id	sid	tid	token	lemma	pos
dem-1051	1	1	dynamic	dynamic	ADJ
dem-1051	1	2	econometric	econometric	ADJ
dem-1051	1	3	models	model	NOUN
dem-1051	1	4	©	©	PROPN
dem-1051	1	5	2012	2012	NUM
dem-1051	1	6	nicolaus	nicolaus	PROPN
dem-1051	1	7	copernicus	copernicus	PROPN
dem-1051	1	8	university	university	PROPN
dem-1051	1	9	press	press	NOUN
dem-1051	1	10	.	.	PUNCT
dem-1051	2	1	all	all	DET
dem-1051	2	2	rights	right	NOUN
dem-1051	2	3	reserved	reserve	VERB
dem-1051	2	4	.	.	PUNCT
dem-1051	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-1051	3	2	dynamic	dynamic	ADJ
dem-1051	3	3	econometric	econometric	ADJ
dem-1051	3	4	models	model	NOUN
dem-1051	3	5	vol	vol	NOUN
dem-1051	3	6	.	.	PROPN
dem-1051	4	1	12	12	NUM
dem-1051	4	2	(	(	PUNCT
dem-1051	4	3	2012	2012	NUM
dem-1051	4	4	)	)	PUNCT
dem-1051	4	5	35−52	35−52	NOUN
dem-1051	4	6	submitted	submit	VERB
dem-1051	4	7	april	april	PROPN
dem-1051	4	8	30	30	NUM
dem-1051	4	9	,	,	PUNCT
dem-1051	4	10	2012	2012	NUM
dem-1051	4	11	issn	issn	PROPN
dem-1051	4	12	accepted	accept	VERB
dem-1051	4	13	october	october	PROPN
dem-1051	4	14	8	8	NUM
dem-1051	4	15	,	,	PUNCT
dem-1051	4	16	2012	2012	NUM
dem-1051	4	17	1234	1234	NUM
dem-1051	4	18	-	-	SYM
dem-1051	4	19	3862	3862	NUM
dem-1051	4	20	katarzyna	katarzyna	PROPN
dem-1051	4	21	bień	bień	PROPN
dem-1051	4	22	-	-	PROPN
dem-1051	4	23	barkowska	barkowska	PROPN
dem-1051	4	24	*	*	PUNCT
dem-1051	4	25	“	"	PUNCT
dem-1051	4	26	does	do	AUX
dem-1051	4	27	it	it	PRON
dem-1051	4	28	take	take	VERB
dem-1051	4	29	volume	volume	NOUN
dem-1051	4	30	to	to	PART
dem-1051	4	31	move	move	VERB
dem-1051	4	32	the	the	DET
dem-1051	4	33	eur	eur	PROPN
dem-1051	4	34	/	/	SYM
dem-1051	4	35	pln	pln	PROPN
dem-1051	4	36	fx	fx	PROPN
dem-1051	4	37	rates	rate	NOUN
dem-1051	4	38	?	?	PUNCT
dem-1051	4	39	”	"	PUNCT
dem-1051	4	40	evidence	evidence	NOUN
dem-1051	4	41	from	from	ADP
dem-1051	4	42	quantile	quantile	ADJ
dem-1051	4	43	regressions	regression	NOUN
dem-1051	4	44	a	a	DET
dem-1051	4	45	b	b	PROPN
dem-1051	4	46	s	s	ADP
dem-1051	4	47	t	t	PROPN
dem-1051	4	48	r	r	NOUN
dem-1051	4	49	a	a	DET
dem-1051	4	50	c	c	NOUN
dem-1051	4	51	t	t	NOUN
dem-1051	4	52	this	this	DET
dem-1051	4	53	study	study	NOUN
dem-1051	4	54	investigates	investigate	VERB
dem-1051	4	55	the	the	DET
dem-1051	4	56	impact	impact	NOUN
dem-1051	4	57	of	of	ADP
dem-1051	4	58	trading	trading	NOUN
dem-1051	4	59	volume	volume	NOUN
dem-1051	4	60	on	on	ADP
dem-1051	4	61	selected	select	VERB
dem-1051	4	62	quantiles	quantile	NOUN
dem-1051	4	63	of	of	ADP
dem-1051	4	64	the	the	DET
dem-1051	4	65	eur	eur	PROPN
dem-1051	4	66	/	/	SYM
dem-1051	4	67	pln	pln	PROPN
dem-1051	4	68	return	return	NOUN
dem-1051	4	69	distribution	distribution	NOUN
dem-1051	4	70	.	.	PUNCT
dem-1051	5	1	empirical	empirical	ADJ
dem-1051	5	2	results	result	NOUN
dem-1051	5	3	obtained	obtain	VERB
dem-1051	5	4	with	with	ADP
dem-1051	5	5	the	the	DET
dem-1051	5	6	quantile	quantile	ADJ
dem-1051	5	7	regression	regression	NOUN
dem-1051	5	8	approach	approach	NOUN
dem-1051	5	9	confirm	confirm	VERB
dem-1051	5	10	that	that	SCONJ
dem-1051	5	11	an	an	DET
dem-1051	5	12	increase	increase	NOUN
dem-1051	5	13	in	in	ADP
dem-1051	5	14	the	the	DET
dem-1051	5	15	turnover	turnover	NOUN
dem-1051	5	16	is	be	AUX
dem-1051	5	17	associated	associate	VERB
dem-1051	5	18	with	with	ADP
dem-1051	5	19	a	a	DET
dem-1051	5	20	significant	significant	ADJ
dem-1051	5	21	increase	increase	NOUN
dem-1051	5	22	in	in	ADP
dem-1051	5	23	the	the	DET
dem-1051	5	24	dispersion	dispersion	NOUN
dem-1051	5	25	of	of	ADP
dem-1051	5	26	the	the	DET
dem-1051	5	27	corresponding	corresponding	ADJ
dem-1051	5	28	return	return	NOUN
dem-1051	5	29	distribution	distribution	NOUN
dem-1051	5	30	.	.	PUNCT
dem-1051	6	1	we	we	PRON
dem-1051	6	2	divided	divide	VERB
dem-1051	6	3	the	the	DET
dem-1051	6	4	trading	trading	NOUN
dem-1051	6	5	volume	volume	NOUN
dem-1051	6	6	into	into	ADP
dem-1051	6	7	its	its	PRON
dem-1051	6	8	expected	expect	VERB
dem-1051	6	9	(	(	PUNCT
dem-1051	6	10	anticipated	anticipate	VERB
dem-1051	6	11	)	)	PUNCT
dem-1051	6	12	and	and	CCONJ
dem-1051	6	13	unexpected	unexpected	ADJ
dem-1051	6	14	(	(	PUNCT
dem-1051	6	15	unanticipated	unanticipated	ADJ
dem-1051	6	16	)	)	PUNCT
dem-1051	6	17	component	component	NOUN
dem-1051	6	18	and	and	CCONJ
dem-1051	6	19	found	find	VERB
dem-1051	6	20	that	that	SCONJ
dem-1051	6	21	the	the	DET
dem-1051	6	22	unexpected	unexpected	ADJ
dem-1051	6	23	volume	volume	NOUN
dem-1051	6	24	shocks	shock	NOUN
dem-1051	6	25	have	have	VERB
dem-1051	6	26	a	a	DET
dem-1051	6	27	significantly	significantly	ADV
dem-1051	6	28	larger	large	ADJ
dem-1051	6	29	impact	impact	NOUN
dem-1051	6	30	on	on	ADP
dem-1051	6	31	the	the	DET
dem-1051	6	32	dispersion	dispersion	NOUN
dem-1051	6	33	of	of	ADP
dem-1051	6	34	the	the	DET
dem-1051	6	35	return	return	NOUN
dem-1051	6	36	distribution	distribution	NOUN
dem-1051	6	37	.	.	PUNCT
dem-1051	7	1	we	we	PRON
dem-1051	7	2	also	also	ADV
dem-1051	7	3	observed	observe	VERB
dem-1051	7	4	that	that	SCONJ
dem-1051	7	5	the	the	DET
dem-1051	7	6	volume	volume	NOUN
dem-1051	7	7	-	-	PUNCT
dem-1051	7	8	return	return	NOUN
dem-1051	7	9	relationship	relationship	NOUN
dem-1051	7	10	is	be	AUX
dem-1051	7	11	nonlinear	nonlinear	ADJ
dem-1051	7	12	;	;	PUNCT
dem-1051	7	13	the	the	DET
dem-1051	7	14	dependence	dependence	NOUN
dem-1051	7	15	is	be	AUX
dem-1051	7	16	stronger	strong	ADJ
dem-1051	7	17	with	with	ADP
dem-1051	7	18	more	more	ADV
dem-1051	7	19	extreme	extreme	ADJ
dem-1051	7	20	quantiles	quantile	NOUN
dem-1051	7	21	.	.	PUNCT
dem-1051	8	1	moreover	moreover	ADV
dem-1051	8	2	,	,	PUNCT
dem-1051	8	3	after	after	ADP
dem-1051	8	4	accounting	account	VERB
dem-1051	8	5	for	for	ADP
dem-1051	8	6	a	a	DET
dem-1051	8	7	conditional	conditional	ADJ
dem-1051	8	8	volatility	volatility	NOUN
dem-1051	8	9	measure	measure	NOUN
dem-1051	8	10	as	as	ADP
dem-1051	8	11	a	a	DET
dem-1051	8	12	controlling	control	VERB
dem-1051	8	13	explanatory	explanatory	ADJ
dem-1051	8	14	factor	factor	NOUN
dem-1051	8	15	for	for	ADP
dem-1051	8	16	the	the	DET
dem-1051	8	17	quantile	quantile	ADJ
dem-1051	8	18	dynamics	dynamic	NOUN
dem-1051	8	19	,	,	PUNCT
dem-1051	8	20	the	the	DET
dem-1051	8	21	impact	impact	NOUN
dem-1051	8	22	of	of	ADP
dem-1051	8	23	the	the	DET
dem-1051	8	24	expected	expect	VERB
dem-1051	8	25	volume	volume	NOUN
dem-1051	8	26	declines	decline	NOUN
dem-1051	8	27	yet	yet	ADV
dem-1051	8	28	remains	remain	VERB
dem-1051	8	29	significant	significant	ADJ
dem-1051	8	30	especially	especially	ADV
dem-1051	8	31	for	for	ADP
dem-1051	8	32	the	the	DET
dem-1051	8	33	most	most	ADV
dem-1051	8	34	extreme	extreme	ADJ
dem-1051	8	35	quantiles	quantile	NOUN
dem-1051	8	36	.	.	PUNCT
dem-1051	9	1	k	k	PROPN
dem-1051	9	2	e	e	PROPN
dem-1051	9	3	y	y	PROPN
dem-1051	9	4	w	w	NOUN
dem-1051	9	5	o	o	NOUN
dem-1051	9	6	r	r	NOUN
dem-1051	9	7	d	d	NOUN
dem-1051	9	8	s	s	NOUN
dem-1051	9	9	:	:	PUNCT
dem-1051	9	10	volume	volume	NOUN
dem-1051	9	11	-	-	PUNCT
dem-1051	9	12	return	return	NOUN
dem-1051	9	13	relationship	relationship	NOUN
dem-1051	9	14	,	,	PUNCT
dem-1051	9	15	market	market	NOUN
dem-1051	9	16	microstructure	microstructure	NOUN
dem-1051	9	17	,	,	PUNCT
dem-1051	9	18	fx	fx	NOUN
dem-1051	9	19	trading	trading	NOUN
dem-1051	9	20	,	,	PUNCT
dem-1051	9	21	quantile	quantile	ADJ
dem-1051	9	22	regression	regression	NOUN
dem-1051	9	23	.	.	PUNCT
dem-1051	10	1	j	j	PROPN
dem-1051	10	2	e	e	NOUN
dem-1051	10	3	l	l	NOUN
dem-1051	10	4	classification	classification	NOUN
dem-1051	10	5	:	:	PUNCT
dem-1051	10	6	c22	c22	NOUN
dem-1051	10	7	,	,	PUNCT
dem-1051	10	8	g15	g15	PROPN
dem-1051	10	9	introduction	introduction	NOUN
dem-1051	10	10	research	research	NOUN
dem-1051	10	11	on	on	ADP
dem-1051	10	12	price	price	NOUN
dem-1051	10	13	–	–	PUNCT
dem-1051	10	14	volume	volume	NOUN
dem-1051	10	15	relationship	relationship	NOUN
dem-1051	10	16	has	have	VERB
dem-1051	10	17	a	a	DET
dem-1051	10	18	long	long	ADJ
dem-1051	10	19	history	history	NOUN
dem-1051	10	20	in	in	ADP
dem-1051	10	21	the	the	DET
dem-1051	10	22	literature	literature	NOUN
dem-1051	10	23	of	of	ADP
dem-1051	10	24	both	both	CCONJ
dem-1051	10	25	theoretical	theoretical	ADJ
dem-1051	10	26	and	and	CCONJ
dem-1051	10	27	empirical	empirical	ADJ
dem-1051	10	28	finance	finance	NOUN
dem-1051	10	29	.	.	PUNCT
dem-1051	11	1	positive	positive	ADJ
dem-1051	11	2	contemporaneous	contemporaneous	ADJ
dem-1051	11	3	correlation	correlation	NOUN
dem-1051	11	4	between	between	ADP
dem-1051	11	5	trading	trading	NOUN
dem-1051	11	6	volume	volume	NOUN
dem-1051	11	7	and	and	CCONJ
dem-1051	11	8	price	price	NOUN
dem-1051	11	9	volatility	volatility	NOUN
dem-1051	11	10	is	be	AUX
dem-1051	11	11	already	already	ADV
dem-1051	11	12	a	a	DET
dem-1051	11	13	well	well	ADV
dem-1051	11	14	-	-	PUNCT
dem-1051	11	15	documented	document	VERB
dem-1051	11	16	observation	observation	NOUN
dem-1051	11	17	with	with	ADP
dem-1051	11	18	early	early	ADJ
dem-1051	11	19	studies	study	NOUN
dem-1051	11	20	on	on	ADP
dem-1051	11	21	the	the	DET
dem-1051	11	22	topic	topic	NOUN
dem-1051	11	23	traced	trace	VERB
dem-1051	11	24	back	back	ADV
dem-1051	11	25	to	to	ADP
dem-1051	11	26	the	the	DET
dem-1051	11	27	seventies	seventy	NOUN
dem-1051	11	28	.	.	PUNCT
dem-1051	12	1	in	in	ADP
dem-1051	12	2	this	this	DET
dem-1051	12	3	decade	decade	NOUN
dem-1051	12	4	,	,	PUNCT
dem-1051	12	5	the	the	DET
dem-1051	12	6	positive	positive	ADJ
dem-1051	12	7	relationship	relationship	NOUN
dem-1051	12	8	between	between	ADP
dem-1051	12	9	the	the	DET
dem-1051	12	10	selected	select	VERB
dem-1051	12	11	measures	measure	NOUN
dem-1051	12	12	of	of	ADP
dem-1051	12	13	price	price	NOUN
dem-1051	12	14	variability	variability	NOUN
dem-1051	12	15	and	and	CCONJ
dem-1051	12	16	trading	trading	NOUN
dem-1051	12	17	volume	volume	NOUN
dem-1051	12	18	has	have	AUX
dem-1051	12	19	been	be	AUX
dem-1051	12	20	demonstrated	demonstrate	VERB
dem-1051	12	21	for	for	ADP
dem-1051	12	22	stock	stock	NOUN
dem-1051	12	23	markets	market	NOUN
dem-1051	12	24	in	in	ADP
dem-1051	12	25	various	various	ADJ
dem-1051	12	26	publications	publication	NOUN
dem-1051	12	27	(	(	PUNCT
dem-1051	12	28	crouch	crouch	PROPN
dem-1051	12	29	,	,	PUNCT
dem-1051	12	30	1970	1970	NUM
dem-1051	12	31	;	;	PUNCT
dem-1051	12	32	epps	epps	PROPN
dem-1051	12	33	and	and	CCONJ
dem-1051	12	34	epps	epps	PROPN
dem-1051	12	35	,	,	PUNCT
dem-1051	12	36	1976	1976	NUM
dem-1051	12	37	;	;	PUNCT
dem-1051	12	38	morgan	morgan	PROPN
dem-1051	12	39	,	,	PUNCT
dem-1051	12	40	1976	1976	NUM
dem-1051	12	41	;	;	PUNCT
dem-1051	12	42	westerfield	westerfield	PROPN
dem-1051	12	43	,	,	PUNCT
dem-1051	12	44	1977	1977	NUM
dem-1051	12	45	,	,	PUNCT
dem-1051	12	46	among	among	ADP
dem-1051	12	47	others	other	NOUN
dem-1051	12	48	)	)	PUNCT
dem-1051	12	49	.	.	PUNCT
dem-1051	13	1	karpoff	karpoff	PROPN
dem-1051	13	2	(	(	PUNCT
dem-1051	13	3	1987	1987	NUM
dem-1051	13	4	)	)	PUNCT
dem-1051	13	5	presents	present	VERB
dem-1051	13	6	a	a	DET
dem-1051	13	7	vast	vast	ADJ
dem-1051	13	8	survey	survey	NOUN
dem-1051	13	9	of	of	ADP
dem-1051	13	10	the	the	DET
dem-1051	13	11	early	early	ADJ
dem-1051	13	12	litera	litera	NOUN
dem-1051	13	13	*	*	PUNCT
dem-1051	13	14	correspondence	correspondence	NOUN
dem-1051	13	15	to	to	ADP
dem-1051	13	16	:	:	PUNCT
dem-1051	13	17	1	1	X
dem-1051	13	18	.	.	X
dem-1051	13	19	katarzyna	katarzyna	PROPN
dem-1051	13	20	bień	bień	PROPN
dem-1051	13	21	-	-	PUNCT
dem-1051	13	22	barkowska	barkowska	PROPN
dem-1051	13	23	,	,	PUNCT
dem-1051	13	24	institute	institute	NOUN
dem-1051	13	25	of	of	ADP
dem-1051	13	26	econometrics	econometrics	PROPN
dem-1051	13	27	,	,	PUNCT
dem-1051	13	28	warsaw	warsaw	PROPN
dem-1051	13	29	school	school	NOUN
dem-1051	13	30	of	of	ADP
dem-1051	13	31	economics	economic	NOUN
dem-1051	13	32	,	,	PUNCT
dem-1051	13	33	ul	ul	INTJ
dem-1051	13	34	.	.	PUNCT
dem-1051	13	35	madalińskiego	madalińskiego	PROPN
dem-1051	13	36	6/8	6/8	PROPN
dem-1051	13	37	,	,	PUNCT
dem-1051	13	38	02	02	NUM
dem-1051	13	39	-	-	SYM
dem-1051	13	40	513	513	NUM
dem-1051	13	41	warsaw	warsaw	NOUN
dem-1051	13	42	,	,	PUNCT
dem-1051	13	43	poland	poland	PROPN
dem-1051	13	44	or	or	CCONJ
dem-1051	13	45	2	2	NUM
dem-1051	13	46	.	.	PUNCT
dem-1051	13	47	katarzyna	katarzyna	PROPN
dem-1051	13	48	bieńbarkowska	bieńbarkowska	PROPN
dem-1051	13	49	,	,	PUNCT
dem-1051	13	50	financial	financial	ADJ
dem-1051	13	51	system	system	NOUN
dem-1051	13	52	department	department	NOUN
dem-1051	13	53	,	,	PUNCT
dem-1051	13	54	national	national	PROPN
dem-1051	13	55	bank	bank	PROPN
dem-1051	13	56	of	of	ADP
dem-1051	13	57	poland	poland	PROPN
dem-1051	13	58	,	,	PUNCT
dem-1051	13	59	ul	ul	INTJ
dem-1051	13	60	.	.	PUNCT
dem-1051	13	61	świętokrzyska	świętokrzyska	PROPN
dem-1051	13	62	11/21	11/21	NUM
dem-1051	13	63	,	,	PUNCT
dem-1051	13	64	00	00	NUM
dem-1051	13	65	-	-	SYM
dem-1051	13	66	919	919	NUM
dem-1051	13	67	,	,	PUNCT
dem-1051	13	68	warsaw	warsaw	PROPN
dem-1051	13	69	,	,	PUNCT
dem-1051	13	70	poland	poland	PROPN
dem-1051	13	71	,	,	PUNCT
dem-1051	13	72	e	e	NOUN
dem-1051	13	73	-	-	NOUN
dem-1051	13	74	mail	mail	NOUN
dem-1051	13	75	:	:	PUNCT
dem-1051	13	76	katarzyna.bien@sgh.waw.pl	katarzyna.bien@sgh.waw.pl	PROPN
dem-1051	13	77	katarzyna	katarzyna	PROPN
dem-1051	13	78	bień	bień	PROPN
dem-1051	13	79	-	-	PROPN
dem-1051	13	80	barkowska	barkowska	ADJ
dem-1051	13	81	dynamic	dynamic	ADJ
dem-1051	13	82	econometric	econometric	ADJ
dem-1051	13	83	models	model	NOUN
dem-1051	13	84	12	12	NUM
dem-1051	13	85	(	(	PUNCT
dem-1051	13	86	2012	2012	NUM
dem-1051	13	87	)	)	PUNCT
dem-1051	13	88	35–52	35–52	NUM
dem-1051	13	89	36	36	NUM
dem-1051	13	90	ture	ture	NOUN
dem-1051	13	91	summarizing	summarize	VERB
dem-1051	13	92	the	the	DET
dem-1051	13	93	results	result	NOUN
dem-1051	13	94	of	of	ADP
dem-1051	13	95	19	19	NUM
dem-1051	13	96	empirical	empirical	ADJ
dem-1051	13	97	studies	study	NOUN
dem-1051	13	98	conducted	conduct	VERB
dem-1051	13	99	throughout	throughout	ADP
dem-1051	13	100	the	the	DET
dem-1051	13	101	seventies	seventy	NOUN
dem-1051	13	102	and	and	CCONJ
dem-1051	13	103	eighties	eighty	NOUN
dem-1051	13	104	focusing	focus	VERB
dem-1051	13	105	on	on	ADP
dem-1051	13	106	the	the	DET
dem-1051	13	107	volume	volume	NOUN
dem-1051	13	108	-	-	PUNCT
dem-1051	13	109	return	return	NOUN
dem-1051	13	110	relationship	relationship	NOUN
dem-1051	13	111	evidenced	evidence	VERB
dem-1051	13	112	by	by	ADP
dem-1051	13	113	daily	daily	ADJ
dem-1051	13	114	and	and	CCONJ
dem-1051	13	115	intraday	intraday	NOUN
dem-1051	13	116	data	datum	NOUN
dem-1051	13	117	from	from	ADP
dem-1051	13	118	the	the	DET
dem-1051	13	119	stock	stock	NOUN
dem-1051	13	120	,	,	PUNCT
dem-1051	13	121	bond	bond	NOUN
dem-1051	13	122	and	and	CCONJ
dem-1051	13	123	commodity	commodity	NOUN
dem-1051	13	124	future	future	ADJ
dem-1051	13	125	markets	market	NOUN
dem-1051	13	126	.	.	PUNCT
dem-1051	14	1	further	further	ADJ
dem-1051	14	2	evidence	evidence	NOUN
dem-1051	14	3	for	for	ADP
dem-1051	14	4	this	this	DET
dem-1051	14	5	positive	positive	ADJ
dem-1051	14	6	relationship	relationship	NOUN
dem-1051	14	7	can	can	AUX
dem-1051	14	8	be	be	AUX
dem-1051	14	9	found	find	VERB
dem-1051	14	10	in	in	ADP
dem-1051	14	11	numerous	numerous	ADJ
dem-1051	14	12	studies	study	NOUN
dem-1051	14	13	from	from	ADP
dem-1051	14	14	the	the	DET
dem-1051	14	15	nineties	ninety	NOUN
dem-1051	14	16	and	and	CCONJ
dem-1051	14	17	more	more	ADV
dem-1051	14	18	recently	recently	ADV
dem-1051	14	19	(	(	PUNCT
dem-1051	14	20	lamoureoux	lamoureoux	NOUN
dem-1051	14	21	and	and	CCONJ
dem-1051	14	22	lastrapes	lastrape	NOUN
dem-1051	14	23	,	,	PUNCT
dem-1051	14	24	1990	1990	NUM
dem-1051	14	25	;	;	PUNCT
dem-1051	14	26	gallant	gallant	NOUN
dem-1051	14	27	et	et	PROPN
dem-1051	14	28	al	al	PROPN
dem-1051	14	29	.	.	PROPN
dem-1051	14	30	,	,	PUNCT
dem-1051	14	31	1992	1992	NUM
dem-1051	14	32	;	;	PUNCT
dem-1051	14	33	jones	jones	PROPN
dem-1051	14	34	et	et	PROPN
dem-1051	14	35	al	al	PROPN
dem-1051	14	36	.	.	PROPN
dem-1051	14	37	,	,	PUNCT
dem-1051	14	38	1994	1994	NUM
dem-1051	14	39	;	;	PUNCT
