id	sid	tid	token	lemma	pos
ajfa-86	1	1	asian	asian	ADJ
ajfa-86	1	2	journal	journal	PROPN
ajfa-86	1	3	of	of	ADP
ajfa-86	1	4	finance	finance	PROPN
ajfa-86	1	5	&	&	CCONJ
ajfa-86	1	6	accounting	accounting	PROPN
ajfa-86	1	7	issn	issn	PROPN
ajfa-86	1	8	1946	1946	NUM
ajfa-86	1	9	-	-	PUNCT
ajfa-86	1	10	052x	052x	NOUN
ajfa-86	1	11	2009	2009	NUM
ajfa-86	1	12	,	,	PUNCT
ajfa-86	1	13	vol	vol	NOUN
ajfa-86	1	14	.	.	PROPN
ajfa-86	1	15	1	1	NUM
ajfa-86	1	16	,	,	PUNCT
ajfa-86	1	17	no	no	INTJ
ajfa-86	1	18	.	.	NOUN
ajfa-86	1	19	1	1	NUM
ajfa-86	1	20	:	:	PUNCT
ajfa-86	1	21	e1	e1	VERB
ajfa-86	1	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	1	23	23	23	NUM
ajfa-86	1	24	estimating	estimate	VERB
ajfa-86	1	25	the	the	DET
ajfa-86	1	26	equity	equity	NOUN
ajfa-86	1	27	risk	risk	NOUN
ajfa-86	1	28	premium	premium	NOUN
ajfa-86	1	29	for	for	ADP
ajfa-86	1	30	economies	economy	NOUN
ajfa-86	1	31	in	in	ADP
ajfa-86	1	32	the	the	DET
ajfa-86	1	33	asian	asian	ADJ
ajfa-86	1	34	region	region	NOUN
ajfa-86	1	35	michael	michael	PROPN
ajfa-86	1	36	b	b	PROPN
ajfa-86	1	37	cohen	cohen	PROPN
ajfa-86	1	38	school	school	PROPN
ajfa-86	1	39	of	of	ADP
ajfa-86	1	40	economics	economic	NOUN
ajfa-86	1	41	and	and	CCONJ
ajfa-86	1	42	finance	finance	NOUN
ajfa-86	1	43	,	,	PUNCT
ajfa-86	1	44	victoria	victoria	PROPN
ajfa-86	1	45	university	university	PROPN
ajfa-86	1	46	po	po	PROPN
ajfa-86	1	47	box	box	PROPN
ajfa-86	1	48	14428	14428	NUM
ajfa-86	1	49	,	,	PUNCT
ajfa-86	1	50	melbourne	melbourne	PROPN
ajfa-86	1	51	vic	vic	PROPN
ajfa-86	1	52	8001	8001	NUM
ajfa-86	1	53	,	,	PUNCT
ajfa-86	1	54	australia	australia	PROPN
ajfa-86	1	55	tel	tel	PROPN
ajfa-86	1	56	:	:	PUNCT
ajfa-86	1	57	+613	+613	PROPN
ajfa-86	1	58	9919	9919	NUM
ajfa-86	1	59	-	-	SYM
ajfa-86	1	60	1182	1182	NUM
ajfa-86	1	61	e	e	NOUN
ajfa-86	1	62	-	-	NOUN
ajfa-86	1	63	mail	mail	NOUN
ajfa-86	1	64	:	:	PUNCT
ajfa-86	1	65	michael.cohen@vu.edu.au	michael.cohen@vu.edu.au	PROPN
ajfa-86	1	66	abstract	abstract	PROPN
ajfa-86	1	67	the	the	DET
ajfa-86	1	68	equity	equity	NOUN
ajfa-86	1	69	risk	risk	NOUN
ajfa-86	1	70	premium	premium	NOUN
ajfa-86	1	71	(	(	PUNCT
ajfa-86	1	72	erp	erp	NOUN
ajfa-86	1	73	)	)	PUNCT
ajfa-86	1	74	is	be	AUX
ajfa-86	1	75	widely	widely	ADV
ajfa-86	1	76	used	use	VERB
ajfa-86	1	77	in	in	ADP
ajfa-86	1	78	economic	economic	ADJ
ajfa-86	1	79	and	and	CCONJ
ajfa-86	1	80	financial	financial	ADJ
ajfa-86	1	81	analysis	analysis	NOUN
ajfa-86	1	82	,	,	PUNCT
ajfa-86	1	83	yet	yet	CCONJ
ajfa-86	1	84	it	it	PRON
ajfa-86	1	85	is	be	AUX
ajfa-86	1	86	difficult	difficult	ADJ
ajfa-86	1	87	to	to	PART
ajfa-86	1	88	find	find	VERB
ajfa-86	1	89	empirical	empirical	ADJ
ajfa-86	1	90	estimates	estimate	NOUN
ajfa-86	1	91	of	of	ADP
ajfa-86	1	92	the	the	DET
ajfa-86	1	93	erp	erp	NOUN
ajfa-86	1	94	that	that	PRON
ajfa-86	1	95	are	be	AUX
ajfa-86	1	96	generally	generally	ADV
ajfa-86	1	97	accepted	accept	VERB
ajfa-86	1	98	.	.	PUNCT
ajfa-86	2	1	the	the	DET
ajfa-86	2	2	paucity	paucity	NOUN
ajfa-86	2	3	of	of	ADP
ajfa-86	2	4	data	datum	NOUN
ajfa-86	2	5	in	in	ADP
ajfa-86	2	6	asian	asian	ADJ
ajfa-86	2	7	economies	economy	NOUN
ajfa-86	2	8	exacerbates	exacerbate	VERB
ajfa-86	2	9	the	the	DET
ajfa-86	2	10	problems	problem	NOUN
ajfa-86	2	11	of	of	ADP
ajfa-86	2	12	estimation	estimation	NOUN
ajfa-86	2	13	.	.	PUNCT
ajfa-86	3	1	this	this	DET
ajfa-86	3	2	study	study	NOUN
ajfa-86	3	3	estimates	estimate	VERB
ajfa-86	3	4	the	the	DET
ajfa-86	3	5	erp	erp	NOUN
ajfa-86	3	6	for	for	ADP
ajfa-86	3	7	the	the	DET
ajfa-86	3	8	larger	large	ADJ
ajfa-86	3	9	market	market	NOUN
ajfa-86	3	10	-	-	PUNCT
ajfa-86	3	11	orientated	orientate	VERB
ajfa-86	3	12	asian	asian	ADJ
ajfa-86	3	13	economies	economy	NOUN
ajfa-86	3	14	and	and	CCONJ
ajfa-86	3	15	compares	compare	VERB
ajfa-86	3	16	the	the	DET
ajfa-86	3	17	estimates	estimate	NOUN
ajfa-86	3	18	with	with	ADP
ajfa-86	3	19	those	those	PRON
ajfa-86	3	20	of	of	ADP
ajfa-86	3	21	the	the	DET
ajfa-86	3	22	united	united	PROPN
ajfa-86	3	23	states	states	PROPN
ajfa-86	3	24	.	.	PUNCT
ajfa-86	4	1	surprisingly	surprisingly	ADV
ajfa-86	4	2	,	,	PUNCT
ajfa-86	4	3	of	of	ADP
ajfa-86	4	4	the	the	DET
ajfa-86	4	5	seven	seven	NUM
ajfa-86	4	6	economies	economy	NOUN
ajfa-86	4	7	examined	examine	VERB
ajfa-86	4	8	,	,	PUNCT
ajfa-86	4	9	the	the	DET
ajfa-86	4	10	erp	erp	NOUN
ajfa-86	4	11	of	of	ADP
ajfa-86	4	12	four	four	NUM
ajfa-86	4	13	can	can	AUX
ajfa-86	4	14	not	not	PART
ajfa-86	4	15	be	be	AUX
ajfa-86	4	16	statistically	statistically	ADV
ajfa-86	4	17	differentiated	differentiate	VERB
ajfa-86	4	18	from	from	ADP
ajfa-86	4	19	that	that	PRON
ajfa-86	4	20	of	of	ADP
ajfa-86	4	21	the	the	DET
ajfa-86	4	22	united	united	PROPN
ajfa-86	4	23	states	states	PROPN
ajfa-86	4	24	.	.	PUNCT
ajfa-86	5	1	jel	jel	PROPN
ajfa-86	5	2	classifications	classification	NOUN
ajfa-86	5	3	:	:	PUNCT
ajfa-86	5	4	g11	g11	PROPN
ajfa-86	5	5	,	,	PUNCT
ajfa-86	5	6	g12	g12	NOUN
ajfa-86	5	7	,	,	PUNCT
ajfa-86	5	8	e42	e42	DET
ajfa-86	5	9	keywords	keyword	NOUN
ajfa-86	5	10	:	:	PUNCT
ajfa-86	5	11	equity	equity	NOUN
ajfa-86	5	12	risk	risk	NOUN
ajfa-86	5	13	premium	premium	NOUN
ajfa-86	5	14	,	,	PUNCT
ajfa-86	5	15	asian	asian	ADJ
ajfa-86	5	16	economies	economy	NOUN
ajfa-86	5	17	,	,	PUNCT
ajfa-86	5	18	estimation	estimation	NOUN
ajfa-86	5	19	asian	asian	ADJ
ajfa-86	5	20	journal	journal	NOUN
ajfa-86	5	21	of	of	ADP
ajfa-86	5	22	finance	finance	PROPN
ajfa-86	5	23	&	&	CCONJ
ajfa-86	5	24	accounting	accounting	PROPN
ajfa-86	5	25	issn	issn	PROPN
ajfa-86	5	26	1946	1946	NUM
ajfa-86	5	27	-	-	PUNCT
ajfa-86	5	28	052x	052x	NOUN
ajfa-86	5	29	2009	2009	NUM
ajfa-86	5	30	,	,	PUNCT
ajfa-86	5	31	vol	vol	NOUN
ajfa-86	5	32	.	.	PROPN
ajfa-86	6	1	1	1	NUM
ajfa-86	6	2	,	,	PUNCT
ajfa-86	6	3	no	no	INTJ
ajfa-86	6	4	.	.	NOUN
ajfa-86	6	5	1	1	NUM
ajfa-86	6	6	:	:	PUNCT
ajfa-86	6	7	e1	e1	VERB
ajfa-86	6	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	6	9	24	24	NUM
ajfa-86	6	10	1	1	NUM
ajfa-86	6	11	.	.	PUNCT
ajfa-86	7	1	introduction	introduction	NOUN
ajfa-86	7	2	the	the	DET
ajfa-86	7	3	economic	economic	ADJ
ajfa-86	7	4	growth	growth	NOUN
ajfa-86	7	5	of	of	ADP
ajfa-86	7	6	an	an	DET
ajfa-86	7	7	economy	economy	NOUN
ajfa-86	7	8	is	be	AUX
ajfa-86	7	9	affected	affect	VERB
ajfa-86	7	10	by	by	ADP
ajfa-86	7	11	the	the	DET
ajfa-86	7	12	decisions	decision	NOUN
ajfa-86	7	13	of	of	ADP
ajfa-86	7	14	myriads	myriad	NOUN
ajfa-86	7	15	of	of	ADP
ajfa-86	7	16	individuals	individual	NOUN
ajfa-86	7	17	to	to	PART
ajfa-86	7	18	acquire	acquire	VERB
ajfa-86	7	19	investment	investment	NOUN
ajfa-86	7	20	assets	asset	NOUN
ajfa-86	7	21	.	.	PUNCT
ajfa-86	8	1	the	the	DET
ajfa-86	8	2	returns	return	NOUN
ajfa-86	8	3	on	on	ADP
ajfa-86	8	4	such	such	ADJ
ajfa-86	8	5	assets	asset	NOUN
ajfa-86	8	6	are	be	AUX
ajfa-86	8	7	,	,	PUNCT
ajfa-86	8	8	by	by	ADP
ajfa-86	8	9	their	their	PRON
ajfa-86	8	10	nature	nature	NOUN
ajfa-86	8	11	,	,	PUNCT
ajfa-86	8	12	uncertain	uncertain	ADJ
ajfa-86	8	13	.	.	PUNCT
ajfa-86	9	1	investors	investor	NOUN
ajfa-86	9	2	need	need	VERB
ajfa-86	9	3	to	to	PART
ajfa-86	9	4	balance	balance	VERB
ajfa-86	9	5	the	the	DET
ajfa-86	9	6	expected	expect	VERB
ajfa-86	9	7	return	return	NOUN
ajfa-86	9	8	on	on	ADP
ajfa-86	9	9	their	their	PRON
ajfa-86	9	10	investments	investment	NOUN
ajfa-86	9	11	with	with	ADP
ajfa-86	9	12	the	the	DET
ajfa-86	9	13	risks	risk	NOUN
ajfa-86	9	14	associated	associate	VERB
ajfa-86	9	15	with	with	ADP
ajfa-86	9	16	those	those	DET
ajfa-86	9	17	investments	investment	NOUN
ajfa-86	9	18	.	.	PUNCT
ajfa-86	10	1	in	in	ADP
ajfa-86	10	2	a	a	DET
ajfa-86	10	3	market	market	NOUN
ajfa-86	10	4	economy	economy	NOUN
ajfa-86	10	5	the	the	DET
ajfa-86	10	6	financial	financial	ADJ
ajfa-86	10	7	markets	market	NOUN
ajfa-86	10	8	adjust	adjust	VERB
ajfa-86	10	9	asset	asset	NOUN
ajfa-86	10	10	prices	price	NOUN
ajfa-86	10	11	(	(	PUNCT
ajfa-86	10	12	and	and	CCONJ
ajfa-86	10	13	therefore	therefore	ADV
ajfa-86	10	14	rates	rate	NOUN
ajfa-86	10	15	of	of	ADP
ajfa-86	10	16	return	return	NOUN
ajfa-86	10	17	)	)	PUNCT
ajfa-86	10	18	so	so	SCONJ
ajfa-86	10	19	that	that	SCONJ
ajfa-86	10	20	the	the	DET
ajfa-86	10	21	returns	return	NOUN
ajfa-86	10	22	reflect	reflect	VERB
ajfa-86	10	23	the	the	DET
ajfa-86	10	24	risk	risk	NOUN
ajfa-86	10	25	appetite	appetite	NOUN
ajfa-86	10	26	of	of	ADP
ajfa-86	10	27	the	the	DET
ajfa-86	10	28	members	member	NOUN
ajfa-86	10	29	of	of	ADP
ajfa-86	10	30	that	that	DET
ajfa-86	10	31	economy	economy	NOUN
ajfa-86	10	32	.	.	PUNCT
ajfa-86	11	1	there	there	PRON
ajfa-86	11	2	is	be	VERB
ajfa-86	11	3	no	no	DET
ajfa-86	11	4	a	a	DET
ajfa-86	11	5	priori	priori	ADJ
ajfa-86	11	6	assumption	assumption	NOUN
ajfa-86	11	7	about	about	ADP
ajfa-86	11	8	the	the	DET
ajfa-86	11	9	risk	risk	NOUN
ajfa-86	11	10	preferences	preference	NOUN
ajfa-86	11	11	of	of	ADP
ajfa-86	11	12	individuals	individual	NOUN
ajfa-86	11	13	,	,	PUNCT
ajfa-86	11	14	save	save	VERB
ajfa-86	11	15	that	that	SCONJ
ajfa-86	11	16	they	they	PRON
ajfa-86	11	17	regard	regard	VERB
ajfa-86	11	18	risk	risk	NOUN
ajfa-86	11	19	as	as	ADP
ajfa-86	11	20	undesirable	undesirable	ADJ
ajfa-86	11	21	.	.	PUNCT
ajfa-86	12	1	importantly	importantly	ADV
ajfa-86	12	2	there	there	PRON
ajfa-86	12	3	is	be	VERB
ajfa-86	12	4	no	no	DET
ajfa-86	12	5	assumption	assumption	NOUN
ajfa-86	12	6	that	that	SCONJ
ajfa-86	12	7	risk	risk	NOUN
ajfa-86	12	8	preferences	preference	NOUN
ajfa-86	12	9	of	of	ADP
ajfa-86	12	10	individuals	individual	NOUN
ajfa-86	12	11	remain	remain	VERB
ajfa-86	12	12	constant	constant	ADJ
ajfa-86	12	13	over	over	ADP
ajfa-86	12	14	time	time	NOUN
ajfa-86	12	15	,	,	PUNCT
ajfa-86	12	16	or	or	CCONJ
ajfa-86	12	17	are	be	AUX
ajfa-86	12	18	the	the	DET
ajfa-86	12	19	same	same	ADJ
ajfa-86	12	20	between	between	ADP
ajfa-86	12	21	various	various	ADJ
ajfa-86	12	22	geographical	geographical	ADJ
ajfa-86	12	23	areas	area	NOUN
ajfa-86	12	24	.	.	PUNCT
ajfa-86	13	1	the	the	DET
ajfa-86	13	2	concept	concept	NOUN
ajfa-86	13	3	of	of	ADP
ajfa-86	13	4	the	the	DET
ajfa-86	13	5	equity	equity	NOUN
ajfa-86	13	6	risk	risk	NOUN
ajfa-86	13	7	premium	premium	NOUN
ajfa-86	13	8	(	(	PUNCT
ajfa-86	13	9	erp	erp	NOUN
ajfa-86	13	10	)	)	PUNCT
ajfa-86	13	11	provides	provide	VERB
ajfa-86	13	12	an	an	DET
ajfa-86	13	13	intuitive	intuitive	ADJ
ajfa-86	13	14	measure	measure	NOUN
ajfa-86	13	15	of	of	ADP
ajfa-86	13	16	the	the	DET
ajfa-86	13	17	extent	extent	NOUN
ajfa-86	13	18	to	to	PART
ajfa-86	13	19	which	which	PRON
ajfa-86	13	20	the	the	DET
ajfa-86	13	21	members	member	NOUN
ajfa-86	13	22	of	of	ADP
ajfa-86	13	23	an	an	DET
ajfa-86	13	24	economy	economy	NOUN
ajfa-86	13	25	,	,	PUNCT
ajfa-86	13	26	in	in	ADP
ajfa-86	13	27	aggregate	aggregate	ADJ
ajfa-86	13	28	,	,	PUNCT
ajfa-86	13	29	need	need	VERB
ajfa-86	13	30	to	to	PART
ajfa-86	13	31	be	be	AUX
ajfa-86	13	32	compensated	compensate	VERB
ajfa-86	13	33	for	for	ADP
ajfa-86	13	34	the	the	DET
ajfa-86	13	35	riskiness	riskiness	NOUN
ajfa-86	13	36	of	of	ADP
ajfa-86	13	37	the	the	DET
ajfa-86	13	38	productive	productive	ADJ
ajfa-86	13	39	assets	asset	NOUN
ajfa-86	13	40	of	of	ADP
ajfa-86	13	41	that	that	DET
ajfa-86	13	42	economy	economy	NOUN
ajfa-86	13	43	.	.	PUNCT
ajfa-86	14	1	more	more	ADV
ajfa-86	14	2	specifically	specifically	ADV
ajfa-86	14	3	,	,	PUNCT
ajfa-86	14	4	the	the	DET
ajfa-86	14	5	erp	erp	NOUN
ajfa-86	14	6	represents	represent	VERB
ajfa-86	14	7	the	the	DET
ajfa-86	14	8	amount	amount	NOUN
ajfa-86	14	9	that	that	PRON
ajfa-86	14	10	investors	investor	NOUN
ajfa-86	14	11	require	require	VERB
ajfa-86	14	12	to	to	PART
ajfa-86	14	13	induce	induce	VERB
ajfa-86	14	14	them	they	PRON
ajfa-86	14	15	to	to	PART
ajfa-86	14	16	hold	hold	VERB
ajfa-86	14	17	a	a	DET
ajfa-86	14	18	well	well	ADV
ajfa-86	14	19	diversified	diversify	VERB
ajfa-86	14	20	portfolio	portfolio	NOUN
ajfa-86	14	21	of	of	ADP
ajfa-86	14	22	risky	risky	ADJ
ajfa-86	14	23	assets	asset	NOUN
ajfa-86	14	24	rather	rather	ADV
ajfa-86	14	25	than	than	ADP
ajfa-86	14	26	the	the	DET
ajfa-86	14	27	risk	risk	NOUN
ajfa-86	14	28	-	-	PUNCT
ajfa-86	14	29	free	free	ADJ
ajfa-86	14	30	asset	asset	NOUN
ajfa-86	14	31	.	.	PUNCT
ajfa-86	15	1	the	the	DET
ajfa-86	15	2	usefulness	usefulness	NOUN
ajfa-86	15	3	of	of	ADP
ajfa-86	15	4	the	the	DET
ajfa-86	15	5	erp	erp	NOUN
ajfa-86	15	6	as	as	ADP
ajfa-86	15	7	an	an	DET
ajfa-86	15	8	explanation	explanation	NOUN
ajfa-86	15	9	of	of	ADP
ajfa-86	15	10	investor	investor	NOUN
ajfa-86	15	11	behaviour	behaviour	NOUN
ajfa-86	15	12	has	have	AUX
ajfa-86	15	13	led	lead	VERB
ajfa-86	15	14	to	to	ADP
ajfa-86	15	15	its	its	PRON
ajfa-86	15	16	use	use	NOUN
ajfa-86	15	17	in	in	ADP
ajfa-86	15	18	the	the	DET
ajfa-86	15	19	fields	field	NOUN
ajfa-86	15	20	of	of	ADP
ajfa-86	15	21	corporate	corporate	ADJ
ajfa-86	15	22	finance	finance	NOUN
ajfa-86	15	23	,	,	PUNCT
ajfa-86	15	24	asset	asset	NOUN
ajfa-86	15	25	valuation	valuation	NOUN
ajfa-86	15	26	,	,	PUNCT
ajfa-86	15	27	and	and	CCONJ
ajfa-86	15	28	portfolio	portfolio	NOUN
ajfa-86	15	29	management	management	NOUN
ajfa-86	15	30	.	.	PUNCT
ajfa-86	16	1	while	while	SCONJ
ajfa-86	16	2	the	the	DET
ajfa-86	16	3	meaning	meaning	NOUN
ajfa-86	16	4	and	and	CCONJ
ajfa-86	16	5	usefulness	usefulness	NOUN
ajfa-86	16	6	of	of	ADP
ajfa-86	16	7	the	the	DET
ajfa-86	16	8	erp	erp	NOUN
ajfa-86	16	9	is	be	AUX
ajfa-86	16	10	unambiguous	unambiguous	ADJ
ajfa-86	16	11	,	,	PUNCT
ajfa-86	16	12	attempts	attempt	NOUN
ajfa-86	16	13	to	to	PART
ajfa-86	16	14	empirically	empirically	ADV
ajfa-86	16	15	estimate	estimate	VERB
ajfa-86	16	16	the	the	DET
ajfa-86	16	17	erp	erp	NOUN
ajfa-86	16	18	have	have	AUX
ajfa-86	16	19	been	be	AUX
ajfa-86	16	20	fraught	fraught	ADJ
ajfa-86	16	21	with	with	ADP
ajfa-86	16	22	difficulties	difficulty	NOUN
ajfa-86	16	23	.	.	PUNCT
ajfa-86	17	1	most	most	ADJ
ajfa-86	17	2	empirical	empirical	ADJ
ajfa-86	17	3	studies	study	NOUN
ajfa-86	17	4	have	have	AUX
ajfa-86	17	5	been	be	AUX
ajfa-86	17	6	based	base	VERB
ajfa-86	17	7	on	on	ADP
ajfa-86	17	8	the	the	DET
ajfa-86	17	9	economy	economy	NOUN
ajfa-86	17	10	of	of	ADP
ajfa-86	17	11	the	the	DET
ajfa-86	17	12	united	united	PROPN
ajfa-86	17	13	states	states	PROPN
ajfa-86	17	14	,	,	PUNCT
ajfa-86	17	15	and	and	CCONJ
ajfa-86	17	16	to	to	ADP
ajfa-86	17	17	a	a	DET
ajfa-86	17	18	less	less	ADJ
ajfa-86	17	19	degree	degree	NOUN
ajfa-86	17	20	,	,	PUNCT
ajfa-86	17	21	other	other	ADJ
ajfa-86	17	22	large	large	ADJ
ajfa-86	17	23	western	western	ADJ
ajfa-86	17	24	economies	economy	NOUN
ajfa-86	17	25	.	.	PUNCT
ajfa-86	18	1	this	this	DET
ajfa-86	18	2	paper	paper	NOUN
ajfa-86	18	3	investigates	investigate	VERB
ajfa-86	18	4	the	the	DET
ajfa-86	18	5	magnitude	magnitude	NOUN
ajfa-86	18	6	of	of	ADP
ajfa-86	18	7	the	the	DET
ajfa-86	18	8	erp	erp	NOUN
ajfa-86	18	9	for	for	ADP
ajfa-86	18	10	the	the	DET
ajfa-86	18	11	larger	large	ADJ
ajfa-86	18	12	market	market	NOUN
ajfa-86	18	13	-	-	PUNCT
ajfa-86	18	14	orientated	orientate	VERB
ajfa-86	18	15	economies	economy	NOUN
ajfa-86	18	16	of	of	ADP
ajfa-86	18	17	asia	asia	PROPN
ajfa-86	18	18	and	and	CCONJ
ajfa-86	18	19	finds	find	VERB
ajfa-86	18	20	that	that	SCONJ
ajfa-86	18	21	there	there	PRON
ajfa-86	18	22	is	be	VERB
ajfa-86	18	23	often	often	ADV
ajfa-86	18	24	not	not	PART
ajfa-86	18	25	enough	enough	ADJ
ajfa-86	18	26	evidence	evidence	NOUN
ajfa-86	18	27	to	to	PART
ajfa-86	18	28	conclude	conclude	VERB
ajfa-86	18	29	that	that	SCONJ
ajfa-86	18	30	these	these	DET
ajfa-86	18	31	economies	economy	NOUN
ajfa-86	18	32	have	have	VERB
ajfa-86	18	33	a	a	DET
ajfa-86	18	34	significantly	significantly	ADV
ajfa-86	18	35	different	different	ADJ
ajfa-86	18	36	erp	erp	NOUN
ajfa-86	18	37	to	to	ADP
ajfa-86	18	38	that	that	PRON
ajfa-86	18	39	of	of	ADP
ajfa-86	18	40	the	the	DET
ajfa-86	18	41	united	united	PROPN
ajfa-86	18	42	states	states	PROPN
ajfa-86	18	43	of	of	ADP
ajfa-86	18	44	america	america	PROPN
ajfa-86	18	45	.	.	PUNCT
ajfa-86	19	1	the	the	DET
ajfa-86	19	2	analysis	analysis	NOUN
ajfa-86	19	3	proceeds	proceed	NOUN
ajfa-86	19	4	as	as	SCONJ
ajfa-86	19	5	follows	follow	VERB
ajfa-86	19	6	;	;	PUNCT
ajfa-86	19	7	firstly	firstly	ADV
ajfa-86	19	8	the	the	DET
ajfa-86	19	9	origins	origin	NOUN
ajfa-86	19	10	of	of	ADP
ajfa-86	19	11	the	the	DET
ajfa-86	19	12	formulation	formulation	NOUN
ajfa-86	19	13	of	of	ADP
ajfa-86	19	14	the	the	DET
ajfa-86	19	15	erp	erp	NOUN
ajfa-86	19	16	are	be	AUX
ajfa-86	19	17	disused	disuse	VERB
ajfa-86	19	18	.	.	PUNCT
ajfa-86	20	1	the	the	DET
ajfa-86	20	2	various	various	ADJ
ajfa-86	20	3	methods	method	NOUN
ajfa-86	20	4	by	by	ADP
ajfa-86	20	5	which	which	PRON
ajfa-86	20	6	the	the	DET
ajfa-86	20	7	erp	erp	NOUN
ajfa-86	20	8	can	can	AUX
ajfa-86	20	9	be	be	AUX
ajfa-86	20	10	measured	measure	VERB
ajfa-86	20	11	,	,	PUNCT
ajfa-86	20	12	and	and	CCONJ
ajfa-86	20	13	the	the	DET
ajfa-86	20	14	empirical	empirical	ADJ
ajfa-86	20	15	estimates	estimate	NOUN
ajfa-86	20	16	for	for	ADP
ajfa-86	20	17	selected	select	VERB
ajfa-86	20	18	asian	asian	ADJ
ajfa-86	20	19	economies	economy	NOUN
ajfa-86	20	20	,	,	PUNCT
ajfa-86	20	21	are	be	AUX
ajfa-86	20	22	then	then	ADV
ajfa-86	20	23	presented	present	VERB
ajfa-86	20	24	.	.	PUNCT
ajfa-86	21	1	finally	finally	ADV
ajfa-86	21	2	,	,	PUNCT
ajfa-86	21	3	the	the	DET
ajfa-86	21	4	estimates	estimate	NOUN
ajfa-86	21	5	obtained	obtain	VERB
ajfa-86	21	6	are	be	AUX
ajfa-86	21	7	compared	compare	VERB
ajfa-86	21	8	to	to	ADP
ajfa-86	21	9	those	those	PRON
ajfa-86	21	10	for	for	ADP
ajfa-86	21	11	the	the	DET
ajfa-86	21	12	united	united	PROPN
ajfa-86	21	13	states	states	PROPN
ajfa-86	21	14	over	over	ADP
ajfa-86	21	15	the	the	DET
ajfa-86	21	16	same	same	ADJ
ajfa-86	21	17	time	time	NOUN
ajfa-86	21	18	period	period	NOUN
ajfa-86	21	19	.	.	PUNCT
ajfa-86	22	1	2	2	X
ajfa-86	22	2	.	.	X
ajfa-86	22	3	the	the	DET
ajfa-86	22	4	origins	origin	NOUN
ajfa-86	22	5	the	the	DET
ajfa-86	22	6	equity	equity	NOUN
ajfa-86	22	7	risk	risk	NOUN
ajfa-86	22	8	premium	premium	NOUN
ajfa-86	22	9	the	the	DET
ajfa-86	22	10	concept	concept	NOUN
ajfa-86	22	11	of	of	ADP
ajfa-86	22	12	erp	erp	PROPN
ajfa-86	22	13	required	require	VERB
ajfa-86	22	14	the	the	DET
ajfa-86	22	15	development	development	NOUN
ajfa-86	22	16	of	of	ADP
ajfa-86	22	17	a	a	DET
ajfa-86	22	18	model	model	NOUN
ajfa-86	22	19	of	of	ADP
ajfa-86	22	20	asset	asset	NOUN
ajfa-86	22	21	pricing	pricing	NOUN
ajfa-86	22	22	that	that	PRON
ajfa-86	22	23	was	be	AUX
ajfa-86	22	24	able	able	ADJ
ajfa-86	22	25	to	to	PART
ajfa-86	22	26	distinguish	distinguish	VERB
ajfa-86	22	27	between	between	ADP
ajfa-86	22	28	the	the	DET
ajfa-86	22	29	idiosyncratic	idiosyncratic	ADJ
ajfa-86	22	30	and	and	CCONJ
ajfa-86	22	31	system	system	NOUN
ajfa-86	22	32	risk	risk	NOUN
ajfa-86	22	33	of	of	ADP
ajfa-86	22	34	each	each	DET
ajfa-86	22	35	asset	asset	NOUN
ajfa-86	22	36	.	.	PUNCT
ajfa-86	23	1	markowitz	markowitz	PROPN
ajfa-86	23	2	(	(	PUNCT
ajfa-86	23	3	1952	1952	NUM
ajfa-86	23	4	)	)	PUNCT
ajfa-86	23	5	was	be	AUX
ajfa-86	23	6	the	the	DET
ajfa-86	23	7	first	first	ADJ
ajfa-86	23	8	to	to	PART
ajfa-86	23	9	lay	lay	VERB
ajfa-86	23	10	the	the	DET
ajfa-86	23	11	basis	basis	NOUN
ajfa-86	23	12	for	for	ADP
ajfa-86	23	13	this	this	DET
ajfa-86	23	14	type	type	NOUN
ajfa-86	23	15	of	of	ADP
ajfa-86	23	16	analysis	analysis	NOUN
ajfa-86	23	17	.	.	PUNCT
ajfa-86	24	1	over	over	ADP
ajfa-86	24	2	time	time	PROPN
ajfa-86	24	3	markowitz	markowitz	PROPN
ajfa-86	24	4	's	's	PART
ajfa-86	24	5	method	method	NOUN
ajfa-86	24	6	of	of	ADP
ajfa-86	24	7	exposition	exposition	NOUN
ajfa-86	24	8	has	have	AUX
ajfa-86	24	9	been	be	AUX
ajfa-86	24	10	refined	refine	VERB
ajfa-86	24	11	and	and	CCONJ
ajfa-86	24	12	formalised	formalise	VERB
ajfa-86	24	13	so	so	SCONJ
ajfa-86	24	14	that	that	SCONJ
ajfa-86	24	15	it	it	PRON
ajfa-86	24	16	is	be	AUX
ajfa-86	24	17	now	now	ADV
ajfa-86	24	18	a	a	DET
ajfa-86	24	19	standard	standard	ADJ
ajfa-86	24	20	part	part	NOUN
ajfa-86	24	21	of	of	ADP
ajfa-86	24	22	the	the	DET
ajfa-86	24	23	theory	theory	NOUN
ajfa-86	24	24	of	of	ADP
ajfa-86	24	25	finance	finance	NOUN
ajfa-86	24	26	(	(	PUNCT
ajfa-86	24	27	ross	ross	PROPN
ajfa-86	24	28	,	,	PUNCT
ajfa-86	24	29	westerfield	westerfield	PROPN
ajfa-86	24	30	,	,	PUNCT
ajfa-86	24	31	&	&	CCONJ
ajfa-86	24	32	jaffe	jaffe	PROPN
ajfa-86	24	33	,	,	PUNCT
ajfa-86	24	34	2005	2005	NUM
ajfa-86	24	35	;	;	PUNCT
ajfa-86	24	36	joshi	joshi	PROPN
ajfa-86	24	37	,	,	PUNCT
ajfa-86	24	38	2003	2003	NUM
ajfa-86	24	39	;	;	PUNCT
ajfa-86	24	40	elton	elton	PROPN
ajfa-86	24	41	&	&	CCONJ
ajfa-86	24	42	gruber	gruber	PROPN
ajfa-86	24	43	,	,	PUNCT
ajfa-86	24	44	1995	1995	NUM
ajfa-86	24	45	;	;	PUNCT
ajfa-86	24	46	brealey	brealey	NOUN
ajfa-86	24	47	,	,	PUNCT
ajfa-86	24	48	myers	myers	PROPN
ajfa-86	24	49	,	,	PUNCT
ajfa-86	24	50	&	&	CCONJ
ajfa-86	24	51	allen	allen	PROPN
ajfa-86	24	52	,	,	PUNCT
ajfa-86	24	53	2006	2006	NUM
ajfa-86	24	54	)	)	PUNCT
ajfa-86	24	55	.	.	PUNCT
ajfa-86	25	1	markowitz	markowitz	PROPN
ajfa-86	25	2	's	's	PART
ajfa-86	25	3	formulation	formulation	NOUN
ajfa-86	25	4	of	of	ADP
ajfa-86	25	5	portfolio	portfolio	NOUN
