id	sid	tid	token	lemma	pos
cjfa-30369	1	1	date	date	NOUN
cjfa-30369	1	2	of	of	ADP
cjfa-30369	1	3	submission	submission	NOUN
cjfa-30369	1	4	:	:	PUNCT
cjfa-30369	1	5	february	february	PROPN
cjfa-30369	1	6	2	2	NUM
cjfa-30369	1	7	,	,	PUNCT
cjfa-30369	1	8	2020	2020	NUM
cjfa-30369	1	9	;	;	PUNCT
cjfa-30369	1	10	date	date	NOUN
cjfa-30369	1	11	of	of	ADP
cjfa-30369	1	12	acceptance	acceptance	NOUN
cjfa-30369	1	13	:	:	PUNCT
cjfa-30369	1	14	march	march	PROPN
cjfa-30369	1	15	26	26	NUM
cjfa-30369	1	16	,	,	PUNCT
cjfa-30369	1	17	2020	2020	NUM
cjfa-30369	1	18	.	.	PUNCT
cjfa-30369	2	1	*	*	PUNCT
cjfa-30369	2	2	contact	contact	NOUN
cjfa-30369	2	3	information	information	NOUN
cjfa-30369	2	4	:	:	PUNCT
cjfa-30369	2	5	kaur_mandeep13@ymail.com	kaur_mandeep13@ymail.com	X
cjfa-30369	2	6	,	,	PUNCT
cjfa-30369	2	7	i.k	i.k	PROPN
cjfa-30369	2	8	.	.	PROPN
cjfa-30369	2	9	gujral	gujral	PROPN
cjfa-30369	2	10	punjab	punjab	PROPN
cjfa-30369	2	11	technical	technical	PROPN
cjfa-30369	2	12	university	university	PROPN
cjfa-30369	2	13	,	,	PUNCT
cjfa-30369	2	14	kapurthala-144603	kapurthala-144603	NOUN
cjfa-30369	2	15	,	,	PUNCT
cjfa-30369	2	16	punjab	punjab	PROPN
cjfa-30369	2	17	,	,	PUNCT
cjfa-30369	2	18	india	india	PROPN
cjfa-30369	2	19	,	,	PUNCT
cjfa-30369	2	20	phone	phone	NOUN
cjfa-30369	2	21	:	:	PUNCT
cjfa-30369	2	22	+91	+91	NOUN
cjfa-30369	2	23	-	-	PUNCT
cjfa-30369	2	24	998	998	NUM
cjfa-30369	2	25	-	-	PUNCT
cjfa-30369	2	26	877	877	NUM
cjfa-30369	2	27	-	-	SYM
cjfa-30369	2	28	1740	1740	NUM
cjfa-30369	2	29	;	;	PUNCT
cjfa-30369	2	30	orcid	orcid	NOUN
cjfa-30369	3	1	i	i	NOUN
cjfa-30369	3	2	d	d	NOUN
cjfa-30369	3	3	:	:	PUNCT
cjfa-30369	3	4	https://orcid.org/0000-0002-4336-4141	https://orcid.org/0000-0002-4336-4141	ADJ
cjfa-30369	3	5	.	.	PUNCT
cjfa-30369	4	1	*	*	PUNCT
cjfa-30369	4	2	*	*	PUNCT
cjfa-30369	4	3	contact	contact	NOUN
cjfa-30369	4	4	information	information	NOUN
cjfa-30369	4	5	:	:	PUNCT
cjfa-30369	4	6	kapilfutures@gmail.com	kapilfutures@gmail.com	X
cjfa-30369	4	7	,	,	PUNCT
cjfa-30369	4	8	i.k	i.k	PROPN
cjfa-30369	4	9	.	.	PROPN
cjfa-30369	4	10	gujral	gujral	PROPN
cjfa-30369	4	11	punjab	punjab	PROPN
cjfa-30369	4	12	technical	technical	PROPN
cjfa-30369	4	13	university	university	PROPN
cjfa-30369	4	14	,	,	PUNCT
cjfa-30369	4	15	kapurthala-144603	kapurthala-144603	NOUN
cjfa-30369	4	16	,	,	PUNCT
cjfa-30369	4	17	punjab	punjab	PROPN
cjfa-30369	4	18	,	,	PUNCT
cjfa-30369	4	19	india	india	PROPN
cjfa-30369	4	20	,	,	PUNCT
cjfa-30369	4	21	phone	phone	NOUN
cjfa-30369	4	22	:	:	PUNCT
cjfa-30369	4	23	+91	+91	PROPN
cjfa-30369	4	24	-	-	PUNCT
cjfa-30369	4	25	947	947	NUM
cjfa-30369	4	26	-	-	PUNCT
cjfa-30369	4	27	809	809	NUM
cjfa-30369	4	28	-	-	NUM
cjfa-30369	4	29	8074	8074	NUM
cjfa-30369	4	30	;	;	PUNCT
cjfa-30369	4	31	orcid	orcid	NOUN
cjfa-30369	5	1	i	i	NOUN
cjfa-30369	5	2	d	d	NOUN
cjfa-30369	5	3	:	:	PUNCT
cjfa-30369	5	4	https://orcid.org/0000-0003-3817-1772	https://orcid.org/0000-0003-3817-1772	NOUN
cjfa-30369	5	5	.	.	PUNCT
cjfa-30369	6	1	copernican	copernican	PROPN
cjfa-30369	6	2	journal	journal	PROPN
cjfa-30369	6	3	of	of	ADP
cjfa-30369	6	4	finance	finance	PROPN
cjfa-30369	6	5	&	&	CCONJ
cjfa-30369	6	6	accounting	accounting	PROPN
cjfa-30369	6	7	e	e	PROPN
cjfa-30369	6	8	-	-	PROPN
cjfa-30369	6	9	issn	issn	PROPN
cjfa-30369	6	10	2300	2300	NUM
cjfa-30369	6	11	-	-	SYM
cjfa-30369	6	12	3065	3065	NUM
cjfa-30369	6	13	p	p	PROPN
cjfa-30369	6	14	-	-	PUNCT
cjfa-30369	6	15	issn	issn	PROPN
cjfa-30369	6	16	2300	2300	NUM
cjfa-30369	6	17	-	-	SYM
cjfa-30369	6	18	12402019	12402019	NUM
cjfa-30369	6	19	,	,	PUNCT
cjfa-30369	6	20	volume	volume	NOUN
cjfa-30369	6	21	8	8	NUM
cjfa-30369	6	22	,	,	PUNCT
cjfa-30369	6	23	issue	issue	VERB
cjfa-30369	6	24	4	4	NUM
cjfa-30369	6	25	kaur	kaur	NOUN
cjfa-30369	6	26	,	,	PUNCT
cjfa-30369	6	27	m.	m.	NOUN
cjfa-30369	6	28	,	,	PUNCT
cjfa-30369	6	29	&	&	CCONJ
cjfa-30369	6	30	gupta	gupta	PROPN
cjfa-30369	6	31	,	,	PUNCT
cjfa-30369	6	32	k.	k.	PROPN
cjfa-30369	6	33	(	(	PUNCT
cjfa-30369	6	34	2019	2019	NUM
cjfa-30369	6	35	)	)	PUNCT
cjfa-30369	6	36	.	.	PUNCT
cjfa-30369	7	1	estimating	estimate	VERB
cjfa-30369	7	2	hedging	hedging	NOUN
cjfa-30369	7	3	effectiveness	effectiveness	NOUN
cjfa-30369	7	4	using	use	VERB
cjfa-30369	7	5	variance	variance	NOUN
cjfa-30369	7	6	reduction	reduction	NOUN
cjfa-30369	7	7	and	and	CCONJ
cjfa-30369	7	8	riskreturn	riskreturn	VERB
cjfa-30369	7	9	approaches	approach	NOUN
cjfa-30369	7	10	:	:	PUNCT
cjfa-30369	7	11	evidence	evidence	NOUN
cjfa-30369	7	12	from	from	ADP
cjfa-30369	7	13	national	national	ADJ
cjfa-30369	7	14	stock	stock	PROPN
cjfa-30369	7	15	exchange	exchange	PROPN
cjfa-30369	7	16	of	of	ADP
cjfa-30369	7	17	india	india	PROPN
cjfa-30369	7	18	.	.	PUNCT
cjfa-30369	8	1	copernican	copernican	PROPN
cjfa-30369	8	2	journal	journal	PROPN
cjfa-30369	8	3	of	of	ADP
cjfa-30369	8	4	finance	finance	PROPN
cjfa-30369	8	5	&	&	CCONJ
cjfa-30369	8	6	accounting	accounting	PROPN
cjfa-30369	8	7	,	,	PUNCT
cjfa-30369	8	8	8(4	8(4	NUM
cjfa-30369	8	9	)	)	PUNCT
cjfa-30369	8	10	,	,	PUNCT
cjfa-30369	8	11	149–169	149–169	NUM
cjfa-30369	8	12	.	.	PUNCT
cjfa-30369	9	1	http://dx.doi.org/10.12775/cjfa.2019.022	http://dx.doi.org/10.12775/cjfa.2019.022	PROPN
cjfa-30369	9	2	mandeep	mandeep	PROPN
cjfa-30369	9	3	kaur	kaur	PROPN
cjfa-30369	9	4	*	*	PUNCT
cjfa-30369	9	5	i.k	i.k	PROPN
cjfa-30369	9	6	.	.	PROPN
cjfa-30369	9	7	gujral	gujral	PROPN
cjfa-30369	9	8	punjab	punjab	PROPN
cjfa-30369	9	9	technical	technical	PROPN
cjfa-30369	9	10	university	university	PROPN
cjfa-30369	9	11	kapil	kapil	PROPN
cjfa-30369	9	12	gupta	gupta	PROPN
cjfa-30369	9	13	*	*	PROPN
cjfa-30369	9	14	*	*	PROPN
cjfa-30369	9	15	i.k	i.k	PROPN
cjfa-30369	9	16	.	.	PROPN
cjfa-30369	9	17	gujral	gujral	PROPN
cjfa-30369	9	18	punjab	punjab	PROPN
cjfa-30369	9	19	technical	technical	PROPN
cjfa-30369	9	20	university	university	PROPN
cjfa-30369	9	21	estimating	estimate	VERB
cjfa-30369	9	22	hedging	hedging	NOUN
cjfa-30369	9	23	effectiveness	effectiveness	NOUN
cjfa-30369	9	24	using	use	VERB
cjfa-30369	9	25	variance	variance	NOUN
cjfa-30369	9	26	reduction	reduction	NOUN
cjfa-30369	9	27	and	and	CCONJ
cjfa-30369	9	28	risk	risk	NOUN
cjfa-30369	9	29	-	-	PUNCT
cjfa-30369	9	30	return	return	NOUN
cjfa-30369	9	31	approaches	approach	NOUN
cjfa-30369	9	32	:	:	PUNCT
cjfa-30369	9	33	evidence	evidence	NOUN
cjfa-30369	9	34	from	from	ADP
cjfa-30369	9	35	national	national	ADJ
cjfa-30369	9	36	stock	stock	PROPN
cjfa-30369	9	37	exchange	exchange	PROPN
cjfa-30369	9	38	of	of	ADP
cjfa-30369	9	39	india	india	PROPN
cjfa-30369	9	40	keywords	keyword	NOUN
cjfa-30369	9	41	:	:	PUNCT
cjfa-30369	9	42	optimal	optimal	ADJ
cjfa-30369	9	43	hedge	hedge	NOUN
cjfa-30369	9	44	ratio	ratio	NOUN
cjfa-30369	9	45	,	,	PUNCT
cjfa-30369	9	46	hedging	hedging	NOUN
cjfa-30369	9	47	effectiveness	effectiveness	NOUN
cjfa-30369	9	48	,	,	PUNCT
cjfa-30369	9	49	garch	garch	NOUN
cjfa-30369	9	50	,	,	PUNCT
cjfa-30369	9	51	ols	ol	NOUN
cjfa-30369	9	52	,	,	PUNCT
cjfa-30369	9	53	equity	equity	NOUN
cjfa-30369	9	54	futures	future	NOUN
cjfa-30369	9	55	market	market	NOUN
cjfa-30369	9	56	.	.	PUNCT
cjfa-30369	10	1	j	j	PROPN
cjfa-30369	10	2	e	e	PROPN
cjfa-30369	10	3	l	l	PROPN
cjfa-30369	10	4	classification	classification	NOUN
cjfa-30369	10	5	:	:	PUNCT
cjfa-30369	10	6	c1	c1	PROPN
cjfa-30369	10	7	,	,	PUNCT
cjfa-30369	10	8	c5	c5	PROPN
cjfa-30369	10	9	,	,	PUNCT
cjfa-30369	10	10	g11	g11	PROPN
cjfa-30369	10	11	,	,	PUNCT
cjfa-30369	10	12	g17	g17	NOUN
cjfa-30369	10	13	.	.	PUNCT
cjfa-30369	11	1	abstract	abstract	ADJ
cjfa-30369	11	2	:	:	PUNCT
cjfa-30369	11	3	the	the	DET
cjfa-30369	11	4	present	present	ADJ
cjfa-30369	11	5	study	study	NOUN
cjfa-30369	11	6	examines	examine	VERB
cjfa-30369	11	7	hedging	hedging	NOUN
cjfa-30369	11	8	effectiveness	effectiveness	NOUN
cjfa-30369	11	9	of	of	ADP
cjfa-30369	11	10	futures	future	NOUN
cjfa-30369	11	11	contracts	contract	NOUN
cjfa-30369	11	12	in	in	ADP
cjfa-30369	11	13	india	india	PROPN
cjfa-30369	11	14	by	by	ADP
cjfa-30369	11	15	using	use	VERB
cjfa-30369	11	16	variance	variance	NOUN
cjfa-30369	11	17	reduction	reduction	NOUN
cjfa-30369	11	18	approach	approach	NOUN
cjfa-30369	11	19	and	and	CCONJ
cjfa-30369	11	20	risk	risk	NOUN
cjfa-30369	11	21	-	-	PUNCT
cjfa-30369	11	22	return	return	NOUN
cjfa-30369	11	23	approach	approach	NOUN
cjfa-30369	11	24	by	by	ADP
cjfa-30369	11	25	applying	apply	VERB
cjfa-30369	11	26	eight	eight	NUM
cjfa-30369	11	27	econometric	econometric	ADJ
cjfa-30369	11	28	models	model	NOUN
cjfa-30369	11	29	.	.	PUNCT
cjfa-30369	12	1	it	it	PRON
cjfa-30369	12	2	is	be	AUX
cjfa-30369	12	3	observed	observe	VERB
cjfa-30369	12	4	that	that	SCONJ
cjfa-30369	12	5	ols	ol	NOUN
cjfa-30369	12	6	hedge	hedge	NOUN
cjfa-30369	12	7	ratio	ratio	NOUN
cjfa-30369	12	8	generates	generate	VERB
cjfa-30369	12	9	highest	high	ADJ
cjfa-30369	12	10	hedging	hedging	NOUN
cjfa-30369	12	11	effectiveness	effectiveness	NOUN
cjfa-30369	12	12	using	use	VERB
cjfa-30369	12	13	variance	variance	NOUN
cjfa-30369	12	14	reduction	reduction	NOUN
cjfa-30369	12	15	approach	approach	NOUN
cjfa-30369	12	16	,	,	PUNCT
cjfa-30369	12	17	whereas	whereas	SCONJ
cjfa-30369	12	18	naïve	naïve	ADJ
cjfa-30369	12	19	hedge	hedge	NOUN
cjfa-30369	12	20	ratio	ratio	NOUN
cjfa-30369	12	21	generates	generate	VERB
cjfa-30369	12	22	highest	high	ADJ
cjfa-30369	12	23	hedging	hedging	NOUN
cjfa-30369	12	24	effectiveness	effectiveness	NOUN
cjfa-30369	12	25	using	use	VERB
cjfa-30369	12	26	risk	risk	NOUN
cjfa-30369	12	27	-	-	PUNCT
cjfa-30369	12	28	return	return	NOUN
cjfa-30369	12	29	approach	approach	NOUN
cjfa-30369	12	30	.	.	PUNCT
cjfa-30369	13	1	overall	overall	ADV
cjfa-30369	13	2	,	,	PUNCT
cjfa-30369	13	3	it	it	PRON
cjfa-30369	13	4	is	be	AUX
cjfa-30369	13	5	observed	observe	VERB
cjfa-30369	13	6	that	that	SCONJ
cjfa-30369	13	7	time	time	NOUN
cjfa-30369	13	8	-	-	PUNCT
cjfa-30369	13	9	invariant	invariant	ADJ
cjfa-30369	13	10	hedging	hedging	NOUN
cjfa-30369	13	11	model	model	NOUN
cjfa-30369	13	12	generates	generate	VERB
cjfa-30369	13	13	superior	superior	ADJ
cjfa-30369	13	14	hedging	hedging	NOUN
cjfa-30369	13	15	effectiveness	effectiveness	NOUN
cjfa-30369	13	16	as	as	ADP
cjfa-30369	13	17	compared	compare	VERB
cjfa-30369	13	18	to	to	ADP
cjfa-30369	13	19	time	time	NOUN
cjfa-30369	13	20	-	-	PUNCT
cjfa-30369	13	21	variant	variant	ADJ
cjfa-30369	13	22	hedging	hedging	NOUN
cjfa-30369	13	23	model	model	NOUN
cjfa-30369	13	24	.	.	PUNCT
cjfa-30369	14	1	mandeep	mandeep	PROPN
cjfa-30369	14	2	kaur	kaur	PROPN
cjfa-30369	14	3	,	,	PUNCT
cjfa-30369	14	4	kapil	kapil	PROPN
cjfa-30369	14	5	gupta150	gupta150	PROPN
cjfa-30369	14	6	 	 	SPACE
cjfa-30369	14	7	introduction	introduction	NOUN
cjfa-30369	14	8	futures	future	NOUN
cjfa-30369	14	9	contracts	contract	NOUN
cjfa-30369	14	10	have	have	AUX
cjfa-30369	14	11	been	be	AUX
cjfa-30369	14	12	widely	widely	ADV
cjfa-30369	14	13	used	use	VERB
cjfa-30369	14	14	by	by	ADP
cjfa-30369	14	15	investors	investor	NOUN
cjfa-30369	14	16	for	for	ADP
cjfa-30369	14	17	managing	manage	VERB
cjfa-30369	14	18	the	the	DET
cjfa-30369	14	19	price	price	NOUN
cjfa-30369	14	20	risk	risk	NOUN
cjfa-30369	14	21	involved	involve	VERB
cjfa-30369	14	22	in	in	ADP
cjfa-30369	14	23	underlying	underlie	VERB
cjfa-30369	14	24	assets	asset	NOUN
cjfa-30369	14	25	,	,	PUNCT
cjfa-30369	14	26	commonly	commonly	ADV
cjfa-30369	14	27	known	know	VERB
cjfa-30369	14	28	as	as	ADP
cjfa-30369	14	29	hedging	hedge	VERB
cjfa-30369	14	30	.	.	PUNCT
cjfa-30369	15	1	as	as	SCONJ
cjfa-30369	15	2	the	the	DET
cjfa-30369	15	3	spot	spot	NOUN
cjfa-30369	15	4	and	and	CCONJ
cjfa-30369	15	5	futures	future	NOUN
cjfa-30369	15	6	market	market	NOUN
cjfa-30369	15	7	observes	observe	VERB
cjfa-30369	15	8	co	co	NOUN
cjfa-30369	15	9	-	-	NOUN
cjfa-30369	15	10	movement	movement	ADJ
cjfa-30369	15	11	and	and	CCONJ
cjfa-30369	15	12	long	long	ADJ
cjfa-30369	15	13	term	term	NOUN
cjfa-30369	15	14	equilibrium	equilibrium	NOUN
cjfa-30369	15	15	relationship	relationship	NOUN
cjfa-30369	15	16	(	(	PUNCT
cjfa-30369	15	17	tse	tse	PROPN
cjfa-30369	15	18	&	&	CCONJ
cjfa-30369	15	19	chan	chan	PROPN
cjfa-30369	15	20	2010	2010	NUM
cjfa-30369	15	21	)	)	PUNCT
cjfa-30369	15	22	,	,	PUNCT
cjfa-30369	15	23	this	this	PRON
cjfa-30369	15	24	allows	allow	VERB
cjfa-30369	15	25	the	the	DET
cjfa-30369	15	26	hedger	hedger	NOUN
cjfa-30369	15	27	to	to	PART
cjfa-30369	15	28	offset	offset	VERB
cjfa-30369	15	29	price	price	NOUN
cjfa-30369	15	30	fluctuations	fluctuation	NOUN
cjfa-30369	15	31	by	by	ADP
cjfa-30369	15	32	taking	take	VERB
cjfa-30369	15	33	opposite	opposite	ADJ
cjfa-30369	15	34	position	position	NOUN
cjfa-30369	15	35	in	in	ADP
cjfa-30369	15	36	both	both	CCONJ
cjfa-30369	15	37	the	the	DET
cjfa-30369	15	38	spot	spot	NOUN
cjfa-30369	15	39	and	and	CCONJ
cjfa-30369	15	40	futures	future	NOUN
cjfa-30369	15	41	market	market	NOUN
cjfa-30369	15	42	.	.	PUNCT
cjfa-30369	16	1	however	however	ADV
cjfa-30369	16	2	,	,	PUNCT
cjfa-30369	16	3	in	in	ADP
cjfa-30369	16	4	reality	reality	NOUN
cjfa-30369	16	5	,	,	PUNCT
cjfa-30369	16	6	the	the	DET
cjfa-30369	16	7	presence	presence	NOUN
cjfa-30369	16	8	of	of	ADP
cjfa-30369	16	9	lead	lead	ADJ
cjfa-30369	16	10	-	-	PUNCT
cjfa-30369	16	11	lag	lag	NOUN
cjfa-30369	16	12	relationship	relationship	NOUN
cjfa-30369	16	13	during	during	ADP
cjfa-30369	16	14	short	short	ADJ
cjfa-30369	16	15	-	-	PUNCT
cjfa-30369	16	16	run	run	NOUN
cjfa-30369	16	17	gives	give	VERB
cjfa-30369	16	18	rise	rise	NOUN
cjfa-30369	16	19	to	to	ADP
cjfa-30369	16	20	basis	basis	NOUN
cjfa-30369	16	21	risk	risk	NOUN
cjfa-30369	16	22	(	(	PUNCT
cjfa-30369	16	23	floros	floro	NOUN
cjfa-30369	16	24	&	&	CCONJ
cjfa-30369	16	25	vougas	vougas	NOUN
cjfa-30369	16	26	2006	2006	NUM
cjfa-30369	16	27	)	)	PUNCT
cjfa-30369	16	28	.	.	PUNCT
cjfa-30369	17	1	due	due	ADP
cjfa-30369	17	2	to	to	ADP
cjfa-30369	17	3	basis	basis	NOUN
cjfa-30369	17	4	risk	risk	NOUN
cjfa-30369	17	5	,	,	PUNCT
cjfa-30369	17	6	the	the	DET
cjfa-30369	17	7	number	number	NOUN
cjfa-30369	17	8	of	of	ADP
cjfa-30369	17	9	futures	future	NOUN
cjfa-30369	17	10	contracts	contract	NOUN
cjfa-30369	17	11	required	require	VERB
cjfa-30369	17	12	to	to	PART
cjfa-30369	17	13	hedge	hedge	VERB
cjfa-30369	17	14	a	a	DET
cjfa-30369	17	15	given	give	VERB
cjfa-30369	17	16	spot	spot	NOUN
cjfa-30369	17	17	position	position	NOUN
cjfa-30369	17	18	departs	depart	VERB
cjfa-30369	17	19	from	from	ADP
cjfa-30369	17	20	unity	unity	NOUN
cjfa-30369	17	21	and	and	CCONJ
cjfa-30369	17	22	therefore	therefore	ADV
cjfa-30369	17	23	requires	require	VERB
cjfa-30369	17	24	an	an	DET
cjfa-30369	17	25	optimal	optimal	ADJ
cjfa-30369	17	26	hedge	hedge	NOUN
cjfa-30369	17	27	ratio	ratio	NOUN
cjfa-30369	17	28	to	to	PART
cjfa-30369	17	29	be	be	AUX
cjfa-30369	17	30	estimated	estimate	VERB
cjfa-30369	17	31	in	in	ADP
cjfa-30369	17	32	order	order	NOUN
cjfa-30369	17	33	to	to	PART
cjfa-30369	17	34	achieve	achieve	VERB
cjfa-30369	17	35	superior	superior	ADJ
cjfa-30369	17	36	hedging	hedging	NOUN
cjfa-30369	17	37	effectiveness	effectiveness	NOUN
cjfa-30369	17	38	.	.	PUNCT
cjfa-30369	18	1	an	an	DET
cjfa-30369	18	2	analysis	analysis	NOUN
cjfa-30369	18	3	of	of	ADP
cjfa-30369	18	4	hedging	hedging	NOUN
cjfa-30369	18	5	literature	literature	NOUN
cjfa-30369	18	6	suggests	suggest	VERB
cjfa-30369	18	7	three	three	NUM
cjfa-30369	18	8	different	different	ADJ
cjfa-30369	18	9	hedging	hedging	NOUN
cjfa-30369	18	10	theories	theory	NOUN
cjfa-30369	18	11	i.e.	i.e.	X
cjfa-30369	18	12	conventional	conventional	ADJ
cjfa-30369	18	13	hedging	hedging	NOUN
cjfa-30369	18	14	theory	theory	NOUN
cjfa-30369	18	15	,	,	PUNCT
cjfa-30369	18	16	working	working	NOUN
cjfa-30369	18	17	’s	’s	PART
cjfa-30369	18	18	hedging	hedging	NOUN
cjfa-30369	18	19	theory	theory	NOUN
cjfa-30369	18	20	(	(	PUNCT
cjfa-30369	18	21	woking	woking	NOUN
cjfa-30369	18	22	,	,	PUNCT
cjfa-30369	18	23	1953	1953	NUM
cjfa-30369	18	24	)	)	PUNCT
cjfa-30369	18	25	and	and	CCONJ
cjfa-30369	18	26	portfolio	portfolio	NOUN
cjfa-30369	18	27	hedging	hedging	NOUN
cjfa-30369	18	28	theory	theory	NOUN
cjfa-30369	18	29	.	.	PUNCT
cjfa-30369	19	1	portfolio	portfolio	NOUN
cjfa-30369	19	2	theory	theory	NOUN
cjfa-30369	19	3	approach	approach	NOUN
cjfa-30369	19	4	,	,	PUNCT
cjfa-30369	19	5	proposed	propose	VERB
cjfa-30369	19	6	by	by	ADP
cjfa-30369	19	7	johnson	johnson	PROPN
cjfa-30369	19	8	(	(	PUNCT
cjfa-30369	19	9	1960	1960	NUM
cjfa-30369	19	10	)	)	PUNCT
cjfa-30369	19	11	and	and	CCONJ
cjfa-30369	19	12	stein	stein	PROPN
cjfa-30369	19	13	(	(	PUNCT
cjfa-30369	19	14	1961	1961	NUM
cjfa-30369	19	15	)	)	PUNCT
cjfa-30369	19	16	,	,	PUNCT
cjfa-30369	19	17	extended	extend	VERB
cjfa-30369	19	18	and	and	CCONJ
cjfa-30369	19	19	quantified	quantify	VERB
cjfa-30369	19	20	by	by	ADP
cjfa-30369	19	21	ederington	ederington	NOUN
cjfa-30369	19	22	(	(	PUNCT
cjfa-30369	19	23	1979	1979	NUM
cjfa-30369	19	24	)	)	PUNCT
cjfa-30369	19	25	is	be	AUX
cjfa-30369	19	26	by	by	ADP
cjfa-30369	19	27	far	far	ADV
cjfa-30369	19	28	the	the	DET
cjfa-30369	19	29	most	most	ADV
cjfa-30369	19	30	widely	widely	ADV
cjfa-30369	19	31	used	use	VERB
cjfa-30369	19	32	approach	approach	NOUN
cjfa-30369	19	33	.	.	PUNCT
cjfa-30369	20	1	an	an	DET
cjfa-30369	20	2	important	important	ADJ
cjfa-30369	20	3	contribution	contribution	NOUN
cjfa-30369	20	4	of	of	ADP
cjfa-30369	20	5	the	the	DET
cjfa-30369	20	6	portfolio	portfolio	NOUN
cjfa-30369	20	7	approach	approach	NOUN
cjfa-30369	20	8	is	be	AUX
cjfa-30369	20	9	the	the	DET
cjfa-30369	20	10	concept	concept	NOUN
cjfa-30369	20	11	of	of	ADP
cjfa-30369	20	12	the	the	DET
cjfa-30369	20	13	minimum	minimum	ADJ
cjfa-30369	20	14	-	-	PUNCT
cjfa-30369	20	15	variance	variance	NOUN
cjfa-30369	20	16	hedge	hedge	NOUN
cjfa-30369	20	17	ratio	ratio	NOUN
cjfa-30369	20	18	(	(	PUNCT
cjfa-30369	20	19	mvhr	mvhr	NOUN
cjfa-30369	20	20	)	)	PUNCT
cjfa-30369	20	21	,	,	PUNCT
cjfa-30369	20	22	i.e.	i.e.	X
cjfa-30369	20	23	,	,	PUNCT
cjfa-30369	20	24	the	the	DET
cjfa-30369	20	25	hedge	hedge	NOUN
cjfa-30369	20	26	ratio	ratio	NOUN
cjfa-30369	20	27	that	that	PRON
cjfa-30369	20	28	minimizes	minimize	VERB
cjfa-30369	20	29	the	the	DET
cjfa-30369	20	30	risk	risk	NOUN
cjfa-30369	20	31	of	of	ADP
cjfa-30369	20	32	the	the	DET
cjfa-30369	20	33	hedged	hedge	VERB
cjfa-30369	20	34	position	position	NOUN
cjfa-30369	20	35	.	.	PUNCT
cjfa-30369	21	1	the	the	DET
cjfa-30369	21	2	minimum	minimum	ADJ
cjfa-30369	21	3	-	-	PUNCT
cjfa-30369	21	4	variance	variance	NOUN
cjfa-30369	21	5	hedge	hedge	NOUN
cjfa-30369	21	6	ratio	ratio	PROPN
cjfa-30369	21	7	/	/	SYM
cjfa-30369	21	8	ols	ol	NOUN
cjfa-30369	21	9	hedge	hedge	NOUN
cjfa-30369	21	10	ratio	ratio	NOUN
cjfa-30369	21	11	has	have	AUX
cjfa-30369	21	12	been	be	AUX
cjfa-30369	21	13	popularly	popularly	ADV
cjfa-30369	21	14	used	use	VERB
cjfa-30369	21	15	due	due	ADP
cjfa-30369	21	16	to	to	ADP
cjfa-30369	21	17	its	its	PRON
cjfa-30369	21	18	simplicity	simplicity	NOUN
cjfa-30369	21	19	to	to	PART
cjfa-30369	21	20	compute	compute	VERB
cjfa-30369	21	21	and	and	CCONJ
cjfa-30369	21	22	understand	understand	VERB
cjfa-30369	21	23	.	.	PUNCT
cjfa-30369	22	1	however	however	ADV
cjfa-30369	22	2	,	,	PUNCT
cjfa-30369	22	3	it	it	PRON
cjfa-30369	22	4	suffers	suffer	VERB
cjfa-30369	22	5	from	from	ADP
cjfa-30369	22	6	two	two	NUM
cjfa-30369	22	7	limitations	limitation	NOUN
cjfa-30369	22	8	.	.	PUNCT
cjfa-30369	23	1	firstly	firstly	ADV
cjfa-30369	23	2	,	,	PUNCT
cjfa-30369	23	3	it	it	PRON
cjfa-30369	23	4	ignores	ignore	VERB
cjfa-30369	23	5	the	the	DET
cjfa-30369	23	6	time	time	NOUN
cjfa-30369	23	7	-	-	PUNCT
cjfa-30369	23	8	varying	vary	VERB
cjfa-30369	23	9	nature	nature	NOUN
cjfa-30369	23	10	of	of	ADP
cjfa-30369	23	11	financial	financial	ADJ
cjfa-30369	23	12	time	time	NOUN
cjfa-30369	23	13	series	series	NOUN
cjfa-30369	23	14	and	and	CCONJ
cjfa-30369	23	15	secondly	secondly	ADV
cjfa-30369	23	16	,	,	PUNCT
cjfa-30369	23	17	it	it	PRON
cjfa-30369	23	18	computes	compute	VERB
cjfa-30369	23	19	constant	constant	ADJ
cjfa-30369	23	20	hedge	hedge	NOUN
cjfa-30369	23	21	ratio	ratio	NOUN
cjfa-30369	23	22	.	.	PUNCT
cjfa-30369	24	1	therefore	therefore	ADV
cjfa-30369	24	2	,	,	PUNCT
cjfa-30369	24	3	in	in	ADP
cjfa-30369	24	4	order	order	NOUN
cjfa-30369	24	5	to	to	PART
cjfa-30369	24	6	address	address	VERB
cjfa-30369	24	7	this	this	DET
cjfa-30369	24	8	issue	issue	NOUN
cjfa-30369	24	9	,	,	PUNCT
cjfa-30369	24	10	various	various	ADJ
cjfa-30369	24	11	econometric	econometric	ADJ
cjfa-30369	24	12	models	model	NOUN
cjfa-30369	24	13	like	like	ADP
cjfa-30369	24	14	garch	garch	NOUN
cjfa-30369	24	15	,	,	PUNCT
cjfa-30369	24	16	egarch	egarch	PROPN
cjfa-30369	24	17	,	,	PUNCT
cjfa-30369	24	18	bgarch	bgarch	NOUN
cjfa-30369	24	19	,	,	PUNCT
cjfa-30369	24	20	etc	etc	X
cjfa-30369	24	21	,	,	PUNCT
cjfa-30369	24	22	have	have	AUX
cjfa-30369	24	23	been	be	AUX
cjfa-30369	24	24	proposed	propose	VERB
cjfa-30369	24	25	in	in	ADP
cjfa-30369	24	26	literature	literature	NOUN
cjfa-30369	24	27	which	which	PRON
cjfa-30369	24	28	helps	help	VERB
cjfa-30369	24	29	in	in	ADP
cjfa-30369	24	30	estimating	estimate	VERB
cjfa-30369	24	31	time	time	NOUN
cjfa-30369	24	32	-	-	PUNCT
cjfa-30369	24	33	varying	vary	VERB
cjfa-30369	24	34	hedge	hedge	NOUN
cjfa-30369	24	35	ratios	ratio	NOUN
cjfa-30369	24	36	.	.	PUNCT
cjfa-30369	25	1	henceforth	henceforth	ADV
cjfa-30369	25	2	,	,	PUNCT
cjfa-30369	25	3	voluminous	voluminous	ADJ
cjfa-30369	25	4	literature	literature	NOUN
cjfa-30369	25	5	(	(	PUNCT
cjfa-30369	25	6	park	park	NOUN
cjfa-30369	25	7	&	&	CCONJ
cjfa-30369	25	8	switzer	switzer	PROPN
cjfa-30369	25	9	,	,	PUNCT
cjfa-30369	25	10	1995	1995	NUM
cjfa-30369	25	11	;	;	PUNCT
cjfa-30369	25	12	lypny	lypny	NOUN
cjfa-30369	25	13	&	&	CCONJ
cjfa-30369	25	14	powalla	powalla	PROPN
cjfa-30369	25	15	,	,	PUNCT
cjfa-30369	25	16	1998	1998	NUM
cjfa-30369	25	17	;	;	PUNCT
cjfa-30369	25	18	yang	yang	PROPN
cjfa-30369	25	19	&	&	CCONJ
cjfa-30369	25	20	allen	allen	PROPN
cjfa-30369	25	21	,	,	PUNCT
cjfa-30369	25	22	2004	2004	NUM
cjfa-30369	25	23	;	;	PUNCT
cjfa-30369	25	24	floros	floros	PROPN
cjfa-30369	25	25	&	&	CCONJ
cjfa-30369	25	26	vougas	vougas	NOUN
cjfa-30369	25	27	,	,	PUNCT
cjfa-30369	25	28	2006	2006	NUM
cjfa-30369	25	29	;	;	PUNCT
cjfa-30369	25	30	bhaduri	bhaduri	PROPN
cjfa-30369	25	31	&	&	CCONJ
cjfa-30369	25	32	durai	durai	PROPN
cjfa-30369	25	33	,	,	PUNCT
cjfa-30369	25	34	2008	2008	NUM
cjfa-30369	25	35	;	;	PUNCT
cjfa-30369	25	36	lee	lee	PROPN
cjfa-30369	25	37	&	&	CCONJ
cjfa-30369	25	38	yoder	yoder	PROPN
cjfa-30369	25	39	,	,	PUNCT
cjfa-30369	25	40	2007	2007	NUM
cjfa-30369	25	41	;	;	PUNCT
cjfa-30369	25	42	yang	yang	PROPN
cjfa-30369	25	43	&	&	CCONJ
cjfa-30369	25	44	lai	lai	PROPN
cjfa-30369	25	45	,	,	PUNCT
cjfa-30369	25	46	2009	2009	NUM
cjfa-30369	25	47	and	and	CCONJ
cjfa-30369	25	48	hou	hou	PROPN
cjfa-30369	25	49	&	&	CCONJ
cjfa-30369	25	50	li	li	PROPN
cjfa-30369	25	51	,	,	PUNCT
cjfa-30369	25	52	2013	2013	NUM
cjfa-30369	25	53	)	)	PUNCT
cjfa-30369	25	54	has	have	AUX
cjfa-30369	25	55	appreciated	appreciate	VERB
cjfa-30369	25	56	time	time	NOUN
cjfa-30369	25	57	-	-	PUNCT
cjfa-30369	25	58	varying	vary	VERB
cjfa-30369	25	59	hedge	hedge	NOUN
cjfa-30369	25	60	ratios	ratio	NOUN
cjfa-30369	25	61	over	over	ADP
cjfa-30369	25	62	constant	constant	ADJ
cjfa-30369	25	63	hedge	hedge	NOUN
cjfa-30369	25	64	ratios	ratio	NOUN
cjfa-30369	25	65	.	.	PUNCT
cjfa-30369	26	1	numerous	numerous	ADJ
cjfa-30369	26	2	studies	study	NOUN
cjfa-30369	26	3	claim	claim	VERB
cjfa-30369	26	4	superior	superior	ADJ
cjfa-30369	26	5	performance	performance	NOUN
cjfa-30369	26	6	of	of	ADP
cjfa-30369	26	7	time	time	NOUN
cjfa-30369	26	8	-	-	PUNCT
cjfa-30369	26	9	varying	vary	VERB
cjfa-30369	26	10	hedge	hedge	NOUN
cjfa-30369	26	11	ratios	ratio	NOUN
cjfa-30369	26	12	over	over	ADP
cjfa-30369	26	13	constant	constant	ADJ
cjfa-30369	26	14	hedge	hedge	NOUN
cjfa-30369	26	15	ratios	ratio	NOUN
cjfa-30369	26	16	.	.	PUNCT
cjfa-30369	27	1	however	however	ADV
cjfa-30369	27	2	,	,	PUNCT
cjfa-30369	27	3	despite	despite	SCONJ
cjfa-30369	27	4	a	a	DET
cjfa-30369	27	5	significant	significant	ADJ
cjfa-30369	27	6	advancement	advancement	NOUN
cjfa-30369	27	7	in	in	ADP
cjfa-30369	27	8	econometrics	econometric	NOUN
cjfa-30369	27	9	,	,	PUNCT
cjfa-30369	27	10	a	a	DET
cjfa-30369	27	11	strand	strand	NOUN
cjfa-30369	27	12	of	of	ADP
cjfa-30369	27	13	literature	literature	NOUN
cjfa-30369	27	14	observes	observe	VERB
cjfa-30369	27	15	that	that	SCONJ
cjfa-30369	27	16	constant	constant	ADJ
cjfa-30369	27	17	hedge	hedge	NOUN
cjfa-30369	27	18	ratios	ratio	NOUN
cjfa-30369	27	19	still	still	ADV
cjfa-30369	27	20	dominate	dominate	VERB
cjfa-30369	27	21	time	time	NOUN
cjfa-30369	27	22	-	-	PUNCT
cjfa-30369	27	23	varying	vary	VERB
cjfa-30369	27	24	hedge	hedge	NOUN
cjfa-30369	27	25	ratios	ratio	NOUN
cjfa-30369	27	26	and	and	CCONJ
cjfa-30369	27	27	therefore	therefore	ADV
cjfa-30369	27	28	,	,	PUNCT
cjfa-30369	27	29	argues	argue	VERB
cjfa-30369	27	30	that	that	SCONJ
cjfa-30369	27	31	econometric	econometric	ADJ
cjfa-30369	27	32	sophistication	sophistication	NOUN
cjfa-30369	27	33	does	do	AUX
cjfa-30369	27	34	not	not	PART
cjfa-30369	27	35	help	help	VERB
cjfa-30369	27	36	to	to	PART
cjfa-30369	27	37	improve	improve	VERB
cjfa-30369	27	38	hedging	hedging	NOUN
cjfa-30369	27	39	effectiveness	effectiveness	NOUN
cjfa-30369	27	40	(	(	PUNCT
cjfa-30369	27	41	maharaj	maharaj	PROPN
cjfa-30369	27	42	,	,	PUNCT
cjfa-30369	27	43	moosa	moosa	PROPN
cjfa-30369	27	44	,	,	PUNCT
cjfa-30369	27	45	dark	dark	PROPN
cjfa-30369	27	46	&	&	CCONJ
cjfa-30369	27	47	silvapulle	silvapulle	NOUN
cjfa-30369	27	48	,	,	PUNCT
cjfa-30369	27	49	2008	2008	NUM
cjfa-30369	27	50	;	;	PUNCT
cjfa-30369	27	51	gupta	gupta	PROPN
cjfa-30369	27	52	&	&	CCONJ
cjfa-30369	27	53	singh	singh	PROPN
cjfa-30369	27	54	,	,	PUNCT
cjfa-30369	27	55	2009	2009	NUM
cjfa-30369	27	56	;	;	PUNCT
cjfa-30369	27	57	wang	wang	PROPN
cjfa-30369	27	58	et	et	PROPN
cjfa-30369	27	59	al	al	PROPN
cjfa-30369	27	60	.	.	PROPN
cjfa-30369	27	61	,	,	PUNCT
cjfa-30369	27	62	2015	2015	NUM
cjfa-30369	27	63	)	)	PUNCT
cjfa-30369	27	64	.	.	PUNCT
cjfa-30369	28	1	especially	especially	ADV
cjfa-30369	28	2	,	,	PUNCT
cjfa-30369	28	3	the	the	DET
cjfa-30369	28	4	superiority	superiority	NOUN
cjfa-30369	28	5	of	of	ADP
cjfa-30369	28	6	ederington	ederington	NOUN
cjfa-30369	28	7	’s	’s	PART
cjfa-30369	28	8	ols	ols	PROPN
cjfa-30369	28	9	hedge	hedge	PROPN
cjfa-30369	28	10	ratio	ratio	NOUN
cjfa-30369	28	11	over	over	ADP
cjfa-30369	28	12	time	time	NOUN
cjfa-30369	28	13	-	-	PUNCT
cjfa-30369	28	14	varying	vary	VERB
cjfa-30369	28	15	hedge	hedge	NOUN
cjfa-30369	28	16	ratio	ratio	NOUN
cjfa-30369	28	17	is	be	AUX
cjfa-30369	28	18	estimating	estimate	VERB
cjfa-30369	28	19	hedging	hedging	NOUN
cjfa-30369	28	20	effectiveness	effectiveness	NOUN
cjfa-30369	28	21	using	use	VERB
cjfa-30369	28	22	variance	variance	NOUN
cjfa-30369	28	23	reduction	reduction	NOUN
cjfa-30369	28	24	…	…	PUNCT
cjfa-30369	28	25	151	151	NUM
cjfa-30369	28	26	prominent	prominent	ADJ
cjfa-30369	28	27	in	in	ADP
cjfa-30369	28	28	the	the	DET
cjfa-30369	28	29	literature	literature	NOUN
cjfa-30369	28	30	(	(	PUNCT
cjfa-30369	28	31	lien	lien	PROPN
cjfa-30369	28	32	,	,	PUNCT
cjfa-30369	28	33	tse	tse	PROPN
cjfa-30369	28	34	&	&	CCONJ
cjfa-30369	28	35	tsui	tsui	PROPN
cjfa-30369	28	36	,	,	PUNCT
cjfa-30369	28	37	2002	2002	NUM
cjfa-30369	28	38	;	;	PUNCT
cjfa-30369	28	39	lien	lien	NOUN
cjfa-30369	28	40	,	,	PUNCT
cjfa-30369	28	41	2005	2005	NUM
cjfa-30369	28	42	;	;	PUNCT
cjfa-30369	28	43	maharaj	maharaj	PROPN
cjfa-30369	28	44	et	et	PROPN
cjfa-30369	28	45	al	al	PROPN
cjfa-30369	28	46	.	.	PROPN
cjfa-30369	28	47	,	,	PUNCT
cjfa-30369	28	48	2008	2008	NUM
cjfa-30369	28	49	;	;	PUNCT
cjfa-30369	28	50	awang	awang	PROPN
cjfa-30369	28	51	,	,	PUNCT
cjfa-30369	28	52	azizan	azizan	PROPN
cjfa-30369	28	53	,	,	PUNCT
cjfa-30369	28	54	ibrahim	ibrahim	PROPN
cjfa-30369	28	55	&	&	CCONJ
cjfa-30369	28	56	said	say	VERB
cjfa-30369	28	57	,	,	PUNCT
cjfa-30369	28	58	2014	2014	NUM
cjfa-30369	28	59	)	)	PUNCT
cjfa-30369	28	60	.	.	PUNCT
cjfa-30369	29	1	furthermore	furthermore	ADV
cjfa-30369	29	2	,	,	PUNCT
cjfa-30369	29	3	ederington	ederington	NOUN
cjfa-30369	29	4	(	(	PUNCT
cjfa-30369	29	5	1979	1979	NUM
cjfa-30369	29	6	)	)	PUNCT
cjfa-30369	29	7	suggests	suggest	VERB
cjfa-30369	29	8	a	a	DET
cjfa-30369	29	9	measure	measure	NOUN
cjfa-30369	29	10	of	of	ADP
cjfa-30369	29	11	hedging	hedging	NOUN
cjfa-30369	29	12	effectiveness	effectiveness	NOUN
cjfa-30369	29	13	,	,	PUNCT
cjfa-30369	29	14	based	base	VERB
cjfa-30369	29	15	upon	upon	SCONJ
cjfa-30369	29	16	portfolio	portfolio	NOUN
cjfa-30369	29	17	theory	theory	NOUN
cjfa-30369	29	18	approach	approach	NOUN
cjfa-30369	29	19	to	to	ADP
cjfa-30369	29	20	hedging	hedging	NOUN
cjfa-30369	29	21	proposed	propose	VERB
cjfa-30369	29	22	by	by	ADP
cjfa-30369	29	23	johnson	johnson	PROPN
cjfa-30369	29	24	(	(	PUNCT
cjfa-30369	29	25	1960	1960	NUM
cjfa-30369	29	26	)	)	PUNCT
cjfa-30369	29	27	and	and	CCONJ
cjfa-30369	29	28	stein	stein	PROPN
cjfa-30369	29	29	(	(	PUNCT
cjfa-30369	29	30	1961	1961	NUM
cjfa-30369	29	31	)	)	PUNCT
cjfa-30369	29	32	.	.	PUNCT
cjfa-30369	30	1	according	accord	VERB
cjfa-30369	30	2	to	to	ADP
cjfa-30369	30	3	this	this	DET
cjfa-30369	30	4	approach	approach	NOUN
cjfa-30369	30	5	,	,	PUNCT
cjfa-30369	30	6	hedging	hedging	NOUN
cjfa-30369	30	7	effectiveness	effectiveness	NOUN
cjfa-30369	30	8	is	be	AUX
cjfa-30369	30	9	measured	measure	VERB
cjfa-30369	30	10	as	as	ADP
cjfa-30369	30	11	proportionate	proportionate	ADJ
cjfa-30369	30	12	reduction	reduction	NOUN
cjfa-30369	30	13	in	in	ADP
cjfa-30369	30	14	standard	standard	ADJ
cjfa-30369	30	15	deviation	deviation	NOUN
cjfa-30369	30	16	of	of	ADP
cjfa-30369	30	17	returns	return	NOUN
cjfa-30369	30	18	from	from	ADP
cjfa-30369	30	19	hedged	hedge	VERB
cjfa-30369	30	20	portfolio	portfolio	NOUN
cjfa-30369	30	21	.	.	PUNCT
cjfa-30369	31	1	ederington	ederington	PROPN
cjfa-30369	31	2	’s	’s	PART
cjfa-30369	31	3	measure	measure	NOUN
cjfa-30369	31	4	of	of	ADP
cjfa-30369	31	5	hedging	hedging	NOUN
cjfa-30369	31	6	effectiveness	effectiveness	NOUN
cjfa-30369	31	7	has	have	AUX
cjfa-30369	31	8	been	be	AUX
cjfa-30369	31	9	widely	widely	ADV
cjfa-30369	31	10	appreciated	appreciate	VERB
cjfa-30369	31	11	in	in	ADP
cjfa-30369	31	12	the	the	DET
cjfa-30369	31	13	literature	literature	NOUN
cjfa-30369	31	14	(	(	PUNCT
cjfa-30369	31	15	see	see	VERB
cjfa-30369	31	16	park	park	NOUN
cjfa-30369	31	17	&	&	CCONJ
cjfa-30369	31	18	switzer	switzer	PROPN
cjfa-30369	31	19	,	,	PUNCT
cjfa-30369	31	20	1995	1995	NUM
cjfa-30369	31	21	;	;	PUNCT
cjfa-30369	31	22	holmes	holme	NOUN
cjfa-30369	31	23	,	,	PUNCT
cjfa-30369	31	24	1995	1995	NUM
cjfa-30369	31	25	;	;	PUNCT
cjfa-30369	31	26	floros	floros	PROPN
cjfa-30369	31	27	&	&	CCONJ
cjfa-30369	31	28	vougas	vougas	NOUN
cjfa-30369	31	29	,	,	PUNCT
cjfa-30369	31	30	2006	2006	NUM
cjfa-30369	31	31	;	;	PUNCT
cjfa-30369	31	32	bhargava	bhargava	PROPN
cjfa-30369	31	33	&	&	CCONJ
cjfa-30369	31	34	malhotra	malhotra	PROPN
cjfa-30369	31	35	,	,	PUNCT
cjfa-30369	31	36	2007	2007	NUM
cjfa-30369	31	37	;	;	PUNCT
cjfa-30369	31	38	pradhan	pradhan	PROPN
cjfa-30369	31	39	,	,	PUNCT
cjfa-30369	31	40	2011	2011	NUM
cjfa-30369	31	41	;	;	PUNCT
cjfa-30369	31	42	hou	hou	PROPN
cjfa-30369	31	43	&	&	CCONJ
cjfa-30369	31	44	li	li	PROPN
cjfa-30369	31	45	,	,	PUNCT
cjfa-30369	31	46	2013	2013	NUM
cjfa-30369	31	47	)	)	PUNCT
cjfa-30369	31	48	mainly	mainly	ADV
cjfa-30369	31	49	due	due	ADP
cjfa-30369	31	50	to	to	ADP
cjfa-30369	31	51	its	its	PRON
cjfa-30369	31	52	simplicity	simplicity	NOUN
cjfa-30369	31	53	to	to	PART
cjfa-30369	31	54	compute	compute	VERB
cjfa-30369	31	55	and	and	CCONJ
cjfa-30369	31	56	understand	understand	VERB
cjfa-30369	31	57	.	.	PUNCT
cjfa-30369	32	1	furthermore	furthermore	ADV
cjfa-30369	32	2	,	,	PUNCT
cjfa-30369	32	3	despite	despite	SCONJ
cjfa-30369	32	4	huge	huge	ADJ
cjfa-30369	32	5	popularity	popularity	NOUN
cjfa-30369	32	6	of	of	ADP
cjfa-30369	32	7	ederington	ederington	NOUN
cjfa-30369	32	8	’s	’s	PART
cjfa-30369	32	9	measure	measure	NOUN
cjfa-30369	32	10	of	of	ADP
cjfa-30369	32	11	hedging	hedging	NOUN
cjfa-30369	32	12	effectiveness	effectiveness	NOUN
cjfa-30369	32	13	,	,	PUNCT
cjfa-30369	32	14	a	a	DET
cjfa-30369	32	15	strand	strand	NOUN
cjfa-30369	32	16	of	of	ADP
cjfa-30369	32	17	literature	literature	NOUN
cjfa-30369	32	18	criticizes	criticize	VERB
cjfa-30369	32	19	it	it	PRON
cjfa-30369	32	20	on	on	ADP
cjfa-30369	32	21	the	the	DET
cjfa-30369	32	22	ground	ground	NOUN
cjfa-30369	32	23	that	that	SCONJ
cjfa-30369	32	24	it	it	PRON
cjfa-30369	32	25	focuses	focus	VERB
cjfa-30369	32	26	solely	solely	ADV
cjfa-30369	32	27	on	on	ADP
cjfa-30369	32	28	variance	variance	NOUN
cjfa-30369	32	29	reduction	reduction	NOUN
cjfa-30369	32	30	and	and	CCONJ
cjfa-30369	32	31	ignores	ignore	VERB
cjfa-30369	32	32	any	any	DET
cjfa-30369	32	33	changes	change	NOUN
cjfa-30369	32	34	in	in	ADP
cjfa-30369	32	35	portfolio	portfolio	NOUN
cjfa-30369	32	36	returns	return	NOUN
cjfa-30369	32	37	.	.	PUNCT
cjfa-30369	33	1	in	in	ADP
cjfa-30369	33	2	other	other	ADJ
cjfa-30369	33	3	words	word	NOUN
cjfa-30369	33	4	,	,	PUNCT
cjfa-30369	33	5	hedging	hedging	NOUN
cjfa-30369	33	6	is	be	AUX
cjfa-30369	33	7	viewed	view	VERB
cjfa-30369	33	8	as	as	ADP
cjfa-30369	33	9	comprising	comprising	NOUN
cjfa-30369	33	10	of	of	ADP
cjfa-30369	33	11	minimization	minimization	NOUN
cjfa-30369	33	12	of	of	ADP
cjfa-30369	33	13	risk	risk	NOUN
cjfa-30369	33	14	only	only	ADV
cjfa-30369	33	15	,	,	PUNCT
cjfa-30369	33	16	whereas	whereas	SCONJ
cjfa-30369	33	17	,	,	PUNCT
cjfa-30369	33	18	on	on	ADP
cjfa-30369	33	19	the	the	DET
cjfa-30369	33	20	contrary	contrary	NOUN
cjfa-30369	33	21	,	,	PUNCT
cjfa-30369	33	22	brailsford	brailsford	PROPN
cjfa-30369	33	23	,	,	PUNCT
cjfa-30369	33	24	corrigan	corrigan	NOUN
cjfa-30369	33	25	and	and	CCONJ
cjfa-30369	33	26	heaney	heaney	PROPN
cjfa-30369	33	27	(	(	PUNCT
cjfa-30369	33	28	2001	2001	NUM
cjfa-30369	33	29	)	)	PUNCT
cjfa-30369	33	30	suggests	suggest	VERB
cjfa-30369	33	31	that	that	SCONJ
cjfa-30369	33	32	hedging	hedging	NOUN
cjfa-30369	33	33	should	should	AUX
cjfa-30369	33	34	comprise	comprise	VERB
cjfa-30369	33	35	of	of	ADP
cjfa-30369	33	36	both	both	DET
cjfa-30369	33	37	risk	risk	NOUN
cjfa-30369	33	38	reduction	reduction	NOUN
cjfa-30369	33	39	as	as	ADV
cjfa-30369	33	40	well	well	ADV
cjfa-30369	33	41	as	as	ADP
cjfa-30369	33	42	return	return	VERB
cjfa-30369	33	43	maximization	maximization	NOUN
cjfa-30369	33	44	.	.	PUNCT
cjfa-30369	34	1	therefore	therefore	ADV
cjfa-30369	34	2	,	,	PUNCT
cjfa-30369	34	3	in	in	ADP
cjfa-30369	34	4	order	order	NOUN
cjfa-30369	34	5	to	to	PART
cjfa-30369	34	6	overcome	overcome	VERB
cjfa-30369	34	7	this	this	DET
cjfa-30369	34	8	limitation	limitation	NOUN
cjfa-30369	34	9	,	,	PUNCT
cjfa-30369	34	10	few	few	ADJ
cjfa-30369	34	11	models	model	NOUN
cjfa-30369	34	12	have	have	AUX
cjfa-30369	34	13	been	be	AUX
cjfa-30369	34	14	proposed	propose	VERB
cjfa-30369	34	15	in	in	ADP
cjfa-30369	34	16	the	the	DET
cjfa-30369	34	17	literature	literature	NOUN
cjfa-30369	34	18	(	(	PUNCT
cjfa-30369	34	19	see	see	PROPN
cjfa-30369	34	20	,	,	PUNCT
cjfa-30369	34	21	howard	howard	PROPN
cjfa-30369	34	22	&	&	CCONJ
cjfa-30369	34	23	d’antonio	d’antonio	PROPN
cjfa-30369	34	24	,	,	PUNCT
cjfa-30369	34	25	1984	1984	NUM
cjfa-30369	34	26	;	;	PUNCT
cjfa-30369	34	27	lindahl	lindahl	NOUN
cjfa-30369	34	28	,	,	PUNCT
cjfa-30369	34	29	1991	1991	NUM
cjfa-30369	34	30	,	,	PUNCT
cjfa-30369	34	31	etc	etc	X
cjfa-30369	34	32	.	.	X
cjfa-30369	34	33	)	)	PUNCT
cjfa-30369	34	34	.	.	PUNCT
cjfa-30369	35	1	these	these	DET
cjfa-30369	35	2	models	model	NOUN
cjfa-30369	35	3	take	take	VERB
cjfa-30369	35	4	into	into	ADP
cjfa-30369	35	5	consideration	consideration	NOUN
cjfa-30369	35	6	changes	change	NOUN
cjfa-30369	35	7	in	in	ADP
cjfa-30369	35	8	expected	expect	VERB
cjfa-30369	35	9	return	return	NOUN
cjfa-30369	35	10	on	on	ADP
cjfa-30369	35	11	hedged	hedge	VERB
cjfa-30369	35	12	portfolio	portfolio	NOUN
cjfa-30369	35	13	in	in	ADP
cjfa-30369	35	14	addition	addition	NOUN
cjfa-30369	35	15	to	to	ADP
cjfa-30369	35	16	risk	risk	NOUN
cjfa-30369	35	17	minimization	minimization	NOUN
cjfa-30369	35	18	.	.	PUNCT
cjfa-30369	36	1	for	for	ADP
cjfa-30369	36	2	,	,	PUNCT
cjfa-30369	36	3	instance	instance	NOUN
cjfa-30369	36	4	,	,	PUNCT
cjfa-30369	36	5	howard	howard	PROPN
cjfa-30369	36	6	and	and	CCONJ
cjfa-30369	36	7	d’antonio	d’antonio	PROPN
cjfa-30369	36	8	(	(	PUNCT
cjfa-30369	36	9	1984	1984	NUM
cjfa-30369	36	10	)	)	PUNCT
cjfa-30369	36	11	suggested	suggest	VERB
cjfa-30369	36	12	a	a	DET
cjfa-30369	36	13	risk	risk	NOUN
cjfa-30369	36	14	-	-	PUNCT
cjfa-30369	36	15	return	return	NOUN
cjfa-30369	36	16	measure	measure	NOUN
cjfa-30369	36	17	of	of	ADP
cjfa-30369	36	18	hedging	hedging	NOUN
cjfa-30369	36	19	effectiveness	effectiveness	NOUN
cjfa-30369	36	20	which	which	PRON
cjfa-30369	36	21	is	be	AUX
cjfa-30369	36	22	further	far	ADV
cjfa-30369	36	23	elaborated	elaborate	VERB
cjfa-30369	36	24	.	.	PUNCT
cjfa-30369	37	1	apart	apart	ADV
cjfa-30369	37	2	from	from	ADP
cjfa-30369	37	3	the	the	DET
cjfa-30369	37	4	above	above	ADJ
cjfa-30369	37	5	discussed	discuss	VERB
cjfa-30369	37	6	issues	issue	NOUN
cjfa-30369	37	7	on	on	ADP
cjfa-30369	37	8	optimal	optimal	ADJ
cjfa-30369	37	9	hedge	hedge	NOUN
cjfa-30369	37	10	ratio	ratio	NOUN
cjfa-30369	37	11	and	and	CCONJ
cjfa-30369	37	12	hedging	hedging	NOUN
cjfa-30369	37	13	effectiveness	effectiveness	NOUN
cjfa-30369	37	14	,	,	PUNCT
cjfa-30369	37	15	it	it	PRON
cjfa-30369	37	16	is	be	AUX
cjfa-30369	37	17	observed	observe	VERB
cjfa-30369	37	18	that	that	SCONJ
cjfa-30369	37	19	futures	future	NOUN
cjfa-30369	37	20	trading	trading	NOUN
cjfa-30369	37	21	is	be	AUX
cjfa-30369	37	22	not	not	PART
cjfa-30369	37	23	only	only	ADV
cjfa-30369	37	24	popular	popular	ADJ
cjfa-30369	37	25	in	in	ADP
cjfa-30369	37	26	developed	develop	VERB
cjfa-30369	37	27	markets	market	NOUN
cjfa-30369	37	28	of	of	ADP
cjfa-30369	37	29	the	the	DET
cjfa-30369	37	30	world	world	NOUN
cjfa-30369	37	31	,	,	PUNCT
cjfa-30369	37	32	but	but	CCONJ
cjfa-30369	37	33	is	be	AUX
cjfa-30369	37	34	equally	equally	ADV
cjfa-30369	37	35	popular	popular	ADJ
cjfa-30369	37	36	in	in	ADP
cjfa-30369	37	37	emerging	emerge	VERB
cjfa-30369	37	38	markets	market	NOUN
cjfa-30369	37	39	like	like	ADP
cjfa-30369	37	40	india	india	PROPN
cjfa-30369	37	41	.	.	PUNCT
cjfa-30369	38	1	it	it	PRON
cjfa-30369	38	2	is	be	AUX
cjfa-30369	38	3	quite	quite	ADV
cjfa-30369	38	4	evident	evident	ADJ
cjfa-30369	38	5	from	from	ADP
cjfa-30369	38	6	the	the	DET
cjfa-30369	38	7	fact	fact	NOUN
cjfa-30369	38	8	that	that	SCONJ
cjfa-30369	38	9	indian	indian	ADJ
cjfa-30369	38	10	equity	equity	NOUN
cjfa-30369	38	11	futures	future	NOUN
cjfa-30369	38	12	market	market	NOUN
cjfa-30369	38	13	consistently	consistently	ADV
cjfa-30369	38	14	ranks	rank	VERB
cjfa-30369	38	15	amongst	amongst	ADP
cjfa-30369	38	16	the	the	DET
cjfa-30369	38	17	top	top	ADJ
cjfa-30369	38	18	five	five	NUM
cjfa-30369	38	19	markets	market	NOUN
cjfa-30369	38	20	of	of	ADP
cjfa-30369	38	21	the	the	DET
cjfa-30369	38	22	world	world	NOUN
cjfa-30369	38	23	for	for	ADP
cjfa-30369	38	24	the	the	DET
cjfa-30369	38	25	last	last	ADJ
cjfa-30369	38	26	decade	decade	NOUN
cjfa-30369	38	27	.	.	PUNCT
cjfa-30369	39	1	however	however	ADV
cjfa-30369	39	2	,	,	PUNCT
cjfa-30369	39	3	to	to	ADP
cjfa-30369	39	4	the	the	DET
cjfa-30369	39	5	best	good	ADJ
cjfa-30369	39	6	of	of	ADP
cjfa-30369	39	7	our	our	PRON
cjfa-30369	39	8	knowledge	knowledge	NOUN
cjfa-30369	39	9	,	,	PUNCT
cjfa-30369	39	10	in	in	ADP
cjfa-30369	39	11	indian	indian	ADJ
cjfa-30369	39	12	context	context	NOUN
cjfa-30369	39	13	only	only	ADV
cjfa-30369	39	14	few	few	ADJ
cjfa-30369	39	15	attempts	attempt	NOUN
cjfa-30369	39	16	have	have	AUX
cjfa-30369	39	17	been	be	AUX
cjfa-30369	39	18	made	make	VERB
cjfa-30369	39	19	to	to	PART
cjfa-30369	39	20	examine	examine	VERB
cjfa-30369	39	21	hedging	hedging	NOUN
cjfa-30369	39	22	effectiveness	effectiveness	NOUN
cjfa-30369	39	23	(	(	PUNCT
cjfa-30369	39	24	bhaduri	bhaduri	PROPN
cjfa-30369	39	25	&	&	CCONJ
cjfa-30369	39	26	durai	durai	PROPN
cjfa-30369	39	27	,	,	PUNCT
cjfa-30369	39	28	2008	2008	NUM
cjfa-30369	39	29	;	;	PUNCT
cjfa-30369	39	30	gupta	gupta	PROPN
cjfa-30369	39	31	&	&	CCONJ
cjfa-30369	39	32	singh	singh	PROPN
cjfa-30369	39	33	,	,	PUNCT
cjfa-30369	39	34	2009	2009	NUM
cjfa-30369	39	35	;	;	PUNCT
cjfa-30369	39	36	pradhan	pradhan	PROPN
cjfa-30369	39	37	,	,	PUNCT
cjfa-30369	39	38	2011	2011	NUM
cjfa-30369	39	39	;	;	PUNCT
cjfa-30369	39	40	haq	haq	PROPN
cjfa-30369	39	41	&	&	CCONJ
cjfa-30369	39	42	rao	rao	PROPN
cjfa-30369	39	43	,	,	PUNCT
cjfa-30369	39	44	2013	2013	NUM
cjfa-30369	39	45	;	;	PUNCT
cjfa-30369	39	46	ghosh	ghosh	PROPN
cjfa-30369	39	47	,	,	PUNCT
cjfa-30369	39	48	dey	dey	PROPN
cjfa-30369	39	49	,	,	PUNCT
cjfa-30369	39	50	moulvi	moulvi	NOUN
cjfa-30369	39	51	,	,	PUNCT
cjfa-30369	39	52	jain	jain	PROPN
cjfa-30369	39	53	,	,	PUNCT
cjfa-30369	39	54	sinha	sinha	PROPN
cjfa-30369	39	55	&	&	CCONJ
cjfa-30369	39	56	rachuri	rachuri	PROPN
cjfa-30369	39	57	,	,	PUNCT
cjfa-30369	39	58	2013	2013	NUM
cjfa-30369	39	59	;	;	PUNCT
cjfa-30369	39	60	malhotra	malhotra	PROPN
cjfa-30369	39	61	,	,	PUNCT
cjfa-30369	39	62	2015	2015	NUM
cjfa-30369	39	63	;	;	PUNCT
cjfa-30369	39	64	kaur	kaur	PROPN
cjfa-30369	39	65	&	&	CCONJ
cjfa-30369	39	66	gupta	gupta	PROPN
cjfa-30369	39	67	,	,	PUNCT
cjfa-30369	39	68	2018	2018	NUM
cjfa-30369	39	69	and	and	CCONJ
cjfa-30369	39	70	kumar	kumar	PROPN
cjfa-30369	39	71	&	&	CCONJ
cjfa-30369	39	72	bose	bose	PROPN
cjfa-30369	39	73	,	,	PUNCT
cjfa-30369	39	74	2019	2019	NUM
cjfa-30369	39	75	)	)	PUNCT
cjfa-30369	39	76	.	.	PUNCT
cjfa-30369	40	1	these	these	DET
cjfa-30369	40	2	studies	study	NOUN
cjfa-30369	40	3	have	have	AUX
cjfa-30369	40	4	primarily	primarily	ADV
cjfa-30369	40	5	focused	focus	VERB
cjfa-30369	40	6	on	on	ADP
cjfa-30369	40	7	examining	examine	VERB
cjfa-30369	40	8	a	a	DET
cjfa-30369	40	9	superior	superior	ADJ
cjfa-30369	40	10	methodology	methodology	NOUN
cjfa-30369	40	11	for	for	ADP
cjfa-30369	40	12	determining	determine	VERB
cjfa-30369	40	13	optimal	optimal	ADJ
cjfa-30369	40	14	hedge	hedge	NOUN
cjfa-30369	40	15	ratio	ratio	NOUN
cjfa-30369	40	16	,	,	PUNCT
cjfa-30369	40	17	using	use	VERB
cjfa-30369	40	18	variance	variance	NOUN
cjfa-30369	40	19	reduction	reduction	NOUN
cjfa-30369	40	20	framework	framework	NOUN
cjfa-30369	40	21	as	as	ADP
cjfa-30369	40	22	a	a	DET
cjfa-30369	40	23	measure	measure	NOUN
cjfa-30369	40	24	for	for	ADP
cjfa-30369	40	25	examining	examine	VERB
cjfa-30369	40	26	hedging	hedging	NOUN
cjfa-30369	40	27	effectiveness	effectiveness	NOUN
cjfa-30369	40	28	.	.	PUNCT
cjfa-30369	41	1	to	to	ADP
cjfa-30369	41	2	the	the	DET
cjfa-30369	41	3	best	good	ADJ
cjfa-30369	41	4	of	of	ADP
cjfa-30369	41	5	researcher	researcher	NOUN
cjfa-30369	41	6	’s	’s	PART
cjfa-30369	41	7	knowledge	knowledge	NOUN
cjfa-30369	41	8	,	,	PUNCT
cjfa-30369	41	9	only	only	ADV
cjfa-30369	41	10	ghosh	ghosh	PROPN
cjfa-30369	41	11	et	et	PROPN
cjfa-30369	41	12	al	al	PROPN
cjfa-30369	41	13	.	.	PROPN
cjfa-30369	42	1	(	(	PUNCT
cjfa-30369	42	2	2013	2013	NUM
cjfa-30369	42	3	)	)	PUNCT
cjfa-30369	42	4	attempted	attempt	VERB
cjfa-30369	42	5	to	to	PART
cjfa-30369	42	6	examine	examine	VERB
cjfa-30369	42	7	hedging	hedging	NOUN
cjfa-30369	42	8	effectiveness	effectiveness	NOUN
cjfa-30369	42	9	in	in	ADP
cjfa-30369	42	10	a	a	DET
cjfa-30369	42	11	risk	risk	NOUN
cjfa-30369	42	12	-	-	PUNCT
cjfa-30369	42	13	return	return	NOUN
cjfa-30369	42	14	framework	framework	NOUN
cjfa-30369	42	15	in	in	ADP
cjfa-30369	42	16	commodity	commodity	NOUN
cjfa-30369	42	17	futures	future	NOUN
cjfa-30369	42	18	market	market	NOUN
cjfa-30369	42	19	.	.	PUNCT
cjfa-30369	43	1	therefore	therefore	ADV
cjfa-30369	43	2	,	,	PUNCT
cjfa-30369	43	3	in	in	ADP
cjfa-30369	43	4	order	order	NOUN
cjfa-30369	43	5	to	to	PART
cjfa-30369	43	6	plug	plug	VERB
cjfa-30369	43	7	the	the	DET
cjfa-30369	43	8	literature	literature	NOUN
cjfa-30369	43	9	gap	gap	NOUN
cjfa-30369	43	10	,	,	PUNCT
cjfa-30369	43	11	present	present	ADJ
cjfa-30369	43	12	study	study	NOUN
cjfa-30369	43	13	is	be	AUX
cjfa-30369	43	14	an	an	DET
cjfa-30369	43	15	attempt	attempt	NOUN
cjfa-30369	43	16	to	to	PART
cjfa-30369	43	17	examine	examine	VERB
cjfa-30369	43	18	mandeep	mandeep	PROPN
cjfa-30369	43	19	kaur	kaur	PROPN
cjfa-30369	43	20	,	,	PUNCT
cjfa-30369	43	21	kapil	kapil	PROPN
cjfa-30369	43	22	gupta152	gupta152	PROPN
cjfa-30369	43	23	the	the	DET
cjfa-30369	43	24	hedging	hedging	NOUN
cjfa-30369	43	25	effectiveness	effectiveness	NOUN
cjfa-30369	43	26	in	in	ADP
cjfa-30369	43	27	a	a	DET
cjfa-30369	43	28	risk	risk	NOUN
cjfa-30369	43	29	-	-	PUNCT
cjfa-30369	43	30	return	return	NOUN
cjfa-30369	43	31	framework	framework	NOUN
cjfa-30369	43	32	,	,	PUNCT
cjfa-30369	43	33	in	in	ADP
cjfa-30369	43	34	addition	addition	NOUN
cjfa-30369	43	35	to	to	ADP
cjfa-30369	43	36	estimating	estimate	VERB
cjfa-30369	43	37	optimal	optimal	ADJ
cjfa-30369	43	38	hedge	hedge	NOUN
cjfa-30369	43	39	ratios	ratio	NOUN
cjfa-30369	43	40	and	and	CCONJ
cjfa-30369	43	41	hedging	hedging	NOUN
cjfa-30369	43	42	effectiveness	effectiveness	NOUN
cjfa-30369	43	43	based	base	VERB
cjfa-30369	43	44	upon	upon	SCONJ
cjfa-30369	43	45	measure	measure	NOUN
cjfa-30369	43	46	proposed	propose	VERB
cjfa-30369	43	47	by	by	ADP
cjfa-30369	43	48	ederington	ederington	NOUN
cjfa-30369	43	49	(	(	PUNCT
cjfa-30369	43	50	1979	1979	NUM
cjfa-30369	43	51	)	)	PUNCT
cjfa-30369	43	52	.	.	PUNCT
cjfa-30369	44	1	also	also	ADV
cjfa-30369	44	2	,	,	PUNCT
cjfa-30369	44	3	an	an	DET
cjfa-30369	44	4	attempt	attempt	NOUN
cjfa-30369	44	5	has	have	AUX
cjfa-30369	44	6	been	be	AUX
cjfa-30369	44	7	made	make	VERB
cjfa-30369	44	8	to	to	PART
cjfa-30369	44	9	study	study	VERB
cjfa-30369	44	10	the	the	DET
cjfa-30369	44	11	impact	impact	NOUN
cjfa-30369	44	12	of	of	ADP
cjfa-30369	44	13	financial	financial	ADJ
cjfa-30369	44	14	crisis	crisis	NOUN
cjfa-30369	44	15	on	on	ADP
cjfa-30369	44	16	optimal	optimal	ADJ
cjfa-30369	44	17	hedge	hedge	NOUN
cjfa-30369	44	18	ratio	ratio	NOUN
cjfa-30369	44	19	and	and	CCONJ
cjfa-30369	44	20	hedging	hedging	NOUN
cjfa-30369	44	21	effectiveness	effectiveness	NOUN
cjfa-30369	44	22	.	.	PUNCT
cjfa-30369	45	1	the	the	DET
cjfa-30369	45	2	research	research	NOUN
cjfa-30369	45	3	methodology	methodology	NOUN
cjfa-30369	45	4	and	and	CCONJ
cjfa-30369	45	5	the	the	DET
cjfa-30369	45	6	course	course	NOUN
cjfa-30369	45	7	of	of	ADP
cjfa-30369	45	8	the	the	DET
cjfa-30369	45	9	research	research	NOUN
cjfa-30369	45	10	process	process	NOUN
cjfa-30369	45	11	as	as	ADV
cjfa-30369	45	12	far	far	ADV
cjfa-30369	45	13	as	as	SCONJ
cjfa-30369	45	14	present	present	ADJ
cjfa-30369	45	15	study	study	NOUN
cjfa-30369	45	16	is	be	AUX
cjfa-30369	45	17	concerned	concern	VERB
cjfa-30369	45	18	,	,	PUNCT
cjfa-30369	45	19	the	the	DET
cjfa-30369	45	20	sample	sample	NOUN
cjfa-30369	45	21	size	size	NOUN
cjfa-30369	45	22	of	of	ADP
cjfa-30369	45	23	the	the	DET
cjfa-30369	45	24	study	study	NOUN
cjfa-30369	45	25	comprises	comprise	NOUN
cjfa-30369	45	26	of	of	ADP
cjfa-30369	45	27	three	three	NUM
cjfa-30369	45	28	benchmark	benchmark	ADJ
cjfa-30369	45	29	indices	index	NOUN
cjfa-30369	45	30	of	of	ADP
cjfa-30369	45	31	nse	nse	NOUN
cjfa-30369	45	32	i.e.	i.e.	X
cjfa-30369	45	33	nifty	nifty	ADJ
cjfa-30369	45	34	,	,	PUNCT
cjfa-30369	45	35	niftyit	niftyit	NOUN
cjfa-30369	45	36	and	and	CCONJ
cjfa-30369	45	37	banknifty	banknifty	PROPN
cjfa-30369	45	38	which	which	PRON
cjfa-30369	45	39	has	have	AUX
cjfa-30369	45	40	been	be	AUX
cjfa-30369	45	41	selected	select	VERB
cjfa-30369	45	42	on	on	ADP
cjfa-30369	45	43	the	the	DET
cjfa-30369	45	44	basis	basis	NOUN
cjfa-30369	45	45	of	of	ADP
cjfa-30369	45	46	their	their	PRON
cjfa-30369	45	47	consistent	consistent	ADJ
cjfa-30369	45	48	trading	trading	NOUN
cjfa-30369	45	49	history	history	NOUN
cjfa-30369	45	50	and	and	CCONJ
cjfa-30369	45	51	high	high	ADJ
cjfa-30369	45	52	liquidity	liquidity	NOUN
cjfa-30369	45	53	.	.	PUNCT
cjfa-30369	46	1	the	the	DET
cjfa-30369	46	2	data	datum	NOUN
cjfa-30369	46	3	has	have	AUX
cjfa-30369	46	4	been	be	AUX
cjfa-30369	46	5	collected	collect	VERB
cjfa-30369	46	6	for	for	ADP
cjfa-30369	46	7	near	near	ADJ
cjfa-30369	46	8	month	month	NOUN
cjfa-30369	46	9	for	for	ADP
cjfa-30369	46	10	all	all	DET
cjfa-30369	46	11	three	three	NUM
cjfa-30369	46	12	indices	index	NOUN
cjfa-30369	46	13	comprising	comprise	VERB
cjfa-30369	46	14	sample	sample	NOUN
cjfa-30369	46	15	size	size	NOUN
cjfa-30369	46	16	of	of	ADP
cjfa-30369	46	17	study	study	NOUN
cjfa-30369	46	18	from	from	ADP
cjfa-30369	46	19	official	official	ADJ
cjfa-30369	46	20	website	website	NOUN
cjfa-30369	46	21	of	of	ADP
cjfa-30369	46	22	the	the	DET
cjfa-30369	46	23	national	national	PROPN
cjfa-30369	46	24	stock	stock	PROPN
cjfa-30369	46	25	exchange	exchange	PROPN
cjfa-30369	46	26	of	of	ADP
cjfa-30369	46	27	india	india	PROPN
cjfa-30369	46	28	(	(	PUNCT
cjfa-30369	46	29	nse	nse	NOUN
cjfa-30369	46	30	)	)	PUNCT
cjfa-30369	46	31	i.e.	i.e.	X
cjfa-30369	46	32	www.nseindia.com	www.nseindia.com	X
cjfa-30369	46	33	.	.	PUNCT
cjfa-30369	47	1	the	the	DET
cjfa-30369	47	2	period	period	NOUN
cjfa-30369	47	3	of	of	ADP
cjfa-30369	47	4	the	the	DET
cjfa-30369	47	5	study	study	NOUN
cjfa-30369	47	6	is	be	AUX
cjfa-30369	47	7	from	from	ADP
cjfa-30369	47	8	inception	inception	ADJ
cjfa-30369	47	9	date	date	NOUN
cjfa-30369	47	10	of	of	ADP
cjfa-30369	47	11	respective	respective	ADJ
cjfa-30369	47	12	indices	index	NOUN
cjfa-30369	47	13	till	till	SCONJ
cjfa-30369	47	14	march	march	PROPN
cjfa-30369	47	15	31	31	NUM
cjfa-30369	47	16	,	,	PUNCT
cjfa-30369	47	17	2016	2016	NUM
cjfa-30369	47	18	as	as	SCONJ
cjfa-30369	47	19	presented	present	VERB
cjfa-30369	47	20	below	below	ADP
cjfa-30369	47	21	:	:	PUNCT
cjfa-30369	47	22	table	table	NOUN
cjfa-30369	47	23	1	1	NUM
cjfa-30369	47	24	.	.	PUNCT
cjfa-30369	47	25	sample	sample	NOUN
cjfa-30369	47	26	size	size	NOUN
cjfa-30369	47	27	and	and	CCONJ
cjfa-30369	47	28	sample	sample	NOUN
cjfa-30369	47	29	period	period	NOUN
cjfa-30369	47	30	of	of	ADP
cjfa-30369	47	31	study	study	NOUN
cjfa-30369	47	32	symbol	symbol	NOUN
cjfa-30369	47	33	period	period	NOUN
cjfa-30369	47	34	of	of	ADP
cjfa-30369	47	35	study	study	NOUN
cjfa-30369	47	36	number	number	NOUN
cjfa-30369	47	37	of	of	ADP
cjfa-30369	47	38	observations	observation	NOUN
cjfa-30369	47	39	total	total	VERB
cjfa-30369	47	40	pre	pre	ADJ
cjfa-30369	47	41	-	-	NOUN
cjfa-30369	47	42	crisis	crisis	ADJ
cjfa-30369	47	43	post	post	ADJ
cjfa-30369	47	44	-	-	ADJ
cjfa-30369	47	45	crisis	crisis	ADJ
cjfa-30369	47	46	nifty50	nifty50	NOUN
cjfa-30369	47	47	june	june	PROPN
cjfa-30369	47	48	12	12	NUM
cjfa-30369	47	49	,	,	PUNCT
cjfa-30369	47	50	2000	2000	NUM
cjfa-30369	47	51	–	–	PUNCT
cjfa-30369	47	52	march	march	PROPN
cjfa-30369	47	53	31	31	NUM
cjfa-30369	47	54	,	,	PUNCT
cjfa-30369	47	55	2016	2016	NUM
cjfa-30369	47	56	1898	1898	NUM
cjfa-30369	47	57	2042	2042	NUM
cjfa-30369	47	58	3940	3940	NUM
cjfa-30369	47	59	niftyit	niftyit	NOUN
cjfa-30369	47	60	august	august	PROPN
cjfa-30369	47	61	29	29	NUM
cjfa-30369	47	62	,	,	PUNCT
cjfa-30369	47	63	2003	2003	NUM
cjfa-30369	47	64	–	–	PUNCT
cjfa-30369	47	65	march	march	PROPN
cjfa-30369	47	66	31	31	NUM
cjfa-30369	47	67	,	,	PUNCT
cjfa-30369	47	68	2016	2016	NUM
cjfa-30369	47	69	1092	1092	NUM
cjfa-30369	47	70	2042	2042	NUM
cjfa-30369	47	71	3134	3134	NUM
cjfa-30369	47	72	banknifty	banknifty	PROPN
cjfa-30369	47	73	june	june	PROPN
cjfa-30369	47	74	13	13	NUM
cjfa-30369	47	75	,	,	PUNCT
cjfa-30369	47	76	2005	2005	NUM
cjfa-30369	47	77	–	–	PUNCT
cjfa-30369	47	78	march	march	PROPN
cjfa-30369	47	79	31	31	NUM
cjfa-30369	47	80	,	,	PUNCT
cjfa-30369	47	81	2016	2016	NUM
cjfa-30369	47	82	638	638	NUM
cjfa-30369	47	83	2042	2042	NUM
cjfa-30369	47	84	2680	2680	NUM
cjfa-30369	47	85	s	s	PART
cjfa-30369	47	86	o	o	NOUN
cjfa-30369	47	87	u	u	NOUN
cjfa-30369	47	88	r	r	NOUN
cjfa-30369	47	89	c	c	NOUN
cjfa-30369	47	90	e	e	NOUN
cjfa-30369	47	91	:	:	PUNCT
cjfa-30369	47	92	compiled	compile	VERB
cjfa-30369	47	93	by	by	ADP
cjfa-30369	47	94	author	author	NOUN
cjfa-30369	47	95	on	on	ADP
cjfa-30369	47	96	the	the	DET
cjfa-30369	47	97	basis	basis	NOUN
cjfa-30369	47	98	of	of	ADP
cjfa-30369	47	99	data	datum	NOUN
cjfa-30369	47	100	downloaded	download	VERB
cjfa-30369	47	101	from	from	ADP
cjfa-30369	47	102	official	official	ADJ
cjfa-30369	47	103	website	website	NOUN
cjfa-30369	47	104	of	of	ADP
cjfa-30369	47	105	nse	nse	NOUN
cjfa-30369	47	106	.	.	PUNCT
cjfa-30369	48	1	unit	unit	NOUN
cjfa-30369	48	2	-	-	PUNCT
cjfa-30369	48	3	root	root	NOUN
cjfa-30369	48	4	test	test	NOUN
cjfa-30369	48	5	the	the	DET
cjfa-30369	48	6	estimation	estimation	NOUN
cjfa-30369	48	7	of	of	ADP
cjfa-30369	48	8	hedge	hedge	NOUN
cjfa-30369	48	9	ratio	ratio	NOUN
cjfa-30369	48	10	is	be	AUX
cjfa-30369	48	11	a	a	DET
cjfa-30369	48	12	statistical	statistical	ADJ
cjfa-30369	48	13	process	process	NOUN
cjfa-30369	48	14	,	,	PUNCT
cjfa-30369	48	15	therefore	therefore	ADV
cjfa-30369	48	16	,	,	PUNCT
cjfa-30369	48	17	the	the	DET
cjfa-30369	48	18	very	very	ADV
cjfa-30369	48	19	first	first	ADJ
cjfa-30369	48	20	step	step	NOUN
cjfa-30369	48	21	in	in	ADP
cjfa-30369	48	22	any	any	DET
cjfa-30369	48	23	econometric	econometric	ADJ
cjfa-30369	48	24	investigation	investigation	NOUN
cjfa-30369	48	25	of	of	ADP
cjfa-30369	48	26	a	a	DET
cjfa-30369	48	27	time	time	NOUN
cjfa-30369	48	28	series	series	NOUN
cjfa-30369	48	29	is	be	AUX
cjfa-30369	48	30	to	to	PART
cjfa-30369	48	31	examine	examine	VERB
cjfa-30369	48	32	whether	whether	SCONJ
cjfa-30369	48	33	the	the	DET
cjfa-30369	48	34	time	time	NOUN
cjfa-30369	48	35	series	series	PROPN
cjfa-30369	48	36	under	under	ADP
cjfa-30369	48	37	examination	examination	NOUN
cjfa-30369	48	38	contains	contain	VERB
cjfa-30369	48	39	unit	unit	NOUN
cjfa-30369	48	40	roots	root	NOUN
cjfa-30369	48	41	.	.	PUNCT
cjfa-30369	49	1	hence	hence	ADV
cjfa-30369	49	2	,	,	PUNCT
cjfa-30369	49	3	stationarity	stationarity	NOUN
cjfa-30369	49	4	of	of	ADP
cjfa-30369	49	5	three	three	NUM
cjfa-30369	49	6	indices	index	NOUN
cjfa-30369	49	7	understudy	understudy	NOUN
cjfa-30369	49	8	has	have	AUX
cjfa-30369	49	9	been	be	AUX
cjfa-30369	49	10	tested	test	VERB
cjfa-30369	49	11	by	by	ADP
cjfa-30369	49	12	using	use	VERB
cjfa-30369	49	13	the	the	DET
cjfa-30369	49	14	augmented	augment	VERB
cjfa-30369	49	15	dickey	dickey	PROPN
cjfa-30369	49	16	fuller	full	ADJ
cjfa-30369	49	17	(	(	PUNCT
cjfa-30369	49	18	adf	adf	NOUN
cjfa-30369	49	19	)	)	PUNCT
cjfa-30369	49	20	test	test	NOUN
cjfa-30369	49	21	and	and	CCONJ
cjfa-30369	49	22	it	it	PRON
cjfa-30369	49	23	is	be	AUX
cjfa-30369	49	24	observed	observe	VERB
cjfa-30369	49	25	that	that	SCONJ
cjfa-30369	49	26	the	the	DET
cjfa-30369	49	27	prices	price	NOUN
cjfa-30369	49	28	(	(	PUNCT
cjfa-30369	49	29	both	both	PRON
cjfa-30369	49	30	futures	future	NOUN
cjfa-30369	49	31	prices	price	NOUN
cjfa-30369	49	32	and	and	CCONJ
cjfa-30369	49	33	cash	cash	NOUN
cjfa-30369	49	34	prices	price	NOUN
cjfa-30369	49	35	)	)	PUNCT
cjfa-30369	49	36	are	be	AUX
cjfa-30369	49	37	non	non	ADJ
cjfa-30369	49	38	-	-	NOUN
cjfa-30369	49	39	stationery	stationery	ADJ
cjfa-30369	49	40	,	,	PUNCT
cjfa-30369	49	41	whereas	whereas	SCONJ
cjfa-30369	49	42	,	,	PUNCT
cjfa-30369	49	43	natural	natural	ADJ
cjfa-30369	49	44	log	log	NOUN
cjfa-30369	49	45	of	of	ADP
cjfa-30369	49	46	first	first	ADJ
cjfa-30369	49	47	difference	difference	NOUN
cjfa-30369	49	48	of	of	ADP
cjfa-30369	49	49	prices	price	NOUN
cjfa-30369	49	50	estimating	estimate	VERB
cjfa-30369	49	51	hedging	hedging	NOUN
cjfa-30369	49	52	effectiveness	effectiveness	NOUN
cjfa-30369	49	53	using	use	VERB
cjfa-30369	49	54	variance	variance	NOUN
cjfa-30369	49	55	reduction	reduction	NOUN
cjfa-30369	49	56	…	…	PUNCT
cjfa-30369	49	57	153	153	NUM
cjfa-30369	49	58	(	(	PUNCT
cjfa-30369	49	59	i.e.	i.e.	X
cjfa-30369	49	60	ln(pt	ln(pt	PROPN
cjfa-30369	49	61	/	/	SYM
cjfa-30369	49	62	pt-1	pt-1	NUM
cjfa-30369	49	63	)	)	PUNCT