dem-1051	14	40	bohl	bohl	NOUN
dem-1051	14	41	and	and	CCONJ
dem-1051	14	42	henke	henke	PROPN
dem-1051	14	43	,	,	PUNCT
dem-1051	14	44	2003	2003	NUM
dem-1051	14	45	;	;	PUNCT
dem-1051	14	46	luckley	luckley	NOUN
dem-1051	14	47	,	,	PUNCT
dem-1051	14	48	2005	2005	NUM
dem-1051	14	49	;	;	PUNCT
dem-1051	14	50	doman	doman	PROPN
dem-1051	14	51	,	,	PUNCT
dem-1051	14	52	2008	2008	NUM
dem-1051	14	53	;	;	PUNCT
dem-1051	14	54	doman	doman	PROPN
dem-1051	14	55	,	,	PUNCT
dem-1051	14	56	2011	2011	NUM
dem-1051	14	57	;	;	PUNCT
dem-1051	14	58	and	and	CCONJ
dem-1051	14	59	others	other	NOUN
dem-1051	14	60	)	)	PUNCT
dem-1051	14	61	.	.	PUNCT
dem-1051	15	1	bessembinder	bessembinder	PROPN
dem-1051	15	2	and	and	CCONJ
dem-1051	15	3	seguin	seguin	PROPN
dem-1051	15	4	(	(	PUNCT
dem-1051	15	5	1993	1993	NUM
dem-1051	15	6	)	)	PUNCT
dem-1051	15	7	suggest	suggest	VERB
dem-1051	15	8	splitting	split	VERB
dem-1051	15	9	the	the	DET
dem-1051	15	10	trading	trading	NOUN
dem-1051	15	11	volume	volume	NOUN
dem-1051	15	12	into	into	ADP
dem-1051	15	13	its	its	PRON
dem-1051	15	14	anticipated	anticipate	VERB
dem-1051	15	15	and	and	CCONJ
dem-1051	15	16	unanticipated	unanticipated	ADJ
dem-1051	15	17	component	component	NOUN
dem-1051	15	18	.	.	PUNCT
dem-1051	16	1	given	give	VERB
dem-1051	16	2	the	the	DET
dem-1051	16	3	well	well	ADV
dem-1051	16	4	documented	document	VERB
dem-1051	16	5	fact	fact	NOUN
dem-1051	16	6	,	,	PUNCT
dem-1051	16	7	that	that	SCONJ
dem-1051	16	8	the	the	DET
dem-1051	16	9	volume	volume	NOUN
dem-1051	16	10	is	be	AUX
dem-1051	16	11	highly	highly	ADV
dem-1051	16	12	autocorrelated	autocorrelated	ADJ
dem-1051	16	13	,	,	PUNCT
dem-1051	16	14	it	it	PRON
dem-1051	16	15	is	be	AUX
dem-1051	16	16	also	also	ADV
dem-1051	16	17	forecastable	forecastable	ADJ
dem-1051	16	18	,	,	PUNCT
dem-1051	16	19	hence	hence	ADV
dem-1051	16	20	the	the	DET
dem-1051	16	21	authors	author	NOUN
dem-1051	16	22	differentiate	differentiate	VERB
dem-1051	16	23	its	its	PRON
dem-1051	16	24	expected	expect	VERB
dem-1051	16	25	and	and	CCONJ
dem-1051	16	26	unexpected	unexpected	ADJ
dem-1051	16	27	part	part	NOUN
dem-1051	16	28	and	and	CCONJ
dem-1051	16	29	evidence	evidence	NOUN
dem-1051	16	30	that	that	SCONJ
dem-1051	16	31	the	the	DET
dem-1051	16	32	unexpected	unexpected	ADJ
dem-1051	16	33	volume	volume	NOUN
dem-1051	16	34	shock	shock	NOUN
dem-1051	16	35	has	have	AUX
dem-1051	16	36	between	between	ADP
dem-1051	16	37	two	two	NUM
dem-1051	16	38	and	and	CCONJ
dem-1051	16	39	thirteen	thirteen	NUM
dem-1051	16	40	times	time	NOUN
dem-1051	16	41	greater	great	ADJ
dem-1051	16	42	effect	effect	NOUN
dem-1051	16	43	on	on	ADP
dem-1051	16	44	the	the	DET
dem-1051	16	45	volatility	volatility	NOUN
dem-1051	16	46	of	of	ADP
dem-1051	16	47	stock	stock	NOUN
dem-1051	16	48	prices	price	NOUN
dem-1051	16	49	.	.	PUNCT
dem-1051	17	1	different	different	ADJ
dem-1051	17	2	informative	informative	ADJ
dem-1051	17	3	meanings	meaning	NOUN
dem-1051	17	4	of	of	ADP
dem-1051	17	5	the	the	DET
dem-1051	17	6	expected	expect	VERB
dem-1051	17	7	and	and	CCONJ
dem-1051	17	8	the	the	DET
dem-1051	17	9	unexpected	unexpected	ADJ
dem-1051	17	10	volume	volume	NOUN
dem-1051	17	11	have	have	AUX
dem-1051	17	12	also	also	ADV
dem-1051	17	13	been	be	AUX
dem-1051	17	14	found	find	VERB
dem-1051	17	15	in	in	ADP
dem-1051	17	16	other	other	ADJ
dem-1051	17	17	studies	study	NOUN
dem-1051	17	18	(	(	PUNCT
dem-1051	17	19	brown	brown	ADJ
dem-1051	17	20	-	-	PUNCT
dem-1051	17	21	hruska	hruska	NOUN
dem-1051	17	22	and	and	CCONJ
dem-1051	17	23	kuserk	kuserk	PROPN
dem-1051	17	24	,	,	PUNCT
dem-1051	17	25	1995	1995	NUM
dem-1051	17	26	;	;	PUNCT
dem-1051	17	27	gurgul	gurgul	NOUN
dem-1051	17	28	et	et	PROPN
dem-1051	17	29	al	al	PROPN
dem-1051	17	30	.	.	PROPN
dem-1051	17	31	,	,	PUNCT
dem-1051	17	32	2005	2005	NUM
dem-1051	17	33	;	;	PUNCT
dem-1051	17	34	huang	huang	PROPN
dem-1051	17	35	et	et	PROPN
dem-1051	17	36	al	al	PROPN
dem-1051	17	37	.	.	PROPN
dem-1051	17	38	,	,	PUNCT
dem-1051	17	39	2006	2006	NUM
dem-1051	17	40	)	)	PUNCT
dem-1051	17	41	.	.	PUNCT
dem-1051	18	1	there	there	PRON
dem-1051	18	2	are	be	VERB
dem-1051	18	3	at	at	ADV
dem-1051	18	4	least	least	ADJ
dem-1051	18	5	three	three	NUM
dem-1051	18	6	strands	strand	NOUN
dem-1051	18	7	of	of	ADP
dem-1051	18	8	the	the	DET
dem-1051	18	9	literature	literature	NOUN
dem-1051	18	10	on	on	ADP
dem-1051	18	11	market	market	NOUN
dem-1051	18	12	microstructure	microstructure	NOUN
dem-1051	18	13	that	that	PRON
dem-1051	18	14	could	could	AUX
dem-1051	18	15	explain	explain	VERB
dem-1051	18	16	the	the	DET
dem-1051	18	17	relationship	relationship	NOUN
dem-1051	18	18	between	between	ADP
dem-1051	18	19	trading	trading	NOUN
dem-1051	18	20	volume	volume	NOUN
dem-1051	18	21	and	and	CCONJ
dem-1051	18	22	return	return	VERB
dem-1051	18	23	variability	variability	NOUN
dem-1051	18	24	.	.	PUNCT
dem-1051	19	1	the	the	DET
dem-1051	19	2	first	first	ADJ
dem-1051	19	3	one	one	NOUN
dem-1051	19	4	is	be	AUX
dem-1051	19	5	known	know	VERB
dem-1051	19	6	as	as	ADP
dem-1051	19	7	the	the	DET
dem-1051	19	8	sequential	sequential	ADJ
dem-1051	19	9	information	information	NOUN
dem-1051	19	10	arrival	arrival	NOUN
dem-1051	19	11	hypothesis	hypothesis	NOUN
dem-1051	19	12	(	(	PUNCT
dem-1051	19	13	siah	siah	PROPN
dem-1051	19	14	)	)	PUNCT
dem-1051	19	15	(	(	PUNCT
dem-1051	19	16	c.f	c.f	PROPN
dem-1051	19	17	.	.	PROPN
dem-1051	19	18	copeland	copeland	PROPN
dem-1051	19	19	,	,	PUNCT
dem-1051	19	20	1976	1976	NUM
dem-1051	19	21	;	;	PUNCT
dem-1051	19	22	jennings	jennings	PROPN
dem-1051	19	23	et	et	PROPN
dem-1051	19	24	al	al	PROPN
dem-1051	19	25	.	.	PROPN
dem-1051	19	26	,	,	PUNCT
dem-1051	19	27	1981	1981	NUM
dem-1051	19	28	)	)	PUNCT
dem-1051	19	29	.	.	PUNCT
dem-1051	20	1	according	accord	VERB
dem-1051	20	2	to	to	ADP
dem-1051	20	3	this	this	DET
dem-1051	20	4	theory	theory	NOUN
dem-1051	20	5	,	,	PUNCT
dem-1051	20	6	all	all	DET
dem-1051	20	7	traders	trader	NOUN
dem-1051	20	8	can	can	AUX
dem-1051	20	9	not	not	PART
dem-1051	20	10	simultaneously	simultaneously	ADV
dem-1051	20	11	absorb	absorb	VERB
dem-1051	20	12	the	the	DET
dem-1051	20	13	arrival	arrival	NOUN
dem-1051	20	14	of	of	ADP
dem-1051	20	15	new	new	ADJ
dem-1051	20	16	market	market	NOUN
dem-1051	20	17	information	information	NOUN
dem-1051	20	18	.	.	PUNCT
dem-1051	21	1	therefore	therefore	ADV
dem-1051	21	2	,	,	PUNCT
dem-1051	21	3	a	a	DET
dem-1051	21	4	revision	revision	NOUN
dem-1051	21	5	of	of	ADP
dem-1051	21	6	their	their	PRON
dem-1051	21	7	expectations	expectation	NOUN
dem-1051	21	8	occurs	occur	VERB
dem-1051	21	9	sequentially	sequentially	ADV
dem-1051	21	10	and	and	CCONJ
dem-1051	21	11	the	the	DET
dem-1051	21	12	process	process	NOUN
dem-1051	21	13	in	in	ADP
dem-1051	21	14	which	which	PRON
dem-1051	21	15	new	new	ADJ
dem-1051	21	16	information	information	NOUN
dem-1051	21	17	is	be	AUX
dem-1051	21	18	impounded	impound	VERB
dem-1051	21	19	into	into	ADP
dem-1051	21	20	the	the	DET
dem-1051	21	21	price	price	NOUN
dem-1051	21	22	can	can	AUX
dem-1051	21	23	spread	spread	VERB
dem-1051	21	24	out	out	ADP
dem-1051	21	25	over	over	ADP
dem-1051	21	26	time	time	NOUN
dem-1051	21	27	.	.	PUNCT
dem-1051	22	1	only	only	ADV
dem-1051	22	2	after	after	SCONJ
dem-1051	22	3	all	all	DET
dem-1051	22	4	traders	trader	NOUN
dem-1051	22	5	are	be	AUX
dem-1051	22	6	able	able	ADJ
dem-1051	22	7	to	to	PART
dem-1051	22	8	react	react	VERB
dem-1051	22	9	and	and	CCONJ
dem-1051	22	10	trade	trade	NOUN
dem-1051	22	11	,	,	PUNCT
dem-1051	22	12	the	the	DET
dem-1051	22	13	final	final	ADJ
dem-1051	22	14	equilibrium	equilibrium	NOUN
dem-1051	22	15	price	price	NOUN
dem-1051	22	16	is	be	AUX
dem-1051	22	17	set	set	VERB
dem-1051	22	18	;	;	PUNCT
dem-1051	22	19	this	this	PRON
dem-1051	22	20	explains	explain	VERB
dem-1051	22	21	the	the	DET
dem-1051	22	22	lead	lead	ADJ
dem-1051	22	23	-	-	PUNCT
dem-1051	22	24	lag	lag	NOUN
dem-1051	22	25	relationship	relationship	NOUN
dem-1051	22	26	between	between	ADP
dem-1051	22	27	volatility	volatility	NOUN
dem-1051	22	28	and	and	CCONJ
dem-1051	22	29	trading	trading	NOUN
dem-1051	22	30	volume	volume	NOUN
dem-1051	22	31	.	.	PUNCT
dem-1051	23	1	accordingly	accordingly	ADV
dem-1051	23	2	,	,	PUNCT
dem-1051	23	3	intensive	intensive	ADJ
dem-1051	23	4	trading	trading	NOUN
dem-1051	23	5	and	and	CCONJ
dem-1051	23	6	a	a	DET
dem-1051	23	7	high	high	ADJ
dem-1051	23	8	trading	trading	NOUN
dem-1051	23	9	volume	volume	NOUN
dem-1051	23	10	can	can	AUX
dem-1051	23	11	help	help	VERB
dem-1051	23	12	to	to	PART
dem-1051	23	13	identify	identify	VERB
dem-1051	23	14	periods	period	NOUN
dem-1051	23	15	where	where	SCONJ
dem-1051	23	16	prices	price	NOUN
dem-1051	23	17	continue	continue	VERB
dem-1051	23	18	to	to	PART
dem-1051	23	19	adjust	adjust	VERB
dem-1051	23	20	to	to	ADP
dem-1051	23	21	informational	informational	ADJ
dem-1051	23	22	shocks	shock	NOUN
dem-1051	23	23	.	.	PUNCT
dem-1051	24	1	the	the	DET
dem-1051	24	2	second	second	ADJ
dem-1051	24	3	explanation	explanation	NOUN
dem-1051	24	4	of	of	ADP
dem-1051	24	5	the	the	DET
dem-1051	24	6	positive	positive	ADJ
dem-1051	24	7	contemporaneous	contemporaneous	ADJ
dem-1051	24	8	correlation	correlation	NOUN
dem-1051	24	9	between	between	ADP
dem-1051	24	10	return	return	NOUN
dem-1051	24	11	and	and	CCONJ
dem-1051	24	12	volume	volume	NOUN
dem-1051	24	13	arises	arise	VERB
dem-1051	24	14	from	from	ADP
dem-1051	24	15	the	the	DET
dem-1051	24	16	idea	idea	NOUN
dem-1051	24	17	of	of	ADP
dem-1051	24	18	theoretical	theoretical	ADJ
dem-1051	24	19	information	information	NOUN
dem-1051	24	20	models	model	NOUN
dem-1051	24	21	.	.	PUNCT
dem-1051	25	1	in	in	ADP
dem-1051	25	2	such	such	ADJ
dem-1051	25	3	models	model	NOUN
dem-1051	25	4	traders	trader	NOUN
dem-1051	25	5	are	be	AUX
dem-1051	25	6	allowed	allow	VERB
dem-1051	25	7	to	to	PART
dem-1051	25	8	trade	trade	VERB
dem-1051	25	9	different	different	ADJ
dem-1051	25	10	sizes	size	NOUN
dem-1051	25	11	;	;	PUNCT
dem-1051	25	12	better	well	ADV
dem-1051	25	13	-	-	PUNCT
dem-1051	25	14	informed	inform	VERB
dem-1051	25	15	traders	trader	NOUN
dem-1051	25	16	initiate	initiate	VERB
dem-1051	25	17	larger	large	ADJ
dem-1051	25	18	transactions	transaction	NOUN
dem-1051	25	19	and	and	CCONJ
dem-1051	25	20	their	their	PRON
dem-1051	25	21	activity	activity	NOUN
dem-1051	25	22	has	have	VERB
dem-1051	25	23	an	an	DET
dem-1051	25	24	adverse	adverse	ADJ
dem-1051	25	25	selection	selection	NOUN
dem-1051	25	26	effect	effect	NOUN
dem-1051	25	27	on	on	ADP
dem-1051	25	28	the	the	DET
dem-1051	25	29	price	price	NOUN
dem-1051	25	30	(	(	PUNCT
dem-1051	25	31	c.f	c.f	PROPN
dem-1051	25	32	.	.	PROPN
dem-1051	25	33	,	,	PUNCT
dem-1051	25	34	easley	easley	PROPN
dem-1051	25	35	,	,	PUNCT
dem-1051	25	36	o’hara	o’hara	NOUN
dem-1051	25	37	,	,	PUNCT
dem-1051	25	38	1987	1987	NUM
dem-1051	25	39	)	)	PUNCT
dem-1051	25	40	.	.	PUNCT
dem-1051	26	1	in	in	ADP
dem-1051	26	2	another	another	DET
dem-1051	26	3	model	model	NOUN
dem-1051	26	4	,	,	PUNCT
dem-1051	26	5	the	the	DET
dem-1051	26	6	informational	informational	ADJ
dem-1051	26	7	content	content	NOUN
dem-1051	26	8	of	of	ADP
dem-1051	26	9	trading	trading	NOUN
dem-1051	26	10	intensity	intensity	NOUN
dem-1051	26	11	has	have	AUX
dem-1051	26	12	been	be	AUX
dem-1051	26	13	outlined	outline	VERB
dem-1051	26	14	.	.	PUNCT
dem-1051	27	1	a	a	DET
dem-1051	27	2	long	long	ADJ
dem-1051	27	3	duration	duration	NOUN
dem-1051	27	4	between	between	ADP
dem-1051	27	5	consecutive	consecutive	ADJ
dem-1051	27	6	trades	trade	NOUN
dem-1051	27	7	indicates	indicate	VERB
dem-1051	27	8	that	that	SCONJ
dem-1051	27	9	there	there	PRON
dem-1051	27	10	was	be	VERB
dem-1051	27	11	no	no	DET
dem-1051	27	12	new	new	ADJ
dem-1051	27	13	information	information	NOUN
dem-1051	27	14	,	,	PUNCT
dem-1051	27	15	whereas	whereas	SCONJ
dem-1051	27	16	a	a	DET
dem-1051	27	17	short	short	ADJ
dem-1051	27	18	duration	duration	NOUN
dem-1051	27	19	increases	increase	VERB
dem-1051	27	20	the	the	DET
dem-1051	27	21	probability	probability	NOUN
dem-1051	27	22	that	that	SCONJ
dem-1051	27	23	better	well	ADV
dem-1051	27	24	-	-	PUNCT
dem-1051	27	25	informed	inform	VERB
dem-1051	27	26	traders	trader	NOUN
dem-1051	27	27	have	have	AUX
dem-1051	27	28	increased	increase	VERB
dem-1051	27	29	the	the	DET
dem-1051	27	30	overall	overall	ADJ
dem-1051	27	31	trading	trading	NOUN
dem-1051	27	32	intensity	intensity	NOUN
dem-1051	27	33	.	.	PUNCT
dem-1051	28	1	hence	hence	ADV
dem-1051	28	2	,	,	PUNCT
dem-1051	28	3	market	market	NOUN
dem-1051	28	4	makers	maker	NOUN
dem-1051	28	5	change	change	VERB
dem-1051	28	6	quoted	quote	VERB
dem-1051	28	7	price	price	NOUN
dem-1051	28	8	by	by	ADP
dem-1051	28	9	increasing	increase	VERB
dem-1051	28	10	the	the	DET
dem-1051	28	11	bid	bid	NOUN
dem-1051	28	12	-	-	PUNCT
dem-1051	28	13	ask	ask	NOUN
dem-1051	28	14	spread	spread	NOUN
dem-1051	28	15	as	as	ADP
dem-1051	28	16	a	a	DET
dem-1051	28	17	weapon	weapon	NOUN
dem-1051	28	18	against	against	ADP
dem-1051	28	19	an	an	DET
dem-1051	28	20	adverse	adverse	ADJ
dem-1051	28	21	selection	selection	NOUN
dem-1051	28	22	risk	risk	NOUN
dem-1051	28	23	reflected	reflect	VERB
dem-1051	28	24	by	by	ADP
dem-1051	28	25	an	an	DET
dem-1051	28	26	increased	increase	VERB
dem-1051	28	27	number	number	NOUN
dem-1051	28	28	of	of	ADP
dem-1051	28	29	trades	trade	NOUN
dem-1051	28	30	(	(	PUNCT
dem-1051	28	31	easley	easley	PROPN
dem-1051	28	32	and	and	CCONJ
dem-1051	28	33	o’hara	o’hara	NOUN
dem-1051	28	34	,	,	PUNCT
dem-1051	28	35	1992	1992	NUM
dem-1051	28	36	)	)	PUNCT
dem-1051	28	37	.	.	PUNCT
dem-1051	29	1	other	other	ADJ
dem-1051	29	2	information	information	NOUN
dem-1051	29	3	models	model	NOUN
dem-1051	29	4	that	that	PRON
dem-1051	29	5	predict	predict	VERB
dem-1051	29	6	a	a	DET
dem-1051	29	7	positive	positive	ADJ
dem-1051	29	8	relationship	relationship	NOUN
dem-1051	29	9	between	between	ADP
dem-1051	29	10	trading	trading	NOUN
dem-1051	29	11	volume	volume	NOUN
dem-1051	29	12	and	and	CCONJ
dem-1051	29	13	price	price	NOUN
dem-1051	29	14	volatility	volatility	NOUN
dem-1051	29	15	are	be	AUX
dem-1051	29	16	developed	develop	VERB
dem-1051	29	17	in	in	ADP
dem-1051	29	18	the	the	DET
dem-1051	29	19	studies	study	NOUN
dem-1051	29	20	of	of	ADP
dem-1051	29	21	admati	admati	PROPN
dem-1051	29	22	and	and	CCONJ
dem-1051	29	23	pfleiderer	pfleiderer	NOUN
dem-1051	29	24	(	(	PUNCT
dem-1051	29	25	1988	1988	NUM
dem-1051	29	26	)	)	PUNCT
dem-1051	29	27	,	,	PUNCT
dem-1051	29	28	blume	blume	PROPN
dem-1051	29	29	et	et	PROPN
dem-1051	29	30	al	al	PROPN
dem-1051	29	31	.	.	PROPN
dem-1051	30	1	(	(	PUNCT
dem-1051	30	2	1994	1994	NUM
dem-1051	30	3	)	)	PUNCT
dem-1051	31	1	,	,	PUNCT
dem-1051	31	2	easley	easley	PROPN
dem-1051	31	3	,	,	PUNCT
dem-1051	31	4	kiefer	kiefer	PROPN
dem-1051	31	5	and	and	CCONJ
dem-1051	31	6	o’hara	o’hara	PROPN
dem-1051	31	7	(	(	PUNCT
dem-1051	31	8	1997	1997	NUM
dem-1051	31	9	)	)	PUNCT
dem-1051	31	10	,	,	PUNCT
dem-1051	31	11	and	and	CCONJ
dem-1051	31	12	malinova	malinova	PROPN
dem-1051	31	13	and	and	CCONJ
dem-1051	31	14	park	park	NOUN
dem-1051	31	15	(	(	PUNCT
dem-1051	31	16	2011	2011	NUM
dem-1051	31	17	)	)	PUNCT
dem-1051	31	18	.	.	PUNCT
dem-1051	32	1	the	the	DET
dem-1051	32	2	third	third	ADJ
dem-1051	32	3	explanation	explanation	NOUN
dem-1051	32	4	for	for	ADP
dem-1051	32	5	the	the	DET
dem-1051	32	6	significant	significant	ADJ
dem-1051	32	7	positive	positive	ADJ
dem-1051	32	8	volume	volume	NOUN
dem-1051	32	9	-	-	PUNCT
dem-1051	32	10	return	return	NOUN
dem-1051	32	11	relationship	relationship	NOUN
dem-1051	32	12	arises	arise	VERB
dem-1051	32	13	from	from	ADP
dem-1051	32	14	the	the	DET
dem-1051	32	15	mixture	mixture	NOUN
dem-1051	32	16	of	of	ADP
dem-1051	32	17	distributions	distribution	NOUN
dem-1051	32	18	hypothesis	hypothesis	NOUN
dem-1051	32	19	(	(	PUNCT
dem-1051	32	20	mdh	mdh	PROPN
dem-1051	32	21	)	)	PUNCT
dem-1051	32	22	and	and	CCONJ
dem-1051	32	23	has	have	VERB
dem-1051	32	24	more	more	ADJ
dem-1051	32	25	of	of	ADP
dem-1051	32	26	a	a	DET
dem-1051	32	27	statistical	statistical	ADJ