ajfa-86	25	6	risk	risk	NOUN
ajfa-86	25	7	has	have	AUX
ajfa-86	25	8	been	be	AUX
ajfa-86	25	9	identified	identify	VERB
ajfa-86	25	10	as	as	ADP
ajfa-86	25	11	the	the	DET
ajfa-86	25	12	beginning	beginning	NOUN
ajfa-86	25	13	of	of	ADP
ajfa-86	25	14	what	what	PRON
ajfa-86	25	15	is	be	AUX
ajfa-86	25	16	now	now	ADV
ajfa-86	25	17	known	know	VERB
ajfa-86	25	18	as	as	ADP
ajfa-86	25	19	“	"	PUNCT
ajfa-86	25	20	modern	modern	ADJ
ajfa-86	25	21	portfolio	portfolio	NOUN
ajfa-86	25	22	theory	theory	NOUN
ajfa-86	25	23	”	"	PUNCT
ajfa-86	25	24	(	(	PUNCT
ajfa-86	25	25	rubinstein	rubinstein	PROPN
ajfa-86	25	26	,	,	PUNCT
ajfa-86	25	27	2002	2002	NUM
ajfa-86	25	28	)	)	PUNCT
ajfa-86	25	29	.	.	PUNCT
ajfa-86	26	1	if	if	SCONJ
ajfa-86	26	2	equilibrium	equilibrium	NOUN
ajfa-86	26	3	prevails	prevail	VERB
ajfa-86	26	4	in	in	ADP
ajfa-86	26	5	the	the	DET
ajfa-86	26	6	asset	asset	NOUN
ajfa-86	26	7	market	market	NOUN
ajfa-86	26	8	,	,	PUNCT
ajfa-86	26	9	it	it	PRON
ajfa-86	26	10	is	be	AUX
ajfa-86	26	11	possible	possible	ADJ
ajfa-86	26	12	to	to	PART
ajfa-86	26	13	determine	determine	VERB
ajfa-86	26	14	the	the	DET
ajfa-86	26	15	rate	rate	NOUN
ajfa-86	26	16	at	at	ADP
ajfa-86	26	17	which	which	PRON
ajfa-86	26	18	the	the	DET
ajfa-86	26	19	future	future	ADJ
ajfa-86	26	20	cash	cash	NOUN
ajfa-86	26	21	flows	flow	NOUN
ajfa-86	26	22	of	of	ADP
ajfa-86	26	23	any	any	DET
ajfa-86	26	24	assets	asset	NOUN
ajfa-86	26	25	should	should	AUX
ajfa-86	26	26	be	be	AUX
ajfa-86	26	27	discounted	discount	VERB
ajfa-86	26	28	,	,	PUNCT
ajfa-86	26	29	and	and	CCONJ
ajfa-86	26	30	the	the	DET
ajfa-86	26	31	resulting	result	VERB
ajfa-86	26	32	amount	amount	NOUN
ajfa-86	26	33	will	will	AUX
ajfa-86	26	34	be	be	AUX
ajfa-86	26	35	the	the	DET
ajfa-86	26	36	value	value	NOUN
ajfa-86	26	37	(	(	PUNCT
ajfa-86	26	38	i.e.	i.e.	X
ajfa-86	26	39	equilibrium	equilibrium	NOUN
ajfa-86	26	40	price	price	NOUN
ajfa-86	26	41	)	)	PUNCT
ajfa-86	26	42	of	of	ADP
ajfa-86	26	43	that	that	DET
ajfa-86	26	44	asset	asset	NOUN
ajfa-86	26	45	.	.	PUNCT
ajfa-86	27	1	this	this	DET
ajfa-86	27	2	extension	extension	NOUN
ajfa-86	27	3	to	to	ADP
ajfa-86	27	4	the	the	DET
ajfa-86	27	5	markowitz	markowitz	PROPN
ajfa-86	27	6	model	model	NOUN
ajfa-86	27	7	is	be	AUX
ajfa-86	27	8	due	due	ADJ
ajfa-86	27	9	to	to	ADP
ajfa-86	27	10	asian	asian	ADJ
ajfa-86	27	11	journal	journal	NOUN
ajfa-86	27	12	of	of	ADP
ajfa-86	27	13	finance	finance	PROPN
ajfa-86	27	14	&	&	CCONJ
ajfa-86	27	15	accounting	accounting	PROPN
ajfa-86	27	16	issn	issn	PROPN
ajfa-86	27	17	1946	1946	NUM
ajfa-86	27	18	-	-	PUNCT
ajfa-86	27	19	052x	052x	NOUN
ajfa-86	27	20	2009	2009	NUM
ajfa-86	27	21	,	,	PUNCT
ajfa-86	27	22	vol	vol	NOUN
ajfa-86	27	23	.	.	PROPN
ajfa-86	27	24	1	1	NUM
ajfa-86	27	25	,	,	PUNCT
ajfa-86	27	26	no	no	INTJ
ajfa-86	27	27	.	.	NOUN
ajfa-86	27	28	1	1	NUM
ajfa-86	27	29	:	:	PUNCT
ajfa-86	27	30	e1	e1	VERB
ajfa-86	27	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	27	32	25	25	NUM
ajfa-86	27	33	four	four	NUM
ajfa-86	27	34	authors	author	NOUN
ajfa-86	27	35	,	,	PUNCT
ajfa-86	27	36	each	each	PRON
ajfa-86	27	37	of	of	ADP
ajfa-86	27	38	whom	whom	PRON
ajfa-86	27	39	developed	develop	VERB
ajfa-86	27	40	the	the	DET
ajfa-86	27	41	theory	theory	NOUN
ajfa-86	27	42	independently	independently	ADV
ajfa-86	27	43	,	,	PUNCT
ajfa-86	27	44	namely	namely	ADV
ajfa-86	27	45	treynor	treynor	NOUN
ajfa-86	27	46	(	(	PUNCT
ajfa-86	27	47	1961	1961	NUM
ajfa-86	27	48	)	)	PUNCT
ajfa-86	27	49	;	;	PUNCT
ajfa-86	27	50	sharpe	sharpe	PROPN
ajfa-86	27	51	(	(	PUNCT
ajfa-86	27	52	1964	1964	NUM
ajfa-86	27	53	)	)	PUNCT
ajfa-86	27	54	;	;	PUNCT
ajfa-86	27	55	lintner	lintner	X
ajfa-86	27	56	(	(	PUNCT
ajfa-86	27	57	1965	1965	NUM
ajfa-86	27	58	)	)	PUNCT
ajfa-86	27	59	;	;	PUNCT
ajfa-86	27	60	and	and	CCONJ
ajfa-86	27	61	mossin	mossin	NOUN
ajfa-86	27	62	(	(	PUNCT
ajfa-86	27	63	1966	1966	NUM
ajfa-86	27	64	)	)	PUNCT
ajfa-86	27	65	.	.	PUNCT
ajfa-86	28	1	this	this	DET
ajfa-86	28	2	important	important	ADJ
ajfa-86	28	3	result	result	NOUN
ajfa-86	28	4	,	,	PUNCT
ajfa-86	28	5	known	know	VERB
ajfa-86	28	6	as	as	ADP
ajfa-86	28	7	the	the	DET
ajfa-86	28	8	“	"	PUNCT
ajfa-86	28	9	capital	capital	NOUN
ajfa-86	28	10	asset	asset	NOUN
ajfa-86	28	11	pricing	pricing	NOUN
ajfa-86	28	12	model	model	NOUN
ajfa-86	28	13	”	"	PUNCT
ajfa-86	28	14	(	(	PUNCT
ajfa-86	28	15	capm	capm	PROPN
ajfa-86	28	16	)	)	PUNCT
ajfa-86	28	17	,	,	PUNCT
ajfa-86	28	18	states	state	VERB
ajfa-86	28	19	that	that	SCONJ
ajfa-86	28	20	the	the	DET
ajfa-86	28	21	expected	expect	VERB
ajfa-86	28	22	return	return	NOUN
ajfa-86	28	23	on	on	ADP
ajfa-86	28	24	any	any	DET
ajfa-86	28	25	asset	asset	NOUN
ajfa-86	28	26	is	be	AUX
ajfa-86	28	27	given	give	VERB
ajfa-86	28	28	by	by	ADP
ajfa-86	28	29	the	the	DET
ajfa-86	28	30	following	follow	VERB
ajfa-86	28	31	relationship	relationship	NOUN
ajfa-86	28	32	:	:	PUNCT
ajfa-86	28	33	where	where	SCONJ
ajfa-86	28	34	:	:	PUNCT
ajfa-86	28	35	is	be	AUX
ajfa-86	28	36	the	the	DET
ajfa-86	28	37	expected	expect	VERB
ajfa-86	28	38	return	return	NOUN
ajfa-86	28	39	on	on	ADP
ajfa-86	28	40	the	the	DET
ajfa-86	28	41	asset	asset	NOUN
ajfa-86	28	42	i	i	PRON
ajfa-86	28	43	is	be	AUX
ajfa-86	28	44	the	the	DET
ajfa-86	28	45	risk	risk	NOUN
ajfa-86	28	46	-	-	PUNCT
ajfa-86	28	47	free	free	ADJ
ajfa-86	28	48	rate	rate	NOUN
ajfa-86	28	49	of	of	ADP
ajfa-86	28	50	interest	interest	NOUN
ajfa-86	28	51	is	be	AUX
ajfa-86	28	52	the	the	DET
ajfa-86	28	53	expected	expect	VERB
ajfa-86	28	54	return	return	NOUN
ajfa-86	28	55	of	of	ADP
ajfa-86	28	56	the	the	DET
ajfa-86	28	57	market	market	NOUN
ajfa-86	28	58	portfolio	portfolio	NOUN
ajfa-86	28	59	,	,	PUNCT
ajfa-86	28	60	and	and	CCONJ
ajfa-86	28	61	is	be	AUX
ajfa-86	28	62	a	a	DET
ajfa-86	28	63	measure	measure	NOUN
ajfa-86	28	64	of	of	ADP
ajfa-86	28	65	the	the	DET
ajfa-86	28	66	sensitivity	sensitivity	NOUN
ajfa-86	28	67	of	of	ADP
ajfa-86	28	68	the	the	DET
ajfa-86	28	69	asset	asset	NOUN
ajfa-86	28	70	returns	return	NOUN
ajfa-86	28	71	to	to	ADP
ajfa-86	28	72	market	market	NOUN
ajfa-86	28	73	returns	return	NOUN
ajfa-86	28	74	,	,	PUNCT
ajfa-86	28	75	measured	measure	VERB
ajfa-86	28	76	by	by	ADP
ajfa-86	28	77	the	the	DET
ajfa-86	28	78	ratio	ratio	NOUN
ajfa-86	28	79	of	of	ADP
ajfa-86	28	80	the	the	DET
ajfa-86	28	81	covariance	covariance	NOUN
ajfa-86	28	82	of	of	ADP
ajfa-86	28	83	the	the	DET
ajfa-86	28	84	returns	return	NOUN
ajfa-86	28	85	to	to	ADP
ajfa-86	28	86	the	the	DET
ajfa-86	28	87	market	market	NOUN
ajfa-86	28	88	portfolio	portfolio	NOUN
ajfa-86	28	89	and	and	CCONJ
ajfa-86	28	90	the	the	DET
ajfa-86	28	91	returns	return	NOUN
ajfa-86	28	92	to	to	ADP
ajfa-86	28	93	asset	asset	NOUN
ajfa-86	28	94	i	i	PRON
ajfa-86	28	95	to	to	ADP
ajfa-86	28	96	the	the	DET
ajfa-86	28	97	variance	variance	NOUN
ajfa-86	28	98	of	of	ADP
ajfa-86	28	99	the	the	DET
ajfa-86	28	100	market	market	NOUN
ajfa-86	28	101	returns	return	NOUN
ajfa-86	28	102	.	.	PUNCT
ajfa-86	29	1	the	the	DET
ajfa-86	29	2	term	term	NOUN
ajfa-86	29	3	in	in	ADP
ajfa-86	29	4	the	the	DET
ajfa-86	29	5	square	square	ADJ
ajfa-86	29	6	brackets	bracket	NOUN
ajfa-86	29	7	is	be	AUX
ajfa-86	29	8	the	the	DET
ajfa-86	29	9	erp	erp	NOUN
ajfa-86	29	10	.	.	PUNCT
ajfa-86	30	1	the	the	DET
ajfa-86	30	2	capm	capm	PROPN
ajfa-86	30	3	has	have	AUX
ajfa-86	30	4	been	be	AUX
ajfa-86	30	5	widely	widely	ADV
ajfa-86	30	6	adopted	adopt	VERB
ajfa-86	30	7	by	by	ADP
ajfa-86	30	8	the	the	DET
ajfa-86	30	9	financial	financial	ADJ
ajfa-86	30	10	sector	sector	NOUN
ajfa-86	30	11	.	.	PUNCT
ajfa-86	31	1	it	it	PRON
ajfa-86	31	2	is	be	AUX
ajfa-86	31	3	used	use	VERB
ajfa-86	31	4	in	in	ADP
ajfa-86	31	5	portfolio	portfolio	NOUN
ajfa-86	31	6	management	management	NOUN
ajfa-86	31	7	as	as	ADP
ajfa-86	31	8	a	a	DET
ajfa-86	31	9	means	means	NOUN
ajfa-86	31	10	of	of	ADP
ajfa-86	31	11	rating	rating	NOUN
ajfa-86	31	12	portfolio	portfolio	NOUN
ajfa-86	31	13	managers	manager	NOUN
ajfa-86	31	14	(	(	PUNCT
ajfa-86	31	15	using	use	VERB
ajfa-86	31	16	a	a	DET
ajfa-86	31	17	reward	reward	NOUN
ajfa-86	31	18	-	-	PUNCT
ajfa-86	31	19	to	to	ADP
ajfa-86	31	20	-	-	PUNCT
ajfa-86	31	21	variability	variability	NOUN
ajfa-86	31	22	ratio	ratio	NOUN
ajfa-86	31	23	relative	relative	ADJ
ajfa-86	31	24	to	to	ADP
ajfa-86	31	25	the	the	DET
ajfa-86	31	26	capital	capital	NOUN
ajfa-86	31	27	market	market	NOUN
ajfa-86	31	28	line	line	NOUN
ajfa-86	31	29	)	)	PUNCT
ajfa-86	31	30	;	;	PUNCT
ajfa-86	31	31	in	in	ADP
ajfa-86	31	32	corporate	corporate	ADJ
ajfa-86	31	33	finance	finance	NOUN
ajfa-86	31	34	(	(	PUNCT
ajfa-86	31	35	to	to	PART
ajfa-86	31	36	find	find	VERB
ajfa-86	31	37	the	the	DET
ajfa-86	31	38	required	require	VERB
ajfa-86	31	39	return	return	NOUN
ajfa-86	31	40	on	on	ADP
ajfa-86	31	41	capital	capital	NOUN
ajfa-86	31	42	investments	investment	NOUN
ajfa-86	31	43	)	)	PUNCT
ajfa-86	31	44	;	;	PUNCT
ajfa-86	31	45	in	in	ADP
ajfa-86	31	46	legal	legal	ADJ
ajfa-86	31	47	claims	claim	NOUN
ajfa-86	31	48	the	the	DET
ajfa-86	31	49	courts	court	NOUN
ajfa-86	31	50	have	have	AUX
ajfa-86	31	51	generally	generally	ADV
ajfa-86	31	52	accepted	accept	VERB
ajfa-86	31	53	discount	discount	NOUN
ajfa-86	31	54	rates	rate	NOUN
ajfa-86	31	55	for	for	ADP
ajfa-86	31	56	valuing	value	VERB
ajfa-86	31	57	future	future	ADJ
ajfa-86	31	58	claims	claim	NOUN
ajfa-86	31	59	that	that	PRON
ajfa-86	31	60	are	be	AUX
ajfa-86	31	61	based	base	VERB
ajfa-86	31	62	on	on	ADP
ajfa-86	31	63	capm	capm	PROPN
ajfa-86	31	64	;	;	PUNCT
ajfa-86	31	65	and	and	CCONJ
ajfa-86	31	66	regulatory	regulatory	ADJ
ajfa-86	31	67	bodies	body	NOUN
ajfa-86	31	68	routinely	routinely	ADV
ajfa-86	31	69	use	use	VERB
ajfa-86	31	70	capm	capm	PROPN
ajfa-86	31	71	to	to	PART
ajfa-86	31	72	calculate	calculate	VERB
ajfa-86	31	73	the	the	DET
ajfa-86	31	74	cost	cost	NOUN
ajfa-86	31	75	of	of	ADP
ajfa-86	31	76	capital	capital	NOUN
ajfa-86	31	77	for	for	ADP
ajfa-86	31	78	regulated	regulated	ADJ
ajfa-86	31	79	industries	industry	NOUN
ajfa-86	31	80	and	and	CCONJ
ajfa-86	31	81	firms	firm	NOUN
ajfa-86	31	82	.	.	PUNCT
ajfa-86	32	1	empirical	empirical	ADJ
ajfa-86	32	2	tests	test	NOUN
ajfa-86	32	3	of	of	ADP
ajfa-86	32	4	the	the	DET
ajfa-86	32	5	capm	capm	PROPN
ajfa-86	32	6	have	have	AUX
ajfa-86	32	7	however	however	ADV
ajfa-86	32	8	been	be	AUX
ajfa-86	32	9	troubling	troubling	ADJ
ajfa-86	32	10	.	.	PUNCT
ajfa-86	33	1	the	the	DET
ajfa-86	33	2	earliest	early	ADJ
ajfa-86	33	3	tests	test	NOUN
ajfa-86	33	4	(	(	PUNCT
ajfa-86	33	5	lintner	lintner	NOUN
ajfa-86	33	6	1965	1965	NUM
ajfa-86	33	7	,	,	PUNCT
ajfa-86	33	8	for	for	ADP
ajfa-86	33	9	example	example	NOUN
ajfa-86	33	10	)	)	PUNCT
ajfa-86	33	11	found	find	VERB
ajfa-86	33	12	a	a	DET
ajfa-86	33	13	positive	positive	ADJ
ajfa-86	33	14	and	and	CCONJ
ajfa-86	33	15	significant	significant	ADJ
ajfa-86	33	16	intercept	intercept	NOUN
ajfa-86	33	17	term	term	NOUN
ajfa-86	33	18	whereas	whereas	SCONJ
ajfa-86	33	19	capm	capm	PROPN
ajfa-86	33	20	predicted	predict	VERB
ajfa-86	33	21	a	a	DET
ajfa-86	33	22	linear	linear	ADJ
ajfa-86	33	23	function	function	NOUN
ajfa-86	33	24	that	that	PRON
ajfa-86	33	25	passed	pass	VERB
ajfa-86	33	26	through	through	ADP
ajfa-86	33	27	the	the	DET
ajfa-86	33	28	origin	origin	NOUN
ajfa-86	33	29	,	,	PUNCT
ajfa-86	33	30	and	and	CCONJ
ajfa-86	33	31	a	a	DET
ajfa-86	33	32	market	market	NOUN
ajfa-86	33	33	risk	risk	NOUN
ajfa-86	33	34	premium	premium	NOUN
ajfa-86	33	35	that	that	PRON
ajfa-86	33	36	was	be	AUX
ajfa-86	33	37	significantly	significantly	ADV
ajfa-86	33	38	less	less	ADJ
ajfa-86	33	39	than	than	ADP
ajfa-86	33	40	that	that	PRON
ajfa-86	33	41	which	which	PRON
ajfa-86	33	42	was	be	AUX
ajfa-86	33	43	observed	observe	VERB
ajfa-86	33	44	.	.	PUNCT
ajfa-86	34	1	however	however	ADV
ajfa-86	34	2	,	,	PUNCT
ajfa-86	34	3	the	the	DET
ajfa-86	34	4	statistical	statistical	ADJ
ajfa-86	34	5	methods	method	NOUN
ajfa-86	34	6	used	use	VERB
ajfa-86	34	7	in	in	ADP
ajfa-86	34	8	these	these	DET
ajfa-86	34	9	tests	test	NOUN
ajfa-86	34	10	were	be	AUX
ajfa-86	34	11	subject	subject	ADJ
ajfa-86	34	12	to	to	ADP
ajfa-86	34	13	criticism	criticism	NOUN
ajfa-86	34	14	and	and	CCONJ
ajfa-86	34	15	much	much	ADJ
ajfa-86	34	16	debate	debate	NOUN
ajfa-86	34	17	about	about	ADP
ajfa-86	34	18	the	the	DET
ajfa-86	34	19	correct	correct	ADJ
ajfa-86	34	20	form	form	NOUN
ajfa-86	34	21	of	of	ADP
ajfa-86	34	22	test	test	NOUN
ajfa-86	34	23	has	have	AUX
ajfa-86	34	24	ensued	ensue	VERB
ajfa-86	34	25	.	.	PUNCT
ajfa-86	35	1	roll	roll	NOUN
ajfa-86	35	2	(	(	PUNCT
ajfa-86	35	3	1977	1977	NUM
ajfa-86	35	4	)	)	PUNCT
ajfa-86	35	5	raised	raise	VERB
ajfa-86	35	6	a	a	DET
ajfa-86	35	7	more	more	ADV
ajfa-86	35	8	important	important	ADJ
ajfa-86	35	9	and	and	CCONJ
ajfa-86	35	10	fundamental	fundamental	ADJ
ajfa-86	35	11	objection	objection	NOUN
ajfa-86	35	12	to	to	ADP
ajfa-86	35	13	the	the	DET
ajfa-86	35	14	empirical	empirical	ADJ
ajfa-86	35	15	tests	test	NOUN
ajfa-86	35	16	of	of	ADP
ajfa-86	35	17	capm	capm	NOUN
ajfa-86	35	18	.	.	PUNCT
ajfa-86	36	1	all	all	DET
ajfa-86	36	2	empirical	empirical	ADJ
ajfa-86	36	3	tests	test	NOUN
ajfa-86	36	4	of	of	ADP
ajfa-86	36	5	capm	capm	PROPN
ajfa-86	36	6	test	test	NOUN
ajfa-86	36	7	a	a	DET
ajfa-86	36	8	joint	joint	ADJ
ajfa-86	36	9	hypothesis	hypothesis	NOUN
ajfa-86	36	10	;	;	PUNCT
ajfa-86	36	11	that	that	SCONJ
ajfa-86	36	12	the	the	DET
ajfa-86	36	13	market	market	NOUN
ajfa-86	36	14	portfolio	portfolio	NOUN
ajfa-86	36	15	is	be	AUX
ajfa-86	36	16	mean	mean	ADJ
ajfa-86	36	17	-	-	PUNCT
ajfa-86	36	18	variance	variance	NOUN
ajfa-86	36	19	efficient	efficient	ADJ
ajfa-86	36	20	and	and	CCONJ
ajfa-86	36	21	that	that	SCONJ
ajfa-86	36	22	the	the	DET
ajfa-86	36	23	proxy	proxy	NOUN
ajfa-86	36	24	for	for	ADP
ajfa-86	36	25	the	the	DET
ajfa-86	36	26	market	market	NOUN
ajfa-86	36	27	portfolio	portfolio	NOUN
ajfa-86	36	28	is	be	AUX
ajfa-86	36	29	accurate	accurate	ADJ
ajfa-86	36	30	.	.	PUNCT
ajfa-86	37	1	the	the	DET
ajfa-86	37	2	theoretical	theoretical	ADJ
ajfa-86	37	3	market	market	NOUN
ajfa-86	37	4	portfolio	portfolio	NOUN
ajfa-86	37	5	consists	consist	VERB
ajfa-86	37	6	of	of	ADP
ajfa-86	37	7	all	all	DET
ajfa-86	37	8	assets	asset	NOUN
ajfa-86	37	9	available	available	ADJ
ajfa-86	37	10	to	to	ADP
ajfa-86	37	11	an	an	DET
ajfa-86	37	12	investor	investor	NOUN
ajfa-86	37	13	,	,	PUNCT
ajfa-86	37	14	and	and	CCONJ
ajfa-86	37	15	includes	include	VERB
ajfa-86	37	16	assets	asset	NOUN
ajfa-86	37	17	such	such	ADJ
ajfa-86	37	18	as	as	ADP
ajfa-86	37	19	housing	housing	NOUN
ajfa-86	37	20	,	,	PUNCT
ajfa-86	37	21	human	human	ADJ
ajfa-86	37	22	capital	capital	NOUN
ajfa-86	37	23	(	(	PUNCT
ajfa-86	37	24	e.g.	e.g.	ADV
ajfa-86	37	25	education	education	NOUN
ajfa-86	37	26	)	)	PUNCT
ajfa-86	37	27	and	and	CCONJ
ajfa-86	37	28	other	other	ADJ
ajfa-86	37	29	non	non	ADJ
ajfa-86	37	30	-	-	ADJ
ajfa-86	37	31	market	market	ADJ
ajfa-86	37	32	assets	asset	NOUN
ajfa-86	37	33	.	.	PUNCT
ajfa-86	38	1	roll	roll	NOUN
ajfa-86	38	2	was	be	AUX
ajfa-86	38	3	able	able	ADJ
ajfa-86	38	4	to	to	PART
ajfa-86	38	5	demonstrate	demonstrate	VERB
ajfa-86	38	6	that	that	SCONJ
ajfa-86	38	7	even	even	ADV
ajfa-86	38	8	a	a	DET
ajfa-86	38	9	highly	highly	ADV
ajfa-86	38	10	diversified	diversified	ADJ
ajfa-86	38	11	portfolio	portfolio	NOUN
ajfa-86	38	12	consisting	consist	VERB
ajfa-86	38	13	of	of	ADP
ajfa-86	38	14	all	all	DET
ajfa-86	38	15	the	the	DET
ajfa-86	38	16	current	current	ADJ
ajfa-86	38	17	market	market	NOUN
ajfa-86	38	18	assets	asset	NOUN
ajfa-86	38	19	does	do	AUX
ajfa-86	38	20	not	not	PART
ajfa-86	38	21	necessarily	necessarily	ADV
ajfa-86	38	22	provide	provide	VERB
ajfa-86	38	23	a	a	DET
ajfa-86	38	24	good	good	ADJ
ajfa-86	38	25	proxy	proxy	NOUN
ajfa-86	38	26	for	for	ADP
ajfa-86	38	27	the	the	DET
ajfa-86	38	28	theoretical	theoretical	ADJ
ajfa-86	38	29	market	market	NOUN
ajfa-86	38	30	portfolio	portfolio	NOUN
ajfa-86	38	31	(	(	PUNCT
ajfa-86	38	32	richard	richard	PROPN
ajfa-86	38	33	roll	roll	PROPN
ajfa-86	38	34	&	&	CCONJ
ajfa-86	38	35	ross	ross	PROPN
ajfa-86	38	36	,	,	PUNCT
ajfa-86	38	37	1994	1994	NUM
ajfa-86	38	38	)	)	PUNCT
ajfa-86	38	39	.	.	PUNCT
ajfa-86	39	1	kandel	kandel	PROPN
ajfa-86	39	2	&	&	CCONJ
ajfa-86	39	3	stambaugh	stambaugh	PROPN
ajfa-86	39	4	(	(	PUNCT
ajfa-86	39	5	1995	1995	NUM
ajfa-86	39	6	)	)	PUNCT
ajfa-86	39	7	show	show	VERB
ajfa-86	39	8	that	that	SCONJ
ajfa-86	39	9	even	even	ADV
ajfa-86	39	10	using	use	VERB
ajfa-86	39	11	generalized	generalized	ADJ
ajfa-86	39	12	least	least	ADJ
ajfa-86	39	13	squares	square	NOUN
ajfa-86	39	14	it	it	PRON
ajfa-86	39	15	is	be	AUX
ajfa-86	39	16	not	not	PART
ajfa-86	39	17	possible	possible	ADJ
ajfa-86	39	18	to	to	PART
ajfa-86	39	19	estimate	estimate	VERB
ajfa-86	39	20	the	the	DET
ajfa-86	39	21	model	model	NOUN
ajfa-86	39	22	correctly	correctly	ADV
ajfa-86	39	23	if	if	SCONJ
ajfa-86	39	24	the	the	DET
ajfa-86	39	25	extent	extent	NOUN
ajfa-86	39	26	to	to	PART
ajfa-86	39	27	which	which	PRON
ajfa-86	39	28	the	the	DET
ajfa-86	39	29	proxy	proxy	NOUN
ajfa-86	39	30	for	for	ADP
ajfa-86	39	31	the	the	DET
ajfa-86	39	32	market	market	NOUN
ajfa-86	39	33	portfolio	portfolio	NOUN
ajfa-86	39	34	differs	differ	VERB
ajfa-86	39	35	from	from	ADP
ajfa-86	39	36	the	the	DET
ajfa-86	39	37	theoretical	theoretical	ADJ
ajfa-86	39	38	market	market	NOUN
ajfa-86	39	39	portfolio	portfolio	NOUN
ajfa-86	39	40	is	be	AUX
ajfa-86	39	41	not	not	PART
ajfa-86	39	42	known	know	VERB
ajfa-86	39	43	.	.	PUNCT
ajfa-86	40	1	3	3	X
ajfa-86	40	2	.	.	X
ajfa-86	40	3	estimation	estimation	NOUN
ajfa-86	40	4	of	of	ADP
ajfa-86	40	5	the	the	DET
ajfa-86	40	6	equity	equity	NOUN
ajfa-86	40	7	risk	risk	NOUN
ajfa-86	40	8	premium	premium	NOUN
ajfa-86	40	9	there	there	PRON
ajfa-86	40	10	are	be	VERB
ajfa-86	40	11	three	three	NUM
ajfa-86	40	12	methods	method	NOUN
ajfa-86	40	13	that	that	PRON
ajfa-86	40	14	can	can	AUX
ajfa-86	40	15	be	be	AUX
ajfa-86	40	16	used	use	VERB
ajfa-86	40	17	to	to	PART
ajfa-86	40	18	estimate	estimate	VERB
ajfa-86	40	19	the	the	DET
ajfa-86	40	20	erp	erp	NOUN
ajfa-86	40	21	in	in	ADP
ajfa-86	40	22	any	any	DET
ajfa-86	40	23	economy	economy	NOUN
ajfa-86	40	24	;	;	PUNCT
ajfa-86	40	25	firstly	firstly	ADV
ajfa-86	40	26	,	,	PUNCT
ajfa-86	40	27	the	the	DET
ajfa-86	40	28	erp	erp	NOUN
ajfa-86	40	29	can	can	AUX
ajfa-86	40	30	be	be	AUX
ajfa-86	40	31	“	"	PUNCT
ajfa-86	40	32	reversed	reverse	VERB
ajfa-86	40	33	out	out	ADP
ajfa-86	40	34	”	"	PUNCT
ajfa-86	40	35	of	of	ADP
ajfa-86	40	36	the	the	DET
ajfa-86	40	37	capm	capm	PROPN
ajfa-86	40	38	and	and	CCONJ
ajfa-86	40	39	the	the	DET
ajfa-86	40	40	observed	observed	ADJ
ajfa-86	40	41	market	market	NOUN
ajfa-86	40	42	valuation	valuation	NOUN
ajfa-86	40	43	in	in	ADP
ajfa-86	40	44	the	the	DET
ajfa-86	40	45	equity	equity	NOUN
ajfa-86	40	46	asian	asian	PROPN
ajfa-86	40	47	journal	journal	PROPN
ajfa-86	40	48	of	of	ADP
ajfa-86	40	49	finance	finance	PROPN
ajfa-86	40	50	&	&	CCONJ
ajfa-86	40	51	accounting	accounting	PROPN
ajfa-86	40	52	issn	issn	PROPN
ajfa-86	40	53	1946	1946	NUM
ajfa-86	40	54	-	-	PUNCT
ajfa-86	40	55	052x	052x	NOUN
ajfa-86	40	56	2009	2009	NUM
ajfa-86	40	57	,	,	PUNCT
ajfa-86	40	58	vol	vol	NOUN
ajfa-86	40	59	.	.	PROPN
ajfa-86	41	1	1	1	NUM
ajfa-86	41	2	,	,	PUNCT
ajfa-86	41	3	no	no	INTJ
ajfa-86	41	4	.	.	NOUN
ajfa-86	41	5	1	1	NUM
ajfa-86	41	6	:	:	PUNCT
ajfa-86	41	7	e1	e1	VERB
ajfa-86	41	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	41	9	26	26	NUM
ajfa-86	41	10	market	market	NOUN
ajfa-86	41	11	of	of	ADP
ajfa-86	41	12	an	an	DET
ajfa-86	41	13	economy	economy	NOUN
ajfa-86	41	14	.	.	PUNCT
ajfa-86	42	1	secondly	secondly	ADV
ajfa-86	42	2	,	,	PUNCT
ajfa-86	42	3	it	it	PRON
ajfa-86	42	4	is	be	AUX
ajfa-86	42	5	possible	possible	ADJ
ajfa-86	42	6	to	to	PART
ajfa-86	42	7	survey	survey	VERB
ajfa-86	42	8	investment	investment	NOUN
ajfa-86	42	9	professionals	professional	NOUN
ajfa-86	42	10	for	for	ADP
ajfa-86	42	11	a	a	DET
ajfa-86	42	12	direct	direct	ADJ
ajfa-86	42	13	estimate	estimate	NOUN
ajfa-86	42	14	of	of	ADP
ajfa-86	42	15	the	the	DET
ajfa-86	42	16	value	value	NOUN
ajfa-86	42	17	that	that	PRON
ajfa-86	42	18	they	they	PRON
ajfa-86	42	19	believe	believe	VERB
ajfa-86	42	20	reflects	reflect	VERB
ajfa-86	42	21	their	their	PRON
ajfa-86	42	22	investment	investment	NOUN
ajfa-86	42	23	behaviour	behaviour	NOUN
ajfa-86	42	24	(	(	PUNCT
ajfa-86	42	25	graham	graham	PROPN
ajfa-86	42	26	&	&	CCONJ
ajfa-86	42	27	harvey	harvey	PROPN
ajfa-86	42	28	,	,	PUNCT
ajfa-86	42	29	2008	2008	NUM
ajfa-86	42	30	)	)	PUNCT
ajfa-86	42	31	.	.	PUNCT
ajfa-86	43	1	the	the	DET
ajfa-86	43	2	third	third	ADJ
ajfa-86	43	3	method	method	NOUN
ajfa-86	43	4	is	be	AUX
ajfa-86	43	5	to	to	PART
ajfa-86	43	6	use	use	VERB
ajfa-86	43	7	the	the	DET
ajfa-86	43	8	actual	actual	ADJ
ajfa-86	43	9	returns	return	NOUN
ajfa-86	43	10	on	on	ADP
ajfa-86	43	11	assets	asset	NOUN
ajfa-86	43	12	as	as	ADP
ajfa-86	43	13	an	an	DET
ajfa-86	43	14	unbiased	unbiased	ADJ
ajfa-86	43	15	estimate	estimate	NOUN
ajfa-86	43	16	for	for	ADP
ajfa-86	43	17	the	the	DET
ajfa-86	43	18	expected	expect	VERB