cjfa-30369	49	64	)	)	PUNCT
cjfa-30369	49	65	is	be	AUX
cjfa-30369	49	66	stationery1	stationery1	NOUN
cjfa-30369	49	67	.	.	PUNCT
cjfa-30369	50	1	thus	thus	ADV
cjfa-30369	50	2	,	,	PUNCT
cjfa-30369	50	3	returns	return	NOUN
cjfa-30369	50	4	of	of	ADP
cjfa-30369	50	5	futures	future	NOUN
cjfa-30369	50	6	contracts	contract	NOUN
cjfa-30369	50	7	and	and	CCONJ
cjfa-30369	50	8	cash	cash	NOUN
cjfa-30369	50	9	market	market	NOUN
cjfa-30369	50	10	are	be	AUX
cjfa-30369	50	11	considered	consider	VERB
cjfa-30369	50	12	for	for	ADP
cjfa-30369	50	13	estimating	estimate	VERB
cjfa-30369	50	14	hedge	hedge	NOUN
cjfa-30369	50	15	ratio	ratio	NOUN
cjfa-30369	50	16	.	.	PUNCT
cjfa-30369	51	1	estimation	estimation	NOUN
cjfa-30369	51	2	of	of	ADP
cjfa-30369	51	3	optimal	optimal	ADJ
cjfa-30369	51	4	hedge	hedge	NOUN
cjfa-30369	51	5	ratio	ratio	NOUN
cjfa-30369	51	6	as	as	SCONJ
cjfa-30369	51	7	both	both	CCONJ
cjfa-30369	51	8	cash	cash	NOUN
cjfa-30369	51	9	and	and	CCONJ
cjfa-30369	51	10	futures	future	NOUN
cjfa-30369	51	11	markets	market	NOUN
cjfa-30369	51	12	are	be	AUX
cjfa-30369	51	13	linked	link	VERB
cjfa-30369	51	14	through	through	ADP
cjfa-30369	51	15	arbitrage	arbitrage	NOUN
cjfa-30369	51	16	process	process	NOUN
cjfa-30369	51	17	(	(	PUNCT
cjfa-30369	51	18	stoll	stoll	PROPN
cjfa-30369	51	19	&	&	CCONJ
cjfa-30369	51	20	whaley	whaley	PROPN
cjfa-30369	51	21	,	,	PUNCT
cjfa-30369	51	22	1987	1987	NUM
cjfa-30369	51	23	)	)	PUNCT
cjfa-30369	51	24	.	.	PUNCT
cjfa-30369	52	1	therefore	therefore	ADV
cjfa-30369	52	2	,	,	PUNCT
cjfa-30369	52	3	appreciating	appreciate	VERB
cjfa-30369	52	4	the	the	DET
cjfa-30369	52	5	stationary	stationary	ADJ
cjfa-30369	52	6	and	and	CCONJ
cjfa-30369	52	7	stable	stable	ADJ
cjfa-30369	52	8	long	long	ADJ
cjfa-30369	52	9	-	-	PUNCT
cjfa-30369	52	10	run	run	NOUN
cjfa-30369	52	11	relationship	relationship	NOUN
cjfa-30369	52	12	between	between	ADP
cjfa-30369	52	13	two	two	NUM
cjfa-30369	52	14	markets	market	NOUN
cjfa-30369	52	15	,	,	PUNCT
cjfa-30369	52	16	eight	eight	NUM
cjfa-30369	52	17	econometrical	econometrical	ADJ
cjfa-30369	52	18	procedures	procedure	NOUN
cjfa-30369	52	19	have	have	AUX
cjfa-30369	52	20	been	be	AUX
cjfa-30369	52	21	undertaken	undertake	VERB
cjfa-30369	52	22	.	.	PUNCT
cjfa-30369	53	1	these	these	DET
cjfa-30369	53	2	procedures	procedure	NOUN
cjfa-30369	53	3	address	address	VERB
cjfa-30369	53	4	various	various	ADJ
cjfa-30369	53	5	economic	economic	ADJ
cjfa-30369	53	6	as	as	ADV
cjfa-30369	53	7	well	well	ADV
cjfa-30369	53	8	as	as	ADP
cjfa-30369	53	9	statistical	statistical	ADJ
cjfa-30369	53	10	issues	issue	NOUN
cjfa-30369	53	11	involved	involve	VERB
cjfa-30369	53	12	in	in	ADP
cjfa-30369	53	13	estimating	estimate	VERB
cjfa-30369	53	14	an	an	DET
cjfa-30369	53	15	optimal	optimal	ADJ
cjfa-30369	53	16	hedge	hedge	NOUN
cjfa-30369	53	17	ratio	ratio	NOUN
cjfa-30369	53	18	.	.	PUNCT
cjfa-30369	54	1	the	the	DET
cjfa-30369	54	2	hedge	hedge	NOUN
cjfa-30369	54	3	ratio	ratio	NOUN
cjfa-30369	54	4	which	which	PRON
cjfa-30369	54	5	reduces	reduce	VERB
cjfa-30369	54	6	the	the	DET
cjfa-30369	54	7	portfolio	portfolio	NOUN
cjfa-30369	54	8	variance	variance	NOUN
cjfa-30369	54	9	to	to	ADP
cjfa-30369	54	10	minimum	minimum	ADJ
cjfa-30369	54	11	level	level	NOUN
cjfa-30369	54	12	would	would	AUX
cjfa-30369	54	13	be	be	AUX
cjfa-30369	54	14	considered	consider	VERB
cjfa-30369	54	15	as	as	ADP
cjfa-30369	54	16	an	an	DET
cjfa-30369	54	17	efficient	efficient	ADJ
cjfa-30369	54	18	hedge	hedge	NOUN
cjfa-30369	54	19	ratio	ratio	NOUN
cjfa-30369	54	20	.	.	PUNCT
cjfa-30369	55	1	naïve	naïve	ADJ
cjfa-30369	55	2	hedge	hedge	NOUN
cjfa-30369	55	3	ratio	ratio	NOUN
cjfa-30369	55	4	traditionally	traditionally	ADV
cjfa-30369	55	5	,	,	PUNCT
cjfa-30369	55	6	cash	cash	NOUN
cjfa-30369	55	7	and	and	CCONJ
cjfa-30369	55	8	futures	future	NOUN
cjfa-30369	55	9	market	market	NOUN
cjfa-30369	55	10	was	be	AUX
cjfa-30369	55	11	presumed	presume	VERB
cjfa-30369	55	12	to	to	PART
cjfa-30369	55	13	be	be	AUX
cjfa-30369	55	14	perfectly	perfectly	ADV
cjfa-30369	55	15	correlated	correlate	VERB
cjfa-30369	55	16	and	and	CCONJ
cjfa-30369	55	17	therefore	therefore	ADV
cjfa-30369	55	18	,	,	PUNCT
cjfa-30369	55	19	equal	equal	ADJ
cjfa-30369	55	20	number	number	NOUN
cjfa-30369	55	21	of	of	ADP
cjfa-30369	55	22	futures	future	NOUN
cjfa-30369	55	23	contracts	contract	NOUN
cjfa-30369	55	24	was	be	AUX
cjfa-30369	55	25	required	require	VERB
cjfa-30369	55	26	to	to	PART
cjfa-30369	55	27	obtain	obtain	VERB
cjfa-30369	55	28	a	a	DET
cjfa-30369	55	29	perfect	perfect	ADJ
cjfa-30369	55	30	hedge	hedge	NOUN
cjfa-30369	55	31	.	.	PUNCT
cjfa-30369	56	1	hence	hence	ADV
cjfa-30369	56	2	,	,	PUNCT
cjfa-30369	56	3	it	it	PRON
cjfa-30369	56	4	suggests	suggest	VERB
cjfa-30369	56	5	an	an	DET
cjfa-30369	56	6	optimal	optimal	ADJ
cjfa-30369	56	7	hedge	hedge	NOUN
cjfa-30369	56	8	ratio	ratio	NOUN
cjfa-30369	56	9	of	of	ADP
cjfa-30369	56	10	one	one	NUM
cjfa-30369	56	11	.	.	PUNCT
cjfa-30369	57	1	since	since	SCONJ
cjfa-30369	57	2	,	,	PUNCT
cjfa-30369	57	3	this	this	DET
cjfa-30369	57	4	methodology	methodology	NOUN
cjfa-30369	57	5	ignored	ignore	VERB
cjfa-30369	57	6	basis	basis	NOUN
cjfa-30369	57	7	risk	risk	NOUN
cjfa-30369	57	8	,	,	PUNCT
cjfa-30369	57	9	which	which	PRON
cjfa-30369	57	10	is	be	AUX
cjfa-30369	57	11	considered	consider	VERB
cjfa-30369	57	12	vital	vital	ADJ
cjfa-30369	57	13	to	to	ADP
cjfa-30369	57	14	the	the	DET
cjfa-30369	57	15	estimation	estimation	NOUN
cjfa-30369	57	16	of	of	ADP
cjfa-30369	57	17	optimal	optimal	ADJ
cjfa-30369	57	18	hedge	hedge	NOUN
cjfa-30369	57	19	ratio	ratio	NOUN
cjfa-30369	57	20	,	,	PUNCT
cjfa-30369	57	21	therefore	therefore	ADV
cjfa-30369	57	22	,	,	PUNCT
cjfa-30369	57	23	this	this	DET
cjfa-30369	57	24	theory	theory	NOUN
cjfa-30369	57	25	failed	fail	VERB
cjfa-30369	57	26	to	to	PART
cjfa-30369	57	27	mark	mark	VERB
cjfa-30369	57	28	its	its	PRON
cjfa-30369	57	29	presence	presence	NOUN
cjfa-30369	57	30	in	in	ADP
cjfa-30369	57	31	the	the	DET
cjfa-30369	57	32	literature	literature	NOUN
cjfa-30369	57	33	.	.	PUNCT
cjfa-30369	58	1	ederington	ederington	PROPN
cjfa-30369	58	2	’s	’s	PART
cjfa-30369	58	3	ols	ols	PROPN
cjfa-30369	58	4	hedge	hedge	PROPN
cjfa-30369	58	5	ratio	ratio	PROPN
cjfa-30369	58	6	ederington	ederington	NOUN
cjfa-30369	58	7	(	(	PUNCT
cjfa-30369	58	8	1979	1979	NUM
cjfa-30369	58	9	)	)	PUNCT
cjfa-30369	58	10	suggested	suggest	VERB
cjfa-30369	58	11	minimum	minimum	ADJ
cjfa-30369	58	12	variance	variance	NOUN
cjfa-30369	58	13	hedge	hedge	NOUN
cjfa-30369	58	14	ratio	ratio	NOUN
cjfa-30369	58	15	,	,	PUNCT
cjfa-30369	58	16	which	which	PRON
cjfa-30369	58	17	presumes	presume	VERB
cjfa-30369	58	18	strong	strong	ADJ
cjfa-30369	58	19	and	and	CCONJ
cjfa-30369	58	20	stable	stable	ADJ
cjfa-30369	58	21	long	long	ADJ
cjfa-30369	58	22	run	run	NOUN
cjfa-30369	58	23	relationship	relationship	NOUN
cjfa-30369	58	24	between	between	ADP
cjfa-30369	58	25	two	two	NUM
cjfa-30369	58	26	markets	market	NOUN
cjfa-30369	58	27	.	.	PUNCT
cjfa-30369	59	1	equation	equation	NOUN
cjfa-30369	59	2	(	(	PUNCT
cjfa-30369	59	3	1	1	X
cjfa-30369	59	4	)	)	PUNCT
cjfa-30369	59	5	explains	explain	VERB
cjfa-30369	59	6	the	the	DET
cjfa-30369	59	7	procedure	procedure	NOUN
cjfa-30369	59	8	suggested	suggest	VERB
cjfa-30369	59	9	by	by	ADP
cjfa-30369	59	10	ederington	ederington	NOUN
cjfa-30369	59	11	(	(	PUNCT
cjfa-30369	59	12	1979	1979	NUM
cjfa-30369	59	13	)	)	PUNCT
cjfa-30369	59	14	,	,	PUNCT
cjfa-30369	59	15	which	which	PRON
cjfa-30369	59	16	works	work	VERB
cjfa-30369	59	17	efficiently	efficiently	ADV
cjfa-30369	59	18	when	when	SCONJ
cjfa-30369	59	19	futures	future	NOUN
cjfa-30369	59	20	market	market	NOUN
cjfa-30369	59	21	returns	return	NOUN
cjfa-30369	59	22	are	be	AUX
cjfa-30369	59	23	unbiased	unbiased	ADJ
cjfa-30369	59	24	predictor	predictor	NOUN
cjfa-30369	59	25	of	of	ADP
cjfa-30369	59	26	cash	cash	NOUN
cjfa-30369	59	27	market	market	NOUN
cjfa-30369	59	28	returns	return	NOUN
cjfa-30369	59	29	.	.	PUNCT
cjfa-30369	60	1	in	in	ADP
cjfa-30369	60	2	equation	equation	NOUN
cjfa-30369	60	3	(	(	PUNCT
cjfa-30369	60	4	1	1	NUM
cjfa-30369	60	5	)	)	PUNCT
cjfa-30369	60	6	,	,	PUNCT
cjfa-30369	60	7	rs	rs	PROPN
cjfa-30369	60	8	,	,	PUNCT
cjfa-30369	60	9	t	t	PROPN
cjfa-30369	60	10	is	be	AUX
cjfa-30369	60	11	cash	cash	NOUN
cjfa-30369	60	12	market	market	NOUN
cjfa-30369	60	13	returns	return	NOUN
cjfa-30369	60	14	,	,	PUNCT
cjfa-30369	60	15	rf	rf	PROPN
cjfa-30369	60	16	,	,	PUNCT
cjfa-30369	60	17	t	t	PROPN
cjfa-30369	60	18	is	be	AUX
cjfa-30369	60	19	futures	future	NOUN
cjfa-30369	60	20	market	market	NOUN
cjfa-30369	60	21	returns	return	NOUN
cjfa-30369	60	22	,	,	PUNCT
cjfa-30369	60	23	αo	αo	PROPN
cjfa-30369	60	24	is	be	AUX
cjfa-30369	60	25	intercept	intercept	NOUN
cjfa-30369	60	26	term	term	NOUN
cjfa-30369	60	27	and	and	CCONJ
cjfa-30369	60	28	εt	εt	PROPN
cjfa-30369	60	29	is	be	AUX
cjfa-30369	60	30	error	error	NOUN
cjfa-30369	60	31	term	term	NOUN
cjfa-30369	60	32	as	as	SCONJ
cjfa-30369	60	33	detailed	detailed	ADJ
cjfa-30369	60	34	below	below	ADV
cjfa-30369	60	35	:	:	PUNCT
cjfa-30369	61	1	rs	rs	PROPN
cjfa-30369	61	2	,	,	PUNCT
cjfa-30369	61	3	t	t	NOUN
cjfa-30369	61	4	=	=	SYM
cjfa-30369	61	5	α0	α0	PROPN
cjfa-30369	61	6	+	+	SYM
cjfa-30369	61	7	β1rf	β1rf	PUNCT
cjfa-30369	61	8	,	,	PUNCT
cjfa-30369	61	9	t	t	PROPN
cjfa-30369	62	1	+	+	CCONJ
cjfa-30369	62	2	εt	εt	PROPN
cjfa-30369	62	3	.	.	PUNCT
cjfa-30369	63	1	(	(	PUNCT
cjfa-30369	63	2	1	1	X
cjfa-30369	63	3	)	)	PUNCT
cjfa-30369	63	4	1	1	NUM
cjfa-30369	63	5	 	 	SPACE
cjfa-30369	63	6	the	the	DET
cjfa-30369	63	7	estimated	estimate	VERB
cjfa-30369	63	8	results	result	NOUN
cjfa-30369	63	9	are	be	AUX
cjfa-30369	63	10	not	not	PART
cjfa-30369	63	11	reported	report	VERB
cjfa-30369	63	12	in	in	ADP
cjfa-30369	63	13	the	the	DET
cjfa-30369	63	14	paper	paper	NOUN
cjfa-30369	63	15	,	,	PUNCT
cjfa-30369	63	16	but	but	CCONJ
cjfa-30369	63	17	,	,	PUNCT
cjfa-30369	63	18	can	can	AUX
cjfa-30369	63	19	be	be	AUX
cjfa-30369	63	20	provided	provide	VERB
cjfa-30369	63	21	on	on	ADP
cjfa-30369	63	22	demand	demand	NOUN
cjfa-30369	63	23	.	.	PUNCT
cjfa-30369	64	1	mandeep	mandeep	PROPN
cjfa-30369	64	2	kaur	kaur	PROPN
cjfa-30369	64	3	,	,	PUNCT
cjfa-30369	64	4	kapil	kapil	PROPN
cjfa-30369	64	5	gupta154	gupta154	PROPN
cjfa-30369	64	6	arma	arma	PROPN
cjfa-30369	64	7	-	-	PUNCT
cjfa-30369	64	8	ols	ols	PROPN
cjfa-30369	64	9	hedge	hedge	NOUN
cjfa-30369	64	10	ratio	ratio	NOUN
cjfa-30369	64	11	equation	equation	NOUN
cjfa-30369	64	12	(	(	PUNCT
cjfa-30369	64	13	1	1	X
cjfa-30369	64	14	)	)	PUNCT
cjfa-30369	64	15	though	though	SCONJ
cjfa-30369	64	16	may	may	AUX
cjfa-30369	64	17	be	be	AUX
cjfa-30369	64	18	economically	economically	ADV
cjfa-30369	64	19	justifiable	justifiable	ADJ
cjfa-30369	64	20	but	but	CCONJ
cjfa-30369	64	21	the	the	DET
cjfa-30369	64	22	estimated	estimate	VERB
cjfa-30369	64	23	value	value	NOUN
cjfa-30369	64	24	of	of	ADP
cjfa-30369	64	25	β1	β1	PROPN
cjfa-30369	64	26	wo	will	AUX
cjfa-30369	64	27	n’t	not	PART
cjfa-30369	64	28	be	be	AUX
cjfa-30369	64	29	reliable	reliable	ADJ
cjfa-30369	64	30	,	,	PUNCT
cjfa-30369	64	31	if	if	SCONJ
cjfa-30369	64	32	series	series	NOUN
cjfa-30369	64	33	under	under	ADP
cjfa-30369	64	34	investigation	investigation	NOUN
cjfa-30369	64	35	are	be	AUX
cjfa-30369	64	36	autocorrelated	autocorrelate	VERB
cjfa-30369	64	37	.	.	PUNCT
cjfa-30369	65	1	hence	hence	ADV
cjfa-30369	65	2	,	,	PUNCT
cjfa-30369	65	3	equation	equation	NOUN
cjfa-30369	65	4	(	(	PUNCT
cjfa-30369	65	5	1	1	X
cjfa-30369	65	6	)	)	PUNCT
cjfa-30369	65	7	has	have	AUX
cjfa-30369	65	8	been	be	AUX
cjfa-30369	65	9	modified	modify	VERB
cjfa-30369	65	10	to	to	ADP
cjfa-30369	65	11	equation	equation	NOUN
cjfa-30369	65	12	(	(	PUNCT
cjfa-30369	65	13	2	2	NUM
cjfa-30369	65	14	)	)	PUNCT
cjfa-30369	65	15	(	(	PUNCT
cjfa-30369	65	16	to	to	PART
cjfa-30369	65	17	include	include	VERB
cjfa-30369	65	18	autoregressive	autoregressive	ADJ
cjfa-30369	65	19	terms	term	NOUN
cjfa-30369	65	20	of	of	ADP
cjfa-30369	65	21	cash	cash	NOUN
cjfa-30369	65	22	market	market	NOUN
cjfa-30369	65	23	returns	return	NOUN
cjfa-30369	65	24	)	)	PUNCT
cjfa-30369	65	25	,	,	PUNCT
cjfa-30369	65	26	in	in	ADP
cjfa-30369	65	27	equation	equation	NOUN
cjfa-30369	65	28	(	(	PUNCT
cjfa-30369	65	29	2	2	NUM
cjfa-30369	65	30	)	)	PUNCT
cjfa-30369	65	31	,	,	PUNCT
cjfa-30369	65	32	rs	rs	PROPN
cjfa-30369	65	33	,	,	PUNCT
cjfa-30369	65	34	t	t	PROPN
cjfa-30369	65	35	is	be	AUX
cjfa-30369	65	36	cash	cash	NOUN
cjfa-30369	65	37	market	market	NOUN
cjfa-30369	65	38	returns	return	NOUN
cjfa-30369	65	39	,	,	PUNCT
cjfa-30369	65	40	rf	rf	NOUN
cjfa-30369	65	41	,	,	PUNCT
cjfa-30369	66	1	t	t	PROPN
cjfa-30369	66	2	is(are	is(are	NOUN
cjfa-30369	66	3	)	)	PUNCT
cjfa-30369	67	1	futures	future	NOUN
cjfa-30369	67	2	market	market	NOUN
cjfa-30369	67	3	returns	return	NOUN
cjfa-30369	67	4	,	,	PUNCT
cjfa-30369	67	5	rs	rs	PROPN
cjfa-30369	67	6	,	,	PUNCT
cjfa-30369	67	7	t	t	PROPN
cjfa-30369	67	8	-	-	PUNCT
cjfa-30369	67	9	i	i	PRON
cjfa-30369	67	10	is	be	AUX
cjfa-30369	67	11	autoregressive	autoregressive	ADJ
cjfa-30369	67	12	term(s	term(s	NOUN
cjfa-30369	67	13	)	)	PUNCT
cjfa-30369	67	14	whose	whose	DET
cjfa-30369	67	15	order	order	NOUN
cjfa-30369	67	16	varies	vary	VERB
cjfa-30369	67	17	between	between	ADP
cjfa-30369	67	18	i	i	PRON
cjfa-30369	67	19	to	to	ADP
cjfa-30369	67	20	p	p	NOUN
cjfa-30369	67	21	determined	determine	VERB
cjfa-30369	67	22	as	as	ADP
cjfa-30369	67	23	per	per	ADP
cjfa-30369	67	24	schwartz	schwartz	PROPN
cjfa-30369	67	25	information	information	NOUN
cjfa-30369	67	26	criteria	criterion	NOUN
cjfa-30369	67	27	(	(	PUNCT
cjfa-30369	67	28	sic	sic	ADJ
cjfa-30369	67	29	)	)	PUNCT
cjfa-30369	67	30	,	,	PUNCT
cjfa-30369	67	31	αo	αo	PROPN
cjfa-30369	67	32	is	be	AUX
cjfa-30369	67	33	intercept	intercept	NOUN
cjfa-30369	67	34	term	term	NOUN
cjfa-30369	67	35	and	and	CCONJ
cjfa-30369	67	36	εt	εt	PROPN
cjfa-30369	67	37	is	be	AUX
cjfa-30369	67	38	error	error	NOUN
cjfa-30369	67	39	term	term	NOUN
cjfa-30369	67	40	.	.	PUNCT
cjfa-30369	67	41	)	)	PUNCT
cjfa-30369	68	1	2.4(	2.4(	NUM
cjfa-30369	68	2	..................................................	..................................................	PUNCT
cjfa-30369	68	3	r	r	NOUN
cjfa-30369	68	4	,	,	PUNCT
cjfa-30369	68	5	1	1	NUM
cjfa-30369	68	6	1	1	NUM
cjfa-30369	68	7	,	,	PUNCT
cjfa-30369	68	8	0ts	0ts	ADJ
cjfa-30369	68	9	,	,	PUNCT
cjfa-30369	68	10	ttf	ttf	NOUN
cjfa-30369	69	1	p	p	PROPN
cjfa-30369	69	2	i	i	PRON
cjfa-30369	69	3	itsi	itsi	PROPN
cjfa-30369	69	4	rr	rr	PROPN
cjfa-30369	69	5			PROPN
cjfa-30369	69	6			NOUN
cjfa-30369	69	7			PROPN
cjfa-30369	69	8			NUM
cjfa-30369	69	9			PROPN
cjfa-30369	69	10	garch	garch	NOUN
cjfa-30369	69	11	hedge	hedge	NOUN
cjfa-30369	69	12	ratio	ratio	NOUN
cjfa-30369	69	13	in	in	ADP
cjfa-30369	69	14	equation	equation	NOUN
cjfa-30369	69	15	(	(	PUNCT
cjfa-30369	69	16	4.1	4.1	NUM
cjfa-30369	69	17	and	and	CCONJ
cjfa-30369	69	18	4.2	4.2	NUM
cjfa-30369	69	19	)	)	PUNCT
cjfa-30369	69	20	,	,	PUNCT
cjfa-30369	69	21	if	if	SCONJ
cjfa-30369	69	22	the	the	DET
cjfa-30369	69	23	variance	variance	NOUN
cjfa-30369	69	24	of	of	ADP
cjfa-30369	69	25	error	error	NOUN
cjfa-30369	69	26	term	term	NOUN
cjfa-30369	69	27	is	be	AUX
cjfa-30369	69	28	constant	constant	ADJ
cjfa-30369	69	29	,	,	PUNCT
cjfa-30369	69	30	the	the	DET
cjfa-30369	69	31	hedge	hedge	NOUN
cjfa-30369	69	32	ratio	ratio	NOUN
cjfa-30369	69	33	estimated	estimate	VERB
cjfa-30369	69	34	through	through	ADP
cjfa-30369	69	35	ordinary	ordinary	ADJ
cjfa-30369	69	36	least	least	ADJ
cjfa-30369	69	37	square	square	ADJ
cjfa-30369	69	38	(	(	PUNCT
cjfa-30369	69	39	ols	ol	NOUN
cjfa-30369	69	40	)	)	PUNCT
cjfa-30369	69	41	method	method	NOUN
cjfa-30369	69	42	will	will	AUX
cjfa-30369	69	43	be	be	AUX
cjfa-30369	69	44	valid	valid	ADJ
cjfa-30369	69	45	,	,	PUNCT
cjfa-30369	69	46	however	however	ADV
cjfa-30369	69	47	,	,	PUNCT
cjfa-30369	69	48	vast	vast	ADJ
cjfa-30369	69	49	amount	amount	NOUN
cjfa-30369	69	50	of	of	ADP
cjfa-30369	69	51	academic	academic	ADJ
cjfa-30369	69	52	literature2	literature2	NOUN
cjfa-30369	69	53	has	have	AUX
cjfa-30369	69	54	evidenced	evidence	VERB
cjfa-30369	69	55	that	that	SCONJ
cjfa-30369	69	56	stock	stock	NOUN
cjfa-30369	69	57	returns	return	NOUN
cjfa-30369	69	58	are	be	AUX
cjfa-30369	69	59	heteroscedastic	heteroscedastic	ADJ
cjfa-30369	69	60	in	in	ADP
cjfa-30369	69	61	nature	nature	NOUN
cjfa-30369	69	62	.	.	PUNCT
cjfa-30369	70	1	therefore	therefore	ADV
cjfa-30369	70	2	,	,	PUNCT
cjfa-30369	70	3	autoregressive	autoregressive	ADJ
cjfa-30369	70	4	conditional	conditional	ADJ
cjfa-30369	70	5	heteroscedasticity	heteroscedasticity	NOUN
cjfa-30369	70	6	model	model	NOUN
cjfa-30369	70	7	(	(	PUNCT
cjfa-30369	70	8	arch	arch	NOUN
cjfa-30369	70	9	)	)	PUNCT
cjfa-30369	70	10	(	(	PUNCT
cjfa-30369	70	11	(	(	PUNCT
cjfa-30369	70	12	engle	engle	NOUN
cjfa-30369	70	13	(	(	PUNCT
cjfa-30369	70	14	1982	1982	NUM
cjfa-30369	70	15	)	)	PUNCT
cjfa-30369	70	16	)	)	PUNCT
cjfa-30369	70	17	generalized	generalize	VERB
cjfa-30369	70	18	by	by	ADP
cjfa-30369	70	19	bollerslev	bollerslev	ADJ
cjfa-30369	70	20	(	(	PUNCT
cjfa-30369	70	21	1986	1986	NUM
cjfa-30369	70	22	)	)	PUNCT
cjfa-30369	70	23	called	call	VERB
cjfa-30369	70	24	garch	garch	NOUN
cjfa-30369	70	25	(	(	PUNCT
cjfa-30369	70	26	p	p	X
cjfa-30369	70	27	,	,	PUNCT
cjfa-30369	70	28	q	q	NOUN
cjfa-30369	70	29	)	)	PUNCT
cjfa-30369	70	30	in	in	ADP
cjfa-30369	70	31	which	which	PRON
cjfa-30369	70	32	conditional	conditional	ADJ
cjfa-30369	70	33	variance	variance	NOUN
cjfa-30369	70	34	depends	depend	VERB
cjfa-30369	70	35	not	not	PART
cjfa-30369	70	36	only	only	ADV
cjfa-30369	70	37	upon	upon	SCONJ
cjfa-30369	70	38	the	the	DET
cjfa-30369	70	39	squared	square	VERB
cjfa-30369	70	40	residuals	residual	NOUN
cjfa-30369	70	41	of	of	ADP
cjfa-30369	70	42	the	the	DET
cjfa-30369	70	43	mean	mean	ADJ
cjfa-30369	70	44	equation	equation	NOUN
cjfa-30369	70	45	but	but	CCONJ
cjfa-30369	70	46	also	also	ADV
cjfa-30369	70	47	on	on	ADP
cjfa-30369	70	48	its	its	PRON
cjfa-30369	70	49	own	own	ADJ
cjfa-30369	70	50	past	past	ADJ
cjfa-30369	70	51	values	value	NOUN
cjfa-30369	70	52	.	.	PUNCT
cjfa-30369	71	1	the	the	DET
cjfa-30369	71	2	garch	garch	NOUN
cjfa-30369	71	3	(	(	PUNCT
cjfa-30369	71	4	p	p	X
cjfa-30369	71	5	,	,	PUNCT
cjfa-30369	71	6	q	q	NOUN
cjfa-30369	71	7	)	)	PUNCT
cjfa-30369	71	8	model	model	NOUN
cjfa-30369	71	9	is	be	AUX
cjfa-30369	71	10	given	give	VERB
cjfa-30369	71	11	by	by	ADP
cjfa-30369	71	12	equation	equation	NOUN
cjfa-30369	71	13	(	(	PUNCT
cjfa-30369	71	14	4.3	4.3	NUM
cjfa-30369	71	15	)	)	PUNCT
cjfa-30369	71	16	)	)	PUNCT
cjfa-30369	71	17	3.4	3.4	NUM
cjfa-30369	71	18	.	.	PUNCT
cjfa-30369	72	1	(	(	PUNCT
cjfa-30369	72	2	..................................................	..................................................	PUNCT
cjfa-30369	72	3	h	h	NOUN
cjfa-30369	72	4	1	1	NUM
cjfa-30369	72	5	2	2	NUM
cjfa-30369	72	6	1	1	NUM
cjfa-30369	72	7	t	t	NOUN
cjfa-30369	72	8			VERB
cjfa-30369	72	9			NUM
cjfa-30369	72	10			PUNCT
cjfa-30369	73	1			NUM
cjfa-30369	73	2			NOUN
cjfa-30369	73	3	p	p	X
cjfa-30369	73	4	j	j	PROPN
cjfa-30369	73	5	tjtjit	tjtjit	NOUN
cjfa-30369	74	1	p	p	PROPN
cjfa-30369	75	1	i	i	PRON
cjfa-30369	75	2	i	i	PRON
cjfa-30369	75	3	h	h	VERB
cjfa-30369	75	4			VERB
cjfa-30369	75	5	where	where	SCONJ
cjfa-30369	75	6	,	,	PUNCT
cjfa-30369	75	7	ht	ht	PROPN
cjfa-30369	75	8	is	be	AUX
cjfa-30369	75	9	the	the	DET
cjfa-30369	75	10	conditional	conditional	ADJ
cjfa-30369	75	11	volatility	volatility	NOUN
cjfa-30369	75	12	,	,	PUNCT
cjfa-30369	75	13	αi	αi	PRON
cjfa-30369	75	14	is	be	AUX
cjfa-30369	75	15	the	the	DET
cjfa-30369	75	16	coefficient	coefficient	NOUN
cjfa-30369	75	17	of	of	ADP
cjfa-30369	75	18	arch	arch	ADJ
cjfa-30369	75	19	term	term	NOUN
cjfa-30369	75	20	with	with	ADP
cjfa-30369	75	21	order	order	NOUN
cjfa-30369	75	22	i	i	PRON
cjfa-30369	75	23	to	to	ADP
cjfa-30369	75	24	p	p	NOUN
cjfa-30369	75	25	and	and	CCONJ
cjfa-30369	75	26	βj	βj	PRON
cjfa-30369	75	27	is	be	AUX
cjfa-30369	75	28	the	the	DET
cjfa-30369	75	29	coefficient	coefficient	NOUN
cjfa-30369	75	30	of	of	ADP
cjfa-30369	75	31	garch	garch	NOUN
cjfa-30369	75	32	term	term	NOUN
cjfa-30369	75	33	with	with	ADP
cjfa-30369	75	34	order	order	NOUN
cjfa-30369	75	35	j	j	PROPN
cjfa-30369	75	36	to	to	PART
cjfa-30369	75	37	q.	q.	VERB
cjfa-30369	75	38	the	the	DET
cjfa-30369	75	39	conditional	conditional	ADJ
cjfa-30369	75	40	volatility	volatility	NOUN
cjfa-30369	75	41	as	as	SCONJ
cjfa-30369	75	42	defined	define	VERB
cjfa-30369	75	43	in	in	ADP
cjfa-30369	75	44	equation	equation	NOUN
cjfa-30369	75	45	(	(	PUNCT
cjfa-30369	75	46	4.3	4.3	NUM
cjfa-30369	75	47	)	)	PUNCT
cjfa-30369	75	48	is	be	AUX
cjfa-30369	75	49	determined	determine	VERB
cjfa-30369	75	50	by	by	ADP
cjfa-30369	75	51	three	three	NUM
cjfa-30369	75	52	effects	effect	NOUN
cjfa-30369	75	53	namely	namely	ADV
cjfa-30369	75	54	the	the	DET
cjfa-30369	75	55	intercept	intercept	NOUN
cjfa-30369	75	56	term	term	NOUN
cjfa-30369	75	57	(	(	PUNCT
cjfa-30369	75	58	ω	ω	NOUN
cjfa-30369	75	59	)	)	PUNCT
cjfa-30369	75	60	,	,	PUNCT
cjfa-30369	75	61	the	the	DET
cjfa-30369	75	62	arch	arch	ADJ
cjfa-30369	75	63	term	term	NOUN
cjfa-30369	75	64	(	(	PUNCT
cjfa-30369	75	65	αiε2t	αiε2t	PROPN
cjfa-30369	75	66	-	-	NOUN
cjfa-30369	75	67	i	i	PROPN
cjfa-30369	75	68	)	)	PUNCT
cjfa-30369	75	69	and	and	CCONJ
cjfa-30369	75	70	the	the	DET
cjfa-30369	75	71	forecasted	forecast	VERB
cjfa-30369	75	72	volatility	volatility	NOUN
cjfa-30369	75	73	from	from	ADP
cjfa-30369	75	74	the	the	DET
cjfa-30369	75	75	previous	previous	ADJ
cjfa-30369	75	76	period	period	NOUN
cjfa-30369	75	77	called	call	VERB
cjfa-30369	75	78	garch	garch	NOUN
cjfa-30369	75	79	component	component	NOUN
cjfa-30369	75	80	(	(	PUNCT
cjfa-30369	75	81	βjhtj	βjhtj	NOUN
cjfa-30369	75	82	)	)	PUNCT
cjfa-30369	75	83	.	.	PUNCT
cjfa-30369	76	1	egarch	egarch	PROPN
cjfa-30369	76	2	hedge	hedge	PROPN
cjfa-30369	76	3	ratio	ratio	PROPN
cjfa-30369	76	4	exponential	exponential	ADJ
cjfa-30369	76	5	garch	garch	NOUN
cjfa-30369	76	6	(	(	PUNCT
cjfa-30369	76	7	egarch	egarch	NOUN
cjfa-30369	76	8	)	)	PUNCT
cjfa-30369	76	9	model	model	NOUN
cjfa-30369	76	10	(	(	PUNCT
cjfa-30369	76	11	nelson	nelson	PROPN
cjfa-30369	76	12	(	(	PUNCT
cjfa-30369	76	13	1991	1991	NUM
cjfa-30369	76	14	)	)	PUNCT
cjfa-30369	76	15	)	)	PUNCT
cjfa-30369	76	16	is	be	AUX
cjfa-30369	76	17	based	base	VERB
cjfa-30369	76	18	upon	upon	SCONJ
cjfa-30369	76	19	the	the	DET
cjfa-30369	76	20	logarithmic	logarithmic	ADJ
cjfa-30369	76	21	expression	expression	NOUN
cjfa-30369	76	22	of	of	ADP
cjfa-30369	76	23	conditional	conditional	ADJ
cjfa-30369	76	24	volatility	volatility	NOUN
cjfa-30369	76	25	in	in	ADP
cjfa-30369	76	26	cash	cash	NOUN
cjfa-30369	76	27	and	and	CCONJ
cjfa-30369	76	28	futures	future	NOUN
cjfa-30369	76	29	market	market	NOUN
cjfa-30369	76	30	returns	return	NOUN
cjfa-30369	76	31	.	.	PUNCT
cjfa-30369	77	1	therefore	therefore	ADV
cjfa-30369	77	2	,	,	PUNCT
cjfa-30369	77	3	if	if	SCONJ
cjfa-30369	77	4	the	the	DET
cjfa-30369	77	5	stock	stock	NOUN
cjfa-30369	77	6	returns	return	NOUN
cjfa-30369	77	7	are	be	AUX
cjfa-30369	77	8	asymmetric	asymmetric	ADJ
cjfa-30369	77	9	and	and	CCONJ
cjfa-30369	77	10	the	the	DET
cjfa-30369	77	11	interaction	interaction	NOUN
cjfa-30369	77	12	between	between	ADP
cjfa-30369	77	13	old	old	ADJ
cjfa-30369	77	14	and	and	CCONJ
cjfa-30369	77	15	new	new	ADJ
cjfa-30369	77	16	information	information	NOUN
cjfa-30369	77	17	observes	observe	VERB
cjfa-30369	77	18	leverage	leverage	NOUN
cjfa-30369	77	19	effect	effect	NOUN
cjfa-30369	77	20	,	,	PUNCT
cjfa-30369	77	21	egarch	egarch	NOUN
cjfa-30369	77	22	model	model	NOUN
cjfa-30369	77	23	(	(	PUNCT
cjfa-30369	77	24	i.e.	i.e.	X
cjfa-30369	77	25	equation	equation	NOUN
cjfa-30369	77	26	(	(	PUNCT
cjfa-30369	77	27	4.4	4.4	NUM
cjfa-30369	77	28	)	)	PUNCT
cjfa-30369	77	29	)	)	PUNCT
cjfa-30369	77	30	may	may	AUX
cjfa-30369	77	31	help	help	VERB
cjfa-30369	77	32	to	to	PART
cjfa-30369	77	33	estimate	estimate	VERB
cjfa-30369	77	34	an	an	DET
cjfa-30369	77	35	improved	improved	ADJ
cjfa-30369	77	36	hedge	hedge	NOUN
cjfa-30369	77	37	ratio	ratio	NOUN
cjfa-30369	77	38	as	as	ADP
cjfa-30369	77	39	compared	compare	VERB
cjfa-30369	77	40	to	to	ADP
cjfa-30369	77	41	that	that	PRON
cjfa-30369	77	42	estimated	estimate	VERB
cjfa-30369	77	43	through	through	ADP
cjfa-30369	77	44	garch	garch	NOUN
cjfa-30369	77	45	process	process	NOUN
cjfa-30369	77	46	in	in	ADP
cjfa-30369	77	47	equation	equation	NOUN
cjfa-30369	77	48	(	(	PUNCT
cjfa-30369	77	49	4.3	4.3	NUM
cjfa-30369	77	50	)	)	PUNCT
cjfa-30369	77	51	.(4.4	.(4.4	NUM
cjfa-30369	77	52	)	)	PUNCT
cjfa-30369	77	53	..................................................	..................................................	PUNCT
cjfa-30369	78	1	hγ	hγ	PRON
cjfa-30369	78	2	h	h	NOUN
cjfa-30369	79	1	εγ	εγ	NOUN
cjfa-30369	79	2	h	h	NOUN
cjfa-30369	79	3	ε	ε	PROPN
cjfa-30369	79	4	γ	γ	PROPN
cjfa-30369	79	5	γ	γ	PROPN
cjfa-30369	79	6	h	h	PROPN
cjfa-30369	79	7	1	1	NUM
cjfa-30369	79	8	-	-	PUNCT
cjfa-30369	79	9	t	t	PROPN
cjfa-30369	79	10	4	4	NUM
cjfa-30369	79	11	1	1	NUM
cjfa-30369	79	12	t	t	NOUN
cjfa-30369	79	13	1	1	NUM
cjfa-30369	79	14	t	t	NOUN
cjfa-30369	79	15	2	2	NUM
cjfa-30369	79	16	3	3	NUM
cjfa-30369	79	17	1	1	NUM
cjfa-30369	79	18	t	t	NOUN
cjfa-30369	79	19	1	1	NUM
cjfa-30369	79	20	t	t	NOUN
cjfa-30369	79	21	2	2	NUM
cjfa-30369	79	22	21	21	NUM
cjfa-30369	79	23	t	t	PROPN
cjfa-30369	79	24			NOUN
cjfa-30369	79	25			PROPN
cjfa-30369	79	26			PROPN
cjfa-30369	79	27			PROPN
cjfa-30369	79	28			PROPN
cjfa-30369	79	29	tarch	tarch	NOUN
cjfa-30369	79	30	hedge	hedge	NOUN
cjfa-30369	79	31	ratio	ratio	NOUN
cjfa-30369	79	32	2	2	NUM
cjfa-30369	79	33	engle	engle	NOUN
cjfa-30369	79	34	(	(	PUNCT
cjfa-30369	79	35	1982	1982	NUM
cjfa-30369	79	36	)	)	PUNCT
cjfa-30369	79	37	,	,	PUNCT
cjfa-30369	79	38	bollerslev	bollerslev	NOUN
cjfa-30369	79	39	(	(	PUNCT
cjfa-30369	79	40	1986	1986	NUM
cjfa-30369	79	41	)	)	PUNCT
cjfa-30369	79	42	,	,	PUNCT
cjfa-30369	79	43	park	park	NOUN
cjfa-30369	79	44	and	and	CCONJ
cjfa-30369	79	45	switzer	switzer	PROPN
cjfa-30369	79	46	(	(	PUNCT
cjfa-30369	79	47	1995	1995	NUM
cjfa-30369	79	48	)	)	PUNCT
cjfa-30369	79	49	,	,	PUNCT
cjfa-30369	79	50	floros	floro	NOUN
cjfa-30369	79	51	and	and	CCONJ
cjfa-30369	79	52	vougas	vougas	NOUN
cjfa-30369	79	53	(	(	PUNCT
cjfa-30369	79	54	2004	2004	NUM
cjfa-30369	79	55	)	)	PUNCT
cjfa-30369	79	56	.	.	PUNCT
cjfa-30369	80	1	(	(	PUNCT
cjfa-30369	80	2	2	2	X
cjfa-30369	80	3	)	)	PUNCT
cjfa-30369	80	4	garch	garch	NOUN
cjfa-30369	80	5	hedge	hedge	NOUN
cjfa-30369	80	6	ratio	ratio	NOUN
cjfa-30369	80	7	in	in	ADP
cjfa-30369	80	8	equation	equation	NOUN
cjfa-30369	80	9	(	(	PUNCT
cjfa-30369	80	10	1	1	NUM
cjfa-30369	80	11	and	and	CCONJ
cjfa-30369	80	12	2	2	NUM
cjfa-30369	80	13	)	)	PUNCT
cjfa-30369	80	14	,	,	PUNCT
cjfa-30369	80	15	if	if	SCONJ
cjfa-30369	80	16	the	the	DET
cjfa-30369	80	17	variance	variance	NOUN
cjfa-30369	80	18	of	of	ADP
cjfa-30369	80	19	error	error	NOUN
cjfa-30369	80	20	term	term	NOUN
cjfa-30369	80	21	is	be	AUX
cjfa-30369	80	22	constant	constant	ADJ
cjfa-30369	80	23	,	,	PUNCT
cjfa-30369	80	24	the	the	DET
cjfa-30369	80	25	hedge	hedge	NOUN
cjfa-30369	80	26	ratio	ratio	NOUN
cjfa-30369	80	27	estimated	estimate	VERB
cjfa-30369	80	28	through	through	ADP
cjfa-30369	80	29	ordinary	ordinary	ADJ
cjfa-30369	80	30	least	least	ADJ
cjfa-30369	80	31	square	square	ADJ
cjfa-30369	80	32	(	(	PUNCT
cjfa-30369	80	33	ols	ol	NOUN
cjfa-30369	80	34	)	)	PUNCT
cjfa-30369	80	35	method	method	NOUN
cjfa-30369	80	36	will	will	AUX
cjfa-30369	80	37	be	be	AUX
cjfa-30369	80	38	valid	valid	ADJ
cjfa-30369	80	39	,	,	PUNCT
cjfa-30369	80	40	however	however	ADV
cjfa-30369	80	41	,	,	PUNCT
cjfa-30369	80	42	vast	vast	ADJ
cjfa-30369	80	43	amount	amount	NOUN
cjfa-30369	80	44	of	of	ADP
cjfa-30369	80	45	academic	academic	ADJ
cjfa-30369	80	46	literature2	literature2	NOUN
cjfa-30369	80	47	has	have	AUX
cjfa-30369	80	48	evidenced	evidence	VERB
cjfa-30369	80	49	that	that	SCONJ
cjfa-30369	80	50	stock	stock	NOUN
cjfa-30369	80	51	returns	return	NOUN
cjfa-30369	80	52	are	be	AUX
cjfa-30369	80	53	heteroscedastic	heteroscedastic	ADJ
cjfa-30369	80	54	in	in	ADP
cjfa-30369	80	55	nature	nature	NOUN
cjfa-30369	80	56	.	.	PUNCT
cjfa-30369	81	1	therefore	therefore	ADV
cjfa-30369	81	2	,	,	PUNCT
cjfa-30369	81	3	autoregressive	autoregressive	ADJ
cjfa-30369	81	4	conditional	conditional	ADJ
cjfa-30369	81	5	heteroscedasticity	heteroscedasticity	NOUN
cjfa-30369	81	6	model	model	NOUN
cjfa-30369	81	7	(	(	PUNCT
cjfa-30369	81	8	arch	arch	NOUN
cjfa-30369	81	9	)	)	PUNCT
cjfa-30369	81	10	(	(	PUNCT
cjfa-30369	81	11	(	(	PUNCT
cjfa-30369	81	12	engle	engle	NOUN
cjfa-30369	81	13	(	(	PUNCT
cjfa-30369	81	14	1982	1982	NUM
cjfa-30369	81	15	)	)	PUNCT
cjfa-30369	81	16	)	)	PUNCT
cjfa-30369	81	17	generalized	generalize	VERB
cjfa-30369	81	18	by	by	ADP
cjfa-30369	81	19	bollerslev	bollerslev	ADJ
cjfa-30369	81	20	(	(	PUNCT
cjfa-30369	81	21	1986	1986	NUM
cjfa-30369	81	22	)	)	PUNCT
cjfa-30369	81	23	called	call	VERB
cjfa-30369	81	24	garch	garch	NOUN
cjfa-30369	81	25	(	(	PUNCT
cjfa-30369	81	26	p	p	X
cjfa-30369	81	27	,	,	PUNCT
cjfa-30369	81	28	q	q	NOUN
cjfa-30369	81	29	)	)	PUNCT
cjfa-30369	81	30	in	in	ADP
cjfa-30369	81	31	which	which	PRON
cjfa-30369	81	32	conditional	conditional	ADJ
cjfa-30369	81	33	variance	variance	NOUN
cjfa-30369	81	34	depends	depend	VERB
cjfa-30369	81	35	not	not	PART
cjfa-30369	81	36	only	only	ADV
cjfa-30369	81	37	upon	upon	SCONJ
cjfa-30369	81	38	the	the	DET
cjfa-30369	81	39	squared	square	VERB
cjfa-30369	81	40	residuals	residual	NOUN
cjfa-30369	81	41	of	of	ADP
cjfa-30369	81	42	the	the	DET
cjfa-30369	81	43	mean	mean	ADJ
cjfa-30369	81	44	equation	equation	NOUN
cjfa-30369	81	45	but	but	CCONJ
cjfa-30369	81	46	also	also	ADV
cjfa-30369	81	47	on	on	ADP
cjfa-30369	81	48	its	its	PRON
cjfa-30369	81	49	own	own	ADJ
cjfa-30369	81	50	past	past	ADJ
cjfa-30369	81	51	values	value	NOUN
cjfa-30369	81	52	.	.	PUNCT
cjfa-30369	82	1	the	the	DET
cjfa-30369	82	2	garch	garch	NOUN
cjfa-30369	82	3	(	(	PUNCT
cjfa-30369	82	4	p	p	X
cjfa-30369	82	5	,	,	PUNCT
cjfa-30369	82	6	q	q	NOUN
cjfa-30369	82	7	)	)	PUNCT
cjfa-30369	82	8	model	model	NOUN
cjfa-30369	82	9	is	be	AUX
cjfa-30369	82	10	given	give	VERB
cjfa-30369	82	11	by	by	ADP
cjfa-30369	82	12	equation	equation	NOUN
cjfa-30369	82	13	(	(	PUNCT
cjfa-30369	82	14	3	3	NUM
cjfa-30369	82	15	)	)	PUNCT
cjfa-30369	82	16	)	)	PUNCT
cjfa-30369	83	1	2.4(	2.4(	NUM
cjfa-30369	83	2	..................................................	..................................................	PUNCT
cjfa-30369	83	3	r	r	NOUN
cjfa-30369	83	4	,	,	PUNCT
cjfa-30369	83	5	1	1	NUM
cjfa-30369	83	6	1	1	NUM
cjfa-30369	83	7	,	,	PUNCT
cjfa-30369	83	8	0ts	0ts	ADJ
cjfa-30369	83	9	,	,	PUNCT
cjfa-30369	83	10	ttf	ttf	NOUN
cjfa-30369	84	1	p	p	PROPN
cjfa-30369	84	2	i	i	PRON
cjfa-30369	84	3	itsi	itsi	PROPN
cjfa-30369	84	4	rr	rr	PROPN
cjfa-30369	84	5			PROPN
cjfa-30369	84	6			NOUN
cjfa-30369	84	7			PROPN
cjfa-30369	84	8			NUM
cjfa-30369	84	9			PROPN
cjfa-30369	84	10	garch	garch	NOUN
cjfa-30369	84	11	hedge	hedge	NOUN
cjfa-30369	84	12	ratio	ratio	NOUN
cjfa-30369	84	13	in	in	ADP
cjfa-30369	84	14	equation	equation	NOUN
cjfa-30369	84	15	(	(	PUNCT
cjfa-30369	84	16	4.1	4.1	NUM
cjfa-30369	84	17	and	and	CCONJ
cjfa-30369	84	18	4.2	4.2	NUM
cjfa-30369	84	19	)	)	PUNCT
cjfa-30369	84	20	,	,	PUNCT
cjfa-30369	84	21	if	if	SCONJ
cjfa-30369	84	22	the	the	DET
cjfa-30369	84	23	variance	variance	NOUN
cjfa-30369	84	24	of	of	ADP
cjfa-30369	84	25	error	error	NOUN
cjfa-30369	84	26	term	term	NOUN
cjfa-30369	84	27	is	be	AUX
cjfa-30369	84	28	constant	constant	ADJ
cjfa-30369	84	29	,	,	PUNCT
cjfa-30369	84	30	the	the	DET
cjfa-30369	84	31	hedge	hedge	NOUN
cjfa-30369	84	32	ratio	ratio	NOUN
cjfa-30369	84	33	estimated	estimate	VERB
cjfa-30369	84	34	through	through	ADP
cjfa-30369	84	35	ordinary	ordinary	ADJ
cjfa-30369	84	36	least	least	ADJ
cjfa-30369	84	37	square	square	ADJ
cjfa-30369	84	38	(	(	PUNCT
cjfa-30369	84	39	ols	ol	NOUN
cjfa-30369	84	40	)	)	PUNCT
cjfa-30369	84	41	method	method	NOUN
cjfa-30369	84	42	will	will	AUX
cjfa-30369	84	43	be	be	AUX
cjfa-30369	84	44	valid	valid	ADJ
cjfa-30369	84	45	,	,	PUNCT
cjfa-30369	84	46	however	however	ADV
cjfa-30369	84	47	,	,	PUNCT
cjfa-30369	84	48	vast	vast	ADJ
cjfa-30369	84	49	amount	amount	NOUN
cjfa-30369	84	50	of	of	ADP
cjfa-30369	84	51	academic	academic	ADJ
cjfa-30369	84	52	literature2	literature2	NOUN
cjfa-30369	84	53	has	have	AUX
cjfa-30369	84	54	evidenced	evidence	VERB
cjfa-30369	84	55	that	that	SCONJ
cjfa-30369	84	56	stock	stock	NOUN
cjfa-30369	84	57	returns	return	NOUN
cjfa-30369	84	58	are	be	AUX
cjfa-30369	84	59	heteroscedastic	heteroscedastic	ADJ
cjfa-30369	84	60	in	in	ADP
cjfa-30369	84	61	nature	nature	NOUN
cjfa-30369	84	62	.	.	PUNCT
cjfa-30369	85	1	therefore	therefore	ADV
cjfa-30369	85	2	,	,	PUNCT
cjfa-30369	85	3	autoregressive	autoregressive	ADJ
cjfa-30369	85	4	conditional	conditional	ADJ
cjfa-30369	85	5	heteroscedasticity	heteroscedasticity	NOUN
cjfa-30369	85	6	model	model	NOUN
cjfa-30369	85	7	(	(	PUNCT
cjfa-30369	85	8	arch	arch	NOUN
cjfa-30369	85	9	)	)	PUNCT
cjfa-30369	85	10	(	(	PUNCT
cjfa-30369	85	11	(	(	PUNCT
cjfa-30369	85	12	engle	engle	NOUN
cjfa-30369	85	13	(	(	PUNCT
cjfa-30369	85	14	1982	1982	NUM
cjfa-30369	85	15	)	)	PUNCT
cjfa-30369	85	16	)	)	PUNCT
cjfa-30369	85	17	generalized	generalize	VERB
cjfa-30369	85	18	by	by	ADP
cjfa-30369	85	19	bollerslev	bollerslev	ADJ
cjfa-30369	85	20	(	(	PUNCT
cjfa-30369	85	21	1986	1986	NUM
cjfa-30369	85	22	)	)	PUNCT
cjfa-30369	85	23	called	call	VERB
cjfa-30369	85	24	garch	garch	NOUN
cjfa-30369	85	25	(	(	PUNCT
cjfa-30369	85	26	p	p	X
cjfa-30369	85	27	,	,	PUNCT
cjfa-30369	85	28	q	q	NOUN
cjfa-30369	85	29	)	)	PUNCT
cjfa-30369	85	30	in	in	ADP
cjfa-30369	85	31	which	which	PRON
cjfa-30369	85	32	conditional	conditional	ADJ
cjfa-30369	85	33	variance	variance	NOUN
cjfa-30369	85	34	depends	depend	VERB
cjfa-30369	85	35	not	not	PART
cjfa-30369	85	36	only	only	ADV
cjfa-30369	85	37	upon	upon	SCONJ
cjfa-30369	85	38	the	the	DET
cjfa-30369	85	39	squared	square	VERB
cjfa-30369	85	40	residuals	residual	NOUN
cjfa-30369	85	41	of	of	ADP
cjfa-30369	85	42	the	the	DET
cjfa-30369	85	43	mean	mean	ADJ
cjfa-30369	85	44	equation	equation	NOUN
cjfa-30369	85	45	but	but	CCONJ
cjfa-30369	85	46	also	also	ADV
cjfa-30369	85	47	on	on	ADP
cjfa-30369	85	48	its	its	PRON
cjfa-30369	85	49	own	own	ADJ
cjfa-30369	85	50	past	past	ADJ
cjfa-30369	85	51	values	value	NOUN
cjfa-30369	85	52	.	.	PUNCT
cjfa-30369	86	1	the	the	DET
cjfa-30369	86	2	garch	garch	NOUN
cjfa-30369	86	3	(	(	PUNCT
cjfa-30369	86	4	p	p	X
cjfa-30369	86	5	,	,	PUNCT
cjfa-30369	86	6	q	q	NOUN
cjfa-30369	86	7	)	)	PUNCT
cjfa-30369	86	8	model	model	NOUN
cjfa-30369	86	9	is	be	AUX
cjfa-30369	86	10	given	give	VERB
cjfa-30369	86	11	by	by	ADP
cjfa-30369	86	12	equation	equation	NOUN
cjfa-30369	86	13	(	(	PUNCT
cjfa-30369	86	14	4.3	4.3	NUM
cjfa-30369	86	15	)	)	PUNCT
cjfa-30369	86	16	)	)	PUNCT
cjfa-30369	86	17	3.4	3.4	NUM
cjfa-30369	86	18	.	.	PUNCT
cjfa-30369	87	1	(	(	PUNCT
cjfa-30369	87	2	..................................................	..................................................	PUNCT
cjfa-30369	87	3	h	h	NOUN
cjfa-30369	87	4	1	1	NUM
cjfa-30369	87	5	2	2	NUM
cjfa-30369	87	6	1	1	NUM
cjfa-30369	87	7	t	t	NOUN
cjfa-30369	87	8			VERB
cjfa-30369	87	9			NUM
cjfa-30369	87	10			PUNCT
cjfa-30369	88	1			NUM
cjfa-30369	88	2			NOUN
cjfa-30369	88	3	p	p	X
cjfa-30369	88	4	j	j	PROPN
cjfa-30369	88	5	tjtjit	tjtjit	NOUN
cjfa-30369	89	1	p	p	PROPN
cjfa-30369	90	1	i	i	PRON
cjfa-30369	90	2	i	i	PRON
cjfa-30369	90	3	h	h	VERB
cjfa-30369	90	4			VERB
cjfa-30369	90	5	where	where	SCONJ
cjfa-30369	90	6	,	,	PUNCT
cjfa-30369	90	7	ht	ht	PROPN
cjfa-30369	90	8	is	be	AUX
cjfa-30369	90	9	the	the	DET
cjfa-30369	90	10	conditional	conditional	ADJ
cjfa-30369	90	11	volatility	volatility	NOUN
cjfa-30369	90	12	,	,	PUNCT
cjfa-30369	90	13	αi	αi	PRON
cjfa-30369	90	14	is	be	AUX
cjfa-30369	90	15	the	the	DET
cjfa-30369	90	16	coefficient	coefficient	NOUN
cjfa-30369	90	17	of	of	ADP
cjfa-30369	90	18	arch	arch	ADJ
cjfa-30369	90	19	term	term	NOUN
cjfa-30369	90	20	with	with	ADP
cjfa-30369	90	21	order	order	NOUN
cjfa-30369	90	22	i	i	PRON
cjfa-30369	90	23	to	to	ADP
cjfa-30369	90	24	p	p	NOUN
cjfa-30369	90	25	and	and	CCONJ
cjfa-30369	90	26	βj	βj	PRON
cjfa-30369	90	27	is	be	AUX
cjfa-30369	90	28	the	the	DET
cjfa-30369	90	29	coefficient	coefficient	NOUN
cjfa-30369	90	30	of	of	ADP
cjfa-30369	90	31	garch	garch	NOUN
cjfa-30369	90	32	term	term	NOUN
cjfa-30369	90	33	with	with	ADP
cjfa-30369	90	34	order	order	NOUN
cjfa-30369	90	35	j	j	PROPN
cjfa-30369	90	36	to	to	PART
cjfa-30369	90	37	q.	q.	VERB
cjfa-30369	90	38	the	the	DET
cjfa-30369	90	39	conditional	conditional	ADJ
cjfa-30369	90	40	volatility	volatility	NOUN
cjfa-30369	90	41	as	as	SCONJ
cjfa-30369	90	42	defined	define	VERB
cjfa-30369	90	43	in	in	ADP
cjfa-30369	90	44	equation	equation	NOUN
cjfa-30369	90	45	(	(	PUNCT
cjfa-30369	90	46	4.3	4.3	NUM
cjfa-30369	90	47	)	)	PUNCT
cjfa-30369	90	48	is	be	AUX
cjfa-30369	90	49	determined	determine	VERB
cjfa-30369	90	50	by	by	ADP
cjfa-30369	90	51	three	three	NUM
cjfa-30369	90	52	effects	effect	NOUN
cjfa-30369	90	53	namely	namely	ADV
cjfa-30369	90	54	the	the	DET
cjfa-30369	90	55	intercept	intercept	NOUN
cjfa-30369	90	56	term	term	NOUN
cjfa-30369	90	57	(	(	PUNCT
cjfa-30369	90	58	ω	ω	NOUN
cjfa-30369	90	59	)	)	PUNCT
cjfa-30369	90	60	,	,	PUNCT
cjfa-30369	90	61	the	the	DET
cjfa-30369	90	62	arch	arch	ADJ
cjfa-30369	90	63	term	term	NOUN
cjfa-30369	90	64	(	(	PUNCT
cjfa-30369	90	65	αiε2t	αiε2t	PROPN
cjfa-30369	90	66	-	-	NOUN
cjfa-30369	90	67	i	i	PROPN
cjfa-30369	90	68	)	)	PUNCT
cjfa-30369	90	69	and	and	CCONJ
cjfa-30369	90	70	the	the	DET
cjfa-30369	90	71	forecasted	forecast	VERB
cjfa-30369	90	72	volatility	volatility	NOUN
cjfa-30369	90	73	from	from	ADP
cjfa-30369	90	74	the	the	DET
cjfa-30369	90	75	previous	previous	ADJ
cjfa-30369	90	76	period	period	NOUN
cjfa-30369	90	77	called	call	VERB
cjfa-30369	90	78	garch	garch	NOUN
cjfa-30369	90	79	component	component	NOUN
cjfa-30369	90	80	(	(	PUNCT
cjfa-30369	90	81	βjhtj	βjhtj	NOUN
cjfa-30369	90	82	)	)	PUNCT
cjfa-30369	90	83	.	.	PUNCT
cjfa-30369	91	1	egarch	egarch	PROPN
cjfa-30369	91	2	hedge	hedge	PROPN
cjfa-30369	91	3	ratio	ratio	PROPN
cjfa-30369	91	4	exponential	exponential	ADJ
cjfa-30369	91	5	garch	garch	NOUN
cjfa-30369	91	6	(	(	PUNCT
cjfa-30369	91	7	egarch	egarch	NOUN
cjfa-30369	91	8	)	)	PUNCT
cjfa-30369	91	9	model	model	NOUN
cjfa-30369	91	10	(	(	PUNCT
cjfa-30369	91	11	nelson	nelson	PROPN
cjfa-30369	91	12	(	(	PUNCT
cjfa-30369	91	13	1991	1991	NUM
cjfa-30369	91	14	)	)	PUNCT
cjfa-30369	91	15	)	)	PUNCT
cjfa-30369	91	16	is	be	AUX
cjfa-30369	91	17	based	base	VERB
cjfa-30369	91	18	upon	upon	SCONJ
cjfa-30369	91	19	the	the	DET
cjfa-30369	91	20	logarithmic	logarithmic	ADJ
cjfa-30369	91	21	expression	expression	NOUN
cjfa-30369	91	22	of	of	ADP
cjfa-30369	91	23	conditional	conditional	ADJ
cjfa-30369	91	24	volatility	volatility	NOUN
cjfa-30369	91	25	in	in	ADP
cjfa-30369	91	26	cash	cash	NOUN
cjfa-30369	91	27	and	and	CCONJ
cjfa-30369	91	28	futures	future	NOUN
cjfa-30369	91	29	market	market	NOUN
cjfa-30369	91	30	returns	return	NOUN
cjfa-30369	91	31	.	.	PUNCT
cjfa-30369	92	1	therefore	therefore	ADV
cjfa-30369	92	2	,	,	PUNCT
cjfa-30369	92	3	if	if	SCONJ
cjfa-30369	92	4	the	the	DET
cjfa-30369	92	5	stock	stock	NOUN
cjfa-30369	92	6	returns	return	NOUN
cjfa-30369	92	7	are	be	AUX
cjfa-30369	92	8	asymmetric	asymmetric	ADJ
cjfa-30369	92	9	and	and	CCONJ
cjfa-30369	92	10	the	the	DET
cjfa-30369	92	11	interaction	interaction	NOUN
cjfa-30369	92	12	between	between	ADP
cjfa-30369	92	13	old	old	ADJ
cjfa-30369	92	14	and	and	CCONJ
cjfa-30369	92	15	new	new	ADJ
cjfa-30369	92	16	information	information	NOUN
cjfa-30369	92	17	observes	observe	VERB
cjfa-30369	92	18	leverage	leverage	NOUN
cjfa-30369	92	19	effect	effect	NOUN
cjfa-30369	92	20	,	,	PUNCT
cjfa-30369	92	21	egarch	egarch	NOUN
cjfa-30369	92	22	model	model	NOUN
cjfa-30369	92	23	(	(	PUNCT
cjfa-30369	92	24	i.e.	i.e.	X
cjfa-30369	92	25	equation	equation	NOUN
cjfa-30369	92	26	(	(	PUNCT
cjfa-30369	92	27	4.4	4.4	NUM
cjfa-30369	92	28	)	)	PUNCT
cjfa-30369	92	29	)	)	PUNCT
cjfa-30369	92	30	may	may	AUX
cjfa-30369	92	31	help	help	VERB
cjfa-30369	92	32	to	to	PART
cjfa-30369	92	33	estimate	estimate	VERB
cjfa-30369	92	34	an	an	DET
cjfa-30369	92	35	improved	improved	ADJ
cjfa-30369	92	36	hedge	hedge	NOUN
cjfa-30369	92	37	ratio	ratio	NOUN
cjfa-30369	92	38	as	as	ADP
cjfa-30369	92	39	compared	compare	VERB
cjfa-30369	92	40	to	to	ADP
cjfa-30369	92	41	that	that	PRON
cjfa-30369	92	42	estimated	estimate	VERB
cjfa-30369	92	43	through	through	ADP
cjfa-30369	92	44	garch	garch	NOUN
cjfa-30369	92	45	process	process	NOUN
cjfa-30369	92	46	in	in	ADP
cjfa-30369	92	47	equation	equation	NOUN
cjfa-30369	92	48	(	(	PUNCT
cjfa-30369	92	49	4.3	4.3	NUM
cjfa-30369	92	50	)	)	PUNCT
cjfa-30369	92	51	.(4.4	.(4.4	NUM
cjfa-30369	92	52	)	)	PUNCT
cjfa-30369	92	53	..................................................	..................................................	PUNCT
cjfa-30369	93	1	hγ	hγ	PRON
cjfa-30369	93	2	h	h	NOUN
cjfa-30369	94	1	εγ	εγ	NOUN
cjfa-30369	94	2	h	h	NOUN
cjfa-30369	94	3	ε	ε	PROPN
cjfa-30369	94	4	γ	γ	PROPN
cjfa-30369	94	5	γ	γ	PROPN
cjfa-30369	94	6	h	h	PROPN
cjfa-30369	94	7	1	1	NUM
cjfa-30369	94	8	-	-	PUNCT
cjfa-30369	94	9	t	t	PROPN
cjfa-30369	94	10	4	4	NUM
cjfa-30369	94	11	1	1	NUM
cjfa-30369	94	12	t	t	NOUN
cjfa-30369	94	13	1	1	NUM
cjfa-30369	94	14	t	t	NOUN
cjfa-30369	94	15	2	2	NUM
cjfa-30369	94	16	3	3	NUM
cjfa-30369	94	17	1	1	NUM
cjfa-30369	94	18	t	t	NOUN
cjfa-30369	94	19	1	1	NUM
cjfa-30369	94	20	t	t	NOUN
cjfa-30369	94	21	2	2	NUM
cjfa-30369	94	22	21	21	NUM
cjfa-30369	94	23	t	t	PROPN
cjfa-30369	94	24			NOUN
cjfa-30369	94	25			PROPN
cjfa-30369	94	26			PROPN
cjfa-30369	94	27			PROPN
cjfa-30369	94	28			PROPN
cjfa-30369	94	29	tarch	tarch	NOUN
cjfa-30369	94	30	hedge	hedge	NOUN
cjfa-30369	94	31	ratio	ratio	NOUN
cjfa-30369	94	32	2	2	NUM
cjfa-30369	94	33	engle	engle	NOUN
cjfa-30369	94	34	(	(	PUNCT
cjfa-30369	94	35	1982	1982	NUM
cjfa-30369	94	36	)	)	PUNCT
cjfa-30369	94	37	,	,	PUNCT
cjfa-30369	94	38	bollerslev	bollerslev	NOUN
cjfa-30369	94	39	(	(	PUNCT
cjfa-30369	94	40	1986	1986	NUM
cjfa-30369	94	41	)	)	PUNCT
cjfa-30369	94	42	,	,	PUNCT
cjfa-30369	94	43	park	park	NOUN
cjfa-30369	94	44	and	and	CCONJ
cjfa-30369	94	45	switzer	switzer	PROPN
cjfa-30369	94	46	(	(	PUNCT
cjfa-30369	94	47	1995	1995	NUM
cjfa-30369	94	48	)	)	PUNCT
cjfa-30369	94	49	,	,	PUNCT
cjfa-30369	94	50	floros	floro	NOUN
cjfa-30369	94	51	and	and	CCONJ
cjfa-30369	94	52	vougas	vougas	NOUN
cjfa-30369	94	53	(	(	PUNCT
cjfa-30369	94	54	2004	2004	NUM
cjfa-30369	94	55	)	)	PUNCT
cjfa-30369	94	56	.	.	PUNCT
cjfa-30369	95	1	(	(	PUNCT
cjfa-30369	95	2	3	3	X
cjfa-30369	95	3	)	)	PUNCT
cjfa-30369	95	4	where	where	SCONJ
cjfa-30369	95	5	,	,	PUNCT
cjfa-30369	95	6	ht	ht	PROPN
cjfa-30369	95	7	is	be	AUX
cjfa-30369	95	8	the	the	DET
cjfa-30369	95	9	conditional	conditional	ADJ
cjfa-30369	95	10	volatility	volatility	NOUN
cjfa-30369	95	11	,	,	PUNCT
cjfa-30369	95	12	αi	αi	PRON
cjfa-30369	95	13	is	be	AUX
cjfa-30369	95	14	the	the	DET
cjfa-30369	95	15	coefficient	coefficient	NOUN
cjfa-30369	95	16	of	of	ADP
cjfa-30369	95	17	arch	arch	ADJ
cjfa-30369	95	18	term	term	NOUN
cjfa-30369	95	19	with	with	ADP
cjfa-30369	95	20	order	order	NOUN
cjfa-30369	95	21	i	i	PRON
cjfa-30369	95	22	to	to	ADP
cjfa-30369	95	23	p	p	NOUN
cjfa-30369	95	24	and	and	CCONJ
cjfa-30369	95	25	βj	βj	PRON
cjfa-30369	95	26	is	be	AUX
cjfa-30369	95	27	the	the	DET
cjfa-30369	95	28	coefficient	coefficient	NOUN
cjfa-30369	95	29	of	of	ADP
cjfa-30369	95	30	garch	garch	NOUN
cjfa-30369	95	31	term	term	NOUN
cjfa-30369	95	32	with	with	ADP
cjfa-30369	95	33	order	order	NOUN
cjfa-30369	95	34	j	j	PROPN
cjfa-30369	95	35	to	to	PART
cjfa-30369	95	36	q.	q.	VERB
cjfa-30369	95	37	the	the	DET
cjfa-30369	95	38	conditional	conditional	ADJ
cjfa-30369	95	39	volatility	volatility	NOUN
cjfa-30369	95	40	as	as	SCONJ
cjfa-30369	95	41	defined	define	VERB
cjfa-30369	95	42	in	in	ADP
cjfa-30369	95	43	equation	equation	NOUN
cjfa-30369	95	44	(	(	PUNCT
cjfa-30369	95	45	3	3	X
cjfa-30369	95	46	)	)	PUNCT
cjfa-30369	95	47	is	be	AUX
cjfa-30369	95	48	determined	determine	VERB
cjfa-30369	95	49	by	by	ADP
cjfa-30369	95	50	three	three	NUM
cjfa-30369	95	51	effects	effect	NOUN
cjfa-30369	95	52	namely	namely	ADV
cjfa-30369	95	53	the	the	DET
cjfa-30369	95	54	intercept	intercept	NOUN
cjfa-30369	95	55	term	term	NOUN
cjfa-30369	95	56	(	(	PUNCT
cjfa-30369	95	57	ω	ω	NOUN
cjfa-30369	95	58	)	)	PUNCT
cjfa-30369	95	59	,	,	PUNCT
cjfa-30369	95	60	the	the	DET
cjfa-30369	95	61	arch	arch	ADJ
cjfa-30369	95	62	term	term	NOUN
cjfa-30369	95	63	(	(	PUNCT
cjfa-30369	95	64	αiε2	αiε2	PROPN
cjfa-30369	95	65	t	t	PROPN
cjfa-30369	95	66	-	-	PUNCT
cjfa-30369	95	67	i	i	PROPN
cjfa-30369	95	68	)	)	PUNCT
cjfa-30369	95	69	and	and	CCONJ
cjfa-30369	95	70	the	the	DET
cjfa-30369	95	71	forecasted	forecast	VERB
cjfa-30369	95	72	volatility	volatility	NOUN
cjfa-30369	95	73	from	from	ADP
cjfa-30369	95	74	the	the	DET
cjfa-30369	95	75	previous	previous	ADJ
cjfa-30369	95	76	period	period	NOUN
cjfa-30369	95	77	called	call	VERB
cjfa-30369	95	78	garch	garch	NOUN
cjfa-30369	95	79	component	component	NOUN
cjfa-30369	95	80	(	(	PUNCT
cjfa-30369	95	81	βjht	βjht	PROPN
cjfa-30369	95	82	-	-	PUNCT
cjfa-30369	95	83	j	j	NOUN
cjfa-30369	95	84	)	)	PUNCT
cjfa-30369	95	85	.	.	PUNCT
cjfa-30369	96	1	2	2	NUM
cjfa-30369	96	2	 	 	SPACE
cjfa-30369	96	3	engle	engle	NOUN
cjfa-30369	96	4	(	(	PUNCT
cjfa-30369	96	5	1982	1982	NUM
cjfa-30369	96	6	)	)	PUNCT
cjfa-30369	96	7	,	,	PUNCT
cjfa-30369	96	8	bollerslev	bollerslev	NOUN
cjfa-30369	96	9	(	(	PUNCT
cjfa-30369	96	10	1986	1986	NUM
cjfa-30369	96	11	)	)	PUNCT
cjfa-30369	96	12	,	,	PUNCT
cjfa-30369	96	13	park	park	NOUN
cjfa-30369	96	14	and	and	CCONJ
cjfa-30369	96	15	switzer	switzer	PROPN
cjfa-30369	96	16	(	(	PUNCT
cjfa-30369	96	17	1995	1995	NUM
cjfa-30369	96	18	)	)	PUNCT
cjfa-30369	96	19	,	,	PUNCT
cjfa-30369	96	20	floros	floro	NOUN
cjfa-30369	96	21	and	and	CCONJ
cjfa-30369	96	22	vougas	vougas	NOUN
cjfa-30369	96	23	(	(	PUNCT
cjfa-30369	96	24	2004	2004	NUM
cjfa-30369	96	25	)	)	PUNCT
cjfa-30369	96	26	.	.	PUNCT
cjfa-30369	97	1	estimating	estimate	VERB
cjfa-30369	97	2	hedging	hedging	NOUN
cjfa-30369	97	3	effectiveness	effectiveness	NOUN
cjfa-30369	97	4	using	use	VERB
cjfa-30369	97	5	variance	variance	NOUN
cjfa-30369	97	6	reduction	reduction	NOUN
cjfa-30369	97	7	…	…	PUNCT
cjfa-30369	97	8	155	155	NUM
cjfa-30369	97	9	egarch	egarch	NOUN
cjfa-30369	97	10	hedge	hedge	PROPN
cjfa-30369	97	11	ratio	ratio	PROPN
cjfa-30369	97	12	exponential	exponential	ADJ
cjfa-30369	97	13	garch	garch	NOUN
cjfa-30369	97	14	(	(	PUNCT
cjfa-30369	97	15	egarch	egarch	NOUN
cjfa-30369	97	16	)	)	PUNCT
cjfa-30369	97	17	model	model	NOUN
cjfa-30369	97	18	(	(	PUNCT
cjfa-30369	97	19	nelson	nelson	PROPN
cjfa-30369	97	20	(	(	PUNCT
cjfa-30369	97	21	1991	1991	NUM
cjfa-30369	97	22	)	)	PUNCT
cjfa-30369	97	23	)	)	PUNCT
cjfa-30369	97	24	is	be	AUX
cjfa-30369	97	25	based	base	VERB
cjfa-30369	97	26	upon	upon	SCONJ
cjfa-30369	97	27	the	the	DET
cjfa-30369	97	28	logarithmic	logarithmic	ADJ
cjfa-30369	97	29	expression	expression	NOUN
cjfa-30369	97	30	of	of	ADP
cjfa-30369	97	31	conditional	conditional	ADJ
cjfa-30369	97	32	volatility	volatility	NOUN
cjfa-30369	97	33	in	in	ADP
cjfa-30369	97	34	cash	cash	NOUN
cjfa-30369	97	35	and	and	CCONJ
cjfa-30369	97	36	futures	future	NOUN
cjfa-30369	97	37	market	market	NOUN
cjfa-30369	97	38	returns	return	NOUN
cjfa-30369	97	39	.	.	PUNCT
cjfa-30369	98	1	therefore	therefore	ADV
cjfa-30369	98	2	,	,	PUNCT
cjfa-30369	98	3	if	if	SCONJ
cjfa-30369	98	4	the	the	DET
cjfa-30369	98	5	stock	stock	NOUN
cjfa-30369	98	6	returns	return	NOUN
cjfa-30369	98	7	are	be	AUX
cjfa-30369	98	8	asymmetric	asymmetric	ADJ
cjfa-30369	98	9	and	and	CCONJ
cjfa-30369	98	10	the	the	DET
cjfa-30369	98	11	interaction	interaction	NOUN
cjfa-30369	98	12	between	between	ADP
cjfa-30369	98	13	old	old	ADJ
cjfa-30369	98	14	and	and	CCONJ
cjfa-30369	98	15	new	new	ADJ
cjfa-30369	98	16	information	information	NOUN
cjfa-30369	98	17	observes	observe	VERB
cjfa-30369	98	18	leverage	leverage	NOUN
cjfa-30369	98	19	effect	effect	NOUN
cjfa-30369	98	20	,	,	PUNCT
cjfa-30369	98	21	egarch	egarch	NOUN
cjfa-30369	98	22	model	model	NOUN
cjfa-30369	98	23	(	(	PUNCT
cjfa-30369	98	24	i.e.	i.e.	X
cjfa-30369	98	25	equation	equation	NOUN
cjfa-30369	98	26	(	(	PUNCT
cjfa-30369	98	27	4	4	NUM
cjfa-30369	98	28	)	)	PUNCT
cjfa-30369	98	29	)	)	PUNCT
cjfa-30369	98	30	may	may	AUX
cjfa-30369	98	31	help	help	VERB
cjfa-30369	98	32	to	to	PART
cjfa-30369	98	33	estimate	estimate	VERB
cjfa-30369	98	34	an	an	DET
cjfa-30369	98	35	improved	improved	ADJ
cjfa-30369	98	36	hedge	hedge	NOUN
cjfa-30369	98	37	ratio	ratio	NOUN
cjfa-30369	98	38	as	as	ADP
cjfa-30369	98	39	compared	compare	VERB
cjfa-30369	98	40	to	to	ADP
cjfa-30369	98	41	that	that	PRON
cjfa-30369	98	42	estimated	estimate	VERB
cjfa-30369	98	43	through	through	ADP
cjfa-30369	98	44	garch	garch	NOUN
cjfa-30369	98	45	process	process	NOUN
cjfa-30369	98	46	in	in	ADP
cjfa-30369	98	47	equation	equation	NOUN
cjfa-30369	98	48	(	(	PUNCT
cjfa-30369	98	49	3	3	NUM
cjfa-30369	98	50	)	)	PUNCT
cjfa-30369	98	51	)	)	PUNCT
cjfa-30369	99	1	2.4(	2.4(	NUM
cjfa-30369	99	2	..................................................	..................................................	PUNCT
cjfa-30369	99	3	r	r	NOUN
cjfa-30369	99	4	,	,	PUNCT
cjfa-30369	99	5	1	1	NUM
cjfa-30369	99	6	1	1	NUM
cjfa-30369	99	7	,	,	PUNCT
cjfa-30369	99	8	0ts	0ts	ADJ
cjfa-30369	99	9	,	,	PUNCT
cjfa-30369	99	10	ttf	ttf	NOUN
cjfa-30369	100	1	p	p	PROPN
cjfa-30369	100	2	i	i	PRON
cjfa-30369	100	3	itsi	itsi	PROPN
cjfa-30369	100	4	rr	rr	PROPN
cjfa-30369	100	5			PROPN
cjfa-30369	100	6			NOUN
cjfa-30369	100	7			PROPN
cjfa-30369	100	8			NUM
cjfa-30369	100	9			PROPN
cjfa-30369	100	10	garch	garch	NOUN
cjfa-30369	100	11	hedge	hedge	NOUN
cjfa-30369	100	12	ratio	ratio	NOUN
cjfa-30369	100	13	in	in	ADP
cjfa-30369	100	14	equation	equation	NOUN
cjfa-30369	100	15	(	(	PUNCT
cjfa-30369	100	16	4.1	4.1	NUM
cjfa-30369	100	17	and	and	CCONJ
cjfa-30369	100	18	4.2	4.2	NUM
cjfa-30369	100	19	)	)	PUNCT
cjfa-30369	100	20	,	,	PUNCT
cjfa-30369	100	21	if	if	SCONJ
cjfa-30369	100	22	the	the	DET
cjfa-30369	100	23	variance	variance	NOUN
cjfa-30369	100	24	of	of	ADP
cjfa-30369	100	25	error	error	NOUN
cjfa-30369	100	26	term	term	NOUN
cjfa-30369	100	27	is	be	AUX
cjfa-30369	100	28	constant	constant	ADJ
cjfa-30369	100	29	,	,	PUNCT
cjfa-30369	100	30	the	the	DET
cjfa-30369	100	31	hedge	hedge	NOUN
cjfa-30369	100	32	ratio	ratio	NOUN
cjfa-30369	100	33	estimated	estimate	VERB
cjfa-30369	100	34	through	through	ADP
cjfa-30369	100	35	ordinary	ordinary	ADJ
cjfa-30369	100	36	least	least	ADJ
cjfa-30369	100	37	square	square	ADJ
cjfa-30369	100	38	(	(	PUNCT
cjfa-30369	100	39	ols	ol	NOUN
cjfa-30369	100	40	)	)	PUNCT
cjfa-30369	100	41	method	method	NOUN
cjfa-30369	100	42	will	will	AUX
cjfa-30369	100	43	be	be	AUX
cjfa-30369	100	44	valid	valid	ADJ
cjfa-30369	100	45	,	,	PUNCT
cjfa-30369	100	46	however	however	ADV
cjfa-30369	100	47	,	,	PUNCT
cjfa-30369	100	48	vast	vast	ADJ
cjfa-30369	100	49	amount	amount	NOUN
cjfa-30369	100	50	of	of	ADP
cjfa-30369	100	51	academic	academic	ADJ
cjfa-30369	100	52	literature2	literature2	NOUN
cjfa-30369	100	53	has	have	AUX
cjfa-30369	100	54	evidenced	evidence	VERB
cjfa-30369	100	55	that	that	SCONJ
cjfa-30369	100	56	stock	stock	NOUN
cjfa-30369	100	57	returns	return	NOUN
cjfa-30369	100	58	are	be	AUX
cjfa-30369	100	59	heteroscedastic	heteroscedastic	ADJ
cjfa-30369	100	60	in	in	ADP
cjfa-30369	100	61	nature	nature	NOUN
cjfa-30369	100	62	.	.	PUNCT
cjfa-30369	101	1	therefore	therefore	ADV
cjfa-30369	101	2	,	,	PUNCT
cjfa-30369	101	3	autoregressive	autoregressive	ADJ
cjfa-30369	101	4	conditional	conditional	ADJ
cjfa-30369	101	5	heteroscedasticity	heteroscedasticity	NOUN
cjfa-30369	101	6	model	model	NOUN
cjfa-30369	101	7	(	(	PUNCT
cjfa-30369	101	8	arch	arch	NOUN
cjfa-30369	101	9	)	)	PUNCT
cjfa-30369	101	10	(	(	PUNCT
cjfa-30369	101	11	(	(	PUNCT
cjfa-30369	101	12	engle	engle	NOUN
cjfa-30369	101	13	(	(	PUNCT
cjfa-30369	101	14	1982	1982	NUM
cjfa-30369	101	15	)	)	PUNCT
cjfa-30369	101	16	)	)	PUNCT
cjfa-30369	101	17	generalized	generalize	VERB
cjfa-30369	101	18	by	by	ADP
cjfa-30369	101	19	bollerslev	bollerslev	ADJ
cjfa-30369	101	20	(	(	PUNCT
cjfa-30369	101	21	1986	1986	NUM
cjfa-30369	101	22	)	)	PUNCT
cjfa-30369	101	23	called	call	VERB
cjfa-30369	101	24	garch	garch	NOUN
cjfa-30369	101	25	(	(	PUNCT
cjfa-30369	101	26	p	p	X
cjfa-30369	101	27	,	,	PUNCT
cjfa-30369	101	28	q	q	NOUN
cjfa-30369	101	29	)	)	PUNCT
cjfa-30369	101	30	in	in	ADP
cjfa-30369	101	31	which	which	PRON
cjfa-30369	101	32	conditional	conditional	ADJ
cjfa-30369	101	33	variance	variance	NOUN
cjfa-30369	101	34	depends	depend	VERB
cjfa-30369	101	35	not	not	PART
cjfa-30369	101	36	only	only	ADV
cjfa-30369	101	37	upon	upon	SCONJ
cjfa-30369	101	38	the	the	DET
cjfa-30369	101	39	squared	square	VERB
cjfa-30369	101	40	residuals	residual	NOUN
cjfa-30369	101	41	of	of	ADP
cjfa-30369	101	42	the	the	DET
cjfa-30369	101	43	mean	mean	ADJ
cjfa-30369	101	44	equation	equation	NOUN
cjfa-30369	101	45	but	but	CCONJ
cjfa-30369	101	46	also	also	ADV
cjfa-30369	101	47	on	on	ADP
cjfa-30369	101	48	its	its	PRON
cjfa-30369	101	49	own	own	ADJ
cjfa-30369	101	50	past	past	ADJ
cjfa-30369	101	51	values	value	NOUN
cjfa-30369	101	52	.	.	PUNCT
cjfa-30369	102	1	the	the	DET
cjfa-30369	102	2	garch	garch	NOUN
cjfa-30369	102	3	(	(	PUNCT
cjfa-30369	102	4	p	p	X
cjfa-30369	102	5	,	,	PUNCT
cjfa-30369	102	6	q	q	NOUN
cjfa-30369	102	7	)	)	PUNCT
cjfa-30369	102	8	model	model	NOUN
cjfa-30369	102	9	is	be	AUX
cjfa-30369	102	10	given	give	VERB
cjfa-30369	102	11	by	by	ADP
cjfa-30369	102	12	equation	equation	NOUN
cjfa-30369	102	13	(	(	PUNCT
cjfa-30369	102	14	4.3	4.3	NUM
cjfa-30369	102	15	)	)	PUNCT
cjfa-30369	102	16	)	)	PUNCT
cjfa-30369	102	17	3.4	3.4	NUM
cjfa-30369	102	18	.	.	PUNCT
cjfa-30369	103	1	(	(	PUNCT
cjfa-30369	103	2	..................................................	..................................................	PUNCT
cjfa-30369	103	3	h	h	NOUN
cjfa-30369	103	4	1	1	NUM
cjfa-30369	103	5	2	2	NUM
cjfa-30369	103	6	1	1	NUM
cjfa-30369	103	7	t	t	NOUN
cjfa-30369	103	8			VERB
cjfa-30369	103	9			NUM
cjfa-30369	103	10			PUNCT
cjfa-30369	104	1			NUM
cjfa-30369	104	2			NOUN
cjfa-30369	104	3	p	p	X
cjfa-30369	104	4	j	j	PROPN
cjfa-30369	104	5	tjtjit	tjtjit	NOUN
cjfa-30369	105	1	p	p	PROPN
cjfa-30369	106	1	i	i	PRON
cjfa-30369	106	2	i	i	PRON
cjfa-30369	106	3	h	h	VERB
cjfa-30369	106	4			VERB
cjfa-30369	106	5	where	where	SCONJ
cjfa-30369	106	6	,	,	PUNCT
cjfa-30369	106	7	ht	ht	PROPN
cjfa-30369	106	8	is	be	AUX
cjfa-30369	106	9	the	the	DET
cjfa-30369	106	10	conditional	conditional	ADJ
cjfa-30369	106	11	volatility	volatility	NOUN
cjfa-30369	106	12	,	,	PUNCT
cjfa-30369	106	13	αi	αi	PRON
cjfa-30369	106	14	is	be	AUX
cjfa-30369	106	15	the	the	DET
cjfa-30369	106	16	coefficient	coefficient	NOUN
cjfa-30369	106	17	of	of	ADP
cjfa-30369	106	18	arch	arch	ADJ
cjfa-30369	106	19	term	term	NOUN
cjfa-30369	106	20	with	with	ADP
cjfa-30369	106	21	order	order	NOUN
cjfa-30369	106	22	i	i	PRON
cjfa-30369	106	23	to	to	ADP
cjfa-30369	106	24	p	p	NOUN
cjfa-30369	106	25	and	and	CCONJ
cjfa-30369	106	26	βj	βj	PRON
cjfa-30369	106	27	is	be	AUX
cjfa-30369	106	28	the	the	DET
cjfa-30369	106	29	coefficient	coefficient	NOUN
cjfa-30369	106	30	of	of	ADP
cjfa-30369	106	31	garch	garch	NOUN
cjfa-30369	106	32	term	term	NOUN
cjfa-30369	106	33	with	with	ADP
cjfa-30369	106	34	order	order	NOUN
cjfa-30369	106	35	j	j	PROPN
cjfa-30369	106	36	to	to	PART
cjfa-30369	106	37	q.	q.	VERB
cjfa-30369	106	38	the	the	DET
cjfa-30369	106	39	conditional	conditional	ADJ
