa-633	82	3	alternative	alternative	NOUN
ajfa-633	82	4	is	be	AUX
ajfa-633	82	5	to	to	PART
ajfa-633	82	6	use	use	VERB
ajfa-633	82	7	a	a	DET
ajfa-633	82	8	test	test	NOUN
ajfa-633	82	9	for	for	ADP
ajfa-633	82	10	autocorrelation	autocorrelation	NOUN
ajfa-633	82	11	in	in	ADP
ajfa-633	82	12	a	a	DET
ajfa-633	82	13	form	form	NOUN
ajfa-633	82	14	of	of	ADP
ajfa-633	82	15	equation	equation	NOUN
ajfa-633	82	16	,	,	PUNCT
ajfa-633	82	17	in	in	ADP
ajfa-633	82	18	which	which	DET
ajfa-633	82	19	relationship	relationship	NOUN
ajfa-633	82	20	between	between	ADP
ajfa-633	82	21	ut	ut	PROPN
ajfa-633	82	22	and	and	CCONJ
ajfa-633	82	23	several	several	ADJ
ajfa-633	82	24	of	of	ADP
ajfa-633	82	25	its	its	PRON
ajfa-633	82	26	lagged	lag	VERB
ajfa-633	82	27	values	value	NOUN
ajfa-633	82	28	at	at	ADP
ajfa-633	82	29	the	the	DET
ajfa-633	82	30	same	same	ADJ
ajfa-633	82	31	time	time	NOUN
ajfa-633	82	32	could	could	AUX
ajfa-633	82	33	be	be	AUX
ajfa-633	82	34	checked	check	VERB
ajfa-633	82	35	.	.	PUNCT
ajfa-633	83	1	breusch	breusch	PROPN
ajfa-633	83	2	godfrey	godfrey	PROPN
ajfa-633	83	3	test	test	NOUN
ajfa-633	83	4	is	be	AUX
ajfa-633	83	5	among	among	ADP
ajfa-633	83	6	the	the	DET
ajfa-633	83	7	tests	test	NOUN
ajfa-633	83	8	widely	widely	ADV
ajfa-633	83	9	used	use	VERB
ajfa-633	83	10	for	for	ADP
ajfa-633	83	11	testing	testing	NOUN
ajfa-633	83	12	autocorrelation	autocorrelation	NOUN
ajfa-633	83	13	of	of	ADP
ajfa-633	83	14	the	the	DET
ajfa-633	83	15	lags	lag	NOUN
ajfa-633	83	16	up	up	ADP
ajfa-633	83	17	to	to	ADP
ajfa-633	83	18	r	r	NOUN
ajfa-633	83	19	'	'	PUNCT
ajfa-633	83	20	th	th	NUM
ajfa-633	83	21	order	order	NOUN
ajfa-633	83	22	.	.	PUNCT
ajfa-633	84	1	t	t	PROPN
ajfa-633	84	2	v	v	NUM
ajfa-633	85	1	rt	rt	PROPN
ajfa-633	85	2	u	u	PROPN
ajfa-633	85	3	r	r	PROPN
ajfa-633	85	4	p	p	PROPN
ajfa-633	85	5	t	t	PROPN
ajfa-633	85	6	up	up	ADP
ajfa-633	85	7	t	t	PROPN
ajfa-633	85	8	up	up	ADP
ajfa-633	85	9	t	t	PROPN
ajfa-633	85	10	up	up	ADP
ajfa-633	85	11	t	t	PROPN
ajfa-633	85	12	u	u	PROPN
ajfa-633	85	13			VERB
ajfa-633	85	14			PROPN
ajfa-633	85	15			PROPN
ajfa-633	85	16			PROPN
ajfa-633	85	17			VERB
ajfa-633	85	18			PROPN
ajfa-633	85	19			VERB
ajfa-633	85	20			PROPN
ajfa-633	85	21			PROPN
ajfa-633	85	22	......	......	PUNCT
ajfa-633	86	1	332211	332211	NUM
ajfa-633	86	2	(	(	PUNCT
ajfa-633	86	3	3	3	NUM
ajfa-633	86	4	)	)	PUNCT
ajfa-633	86	5	)	)	PUNCT
ajfa-633	86	6	2,0	2,0	PROPN
ajfa-633	86	7	(	(	PUNCT
ajfa-633	87	1	vn	vn	PROPN
ajfa-633	87	2	t	t	PROPN
ajfa-633	87	3	v	v	NUM
ajfa-633	87	4			PROPN
ajfa-633	87	5	random	random	ADJ
ajfa-633	87	6	walk	walk	NOUN
ajfa-633	87	7	hypothesis	hypothesis	NOUN
ajfa-633	87	8	implies	imply	VERB
ajfa-633	87	9	independent	independent	ADJ
ajfa-633	87	10	residuals	residual	NOUN
ajfa-633	87	11	and	and	CCONJ
ajfa-633	87	12	a	a	DET
ajfa-633	87	13	unit	unit	NOUN
ajfa-633	87	14	root.the	root.the	DET
ajfa-633	87	15	autocorrelations	autocorrelation	NOUN
ajfa-633	87	16	are	be	AUX
ajfa-633	87	17	easy	easy	ADJ
ajfa-633	87	18	to	to	PART
ajfa-633	87	19	interpret	interpret	VERB
ajfa-633	87	20	—	—	PUNCT
ajfa-633	87	21	each	each	DET
ajfa-633	87	22	one	one	NOUN
ajfa-633	87	23	is	be	AUX
ajfa-633	87	24	the	the	DET
ajfa-633	87	25	correlation	correlation	NOUN
ajfa-633	87	26	coefficient	coefficient	NOUN
ajfa-633	87	27	of	of	ADP
ajfa-633	87	28	the	the	DET
ajfa-633	87	29	current	current	ADJ
ajfa-633	87	30	value	value	NOUN
ajfa-633	87	31	of	of	ADP
ajfa-633	87	32	the	the	DET
ajfa-633	87	33	series	series	NOUN
ajfa-633	87	34	with	with	ADP
ajfa-633	87	35	the	the	DET
ajfa-633	87	36	series	series	NOUN
ajfa-633	87	37	lagged	lag	VERB
ajfa-633	87	38	a	a	DET
ajfa-633	87	39	certain	certain	ADJ
ajfa-633	87	40	number	number	NOUN
ajfa-633	87	41	of	of	ADP
ajfa-633	87	42	periods	period	NOUN
ajfa-633	87	43	.	.	PUNCT
ajfa-633	88	1	if	if	SCONJ
ajfa-633	88	2	the	the	DET
ajfa-633	88	3	autocorrelation	autocorrelation	NOUN
ajfa-633	88	4	function	function	NOUN
ajfa-633	88	5	dies	die	VERB
ajfa-633	88	6	off	off	ADP
ajfa-633	88	7	smoothly	smoothly	ADV
ajfa-633	88	8	at	at	ADP
ajfa-633	88	9	a	a	DET
ajfa-633	88	10	geometric	geometric	ADJ
ajfa-633	88	11	rate	rate	NOUN
ajfa-633	88	12	,	,	PUNCT
ajfa-633	88	13	and	and	CCONJ
ajfa-633	88	14	the	the	DET
ajfa-633	88	15	partial	partial	ADJ
ajfa-633	88	16	autocorrelations	autocorrelation	NOUN
ajfa-633	88	17	were	be	AUX
ajfa-633	88	18	zero	zero	NUM
ajfa-633	88	19	after	after	ADP
ajfa-633	88	20	one	one	NUM
ajfa-633	88	21	lag	lag	NOUN
ajfa-633	88	22	,	,	PUNCT
ajfa-633	88	23	then	then	ADV
ajfa-633	88	24	a	a	DET
ajfa-633	88	25	first	first	ADJ
ajfa-633	88	26	-	-	PUNCT
ajfa-633	88	27	order	order	NOUN
ajfa-633	88	28	autoregressive	autoregressive	ADJ
ajfa-633	88	29	model	model	NOUN
ajfa-633	88	30	is	be	AUX
ajfa-633	88	31	appropriate	appropriate	ADJ
ajfa-633	88	32	.	.	PUNCT
ajfa-633	89	1	alternatively	alternatively	ADV
ajfa-633	89	2	,	,	PUNCT
ajfa-633	89	3	if	if	SCONJ
ajfa-633	89	4	the	the	DET
ajfa-633	89	5	autocorrelations	autocorrelation	NOUN
ajfa-633	89	6	were	be	AUX
ajfa-633	89	7	zero	zero	NUM
ajfa-633	89	8	after	after	ADP
ajfa-633	89	9	one	one	NUM
ajfa-633	89	10	lag	lag	NOUN
ajfa-633	89	11	and	and	CCONJ
ajfa-633	89	12	the	the	DET
ajfa-633	89	13	partial	partial	ADJ
ajfa-633	89	14	autocorrelations	autocorrelation	NOUN
ajfa-633	89	15	declined	decline	VERB
ajfa-633	89	16	geometrically	geometrically	ADV
ajfa-633	89	17	,	,	PUNCT
ajfa-633	89	18	a	a	DET
ajfa-633	89	19	first	first	ADJ
ajfa-633	89	20	-	-	PUNCT
ajfa-633	89	21	order	order	NOUN
ajfa-633	89	22	moving	move	VERB
ajfa-633	89	23	average	average	ADJ
ajfa-633	89	24	process	process	NOUN
ajfa-633	89	25	would	would	AUX
ajfa-633	89	26	seem	seem	VERB
ajfa-633	89	27	appropriate	appropriate	ADJ
ajfa-633	89	28	the	the	DET
ajfa-633	89	29	auto	auto	NOUN
ajfa-633	89	30	correlation	correlation	NOUN
ajfa-633	89	31	of	of	ADP
ajfa-633	89	32	a	a	DET
ajfa-633	89	33	series	series	NOUN
ajfa-633	89	34	y	y	PROPN
ajfa-633	89	35	at	at	ADP
ajfa-633	89	36	lag	lag	PROPN
ajfa-633	89	37	k	k	PROPN
ajfa-633	89	38	is	be	AUX
ajfa-633	89	39	estimated	estimate	VERB
ajfa-633	89	40	by	by	ADP
ajfa-633	89	41	2	2	NUM
ajfa-633	89	42	1	1	NUM
ajfa-633	89	43	)	)	PUNCT
ajfa-633	89	44	(	(	PUNCT
ajfa-633	89	45	1	1	NUM
ajfa-633	89	46	)	)	PUNCT
ajfa-633	89	47	)	)	PUNCT
ajfa-633	90	1	(	(	PUNCT
ajfa-633	90	2	(	(	PUNCT
ajfa-633	90	3			X
ajfa-633	90	4			X
ajfa-633	91	1			NUM
ajfa-633	91	2			PROPN
ajfa-633	91	3			ADV
ajfa-633	91	4			NOUN
ajfa-633	91	5			NOUN
ajfa-633	91	6	t	t	NOUN
ajfa-633	91	7	t	t	PROPN
ajfa-633	91	8	y	y	PROPN
ajfa-633	91	9	t	t	PROPN
ajfa-633	91	10	y	y	PROPN
ajfa-633	91	11	t	t	PROPN
ajfa-633	91	12	kt	kt	PROPN
ajfa-633	91	13	y	y	PROPN
ajfa-633	91	14	kt	kt	PROPN
ajfa-633	91	15	yy	yy	INTJ
ajfa-633	91	16	t	t	PROPN
ajfa-633	91	17	y	y	PROPN
ajfa-633	91	18	k	k	PROPN
ajfa-633	91	19	(	(	PUNCT
ajfa-633	91	20	4	4	NUM
ajfa-633	91	21	)	)	PUNCT
ajfa-633	92	1	where	where	SCONJ
ajfa-633	92	2	_	_	NOUN
ajfa-633	93	1	y	y	PROPN
ajfa-633	93	2	is	be	AUX
ajfa-633	93	3	the	the	DET
ajfa-633	93	4	sample	sample	NOUN
ajfa-633	93	5	mean	mean	NOUN
ajfa-633	93	6	of	of	ADP
ajfa-633	93	7	y.	y.	PROPN
ajfa-633	93	8	this	this	PRON
ajfa-633	93	9	is	be	AUX
ajfa-633	93	10	the	the	DET
ajfa-633	93	11	correlation	correlation	NOUN
ajfa-633	93	12	coefficient	coefficient	NOUN
ajfa-633	93	13	for	for	ADP
ajfa-633	93	14	values	value	NOUN
ajfa-633	93	15	of	of	ADP
ajfa-633	93	16	the	the	DET
ajfa-633	93	17	series	series	NOUN
ajfa-633	93	18	k	k	PROPN
ajfa-633	93	19	periods	periods	PROPN
ajfa-633	93	20	apart	apart	ADV
ajfa-633	93	21	.	.	PUNCT
ajfa-633	94	1	if	if	SCONJ
ajfa-633	94	2	�	�	PROPN
ajfa-633	94	3	1	1	NUM
ajfa-633	94	4	is	be	AUX
ajfa-633	94	5	non	non	ADJ
ajfa-633	94	6	zero	zero	NUM
ajfa-633	94	7	,	,	PUNCT
ajfa-633	94	8	it	it	PRON
ajfa-633	94	9	means	mean	VERB
ajfa-633	94	10	that	that	SCONJ
ajfa-633	94	11	the	the	DET
ajfa-633	94	12	series	series	NOUN
ajfa-633	94	13	is	be	AUX
ajfa-633	94	14	first	first	ADJ
ajfa-633	94	15	order	order	NOUN
ajfa-633	94	16	serially	serially	ADV
ajfa-633	94	17	correlated	correlate	VERB
ajfa-633	94	18	if	if	SCONJ
ajfa-633	94	19	�	�	PROPN
ajfa-633	94	20	k	k	PROPN
ajfa-633	94	21	dies	die	VERB
ajfa-633	94	22	off	off	ADV
ajfa-633	94	23	more	more	ADV
ajfa-633	94	24	or	or	CCONJ
ajfa-633	94	25	less	less	ADV
ajfa-633	94	26	geometrically	geometrically	ADV
ajfa-633	94	27	with	with	ADP
ajfa-633	94	28	increasing	increase	VERB
ajfa-633	94	29	lag	lag	NOUN
ajfa-633	94	30	k	k	NOUN
ajfa-633	94	31	,	,	PUNCT
ajfa-633	94	32	it	it	PRON
ajfa-633	94	33	is	be	AUX
ajfa-633	94	34	a	a	DET
ajfa-633	94	35	sign	sign	NOUN
ajfa-633	94	36	that	that	SCONJ
ajfa-633	94	37	the	the	DET
ajfa-633	94	38	series	series	NOUN
ajfa-633	94	39	obeys	obey	VERB
ajfa-633	94	40	a	a	DET
ajfa-633	94	41	low	low	ADJ
ajfa-633	94	42	order	order	NOUN
ajfa-633	94	43	autoregressive	autoregressive	ADJ
ajfa-633	94	44	(	(	PUNCT
ajfa-633	94	45	ar	ar	NOUN
ajfa-633	94	46	)	)	PUNCT
ajfa-633	94	47	process	process	NOUN
ajfa-633	94	48	.	.	PUNCT
ajfa-633	95	1	if	if	SCONJ
ajfa-633	95	2	�	�	PROPN
ajfa-633	95	3	k	k	PROPN
ajfa-633	95	4	drops	drop	VERB
ajfa-633	95	5	to	to	ADP
ajfa-633	95	6	zero	zero	NUM
ajfa-633	95	7	after	after	ADP
ajfa-633	95	8	a	a	DET
ajfa-633	95	9	small	small	ADJ
ajfa-633	95	10	number	number	NOUN
ajfa-633	95	11	of	of	ADP
ajfa-633	95	12	lags	lag	NOUN
ajfa-633	95	13	;	;	PUNCT
ajfa-633	95	14	it	it	PRON
ajfa-633	95	15	is	be	AUX
ajfa-633	95	16	a	a	DET
ajfa-633	95	17	sign	sign	NOUN
ajfa-633	95	18	that	that	SCONJ
ajfa-633	95	19	the	the	DET
ajfa-633	95	20	series	series	NOUN
ajfa-633	95	21	obeys	obey	VERB
ajfa-633	95	22	a	a	DET
ajfa-633	95	23	low	low	ADJ
ajfa-633	95	24	-	-	PUNCT
ajfa-633	95	25	order	order	NOUN
ajfa-633	95	26	moving	move	VERB
ajfa-633	95	27	-	-	PUNCT
ajfa-633	95	28	average	average	ADJ
ajfa-633	95	29	(	(	PUNCT
ajfa-633	95	30	ma	ma	NOUN
ajfa-633	95	31	)	)	PUNCT
ajfa-633	95	32	process	process	NOUN
ajfa-633	95	33	.	.	PUNCT
ajfa-633	96	1	if	if	SCONJ
ajfa-633	96	2	the	the	DET
ajfa-633	96	3	pattern	pattern	NOUN
ajfa-633	96	4	of	of	ADP
ajfa-633	96	5	autocorrelation	autocorrelation	NOUN
ajfa-633	96	6	is	be	AUX
ajfa-633	96	7	one	one	NUM
ajfa-633	96	8	that	that	PRON
ajfa-633	96	9	can	can	AUX
ajfa-633	96	10	be	be	AUX
ajfa-633	96	11	captured	capture	VERB
ajfa-633	96	12	by	by	ADP
ajfa-633	96	13	an	an	DET
ajfa-633	96	14	auto	auto	NOUN
ajfa-633	96	15	regression	regression	NOUN
ajfa-633	96	16	of	of	ADP
ajfa-633	96	17	order	order	NOUN
ajfa-633	96	18	less	less	ADJ
ajfa-633	96	19	than	than	ADP
ajfa-633	96	20	k	k	PROPN
ajfa-633	96	21	,	,	PUNCT
ajfa-633	96	22	then	then	ADV
ajfa-633	96	23	the	the	DET
ajfa-633	96	24	partial	partial	ADJ
ajfa-633	96	25	auto	auto	NOUN
ajfa-633	96	26	correlation	correlation	NOUN
ajfa-633	96	27	at	at	ADP
ajfa-633	96	28	lag	lag	NOUN
ajfa-633	96	29	k	k	PROPN
ajfa-633	96	30	will	will	AUX
ajfa-633	96	31	be	be	AUX
ajfa-633	96	32	close	close	ADJ
ajfa-633	96	33	to	to	ADP
ajfa-633	96	34	zero	zero	NUM
ajfa-633	96	35	.	.	PUNCT
ajfa-633	97	1	the	the	DET
ajfa-633	97	2	partial	partial	ADJ
ajfa-633	97	3	auto	auto	NOUN
ajfa-633	97	4	correlation	correlation	NOUN
ajfa-633	97	5	at	at	ADP
ajfa-633	97	6	lag	lag	NOUN
ajfa-633	97	7	k	k	PROPN
ajfa-633	97	8	recursively	recursively	ADV
ajfa-633	97	9	by	by	ADP
ajfa-633	97	10	asian	asian	ADJ
ajfa-633	97	11	journal	journal	PROPN
ajfa-633	97	12	of	of	ADP
ajfa-633	97	13	finance	finance	PROPN
ajfa-633	97	14	&	&	CCONJ
ajfa-633	97	15	accounting	accounting	PROPN
ajfa-633	97	16	issn	issn	PROPN
ajfa-633	97	17	1946	1946	NUM
ajfa-633	97	18	-	-	PUNCT
ajfa-633	97	19	052x	052x	NOUN
ajfa-633	97	20	2011	2011	NUM
ajfa-633	97	21	,	,	PUNCT
ajfa-633	97	22	vol	vol	NOUN
ajfa-633	97	23	.	.	PROPN
ajfa-633	98	1	3	3	NUM
ajfa-633	98	2	,	,	PUNCT
ajfa-633	98	3	no	no	INTJ
ajfa-633	98	4	.	.	NOUN
ajfa-633	98	5	1	1	NUM
ajfa-633	98	6	:	:	PUNCT
ajfa-633	98	7	e13	e13	VERB
ajfa-633	98	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	98	9	213	213	NUM
ajfa-633	99	1	jkjk	jkjk	PROPN
ajfa-633	99	2	k	k	PROPN
ajfa-633	99	3	j	j	PROPN
ajfa-633	100	1	jkjk	jkjk	PROPN
ajfa-633	100	2	k	k	PROPN
ajfa-633	100	3	j	j	PROPN
ajfa-633	100	4	k	k	PROPN
ajfa-633	100	5	k	k	PROPN
ajfa-633	100	6			VERB
ajfa-633	100	7			PROPN
ajfa-633	101	1			X
ajfa-633	101	2			PROPN
ajfa-633	101	3			NUM
ajfa-633	101	4			PROPN
ajfa-633	101	5			VERB
ajfa-633	101	6			PROPN
ajfa-633	102	1			X
ajfa-633	102	2			NOUN
ajfa-633	102	3			PRON
ajfa-633	102	4			NOUN
ajfa-633	102	5			PUNCT
ajfa-633	102	6			VERB
ajfa-633	102	7			NOUN
ajfa-633	102	8	,	,	PUNCT
ajfa-633	102	9	1	1	NUM
ajfa-633	102	10	1	1	NUM
ajfa-633	102	11	1	1	NUM
ajfa-633	102	12	1	1	NUM
ajfa-633	102	13	,	,	PUNCT
ajfa-633	102	14	1	1	NUM
ajfa-633	102	15	1	1	NUM
ajfa-633	102	16	1	1	NUM
ajfa-633	102	17	1	1	NUM
ajfa-633	102	18	(	(	PUNCT
ajfa-633	102	19	5	5	NUM
ajfa-633	102	20	)	)	PUNCT
ajfa-633	102	21	for	for	ADP
ajfa-633	102	22	k	k	PROPN
ajfa-633	102	23	=	=	SYM
ajfa-633	102	24	1	1	NUM
ajfa-633	102	25	for	for	ADP
ajfa-633	102	26	k	k	PROPN
ajfa-633	102	27	>	>	X
ajfa-633	102	28	1	1	NUM
ajfa-633	102	29	where	where	SCONJ
ajfa-633	102	30	�	�	NOUN
ajfa-633	102	31	k	k	PROPN
ajfa-633	102	32	is	be	AUX
ajfa-633	102	33	the	the	DET
ajfa-633	102	34	estimated	estimate	VERB
ajfa-633	102	35	auto	auto	NOUN
ajfa-633	102	36	correlation	correlation	NOUN
ajfa-633	102	37	at	at	ADP
ajfa-633	102	38	lag	lag	PROPN
ajfa-633	102	39	k	k	PROPN
ajfa-633	102	40	and	and	CCONJ
ajfa-633	102	41	jkkkjkjk	jkkkjkjk	PROPN
ajfa-633	102	42			PROPN
ajfa-633	102	43			PROPN
ajfa-633	102	44			NOUN
ajfa-633	102	45	,	,	PUNCT
ajfa-633	102	46	1,,1	1,,1	NUM
ajfa-633	102	47	,	,	PUNCT
ajfa-633	102	48	,	,	PUNCT
ajfa-633	102	49	q	q	PROPN
ajfa-633	102	50	statistics	statistic	NOUN
ajfa-633	102	51	is	be	AUX
ajfa-633	102	52	often	often	ADV
ajfa-633	102	53	issued	issue	VERB
ajfa-633	102	54	,	,	PUNCT
ajfa-633	102	55	as	as	ADP
ajfa-633	102	56	a	a	DET
ajfa-633	102	57	test	test	NOUN
ajfa-633	102	58	of	of	ADP
ajfa-633	102	59	whether	whether	SCONJ
ajfa-633	102	60	the	the	DET
ajfa-633	102	61	series	series	NOUN
ajfa-633	102	62	is	be	AUX
ajfa-633	102	63	white	white	ADJ
ajfa-633	102	64	noise	noise	NOUN
ajfa-633	102	65	.	.	PUNCT
ajfa-633	103	1	the	the	DET
ajfa-633	103	2	q	q	PROPN
ajfa-633	103	3	statistics	statistic	NOUN
ajfa-633	103	4	at	at	ADP
ajfa-633	103	5	lag	lag	PROPN
ajfa-633	103	6	k	k	PROPN
ajfa-633	103	7	is	be	AUX
ajfa-633	103	8	a	a	DET
ajfa-633	103	9	test	test	NOUN
ajfa-633	103	10	statistics	statistic	NOUN
ajfa-633	103	11	for	for	ADP
ajfa-633	103	12	the	the	DET
ajfa-633	103	13	null	null	NOUN
ajfa-633	103	14	that	that	SCONJ
ajfa-633	103	15	there	there	PRON
ajfa-633	103	16	is	be	VERB
ajfa-633	103	17	no	no	DET
ajfa-633	103	18	auto	auto	NOUN
ajfa-633	103	19	correlation	correlation	NOUN
ajfa-633	103	20	up	up	ADP
ajfa-633	103	21	to	to	PART
ajfa-633	103	22	order	order	NOUN
ajfa-633	103	23	as	as	SCONJ
ajfa-633	103	24	is	be	AUX
ajfa-633	103	25	computed	compute	VERB
ajfa-633	103	26	as	as	ADP
ajfa-633	103	27	jt	jt	PROPN
ajfa-633	103	28	k	k	PROPN
ajfa-633	103	29	j	j	PROPN
ajfa-633	103	30	ttqlb	ttqlb	PROPN
ajfa-633	103	31	j	j	PROPN
ajfa-633	104	1			X
ajfa-633	104	2			PROPN
ajfa-633	104	3			ADV
ajfa-633	104	4			VERB
ajfa-633	104	5	2	2	NUM
ajfa-633	104	6	1	1	NUM
ajfa-633	104	7	)	)	PUNCT
ajfa-633	104	8	2	2	NUM
ajfa-633	104	9	(	(	PUNCT
ajfa-633	104	10	(	(	PUNCT
ajfa-633	104	11	6	6	NUM
ajfa-633	104	12	)	)	PUNCT
ajfa-633	104	13	where	where	SCONJ
ajfa-633	104	14	�	�	PROPN
ajfa-633	104	15	j	j	PROPN
ajfa-633	104	16	is	be	AUX
ajfa-633	104	17	the	the	DET
ajfa-633	104	18	jth	jth	PROPN
ajfa-633	104	19	auto	auto	NOUN
ajfa-633	104	20	correlation	correlation	NOUN
ajfa-633	104	21	and	and	CCONJ
ajfa-633	104	22	t	t	NOUN
ajfa-633	104	23	is	be	AUX
ajfa-633	104	24	the	the	DET
ajfa-633	104	25	number	number	NOUN
ajfa-633	104	26	of	of	ADP
ajfa-633	104	27	observations	observation	NOUN
ajfa-633	104	28	.	.	PUNCT
ajfa-633	105	1	if	if	SCONJ
ajfa-633	105	2	the	the	DET
ajfa-633	105	3	series	series	NOUN
ajfa-633	105	4	is	be	AUX
ajfa-633	105	5	not	not	PART
ajfa-633	105	6	based	base	VERB
ajfa-633	105	7	upon	upon	SCONJ
ajfa-633	105	8	the	the	DET
ajfa-633	105	9	results	result	NOUN
ajfa-633	105	10	of	of	ADP
ajfa-633	105	11	arima	arima	PROPN
ajfa-633	105	12	estimation	estimation	NOUN
ajfa-633	105	13	,	,	PUNCT
ajfa-633	105	14	then	then	ADV
ajfa-633	105	15	under	under	ADP
ajfa-633	105	16	the	the	DET
ajfa-633	105	17	null	null	ADJ
ajfa-633	105	18	hypothesis	hypothesis	NOUN
ajfa-633	105	19	,	,	PUNCT
ajfa-633	105	20	q	q	PROPN
ajfa-633	105	21	is	be	AUX
ajfa-633	105	22	asymptotically	asymptotically	ADV
ajfa-633	105	23	distributed	distribute	VERB
ajfa-633	105	24	as	as	ADP
ajfa-633	105	25	a	a	DET
ajfa-633	105	26	χ2	χ2	NOUN
ajfa-633	105	27	with	with	ADP
ajfa-633	105	28	degrees	degree	NOUN
ajfa-633	105	29	of	of	ADP
ajfa-633	105	30	freedom	freedom	NOUN
ajfa-633	105	31	equal	equal	ADJ
ajfa-633	105	32	to	to	ADP
ajfa-633	105	33	the	the	DET
ajfa-633	105	34	number	number	NOUN
ajfa-633	105	35	of	of	ADP
ajfa-633	105	36	autocorrelations	autocorrelation	NOUN
ajfa-633	105	37	.	.	PUNCT
ajfa-633	106	1	if	if	SCONJ
ajfa-633	106	2	the	the	DET
ajfa-633	106	3	series	series	NOUN
ajfa-633	106	4	represents	represent	VERB
ajfa-633	106	5	the	the	DET
ajfa-633	106	6	residuals	residual	NOUN
ajfa-633	106	7	from	from	ADP
ajfa-633	106	8	arima	arima	PROPN
ajfa-633	106	9	estimation	estimation	NOUN
ajfa-633	106	10	,	,	PUNCT
ajfa-633	106	11	the	the	DET
ajfa-633	106	12	appropriate	appropriate	ADJ
ajfa-633	106	13	degrees	degree	NOUN
ajfa-633	106	14	of	of	ADP
ajfa-633	106	15	freedom	freedom	NOUN
ajfa-633	106	16	should	should	AUX
ajfa-633	106	17	be	be	AUX
ajfa-633	106	18	adjusted	adjust	VERB
ajfa-633	106	19	to	to	PART
ajfa-633	106	20	represent	represent	VERB
ajfa-633	106	21	the	the	DET
ajfa-633	106	22	number	number	NOUN
ajfa-633	106	23	of	of	ADP
ajfa-633	106	24	autocorrelations	autocorrelation	NOUN
ajfa-633	106	25	.	.	PUNCT
ajfa-633	107	1	if	if	SCONJ
ajfa-633	107	2	there	there	PRON
ajfa-633	107	3	is	be	VERB
ajfa-633	107	4	no	no	DET
ajfa-633	107	5	serial	serial	ADJ
ajfa-633	107	6	correlation	correlation	NOUN
ajfa-633	107	7	in	in	ADP
ajfa-633	107	8	the	the	DET
ajfa-633	107	9	residuals	residual	NOUN
ajfa-633	107	10	,	,	PUNCT
ajfa-633	107	11	the	the	DET
ajfa-633	107	12	autocorrelations	autocorrelation	NOUN
ajfa-633	107	13	and	and	CCONJ
ajfa-633	107	14	partial	partial	ADJ
ajfa-633	107	15	autocorrelations	autocorrelation	NOUN
ajfa-633	107	16	at	at	ADP
ajfa-633	107	17	all	all	DET
ajfa-633	107	18	lags	lag	NOUN
ajfa-633	107	19	should	should	AUX
ajfa-633	107	20	be	be	AUX
ajfa-633	107	21	nearly	nearly	ADV
ajfa-633	107	22	zero	zero	NUM
ajfa-633	107	23	,	,	PUNCT
ajfa-633	107	24	and	and	CCONJ
ajfa-633	107	25	all	all	DET
ajfa-633	107	26	q	q	NOUN
ajfa-633	107	27	-	-	PUNCT
ajfa-633	107	28	statistics	statistic	NOUN
ajfa-633	107	29	should	should	AUX
ajfa-633	107	30	be	be	AUX
ajfa-633	107	31	insignificant	insignificant	ADJ
ajfa-633	107	32	with	with	ADP
ajfa-633	107	33	large	large	ADJ
ajfa-633	107	34	p	p	NOUN
ajfa-633	107	35	-	-	PUNCT
ajfa-633	107	36	values	value	NOUN
ajfa-633	107	37	.	.	PUNCT
ajfa-633	108	1	if	if	SCONJ
ajfa-633	108	2	q	q	PROPN
ajfa-633	108	3	statistics	statistic	NOUN
ajfa-633	108	4	measured	measure	VERB
ajfa-633	108	5	found	find	VERB
ajfa-633	108	6	to	to	PART
ajfa-633	108	7	be	be	AUX
ajfa-633	108	8	significant	significant	ADJ
ajfa-633	108	9	,	,	PUNCT
ajfa-633	108	10	it	it	PRON
ajfa-633	108	11	can	can	AUX
ajfa-633	108	12	be	be	AUX
ajfa-633	108	13	said	say	VERB
ajfa-633	108	14	that	that	SCONJ
ajfa-633	108	15	the	the	DET
ajfa-633	108	16	market	market	NOUN
ajfa-633	108	17	does	do	AUX
ajfa-633	108	18	not	not	PART
ajfa-633	108	19	follow	follow	VERB
ajfa-633	108	20	random	random	ADJ
ajfa-633	108	21	walk	walk	NOUN
ajfa-633	108	22	.	.	PUNCT
ajfa-633	109	1	knowledge	knowledge	NOUN
ajfa-633	109	2	of	of	ADP
ajfa-633	109	3	non	non	ADJ
ajfa-633	109	4	-	-	NOUN
ajfa-633	109	5	stationarity	stationarity	NOUN
ajfa-633	109	6	of	of	ADP
ajfa-633	109	7	the	the	DET
ajfa-633	109	8	time	time	NOUN
ajfa-633	109	9	series	series	NOUN
ajfa-633	109	10	is	be	AUX
ajfa-633	109	11	significant	significant	ADJ
ajfa-633	109	12	in	in	ADP
ajfa-633	109	13	the	the	DET
ajfa-633	109	14	modelling	modelling	NOUN
ajfa-633	109	15	of	of	ADP
ajfa-633	109	16	economic	economic	ADJ
ajfa-633	109	17	relationships	relationship	NOUN
ajfa-633	109	18	because	because	SCONJ
ajfa-633	109	19	standard	standard	ADJ
ajfa-633	109	20	statistical	statistical	ADJ
ajfa-633	109	21	techniques	technique	NOUN
ajfa-633	109	22	that	that	PRON
ajfa-633	109	23	assume	assume	VERB
ajfa-633	109	24	stationarity	stationarity	NOUN
ajfa-633	109	25	may	may	AUX
ajfa-633	109	26	give	give	VERB
ajfa-633	109	27	invalid	invalid	ADJ
ajfa-633	109	28	inferences	inference	NOUN
ajfa-633	109	29	in	in	ADP
ajfa-633	109	30	the	the	DET
ajfa-633	109	31	presence	presence	NOUN
ajfa-633	109	32	of	of	ADP
ajfa-633	109	33	stochastic	stochastic	ADJ
ajfa-633	109	34	trends	trend	NOUN
ajfa-633	109	35	.	.	PUNCT
ajfa-633	110	1	in	in	ADP
ajfa-633	110	2	case	case	NOUN
ajfa-633	110	3	of	of	ADP
ajfa-633	110	4	non	non	ADJ
ajfa-633	110	5	-	-	ADJ
ajfa-633	110	6	stationarity	stationarity	ADJ
ajfa-633	110	7	data	datum	NOUN
ajfa-633	110	8	,	,	PUNCT
ajfa-633	110	9	ordinary	ordinary	ADJ
ajfa-633	110	10	least	least	ADJ
ajfa-633	110	11	squares	square	NOUN
ajfa-633	110	12	can	can	AUX
ajfa-633	110	13	produce	produce	VERB
ajfa-633	110	14	spurious	spurious	ADJ
ajfa-633	110	15	results	result	NOUN
ajfa-633	110	16	.	.	PUNCT
ajfa-633	111	1	therefore	therefore	ADV
ajfa-633	111	2	,	,	PUNCT
ajfa-633	111	3	prior	prior	ADV
ajfa-633	111	4	to	to	ADP
ajfa-633	111	5	modelling	model	VERB
ajfa-633	111	6	any	any	DET
ajfa-633	111	7	relationship	relationship	NOUN
ajfa-633	111	8	,	,	PUNCT
ajfa-633	111	9	non	non	ADJ
ajfa-633	111	10	-	-	NOUN
ajfa-633	111	11	stationarity	stationarity	NOUN
ajfa-633	111	12	must	must	AUX
ajfa-633	111	13	be	be	AUX
ajfa-633	111	14	tested	test	VERB
ajfa-633	111	15	.	.	PUNCT
ajfa-633	112	1	the	the	DET
ajfa-633	112	2	data	datum	NOUN
ajfa-633	112	3	considered	consider	VERB
ajfa-633	112	4	for	for	ADP
ajfa-633	112	5	the	the	DET
ajfa-633	112	6	study	study	NOUN
ajfa-633	112	7	is	be	AUX
ajfa-633	112	8	time	time	NOUN
ajfa-633	112	9	series	series	NOUN
ajfa-633	112	10	,	,	PUNCT
ajfa-633	112	11	which	which	PRON
ajfa-633	112	12	is	be	AUX
ajfa-633	112	13	non	non	ADJ
ajfa-633	112	14	-	-	ADJ
ajfa-633	112	15	stationary	stationary	ADJ
ajfa-633	112	16	.	.	PUNCT
ajfa-633	113	1	for	for	ADP
ajfa-633	113	2	application	application	NOUN
ajfa-633	113	3	of	of	ADP
ajfa-633	113	4	granger	granger	PROPN
ajfa-633	113	5	causality	causality	PROPN
ajfa-633	113	6	the	the	DET
ajfa-633	113	7	initial	initial	ADJ
ajfa-633	113	8	step	step	NOUN
ajfa-633	113	9	in	in	ADP
ajfa-633	113	10	the	the	DET
ajfa-633	113	11	estimation	estimation	NOUN
ajfa-633	113	12	involves	involve	VERB
ajfa-633	113	13	the	the	DET
ajfa-633	113	14	determination	determination	NOUN
ajfa-633	113	15	of	of	ADP
ajfa-633	113	16	the	the	DET
ajfa-633	113	17	times	times	PROPN
ajfa-633	113	18	series	series	PROPN
ajfa-633	113	19	property	property	NOUN
ajfa-633	113	20	of	of	ADP
ajfa-633	113	21	each	each	DET
ajfa-633	113	22	variable	variable	NOUN
ajfa-633	113	23	individually	individually	ADV
ajfa-633	113	24	by	by	ADP
ajfa-633	113	25	conducting	conduct	VERB
ajfa-633	113	26	unit	unit	NOUN
ajfa-633	113	27	root	root	NOUN
ajfa-633	113	28	tests	test	NOUN
ajfa-633	113	29	.	.	PUNCT
ajfa-633	114	1	considering	consider	VERB
ajfa-633	114	2	a	a	DET
ajfa-633	114	3	simple	simple	ADJ
ajfa-633	114	4	ar	ar	NOUN
ajfa-633	114	5	(	(	PUNCT
ajfa-633	114	6	1	1	NUM
ajfa-633	114	7	)	)	PUNCT
ajfa-633	114	8	process	process	NOUN
ajfa-633	114	9	:	:	PUNCT
ajfa-633	115	1	t	t	NOUN
ajfa-633	115	2	x	x	SYM
ajfa-633	115	3	t	t	PROPN
ajfa-633	115	4	yp	yp	PROPN
ajfa-633	115	5	t	t	PROPN
ajfa-633	115	6	y	y	PROPN
ajfa-633	115	7			VERB
ajfa-633	115	8			PROPN
ajfa-633	115	9			PROPN
ajfa-633	115	10			NOUN
ajfa-633	115	11	'	'	PART
ajfa-633	115	12	1	1	NUM
ajfa-633	115	13	(	(	PUNCT
ajfa-633	115	14	7	7	NUM
ajfa-633	115	15	)	)	PUNCT
ajfa-633	115	16	where	where	SCONJ
ajfa-633	115	17	xt	xt	PROPN
ajfa-633	115	18	are	be	AUX
ajfa-633	115	19	optional	optional	ADJ
ajfa-633	115	20	exogenous	exogenous	ADJ
ajfa-633	115	21	regressors	regressor	NOUN
ajfa-633	115	22	which	which	PRON
ajfa-633	115	23	may	may	AUX
ajfa-633	115	24	consist	consist	VERB
ajfa-633	115	25	of	of	ADP
ajfa-633	115	26	constant	constant	ADJ
ajfa-633	115	27	,	,	PUNCT
ajfa-633	115	28	or	or	CCONJ
ajfa-633	115	29	a	a	DET
ajfa-633	115	30	constant	constant	ADJ
ajfa-633	115	31	and	and	CCONJ
ajfa-633	115	32	trend	trend	NOUN
ajfa-633	115	33	,	,	PUNCT
ajfa-633	115	34	p	p	NOUN
ajfa-633	115	35	and	and	CCONJ
ajfa-633	115	36	δ	δ	PROPN
ajfa-633	115	37	are	be	AUX
ajfa-633	115	38	parameters	parameter	NOUN
ajfa-633	115	39	to	to	PART
ajfa-633	115	40	be	be	AUX
ajfa-633	115	41	estimated	estimate	VERB
ajfa-633	115	42	,	,	PUNCT
ajfa-633	115	43	and	and	CCONJ
ajfa-633	115	44	t	t	NOUN
ajfa-633	115	45	the	the	PRON
ajfa-633	115	46	are	be	AUX
ajfa-633	115	47	assumed	assume	VERB
ajfa-633	115	48	to	to	PART
ajfa-633	115	49	be	be	AUX
ajfa-633	115	50	white	white	ADJ
ajfa-633	115	51	noise	noise	NOUN
ajfa-633	115	52	.	.	PUNCT
ajfa-633	116	1	if	if	SCONJ
ajfa-633	116	2	,	,	PUNCT
ajfa-633	116	3	p1	p1	PROPN
ajfa-633	116	4	,	,	PUNCT
ajfa-633	116	5	y	y	PROPN
ajfa-633	116	6	is	be	AUX
ajfa-633	116	7	a	a	DET
ajfa-633	116	8	nonstationary	nonstationary	ADJ
ajfa-633	116	9	series	series	NOUN
ajfa-633	116	10	and	and	CCONJ
ajfa-633	116	11	the	the	DET
ajfa-633	116	12	variance	variance	NOUN
ajfa-633	116	13	of	of	ADP
ajfa-633	116	14	increases	increase	NOUN
ajfa-633	116	15	with	with	ADP
ajfa-633	116	16	time	time	NOUN
ajfa-633	116	17	and	and	CCONJ
ajfa-633	116	18	approaches	approach	VERB