dem-1051	32	28	than	than	ADP
dem-1051	32	29	an	an	DET
dem-1051	32	30	economic	economic	ADJ
dem-1051	32	31	background	background	NOUN
dem-1051	32	32	(	(	PUNCT
dem-1051	32	33	clark	clark	NOUN
dem-1051	32	34	,	,	PUNCT
dem-1051	32	35	1973	1973	NUM
dem-1051	32	36	;	;	PUNCT
dem-1051	32	37	epps	epps	PROPN
dem-1051	32	38	and	and	CCONJ
dem-1051	32	39	epps	epps	PROPN
dem-1051	32	40	,	,	PUNCT
dem-1051	32	41	1976	1976	NUM
dem-1051	32	42	;	;	PUNCT
dem-1051	32	43	“	"	PUNCT
dem-1051	32	44	does	do	AUX
dem-1051	32	45	it	it	PRON
dem-1051	32	46	take	take	VERB
dem-1051	32	47	volume	volume	NOUN
dem-1051	32	48	to	to	PART
dem-1051	32	49	move	move	VERB
dem-1051	32	50	the	the	DET
dem-1051	32	51	eur	eur	PROPN
dem-1051	32	52	/	/	SYM
dem-1051	32	53	pln	pln	PROPN
dem-1051	32	54	fx	fx	PROPN
dem-1051	32	55	rates	rate	NOUN
dem-1051	32	56	?	?	PUNCT
dem-1051	32	57	”	"	PUNCT
dem-1051	33	1	…	…	PUNCT
dem-1051	33	2	dynamic	dynamic	ADJ
dem-1051	33	3	econometric	econometric	ADJ
dem-1051	33	4	models	model	NOUN
dem-1051	33	5	12	12	NUM
dem-1051	33	6	(	(	PUNCT
dem-1051	33	7	2012	2012	NUM
dem-1051	33	8	)	)	PUNCT
dem-1051	33	9	35–52	35–52	NUM
dem-1051	33	10	37	37	NUM
dem-1051	33	11	tauchen	tauchen	NOUN
dem-1051	33	12	and	and	CCONJ
dem-1051	33	13	pitts	pitt	NOUN
dem-1051	33	14	,	,	PUNCT
dem-1051	33	15	1983	1983	NUM
dem-1051	33	16	)	)	PUNCT
dem-1051	33	17	.	.	PUNCT
dem-1051	34	1	according	accord	VERB
dem-1051	34	2	to	to	ADP
dem-1051	34	3	the	the	DET
dem-1051	34	4	mdh	mdh	PROPN
dem-1051	34	5	,	,	PUNCT
dem-1051	34	6	a	a	DET
dem-1051	34	7	bivariate	bivariate	ADJ
dem-1051	34	8	distribution	distribution	NOUN
dem-1051	34	9	of	of	ADP
dem-1051	34	10	volume	volume	NOUN
dem-1051	34	11	and	and	CCONJ
dem-1051	34	12	price	price	NOUN
dem-1051	34	13	change	change	NOUN
dem-1051	34	14	variables	variable	NOUN
dem-1051	34	15	is	be	AUX
dem-1051	34	16	conditional	conditional	ADJ
dem-1051	34	17	upon	upon	SCONJ
dem-1051	34	18	an	an	DET
dem-1051	34	19	information	information	NOUN
dem-1051	34	20	variable	variable	NOUN
dem-1051	34	21	such	such	ADJ
dem-1051	34	22	that	that	SCONJ
dem-1051	34	23	both	both	DET
dem-1051	34	24	variables	variable	NOUN
dem-1051	34	25	react	react	VERB
dem-1051	34	26	simultaneously	simultaneously	ADV
dem-1051	34	27	to	to	ADP
dem-1051	34	28	the	the	DET
dem-1051	34	29	arrival	arrival	NOUN
dem-1051	34	30	of	of	ADP
dem-1051	34	31	news	news	NOUN
dem-1051	34	32	and	and	CCONJ
dem-1051	34	33	are	be	AUX
dem-1051	34	34	driven	drive	VERB
dem-1051	34	35	by	by	ADP
dem-1051	34	36	this	this	DET
dem-1051	34	37	unobservable	unobservable	ADJ
dem-1051	34	38	factor	factor	NOUN
dem-1051	34	39	.	.	PUNCT
dem-1051	35	1	the	the	DET
dem-1051	35	2	aim	aim	NOUN
dem-1051	35	3	of	of	ADP
dem-1051	35	4	this	this	DET
dem-1051	35	5	paper	paper	NOUN
dem-1051	35	6	is	be	AUX
dem-1051	35	7	to	to	PART
dem-1051	35	8	shed	shed	VERB
dem-1051	35	9	light	light	NOUN
dem-1051	35	10	on	on	ADP
dem-1051	35	11	the	the	DET
dem-1051	35	12	intraday	intraday	NOUN
dem-1051	35	13	relationship	relationship	NOUN
dem-1051	35	14	between	between	ADP
dem-1051	35	15	return	return	NOUN
dem-1051	35	16	and	and	CCONJ
dem-1051	35	17	volatility	volatility	NOUN
dem-1051	35	18	in	in	ADP
dem-1051	35	19	the	the	DET
dem-1051	35	20	eur	eur	PROPN
dem-1051	35	21	/	/	SYM
dem-1051	35	22	pln	pln	PROPN
dem-1051	35	23	currency	currency	NOUN
dem-1051	35	24	pair	pair	NOUN
dem-1051	35	25	on	on	ADP
dem-1051	35	26	the	the	DET
dem-1051	35	27	interbank	interbank	NOUN
dem-1051	35	28	spot	spot	NOUN
dem-1051	35	29	market	market	NOUN
dem-1051	35	30	.	.	PUNCT
dem-1051	36	1	we	we	PRON
dem-1051	36	2	will	will	AUX
dem-1051	36	3	use	use	VERB
dem-1051	36	4	trade	trade	NOUN
dem-1051	36	5	data	datum	NOUN
dem-1051	36	6	from	from	ADP
dem-1051	36	7	the	the	DET
dem-1051	36	8	reuters	reuter	NOUN
dem-1051	36	9	dealing	deal	VERB
dem-1051	36	10	3000	3000	NUM
dem-1051	36	11	spot	spot	NOUN
dem-1051	36	12	matching	matching	NOUN
dem-1051	36	13	system	system	NOUN
dem-1051	36	14	,	,	PUNCT
dem-1051	36	15	a	a	DET
dem-1051	36	16	very	very	ADV
dem-1051	36	17	popular	popular	ADJ
dem-1051	36	18	brokerage	brokerage	NOUN
dem-1051	36	19	trading	trading	NOUN
dem-1051	36	20	platform	platform	NOUN
dem-1051	36	21	that	that	PRON
dem-1051	36	22	can	can	AUX
dem-1051	36	23	automatically	automatically	ADV
dem-1051	36	24	match	match	VERB
dem-1051	36	25	all	all	DET
dem-1051	36	26	incoming	incoming	ADJ
dem-1051	36	27	buy	buy	NOUN
dem-1051	36	28	and	and	CCONJ
dem-1051	36	29	sell	sell	VERB
dem-1051	36	30	orders	order	NOUN
dem-1051	36	31	once	once	SCONJ
dem-1051	36	32	their	their	PRON
dem-1051	36	33	prices	price	NOUN
dem-1051	36	34	agree	agree	VERB
dem-1051	36	35	.	.	PUNCT
dem-1051	37	1	inspired	inspire	VERB
dem-1051	37	2	by	by	ADP
dem-1051	37	3	the	the	DET
dem-1051	37	4	study	study	NOUN
dem-1051	37	5	of	of	ADP
dem-1051	37	6	chuang	chuang	PROPN
dem-1051	37	7	et	et	PROPN
dem-1051	37	8	al	al	PROPN
dem-1051	37	9	.	.	PROPN
dem-1051	38	1	(	(	PUNCT
dem-1051	38	2	2009	2009	NUM
dem-1051	38	3	)	)	PUNCT
dem-1051	38	4	,	,	PUNCT
dem-1051	38	5	we	we	PRON
dem-1051	38	6	describe	describe	VERB
dem-1051	38	7	the	the	DET
dem-1051	38	8	returnvolume	returnvolume	NOUN
dem-1051	38	9	relationship	relationship	NOUN
dem-1051	38	10	with	with	ADP
dem-1051	38	11	the	the	DET
dem-1051	38	12	help	help	NOUN
dem-1051	38	13	of	of	ADP
dem-1051	38	14	quantile	quantile	ADJ
dem-1051	38	15	regressions	regression	NOUN
dem-1051	38	16	(	(	PUNCT
dem-1051	38	17	qr	qr	NOUN
dem-1051	38	18	)	)	PUNCT
dem-1051	38	19	.	.	PUNCT
dem-1051	39	1	such	such	DET
dem-1051	39	2	an	an	DET
dem-1051	39	3	approach	approach	NOUN
dem-1051	39	4	allows	allow	VERB
dem-1051	39	5	us	we	PRON
dem-1051	39	6	to	to	PART
dem-1051	39	7	generalize	generalize	VERB
dem-1051	39	8	the	the	DET
dem-1051	39	9	results	result	NOUN
dem-1051	39	10	of	of	ADP
dem-1051	39	11	many	many	ADJ
dem-1051	39	12	empirical	empirical	ADJ
dem-1051	39	13	studies	study	NOUN
dem-1051	39	14	concerning	concern	VERB
dem-1051	39	15	the	the	DET
dem-1051	39	16	relationship	relationship	NOUN
dem-1051	39	17	between	between	ADP
dem-1051	39	18	trading	trading	NOUN
dem-1051	39	19	volume	volume	NOUN
dem-1051	39	20	and	and	CCONJ
dem-1051	39	21	the	the	DET
dem-1051	39	22	measure	measure	NOUN
dem-1051	39	23	of	of	ADP
dem-1051	39	24	price	price	NOUN
dem-1051	39	25	variability	variability	NOUN
dem-1051	39	26	.	.	PUNCT
dem-1051	40	1	the	the	DET
dem-1051	40	2	majority	majority	NOUN
dem-1051	40	3	of	of	ADP
dem-1051	40	4	empirical	empirical	ADJ
dem-1051	40	5	studies	study	NOUN
dem-1051	40	6	demonstrate	demonstrate	VERB
dem-1051	40	7	that	that	SCONJ
dem-1051	40	8	it	it	PRON
dem-1051	40	9	is	be	AUX
dem-1051	40	10	common	common	ADJ
dem-1051	40	11	to	to	PART
dem-1051	40	12	introduce	introduce	VERB
dem-1051	40	13	volume	volume	NOUN
dem-1051	40	14	as	as	ADP
dem-1051	40	15	an	an	DET
dem-1051	40	16	additional	additional	ADJ
dem-1051	40	17	explanatory	explanatory	ADJ
dem-1051	40	18	factor	factor	NOUN
dem-1051	40	19	into	into	ADP
dem-1051	40	20	the	the	DET
dem-1051	40	21	garch	garch	NOUN
dem-1051	40	22	specification	specification	NOUN
dem-1051	40	23	for	for	ADP
dem-1051	40	24	the	the	DET
dem-1051	40	25	conditional	conditional	ADJ
dem-1051	40	26	variance	variance	NOUN
dem-1051	40	27	of	of	ADP
dem-1051	40	28	the	the	DET
dem-1051	40	29	return	return	NOUN
dem-1051	40	30	distribution	distribution	NOUN
dem-1051	40	31	(	(	PUNCT
dem-1051	40	32	lamoureux	lamoureux	NOUN
dem-1051	40	33	and	and	CCONJ
dem-1051	40	34	lastrapes	lastrape	NOUN
dem-1051	40	35	,	,	PUNCT
dem-1051	40	36	1990	1990	NUM
dem-1051	40	37	;	;	PUNCT
dem-1051	40	38	bohl	bohl	NOUN
dem-1051	40	39	and	and	CCONJ
dem-1051	40	40	henke	henke	PROPN
dem-1051	40	41	,	,	PUNCT
dem-1051	40	42	2003	2003	NUM
dem-1051	40	43	;	;	PUNCT
dem-1051	40	44	gurgul	gurgul	NOUN
dem-1051	40	45	et	et	PROPN
dem-1051	40	46	al	al	PROPN
dem-1051	40	47	.	.	PROPN
dem-1051	40	48	,	,	PUNCT
dem-1051	40	49	2005	2005	NUM
dem-1051	40	50	;	;	PUNCT
dem-1051	40	51	majand	majand	PROPN
dem-1051	40	52	and	and	CCONJ
dem-1051	40	53	yung	yung	PROPN
dem-1051	40	54	,	,	PUNCT
dem-1051	40	55	2006	2006	NUM
dem-1051	40	56	;	;	PUNCT
dem-1051	40	57	and	and	CCONJ
dem-1051	40	58	others	other	NOUN
dem-1051	40	59	)	)	PUNCT
dem-1051	40	60	.	.	PUNCT
dem-1051	41	1	such	such	DET
dem-1051	41	2	a	a	DET
dem-1051	41	3	modeling	modeling	NOUN
dem-1051	41	4	strategy	strategy	NOUN
dem-1051	41	5	measures	measure	NOUN
dem-1051	41	6	only	only	ADV
dem-1051	41	7	the	the	DET
dem-1051	41	8	impact	impact	NOUN
dem-1051	41	9	of	of	ADP
dem-1051	41	10	the	the	DET
dem-1051	41	11	trading	trading	NOUN
dem-1051	41	12	volume	volume	NOUN
dem-1051	41	13	on	on	ADP
dem-1051	41	14	the	the	DET
dem-1051	41	15	second	second	ADJ
dem-1051	41	16	central	central	ADJ
dem-1051	41	17	moment	moment	NOUN
dem-1051	41	18	of	of	ADP
dem-1051	41	19	the	the	DET
dem-1051	41	20	conditional	conditional	ADJ
dem-1051	41	21	return	return	NOUN
dem-1051	41	22	distribution	distribution	NOUN
dem-1051	41	23	.	.	PUNCT
dem-1051	42	1	the	the	DET
dem-1051	42	2	qr	qr	PROPN
dem-1051	42	3	approach	approach	NOUN
dem-1051	42	4	is	be	AUX
dem-1051	42	5	much	much	ADV
dem-1051	42	6	different	different	ADJ
dem-1051	42	7	in	in	ADP
dem-1051	42	8	that	that	SCONJ
dem-1051	42	9	it	it	PRON
dem-1051	42	10	is	be	AUX
dem-1051	42	11	semiparametric	semiparametric	ADJ
dem-1051	42	12	and	and	CCONJ
dem-1051	42	13	allows	allow	VERB
dem-1051	42	14	for	for	ADP
dem-1051	42	15	an	an	DET
dem-1051	42	16	analysis	analysis	NOUN
dem-1051	42	17	of	of	ADP
dem-1051	42	18	the	the	DET
dem-1051	42	19	impact	impact	NOUN
dem-1051	42	20	of	of	ADP
dem-1051	42	21	some	some	DET
dem-1051	42	22	explanatory	explanatory	ADJ
dem-1051	42	23	factors	factor	NOUN
dem-1051	42	24	on	on	ADP
dem-1051	42	25	the	the	DET
dem-1051	42	26	selected	select	VERB
dem-1051	42	27	quantiles	quantile	NOUN
dem-1051	42	28	of	of	ADP
dem-1051	42	29	the	the	DET
dem-1051	42	30	return	return	NOUN
dem-1051	42	31	distribution	distribution	NOUN
dem-1051	42	32	without	without	ADP
dem-1051	42	33	making	make	VERB
dem-1051	42	34	any	any	DET
dem-1051	42	35	assumptions	assumption	NOUN
dem-1051	42	36	about	about	ADP
dem-1051	42	37	their	their	PRON
dem-1051	42	38	parametric	parametric	ADJ
dem-1051	42	39	form	form	NOUN
dem-1051	42	40	(	(	PUNCT
dem-1051	42	41	i.e.	i.e.	X
dem-1051	42	42	,	,	PUNCT
dem-1051	42	43	gaussian	gaussian	ADJ
dem-1051	42	44	,	,	PUNCT
dem-1051	42	45	student	student	NOUN
dem-1051	42	46	’s	’s	PART
dem-1051	42	47	t	t	PROPN
dem-1051	42	48	,	,	PUNCT
dem-1051	42	49	generalized	generalized	ADJ
dem-1051	42	50	gamma	gamma	NOUN
dem-1051	42	51	)	)	PUNCT
dem-1051	42	52	or	or	CCONJ
dem-1051	42	53	about	about	ADP
dem-1051	42	54	the	the	DET
dem-1051	42	55	parametric	parametric	ADJ
dem-1051	42	56	specification	specification	NOUN
dem-1051	42	57	of	of	ADP
dem-1051	42	58	its	its	PRON
dem-1051	42	59	conditional	conditional	ADJ
dem-1051	42	60	mean	mean	NOUN
dem-1051	42	61	and	and	CCONJ
dem-1051	42	62	variance	variance	NOUN
dem-1051	42	63	.	.	PUNCT
dem-1051	42	64	models	model	NOUN
dem-1051	42	65	that	that	PRON
dem-1051	42	66	are	be	AUX
dem-1051	42	67	members	member	NOUN
dem-1051	42	68	of	of	ADP
dem-1051	42	69	the	the	DET
dem-1051	42	70	garch	garch	NOUN
dem-1051	42	71	family	family	NOUN
dem-1051	42	72	make	make	VERB
dem-1051	42	73	an	an	DET
dem-1051	42	74	usual	usual	ADJ
dem-1051	42	75	implicit	implicit	ADJ
dem-1051	42	76	assumption	assumption	NOUN
dem-1051	42	77	about	about	ADP
dem-1051	42	78	a	a	DET
dem-1051	42	79	type	type	NOUN
dem-1051	42	80	of	of	ADP
dem-1051	42	81	a	a	DET
dem-1051	42	82	parametric	parametric	ADJ
dem-1051	42	83	location	location	NOUN
dem-1051	42	84	-	-	PUNCT
dem-1051	42	85	scale	scale	NOUN
dem-1051	42	86	distribution	distribution	NOUN
dem-1051	42	87	for	for	ADP
dem-1051	42	88	financial	financial	ADJ
dem-1051	42	89	returns	return	NOUN
dem-1051	42	90	where	where	SCONJ
dem-1051	42	91	the	the	DET
dem-1051	42	92	first	first	ADJ
dem-1051	42	93	two	two	NUM
dem-1051	42	94	moments	moment	NOUN
dem-1051	42	95	(	(	PUNCT
dem-1051	42	96	i.e.	i.e.	X
dem-1051	42	97	,	,	PUNCT
dem-1051	42	98	the	the	DET
dem-1051	42	99	conditional	conditional	ADJ
dem-1051	42	100	expectation	expectation	NOUN
dem-1051	42	101	and	and	CCONJ
dem-1051	42	102	the	the	DET
dem-1051	42	103	conditional	conditional	ADJ
dem-1051	42	104	variance	variance	NOUN
dem-1051	42	105	)	)	PUNCT
dem-1051	42	106	are	be	AUX
dem-1051	42	107	described	describe	VERB
dem-1051	42	108	in	in	ADP
dem-1051	42	109	a	a	DET
dem-1051	42	110	dynamic	dynamic	ADJ
dem-1051	42	111	fashion	fashion	NOUN
dem-1051	42	112	.	.	PUNCT
dem-1051	43	1	the	the	DET
dem-1051	43	2	qr	qr	PROPN
dem-1051	43	3	approach	approach	NOUN
dem-1051	43	4	does	do	AUX
dem-1051	43	5	not	not	PART
dem-1051	43	6	impose	impose	VERB
dem-1051	43	7	such	such	ADJ
dem-1051	43	8	parametric	parametric	ADJ
dem-1051	43	9	assumptions	assumption	NOUN
dem-1051	43	10	but	but	CCONJ
dem-1051	43	11	instead	instead	ADV
dem-1051	43	12	concentrates	concentrate	VERB
dem-1051	43	13	on	on	ADP
dem-1051	43	14	the	the	DET
dem-1051	43	15	quantiles	quantile	NOUN
dem-1051	43	16	.	.	PUNCT
dem-1051	44	1	accordingly	accordingly	ADV
dem-1051	44	2	,	,	PUNCT
dem-1051	44	3	the	the	DET
dem-1051	44	4	qr	qr	NOUN
dem-1051	44	5	approach	approach	NOUN
dem-1051	44	6	has	have	VERB
dem-1051	44	7	an	an	DET
dem-1051	44	8	obvious	obvious	ADJ
dem-1051	44	9	upper	upper	ADJ
dem-1051	44	10	hand	hand	NOUN
dem-1051	44	11	over	over	ADP
dem-1051	44	12	the	the	DET
dem-1051	44	13	standard	standard	ADJ
dem-1051	44	14	garch	garch	NOUN
dem-1051	44	15	approach	approach	NOUN
dem-1051	44	16	:	:	PUNCT
dem-1051	44	17	the	the	DET
dem-1051	44	18	impact	impact	NOUN
dem-1051	44	19	of	of	ADP
dem-1051	44	20	the	the	DET
dem-1051	44	21	explanatory	explanatory	ADJ
dem-1051	44	22	variables	variable	NOUN
dem-1051	44	23	can	can	AUX
dem-1051	44	24	be	be	AUX
dem-1051	44	25	different	different	ADJ
dem-1051	44	26	for	for	ADP
dem-1051	44	27	different	different	ADJ
dem-1051	44	28	quantiles	quantile	NOUN
dem-1051	44	29	.	.	PUNCT
dem-1051	45	1	an	an	DET
dem-1051	45	2	impact	impact	NOUN
dem-1051	45	3	of	of	ADP
dem-1051	45	4	trading	trading	NOUN
dem-1051	45	5	volume	volume	NOUN
dem-1051	45	6	can	can	AUX
dem-1051	45	7	be	be	AUX
dem-1051	45	8	different	different	ADJ
dem-1051	45	9	for	for	ADP
dem-1051	45	10	the	the	DET
dem-1051	45	11	τ	τ	NOUN
dem-1051	45	12	-	-	NOUN
dem-1051	45	13	quantile	quantile	NOUN
dem-1051	45	14	than	than	SCONJ
dem-1051	45	15	it	it	PRON
dem-1051	45	16	is	be	AUX
dem-1051	45	17	for	for	ADP
dem-1051	45	18	the	the	DET
dem-1051	45	19	(	(	PUNCT
dem-1051	45	20	1	1	NUM
dem-1051	45	21	-	-	NUM
dem-1051	45	22	τ)-quantile	τ)-quantile	PUNCT
dem-1051	45	23	(	(	PUNCT
dem-1051	45	24	where	where	SCONJ
dem-1051	45	25	τ	τ	PROPN
dem-1051	45	26	denotes	denote	VERB
dem-1051	45	27	a	a	DET
dem-1051	45	28	corresponding	corresponding	ADJ
dem-1051	45	29	probability	probability	NOUN
dem-1051	45	30	level	level	NOUN
dem-1051	45	31	)	)	PUNCT
dem-1051	45	32	.	.	PUNCT
dem-1051	46	1	hence	hence	ADV
dem-1051	46	2	,	,	PUNCT
dem-1051	46	3	we	we	PRON
dem-1051	46	4	are	be	AUX
dem-1051	46	5	able	able	ADJ
dem-1051	46	6	to	to	PART
dem-1051	46	7	infer	infer	VERB
dem-1051	46	8	whether	whether	SCONJ
dem-1051	46	9	the	the	DET
dem-1051	46	10	arrival	arrival	NOUN
dem-1051	46	11	of	of	ADP
dem-1051	46	12	new	new	ADJ
dem-1051	46	13	information	information	NOUN
dem-1051	46	14	has	have	VERB
dem-1051	46	15	a	a	DET
dem-1051	46	16	different	different	ADJ
dem-1051	46	17	impact	impact	NOUN
dem-1051	46	18	on	on	ADP
dem-1051	46	19	the	the	DET
dem-1051	46	20	probability	probability	NOUN
dem-1051	46	21	of	of	ADP
dem-1051	46	22	an	an	DET
dem-1051	46	23	extreme	extreme	ADJ
dem-1051	46	24	fx	fx	NOUN
dem-1051	46	25	rate	rate	NOUN
dem-1051	46	26	increase	increase	NOUN
dem-1051	46	27	versus	versus	ADP
dem-1051	46	28	an	an	DET
dem-1051	46	29	extreme	extreme	ADJ
dem-1051	46	30	fx	fx	NOUN
dem-1051	46	31	rate	rate	NOUN