cjfa-30369	106	40	volatility	volatility	NOUN
cjfa-30369	106	41	as	as	SCONJ
cjfa-30369	106	42	defined	define	VERB
cjfa-30369	106	43	in	in	ADP
cjfa-30369	106	44	equation	equation	NOUN
cjfa-30369	106	45	(	(	PUNCT
cjfa-30369	106	46	4.3	4.3	NUM
cjfa-30369	106	47	)	)	PUNCT
cjfa-30369	106	48	is	be	AUX
cjfa-30369	106	49	determined	determine	VERB
cjfa-30369	106	50	by	by	ADP
cjfa-30369	106	51	three	three	NUM
cjfa-30369	106	52	effects	effect	NOUN
cjfa-30369	106	53	namely	namely	ADV
cjfa-30369	106	54	the	the	DET
cjfa-30369	106	55	intercept	intercept	NOUN
cjfa-30369	106	56	term	term	NOUN
cjfa-30369	106	57	(	(	PUNCT
cjfa-30369	106	58	ω	ω	NOUN
cjfa-30369	106	59	)	)	PUNCT
cjfa-30369	106	60	,	,	PUNCT
cjfa-30369	106	61	the	the	DET
cjfa-30369	106	62	arch	arch	ADJ
cjfa-30369	106	63	term	term	NOUN
cjfa-30369	106	64	(	(	PUNCT
cjfa-30369	106	65	αiε2t	αiε2t	PROPN
cjfa-30369	106	66	-	-	NOUN
cjfa-30369	106	67	i	i	PROPN
cjfa-30369	106	68	)	)	PUNCT
cjfa-30369	106	69	and	and	CCONJ
cjfa-30369	106	70	the	the	DET
cjfa-30369	106	71	forecasted	forecast	VERB
cjfa-30369	106	72	volatility	volatility	NOUN
cjfa-30369	106	73	from	from	ADP
cjfa-30369	106	74	the	the	DET
cjfa-30369	106	75	previous	previous	ADJ
cjfa-30369	106	76	period	period	NOUN
cjfa-30369	106	77	called	call	VERB
cjfa-30369	106	78	garch	garch	NOUN
cjfa-30369	106	79	component	component	NOUN
cjfa-30369	106	80	(	(	PUNCT
cjfa-30369	106	81	βjhtj	βjhtj	NOUN
cjfa-30369	106	82	)	)	PUNCT
cjfa-30369	106	83	.	.	PUNCT
cjfa-30369	107	1	egarch	egarch	PROPN
cjfa-30369	107	2	hedge	hedge	PROPN
cjfa-30369	107	3	ratio	ratio	PROPN
cjfa-30369	107	4	exponential	exponential	ADJ
cjfa-30369	107	5	garch	garch	NOUN
cjfa-30369	107	6	(	(	PUNCT
cjfa-30369	107	7	egarch	egarch	NOUN
cjfa-30369	107	8	)	)	PUNCT
cjfa-30369	107	9	model	model	NOUN
cjfa-30369	107	10	(	(	PUNCT
cjfa-30369	107	11	nelson	nelson	PROPN
cjfa-30369	107	12	(	(	PUNCT
cjfa-30369	107	13	1991	1991	NUM
cjfa-30369	107	14	)	)	PUNCT
cjfa-30369	107	15	)	)	PUNCT
cjfa-30369	107	16	is	be	AUX
cjfa-30369	107	17	based	base	VERB
cjfa-30369	107	18	upon	upon	SCONJ
cjfa-30369	107	19	the	the	DET
cjfa-30369	107	20	logarithmic	logarithmic	ADJ
cjfa-30369	107	21	expression	expression	NOUN
cjfa-30369	107	22	of	of	ADP
cjfa-30369	107	23	conditional	conditional	ADJ
cjfa-30369	107	24	volatility	volatility	NOUN
cjfa-30369	107	25	in	in	ADP
cjfa-30369	107	26	cash	cash	NOUN
cjfa-30369	107	27	and	and	CCONJ
cjfa-30369	107	28	futures	future	NOUN
cjfa-30369	107	29	market	market	NOUN
cjfa-30369	107	30	returns	return	NOUN
cjfa-30369	107	31	.	.	PUNCT
cjfa-30369	108	1	therefore	therefore	ADV
cjfa-30369	108	2	,	,	PUNCT
cjfa-30369	108	3	if	if	SCONJ
cjfa-30369	108	4	the	the	DET
cjfa-30369	108	5	stock	stock	NOUN
cjfa-30369	108	6	returns	return	NOUN
cjfa-30369	108	7	are	be	AUX
cjfa-30369	108	8	asymmetric	asymmetric	ADJ
cjfa-30369	108	9	and	and	CCONJ
cjfa-30369	108	10	the	the	DET
cjfa-30369	108	11	interaction	interaction	NOUN
cjfa-30369	108	12	between	between	ADP
cjfa-30369	108	13	old	old	ADJ
cjfa-30369	108	14	and	and	CCONJ
cjfa-30369	108	15	new	new	ADJ
cjfa-30369	108	16	information	information	NOUN
cjfa-30369	108	17	observes	observe	VERB
cjfa-30369	108	18	leverage	leverage	NOUN
cjfa-30369	108	19	effect	effect	NOUN
cjfa-30369	108	20	,	,	PUNCT
cjfa-30369	108	21	egarch	egarch	NOUN
cjfa-30369	108	22	model	model	NOUN
cjfa-30369	108	23	(	(	PUNCT
cjfa-30369	108	24	i.e.	i.e.	X
cjfa-30369	108	25	equation	equation	NOUN
cjfa-30369	108	26	(	(	PUNCT
cjfa-30369	108	27	4.4	4.4	NUM
cjfa-30369	108	28	)	)	PUNCT
cjfa-30369	108	29	)	)	PUNCT
cjfa-30369	108	30	may	may	AUX
cjfa-30369	108	31	help	help	VERB
cjfa-30369	108	32	to	to	PART
cjfa-30369	108	33	estimate	estimate	VERB
cjfa-30369	108	34	an	an	DET
cjfa-30369	108	35	improved	improved	ADJ
cjfa-30369	108	36	hedge	hedge	NOUN
cjfa-30369	108	37	ratio	ratio	NOUN
cjfa-30369	108	38	as	as	ADP
cjfa-30369	108	39	compared	compare	VERB
cjfa-30369	108	40	to	to	ADP
cjfa-30369	108	41	that	that	PRON
cjfa-30369	108	42	estimated	estimate	VERB
cjfa-30369	108	43	through	through	ADP
cjfa-30369	108	44	garch	garch	NOUN
cjfa-30369	108	45	process	process	NOUN
cjfa-30369	108	46	in	in	ADP
cjfa-30369	108	47	equation	equation	NOUN
cjfa-30369	108	48	(	(	PUNCT
cjfa-30369	108	49	4.3	4.3	NUM
cjfa-30369	108	50	)	)	PUNCT
cjfa-30369	108	51	.(4.4	.(4.4	NUM
cjfa-30369	108	52	)	)	PUNCT
cjfa-30369	108	53	..................................................	..................................................	PUNCT
cjfa-30369	109	1	hγ	hγ	PRON
cjfa-30369	109	2	h	h	NOUN
cjfa-30369	110	1	εγ	εγ	NOUN
cjfa-30369	110	2	h	h	NOUN
cjfa-30369	110	3	ε	ε	PROPN
cjfa-30369	110	4	γ	γ	PROPN
cjfa-30369	110	5	γ	γ	PROPN
cjfa-30369	110	6	h	h	PROPN
cjfa-30369	110	7	1	1	NUM
cjfa-30369	110	8	-	-	PUNCT
cjfa-30369	110	9	t	t	PROPN
cjfa-30369	110	10	4	4	NUM
cjfa-30369	110	11	1	1	NUM
cjfa-30369	110	12	t	t	NOUN
cjfa-30369	110	13	1	1	NUM
cjfa-30369	110	14	t	t	NOUN
cjfa-30369	110	15	2	2	NUM
cjfa-30369	110	16	3	3	NUM
cjfa-30369	110	17	1	1	NUM
cjfa-30369	110	18	t	t	NOUN
cjfa-30369	110	19	1	1	NUM
cjfa-30369	110	20	t	t	NOUN
cjfa-30369	110	21	2	2	NUM
cjfa-30369	110	22	21	21	NUM
cjfa-30369	110	23	t	t	PROPN
cjfa-30369	110	24			NOUN
cjfa-30369	110	25			PROPN
cjfa-30369	110	26			PROPN
cjfa-30369	110	27			PROPN
cjfa-30369	110	28			PROPN
cjfa-30369	110	29	tarch	tarch	NOUN
cjfa-30369	110	30	hedge	hedge	NOUN
cjfa-30369	110	31	ratio	ratio	NOUN
cjfa-30369	110	32	2	2	NUM
cjfa-30369	110	33	engle	engle	NOUN
cjfa-30369	110	34	(	(	PUNCT
cjfa-30369	110	35	1982	1982	NUM
cjfa-30369	110	36	)	)	PUNCT
cjfa-30369	110	37	,	,	PUNCT
cjfa-30369	110	38	bollerslev	bollerslev	NOUN
cjfa-30369	110	39	(	(	PUNCT
cjfa-30369	110	40	1986	1986	NUM
cjfa-30369	110	41	)	)	PUNCT
cjfa-30369	110	42	,	,	PUNCT
cjfa-30369	110	43	park	park	NOUN
cjfa-30369	110	44	and	and	CCONJ
cjfa-30369	110	45	switzer	switzer	PROPN
cjfa-30369	110	46	(	(	PUNCT
cjfa-30369	110	47	1995	1995	NUM
cjfa-30369	110	48	)	)	PUNCT
cjfa-30369	110	49	,	,	PUNCT
cjfa-30369	110	50	floros	floro	NOUN
cjfa-30369	110	51	and	and	CCONJ
cjfa-30369	110	52	vougas	vougas	NOUN
cjfa-30369	110	53	(	(	PUNCT
cjfa-30369	110	54	2004	2004	NUM
cjfa-30369	110	55	)	)	PUNCT
cjfa-30369	110	56	.	.	PUNCT
cjfa-30369	111	1	(	(	PUNCT
cjfa-30369	111	2	4	4	X
cjfa-30369	111	3	)	)	PUNCT
cjfa-30369	111	4	tarch	tarch	NOUN
cjfa-30369	111	5	hedge	hedge	NOUN
cjfa-30369	111	6	ratio	ratio	NOUN
cjfa-30369	111	7	equation	equation	NOUN
cjfa-30369	111	8	(	(	PUNCT
cjfa-30369	111	9	4	4	X
cjfa-30369	111	10	)	)	PUNCT
cjfa-30369	111	11	reports	report	VERB
cjfa-30369	111	12	the	the	DET
cjfa-30369	111	13	leverage	leverage	NOUN
cjfa-30369	111	14	relationship	relationship	NOUN
cjfa-30369	111	15	between	between	ADP
cjfa-30369	111	16	old	old	ADJ
cjfa-30369	111	17	and	and	CCONJ
cjfa-30369	111	18	new	new	ADJ
cjfa-30369	111	19	information	information	NOUN
cjfa-30369	111	20	.	.	PUNCT
cjfa-30369	112	1	but	but	CCONJ
cjfa-30369	112	2	in	in	ADP
cjfa-30369	112	3	the	the	DET
cjfa-30369	112	4	speculative	speculative	ADJ
cjfa-30369	112	5	markets	market	NOUN
cjfa-30369	112	6	,	,	PUNCT
cjfa-30369	112	7	besides	besides	SCONJ
cjfa-30369	112	8	the	the	DET
cjfa-30369	112	9	leverage	leverage	NOUN
cjfa-30369	112	10	effect	effect	NOUN
cjfa-30369	112	11	,	,	PUNCT
cjfa-30369	112	12	it	it	PRON
cjfa-30369	112	13	has	have	AUX
cjfa-30369	112	14	been	be	AUX
cjfa-30369	112	15	observed	observe	VERB
cjfa-30369	112	16	that	that	SCONJ
cjfa-30369	112	17	traders	trader	NOUN
cjfa-30369	112	18	react	react	VERB
cjfa-30369	112	19	heterogeneously	heterogeneously	ADV
cjfa-30369	112	20	to	to	ADP
cjfa-30369	112	21	positive	positive	ADJ
cjfa-30369	112	22	and	and	CCONJ
cjfa-30369	112	23	negative	negative	ADJ
cjfa-30369	112	24	news	news	NOUN
cjfa-30369	112	25	.	.	PUNCT
cjfa-30369	113	1	therefore	therefore	ADV
cjfa-30369	113	2	,	,	PUNCT
cjfa-30369	113	3	it	it	PRON
cjfa-30369	113	4	would	would	AUX
cjfa-30369	113	5	be	be	AUX
cjfa-30369	113	6	more	more	ADV
cjfa-30369	113	7	appropriate	appropriate	ADJ
cjfa-30369	113	8	to	to	PART
cjfa-30369	113	9	segregate	segregate	VERB
cjfa-30369	113	10	the	the	DET
cjfa-30369	113	11	impact	impact	NOUN
cjfa-30369	113	12	of	of	ADP
cjfa-30369	113	13	both	both	CCONJ
cjfa-30369	113	14	positive	positive	ADJ
cjfa-30369	113	15	and	and	CCONJ
cjfa-30369	113	16	negative	negative	ADJ
cjfa-30369	113	17	news	news	NOUN
cjfa-30369	113	18	.	.	PUNCT
cjfa-30369	114	1	this	this	PRON
cjfa-30369	114	2	can	can	AUX
cjfa-30369	114	3	be	be	AUX
cjfa-30369	114	4	done	do	VERB
cjfa-30369	114	5	by	by	ADP
cjfa-30369	114	6	specifying	specify	VERB
cjfa-30369	114	7	the	the	DET
cjfa-30369	114	8	variance	variance	NOUN
cjfa-30369	114	9	equation	equation	NOUN
cjfa-30369	114	10	in	in	ADP
cjfa-30369	114	11	tarch	tarch	NOUN
cjfa-30369	114	12	(	(	PUNCT
cjfa-30369	114	13	threshold	threshold	NOUN
cjfa-30369	114	14	autoregressive	autoregressive	ADJ
cjfa-30369	114	15	conditional	conditional	ADJ
cjfa-30369	114	16	heteroscedasticity	heteroscedasticity	NOUN
cjfa-30369	114	17	)	)	PUNCT
cjfa-30369	114	18	framework	framework	NOUN
cjfa-30369	114	19	(	(	PUNCT
cjfa-30369	114	20	equation	equation	NOUN
cjfa-30369	114	21	(	(	PUNCT
cjfa-30369	114	22	5	5	NUM
cjfa-30369	114	23	)	)	PUNCT
cjfa-30369	114	24	,	,	PUNCT
cjfa-30369	114	25	where	where	SCONJ
cjfa-30369	114	26	,	,	PUNCT
cjfa-30369	114	27	equation	equation	NOUN
cjfa-30369	114	28	(	(	PUNCT
cjfa-30369	114	29	4	4	X
cjfa-30369	114	30	)	)	PUNCT
cjfa-30369	114	31	is	be	AUX
cjfa-30369	114	32	modified	modify	VERB
cjfa-30369	114	33	to	to	PART
cjfa-30369	114	34	include	include	VERB
cjfa-30369	114	35	ε2	ε2	PROPN
cjfa-30369	114	36	t	t	PROPN
cjfa-30369	114	37	-	-	PUNCT
cjfa-30369	114	38	iξt	iξt	NOUN
cjfa-30369	114	39	-	-	PUNCT
cjfa-30369	114	40	i	i	NOUN
cjfa-30369	114	41	,	,	PUNCT
cjfa-30369	114	42	which	which	PRON
cjfa-30369	114	43	is	be	AUX
cjfa-30369	114	44	a	a	DET
cjfa-30369	114	45	dummy	dummy	NOUN
cjfa-30369	114	46	for	for	ADP
cjfa-30369	114	47	negative	negative	ADJ
cjfa-30369	114	48	news	news	NOUN
cjfa-30369	114	49	having	have	VERB
cjfa-30369	114	50	value	value	NOUN
cjfa-30369	114	51	1	1	NUM
cjfa-30369	114	52	if	if	SCONJ
cjfa-30369	114	53	there	there	PRON
cjfa-30369	114	54	is	be	VERB
cjfa-30369	114	55	negative	negative	ADJ
cjfa-30369	114	56	news	news	NOUN
cjfa-30369	114	57	and	and	CCONJ
cjfa-30369	114	58	0	0	NUM
cjfa-30369	114	59	otherwise	otherwise	ADV
cjfa-30369	114	60	.	.	PUNCT
cjfa-30369	115	1	equation	equation	NOUN
cjfa-30369	115	2	(	(	PUNCT
cjfa-30369	115	3	4.4	4.4	NUM
cjfa-30369	115	4	)	)	PUNCT
cjfa-30369	115	5	reports	report	VERB
cjfa-30369	115	6	the	the	DET
cjfa-30369	115	7	leverage	leverage	NOUN
cjfa-30369	115	8	relationship	relationship	NOUN
cjfa-30369	115	9	between	between	ADP
cjfa-30369	115	10	old	old	ADJ
cjfa-30369	115	11	and	and	CCONJ
cjfa-30369	115	12	new	new	ADJ
cjfa-30369	115	13	information	information	NOUN
cjfa-30369	115	14	.	.	PUNCT
cjfa-30369	116	1	but	but	CCONJ
cjfa-30369	116	2	in	in	ADP
cjfa-30369	116	3	the	the	DET
cjfa-30369	116	4	speculative	speculative	ADJ
cjfa-30369	116	5	markets	market	NOUN
cjfa-30369	116	6	,	,	PUNCT
cjfa-30369	116	7	besides	besides	SCONJ
cjfa-30369	116	8	the	the	DET
cjfa-30369	116	9	leverage	leverage	NOUN
cjfa-30369	116	10	effect	effect	NOUN
cjfa-30369	116	11	,	,	PUNCT
cjfa-30369	116	12	it	it	PRON
cjfa-30369	116	13	has	have	AUX
cjfa-30369	116	14	been	be	AUX
cjfa-30369	116	15	observed	observe	VERB
cjfa-30369	116	16	that	that	SCONJ
cjfa-30369	116	17	traders	trader	NOUN
cjfa-30369	116	18	react	react	VERB
cjfa-30369	116	19	heterogeneously	heterogeneously	ADV
cjfa-30369	116	20	to	to	ADP
cjfa-30369	116	21	positive	positive	ADJ
cjfa-30369	116	22	and	and	CCONJ
cjfa-30369	116	23	negative	negative	ADJ
cjfa-30369	116	24	news	news	NOUN
cjfa-30369	116	25	.	.	PUNCT
cjfa-30369	117	1	therefore	therefore	ADV
cjfa-30369	117	2	,	,	PUNCT
cjfa-30369	117	3	it	it	PRON
cjfa-30369	117	4	would	would	AUX
cjfa-30369	117	5	be	be	AUX
cjfa-30369	117	6	more	more	ADV
cjfa-30369	117	7	appropriate	appropriate	ADJ
cjfa-30369	117	8	to	to	PART
cjfa-30369	117	9	segregate	segregate	VERB
cjfa-30369	117	10	the	the	DET
cjfa-30369	117	11	impact	impact	NOUN
cjfa-30369	117	12	of	of	ADP
cjfa-30369	117	13	both	both	CCONJ
cjfa-30369	117	14	positive	positive	ADJ
cjfa-30369	117	15	and	and	CCONJ
cjfa-30369	117	16	negative	negative	ADJ
cjfa-30369	117	17	news	news	NOUN
cjfa-30369	117	18	.	.	PUNCT
cjfa-30369	118	1	this	this	PRON
cjfa-30369	118	2	can	can	AUX
cjfa-30369	118	3	be	be	AUX
cjfa-30369	118	4	done	do	VERB
cjfa-30369	118	5	by	by	ADP
cjfa-30369	118	6	specifying	specify	VERB
cjfa-30369	118	7	the	the	DET
cjfa-30369	118	8	variance	variance	NOUN
cjfa-30369	118	9	equation	equation	NOUN
cjfa-30369	118	10	in	in	ADP
cjfa-30369	118	11	tarch	tarch	NOUN
cjfa-30369	118	12	(	(	PUNCT
cjfa-30369	118	13	threshold	threshold	NOUN
cjfa-30369	118	14	autoregressive	autoregressive	ADJ
cjfa-30369	118	15	conditional	conditional	ADJ
cjfa-30369	118	16	heteroscedasticity	heteroscedasticity	NOUN
cjfa-30369	118	17	)	)	PUNCT
cjfa-30369	118	18	framework	framework	NOUN
cjfa-30369	118	19	(	(	PUNCT
cjfa-30369	118	20	equation	equation	NOUN
cjfa-30369	118	21	(	(	PUNCT
cjfa-30369	118	22	4.5	4.5	NUM
cjfa-30369	118	23	)	)	PUNCT
cjfa-30369	118	24	,	,	PUNCT
cjfa-30369	118	25	where	where	SCONJ
cjfa-30369	118	26	,	,	PUNCT
cjfa-30369	118	27	equation	equation	NOUN
cjfa-30369	118	28	(	(	PUNCT
cjfa-30369	118	29	4.4	4.4	NUM
cjfa-30369	118	30	)	)	PUNCT
cjfa-30369	118	31	is	be	AUX
cjfa-30369	118	32	modified	modify	VERB
cjfa-30369	118	33	to	to	PART
cjfa-30369	118	34	include	include	VERB
cjfa-30369	118	35	ε2t	ε2t	NOUN
cjfa-30369	118	36	-	-	PUNCT
cjfa-30369	118	37	iξt	iξt	NOUN
cjfa-30369	118	38	-	-	PUNCT
cjfa-30369	118	39	i	i	NOUN
cjfa-30369	118	40	,	,	PUNCT
cjfa-30369	118	41	which	which	PRON
cjfa-30369	118	42	is	be	AUX
cjfa-30369	118	43	a	a	DET
cjfa-30369	118	44	dummy	dummy	NOUN
cjfa-30369	118	45	for	for	ADP
cjfa-30369	118	46	negative	negative	ADJ
cjfa-30369	118	47	news	news	NOUN
cjfa-30369	118	48	having	have	VERB
cjfa-30369	118	49	value	value	NOUN
cjfa-30369	118	50	1	1	NUM
cjfa-30369	118	51	if	if	SCONJ
cjfa-30369	118	52	there	there	PRON
cjfa-30369	118	53	is	be	VERB
cjfa-30369	118	54	negative	negative	ADJ
cjfa-30369	118	55	news	news	NOUN
cjfa-30369	118	56	and	and	CCONJ
cjfa-30369	118	57	0	0	NUM
cjfa-30369	118	58	otherwise	otherwise	ADV
cjfa-30369	118	59	.	.	PUNCT
cjfa-30369	119	1	)	)	PUNCT
cjfa-30369	120	1	5.4	5.4	NUM
cjfa-30369	120	2	(	(	PUNCT
cjfa-30369	120	3	........................................	........................................	PUNCT
cjfa-30369	120	4	h	h	NOUN
cjfa-30369	120	5	1	1	NUM
cjfa-30369	120	6	2	2	NUM
cjfa-30369	120	7	1	1	NUM
cjfa-30369	120	8	1	1	NUM
cjfa-30369	120	9	2	2	NUM
cjfa-30369	120	10	1	1	NUM
cjfa-30369	120	11	t	t	NOUN
cjfa-30369	120	12			PROPN
cjfa-30369	120	13			PROPN
cjfa-30369	120	14			NUM
cjfa-30369	120	15			NUM
cjfa-30369	120	16			PROPN
cjfa-30369	120	17			PROPN
cjfa-30369	121	1			NOUN
cjfa-30369	121	2	p	p	PROPN
cjfa-30369	121	3	j	j	PROPN
cjfa-30369	121	4	tjtjitt	tjtjitt	PROPN
cjfa-30369	122	1	p	p	X
cjfa-30369	122	2	i	i	PRON
cjfa-30369	122	3	kit	kit	NOUN
cjfa-30369	122	4	p	p	X
cjfa-30369	123	1	i	i	PRON
cjfa-30369	123	2	i	i	PRON
cjfa-30369	123	3	h	h	VERB
cjfa-30369	123	4			PROPN
cjfa-30369	123	5	where	where	SCONJ
cjfa-30369	123	6	,	,	PUNCT
cjfa-30369	123	7	(	(	PUNCT
cjfa-30369	123	8	a	a	X
cjfa-30369	123	9	)	)	PUNCT
cjfa-30369	123	10	ξt	ξt	NOUN
cjfa-30369	123	11	-	-	PUNCT
cjfa-30369	123	12	i	i	NOUN
cjfa-30369	123	13	=	=	NOUN
cjfa-30369	123	14	1	1	NUM
cjfa-30369	123	15	,	,	PUNCT
cjfa-30369	123	16	if	if	SCONJ
cjfa-30369	123	17	εt	εt	PROPN
cjfa-30369	123	18	-	-	PUNCT
cjfa-30369	123	19	i	i	PRON
cjfa-30369	123	20	<	<	X
cjfa-30369	123	21	0	0	PUNCT
cjfa-30369	124	1	(	(	PUNCT
cjfa-30369	124	2	b	b	NOUN
cjfa-30369	124	3	)	)	PUNCT
cjfa-30369	124	4	ξt	ξt	NOUN
cjfa-30369	124	5	-	-	PUNCT
cjfa-30369	124	6	i	i	NOUN
cjfa-30369	124	7	=	=	NOUN
cjfa-30369	124	8	0	0	NUM
cjfa-30369	124	9	,	,	PUNCT
cjfa-30369	124	10	if	if	SCONJ
cjfa-30369	124	11	εt	εt	PROPN
cjfa-30369	124	12	-	-	PUNCT
cjfa-30369	124	13	i	i	PRON
cjfa-30369	124	14	>	>	X
cjfa-30369	124	15	0	0	NUM
cjfa-30369	124	16	var	var	NOUN
cjfa-30369	124	17	and	and	CCONJ
cjfa-30369	124	18	vecm	vecm	VERB
cjfa-30369	124	19	hedge	hedge	VERB
cjfa-30369	124	20	ratio	ratio	NOUN
cjfa-30369	124	21	as	as	SCONJ
cjfa-30369	124	22	volatility	volatility	NOUN
cjfa-30369	124	23	spillover	spillover	NOUN
cjfa-30369	124	24	is	be	AUX
cjfa-30369	124	25	bidirectional	bidirectional	ADJ
cjfa-30369	124	26	and	and	CCONJ
cjfa-30369	124	27	continuous	continuous	ADJ
cjfa-30369	124	28	in	in	ADP
cjfa-30369	124	29	both	both	CCONJ
cjfa-30369	124	30	the	the	DET
cjfa-30369	124	31	markets	market	NOUN
cjfa-30369	124	32	,	,	PUNCT
cjfa-30369	124	33	therefore	therefore	ADV
cjfa-30369	124	34	,	,	PUNCT
cjfa-30369	124	35	regressing	regress	VERB
cjfa-30369	124	36	only	only	ADV
cjfa-30369	124	37	the	the	DET
cjfa-30369	124	38	cash	cash	NOUN
cjfa-30369	124	39	market	market	NOUN
cjfa-30369	124	40	returns	return	NOUN
cjfa-30369	124	41	on	on	ADP
cjfa-30369	124	42	lagged	lag	VERB
cjfa-30369	124	43	returns	return	NOUN
cjfa-30369	124	44	of	of	ADP
cjfa-30369	124	45	both	both	DET
cjfa-30369	124	46	futures	future	NOUN
cjfa-30369	124	47	and	and	CCONJ
cjfa-30369	124	48	cash	cash	NOUN
cjfa-30369	124	49	market	market	NOUN
cjfa-30369	124	50	,	,	PUNCT
cjfa-30369	124	51	may	may	AUX
cjfa-30369	124	52	be	be	AUX
cjfa-30369	124	53	biased	bias	VERB
cjfa-30369	124	54	.	.	PUNCT
cjfa-30369	125	1	therefore	therefore	ADV
cjfa-30369	125	2	,	,	PUNCT
cjfa-30369	125	3	either	either	CCONJ
cjfa-30369	125	4	vector	vector	NOUN
cjfa-30369	125	5	autoregression	autoregression	NOUN
cjfa-30369	125	6	model	model	NOUN
cjfa-30369	125	7	(	(	PUNCT
cjfa-30369	125	8	var	var	NOUN
cjfa-30369	125	9	)	)	PUNCT
cjfa-30369	125	10	(	(	PUNCT
cjfa-30369	125	11	when	when	SCONJ
cjfa-30369	125	12	both	both	DET
cjfa-30369	125	13	markets	market	NOUN
cjfa-30369	125	14	observe	observe	VERB
cjfa-30369	125	15	causal	causal	ADJ
cjfa-30369	125	16	relationship	relationship	NOUN
cjfa-30369	125	17	)	)	PUNCT
cjfa-30369	125	18	or	or	CCONJ
cjfa-30369	125	19	vector	vector	NOUN
cjfa-30369	125	20	error	error	NOUN
cjfa-30369	125	21	correction	correction	NOUN
cjfa-30369	125	22	methodology	methodology	NOUN
cjfa-30369	125	23	(	(	PUNCT
cjfa-30369	125	24	vecm	vecm	NOUN
cjfa-30369	125	25	)	)	PUNCT
cjfa-30369	125	26	(	(	PUNCT
cjfa-30369	125	27	when	when	SCONJ
cjfa-30369	125	28	both	both	DET
cjfa-30369	125	29	markets	market	NOUN
cjfa-30369	125	30	are	be	AUX
cjfa-30369	125	31	cointegrated	cointegrate	VERB
cjfa-30369	125	32	)	)	PUNCT
cjfa-30369	125	33	may	may	AUX
cjfa-30369	125	34	estimate	estimate	VERB
cjfa-30369	125	35	robust	robust	ADJ
cjfa-30369	125	36	hedge	hedge	NOUN
cjfa-30369	125	37	ratio	ratio	NOUN
cjfa-30369	125	38	.	.	PUNCT
cjfa-30369	126	1	var	var	PROPN
cjfa-30369	126	2	model	model	PROPN
cjfa-30369	126	3	simultaneously	simultaneously	ADV
cjfa-30369	126	4	regress	regress	ADV
cjfa-30369	126	5	the	the	DET
cjfa-30369	126	6	lagged	lag	VERB
cjfa-30369	126	7	returns	return	NOUN
cjfa-30369	126	8	of	of	ADP
cjfa-30369	126	9	both	both	DET
cjfa-30369	126	10	variables	variable	NOUN
cjfa-30369	126	11	,	,	PUNCT
cjfa-30369	126	12	whereas	whereas	SCONJ
cjfa-30369	126	13	,	,	PUNCT
cjfa-30369	126	14	vecm	vecm	NOUN
cjfa-30369	126	15	in	in	ADP
cjfa-30369	126	16	addition	addition	NOUN
cjfa-30369	126	17	to	to	ADP
cjfa-30369	126	18	lagged	lag	VERB
cjfa-30369	126	19	returns	return	NOUN
cjfa-30369	126	20	also	also	ADV
cjfa-30369	126	21	considers	consider	VERB
cjfa-30369	126	22	the	the	DET
cjfa-30369	126	23	error	error	NOUN
cjfa-30369	126	24	correction	correction	NOUN
cjfa-30369	126	25	term	term	NOUN
cjfa-30369	126	26	(	(	PUNCT
cjfa-30369	126	27	if	if	SCONJ
cjfa-30369	126	28	both	both	DET
cjfa-30369	126	29	series	serie	NOUN
cjfa-30369	126	30	are	be	AUX
cjfa-30369	126	31	cointegrated	cointegrate	VERB
cjfa-30369	126	32	)	)	PUNCT
cjfa-30369	126	33	.	.	PUNCT
cjfa-30369	127	1	hence	hence	ADV
cjfa-30369	127	2	both	both	DET
cjfa-30369	127	3	methodologies	methodology	NOUN
cjfa-30369	127	4	estimate	estimate	VERB
cjfa-30369	127	5	the	the	DET
cjfa-30369	127	6	optimal	optimal	ADJ
cjfa-30369	127	7	hedge	hedge	NOUN
cjfa-30369	127	8	ratio	ratio	NOUN
cjfa-30369	127	9	by	by	ADP
cjfa-30369	127	10	considering	consider	VERB
cjfa-30369	127	11	theoretical	theoretical	ADJ
cjfa-30369	127	12	relationship	relationship	NOUN
cjfa-30369	127	13	between	between	ADP
cjfa-30369	127	14	two	two	NUM
cjfa-30369	127	15	markets	market	NOUN
cjfa-30369	127	16	(	(	PUNCT
cjfa-30369	127	17	i.e.	i.e.	X
cjfa-30369	127	18	lead	lead	NOUN
cjfa-30369	127	19	-	-	PUNCT
cjfa-30369	127	20	lag	lag	NOUN
cjfa-30369	127	21	in	in	ADP
cjfa-30369	127	22	short	short	ADJ
cjfa-30369	127	23	-	-	PUNCT
cjfa-30369	127	24	run	run	NOUN
cjfa-30369	127	25	and	and	CCONJ
cjfa-30369	127	26	cointegration	cointegration	NOUN
cjfa-30369	127	27	in	in	ADP
cjfa-30369	127	28	long	long	ADV
cjfa-30369	127	29	-	-	PUNCT
cjfa-30369	127	30	run	run	NOUN
cjfa-30369	127	31	)	)	PUNCT
cjfa-30369	127	32	,	,	PUNCT
cjfa-30369	127	33	which	which	PRON
cjfa-30369	127	34	confirms	confirm	VERB
cjfa-30369	127	35	the	the	DET
cjfa-30369	127	36	volatility	volatility	NOUN
cjfa-30369	127	37	spillover	spillover	VERB
cjfa-30369	127	38	between	between	ADP
cjfa-30369	127	39	two	two	NUM
cjfa-30369	127	40	markets	market	NOUN
cjfa-30369	127	41	through	through	ADP
cjfa-30369	127	42	arbitrage	arbitrage	NOUN
cjfa-30369	127	43	process	process	NOUN
cjfa-30369	127	44	.	.	PUNCT
cjfa-30369	128	1	equations	equation	NOUN
cjfa-30369	128	2	(	(	PUNCT
cjfa-30369	128	3	4.6	4.6	NUM
cjfa-30369	128	4	)	)	PUNCT
cjfa-30369	128	5	and	and	CCONJ
cjfa-30369	128	6	(	(	PUNCT
cjfa-30369	128	7	4.7	4.7	NUM
cjfa-30369	128	8	)	)	PUNCT
cjfa-30369	128	9	specify	specify	VERB
cjfa-30369	128	10	the	the	DET
cjfa-30369	128	11	estimation	estimation	NOUN
cjfa-30369	128	12	process	process	NOUN
cjfa-30369	128	13	of	of	ADP
cjfa-30369	128	14	var	var	NOUN
cjfa-30369	128	15	methodology	methodology	NOUN
cjfa-30369	128	16	and	and	CCONJ
cjfa-30369	128	17	equations	equation	NOUN
cjfa-30369	128	18	(	(	PUNCT
cjfa-30369	128	19	4.8	4.8	NUM
cjfa-30369	128	20	)	)	PUNCT
cjfa-30369	128	21	and	and	CCONJ
cjfa-30369	128	22	(	(	PUNCT
cjfa-30369	128	23	4.9	4.9	NUM
cjfa-30369	128	24	)	)	PUNCT
cjfa-30369	128	25	stimulate	stimulate	VERB
cjfa-30369	128	26	the	the	DET
cjfa-30369	128	27	estimation	estimation	NOUN
cjfa-30369	128	28	procedure	procedure	NOUN
cjfa-30369	128	29	of	of	ADP
cjfa-30369	128	30	vecm	vecm	NOUN
cjfa-30369	128	31	.	.	PUNCT
cjfa-30369	129	1	the	the	DET
cjfa-30369	129	2	hedge	hedge	NOUN
cjfa-30369	129	3	ratio	ratio	NOUN
cjfa-30369	129	4	on	on	ADP
cjfa-30369	129	5	the	the	DET
cjfa-30369	129	6	basis	basis	NOUN
cjfa-30369	129	7	of	of	ADP
cjfa-30369	129	8	var	var	NOUN
cjfa-30369	129	9	and	and	CCONJ
cjfa-30369	129	10	vecm	vecm	NOUN
cjfa-30369	129	11	will	will	AUX
cjfa-30369	129	12	be	be	AUX
cjfa-30369	129	13	computed	compute	VERB
cjfa-30369	129	14	as	as	ADP
cjfa-30369	129	15	σs	σs	PROPN
cjfa-30369	129	16	,	,	PUNCT
cjfa-30369	129	17	f	f	PROPN
cjfa-30369	129	18	/σ2f	/σ2f	PUNCT
cjfa-30369	129	19	where	where	SCONJ
cjfa-30369	129	20	σs	σs	ADP
cjfa-30369	129	21	,	,	PUNCT
cjfa-30369	129	22	f	f	PROPN
cjfa-30369	129	23	=	=	PROPN
cjfa-30369	129	24	cov(εft	cov(εft	PROPN
cjfa-30369	129	25	,	,	PUNCT
cjfa-30369	129	26	εst	εst	PROPN
cjfa-30369	129	27	)	)	PUNCT
cjfa-30369	129	28	and	and	CCONJ
cjfa-30369	129	29	σ2f	σ2f	NOUN
cjfa-30369	129	30	=	=	SYM
cjfa-30369	129	31	var(εft	var(εft	PROPN
cjfa-30369	129	32	)	)	PUNCT
cjfa-30369	129	33	.	.	PUNCT
cjfa-30369	130	1	)	)	PUNCT
cjfa-30369	131	1	6.4	6.4	NUM
cjfa-30369	131	2	.......	.......	PUNCT
cjfa-30369	131	3	(	(	PUNCT
cjfa-30369	131	4	..............................	..............................	PUNCT
cjfa-30369	131	5	r	r	AUX
cjfa-30369	131	6	1	1	NUM
cjfa-30369	131	7	,	,	PUNCT
cjfa-30369	131	8	,	,	PUNCT
cjfa-30369	131	9	1	1	NUM
cjfa-30369	131	10	ts	ts	NOUN
cjfa-30369	131	11	,	,	PUNCT
cjfa-30369	131	12			PRON
cjfa-30369	131	13			NUM
cjfa-30369	131	14			NOUN
cjfa-30369	131	15			NOUN
cjfa-30369	131	16			PUNCT
cjfa-30369	131	17	n	n	PRON
cjfa-30369	131	18	j	j	PROPN
cjfa-30369	131	19	stjtfjits	stjtfjit	VERB
cjfa-30369	131	20	m	m	VERB
cjfa-30369	131	21	i	i	PRON
cjfa-30369	131	22	i	i	PRON
cjfa-30369	131	23	rr	rr	VERB
cjfa-30369	131	24			PROPN
cjfa-30369	131	25	(	(	PUNCT
cjfa-30369	131	26	5	5	NUM
cjfa-30369	131	27	)	)	PUNCT
cjfa-30369	132	1	where	where	SCONJ
cjfa-30369	132	2	,	,	PUNCT
cjfa-30369	132	3	(	(	PUNCT
cjfa-30369	132	4	a	a	X
cjfa-30369	132	5	)	)	PUNCT
cjfa-30369	132	6	ξt	ξt	NOUN
cjfa-30369	132	7	-	-	PUNCT
cjfa-30369	132	8	i	i	NOUN
cjfa-30369	132	9	=	=	NOUN
cjfa-30369	132	10	1	1	NUM
cjfa-30369	132	11	,	,	PUNCT
cjfa-30369	132	12	if	if	SCONJ
cjfa-30369	132	13	εt	εt	PROPN
cjfa-30369	132	14	-	-	PUNCT
cjfa-30369	132	15	i	i	PRON
cjfa-30369	132	16	<	<	X
cjfa-30369	132	17	0	0	PUNCT
cjfa-30369	133	1	(	(	PUNCT
cjfa-30369	133	2	b	b	NOUN
cjfa-30369	133	3	)	)	PUNCT
cjfa-30369	133	4	ξt	ξt	NOUN
cjfa-30369	133	5	-	-	PUNCT
cjfa-30369	133	6	i	i	NOUN
cjfa-30369	133	7	=	=	NOUN
cjfa-30369	133	8	0	0	NUM
cjfa-30369	133	9	,	,	PUNCT
cjfa-30369	133	10	if	if	SCONJ
cjfa-30369	133	11	εt	εt	PROPN
cjfa-30369	133	12	-	-	PUNCT
cjfa-30369	133	13	i	i	PRON
cjfa-30369	133	14	>	>	X
cjfa-30369	133	15	0	0	NUM
cjfa-30369	134	1	mandeep	mandeep	PROPN
cjfa-30369	134	2	kaur	kaur	PROPN
cjfa-30369	134	3	,	,	PUNCT
cjfa-30369	134	4	kapil	kapil	PROPN
cjfa-30369	134	5	gupta156	gupta156	PROPN
cjfa-30369	134	6	var	var	NOUN
cjfa-30369	134	7	and	and	CCONJ
cjfa-30369	134	8	vecm	vecm	VERB
cjfa-30369	134	9	hedge	hedge	VERB
cjfa-30369	134	10	ratio	ratio	NOUN
cjfa-30369	134	11	as	as	SCONJ
cjfa-30369	134	12	volatility	volatility	NOUN
cjfa-30369	134	13	spillover	spillover	NOUN
cjfa-30369	134	14	is	be	AUX
cjfa-30369	134	15	bidirectional	bidirectional	ADJ
cjfa-30369	134	16	and	and	CCONJ
cjfa-30369	134	17	continuous	continuous	ADJ
cjfa-30369	134	18	in	in	ADP
cjfa-30369	134	19	both	both	CCONJ
cjfa-30369	134	20	the	the	DET
cjfa-30369	134	21	markets	market	NOUN
cjfa-30369	134	22	,	,	PUNCT
cjfa-30369	134	23	therefore	therefore	ADV
cjfa-30369	134	24	,	,	PUNCT
cjfa-30369	134	25	regressing	regress	VERB
cjfa-30369	134	26	only	only	ADV
cjfa-30369	134	27	the	the	DET
cjfa-30369	134	28	cash	cash	NOUN
cjfa-30369	134	29	market	market	NOUN
cjfa-30369	134	30	returns	return	NOUN
cjfa-30369	134	31	on	on	ADP
cjfa-30369	134	32	lagged	lag	VERB
cjfa-30369	134	33	returns	return	NOUN
cjfa-30369	134	34	of	of	ADP
cjfa-30369	134	35	both	both	DET
cjfa-30369	134	36	futures	future	NOUN
cjfa-30369	134	37	and	and	CCONJ
cjfa-30369	134	38	cash	cash	NOUN
cjfa-30369	134	39	market	market	NOUN
cjfa-30369	134	40	,	,	PUNCT
cjfa-30369	134	41	may	may	AUX
cjfa-30369	134	42	be	be	AUX
cjfa-30369	134	43	biased	bias	VERB
cjfa-30369	134	44	.	.	PUNCT
cjfa-30369	135	1	therefore	therefore	ADV
cjfa-30369	135	2	,	,	PUNCT
cjfa-30369	135	3	either	either	CCONJ
cjfa-30369	135	4	vector	vector	NOUN
cjfa-30369	135	5	autoregression	autoregression	NOUN
cjfa-30369	135	6	model	model	NOUN
cjfa-30369	135	7	(	(	PUNCT
cjfa-30369	135	8	var	var	NOUN
cjfa-30369	135	9	)	)	PUNCT
cjfa-30369	135	10	(	(	PUNCT
cjfa-30369	135	11	when	when	SCONJ
cjfa-30369	135	12	both	both	DET
cjfa-30369	135	13	markets	market	NOUN
cjfa-30369	135	14	observe	observe	VERB
cjfa-30369	135	15	causal	causal	ADJ
cjfa-30369	135	16	relationship	relationship	NOUN
cjfa-30369	135	17	)	)	PUNCT
cjfa-30369	135	18	or	or	CCONJ
cjfa-30369	135	19	vector	vector	NOUN
cjfa-30369	135	20	error	error	NOUN
cjfa-30369	135	21	correction	correction	NOUN
cjfa-30369	135	22	methodology	methodology	NOUN
cjfa-30369	135	23	(	(	PUNCT
cjfa-30369	135	24	vecm	vecm	NOUN
cjfa-30369	135	25	)	)	PUNCT
cjfa-30369	135	26	(	(	PUNCT
cjfa-30369	135	27	when	when	SCONJ
cjfa-30369	135	28	both	both	DET
cjfa-30369	135	29	markets	market	NOUN
cjfa-30369	135	30	are	be	AUX
cjfa-30369	135	31	cointegrated	cointegrate	VERB
cjfa-30369	135	32	)	)	PUNCT
cjfa-30369	135	33	may	may	AUX
cjfa-30369	135	34	estimate	estimate	VERB
cjfa-30369	135	35	robust	robust	ADJ
cjfa-30369	135	36	hedge	hedge	NOUN
cjfa-30369	135	37	ratio	ratio	NOUN
cjfa-30369	135	38	.	.	PUNCT
cjfa-30369	136	1	var	var	PROPN
cjfa-30369	136	2	model	model	PROPN
cjfa-30369	136	3	simultaneously	simultaneously	ADV
cjfa-30369	136	4	regress	regress	ADV
cjfa-30369	136	5	the	the	DET
cjfa-30369	136	6	lagged	lag	VERB
cjfa-30369	136	7	returns	return	NOUN
cjfa-30369	136	8	of	of	ADP
cjfa-30369	136	9	both	both	DET
cjfa-30369	136	10	variables	variable	NOUN
cjfa-30369	136	11	,	,	PUNCT
cjfa-30369	136	12	whereas	whereas	SCONJ
cjfa-30369	136	13	,	,	PUNCT
cjfa-30369	136	14	vecm	vecm	NOUN
cjfa-30369	136	15	in	in	ADP
cjfa-30369	136	16	addition	addition	NOUN
cjfa-30369	136	17	to	to	ADP
cjfa-30369	136	18	lagged	lag	VERB
cjfa-30369	136	19	returns	return	NOUN
cjfa-30369	136	20	also	also	ADV
cjfa-30369	136	21	considers	consider	VERB
cjfa-30369	136	22	the	the	DET
cjfa-30369	136	23	error	error	NOUN
cjfa-30369	136	24	correction	correction	NOUN
cjfa-30369	136	25	term	term	NOUN
cjfa-30369	136	26	(	(	PUNCT
cjfa-30369	136	27	if	if	SCONJ
cjfa-30369	136	28	both	both	DET
cjfa-30369	136	29	series	serie	NOUN
cjfa-30369	136	30	are	be	AUX
cjfa-30369	136	31	cointegrated	cointegrate	VERB
cjfa-30369	136	32	)	)	PUNCT
cjfa-30369	136	33	.	.	PUNCT
cjfa-30369	137	1	hence	hence	ADV
cjfa-30369	137	2	both	both	DET
cjfa-30369	137	3	methodologies	methodology	NOUN
cjfa-30369	137	4	estimate	estimate	VERB
cjfa-30369	137	5	the	the	DET
cjfa-30369	137	6	optimal	optimal	ADJ
cjfa-30369	137	7	hedge	hedge	NOUN
cjfa-30369	137	8	ratio	ratio	NOUN
cjfa-30369	137	9	by	by	ADP
cjfa-30369	137	10	considering	consider	VERB
cjfa-30369	137	11	theoretical	theoretical	ADJ
cjfa-30369	137	12	relationship	relationship	NOUN
cjfa-30369	137	13	between	between	ADP
cjfa-30369	137	14	two	two	NUM
cjfa-30369	137	15	markets	market	NOUN
cjfa-30369	137	16	(	(	PUNCT
cjfa-30369	137	17	i.e.	i.e.	X
cjfa-30369	137	18	lead	lead	NOUN
cjfa-30369	137	19	-	-	PUNCT
cjfa-30369	137	20	lag	lag	NOUN
cjfa-30369	137	21	in	in	ADP
cjfa-30369	137	22	short	short	ADJ
cjfa-30369	137	23	-	-	PUNCT
cjfa-30369	137	24	run	run	NOUN
cjfa-30369	137	25	and	and	CCONJ
cjfa-30369	137	26	cointegration	cointegration	NOUN
cjfa-30369	137	27	in	in	ADP
cjfa-30369	137	28	long	long	ADV
cjfa-30369	137	29	-	-	PUNCT
cjfa-30369	137	30	run	run	NOUN
cjfa-30369	137	31	)	)	PUNCT
cjfa-30369	137	32	,	,	PUNCT
cjfa-30369	137	33	which	which	PRON
cjfa-30369	137	34	confirms	confirm	VERB
cjfa-30369	137	35	the	the	DET
cjfa-30369	137	36	volatility	volatility	NOUN
cjfa-30369	137	37	spillover	spillover	VERB
cjfa-30369	137	38	between	between	ADP
cjfa-30369	137	39	two	two	NUM
cjfa-30369	137	40	markets	market	NOUN
cjfa-30369	137	41	through	through	ADP
cjfa-30369	137	42	arbitrage	arbitrage	NOUN
cjfa-30369	137	43	process	process	NOUN
cjfa-30369	137	44	.	.	PUNCT
cjfa-30369	138	1	equations	equation	NOUN
cjfa-30369	138	2	(	(	PUNCT
cjfa-30369	138	3	6	6	NUM
cjfa-30369	138	4	)	)	PUNCT
cjfa-30369	138	5	and	and	CCONJ
cjfa-30369	138	6	(	(	PUNCT
cjfa-30369	138	7	7	7	X
cjfa-30369	138	8	)	)	PUNCT
cjfa-30369	138	9	specify	specify	VERB
cjfa-30369	138	10	the	the	DET
cjfa-30369	138	11	estimation	estimation	NOUN
cjfa-30369	138	12	process	process	NOUN
cjfa-30369	138	13	of	of	ADP
cjfa-30369	138	14	var	var	NOUN
cjfa-30369	138	15	methodology	methodology	NOUN
cjfa-30369	138	16	and	and	CCONJ
cjfa-30369	138	17	equations	equation	NOUN
cjfa-30369	138	18	(	(	PUNCT
cjfa-30369	138	19	8)	8)	NUM
cjfa-30369	138	20	and	and	CCONJ
cjfa-30369	138	21	(	(	PUNCT
cjfa-30369	138	22	9	9	X
cjfa-30369	138	23	)	)	PUNCT
cjfa-30369	138	24	stimulate	stimulate	VERB
cjfa-30369	138	25	the	the	DET
cjfa-30369	138	26	estimation	estimation	NOUN
cjfa-30369	138	27	procedure	procedure	NOUN
cjfa-30369	138	28	of	of	ADP
cjfa-30369	138	29	vecm	vecm	NOUN
cjfa-30369	138	30	.	.	PUNCT
cjfa-30369	139	1	the	the	DET
cjfa-30369	139	2	hedge	hedge	NOUN
cjfa-30369	139	3	ratio	ratio	NOUN
cjfa-30369	139	4	on	on	ADP
cjfa-30369	139	5	the	the	DET
cjfa-30369	139	6	basis	basis	NOUN
cjfa-30369	139	7	of	of	ADP
cjfa-30369	139	8	var	var	NOUN
cjfa-30369	139	9	and	and	CCONJ
cjfa-30369	139	10	vecm	vecm	NOUN
cjfa-30369	139	11	will	will	AUX
cjfa-30369	139	12	be	be	AUX
cjfa-30369	139	13	computed	compute	VERB
cjfa-30369	139	14	as	as	ADP
cjfa-30369	139	15	σs	σs	PROPN
cjfa-30369	139	16	,	,	PUNCT
cjfa-30369	139	17	f	f	PROPN
cjfa-30369	139	18	/	/	SYM
cjfa-30369	139	19	 	 	SPACE
cjfa-30369	139	20	σ2f	σ2f	PROPN
cjfa-30369	139	21	where	where	SCONJ
cjfa-30369	139	22	σs	σs	ADP
cjfa-30369	139	23	,	,	PUNCT
cjfa-30369	139	24	f	f	PROPN
cjfa-30369	139	25	=	=	PROPN
cjfa-30369	139	26	cov(εft	cov(εft	PROPN
cjfa-30369	139	27	,	,	PUNCT
cjfa-30369	139	28	εst	εst	PROPN
cjfa-30369	139	29	)	)	PUNCT
cjfa-30369	139	30	and	and	CCONJ
cjfa-30369	139	31	σ2f	σ2f	NOUN
cjfa-30369	139	32	=	=	PROPN
cjfa-30369	139	33	var(εft	var(εft	PROPN
cjfa-30369	139	34	)	)	PUNCT
cjfa-30369	139	35	.	.	PUNCT
cjfa-30369	140	1	equation	equation	NOUN
cjfa-30369	140	2	(	(	PUNCT
cjfa-30369	140	3	4.4	4.4	NUM
cjfa-30369	140	4	)	)	PUNCT
cjfa-30369	140	5	reports	report	VERB
cjfa-30369	140	6	the	the	DET
cjfa-30369	140	7	leverage	leverage	NOUN
cjfa-30369	140	8	relationship	relationship	NOUN
cjfa-30369	140	9	between	between	ADP
cjfa-30369	140	10	old	old	ADJ
cjfa-30369	140	11	and	and	CCONJ
cjfa-30369	140	12	new	new	ADJ
cjfa-30369	140	13	information	information	NOUN
cjfa-30369	140	14	.	.	PUNCT
cjfa-30369	141	1	but	but	CCONJ
cjfa-30369	141	2	in	in	ADP
cjfa-30369	141	3	the	the	DET
cjfa-30369	141	4	speculative	speculative	ADJ
cjfa-30369	141	5	markets	market	NOUN
cjfa-30369	141	6	,	,	PUNCT
cjfa-30369	141	7	besides	besides	SCONJ
cjfa-30369	141	8	the	the	DET
cjfa-30369	141	9	leverage	leverage	NOUN
cjfa-30369	141	10	effect	effect	NOUN
cjfa-30369	141	11	,	,	PUNCT
cjfa-30369	141	12	it	it	PRON
cjfa-30369	141	13	has	have	AUX
cjfa-30369	141	14	been	be	AUX
cjfa-30369	141	15	observed	observe	VERB
cjfa-30369	141	16	that	that	SCONJ
cjfa-30369	141	17	traders	trader	NOUN
cjfa-30369	141	18	react	react	VERB
cjfa-30369	141	19	heterogeneously	heterogeneously	ADV
cjfa-30369	141	20	to	to	ADP
cjfa-30369	141	21	positive	positive	ADJ
cjfa-30369	141	22	and	and	CCONJ
cjfa-30369	141	23	negative	negative	ADJ
cjfa-30369	141	24	news	news	NOUN
cjfa-30369	141	25	.	.	PUNCT
cjfa-30369	142	1	therefore	therefore	ADV
cjfa-30369	142	2	,	,	PUNCT
cjfa-30369	142	3	it	it	PRON
cjfa-30369	142	4	would	would	AUX
cjfa-30369	142	5	be	be	AUX
cjfa-30369	142	6	more	more	ADV
cjfa-30369	142	7	appropriate	appropriate	ADJ
cjfa-30369	142	8	to	to	PART
cjfa-30369	142	9	segregate	segregate	VERB
cjfa-30369	142	10	the	the	DET
cjfa-30369	142	11	impact	impact	NOUN
cjfa-30369	142	12	of	of	ADP
cjfa-30369	142	13	both	both	CCONJ
cjfa-30369	142	14	positive	positive	ADJ
cjfa-30369	142	15	and	and	CCONJ
cjfa-30369	142	16	negative	negative	ADJ
cjfa-30369	142	17	news	news	NOUN
cjfa-30369	142	18	.	.	PUNCT
cjfa-30369	143	1	this	this	PRON
cjfa-30369	143	2	can	can	AUX
cjfa-30369	143	3	be	be	AUX
cjfa-30369	143	4	done	do	VERB
cjfa-30369	143	5	by	by	ADP
cjfa-30369	143	6	specifying	specify	VERB
cjfa-30369	143	7	the	the	DET
cjfa-30369	143	8	variance	variance	NOUN
cjfa-30369	143	9	equation	equation	NOUN
cjfa-30369	143	10	in	in	ADP
cjfa-30369	143	11	tarch	tarch	NOUN
cjfa-30369	143	12	(	(	PUNCT
cjfa-30369	143	13	threshold	threshold	NOUN
cjfa-30369	143	14	autoregressive	autoregressive	ADJ
cjfa-30369	143	15	conditional	conditional	ADJ
cjfa-30369	143	16	heteroscedasticity	heteroscedasticity	NOUN
cjfa-30369	143	17	)	)	PUNCT
cjfa-30369	143	18	framework	framework	NOUN
cjfa-30369	143	19	(	(	PUNCT
cjfa-30369	143	20	equation	equation	NOUN
cjfa-30369	143	21	(	(	PUNCT
cjfa-30369	143	22	4.5	4.5	NUM
cjfa-30369	143	23	)	)	PUNCT
cjfa-30369	143	24	,	,	PUNCT
cjfa-30369	143	25	where	where	SCONJ
cjfa-30369	143	26	,	,	PUNCT
cjfa-30369	143	27	equation	equation	NOUN
cjfa-30369	143	28	(	(	PUNCT
cjfa-30369	143	29	4.4	4.4	NUM
cjfa-30369	143	30	)	)	PUNCT
cjfa-30369	143	31	is	be	AUX
cjfa-30369	143	32	modified	modify	VERB
cjfa-30369	143	33	to	to	PART
cjfa-30369	143	34	include	include	VERB
cjfa-30369	143	35	ε2t	ε2t	NOUN
cjfa-30369	143	36	-	-	PUNCT
cjfa-30369	143	37	iξt	iξt	NOUN
cjfa-30369	143	38	-	-	PUNCT
cjfa-30369	143	39	i	i	NOUN
cjfa-30369	143	40	,	,	PUNCT
cjfa-30369	143	41	which	which	PRON
cjfa-30369	143	42	is	be	AUX
cjfa-30369	143	43	a	a	DET
cjfa-30369	143	44	dummy	dummy	NOUN
cjfa-30369	143	45	for	for	ADP
cjfa-30369	143	46	negative	negative	ADJ
cjfa-30369	143	47	news	news	NOUN
cjfa-30369	143	48	having	have	VERB
cjfa-30369	143	49	value	value	NOUN
cjfa-30369	143	50	1	1	NUM
cjfa-30369	143	51	if	if	SCONJ
cjfa-30369	143	52	there	there	PRON
cjfa-30369	143	53	is	be	VERB
cjfa-30369	143	54	negative	negative	ADJ
cjfa-30369	143	55	news	news	NOUN
cjfa-30369	143	56	and	and	CCONJ
cjfa-30369	143	57	0	0	NUM
cjfa-30369	143	58	otherwise	otherwise	ADV
cjfa-30369	143	59	.	.	PUNCT
cjfa-30369	144	1	)	)	PUNCT
cjfa-30369	145	1	5.4	5.4	NUM
cjfa-30369	145	2	(	(	PUNCT
cjfa-30369	145	3	........................................	........................................	PUNCT
cjfa-30369	145	4	h	h	NOUN
cjfa-30369	145	5	1	1	NUM
cjfa-30369	145	6	2	2	NUM
cjfa-30369	145	7	1	1	NUM
cjfa-30369	145	8	1	1	NUM
cjfa-30369	145	9	2	2	NUM
cjfa-30369	145	10	1	1	NUM
cjfa-30369	145	11	t	t	NOUN
cjfa-30369	145	12			PROPN
cjfa-30369	145	13			PROPN
cjfa-30369	145	14			NUM
cjfa-30369	145	15			NUM
cjfa-30369	145	16			PROPN
cjfa-30369	145	17			PROPN
cjfa-30369	146	1			NOUN
cjfa-30369	146	2	p	p	PROPN
cjfa-30369	146	3	j	j	PROPN
cjfa-30369	146	4	tjtjitt	tjtjitt	PROPN
cjfa-30369	147	1	p	p	X
cjfa-30369	147	2	i	i	PRON
cjfa-30369	147	3	kit	kit	NOUN
cjfa-30369	147	4	p	p	X
cjfa-30369	148	1	i	i	PRON
cjfa-30369	148	2	i	i	PRON
cjfa-30369	148	3	h	h	VERB
cjfa-30369	148	4			PROPN
cjfa-30369	148	5	where	where	SCONJ
cjfa-30369	148	6	,	,	PUNCT
cjfa-30369	148	7	(	(	PUNCT
cjfa-30369	148	8	a	a	X
cjfa-30369	148	9	)	)	PUNCT
cjfa-30369	148	10	ξt	ξt	NOUN
cjfa-30369	148	11	-	-	PUNCT
cjfa-30369	148	12	i	i	NOUN
cjfa-30369	148	13	=	=	NOUN
cjfa-30369	148	14	1	1	NUM
cjfa-30369	148	15	,	,	PUNCT
cjfa-30369	148	16	if	if	SCONJ
cjfa-30369	148	17	εt	εt	PROPN
cjfa-30369	148	18	-	-	PUNCT
cjfa-30369	148	19	i	i	PRON
cjfa-30369	148	20	<	<	X
cjfa-30369	148	21	0	0	PUNCT
cjfa-30369	149	1	(	(	PUNCT
cjfa-30369	149	2	b	b	NOUN
cjfa-30369	149	3	)	)	PUNCT
cjfa-30369	149	4	ξt	ξt	NOUN
cjfa-30369	149	5	-	-	PUNCT
cjfa-30369	149	6	i	i	NOUN
cjfa-30369	149	7	=	=	NOUN
cjfa-30369	149	8	0	0	NUM
cjfa-30369	149	9	,	,	PUNCT
cjfa-30369	149	10	if	if	SCONJ
cjfa-30369	149	11	εt	εt	PROPN
cjfa-30369	149	12	-	-	PUNCT
cjfa-30369	149	13	i	i	PRON
cjfa-30369	149	14	>	>	X
cjfa-30369	149	15	0	0	NUM
cjfa-30369	149	16	var	var	NOUN
cjfa-30369	149	17	and	and	CCONJ
cjfa-30369	149	18	vecm	vecm	VERB
cjfa-30369	149	19	hedge	hedge	VERB
cjfa-30369	149	20	ratio	ratio	NOUN
cjfa-30369	149	21	as	as	SCONJ
cjfa-30369	149	22	volatility	volatility	NOUN
cjfa-30369	149	23	spillover	spillover	NOUN
cjfa-30369	149	24	is	be	AUX
cjfa-30369	149	25	bidirectional	bidirectional	ADJ
cjfa-30369	149	26	and	and	CCONJ
cjfa-30369	149	27	continuous	continuous	ADJ
cjfa-30369	149	28	in	in	ADP
cjfa-30369	149	29	both	both	CCONJ
cjfa-30369	149	30	the	the	DET
cjfa-30369	149	31	markets	market	NOUN
cjfa-30369	149	32	,	,	PUNCT
cjfa-30369	149	33	therefore	therefore	ADV
cjfa-30369	149	34	,	,	PUNCT
cjfa-30369	149	35	regressing	regress	VERB
cjfa-30369	149	36	only	only	ADV
cjfa-30369	149	37	the	the	DET
cjfa-30369	149	38	cash	cash	NOUN
cjfa-30369	149	39	market	market	NOUN
cjfa-30369	149	40	returns	return	NOUN
cjfa-30369	149	41	on	on	ADP
cjfa-30369	149	42	lagged	lag	VERB
cjfa-30369	149	43	returns	return	NOUN
cjfa-30369	149	44	of	of	ADP
cjfa-30369	149	45	both	both	DET
cjfa-30369	149	46	futures	future	NOUN
cjfa-30369	149	47	and	and	CCONJ
cjfa-30369	149	48	cash	cash	NOUN
cjfa-30369	149	49	market	market	NOUN
cjfa-30369	149	50	,	,	PUNCT
cjfa-30369	149	51	may	may	AUX
cjfa-30369	149	52	be	be	AUX
cjfa-30369	149	53	biased	bias	VERB
cjfa-30369	149	54	.	.	PUNCT
cjfa-30369	150	1	therefore	therefore	ADV
cjfa-30369	150	2	,	,	PUNCT
cjfa-30369	150	3	either	either	CCONJ
cjfa-30369	150	4	vector	vector	NOUN
cjfa-30369	150	5	autoregression	autoregression	NOUN
cjfa-30369	150	6	model	model	NOUN
cjfa-30369	150	7	(	(	PUNCT
cjfa-30369	150	8	var	var	NOUN
cjfa-30369	150	9	)	)	PUNCT
cjfa-30369	150	10	(	(	PUNCT
cjfa-30369	150	11	when	when	SCONJ
cjfa-30369	150	12	both	both	DET
cjfa-30369	150	13	markets	market	NOUN
cjfa-30369	150	14	observe	observe	VERB
cjfa-30369	150	15	causal	causal	ADJ
cjfa-30369	150	16	relationship	relationship	NOUN
cjfa-30369	150	17	)	)	PUNCT
cjfa-30369	150	18	or	or	CCONJ
cjfa-30369	150	19	vector	vector	NOUN
cjfa-30369	150	20	error	error	NOUN
cjfa-30369	150	21	correction	correction	NOUN
cjfa-30369	150	22	methodology	methodology	NOUN
cjfa-30369	150	23	(	(	PUNCT
cjfa-30369	150	24	vecm	vecm	NOUN
cjfa-30369	150	25	)	)	PUNCT
cjfa-30369	150	26	(	(	PUNCT
cjfa-30369	150	27	when	when	SCONJ
cjfa-30369	150	28	both	both	DET
cjfa-30369	150	29	markets	market	NOUN
cjfa-30369	150	30	are	be	AUX
cjfa-30369	150	31	cointegrated	cointegrate	VERB
cjfa-30369	150	32	)	)	PUNCT
cjfa-30369	150	33	may	may	AUX
cjfa-30369	150	34	estimate	estimate	VERB
cjfa-30369	150	35	robust	robust	ADJ
cjfa-30369	150	36	hedge	hedge	NOUN
cjfa-30369	150	37	ratio	ratio	NOUN
cjfa-30369	150	38	.	.	PUNCT
cjfa-30369	151	1	var	var	PROPN
cjfa-30369	151	2	model	model	PROPN
cjfa-30369	151	3	simultaneously	simultaneously	ADV
cjfa-30369	151	4	regress	regress	ADV
cjfa-30369	151	5	the	the	DET
cjfa-30369	151	6	lagged	lag	VERB
cjfa-30369	151	7	returns	return	NOUN
cjfa-30369	151	8	of	of	ADP
cjfa-30369	151	9	both	both	DET
cjfa-30369	151	10	variables	variable	NOUN
cjfa-30369	151	11	,	,	PUNCT
cjfa-30369	151	12	whereas	whereas	SCONJ
cjfa-30369	151	13	,	,	PUNCT
cjfa-30369	151	14	vecm	vecm	NOUN
cjfa-30369	151	15	in	in	ADP
cjfa-30369	151	16	addition	addition	NOUN
cjfa-30369	151	17	to	to	ADP
cjfa-30369	151	18	lagged	lag	VERB
cjfa-30369	151	19	returns	return	NOUN
cjfa-30369	151	20	also	also	ADV
cjfa-30369	151	21	considers	consider	VERB
cjfa-30369	151	22	the	the	DET
cjfa-30369	151	23	error	error	NOUN
cjfa-30369	151	24	correction	correction	NOUN
cjfa-30369	151	25	term	term	NOUN
cjfa-30369	151	26	(	(	PUNCT
cjfa-30369	151	27	if	if	SCONJ
cjfa-30369	151	28	both	both	DET
cjfa-30369	151	29	series	serie	NOUN
cjfa-30369	151	30	are	be	AUX
cjfa-30369	151	31	cointegrated	cointegrate	VERB
cjfa-30369	151	32	)	)	PUNCT
cjfa-30369	151	33	.	.	PUNCT
cjfa-30369	152	1	hence	hence	ADV
cjfa-30369	152	2	both	both	DET
cjfa-30369	152	3	methodologies	methodology	NOUN
cjfa-30369	152	4	estimate	estimate	VERB
cjfa-30369	152	5	the	the	DET
cjfa-30369	152	6	optimal	optimal	ADJ
cjfa-30369	152	7	hedge	hedge	NOUN
cjfa-30369	152	8	ratio	ratio	NOUN
cjfa-30369	152	9	by	by	ADP
cjfa-30369	152	10	considering	consider	VERB
cjfa-30369	152	11	theoretical	theoretical	ADJ
cjfa-30369	152	12	relationship	relationship	NOUN
cjfa-30369	152	13	between	between	ADP
cjfa-30369	152	14	two	two	NUM
cjfa-30369	152	15	markets	market	NOUN
cjfa-30369	152	16	(	(	PUNCT
cjfa-30369	152	17	i.e.	i.e.	X
cjfa-30369	152	18	lead	lead	NOUN
cjfa-30369	152	19	-	-	PUNCT
cjfa-30369	152	20	lag	lag	NOUN
cjfa-30369	152	21	in	in	ADP
cjfa-30369	152	22	short	short	ADJ
cjfa-30369	152	23	-	-	PUNCT
cjfa-30369	152	24	run	run	NOUN
cjfa-30369	152	25	and	and	CCONJ
cjfa-30369	152	26	cointegration	cointegration	NOUN
cjfa-30369	152	27	in	in	ADP
cjfa-30369	152	28	long	long	ADV
cjfa-30369	152	29	-	-	PUNCT
cjfa-30369	152	30	run	run	NOUN
cjfa-30369	152	31	)	)	PUNCT
cjfa-30369	152	32	,	,	PUNCT
cjfa-30369	152	33	which	which	PRON
cjfa-30369	152	34	confirms	confirm	VERB
cjfa-30369	152	35	the	the	DET
cjfa-30369	152	36	volatility	volatility	NOUN
cjfa-30369	152	37	spillover	spillover	VERB
cjfa-30369	152	38	between	between	ADP
cjfa-30369	152	39	two	two	NUM
cjfa-30369	152	40	markets	market	NOUN
cjfa-30369	152	41	through	through	ADP
cjfa-30369	152	42	arbitrage	arbitrage	NOUN
cjfa-30369	152	43	process	process	NOUN
cjfa-30369	152	44	.	.	PUNCT
cjfa-30369	153	1	equations	equation	NOUN
cjfa-30369	153	2	(	(	PUNCT
cjfa-30369	153	3	4.6	4.6	NUM
cjfa-30369	153	4	)	)	PUNCT
cjfa-30369	153	5	and	and	CCONJ
cjfa-30369	153	6	(	(	PUNCT
cjfa-30369	153	7	4.7	4.7	NUM
cjfa-30369	153	8	)	)	PUNCT
cjfa-30369	153	9	specify	specify	VERB
cjfa-30369	153	10	the	the	DET
cjfa-30369	153	11	estimation	estimation	NOUN
cjfa-30369	153	12	process	process	NOUN
cjfa-30369	153	13	of	of	ADP
cjfa-30369	153	14	var	var	NOUN
cjfa-30369	153	15	methodology	methodology	NOUN
cjfa-30369	153	16	and	and	CCONJ
cjfa-30369	153	17	equations	equation	NOUN
cjfa-30369	153	18	(	(	PUNCT
cjfa-30369	153	19	4.8	4.8	NUM
cjfa-30369	153	20	)	)	PUNCT
cjfa-30369	153	21	and	and	CCONJ
cjfa-30369	153	22	(	(	PUNCT
cjfa-30369	153	23	4.9	4.9	NUM
cjfa-30369	153	24	)	)	PUNCT
cjfa-30369	153	25	stimulate	stimulate	VERB
cjfa-30369	153	26	the	the	DET
cjfa-30369	153	27	estimation	estimation	NOUN
cjfa-30369	153	28	procedure	procedure	NOUN
cjfa-30369	153	29	of	of	ADP
cjfa-30369	153	30	vecm	vecm	NOUN
cjfa-30369	153	31	.	.	PUNCT
cjfa-30369	154	1	the	the	DET
cjfa-30369	154	2	hedge	hedge	NOUN
cjfa-30369	154	3	ratio	ratio	NOUN
cjfa-30369	154	4	on	on	ADP
cjfa-30369	154	5	the	the	DET
cjfa-30369	154	6	basis	basis	NOUN
cjfa-30369	154	7	of	of	ADP
cjfa-30369	154	8	var	var	NOUN
cjfa-30369	154	9	and	and	CCONJ
cjfa-30369	154	10	vecm	vecm	NOUN
cjfa-30369	154	11	will	will	AUX
cjfa-30369	154	12	be	be	AUX
cjfa-30369	154	13	computed	compute	VERB
cjfa-30369	154	14	as	as	ADP
cjfa-30369	154	15	σs	σs	PROPN
cjfa-30369	154	16	,	,	PUNCT
cjfa-30369	154	17	f	f	PROPN
cjfa-30369	154	18	/σ2f	/σ2f	PUNCT
cjfa-30369	154	19	where	where	SCONJ
cjfa-30369	154	20	σs	σs	ADP
cjfa-30369	154	21	,	,	PUNCT
cjfa-30369	154	22	f	f	PROPN
cjfa-30369	154	23	=	=	PROPN
cjfa-30369	154	24	cov(εft	cov(εft	PROPN
cjfa-30369	154	25	,	,	PUNCT
cjfa-30369	154	26	εst	εst	PROPN
cjfa-30369	154	27	)	)	PUNCT
cjfa-30369	154	28	and	and	CCONJ
cjfa-30369	154	29	σ2f	σ2f	NOUN
cjfa-30369	154	30	=	=	SYM
cjfa-30369	154	31	var(εft	var(εft	PROPN
cjfa-30369	154	32	)	)	PUNCT
cjfa-30369	154	33	.	.	PUNCT
cjfa-30369	155	1	)	)	PUNCT
cjfa-30369	156	1	6.4	6.4	NUM
cjfa-30369	156	2	.......	.......	PUNCT
cjfa-30369	156	3	(	(	PUNCT
cjfa-30369	156	4	..............................	..............................	PUNCT
cjfa-30369	156	5	r	r	AUX
cjfa-30369	156	6	1	1	NUM
cjfa-30369	156	7	,	,	PUNCT
cjfa-30369	156	8	,	,	PUNCT
cjfa-30369	156	9	1	1	NUM
cjfa-30369	156	10	ts	ts	NOUN
cjfa-30369	156	11	,	,	PUNCT
cjfa-30369	156	12			PRON
cjfa-30369	156	13			NUM
cjfa-30369	156	14			NOUN
cjfa-30369	156	15			NOUN
cjfa-30369	156	16			PUNCT
cjfa-30369	156	17	n	n	PRON
cjfa-30369	156	18	j	j	PROPN
cjfa-30369	156	19	stjtfjits	stjtfjit	VERB
cjfa-30369	156	20	m	m	VERB
cjfa-30369	156	21	i	i	PRON
cjfa-30369	156	22	i	i	PRON
cjfa-30369	156	23	rr	rr	VERB
cjfa-30369	156	24			PROPN
cjfa-30369	156	25	(	(	PUNCT
cjfa-30369	156	26	6	6	NUM
cjfa-30369	156	27	)	)	PUNCT
cjfa-30369	156	28	)	)	PUNCT
cjfa-30369	156	29	7.4	7.4	NUM
cjfa-30369	156	30	........	........	PUNCT
cjfa-30369	156	31	(	(	PUNCT
cjfa-30369	157	1	..............................	..............................	PUNCT
cjfa-30369	157	2	r	r	NOUN
cjfa-30369	157	3	1	1	NUM
cjfa-30369	157	4	1,1	1,1	NUM
cjfa-30369	157	5	,	,	PUNCT
cjfa-30369	157	6	1	1	NUM
cjfa-30369	157	7	tf	tf	NOUN
cjfa-30369	157	8	,	,	PUNCT
cjfa-30369	157	9			PRON
cjfa-30369	157	10			NUM
cjfa-30369	157	11			NOUN
cjfa-30369	157	12			NOUN
cjfa-30369	157	13			PUNCT
cjfa-30369	157	14	p	p	NOUN
cjfa-30369	157	15	l	l	NOUN
cjfa-30369	157	16	fttskts	fttskts	NOUN
cjfa-30369	157	17	o	o	X
cjfa-30369	157	18	k	k	PROPN
cjfa-30369	157	19	k	k	PROPN
cjfa-30369	157	20	rr	rr	PROPN
cjfa-30369	157	21			PROPN
cjfa-30369	157	22	)	)	PUNCT
cjfa-30369	157	23	8.4	8.4	NUM
cjfa-30369	157	24	.......	.......	PUNCT
cjfa-30369	157	25	(	(	PUNCT
cjfa-30369	157	26	..........	..........	PUNCT
cjfa-30369	157	27	)	)	PUNCT
cjfa-30369	157	28	(	(	PUNCT
cjfa-30369	157	29	r	r	NOUN
cjfa-30369	157	30	1	1	NUM
cjfa-30369	157	31	1	1	NUM
cjfa-30369	157	32	,	,	PUNCT
cjfa-30369	157	33	,	,	PUNCT
cjfa-30369	157	34	1	1	NUM
cjfa-30369	157	35	0tf	0tf	ADJ
cjfa-30369	157	36	,	,	PUNCT
cjfa-30369	157	37			X
cjfa-30369	157	38			X
cjfa-30369	157	39			PRON
cjfa-30369	157	40			NUM
cjfa-30369	157	41			NOUN
cjfa-30369	157	42			NUM
cjfa-30369	157	43			PROPN
cjfa-30369	157	44			VERB
cjfa-30369	157	45	q	q	PROPN
cjfa-30369	157	46	j	j	PROPN
cjfa-30369	157	47	m	m	VERB
cjfa-30369	157	48	k	k	PROPN
cjfa-30369	157	49	ftktsfjtff	ftktsfjtff	PROPN
cjfa-30369	157	50	p	p	PROPN
cjfa-30369	158	1	i	i	PRON
cjfa-30369	158	2	ititiff	ititiff	PROPN
cjfa-30369	158	3	rrsf	rrsf	PROPN
cjfa-30369	158	4			NOUN
cjfa-30369	158	5	)	)	PUNCT
cjfa-30369	158	6	9.4	9.4	NUM
cjfa-30369	158	7	.....	.....	PUNCT
cjfa-30369	158	8	(	(	PUNCT
cjfa-30369	158	9	....................	....................	PUNCT
cjfa-30369	158	10	)	)	PUNCT
cjfa-30369	158	11	(	(	PUNCT
cjfa-30369	158	12	r	r	NOUN
cjfa-30369	158	13	1	1	NUM
cjfa-30369	158	14	1	1	NUM
cjfa-30369	158	15	,	,	PUNCT
cjfa-30369	158	16	,	,	PUNCT
cjfa-30369	158	17	1	1	NUM
cjfa-30369	158	18	0ts	0ts	ADJ
cjfa-30369	158	19	,	,	PUNCT
cjfa-30369	158	20			X
cjfa-30369	158	21			X
cjfa-30369	158	22			PRON
cjfa-30369	158	23			NUM
cjfa-30369	158	24			NOUN
cjfa-30369	158	25			NUM
cjfa-30369	158	26			PROPN
cjfa-30369	158	27			VERB
cjfa-30369	158	28	n	n	ADP
cjfa-30369	158	29	l	l	NOUN
cjfa-30369	158	30	o	o	NOUN
cjfa-30369	159	1	h	h	NOUN
cjfa-30369	159	2	sthtfsltss	sthtfsltss	NOUN
cjfa-30369	159	3	p	p	NOUN
cjfa-30369	160	1	i	i	PRON
cjfa-30369	160	2	ititiss	ititiss	PROPN
cjfa-30369	160	3	rrsf	rrsf	PROPN
cjfa-30369	160	4			NOUN
cjfa-30369	160	5	therefore	therefore	ADV
cjfa-30369	160	6	,	,	PUNCT
cjfa-30369	160	7	in	in	ADP
cjfa-30369	160	8	the	the	DET
cjfa-30369	160	9	present	present	ADJ
cjfa-30369	160	10	study	study	NOUN
cjfa-30369	160	11	,	,	PUNCT
cjfa-30369	160	12	optimal	optimal	ADJ
cjfa-30369	160	13	hedge	hedge	NOUN
cjfa-30369	160	14	ratio	ratio	NOUN
cjfa-30369	160	15	is	be	AUX
cjfa-30369	160	16	estimated	estimate	VERB
cjfa-30369	160	17	through	through	ADP
cjfa-30369	160	18	naïve	naïve	PROPN
cjfa-30369	160	19	,	,	PUNCT
cjfa-30369	160	20	ols	ol	NOUN
cjfa-30369	160	21	,	,	PUNCT
cjfa-30369	160	22	arma	arma	PROPN
cjfa-30369	160	23	-	-	PUNCT
cjfa-30369	160	24	ols	ol	NOUN
cjfa-30369	160	25	,	,	PUNCT
cjfa-30369	160	26	garch	garch	NOUN
cjfa-30369	160	27	,	,	PUNCT
cjfa-30369	160	28	egarch	egarch	NOUN
cjfa-30369	160	29	,	,	PUNCT
cjfa-30369	160	30	tarch	tarch	NOUN
cjfa-30369	160	31	,	,	PUNCT
cjfa-30369	160	32	var	var	NOUN
cjfa-30369	160	33	and	and	CCONJ
cjfa-30369	160	34	vecm	vecm	NOUN
cjfa-30369	160	35	procedures	procedure	NOUN
cjfa-30369	160	36	,	,	PUNCT
cjfa-30369	160	37	which	which	PRON
cjfa-30369	160	38	may	may	AUX
cjfa-30369	160	39	be	be	AUX
cjfa-30369	160	40	constant	constant	ADJ
cjfa-30369	160	41	or	or	CCONJ
cjfa-30369	160	42	time	time	NOUN
cjfa-30369	160	43	-	-	PUNCT
cjfa-30369	160	44	varying	vary	VERB
cjfa-30369	160	45	,	,	PUNCT
cjfa-30369	160	46	depending	depend	VERB
cjfa-30369	160	47	upon	upon	SCONJ
cjfa-30369	160	48	the	the	DET
cjfa-30369	160	49	property	property	NOUN
cjfa-30369	160	50	of	of	ADP
cjfa-30369	160	51	the	the	DET
cjfa-30369	160	52	series	series	NOUN
cjfa-30369	160	53	understudy	understudy	NOUN
cjfa-30369	160	54	.	.	PUNCT
cjfa-30369	161	1	estimation	estimation	NOUN
cjfa-30369	161	2	of	of	ADP
cjfa-30369	161	3	hedging	hedging	NOUN
cjfa-30369	161	4	effectiveness	effectiveness	NOUN
cjfa-30369	161	5	after	after	ADP
cjfa-30369	161	6	estimating	estimate	VERB
cjfa-30369	161	7	the	the	DET
cjfa-30369	161	8	optimal	optimal	ADJ
cjfa-30369	161	9	hedge	hedge	NOUN
cjfa-30369	161	10	ratio	ratio	NOUN
cjfa-30369	161	11	through	through	ADP
cjfa-30369	161	12	above	above	ADV
cjfa-30369	161	13	mentioned	mention	VERB
cjfa-30369	161	14	statistical	statistical	ADJ
cjfa-30369	161	15	procedures	procedure	NOUN
cjfa-30369	161	16	,	,	PUNCT
cjfa-30369	161	17	the	the	DET
cjfa-30369	161	18	hedging	hedge	VERB
cjfa-30369	161	19	effectiveness	effectiveness	NOUN
cjfa-30369	161	20	of	of	ADP
cjfa-30369	161	21	all	all	DET
cjfa-30369	161	22	hedge	hedge	NOUN
cjfa-30369	161	23	ratios	ratio	NOUN
cjfa-30369	161	24	shall	shall	AUX
cjfa-30369	161	25	be	be	AUX
cjfa-30369	161	26	computed	compute	VERB
cjfa-30369	161	27	on	on	ADP
cjfa-30369	161	28	the	the	DET
cjfa-30369	161	29	basis	basis	NOUN
cjfa-30369	161	30	of	of	ADP
cjfa-30369	161	31	two	two	NUM
cjfa-30369	161	32	approaches	approach	NOUN
cjfa-30369	161	33	i.e	i.e	PRON
cjfa-30369	161	34	variance	variance	NOUN
cjfa-30369	161	35	reduction	reduction	NOUN
cjfa-30369	161	36	approach	approach	NOUN
cjfa-30369	161	37	(	(	PUNCT
cjfa-30369	161	38	ederington	ederington	NOUN
cjfa-30369	161	39	(	(	PUNCT
cjfa-30369	161	40	1979	1979	NUM
cjfa-30369	161	41	)	)	PUNCT
cjfa-30369	161	42	)	)	PUNCT
cjfa-30369	161	43	and	and	CCONJ
cjfa-30369	161	44	risk	risk	NOUN
cjfa-30369	161	45	-	-	PUNCT
cjfa-30369	161	46	return	return	NOUN
cjfa-30369	161	47	approach	approach	NOUN
cjfa-30369	161	48	(	(	PUNCT
cjfa-30369	161	49	howard	howard	PROPN
cjfa-30369	161	50	and	and	CCONJ
cjfa-30369	161	51	d’antonio	d’antonio	PROPN
cjfa-30369	161	52	(	(	PUNCT
cjfa-30369	161	53	1984	1984	NUM
cjfa-30369	161	54	)	)	PUNCT
cjfa-30369	161	55	)	)	PUNCT
cjfa-30369	161	56	.	.	PUNCT
cjfa-30369	162	1	the	the	DET
cjfa-30369	162	2	hedge	hedge	NOUN
cjfa-30369	162	3	ratio	ratio	NOUN
cjfa-30369	162	4	that	that	PRON
cjfa-30369	162	5	gives	give	VERB
cjfa-30369	162	6	the	the	DET
cjfa-30369	162	7	highest	high	ADJ
cjfa-30369	162	8	hedging	hedging	NOUN
cjfa-30369	162	9	effectiveness	effectiveness	NOUN
cjfa-30369	162	10	in	in	ADP
cjfa-30369	162	11	each	each	PRON
cjfa-30369	162	12	of	of	ADP
cjfa-30369	162	13	the	the	DET
cjfa-30369	162	14	two	two	NUM
cjfa-30369	162	15	methods	method	NOUN
cjfa-30369	162	16	would	would	AUX
cjfa-30369	162	17	be	be	AUX
cjfa-30369	162	18	proposed	propose	VERB
cjfa-30369	162	19	as	as	ADP
cjfa-30369	162	20	efficient	efficient	ADJ
cjfa-30369	162	21	hedge	hedge	NOUN
cjfa-30369	162	22	ratio	ratio	NOUN
cjfa-30369	162	23	.	.	PUNCT
cjfa-30369	163	1	variance	variance	NOUN
cjfa-30369	163	2	-	-	PUNCT
cjfa-30369	163	3	reduction	reduction	NOUN
cjfa-30369	163	4	framework	framework	NOUN
cjfa-30369	163	5	as	as	SCONJ
cjfa-30369	163	6	proposed	propose	VERB
cjfa-30369	163	7	by	by	ADP
cjfa-30369	163	8	ederington	ederington	NOUN
cjfa-30369	163	9	(	(	PUNCT
cjfa-30369	163	10	1979	1979	NUM
cjfa-30369	163	11	)	)	PUNCT
cjfa-30369	163	12	,	,	PUNCT
cjfa-30369	163	13	hedging	hedging	NOUN
cjfa-30369	163	14	effectiveness	effectiveness	NOUN
cjfa-30369	163	15	will	will	AUX
cjfa-30369	163	16	be	be	AUX
cjfa-30369	163	17	measured	measure	VERB
cjfa-30369	163	18	as	as	ADP
cjfa-30369	163	19	percentage	percentage	NOUN
cjfa-30369	163	20	decline	decline	NOUN
cjfa-30369	163	21	in	in	ADP
cjfa-30369	163	22	portfolio	portfolio	NOUN
cjfa-30369	163	23	variance	variance	NOUN
cjfa-30369	163	24	as	as	SCONJ
cjfa-30369	163	25	shown	show	VERB
cjfa-30369	163	26	in	in	ADP
cjfa-30369	163	27	equation	equation	NOUN
cjfa-30369	163	28	(	(	PUNCT
cjfa-30369	163	29	4.10	4.10	NUM
cjfa-30369	163	30	)	)	PUNCT
cjfa-30369	163	31	,	,	PUNCT
cjfa-30369	163	32	where	where	SCONJ
cjfa-30369	163	33	var	var	NOUN
cjfa-30369	163	34	(	(	PUNCT
cjfa-30369	163	35	u	u	NOUN
cjfa-30369	163	36	)	)	PUNCT
cjfa-30369	163	37	and	and	CCONJ
cjfa-30369	163	38	var	var	NOUN
cjfa-30369	163	39	(	(	PUNCT
cjfa-30369	163	40	h	h	NOUN
cjfa-30369	163	41	)	)	PUNCT
cjfa-30369	163	42	represents	represent	VERB
cjfa-30369	163	43	variance	variance	NOUN