ajfa-633	116	19	asian	asian	ADJ
ajfa-633	116	20	journal	journal	NOUN
ajfa-633	116	21	of	of	ADP
ajfa-633	116	22	finance	finance	PROPN
ajfa-633	116	23	&	&	CCONJ
ajfa-633	116	24	accounting	accounting	PROPN
ajfa-633	116	25	issn	issn	PROPN
ajfa-633	116	26	1946	1946	NUM
ajfa-633	116	27	-	-	PUNCT
ajfa-633	116	28	052x	052x	NOUN
ajfa-633	116	29	2011	2011	NUM
ajfa-633	116	30	,	,	PUNCT
ajfa-633	116	31	vol	vol	NOUN
ajfa-633	116	32	.	.	PROPN
ajfa-633	117	1	3	3	NUM
ajfa-633	117	2	,	,	PUNCT
ajfa-633	117	3	no	no	INTJ
ajfa-633	117	4	.	.	NOUN
ajfa-633	117	5	1	1	NUM
ajfa-633	117	6	:	:	PUNCT
ajfa-633	117	7	e13	e13	VERB
ajfa-633	117	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	117	9	214	214	NUM
ajfa-633	117	10	infinity	infinity	NOUN
ajfa-633	117	11	.	.	PUNCT
ajfa-633	118	1	if	if	SCONJ
ajfa-633	118	2	,	,	PUNCT
ajfa-633	118	3	p	p	VERB
ajfa-633	118	4	<	<	X
ajfa-633	118	5	1.y	1.y	NUM
ajfa-633	118	6	is	be	AUX
ajfa-633	118	7	a	a	DET
ajfa-633	118	8	(	(	PUNCT
ajfa-633	118	9	trend-)stationary	trend-)stationary	ADJ
ajfa-633	118	10	series	series	NOUN
ajfa-633	118	11	.	.	PUNCT
ajfa-633	119	1	thus	thus	ADV
ajfa-633	119	2	,	,	PUNCT
ajfa-633	119	3	the	the	DET
ajfa-633	119	4	hypothesis	hypothesis	NOUN
ajfa-633	119	5	of	of	ADP
ajfa-633	119	6	(	(	PUNCT
ajfa-633	119	7	trend-)stationarity	trend-)stationarity	PRON
ajfa-633	119	8	can	can	AUX
ajfa-633	119	9	be	be	AUX
ajfa-633	119	10	evaluated	evaluate	VERB
ajfa-633	119	11	by	by	ADP
ajfa-633	119	12	testing	test	VERB
ajfa-633	119	13	whether	whether	SCONJ
ajfa-633	119	14	the	the	DET
ajfa-633	119	15	absolute	absolute	ADJ
ajfa-633	119	16	value	value	NOUN
ajfa-633	119	17	of	of	ADP
ajfa-633	119	18	p	p	NOUN
ajfa-633	119	19	is	be	AUX
ajfa-633	119	20	strictly	strictly	ADV
ajfa-633	119	21	less	less	ADJ
ajfa-633	119	22	than	than	ADP
ajfa-633	119	23	one	one	NUM
ajfa-633	119	24	.	.	PUNCT
ajfa-633	120	1	the	the	DET
ajfa-633	120	2	null	null	ADJ
ajfa-633	120	3	hypothesis	hypothesis	NOUN
ajfa-633	120	4	ho	ho	NOUN
ajfa-633	120	5	:	:	PUNCT
ajfa-633	120	6	p=1	p=1	NOUN
ajfa-633	120	7	against	against	ADP
ajfa-633	120	8	the	the	DET
ajfa-633	120	9	one	one	NUM
ajfa-633	120	10	-	-	PUNCT
ajfa-633	120	11	sided	sided	ADJ
ajfa-633	120	12	alternativeh1	alternativeh1	PROPN
ajfa-633	120	13	:	:	PUNCT
ajfa-633	121	1	p<1	p<1	NOUN
ajfa-633	121	2	.	.	PUNCT
ajfa-633	122	1	in	in	ADP
ajfa-633	122	2	some	some	DET
ajfa-633	122	3	cases	case	NOUN
ajfa-633	122	4	,	,	PUNCT
ajfa-633	122	5	the	the	DET
ajfa-633	122	6	null	null	NOUN
ajfa-633	122	7	is	be	AUX
ajfa-633	122	8	tested	test	VERB
ajfa-633	122	9	against	against	ADP
ajfa-633	122	10	a	a	DET
ajfa-633	122	11	point	point	NOUN
ajfa-633	122	12	alternative	alternative	NOUN
ajfa-633	122	13	.	.	PUNCT
ajfa-633	123	1	the	the	DET
ajfa-633	123	2	most	most	ADV
ajfa-633	123	3	popular	popular	ADJ
ajfa-633	123	4	unit	unit	NOUN
ajfa-633	123	5	root	root	NOUN
ajfa-633	123	6	rest	rest	NOUN
ajfa-633	123	7	is	be	AUX
ajfa-633	123	8	the	the	DET
ajfa-633	123	9	adf	adf	PROPN
ajfa-633	123	10	test	test	NOUN
ajfa-633	123	11	.	.	PUNCT
ajfa-633	124	1	the	the	DET
ajfa-633	124	2	standard	standard	ADJ
ajfa-633	124	3	df	df	PROPN
ajfa-633	124	4	test	test	NOUN
ajfa-633	124	5	is	be	AUX
ajfa-633	124	6	carried	carry	VERB
ajfa-633	124	7	out	out	ADP
ajfa-633	124	8	after	after	ADP
ajfa-633	124	9	subtracting	subtract	VERB
ajfa-633	124	10	yt-1	yt-1	ADV
ajfa-633	124	11	from	from	ADP
ajfa-633	124	12	both	both	CCONJ
ajfa-633	124	13	the	the	DET
ajfa-633	124	14	sides	side	NOUN
ajfa-633	124	15	of	of	ADP
ajfa-633	124	16	the	the	DET
ajfa-633	124	17	equation	equation	NOUN
ajfa-633	124	18	:	:	PUNCT
ajfa-633	125	1	tt	tt	X
ajfa-633	125	2	x	x	SYM
ajfa-633	125	3	t	t	PROPN
ajfa-633	125	4	y	y	PROPN
ajfa-633	125	5	t	t	PROPN
ajfa-633	125	6	y	y	PROPN
ajfa-633	125	7			PROPN
ajfa-633	125	8			ADJ
ajfa-633	125	9			PROPN
ajfa-633	125	10			NOUN
ajfa-633	125	11	'	'	PUNCT
ajfa-633	125	12	1	1	NUM
ajfa-633	125	13	(	(	PUNCT
ajfa-633	125	14	8)	8)	NUM
ajfa-633	125	15	where	where	SCONJ
ajfa-633	125	16	α=	α=	NOUN
ajfa-633	125	17	p-1	p-1	NOUN
ajfa-633	125	18	.	.	PUNCT
ajfa-633	126	1	the	the	DET
ajfa-633	126	2	null	null	ADJ
ajfa-633	126	3	and	and	CCONJ
ajfa-633	126	4	alternative	alternative	ADJ
ajfa-633	126	5	hypotheses	hypothesis	NOUN
ajfa-633	126	6	is	be	AUX
ajfa-633	126	7	written	write	VERB
ajfa-633	126	8	as	as	ADP
ajfa-633	126	9	ho	ho	PROPN
ajfa-633	126	10	:	:	PUNCT
ajfa-633	126	11	α=0	α=0	NOUN
ajfa-633	126	12	h1	h1	NOUN
ajfa-633	126	13	:	:	PUNCT
ajfa-633	126	14	α<0	α<0	NOUN
ajfa-633	126	15	the	the	DET
ajfa-633	126	16	simply	simply	ADV
ajfa-633	126	17	dickey	dickey	PROPN
ajfa-633	126	18	fuller	full	ADJ
ajfa-633	126	19	unit	unit	NOUN
ajfa-633	126	20	root	root	PROPN
ajfa-633	126	21	test	test	NOUN
ajfa-633	126	22	includes	include	VERB
ajfa-633	126	23	ar	ar	NOUN
ajfa-633	126	24	(	(	PUNCT
ajfa-633	126	25	1	1	NUM
ajfa-633	126	26	)	)	PUNCT
ajfa-633	126	27	process	process	NOUN
ajfa-633	126	28	and	and	CCONJ
ajfa-633	126	29	described	describe	VERB
ajfa-633	126	30	valid	valid	NOUN
ajfa-633	126	31	if	if	SCONJ
ajfa-633	126	32	the	the	DET
ajfa-633	126	33	series	series	NOUN
ajfa-633	126	34	is	be	AUX
ajfa-633	126	35	correlated	correlate	VERB
ajfa-633	126	36	at	at	ADP
ajfa-633	126	37	higher	high	ADJ
ajfa-633	126	38	order	order	NOUN
ajfa-633	126	39	lags	lag	NOUN
ajfa-633	126	40	,	,	PUNCT
ajfa-633	126	41	the	the	DET
ajfa-633	126	42	assumption	assumption	NOUN
ajfa-633	126	43	of	of	ADP
ajfa-633	126	44	white	white	ADJ
ajfa-633	126	45	noise	noise	NOUN
ajfa-633	126	46	disturbances	disturbance	NOUN
ajfa-633	126	47	t	t	NOUN
ajfa-633	126	48	is	be	AUX
ajfa-633	126	49	violated	violate	VERB
ajfa-633	126	50	.	.	PUNCT
ajfa-633	127	1	the	the	DET
ajfa-633	127	2	augmented	augment	VERB
ajfa-633	127	3	dickey	dickey	NOUN
ajfa-633	127	4	-	-	PUNCT
ajfa-633	127	5	fuller	full	ADJ
ajfa-633	127	6	(	(	PUNCT
ajfa-633	127	7	adf	adf	NOUN
ajfa-633	127	8	)	)	PUNCT
ajfa-633	127	9	test	test	NOUN
ajfa-633	127	10	constructs	construct	VERB
ajfa-633	127	11	a	a	DET
ajfa-633	127	12	parametric	parametric	ADJ
ajfa-633	127	13	correction	correction	NOUN
ajfa-633	127	14	for	for	ADP
ajfa-633	127	15	higher	high	ADJ
ajfa-633	127	16	-	-	PUNCT
ajfa-633	127	17	order	order	NOUN
ajfa-633	127	18	correlation	correlation	NOUN
ajfa-633	127	19	by	by	ADP
ajfa-633	127	20	assuming	assume	VERB
ajfa-633	127	21	that	that	SCONJ
ajfa-633	127	22	the	the	DET
ajfa-633	127	23	y	y	PROPN
ajfa-633	127	24	series	series	PROPN
ajfa-633	127	25	follows	follow	VERB
ajfa-633	127	26	an	an	DET
ajfa-633	127	27	ar	ar	NOUN
ajfa-633	127	28	(	(	PUNCT
ajfa-633	127	29	1	1	NUM
ajfa-633	127	30	)	)	PUNCT
ajfa-633	127	31	process	process	NOUN
ajfa-633	127	32	and	and	CCONJ
ajfa-633	127	33	adding	add	VERB
ajfa-633	127	34	p	p	NOUN
ajfa-633	127	35	lagged	lag	VERB
ajfa-633	127	36	difference	difference	NOUN
ajfa-633	127	37	terms	term	NOUN
ajfa-633	127	38	of	of	ADP
ajfa-633	127	39	the	the	DET
ajfa-633	127	40	dependent	dependent	ADJ
ajfa-633	127	41	variable	variable	ADJ
ajfa-633	127	42	y	y	PROPN
ajfa-633	127	43	to	to	ADP
ajfa-633	127	44	the	the	DET
ajfa-633	127	45	right	right	ADJ
ajfa-633	127	46	hand	hand	NOUN
ajfa-633	127	47	side	side	NOUN
ajfa-633	127	48	of	of	ADP
ajfa-633	127	49	the	the	DET
ajfa-633	127	50	test	test	NOUN
ajfa-633	127	51	regression	regression	NOUN
ajfa-633	127	52	:	:	PUNCT
ajfa-633	127	53	t	t	PROPN
ajfa-633	127	54	v	v	INTJ
ajfa-633	127	55	pt	pt	INTJ
ajfa-633	127	56	y	y	PROPN
ajfa-633	127	57	pt	pt	PROPN
ajfa-633	128	1	y	y	PROPN
ajfa-633	128	2	t	t	PROPN
ajfa-633	128	3	y	y	PROPN
ajfa-633	128	4	t	t	PROPN
ajfa-633	128	5	x	x	SYM
ajfa-633	128	6	t	t	PROPN
ajfa-633	128	7	y	y	PROPN
ajfa-633	128	8	t	t	PROPN
ajfa-633	128	9	y	y	PROPN
ajfa-633	128	10			ADV
ajfa-633	128	11			PROPN
ajfa-633	128	12			NOUN
ajfa-633	128	13			VERB
ajfa-633	128	14			ADP
ajfa-633	128	15			PROPN
ajfa-633	128	16			PUNCT
ajfa-633	128	17			VERB
ajfa-633	128	18			NOUN
ajfa-633	128	19			NUM
ajfa-633	128	20	.......	.......	PUNCT
ajfa-633	128	21	2211	2211	NUM
ajfa-633	128	22	'	'	NUM
ajfa-633	128	23	1	1	NUM
ajfa-633	128	24	(	(	PUNCT
ajfa-633	128	25	9	9	NUM
ajfa-633	128	26	)	)	PUNCT
ajfa-633	128	27	said	say	VERB
ajfa-633	128	28	and	and	CCONJ
ajfa-633	128	29	dickey	dickey	PROPN
ajfa-633	128	30	(	(	PUNCT
ajfa-633	128	31	1984	1984	NUM
ajfa-633	128	32	)	)	PUNCT
ajfa-633	128	33	demonstrate	demonstrate	VERB
ajfa-633	128	34	that	that	SCONJ
ajfa-633	128	35	the	the	DET
ajfa-633	128	36	adf	adf	PROPN
ajfa-633	128	37	test	test	NOUN
ajfa-633	128	38	is	be	AUX
ajfa-633	128	39	asymptotically	asymptotically	ADV
ajfa-633	128	40	valid	valid	ADJ
ajfa-633	128	41	in	in	ADP
ajfa-633	128	42	the	the	DET
ajfa-633	128	43	presence	presence	NOUN
ajfa-633	128	44	of	of	ADP
ajfa-633	128	45	a	a	DET
ajfa-633	128	46	moving	move	VERB
ajfa-633	128	47	average	average	ADJ
ajfa-633	128	48	(	(	PUNCT
ajfa-633	128	49	ma	ma	PROPN
ajfa-633	128	50	)	)	PUNCT
ajfa-633	128	51	component	component	NOUN
ajfa-633	128	52	,	,	PUNCT
ajfa-633	128	53	provided	provide	VERB
ajfa-633	128	54	that	that	SCONJ
ajfa-633	128	55	sufficient	sufficient	ADJ
ajfa-633	128	56	lagged	lag	VERB
ajfa-633	128	57	difference	difference	NOUN
ajfa-633	128	58	terms	term	NOUN
ajfa-633	128	59	are	be	AUX
ajfa-633	128	60	included	include	VERB
ajfa-633	128	61	in	in	ADP
ajfa-633	128	62	the	the	DET
ajfa-633	128	63	test	test	NOUN
ajfa-633	128	64	regression	regression	NOUN
ajfa-633	128	65	.	.	PUNCT
ajfa-633	129	1	4	4	X
ajfa-633	129	2	.	.	X
ajfa-633	129	3	dickey	dickey	NOUN
ajfa-633	129	4	-	-	PUNCT
ajfa-633	129	5	fuller	full	ADJ
ajfa-633	129	6	test	test	NOUN
ajfa-633	129	7	with	with	ADP
ajfa-633	129	8	gls	gls	PROPN
ajfa-633	129	9	de	de	X
ajfa-633	129	10	trending	trend	VERB
ajfa-633	129	11	(	(	PUNCT
ajfa-633	129	12	dfgls	dfgls	ADJ
ajfa-633	129	13	)	)	PUNCT
ajfa-633	129	14	elliott	elliott	PROPN
ajfa-633	129	15	et	et	PROPN
ajfa-633	129	16	al	al	PROPN
ajfa-633	129	17	.	.	PROPN
ajfa-633	130	1	(	(	PUNCT
ajfa-633	130	2	1996	1996	NUM
ajfa-633	130	3	)	)	PUNCT
ajfa-633	130	4	propose	propose	VERB
ajfa-633	130	5	a	a	DET
ajfa-633	130	6	simple	simple	ADJ
ajfa-633	130	7	modification	modification	NOUN
ajfa-633	130	8	of	of	ADP
ajfa-633	130	9	the	the	DET
ajfa-633	130	10	adf	adf	NOUN
ajfa-633	130	11	tests	test	NOUN
ajfa-633	130	12	in	in	ADP
ajfa-633	130	13	which	which	PRON
ajfa-633	130	14	the	the	DET
ajfa-633	130	15	data	datum	NOUN
ajfa-633	130	16	are	be	AUX
ajfa-633	130	17	de	de	ADP
ajfa-633	130	18	trended	trend	VERB
ajfa-633	130	19	so	so	SCONJ
ajfa-633	130	20	that	that	SCONJ
ajfa-633	130	21	explanatory	explanatory	ADJ
ajfa-633	130	22	variables	variable	NOUN
ajfa-633	130	23	are	be	AUX
ajfa-633	130	24	“	"	PUNCT
ajfa-633	130	25	taken	take	VERB
ajfa-633	130	26	out	out	ADP
ajfa-633	130	27	”	"	PUNCT
ajfa-633	130	28	of	of	ADP
ajfa-633	130	29	the	the	DET
ajfa-633	130	30	data	datum	NOUN
ajfa-633	130	31	prior	prior	ADV
ajfa-633	130	32	to	to	ADP
ajfa-633	130	33	running	run	VERB
ajfa-633	130	34	the	the	DET
ajfa-633	130	35	test	test	NOUN
ajfa-633	130	36	regression	regression	NOUN
ajfa-633	130	37	.	.	PUNCT
ajfa-633	131	1	ers	er	NOUN
ajfa-633	131	2	(	(	PUNCT
ajfa-633	131	3	1996	1996	NUM
ajfa-633	131	4	)	)	PUNCT
ajfa-633	131	5	obtain	obtain	VERB
ajfa-633	131	6	the	the	DET
ajfa-633	131	7	asymptotic	asymptotic	ADJ
ajfa-633	131	8	power	power	NOUN
ajfa-633	131	9	envelope	envelope	NOUN
ajfa-633	131	10	for	for	ADP
ajfa-633	131	11	unit	unit	NOUN
ajfa-633	131	12	-	-	PUNCT
ajfa-633	131	13	root	root	NOUN
ajfa-633	131	14	tests	test	NOUN
ajfa-633	131	15	by	by	ADP
ajfa-633	131	16	analyzing	analyze	VERB
ajfa-633	131	17	the	the	DET
ajfa-633	131	18	sequence	sequence	NOUN
ajfa-633	131	19	of	of	ADP
ajfa-633	131	20	neyman	neyman	NOUN
ajfa-633	131	21	-	-	PUNCT
ajfa-633	131	22	pearson	pearson	PROPN
ajfa-633	131	23	tests	test	NOUN
ajfa-633	131	24	of	of	ADP
ajfa-633	131	25	the	the	DET
ajfa-633	131	26	null	null	ADJ
ajfa-633	131	27	hypothesis	hypothesis	NOUN
ajfa-633	131	28	h0	h0	NOUN
ajfa-633	131	29	:	:	PUNCT
ajfa-633	131	30	p=	p=	PROPN
ajfa-633	131	31	1	1	NUM
ajfa-633	131	32	against	against	ADP
ajfa-633	131	33	the	the	DET
ajfa-633	131	34	local	local	ADJ
ajfa-633	131	35	alternative	alternative	NOUN
ajfa-633	131	36	ha	ha	INTJ
ajfa-633	131	37	:	:	PUNCT
ajfa-633	131	38	p=1+c	p=1+c	NOUN
ajfa-633	131	39	/t	/t	SYM
ajfa-633	131	40	,	,	PUNCT
ajfa-633	131	41	wherec<0	wherec<0	NOUN
ajfa-633	131	42	.	.	PUNCT
ajfa-633	132	1	based	base	VERB
ajfa-633	132	2	on	on	ADP
ajfa-633	132	3	asymptotic	asymptotic	ADJ
ajfa-633	132	4	power	power	NOUN
ajfa-633	132	5	calculation	calculation	NOUN
ajfa-633	132	6	,	,	PUNCT
ajfa-633	132	7	ers	er	NOUN
ajfa-633	132	8	show	show	VERB
ajfa-633	132	9	that	that	SCONJ
ajfa-633	132	10	a	a	DET
ajfa-633	132	11	modified	modify	VERB
ajfa-633	132	12	dickey	dickey	NOUN
ajfa-633	132	13	-	-	PUNCT
ajfa-633	132	14	fuller	full	ADJ
ajfa-633	132	15	test	test	NOUN
ajfa-633	132	16	,	,	PUNCT
ajfa-633	132	17	called	call	VERB
ajfa-633	132	18	the	the	DET
ajfa-633	132	19	df	df	NOUN
ajfa-633	132	20	-	-	PUNCT
ajfa-633	132	21	gls	gl	VERB
ajfa-633	132	22	test	test	NOUN
ajfa-633	132	23	,	,	PUNCT
ajfa-633	132	24	can	can	AUX
ajfa-633	132	25	achieve	achieve	VERB
ajfa-633	132	26	a	a	DET
ajfa-633	132	27	substantial	substantial	ADJ
ajfa-633	132	28	gain	gain	NOUN
ajfa-633	132	29	in	in	ADP
ajfa-633	132	30	power	power	NOUN
ajfa-633	132	31	over	over	ADP
ajfa-633	132	32	traditional	traditional	ADJ
ajfa-633	132	33	unit	unit	NOUN
ajfa-633	132	34	-	-	PUNCT
ajfa-633	132	35	root	root	NOUN
ajfa-633	132	36	tests	test	NOUN
ajfa-633	132	37	.	.	PUNCT
ajfa-633	133	1	the	the	DET
ajfa-633	133	2	df	df	PROPN
ajfa-633	133	3	-	-	PUNCT
ajfa-633	133	4	gls	gl	VERB
ajfa-633	133	5	test	test	NOUN
ajfa-633	133	6	that	that	PRON
ajfa-633	133	7	allows	allow	VERB
ajfa-633	133	8	for	for	ADP
ajfa-633	133	9	a	a	DET
ajfa-633	133	10	linear	linear	ADJ
ajfa-633	133	11	time	time	NOUN
ajfa-633	133	12	trend	trend	NOUN
ajfa-633	133	13	is	be	AUX
ajfa-633	133	14	based	base	VERB
ajfa-633	133	15	on	on	ADP
ajfa-633	133	16	the	the	DET
ajfa-633	133	17	following	follow	VERB
ajfa-633	133	18	regression	regression	NOUN
ajfa-633	133	19	:	:	PUNCT
ajfa-633	133	20	t	t	PROPN
ajfa-633	133	21	vd	vd	NOUN
ajfa-633	133	22	t	t	PROPN
ajfa-633	133	23	yl	yl	NOUN
ajfa-633	133	24	p	p	PROPN
ajfa-633	133	25	j	j	PROPN
ajfa-633	133	26	j	j	PROPN
ajfa-633	133	27	d	d	PROPN
ajfa-633	133	28	t	t	PROPN
ajfa-633	133	29	yd	yd	PROPN
ajfa-633	133	30	t	t	PROPN
ajfa-633	133	31	yl	yl	NOUN
ajfa-633	133	32			PUNCT
ajfa-633	133	33			PROPN
ajfa-633	133	34			PROPN
ajfa-633	133	35			NUM
ajfa-633	133	36			ADJ
ajfa-633	133	37			PROPN
ajfa-633	133	38			PROPN
ajfa-633	133	39			X
ajfa-633	133	40	1	1	NUM
ajfa-633	133	41	)	)	SYM
ajfa-633	133	42	1	1	NUM
ajfa-633	133	43	(	(	PUNCT
ajfa-633	133	44	1	1	NUM
ajfa-633	133	45	1	1	NUM
ajfa-633	133	46	)	)	PUNCT
ajfa-633	133	47	1	1	NUM
ajfa-633	133	48	(	(	PUNCT
ajfa-633	133	49			X
ajfa-633	133	50	(	(	PUNCT
ajfa-633	133	51	10	10	NUM
ajfa-633	133	52	)	)	PUNCT
ajfa-633	133	53	where	where	SCONJ
ajfa-633	133	54	vt	vt	PROPN
ajfa-633	133	55	is	be	AUX
ajfa-633	133	56	an	an	DET
ajfa-633	133	57	error	error	NOUN
ajfa-633	133	58	term	term	NOUN
ajfa-633	133	59	and	and	CCONJ
ajfa-633	133	60	d	d	PROPN
ajfa-633	133	61	t	t	PROPN
ajfa-633	133	62	y	y	PROPN
ajfa-633	133	63	is	be	AUX
ajfa-633	133	64	the	the	DET
ajfa-633	133	65	locally	locally	ADV
ajfa-633	133	66	de	de	ADJ
ajfa-633	133	67	trended	trend	VERB
ajfa-633	133	68	data	data	NOUN
ajfa-633	133	69	process	process	NOUN
ajfa-633	133	70	under	under	ADP
ajfa-633	133	71	the	the	DET
ajfa-633	133	72	local	local	ADJ
ajfa-633	133	73	asian	asian	ADJ
ajfa-633	133	74	journal	journal	NOUN
ajfa-633	133	75	of	of	ADP
ajfa-633	133	76	finance	finance	PROPN
ajfa-633	133	77	&	&	CCONJ
ajfa-633	133	78	accounting	accounting	PROPN
ajfa-633	133	79	issn	issn	PROPN
ajfa-633	133	80	1946	1946	NUM
ajfa-633	133	81	-	-	PUNCT
ajfa-633	133	82	052x	052x	NOUN
ajfa-633	133	83	2011	2011	NUM
ajfa-633	133	84	,	,	PUNCT
ajfa-633	133	85	vol	vol	NOUN
ajfa-633	133	86	.	.	PROPN
ajfa-633	133	87	3	3	NUM
ajfa-633	133	88	,	,	PUNCT
ajfa-633	133	89	no	no	INTJ
ajfa-633	133	90	.	.	NOUN
ajfa-633	133	91	1	1	NUM
ajfa-633	133	92	:	:	PUNCT
ajfa-633	133	93	e13	e13	VERB
ajfa-633	133	94	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	133	95	215	215	NUM
ajfa-633	133	96	alternative	alternative	NOUN
ajfa-633	133	97	of	of	ADP
ajfa-633	133	98	tcp	tcp	X
ajfa-633	133	99	/1	/1	PROPN
ajfa-633	133	100	is	be	AUX
ajfa-633	133	101	given	give	VERB
ajfa-633	133	102	by	by	ADP
ajfa-633	133	103			PROPN
ajfa-633	133	104	ttt	ttt	PROPN
ajfa-633	133	105	zyy	zyy	PROPN
ajfa-633	133	106			PROPN
ajfa-633	133	107	with	with	ADP
ajfa-633	133	108	β	β	X
ajfa-633	133	109	being	be	AUX
ajfa-633	133	110	the	the	DET
ajfa-633	133	111	least	least	ADJ
ajfa-633	133	112	squares	square	NOUN
ajfa-633	133	113	regression	regression	NOUN
ajfa-633	133	114	coefficient	coefficient	NOUN
ajfa-633	133	115	of	of	ADP
ajfa-633	133	116	y	y	PROPN
ajfa-633	133	117	̃t	̃t	PROPN
ajfa-633	133	118	̃	̃	PROPN
ajfa-633	133	119	on	on	ADP
ajfa-633	133	120	zt	zt	PROPN
ajfa-633	133	121	̃	̃	PROPN
ajfa-633	133	122	,	,	PUNCT
ajfa-633	133	123	for	for	ADP
ajfa-633	133	124	which	which	PRON
ajfa-633	133	125	yt̃	yt̃	PUNCT
ajfa-633	133	126	=[	=[	VERB
ajfa-633	133	127	y1,(1-p	y1,(1-p	PROPN
ajfa-633	133	128	l)y2	l)y2	PROPN
ajfa-633	133	129	....	....	PUNCT
ajfa-633	133	130	(1-p	(1-p	PROPN
ajfa-633	134	1	l)yt	l)yt	NOUN
ajfa-633	134	2	]	]	PUNCT
ajfa-633	134	3	’	'	PUNCT
ajfa-633	134	4	and	and	CCONJ
ajfa-633	134	5	zt=[z1,(1-p	zt=[z1,(1-p	PROPN
ajfa-633	134	6	l)z2,	l)z2,	ADJ
ajfa-633	134	7	.........	.........	PUNCT
ajfa-633	134	8	(1-p	(1-p	PROPN
ajfa-633	135	1	l	l	NOUN
ajfa-633	135	2	)	)	PUNCT
ajfa-633	135	3	z1	z1	NOUN
ajfa-633	135	4	]	]	PUNCT
ajfa-633	135	5	the	the	DET
ajfa-633	135	6	df	df	PROPN
ajfa-633	135	7	-	-	PUNCT
ajfa-633	135	8	glst	glst	NOUN
ajfa-633	135	9	statistic	statistic	NOUN
ajfa-633	135	10	is	be	AUX
ajfa-633	135	11	given	give	VERB
ajfa-633	135	12	by	by	ADP
ajfa-633	135	13	the	the	DET
ajfa-633	135	14	t	t	PROPN
ajfa-633	135	15	-	-	PUNCT
ajfa-633	135	16	ratio	ratio	NOUN
ajfa-633	135	17	,	,	PUNCT
ajfa-633	135	18	testing	test	VERB
ajfa-633	135	19	h0:o=0	h0:o=0	NOUN
ajfa-633	135	20	against	against	ADP
ajfa-633	135	21	ha:0	ha:0	NOUN
ajfa-633	135	22	<	<	X
ajfa-633	135	23	0.ers	0.er	NOUN
ajfa-633	135	24	recommend	recommend	VERB
ajfa-633	135	25	that	that	SCONJ
ajfa-633	135	26	the	the	DET
ajfa-633	135	27	parameter	parameter	NOUN
ajfa-633	135	28	of	of	ADP
ajfa-633	135	29	defining	define	VERB
ajfa-633	135	30	the	the	DET
ajfa-633	135	31	local	local	ADJ
ajfa-633	135	32	alternative	alternative	NOUN
ajfa-633	135	33	,	,	PUNCT
ajfa-633	135	34	c	c	NOUN
ajfa-633	135	35	,	,	PUNCT
ajfa-633	135	36	be	be	AUX
ajfa-633	135	37	set	set	VERB
ajfa-633	135	38	equal	equal	ADJ
ajfa-633	135	39	to	to	ADP
ajfa-633	135	40	-13.5.for	-13.5.for	PUNCT
ajfa-633	135	41	the	the	DET
ajfa-633	135	42	test	test	NOUN
ajfa-633	135	43	without	without	ADP
ajfa-633	135	44	a	a	DET
ajfa-633	135	45	time	time	NOUN
ajfa-633	135	46	trend	trend	NOUN
ajfa-633	135	47	,	,	PUNCT
ajfa-633	135	48	denoted	denote	VERB
ajfa-633	135	49	by	by	ADP
ajfa-633	135	50	df	df	NOUN
ajfa-633	135	51	-	-	PUNCT
ajfa-633	135	52	gls	gl	VERB
ajfa-633	135	53	.	.	PUNCT
ajfa-633	135	54	,	,	PUNCT
ajfa-633	135	55	it	it	PRON
ajfa-633	135	56	involves	involve	VERB
ajfa-633	135	57	the	the	DET
ajfa-633	135	58	same	same	ADJ
ajfa-633	135	59	procedure	procedure	NOUN
ajfa-633	135	60	as	as	ADP
ajfa-633	135	61	the	the	DET
ajfa-633	135	62	df	df	PROPN
ajfa-633	135	63	-	-	PUNCT
ajfa-633	135	64	glst	glst	NOUN
ajfa-633	135	65	test	test	NOUN
ajfa-633	135	66	,	,	PUNCT
ajfa-633	135	67	except	except	SCONJ
ajfa-633	135	68	that	that	SCONJ
ajfa-633	135	69	d	d	PROPN
ajfa-633	135	70	t	t	PROPN
ajfa-633	135	71	y	y	PROPN
ajfa-633	135	72	is	be	AUX
ajfa-633	135	73	replaced	replace	VERB
ajfa-633	135	74	with	with	ADP
ajfa-633	135	75	the	the	DET
ajfa-633	135	76	locally	locally	ADV
ajfa-633	135	77	demeaned	demean	VERB
ajfa-633	135	78	series	series	PROPN
ajfa-633	135	79	d	d	PROPN
ajfa-633	135	80	t	t	PROPN
ajfa-633	135	81	y	y	PROPN
ajfa-633	135	82	and	and	CCONJ
ajfa-633	135	83	z	z	NOUN
ajfa-633	135	84	=	=	PROPN
ajfa-633	135	85	1	1	NUM
ajfa-633	135	86	.	.	PUNCT
ajfa-633	136	1	in	in	ADP
ajfa-633	136	2	this	this	DET
ajfa-633	136	3	case	case	NOUN
ajfa-633	136	4	,	,	PUNCT
ajfa-633	136	5	the	the	DET
ajfa-633	136	6	use	use	NOUN
ajfa-633	136	7	of	of	ADP
ajfa-633	136	8	c	c	NOUN
ajfa-633	136	9	=	=	NOUN
ajfa-633	136	10	-7	-7	PROPN
ajfa-633	136	11	is	be	AUX
ajfa-633	136	12	recommended	recommend	VERB
ajfa-633	136	13	.	.	PUNCT
ajfa-633	137	1	phillips	phillip	NOUN
ajfa-633	137	2	-	-	PUNCT
ajfa-633	137	3	perron(pp)test	perron(pp)t	ADJ
ajfa-633	137	4	phillips	phillip	NOUN
ajfa-633	137	5	and	and	CCONJ
ajfa-633	137	6	perron	perron	PROPN
ajfa-633	137	7	(	(	PUNCT
ajfa-633	137	8	1988	1988	NUM
ajfa-633	137	9	)	)	PUNCT
ajfa-633	137	10	developed	develop	VERB
ajfa-633	137	11	a	a	DET
ajfa-633	137	12	number	number	NOUN
ajfa-633	137	13	of	of	ADP
ajfa-633	137	14	unit	unit	NOUN
ajfa-633	137	15	root	root	NOUN
ajfa-633	137	16	tests	test	NOUN
ajfa-633	137	17	that	that	PRON
ajfa-633	137	18	have	have	AUX
ajfa-633	137	19	become	become	VERB
ajfa-633	137	20	popular	popular	ADJ
ajfa-633	137	21	in	in	ADP
ajfa-633	137	22	the	the	DET
ajfa-633	137	23	analysis	analysis	NOUN
ajfa-633	137	24	of	of	ADP
ajfa-633	137	25	financial	financial	ADJ
ajfa-633	137	26	time	time	NOUN
ajfa-633	137	27	series	series	NOUN
ajfa-633	137	28	.	.	PUNCT
ajfa-633	138	1	the	the	DET
ajfa-633	138	2	phillips	phillips	PROPN
ajfa-633	138	3	-	-	PUNCT
ajfa-633	138	4	perron	perron	PROPN
ajfa-633	138	5	(	(	PUNCT
ajfa-633	138	6	pp	pp	ADJ
ajfa-633	138	7	)	)	PUNCT
ajfa-633	138	8	unit	unit	NOUN
ajfa-633	138	9	root	root	NOUN
ajfa-633	138	10	tests	test	NOUN
ajfa-633	138	11	differ	differ	VERB
ajfa-633	138	12	from	from	ADP
ajfa-633	138	13	the	the	DET
ajfa-633	138	14	adf	adf	NOUN
ajfa-633	138	15	tests	test	NOUN
ajfa-633	138	16	mainly	mainly	ADV
ajfa-633	138	17	in	in	ADP
ajfa-633	138	18	how	how	SCONJ
ajfa-633	138	19	they	they	PRON
ajfa-633	138	20	deal	deal	VERB
ajfa-633	138	21	with	with	ADP
ajfa-633	138	22	serial	serial	ADJ
ajfa-633	138	23	correlation	correlation	NOUN
ajfa-633	138	24	and	and	CCONJ
ajfa-633	138	25	heteroskedasticity	heteroskedasticity	NOUN
ajfa-633	138	26	in	in	ADP
ajfa-633	138	27	the	the	DET
ajfa-633	138	28	errors	error	NOUN
ajfa-633	138	29	.	.	PUNCT
ajfa-633	139	1	in	in	ADP
ajfa-633	139	2	particular	particular	ADJ
ajfa-633	139	3	,	,	PUNCT
ajfa-633	139	4	where	where	SCONJ
ajfa-633	139	5	the	the	DET
ajfa-633	139	6	adf	adf	PROPN
ajfa-633	139	7	tests	test	NOUN
ajfa-633	139	8	use	use	VERB
ajfa-633	139	9	a	a	DET
ajfa-633	139	10	parametric	parametric	ADJ
ajfa-633	139	11	auto	auto	NOUN
ajfa-633	139	12	regression	regression	NOUN
ajfa-633	139	13	to	to	PART
ajfa-633	139	14	approximate	approximate	VERB
ajfa-633	139	15	the	the	DET
ajfa-633	139	16	arma	arma	NOUN
ajfa-633	139	17	structure	structure	NOUN
ajfa-633	139	18	of	of	ADP
ajfa-633	139	19	the	the	DET
ajfa-633	139	20	errors	error	NOUN
ajfa-633	139	21	in	in	ADP
ajfa-633	139	22	the	the	DET
ajfa-633	139	23	test	test	NOUN
ajfa-633	139	24	regression	regression	NOUN
ajfa-633	139	25	,	,	PUNCT
ajfa-633	139	26	the	the	DET
ajfa-633	139	27	pp	pp	PROPN
ajfa-633	139	28	tests	test	NOUN
ajfa-633	139	29	ignore	ignore	VERB
ajfa-633	139	30	any	any	DET
ajfa-633	139	31	serial	serial	ADJ
ajfa-633	139	32	correlation	correlation	NOUN
ajfa-633	139	33	in	in	ADP
ajfa-633	139	34	the	the	DET
ajfa-633	139	35	test	test	NOUN
ajfa-633	139	36	regression	regression	NOUN
ajfa-633	139	37	.	.	PUNCT
ajfa-633	140	1	the	the	DET
ajfa-633	140	2	test	test	NOUN
ajfa-633	140	3	regression	regression	NOUN
ajfa-633	140	4	for	for	ADP
ajfa-633	140	5	the	the	DET
ajfa-633	140	6	pp	pp	ADJ
ajfa-633	140	7	tests	test	NOUN
ajfa-633	140	8	is	be	AUX
ajfa-633	140	9	t	t	PROPN
ajfa-633	140	10	u	u	NOUN
ajfa-633	140	11	t	t	PROPN
ajfa-633	140	12	y	y	PROPN
ajfa-633	140	13	t	t	PROPN
ajfa-633	140	14	d	d	PROPN
ajfa-633	140	15	t	t	PROPN
ajfa-633	140	16	y	y	PROPN
ajfa-633	140	17			ADV
ajfa-633	140	18			PROPN
ajfa-633	140	19			VERB
ajfa-633	140	20	1	1	NUM
ajfa-633	140	21	'	'	PART
ajfa-633	140	22			PROPN
ajfa-633	140	23	(	(	PUNCT
ajfa-633	140	24	11	11	NUM
ajfa-633	140	25	)	)	PUNCT
ajfa-633	140	26	where	where	SCONJ
ajfa-633	140	27	u	u	PROPN
ajfa-633	140	28	t	t	PROPN
ajfa-633	140	29	is	be	AUX
ajfa-633	140	30	i(0	i(0	PROPN
ajfa-633	140	31	)	)	PUNCT
ajfa-633	140	32	and	and	CCONJ
ajfa-633	140	33	may	may	AUX
ajfa-633	140	34	be	be	AUX
ajfa-633	140	35	heteroskedastic	heteroskedastic	ADJ
ajfa-633	140	36	.	.	PUNCT
ajfa-633	141	1	the	the	DET
ajfa-633	141	2	pp	pp	PROPN
ajfa-633	141	3	tests	test	NOUN
ajfa-633	141	4	correct	correct	ADJ
ajfa-633	141	5	for	for	ADP
ajfa-633	141	6	any	any	DET
ajfa-633	141	7	serial	serial	ADJ
ajfa-633	141	8	correlation	correlation	NOUN
ajfa-633	141	9	and	and	CCONJ
ajfa-633	141	10	heteroskedasticity	heteroskedasticity	NOUN
ajfa-633	141	11	in	in	ADP
ajfa-633	141	12	the	the	DET
ajfa-633	141	13	errors	error	NOUN
ajfa-633	141	14	ut	ut	PROPN
ajfa-633	141	15	of	of	ADP
ajfa-633	141	16	the	the	DET
ajfa-633	141	17	test	test	NOUN
ajfa-633	141	18	regression	regression	NOUN
ajfa-633	141	19	by	by	ADP
ajfa-633	141	20	directly	directly	ADV
ajfa-633	141	21	modifying	modify	VERB
ajfa-633	141	22	the	the	DET
ajfa-633	141	23	test	test	NOUN
ajfa-633	141	24	statistics	statistic	NOUN
ajfa-633	141	25	tπ=0	tπ=0	PROPN
ajfa-633	141	26	and	and	CCONJ
ajfa-633	141	27	t	t	PROPN
ajfa-633	141	28	ˆπ	ˆπ	PROPN
ajfa-633	141	29	.	.	PUNCT
ajfa-633	142	1	these	these	DET
ajfa-633	142	2	modified	modify	VERB
ajfa-633	142	3	statistics	statistic	NOUN
ajfa-633	142	4	,	,	PUNCT
ajfa-633	142	5	denoted	denote	VERB