ajfa-86	43	19	returns	return	NOUN
ajfa-86	43	20	on	on	ADP
ajfa-86	43	21	those	those	DET
ajfa-86	43	22	assets	asset	NOUN
ajfa-86	43	23	.	.	PUNCT
ajfa-86	44	1	this	this	PRON
ajfa-86	44	2	is	be	AUX
ajfa-86	44	3	the	the	DET
ajfa-86	44	4	approach	approach	NOUN
ajfa-86	44	5	that	that	PRON
ajfa-86	44	6	is	be	AUX
ajfa-86	44	7	most	most	ADV
ajfa-86	44	8	widely	widely	ADV
ajfa-86	44	9	used	use	VERB
ajfa-86	44	10	,	,	PUNCT
ajfa-86	44	11	and	and	CCONJ
ajfa-86	44	12	it	it	PRON
ajfa-86	44	13	is	be	AUX
ajfa-86	44	14	the	the	DET
ajfa-86	44	15	approach	approach	NOUN
ajfa-86	44	16	that	that	PRON
ajfa-86	44	17	is	be	AUX
ajfa-86	44	18	adopted	adopt	VERB
ajfa-86	44	19	in	in	ADP
ajfa-86	44	20	this	this	DET
ajfa-86	44	21	paper	paper	NOUN
ajfa-86	44	22	.	.	PUNCT
ajfa-86	45	1	attempts	attempt	NOUN
ajfa-86	45	2	to	to	PART
ajfa-86	45	3	empirically	empirically	ADV
ajfa-86	45	4	estimate	estimate	VERB
ajfa-86	45	5	the	the	DET
ajfa-86	45	6	erp	erp	NOUN
ajfa-86	45	7	are	be	AUX
ajfa-86	45	8	fraught	fraught	ADJ
ajfa-86	45	9	with	with	ADP
ajfa-86	45	10	difficulties	difficulty	NOUN
ajfa-86	45	11	.	.	PUNCT
ajfa-86	46	1	these	these	DET
ajfa-86	46	2	difficulties	difficulty	NOUN
ajfa-86	46	3	have	have	AUX
ajfa-86	46	4	arisen	arise	VERB
ajfa-86	46	5	despite	despite	SCONJ
ajfa-86	46	6	the	the	DET
ajfa-86	46	7	fact	fact	NOUN
ajfa-86	46	8	that	that	SCONJ
ajfa-86	46	9	much	much	ADJ
ajfa-86	46	10	of	of	ADP
ajfa-86	46	11	the	the	DET
ajfa-86	46	12	empirical	empirical	ADJ
ajfa-86	46	13	research	research	NOUN
ajfa-86	46	14	has	have	AUX
ajfa-86	46	15	been	be	AUX
ajfa-86	46	16	conducted	conduct	VERB
ajfa-86	46	17	in	in	ADP
ajfa-86	46	18	economies	economy	NOUN
ajfa-86	46	19	where	where	SCONJ
ajfa-86	46	20	data	datum	NOUN
ajfa-86	46	21	availability	availability	NOUN
ajfa-86	46	22	is	be	AUX
ajfa-86	46	23	plentiful	plentiful	ADJ
ajfa-86	46	24	;	;	PUNCT
ajfa-86	46	25	for	for	ADP
ajfa-86	46	26	example	example	NOUN
ajfa-86	46	27	in	in	ADP
ajfa-86	46	28	the	the	DET
ajfa-86	46	29	united	united	PROPN
ajfa-86	46	30	states	states	PROPN
ajfa-86	46	31	of	of	ADP
ajfa-86	46	32	america	america	PROPN
ajfa-86	46	33	good	good	PROPN
ajfa-86	46	34	quality	quality	PROPN
ajfa-86	46	35	data	datum	NOUN
ajfa-86	46	36	is	be	AUX
ajfa-86	46	37	available	available	ADJ
ajfa-86	46	38	from	from	ADP
ajfa-86	46	39	the	the	DET
ajfa-86	46	40	year	year	NOUN
ajfa-86	46	41	1871	1871	NUM
ajfa-86	46	42	.	.	PUNCT
ajfa-86	47	1	despite	despite	SCONJ
ajfa-86	47	2	this	this	DET
ajfa-86	47	3	apparent	apparent	ADJ
ajfa-86	47	4	richness	richness	NOUN
ajfa-86	47	5	in	in	ADP
ajfa-86	47	6	the	the	DET
ajfa-86	47	7	data	datum	NOUN
ajfa-86	47	8	,	,	PUNCT
ajfa-86	47	9	there	there	PRON
ajfa-86	47	10	is	be	VERB
ajfa-86	47	11	little	little	ADJ
ajfa-86	47	12	agreement	agreement	NOUN
ajfa-86	47	13	on	on	ADP
ajfa-86	47	14	the	the	DET
ajfa-86	47	15	correct	correct	ADJ
ajfa-86	47	16	estimate	estimate	NOUN
ajfa-86	47	17	of	of	ADP
ajfa-86	47	18	the	the	DET
ajfa-86	47	19	erp	erp	NOUN
ajfa-86	47	20	for	for	ADP
ajfa-86	47	21	the	the	DET
ajfa-86	47	22	united	united	PROPN
ajfa-86	47	23	states	states	PROPN
ajfa-86	47	24	(	(	PUNCT
ajfa-86	47	25	fernandez	fernandez	PROPN
ajfa-86	47	26	,	,	PUNCT
ajfa-86	47	27	2009	2009	NUM
ajfa-86	47	28	;	;	PUNCT
ajfa-86	47	29	claus	claus	PROPN
ajfa-86	47	30	&	&	CCONJ
ajfa-86	47	31	thomas	thomas	PROPN
ajfa-86	47	32	,	,	PUNCT
ajfa-86	47	33	1999	1999	NUM
ajfa-86	47	34	)	)	PUNCT
ajfa-86	47	35	.	.	PUNCT
ajfa-86	48	1	there	there	PRON
ajfa-86	48	2	have	have	AUX
ajfa-86	48	3	also	also	ADV
ajfa-86	48	4	been	be	AUX
ajfa-86	48	5	studies	study	NOUN
ajfa-86	48	6	that	that	PRON
ajfa-86	48	7	estimate	estimate	VERB
ajfa-86	48	8	of	of	ADP
ajfa-86	48	9	the	the	DET
ajfa-86	48	10	erp	erp	NOUN
ajfa-86	48	11	for	for	ADP
ajfa-86	48	12	smaller	small	ADJ
ajfa-86	48	13	economies	economy	NOUN
ajfa-86	48	14	;	;	PUNCT
ajfa-86	48	15	for	for	ADP
ajfa-86	48	16	example	example	NOUN
ajfa-86	48	17	australia	australia	PROPN
ajfa-86	48	18	(	(	PUNCT
ajfa-86	48	19	brailsford	brailsford	PROPN
ajfa-86	48	20	,	,	PUNCT
ajfa-86	48	21	handley	handley	NOUN
ajfa-86	48	22	,	,	PUNCT
ajfa-86	48	23	&	&	CCONJ
ajfa-86	48	24	maheswaran	maheswaran	ADJ
ajfa-86	48	25	,	,	PUNCT
ajfa-86	48	26	2007	2007	NUM
ajfa-86	48	27	)	)	PUNCT
ajfa-86	48	28	,	,	PUNCT
ajfa-86	48	29	new	new	PROPN
ajfa-86	48	30	zealand	zealand	PROPN
ajfa-86	48	31	(	(	PUNCT
ajfa-86	48	32	mcculloch	mcculloch	PROPN
ajfa-86	48	33	&	&	CCONJ
ajfa-86	48	34	leonova	leonova	PROPN
ajfa-86	48	35	,	,	PUNCT
ajfa-86	48	36	2005	2005	NUM
ajfa-86	48	37	)	)	PUNCT
ajfa-86	48	38	and	and	CCONJ
ajfa-86	48	39	portugal	portugal	PROPN
ajfa-86	48	40	(	(	PUNCT
ajfa-86	48	41	alpalhao	alpalhao	PROPN
ajfa-86	48	42	&	&	CCONJ
ajfa-86	48	43	alves	alves	PROPN
ajfa-86	48	44	,	,	PUNCT
ajfa-86	48	45	2005	2005	NUM
ajfa-86	48	46	)	)	PUNCT
ajfa-86	48	47	.	.	PUNCT
ajfa-86	49	1	these	these	DET
ajfa-86	49	2	studies	study	NOUN
ajfa-86	49	3	too	too	ADV
ajfa-86	49	4	show	show	VERB
ajfa-86	49	5	little	little	ADJ
ajfa-86	49	6	agreement	agreement	NOUN
ajfa-86	49	7	as	as	ADP
ajfa-86	49	8	to	to	ADP
ajfa-86	49	9	the	the	DET
ajfa-86	49	10	correct	correct	ADJ
ajfa-86	49	11	estimate	estimate	NOUN
ajfa-86	49	12	of	of	ADP
ajfa-86	49	13	the	the	DET
ajfa-86	49	14	erp	erp	NOUN
ajfa-86	49	15	.	.	PUNCT
ajfa-86	50	1	surprisingly	surprisingly	ADV
ajfa-86	50	2	,	,	PUNCT
ajfa-86	50	3	despite	despite	SCONJ
ajfa-86	50	4	the	the	DET
ajfa-86	50	5	importance	importance	NOUN
ajfa-86	50	6	of	of	ADP
ajfa-86	50	7	the	the	DET
ajfa-86	50	8	erp	erp	NOUN
ajfa-86	50	9	to	to	ADP
ajfa-86	50	10	the	the	DET
ajfa-86	50	11	economic	economic	ADJ
ajfa-86	50	12	performance	performance	NOUN
ajfa-86	50	13	of	of	ADP
ajfa-86	50	14	economies	economy	NOUN
ajfa-86	50	15	,	,	PUNCT
ajfa-86	50	16	that	that	SCONJ
ajfa-86	50	17	there	there	PRON
ajfa-86	50	18	have	have	AUX
ajfa-86	50	19	been	be	AUX
ajfa-86	50	20	only	only	ADV
ajfa-86	50	21	a	a	DET
ajfa-86	50	22	few	few	ADJ
ajfa-86	50	23	published	publish	VERB
ajfa-86	50	24	studies	study	NOUN
ajfa-86	50	25	that	that	PRON
ajfa-86	50	26	have	have	AUX
ajfa-86	50	27	estimated	estimate	VERB
ajfa-86	50	28	the	the	DET
ajfa-86	50	29	differences	difference	NOUN
ajfa-86	50	30	of	of	ADP
ajfa-86	50	31	the	the	DET
ajfa-86	50	32	erp	erp	NOUN
ajfa-86	50	33	between	between	ADP
ajfa-86	50	34	economies	economy	NOUN
ajfa-86	50	35	.	.	PUNCT
ajfa-86	51	1	the	the	DET
ajfa-86	51	2	limited	limited	ADJ
ajfa-86	51	3	amount	amount	NOUN
ajfa-86	51	4	of	of	ADP
ajfa-86	51	5	data	datum	NOUN
ajfa-86	51	6	has	have	AUX
ajfa-86	51	7	often	often	ADV
ajfa-86	51	8	confined	confine	VERB
ajfa-86	51	9	such	such	ADJ
ajfa-86	51	10	studies	study	NOUN
ajfa-86	51	11	to	to	ADP
ajfa-86	51	12	more	more	ADV
ajfa-86	51	13	advanced	advanced	ADJ
ajfa-86	51	14	western	western	ADJ
ajfa-86	51	15	economies	economy	NOUN
ajfa-86	51	16	(	(	PUNCT
ajfa-86	51	17	dimson	dimson	NOUN
ajfa-86	51	18	,	,	PUNCT
ajfa-86	51	19	marsh	marsh	PROPN
ajfa-86	51	20	,	,	PUNCT
ajfa-86	51	21	&	&	CCONJ
ajfa-86	51	22	staunton	staunton	PROPN
ajfa-86	51	23	,	,	PUNCT
ajfa-86	51	24	2003	2003	NUM
ajfa-86	51	25	,	,	PUNCT
ajfa-86	51	26	2006	2006	NUM
ajfa-86	51	27	;	;	PUNCT
ajfa-86	51	28	ang	ang	PROPN
ajfa-86	51	29	&	&	CCONJ
ajfa-86	51	30	maddaloni	maddaloni	NOUN
ajfa-86	51	31	,	,	PUNCT
ajfa-86	51	32	2005	2005	NUM
ajfa-86	51	33	)	)	PUNCT
ajfa-86	51	34	although	although	SCONJ
ajfa-86	51	35	developing	develop	VERB
ajfa-86	51	36	economies	economy	NOUN
ajfa-86	51	37	have	have	AUX
ajfa-86	51	38	also	also	ADV
ajfa-86	51	39	been	be	AUX
ajfa-86	51	40	studied	study	VERB
ajfa-86	51	41	(	(	PUNCT
ajfa-86	51	42	salomons	salomon	NOUN
ajfa-86	51	43	&	&	CCONJ
ajfa-86	51	44	grootveld	grootveld	PROPN
ajfa-86	51	45	,	,	PUNCT
ajfa-86	51	46	2003	2003	NUM
ajfa-86	51	47	;	;	PUNCT
ajfa-86	51	48	damodaran	damodaran	VERB
ajfa-86	51	49	,	,	PUNCT
ajfa-86	51	50	2008	2008	NUM
ajfa-86	51	51	;	;	PUNCT
ajfa-86	51	52	sterken	sterken	VERB
ajfa-86	51	53	,	,	PUNCT
ajfa-86	51	54	hullegie	hullegie	NOUN
ajfa-86	51	55	,	,	PUNCT
ajfa-86	51	56	&	&	CCONJ
ajfa-86	51	57	salomons	salomons	PROPN
ajfa-86	51	58	,	,	PUNCT
ajfa-86	51	59	2004	2004	NUM
ajfa-86	51	60	)	)	PUNCT
ajfa-86	51	61	.	.	PUNCT
ajfa-86	52	1	the	the	DET
ajfa-86	52	2	problem	problem	NOUN
ajfa-86	52	3	of	of	ADP
ajfa-86	52	4	estimating	estimate	VERB
ajfa-86	52	5	the	the	DET
ajfa-86	52	6	erp	erp	NOUN
ajfa-86	52	7	is	be	AUX
ajfa-86	52	8	compounded	compound	VERB
ajfa-86	52	9	in	in	ADP
ajfa-86	52	10	many	many	ADJ
ajfa-86	52	11	economies	economy	NOUN
ajfa-86	52	12	in	in	ADP
ajfa-86	52	13	the	the	DET
ajfa-86	52	14	asian	asian	ADJ
ajfa-86	52	15	region	region	NOUN
ajfa-86	52	16	where	where	SCONJ
ajfa-86	52	17	far	far	ADV
ajfa-86	52	18	less	less	ADJ
ajfa-86	52	19	data	datum	NOUN
ajfa-86	52	20	is	be	AUX
ajfa-86	52	21	available	available	ADJ
ajfa-86	52	22	,	,	PUNCT
ajfa-86	52	23	where	where	SCONJ
ajfa-86	52	24	markets	market	NOUN
ajfa-86	52	25	may	may	AUX
ajfa-86	52	26	at	at	ADP
ajfa-86	52	27	times	time	NOUN
ajfa-86	52	28	be	be	AUX
ajfa-86	52	29	less	less	ADV
ajfa-86	52	30	liquid	liquid	ADJ
ajfa-86	52	31	,	,	PUNCT
ajfa-86	52	32	and	and	CCONJ
ajfa-86	52	33	policy	policy	NOUN
ajfa-86	52	34	interventions	intervention	NOUN
ajfa-86	52	35	may	may	AUX
ajfa-86	52	36	be	be	AUX
ajfa-86	52	37	more	more	ADV
ajfa-86	52	38	visible	visible	ADJ
ajfa-86	52	39	.	.	PUNCT
ajfa-86	53	1	these	these	DET
ajfa-86	53	2	factors	factor	NOUN
ajfa-86	53	3	make	make	VERB
ajfa-86	53	4	any	any	DET
ajfa-86	53	5	attempt	attempt	NOUN
ajfa-86	53	6	at	at	ADP
ajfa-86	53	7	estimation	estimation	NOUN
ajfa-86	53	8	even	even	ADV
ajfa-86	53	9	more	more	ADV
ajfa-86	53	10	daunting	daunting	ADJ
ajfa-86	53	11	.	.	PUNCT
ajfa-86	54	1	practical	practical	ADJ
ajfa-86	54	2	matters	matter	NOUN
ajfa-86	54	3	can	can	AUX
ajfa-86	54	4	however	however	ADV
ajfa-86	54	5	not	not	PART
ajfa-86	54	6	be	be	AUX
ajfa-86	54	7	delayed	delay	VERB
ajfa-86	54	8	while	while	SCONJ
ajfa-86	54	9	additional	additional	ADJ
ajfa-86	54	10	data	datum	NOUN
ajfa-86	54	11	is	be	AUX
ajfa-86	54	12	collected	collect	VERB
ajfa-86	54	13	and	and	CCONJ
ajfa-86	54	14	a	a	DET
ajfa-86	54	15	workable	workable	ADJ
ajfa-86	54	16	solution	solution	NOUN
ajfa-86	54	17	is	be	AUX
ajfa-86	54	18	needed	need	VERB
ajfa-86	54	19	for	for	ADP
ajfa-86	54	20	problems	problem	NOUN
ajfa-86	54	21	and	and	CCONJ
ajfa-86	54	22	issues	issue	NOUN
ajfa-86	54	23	which	which	PRON
ajfa-86	54	24	require	require	VERB
ajfa-86	54	25	immediate	immediate	ADJ
ajfa-86	54	26	analysis	analysis	NOUN
ajfa-86	54	27	.	.	PUNCT
ajfa-86	55	1	this	this	DET
ajfa-86	55	2	study	study	NOUN
ajfa-86	55	3	investigates	investigate	VERB
ajfa-86	55	4	the	the	DET
ajfa-86	55	5	possibility	possibility	NOUN
ajfa-86	55	6	of	of	ADP
ajfa-86	55	7	estimating	estimate	VERB
ajfa-86	55	8	the	the	DET
ajfa-86	55	9	erp	erp	NOUN
ajfa-86	55	10	for	for	ADP
ajfa-86	55	11	the	the	DET
ajfa-86	55	12	larger	large	ADJ
ajfa-86	55	13	market	market	NOUN
ajfa-86	55	14	-	-	PUNCT
ajfa-86	55	15	orientated	orientate	VERB
ajfa-86	55	16	economies	economy	NOUN
ajfa-86	55	17	in	in	ADP
ajfa-86	55	18	the	the	DET
ajfa-86	55	19	asian	asian	ADJ
ajfa-86	55	20	region	region	NOUN
ajfa-86	55	21	with	with	ADP
ajfa-86	55	22	the	the	DET
ajfa-86	55	23	data	datum	NOUN
ajfa-86	55	24	that	that	PRON
ajfa-86	55	25	is	be	AUX
ajfa-86	55	26	currently	currently	ADV
ajfa-86	55	27	available	available	ADJ
ajfa-86	55	28	,	,	PUNCT
ajfa-86	55	29	as	as	ADV
ajfa-86	55	30	well	well	ADV
ajfa-86	55	31	as	as	ADP
ajfa-86	55	32	estimating	estimate	VERB
ajfa-86	55	33	the	the	DET
ajfa-86	55	34	extent	extent	NOUN
ajfa-86	55	35	to	to	PART
ajfa-86	55	36	which	which	PRON
ajfa-86	55	37	such	such	ADJ
ajfa-86	55	38	estimates	estimate	NOUN
ajfa-86	55	39	are	be	AUX
ajfa-86	55	40	significantly	significantly	ADV
ajfa-86	55	41	different	different	ADJ
ajfa-86	55	42	to	to	ADP
ajfa-86	55	43	that	that	PRON
ajfa-86	55	44	of	of	ADP
ajfa-86	55	45	the	the	DET
ajfa-86	55	46	largest	large	ADJ
ajfa-86	55	47	economy	economy	NOUN
ajfa-86	55	48	in	in	ADP
ajfa-86	55	49	the	the	DET
ajfa-86	55	50	world	world	NOUN
ajfa-86	55	51	,	,	PUNCT
ajfa-86	55	52	the	the	DET
ajfa-86	55	53	united	united	PROPN
ajfa-86	55	54	states	states	PROPN
ajfa-86	55	55	.	.	PUNCT
ajfa-86	56	1	4	4	X
ajfa-86	56	2	.	.	X
ajfa-86	56	3	empirical	empirical	ADJ
ajfa-86	56	4	estimates	estimate	NOUN
ajfa-86	56	5	of	of	ADP
ajfa-86	56	6	the	the	DET
ajfa-86	56	7	erp	erp	NOUN
ajfa-86	56	8	for	for	ADP
ajfa-86	56	9	asian	asian	ADJ
ajfa-86	56	10	economies	economy	NOUN
ajfa-86	56	11	the	the	DET
ajfa-86	56	12	population	population	NOUN
ajfa-86	56	13	of	of	ADP
ajfa-86	56	14	the	the	DET
ajfa-86	56	15	asian	asian	ADJ
ajfa-86	56	16	economies	economy	NOUN
ajfa-86	56	17	is	be	AUX
ajfa-86	56	18	approximately	approximately	ADV
ajfa-86	56	19	4	4	NUM
ajfa-86	56	20	billion	billion	NUM
ajfa-86	56	21	people	people	NOUN
ajfa-86	56	22	(	(	PUNCT
ajfa-86	56	23	60	60	NUM
ajfa-86	56	24	%	%	NOUN
ajfa-86	56	25	of	of	ADP
ajfa-86	56	26	the	the	DET
ajfa-86	56	27	world	world	NOUN
ajfa-86	56	28	population	population	NOUN
ajfa-86	56	29	)	)	PUNCT
ajfa-86	56	30	.	.	PUNCT
ajfa-86	57	1	there	there	PRON
ajfa-86	57	2	are	be	VERB
ajfa-86	57	3	46	46	NUM
ajfa-86	57	4	different	different	ADJ
ajfa-86	57	5	states	state	NOUN
ajfa-86	57	6	in	in	ADP
ajfa-86	57	7	asia	asia	PROPN
ajfa-86	57	8	,	,	PUNCT
ajfa-86	57	9	and	and	CCONJ
ajfa-86	57	10	only	only	ADV
ajfa-86	57	11	the	the	DET
ajfa-86	57	12	largest	large	ADJ
ajfa-86	57	13	of	of	ADP
ajfa-86	57	14	these	these	DET
ajfa-86	57	15	economies	economy	NOUN
ajfa-86	57	16	for	for	ADP
ajfa-86	57	17	which	which	PRON
ajfa-86	57	18	data	datum	NOUN
ajfa-86	57	19	of	of	ADP
ajfa-86	57	20	the	the	DET
ajfa-86	57	21	return	return	NOUN
ajfa-86	57	22	on	on	ADP
ajfa-86	57	23	equities	equity	NOUN
ajfa-86	57	24	and	and	CCONJ
ajfa-86	57	25	risk	risk	NOUN
ajfa-86	57	26	-	-	PUNCT
ajfa-86	57	27	free	free	ADJ
ajfa-86	57	28	assets	asset	NOUN
ajfa-86	57	29	are	be	AUX
ajfa-86	57	30	considered	consider	VERB
ajfa-86	57	31	.	.	PUNCT
ajfa-86	58	1	even	even	ADV
ajfa-86	58	2	for	for	ADP
ajfa-86	58	3	these	these	DET
ajfa-86	58	4	economies	economy	NOUN
ajfa-86	58	5	there	there	PRON
ajfa-86	58	6	are	be	VERB
ajfa-86	58	7	differences	difference	NOUN
ajfa-86	58	8	in	in	ADP
ajfa-86	58	9	the	the	DET
ajfa-86	58	10	data	datum	NOUN
ajfa-86	58	11	available	available	ADJ
ajfa-86	58	12	and	and	CCONJ
ajfa-86	58	13	quality	quality	NOUN
ajfa-86	58	14	;	;	PUNCT
ajfa-86	58	15	shorter	short	ADJ
ajfa-86	58	16	time	time	NOUN
ajfa-86	58	17	series	series	NOUN
ajfa-86	58	18	,	,	PUNCT
ajfa-86	58	19	less	less	ADJ
ajfa-86	58	20	depth	depth	NOUN
ajfa-86	58	21	and	and	CCONJ
ajfa-86	58	22	breadth	breadth	NOUN
ajfa-86	58	23	for	for	ADP
ajfa-86	58	24	the	the	DET
ajfa-86	58	25	individual	individual	ADJ
ajfa-86	58	26	markets	market	NOUN
ajfa-86	58	27	,	,	PUNCT
ajfa-86	58	28	and	and	CCONJ
ajfa-86	58	29	the	the	DET
ajfa-86	58	30	possibility	possibility	NOUN
ajfa-86	58	31	of	of	ADP
ajfa-86	58	32	greater	great	ADJ
ajfa-86	58	33	regulation	regulation	NOUN
ajfa-86	58	34	.	.	PUNCT
ajfa-86	59	1	these	these	DET
ajfa-86	59	2	factors	factor	NOUN
ajfa-86	59	3	all	all	PRON
ajfa-86	59	4	contribute	contribute	VERB
ajfa-86	59	5	to	to	ADP
ajfa-86	59	6	the	the	DET
ajfa-86	59	7	difficulties	difficulty	NOUN
ajfa-86	59	8	in	in	ADP
ajfa-86	59	9	estimating	estimate	VERB
ajfa-86	59	10	the	the	DET
ajfa-86	59	11	erp	erp	NOUN
ajfa-86	59	12	.	.	PUNCT
ajfa-86	60	1	the	the	DET
ajfa-86	60	2	available	available	ADJ
ajfa-86	60	3	data	datum	NOUN
ajfa-86	60	4	for	for	ADP
ajfa-86	60	5	each	each	PRON
ajfa-86	60	6	of	of	ADP
ajfa-86	60	7	the	the	DET
ajfa-86	60	8	asian	asian	ADJ
ajfa-86	60	9	economies	economy	NOUN
ajfa-86	60	10	analysed	analyse	VERB
ajfa-86	60	11	,	,	PUNCT
ajfa-86	60	12	together	together	ADV
ajfa-86	60	13	with	with	ADP
ajfa-86	60	14	the	the	DET
ajfa-86	60	15	corresponding	corresponding	ADJ
ajfa-86	60	16	data	datum	NOUN
ajfa-86	60	17	for	for	ADP
ajfa-86	60	18	the	the	DET
ajfa-86	60	19	united	united	PROPN
ajfa-86	60	20	states	states	PROPN
ajfa-86	60	21	of	of	ADP
ajfa-86	60	22	america	america	PROPN
ajfa-86	60	23	(	(	PUNCT
ajfa-86	60	24	which	which	PRON
ajfa-86	60	25	is	be	AUX
ajfa-86	60	26	used	use	VERB
ajfa-86	60	27	as	as	ADP
ajfa-86	60	28	a	a	DET
ajfa-86	60	29	base	base	NOUN
ajfa-86	60	30	case	case	NOUN
ajfa-86	60	31	)	)	PUNCT
ajfa-86	60	32	are	be	AUX
ajfa-86	60	33	listed	list	VERB
ajfa-86	60	34	in	in	ADP
ajfa-86	60	35	table	table	NOUN
ajfa-86	60	36	1	1	NUM
ajfa-86	60	37	.	.	PUNCT
ajfa-86	60	38	asian	asian	ADJ
ajfa-86	60	39	journal	journal	PROPN
ajfa-86	60	40	of	of	ADP
ajfa-86	60	41	finance	finance	PROPN
ajfa-86	60	42	&	&	CCONJ
ajfa-86	60	43	accounting	accounting	PROPN
ajfa-86	60	44	issn	issn	PROPN
ajfa-86	60	45	1946	1946	NUM
ajfa-86	60	46	-	-	PUNCT
ajfa-86	60	47	052x	052x	NOUN
ajfa-86	60	48	2009	2009	NUM
ajfa-86	60	49	,	,	PUNCT
ajfa-86	60	50	vol	vol	NOUN
ajfa-86	60	51	.	.	PROPN
ajfa-86	61	1	1	1	NUM
ajfa-86	61	2	,	,	PUNCT
ajfa-86	61	3	no	no	INTJ
ajfa-86	61	4	.	.	NOUN
ajfa-86	61	5	1	1	NUM
ajfa-86	61	6	:	:	PUNCT
ajfa-86	61	7	e1	e1	VERB
ajfa-86	61	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	61	9	27	27	NUM
ajfa-86	61	10	table	table	NOUN
ajfa-86	61	11	1	1	NUM
ajfa-86	61	12	.	.	PUNCT
ajfa-86	61	13	risk	risk	NOUN
ajfa-86	61	14	-	-	PUNCT
ajfa-86	61	15	free	free	ADJ
ajfa-86	61	16	rates	rate	NOUN
ajfa-86	61	17	,	,	PUNCT
ajfa-86	61	18	returns	return	NOUN
ajfa-86	61	19	on	on	ADP
ajfa-86	61	20	stock	stock	NOUN
ajfa-86	61	21	market	market	NOUN
ajfa-86	61	22	indices	index	NOUN
ajfa-86	61	23	,	,	PUNCT
ajfa-86	61	24	estimates	estimate	NOUN
ajfa-86	61	25	of	of	ADP
ajfa-86	61	26	the	the	DET
ajfa-86	61	27	erp	erp	NOUN
ajfa-86	61	28	,	,	PUNCT
ajfa-86	61	29	and	and	CCONJ
ajfa-86	61	30	results	result	NOUN
ajfa-86	61	31	of	of	ADP
ajfa-86	61	32	t	t	NOUN
ajfa-86	61	33	-	-	PUNCT
ajfa-86	61	34	tests	test	NOUN
ajfa-86	61	35	for	for	ADP
ajfa-86	61	36	comparison	comparison	NOUN
ajfa-86	61	37	with	with	ADP
ajfa-86	61	38	the	the	DET
ajfa-86	61	39	united	united	PROPN
ajfa-86	61	40	states	states	PROPN
ajfa-86	61	41	.	.	PUNCT
ajfa-86	62	1	country	country	NOUN
ajfa-86	62	2	series	series	PROPN
ajfa-86	62	3	start	start	VERB
ajfa-86	62	4	date	date	NOUN
ajfa-86	62	5	of	of	ADP
ajfa-86	62	6	series	series	NOUN
ajfa-86	62	7	mean	mean	VERB
ajfa-86	62	8	full	full	ADJ
ajfa-86	62	9	period	period	NOUN
ajfa-86	62	10	mean	mean	NOUN
ajfa-86	62	11	m7	m7	PROPN
ajfa-86	62	12	1997	1997	NUM
ajfa-86	62	13	m7	m7	PROPN
ajfa-86	62	14	2008	2008	NUM
ajfa-86	62	15	p(t<=t	p(t<=t	NUM
ajfa-86	62	16	)	)	PUNCT
ajfa-86	62	17	compared	compare	VERB
ajfa-86	62	18	to	to	ADP
ajfa-86	62	19	us	us	PROPN
ajfa-86	62	20	china	china	PROPN
ajfa-86	62	21	,	,	PUNCT
ajfa-86	62	22	p.r	p.r	PROPN
ajfa-86	62	23	.	.	PROPN
ajfa-86	62	24	money	money	NOUN
ajfa-86	62	25	market	market	NOUN
ajfa-86	62	26	rate	rate	NOUN
ajfa-86	62	27	m12	m12	PROPN
ajfa-86	62	28	1993	1993	NUM
ajfa-86	62	29	3.97	3.97	NUM
ajfa-86	62	30	3.56	3.56	NUM
ajfa-86	62	31	return	return	NOUN
ajfa-86	62	32	on	on	ADP
ajfa-86	62	33	hang	hang	PROPN
ajfa-86	62	34	seng	seng	PROPN
ajfa-86	62	35	index	index	NOUN
ajfa-86	62	36	m12	m12	PROPN
ajfa-86	62	37	1986	1986	NUM
ajfa-86	62	38	0.81	0.81	NUM
ajfa-86	62	39	0.20	0.20	NUM
ajfa-86	62	40	erp	erp	NOUN
ajfa-86	62	41	-3.64	-3.64	NUM
ajfa-86	62	42	-3.36	-3.36	NUM
ajfa-86	62	43	0.82778	0.82778	NUM
ajfa-86	62	44	korea	korea	PROPN
ajfa-86	62	45	money	money	NOUN
ajfa-86	62	46	market	market	NOUN
ajfa-86	62	47	rate	rate	NOUN
ajfa-86	62	48	m8	m8	PROPN
ajfa-86	62	49	1976	1976	NUM
ajfa-86	62	50	11.23	11.23	NUM
ajfa-86	62	51	5.78	5.78	NUM
ajfa-86	62	52	return	return	NOUN
ajfa-86	62	53	on	on	ADP
ajfa-86	62	54	kospi	kospi	ADJ
ajfa-86	62	55	index	index	NOUN
ajfa-86	62	56	m7	m7	PROPN
ajfa-86	62	57	1997	1997	NUM
ajfa-86	62	58	0.53	0.53	NUM
ajfa-86	62	59	0.53	0.53	NUM
ajfa-86	62	60	erp	erp	PROPN
ajfa-86	62	61	-5.25	-5.25	PROPN
ajfa-86	62	62	-5.25	-5.25	PROPN
ajfa-86	62	63	0.11015	0.11015	NUM
ajfa-86	62	64	malaysia	malaysia	PROPN
ajfa-86	62	65	interbank	interbank	NOUN
ajfa-86	62	66	overnight	overnight	ADJ
ajfa-86	62	67	money	money	NOUN
ajfa-86	62	68	m1	m1	PROPN
ajfa-86	62	69	1971	1971	NUM
ajfa-86	62	70	4.79	4.79	NUM
ajfa-86	62	71	3.69	3.69	NUM
ajfa-86	62	72	return	return	NOUN
ajfa-86	62	73	on	on	ADP
ajfa-86	62	74	klse	klse	PROPN
ajfa-86	62	75	index	index	NOUN
ajfa-86	62	76	m12	m12	PROPN
ajfa-86	62	77	1993	1993	NUM
ajfa-86	62	78	-0.08	-0.08	NUM
ajfa-86	62	79	0.06	0.06	NUM
ajfa-86	62	80	erp	erp	PROPN
ajfa-86	62	81	-4.31	-4.31	NUM
ajfa-86	62	82	-3.63	-3.63	PROPN
ajfa-86	62	83	0.9160	0.9160	NUM
ajfa-86	62	84	thailand	thailand	PROPN
ajfa-86	62	85	money	money	NOUN
ajfa-86	62	86	market	market	NOUN
ajfa-86	62	87	rate	rate	NOUN
ajfa-86	62	88	m1	m1	PROPN
ajfa-86	62	89	1977	1977	NUM
ajfa-86	62	90	8.48	8.48	NUM
ajfa-86	62	91	4.13	4.13	NUM
ajfa-86	62	92	return	return	NOUN
ajfa-86	62	93	on	on	ADP
ajfa-86	62	94	set	set	ADJ