cjfa-30369	163	44	of	of	ADP
cjfa-30369	163	45	un	un	ADJ
cjfa-30369	163	46	-	-	ADJ
cjfa-30369	163	47	hedged	hedge	VERB
cjfa-30369	163	48	and	and	CCONJ
cjfa-30369	163	49	hedged	hedge	VERB
cjfa-30369	163	50	portfolios	portfolio	NOUN
cjfa-30369	163	51	respectively	respectively	ADV
cjfa-30369	163	52	.	.	PUNCT
cjfa-30369	164	1	σs	σs	ADP
cjfa-30369	164	2	and	and	CCONJ
cjfa-30369	164	3	σf	σf	NOUN
cjfa-30369	164	4	are	be	AUX
cjfa-30369	164	5	standard	standard	ADJ
cjfa-30369	164	6	deviation	deviation	NOUN
cjfa-30369	164	7	of	of	ADP
cjfa-30369	164	8	the	the	DET
cjfa-30369	164	9	cash	cash	NOUN
cjfa-30369	164	10	and	and	CCONJ
cjfa-30369	164	11	futures	future	NOUN
cjfa-30369	164	12	returns	return	NOUN
cjfa-30369	164	13	respectively	respectively	ADV
cjfa-30369	164	14	,	,	PUNCT
cjfa-30369	164	15	σs	σs	ADP
cjfa-30369	164	16	,	,	PUNCT
cjfa-30369	164	17	f	f	PROPN
cjfa-30369	164	18	represents	represent	VERB
cjfa-30369	164	19	the	the	DET
cjfa-30369	164	20	covariability	covariability	NOUN
cjfa-30369	164	21	of	of	ADP
cjfa-30369	164	22	the	the	DET
cjfa-30369	164	23	cash	cash	NOUN
cjfa-30369	164	24	and	and	CCONJ
cjfa-30369	164	25	futures	future	NOUN
cjfa-30369	164	26	returns	return	NOUN
cjfa-30369	164	27	and	and	CCONJ
cjfa-30369	164	28	h	h	NOUN
cjfa-30369	164	29	*	*	VERB
cjfa-30369	164	30	is	be	AUX
cjfa-30369	164	31	the	the	DET
cjfa-30369	164	32	optimal	optimal	ADJ
cjfa-30369	164	33	hedge	hedge	NOUN
cjfa-30369	164	34	ratio	ratio	NOUN
cjfa-30369	164	35	.	.	PUNCT
cjfa-30369	165	1	hedge	hedge	NOUN
cjfa-30369	165	2	effectiveness	effectiveness	NOUN
cjfa-30369	165	3	=	=	SYM
cjfa-30369	165	4	var	var	PROPN
cjfa-30369	165	5	�	�	PROPN
cjfa-30369	165	6	u	u	PROPN
cjfa-30369	165	7	�	�	PROPN
cjfa-30369	165	8	var	var	NOUN
cjfa-30369	165	9	(	(	PUNCT
cjfa-30369	165	10	h	h	NOUN
cjfa-30369	165	11	)	)	PUNCT
cjfa-30369	165	12	var	var	NOUN
cjfa-30369	165	13	(	(	PUNCT
cjfa-30369	165	14	u	u	NOUN
cjfa-30369	165	15	)	)	PUNCT
cjfa-30369	165	16	............................	............................	PUNCT
cjfa-30369	165	17	(	(	PUNCT
cjfa-30369	165	18	4.10	4.10	NUM
cjfa-30369	165	19	)	)	PUNCT
cjfa-30369	165	20	var	var	NOUN
cjfa-30369	165	21	(	(	PUNCT
cjfa-30369	165	22	u	u	NOUN
cjfa-30369	165	23	)	)	PUNCT
cjfa-30369	165	24	=	=	PUNCT
cjfa-30369	165	25	σs2	σs2	NOUN
cjfa-30369	165	26	................................................................	................................................................	SYM
cjfa-30369	165	27	(4.11	(4.11	ADJ
cjfa-30369	165	28	)	)	PUNCT
cjfa-30369	165	29	var	var	NOUN
cjfa-30369	165	30	(	(	PUNCT
cjfa-30369	165	31	h	h	NOUN
cjfa-30369	165	32	)	)	PUNCT
cjfa-30369	165	33	=	=	VERB
cjfa-30369	165	34	σs2	σs2	VERB
cjfa-30369	165	35	+	+	CCONJ
cjfa-30369	165	36	h*2σf	h*2σf	SYM
cjfa-30369	165	37	2	2	NUM
cjfa-30369	165	38	–	–	PUNCT
cjfa-30369	165	39	2h*σs	2h*σs	NUM
cjfa-30369	165	40	,	,	PUNCT
cjfa-30369	165	41	f	f	X
cjfa-30369	165	42	............................................	............................................	X
cjfa-30369	165	43	(4.12	(4.12	X
cjfa-30369	165	44	)	)	PUNCT
cjfa-30369	165	45	(	(	PUNCT
cjfa-30369	165	46	7	7	NUM
cjfa-30369	165	47	)	)	PUNCT
cjfa-30369	165	48	)	)	PUNCT
cjfa-30369	165	49	7.4	7.4	NUM
cjfa-30369	165	50	........	........	PUNCT
cjfa-30369	165	51	(	(	PUNCT
cjfa-30369	165	52	..............................	..............................	PUNCT
cjfa-30369	166	1	r	r	NOUN
cjfa-30369	166	2	1	1	NUM
cjfa-30369	166	3	1,1	1,1	NUM
cjfa-30369	166	4	,	,	PUNCT
cjfa-30369	166	5	1	1	NUM
cjfa-30369	166	6	tf	tf	NOUN
cjfa-30369	166	7	,	,	PUNCT
cjfa-30369	166	8			PRON
cjfa-30369	166	9			NUM
cjfa-30369	166	10			NOUN
cjfa-30369	166	11			NOUN
cjfa-30369	166	12			PUNCT
cjfa-30369	166	13	p	p	NOUN
cjfa-30369	166	14	l	l	NOUN
cjfa-30369	166	15	fttskts	fttskts	NOUN
cjfa-30369	166	16	o	o	X
cjfa-30369	166	17	k	k	PROPN
cjfa-30369	166	18	k	k	PROPN
cjfa-30369	166	19	rr	rr	PROPN
cjfa-30369	166	20			PROPN
cjfa-30369	166	21	)	)	PUNCT
cjfa-30369	166	22	8.4	8.4	NUM
cjfa-30369	166	23	.......	.......	PUNCT
cjfa-30369	166	24	(	(	PUNCT
cjfa-30369	166	25	..........	..........	PUNCT
cjfa-30369	166	26	)	)	PUNCT
cjfa-30369	166	27	(	(	PUNCT
cjfa-30369	166	28	r	r	NOUN
cjfa-30369	166	29	1	1	NUM
cjfa-30369	166	30	1	1	NUM
cjfa-30369	166	31	,	,	PUNCT
cjfa-30369	166	32	,	,	PUNCT
cjfa-30369	166	33	1	1	NUM
cjfa-30369	166	34	0tf	0tf	ADJ
cjfa-30369	166	35	,	,	PUNCT
cjfa-30369	166	36			X
cjfa-30369	166	37			X
cjfa-30369	166	38			PRON
cjfa-30369	166	39			NUM
cjfa-30369	166	40			NOUN
cjfa-30369	166	41			NUM
cjfa-30369	166	42			PROPN
cjfa-30369	166	43			VERB
cjfa-30369	166	44	q	q	PROPN
cjfa-30369	167	1	j	j	PROPN
cjfa-30369	167	2	m	m	VERB
cjfa-30369	167	3	k	k	PROPN
cjfa-30369	167	4	ftktsfjtff	ftktsfjtff	PROPN
cjfa-30369	167	5	p	p	PROPN
cjfa-30369	168	1	i	i	PRON
cjfa-30369	168	2	ititiff	ititiff	PROPN
cjfa-30369	168	3	rrsf	rrsf	PROPN
cjfa-30369	168	4			NOUN
cjfa-30369	168	5	)	)	PUNCT
cjfa-30369	168	6	9.4	9.4	NUM
cjfa-30369	168	7	.....	.....	PUNCT
cjfa-30369	168	8	(	(	PUNCT
cjfa-30369	168	9	....................	....................	PUNCT
cjfa-30369	168	10	)	)	PUNCT
cjfa-30369	168	11	(	(	PUNCT
cjfa-30369	168	12	r	r	NOUN
cjfa-30369	168	13	1	1	NUM
cjfa-30369	168	14	1	1	NUM
cjfa-30369	168	15	,	,	PUNCT
cjfa-30369	168	16	,	,	PUNCT
cjfa-30369	168	17	1	1	NUM
cjfa-30369	168	18	0ts	0ts	ADJ
cjfa-30369	168	19	,	,	PUNCT
cjfa-30369	168	20			X
cjfa-30369	168	21			X
cjfa-30369	168	22			PRON
cjfa-30369	168	23			NUM
cjfa-30369	168	24			NOUN
cjfa-30369	168	25			NUM
cjfa-30369	168	26			PROPN
cjfa-30369	168	27			VERB
cjfa-30369	168	28	n	n	ADP
cjfa-30369	168	29	l	l	NOUN
cjfa-30369	168	30	o	o	NOUN
cjfa-30369	169	1	h	h	NOUN
cjfa-30369	169	2	sthtfsltss	sthtfsltss	NOUN
cjfa-30369	169	3	p	p	NOUN
cjfa-30369	170	1	i	i	PRON
cjfa-30369	170	2	ititiss	ititiss	PROPN
cjfa-30369	170	3	rrsf	rrsf	PROPN
cjfa-30369	170	4			NOUN
cjfa-30369	170	5	therefore	therefore	ADV
cjfa-30369	170	6	,	,	PUNCT
cjfa-30369	170	7	in	in	ADP
cjfa-30369	170	8	the	the	DET
cjfa-30369	170	9	present	present	ADJ
cjfa-30369	170	10	study	study	NOUN
cjfa-30369	170	11	,	,	PUNCT
cjfa-30369	170	12	optimal	optimal	ADJ
cjfa-30369	170	13	hedge	hedge	NOUN
cjfa-30369	170	14	ratio	ratio	NOUN
cjfa-30369	170	15	is	be	AUX
cjfa-30369	170	16	estimated	estimate	VERB
cjfa-30369	170	17	through	through	ADP
cjfa-30369	170	18	naïve	naïve	PROPN
cjfa-30369	170	19	,	,	PUNCT
cjfa-30369	170	20	ols	ol	NOUN
cjfa-30369	170	21	,	,	PUNCT
cjfa-30369	170	22	arma	arma	PROPN
cjfa-30369	170	23	-	-	PUNCT
cjfa-30369	170	24	ols	ol	NOUN
cjfa-30369	170	25	,	,	PUNCT
cjfa-30369	170	26	garch	garch	NOUN
cjfa-30369	170	27	,	,	PUNCT
cjfa-30369	170	28	egarch	egarch	NOUN
cjfa-30369	170	29	,	,	PUNCT
cjfa-30369	170	30	tarch	tarch	NOUN
cjfa-30369	170	31	,	,	PUNCT
cjfa-30369	170	32	var	var	NOUN
cjfa-30369	170	33	and	and	CCONJ
cjfa-30369	170	34	vecm	vecm	NOUN
cjfa-30369	170	35	procedures	procedure	NOUN
cjfa-30369	170	36	,	,	PUNCT
cjfa-30369	170	37	which	which	PRON
cjfa-30369	170	38	may	may	AUX
cjfa-30369	170	39	be	be	AUX
cjfa-30369	170	40	constant	constant	ADJ
cjfa-30369	170	41	or	or	CCONJ
cjfa-30369	170	42	time	time	NOUN
cjfa-30369	170	43	-	-	PUNCT
cjfa-30369	170	44	varying	vary	VERB
cjfa-30369	170	45	,	,	PUNCT
cjfa-30369	170	46	depending	depend	VERB
cjfa-30369	170	47	upon	upon	SCONJ
cjfa-30369	170	48	the	the	DET
cjfa-30369	170	49	property	property	NOUN
cjfa-30369	170	50	of	of	ADP
cjfa-30369	170	51	the	the	DET
cjfa-30369	170	52	series	series	NOUN
cjfa-30369	170	53	understudy	understudy	NOUN
cjfa-30369	170	54	.	.	PUNCT
cjfa-30369	171	1	estimation	estimation	NOUN
cjfa-30369	171	2	of	of	ADP
cjfa-30369	171	3	hedging	hedging	NOUN
cjfa-30369	171	4	effectiveness	effectiveness	NOUN
cjfa-30369	171	5	after	after	ADP
cjfa-30369	171	6	estimating	estimate	VERB
cjfa-30369	171	7	the	the	DET
cjfa-30369	171	8	optimal	optimal	ADJ
cjfa-30369	171	9	hedge	hedge	NOUN
cjfa-30369	171	10	ratio	ratio	NOUN
cjfa-30369	171	11	through	through	ADP
cjfa-30369	171	12	above	above	ADV
cjfa-30369	171	13	mentioned	mention	VERB
cjfa-30369	171	14	statistical	statistical	ADJ
cjfa-30369	171	15	procedures	procedure	NOUN
cjfa-30369	171	16	,	,	PUNCT
cjfa-30369	171	17	the	the	DET
cjfa-30369	171	18	hedging	hedge	VERB
cjfa-30369	171	19	effectiveness	effectiveness	NOUN
cjfa-30369	171	20	of	of	ADP
cjfa-30369	171	21	all	all	DET
cjfa-30369	171	22	hedge	hedge	NOUN
cjfa-30369	171	23	ratios	ratio	NOUN
cjfa-30369	171	24	shall	shall	AUX
cjfa-30369	171	25	be	be	AUX
cjfa-30369	171	26	computed	compute	VERB
cjfa-30369	171	27	on	on	ADP
cjfa-30369	171	28	the	the	DET
cjfa-30369	171	29	basis	basis	NOUN
cjfa-30369	171	30	of	of	ADP
cjfa-30369	171	31	two	two	NUM
cjfa-30369	171	32	approaches	approach	NOUN
cjfa-30369	171	33	i.e	i.e	PRON
cjfa-30369	171	34	variance	variance	NOUN
cjfa-30369	171	35	reduction	reduction	NOUN
cjfa-30369	171	36	approach	approach	NOUN
cjfa-30369	171	37	(	(	PUNCT
cjfa-30369	171	38	ederington	ederington	NOUN
cjfa-30369	171	39	(	(	PUNCT
cjfa-30369	171	40	1979	1979	NUM
cjfa-30369	171	41	)	)	PUNCT
cjfa-30369	171	42	)	)	PUNCT
cjfa-30369	171	43	and	and	CCONJ
cjfa-30369	171	44	risk	risk	NOUN
cjfa-30369	171	45	-	-	PUNCT
cjfa-30369	171	46	return	return	NOUN
cjfa-30369	171	47	approach	approach	NOUN
cjfa-30369	171	48	(	(	PUNCT
cjfa-30369	171	49	howard	howard	PROPN
cjfa-30369	171	50	and	and	CCONJ
cjfa-30369	171	51	d’antonio	d’antonio	PROPN
cjfa-30369	171	52	(	(	PUNCT
cjfa-30369	171	53	1984	1984	NUM
cjfa-30369	171	54	)	)	PUNCT
cjfa-30369	171	55	)	)	PUNCT
cjfa-30369	171	56	.	.	PUNCT
cjfa-30369	172	1	the	the	DET
cjfa-30369	172	2	hedge	hedge	NOUN
cjfa-30369	172	3	ratio	ratio	NOUN
cjfa-30369	172	4	that	that	PRON
cjfa-30369	172	5	gives	give	VERB
cjfa-30369	172	6	the	the	DET
cjfa-30369	172	7	highest	high	ADJ
cjfa-30369	172	8	hedging	hedging	NOUN
cjfa-30369	172	9	effectiveness	effectiveness	NOUN
cjfa-30369	172	10	in	in	ADP
cjfa-30369	172	11	each	each	PRON
cjfa-30369	172	12	of	of	ADP
cjfa-30369	172	13	the	the	DET
cjfa-30369	172	14	two	two	NUM
cjfa-30369	172	15	methods	method	NOUN
cjfa-30369	172	16	would	would	AUX
cjfa-30369	172	17	be	be	AUX
cjfa-30369	172	18	proposed	propose	VERB
cjfa-30369	172	19	as	as	ADP
cjfa-30369	172	20	efficient	efficient	ADJ
cjfa-30369	172	21	hedge	hedge	NOUN
cjfa-30369	172	22	ratio	ratio	NOUN
cjfa-30369	172	23	.	.	PUNCT
cjfa-30369	173	1	variance	variance	NOUN
cjfa-30369	173	2	-	-	PUNCT
cjfa-30369	173	3	reduction	reduction	NOUN
cjfa-30369	173	4	framework	framework	NOUN
cjfa-30369	173	5	as	as	SCONJ
cjfa-30369	173	6	proposed	propose	VERB
cjfa-30369	173	7	by	by	ADP
cjfa-30369	173	8	ederington	ederington	NOUN
cjfa-30369	173	9	(	(	PUNCT
cjfa-30369	173	10	1979	1979	NUM
cjfa-30369	173	11	)	)	PUNCT
cjfa-30369	173	12	,	,	PUNCT
cjfa-30369	173	13	hedging	hedging	NOUN
cjfa-30369	173	14	effectiveness	effectiveness	NOUN
cjfa-30369	173	15	will	will	AUX
cjfa-30369	173	16	be	be	AUX
cjfa-30369	173	17	measured	measure	VERB
cjfa-30369	173	18	as	as	ADP
cjfa-30369	173	19	percentage	percentage	NOUN
cjfa-30369	173	20	decline	decline	NOUN
cjfa-30369	173	21	in	in	ADP
cjfa-30369	173	22	portfolio	portfolio	NOUN
cjfa-30369	173	23	variance	variance	NOUN
cjfa-30369	173	24	as	as	SCONJ
cjfa-30369	173	25	shown	show	VERB
cjfa-30369	173	26	in	in	ADP
cjfa-30369	173	27	equation	equation	NOUN
cjfa-30369	173	28	(	(	PUNCT
cjfa-30369	173	29	4.10	4.10	NUM
cjfa-30369	173	30	)	)	PUNCT
cjfa-30369	173	31	,	,	PUNCT
cjfa-30369	173	32	where	where	SCONJ
cjfa-30369	173	33	var	var	NOUN
cjfa-30369	173	34	(	(	PUNCT
cjfa-30369	173	35	u	u	NOUN
cjfa-30369	173	36	)	)	PUNCT
cjfa-30369	173	37	and	and	CCONJ
cjfa-30369	173	38	var	var	NOUN
cjfa-30369	173	39	(	(	PUNCT
cjfa-30369	173	40	h	h	NOUN
cjfa-30369	173	41	)	)	PUNCT
cjfa-30369	173	42	represents	represent	VERB
cjfa-30369	173	43	variance	variance	NOUN
cjfa-30369	173	44	of	of	ADP
cjfa-30369	173	45	un	un	ADJ
cjfa-30369	173	46	-	-	ADJ
cjfa-30369	173	47	hedged	hedge	VERB
cjfa-30369	173	48	and	and	CCONJ
cjfa-30369	173	49	hedged	hedge	VERB
cjfa-30369	173	50	portfolios	portfolio	NOUN
cjfa-30369	173	51	respectively	respectively	ADV
cjfa-30369	173	52	.	.	PUNCT
cjfa-30369	174	1	σs	σs	ADP
cjfa-30369	174	2	and	and	CCONJ
cjfa-30369	174	3	σf	σf	NOUN
cjfa-30369	174	4	are	be	AUX
cjfa-30369	174	5	standard	standard	ADJ
cjfa-30369	174	6	deviation	deviation	NOUN
cjfa-30369	174	7	of	of	ADP
cjfa-30369	174	8	the	the	DET
cjfa-30369	174	9	cash	cash	NOUN
cjfa-30369	174	10	and	and	CCONJ
cjfa-30369	174	11	futures	future	NOUN
cjfa-30369	174	12	returns	return	NOUN
cjfa-30369	174	13	respectively	respectively	ADV
cjfa-30369	174	14	,	,	PUNCT
cjfa-30369	174	15	σs	σs	ADP
cjfa-30369	174	16	,	,	PUNCT
cjfa-30369	174	17	f	f	PROPN
cjfa-30369	174	18	represents	represent	VERB
cjfa-30369	174	19	the	the	DET
cjfa-30369	174	20	covariability	covariability	NOUN
cjfa-30369	174	21	of	of	ADP
cjfa-30369	174	22	the	the	DET
cjfa-30369	174	23	cash	cash	NOUN
cjfa-30369	174	24	and	and	CCONJ
cjfa-30369	174	25	futures	future	NOUN
cjfa-30369	174	26	returns	return	NOUN
cjfa-30369	174	27	and	and	CCONJ
cjfa-30369	174	28	h	h	NOUN
cjfa-30369	174	29	*	*	VERB
cjfa-30369	174	30	is	be	AUX
cjfa-30369	174	31	the	the	DET
cjfa-30369	174	32	optimal	optimal	ADJ
cjfa-30369	174	33	hedge	hedge	NOUN
cjfa-30369	174	34	ratio	ratio	NOUN
cjfa-30369	174	35	.	.	PUNCT
cjfa-30369	175	1	hedge	hedge	NOUN
cjfa-30369	175	2	effectiveness	effectiveness	NOUN
cjfa-30369	175	3	=	=	SYM
cjfa-30369	175	4	var	var	PROPN
cjfa-30369	175	5	�	�	PROPN
cjfa-30369	175	6	u	u	PROPN
cjfa-30369	175	7	�	�	PROPN
cjfa-30369	175	8	var	var	NOUN
cjfa-30369	175	9	(	(	PUNCT
cjfa-30369	175	10	h	h	NOUN
cjfa-30369	175	11	)	)	PUNCT
cjfa-30369	175	12	var	var	NOUN
cjfa-30369	175	13	(	(	PUNCT
cjfa-30369	175	14	u	u	NOUN
cjfa-30369	175	15	)	)	PUNCT
cjfa-30369	175	16	............................	............................	PUNCT
cjfa-30369	175	17	(	(	PUNCT
cjfa-30369	175	18	4.10	4.10	NUM
cjfa-30369	175	19	)	)	PUNCT
cjfa-30369	175	20	var	var	NOUN
cjfa-30369	175	21	(	(	PUNCT
cjfa-30369	175	22	u	u	NOUN
cjfa-30369	175	23	)	)	PUNCT
cjfa-30369	175	24	=	=	PUNCT
cjfa-30369	175	25	σs2	σs2	NOUN
cjfa-30369	175	26	................................................................	................................................................	SYM
cjfa-30369	175	27	(4.11	(4.11	ADJ
cjfa-30369	175	28	)	)	PUNCT
cjfa-30369	175	29	var	var	NOUN
cjfa-30369	175	30	(	(	PUNCT
cjfa-30369	175	31	h	h	NOUN
cjfa-30369	175	32	)	)	PUNCT
cjfa-30369	175	33	=	=	VERB
cjfa-30369	175	34	σs2	σs2	VERB
cjfa-30369	175	35	+	+	CCONJ
cjfa-30369	175	36	h*2σf	h*2σf	SYM
cjfa-30369	175	37	2	2	NUM
cjfa-30369	175	38	–	–	PUNCT
cjfa-30369	175	39	2h*σs	2h*σs	NUM
cjfa-30369	175	40	,	,	PUNCT
cjfa-30369	175	41	f	f	X
cjfa-30369	175	42	............................................	............................................	X
cjfa-30369	175	43	(4.12	(4.12	X
cjfa-30369	175	44	)	)	PUNCT
cjfa-30369	175	45	(	(	PUNCT
cjfa-30369	175	46	8)	8)	NUM
cjfa-30369	175	47	)	)	PUNCT
cjfa-30369	175	48	7.4	7.4	NUM
cjfa-30369	175	49	........	........	PUNCT
cjfa-30369	175	50	(	(	PUNCT
cjfa-30369	175	51	..............................	..............................	PUNCT
cjfa-30369	176	1	r	r	NOUN
cjfa-30369	176	2	1	1	NUM
cjfa-30369	176	3	1,1	1,1	NUM
cjfa-30369	176	4	,	,	PUNCT
cjfa-30369	176	5	1	1	NUM
cjfa-30369	176	6	tf	tf	NOUN
cjfa-30369	176	7	,	,	PUNCT
cjfa-30369	176	8			PRON
cjfa-30369	176	9			NUM
cjfa-30369	176	10			NOUN
cjfa-30369	176	11			NOUN
cjfa-30369	176	12			PUNCT
cjfa-30369	176	13	p	p	NOUN
cjfa-30369	176	14	l	l	NOUN
cjfa-30369	176	15	fttskts	fttskts	NOUN
cjfa-30369	176	16	o	o	X
cjfa-30369	176	17	k	k	PROPN
cjfa-30369	176	18	k	k	PROPN
cjfa-30369	176	19	rr	rr	PROPN
cjfa-30369	176	20			PROPN
cjfa-30369	176	21	)	)	PUNCT
cjfa-30369	176	22	8.4	8.4	NUM
cjfa-30369	176	23	.......	.......	PUNCT
cjfa-30369	176	24	(	(	PUNCT
cjfa-30369	176	25	..........	..........	PUNCT
cjfa-30369	176	26	)	)	PUNCT
cjfa-30369	176	27	(	(	PUNCT
cjfa-30369	176	28	r	r	NOUN
cjfa-30369	176	29	1	1	NUM
cjfa-30369	176	30	1	1	NUM
cjfa-30369	176	31	,	,	PUNCT
cjfa-30369	176	32	,	,	PUNCT
cjfa-30369	176	33	1	1	NUM
cjfa-30369	176	34	0tf	0tf	ADJ
cjfa-30369	176	35	,	,	PUNCT
cjfa-30369	176	36			X
cjfa-30369	176	37			X
cjfa-30369	176	38			PRON
cjfa-30369	176	39			NUM
cjfa-30369	176	40			NOUN
cjfa-30369	176	41			NUM
cjfa-30369	176	42			PROPN
cjfa-30369	176	43			VERB
cjfa-30369	176	44	q	q	PROPN
cjfa-30369	177	1	j	j	PROPN
cjfa-30369	177	2	m	m	VERB
cjfa-30369	177	3	k	k	PROPN
cjfa-30369	177	4	ftktsfjtff	ftktsfjtff	PROPN
cjfa-30369	177	5	p	p	PROPN
cjfa-30369	178	1	i	i	PRON
cjfa-30369	178	2	ititiff	ititiff	PROPN
cjfa-30369	178	3	rrsf	rrsf	PROPN
cjfa-30369	178	4			NOUN
cjfa-30369	178	5	)	)	PUNCT
cjfa-30369	178	6	9.4	9.4	NUM
cjfa-30369	178	7	.....	.....	PUNCT
cjfa-30369	178	8	(	(	PUNCT
cjfa-30369	178	9	....................	....................	PUNCT
cjfa-30369	178	10	)	)	PUNCT
cjfa-30369	178	11	(	(	PUNCT
cjfa-30369	178	12	r	r	NOUN
cjfa-30369	178	13	1	1	NUM
cjfa-30369	178	14	1	1	NUM
cjfa-30369	178	15	,	,	PUNCT
cjfa-30369	178	16	,	,	PUNCT
cjfa-30369	178	17	1	1	NUM
cjfa-30369	178	18	0ts	0ts	ADJ
cjfa-30369	178	19	,	,	PUNCT
cjfa-30369	178	20			X
cjfa-30369	178	21			X
cjfa-30369	178	22			PRON
cjfa-30369	178	23			NUM
cjfa-30369	178	24			NOUN
cjfa-30369	178	25			NUM
cjfa-30369	178	26			PROPN
cjfa-30369	178	27			VERB
cjfa-30369	178	28	n	n	ADP
cjfa-30369	178	29	l	l	NOUN
cjfa-30369	178	30	o	o	NOUN
cjfa-30369	179	1	h	h	NOUN
cjfa-30369	179	2	sthtfsltss	sthtfsltss	NOUN
cjfa-30369	179	3	p	p	NOUN
cjfa-30369	180	1	i	i	PRON
cjfa-30369	180	2	ititiss	ititiss	PROPN
cjfa-30369	180	3	rrsf	rrsf	PROPN
cjfa-30369	180	4			NOUN
cjfa-30369	180	5	therefore	therefore	ADV
cjfa-30369	180	6	,	,	PUNCT
cjfa-30369	180	7	in	in	ADP
cjfa-30369	180	8	the	the	DET
cjfa-30369	180	9	present	present	ADJ
cjfa-30369	180	10	study	study	NOUN
cjfa-30369	180	11	,	,	PUNCT
cjfa-30369	180	12	optimal	optimal	ADJ
cjfa-30369	180	13	hedge	hedge	NOUN
cjfa-30369	180	14	ratio	ratio	NOUN
cjfa-30369	180	15	is	be	AUX
cjfa-30369	180	16	estimated	estimate	VERB
cjfa-30369	180	17	through	through	ADP
cjfa-30369	180	18	naïve	naïve	PROPN
cjfa-30369	180	19	,	,	PUNCT
cjfa-30369	180	20	ols	ol	NOUN
cjfa-30369	180	21	,	,	PUNCT
cjfa-30369	180	22	arma	arma	PROPN
cjfa-30369	180	23	-	-	PUNCT
cjfa-30369	180	24	ols	ol	NOUN
cjfa-30369	180	25	,	,	PUNCT
cjfa-30369	180	26	garch	garch	NOUN
cjfa-30369	180	27	,	,	PUNCT
cjfa-30369	180	28	egarch	egarch	NOUN
cjfa-30369	180	29	,	,	PUNCT
cjfa-30369	180	30	tarch	tarch	NOUN
cjfa-30369	180	31	,	,	PUNCT
cjfa-30369	180	32	var	var	NOUN
cjfa-30369	180	33	and	and	CCONJ
cjfa-30369	180	34	vecm	vecm	NOUN
cjfa-30369	180	35	procedures	procedure	NOUN
cjfa-30369	180	36	,	,	PUNCT
cjfa-30369	180	37	which	which	PRON
cjfa-30369	180	38	may	may	AUX
cjfa-30369	180	39	be	be	AUX
cjfa-30369	180	40	constant	constant	ADJ
cjfa-30369	180	41	or	or	CCONJ
cjfa-30369	180	42	time	time	NOUN
cjfa-30369	180	43	-	-	PUNCT
cjfa-30369	180	44	varying	vary	VERB
cjfa-30369	180	45	,	,	PUNCT
cjfa-30369	180	46	depending	depend	VERB
cjfa-30369	180	47	upon	upon	SCONJ
cjfa-30369	180	48	the	the	DET
cjfa-30369	180	49	property	property	NOUN
cjfa-30369	180	50	of	of	ADP
cjfa-30369	180	51	the	the	DET
cjfa-30369	180	52	series	series	NOUN
cjfa-30369	180	53	understudy	understudy	NOUN
cjfa-30369	180	54	.	.	PUNCT
cjfa-30369	181	1	estimation	estimation	NOUN
cjfa-30369	181	2	of	of	ADP
cjfa-30369	181	3	hedging	hedging	NOUN
cjfa-30369	181	4	effectiveness	effectiveness	NOUN
cjfa-30369	181	5	after	after	ADP
cjfa-30369	181	6	estimating	estimate	VERB
cjfa-30369	181	7	the	the	DET
cjfa-30369	181	8	optimal	optimal	ADJ
cjfa-30369	181	9	hedge	hedge	NOUN
cjfa-30369	181	10	ratio	ratio	NOUN
cjfa-30369	181	11	through	through	ADP
cjfa-30369	181	12	above	above	ADV
cjfa-30369	181	13	mentioned	mention	VERB
cjfa-30369	181	14	statistical	statistical	ADJ
cjfa-30369	181	15	procedures	procedure	NOUN
cjfa-30369	181	16	,	,	PUNCT
cjfa-30369	181	17	the	the	DET
cjfa-30369	181	18	hedging	hedge	VERB
cjfa-30369	181	19	effectiveness	effectiveness	NOUN
cjfa-30369	181	20	of	of	ADP
cjfa-30369	181	21	all	all	DET
cjfa-30369	181	22	hedge	hedge	NOUN
cjfa-30369	181	23	ratios	ratio	NOUN
cjfa-30369	181	24	shall	shall	AUX
cjfa-30369	181	25	be	be	AUX
cjfa-30369	181	26	computed	compute	VERB
cjfa-30369	181	27	on	on	ADP
cjfa-30369	181	28	the	the	DET
cjfa-30369	181	29	basis	basis	NOUN
cjfa-30369	181	30	of	of	ADP
cjfa-30369	181	31	two	two	NUM
cjfa-30369	181	32	approaches	approach	NOUN
cjfa-30369	181	33	i.e	i.e	PRON
cjfa-30369	181	34	variance	variance	NOUN
cjfa-30369	181	35	reduction	reduction	NOUN
cjfa-30369	181	36	approach	approach	NOUN
cjfa-30369	181	37	(	(	PUNCT
cjfa-30369	181	38	ederington	ederington	NOUN
cjfa-30369	181	39	(	(	PUNCT
cjfa-30369	181	40	1979	1979	NUM
cjfa-30369	181	41	)	)	PUNCT
cjfa-30369	181	42	)	)	PUNCT
cjfa-30369	181	43	and	and	CCONJ
cjfa-30369	181	44	risk	risk	NOUN
cjfa-30369	181	45	-	-	PUNCT
cjfa-30369	181	46	return	return	NOUN
cjfa-30369	181	47	approach	approach	NOUN
cjfa-30369	181	48	(	(	PUNCT
cjfa-30369	181	49	howard	howard	PROPN
cjfa-30369	181	50	and	and	CCONJ
cjfa-30369	181	51	d’antonio	d’antonio	PROPN
cjfa-30369	181	52	(	(	PUNCT
cjfa-30369	181	53	1984	1984	NUM
cjfa-30369	181	54	)	)	PUNCT
cjfa-30369	181	55	)	)	PUNCT
cjfa-30369	181	56	.	.	PUNCT
cjfa-30369	182	1	the	the	DET
cjfa-30369	182	2	hedge	hedge	NOUN
cjfa-30369	182	3	ratio	ratio	NOUN
cjfa-30369	182	4	that	that	PRON
cjfa-30369	182	5	gives	give	VERB
cjfa-30369	182	6	the	the	DET
cjfa-30369	182	7	highest	high	ADJ
cjfa-30369	182	8	hedging	hedging	NOUN
cjfa-30369	182	9	effectiveness	effectiveness	NOUN
cjfa-30369	182	10	in	in	ADP
cjfa-30369	182	11	each	each	PRON
cjfa-30369	182	12	of	of	ADP
cjfa-30369	182	13	the	the	DET
cjfa-30369	182	14	two	two	NUM
cjfa-30369	182	15	methods	method	NOUN
cjfa-30369	182	16	would	would	AUX
cjfa-30369	182	17	be	be	AUX
cjfa-30369	182	18	proposed	propose	VERB
cjfa-30369	182	19	as	as	ADP
cjfa-30369	182	20	efficient	efficient	ADJ
cjfa-30369	182	21	hedge	hedge	NOUN
cjfa-30369	182	22	ratio	ratio	NOUN
cjfa-30369	182	23	.	.	PUNCT
cjfa-30369	183	1	variance	variance	NOUN
cjfa-30369	183	2	-	-	PUNCT
cjfa-30369	183	3	reduction	reduction	NOUN
cjfa-30369	183	4	framework	framework	NOUN
cjfa-30369	183	5	as	as	SCONJ
cjfa-30369	183	6	proposed	propose	VERB
cjfa-30369	183	7	by	by	ADP
cjfa-30369	183	8	ederington	ederington	NOUN
cjfa-30369	183	9	(	(	PUNCT
cjfa-30369	183	10	1979	1979	NUM
cjfa-30369	183	11	)	)	PUNCT
cjfa-30369	183	12	,	,	PUNCT
cjfa-30369	183	13	hedging	hedging	NOUN
cjfa-30369	183	14	effectiveness	effectiveness	NOUN
cjfa-30369	183	15	will	will	AUX
cjfa-30369	183	16	be	be	AUX
cjfa-30369	183	17	measured	measure	VERB
cjfa-30369	183	18	as	as	ADP
cjfa-30369	183	19	percentage	percentage	NOUN
cjfa-30369	183	20	decline	decline	NOUN
cjfa-30369	183	21	in	in	ADP
cjfa-30369	183	22	portfolio	portfolio	NOUN
cjfa-30369	183	23	variance	variance	NOUN
cjfa-30369	183	24	as	as	SCONJ
cjfa-30369	183	25	shown	show	VERB
cjfa-30369	183	26	in	in	ADP
cjfa-30369	183	27	equation	equation	NOUN
cjfa-30369	183	28	(	(	PUNCT
cjfa-30369	183	29	4.10	4.10	NUM
cjfa-30369	183	30	)	)	PUNCT
cjfa-30369	183	31	,	,	PUNCT
cjfa-30369	183	32	where	where	SCONJ
cjfa-30369	183	33	var	var	NOUN
cjfa-30369	183	34	(	(	PUNCT
cjfa-30369	183	35	u	u	NOUN
cjfa-30369	183	36	)	)	PUNCT
cjfa-30369	183	37	and	and	CCONJ
cjfa-30369	183	38	var	var	NOUN
cjfa-30369	183	39	(	(	PUNCT
cjfa-30369	183	40	h	h	NOUN
cjfa-30369	183	41	)	)	PUNCT
cjfa-30369	183	42	represents	represent	VERB
cjfa-30369	183	43	variance	variance	NOUN
cjfa-30369	183	44	of	of	ADP
cjfa-30369	183	45	un	un	ADJ
cjfa-30369	183	46	-	-	ADJ
cjfa-30369	183	47	hedged	hedge	VERB
cjfa-30369	183	48	and	and	CCONJ
cjfa-30369	183	49	hedged	hedge	VERB
cjfa-30369	183	50	portfolios	portfolio	NOUN
cjfa-30369	183	51	respectively	respectively	ADV
cjfa-30369	183	52	.	.	PUNCT
cjfa-30369	184	1	σs	σs	ADP
cjfa-30369	184	2	and	and	CCONJ
cjfa-30369	184	3	σf	σf	NOUN
cjfa-30369	184	4	are	be	AUX
cjfa-30369	184	5	standard	standard	ADJ
cjfa-30369	184	6	deviation	deviation	NOUN
cjfa-30369	184	7	of	of	ADP
cjfa-30369	184	8	the	the	DET
cjfa-30369	184	9	cash	cash	NOUN
cjfa-30369	184	10	and	and	CCONJ
cjfa-30369	184	11	futures	future	NOUN
cjfa-30369	184	12	returns	return	NOUN
cjfa-30369	184	13	respectively	respectively	ADV
cjfa-30369	184	14	,	,	PUNCT
cjfa-30369	184	15	σs	σs	ADP
cjfa-30369	184	16	,	,	PUNCT
cjfa-30369	184	17	f	f	PROPN
cjfa-30369	184	18	represents	represent	VERB
cjfa-30369	184	19	the	the	DET
cjfa-30369	184	20	covariability	covariability	NOUN
cjfa-30369	184	21	of	of	ADP
cjfa-30369	184	22	the	the	DET
cjfa-30369	184	23	cash	cash	NOUN
cjfa-30369	184	24	and	and	CCONJ
cjfa-30369	184	25	futures	future	NOUN
cjfa-30369	184	26	returns	return	NOUN
cjfa-30369	184	27	and	and	CCONJ
cjfa-30369	184	28	h	h	NOUN
cjfa-30369	184	29	*	*	VERB
cjfa-30369	184	30	is	be	AUX
cjfa-30369	184	31	the	the	DET
cjfa-30369	184	32	optimal	optimal	ADJ
cjfa-30369	184	33	hedge	hedge	NOUN
cjfa-30369	184	34	ratio	ratio	NOUN
cjfa-30369	184	35	.	.	PUNCT
cjfa-30369	185	1	hedge	hedge	NOUN
cjfa-30369	185	2	effectiveness	effectiveness	NOUN
cjfa-30369	185	3	=	=	SYM
cjfa-30369	185	4	var	var	PROPN
cjfa-30369	185	5	�	�	PROPN
cjfa-30369	185	6	u	u	PROPN
cjfa-30369	185	7	�	�	PROPN
cjfa-30369	185	8	var	var	NOUN
cjfa-30369	185	9	(	(	PUNCT
cjfa-30369	185	10	h	h	NOUN
cjfa-30369	185	11	)	)	PUNCT
cjfa-30369	185	12	var	var	NOUN
cjfa-30369	185	13	(	(	PUNCT
cjfa-30369	185	14	u	u	NOUN
cjfa-30369	185	15	)	)	PUNCT
cjfa-30369	185	16	............................	............................	PUNCT
cjfa-30369	185	17	(	(	PUNCT
cjfa-30369	185	18	4.10	4.10	NUM
cjfa-30369	185	19	)	)	PUNCT
cjfa-30369	185	20	var	var	NOUN
cjfa-30369	185	21	(	(	PUNCT
cjfa-30369	185	22	u	u	NOUN
cjfa-30369	185	23	)	)	PUNCT
cjfa-30369	185	24	=	=	PUNCT
cjfa-30369	185	25	σs2	σs2	NOUN
cjfa-30369	185	26	................................................................	................................................................	SYM
cjfa-30369	185	27	(4.11	(4.11	ADJ
cjfa-30369	185	28	)	)	PUNCT
cjfa-30369	185	29	var	var	NOUN
cjfa-30369	185	30	(	(	PUNCT
cjfa-30369	185	31	h	h	NOUN
cjfa-30369	185	32	)	)	PUNCT
cjfa-30369	185	33	=	=	VERB
cjfa-30369	185	34	σs2	σs2	VERB
cjfa-30369	185	35	+	+	CCONJ
cjfa-30369	185	36	h*2σf	h*2σf	SYM
cjfa-30369	185	37	2	2	NUM
cjfa-30369	185	38	–	–	PUNCT
cjfa-30369	185	39	2h*σs	2h*σs	NUM
cjfa-30369	185	40	,	,	PUNCT
cjfa-30369	185	41	f	f	X
cjfa-30369	185	42	............................................	............................................	X
cjfa-30369	185	43	(4.12	(4.12	X
cjfa-30369	185	44	)	)	PUNCT
cjfa-30369	185	45	(	(	PUNCT
cjfa-30369	185	46	9	9	NUM
cjfa-30369	185	47	)	)	PUNCT
cjfa-30369	185	48	therefore	therefore	ADV
cjfa-30369	185	49	,	,	PUNCT
cjfa-30369	185	50	in	in	ADP
cjfa-30369	185	51	the	the	DET
cjfa-30369	185	52	present	present	ADJ
cjfa-30369	185	53	study	study	NOUN
cjfa-30369	185	54	,	,	PUNCT
cjfa-30369	185	55	optimal	optimal	ADJ
cjfa-30369	185	56	hedge	hedge	NOUN
cjfa-30369	185	57	ratio	ratio	NOUN
cjfa-30369	185	58	is	be	AUX
cjfa-30369	185	59	estimated	estimate	VERB
cjfa-30369	185	60	through	through	ADP
cjfa-30369	185	61	naïve	naïve	PROPN
cjfa-30369	185	62	,	,	PUNCT
cjfa-30369	185	63	ols	ol	NOUN
cjfa-30369	185	64	,	,	PUNCT
cjfa-30369	185	65	arma	arma	PROPN
cjfa-30369	185	66	-	-	PUNCT
cjfa-30369	185	67	ols	ol	NOUN
cjfa-30369	185	68	,	,	PUNCT
cjfa-30369	185	69	garch	garch	NOUN
cjfa-30369	185	70	,	,	PUNCT
cjfa-30369	185	71	egarch	egarch	NOUN
cjfa-30369	185	72	,	,	PUNCT
cjfa-30369	185	73	tarch	tarch	NOUN
cjfa-30369	185	74	,	,	PUNCT
cjfa-30369	185	75	var	var	NOUN
cjfa-30369	185	76	and	and	CCONJ
cjfa-30369	185	77	vecm	vecm	NOUN
cjfa-30369	185	78	procedures	procedure	NOUN
cjfa-30369	185	79	,	,	PUNCT
cjfa-30369	185	80	estimating	estimate	VERB
cjfa-30369	185	81	hedging	hedging	NOUN
cjfa-30369	185	82	effectiveness	effectiveness	NOUN
cjfa-30369	185	83	using	use	VERB
cjfa-30369	185	84	variance	variance	NOUN
cjfa-30369	185	85	reduction	reduction	NOUN
cjfa-30369	185	86	…	…	PUNCT
cjfa-30369	185	87	157	157	NUM
cjfa-30369	185	88	which	which	PRON
cjfa-30369	185	89	may	may	AUX
cjfa-30369	185	90	be	be	AUX
cjfa-30369	185	91	constant	constant	ADJ
cjfa-30369	185	92	or	or	CCONJ
cjfa-30369	185	93	time	time	NOUN
cjfa-30369	185	94	-	-	PUNCT
cjfa-30369	185	95	varying	vary	VERB
cjfa-30369	185	96	,	,	PUNCT
cjfa-30369	185	97	depending	depend	VERB
cjfa-30369	185	98	upon	upon	SCONJ
cjfa-30369	185	99	the	the	DET
cjfa-30369	185	100	property	property	NOUN
cjfa-30369	185	101	of	of	ADP
cjfa-30369	185	102	the	the	DET
cjfa-30369	185	103	series	series	NOUN
cjfa-30369	185	104	understudy	understudy	NOUN
cjfa-30369	185	105	.	.	PUNCT
cjfa-30369	186	1	estimation	estimation	NOUN
cjfa-30369	186	2	of	of	ADP
cjfa-30369	186	3	hedging	hedging	NOUN
cjfa-30369	186	4	effectiveness	effectiveness	NOUN
cjfa-30369	186	5	after	after	ADP
cjfa-30369	186	6	estimating	estimate	VERB
cjfa-30369	186	7	the	the	DET
cjfa-30369	186	8	optimal	optimal	ADJ
cjfa-30369	186	9	hedge	hedge	NOUN
cjfa-30369	186	10	ratio	ratio	NOUN
cjfa-30369	186	11	through	through	ADP
cjfa-30369	186	12	above	above	ADV
cjfa-30369	186	13	mentioned	mention	VERB
cjfa-30369	186	14	statistical	statistical	ADJ
cjfa-30369	186	15	procedures	procedure	NOUN
cjfa-30369	186	16	,	,	PUNCT
cjfa-30369	186	17	the	the	DET
cjfa-30369	186	18	hedging	hedge	VERB
cjfa-30369	186	19	effectiveness	effectiveness	NOUN
cjfa-30369	186	20	of	of	ADP
cjfa-30369	186	21	all	all	DET
cjfa-30369	186	22	hedge	hedge	NOUN
cjfa-30369	186	23	ratios	ratio	NOUN
cjfa-30369	186	24	shall	shall	AUX
cjfa-30369	186	25	be	be	AUX
cjfa-30369	186	26	computed	compute	VERB
cjfa-30369	186	27	on	on	ADP
cjfa-30369	186	28	the	the	DET
cjfa-30369	186	29	basis	basis	NOUN
cjfa-30369	186	30	of	of	ADP
cjfa-30369	186	31	two	two	NUM
cjfa-30369	186	32	approaches	approach	NOUN
cjfa-30369	186	33	i.e	i.e	PRON
cjfa-30369	186	34	variance	variance	NOUN
cjfa-30369	186	35	reduction	reduction	NOUN
cjfa-30369	186	36	approach	approach	NOUN
cjfa-30369	186	37	(	(	PUNCT
cjfa-30369	186	38	ederington	ederington	NOUN
cjfa-30369	186	39	,	,	PUNCT
cjfa-30369	186	40	1979	1979	NUM
cjfa-30369	186	41	)	)	PUNCT
cjfa-30369	186	42	and	and	CCONJ
cjfa-30369	186	43	risk	risk	NOUN
cjfa-30369	186	44	-	-	PUNCT
cjfa-30369	186	45	return	return	NOUN
cjfa-30369	186	46	approach	approach	NOUN
cjfa-30369	186	47	(	(	PUNCT
cjfa-30369	186	48	howard	howard	PROPN
cjfa-30369	186	49	&	&	CCONJ
cjfa-30369	186	50	d’antonio	d’antonio	PROPN
cjfa-30369	186	51	,	,	PUNCT
cjfa-30369	186	52	1984	1984	NUM
cjfa-30369	186	53	)	)	PUNCT
cjfa-30369	186	54	.	.	PUNCT
cjfa-30369	187	1	the	the	DET
cjfa-30369	187	2	hedge	hedge	NOUN
cjfa-30369	187	3	ratio	ratio	NOUN
cjfa-30369	187	4	that	that	PRON
cjfa-30369	187	5	gives	give	VERB
cjfa-30369	187	6	the	the	DET
cjfa-30369	187	7	highest	high	ADJ
cjfa-30369	187	8	hedging	hedging	NOUN
cjfa-30369	187	9	effectiveness	effectiveness	NOUN
cjfa-30369	187	10	in	in	ADP
cjfa-30369	187	11	each	each	PRON
cjfa-30369	187	12	of	of	ADP
cjfa-30369	187	13	the	the	DET
cjfa-30369	187	14	two	two	NUM
cjfa-30369	187	15	methods	method	NOUN
cjfa-30369	187	16	would	would	AUX
cjfa-30369	187	17	be	be	AUX
cjfa-30369	187	18	proposed	propose	VERB
cjfa-30369	187	19	as	as	ADP
cjfa-30369	187	20	efficient	efficient	ADJ
cjfa-30369	187	21	hedge	hedge	NOUN
cjfa-30369	187	22	ratio	ratio	NOUN
cjfa-30369	187	23	.	.	PUNCT
cjfa-30369	188	1	variance	variance	NOUN
cjfa-30369	188	2	-	-	PUNCT
cjfa-30369	188	3	reduction	reduction	NOUN
cjfa-30369	188	4	framework	framework	NOUN
cjfa-30369	188	5	as	as	SCONJ
cjfa-30369	188	6	proposed	propose	VERB
cjfa-30369	188	7	by	by	ADP
cjfa-30369	188	8	ederington	ederington	NOUN
cjfa-30369	188	9	(	(	PUNCT
cjfa-30369	188	10	1979	1979	NUM
cjfa-30369	188	11	)	)	PUNCT
cjfa-30369	188	12	,	,	PUNCT
cjfa-30369	188	13	hedging	hedging	NOUN
cjfa-30369	188	14	effectiveness	effectiveness	NOUN
cjfa-30369	188	15	will	will	AUX
cjfa-30369	188	16	be	be	AUX
cjfa-30369	188	17	measured	measure	VERB
cjfa-30369	188	18	as	as	ADP
cjfa-30369	188	19	percentage	percentage	NOUN
cjfa-30369	188	20	decline	decline	NOUN
cjfa-30369	188	21	in	in	ADP
cjfa-30369	188	22	portfolio	portfolio	NOUN
cjfa-30369	188	23	variance	variance	NOUN
cjfa-30369	188	24	as	as	SCONJ
cjfa-30369	188	25	shown	show	VERB
cjfa-30369	188	26	in	in	ADP
cjfa-30369	188	27	equation	equation	NOUN
cjfa-30369	188	28	(	(	PUNCT
cjfa-30369	188	29	10	10	NUM
cjfa-30369	188	30	)	)	PUNCT
cjfa-30369	188	31	,	,	PUNCT
cjfa-30369	188	32	where	where	SCONJ
cjfa-30369	188	33	var	var	NOUN
cjfa-30369	188	34	(	(	PUNCT
cjfa-30369	188	35	u	u	NOUN
cjfa-30369	188	36	)	)	PUNCT
cjfa-30369	188	37	and	and	CCONJ
cjfa-30369	188	38	var	var	NOUN
cjfa-30369	188	39	(	(	PUNCT
cjfa-30369	188	40	h	h	NOUN
cjfa-30369	188	41	)	)	PUNCT
cjfa-30369	188	42	represents	represent	VERB
cjfa-30369	188	43	variance	variance	NOUN
cjfa-30369	188	44	of	of	ADP
cjfa-30369	188	45	un	un	ADJ
cjfa-30369	188	46	-	-	ADJ
cjfa-30369	188	47	hedged	hedge	VERB
cjfa-30369	188	48	and	and	CCONJ
cjfa-30369	188	49	hedged	hedge	VERB
cjfa-30369	188	50	portfolios	portfolio	NOUN
cjfa-30369	188	51	respectively	respectively	ADV
cjfa-30369	188	52	.	.	PUNCT
cjfa-30369	189	1	σs	σs	ADP
cjfa-30369	189	2	and	and	CCONJ
cjfa-30369	189	3	σf	σf	NOUN
cjfa-30369	189	4	are	be	AUX
cjfa-30369	189	5	standard	standard	ADJ
cjfa-30369	189	6	deviation	deviation	NOUN
cjfa-30369	189	7	of	of	ADP
cjfa-30369	189	8	the	the	DET
cjfa-30369	189	9	cash	cash	NOUN
cjfa-30369	189	10	and	and	CCONJ
cjfa-30369	189	11	futures	future	NOUN
cjfa-30369	189	12	returns	return	NOUN
cjfa-30369	189	13	respectively	respectively	ADV
cjfa-30369	189	14	,	,	PUNCT
cjfa-30369	189	15	σs	σs	ADP
cjfa-30369	189	16	,	,	PUNCT
cjfa-30369	189	17	f	f	PROPN
cjfa-30369	189	18	represents	represent	VERB
cjfa-30369	189	19	the	the	DET
cjfa-30369	189	20	covariability	covariability	NOUN
cjfa-30369	189	21	of	of	ADP
cjfa-30369	189	22	the	the	DET
cjfa-30369	189	23	cash	cash	NOUN
cjfa-30369	189	24	and	and	CCONJ
cjfa-30369	189	25	futures	future	NOUN
cjfa-30369	189	26	returns	return	NOUN
cjfa-30369	189	27	and	and	CCONJ
cjfa-30369	189	28	h	h	NOUN
cjfa-30369	189	29	*	*	VERB
cjfa-30369	189	30	is	be	AUX
cjfa-30369	189	31	the	the	DET
cjfa-30369	189	32	optimal	optimal	ADJ
cjfa-30369	189	33	hedge	hedge	NOUN
cjfa-30369	189	34	ratio	ratio	NOUN
cjfa-30369	189	35	.	.	PUNCT
cjfa-30369	190	1	hedge	hedge	NOUN
cjfa-30369	190	2	effectiveness	effectiveness	NOUN
cjfa-30369	190	3	)	)	PUNCT
cjfa-30369	190	4	7.4	7.4	NUM
cjfa-30369	190	5	........	........	PUNCT
cjfa-30369	190	6	(	(	PUNCT
cjfa-30369	190	7	..............................	..............................	PUNCT
cjfa-30369	191	1	r	r	NOUN
cjfa-30369	191	2	1	1	NUM
cjfa-30369	191	3	1,1	1,1	NUM
cjfa-30369	191	4	,	,	PUNCT
cjfa-30369	191	5	1	1	NUM
cjfa-30369	191	6	tf	tf	NOUN
cjfa-30369	191	7	,	,	PUNCT
cjfa-30369	191	8			PRON
cjfa-30369	191	9			NUM
cjfa-30369	191	10			NOUN
cjfa-30369	191	11			NOUN
cjfa-30369	191	12			PUNCT
cjfa-30369	191	13	p	p	NOUN
cjfa-30369	191	14	l	l	NOUN
cjfa-30369	191	15	fttskts	fttskts	NOUN
cjfa-30369	191	16	o	o	X
cjfa-30369	191	17	k	k	PROPN
cjfa-30369	191	18	k	k	PROPN
cjfa-30369	191	19	rr	rr	PROPN
cjfa-30369	191	20			PROPN
cjfa-30369	191	21	)	)	PUNCT
cjfa-30369	191	22	8.4	8.4	NUM
cjfa-30369	191	23	.......	.......	PUNCT
cjfa-30369	191	24	(	(	PUNCT
cjfa-30369	191	25	..........	..........	PUNCT
cjfa-30369	191	26	)	)	PUNCT
cjfa-30369	191	27	(	(	PUNCT
cjfa-30369	191	28	r	r	NOUN
cjfa-30369	191	29	1	1	NUM
cjfa-30369	191	30	1	1	NUM
cjfa-30369	191	31	,	,	PUNCT
cjfa-30369	191	32	,	,	PUNCT
cjfa-30369	191	33	1	1	NUM
cjfa-30369	191	34	0tf	0tf	ADJ
cjfa-30369	191	35	,	,	PUNCT
cjfa-30369	191	36			X
cjfa-30369	191	37			X
cjfa-30369	191	38			PRON
cjfa-30369	191	39			NUM
cjfa-30369	191	40			NOUN
cjfa-30369	191	41			NUM
cjfa-30369	191	42			PROPN
cjfa-30369	191	43			VERB
cjfa-30369	191	44	q	q	PROPN
cjfa-30369	192	1	j	j	PROPN
cjfa-30369	192	2	m	m	VERB
cjfa-30369	192	3	k	k	PROPN
cjfa-30369	192	4	ftktsfjtff	ftktsfjtff	PROPN
cjfa-30369	192	5	p	p	PROPN
cjfa-30369	193	1	i	i	PRON
cjfa-30369	193	2	ititiff	ititiff	PROPN
cjfa-30369	193	3	rrsf	rrsf	PROPN
cjfa-30369	193	4			NOUN
cjfa-30369	193	5	)	)	PUNCT
cjfa-30369	193	6	9.4	9.4	NUM
cjfa-30369	193	7	.....	.....	PUNCT
cjfa-30369	193	8	(	(	PUNCT
cjfa-30369	193	9	....................	....................	PUNCT
cjfa-30369	193	10	)	)	PUNCT
cjfa-30369	193	11	(	(	PUNCT
cjfa-30369	193	12	r	r	NOUN
cjfa-30369	193	13	1	1	NUM
cjfa-30369	193	14	1	1	NUM
cjfa-30369	193	15	,	,	PUNCT
cjfa-30369	193	16	,	,	PUNCT
cjfa-30369	193	17	1	1	NUM
cjfa-30369	193	18	0ts	0ts	ADJ
cjfa-30369	193	19	,	,	PUNCT
cjfa-30369	193	20			X
cjfa-30369	193	21			X
cjfa-30369	193	22			PRON
cjfa-30369	193	23			NUM
cjfa-30369	193	24			NOUN
cjfa-30369	193	25			NUM
cjfa-30369	193	26			PROPN
cjfa-30369	193	27			VERB
cjfa-30369	193	28	n	n	ADP
cjfa-30369	193	29	l	l	NOUN
cjfa-30369	193	30	o	o	NOUN
cjfa-30369	194	1	h	h	NOUN
cjfa-30369	194	2	sthtfsltss	sthtfsltss	NOUN
cjfa-30369	194	3	p	p	NOUN
cjfa-30369	195	1	i	i	PRON
cjfa-30369	195	2	ititiss	ititiss	PROPN
cjfa-30369	195	3	rrsf	rrsf	PROPN
cjfa-30369	195	4			NOUN
cjfa-30369	195	5	therefore	therefore	ADV
cjfa-30369	195	6	,	,	PUNCT
cjfa-30369	195	7	in	in	ADP
cjfa-30369	195	8	the	the	DET
cjfa-30369	195	9	present	present	ADJ
cjfa-30369	195	10	study	study	NOUN
cjfa-30369	195	11	,	,	PUNCT
cjfa-30369	195	12	optimal	optimal	ADJ
cjfa-30369	195	13	hedge	hedge	NOUN
cjfa-30369	195	14	ratio	ratio	NOUN
cjfa-30369	195	15	is	be	AUX
cjfa-30369	195	16	estimated	estimate	VERB
cjfa-30369	195	17	through	through	ADP
cjfa-30369	195	18	naïve	naïve	PROPN
cjfa-30369	195	19	,	,	PUNCT
cjfa-30369	195	20	ols	ol	NOUN
cjfa-30369	195	21	,	,	PUNCT
cjfa-30369	195	22	arma	arma	PROPN
cjfa-30369	195	23	-	-	PUNCT
cjfa-30369	195	24	ols	ol	NOUN
cjfa-30369	195	25	,	,	PUNCT
cjfa-30369	195	26	garch	garch	NOUN
cjfa-30369	195	27	,	,	PUNCT
cjfa-30369	195	28	egarch	egarch	NOUN
cjfa-30369	195	29	,	,	PUNCT
cjfa-30369	195	30	tarch	tarch	NOUN
cjfa-30369	195	31	,	,	PUNCT
cjfa-30369	195	32	var	var	NOUN
cjfa-30369	195	33	and	and	CCONJ
cjfa-30369	195	34	vecm	vecm	NOUN
cjfa-30369	195	35	procedures	procedure	NOUN
cjfa-30369	195	36	,	,	PUNCT
cjfa-30369	195	37	which	which	PRON
cjfa-30369	195	38	may	may	AUX
cjfa-30369	195	39	be	be	AUX
cjfa-30369	195	40	constant	constant	ADJ
cjfa-30369	195	41	or	or	CCONJ
cjfa-30369	195	42	time	time	NOUN
cjfa-30369	195	43	-	-	PUNCT
cjfa-30369	195	44	varying	vary	VERB
cjfa-30369	195	45	,	,	PUNCT
cjfa-30369	195	46	depending	depend	VERB
cjfa-30369	195	47	upon	upon	SCONJ
cjfa-30369	195	48	the	the	DET
cjfa-30369	195	49	property	property	NOUN
cjfa-30369	195	50	of	of	ADP
cjfa-30369	195	51	the	the	DET
cjfa-30369	195	52	series	series	NOUN
cjfa-30369	195	53	understudy	understudy	NOUN
cjfa-30369	195	54	.	.	PUNCT
cjfa-30369	196	1	estimation	estimation	NOUN
cjfa-30369	196	2	of	of	ADP
cjfa-30369	196	3	hedging	hedging	NOUN
cjfa-30369	196	4	effectiveness	effectiveness	NOUN
cjfa-30369	196	5	after	after	ADP
cjfa-30369	196	6	estimating	estimate	VERB
cjfa-30369	196	7	the	the	DET
cjfa-30369	196	8	optimal	optimal	ADJ
cjfa-30369	196	9	hedge	hedge	NOUN
cjfa-30369	196	10	ratio	ratio	NOUN
cjfa-30369	196	11	through	through	ADP
cjfa-30369	196	12	above	above	ADV
cjfa-30369	196	13	mentioned	mention	VERB
cjfa-30369	196	14	statistical	statistical	ADJ
cjfa-30369	196	15	procedures	procedure	NOUN
cjfa-30369	196	16	,	,	PUNCT
cjfa-30369	196	17	the	the	DET
cjfa-30369	196	18	hedging	hedge	VERB
cjfa-30369	196	19	effectiveness	effectiveness	NOUN
cjfa-30369	196	20	of	of	ADP
cjfa-30369	196	21	all	all	DET
cjfa-30369	196	22	hedge	hedge	NOUN
cjfa-30369	196	23	ratios	ratio	NOUN
cjfa-30369	196	24	shall	shall	AUX
cjfa-30369	196	25	be	be	AUX
cjfa-30369	196	26	computed	compute	VERB
cjfa-30369	196	27	on	on	ADP
cjfa-30369	196	28	the	the	DET
cjfa-30369	196	29	basis	basis	NOUN
cjfa-30369	196	30	of	of	ADP
cjfa-30369	196	31	two	two	NUM
cjfa-30369	196	32	approaches	approach	NOUN
cjfa-30369	196	33	i.e	i.e	PRON
cjfa-30369	196	34	variance	variance	NOUN
cjfa-30369	196	35	reduction	reduction	NOUN
cjfa-30369	196	36	approach	approach	NOUN
cjfa-30369	196	37	(	(	PUNCT
cjfa-30369	196	38	ederington	ederington	NOUN
cjfa-30369	196	39	(	(	PUNCT
cjfa-30369	196	40	1979	1979	NUM
cjfa-30369	196	41	)	)	PUNCT
cjfa-30369	196	42	)	)	PUNCT
cjfa-30369	196	43	and	and	CCONJ
cjfa-30369	196	44	risk	risk	NOUN
cjfa-30369	196	45	-	-	PUNCT
cjfa-30369	196	46	return	return	NOUN
cjfa-30369	196	47	approach	approach	NOUN
cjfa-30369	196	48	(	(	PUNCT
cjfa-30369	196	49	howard	howard	PROPN
cjfa-30369	196	50	and	and	CCONJ
cjfa-30369	196	51	d’antonio	d’antonio	PROPN
cjfa-30369	196	52	(	(	PUNCT
cjfa-30369	196	53	1984	1984	NUM
cjfa-30369	196	54	)	)	PUNCT
cjfa-30369	196	55	)	)	PUNCT
cjfa-30369	196	56	.	.	PUNCT
cjfa-30369	197	1	the	the	DET
cjfa-30369	197	2	hedge	hedge	NOUN
cjfa-30369	197	3	ratio	ratio	NOUN
cjfa-30369	197	4	that	that	PRON
cjfa-30369	197	5	gives	give	VERB
cjfa-30369	197	6	the	the	DET
cjfa-30369	197	7	highest	high	ADJ
cjfa-30369	197	8	hedging	hedging	NOUN
cjfa-30369	197	9	effectiveness	effectiveness	NOUN
cjfa-30369	197	10	in	in	ADP
cjfa-30369	197	11	each	each	PRON
cjfa-30369	197	12	of	of	ADP
cjfa-30369	197	13	the	the	DET
cjfa-30369	197	14	two	two	NUM
cjfa-30369	197	15	methods	method	NOUN
cjfa-30369	197	16	would	would	AUX
cjfa-30369	197	17	be	be	AUX
cjfa-30369	197	18	proposed	propose	VERB
cjfa-30369	197	19	as	as	ADP
cjfa-30369	197	20	efficient	efficient	ADJ
cjfa-30369	197	21	hedge	hedge	NOUN
cjfa-30369	197	22	ratio	ratio	NOUN
cjfa-30369	197	23	.	.	PUNCT
cjfa-30369	198	1	variance	variance	NOUN
cjfa-30369	198	2	-	-	PUNCT
cjfa-30369	198	3	reduction	reduction	NOUN
cjfa-30369	198	4	framework	framework	NOUN
cjfa-30369	198	5	as	as	SCONJ
cjfa-30369	198	6	proposed	propose	VERB
cjfa-30369	198	7	by	by	ADP
cjfa-30369	198	8	ederington	ederington	NOUN
cjfa-30369	198	9	(	(	PUNCT
cjfa-30369	198	10	1979	1979	NUM
cjfa-30369	198	11	)	)	PUNCT
cjfa-30369	198	12	,	,	PUNCT
cjfa-30369	198	13	hedging	hedging	NOUN
cjfa-30369	198	14	effectiveness	effectiveness	NOUN
cjfa-30369	198	15	will	will	AUX
cjfa-30369	198	16	be	be	AUX
cjfa-30369	198	17	measured	measure	VERB
cjfa-30369	198	18	as	as	ADP
cjfa-30369	198	19	percentage	percentage	NOUN
cjfa-30369	198	20	decline	decline	NOUN
cjfa-30369	198	21	in	in	ADP
cjfa-30369	198	22	portfolio	portfolio	NOUN
cjfa-30369	198	23	variance	variance	NOUN
cjfa-30369	198	24	as	as	SCONJ
cjfa-30369	198	25	shown	show	VERB
cjfa-30369	198	26	in	in	ADP
cjfa-30369	198	27	equation	equation	NOUN
cjfa-30369	198	28	(	(	PUNCT
cjfa-30369	198	29	4.10	4.10	NUM
cjfa-30369	198	30	)	)	PUNCT
cjfa-30369	198	31	,	,	PUNCT
cjfa-30369	198	32	where	where	SCONJ
cjfa-30369	198	33	var	var	NOUN
cjfa-30369	198	34	(	(	PUNCT
cjfa-30369	198	35	u	u	NOUN
cjfa-30369	198	36	)	)	PUNCT
cjfa-30369	198	37	and	and	CCONJ
cjfa-30369	198	38	var	var	NOUN
cjfa-30369	198	39	(	(	PUNCT
cjfa-30369	198	40	h	h	NOUN
cjfa-30369	198	41	)	)	PUNCT
cjfa-30369	198	42	represents	represent	VERB
cjfa-30369	198	43	variance	variance	NOUN
cjfa-30369	198	44	of	of	ADP
cjfa-30369	198	45	un	un	ADJ
cjfa-30369	198	46	-	-	ADJ
cjfa-30369	198	47	hedged	hedge	VERB
cjfa-30369	198	48	and	and	CCONJ
cjfa-30369	198	49	hedged	hedge	VERB
cjfa-30369	198	50	portfolios	portfolio	NOUN
cjfa-30369	198	51	respectively	respectively	ADV
cjfa-30369	198	52	.	.	PUNCT
cjfa-30369	199	1	σs	σs	ADP
cjfa-30369	199	2	and	and	CCONJ
cjfa-30369	199	3	σf	σf	NOUN
cjfa-30369	199	4	are	be	AUX
cjfa-30369	199	5	standard	standard	ADJ
cjfa-30369	199	6	deviation	deviation	NOUN
cjfa-30369	199	7	of	of	ADP
cjfa-30369	199	8	the	the	DET
cjfa-30369	199	9	cash	cash	NOUN
cjfa-30369	199	10	and	and	CCONJ
cjfa-30369	199	11	futures	future	NOUN
cjfa-30369	199	12	returns	return	NOUN
cjfa-30369	199	13	respectively	respectively	ADV
cjfa-30369	199	14	,	,	PUNCT
cjfa-30369	199	15	σs	σs	ADP
cjfa-30369	199	16	,	,	PUNCT
cjfa-30369	199	17	f	f	PROPN
cjfa-30369	199	18	represents	represent	VERB
cjfa-30369	199	19	the	the	DET
cjfa-30369	199	20	covariability	covariability	NOUN
cjfa-30369	199	21	of	of	ADP
cjfa-30369	199	22	the	the	DET
cjfa-30369	199	23	cash	cash	NOUN
cjfa-30369	199	24	and	and	CCONJ
cjfa-30369	199	25	futures	future	NOUN
cjfa-30369	199	26	returns	return	NOUN
cjfa-30369	199	27	and	and	CCONJ
cjfa-30369	199	28	h	h	NOUN
cjfa-30369	199	29	*	*	VERB
cjfa-30369	199	30	is	be	AUX
cjfa-30369	199	31	the	the	DET
cjfa-30369	199	32	optimal	optimal	ADJ
cjfa-30369	199	33	hedge	hedge	NOUN
cjfa-30369	199	34	ratio	ratio	NOUN
cjfa-30369	199	35	.	.	PUNCT
cjfa-30369	200	1	hedge	hedge	NOUN
cjfa-30369	200	2	effectiveness	effectiveness	NOUN
cjfa-30369	200	3	=	=	SYM
cjfa-30369	200	4	var	var	PROPN
cjfa-30369	200	5	�	�	PROPN
cjfa-30369	200	6	u	u	PROPN
cjfa-30369	200	7	�	�	PROPN
cjfa-30369	200	8	var	var	NOUN
cjfa-30369	200	9	(	(	PUNCT
cjfa-30369	200	10	h	h	NOUN
cjfa-30369	200	11	)	)	PUNCT
cjfa-30369	200	12	var	var	NOUN
cjfa-30369	200	13	(	(	PUNCT
cjfa-30369	200	14	u	u	NOUN
cjfa-30369	200	15	)	)	PUNCT
cjfa-30369	200	16	............................	............................	PUNCT
cjfa-30369	200	17	(	(	PUNCT
cjfa-30369	200	18	4.10	4.10	NUM
cjfa-30369	200	19	)	)	PUNCT
cjfa-30369	200	20	var	var	NOUN
cjfa-30369	200	21	(	(	PUNCT
cjfa-30369	200	22	u	u	NOUN
cjfa-30369	200	23	)	)	PUNCT
cjfa-30369	200	24	=	=	PUNCT
cjfa-30369	200	25	σs2	σs2	NOUN
cjfa-30369	200	26	................................................................	................................................................	SYM
cjfa-30369	200	27	(4.11	(4.11	ADJ
cjfa-30369	200	28	)	)	PUNCT
cjfa-30369	200	29	var	var	NOUN
cjfa-30369	200	30	(	(	PUNCT
cjfa-30369	200	31	h	h	NOUN
cjfa-30369	200	32	)	)	PUNCT
cjfa-30369	200	33	=	=	VERB
cjfa-30369	200	34	σs2	σs2	VERB
cjfa-30369	200	35	+	+	CCONJ
cjfa-30369	200	36	h*2σf	h*2σf	SYM
cjfa-30369	200	37	2	2	NUM
cjfa-30369	200	38	–	–	PUNCT
cjfa-30369	200	39	2h*σs	2h*σs	NUM
cjfa-30369	200	40	,	,	PUNCT
cjfa-30369	200	41	f	f	X
cjfa-30369	200	42	............................................	............................................	X
cjfa-30369	200	43	(4.12	(4.12	X
cjfa-30369	200	44	)	)	PUNCT
cjfa-30369	200	45	(	(	PUNCT
cjfa-30369	200	46	10	10	NUM
cjfa-30369	200	47	)	)	PUNCT
cjfa-30369	200	48	var	var	NOUN
cjfa-30369	200	49	(	(	PUNCT
cjfa-30369	200	50	u	u	NOUN
cjfa-30369	200	51	)	)	PUNCT
cjfa-30369	200	52	=	=	PUNCT
cjfa-30369	200	53	σs	σs	ADP
cjfa-30369	200	54	2	2	NUM
cjfa-30369	200	55	(	(	PUNCT
cjfa-30369	200	56	11	11	NUM
cjfa-30369	200	57	)	)	PUNCT
cjfa-30369	200	58	var	var	NOUN
cjfa-30369	200	59	(	(	PUNCT
cjfa-30369	200	60	h	h	NOUN
cjfa-30369	200	61	)	)	PUNCT
cjfa-30369	200	62	=	=	NOUN
cjfa-30369	200	63	σs	σs	ADP
cjfa-30369	200	64	2	2	NUM
cjfa-30369	200	65	+	+	NOUN
cjfa-30369	200	66	h*2σf	h*2σf	SYM
cjfa-30369	200	67	2	2	NUM
cjfa-30369	200	68	–	–	PUNCT
cjfa-30369	200	69	2h*σs	2h*σs	NUM
cjfa-30369	200	70	,	,	PUNCT
cjfa-30369	200	71	f	f	PROPN
cjfa-30369	200	72	(	(	PUNCT
cjfa-30369	200	73	12	12	NUM
cjfa-30369	200	74	)	)	PUNCT
cjfa-30369	200	75	risk	risk	NOUN
cjfa-30369	200	76	-	-	PUNCT
cjfa-30369	200	77	return	return	NOUN
cjfa-30369	200	78	framework	framework	NOUN
cjfa-30369	200	79	the	the	DET
cjfa-30369	200	80	variance	variance	NOUN
cjfa-30369	200	81	reduction	reduction	NOUN
cjfa-30369	200	82	approach	approach	NOUN
cjfa-30369	200	83	suffers	suffer	VERB
cjfa-30369	200	84	from	from	ADP
cjfa-30369	200	85	a	a	DET
cjfa-30369	200	86	limitation	limitation	NOUN
cjfa-30369	200	87	that	that	PRON
cjfa-30369	200	88	it	it	PRON
cjfa-30369	200	89	ignores	ignore	VERB
cjfa-30369	200	90	the	the	DET
cjfa-30369	200	91	return	return	NOUN
cjfa-30369	200	92	component	component	NOUN
cjfa-30369	200	93	on	on	ADP
cjfa-30369	200	94	hedged	hedge	VERB
cjfa-30369	200	95	portfolio	portfolio	NOUN
cjfa-30369	200	96	.	.	PUNCT
cjfa-30369	201	1	therefore	therefore	ADV
cjfa-30369	201	2	,	,	PUNCT
cjfa-30369	201	3	in	in	ADP
cjfa-30369	201	4	order	order	NOUN
cjfa-30369	201	5	to	to	PART
cjfa-30369	201	6	address	address	VERB
cjfa-30369	201	7	this	this	DET
cjfa-30369	201	8	issue	issue	NOUN
cjfa-30369	201	9	,	,	PUNCT
cjfa-30369	201	10	howard	howard	PROPN
cjfa-30369	201	11	and	and	CCONJ
cjfa-30369	201	12	d’antonio	d’antonio	PROPN
cjfa-30369	201	13	(	(	PUNCT
cjfa-30369	201	14	1984	1984	NUM
cjfa-30369	201	15	)	)	PUNCT
cjfa-30369	201	16	,	,	PUNCT
cjfa-30369	201	17	suggested	suggest	VERB
cjfa-30369	201	18	a	a	DET
cjfa-30369	201	19	measure	measure	NOUN
cjfa-30369	201	20	of	of	ADP
cjfa-30369	201	21	hedging	hedging	NOUN
cjfa-30369	201	22	effectiveness	effectiveness	NOUN
cjfa-30369	201	23	(	(	PUNCT
cjfa-30369	201	24	λ	λ	NOUN
cjfa-30369	201	25	)	)	PUNCT
cjfa-30369	201	26	incorporating	incorporate	VERB
cjfa-30369	201	27	the	the	DET
cjfa-30369	201	28	return	return	NOUN
cjfa-30369	201	29	component	component	NOUN
cjfa-30369	201	30	,	,	PUNCT
cjfa-30369	201	31	which	which	PRON
cjfa-30369	201	32	is	be	AUX
cjfa-30369	201	33	measured	measure	VERB
cjfa-30369	201	34	as	as	ADP
cjfa-30369	201	35	ratio	ratio	NOUN
cjfa-30369	201	36	of	of	ADP
cjfa-30369	201	37	mandeep	mandeep	PROPN
cjfa-30369	201	38	kaur	kaur	PROPN
cjfa-30369	201	39	,	,	PUNCT
cjfa-30369	201	40	kapil	kapil	PROPN
cjfa-30369	201	41	gupta158	gupta158	PROPN
cjfa-30369	201	42	slope	slope	NOUN
cjfa-30369	201	43	of	of	ADP
cjfa-30369	201	44	risk	risk	NOUN
cjfa-30369	201	45	-	-	PUNCT
cjfa-30369	201	46	return	return	NOUN
cjfa-30369	201	47	relative	relative	ADJ
cjfa-30369	201	48	from	from	ADP
cjfa-30369	201	49	hedged	hedge	VERB
cjfa-30369	201	50	portfolio	portfolio	NOUN
cjfa-30369	201	51	and	and	CCONJ
cjfa-30369	201	52	risk	risk	NOUN
cjfa-30369	201	53	-	-	PUNCT
cjfa-30369	201	54	return	return	NOUN
cjfa-30369	201	55	relative	relative	ADJ
cjfa-30369	201	56	from	from	ADP
cjfa-30369	201	57	unhedged	unhedged	ADJ
cjfa-30369	201	58	portfolio	portfolio	NOUN
cjfa-30369	201	59	.	.	PUNCT
cjfa-30369	202	1	risk	risk	NOUN
cjfa-30369	202	2	-	-	PUNCT
cjfa-30369	202	3	return	return	NOUN
cjfa-30369	202	4	framework	framework	NOUN
cjfa-30369	202	5	the	the	DET
cjfa-30369	202	6	variance	variance	NOUN
cjfa-30369	202	7	reduction	reduction	NOUN
cjfa-30369	202	8	approach	approach	NOUN
cjfa-30369	202	9	suffers	suffer	VERB
cjfa-30369	202	10	from	from	ADP
cjfa-30369	202	11	a	a	DET
cjfa-30369	202	12	limitation	limitation	NOUN
cjfa-30369	202	13	that	that	PRON
cjfa-30369	202	14	it	it	PRON
cjfa-30369	202	15	ignores	ignore	VERB
cjfa-30369	202	16	the	the	DET
cjfa-30369	202	17	return	return	NOUN
cjfa-30369	202	18	component	component	NOUN
cjfa-30369	202	19	on	on	ADP
cjfa-30369	202	20	hedged	hedge	VERB
cjfa-30369	202	21	portfolio	portfolio	NOUN
cjfa-30369	202	22	.	.	PUNCT
cjfa-30369	203	1	therefore	therefore	ADV
cjfa-30369	203	2	,	,	PUNCT
cjfa-30369	203	3	in	in	ADP
cjfa-30369	203	4	order	order	NOUN
cjfa-30369	203	5	to	to	PART
cjfa-30369	203	6	address	address	VERB
cjfa-30369	203	7	this	this	DET
cjfa-30369	203	8	issue	issue	NOUN
cjfa-30369	203	9	,	,	PUNCT
cjfa-30369	203	10	howard	howard	PROPN
cjfa-30369	203	11	and	and	CCONJ
cjfa-30369	203	12	d’antonio	d’antonio	PROPN
cjfa-30369	203	13	(	(	PUNCT
cjfa-30369	203	14	1984	1984	NUM
cjfa-30369	203	15	)	)	PUNCT
cjfa-30369	203	16	,	,	PUNCT
cjfa-30369	203	17	suggested	suggest	VERB
cjfa-30369	203	18	a	a	DET
cjfa-30369	203	19	measure	measure	NOUN
cjfa-30369	203	20	of	of	ADP
cjfa-30369	203	21	hedging	hedging	NOUN
cjfa-30369	203	22	effectiveness	effectiveness	NOUN
cjfa-30369	203	23	(	(	PUNCT
cjfa-30369	203	24	λ	λ	NOUN
cjfa-30369	203	25	)	)	PUNCT
cjfa-30369	203	26	incorporating	incorporate	VERB
cjfa-30369	203	27	the	the	DET
cjfa-30369	203	28	return	return	NOUN
cjfa-30369	203	29	component	component	NOUN
cjfa-30369	203	30	,	,	PUNCT
cjfa-30369	203	31	which	which	PRON
cjfa-30369	203	32	is	be	AUX
cjfa-30369	203	33	measured	measure	VERB
cjfa-30369	203	34	as	as	ADP
cjfa-30369	203	35	ratio	ratio	NOUN
cjfa-30369	203	36	of	of	ADP
cjfa-30369	203	37	slope	slope	NOUN
cjfa-30369	203	38	of	of	ADP
cjfa-30369	203	39	risk	risk	NOUN
cjfa-30369	203	40	-	-	PUNCT
cjfa-30369	203	41	return	return	NOUN
cjfa-30369	203	42	relative	relative	ADJ
cjfa-30369	203	43	from	from	ADP
cjfa-30369	203	44	hedged	hedge	VERB
cjfa-30369	203	45	portfolio	portfolio	NOUN
cjfa-30369	203	46	and	and	CCONJ
cjfa-30369	203	47	risk	risk	NOUN
cjfa-30369	203	48	-	-	PUNCT
cjfa-30369	203	49	return	return	NOUN
cjfa-30369	203	50	relative	relative	ADJ
cjfa-30369	203	51	from	from	ADP
cjfa-30369	203	52	unhedged	unhedged	ADJ
cjfa-30369	203	53	portfolio	portfolio	NOUN
cjfa-30369	203	54	.	.	PUNCT
cjfa-30369	204	1	)	)	PUNCT
cjfa-30369	205	1	13.4	13.4	NUM
cjfa-30369	205	2	..	..	PUNCT
cjfa-30369	205	3	(	(	PUNCT
cjfa-30369	205	4	............................................................	............................................................	PUNCT
cjfa-30369	205	5	he	he	PRON
cjfa-30369	205	6	s	s	VERB
cjfa-30369	205	7	s	s	VERB
cjfa-30369	205	8	ir	ir	ADJ
cjfa-30369	205	9			PROPN
cjfa-30369	205	10			X
cjfa-30369	205	11			PROPN
cjfa-30369	205	12			ADV
cjfa-30369	205	13	where	where	SCONJ
cjfa-30369	205	14	,	,	PUNCT
cjfa-30369	205	15	p	p	PROPN
cjfa-30369	205	16	p	p	X
cjfa-30369	205	17	ir	ir	PROPN
cjfa-30369	205	18			PROPN
cjfa-30369	205	19			PROPN
cjfa-30369	205	20			ADJ
cjfa-30369	205	21	pr	pr	NOUN
cjfa-30369	205	22	=	=	PUNCT
cjfa-30369	205	23	expected	expect	VERB
cjfa-30369	205	24	return	return	NOUN
cjfa-30369	205	25	from	from	ADP
cjfa-30369	205	26	hedged	hedge	VERB
cjfa-30369	205	27	portfolio	portfolio	NOUN
cjfa-30369	205	28	p	p	NOUN
cjfa-30369	205	29	=	=	SYM
cjfa-30369	205	30	standard	standard	ADJ
cjfa-30369	205	31	deviation	deviation	NOUN
cjfa-30369	205	32	of	of	ADP
cjfa-30369	205	33	returns	return	NOUN
cjfa-30369	205	34	from	from	ADP
cjfa-30369	205	35	hedged	hedge	VERB
cjfa-30369	205	36	portfolio	portfolio	NOUN
cjfa-30369	205	37	i	i	NOUN
cjfa-30369	205	38	=	=	NOUN
cjfa-30369	205	39	risk	risk	NOUN
cjfa-30369	205	40	-	-	PUNCT
cjfa-30369	205	41	free	free	ADJ
cjfa-30369	205	42	rate	rate	NOUN
cjfa-30369	205	43	of	of	ADP
cjfa-30369	205	44	return	return	NOUN
cjfa-30369	205	45	sr	sr	PROPN
cjfa-30369	205	46	=	=	PUNCT
cjfa-30369	205	47	expected	expect	VERB
cjfa-30369	205	48	return	return	NOUN
cjfa-30369	205	49	from	from	ADP
cjfa-30369	205	50	unhedged	unhedged	ADJ
cjfa-30369	205	51	portfolio	portfolio	NOUN
cjfa-30369	205	52	s	s	ADJ
cjfa-30369	205	53	=	=	SYM
cjfa-30369	205	54	standard	standard	ADJ
cjfa-30369	205	55	deviation	deviation	NOUN
cjfa-30369	205	56	of	of	ADP
cjfa-30369	205	57	returns	return	NOUN
cjfa-30369	205	58	from	from	ADP
cjfa-30369	205	59	unhedged	unhedged	ADJ
cjfa-30369	205	60	portfolio	portfolio	NOUN
cjfa-30369	205	61	results	result	NOUN
cjfa-30369	205	62	and	and	CCONJ
cjfa-30369	205	63	analysis	analysis	NOUN
cjfa-30369	205	64	table	table	NOUN
cjfa-30369	205	65	2	2	NUM
cjfa-30369	205	66	discusses	discuss	VERB
cjfa-30369	205	67	the	the	DET
cjfa-30369	205	68	time	time	NOUN
cjfa-30369	205	69	-	-	PUNCT
cjfa-30369	205	70	series	series	NOUN
cjfa-30369	205	71	properties	property	NOUN
cjfa-30369	205	72	of	of	ADP
cjfa-30369	205	73	the	the	DET
cjfa-30369	205	74	series	series	NOUN
cjfa-30369	205	75	understudy	understudy	NOUN
cjfa-30369	205	76	and	and	CCONJ
cjfa-30369	205	77	provides	provide	VERB
cjfa-30369	205	78	that	that	SCONJ
cjfa-30369	205	79	returns	return	NOUN
cjfa-30369	205	80	of	of	ADP
cjfa-30369	205	81	both	both	DET
cjfa-30369	205	82	futures	future	NOUN
cjfa-30369	205	83	and	and	CCONJ
cjfa-30369	205	84	cash	cash	NOUN
cjfa-30369	205	85	markets	market	NOUN
cjfa-30369	205	86	are	be	AUX
cjfa-30369	205	87	significantly	significantly	ADV
cjfa-30369	205	88	negatively	negatively	ADV
cjfa-30369	205	89	skewed	skewed	ADJ
cjfa-30369	205	90	and	and	CCONJ
cjfa-30369	205	91	their	their	PRON
cjfa-30369	205	92	coefficient	coefficient	NOUN
cjfa-30369	205	93	of	of	ADP