ajfa-633	142	6	zt	zt	PROPN
ajfa-633	142	7	and	and	CCONJ
ajfa-633	142	8	zπ	zπ	ADV
ajfa-633	142	9	,	,	PUNCT
ajfa-633	142	10	are	be	AUX
ajfa-633	142	11	given	give	VERB
ajfa-633	142	12	by	by	ADP
ajfa-633	142	13	)	)	PUNCT
ajfa-633	142	14	2ˆ	2ˆ	NOUN
ajfa-633	142	15	)	)	PUNCT
ajfa-633	142	16	ˆ	ˆ	X
ajfa-633	142	17	(	(	PUNCT
ajfa-633	142	18	)	)	PUNCT
ajfa-633	142	19	.	.	PUNCT
ajfa-633	143	1	(	(	PUNCT
ajfa-633	143	2	2ˆ	2ˆ	NOUN
ajfa-633	143	3	22ˆ	22ˆ	NOUN
ajfa-633	143	4	(	(	PUNCT
ajfa-633	143	5	2	2	NUM
ajfa-633	143	6	1	1	NUM
ajfa-633	143	7	0.2/1	0.2/1	NUM
ajfa-633	143	8	)	)	PUNCT
ajfa-633	143	9	2ˆ	2ˆ	NOUN
ajfa-633	143	10	2ˆ	2ˆ	NOUN
ajfa-633	143	11	(	(	PUNCT
ajfa-633	143	12			PROPN
ajfa-633	143	13			PROPN
ajfa-633	143	14			ADJ
ajfa-633	143	15			X
ajfa-633	143	16			PRON
ajfa-633	143	17			PROPN
ajfa-633	143	18	set	set	VERB
ajfa-633	143	19	t	t	PROPN
ajfa-633	143	20	t	t	PROPN
ajfa-633	143	21	z	z	PROPN
ajfa-633	143	22			PROPN
ajfa-633	143	23			PROPN
ajfa-633	143	24			NUM
ajfa-633	143	25			ADJ
ajfa-633	143	26			PROPN
ajfa-633	143	27			PRON
ajfa-633	143	28	(	(	PUNCT
ajfa-633	143	29	12	12	NUM
ajfa-633	143	30	)	)	PUNCT
ajfa-633	143	31	)	)	PUNCT
ajfa-633	144	1	2ˆ2ˆ	2ˆ2ˆ	NOUN
ajfa-633	144	2	(	(	PUNCT
ajfa-633	144	3	2ˆ	2ˆ	NUM
ajfa-633	144	4	)	)	PUNCT
ajfa-633	144	5	ˆ(.2	ˆ(.2	NOUN
ajfa-633	144	6	2	2	NUM
ajfa-633	144	7	1	1	NUM
ajfa-633	144	8	ˆ	ˆ	NOUN
ajfa-633	144	9			PROPN
ajfa-633	144	10			PROPN
ajfa-633	144	11			NOUN
ajfa-633	144	12			NOUN
ajfa-633	144	13	set	set	VERB
ajfa-633	144	14	tz	tz	NOUN
ajfa-633	144	15	(	(	PUNCT
ajfa-633	144	16	13	13	NUM
ajfa-633	144	17	)	)	PUNCT
ajfa-633	144	18	the	the	DET
ajfa-633	144	19	terms	term	NOUN
ajfa-633	144	20	̂	̂	VERB
ajfa-633	144	21	and	and	CCONJ
ajfa-633	144	22	2̂	2̂	NUM
ajfa-633	144	23	are	be	AUX
ajfa-633	144	24	consistent	consistent	ADJ
ajfa-633	144	25	estimates	estimate	NOUN
ajfa-633	144	26	of	of	ADP
ajfa-633	144	27	the	the	DET
ajfa-633	144	28	variance	variance	NOUN
ajfa-633	144	29	parameters	parameter	NOUN
ajfa-633	144	30			VERB
ajfa-633	145	1			NUM
ajfa-633	145	2			PROPN
ajfa-633	145	3			PROPN
ajfa-633	145	4			PROPN
ajfa-633	145	5	t	t	PROPN
ajfa-633	145	6	t	t	PROPN
ajfa-633	145	7	t	t	PROPN
ajfa-633	145	8	uet	uet	PROPN
ajfa-633	145	9	xt	xt	PROPN
ajfa-633	145	10	1	1	NUM
ajfa-633	145	11	21	21	NUM
ajfa-633	145	12	lim	lim	PROPN
ajfa-633	145	13	2	2	NUM
ajfa-633	145	14	asian	asian	ADJ
ajfa-633	145	15	journal	journal	NOUN
ajfa-633	145	16	of	of	ADP
ajfa-633	145	17	finance	finance	PROPN
ajfa-633	145	18	&	&	CCONJ
ajfa-633	145	19	accounting	accounting	PROPN
ajfa-633	145	20	issn	issn	PROPN
ajfa-633	145	21	1946	1946	NUM
ajfa-633	145	22	-	-	PUNCT
ajfa-633	145	23	052x	052x	NOUN
ajfa-633	145	24	2011	2011	NUM
ajfa-633	145	25	,	,	PUNCT
ajfa-633	145	26	vol	vol	NOUN
ajfa-633	145	27	.	.	PROPN
ajfa-633	145	28	3	3	NUM
ajfa-633	145	29	,	,	PUNCT
ajfa-633	145	30	no	no	INTJ
ajfa-633	145	31	.	.	NOUN
ajfa-633	145	32	1	1	NUM
ajfa-633	145	33	:	:	PUNCT
ajfa-633	145	34	e13	e13	VERB
ajfa-633	145	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	145	36	216	216	NUM
ajfa-633	145	37			NUM
ajfa-633	145	38			NUM
ajfa-633	145	39			PROPN
ajfa-633	145	40			PROPN
ajfa-633	145	41			PROPN
ajfa-633	145	42	t	t	PROPN
ajfa-633	145	43	t	t	PROPN
ajfa-633	145	44	t	t	PROPN
ajfa-633	145	45	ste	ste	PROPN
ajfa-633	145	46	xt	xt	ADP
ajfa-633	145	47	1	1	NUM
ajfa-633	145	48	21	21	NUM
ajfa-633	145	49	lim	lim	PROPN
ajfa-633	145	50	2	2	NUM
ajfa-633	146	1	where	where	SCONJ
ajfa-633	146	2			X
ajfa-633	146	3			NOUN
ajfa-633	147	1			NUM
ajfa-633	148	1	t	t	NOUN
ajfa-633	149	1	t	t	PROPN
ajfa-633	149	2	t	t	PROPN
ajfa-633	149	3	u	u	PROPN
ajfa-633	149	4	t	t	PROPN
ajfa-633	149	5	s	s	PROPN
ajfa-633	149	6	1	1	NUM
ajfa-633	149	7	.the	.the	DET
ajfa-633	149	8	sample	sample	NOUN
ajfa-633	149	9	variance	variance	NOUN
ajfa-633	149	10	of	of	ADP
ajfa-633	149	11	the	the	DET
ajfa-633	149	12	least	least	ADJ
ajfa-633	149	13	squares	square	NOUN
ajfa-633	149	14	residual	residual	ADJ
ajfa-633	149	15	t	t	NOUN
ajfa-633	149	16	û	û	NUM
ajfa-633	149	17	is	be	AUX
ajfa-633	149	18	a	a	DET
ajfa-633	149	19	consistent	consistent	ADJ
ajfa-633	149	20	estimate	estimate	NOUN
ajfa-633	149	21	of	of	ADP
ajfa-633	149	22	σ2	σ2	NOUN
ajfa-633	149	23	,	,	PUNCT
ajfa-633	149	24	and	and	CCONJ
ajfa-633	149	25	the	the	DET
ajfa-633	149	26	newey	newey	PROPN
ajfa-633	149	27	-	-	PUNCT
ajfa-633	149	28	west	west	PROPN
ajfa-633	149	29	long	long	ADJ
ajfa-633	149	30	-	-	PUNCT
ajfa-633	149	31	run	run	VERB
ajfa-633	149	32	variance	variance	NOUN
ajfa-633	149	33	estimate	estimate	NOUN
ajfa-633	149	34	of	of	ADP
ajfa-633	149	35	ut	ut	PROPN
ajfa-633	149	36	using	use	VERB
ajfa-633	149	37	t	t	PROPN
ajfa-633	149	38	û	û	NUM
ajfa-633	149	39	is	be	AUX
ajfa-633	149	40	a	a	DET
ajfa-633	149	41	consistent	consistent	ADJ
ajfa-633	149	42	estimate	estimate	NOUN
ajfa-633	149	43	of	of	ADP
ajfa-633	149	44	λ2	λ2	NOUN
ajfa-633	149	45	.	.	PUNCT
ajfa-633	150	1	under	under	ADP
ajfa-633	150	2	the	the	DET
ajfa-633	150	3	null	null	ADJ
ajfa-633	150	4	hypothesis	hypothesis	NOUN
ajfa-633	150	5	that	that	PRON
ajfa-633	150	6	π	π	AUX
ajfa-633	150	7	=	=	SYM
ajfa-633	150	8	0	0	PROPN
ajfa-633	150	9	,	,	PUNCT
ajfa-633	150	10	the	the	DET
ajfa-633	150	11	pp	pp	X
ajfa-633	150	12	zt	zt	PROPN
ajfa-633	150	13	and	and	CCONJ
ajfa-633	150	14	zπ	zπ	PROPN
ajfa-633	150	15	statistics	statistic	NOUN
ajfa-633	150	16	have	have	VERB
ajfa-633	150	17	the	the	DET
ajfa-633	150	18	same	same	ADJ
ajfa-633	150	19	asymptotic	asymptotic	ADJ
ajfa-633	150	20	distributions	distribution	NOUN
ajfa-633	150	21	as	as	ADP
ajfa-633	150	22	the	the	DET
ajfa-633	150	23	adf	adf	PROPN
ajfa-633	150	24	t	t	PROPN
ajfa-633	150	25	-	-	PUNCT
ajfa-633	150	26	statistic	statistic	NOUN
ajfa-633	150	27	and	and	CCONJ
ajfa-633	150	28	normalized	normalize	VERB
ajfa-633	150	29	bias	bias	NOUN
ajfa-633	150	30	statistics	statistic	NOUN
ajfa-633	150	31	.	.	PUNCT
ajfa-633	151	1	one	one	NUM
ajfa-633	151	2	advantage	advantage	NOUN
ajfa-633	151	3	of	of	ADP
ajfa-633	151	4	the	the	DET
ajfa-633	151	5	pp	pp	PROPN
ajfa-633	151	6	tests	test	NOUN
ajfa-633	151	7	over	over	ADP
ajfa-633	151	8	the	the	DET
ajfa-633	151	9	adf	adf	NOUN
ajfa-633	151	10	tests	test	NOUN
ajfa-633	151	11	is	be	AUX
ajfa-633	151	12	that	that	SCONJ
ajfa-633	151	13	the	the	DET
ajfa-633	151	14	pp	pp	ADJ
ajfa-633	151	15	tests	test	NOUN
ajfa-633	151	16	are	be	AUX
ajfa-633	151	17	robust	robust	ADJ
ajfa-633	151	18	to	to	ADP
ajfa-633	151	19	general	general	ADJ
ajfa-633	151	20	forms	form	NOUN
ajfa-633	151	21	of	of	ADP
ajfa-633	151	22	heteroskedasticity	heteroskedasticity	NOUN
ajfa-633	151	23	in	in	ADP
ajfa-633	151	24	the	the	DET
ajfa-633	151	25	error	error	NOUN
ajfa-633	151	26	term	term	NOUN
ajfa-633	151	27	ut	ut	PROPN
ajfa-633	151	28	.	.	PUNCT
ajfa-633	152	1	another	another	DET
ajfa-633	152	2	advantage	advantage	NOUN
ajfa-633	152	3	is	be	AUX
ajfa-633	152	4	that	that	SCONJ
ajfa-633	152	5	the	the	DET
ajfa-633	152	6	user	user	NOUN
ajfa-633	152	7	does	do	AUX
ajfa-633	152	8	not	not	PART
ajfa-633	152	9	have	have	VERB
ajfa-633	152	10	to	to	PART
ajfa-633	152	11	specify	specify	VERB
ajfa-633	152	12	a	a	DET
ajfa-633	152	13	lag	lag	NOUN
ajfa-633	152	14	length	length	NOUN
ajfa-633	152	15	for	for	ADP
ajfa-633	152	16	the	the	DET
ajfa-633	152	17	test	test	NOUN
ajfa-633	152	18	regression	regression	NOUN
ajfa-633	152	19	.	.	PUNCT
ajfa-633	153	1	5	5	X
ajfa-633	153	2	.	.	X
ajfa-633	153	3	kpss	kpss	PROPN
ajfa-633	153	4	(	(	PUNCT
ajfa-633	153	5	kwiatkowski	kwiatkowski	PROPN
ajfa-633	153	6	,	,	PUNCT
ajfa-633	153	7	phillips	phillips	PROPN
ajfa-633	153	8	,	,	PUNCT
ajfa-633	153	9	schmidt	schmidt	NOUN
ajfa-633	153	10	,	,	PUNCT
ajfa-633	153	11	and	and	CCONJ
ajfa-633	153	12	shin	shin	NOUN
ajfa-633	153	13	)	)	PUNCT
ajfa-633	153	14	test	test	NOUN
ajfa-633	153	15	in	in	ADP
ajfa-633	153	16	the	the	DET
ajfa-633	153	17	kpss	kpss	PROPN
ajfa-633	153	18	test	test	NOUN
ajfa-633	153	19	,	,	PUNCT
ajfa-633	153	20	stationarity	stationarity	NOUN
ajfa-633	153	21	is	be	AUX
ajfa-633	153	22	the	the	DET
ajfa-633	153	23	null	null	ADJ
ajfa-633	153	24	hypothesis	hypothesis	NOUN
ajfa-633	153	25	and	and	CCONJ
ajfa-633	153	26	the	the	DET
ajfa-633	153	27	existence	existence	NOUN
ajfa-633	153	28	of	of	ADP
ajfa-633	153	29	a	a	DET
ajfa-633	153	30	unit	unit	NOUN
ajfa-633	153	31	root	root	NOUN
ajfa-633	153	32	is	be	AUX
ajfa-633	153	33	the	the	DET
ajfa-633	153	34	alternative	alternative	NOUN
ajfa-633	153	35	.	.	PUNCT
ajfa-633	154	1	kpss	kpss	PROPN
ajfa-633	154	2	tests	test	NOUN
ajfa-633	154	3	are	be	AUX
ajfa-633	154	4	used	use	VERB
ajfa-633	154	5	for	for	ADP
ajfa-633	154	6	testing	test	VERB
ajfa-633	154	7	a	a	DET
ajfa-633	154	8	null	null	ADJ
ajfa-633	154	9	hypothesis	hypothesis	NOUN
ajfa-633	154	10	that	that	PRON
ajfa-633	154	11	an	an	DET
ajfa-633	154	12	observable	observable	ADJ
ajfa-633	154	13	time	time	NOUN
ajfa-633	154	14	series	series	NOUN
ajfa-633	154	15	is	be	AUX
ajfa-633	154	16	stationary	stationary	ADJ
ajfa-633	154	17	around	around	ADP
ajfa-633	154	18	a	a	DET
ajfa-633	154	19	deterministic	deterministic	ADJ
ajfa-633	154	20	trend	trend	NOUN
ajfa-633	154	21	.	.	PUNCT
ajfa-633	155	1	the	the	DET
ajfa-633	155	2	series	series	NOUN
ajfa-633	155	3	is	be	AUX
ajfa-633	155	4	expressed	express	VERB
ajfa-633	155	5	as	as	ADP
ajfa-633	155	6	the	the	DET
ajfa-633	155	7	sum	sum	NOUN
ajfa-633	155	8	of	of	ADP
ajfa-633	155	9	deterministic	deterministic	ADJ
ajfa-633	155	10	trend	trend	NOUN
ajfa-633	155	11	,	,	PUNCT
ajfa-633	155	12	random	random	ADJ
ajfa-633	155	13	walk	walk	NOUN
ajfa-633	155	14	,	,	PUNCT
ajfa-633	155	15	and	and	CCONJ
ajfa-633	155	16	stationary	stationary	ADJ
ajfa-633	155	17	error	error	NOUN
ajfa-633	155	18	,	,	PUNCT
ajfa-633	155	19	and	and	CCONJ
ajfa-633	155	20	the	the	DET
ajfa-633	155	21	test	test	NOUN
ajfa-633	155	22	is	be	AUX
ajfa-633	155	23	the	the	DET
ajfa-633	155	24	lm	lm	ADJ
ajfa-633	155	25	test	test	NOUN
ajfa-633	155	26	of	of	ADP
ajfa-633	155	27	the	the	DET
ajfa-633	155	28	hypothesis	hypothesis	NOUN
ajfa-633	155	29	that	that	PRON
ajfa-633	155	30	the	the	DET
ajfa-633	155	31	random	random	ADJ
ajfa-633	155	32	walk	walk	NOUN
ajfa-633	155	33	has	have	VERB
ajfa-633	155	34	zero	zero	NUM
ajfa-633	155	35	variance	variance	NOUN
ajfa-633	155	36	.	.	PUNCT
ajfa-633	156	1	kpss	kpss	PROPN
ajfa-633	156	2	type	type	NOUN
ajfa-633	156	3	tests	test	NOUN
ajfa-633	156	4	are	be	AUX
ajfa-633	156	5	intended	intend	VERB
ajfa-633	156	6	to	to	PART
ajfa-633	156	7	complement	complement	VERB
ajfa-633	156	8	unit	unit	NOUN
ajfa-633	156	9	root	root	NOUN
ajfa-633	156	10	tests	test	NOUN
ajfa-633	156	11	,	,	PUNCT
ajfa-633	156	12	such	such	ADJ
ajfa-633	156	13	as	as	ADP
ajfa-633	156	14	the	the	DET
ajfa-633	156	15	adf	adf	NOUN
ajfa-633	156	16	tests	test	NOUN
ajfa-633	156	17	.	.	PUNCT
ajfa-633	157	1	the	the	DET
ajfa-633	157	2	kpss	kpss	PROPN
ajfa-633	157	3	statistic	statistic	PROPN
ajfa-633	157	4	is	be	AUX
ajfa-633	157	5	based	base	VERB
ajfa-633	157	6	on	on	ADP
ajfa-633	157	7	the	the	DET
ajfa-633	157	8	the	the	DET
ajfa-633	157	9	residuals	residual	NOUN
ajfa-633	157	10	from	from	ADP
ajfa-633	157	11	the	the	DET
ajfa-633	157	12	ols	ol	NOUN
ajfa-633	157	13	regression	regression	NOUN
ajfa-633	157	14	of	of	ADP
ajfa-633	157	15	y	y	PROPN
ajfa-633	157	16	t	t	PROPN
ajfa-633	157	17	on	on	ADP
ajfa-633	157	18	the	the	DET
ajfa-633	157	19	exogenous	exogenous	ADJ
ajfa-633	157	20	variables	variable	NOUN
ajfa-633	157	21	x	x	PUNCT
ajfa-633	157	22	t	t	PROPN
ajfa-633	157	23			PROPN
ajfa-633	157	24			PROPN
ajfa-633	157	25	x	x	SYM
ajfa-633	157	26	tty	tty	NOUN
ajfa-633	157	27	1	1	NUM
ajfa-633	157	28	(	(	PUNCT
ajfa-633	157	29	14	14	NUM
ajfa-633	157	30	)	)	PUNCT
ajfa-633	157	31	the	the	DET
ajfa-633	157	32	lm	lm	PROPN
ajfa-633	157	33	statistics	statistic	NOUN
ajfa-633	157	34	is	be	AUX
ajfa-633	157	35	given	give	VERB
ajfa-633	157	36	by	by	ADP
ajfa-633	157	37	:	:	PUNCT
ajfa-633	157	38	2	2	NUM
ajfa-633	157	39	1	1	NUM
ajfa-633	157	40	2	2	NUM
ajfa-633	157	41	/	/	SYM
ajfa-633	157	42	t	t	PROPN
ajfa-633	157	43	t	t	PROPN
ajfa-633	157	44	t	t	X
ajfa-633	158	1	lm	lm	INTJ
ajfa-633	158	2	ts	ts	ADP
ajfa-633	158	3			NOUN
ajfa-633	158	4			NOUN
ajfa-633	158	5			PROPN
ajfa-633	158	6	(	(	PUNCT
ajfa-633	158	7	15	15	NUM
ajfa-633	158	8	)	)	PUNCT
ajfa-633	158	9	where	where	SCONJ
ajfa-633	158	10	,	,	PUNCT
ajfa-633	158	11	2	2	NUM
ajfa-633	158	12	t	t	NOUN
ajfa-633	158	13	is	be	AUX
ajfa-633	158	14	an	an	DET
ajfa-633	158	15	estimator	estimator	NOUN
ajfa-633	158	16	for	for	ADP
ajfa-633	158	17	the	the	DET
ajfa-633	158	18	error	error	NOUN
ajfa-633	158	19	variance	variance	NOUN
ajfa-633	158	20	.	.	PUNCT
ajfa-633	159	1	this	this	DET
ajfa-633	159	2	latter	latter	ADJ
ajfa-633	159	3	estimator	estimator	NOUN
ajfa-633	159	4	2	2	NUM
ajfa-633	159	5	t	t	NOUN
ajfa-633	159	6	may	may	AUX
ajfa-633	159	7	involve	involve	VERB
ajfa-633	159	8	corrections	correction	NOUN
ajfa-633	159	9	for	for	ADP
ajfa-633	159	10	autocorrelation	autocorrelation	NOUN
ajfa-633	159	11	based	base	VERB
ajfa-633	159	12	on	on	ADP
ajfa-633	159	13	the	the	DET
ajfa-633	159	14	newey	newey	NOUN
ajfa-633	159	15	-	-	PUNCT
ajfa-633	159	16	west	west	NOUN
ajfa-633	159	17	formula	formula	NOUN
ajfa-633	159	18	.	.	PUNCT
ajfa-633	160	1	in	in	ADP
ajfa-633	160	2	the	the	DET
ajfa-633	160	3	kpss	kpss	PROPN
ajfa-633	160	4	test	test	NOUN
ajfa-633	160	5	,	,	PUNCT
ajfa-633	160	6	if	if	SCONJ
ajfa-633	160	7	the	the	DET
ajfa-633	160	8	null	null	NOUN
ajfa-633	160	9	of	of	ADP
ajfa-633	160	10	stationarity	stationarity	NOUN
ajfa-633	160	11	can	can	AUX
ajfa-633	160	12	not	not	PART
ajfa-633	160	13	be	be	AUX
ajfa-633	160	14	rejected	reject	VERB
ajfa-633	160	15	,	,	PUNCT
ajfa-633	160	16	the	the	DET
ajfa-633	160	17	series	series	NOUN
ajfa-633	160	18	might	might	AUX
ajfa-633	160	19	be	be	AUX
ajfa-633	160	20	co	co	AUX
ajfa-633	160	21	integrated	integrate	VERB
ajfa-633	160	22	.	.	PUNCT
ajfa-633	161	1	the	the	DET
ajfa-633	161	2	kpss	kpss	PROPN
ajfa-633	161	3	test	test	NOUN
ajfa-633	161	4	is	be	AUX
ajfa-633	161	5	estimated	estimate	VERB
ajfa-633	161	6	and	and	CCONJ
ajfa-633	161	7	found	find	VERB
ajfa-633	161	8	to	to	PART
ajfa-633	161	9	contain	contain	VERB
ajfa-633	161	10	a	a	DET
ajfa-633	161	11	unit	unit	NOUN
ajfa-633	161	12	root	root	NOUN
ajfa-633	161	13	when	when	SCONJ
ajfa-633	161	14	the	the	DET
ajfa-633	161	15	test	test	NOUN
ajfa-633	161	16	statistics	statistic	NOUN
ajfa-633	161	17	is	be	AUX
ajfa-633	161	18	less	less	ADJ
ajfa-633	161	19	than	than	ADP
ajfa-633	161	20	the	the	DET
ajfa-633	161	21	critical	critical	ADJ
ajfa-633	161	22	values	value	NOUN
ajfa-633	161	23	at	at	ADP
ajfa-633	161	24	the	the	DET
ajfa-633	161	25	estimated	estimate	VERB
ajfa-633	161	26	level	level	NOUN
ajfa-633	161	27	of	of	ADP
ajfa-633	161	28	significance	significance	NOUN
ajfa-633	161	29	.	.	PUNCT
ajfa-633	162	1	6	6	NUM
ajfa-633	162	2	.	.	X
ajfa-633	162	3	ng	ng	PROPN
ajfa-633	162	4	and	and	CCONJ
ajfa-633	162	5	perron	perron	PROPN
ajfa-633	162	6	(	(	PUNCT
ajfa-633	162	7	np	np	INTJ
ajfa-633	162	8	)	)	PUNCT
ajfa-633	162	9	tests	test	VERB
ajfa-633	162	10	ng	ng	PROPN
ajfa-633	162	11	and	and	CCONJ
ajfa-633	162	12	perron	perron	PROPN
ajfa-633	162	13	(	(	PUNCT
ajfa-633	162	14	2001	2001	NUM
ajfa-633	162	15	)	)	PUNCT
ajfa-633	162	16	use	use	VERB
ajfa-633	162	17	the	the	DET
ajfa-633	162	18	gls	gls	NOUN
ajfa-633	162	19	de	de	X
ajfa-633	162	20	trending	trend	VERB
ajfa-633	162	21	procedure	procedure	NOUN
ajfa-633	162	22	of	of	ADP
ajfa-633	162	23	ers	er	NOUN
ajfa-633	162	24	to	to	PART
ajfa-633	162	25	create	create	VERB
ajfa-633	162	26	efficient	efficient	ADJ
ajfa-633	162	27	versions	version	NOUN
ajfa-633	162	28	of	of	ADP
ajfa-633	162	29	the	the	DET
ajfa-633	162	30	modified	modified	ADJ
ajfa-633	162	31	pp	pp	ADP
ajfa-633	162	32	tests	test	NOUN
ajfa-633	162	33	of	of	ADP
ajfa-633	162	34	perron	perron	PROPN
ajfa-633	162	35	and	and	CCONJ
ajfa-633	162	36	ng	ng	PROPN
ajfa-633	162	37	(	(	PUNCT
ajfa-633	162	38	1996	1996	NUM
ajfa-633	162	39	)	)	PUNCT
ajfa-633	162	40	.	.	PUNCT
ajfa-633	163	1	these	these	DET
ajfa-633	163	2	efficient	efficient	ADJ
ajfa-633	163	3	modified	modify	VERB
ajfa-633	163	4	pp	pp	NOUN
ajfa-633	163	5	tests	test	NOUN
ajfa-633	163	6	do	do	AUX
ajfa-633	163	7	not	not	PART
ajfa-633	163	8	exhibit	exhibit	VERB
ajfa-633	163	9	the	the	DET
ajfa-633	163	10	severe	severe	ADJ
ajfa-633	163	11	size	size	NOUN
ajfa-633	163	12	distortions	distortion	NOUN
ajfa-633	163	13	of	of	ADP
ajfa-633	163	14	the	the	DET
ajfa-633	163	15	pp	pp	ADJ
ajfa-633	163	16	tests	test	NOUN
ajfa-633	163	17	for	for	ADP
ajfa-633	163	18	errors	error	NOUN
ajfa-633	163	19	with	with	ADP
ajfa-633	163	20	large	large	ADJ
ajfa-633	163	21	negative	negative	ADJ
ajfa-633	163	22	ma	ma	PROPN
ajfa-633	163	23	or	or	CCONJ
ajfa-633	163	24	ar	ar	NOUN
ajfa-633	163	25	roots	root	NOUN
ajfa-633	163	26	,	,	PUNCT
ajfa-633	163	27	and	and	CCONJ
ajfa-633	163	28	they	they	PRON
ajfa-633	163	29	can	can	AUX
ajfa-633	163	30	have	have	VERB
ajfa-633	163	31	substantially	substantially	ADV
ajfa-633	163	32	higher	high	ADJ
ajfa-633	163	33	power	power	NOUN
ajfa-633	163	34	than	than	ADP
ajfa-633	163	35	the	the	DET
ajfa-633	163	36	pp	pp	PROPN
ajfa-633	163	37	tests	test	NOUN
ajfa-633	163	38	.	.	PUNCT
ajfa-633	164	1	especially	especially	ADV
ajfa-633	164	2	,	,	PUNCT
ajfa-633	164	3	when	when	SCONJ
ajfa-633	164	4	φ	φ	PROPN
ajfa-633	164	5	is	be	AUX
ajfa-633	164	6	close	close	ADJ
ajfa-633	164	7	to	to	ADP
ajfa-633	164	8	unity	unity	NOUN
ajfa-633	164	9	.	.	PUNCT
ajfa-633	165	1	asian	asian	ADJ
ajfa-633	165	2	journal	journal	PROPN
ajfa-633	165	3	of	of	ADP
ajfa-633	165	4	finance	finance	PROPN
ajfa-633	165	5	&	&	CCONJ
ajfa-633	165	6	accounting	accounting	PROPN
ajfa-633	165	7	issn	issn	PROPN
ajfa-633	165	8	1946	1946	NUM
ajfa-633	165	9	-	-	PUNCT
ajfa-633	165	10	052x	052x	NOUN
ajfa-633	165	11	2011	2011	NUM
ajfa-633	165	12	,	,	PUNCT
ajfa-633	165	13	vol	vol	NOUN
ajfa-633	165	14	.	.	PROPN
ajfa-633	166	1	3	3	NUM
ajfa-633	166	2	,	,	PUNCT
ajfa-633	166	3	no	no	INTJ
ajfa-633	166	4	.	.	NOUN
ajfa-633	166	5	1	1	NUM
ajfa-633	166	6	:	:	PUNCT
ajfa-633	166	7	e13	e13	VERB
ajfa-633	166	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	166	9	217	217	NUM
ajfa-633	166	10	using	use	VERB
ajfa-633	166	11	the	the	DET
ajfa-633	166	12	gls	gls	NOUN
ajfa-633	166	13	de	de	X
ajfa-633	166	14	trended	trend	VERB
ajfa-633	166	15	data	datum	NOUN
ajfa-633	166	16	d	d	PROPN
ajfa-633	166	17	t	t	PROPN
ajfa-633	166	18	y	y	PROPN
ajfa-633	166	19	,	,	PUNCT
ajfa-633	166	20	the	the	DET
ajfa-633	166	21	efficient	efficient	ADJ
ajfa-633	166	22	modified	modify	VERB
ajfa-633	166	23	pp	pp	NOUN
ajfa-633	166	24	tests	test	NOUN
ajfa-633	166	25	are	be	AUX
ajfa-633	166	26	defined	define	VERB
ajfa-633	166	27	as	as	ADP
ajfa-633	166	28	1	1	NUM
ajfa-633	166	29	1	1	NUM
ajfa-633	166	30	1	1	NUM
ajfa-633	166	31	221	221	NUM
ajfa-633	166	32	)	)	PUNCT
ajfa-633	166	33	2	2	NUM
ajfa-633	166	34	)	)	PUNCT
ajfa-633	166	35	(	(	PUNCT
ajfa-633	166	36	(	(	PUNCT
ajfa-633	166	37			NOUN
ajfa-633	166	38			PRON
ajfa-633	166	39			PROPN
ajfa-633	166	40			SYM
ajfa-633	167	1			PROPN
ajfa-633	167	2	t	t	PROPN
ajfa-633	167	3	t	t	PROPN
ajfa-633	167	4	d	d	X
ajfa-633	167	5	t	t	PROPN
ajfa-633	167	6	d	d	X
ajfa-633	167	7	t	t	PROPN
ajfa-633	167	8	ytytmz	ytytmz	PROPN
ajfa-633	167	9			X
ajfa-633	167	10	(	(	PUNCT
ajfa-633	167	11	16	16	NUM
ajfa-633	167	12	)	)	PUNCT
ajfa-633	167	13	2/1	2/1	NUM
ajfa-633	167	14	1	1	NUM
ajfa-633	167	15	2	2	NUM
ajfa-633	167	16	1	1	NUM
ajfa-633	167	17	2	2	NUM
ajfa-633	167	18	)	)	PUNCT
ajfa-633	167	19	/	/	SYM
ajfa-633	167	20	(	(	PUNCT
ajfa-633	167	21			X
ajfa-633	168	1			NUM
ajfa-633	168	2			PROPN
ajfa-633	168	3			PROPN
ajfa-633	168	4	t	t	PROPN
ajfa-633	168	5	t	t	PROPN
ajfa-633	168	6	d	d	X
ajfa-633	168	7	tytmsb	tytmsb	PROPN
ajfa-633	168	8			X
ajfa-633	168	9	(	(	PUNCT
ajfa-633	168	10	17	17	NUM
ajfa-633	168	11	)	)	PUNCT
ajfa-633	168	12	msbxmzmz	msbxmzmz	NOUN
ajfa-633	168	13	t	t	PROPN
ajfa-633	168	14			NOUN
ajfa-633	168	15	(	(	PUNCT
ajfa-633	168	16	18	18	NUM
ajfa-633	168	17	)	)	PUNCT
ajfa-633	168	18	the	the	DET
ajfa-633	168	19	statistics	statistic	NOUN
ajfa-633	168	20	mz	mz	PUNCT
ajfa-633	168	21	and	and	CCONJ
ajfa-633	168	22	tmz	tmz	NOUN
ajfa-633	168	23	are	be	AUX
ajfa-633	168	24	efficient	efficient	ADJ
ajfa-633	168	25	versions	version	NOUN
ajfa-633	168	26	of	of	ADP
ajfa-633	168	27	the	the	DET
ajfa-633	168	28	pp	pp	PROPN
ajfa-633	168	29	zα	zα	PROPN
ajfa-633	168	30	and	and	CCONJ
ajfa-633	168	31	zt	zt	PROPN
ajfa-633	168	32	tests	test	NOUN
ajfa-633	168	33	,	,	PUNCT
ajfa-633	168	34	that	that	PRON
ajfa-633	168	35	have	have	VERB
ajfa-633	168	36	much	much	ADV
ajfa-633	168	37	smaller	small	ADJ
ajfa-633	168	38	size	size	NOUN
ajfa-633	168	39	distortions	distortion	NOUN
ajfa-633	168	40	in	in	ADP
ajfa-633	168	41	the	the	DET
ajfa-633	168	42	presence	presence	NOUN
ajfa-633	168	43	of	of	ADP
ajfa-633	168	44	negative	negative	ADJ
ajfa-633	168	45	moving	move	VERB
ajfa-633	168	46	average	average	ADJ
ajfa-633	168	47	errors	error	NOUN
ajfa-633	168	48	.	.	PUNCT
ajfa-633	169	1	ng	ng	PROPN
ajfa-633	169	2	and	and	CCONJ
ajfa-633	169	3	perron	perron	PROPN
ajfa-633	169	4	derive	derive	VERB
ajfa-633	169	5	the	the	DET
ajfa-633	169	6	asymptotic	asymptotic	ADJ
ajfa-633	169	7	distributions	distribution	NOUN
ajfa-633	169	8	of	of	ADP
ajfa-633	169	9	these	these	DET
ajfa-633	169	10	statistics	statistic	NOUN
ajfa-633	169	11	under	under	ADP
ajfa-633	169	12	the	the	DET
ajfa-633	169	13	local	local	ADJ
ajfa-633	169	14	alternative	alternative	NOUN
ajfa-633	169	15	φ	φ	X
ajfa-633	169	16	=	=	SYM
ajfa-633	169	17	1−	1−	NUM
ajfa-633	169	18	c	c	X
ajfa-633	169	19	/	/	SYM
ajfa-633	169	20	t	t	PROPN
ajfa-633	169	21	for	for	ADP
ajfa-633	169	22	dt	dt	NOUN
ajfa-633	169	23	=	=	SYM
ajfa-633	169	24	1	1	NUM
ajfa-633	169	25	and	and	CCONJ
ajfa-633	169	26	dt	dt	NOUN
ajfa-633	169	27	=	=	SYM
ajfa-633	169	28	(	(	PUNCT
ajfa-633	169	29	1	1	NUM
ajfa-633	169	30	,	,	PUNCT
ajfa-633	169	31	t	t	PROPN
ajfa-633	169	32	)	)	PUNCT
ajfa-633	169	33	.	.	PUNCT
ajfa-633	170	1	in	in	ADP
ajfa-633	170	2	particular	particular	ADJ
ajfa-633	170	3	,	,	PUNCT
ajfa-633	170	4	they	they	PRON
ajfa-633	170	5	show	show	VERB
ajfa-633	170	6	that	that	SCONJ
ajfa-633	170	7	the	the	DET
ajfa-633	170	8	asymptotic	asymptotic	ADJ
ajfa-633	170	9	distribution	distribution	NOUN
ajfa-633	170	10	of	of	ADP
ajfa-633	170	11	tmz	tmz	NOUN
ajfa-633	170	12	is	be	AUX
ajfa-633	170	13	the	the	DET
ajfa-633	170	14	same	same	ADJ
ajfa-633	170	15	as	as	ADP
ajfa-633	170	16	the	the	DET
ajfa-633	170	17	df	df	PROPN
ajfa-633	170	18	-	-	PUNCT
ajfa-633	170	19	gls	gl	VERB
ajfa-633	170	20	t	t	NOUN
ajfa-633	170	21	-	-	PUNCT
ajfa-633	170	22	test	test	NOUN
ajfa-633	170	23	.	.	PUNCT
ajfa-633	171	1	7	7	X
ajfa-633	171	2	.	.	X
ajfa-633	171	3	granger	granger	PROPN
ajfa-633	171	4	causality	causality	PROPN
ajfa-633	171	5	test	test	NOUN
ajfa-633	171	6	the	the	DET
ajfa-633	171	7	dynamic	dynamic	ADJ
ajfa-633	171	8	linkage	linkage	NOUN
ajfa-633	171	9	is	be	AUX
ajfa-633	171	10	examined	examine	VERB
ajfa-633	171	11	using	use	VERB
ajfa-633	171	12	the	the	DET
ajfa-633	171	13	concept	concept	NOUN
ajfa-633	171	14	of	of	ADP
ajfa-633	171	15	granger	granger	PROPN
ajfa-633	171	16	’s	’s	PART
ajfa-633	171	17	(	(	PUNCT
ajfa-633	171	18	1969	1969	NUM
ajfa-633	171	19	)	)	PUNCT
ajfa-633	171	20	causality	causality	NOUN
ajfa-633	171	21	.	.	PUNCT
ajfa-633	172	1	the	the	DET
ajfa-633	172	2	granger	granger	PROPN
ajfa-633	172	3	type	type	NOUN
ajfa-633	172	4	causality	causality	NOUN
ajfa-633	172	5	procedure	procedure	NOUN
ajfa-633	172	6	(	(	PUNCT
ajfa-633	172	7	granger	granger	NOUN
ajfa-633	172	8	,	,	PUNCT
ajfa-633	172	9	1969	1969	NUM
ajfa-633	172	10	,	,	PUNCT
ajfa-633	172	11	1988	1988	NUM
ajfa-633	172	12	)	)	PUNCT
ajfa-633	172	13	is	be	AUX
ajfa-633	172	14	applied	apply	VERB
ajfa-633	172	15	to	to	PART
ajfa-633	172	16	determine	determine	VERB
ajfa-633	172	17	the	the	DET
ajfa-633	172	18	direction	direction	NOUN
ajfa-633	172	19	of	of	ADP
ajfa-633	172	20	causation	causation	NOUN
ajfa-633	172	21	among	among	ADP
ajfa-633	172	22	the	the	DET
ajfa-633	172	23	variables	variable	NOUN
ajfa-633	172	24	.	.	PUNCT
ajfa-633	173	1	the	the	DET
ajfa-633	173	2	causality	causality	NOUN
ajfa-633	173	3	procedure	procedure	NOUN
ajfa-633	173	4	is	be	AUX
ajfa-633	173	5	conducted	conduct	VERB
ajfa-633	173	6	based	base	VERB
ajfa-633	173	7	on	on	ADP
ajfa-633	173	8	bi	bi	ADJ
ajfa-633	173	9	-	-	ADJ
ajfa-633	173	10	variate	variate	ADJ
ajfa-633	173	11	system	system	NOUN
ajfa-633	173	12	(	(	PUNCT
ajfa-633	173	13	x	x	NOUN
ajfa-633	173	14	,	,	PUNCT
ajfa-633	173	15	y	y	PROPN
ajfa-633	173	16	)	)	PUNCT
ajfa-633	173	17	.	.	PUNCT
ajfa-633	174	1	formally	formally	ADV
ajfa-633	174	2	,	,	PUNCT
ajfa-633	174	3	a	a	DET
ajfa-633	174	4	time	time	NOUN
ajfa-633	174	5	series	series	PROPN
ajfa-633	174	6	xt	xt	PROPN
ajfa-633	174	7	,	,	PUNCT
ajfa-633	174	8	granger	granger	NOUN
ajfa-633	174	9	-	-	PUNCT
ajfa-633	174	10	causes	cause	VERB
ajfa-633	174	11	another	another	DET
ajfa-633	174	12	time	time	NOUN
ajfa-633	174	13	series	series	NOUN
ajfa-633	174	14	yt	yt	PROPN
ajfa-633	174	15	if	if	SCONJ
ajfa-633	174	16	series	series	PROPN
ajfa-633	174	17	yt	yt	PROPN
ajfa-633	174	18	can	can	AUX
ajfa-633	174	19	be	be	AUX
ajfa-633	174	20	predicted	predict	VERB
ajfa-633	174	21	better	well	ADV
ajfa-633	174	22	by	by	ADP
ajfa-633	174	23	using	use	VERB
ajfa-633	174	24	past	past	ADJ
ajfa-633	174	25	values	value	NOUN
ajfa-633	174	26	of	of	ADP
ajfa-633	174	27	(	(	PUNCT
ajfa-633	174	28	xt	xt	PROPN
ajfa-633	174	29	,	,	PUNCT
ajfa-633	174	30	yt	yt	PROPN
ajfa-633	174	31	)	)	PUNCT
ajfa-633	174	32	than	than	ADP
ajfa-633	174	33	by	by	ADP
ajfa-633	174	34	using	use	VERB
ajfa-633	174	35	only	only	ADV
ajfa-633	174	36	the	the	DET
ajfa-633	174	37	historical	historical	ADJ
ajfa-633	174	38	values	value	NOUN