dem-1051	46	32	decrease	decrease	NOUN
dem-1051	46	33	.	.	PUNCT
dem-1051	47	1	such	such	DET
dem-1051	47	2	a	a	DET
dem-1051	47	3	situation	situation	NOUN
dem-1051	47	4	could	could	AUX
dem-1051	47	5	be	be	AUX
dem-1051	47	6	explained	explain	VERB
dem-1051	47	7	by	by	ADP
dem-1051	47	8	the	the	DET
dem-1051	47	9	possibly	possibly	ADV
dem-1051	47	10	of	of	ADP
dem-1051	47	11	a	a	DET
dem-1051	47	12	time	time	NOUN
dem-1051	47	13	-	-	PUNCT
dem-1051	47	14	varying	vary	VERB
dem-1051	47	15	skewness	skewness	NOUN
dem-1051	47	16	and/or	and/or	CCONJ
dem-1051	47	17	kurtosis	kurtosis	NOUN
dem-1051	47	18	of	of	ADP
dem-1051	47	19	the	the	DET
dem-1051	47	20	return	return	NOUN
dem-1051	47	21	distribution	distribution	NOUN
dem-1051	47	22	that	that	PRON
dem-1051	47	23	could	could	AUX
dem-1051	47	24	also	also	ADV
dem-1051	47	25	depend	depend	VERB
dem-1051	47	26	on	on	ADP
dem-1051	47	27	a	a	DET
dem-1051	47	28	latent	latent	ADJ
dem-1051	47	29	information	information	NOUN
dem-1051	47	30	arrival	arrival	NOUN
dem-1051	47	31	variable	variable	NOUN
dem-1051	47	32	.	.	PUNCT
dem-1051	48	1	within	within	ADP
dem-1051	48	2	this	this	DET
dem-1051	48	3	study	study	NOUN
dem-1051	48	4	we	we	PRON
dem-1051	48	5	decompose	decompose	VERB
dem-1051	48	6	trading	trading	NOUN
dem-1051	48	7	volume	volume	NOUN
dem-1051	48	8	into	into	ADP
dem-1051	48	9	its	its	PRON
dem-1051	48	10	expected	expect	VERB
dem-1051	48	11	(	(	PUNCT
dem-1051	48	12	forcastable	forcastable	ADJ
dem-1051	48	13	)	)	PUNCT
dem-1051	48	14	and	and	CCONJ
dem-1051	48	15	unexpected	unexpected	ADJ
dem-1051	48	16	(	(	PUNCT
dem-1051	48	17	unpredictable	unpredictable	ADJ
dem-1051	48	18	)	)	PUNCT
dem-1051	48	19	parts	part	NOUN
dem-1051	48	20	and	and	CCONJ
dem-1051	48	21	compare	compare	VERB
dem-1051	48	22	their	their	PRON
dem-1051	48	23	impact	impact	NOUN
dem-1051	48	24	on	on	ADP
dem-1051	48	25	the	the	DET
dem-1051	48	26	selected	select	VERB
dem-1051	48	27	quantiles	quantile	NOUN
dem-1051	48	28	of	of	ADP
dem-1051	48	29	the	the	DET
dem-1051	48	30	eur	eur	PROPN
dem-1051	48	31	/	/	SYM
dem-1051	48	32	pln	pln	PROPN
dem-1051	48	33	return	return	NOUN
dem-1051	48	34	distribution	distribution	NOUN
dem-1051	48	35	.	.	PUNCT
dem-1051	49	1	moreover	moreover	ADV
dem-1051	49	2	,	,	PUNCT
dem-1051	49	3	we	we	PRON
dem-1051	49	4	check	check	VERB
dem-1051	49	5	to	to	PART
dem-1051	49	6	see	see	VERB
dem-1051	49	7	if	if	SCONJ
dem-1051	49	8	the	the	DET
dem-1051	49	9	trading	trading	NOUN
dem-1051	49	10	volume	volume	NOUN
dem-1051	49	11	captures	capture	VERB
dem-1051	49	12	extra	extra	ADJ
dem-1051	49	13	information	information	NOUN
dem-1051	49	14	behind	behind	ADP
dem-1051	49	15	the	the	DET
dem-1051	49	16	quantile	quantile	ADJ
dem-1051	49	17	dynamics	dynamics	PROPN
dem-1051	49	18	katarzyna	katarzyna	PROPN
dem-1051	49	19	bień	bień	PROPN
dem-1051	49	20	-	-	PROPN
dem-1051	49	21	barkowska	barkowska	ADJ
dem-1051	49	22	dynamic	dynamic	ADJ
dem-1051	49	23	econometric	econometric	ADJ
dem-1051	49	24	models	model	NOUN
dem-1051	49	25	12	12	NUM
dem-1051	49	26	(	(	PUNCT
dem-1051	49	27	2012	2012	NUM
dem-1051	49	28	)	)	PUNCT
dem-1051	49	29	35–52	35–52	NUM
dem-1051	49	30	38	38	NUM
dem-1051	49	31	when	when	SCONJ
dem-1051	49	32	confronted	confront	VERB
dem-1051	49	33	with	with	ADP
dem-1051	49	34	the	the	DET
dem-1051	49	35	standard	standard	ADJ
dem-1051	49	36	garch	garch	NOUN
dem-1051	49	37	volatility	volatility	NOUN
dem-1051	49	38	forecasts	forecast	NOUN
dem-1051	49	39	as	as	ADP
dem-1051	49	40	an	an	DET
dem-1051	49	41	intuitive	intuitive	ADJ
dem-1051	49	42	and	and	CCONJ
dem-1051	49	43	natural	natural	ADJ
dem-1051	49	44	explanatory	explanatory	ADJ
dem-1051	49	45	factor	factor	NOUN
dem-1051	49	46	.	.	PUNCT
dem-1051	50	1	1	1	X
dem-1051	50	2	.	.	X
dem-1051	50	3	the	the	DET
dem-1051	50	4	econometric	econometric	ADJ
dem-1051	50	5	approach	approach	NOUN
dem-1051	50	6	1.1	1.1	NUM
dem-1051	50	7	.	.	PUNCT
dem-1051	51	1	trading	trading	NOUN
dem-1051	51	2	volume	volume	NOUN
dem-1051	51	3	decomposition	decomposition	NOUN
dem-1051	51	4	in	in	ADP
dem-1051	51	5	order	order	NOUN
dem-1051	51	6	to	to	PART
dem-1051	51	7	investigate	investigate	VERB
dem-1051	51	8	the	the	DET
dem-1051	51	9	volume	volume	NOUN
dem-1051	51	10	–	–	PUNCT
dem-1051	51	11	return	return	NOUN
dem-1051	51	12	relationship	relationship	NOUN
dem-1051	51	13	one	one	PRON
dem-1051	51	14	must	must	AUX
dem-1051	51	15	typically	typically	ADV
dem-1051	51	16	distinguish	distinguish	VERB
dem-1051	51	17	between	between	ADP
dem-1051	51	18	the	the	DET
dem-1051	51	19	so	so	ADV
dem-1051	51	20	-	-	PUNCT
dem-1051	51	21	called	call	VERB
dem-1051	51	22	expected	expect	VERB
dem-1051	51	23	(	(	PUNCT
dem-1051	51	24	anticipated	anticipate	VERB
dem-1051	51	25	)	)	PUNCT
dem-1051	51	26	and	and	CCONJ
dem-1051	51	27	unexpected	unexpected	ADJ
dem-1051	51	28	(	(	PUNCT
dem-1051	51	29	unanticipated	unanticipated	ADJ
dem-1051	51	30	)	)	PUNCT
dem-1051	51	31	trading	trading	NOUN
dem-1051	51	32	volume	volume	NOUN
dem-1051	51	33	(	(	PUNCT
dem-1051	51	34	andersen	andersen	PROPN
dem-1051	51	35	,	,	PUNCT
dem-1051	51	36	1996	1996	NUM
dem-1051	51	37	;	;	PUNCT
dem-1051	51	38	bjonnes	bjonne	NOUN
dem-1051	51	39	et	et	PROPN
dem-1051	51	40	al	al	PROPN
dem-1051	51	41	.	.	PROPN
dem-1051	51	42	,	,	PUNCT
dem-1051	51	43	2003	2003	NUM
dem-1051	51	44	)	)	PUNCT
dem-1051	51	45	.	.	PUNCT
dem-1051	52	1	bearing	bear	VERB
dem-1051	52	2	in	in	ADP
dem-1051	52	3	mind	mind	NOUN
dem-1051	52	4	that	that	SCONJ
dem-1051	52	5	the	the	DET
dem-1051	52	6	volume	volume	NOUN
dem-1051	52	7	variable	variable	NOUN
dem-1051	52	8	is	be	AUX
dem-1051	52	9	highly	highly	ADV
dem-1051	52	10	autocorrelated	autocorrelated	ADJ
dem-1051	52	11	,	,	PUNCT
dem-1051	52	12	the	the	DET
dem-1051	52	13	expected	expect	VERB
dem-1051	52	14	volume	volume	NOUN
dem-1051	52	15	is	be	AUX
dem-1051	52	16	the	the	DET
dem-1051	52	17	result	result	NOUN
dem-1051	52	18	of	of	ADP
dem-1051	52	19	more	more	ADJ
dem-1051	52	20	persistent	persistent	ADJ
dem-1051	52	21	fluctuations	fluctuation	NOUN
dem-1051	52	22	in	in	ADP
dem-1051	52	23	liquidity	liquidity	NOUN
dem-1051	52	24	needs	need	NOUN
dem-1051	52	25	whereas	whereas	SCONJ
dem-1051	52	26	unexpected	unexpected	ADJ
dem-1051	52	27	volume	volume	NOUN
dem-1051	52	28	should	should	AUX
dem-1051	52	29	be	be	AUX
dem-1051	52	30	unpredictable	unpredictable	ADJ
dem-1051	52	31	by	by	ADP
dem-1051	52	32	traders	trader	NOUN
dem-1051	52	33	and	and	CCONJ
dem-1051	52	34	should	should	AUX
dem-1051	52	35	approximate	approximate	VERB
dem-1051	52	36	a	a	DET
dem-1051	52	37	new	new	ADJ
dem-1051	52	38	information	information	NOUN
dem-1051	52	39	arrival	arrival	NOUN
dem-1051	52	40	.	.	PUNCT
dem-1051	53	1	differentiation	differentiation	NOUN
dem-1051	53	2	between	between	ADP
dem-1051	53	3	what	what	PRON
dem-1051	53	4	is	be	AUX
dem-1051	53	5	expected	expect	VERB
dem-1051	53	6	and	and	CCONJ
dem-1051	53	7	unexpected	unexpected	ADJ
dem-1051	53	8	volume	volume	NOUN
dem-1051	53	9	is	be	AUX
dem-1051	53	10	typically	typically	ADV
dem-1051	53	11	performed	perform	VERB
dem-1051	53	12	using	use	VERB
dem-1051	53	13	arima	arima	NOUN
dem-1051	53	14	models	model	NOUN
dem-1051	53	15	(	(	PUNCT
dem-1051	53	16	c.f	c.f	PROPN
dem-1051	53	17	.	.	PROPN
dem-1051	53	18	,	,	PUNCT
dem-1051	53	19	bessembinder	bessembinder	PROPN
dem-1051	53	20	and	and	CCONJ
dem-1051	53	21	seguin	seguin	PROPN
dem-1051	53	22	,	,	PUNCT
dem-1051	53	23	1993	1993	NUM
dem-1051	53	24	;	;	PUNCT
dem-1051	53	25	hartmann	hartmann	PROPN
dem-1051	53	26	,	,	PUNCT
dem-1051	53	27	1999	1999	NUM
dem-1051	53	28	;	;	PUNCT
dem-1051	53	29	bjonnes	bjonne	NOUN
dem-1051	53	30	et	et	PROPN
dem-1051	53	31	al	al	PROPN
dem-1051	53	32	.	.	PROPN
dem-1051	53	33	,	,	PUNCT
dem-1051	53	34	2003	2003	NUM
dem-1051	53	35	)	)	PUNCT
dem-1051	53	36	.	.	PUNCT
dem-1051	54	1	however	however	ADV
dem-1051	54	2	,	,	PUNCT
dem-1051	54	3	such	such	ADJ
dem-1051	54	4	models	model	NOUN
dem-1051	54	5	usually	usually	ADV
dem-1051	54	6	require	require	VERB
dem-1051	54	7	logarithmic	logarithmic	ADJ
dem-1051	54	8	transformation	transformation	NOUN
dem-1051	54	9	of	of	ADP
dem-1051	54	10	the	the	DET
dem-1051	54	11	volume	volume	NOUN
dem-1051	54	12	variable	variable	NOUN
dem-1051	54	13	in	in	ADP
dem-1051	54	14	order	order	NOUN
dem-1051	54	15	to	to	PART
dem-1051	54	16	avoid	avoid	VERB
dem-1051	54	17	its	its	PRON
dem-1051	54	18	nonnegativity	nonnegativity	NOUN
dem-1051	54	19	and/or	and/or	CCONJ
dem-1051	54	20	in	in	ADP
dem-1051	54	21	order	order	NOUN
dem-1051	54	22	to	to	PART
dem-1051	54	23	diminish	diminish	VERB
dem-1051	54	24	heteroskedasticity	heteroskedasticity	NOUN
dem-1051	54	25	,	,	PUNCT
dem-1051	54	26	especially	especially	ADV
dem-1051	54	27	for	for	ADP
dem-1051	54	28	high	high	ADJ
dem-1051	54	29	frequency	frequency	NOUN
dem-1051	54	30	data	datum	NOUN
dem-1051	54	31	.	.	PUNCT
dem-1051	55	1	such	such	DET
dem-1051	55	2	a	a	DET
dem-1051	55	3	transformation	transformation	NOUN
dem-1051	55	4	may	may	AUX
dem-1051	55	5	distort	distort	VERB
dem-1051	55	6	the	the	DET
dem-1051	55	7	potential	potential	ADJ
dem-1051	55	8	relationship	relationship	NOUN
dem-1051	55	9	between	between	ADP
dem-1051	55	10	the	the	DET
dem-1051	55	11	variables	variable	NOUN
dem-1051	55	12	and	and	CCONJ
dem-1051	55	13	so	so	ADV
dem-1051	55	14	we	we	PRON
dem-1051	55	15	propose	propose	VERB
dem-1051	55	16	a	a	DET
dem-1051	55	17	different	different	ADJ
dem-1051	55	18	procedure	procedure	NOUN
dem-1051	55	19	here	here	ADV
dem-1051	55	20	.	.	PUNCT
dem-1051	56	1	in	in	ADP
dem-1051	56	2	order	order	NOUN
dem-1051	56	3	to	to	PART
dem-1051	56	4	preserve	preserve	VERB
dem-1051	56	5	an	an	DET
dem-1051	56	6	original	original	ADJ
dem-1051	56	7	time	time	NOUN
dem-1051	56	8	series	series	NOUN
dem-1051	56	9	(	(	PUNCT
dem-1051	56	10	unchanged	unchanged	ADJ
dem-1051	56	11	due	due	ADP
dem-1051	56	12	to	to	ADP
dem-1051	56	13	a	a	DET
dem-1051	56	14	logarithmic	logarithmic	ADJ
dem-1051	56	15	transformation	transformation	NOUN
dem-1051	56	16	)	)	PUNCT
dem-1051	56	17	,	,	PUNCT
dem-1051	56	18	we	we	PRON
dem-1051	56	19	apply	apply	VERB
dem-1051	56	20	the	the	DET
dem-1051	56	21	autoregressive	autoregressive	ADJ
dem-1051	56	22	conditional	conditional	ADJ
dem-1051	56	23	duration	duration	NOUN
dem-1051	56	24	(	(	PUNCT
dem-1051	56	25	acd	acd	NOUN
dem-1051	56	26	)	)	PUNCT
dem-1051	56	27	models	model	NOUN
dem-1051	56	28	of	of	ADP
dem-1051	56	29	engle	engle	PROPN
dem-1051	56	30	and	and	CCONJ
dem-1051	56	31	russell	russell	PROPN
dem-1051	56	32	(	(	PUNCT
dem-1051	56	33	1998	1998	NUM
dem-1051	56	34	)	)	PUNCT
dem-1051	56	35	.	.	PUNCT
dem-1051	57	1	the	the	DET
dem-1051	57	2	acd	acd	NOUN
dem-1051	57	3	were	be	AUX
dem-1051	57	4	initially	initially	ADV
dem-1051	57	5	used	use	VERB
dem-1051	57	6	to	to	PART
dem-1051	57	7	describe	describe	VERB
dem-1051	57	8	a	a	DET
dem-1051	57	9	highly	highly	ADV
dem-1051	57	10	autocorrelated	autocorrelated	ADJ
dem-1051	57	11	time	time	NOUN
dem-1051	57	12	series	series	NOUN
dem-1051	57	13	of	of	ADP
dem-1051	57	14	durations	duration	NOUN
dem-1051	57	15	(	(	PUNCT
dem-1051	57	16	time	time	NOUN
dem-1051	57	17	spells	spell	NOUN
dem-1051	57	18	)	)	PUNCT
dem-1051	57	19	between	between	ADP
dem-1051	57	20	selected	select	VERB
dem-1051	57	21	events	event	NOUN
dem-1051	57	22	(	(	PUNCT
dem-1051	57	23	i.e.	i.e.	X
dem-1051	57	24	,	,	PUNCT
dem-1051	57	25	transactions	transaction	NOUN
dem-1051	57	26	or	or	CCONJ
dem-1051	57	27	price	price	NOUN
dem-1051	57	28	changes	change	NOUN
dem-1051	57	29	)	)	PUNCT
dem-1051	57	30	.	.	PUNCT
dem-1051	58	1	more	more	ADV
dem-1051	58	2	recently	recently	ADV
dem-1051	58	3	these	these	DET
dem-1051	58	4	models	model	NOUN
dem-1051	58	5	were	be	AUX
dem-1051	58	6	used	use	VERB
dem-1051	58	7	to	to	PART
dem-1051	58	8	describe	describe	VERB
dem-1051	58	9	other	other	ADJ
dem-1051	58	10	financial	financial	ADJ
dem-1051	58	11	variables	variable	NOUN
dem-1051	58	12	including	include	VERB
dem-1051	58	13	transaction	transaction	NOUN
dem-1051	58	14	volume	volume	NOUN
dem-1051	58	15	in	in	ADP
dem-1051	58	16	the	the	DET
dem-1051	58	17	studies	study	NOUN
dem-1051	58	18	of	of	ADP
dem-1051	58	19	manganelli	manganelli	NOUN
dem-1051	58	20	(	(	PUNCT
dem-1051	58	21	2005	2005	NUM
dem-1051	58	22	)	)	PUNCT
dem-1051	58	23	and	and	CCONJ
dem-1051	58	24	doman	doman	NOUN
dem-1051	58	25	(	(	PUNCT
dem-1051	58	26	2008	2008	NUM
dem-1051	58	27	,	,	PUNCT
dem-1051	58	28	2011	2011	NUM
dem-1051	58	29	)	)	PUNCT
dem-1051	58	30	or	or	CCONJ
dem-1051	58	31	the	the	DET
dem-1051	58	32	bid	bid	NOUN
dem-1051	58	33	-	-	PUNCT
dem-1051	58	34	ask	ask	NOUN
dem-1051	58	35	spread	spread	NOUN
dem-1051	58	36	in	in	ADP
dem-1051	58	37	nolte	nolte	NOUN
dem-1051	58	38	(	(	PUNCT
dem-1051	58	39	2008	2008	NUM
dem-1051	58	40	)	)	PUNCT
dem-1051	58	41	.	.	PUNCT
dem-1051	59	1	the	the	DET
dem-1051	59	2	acd	acd	NOUN
dem-1051	59	3	models	model	NOUN
dem-1051	59	4	are	be	AUX
dem-1051	59	5	well	well	ADV
dem-1051	59	6	designed	design	VERB
dem-1051	59	7	for	for	ADP
dem-1051	59	8	serially	serially	ADV
dem-1051	59	9	correlated	correlate	VERB
dem-1051	59	10	variables	variable	NOUN
dem-1051	59	11	with	with	ADP
dem-1051	59	12	a	a	DET
dem-1051	59	13	strictly	strictly	ADV
dem-1051	59	14	positive	positive	ADJ
dem-1051	59	15	domain	domain	NOUN
dem-1051	59	16	.	.	PUNCT
dem-1051	60	1	here	here	ADV
dem-1051	60	2	we	we	PRON
dem-1051	60	3	have	have	AUX
dem-1051	60	4	used	use	VERB
dem-1051	60	5	the	the	DET
dem-1051	60	6	acd	acd	NOUN
dem-1051	60	7	(	(	PUNCT
dem-1051	60	8	1,1	1,1	NUM
dem-1051	60	9	)	)	PUNCT
dem-1051	60	10	model	model	NOUN
dem-1051	60	11	with	with	ADP
dem-1051	60	12	the	the	DET
dem-1051	60	13	burr	burr	NOUN
dem-1051	60	14	distribution	distribution	NOUN
dem-1051	60	15	for	for	ADP
dem-1051	60	16	the	the	DET
dem-1051	60	17	error	error	NOUN
dem-1051	60	18	term	term	NOUN
dem-1051	60	19	proposed	propose	VERB
dem-1051	60	20	by	by	ADP
dem-1051	60	21	grammig	grammig	PROPN
dem-1051	60	22	and	and	CCONJ
dem-1051	60	23	maurer	maurer	PROPN
dem-1051	60	24	(	(	PUNCT
dem-1051	60	25	2000	2000	NUM
dem-1051	60	26	)	)	PUNCT
dem-1051	60	27	.	.	PUNCT
dem-1051	61	1	the	the	DET
dem-1051	61	2	model	model	NOUN
dem-1051	61	3	for	for	ADP
dem-1051	61	4	the	the	DET
dem-1051	61	5	trading	trading	NOUN
dem-1051	61	6	volume	volume	NOUN
dem-1051	61	7	variable	variable	NOUN
dem-1051	61	8	tvol	tvol	NOUN
dem-1051	61	9	can	can	AUX
dem-1051	61	10	be	be	AUX
dem-1051	61	11	written	write	VERB
dem-1051	61	12	as	as	SCONJ
dem-1051	61	13	follows	follow	VERB
dem-1051	61	14	:	:	PUNCT
dem-1051	61	15	,	,	PUNCT
dem-1051	61	16	=	=	SYM
dem-1051	61	17	tttvol	tttvol	NOUN
dem-1051	61	18	εψ	εψ	PROPN
dem-1051	61	19	(	(	PUNCT
dem-1051	61	20	1	1	NUM
dem-1051	61	21	)	)	PUNCT
dem-1051	61	22	where	where	SCONJ
dem-1051	61	23	)	)	PUNCT
dem-1051	61	24	|(=	|(=	PROPN
dem-1051	61	25	1−ψ	1−ψ	NUM
dem-1051	61	26	ttt	ttt	PROPN
dem-1051	61	27	fvole	fvole	NOUN
dem-1051	61	28	,	,	PUNCT
dem-1051	61	29	1−tf	1−tf	PROPN
dem-1051	61	30	denotes	denote	VERB
dem-1051	61	31	an	an	DET
dem-1051	61	32	information	information	NOUN
dem-1051	61	33	set	set	VERB
dem-1051	61	34	up	up	ADP
dem-1051	61	35	at	at	ADP
dem-1051	61	36	the	the	DET
dem-1051	61	37	time	time	NOUN
dem-1051	61	38	point	point	NOUN
dem-1051	61	39	1−t	1−t	NUM
dem-1051	61	40	(	(	PUNCT
dem-1051	61	41	containing	contain	VERB
dem-1051	61	42	all	all	DET
dem-1051	61	43	past	past	ADJ
dem-1051	61	44	realizations	realization	NOUN
dem-1051	61	45	of	of	ADP
dem-1051	61	46	tvol	tvol	NOUN
dem-1051	61	47	)	)	PUNCT
dem-1051	61	48	,	,	PUNCT
dem-1051	61	49	tε	tε	PROPN
dem-1051	61	50	denotes	denote	VERB
dem-1051	61	51	an	an	DET
dem-1051	61	52	error	error	NOUN
dem-1051	61	53	term	term	NOUN
dem-1051	61	54	,	,	PUNCT
dem-1051	61	55	and	and	CCONJ
dem-1051	61	56	{	{	PUNCT
dem-1051	61	57	}	}	PUNCT
dem-1051	61	58	...	...	PUNCT
dem-1051	61	59	~	~	PUNCT
dem-1051	61	60	diitε	diitε	X
dem-1051	61	61	)	)	PUNCT
dem-1051	61	62	,	,	PUNCT
dem-1051	61	63	(	(	PUNCT
dem-1051	61	64	2σκburr	2σκburr	NUM