cjfa-30369	205	94	kurtosis	kurtosis	NOUN
cjfa-30369	205	95	is	be	AUX
cjfa-30369	205	96	significantly	significantly	ADV
cjfa-30369	205	97	different	different	ADJ
cjfa-30369	205	98	from	from	ADP
cjfa-30369	205	99	three	three	NUM
cjfa-30369	205	100	which	which	PRON
cjfa-30369	205	101	implies	imply	VERB
cjfa-30369	205	102	that	that	SCONJ
cjfa-30369	205	103	futures	future	NOUN
cjfa-30369	205	104	and	and	CCONJ
cjfa-30369	205	105	cash	cash	NOUN
cjfa-30369	205	106	market	market	NOUN
cjfa-30369	205	107	returns	return	NOUN
cjfa-30369	205	108	do	do	AUX
cjfa-30369	205	109	not	not	PART
cjfa-30369	205	110	conform	conform	VERB
cjfa-30369	205	111	to	to	ADP
cjfa-30369	205	112	normal	normal	ADJ
cjfa-30369	205	113	distribution	distribution	NOUN
cjfa-30369	205	114	.	.	PUNCT
cjfa-30369	206	1	the	the	DET
cjfa-30369	206	2	null	null	ADJ
cjfa-30369	206	3	hypothesis	hypothesis	NOUN
cjfa-30369	206	4	that	that	PRON
cjfa-30369	206	5	futures	future	NOUN
cjfa-30369	206	6	and	and	CCONJ
cjfa-30369	206	7	cash	cash	NOUN
cjfa-30369	206	8	market	market	NOUN
cjfa-30369	206	9	returns	return	NOUN
cjfa-30369	206	10	follow	follow	VERB
cjfa-30369	206	11	normal	normal	ADJ
cjfa-30369	206	12	distribution	distribution	NOUN
cjfa-30369	206	13	is	be	AUX
cjfa-30369	206	14	further	far	ADV
cjfa-30369	206	15	tested	test	VERB
cjfa-30369	206	16	through	through	ADP
cjfa-30369	206	17	jarque	jarque	NOUN
cjfa-30369	206	18	-	-	PUNCT
cjfa-30369	206	19	bera	bera	NOUN
cjfa-30369	206	20	test	test	NOUN
cjfa-30369	206	21	which	which	PRON
cjfa-30369	206	22	is	be	AUX
cjfa-30369	206	23	statistically	statistically	ADV
cjfa-30369	206	24	significant	significant	ADJ
cjfa-30369	206	25	,	,	PUNCT
cjfa-30369	206	26	and	and	CCONJ
cjfa-30369	206	27	rejects	reject	VERB
cjfa-30369	206	28	the	the	DET
cjfa-30369	206	29	null	null	ADJ
cjfa-30369	206	30	hypothesis	hypothesis	NOUN
cjfa-30369	206	31	for	for	ADP
cjfa-30369	206	32	all	all	DET
cjfa-30369	206	33	index	index	NOUN
cjfa-30369	206	34	futures	future	NOUN
cjfa-30369	206	35	and	and	CCONJ
cjfa-30369	206	36	cash	cash	NOUN
cjfa-30369	206	37	market	market	NOUN
cjfa-30369	206	38	returns	return	NOUN
cjfa-30369	206	39	.	.	PUNCT
cjfa-30369	207	1	table	table	NOUN
cjfa-30369	207	2	2	2	NUM
cjfa-30369	207	3	.	.	PUNCT
cjfa-30369	207	4	descriptive	descriptive	ADJ
cjfa-30369	207	5	statistics	statistic	NOUN
cjfa-30369	207	6	for	for	ADP
cjfa-30369	207	7	nifty	nifty	ADJ
cjfa-30369	207	8	,	,	PUNCT
cjfa-30369	207	9	niftyit	niftyit	NOUN
cjfa-30369	207	10	and	and	CCONJ
cjfa-30369	207	11	banknifty	banknifty	PROPN
cjfa-30369	207	12	contract	contract	NOUN
cjfa-30369	207	13	variab	variab	NOUN
cjfa-30369	207	14	le	le	PROPN
cjfa-30369	207	15	period	period	NOUN
cjfa-30369	207	16	count	count	NOUN
cjfa-30369	207	17	mean	mean	VERB
cjfa-30369	207	18	std	std	PROPN
cjfa-30369	207	19	.	.	PROPN
cjfa-30369	208	1	dev	dev	PROPN
cjfa-30369	208	2	.	.	PROPN
cjfa-30369	208	3	skewness	skewness	PROPN
cjfa-30369	208	4	kurtosis	kurtosis	VERB
cjfa-30369	208	5	jarquebera	jarquebera	PROPN
cjfa-30369	208	6	nifty5	nifty5	PROPN
cjfa-30369	208	7	0	0	NUM
cjfa-30369	208	8	futures	future	NOUN
cjfa-30369	208	9	return	return	VERB
cjfa-30369	208	10	pre	pre	X
cjfa-30369	208	11	1897	1897	NUM
cjfa-30369	208	12	0.000762	0.000762	NUM
cjfa-30369	208	13	0.015545	0.015545	NUM
cjfa-30369	208	14	-1.005812	-1.005812	NOUN
cjfa-30369	208	15	12.427	12.427	NUM
cjfa-30369	208	16	7344.651	7344.651	NUM
cjfa-30369	208	17	post	post	VERB
cjfa-30369	208	18	2041	2041	NUM
cjfa-30369	208	19	0.000114	0.000114	NUM
cjfa-30369	208	20	0.015902	0.015902	NUM
cjfa-30369	208	21	-0.047154	-0.047154	NOUN
cjfa-30369	208	22	13.246	13.246	NUM
cjfa-30369	208	23	10751.74	10751.74	NUM
cjfa-30369	208	24	total	total	ADJ
cjfa-30369	208	25	3939	3939	NUM
cjfa-30369	208	26	0.000425	0.000425	NUM
cjfa-30369	208	27	0.015731	0.015731	NUM
cjfa-30369	208	28	-0.493672	-0.493672	NOUN
cjfa-30369	208	29	12.833	12.833	NUM
cjfa-30369	208	30	16029.05	16029.05	NUM
cjfa-30369	208	31	(	(	PUNCT
cjfa-30369	208	32	13	13	NUM
cjfa-30369	208	33	)	)	PUNCT
cjfa-30369	208	34	risk	risk	NOUN
cjfa-30369	208	35	-	-	PUNCT
cjfa-30369	208	36	return	return	NOUN
cjfa-30369	208	37	framework	framework	NOUN
cjfa-30369	208	38	the	the	DET
cjfa-30369	208	39	variance	variance	NOUN
cjfa-30369	208	40	reduction	reduction	NOUN
cjfa-30369	208	41	approach	approach	NOUN
cjfa-30369	208	42	suffers	suffer	VERB
cjfa-30369	208	43	from	from	ADP
cjfa-30369	208	44	a	a	DET
cjfa-30369	208	45	limitation	limitation	NOUN
cjfa-30369	208	46	that	that	PRON
cjfa-30369	208	47	it	it	PRON
cjfa-30369	208	48	ignores	ignore	VERB
cjfa-30369	208	49	the	the	DET
cjfa-30369	208	50	return	return	NOUN
cjfa-30369	208	51	component	component	NOUN
cjfa-30369	208	52	on	on	ADP
cjfa-30369	208	53	hedged	hedge	VERB
cjfa-30369	208	54	portfolio	portfolio	NOUN
cjfa-30369	208	55	.	.	PUNCT
cjfa-30369	209	1	therefore	therefore	ADV
cjfa-30369	209	2	,	,	PUNCT
cjfa-30369	209	3	in	in	ADP
cjfa-30369	209	4	order	order	NOUN
cjfa-30369	209	5	to	to	PART
cjfa-30369	209	6	address	address	VERB
cjfa-30369	209	7	this	this	DET
cjfa-30369	209	8	issue	issue	NOUN
cjfa-30369	209	9	,	,	PUNCT
cjfa-30369	209	10	howard	howard	PROPN
cjfa-30369	209	11	and	and	CCONJ
cjfa-30369	209	12	d’antonio	d’antonio	PROPN
cjfa-30369	209	13	(	(	PUNCT
cjfa-30369	209	14	1984	1984	NUM
cjfa-30369	209	15	)	)	PUNCT
cjfa-30369	209	16	,	,	PUNCT
cjfa-30369	209	17	suggested	suggest	VERB
cjfa-30369	209	18	a	a	DET
cjfa-30369	209	19	measure	measure	NOUN
cjfa-30369	209	20	of	of	ADP
cjfa-30369	209	21	hedging	hedging	NOUN
cjfa-30369	209	22	effectiveness	effectiveness	NOUN
cjfa-30369	209	23	(	(	PUNCT
cjfa-30369	209	24	λ	λ	NOUN
cjfa-30369	209	25	)	)	PUNCT
cjfa-30369	209	26	incorporating	incorporate	VERB
cjfa-30369	209	27	the	the	DET
cjfa-30369	209	28	return	return	NOUN
cjfa-30369	209	29	component	component	NOUN
cjfa-30369	209	30	,	,	PUNCT
cjfa-30369	209	31	which	which	PRON
cjfa-30369	209	32	is	be	AUX
cjfa-30369	209	33	measured	measure	VERB
cjfa-30369	209	34	as	as	ADP
cjfa-30369	209	35	ratio	ratio	NOUN
cjfa-30369	209	36	of	of	ADP
cjfa-30369	209	37	slope	slope	NOUN
cjfa-30369	209	38	of	of	ADP
cjfa-30369	209	39	risk	risk	NOUN
cjfa-30369	209	40	-	-	PUNCT
cjfa-30369	209	41	return	return	NOUN
cjfa-30369	209	42	relative	relative	ADJ
cjfa-30369	209	43	from	from	ADP
cjfa-30369	209	44	hedged	hedge	VERB
cjfa-30369	209	45	portfolio	portfolio	NOUN
cjfa-30369	209	46	and	and	CCONJ
cjfa-30369	209	47	risk	risk	NOUN
cjfa-30369	209	48	-	-	PUNCT
cjfa-30369	209	49	return	return	NOUN
cjfa-30369	209	50	relative	relative	ADJ
cjfa-30369	209	51	from	from	ADP
cjfa-30369	209	52	unhedged	unhedged	ADJ
cjfa-30369	209	53	portfolio	portfolio	NOUN
cjfa-30369	209	54	.	.	PUNCT
cjfa-30369	210	1	)	)	PUNCT
cjfa-30369	211	1	13.4	13.4	NUM
cjfa-30369	211	2	..	..	PUNCT
cjfa-30369	211	3	(	(	PUNCT
cjfa-30369	211	4	............................................................	............................................................	PUNCT
cjfa-30369	211	5	he	he	PRON
cjfa-30369	211	6	s	s	VERB
cjfa-30369	211	7	s	s	VERB
cjfa-30369	211	8	ir	ir	ADJ
cjfa-30369	211	9			PROPN
cjfa-30369	211	10			X
cjfa-30369	211	11			PROPN
cjfa-30369	211	12			ADV
cjfa-30369	211	13	where	where	SCONJ
cjfa-30369	211	14	,	,	PUNCT
cjfa-30369	211	15	p	p	PROPN
cjfa-30369	211	16	p	p	X
cjfa-30369	211	17	ir	ir	PROPN
cjfa-30369	211	18			PROPN
cjfa-30369	211	19			PROPN
cjfa-30369	211	20			ADJ
cjfa-30369	211	21	pr	pr	NOUN
cjfa-30369	211	22	=	=	PUNCT
cjfa-30369	211	23	expected	expect	VERB
cjfa-30369	211	24	return	return	NOUN
cjfa-30369	211	25	from	from	ADP
cjfa-30369	211	26	hedged	hedge	VERB
cjfa-30369	211	27	portfolio	portfolio	NOUN
cjfa-30369	211	28	p	p	NOUN
cjfa-30369	211	29	=	=	SYM
cjfa-30369	211	30	standard	standard	ADJ
cjfa-30369	211	31	deviation	deviation	NOUN
cjfa-30369	211	32	of	of	ADP
cjfa-30369	211	33	returns	return	NOUN
cjfa-30369	211	34	from	from	ADP
cjfa-30369	211	35	hedged	hedge	VERB
cjfa-30369	211	36	portfolio	portfolio	NOUN
cjfa-30369	211	37	i	i	NOUN
cjfa-30369	211	38	=	=	NOUN
cjfa-30369	211	39	risk	risk	NOUN
cjfa-30369	211	40	-	-	PUNCT
cjfa-30369	211	41	free	free	ADJ
cjfa-30369	211	42	rate	rate	NOUN
cjfa-30369	211	43	of	of	ADP
cjfa-30369	211	44	return	return	NOUN
cjfa-30369	211	45	sr	sr	PROPN
cjfa-30369	211	46	=	=	PUNCT
cjfa-30369	211	47	expected	expect	VERB
cjfa-30369	211	48	return	return	NOUN
cjfa-30369	211	49	from	from	ADP
cjfa-30369	211	50	unhedged	unhedged	ADJ
cjfa-30369	211	51	portfolio	portfolio	NOUN
cjfa-30369	211	52	s	s	ADJ
cjfa-30369	211	53	=	=	SYM
cjfa-30369	211	54	standard	standard	ADJ
cjfa-30369	211	55	deviation	deviation	NOUN
cjfa-30369	211	56	of	of	ADP
cjfa-30369	211	57	returns	return	NOUN
cjfa-30369	211	58	from	from	ADP
cjfa-30369	211	59	unhedged	unhedged	ADJ
cjfa-30369	211	60	portfolio	portfolio	NOUN
cjfa-30369	211	61	results	result	NOUN
cjfa-30369	211	62	and	and	CCONJ
cjfa-30369	211	63	analysis	analysis	NOUN
cjfa-30369	211	64	table	table	NOUN
cjfa-30369	211	65	2	2	NUM
cjfa-30369	211	66	discusses	discuss	VERB
cjfa-30369	211	67	the	the	DET
cjfa-30369	211	68	time	time	NOUN
cjfa-30369	211	69	-	-	PUNCT
cjfa-30369	211	70	series	series	NOUN
cjfa-30369	211	71	properties	property	NOUN
cjfa-30369	211	72	of	of	ADP
cjfa-30369	211	73	the	the	DET
cjfa-30369	211	74	series	series	NOUN
cjfa-30369	211	75	understudy	understudy	NOUN
cjfa-30369	211	76	and	and	CCONJ
cjfa-30369	211	77	provides	provide	VERB
cjfa-30369	211	78	that	that	SCONJ
cjfa-30369	211	79	returns	return	NOUN
cjfa-30369	211	80	of	of	ADP
cjfa-30369	211	81	both	both	DET
cjfa-30369	211	82	futures	future	NOUN
cjfa-30369	211	83	and	and	CCONJ
cjfa-30369	211	84	cash	cash	NOUN
cjfa-30369	211	85	markets	market	NOUN
cjfa-30369	211	86	are	be	AUX
cjfa-30369	211	87	significantly	significantly	ADV
cjfa-30369	211	88	negatively	negatively	ADV
cjfa-30369	211	89	skewed	skewed	ADJ
cjfa-30369	211	90	and	and	CCONJ
cjfa-30369	211	91	their	their	PRON
cjfa-30369	211	92	coefficient	coefficient	NOUN
cjfa-30369	211	93	of	of	ADP
cjfa-30369	211	94	kurtosis	kurtosis	NOUN
cjfa-30369	211	95	is	be	AUX
cjfa-30369	211	96	significantly	significantly	ADV
cjfa-30369	211	97	different	different	ADJ
cjfa-30369	211	98	from	from	ADP
cjfa-30369	211	99	three	three	NUM
cjfa-30369	211	100	which	which	PRON
cjfa-30369	211	101	implies	imply	VERB
cjfa-30369	211	102	that	that	SCONJ
cjfa-30369	211	103	futures	future	NOUN
cjfa-30369	211	104	and	and	CCONJ
cjfa-30369	211	105	cash	cash	NOUN
cjfa-30369	211	106	market	market	NOUN
cjfa-30369	211	107	returns	return	NOUN
cjfa-30369	211	108	do	do	AUX
cjfa-30369	211	109	not	not	PART
cjfa-30369	211	110	conform	conform	VERB
cjfa-30369	211	111	to	to	ADP
cjfa-30369	211	112	normal	normal	ADJ
cjfa-30369	211	113	distribution	distribution	NOUN
cjfa-30369	211	114	.	.	PUNCT
cjfa-30369	212	1	the	the	DET
cjfa-30369	212	2	null	null	ADJ
cjfa-30369	212	3	hypothesis	hypothesis	NOUN
cjfa-30369	212	4	that	that	PRON
cjfa-30369	212	5	futures	future	NOUN
cjfa-30369	212	6	and	and	CCONJ
cjfa-30369	212	7	cash	cash	NOUN
cjfa-30369	212	8	market	market	NOUN
cjfa-30369	212	9	returns	return	NOUN
cjfa-30369	212	10	follow	follow	VERB
cjfa-30369	212	11	normal	normal	ADJ
cjfa-30369	212	12	distribution	distribution	NOUN
cjfa-30369	212	13	is	be	AUX
cjfa-30369	212	14	further	far	ADV
cjfa-30369	212	15	tested	test	VERB
cjfa-30369	212	16	through	through	ADP
cjfa-30369	212	17	jarque	jarque	NOUN
cjfa-30369	212	18	-	-	PUNCT
cjfa-30369	212	19	bera	bera	NOUN
cjfa-30369	212	20	test	test	NOUN
cjfa-30369	212	21	which	which	PRON
cjfa-30369	212	22	is	be	AUX
cjfa-30369	212	23	statistically	statistically	ADV
cjfa-30369	212	24	significant	significant	ADJ
cjfa-30369	212	25	,	,	PUNCT
cjfa-30369	212	26	and	and	CCONJ
cjfa-30369	212	27	rejects	reject	VERB
cjfa-30369	212	28	the	the	DET
cjfa-30369	212	29	null	null	ADJ
cjfa-30369	212	30	hypothesis	hypothesis	NOUN
cjfa-30369	212	31	for	for	ADP
cjfa-30369	212	32	all	all	DET
cjfa-30369	212	33	index	index	NOUN
cjfa-30369	212	34	futures	future	NOUN
cjfa-30369	212	35	and	and	CCONJ
cjfa-30369	212	36	cash	cash	NOUN
cjfa-30369	212	37	market	market	NOUN
cjfa-30369	212	38	returns	return	NOUN
cjfa-30369	212	39	.	.	PUNCT
cjfa-30369	213	1	table	table	NOUN
cjfa-30369	213	2	2	2	NUM
cjfa-30369	213	3	.	.	PUNCT
cjfa-30369	213	4	descriptive	descriptive	ADJ
cjfa-30369	213	5	statistics	statistic	NOUN
cjfa-30369	213	6	for	for	ADP
cjfa-30369	213	7	nifty	nifty	ADJ
cjfa-30369	213	8	,	,	PUNCT
cjfa-30369	213	9	niftyit	niftyit	NOUN
cjfa-30369	213	10	and	and	CCONJ
cjfa-30369	213	11	banknifty	banknifty	PROPN
cjfa-30369	213	12	contract	contract	NOUN
cjfa-30369	213	13	variab	variab	NOUN
cjfa-30369	213	14	le	le	PROPN
cjfa-30369	213	15	period	period	NOUN
cjfa-30369	213	16	count	count	NOUN
cjfa-30369	213	17	mean	mean	VERB
cjfa-30369	213	18	std	std	PROPN
cjfa-30369	213	19	.	.	PROPN
cjfa-30369	214	1	dev	dev	PROPN
cjfa-30369	214	2	.	.	PROPN
cjfa-30369	214	3	skewness	skewness	PROPN
cjfa-30369	214	4	kurtosis	kurtosis	VERB
cjfa-30369	214	5	jarquebera	jarquebera	PROPN
cjfa-30369	214	6	nifty5	nifty5	PROPN
cjfa-30369	214	7	0	0	NUM
cjfa-30369	214	8	futures	future	NOUN
cjfa-30369	214	9	return	return	VERB
cjfa-30369	214	10	pre	pre	X
cjfa-30369	214	11	1897	1897	NUM
cjfa-30369	214	12	0.000762	0.000762	NUM
cjfa-30369	214	13	0.015545	0.015545	NUM
cjfa-30369	214	14	-1.005812	-1.005812	NOUN
cjfa-30369	214	15	12.427	12.427	NUM
cjfa-30369	214	16	7344.651	7344.651	NUM
cjfa-30369	214	17	post	post	VERB
cjfa-30369	214	18	2041	2041	NUM
cjfa-30369	214	19	0.000114	0.000114	NUM
cjfa-30369	214	20	0.015902	0.015902	NUM
cjfa-30369	214	21	-0.047154	-0.047154	NOUN
cjfa-30369	214	22	13.246	13.246	NUM
cjfa-30369	214	23	10751.74	10751.74	NUM
cjfa-30369	214	24	total	total	ADJ
cjfa-30369	214	25	3939	3939	NUM
cjfa-30369	214	26	0.000425	0.000425	NUM
cjfa-30369	214	27	0.015731	0.015731	NUM
cjfa-30369	214	28	-0.493672	-0.493672	X
cjfa-30369	214	29	12.833	12.833	NUM
cjfa-30369	214	30	16029.05	16029.05	NUM
cjfa-30369	214	31	where	where	SCONJ
cjfa-30369	214	32	,	,	PUNCT
cjfa-30369	214	33	risk	risk	NOUN
cjfa-30369	214	34	-	-	PUNCT
cjfa-30369	214	35	return	return	NOUN
cjfa-30369	214	36	framework	framework	NOUN
cjfa-30369	214	37	the	the	DET
cjfa-30369	214	38	variance	variance	NOUN
cjfa-30369	214	39	reduction	reduction	NOUN
cjfa-30369	214	40	approach	approach	NOUN
cjfa-30369	214	41	suffers	suffer	VERB
cjfa-30369	214	42	from	from	ADP
cjfa-30369	214	43	a	a	DET
cjfa-30369	214	44	limitation	limitation	NOUN
cjfa-30369	214	45	that	that	PRON
cjfa-30369	214	46	it	it	PRON
cjfa-30369	214	47	ignores	ignore	VERB
cjfa-30369	214	48	the	the	DET
cjfa-30369	214	49	return	return	NOUN
cjfa-30369	214	50	component	component	NOUN
cjfa-30369	214	51	on	on	ADP
cjfa-30369	214	52	hedged	hedge	VERB
cjfa-30369	214	53	portfolio	portfolio	NOUN
cjfa-30369	214	54	.	.	PUNCT
cjfa-30369	215	1	therefore	therefore	ADV
cjfa-30369	215	2	,	,	PUNCT
cjfa-30369	215	3	in	in	ADP
cjfa-30369	215	4	order	order	NOUN
cjfa-30369	215	5	to	to	PART
cjfa-30369	215	6	address	address	VERB
cjfa-30369	215	7	this	this	DET
cjfa-30369	215	8	issue	issue	NOUN
cjfa-30369	215	9	,	,	PUNCT
cjfa-30369	215	10	howard	howard	PROPN
cjfa-30369	215	11	and	and	CCONJ
cjfa-30369	215	12	d’antonio	d’antonio	PROPN
cjfa-30369	215	13	(	(	PUNCT
cjfa-30369	215	14	1984	1984	NUM
cjfa-30369	215	15	)	)	PUNCT
cjfa-30369	215	16	,	,	PUNCT
cjfa-30369	215	17	suggested	suggest	VERB
cjfa-30369	215	18	a	a	DET
cjfa-30369	215	19	measure	measure	NOUN
cjfa-30369	215	20	of	of	ADP
cjfa-30369	215	21	hedging	hedging	NOUN
cjfa-30369	215	22	effectiveness	effectiveness	NOUN
cjfa-30369	215	23	(	(	PUNCT
cjfa-30369	215	24	λ	λ	NOUN
cjfa-30369	215	25	)	)	PUNCT
cjfa-30369	215	26	incorporating	incorporate	VERB
cjfa-30369	215	27	the	the	DET
cjfa-30369	215	28	return	return	NOUN
cjfa-30369	215	29	component	component	NOUN
cjfa-30369	215	30	,	,	PUNCT
cjfa-30369	215	31	which	which	PRON
cjfa-30369	215	32	is	be	AUX
cjfa-30369	215	33	measured	measure	VERB
cjfa-30369	215	34	as	as	ADP
cjfa-30369	215	35	ratio	ratio	NOUN
cjfa-30369	215	36	of	of	ADP
cjfa-30369	215	37	slope	slope	NOUN
cjfa-30369	215	38	of	of	ADP
cjfa-30369	215	39	risk	risk	NOUN
cjfa-30369	215	40	-	-	PUNCT
cjfa-30369	215	41	return	return	NOUN
cjfa-30369	215	42	relative	relative	ADJ
cjfa-30369	215	43	from	from	ADP
cjfa-30369	215	44	hedged	hedge	VERB
cjfa-30369	215	45	portfolio	portfolio	NOUN
cjfa-30369	215	46	and	and	CCONJ
cjfa-30369	215	47	risk	risk	NOUN
cjfa-30369	215	48	-	-	PUNCT
cjfa-30369	215	49	return	return	NOUN
cjfa-30369	215	50	relative	relative	ADJ
cjfa-30369	215	51	from	from	ADP
cjfa-30369	215	52	unhedged	unhedged	ADJ
cjfa-30369	215	53	portfolio	portfolio	NOUN
cjfa-30369	215	54	.	.	PUNCT
cjfa-30369	216	1	)	)	PUNCT
cjfa-30369	217	1	13.4	13.4	NUM
cjfa-30369	217	2	..	..	PUNCT
cjfa-30369	217	3	(	(	PUNCT
cjfa-30369	217	4	............................................................	............................................................	PUNCT
cjfa-30369	217	5	he	he	PRON
cjfa-30369	217	6	s	s	VERB
cjfa-30369	217	7	s	s	VERB
cjfa-30369	217	8	ir	ir	ADJ
cjfa-30369	217	9			PROPN
cjfa-30369	217	10			X
cjfa-30369	217	11			PROPN
cjfa-30369	217	12			ADV
cjfa-30369	217	13	where	where	SCONJ
cjfa-30369	217	14	,	,	PUNCT
cjfa-30369	217	15	p	p	PROPN
cjfa-30369	217	16	p	p	X
cjfa-30369	217	17	ir	ir	PROPN
cjfa-30369	217	18			PROPN
cjfa-30369	217	19			PROPN
cjfa-30369	217	20			ADJ
cjfa-30369	217	21	pr	pr	NOUN
cjfa-30369	217	22	=	=	PUNCT
cjfa-30369	217	23	expected	expect	VERB
cjfa-30369	217	24	return	return	NOUN
cjfa-30369	217	25	from	from	ADP
cjfa-30369	217	26	hedged	hedge	VERB
cjfa-30369	217	27	portfolio	portfolio	NOUN
cjfa-30369	217	28	p	p	NOUN
cjfa-30369	217	29	=	=	SYM
cjfa-30369	217	30	standard	standard	ADJ
cjfa-30369	217	31	deviation	deviation	NOUN
cjfa-30369	217	32	of	of	ADP
cjfa-30369	217	33	returns	return	NOUN
cjfa-30369	217	34	from	from	ADP
cjfa-30369	217	35	hedged	hedge	VERB
cjfa-30369	217	36	portfolio	portfolio	NOUN
cjfa-30369	217	37	i	i	NOUN
cjfa-30369	217	38	=	=	NOUN
cjfa-30369	217	39	risk	risk	NOUN
cjfa-30369	217	40	-	-	PUNCT
cjfa-30369	217	41	free	free	ADJ
cjfa-30369	217	42	rate	rate	NOUN
cjfa-30369	217	43	of	of	ADP
cjfa-30369	217	44	return	return	NOUN
cjfa-30369	217	45	sr	sr	PROPN
cjfa-30369	217	46	=	=	PUNCT
cjfa-30369	217	47	expected	expect	VERB
cjfa-30369	217	48	return	return	NOUN
cjfa-30369	217	49	from	from	ADP
cjfa-30369	217	50	unhedged	unhedged	ADJ
cjfa-30369	217	51	portfolio	portfolio	NOUN
cjfa-30369	217	52	s	s	ADJ
cjfa-30369	217	53	=	=	SYM
cjfa-30369	217	54	standard	standard	ADJ
cjfa-30369	217	55	deviation	deviation	NOUN
cjfa-30369	217	56	of	of	ADP
cjfa-30369	217	57	returns	return	NOUN
cjfa-30369	217	58	from	from	ADP
cjfa-30369	217	59	unhedged	unhedged	ADJ
cjfa-30369	217	60	portfolio	portfolio	NOUN
cjfa-30369	217	61	results	result	NOUN
cjfa-30369	217	62	and	and	CCONJ
cjfa-30369	217	63	analysis	analysis	NOUN
cjfa-30369	217	64	table	table	NOUN
cjfa-30369	217	65	2	2	NUM
cjfa-30369	217	66	discusses	discuss	VERB
cjfa-30369	217	67	the	the	DET
cjfa-30369	217	68	time	time	NOUN
cjfa-30369	217	69	-	-	PUNCT
cjfa-30369	217	70	series	series	NOUN
cjfa-30369	217	71	properties	property	NOUN
cjfa-30369	217	72	of	of	ADP
cjfa-30369	217	73	the	the	DET
cjfa-30369	217	74	series	series	NOUN
cjfa-30369	217	75	understudy	understudy	NOUN
cjfa-30369	217	76	and	and	CCONJ
cjfa-30369	217	77	provides	provide	VERB
cjfa-30369	217	78	that	that	SCONJ
cjfa-30369	217	79	returns	return	NOUN
cjfa-30369	217	80	of	of	ADP
cjfa-30369	217	81	both	both	DET
cjfa-30369	217	82	futures	future	NOUN
cjfa-30369	217	83	and	and	CCONJ
cjfa-30369	217	84	cash	cash	NOUN
cjfa-30369	217	85	markets	market	NOUN
cjfa-30369	217	86	are	be	AUX
cjfa-30369	217	87	significantly	significantly	ADV
cjfa-30369	217	88	negatively	negatively	ADV
cjfa-30369	217	89	skewed	skewed	ADJ
cjfa-30369	217	90	and	and	CCONJ
cjfa-30369	217	91	their	their	PRON
cjfa-30369	217	92	coefficient	coefficient	NOUN
cjfa-30369	217	93	of	of	ADP
cjfa-30369	217	94	kurtosis	kurtosis	NOUN
cjfa-30369	217	95	is	be	AUX
cjfa-30369	217	96	significantly	significantly	ADV
cjfa-30369	217	97	different	different	ADJ
cjfa-30369	217	98	from	from	ADP
cjfa-30369	217	99	three	three	NUM
cjfa-30369	217	100	which	which	PRON
cjfa-30369	217	101	implies	imply	VERB
cjfa-30369	217	102	that	that	SCONJ
cjfa-30369	217	103	futures	future	NOUN
cjfa-30369	217	104	and	and	CCONJ
cjfa-30369	217	105	cash	cash	NOUN
cjfa-30369	217	106	market	market	NOUN
cjfa-30369	217	107	returns	return	NOUN
cjfa-30369	217	108	do	do	AUX
cjfa-30369	217	109	not	not	PART
cjfa-30369	217	110	conform	conform	VERB
cjfa-30369	217	111	to	to	ADP
cjfa-30369	217	112	normal	normal	ADJ
cjfa-30369	217	113	distribution	distribution	NOUN
cjfa-30369	217	114	.	.	PUNCT
cjfa-30369	218	1	the	the	DET
cjfa-30369	218	2	null	null	ADJ
cjfa-30369	218	3	hypothesis	hypothesis	NOUN
cjfa-30369	218	4	that	that	PRON
cjfa-30369	218	5	futures	future	NOUN
cjfa-30369	218	6	and	and	CCONJ
cjfa-30369	218	7	cash	cash	NOUN
cjfa-30369	218	8	market	market	NOUN
cjfa-30369	218	9	returns	return	NOUN
cjfa-30369	218	10	follow	follow	VERB
cjfa-30369	218	11	normal	normal	ADJ
cjfa-30369	218	12	distribution	distribution	NOUN
cjfa-30369	218	13	is	be	AUX
cjfa-30369	218	14	further	far	ADV
cjfa-30369	218	15	tested	test	VERB
cjfa-30369	218	16	through	through	ADP
cjfa-30369	218	17	jarque	jarque	NOUN
cjfa-30369	218	18	-	-	PUNCT
cjfa-30369	218	19	bera	bera	NOUN
cjfa-30369	218	20	test	test	NOUN
cjfa-30369	218	21	which	which	PRON
cjfa-30369	218	22	is	be	AUX
cjfa-30369	218	23	statistically	statistically	ADV
cjfa-30369	218	24	significant	significant	ADJ
cjfa-30369	218	25	,	,	PUNCT
cjfa-30369	218	26	and	and	CCONJ
cjfa-30369	218	27	rejects	reject	VERB
cjfa-30369	218	28	the	the	DET
cjfa-30369	218	29	null	null	ADJ
cjfa-30369	218	30	hypothesis	hypothesis	NOUN
cjfa-30369	218	31	for	for	ADP
cjfa-30369	218	32	all	all	DET
cjfa-30369	218	33	index	index	NOUN
cjfa-30369	218	34	futures	future	NOUN
cjfa-30369	218	35	and	and	CCONJ
cjfa-30369	218	36	cash	cash	NOUN
cjfa-30369	218	37	market	market	NOUN
cjfa-30369	218	38	returns	return	NOUN
cjfa-30369	218	39	.	.	PUNCT
cjfa-30369	219	1	table	table	NOUN
cjfa-30369	219	2	2	2	NUM
cjfa-30369	219	3	.	.	PUNCT
cjfa-30369	219	4	descriptive	descriptive	ADJ
cjfa-30369	219	5	statistics	statistic	NOUN
cjfa-30369	219	6	for	for	ADP
cjfa-30369	219	7	nifty	nifty	ADJ
cjfa-30369	219	8	,	,	PUNCT
cjfa-30369	219	9	niftyit	niftyit	NOUN
cjfa-30369	219	10	and	and	CCONJ
cjfa-30369	219	11	banknifty	banknifty	PROPN
cjfa-30369	219	12	contract	contract	NOUN
cjfa-30369	219	13	variab	variab	NOUN
cjfa-30369	219	14	le	le	PROPN
cjfa-30369	219	15	period	period	NOUN
cjfa-30369	219	16	count	count	NOUN
cjfa-30369	219	17	mean	mean	VERB
cjfa-30369	219	18	std	std	PROPN
cjfa-30369	219	19	.	.	PROPN
cjfa-30369	220	1	dev	dev	PROPN
cjfa-30369	220	2	.	.	PROPN
cjfa-30369	220	3	skewness	skewness	PROPN
cjfa-30369	220	4	kurtosis	kurtosis	VERB
cjfa-30369	220	5	jarquebera	jarquebera	PROPN
cjfa-30369	220	6	nifty5	nifty5	PROPN
cjfa-30369	220	7	0	0	NUM
cjfa-30369	220	8	futures	future	NOUN
cjfa-30369	220	9	return	return	VERB
cjfa-30369	220	10	pre	pre	X
cjfa-30369	220	11	1897	1897	NUM
cjfa-30369	220	12	0.000762	0.000762	NUM
cjfa-30369	220	13	0.015545	0.015545	NUM
cjfa-30369	220	14	-1.005812	-1.005812	NOUN
cjfa-30369	220	15	12.427	12.427	NUM
cjfa-30369	220	16	7344.651	7344.651	NUM
cjfa-30369	220	17	post	post	VERB
cjfa-30369	220	18	2041	2041	NUM
cjfa-30369	220	19	0.000114	0.000114	NUM
cjfa-30369	220	20	0.015902	0.015902	NUM
cjfa-30369	220	21	-0.047154	-0.047154	NOUN
cjfa-30369	220	22	13.246	13.246	NUM
cjfa-30369	220	23	10751.74	10751.74	NUM
cjfa-30369	220	24	total	total	ADJ
cjfa-30369	220	25	3939	3939	NUM
cjfa-30369	220	26	0.000425	0.000425	NUM
cjfa-30369	220	27	0.015731	0.015731	NUM
cjfa-30369	220	28	-0.493672	-0.493672	NOUN
cjfa-30369	220	29	12.833	12.833	NUM
cjfa-30369	220	30	16029.05	16029.05	NUM
cjfa-30369	220	31	=	=	NUM
cjfa-30369	220	32	expected	expect	VERB
cjfa-30369	220	33	return	return	NOUN
cjfa-30369	220	34	from	from	ADP
cjfa-30369	220	35	hedged	hedge	VERB
cjfa-30369	220	36	portfolio	portfolio	NOUN
cjfa-30369	220	37	risk	risk	NOUN
cjfa-30369	220	38	-	-	PUNCT
cjfa-30369	220	39	return	return	NOUN
cjfa-30369	220	40	framework	framework	NOUN
cjfa-30369	220	41	the	the	DET
cjfa-30369	220	42	variance	variance	NOUN
cjfa-30369	220	43	reduction	reduction	NOUN
cjfa-30369	220	44	approach	approach	NOUN
cjfa-30369	220	45	suffers	suffer	VERB
cjfa-30369	220	46	from	from	ADP
cjfa-30369	220	47	a	a	DET
cjfa-30369	220	48	limitation	limitation	NOUN
cjfa-30369	220	49	that	that	PRON
cjfa-30369	220	50	it	it	PRON
cjfa-30369	220	51	ignores	ignore	VERB
cjfa-30369	220	52	the	the	DET
cjfa-30369	220	53	return	return	NOUN
cjfa-30369	220	54	component	component	NOUN
cjfa-30369	220	55	on	on	ADP
cjfa-30369	220	56	hedged	hedge	VERB
cjfa-30369	220	57	portfolio	portfolio	NOUN
cjfa-30369	220	58	.	.	PUNCT
cjfa-30369	221	1	therefore	therefore	ADV
cjfa-30369	221	2	,	,	PUNCT
cjfa-30369	221	3	in	in	ADP
cjfa-30369	221	4	order	order	NOUN
cjfa-30369	221	5	to	to	PART
cjfa-30369	221	6	address	address	VERB
cjfa-30369	221	7	this	this	DET
cjfa-30369	221	8	issue	issue	NOUN
cjfa-30369	221	9	,	,	PUNCT
cjfa-30369	221	10	howard	howard	PROPN
cjfa-30369	221	11	and	and	CCONJ
cjfa-30369	221	12	d’antonio	d’antonio	PROPN
cjfa-30369	221	13	(	(	PUNCT
cjfa-30369	221	14	1984	1984	NUM
cjfa-30369	221	15	)	)	PUNCT
cjfa-30369	221	16	,	,	PUNCT
cjfa-30369	221	17	suggested	suggest	VERB
cjfa-30369	221	18	a	a	DET
cjfa-30369	221	19	measure	measure	NOUN
cjfa-30369	221	20	of	of	ADP
cjfa-30369	221	21	hedging	hedging	NOUN
cjfa-30369	221	22	effectiveness	effectiveness	NOUN
cjfa-30369	221	23	(	(	PUNCT
cjfa-30369	221	24	λ	λ	NOUN
cjfa-30369	221	25	)	)	PUNCT
cjfa-30369	221	26	incorporating	incorporate	VERB
cjfa-30369	221	27	the	the	DET
cjfa-30369	221	28	return	return	NOUN
cjfa-30369	221	29	component	component	NOUN
cjfa-30369	221	30	,	,	PUNCT
cjfa-30369	221	31	which	which	PRON
cjfa-30369	221	32	is	be	AUX
cjfa-30369	221	33	measured	measure	VERB
cjfa-30369	221	34	as	as	ADP
cjfa-30369	221	35	ratio	ratio	NOUN
cjfa-30369	221	36	of	of	ADP
cjfa-30369	221	37	slope	slope	NOUN
cjfa-30369	221	38	of	of	ADP
cjfa-30369	221	39	risk	risk	NOUN
cjfa-30369	221	40	-	-	PUNCT
cjfa-30369	221	41	return	return	NOUN
cjfa-30369	221	42	relative	relative	ADJ
cjfa-30369	221	43	from	from	ADP
cjfa-30369	221	44	hedged	hedge	VERB
cjfa-30369	221	45	portfolio	portfolio	NOUN
cjfa-30369	221	46	and	and	CCONJ
cjfa-30369	221	47	risk	risk	NOUN
cjfa-30369	221	48	-	-	PUNCT
cjfa-30369	221	49	return	return	NOUN
cjfa-30369	221	50	relative	relative	ADJ
cjfa-30369	221	51	from	from	ADP
cjfa-30369	221	52	unhedged	unhedged	ADJ
cjfa-30369	221	53	portfolio	portfolio	NOUN
cjfa-30369	221	54	.	.	PUNCT
cjfa-30369	222	1	)	)	PUNCT
cjfa-30369	223	1	13.4	13.4	NUM
cjfa-30369	223	2	..	..	PUNCT
cjfa-30369	223	3	(	(	PUNCT
cjfa-30369	223	4	............................................................	............................................................	PUNCT
cjfa-30369	223	5	he	he	PRON
cjfa-30369	223	6	s	s	VERB
cjfa-30369	223	7	s	s	VERB
cjfa-30369	223	8	ir	ir	ADJ
cjfa-30369	223	9			PROPN
cjfa-30369	223	10			X
cjfa-30369	223	11			PROPN
cjfa-30369	223	12			ADV
cjfa-30369	223	13	where	where	SCONJ
cjfa-30369	223	14	,	,	PUNCT
cjfa-30369	223	15	p	p	PROPN
cjfa-30369	223	16	p	p	X
cjfa-30369	223	17	ir	ir	PROPN
cjfa-30369	223	18			PROPN
cjfa-30369	223	19			PROPN
cjfa-30369	223	20			ADJ
cjfa-30369	223	21	pr	pr	NOUN
cjfa-30369	223	22	=	=	PUNCT
cjfa-30369	223	23	expected	expect	VERB
cjfa-30369	223	24	return	return	NOUN
cjfa-30369	223	25	from	from	ADP
cjfa-30369	223	26	hedged	hedge	VERB
cjfa-30369	223	27	portfolio	portfolio	NOUN
cjfa-30369	223	28	p	p	NOUN
cjfa-30369	223	29	=	=	SYM
cjfa-30369	223	30	standard	standard	ADJ
cjfa-30369	223	31	deviation	deviation	NOUN
cjfa-30369	223	32	of	of	ADP
cjfa-30369	223	33	returns	return	NOUN
cjfa-30369	223	34	from	from	ADP
cjfa-30369	223	35	hedged	hedge	VERB
cjfa-30369	223	36	portfolio	portfolio	NOUN
cjfa-30369	223	37	i	i	NOUN
cjfa-30369	223	38	=	=	NOUN
cjfa-30369	223	39	risk	risk	NOUN
cjfa-30369	223	40	-	-	PUNCT
cjfa-30369	223	41	free	free	ADJ
cjfa-30369	223	42	rate	rate	NOUN
cjfa-30369	223	43	of	of	ADP
cjfa-30369	223	44	return	return	NOUN
cjfa-30369	223	45	sr	sr	PROPN
cjfa-30369	223	46	=	=	PUNCT
cjfa-30369	223	47	expected	expect	VERB
cjfa-30369	223	48	return	return	NOUN
cjfa-30369	223	49	from	from	ADP
cjfa-30369	223	50	unhedged	unhedged	ADJ
cjfa-30369	223	51	portfolio	portfolio	NOUN
cjfa-30369	223	52	s	s	ADJ
cjfa-30369	223	53	=	=	SYM
cjfa-30369	223	54	standard	standard	ADJ
cjfa-30369	223	55	deviation	deviation	NOUN
cjfa-30369	223	56	of	of	ADP
cjfa-30369	223	57	returns	return	NOUN
cjfa-30369	223	58	from	from	ADP
cjfa-30369	223	59	unhedged	unhedged	ADJ
cjfa-30369	223	60	portfolio	portfolio	NOUN
cjfa-30369	223	61	results	result	NOUN
cjfa-30369	223	62	and	and	CCONJ
cjfa-30369	223	63	analysis	analysis	NOUN
cjfa-30369	223	64	table	table	NOUN
cjfa-30369	223	65	2	2	NUM
cjfa-30369	223	66	discusses	discuss	VERB
cjfa-30369	223	67	the	the	DET
cjfa-30369	223	68	time	time	NOUN
cjfa-30369	223	69	-	-	PUNCT
cjfa-30369	223	70	series	series	NOUN
cjfa-30369	223	71	properties	property	NOUN
cjfa-30369	223	72	of	of	ADP
cjfa-30369	223	73	the	the	DET
cjfa-30369	223	74	series	series	NOUN
cjfa-30369	223	75	understudy	understudy	NOUN
cjfa-30369	223	76	and	and	CCONJ
cjfa-30369	223	77	provides	provide	VERB
cjfa-30369	223	78	that	that	SCONJ
cjfa-30369	223	79	returns	return	NOUN
cjfa-30369	223	80	of	of	ADP
cjfa-30369	223	81	both	both	DET
cjfa-30369	223	82	futures	future	NOUN
cjfa-30369	223	83	and	and	CCONJ
cjfa-30369	223	84	cash	cash	NOUN
cjfa-30369	223	85	markets	market	NOUN
cjfa-30369	223	86	are	be	AUX
cjfa-30369	223	87	significantly	significantly	ADV
cjfa-30369	223	88	negatively	negatively	ADV
cjfa-30369	223	89	skewed	skewed	ADJ
cjfa-30369	223	90	and	and	CCONJ
cjfa-30369	223	91	their	their	PRON
cjfa-30369	223	92	coefficient	coefficient	NOUN
cjfa-30369	223	93	of	of	ADP
cjfa-30369	223	94	kurtosis	kurtosis	NOUN
cjfa-30369	223	95	is	be	AUX
cjfa-30369	223	96	significantly	significantly	ADV
cjfa-30369	223	97	different	different	ADJ
cjfa-30369	223	98	from	from	ADP
cjfa-30369	223	99	three	three	NUM
cjfa-30369	223	100	which	which	PRON
cjfa-30369	223	101	implies	imply	VERB
cjfa-30369	223	102	that	that	SCONJ
cjfa-30369	223	103	futures	future	NOUN
cjfa-30369	223	104	and	and	CCONJ
cjfa-30369	223	105	cash	cash	NOUN
cjfa-30369	223	106	market	market	NOUN
cjfa-30369	223	107	returns	return	NOUN
cjfa-30369	223	108	do	do	AUX
cjfa-30369	223	109	not	not	PART
cjfa-30369	223	110	conform	conform	VERB
cjfa-30369	223	111	to	to	ADP
cjfa-30369	223	112	normal	normal	ADJ
cjfa-30369	223	113	distribution	distribution	NOUN
cjfa-30369	223	114	.	.	PUNCT
cjfa-30369	224	1	the	the	DET
cjfa-30369	224	2	null	null	ADJ
cjfa-30369	224	3	hypothesis	hypothesis	NOUN
cjfa-30369	224	4	that	that	PRON
cjfa-30369	224	5	futures	future	NOUN
cjfa-30369	224	6	and	and	CCONJ
cjfa-30369	224	7	cash	cash	NOUN
cjfa-30369	224	8	market	market	NOUN
cjfa-30369	224	9	returns	return	NOUN
cjfa-30369	224	10	follow	follow	VERB
cjfa-30369	224	11	normal	normal	ADJ
cjfa-30369	224	12	distribution	distribution	NOUN
cjfa-30369	224	13	is	be	AUX
cjfa-30369	224	14	further	far	ADV
cjfa-30369	224	15	tested	test	VERB
cjfa-30369	224	16	through	through	ADP
cjfa-30369	224	17	jarque	jarque	NOUN
cjfa-30369	224	18	-	-	PUNCT
cjfa-30369	224	19	bera	bera	NOUN
cjfa-30369	224	20	test	test	NOUN
cjfa-30369	224	21	which	which	PRON
cjfa-30369	224	22	is	be	AUX
cjfa-30369	224	23	statistically	statistically	ADV
cjfa-30369	224	24	significant	significant	ADJ
cjfa-30369	224	25	,	,	PUNCT
cjfa-30369	224	26	and	and	CCONJ
cjfa-30369	224	27	rejects	reject	VERB
cjfa-30369	224	28	the	the	DET
cjfa-30369	224	29	null	null	ADJ
cjfa-30369	224	30	hypothesis	hypothesis	NOUN
cjfa-30369	224	31	for	for	ADP
cjfa-30369	224	32	all	all	DET
cjfa-30369	224	33	index	index	NOUN
cjfa-30369	224	34	futures	future	NOUN
cjfa-30369	224	35	and	and	CCONJ
cjfa-30369	224	36	cash	cash	NOUN
cjfa-30369	224	37	market	market	NOUN
cjfa-30369	224	38	returns	return	NOUN
cjfa-30369	224	39	.	.	PUNCT
cjfa-30369	225	1	table	table	NOUN
cjfa-30369	225	2	2	2	NUM
cjfa-30369	225	3	.	.	PUNCT
cjfa-30369	225	4	descriptive	descriptive	ADJ
cjfa-30369	225	5	statistics	statistic	NOUN
cjfa-30369	225	6	for	for	ADP
cjfa-30369	225	7	nifty	nifty	ADJ
cjfa-30369	225	8	,	,	PUNCT
cjfa-30369	225	9	niftyit	niftyit	NOUN
cjfa-30369	225	10	and	and	CCONJ
cjfa-30369	225	11	banknifty	banknifty	PROPN
cjfa-30369	225	12	contract	contract	NOUN
cjfa-30369	225	13	variab	variab	NOUN
cjfa-30369	225	14	le	le	PROPN
cjfa-30369	225	15	period	period	NOUN
cjfa-30369	225	16	count	count	NOUN
cjfa-30369	225	17	mean	mean	VERB
cjfa-30369	225	18	std	std	PROPN
cjfa-30369	225	19	.	.	PROPN
cjfa-30369	226	1	dev	dev	PROPN
cjfa-30369	226	2	.	.	PROPN
cjfa-30369	226	3	skewness	skewness	PROPN
cjfa-30369	226	4	kurtosis	kurtosis	VERB
cjfa-30369	226	5	jarquebera	jarquebera	PROPN
cjfa-30369	226	6	nifty5	nifty5	PROPN
cjfa-30369	226	7	0	0	NUM
cjfa-30369	226	8	futures	future	NOUN
cjfa-30369	226	9	return	return	VERB
cjfa-30369	226	10	pre	pre	X
cjfa-30369	226	11	1897	1897	NUM
cjfa-30369	226	12	0.000762	0.000762	NUM
cjfa-30369	226	13	0.015545	0.015545	NUM
cjfa-30369	226	14	-1.005812	-1.005812	NOUN
cjfa-30369	226	15	12.427	12.427	NUM
cjfa-30369	226	16	7344.651	7344.651	NUM
cjfa-30369	226	17	post	post	VERB
cjfa-30369	226	18	2041	2041	NUM
cjfa-30369	226	19	0.000114	0.000114	NUM
cjfa-30369	226	20	0.015902	0.015902	NUM
cjfa-30369	226	21	-0.047154	-0.047154	NOUN
cjfa-30369	226	22	13.246	13.246	NUM
cjfa-30369	226	23	10751.74	10751.74	NUM
cjfa-30369	226	24	total	total	ADJ
cjfa-30369	226	25	3939	3939	NUM
cjfa-30369	226	26	0.000425	0.000425	NUM
cjfa-30369	226	27	0.015731	0.015731	NUM
cjfa-30369	226	28	-0.493672	-0.493672	NOUN
cjfa-30369	226	29	12.833	12.833	NUM
cjfa-30369	226	30	16029.05	16029.05	NUM
cjfa-30369	226	31	=	=	SYM
cjfa-30369	226	32	standard	standard	ADJ
cjfa-30369	226	33	deviation	deviation	NOUN
cjfa-30369	226	34	of	of	ADP
cjfa-30369	226	35	returns	return	NOUN
cjfa-30369	226	36	from	from	ADP
cjfa-30369	226	37	hedged	hedge	VERB
cjfa-30369	226	38	portfolio	portfolio	NOUN
cjfa-30369	226	39	risk	risk	NOUN
cjfa-30369	226	40	-	-	PUNCT
cjfa-30369	226	41	return	return	NOUN
cjfa-30369	226	42	framework	framework	NOUN
cjfa-30369	226	43	the	the	DET
cjfa-30369	226	44	variance	variance	NOUN
cjfa-30369	226	45	reduction	reduction	NOUN
cjfa-30369	226	46	approach	approach	NOUN
cjfa-30369	226	47	suffers	suffer	VERB
cjfa-30369	226	48	from	from	ADP
cjfa-30369	226	49	a	a	DET
cjfa-30369	226	50	limitation	limitation	NOUN
cjfa-30369	226	51	that	that	PRON
cjfa-30369	226	52	it	it	PRON
cjfa-30369	226	53	ignores	ignore	VERB
cjfa-30369	226	54	the	the	DET
cjfa-30369	226	55	return	return	NOUN
cjfa-30369	226	56	component	component	NOUN
cjfa-30369	226	57	on	on	ADP
cjfa-30369	226	58	hedged	hedge	VERB
cjfa-30369	226	59	portfolio	portfolio	NOUN
cjfa-30369	226	60	.	.	PUNCT
cjfa-30369	227	1	therefore	therefore	ADV
cjfa-30369	227	2	,	,	PUNCT
cjfa-30369	227	3	in	in	ADP
cjfa-30369	227	4	order	order	NOUN
cjfa-30369	227	5	to	to	PART
cjfa-30369	227	6	address	address	VERB
cjfa-30369	227	7	this	this	DET
cjfa-30369	227	8	issue	issue	NOUN
cjfa-30369	227	9	,	,	PUNCT
cjfa-30369	227	10	howard	howard	PROPN
cjfa-30369	227	11	and	and	CCONJ
cjfa-30369	227	12	d’antonio	d’antonio	PROPN
cjfa-30369	227	13	(	(	PUNCT
cjfa-30369	227	14	1984	1984	NUM
cjfa-30369	227	15	)	)	PUNCT
cjfa-30369	227	16	,	,	PUNCT
cjfa-30369	227	17	suggested	suggest	VERB
cjfa-30369	227	18	a	a	DET
cjfa-30369	227	19	measure	measure	NOUN
cjfa-30369	227	20	of	of	ADP
cjfa-30369	227	21	hedging	hedging	NOUN
cjfa-30369	227	22	effectiveness	effectiveness	NOUN
cjfa-30369	227	23	(	(	PUNCT
cjfa-30369	227	24	λ	λ	NOUN
cjfa-30369	227	25	)	)	PUNCT
cjfa-30369	227	26	incorporating	incorporate	VERB
cjfa-30369	227	27	the	the	DET
cjfa-30369	227	28	return	return	NOUN
cjfa-30369	227	29	component	component	NOUN
cjfa-30369	227	30	,	,	PUNCT
cjfa-30369	227	31	which	which	PRON
cjfa-30369	227	32	is	be	AUX
cjfa-30369	227	33	measured	measure	VERB
cjfa-30369	227	34	as	as	ADP
cjfa-30369	227	35	ratio	ratio	NOUN
cjfa-30369	227	36	of	of	ADP
cjfa-30369	227	37	slope	slope	NOUN
cjfa-30369	227	38	of	of	ADP
cjfa-30369	227	39	risk	risk	NOUN
cjfa-30369	227	40	-	-	PUNCT
cjfa-30369	227	41	return	return	NOUN
cjfa-30369	227	42	relative	relative	ADJ
cjfa-30369	227	43	from	from	ADP
cjfa-30369	227	44	hedged	hedge	VERB
cjfa-30369	227	45	portfolio	portfolio	NOUN
cjfa-30369	227	46	and	and	CCONJ
cjfa-30369	227	47	risk	risk	NOUN
cjfa-30369	227	48	-	-	PUNCT
cjfa-30369	227	49	return	return	NOUN
cjfa-30369	227	50	relative	relative	ADJ
cjfa-30369	227	51	from	from	ADP
cjfa-30369	227	52	unhedged	unhedged	ADJ
cjfa-30369	227	53	portfolio	portfolio	NOUN
cjfa-30369	227	54	.	.	PUNCT
cjfa-30369	228	1	)	)	PUNCT
cjfa-30369	229	1	13.4	13.4	NUM
cjfa-30369	229	2	..	..	PUNCT
cjfa-30369	229	3	(	(	PUNCT
cjfa-30369	229	4	............................................................	............................................................	PUNCT
cjfa-30369	229	5	he	he	PRON
cjfa-30369	229	6	s	s	VERB
cjfa-30369	229	7	s	s	VERB
cjfa-30369	229	8	ir	ir	ADJ
cjfa-30369	229	9			PROPN
cjfa-30369	229	10			X
cjfa-30369	229	11			PROPN
cjfa-30369	229	12			ADV
cjfa-30369	229	13	where	where	SCONJ
cjfa-30369	229	14	,	,	PUNCT
cjfa-30369	229	15	p	p	PROPN
cjfa-30369	229	16	p	p	X
cjfa-30369	229	17	ir	ir	PROPN
cjfa-30369	229	18			PROPN
cjfa-30369	229	19			PROPN
cjfa-30369	229	20			ADJ
cjfa-30369	229	21	pr	pr	NOUN
cjfa-30369	229	22	=	=	PUNCT
cjfa-30369	229	23	expected	expect	VERB
cjfa-30369	229	24	return	return	NOUN
cjfa-30369	229	25	from	from	ADP
cjfa-30369	229	26	hedged	hedge	VERB
cjfa-30369	229	27	portfolio	portfolio	NOUN
cjfa-30369	229	28	p	p	NOUN
cjfa-30369	229	29	=	=	SYM
cjfa-30369	229	30	standard	standard	ADJ
cjfa-30369	229	31	deviation	deviation	NOUN
cjfa-30369	229	32	of	of	ADP
cjfa-30369	229	33	returns	return	NOUN
cjfa-30369	229	34	from	from	ADP
cjfa-30369	229	35	hedged	hedge	VERB
cjfa-30369	229	36	portfolio	portfolio	NOUN
cjfa-30369	229	37	i	i	NOUN
cjfa-30369	229	38	=	=	NOUN
cjfa-30369	229	39	risk	risk	NOUN
cjfa-30369	229	40	-	-	PUNCT
cjfa-30369	229	41	free	free	ADJ
cjfa-30369	229	42	rate	rate	NOUN
cjfa-30369	229	43	of	of	ADP
cjfa-30369	229	44	return	return	NOUN
cjfa-30369	229	45	sr	sr	PROPN
cjfa-30369	229	46	=	=	PUNCT
cjfa-30369	229	47	expected	expect	VERB
cjfa-30369	229	48	return	return	NOUN
cjfa-30369	229	49	from	from	ADP
cjfa-30369	229	50	unhedged	unhedged	ADJ
cjfa-30369	229	51	portfolio	portfolio	NOUN
cjfa-30369	229	52	s	s	ADJ
cjfa-30369	229	53	=	=	SYM
cjfa-30369	229	54	standard	standard	ADJ
cjfa-30369	229	55	deviation	deviation	NOUN
cjfa-30369	229	56	of	of	ADP
cjfa-30369	229	57	returns	return	NOUN
cjfa-30369	229	58	from	from	ADP
cjfa-30369	229	59	unhedged	unhedged	ADJ
cjfa-30369	229	60	portfolio	portfolio	NOUN
cjfa-30369	229	61	results	result	NOUN
cjfa-30369	229	62	and	and	CCONJ
cjfa-30369	229	63	analysis	analysis	NOUN
cjfa-30369	229	64	table	table	NOUN
cjfa-30369	229	65	2	2	NUM
cjfa-30369	229	66	discusses	discuss	VERB
cjfa-30369	229	67	the	the	DET
cjfa-30369	229	68	time	time	NOUN
cjfa-30369	229	69	-	-	PUNCT
cjfa-30369	229	70	series	series	NOUN
cjfa-30369	229	71	properties	property	NOUN
cjfa-30369	229	72	of	of	ADP
cjfa-30369	229	73	the	the	DET
cjfa-30369	229	74	series	series	NOUN
cjfa-30369	229	75	understudy	understudy	NOUN
cjfa-30369	229	76	and	and	CCONJ
cjfa-30369	229	77	provides	provide	VERB
cjfa-30369	229	78	that	that	SCONJ
cjfa-30369	229	79	returns	return	NOUN
cjfa-30369	229	80	of	of	ADP
cjfa-30369	229	81	both	both	DET
cjfa-30369	229	82	futures	future	NOUN
cjfa-30369	229	83	and	and	CCONJ
cjfa-30369	229	84	cash	cash	NOUN
cjfa-30369	229	85	markets	market	NOUN
cjfa-30369	229	86	are	be	AUX
cjfa-30369	229	87	significantly	significantly	ADV
cjfa-30369	229	88	negatively	negatively	ADV
cjfa-30369	229	89	skewed	skewed	ADJ
cjfa-30369	229	90	and	and	CCONJ
cjfa-30369	229	91	their	their	PRON
cjfa-30369	229	92	coefficient	coefficient	NOUN
cjfa-30369	229	93	of	of	ADP
cjfa-30369	229	94	kurtosis	kurtosis	NOUN
cjfa-30369	229	95	is	be	AUX
cjfa-30369	229	96	significantly	significantly	ADV
cjfa-30369	229	97	different	different	ADJ
cjfa-30369	229	98	from	from	ADP
cjfa-30369	229	99	three	three	NUM
cjfa-30369	229	100	which	which	PRON
cjfa-30369	229	101	implies	imply	VERB
cjfa-30369	229	102	that	that	SCONJ
cjfa-30369	229	103	futures	future	NOUN
cjfa-30369	229	104	and	and	CCONJ
cjfa-30369	229	105	cash	cash	NOUN
cjfa-30369	229	106	market	market	NOUN
cjfa-30369	229	107	returns	return	NOUN
cjfa-30369	229	108	do	do	AUX
cjfa-30369	229	109	not	not	PART
cjfa-30369	229	110	conform	conform	VERB
cjfa-30369	229	111	to	to	ADP
cjfa-30369	229	112	normal	normal	ADJ
cjfa-30369	229	113	distribution	distribution	NOUN
cjfa-30369	229	114	.	.	PUNCT
cjfa-30369	230	1	the	the	DET
cjfa-30369	230	2	null	null	ADJ
cjfa-30369	230	3	hypothesis	hypothesis	NOUN
cjfa-30369	230	4	that	that	PRON
cjfa-30369	230	5	futures	future	NOUN
cjfa-30369	230	6	and	and	CCONJ
cjfa-30369	230	7	cash	cash	NOUN
cjfa-30369	230	8	market	market	NOUN
cjfa-30369	230	9	returns	return	NOUN
cjfa-30369	230	10	follow	follow	VERB
cjfa-30369	230	11	normal	normal	ADJ
cjfa-30369	230	12	distribution	distribution	NOUN
cjfa-30369	230	13	is	be	AUX
cjfa-30369	230	14	further	far	ADV
cjfa-30369	230	15	tested	test	VERB
cjfa-30369	230	16	through	through	ADP
cjfa-30369	230	17	jarque	jarque	NOUN
cjfa-30369	230	18	-	-	PUNCT
cjfa-30369	230	19	bera	bera	NOUN
cjfa-30369	230	20	test	test	NOUN
cjfa-30369	230	21	which	which	PRON
cjfa-30369	230	22	is	be	AUX
cjfa-30369	230	23	statistically	statistically	ADV
cjfa-30369	230	24	significant	significant	ADJ
cjfa-30369	230	25	,	,	PUNCT
cjfa-30369	230	26	and	and	CCONJ
cjfa-30369	230	27	rejects	reject	VERB
cjfa-30369	230	28	the	the	DET
cjfa-30369	230	29	null	null	ADJ
cjfa-30369	230	30	hypothesis	hypothesis	NOUN
cjfa-30369	230	31	for	for	ADP
cjfa-30369	230	32	all	all	DET
cjfa-30369	230	33	index	index	NOUN
cjfa-30369	230	34	futures	future	NOUN
cjfa-30369	230	35	and	and	CCONJ
cjfa-30369	230	36	cash	cash	NOUN
cjfa-30369	230	37	market	market	NOUN
cjfa-30369	230	38	returns	return	NOUN
cjfa-30369	230	39	.	.	PUNCT
cjfa-30369	231	1	table	table	NOUN
cjfa-30369	231	2	2	2	NUM
cjfa-30369	231	3	.	.	PUNCT
cjfa-30369	231	4	descriptive	descriptive	ADJ
cjfa-30369	231	5	statistics	statistic	NOUN
cjfa-30369	231	6	for	for	ADP
cjfa-30369	231	7	nifty	nifty	ADJ
cjfa-30369	231	8	,	,	PUNCT
cjfa-30369	231	9	niftyit	niftyit	NOUN
cjfa-30369	231	10	and	and	CCONJ
cjfa-30369	231	11	banknifty	banknifty	PROPN
cjfa-30369	231	12	contract	contract	NOUN
cjfa-30369	231	13	variab	variab	NOUN
cjfa-30369	231	14	le	le	PROPN
cjfa-30369	231	15	period	period	NOUN
cjfa-30369	231	16	count	count	NOUN
cjfa-30369	231	17	mean	mean	VERB
cjfa-30369	231	18	std	std	PROPN
cjfa-30369	231	19	.	.	PROPN
cjfa-30369	232	1	dev	dev	PROPN
cjfa-30369	232	2	.	.	PROPN
cjfa-30369	232	3	skewness	skewness	PROPN
cjfa-30369	232	4	kurtosis	kurtosis	VERB
cjfa-30369	232	5	jarquebera	jarquebera	PROPN
cjfa-30369	232	6	nifty5	nifty5	PROPN
cjfa-30369	232	7	0	0	NUM
cjfa-30369	232	8	futures	future	NOUN
cjfa-30369	232	9	return	return	VERB
cjfa-30369	232	10	pre	pre	X
cjfa-30369	232	11	1897	1897	NUM
cjfa-30369	232	12	0.000762	0.000762	NUM
cjfa-30369	232	13	0.015545	0.015545	NUM
cjfa-30369	232	14	-1.005812	-1.005812	NOUN
cjfa-30369	232	15	12.427	12.427	NUM
cjfa-30369	232	16	7344.651	7344.651	NUM
cjfa-30369	232	17	post	post	VERB
cjfa-30369	232	18	2041	2041	NUM
cjfa-30369	232	19	0.000114	0.000114	NUM
cjfa-30369	232	20	0.015902	0.015902	NUM
cjfa-30369	232	21	-0.047154	-0.047154	NOUN
cjfa-30369	232	22	13.246	13.246	NUM
cjfa-30369	232	23	10751.74	10751.74	NUM
cjfa-30369	232	24	total	total	ADJ
cjfa-30369	232	25	3939	3939	NUM
cjfa-30369	232	26	0.000425	0.000425	NUM
cjfa-30369	232	27	0.015731	0.015731	NUM
cjfa-30369	232	28	-0.493672	-0.493672	X
cjfa-30369	232	29	12.833	12.833	NUM
cjfa-30369	232	30	16029.05	16029.05	NUM
cjfa-30369	232	31	=	=	SYM
cjfa-30369	232	32	risk	risk	NOUN
cjfa-30369	232	33	-	-	PUNCT
cjfa-30369	232	34	free	free	ADJ
cjfa-30369	232	35	rate	rate	NOUN
cjfa-30369	232	36	of	of	ADP
cjfa-30369	232	37	return	return	NOUN
cjfa-30369	232	38	risk	risk	NOUN
cjfa-30369	232	39	-	-	PUNCT
cjfa-30369	232	40	return	return	NOUN
cjfa-30369	232	41	framework	framework	NOUN
cjfa-30369	232	42	the	the	DET
cjfa-30369	232	43	variance	variance	NOUN
cjfa-30369	232	44	reduction	reduction	NOUN
cjfa-30369	232	45	approach	approach	NOUN
cjfa-30369	232	46	suffers	suffer	VERB
cjfa-30369	232	47	from	from	ADP
cjfa-30369	232	48	a	a	DET
cjfa-30369	232	49	limitation	limitation	NOUN
cjfa-30369	232	50	that	that	PRON
cjfa-30369	232	51	it	it	PRON
cjfa-30369	232	52	ignores	ignore	VERB
cjfa-30369	232	53	the	the	DET
cjfa-30369	232	54	return	return	NOUN
cjfa-30369	232	55	component	component	NOUN
cjfa-30369	232	56	on	on	ADP
cjfa-30369	232	57	hedged	hedge	VERB
cjfa-30369	232	58	portfolio	portfolio	NOUN
cjfa-30369	232	59	.	.	PUNCT
cjfa-30369	233	1	therefore	therefore	ADV
cjfa-30369	233	2	,	,	PUNCT
cjfa-30369	233	3	in	in	ADP
cjfa-30369	233	4	order	order	NOUN
cjfa-30369	233	5	to	to	PART
cjfa-30369	233	6	address	address	VERB
cjfa-30369	233	7	this	this	DET
cjfa-30369	233	8	issue	issue	NOUN
cjfa-30369	233	9	,	,	PUNCT
cjfa-30369	233	10	howard	howard	PROPN
cjfa-30369	233	11	and	and	CCONJ
cjfa-30369	233	12	d’antonio	d’antonio	PROPN
cjfa-30369	233	13	(	(	PUNCT
cjfa-30369	233	14	1984	1984	NUM
cjfa-30369	233	15	)	)	PUNCT
cjfa-30369	233	16	,	,	PUNCT
cjfa-30369	233	17	suggested	suggest	VERB
cjfa-30369	233	18	a	a	DET
cjfa-30369	233	19	measure	measure	NOUN
cjfa-30369	233	20	of	of	ADP
cjfa-30369	233	21	hedging	hedging	NOUN
cjfa-30369	233	22	effectiveness	effectiveness	NOUN
cjfa-30369	233	23	(	(	PUNCT
cjfa-30369	233	24	λ	λ	NOUN
cjfa-30369	233	25	)	)	PUNCT
cjfa-30369	233	26	incorporating	incorporate	VERB
cjfa-30369	233	27	the	the	DET
cjfa-30369	233	28	return	return	NOUN
cjfa-30369	233	29	component	component	NOUN
cjfa-30369	233	30	,	,	PUNCT
cjfa-30369	233	31	which	which	PRON
cjfa-30369	233	32	is	be	AUX
cjfa-30369	233	33	measured	measure	VERB
cjfa-30369	233	34	as	as	ADP
cjfa-30369	233	35	ratio	ratio	NOUN
cjfa-30369	233	36	of	of	ADP
cjfa-30369	233	37	slope	slope	NOUN
cjfa-30369	233	38	of	of	ADP
cjfa-30369	233	39	risk	risk	NOUN
cjfa-30369	233	40	-	-	PUNCT
cjfa-30369	233	41	return	return	NOUN
cjfa-30369	233	42	relative	relative	ADJ
cjfa-30369	233	43	from	from	ADP
cjfa-30369	233	44	hedged	hedge	VERB
cjfa-30369	233	45	portfolio	portfolio	NOUN
cjfa-30369	233	46	and	and	CCONJ
cjfa-30369	233	47	risk	risk	NOUN
cjfa-30369	233	48	-	-	PUNCT
cjfa-30369	233	49	return	return	NOUN
cjfa-30369	233	50	relative	relative	ADJ
cjfa-30369	233	51	from	from	ADP
cjfa-30369	233	52	unhedged	unhedged	ADJ
cjfa-30369	233	53	portfolio	portfolio	NOUN
cjfa-30369	233	54	.	.	PUNCT
cjfa-30369	234	1	)	)	PUNCT
cjfa-30369	235	1	13.4	13.4	NUM
cjfa-30369	235	2	..	..	PUNCT
cjfa-30369	235	3	(	(	PUNCT
cjfa-30369	235	4	............................................................	............................................................	PUNCT
cjfa-30369	235	5	he	he	PRON
cjfa-30369	235	6	s	s	VERB
cjfa-30369	235	7	s	s	VERB
cjfa-30369	235	8	ir	ir	ADJ
cjfa-30369	235	9			PROPN
cjfa-30369	235	10			X
cjfa-30369	235	11			PROPN
cjfa-30369	235	12			ADV
cjfa-30369	235	13	where	where	SCONJ
cjfa-30369	235	14	,	,	PUNCT
cjfa-30369	235	15	p	p	PROPN
cjfa-30369	235	16	p	p	X
cjfa-30369	235	17	ir	ir	PROPN
cjfa-30369	235	18			PROPN
cjfa-30369	235	19			PROPN
cjfa-30369	235	20			ADJ
cjfa-30369	235	21	pr	pr	NOUN
cjfa-30369	235	22	=	=	PUNCT
cjfa-30369	235	23	expected	expect	VERB
cjfa-30369	235	24	return	return	NOUN
cjfa-30369	235	25	from	from	ADP
cjfa-30369	235	26	hedged	hedge	VERB
cjfa-30369	235	27	portfolio	portfolio	NOUN
cjfa-30369	235	28	p	p	NOUN
cjfa-30369	235	29	=	=	SYM
cjfa-30369	235	30	standard	standard	ADJ
cjfa-30369	235	31	deviation	deviation	NOUN
cjfa-30369	235	32	of	of	ADP
cjfa-30369	235	33	returns	return	NOUN
cjfa-30369	235	34	from	from	ADP
cjfa-30369	235	35	hedged	hedge	VERB
cjfa-30369	235	36	portfolio	portfolio	NOUN
cjfa-30369	235	37	i	i	NOUN
cjfa-30369	235	38	=	=	NOUN
cjfa-30369	235	39	risk	risk	NOUN
cjfa-30369	235	40	-	-	PUNCT
cjfa-30369	235	41	free	free	ADJ
cjfa-30369	235	42	rate	rate	NOUN
cjfa-30369	235	43	of	of	ADP
cjfa-30369	235	44	return	return	NOUN
cjfa-30369	235	45	sr	sr	PROPN
cjfa-30369	235	46	=	=	PUNCT
cjfa-30369	235	47	expected	expect	VERB
cjfa-30369	235	48	return	return	NOUN
cjfa-30369	235	49	from	from	ADP
cjfa-30369	235	50	unhedged	unhedged	ADJ
cjfa-30369	235	51	portfolio	portfolio	NOUN
cjfa-30369	235	52	s	s	ADJ
cjfa-30369	235	53	=	=	SYM
cjfa-30369	235	54	standard	standard	ADJ
cjfa-30369	235	55	deviation	deviation	NOUN
cjfa-30369	235	56	of	of	ADP
cjfa-30369	235	57	returns	return	NOUN
cjfa-30369	235	58	from	from	ADP
cjfa-30369	235	59	unhedged	unhedged	ADJ
cjfa-30369	235	60	portfolio	portfolio	NOUN
cjfa-30369	235	61	results	result	NOUN
cjfa-30369	235	62	and	and	CCONJ
cjfa-30369	235	63	analysis	analysis	NOUN
cjfa-30369	235	64	table	table	NOUN
cjfa-30369	235	65	2	2	NUM
cjfa-30369	235	66	discusses	discuss	VERB
cjfa-30369	235	67	the	the	DET
cjfa-30369	235	68	time	time	NOUN
cjfa-30369	235	69	-	-	PUNCT
cjfa-30369	235	70	series	series	NOUN
cjfa-30369	235	71	properties	property	NOUN
cjfa-30369	235	72	of	of	ADP
cjfa-30369	235	73	the	the	DET
cjfa-30369	235	74	series	series	NOUN
cjfa-30369	235	75	understudy	understudy	NOUN
cjfa-30369	235	76	and	and	CCONJ
cjfa-30369	235	77	provides	provide	VERB
cjfa-30369	235	78	that	that	SCONJ
cjfa-30369	235	79	returns	return	NOUN
cjfa-30369	235	80	of	of	ADP
cjfa-30369	235	81	both	both	DET
cjfa-30369	235	82	futures	future	NOUN
cjfa-30369	235	83	and	and	CCONJ
cjfa-30369	235	84	cash	cash	NOUN
cjfa-30369	235	85	markets	market	NOUN
cjfa-30369	235	86	are	be	AUX
cjfa-30369	235	87	significantly	significantly	ADV
cjfa-30369	235	88	negatively	negatively	ADV
cjfa-30369	235	89	skewed	skewed	ADJ
cjfa-30369	235	90	and	and	CCONJ
cjfa-30369	235	91	their	their	PRON
cjfa-30369	235	92	coefficient	coefficient	NOUN
cjfa-30369	235	93	of	of	ADP
cjfa-30369	235	94	kurtosis	kurtosis	NOUN
cjfa-30369	235	95	is	be	AUX
cjfa-30369	235	96	significantly	significantly	ADV
cjfa-30369	235	97	different	different	ADJ
cjfa-30369	235	98	from	from	ADP
cjfa-30369	235	99	three	three	NUM
cjfa-30369	235	100	which	which	PRON
cjfa-30369	235	101	implies	imply	VERB
cjfa-30369	235	102	that	that	SCONJ
cjfa-30369	235	103	futures	future	NOUN
cjfa-30369	235	104	and	and	CCONJ
cjfa-30369	235	105	cash	cash	NOUN
cjfa-30369	235	106	market	market	NOUN
cjfa-30369	235	107	returns	return	NOUN
cjfa-30369	235	108	do	do	AUX
cjfa-30369	235	109	not	not	PART
cjfa-30369	235	110	conform	conform	VERB
cjfa-30369	235	111	to	to	ADP
cjfa-30369	235	112	normal	normal	ADJ
cjfa-30369	235	113	distribution	distribution	NOUN
cjfa-30369	235	114	.	.	PUNCT
cjfa-30369	236	1	the	the	DET
cjfa-30369	236	2	null	null	ADJ
cjfa-30369	236	3	hypothesis	hypothesis	NOUN
cjfa-30369	236	4	that	that	PRON
cjfa-30369	236	5	futures	future	NOUN
cjfa-30369	236	6	and	and	CCONJ
cjfa-30369	236	7	cash	cash	NOUN
cjfa-30369	236	8	market	market	NOUN
cjfa-30369	236	9	returns	return	NOUN
cjfa-30369	236	10	follow	follow	VERB
cjfa-30369	236	11	normal	normal	ADJ
cjfa-30369	236	12	distribution	distribution	NOUN
cjfa-30369	236	13	is	be	AUX
cjfa-30369	236	14	further	far	ADV
cjfa-30369	236	15	tested	test	VERB
cjfa-30369	236	16	through	through	ADP
cjfa-30369	236	17	jarque	jarque	NOUN
cjfa-30369	236	18	-	-	PUNCT
cjfa-30369	236	19	bera	bera	NOUN
cjfa-30369	236	20	test	test	NOUN
cjfa-30369	236	21	which	which	PRON
cjfa-30369	236	22	is	be	AUX
cjfa-30369	236	23	statistically	statistically	ADV
cjfa-30369	236	24	significant	significant	ADJ
cjfa-30369	236	25	,	,	PUNCT
cjfa-30369	236	26	and	and	CCONJ
cjfa-30369	236	27	rejects	reject	VERB
cjfa-30369	236	28	the	the	DET
cjfa-30369	236	29	null	null	ADJ
cjfa-30369	236	30	hypothesis	hypothesis	NOUN
cjfa-30369	236	31	for	for	ADP
cjfa-30369	236	32	all	all	DET
cjfa-30369	236	33	index	index	NOUN
cjfa-30369	236	34	futures	future	NOUN
cjfa-30369	236	35	and	and	CCONJ
cjfa-30369	236	36	cash	cash	NOUN
cjfa-30369	236	37	market	market	NOUN
cjfa-30369	236	38	returns	return	NOUN
cjfa-30369	236	39	.	.	PUNCT
cjfa-30369	237	1	table	table	NOUN
cjfa-30369	237	2	2	2	NUM
cjfa-30369	237	3	.	.	PUNCT
cjfa-30369	237	4	descriptive	descriptive	ADJ
cjfa-30369	237	5	statistics	statistic	NOUN
cjfa-30369	237	6	for	for	ADP
cjfa-30369	237	7	nifty	nifty	ADJ
cjfa-30369	237	8	,	,	PUNCT
cjfa-30369	237	9	niftyit	niftyit	NOUN
cjfa-30369	237	10	and	and	CCONJ
cjfa-30369	237	11	banknifty	banknifty	PROPN
cjfa-30369	237	12	contract	contract	NOUN
cjfa-30369	237	13	variab	variab	NOUN
cjfa-30369	237	14	le	le	PROPN
cjfa-30369	237	15	period	period	NOUN
cjfa-30369	237	16	count	count	NOUN
cjfa-30369	237	17	mean	mean	VERB
cjfa-30369	237	18	std	std	PROPN
cjfa-30369	237	19	.	.	PROPN
cjfa-30369	238	1	dev	dev	PROPN
cjfa-30369	238	2	.	.	PROPN
cjfa-30369	238	3	skewness	skewness	PROPN
cjfa-30369	238	4	kurtosis	kurtosis	VERB
cjfa-30369	238	5	jarquebera	jarquebera	PROPN
cjfa-30369	238	6	nifty5	nifty5	PROPN
cjfa-30369	238	7	0	0	NUM
cjfa-30369	238	8	futures	future	NOUN
cjfa-30369	238	9	return	return	VERB
cjfa-30369	238	10	pre	pre	X
cjfa-30369	238	11	1897	1897	NUM
cjfa-30369	238	12	0.000762	0.000762	NUM
cjfa-30369	238	13	0.015545	0.015545	NUM
cjfa-30369	238	14	-1.005812	-1.005812	NOUN
cjfa-30369	238	15	12.427	12.427	NUM
cjfa-30369	238	16	7344.651	7344.651	NUM
cjfa-30369	238	17	post	post	VERB
cjfa-30369	238	18	2041	2041	NUM
cjfa-30369	238	19	0.000114	0.000114	NUM
cjfa-30369	238	20	0.015902	0.015902	NUM
cjfa-30369	238	21	-0.047154	-0.047154	NOUN
cjfa-30369	238	22	13.246	13.246	NUM
cjfa-30369	238	23	10751.74	10751.74	NUM
cjfa-30369	238	24	total	total	ADJ
cjfa-30369	238	25	3939	3939	NUM
cjfa-30369	238	26	0.000425	0.000425	NUM
cjfa-30369	238	27	0.015731	0.015731	NUM
cjfa-30369	238	28	-0.493672	-0.493672	NOUN
cjfa-30369	238	29	12.833	12.833	NUM
cjfa-30369	238	30	16029.05	16029.05	NUM
cjfa-30369	238	31	=	=	NUM
cjfa-30369	238	32	expected	expect	VERB
cjfa-30369	238	33	return	return	NOUN
cjfa-30369	238	34	from	from	ADP
cjfa-30369	238	35	unhedged	unhedged	ADJ
cjfa-30369	238	36	portfolio	portfolio	NOUN
cjfa-30369	238	37	risk	risk	NOUN
cjfa-30369	238	38	-	-	PUNCT
cjfa-30369	238	39	return	return	NOUN
cjfa-30369	238	40	framework	framework	NOUN
cjfa-30369	238	41	the	the	DET
cjfa-30369	238	42	variance	variance	NOUN
cjfa-30369	238	43	reduction	reduction	NOUN
cjfa-30369	238	44	approach	approach	NOUN
cjfa-30369	238	45	suffers	suffer	VERB
cjfa-30369	238	46	from	from	ADP
cjfa-30369	238	47	a	a	DET
cjfa-30369	238	48	limitation	limitation	NOUN
cjfa-30369	238	49	that	that	PRON
cjfa-30369	238	50	it	it	PRON
cjfa-30369	238	51	ignores	ignore	VERB
cjfa-30369	238	52	the	the	DET
cjfa-30369	238	53	return	return	NOUN
cjfa-30369	238	54	component	component	NOUN
cjfa-30369	238	55	on	on	ADP
cjfa-30369	238	56	hedged	hedge	VERB
cjfa-30369	238	57	portfolio	portfolio	NOUN
cjfa-30369	238	58	.	.	PUNCT
cjfa-30369	239	1	therefore	therefore	ADV
cjfa-30369	239	2	,	,	PUNCT
cjfa-30369	239	3	in	in	ADP
cjfa-30369	239	4	order	order	NOUN
cjfa-30369	239	5	to	to	PART
cjfa-30369	239	6	address	address	VERB
cjfa-30369	239	7	this	this	DET
cjfa-30369	239	8	issue	issue	NOUN
cjfa-30369	239	9	,	,	PUNCT
cjfa-30369	239	10	howard	howard	PROPN
cjfa-30369	239	11	and	and	CCONJ