ajfa-633	174	39	of	of	ADP
ajfa-633	174	40	yt	yt	PROPN
ajfa-633	174	41	.	.	PUNCT
ajfa-633	175	1	in	in	ADP
ajfa-633	175	2	other	other	ADJ
ajfa-633	175	3	words	word	NOUN
ajfa-633	175	4	,	,	PUNCT
ajfa-633	175	5	xt	xt	X
ajfa-633	175	6	fails	fail	VERB
ajfa-633	175	7	to	to	ADP
ajfa-633	175	8	granger	granger	PROPN
ajfa-633	175	9	–	–	PUNCT
ajfa-633	175	10	cause	cause	VERB
ajfa-633	175	11	yt	yt	NOUN
ajfa-633	175	12	if	if	SCONJ
ajfa-633	175	13	for	for	ADP
ajfa-633	175	14	all	all	DET
ajfa-633	175	15	m	m	PROPN
ajfa-633	175	16	>	>	X
ajfa-633	175	17	o	o	X
ajfa-633	176	1	the	the	DET
ajfa-633	176	2	conditional	conditional	ADJ
ajfa-633	176	3	probability	probability	NOUN
ajfa-633	176	4	distribution	distribution	NOUN
ajfa-633	176	5	of	of	ADP
ajfa-633	176	6	yt+m	yt+m	PROPN
ajfa-633	176	7	given	give	VERB
ajfa-633	176	8	(	(	PUNCT
ajfa-633	176	9	yt	yt	NOUN
ajfa-633	176	10	,	,	PUNCT
ajfa-633	176	11	yt-1	yt-1	CCONJ
ajfa-633	176	12	)	)	PUNCT
ajfa-633	176	13	is	be	AUX
ajfa-633	176	14	the	the	DET
ajfa-633	176	15	same	same	ADJ
ajfa-633	176	16	as	as	ADP
ajfa-633	176	17	the	the	DET
ajfa-633	176	18	conditional	conditional	ADJ
ajfa-633	176	19	probability	probability	NOUN
ajfa-633	176	20	distribution	distribution	NOUN
ajfa-633	176	21	of	of	ADP
ajfa-633	176	22	yt+m	yt+m	PROPN
ajfa-633	176	23	given	give	VERB
ajfa-633	176	24	both	both	DET
ajfa-633	176	25	(	(	PUNCT
ajfa-633	176	26	yt	yt	PROPN
ajfa-633	176	27	,	,	PUNCT
ajfa-633	176	28	yt-1	yt-1	ADV
ajfa-633	176	29	,	,	PUNCT
ajfa-633	176	30	…	…	PUNCT
ajfa-633	176	31	.	.	PUNCT
ajfa-633	176	32	)	)	PUNCT
ajfa-633	177	1	and	and	CCONJ
ajfa-633	177	2	(	(	PUNCT
ajfa-633	177	3	xt	xt	ADP
ajfa-633	177	4	,	,	PUNCT
ajfa-633	177	5	yt-1	yt-1	ADV
ajfa-633	177	6	,	,	PUNCT
ajfa-633	177	7	…	…	PUNCT
ajfa-633	177	8	.	.	PUNCT
ajfa-633	177	9	)	)	PUNCT
ajfa-633	177	10	.	.	PUNCT
ajfa-633	178	1	that	that	PRON
ajfa-633	178	2	is	be	AUX
ajfa-633	178	3	xt	xt	PROPN
ajfa-633	178	4	,	,	PUNCT
ajfa-633	178	5	does	do	AUX
ajfa-633	178	6	not	not	PART
ajfa-633	178	7	granger	granger	AUX
ajfa-633	178	8	cause	cause	VERB
ajfa-633	178	9	yt	yt	NOUN
ajfa-633	178	10	if	if	SCONJ
ajfa-633	178	11	where	where	SCONJ
ajfa-633	178	12	pr	pr	NOUN
ajfa-633	178	13	denotes	denote	VERB
ajfa-633	178	14	conditional	conditional	ADJ
ajfa-633	178	15	probability	probability	NOUN
ajfa-633	178	16	,	,	PUNCT
ajfa-633	178	17	ψt	ψt	VERB
ajfa-633	178	18	is	be	AUX
ajfa-633	178	19	the	the	DET
ajfa-633	178	20	information	information	NOUN
ajfa-633	178	21	set	set	VERB
ajfa-633	178	22	at	at	ADP
ajfa-633	178	23	time	time	NOUN
ajfa-633	178	24	t	t	NOUN
ajfa-633	178	25	on	on	ADP
ajfa-633	178	26	past	past	ADJ
ajfa-633	178	27	values	value	NOUN
ajfa-633	178	28	yt	yt	PROPN
ajfa-633	178	29	,	,	PUNCT
ajfa-633	178	30	and	and	CCONJ
ajfa-633	178	31	ωt	ωt	PROPN
ajfa-633	178	32	is	be	AUX
ajfa-633	178	33	the	the	DET
ajfa-633	178	34	information	information	NOUN
ajfa-633	178	35	set	set	VERB
ajfa-633	178	36	containing	contain	VERB
ajfa-633	178	37	values	value	NOUN
ajfa-633	178	38	of	of	ADP
ajfa-633	178	39	both	both	DET
ajfa-633	178	40	xt	xt	X
ajfa-633	178	41	and	and	CCONJ
ajfa-633	178	42	yt	yt	VERB
ajfa-633	178	43	up	up	ADP
ajfa-633	178	44	to	to	ADP
ajfa-633	178	45	time	time	NOUN
ajfa-633	178	46	point	point	NOUN
ajfa-633	178	47	t.	t.	NOUN
ajfa-633	178	48	testing	testing	NOUN
ajfa-633	178	49	causal	causal	PROPN
ajfa-633	178	50	relations	relation	NOUN
ajfa-633	178	51	between	between	ADP
ajfa-633	178	52	two	two	NUM
ajfa-633	178	53	stationary	stationary	ADJ
ajfa-633	178	54	series	series	NOUN
ajfa-633	178	55	xt	xt	PROPN
ajfa-633	178	56	and	and	CCONJ
ajfa-633	178	57	yt	yt	PROPN
ajfa-633	178	58	can	can	AUX
ajfa-633	178	59	be	be	AUX
ajfa-633	178	60	based	base	VERB
ajfa-633	178	61	on	on	ADP
ajfa-633	178	62	the	the	DET
ajfa-633	178	63	following	follow	VERB
ajfa-633	178	64	bivariate	bivariate	ADJ
ajfa-633	178	65	auto	auto	NOUN
ajfa-633	178	66	regression	regression	NOUN
ajfa-633	178	67	(	(	PUNCT
ajfa-633	178	68	granger	granger	NOUN
ajfa-633	178	69	–	–	PUNCT
ajfa-633	178	70	1969	1969	NUM
ajfa-633	178	71	)	)	PUNCT
ajfa-633	178	72	.	.	PUNCT
ajfa-633	179	1	(	(	PUNCT
ajfa-633	179	2	19	19	NUM
ajfa-633	179	3	)	)	PUNCT
ajfa-633	179	4	asian	asian	ADJ
ajfa-633	179	5	journal	journal	NOUN
ajfa-633	179	6	of	of	ADP
ajfa-633	179	7	finance	finance	PROPN
ajfa-633	179	8	&	&	CCONJ
ajfa-633	179	9	accounting	accounting	PROPN
ajfa-633	179	10	issn	issn	PROPN
ajfa-633	179	11	1946	1946	NUM
ajfa-633	179	12	-	-	PUNCT
ajfa-633	179	13	052x	052x	NOUN
ajfa-633	179	14	2011	2011	NUM
ajfa-633	179	15	,	,	PUNCT
ajfa-633	179	16	vol	vol	NOUN
ajfa-633	179	17	.	.	PROPN
ajfa-633	180	1	3	3	NUM
ajfa-633	180	2	,	,	PUNCT
ajfa-633	180	3	no	no	INTJ
ajfa-633	180	4	.	.	NOUN
ajfa-633	180	5	1	1	NUM
ajfa-633	180	6	:	:	PUNCT
ajfa-633	180	7	e13	e13	VERB
ajfa-633	180	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	180	9	218	218	NUM
ajfa-633	180	10	(	(	PUNCT
ajfa-633	180	11	20	20	NUM
ajfa-633	180	12	)	)	PUNCT
ajfa-633	180	13	where	where	SCONJ
ajfa-633	180	14	p	p	NOUN
ajfa-633	180	15	is	be	AUX
ajfa-633	180	16	a	a	DET
ajfa-633	180	17	suitably	suitably	ADV
ajfa-633	180	18	chosen	choose	VERB
ajfa-633	180	19	positive	positive	ADJ
ajfa-633	180	20	integer	integer	NOUN
ajfa-633	180	21	;	;	PUNCT
ajfa-633	180	22	k	k	NUM
ajfa-633	180	23	’s	’s	NOUN
ajfa-633	180	24	and	and	CCONJ
ajfa-633	180	25	βk	βk	ADP
ajfa-633	180	26	’s	’s	ADV
ajfa-633	180	27	,	,	PUNCT
ajfa-633	180	28	k	k	PROPN
ajfa-633	180	29	=	=	SYM
ajfa-633	180	30	0	0	NUM
ajfa-633	180	31	,	,	PUNCT
ajfa-633	180	32	1	1	NUM
ajfa-633	180	33	,	,	PUNCT
ajfa-633	180	34	-----	-----	PROPN
ajfa-633	180	35	,	,	PUNCT
ajfa-633	180	36	p	p	NOUN
ajfa-633	180	37	are	be	AUX
ajfa-633	180	38	constants	constant	NOUN
ajfa-633	180	39	;	;	PUNCT
ajfa-633	180	40	ut	ut	PROPN
ajfa-633	180	41	and	and	CCONJ
ajfa-633	180	42	vt	vt	PROPN
ajfa-633	180	43	are	be	AUX
ajfa-633	180	44	usually	usually	ADV
ajfa-633	180	45	disturbance	disturbance	NOUN
ajfa-633	180	46	terms	term	NOUN
ajfa-633	180	47	with	with	ADP
ajfa-633	180	48	zero	zero	NUM
ajfa-633	180	49	means	mean	NOUN
ajfa-633	180	50	and	and	CCONJ
ajfa-633	180	51	finite	finite	ADJ
ajfa-633	180	52	variance	variance	NOUN
ajfa-633	180	53	.	.	PUNCT
ajfa-633	181	1	the	the	DET
ajfa-633	181	2	null	null	ADJ
ajfa-633	181	3	hypothesis	hypothesis	NOUN
ajfa-633	181	4	that	that	PRON
ajfa-633	181	5	xt	xt	PROPN
ajfa-633	181	6	does	do	AUX
ajfa-633	181	7	not	not	PART
ajfa-633	181	8	granger	granger	PROPN
ajfa-633	181	9	–	–	PUNCT
ajfa-633	181	10	cause	cause	VERB
ajfa-633	181	11	yt	yt	NOUN
ajfa-633	181	12	is	be	AUX
ajfa-633	181	13	rejected	reject	VERB
ajfa-633	181	14	if	if	SCONJ
ajfa-633	181	15	the	the	DET
ajfa-633	181	16	βk	βk	NOUN
ajfa-633	181	17	’s	’s	ADV
ajfa-633	181	18	,	,	PUNCT
ajfa-633	181	19	k>0	k>0	VERB
ajfa-633	181	20	in	in	ADP
ajfa-633	181	21	equation	equation	NOUN
ajfa-633	181	22	2	2	NUM
ajfa-633	181	23	are	be	AUX
ajfa-633	181	24	jointly	jointly	ADV
ajfa-633	181	25	significantly	significantly	ADV
ajfa-633	181	26	different	different	ADJ
ajfa-633	181	27	from	from	ADP
ajfa-633	181	28	zero	zero	NUM
ajfa-633	181	29	using	use	VERB
ajfa-633	181	30	a	a	DET
ajfa-633	181	31	standard	standard	ADJ
ajfa-633	181	32	joint	joint	ADJ
ajfa-633	181	33	test	test	NOUN
ajfa-633	181	34	(	(	PUNCT
ajfa-633	181	35	e.g.	e.g.	ADV
ajfa-633	181	36	,	,	PUNCT
ajfa-633	181	37	an	an	DET
ajfa-633	181	38	f	f	PROPN
ajfa-633	181	39	test	test	NOUN
ajfa-633	181	40	)	)	PUNCT
ajfa-633	181	41	.	.	PUNCT
ajfa-633	182	1	similarly	similarly	ADV
ajfa-633	182	2	,	,	PUNCT
ajfa-633	182	3	yt	yt	PROPN
ajfa-633	182	4	granger	granger	PROPN
ajfa-633	182	5	–	–	PUNCT
ajfa-633	182	6	causes	cause	VERB
ajfa-633	182	7	if	if	SCONJ
ajfa-633	182	8	the	the	DET
ajfa-633	182	9	k	k	ADJ
ajfa-633	182	10	’s	’s	NOUN
ajfa-633	182	11	,	,	PUNCT
ajfa-633	182	12	k>0	k>0	PROPN
ajfa-633	182	13	are	be	AUX
ajfa-633	182	14	jointly	jointly	ADV
ajfa-633	182	15	different	different	ADJ
ajfa-633	182	16	from	from	ADP
ajfa-633	182	17	zero	zero	NUM
ajfa-633	182	18	.	.	PUNCT
ajfa-633	183	1	8	8	NUM
ajfa-633	183	2	.	.	PUNCT
ajfa-633	184	1	empirical	empirical	ADJ
ajfa-633	184	2	analysis	analysis	NOUN
ajfa-633	184	3	8.1	8.1	NUM
ajfa-633	184	4	descriptive	descriptive	ADJ
ajfa-633	184	5	statistics	statistic	NOUN
ajfa-633	184	6	the	the	DET
ajfa-633	184	7	summary	summary	NOUN
ajfa-633	184	8	statistics	statistic	NOUN
ajfa-633	184	9	for	for	ADP
ajfa-633	184	10	bse	bse	PROPN
ajfa-633	184	11	sensex	sensex	PROPN
ajfa-633	184	12	,	,	PUNCT
ajfa-633	184	13	bse	bse	NOUN
ajfa-633	184	14	volume	volume	NOUN
ajfa-633	184	15	change	change	NOUN
ajfa-633	184	16	,	,	PUNCT
ajfa-633	184	17	91	91	NUM
ajfa-633	184	18	-	-	PUNCT
ajfa-633	184	19	day	day	NOUN
ajfa-633	184	20	t	t	PROPN
ajfa-633	184	21	-	-	PUNCT
ajfa-633	184	22	bill	bill	NOUN
ajfa-633	184	23	rate	rate	NOUN
ajfa-633	184	24	,	,	PUNCT
ajfa-633	184	25	s&p	s&p	PROPN
ajfa-633	184	26	500	500	NUM
ajfa-633	184	27	,	,	PUNCT
ajfa-633	184	28	exchange	exchange	NOUN
ajfa-633	184	29	rate	rate	NOUN
ajfa-633	184	30	,	,	PUNCT
ajfa-633	184	31	and	and	CCONJ
ajfa-633	184	32	wpi	wpi	PROPN
ajfa-633	184	33	are	be	AUX
ajfa-633	184	34	given	give	VERB
ajfa-633	184	35	in	in	ADP
ajfa-633	184	36	table-1	table-1	NUM
ajfa-633	184	37	.	.	PUNCT
ajfa-633	185	1	all	all	DET
ajfa-633	185	2	returns	return	NOUN
ajfa-633	185	3	are	be	AUX
ajfa-633	185	4	calculated	calculate	VERB
ajfa-633	185	5	as	as	ADP
ajfa-633	185	6	the	the	DET
ajfa-633	185	7	first	first	ADJ
ajfa-633	185	8	difference	difference	NOUN
ajfa-633	185	9	of	of	ADP
ajfa-633	185	10	the	the	DET
ajfa-633	185	11	log	log	NOUN
ajfa-633	185	12	of	of	ADP
ajfa-633	185	13	the	the	DET
ajfa-633	185	14	weekly	weekly	ADJ
ajfa-633	185	15	closing	closing	NOUN
ajfa-633	185	16	price	price	NOUN
ajfa-633	185	17	.	.	PUNCT
ajfa-633	186	1	the	the	DET
ajfa-633	186	2	mean	mean	NOUN
ajfa-633	186	3	of	of	ADP
ajfa-633	186	4	the	the	DET
ajfa-633	186	5	bse	bse	NOUN
ajfa-633	186	6	sensex	sensex	PROPN
ajfa-633	186	7	is	be	AUX
ajfa-633	186	8	-0.059856	-0.059856	NOUN
ajfa-633	186	9	.	.	PUNCT
ajfa-633	187	1	the	the	DET
ajfa-633	187	2	volatility	volatility	NOUN
ajfa-633	187	3	of	of	ADP
ajfa-633	187	4	the	the	DET
ajfa-633	187	5	index	index	NOUN
ajfa-633	187	6	is	be	AUX
ajfa-633	187	7	1.463072	1.463072	NUM
ajfa-633	187	8	.	.	PUNCT
ajfa-633	188	1	the	the	DET
ajfa-633	188	2	mean	mean	NOUN
ajfa-633	188	3	of	of	ADP
ajfa-633	188	4	the	the	DET
ajfa-633	188	5	91	91	NUM
ajfa-633	188	6	-	-	PUNCT
ajfa-633	188	7	day	day	NOUN
ajfa-633	188	8	t	t	PROPN
ajfa-633	188	9	-	-	PUNCT
ajfa-633	188	10	bill	bill	NOUN
ajfa-633	188	11	auction	auction	NOUN
ajfa-633	188	12	rate	rate	NOUN
ajfa-633	188	13	is	be	AUX
ajfa-633	188	14	-0	-0	PROPN
ajfa-633	188	15	.	.	NOUN
ajfa-633	188	16	233921	233921	NUM
ajfa-633	188	17	.	.	PUNCT
ajfa-633	189	1	the	the	DET
ajfa-633	189	2	s&p	s&p	PROPN
ajfa-633	189	3	500	500	NUM
ajfa-633	189	4	returns	return	NOUN
ajfa-633	189	5	are	be	AUX
ajfa-633	189	6	-0.120676	-0.120676	ADJ
ajfa-633	189	7	.	.	PUNCT
ajfa-633	190	1	the	the	DET
ajfa-633	190	2	exchange	exchange	NOUN
ajfa-633	190	3	rate	rate	NOUN
ajfa-633	190	4	is	be	AUX
ajfa-633	190	5	0.019621	0.019621	NUM
ajfa-633	190	6	;	;	PUNCT
ajfa-633	190	7	and	and	CCONJ
ajfa-633	190	8	the	the	DET
ajfa-633	190	9	mean	mean	NOUN
ajfa-633	190	10	of	of	ADP
ajfa-633	190	11	wholesale	wholesale	ADJ
ajfa-633	190	12	price	price	NOUN
ajfa-633	190	13	index	index	NOUN
ajfa-633	190	14	is	be	AUX
ajfa-633	190	15	0.153914.the	0.153914.the	DET
ajfa-633	190	16	kurtosis	kurtosis	NOUN
ajfa-633	190	17	for	for	ADP
ajfa-633	190	18	all	all	DET
ajfa-633	190	19	the	the	DET
ajfa-633	190	20	aforementioned	aforementioned	ADJ
ajfa-633	190	21	factors	factor	NOUN
ajfa-633	190	22	is	be	AUX
ajfa-633	190	23	more	more	ADJ
ajfa-633	190	24	than	than	ADP
ajfa-633	190	25	3	3	NUM
ajfa-633	190	26	(	(	PUNCT
ajfa-633	190	27	excess	excess	ADJ
ajfa-633	190	28	kurtosis	kurtosis	NOUN
ajfa-633	190	29	)	)	PUNCT
ajfa-633	190	30	,	,	PUNCT
ajfa-633	190	31	thus	thus	ADV
ajfa-633	190	32	they	they	PRON
ajfa-633	190	33	are	be	AUX
ajfa-633	190	34	leptokurtic	leptokurtic	ADJ
ajfa-633	190	35	,	,	PUNCT
ajfa-633	190	36	i.e.	i.e.	X
ajfa-633	190	37	,	,	PUNCT
ajfa-633	190	38	the	the	DET
ajfa-633	190	39	frequency	frequency	NOUN
ajfa-633	190	40	distribution	distribution	NOUN
ajfa-633	190	41	assigns	assign	VERB
ajfa-633	190	42	a	a	DET
ajfa-633	190	43	higher	high	ADJ
ajfa-633	190	44	probability	probability	NOUN
ajfa-633	190	45	to	to	ADP
ajfa-633	190	46	returns	return	NOUN
ajfa-633	190	47	around	around	ADP
ajfa-633	190	48	zero	zero	NUM
ajfa-633	190	49	as	as	ADV
ajfa-633	190	50	well	well	ADV
ajfa-633	190	51	as	as	ADP
ajfa-633	190	52	very	very	ADV
ajfa-633	190	53	high	high	ADJ
ajfa-633	190	54	positive	positive	ADJ
ajfa-633	190	55	and	and	CCONJ
ajfa-633	190	56	negative	negative	ADJ
ajfa-633	190	57	returns	return	NOUN
ajfa-633	190	58	.	.	PUNCT
ajfa-633	191	1	the	the	DET
ajfa-633	191	2	jarque	jarque	NOUN
ajfa-633	191	3	-	-	PUNCT
ajfa-633	191	4	bera	bera	NOUN
ajfa-633	191	5	statistic	statistic	NOUN
ajfa-633	191	6	for	for	ADP
ajfa-633	191	7	all	all	DET
ajfa-633	191	8	the	the	DET
ajfa-633	191	9	6	6	NUM
ajfa-633	191	10	variables	variable	NOUN
ajfa-633	191	11	is	be	AUX
ajfa-633	191	12	significantly	significantly	ADV
ajfa-633	191	13	greater	great	ADJ
ajfa-633	191	14	than	than	ADP
ajfa-633	191	15	zero	zero	NUM
ajfa-633	191	16	(	(	PUNCT
ajfa-633	191	17	due	due	ADP
ajfa-633	191	18	to	to	ADP
ajfa-633	191	19	the	the	DET
ajfa-633	191	20	leptokurtic	leptokurtic	ADJ
ajfa-633	191	21	data	datum	NOUN
ajfa-633	191	22	)	)	PUNCT
ajfa-633	191	23	.	.	PUNCT
ajfa-633	192	1	thus	thus	ADV
ajfa-633	192	2	,	,	PUNCT
ajfa-633	192	3	jarque	jarque	NOUN
ajfa-633	192	4	-	-	PUNCT
ajfa-633	192	5	bera	bera	NOUN
ajfa-633	192	6	statistics	statistic	NOUN
ajfa-633	192	7	shows	show	VERB
ajfa-633	192	8	that	that	SCONJ
ajfa-633	192	9	all	all	DET
ajfa-633	192	10	the	the	DET
ajfa-633	192	11	series	series	NOUN
ajfa-633	192	12	are	be	AUX
ajfa-633	192	13	leptokurtic	leptokurtic	ADJ
ajfa-633	192	14	,	,	PUNCT
ajfa-633	192	15	exhibit	exhibit	VERB
ajfa-633	192	16	non	non	ADJ
ajfa-633	192	17	-	-	ADJ
ajfa-633	192	18	normality	normality	ADJ
ajfa-633	192	19	and	and	CCONJ
ajfa-633	192	20	indicate	indicate	VERB
ajfa-633	192	21	the	the	DET
ajfa-633	192	22	presence	presence	NOUN
ajfa-633	192	23	of	of	ADP
ajfa-633	192	24	heteroscedasticity	heteroscedasticity	PROPN
ajfa-633	192	25	.	.	PUNCT
ajfa-633	193	1	table	table	NOUN
ajfa-633	193	2	1	1	NUM
ajfa-633	193	3	.	.	PUNCT
ajfa-633	193	4	descriptive	descriptive	ADJ
ajfa-633	193	5	statistics	statistic	NOUN
ajfa-633	193	6	variable	variable	ADJ
ajfa-633	193	7	mean	mean	VERB
ajfa-633	193	8	std	std	PROPN
ajfa-633	193	9	.	.	PROPN
ajfa-633	194	1	dev	dev	PROPN
ajfa-633	194	2	.	.	PROPN
ajfa-633	194	3	skewness	skewness	PROPN
ajfa-633	194	4	kurtosis	kurtosis	VERB
ajfa-633	194	5	jarque	jarque	NOUN
ajfa-633	194	6	-	-	PUNCT
ajfa-633	194	7	bera	bera	NOUN
ajfa-633	194	8	probability	probability	NOUN
ajfa-633	194	9	bse	bse	NOUN
ajfa-633	194	10	return	return	VERB
ajfa-633	194	11	-0.059856	-0.059856	NOUN
ajfa-633	195	1	1.463072	1.463072	NUM
ajfa-633	195	2	0.367803	0.367803	NUM
ajfa-633	195	3	15.64054	15.64054	NUM
ajfa-633	196	1	2124.299	2124.299	NUM
ajfa-633	196	2	0.000000	0.000000	NUM
ajfa-633	196	3	bse	bse	NOUN
ajfa-633	196	4	volume	volume	NOUN
ajfa-633	196	5	0.035957	0.035957	NUM
ajfa-633	196	6	7.048135	7.048135	NUM
ajfa-633	196	7	-0.481634	-0.481634	NOUN
ajfa-633	196	8	12.00021	12.00021	NUM
ajfa-633	196	9	1082.181	1082.181	NUM
ajfa-633	196	10	0.000000	0.000000	NUM
ajfa-633	196	11	91	91	NUM
ajfa-633	196	12	-	-	PUNCT
ajfa-633	196	13	day	day	NOUN
ajfa-633	196	14	treasury	treasury	NOUN
ajfa-633	196	15	bill	bill	NOUN
ajfa-633	196	16	rate	rate	NOUN
ajfa-633	196	17	-0.233921	-0.233921	PROPN
ajfa-633	196	18	8.907419	8.907419	NUM
ajfa-633	196	19	-2.030092	-2.030092	NOUN
ajfa-633	196	20	31.28345	31.28345	NUM
ajfa-633	196	21	10783.80	10783.80	NUM
ajfa-633	196	22	0.000000	0.000000	NUM
ajfa-633	196	23	s&p	s&p	PROPN
ajfa-633	196	24	500	500	NUM
ajfa-633	196	25	return	return	NOUN
ajfa-633	196	26	-0.120676	-0.120676	NOUN
ajfa-633	196	27	1.225119	1.225119	NUM
ajfa-633	196	28	-0.046508	-0.046508	NOUN
ajfa-633	196	29	12.66397	12.66397	NUM
ajfa-633	197	1	1233.671	1233.671	NUM
ajfa-633	197	2	0.000000	0.000000	NUM
ajfa-633	197	3	exchange	exchange	NOUN
ajfa-633	197	4	rate	rate	NOUN
ajfa-633	197	5	0.019621	0.019621	NUM
ajfa-633	197	6	0.506510	0.506510	NUM
ajfa-633	197	7	-0.950935	-0.950935	NOUN
ajfa-633	197	8	22.01492	22.01492	NUM
ajfa-633	197	9	4823.475	4823.475	NUM
ajfa-633	197	10	0.000000	0.000000	NUM
ajfa-633	197	11	wpi	wpi	NOUN
ajfa-633	197	12	0.153914	0.153914	NUM
ajfa-633	197	13	3.532606	3.532606	NUM
ajfa-633	197	14	17.54097	17.54097	NUM
ajfa-633	197	15	310.9098	310.9098	NUM
ajfa-633	197	16	1268518	1268518	NUM
ajfa-633	197	17	.	.	PUNCT
ajfa-633	198	1	0.000000	0.000000	NUM
ajfa-633	198	2	table	table	NOUN
ajfa-633	198	3	2	2	NUM
ajfa-633	198	4	.	.	PUNCT
ajfa-633	198	5	durbin	durbin	ADJ
ajfa-633	198	6	-	-	PUNCT
ajfa-633	198	7	watson	watson	NOUN
ajfa-633	198	8	tests	test	VERB
ajfa-633	198	9	variable	variable	ADJ
ajfa-633	198	10	durbin	durbin	ADJ
ajfa-633	198	11	-	-	PUNCT
ajfa-633	198	12	watson	watson	NOUN
ajfa-633	198	13	stat	stat	PROPN
ajfa-633	198	14	f	f	PROPN
ajfa-633	198	15	-	-	PUNCT
ajfa-633	198	16	statistic	statistic	ADJ
ajfa-633	198	17	prob(f	prob(f	NOUN
ajfa-633	198	18	-	-	PUNCT
ajfa-633	198	19	statistic	statistic	NOUN
ajfa-633	198	20	)	)	PUNCT
ajfa-633	198	21	bse	bse	PROPN
ajfa-633	198	22	sensex	sensex	NOUN
ajfa-633	198	23	1.996156	1.996156	NUM
ajfa-633	198	24	387.6970	387.6970	NUM
ajfa-633	198	25	0.000000	0.000000	NUM
ajfa-633	198	26	bse	bse	NOUN
ajfa-633	198	27	trading	trading	NOUN
ajfa-633	198	28	volume	volume	NOUN
ajfa-633	198	29	1.987563	1.987563	NUM
ajfa-633	198	30	134.1877	134.1877	NUM
ajfa-633	198	31	0.000000	0.000000	NUM
ajfa-633	198	32	91	91	NUM
ajfa-633	198	33	-	-	PUNCT
ajfa-633	198	34	day	day	NOUN
ajfa-633	198	35	treasury	treasury	NOUN
ajfa-633	198	36	bill	bill	NOUN
ajfa-633	198	37	2.021978	2.021978	NUM
ajfa-633	198	38	93.39633	93.39633	NUM
ajfa-633	198	39	0.000000	0.000000	NUM
ajfa-633	198	40	s&p	s&p	PROPN
ajfa-633	198	41	500	500	NUM
ajfa-633	198	42	return	return	VERB
ajfa-633	198	43	1.992787	1.992787	NUM
ajfa-633	198	44	366.2804	366.2804	NUM
ajfa-633	198	45	0.000000	0.000000	NUM
ajfa-633	198	46	exchange	exchange	NOUN
ajfa-633	198	47	rate	rate	NOUN
ajfa-633	198	48	1.987834	1.987834	NUM
ajfa-633	198	49	355.3248	355.3248	NUM
ajfa-633	198	50	0.000000	0.000000	NUM
ajfa-633	198	51	wpi	wpi	NOUN
ajfa-633	198	52	2.000006	2.000006	NUM
ajfa-633	198	53	315.0488	315.0488	NUM
ajfa-633	198	54	0.000000	0.000000	NUM
ajfa-633	198	55	asian	asian	ADJ
ajfa-633	198	56	journal	journal	NOUN
ajfa-633	198	57	of	of	ADP
ajfa-633	198	58	finance	finance	PROPN
ajfa-633	198	59	&	&	CCONJ
ajfa-633	198	60	accounting	accounting	PROPN
ajfa-633	198	61	issn	issn	PROPN
ajfa-633	198	62	1946	1946	NUM
ajfa-633	198	63	-	-	PUNCT
ajfa-633	198	64	052x	052x	NOUN
ajfa-633	198	65	2011	2011	NUM
ajfa-633	198	66	,	,	PUNCT
ajfa-633	198	67	vol	vol	NOUN
ajfa-633	198	68	.	.	PROPN
ajfa-633	199	1	3	3	NUM
ajfa-633	199	2	,	,	PUNCT
ajfa-633	199	3	no	no	INTJ
ajfa-633	199	4	.	.	NOUN
ajfa-633	199	5	1	1	NUM
ajfa-633	199	6	:	:	PUNCT
ajfa-633	199	7	e13	e13	VERB
ajfa-633	199	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	199	9	219	219	NUM
ajfa-633	199	10	table-2	table-2	NUM
ajfa-633	199	11	reported	report	VERB
ajfa-633	199	12	the	the	DET
ajfa-633	199	13	durbin	durbin	ADJ
ajfa-633	199	14	-	-	PUNCT
ajfa-633	199	15	watson	watson	NOUN
ajfa-633	199	16	statistics	statistic	NOUN
ajfa-633	199	17	for	for	ADP
ajfa-633	199	18	all	all	DET
ajfa-633	199	19	the	the	DET
ajfa-633	199	20	variables	variable	NOUN
ajfa-633	199	21	and	and	CCONJ
ajfa-633	199	22	they	they	PRON
ajfa-633	199	23	are	be	AUX
ajfa-633	199	24	all	all	ADV
ajfa-633	199	25	within	within	ADP
ajfa-633	199	26	the	the	DET
ajfa-633	199	27	range	range	NOUN
ajfa-633	199	28	of	of	ADP
ajfa-633	199	29	1.9	1.9	NUM
ajfa-633	199	30	and	and	CCONJ
ajfa-633	199	31	2.2	2.2	NUM
ajfa-633	199	32	,	,	PUNCT
ajfa-633	199	33	which	which	PRON
ajfa-633	199	34	is	be	AUX
ajfa-633	199	35	indicative	indicative	ADJ
ajfa-633	199	36	of	of	ADP
ajfa-633	199	37	the	the	DET
ajfa-633	199	38	absence	absence	NOUN
ajfa-633	199	39	of	of	ADP
ajfa-633	199	40	first	first	ADJ
ajfa-633	199	41	order	order	NOUN
ajfa-633	199	42	serial	serial	ADJ
ajfa-633	199	43	correlation	correlation	NOUN
ajfa-633	199	44	.	.	PUNCT
ajfa-633	200	1	hence	hence	ADV
ajfa-633	200	2	the	the	DET
ajfa-633	200	3	result	result	NOUN
ajfa-633	200	4	can	can	AUX
ajfa-633	200	5	be	be	AUX
ajfa-633	200	6	relied	rely	VERB
ajfa-633	200	7	upon	upon	SCONJ
ajfa-633	200	8	to	to	PART
ajfa-633	200	9	test	test	NOUN
ajfa-633	200	10	unit	unit	NOUN
ajfa-633	200	11	root	root	NOUN
ajfa-633	200	12	.	.	PUNCT
ajfa-633	201	1	dw	dw	PROPN
ajfa-633	201	2	test	test	NOUN
ajfa-633	201	3	,	,	PUNCT
ajfa-633	201	4	which	which	PRON
ajfa-633	201	5	is	be	AUX
ajfa-633	201	6	a	a	DET
ajfa-633	201	7	test	test	NOUN
ajfa-633	201	8	for	for	ADP
ajfa-633	201	9	serial	serial	ADJ
ajfa-633	201	10	correlations	correlation	NOUN
ajfa-633	201	11	,	,	PUNCT
ajfa-633	201	12	has	have	AUX
ajfa-633	201	13	been	be	AUX
ajfa-633	201	14	used	use	VERB
ajfa-633	201	15	in	in	ADP
ajfa-633	201	16	the	the	DET
ajfa-633	201	17	past	past	NOUN
ajfa-633	201	18	but	but	CCONJ
ajfa-633	201	19	the	the	DET
ajfa-633	201	20	explanatory	explanatory	ADJ
ajfa-633	201	21	power	power	NOUN
ajfa-633	201	22	of	of	ADP
ajfa-633	201	23	the	the	DET
ajfa-633	201	24	dw	dw	PROPN
ajfa-633	201	25	can	can	AUX
ajfa-633	201	26	be	be	AUX
ajfa-633	201	27	questioned	question	VERB
ajfa-633	201	28	on	on	ADP
ajfa-633	201	29	the	the	DET
ajfa-633	201	30	basis	basis	NOUN
ajfa-633	201	31	that	that	SCONJ
ajfa-633	201	32	the	the	DET
ajfa-633	201	33	dw	dw	PROPN
ajfa-633	201	34	only	only	ADV
ajfa-633	201	35	looks	look	VERB
ajfa-633	201	36	at	at	ADP
ajfa-633	201	37	the	the	DET
ajfa-633	201	38	serial	serial	ADJ
ajfa-633	201	39	correlations	correlation	NOUN
ajfa-633	201	40	on	on	ADP
ajfa-633	201	41	one	one	NUM
ajfa-633	201	42	lags	lag	NOUN
ajfa-633	201	43	as	as	SCONJ
ajfa-633	201	44	such	such	ADJ
ajfa-633	201	45	may	may	AUX
ajfa-633	201	46	not	not	PART
ajfa-633	201	47	be	be	AUX
ajfa-633	201	48	appropriate	appropriate	ADJ
ajfa-633	201	49	test	test	NOUN
ajfa-633	201	50	for	for	ADP
ajfa-633	201	51	the	the	DET
ajfa-633	201	52	daily	daily	ADJ
ajfa-633	201	53	data	datum	NOUN
ajfa-633	201	54	.	.	PUNCT
ajfa-633	202	1	so	so	ADV
ajfa-633	202	2	for	for	ADP
ajfa-633	202	3	market	market	NOUN
ajfa-633	202	4	efficiency	efficiency	NOUN
ajfa-633	202	5	we	we	PRON
ajfa-633	202	6	have	have	AUX
ajfa-633	202	7	used	use	VERB
ajfa-633	202	8	unit	unit	NOUN
ajfa-633	202	9	root	root	NOUN
ajfa-633	202	10	test	test	NOUN
ajfa-633	202	11	of	of	ADP
ajfa-633	202	12	stationarity	stationarity	NOUN
ajfa-633	202	13	.	.	PUNCT
ajfa-633	203	1	autocorrelation	autocorrelation	NOUN
ajfa-633	203	2	is	be	AUX
ajfa-633	203	3	useful	useful	ADJ
ajfa-633	203	4	for	for	ADP
ajfa-633	203	5	finding	find	VERB
ajfa-633	203	6	repeating	repeat	VERB
ajfa-633	203	7	patterns	pattern	NOUN
ajfa-633	203	8	in	in	ADP
ajfa-633	203	9	a	a	DET
ajfa-633	203	10	signal	signal	NOUN
ajfa-633	203	11	,	,	PUNCT
ajfa-633	203	12	such	such	ADJ
ajfa-633	203	13	as	as	ADP
ajfa-633	203	14	determining	determine	VERB
ajfa-633	203	15	the	the	DET
ajfa-633	203	16	presence	presence	NOUN
ajfa-633	203	17	of	of	ADP
ajfa-633	203	18	a	a	DET
ajfa-633	203	19	periodic	periodic	ADJ
ajfa-633	203	20	signal	signal	NOUN
ajfa-633	203	21	.	.	PUNCT
ajfa-633	204	1	the	the	DET
ajfa-633	204	2	auto	auto	NOUN
ajfa-633	204	3	correlation	correlation	NOUN
ajfa-633	204	4	and	and	CCONJ
ajfa-633	204	5	partial	partial	ADJ
ajfa-633	204	6	correlation	correlation	NOUN
ajfa-633	204	7	functions	function	NOUN
ajfa-633	204	8	(	(	PUNCT
ajfa-633	204	9	acf	acf	NOUN
ajfa-633	204	10	and	and	CCONJ
ajfa-633	204	11	pacfs	pacfs	PROPN
ajfa-633	204	12	)	)	PUNCT
ajfa-633	204	13	of	of	ADP
ajfa-633	204	14	the	the	DET
ajfa-633	204	15	series	series	NOUN
ajfa-633	204	16	of	of	ADP
ajfa-633	204	17	bse	bse	PROPN
ajfa-633	204	18	sensex	sensex	PROPN
ajfa-633	204	19	,	,	PUNCT
ajfa-633	204	20	trading	trading	NOUN
ajfa-633	204	21	volume	volume	NOUN
ajfa-633	204	22	,	,	PUNCT
ajfa-633	204	23	91	91	NUM
ajfa-633	204	24	-	-	PUNCT
ajfa-633	204	25	days	day	NOUN
ajfa-633	204	26	treasury	treasury	NOUN
ajfa-633	204	27	bill	bill	NOUN
ajfa-633	204	28	,	,	PUNCT
ajfa-633	204	29	s&p	s&p	PROPN
ajfa-633	204	30	500	500	NUM
ajfa-633	204	31	,	,	PUNCT
ajfa-633	204	32	exchange	exchange	NOUN
ajfa-633	204	33	rate	rate	NOUN
ajfa-633	204	34	and	and	CCONJ
ajfa-633	204	35	wpi	wpi	NOUN
ajfa-633	204	36	are	be	AUX
ajfa-633	204	37	presented	present	VERB
ajfa-633	204	38	in	in	ADP
ajfa-633	204	39	the	the	DET
ajfa-633	204	40	table	table	NOUN
ajfa-633	204	41	3	3	NUM
ajfa-633	204	42	,	,	PUNCT
ajfa-633	204	43	fig-1	fig-1	PUNCT
ajfa-633	204	44	and	and	CCONJ
ajfa-633	204	45	fig-2	fig-2	VERB
ajfa-633	204	46	.	.	NOUN
ajfa-633	204	47	table	table	NOUN
ajfa-633	204	48	3	3	NUM
ajfa-633	204	49	.	.	PUNCT
ajfa-633	204	50	auto	auto	NOUN
ajfa-633	204	51	correlation	correlation	NOUN
ajfa-633	204	52	and	and	CCONJ
ajfa-633	204	53	partial	partial	ADJ
ajfa-633	204	54	auto	auto	NOUN
ajfa-633	204	55	correlation	correlation	NOUN
ajfa-633	204	56	lag	lag	VERB
ajfa-633	204	57	ac	ac	PROPN
ajfa-633	204	58	pac	pac	PROPN
ajfa-633	205	1	q	q	ADJ
ajfa-633	205	2	-	-	PUNCT
ajfa-633	205	3	stat	stat	NOUN
ajfa-633	205	4	prob	prob	NOUN
ajfa-633	205	5	1	1	NUM
ajfa-633	205	6	-0.106	-0.106	NUM
ajfa-633	205	7	-0.106	-0.106	NOUN
ajfa-633	205	8	3.6243	3.6243	NUM
ajfa-633	205	9	0.057	0.057	NUM
ajfa-633	205	10	2	2	NUM