dem-1051	61	65	such	such	ADJ
dem-1051	61	66	that	that	DET
dem-1051	61	67	1	1	NUM
dem-1051	61	68	)	)	PUNCT
dem-1051	61	69	(	(	PUNCT
dem-1051	61	70	=	=	NOUN
dem-1051	61	71	te	te	PROPN
dem-1051	61	72	ε	ε	PROPN
dem-1051	61	73	.	.	PUNCT
dem-1051	62	1	the	the	DET
dem-1051	62	2	conditional	conditional	ADJ
dem-1051	62	3	expectation	expectation	NOUN
dem-1051	62	4	of	of	ADP
dem-1051	62	5	the	the	DET
dem-1051	62	6	dependent	dependent	ADJ
dem-1051	62	7	variable	variable	NOUN
dem-1051	62	8	tvol	tvol	NOUN
dem-1051	62	9	is	be	AUX
dem-1051	62	10	described	describe	VERB
dem-1051	62	11	as	as	SCONJ
dem-1051	62	12	follows	follow	VERB
dem-1051	62	13	:	:	PUNCT
dem-1051	62	14	,	,	PUNCT
dem-1051	62	15	=	=	SYM
dem-1051	62	16	12110	12110	NUM
dem-1051	62	17	−−	−−	PROPN
dem-1051	62	18	+	+	PROPN
dem-1051	62	19	ψ+ψ	ψ+ψ	PROPN
dem-1051	62	20	ttt	ttt	PROPN
dem-1051	62	21	volβββ	volβββ	PROPN
dem-1051	62	22	(	(	PUNCT
dem-1051	62	23	2	2	NUM
dem-1051	62	24	)	)	PUNCT
dem-1051	62	25	“	"	PUNCT
dem-1051	62	26	does	do	AUX
dem-1051	62	27	it	it	PRON
dem-1051	62	28	take	take	VERB
dem-1051	62	29	volume	volume	NOUN
dem-1051	62	30	to	to	PART
dem-1051	62	31	move	move	VERB
dem-1051	62	32	the	the	DET
dem-1051	62	33	eur	eur	PROPN
dem-1051	62	34	/	/	SYM
dem-1051	62	35	pln	pln	PROPN
dem-1051	62	36	fx	fx	PROPN
dem-1051	62	37	rates	rate	NOUN
dem-1051	62	38	?	?	PUNCT
dem-1051	62	39	”	"	PUNCT
dem-1051	63	1	…	…	PUNCT
dem-1051	63	2	dynamic	dynamic	ADJ
dem-1051	63	3	econometric	econometric	ADJ
dem-1051	63	4	models	model	NOUN
dem-1051	63	5	12	12	NUM
dem-1051	63	6	(	(	PUNCT
dem-1051	63	7	2012	2012	NUM
dem-1051	63	8	)	)	PUNCT
dem-1051	63	9	35–52	35–52	NUM
dem-1051	63	10	39	39	NUM
dem-1051	63	11	this	this	DET
dem-1051	63	12	model	model	NOUN
dem-1051	63	13	can	can	AUX
dem-1051	63	14	be	be	AUX
dem-1051	63	15	estimated	estimate	VERB
dem-1051	63	16	using	use	VERB
dem-1051	63	17	the	the	DET
dem-1051	63	18	ml	ml	NOUN
dem-1051	63	19	method	method	NOUN
dem-1051	63	20	.	.	PUNCT
dem-1051	64	1	the	the	DET
dem-1051	64	2	log	log	NOUN
dem-1051	64	3	likelihood	likelihood	NOUN
dem-1051	64	4	function	function	NOUN
dem-1051	64	5	has	have	VERB
dem-1051	64	6	the	the	DET
dem-1051	64	7	following	follow	VERB
dem-1051	64	8	form	form	NOUN
dem-1051	64	9	:	:	PUNCT
dem-1051	64	10	(	(	PUNCT
dem-1051	64	11	,	,	PUNCT
dem-1051	64	12	)	)	PUNCT
dem-1051	64	13	(	(	PUNCT
dem-1051	64	14	1ln11	1ln11	PROPN
dem-1051	64	15	ln1)(lnln=	ln1)(lnln=	NOUN
dem-1051	64	16	)	)	PUNCT
dem-1051	64	17	(	(	PUNCT
dem-1051	64	18	2	2	NUM
dem-1051	64	19	2	2	NUM
dem-1051	64	20	1=	1=	X
dem-1051	64	21			NOUN
dem-1051	64	22			PUNCT
dem-1051	65	1			PROPN
dem-1051	65	2	⋅⋅+⋅	⋅⋅+⋅	PROPN
dem-1051	65	3			PUNCT
dem-1051	66	1			PROPN
dem-1051	66	2			NOUN
dem-1051	66	3			NOUN
dem-1051	66	4			VERB
dem-1051	66	5	+	+	ADP
dem-1051	66	6	−	−	NOUN
dem-1051	66	7	⋅−+⋅−θ	⋅−+⋅−θ	ADV
dem-1051	66	8	−	−	PROPN
dem-1051	66	9	∑	∑	PROPN
dem-1051	66	10	κκξσ	κκξσ	PROPN
dem-1051	66	11	σ	σ	PROPN
dem-1051	66	12	κξκκ	κξκκ	PROPN
dem-1051	66	13	tt	tt	PROPN
dem-1051	66	14	tt	tt	PROPN
dem-1051	66	15	n	n	ADV
dem-1051	66	16	t	t	NOUN
dem-1051	66	17	vol	vol	NOUN
dem-1051	66	18	vollogl	vollogl	NOUN
dem-1051	66	19	(	(	PUNCT
dem-1051	66	20	3	3	NUM
dem-1051	66	21	)	)	PUNCT
dem-1051	66	22	where	where	SCONJ
dem-1051	66	23			VERB
dem-1051	66	24			PUNCT
dem-1051	67	1			PROPN
dem-1051	67	2			NOUN
dem-1051	67	3			NOUN
dem-1051	67	4			NOUN
dem-1051	67	5	−γ	−γ	NUM
dem-1051	67	6			NOUN
dem-1051	68	1			PROPN
dem-1051	68	2			NOUN
dem-1051	68	3			NOUN
dem-1051	68	4			VERB
dem-1051	68	5	+	+	ADP
dem-1051	68	6	γ	γ	NOUN
dem-1051	68	7			NOUN
dem-1051	68	8			PUNCT
dem-1051	69	1			PROPN
dem-1051	69	2			NOUN
dem-1051	69	3			NOUN
dem-1051	69	4			VERB
dem-1051	69	5	+	+	ADP
dem-1051	69	6	γ⋅	γ⋅	X
dem-1051	69	7	ψ	ψ	ADP
dem-1051	69	8			NOUN
dem-1051	69	9			PUNCT
dem-1051	70	1			PROPN
dem-1051	70	2			NOUN
dem-1051	70	3			NOUN
dem-1051	70	4			NOUN
dem-1051	70	5	+	+	CCONJ
dem-1051	70	6	κσκ	κσκ	PROPN
dem-1051	70	7	σ	σ	PROPN
dem-1051	70	8	σ	σ	PROPN
dem-1051	70	9	ξ	ξ	PROPN
dem-1051	70	10	κ	κ	X
dem-1051	70	11	1111	1111	NUM
dem-1051	70	12	11	11	NUM
dem-1051	70	13	)	)	PUNCT
dem-1051	70	14	(	(	PUNCT
dem-1051	70	15	=	=	NOUN
dem-1051	70	16	2	2	NUM
dem-1051	70	17	2	2	NUM
dem-1051	70	18	11	11	NUM
dem-1051	70	19	2	2	NUM
dem-1051	70	20	tt	tt	PROPN
dem-1051	70	21	,	,	PUNCT
dem-1051	70	22	κσ	κσ	ADP
dem-1051	70	23	<	<	X
dem-1051	70	24	<	<	X
dem-1051	70	25	0	0	NUM
dem-1051	70	26	2	2	NUM
dem-1051	70	27	and	and	CCONJ
dem-1051	70	28	)	)	PUNCT
dem-1051	70	29	(	(	PUNCT
dem-1051	70	30	⋅γ	⋅γ	PROPN
dem-1051	70	31	denotes	denote	VERB
dem-1051	70	32	the	the	DET
dem-1051	70	33	gamma	gamma	PROPN
dem-1051	70	34	function	function	NOUN
dem-1051	70	35	.	.	PUNCT
dem-1051	71	1	accordingly	accordingly	ADV
dem-1051	71	2	,	,	PUNCT
dem-1051	71	3	the	the	DET
dem-1051	71	4	expected	expect	VERB
dem-1051	71	5	volume	volume	NOUN
dem-1051	71	6	tvolexp	tvolexp	NOUN
dem-1051	71	7	,	,	PUNCT
dem-1051	71	8	is	be	AUX
dem-1051	71	9	defined	define	VERB
dem-1051	71	10	as	as	ADP
dem-1051	71	11	an	an	DET
dem-1051	71	12	estimate	estimate	NOUN
dem-1051	71	13	of	of	ADP
dem-1051	71	14	the	the	DET
dem-1051	71	15	conditional	conditional	ADJ
dem-1051	71	16	expectation	expectation	NOUN
dem-1051	71	17	tψ̂	tψ̂	PROPN
dem-1051	71	18	(	(	PUNCT
dem-1051	71	19	i.e.	i.e.	X
dem-1051	71	20	,	,	PUNCT
dem-1051	71	21	it	it	PRON
dem-1051	71	22	is	be	AUX
dem-1051	71	23	conditional	conditional	ADJ
dem-1051	71	24	upon	upon	SCONJ
dem-1051	71	25	all	all	DET
dem-1051	71	26	past	past	ADJ
dem-1051	71	27	observations	observation	NOUN
dem-1051	71	28	of	of	ADP
dem-1051	71	29	the	the	DET
dem-1051	71	30	volume	volume	NOUN
dem-1051	71	31	variable	variable	NOUN
dem-1051	71	32	)	)	PUNCT
dem-1051	71	33	whereas	whereas	SCONJ
dem-1051	71	34	an	an	DET
dem-1051	71	35	unexpected	unexpected	ADJ
dem-1051	71	36	volume	volume	NOUN
dem-1051	71	37	is	be	AUX
dem-1051	71	38	defined	define	VERB
dem-1051	71	39	as	as	ADP
dem-1051	71	40	the	the	DET
dem-1051	71	41	residual	residual	ADJ
dem-1051	71	42	tttun	tttun	NOUN
dem-1051	71	43	volvol	volvol	NOUN
dem-1051	71	44	ψ=	ψ=	PROPN
dem-1051	71	45	ˆ	ˆ	NOUN
dem-1051	71	46	exp	exp	NOUN
dem-1051	71	47	,	,	PUNCT
dem-1051	71	48	.	.	PUNCT
dem-1051	72	1	1.2	1.2	NUM
dem-1051	72	2	.	.	PUNCT
dem-1051	72	3	quantile	quantile	ADJ
dem-1051	72	4	regressions	regression	NOUN
dem-1051	72	5	for	for	ADP
dem-1051	72	6	the	the	DET
dem-1051	72	7	eur	eur	PROPN
dem-1051	72	8	/	/	SYM
dem-1051	72	9	pln	pln	PROPN
dem-1051	72	10	returns	return	NOUN
dem-1051	72	11	taking	take	VERB
dem-1051	72	12	the	the	DET
dem-1051	72	13	trading	trading	NOUN
dem-1051	72	14	volume	volume	NOUN
dem-1051	72	15	as	as	ADP
dem-1051	72	16	an	an	DET
dem-1051	72	17	explanatory	explanatory	ADJ
dem-1051	72	18	variable	variable	NOUN
dem-1051	72	19	in	in	ADP
dem-1051	72	20	the	the	DET
dem-1051	72	21	qr	qr	PROPN
dem-1051	72	22	setup	setup	NOUN
dem-1051	72	23	we	we	PRON
dem-1051	72	24	are	be	AUX
dem-1051	72	25	able	able	ADJ
dem-1051	72	26	to	to	PART
dem-1051	72	27	check	check	VERB
dem-1051	72	28	its	its	PRON
dem-1051	72	29	impact	impact	NOUN
dem-1051	72	30	on	on	ADP
dem-1051	72	31	the	the	DET
dem-1051	72	32	dispersion	dispersion	NOUN
dem-1051	72	33	of	of	ADP
dem-1051	72	34	the	the	DET
dem-1051	72	35	return	return	NOUN
dem-1051	72	36	distribution	distribution	NOUN
dem-1051	72	37	in	in	ADP
dem-1051	72	38	a	a	DET
dem-1051	72	39	very	very	ADV
dem-1051	72	40	explicit	explicit	ADJ
dem-1051	72	41	manner	manner	NOUN
dem-1051	72	42	.	.	PUNCT
dem-1051	73	1	in	in	ADP
dem-1051	73	2	the	the	DET
dem-1051	73	3	qr	qr	NOUN
dem-1051	73	4	setting	set	VERB
dem-1051	73	5	we	we	PRON
dem-1051	73	6	can	can	AUX
dem-1051	73	7	“	"	PUNCT
dem-1051	73	8	jointly	jointly	ADV
dem-1051	73	9	”	"	PUNCT
dem-1051	73	10	capture	capture	VERB
dem-1051	73	11	the	the	DET
dem-1051	73	12	impact	impact	NOUN
dem-1051	73	13	that	that	PRON
dem-1051	73	14	the	the	DET
dem-1051	73	15	trading	trading	NOUN
dem-1051	73	16	volume	volume	NOUN
dem-1051	73	17	exerts	exert	VERB
dem-1051	73	18	on	on	ADP
dem-1051	73	19	the	the	DET
dem-1051	73	20	general	general	ADJ
dem-1051	73	21	shape	shape	NOUN
dem-1051	73	22	(	(	PUNCT
dem-1051	73	23	i.e.	i.e.	X
dem-1051	73	24	,	,	PUNCT
dem-1051	73	25	skewness	skewness	NOUN
dem-1051	73	26	,	,	PUNCT
dem-1051	73	27	kurtosis	kurtosis	NOUN
dem-1051	73	28	or	or	CCONJ
dem-1051	73	29	variance	variance	NOUN
dem-1051	73	30	)	)	PUNCT
dem-1051	73	31	.	.	PUNCT
dem-1051	74	1	as	as	SCONJ
dem-1051	74	2	mentioned	mention	VERB
dem-1051	74	3	previously	previously	ADV
dem-1051	74	4	,	,	PUNCT
dem-1051	74	5	most	most	ADV
dem-1051	74	6	popular	popular	ADJ
dem-1051	74	7	financial	financial	ADJ
dem-1051	74	8	econometric	econometric	ADJ
dem-1051	74	9	models	model	NOUN
dem-1051	74	10	typically	typically	ADV
dem-1051	74	11	neglect	neglect	VERB
dem-1051	74	12	the	the	DET
dem-1051	74	13	possible	possible	ADJ
dem-1051	74	14	effect	effect	NOUN
dem-1051	74	15	of	of	ADP
dem-1051	74	16	explanatory	explanatory	ADJ
dem-1051	74	17	variables	variable	NOUN
dem-1051	74	18	on	on	ADP
dem-1051	74	19	the	the	DET
dem-1051	74	20	skewness	skewness	NOUN
dem-1051	74	21	or	or	CCONJ
dem-1051	74	22	kurtosis	kurtosis	NOUN
dem-1051	74	23	of	of	ADP
dem-1051	74	24	the	the	DET
dem-1051	74	25	distribution	distribution	NOUN
dem-1051	74	26	.	.	PUNCT
dem-1051	75	1	furthermore	furthermore	ADV
dem-1051	75	2	,	,	PUNCT
dem-1051	75	3	the	the	DET
dem-1051	75	4	popular	popular	ADJ
dem-1051	75	5	garch	garch	NOUN
dem-1051	75	6	models	model	NOUN
dem-1051	75	7	rule	rule	VERB
dem-1051	75	8	out	out	ADP
dem-1051	75	9	a	a	DET
dem-1051	75	10	potential	potential	ADJ
dem-1051	75	11	asymmetric	asymmetric	ADJ
dem-1051	75	12	impact	impact	NOUN
dem-1051	75	13	on	on	ADP
dem-1051	75	14	the	the	DET
dem-1051	75	15	trading	trading	NOUN
dem-1051	75	16	volume	volume	NOUN
dem-1051	75	17	on	on	ADP
dem-1051	75	18	the	the	DET
dem-1051	75	19	tail	tail	NOUN
dem-1051	75	20	probability	probability	NOUN
dem-1051	75	21	of	of	ADP
dem-1051	75	22	a	a	DET
dem-1051	75	23	large	large	ADJ
dem-1051	75	24	price	price	NOUN
dem-1051	75	25	upswing	upswing	NOUN
dem-1051	75	26	versus	versus	ADP
dem-1051	75	27	a	a	DET
dem-1051	75	28	large	large	ADJ
dem-1051	75	29	price	price	NOUN
dem-1051	75	30	falls	fall	VERB
dem-1051	75	31	.	.	PUNCT
dem-1051	76	1	in	in	ADP
dem-1051	76	2	order	order	NOUN
dem-1051	76	3	to	to	PART
dem-1051	76	4	check	check	VERB
dem-1051	76	5	the	the	DET
dem-1051	76	6	impact	impact	NOUN
dem-1051	76	7	of	of	ADP
dem-1051	76	8	the	the	DET
dem-1051	76	9	trading	trading	NOUN
dem-1051	76	10	volume	volume	NOUN
dem-1051	76	11	on	on	ADP
dem-1051	76	12	the	the	DET
dem-1051	76	13	selected	select	VERB
dem-1051	76	14	quantiles	quantile	NOUN
dem-1051	76	15	of	of	ADP
dem-1051	76	16	the	the	DET
dem-1051	76	17	return	return	NOUN
dem-1051	76	18	distribution	distribution	NOUN
dem-1051	76	19	we	we	PRON
dem-1051	76	20	used	use	VERB
dem-1051	76	21	simple	simple	ADJ
dem-1051	76	22	linear	linear	PROPN
dem-1051	76	23	qr	qr	PROPN
dem-1051	76	24	models	model	NOUN
dem-1051	76	25	where	where	SCONJ
dem-1051	76	26	each	each	PRON
dem-1051	76	27	of	of	ADP
dem-1051	76	28	them	they	PRON
dem-1051	76	29	corresponds	correspond	VERB
dem-1051	76	30	to	to	ADP
dem-1051	76	31	a	a	DET
dem-1051	76	32	selected	select	VERB
dem-1051	76	33	conditional	conditional	ADJ
dem-1051	76	34	quantile	quantile	NOUN
dem-1051	76	35	)	)	PUNCT
dem-1051	76	36	|	|	ADV
dem-1051	76	37	(	(	PUNCT
dem-1051	76	38	trtq	trtq	NOUN
dem-1051	76	39	xτ	xτ	PROPN
dem-1051	76	40	:	:	PUNCT
dem-1051	76	41	,	,	PUNCT
dem-1051	76	42	)	)	PUNCT
dem-1051	76	43	,	,	PUNCT
dem-1051	76	44	(=	(=	X
dem-1051	76	45	)	)	PUNCT
dem-1051	76	46	|	|	ADV
dem-1051	76	47	(	(	PUNCT
dem-1051	76	48	1exp,,3exp,,2exp,,1	1exp,,3exp,,2exp,,1	NUM
dem-1051	76	49	1,1,0	1,1,0	NUM
dem-1051	76	50	−	−	NOUN
dem-1051	77	1	−	−	PROPN
dem-1051	78	1	+	+	NOUN
dem-1051	78	2	+	+	ADJ
dem-1051	78	3	+	+	ADJ
dem-1051	78	4	+	+	ADJ
dem-1051	78	5	+	+	ADJ
dem-1051	78	6	tuntunt	tuntunt	NOUN
dem-1051	78	7	ttr	ttr	PROPN
dem-1051	78	8	volvolvol	volvolvol	PROPN
dem-1051	78	9	srq	srq	PROPN
dem-1051	78	10	t	t	PROPN
dem-1051	78	11	τττ	τττ	PROPN
dem-1051	79	1	τττ	τττ	PROPN
dem-1051	79	2	γγγ	γγγ	NUM
dem-1051	80	1	υαατ	υαατ	NOUN
dem-1051	80	2	νx	νx	NOUN
dem-1051	80	3	(	(	PUNCT
dem-1051	80	4	4	4	NUM
dem-1051	80	5	)	)	PUNCT
dem-1051	80	6	where	where	SCONJ
dem-1051	80	7	tr	tr	PRON
dem-1051	80	8	denotes	denote	VERB
dem-1051	80	9	the	the	DET
dem-1051	80	10	logarithmic	logarithmic	ADJ
dem-1051	80	11	rate	rate	NOUN
dem-1051	80	12	of	of	ADP
dem-1051	80	13	return	return	NOUN
dem-1051	80	14	on	on	ADP
dem-1051	80	15	the	the	DET
dem-1051	80	16	eur	eur	PROPN
dem-1051	80	17	/	/	SYM
dem-1051	80	18	pln	pln	PROPN
dem-1051	80	19	exchange	exchange	NOUN
dem-1051	80	20	rate	rate	NOUN
dem-1051	80	21	between	between	ADP
dem-1051	80	22	the	the	DET
dem-1051	80	23	moments	moment	NOUN
dem-1051	80	24	t	t	PROPN
dem-1051	80	25	and	and	CCONJ
dem-1051	80	26	1−t	1−t	NUM
dem-1051	80	27	,	,	PUNCT
dem-1051	80	28	τ	τ	PROPN
dem-1051	80	29	denotes	denote	VERB
dem-1051	80	30	a	a	DET
dem-1051	80	31	corresponding	corresponding	ADJ
dem-1051	80	32	probability	probability	NOUN
dem-1051	80	33	level	level	NOUN
dem-1051	80	34	and	and	CCONJ
dem-1051	80	35	)	)	PUNCT
dem-1051	80	36	,	,	PUNCT
dem-1051	80	37	(	(	PUNCT
dem-1051	80	38	υτνs	υτνs	PROPN
dem-1051	80	39	depicts	depict	VERB
dem-1051	80	40	the	the	DET
dem-1051	80	41	intraday	intraday	NOUN
dem-1051	80	42	seasonality	seasonality	NOUN
dem-1051	80	43	factor	factor	NOUN
dem-1051	80	44	given	give	VERB
dem-1051	80	45	as	as	ADP
dem-1051	80	46	the	the	DET
dem-1051	80	47	fast	fast	ADJ
dem-1051	80	48	fourier	fourier	NOUN
dem-1051	80	49	form	form	NOUN
dem-1051	80	50	(	(	PUNCT
dem-1051	80	51	fff	fff	PROPN
dem-1051	80	52	):	):	PUNCT
dem-1051	80	53	katarzyna	katarzyna	PROPN
dem-1051	80	54	bień	bień	PROPN
dem-1051	80	55	-	-	PUNCT
dem-1051	80	56	barkowska	barkowska	ADJ
dem-1051	80	57	dynamic	dynamic	ADJ
dem-1051	80	58	econometric	econometric	ADJ
dem-1051	80	59	models	model	NOUN
dem-1051	80	60	12	12	NUM
dem-1051	80	61	(	(	PUNCT
dem-1051	80	62	2012	2012	NUM
dem-1051	80	63	)	)	PUNCT
dem-1051	80	64	35–52	35–52	NUM
dem-1051	80	65	40	40	NUM
dem-1051	81	1	[	[	PUNCT
dem-1051	81	2	]	]	X
dem-1051	81	3	]	]	X
dem-1051	81	4	[	[	X
dem-1051	81	5	2cos][2sin=	2cos][2sin=	NOUN
dem-1051	81	6	)	)	PUNCT
dem-1051	81	7	,	,	PUNCT
dem-1051	81	8	(	(	PUNCT
dem-1051	81	9	,	,	PUNCT
dem-1051	81	10	2,12	2,12	NUM
dem-1051	81	11	2	2	NUM
dem-1051	81	12	1=	1=	NUM
dem-1051	81	13	,	,	PUNCT
dem-1051	81	14	0	0	NUM
dem-1051	81	15	υπνυπνυνυ	υπνυπνυνυ	PROPN
dem-1051	82	1	ττττ	ττττ	PROPN
dem-1051	82	2	lls	ll	VERB
dem-1051	82	3	ll	ll	AUX
dem-1051	82	4	l	l	NOUN
dem-1051	82	5	⋅+⋅+⋅	⋅+⋅+⋅	ADJ
dem-1051	82	6	−∑ν	−∑ν	X
dem-1051	82	7	,	,	PUNCT
dem-1051	82	8	(	(	PUNCT
dem-1051	82	9	5	5	X
dem-1051	82	10	)	)	PUNCT
dem-1051	82	11	where	where	SCONJ
dem-1051	82	12	υ	υ	PROPN
dem-1051	82	13	denotes	denote	VERB
dem-1051	82	14	a	a	DET
dem-1051	82	15	time	time	NOUN
dem-1051	82	16	-	-	PUNCT
dem-1051	82	17	of	of	ADP
dem-1051	82	18	-	-	PUNCT
dem-1051	82	19	day	day	NOUN
dem-1051	82	20	variable	variable	NOUN
dem-1051	82	21	standardised	standardise	VERB
dem-1051	82	22	on	on	ADP
dem-1051	82	23	the	the	DET
dem-1051	82	24	interval	interval	NOUN
dem-1051	82	25	]	]	PUNCT
dem-1051	82	26	.1,0	.1,0	PUNCT
dem-1051	83	1	[	[	PUNCT
dem-1051	83	2	[	[	PUNCT
dem-1051	83	3	,	,	PUNCT
dem-1051	83	4	,	,	PUNCT
dem-1051	83	5	)	)	PUNCT
dem-1051	83	6	,	,	PUNCT
dem-1051	83	7	4cos(),4sin(),2cos(),2sin(,,,1	4cos(),4sin(),2cos(),2sin(,,,1	NUM
dem-1051	83	8	exp	exp	NOUN
dem-1051	83	9	,	,	PUNCT
dem-1051	83	10	exp,1	exp,1	NOUN
dem-1051	83	11	tunttt	tunttt	NOUN
dem-1051	83	12	volvolτr	volvolτr	NOUN
dem-1051	83	13	πτπτπτπτ−=x	πτπτπτπτ−=x	NOUN
dem-1051	83	14	]	]	PUNCT
dem-1051	83	15	ttunvol	ttunvol	NOUN
dem-1051	83	16	1exp	1exp	NUM
dem-1051	83	17	,	,	PUNCT
dem-1051	83	18	−	−	PROPN
dem-1051	83	19	is	be	AUX