cjfa-30369	239	12	d’antonio	d’antonio	PROPN
cjfa-30369	239	13	(	(	PUNCT
cjfa-30369	239	14	1984	1984	NUM
cjfa-30369	239	15	)	)	PUNCT
cjfa-30369	239	16	,	,	PUNCT
cjfa-30369	239	17	suggested	suggest	VERB
cjfa-30369	239	18	a	a	DET
cjfa-30369	239	19	measure	measure	NOUN
cjfa-30369	239	20	of	of	ADP
cjfa-30369	239	21	hedging	hedging	NOUN
cjfa-30369	239	22	effectiveness	effectiveness	NOUN
cjfa-30369	239	23	(	(	PUNCT
cjfa-30369	239	24	λ	λ	NOUN
cjfa-30369	239	25	)	)	PUNCT
cjfa-30369	239	26	incorporating	incorporate	VERB
cjfa-30369	239	27	the	the	DET
cjfa-30369	239	28	return	return	NOUN
cjfa-30369	239	29	component	component	NOUN
cjfa-30369	239	30	,	,	PUNCT
cjfa-30369	239	31	which	which	PRON
cjfa-30369	239	32	is	be	AUX
cjfa-30369	239	33	measured	measure	VERB
cjfa-30369	239	34	as	as	ADP
cjfa-30369	239	35	ratio	ratio	NOUN
cjfa-30369	239	36	of	of	ADP
cjfa-30369	239	37	slope	slope	NOUN
cjfa-30369	239	38	of	of	ADP
cjfa-30369	239	39	risk	risk	NOUN
cjfa-30369	239	40	-	-	PUNCT
cjfa-30369	239	41	return	return	NOUN
cjfa-30369	239	42	relative	relative	ADJ
cjfa-30369	239	43	from	from	ADP
cjfa-30369	239	44	hedged	hedge	VERB
cjfa-30369	239	45	portfolio	portfolio	NOUN
cjfa-30369	239	46	and	and	CCONJ
cjfa-30369	239	47	risk	risk	NOUN
cjfa-30369	239	48	-	-	PUNCT
cjfa-30369	239	49	return	return	NOUN
cjfa-30369	239	50	relative	relative	ADJ
cjfa-30369	239	51	from	from	ADP
cjfa-30369	239	52	unhedged	unhedged	ADJ
cjfa-30369	239	53	portfolio	portfolio	NOUN
cjfa-30369	239	54	.	.	PUNCT
cjfa-30369	240	1	)	)	PUNCT
cjfa-30369	241	1	13.4	13.4	NUM
cjfa-30369	241	2	..	..	PUNCT
cjfa-30369	241	3	(	(	PUNCT
cjfa-30369	241	4	............................................................	............................................................	PUNCT
cjfa-30369	241	5	he	he	PRON
cjfa-30369	241	6	s	s	VERB
cjfa-30369	241	7	s	s	VERB
cjfa-30369	241	8	ir	ir	ADJ
cjfa-30369	241	9			PROPN
cjfa-30369	241	10			X
cjfa-30369	241	11			PROPN
cjfa-30369	241	12			ADV
cjfa-30369	241	13	where	where	SCONJ
cjfa-30369	241	14	,	,	PUNCT
cjfa-30369	241	15	p	p	PROPN
cjfa-30369	241	16	p	p	X
cjfa-30369	241	17	ir	ir	PROPN
cjfa-30369	241	18			PROPN
cjfa-30369	241	19			PROPN
cjfa-30369	241	20			ADJ
cjfa-30369	241	21	pr	pr	NOUN
cjfa-30369	241	22	=	=	PUNCT
cjfa-30369	241	23	expected	expect	VERB
cjfa-30369	241	24	return	return	NOUN
cjfa-30369	241	25	from	from	ADP
cjfa-30369	241	26	hedged	hedge	VERB
cjfa-30369	241	27	portfolio	portfolio	NOUN
cjfa-30369	241	28	p	p	NOUN
cjfa-30369	241	29	=	=	SYM
cjfa-30369	241	30	standard	standard	ADJ
cjfa-30369	241	31	deviation	deviation	NOUN
cjfa-30369	241	32	of	of	ADP
cjfa-30369	241	33	returns	return	NOUN
cjfa-30369	241	34	from	from	ADP
cjfa-30369	241	35	hedged	hedge	VERB
cjfa-30369	241	36	portfolio	portfolio	NOUN
cjfa-30369	241	37	i	i	NOUN
cjfa-30369	241	38	=	=	NOUN
cjfa-30369	241	39	risk	risk	NOUN
cjfa-30369	241	40	-	-	PUNCT
cjfa-30369	241	41	free	free	ADJ
cjfa-30369	241	42	rate	rate	NOUN
cjfa-30369	241	43	of	of	ADP
cjfa-30369	241	44	return	return	NOUN
cjfa-30369	241	45	sr	sr	PROPN
cjfa-30369	241	46	=	=	PUNCT
cjfa-30369	241	47	expected	expect	VERB
cjfa-30369	241	48	return	return	NOUN
cjfa-30369	241	49	from	from	ADP
cjfa-30369	241	50	unhedged	unhedged	ADJ
cjfa-30369	241	51	portfolio	portfolio	NOUN
cjfa-30369	241	52	s	s	ADJ
cjfa-30369	241	53	=	=	SYM
cjfa-30369	241	54	standard	standard	ADJ
cjfa-30369	241	55	deviation	deviation	NOUN
cjfa-30369	241	56	of	of	ADP
cjfa-30369	241	57	returns	return	NOUN
cjfa-30369	241	58	from	from	ADP
cjfa-30369	241	59	unhedged	unhedged	ADJ
cjfa-30369	241	60	portfolio	portfolio	NOUN
cjfa-30369	241	61	results	result	NOUN
cjfa-30369	241	62	and	and	CCONJ
cjfa-30369	241	63	analysis	analysis	NOUN
cjfa-30369	241	64	table	table	NOUN
cjfa-30369	241	65	2	2	NUM
cjfa-30369	241	66	discusses	discuss	VERB
cjfa-30369	241	67	the	the	DET
cjfa-30369	241	68	time	time	NOUN
cjfa-30369	241	69	-	-	PUNCT
cjfa-30369	241	70	series	series	NOUN
cjfa-30369	241	71	properties	property	NOUN
cjfa-30369	241	72	of	of	ADP
cjfa-30369	241	73	the	the	DET
cjfa-30369	241	74	series	series	NOUN
cjfa-30369	241	75	understudy	understudy	NOUN
cjfa-30369	241	76	and	and	CCONJ
cjfa-30369	241	77	provides	provide	VERB
cjfa-30369	241	78	that	that	SCONJ
cjfa-30369	241	79	returns	return	NOUN
cjfa-30369	241	80	of	of	ADP
cjfa-30369	241	81	both	both	DET
cjfa-30369	241	82	futures	future	NOUN
cjfa-30369	241	83	and	and	CCONJ
cjfa-30369	241	84	cash	cash	NOUN
cjfa-30369	241	85	markets	market	NOUN
cjfa-30369	241	86	are	be	AUX
cjfa-30369	241	87	significantly	significantly	ADV
cjfa-30369	241	88	negatively	negatively	ADV
cjfa-30369	241	89	skewed	skewed	ADJ
cjfa-30369	241	90	and	and	CCONJ
cjfa-30369	241	91	their	their	PRON
cjfa-30369	241	92	coefficient	coefficient	NOUN
cjfa-30369	241	93	of	of	ADP
cjfa-30369	241	94	kurtosis	kurtosis	NOUN
cjfa-30369	241	95	is	be	AUX
cjfa-30369	241	96	significantly	significantly	ADV
cjfa-30369	241	97	different	different	ADJ
cjfa-30369	241	98	from	from	ADP
cjfa-30369	241	99	three	three	NUM
cjfa-30369	241	100	which	which	PRON
cjfa-30369	241	101	implies	imply	VERB
cjfa-30369	241	102	that	that	SCONJ
cjfa-30369	241	103	futures	future	NOUN
cjfa-30369	241	104	and	and	CCONJ
cjfa-30369	241	105	cash	cash	NOUN
cjfa-30369	241	106	market	market	NOUN
cjfa-30369	241	107	returns	return	NOUN
cjfa-30369	241	108	do	do	AUX
cjfa-30369	241	109	not	not	PART
cjfa-30369	241	110	conform	conform	VERB
cjfa-30369	241	111	to	to	ADP
cjfa-30369	241	112	normal	normal	ADJ
cjfa-30369	241	113	distribution	distribution	NOUN
cjfa-30369	241	114	.	.	PUNCT
cjfa-30369	242	1	the	the	DET
cjfa-30369	242	2	null	null	ADJ
cjfa-30369	242	3	hypothesis	hypothesis	NOUN
cjfa-30369	242	4	that	that	PRON
cjfa-30369	242	5	futures	future	NOUN
cjfa-30369	242	6	and	and	CCONJ
cjfa-30369	242	7	cash	cash	NOUN
cjfa-30369	242	8	market	market	NOUN
cjfa-30369	242	9	returns	return	NOUN
cjfa-30369	242	10	follow	follow	VERB
cjfa-30369	242	11	normal	normal	ADJ
cjfa-30369	242	12	distribution	distribution	NOUN
cjfa-30369	242	13	is	be	AUX
cjfa-30369	242	14	further	far	ADV
cjfa-30369	242	15	tested	test	VERB
cjfa-30369	242	16	through	through	ADP
cjfa-30369	242	17	jarque	jarque	NOUN
cjfa-30369	242	18	-	-	PUNCT
cjfa-30369	242	19	bera	bera	NOUN
cjfa-30369	242	20	test	test	NOUN
cjfa-30369	242	21	which	which	PRON
cjfa-30369	242	22	is	be	AUX
cjfa-30369	242	23	statistically	statistically	ADV
cjfa-30369	242	24	significant	significant	ADJ
cjfa-30369	242	25	,	,	PUNCT
cjfa-30369	242	26	and	and	CCONJ
cjfa-30369	242	27	rejects	reject	VERB
cjfa-30369	242	28	the	the	DET
cjfa-30369	242	29	null	null	ADJ
cjfa-30369	242	30	hypothesis	hypothesis	NOUN
cjfa-30369	242	31	for	for	ADP
cjfa-30369	242	32	all	all	DET
cjfa-30369	242	33	index	index	NOUN
cjfa-30369	242	34	futures	future	NOUN
cjfa-30369	242	35	and	and	CCONJ
cjfa-30369	242	36	cash	cash	NOUN
cjfa-30369	242	37	market	market	NOUN
cjfa-30369	242	38	returns	return	NOUN
cjfa-30369	242	39	.	.	PUNCT
cjfa-30369	243	1	table	table	NOUN
cjfa-30369	243	2	2	2	NUM
cjfa-30369	243	3	.	.	PUNCT
cjfa-30369	243	4	descriptive	descriptive	ADJ
cjfa-30369	243	5	statistics	statistic	NOUN
cjfa-30369	243	6	for	for	ADP
cjfa-30369	243	7	nifty	nifty	ADJ
cjfa-30369	243	8	,	,	PUNCT
cjfa-30369	243	9	niftyit	niftyit	NOUN
cjfa-30369	243	10	and	and	CCONJ
cjfa-30369	243	11	banknifty	banknifty	PROPN
cjfa-30369	243	12	contract	contract	NOUN
cjfa-30369	243	13	variab	variab	NOUN
cjfa-30369	243	14	le	le	PROPN
cjfa-30369	243	15	period	period	NOUN
cjfa-30369	243	16	count	count	NOUN
cjfa-30369	243	17	mean	mean	VERB
cjfa-30369	243	18	std	std	PROPN
cjfa-30369	243	19	.	.	PROPN
cjfa-30369	244	1	dev	dev	PROPN
cjfa-30369	244	2	.	.	PROPN
cjfa-30369	244	3	skewness	skewness	PROPN
cjfa-30369	244	4	kurtosis	kurtosis	VERB
cjfa-30369	244	5	jarquebera	jarquebera	PROPN
cjfa-30369	244	6	nifty5	nifty5	PROPN
cjfa-30369	244	7	0	0	NUM
cjfa-30369	244	8	futures	future	NOUN
cjfa-30369	244	9	return	return	VERB
cjfa-30369	244	10	pre	pre	X
cjfa-30369	244	11	1897	1897	NUM
cjfa-30369	244	12	0.000762	0.000762	NUM
cjfa-30369	244	13	0.015545	0.015545	NUM
cjfa-30369	244	14	-1.005812	-1.005812	NOUN
cjfa-30369	244	15	12.427	12.427	NUM
cjfa-30369	244	16	7344.651	7344.651	NUM
cjfa-30369	244	17	post	post	VERB
cjfa-30369	244	18	2041	2041	NUM
cjfa-30369	244	19	0.000114	0.000114	NUM
cjfa-30369	244	20	0.015902	0.015902	NUM
cjfa-30369	244	21	-0.047154	-0.047154	NOUN
cjfa-30369	244	22	13.246	13.246	NUM
cjfa-30369	244	23	10751.74	10751.74	NUM
cjfa-30369	244	24	total	total	ADJ
cjfa-30369	244	25	3939	3939	NUM
cjfa-30369	244	26	0.000425	0.000425	NUM
cjfa-30369	244	27	0.015731	0.015731	NUM
cjfa-30369	244	28	-0.493672	-0.493672	NOUN
cjfa-30369	244	29	12.833	12.833	NUM
cjfa-30369	244	30	16029.05	16029.05	NUM
cjfa-30369	244	31	=	=	SYM
cjfa-30369	244	32	standard	standard	ADJ
cjfa-30369	244	33	deviation	deviation	NOUN
cjfa-30369	244	34	of	of	ADP
cjfa-30369	244	35	returns	return	NOUN
cjfa-30369	244	36	from	from	ADP
cjfa-30369	244	37	unhedged	unhedged	ADJ
cjfa-30369	244	38	portfolio	portfolio	NOUN
cjfa-30369	244	39	results	result	NOUN
cjfa-30369	244	40	and	and	CCONJ
cjfa-30369	244	41	analysis	analysis	NOUN
cjfa-30369	244	42	table	table	NOUN
cjfa-30369	244	43	2	2	NUM
cjfa-30369	244	44	discusses	discuss	VERB
cjfa-30369	244	45	the	the	DET
cjfa-30369	244	46	time	time	NOUN
cjfa-30369	244	47	-	-	PUNCT
cjfa-30369	244	48	series	series	NOUN
cjfa-30369	244	49	properties	property	NOUN
cjfa-30369	244	50	of	of	ADP
cjfa-30369	244	51	the	the	DET
cjfa-30369	244	52	series	series	NOUN
cjfa-30369	244	53	understudy	understudy	NOUN
cjfa-30369	244	54	and	and	CCONJ
cjfa-30369	244	55	provides	provide	VERB
cjfa-30369	244	56	that	that	SCONJ
cjfa-30369	244	57	returns	return	NOUN
cjfa-30369	244	58	of	of	ADP
cjfa-30369	244	59	both	both	DET
cjfa-30369	244	60	futures	future	NOUN
cjfa-30369	244	61	and	and	CCONJ
cjfa-30369	244	62	cash	cash	NOUN
cjfa-30369	244	63	markets	market	NOUN
cjfa-30369	244	64	are	be	AUX
cjfa-30369	244	65	significantly	significantly	ADV
cjfa-30369	244	66	negatively	negatively	ADV
cjfa-30369	244	67	skewed	skewed	ADJ
cjfa-30369	244	68	and	and	CCONJ
cjfa-30369	244	69	their	their	PRON
cjfa-30369	244	70	coefficient	coefficient	NOUN
cjfa-30369	244	71	of	of	ADP
cjfa-30369	244	72	kurtosis	kurtosis	NOUN
cjfa-30369	244	73	is	be	AUX
cjfa-30369	244	74	significantly	significantly	ADV
cjfa-30369	244	75	different	different	ADJ
cjfa-30369	244	76	from	from	ADP
cjfa-30369	244	77	three	three	NUM
cjfa-30369	244	78	which	which	PRON
cjfa-30369	244	79	implies	imply	VERB
cjfa-30369	244	80	that	that	SCONJ
cjfa-30369	244	81	futures	future	NOUN
cjfa-30369	244	82	and	and	CCONJ
cjfa-30369	244	83	cash	cash	NOUN
cjfa-30369	244	84	market	market	NOUN
cjfa-30369	244	85	returns	return	NOUN
cjfa-30369	244	86	do	do	AUX
cjfa-30369	244	87	not	not	PART
cjfa-30369	244	88	conform	conform	VERB
cjfa-30369	244	89	to	to	ADP
cjfa-30369	244	90	normal	normal	ADJ
cjfa-30369	244	91	distribution	distribution	NOUN
cjfa-30369	244	92	.	.	PUNCT
cjfa-30369	245	1	the	the	DET
cjfa-30369	245	2	null	null	ADJ
cjfa-30369	245	3	hypothesis	hypothesis	NOUN
cjfa-30369	245	4	that	that	PRON
cjfa-30369	245	5	futures	future	NOUN
cjfa-30369	245	6	and	and	CCONJ
cjfa-30369	245	7	cash	cash	NOUN
cjfa-30369	245	8	market	market	NOUN
cjfa-30369	245	9	returns	return	NOUN
cjfa-30369	245	10	follow	follow	VERB
cjfa-30369	245	11	normal	normal	ADJ
cjfa-30369	245	12	distribution	distribution	NOUN
cjfa-30369	245	13	is	be	AUX
cjfa-30369	245	14	further	far	ADV
cjfa-30369	245	15	tested	test	VERB
cjfa-30369	245	16	through	through	ADP
cjfa-30369	245	17	jarque	jarque	NOUN
cjfa-30369	245	18	-	-	PUNCT
cjfa-30369	245	19	bera	bera	NOUN
cjfa-30369	245	20	test	test	NOUN
cjfa-30369	245	21	which	which	PRON
cjfa-30369	245	22	is	be	AUX
cjfa-30369	245	23	statistically	statistically	ADV
cjfa-30369	245	24	significant	significant	ADJ
cjfa-30369	245	25	,	,	PUNCT
cjfa-30369	245	26	and	and	CCONJ
cjfa-30369	245	27	rejects	reject	VERB
cjfa-30369	245	28	the	the	DET
cjfa-30369	245	29	null	null	ADJ
cjfa-30369	245	30	hypothesis	hypothesis	NOUN
cjfa-30369	245	31	for	for	ADP
cjfa-30369	245	32	all	all	DET
cjfa-30369	245	33	index	index	NOUN
cjfa-30369	245	34	futures	future	NOUN
cjfa-30369	245	35	and	and	CCONJ
cjfa-30369	245	36	cash	cash	NOUN
cjfa-30369	245	37	market	market	NOUN
cjfa-30369	245	38	returns	return	NOUN
cjfa-30369	245	39	.	.	PUNCT
cjfa-30369	246	1	table	table	NOUN
cjfa-30369	246	2	2	2	NUM
cjfa-30369	246	3	.	.	PUNCT
cjfa-30369	246	4	descriptive	descriptive	ADJ
cjfa-30369	246	5	statistics	statistic	NOUN
cjfa-30369	246	6	for	for	ADP
cjfa-30369	246	7	nifty	nifty	ADJ
cjfa-30369	246	8	,	,	PUNCT
cjfa-30369	246	9	niftyit	niftyit	NOUN
cjfa-30369	246	10	and	and	CCONJ
cjfa-30369	246	11	banknifty	banknifty	PROPN
cjfa-30369	246	12	contract	contract	NOUN
cjfa-30369	246	13	variable	variable	ADJ
cjfa-30369	246	14	period	period	NOUN
cjfa-30369	246	15	count	count	NOUN
cjfa-30369	246	16	mean	mean	VERB
cjfa-30369	246	17	std	std	PROPN
cjfa-30369	246	18	.	.	PROPN
cjfa-30369	247	1	dev	dev	PROPN
cjfa-30369	247	2	.	.	PROPN
cjfa-30369	247	3	skewness	skewness	PROPN
cjfa-30369	247	4	kurtosis	kurtosis	VERB
cjfa-30369	247	5	jarque	jarque	NOUN
cjfa-30369	247	6	-	-	PUNCT
cjfa-30369	247	7	bera	bera	NOUN
cjfa-30369	247	8	nifty50	nifty50	ADJ
cjfa-30369	247	9	futures	future	NOUN
cjfa-30369	247	10	return	return	VERB
cjfa-30369	247	11	pre	pre	X
cjfa-30369	247	12	1897	1897	NUM
cjfa-30369	247	13	0.000762	0.000762	NUM
cjfa-30369	247	14	0.015545	0.015545	NUM
cjfa-30369	247	15	-1.005812	-1.005812	NOUN
cjfa-30369	247	16	12.427	12.427	NUM
cjfa-30369	247	17	7344.651	7344.651	NUM
cjfa-30369	247	18	post	post	VERB
cjfa-30369	247	19	2041	2041	NUM
cjfa-30369	247	20	0.000114	0.000114	NUM
cjfa-30369	247	21	0.015902	0.015902	NUM
cjfa-30369	247	22	-0.047154	-0.047154	NOUN
cjfa-30369	247	23	13.246	13.246	NUM
cjfa-30369	247	24	10751.74	10751.74	NUM
cjfa-30369	247	25	total	total	ADJ
cjfa-30369	247	26	3939	3939	NUM
cjfa-30369	247	27	0.000425	0.000425	NUM
cjfa-30369	247	28	0.015731	0.015731	NUM
cjfa-30369	247	29	-0.493672	-0.493672	NOUN
cjfa-30369	247	30	12.833	12.833	NUM
cjfa-30369	247	31	16029.05	16029.05	NUM
cjfa-30369	247	32	cash	cash	NOUN
cjfa-30369	247	33	return	return	NOUN
cjfa-30369	247	34	pre	pre	X
cjfa-30369	247	35	1897	1897	NUM
cjfa-30369	247	36	0.000764	0.000764	NUM
cjfa-30369	247	37	0.014686	0.014686	NUM
cjfa-30369	247	38	-0.779820	-0.779820	NOUN
cjfa-30369	247	39	8.7388	8.7388	NUM
cjfa-30369	247	40	2795.453	2795.453	NUM
cjfa-30369	247	41	post	post	NOUN
cjfa-30369	247	42	2041	2041	NUM
cjfa-30369	247	43	0.000113	0.000113	NUM
cjfa-30369	247	44	0.015401	0.015401	NUM
cjfa-30369	247	45	0.098257	0.098257	NUM
cjfa-30369	247	46	14.242	14.242	NUM
cjfa-30369	247	47	8928.543	8928.543	NUM
cjfa-30369	247	48	total	total	ADJ
cjfa-30369	247	49	3939	3939	NUM
cjfa-30369	247	50	0.000427	0.000427	NUM
cjfa-30369	247	51	0.015061	0.015061	NUM
cjfa-30369	247	52	-0.296783	-0.296783	NOUN
cjfa-30369	247	53	11.836	11.836	NUM
cjfa-30369	247	54	12872.65	12872.65	NUM
cjfa-30369	247	55	basis	basis	NOUN
cjfa-30369	247	56	pre	pre	X
cjfa-30369	247	57	1898	1898	NUM
cjfa-30369	247	58	-3.021286	-3.021286	NUM
cjfa-30369	247	59	10.72971	10.72971	NUM
cjfa-30369	247	60	-1.162111	-1.162111	NOUN
cjfa-30369	248	1	7.1572	7.1572	NUM
cjfa-30369	248	2	1793.986	1793.986	NUM
cjfa-30369	248	3	post	post	NOUN
cjfa-30369	248	4	2042	2042	NUM
cjfa-30369	248	5	51.09412	51.09412	NUM
cjfa-30369	248	6	46.82309	46.82309	NUM
cjfa-30369	248	7	0.121282	0.121282	NUM
cjfa-30369	248	8	2.6293	2.6293	NUM
cjfa-30369	248	9	16.6923	16.6923	NUM
cjfa-30369	248	10	total	total	ADJ
cjfa-30369	248	11	3940	3940	NUM
cjfa-30369	248	12	25.02533	25.02533	NUM
cjfa-30369	248	13	43.84938	43.84938	NUM
cjfa-30369	248	14	1.049673	1.049673	NUM
cjfa-30369	248	15	3.4556	3.4556	NUM
cjfa-30369	248	16	757.6089	757.6089	NUM
cjfa-30369	248	17	niftyit	niftyit	NOUN
cjfa-30369	248	18	futures	future	NOUN
cjfa-30369	248	19	return	return	VERB
cjfa-30369	248	20	pre	pre	ADJ
cjfa-30369	248	21	1091	1091	NUM
cjfa-30369	248	22	-0.001046	-0.001046	NOUN
cjfa-30369	248	23	0.073914	0.073914	NUM
cjfa-30369	248	24	-29.97677	-29.97677	SYM
cjfa-30369	248	25	958.69	958.69	NUM
cjfa-30369	248	26	41683009	41683009	NUM
cjfa-30369	248	27	post	post	NOUN
cjfa-30369	248	28	2041	2041	NUM
cjfa-30369	248	29	0.000424	0.000424	NUM
cjfa-30369	248	30	0.017493	0.017493	NUM
cjfa-30369	248	31	-0.207287	-0.207287	NOUN
cjfa-30369	248	32	7.9567	7.9567	NUM
cjfa-30369	248	33	2104.046	2104.046	NUM
cjfa-30369	248	34	total	total	ADJ
cjfa-30369	248	35	3133	3133	NUM
cjfa-30369	248	36	-9.20e-05	-9.20e-05	PROPN
cjfa-30369	248	37	0.045839	0.045839	NUM
cjfa-30369	248	38	-43.78679	-43.78679	NUM
cjfa-30369	248	39	2257.9	2257.9	NUM
cjfa-30369	248	40	6.65e+08	6.65e+08	NUM
cjfa-30369	248	41	cash	cash	NOUN
cjfa-30369	248	42	return	return	NOUN
cjfa-30369	248	43	pre	pre	X
cjfa-30369	248	44	1091	1091	NUM
cjfa-30369	248	45	-0.001045	-0.001045	NOUN
cjfa-30369	248	46	0.073612	0.073612	NUM
cjfa-30369	248	47	-30.13482	-30.13482	SYM
cjfa-30369	248	48	965.58	965.58	NUM
cjfa-30369	248	49	42285710	42285710	NUM
cjfa-30369	248	50	post	post	NOUN
cjfa-30369	248	51	2041	2041	NUM
cjfa-30369	248	52	0.000425	0.000425	NUM
cjfa-30369	248	53	0.017467	0.017467	NUM
cjfa-30369	248	54	-0.161584	-0.161584	NOUN
cjfa-30369	248	55	8.5813	8.5813	NUM
cjfa-30369	248	56	2658.066	2658.066	NUM
cjfa-30369	248	57	total	total	ADJ
cjfa-30369	248	58	3133	3133	NUM
cjfa-30369	248	59	-9.13e-05	-9.13e-05	NOUN
cjfa-30369	248	60	0.045663	0.045663	NUM
cjfa-30369	248	61	-43.98293	-43.98293	SYM
cjfa-30369	248	62	2271.9	2271.9	NUM
cjfa-30369	248	63	6.73e+08	6.73e+08	NUM
cjfa-30369	248	64	basis	basis	NOUN
cjfa-30369	248	65	pre	pre	NOUN
cjfa-30369	248	66	1092	1092	NUM
cjfa-30369	248	67	6.301374	6.301374	NUM
cjfa-30369	248	68	62.32855	62.32855	NUM
cjfa-30369	248	69	-0.114054	-0.114054	NOUN
cjfa-30369	249	1	33.204	33.204	NUM
cjfa-30369	249	2	41513.72	41513.72	NUM
cjfa-30369	249	3	post	post	VERB
cjfa-30369	249	4	2042	2042	NUM
cjfa-30369	249	5	9.323286	9.323286	NUM
cjfa-30369	249	6	23.42619	23.42619	NUM
cjfa-30369	249	7	0.010648	0.010648	NUM
cjfa-30369	249	8	7.0464	7.0464	NUM
cjfa-30369	250	1	1393.181	1393.181	NUM
cjfa-30369	250	2	total	total	ADJ
cjfa-30369	250	3	3134	3134	NUM
cjfa-30369	250	4	8.270341	8.270341	NUM
cjfa-30369	250	5	41.38112	41.38112	NUM
cjfa-30369	250	6	-0.231291	-0.231291	NOUN
cjfa-30369	250	7	59.985	59.985	NUM
cjfa-30369	250	8	424078.3	424078.3	NUM
cjfa-30369	250	9	banknifty	banknifty	NOUN
cjfa-30369	250	10	futures	future	NOUN
cjfa-30369	250	11	return	return	VERB
cjfa-30369	250	12	pre	pre	VERB
cjfa-30369	250	13	637	637	NUM
cjfa-30369	250	14	0.001590	0.001590	NUM
cjfa-30369	250	15	0.019675	0.019675	NUM
cjfa-30369	250	16	-0.338606	-0.338606	VERB
cjfa-30369	251	1	4.5637	4.5637	NUM
cjfa-30369	251	2	77.07465	77.07465	NUM
cjfa-30369	251	3	post	post	NOUN
cjfa-30369	251	4	2041	2041	NUM
cjfa-30369	251	5	0.000234	0.000234	NUM
cjfa-30369	251	6	0.020989	0.020989	NUM
cjfa-30369	251	7	0.141173	0.141173	NUM
cjfa-30369	251	8	8.3753	8.3753	NUM
cjfa-30369	251	9	2464.022	2464.022	NUM
cjfa-30369	251	10	total	total	ADJ
cjfa-30369	251	11	2679	2679	NUM
cjfa-30369	251	12	0.000559	0.000559	NUM
cjfa-30369	251	13	0.020685	0.020685	NUM
cjfa-30369	251	14	0.038455	0.038455	NUM
cjfa-30369	251	15	7.6324	7.6324	NUM
cjfa-30369	251	16	2396.083	2396.083	NUM
cjfa-30369	251	17	cash	cash	NOUN
cjfa-30369	251	18	return	return	NOUN
cjfa-30369	251	19	pre	pre	VERB
cjfa-30369	251	20	637	637	NUM
cjfa-30369	251	21	0.001564	0.001564	NUM
cjfa-30369	251	22	0.019084	0.019084	NUM
cjfa-30369	251	23	-0.254725	-0.254725	NOUN
cjfa-30369	252	1	4.4809	4.4809	NUM
cjfa-30369	252	2	65.10121	65.10121	NUM
cjfa-30369	252	3	post	post	NOUN
cjfa-30369	252	4	2041	2041	NUM
cjfa-30369	252	5	0.000239	0.000239	NUM
cjfa-30369	252	6	0.020492	0.020492	NUM
cjfa-30369	252	7	0.164530	0.164530	NUM
cjfa-30369	252	8	8.2504	8.2504	NUM
cjfa-30369	252	9	2353.569	2353.569	PROPN
cjfa-30369	252	10	total	total	ADJ
cjfa-30369	252	11	2679	2679	NUM
cjfa-30369	252	12	0.000556	0.000556	NUM
cjfa-30369	252	13	0.020167	0.020167	NUM
cjfa-30369	252	14	0.075152	0.075152	NUM
cjfa-30369	252	15	7.5377	7.5377	NUM
cjfa-30369	252	16	2300.967	2300.967	NUM
cjfa-30369	252	17	basis	basis	NOUN
cjfa-30369	252	18	pre	pre	VERB
cjfa-30369	252	19	638	638	NUM
cjfa-30369	252	20	6.641144	6.641144	NUM
cjfa-30369	252	21	23.44068	23.44068	NUM
cjfa-30369	252	22	0.155635	0.155635	NUM
cjfa-30369	253	1	6.0061	6.0061	NUM
cjfa-30369	253	2	242.8022	242.8022	NUM
cjfa-30369	253	3	post	post	NOUN
cjfa-30369	253	4	2042	2042	NUM
cjfa-30369	253	5	20.33558	20.33558	NUM
cjfa-30369	253	6	41.05308	41.05308	NUM
cjfa-30369	253	7	0.500584	0.500584	NUM
cjfa-30369	253	8	4.2283	4.2283	NUM
cjfa-30369	253	9	213.6537	213.6537	NUM
cjfa-30369	253	10	total	total	ADJ
cjfa-30369	253	11	2680	2680	NUM
cjfa-30369	253	12	17.07549	17.07549	NUM
cjfa-30369	253	13	38.06139	38.06139	NUM
cjfa-30369	253	14	0.636343	0.636343	NUM
cjfa-30369	253	15	4.8002	4.8002	NUM
cjfa-30369	253	16	542.7752	542.7752	NUM
cjfa-30369	253	17	s	s	NOUN
cjfa-30369	253	18	o	o	X
cjfa-30369	253	19	u	u	NOUN
cjfa-30369	253	20	r	r	NOUN
cjfa-30369	253	21	c	c	NOUN
cjfa-30369	253	22	e	e	NOUN
cjfa-30369	253	23	:	:	PUNCT
cjfa-30369	253	24	calculated	calculate	VERB
cjfa-30369	253	25	by	by	ADP
cjfa-30369	253	26	author	author	NOUN
cjfa-30369	253	27	using	use	VERB
cjfa-30369	253	28	secondary	secondary	ADJ
cjfa-30369	253	29	data	datum	NOUN
cjfa-30369	253	30	downloaded	download	VERB
cjfa-30369	253	31	from	from	ADP
cjfa-30369	253	32	official	official	ADJ
cjfa-30369	253	33	website	website	NOUN
cjfa-30369	253	34	of	of	ADP
cjfa-30369	253	35	nse	nse	NOUN
cjfa-30369	253	36	.	.	PUNCT
cjfa-30369	254	1	mandeep	mandeep	PROPN
cjfa-30369	254	2	kaur	kaur	PROPN
cjfa-30369	254	3	,	,	PUNCT
cjfa-30369	254	4	kapil	kapil	PROPN
cjfa-30369	254	5	gupta160	gupta160	PROPN
cjfa-30369	254	6	furthermore	furthermore	ADV
cjfa-30369	254	7	,	,	PUNCT
cjfa-30369	254	8	table	table	NOUN
cjfa-30369	254	9	3	3	NUM
cjfa-30369	254	10	reports	report	VERB
cjfa-30369	254	11	the	the	DET
cjfa-30369	254	12	optimal	optimal	ADJ
cjfa-30369	254	13	hedge	hedge	NOUN
cjfa-30369	254	14	ratio(s	ratio(s	NOUN
cjfa-30369	254	15	)	)	PUNCT
cjfa-30369	254	16	estimated	estimate	VERB
cjfa-30369	254	17	through	through	ADP
cjfa-30369	254	18	naive	naive	ADJ
cjfa-30369	254	19	,	,	PUNCT
cjfa-30369	254	20	ols	ol	NOUN
cjfa-30369	254	21	,	,	PUNCT
cjfa-30369	254	22	arma	arma	PROPN
cjfa-30369	254	23	ols	ol	NOUN
cjfa-30369	254	24	(	(	PUNCT
cjfa-30369	254	25	p	p	X
cjfa-30369	254	26	,	,	PUNCT
cjfa-30369	254	27	q	q	NOUN
cjfa-30369	254	28	)	)	PUNCT
cjfa-30369	254	29	,	,	PUNCT
cjfa-30369	254	30	var	var	NOUN
cjfa-30369	254	31	,	,	PUNCT
cjfa-30369	254	32	vecm	vecm	NOUN
cjfa-30369	254	33	,	,	PUNCT
cjfa-30369	254	34	garch	garch	NOUN
cjfa-30369	254	35	(	(	PUNCT
cjfa-30369	254	36	p	p	X
cjfa-30369	254	37	,	,	PUNCT
cjfa-30369	254	38	q	q	NOUN
cjfa-30369	254	39	)	)	PUNCT
cjfa-30369	254	40	,	,	PUNCT
cjfa-30369	254	41	egarch	egarch	NOUN
cjfa-30369	255	1	(	(	PUNCT
cjfa-30369	255	2	p	p	X
cjfa-30369	255	3	,	,	PUNCT
cjfa-30369	255	4	q	q	NOUN
cjfa-30369	255	5	)	)	PUNCT
cjfa-30369	255	6	and	and	CCONJ
cjfa-30369	255	7	tarch	tarch	NOUN
cjfa-30369	255	8	(	(	PUNCT
cjfa-30369	255	9	p	p	X
cjfa-30369	255	10	,	,	PUNCT
cjfa-30369	255	11	q	q	NOUN
cjfa-30369	255	12	)	)	PUNCT
cjfa-30369	255	13	for	for	ADP
cjfa-30369	255	14	near	near	ADJ
cjfa-30369	255	15	month	month	NOUN
cjfa-30369	255	16	contracts	contract	NOUN
cjfa-30369	255	17	of	of	ADP
cjfa-30369	255	18	all	all	DET
cjfa-30369	255	19	the	the	DET
cjfa-30369	255	20	three	three	NUM
cjfa-30369	255	21	indices	index	NOUN
cjfa-30369	255	22	understudy	understudy	NOUN
cjfa-30369	255	23	.	.	PUNCT
cjfa-30369	256	1	it	it	PRON
cjfa-30369	256	2	is	be	AUX
cjfa-30369	256	3	observed	observe	VERB
cjfa-30369	256	4	that	that	SCONJ
cjfa-30369	256	5	in	in	ADP
cjfa-30369	256	6	all	all	DET
cjfa-30369	256	7	these	these	DET
cjfa-30369	256	8	indices	index	NOUN
cjfa-30369	256	9	ols	ol	NOUN
cjfa-30369	256	10	model	model	NOUN
cjfa-30369	256	11	gives	give	VERB
cjfa-30369	256	12	lowest	low	ADJ
cjfa-30369	256	13	coefficient	coefficient	NOUN
cjfa-30369	256	14	of	of	ADP
cjfa-30369	256	15	hedge	hedge	NOUN
cjfa-30369	256	16	ratio	ratio	NOUN
cjfa-30369	256	17	.	.	PUNCT
cjfa-30369	257	1	secondly	secondly	ADV
cjfa-30369	257	2	,	,	PUNCT
cjfa-30369	257	3	hedge	hedge	ADJ
cjfa-30369	257	4	ratio	ratio	NOUN
cjfa-30369	257	5	estimated	estimate	VERB
cjfa-30369	257	6	through	through	ADP
cjfa-30369	257	7	ols	ol	NOUN
cjfa-30369	257	8	,	,	PUNCT
cjfa-30369	257	9	arma	arma	PROPN
cjfa-30369	257	10	,	,	PUNCT
cjfa-30369	257	11	var	var	NOUN
cjfa-30369	257	12	and	and	CCONJ
cjfa-30369	257	13	vecm	vecm	NOUN
cjfa-30369	257	14	are	be	AUX
cjfa-30369	257	15	constant	constant	ADJ
cjfa-30369	257	16	hedge	hedge	NOUN
cjfa-30369	257	17	ratios	ratio	NOUN
cjfa-30369	257	18	and	and	CCONJ
cjfa-30369	257	19	their	their	PRON
cjfa-30369	257	20	hedging	hedging	NOUN
cjfa-30369	257	21	coefficients	coefficient	NOUN
cjfa-30369	257	22	are	be	AUX
cjfa-30369	257	23	relatively	relatively	ADV
cjfa-30369	257	24	smaller	small	ADJ
cjfa-30369	257	25	than	than	ADP
cjfa-30369	257	26	the	the	DET
cjfa-30369	257	27	hedge	hedge	NOUN
cjfa-30369	257	28	ratios	ratio	NOUN
cjfa-30369	257	29	estimated	estimate	VERB
cjfa-30369	257	30	through	through	ADP
cjfa-30369	257	31	time	time	NOUN
cjfa-30369	257	32	varying	vary	VERB
cjfa-30369	257	33	models	model	NOUN
cjfa-30369	257	34	i.e.	i.e.	X
cjfa-30369	257	35	garch	garch	NOUN
cjfa-30369	257	36	,	,	PUNCT
cjfa-30369	257	37	egarch	egarch	NOUN
cjfa-30369	257	38	and	and	CCONJ
cjfa-30369	257	39	tarch	tarch	NOUN
cjfa-30369	257	40	.	.	PUNCT
cjfa-30369	258	1	from	from	ADP
cjfa-30369	258	2	the	the	DET
cjfa-30369	258	3	above	above	ADJ
cjfa-30369	258	4	observation	observation	NOUN
cjfa-30369	258	5	,	,	PUNCT
cjfa-30369	258	6	one	one	NUM
cjfa-30369	258	7	conclusion	conclusion	NOUN
cjfa-30369	258	8	can	can	AUX
cjfa-30369	258	9	be	be	AUX
cjfa-30369	258	10	drawn	draw	VERB
cjfa-30369	258	11	that	that	SCONJ
cjfa-30369	258	12	the	the	DET
cjfa-30369	258	13	cost	cost	NOUN
cjfa-30369	258	14	of	of	ADP
cjfa-30369	258	15	hedging	hedge	VERB
cjfa-30369	258	16	through	through	ADP
cjfa-30369	258	17	constant	constant	ADJ
cjfa-30369	258	18	hedge	hedge	NOUN
cjfa-30369	258	19	ratio	ratio	NOUN
cjfa-30369	258	20	are	be	AUX
cjfa-30369	258	21	lower	low	ADJ
cjfa-30369	258	22	than	than	ADP
cjfa-30369	258	23	time	time	NOUN
cjfa-30369	258	24	varying	vary	VERB
cjfa-30369	258	25	hedge	hedge	NOUN
cjfa-30369	258	26	ratios	ratio	NOUN
cjfa-30369	258	27	.	.	PUNCT
cjfa-30369	259	1	furthermore	furthermore	ADV
cjfa-30369	259	2	,	,	PUNCT
cjfa-30369	259	3	the	the	DET
cjfa-30369	259	4	coefficients	coefficient	NOUN
cjfa-30369	259	5	of	of	ADP
cjfa-30369	259	6	hedge	hedge	NOUN
cjfa-30369	259	7	ratio	ratio	NOUN
cjfa-30369	259	8	estimated	estimate	VERB
cjfa-30369	259	9	through	through	ADP
cjfa-30369	259	10	var	var	NOUN
cjfa-30369	259	11	and	and	CCONJ
cjfa-30369	259	12	vecm	vecm	NOUN
cjfa-30369	259	13	are	be	AUX
cjfa-30369	259	14	very	very	ADV
cjfa-30369	259	15	close	close	ADJ
cjfa-30369	259	16	to	to	PART
cjfa-30369	259	17	hedge	hedge	VERB
cjfa-30369	259	18	ratios	ratio	NOUN
cjfa-30369	259	19	estimated	estimate	VERB
cjfa-30369	259	20	through	through	ADP
cjfa-30369	259	21	ederington	ederington	NOUN
cjfa-30369	259	22	’s	’s	PART
cjfa-30369	259	23	ols	ols	PROPN
cjfa-30369	259	24	model	model	NOUN
cjfa-30369	259	25	which	which	PRON
cjfa-30369	259	26	implies	imply	VERB
cjfa-30369	259	27	that	that	SCONJ
cjfa-30369	259	28	it	it	PRON
cjfa-30369	259	29	incorporates	incorporate	VERB
cjfa-30369	259	30	the	the	DET
cjfa-30369	259	31	property	property	NOUN
cjfa-30369	259	32	of	of	ADP
cjfa-30369	259	33	cost	cost	NOUN
cjfa-30369	259	34	of	of	ADP
cjfa-30369	259	35	carry	carry	NOUN
cjfa-30369	259	36	model	model	NOUN
cjfa-30369	259	37	.	.	PUNCT
cjfa-30369	260	1	table	table	NOUN
cjfa-30369	260	2	3	3	NUM
cjfa-30369	260	3	.	.	X
cjfa-30369	260	4	estimation	estimation	NOUN
cjfa-30369	260	5	of	of	ADP
cjfa-30369	260	6	optimal	optimal	ADJ
cjfa-30369	260	7	hedge	hedge	NOUN
cjfa-30369	260	8	ratio	ratio	NOUN
cjfa-30369	260	9	contract	contract	NOUN
cjfa-30369	260	10	naïve	naïve	PROPN
cjfa-30369	260	11	ols	ols	PROPN
cjfa-30369	260	12	arma	arma	PROPN
cjfa-30369	260	13	ols	ols	PROPN
cjfa-30369	260	14	var	var	PROPN
cjfa-30369	260	15	vecm	vecm	PROPN
cjfa-30369	260	16	*	*	PROPN
cjfa-30369	260	17	garch	garch	NOUN
cjfa-30369	260	18	(	(	PUNCT
cjfa-30369	260	19	1,1	1,1	NUM
cjfa-30369	260	20	)	)	PUNCT
cjfa-30369	260	21	egarch	egarch	NOUN
cjfa-30369	260	22	(	(	PUNCT
cjfa-30369	260	23	1,1	1,1	NUM
cjfa-30369	260	24	)	)	PUNCT
cjfa-30369	260	25	tarch	tarch	NOUN
cjfa-30369	260	26	(	(	PUNCT
cjfa-30369	260	27	1,1	1,1	NUM
cjfa-30369	260	28	)	)	PUNCT
cjfa-30369	260	29	nifty50	nifty50	NOUN
cjfa-30369	260	30	1	1	NUM
cjfa-30369	260	31	0.940	0.940	NUM
cjfa-30369	260	32	0.956	0.956	NUM
cjfa-30369	260	33	0.943	0.943	NUM
cjfa-30369	260	34	0.944	0.944	NUM
cjfa-30369	260	35	0.962	0.962	NUM
cjfa-30369	260	36	0.964	0.964	NUM
cjfa-30369	260	37	0.962	0.962	NUM
cjfa-30369	260	38	niftyit	niftyit	NOUN
cjfa-30369	260	39	1	1	NUM
cjfa-30369	260	40	0.993	0.993	NUM
cjfa-30369	260	41	0.998	0.998	NUM
cjfa-30369	260	42	0.996	0.996	NUM
cjfa-30369	260	43	0.996	0.996	NUM
cjfa-30369	260	44	1.00152	1.00152	NUM
cjfa-30369	260	45	1.00157	1.00157	NUM
cjfa-30369	260	46	1.00156	1.00156	NUM
cjfa-30369	260	47	banknifty	banknifty	NOUN
cjfa-30369	260	48	1	1	NUM
cjfa-30369	260	49	0.966	0.966	NUM
cjfa-30369	260	50	0.979	0.979	NUM
cjfa-30369	260	51	0.967	0.967	NUM
cjfa-30369	260	52	0.968	0.968	NUM
cjfa-30369	260	53	0.982	0.982	NUM
cjfa-30369	260	54	0.986	0.986	NUM
cjfa-30369	260	55	0.984	0.984	NUM
cjfa-30369	260	56	*	*	PUNCT
cjfa-30369	260	57	vecm	vecm	NOUN
cjfa-30369	260	58	estimation	estimation	NOUN
cjfa-30369	260	59	results	result	NOUN
cjfa-30369	260	60	available	available	ADJ
cjfa-30369	260	61	on	on	ADP
cjfa-30369	260	62	demand	demand	NOUN
cjfa-30369	260	63	.	.	PUNCT
cjfa-30369	261	1	s	s	PART
cjfa-30369	261	2	o	o	X
cjfa-30369	261	3	u	u	NOUN
cjfa-30369	261	4	r	r	NOUN
cjfa-30369	261	5	c	c	NOUN
cjfa-30369	261	6	e	e	NOUN
cjfa-30369	261	7	:	:	PUNCT
cjfa-30369	261	8	calculated	calculate	VERB
cjfa-30369	261	9	by	by	ADP
cjfa-30369	261	10	author	author	NOUN
cjfa-30369	261	11	using	use	VERB
cjfa-30369	261	12	secondary	secondary	ADJ
cjfa-30369	261	13	data	datum	NOUN
cjfa-30369	261	14	downloaded	download	VERB
cjfa-30369	261	15	from	from	ADP
cjfa-30369	261	16	official	official	ADJ
cjfa-30369	261	17	website	website	NOUN
cjfa-30369	261	18	of	of	ADP
cjfa-30369	261	19	nse	nse	NOUN
cjfa-30369	261	20	.	.	PUNCT
cjfa-30369	262	1	furthermore	furthermore	ADV
cjfa-30369	262	2	,	,	PUNCT
cjfa-30369	262	3	table	table	NOUN
cjfa-30369	262	4	4	4	NUM
cjfa-30369	262	5	reports	report	VERB
cjfa-30369	262	6	the	the	DET
cjfa-30369	262	7	optimal	optimal	ADJ
cjfa-30369	262	8	hedge	hedge	NOUN
cjfa-30369	262	9	ratio(s	ratio(s	NOUN
cjfa-30369	262	10	)	)	PUNCT
cjfa-30369	262	11	estimated	estimate	VERB
cjfa-30369	262	12	through	through	ADP
cjfa-30369	262	13	all	all	DET
cjfa-30369	262	14	eight	eight	NUM
cjfa-30369	262	15	models	model	NOUN
cjfa-30369	262	16	over	over	ADP
cjfa-30369	262	17	pre	pre	ADJ
cjfa-30369	262	18	and	and	CCONJ
cjfa-30369	262	19	post	post	VERB
cjfa-30369	262	20	financial	financial	ADJ
cjfa-30369	262	21	crisis	crisis	NOUN
cjfa-30369	262	22	period	period	NOUN
cjfa-30369	262	23	.	.	PUNCT
cjfa-30369	263	1	it	it	PRON
cjfa-30369	263	2	is	be	AUX
cjfa-30369	263	3	observed	observe	VERB
cjfa-30369	263	4	there	there	PRON
cjfa-30369	263	5	has	have	AUX
cjfa-30369	263	6	been	be	AUX
cjfa-30369	263	7	a	a	DET
cjfa-30369	263	8	slight	slight	ADJ
cjfa-30369	263	9	increase	increase	NOUN
cjfa-30369	263	10	in	in	ADP
cjfa-30369	263	11	the	the	DET
cjfa-30369	263	12	coefficient	coefficient	NOUN
cjfa-30369	263	13	of	of	ADP
cjfa-30369	263	14	hedge	hedge	NOUN
cjfa-30369	263	15	ratios	ratio	NOUN
cjfa-30369	263	16	for	for	ADP
cjfa-30369	263	17	nifty50	nifty50	ADJ
cjfa-30369	263	18	and	and	CCONJ
cjfa-30369	263	19	banknifty	banknifty	NOUN
cjfa-30369	263	20	during	during	ADP
cjfa-30369	263	21	post	post	NOUN
cjfa-30369	263	22	crisis	crisis	NOUN
cjfa-30369	263	23	period	period	NOUN
cjfa-30369	263	24	,	,	PUNCT
cjfa-30369	263	25	irrespective	irrespective	ADV
cjfa-30369	263	26	of	of	ADP
cjfa-30369	263	27	model	model	NOUN
cjfa-30369	263	28	used	use	VERB
cjfa-30369	263	29	for	for	ADP
cjfa-30369	263	30	estimating	estimate	VERB
cjfa-30369	263	31	optimal	optimal	ADJ
cjfa-30369	263	32	hedge	hedge	NOUN
cjfa-30369	263	33	ratio	ratio	NOUN
cjfa-30369	263	34	.	.	PUNCT
cjfa-30369	264	1	however	however	ADV
cjfa-30369	264	2	,	,	PUNCT
cjfa-30369	264	3	the	the	DET
cjfa-30369	264	4	results	result	NOUN
cjfa-30369	264	5	are	be	AUX
cjfa-30369	264	6	different	different	ADJ
cjfa-30369	264	7	for	for	ADP
cjfa-30369	264	8	niftyit	niftyit	NOUN
cjfa-30369	264	9	,	,	PUNCT
cjfa-30369	264	10	where	where	SCONJ
cjfa-30369	264	11	coefficient	coefficient	NOUN
cjfa-30369	264	12	of	of	ADP
cjfa-30369	264	13	hedge	hedge	NOUN
cjfa-30369	264	14	ratio(s	ratio(s	PROPN
cjfa-30369	264	15	)	)	PUNCT
cjfa-30369	264	16	increased	increase	VERB
cjfa-30369	264	17	only	only	ADV
cjfa-30369	264	18	for	for	ADP
cjfa-30369	264	19	time	time	NOUN
cjfa-30369	264	20	-	-	PUNCT
cjfa-30369	264	21	varying	vary	VERB
cjfa-30369	264	22	hedging	hedging	NOUN
cjfa-30369	264	23	models	model	NOUN
cjfa-30369	264	24	(	(	PUNCT
cjfa-30369	264	25	i.e.	i.e.	X
cjfa-30369	264	26	garch	garch	NOUN
cjfa-30369	264	27	,	,	PUNCT
cjfa-30369	264	28	egarch	egarch	NOUN
cjfa-30369	264	29	and	and	CCONJ
cjfa-30369	264	30	tarch	tarch	NOUN
cjfa-30369	264	31	)	)	PUNCT
cjfa-30369	264	32	.	.	PUNCT
cjfa-30369	265	1	it	it	PRON
cjfa-30369	265	2	implies	imply	VERB
cjfa-30369	265	3	that	that	SCONJ
cjfa-30369	265	4	the	the	DET
cjfa-30369	265	5	cost	cost	NOUN
cjfa-30369	265	6	of	of	ADP
cjfa-30369	265	7	hedging	hedging	NOUN
cjfa-30369	265	8	using	use	VERB
cjfa-30369	265	9	niftyit	niftyit	NOUN
cjfa-30369	265	10	is	be	AUX
cjfa-30369	265	11	increased	increase	VERB
cjfa-30369	265	12	during	during	ADP
cjfa-30369	265	13	post	post	NOUN
cjfa-30369	265	14	crisis	crisis	NOUN
cjfa-30369	265	15	period	period	NOUN
cjfa-30369	265	16	,	,	PUNCT
cjfa-30369	265	17	if	if	SCONJ
cjfa-30369	265	18	time	time	NOUN
cjfa-30369	265	19	-	-	PUNCT
cjfa-30369	265	20	varying	vary	VERB
cjfa-30369	265	21	models	model	NOUN
cjfa-30369	265	22	are	be	AUX
cjfa-30369	265	23	used	use	VERB
cjfa-30369	265	24	for	for	ADP
cjfa-30369	265	25	estimating	estimate	VERB
cjfa-30369	265	26	optimal	optimal	ADJ
cjfa-30369	265	27	hedge	hedge	NOUN
cjfa-30369	265	28	ratio	ratio	NOUN
cjfa-30369	265	29	.	.	PUNCT
cjfa-30369	266	1	estimating	estimate	VERB
cjfa-30369	266	2	hedging	hedging	NOUN
cjfa-30369	266	3	effectiveness	effectiveness	NOUN
cjfa-30369	266	4	using	use	VERB
cjfa-30369	266	5	variance	variance	NOUN
cjfa-30369	266	6	reduction	reduction	NOUN
cjfa-30369	266	7	…	…	PUNCT
cjfa-30369	266	8	161	161	NUM
cjfa-30369	266	9	table	table	NOUN
cjfa-30369	266	10	4	4	NUM
cjfa-30369	266	11	.	.	PUNCT
cjfa-30369	266	12	estimation	estimation	NOUN
cjfa-30369	266	13	of	of	ADP
cjfa-30369	266	14	correlation	correlation	NOUN
cjfa-30369	266	15	coefficient	coefficient	NOUN
cjfa-30369	266	16	and	and	CCONJ
cjfa-30369	266	17	optimal	optimal	ADJ
cjfa-30369	266	18	hedge	hedge	NOUN
cjfa-30369	266	19	ratio	ratio	NOUN
cjfa-30369	266	20	over	over	ADP
cjfa-30369	266	21	pre	pre	ADJ
cjfa-30369	266	22	and	and	CCONJ
cjfa-30369	266	23	post	post	VERB
cjfa-30369	266	24	crisis	crisis	NOUN
cjfa-30369	266	25	period	period	NOUN
cjfa-30369	266	26	contract	contract	NOUN
cjfa-30369	266	27	period	period	NOUN
cjfa-30369	266	28	correlation	correlation	NOUN
cjfa-30369	266	29	coefficient	coefficient	NOUN
cjfa-30369	266	30	naïve	naïve	ADJ
cjfa-30369	266	31	ols	ols	PROPN
cjfa-30369	266	32	arma	arma	PROPN
cjfa-30369	266	33	ols	ols	PROPN
cjfa-30369	266	34	var	var	PROPN
cjfa-30369	266	35	vecm	vecm	PROPN
cjfa-30369	266	36	garch	garch	PROPN
cjfa-30369	266	37	egarch	egarch	NOUN
cjfa-30369	266	38	tarch	tarch	NOUN
cjfa-30369	266	39	nifty50	nifty50	ADV
cjfa-30369	266	40	pre	pre	VERB
cjfa-30369	266	41	-	-	NOUN
cjfa-30369	266	42	crisis	crisis	ADJ
cjfa-30369	266	43	0.9728	0.9728	NOUN
cjfa-30369	266	44	1	1	NUM
cjfa-30369	266	45	0.919	0.919	NUM
cjfa-30369	266	46	0.941	0.941	NUM
cjfa-30369	266	47	0.923	0.923	NUM
cjfa-30369	266	48	0.925	0.925	NUM
cjfa-30369	266	49	0.936	0.936	NUM
cjfa-30369	266	50	0.931	0.931	NUM
cjfa-30369	266	51	0.935	0.935	NUM
cjfa-30369	266	52	post	post	ADJ
cjfa-30369	266	53	-	-	NOUN
cjfa-30369	266	54	crisis	crisis	NOUN
cjfa-30369	266	55	0.9906	0.9906	NUM
cjfa-30369	266	56	1	1	NUM
cjfa-30369	266	57	0.959	0.959	NUM
cjfa-30369	266	58	0.966	0.966	NUM
cjfa-30369	266	59	0.959	0.959	NUM
cjfa-30369	266	60	0.960	0.960	NUM
cjfa-30369	266	61	0.977	0.977	NUM
cjfa-30369	266	62	0.978	0.978	NUM
cjfa-30369	266	63	0.981	0.981	NUM
cjfa-30369	266	64	niftyit	niftyit	NOUN
cjfa-30369	266	65	pre	pre	NOUN
cjfa-30369	266	66	-	-	NOUN
cjfa-30369	266	67	crisis	crisis	VERB
cjfa-30369	266	68	0.9986	0.9986	NUM
cjfa-30369	266	69	1	1	NUM
cjfa-30369	266	70	0.995	0.995	NUM
cjfa-30369	266	71	0.999	0.999	NUM
cjfa-30369	266	72	0.997	0.997	NUM
cjfa-30369	266	73	0.998	0.998	NUM
cjfa-30369	266	74	0.999	0.999	NUM
cjfa-30369	266	75	0.997	0.997	NUM
cjfa-30369	266	76	0.996	0.996	NUM
cjfa-30369	266	77	post	post	ADJ
cjfa-30369	266	78	-	-	NOUN
cjfa-30369	266	79	crisis	crisis	NOUN
cjfa-30369	266	80	0.9827	0.9827	NUM
cjfa-30369	266	81	1	1	NUM
cjfa-30369	266	82	0.981	0.981	NUM
cjfa-30369	266	83	0.988	0.988	NUM
cjfa-30369	266	84	0.992	0.992	NUM
cjfa-30369	266	85	0.993	0.993	NUM
cjfa-30369	266	86	1.006	1.006	NUM
cjfa-30369	266	87	1.007	1.007	NUM
cjfa-30369	266	88	1.005	1.005	NUM
cjfa-30369	266	89	banknifty	banknifty	NOUN
cjfa-30369	266	90	pre	pre	NOUN
cjfa-30369	266	91	-	-	NOUN
cjfa-30369	266	92	crisis	crisis	ADJ
cjfa-30369	266	93	0.9822	0.9822	NUM
cjfa-30369	266	94	1	1	NUM
cjfa-30369	266	95	0.953	0.953	NUM
cjfa-30369	266	96	0.976	0.976	NUM
cjfa-30369	266	97	0.957	0.957	NUM
cjfa-30369	266	98	0.962	0.962	NUM
cjfa-30369	266	99	0.982	0.982	NUM
cjfa-30369	266	100	0.985	0.985	NUM
cjfa-30369	266	101	0.982	0.982	NUM
cjfa-30369	266	102	post	post	NOUN
cjfa-30369	266	103	-	-	NOUN
cjfa-30369	266	104	crisis	crisis	NOUN
cjfa-30369	266	105	0.9934	0.9934	NUM
cjfa-30369	266	106	1	1	NUM
cjfa-30369	266	107	0.970	0.970	NUM
cjfa-30369	266	108	0.980	0.980	NUM
cjfa-30369	266	109	0.970	0.970	NUM
cjfa-30369	266	110	0.970	0.970	NUM
cjfa-30369	266	111	0.982	0.982	NUM
cjfa-30369	266	112	0.986	0.986	NUM
cjfa-30369	266	113	0.985	0.985	NUM
cjfa-30369	266	114	s	s	NOUN
cjfa-30369	266	115	o	o	X
cjfa-30369	266	116	u	u	NOUN
cjfa-30369	266	117	r	r	NOUN
cjfa-30369	266	118	c	c	NOUN
cjfa-30369	266	119	e	e	NOUN
cjfa-30369	266	120	:	:	PUNCT
cjfa-30369	266	121	calculated	calculate	VERB
cjfa-30369	266	122	by	by	ADP
cjfa-30369	266	123	author	author	NOUN
cjfa-30369	266	124	using	use	VERB
cjfa-30369	266	125	secondary	secondary	ADJ
cjfa-30369	266	126	data	datum	NOUN
cjfa-30369	266	127	downloaded	download	VERB
cjfa-30369	266	128	from	from	ADP
cjfa-30369	266	129	official	official	ADJ
cjfa-30369	266	130	website	website	NOUN
cjfa-30369	266	131	of	of	ADP
cjfa-30369	266	132	nse	nse	NOUN
cjfa-30369	266	133	.	.	PUNCT
cjfa-30369	267	1	furthermore	furthermore	ADV
cjfa-30369	267	2	,	,	PUNCT
cjfa-30369	267	3	table	table	NOUN
cjfa-30369	267	4	5	5	NUM
cjfa-30369	267	5	reports	report	VERB
cjfa-30369	267	6	the	the	DET
cjfa-30369	267	7	hedging	hedging	NOUN
cjfa-30369	267	8	effectiveness	effectiveness	NOUN
cjfa-30369	267	9	in	in	ADP
cjfa-30369	267	10	the	the	DET
cjfa-30369	267	11	form	form	NOUN
cjfa-30369	267	12	of	of	ADP
cjfa-30369	267	13	variance	variance	NOUN
cjfa-30369	267	14	reduction	reduction	NOUN
cjfa-30369	267	15	,	,	PUNCT
cjfa-30369	267	16	proposed	propose	VERB
cjfa-30369	267	17	by	by	ADP
cjfa-30369	267	18	ederington	ederington	NOUN
cjfa-30369	267	19	(	(	PUNCT
cjfa-30369	267	20	1979	1979	NUM
cjfa-30369	267	21	)	)	PUNCT
cjfa-30369	267	22	,	,	PUNCT
cjfa-30369	267	23	after	after	ADP
cjfa-30369	267	24	taking	take	VERB
cjfa-30369	267	25	hedging	hedging	NOUN
cjfa-30369	267	26	position	position	NOUN
cjfa-30369	267	27	with	with	ADP
cjfa-30369	267	28	the	the	DET
cjfa-30369	267	29	estimated	estimate	VERB
cjfa-30369	267	30	optimal	optimal	ADJ
cjfa-30369	267	31	hedge	hedge	NOUN
cjfa-30369	267	32	ratios	ratio	NOUN
cjfa-30369	267	33	.	.	PUNCT
cjfa-30369	268	1	an	an	DET
cjfa-30369	268	2	important	important	ADJ
cjfa-30369	268	3	observation	observation	NOUN
cjfa-30369	268	4	is	be	AUX
cjfa-30369	268	5	that	that	SCONJ
cjfa-30369	268	6	ederington	ederington	NOUN
cjfa-30369	268	7	’s	’s	PART
cjfa-30369	268	8	ols	ols	PROPN
cjfa-30369	268	9	model	model	NOUN
cjfa-30369	268	10	gives	give	VERB
cjfa-30369	268	11	highest	high	ADJ
cjfa-30369	268	12	hedging	hedging	NOUN
cjfa-30369	268	13	effectiveness	effectiveness	NOUN
cjfa-30369	268	14	,	,	PUNCT
cjfa-30369	268	15	whereas	whereas	SCONJ
cjfa-30369	268	16	,	,	PUNCT
cjfa-30369	268	17	naive	naive	ADJ
cjfa-30369	268	18	hedging	hedging	NOUN
cjfa-30369	268	19	model	model	NOUN
cjfa-30369	268	20	gives	give	VERB
cjfa-30369	268	21	lowest	low	ADJ
cjfa-30369	268	22	hedging	hedging	NOUN
cjfa-30369	268	23	effectiveness	effectiveness	NOUN
cjfa-30369	268	24	among	among	ADP
cjfa-30369	268	25	all	all	DET
cjfa-30369	268	26	the	the	DET
cjfa-30369	268	27	models	model	NOUN
cjfa-30369	268	28	.	.	PUNCT
cjfa-30369	269	1	moreover	moreover	ADV
cjfa-30369	269	2	,	,	PUNCT
cjfa-30369	269	3	there	there	PRON
cjfa-30369	269	4	is	be	VERB
cjfa-30369	269	5	no	no	DET
cjfa-30369	269	6	significant	significant	ADJ
cjfa-30369	269	7	difference	difference	NOUN
cjfa-30369	269	8	between	between	ADP
cjfa-30369	269	9	the	the	DET
cjfa-30369	269	10	hedge	hedge	NOUN
cjfa-30369	269	11	effectiveness	effectiveness	NOUN
cjfa-30369	269	12	estimated	estimate	VERB
cjfa-30369	269	13	through	through	ADP
cjfa-30369	269	14	all	all	DET
cjfa-30369	269	15	models	model	NOUN
cjfa-30369	269	16	understudy	understudy	ADJ
cjfa-30369	269	17	(	(	PUNCT
cjfa-30369	269	18	except	except	SCONJ
cjfa-30369	269	19	naïve	naïve	ADJ
cjfa-30369	269	20	)	)	PUNCT
cjfa-30369	269	21	.	.	PUNCT
cjfa-30369	270	1	these	these	DET
cjfa-30369	270	2	findings	finding	NOUN
cjfa-30369	270	3	are	be	AUX
cjfa-30369	270	4	consistent	consistent	ADJ
cjfa-30369	270	5	with	with	ADP
cjfa-30369	270	6	the	the	DET
cjfa-30369	270	7	findings	finding	NOUN
cjfa-30369	270	8	of	of	ADP
cjfa-30369	270	9	lien	lien	NOUN
cjfa-30369	270	10	(	(	PUNCT
cjfa-30369	270	11	2005	2005	NUM
cjfa-30369	270	12	)	)	PUNCT
cjfa-30369	270	13	and	and	CCONJ
cjfa-30369	270	14	wang	wang	PROPN
cjfa-30369	270	15	(	(	PUNCT
cjfa-30369	270	16	2015	2015	NUM
cjfa-30369	270	17	)	)	PUNCT
cjfa-30369	270	18	which	which	PRON
cjfa-30369	270	19	suggest	suggest	VERB
cjfa-30369	270	20	that	that	SCONJ
cjfa-30369	270	21	knowledge	knowledge	NOUN
cjfa-30369	270	22	of	of	ADP
cjfa-30369	270	23	sophisticated	sophisticated	ADJ
cjfa-30369	270	24	econometric	econometric	ADJ
cjfa-30369	270	25	procedures	procedure	NOUN
cjfa-30369	270	26	does	do	AUX
cjfa-30369	270	27	not	not	PART
cjfa-30369	270	28	help	help	VERB
cjfa-30369	270	29	to	to	PART
cjfa-30369	270	30	construct	construct	VERB
cjfa-30369	270	31	a	a	DET
cjfa-30369	270	32	better	well	ADJ
cjfa-30369	270	33	portfolio	portfolio	NOUN
cjfa-30369	270	34	and	and	CCONJ
cjfa-30369	270	35	improve	improve	VERB
cjfa-30369	270	36	hedging	hedging	NOUN
cjfa-30369	270	37	effectiveness	effectiveness	NOUN
cjfa-30369	270	38	.	.	PUNCT
cjfa-30369	271	1	table	table	NOUN
cjfa-30369	271	2	5	5	NUM
cjfa-30369	271	3	.	.	PUNCT
cjfa-30369	271	4	hedging	hedge	VERB
cjfa-30369	271	5	effectiveness	effectiveness	NOUN
cjfa-30369	271	6	(	(	PUNCT
cjfa-30369	271	7	ederington	ederington	NOUN
cjfa-30369	271	8	,	,	PUNCT
cjfa-30369	271	9	1979	1979	NUM
cjfa-30369	271	10	)	)	PUNCT
cjfa-30369	272	1	[	[	X
cjfa-30369	272	2	in	in	ADP
cjfa-30369	272	3	percent	percent	NOUN
cjfa-30369	272	4	]	]	X
cjfa-30369	272	5	contract	contract	NOUN
cjfa-30369	272	6	naïve	naïve	ADJ
cjfa-30369	272	7	ols	ol	NOUN
cjfa-30369	272	8	arma	arma	PROPN
cjfa-30369	272	9	ols	ols	PROPN
cjfa-30369	272	10	var	var	PROPN
cjfa-30369	272	11	vecm	vecm	PROPN
cjfa-30369	272	12	garch	garch	PROPN
cjfa-30369	272	13	egarch	egarch	NOUN
cjfa-30369	272	14	tarch	tarch	NOUN
cjfa-30369	272	15	nifty50	nifty50	ADV
cjfa-30369	272	16	96.06	96.06	NUM
cjfa-30369	272	17	96.45	96.45	NUM
cjfa-30369	272	18	96.42	96.42	NUM
cjfa-30369	272	19	96.45	96.45	NUM
cjfa-30369	272	20	96.45	96.45	NUM
cjfa-30369	272	21	96.40	96.40	NUM
cjfa-30369	272	22	96.39	96.39	NUM
cjfa-30369	272	23	96.40	96.40	NUM
cjfa-30369	272	24	niftyit	niftyit	NOUN
cjfa-30369	272	25	99.37	99.37	NUM
cjfa-30369	272	26	99.37	99.37	NUM
cjfa-30369	272	27	99.37	99.37	NUM
cjfa-30369	272	28	99.37	99.37	NUM
cjfa-30369	272	29	99.37	99.37	NUM
cjfa-30369	272	30	99.365	99.365	NUM
cjfa-30369	272	31	99.366	99.366	NUM
cjfa-30369	272	32	99.366	99.366	NUM
cjfa-30369	272	33	banknifty	banknifty	PROPN
cjfa-30369	272	34	98.03	98.03	NUM
cjfa-30369	272	35	98.15	98.15	NUM
cjfa-30369	272	36	98.13	98.13	NUM
cjfa-30369	272	37	98.15	98.15	NUM
cjfa-30369	272	38	98.15	98.15	NUM
cjfa-30369	272	39	98.13	98.13	NUM
cjfa-30369	272	40	98.11	98.11	NUM
cjfa-30369	272	41	98.12	98.12	NUM
cjfa-30369	272	42	s	s	NOUN
cjfa-30369	272	43	o	o	X
cjfa-30369	272	44	u	u	NOUN
cjfa-30369	272	45	r	r	NOUN
cjfa-30369	272	46	c	c	NOUN
cjfa-30369	272	47	e	e	NOUN
cjfa-30369	272	48	:	:	PUNCT
cjfa-30369	272	49	calculated	calculate	VERB
cjfa-30369	272	50	by	by	ADP
cjfa-30369	272	51	author	author	NOUN
cjfa-30369	272	52	using	use	VERB
cjfa-30369	272	53	secondary	secondary	ADJ
cjfa-30369	272	54	data	datum	NOUN
cjfa-30369	272	55	downloaded	download	VERB
cjfa-30369	272	56	from	from	ADP
cjfa-30369	272	57	official	official	ADJ
cjfa-30369	272	58	website	website	NOUN
cjfa-30369	272	59	of	of	ADP
cjfa-30369	272	60	nse	nse	NOUN
cjfa-30369	272	61	.	.	PUNCT
cjfa-30369	273	1	mandeep	mandeep	PROPN
cjfa-30369	273	2	kaur	kaur	PROPN
cjfa-30369	273	3	,	,	PUNCT
cjfa-30369	273	4	kapil	kapil	PROPN
cjfa-30369	273	5	gupta162	gupta162	PROPN
cjfa-30369	273	6	moreover	moreover	ADV
cjfa-30369	273	7	,	,	PUNCT
cjfa-30369	273	8	the	the	DET
cjfa-30369	273	9	impact	impact	NOUN
cjfa-30369	273	10	of	of	ADP
cjfa-30369	273	11	financial	financial	ADJ
cjfa-30369	273	12	crisis	crisis	NOUN
cjfa-30369	273	13	of	of	ADP
cjfa-30369	273	14	2008	2008	NUM
cjfa-30369	273	15	on	on	ADP
cjfa-30369	273	16	hedging	hedging	NOUN
cjfa-30369	273	17	effectiveness	effectiveness	NOUN
cjfa-30369	273	18	has	have	AUX
cjfa-30369	273	19	been	be	AUX
cjfa-30369	273	20	studied	study	VERB
cjfa-30369	273	21	(	(	PUNCT
cjfa-30369	273	22	table	table	NOUN
cjfa-30369	273	23	6	6	NUM
cjfa-30369	273	24	)	)	PUNCT
cjfa-30369	273	25	.	.	PUNCT
cjfa-30369	274	1	it	it	PRON
cjfa-30369	274	2	is	be	AUX
cjfa-30369	274	3	interesting	interesting	ADJ
cjfa-30369	274	4	to	to	PART
cjfa-30369	274	5	note	note	VERB
cjfa-30369	274	6	that	that	SCONJ
cjfa-30369	274	7	ols	ol	NOUN
cjfa-30369	274	8	model	model	NOUN
cjfa-30369	274	9	still	still	ADV
cjfa-30369	274	10	dominates	dominate	VERB
cjfa-30369	274	11	over	over	ADP
cjfa-30369	274	12	other	other	ADJ
cjfa-30369	274	13	hedging	hedging	NOUN
cjfa-30369	274	14	models	model	NOUN
cjfa-30369	274	15	in	in	ADP
cjfa-30369	274	16	obtaining	obtain	VERB
cjfa-30369	274	17	highest	high	ADJ
cjfa-30369	274	18	hedging	hedging	NOUN
cjfa-30369	274	19	effectiveness	effectiveness	NOUN
cjfa-30369	274	20	,	,	PUNCT
cjfa-30369	274	21	while	while	SCONJ
cjfa-30369	274	22	remaining	remain	VERB
cjfa-30369	274	23	unaffected	unaffected	ADJ
cjfa-30369	274	24	by	by	ADP
cjfa-30369	274	25	the	the	DET
cjfa-30369	274	26	impact	impact	NOUN
cjfa-30369	274	27	of	of	ADP
cjfa-30369	274	28	financial	financial	ADJ
cjfa-30369	274	29	crisis	crisis	NOUN
cjfa-30369	274	30	2008	2008	NUM
cjfa-30369	274	31	.	.	PUNCT
cjfa-30369	275	1	another	another	DET
cjfa-30369	275	2	important	important	ADJ
cjfa-30369	275	3	observation	observation	NOUN
cjfa-30369	275	4	is	be	AUX
cjfa-30369	275	5	that	that	SCONJ
cjfa-30369	275	6	there	there	PRON
cjfa-30369	275	7	has	have	AUX
cjfa-30369	275	8	been	be	AUX
cjfa-30369	275	9	an	an	DET
cjfa-30369	275	10	increase	increase	NOUN
cjfa-30369	275	11	in	in	ADP
cjfa-30369	275	12	hedging	hedging	NOUN
cjfa-30369	275	13	effectiveness	effectiveness	NOUN
cjfa-30369	275	14	after	after	ADP
cjfa-30369	275	15	the	the	DET
cjfa-30369	275	16	crisis	crisis	NOUN
cjfa-30369	275	17	of	of	ADP
cjfa-30369	275	18	2008	2008	NUM
cjfa-30369	275	19	,	,	PUNCT
cjfa-30369	275	20	for	for	ADP
cjfa-30369	275	21	all	all	DET
cjfa-30369	275	22	indices	index	NOUN
cjfa-30369	275	23	understudy	understudy	NOUN
cjfa-30369	275	24	(	(	PUNCT
cjfa-30369	275	25	except	except	SCONJ
cjfa-30369	275	26	niftyit	niftyit	NOUN
cjfa-30369	275	27	post	post	NOUN
cjfa-30369	275	28	-	-	NOUN
cjfa-30369	275	29	crisis	crisis	NOUN
cjfa-30369	275	30	)	)	PUNCT
cjfa-30369	275	31	.	.	PUNCT
cjfa-30369	276	1	overall	overall	ADV
cjfa-30369	276	2	an	an	DET
cjfa-30369	276	3	interesting	interesting	ADJ
cjfa-30369	276	4	observation	observation	NOUN
cjfa-30369	276	5	from	from	ADP
cjfa-30369	276	6	the	the	DET
cjfa-30369	276	7	above	above	ADJ
cjfa-30369	276	8	findings	finding	NOUN
cjfa-30369	276	9	is	be	AUX
cjfa-30369	276	10	that	that	SCONJ
cjfa-30369	276	11	it	it	PRON
cjfa-30369	276	12	suggests	suggest	VERB
cjfa-30369	276	13	the	the	DET
cjfa-30369	276	14	use	use	NOUN
cjfa-30369	276	15	of	of	ADP
cjfa-30369	276	16	traditional	traditional	ADJ
cjfa-30369	276	17	ols	ol	NOUN
cjfa-30369	276	18	model	model	NOUN
cjfa-30369	276	19	,	,	PUNCT
cjfa-30369	276	20	proposed	propose	VERB
cjfa-30369	276	21	by	by	ADP
cjfa-30369	276	22	ederington	ederington	NOUN
cjfa-30369	276	23	,	,	PUNCT
cjfa-30369	276	24	1979	1979	NUM
cjfa-30369	276	25	,	,	PUNCT
cjfa-30369	276	26	for	for	ADP
cjfa-30369	276	27	estimating	estimate	VERB
cjfa-30369	276	28	optimal	optimal	ADJ
cjfa-30369	276	29	hedge	hedge	NOUN
cjfa-30369	276	30	ratio	ratio	NOUN
cjfa-30369	276	31	which	which	PRON
cjfa-30369	276	32	is	be	AUX
cjfa-30369	276	33	much	much	ADV
cjfa-30369	276	34	simple	simple	ADJ
cjfa-30369	276	35	to	to	PART
cjfa-30369	276	36	compute	compute	VERB
cjfa-30369	276	37	and	and	CCONJ
cjfa-30369	276	38	understand	understand	VERB
cjfa-30369	276	39	rather	rather	ADV
cjfa-30369	276	40	than	than	ADP
cjfa-30369	276	41	using	use	VERB
cjfa-30369	276	42	complicated	complicated	ADJ
cjfa-30369	276	43	econometric	econometric	ADJ
cjfa-30369	276	44	models	model	NOUN
cjfa-30369	276	45	which	which	PRON
cjfa-30369	276	46	are	be	AUX
cjfa-30369	276	47	considered	consider	VERB
cjfa-30369	276	48	to	to	PART
cjfa-30369	276	49	be	be	AUX
cjfa-30369	276	50	an	an	DET
cjfa-30369	276	51	improvement	improvement	NOUN
cjfa-30369	276	52	over	over	ADP
cjfa-30369	276	53	the	the	DET
cjfa-30369	276	54	ols	ol	NOUN
cjfa-30369	276	55	model	model	NOUN
cjfa-30369	276	56	.	.	PUNCT
cjfa-30369	277	1	table	table	NOUN
cjfa-30369	277	2	6	6	NUM
cjfa-30369	277	3	.	.	PUNCT
cjfa-30369	277	4	hedging	hedge	VERB
cjfa-30369	277	5	effectiveness	effectiveness	NOUN
cjfa-30369	277	6	over	over	ADP
cjfa-30369	277	7	pre	pre	ADJ
cjfa-30369	277	8	and	and	CCONJ
cjfa-30369	277	9	post	post	VERB
cjfa-30369	277	10	crisis	crisis	NOUN
cjfa-30369	277	11	period	period	NOUN
cjfa-30369	277	12	(	(	PUNCT
cjfa-30369	277	13	ederington	ederington	NOUN
cjfa-30369	277	14	,	,	PUNCT
cjfa-30369	277	15	1979	1979	NUM
cjfa-30369	277	16	)	)	PUNCT
cjfa-30369	278	1	[	[	X
cjfa-30369	278	2	in	in	ADP
cjfa-30369	278	3	percent	percent	NOUN
cjfa-30369	278	4	]	]	X
cjfa-30369	278	5	contract	contract	NOUN
cjfa-30369	278	6	period	period	NOUN
cjfa-30369	278	7	naïve	naïve	PROPN
cjfa-30369	278	8	ols	ols	PROPN
cjfa-30369	278	9	arma	arma	PROPN
cjfa-30369	278	10	ols	ols	PROPN
cjfa-30369	278	11	var	var	PROPN
cjfa-30369	278	12	vecm	vecm	PROPN
cjfa-30369	278	13	garch	garch	PROPN
cjfa-30369	278	14	egarch	egarch	NOUN
cjfa-30369	278	15	tarch	tarch	NOUN
cjfa-30369	278	16	nifty50	nifty50	ADV
cjfa-30369	278	17	pre	pre	VERB
cjfa-30369	278	18	-	-	NOUN
cjfa-30369	278	19	crisis	crisis	NOUN
cjfa-30369	278	20	93.805	93.805	NUM
cjfa-30369	278	21	94.547	94.547	NUM
cjfa-30369	278	22	94.489	94.489	NUM
cjfa-30369	278	23	94.545	94.545	NUM
cjfa-30369	278	24	94.543	94.543	NUM
cjfa-30369	278	25	94.512	94.512	NUM
cjfa-30369	278	26	94.531	94.531	NUM
cjfa-30369	278	27	94.519	94.519	NUM
cjfa-30369	278	28	post	post	ADJ
cjfa-30369	278	29	-	-	NOUN
cjfa-30369	278	30	crisis	crisis	NOUN
cjfa-30369	278	31	97.873	97.873	NUM
cjfa-30369	278	32	98.052	98.052	NUM
cjfa-30369	278	33	98.047	98.047	NUM
cjfa-30369	278	34	98.052	98.052	NUM
cjfa-30369	278	35	98.052	98.052	NUM
cjfa-30369	278	36	98.016	98.016	NUM
cjfa-30369	278	37	98.016	98.016	NUM
cjfa-30369	278	38	98.001	98.001	NUM
cjfa-30369	278	39	niftyit	niftyit	NOUN
cjfa-30369	278	40	pre	pre	NOUN
cjfa-30369	278	41	-	-	NOUN
cjfa-30369	278	42	crisis	crisis	VERB
cjfa-30369	278	43	99.553	99.553	NUM
cjfa-30369	278	44	99.556	99.556	NUM
cjfa-30369	278	45	99.555	99.555	NUM
cjfa-30369	278	46	99.556	99.556	NUM
cjfa-30369	278	47	99.555	99.555	NUM
cjfa-30369	278	48	99.555	99.555	NUM
cjfa-30369	278	49	99.556	99.556	NUM
cjfa-30369	278	50	99.557	99.557	NUM
cjfa-30369	278	51	post	post	ADJ
cjfa-30369	278	52	-	-	NOUN
cjfa-30369	278	53	crisis	crisis	ADJ
cjfa-30369	278	54	96.439	96.439	NUM
cjfa-30369	278	55	96.476	96.476	NUM
cjfa-30369	278	56	96.471	96.471	NUM
cjfa-30369	278	57	96.462	96.462	NUM
cjfa-30369	278	58	96.460	96.460	NUM
cjfa-30369	278	59	96.414	96.414	NUM
cjfa-30369	278	60	96.406	96.406	NUM
cjfa-30369	278	61	96.417	96.417	NUM
cjfa-30369	278	62	banknifty	banknifty	NOUN
cjfa-30369	278	63	pre	pre	NOUN
cjfa-30369	278	64	-	-	NOUN
cjfa-30369	278	65	crisis	crisis	ADJ
cjfa-30369	278	66	95.930	95.930	NUM
cjfa-30369	278	67	96.182	96.182	NUM
cjfa-30369	278	68	96.115	96.115	NUM
cjfa-30369	278	69	96.178	96.178	NUM
cjfa-30369	278	70	96.171	96.171	NUM
cjfa-30369	278	71	96.084	96.084	NUM
cjfa-30369	278	72	96.064	96.064	NUM
cjfa-30369	278	73	96.085	96.085	NUM
cjfa-30369	278	74	post	post	ADJ
cjfa-30369	278	75	-	-	NOUN
cjfa-30369	278	76	crisis	crisis	NOUN
cjfa-30369	278	77	98.508	98.508	NUM
cjfa-30369	278	78	98.606	98.606	NUM
cjfa-30369	278	79	98.595	98.595	NUM
cjfa-30369	278	80	98.606	98.606	NUM
cjfa-30369	278	81	98.606	98.606	NUM
cjfa-30369	278	82	98.588	98.588	NUM
cjfa-30369	278	83	98.576	98.576	NUM
cjfa-30369	278	84	98.582	98.582	NUM
cjfa-30369	278	85	s	s	NOUN
cjfa-30369	278	86	o	o	X
cjfa-30369	278	87	u	u	NOUN
cjfa-30369	278	88	r	r	NOUN
cjfa-30369	278	89	c	c	NOUN
cjfa-30369	278	90	e	e	NOUN
cjfa-30369	278	91	:	:	PUNCT
cjfa-30369	278	92	calculated	calculate	VERB
cjfa-30369	278	93	by	by	ADP
cjfa-30369	278	94	author	author	NOUN
cjfa-30369	278	95	using	use	VERB
cjfa-30369	278	96	secondary	secondary	ADJ
cjfa-30369	278	97	data	datum	NOUN
cjfa-30369	278	98	downloaded	download	VERB
cjfa-30369	278	99	from	from	ADP
cjfa-30369	278	100	official	official	ADJ
cjfa-30369	278	101	website	website	NOUN
cjfa-30369	278	102	of	of	ADP
cjfa-30369	278	103	nse	nse	NOUN
cjfa-30369	278	104	.	.	PUNCT
cjfa-30369	279	1	furthermore	furthermore	ADV
cjfa-30369	279	2	,	,	PUNCT
cjfa-30369	279	3	table	table	NOUN
cjfa-30369	279	4	7	7	NUM
cjfa-30369	279	5	reports	report	NOUN
cjfa-30369	279	6	the	the	DET
cjfa-30369	279	7	hedging	hedging	NOUN
cjfa-30369	279	8	effectiveness	effectiveness	NOUN
cjfa-30369	279	9	estimated	estimate	VERB
cjfa-30369	279	10	using	use	VERB
cjfa-30369	279	11	riskreturn	riskreturn	NOUN
cjfa-30369	279	12	criteria	criterion	NOUN
cjfa-30369	279	13	that	that	PRON