ajfa-633	205	11	-0.014	-0.014	NOUN
ajfa-633	205	12	-0.026	-0.026	PUNCT
ajfa-633	205	13	3.6912	3.6912	NUM
ajfa-633	205	14	0.158	0.158	NUM
ajfa-633	205	15	3	3	NUM
ajfa-633	205	16	-0.061	-0.061	SYM
ajfa-633	205	17	-0.066	-0.066	NUM
ajfa-633	205	18	4.9033	4.9033	NUM
ajfa-633	205	19	0.179	0.179	NUM
ajfa-633	205	20	4	4	NUM
ajfa-633	205	21	0.084	0.084	NUM
ajfa-633	205	22	0.071	0.071	NUM
ajfa-633	205	23	7.2028	7.2028	NUM
ajfa-633	205	24	0.126	0.126	NUM
ajfa-633	205	25	5	5	NUM
ajfa-633	205	26	-0.089	-0.089	X
ajfa-633	205	27	-0.077	-0.077	PROPN
ajfa-633	205	28	9.7881	9.7881	NUM
ajfa-633	205	29	0.081	0.081	NUM
ajfa-633	205	30	6	6	NUM
ajfa-633	205	31	-0.095	-0.095	NOUN
ajfa-633	205	32	-0.115	-0.115	PUNCT
ajfa-633	205	33	12.721	12.721	NUM
ajfa-633	205	34	0.048	0.048	NUM
ajfa-633	205	35	7	7	NUM
ajfa-633	205	36	0.036	0.036	NUM
ajfa-633	205	37	0.019	0.019	NUM
ajfa-633	205	38	13.138	13.138	NUM
ajfa-633	205	39	0.069	0.069	NUM
ajfa-633	205	40	8	8	NUM
ajfa-633	205	41	0.059	0.059	NUM
ajfa-633	205	42	0.046	0.046	NUM
ajfa-633	205	43	14.267	14.267	NUM
ajfa-633	205	44	0.075	0.075	NUM
ajfa-633	205	45	9	9	NUM
ajfa-633	205	46	-0.088	-0.088	ADP
ajfa-633	205	47	-0.079	-0.079	NUM
ajfa-633	205	48	16.789	16.789	NUM
ajfa-633	205	49	0.052	0.052	NUM
ajfa-633	205	50	10	10	NUM
ajfa-633	205	51	-0.086	-0.086	NUM
ajfa-633	205	52	-0.095	-0.095	NOUN
ajfa-633	205	53	19.225	19.225	NUM
ajfa-633	205	54	0.037	0.037	NUM
ajfa-633	205	55	11	11	NUM
ajfa-633	205	56	0.070	0.070	NUM
ajfa-633	205	57	0.034	0.034	NUM
ajfa-633	205	58	20.828	20.828	NUM
ajfa-633	205	59	0.035	0.035	NUM
ajfa-633	205	60	12	12	NUM
ajfa-633	205	61	0.038	0.038	NUM
ajfa-633	205	62	0.025	0.025	NUM
ajfa-633	205	63	21.299	21.299	NUM
ajfa-633	205	64	0.046	0.046	NUM
ajfa-633	205	65	13	13	NUM
ajfa-633	205	66	0.165	0.165	NUM
ajfa-633	205	67	0.197	0.197	NUM
ajfa-633	205	68	30.388	30.388	NUM
ajfa-633	205	69	0.004	0.004	NUM
ajfa-633	205	70	14	14	NUM
ajfa-633	205	71	-0.093	-0.093	NOUN
ajfa-633	205	72	-0.045	-0.045	PUNCT
ajfa-633	205	73	33.293	33.293	NUM
ajfa-633	205	74	0.003	0.003	NUM
ajfa-633	205	75	15	15	NUM
ajfa-633	205	76	0.097	0.097	NUM
ajfa-633	205	77	0.054	0.054	NUM
ajfa-633	205	78	36.468	36.468	NUM
ajfa-633	205	79	0.002	0.002	NUM
ajfa-633	205	80	16	16	NUM
ajfa-633	205	81	0.087	0.087	NUM
ajfa-633	205	82	0.125	0.125	NUM
ajfa-633	205	83	39.024	39.024	NUM
ajfa-633	205	84	0.001	0.001	NUM
ajfa-633	205	85	17	17	NUM
ajfa-633	205	86	0.034	0.034	NUM
ajfa-633	205	87	0.068	0.068	NUM
ajfa-633	205	88	39.416	39.416	NUM
ajfa-633	205	89	0.002	0.002	NUM
ajfa-633	205	90	18	18	NUM
ajfa-633	205	91	-0.211	-0.211	SYM
ajfa-633	205	92	-0.163	-0.163	PROPN
ajfa-633	205	93	54.562	54.562	NUM
ajfa-633	205	94	0.000	0.000	NUM
ajfa-633	205	95	asian	asian	ADJ
ajfa-633	205	96	journal	journal	NOUN
ajfa-633	205	97	of	of	ADP
ajfa-633	205	98	finance	finance	PROPN
ajfa-633	205	99	&	&	CCONJ
ajfa-633	205	100	accounting	accounting	PROPN
ajfa-633	205	101	issn	issn	PROPN
ajfa-633	205	102	1946	1946	NUM
ajfa-633	205	103	-	-	PUNCT
ajfa-633	205	104	052x	052x	NOUN
ajfa-633	205	105	2011	2011	NUM
ajfa-633	205	106	,	,	PUNCT
ajfa-633	205	107	vol	vol	NOUN
ajfa-633	205	108	.	.	PROPN
ajfa-633	206	1	3	3	NUM
ajfa-633	206	2	,	,	PUNCT
ajfa-633	206	3	no	no	INTJ
ajfa-633	206	4	.	.	NOUN
ajfa-633	206	5	1	1	NUM
ajfa-633	206	6	:	:	PUNCT
ajfa-633	206	7	e13	e13	VERB
ajfa-633	206	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	206	9	220	220	NUM
ajfa-633	206	10	18161412108642	18161412108642	NUM
ajfa-633	206	11	1.0	1.0	NUM
ajfa-633	206	12	0.8	0.8	NUM
ajfa-633	206	13	0.6	0.6	NUM
ajfa-633	206	14	0.4	0.4	NUM
ajfa-633	206	15	0.2	0.2	NUM
ajfa-633	206	16	0.0	0.0	NUM
ajfa-633	206	17	-0.2	-0.2	PROPN
ajfa-633	206	18	-0.4	-0.4	PROPN
ajfa-633	206	19	-0.6	-0.6	PROPN
ajfa-633	206	20	-0.8	-0.8	PROPN
ajfa-633	206	21	-1.0	-1.0	PROPN
ajfa-633	206	22	lag	lag	NOUN
ajfa-633	206	23	a	a	DET
ajfa-633	206	24	ut	ut	NOUN
ajfa-633	206	25	oc	oc	NOUN
ajfa-633	206	26	or	or	CCONJ
ajfa-633	206	27	re	re	VERB
ajfa-633	206	28	la	la	X
ajfa-633	206	29	ti	ti	X
ajfa-633	206	30	on	on	ADP
ajfa-633	206	31	autocorrelation	autocorrelation	NOUN
ajfa-633	206	32	function	function	NOUN
ajfa-633	206	33	for	for	ADP
ajfa-633	206	34	c1	c1	PROPN
ajfa-633	206	35	(	(	PUNCT
ajfa-633	206	36	with	with	ADP
ajfa-633	206	37	5	5	NUM
ajfa-633	206	38	%	%	NOUN
ajfa-633	206	39	significance	significance	NOUN
ajfa-633	206	40	limits	limit	NOUN
ajfa-633	206	41	for	for	ADP
ajfa-633	206	42	the	the	DET
ajfa-633	206	43	autocorrelations	autocorrelation	NOUN
ajfa-633	206	44	)	)	PUNCT
ajfa-633	206	45	figure	figure	NOUN
ajfa-633	206	46	1	1	NUM
ajfa-633	206	47	18161412108642	18161412108642	NUM
ajfa-633	206	48	1.0	1.0	NUM
ajfa-633	206	49	0.8	0.8	NUM
ajfa-633	206	50	0.6	0.6	NUM
ajfa-633	206	51	0.4	0.4	NUM
ajfa-633	206	52	0.2	0.2	NUM
ajfa-633	206	53	0.0	0.0	NUM
ajfa-633	206	54	-0.2	-0.2	PROPN
ajfa-633	206	55	-0.4	-0.4	PROPN
ajfa-633	206	56	-0.6	-0.6	PROPN
ajfa-633	206	57	-0.8	-0.8	PROPN
ajfa-633	206	58	-1.0	-1.0	PROPN
ajfa-633	206	59	lag	lag	NOUN
ajfa-633	207	1	pa	pa	PROPN
ajfa-633	207	2	rt	rt	PROPN
ajfa-633	207	3	ia	ia	PROPN
ajfa-633	207	4	l	l	PROPN
ajfa-633	207	5	a	a	DET
ajfa-633	207	6	ut	ut	PROPN
ajfa-633	207	7	oc	oc	NOUN
ajfa-633	207	8	or	or	CCONJ
ajfa-633	207	9	re	re	VERB
ajfa-633	207	10	la	la	X
ajfa-633	207	11	ti	ti	NOUN
ajfa-633	207	12	on	on	ADP
ajfa-633	207	13	partial	partial	ADJ
ajfa-633	207	14	autocorrelation	autocorrelation	NOUN
ajfa-633	207	15	function	function	NOUN
ajfa-633	207	16	for	for	ADP
ajfa-633	207	17	c1	c1	PROPN
ajfa-633	207	18	(	(	PUNCT
ajfa-633	207	19	with	with	ADP
ajfa-633	207	20	5	5	NUM
ajfa-633	207	21	%	%	NOUN
ajfa-633	207	22	significance	significance	NOUN
ajfa-633	207	23	limits	limit	NOUN
ajfa-633	207	24	for	for	ADP
ajfa-633	207	25	the	the	DET
ajfa-633	207	26	partial	partial	ADJ
ajfa-633	207	27	autocorrelations	autocorrelation	NOUN
ajfa-633	207	28	)	)	PUNCT
ajfa-633	207	29	figure	figure	NOUN
ajfa-633	207	30	2	2	NUM
ajfa-633	207	31	asian	asian	ADJ
ajfa-633	207	32	journal	journal	NOUN
ajfa-633	207	33	of	of	ADP
ajfa-633	207	34	finance	finance	PROPN
ajfa-633	207	35	&	&	CCONJ
ajfa-633	207	36	accounting	accounting	PROPN
ajfa-633	207	37	issn	issn	PROPN
ajfa-633	207	38	1946	1946	NUM
ajfa-633	207	39	-	-	PUNCT
ajfa-633	207	40	052x	052x	NOUN
ajfa-633	207	41	2011	2011	NUM
ajfa-633	207	42	,	,	PUNCT
ajfa-633	207	43	vol	vol	NOUN
ajfa-633	207	44	.	.	PROPN
ajfa-633	207	45	3	3	NUM
ajfa-633	207	46	,	,	PUNCT
ajfa-633	207	47	no	no	INTJ
ajfa-633	207	48	.	.	NOUN
ajfa-633	207	49	1	1	NUM
ajfa-633	207	50	:	:	PUNCT
ajfa-633	207	51	e13	e13	VERB
ajfa-633	207	52	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	207	53	221	221	NUM
ajfa-633	207	54	the	the	DET
ajfa-633	207	55	results	result	NOUN
ajfa-633	207	56	of	of	ADP
ajfa-633	207	57	the	the	DET
ajfa-633	207	58	test	test	NOUN
ajfa-633	207	59	presented	present	VERB
ajfa-633	207	60	in	in	ADP
ajfa-633	207	61	table-3	table-3	NUM
ajfa-633	207	62	that	that	SCONJ
ajfa-633	207	63	q	q	NOUN
ajfa-633	207	64	-	-	PUNCT
ajfa-633	207	65	statistics	statistic	NOUN
ajfa-633	207	66	are	be	AUX
ajfa-633	207	67	significant	significant	ADJ
ajfa-633	207	68	at	at	ADP
ajfa-633	207	69	almost	almost	ADV
ajfa-633	207	70	all	all	PRON
ajfa-633	207	71	lags	lag	NOUN
ajfa-633	207	72	,	,	PUNCT
ajfa-633	207	73	indicating	indicate	VERB
ajfa-633	207	74	significant	significant	ADJ
ajfa-633	207	75	serial	serial	ADJ
ajfa-633	207	76	correlation	correlation	NOUN
ajfa-633	207	77	in	in	ADP
ajfa-633	207	78	the	the	DET
ajfa-633	207	79	residuals	residual	NOUN
ajfa-633	207	80	and	and	CCONJ
ajfa-633	207	81	the	the	DET
ajfa-633	207	82	null	null	ADJ
ajfa-633	207	83	hypothesis	hypothesis	NOUN
ajfa-633	207	84	of	of	ADP
ajfa-633	207	85	weak	weak	ADJ
ajfa-633	207	86	-	-	PUNCT
ajfa-633	207	87	form	form	NOUN
ajfa-633	207	88	market	market	NOUN
ajfa-633	207	89	efficiency	efficiency	NOUN
ajfa-633	207	90	is	be	AUX
ajfa-633	207	91	rejected	reject	VERB
ajfa-633	207	92	.	.	PUNCT
ajfa-633	208	1	it	it	PRON
ajfa-633	208	2	confirms	confirm	VERB
ajfa-633	208	3	the	the	DET
ajfa-633	208	4	presence	presence	NOUN
ajfa-633	208	5	of	of	ADP
ajfa-633	208	6	autocorrelation	autocorrelation	NOUN
ajfa-633	208	7	in	in	ADP
ajfa-633	208	8	the	the	DET
ajfa-633	208	9	indian	indian	ADJ
ajfa-633	208	10	stock	stock	NOUN
ajfa-633	208	11	market	market	NOUN
ajfa-633	208	12	and	and	CCONJ
ajfa-633	208	13	macro	macro	ADJ
ajfa-633	208	14	economic	economic	ADJ
ajfa-633	208	15	variables	variable	NOUN
ajfa-633	208	16	,	,	PUNCT
ajfa-633	208	17	which	which	PRON
ajfa-633	208	18	implies	imply	VERB
ajfa-633	208	19	that	that	SCONJ
ajfa-633	208	20	the	the	DET
ajfa-633	208	21	market	market	NOUN
ajfa-633	208	22	does	do	AUX
ajfa-633	208	23	not	not	PART
ajfa-633	208	24	follow	follow	VERB
ajfa-633	208	25	random	random	ADJ
ajfa-633	208	26	walk	walk	NOUN
ajfa-633	208	27	and	and	CCONJ
ajfa-633	208	28	fell	fall	VERB
ajfa-633	208	29	into	into	ADP
ajfa-633	208	30	a	a	DET
ajfa-633	208	31	form	form	NOUN
ajfa-633	208	32	of	of	ADP
ajfa-633	208	33	efficient	efficient	ADJ
ajfa-633	208	34	market	market	NOUN
ajfa-633	208	35	hypothesis	hypothesis	NOUN
ajfa-633	208	36	.	.	PUNCT
ajfa-633	209	1	however	however	ADV
ajfa-633	209	2	,	,	PUNCT
ajfa-633	209	3	the	the	DET
ajfa-633	209	4	theory	theory	NOUN
ajfa-633	209	5	of	of	ADP
ajfa-633	209	6	stock	stock	NOUN
ajfa-633	209	7	market	market	NOUN
ajfa-633	209	8	behaviour	behaviour	NOUN
ajfa-633	209	9	and	and	CCONJ
ajfa-633	209	10	anomalies	anomaly	NOUN
ajfa-633	209	11	presents	present	VERB
ajfa-633	209	12	evidence	evidence	NOUN
ajfa-633	209	13	against	against	ADP
ajfa-633	209	14	the	the	DET
ajfa-633	209	15	emh	emh	PROPN
ajfa-633	209	16	.	.	PUNCT
ajfa-633	210	1	the	the	DET
ajfa-633	210	2	study	study	NOUN
ajfa-633	210	3	here	here	ADV
ajfa-633	210	4	suggests	suggest	VERB
ajfa-633	210	5	that	that	SCONJ
ajfa-633	210	6	market	market	NOUN
ajfa-633	210	7	rationally	rationally	ADV
ajfa-633	210	8	process	process	VERB
ajfa-633	210	9	information	information	NOUN
ajfa-633	210	10	so	so	SCONJ
ajfa-633	210	11	that	that	SCONJ
ajfa-633	210	12	market	market	NOUN
ajfa-633	210	13	efficiency	efficiency	NOUN
ajfa-633	210	14	holds	hold	VERB
ajfa-633	210	15	but	but	CCONJ
ajfa-633	210	16	significant	significant	ADJ
ajfa-633	210	17	autocorrelation	autocorrelation	NOUN
ajfa-633	210	18	may	may	AUX
ajfa-633	210	19	arises	arise	VERB
ajfa-633	210	20	from	from	ADP
ajfa-633	210	21	market	market	NOUN
ajfa-633	210	22	friction	friction	NOUN
ajfa-633	210	23	.	.	PUNCT
ajfa-633	211	1	it	it	PRON
ajfa-633	211	2	indicates	indicate	VERB
ajfa-633	211	3	that	that	SCONJ
ajfa-633	211	4	market	market	NOUN
ajfa-633	211	5	frictions	friction	NOUN
ajfa-633	211	6	may	may	AUX
ajfa-633	211	7	be	be	AUX
ajfa-633	211	8	due	due	ADJ
ajfa-633	211	9	to	to	PART
ajfa-633	211	10	dependence	dependence	NOUN
ajfa-633	211	11	on	on	ADP
ajfa-633	211	12	weekly	weekly	ADJ
ajfa-633	211	13	returns	return	NOUN
ajfa-633	211	14	of	of	ADP
ajfa-633	211	15	macroeconomic	macroeconomic	ADJ
ajfa-633	211	16	variables	variable	NOUN
ajfa-633	211	17	.	.	PUNCT
ajfa-633	212	1	table	table	NOUN
ajfa-633	212	2	4	4	NUM
ajfa-633	212	3	.	.	PUNCT
ajfa-633	213	1	breusch	breusch	PROPN
ajfa-633	213	2	-	-	PUNCT
ajfa-633	213	3	godfrey	godfrey	NOUN
ajfa-633	213	4	serial	serial	ADJ
ajfa-633	213	5	correlation	correlation	NOUN
ajfa-633	213	6	lm	lm	INTJ
ajfa-633	213	7	test	test	NOUN
ajfa-633	213	8	f	f	NOUN
ajfa-633	213	9	-	-	PUNCT
ajfa-633	213	10	statistic	statistic	ADJ
ajfa-633	213	11	9.271466	9.271466	NUM
ajfa-633	213	12	probability	probability	NOUN
ajfa-633	213	13	0.000000	0.000000	NUM
ajfa-633	213	14	obs*r	obs*r	NOUN
ajfa-633	213	15	-	-	PUNCT
ajfa-633	213	16	squared	square	VERB
ajfa-633	213	17	34.16653	34.16653	NUM
ajfa-633	213	18	probability	probability	NOUN
ajfa-633	213	19	0.000001	0.000001	NUM
ajfa-633	213	20	breusch	breusch	ADJ
ajfa-633	213	21	-	-	PUNCT
ajfa-633	213	22	godfrey	godfrey	NOUN
ajfa-633	213	23	serial	serial	ADJ
ajfa-633	213	24	correlation	correlation	NOUN
ajfa-633	213	25	lm	lm	INTJ
ajfa-633	213	26	test	test	NOUN
ajfa-633	213	27	is	be	AUX
ajfa-633	213	28	presented	present	VERB
ajfa-633	213	29	in	in	ADP
ajfa-633	213	30	table	table	NOUN
ajfa-633	213	31	4	4	NUM
ajfa-633	213	32	and	and	CCONJ
ajfa-633	213	33	the	the	DET
ajfa-633	213	34	test	test	NOUN
ajfa-633	213	35	rejects	reject	VERB
ajfa-633	213	36	the	the	DET
ajfa-633	213	37	hypothesis	hypothesis	NOUN
ajfa-633	213	38	of	of	ADP
ajfa-633	213	39	no	no	DET
ajfa-633	213	40	serial	serial	ADJ
ajfa-633	213	41	correlation	correlation	NOUN
ajfa-633	213	42	.	.	PUNCT
ajfa-633	214	1	the	the	DET
ajfa-633	214	2	q	q	NOUN
ajfa-633	214	3	-	-	PUNCT
ajfa-633	214	4	statistic	statistic	NOUN
ajfa-633	214	5	and	and	CCONJ
ajfa-633	214	6	the	the	DET
ajfa-633	214	7	lm	lm	PROPN
ajfa-633	214	8	test	test	NOUN
ajfa-633	214	9	both	both	PRON
ajfa-633	214	10	indicate	indicate	VERB
ajfa-633	214	11	that	that	SCONJ
ajfa-633	214	12	the	the	DET
ajfa-633	214	13	residuals	residual	NOUN
ajfa-633	214	14	are	be	AUX
ajfa-633	214	15	serially	serially	ADV
ajfa-633	214	16	correlated	correlate	VERB
ajfa-633	214	17	and	and	CCONJ
ajfa-633	214	18	presence	presence	NOUN
ajfa-633	214	19	of	of	ADP
ajfa-633	214	20	efficient	efficient	ADJ
ajfa-633	214	21	at	at	ADP
ajfa-633	214	22	the	the	DET
ajfa-633	214	23	weak	weak	ADJ
ajfa-633	214	24	-	-	PUNCT
ajfa-633	214	25	form	form	NOUN
ajfa-633	214	26	.	.	PUNCT
ajfa-633	215	1	table	table	NOUN
ajfa-633	215	2	5	5	NUM
ajfa-633	215	3	.	.	PUNCT
ajfa-633	215	4	unit	unit	NOUN
ajfa-633	215	5	root	root	PROPN
ajfa-633	215	6	test	test	NOUN
ajfa-633	215	7	variable	variable	PROPN
ajfa-633	215	8	adf	adf	PROPN
ajfa-633	215	9	test	test	NOUN
ajfa-633	215	10	df	df	PROPN
ajfa-633	215	11	-	-	PUNCT
ajfa-633	215	12	gls	gl	VERB
ajfa-633	215	13	test	test	NOUN
ajfa-633	215	14	pp	pp	ADP
ajfa-633	215	15	test	test	NOUN
ajfa-633	215	16	kpss	kpss	PROPN
ajfa-633	215	17	test	test	PROPN
ajfa-633	215	18	ng	ng	PROPN
ajfa-633	215	19	-	-	PUNCT
ajfa-633	215	20	perron	perron	PROPN
ajfa-633	215	21	test	test	NOUN
ajfa-633	215	22	bse	bse	PROPN
ajfa-633	215	23	sensex	sensex	PROPN
ajfa-633	215	24	-19.69002	-19.69002	PUNCT
ajfa-633	215	25	*	*	PROPN
ajfa-633	215	26	-19.68534	-19.68534	PROPN
ajfa-633	215	27	*	*	PUNCT
ajfa-633	215	28	-19.97884	-19.97884	PROPN
ajfa-633	215	29	*	*	PUNCT
ajfa-633	215	30	0.157864	0.157864	NUM
ajfa-633	215	31	*	*	PUNCT
ajfa-633	215	32	0.05629	0.05629	NUM
ajfa-633	215	33	*	*	SYM
ajfa-633	215	34	bse	bse	NOUN
ajfa-633	215	35	trading	trading	NOUN
ajfa-633	215	36	volume	volume	NOUN
ajfa-633	215	37	-13.14690	-13.14690	PROPN
ajfa-633	215	38	*	*	PROPN
ajfa-633	215	39	-13.12342	-13.12342	PROPN
ajfa-633	215	40	*	*	PUNCT
ajfa-633	215	41	-22.94935	-22.94935	PROPN
ajfa-633	215	42	*	*	X
ajfa-633	215	43	0.048900	0.048900	NUM
ajfa-633	215	44	*	*	SYM
ajfa-633	215	45	0.03122	0.03122	NUM
ajfa-633	215	46	*	*	SYM
ajfa-633	215	47	91	91	NUM
ajfa-633	215	48	-	-	PUNCT
ajfa-633	215	49	day	day	NOUN
ajfa-633	215	50	treasury	treasury	NOUN
ajfa-633	215	51	bill	bill	NOUN
ajfa-633	215	52	-10.86672	-10.86672	PUNCT
ajfa-633	215	53	*	*	PUNCT
ajfa-633	215	54	-16.99582	-16.99582	PROPN
ajfa-633	215	55	*	*	PUNCT
ajfa-633	215	56	-37.41525	-37.41525	PROPN
ajfa-633	215	57	*	*	NOUN
ajfa-633	215	58	0.322414	0.322414	NUM
ajfa-633	215	59	*	*	NOUN
ajfa-633	215	60	0.05055	0.05055	NUM
ajfa-633	215	61	*	*	PUNCT
ajfa-633	215	62	s&p	s&p	PROPN
ajfa-633	215	63	500	500	NUM
ajfa-633	215	64	return	return	NOUN
ajfa-633	215	65	-19.13845	-19.13845	INTJ
ajfa-633	215	66	*	*	PUNCT
ajfa-633	215	67	-19.12985	-19.12985	PROPN
ajfa-633	215	68	*	*	PUNCT
ajfa-633	215	69	-19.13375	-19.13375	PROPN
ajfa-633	215	70	*	*	NOUN
ajfa-633	215	71	0.570382	0.570382	NUM
ajfa-633	215	72	*	*	SYM
ajfa-633	215	73	0.05604	0.05604	NUM
ajfa-633	215	74	*	*	PUNCT
ajfa-633	215	75	exchange	exchange	NOUN
ajfa-633	215	76	rate	rate	NOUN
ajfa-633	215	77	-18.85006	-18.85006	NOUN
ajfa-633	215	78	*	*	NOUN
ajfa-633	215	79	-18.87945	-18.87945	PROPN
ajfa-633	215	80	*	*	PUNCT
ajfa-633	215	81	-18.82371	-18.82371	PUNCT
ajfa-633	215	82	*	*	NOUN
ajfa-633	215	83	0.082894	0.082894	NUM
ajfa-633	215	84	*	*	NOUN
ajfa-633	215	85	0.05635	0.05635	NUM
ajfa-633	215	86	*	*	PUNCT
ajfa-633	215	87	wpi	wpi	NOUN
ajfa-633	215	88	-17.74962	-17.74962	NOUN
ajfa-633	215	89	*	*	SYM
ajfa-633	215	90	-17.75305	-17.75305	NOUN
ajfa-633	215	91	*	*	PUNCT
ajfa-633	215	92	-17.74960	-17.74960	PUNCT
ajfa-633	215	93	*	*	PUNCT
ajfa-633	215	94	0.184215	0.184215	NUM
ajfa-633	215	95	*	*	SYM
ajfa-633	215	96	0.05625	0.05625	NUM
ajfa-633	215	97	*	*	PUNCT
ajfa-633	215	98	asymptotic	asymptotic	ADJ
ajfa-633	215	99	critical	critical	ADJ
ajfa-633	215	100	values	value	NOUN
ajfa-633	215	101	*	*	SYM
ajfa-633	215	102	1	1	NUM
ajfa-633	215	103	%	%	NOUN
ajfa-633	215	104	level	level	NOUN
ajfa-633	215	105	-3.458973	-3.458973	NOUN
ajfa-633	215	106	-2.572277	-2.572277	NOUN
ajfa-633	215	107	-3.458470	-3.458470	VERB
ajfa-633	215	108	0.739000	0.739000	NUM
ajfa-633	215	109	0.17400	0.17400	NUM
ajfa-633	215	110	5	5	NUM
ajfa-633	215	111	%	%	NOUN
ajfa-633	215	112	level	level	NOUN
ajfa-633	215	113	-2.874029	-2.874029	NOUN
ajfa-633	215	114	-1.941827	-1.941827	NOUN
ajfa-633	216	1	-2.873809	-2.873809	NOUN
ajfa-633	217	1	0.463000	0.463000	NUM
ajfa-633	217	2	0.23300	0.23300	NUM
ajfa-633	217	3	10	10	NUM
ajfa-633	217	4	%	%	NOUN
ajfa-633	217	5	level	level	NOUN
ajfa-633	217	6	-2.573502	-2.573502	NOUN
ajfa-633	217	7	-1.616030	-1.616030	PUNCT
ajfa-633	217	8	-2.573384	-2.573384	VERB
ajfa-633	218	1	0.347000	0.347000	NUM
ajfa-633	218	2	0.27500	0.27500	NUM
ajfa-633	218	3	the	the	DET
ajfa-633	218	4	study	study	NOUN
ajfa-633	218	5	here	here	ADV
ajfa-633	218	6	employs	employ	VERB
ajfa-633	218	7	the	the	DET
ajfa-633	218	8	unit	unit	NOUN
ajfa-633	218	9	root	root	NOUN
ajfa-633	218	10	test	test	NOUN
ajfa-633	218	11	to	to	PART
ajfa-633	218	12	examine	examine	VERB
ajfa-633	218	13	the	the	DET
ajfa-633	218	14	time	time	NOUN
ajfa-633	218	15	series	series	NOUN
ajfa-633	218	16	properties	property	NOUN
ajfa-633	218	17	of	of	ADP
ajfa-633	218	18	concerned	concerned	ADJ
ajfa-633	218	19	variables	variable	NOUN
ajfa-633	218	20	.	.	PUNCT
ajfa-633	219	1	unit	unit	NOUN
ajfa-633	219	2	root	root	PROPN
ajfa-633	219	3	test	test	NOUN
ajfa-633	219	4	describes	describe	VERB
ajfa-633	219	5	whether	whether	SCONJ
ajfa-633	219	6	a	a	DET
ajfa-633	219	7	series	series	NOUN
ajfa-633	219	8	is	be	AUX
ajfa-633	219	9	stationary	stationary	ADJ
ajfa-633	219	10	or	or	CCONJ
ajfa-633	219	11	non	non	ADJ
ajfa-633	219	12	-	-	ADJ
ajfa-633	219	13	stationary	stationary	ADJ
ajfa-633	219	14	.	.	PUNCT
ajfa-633	220	1	for	for	ADP
ajfa-633	220	2	the	the	DET
ajfa-633	220	3	test	test	NOUN
ajfa-633	220	4	of	of	ADP
ajfa-633	220	5	unit	unit	NOUN
ajfa-633	220	6	root	root	VERB
ajfa-633	220	7	the	the	DET
ajfa-633	220	8	present	present	ADJ
ajfa-633	220	9	study	study	NOUN
ajfa-633	220	10	employees	employee	NOUN
ajfa-633	220	11	the	the	DET
ajfa-633	220	12	augmented	augment	VERB
ajfa-633	220	13	dickey	dickey	PROPN
ajfa-633	220	14	fuller	full	ADJ
ajfa-633	220	15	test	test	NOUN
ajfa-633	220	16	,	,	PUNCT
ajfa-633	220	17	df	df	NOUN
ajfa-633	220	18	-	-	PUNCT
ajfa-633	220	19	gls	gl	VERB
ajfa-633	220	20	test	test	NOUN
ajfa-633	220	21	,	,	PUNCT
ajfa-633	220	22	pp	pp	ADP
ajfa-633	220	23	test	test	NOUN
ajfa-633	220	24	,	,	PUNCT
ajfa-633	220	25	kpss	kpss	PROPN
ajfa-633	220	26	test	test	PROPN
ajfa-633	220	27	and	and	CCONJ
ajfa-633	220	28	ng	ng	PROPN
ajfa-633	220	29	-	-	PUNCT
ajfa-633	220	30	perron	perron	PROPN
ajfa-633	220	31	test	test	NOUN
ajfa-633	220	32	.	.	PUNCT
ajfa-633	221	1	these	these	DET
ajfa-633	221	2	tests	test	NOUN
ajfa-633	221	3	are	be	AUX
ajfa-633	221	4	used	use	VERB
ajfa-633	221	5	to	to	PART
ajfa-633	221	6	measure	measure	VERB
ajfa-633	221	7	the	the	DET
ajfa-633	221	8	stationarity	stationarity	NOUN
ajfa-633	221	9	of	of	ADP
ajfa-633	221	10	time	time	NOUN
ajfa-633	221	11	series	series	PROPN
ajfa-633	221	12	data	datum	NOUN
ajfa-633	221	13	which	which	PRON
ajfa-633	221	14	in	in	ADP
ajfa-633	221	15	turn	turn	NOUN
ajfa-633	221	16	tells	tell	VERB
ajfa-633	221	17	whether	whether	SCONJ
ajfa-633	221	18	regression	regression	NOUN
ajfa-633	221	19	can	can	AUX
ajfa-633	221	20	be	be	AUX
ajfa-633	221	21	done	do	VERB
ajfa-633	221	22	on	on	ADP
ajfa-633	221	23	the	the	DET
ajfa-633	221	24	data	datum	NOUN
ajfa-633	221	25	or	or	CCONJ
ajfa-633	221	26	not	not	PART
ajfa-633	221	27	.	.	PUNCT
ajfa-633	222	1	it	it	PRON
ajfa-633	222	2	is	be	AUX
ajfa-633	222	3	apparent	apparent	ADJ
ajfa-633	222	4	from	from	ADP
ajfa-633	222	5	table-5	table-5	NUM
ajfa-633	222	6	that	that	SCONJ
ajfa-633	222	7	the	the	DET
ajfa-633	222	8	results	result	NOUN
ajfa-633	222	9	are	be	AUX
ajfa-633	222	10	statistically	statistically	ADV
ajfa-633	222	11	significant	significant	ADJ
ajfa-633	222	12	and	and	CCONJ
ajfa-633	222	13	less	less	ADJ
ajfa-633	222	14	than	than	ADP
ajfa-633	222	15	critical	critical	ADJ
ajfa-633	222	16	values	value	NOUN
ajfa-633	222	17	.	.	PUNCT
ajfa-633	223	1	so	so	ADV
ajfa-633	223	2	the	the	DET
ajfa-633	223	3	results	result	NOUN
ajfa-633	223	4	of	of	ADP
ajfa-633	223	5	all	all	DET
ajfa-633	223	6	tests	test	NOUN
ajfa-633	223	7	are	be	AUX
ajfa-633	223	8	consistent	consistent	ADJ
ajfa-633	223	9	suggesting	suggest	VERB
ajfa-633	223	10	that	that	SCONJ
ajfa-633	223	11	these	these	DET
ajfa-633	223	12	markets	market	NOUN
ajfa-633	223	13	are	be	AUX
ajfa-633	223	14	not	not	PART
ajfa-633	223	15	weak	weak	ADJ
ajfa-633	223	16	form	form	NOUN
ajfa-633	223	17	efficient	efficient	ADJ
ajfa-633	223	18	.	.	PUNCT
ajfa-633	224	1	it	it	PRON
ajfa-633	224	2	recommends	recommend	VERB
ajfa-633	224	3	that	that	SCONJ
ajfa-633	224	4	the	the	DET
ajfa-633	224	5	return	return	NOUN
ajfa-633	224	6	series	series	NOUN
ajfa-633	224	7	of	of	ADP
ajfa-633	224	8	all	all	DET
ajfa-633	224	9	variable	variable	NOUN
ajfa-633	224	10	does	do	AUX
ajfa-633	224	11	not	not	PART
ajfa-633	224	12	follow	follow	VERB
ajfa-633	224	13	random	random	ADJ
ajfa-633	224	14	walk	walk	NOUN
ajfa-633	224	15	model	model	NOUN
ajfa-633	224	16	and	and	CCONJ
ajfa-633	224	17	the	the	DET
ajfa-633	224	18	stock	stock	NOUN
ajfa-633	224	19	returns	return	NOUN
ajfa-633	224	20	display	display	VERB
ajfa-633	224	21	predictable	predictable	ADJ
ajfa-633	224	22	behaviour	behaviour	NOUN
ajfa-633	224	23	.	.	PUNCT
ajfa-633	225	1	on	on	ADP
ajfa-633	225	2	observing	observe	VERB
ajfa-633	225	3	the	the	DET
ajfa-633	225	4	outputs	output	NOUN
ajfa-633	225	5	it	it	PRON
ajfa-633	225	6	is	be	AUX
ajfa-633	225	7	seen	see	VERB
ajfa-633	225	8	that	that	SCONJ
ajfa-633	225	9	the	the	DET
ajfa-633	225	10	test	test	NOUN
ajfa-633	225	11	statistic	statistic	NOUN
ajfa-633	225	12	for	for	ADP
ajfa-633	225	13	all	all	DET
ajfa-633	225	14	6	6	NUM
ajfa-633	225	15	variables	variable	NOUN
ajfa-633	225	16	are	be	AUX
ajfa-633	225	17	less	less	ADJ
ajfa-633	225	18	than	than	ADP
ajfa-633	225	19	the	the	DET
ajfa-633	225	20	critical	critical	ADJ
ajfa-633	225	21	values	value	NOUN
ajfa-633	225	22	at	at	ADP
ajfa-633	225	23	1	1	NUM
ajfa-633	225	24	%	%	NOUN
ajfa-633	225	25	,	,	PUNCT
ajfa-633	225	26	5	5	NUM
ajfa-633	225	27	%	%	NOUN
ajfa-633	225	28	and	and	CCONJ
ajfa-633	225	29	10	10	NUM
ajfa-633	225	30	%	%	NOUN
ajfa-633	225	31	confidence	confidence	NOUN
ajfa-633	225	32	level	level	NOUN
ajfa-633	225	33	.	.	PUNCT
ajfa-633	226	1	so	so	ADV
ajfa-633	226	2	,	,	PUNCT
ajfa-633	226	3	the	the	DET
ajfa-633	226	4	null	null	ADJ
ajfa-633	226	5	hypothesis	hypothesis	NOUN
ajfa-633	226	6	is	be	AUX
ajfa-633	226	7	rejected	reject	VERB
ajfa-633	226	8	and	and	CCONJ
ajfa-633	226	9	asian	asian	ADJ
ajfa-633	226	10	journal	journal	NOUN
ajfa-633	226	11	of	of	ADP
ajfa-633	226	12	finance	finance	PROPN
ajfa-633	226	13	&	&	CCONJ
ajfa-633	226	14	accounting	accounting	PROPN
ajfa-633	226	15	issn	issn	PROPN
ajfa-633	226	16	1946	1946	NUM
ajfa-633	226	17	-	-	PUNCT
ajfa-633	226	18	052x	052x	NOUN
ajfa-633	226	19	2011	2011	NUM
ajfa-633	226	20	,	,	PUNCT
ajfa-633	226	21	vol	vol	NOUN
ajfa-633	226	22	.	.	PROPN
ajfa-633	227	1	3	3	NUM
ajfa-633	227	2	,	,	PUNCT
ajfa-633	227	3	no	no	INTJ
ajfa-633	227	4	.	.	NOUN
ajfa-633	227	5	1	1	NUM
ajfa-633	227	6	:	:	PUNCT
ajfa-633	227	7	e13	e13	VERB
ajfa-633	227	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	227	9	222	222	NUM
ajfa-633	227	10	the	the	DET
ajfa-633	227	11	data	datum	NOUN
ajfa-633	227	12	is	be	AUX
ajfa-633	227	13	found	find	VERB
ajfa-633	227	14	to	to	PART
ajfa-633	227	15	be	be	AUX
ajfa-633	227	16	stationary	stationary	ADJ
ajfa-633	227	17	.	.	PUNCT
ajfa-633	228	1	therefore	therefore	ADV
ajfa-633	228	2	,	,	PUNCT
ajfa-633	228	3	we	we	PRON
ajfa-633	228	4	can	can	AUX
ajfa-633	228	5	apply	apply	VERB
ajfa-633	228	6	granger	granger	PROPN
ajfa-633	228	7	causality	causality	PROPN
ajfa-633	228	8	test	test	NOUN
ajfa-633	228	9	which	which	PRON
ajfa-633	228	10	requires	require	VERB
ajfa-633	228	11	the	the	DET
ajfa-633	228	12	data	datum	NOUN
ajfa-633	228	13	to	to	PART
ajfa-633	228	14	be	be	AUX
ajfa-633	228	15	stationary	stationary	ADJ
ajfa-633	228	16	in	in	ADP
ajfa-633	228	17	order	order	NOUN
ajfa-633	228	18	to	to	PART
ajfa-633	228	19	avoid	avoid	VERB
ajfa-633	228	20	getting	get	VERB
ajfa-633	228	21	spurious	spurious	ADJ
ajfa-633	228	22	results	result	NOUN
ajfa-633	228	23	.	.	PUNCT
ajfa-633	229	1	table	table	NOUN
ajfa-633	229	2	6	6	NUM
ajfa-633	229	3	.	.	PUNCT
ajfa-633	230	1	granger	granger	PROPN
ajfa-633	230	2	causality	causality	PROPN
ajfa-633	230	3	test	test	NOUN
ajfa-633	230	4	null	null	ADJ
ajfa-633	230	5	hypothesis	hypothesis	NOUN
ajfa-633	230	6	:	:	PUNCT
ajfa-633	230	7	f	f	X
ajfa-633	230	8	-	-	PUNCT
ajfa-633	230	9	statistic	statistic	ADJ
ajfa-633	230	10	probability	probability	NOUN
ajfa-633	230	11	bse	bse	NOUN
ajfa-633	230	12	volume	volume	NOUN
ajfa-633	230	13	does	do	AUX
ajfa-633	230	14	not	not	PART