ajfa-86	62	95	index	index	NOUN
ajfa-86	62	96	m4	m4	PROPN
ajfa-86	62	97	1975	1975	NUM
ajfa-86	62	98	0.48	0.48	NUM
ajfa-86	62	99	0.02	0.02	NUM
ajfa-86	62	100	erp	erp	NOUN
ajfa-86	62	101	-7.55	-7.55	NUM
ajfa-86	62	102	-4.11	-4.11	NOUN
ajfa-86	62	103	0.6036	0.6036	NUM
ajfa-86	62	104	indonesia	indonesia	PROPN
ajfa-86	62	105	call	call	VERB
ajfa-86	62	106	money	money	NOUN
ajfa-86	62	107	rate	rate	NOUN
ajfa-86	62	108	m5	m5	NOUN
ajfa-86	62	109	1986	1986	NUM
ajfa-86	62	110	14.85	14.85	NUM
ajfa-86	62	111	16.81	16.81	NUM
ajfa-86	62	112	return	return	NOUN
ajfa-86	62	113	on	on	ADP
ajfa-86	62	114	jakarta	jakarta	PROPN
ajfa-86	62	115	index	index	PROPN
ajfa-86	62	116	m7	m7	PROPN
ajfa-86	62	117	1997	1997	NUM
ajfa-86	62	118	0.83	0.83	NUM
ajfa-86	62	119	0.83	0.83	NUM
ajfa-86	62	120	erp	erp	NOUN
ajfa-86	62	121	-15.98	-15.98	PROPN
ajfa-86	62	122	-15.98	-15.98	PROPN
ajfa-86	62	123	0.0000	0.0000	NUM
ajfa-86	62	124	japan	japan	PROPN
ajfa-86	62	125	call	call	VERB
ajfa-86	62	126	money	money	NOUN
ajfa-86	62	127	rate	rate	NOUN
ajfa-86	62	128	m1	m1	PROPN
ajfa-86	62	129	1970	1970	NUM
ajfa-86	62	130	4.23	4.23	NUM
ajfa-86	62	131	0.16	0.16	NUM
ajfa-86	62	132	return	return	NOUN
ajfa-86	62	133	on	on	ADP
ajfa-86	62	134	nikkei	nikkei	PROPN
ajfa-86	62	135	225index	225index	PROPN
ajfa-86	62	136	m1	m1	PROPN
ajfa-86	62	137	1984	1984	NUM
ajfa-86	62	138	0.08	0.08	NUM
ajfa-86	62	139	-0.33	-0.33	ADJ
ajfa-86	62	140	erp	erp	PROPN
ajfa-86	62	141	-2.30	-2.30	INTJ
ajfa-86	62	142	-0.49	-0.49	ADP
ajfa-86	62	143	0.0000	0.0000	NUM
ajfa-86	62	144	pakistan	pakistan	PROPN
ajfa-86	62	145	call	call	NOUN
ajfa-86	62	146	money	money	NOUN
ajfa-86	62	147	rate	rate	NOUN
ajfa-86	62	148	m1	m1	PROPN
ajfa-86	62	149	1970	1970	NUM
ajfa-86	62	150	8.21	8.21	NUM
ajfa-86	62	151	7.51	7.51	NUM
ajfa-86	62	152	return	return	NOUN
ajfa-86	62	153	on	on	ADP
ajfa-86	62	154	kse	kse	PROPN
ajfa-86	62	155	index	index	NOUN
ajfa-86	62	156	m7	m7	NOUN
ajfa-86	62	157	1997	1997	NUM
ajfa-86	62	158	1.15	1.15	NUM
ajfa-86	62	159	1.15	1.15	NUM
ajfa-86	62	160	erp	erp	NOUN
ajfa-86	62	161	-6.36	-6.36	NUM
ajfa-86	62	162	-6.36	-6.36	NUM
ajfa-86	62	163	0.0073	0.0073	NUM
ajfa-86	62	164	united	united	PROPN
ajfa-86	62	165	states	states	PROPN
ajfa-86	62	166	federal	federal	ADJ
ajfa-86	62	167	funds	fund	NOUN
ajfa-86	62	168	rate	rate	NOUN
ajfa-86	62	169	m1	m1	PROPN
ajfa-86	62	170	1970	1970	NUM
ajfa-86	62	171	6.51	6.51	NUM
ajfa-86	62	172	3.79	3.79	NUM
ajfa-86	62	173	return	return	NOUN
ajfa-86	62	174	on	on	ADP
ajfa-86	62	175	dj	dj	NOUN
ajfa-86	62	176	index	index	NOUN
ajfa-86	62	177	m1	m1	PROPN
ajfa-86	62	178	1970	1970	NUM
ajfa-86	62	179	0.59	0.59	NUM
ajfa-86	62	180	0.26	0.26	NUM
ajfa-86	62	181	erp	erp	NOUN
ajfa-86	62	182	-5.92	-5.92	NUM
ajfa-86	62	183	-3.54	-3.54	PROPN
ajfa-86	62	184	n.a	n.a	PROPN
ajfa-86	62	185	.	.	PROPN
ajfa-86	62	186	for	for	ADP
ajfa-86	62	187	each	each	DET
ajfa-86	62	188	economy	economy	NOUN
ajfa-86	62	189	the	the	DET
ajfa-86	62	190	mean	mean	NOUN
ajfa-86	62	191	for	for	ADP
ajfa-86	62	192	the	the	DET
ajfa-86	62	193	full	full	ADJ
ajfa-86	62	194	period	period	NOUN
ajfa-86	62	195	of	of	ADP
ajfa-86	62	196	the	the	DET
ajfa-86	62	197	available	available	ADJ
ajfa-86	62	198	data	data	PROPN
ajfa-86	62	199	series	series	NOUN
ajfa-86	62	200	and	and	CCONJ
ajfa-86	62	201	the	the	DET
ajfa-86	62	202	mean	mean	NOUN
ajfa-86	62	203	for	for	ADP
ajfa-86	62	204	the	the	DET
ajfa-86	62	205	overlapping	overlap	VERB
ajfa-86	62	206	period	period	NOUN
ajfa-86	62	207	for	for	ADP
ajfa-86	62	208	the	the	DET
ajfa-86	62	209	following	following	ADJ
ajfa-86	62	210	variables	variable	NOUN
ajfa-86	62	211	:	:	PUNCT
ajfa-86	62	212	proxy	proxy	NOUN
ajfa-86	62	213	for	for	ADP
ajfa-86	62	214	the	the	DET
ajfa-86	62	215	risk	risk	NOUN
ajfa-86	62	216	-	-	PUNCT
ajfa-86	62	217	free	free	ADJ
ajfa-86	62	218	rate	rate	NOUN
ajfa-86	62	219	,	,	PUNCT
ajfa-86	62	220	the	the	DET
ajfa-86	62	221	return	return	NOUN
ajfa-86	62	222	on	on	ADP
ajfa-86	62	223	the	the	DET
ajfa-86	62	224	domestic	domestic	ADJ
ajfa-86	62	225	equity	equity	NOUN
ajfa-86	62	226	market	market	NOUN
ajfa-86	62	227	and	and	CCONJ
ajfa-86	62	228	the	the	DET
ajfa-86	62	229	equity	equity	NOUN
ajfa-86	62	230	risk	risk	NOUN
ajfa-86	62	231	premium	premium	NOUN
ajfa-86	62	232	.	.	PUNCT
ajfa-86	63	1	the	the	DET
ajfa-86	63	2	final	final	ADJ
ajfa-86	63	3	column	column	NOUN
ajfa-86	63	4	is	be	AUX
ajfa-86	63	5	the	the	DET
ajfa-86	63	6	t	t	NOUN
ajfa-86	63	7	-	-	PUNCT
ajfa-86	63	8	static	static	NOUN
ajfa-86	63	9	for	for	ADP
ajfa-86	63	10	the	the	DET
ajfa-86	63	11	differences	difference	NOUN
ajfa-86	63	12	in	in	ADP
ajfa-86	63	13	means	mean	NOUN
ajfa-86	63	14	between	between	ADP
ajfa-86	63	15	each	each	DET
ajfa-86	63	16	economy	economy	NOUN
ajfa-86	63	17	and	and	CCONJ
ajfa-86	63	18	the	the	DET
ajfa-86	63	19	usa	usa	PROPN
ajfa-86	63	20	.	.	PUNCT
ajfa-86	64	1	the	the	DET
ajfa-86	64	2	choice	choice	NOUN
ajfa-86	64	3	of	of	ADP
ajfa-86	64	4	a	a	DET
ajfa-86	64	5	proxy	proxy	NOUN
ajfa-86	64	6	for	for	ADP
ajfa-86	64	7	the	the	DET
ajfa-86	64	8	risk	risk	NOUN
ajfa-86	64	9	free	free	ADJ
ajfa-86	64	10	asset	asset	NOUN
ajfa-86	64	11	has	have	AUX
ajfa-86	64	12	been	be	AUX
ajfa-86	64	13	much	much	ADV
ajfa-86	64	14	debated	debate	VERB
ajfa-86	64	15	in	in	ADP
ajfa-86	64	16	the	the	DET
ajfa-86	64	17	literature	literature	NOUN
ajfa-86	64	18	.	.	PUNCT
ajfa-86	65	1	the	the	DET
ajfa-86	65	2	desirable	desirable	ADJ
ajfa-86	65	3	characteristics	characteristic	NOUN
ajfa-86	65	4	for	for	ADP
ajfa-86	65	5	the	the	DET
ajfa-86	65	6	proxy	proxy	ADJ
ajfa-86	65	7	asset	asset	NOUN
ajfa-86	65	8	are	be	AUX
ajfa-86	65	9	well	well	ADV
ajfa-86	65	10	established	establish	VERB
ajfa-86	65	11	;	;	PUNCT
ajfa-86	65	12	it	it	PRON
ajfa-86	65	13	should	should	AUX
ajfa-86	65	14	have	have	VERB
ajfa-86	65	15	zero	zero	NUM
ajfa-86	65	16	risk	risk	NOUN
ajfa-86	65	17	of	of	ADP
ajfa-86	65	18	default	default	NOUN
ajfa-86	65	19	,	,	PUNCT
ajfa-86	65	20	be	be	AUX
ajfa-86	65	21	traded	trade	VERB
ajfa-86	65	22	in	in	ADP
ajfa-86	65	23	liquid	liquid	ADJ
ajfa-86	65	24	markets	market	NOUN
ajfa-86	65	25	,	,	PUNCT
ajfa-86	65	26	and	and	CCONJ
ajfa-86	65	27	have	have	VERB
ajfa-86	65	28	a	a	DET
ajfa-86	65	29	duration	duration	NOUN
ajfa-86	65	30	similar	similar	ADJ
ajfa-86	65	31	to	to	ADP
ajfa-86	65	32	that	that	PRON
ajfa-86	65	33	of	of	ADP
ajfa-86	65	34	the	the	DET
ajfa-86	65	35	risky	risky	ADJ
ajfa-86	65	36	investment	investment	NOUN
ajfa-86	65	37	.	.	PUNCT
ajfa-86	66	1	for	for	ADP
ajfa-86	66	2	these	these	DET
ajfa-86	66	3	reasons	reason	NOUN
ajfa-86	66	4	the	the	DET
ajfa-86	66	5	10	10	NUM
ajfa-86	66	6	year	year	NOUN
ajfa-86	66	7	treasury	treasury	NOUN
ajfa-86	66	8	bond	bond	NOUN
ajfa-86	66	9	is	be	AUX
ajfa-86	66	10	often	often	ADV
ajfa-86	66	11	used	use	VERB
ajfa-86	66	12	in	in	ADP
ajfa-86	66	13	empirical	empirical	ADJ
ajfa-86	66	14	studies	study	NOUN
ajfa-86	66	15	of	of	ADP
ajfa-86	66	16	the	the	DET
ajfa-86	66	17	erp	erp	NOUN
ajfa-86	66	18	in	in	ADP
ajfa-86	66	19	the	the	DET
ajfa-86	66	20	united	united	PROPN
ajfa-86	66	21	states	states	PROPN
ajfa-86	66	22	.	.	PUNCT
ajfa-86	67	1	the	the	DET
ajfa-86	67	2	use	use	NOUN
ajfa-86	67	3	of	of	ADP
ajfa-86	67	4	the	the	DET
ajfa-86	67	5	rate	rate	NOUN
ajfa-86	67	6	that	that	PRON
ajfa-86	67	7	prevails	prevail	VERB
ajfa-86	67	8	on	on	ADP
ajfa-86	67	9	the	the	DET
ajfa-86	67	10	money	money	NOUN
ajfa-86	67	11	market	market	NOUN
ajfa-86	67	12	is	be	AUX
ajfa-86	67	13	a	a	DET
ajfa-86	67	14	viable	viable	ADJ
ajfa-86	67	15	compromise	compromise	NOUN
ajfa-86	67	16	for	for	ADP
ajfa-86	67	17	economies	economy	NOUN
ajfa-86	67	18	where	where	SCONJ
ajfa-86	67	19	a	a	DET
ajfa-86	67	20	long	long	ADJ
ajfa-86	67	21	-	-	PUNCT
ajfa-86	67	22	term	term	NOUN
ajfa-86	67	23	treasury	treasury	NOUN
ajfa-86	67	24	is	be	AUX
ajfa-86	67	25	not	not	PART
ajfa-86	67	26	liquid	liquid	ADJ
ajfa-86	67	27	or	or	CCONJ
ajfa-86	67	28	may	may	AUX
ajfa-86	67	29	not	not	PART
ajfa-86	67	30	even	even	ADV
ajfa-86	67	31	exist	exist	VERB
ajfa-86	67	32	;	;	PUNCT
ajfa-86	67	33	in	in	ADP
ajfa-86	67	34	such	such	ADJ
ajfa-86	67	35	economies	economy	NOUN
ajfa-86	67	36	this	this	PRON
ajfa-86	67	37	is	be	AUX
ajfa-86	67	38	the	the	DET
ajfa-86	67	39	best	good	ADJ
ajfa-86	67	40	indicator	indicator	NOUN
ajfa-86	67	41	of	of	ADP
ajfa-86	67	42	changes	change	NOUN
ajfa-86	67	43	in	in	ADP
ajfa-86	67	44	the	the	DET
ajfa-86	67	45	interest	interest	NOUN
ajfa-86	67	46	rate	rate	NOUN
ajfa-86	67	47	structure	structure	NOUN
ajfa-86	67	48	even	even	ADV
ajfa-86	67	49	though	though	SCONJ
ajfa-86	67	50	asian	asian	ADJ
ajfa-86	67	51	journal	journal	NOUN
ajfa-86	67	52	of	of	ADP
ajfa-86	67	53	finance	finance	PROPN
ajfa-86	67	54	&	&	CCONJ
ajfa-86	67	55	accounting	accounting	PROPN
ajfa-86	67	56	issn	issn	PROPN
ajfa-86	67	57	1946	1946	NUM
ajfa-86	67	58	-	-	PUNCT
ajfa-86	67	59	052x	052x	NOUN
ajfa-86	67	60	2009	2009	NUM
ajfa-86	67	61	,	,	PUNCT
ajfa-86	67	62	vol	vol	NOUN
ajfa-86	67	63	.	.	PROPN
ajfa-86	67	64	1	1	NUM
ajfa-86	67	65	,	,	PUNCT
ajfa-86	67	66	no	no	INTJ
ajfa-86	67	67	.	.	NOUN
ajfa-86	67	68	1	1	NUM
ajfa-86	67	69	:	:	PUNCT
ajfa-86	67	70	e1	e1	VERB
ajfa-86	67	71	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	67	72	28	28	NUM
ajfa-86	67	73	it	it	PRON
ajfa-86	67	74	is	be	AUX
ajfa-86	67	75	at	at	ADP
ajfa-86	67	76	the	the	DET
ajfa-86	67	77	very	very	ADV
ajfa-86	67	78	short	short	ADJ
ajfa-86	67	79	end	end	NOUN
ajfa-86	67	80	of	of	ADP
ajfa-86	67	81	the	the	DET
ajfa-86	67	82	yield	yield	NOUN
ajfa-86	67	83	curve	curve	NOUN
ajfa-86	67	84	.	.	PUNCT
ajfa-86	68	1	in	in	ADP
ajfa-86	68	2	order	order	NOUN
ajfa-86	68	3	to	to	PART
ajfa-86	68	4	compare	compare	VERB
ajfa-86	68	5	the	the	DET
ajfa-86	68	6	erp	erp	NOUN
ajfa-86	68	7	between	between	ADP
ajfa-86	68	8	counties	county	NOUN
ajfa-86	68	9	the	the	DET
ajfa-86	68	10	rate	rate	NOUN
ajfa-86	68	11	which	which	PRON
ajfa-86	68	12	most	most	ADV
ajfa-86	68	13	closely	closely	ADV
ajfa-86	68	14	approaches	approach	VERB
ajfa-86	68	15	the	the	DET
ajfa-86	68	16	money	money	NOUN
ajfa-86	68	17	market	market	NOUN
ajfa-86	68	18	rate	rate	NOUN
ajfa-86	68	19	is	be	AUX
ajfa-86	68	20	used	use	VERB
ajfa-86	68	21	,	,	PUNCT
ajfa-86	68	22	even	even	ADV
ajfa-86	68	23	though	though	SCONJ
ajfa-86	68	24	there	there	PRON
ajfa-86	68	25	might	might	AUX
ajfa-86	68	26	have	have	AUX
ajfa-86	68	27	been	be	AUX
ajfa-86	68	28	more	more	ADV
ajfa-86	68	29	suitable	suitable	ADJ
ajfa-86	68	30	return	return	NOUN
ajfa-86	68	31	series	series	NOUN
ajfa-86	68	32	for	for	ADP
ajfa-86	68	33	individual	individual	ADJ
ajfa-86	68	34	countries	country	NOUN
ajfa-86	68	35	.	.	PUNCT
ajfa-86	69	1	the	the	DET
ajfa-86	69	2	data	datum	NOUN
ajfa-86	69	3	for	for	ADP
ajfa-86	69	4	each	each	DET
ajfa-86	69	5	country	country	NOUN
ajfa-86	69	6	was	be	AUX
ajfa-86	69	7	collected	collect	VERB
ajfa-86	69	8	from	from	ADP
ajfa-86	69	9	the	the	DET
ajfa-86	69	10	international	international	ADJ
ajfa-86	69	11	financial	financial	ADJ
ajfa-86	69	12	statistics	statistic	NOUN
ajfa-86	69	13	(	(	PUNCT
ajfa-86	69	14	ifs	ifs	PROPN
ajfa-86	69	15	)	)	PUNCT
ajfa-86	69	16	database	database	NOUN
ajfa-86	69	17	which	which	PRON
ajfa-86	69	18	is	be	AUX
ajfa-86	69	19	provided	provide	VERB
ajfa-86	69	20	the	the	DET
ajfa-86	69	21	international	international	ADJ
ajfa-86	69	22	monetary	monetary	ADJ
ajfa-86	69	23	fund	fund	NOUN
ajfa-86	69	24	.	.	PUNCT
ajfa-86	70	1	the	the	DET
ajfa-86	70	2	details	detail	NOUN
ajfa-86	70	3	of	of	ADP
ajfa-86	70	4	the	the	DET
ajfa-86	70	5	series	series	NOUN
ajfa-86	70	6	used	use	VERB
ajfa-86	70	7	,	,	PUNCT
ajfa-86	70	8	as	as	ADV
ajfa-86	70	9	well	well	ADV
ajfa-86	70	10	as	as	ADP
ajfa-86	70	11	the	the	DET
ajfa-86	70	12	start	start	NOUN
ajfa-86	70	13	date	date	NOUN
ajfa-86	70	14	for	for	ADP
ajfa-86	70	15	the	the	DET
ajfa-86	70	16	series	series	NOUN
ajfa-86	70	17	,	,	PUNCT
ajfa-86	70	18	for	for	ADP
ajfa-86	70	19	each	each	PRON
ajfa-86	70	20	of	of	ADP
ajfa-86	70	21	the	the	DET
ajfa-86	70	22	economies	economy	NOUN
ajfa-86	70	23	,	,	PUNCT
ajfa-86	70	24	are	be	AUX
ajfa-86	70	25	listed	list	VERB
ajfa-86	70	26	in	in	ADP
ajfa-86	70	27	table	table	NOUN
ajfa-86	70	28	1	1	NUM
ajfa-86	70	29	.	.	PUNCT
ajfa-86	71	1	it	it	PRON
ajfa-86	71	2	is	be	AUX
ajfa-86	71	3	traditional	traditional	ADJ
ajfa-86	71	4	to	to	PART
ajfa-86	71	5	use	use	VERB
ajfa-86	71	6	a	a	DET
ajfa-86	71	7	broad	broad	ADJ
ajfa-86	71	8	based	base	VERB
ajfa-86	71	9	stock	stock	NOUN
ajfa-86	71	10	index	index	NOUN
ajfa-86	71	11	to	to	PART
ajfa-86	71	12	estimate	estimate	VERB
ajfa-86	71	13	the	the	DET
ajfa-86	71	14	representative	representative	ADJ
ajfa-86	71	15	risky	risky	ADJ
ajfa-86	71	16	asset	asset	NOUN
ajfa-86	71	17	for	for	ADP
ajfa-86	71	18	an	an	DET
ajfa-86	71	19	economy	economy	NOUN
ajfa-86	71	20	.	.	PUNCT
ajfa-86	72	1	this	this	DET
ajfa-86	72	2	choice	choice	NOUN
ajfa-86	72	3	of	of	ADP
ajfa-86	72	4	the	the	DET
ajfa-86	72	5	proxy	proxy	NOUN
ajfa-86	72	6	for	for	ADP
ajfa-86	72	7	the	the	DET
ajfa-86	72	8	representative	representative	ADJ
ajfa-86	72	9	risky	risky	ADJ
ajfa-86	72	10	asset	asset	NOUN
ajfa-86	72	11	has	have	AUX
ajfa-86	72	12	been	be	AUX
ajfa-86	72	13	criticised	criticise	VERB
ajfa-86	72	14	since	since	SCONJ
ajfa-86	72	15	such	such	DET
ajfa-86	72	16	an	an	DET
ajfa-86	72	17	index	index	NOUN
ajfa-86	72	18	is	be	AUX
ajfa-86	72	19	subject	subject	ADJ
ajfa-86	72	20	to	to	ADP
ajfa-86	72	21	survivorship	survivorship	NOUN
ajfa-86	72	22	bias	bias	NOUN
ajfa-86	72	23	;	;	PUNCT
ajfa-86	72	24	stocks	stock	NOUN
ajfa-86	72	25	of	of	ADP
ajfa-86	72	26	failed	fail	VERB
ajfa-86	72	27	companies	company	NOUN
ajfa-86	72	28	which	which	PRON
ajfa-86	72	29	have	have	AUX
ajfa-86	72	30	disappeared	disappear	VERB
ajfa-86	72	31	from	from	ADP
ajfa-86	72	32	the	the	DET
ajfa-86	72	33	index	index	NOUN
ajfa-86	72	34	are	be	AUX
ajfa-86	72	35	not	not	PART
ajfa-86	72	36	represented	represent	VERB
ajfa-86	72	37	in	in	ADP
ajfa-86	72	38	later	later	ADJ
ajfa-86	72	39	time	time	NOUN
ajfa-86	72	40	periods	period	NOUN
ajfa-86	72	41	.	.	PUNCT
ajfa-86	73	1	never	never	ADV
ajfa-86	73	2	-	-	PUNCT
ajfa-86	73	3	the	the	DET
ajfa-86	73	4	-	-	PUNCT
ajfa-86	73	5	less	less	ADJ
ajfa-86	73	6	the	the	DET
ajfa-86	73	7	correction	correction	NOUN
ajfa-86	73	8	of	of	ADP
ajfa-86	73	9	such	such	DET
ajfa-86	73	10	a	a	DET
ajfa-86	73	11	bias	bias	NOUN
ajfa-86	73	12	is	be	AUX
ajfa-86	73	13	mitigated	mitigate	VERB
ajfa-86	73	14	in	in	ADP
ajfa-86	73	15	a	a	DET
ajfa-86	73	16	comparison	comparison	NOUN
ajfa-86	73	17	between	between	ADP
ajfa-86	73	18	countries	country	NOUN
ajfa-86	73	19	if	if	SCONJ
ajfa-86	73	20	it	it	PRON
ajfa-86	73	21	can	can	AUX
ajfa-86	73	22	be	be	AUX
ajfa-86	73	23	assumed	assume	VERB
ajfa-86	73	24	that	that	SCONJ
ajfa-86	73	25	the	the	DET
ajfa-86	73	26	effect	effect	NOUN
ajfa-86	73	27	is	be	AUX
ajfa-86	73	28	similar	similar	ADJ
ajfa-86	73	29	across	across	ADP
ajfa-86	73	30	economies	economy	NOUN
ajfa-86	73	31	.	.	PUNCT
ajfa-86	74	1	the	the	DET
ajfa-86	74	2	index	index	NOUN
ajfa-86	74	3	used	use	VERB
ajfa-86	74	4	for	for	ADP
ajfa-86	74	5	each	each	DET
ajfa-86	74	6	country	country	NOUN
ajfa-86	74	7	is	be	AUX
ajfa-86	74	8	listed	list	VERB
ajfa-86	74	9	in	in	ADP
ajfa-86	74	10	table	table	NOUN
ajfa-86	74	11	1	1	NUM
ajfa-86	74	12	and	and	CCONJ
ajfa-86	74	13	the	the	DET
ajfa-86	74	14	relevant	relevant	ADJ
ajfa-86	74	15	data	data	NOUN
ajfa-86	74	16	is	be	AUX
ajfa-86	74	17	collected	collect	VERB
ajfa-86	74	18	either	either	CCONJ
ajfa-86	74	19	directly	directly	ADV
ajfa-86	74	20	from	from	ADP
ajfa-86	74	21	the	the	DET
ajfa-86	74	22	relevant	relevant	ADJ
ajfa-86	74	23	stock	stock	NOUN
ajfa-86	74	24	exchange	exchange	NOUN
ajfa-86	74	25	or	or	CCONJ
ajfa-86	74	26	from	from	ADP
ajfa-86	74	27	the	the	DET
ajfa-86	74	28	data	datum	NOUN
ajfa-86	74	29	provided	provide	VERB
ajfa-86	74	30	by	by	ADP
ajfa-86	74	31	yahoo.com	yahoo.com	X
ajfa-86	74	32	.	.	PUNCT
ajfa-86	75	1	the	the	DET
ajfa-86	75	2	stock	stock	NOUN
ajfa-86	75	3	index	index	NOUN
ajfa-86	75	4	contains	contain	VERB
ajfa-86	75	5	sufficient	sufficient	ADJ
ajfa-86	75	6	information	information	NOUN
ajfa-86	75	7	to	to	PART
ajfa-86	75	8	derive	derive	VERB
ajfa-86	75	9	the	the	DET
ajfa-86	75	10	return	return	NOUN
ajfa-86	75	11	on	on	ADP
ajfa-86	75	12	the	the	DET
ajfa-86	75	13	index	index	NOUN
ajfa-86	75	14	over	over	ADP
ajfa-86	75	15	any	any	DET
ajfa-86	75	16	interval	interval	NOUN
ajfa-86	75	17	of	of	ADP
ajfa-86	75	18	time	time	NOUN
ajfa-86	75	19	.	.	PUNCT
ajfa-86	76	1	in	in	ADP
ajfa-86	76	2	the	the	DET
ajfa-86	76	3	present	present	ADJ
ajfa-86	76	4	study	study	NOUN
ajfa-86	76	5	monthly	monthly	ADJ
ajfa-86	76	6	intervals	interval	NOUN
ajfa-86	76	7	are	be	AUX
ajfa-86	76	8	used	use	VERB
ajfa-86	76	9	,	,	PUNCT
ajfa-86	76	10	and	and	CCONJ
ajfa-86	76	11	the	the	DET
ajfa-86	76	12	return	return	NOUN
ajfa-86	76	13	on	on	ADP
ajfa-86	76	14	each	each	DET
ajfa-86	76	15	index	index	NOUN
ajfa-86	76	16	can	can	AUX
ajfa-86	76	17	be	be	AUX
ajfa-86	76	18	approximated	approximate	VERB
ajfa-86	76	19	by	by	ADP
ajfa-86	76	20	taking	take	VERB
ajfa-86	76	21	the	the	DET
ajfa-86	76	22	natural	natural	ADJ
ajfa-86	76	23	logarithm	logarithm	NOUN
ajfa-86	76	24	of	of	ADP
ajfa-86	76	25	the	the	DET
ajfa-86	76	26	change	change	NOUN
ajfa-86	76	27	of	of	ADP
ajfa-86	76	28	the	the	DET
ajfa-86	76	29	index	index	NOUN
ajfa-86	76	30	over	over	ADP
ajfa-86	76	31	the	the	DET
ajfa-86	76	32	month	month	NOUN
ajfa-86	76	33	.	.	PUNCT
ajfa-86	77	1	the	the	DET
ajfa-86	77	2	arithmetic	arithmetic	ADJ
ajfa-86	77	3	mean	mean	NOUN
ajfa-86	77	4	of	of	ADP
ajfa-86	77	5	the	the	DET
ajfa-86	77	6	returns	return	NOUN
ajfa-86	77	7	for	for	ADP
ajfa-86	77	8	each	each	DET
ajfa-86	77	9	economy	economy	NOUN
ajfa-86	77	10	is	be	AUX
ajfa-86	77	11	calculated	calculate	VERB
ajfa-86	77	12	over	over	ADP
ajfa-86	77	13	the	the	DET
ajfa-86	77	14	full	full	ADJ
ajfa-86	77	15	period	period	NOUN
ajfa-86	77	16	for	for	ADP
ajfa-86	77	17	which	which	PRON
ajfa-86	77	18	data	datum	NOUN
ajfa-86	77	19	is	be	AUX
ajfa-86	77	20	available	available	ADJ
ajfa-86	77	21	for	for	ADP
ajfa-86	77	22	that	that	DET
ajfa-86	77	23	index	index	NOUN
ajfa-86	77	24	,	,	PUNCT
ajfa-86	77	25	as	as	ADV
ajfa-86	77	26	well	well	ADV
ajfa-86	77	27	as	as	ADP
ajfa-86	77	28	for	for	ADP
ajfa-86	77	29	the	the	DET
ajfa-86	77	30	period	period	NOUN
ajfa-86	77	31	over	over	ADP
ajfa-86	77	32	which	which	PRON
ajfa-86	77	33	data	datum	NOUN
ajfa-86	77	34	is	be	AUX
ajfa-86	77	35	available	available	ADJ
ajfa-86	77	36	for	for	ADP
ajfa-86	77	37	all	all	DET
ajfa-86	77	38	markets	market	NOUN
ajfa-86	77	39	(	(	PUNCT
ajfa-86	77	40	july	july	PROPN
ajfa-86	77	41	1997	1997	NUM
ajfa-86	77	42	to	to	ADP
ajfa-86	77	43	july	july	PROPN
ajfa-86	77	44	2008	2008	NUM
ajfa-86	77	45	)	)	PUNCT
ajfa-86	77	46	.	.	PUNCT
ajfa-86	78	1	these	these	DET
ajfa-86	78	2	figures	figure	NOUN
ajfa-86	78	3	are	be	AUX
ajfa-86	78	4	reported	report	VERB
ajfa-86	78	5	in	in	ADP
ajfa-86	78	6	table	table	NOUN
ajfa-86	78	7	1	1	NUM
ajfa-86	78	8	.	.	PUNCT
ajfa-86	79	1	finally	finally	ADV
ajfa-86	79	2	,	,	PUNCT
ajfa-86	79	3	in	in	ADP
ajfa-86	79	4	order	order	NOUN
ajfa-86	79	5	to	to	PART
ajfa-86	79	6	calculate	calculate	VERB
ajfa-86	79	7	the	the	DET
ajfa-86	79	8	erp	erp	NOUN
ajfa-86	79	9	,	,	PUNCT
ajfa-86	79	10	the	the	DET
ajfa-86	79	11	return	return	NOUN
ajfa-86	79	12	on	on	ADP
ajfa-86	79	13	the	the	DET
ajfa-86	79	14	market	market	NOUN
ajfa-86	79	15	index	index	NOUN
ajfa-86	79	16	for	for	ADP
ajfa-86	79	17	each	each	DET
ajfa-86	79	18	period	period	NOUN
ajfa-86	79	19	is	be	AUX
ajfa-86	79	20	subtracted	subtract	VERB
ajfa-86	79	21	from	from	ADP
ajfa-86	79	22	the	the	DET
ajfa-86	79	23	return	return	NOUN
ajfa-86	79	24	on	on	ADP
ajfa-86	79	25	the	the	DET
ajfa-86	79	26	proxy	proxy	NOUN
ajfa-86	79	27	for	for	ADP
ajfa-86	79	28	the	the	DET
ajfa-86	79	29	risk	risk	NOUN
ajfa-86	79	30	free	free	ADJ
ajfa-86	79	31	asset	asset	NOUN
ajfa-86	79	32	.	.	PUNCT
ajfa-86	80	1	the	the	DET
ajfa-86	80	2	mean	mean	NOUN
ajfa-86	80	3	for	for	ADP
ajfa-86	80	4	the	the	DET
ajfa-86	80	5	full	full	ADJ
ajfa-86	80	6	period	period	NOUN
ajfa-86	80	7	for	for	ADP
ajfa-86	80	8	which	which	PRON
ajfa-86	80	9	data	datum	NOUN
ajfa-86	80	10	is	be	AUX
ajfa-86	80	11	available	available	ADJ
ajfa-86	80	12	for	for	ADP
ajfa-86	80	13	each	each	DET
ajfa-86	80	14	economy	economy	NOUN
ajfa-86	80	15	,	,	PUNCT
ajfa-86	80	16	as	as	ADV
ajfa-86	80	17	well	well	ADV
ajfa-86	80	18	as	as	ADP
ajfa-86	80	19	the	the	DET
ajfa-86	80	20	mean	mean	NOUN
ajfa-86	80	21	for	for	ADP
ajfa-86	80	22	the	the	DET
ajfa-86	80	23	common	common	ADJ
ajfa-86	80	24	period	period	NOUN
ajfa-86	80	25	is	be	AUX
ajfa-86	80	26	again	again	ADV
ajfa-86	80	27	shown	show	VERB
ajfa-86	80	28	in	in	ADP
ajfa-86	80	29	table	table	NOUN
ajfa-86	80	30	1	1	NUM
ajfa-86	80	31	.	.	NOUN
ajfa-86	80	32	5	5	NUM
ajfa-86	80	33	.	.	X
ajfa-86	80	34	analysis	analysis	NOUN
ajfa-86	80	35	of	of	ADP