cjfa-30369	279	14	incorporate	incorporate	VERB
cjfa-30369	279	15	both	both	DET
cjfa-30369	279	16	risk	risk	NOUN
cjfa-30369	279	17	and	and	CCONJ
cjfa-30369	279	18	return	return	VERB
cjfa-30369	279	19	components	component	NOUN
cjfa-30369	279	20	on	on	ADP
cjfa-30369	279	21	hedged	hedge	VERB
cjfa-30369	279	22	portfolio	portfolio	NOUN
cjfa-30369	279	23	.	.	PUNCT
cjfa-30369	280	1	it	it	PRON
cjfa-30369	280	2	is	be	AUX
cjfa-30369	280	3	observed	observe	VERB
cjfa-30369	280	4	that	that	SCONJ
cjfa-30369	280	5	naïve	naïve	ADJ
cjfa-30369	280	6	hedge	hedge	NOUN
cjfa-30369	280	7	ratio	ratio	NOUN
cjfa-30369	280	8	gives	give	VERB
cjfa-30369	280	9	highest	high	ADJ
cjfa-30369	280	10	hedging	hedging	NOUN
cjfa-30369	280	11	effectiveness	effectiveness	NOUN
cjfa-30369	280	12	for	for	ADP
cjfa-30369	280	13	all	all	DET
cjfa-30369	280	14	three	three	NUM
cjfa-30369	280	15	indices	index	NOUN
cjfa-30369	280	16	,	,	PUNCT
cjfa-30369	280	17	whereas	whereas	SCONJ
cjfa-30369	280	18	,	,	PUNCT
cjfa-30369	280	19	ols	ol	NOUN
cjfa-30369	280	20	hedge	hedge	NOUN
cjfa-30369	280	21	ratio	ratio	NOUN
cjfa-30369	280	22	gives	give	VERB
cjfa-30369	280	23	lowest	low	ADJ
cjfa-30369	280	24	hedging	hedging	NOUN
cjfa-30369	280	25	effectiveness	effectiveness	NOUN
cjfa-30369	280	26	.	.	PUNCT
cjfa-30369	281	1	furthermore	furthermore	ADV
cjfa-30369	281	2	,	,	PUNCT
cjfa-30369	281	3	the	the	DET
cjfa-30369	281	4	impact	impact	NOUN
cjfa-30369	281	5	of	of	ADP
cjfa-30369	281	6	financial	financial	ADJ
cjfa-30369	281	7	crisis	crisis	NOUN
cjfa-30369	281	8	on	on	ADP
cjfa-30369	281	9	hedging	hedging	NOUN
cjfa-30369	281	10	effectiveness	effectiveness	NOUN
cjfa-30369	281	11	has	have	AUX
cjfa-30369	281	12	been	be	AUX
cjfa-30369	281	13	examined	examine	VERB
cjfa-30369	281	14	(	(	PUNCT
cjfa-30369	281	15	table	table	NOUN
cjfa-30369	281	16	8)	8)	NUM
cjfa-30369	281	17	and	and	CCONJ
cjfa-30369	281	18	it	it	PRON
cjfa-30369	281	19	is	be	AUX
cjfa-30369	281	20	observed	observe	VERB
cjfa-30369	281	21	that	that	SCONJ
cjfa-30369	281	22	naïve	naïve	ADJ
cjfa-30369	281	23	hedge	hedge	NOUN
cjfa-30369	281	24	ratio	ratio	NOUN
cjfa-30369	281	25	gives	give	VERB
cjfa-30369	281	26	highest	high	ADJ
cjfa-30369	281	27	hedging	hedging	NOUN
cjfa-30369	281	28	effectiveness	effectiveness	NOUN
cjfa-30369	281	29	(	(	PUNCT
cjfa-30369	281	30	except	except	SCONJ
cjfa-30369	281	31	niftyit	niftyit	NOUN
cjfa-30369	281	32	post	post	NOUN
cjfa-30369	281	33	-	-	NOUN
cjfa-30369	281	34	crisis	crisis	NOUN
cjfa-30369	281	35	)	)	PUNCT
cjfa-30369	281	36	,	,	PUNCT
cjfa-30369	281	37	whereas	whereas	SCONJ
cjfa-30369	281	38	ols	ol	NOUN
cjfa-30369	281	39	gives	give	VERB
cjfa-30369	281	40	lowest	low	ADJ
cjfa-30369	281	41	hedging	hedging	NOUN
cjfa-30369	281	42	effectiveness	effectiveness	NOUN
cjfa-30369	281	43	.	.	PUNCT
cjfa-30369	282	1	moreover	moreover	ADV
cjfa-30369	282	2	,	,	PUNCT
cjfa-30369	282	3	it	it	PRON
cjfa-30369	282	4	is	be	AUX
cjfa-30369	282	5	found	find	VERB
cjfa-30369	282	6	that	that	SCONJ
cjfa-30369	282	7	there	there	PRON
cjfa-30369	282	8	has	have	AUX
cjfa-30369	282	9	been	be	AUX
cjfa-30369	282	10	an	an	DET
cjfa-30369	282	11	increase	increase	NOUN
cjfa-30369	282	12	in	in	ADP
cjfa-30369	282	13	hedging	hedging	NOUN
cjfa-30369	282	14	effectiveness	effectiveness	NOUN
cjfa-30369	282	15	during	during	ADP
cjfa-30369	282	16	post	post	NOUN
cjfa-30369	282	17	crisis	crisis	NOUN
cjfa-30369	282	18	(	(	PUNCT
cjfa-30369	282	19	except	except	SCONJ
cjfa-30369	282	20	niftyit	niftyit	NOUN
cjfa-30369	282	21	post	post	NOUN
cjfa-30369	282	22	-	-	NOUN
cjfa-30369	282	23	crisis	crisis	NOUN
cjfa-30369	282	24	)	)	PUNCT
cjfa-30369	282	25	.	.	PUNCT
cjfa-30369	283	1	estimating	estimate	VERB
cjfa-30369	283	2	hedging	hedging	NOUN
cjfa-30369	283	3	effectiveness	effectiveness	NOUN
cjfa-30369	283	4	using	use	VERB
cjfa-30369	283	5	variance	variance	NOUN
cjfa-30369	283	6	reduction	reduction	NOUN
cjfa-30369	283	7	…	…	PUNCT
cjfa-30369	283	8	163	163	NUM
cjfa-30369	283	9	further	far	ADV
cjfa-30369	283	10	,	,	PUNCT
cjfa-30369	283	11	this	this	DET
cjfa-30369	283	12	paper	paper	NOUN
cjfa-30369	283	13	uses	use	VERB
cjfa-30369	283	14	two	two	NUM
cjfa-30369	283	15	different	different	ADJ
cjfa-30369	283	16	approaches	approach	NOUN
cjfa-30369	283	17	for	for	ADP
cjfa-30369	283	18	estimating	estimate	VERB
cjfa-30369	283	19	hedging	hedging	NOUN
cjfa-30369	283	20	effectiveness	effectiveness	NOUN
cjfa-30369	283	21	i.e.	i.e.	X
cjfa-30369	283	22	variance	variance	NOUN
cjfa-30369	283	23	reduction	reduction	NOUN
cjfa-30369	283	24	approach	approach	NOUN
cjfa-30369	283	25	and	and	CCONJ
cjfa-30369	283	26	risk	risk	NOUN
cjfa-30369	283	27	-	-	PUNCT
cjfa-30369	283	28	return	return	NOUN
cjfa-30369	283	29	approach	approach	NOUN
cjfa-30369	283	30	,	,	PUNCT
cjfa-30369	283	31	both	both	PRON
cjfa-30369	283	32	of	of	ADP
cjfa-30369	283	33	which	which	PRON
cjfa-30369	283	34	are	be	AUX
cjfa-30369	283	35	based	base	VERB
cjfa-30369	283	36	upon	upon	SCONJ
cjfa-30369	283	37	different	different	ADJ
cjfa-30369	283	38	objective	objective	ADJ
cjfa-30369	283	39	functions	function	NOUN
cjfa-30369	283	40	of	of	ADP
cjfa-30369	283	41	the	the	DET
cjfa-30369	283	42	investor	investor	NOUN
cjfa-30369	283	43	.	.	PUNCT
cjfa-30369	284	1	the	the	DET
cjfa-30369	284	2	variance	variance	NOUN
cjfa-30369	284	3	reduction	reduction	NOUN
cjfa-30369	284	4	approach	approach	NOUN
cjfa-30369	284	5	assumes	assume	VERB
cjfa-30369	284	6	that	that	SCONJ
cjfa-30369	284	7	main	main	ADJ
cjfa-30369	284	8	objective	objective	NOUN
cjfa-30369	284	9	of	of	ADP
cjfa-30369	284	10	investor	investor	NOUN
cjfa-30369	284	11	is	be	AUX
cjfa-30369	284	12	risk	risk	NOUN
cjfa-30369	284	13	aversion	aversion	NOUN
cjfa-30369	284	14	whereas	whereas	SCONJ
cjfa-30369	284	15	,	,	PUNCT
cjfa-30369	284	16	risk	risk	NOUN
cjfa-30369	284	17	-	-	PUNCT
cjfa-30369	284	18	return	return	NOUN
cjfa-30369	284	19	approach	approach	NOUN
cjfa-30369	284	20	assumes	assume	VERB
cjfa-30369	284	21	that	that	SCONJ
cjfa-30369	284	22	main	main	ADJ
cjfa-30369	284	23	objective	objective	NOUN
cjfa-30369	284	24	of	of	ADP
cjfa-30369	284	25	investor	investor	NOUN
cjfa-30369	284	26	is	be	AUX
cjfa-30369	284	27	to	to	PART
cjfa-30369	284	28	maximize	maximize	VERB
cjfa-30369	284	29	return	return	NOUN
cjfa-30369	284	30	per	per	ADP
cjfa-30369	284	31	unit	unit	NOUN
cjfa-30369	284	32	of	of	ADP
cjfa-30369	284	33	risk	risk	NOUN
cjfa-30369	284	34	.	.	PUNCT
cjfa-30369	285	1	an	an	DET
cjfa-30369	285	2	interesting	interesting	ADJ
cjfa-30369	285	3	observation	observation	NOUN
cjfa-30369	285	4	from	from	ADP
cjfa-30369	285	5	the	the	DET
cjfa-30369	285	6	results	result	NOUN
cjfa-30369	285	7	of	of	ADP
cjfa-30369	285	8	hedging	hedging	NOUN
cjfa-30369	285	9	effectiveness	effectiveness	NOUN
cjfa-30369	285	10	using	use	VERB
cjfa-30369	285	11	the	the	DET
cjfa-30369	285	12	two	two	NUM
cjfa-30369	285	13	different	different	ADJ
cjfa-30369	285	14	approaches	approach	NOUN
cjfa-30369	285	15	is	be	AUX
cjfa-30369	285	16	that	that	PRON
cjfa-30369	285	17	variance	variance	NOUN
cjfa-30369	285	18	reduction	reduction	NOUN
cjfa-30369	285	19	approach	approach	NOUN
cjfa-30369	285	20	favours	favour	VERB
cjfa-30369	285	21	ols	ol	NOUN
cjfa-30369	285	22	hedge	hedge	NOUN
cjfa-30369	285	23	ratio	ratio	NOUN
cjfa-30369	285	24	,	,	PUNCT
cjfa-30369	285	25	whereas	whereas	SCONJ
cjfa-30369	285	26	risk	risk	NOUN
cjfa-30369	285	27	-	-	PUNCT
cjfa-30369	285	28	return	return	NOUN
cjfa-30369	285	29	approach	approach	NOUN
cjfa-30369	285	30	favours	favour	VERB
cjfa-30369	285	31	naïve	naïve	ADJ
cjfa-30369	285	32	hedge	hedge	NOUN
cjfa-30369	285	33	ratio	ratio	NOUN
cjfa-30369	285	34	,	,	PUNCT
cjfa-30369	285	35	both	both	PRON
cjfa-30369	285	36	of	of	ADP
cjfa-30369	285	37	which	which	PRON
cjfa-30369	285	38	are	be	AUX
cjfa-30369	285	39	constant	constant	ADJ
cjfa-30369	285	40	hedge	hedge	NOUN
cjfa-30369	285	41	ratios	ratio	NOUN
cjfa-30369	285	42	.	.	PUNCT
cjfa-30369	286	1	therefore	therefore	ADV
cjfa-30369	286	2	,	,	PUNCT
cjfa-30369	286	3	on	on	ADP
cjfa-30369	286	4	the	the	DET
cjfa-30369	286	5	whole	whole	NOUN
cjfa-30369	286	6	,	,	PUNCT
cjfa-30369	286	7	these	these	DET
cjfa-30369	286	8	findings	finding	NOUN
cjfa-30369	286	9	suggest	suggest	VERB
cjfa-30369	286	10	superiority	superiority	NOUN
cjfa-30369	286	11	of	of	ADP
cjfa-30369	286	12	constant	constant	ADJ
cjfa-30369	286	13	hedge	hedge	NOUN
cjfa-30369	286	14	ratios	ratio	NOUN
cjfa-30369	286	15	over	over	ADP
cjfa-30369	286	16	dynamic	dynamic	ADJ
cjfa-30369	286	17	hedge	hedge	NOUN
cjfa-30369	286	18	ratios	ratio	NOUN
cjfa-30369	286	19	.	.	PUNCT
cjfa-30369	287	1	moreover	moreover	ADV
cjfa-30369	287	2	,	,	PUNCT
cjfa-30369	287	3	investors	investor	NOUN
cjfa-30369	287	4	with	with	ADP
cjfa-30369	287	5	different	different	ADJ
cjfa-30369	287	6	objective	objective	ADJ
cjfa-30369	287	7	functions	function	NOUN
cjfa-30369	287	8	need	need	VERB
cjfa-30369	287	9	to	to	PART
cjfa-30369	287	10	use	use	VERB
cjfa-30369	287	11	different	different	ADJ
cjfa-30369	287	12	hedge	hedge	NOUN
cjfa-30369	287	13	ratio	ratio	NOUN
cjfa-30369	287	14	models	model	NOUN
cjfa-30369	287	15	in	in	ADP
cjfa-30369	287	16	order	order	NOUN
cjfa-30369	287	17	to	to	PART
cjfa-30369	287	18	maximize	maximize	VERB
cjfa-30369	287	19	their	their	PRON
cjfa-30369	287	20	respective	respective	ADJ
cjfa-30369	287	21	objective	objective	ADJ
cjfa-30369	287	22	function	function	NOUN
cjfa-30369	287	23	.	.	PUNCT
cjfa-30369	288	1	table	table	NOUN
cjfa-30369	288	2	7	7	NUM
cjfa-30369	288	3	.	.	PUNCT
cjfa-30369	288	4	hedging	hedge	VERB
cjfa-30369	288	5	effectiveness	effectiveness	NOUN
cjfa-30369	288	6	(	(	PUNCT
cjfa-30369	288	7	howard	howard	PROPN
cjfa-30369	288	8	&	&	CCONJ
cjfa-30369	288	9	d’antonio	d’antonio	PROPN
cjfa-30369	288	10	,	,	PUNCT
cjfa-30369	288	11	1984	1984	NUM
cjfa-30369	288	12	)	)	PUNCT
cjfa-30369	289	1	[	[	X
cjfa-30369	289	2	in	in	ADP
cjfa-30369	289	3	percent	percent	NOUN
cjfa-30369	289	4	]	]	X
cjfa-30369	289	5	contract	contract	NOUN
cjfa-30369	289	6	naïve	naïve	ADJ
cjfa-30369	289	7	ols	ol	NOUN
cjfa-30369	289	8	arma	arma	PROPN
cjfa-30369	289	9	ols	ols	PROPN
cjfa-30369	289	10	var	var	PROPN
cjfa-30369	289	11	vecm	vecm	PROPN
cjfa-30369	289	12	garch	garch	PROPN
cjfa-30369	289	13	egarch	egarch	NOUN
cjfa-30369	289	14	tarch	tarch	NOUN
cjfa-30369	289	15	nifty50	nifty50	VERB
cjfa-30369	289	16	1.2538	1.2538	NUM
cjfa-30369	289	17	1.2462	1.2462	NUM
cjfa-30369	289	18	1.2483	1.2483	NUM
cjfa-30369	289	19	1.2470	1.2470	NUM
cjfa-30369	289	20	1.2467	1.2467	NUM
cjfa-30369	289	21	1.2490	1.2490	NUM
cjfa-30369	289	22	1.2493	1.2493	NUM
cjfa-30369	289	23	1	1	NUM
cjfa-30369	289	24	.	.	PUNCT
cjfa-30369	289	25	2490	2490	NUM
cjfa-30369	289	26	niftyit	niftyit	NOUN
cjfa-30369	289	27	1.2780	1.2780	NUM
cjfa-30369	289	28	1.2771	1.2771	NUM
cjfa-30369	289	29	1.2778	1.2778	NUM
cjfa-30369	289	30	1.2775	1.2775	NUM
cjfa-30369	289	31	1.2775	1.2775	NUM
cjfa-30369	289	32	1.2782	1.2782	NUM
cjfa-30369	289	33	1.2782	1.2782	NUM
cjfa-30369	289	34	1.2782	1.2782	NUM
cjfa-30369	289	35	banknifty	banknifty	NOUN
cjfa-30369	289	36	1.1763	1.1763	NUM
cjfa-30369	289	37	1.1733	1.1733	NUM
cjfa-30369	289	38	1.1744	1.1744	NUM
cjfa-30369	289	39	1.1734	1.1734	NUM
cjfa-30369	289	40	1.1734	1.1734	NUM
cjfa-30369	289	41	1.1735	1.1735	NUM
cjfa-30369	289	42	1.1747	1.1747	NUM
cjfa-30369	289	43	1.1751	1.1751	NUM
cjfa-30369	289	44	s	s	NOUN
cjfa-30369	289	45	o	o	X
cjfa-30369	289	46	u	u	NOUN
cjfa-30369	289	47	r	r	NOUN
cjfa-30369	289	48	c	c	NOUN
cjfa-30369	289	49	e	e	NOUN
cjfa-30369	289	50	:	:	PUNCT
cjfa-30369	289	51	calculated	calculate	VERB
cjfa-30369	289	52	by	by	ADP
cjfa-30369	289	53	author	author	NOUN
cjfa-30369	289	54	using	use	VERB
cjfa-30369	289	55	secondary	secondary	ADJ
cjfa-30369	289	56	data	datum	NOUN
cjfa-30369	289	57	downloaded	download	VERB
cjfa-30369	289	58	from	from	ADP
cjfa-30369	289	59	official	official	ADJ
cjfa-30369	289	60	website	website	NOUN
cjfa-30369	289	61	of	of	ADP
cjfa-30369	289	62	nse	nse	NOUN
cjfa-30369	289	63	.	.	PUNCT
cjfa-30369	289	64	table	table	NOUN
cjfa-30369	289	65	8	8	NUM
cjfa-30369	289	66	.	.	PUNCT
cjfa-30369	289	67	hedging	hedge	VERB
cjfa-30369	289	68	effectiveness	effectiveness	NOUN
cjfa-30369	289	69	over	over	ADP
cjfa-30369	289	70	pre	pre	ADJ
cjfa-30369	289	71	and	and	CCONJ
cjfa-30369	289	72	post	post	VERB
cjfa-30369	289	73	crisis	crisis	NOUN
cjfa-30369	289	74	period	period	NOUN
cjfa-30369	289	75	(	(	PUNCT
cjfa-30369	289	76	howard	howard	PROPN
cjfa-30369	289	77	and	and	CCONJ
cjfa-30369	289	78	d’antonio	d’antonio	PROPN
cjfa-30369	289	79	,	,	PUNCT
cjfa-30369	289	80	1984	1984	NUM
cjfa-30369	289	81	)	)	PUNCT
cjfa-30369	290	1	[	[	X
cjfa-30369	290	2	in	in	ADP
cjfa-30369	290	3	percent	percent	NOUN
cjfa-30369	290	4	]	]	X
cjfa-30369	290	5	contract	contract	NOUN
cjfa-30369	290	6	period	period	NOUN
cjfa-30369	290	7	naïve	naïve	PROPN
cjfa-30369	290	8	ols	ols	PROPN
cjfa-30369	290	9	arma	arma	PROPN
cjfa-30369	290	10	ols	ols	PROPN
cjfa-30369	290	11	var	var	PROPN
cjfa-30369	290	12	vecm	vecm	PROPN
cjfa-30369	290	13	garch	garch	PROPN
cjfa-30369	290	14	egarch	egarch	NOUN
cjfa-30369	290	15	tarch	tarch	NOUN
cjfa-30369	290	16	nifty50	nifty50	ADV
cjfa-30369	290	17	pre	pre	VERB
cjfa-30369	290	18	-	-	NOUN
cjfa-30369	290	19	crisis	crisis	ADJ
cjfa-30369	290	20	1.1053	1.1053	NUM
cjfa-30369	290	21	1.1013	1.1013	NUM
cjfa-30369	290	22	1.1024	1.1024	NUM
cjfa-30369	290	23	1.1014	1.1014	NUM
cjfa-30369	290	24	1.1015	1.1015	NUM
cjfa-30369	290	25	1.1016	1.1016	NUM
cjfa-30369	290	26	1.1022	1.1022	NUM
cjfa-30369	290	27	1.1019	1.1019	NUM
cjfa-30369	290	28	post	post	NOUN
cjfa-30369	290	29	-	-	NOUN
cjfa-30369	290	30	crisis	crisis	NOUN
cjfa-30369	290	31	5.3292	5.3292	NUM
cjfa-30369	290	32	5.2412	5.2412	NUM
cjfa-30369	290	33	5.2552	5.2552	NUM
cjfa-30369	290	34	5.2393	5.2393	NUM
cjfa-30369	290	35	5.2421	5.2421	NUM
cjfa-30369	290	36	5.2802	5.2802	NUM
cjfa-30369	290	37	5.2807	5.2807	NUM
cjfa-30369	290	38	5.2881	5.2881	NUM
cjfa-30369	290	39	niftyit	niftyit	NOUN
cjfa-30369	290	40	pre	pre	NOUN
cjfa-30369	290	41	-	-	NOUN
cjfa-30369	290	42	crisis	crisis	VERB
cjfa-30369	290	43	1.2899	1.2899	NUM
cjfa-30369	290	44	1.2891	1.2891	NUM
cjfa-30369	290	45	1.2897	1.2897	NUM
cjfa-30369	290	46	1.2894	1.2894	NUM
cjfa-30369	290	47	1.2896	1.2896	NUM
cjfa-30369	290	48	1.2897	1.2897	NUM
cjfa-30369	290	49	1.2894	1.2894	NUM
cjfa-30369	290	50	1.2893	1.2893	NUM
cjfa-30369	290	51	post	post	ADJ
cjfa-30369	290	52	-	-	NOUN
cjfa-30369	290	53	crisis	crisis	NOUN
cjfa-30369	290	54	1.2833	1.2833	NUM
cjfa-30369	290	55	1.2807	1.2807	NUM
cjfa-30369	290	56	1.2816	1.2816	NUM
cjfa-30369	290	57	1.2823	1.2823	NUM
cjfa-30369	290	58	1.2824	1.2824	NUM
cjfa-30369	290	59	1.2841	1.2841	NUM
cjfa-30369	290	60	1.2843	1.2843	NUM
cjfa-30369	290	61	1.2840	1.2840	NUM
cjfa-30369	290	62	banknifty	banknifty	NOUN
cjfa-30369	290	63	pre	pre	ADJ
cjfa-30369	290	64	-	-	NOUN
cjfa-30369	290	65	crisis	crisis	ADJ
cjfa-30369	290	66	1.0570	1.0570	NUM
cjfa-30369	290	67	1.0557	1.0557	NUM
cjfa-30369	290	68	1.0563	1.0563	NUM
cjfa-30369	290	69	1.0558	1.0558	NUM
cjfa-30369	290	70	1.0559	1.0559	NUM
cjfa-30369	290	71	1.0565	1.0565	NUM
cjfa-30369	290	72	1.0566	1.0566	NUM
cjfa-30369	290	73	1.0565	1.0565	NUM
cjfa-30369	290	74	post	post	NOUN
cjfa-30369	290	75	-	-	NOUN
cjfa-30369	290	76	crisis	crisis	NOUN
cjfa-30369	290	77	1.4237	1.4237	NUM
cjfa-30369	290	78	1.4173	1.4173	NUM
cjfa-30369	290	79	1.4194	1.4194	NUM
cjfa-30369	290	80	1.4172	1.4172	NUM
cjfa-30369	290	81	1.4174	1.4174	NUM
cjfa-30369	290	82	1.4199	1.4199	NUM
cjfa-30369	290	83	1.4208	1.4208	NUM
cjfa-30369	290	84	1.4204	1.4204	NUM
cjfa-30369	290	85	s	s	NOUN
cjfa-30369	290	86	o	o	X
cjfa-30369	290	87	u	u	NOUN
cjfa-30369	290	88	r	r	NOUN
cjfa-30369	290	89	c	c	NOUN
cjfa-30369	290	90	e	e	NOUN
cjfa-30369	290	91	:	:	PUNCT
cjfa-30369	290	92	calculated	calculate	VERB
cjfa-30369	290	93	by	by	ADP
cjfa-30369	290	94	author	author	NOUN
cjfa-30369	290	95	using	use	VERB
cjfa-30369	290	96	secondary	secondary	ADJ
cjfa-30369	290	97	data	datum	NOUN
cjfa-30369	290	98	downloaded	download	VERB
cjfa-30369	290	99	from	from	ADP
cjfa-30369	290	100	official	official	ADJ
cjfa-30369	290	101	website	website	NOUN
cjfa-30369	290	102	of	of	ADP
cjfa-30369	290	103	nse	nse	NOUN
cjfa-30369	290	104	.	.	PUNCT
cjfa-30369	291	1	mandeep	mandeep	PROPN
cjfa-30369	291	2	kaur	kaur	PROPN
cjfa-30369	291	3	,	,	PUNCT
cjfa-30369	291	4	kapil	kapil	PROPN
cjfa-30369	291	5	gupta164	gupta164	PROPN
cjfa-30369	291	6	from	from	ADP
cjfa-30369	291	7	these	these	DET
cjfa-30369	291	8	results	result	NOUN
cjfa-30369	291	9	,	,	PUNCT
cjfa-30369	291	10	an	an	DET
cjfa-30369	291	11	important	important	ADJ
cjfa-30369	291	12	finding	finding	NOUN
cjfa-30369	291	13	is	be	AUX
cjfa-30369	291	14	that	that	SCONJ
cjfa-30369	291	15	the	the	DET
cjfa-30369	291	16	result	result	NOUN
cjfa-30369	291	17	of	of	ADP
cjfa-30369	291	18	optimal	optimal	ADJ
cjfa-30369	291	19	hedge	hedge	NOUN
cjfa-30369	291	20	ratio	ratio	NOUN
cjfa-30369	291	21	and	and	CCONJ
cjfa-30369	291	22	hedging	hedging	NOUN
cjfa-30369	291	23	effectiveness	effectiveness	NOUN
cjfa-30369	291	24	for	for	ADP
cjfa-30369	291	25	niftyit	niftyit	NOUN
cjfa-30369	291	26	has	have	AUX
cjfa-30369	291	27	been	be	AUX
cjfa-30369	291	28	consistently	consistently	ADV
cjfa-30369	291	29	an	an	DET
cjfa-30369	291	30	exception	exception	NOUN
cjfa-30369	291	31	to	to	ADP
cjfa-30369	291	32	the	the	DET
cjfa-30369	291	33	results	result	NOUN
cjfa-30369	291	34	of	of	ADP
cjfa-30369	291	35	other	other	ADJ
cjfa-30369	291	36	two	two	NUM
cjfa-30369	291	37	indices	index	NOUN
cjfa-30369	291	38	.	.	PUNCT
cjfa-30369	292	1	the	the	DET
cjfa-30369	292	2	reason	reason	NOUN
cjfa-30369	292	3	for	for	ADP
cjfa-30369	292	4	such	such	DET
cjfa-30369	292	5	an	an	DET
cjfa-30369	292	6	exception	exception	NOUN
cjfa-30369	292	7	might	might	AUX
cjfa-30369	292	8	be	be	AUX
cjfa-30369	292	9	due	due	ADJ
cjfa-30369	292	10	to	to	ADP
cjfa-30369	292	11	the	the	DET
cjfa-30369	292	12	fact	fact	NOUN
cjfa-30369	292	13	that	that	SCONJ
cjfa-30369	292	14	global	global	ADJ
cjfa-30369	292	15	financial	financial	ADJ
cjfa-30369	292	16	crisis	crisis	NOUN
cjfa-30369	292	17	of	of	ADP
cjfa-30369	292	18	2008	2008	NUM
cjfa-30369	292	19	adversely	adversely	ADV
cjfa-30369	292	20	affected	affect	VERB
cjfa-30369	292	21	the	the	DET
cjfa-30369	292	22	business	business	NOUN
cjfa-30369	292	23	of	of	ADP
cjfa-30369	292	24	indian	indian	PROPN
cjfa-30369	292	25	it	it	PRON
cjfa-30369	292	26	industry	industry	NOUN
cjfa-30369	292	27	and	and	CCONJ
cjfa-30369	292	28	sentiments	sentiment	NOUN
cjfa-30369	292	29	of	of	ADP
cjfa-30369	292	30	investors	investor	NOUN
cjfa-30369	292	31	which	which	PRON
cjfa-30369	292	32	is	be	AUX
cjfa-30369	292	33	evident	evident	ADJ
cjfa-30369	292	34	from	from	ADP
cjfa-30369	292	35	two	two	NUM
cjfa-30369	292	36	facts	fact	NOUN
cjfa-30369	292	37	.	.	PUNCT
cjfa-30369	293	1	first	first	ADV
cjfa-30369	293	2	,	,	PUNCT
cjfa-30369	293	3	the	the	DET
cjfa-30369	293	4	correlation	correlation	NOUN
cjfa-30369	293	5	coefficient	coefficient	NOUN
cjfa-30369	293	6	of	of	ADP
cjfa-30369	293	7	spot	spot	NOUN
cjfa-30369	293	8	and	and	CCONJ
cjfa-30369	293	9	futures	future	NOUN
cjfa-30369	293	10	price	price	NOUN
cjfa-30369	293	11	series	series	NOUN
cjfa-30369	293	12	for	for	ADP
cjfa-30369	293	13	niftyit	niftyit	NOUN
cjfa-30369	293	14	declined	decline	VERB
cjfa-30369	293	15	during	during	ADP
cjfa-30369	293	16	post	post	ADJ
cjfa-30369	293	17	-	-	ADJ
cjfa-30369	293	18	crisis	crisis	ADJ
cjfa-30369	293	19	period	period	NOUN
cjfa-30369	293	20	(	(	PUNCT
cjfa-30369	293	21	see	see	VERB
cjfa-30369	293	22	table	table	NOUN
cjfa-30369	293	23	4	4	NUM
cjfa-30369	293	24	)	)	PUNCT
cjfa-30369	293	25	.	.	PUNCT
cjfa-30369	294	1	second	second	ADV
cjfa-30369	294	2	,	,	PUNCT
cjfa-30369	294	3	the	the	DET
cjfa-30369	294	4	average	average	ADJ
cjfa-30369	294	5	traded	trade	VERB
cjfa-30369	294	6	volume	volume	NOUN
cjfa-30369	294	7	for	for	ADP
cjfa-30369	294	8	niftyit	niftyit	NOUN
cjfa-30369	294	9	contracts	contract	NOUN
cjfa-30369	294	10	show	show	VERB
cjfa-30369	294	11	a	a	DET
cjfa-30369	294	12	declining	decline	VERB
cjfa-30369	294	13	trend	trend	NOUN
cjfa-30369	294	14	after	after	ADP
cjfa-30369	294	15	2007	2007	NUM
cjfa-30369	294	16	(	(	PUNCT
cjfa-30369	294	17	see	see	VERB
cjfa-30369	294	18	table	table	NOUN
cjfa-30369	294	19	9	9	NUM
cjfa-30369	294	20	)	)	PUNCT
cjfa-30369	294	21	which	which	PRON
cjfa-30369	294	22	might	might	AUX
cjfa-30369	294	23	be	be	AUX
cjfa-30369	294	24	due	due	ADJ
cjfa-30369	294	25	to	to	ADP
cjfa-30369	294	26	negative	negative	ADJ
cjfa-30369	294	27	sentiment	sentiment	NOUN
cjfa-30369	294	28	among	among	ADP
cjfa-30369	294	29	investors	investor	NOUN
cjfa-30369	294	30	towards	towards	ADP
cjfa-30369	294	31	it	it	PRON
cjfa-30369	294	32	stocks	stock	NOUN
cjfa-30369	294	33	.	.	PUNCT
cjfa-30369	295	1	the	the	DET
cjfa-30369	295	2	negative	negative	ADJ
cjfa-30369	295	3	sentiment	sentiment	NOUN
cjfa-30369	295	4	of	of	ADP
cjfa-30369	295	5	the	the	DET
cjfa-30369	295	6	investors	investor	NOUN
cjfa-30369	295	7	and	and	CCONJ
cjfa-30369	295	8	thus	thus	ADV
cjfa-30369	295	9	,	,	PUNCT
cjfa-30369	295	10	lower	low	ADJ
cjfa-30369	295	11	trading	trading	NOUN
cjfa-30369	295	12	volume	volume	NOUN
cjfa-30369	295	13	of	of	ADP
cjfa-30369	295	14	it	it	PRON
cjfa-30369	295	15	stocks	stock	NOUN
cjfa-30369	295	16	is	be	AUX
cjfa-30369	295	17	justified	justify	VERB
cjfa-30369	295	18	as	as	SCONJ
cjfa-30369	295	19	there	there	PRON
cjfa-30369	295	20	has	have	AUX
cjfa-30369	295	21	been	be	AUX
cjfa-30369	295	22	substantial	substantial	ADJ
cjfa-30369	295	23	decline	decline	NOUN
cjfa-30369	295	24	in	in	ADP
cjfa-30369	295	25	the	the	DET
cjfa-30369	295	26	annual	annual	ADJ
cjfa-30369	295	27	growth	growth	NOUN
cjfa-30369	295	28	rates	rate	NOUN
cjfa-30369	295	29	of	of	ADP
cjfa-30369	295	30	the	the	DET
cjfa-30369	295	31	indian	indian	ADJ
cjfa-30369	295	32	it	it	PRON
cjfa-30369	295	33	sector	sector	NOUN
cjfa-30369	295	34	since	since	SCONJ
cjfa-30369	295	35	year	year	NOUN
cjfa-30369	295	36	2007	2007	NUM
cjfa-30369	295	37	-	-	SYM
cjfa-30369	295	38	08	08	NUM
cjfa-30369	295	39	(	(	PUNCT
cjfa-30369	295	40	see	see	VERB
cjfa-30369	295	41	appendix	appendix	NOUN
cjfa-30369	295	42	a	a	PRON
cjfa-30369	295	43	)	)	PUNCT
cjfa-30369	295	44	.	.	PUNCT
cjfa-30369	296	1	table	table	NOUN
cjfa-30369	296	2	9	9	NUM
cjfa-30369	296	3	.	.	PUNCT
cjfa-30369	297	1	descriptive	descriptive	ADJ
cjfa-30369	297	2	statistics	statistic	NOUN
cjfa-30369	297	3	of	of	ADP
cjfa-30369	297	4	futures	future	NOUN
cjfa-30369	297	5	contracts	contract	NOUN
cjfa-30369	297	6	volume	volume	NOUN
cjfa-30369	297	7	symbol	symbol	NOUN
cjfa-30369	297	8	period	period	NOUN
cjfa-30369	297	9	count	count	NOUN
cjfa-30369	297	10	mean	mean	VERB
cjfa-30369	297	11	minimum	minimum	ADJ
cjfa-30369	297	12	maximum	maximum	ADJ
cjfa-30369	297	13	std	std	NOUN
cjfa-30369	297	14	.	.	PUNCT
cjfa-30369	298	1	dev	dev	PROPN
cjfa-30369	298	2	.	.	PUNCT
cjfa-30369	298	3	nifty50	nifty50	PROPN
cjfa-30369	298	4	pre	pre	ADJ
cjfa-30369	298	5	-	-	NOUN
cjfa-30369	298	6	crisis	crisis	ADJ
cjfa-30369	298	7	1898	1898	NUM
cjfa-30369	298	8	135556.2	135556.2	NUM
cjfa-30369	298	9	19	19	NUM
cjfa-30369	298	10	1338598	1338598	NUM
cjfa-30369	298	11	183077.1	183077.1	NUM
cjfa-30369	298	12	post	post	ADJ
cjfa-30369	298	13	-	-	NOUN
cjfa-30369	298	14	crisis	crisis	NOUN
cjfa-30369	298	15	2042	2042	NUM
cjfa-30369	298	16	415608.1	415608.1	NUM
cjfa-30369	298	17	14371	14371	NUM
cjfa-30369	298	18	1343511	1343511	NUM
cjfa-30369	298	19	207469.5	207469.5	NUM
cjfa-30369	298	20	niftyit	niftyit	NOUN
cjfa-30369	298	21	pre	pre	NOUN
cjfa-30369	298	22	-	-	NOUN
cjfa-30369	298	23	crisis	crisis	NOUN
cjfa-30369	298	24	1092	1092	NUM
cjfa-30369	298	25	471.1612	471.1612	NUM
cjfa-30369	298	26	0	0	NUM
cjfa-30369	298	27	3683	3683	NUM
cjfa-30369	298	28	480.5841	480.5841	NUM
cjfa-30369	298	29	post	post	ADJ
cjfa-30369	298	30	-	-	NOUN
cjfa-30369	298	31	crisis	crisis	ADJ
cjfa-30369	298	32	2042	2042	NUM
cjfa-30369	298	33	315.1019	315.1019	NUM
cjfa-30369	298	34	1	1	NUM
cjfa-30369	298	35	3395	3395	NUM
cjfa-30369	298	36	289.932	289.932	NUM
cjfa-30369	298	37	banknifty	banknifty	NOUN
cjfa-30369	299	1	pre	pre	NOUN
cjfa-30369	299	2	-	-	NOUN
cjfa-30369	299	3	crisis	crisis	ADJ
cjfa-30369	299	4	638	638	NUM
cjfa-30369	299	5	2011.188	2011.188	NUM
cjfa-30369	299	6	27	27	NUM
cjfa-30369	299	7	10453	10453	NUM
cjfa-30369	299	8	1.409485	1.409485	NUM
cjfa-30369	299	9	post	post	ADJ
cjfa-30369	299	10	-	-	NOUN
cjfa-30369	299	11	crisis	crisis	ADJ
cjfa-30369	299	12	2042	2042	NUM
cjfa-30369	299	13	73973.49	73973.49	NUM
cjfa-30369	299	14	557	557	NUM
cjfa-30369	299	15	343417	343417	NUM
cjfa-30369	299	16	46689.565	46689.565	PROPN
cjfa-30369	299	17	s	s	PART
cjfa-30369	299	18	o	o	X
cjfa-30369	299	19	u	u	NOUN
cjfa-30369	299	20	r	r	NOUN
cjfa-30369	299	21	c	c	NOUN
cjfa-30369	299	22	e	e	NOUN
cjfa-30369	299	23	:	:	PUNCT
cjfa-30369	299	24	calculated	calculate	VERB
cjfa-30369	299	25	by	by	ADP
cjfa-30369	299	26	author	author	NOUN
cjfa-30369	299	27	using	use	VERB
cjfa-30369	299	28	secondary	secondary	ADJ
cjfa-30369	299	29	data	datum	NOUN
cjfa-30369	299	30	downloaded	download	VERB
cjfa-30369	299	31	from	from	ADP
cjfa-30369	299	32	official	official	ADJ
cjfa-30369	299	33	website	website	NOUN
cjfa-30369	299	34	of	of	ADP
cjfa-30369	299	35	nse	nse	NOUN
cjfa-30369	299	36	.	.	PUNCT
cjfa-30369	299	37	 	 	SPACE
cjfa-30369	300	1	conclusion	conclusion	NOUN
cjfa-30369	300	2	present	present	ADJ
cjfa-30369	300	3	study	study	NOUN
cjfa-30369	300	4	is	be	AUX
cjfa-30369	300	5	an	an	DET
cjfa-30369	300	6	attempt	attempt	NOUN
cjfa-30369	300	7	to	to	PART
cjfa-30369	300	8	examine	examine	VERB
cjfa-30369	300	9	hedging	hedging	NOUN
cjfa-30369	300	10	effectiveness	effectiveness	NOUN
cjfa-30369	300	11	of	of	ADP
cjfa-30369	300	12	three	three	NUM
cjfa-30369	300	13	benchmark	benchmark	ADJ
cjfa-30369	300	14	indices	index	NOUN
cjfa-30369	300	15	of	of	ADP
cjfa-30369	300	16	nse	nse	NOUN
cjfa-30369	300	17	(	(	PUNCT
cjfa-30369	300	18	nifty	nifty	ADJ
cjfa-30369	300	19	,	,	PUNCT
cjfa-30369	300	20	niftyit	niftyit	NOUN
cjfa-30369	300	21	and	and	CCONJ
cjfa-30369	300	22	banknifty	banknifty	VERB
cjfa-30369	300	23	)	)	PUNCT
cjfa-30369	300	24	from	from	ADP
cjfa-30369	300	25	their	their	PRON
cjfa-30369	300	26	respective	respective	ADJ
cjfa-30369	300	27	date	date	NOUN
cjfa-30369	300	28	of	of	ADP
cjfa-30369	300	29	inception	inception	NOUN
cjfa-30369	300	30	till	till	SCONJ
cjfa-30369	300	31	march	march	PROPN
cjfa-30369	300	32	31	31	NUM
cjfa-30369	300	33	,	,	PUNCT
cjfa-30369	300	34	2016	2016	NUM
cjfa-30369	300	35	by	by	ADP
cjfa-30369	300	36	two	two	NUM
cjfa-30369	300	37	methods	method	NOUN
cjfa-30369	300	38	:	:	PUNCT
cjfa-30369	300	39	variance	variance	NOUN
cjfa-30369	300	40	reduction	reduction	NOUN
cjfa-30369	300	41	approach	approach	NOUN
cjfa-30369	300	42	(	(	PUNCT
cjfa-30369	300	43	ederington	ederington	NOUN
cjfa-30369	300	44	,	,	PUNCT
cjfa-30369	300	45	1979	1979	NUM
cjfa-30369	300	46	)	)	PUNCT
cjfa-30369	300	47	and	and	CCONJ
cjfa-30369	300	48	risk	risk	NOUN
cjfa-30369	300	49	-	-	PUNCT
cjfa-30369	300	50	return	return	NOUN
cjfa-30369	300	51	approach	approach	NOUN
cjfa-30369	300	52	(	(	PUNCT
cjfa-30369	300	53	howard	howard	PROPN
cjfa-30369	300	54	&	&	CCONJ
cjfa-30369	300	55	d	d	PROPN
cjfa-30369	300	56	’	'	PUNCT
cjfa-30369	300	57	antonio	antonio	PROPN
cjfa-30369	300	58	,	,	PUNCT
cjfa-30369	300	59	1984	1984	NUM
cjfa-30369	300	60	)	)	PUNCT
cjfa-30369	300	61	.	.	PUNCT
cjfa-30369	301	1	additionally	additionally	ADV
cjfa-30369	301	2	,	,	PUNCT
cjfa-30369	301	3	an	an	DET
cjfa-30369	301	4	attempt	attempt	NOUN
cjfa-30369	301	5	has	have	AUX
cjfa-30369	301	6	been	be	AUX
cjfa-30369	301	7	made	make	VERB
cjfa-30369	301	8	to	to	PART
cjfa-30369	301	9	study	study	VERB
cjfa-30369	301	10	the	the	DET
cjfa-30369	301	11	impact	impact	NOUN
cjfa-30369	301	12	of	of	ADP
cjfa-30369	301	13	financial	financial	ADJ
cjfa-30369	301	14	crisis	crisis	NOUN
cjfa-30369	301	15	of	of	ADP
cjfa-30369	301	16	2008	2008	NUM
cjfa-30369	301	17	by	by	ADP
cjfa-30369	301	18	segregating	segregate	VERB
cjfa-30369	301	19	the	the	DET
cjfa-30369	301	20	return	return	NOUN
cjfa-30369	301	21	series	series	NOUN
cjfa-30369	301	22	into	into	ADP
cjfa-30369	301	23	pre	pre	NOUN
cjfa-30369	301	24	crisis	crisis	NOUN
cjfa-30369	301	25	period	period	NOUN
cjfa-30369	301	26	(	(	PUNCT
cjfa-30369	301	27	inception	inception	NOUN
cjfa-30369	301	28	date	date	NOUN
cjfa-30369	301	29	december	december	PROPN
cjfa-30369	301	30	31	31	NUM
cjfa-30369	301	31	,	,	PUNCT
cjfa-30369	301	32	2007	2007	NUM
cjfa-30369	301	33	)	)	PUNCT
cjfa-30369	301	34	and	and	CCONJ
cjfa-30369	301	35	post	post	VERB
cjfa-30369	301	36	crisis	crisis	NOUN
cjfa-30369	301	37	period	period	NOUN
cjfa-30369	301	38	(	(	PUNCT
cjfa-30369	301	39	january	january	PROPN
cjfa-30369	301	40	1	1	NUM
cjfa-30369	301	41	,	,	PUNCT
cjfa-30369	301	42	2008	2008	NUM
cjfa-30369	301	43	march	march	PROPN
cjfa-30369	301	44	16	16	NUM
cjfa-30369	301	45	,	,	PUNCT
cjfa-30369	301	46	2016	2016	NUM
cjfa-30369	301	47	)	)	PUNCT
cjfa-30369	301	48	.	.	PUNCT
cjfa-30369	302	1	estimating	estimate	VERB
cjfa-30369	302	2	hedging	hedging	NOUN
cjfa-30369	302	3	effectiveness	effectiveness	NOUN
cjfa-30369	302	4	using	use	VERB
cjfa-30369	302	5	variance	variance	NOUN
cjfa-30369	302	6	reduction	reduction	NOUN
cjfa-30369	302	7	…	…	PUNCT
cjfa-30369	302	8	165	165	NUM
cjfa-30369	302	9	optimal	optimal	ADJ
cjfa-30369	302	10	hedge	hedge	NOUN
cjfa-30369	302	11	ratios	ratio	NOUN
cjfa-30369	302	12	have	have	AUX
cjfa-30369	302	13	been	be	AUX
cjfa-30369	302	14	estimated	estimate	VERB
cjfa-30369	302	15	by	by	ADP
cjfa-30369	302	16	employing	employ	VERB
cjfa-30369	302	17	eight	eight	NUM
cjfa-30369	302	18	different	different	ADJ
cjfa-30369	302	19	methodologies	methodology	NOUN
cjfa-30369	302	20	:	:	PUNCT
cjfa-30369	302	21	naïve	naïve	ADJ
cjfa-30369	302	22	,	,	PUNCT
cjfa-30369	302	23	ederington	ederington	PROPN
cjfa-30369	302	24	’s	’s	PART
cjfa-30369	302	25	model	model	NOUN
cjfa-30369	302	26	,	,	PUNCT
cjfa-30369	302	27	var	var	NOUN
cjfa-30369	302	28	,	,	PUNCT
cjfa-30369	302	29	vecm	vecm	NOUN
cjfa-30369	302	30	,	,	PUNCT
cjfa-30369	302	31	arma	arma	PROPN
cjfa-30369	302	32	(	(	PUNCT
cjfa-30369	302	33	p	p	X
cjfa-30369	302	34	,	,	PUNCT
cjfa-30369	302	35	q	q	NOUN
cjfa-30369	302	36	)	)	PUNCT
cjfa-30369	302	37	,	,	PUNCT
cjfa-30369	302	38	garch(p	garch(p	PROPN
cjfa-30369	302	39	,	,	PUNCT
cjfa-30369	302	40	q	q	NOUN
cjfa-30369	302	41	)	)	PUNCT
cjfa-30369	302	42	,	,	PUNCT
cjfa-30369	302	43	egarch(p	egarch(p	PROPN
cjfa-30369	302	44	,	,	PUNCT
cjfa-30369	302	45	q	q	NOUN
cjfa-30369	302	46	)	)	PUNCT
cjfa-30369	302	47	and	and	CCONJ
cjfa-30369	302	48	tgarch(p	tgarch(p	NUM
cjfa-30369	302	49	,	,	PUNCT
cjfa-30369	302	50	q	q	NOUN
cjfa-30369	302	51	)	)	PUNCT
cjfa-30369	302	52	for	for	ADP
cjfa-30369	302	53	aggregate	aggregate	ADJ
cjfa-30369	302	54	as	as	ADV
cjfa-30369	302	55	well	well	ADV
cjfa-30369	302	56	as	as	ADP
cjfa-30369	302	57	for	for	ADP
cjfa-30369	302	58	pre	pre	ADJ
cjfa-30369	302	59	and	and	CCONJ
cjfa-30369	302	60	post	post	VERB
cjfa-30369	302	61	crisis	crisis	NOUN
cjfa-30369	302	62	period	period	NOUN
cjfa-30369	302	63	.	.	PUNCT
cjfa-30369	303	1	the	the	DET
cjfa-30369	303	2	present	present	ADJ
cjfa-30369	303	3	study	study	NOUN
cjfa-30369	303	4	finds	find	VERB
cjfa-30369	303	5	that	that	SCONJ
cjfa-30369	303	6	hedge	hedge	NOUN
cjfa-30369	303	7	ratios	ratio	NOUN
cjfa-30369	303	8	estimated	estimate	VERB
cjfa-30369	303	9	through	through	ADP
cjfa-30369	303	10	constant	constant	ADJ
cjfa-30369	303	11	hedging	hedging	NOUN
cjfa-30369	303	12	models	model	NOUN
cjfa-30369	303	13	[	[	X
cjfa-30369	303	14	ols	ol	NOUN
cjfa-30369	303	15	,	,	PUNCT
cjfa-30369	303	16	var	var	NOUN
cjfa-30369	303	17	,	,	PUNCT
cjfa-30369	303	18	vecm	vecm	NOUN
cjfa-30369	303	19	and	and	CCONJ
cjfa-30369	303	20	arma	arma	PROPN
cjfa-30369	303	21	(	(	PUNCT
cjfa-30369	303	22	p	p	X
cjfa-30369	303	23	,	,	PUNCT
cjfa-30369	303	24	q	q	NOUN
cjfa-30369	303	25	)	)	PUNCT
cjfa-30369	303	26	]	]	PUNCT
cjfa-30369	303	27	are	be	AUX
cjfa-30369	303	28	relatively	relatively	ADV
cjfa-30369	303	29	smaller	small	ADJ
cjfa-30369	303	30	than	than	ADP
cjfa-30369	303	31	the	the	DET
cjfa-30369	303	32	hedge	hedge	NOUN
cjfa-30369	303	33	ratios	ratio	NOUN
cjfa-30369	303	34	estimated	estimate	VERB
cjfa-30369	303	35	through	through	ADP
cjfa-30369	303	36	time	time	NOUN
cjfa-30369	303	37	varying	vary	VERB
cjfa-30369	303	38	models	model	NOUN
cjfa-30369	303	39	(	(	PUNCT
cjfa-30369	303	40	garch	garch	NOUN
cjfa-30369	303	41	,	,	PUNCT
cjfa-30369	303	42	egarch	egarch	NOUN
cjfa-30369	303	43	and	and	CCONJ
cjfa-30369	303	44	tgarch	tgarch	NOUN
cjfa-30369	303	45	)	)	PUNCT
cjfa-30369	303	46	.	.	PUNCT
cjfa-30369	304	1	these	these	DET
cjfa-30369	304	2	results	result	NOUN
cjfa-30369	304	3	imply	imply	VERB
cjfa-30369	304	4	that	that	SCONJ
cjfa-30369	304	5	cost	cost	NOUN
cjfa-30369	304	6	of	of	ADP
cjfa-30369	304	7	hedging	hedge	VERB
cjfa-30369	304	8	through	through	ADP
cjfa-30369	304	9	constant	constant	ADJ
cjfa-30369	304	10	hedge	hedge	NOUN
cjfa-30369	304	11	ratio	ratio	NOUN
cjfa-30369	304	12	models	model	NOUN
cjfa-30369	304	13	is	be	AUX
cjfa-30369	304	14	relatively	relatively	ADV
cjfa-30369	304	15	lower	low	ADJ
cjfa-30369	304	16	than	than	ADP
cjfa-30369	304	17	time	time	NOUN
cjfa-30369	304	18	-	-	PUNCT
cjfa-30369	304	19	varying	vary	VERB
cjfa-30369	304	20	hedge	hedge	NOUN
cjfa-30369	304	21	ratio	ratio	NOUN
cjfa-30369	304	22	models	model	NOUN
cjfa-30369	304	23	.	.	PUNCT
cjfa-30369	305	1	secondly	secondly	ADV
cjfa-30369	305	2	,	,	PUNCT
cjfa-30369	305	3	after	after	ADP
cjfa-30369	305	4	segregating	segregate	VERB
cjfa-30369	305	5	the	the	DET
cjfa-30369	305	6	data	data	NOUN
cjfa-30369	305	7	series	series	NOUN
cjfa-30369	305	8	into	into	ADP
cjfa-30369	305	9	pre	pre	ADJ
cjfa-30369	305	10	and	and	CCONJ
cjfa-30369	305	11	post	post	VERB
cjfa-30369	305	12	crisis	crisis	NOUN
cjfa-30369	305	13	period	period	NOUN
cjfa-30369	305	14	,	,	PUNCT
cjfa-30369	305	15	it	it	PRON
cjfa-30369	305	16	is	be	AUX
cjfa-30369	305	17	observed	observe	VERB
cjfa-30369	305	18	that	that	SCONJ
cjfa-30369	305	19	hedge	hedge	NOUN
cjfa-30369	305	20	ratios	ratio	NOUN
cjfa-30369	305	21	during	during	ADP
cjfa-30369	305	22	the	the	DET
cjfa-30369	305	23	post	post	ADJ
cjfa-30369	305	24	-	-	ADJ
cjfa-30369	305	25	crisis	crisis	ADJ
cjfa-30369	305	26	period	period	NOUN
cjfa-30369	305	27	are	be	AUX
cjfa-30369	305	28	relatively	relatively	ADV
cjfa-30369	305	29	higher	high	ADJ
cjfa-30369	305	30	than	than	ADP
cjfa-30369	305	31	precrisis	precrisis	NOUN
cjfa-30369	305	32	period	period	NOUN
cjfa-30369	305	33	for	for	ADP
cjfa-30369	305	34	all	all	DET
cjfa-30369	305	35	optimal	optimal	ADJ
cjfa-30369	305	36	hedge	hedge	NOUN
cjfa-30369	305	37	ratio	ratio	NOUN
cjfa-30369	305	38	models	model	NOUN
cjfa-30369	305	39	,	,	PUNCT
cjfa-30369	305	40	which	which	PRON
cjfa-30369	305	41	implies	imply	VERB
cjfa-30369	305	42	that	that	SCONJ
cjfa-30369	305	43	the	the	DET
cjfa-30369	305	44	cost	cost	NOUN
cjfa-30369	305	45	of	of	ADP
cjfa-30369	305	46	hedging	hedging	NOUN
cjfa-30369	305	47	has	have	AUX
cjfa-30369	305	48	been	be	AUX
cjfa-30369	305	49	increased	increase	VERB
cjfa-30369	305	50	after	after	ADP
cjfa-30369	305	51	the	the	DET
cjfa-30369	305	52	financial	financial	ADJ
cjfa-30369	305	53	crisis	crisis	NOUN
cjfa-30369	305	54	.	.	PUNCT
cjfa-30369	306	1	furthermore	furthermore	ADV
cjfa-30369	306	2	,	,	PUNCT
cjfa-30369	306	3	hedging	hedging	NOUN
cjfa-30369	306	4	effectiveness	effectiveness	NOUN
cjfa-30369	306	5	has	have	AUX
cjfa-30369	306	6	been	be	AUX
cjfa-30369	306	7	estimated	estimate	VERB
cjfa-30369	306	8	using	use	VERB
cjfa-30369	306	9	two	two	NUM
cjfa-30369	306	10	approaches	approach	NOUN
cjfa-30369	306	11	i.e.	i.e.	X
cjfa-30369	306	12	variance	variance	NOUN
cjfa-30369	306	13	-	-	PUNCT
cjfa-30369	306	14	reduction	reduction	NOUN
cjfa-30369	306	15	framework	framework	NOUN
cjfa-30369	306	16	and	and	CCONJ
cjfa-30369	306	17	risk	risk	NOUN
cjfa-30369	306	18	-	-	PUNCT
cjfa-30369	306	19	return	return	NOUN
cjfa-30369	306	20	framework	framework	NOUN
cjfa-30369	306	21	(	(	PUNCT
cjfa-30369	306	22	table	table	NOUN
cjfa-30369	306	23	5	5	NUM
cjfa-30369	306	24	and	and	CCONJ
cjfa-30369	306	25	7	7	NUM
cjfa-30369	306	26	respectively	respectively	ADV
cjfa-30369	306	27	)	)	PUNCT
cjfa-30369	306	28	.	.	PUNCT
cjfa-30369	307	1	it	it	PRON
cjfa-30369	307	2	is	be	AUX
cjfa-30369	307	3	found	find	VERB
cjfa-30369	307	4	that	that	SCONJ
cjfa-30369	307	5	ols	ol	NOUN
cjfa-30369	307	6	hedge	hedge	NOUN
cjfa-30369	307	7	ratio	ratio	NOUN
cjfa-30369	307	8	gives	give	VERB
cjfa-30369	307	9	highest	high	ADJ
cjfa-30369	307	10	hedging	hedging	NOUN
cjfa-30369	307	11	effectiveness	effectiveness	NOUN
cjfa-30369	307	12	(	(	PUNCT
cjfa-30369	307	13	except	except	SCONJ
cjfa-30369	307	14	for	for	ADP
cjfa-30369	307	15	niftyit	niftyit	NOUN
cjfa-30369	307	16	where	where	SCONJ
cjfa-30369	307	17	vecm	vecm	NOUN
cjfa-30369	307	18	gives	give	VERB
cjfa-30369	307	19	highest	high	ADJ
cjfa-30369	307	20	hedging	hedging	NOUN
cjfa-30369	307	21	effectiveness	effectiveness	NOUN
cjfa-30369	307	22	)	)	PUNCT
cjfa-30369	307	23	whereas	whereas	SCONJ
cjfa-30369	307	24	,	,	PUNCT
cjfa-30369	307	25	naïve	naïve	ADJ
cjfa-30369	307	26	hedge	hedge	NOUN
cjfa-30369	307	27	ratio	ratio	NOUN
cjfa-30369	307	28	gives	give	VERB
cjfa-30369	307	29	the	the	DET
cjfa-30369	307	30	lowest	low	ADJ
cjfa-30369	307	31	hedging	hedging	NOUN
cjfa-30369	307	32	effectiveness	effectiveness	NOUN
cjfa-30369	307	33	.	.	PUNCT
cjfa-30369	308	1	these	these	DET
cjfa-30369	308	2	findings	finding	NOUN
cjfa-30369	308	3	are	be	AUX
cjfa-30369	308	4	consistent	consistent	ADJ
cjfa-30369	308	5	with	with	ADP
cjfa-30369	308	6	the	the	DET
cjfa-30369	308	7	findings	finding	NOUN
cjfa-30369	308	8	of	of	ADP
cjfa-30369	308	9	moosa	moosa	PROPN
cjfa-30369	308	10	(	(	PUNCT
cjfa-30369	308	11	2003	2003	NUM
cjfa-30369	308	12	)	)	PUNCT
cjfa-30369	308	13	,	,	PUNCT
cjfa-30369	308	14	lien	lien	NOUN
cjfa-30369	308	15	(	(	PUNCT
cjfa-30369	308	16	2005	2005	NUM
cjfa-30369	308	17	)	)	PUNCT
cjfa-30369	308	18	and	and	CCONJ
cjfa-30369	308	19	kaur	kaur	PROPN
cjfa-30369	308	20	and	and	CCONJ
cjfa-30369	308	21	gupta	gupta	PROPN
cjfa-30369	308	22	(	(	PUNCT
cjfa-30369	308	23	2018	2018	NUM
cjfa-30369	308	24	)	)	PUNCT
cjfa-30369	308	25	.	.	PUNCT
cjfa-30369	309	1	these	these	DET
cjfa-30369	309	2	findings	finding	NOUN
cjfa-30369	309	3	remain	remain	VERB
cjfa-30369	309	4	consistent	consistent	ADJ
cjfa-30369	309	5	even	even	ADV
cjfa-30369	309	6	after	after	SCONJ
cjfa-30369	309	7	the	the	DET
cjfa-30369	309	8	data	data	NOUN
cjfa-30369	309	9	series	series	NOUN
cjfa-30369	309	10	is	be	AUX
cjfa-30369	309	11	segregated	segregate	VERB
cjfa-30369	309	12	into	into	ADP
cjfa-30369	309	13	pre	pre	ADJ
cjfa-30369	309	14	and	and	CCONJ
cjfa-30369	309	15	post	post	ADJ
cjfa-30369	309	16	-	-	ADJ
cjfa-30369	309	17	crisis	crisis	ADJ
cjfa-30369	309	18	period	period	NOUN
cjfa-30369	309	19	.	.	PUNCT
cjfa-30369	310	1	however	however	ADV
cjfa-30369	310	2	,	,	PUNCT
cjfa-30369	310	3	on	on	ADP
cjfa-30369	310	4	the	the	DET
cjfa-30369	310	5	contrary	contrary	NOUN
cjfa-30369	310	6	,	,	PUNCT
cjfa-30369	310	7	naïve	naïve	ADJ
cjfa-30369	310	8	hedge	hedge	NOUN
cjfa-30369	310	9	ratio	ratio	NOUN
cjfa-30369	310	10	gives	give	VERB
cjfa-30369	310	11	highest	high	ADJ
cjfa-30369	310	12	hedging	hedging	NOUN
cjfa-30369	310	13	effectiveness	effectiveness	NOUN
cjfa-30369	310	14	using	use	VERB
cjfa-30369	310	15	risk	risk	NOUN
cjfa-30369	310	16	-	-	PUNCT
cjfa-30369	310	17	return	return	NOUN
cjfa-30369	310	18	approach	approach	NOUN
cjfa-30369	310	19	(	(	PUNCT
cjfa-30369	310	20	except	except	SCONJ
cjfa-30369	310	21	for	for	ADP
cjfa-30369	310	22	niftyit	niftyit	NOUN
cjfa-30369	310	23	post	post	NOUN
cjfa-30369	310	24	crisis	crisis	NOUN
cjfa-30369	310	25	)	)	PUNCT
cjfa-30369	310	26	,	,	PUNCT
cjfa-30369	310	27	whereas	whereas	SCONJ
cjfa-30369	310	28	ols	ol	NOUN
cjfa-30369	310	29	gives	give	VERB
cjfa-30369	310	30	lowest	low	ADJ
cjfa-30369	310	31	hedging	hedging	NOUN
cjfa-30369	310	32	effectiveness	effectiveness	NOUN
cjfa-30369	310	33	.	.	PUNCT
cjfa-30369	311	1	once	once	ADV
cjfa-30369	311	2	again	again	ADV
cjfa-30369	311	3	,	,	PUNCT
cjfa-30369	311	4	the	the	DET
cjfa-30369	311	5	results	result	NOUN
cjfa-30369	311	6	obtained	obtain	VERB
cjfa-30369	311	7	do	do	AUX
cjfa-30369	311	8	not	not	PART
cjfa-30369	311	9	change	change	VERB
cjfa-30369	311	10	when	when	SCONJ
cjfa-30369	311	11	series	series	NOUN
cjfa-30369	311	12	is	be	AUX
cjfa-30369	311	13	segregated	segregate	VERB
cjfa-30369	311	14	into	into	ADP
cjfa-30369	311	15	pre	pre	VERB
cjfa-30369	311	16	and	and	CCONJ
cjfa-30369	311	17	post	post	VERB
cjfa-30369	311	18	crisis	crisis	NOUN
cjfa-30369	311	19	period	period	NOUN
cjfa-30369	311	20	.	.	PUNCT
cjfa-30369	312	1	from	from	ADP
cjfa-30369	312	2	the	the	DET
cjfa-30369	312	3	above	above	ADJ
cjfa-30369	312	4	findings	finding	NOUN
cjfa-30369	312	5	few	few	ADJ
cjfa-30369	312	6	important	important	ADJ
cjfa-30369	312	7	implications	implication	NOUN
cjfa-30369	312	8	can	can	AUX
cjfa-30369	312	9	be	be	AUX
cjfa-30369	312	10	drawn	draw	VERB
cjfa-30369	312	11	.	.	PUNCT
cjfa-30369	313	1	firstly	firstly	ADV
cjfa-30369	313	2	,	,	PUNCT
cjfa-30369	313	3	constant	constant	ADJ
cjfa-30369	313	4	hedging	hedging	NOUN
cjfa-30369	313	5	models	model	NOUN
cjfa-30369	313	6	give	give	VERB
cjfa-30369	313	7	highest	high	ADJ
cjfa-30369	313	8	hedging	hedging	NOUN
cjfa-30369	313	9	effectiveness	effectiveness	NOUN
cjfa-30369	313	10	whether	whether	SCONJ
cjfa-30369	313	11	examined	examine	VERB
cjfa-30369	313	12	on	on	ADP
cjfa-30369	313	13	the	the	DET
cjfa-30369	313	14	basis	basis	NOUN
cjfa-30369	313	15	variance	variance	NOUN
cjfa-30369	313	16	-	-	PUNCT
cjfa-30369	313	17	reduction	reduction	NOUN
cjfa-30369	313	18	approach	approach	NOUN
cjfa-30369	313	19	or	or	CCONJ
cjfa-30369	313	20	risk	risk	NOUN
cjfa-30369	313	21	-	-	PUNCT
cjfa-30369	313	22	return	return	NOUN
cjfa-30369	313	23	approach	approach	NOUN
cjfa-30369	313	24	.	.	PUNCT
cjfa-30369	314	1	these	these	DET
cjfa-30369	314	2	findings	finding	NOUN
cjfa-30369	314	3	are	be	AUX
cjfa-30369	314	4	consistent	consistent	ADJ
cjfa-30369	314	5	with	with	ADP
cjfa-30369	314	6	the	the	DET
cjfa-30369	314	7	findings	finding	NOUN
cjfa-30369	314	8	of	of	ADP
cjfa-30369	314	9	wang	wang	PROPN
cjfa-30369	314	10	,	,	PUNCT
cjfa-30369	314	11	chongfeng	chongfeng	PROPN
cjfa-30369	314	12	and	and	CCONJ
cjfa-30369	314	13	li	li	PROPN
cjfa-30369	314	14	(	(	PUNCT
cjfa-30369	314	15	2015	2015	NUM
cjfa-30369	314	16	)	)	PUNCT
cjfa-30369	314	17	and	and	CCONJ
cjfa-30369	314	18	kaur	kaur	PROPN
cjfa-30369	314	19	and	and	CCONJ
cjfa-30369	314	20	gupta	gupta	PROPN
cjfa-30369	314	21	(	(	PUNCT
cjfa-30369	314	22	2018	2018	NUM
cjfa-30369	314	23	)	)	PUNCT
cjfa-30369	314	24	who	who	PRON
cjfa-30369	314	25	argue	argue	VERB
cjfa-30369	314	26	whether	whether	SCONJ
cjfa-30369	314	27	econometric	econometric	ADJ
cjfa-30369	314	28	sophistication	sophistication	NOUN
cjfa-30369	314	29	really	really	ADV
cjfa-30369	314	30	helps	help	VERB
cjfa-30369	314	31	to	to	PART
cjfa-30369	314	32	improve	improve	VERB
cjfa-30369	314	33	hedging	hedging	NOUN
cjfa-30369	314	34	effectiveness	effectiveness	NOUN
cjfa-30369	314	35	.	.	PUNCT
cjfa-30369	315	1	however	however	ADV
cjfa-30369	315	2	,	,	PUNCT
cjfa-30369	315	3	on	on	ADP
cjfa-30369	315	4	the	the	DET
cjfa-30369	315	5	contrary	contrary	NOUN
cjfa-30369	315	6	,	,	PUNCT
cjfa-30369	315	7	these	these	DET
cjfa-30369	315	8	findings	finding	NOUN
cjfa-30369	315	9	are	be	AUX
cjfa-30369	315	10	inconsistent	inconsistent	ADJ
cjfa-30369	315	11	with	with	ADP
cjfa-30369	315	12	numerous	numerous	ADJ
cjfa-30369	315	13	studies	study	NOUN
cjfa-30369	315	14	(	(	PUNCT
cjfa-30369	315	15	park	park	NOUN
cjfa-30369	315	16	&	&	CCONJ
cjfa-30369	315	17	switzer	switzer	PROPN
cjfa-30369	315	18	,	,	PUNCT
cjfa-30369	315	19	1995	1995	NUM
cjfa-30369	315	20	;	;	PUNCT
cjfa-30369	315	21	lypny	lypny	NOUN
cjfa-30369	315	22	&	&	CCONJ
cjfa-30369	315	23	powalla	powalla	PROPN
cjfa-30369	315	24	,	,	PUNCT
cjfa-30369	315	25	1998	1998	NUM
cjfa-30369	315	26	;	;	PUNCT
cjfa-30369	315	27	floros	floros	PROPN
cjfa-30369	315	28	&	&	CCONJ
cjfa-30369	315	29	vougas	vougas	NOUN
cjfa-30369	315	30	,	,	PUNCT
cjfa-30369	315	31	2004	2004	NUM
cjfa-30369	315	32	;	;	PUNCT
cjfa-30369	315	33	floros	floros	PROPN
cjfa-30369	315	34	&	&	CCONJ
cjfa-30369	315	35	vougas	vougas	NOUN
cjfa-30369	315	36	,	,	PUNCT
cjfa-30369	315	37	2006	2006	NUM
cjfa-30369	315	38	;	;	PUNCT
cjfa-30369	315	39	lee	lee	PROPN
cjfa-30369	315	40	&	&	CCONJ
cjfa-30369	315	41	yoder	yoder	PROPN
cjfa-30369	315	42	,	,	PUNCT
cjfa-30369	315	43	2007	2007	NUM
cjfa-30369	315	44	;	;	PUNCT
cjfa-30369	315	45	bhaduri	bhaduri	PROPN
cjfa-30369	315	46	&	&	CCONJ
cjfa-30369	315	47	durai	durai	PROPN
cjfa-30369	315	48	,	,	PUNCT
cjfa-30369	315	49	2008	2008	NUM
cjfa-30369	315	50	;	;	PUNCT
cjfa-30369	315	51	hou	hou	PROPN
cjfa-30369	315	52	&	&	CCONJ
cjfa-30369	315	53	li	li	PROPN
cjfa-30369	315	54	,	,	PUNCT
cjfa-30369	315	55	2013	2013	NUM
cjfa-30369	315	56	and	and	CCONJ
cjfa-30369	315	57	kumar	kumar	PROPN
cjfa-30369	315	58	&	&	CCONJ
cjfa-30369	315	59	bose	bose	PROPN
cjfa-30369	315	60	,	,	PUNCT
cjfa-30369	315	61	2019	2019	NUM
cjfa-30369	315	62	)	)	PUNCT
cjfa-30369	315	63	which	which	PRON
cjfa-30369	315	64	suggest	suggest	VERB
cjfa-30369	315	65	that	that	SCONJ
cjfa-30369	315	66	time	time	NOUN
cjfa-30369	315	67	-	-	PUNCT
cjfa-30369	315	68	varying	vary	VERB
cjfa-30369	315	69	hedging	hedging	NOUN
cjfa-30369	315	70	models	model	NOUN
cjfa-30369	315	71	dominate	dominate	VERB
cjfa-30369	315	72	constant	constant	ADJ
cjfa-30369	315	73	hedging	hedging	NOUN
cjfa-30369	315	74	models	model	NOUN
cjfa-30369	315	75	.	.	PUNCT
cjfa-30369	316	1	the	the	DET
cjfa-30369	316	2	reason	reason	NOUN
cjfa-30369	316	3	for	for	ADP
cjfa-30369	316	4	such	such	ADJ
cjfa-30369	316	5	anomaly	anomaly	NOUN
cjfa-30369	316	6	may	may	AUX
cjfa-30369	316	7	be	be	AUX
cjfa-30369	316	8	attributed	attribute	VERB
cjfa-30369	316	9	to	to	ADP
cjfa-30369	316	10	the	the	DET
cjfa-30369	316	11	fact	fact	NOUN
cjfa-30369	316	12	that	that	SCONJ
cjfa-30369	316	13	hedging	hedging	NOUN
cjfa-30369	316	14	model	model	NOUN
cjfa-30369	316	15	to	to	PART
cjfa-30369	316	16	be	be	AUX
cjfa-30369	316	17	used	use	VERB
cjfa-30369	316	18	may	may	AUX
cjfa-30369	316	19	be	be	AUX
cjfa-30369	316	20	country	country	NOUN
cjfa-30369	316	21	specific	specific	ADJ
cjfa-30369	316	22	(	(	PUNCT
cjfa-30369	316	23	hou	hou	PROPN
cjfa-30369	316	24	&	&	CCONJ
cjfa-30369	316	25	li	li	PROPN
cjfa-30369	316	26	,	,	PUNCT
cjfa-30369	316	27	2013	2013	NUM
cjfa-30369	316	28	)	)	PUNCT
cjfa-30369	316	29	.	.	PUNCT
cjfa-30369	317	1	secondly	secondly	ADV
cjfa-30369	317	2	,	,	PUNCT
cjfa-30369	317	3	since	since	SCONJ
cjfa-30369	317	4	both	both	CCONJ
cjfa-30369	317	5	the	the	DET
cjfa-30369	317	6	measures	measure	NOUN
cjfa-30369	317	7	of	of	ADP
cjfa-30369	317	8	hedging	hedging	NOUN
cjfa-30369	317	9	effectiveness	effectiveness	NOUN
cjfa-30369	317	10	suggest	suggest	VERB
cjfa-30369	317	11	different	different	ADJ
cjfa-30369	317	12	optimal	optimal	ADJ
cjfa-30369	317	13	hedging	hedging	NOUN
cjfa-30369	317	14	models	model	NOUN
cjfa-30369	317	15	,	,	PUNCT
cjfa-30369	317	16	mandeep	mandeep	PROPN
cjfa-30369	317	17	kaur	kaur	PROPN
cjfa-30369	317	18	,	,	PUNCT
cjfa-30369	317	19	kapil	kapil	PROPN
cjfa-30369	317	20	gupta166	gupta166	PROPN
cjfa-30369	317	21	therefore	therefore	ADV
cjfa-30369	317	22	,	,	PUNCT
cjfa-30369	317	23	selection	selection	NOUN
cjfa-30369	317	24	of	of	ADP
cjfa-30369	317	25	right	right	ADJ
cjfa-30369	317	26	hedging	hedging	NOUN
cjfa-30369	317	27	model	model	NOUN
cjfa-30369	317	28	becomes	become	VERB
cjfa-30369	317	29	vital	vital	ADJ
cjfa-30369	317	30	for	for	ADP
cjfa-30369	317	31	investor	investor	NOUN
cjfa-30369	317	32	which	which	PRON
cjfa-30369	317	33	depends	depend	VERB
cjfa-30369	317	34	upon	upon	SCONJ
cjfa-30369	317	35	his	his	PRON
cjfa-30369	317	36	objective	objective	NOUN
cjfa-30369	317	37	to	to	PART
cjfa-30369	317	38	hedge	hedge	VERB
cjfa-30369	317	39	.	.	PUNCT
cjfa-30369	318	1	thirdly	thirdly	ADV
cjfa-30369	318	2	,	,	PUNCT
cjfa-30369	318	3	there	there	PRON
cjfa-30369	318	4	has	have	AUX
cjfa-30369	318	5	been	be	AUX
cjfa-30369	318	6	increase	increase	NOUN
cjfa-30369	318	7	in	in	ADP
cjfa-30369	318	8	estimates	estimate	NOUN
cjfa-30369	318	9	of	of	ADP
cjfa-30369	318	10	both	both	CCONJ
cjfa-30369	318	11	optimal	optimal	ADJ
cjfa-30369	318	12	hedge	hedge	NOUN
cjfa-30369	318	13	ratio	ratio	NOUN
cjfa-30369	318	14	and	and	CCONJ
cjfa-30369	318	15	hedging	hedging	NOUN
cjfa-30369	318	16	effectiveness	effectiveness	NOUN
cjfa-30369	318	17	(	(	PUNCT
cjfa-30369	318	18	except	except	SCONJ
cjfa-30369	318	19	niftyit	niftyit	NOUN
cjfa-30369	318	20	)	)	PUNCT
cjfa-30369	318	21	during	during	ADP
cjfa-30369	318	22	post	post	NOUN
cjfa-30369	318	23	crisis	crisis	NOUN
cjfa-30369	318	24	period	period	NOUN
cjfa-30369	318	25	which	which	PRON
cjfa-30369	318	26	implies	imply	VERB
cjfa-30369	318	27	an	an	DET
cjfa-30369	318	28	increase	increase	NOUN
cjfa-30369	318	29	in	in	ADP
cjfa-30369	318	30	the	the	DET
cjfa-30369	318	31	cost	cost	NOUN
cjfa-30369	318	32	of	of	ADP
cjfa-30369	318	33	hedging	hedging	NOUN
cjfa-30369	318	34	.	.	PUNCT
cjfa-30369	319	1	the	the	DET
cjfa-30369	319	2	reason	reason	NOUN
cjfa-30369	319	3	for	for	ADP
cjfa-30369	319	4	increase	increase	NOUN
cjfa-30369	319	5	in	in	ADP
cjfa-30369	319	6	both	both	DET
cjfa-30369	319	7	these	these	DET
cjfa-30369	319	8	estimates	estimate	NOUN
cjfa-30369	319	9	can	can	AUX
cjfa-30369	319	10	be	be	AUX
cjfa-30369	319	11	due	due	ADJ
cjfa-30369	319	12	to	to	PART
cjfa-30369	319	13	increase	increase	VERB
cjfa-30369	319	14	in	in	ADP
cjfa-30369	319	15	correlation	correlation	NOUN
cjfa-30369	319	16	coefficient	coefficient	NOUN
cjfa-30369	319	17	between	between	ADP
cjfa-30369	319	18	spot	spot	NOUN
cjfa-30369	319	19	and	and	CCONJ
cjfa-30369	319	20	futures	future	NOUN
cjfa-30369	319	21	returns	return	NOUN
cjfa-30369	319	22	over	over	ADP
cjfa-30369	319	23	post	post	ADJ
cjfa-30369	319	24	-	-	ADJ
cjfa-30369	319	25	crisis	crisis	ADJ
cjfa-30369	319	26	period	period	NOUN
cjfa-30369	319	27	as	as	SCONJ
cjfa-30369	319	28	observed	observe	VERB
cjfa-30369	319	29	by	by	ADP
cjfa-30369	319	30	majid	majid	PROPN
cjfa-30369	319	31	and	and	CCONJ
cjfa-30369	319	32	kassim	kassim	PROPN
cjfa-30369	319	33	(	(	PUNCT
cjfa-30369	319	34	2009	2009	NUM
cjfa-30369	319	35	)	)	PUNCT
cjfa-30369	319	36	and	and	CCONJ
cjfa-30369	319	37	joshi	joshi	PROPN
cjfa-30369	319	38	(	(	PUNCT
cjfa-30369	319	39	2012	2012	NUM
cjfa-30369	319	40	)	)	PUNCT
cjfa-30369	319	41	that	that	PRON
cjfa-30369	319	42	post	post	VERB
cjfa-30369	319	43	financial	financial	ADJ
cjfa-30369	319	44	crisis	crisis	NOUN
cjfa-30369	319	45	,	,	PUNCT
cjfa-30369	319	46	market	market	NOUN
cjfa-30369	319	47	integration	integration	NOUN
cjfa-30369	319	48	improved	improve	VERB
cjfa-30369	319	49	.	.	PUNCT
cjfa-30369	320	1	this	this	DET
cjfa-30369	320	2	paper	paper	NOUN
cjfa-30369	320	3	has	have	VERB
cjfa-30369	320	4	few	few	ADJ
cjfa-30369	320	5	implications	implication	NOUN
cjfa-30369	320	6	for	for	ADP
cjfa-30369	320	7	investors	investor	NOUN
cjfa-30369	320	8	.	.	PUNCT
cjfa-30369	321	1	firstly	firstly	ADV
cjfa-30369	321	2	,	,	PUNCT
cjfa-30369	321	3	it	it	PRON
cjfa-30369	321	4	suggests	suggest	VERB
cjfa-30369	321	5	that	that	SCONJ
cjfa-30369	321	6	in	in	ADP
cjfa-30369	321	7	order	order	NOUN
cjfa-30369	321	8	to	to	PART
cjfa-30369	321	9	hedge	hedge	VERB
cjfa-30369	321	10	,	,	PUNCT
cjfa-30369	321	11	investors	investor	NOUN
cjfa-30369	321	12	can	can	AUX
cjfa-30369	321	13	simply	simply	ADV
cjfa-30369	321	14	choose	choose	VERB
cjfa-30369	321	15	the	the	DET
cjfa-30369	321	16	optimal	optimal	ADJ
cjfa-30369	321	17	hedge	hedge	NOUN
cjfa-30369	321	18	ratio	ratio	NOUN
cjfa-30369	321	19	suggested	suggest	VERB
cjfa-30369	321	20	by	by	ADP
cjfa-30369	321	21	constant	constant	ADJ
cjfa-30369	321	22	hedging	hedging	NOUN
cjfa-30369	321	23	models	model	NOUN
cjfa-30369	321	24	(	(	PUNCT
cjfa-30369	321	25	especially	especially	ADV
cjfa-30369	321	26	ols	ol	NOUN
cjfa-30369	321	27	)	)	PUNCT
cjfa-30369	321	28	instead	instead	ADV
cjfa-30369	321	29	of	of	ADP
cjfa-30369	321	30	time	time	NOUN
cjfa-30369	321	31	-	-	PUNCT
cjfa-30369	321	32	varying	vary	VERB
cjfa-30369	321	33	hedging	hedging	NOUN
cjfa-30369	321	34	models	model	NOUN
cjfa-30369	321	35	which	which	PRON
cjfa-30369	321	36	are	be	AUX
cjfa-30369	321	37	more	more	ADJ
cjfa-30369	321	38	time	time	NOUN
cjfa-30369	321	39	-	-	PUNCT
cjfa-30369	321	40	consuming	consume	VERB
cjfa-30369	321	41	and	and	CCONJ
cjfa-30369	321	42	of	of	ADP
cjfa-30369	321	43	complex	complex	ADJ
cjfa-30369	321	44	nature	nature	NOUN
cjfa-30369	321	45	.	.	PUNCT
cjfa-30369	322	1	it	it	PRON
cjfa-30369	322	2	is	be	AUX
cjfa-30369	322	3	because	because	SCONJ
cjfa-30369	322	4	ols	ol	NOUN
cjfa-30369	322	5	gives	give	VERB
cjfa-30369	322	6	the	the	DET
cjfa-30369	322	7	highest	high	ADJ
cjfa-30369	322	8	hedging	hedging	NOUN
cjfa-30369	322	9	effectiveness	effectiveness	NOUN
cjfa-30369	322	10	while	while	SCONJ
cjfa-30369	322	11	giving	give	VERB
cjfa-30369	322	12	lowest	low	ADJ
cjfa-30369	322	13	optimal	optimal	ADJ
cjfa-30369	322	14	hedge	hedge	NOUN
cjfa-30369	322	15	ratio	ratio	NOUN
cjfa-30369	322	16	which	which	PRON
cjfa-30369	322	17	implies	imply	VERB
cjfa-30369	322	18	lower	low	ADJ
cjfa-30369	322	19	investment	investment	NOUN
cjfa-30369	322	20	in	in	ADP
cjfa-30369	322	21	futures	future	NOUN
cjfa-30369	322	22	contracts	contract	NOUN
cjfa-30369	322	23	.	.	PUNCT
cjfa-30369	323	1	on	on	ADP
cjfa-30369	323	2	the	the	DET
cjfa-30369	323	3	contrary	contrary	NOUN
cjfa-30369	323	4	,	,	PUNCT
cjfa-30369	323	5	other	other	ADJ
cjfa-30369	323	6	models	model	NOUN
cjfa-30369	323	7	suggest	suggest	VERB
cjfa-30369	323	8	comparatively	comparatively	ADV
cjfa-30369	323	9	higher	high	ADJ
cjfa-30369	323	10	optimal	optimal	ADJ
cjfa-30369	323	11	hedge	hedge	NOUN
cjfa-30369	323	12	ratio	ratio	NOUN
cjfa-30369	323	13	and	and	CCONJ
cjfa-30369	323	14	a	a	DET
cjfa-30369	323	15	lower	low	ADJ
cjfa-30369	323	16	hedging	hedging	NOUN
cjfa-30369	323	17	effectiveness	effectiveness	NOUN
cjfa-30369	323	18	.	.	PUNCT
cjfa-30369	324	1	secondly	secondly	ADV
cjfa-30369	324	2	,	,	PUNCT
cjfa-30369	324	3	this	this	DET
cjfa-30369	324	4	study	study	NOUN
cjfa-30369	324	5	suggests	suggest	VERB
cjfa-30369	324	6	hedge	hedge	ADJ
cjfa-30369	324	7	ratio	ratio	NOUN
cjfa-30369	324	8	suggested	suggest	VERB
cjfa-30369	324	9	by	by	ADP
cjfa-30369	324	10	ols	ol	NOUN
cjfa-30369	324	11	for	for	ADP
cjfa-30369	324	12	pure	pure	ADJ
cjfa-30369	324	13	hedgers	hedger	NOUN
cjfa-30369	324	14	who	who	PRON
cjfa-30369	324	15	are	be	AUX
cjfa-30369	324	16	mainly	mainly	ADV
cjfa-30369	324	17	concerned	concern	VERB
cjfa-30369	324	18	with	with	ADP
cjfa-30369	324	19	minimization	minimization	NOUN
cjfa-30369	324	20	of	of	ADP
cjfa-30369	324	21	variance	variance	NOUN
cjfa-30369	324	22	,	,	PUNCT
cjfa-30369	324	23	while	while	SCONJ
cjfa-30369	324	24	the	the	DET
cjfa-30369	324	25	investors	investor	NOUN
cjfa-30369	324	26	whose	whose	DET
cjfa-30369	324	27	are	be	AUX
cjfa-30369	324	28	also	also	ADV
cjfa-30369	324	29	concerned	concerned	ADJ
cjfa-30369	324	30	with	with	ADP
cjfa-30369	324	31	enhancing	enhance	VERB
cjfa-30369	324	32	their	their	PRON
cjfa-30369	324	33	return	return	NOUN
cjfa-30369	324	34	by	by	ADP
cjfa-30369	324	35	hedging	hedging	NOUN
cjfa-30369	324	36	might	might	AUX
cjfa-30369	324	37	choose	choose	VERB
cjfa-30369	324	38	naive	naive	ADJ
cjfa-30369	324	39	hedge	hedge	NOUN
cjfa-30369	324	40	ratio	ratio	NOUN
cjfa-30369	324	41	.	.	PUNCT