ajfa-633	230	15	granger	granger	PROPN
ajfa-633	230	16	cause	cause	VERB
ajfa-633	230	17	bse	bse	PROPN
ajfa-633	230	18	sensex	sensex	PROPN
ajfa-633	230	19	bse	bse	PROPN
ajfa-633	230	20	sensex	sensex	PROPN
ajfa-633	230	21	does	do	AUX
ajfa-633	230	22	not	not	PART
ajfa-633	230	23	granger	granger	PROPN
ajfa-633	230	24	cause	cause	VERB
ajfa-633	230	25	bse	bse	NOUN
ajfa-633	230	26	volume	volume	NOUN
ajfa-633	230	27	17.1176	17.1176	NUM
ajfa-633	230	28	*	*	NOUN
ajfa-633	230	29	0.42798	0.42798	NUM
ajfa-633	230	30	8.9e-08	8.9e-08	NUM
ajfa-633	230	31	0.65221	0.65221	NUM
ajfa-633	230	32	91	91	NUM
ajfa-633	230	33	-	-	PUNCT
ajfa-633	230	34	day	day	NOUN
ajfa-633	230	35	treasury	treasury	NOUN
ajfa-633	230	36	bill	bill	NOUN
ajfa-633	230	37	rate	rate	NOUN
ajfa-633	230	38	does	do	AUX
ajfa-633	230	39	not	not	PART
ajfa-633	230	40	granger	granger	PROPN
ajfa-633	230	41	cause	cause	VERB
ajfa-633	230	42	bse	bse	PROPN
ajfa-633	230	43	sensex	sensex	PROPN
ajfa-633	230	44	bse	bse	PROPN
ajfa-633	230	45	return	return	NOUN
ajfa-633	230	46	does	do	AUX
ajfa-633	230	47	not	not	PART
ajfa-633	230	48	granger	granger	VERB
ajfa-633	230	49	cause	cause	VERB
ajfa-633	230	50	91	91	NUM
ajfa-633	230	51	-	-	PUNCT
ajfa-633	230	52	day	day	NOUN
ajfa-633	230	53	treasury	treasury	NOUN
ajfa-633	230	54	bill	bill	NOUN
ajfa-633	230	55	rate	rate	VERB
ajfa-633	230	56	2.64972	2.64972	NUM
ajfa-633	230	57	*	*	SYM
ajfa-633	230	58	*	*	NOUN
ajfa-633	231	1	4.89076	4.89076	NUM
ajfa-633	231	2	*	*	PUNCT
ajfa-633	231	3	0.07227	0.07227	NUM
ajfa-633	231	4	0.00811	0.00811	NUM
ajfa-633	231	5	s&p	s&p	PROPN
ajfa-633	231	6	500	500	NUM
ajfa-633	231	7	return	return	NOUN
ajfa-633	231	8	does	do	AUX
ajfa-633	231	9	not	not	PART
ajfa-633	231	10	granger	granger	NOUN
ajfa-633	231	11	cause	cause	VERB
ajfa-633	231	12	bse	bse	PROPN
ajfa-633	231	13	sensex	sensex	PROPN
ajfa-633	231	14	bse	bse	PROPN
ajfa-633	231	15	sensex	sensex	PROPN
ajfa-633	231	16	does	do	AUX
ajfa-633	231	17	not	not	PART
ajfa-633	231	18	granger	granger	AUX
ajfa-633	231	19	cause	cause	VERB
ajfa-633	231	20	s&p	s&p	PROPN
ajfa-633	231	21	500	500	NUM
ajfa-633	231	22	return	return	NOUN
ajfa-633	231	23	35.6953	35.6953	NUM
ajfa-633	231	24	*	*	SYM
ajfa-633	231	25	1.66070	1.66070	NUM
ajfa-633	231	26	1.1e-14	1.1e-14	NUM
ajfa-633	231	27	0.19169	0.19169	NUM
ajfa-633	231	28	exchange	exchange	NOUN
ajfa-633	231	29	rate	rate	NOUN
ajfa-633	231	30	does	do	AUX
ajfa-633	231	31	not	not	PART
ajfa-633	231	32	granger	granger	PROPN
ajfa-633	231	33	cause	cause	VERB
ajfa-633	231	34	bse	bse	PROPN
ajfa-633	231	35	sensex	sensex	PROPN
ajfa-633	231	36	bse	bse	PROPN
ajfa-633	231	37	sensex	sensex	PROPN
ajfa-633	231	38	does	do	AUX
ajfa-633	231	39	not	not	PART
ajfa-633	231	40	granger	granger	AUX
ajfa-633	231	41	cause	cause	VERB
ajfa-633	231	42	exchange	exchange	NOUN
ajfa-633	231	43	rate	rate	NOUN
ajfa-633	231	44	7.52360	7.52360	NUM
ajfa-633	231	45	*	*	SYM
ajfa-633	231	46	4.23873	4.23873	NUM
ajfa-633	231	47	*	*	PUNCT
ajfa-633	231	48	0.00064	0.00064	NUM
ajfa-633	231	49	0.01527	0.01527	NUM
ajfa-633	231	50	wpi	wpi	NOUN
ajfa-633	231	51	does	do	AUX
ajfa-633	231	52	not	not	PART
ajfa-633	231	53	granger	granger	PROPN
ajfa-633	231	54	cause	cause	VERB
ajfa-633	231	55	bse	bse	PROPN
ajfa-633	231	56	sensex	sensex	PROPN
ajfa-633	231	57	bse	bse	PROPN
ajfa-633	231	58	sensex	sensex	PROPN
ajfa-633	231	59	does	do	AUX
ajfa-633	231	60	not	not	PART
ajfa-633	231	61	granger	granger	AUX
ajfa-633	231	62	cause	cause	VERB
ajfa-633	231	63	wpi	wpi	NOUN
ajfa-633	231	64	6.78080	6.78080	NUM
ajfa-633	231	65	*	*	SYM
ajfa-633	231	66	1.43551	1.43551	NUM
ajfa-633	231	67	0.00131	0.00131	NUM
ajfa-633	231	68	0.23957	0.23957	NUM
ajfa-633	231	69	91	91	NUM
ajfa-633	231	70	-	-	PUNCT
ajfa-633	231	71	day	day	NOUN
ajfa-633	231	72	treasury	treasury	NOUN
ajfa-633	231	73	bill	bill	NOUN
ajfa-633	231	74	rate	rate	NOUN
ajfa-633	231	75	does	do	AUX
ajfa-633	231	76	not	not	PART
ajfa-633	231	77	granger	granger	PROPN
ajfa-633	231	78	cause	cause	VERB
ajfa-633	231	79	bse	bse	PROPN
ajfa-633	231	80	volume	volume	NOUN
ajfa-633	231	81	bse	bse	NOUN
ajfa-633	231	82	volume	volume	NOUN
ajfa-633	231	83	does	do	AUX
ajfa-633	231	84	not	not	PART
ajfa-633	231	85	granger	granger	VERB
ajfa-633	231	86	cause	cause	VERB
ajfa-633	231	87	91	91	NUM
ajfa-633	231	88	-	-	PUNCT
ajfa-633	231	89	day	day	NOUN
ajfa-633	231	90	treasury	treasury	NOUN
ajfa-633	231	91	bill	bill	NOUN
ajfa-633	231	92	rate	rate	NOUN
ajfa-633	231	93	3.41154	3.41154	NUM
ajfa-633	231	94	*	*	NOUN
ajfa-633	231	95	*	*	NOUN
ajfa-633	231	96	0.97177	0.97177	NUM
ajfa-633	231	97	0.03423	0.03423	NUM
ajfa-633	231	98	0.37956	0.37956	NUM
ajfa-633	231	99	s&p	s&p	PROPN
ajfa-633	231	100	500	500	NUM
ajfa-633	231	101	return	return	NOUN
ajfa-633	231	102	does	do	AUX
ajfa-633	231	103	not	not	PART
ajfa-633	231	104	granger	granger	NOUN
ajfa-633	231	105	cause	cause	VERB
ajfa-633	231	106	bse	bse	PROPN
ajfa-633	231	107	volume	volume	NOUN
ajfa-633	231	108	bse	bse	NOUN
ajfa-633	231	109	volume	volume	NOUN
ajfa-633	231	110	does	do	AUX
ajfa-633	231	111	not	not	PART
ajfa-633	231	112	granger	granger	AUX
ajfa-633	231	113	cause	cause	VERB
ajfa-633	231	114	s&p	s&p	PROPN
ajfa-633	231	115	500	500	NUM
ajfa-633	231	116	return	return	VERB
ajfa-633	231	117	4.17823	4.17823	NUM
ajfa-633	231	118	*	*	NOUN
ajfa-633	232	1	3.24498	3.24498	NUM
ajfa-633	232	2	*	*	PUNCT
ajfa-633	232	3	*	*	PUNCT
ajfa-633	232	4	0.01620	0.01620	NUM
ajfa-633	232	5	0.04030	0.04030	NUM
ajfa-633	232	6	exchange	exchange	NOUN
ajfa-633	232	7	rate	rate	NOUN
ajfa-633	232	8	does	do	AUX
ajfa-633	232	9	not	not	PART
ajfa-633	232	10	granger	granger	NOUN
ajfa-633	232	11	cause	cause	VERB
ajfa-633	232	12	bse	bse	PROPN
ajfa-633	232	13	volume	volume	NOUN
ajfa-633	232	14	bse	bse	NOUN
ajfa-633	232	15	volume	volume	NOUN
ajfa-633	232	16	does	do	AUX
ajfa-633	232	17	not	not	PART
ajfa-633	232	18	granger	granger	VERB
ajfa-633	232	19	cause	cause	VERB
ajfa-633	232	20	exchange	exchange	NOUN
ajfa-633	232	21	rate	rate	NOUN
ajfa-633	232	22	7.36818	7.36818	NUM
ajfa-633	232	23	*	*	NOUN
ajfa-633	232	24	16.7148	16.7148	NUM
ajfa-633	232	25	*	*	NOUN
ajfa-633	232	26	0.00075	0.00075	NUM
ajfa-633	232	27	1.3e-07	1.3e-07	NUM
ajfa-633	232	28	wpi	wpi	NOUN
ajfa-633	232	29	does	do	AUX
ajfa-633	232	30	not	not	PART
ajfa-633	232	31	granger	granger	PROPN
ajfa-633	232	32	cause	cause	VERB
ajfa-633	232	33	bse	bse	PROPN
ajfa-633	232	34	volume	volume	NOUN
ajfa-633	232	35	bse	bse	NOUN
ajfa-633	232	36	volume	volume	NOUN
ajfa-633	232	37	does	do	AUX
ajfa-633	232	38	not	not	PART
ajfa-633	232	39	granger	granger	AUX
ajfa-633	232	40	cause	cause	VERB
ajfa-633	232	41	wpi	wpi	NOUN
ajfa-633	232	42	0.22436	0.22436	NUM
ajfa-633	232	43	2.10149	2.10149	NUM
ajfa-633	232	44	0.79916	0.79916	NUM
ajfa-633	232	45	0.12401	0.12401	NUM
ajfa-633	232	46	s&p	s&p	PROPN
ajfa-633	232	47	500	500	NUM
ajfa-633	232	48	return	return	NOUN
ajfa-633	232	49	does	do	AUX
ajfa-633	232	50	not	not	PART
ajfa-633	232	51	granger	granger	VERB
ajfa-633	232	52	cause	cause	VERB
ajfa-633	232	53	91	91	NUM
ajfa-633	232	54	-	-	PUNCT
ajfa-633	232	55	day	day	NOUN
ajfa-633	232	56	treasury	treasury	NOUN
ajfa-633	232	57	bill	bill	NOUN
ajfa-633	232	58	rate	rate	VERB
ajfa-633	232	59	91	91	NUM
ajfa-633	232	60	-	-	PUNCT
ajfa-633	232	61	day	day	NOUN
ajfa-633	232	62	treasury	treasury	NOUN
ajfa-633	232	63	bill	bill	NOUN
ajfa-633	232	64	rate	rate	NOUN
ajfa-633	232	65	does	do	AUX
ajfa-633	232	66	not	not	PART
ajfa-633	232	67	granger	granger	AUX
ajfa-633	232	68	cause	cause	VERB
ajfa-633	232	69	s&p	s&p	PROPN
ajfa-633	232	70	500	500	NUM
ajfa-633	232	71	return	return	VERB
ajfa-633	232	72	7.47631	7.47631	NUM
ajfa-633	232	73	*	*	PUNCT
ajfa-633	232	74	0.26556	0.26556	NUM
ajfa-633	232	75	0.00067	0.00067	NUM
ajfa-633	232	76	0.76695	0.76695	NUM
ajfa-633	232	77	exchange	exchange	NOUN
ajfa-633	232	78	rate	rate	NOUN
ajfa-633	232	79	does	do	AUX
ajfa-633	232	80	not	not	PART
ajfa-633	232	81	granger	granger	VERB
ajfa-633	232	82	cause	cause	VERB
ajfa-633	232	83	91	91	NUM
ajfa-633	232	84	-	-	PUNCT
ajfa-633	232	85	day	day	NOUN
ajfa-633	232	86	treasury	treasury	NOUN
ajfa-633	232	87	bill	bill	NOUN
ajfa-633	232	88	rate	rate	VERB
ajfa-633	232	89	91	91	NUM
ajfa-633	232	90	-	-	PUNCT
ajfa-633	232	91	day	day	NOUN
ajfa-633	232	92	treasury	treasury	NOUN
ajfa-633	232	93	bill	bill	NOUN
ajfa-633	232	94	rate	rate	NOUN
ajfa-633	232	95	does	do	AUX
ajfa-633	232	96	not	not	PART
ajfa-633	232	97	granger	granger	VERB
ajfa-633	232	98	cause	cause	VERB
ajfa-633	232	99	exchange	exchange	NOUN
ajfa-633	232	100	rate	rate	NOUN
ajfa-633	232	101	0.35730	0.35730	NUM
ajfa-633	232	102	2.17326	2.17326	NUM
ajfa-633	232	103	0.69985	0.69985	NUM
ajfa-633	232	104	0.11554	0.11554	NUM
ajfa-633	232	105	wpi	wpi	NOUN
ajfa-633	232	106	does	do	AUX
ajfa-633	232	107	not	not	PART
ajfa-633	232	108	granger	granger	VERB
ajfa-633	232	109	cause	cause	VERB
ajfa-633	232	110	91	91	NUM
ajfa-633	232	111	-	-	PUNCT
ajfa-633	232	112	day	day	NOUN
ajfa-633	232	113	treasury	treasury	NOUN
ajfa-633	232	114	bill	bill	NOUN
ajfa-633	232	115	rate	rate	VERB
ajfa-633	232	116	91	91	NUM
ajfa-633	232	117	-	-	PUNCT
ajfa-633	232	118	day	day	NOUN
ajfa-633	232	119	treasury	treasury	NOUN
ajfa-633	232	120	bill	bill	NOUN
ajfa-633	232	121	rate	rate	NOUN
ajfa-633	232	122	does	do	AUX
ajfa-633	232	123	not	not	PART
ajfa-633	232	124	granger	granger	AUX
ajfa-633	232	125	cause	cause	VERB
ajfa-633	232	126	wpi	wpi	NOUN
ajfa-633	232	127	0.95018	0.95018	NUM
ajfa-633	232	128	0.31551	0.31551	NUM
ajfa-633	232	129	0.38780	0.38780	NUM
ajfa-633	232	130	0.72965	0.72965	NUM
ajfa-633	232	131	exchange	exchange	NOUN
ajfa-633	232	132	rate	rate	NOUN
ajfa-633	232	133	does	do	AUX
ajfa-633	232	134	not	not	PART
ajfa-633	232	135	granger	granger	AUX
ajfa-633	232	136	cause	cause	VERB
ajfa-633	232	137	s&p	s&p	PROPN
ajfa-633	232	138	500	500	NUM
ajfa-633	232	139	return	return	NOUN
ajfa-633	232	140	s&p	s&p	PROPN
ajfa-633	232	141	500	500	NUM
ajfa-633	232	142	return	return	NOUN
ajfa-633	232	143	does	do	AUX
ajfa-633	232	144	not	not	PART
ajfa-633	232	145	granger	granger	NOUN
ajfa-633	232	146	cause	cause	VERB
ajfa-633	232	147	exchange	exchange	NOUN
ajfa-633	232	148	rate	rate	NOUN
ajfa-633	232	149	1.59432	1.59432	NUM
ajfa-633	232	150	11.7473	11.7473	NUM
ajfa-633	232	151	*	*	NOUN
ajfa-633	232	152	0.20471	0.20471	NUM
ajfa-633	232	153	1.2e-05	1.2e-05	NUM
ajfa-633	232	154	wpi	wpi	NOUN
ajfa-633	232	155	does	do	AUX
ajfa-633	232	156	not	not	PART
ajfa-633	232	157	granger	granger	VERB
ajfa-633	232	158	cause	cause	VERB
ajfa-633	232	159	s&p	s&p	PROPN
ajfa-633	232	160	500	500	NUM
ajfa-633	232	161	return	return	NOUN
ajfa-633	232	162	s&p	s&p	PROPN
ajfa-633	232	163	500	500	NUM
ajfa-633	232	164	return	return	NOUN
ajfa-633	232	165	does	do	AUX
ajfa-633	232	166	not	not	PART
ajfa-633	232	167	granger	granger	AUX
ajfa-633	232	168	cause	cause	VERB
ajfa-633	232	169	wpi	wpi	NOUN
ajfa-633	232	170	1.88505	1.88505	NUM
ajfa-633	232	171	3.99548	3.99548	NUM
ajfa-633	232	172	*	*	NOUN
ajfa-633	232	173	0.15356	0.15356	NUM
ajfa-633	232	174	0.01935	0.01935	NUM
ajfa-633	232	175	wpi	wpi	NOUN
ajfa-633	232	176	does	do	AUX
ajfa-633	232	177	not	not	PART
ajfa-633	232	178	granger	granger	VERB
ajfa-633	232	179	cause	cause	VERB
ajfa-633	232	180	exchange	exchange	NOUN
ajfa-633	232	181	rate	rate	NOUN
ajfa-633	232	182	exchange	exchange	NOUN
ajfa-633	232	183	rate	rate	NOUN
ajfa-633	232	184	does	do	AUX
ajfa-633	232	185	not	not	PART
ajfa-633	232	186	granger	granger	AUX
ajfa-633	232	187	cause	cause	VERB
ajfa-633	232	188	wpi	wpi	NOUN
ajfa-633	232	189	7.00005	7.00005	NUM
ajfa-633	232	190	*	*	SYM
ajfa-633	232	191	1.01244	1.01244	NUM
ajfa-633	232	192	0.00106	0.00106	NUM
ajfa-633	232	193	0.36453	0.36453	NUM
ajfa-633	232	194	*	*	PUNCT
ajfa-633	232	195	null	null	ADJ
ajfa-633	232	196	hypothesis	hypothesis	NOUN
ajfa-633	232	197	rejected	reject	VERB
ajfa-633	232	198	at	at	ADP
ajfa-633	232	199	1	1	NUM
ajfa-633	232	200	%	%	NOUN
ajfa-633	232	201	significance	significance	NOUN
ajfa-633	232	202	level	level	NOUN
ajfa-633	232	203	*	*	NOUN
ajfa-633	232	204	*	*	NOUN
ajfa-633	232	205	null	null	ADJ
ajfa-633	232	206	hypothesis	hypothesis	NOUN
ajfa-633	232	207	rejected	reject	VERB
ajfa-633	232	208	at	at	ADP
ajfa-633	232	209	5	5	NUM
ajfa-633	232	210	%	%	NOUN
ajfa-633	232	211	significance	significance	NOUN
ajfa-633	232	212	level	level	NOUN
ajfa-633	232	213	*	*	PUNCT
ajfa-633	232	214	*	*	PUNCT
ajfa-633	232	215	*	*	PUNCT
ajfa-633	232	216	null	null	ADJ
ajfa-633	232	217	hypothesis	hypothesis	NOUN
ajfa-633	232	218	rejected	reject	VERB
ajfa-633	232	219	at	at	ADP
ajfa-633	232	220	10	10	NUM
ajfa-633	232	221	%	%	NOUN
ajfa-633	232	222	significance	significance	NOUN
ajfa-633	232	223	level	level	NOUN
ajfa-633	232	224	the	the	DET
ajfa-633	232	225	granger	granger	NOUN
ajfa-633	232	226	-	-	PUNCT
ajfa-633	232	227	causality	causality	NOUN
ajfa-633	232	228	test	test	NOUN
ajfa-633	232	229	is	be	AUX
ajfa-633	232	230	conducted	conduct	VERB
ajfa-633	232	231	to	to	PART
ajfa-633	232	232	study	study	VERB
ajfa-633	232	233	the	the	DET
ajfa-633	232	234	causal	causal	ADJ
ajfa-633	232	235	relationship	relationship	NOUN
ajfa-633	232	236	between	between	ADP
ajfa-633	232	237	macro	macro	ADJ
ajfa-633	232	238	economic	economic	ADJ
ajfa-633	232	239	variables	variable	NOUN
ajfa-633	232	240	and	and	CCONJ
ajfa-633	232	241	the	the	DET
ajfa-633	232	242	indian	indian	ADJ
ajfa-633	232	243	stock	stock	NOUN
ajfa-633	232	244	market	market	NOUN
ajfa-633	232	245	.	.	PUNCT
ajfa-633	233	1	table-6	table-6	NUM
ajfa-633	233	2	reported	report	VERB
ajfa-633	233	3	pair	pair	NOUN
ajfa-633	233	4	wise	wise	ADJ
ajfa-633	233	5	granger	granger	PROPN
ajfa-633	233	6	causality	causality	PROPN
ajfa-633	233	7	test	test	NOUN
ajfa-633	233	8	results	result	NOUN
ajfa-633	233	9	with	with	ADP
ajfa-633	233	10	lags	lag	NOUN
ajfa-633	233	11	2	2	NUM
ajfa-633	233	12	as	as	SCONJ
ajfa-633	233	13	two	two	NUM
ajfa-633	233	14	lag	lag	NOUN
ajfa-633	233	15	is	be	AUX
ajfa-633	233	16	an	an	DET
ajfa-633	233	17	appropriate	appropriate	ADJ
ajfa-633	233	18	lag	lag	NOUN
ajfa-633	233	19	order	order	NOUN
ajfa-633	233	20	chooses	choose	VERB
ajfa-633	233	21	in	in	ADP
ajfa-633	233	22	terms	term	NOUN
ajfa-633	233	23	of	of	ADP
ajfa-633	233	24	the	the	DET
ajfa-633	233	25	akaike	akaike	ADJ
ajfa-633	233	26	information	information	NOUN
ajfa-633	233	27	criteria	criterion	NOUN
ajfa-633	233	28	(	(	PUNCT
ajfa-633	233	29	aic	aic	PROPN
ajfa-633	233	30	)	)	PUNCT
ajfa-633	233	31	for	for	ADP
ajfa-633	233	32	the	the	DET
ajfa-633	233	33	full	full	ADJ
ajfa-633	233	34	sample	sample	NOUN
ajfa-633	233	35	period	period	NOUN
ajfa-633	233	36	.	.	PUNCT
ajfa-633	234	1	bse	bse	NOUN
ajfa-633	234	2	trading	trading	NOUN
ajfa-633	234	3	volume	volume	NOUN
ajfa-633	234	4	,	,	PUNCT
ajfa-633	234	5	treasury	treasury	PROPN
ajfa-633	234	6	bill	bill	NOUN
ajfa-633	234	7	rate	rate	NOUN
ajfa-633	234	8	,	,	PUNCT
ajfa-633	234	9	asian	asian	ADJ
ajfa-633	234	10	journal	journal	NOUN
ajfa-633	234	11	of	of	ADP
ajfa-633	234	12	finance	finance	PROPN
ajfa-633	234	13	&	&	CCONJ
ajfa-633	234	14	accounting	accounting	PROPN
ajfa-633	234	15	issn	issn	PROPN
ajfa-633	234	16	1946	1946	NUM
ajfa-633	234	17	-	-	PUNCT
ajfa-633	234	18	052x	052x	NOUN
ajfa-633	234	19	2011	2011	NUM
ajfa-633	234	20	,	,	PUNCT
ajfa-633	234	21	vol	vol	NOUN
ajfa-633	234	22	.	.	PROPN
ajfa-633	235	1	3	3	NUM
ajfa-633	235	2	,	,	PUNCT
ajfa-633	235	3	no	no	INTJ
ajfa-633	235	4	.	.	NOUN
ajfa-633	235	5	1	1	NUM
ajfa-633	235	6	:	:	PUNCT
ajfa-633	235	7	e13	e13	VERB
ajfa-633	235	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	235	9	223	223	NUM
ajfa-633	235	10	s&p	s&p	PROPN
ajfa-633	235	11	500	500	NUM
ajfa-633	235	12	,	,	PUNCT
ajfa-633	235	13	exchange	exchange	NOUN
ajfa-633	235	14	rate	rate	NOUN
ajfa-633	235	15	,	,	PUNCT
ajfa-633	235	16	and	and	CCONJ
ajfa-633	235	17	wpi	wpi	PROPN
ajfa-633	235	18	are	be	AUX
ajfa-633	235	19	found	find	VERB
ajfa-633	235	20	to	to	PART
ajfa-633	235	21	be	be	AUX
ajfa-633	235	22	the	the	DET
ajfa-633	235	23	most	most	ADV
ajfa-633	235	24	important	important	ADJ
ajfa-633	235	25	variable	variable	NOUN
ajfa-633	235	26	in	in	ADP
ajfa-633	235	27	determining	determine	VERB
ajfa-633	235	28	stock	stock	NOUN
ajfa-633	235	29	market	market	NOUN
ajfa-633	235	30	return	return	NOUN
ajfa-633	235	31	.	.	PUNCT
ajfa-633	236	1	the	the	DET
ajfa-633	236	2	reported	report	VERB
ajfa-633	236	3	f	f	NOUN
ajfa-633	236	4	-	-	PUNCT
ajfa-633	236	5	values	value	NOUN
ajfa-633	236	6	suggests	suggest	VERB
ajfa-633	236	7	that	that	SCONJ
ajfa-633	236	8	there	there	PRON
ajfa-633	236	9	is	be	VERB
ajfa-633	236	10	a	a	DET
ajfa-633	236	11	unidirectional	unidirectional	ADJ
ajfa-633	236	12	causality	causality	NOUN
ajfa-633	236	13	between	between	ADP
ajfa-633	236	14	trading	trading	NOUN
ajfa-633	236	15	volume	volume	NOUN
ajfa-633	236	16	and	and	CCONJ
ajfa-633	236	17	stock	stock	NOUN
ajfa-633	236	18	market	market	NOUN
ajfa-633	236	19	,	,	PUNCT
ajfa-633	236	20	international	international	ADJ
ajfa-633	236	21	stock	stock	NOUN
ajfa-633	236	22	market	market	NOUN
ajfa-633	236	23	and	and	CCONJ
ajfa-633	236	24	domestic	domestic	ADJ
ajfa-633	236	25	stock	stock	NOUN
ajfa-633	236	26	market	market	NOUN
ajfa-633	236	27	,	,	PUNCT
ajfa-633	236	28	inflation	inflation	NOUN
ajfa-633	236	29	rate	rate	NOUN
ajfa-633	236	30	and	and	CCONJ
ajfa-633	236	31	stock	stock	NOUN
ajfa-633	236	32	market	market	NOUN
ajfa-633	236	33	,	,	PUNCT
ajfa-633	236	34	interest	interest	NOUN
ajfa-633	236	35	rate	rate	NOUN
ajfa-633	236	36	and	and	CCONJ
ajfa-633	236	37	trading	trading	NOUN
ajfa-633	236	38	volume	volume	NOUN
ajfa-633	236	39	,	,	PUNCT
ajfa-633	236	40	international	international	ADJ
ajfa-633	236	41	stock	stock	NOUN
ajfa-633	236	42	market	market	NOUN
ajfa-633	236	43	and	and	CCONJ
ajfa-633	236	44	interest	interest	NOUN
ajfa-633	236	45	rate	rate	NOUN
ajfa-633	236	46	,	,	PUNCT
ajfa-633	236	47	international	international	ADJ
ajfa-633	236	48	stock	stock	NOUN
ajfa-633	236	49	market	market	NOUN
ajfa-633	236	50	and	and	CCONJ
ajfa-633	236	51	exchange	exchange	NOUN
ajfa-633	236	52	rate	rate	NOUN
ajfa-633	236	53	,	,	PUNCT
ajfa-633	236	54	international	international	ADJ
ajfa-633	236	55	stock	stock	NOUN
ajfa-633	236	56	market	market	NOUN
ajfa-633	236	57	and	and	CCONJ
ajfa-633	236	58	inflation	inflation	NOUN
ajfa-633	236	59	rate	rate	NOUN
ajfa-633	236	60	,	,	PUNCT
ajfa-633	236	61	inflation	inflation	NOUN
ajfa-633	236	62	rate	rate	NOUN
ajfa-633	236	63	and	and	CCONJ
ajfa-633	236	64	exchange	exchange	NOUN
ajfa-633	236	65	rate	rate	NOUN
ajfa-633	236	66	.	.	PUNCT
ajfa-633	237	1	this	this	PRON
ajfa-633	237	2	implies	imply	VERB
ajfa-633	237	3	that	that	SCONJ
ajfa-633	237	4	international	international	ADJ
ajfa-633	237	5	market	market	NOUN
ajfa-633	237	6	influence	influence	NOUN
ajfa-633	237	7	the	the	DET
ajfa-633	237	8	domestic	domestic	ADJ
ajfa-633	237	9	stock	stock	NOUN
ajfa-633	237	10	market	market	NOUN
ajfa-633	237	11	,	,	PUNCT
ajfa-633	237	12	exchange	exchange	NOUN
ajfa-633	237	13	rate	rate	NOUN
ajfa-633	237	14	,	,	PUNCT
ajfa-633	237	15	inflation	inflation	NOUN
ajfa-633	237	16	rate	rate	NOUN
ajfa-633	237	17	and	and	CCONJ
ajfa-633	237	18	interest	interest	NOUN
ajfa-633	237	19	rate	rate	NOUN
ajfa-633	237	20	.	.	PUNCT
ajfa-633	238	1	apart	apart	ADV
ajfa-633	238	2	of	of	ADP
ajfa-633	238	3	this	this	PRON
ajfa-633	238	4	,	,	PUNCT
ajfa-633	238	5	any	any	DET
ajfa-633	238	6	changes	change	NOUN
ajfa-633	238	7	in	in	ADP
ajfa-633	238	8	trading	trading	NOUN
ajfa-633	238	9	volume	volume	NOUN
ajfa-633	238	10	and	and	CCONJ
ajfa-633	238	11	inflation	inflation	NOUN
ajfa-633	238	12	rate	rate	NOUN
ajfa-633	238	13	also	also	ADV
ajfa-633	238	14	affecting	affect	VERB
ajfa-633	238	15	stock	stock	NOUN
ajfa-633	238	16	market	market	NOUN
ajfa-633	238	17	.	.	PUNCT
ajfa-633	239	1	it	it	PRON
ajfa-633	239	2	is	be	AUX
ajfa-633	239	3	also	also	ADV
ajfa-633	239	4	found	find	VERB
ajfa-633	239	5	from	from	ADP
ajfa-633	239	6	the	the	DET
ajfa-633	239	7	table-6	table-6	PROPN
ajfa-633	239	8	that	that	SCONJ
ajfa-633	239	9	there	there	PRON
ajfa-633	239	10	is	be	VERB
ajfa-633	239	11	bidirectional	bidirectional	ADJ
ajfa-633	239	12	relationship	relationship	NOUN
ajfa-633	239	13	between	between	ADP
ajfa-633	239	14	interest	interest	NOUN
ajfa-633	239	15	rate	rate	NOUN
ajfa-633	239	16	and	and	CCONJ
ajfa-633	239	17	stock	stock	NOUN
ajfa-633	239	18	market	market	NOUN
ajfa-633	239	19	,	,	PUNCT
ajfa-633	239	20	exchange	exchange	NOUN
ajfa-633	239	21	rate	rate	NOUN
ajfa-633	239	22	and	and	CCONJ
ajfa-633	239	23	stock	stock	NOUN
ajfa-633	239	24	market	market	NOUN
ajfa-633	239	25	,	,	PUNCT
ajfa-633	239	26	international	international	ADJ
ajfa-633	239	27	stock	stock	NOUN
ajfa-633	239	28	market	market	NOUN
ajfa-633	239	29	and	and	CCONJ
ajfa-633	239	30	bse	bse	NOUN
ajfa-633	239	31	volume	volume	NOUN
ajfa-633	239	32	,	,	PUNCT
ajfa-633	239	33	exchange	exchange	NOUN
ajfa-633	239	34	rate	rate	NOUN
ajfa-633	239	35	and	and	CCONJ
ajfa-633	239	36	bse	bse	NOUN
ajfa-633	239	37	volume	volume	NOUN
ajfa-633	239	38	.	.	PUNCT
ajfa-633	240	1	so	so	ADV
ajfa-633	240	2	it	it	PRON
ajfa-633	240	3	suggests	suggest	VERB
ajfa-633	240	4	that	that	SCONJ
ajfa-633	240	5	exchange	exchange	NOUN
ajfa-633	240	6	rate	rate	NOUN
ajfa-633	240	7	and	and	CCONJ
ajfa-633	240	8	interest	interest	NOUN
ajfa-633	240	9	rate	rate	NOUN
ajfa-633	240	10	are	be	AUX
ajfa-633	240	11	influencing	influence	VERB
ajfa-633	240	12	the	the	DET
ajfa-633	240	13	stock	stock	NOUN
ajfa-633	240	14	market	market	NOUN
ajfa-633	240	15	and	and	CCONJ
ajfa-633	240	16	any	any	DET
ajfa-633	240	17	variation	variation	NOUN
ajfa-633	240	18	in	in	ADP
ajfa-633	240	19	stock	stock	NOUN
ajfa-633	240	20	market	market	NOUN
ajfa-633	240	21	also	also	ADV
ajfa-633	240	22	influencing	influence	VERB
ajfa-633	240	23	the	the	DET
ajfa-633	240	24	exchange	exchange	NOUN
ajfa-633	240	25	rate	rate	NOUN
ajfa-633	240	26	and	and	CCONJ
ajfa-633	240	27	interest	interest	NOUN
ajfa-633	240	28	rate	rate	NOUN
ajfa-633	240	29	in	in	ADP
ajfa-633	240	30	the	the	DET
ajfa-633	240	31	economy	economy	NOUN
ajfa-633	240	32	.	.	PUNCT
ajfa-633	241	1	also	also	ADV
ajfa-633	241	2	it	it	PRON
ajfa-633	241	3	is	be	AUX
ajfa-633	241	4	experimented	experiment	VERB
ajfa-633	241	5	that	that	SCONJ
ajfa-633	241	6	variability	variability	NOUN
ajfa-633	241	7	of	of	ADP
ajfa-633	241	8	international	international	ADJ
ajfa-633	241	9	market	market	NOUN
ajfa-633	241	10	and	and	CCONJ
ajfa-633	241	11	exchange	exchange	NOUN
ajfa-633	241	12	rate	rate	NOUN
ajfa-633	241	13	is	be	AUX
ajfa-633	241	14	affecting	affect	VERB
ajfa-633	241	15	trading	trading	NOUN
ajfa-633	241	16	volume	volume	NOUN
ajfa-633	241	17	changes	change	NOUN
ajfa-633	241	18	in	in	ADP
ajfa-633	241	19	the	the	DET
ajfa-633	241	20	stock	stock	NOUN
ajfa-633	241	21	market	market	NOUN
ajfa-633	241	22	.	.	PUNCT
ajfa-633	242	1	again	again	ADV
ajfa-633	242	2	it	it	PRON
ajfa-633	242	3	is	be	AUX
ajfa-633	242	4	observed	observe	VERB
ajfa-633	242	5	from	from	ADP
ajfa-633	242	6	the	the	DET
ajfa-633	242	7	table-6	table-6	PROPN
ajfa-633	242	8	that	that	SCONJ
ajfa-633	242	9	there	there	PRON
ajfa-633	242	10	is	be	VERB
ajfa-633	242	11	no	no	DET
ajfa-633	242	12	apparent	apparent	ADJ
ajfa-633	242	13	causality	causality	NOUN
ajfa-633	242	14	between	between	ADP
ajfa-633	242	15	inflation	inflation	NOUN
ajfa-633	242	16	rate	rate	NOUN
ajfa-633	242	17	and	and	CCONJ
ajfa-633	242	18	trading	trading	NOUN
ajfa-633	242	19	volume	volume	NOUN
ajfa-633	242	20	,	,	PUNCT
ajfa-633	242	21	interest	interest	NOUN
ajfa-633	242	22	rate	rate	NOUN
ajfa-633	242	23	and	and	CCONJ
ajfa-633	242	24	exchange	exchange	NOUN
ajfa-633	242	25	rate	rate	NOUN
ajfa-633	242	26	,	,	PUNCT
ajfa-633	242	27	interest	interest	NOUN
ajfa-633	242	28	rate	rate	NOUN
ajfa-633	242	29	and	and	CCONJ
ajfa-633	242	30	inflation	inflation	NOUN
ajfa-633	242	31	rate	rate	NOUN
ajfa-633	242	32	.	.	PUNCT
ajfa-633	243	1	9	9	X
ajfa-633	243	2	.	.	X
ajfa-633	243	3	concluding	conclude	VERB
ajfa-633	243	4	observation	observation	NOUN
ajfa-633	243	5	this	this	DET
ajfa-633	243	6	study	study	NOUN
ajfa-633	243	7	examines	examine	VERB
ajfa-633	243	8	the	the	DET
ajfa-633	243	9	relationship	relationship	NOUN
ajfa-633	243	10	between	between	ADP
ajfa-633	243	11	the	the	DET
ajfa-633	243	12	stock	stock	NOUN
ajfa-633	243	13	market	market	NOUN
ajfa-633	243	14	and	and	CCONJ
ajfa-633	243	15	a	a	DET
ajfa-633	243	16	set	set	NOUN
ajfa-633	243	17	of	of	ADP
ajfa-633	243	18	macroeconomic	macroeconomic	ADJ
ajfa-633	243	19	variables	variable	NOUN
ajfa-633	243	20	during	during	ADP
ajfa-633	243	21	the	the	DET
ajfa-633	243	22	period	period	NOUN
ajfa-633	243	23	of	of	ADP
ajfa-633	243	24	january	january	PROPN
ajfa-633	243	25	2005	2005	NUM
ajfa-633	243	26	to	to	ADP
ajfa-633	243	27	february	february	PROPN
ajfa-633	243	28	2011	2011	NUM
ajfa-633	243	29	.	.	PUNCT
ajfa-633	244	1	the	the	DET
ajfa-633	244	2	time	time	NOUN
ajfa-633	244	3	series	series	PROPN
ajfa-633	244	4	data	datum	NOUN
ajfa-633	244	5	set	set	VERB
ajfa-633	244	6	employed	employ	VERB
ajfa-633	244	7	in	in	ADP
ajfa-633	244	8	this	this	DET
ajfa-633	244	9	study	study	NOUN
ajfa-633	244	10	comprises	comprise	VERB
ajfa-633	244	11	the	the	DET
ajfa-633	244	12	weekly	weekly	ADJ
ajfa-633	244	13	observations	observation	NOUN
ajfa-633	244	14	of	of	ADP
ajfa-633	244	15	the	the	DET
ajfa-633	244	16	bse	bse	NOUN
ajfa-633	244	17	sensex	sensex	PROPN
ajfa-633	244	18	,	,	PUNCT
ajfa-633	244	19	wpi	wpi	NOUN
ajfa-633	244	20	,	,	PUNCT
ajfa-633	244	21	treasury	treasury	PROPN
ajfa-633	244	22	bill	bill	NOUN
ajfa-633	244	23	rate	rate	NOUN
ajfa-633	244	24	,	,	PUNCT
ajfa-633	244	25	exchange	exchange	NOUN
ajfa-633	244	26	rate	rate	NOUN
ajfa-633	244	27	,	,	PUNCT
ajfa-633	244	28	s&p	s&p	PROPN
ajfa-633	244	29	500	500	NUM
ajfa-633	244	30	and	and	CCONJ