dem-1051	83	20	a	a	DET
dem-1051	83	21	vector	vector	NOUN
dem-1051	83	22	of	of	ADP
dem-1051	83	23	selected	select	VERB
dem-1051	83	24	explanatory	explanatory	ADJ
dem-1051	83	25	variables	variable	NOUN
dem-1051	83	26	.	.	PUNCT
dem-1051	84	1	the	the	DET
dem-1051	84	2	fff	fff	PROPN
dem-1051	84	3	diurnality	diurnality	NOUN
dem-1051	84	4	component	component	NOUN
dem-1051	84	5	that	that	PRON
dem-1051	84	6	we	we	PRON
dem-1051	84	7	apply	apply	VERB
dem-1051	84	8	has	have	AUX
dem-1051	84	9	been	be	AUX
dem-1051	84	10	advocated	advocate	VERB
dem-1051	84	11	by	by	ADP
dem-1051	84	12	andersen	andersen	PROPN
dem-1051	84	13	and	and	CCONJ
dem-1051	84	14	bollerslev	bollerslev	ADJ
dem-1051	84	15	(	(	PUNCT
dem-1051	84	16	1996	1996	NUM
dem-1051	84	17	)	)	PUNCT
dem-1051	84	18	.	.	PUNCT
dem-1051	85	1	the	the	DET
dem-1051	85	2	diurnality	diurnality	NOUN
dem-1051	85	3	function	function	NOUN
dem-1051	85	4	can	can	AUX
dem-1051	85	5	therefore	therefore	ADV
dem-1051	85	6	be	be	AUX
dem-1051	85	7	depicted	depict	VERB
dem-1051	85	8	as	as	ADP
dem-1051	85	9	a	a	DET
dem-1051	85	10	number	number	NOUN
dem-1051	85	11	of	of	ADP
dem-1051	85	12	sine	sine	NOUN
dem-1051	85	13	and	and	CCONJ
dem-1051	85	14	cosine	cosine	NOUN
dem-1051	85	15	functions	function	NOUN
dem-1051	85	16	and	and	CCONJ
dem-1051	85	17	should	should	AUX
dem-1051	85	18	smoothly	smoothly	ADV
dem-1051	85	19	depict	depict	VERB
dem-1051	85	20	the	the	DET
dem-1051	85	21	systematic	systematic	ADJ
dem-1051	85	22	intraday	intraday	NOUN
dem-1051	85	23	seasonality	seasonality	NOUN
dem-1051	85	24	pattern	pattern	NOUN
dem-1051	85	25	in	in	ADP
dem-1051	85	26	the	the	DET
dem-1051	85	27	dispersion	dispersion	NOUN
dem-1051	85	28	of	of	ADP
dem-1051	85	29	the	the	DET
dem-1051	85	30	return	return	NOUN
dem-1051	85	31	distribution	distribution	NOUN
dem-1051	85	32	.	.	PUNCT
dem-1051	86	1	this	this	DET
dem-1051	86	2	standard	standard	ADJ
dem-1051	86	3	methodology	methodology	NOUN
dem-1051	86	4	assumes	assume	VERB
dem-1051	86	5	a	a	DET
dem-1051	86	6	two	two	NUM
dem-1051	86	7	-	-	PUNCT
dem-1051	86	8	step	step	NOUN
dem-1051	86	9	procedure	procedure	NOUN
dem-1051	86	10	:	:	PUNCT
dem-1051	86	11	the	the	DET
dem-1051	86	12	intraday	intraday	NOUN
dem-1051	86	13	returns	return	NOUN
dem-1051	86	14	are	be	AUX
dem-1051	86	15	first	first	ADV
dem-1051	86	16	deseasonalized	deseasonalize	VERB
dem-1051	86	17	(	(	PUNCT
dem-1051	86	18	divided	divide	VERB
dem-1051	86	19	by	by	ADP
dem-1051	86	20	the	the	DET
dem-1051	86	21	obtained	obtain	VERB
dem-1051	86	22	seasonality	seasonality	NOUN
dem-1051	86	23	pattern	pattern	NOUN
dem-1051	86	24	)	)	PUNCT
dem-1051	86	25	and	and	CCONJ
dem-1051	86	26	then	then	ADV
dem-1051	86	27	garch	garch	NOUN
dem-1051	86	28	models	model	NOUN
dem-1051	86	29	are	be	AUX
dem-1051	86	30	estimated	estimate	VERB
dem-1051	86	31	for	for	ADP
dem-1051	86	32	the	the	DET
dem-1051	86	33	filtered	filter	VERB
dem-1051	86	34	returns	return	NOUN
dem-1051	86	35	.	.	PUNCT
dem-1051	87	1	we	we	PRON
dem-1051	87	2	allow	allow	VERB
dem-1051	87	3	for	for	ADP
dem-1051	87	4	an	an	DET
dem-1051	87	5	additive	additive	ADJ
dem-1051	87	6	seasonality	seasonality	NOUN
dem-1051	87	7	pattern	pattern	NOUN
dem-1051	87	8	for	for	ADP
dem-1051	87	9	each	each	PRON
dem-1051	87	10	of	of	ADP
dem-1051	87	11	the	the	DET
dem-1051	87	12	estimated	estimate	VERB
dem-1051	87	13	quantile	quantile	ADJ
dem-1051	87	14	regressions	regression	NOUN
dem-1051	87	15	,	,	PUNCT
dem-1051	87	16	which	which	PRON
dem-1051	87	17	allow	allow	VERB
dem-1051	87	18	us	we	PRON
dem-1051	87	19	to	to	PART
dem-1051	87	20	capture	capture	VERB
dem-1051	87	21	systematic	systematic	ADJ
dem-1051	87	22	intraday	intraday	NOUN
dem-1051	87	23	regularities	regularity	NOUN
dem-1051	87	24	in	in	ADP
dem-1051	87	25	the	the	DET
dem-1051	87	26	unrestricted	unrestricted	ADJ
dem-1051	87	27	shape	shape	NOUN
dem-1051	87	28	of	of	ADP
dem-1051	87	29	the	the	DET
dem-1051	87	30	conditional	conditional	ADJ
dem-1051	87	31	distribution	distribution	NOUN
dem-1051	87	32	.	.	PUNCT
dem-1051	88	1	as	as	SCONJ
dem-1051	88	2	previously	previously	ADV
dem-1051	88	3	mentioned	mention	VERB
dem-1051	88	4	,	,	PUNCT
dem-1051	88	5	this	this	PRON
dem-1051	88	6	is	be	AUX
dem-1051	88	7	done	do	VERB
dem-1051	88	8	in	in	ADP
dem-1051	88	9	a	a	DET
dem-1051	88	10	semiparametric	semiparametric	ADJ
dem-1051	88	11	setup	setup	NOUN
dem-1051	88	12	and	and	CCONJ
dem-1051	88	13	is	be	AUX
dem-1051	88	14	much	much	ADV
dem-1051	88	15	more	more	ADV
dem-1051	88	16	general	general	ADJ
dem-1051	88	17	such	such	ADJ
dem-1051	88	18	that	that	SCONJ
dem-1051	88	19	we	we	PRON
dem-1051	88	20	can	can	AUX
dem-1051	88	21	capture	capture	VERB
dem-1051	88	22	different	different	ADJ
dem-1051	88	23	diurnality	diurnality	NOUN
dem-1051	88	24	patterns	pattern	NOUN
dem-1051	88	25	for	for	ADP
dem-1051	88	26	different	different	ADJ
dem-1051	88	27	quantile	quantile	ADJ
dem-1051	88	28	levels	level	NOUN
dem-1051	88	29	.	.	PUNCT
dem-1051	89	1	in	in	ADP
dem-1051	89	2	each	each	PRON
dem-1051	89	3	of	of	ADP
dem-1051	89	4	qr	qr	NOUN
dem-1051	89	5	regressions	regression	NOUN
dem-1051	89	6	given	give	VERB
dem-1051	89	7	by	by	ADP
dem-1051	89	8	equation	equation	NOUN
dem-1051	89	9	(	(	PUNCT
dem-1051	89	10	4	4	X
dem-1051	89	11	)	)	PUNCT
dem-1051	89	12	we	we	PRON
dem-1051	89	13	have	have	AUX
dem-1051	89	14	also	also	ADV
dem-1051	89	15	introduced	introduce	VERB
dem-1051	89	16	a	a	DET
dem-1051	89	17	lagged	lag	VERB
dem-1051	89	18	tr	tr	VERB
dem-1051	89	19	in	in	ADP
dem-1051	89	20	order	order	NOUN
dem-1051	89	21	to	to	PART
dem-1051	89	22	account	account	VERB
dem-1051	89	23	for	for	ADP
dem-1051	89	24	possible	possible	ADJ
dem-1051	89	25	autocorrelation	autocorrelation	NOUN
dem-1051	89	26	.	.	PUNCT
dem-1051	90	1	the	the	DET
dem-1051	90	2	parameter	parameter	NOUN
dem-1051	90	3	corresponding	correspond	VERB
dem-1051	90	4	to	to	ADP
dem-1051	90	5	the	the	DET
dem-1051	90	6	autoregressive	autoregressive	ADJ
dem-1051	90	7	term	term	NOUN
dem-1051	90	8	can	can	AUX
dem-1051	90	9	be	be	AUX
dem-1051	90	10	different	different	ADJ
dem-1051	90	11	for	for	ADP
dem-1051	90	12	different	different	ADJ
dem-1051	90	13	quantiles	quantile	NOUN
dem-1051	90	14	,	,	PUNCT
dem-1051	90	15	as	as	SCONJ
dem-1051	90	16	evidenced	evidence	VERB
dem-1051	90	17	by	by	ADP
dem-1051	90	18	baur	baur	PROPN
dem-1051	90	19	et	et	PROPN
dem-1051	90	20	al	al	PROPN
dem-1051	90	21	.	.	PROPN
dem-1051	91	1	(	(	PUNCT
dem-1051	91	2	2011	2011	NUM
dem-1051	91	3	)	)	PUNCT
dem-1051	91	4	.	.	PUNCT
dem-1051	92	1	the	the	DET
dem-1051	92	2	suggested	suggest	VERB
dem-1051	92	3	model	model	NOUN
dem-1051	92	4	for	for	ADP
dem-1051	92	5	the	the	DET
dem-1051	92	6	conditional	conditional	ADJ
dem-1051	92	7	quantile	quantile	NOUN
dem-1051	92	8	of	of	ADP
dem-1051	92	9	the	the	DET
dem-1051	92	10	return	return	NOUN
dem-1051	92	11	distribution	distribution	NOUN
dem-1051	92	12	can	can	AUX
dem-1051	92	13	be	be	AUX
dem-1051	92	14	criticized	criticize	VERB
dem-1051	92	15	as	as	ADP
dem-1051	92	16	being	be	AUX
dem-1051	92	17	too	too	ADV
dem-1051	92	18	parsimonious	parsimonious	ADJ
dem-1051	92	19	.	.	PUNCT
dem-1051	93	1	given	give	VERB
dem-1051	93	2	that	that	SCONJ
dem-1051	93	3	it	it	PRON
dem-1051	93	4	contains	contain	VERB
dem-1051	93	5	only	only	ADV
dem-1051	93	6	the	the	DET
dem-1051	93	7	past	past	ADJ
dem-1051	93	8	return	return	NOUN
dem-1051	93	9	,	,	PUNCT
dem-1051	93	10	intraday	intraday	NOUN
dem-1051	93	11	seasonality	seasonality	NOUN
dem-1051	93	12	component	component	NOUN
dem-1051	93	13	and	and	CCONJ
dem-1051	93	14	volume	volume	NOUN
dem-1051	93	15	variables	variable	NOUN
dem-1051	93	16	as	as	ADP
dem-1051	93	17	the	the	DET
dem-1051	93	18	major	major	ADJ
dem-1051	93	19	driving	drive	VERB
dem-1051	93	20	forces1	forces1	NOUN
dem-1051	93	21	,	,	PUNCT
dem-1051	93	22	its	its	PRON
dem-1051	93	23	ability	ability	NOUN
dem-1051	93	24	to	to	PART
dem-1051	93	25	account	account	VERB
dem-1051	93	26	for	for	ADP
dem-1051	93	27	the	the	DET
dem-1051	93	28	volatility	volatility	NOUN
dem-1051	93	29	clustering	clustering	NOUN
dem-1051	93	30	effect	effect	NOUN
dem-1051	93	31	may	may	AUX
dem-1051	93	32	be	be	AUX
dem-1051	93	33	rather	rather	ADV
dem-1051	93	34	limited	limited	ADJ
dem-1051	93	35	.	.	PUNCT
dem-1051	94	1	thus	thus	ADV
dem-1051	94	2	,	,	PUNCT
dem-1051	94	3	in	in	ADP
dem-1051	94	4	the	the	DET
dem-1051	94	5	second	second	ADJ
dem-1051	94	6	model	model	NOUN
dem-1051	94	7	that	that	PRON
dem-1051	94	8	we	we	PRON
dem-1051	94	9	propose	propose	VERB
dem-1051	94	10	we	we	PRON
dem-1051	94	11	have	have	AUX
dem-1051	94	12	included	include	VERB
dem-1051	94	13	a	a	DET
dem-1051	94	14	return	return	NOUN
dem-1051	94	15	volatility	volatility	NOUN
dem-1051	94	16	forecast	forecast	NOUN
dem-1051	94	17	as	as	ADP
dem-1051	94	18	an	an	DET
dem-1051	94	19	additional	additional	ADJ
dem-1051	94	20	driving	driving	NOUN
dem-1051	94	21	factor	factor	NOUN
dem-1051	94	22	for	for	ADP
dem-1051	94	23	the	the	DET
dem-1051	94	24	quantile	quantile	ADJ
dem-1051	94	25	dynamics	dynamic	NOUN
dem-1051	94	26	.	.	PUNCT
dem-1051	95	1	chuang	chuang	PROPN
dem-1051	95	2	et	et	PROPN
dem-1051	95	3	al	al	PROPN
dem-1051	95	4	.	.	PROPN
dem-1051	96	1	(	(	PUNCT
dem-1051	96	2	2009	2009	NUM
dem-1051	96	3	)	)	PUNCT
dem-1051	96	4	proposed	propose	VERB
dem-1051	96	5	the	the	DET
dem-1051	96	6	addition	addition	NOUN
dem-1051	96	7	of	of	ADP
dem-1051	96	8	a	a	DET
dem-1051	96	9	lagged	lag	VERB
dem-1051	96	10	value	value	NOUN
dem-1051	96	11	of	of	ADP
dem-1051	96	12	2	2	NUM
dem-1051	96	13	tr	tr	VERB
dem-1051	96	14	as	as	ADP
dem-1051	96	15	a	a	DET
dem-1051	96	16	natural	natural	ADJ
dem-1051	96	17	proxy	proxy	NOUN
dem-1051	96	18	for	for	ADP
dem-1051	96	19	the	the	DET
dem-1051	96	20	volatility	volatility	NOUN
dem-1051	96	21	.	.	PUNCT
dem-1051	97	1	an	an	DET
dem-1051	97	2	alternative	alternative	NOUN
dem-1051	97	3	to	to	ADP
dem-1051	97	4	this	this	PRON
dem-1051	97	5	is	be	AUX
dem-1051	97	6	to	to	PART
dem-1051	97	7	account	account	VERB
dem-1051	97	8	for	for	ADP
dem-1051	97	9	possible	possible	ADJ
dem-1051	97	10	persistency	persistency	NOUN
dem-1051	97	11	in	in	ADP
dem-1051	97	12	the	the	DET
dem-1051	97	13	conditional	conditional	ADJ
dem-1051	97	14	quantiles	quantile	NOUN
dem-1051	97	15	with	with	ADP
dem-1051	97	16	the	the	DET
dem-1051	97	17	application	application	NOUN
dem-1051	97	18	of	of	ADP
dem-1051	97	19	the	the	DET
dem-1051	97	20	conditional	conditional	ADJ
dem-1051	97	21	autoregressive	autoregressive	ADJ
dem-1051	97	22	value	value	NOUN
dem-1051	97	23	-	-	PUNCT
dem-1051	97	24	at	at	ADP
dem-1051	97	25	-	-	PUNCT
dem-1051	97	26	risk	risk	NOUN
dem-1051	97	27	(	(	PUNCT
dem-1051	97	28	caviar	caviar	ADJ
dem-1051	97	29	)	)	PUNCT
dem-1051	97	30	models	model	NOUN
dem-1051	97	31	of	of	ADP
dem-1051	97	32	engle	engle	NOUN
dem-1051	97	33	and	and	CCONJ
dem-1051	97	34	manganelli	manganelli	NOUN
dem-1051	97	35	(	(	PUNCT
dem-1051	97	36	2004	2004	NUM
dem-1051	97	37	)	)	PUNCT
dem-1051	97	38	.	.	PUNCT
dem-1051	98	1	within	within	ADP
dem-1051	98	2	this	this	DET
dem-1051	98	3	framework	framework	NOUN
dem-1051	98	4	quantile	quantile	NOUN
dem-1051	98	5	dynamics	dynamic	NOUN
dem-1051	98	6	are	be	AUX
dem-1051	98	7	captured	capture	VERB
dem-1051	98	8	in	in	ADP
dem-1051	98	9	the	the	DET
dem-1051	98	10	form	form	NOUN
dem-1051	98	11	of	of	ADP
dem-1051	98	12	autoregressive	autoregressive	ADJ
dem-1051	98	13	specifications	specification	NOUN
dem-1051	98	14	with	with	ADP
dem-1051	98	15	an	an	DET
dem-1051	98	16	absolute	absolute	ADJ
dem-1051	98	17	value	value	NOUN
dem-1051	98	18	for	for	ADP
dem-1051	98	19	the	the	DET
dem-1051	98	20	past	past	ADJ
dem-1051	98	21	return	return	NOUN
dem-1051	98	22	as	as	ADP
dem-1051	98	23	newinformation	newinformation	NOUN
dem-1051	98	24	variable	variable	NOUN
dem-1051	98	25	.	.	PUNCT
dem-1051	99	1	however	however	ADV
dem-1051	99	2	,	,	PUNCT
dem-1051	99	3	the	the	DET
dem-1051	99	4	application	application	NOUN
dem-1051	99	5	of	of	ADP
dem-1051	99	6	an	an	DET
dem-1051	99	7	autoregressive	autoregressive	ADJ
dem-1051	99	8	specification	specification	NOUN
dem-1051	99	9	rules	rule	VERB
dem-1051	99	10	out	out	ADP
dem-1051	99	11	the	the	DET
dem-1051	99	12	applicability	applicability	NOUN
dem-1051	99	13	of	of	ADP
dem-1051	99	14	standard	standard	ADJ
dem-1051	99	15	linear	linear	ADJ
dem-1051	99	16	programming	programming	NOUN
dem-1051	99	17	algorithms	algorithm	NOUN
dem-1051	99	18	to	to	PART
dem-1051	99	19	estimate	estimate	VERB
dem-1051	99	20	qr	qr	PROPN
dem-1051	99	21	.	.	PUNCT
dem-1051	99	22	accordingly	accordingly	ADV
dem-1051	99	23	,	,	PUNCT
dem-1051	99	24	the	the	DET
dem-1051	99	25	estimation	estimation	NOUN
dem-1051	99	26	process	process	NOUN
dem-1051	99	27	based	base	VERB
dem-1051	99	28	on	on	ADP
dem-1051	99	29	the	the	DET
dem-1051	99	30	genetic	genetic	ADJ
dem-1051	99	31	algorithm	algorithm	NOUN
dem-1051	99	32	or	or	CCONJ
dem-1051	99	33	the	the	DET
dem-1051	99	34	nelder	nelder	ADJ
dem-1051	99	35	-	-	PUNCT
dem-1051	99	36	mead	mead	NOUN
dem-1051	99	37	simplex	simplex	NOUN
dem-1051	99	38	algorithm	algorithm	NOUN
dem-1051	99	39	and	and	CCONJ
dem-1051	99	40	quasi	quasi	PROPN
dem-1051	99	41	-	-	PROPN
dem-1051	99	42	newton	newton	PROPN
dem-1051	99	43	method	method	NOUN
dem-1051	99	44	(	(	PUNCT
dem-1051	99	45	with	with	ADP
dem-1051	99	46	the	the	DET
dem-1051	99	47	necessity	necessity	NOUN
dem-1051	99	48	of	of	ADP
dem-1051	99	49	computing	computing	NOUN
dem-1051	99	50	loops	loop	NOUN
dem-1051	99	51	for	for	ADP
dem-1051	99	52	recursive	recursive	ADJ
dem-1051	99	53	quantile	quantile	ADJ
dem-1051	99	54	functions	function	NOUN
dem-1051	99	55	)	)	PUNCT
dem-1051	99	56	is	be	AUX
dem-1051	99	57	quite	quite	ADV
dem-1051	99	58	timeconsuming	timeconsuming	ADJ
dem-1051	99	59	.	.	PUNCT
dem-1051	100	1	taking	take	VERB
dem-1051	100	2	into	into	ADP
dem-1051	100	3	account	account	NOUN
dem-1051	100	4	that	that	SCONJ
dem-1051	100	5	we	we	PRON
dem-1051	100	6	plan	plan	VERB
dem-1051	100	7	to	to	PART
dem-1051	100	8	estimate	estimate	VERB
dem-1051	100	9	several	several	ADJ
dem-1051	100	10	quantile	quantile	NOUN
dem-1051	100	11	re	re	ADP
dem-1051	100	12	1	1	NUM
dem-1051	100	13	the	the	DET
dem-1051	100	14	lag	lag	NOUN
dem-1051	100	15	structure	structure	NOUN
dem-1051	100	16	for	for	ADP
dem-1051	100	17	the	the	DET
dem-1051	100	18	volume	volume	NOUN
dem-1051	100	19	variables	variable	NOUN
dem-1051	100	20	has	have	AUX
dem-1051	100	21	been	be	AUX
dem-1051	100	22	selected	select	VERB
dem-1051	100	23	on	on	ADP
dem-1051	100	24	the	the	DET
dem-1051	100	25	grounds	ground	NOUN
dem-1051	100	26	of	of	ADP
dem-1051	100	27	their	their	PRON
dem-1051	100	28	statistical	statistical	ADJ
dem-1051	100	29	significance	significance	NOUN
dem-1051	100	30	.	.	PUNCT
dem-1051	101	1	“	"	PUNCT
dem-1051	101	2	does	do	AUX
dem-1051	101	3	it	it	PRON
dem-1051	101	4	take	take	VERB
dem-1051	101	5	volume	volume	NOUN
dem-1051	101	6	to	to	PART
dem-1051	101	7	move	move	VERB
dem-1051	101	8	the	the	DET
dem-1051	101	9	eur	eur	PROPN
dem-1051	101	10	/	/	SYM
dem-1051	101	11	pln	pln	PROPN
dem-1051	101	12	fx	fx	PROPN
dem-1051	101	13	rates	rate	NOUN
dem-1051	101	14	?	?	PUNCT
dem-1051	101	15	”	"	PUNCT
dem-1051	101	16	…	…	PUNCT
dem-1051	101	17	dynamic	dynamic	ADJ
dem-1051	101	18	econometric	econometric	ADJ
dem-1051	101	19	models	model	NOUN
dem-1051	101	20	12	12	NUM
dem-1051	101	21	(	(	PUNCT
dem-1051	101	22	2012	2012	NUM
dem-1051	101	23	)	)	PUNCT
dem-1051	101	24	35–52	35–52	NUM
dem-1051	101	25	41	41	NUM
dem-1051	101	26	gression	gression	NOUN
dem-1051	101	27	models	model	NOUN
dem-1051	101	28	for	for	ADP
dem-1051	101	29	several	several	ADJ
dem-1051	101	30	probability	probability	NOUN
dem-1051	101	31	levels	level	NOUN
dem-1051	101	32	,	,	PUNCT
dem-1051	101	33	this	this	PRON
dem-1051	101	34	would	would	AUX
dem-1051	101	35	likely	likely	ADV
dem-1051	101	36	be	be	AUX
dem-1051	101	37	inefficient	inefficient	ADJ
dem-1051	101	38	.	.	PUNCT
dem-1051	102	1	therefore	therefore	ADV