ajfa-86	80	36	results	result	NOUN
ajfa-86	80	37	the	the	DET
ajfa-86	80	38	value	value	NOUN
ajfa-86	80	39	of	of	ADP
ajfa-86	80	40	the	the	DET
ajfa-86	80	41	erp	erp	NOUN
ajfa-86	80	42	in	in	ADP
ajfa-86	80	43	any	any	DET
ajfa-86	80	44	economy	economy	NOUN
ajfa-86	80	45	is	be	AUX
ajfa-86	80	46	determined	determine	VERB
ajfa-86	80	47	by	by	ADP
ajfa-86	80	48	the	the	DET
ajfa-86	80	49	attitude	attitude	NOUN
ajfa-86	80	50	of	of	ADP
ajfa-86	80	51	the	the	DET
ajfa-86	80	52	marginal	marginal	ADJ
ajfa-86	80	53	investor	investor	NOUN
ajfa-86	80	54	towards	towards	ADP
ajfa-86	80	55	the	the	DET
ajfa-86	80	56	trade	trade	NOUN
ajfa-86	80	57	-	-	PUNCT
ajfa-86	80	58	off	off	NOUN
ajfa-86	80	59	between	between	ADP
ajfa-86	80	60	risk	risk	NOUN
ajfa-86	80	61	and	and	CCONJ
ajfa-86	80	62	return	return	NOUN
ajfa-86	80	63	.	.	PUNCT
ajfa-86	81	1	there	there	PRON
ajfa-86	81	2	is	be	VERB
ajfa-86	81	3	no	no	DET
ajfa-86	81	4	reason	reason	NOUN
ajfa-86	81	5	to	to	PART
ajfa-86	81	6	suppose	suppose	VERB
ajfa-86	81	7	that	that	SCONJ
ajfa-86	81	8	the	the	DET
ajfa-86	81	9	erp	erp	NOUN
ajfa-86	81	10	will	will	AUX
ajfa-86	81	11	be	be	AUX
ajfa-86	81	12	the	the	DET
ajfa-86	81	13	same	same	ADJ
ajfa-86	81	14	or	or	CCONJ
ajfa-86	81	15	different	different	ADJ
ajfa-86	81	16	between	between	ADP
ajfa-86	81	17	different	different	ADJ
ajfa-86	81	18	economies	economy	NOUN
ajfa-86	81	19	;	;	PUNCT
ajfa-86	81	20	further	far	ADV
ajfa-86	81	21	more	more	ADJ
ajfa-86	81	22	it	it	PRON
ajfa-86	81	23	is	be	AUX
ajfa-86	81	24	possible	possible	ADJ
ajfa-86	81	25	to	to	PART
ajfa-86	81	26	test	test	VERB
ajfa-86	81	27	this	this	DET
ajfa-86	81	28	hypothesis	hypothesis	NOUN
ajfa-86	81	29	given	give	VERB
ajfa-86	81	30	the	the	DET
ajfa-86	81	31	data	datum	NOUN
ajfa-86	81	32	that	that	PRON
ajfa-86	81	33	was	be	AUX
ajfa-86	81	34	used	use	VERB
ajfa-86	81	35	in	in	ADP
ajfa-86	81	36	constructing	construct	VERB
ajfa-86	81	37	the	the	DET
ajfa-86	81	38	erp	erp	NOUN
ajfa-86	81	39	in	in	ADP
ajfa-86	81	40	this	this	DET
ajfa-86	81	41	study	study	NOUN
ajfa-86	81	42	.	.	PUNCT
ajfa-86	82	1	selecting	select	VERB
ajfa-86	82	2	a	a	DET
ajfa-86	82	3	common	common	ADJ
ajfa-86	82	4	period	period	NOUN
ajfa-86	82	5	(	(	PUNCT
ajfa-86	82	6	july	july	PROPN
ajfa-86	82	7	1997	1997	NUM
ajfa-86	82	8	to	to	ADP
ajfa-86	82	9	july	july	PROPN
ajfa-86	82	10	2008	2008	NUM
ajfa-86	82	11	)	)	PUNCT
ajfa-86	82	12	for	for	ADP
ajfa-86	82	13	each	each	DET
ajfa-86	82	14	economy	economy	NOUN
ajfa-86	82	15	allows	allow	VERB
ajfa-86	82	16	the	the	DET
ajfa-86	82	17	mean	mean	ADJ
ajfa-86	82	18	erp	erp	NOUN
ajfa-86	82	19	of	of	ADP
ajfa-86	82	20	any	any	DET
ajfa-86	82	21	two	two	NUM
ajfa-86	82	22	economies	economy	NOUN
ajfa-86	82	23	to	to	PART
ajfa-86	82	24	be	be	AUX
ajfa-86	82	25	compared	compare	VERB
ajfa-86	82	26	.	.	PUNCT
ajfa-86	83	1	this	this	PRON
ajfa-86	83	2	is	be	AUX
ajfa-86	83	3	the	the	DET
ajfa-86	83	4	largest	large	ADJ
ajfa-86	83	5	possible	possible	ADJ
ajfa-86	83	6	interval	interval	NOUN
ajfa-86	83	7	given	give	VERB
ajfa-86	83	8	the	the	DET
ajfa-86	83	9	limitations	limitation	NOUN
ajfa-86	83	10	of	of	ADP
ajfa-86	83	11	the	the	DET
ajfa-86	83	12	available	available	ADJ
ajfa-86	83	13	data	datum	NOUN
ajfa-86	83	14	.	.	PUNCT
ajfa-86	84	1	as	as	SCONJ
ajfa-86	84	2	so	so	ADV
ajfa-86	84	3	much	much	ADJ
ajfa-86	84	4	work	work	NOUN
ajfa-86	84	5	has	have	AUX
ajfa-86	84	6	already	already	ADV
ajfa-86	84	7	been	be	AUX
ajfa-86	84	8	undertaken	undertake	VERB
ajfa-86	84	9	on	on	ADP
ajfa-86	84	10	the	the	DET
ajfa-86	84	11	erp	erp	NOUN
ajfa-86	84	12	for	for	ADP
ajfa-86	84	13	the	the	DET
ajfa-86	84	14	united	united	PROPN
ajfa-86	84	15	states	states	PROPN
ajfa-86	84	16	it	it	PRON
ajfa-86	84	17	is	be	AUX
ajfa-86	84	18	of	of	ADP
ajfa-86	84	19	some	some	DET
ajfa-86	84	20	interest	interest	NOUN
ajfa-86	84	21	to	to	PART
ajfa-86	84	22	ask	ask	VERB
ajfa-86	84	23	if	if	SCONJ
ajfa-86	84	24	the	the	DET
ajfa-86	84	25	erp	erp	NOUN
ajfa-86	84	26	of	of	ADP
ajfa-86	84	27	the	the	DET
ajfa-86	84	28	asian	asian	ADJ
ajfa-86	84	29	economies	economy	NOUN
ajfa-86	84	30	in	in	ADP
ajfa-86	84	31	this	this	DET
ajfa-86	84	32	study	study	NOUN
ajfa-86	84	33	are	be	AUX
ajfa-86	84	34	statistically	statistically	ADV
ajfa-86	84	35	different	different	ADJ
ajfa-86	84	36	from	from	ADP
ajfa-86	84	37	that	that	PRON
ajfa-86	84	38	of	of	ADP
ajfa-86	84	39	the	the	DET
ajfa-86	84	40	united	united	PROPN
ajfa-86	84	41	states	states	PROPN
ajfa-86	84	42	.	.	PUNCT
ajfa-86	85	1	since	since	SCONJ
ajfa-86	85	2	the	the	DET
ajfa-86	85	3	variance	variance	NOUN
ajfa-86	85	4	of	of	ADP
ajfa-86	85	5	the	the	DET
ajfa-86	85	6	estimate	estimate	NOUN
ajfa-86	85	7	of	of	ADP
ajfa-86	85	8	the	the	DET
ajfa-86	85	9	erp	erp	NOUN
ajfa-86	85	10	for	for	ADP
ajfa-86	85	11	each	each	DET
ajfa-86	85	12	economy	economy	NOUN
ajfa-86	85	13	is	be	AUX
ajfa-86	85	14	different	different	ADJ
ajfa-86	85	15	the	the	DET
ajfa-86	85	16	appropriate	appropriate	ADJ
ajfa-86	85	17	test	test	NOUN
ajfa-86	85	18	is	be	AUX
ajfa-86	85	19	a	a	DET
ajfa-86	85	20	heteroscedastic	heteroscedastic	ADJ
ajfa-86	85	21	student	student	NOUN
ajfa-86	85	22	’s	’s	PART
ajfa-86	85	23	t	t	PROPN
ajfa-86	85	24	-	-	PUNCT
ajfa-86	85	25	test	test	NOUN
ajfa-86	85	26	.	.	PUNCT
ajfa-86	86	1	the	the	DET
ajfa-86	86	2	results	result	NOUN
ajfa-86	86	3	of	of	ADP
ajfa-86	86	4	the	the	DET
ajfa-86	86	5	comparison	comparison	NOUN
ajfa-86	86	6	for	for	ADP
ajfa-86	86	7	each	each	DET
ajfa-86	86	8	economy	economy	NOUN
ajfa-86	86	9	to	to	ADP
ajfa-86	86	10	the	the	DET
ajfa-86	86	11	us	we	PRON
ajfa-86	86	12	given	give	VERB
ajfa-86	86	13	in	in	ADP
ajfa-86	86	14	the	the	DET
ajfa-86	86	15	last	last	ADJ
ajfa-86	86	16	column	column	NOUN
ajfa-86	86	17	of	of	ADP
ajfa-86	86	18	table	table	NOUN
ajfa-86	86	19	1	1	NUM
ajfa-86	86	20	.	.	PUNCT
ajfa-86	86	21	of	of	ADP
ajfa-86	86	22	the	the	DET
ajfa-86	86	23	seven	seven	NUM
ajfa-86	86	24	economies	economy	NOUN
ajfa-86	86	25	analysed	analyse	VERB
ajfa-86	86	26	,	,	PUNCT
ajfa-86	86	27	the	the	DET
ajfa-86	86	28	erp	erp	NOUN
ajfa-86	86	29	of	of	ADP
ajfa-86	86	30	asian	asian	ADJ
ajfa-86	86	31	journal	journal	PROPN
ajfa-86	86	32	of	of	ADP
ajfa-86	86	33	finance	finance	PROPN
ajfa-86	86	34	&	&	CCONJ
ajfa-86	86	35	accounting	accounting	PROPN
ajfa-86	86	36	issn	issn	PROPN
ajfa-86	86	37	1946	1946	NUM
ajfa-86	86	38	-	-	PUNCT
ajfa-86	86	39	052x	052x	NOUN
ajfa-86	86	40	2009	2009	NUM
ajfa-86	86	41	,	,	PUNCT
ajfa-86	86	42	vol	vol	NOUN
ajfa-86	86	43	.	.	PROPN
ajfa-86	86	44	1	1	NUM
ajfa-86	86	45	,	,	PUNCT
ajfa-86	86	46	no	no	INTJ
ajfa-86	86	47	.	.	NOUN
ajfa-86	86	48	1	1	NUM
ajfa-86	86	49	:	:	PUNCT
ajfa-86	86	50	e1	e1	VERB
ajfa-86	86	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	86	52	29	29	NUM
ajfa-86	86	53	four	four	NUM
ajfa-86	86	54	can	can	AUX
ajfa-86	86	55	not	not	PART
ajfa-86	86	56	be	be	AUX
ajfa-86	86	57	said	say	VERB
ajfa-86	86	58	to	to	PART
ajfa-86	86	59	be	be	AUX
ajfa-86	86	60	different	different	ADJ
ajfa-86	86	61	to	to	ADP
ajfa-86	86	62	that	that	PRON
ajfa-86	86	63	of	of	ADP
ajfa-86	86	64	the	the	DET
ajfa-86	86	65	us	us	PROPN
ajfa-86	86	66	.	.	PUNCT
ajfa-86	87	1	the	the	DET
ajfa-86	87	2	three	three	NUM
ajfa-86	87	3	economies	economy	NOUN
ajfa-86	87	4	that	that	PRON
ajfa-86	87	5	show	show	VERB
ajfa-86	87	6	statistically	statistically	ADV
ajfa-86	87	7	different	different	ADJ
ajfa-86	87	8	erp	erp	NOUN
ajfa-86	87	9	’s	’s	PART
ajfa-86	87	10	are	be	AUX
ajfa-86	87	11	indonesia	indonesia	PROPN
ajfa-86	87	12	,	,	PUNCT
ajfa-86	87	13	japan	japan	PROPN
ajfa-86	87	14	and	and	CCONJ
ajfa-86	87	15	pakistan	pakistan	PROPN
ajfa-86	87	16	.	.	PUNCT
ajfa-86	88	1	the	the	DET
ajfa-86	88	2	very	very	ADV
ajfa-86	88	3	high	high	ADJ
ajfa-86	88	4	rate	rate	NOUN
ajfa-86	88	5	of	of	ADP
ajfa-86	88	6	return	return	NOUN
ajfa-86	88	7	available	available	ADJ
ajfa-86	88	8	on	on	ADP
ajfa-86	88	9	the	the	DET
ajfa-86	88	10	indonesian	indonesian	ADJ
ajfa-86	88	11	and	and	CCONJ
ajfa-86	88	12	pakistan	pakistan	ADJ
ajfa-86	88	13	money	money	NOUN
ajfa-86	88	14	markets	market	NOUN
ajfa-86	88	15	,	,	PUNCT
ajfa-86	88	16	and	and	CCONJ
ajfa-86	88	17	the	the	DET
ajfa-86	88	18	“	"	PUNCT
ajfa-86	88	19	lost	lost	ADJ
ajfa-86	88	20	decade	decade	NOUN
ajfa-86	88	21	”	"	PUNCT
ajfa-86	88	22	in	in	ADP
ajfa-86	88	23	japan	japan	PROPN
ajfa-86	88	24	may	may	AUX
ajfa-86	88	25	be	be	AUX
ajfa-86	88	26	raised	raise	VERB
ajfa-86	88	27	as	as	ADP
ajfa-86	88	28	reasons	reason	NOUN
ajfa-86	88	29	why	why	SCONJ
ajfa-86	88	30	these	these	DET
ajfa-86	88	31	two	two	NUM
ajfa-86	88	32	economies	economy	NOUN
ajfa-86	88	33	are	be	AUX
ajfa-86	88	34	not	not	PART
ajfa-86	88	35	comparable	comparable	ADJ
ajfa-86	88	36	to	to	ADP
ajfa-86	88	37	the	the	DET
ajfa-86	88	38	us	we	PRON
ajfa-86	88	39	over	over	ADP
ajfa-86	88	40	the	the	DET
ajfa-86	88	41	sample	sample	NOUN
ajfa-86	88	42	period	period	NOUN
ajfa-86	88	43	.	.	PUNCT
ajfa-86	89	1	the	the	DET
ajfa-86	89	2	rather	rather	ADV
ajfa-86	89	3	surprising	surprising	ADJ
ajfa-86	89	4	implication	implication	NOUN
ajfa-86	89	5	of	of	ADP
ajfa-86	89	6	the	the	DET
ajfa-86	89	7	analysis	analysis	NOUN
ajfa-86	89	8	thus	thus	ADV
ajfa-86	89	9	far	far	ADV
ajfa-86	89	10	is	be	AUX
ajfa-86	89	11	that	that	SCONJ
ajfa-86	89	12	the	the	DET
ajfa-86	89	13	best	good	ADJ
ajfa-86	89	14	estimate	estimate	NOUN
ajfa-86	89	15	for	for	ADP
ajfa-86	89	16	the	the	DET
ajfa-86	89	17	erp	erp	NOUN
ajfa-86	89	18	for	for	ADP
ajfa-86	89	19	the	the	DET
ajfa-86	89	20	remaining	remain	VERB
ajfa-86	89	21	countries	country	NOUN
ajfa-86	89	22	might	might	AUX
ajfa-86	89	23	in	in	ADP
ajfa-86	89	24	fact	fact	NOUN
ajfa-86	89	25	be	be	AUX
ajfa-86	89	26	that	that	PRON
ajfa-86	89	27	of	of	ADP
ajfa-86	89	28	the	the	DET
ajfa-86	89	29	united	united	PROPN
ajfa-86	89	30	states	states	PROPN
ajfa-86	89	31	economy	economy	NOUN
ajfa-86	89	32	.	.	PUNCT
ajfa-86	90	1	this	this	DET
ajfa-86	90	2	result	result	NOUN
ajfa-86	90	3	has	have	VERB
ajfa-86	90	4	the	the	DET
ajfa-86	90	5	important	important	ADJ
ajfa-86	90	6	advantage	advantage	NOUN
ajfa-86	90	7	that	that	SCONJ
ajfa-86	90	8	the	the	DET
ajfa-86	90	9	much	much	ADV
ajfa-86	90	10	more	more	ADJ
ajfa-86	90	11	is	be	AUX
ajfa-86	90	12	known	know	VERB
ajfa-86	90	13	about	about	ADP
ajfa-86	90	14	the	the	DET
ajfa-86	90	15	erp	erp	NOUN
ajfa-86	90	16	in	in	ADP
ajfa-86	90	17	the	the	DET
ajfa-86	90	18	united	united	PROPN
ajfa-86	90	19	states	states	PROPN
ajfa-86	90	20	for	for	ADP
ajfa-86	90	21	which	which	PRON
ajfa-86	90	22	long	long	ADJ
ajfa-86	90	23	and	and	CCONJ
ajfa-86	90	24	accurate	accurate	ADJ
ajfa-86	90	25	time	time	NOUN
ajfa-86	90	26	series	series	NOUN
ajfa-86	90	27	of	of	ADP
ajfa-86	90	28	data	datum	NOUN
ajfa-86	90	29	are	be	AUX
ajfa-86	90	30	available	available	ADJ
ajfa-86	90	31	.	.	PUNCT
ajfa-86	91	1	however	however	ADV
ajfa-86	91	2	before	before	SCONJ
ajfa-86	91	3	this	this	DET
ajfa-86	91	4	result	result	NOUN
ajfa-86	91	5	is	be	AUX
ajfa-86	91	6	taken	take	VERB
ajfa-86	91	7	is	be	AUX
ajfa-86	91	8	accepted	accept	VERB
ajfa-86	91	9	are	be	AUX
ajfa-86	91	10	correct	correct	ADJ
ajfa-86	91	11	,	,	PUNCT
ajfa-86	91	12	further	further	ADJ
ajfa-86	91	13	scrutiny	scrutiny	NOUN
ajfa-86	91	14	is	be	AUX
ajfa-86	91	15	called	call	VERB
ajfa-86	91	16	for	for	ADP
ajfa-86	91	17	.	.	PUNCT
ajfa-86	92	1	two	two	NUM
ajfa-86	92	2	main	main	ADJ
ajfa-86	92	3	areas	area	NOUN
ajfa-86	92	4	of	of	ADP
ajfa-86	92	5	concern	concern	NOUN
ajfa-86	92	6	might	might	AUX
ajfa-86	92	7	be	be	AUX
ajfa-86	92	8	raised	raise	VERB
ajfa-86	92	9	;	;	PUNCT
ajfa-86	92	10	are	be	AUX
ajfa-86	92	11	the	the	DET
ajfa-86	92	12	statistical	statistical	ADJ
ajfa-86	92	13	tests	test	NOUN
ajfa-86	92	14	appropriate	appropriate	ADJ
ajfa-86	92	15	and	and	CCONJ
ajfa-86	92	16	are	be	AUX
ajfa-86	92	17	what	what	PRON
ajfa-86	92	18	theoretical	theoretical	ADJ
ajfa-86	92	19	justification	justification	NOUN
ajfa-86	92	20	can	can	AUX
ajfa-86	92	21	there	there	PRON
ajfa-86	92	22	be	be	AUX
ajfa-86	92	23	for	for	ADP
ajfa-86	92	24	these	these	DET
ajfa-86	92	25	results	result	NOUN
ajfa-86	92	26	.	.	PUNCT
ajfa-86	93	1	both	both	DET
ajfa-86	93	2	these	these	DET
ajfa-86	93	3	areas	area	NOUN
ajfa-86	93	4	of	of	ADP
ajfa-86	93	5	concern	concern	NOUN
ajfa-86	93	6	are	be	AUX
ajfa-86	93	7	addressed	address	VERB
ajfa-86	93	8	below	below	ADV
ajfa-86	93	9	.	.	PUNCT
ajfa-86	94	1	5.1	5.1	NUM
ajfa-86	94	2	additional	additional	ADJ
ajfa-86	94	3	statistical	statistical	ADJ
ajfa-86	94	4	considerations	consideration	NOUN
ajfa-86	94	5	the	the	DET
ajfa-86	94	6	sample	sample	NOUN
ajfa-86	94	7	period	period	NOUN
ajfa-86	94	8	is	be	AUX
ajfa-86	94	9	comparatively	comparatively	ADV
ajfa-86	94	10	short	short	ADJ
ajfa-86	94	11	.	.	PUNCT
ajfa-86	95	1	there	there	PRON
ajfa-86	95	2	are	be	VERB
ajfa-86	95	3	only	only	ADV
ajfa-86	95	4	eleven	eleven	NUM
ajfa-86	95	5	years	year	NOUN
ajfa-86	95	6	of	of	ADP
ajfa-86	95	7	monthly	monthly	ADJ
ajfa-86	95	8	observations	observation	NOUN
ajfa-86	95	9	(	(	PUNCT
ajfa-86	95	10	132	132	NUM
ajfa-86	95	11	observations	observation	NOUN
ajfa-86	95	12	in	in	ADP
ajfa-86	95	13	total	total	NOUN
ajfa-86	95	14	)	)	PUNCT
ajfa-86	95	15	.	.	PUNCT
ajfa-86	96	1	this	this	DET
ajfa-86	96	2	period	period	NOUN
ajfa-86	96	3	is	be	AUX
ajfa-86	96	4	the	the	DET
ajfa-86	96	5	maximum	maximum	ADJ
ajfa-86	96	6	period	period	NOUN
ajfa-86	96	7	for	for	ADP
ajfa-86	96	8	which	which	PRON
ajfa-86	96	9	observations	observation	NOUN
ajfa-86	96	10	for	for	ADP
ajfa-86	96	11	all	all	DET
ajfa-86	96	12	the	the	DET
ajfa-86	96	13	economies	economy	NOUN
ajfa-86	96	14	studied	study	VERB
ajfa-86	96	15	is	be	AUX
ajfa-86	96	16	available	available	ADJ
ajfa-86	96	17	;	;	PUNCT
ajfa-86	96	18	but	but	CCONJ
ajfa-86	96	19	the	the	DET
ajfa-86	96	20	relatively	relatively	ADV
ajfa-86	96	21	small	small	ADJ
ajfa-86	96	22	number	number	NOUN
ajfa-86	96	23	of	of	ADP
ajfa-86	96	24	observations	observation	NOUN
ajfa-86	96	25	will	will	AUX
ajfa-86	96	26	lead	lead	VERB
ajfa-86	96	27	to	to	ADP
ajfa-86	96	28	larger	large	ADJ
ajfa-86	96	29	standard	standard	ADJ
ajfa-86	96	30	errors	error	NOUN
ajfa-86	96	31	than	than	SCONJ
ajfa-86	96	32	would	would	AUX
ajfa-86	96	33	be	be	AUX
ajfa-86	96	34	the	the	DET
ajfa-86	96	35	case	case	NOUN
ajfa-86	96	36	with	with	ADP
ajfa-86	96	37	a	a	DET
ajfa-86	96	38	larger	large	ADJ
ajfa-86	96	39	number	number	NOUN
ajfa-86	96	40	of	of	ADP
ajfa-86	96	41	observations	observation	NOUN
ajfa-86	96	42	.	.	PUNCT
ajfa-86	97	1	however	however	ADV
ajfa-86	97	2	the	the	DET
ajfa-86	97	3	number	number	NOUN
ajfa-86	97	4	of	of	ADP
ajfa-86	97	5	observations	observation	NOUN
ajfa-86	97	6	can	can	AUX
ajfa-86	97	7	be	be	AUX
ajfa-86	97	8	increased	increase	VERB
ajfa-86	97	9	for	for	ADP
ajfa-86	97	10	some	some	PRON
ajfa-86	97	11	of	of	ADP
ajfa-86	97	12	the	the	DET
ajfa-86	97	13	countries	country	NOUN
ajfa-86	97	14	by	by	ADP
ajfa-86	97	15	examining	examine	VERB
ajfa-86	97	16	the	the	DET
ajfa-86	97	17	entire	entire	ADJ
ajfa-86	97	18	existing	exist	VERB
ajfa-86	97	19	data	datum	NOUN
ajfa-86	97	20	series	series	NOUN
ajfa-86	97	21	.	.	PUNCT
ajfa-86	98	1	using	use	VERB
ajfa-86	98	2	the	the	DET
ajfa-86	98	3	same	same	ADJ
ajfa-86	98	4	definitions	definition	NOUN
ajfa-86	98	5	and	and	CCONJ
ajfa-86	98	6	proceeds	proceed	NOUN
ajfa-86	98	7	as	as	ADP
ajfa-86	98	8	before	before	ADV
ajfa-86	98	9	,	,	PUNCT
ajfa-86	98	10	table	table	NOUN
ajfa-86	98	11	2	2	NUM
ajfa-86	98	12	shows	show	VERB
ajfa-86	98	13	the	the	DET
ajfa-86	98	14	results	result	NOUN
ajfa-86	98	15	of	of	ADP
ajfa-86	98	16	comparing	compare	VERB
ajfa-86	98	17	the	the	DET
ajfa-86	98	18	erp	erp	NOUN
ajfa-86	98	19	for	for	ADP
ajfa-86	98	20	each	each	DET
ajfa-86	98	21	economy	economy	NOUN
ajfa-86	98	22	to	to	ADP
ajfa-86	98	23	that	that	PRON
ajfa-86	98	24	of	of	ADP
ajfa-86	98	25	the	the	DET
ajfa-86	98	26	usa	usa	PROPN
ajfa-86	98	27	over	over	ADP
ajfa-86	98	28	the	the	DET
ajfa-86	98	29	longest	long	ADJ
ajfa-86	98	30	possible	possible	ADJ
ajfa-86	98	31	period	period	NOUN
ajfa-86	98	32	for	for	ADP
ajfa-86	98	33	which	which	PRON
ajfa-86	98	34	data	datum	NOUN
ajfa-86	98	35	is	be	AUX
ajfa-86	98	36	avialable	avialable	ADJ
ajfa-86	98	37	.	.	PUNCT
ajfa-86	99	1	table	table	NOUN
ajfa-86	99	2	2	2	NUM
ajfa-86	99	3	.	.	PUNCT
ajfa-86	99	4	results	result	NOUN
ajfa-86	99	5	of	of	ADP
ajfa-86	99	6	t	t	NOUN
ajfa-86	99	7	-	-	PUNCT
ajfa-86	99	8	tests	test	NOUN
ajfa-86	99	9	for	for	ADP
ajfa-86	99	10	comparison	comparison	NOUN
ajfa-86	99	11	of	of	ADP
ajfa-86	99	12	each	each	DET
ajfa-86	99	13	country	country	NOUN
ajfa-86	99	14	’s	’s	PART
ajfa-86	99	15	erp	erp	NOUN
ajfa-86	99	16	with	with	ADP
ajfa-86	99	17	the	the	DET
ajfa-86	99	18	united	united	PROPN
ajfa-86	99	19	states	states	PROPN
ajfa-86	99	20	over	over	ADP
ajfa-86	99	21	the	the	DET
ajfa-86	99	22	common	common	ADJ
ajfa-86	99	23	period	period	NOUN
ajfa-86	99	24	(	(	PUNCT
ajfa-86	99	25	m7	m7	PROPN
ajfa-86	99	26	1997	1997	NUM
ajfa-86	99	27	–	–	PUNCT
ajfa-86	99	28	m7	m7	PROPN
ajfa-86	99	29	2008	2008	NUM
ajfa-86	99	30	)	)	PUNCT
ajfa-86	99	31	and	and	CCONJ
ajfa-86	99	32	the	the	DET
ajfa-86	99	33	longest	long	ADJ
ajfa-86	99	34	possible	possible	ADJ
ajfa-86	99	35	series	series	NOUN
ajfa-86	99	36	for	for	ADP
ajfa-86	99	37	each	each	DET
ajfa-86	99	38	country	country	NOUN
ajfa-86	99	39	.	.	PUNCT
ajfa-86	100	1	country	country	NOUN
ajfa-86	100	2	p(t<=t	p(t<=t	PROPN
ajfa-86	100	3	)	)	PUNCT
ajfa-86	100	4	compared	compare	VERB
ajfa-86	100	5	to	to	ADP
ajfa-86	100	6	us	us	PROPN
ajfa-86	100	7	m7	m7	PROPN
ajfa-86	100	8	1997	1997	NUM
ajfa-86	100	9	–	–	PUNCT
ajfa-86	100	10	m7	m7	PROPN
ajfa-86	100	11	2008	2008	NUM
ajfa-86	100	12	common	common	ADJ
ajfa-86	100	13	period	period	NOUN
ajfa-86	100	14	longest	long	ADJ
ajfa-86	100	15	possible	possible	ADJ
ajfa-86	100	16	period	period	NOUN
ajfa-86	100	17	for	for	ADP
ajfa-86	100	18	which	which	PRON
ajfa-86	100	19	data	datum	NOUN
ajfa-86	100	20	is	be	AUX
ajfa-86	100	21	available	available	ADJ
ajfa-86	100	22	p(t<=t	p(t<=t	PRON
ajfa-86	100	23	)	)	PUNCT
ajfa-86	100	24	compared	compare	VERB
ajfa-86	100	25	to	to	ADP
ajfa-86	100	26	us	we	PRON
ajfa-86	100	27	for	for	ADP
ajfa-86	100	28	longest	long	ADJ
ajfa-86	100	29	possible	possible	ADJ
ajfa-86	100	30	period	period	NOUN
ajfa-86	100	31	china	china	PROPN
ajfa-86	100	32	,	,	PUNCT
ajfa-86	100	33	p.r	p.r	PROPN
ajfa-86	100	34	.	.	PROPN
ajfa-86	100	35	0.82778	0.82778	NUM
ajfa-86	100	36	m12	m12	PROPN
ajfa-86	100	37	1993	1993	NUM
ajfa-86	100	38	–	–	PUNCT
ajfa-86	100	39	m12	m12	PROPN
ajfa-86	100	40	2008	2008	NUM
ajfa-86	100	41	0.74976	0.74976	NUM
ajfa-86	100	42	korea	korea	PROPN
ajfa-86	100	43	0.11015	0.11015	NUM
ajfa-86	100	44	m7	m7	NOUN
ajfa-86	100	45	1997	1997	NUM
ajfa-86	100	46	–	–	PUNCT
ajfa-86	100	47	m11	m11	NOUN
ajfa-86	100	48	2008	2008	NUM
ajfa-86	100	49	0.10016	0.10016	NUM
ajfa-86	100	50	malaysia	malaysia	NOUN
ajfa-86	100	51	0.9160	0.9160	NUM
ajfa-86	100	52	m12	m12	PROPN
ajfa-86	100	53	1993	1993	NUM
ajfa-86	100	54	–	–	PUNCT
ajfa-86	100	55	m9	m9	PROPN
ajfa-86	100	56	2008	2008	NUM
ajfa-86	100	57	0.23224	0.23224	NUM
ajfa-86	100	58	thailand	thailand	PROPN
ajfa-86	100	59	0.6036	0.6036	NUM
ajfa-86	100	60	m4	m4	PROPN
ajfa-86	100	61	1975	1975	NUM
ajfa-86	100	62	–	–	PUNCT
ajfa-86	100	63	m12	m12	PROPN
ajfa-86	100	64	2008	2008	NUM
ajfa-86	100	65	0.00228	0.00228	NUM
ajfa-86	100	66	indonesia	indonesia	PROPN
ajfa-86	100	67	0.0000	0.0000	NUM
ajfa-86	100	68	m7	m7	NOUN
ajfa-86	100	69	1997	1997	NUM
ajfa-86	100	70	–	–	PUNCT
ajfa-86	100	71	m10	m10	PROPN
ajfa-86	100	72	2008	2008	NUM
ajfa-86	100	73	0.0000	0.0000	NUM
ajfa-86	100	74	japan	japan	PROPN
ajfa-86	100	75	0.0000	0.0000	NUM
ajfa-86	100	76	m1	m1	PROPN
ajfa-86	100	77	1984	1984	NUM
ajfa-86	100	78	–	–	PUNCT
ajfa-86	100	79	m11	m11	NOUN
ajfa-86	100	80	2008	2008	NUM
ajfa-86	100	81	0.0000	0.0000	NUM
ajfa-86	100	82	pakistan	pakistan	PROPN
ajfa-86	100	83	0.0073	0.0073	NUM
ajfa-86	100	84	m7	m7	PROPN
ajfa-86	100	85	1997	1997	NUM
ajfa-86	100	86	–	–	PUNCT
ajfa-86	100	87	m7	m7	PROPN
ajfa-86	100	88	2008	2008	NUM
ajfa-86	100	89	0.0073	0.0073	NUM
ajfa-86	100	90	for	for	ADP
ajfa-86	100	91	each	each	DET
ajfa-86	100	92	economy	economy	NOUN
ajfa-86	100	93	the	the	DET
ajfa-86	100	94	t	t	NOUN
ajfa-86	100	95	-	-	PUNCT
ajfa-86	100	96	static	static	NOUN
ajfa-86	100	97	for	for	ADP
ajfa-86	100	98	the	the	DET
ajfa-86	100	99	differences	difference	NOUN
ajfa-86	100	100	in	in	ADP
ajfa-86	100	101	mean	mean	PROPN
ajfa-86	100	102	erp	erp	PROPN
ajfa-86	100	103	between	between	ADP
ajfa-86	100	104	each	each	DET
ajfa-86	100	105	economy	economy	NOUN
ajfa-86	100	106	and	and	CCONJ
ajfa-86	100	107	the	the	DET
ajfa-86	100	108	usa	usa	PROPN
ajfa-86	100	109	.	.	PUNCT
ajfa-86	101	1	the	the	DET
ajfa-86	101	2	first	first	ADJ
ajfa-86	101	3	t	t	PROPN
ajfa-86	101	4	-	-	PUNCT
ajfa-86	101	5	statistic	statistic	NOUN
ajfa-86	101	6	is	be	AUX
ajfa-86	101	7	for	for	ADP
ajfa-86	101	8	the	the	DET
ajfa-86	101	9	common	common	ADJ