cjfa-30369	325	1	overall	overall	ADV
cjfa-30369	325	2	,	,	PUNCT
cjfa-30369	325	3	the	the	DET
cjfa-30369	325	4	study	study	NOUN
cjfa-30369	325	5	favours	favour	VERB
cjfa-30369	325	6	constant	constant	ADJ
cjfa-30369	325	7	hedging	hedging	NOUN
cjfa-30369	325	8	models	model	NOUN
cjfa-30369	325	9	instead	instead	ADV
cjfa-30369	325	10	of	of	ADP
cjfa-30369	325	11	time	time	NOUN
cjfa-30369	325	12	-	-	PUNCT
cjfa-30369	325	13	varying	vary	VERB
cjfa-30369	325	14	hedging	hedging	NOUN
cjfa-30369	325	15	models	model	NOUN
cjfa-30369	325	16	which	which	PRON
cjfa-30369	325	17	is	be	AUX
cjfa-30369	325	18	in	in	ADP
cjfa-30369	325	19	line	line	NOUN
cjfa-30369	325	20	with	with	ADP
cjfa-30369	325	21	the	the	DET
cjfa-30369	325	22	findings	finding	NOUN
cjfa-30369	325	23	of	of	ADP
cjfa-30369	325	24	lien	lien	PROPN
cjfa-30369	325	25	,	,	PUNCT
cjfa-30369	325	26	tse	tse	PROPN
cjfa-30369	325	27	and	and	CCONJ
cjfa-30369	325	28	tsui	tsui	PROPN
cjfa-30369	325	29	(	(	PUNCT
cjfa-30369	325	30	2002	2002	NUM
cjfa-30369	325	31	)	)	PUNCT
cjfa-30369	325	32	,	,	PUNCT
cjfa-30369	325	33	lien	lien	NOUN
cjfa-30369	325	34	(	(	PUNCT
cjfa-30369	325	35	2005	2005	NUM
cjfa-30369	325	36	)	)	PUNCT
cjfa-30369	325	37	,	,	PUNCT
cjfa-30369	325	38	bhargava	bhargava	PROPN
cjfa-30369	325	39	and	and	CCONJ
cjfa-30369	325	40	malhotra	malhotra	PROPN
cjfa-30369	325	41	(	(	PUNCT
cjfa-30369	325	42	2007	2007	NUM
cjfa-30369	325	43	)	)	PUNCT
cjfa-30369	325	44	,	,	PUNCT
cjfa-30369	325	45	maharaj	maharaj	NOUN
cjfa-30369	325	46	et	et	PROPN
cjfa-30369	325	47	al	al	PROPN
cjfa-30369	325	48	.	.	PROPN
cjfa-30369	326	1	(	(	PUNCT
cjfa-30369	326	2	2008	2008	NUM
cjfa-30369	326	3	)	)	PUNCT
cjfa-30369	326	4	,	,	PUNCT
cjfa-30369	326	5	awang	awang	PROPN
cjfa-30369	326	6	et	et	PROPN
cjfa-30369	326	7	al	al	PROPN
cjfa-30369	326	8	.	.	PROPN
cjfa-30369	326	9	(	(	PUNCT
cjfa-30369	326	10	2014	2014	NUM
cjfa-30369	326	11	)	)	PUNCT
cjfa-30369	326	12	,	,	PUNCT
cjfa-30369	326	13	wang	wang	PROPN
cjfa-30369	326	14	,	,	PUNCT
cjfa-30369	326	15	chongfeng	chongfeng	PROPN
cjfa-30369	326	16	and	and	CCONJ
cjfa-30369	326	17	li	li	PROPN
cjfa-30369	326	18	(	(	PUNCT
cjfa-30369	326	19	2015	2015	NUM
cjfa-30369	326	20	)	)	PUNCT
cjfa-30369	326	21	and	and	CCONJ
cjfa-30369	326	22	kaur	kaur	PROPN
cjfa-30369	326	23	and	and	CCONJ
cjfa-30369	326	24	gupta	gupta	PROPN
cjfa-30369	326	25	(	(	PUNCT
cjfa-30369	326	26	2018	2018	NUM
cjfa-30369	326	27	)	)	PUNCT
cjfa-30369	326	28	.	.	PUNCT
cjfa-30369	326	29	 	 	SPACE
cjfa-30369	327	1	references	reference	NOUN
cjfa-30369	327	2	awang	awang	PROPN
cjfa-30369	327	3	,	,	PUNCT
cjfa-30369	327	4	n.	n.	NOUN
cjfa-30369	327	5	,	,	PUNCT
cjfa-30369	327	6	azizan	azizan	PROPN
cjfa-30369	327	7	,	,	PUNCT
cjfa-30369	327	8	n.a	n.a	PROPN
cjfa-30369	327	9	.	.	PROPN
cjfa-30369	327	10	,	,	PUNCT
cjfa-30369	327	11	ibrahim	ibrahim	PROPN
cjfa-30369	327	12	,	,	PUNCT
cjfa-30369	327	13	i.	i.	PROPN
cjfa-30369	327	14	,	,	PUNCT
cjfa-30369	327	15	&	&	CCONJ
cjfa-30369	327	16	said	say	VERB
cjfa-30369	327	17	,	,	PUNCT
cjfa-30369	327	18	r.m	r.m	PROPN
cjfa-30369	327	19	.	.	PROPN
cjfa-30369	328	1	(	(	PUNCT
cjfa-30369	328	2	2014	2014	NUM
cjfa-30369	328	3	)	)	PUNCT
cjfa-30369	328	4	.	.	PUNCT
cjfa-30369	329	1	hedging	hedging	NOUN
cjfa-30369	329	2	effectiveness	effectiveness	NOUN
cjfa-30369	329	3	of	of	ADP
cjfa-30369	329	4	stock	stock	NOUN
cjfa-30369	329	5	index	index	NOUN
cjfa-30369	329	6	futures	future	NOUN
cjfa-30369	329	7	market	market	NOUN
cjfa-30369	329	8	:	:	PUNCT
cjfa-30369	329	9	an	an	DET
cjfa-30369	329	10	analysis	analysis	NOUN
cjfa-30369	329	11	on	on	ADP
cjfa-30369	329	12	malaysia	malaysia	PROPN
cjfa-30369	329	13	and	and	CCONJ
cjfa-30369	329	14	singapore	singapore	PROPN
cjfa-30369	329	15	futures	future	NOUN
cjfa-30369	329	16	markets	market	NOUN
cjfa-30369	329	17	.	.	PUNCT
cjfa-30369	330	1	international	international	ADJ
cjfa-30369	330	2	conference	conference	NOUN
cjfa-30369	330	3	on	on	ADP
cjfa-30369	330	4	economics	economic	NOUN
cjfa-30369	330	5	,	,	PUNCT
cjfa-30369	330	6	management	management	NOUN
cjfa-30369	330	7	and	and	CCONJ
cjfa-30369	330	8	development	development	NOUN
cjfa-30369	330	9	,	,	PUNCT
cjfa-30369	330	10	24	24	NUM
cjfa-30369	330	11	-	-	SYM
cjfa-30369	330	12	34	34	NUM
cjfa-30369	330	13	.	.	PUNCT
cjfa-30369	331	1	bhaduri	bhaduri	PROPN
cjfa-30369	331	2	,	,	PUNCT
cjfa-30369	331	3	s.n	s.n	PROPN
cjfa-30369	331	4	.	.	PROPN
cjfa-30369	331	5	,	,	PUNCT
cjfa-30369	331	6	&	&	CCONJ
cjfa-30369	331	7	durai	durai	PROPN
cjfa-30369	331	8	,	,	PUNCT
cjfa-30369	331	9	s.r	s.r	PROPN
cjfa-30369	331	10	.	.	PROPN
cjfa-30369	331	11	(	(	PUNCT
cjfa-30369	331	12	2008	2008	NUM
cjfa-30369	331	13	)	)	PUNCT
cjfa-30369	331	14	.	.	PUNCT
cjfa-30369	332	1	optimal	optimal	ADJ
cjfa-30369	332	2	hedge	hedge	NOUN
cjfa-30369	332	3	ratio	ratio	NOUN
cjfa-30369	332	4	and	and	CCONJ
cjfa-30369	332	5	hedging	hedging	NOUN
cjfa-30369	332	6	effectiveness	effectiveness	NOUN
cjfa-30369	332	7	of	of	ADP
cjfa-30369	332	8	stock	stock	NOUN
cjfa-30369	332	9	index	index	NOUN
cjfa-30369	332	10	futures	future	NOUN
cjfa-30369	332	11	:	:	PUNCT
cjfa-30369	332	12	evidence	evidence	NOUN
cjfa-30369	332	13	from	from	ADP
cjfa-30369	332	14	india	india	PROPN
cjfa-30369	332	15	.	.	PUNCT
cjfa-30369	333	1	macroeconomics	macroeconomic	NOUN
cjfa-30369	333	2	and	and	CCONJ
cjfa-30369	333	3	finance	finance	NOUN
cjfa-30369	333	4	in	in	ADP
cjfa-30369	333	5	emerging	emerge	VERB
cjfa-30369	333	6	market	market	NOUN
cjfa-30369	333	7	economies	economy	NOUN
cjfa-30369	333	8	,	,	PUNCT
cjfa-30369	333	9	1(1	1(1	NUM
cjfa-30369	333	10	)	)	PUNCT
cjfa-30369	333	11	,	,	PUNCT
cjfa-30369	333	12	121	121	NUM
cjfa-30369	333	13	-	-	SYM
cjfa-30369	333	14	134	134	NUM
cjfa-30369	333	15	.	.	PUNCT
cjfa-30369	334	1	http://dx.doi.org/10.1080/17520840701859856	http://dx.doi.org/10.1080/17520840701859856	PROPN
cjfa-30369	334	2	.	.	PUNCT
cjfa-30369	335	1	bhargava	bhargava	PROPN
cjfa-30369	335	2	,	,	PUNCT
cjfa-30369	335	3	v.	v.	PROPN
cjfa-30369	335	4	,	,	PUNCT
cjfa-30369	335	5	&	&	CCONJ
cjfa-30369	335	6	malhotra	malhotra	PROPN
cjfa-30369	335	7	,	,	PUNCT
cjfa-30369	335	8	d.	d.	PROPN
cjfa-30369	335	9	(	(	PUNCT
cjfa-30369	335	10	2007	2007	NUM
cjfa-30369	335	11	)	)	PUNCT
cjfa-30369	335	12	.	.	PUNCT
cjfa-30369	336	1	determining	determine	VERB
cjfa-30369	336	2	the	the	DET
cjfa-30369	336	3	optimal	optimal	ADJ
cjfa-30369	336	4	hedge	hedge	NOUN
cjfa-30369	336	5	ratio	ratio	NOUN
cjfa-30369	336	6	:	:	PUNCT
cjfa-30369	336	7	evidence	evidence	NOUN
cjfa-30369	336	8	from	from	ADP
cjfa-30369	336	9	cotton	cotton	NOUN
cjfa-30369	336	10	and	and	CCONJ
cjfa-30369	336	11	soybean	soybean	NOUN
cjfa-30369	336	12	markets	market	NOUN
cjfa-30369	336	13	.	.	PUNCT
cjfa-30369	337	1	journal	journal	NOUN
cjfa-30369	337	2	of	of	ADP
cjfa-30369	337	3	business	business	NOUN
cjfa-30369	337	4	and	and	CCONJ
cjfa-30369	337	5	economic	economic	ADJ
cjfa-30369	337	6	studies	study	NOUN
cjfa-30369	337	7	,	,	PUNCT
cjfa-30369	337	8	13(1	13(1	NUM
cjfa-30369	337	9	)	)	PUNCT
cjfa-30369	337	10	,	,	PUNCT
cjfa-30369	337	11	38	38	NUM
cjfa-30369	337	12	-	-	SYM
cjfa-30369	337	13	57	57	NUM
cjfa-30369	337	14	.	.	PUNCT
cjfa-30369	337	15	bollerslev	bollerslev	ADJ
cjfa-30369	337	16	,	,	PUNCT
cjfa-30369	337	17	t.	t.	PROPN
cjfa-30369	337	18	(	(	PUNCT
cjfa-30369	337	19	1986	1986	NUM
cjfa-30369	337	20	)	)	PUNCT
cjfa-30369	337	21	.	.	PUNCT
cjfa-30369	338	1	generalized	generalize	VERB
cjfa-30369	338	2	autoregressive	autoregressive	ADJ
cjfa-30369	338	3	conditional	conditional	ADJ
cjfa-30369	338	4	heteroskedasticity	heteroskedasticity	NOUN
cjfa-30369	338	5	.	.	PUNCT
cjfa-30369	339	1	journal	journal	PROPN
cjfa-30369	339	2	of	of	ADP
cjfa-30369	339	3	econometrics	econometric	NOUN
cjfa-30369	339	4	,	,	PUNCT
cjfa-30369	339	5	31(3	31(3	NUM
cjfa-30369	339	6	)	)	PUNCT
cjfa-30369	339	7	,	,	PUNCT
cjfa-30369	339	8	307	307	NUM
cjfa-30369	339	9	-	-	SYM
cjfa-30369	339	10	327	327	NUM
cjfa-30369	339	11	.	.	PUNCT
cjfa-30369	340	1	http://dx.doi.org/10.1016/03044076(86)90063-1	http://dx.doi.org/10.1016/03044076(86)90063-1	PROPN
cjfa-30369	340	2	.	.	PUNCT
cjfa-30369	341	1	estimating	estimate	VERB
cjfa-30369	341	2	hedging	hedging	NOUN
cjfa-30369	341	3	effectiveness	effectiveness	NOUN
cjfa-30369	341	4	using	use	VERB
cjfa-30369	341	5	variance	variance	NOUN
cjfa-30369	341	6	reduction	reduction	NOUN
cjfa-30369	341	7	…	…	PUNCT
cjfa-30369	341	8	167	167	NUM
cjfa-30369	341	9	brailsford	brailsford	NOUN
cjfa-30369	341	10	,	,	PUNCT
cjfa-30369	341	11	t.	t.	PROPN
cjfa-30369	341	12	,	,	PUNCT
cjfa-30369	341	13	corrigan	corrigan	PROPN
cjfa-30369	341	14	,	,	PUNCT
cjfa-30369	341	15	k.	k.	PROPN
cjfa-30369	341	16	,	,	PUNCT
cjfa-30369	341	17	&	&	CCONJ
cjfa-30369	341	18	heaney	heaney	PROPN
cjfa-30369	341	19	,	,	PUNCT
cjfa-30369	341	20	r.	r.	PROPN
cjfa-30369	341	21	(	(	PUNCT
cjfa-30369	341	22	2001	2001	NUM
cjfa-30369	341	23	)	)	PUNCT
cjfa-30369	341	24	.	.	PUNCT
cjfa-30369	342	1	a	a	DET
cjfa-30369	342	2	comparison	comparison	NOUN
cjfa-30369	342	3	of	of	ADP
cjfa-30369	342	4	measures	measure	NOUN
cjfa-30369	342	5	of	of	ADP
cjfa-30369	342	6	hedging	hedging	NOUN
cjfa-30369	342	7	effectiveness	effectiveness	NOUN
cjfa-30369	342	8	:	:	PUNCT
cjfa-30369	342	9	a	a	DET
cjfa-30369	342	10	case	case	NOUN
cjfa-30369	342	11	study	study	NOUN
cjfa-30369	342	12	using	use	VERB
cjfa-30369	342	13	the	the	DET
cjfa-30369	342	14	australian	australian	ADJ
cjfa-30369	342	15	all	all	DET
cjfa-30369	342	16	ordinaries	ordinary	NOUN
cjfa-30369	342	17	share	share	NOUN
cjfa-30369	342	18	price	price	NOUN
cjfa-30369	342	19	index	index	NOUN
cjfa-30369	342	20	futures	future	NOUN
cjfa-30369	342	21	contract	contract	NOUN
cjfa-30369	342	22	.	.	PUNCT
cjfa-30369	343	1	journal	journal	PROPN
cjfa-30369	343	2	of	of	ADP
cjfa-30369	343	3	multinational	multinational	ADJ
cjfa-30369	343	4	financial	financial	ADJ
cjfa-30369	343	5	management	management	NOUN
cjfa-30369	343	6	,	,	PUNCT
cjfa-30369	343	7	11(4	11(4	NUM
cjfa-30369	343	8	-	-	SYM
cjfa-30369	343	9	5	5	NUM
cjfa-30369	343	10	)	)	PUNCT
cjfa-30369	343	11	,	,	PUNCT
cjfa-30369	343	12	465	465	NUM
cjfa-30369	343	13	-	-	SYM
cjfa-30369	343	14	481	481	NUM
cjfa-30369	343	15	.	.	PUNCT
cjfa-30369	344	1	http://dx.doi.org/10.1016/s1042-444x(01)00036-6	http://dx.doi.org/10.1016/s1042-444x(01)00036-6	PROPN
cjfa-30369	344	2	.	.	PUNCT
cjfa-30369	345	1	ederington	ederington	PROPN
cjfa-30369	345	2	,	,	PUNCT
cjfa-30369	345	3	l.h	l.h	PROPN
cjfa-30369	345	4	.	.	PROPN
cjfa-30369	345	5	(	(	PUNCT
cjfa-30369	345	6	1979	1979	NUM
cjfa-30369	345	7	)	)	PUNCT
cjfa-30369	345	8	.	.	PUNCT
cjfa-30369	346	1	the	the	DET
cjfa-30369	346	2	hedging	hedging	NOUN
cjfa-30369	346	3	performance	performance	NOUN
cjfa-30369	346	4	of	of	ADP
cjfa-30369	346	5	the	the	DET
cjfa-30369	346	6	new	new	ADJ
cjfa-30369	346	7	futures	future	NOUN
cjfa-30369	346	8	markets	market	NOUN
cjfa-30369	346	9	.	.	PUNCT
cjfa-30369	347	1	the	the	DET
cjfa-30369	347	2	journal	journal	NOUN
cjfa-30369	347	3	of	of	ADP
cjfa-30369	347	4	finance	finance	NOUN
cjfa-30369	347	5	,	,	PUNCT
cjfa-30369	347	6	34(1	34(1	NUM
cjfa-30369	347	7	)	)	PUNCT
cjfa-30369	347	8	,	,	PUNCT
cjfa-30369	347	9	157	157	NUM
cjfa-30369	347	10	-	-	SYM
cjfa-30369	347	11	170	170	NUM
cjfa-30369	347	12	.	.	PUNCT
cjfa-30369	348	1	http://dx.doi.org/10.1111/j.1540-6261.1979	http://dx.doi.org/10.1111/j.1540-6261.1979	NOUN
cjfa-30369	348	2	.	.	PUNCT
cjfa-30369	349	1	tb02077.x	tb02077.x	NOUN
cjfa-30369	349	2	.	.	PUNCT
cjfa-30369	350	1	engle	engle	PROPN
cjfa-30369	350	2	,	,	PUNCT
cjfa-30369	350	3	r.f	r.f	PROPN
cjfa-30369	350	4	.	.	PROPN
cjfa-30369	350	5	(	(	PUNCT
cjfa-30369	350	6	1982	1982	NUM
cjfa-30369	350	7	)	)	PUNCT
cjfa-30369	350	8	.	.	PUNCT
cjfa-30369	351	1	autoregressive	autoregressive	ADJ
cjfa-30369	351	2	conditional	conditional	ADJ
cjfa-30369	351	3	heteroskedasticity	heteroskedasticity	NOUN
cjfa-30369	351	4	with	with	ADP
cjfa-30369	351	5	estimates	estimate	NOUN
cjfa-30369	351	6	of	of	ADP
cjfa-30369	351	7	united	united	PROPN
cjfa-30369	351	8	kingdom	kingdom	PROPN
cjfa-30369	351	9	inflation	inflation	NOUN
cjfa-30369	351	10	.	.	PUNCT
cjfa-30369	352	1	econometrica	econometrica	PROPN
cjfa-30369	352	2	,	,	PUNCT
cjfa-30369	352	3	50(4	50(4	NUM
cjfa-30369	352	4	)	)	PUNCT
cjfa-30369	352	5	,	,	PUNCT
cjfa-30369	352	6	1987	1987	NUM
cjfa-30369	352	7	-	-	SYM
cjfa-30369	352	8	1008	1008	NUM
cjfa-30369	352	9	.	.	PUNCT
cjfa-30369	353	1	floros	floros	PROPN
cjfa-30369	353	2	,	,	PUNCT
cjfa-30369	353	3	c.	c.	PROPN
cjfa-30369	353	4	,	,	PUNCT
cjfa-30369	353	5	&	&	CCONJ
cjfa-30369	353	6	vougas	vougas	PROPN
cjfa-30369	353	7	,	,	PUNCT
cjfa-30369	353	8	d.v	d.v	PROPN
cjfa-30369	353	9	.	.	PUNCT
cjfa-30369	353	10	(	(	PUNCT
cjfa-30369	353	11	2004	2004	NUM
cjfa-30369	353	12	)	)	PUNCT
cjfa-30369	353	13	.	.	PUNCT
cjfa-30369	354	1	hedge	hedge	NOUN
cjfa-30369	354	2	ratio	ratio	NOUN
cjfa-30369	354	3	in	in	ADP
cjfa-30369	354	4	greek	greek	ADJ
cjfa-30369	354	5	stock	stock	NOUN
cjfa-30369	354	6	index	index	NOUN
cjfa-30369	354	7	futures	future	NOUN
cjfa-30369	354	8	market	market	NOUN
cjfa-30369	354	9	.	.	PUNCT
cjfa-30369	355	1	applied	apply	VERB
cjfa-30369	355	2	financial	financial	ADJ
cjfa-30369	355	3	economics	economic	NOUN
cjfa-30369	355	4	,	,	PUNCT
cjfa-30369	355	5	14	14	NUM
cjfa-30369	355	6	,	,	PUNCT
cjfa-30369	355	7	1125	1125	NUM
cjfa-30369	355	8	-	-	SYM
cjfa-30369	355	9	1136	1136	NUM
cjfa-30369	355	10	.	.	PUNCT
cjfa-30369	356	1	http://dx.doi.org/10.1080/09603100412	http://dx.doi.org/10.1080/09603100412	PROPN
cjfa-30369	356	2	331297702	331297702	NUM
cjfa-30369	356	3	.	.	PUNCT
cjfa-30369	357	1	floros	floros	PROPN
cjfa-30369	357	2	,	,	PUNCT
cjfa-30369	357	3	c.	c.	PROPN
cjfa-30369	357	4	,	,	PUNCT
cjfa-30369	357	5	&	&	CCONJ
cjfa-30369	357	6	vougas	vougas	PROPN
cjfa-30369	357	7	,	,	PUNCT
cjfa-30369	357	8	d.v	d.v	PROPN
cjfa-30369	357	9	.	.	PUNCT
cjfa-30369	357	10	(	(	PUNCT
cjfa-30369	357	11	2006	2006	NUM
cjfa-30369	357	12	)	)	PUNCT
cjfa-30369	357	13	.	.	PUNCT
cjfa-30369	358	1	hedging	hedging	NOUN
cjfa-30369	358	2	effectiveness	effectiveness	NOUN
cjfa-30369	358	3	in	in	ADP
cjfa-30369	358	4	greek	greek	ADJ
cjfa-30369	358	5	stock	stock	NOUN
cjfa-30369	358	6	index	index	NOUN
cjfa-30369	358	7	futures	future	NOUN
cjfa-30369	358	8	market	market	NOUN
cjfa-30369	358	9	,	,	PUNCT
cjfa-30369	358	10	1999	1999	NUM
cjfa-30369	358	11	-	-	SYM
cjfa-30369	358	12	2001	2001	NUM
cjfa-30369	358	13	.	.	PUNCT
cjfa-30369	359	1	international	international	ADJ
cjfa-30369	359	2	research	research	PROPN
cjfa-30369	359	3	journal	journal	NOUN
cjfa-30369	359	4	of	of	ADP
cjfa-30369	359	5	finance	finance	NOUN
cjfa-30369	359	6	and	and	CCONJ
cjfa-30369	359	7	economics	economic	NOUN
cjfa-30369	359	8	,	,	PUNCT
cjfa-30369	359	9	5	5	NUM
cjfa-30369	359	10	,	,	PUNCT
cjfa-30369	359	11	7	7	NUM
cjfa-30369	359	12	-	-	SYM
cjfa-30369	359	13	18	18	NUM
cjfa-30369	359	14	.	.	PUNCT
cjfa-30369	360	1	ghosh	ghosh	PROPN
cjfa-30369	360	2	,	,	PUNCT
cjfa-30369	360	3	n.	n.	PROPN
cjfa-30369	360	4	,	,	PUNCT
cjfa-30369	360	5	dey	dey	PROPN
cjfa-30369	360	6	,	,	PUNCT
cjfa-30369	360	7	d.	d.	PROPN
cjfa-30369	360	8	,	,	PUNCT
cjfa-30369	360	9	moulvi	moulvi	PROPN
cjfa-30369	360	10	,	,	PUNCT
cjfa-30369	360	11	n.a	n.a	PROPN
cjfa-30369	360	12	.	.	PROPN
cjfa-30369	360	13	,	,	PUNCT
cjfa-30369	360	14	jain	jain	PROPN
cjfa-30369	360	15	,	,	PUNCT
cjfa-30369	360	16	n.	n.	PROPN
cjfa-30369	360	17	,	,	PUNCT
cjfa-30369	360	18	sinha	sinha	NOUN
cjfa-30369	360	19	,	,	PUNCT
cjfa-30369	360	20	n.	n.	NOUN
cjfa-30369	360	21	,	,	PUNCT
cjfa-30369	360	22	&	&	CCONJ
cjfa-30369	360	23	rachuri	rachuri	PROPN
cjfa-30369	360	24	,	,	PUNCT
cjfa-30369	360	25	s.	s.	PROPN
cjfa-30369	360	26	(	(	PUNCT
cjfa-30369	360	27	2013	2013	NUM
cjfa-30369	360	28	)	)	PUNCT
cjfa-30369	360	29	.	.	PUNCT
cjfa-30369	361	1	hedging	hedge	VERB
cjfa-30369	361	2	efficiency	efficiency	NOUN
cjfa-30369	361	3	–	–	PUNCT
cjfa-30369	361	4	measures	measure	NOUN
cjfa-30369	361	5	and	and	CCONJ
cjfa-30369	361	6	empirical	empirical	ADJ
cjfa-30369	361	7	study	study	NOUN
cjfa-30369	361	8	on	on	ADP
cjfa-30369	361	9	mcx	mcx	PROPN
cjfa-30369	361	10	.	.	PUNCT
cjfa-30369	362	1	financial	financial	ADJ
cjfa-30369	362	2	vision	vision	NOUN
cjfa-30369	362	3	,	,	PUNCT
cjfa-30369	362	4	1(5	1(5	NUM
cjfa-30369	362	5	)	)	PUNCT
cjfa-30369	362	6	,	,	PUNCT
cjfa-30369	362	7	10	10	NUM
cjfa-30369	362	8	-	-	SYM
cjfa-30369	362	9	14	14	NUM
cjfa-30369	362	10	.	.	PUNCT
cjfa-30369	363	1	gupta	gupta	PROPN
cjfa-30369	363	2	,	,	PUNCT
cjfa-30369	363	3	k.	k.	PROPN
cjfa-30369	363	4	,	,	PUNCT
cjfa-30369	363	5	&	&	CCONJ
cjfa-30369	363	6	singh	singh	PROPN
cjfa-30369	363	7	,	,	PUNCT
cjfa-30369	363	8	b.	b.	PROPN
cjfa-30369	363	9	(	(	PUNCT
cjfa-30369	363	10	2009	2009	NUM
cjfa-30369	363	11	)	)	PUNCT
cjfa-30369	363	12	.	.	PUNCT
cjfa-30369	364	1	estimating	estimate	VERB
cjfa-30369	364	2	the	the	DET
cjfa-30369	364	3	optimal	optimal	ADJ
cjfa-30369	364	4	hedge	hedge	NOUN
cjfa-30369	364	5	ratio	ratio	NOUN
cjfa-30369	364	6	in	in	ADP
cjfa-30369	364	7	indian	indian	ADJ
cjfa-30369	364	8	equity	equity	NOUN
cjfa-30369	364	9	futures	future	NOUN
cjfa-30369	364	10	market	market	NOUN
cjfa-30369	364	11	.	.	PUNCT
cjfa-30369	365	1	journal	journal	NOUN
cjfa-30369	365	2	of	of	ADP
cjfa-30369	365	3	financial	financial	ADJ
cjfa-30369	365	4	risk	risk	NOUN
cjfa-30369	365	5	management	management	NOUN
cjfa-30369	365	6	,	,	PUNCT
cjfa-30369	365	7	6(3	6(3	NUM
cjfa-30369	365	8	&	&	CCONJ
cjfa-30369	365	9	4	4	NUM
cjfa-30369	365	10	)	)	PUNCT
cjfa-30369	365	11	,	,	PUNCT
cjfa-30369	365	12	38	38	NUM
cjfa-30369	365	13	-	-	SYM
cjfa-30369	365	14	98	98	NUM
cjfa-30369	365	15	.	.	PUNCT
cjfa-30369	366	1	haq	haq	PROPN
cjfa-30369	366	2	,	,	PUNCT
cjfa-30369	366	3	i.u	i.u	PROPN
cjfa-30369	366	4	.	.	PROPN
cjfa-30369	366	5	,	,	PUNCT
cjfa-30369	366	6	&	&	CCONJ
cjfa-30369	366	7	rao	rao	PROPN
cjfa-30369	366	8	,	,	PUNCT
cjfa-30369	366	9	k.c	k.c	PROPN
cjfa-30369	366	10	.	.	PROPN
cjfa-30369	366	11	(	(	PUNCT
cjfa-30369	366	12	2013	2013	NUM
cjfa-30369	366	13	)	)	PUNCT
cjfa-30369	366	14	.	.	PUNCT
cjfa-30369	367	1	optimal	optimal	ADJ
cjfa-30369	367	2	hedge	hedge	NOUN
cjfa-30369	367	3	ratio	ratio	NOUN
cjfa-30369	367	4	and	and	CCONJ
cjfa-30369	367	5	hedging	hedging	NOUN
cjfa-30369	367	6	effectiveness	effectiveness	NOUN
cjfa-30369	367	7	of	of	ADP
cjfa-30369	367	8	indian	indian	ADJ
cjfa-30369	367	9	agricultural	agricultural	ADJ
cjfa-30369	367	10	commodities	commodity	NOUN
cjfa-30369	367	11	.	.	PUNCT
cjfa-30369	368	1	iup	iup	PROPN
cjfa-30369	368	2	journal	journal	PROPN
cjfa-30369	368	3	of	of	ADP
cjfa-30369	368	4	financial	financial	ADJ
cjfa-30369	368	5	risk	risk	NOUN
cjfa-30369	368	6	management	management	NOUN
cjfa-30369	368	7	,	,	PUNCT
cjfa-30369	368	8	10(2	10(2	NUM
cjfa-30369	368	9	)	)	PUNCT
cjfa-30369	368	10	,	,	PUNCT
cjfa-30369	368	11	30	30	NUM
cjfa-30369	368	12	-	-	SYM
cjfa-30369	368	13	38	38	NUM
cjfa-30369	368	14	.	.	PUNCT
cjfa-30369	369	1	heeks	heeks	PROPN
cjfa-30369	369	2	,	,	PUNCT
cjfa-30369	369	3	r.	r.	PROPN
cjfa-30369	369	4	(	(	PUNCT
cjfa-30369	369	5	2015	2015	NUM
cjfa-30369	369	6	)	)	PUNCT
cjfa-30369	369	7	.	.	PUNCT
cjfa-30369	370	1	indian	indian	PROPN
cjfa-30369	370	2	it	it	PRON
cjfa-30369	370	3	/	/	SYM
cjfa-30369	370	4	software	software	NOUN
cjfa-30369	370	5	sector	sector	NOUN
cjfa-30369	370	6	statistics	statistic	NOUN
cjfa-30369	370	7	:	:	PUNCT
cjfa-30369	370	8	1980	1980	NUM
cjfa-30369	370	9	-	-	SYM
cjfa-30369	370	10	2015	2015	NUM
cjfa-30369	370	11	time	time	NOUN
cjfa-30369	370	12	series	series	PROPN
cjfa-30369	370	13	data	data	PROPN
cjfa-30369	370	14	.	.	PUNCT
cjfa-30369	371	1	https://ict4dblog	https://ict4dblog	PROPN
cjfa-30369	371	2	.	.	PUNCT
cjfa-30369	372	1	wordpress.com/2015/04/28/indian-itsoftware-sector-statistics	wordpress.com/2015/04/28/indian-itsoftware-sector-statistics	PROPN
cjfa-30369	372	2	-1980	-1980	PROPN
cjfa-30369	372	3	-	-	PUNCT
cjfa-30369	372	4	2015	2015	NUM
cjfa-30369	372	5	-	-	PUNCT
cjfa-30369	372	6	time	time	NOUN
cjfa-30369	372	7	-	-	PUNCT
cjfa-30369	372	8	series	series	NOUN
cjfa-30369	372	9	-	-	PUNCT
cjfa-30369	372	10	data	datum	NOUN
cjfa-30369	372	11	(	(	PUNCT
cjfa-30369	372	12	accessed	access	VERB
cjfa-30369	372	13	:	:	PUNCT
cjfa-30369	372	14	30.10.2019	30.10.2019	NUM
cjfa-30369	372	15	)	)	PUNCT
cjfa-30369	372	16	.	.	PUNCT
cjfa-30369	373	1	holmes	holme	NOUN
cjfa-30369	373	2	,	,	PUNCT
cjfa-30369	373	3	p.	p.	NOUN
cjfa-30369	373	4	(	(	PUNCT
cjfa-30369	373	5	1995	1995	NUM
cjfa-30369	373	6	)	)	PUNCT
cjfa-30369	373	7	.	.	PUNCT
cjfa-30369	374	1	ex	ex	PROPN
cjfa-30369	374	2	ante	ante	PROPN
cjfa-30369	374	3	hedge	hedge	NOUN
cjfa-30369	374	4	ratios	ratio	NOUN
cjfa-30369	374	5	and	and	CCONJ
cjfa-30369	374	6	the	the	DET
cjfa-30369	374	7	hedging	hedging	NOUN
cjfa-30369	374	8	effectiveness	effectiveness	NOUN
cjfa-30369	374	9	of	of	ADP
cjfa-30369	374	10	the	the	DET
cjfa-30369	374	11	ftse-100	ftse-100	PROPN
cjfa-30369	374	12	stock	stock	NOUN
cjfa-30369	374	13	index	index	NOUN
cjfa-30369	374	14	futures	future	NOUN
cjfa-30369	374	15	contracts	contract	NOUN
cjfa-30369	374	16	.	.	PUNCT
cjfa-30369	375	1	applied	apply	VERB
cjfa-30369	375	2	economics	economic	NOUN
cjfa-30369	375	3	letters	letter	NOUN
cjfa-30369	375	4	,	,	PUNCT
cjfa-30369	375	5	2(3	2(3	NUM
cjfa-30369	375	6	)	)	PUNCT
cjfa-30369	375	7	,	,	PUNCT
cjfa-30369	375	8	56	56	NUM
cjfa-30369	375	9	-	-	SYM
cjfa-30369	375	10	59	59	NUM
cjfa-30369	375	11	.	.	PUNCT
cjfa-30369	375	12	http://dx.doi	http://dx.doi	NOUN
cjfa-30369	375	13	.	.	PUNCT
cjfa-30369	376	1	org/10.1080/135048595357564	org/10.1080/135048595357564	PROPN
cjfa-30369	376	2	.	.	PUNCT
cjfa-30369	377	1	hou	hou	PROPN
cjfa-30369	377	2	,	,	PUNCT
cjfa-30369	377	3	y.	y.	PROPN
cjfa-30369	377	4	,	,	PUNCT
cjfa-30369	377	5	&	&	CCONJ
cjfa-30369	377	6	li	li	PROPN
cjfa-30369	377	7	,	,	PUNCT
cjfa-30369	377	8	s.	s.	PROPN
cjfa-30369	377	9	(	(	PUNCT
cjfa-30369	377	10	2013	2013	NUM
cjfa-30369	377	11	)	)	PUNCT
cjfa-30369	377	12	.	.	PUNCT
cjfa-30369	378	1	hedging	hedging	NOUN
cjfa-30369	378	2	performance	performance	NOUN
cjfa-30369	378	3	of	of	ADP
cjfa-30369	378	4	chinese	chinese	ADJ
cjfa-30369	378	5	stock	stock	NOUN
cjfa-30369	378	6	index	index	NOUN
cjfa-30369	378	7	futures	future	NOUN
cjfa-30369	378	8	:	:	PUNCT
cjfa-30369	378	9	an	an	DET
cjfa-30369	378	10	empirical	empirical	ADJ
cjfa-30369	378	11	analysis	analysis	NOUN
cjfa-30369	378	12	using	use	VERB
cjfa-30369	378	13	wavelet	wavelet	NOUN
cjfa-30369	378	14	analysis	analysis	NOUN
cjfa-30369	378	15	and	and	CCONJ
cjfa-30369	378	16	flexible	flexible	ADJ
cjfa-30369	378	17	bivariate	bivariate	ADJ
cjfa-30369	378	18	garch	garch	NOUN
cjfa-30369	378	19	approaches	approach	NOUN
cjfa-30369	378	20	.	.	PUNCT
cjfa-30369	379	1	pacific	pacific	ADJ
cjfa-30369	379	2	-	-	PUNCT
cjfa-30369	379	3	basin	basin	NOUN
cjfa-30369	379	4	finance	finance	NOUN
cjfa-30369	379	5	journal	journal	NOUN
cjfa-30369	379	6	,	,	PUNCT
cjfa-30369	379	7	24	24	NUM
cjfa-30369	379	8	,	,	PUNCT
cjfa-30369	379	9	109	109	NUM
cjfa-30369	379	10	-	-	SYM
cjfa-30369	379	11	131	131	NUM
cjfa-30369	379	12	.	.	PUNCT
cjfa-30369	380	1	http://dx.doi.org/10.1016/j	http://dx.doi.org/10.1016/j	PROPN
cjfa-30369	380	2	.	.	PUNCT
cjfa-30369	381	1	pacfin.2013.04.001	pacfin.2013.04.001	PROPN
cjfa-30369	381	2	.	.	PUNCT
cjfa-30369	382	1	howard	howard	PROPN
cjfa-30369	382	2	,	,	PUNCT
cjfa-30369	382	3	c.t	c.t	PROPN
cjfa-30369	382	4	.	.	PROPN
cjfa-30369	382	5	,	,	PUNCT
cjfa-30369	382	6	&	&	CCONJ
cjfa-30369	382	7	d’antonio	d’antonio	PROPN
cjfa-30369	382	8	,	,	PUNCT
cjfa-30369	382	9	l.j	l.j	PROPN
cjfa-30369	382	10	.	.	PROPN
cjfa-30369	382	11	(	(	PUNCT
cjfa-30369	382	12	1984	1984	NUM
cjfa-30369	382	13	)	)	PUNCT
cjfa-30369	382	14	.	.	PUNCT
cjfa-30369	383	1	a	a	DET
cjfa-30369	383	2	risk	risk	NOUN
cjfa-30369	383	3	-	-	PUNCT
cjfa-30369	383	4	return	return	NOUN
cjfa-30369	383	5	measure	measure	NOUN
cjfa-30369	383	6	of	of	ADP
cjfa-30369	383	7	hedging	hedging	NOUN
cjfa-30369	383	8	effectiveness	effectiveness	NOUN
cjfa-30369	383	9	.	.	PUNCT
cjfa-30369	384	1	journal	journal	NOUN
cjfa-30369	384	2	of	of	ADP
cjfa-30369	384	3	financial	financial	ADJ
cjfa-30369	384	4	and	and	CCONJ
cjfa-30369	384	5	quantitative	quantitative	ADJ
cjfa-30369	384	6	analysis	analysis	NOUN
cjfa-30369	384	7	,	,	PUNCT
cjfa-30369	384	8	19(1	19(1	NUM
cjfa-30369	384	9	)	)	PUNCT
cjfa-30369	384	10	,	,	PUNCT
cjfa-30369	384	11	101	101	NUM
cjfa-30369	384	12	-	-	SYM
cjfa-30369	384	13	112	112	NUM
cjfa-30369	384	14	.	.	PUNCT
cjfa-30369	385	1	johnson	johnson	PROPN
cjfa-30369	385	2	,	,	PUNCT
cjfa-30369	385	3	l.	l.	PROPN
cjfa-30369	385	4	(	(	PUNCT
cjfa-30369	385	5	1960	1960	NUM
cjfa-30369	385	6	)	)	PUNCT
cjfa-30369	385	7	.	.	PUNCT
cjfa-30369	386	1	the	the	DET
cjfa-30369	386	2	theory	theory	NOUN
cjfa-30369	386	3	of	of	ADP
cjfa-30369	386	4	hedging	hedging	NOUN
cjfa-30369	386	5	and	and	CCONJ
cjfa-30369	386	6	speculation	speculation	NOUN
cjfa-30369	386	7	in	in	ADP
cjfa-30369	386	8	commodity	commodity	NOUN
cjfa-30369	386	9	futures	future	NOUN
cjfa-30369	386	10	.	.	PUNCT
cjfa-30369	387	1	review	review	NOUN
cjfa-30369	387	2	of	of	ADP
cjfa-30369	387	3	economic	economic	ADJ
cjfa-30369	387	4	studies	study	NOUN
cjfa-30369	387	5	,	,	PUNCT
cjfa-30369	387	6	27(3	27(3	NUM
cjfa-30369	387	7	)	)	PUNCT
cjfa-30369	387	8	,	,	PUNCT
cjfa-30369	387	9	139	139	NUM
cjfa-30369	387	10	-	-	SYM
cjfa-30369	387	11	151	151	NUM
cjfa-30369	387	12	.	.	PUNCT
cjfa-30369	388	1	http://dx.doi.org/10.2307/2296076	http://dx.doi.org/10.2307/2296076	PROPN
cjfa-30369	388	2	.	.	PUNCT
cjfa-30369	389	1	joshi	joshi	PROPN
cjfa-30369	389	2	,	,	PUNCT
cjfa-30369	389	3	p.	p.	NOUN
cjfa-30369	389	4	(	(	PUNCT
cjfa-30369	389	5	2012	2012	NUM
cjfa-30369	389	6	)	)	PUNCT
cjfa-30369	389	7	.	.	PUNCT
cjfa-30369	390	1	financial	financial	ADJ
cjfa-30369	390	2	crisis	crisis	NOUN
cjfa-30369	390	3	and	and	CCONJ
cjfa-30369	390	4	volatility	volatility	NOUN
cjfa-30369	390	5	behaviour	behaviour	NOUN
cjfa-30369	390	6	of	of	ADP
cjfa-30369	390	7	stock	stock	NOUN
cjfa-30369	390	8	markets	market	NOUN
cjfa-30369	390	9	of	of	ADP
cjfa-30369	390	10	asia	asia	PROPN
cjfa-30369	390	11	.	.	PUNCT
cjfa-30369	391	1	quest	quest	NOUN
cjfa-30369	391	2	-	-	PUNCT
cjfa-30369	391	3	journal	journal	NOUN
cjfa-30369	391	4	of	of	ADP
cjfa-30369	391	5	management	management	NOUN
cjfa-30369	391	6	and	and	CCONJ
cjfa-30369	391	7	research	research	NOUN
cjfa-30369	391	8	,	,	PUNCT
cjfa-30369	391	9	2(2	2(2	NUM
cjfa-30369	391	10	)	)	PUNCT
cjfa-30369	391	11	,	,	PUNCT
cjfa-30369	391	12	35	35	NUM
cjfa-30369	391	13	-	-	SYM
cjfa-30369	391	14	44	44	NUM
cjfa-30369	391	15	.	.	PUNCT
cjfa-30369	392	1	http://dx.doi.org/10.2139/	http://dx.doi.org/10.2139/	PUNCT
cjfa-30369	392	2	ssrn.1562799	ssrn.1562799	PROPN
cjfa-30369	392	3	.	.	PROPN
cjfa-30369	392	4	kaur	kaur	PROPN
cjfa-30369	392	5	,	,	PUNCT
cjfa-30369	392	6	m.	m.	NOUN
cjfa-30369	392	7	,	,	PUNCT
cjfa-30369	392	8	&	&	CCONJ
cjfa-30369	392	9	gupta	gupta	PROPN
cjfa-30369	392	10	,	,	PUNCT
cjfa-30369	392	11	k.	k.	PROPN
cjfa-30369	392	12	(	(	PUNCT
cjfa-30369	392	13	2018	2018	NUM
cjfa-30369	392	14	)	)	PUNCT
cjfa-30369	392	15	.	.	PUNCT
cjfa-30369	393	1	testing	test	VERB
cjfa-30369	393	2	the	the	DET
cjfa-30369	393	3	hedging	hedging	NOUN
cjfa-30369	393	4	effectiveness	effectiveness	NOUN
cjfa-30369	393	5	of	of	ADP
cjfa-30369	393	6	index	index	NOUN
cjfa-30369	393	7	and	and	CCONJ
cjfa-30369	393	8	individual	individual	ADJ
cjfa-30369	393	9	stock	stock	NOUN
cjfa-30369	393	10	futures	future	NOUN
cjfa-30369	393	11	contracts	contract	NOUN
cjfa-30369	393	12	:	:	PUNCT
cjfa-30369	393	13	evidence	evidence	NOUN
cjfa-30369	393	14	from	from	ADP
cjfa-30369	393	15	india	india	PROPN
cjfa-30369	393	16	.	.	PUNCT
cjfa-30369	394	1	international	international	ADJ
cjfa-30369	394	2	journal	journal	PROPN
cjfa-30369	394	3	of	of	ADP
cjfa-30369	394	4	banking	banking	NOUN
cjfa-30369	394	5	,	,	PUNCT
cjfa-30369	394	6	risk	risk	NOUN
cjfa-30369	394	7	and	and	CCONJ
cjfa-30369	394	8	insurance	insurance	NOUN
cjfa-30369	394	9	,	,	PUNCT
cjfa-30369	394	10	6(2	6(2	NUM
cjfa-30369	394	11	)	)	PUNCT
cjfa-30369	394	12	,	,	PUNCT
cjfa-30369	394	13	54	54	NUM
cjfa-30369	394	14	-	-	SYM
cjfa-30369	394	15	66	66	NUM
cjfa-30369	394	16	.	.	PUNCT
cjfa-30369	395	1	kumar	kumar	PROPN
cjfa-30369	395	2	,	,	PUNCT
cjfa-30369	395	3	k.k	k.k	PROPN
cjfa-30369	395	4	.	.	PROPN
cjfa-30369	395	5	,	,	PUNCT
cjfa-30369	395	6	&	&	CCONJ
cjfa-30369	395	7	bose	bose	PROPN
cjfa-30369	395	8	,	,	PUNCT
cjfa-30369	395	9	s.	s.	PROPN
cjfa-30369	395	10	(	(	PUNCT
cjfa-30369	395	11	2019	2019	NUM
cjfa-30369	395	12	)	)	PUNCT
cjfa-30369	395	13	.	.	PUNCT
cjfa-30369	396	1	hedging	hedging	NOUN
cjfa-30369	396	2	effectiveness	effectiveness	NOUN
cjfa-30369	396	3	of	of	ADP
cjfa-30369	396	4	cross	cross	ADJ
cjfa-30369	396	5	-	-	ADJ
cjfa-30369	396	6	listed	list	VERB
cjfa-30369	396	7	nifty	nifty	ADJ
cjfa-30369	396	8	index	index	NOUN
cjfa-30369	396	9	futures	future	NOUN
cjfa-30369	396	10	.	.	PUNCT
cjfa-30369	397	1	global	global	ADJ
cjfa-30369	397	2	economy	economy	NOUN
cjfa-30369	397	3	journal	journal	PROPN
cjfa-30369	397	4	,	,	PUNCT
cjfa-30369	397	5	19(2	19(2	NUM
cjfa-30369	397	6	)	)	PUNCT
cjfa-30369	397	7	,	,	PUNCT
cjfa-30369	397	8	1	1	NUM
cjfa-30369	397	9	-	-	SYM
cjfa-30369	397	10	12	12	NUM
cjfa-30369	397	11	.	.	PUNCT
cjfa-30369	398	1	http://dx.doi.org/10.1142/	http://dx.doi.org/10.1142/	PROPN
cjfa-30369	398	2	s2194565919500118	s2194565919500118	PROPN
cjfa-30369	398	3	.	.	PUNCT
cjfa-30369	398	4	mandeep	mandeep	PROPN
cjfa-30369	398	5	kaur	kaur	PROPN
cjfa-30369	398	6	,	,	PUNCT
cjfa-30369	398	7	kapil	kapil	PROPN
cjfa-30369	398	8	gupta168	gupta168	PROPN
cjfa-30369	398	9	lee	lee	PROPN
cjfa-30369	398	10	,	,	PUNCT
cjfa-30369	398	11	h.t	h.t	PROPN
cjfa-30369	398	12	.	.	PROPN
cjfa-30369	398	13	,	,	PUNCT
cjfa-30369	398	14	&	&	CCONJ
cjfa-30369	398	15	yoder	yoder	PROPN
cjfa-30369	398	16	,	,	PUNCT
cjfa-30369	398	17	j.k	j.k	PROPN
cjfa-30369	398	18	.	.	PROPN
cjfa-30369	398	19	(	(	PUNCT
cjfa-30369	398	20	2007	2007	NUM
cjfa-30369	398	21	)	)	PUNCT
cjfa-30369	398	22	.	.	PUNCT
cjfa-30369	399	1	a	a	DET
cjfa-30369	399	2	bivariate	bivariate	ADJ
cjfa-30369	399	3	markov	markov	NOUN
cjfa-30369	399	4	regime	regime	NOUN
cjfa-30369	399	5	switching	switch	VERB
cjfa-30369	399	6	garch	garch	NOUN
cjfa-30369	399	7	approach	approach	NOUN
cjfa-30369	399	8	to	to	PART
cjfa-30369	399	9	estimate	estimate	VERB
cjfa-30369	399	10	time	time	NOUN
cjfa-30369	399	11	varying	vary	VERB
cjfa-30369	399	12	minimum	minimum	ADJ
cjfa-30369	399	13	variance	variance	NOUN
cjfa-30369	399	14	hedge	hedge	NOUN
cjfa-30369	399	15	ratios	ratio	NOUN
cjfa-30369	399	16	.	.	PUNCT
cjfa-30369	400	1	applied	apply	VERB
cjfa-30369	400	2	economics	economic	NOUN
cjfa-30369	400	3	,	,	PUNCT
cjfa-30369	400	4	39(10	39(10	NUM
cjfa-30369	400	5	)	)	PUNCT
cjfa-30369	400	6	,	,	PUNCT
cjfa-30369	400	7	1253	1253	NUM
cjfa-30369	400	8	-	-	SYM
cjfa-30369	400	9	1265	1265	NUM
cjfa-30369	400	10	.	.	PUNCT
cjfa-30369	401	1	http://dx.doi.org/10.1080/00036840500438970	http://dx.doi.org/10.1080/00036840500438970	PROPN
cjfa-30369	401	2	.	.	PUNCT
cjfa-30369	402	1	lien	lien	PROPN
cjfa-30369	402	2	,	,	PUNCT
cjfa-30369	402	3	d.	d.	PROPN
cjfa-30369	402	4	(	(	PUNCT
cjfa-30369	402	5	2005	2005	NUM
cjfa-30369	402	6	)	)	PUNCT
cjfa-30369	402	7	.	.	PUNCT
cjfa-30369	403	1	a	a	DET
cjfa-30369	403	2	note	note	NOUN
cjfa-30369	403	3	on	on	ADP
cjfa-30369	403	4	the	the	DET
cjfa-30369	403	5	superiority	superiority	NOUN
cjfa-30369	403	6	of	of	ADP
cjfa-30369	403	7	the	the	DET
cjfa-30369	403	8	ols	ol	NOUN
cjfa-30369	403	9	hedge	hedge	PROPN
cjfa-30369	403	10	ratio	ratio	NOUN
cjfa-30369	403	11	.	.	PUNCT
cjfa-30369	404	1	the	the	DET
cjfa-30369	404	2	journal	journal	PROPN
cjfa-30369	404	3	of	of	ADP
cjfa-30369	404	4	futures	future	NOUN
cjfa-30369	404	5	market	market	NOUN
cjfa-30369	404	6	,	,	PUNCT
cjfa-30369	404	7	25(11	25(11	NUM
cjfa-30369	404	8	)	)	PUNCT
cjfa-30369	404	9	,	,	PUNCT
cjfa-30369	404	10	1121	1121	NUM
cjfa-30369	404	11	-	-	SYM
cjfa-30369	404	12	1126	1126	NUM
cjfa-30369	404	13	.	.	PUNCT
cjfa-30369	405	1	http://dx.doi.org/10.1002/fut.20172	http://dx.doi.org/10.1002/fut.20172	NOUN
cjfa-30369	405	2	.	.	PUNCT
cjfa-30369	406	1	lien	lien	PROPN
cjfa-30369	406	2	,	,	PUNCT
cjfa-30369	406	3	d.	d.	PROPN
cjfa-30369	406	4	,	,	PUNCT
cjfa-30369	406	5	tse	tse	PROPN
cjfa-30369	406	6	,	,	PUNCT
cjfa-30369	406	7	y.k	y.k	PROPN
cjfa-30369	406	8	.	.	PROPN
cjfa-30369	406	9	,	,	PUNCT
cjfa-30369	406	10	&	&	CCONJ
cjfa-30369	406	11	tsui	tsui	PROPN
cjfa-30369	406	12	,	,	PUNCT
cjfa-30369	406	13	a.k	a.k	PROPN
cjfa-30369	406	14	.	.	PROPN
cjfa-30369	406	15	(	(	PUNCT
cjfa-30369	406	16	2002	2002	NUM
cjfa-30369	406	17	)	)	PUNCT
cjfa-30369	406	18	.	.	PUNCT
cjfa-30369	407	1	evaluating	evaluate	VERB
cjfa-30369	407	2	the	the	DET
cjfa-30369	407	3	hedging	hedging	NOUN
cjfa-30369	407	4	performance	performance	NOUN
cjfa-30369	407	5	of	of	ADP
cjfa-30369	407	6	the	the	DET
cjfa-30369	407	7	constant	constant	ADJ
cjfa-30369	407	8	-	-	PUNCT
cjfa-30369	407	9	correlation	correlation	NOUN
cjfa-30369	407	10	garch	garch	NOUN
cjfa-30369	407	11	model	model	NOUN
cjfa-30369	407	12	.	.	PUNCT
cjfa-30369	408	1	applied	apply	VERB
cjfa-30369	408	2	financial	financial	ADJ
cjfa-30369	408	3	economics	economic	NOUN
cjfa-30369	408	4	,	,	PUNCT
cjfa-30369	408	5	12(11	12(11	NUM
cjfa-30369	408	6	)	)	PUNCT
cjfa-30369	408	7	,	,	PUNCT
cjfa-30369	408	8	791	791	NUM
cjfa-30369	408	9	-	-	SYM
cjfa-30369	408	10	798	798	NUM
cjfa-30369	408	11	.	.	PUNCT
cjfa-30369	409	1	http://dx.doi.org/10.1080/09603100110046045	http://dx.doi.org/10.1080/09603100110046045	PROPN
cjfa-30369	409	2	.	.	PUNCT
cjfa-30369	410	1	lindahl	lindahl	PROPN
cjfa-30369	410	2	,	,	PUNCT
cjfa-30369	410	3	m.	m.	NOUN
cjfa-30369	410	4	(	(	PUNCT
cjfa-30369	410	5	1991	1991	NUM
cjfa-30369	410	6	)	)	PUNCT
cjfa-30369	410	7	.	.	PUNCT
cjfa-30369	411	1	risk	risk	NOUN
cjfa-30369	411	2	-	-	PUNCT
cjfa-30369	411	3	return	return	NOUN
cjfa-30369	411	4	hedging	hedging	NOUN
cjfa-30369	411	5	effectiveness	effectiveness	NOUN
cjfa-30369	411	6	measures	measure	NOUN
cjfa-30369	411	7	for	for	ADP
cjfa-30369	411	8	stock	stock	NOUN
cjfa-30369	411	9	index	index	NOUN
cjfa-30369	411	10	futures	future	NOUN
cjfa-30369	411	11	.	.	PUNCT
cjfa-30369	412	1	journal	journal	PROPN
cjfa-30369	412	2	of	of	ADP
cjfa-30369	412	3	futures	future	NOUN
cjfa-30369	412	4	markets	market	NOUN
cjfa-30369	412	5	,	,	PUNCT
cjfa-30369	412	6	11(4	11(4	NUM
cjfa-30369	412	7	)	)	PUNCT
cjfa-30369	412	8	,	,	PUNCT
cjfa-30369	412	9	399	399	NUM
cjfa-30369	412	10	-	-	SYM
cjfa-30369	412	11	409	409	NUM
cjfa-30369	412	12	.	.	PUNCT
cjfa-30369	413	1	lypny	lypny	NOUN
cjfa-30369	413	2	,	,	PUNCT
cjfa-30369	413	3	g.	g.	PROPN
cjfa-30369	413	4	,	,	PUNCT
cjfa-30369	413	5	&	&	CCONJ
cjfa-30369	413	6	powalla	powalla	PROPN
cjfa-30369	413	7	,	,	PUNCT
cjfa-30369	413	8	m.	m.	NOUN
cjfa-30369	413	9	(	(	PUNCT
cjfa-30369	413	10	1998	1998	NUM
cjfa-30369	413	11	)	)	PUNCT
cjfa-30369	413	12	.	.	PUNCT
cjfa-30369	414	1	the	the	DET
cjfa-30369	414	2	hedging	hedge	VERB
cjfa-30369	414	3	effectiveness	effectiveness	NOUN
cjfa-30369	414	4	of	of	ADP
cjfa-30369	414	5	dax	dax	PROPN
cjfa-30369	414	6	futures	future	NOUN
cjfa-30369	414	7	.	.	PUNCT
cjfa-30369	415	1	european	european	PROPN
cjfa-30369	415	2	journal	journal	PROPN
cjfa-30369	415	3	of	of	ADP
cjfa-30369	415	4	finance	finance	NOUN
cjfa-30369	415	5	,	,	PUNCT
cjfa-30369	415	6	4	4	NUM
cjfa-30369	415	7	,	,	PUNCT
cjfa-30369	415	8	345	345	NUM
cjfa-30369	415	9	-	-	SYM
cjfa-30369	415	10	355	355	NUM
cjfa-30369	415	11	.	.	PUNCT
cjfa-30369	416	1	maharaj	maharaj	PROPN
cjfa-30369	416	2	,	,	PUNCT
cjfa-30369	416	3	e.a	e.a	PROPN
cjfa-30369	416	4	.	.	PROPN
cjfa-30369	416	5	,	,	PUNCT
cjfa-30369	416	6	moosa	moosa	PROPN
cjfa-30369	416	7	,	,	PUNCT
cjfa-30369	416	8	i.	i.	PROPN
cjfa-30369	416	9	,	,	PUNCT
cjfa-30369	416	10	dark	dark	PROPN
cjfa-30369	416	11	,	,	PUNCT
cjfa-30369	416	12	j.	j.	PROPN
cjfa-30369	416	13	,	,	PUNCT
cjfa-30369	416	14	&	&	CCONJ
cjfa-30369	416	15	silvapulle	silvapulle	NOUN
cjfa-30369	416	16	,	,	PUNCT
cjfa-30369	416	17	p.	p.	NOUN
cjfa-30369	416	18	(	(	PUNCT
cjfa-30369	416	19	2008	2008	NUM
cjfa-30369	416	20	)	)	PUNCT
cjfa-30369	416	21	.	.	PUNCT
cjfa-30369	417	1	wavelet	wavelet	NOUN
cjfa-30369	417	2	estimation	estimation	NOUN
cjfa-30369	417	3	of	of	ADP
cjfa-30369	417	4	asymmetric	asymmetric	ADJ
cjfa-30369	417	5	hedge	hedge	NOUN
cjfa-30369	417	6	ratios	ratio	NOUN
cjfa-30369	417	7	:	:	PUNCT
cjfa-30369	417	8	does	do	AUX
cjfa-30369	417	9	econometric	econometric	ADJ
cjfa-30369	417	10	sophistication	sophistication	NOUN
cjfa-30369	417	11	boost	boost	VERB
cjfa-30369	417	12	hedging	hedging	NOUN
cjfa-30369	417	13	effectiveness	effectiveness	NOUN
cjfa-30369	417	14	?	?	PUNCT
cjfa-30369	418	1	international	international	ADJ
cjfa-30369	418	2	journal	journal	NOUN
cjfa-30369	418	3	of	of	ADP
cjfa-30369	418	4	business	business	NOUN
cjfa-30369	418	5	and	and	CCONJ
cjfa-30369	418	6	economics	economic	NOUN
cjfa-30369	418	7	,	,	PUNCT
cjfa-30369	418	8	7(3	7(3	NUM
cjfa-30369	418	9	)	)	PUNCT
cjfa-30369	418	10	,	,	PUNCT
cjfa-30369	418	11	213	213	NUM
cjfa-30369	418	12	-	-	SYM
cjfa-30369	418	13	230	230	NUM
cjfa-30369	418	14	.	.	PUNCT
cjfa-30369	419	1	majid	majid	PROPN
cjfa-30369	419	2	,	,	PUNCT
cjfa-30369	419	3	m.s.a	m.s.a	NOUN
cjfa-30369	419	4	.	.	PROPN
cjfa-30369	419	5	,	,	PUNCT
cjfa-30369	419	6	&	&	CCONJ
cjfa-30369	419	7	kassim	kassim	PROPN
cjfa-30369	419	8	,	,	PUNCT
cjfa-30369	419	9	s.h	s.h	PROPN
cjfa-30369	419	10	.	.	PROPN
cjfa-30369	419	11	(	(	PUNCT
cjfa-30369	419	12	2009	2009	NUM
cjfa-30369	419	13	)	)	PUNCT
cjfa-30369	419	14	.	.	PUNCT
cjfa-30369	420	1	impact	impact	NOUN
cjfa-30369	420	2	of	of	ADP
cjfa-30369	420	3	the	the	DET
cjfa-30369	420	4	2007	2007	NUM
cjfa-30369	420	5	us	we	PRON
cjfa-30369	420	6	financial	financial	ADJ
cjfa-30369	420	7	crisis	crisis	NOUN
cjfa-30369	420	8	on	on	ADP
cjfa-30369	420	9	the	the	DET
cjfa-30369	420	10	emerging	emerge	VERB
cjfa-30369	420	11	equity	equity	NOUN
cjfa-30369	420	12	markets	market	NOUN
cjfa-30369	420	13	.	.	PUNCT
cjfa-30369	421	1	international	international	ADJ
cjfa-30369	421	2	journal	journal	NOUN
cjfa-30369	421	3	of	of	ADP
cjfa-30369	421	4	emerging	emerge	VERB
cjfa-30369	421	5	markets	market	NOUN
cjfa-30369	421	6	,	,	PUNCT
cjfa-30369	421	7	4(4	4(4	NUM
cjfa-30369	421	8	)	)	PUNCT
cjfa-30369	421	9	,	,	PUNCT
cjfa-30369	421	10	341	341	NUM
cjfa-30369	421	11	-	-	SYM
cjfa-30369	421	12	57	57	NUM
cjfa-30369	421	13	.	.	PUNCT
cjfa-30369	422	1	malhotra	malhotra	PROPN
cjfa-30369	422	2	,	,	PUNCT
cjfa-30369	422	3	m.	m.	NOUN
cjfa-30369	422	4	(	(	PUNCT
cjfa-30369	422	5	2015	2015	NUM
cjfa-30369	422	6	)	)	PUNCT
cjfa-30369	422	7	.	.	PUNCT
cjfa-30369	423	1	evaluating	evaluate	VERB
cjfa-30369	423	2	the	the	DET
cjfa-30369	423	3	hedging	hedging	NOUN
cjfa-30369	423	4	performance	performance	NOUN
cjfa-30369	423	5	of	of	ADP
cjfa-30369	423	6	oil	oil	NOUN
cjfa-30369	423	7	and	and	CCONJ
cjfa-30369	423	8	oilseeds	oilseed	NOUN
cjfa-30369	423	9	futures	future	NOUN
cjfa-30369	423	10	in	in	ADP
cjfa-30369	423	11	india	india	PROPN
cjfa-30369	423	12	.	.	PUNCT
cjfa-30369	424	1	paradigm	paradigm	NOUN
cjfa-30369	424	2	,	,	PUNCT
cjfa-30369	424	3	19(2	19(2	NUM
cjfa-30369	424	4	)	)	PUNCT
cjfa-30369	424	5	,	,	PUNCT
cjfa-30369	424	6	184	184	NUM
cjfa-30369	424	7	-	-	SYM
cjfa-30369	424	8	196	196	NUM
cjfa-30369	424	9	.	.	PUNCT
cjfa-30369	425	1	http://dx.doi.org/10.1177/0971890715609990	http://dx.doi.org/10.1177/0971890715609990	NOUN
cjfa-30369	425	2	.	.	PUNCT
cjfa-30369	426	1	moosa	moosa	PROPN
cjfa-30369	426	2	,	,	PUNCT
cjfa-30369	426	3	i.	i.	PROPN
cjfa-30369	426	4	(	(	PUNCT
cjfa-30369	426	5	2003	2003	NUM
cjfa-30369	426	6	)	)	PUNCT
cjfa-30369	426	7	.	.	PUNCT
cjfa-30369	427	1	the	the	DET
cjfa-30369	427	2	sensitivity	sensitivity	NOUN
cjfa-30369	427	3	of	of	ADP
cjfa-30369	427	4	the	the	DET
cjfa-30369	427	5	optimal	optimal	ADJ
cjfa-30369	427	6	hedge	hedge	NOUN
cjfa-30369	427	7	ratio	ratio	NOUN
cjfa-30369	427	8	to	to	ADP
cjfa-30369	427	9	model	model	NOUN
cjfa-30369	427	10	specification	specification	NOUN
cjfa-30369	427	11	.	.	PUNCT
cjfa-30369	428	1	finance	finance	NOUN
cjfa-30369	428	2	letters	letter	NOUN
cjfa-30369	428	3	,	,	PUNCT
cjfa-30369	428	4	1(1	1(1	NUM
cjfa-30369	428	5	)	)	PUNCT
cjfa-30369	428	6	,	,	PUNCT
cjfa-30369	428	7	15	15	NUM
cjfa-30369	428	8	-	-	SYM
cjfa-30369	428	9	20	20	NUM
cjfa-30369	428	10	.	.	PUNCT
cjfa-30369	429	1	nelson	nelson	PROPN
cjfa-30369	429	2	,	,	PUNCT
cjfa-30369	429	3	d.b	d.b	PROPN
cjfa-30369	429	4	.	.	PROPN
cjfa-30369	429	5	(	(	PUNCT
cjfa-30369	429	6	1991	1991	NUM
cjfa-30369	429	7	)	)	PUNCT
cjfa-30369	429	8	.	.	PUNCT
cjfa-30369	430	1	conditional	conditional	ADJ
cjfa-30369	430	2	heteroskedasticity	heteroskedasticity	NOUN
cjfa-30369	430	3	in	in	ADP
cjfa-30369	430	4	asset	asset	NOUN
cjfa-30369	430	5	returns	return	NOUN
cjfa-30369	430	6	:	:	PUNCT
cjfa-30369	430	7	a	a	DET
cjfa-30369	430	8	new	new	ADJ
cjfa-30369	430	9	approach	approach	NOUN
cjfa-30369	430	10	.	.	PUNCT
cjfa-30369	431	1	econometrica	econometrica	PROPN
cjfa-30369	431	2	,	,	PUNCT
cjfa-30369	431	3	59(2	59(2	NUM
cjfa-30369	431	4	)	)	PUNCT
cjfa-30369	431	5	,	,	PUNCT
cjfa-30369	431	6	347	347	NUM
cjfa-30369	431	7	-	-	SYM
cjfa-30369	431	8	370	370	NUM
cjfa-30369	431	9	.	.	PUNCT
cjfa-30369	432	1	official	official	ADJ
cjfa-30369	432	2	website	website	NOUN
cjfa-30369	432	3	of	of	ADP
cjfa-30369	432	4	nse	nse	NOUN
cjfa-30369	432	5	.	.	PUNCT
cjfa-30369	433	1	www.nseindia.com(accessed	www.nseindia.com(accesse	VERB
cjfa-30369	433	2	:	:	PUNCT
cjfa-30369	433	3	30.10.2019	30.10.2019	NUM
cjfa-30369	433	4	)	)	PUNCT
cjfa-30369	433	5	.	.	PUNCT
cjfa-30369	434	1	park	park	NOUN
cjfa-30369	434	2	,	,	PUNCT
cjfa-30369	434	3	t.h	t.h	PROPN
cjfa-30369	434	4	.	.	PROPN
cjfa-30369	434	5	,	,	PUNCT
cjfa-30369	434	6	&	&	CCONJ
cjfa-30369	434	7	switzer	switzer	PROPN
cjfa-30369	434	8	,	,	PUNCT
cjfa-30369	434	9	l.n	l.n	PROPN
cjfa-30369	434	10	.	.	PROPN
cjfa-30369	434	11	(	(	PUNCT
cjfa-30369	434	12	1995	1995	NUM
cjfa-30369	434	13	)	)	PUNCT
cjfa-30369	434	14	.	.	PUNCT
cjfa-30369	435	1	time	time	NOUN
cjfa-30369	435	2	-	-	PUNCT
cjfa-30369	435	3	varying	vary	VERB
cjfa-30369	435	4	distributions	distribution	NOUN
cjfa-30369	435	5	and	and	CCONJ
cjfa-30369	435	6	the	the	DET
cjfa-30369	435	7	optimal	optimal	ADJ
cjfa-30369	435	8	hedge	hedge	NOUN
cjfa-30369	435	9	ratios	ratio	NOUN
cjfa-30369	435	10	for	for	ADP
cjfa-30369	435	11	stock	stock	NOUN
cjfa-30369	435	12	index	index	NOUN
cjfa-30369	435	13	futures	future	NOUN
cjfa-30369	435	14	.	.	PUNCT
cjfa-30369	436	1	applied	apply	VERB
cjfa-30369	436	2	financial	financial	ADJ
cjfa-30369	436	3	economics	economic	NOUN
cjfa-30369	436	4	,	,	PUNCT
cjfa-30369	436	5	5(3	5(3	NUM
cjfa-30369	436	6	)	)	PUNCT
cjfa-30369	436	7	,	,	PUNCT
cjfa-30369	436	8	131	131	NUM
cjfa-30369	436	9	-	-	SYM
cjfa-30369	436	10	137	137	NUM
cjfa-30369	436	11	.	.	PUNCT
cjfa-30369	437	1	http://	http://	PROPN
cjfa-30369	437	2	dx.doi.org/10.1080/758523000a	dx.doi.org/10.1080/758523000a	PROPN
cjfa-30369	437	3	.	.	PUNCT
cjfa-30369	438	1	pradhan	pradhan	PROPN
cjfa-30369	438	2	,	,	PUNCT
cjfa-30369	438	3	k.c	k.c	PROPN
cjfa-30369	438	4	.	.	PROPN
cjfa-30369	438	5	(	(	PUNCT
cjfa-30369	438	6	2011	2011	NUM
cjfa-30369	438	7	)	)	PUNCT
cjfa-30369	438	8	.	.	PUNCT
cjfa-30369	439	1	the	the	DET
cjfa-30369	439	2	hedging	hedge	VERB
cjfa-30369	439	3	effectiveness	effectiveness	NOUN
cjfa-30369	439	4	of	of	ADP
cjfa-30369	439	5	stock	stock	NOUN
cjfa-30369	439	6	index	index	NOUN
cjfa-30369	439	7	futures	future	NOUN
cjfa-30369	439	8	:	:	PUNCT
cjfa-30369	439	9	evidence	evidence	NOUN
cjfa-30369	439	10	for	for	ADP
cjfa-30369	439	11	the	the	DET
cjfa-30369	439	12	s&p	s&p	PROPN
cjfa-30369	439	13	cnx	cnx	PROPN
cjfa-30369	439	14	nifty	nifty	ADJ
cjfa-30369	439	15	index	index	NOUN
cjfa-30369	439	16	traded	trade	VERB
cjfa-30369	439	17	in	in	ADP
cjfa-30369	439	18	india	india	PROPN
cjfa-30369	439	19	.	.	PUNCT
cjfa-30369	440	1	south	south	PROPN
cjfa-30369	440	2	east	east	PROPN
cjfa-30369	440	3	european	european	PROPN
cjfa-30369	440	4	journal	journal	PROPN
cjfa-30369	440	5	of	of	ADP
cjfa-30369	440	6	economics	economics	PROPN
cjfa-30369	440	7	&	&	CCONJ
cjfa-30369	440	8	business	business	NOUN
cjfa-30369	440	9	,	,	PUNCT
cjfa-30369	440	10	6(1	6(1	NUM
cjfa-30369	440	11	)	)	PUNCT
cjfa-30369	440	12	,	,	PUNCT
cjfa-30369	440	13	111	111	NUM
cjfa-30369	440	14	-	-	SYM
cjfa-30369	440	15	123	123	NUM
cjfa-30369	440	16	.	.	PUNCT
cjfa-30369	441	1	http://dx.doi.org/10.2478/v10033-011-0010-2	http://dx.doi.org/10.2478/v10033-011-0010-2	PROPN
cjfa-30369	441	2	.	.	PUNCT
cjfa-30369	442	1	stein	stein	PROPN
cjfa-30369	442	2	,	,	PUNCT
cjfa-30369	442	3	j.l	j.l	PROPN
cjfa-30369	442	4	.	.	PROPN
cjfa-30369	442	5	(	(	PUNCT
cjfa-30369	442	6	1961	1961	NUM
cjfa-30369	442	7	)	)	PUNCT
cjfa-30369	442	8	.	.	PUNCT
cjfa-30369	443	1	the	the	DET
cjfa-30369	443	2	simultaneous	simultaneous	ADJ
cjfa-30369	443	3	determination	determination	NOUN
cjfa-30369	443	4	of	of	ADP
cjfa-30369	443	5	spot	spot	NOUN
cjfa-30369	443	6	and	and	CCONJ
cjfa-30369	443	7	futures	future	NOUN
cjfa-30369	443	8	prices	price	NOUN
cjfa-30369	443	9	.	.	PUNCT
cjfa-30369	444	1	the	the	DET
cjfa-30369	444	2	american	american	PROPN
cjfa-30369	444	3	economic	economic	PROPN
cjfa-30369	444	4	review	review	PROPN
cjfa-30369	444	5	,	,	PUNCT
cjfa-30369	444	6	51(5	51(5	NUM
cjfa-30369	444	7	)	)	PUNCT
cjfa-30369	444	8	,	,	PUNCT
cjfa-30369	444	9	1012	1012	NUM
cjfa-30369	444	10	-	-	SYM
cjfa-30369	444	11	1025	1025	NUM
cjfa-30369	444	12	.	.	PUNCT
cjfa-30369	445	1	stoll	stoll	PROPN
cjfa-30369	445	2	,	,	PUNCT
cjfa-30369	445	3	h.r	h.r	PROPN
cjfa-30369	445	4	.	.	PROPN
cjfa-30369	445	5	,	,	PUNCT
cjfa-30369	445	6	&	&	CCONJ
cjfa-30369	445	7	whaley	whaley	PROPN
cjfa-30369	445	8	,	,	PUNCT
cjfa-30369	445	9	r.e	r.e	PROPN
cjfa-30369	445	10	.	.	PROPN
cjfa-30369	445	11	(	(	PUNCT
cjfa-30369	445	12	1987	1987	NUM
cjfa-30369	445	13	)	)	PUNCT
cjfa-30369	445	14	.	.	PUNCT
cjfa-30369	446	1	program	program	NOUN
cjfa-30369	446	2	trading	trading	NOUN
cjfa-30369	446	3	and	and	CCONJ
cjfa-30369	446	4	expiration	expiration	NOUN
cjfa-30369	446	5	-	-	PUNCT
cjfa-30369	446	6	day	day	NOUN
cjfa-30369	446	7	effects	effect	NOUN
cjfa-30369	446	8	.	.	PUNCT
cjfa-30369	447	1	financial	financial	ADJ
cjfa-30369	447	2	analysts	analyst	NOUN
cjfa-30369	447	3	journal	journal	NOUN
cjfa-30369	447	4	,	,	PUNCT
cjfa-30369	447	5	43(2	43(2	PROPN
cjfa-30369	447	6	)	)	PUNCT
cjfa-30369	447	7	,	,	PUNCT
cjfa-30369	447	8	16	16	NUM
cjfa-30369	447	9	-	-	SYM
cjfa-30369	447	10	28	28	NUM
cjfa-30369	447	11	.	.	PUNCT
cjfa-30369	448	1	http://dx.doi.org/10.2469/faj.v43.n2.16	http://dx.doi.org/10.2469/faj.v43.n2.16	PROPN
cjfa-30369	448	2	.	.	PUNCT
cjfa-30369	449	1	tse	tse	PROPN
cjfa-30369	449	2	,	,	PUNCT
cjfa-30369	449	3	y.k	y.k	PROPN
cjfa-30369	449	4	.	.	PROPN
cjfa-30369	449	5	,	,	PUNCT
cjfa-30369	449	6	&	&	CCONJ
cjfa-30369	449	7	chan	chan	PROPN
cjfa-30369	449	8	,	,	PUNCT
cjfa-30369	449	9	w.s	w.s	PROPN
cjfa-30369	449	10	.	.	PROPN
cjfa-30369	449	11	(	(	PUNCT
cjfa-30369	449	12	2010	2010	NUM
cjfa-30369	449	13	)	)	PUNCT
cjfa-30369	449	14	.	.	PUNCT
cjfa-30369	450	1	the	the	DET
cjfa-30369	450	2	lead	lead	NOUN
cjfa-30369	450	3	–	–	PUNCT
cjfa-30369	450	4	lag	lag	NOUN
cjfa-30369	450	5	relation	relation	NOUN
cjfa-30369	450	6	between	between	ADP
cjfa-30369	450	7	the	the	DET
cjfa-30369	450	8	s&p500	s&p500	NOUN
cjfa-30369	450	9	spot	spot	NOUN
cjfa-30369	450	10	and	and	CCONJ
cjfa-30369	450	11	futures	future	NOUN
cjfa-30369	450	12	markets	market	NOUN
cjfa-30369	450	13	:	:	PUNCT
cjfa-30369	450	14	an	an	DET
cjfa-30369	450	15	intraday	intraday	ADJ
cjfa-30369	450	16	-	-	PUNCT
cjfa-30369	450	17	data	data	NOUN
cjfa-30369	450	18	analysis	analysis	NOUN
cjfa-30369	450	19	using	use	VERB
cjfa-30369	450	20	a	a	DET
cjfa-30369	450	21	threshold	threshold	NOUN
cjfa-30369	450	22	regression	regression	NOUN
cjfa-30369	450	23	model	model	NOUN
cjfa-30369	450	24	.	.	PUNCT
cjfa-30369	451	1	the	the	DET
cjfa-30369	451	2	japanese	japanese	ADJ
cjfa-30369	451	3	economic	economic	PROPN
cjfa-30369	451	4	review	review	NOUN
cjfa-30369	451	5	,	,	PUNCT
cjfa-30369	451	6	61(1	61(1	NOUN
cjfa-30369	451	7	)	)	PUNCT
cjfa-30369	451	8	,	,	PUNCT
cjfa-30369	451	9	133	133	NUM
cjfa-30369	451	10	-	-	SYM
cjfa-30369	451	11	144	144	NUM
cjfa-30369	451	12	.	.	PUNCT
cjfa-30369	452	1	http://dx.doi.org/10.1111/j.14685876.2009.00481.x	http://dx.doi.org/10.1111/j.14685876.2009.00481.x	PROPN
cjfa-30369	452	2	.	.	PUNCT
cjfa-30369	453	1	wang	wang	PROPN
cjfa-30369	453	2	,	,	PUNCT
cjfa-30369	453	3	y.	y.	PROPN
cjfa-30369	453	4	,	,	PUNCT
cjfa-30369	453	5	chongfeng	chongfeng	PROPN
cjfa-30369	453	6	w.	w.	PROPN
cjfa-30369	453	7	,	,	PUNCT
cjfa-30369	453	8	&	&	CCONJ
cjfa-30369	453	9	li	li	PROPN
cjfa-30369	453	10	,	,	PUNCT
cjfa-30369	453	11	y.	y.	PROPN
cjfa-30369	453	12	(	(	PUNCT
cjfa-30369	453	13	2015	2015	NUM
cjfa-30369	453	14	)	)	PUNCT
cjfa-30369	453	15	.	.	PUNCT
cjfa-30369	454	1	hedging	hedge	VERB
cjfa-30369	454	2	with	with	ADP
cjfa-30369	454	3	futures	future	NOUN
cjfa-30369	454	4	:	:	PUNCT
cjfa-30369	454	5	does	do	AUX
cjfa-30369	454	6	anything	anything	PRON
cjfa-30369	454	7	beat	beat	VERB
cjfa-30369	454	8	the	the	DET
cjfa-30369	454	9	naïve	naïve	ADJ
cjfa-30369	454	10	hedging	hedging	NOUN
cjfa-30369	454	11	strategy	strategy	NOUN
cjfa-30369	454	12	?	?	PUNCT
cjfa-30369	455	1	management	management	NOUN
cjfa-30369	455	2	science	science	NOUN
cjfa-30369	455	3	,	,	PUNCT
cjfa-30369	455	4	61(12	61(12	NUM
cjfa-30369	455	5	)	)	PUNCT
cjfa-30369	455	6	,	,	PUNCT
cjfa-30369	455	7	2870	2870	NUM
cjfa-30369	455	8	-	-	SYM
cjfa-30369	455	9	2889	2889	NUM
cjfa-30369	455	10	.	.	PUNCT
cjfa-30369	456	1	http://dx.doi	http://dx.doi	NOUN
cjfa-30369	456	2	.	.	PUNCT
cjfa-30369	457	1	org/10.1287	org/10.1287	NUM
cjfa-30369	457	2	/	/	SYM
cjfa-30369	457	3	mnsc.2014.2028	mnsc.2014.2028	NOUN
cjfa-30369	457	4	.	.	PUNCT
cjfa-30369	458	1	woking	woke	VERB
cjfa-30369	458	2	,	,	PUNCT
cjfa-30369	458	3	h.	h.	PROPN
cjfa-30369	458	4	(	(	PUNCT
cjfa-30369	458	5	1953	1953	NUM
cjfa-30369	458	6	)	)	PUNCT
cjfa-30369	458	7	.	.	PUNCT
cjfa-30369	459	1	futures	future	NOUN
cjfa-30369	459	2	trading	trading	NOUN
cjfa-30369	459	3	and	and	CCONJ
cjfa-30369	459	4	hedging	hedging	NOUN
cjfa-30369	459	5	.	.	PUNCT
cjfa-30369	460	1	american	american	PROPN
cjfa-30369	460	2	economic	economic	PROPN
cjfa-30369	460	3	review	review	PROPN
cjfa-30369	460	4	,	,	PUNCT
cjfa-30369	460	5	43	43	NUM
cjfa-30369	460	6	,	,	PUNCT
cjfa-30369	460	7	314	314	NUM
cjfa-30369	460	8	-343	-343	PROPN
cjfa-30369	460	9	.	.	PUNCT
cjfa-30369	461	1	estimating	estimate	VERB
cjfa-30369	461	2	hedging	hedging	NOUN
cjfa-30369	461	3	effectiveness	effectiveness	NOUN
cjfa-30369	461	4	using	use	VERB
cjfa-30369	461	5	variance	variance	NOUN
cjfa-30369	461	6	reduction	reduction	NOUN
cjfa-30369	461	7	…	…	PUNCT
cjfa-30369	461	8	169	169	NUM
cjfa-30369	461	9	yang	yang	PROPN
cjfa-30369	461	10	,	,	PUNCT
cjfa-30369	461	11	m.j	m.j	PROPN
cjfa-30369	461	12	.	.	PROPN
cjfa-30369	461	13	,	,	PUNCT
cjfa-30369	461	14	&	&	CCONJ
cjfa-30369	461	15	lai	lai	PROPN
cjfa-30369	461	16	,	,	PUNCT
cjfa-30369	461	17	y.c	y.c	PROPN
cjfa-30369	461	18	.	.	PROPN
cjfa-30369	461	19	(	(	PUNCT
cjfa-30369	461	20	2009	2009	NUM
cjfa-30369	461	21	)	)	PUNCT
cjfa-30369	461	22	.	.	PUNCT
cjfa-30369	462	1	an	an	DET
cjfa-30369	462	2	out	out	ADV
cjfa-30369	462	3	-	-	PUNCT
cjfa-30369	462	4	of	of	ADP
cjfa-30369	462	5	-	-	PUNCT
cjfa-30369	462	6	sample	sample	NOUN
cjfa-30369	462	7	comparative	comparative	ADJ
cjfa-30369	462	8	analysis	analysis	NOUN
cjfa-30369	462	9	of	of	ADP
cjfa-30369	462	10	hedging	hedging	NOUN
cjfa-30369	462	11	performance	performance	NOUN
cjfa-30369	462	12	of	of	ADP
cjfa-30369	462	13	stock	stock	NOUN
cjfa-30369	462	14	index	index	NOUN
cjfa-30369	462	15	futures	future	NOUN
cjfa-30369	462	16	:	:	PUNCT
cjfa-30369	462	17	dynamic	dynamic	ADJ
cjfa-30369	462	18	versus	versus	ADP
cjfa-30369	462	19	static	static	ADJ
cjfa-30369	462	20	hedging	hedging	NOUN
cjfa-30369	462	21	.	.	PUNCT
cjfa-30369	463	1	applied	apply	VERB
cjfa-30369	463	2	financial	financial	ADJ
cjfa-30369	463	3	economics	economic	NOUN
cjfa-30369	463	4	,	,	PUNCT
cjfa-30369	463	5	19(13	19(13	NUM
cjfa-30369	463	6	)	)	PUNCT
cjfa-30369	463	7	,	,	PUNCT
cjfa-30369	463	8	1059	1059	NUM
cjfa-30369	463	9	-	-	SYM
cjfa-30369	463	10	1072	1072	NUM
cjfa-30369	463	11	.	.	PUNCT
cjfa-30369	464	1	http://dx.doi.org/10.1080/09603100802112284	http://dx.doi.org/10.1080/09603100802112284	PROPN
cjfa-30369	464	2	.	.	PUNCT
cjfa-30369	465	1	yang	yang	PROPN
cjfa-30369	465	2	,	,	PUNCT
cjfa-30369	465	3	w.	w.	PROPN
cjfa-30369	465	4	,	,	PUNCT
cjfa-30369	465	5	&	&	CCONJ
cjfa-30369	465	6	allen	allen	PROPN
cjfa-30369	465	7	,	,	PUNCT
cjfa-30369	465	8	d.e	d.e	PROPN
cjfa-30369	465	9	.	.	PROPN
cjfa-30369	465	10	(	(	PUNCT
cjfa-30369	465	11	2004	2004	NUM
cjfa-30369	465	12	)	)	PUNCT
cjfa-30369	465	13	.	.	PUNCT
cjfa-30369	466	1	multivariate	multivariate	NOUN
cjfa-30369	466	2	garch	garch	NOUN
cjfa-30369	466	3	hedge	hedge	NOUN
cjfa-30369	466	4	ratios	ratio	NOUN
cjfa-30369	466	5	and	and	CCONJ
cjfa-30369	466	6	hedging	hedging	NOUN
cjfa-30369	466	7	effectiveness	effectiveness	NOUN
cjfa-30369	466	8	in	in	ADP
cjfa-30369	466	9	australian	australian	ADJ
cjfa-30369	466	10	futures	future	NOUN
cjfa-30369	466	11	markets	market	NOUN
cjfa-30369	466	12	.	.	PUNCT
cjfa-30369	467	1	accounting	accounting	NOUN
cjfa-30369	467	2	and	and	CCONJ
cjfa-30369	467	3	finance	finance	NOUN
cjfa-30369	467	4	,	,	PUNCT
cjfa-30369	467	5	45	45	NUM
cjfa-30369	467	6	,	,	PUNCT
cjfa-30369	467	7	301	301	NUM
cjfa-30369	467	8	-	-	SYM
cjfa-30369	467	9	321	321	NUM
cjfa-30369	467	10	.	.	PUNCT
cjfa-30369	468	1	appendix	appendix	VERB
cjfa-30369	468	2	a.	a.	NOUN
cjfa-30369	468	3	growth	growth	NOUN
cjfa-30369	468	4	rate	rate	NOUN
cjfa-30369	468	5	of	of	ADP
cjfa-30369	468	6	indian	indian	ADJ
cjfa-30369	468	7	it	it	PRON
cjfa-30369	468	8	sector	sector	NOUN
cjfa-30369	468	9	appendix	appendix	VERB
cjfa-30369	468	10	a.	a.	NOUN
cjfa-30369	468	11	growth	growth	NOUN
cjfa-30369	468	12	rate	rate	NOUN
cjfa-30369	468	13	of	of	ADP
cjfa-30369	468	14	indian	indian	ADJ
cjfa-30369	468	15	it	it	PRON
cjfa-30369	468	16	sector	sector	NOUN
cjfa-30369	468	17	source	source	NOUN
cjfa-30369	468	18	:	:	PUNCT
cjfa-30369	468	19	heeks	heeks	PROPN
cjfa-30369	468	20	(	(	PUNCT
cjfa-30369	468	21	2015	2015	NUM
cjfa-30369	468	22	)	)	PUNCT
cjfa-30369	468	23	.	.	PUNCT
cjfa-30369	469	1	-40	-40	PROPN
cjfa-30369	469	2	%	%	NOUN
cjfa-30369	469	3	-20	-20	NUM
cjfa-30369	469	4	%	%	NOUN
cjfa-30369	469	5	0	0	NUM
cjfa-30369	469	6	%	%	NOUN
cjfa-30369	469	7	20	20	NUM
cjfa-30369	469	8	%	%	NOUN
cjfa-30369	469	9	40	40	NUM
cjfa-30369	469	10	%	%	NOUN
cjfa-30369	469	11	60	60	NUM
cjfa-30369	469	12	%	%	NOUN
cjfa-30369	469	13	80	80	NUM
cjfa-30369	469	14	%	%	NOUN
cjfa-30369	469	15	100	100	NUM
cjfa-30369	469	16	%	%	NOUN
cjfa-30369	469	17	%	%	NOUN
cjfa-30369	469	18	g	g	PROPN
cjfa-30369	470	1	ro	ro	PROPN
cjfa-30369	470	2	w	w	PROPN
cjfa-30369	470	3	th	th	X
cjfa-30369	470	4	year	year	NOUN
cjfa-30369	470	5	indian	indian	NOUN
cjfa-30369	470	6	it	it	PRON
cjfa-30369	470	7	growth	growth	NOUN
cjfa-30369	470	8	rates	rate	NOUN
cjfa-30369	470	9	:	:	PUNCT
cjfa-30369	470	10	exports	export	NOUN
cjfa-30369	470	11	vs.	vs.	ADP
cjfa-30369	470	12	domestic	domestic	ADJ
cjfa-30369	470	13	(	(	PUNCT
cjfa-30369	470	14	1992	1992	NUM
cjfa-30369	470	15	-	-	SYM
cjfa-30369	470	16	2015	2015	NUM
cjfa-30369	470	17	)	)	PUNCT
cjfa-30369	470	18	exports	export	NOUN
cjfa-30369	470	19	domestic	domestic	ADJ
cjfa-30369	470	20	s	s	PART
cjfa-30369	470	21	o	o	NOUN
cjfa-30369	470	22	u	u	NOUN
cjfa-30369	470	23	r	r	NOUN
cjfa-30369	470	24	c	c	NOUN
cjfa-30369	470	25	e	e	NOUN
cjfa-30369	470	26	:	:	PUNCT
cjfa-30369	470	27	heeks	heeks	PROPN
cjfa-30369	470	28	(	(	PUNCT
cjfa-30369	470	29	2015	2015	NUM
cjfa-30369	470	30	)	)	PUNCT
cjfa-30369	470	31	.	.	PUNCT