dem-1051	102	2	,	,	PUNCT
dem-1051	102	3	we	we	PRON
dem-1051	102	4	decided	decide	VERB
dem-1051	102	5	to	to	PART
dem-1051	102	6	approximate	approximate	VERB
dem-1051	102	7	the	the	DET
dem-1051	102	8	volatility	volatility	NOUN
dem-1051	102	9	variable	variable	NOUN
dem-1051	102	10	with	with	ADP
dem-1051	102	11	the	the	DET
dem-1051	102	12	conditional	conditional	ADJ
dem-1051	102	13	standard	standard	ADJ
dem-1051	102	14	deviation	deviation	NOUN
dem-1051	102	15	estimate	estimate	VERB
dem-1051	102	16	1ˆ	1ˆ	NOUN
dem-1051	102	17	−tσ	−tσ	NOUN
dem-1051	102	18	,	,	PUNCT
dem-1051	102	19	obtained	obtain	VERB
dem-1051	102	20	from	from	ADP
dem-1051	102	21	the	the	DET
dem-1051	102	22	garch(1,1	garch(1,1	NOUN
dem-1051	102	23	)	)	PUNCT
dem-1051	102	24	with	with	ADP
dem-1051	102	25	a	a	DET
dem-1051	102	26	student	student	NOUN
dem-1051	102	27	’s	’s	PART
dem-1051	102	28	t	t	NOUN
dem-1051	102	29	distribution	distribution	NOUN
dem-1051	102	30	for	for	ADP
dem-1051	102	31	an	an	DET
dem-1051	102	32	error	error	NOUN
dem-1051	102	33	term2	term2	PROPN
dem-1051	102	34	model	model	NOUN
dem-1051	102	35	.	.	PUNCT
dem-1051	103	1	as	as	ADP
dem-1051	103	2	such	such	ADJ
dem-1051	103	3	,	,	PUNCT
dem-1051	103	4	a	a	DET
dem-1051	103	5	volatility	volatility	NOUN
dem-1051	103	6	measure3	measure3	NOUN
dem-1051	103	7	uses	use	VERB
dem-1051	103	8	whole	whole	ADJ
dem-1051	103	9	information	information	NOUN
dem-1051	103	10	from	from	ADP
dem-1051	103	11	the	the	DET
dem-1051	103	12	history	history	NOUN
dem-1051	103	13	of	of	ADP
dem-1051	103	14	the	the	DET
dem-1051	103	15	return	return	NOUN
dem-1051	103	16	process	process	NOUN
dem-1051	103	17	at	at	ADP
dem-1051	103	18	1−t	1−t	NUM
dem-1051	103	19	.	.	PUNCT
dem-1051	104	1	it	it	PRON
dem-1051	104	2	is	be	AUX
dem-1051	104	3	also	also	ADV
dem-1051	104	4	intended	intend	VERB
dem-1051	104	5	to	to	PART
dem-1051	104	6	describe	describe	VERB
dem-1051	104	7	the	the	DET
dem-1051	104	8	persistency	persistency	NOUN
dem-1051	104	9	of	of	ADP
dem-1051	104	10	the	the	DET
dem-1051	104	11	quantile	quantile	ADJ
dem-1051	104	12	dynamics	dynamic	NOUN
dem-1051	104	13	in	in	ADP
dem-1051	104	14	a	a	DET
dem-1051	104	15	more	more	ADV
dem-1051	104	16	adequate	adequate	ADJ
dem-1051	104	17	manner	manner	NOUN
dem-1051	104	18	than	than	ADP
dem-1051	104	19	2	2	NUM
dem-1051	104	20	1−tr	1−tr	NUM
dem-1051	104	21	:	:	PUNCT
dem-1051	104	22	.	.	PUNCT
dem-1051	104	23	)	)	PUNCT
dem-1051	105	1	,	,	PUNCT
dem-1051	105	2	(	(	PUNCT
dem-1051	105	3	ˆ=)|	ˆ=)|	PRON
dem-1051	105	4	(	(	PUNCT
dem-1051	105	5	1exp,,3exp,,2exp,,1	1exp,,3exp,,2exp,,1	NUM
dem-1051	105	6	1,21,1,0	1,21,1,0	NUM
dem-1051	105	7	−	−	PROPN
dem-1051	105	8	−−	−−	NOUN
dem-1051	105	9	+	+	NOUN
dem-1051	105	10	+	+	ADJ
dem-1051	105	11	+	+	ADJ
dem-1051	105	12	+	+	ADJ
dem-1051	105	13	+	+	ADJ
dem-1051	105	14	+	+	ADJ
dem-1051	105	15	tuntunt	tuntunt	NOUN
dem-1051	105	16	tttr	tttr	NOUN
dem-1051	105	17	volvolvol	volvolvol	NOUN
dem-1051	105	18	srq	srq	PROPN
dem-1051	105	19	t	t	PROPN
dem-1051	105	20	τττ	τττ	PROPN
dem-1051	106	1	ττττ	ττττ	ADV
dem-1051	106	2	γγγ	γγγ	NUM
dem-1051	106	3	τνσααατ	τνσααατ	NOUN
dem-1051	106	4	x	x	X
dem-1051	106	5	(	(	PUNCT
dem-1051	106	6	6	6	NUM
dem-1051	106	7	)	)	PUNCT
dem-1051	106	8	for	for	ADP
dem-1051	106	9	a	a	DET
dem-1051	106	10	given	give	VERB
dem-1051	106	11	probability	probability	NOUN
dem-1051	106	12	τ	τ	X
dem-1051	106	13	,	,	PUNCT
dem-1051	106	14	qr	qr	PROPN
dem-1051	106	15	estimates	estimate	NOUN
dem-1051	106	16	can	can	AUX
dem-1051	106	17	be	be	AUX
dem-1051	106	18	obtained	obtain	VERB
dem-1051	106	19	as	as	ADP
dem-1051	106	20	a	a	DET
dem-1051	106	21	minimum	minimum	NOUN
dem-1051	106	22	of	of	ADP
dem-1051	106	23	the	the	DET
dem-1051	106	24	following	follow	VERB
dem-1051	106	25	objective	objective	ADJ
dem-1051	106	26	function	function	NOUN
dem-1051	106	27	of	of	ADP
dem-1051	106	28	asymmetrically	asymmetrically	ADV
dem-1051	106	29	weighted	weight	VERB
dem-1051	106	30	absolute	absolute	ADJ
dem-1051	106	31	deviations	deviation	NOUN
dem-1051	106	32	:	:	PUNCT
dem-1051	106	33	(	(	PUNCT
dem-1051	106	34	)	)	PUNCT
dem-1051	106	35	∑	∑	PUNCT
dem-1051	107	1	=	=	PUNCT
dem-1051	107	2	<	<	X
dem-1051	107	3	−−=	−−=	PROPN
dem-1051	107	4	n	n	ADP
dem-1051	107	5	t	t	PROPN
dem-1051	107	6	t	t	NOUN
dem-1051	107	7	ttxr	ttxr	PROPN
dem-1051	108	1	rt	rt	INTJ
dem-1051	108	2	tt	tt	PROPN
dem-1051	108	3	1	1	NUM
dem-1051	108	4	}	}	PUNCT
dem-1051	108	5	{	{	PUNCT
dem-1051	108	6	minargˆ	minargˆ	PROPN
dem-1051	108	7	ττ	ττ	PROPN
dem-1051	108	8	τ	τ	PROPN
dem-1051	108	9	γx1γ	γx1γ	PROPN
dem-1051	108	10	γγ	γγ	PROPN
dem-1051	108	11	,	,	PUNCT
dem-1051	108	12	(	(	PUNCT
dem-1051	108	13	7	7	X
dem-1051	108	14	)	)	PUNCT
dem-1051	108	15	where	where	SCONJ
dem-1051	108	16	[	[	PUNCT
dem-1051	108	17	]	]	X
dem-1051	108	18	tννννν	tννννν	NOUN
dem-1051	108	19	3214321010	3214321010	NUM
dem-1051	108	20	,	,	PUNCT
dem-1051	108	21	,	,	PUNCT
dem-1051	108	22	,	,	PUNCT
dem-1051	108	23	,	,	PUNCT
dem-1051	108	24	,	,	PUNCT
dem-1051	108	25	,	,	PUNCT
dem-1051	108	26	,	,	PUNCT
dem-1051	108	27	,	,	PUNCT
dem-1051	108	28	,	,	PUNCT
dem-1051	108	29	γγγαατ	γγγαατ	NOUN
dem-1051	108	30	=	=	SYM
dem-1051	108	31	γ	γ	PROPN
dem-1051	108	32	denotes	denote	VERB
dem-1051	108	33	a	a	DET
dem-1051	108	34	parameter	parameter	NOUN
dem-1051	108	35	vector	vector	NOUN
dem-1051	108	36	and	and	CCONJ
dem-1051	108	37	[	[	PUNCT
dem-1051	108	38	,	,	PUNCT
dem-1051	108	39	,	,	PUNCT
dem-1051	108	40	)	)	PUNCT
dem-1051	108	41	,	,	PUNCT
dem-1051	108	42	4cos(),4sin(),2cos(),2sin(,,ˆ,,1	4cos(),4sin(),2cos(),2sin(,,ˆ,,1	NUM
dem-1051	108	43	exp	exp	NOUN
dem-1051	108	44	,	,	PUNCT
dem-1051	108	45	exp,1	exp,1	PRON
dem-1051	108	46	tuntttt	tuntttt	NOUN
dem-1051	108	47	volvolτr	volvolτr	NOUN
dem-1051	108	48	πτπτπτπτσ−=x	πτπτπτπτσ−=x	ADP
dem-1051	108	49	]	]	X
dem-1051	108	50	ttunvol	ttunvol	NOUN
dem-1051	108	51	1exp	1exp	NUM
dem-1051	108	52	,	,	PUNCT
dem-1051	108	53	−	−	PROPN
dem-1051	108	54	is	be	AUX
dem-1051	108	55	a	a	DET
dem-1051	108	56	vector	vector	NOUN
dem-1051	108	57	of	of	ADP
dem-1051	108	58	the	the	DET
dem-1051	108	59	corresponding	corresponding	ADJ
dem-1051	108	60	explanatory	explanatory	ADJ
dem-1051	108	61	variables	variable	NOUN
dem-1051	108	62	.	.	PUNCT
dem-1051	109	1	nondifferentiable	nondifferentiable	ADJ
dem-1051	109	2	objective	objective	ADJ
dem-1051	109	3	function	function	NOUN
dem-1051	109	4	(	(	PUNCT
dem-1051	109	5	7	7	X
dem-1051	109	6	)	)	PUNCT
dem-1051	109	7	can	can	AUX
dem-1051	109	8	be	be	AUX
dem-1051	109	9	minimized	minimize	VERB
dem-1051	109	10	using	use	VERB
dem-1051	109	11	the	the	DET
dem-1051	109	12	linear	linear	ADJ
dem-1051	109	13	programming	programming	NOUN
dem-1051	109	14	methods	method	NOUN
dem-1051	109	15	described	describe	VERB
dem-1051	109	16	in	in	ADP
dem-1051	109	17	koenker	koenker	NOUN
dem-1051	109	18	(	(	PUNCT
dem-1051	109	19	2005	2005	NUM
dem-1051	109	20	,	,	PUNCT
dem-1051	109	21	p.	p.	NOUN
dem-1051	109	22	170	170	NUM
dem-1051	109	23	-	-	SYM
dem-1051	109	24	202	202	NUM
dem-1051	109	25	)	)	PUNCT
dem-1051	109	26	.	.	PUNCT
dem-1051	110	1	the	the	DET
dem-1051	110	2	limiting	limit	VERB
dem-1051	110	3	covariance	covariance	NOUN
dem-1051	110	4	matrix	matrix	NOUN
dem-1051	110	5	of	of	ADP
dem-1051	110	6	(	(	PUNCT
dem-1051	110	7	)	)	PUNCT
dem-1051	110	8	ττ	ττ	NOUN
dem-1051	110	9	γγ	γγ	PROPN
dem-1051	110	10	−ˆn	−ˆn	NOUN
dem-1051	110	11	takes	take	VERB
dem-1051	110	12	the	the	DET
dem-1051	110	13	form	form	NOUN
dem-1051	110	14	of	of	ADP
dem-1051	110	15	the	the	DET
dem-1051	110	16	huber	huber	PROPN
dem-1051	110	17	sandwich	sandwich	NOUN
dem-1051	110	18	(	(	PUNCT
dem-1051	110	19	huber	huber	PROPN
dem-1051	110	20	,	,	PUNCT
dem-1051	110	21	1967	1967	NUM
dem-1051	110	22	)	)	PUNCT
dem-1051	110	23	:	:	PUNCT
dem-1051	110	24	(	(	PUNCT
dem-1051	110	25	)	)	PUNCT
dem-1051	110	26	(	(	PUNCT
dem-1051	110	27	)	)	PUNCT
dem-1051	110	28	11)1(,0ˆ	11)1(,0ˆ	PROPN
dem-1051	110	29	−−−→−	−−−→−	PROPN
dem-1051	110	30	ttt	ttt	PROPN
dem-1051	110	31	hjhnt	hjhnt	VERB
dem-1051	110	32	ττττ	ττττ	ADV
dem-1051	110	33	γγ	γγ	PROPN
dem-1051	110	34	,	,	PUNCT
dem-1051	110	35	(	(	PUNCT
dem-1051	110	36	8)	8)	NUM
dem-1051	110	37	where	where	SCONJ
dem-1051	110	38	2	2	NUM
dem-1051	110	39	the	the	DET
dem-1051	110	40	volatility	volatility	NOUN
dem-1051	110	41	estimate	estimate	NOUN
dem-1051	110	42	1ˆ	1ˆ	NOUN
dem-1051	110	43	−tσ	−tσ	NOUN
dem-1051	110	44	refers	refer	VERB
dem-1051	110	45	to	to	ADP
dem-1051	110	46	deseasonalized	deseasonalize	VERB
dem-1051	110	47	returns	return	NOUN
dem-1051	110	48	:	:	PUNCT
dem-1051	110	49	trtt	trtt	PROPN
dem-1051	110	50	srr	srr	PROPN
dem-1051	110	51	,	,	PUNCT
dem-1051	110	52	=	=	PRON
dem-1051	110	53	,	,	PUNCT
dem-1051	110	54	thus	thus	ADV
dem-1051	110	55	it	it	PRON
dem-1051	110	56	accounts	account	VERB
dem-1051	110	57	for	for	ADP
dem-1051	110	58	the	the	DET
dem-1051	110	59	volatility	volatility	NOUN
dem-1051	110	60	left	leave	VERB
dem-1051	110	61	on	on	ADP
dem-1051	110	62	top	top	NOUN
dem-1051	110	63	of	of	ADP
dem-1051	110	64	its	its	PRON
dem-1051	110	65	cyclical	cyclical	ADJ
dem-1051	110	66	behavior	behavior	NOUN
dem-1051	110	67	.	.	PUNCT
dem-1051	111	1	in	in	ADP
dem-1051	111	2	our	our	PRON
dem-1051	111	3	empirical	empirical	ADJ
dem-1051	111	4	application	application	NOUN
dem-1051	111	5	an	an	DET
dem-1051	111	6	intraday	intraday	NOUN
dem-1051	111	7	seasonality	seasonality	NOUN
dem-1051	111	8	factor	factor	NOUN
dem-1051	111	9	trs	trs	PROPN
dem-1051	111	10	,	,	PUNCT
dem-1051	111	11	has	have	AUX
dem-1051	111	12	been	be	AUX
dem-1051	111	13	estimated	estimate	VERB
dem-1051	111	14	with	with	ADP
dem-1051	111	15	the	the	DET
dem-1051	111	16	kernel	kernel	PROPN
dem-1051	111	17	regression	regression	NOUN
dem-1051	111	18	of	of	ADP
dem-1051	111	19	absolute	absolute	ADJ
dem-1051	111	20	returns	return	NOUN
dem-1051	111	21	on	on	ADP
dem-1051	111	22	a	a	DET
dem-1051	111	23	time	time	NOUN
dem-1051	111	24	-	-	PUNCT
dem-1051	111	25	ofday	ofday	NOUN
dem-1051	111	26	variable	variable	NOUN
dem-1051	111	27	.	.	PUNCT
dem-1051	112	1	we	we	PRON
dem-1051	112	2	use	use	VERB
dem-1051	112	3	a	a	DET
dem-1051	112	4	quartic	quartic	ADJ
dem-1051	112	5	kernel	kernel	NOUN
dem-1051	112	6	with	with	ADP
dem-1051	112	7	bandwidth	bandwidth	NOUN
dem-1051	112	8	computed	compute	VERB
dem-1051	112	9	as	as	ADP
dem-1051	112	10	2.78sn	2.78sn	NUM
dem-1051	112	11	-1/5	-1/5	NOUN
dem-1051	112	12	,	,	PUNCT
dem-1051	112	13	where	where	SCONJ
dem-1051	112	14	s	s	NOUN
dem-1051	112	15	is	be	AUX
dem-1051	112	16	the	the	DET
dem-1051	112	17	standard	standard	ADJ
dem-1051	112	18	deviation	deviation	NOUN
dem-1051	112	19	of	of	ADP
dem-1051	112	20	the	the	DET
dem-1051	112	21	data	datum	NOUN
dem-1051	112	22	.	.	PUNCT
dem-1051	113	1	for	for	ADP
dem-1051	113	2	details	detail	NOUN
dem-1051	113	3	regarding	regard	VERB
dem-1051	113	4	the	the	DET
dem-1051	113	5	estimation	estimation	NOUN
dem-1051	113	6	procedure	procedure	NOUN
dem-1051	113	7	please	please	INTJ
dem-1051	113	8	refer	refer	VERB
dem-1051	113	9	to	to	ADP
dem-1051	113	10	(	(	PUNCT
dem-1051	113	11	bauwens	bauwen	NOUN
dem-1051	113	12	and	and	CCONJ
dem-1051	113	13	veredas	vereda	NOUN
dem-1051	113	14	,	,	PUNCT
dem-1051	113	15	2004	2004	NUM
dem-1051	113	16	)	)	PUNCT
dem-1051	113	17	.	.	PUNCT
dem-1051	114	1	an	an	DET
dem-1051	114	2	alternative	alternative	NOUN
dem-1051	114	3	would	would	AUX
dem-1051	114	4	be	be	AUX
dem-1051	114	5	to	to	PART
dem-1051	114	6	estimate	estimate	VERB
dem-1051	114	7	trs	trs	PROPN
dem-1051	114	8	,	,	PUNCT
dem-1051	114	9	by	by	ADP
dem-1051	114	10	means	mean	NOUN
dem-1051	114	11	of	of	ADP
dem-1051	114	12	cubic	cubic	ADJ
dem-1051	114	13	splines	spline	NOUN
dem-1051	114	14	as	as	SCONJ
dem-1051	114	15	suggested	suggest	VERB
dem-1051	114	16	by	by	ADP
dem-1051	114	17	giot	giot	NOUN
dem-1051	114	18	(	(	PUNCT
dem-1051	114	19	2005	2005	NUM
dem-1051	114	20	)	)	PUNCT
dem-1051	114	21	or	or	CCONJ
dem-1051	114	22	by	by	ADP
dem-1051	114	23	means	mean	NOUN
dem-1051	114	24	of	of	ADP
dem-1051	114	25	the	the	DET
dem-1051	114	26	fast	fast	ADJ
dem-1051	114	27	fourier	fourier	NOUN
dem-1051	114	28	form	form	NOUN
dem-1051	114	29	as	as	SCONJ
dem-1051	114	30	suggested	suggest	VERB
dem-1051	114	31	by	by	ADP
dem-1051	114	32	anderson	anderson	PROPN
dem-1051	114	33	and	and	CCONJ
dem-1051	114	34	bollerslev	bollerslev	ADJ
dem-1051	114	35	(	(	PUNCT
dem-1051	114	36	1997	1997	NUM
dem-1051	114	37	)	)	PUNCT
dem-1051	114	38	.	.	PUNCT
dem-1051	115	1	3	3	NUM
dem-1051	115	2	introduction	introduction	NOUN
dem-1051	115	3	of	of	ADP
dem-1051	115	4	the	the	DET
dem-1051	115	5	volatility	volatility	NOUN
dem-1051	115	6	estimate	estimate	NOUN
dem-1051	115	7	into	into	ADP
dem-1051	115	8	the	the	DET
dem-1051	115	9	qr	qr	PROPN
dem-1051	115	10	model	model	NOUN
dem-1051	115	11	for	for	ADP
dem-1051	115	12	financial	financial	ADJ
dem-1051	115	13	returns	return	NOUN
dem-1051	115	14	has	have	AUX
dem-1051	115	15	been	be	AUX
dem-1051	115	16	also	also	ADV
dem-1051	115	17	adapted	adapt	VERB
dem-1051	115	18	in	in	ADP
dem-1051	115	19	taylor	taylor	PROPN
dem-1051	115	20	(	(	PUNCT
dem-1051	115	21	1999	1999	NUM
dem-1051	115	22	)	)	PUNCT
dem-1051	115	23	.	.	PUNCT
dem-1051	116	1	parsimonious	parsimonious	ADJ
dem-1051	116	2	garch(1,1	garch(1,1	NOUN
dem-1051	116	3	)	)	PUNCT
dem-1051	116	4	specification	specification	NOUN
dem-1051	116	5	succeeded	succeed	VERB
dem-1051	116	6	to	to	PART
dem-1051	116	7	depict	depict	VERB
dem-1051	116	8	the	the	DET
dem-1051	116	9	volatility	volatility	NOUN
dem-1051	116	10	clustering	cluster	VERB
dem-1051	116	11	in	in	ADP
dem-1051	116	12	a	a	DET
dem-1051	116	13	satisfactory	satisfactory	ADJ
dem-1051	116	14	way	way	NOUN
dem-1051	116	15	.	.	PUNCT
dem-1051	117	1	katarzyna	katarzyna	PROPN
dem-1051	117	2	bień	bień	PROPN
dem-1051	117	3	-	-	PROPN
dem-1051	117	4	barkowska	barkowska	ADJ
dem-1051	117	5	dynamic	dynamic	ADJ
dem-1051	117	6	econometric	econometric	ADJ
dem-1051	117	7	models	model	NOUN
dem-1051	117	8	12	12	NUM
dem-1051	117	9	(	(	PUNCT
dem-1051	117	10	2012	2012	NUM
dem-1051	117	11	)	)	PUNCT
dem-1051	117	12	35–52	35–52	NUM
dem-1051	118	1	42	42	NUM
dem-1051	118	2	t	t	NOUN
dem-1051	118	3	t	t	PROPN
dem-1051	118	4	t	t	PROPN
dem-1051	118	5	t	t	PROPN
dem-1051	118	6	tt	tt	PROPN
dem-1051	118	7	tj	tj	PROPN
dem-1051	118	8	xx∑	xx∑	PROPN
dem-1051	118	9	=	=	PROPN
dem-1051	118	10	−=	−=	VERB
dem-1051	118	11	1	1	NUM
dem-1051	118	12	1	1	NUM
dem-1051	118	13	and	and	CCONJ
dem-1051	118	14	(	(	PUNCT
dem-1051	118	15	)	)	PUNCT
dem-1051	118	16	)	)	PUNCT
dem-1051	119	1	(	(	PUNCT
dem-1051	119	2	lim	lim	NOUN
dem-1051	119	3	1	1	NUM
dem-1051	119	4	1	1	NUM
dem-1051	119	5	τqfth	τqfth	ADJ
dem-1051	119	6	t	t	NOUN
dem-1051	119	7	t	t	PROPN
dem-1051	119	8	t	t	PROPN
dem-1051	119	9	t	t	PROPN
dem-1051	119	10	t	t	PROPN
dem-1051	119	11	ttt	ttt	PROPN
dem-1051	119	12	xx∑	xx∑	PROPN
dem-1051	119	13	=	=	PUNCT
dem-1051	120	1	−	−	PROPN
dem-1051	120	2	∞→	∞→	ADJ
dem-1051	120	3	=	=	SYM
dem-1051	120	4	(	(	PUNCT
dem-1051	120	5	koenker	koenker	NOUN
dem-1051	120	6	,	,	PUNCT
dem-1051	120	7	2005	2005	NUM
dem-1051	120	8	,	,	PUNCT
dem-1051	120	9	p.	p.	NOUN
dem-1051	120	10	74	74	NUM
dem-1051	120	11	)	)	PUNCT
dem-1051	120	12	.	.	PUNCT
dem-1051	121	1	the	the	DET
dem-1051	121	2	term	term	NOUN
dem-1051	121	3	(	(	PUNCT
dem-1051	121	4	)	)	PUNCT
dem-1051	121	5	)	)	PUNCT
dem-1051	121	6	(	(	PUNCT
dem-1051	121	7	τqft	τqft	PROPN
dem-1051	121	8	denotes	denote	NOUN
dem-1051	121	9	the	the	DET
dem-1051	121	10	conditional	conditional	ADJ
dem-1051	121	11	density	density	NOUN
dem-1051	121	12	of	of	ADP
dem-1051	121	13	tr	tr	VERB
dem-1051	121	14	evaluated	evaluate	VERB
dem-1051	121	15	at	at	ADP
dem-1051	121	16	the	the	DET
dem-1051	121	17	τth	τth	ADJ
dem-1051	121	18	conditional	conditional	PROPN
dem-1051	121	19	quantile	quantile	NOUN
dem-1051	121	20	,	,	PUNCT
dem-1051	121	21	)	)	PUNCT
dem-1051	121	22	(	(	PUNCT
dem-1051	121	23	τq	τq	ADP
dem-1051	121	24	.	.	PUNCT
dem-1051	122	1	in	in	ADP