ajfa-86	101	10	period	period	NOUN
ajfa-86	101	11	and	and	CCONJ
ajfa-86	101	12	the	the	DET
ajfa-86	101	13	second	second	ADJ
ajfa-86	101	14	for	for	ADP
ajfa-86	101	15	the	the	DET
ajfa-86	101	16	maximum	maximum	ADJ
ajfa-86	101	17	possible	possible	ADJ
ajfa-86	101	18	period	period	NOUN
ajfa-86	101	19	,	,	PUNCT
ajfa-86	101	20	given	give	VERB
ajfa-86	101	21	the	the	DET
ajfa-86	101	22	limitations	limitation	NOUN
ajfa-86	101	23	of	of	ADP
ajfa-86	101	24	the	the	DET
ajfa-86	101	25	available	available	ADJ
ajfa-86	101	26	data	datum	NOUN
ajfa-86	101	27	collection	collection	NOUN
ajfa-86	101	28	.	.	PUNCT
ajfa-86	102	1	the	the	DET
ajfa-86	102	2	result	result	NOUN
ajfa-86	102	3	of	of	ADP
ajfa-86	102	4	using	use	VERB
ajfa-86	102	5	all	all	DET
ajfa-86	102	6	the	the	DET
ajfa-86	102	7	available	available	ADJ
ajfa-86	102	8	data	data	NOUN
ajfa-86	102	9	is	be	AUX
ajfa-86	102	10	that	that	SCONJ
ajfa-86	102	11	the	the	DET
ajfa-86	102	12	erp	erp	NOUN
ajfa-86	102	13	for	for	ADP
ajfa-86	102	14	the	the	DET
ajfa-86	102	15	thai	thai	ADJ
ajfa-86	102	16	economy	economy	NOUN
ajfa-86	102	17	switches	switch	VERB
ajfa-86	102	18	from	from	ADP
ajfa-86	102	19	being	be	AUX
ajfa-86	102	20	indistinguishable	indistinguishable	ADJ
ajfa-86	102	21	from	from	ADP
ajfa-86	102	22	that	that	PRON
ajfa-86	102	23	of	of	ADP
ajfa-86	102	24	the	the	DET
ajfa-86	102	25	usa	usa	PROPN
ajfa-86	102	26	to	to	ADP
ajfa-86	102	27	being	be	AUX
ajfa-86	102	28	statistically	statistically	ADV
ajfa-86	102	29	different	different	ADJ
ajfa-86	102	30	.	.	PUNCT
ajfa-86	103	1	this	this	DET
ajfa-86	103	2	result	result	NOUN
ajfa-86	103	3	implies	imply	VERB
ajfa-86	103	4	either	either	CCONJ
ajfa-86	103	5	there	there	PRON
ajfa-86	103	6	have	have	AUX
ajfa-86	103	7	been	be	AUX
ajfa-86	103	8	structural	structural	ADJ
ajfa-86	103	9	adjustments	adjustment	NOUN
ajfa-86	103	10	over	over	ADP
ajfa-86	103	11	time	time	NOUN
ajfa-86	103	12	,	,	PUNCT
ajfa-86	103	13	or	or	CCONJ
ajfa-86	103	14	that	that	SCONJ
ajfa-86	103	15	the	the	DET
ajfa-86	103	16	time	time	NOUN
ajfa-86	103	17	period	period	NOUN
ajfa-86	103	18	is	be	AUX
ajfa-86	103	19	asian	asian	ADJ
ajfa-86	103	20	journal	journal	NOUN
ajfa-86	103	21	of	of	ADP
ajfa-86	103	22	finance	finance	PROPN
ajfa-86	103	23	&	&	CCONJ
ajfa-86	103	24	accounting	accounting	PROPN
ajfa-86	103	25	issn	issn	PROPN
ajfa-86	103	26	1946	1946	NUM
ajfa-86	103	27	-	-	PUNCT
ajfa-86	103	28	052x	052x	NOUN
ajfa-86	103	29	2009	2009	NUM
ajfa-86	103	30	,	,	PUNCT
ajfa-86	103	31	vol	vol	NOUN
ajfa-86	103	32	.	.	PROPN
ajfa-86	103	33	1	1	NUM
ajfa-86	103	34	,	,	PUNCT
ajfa-86	103	35	no	no	INTJ
ajfa-86	103	36	.	.	NOUN
ajfa-86	103	37	1	1	NUM
ajfa-86	103	38	:	:	PUNCT
ajfa-86	103	39	e1	e1	VERB
ajfa-86	103	40	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	103	41	30	30	NUM
ajfa-86	103	42	indeed	indeed	ADV
ajfa-86	103	43	too	too	ADV
ajfa-86	103	44	short	short	ADJ
ajfa-86	103	45	to	to	PART
ajfa-86	103	46	reach	reach	VERB
ajfa-86	103	47	robust	robust	ADJ
ajfa-86	103	48	conclusions	conclusion	NOUN
ajfa-86	103	49	.	.	PUNCT
ajfa-86	104	1	in	in	ADP
ajfa-86	104	2	addition	addition	NOUN
ajfa-86	104	3	the	the	DET
ajfa-86	104	4	start	start	NOUN
ajfa-86	104	5	and	and	CCONJ
ajfa-86	104	6	end	end	NOUN
ajfa-86	104	7	of	of	ADP
ajfa-86	104	8	the	the	DET
ajfa-86	104	9	data	data	NOUN
ajfa-86	104	10	window	window	NOUN
ajfa-86	104	11	might	might	AUX
ajfa-86	104	12	introduce	introduce	VERB
ajfa-86	104	13	distortions	distortion	NOUN
ajfa-86	104	14	into	into	ADP
ajfa-86	104	15	the	the	DET
ajfa-86	104	16	statistical	statistical	ADJ
ajfa-86	104	17	analysis	analysis	NOUN
ajfa-86	104	18	if	if	SCONJ
ajfa-86	104	19	unusual	unusual	ADJ
ajfa-86	104	20	events	event	NOUN
ajfa-86	104	21	occurred	occur	VERB
ajfa-86	104	22	during	during	ADP
ajfa-86	104	23	the	the	DET
ajfa-86	104	24	relatively	relatively	ADV
ajfa-86	104	25	short	short	ADJ
ajfa-86	104	26	time	time	NOUN
ajfa-86	104	27	frame	frame	NOUN
ajfa-86	104	28	.	.	PUNCT
ajfa-86	105	1	one	one	NUM
ajfa-86	105	2	advantage	advantage	NOUN
ajfa-86	105	3	of	of	ADP
ajfa-86	105	4	a	a	DET
ajfa-86	105	5	long	long	ADJ
ajfa-86	105	6	period	period	NOUN
ajfa-86	105	7	of	of	ADP
ajfa-86	105	8	data	datum	NOUN
ajfa-86	105	9	collection	collection	NOUN
ajfa-86	105	10	is	be	AUX
ajfa-86	105	11	that	that	SCONJ
ajfa-86	105	12	unusual	unusual	ADJ
ajfa-86	105	13	events	event	NOUN
ajfa-86	105	14	are	be	AUX
ajfa-86	105	15	to	to	ADP
ajfa-86	105	16	some	some	DET
ajfa-86	105	17	extend	extend	NOUN
ajfa-86	105	18	“	"	PUNCT
ajfa-86	105	19	diluted	dilute	VERB
ajfa-86	105	20	”	"	PUNCT
ajfa-86	105	21	by	by	ADP
ajfa-86	105	22	the	the	DET
ajfa-86	105	23	relatively	relatively	ADV
ajfa-86	105	24	abundant	abundant	ADJ
ajfa-86	105	25	normal	normal	ADJ
ajfa-86	105	26	conditions	condition	NOUN
ajfa-86	105	27	.	.	PUNCT
ajfa-86	106	1	in	in	ADP
ajfa-86	106	2	the	the	DET
ajfa-86	106	3	present	present	ADJ
ajfa-86	106	4	study	study	NOUN
ajfa-86	106	5	the	the	DET
ajfa-86	106	6	start	start	NOUN
ajfa-86	106	7	date	date	NOUN
ajfa-86	106	8	of	of	ADP
ajfa-86	106	9	the	the	DET
ajfa-86	106	10	data	data	NOUN
ajfa-86	106	11	window	window	NOUN
ajfa-86	106	12	coincides	coincide	VERB
ajfa-86	106	13	with	with	ADP
ajfa-86	106	14	a	a	DET
ajfa-86	106	15	period	period	NOUN
ajfa-86	106	16	of	of	ADP
ajfa-86	106	17	strong	strong	ADJ
ajfa-86	106	18	economic	economic	ADJ
ajfa-86	106	19	growth	growth	NOUN
ajfa-86	106	20	in	in	ADP
ajfa-86	106	21	many	many	ADJ
ajfa-86	106	22	counties	county	NOUN
ajfa-86	106	23	followed	follow	VERB
ajfa-86	106	24	by	by	ADP
ajfa-86	106	25	two	two	NUM
ajfa-86	106	26	recessions	recession	NOUN
ajfa-86	106	27	in	in	ADP
ajfa-86	106	28	the	the	DET
ajfa-86	106	29	usa	usa	PROPN
ajfa-86	106	30	.	.	PROPN
ajfa-86	107	1	one	one	NUM
ajfa-86	107	2	method	method	NOUN
ajfa-86	107	3	of	of	ADP
ajfa-86	107	4	dealing	deal	VERB
ajfa-86	107	5	with	with	ADP
ajfa-86	107	6	this	this	DET
ajfa-86	107	7	problem	problem	NOUN
ajfa-86	107	8	would	would	AUX
ajfa-86	107	9	be	be	AUX
ajfa-86	107	10	to	to	PART
ajfa-86	107	11	examine	examine	VERB
ajfa-86	107	12	sub	sub	NOUN
ajfa-86	107	13	-	-	NOUN
ajfa-86	107	14	periods	period	NOUN
ajfa-86	107	15	within	within	ADP
ajfa-86	107	16	the	the	DET
ajfa-86	107	17	data	data	NOUN
ajfa-86	107	18	window	window	NOUN
ajfa-86	107	19	to	to	PART
ajfa-86	107	20	see	see	VERB
ajfa-86	107	21	if	if	SCONJ
ajfa-86	107	22	similar	similar	ADJ
ajfa-86	107	23	results	result	NOUN
ajfa-86	107	24	are	be	AUX
ajfa-86	107	25	obtained	obtain	VERB
ajfa-86	107	26	;	;	PUNCT
ajfa-86	107	27	however	however	ADV
ajfa-86	107	28	given	give	VERB
ajfa-86	107	29	the	the	DET
ajfa-86	107	30	already	already	ADV
ajfa-86	107	31	short	short	ADJ
ajfa-86	107	32	data	datum	NOUN
ajfa-86	107	33	window	window	NOUN
ajfa-86	107	34	this	this	PRON
ajfa-86	107	35	will	will	AUX
ajfa-86	107	36	exacerbate	exacerbate	VERB
ajfa-86	107	37	the	the	DET
ajfa-86	107	38	problem	problem	NOUN
ajfa-86	107	39	of	of	ADP
ajfa-86	107	40	the	the	DET
ajfa-86	107	41	variance	variance	NOUN
ajfa-86	107	42	of	of	ADP
ajfa-86	107	43	the	the	DET
ajfa-86	107	44	standard	standard	ADJ
ajfa-86	107	45	errors	error	NOUN
ajfa-86	107	46	and	and	CCONJ
ajfa-86	107	47	would	would	AUX
ajfa-86	107	48	not	not	PART
ajfa-86	107	49	aid	aid	VERB
ajfa-86	107	50	in	in	ADP
ajfa-86	107	51	the	the	DET
ajfa-86	107	52	analysis	analysis	NOUN
ajfa-86	107	53	of	of	ADP
ajfa-86	107	54	the	the	DET
ajfa-86	107	55	problem	problem	NOUN
ajfa-86	107	56	at	at	ADP
ajfa-86	107	57	hand	hand	NOUN
ajfa-86	107	58	.	.	PUNCT
ajfa-86	108	1	the	the	DET
ajfa-86	108	2	t	t	PROPN
ajfa-86	108	3	-	-	PUNCT
ajfa-86	108	4	statistic	statistic	NOUN
ajfa-86	108	5	is	be	AUX
ajfa-86	108	6	a	a	DET
ajfa-86	108	7	parametric	parametric	ADJ
ajfa-86	108	8	test	test	NOUN
ajfa-86	108	9	and	and	CCONJ
ajfa-86	108	10	thus	thus	ADV
ajfa-86	108	11	relies	rely	VERB
ajfa-86	108	12	on	on	ADP
ajfa-86	108	13	a	a	DET
ajfa-86	108	14	set	set	NOUN
ajfa-86	108	15	of	of	ADP
ajfa-86	108	16	assumptions	assumption	NOUN
ajfa-86	108	17	about	about	ADP
ajfa-86	108	18	the	the	DET
ajfa-86	108	19	nature	nature	NOUN
ajfa-86	108	20	of	of	ADP
ajfa-86	108	21	the	the	DET
ajfa-86	108	22	underlying	underlie	VERB
ajfa-86	108	23	variables	variable	NOUN
ajfa-86	108	24	.	.	PUNCT
ajfa-86	109	1	the	the	DET
ajfa-86	109	2	result	result	NOUN
ajfa-86	109	3	of	of	ADP
ajfa-86	109	4	the	the	DET
ajfa-86	109	5	statistical	statistical	ADJ
ajfa-86	109	6	tests	test	NOUN
ajfa-86	109	7	used	use	VERB
ajfa-86	109	8	thus	thus	ADV
ajfa-86	109	9	far	far	ADV
ajfa-86	109	10	might	might	AUX
ajfa-86	109	11	be	be	AUX
ajfa-86	109	12	the	the	DET
ajfa-86	109	13	consequence	consequence	NOUN
ajfa-86	109	14	of	of	ADP
ajfa-86	109	15	the	the	DET
ajfa-86	109	16	violation	violation	NOUN
ajfa-86	109	17	of	of	ADP
ajfa-86	109	18	the	the	DET
ajfa-86	109	19	assumptions	assumption	NOUN
ajfa-86	109	20	underlying	underlie	VERB
ajfa-86	109	21	the	the	DET
ajfa-86	109	22	t	t	NOUN
ajfa-86	109	23	-	-	PUNCT
ajfa-86	109	24	test	test	NOUN
ajfa-86	109	25	rather	rather	ADV
ajfa-86	109	26	than	than	ADP
ajfa-86	109	27	the	the	DET
ajfa-86	109	28	fact	fact	NOUN
ajfa-86	109	29	that	that	SCONJ
ajfa-86	109	30	the	the	DET
ajfa-86	109	31	data	data	NOUN
ajfa-86	109	32	series	series	NOUN
ajfa-86	109	33	are	be	AUX
ajfa-86	109	34	similar	similar	ADJ
ajfa-86	109	35	.	.	PUNCT
ajfa-86	110	1	the	the	DET
ajfa-86	110	2	wilcoxon	wilcoxon	ADJ
ajfa-86	110	3	signed	sign	VERB
ajfa-86	110	4	-	-	PUNCT
ajfa-86	110	5	rank	rank	NOUN
ajfa-86	110	6	test	test	NOUN
ajfa-86	110	7	and	and	CCONJ
ajfa-86	110	8	the	the	DET
ajfa-86	110	9	kolmogorov	kolmogorov	PROPN
ajfa-86	110	10	–	–	PUNCT
ajfa-86	110	11	smirnov	smirnov	ADJ
ajfa-86	110	12	statistic	statistic	NOUN
ajfa-86	110	13	are	be	AUX
ajfa-86	110	14	non	non	ADJ
ajfa-86	110	15	-	-	ADJ
ajfa-86	110	16	parametric	parametric	ADJ
ajfa-86	110	17	tests	test	NOUN
ajfa-86	110	18	of	of	ADP
ajfa-86	110	19	the	the	DET
ajfa-86	110	20	distance	distance	NOUN
ajfa-86	110	21	between	between	ADP
ajfa-86	110	22	the	the	DET
ajfa-86	110	23	empirical	empirical	ADJ
ajfa-86	110	24	distribution	distribution	NOUN
ajfa-86	110	25	functions	function	NOUN
ajfa-86	110	26	of	of	ADP
ajfa-86	110	27	two	two	NUM
ajfa-86	110	28	samples	sample	NOUN
ajfa-86	110	29	(	(	PUNCT
ajfa-86	110	30	stephens	stephen	NOUN
ajfa-86	110	31	,	,	PUNCT
ajfa-86	110	32	1974	1974	NUM
ajfa-86	110	33	)	)	PUNCT
ajfa-86	110	34	.	.	PUNCT
ajfa-86	111	1	table	table	NOUN
ajfa-86	111	2	3	3	NUM
ajfa-86	111	3	reports	report	VERB
ajfa-86	111	4	the	the	DET
ajfa-86	111	5	results	result	NOUN
ajfa-86	111	6	of	of	ADP
ajfa-86	111	7	the	the	DET
ajfa-86	111	8	kolmogorov	kolmogorov	ADJ
ajfa-86	111	9	–	–	PUNCT
ajfa-86	111	10	smirnov	smirnov	ADJ
ajfa-86	111	11	statistic	statistic	NOUN
ajfa-86	111	12	over	over	ADP
ajfa-86	111	13	the	the	DET
ajfa-86	111	14	common	common	ADJ
ajfa-86	111	15	data	datum	NOUN
ajfa-86	111	16	period	period	NOUN
ajfa-86	111	17	as	as	ADV
ajfa-86	111	18	well	well	ADV
ajfa-86	111	19	as	as	ADP
ajfa-86	111	20	the	the	DET
ajfa-86	111	21	t	t	NOUN
ajfa-86	111	22	-	-	PUNCT
ajfa-86	111	23	statistic	statistic	NOUN
ajfa-86	111	24	(	(	PUNCT
ajfa-86	111	25	for	for	ADP
ajfa-86	111	26	easier	easy	ADJ
ajfa-86	111	27	comparison	comparison	NOUN
ajfa-86	111	28	)	)	PUNCT
ajfa-86	111	29	.	.	PUNCT
ajfa-86	112	1	table	table	NOUN
ajfa-86	112	2	3	3	NUM
ajfa-86	112	3	.	.	PUNCT
ajfa-86	113	1	the	the	DET
ajfa-86	113	2	wilcoxon	wilcoxon	ADJ
ajfa-86	113	3	signed	sign	VERB
ajfa-86	113	4	-	-	PUNCT
ajfa-86	113	5	rank	rank	NOUN
ajfa-86	113	6	test	test	NOUN
ajfa-86	113	7	,	,	PUNCT
ajfa-86	113	8	the	the	DET
ajfa-86	113	9	kolmogorov	kolmogorov	PROPN
ajfa-86	113	10	–	–	PUNCT
ajfa-86	113	11	smirnov	smirnov	ADJ
ajfa-86	113	12	statistic	statistic	NOUN
ajfa-86	113	13	,	,	PUNCT
ajfa-86	113	14	and	and	CCONJ
ajfa-86	113	15	the	the	DET
ajfa-86	113	16	student	student	NOUN
ajfa-86	113	17	’s	’s	PART
ajfa-86	113	18	t	t	PROPN
ajfa-86	113	19	-	-	PUNCT
ajfa-86	113	20	test	test	NOUN
ajfa-86	113	21	for	for	ADP
ajfa-86	113	22	comparison	comparison	NOUN
ajfa-86	113	23	of	of	ADP
ajfa-86	113	24	each	each	DET
ajfa-86	113	25	country	country	NOUN
ajfa-86	113	26	’s	’s	PART
ajfa-86	113	27	erp	erp	NOUN
ajfa-86	113	28	with	with	ADP
ajfa-86	113	29	the	the	DET
ajfa-86	113	30	united	united	PROPN
ajfa-86	113	31	states	states	PROPN
ajfa-86	113	32	over	over	ADP
ajfa-86	113	33	the	the	DET
ajfa-86	113	34	common	common	ADJ
ajfa-86	113	35	period	period	NOUN
ajfa-86	113	36	(	(	PUNCT
ajfa-86	113	37	m7	m7	PROPN
ajfa-86	113	38	1997	1997	NUM
ajfa-86	113	39	–	–	PUNCT
ajfa-86	113	40	m7	m7	PROPN
ajfa-86	113	41	2008	2008	NUM
ajfa-86	113	42	)	)	PUNCT
ajfa-86	113	43	.	.	PUNCT
ajfa-86	114	1	country	country	NOUN
ajfa-86	114	2	compared	compare	VERB
ajfa-86	114	3	to	to	ADP
ajfa-86	114	4	the	the	DET
ajfa-86	114	5	usa	usa	PROPN
ajfa-86	114	6	for	for	ADP
ajfa-86	114	7	the	the	DET
ajfa-86	114	8	period	period	NOUN
ajfa-86	114	9	m7	m7	PROPN
ajfa-86	114	10	1997	1997	NUM
ajfa-86	114	11	–	–	PUNCT
ajfa-86	114	12	m7	m7	PROPN
ajfa-86	114	13	2008	2008	NUM
ajfa-86	114	14	p(t<=t	p(t<=t	NUM
ajfa-86	114	15	)	)	PUNCT
ajfa-86	114	16	for	for	ADP
ajfa-86	114	17	the	the	DET
ajfa-86	114	18	heteroscedastic	heteroscedastic	ADJ
ajfa-86	114	19	student	student	NOUN
ajfa-86	114	20	’s	’s	PART
ajfa-86	114	21	t	t	PROPN
ajfa-86	114	22	-	-	PUNCT
ajfa-86	114	23	test	test	NOUN
ajfa-86	114	24	p	p	NOUN
ajfa-86	114	25	-	-	PUNCT
ajfa-86	114	26	value	value	NOUN
ajfa-86	114	27	for	for	ADP
ajfa-86	114	28	the	the	DET
ajfa-86	114	29	wilcoxon	wilcoxon	ADJ
ajfa-86	114	30	signed	sign	VERB
ajfa-86	114	31	-	-	PUNCT
ajfa-86	114	32	rank	rank	NOUN
ajfa-86	114	33	test	test	NOUN
ajfa-86	114	34	p	p	NOUN
ajfa-86	114	35	-	-	PUNCT
ajfa-86	114	36	value	value	NOUN
ajfa-86	114	37	for	for	ADP
ajfa-86	114	38	the	the	DET
ajfa-86	114	39	kolmogorov	kolmogorov	ADJ
ajfa-86	114	40	-	-	PUNCT
ajfa-86	114	41	smirnov	smirnov	PROPN
ajfa-86	114	42	test	test	NOUN
ajfa-86	114	43	china	china	PROPN
ajfa-86	114	44	,	,	PUNCT
ajfa-86	114	45	p.r	p.r	PROPN
ajfa-86	114	46	.	.	PROPN
ajfa-86	114	47	0.82778	0.82778	NUM
ajfa-86	114	48	0.35030	0.35030	NUM
ajfa-86	114	49	0.03747	0.03747	NUM
ajfa-86	114	50	korea	korea	PROPN
ajfa-86	114	51	0.11015	0.11015	NUM
ajfa-86	114	52	0.47610	0.47610	NUM
ajfa-86	114	53	0.00551	0.00551	NUM
ajfa-86	114	54	malaysia	malaysia	NOUN
ajfa-86	114	55	0.91600	0.91600	NUM
ajfa-86	114	56	0.44520	0.44520	NUM
ajfa-86	114	57	0.17490	0.17490	NUM
ajfa-86	114	58	thailand	thailand	PROPN
ajfa-86	114	59	0.60360	0.60360	NUM
ajfa-86	114	60	0.23440	0.23440	NUM
ajfa-86	114	61	0.01241	0.01241	NUM
ajfa-86	114	62	indonesia	indonesia	PROPN
ajfa-86	114	63	0.00000	0.00000	NUM
ajfa-86	114	64	0.00000	0.00000	NUM
ajfa-86	114	65	0.00000	0.00000	NUM
ajfa-86	114	66	japan	japan	PROPN
ajfa-86	114	67	0.00000	0.00000	NUM
ajfa-86	114	68	0.00000	0.00000	NUM
ajfa-86	114	69	0.00000	0.00000	NUM
ajfa-86	114	70	pakistan	pakistan	PROPN
ajfa-86	114	71	0.00730	0.00730	NUM
ajfa-86	114	72	0.01057	0.01057	NUM
ajfa-86	114	73	0.00001	0.00001	NUM
ajfa-86	114	74	for	for	ADP
ajfa-86	114	75	each	each	DET
ajfa-86	114	76	economy	economy	NOUN
ajfa-86	114	77	the	the	DET
ajfa-86	114	78	t	t	NOUN
ajfa-86	114	79	-	-	PUNCT
ajfa-86	114	80	static	static	PROPN
ajfa-86	114	81	and	and	CCONJ
ajfa-86	114	82	the	the	DET
ajfa-86	114	83	p	p	NOUN
ajfa-86	114	84	–	–	PUNCT
ajfa-86	114	85	values	value	NOUN
ajfa-86	114	86	for	for	ADP
ajfa-86	114	87	the	the	DET
ajfa-86	114	88	wilcoxon	wilcoxon	ADJ
ajfa-86	114	89	signed	sign	VERB
ajfa-86	114	90	-	-	PUNCT
ajfa-86	114	91	rank	rank	NOUN
ajfa-86	114	92	test	test	NOUN
ajfa-86	114	93	and	and	CCONJ
ajfa-86	114	94	the	the	DET
ajfa-86	114	95	kolmogorov	kolmogorov	ADJ
ajfa-86	114	96	-	-	PUNCT
ajfa-86	114	97	smirnov	smirnov	ADJ
ajfa-86	114	98	test	test	NOUN
ajfa-86	114	99	for	for	ADP
ajfa-86	114	100	the	the	DET
ajfa-86	114	101	differences	difference	NOUN
ajfa-86	114	102	in	in	ADP
ajfa-86	114	103	mean	mean	PROPN
ajfa-86	114	104	erp	erp	PROPN
ajfa-86	114	105	between	between	ADP
ajfa-86	114	106	each	each	DET
ajfa-86	114	107	economy	economy	NOUN
ajfa-86	114	108	and	and	CCONJ
ajfa-86	114	109	the	the	DET
ajfa-86	114	110	usa	usa	PROPN
ajfa-86	114	111	for	for	ADP
ajfa-86	114	112	the	the	DET
ajfa-86	114	113	period	period	NOUN
ajfa-86	114	114	m7	m7	PROPN
ajfa-86	114	115	1997	1997	NUM
ajfa-86	114	116	to	to	ADP
ajfa-86	114	117	m	m	PROPN
ajfa-86	114	118	&	&	CCONJ
ajfa-86	114	119	2008	2008	NUM
ajfa-86	114	120	.	.	PUNCT
ajfa-86	115	1	the	the	DET
ajfa-86	115	2	null	null	ADJ
ajfa-86	115	3	hypothesis	hypothesis	NOUN
ajfa-86	115	4	in	in	ADP
ajfa-86	115	5	the	the	DET
ajfa-86	115	6	wilcoxon	wilcoxon	ADJ
ajfa-86	115	7	signed	sign	VERB
ajfa-86	115	8	-	-	PUNCT
ajfa-86	115	9	rank	rank	NOUN
ajfa-86	115	10	test	test	NOUN
ajfa-86	115	11	is	be	AUX
ajfa-86	115	12	similar	similar	ADJ
ajfa-86	115	13	to	to	ADP
ajfa-86	115	14	that	that	PRON
ajfa-86	115	15	under	under	ADP
ajfa-86	115	16	the	the	DET
ajfa-86	115	17	student	student	NOUN
ajfa-86	115	18	’s	’s	PART
ajfa-86	115	19	t	t	PROPN
ajfa-86	115	20	-	-	PUNCT
ajfa-86	115	21	test	test	NOUN
ajfa-86	115	22	,	,	PUNCT
ajfa-86	115	23	but	but	CCONJ
ajfa-86	115	24	does	do	AUX
ajfa-86	115	25	not	not	PART
ajfa-86	115	26	rely	rely	VERB
ajfa-86	115	27	on	on	ADP
ajfa-86	115	28	parametric	parametric	ADJ
ajfa-86	115	29	assumptions	assumption	NOUN
ajfa-86	115	30	,	,	PUNCT
ajfa-86	115	31	while	while	SCONJ
ajfa-86	115	32	the	the	DET
ajfa-86	115	33	null	null	ADJ
ajfa-86	115	34	hypothesis	hypothesis	NOUN
ajfa-86	115	35	in	in	ADP
ajfa-86	115	36	the	the	DET
ajfa-86	115	37	kolmogorov	kolmogorov	ADJ
ajfa-86	115	38	-	-	PUNCT
ajfa-86	115	39	smirnov	smirnov	ADJ
ajfa-86	115	40	test	test	NOUN
ajfa-86	115	41	is	be	AUX
ajfa-86	115	42	that	that	SCONJ
ajfa-86	115	43	both	both	DET
ajfa-86	115	44	series	series	NOUN
ajfa-86	115	45	of	of	ADP
ajfa-86	115	46	data	datum	NOUN
ajfa-86	115	47	were	be	AUX
ajfa-86	115	48	drawn	draw	VERB
ajfa-86	115	49	from	from	ADP
ajfa-86	115	50	the	the	DET
ajfa-86	115	51	same	same	ADJ
ajfa-86	115	52	underlying	underlying	ADJ
ajfa-86	115	53	distribution	distribution	NOUN
ajfa-86	115	54	.	.	PUNCT
ajfa-86	116	1	the	the	PRON
ajfa-86	116	2	lower	low	ADJ
ajfa-86	116	3	the	the	DET
ajfa-86	116	4	p	p	NOUN
ajfa-86	116	5	-	-	PUNCT
ajfa-86	116	6	value	value	NOUN
ajfa-86	116	7	the	the	PRON
ajfa-86	116	8	less	less	ADV
ajfa-86	116	9	likely	likely	ADJ
ajfa-86	116	10	the	the	DET
ajfa-86	116	11	result	result	NOUN
ajfa-86	116	12	(	(	PUNCT
ajfa-86	116	13	assuming	assume	VERB
ajfa-86	116	14	that	that	SCONJ
ajfa-86	116	15	the	the	DET
ajfa-86	116	16	null	null	ADJ
ajfa-86	116	17	hypothesis	hypothesis	NOUN
ajfa-86	116	18	is	be	AUX
ajfa-86	116	19	correct	correct	ADJ
ajfa-86	116	20	)	)	PUNCT
ajfa-86	116	21	.	.	PUNCT
ajfa-86	117	1	the	the	DET
ajfa-86	117	2	non	non	ADJ
ajfa-86	117	3	-	-	ADJ
ajfa-86	117	4	parametric	parametric	ADJ
ajfa-86	117	5	tests	test	NOUN
ajfa-86	117	6	lead	lead	VERB
ajfa-86	117	7	to	to	ADP
ajfa-86	117	8	mixed	mixed	ADJ
ajfa-86	117	9	results	result	NOUN
ajfa-86	117	10	;	;	PUNCT
ajfa-86	117	11	the	the	DET
ajfa-86	117	12	wilcoxon	wilcoxon	NOUN
ajfa-86	117	13	results	result	NOUN
ajfa-86	117	14	support	support	VERB
ajfa-86	117	15	the	the	DET
ajfa-86	117	16	parametric	parametric	ADJ
ajfa-86	117	17	results	result	NOUN
ajfa-86	117	18	obtained	obtain	VERB
ajfa-86	117	19	earlier	early	ADV
ajfa-86	117	20	(	(	PUNCT
ajfa-86	117	21	with	with	ADP
ajfa-86	117	22	thailand	thailand	PROPN
ajfa-86	117	23	once	once	ADV
ajfa-86	117	24	again	again	ADV
ajfa-86	117	25	not	not	PART
ajfa-86	117	26	significantly	significantly	ADV
ajfa-86	117	27	different	different	ADJ
ajfa-86	117	28	to	to	ADP
ajfa-86	117	29	the	the	DET
ajfa-86	117	30	usa	usa	PROPN
ajfa-86	117	31	)	)	PUNCT
ajfa-86	117	32	,	,	PUNCT
ajfa-86	117	33	while	while	SCONJ
ajfa-86	117	34	the	the	DET
ajfa-86	117	35	kolmogorov	kolmogorov	ADJ
ajfa-86	117	36	-	-	PUNCT
ajfa-86	117	37	smirnov	smirnov	ADJ
ajfa-86	117	38	test	test	NOUN
ajfa-86	117	39	results	result	NOUN
ajfa-86	117	40	show	show	VERB
ajfa-86	117	41	that	that	SCONJ
ajfa-86	117	42	there	there	PRON
ajfa-86	117	43	is	be	VERB
ajfa-86	117	44	only	only	ADV
ajfa-86	117	45	evidence	evidence	NOUN
ajfa-86	117	46	that	that	SCONJ
ajfa-86	117	47	the	the	DET
ajfa-86	117	48	erp	erp	NOUN
ajfa-86	117	49	in	in	ADP
ajfa-86	117	50	malaysia	malaysia	PROPN
ajfa-86	117	51	and	and	CCONJ
ajfa-86	117	52	the	the	DET
ajfa-86	117	53	usa	usa	PROPN
ajfa-86	117	54	are	be	AUX
ajfa-86	117	55	similar	similar	ADJ
ajfa-86	117	56	.	.	PUNCT
ajfa-86	118	1	asian	asian	ADJ
ajfa-86	118	2	journal	journal	PROPN
ajfa-86	118	3	of	of	ADP
ajfa-86	118	4	finance	finance	PROPN
ajfa-86	118	5	&	&	CCONJ
ajfa-86	118	6	accounting	accounting	PROPN
ajfa-86	118	7	issn	issn	PROPN
ajfa-86	118	8	1946	1946	NUM
ajfa-86	118	9	-	-	PUNCT
ajfa-86	118	10	052x	052x	NOUN
ajfa-86	118	11	2009	2009	NUM
ajfa-86	118	12	,	,	PUNCT
ajfa-86	118	13	vol	vol	NOUN
ajfa-86	118	14	.	.	PROPN