ajfa-633	244	31	bse	bse	NOUN
ajfa-633	244	32	trading	trading	NOUN
ajfa-633	244	33	volume	volume	NOUN
ajfa-633	244	34	.	.	PUNCT
ajfa-633	245	1	the	the	DET
ajfa-633	245	2	study	study	NOUN
ajfa-633	245	3	used	use	VERB
ajfa-633	245	4	ljung	ljung	PROPN
ajfa-633	245	5	-	-	PUNCT
ajfa-633	245	6	box	box	NOUN
ajfa-633	245	7	q	q	PROPN
ajfa-633	245	8	statistics	statistic	NOUN
ajfa-633	245	9	and	and	CCONJ
ajfa-633	245	10	breusch	breusch	NOUN
ajfa-633	245	11	-	-	PUNCT
ajfa-633	245	12	godfrey	godfrey	NOUN
ajfa-633	245	13	serial	serial	ADJ
ajfa-633	245	14	correlation	correlation	NOUN
ajfa-633	245	15	lm	lm	INTJ
ajfa-633	245	16	test	test	NOUN
ajfa-633	245	17	to	to	PART
ajfa-633	245	18	determine	determine	VERB
ajfa-633	245	19	the	the	DET
ajfa-633	245	20	auto	auto	NOUN
ajfa-633	245	21	correlation	correlation	NOUN
ajfa-633	245	22	of	of	ADP
ajfa-633	245	23	all	all	DET
ajfa-633	245	24	variables	variable	NOUN
ajfa-633	245	25	.	.	PUNCT
ajfa-633	246	1	the	the	DET
ajfa-633	246	2	study	study	NOUN
ajfa-633	246	3	confirms	confirm	VERB
ajfa-633	246	4	the	the	DET
ajfa-633	246	5	presence	presence	NOUN
ajfa-633	246	6	of	of	ADP
ajfa-633	246	7	autocorrelation	autocorrelation	NOUN
ajfa-633	246	8	in	in	ADP
ajfa-633	246	9	the	the	DET
ajfa-633	246	10	indian	indian	ADJ
ajfa-633	246	11	stock	stock	NOUN
ajfa-633	246	12	market	market	NOUN
ajfa-633	246	13	and	and	CCONJ
ajfa-633	246	14	macro	macro	ADJ
ajfa-633	246	15	economic	economic	ADJ
ajfa-633	246	16	variables	variable	NOUN
ajfa-633	246	17	.	.	PUNCT
ajfa-633	247	1	the	the	DET
ajfa-633	247	2	study	study	NOUN
ajfa-633	247	3	also	also	ADV
ajfa-633	247	4	used	use	VERB
ajfa-633	247	5	the	the	DET
ajfa-633	247	6	granger	granger	PROPN
ajfa-633	247	7	causality	causality	PROPN
ajfa-633	247	8	test	test	NOUN
ajfa-633	247	9	to	to	PART
ajfa-633	247	10	determine	determine	VERB
ajfa-633	247	11	the	the	DET
ajfa-633	247	12	causal	causal	ADJ
ajfa-633	247	13	effect	effect	NOUN
ajfa-633	247	14	relationship	relationship	NOUN
ajfa-633	247	15	between	between	ADP
ajfa-633	247	16	the	the	DET
ajfa-633	247	17	bse	bse	NOUN
ajfa-633	247	18	sensex	sensex	PROPN
ajfa-633	247	19	with	with	ADP
ajfa-633	247	20	macro	macro	ADJ
ajfa-633	247	21	economic	economic	ADJ
ajfa-633	247	22	variables	variable	NOUN
ajfa-633	247	23	.	.	PUNCT
ajfa-633	248	1	statistical	statistical	ADJ
ajfa-633	248	2	inferences	inference	NOUN
ajfa-633	248	3	are	be	AUX
ajfa-633	248	4	drawn	draw	VERB
ajfa-633	248	5	from	from	ADP
ajfa-633	248	6	the	the	DET
ajfa-633	248	7	data	datum	NOUN
ajfa-633	248	8	by	by	ADP
ajfa-633	248	9	means	mean	NOUN
ajfa-633	248	10	of	of	ADP
ajfa-633	248	11	significance	significance	NOUN
ajfa-633	248	12	tests	test	NOUN
ajfa-633	248	13	and	and	CCONJ
ajfa-633	248	14	bidirectional	bidirectional	ADJ
ajfa-633	248	15	causality	causality	NOUN
ajfa-633	248	16	is	be	AUX
ajfa-633	248	17	seen	see	VERB
ajfa-633	248	18	between	between	ADP
ajfa-633	248	19	inflation	inflation	NOUN
ajfa-633	248	20	rate	rate	NOUN
ajfa-633	248	21	and	and	CCONJ
ajfa-633	248	22	stock	stock	NOUN
ajfa-633	248	23	market	market	NOUN
ajfa-633	248	24	,	,	PUNCT
ajfa-633	248	25	exchange	exchange	NOUN
ajfa-633	248	26	rate	rate	NOUN
ajfa-633	248	27	and	and	CCONJ
ajfa-633	248	28	stock	stock	NOUN
ajfa-633	248	29	market	market	NOUN
ajfa-633	248	30	,	,	PUNCT
ajfa-633	248	31	interest	interest	NOUN
ajfa-633	248	32	rate	rate	NOUN
ajfa-633	248	33	and	and	CCONJ
ajfa-633	248	34	stock	stock	NOUN
ajfa-633	248	35	market	market	NOUN
ajfa-633	248	36	,	,	PUNCT
ajfa-633	248	37	international	international	ADJ
ajfa-633	248	38	stock	stock	NOUN
ajfa-633	248	39	market	market	NOUN
ajfa-633	248	40	and	and	CCONJ
ajfa-633	248	41	bse	bse	NOUN
ajfa-633	248	42	volume	volume	NOUN
ajfa-633	248	43	,	,	PUNCT
ajfa-633	248	44	exchange	exchange	NOUN
ajfa-633	248	45	rate	rate	NOUN
ajfa-633	248	46	and	and	CCONJ
ajfa-633	248	47	bse	bse	NOUN
ajfa-633	248	48	volume	volume	NOUN
ajfa-633	248	49	.	.	PUNCT
ajfa-633	249	1	similarly	similarly	ADV
ajfa-633	249	2	unidirectional	unidirectional	ADJ
ajfa-633	249	3	causality	causality	NOUN
ajfa-633	249	4	is	be	AUX
ajfa-633	249	5	found	find	VERB
ajfa-633	249	6	between	between	ADP
ajfa-633	249	7	international	international	ADJ
ajfa-633	249	8	stock	stock	NOUN
ajfa-633	249	9	market	market	NOUN
ajfa-633	249	10	and	and	CCONJ
ajfa-633	249	11	domestic	domestic	ADJ
ajfa-633	249	12	stock	stock	NOUN
ajfa-633	249	13	market	market	NOUN
ajfa-633	249	14	,	,	PUNCT
ajfa-633	249	15	international	international	ADJ
ajfa-633	249	16	stock	stock	NOUN
ajfa-633	249	17	market	market	NOUN
ajfa-633	249	18	and	and	CCONJ
ajfa-633	249	19	exchange	exchange	NOUN
ajfa-633	249	20	rate	rate	NOUN
ajfa-633	249	21	,	,	PUNCT
ajfa-633	249	22	international	international	ADJ
ajfa-633	249	23	stock	stock	NOUN
ajfa-633	249	24	market	market	NOUN
ajfa-633	249	25	and	and	CCONJ
ajfa-633	249	26	inflation	inflation	NOUN
ajfa-633	249	27	rate	rate	NOUN
ajfa-633	249	28	,	,	PUNCT
ajfa-633	249	29	international	international	ADJ
ajfa-633	249	30	stock	stock	NOUN
ajfa-633	249	31	market	market	NOUN
ajfa-633	249	32	and	and	CCONJ
ajfa-633	249	33	interest	interest	NOUN
ajfa-633	249	34	rate	rate	NOUN
ajfa-633	249	35	.	.	PUNCT
ajfa-633	250	1	so	so	ADV
ajfa-633	250	2	the	the	DET
ajfa-633	250	3	study	study	NOUN
ajfa-633	250	4	suggests	suggest	VERB
ajfa-633	250	5	that	that	SCONJ
ajfa-633	250	6	indian	indian	ADJ
ajfa-633	250	7	stock	stock	NOUN
ajfa-633	250	8	market	market	NOUN
ajfa-633	250	9	is	be	AUX
ajfa-633	250	10	influenced	influence	VERB
ajfa-633	250	11	by	by	ADP
ajfa-633	250	12	inflation	inflation	NOUN
ajfa-633	250	13	rate	rate	NOUN
ajfa-633	250	14	,	,	PUNCT
ajfa-633	250	15	exchange	exchange	NOUN
ajfa-633	250	16	rate	rate	NOUN
ajfa-633	250	17	and	and	CCONJ
ajfa-633	250	18	interest	interest	NOUN
ajfa-633	250	19	rate	rate	NOUN
ajfa-633	250	20	in	in	ADP
ajfa-633	250	21	the	the	DET
ajfa-633	250	22	economy	economy	NOUN
ajfa-633	250	23	.	.	PUNCT
ajfa-633	251	1	so	so	ADV
ajfa-633	251	2	they	they	PRON
ajfa-633	251	3	can	can	AUX
ajfa-633	251	4	be	be	AUX
ajfa-633	251	5	used	use	VERB
ajfa-633	251	6	to	to	PART
ajfa-633	251	7	predict	predict	VERB
ajfa-633	251	8	stock	stock	NOUN
ajfa-633	251	9	market	market	NOUN
ajfa-633	251	10	price	price	NOUN
ajfa-633	251	11	fluctuations	fluctuation	NOUN
ajfa-633	251	12	.	.	PUNCT
ajfa-633	252	1	the	the	DET
ajfa-633	252	2	study	study	NOUN
ajfa-633	252	3	also	also	ADV
ajfa-633	252	4	found	find	VERB
ajfa-633	252	5	that	that	SCONJ
ajfa-633	252	6	variability	variability	NOUN
ajfa-633	252	7	of	of	ADP
ajfa-633	252	8	international	international	ADJ
ajfa-633	252	9	market	market	NOUN
ajfa-633	252	10	and	and	CCONJ
ajfa-633	252	11	exchange	exchange	NOUN
ajfa-633	252	12	rate	rate	NOUN
ajfa-633	252	13	is	be	AUX
ajfa-633	252	14	affecting	affect	VERB
ajfa-633	252	15	trading	trading	NOUN
ajfa-633	252	16	volume	volume	NOUN
ajfa-633	252	17	change	change	NOUN
ajfa-633	252	18	in	in	ADP
ajfa-633	252	19	the	the	DET
ajfa-633	252	20	stock	stock	NOUN
ajfa-633	252	21	market	market	NOUN
ajfa-633	252	22	in	in	ADP
ajfa-633	252	23	the	the	DET
ajfa-633	252	24	economy	economy	NOUN
ajfa-633	252	25	.	.	PUNCT
ajfa-633	253	1	further	far	ADV
ajfa-633	253	2	the	the	DET
ajfa-633	253	3	study	study	NOUN
ajfa-633	253	4	reveals	reveal	VERB
ajfa-633	253	5	that	that	SCONJ
ajfa-633	253	6	indian	indian	ADJ
ajfa-633	253	7	stock	stock	NOUN
ajfa-633	253	8	markets	market	NOUN
ajfa-633	253	9	are	be	AUX
ajfa-633	253	10	not	not	PART
ajfa-633	253	11	weak	weak	ADJ
ajfa-633	253	12	form	form	NOUN
ajfa-633	253	13	efficient	efficient	ADJ
ajfa-633	253	14	.	.	PUNCT
ajfa-633	254	1	so	so	ADV
ajfa-633	254	2	it	it	PRON
ajfa-633	254	3	implies	imply	VERB
ajfa-633	254	4	that	that	SCONJ
ajfa-633	254	5	the	the	DET
ajfa-633	254	6	sensible	sensible	ADJ
ajfa-633	254	7	investor	investor	NOUN
ajfa-633	254	8	in	in	ADP
ajfa-633	254	9	india	india	PROPN
ajfa-633	254	10	can	can	AUX
ajfa-633	254	11	attain	attain	VERB
ajfa-633	254	12	abnormal	abnormal	ADJ
ajfa-633	254	13	returns	return	NOUN
ajfa-633	254	14	using	use	VERB
ajfa-633	254	15	historical	historical	ADJ
ajfa-633	254	16	data	datum	NOUN
ajfa-633	254	17	of	of	ADP
ajfa-633	254	18	stock	stock	NOUN
ajfa-633	254	19	prices	price	NOUN
ajfa-633	254	20	,	,	PUNCT
ajfa-633	254	21	and	and	CCONJ
ajfa-633	254	22	macroeconomic	macroeconomic	ADJ
ajfa-633	254	23	indicators	indicator	NOUN
ajfa-633	254	24	.	.	PUNCT
ajfa-633	255	1	this	this	PRON
ajfa-633	255	2	may	may	AUX
ajfa-633	255	3	enable	enable	VERB
ajfa-633	255	4	the	the	DET
ajfa-633	255	5	traders	trader	NOUN
ajfa-633	255	6	and	and	CCONJ
ajfa-633	255	7	investors	investor	NOUN
ajfa-633	255	8	to	to	PART
ajfa-633	255	9	work	work	VERB
ajfa-633	255	10	out	out	ADP
ajfa-633	255	11	profitable	profitable	ADJ
ajfa-633	255	12	strategy	strategy	NOUN
ajfa-633	255	13	for	for	ADP
ajfa-633	255	14	trading	trading	NOUN
ajfa-633	255	15	or	or	CCONJ
ajfa-633	255	16	to	to	PART
ajfa-633	255	17	take	take	VERB
ajfa-633	255	18	investment	investment	NOUN
ajfa-633	255	19	decision	decision	NOUN
ajfa-633	255	20	.	.	PUNCT
ajfa-633	256	1	one	one	NUM
ajfa-633	256	2	of	of	ADP
ajfa-633	256	3	the	the	DET
ajfa-633	256	4	limitations	limitation	NOUN
ajfa-633	256	5	of	of	ADP
ajfa-633	256	6	the	the	DET
ajfa-633	256	7	study	study	NOUN
ajfa-633	256	8	is	be	AUX
ajfa-633	256	9	that	that	SCONJ
ajfa-633	256	10	we	we	PRON
ajfa-633	256	11	have	have	AUX
ajfa-633	256	12	used	use	VERB
ajfa-633	256	13	five	five	NUM
ajfa-633	256	14	macroeconomic	macroeconomic	ADJ
ajfa-633	256	15	variables	variable	NOUN
ajfa-633	256	16	only	only	ADV
ajfa-633	256	17	,	,	PUNCT
ajfa-633	256	18	so	so	ADV
ajfa-633	256	19	further	further	ADJ
ajfa-633	256	20	research	research	NOUN
ajfa-633	256	21	needs	need	VERB
ajfa-633	256	22	to	to	PART
ajfa-633	256	23	be	be	AUX
ajfa-633	256	24	explored	explore	VERB
ajfa-633	256	25	by	by	ADP
ajfa-633	256	26	including	include	VERB
ajfa-633	256	27	more	more	ADJ
ajfa-633	256	28	macroeconomic	macroeconomic	ADJ
ajfa-633	256	29	variables	variable	NOUN
ajfa-633	256	30	to	to	PART
ajfa-633	256	31	know	know	VERB
ajfa-633	256	32	the	the	DET
ajfa-633	256	33	relationships	relationship	NOUN
ajfa-633	256	34	between	between	ADP
ajfa-633	256	35	these	these	DET
ajfa-633	256	36	factors	factor	NOUN
ajfa-633	256	37	and	and	CCONJ
ajfa-633	256	38	the	the	DET
ajfa-633	256	39	nature	nature	NOUN
ajfa-633	256	40	of	of	ADP
ajfa-633	256	41	stock	stock	NOUN
ajfa-633	256	42	market	market	NOUN
ajfa-633	256	43	volatility	volatility	NOUN
ajfa-633	256	44	.	.	PUNCT
ajfa-633	257	1	secondly	secondly	ADV
ajfa-633	257	2	,	,	PUNCT
ajfa-633	257	3	it	it	PRON
ajfa-633	257	4	asian	asian	ADJ
ajfa-633	257	5	journal	journal	NOUN
ajfa-633	257	6	of	of	ADP
ajfa-633	257	7	finance	finance	PROPN
ajfa-633	257	8	&	&	CCONJ
ajfa-633	257	9	accounting	accounting	PROPN
ajfa-633	257	10	issn	issn	PROPN
ajfa-633	257	11	1946	1946	NUM
ajfa-633	257	12	-	-	PUNCT
ajfa-633	257	13	052x	052x	NOUN
ajfa-633	257	14	2011	2011	NUM
ajfa-633	257	15	,	,	PUNCT
ajfa-633	257	16	vol	vol	NOUN
ajfa-633	257	17	.	.	PROPN
ajfa-633	258	1	3	3	NUM
ajfa-633	258	2	,	,	PUNCT
ajfa-633	258	3	no	no	INTJ
ajfa-633	258	4	.	.	NOUN
ajfa-633	258	5	1	1	NUM
ajfa-633	258	6	:	:	PUNCT
ajfa-633	258	7	e13	e13	VERB
ajfa-633	258	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	258	9	224	224	NUM
ajfa-633	258	10	is	be	AUX
ajfa-633	258	11	also	also	ADV
ajfa-633	258	12	quite	quite	ADV
ajfa-633	258	13	possible	possible	ADJ
ajfa-633	258	14	that	that	SCONJ
ajfa-633	258	15	the	the	DET
ajfa-633	258	16	macroeconomic	macroeconomic	ADJ
ajfa-633	258	17	variables	variable	NOUN
ajfa-633	258	18	have	have	VERB
ajfa-633	258	19	different	different	ADJ
ajfa-633	258	20	impact	impact	NOUN
ajfa-633	258	21	on	on	ADP
ajfa-633	258	22	stock	stock	NOUN
ajfa-633	258	23	market	market	NOUN
ajfa-633	258	24	volatility	volatility	NOUN
ajfa-633	258	25	depending	depend	VERB
ajfa-633	258	26	on	on	ADP
ajfa-633	258	27	the	the	DET
ajfa-633	258	28	trading	trading	NOUN
ajfa-633	258	29	mechanisms	mechanism	NOUN
ajfa-633	258	30	and	and	CCONJ
ajfa-633	258	31	regulatory	regulatory	ADJ
ajfa-633	258	32	environments	environment	NOUN
ajfa-633	258	33	.	.	PUNCT
ajfa-633	259	1	references	reference	NOUN
ajfa-633	259	2	barrows	barrow	NOUN
ajfa-633	259	3	cw	cw	NOUN
ajfa-633	259	4	,	,	PUNCT
ajfa-633	259	5	&	&	CCONJ
ajfa-633	259	6	naka	naka	PROPN
ajfa-633	259	7	a.	a.	NOUN
ajfa-633	259	8	(	(	PUNCT
ajfa-633	259	9	1994	1994	NUM
ajfa-633	259	10	)	)	PUNCT
ajfa-633	259	11	.	.	PUNCT
ajfa-633	260	1	use	use	NOUN
ajfa-633	260	2	of	of	ADP
ajfa-633	260	3	macroeconomic	macroeconomic	ADJ
ajfa-633	260	4	variables	variable	NOUN
ajfa-633	260	5	to	to	PART
ajfa-633	260	6	evaluate	evaluate	VERB
ajfa-633	260	7	selected	select	VERB
ajfa-633	260	8	hospitality	hospitality	NOUN
ajfa-633	260	9	stock	stock	NOUN
ajfa-633	260	10	returns	return	NOUN
ajfa-633	260	11	in	in	ADP
ajfa-633	260	12	the	the	DET
ajfa-633	260	13	u.s	u.s	PROPN
ajfa-633	260	14	.	.	PROPN
ajfa-633	260	15	international	international	PROPN
ajfa-633	260	16	journal	journal	PROPN
ajfa-633	260	17	of	of	ADP
ajfa-633	260	18	hospital	hospital	NOUN
ajfa-633	260	19	management	management	NOUN
ajfa-633	260	20	,	,	PUNCT
ajfa-633	260	21	13	13	NUM
ajfa-633	260	22	:	:	SYM
ajfa-633	260	23	119	119	NUM
ajfa-633	260	24	-	-	SYM
ajfa-633	260	25	128	128	NUM
ajfa-633	260	26	.	.	PUNCT
ajfa-633	261	1	http://dx.doi.org/10.1016/0278-4319(94)90033-7	http://dx.doi.org/10.1016/0278-4319(94)90033-7	PROPN
ajfa-633	261	2	booth	booth	PROPN
ajfa-633	261	3	jr	jr	PROPN
ajfa-633	261	4	,	,	PUNCT
ajfa-633	261	5	booth	booth	PROPN
ajfa-633	261	6	lc	lc	PROPN
ajfa-633	261	7	.	.	PUNCT
ajfa-633	261	8	(	(	PUNCT
ajfa-633	261	9	1997	1997	NUM
ajfa-633	261	10	)	)	PUNCT
ajfa-633	261	11	.	.	PUNCT
ajfa-633	262	1	economic	economic	ADJ
ajfa-633	262	2	factors	factor	NOUN
ajfa-633	262	3	,	,	PUNCT
ajfa-633	262	4	monetary	monetary	ADJ
ajfa-633	262	5	policy	policy	NOUN
ajfa-633	262	6	and	and	CCONJ
ajfa-633	262	7	expected	expect	VERB
ajfa-633	262	8	returns	return	NOUN
ajfa-633	262	9	on	on	ADP
ajfa-633	262	10	stock	stock	NOUN
ajfa-633	262	11	and	and	CCONJ
ajfa-633	262	12	bonds	bond	NOUN
ajfa-633	262	13	economic	economic	ADJ
ajfa-633	262	14	review	review	NOUN
ajfa-633	262	15	.	.	PUNCT
ajfa-633	263	1	federal	federal	PROPN
ajfa-633	263	2	reserve	reserve	PROPN
ajfa-633	263	3	bank	bank	PROPN
ajfa-633	263	4	of	of	ADP
ajfa-633	263	5	san	san	PROPN
ajfa-633	263	6	francisco	francisco	PROPN
ajfa-633	263	7	economic	economic	PROPN
ajfa-633	263	8	review	review	PROPN
ajfa-633	263	9	,	,	PUNCT
ajfa-633	263	10	2:32	2:32	NUM
ajfa-633	263	11	-	-	SYM
ajfa-633	263	12	42	42	NUM
ajfa-633	263	13	.	.	PUNCT
ajfa-633	264	1	chen	chen	PROPN
ajfa-633	264	2	mh	mh	PROPN
ajfa-633	264	3	.	.	PUNCT
ajfa-633	265	1	(	(	PUNCT
ajfa-633	265	2	2003	2003	NUM
ajfa-633	265	3	)	)	PUNCT
ajfa-633	265	4	.	.	PUNCT
ajfa-633	266	1	risk	risk	NOUN
ajfa-633	266	2	,	,	PUNCT
ajfa-633	266	3	return	return	NOUN
ajfa-633	266	4	and	and	CCONJ
ajfa-633	266	5	capm	capm	PROPN
ajfa-633	266	6	.	.	PUNCT
ajfa-633	267	1	quarterly	quarterly	ADJ
ajfa-633	267	2	review	review	NOUN
ajfa-633	267	3	of	of	ADP
ajfa-633	267	4	economics	economic	NOUN
ajfa-633	267	5	and	and	CCONJ
ajfa-633	267	6	finance	finance	NOUN
ajfa-633	267	7	,	,	PUNCT
ajfa-633	267	8	43	43	NUM
ajfa-633	267	9	:	:	PUNCT
ajfa-633	267	10	369	369	NUM
ajfa-633	267	11	-	-	SYM
ajfa-633	267	12	393	393	NUM
ajfa-633	267	13	.	.	PUNCT
ajfa-633	268	1	http://dx.doi.org/10.1016/s1062-9769(02)00125-4	http://dx.doi.org/10.1016/s1062-9769(02)00125-4	VERB
ajfa-633	268	2	chen	chen	PROPN
ajfa-633	268	3	mh	mh	PROPN
ajfa-633	268	4	,	,	PUNCT
ajfa-633	268	5	kim	kim	PROPN
ajfa-633	268	6	wg	wg	PROPN
ajfa-633	268	7	,	,	PUNCT
ajfa-633	268	8	&	&	CCONJ
ajfa-633	268	9	kim	kim	PROPN
ajfa-633	268	10	hj	hj	PROPN
ajfa-633	268	11	.	.	PROPN
ajfa-633	269	1	(	(	PUNCT
ajfa-633	269	2	2005	2005	NUM
ajfa-633	269	3	)	)	PUNCT
ajfa-633	269	4	.	.	PUNCT
ajfa-633	270	1	macro	macro	ADJ
ajfa-633	270	2	and	and	CCONJ
ajfa-633	270	3	non	non	ADJ
ajfa-633	270	4	-	-	ADJ
ajfa-633	270	5	macro	macro	ADJ
ajfa-633	270	6	explanatory	explanatory	ADJ
ajfa-633	270	7	factors	factor	NOUN
ajfa-633	270	8	of	of	ADP
ajfa-633	270	9	chinese	chinese	ADJ
ajfa-633	270	10	hotel	hotel	NOUN
ajfa-633	270	11	stock	stock	NOUN
ajfa-633	270	12	returns	return	NOUN
ajfa-633	270	13	.	.	PUNCT
ajfa-633	271	1	international	international	ADJ
ajfa-633	271	2	journal	journal	PROPN
ajfa-633	271	3	of	of	ADP
ajfa-633	271	4	hospital	hospital	NOUN
ajfa-633	271	5	management	management	NOUN
ajfa-633	271	6	,	,	PUNCT
ajfa-633	271	7	24	24	NUM
ajfa-633	271	8	:	:	SYM
ajfa-633	271	9	243	243	NUM
ajfa-633	271	10	-	-	SYM
ajfa-633	271	11	258	258	NUM
ajfa-633	271	12	.	.	PUNCT
ajfa-633	272	1	chen	chen	PROPN
ajfa-633	272	2	sj	sj	PROPN
ajfa-633	272	3	,	,	PUNCT
ajfa-633	272	4	roll	roll	VERB
ajfa-633	272	5	f	f	NUM
ajfa-633	272	6	,	,	PUNCT
ajfa-633	272	7	&	&	CCONJ
ajfa-633	272	8	ross	ross	PROPN
ajfa-633	272	9	sa	sa	PROPN
ajfa-633	272	10	.	.	PUNCT
ajfa-633	273	1	(	(	PUNCT
ajfa-633	273	2	1986	1986	NUM
ajfa-633	273	3	)	)	PUNCT
ajfa-633	273	4	.	.	PUNCT
ajfa-633	274	1	economic	economic	ADJ
ajfa-633	274	2	forces	force	NOUN
ajfa-633	274	3	and	and	CCONJ
ajfa-633	274	4	the	the	DET
ajfa-633	274	5	stock	stock	NOUN
ajfa-633	274	6	market	market	NOUN
ajfa-633	274	7	.	.	PUNCT
ajfa-633	275	1	journal	journal	NOUN
ajfa-633	275	2	of	of	ADP
ajfa-633	275	3	business	business	NOUN
ajfa-633	275	4	,	,	PUNCT
ajfa-633	275	5	59(3	59(3	NUM
ajfa-633	275	6	):	):	PUNCT
ajfa-633	275	7	505	505	NUM
ajfa-633	275	8	-	-	SYM
ajfa-633	275	9	523	523	NUM
ajfa-633	275	10	.	.	PUNCT
ajfa-633	276	1	dickey	dickey	PROPN
ajfa-633	276	2	,	,	PUNCT
ajfa-633	276	3	d.a	d.a	PROPN
ajfa-633	276	4	.	.	PROPN
ajfa-633	276	5	,	,	PUNCT
ajfa-633	276	6	&	&	CCONJ
ajfa-633	276	7	w.a	w.a	PROPN
ajfa-633	276	8	.	.	PROPN
ajfa-633	276	9	fuller	full	ADJ
ajfa-633	276	10	.	.	PUNCT
ajfa-633	277	1	(	(	PUNCT
ajfa-633	277	2	1979	1979	NUM
ajfa-633	277	3	)	)	PUNCT
ajfa-633	277	4	.	.	PUNCT
ajfa-633	278	1	distribution	distribution	NOUN
ajfa-633	278	2	of	of	ADP
ajfa-633	278	3	the	the	DET
ajfa-633	278	4	estimation	estimation	NOUN
ajfa-633	278	5	for	for	ADP
ajfa-633	278	6	autoregressive	autoregressive	ADJ
ajfa-633	278	7	time	time	NOUN
ajfa-633	278	8	series	series	NOUN
ajfa-633	278	9	with	with	ADP
ajfa-633	278	10	a	a	DET
ajfa-633	278	11	unit	unit	NOUN
ajfa-633	278	12	root	root	NOUN
ajfa-633	278	13	.	.	PUNCT
ajfa-633	279	1	journal	journal	PROPN
ajfa-633	279	2	of	of	ADP
ajfa-633	279	3	american	american	PROPN
ajfa-633	279	4	statistical	statistical	ADJ
ajfa-633	279	5	association	association	NOUN
ajfa-633	279	6	,	,	PUNCT
ajfa-633	279	7	79	79	NUM
ajfa-633	279	8	:	:	SYM
ajfa-633	279	9	355	355	NUM
ajfa-633	279	10	-	-	SYM
ajfa-633	279	11	367	367	NUM
ajfa-633	279	12	dornbusch	dornbusch	NOUN
ajfa-633	279	13	r	r	NOUN
ajfa-633	279	14	,	,	PUNCT
ajfa-633	279	15	&	&	CCONJ
ajfa-633	279	16	fisher	fisher	PROPN
ajfa-633	279	17	s.	s.	PROPN
ajfa-633	279	18	(	(	PUNCT
ajfa-633	279	19	1980	1980	NUM
ajfa-633	279	20	)	)	PUNCT
ajfa-633	279	21	.	.	PUNCT
ajfa-633	280	1	exchange	exchange	NOUN
ajfa-633	280	2	rates	rate	NOUN
ajfa-633	280	3	and	and	CCONJ
ajfa-633	280	4	the	the	DET
ajfa-633	280	5	current	current	ADJ
ajfa-633	280	6	account	account	NOUN
ajfa-633	280	7	.	.	PUNCT
ajfa-633	281	1	the	the	DET
ajfa-633	281	2	american	american	PROPN
ajfa-633	281	3	economic	economic	PROPN
ajfa-633	281	4	review	review	PROPN
ajfa-633	281	5	,	,	PUNCT
ajfa-633	281	6	70	70	NUM
ajfa-633	281	7	:	:	PUNCT
ajfa-633	281	8	690	690	NUM
ajfa-633	281	9	-	-	SYM
ajfa-633	281	10	971	971	NUM
ajfa-633	281	11	.	.	PUNCT
ajfa-633	282	1	donatas	donata	NOUN
ajfa-633	282	2	pilinkus	pilinkus	PROPN
ajfa-633	282	3	,	,	PUNCT
ajfa-633	282	4	&	&	CCONJ
ajfa-633	282	5	vytautas	vytautas	PROPN
ajfa-633	282	6	boguslauskas	boguslauskas	PROPN
ajfa-633	282	7	.	.	PUNCT
ajfa-633	283	1	(	(	PUNCT
ajfa-633	283	2	2009	2009	NUM
ajfa-633	283	3	)	)	PUNCT
ajfa-633	283	4	.	.	PUNCT
ajfa-633	284	1	the	the	DET
ajfa-633	284	2	short	short	ADJ
ajfa-633	284	3	-	-	PUNCT
ajfa-633	284	4	run	run	NOUN
ajfa-633	284	5	relationship	relationship	NOUN
ajfa-633	284	6	between	between	ADP
ajfa-633	284	7	stock	stock	NOUN
ajfa-633	284	8	market	market	NOUN
ajfa-633	284	9	prices	price	NOUN
ajfa-633	284	10	and	and	CCONJ
ajfa-633	284	11	macroeconomic	macroeconomic	ADJ
ajfa-633	284	12	variables	variable	NOUN
ajfa-633	284	13	in	in	ADP
ajfa-633	284	14	lithuania	lithuania	PROPN
ajfa-633	284	15	:	:	PUNCT
ajfa-633	284	16	an	an	DET
ajfa-633	284	17	application	application	NOUN
ajfa-633	284	18	of	of	ADP
ajfa-633	284	19	the	the	DET
ajfa-633	284	20	impulse	impulse	ADJ
ajfa-633	284	21	response	response	NOUN
ajfa-633	284	22	function	function	NOUN
ajfa-633	284	23	inzinerine	inzinerine	NOUN
ajfa-633	284	24	ekonomika	ekonomika	NOUN
ajfa-633	284	25	.	.	PUNCT
ajfa-633	285	1	engineering	engineer	VERB
ajfa-633	285	2	economics	economic	NOUN
ajfa-633	285	3	,	,	PUNCT
ajfa-633	285	4	1392	1392	NUM
ajfa-633	285	5	–	–	PUNCT
ajfa-633	285	6	2785	2785	NUM
ajfa-633	285	7	elliott	elliott	PROPN
ajfa-633	285	8	,	,	PUNCT
ajfa-633	285	9	g.	g.	PROPN
ajfa-633	285	10	rothenberg	rothenberg	PROPN
ajfa-633	285	11	,	,	PUNCT
ajfa-633	285	12	t.	t.	PROPN
ajfa-633	285	13	j.	j.	PROPN
ajfa-633	285	14	,	,	PUNCT
ajfa-633	285	15	&	&	CCONJ
ajfa-633	285	16	stock	stock	PROPN
ajfa-633	285	17	,	,	PUNCT
ajfa-633	285	18	j.	j.	PROPN
ajfa-633	285	19	h.	h.	PROPN
ajfa-633	285	20	(	(	PUNCT
ajfa-633	285	21	1996	1996	NUM
ajfa-633	285	22	)	)	PUNCT
ajfa-633	285	23	.	.	PUNCT
ajfa-633	286	1	efficient	efficient	ADJ
ajfa-633	286	2	tests	test	NOUN
ajfa-633	286	3	for	for	ADP
ajfa-633	286	4	an	an	DET
ajfa-633	286	5	autoregressive	autoregressive	ADJ
ajfa-633	286	6	unit	unit	NOUN
ajfa-633	286	7	root	root	NOUN
ajfa-633	286	8	.	.	PUNCT
ajfa-633	287	1	econometrica	econometrica	PROPN
ajfa-633	287	2	,	,	PUNCT
ajfa-633	287	3	64	64	NUM
ajfa-633	287	4	:	:	PUNCT
ajfa-633	287	5	813	813	NUM
ajfa-633	287	6	-	-	SYM
ajfa-633	287	7	836	836	NUM
ajfa-633	287	8	fama	fama	NOUN
ajfa-633	287	9	ef	ef	NOUN
ajfa-633	287	10	.	.	PUNCT
ajfa-633	287	11	(	(	PUNCT
ajfa-633	287	12	1981	1981	NUM
ajfa-633	287	13	)	)	PUNCT
ajfa-633	287	14	.	.	PUNCT
ajfa-633	288	1	stock	stock	NOUN
ajfa-633	288	2	returns	return	NOUN
ajfa-633	288	3	,	,	PUNCT
ajfa-633	288	4	real	real	ADJ
ajfa-633	288	5	activity	activity	NOUN
ajfa-633	288	6	,	,	PUNCT
ajfa-633	288	7	inflation	inflation	NOUN
ajfa-633	288	8	and	and	CCONJ
ajfa-633	288	9	money	money	NOUN
ajfa-633	288	10	.	.	PUNCT
ajfa-633	289	1	the	the	DET
ajfa-633	289	2	american	american	PROPN
ajfa-633	289	3	economic	economic	PROPN
ajfa-633	289	4	review	review	PROPN
ajfa-633	289	5	,	,	PUNCT
ajfa-633	289	6	71	71	NUM
ajfa-633	289	7	:	:	SYM
ajfa-633	289	8	115	115	NUM
ajfa-633	289	9	-	-	SYM
ajfa-633	289	10	46	46	NUM
ajfa-633	289	11	.	.	PUNCT
ajfa-633	290	1	http://links.jstor.org/sici?sici=0022-1082%28199009%2945%3a4%3c1089%3asrerar%	http://links.jstor.org/sici?sici=0022-1082%28199009%2945%3a4%3c1089%3asrerar%	PROPN
ajfa-633	290	2	3e2.0.co%3b2	3e2.0.co%3b2	NUM
ajfa-633	290	3	-	-	SYM
ajfa-633	290	4	1	1	NUM
ajfa-633	290	5	granger	granger	NOUN
ajfa-633	290	6	,	,	PUNCT
ajfa-633	290	7	c.w.j	c.w.j	NOUN
ajfa-633	290	8	.	.	PUNCT
ajfa-633	291	1	(	(	PUNCT
ajfa-633	291	2	1988	1988	NUM
ajfa-633	291	3	)	)	PUNCT
ajfa-633	291	4	.	.	PUNCT
ajfa-633	292	1	some	some	DET
ajfa-633	292	2	recent	recent	ADJ
ajfa-633	292	3	developments	development	NOUN
ajfa-633	292	4	in	in	ADP
ajfa-633	292	5	a	a	DET
ajfa-633	292	6	concept	concept	NOUN
ajfa-633	292	7	of	of	ADP
ajfa-633	292	8	causality	causality	NOUN
ajfa-633	292	9	.	.	PUNCT
ajfa-633	293	1	journal	journal	PROPN
ajfa-633	293	2	of	of	ADP
ajfa-633	293	3	econometrics	econometric	NOUN
ajfa-633	293	4	,	,	PUNCT
ajfa-633	293	5	39	39	NUM
ajfa-633	293	6	:	:	PUNCT
ajfa-633	293	7	213	213	NUM
ajfa-633	293	8	-	-	SYM
ajfa-633	293	9	28	28	NUM
ajfa-633	293	10	gjerde	gjerde	NOUN
ajfa-633	293	11	o	o	NOUN
ajfa-633	293	12	,	,	PUNCT
ajfa-633	293	13	&	&	CCONJ
ajfa-633	293	14	saettem	saettem	PROPN
ajfa-633	293	15	f.	f.	PROPN
ajfa-633	293	16	(	(	PUNCT
ajfa-633	293	17	1999	1999	NUM
ajfa-633	293	18	)	)	PUNCT
ajfa-633	293	19	.	.	PUNCT
ajfa-633	294	1	causal	causal	ADJ
ajfa-633	294	2	relations	relation	NOUN
ajfa-633	294	3	among	among	ADP
ajfa-633	294	4	stock	stock	NOUN
ajfa-633	294	5	returns	return	NOUN
ajfa-633	294	6	and	and	CCONJ
ajfa-633	294	7	macroeconomic	macroeconomic	ADJ
ajfa-633	294	8	variables	variable	NOUN
ajfa-633	294	9	in	in	ADP
ajfa-633	294	10	a	a	DET
ajfa-633	294	11	small	small	ADJ
ajfa-633	294	12	.	.	PUNCT
ajfa-633	295	1	open	open	ADJ
ajfa-633	295	2	economy	economy	NOUN
ajfa-633	295	3	journal	journal	NOUN
ajfa-633	295	4	of	of	ADP
ajfa-633	295	5	international	international	ADJ
ajfa-633	295	6	finance	finance	NOUN
ajfa-633	295	7	market	market	NOUN
ajfa-633	295	8	,	,	PUNCT
ajfa-633	295	9	9	9	NUM
ajfa-633	295	10	:	:	SYM
ajfa-633	295	11	61	61	NUM
ajfa-633	295	12	-	-	SYM
ajfa-633	295	13	74	74	NUM
ajfa-633	295	14	.	.	PUNCT
ajfa-633	296	1	http://www.sciencedirect.com/science/article/b6vgt-3v8ctd7-4/1/91e7b4fcf1b115fc45ed5	http://www.sciencedirect.com/science/article/b6vgt-3v8ctd7-4/1/91e7b4fcf1b115fc45ed5	PRON
ajfa-633	296	2	219689fe2a8	219689fe2a8	NUM
ajfa-633	296	3	granger	granger	NOUN
ajfa-633	296	4	,	,	PUNCT
ajfa-633	296	5	c.w.j	c.w.j	NOUN
ajfa-633	296	6	.	.	PUNCT
ajfa-633	297	1	(	(	PUNCT
ajfa-633	297	2	1969	1969	NUM
ajfa-633	297	3	)	)	PUNCT
ajfa-633	297	4	.	.	PUNCT
ajfa-633	298	1	investigating	investigate	VERB
ajfa-633	298	2	causal	causal	ADJ
ajfa-633	298	3	relations	relation	NOUN
ajfa-633	298	4	by	by	ADP
ajfa-633	298	5	econometric	econometric	ADJ
ajfa-633	298	6	models	model	NOUN
ajfa-633	298	7	and	and	CCONJ
ajfa-633	298	8	cross	cross	ADJ
ajfa-633	298	9	-	-	ADJ
ajfa-633	298	10	spectral	spectral	ADJ