ajfa-86	118	15	1	1	NUM
ajfa-86	118	16	,	,	PUNCT
ajfa-86	118	17	no	no	INTJ
ajfa-86	118	18	.	.	NOUN
ajfa-86	118	19	1	1	NUM
ajfa-86	118	20	:	:	PUNCT
ajfa-86	118	21	e1	e1	VERB
ajfa-86	118	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	118	23	31	31	NUM
ajfa-86	118	24	5.2	5.2	NUM
ajfa-86	118	25	theoretical	theoretical	ADJ
ajfa-86	118	26	justifications	justification	NOUN
ajfa-86	118	27	for	for	ADP
ajfa-86	118	28	similarity	similarity	NOUN
ajfa-86	118	29	of	of	ADP
ajfa-86	118	30	erp	erp	PROPN
ajfa-86	118	31	’s	’s	PART
ajfa-86	118	32	between	between	ADP
ajfa-86	118	33	countries	country	NOUN
ajfa-86	118	34	it	it	PRON
ajfa-86	118	35	might	might	AUX
ajfa-86	118	36	seem	seem	VERB
ajfa-86	118	37	improbable	improbable	ADJ
ajfa-86	118	38	that	that	SCONJ
ajfa-86	118	39	the	the	DET
ajfa-86	118	40	erp	erp	NOUN
ajfa-86	118	41	should	should	AUX
ajfa-86	118	42	be	be	AUX
ajfa-86	118	43	similar	similar	ADJ
ajfa-86	118	44	between	between	ADP
ajfa-86	118	45	two	two	NUM
ajfa-86	118	46	differ	differ	VERB
ajfa-86	118	47	economies	economy	NOUN
ajfa-86	118	48	.	.	PUNCT
ajfa-86	119	1	if	if	SCONJ
ajfa-86	119	2	the	the	DET
ajfa-86	119	3	economies	economy	NOUN
ajfa-86	119	4	were	be	AUX
ajfa-86	119	5	in	in	ADP
ajfa-86	119	6	some	some	DET
ajfa-86	119	7	sense	sense	NOUN
ajfa-86	119	8	“	"	PUNCT
ajfa-86	119	9	closed	closed	ADJ
ajfa-86	119	10	”	"	PUNCT
ajfa-86	119	11	then	then	ADV
ajfa-86	119	12	local	local	ADJ
ajfa-86	119	13	factors	factor	NOUN
ajfa-86	119	14	which	which	PRON
ajfa-86	119	15	affect	affect	VERB
ajfa-86	119	16	the	the	DET
ajfa-86	119	17	erp	erp	NOUN
ajfa-86	119	18	are	be	AUX
ajfa-86	119	19	likely	likely	ADJ
ajfa-86	119	20	to	to	PART
ajfa-86	119	21	be	be	AUX
ajfa-86	119	22	different	different	ADJ
ajfa-86	119	23	in	in	ADP
ajfa-86	119	24	each	each	DET
ajfa-86	119	25	economy	economy	NOUN
ajfa-86	119	26	,	,	PUNCT
ajfa-86	119	27	resulting	result	VERB
ajfa-86	119	28	in	in	ADP
ajfa-86	119	29	different	different	ADJ
ajfa-86	119	30	erp	erp	NOUN
ajfa-86	119	31	in	in	ADP
ajfa-86	119	32	each	each	PRON
ajfa-86	119	33	.	.	PUNCT
ajfa-86	120	1	factors	factor	NOUN
ajfa-86	120	2	which	which	PRON
ajfa-86	120	3	influence	influence	VERB
ajfa-86	120	4	the	the	DET
ajfa-86	120	5	risk	risk	NOUN
ajfa-86	120	6	appetite	appetite	NOUN
ajfa-86	120	7	in	in	ADP
ajfa-86	120	8	an	an	DET
ajfa-86	120	9	economy	economy	NOUN
ajfa-86	120	10	,	,	PUNCT
ajfa-86	120	11	expectations	expectation	NOUN
ajfa-86	120	12	of	of	ADP
ajfa-86	120	13	future	future	ADJ
ajfa-86	120	14	economic	economic	ADJ
ajfa-86	120	15	activity	activity	NOUN
ajfa-86	120	16	,	,	PUNCT
ajfa-86	120	17	saving	save	VERB
ajfa-86	120	18	rates	rate	NOUN
ajfa-86	120	19	and	and	CCONJ
ajfa-86	120	20	inflation	inflation	NOUN
ajfa-86	120	21	all	all	PRON
ajfa-86	120	22	affect	affect	VERB
ajfa-86	120	23	the	the	DET
ajfa-86	120	24	erp	erp	NOUN
ajfa-86	120	25	and	and	CCONJ
ajfa-86	120	26	are	be	AUX
ajfa-86	120	27	mostly	mostly	ADV
ajfa-86	120	28	different	different	ADJ
ajfa-86	120	29	between	between	ADP
ajfa-86	120	30	the	the	DET
ajfa-86	120	31	countries	country	NOUN
ajfa-86	120	32	studied	study	VERB
ajfa-86	120	33	.	.	PUNCT
ajfa-86	121	1	the	the	DET
ajfa-86	121	2	risk	risk	NOUN
ajfa-86	121	3	appetite	appetite	NOUN
ajfa-86	121	4	itself	itself	PRON
ajfa-86	121	5	is	be	AUX
ajfa-86	121	6	a	a	DET
ajfa-86	121	7	function	function	NOUN
ajfa-86	121	8	of	of	ADP
ajfa-86	121	9	more	more	ADJ
ajfa-86	121	10	than	than	ADP
ajfa-86	121	11	one	one	NUM
ajfa-86	121	12	local	local	ADJ
ajfa-86	121	13	factor	factor	NOUN
ajfa-86	121	14	;	;	PUNCT
ajfa-86	121	15	the	the	DET
ajfa-86	121	16	age	age	NOUN
ajfa-86	121	17	distribution	distribution	NOUN
ajfa-86	121	18	of	of	ADP
ajfa-86	121	19	the	the	DET
ajfa-86	121	20	population	population	NOUN
ajfa-86	121	21	being	be	AUX
ajfa-86	121	22	the	the	DET
ajfa-86	121	23	most	most	ADV
ajfa-86	121	24	obvious	obvious	ADJ
ajfa-86	121	25	.	.	PUNCT
ajfa-86	122	1	two	two	NUM
ajfa-86	122	2	recent	recent	ADJ
ajfa-86	122	3	rends	rend	NOUN
ajfa-86	122	4	would	would	AUX
ajfa-86	122	5	however	however	ADV
ajfa-86	122	6	mitigate	mitigate	VERB
ajfa-86	122	7	against	against	ADP
ajfa-86	122	8	the	the	DET
ajfa-86	122	9	arguments	argument	NOUN
ajfa-86	122	10	for	for	ADP
ajfa-86	122	11	a	a	DET
ajfa-86	122	12	unique	unique	ADJ
ajfa-86	122	13	erp	erp	NOUN
ajfa-86	122	14	for	for	ADP
ajfa-86	122	15	each	each	DET
ajfa-86	122	16	economy	economy	NOUN
ajfa-86	122	17	.	.	PUNCT
ajfa-86	123	1	firstly	firstly	ADV
ajfa-86	123	2	,	,	PUNCT
ajfa-86	123	3	the	the	DET
ajfa-86	123	4	increasing	increase	VERB
ajfa-86	123	5	extent	extent	NOUN
ajfa-86	123	6	to	to	PART
ajfa-86	123	7	which	which	PRON
ajfa-86	123	8	economies	economy	NOUN
ajfa-86	123	9	have	have	AUX
ajfa-86	123	10	become	become	AUX
ajfa-86	123	11	integrated	integrate	VERB
ajfa-86	123	12	with	with	ADP
ajfa-86	123	13	one	one	NUM
ajfa-86	123	14	another	another	DET
ajfa-86	123	15	,	,	PUNCT
ajfa-86	123	16	especially	especially	ADV
ajfa-86	123	17	in	in	ADP
ajfa-86	123	18	financial	financial	ADJ
ajfa-86	123	19	markets	market	NOUN
ajfa-86	123	20	.	.	PUNCT
ajfa-86	124	1	the	the	DET
ajfa-86	124	2	asian	asian	ADJ
ajfa-86	124	3	financial	financial	ADJ
ajfa-86	124	4	crisis	crisis	NOUN
ajfa-86	124	5	of	of	ADP
ajfa-86	124	6	1997	1997	NUM
ajfa-86	124	7	saw	see	VERB
ajfa-86	124	8	the	the	DET
ajfa-86	124	9	contagion	contagion	NOUN
ajfa-86	124	10	of	of	ADP
ajfa-86	124	11	the	the	DET
ajfa-86	124	12	currency	currency	NOUN
ajfa-86	124	13	markets	market	NOUN
ajfa-86	124	14	of	of	ADP
ajfa-86	124	15	emerging	emerge	VERB
ajfa-86	124	16	markets	market	NOUN
ajfa-86	124	17	(	(	PUNCT
ajfa-86	124	18	hunter	hunter	NOUN
ajfa-86	124	19	,	,	PUNCT
ajfa-86	124	20	kaufman	kaufman	PROPN
ajfa-86	124	21	,	,	PUNCT
ajfa-86	124	22	&	&	CCONJ
ajfa-86	124	23	kreuger	kreuger	PROPN
ajfa-86	124	24	,	,	PUNCT
ajfa-86	124	25	1999	1999	NUM
ajfa-86	124	26	)	)	PUNCT
ajfa-86	124	27	while	while	SCONJ
ajfa-86	124	28	the	the	DET
ajfa-86	124	29	present	present	ADJ
ajfa-86	124	30	global	global	ADJ
ajfa-86	124	31	financial	financial	ADJ
ajfa-86	124	32	crisis	crisis	NOUN
ajfa-86	124	33	has	have	AUX
ajfa-86	124	34	brought	bring	VERB
ajfa-86	124	35	many	many	ADJ
ajfa-86	124	36	financial	financial	ADJ
ajfa-86	124	37	markets	market	NOUN
ajfa-86	124	38	and	and	CCONJ
ajfa-86	124	39	economies	economy	NOUN
ajfa-86	124	40	into	into	ADP
ajfa-86	124	41	a	a	DET
ajfa-86	124	42	form	form	NOUN
ajfa-86	124	43	of	of	ADP
ajfa-86	124	44	synchronicity	synchronicity	NOUN
ajfa-86	124	45	.	.	PUNCT
ajfa-86	125	1	the	the	DET
ajfa-86	125	2	second	second	ADJ
ajfa-86	125	3	factor	factor	NOUN
ajfa-86	125	4	that	that	PRON
ajfa-86	125	5	would	would	AUX
ajfa-86	125	6	tend	tend	VERB
ajfa-86	125	7	to	to	PART
ajfa-86	125	8	equate	equate	VERB
ajfa-86	125	9	the	the	DET
ajfa-86	125	10	erp	erp	NOUN
ajfa-86	125	11	between	between	ADP
ajfa-86	125	12	countries	country	NOUN
ajfa-86	125	13	is	be	AUX
ajfa-86	125	14	the	the	DET
ajfa-86	125	15	growth	growth	NOUN
ajfa-86	125	16	of	of	ADP
ajfa-86	125	17	portfolio	portfolio	NOUN
ajfa-86	125	18	investment	investment	NOUN
ajfa-86	125	19	and	and	CCONJ
ajfa-86	125	20	foreign	foreign	ADJ
ajfa-86	125	21	direct	direct	ADJ
ajfa-86	125	22	investment	investment	NOUN
ajfa-86	125	23	across	across	ADP
ajfa-86	125	24	economic	economic	ADJ
ajfa-86	125	25	boundaries	boundary	NOUN
ajfa-86	125	26	.	.	PUNCT
ajfa-86	126	1	since	since	SCONJ
ajfa-86	126	2	prices	price	NOUN
ajfa-86	126	3	,	,	PUNCT
ajfa-86	126	4	and	and	CCONJ
ajfa-86	126	5	therefore	therefore	ADV
ajfa-86	126	6	returns	return	NOUN
ajfa-86	126	7	,	,	PUNCT
ajfa-86	126	8	are	be	AUX
ajfa-86	126	9	set	set	VERB
ajfa-86	126	10	at	at	ADP
ajfa-86	126	11	the	the	DET
ajfa-86	126	12	margin	margin	NOUN
ajfa-86	126	13	and	and	CCONJ
ajfa-86	126	14	as	as	SCONJ
ajfa-86	126	15	the	the	DET
ajfa-86	126	16	flows	flow	NOUN
ajfa-86	126	17	of	of	ADP
ajfa-86	126	18	portfolio	portfolio	NOUN
ajfa-86	126	19	investment	investment	NOUN
ajfa-86	126	20	are	be	AUX
ajfa-86	126	21	often	often	ADV
ajfa-86	126	22	substantial	substantial	ADJ
ajfa-86	126	23	,	,	PUNCT
ajfa-86	126	24	the	the	DET
ajfa-86	126	25	erp	erp	NOUN
ajfa-86	126	26	might	might	AUX
ajfa-86	126	27	be	be	AUX
ajfa-86	126	28	heavily	heavily	ADV
ajfa-86	126	29	influenced	influence	VERB
ajfa-86	126	30	by	by	ADP
ajfa-86	126	31	economic	economic	ADJ
ajfa-86	126	32	agents	agent	NOUN
ajfa-86	126	33	outside	outside	ADP
ajfa-86	126	34	of	of	ADP
ajfa-86	126	35	the	the	DET
ajfa-86	126	36	countries	country	NOUN
ajfa-86	126	37	boarders	boarder	NOUN
ajfa-86	126	38	.	.	PUNCT
ajfa-86	127	1	6	6	X
ajfa-86	127	2	.	.	X
ajfa-86	127	3	conclusion	conclusion	NOUN
ajfa-86	127	4	knowledge	knowledge	NOUN
ajfa-86	127	5	of	of	ADP
ajfa-86	127	6	the	the	DET
ajfa-86	127	7	erp	erp	NOUN
ajfa-86	127	8	is	be	AUX
ajfa-86	127	9	an	an	DET
ajfa-86	127	10	important	important	ADJ
ajfa-86	127	11	statistic	statistic	NOUN
ajfa-86	127	12	for	for	ADP
ajfa-86	127	13	the	the	DET
ajfa-86	127	14	efficient	efficient	ADJ
ajfa-86	127	15	allocation	allocation	NOUN
ajfa-86	127	16	and	and	CCONJ
ajfa-86	127	17	valuation	valuation	NOUN
ajfa-86	127	18	of	of	ADP
ajfa-86	127	19	capital	capital	NOUN
ajfa-86	127	20	goods	good	NOUN
ajfa-86	127	21	.	.	PUNCT
ajfa-86	128	1	the	the	DET
ajfa-86	128	2	paucity	paucity	NOUN
ajfa-86	128	3	of	of	ADP
ajfa-86	128	4	data	datum	NOUN
ajfa-86	128	5	in	in	ADP
ajfa-86	128	6	some	some	DET
ajfa-86	128	7	economies	economy	NOUN
ajfa-86	128	8	has	have	AUX
ajfa-86	128	9	made	make	VERB
ajfa-86	128	10	estimates	estimate	NOUN
ajfa-86	128	11	of	of	ADP
ajfa-86	128	12	this	this	DET
ajfa-86	128	13	measure	measure	NOUN
ajfa-86	128	14	difficult	difficult	ADJ
ajfa-86	128	15	,	,	PUNCT
ajfa-86	128	16	thus	thus	ADV
ajfa-86	128	17	increasing	increase	VERB
ajfa-86	128	18	the	the	DET
ajfa-86	128	19	uncertainty	uncertainty	NOUN
ajfa-86	128	20	in	in	ADP
ajfa-86	128	21	the	the	DET
ajfa-86	128	22	estimates	estimate	NOUN
ajfa-86	128	23	.	.	PUNCT
ajfa-86	129	1	this	this	DET
ajfa-86	129	2	study	study	NOUN
ajfa-86	129	3	has	have	AUX
ajfa-86	129	4	demonstrated	demonstrate	VERB
ajfa-86	129	5	that	that	SCONJ
ajfa-86	129	6	in	in	ADP
ajfa-86	129	7	the	the	DET
ajfa-86	129	8	period	period	NOUN
ajfa-86	129	9	under	under	ADP
ajfa-86	129	10	examination	examination	NOUN
ajfa-86	129	11	there	there	PRON
ajfa-86	129	12	is	be	VERB
ajfa-86	129	13	no	no	DET
ajfa-86	129	14	reason	reason	NOUN
ajfa-86	129	15	not	not	PART
ajfa-86	129	16	to	to	PART
ajfa-86	129	17	reinforce	reinforce	VERB
ajfa-86	129	18	the	the	DET
ajfa-86	129	19	estimate	estimate	NOUN
ajfa-86	129	20	of	of	ADP
ajfa-86	129	21	the	the	DET
ajfa-86	129	22	erp	erp	NOUN
ajfa-86	129	23	in	in	ADP
ajfa-86	129	24	large	large	ADJ
ajfa-86	129	25	market	market	NOUN
ajfa-86	129	26	-	-	PUNCT
ajfa-86	129	27	orientated	orientate	VERB
ajfa-86	129	28	economies	economy	NOUN
ajfa-86	129	29	in	in	ADP
ajfa-86	129	30	asia	asia	PROPN
ajfa-86	129	31	with	with	ADP
ajfa-86	129	32	estimates	estimate	NOUN
ajfa-86	129	33	derived	derive	VERB
ajfa-86	129	34	from	from	ADP
ajfa-86	129	35	the	the	DET
ajfa-86	129	36	economy	economy	NOUN
ajfa-86	129	37	of	of	ADP
ajfa-86	129	38	the	the	DET
ajfa-86	129	39	united	united	PROPN
ajfa-86	129	40	states	states	PROPN
ajfa-86	129	41	.	.	PUNCT
ajfa-86	130	1	at	at	ADP
ajfa-86	130	2	the	the	DET
ajfa-86	130	3	very	very	ADV
ajfa-86	130	4	least	least	ADJ
ajfa-86	130	5	significant	significant	ADJ
ajfa-86	130	6	deviations	deviation	NOUN
ajfa-86	130	7	from	from	ADP
ajfa-86	130	8	the	the	DET
ajfa-86	130	9	united	united	PROPN
ajfa-86	130	10	states	states	PROPN
ajfa-86	130	11	estimate	estimate	VERB
ajfa-86	130	12	should	should	AUX
ajfa-86	130	13	be	be	AUX
ajfa-86	130	14	carefully	carefully	ADV
ajfa-86	130	15	evaluated	evaluate	VERB
ajfa-86	130	16	before	before	SCONJ
ajfa-86	130	17	the	the	DET
ajfa-86	130	18	statistic	statistic	NOUN
ajfa-86	130	19	is	be	AUX
ajfa-86	130	20	used	use	VERB
ajfa-86	130	21	in	in	ADP
ajfa-86	130	22	further	further	ADJ
ajfa-86	130	23	analysis	analysis	NOUN
ajfa-86	130	24	.	.	PUNCT
ajfa-86	131	1	acknowledgement	acknowledgement	NOUN
ajfa-86	131	2	the	the	DET
ajfa-86	131	3	author	author	NOUN
ajfa-86	131	4	would	would	AUX
ajfa-86	131	5	like	like	VERB
ajfa-86	131	6	to	to	PART
ajfa-86	131	7	thank	thank	VERB
ajfa-86	131	8	an	an	DET
ajfa-86	131	9	anonymous	anonymous	ADJ
ajfa-86	131	10	referee	referee	NOUN
ajfa-86	131	11	for	for	ADP
ajfa-86	131	12	helpful	helpful	ADJ
ajfa-86	131	13	comments	comment	NOUN
ajfa-86	131	14	received	receive	VERB
ajfa-86	131	15	.	.	PUNCT
ajfa-86	132	1	asian	asian	ADJ
ajfa-86	132	2	journal	journal	PROPN
ajfa-86	132	3	of	of	ADP
ajfa-86	132	4	finance	finance	PROPN
ajfa-86	132	5	&	&	CCONJ
ajfa-86	132	6	accounting	accounting	PROPN
ajfa-86	132	7	issn	issn	PROPN
ajfa-86	132	8	1946	1946	NUM
ajfa-86	132	9	-	-	PUNCT
ajfa-86	132	10	052x	052x	NOUN
ajfa-86	132	11	2009	2009	NUM
ajfa-86	132	12	,	,	PUNCT
ajfa-86	132	13	vol	vol	NOUN
ajfa-86	132	14	.	.	PROPN
ajfa-86	132	15	1	1	NUM
ajfa-86	132	16	,	,	PUNCT
ajfa-86	132	17	no	no	INTJ
ajfa-86	132	18	.	.	NOUN
ajfa-86	132	19	1	1	NUM
ajfa-86	132	20	:	:	PUNCT
ajfa-86	132	21	e1	e1	VERB
ajfa-86	132	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	132	23	32	32	NUM
ajfa-86	132	24	references	reference	NOUN
ajfa-86	132	25	alpalhao	alpalhao	PROPN
ajfa-86	132	26	,	,	PUNCT
ajfa-86	132	27	r.	r.	PROPN
ajfa-86	132	28	,	,	PUNCT
ajfa-86	132	29	&	&	CCONJ
ajfa-86	132	30	alves	alves	PROPN
ajfa-86	132	31	,	,	PUNCT
ajfa-86	132	32	p.	p.	NOUN
ajfa-86	132	33	(	(	PUNCT
ajfa-86	132	34	2005	2005	NUM
ajfa-86	132	35	)	)	PUNCT
ajfa-86	132	36	.	.	PUNCT
ajfa-86	133	1	the	the	DET
ajfa-86	133	2	portuguese	portuguese	ADJ
ajfa-86	133	3	equity	equity	NOUN
ajfa-86	133	4	risk	risk	NOUN
ajfa-86	133	5	premium	premium	NOUN
ajfa-86	133	6	:	:	PUNCT
ajfa-86	133	7	what	what	PRON
ajfa-86	133	8	we	we	PRON
ajfa-86	133	9	know	know	VERB
ajfa-86	133	10	and	and	CCONJ
ajfa-86	133	11	what	what	PRON
ajfa-86	133	12	we	we	PRON
ajfa-86	133	13	do	do	AUX
ajfa-86	133	14	n't	not	PART
ajfa-86	133	15	know	know	VERB
ajfa-86	133	16	.	.	PUNCT
ajfa-86	134	1	applied	apply	VERB
ajfa-86	134	2	financial	financial	ADJ
ajfa-86	134	3	economics	economic	NOUN
ajfa-86	134	4	,	,	PUNCT
ajfa-86	134	5	15(7	15(7	NUM
ajfa-86	134	6	)	)	PUNCT
ajfa-86	134	7	,	,	PUNCT
ajfa-86	134	8	489	489	NUM
ajfa-86	134	9	-	-	SYM
ajfa-86	134	10	498	498	NUM
ajfa-86	134	11	.	.	PUNCT
ajfa-86	135	1	ang	ang	PROPN
ajfa-86	135	2	,	,	PUNCT
ajfa-86	135	3	a.	a.	PROPN
ajfa-86	135	4	,	,	PUNCT
ajfa-86	135	5	&	&	CCONJ
ajfa-86	135	6	maddaloni	maddaloni	NOUN
ajfa-86	135	7	,	,	PUNCT
ajfa-86	135	8	a.	a.	NOUN
ajfa-86	135	9	(	(	PUNCT
ajfa-86	135	10	2005	2005	NUM
ajfa-86	135	11	)	)	PUNCT
ajfa-86	135	12	.	.	PUNCT
ajfa-86	136	1	do	do	AUX
ajfa-86	136	2	demographic	demographic	ADJ
ajfa-86	136	3	changes	change	NOUN
ajfa-86	136	4	affect	affect	VERB
ajfa-86	136	5	risk	risk	NOUN
ajfa-86	136	6	premiums	premium	NOUN
ajfa-86	136	7	?	?	PUNCT
ajfa-86	137	1	evidence	evidence	NOUN
ajfa-86	137	2	from	from	ADP
ajfa-86	137	3	international	international	ADJ
ajfa-86	137	4	data	datum	NOUN
ajfa-86	137	5	.	.	PUNCT
ajfa-86	138	1	journal	journal	PROPN
ajfa-86	138	2	of	of	ADP
ajfa-86	138	3	business	business	NOUN
ajfa-86	138	4	,	,	PUNCT
ajfa-86	138	5	78(1	78(1	NOUN
ajfa-86	138	6	)	)	PUNCT
ajfa-86	138	7	,	,	PUNCT
ajfa-86	138	8	341	341	NUM
ajfa-86	138	9	-	-	SYM
ajfa-86	138	10	379	379	NUM
ajfa-86	138	11	.	.	PUNCT
ajfa-86	139	1	doi	doi	NOUN
ajfa-86	139	2	:	:	PUNCT
ajfa-86	139	3	http://www.journals.uchicago.edu/jb/home.html	http://www.journals.uchicago.edu/jb/home.html	PROPN
ajfa-86	139	4	.	.	PUNCT
ajfa-86	139	5	brailsford	brailsford	PROPN
ajfa-86	139	6	,	,	PUNCT
ajfa-86	139	7	t.	t.	PROPN
ajfa-86	139	8	j.	j.	PROPN
ajfa-86	139	9	,	,	PUNCT
ajfa-86	139	10	handley	handley	PROPN
ajfa-86	139	11	,	,	PUNCT
ajfa-86	139	12	j.	j.	PROPN
ajfa-86	139	13	c.	c.	PROPN
ajfa-86	139	14	,	,	PUNCT
ajfa-86	139	15	&	&	CCONJ
ajfa-86	139	16	maheswaran	maheswaran	PROPN
ajfa-86	139	17	,	,	PUNCT
ajfa-86	139	18	k.	k.	PROPN
ajfa-86	139	19	(	(	PUNCT
ajfa-86	139	20	2007	2007	NUM
ajfa-86	139	21	)	)	PUNCT
ajfa-86	139	22	.	.	PUNCT
ajfa-86	140	1	a	a	DET
ajfa-86	140	2	re	re	NOUN
ajfa-86	140	3	-	-	NOUN
ajfa-86	140	4	examination	examination	NOUN
ajfa-86	140	5	of	of	ADP
ajfa-86	140	6	the	the	DET
ajfa-86	140	7	historical	historical	ADJ
ajfa-86	140	8	equity	equity	NOUN
ajfa-86	140	9	risk	risk	NOUN
ajfa-86	140	10	premium	premium	NOUN
ajfa-86	140	11	in	in	ADP
ajfa-86	140	12	australia	australia	PROPN
ajfa-86	140	13	.	.	PUNCT
ajfa-86	141	1	ssrn	ssrn	PROPN
ajfa-86	141	2	elibrary	elibrary	PROPN
ajfa-86	141	3	.	.	PUNCT
ajfa-86	142	1	retrieved	retrieve	VERB
ajfa-86	142	2	february	february	PROPN
ajfa-86	142	3	10	10	NUM
ajfa-86	142	4	,	,	PUNCT
ajfa-86	142	5	2009	2009	NUM
ajfa-86	142	6	,	,	PUNCT
ajfa-86	142	7	from	from	ADP
ajfa-86	142	8	http://ssrn.com/paper=982043	http://ssrn.com/paper=982043	PRON
ajfa-86	142	9	.	.	PUNCT
ajfa-86	143	1	brealey	brealey	PROPN
ajfa-86	143	2	,	,	PUNCT
ajfa-86	143	3	r.	r.	PROPN
ajfa-86	143	4	a.	a.	PROPN
ajfa-86	143	5	,	,	PUNCT
ajfa-86	143	6	myers	myers	PROPN
ajfa-86	143	7	,	,	PUNCT
ajfa-86	143	8	s.	s.	PROPN
ajfa-86	143	9	c.	c.	PROPN
ajfa-86	143	10	,	,	PUNCT
ajfa-86	143	11	&	&	CCONJ
ajfa-86	143	12	allen	allen	PROPN
ajfa-86	143	13	,	,	PUNCT
ajfa-86	143	14	f.	f.	PROPN
ajfa-86	143	15	(	(	PUNCT
ajfa-86	143	16	2006	2006	NUM
ajfa-86	143	17	)	)	PUNCT
ajfa-86	143	18	.	.	PUNCT
ajfa-86	144	1	principles	principle	NOUN
ajfa-86	144	2	of	of	ADP
ajfa-86	144	3	corporate	corporate	ADJ
ajfa-86	144	4	finance	finance	NOUN
ajfa-86	144	5	.	.	PUNCT
ajfa-86	145	1	the	the	DET
ajfa-86	145	2	mcgraw	mcgraw	PROPN
ajfa-86	145	3	-	-	PUNCT
ajfa-86	145	4	hill	hill	NOUN
ajfa-86	145	5	(	(	PUNCT
ajfa-86	145	6	8th	8th	ADJ
ajfa-86	145	7	ed	ed	NOUN
ajfa-86	145	8	.	.	PUNCT
ajfa-86	145	9	)	)	PUNCT
ajfa-86	145	10	.	.	PUNCT
ajfa-86	146	1	new	new	PROPN
ajfa-86	146	2	york	york	PROPN
ajfa-86	146	3	,	,	PUNCT
ajfa-86	146	4	ny	ny	PROPN
ajfa-86	146	5	:	:	PUNCT
ajfa-86	146	6	mcgraw	mcgraw	PROPN
ajfa-86	146	7	-	-	PUNCT
ajfa-86	146	8	hill	hill	PROPN
ajfa-86	146	9	/	/	SYM
ajfa-86	146	10	irwin	irwin	PROPN
ajfa-86	146	11	.	.	PUNCT
ajfa-86	147	1	claus	claus	PROPN
ajfa-86	147	2	,	,	PUNCT
ajfa-86	147	3	j.	j.	PROPN
ajfa-86	147	4	j.	j.	PROPN
ajfa-86	147	5	,	,	PUNCT
ajfa-86	147	6	&	&	CCONJ
ajfa-86	147	7	thomas	thomas	PROPN
ajfa-86	147	8	,	,	PUNCT
ajfa-86	147	9	j.	j.	PROPN
ajfa-86	147	10	k.	k.	PROPN
ajfa-86	147	11	(	(	PUNCT
ajfa-86	147	12	1999	1999	NUM
ajfa-86	147	13	)	)	PUNCT
ajfa-86	147	14	.	.	PUNCT
ajfa-86	148	1	the	the	DET
ajfa-86	148	2	equity	equity	NOUN
ajfa-86	148	3	risk	risk	NOUN
ajfa-86	148	4	premium	premium	NOUN
ajfa-86	148	5	is	be	AUX
ajfa-86	148	6	lower	low	ADJ
ajfa-86	148	7	than	than	SCONJ
ajfa-86	148	8	you	you	PRON
ajfa-86	148	9	think	think	VERB
ajfa-86	148	10	it	it	PRON
ajfa-86	148	11	is	be	AUX
ajfa-86	148	12	:	:	PUNCT
ajfa-86	148	13	empirical	empirical	ADJ
ajfa-86	148	14	estimates	estimate	NOUN
ajfa-86	148	15	from	from	ADP
ajfa-86	148	16	a	a	DET
ajfa-86	148	17	new	new	ADJ
ajfa-86	148	18	approach	approach	NOUN
ajfa-86	148	19	.	.	PUNCT
ajfa-86	149	1	ssrn	ssrn	PROPN
ajfa-86	149	2	elibrary	elibrary	PROPN
ajfa-86	149	3	.	.	PUNCT
ajfa-86	150	1	retrieved	retrieve	VERB
ajfa-86	150	2	february	february	PROPN
ajfa-86	150	3	10	10	NUM
ajfa-86	150	4	,	,	PUNCT
ajfa-86	150	5	2009	2009	NUM
ajfa-86	150	6	,	,	PUNCT
ajfa-86	150	7	from	from	ADP
ajfa-86	150	8	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=165335	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=165335	PROPN
ajfa-86	150	9	.	.	PUNCT
ajfa-86	151	1	damodaran	damodaran	PROPN
ajfa-86	151	2	,	,	PUNCT
ajfa-86	151	3	a.	a.	NOUN
ajfa-86	151	4	(	(	PUNCT
ajfa-86	151	5	2008	2008	NUM
ajfa-86	151	6	)	)	PUNCT
ajfa-86	151	7	.	.	PUNCT
ajfa-86	152	1	equity	equity	NOUN
ajfa-86	152	2	risk	risk	NOUN
ajfa-86	152	3	premiums	premium	NOUN
ajfa-86	152	4	(	(	PUNCT
ajfa-86	152	5	erp	erp	NOUN
ajfa-86	152	6	):	):	PUNCT
ajfa-86	152	7	determinants	determinant	NOUN
ajfa-86	152	8	,	,	PUNCT
ajfa-86	152	9	estimation	estimation	NOUN
ajfa-86	152	10	and	and	CCONJ
ajfa-86	152	11	implications	implication	NOUN
ajfa-86	152	12	.	.	PUNCT
ajfa-86	153	1	ssrn	ssrn	PROPN
ajfa-86	153	2	elibrary	elibrary	PROPN
ajfa-86	153	3	.	.	PUNCT
ajfa-86	154	1	retrieved	retrieve	VERB
ajfa-86	154	2	march	march	PROPN
ajfa-86	154	3	12	12	NUM
ajfa-86	154	4	,	,	PUNCT
ajfa-86	154	5	2009	2009	NUM
ajfa-86	154	6	,	,	PUNCT
ajfa-86	154	7	from	from	ADP
ajfa-86	154	8	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1274967	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1274967	PROPN
ajfa-86	154	9	.	.	PUNCT
ajfa-86	155	1	dimson	dimson	PROPN
ajfa-86	155	2	,	,	PUNCT
ajfa-86	155	3	e.	e.	PROPN
ajfa-86	155	4	,	,	PUNCT
ajfa-86	155	5	marsh	marsh	PROPN
ajfa-86	155	6	,	,	PUNCT
ajfa-86	155	7	p.	p.	PROPN
ajfa-86	155	8	,	,	PUNCT
ajfa-86	155	9	&	&	CCONJ
ajfa-86	155	10	staunton	staunton	PROPN
ajfa-86	155	11	,	,	PUNCT
ajfa-86	155	12	m.	m.	NOUN
ajfa-86	155	13	(	(	PUNCT
ajfa-86	155	14	2003	2003	NUM
ajfa-86	155	15	)	)	PUNCT
ajfa-86	155	16	.	.	PUNCT
ajfa-86	156	1	global	global	ADJ
ajfa-86	156	2	evidence	evidence	NOUN
ajfa-86	156	3	on	on	ADP
ajfa-86	156	4	the	the	DET
ajfa-86	156	5	equity	equity	NOUN
ajfa-86	156	6	risk	risk	NOUN
ajfa-86	156	7	premium	premium	NOUN
ajfa-86	156	8	.	.	PUNCT
ajfa-86	157	1	ssrn	ssrn	PROPN
ajfa-86	157	2	elibrary	elibrary	PROPN
ajfa-86	157	3	.	.	PUNCT
ajfa-86	158	1	retrieved	retrieve	VERB
ajfa-86	158	2	february	february	PROPN
ajfa-86	158	3	10	10	NUM
ajfa-86	158	4	,	,	PUNCT
ajfa-86	158	5	2009	2009	NUM
ajfa-86	158	6	,	,	PUNCT
ajfa-86	158	7	from	from	ADP
ajfa-86	158	8	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=431901	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=431901	PROPN
ajfa-86	158	9	.	.	PUNCT
ajfa-86	159	1	dimson	dimson	PROPN
ajfa-86	159	2	,	,	PUNCT
ajfa-86	159	3	e.	e.	PROPN
ajfa-86	159	4	,	,	PUNCT
ajfa-86	159	5	marsh	marsh	PROPN
ajfa-86	159	6	,	,	PUNCT
ajfa-86	159	7	p.	p.	PROPN
ajfa-86	159	8	,	,	PUNCT
ajfa-86	159	9	&	&	CCONJ
ajfa-86	159	10	staunton	staunton	PROPN
ajfa-86	159	11	,	,	PUNCT
ajfa-86	159	12	m.	m.	NOUN
ajfa-86	159	13	(	(	PUNCT
ajfa-86	159	14	2006	2006	NUM
ajfa-86	159	15	)	)	PUNCT
ajfa-86	159	16	.	.	PUNCT
ajfa-86	160	1	the	the	DET
ajfa-86	160	2	worldwide	worldwide	ADJ
ajfa-86	160	3	equity	equity	NOUN
ajfa-86	160	4	premium	premium	NOUN
ajfa-86	160	5	:	:	PUNCT
ajfa-86	160	6	a	a	DET
ajfa-86	160	7	smaller	small	ADJ
ajfa-86	160	8	puzzle	puzzle	NOUN
ajfa-86	160	9	.	.	PUNCT
ajfa-86	161	1	ssrn	ssrn	PROPN
ajfa-86	161	2	elibrary	elibrary	PROPN
ajfa-86	161	3	.	.	PUNCT
ajfa-86	162	1	retrieved	retrieve	VERB
ajfa-86	162	2	february	february	PROPN
ajfa-86	162	3	10	10	NUM
ajfa-86	162	4	,	,	PUNCT
ajfa-86	162	5	2009	2009	NUM
ajfa-86	162	6	,	,	PUNCT
ajfa-86	162	7	from	from	ADP
ajfa-86	162	8	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=891620	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=891620	PROPN
ajfa-86	162	9	.	.	PUNCT
ajfa-86	163	1	elton	elton	PROPN
ajfa-86	163	2	,	,	PUNCT
ajfa-86	163	3	e.	e.	PROPN
ajfa-86	163	4	j.	j.	PROPN
ajfa-86	163	5	,	,	PUNCT
ajfa-86	163	6	&	&	CCONJ
ajfa-86	163	7	gruber	gruber	PROPN
ajfa-86	163	8	,	,	PUNCT
ajfa-86	163	9	m.	m.	NOUN
ajfa-86	163	10	j.	j.	PROPN
ajfa-86	163	11	(	(	PUNCT
ajfa-86	163	12	1995	1995	NUM
ajfa-86	163	13	)	)	PUNCT
ajfa-86	163	14	.	.	PUNCT
ajfa-86	164	1	modern	modern	ADJ
ajfa-86	164	2	portfolio	portfolio	NOUN
ajfa-86	164	3	theory	theory	NOUN
ajfa-86	164	4	and	and	CCONJ
ajfa-86	164	5	investment	investment	NOUN
ajfa-86	164	6	analysis	analysis	NOUN
ajfa-86	164	7	(	(	PUNCT
ajfa-86	164	8	5th	5th	ADJ
ajfa-86	164	9	ed	ed	NOUN
ajfa-86	164	10	.	.	PUNCT
ajfa-86	164	11	)	)	PUNCT
ajfa-86	164	12	.	.	PUNCT
ajfa-86	165	1	new	new	PROPN
ajfa-86	165	2	york	york	PROPN
ajfa-86	165	3	:	:	PUNCT
ajfa-86	165	4	wiley	wiley	PROPN
ajfa-86	165	5	.	.	PUNCT
ajfa-86	166	1	fernandez	fernandez	PROPN
ajfa-86	166	2	,	,	PUNCT
ajfa-86	166	3	p.	p.	NOUN
ajfa-86	166	4	(	(	PUNCT
ajfa-86	166	5	2009	2009	NUM
ajfa-86	166	6	)	)	PUNCT
ajfa-86	166	7	.	.	PUNCT
ajfa-86	167	1	the	the	DET
ajfa-86	167	2	equity	equity	NOUN
ajfa-86	167	3	premium	premium	NOUN
ajfa-86	167	4	in	in	ADP
ajfa-86	167	5	100	100	NUM
ajfa-86	167	6	textbooks	textbook	NOUN
ajfa-86	167	7	.	.	PUNCT
ajfa-86	168	1	ssrn	ssrn	PROPN
ajfa-86	168	2	elibrary	elibrary	PROPN
ajfa-86	168	3	.	.	PUNCT
ajfa-86	169	1	retrieved	retrieve	VERB
ajfa-86	169	2	february	february	PROPN
ajfa-86	169	3	11	11	NUM
ajfa-86	169	4	,	,	PUNCT
ajfa-86	169	5	2009	2009	NUM
ajfa-86	169	6	,	,	PUNCT
ajfa-86	169	7	from	from	ADP
ajfa-86	169	8	http://ssrn.com/paper=1148373	http://ssrn.com/paper=1148373	PROPN
ajfa-86	169	9	.	.	PUNCT
ajfa-86	170	1	graham	graham	PROPN
ajfa-86	170	2	,	,	PUNCT
ajfa-86	170	3	j.	j.	PROPN
ajfa-86	170	4	r.	r.	PROPN
ajfa-86	170	5	,	,	PUNCT
ajfa-86	170	6	&	&	CCONJ
ajfa-86	170	7	harvey	harvey	PROPN
ajfa-86	170	8	,	,	PUNCT
ajfa-86	170	9	c.	c.	PROPN
ajfa-86	170	10	r.	r.	PROPN
ajfa-86	170	11	(	(	PUNCT
ajfa-86	170	12	2008	2008	NUM
ajfa-86	170	13	)	)	PUNCT
ajfa-86	170	14	.	.	PUNCT
ajfa-86	171	1	the	the	DET
ajfa-86	171	2	equity	equity	NOUN
ajfa-86	171	3	risk	risk	NOUN
ajfa-86	171	4	premium	premium	NOUN
ajfa-86	171	5	in	in	ADP
ajfa-86	171	6	2008	2008	NUM
ajfa-86	171	7	:	:	PUNCT
ajfa-86	171	8	evidence	evidence	NOUN
ajfa-86	171	9	from	from	ADP
ajfa-86	171	10	the	the	DET
ajfa-86	171	11	global	global	PROPN
ajfa-86	171	12	cfo	cfo	PROPN
ajfa-86	171	13	outlook	outlook	NOUN
ajfa-86	171	14	survey	survey	NOUN
ajfa-86	171	15	.	.	PUNCT
ajfa-86	172	1	ssrn	ssrn	PROPN
ajfa-86	172	2	elibrary	elibrary	PROPN
ajfa-86	172	3	.	.	PUNCT
ajfa-86	173	1	retrieved	retrieve	VERB
ajfa-86	173	2	february	february	PROPN
ajfa-86	173	3	10	10	NUM
ajfa-86	173	4	,	,	PUNCT
ajfa-86	173	5	2009	2009	NUM
ajfa-86	173	6	,	,	PUNCT
ajfa-86	173	7	from	from	ADP
ajfa-86	173	8	http://ssrn.com/paper=1162809	http://ssrn.com/paper=1162809	PRON
ajfa-86	173	9	.	.	PUNCT
ajfa-86	174	1	hunter	hunter	PROPN
ajfa-86	174	2	,	,	PUNCT
ajfa-86	174	3	w.	w.	PROPN
ajfa-86	174	4	,	,	PUNCT
ajfa-86	174	5	kaufman	kaufman	PROPN
ajfa-86	174	6	,	,	PUNCT
ajfa-86	174	7	g.	g.	PROPN
ajfa-86	174	8	,	,	PUNCT
ajfa-86	174	9	&	&	CCONJ
ajfa-86	174	10	kreuger	kreuger	PROPN
ajfa-86	174	11	,	,	PUNCT
ajfa-86	174	12	t.	t.	PROPN
ajfa-86	174	13	(	(	PUNCT
ajfa-86	174	14	1999	1999	NUM
ajfa-86	174	15	)	)	PUNCT
ajfa-86	174	16	.	.	PUNCT
ajfa-86	175	1	the	the	DET
ajfa-86	175	2	asian	asian	ADJ
ajfa-86	175	3	financial	financial	ADJ
ajfa-86	175	4	crisis	crisis	NOUN
ajfa-86	175	5	:	:	PUNCT
ajfa-86	175	6	origins	origin	NOUN
ajfa-86	175	7	,	,	PUNCT
ajfa-86	175	8	implications	implication	NOUN
ajfa-86	175	9	,	,	PUNCT
ajfa-86	175	10	and	and	CCONJ
ajfa-86	175	11	solutions	solution	NOUN
ajfa-86	175	12	.	.	PUNCT
ajfa-86	176	1	boston	boston	PROPN
ajfa-86	176	2	:	:	PUNCT
ajfa-86	176	3	kluwer	kluwer	PROPN
ajfa-86	176	4	academic	academic	PROPN
ajfa-86	176	5	.	.	PUNCT
ajfa-86	177	1	joshi	joshi	PROPN
ajfa-86	177	2	,	,	PUNCT
ajfa-86	177	3	m.	m.	PROPN
ajfa-86	177	4	s.	s.	PROPN
ajfa-86	177	5	(	(	PUNCT
ajfa-86	177	6	2003	2003	NUM
ajfa-86	177	7	)	)	PUNCT
ajfa-86	177	8	.	.	PUNCT
ajfa-86	178	1	the	the	DET
ajfa-86	178	2	concepts	concept	NOUN
ajfa-86	178	3	and	and	CCONJ
ajfa-86	178	4	practice	practice	NOUN
ajfa-86	178	5	of	of	ADP
ajfa-86	178	6	mathematical	mathematical	ADJ
ajfa-86	178	7	finance	finance	NOUN
ajfa-86	178	8	.	.	PUNCT
ajfa-86	179	1	cambridge	cambridge	PROPN
ajfa-86	179	2	,	,	PUNCT
ajfa-86	179	3	u.k	u.k	PROPN
ajfa-86	179	4	:	:	PUNCT
ajfa-86	179	5	cambridge	cambridge	PROPN
ajfa-86	179	6	university	university	PROPN
ajfa-86	179	7	press	press	NOUN
ajfa-86	179	8	.	.	PUNCT
ajfa-86	180	1	kandel	kandel	PROPN
ajfa-86	180	2	,	,	PUNCT
ajfa-86	180	3	s.	s.	PROPN
ajfa-86	180	4	,	,	PUNCT
ajfa-86	180	5	&	&	CCONJ
ajfa-86	180	6	stambaugh	stambaugh	PROPN
ajfa-86	180	7	,	,	PUNCT
ajfa-86	180	8	r.	r.	PROPN
ajfa-86	180	9	f.	f.	PROPN
ajfa-86	180	10	(	(	PUNCT
ajfa-86	180	11	1995	1995	NUM
ajfa-86	180	12	)	)	PUNCT
ajfa-86	180	13	.	.	PUNCT
ajfa-86	181	1	portfolio	portfolio	NOUN
ajfa-86	181	2	inefficiency	inefficiency	NOUN
ajfa-86	181	3	and	and	CCONJ
ajfa-86	181	4	the	the	DET
ajfa-86	181	5	cross	cross	NOUN
ajfa-86	181	6	-	-	NOUN
ajfa-86	181	7	section	section	NOUN
ajfa-86	181	8	of	of	ADP
ajfa-86	181	9	expected	expect	VERB
ajfa-86	181	10	returns	return	NOUN
ajfa-86	181	11	.	.	PUNCT
ajfa-86	182	1	journal	journal	NOUN
ajfa-86	182	2	of	of	ADP
ajfa-86	182	3	finance	finance	NOUN
ajfa-86	182	4	,	,	PUNCT
ajfa-86	182	5	50(1	50(1	PROPN
ajfa-86	182	6	)	)	PUNCT
ajfa-86	182	7	,	,	PUNCT
ajfa-86	182	8	157	157	NUM
ajfa-86	182	9	-	-	SYM
ajfa-86	182	10	184	184	NUM
ajfa-86	182	11	.	.	PUNCT
ajfa-86	183	1	asian	asian	ADJ
ajfa-86	183	2	journal	journal	PROPN
ajfa-86	183	3	of	of	ADP
ajfa-86	183	4	finance	finance	PROPN
ajfa-86	183	5	&	&	CCONJ
ajfa-86	183	6	accounting	accounting	PROPN
ajfa-86	183	7	issn	issn	PROPN
ajfa-86	183	8	1946	1946	NUM
ajfa-86	183	9	-	-	PUNCT
ajfa-86	183	10	052x	052x	NOUN
ajfa-86	183	11	2009	2009	NUM
ajfa-86	183	12	,	,	PUNCT
ajfa-86	183	13	vol	vol	NOUN
ajfa-86	183	14	.	.	PROPN
ajfa-86	183	15	1	1	NUM
ajfa-86	183	16	,	,	PUNCT
ajfa-86	183	17	no	no	INTJ
ajfa-86	183	18	.	.	NOUN
ajfa-86	183	19	1	1	NUM
ajfa-86	183	20	:	:	PUNCT
ajfa-86	183	21	e1	e1	VERB
ajfa-86	183	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-86	183	23	33	33	NUM
ajfa-86	183	24	lintner	lintner	NOUN
ajfa-86	183	25	,	,	PUNCT
ajfa-86	183	26	j.	j.	PROPN
ajfa-86	183	27	(	(	PUNCT
ajfa-86	183	28	1965	1965	NUM
ajfa-86	183	29	)	)	PUNCT
ajfa-86	183	30	.	.	PUNCT
ajfa-86	184	1	the	the	DET
ajfa-86	184	2	valuation	valuation	NOUN
ajfa-86	184	3	of	of	ADP
ajfa-86	184	4	risk	risk	NOUN
ajfa-86	184	5	assets	asset	NOUN
ajfa-86	184	6	and	and	CCONJ
ajfa-86	184	7	the	the	DET
ajfa-86	184	8	selection	selection	NOUN
ajfa-86	184	9	of	of	ADP
ajfa-86	184	10	risky	risky	ADJ
ajfa-86	184	11	investments	investment	NOUN
ajfa-86	184	12	in	in	ADP
ajfa-86	184	13	stock	stock	NOUN
ajfa-86	184	14	portfolios	portfolio	NOUN
ajfa-86	184	15	and	and	CCONJ
ajfa-86	184	16	capital	capital	NOUN
ajfa-86	184	17	budgets	budget	NOUN
ajfa-86	184	18	.	.	PUNCT
ajfa-86	185	1	review	review	NOUN
ajfa-86	185	2	of	of	ADP
ajfa-86	185	3	economics	economics	PROPN
ajfa-86	185	4	&	&	CCONJ
ajfa-86	185	5	statistics	statistic	NOUN
ajfa-86	185	6	,	,	PUNCT
ajfa-86	185	7	47(1	47(1	NUM
ajfa-86	185	8	)	)	PUNCT
ajfa-86	185	9	,	,	PUNCT
ajfa-86	185	10	13	13	NUM
ajfa-86	185	11	-	-	SYM
ajfa-86	185	12	37	37	NUM
ajfa-86	185	13	.	.	PUNCT
ajfa-86	186	1	markowitz	markowitz	PROPN
ajfa-86	186	2	,	,	PUNCT
ajfa-86	186	3	h.	h.	PROPN
ajfa-86	186	4	(	(	PUNCT
ajfa-86	186	5	1952	1952	NUM
ajfa-86	186	6	)	)	PUNCT
ajfa-86	186	7	.	.	PUNCT
ajfa-86	187	1	portfolio	portfolio	NOUN
ajfa-86	187	2	selection	selection	NOUN
ajfa-86	187	3	.	.	PUNCT
ajfa-86	188	1	the	the	DET
ajfa-86	188	2	journal	journal	PROPN
ajfa-86	188	3	of	of	ADP
ajfa-86	188	4	finance	finance	NOUN
ajfa-86	188	5	,	,	PUNCT
ajfa-86	188	6	7(1	7(1	NUM
ajfa-86	188	7	)	)	PUNCT
ajfa-86	188	8	,	,	PUNCT
ajfa-86	188	9	77	77	NUM
ajfa-86	188	10	-	-	SYM
ajfa-86	188	11	91	91	NUM
ajfa-86	188	12	.	.	PUNCT
ajfa-86	189	1	mcculloch	mcculloch	PROPN
ajfa-86	189	2	,	,	PUNCT
ajfa-86	189	3	b.	b.	PROPN
ajfa-86	189	4	w.	w.	PROPN
ajfa-86	189	5	,	,	PUNCT
ajfa-86	189	6	&	&	CCONJ
ajfa-86	189	7	leonova	leonova	PROPN
ajfa-86	189	8	,	,	PUNCT
ajfa-86	189	9	d.	d.	PROPN
ajfa-86	189	10	(	(	PUNCT
ajfa-86	189	11	2005	2005	NUM
ajfa-86	189	12	)	)	PUNCT
ajfa-86	189	13	.	.	PUNCT
ajfa-86	190	1	the	the	DET
ajfa-86	190	2	market	market	NOUN
ajfa-86	190	3	equity	equity	NOUN
ajfa-86	190	4	risk	risk	NOUN
ajfa-86	190	5	premium	premium	NOUN
ajfa-86	190	6	.	.	PUNCT
ajfa-86	191	1	ssrn	ssrn	PROPN
ajfa-86	191	2	elibrary	elibrary	PROPN
ajfa-86	191	3	.	.	PUNCT
ajfa-86	192	1	retrieved	retrieve	VERB
ajfa-86	192	2	february	february	PROPN
ajfa-86	192	3	10	10	NUM
ajfa-86	192	4	,	,	PUNCT
ajfa-86	192	5	2009	2009	NUM
ajfa-86	192	6	,	,	PUNCT
ajfa-86	192	7	from	from	ADP
ajfa-86	192	8	http://ssrn.com/paper=727583	http://ssrn.com/paper=727583	PROPN
ajfa-86	192	9	.	.	PUNCT
ajfa-86	192	10	mossin	mossin	PROPN
ajfa-86	192	11	,	,	PUNCT
ajfa-86	192	12	j.	j.	PROPN
ajfa-86	192	13	(	(	PUNCT
ajfa-86	192	14	1966	1966	NUM
ajfa-86	192	15	)	)	PUNCT
ajfa-86	192	16	.	.	PUNCT
ajfa-86	193	1	equilibrium	equilibrium	NOUN
ajfa-86	193	2	in	in	ADP
ajfa-86	193	3	a	a	DET
ajfa-86	193	4	capital	capital	NOUN
ajfa-86	193	5	asset	asset	NOUN
ajfa-86	193	6	market	market	NOUN
ajfa-86	193	7	.	.	PUNCT
ajfa-86	194	1	econometrica	econometrica	PROPN
ajfa-86	194	2	,	,	PUNCT
ajfa-86	194	3	34	34	NUM
ajfa-86	194	4	,	,	PUNCT
ajfa-86	194	5	768	768	NUM
ajfa-86	194	6	-	-	SYM
ajfa-86	194	7	783	783	NUM
ajfa-86	194	8	.	.	PUNCT
ajfa-86	195	1	roll	roll	NOUN
ajfa-86	195	2	,	,	PUNCT
ajfa-86	195	3	r.	r.	PROPN
ajfa-86	195	4	(	(	PUNCT
ajfa-86	195	5	1977	1977	NUM
ajfa-86	195	6	)	)	PUNCT
ajfa-86	195	7	.	.	PUNCT
ajfa-86	196	1	critique	critique	NOUN
ajfa-86	196	2	of	of	ADP
ajfa-86	196	3	asset	asset	NOUN
ajfa-86	196	4	pricing	pricing	NOUN
ajfa-86	196	5	theory	theory	NOUN
ajfa-86	196	6	tests	test	VERB
ajfa-86	196	7	1	1	NUM
ajfa-86	196	8	:	:	PUNCT
ajfa-86	196	9	past	past	ADJ
ajfa-86	196	10	and	and	CCONJ
ajfa-86	196	11	potential	potential	ADJ
ajfa-86	196	12	testability	testability	NOUN
ajfa-86	196	13	of	of	ADP
ajfa-86	196	14	theory	theory	NOUN
ajfa-86	196	15	.	.	PUNCT
ajfa-86	197	1	journal	journal	NOUN
ajfa-86	197	2	of	of	ADP
ajfa-86	197	3	financial	financial	ADJ
ajfa-86	197	4	economics	economic	NOUN
ajfa-86	197	5	,	,	PUNCT
ajfa-86	197	6	4(2	4(2	NUM
ajfa-86	197	7	)	)	PUNCT
ajfa-86	197	8	,	,	PUNCT
ajfa-86	197	9	129	129	NUM
ajfa-86	197	10	-	-	SYM
ajfa-86	197	11	176	176	NUM
ajfa-86	197	12	.	.	PUNCT
ajfa-86	198	1	roll	roll	PROPN
ajfa-86	198	2	,	,	PUNCT
ajfa-86	198	3	r.	r.	PROPN
ajfa-86	198	4	,	,	PUNCT
ajfa-86	198	5	&	&	CCONJ
ajfa-86	198	6	ross	ross	PROPN
ajfa-86	198	7	,	,	PUNCT
ajfa-86	198	8	s.	s.	PROPN
ajfa-86	198	9	a.	a.	PROPN
ajfa-86	198	10	(	(	PUNCT
ajfa-86	198	11	1994	1994	NUM
ajfa-86	198	12	)	)	PUNCT
ajfa-86	198	13	.	.	PUNCT
ajfa-86	199	1	on	on	ADP
ajfa-86	199	2	the	the	DET
ajfa-86	199	3	cross	cross	ADJ
ajfa-86	199	4	-	-	ADJ
ajfa-86	199	5	sectional	sectional	ADJ
ajfa-86	199	6	relation	relation	NOUN
ajfa-86	199	7	between	between	ADP
ajfa-86	199	8	expected	expect	VERB
ajfa-86	199	9	returns	return	NOUN
ajfa-86	199	10	and	and	CCONJ
ajfa-86	199	11	betas	beta	NOUN
ajfa-86	199	12	.	.	PUNCT
ajfa-86	200	1	journal	journal	NOUN
ajfa-86	200	2	of	of	ADP
ajfa-86	200	3	finance	finance	NOUN
ajfa-86	200	4	,	,	PUNCT
ajfa-86	200	5	49(1	49(1	NOUN
ajfa-86	200	6	)	)	PUNCT
ajfa-86	200	7	,	,	PUNCT
ajfa-86	200	8	101	101	NUM
ajfa-86	200	9	-	-	SYM
ajfa-86	200	10	121	121	NUM
ajfa-86	200	11	.	.	PUNCT
ajfa-86	201	1	doi	doi	NOUN
ajfa-86	201	2	:	:	PUNCT
ajfa-86	201	3	article	article	PROPN
ajfa-86	201	4	.	.	PUNCT
ajfa-86	202	1	ross	ross	PROPN
ajfa-86	202	2	,	,	PUNCT
ajfa-86	202	3	s.	s.	PROPN
ajfa-86	202	4	a.	a.	PROPN
ajfa-86	202	5	,	,	PUNCT
ajfa-86	202	6	westerfield	westerfield	PROPN
ajfa-86	202	7	,	,	PUNCT
ajfa-86	202	8	r.	r.	PROPN
ajfa-86	202	9	,	,	PUNCT
ajfa-86	202	10	&	&	CCONJ
ajfa-86	202	11	jaffe	jaffe	PROPN
ajfa-86	202	12	,	,	PUNCT
ajfa-86	202	13	j.	j.	PROPN
ajfa-86	202	14	f.	f.	PROPN
ajfa-86	202	15	(	(	PUNCT
ajfa-86	202	16	2005	2005	NUM
ajfa-86	202	17	)	)	PUNCT
ajfa-86	202	18	.	.	PUNCT
ajfa-86	203	1	corporate	corporate	ADJ
ajfa-86	203	2	finance	finance	NOUN
ajfa-86	203	3	(	(	PUNCT
ajfa-86	203	4	7th	7th	ADJ
ajfa-86	203	5	ed	ed	NOUN
ajfa-86	203	6	.	.	PUNCT
ajfa-86	203	7	)	)	PUNCT
ajfa-86	203	8	.	.	PUNCT
ajfa-86	204	1	boston	boston	PROPN
ajfa-86	204	2	:	:	PUNCT
ajfa-86	204	3	mcgraw	mcgraw	PROPN
ajfa-86	204	4	-	-	PUNCT
ajfa-86	204	5	hill	hill	PROPN
ajfa-86	204	6	/	/	SYM
ajfa-86	204	7	irwin	irwin	PROPN
ajfa-86	204	8	.	.	PUNCT
ajfa-86	205	1	rubinstein	rubinstein	PROPN
ajfa-86	205	2	,	,	PUNCT
ajfa-86	205	3	m.	m.	NOUN
ajfa-86	205	4	(	(	PUNCT
ajfa-86	205	5	2002	2002	NUM
ajfa-86	205	6	)	)	PUNCT
ajfa-86	205	7	.	.	PUNCT
ajfa-86	206	1	markowitz	markowitz	PROPN
ajfa-86	206	2	's	's	PART
ajfa-86	206	3	“	"	PUNCT
ajfa-86	206	4	portfolio	portfolio	NOUN
ajfa-86	206	5	selection	selection	NOUN
ajfa-86	206	6	”	"	PUNCT
ajfa-86	206	7	:	:	PUNCT
ajfa-86	206	8	a	a	DET
ajfa-86	206	9	fifty	fifty	NUM
ajfa-86	206	10	-	-	PUNCT
ajfa-86	206	11	year	year	NOUN
ajfa-86	206	12	retrospective	retrospective	NOUN
ajfa-86	206	13	.	.	PUNCT
ajfa-86	207	1	the	the	DET
ajfa-86	207	2	journal	journal	PROPN
ajfa-86	207	3	of	of	ADP
ajfa-86	207	4	finance	finance	NOUN
ajfa-86	207	5	,	,	PUNCT
ajfa-86	207	6	57(3	57(3	NUM
ajfa-86	207	7	)	)	PUNCT
ajfa-86	207	8	,	,	PUNCT
ajfa-86	207	9	1041-	1041-	NUM
ajfa-86	207	10	.	.	PUNCT
ajfa-86	208	1	salomons	salomons	PROPN
ajfa-86	208	2	,	,	PUNCT
ajfa-86	208	3	r.	r.	PROPN
ajfa-86	208	4	,	,	PUNCT
ajfa-86	208	5	&	&	CCONJ
ajfa-86	208	6	grootveld	grootveld	PROPN
ajfa-86	208	7	,	,	PUNCT
ajfa-86	208	8	h.	h.	PROPN
ajfa-86	208	9	(	(	PUNCT
ajfa-86	208	10	2003	2003	NUM
ajfa-86	208	11	)	)	PUNCT
ajfa-86	208	12	.	.	PUNCT
ajfa-86	209	1	the	the	DET
ajfa-86	209	2	equity	equity	NOUN
ajfa-86	209	3	risk	risk	NOUN
ajfa-86	209	4	premium	premium	NOUN
ajfa-86	209	5	:	:	PUNCT
ajfa-86	209	6	emerging	emerge	VERB
ajfa-86	209	7	vs.	vs.	ADP
ajfa-86	209	8	developed	develop	VERB
ajfa-86	209	9	markets	market	NOUN
ajfa-86	209	10	.	.	PUNCT
ajfa-86	210	1	emerging	emerge	VERB
ajfa-86	210	2	markets	market	NOUN
ajfa-86	210	3	review	review	VERB
ajfa-86	210	4	,	,	PUNCT
ajfa-86	210	5	4(2	4(2	NUM
ajfa-86	210	6	)	)	PUNCT
ajfa-86	210	7	,	,	PUNCT
ajfa-86	210	8	121	121	NUM
ajfa-86	210	9	.	.	PUNCT
ajfa-86	211	1	doi	doi	NOUN
ajfa-86	211	2	:	:	PUNCT
ajfa-86	211	3	10.1016	10.1016	NUM
ajfa-86	211	4	/	/	SYM
ajfa-86	211	5	s1566	s1566	PROPN
ajfa-86	211	6	-	-	PUNCT
ajfa-86	211	7	0141(03)00024	0141(03)00024	NUM
ajfa-86	211	8	-	-	PUNCT
ajfa-86	211	9	4	4	NUM
ajfa-86	211	10	.	.	PUNCT
ajfa-86	212	1	sharpe	sharpe	PROPN
ajfa-86	212	2	,	,	PUNCT
ajfa-86	212	3	w.	w.	PROPN
ajfa-86	212	4	f.	f.	PROPN
ajfa-86	212	5	(	(	PUNCT
ajfa-86	212	6	1964	1964	NUM
ajfa-86	212	7	)	)	PUNCT
ajfa-86	212	8	.	.	PUNCT
ajfa-86	213	1	capital	capital	NOUN
ajfa-86	213	2	asset	asset	NOUN
ajfa-86	213	3	prices	price	NOUN
ajfa-86	213	4	:	:	PUNCT
ajfa-86	213	5	a	a	DET
ajfa-86	213	6	theory	theory	NOUN
ajfa-86	213	7	of	of	ADP
ajfa-86	213	8	market	market	NOUN
ajfa-86	213	9	equilibrium	equilibrium	NOUN
ajfa-86	213	10	under	under	ADP
ajfa-86	213	11	conditions	condition	NOUN
ajfa-86	213	12	of	of	ADP
ajfa-86	213	13	risk	risk	NOUN
ajfa-86	213	14	.	.	PUNCT
ajfa-86	214	1	journal	journal	NOUN
ajfa-86	214	2	of	of	ADP
ajfa-86	214	3	finance	finance	NOUN
ajfa-86	214	4	,	,	PUNCT
ajfa-86	214	5	19(3	19(3	NUM
ajfa-86	214	6	)	)	PUNCT
ajfa-86	214	7	,	,	PUNCT
ajfa-86	214	8	425	425	NUM
ajfa-86	214	9	-	-	SYM
ajfa-86	214	10	442	442	NUM
ajfa-86	214	11	.	.	PUNCT
ajfa-86	215	1	stephens	stephen	NOUN
ajfa-86	215	2	,	,	PUNCT
ajfa-86	215	3	m.	m.	NOUN
ajfa-86	215	4	a.	a.	NOUN
ajfa-86	215	5	(	(	PUNCT
ajfa-86	215	6	1974	1974	NUM
ajfa-86	215	7	)	)	PUNCT
ajfa-86	215	8	.	.	PUNCT
ajfa-86	216	1	edf	edf	PROPN
ajfa-86	216	2	statistics	statistic	NOUN
ajfa-86	216	3	for	for	ADP
ajfa-86	216	4	goodness	goodness	NOUN
ajfa-86	216	5	of	of	ADP
ajfa-86	216	6	fit	fit	ADJ
ajfa-86	216	7	and	and	CCONJ
ajfa-86	216	8	some	some	DET
ajfa-86	216	9	comparisons	comparison	NOUN
ajfa-86	216	10	.	.	PUNCT
ajfa-86	217	1	journal	journal	NOUN
ajfa-86	217	2	of	of	ADP
ajfa-86	217	3	the	the	DET
ajfa-86	217	4	american	american	PROPN
ajfa-86	217	5	statistical	statistical	PROPN
ajfa-86	217	6	association	association	NOUN
ajfa-86	217	7	,	,	PUNCT
ajfa-86	217	8	69(347	69(347	NOUN
ajfa-86	217	9	)	)	PUNCT
ajfa-86	217	10	,	,	PUNCT
ajfa-86	217	11	730	730	NUM
ajfa-86	217	12	-	-	SYM
ajfa-86	217	13	737	737	NUM
ajfa-86	217	14	.	.	PUNCT
ajfa-86	218	1	doi	doi	NOUN
ajfa-86	218	2	:	:	PUNCT
ajfa-86	218	3	10.2307/2286009	10.2307/2286009	NUM
ajfa-86	218	4	.	.	PUNCT
ajfa-86	219	1	sterken	sterken	VERB
ajfa-86	219	2	,	,	PUNCT
ajfa-86	219	3	e.	e.	PROPN
ajfa-86	219	4	,	,	PUNCT
ajfa-86	219	5	hullegie	hullegie	NOUN
ajfa-86	219	6	,	,	PUNCT
ajfa-86	219	7	p.	p.	NOUN
ajfa-86	219	8	,	,	PUNCT
ajfa-86	219	9	&	&	CCONJ
ajfa-86	219	10	salomons	salomons	PROPN
ajfa-86	219	11	,	,	PUNCT
ajfa-86	219	12	r.	r.	PROPN
ajfa-86	219	13	(	(	PUNCT
ajfa-86	219	14	2004	2004	NUM
ajfa-86	219	15	)	)	PUNCT
ajfa-86	219	16	.	.	PUNCT
ajfa-86	220	1	the	the	DET
ajfa-86	220	2	determinants	determinant	NOUN
ajfa-86	220	3	of	of	ADP
ajfa-86	220	4	the	the	DET
ajfa-86	220	5	long	long	ADV
ajfa-86	220	6	-	-	PUNCT
ajfa-86	220	7	run	run	VERB
ajfa-86	220	8	equity	equity	NOUN
ajfa-86	220	9	risk	risk	NOUN
ajfa-86	220	10	premium	premium	NOUN
ajfa-86	220	11	.	.	PUNCT
ajfa-86	221	1	ssrn	ssrn	PROPN
ajfa-86	221	2	elibrary	elibrary	PROPN
ajfa-86	221	3	.	.	PUNCT
ajfa-86	222	1	retrieved	retrieve	VERB
ajfa-86	222	2	february	february	PROPN
ajfa-86	222	3	10	10	NUM
ajfa-86	222	4	,	,	PUNCT
ajfa-86	222	5	2009	2009	NUM
ajfa-86	222	6	,	,	PUNCT
ajfa-86	222	7	from	from	ADP
ajfa-86	222	8	http://ssrn.com/paper=538402	http://ssrn.com/paper=538402	PROPN
ajfa-86	222	9	.	.	PROPN
ajfa-86	222	10	treynor	treynor	PROPN
ajfa-86	222	11	,	,	PUNCT
ajfa-86	222	12	j.	j.	PROPN
ajfa-86	222	13	l.	l.	PROPN
ajfa-86	222	14	(	(	PUNCT
ajfa-86	222	15	1961	1961	NUM
ajfa-86	222	16	)	)	PUNCT
ajfa-86	222	17	.	.	PUNCT
ajfa-86	223	1	market	market	NOUN
ajfa-86	223	2	value	value	NOUN
ajfa-86	223	3	,	,	PUNCT
ajfa-86	223	4	time	time	NOUN
ajfa-86	223	5	,	,	PUNCT
ajfa-86	223	6	and	and	CCONJ
ajfa-86	223	7	risk	risk	NOUN
ajfa-86	223	8	.	.	PUNCT
ajfa-86	224	1	unpublished	unpublished	ADJ
ajfa-86	224	2	manuscript	manuscript	NOUN
ajfa-86	224	3	dated	date	VERB
ajfa-86	224	4	august	august	PROPN
ajfa-86	224	5	,	,	PUNCT
ajfa-86	224	6	8	8	NUM
ajfa-86	224	7	,	,	PUNCT
ajfa-86	224	8	1961	1961	NUM
ajfa-86	224	9	.	.	PUNCT