ajfa-633	298	11	methods	method	NOUN
ajfa-633	298	12	.	.	PUNCT
ajfa-633	299	1	econometrica	econometrica	PROPN
ajfa-633	299	2	,	,	PUNCT
ajfa-633	299	3	37	37	NUM
ajfa-633	299	4	:	:	PUNCT
ajfa-633	299	5	428	428	NUM
ajfa-633	299	6	-	-	SYM
ajfa-633	299	7	438	438	NUM
ajfa-633	299	8	asian	asian	ADJ
ajfa-633	299	9	journal	journal	NOUN
ajfa-633	299	10	of	of	ADP
ajfa-633	299	11	finance	finance	PROPN
ajfa-633	299	12	&	&	CCONJ
ajfa-633	299	13	accounting	accounting	PROPN
ajfa-633	299	14	issn	issn	PROPN
ajfa-633	299	15	1946	1946	NUM
ajfa-633	299	16	-	-	PUNCT
ajfa-633	299	17	052x	052x	NOUN
ajfa-633	299	18	2011	2011	NUM
ajfa-633	299	19	,	,	PUNCT
ajfa-633	299	20	vol	vol	NOUN
ajfa-633	299	21	.	.	PROPN
ajfa-633	300	1	3	3	NUM
ajfa-633	300	2	,	,	PUNCT
ajfa-633	300	3	no	no	INTJ
ajfa-633	300	4	.	.	NOUN
ajfa-633	300	5	1	1	NUM
ajfa-633	300	6	:	:	PUNCT
ajfa-633	300	7	e13	e13	VERB
ajfa-633	300	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	300	9	225	225	NUM
ajfa-633	300	10	humpe	humpe	VERB
ajfa-633	300	11	,	,	PUNCT
ajfa-633	300	12	a.	a.	NOUN
ajfa-633	300	13	,	,	PUNCT
ajfa-633	300	14	&	&	CCONJ
ajfa-633	300	15	p.	p.	PROPN
ajfa-633	300	16	macmillan	macmillan	PROPN
ajfa-633	300	17	.	.	PUNCT
ajfa-633	301	1	(	(	PUNCT
ajfa-633	301	2	2009	2009	NUM
ajfa-633	301	3	)	)	PUNCT
ajfa-633	301	4	.	.	PUNCT
ajfa-633	302	1	can	can	AUX
ajfa-633	302	2	macroeconomic	macroeconomic	ADJ
ajfa-633	302	3	variables	variable	NOUN
ajfa-633	302	4	explain	explain	VERB
ajfa-633	302	5	long	long	ADJ
ajfa-633	302	6	-	-	PUNCT
ajfa-633	302	7	term	term	NOUN
ajfa-633	302	8	stock	stock	NOUN
ajfa-633	302	9	market	market	NOUN
ajfa-633	302	10	movements	movement	NOUN
ajfa-633	302	11	?	?	PUNCT
ajfa-633	303	1	a	a	DET
ajfa-633	303	2	comparison	comparison	NOUN
ajfa-633	303	3	of	of	ADP
ajfa-633	303	4	the	the	DET
ajfa-633	303	5	us	us	PROPN
ajfa-633	303	6	and	and	CCONJ
ajfa-633	303	7	japan	japan	PROPN
ajfa-633	303	8	.	.	PUNCT
ajfa-633	304	1	applied	apply	VERB
ajfa-633	304	2	financial	financial	ADJ
ajfa-633	304	3	economics	economic	NOUN
ajfa-633	304	4	,	,	PUNCT
ajfa-633	304	5	volume	volume	NOUN
ajfa-633	304	6	19(2	19(2	NUM
ajfa-633	304	7	)	)	PUNCT
ajfa-633	304	8	111	111	NUM
ajfa-633	304	9	-	-	SYM
ajfa-633	304	10	19	19	NUM
ajfa-633	304	11	ibrahim	ibrahim	NOUN
ajfa-633	304	12	,	,	PUNCT
ajfa-633	304	13	m.	m.	PROPN
ajfa-633	304	14	h.	h.	PROPN
ajfa-633	304	15	&	&	CCONJ
ajfa-633	304	16	aziz	aziz	PROPN
ajfa-633	304	17	,	,	PUNCT
ajfa-633	304	18	h.	h.	PROPN
ajfa-633	304	19	(	(	PUNCT
ajfa-633	304	20	2003	2003	NUM
ajfa-633	304	21	)	)	PUNCT
ajfa-633	304	22	.	.	PUNCT
ajfa-633	305	1	macroeconomic	macroeconomic	ADJ
ajfa-633	305	2	variable	variable	NOUN
ajfa-633	305	3	and	and	CCONJ
ajfa-633	305	4	the	the	DET
ajfa-633	305	5	malaysian	malaysian	ADJ
ajfa-633	305	6	equity	equity	NOUN
ajfa-633	305	7	market	market	NOUN
ajfa-633	305	8	:	:	PUNCT
ajfa-633	305	9	a	a	DET
ajfa-633	305	10	view	view	NOUN
ajfa-633	305	11	through	through	ADP
ajfa-633	305	12	rolling	rolling	ADJ
ajfa-633	305	13	subsamples	subsample	NOUN
ajfa-633	305	14	.	.	PUNCT
ajfa-633	306	1	journal	journal	NOUN
ajfa-633	306	2	of	of	ADP
ajfa-633	306	3	economic	economic	ADJ
ajfa-633	306	4	studies	study	NOUN
ajfa-633	306	5	,	,	PUNCT
ajfa-633	306	6	30	30	NUM
ajfa-633	306	7	:	:	SYM
ajfa-633	306	8	1	1	NUM
ajfa-633	306	9	:	:	PUNCT
ajfa-633	306	10	6	6	NUM
ajfa-633	306	11	-	-	SYM
ajfa-633	306	12	27	27	NUM
ajfa-633	306	13	.	.	PUNCT
ajfa-633	307	1	http://dx.doi.org/10.1108/01443580310455241	http://dx.doi.org/10.1108/01443580310455241	PROPN
ajfa-633	307	2	ibrahim	ibrahim	PROPN
ajfa-633	307	3	,	,	PUNCT
ajfa-633	307	4	m.	m.	PROPN
ajfa-633	307	5	h.	h.	PROPN
ajfa-633	307	6	(	(	PUNCT
ajfa-633	307	7	1999	1999	NUM
ajfa-633	307	8	)	)	PUNCT
ajfa-633	307	9	.	.	PUNCT
ajfa-633	308	1	macroeconomic	macroeconomic	ADJ
ajfa-633	308	2	variables	variable	NOUN
ajfa-633	308	3	and	and	CCONJ
ajfa-633	308	4	stock	stock	NOUN
ajfa-633	308	5	prices	price	NOUN
ajfa-633	308	6	in	in	ADP
ajfa-633	308	7	malaysia	malaysia	PROPN
ajfa-633	308	8	:	:	PUNCT
ajfa-633	308	9	an	an	DET
ajfa-633	308	10	empirical	empirical	ADJ
ajfa-633	308	11	analysis	analysis	NOUN
ajfa-633	308	12	.	.	PUNCT
ajfa-633	309	1	asian	asian	ADJ
ajfa-633	309	2	economic	economic	ADJ
ajfa-633	309	3	journal	journal	NOUN
ajfa-633	309	4	,	,	PUNCT
ajfa-633	309	5	13	13	NUM
ajfa-633	309	6	:	:	SYM
ajfa-633	309	7	2	2	NUM
ajfa-633	309	8	:	:	SYM
ajfa-633	309	9	219	219	NUM
ajfa-633	309	10	-	-	SYM
ajfa-633	309	11	231	231	NUM
ajfa-633	309	12	.	.	PUNCT
ajfa-633	310	1	http://dx.doi.org/10.1111/1467-8381.00082	http://dx.doi.org/10.1111/1467-8381.00082	PROPN
ajfa-633	310	2	kaneko	kaneko	PROPN
ajfa-633	310	3	t	t	PROPN
ajfa-633	310	4	,	,	PUNCT
ajfa-633	310	5	lee	lee	PROPN
ajfa-633	310	6	bs	bs	PROPN
ajfa-633	310	7	.	.	PUNCT
ajfa-633	310	8	(	(	PUNCT
ajfa-633	310	9	1995	1995	NUM
ajfa-633	310	10	)	)	PUNCT
ajfa-633	310	11	.	.	PUNCT
ajfa-633	311	1	relative	relative	ADJ
ajfa-633	311	2	importance	importance	NOUN
ajfa-633	311	3	of	of	ADP
ajfa-633	311	4	economic	economic	ADJ
ajfa-633	311	5	factors	factor	NOUN
ajfa-633	311	6	in	in	ADP
ajfa-633	311	7	the	the	DET
ajfa-633	311	8	u.s	u.s	PROPN
ajfa-633	311	9	.	.	PROPN
ajfa-633	311	10	and	and	CCONJ
ajfa-633	311	11	japanese	japanese	ADJ
ajfa-633	311	12	stock	stock	NOUN
ajfa-633	311	13	markets	market	NOUN
ajfa-633	311	14	.	.	PUNCT
ajfa-633	312	1	journal	journal	NOUN
ajfa-633	312	2	of	of	ADP
ajfa-633	312	3	the	the	DET
ajfa-633	312	4	japanese	japanese	ADJ
ajfa-633	312	5	and	and	CCONJ
ajfa-633	312	6	international	international	ADJ
ajfa-633	312	7	economies	economy	NOUN
ajfa-633	312	8	,	,	PUNCT
ajfa-633	312	9	9	9	NUM
ajfa-633	312	10	:	:	SYM
ajfa-633	312	11	290	290	NUM
ajfa-633	312	12	-	-	SYM
ajfa-633	312	13	307	307	NUM
ajfa-633	312	14	kwon	kwon	NOUN
ajfa-633	312	15	,	,	PUNCT
ajfa-633	312	16	c.	c.	PROPN
ajfa-633	312	17	s.	s.	PROPN
ajfa-633	312	18	&	&	CCONJ
ajfa-633	312	19	shin	shin	PROPN
ajfa-633	312	20	,	,	PUNCT
ajfa-633	312	21	t.s	t.s	PROPN
ajfa-633	312	22	.	.	PROPN
ajfa-633	312	23	(	(	PUNCT
ajfa-633	312	24	1999	1999	NUM
ajfa-633	312	25	)	)	PUNCT
ajfa-633	312	26	.	.	PUNCT
ajfa-633	313	1	co	co	NOUN
ajfa-633	313	2	-	-	NOUN
ajfa-633	313	3	integration	integration	NOUN
ajfa-633	313	4	and	and	CCONJ
ajfa-633	313	5	causality	causality	NOUN
ajfa-633	313	6	between	between	ADP
ajfa-633	313	7	macroeconomic	macroeconomic	ADJ
ajfa-633	313	8	variables	variable	NOUN
ajfa-633	313	9	and	and	CCONJ
ajfa-633	313	10	stock	stock	NOUN
ajfa-633	313	11	market	market	NOUN
ajfa-633	313	12	returns	return	NOUN
ajfa-633	313	13	.	.	PUNCT
ajfa-633	314	1	global	global	ADJ
ajfa-633	314	2	finance	finance	PROPN
ajfa-633	314	3	journal	journal	NOUN
ajfa-633	314	4	,	,	PUNCT
ajfa-633	314	5	10	10	NUM
ajfa-633	314	6	:	:	SYM
ajfa-633	314	7	1	1	NUM
ajfa-633	314	8	:	:	SYM
ajfa-633	314	9	71	71	NUM
ajfa-633	314	10	-	-	SYM
ajfa-633	314	11	81	81	NUM
ajfa-633	314	12	.	.	PUNCT
ajfa-633	315	1	http://dx.doi.org/10.1016/s1044-0283(99)00006-x	http://dx.doi.org/10.1016/s1044-0283(99)00006-x	PROPN
ajfa-633	315	2	kwiatkowski	kwiatkowski	PROPN
ajfa-633	315	3	,	,	PUNCT
ajfa-633	315	4	d.	d.	PROPN
ajfa-633	315	5	,	,	PUNCT
ajfa-633	315	6	p.	p.	PROPN
ajfa-633	315	7	c.	c.	PROPN
ajfa-633	315	8	b.	b.	PROPN
ajfa-633	315	9	phillips	phillips	PROPN
ajfa-633	315	10	,	,	PUNCT
ajfa-633	315	11	p.	p.	PROPN
ajfa-633	315	12	schmidt	schmidt	PROPN
ajfa-633	315	13	,	,	PUNCT
ajfa-633	315	14	&	&	CCONJ
ajfa-633	315	15	y.	y.	PROPN
ajfa-633	315	16	shin	shin	PROPN
ajfa-633	315	17	.	.	PUNCT
ajfa-633	316	1	(	(	PUNCT
ajfa-633	316	2	1992	1992	NUM
ajfa-633	316	3	)	)	PUNCT
ajfa-633	316	4	.	.	PUNCT
ajfa-633	317	1	testing	test	VERB
ajfa-633	317	2	the	the	DET
ajfa-633	317	3	null	null	ADJ
ajfa-633	317	4	hypothesis	hypothesis	NOUN
ajfa-633	317	5	of	of	ADP
ajfa-633	317	6	trend	trend	NOUN
ajfa-633	317	7	stationarity	stationarity	PROPN
ajfa-633	317	8	.	.	PROPN
ajfa-633	318	1	journal	journal	PROPN
ajfa-633	318	2	of	of	ADP
ajfa-633	318	3	econometrics	econometric	NOUN
ajfa-633	318	4	,	,	PUNCT
ajfa-633	318	5	volume	volume	NOUN
ajfa-633	318	6	54	54	NUM
ajfa-633	318	7	,	,	PUNCT
ajfa-633	318	8	159	159	NUM
ajfa-633	318	9	-	-	SYM
ajfa-633	318	10	178	178	NUM
ajfa-633	318	11	.	.	PUNCT
ajfa-633	319	1	http://dx.doi.org/10.1016/0304-4076(92)90104-y	http://dx.doi.org/10.1016/0304-4076(92)90104-y	PROPN
ajfa-633	319	2	lee	lee	PROPN
ajfa-633	319	3	b.	b.	PROPN
ajfa-633	319	4	(	(	PUNCT
ajfa-633	319	5	1992	1992	NUM
ajfa-633	319	6	)	)	PUNCT
ajfa-633	319	7	.	.	PUNCT
ajfa-633	320	1	causal	causal	ADJ
ajfa-633	320	2	relations	relation	NOUN
ajfa-633	320	3	among	among	ADP
ajfa-633	320	4	stock	stock	NOUN
ajfa-633	320	5	returns	return	NOUN
ajfa-633	320	6	,	,	PUNCT
ajfa-633	320	7	interest	interest	NOUN
ajfa-633	320	8	rates	rate	NOUN
ajfa-633	320	9	,	,	PUNCT
ajfa-633	320	10	real	real	ADJ
ajfa-633	320	11	activity	activity	NOUN
ajfa-633	320	12	and	and	CCONJ
ajfa-633	320	13	inflation	inflation	NOUN
ajfa-633	320	14	.	.	PUNCT
ajfa-633	321	1	journal	journal	PROPN
ajfa-633	321	2	of	of	ADP
ajfa-633	321	3	finance	finance	NOUN
ajfa-633	321	4	,	,	PUNCT
ajfa-633	321	5	47	47	NUM
ajfa-633	321	6	:	:	SYM
ajfa-633	321	7	1591	1591	NUM
ajfa-633	321	8	-	-	SYM
ajfa-633	321	9	1603	1603	NUM
ajfa-633	321	10	.	.	PUNCT
ajfa-633	322	1	maysami	maysami	PROPN
ajfa-633	322	2	,	,	PUNCT
ajfa-633	322	3	r.	r.	PROPN
ajfa-633	322	4	c.	c.	PROPN
ajfa-633	322	5	&	&	CCONJ
ajfa-633	322	6	koh	koh	PROPN
ajfa-633	322	7	,	,	PUNCT
ajfa-633	322	8	t.s	t.s	PROPN
ajfa-633	322	9	.	.	PROPN
ajfa-633	322	10	(	(	PUNCT
ajfa-633	322	11	2000	2000	NUM
ajfa-633	322	12	)	)	PUNCT
ajfa-633	322	13	a	a	DET
ajfa-633	322	14	vector	vector	NOUN
ajfa-633	322	15	error	error	NOUN
ajfa-633	322	16	correction	correction	NOUN
ajfa-633	322	17	model	model	NOUN
ajfa-633	322	18	of	of	ADP
ajfa-633	322	19	the	the	DET
ajfa-633	322	20	singapore	singapore	PROPN
ajfa-633	322	21	stock	stock	NOUN
ajfa-633	322	22	market	market	NOUN
ajfa-633	322	23	.	.	PUNCT
ajfa-633	323	1	international	international	ADJ
ajfa-633	323	2	review	review	NOUN
ajfa-633	323	3	of	of	ADP
ajfa-633	323	4	economics	economic	NOUN
ajfa-633	323	5	and	and	CCONJ
ajfa-633	323	6	finance	finance	NOUN
ajfa-633	323	7	,	,	PUNCT
ajfa-633	323	8	9	9	NUM
ajfa-633	323	9	:	:	SYM
ajfa-633	323	10	79	79	NUM
ajfa-633	323	11	-	-	SYM
ajfa-633	323	12	96	96	NUM
ajfa-633	323	13	.	.	PUNCT
ajfa-633	324	1	http://dx.doi.org/10.1016/s1059-0560(99)00042-8	http://dx.doi.org/10.1016/s1059-0560(99)00042-8	PROPN
ajfa-633	324	2	mokerjee	mokerjee	PROPN
ajfa-633	324	3	et	et	PROPN
ajfa-633	324	4	al	al	PROPN
ajfa-633	324	5	.	.	PROPN
ajfa-633	324	6	(	(	PUNCT
ajfa-633	324	7	1997	1997	NUM
ajfa-633	324	8	)	)	PUNCT
ajfa-633	324	9	.	.	PUNCT
ajfa-633	325	1	macroeconomic	macroeconomic	ADJ
ajfa-633	325	2	variables	variable	NOUN
ajfa-633	325	3	and	and	CCONJ
ajfa-633	325	4	stock	stock	NOUN
ajfa-633	325	5	prices	price	NOUN
ajfa-633	325	6	in	in	ADP
ajfa-633	325	7	a	a	DET
ajfa-633	325	8	small	small	ADJ
ajfa-633	325	9	open	open	ADJ
ajfa-633	325	10	economy	economy	NOUN
ajfa-633	325	11	:	:	PUNCT
ajfa-633	325	12	the	the	DET
ajfa-633	325	13	case	case	NOUN
ajfa-633	325	14	of	of	ADP
ajfa-633	325	15	singapore	singapore	PROPN
ajfa-633	325	16	.	.	PUNCT
ajfa-633	326	1	pacific	pacific	ADJ
ajfa-633	326	2	-	-	PUNCT
ajfa-633	326	3	basin	basin	NOUN
ajfa-633	326	4	finance	finance	NOUN
ajfa-633	326	5	journal	journal	NOUN
ajfa-633	326	6	,	,	PUNCT
ajfa-633	326	7	5:377	5:377	NUM
ajfa-633	326	8	-	-	SYM
ajfa-633	326	9	388	388	NUM
ajfa-633	326	10	.	.	PUNCT
ajfa-633	326	11	http://dx.doi.org/10.1016/s0927-538x(96)00029-7	http://dx.doi.org/10.1016/s0927-538x(96)00029-7	NOUN
ajfa-633	326	12	mukherjee	mukherjee	NOUN
ajfa-633	326	13	,	,	PUNCT
ajfa-633	326	14	t.	t.	PROPN
ajfa-633	326	15	k.	k.	PROPN
ajfa-633	326	16	&	&	CCONJ
ajfa-633	326	17	naka	naka	PROPN
ajfa-633	326	18	,	,	PUNCT
ajfa-633	326	19	a.	a.	NOUN
ajfa-633	326	20	(	(	PUNCT
ajfa-633	326	21	1995	1995	NUM
ajfa-633	326	22	)	)	PUNCT
ajfa-633	326	23	.	.	PUNCT
ajfa-633	327	1	dynamic	dynamic	ADJ
ajfa-633	327	2	relations	relation	NOUN
ajfa-633	327	3	between	between	ADP
ajfa-633	327	4	macroeconomic	macroeconomic	ADJ
ajfa-633	327	5	variables	variable	NOUN
ajfa-633	327	6	and	and	CCONJ
ajfa-633	327	7	the	the	DET
ajfa-633	327	8	japanese	japanese	ADJ
ajfa-633	327	9	stock	stock	NOUN
ajfa-633	327	10	market	market	NOUN
ajfa-633	327	11	:	:	PUNCT
ajfa-633	327	12	an	an	DET
ajfa-633	327	13	application	application	NOUN
ajfa-633	327	14	of	of	ADP
ajfa-633	327	15	a	a	DET
ajfa-633	327	16	vector	vector	NOUN
ajfa-633	327	17	error	error	NOUN
ajfa-633	327	18	correction	correction	NOUN
ajfa-633	327	19	model	model	NOUN
ajfa-633	327	20	.	.	PUNCT
ajfa-633	328	1	journal	journal	PROPN
ajfa-633	328	2	of	of	ADP
ajfa-633	328	3	financial	financial	ADJ
ajfa-633	328	4	research	research	NOUN
ajfa-633	328	5	,	,	PUNCT
ajfa-633	328	6	18	18	NUM
ajfa-633	328	7	:	:	SYM
ajfa-633	328	8	2	2	NUM
ajfa-633	328	9	:	:	PUNCT
ajfa-633	328	10	223	223	NUM
ajfa-633	328	11	-	-	SYM
ajfa-633	328	12	237	237	NUM
ajfa-633	328	13	.	.	PUNCT
ajfa-633	329	1	muradoglu	muradoglu	PROPN
ajfa-633	329	2	,	,	PUNCT
ajfa-633	329	3	g.et.al	g.et.al	PROPN
ajfa-633	329	4	.	.	PUNCT
ajfa-633	329	5	(	(	PUNCT
ajfa-633	329	6	2001	2001	NUM
ajfa-633	329	7	)	)	PUNCT
ajfa-633	329	8	.	.	PUNCT
ajfa-633	330	1	is	be	AUX
ajfa-633	330	2	there	there	PRON
ajfa-633	330	3	a	a	DET
ajfa-633	330	4	long	long	ADJ
ajfa-633	330	5	run	run	NOUN
ajfa-633	330	6	relationship	relationship	NOUN
ajfa-633	330	7	between	between	ADP
ajfa-633	330	8	stock	stock	NOUN
ajfa-633	330	9	returns	return	NOUN
ajfa-633	330	10	and	and	CCONJ
ajfa-633	330	11	monetary	monetary	ADJ
ajfa-633	330	12	variables	variable	NOUN
ajfa-633	330	13	:	:	PUNCT
ajfa-633	330	14	evidence	evidence	NOUN
ajfa-633	330	15	from	from	ADP
ajfa-633	330	16	an	an	DET
ajfa-633	330	17	emerging	emerge	VERB
ajfa-633	330	18	market	market	NOUN
ajfa-633	330	19	?	?	PUNCT
ajfa-633	331	1	applied	apply	VERB
ajfa-633	331	2	financial	financial	ADJ
ajfa-633	331	3	economics	economic	NOUN
ajfa-633	331	4	,	,	PUNCT
ajfa-633	331	5	vol	vol	NOUN
ajfa-633	331	6	.	.	PROPN
ajfa-633	331	7	11	11	NUM
ajfa-633	331	8	(	(	PUNCT
ajfa-633	331	9	6	6	NUM
ajfa-633	331	10	):	):	PUNCT
ajfa-633	331	11	641	641	NUM
ajfa-633	331	12	-	-	SYM
ajfa-633	331	13	49	49	NUM
ajfa-633	331	14	.	.	PUNCT
ajfa-633	332	1	http://dx.doi.org/10.1080/09603100110094411	http://dx.doi.org/10.1080/09603100110094411	PROPN
ajfa-633	332	2	martinez	martinez	PROPN
ajfa-633	332	3	,	,	PUNCT
ajfa-633	332	4	m.a	m.a	PROPN
ajfa-633	332	5	.	.	PROPN
ajfa-633	332	6	,	,	PUNCT
ajfa-633	332	7	&	&	CCONJ
ajfa-633	332	8	g.	g.	PROPN
ajfa-633	332	9	rubio	rubio	PROPN
ajfa-633	332	10	.	.	PUNCT
ajfa-633	333	1	(	(	PUNCT
ajfa-633	333	2	1989	1989	NUM
ajfa-633	333	3	)	)	PUNCT
ajfa-633	333	4	.	.	PUNCT
ajfa-633	334	1	arbitrage	arbitrage	NOUN
ajfa-633	334	2	pricing	pricing	NOUN
ajfa-633	334	3	with	with	ADP
ajfa-633	334	4	macroeconomic	macroeconomic	ADJ
ajfa-633	334	5	variables	variable	NOUN
ajfa-633	334	6	:	:	PUNCT
ajfa-633	334	7	an	an	DET
ajfa-633	334	8	empirical	empirical	ADJ
ajfa-633	334	9	investigation	investigation	NOUN
ajfa-633	334	10	using	use	VERB
ajfa-633	334	11	spanish	spanish	ADJ
ajfa-633	334	12	data	datum	NOUN
ajfa-633	334	13	,	,	PUNCT
ajfa-633	334	14	working	working	NOUN
ajfa-633	334	15	paper	paper	NOUN
ajfa-633	334	16	,	,	PUNCT
ajfa-633	334	17	universidad	universidad	PROPN
ajfa-633	334	18	del	del	PROPN
ajfa-633	334	19	pais	pais	PROPN
ajfa-633	334	20	vasco	vasco	PROPN
ajfa-633	334	21	.	.	PUNCT
ajfa-633	335	1	ng	ng	PROPN
ajfa-633	335	2	,	,	PUNCT
ajfa-633	335	3	s.	s.	PROPN
ajfa-633	335	4	,	,	PUNCT
ajfa-633	335	5	&	&	CCONJ
ajfa-633	335	6	perron	perron	PROPN
ajfa-633	335	7	,	,	PUNCT
ajfa-633	335	8	p.	p.	PROPN
ajfa-633	335	9	(	(	PUNCT
ajfa-633	335	10	2001	2001	NUM
ajfa-633	335	11	)	)	PUNCT
ajfa-633	335	12	.	.	PUNCT
ajfa-633	336	1	lag	lag	PROPN
ajfa-633	336	2	length	length	NOUN
ajfa-633	336	3	selection	selection	NOUN
ajfa-633	336	4	and	and	CCONJ
ajfa-633	336	5	the	the	DET
ajfa-633	336	6	construction	construction	NOUN
ajfa-633	336	7	of	of	ADP
ajfa-633	336	8	unit	unit	NOUN
ajfa-633	336	9	root	root	NOUN
ajfa-633	336	10	tests	test	NOUN
ajfa-633	336	11	with	with	ADP
ajfa-633	336	12	good	good	ADJ
ajfa-633	336	13	size	size	NOUN
ajfa-633	336	14	and	and	CCONJ
ajfa-633	336	15	power	power	NOUN
ajfa-633	336	16	.	.	PUNCT
ajfa-633	337	1	econometrica	econometrica	PROPN
ajfa-633	337	2	,	,	PUNCT
ajfa-633	337	3	69	69	NUM
ajfa-633	337	4	6	6	NUM
ajfa-633	337	5	:	:	SYM
ajfa-633	337	6	1519	1519	NUM
ajfa-633	337	7	-	-	SYM
ajfa-633	337	8	1554	1554	NUM
ajfa-633	337	9	pan	pan	NOUN
ajfa-633	337	10	ming	ming	NOUN
ajfa-633	337	11	-	-	PUNCT
ajfa-633	337	12	shiun	shiun	PROPN
ajfa-633	337	13	et	et	PROPN
ajfa-633	337	14	al	al	PROPN
ajfa-633	337	15	.	.	PUNCT
ajfa-633	337	16	(	(	PUNCT
ajfa-633	337	17	2007	2007	NUM
ajfa-633	337	18	)	)	PUNCT
ajfa-633	337	19	.	.	PUNCT
ajfa-633	338	1	dynamic	dynamic	ADJ
ajfa-633	338	2	linkages	linkage	NOUN
ajfa-633	338	3	between	between	ADP
ajfa-633	338	4	exchange	exchange	NOUN
ajfa-633	338	5	rates	rate	NOUN
ajfa-633	338	6	and	and	CCONJ
ajfa-633	338	7	stock	stock	NOUN
ajfa-633	338	8	prices	price	NOUN
ajfa-633	338	9	:	:	PUNCT
ajfa-633	338	10	evidence	evidence	NOUN
ajfa-633	338	11	from	from	ADP
ajfa-633	338	12	east	east	ADJ
ajfa-633	338	13	asian	asian	ADJ
ajfa-633	338	14	markets	market	NOUN
ajfa-633	338	15	.	.	PUNCT
ajfa-633	339	1	international	international	ADJ
ajfa-633	339	2	review	review	NOUN
ajfa-633	339	3	of	of	ADP
ajfa-633	339	4	economics	economic	NOUN
ajfa-633	339	5	and	and	CCONJ
ajfa-633	339	6	finance	finance	NOUN
ajfa-633	339	7	,	,	PUNCT
ajfa-633	339	8	i	i	PRON
ajfa-633	339	9	asian	asian	PROPN
ajfa-633	339	10	journal	journal	PROPN
ajfa-633	339	11	of	of	ADP
ajfa-633	339	12	finance	finance	PROPN
ajfa-633	339	13	&	&	CCONJ
ajfa-633	339	14	accounting	accounting	PROPN
ajfa-633	339	15	issn	issn	PROPN
ajfa-633	339	16	1946	1946	NUM
ajfa-633	339	17	-	-	PUNCT
ajfa-633	339	18	052x	052x	NOUN
ajfa-633	339	19	2011	2011	NUM
ajfa-633	339	20	,	,	PUNCT
ajfa-633	339	21	vol	vol	NOUN
ajfa-633	339	22	.	.	PROPN
ajfa-633	340	1	3	3	NUM
ajfa-633	340	2	,	,	PUNCT
ajfa-633	340	3	no	no	INTJ
ajfa-633	340	4	.	.	NOUN
ajfa-633	340	5	1	1	NUM
ajfa-633	340	6	:	:	PUNCT
ajfa-633	340	7	e13	e13	VERB
ajfa-633	340	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-633	340	9	226	226	NUM
ajfa-633	340	10	16:503	16:503	NUM
ajfa-633	340	11	-	-	SYM
ajfa-633	340	12	520	520	NUM
ajfa-633	340	13	.	.	PUNCT
ajfa-633	341	1	pearce	pearce	PROPN
ajfa-633	341	2	,	,	PUNCT
ajfa-633	341	3	d.	d.	PROPN
ajfa-633	341	4	k.	k.	PROPN
ajfa-633	341	5	,	,	PUNCT
ajfa-633	341	6	&	&	CCONJ
ajfa-633	341	7	roley	roley	PROPN
ajfa-633	341	8	,	,	PUNCT
ajfa-633	341	9	v.v	v.v	PROPN
ajfa-633	341	10	.	.	PROPN
ajfa-633	341	11	(	(	PUNCT
ajfa-633	341	12	1988	1988	NUM
ajfa-633	341	13	)	)	PUNCT
ajfa-633	341	14	.	.	PUNCT
ajfa-633	342	1	firm	firm	ADJ
ajfa-633	342	2	characteristics	characteristic	NOUN
ajfa-633	342	3	,	,	PUNCT
ajfa-633	342	4	unanticipated	unanticipated	ADJ
ajfa-633	342	5	inflation	inflation	NOUN
ajfa-633	342	6	,	,	PUNCT
ajfa-633	342	7	and	and	CCONJ
ajfa-633	342	8	stock	stock	NOUN
ajfa-633	342	9	returns	return	NOUN
ajfa-633	342	10	.	.	PUNCT
ajfa-633	343	1	journal	journal	NOUN
ajfa-633	343	2	of	of	ADP
ajfa-633	343	3	finance	finance	NOUN
ajfa-633	343	4	,	,	PUNCT
ajfa-633	343	5	43	43	NUM
ajfa-633	343	6	:	:	PUNCT
ajfa-633	343	7	965	965	NUM
ajfa-633	343	8	-	-	SYM
ajfa-633	343	9	981	981	NUM
ajfa-633	343	10	.	.	PUNCT
ajfa-633	344	1	http://dx.doi.org/10.2307/2328146	http://dx.doi.org/10.2307/2328146	PROPN
ajfa-633	344	2	poon	poon	PROPN
ajfa-633	344	3	s	s	PROPN
ajfa-633	344	4	,	,	PUNCT
ajfa-633	344	5	taylor	taylor	PROPN
ajfa-633	344	6	j.	j.	PROPN
ajfa-633	344	7	(	(	PUNCT
ajfa-633	344	8	1991	1991	NUM
ajfa-633	344	9	)	)	PUNCT
ajfa-633	344	10	.	.	PUNCT
ajfa-633	345	1	macroeconomic	macroeconomic	ADJ
ajfa-633	345	2	factors	factor	NOUN
ajfa-633	345	3	and	and	CCONJ
ajfa-633	345	4	the	the	DET
ajfa-633	345	5	u.k	u.k	PROPN
ajfa-633	345	6	.	.	PROPN
ajfa-633	345	7	stock	stock	NOUN
ajfa-633	345	8	market	market	NOUN
ajfa-633	345	9	.	.	PUNCT
ajfa-633	346	1	journal	journal	PROPN
ajfa-633	346	2	of	of	ADP
ajfa-633	346	3	business	business	NOUN
ajfa-633	346	4	finance	finance	PROPN
ajfa-633	346	5	&	&	CCONJ
ajfa-633	346	6	accounting	accounting	PROPN
ajfa-633	346	7	,	,	PUNCT
ajfa-633	346	8	18(5	18(5	NUM
ajfa-633	346	9	):	):	PUNCT
ajfa-633	346	10	619	619	NUM
ajfa-633	346	11	-	-	SYM
ajfa-633	346	12	636	636	NUM
ajfa-633	346	13	.	.	PUNCT
ajfa-633	347	1	perron	perron	PROPN
ajfa-633	347	2	,	,	PUNCT
ajfa-633	347	3	p.	p.	PROPN
ajfa-633	347	4	,	,	PUNCT
ajfa-633	347	5	&	&	CCONJ
ajfa-633	347	6	s.	s.	PROPN
ajfa-633	347	7	ng	ng	PROPN
ajfa-633	347	8	.	.	PROPN
ajfa-633	347	9	(	(	PUNCT
ajfa-633	347	10	1996	1996	NUM
ajfa-633	347	11	)	)	PUNCT
ajfa-633	347	12	.	.	PUNCT
ajfa-633	348	1	useful	useful	ADJ
ajfa-633	348	2	modifications	modification	NOUN
ajfa-633	348	3	to	to	ADP
ajfa-633	348	4	some	some	DET
ajfa-633	348	5	unit	unit	NOUN
ajfa-633	348	6	root	root	NOUN
ajfa-633	348	7	tests	test	NOUN
ajfa-633	348	8	with	with	ADP
ajfa-633	348	9	dependent	dependent	ADJ
ajfa-633	348	10	errors	error	NOUN
ajfa-633	348	11	and	and	CCONJ
ajfa-633	348	12	their	their	PRON
ajfa-633	348	13	local	local	ADJ
ajfa-633	348	14	asymptotic	asymptotic	ADJ
ajfa-633	348	15	properties	property	NOUN
ajfa-633	348	16	.	.	PUNCT
ajfa-633	349	1	review	review	NOUN
ajfa-633	349	2	of	of	ADP
ajfa-633	349	3	economic	economic	ADJ
ajfa-633	349	4	studies	study	NOUN
ajfa-633	349	5	,	,	PUNCT
ajfa-633	349	6	63	63	NUM
ajfa-633	349	7	,	,	PUNCT
ajfa-633	349	8	435	435	NUM
ajfa-633	349	9	-	-	SYM
ajfa-633	349	10	463	463	NUM
ajfa-633	349	11	.	.	PUNCT
ajfa-633	350	1	http://dx.doi.org/10.2307/2297890	http://dx.doi.org/10.2307/2297890	PROPN
ajfa-633	350	2	phillips	phillips	PROPN
ajfa-633	350	3	,	,	PUNCT
ajfa-633	350	4	r.	r.	PROPN
ajfa-633	350	5	c.	c.	PROPN
ajfa-633	350	6	b.	b.	PROPN
ajfa-633	350	7	,	,	PUNCT
ajfa-633	350	8	&	&	CCONJ
ajfa-633	350	9	perron	perron	PROPN
ajfa-633	350	10	.	.	PUNCT
ajfa-633	351	1	(	(	PUNCT
ajfa-633	351	2	1988	1988	NUM
ajfa-633	351	3	)	)	PUNCT
ajfa-633	351	4	.	.	PUNCT
ajfa-633	352	1	testing	test	VERB
ajfa-633	352	2	for	for	ADP
ajfa-633	352	3	a	a	DET
ajfa-633	352	4	unit	unit	NOUN
ajfa-633	352	5	root	root	NOUN
ajfa-633	352	6	in	in	ADP
ajfa-633	352	7	time	time	NOUN
ajfa-633	352	8	series	series	PROPN
ajfa-633	352	9	regression	regression	PROPN
ajfa-633	352	10	biometrika	biometrika	NOUN
ajfa-633	352	11	,	,	PUNCT
ajfa-633	352	12	335	335	NUM
ajfa-633	352	13	-	-	SYM
ajfa-633	352	14	346	346	NUM
ajfa-633	352	15	ross	ross	NOUN
ajfa-633	352	16	,	,	PUNCT
ajfa-633	352	17	s.	s.	PROPN
ajfa-633	352	18	a.	a.	AUX
ajfa-633	352	19	(	(	PUNCT
ajfa-633	352	20	1976	1976	NUM
ajfa-633	352	21	)	)	PUNCT
ajfa-633	352	22	.	.	PUNCT
ajfa-633	353	1	the	the	DET
ajfa-633	353	2	arbitrage	arbitrage	NOUN
ajfa-633	353	3	theory	theory	NOUN
ajfa-633	353	4	of	of	ADP
ajfa-633	353	5	capital	capital	NOUN
ajfa-633	353	6	assets	asset	NOUN
ajfa-633	353	7	.	.	PUNCT
ajfa-633	354	1	journal	journal	NOUN
ajfa-633	354	2	of	of	ADP
ajfa-633	354	3	economic	economic	ADJ
ajfa-633	354	4	theory	theory	NOUN
ajfa-633	354	5	,	,	PUNCT
ajfa-633	354	6	december	december	PROPN
ajfa-633	354	7	341	341	NUM
ajfa-633	354	8	-	-	SYM
ajfa-633	354	9	360	360	NUM
ajfa-633	354	10	.	.	PUNCT
ajfa-633	355	1	http://dx.doi.org/10.1016/0022-0531(76)90046-6	http://dx.doi.org/10.1016/0022-0531(76)90046-6	PROPN
ajfa-633	355	2	said	say	VERB
ajfa-633	355	3	,	,	PUNCT
ajfa-633	355	4	e.	e.	PROPN
ajfa-633	355	5	,	,	PUNCT
ajfa-633	355	6	&	&	CCONJ
ajfa-633	355	7	david	david	PROPN
ajfa-633	355	8	a.	a.	PROPN
ajfa-633	355	9	dickey	dickey	PROPN
ajfa-633	355	10	(	(	PUNCT
ajfa-633	355	11	1984	1984	NUM
ajfa-633	355	12	)	)	PUNCT
ajfa-633	355	13	testing	testing	NOUN
ajfa-633	355	14	for	for	ADP
ajfa-633	355	15	unit	unit	NOUN
ajfa-633	355	16	roots	root	NOUN
ajfa-633	355	17	in	in	ADP
ajfa-633	355	18	autoregressive	autoregressive	ADJ
ajfa-633	355	19	-	-	PUNCT
ajfa-633	355	20	moving	move	VERB
ajfa-633	355	21	average	average	ADJ
ajfa-633	355	22	models	model	NOUN
ajfa-633	355	23	of	of	ADP
ajfa-633	355	24	unknown	unknown	ADJ
ajfa-633	355	25	order	order	NOUN
ajfa-633	355	26	.	.	PUNCT
ajfa-633	356	1	biometrika	biometrika	NOUN
ajfa-633	356	2	71	71	NUM
ajfa-633	356	3	(	(	PUNCT
ajfa-633	356	4	3	3	NUM
ajfa-633	356	5	):	):	PUNCT
ajfa-633	356	6	599	599	NUM
ajfa-633	356	7	-	-	PUNCT
ajfa-633	356	8	607	607	NUM
ajfa-633	356	9	http://dx.doi.org/10.1093/biomet/71.3.599	http://dx.doi.org/10.1093/biomet/71.3.599	NOUN
ajfa-633	356	10	wongbanpo	wongbanpo	ADJ
ajfa-633	356	11	,	,	PUNCT
ajfa-633	356	12	p.	p.	NOUN
ajfa-633	356	13	,	,	PUNCT
ajfa-633	356	14	&	&	CCONJ
ajfa-633	356	15	sharma	sharma	PROPN
ajfa-633	356	16	,	,	PUNCT
ajfa-633	356	17	s.	s.	PROPN
ajfa-633	356	18	c.	c.	PROPN
ajfa-633	356	19	(	(	PUNCT
ajfa-633	356	20	2002	2002	NUM
ajfa-633	356	21	)	)	PUNCT
ajfa-633	356	22	.	.	PUNCT
ajfa-633	357	1	stock	stock	NOUN
ajfa-633	357	2	market	market	NOUN
ajfa-633	357	3	and	and	CCONJ
ajfa-633	357	4	macroeconomic	macroeconomic	ADJ
ajfa-633	357	5	fundamental	fundamental	ADJ
ajfa-633	357	6	dynamic	dynamic	ADJ
ajfa-633	357	7	interactions	interaction	NOUN
ajfa-633	357	8	:	:	PUNCT
ajfa-633	357	9	asean-5	asean-5	NUM
ajfa-633	357	10	countries	country	NOUN
ajfa-633	357	11	.	.	PUNCT
ajfa-633	358	1	journal	journal	NOUN
ajfa-633	358	2	of	of	ADP
ajfa-633	358	3	asian	asian	ADJ
ajfa-633	358	4	economics	economic	NOUN
ajfa-633	358	5	,	,	PUNCT
ajfa-633	358	6	13	13	NUM
ajfa-633	358	7	:	:	SYM
ajfa-633	358	8	27	27	NUM
ajfa-633	358	9	-	-	SYM
ajfa-633	358	10	51	51	NUM
ajfa-633	359	1	http://dx.doi.org/10.1016/s1049-0078(01)00111-7	http://dx.doi.org/10.1016/s1049-0078(01)00111-7	ADV
ajfa-633	359	2	  	  	SPACE