dem-1051	122	2	order	order	NOUN
dem-1051	122	3	to	to	PART
dem-1051	122	4	estimate	estimate	VERB
dem-1051	122	5	the	the	DET
dem-1051	122	6	matrix	matrix	NOUN
dem-1051	122	7	th	th	X
dem-1051	122	8	,	,	PUNCT
dem-1051	122	9	the	the	DET
dem-1051	122	10	term	term	NOUN
dem-1051	122	11	(	(	PUNCT
dem-1051	122	12	)	)	PUNCT
dem-1051	122	13	)	)	PUNCT
dem-1051	122	14	(	(	PUNCT
dem-1051	122	15	τqft	τqft	PRON
dem-1051	122	16	must	must	AUX
dem-1051	122	17	be	be	AUX
dem-1051	122	18	evaluated	evaluate	VERB
dem-1051	122	19	.	.	PUNCT
dem-1051	123	1	it	it	PRON
dem-1051	123	2	is	be	AUX
dem-1051	123	3	typically	typically	ADV
dem-1051	123	4	replaced	replace	VERB
dem-1051	123	5	by	by	ADP
dem-1051	123	6	its	its	PRON
dem-1051	123	7	consistent	consistent	ADJ
dem-1051	123	8	estimate	estimate	NOUN
dem-1051	123	9	(	(	PUNCT
dem-1051	123	10	)	)	PUNCT
dem-1051	123	11	)	)	PUNCT
dem-1051	124	1	(	(	PUNCT
dem-1051	124	2	ˆ	ˆ	ADV
dem-1051	124	3	τqft	τqft	ADV
dem-1051	124	4	obtained	obtain	VERB
dem-1051	124	5	with	with	ADP
dem-1051	124	6	the	the	DET
dem-1051	124	7	help	help	NOUN
dem-1051	124	8	of	of	ADP
dem-1051	124	9	nonparametric	nonparametric	NOUN
dem-1051	124	10	methods	method	NOUN
dem-1051	124	11	.	.	PUNCT
dem-1051	125	1	koenker	koenker	NOUN
dem-1051	125	2	(	(	PUNCT
dem-1051	125	3	2005	2005	NUM
dem-1051	125	4	,	,	PUNCT
dem-1051	125	5	p.	p.	NOUN
dem-1051	125	6	80	80	NUM
dem-1051	125	7	)	)	PUNCT
dem-1051	125	8	shows	show	VERB
dem-1051	125	9	a	a	DET
dem-1051	125	10	method	method	NOUN
dem-1051	125	11	to	to	PART
dem-1051	125	12	estimate	estimate	VERB
dem-1051	125	13	the	the	DET
dem-1051	125	14	density	density	NOUN
dem-1051	125	15	function	function	NOUN
dem-1051	125	16	evaluated	evaluate	VERB
dem-1051	125	17	at	at	ADP
dem-1051	125	18	a	a	DET
dem-1051	125	19	given	give	VERB
dem-1051	125	20	quantile	quantile	NOUN
dem-1051	125	21	)	)	PUNCT
dem-1051	125	22	(	(	PUNCT
dem-1051	125	23	τq	τq	ADP
dem-1051	125	24	with	with	ADP
dem-1051	125	25	the	the	DET
dem-1051	125	26	help	help	NOUN
dem-1051	125	27	of	of	ADP
dem-1051	125	28	the	the	DET
dem-1051	125	29	sparsity	sparsity	NOUN
dem-1051	125	30	estimation	estimation	NOUN
dem-1051	125	31	methods	method	NOUN
dem-1051	125	32	proposed	propose	VERB
dem-1051	125	33	by	by	ADP
dem-1051	125	34	hendricks	hendrick	NOUN
dem-1051	125	35	and	and	CCONJ
dem-1051	125	36	koenker	koenker	NOUN
dem-1051	125	37	(	(	PUNCT
dem-1051	125	38	1991	1991	NUM
dem-1051	125	39	)	)	PUNCT
dem-1051	125	40	,	,	PUNCT
dem-1051	125	41	(	(	PUNCT
dem-1051	125	42	i.e.	i.e.	X
dem-1051	125	43	,	,	PUNCT
dem-1051	125	44	as	as	ADP
dem-1051	125	45	a	a	DET
dem-1051	125	46	difference	difference	NOUN
dem-1051	125	47	quotient	quotient	NOUN
dem-1051	125	48	)	)	PUNCT
dem-1051	125	49	:	:	PUNCT
dem-1051	125	50	(	(	PUNCT
dem-1051	125	51	)	)	PUNCT
dem-1051	125	52	)	)	PUNCT
dem-1051	126	1	ˆˆ2)(ˆ	ˆˆ2)(ˆ	PROPN
dem-1051	126	2	tt	tt	PROPN
dem-1051	126	3	hh	hh	PROPN
dem-1051	126	4	t	t	PROPN
dem-1051	126	5	ttt	ttt	PROPN
dem-1051	126	6	hqf	hqf	PROPN
dem-1051	126	7	−+	−+	PROPN
dem-1051	126	8	−=	−=	PROPN
dem-1051	126	9	τττ	τττ	PROPN
dem-1051	126	10	γγ(x	γγ(x	X
dem-1051	126	11	,	,	PUNCT
dem-1051	126	12	(	(	PUNCT
dem-1051	126	13	9	9	X
dem-1051	126	14	)	)	PUNCT
dem-1051	126	15	where	where	SCONJ
dem-1051	126	16	th	th	X
dem-1051	126	17	denotes	denote	VERB
dem-1051	126	18	a	a	DET
dem-1051	126	19	bandwidth	bandwidth	NOUN
dem-1051	126	20	(	(	PUNCT
dem-1051	126	21	0lim	0lim	NUM
dem-1051	126	22	=	=	PUNCT
dem-1051	126	23	∞→	∞→	ADJ
dem-1051	126	24	tt	tt	PROPN
dem-1051	126	25	h	h	NOUN
dem-1051	126	26	)	)	PUNCT
dem-1051	126	27	;	;	PUNCT
dem-1051	126	28	selecting	select	VERB
dem-1051	126	29	the	the	DET
dem-1051	126	30	proper	proper	ADJ
dem-1051	126	31	bandwidth	bandwidth	NOUN
dem-1051	126	32	is	be	AUX
dem-1051	126	33	discussed	discuss	VERB
dem-1051	126	34	by	by	ADP
dem-1051	126	35	koenker	koenker	NOUN
dem-1051	126	36	(	(	PUNCT
dem-1051	126	37	2005	2005	NUM
dem-1051	126	38	,	,	PUNCT
dem-1051	126	39	p.	p.	NOUN
dem-1051	126	40	139	139	NUM
dem-1051	126	41	-	-	SYM
dem-1051	126	42	140	140	NUM
dem-1051	126	43	)	)	PUNCT
dem-1051	126	44	.	.	PUNCT
dem-1051	127	1	another	another	DET
dem-1051	127	2	possibility	possibility	NOUN
dem-1051	127	3	for	for	ADP
dem-1051	127	4	the	the	DET
dem-1051	127	5	covariance	covariance	NOUN
dem-1051	127	6	matrix	matrix	NOUN
dem-1051	127	7	estimation	estimation	NOUN
dem-1051	127	8	,	,	PUNCT
dem-1051	127	9	known	know	VERB
dem-1051	127	10	as	as	ADP
dem-1051	127	11	a	a	DET
dem-1051	127	12	powell	powell	PROPN
dem-1051	127	13	sandwich	sandwich	NOUN
dem-1051	127	14	,	,	PUNCT
dem-1051	127	15	would	would	AUX
dem-1051	127	16	be	be	AUX
dem-1051	127	17	to	to	PART
dem-1051	127	18	estimate	estimate	VERB
dem-1051	127	19	th	th	X
dem-1051	127	20	via	via	ADP
dem-1051	127	21	kernel	kernel	PROPN
dem-1051	127	22	estimation	estimation	PROPN
dem-1051	127	23	:	:	PUNCT
dem-1051	127	24	t	t	PROPN
dem-1051	127	25	ttt	ttt	PROPN
dem-1051	127	26	t	t	PROPN
dem-1051	127	27	tttt	tttt	PROPN
dem-1051	127	28	hrknhh	hrknhh	PROPN
dem-1051	127	29	xxγx	xxγx	PROPN
dem-1051	127	30	)	)	PUNCT
dem-1051	127	31	(	(	PUNCT
dem-1051	127	32	)	)	PUNCT
dem-1051	127	33	(	(	PUNCT
dem-1051	127	34	ˆ	ˆ	NOUN
dem-1051	127	35	1	1	NUM
dem-1051	127	36	−=	−=	NOUN
dem-1051	127	37	∑−	∑−	NUM
dem-1051	127	38	,	,	PUNCT
dem-1051	127	39	(	(	PUNCT
dem-1051	127	40	10	10	NUM
dem-1051	127	41	)	)	PUNCT
dem-1051	127	42	where	where	SCONJ
dem-1051	127	43	)	)	PUNCT
dem-1051	127	44	(	(	PUNCT
dem-1051	127	45	⋅k	⋅k	VERB
dem-1051	127	46	denotes	denote	VERB
dem-1051	127	47	a	a	DET
dem-1051	127	48	proper	proper	ADJ
dem-1051	127	49	kernel	kernel	NOUN
dem-1051	127	50	function	function	NOUN
dem-1051	127	51	(	(	PUNCT
dem-1051	127	52	e.g.	e.g.	ADV
dem-1051	127	53	,	,	PUNCT
dem-1051	127	54	powell	powell	PROPN
dem-1051	127	55	kernel	kernel	PROPN
dem-1051	127	56	)	)	PUNCT
dem-1051	127	57	(	(	PUNCT
dem-1051	127	58	c.f	c.f	PROPN
dem-1051	127	59	.	.	PROPN
dem-1051	127	60	,	,	PUNCT
dem-1051	127	61	koenker	koenker	NOUN
dem-1051	127	62	,	,	PUNCT
dem-1051	127	63	2005	2005	NUM
dem-1051	127	64	,	,	PUNCT
dem-1051	127	65	p.	p.	NOUN
dem-1051	127	66	80	80	NUM
dem-1051	127	67	)	)	PUNCT
dem-1051	127	68	.	.	PUNCT
dem-1051	128	1	2	2	X
dem-1051	128	2	.	.	X
dem-1051	128	3	empirical	empirical	ADJ
dem-1051	128	4	results	result	NOUN
dem-1051	128	5	2.1	2.1	NUM
dem-1051	128	6	.	.	PUNCT
dem-1051	128	7	data	datum	NOUN
dem-1051	128	8	an	an	DET
dem-1051	128	9	empirical	empirical	ADJ
dem-1051	128	10	study	study	NOUN
dem-1051	128	11	of	of	ADP
dem-1051	128	12	the	the	DET
dem-1051	128	13	volume	volume	NOUN
dem-1051	128	14	-	-	PUNCT
dem-1051	128	15	return	return	NOUN
dem-1051	128	16	relationship	relationship	NOUN
dem-1051	128	17	has	have	AUX
dem-1051	128	18	been	be	AUX
dem-1051	128	19	performed	perform	VERB
dem-1051	128	20	with	with	ADP
dem-1051	128	21	trade	trade	NOUN
dem-1051	128	22	data	datum	NOUN
dem-1051	128	23	from	from	ADP
dem-1051	128	24	the	the	DET
dem-1051	128	25	reuters	reuter	NOUN
dem-1051	128	26	dealing	deal	VERB
dem-1051	128	27	3000	3000	NUM
dem-1051	128	28	spot	spot	NOUN
dem-1051	128	29	matching	matching	NOUN
dem-1051	128	30	system	system	NOUN
dem-1051	128	31	.	.	PUNCT
dem-1051	129	1	this	this	PRON
dem-1051	129	2	is	be	AUX
dem-1051	129	3	a	a	DET
dem-1051	129	4	liquid	liquid	ADJ
dem-1051	129	5	electronic	electronic	ADJ
dem-1051	129	6	brokerage	brokerage	NOUN
dem-1051	129	7	system	system	NOUN
dem-1051	129	8	that	that	PRON
dem-1051	129	9	operates	operate	VERB
dem-1051	129	10	as	as	ADP
dem-1051	129	11	an	an	DET
dem-1051	129	12	order	order	NOUN
dem-1051	129	13	-	-	PUNCT
dem-1051	129	14	driven	drive	VERB
dem-1051	129	15	market	market	NOUN
dem-1051	129	16	.	.	PUNCT
dem-1051	130	1	it	it	PRON
dem-1051	130	2	can	can	AUX
dem-1051	130	3	be	be	AUX
dem-1051	130	4	estimated	estimate	VERB
dem-1051	130	5	that	that	SCONJ
dem-1051	130	6	trading	trading	NOUN
dem-1051	130	7	with	with	ADP
dem-1051	130	8	the	the	DET
dem-1051	130	9	reuters	reuters	NOUN
dem-1051	130	10	dealing	deal	VERB
dem-1051	130	11	3000	3000	NUM
dem-1051	130	12	spot	spot	NOUN
dem-1051	130	13	matching	matching	NOUN
dem-1051	130	14	system	system	NOUN
dem-1051	130	15	accounts	account	VERB
dem-1051	130	16	for	for	ADP
dem-1051	130	17	about	about	ADV
dem-1051	130	18	60	60	NUM
dem-1051	130	19	%	%	NOUN
dem-1051	130	20	of	of	ADP
dem-1051	130	21	all	all	DET
dem-1051	130	22	interbank	interbank	NOUN
dem-1051	130	23	spot	spot	NOUN
dem-1051	130	24	transactions	transaction	NOUN
dem-1051	130	25	in	in	ADP
dem-1051	130	26	the	the	DET
dem-1051	130	27	polish	polish	ADJ
dem-1051	130	28	zloty	zloty	NOUN
dem-1051	130	29	market	market	NOUN
dem-1051	130	30	in	in	ADP
dem-1051	130	31	20084	20084	NUM
dem-1051	130	32	.	.	PUNCT
dem-1051	131	1	the	the	DET
dem-1051	131	2	data	datum	NOUN
dem-1051	131	3	utilized	utilize	VERB
dem-1051	131	4	is	be	AUX
dem-1051	131	5	comprised	comprise	VERB
dem-1051	131	6	of	of	ADP
dem-1051	131	7	transactions	transaction	NOUN
dem-1051	131	8	conducted	conduct	VERB
dem-1051	131	9	between	between	ADP
dem-1051	131	10	januaryjune	januaryjune	PROPN
dem-1051	131	11	2008	2008	NUM
dem-1051	131	12	with	with	ADP
dem-1051	131	13	respect	respect	NOUN
dem-1051	131	14	to	to	ADP
dem-1051	131	15	the	the	DET
dem-1051	131	16	eur	eur	PROPN
dem-1051	131	17	/	/	SYM
dem-1051	131	18	pln	pln	PROPN
dem-1051	131	19	currency	currency	NOUN
dem-1051	131	20	pair	pair	NOUN
dem-1051	131	21	.	.	PUNCT
dem-1051	132	1	the	the	DET
dem-1051	132	2	eur	eur	PROPN
dem-1051	132	3	/	/	SYM
dem-1051	132	4	pln	pln	PROPN
dem-1051	132	5	exchange	exchange	NOUN
dem-1051	132	6	rate	rate	NOUN
dem-1051	132	7	is	be	AUX
dem-1051	132	8	quoted	quote	VERB
dem-1051	132	9	as	as	ADP
dem-1051	132	10	a	a	DET
dem-1051	132	11	quantity	quantity	NOUN
dem-1051	132	12	of	of	ADP
dem-1051	132	13	zlotys	zloty	NOUN
dem-1051	132	14	per	per	ADP
dem-1051	132	15	one	one	NUM
dem-1051	132	16	euro	euro	NOUN
dem-1051	132	17	.	.	PUNCT
dem-1051	133	1	during	during	ADP
dem-1051	133	2	the	the	DET
dem-1051	133	3	period	period	NOUN
dem-1051	133	4	of	of	ADP
dem-1051	133	5	study	study	NOUN
dem-1051	133	6	the	the	DET
dem-1051	133	7	zloty	zloty	NOUN
dem-1051	133	8	followed	follow	VERB
dem-1051	133	9	an	an	DET
dem-1051	133	10	appreciating	appreciate	VERB
dem-1051	133	11	trend	trend	NOUN
dem-1051	133	12	with	with	ADP
dem-1051	133	13	respect	respect	NOUN
dem-1051	133	14	to	to	ADP
dem-1051	133	15	the	the	DET
dem-1051	133	16	euro	euro	NOUN
dem-1051	133	17	.	.	PUNCT
dem-1051	134	1	each	each	DET
dem-1051	134	2	transaction	transaction	NOUN
dem-1051	134	3	is	be	AUX
dem-1051	134	4	marked	mark	VERB
dem-1051	134	5	with	with	ADP
dem-1051	134	6	the	the	DET
dem-1051	134	7	date	date	NOUN
dem-1051	134	8	,	,	PUNCT
dem-1051	134	9	the	the	DET
dem-1051	134	10	exact	exact	ADJ
dem-1051	134	11	time	time	NOUN
dem-1051	134	12	,	,	PUNCT
dem-1051	134	13	the	the	DET
dem-1051	134	14	rate	rate	NOUN
dem-1051	134	15	and	and	CCONJ
dem-1051	134	16	the	the	DET
dem-1051	134	17	quantity	quantity	NOUN
dem-1051	134	18	(	(	PUNCT
dem-1051	134	19	in	in	ADP
dem-1051	134	20	mil	mil	NOUN
dem-1051	134	21	4	4	NUM
dem-1051	134	22	trading	trading	NOUN
dem-1051	134	23	of	of	ADP
dem-1051	134	24	the	the	DET
dem-1051	134	25	polish	polish	ADJ
dem-1051	134	26	zloty	zloty	NOUN
dem-1051	134	27	takes	take	VERB
dem-1051	134	28	place	place	NOUN
dem-1051	134	29	on	on	ADP
dem-1051	134	30	offshore	offshore	ADJ
dem-1051	134	31	markets	market	NOUN
dem-1051	134	32	(	(	PUNCT
dem-1051	134	33	mainly	mainly	ADV
dem-1051	134	34	between	between	ADP
dem-1051	134	35	london	london	PROPN
dem-1051	134	36	banks	bank	NOUN
dem-1051	134	37	)	)	PUNCT
dem-1051	134	38	as	as	ADV
dem-1051	134	39	well	well	ADV
dem-1051	134	40	as	as	ADP
dem-1051	134	41	locally	locally	ADV
dem-1051	134	42	in	in	ADP
dem-1051	134	43	poland	poland	PROPN
dem-1051	134	44	.	.	PUNCT
dem-1051	135	1	the	the	DET
dem-1051	135	2	datasets	dataset	NOUN
dem-1051	135	3	used	use	VERB
dem-1051	135	4	in	in	ADP
dem-1051	135	5	this	this	DET
dem-1051	135	6	analysis	analysis	NOUN
dem-1051	135	7	take	take	VERB
dem-1051	135	8	into	into	ADP
dem-1051	135	9	account	account	NOUN
dem-1051	135	10	both	both	PRON
dem-1051	135	11	of	of	ADP
dem-1051	135	12	these	these	DET
dem-1051	135	13	trading	trading	NOUN
dem-1051	135	14	venues	venue	NOUN
dem-1051	135	15	.	.	PUNCT
dem-1051	136	1	“	"	PUNCT
dem-1051	136	2	does	do	AUX
dem-1051	136	3	it	it	PRON
dem-1051	136	4	take	take	VERB
dem-1051	136	5	volume	volume	NOUN
dem-1051	136	6	to	to	PART
dem-1051	136	7	move	move	VERB
dem-1051	136	8	the	the	DET
dem-1051	136	9	eur	eur	PROPN
dem-1051	136	10	/	/	SYM
dem-1051	136	11	pln	pln	PROPN
dem-1051	136	12	fx	fx	PROPN
dem-1051	136	13	rates	rate	NOUN
dem-1051	136	14	?	?	PUNCT
dem-1051	136	15	”	"	PUNCT
dem-1051	137	1	…	…	PUNCT
dem-1051	137	2	dynamic	dynamic	ADJ
dem-1051	137	3	econometric	econometric	ADJ
dem-1051	137	4	models	model	NOUN
dem-1051	137	5	12	12	NUM
dem-1051	137	6	(	(	PUNCT
dem-1051	137	7	2012	2012	NUM
dem-1051	137	8	)	)	PUNCT
dem-1051	137	9	35–52	35–52	NUM
dem-1051	137	10	43	43	NUM
dem-1051	137	11	lions	lion	NOUN
dem-1051	137	12	)	)	PUNCT
dem-1051	137	13	of	of	ADP
dem-1051	137	14	eur	eur	PROPN
dem-1051	137	15	.	.	PUNCT
dem-1051	138	1	trading	trade	VERB
dem-1051	138	2	on	on	ADP
dem-1051	138	3	the	the	DET
dem-1051	138	4	interbank	interbank	NOUN
dem-1051	138	5	market	market	NOUN
dem-1051	138	6	is	be	AUX
dem-1051	138	7	heavily	heavily	ADV
dem-1051	138	8	concentrated	concentrated	ADJ
dem-1051	138	9	on	on	ADP
dem-1051	138	10	business	business	NOUN
dem-1051	138	11	days	day	NOUN
dem-1051	138	12	between	between	ADP
dem-1051	138	13	the	the	DET
dem-1051	138	14	hours	hour	NOUN
dem-1051	138	15	of	of	ADP
dem-1051	138	16	8:00	8:00	NUM
dem-1051	138	17	and	and	CCONJ
dem-1051	138	18	18:00	18:00	NUM
dem-1051	138	19	central	central	ADJ
dem-1051	138	20	european	european	ADJ
dem-1051	138	21	time	time	NOUN
dem-1051	138	22	(	(	PUNCT
dem-1051	138	23	cet	cet	PROPN
dem-1051	138	24	)	)	PUNCT
dem-1051	138	25	.	.	PUNCT
dem-1051	139	1	in	in	ADP
dem-1051	139	2	order	order	NOUN
dem-1051	139	3	to	to	PART
dem-1051	139	4	limit	limit	VERB
dem-1051	139	5	the	the	DET
dem-1051	139	6	undesired	undesired	ADJ
dem-1051	139	7	impact	impact	NOUN
dem-1051	139	8	of	of	ADP
dem-1051	139	9	particularly	particularly	ADV
dem-1051	139	10	thin	thin	ADJ
dem-1051	139	11	trading	trading	NOUN
dem-1051	139	12	periods	period	NOUN
dem-1051	139	13	we	we	PRON
dem-1051	139	14	have	have	AUX
dem-1051	139	15	excluded	exclude	VERB
dem-1051	139	16	observations	observation	NOUN
dem-1051	139	17	registered	register	VERB
dem-1051	139	18	on	on	ADP
dem-1051	139	19	weekends	weekend	NOUN
dem-1051	139	20	and	and	CCONJ
dem-1051	139	21	on	on	ADP
dem-1051	139	22	business	business	NOUN
dem-1051	139	23	days	day	NOUN
dem-1051	139	24	between	between	ADP
dem-1051	139	25	the	the	DET
dem-1051	139	26	hours	hour	NOUN
dem-1051	139	27	of	of	ADP
dem-1051	139	28	18:00	18:00	NUM
dem-1051	139	29	and	and	CCONJ
dem-1051	139	30	8:00	8:00	NUM
dem-1051	139	31	cet	cet	PROPN
dem-1051	139	32	.	.	PUNCT
dem-1051	140	1	we	we	PRON
dem-1051	140	2	have	have	AUX
dem-1051	140	3	also	also	ADV
dem-1051	140	4	excluded	exclude	VERB
dem-1051	140	5	days	day	NOUN
dem-1051	140	6	with	with	ADP
dem-1051	140	7	exceptionally	exceptionally	ADV
dem-1051	140	8	low	low	ADJ
dem-1051	140	9	liquidity	liquidity	NOUN
dem-1051	140	10	due	due	ADP
dem-1051	140	11	to	to	ADP
dem-1051	140	12	national	national	ADJ
dem-1051	140	13	holidays	holiday	NOUN
dem-1051	140	14	.	.	PUNCT
dem-1051	141	1	for	for	ADP
dem-1051	141	2	data	datum	NOUN
dem-1051	141	3	aggregated	aggregate	VERB
dem-1051	141	4	in	in	ADP
dem-1051	141	5	a	a	DET
dem-1051	141	6	15minute	15minute	NUM
dem-1051	141	7	frequency	frequency	NOUN
dem-1051	141	8	,	,	PUNCT
dem-1051	141	9	we	we	PRON
dem-1051	141	10	define	define	VERB
dem-1051	141	11	the	the	DET
dem-1051	141	12	following	following	ADJ
dem-1051	141	13	variables	variable	NOUN
dem-1051	141	14	:	:	PUNCT
dem-1051	141	15	(	(	PUNCT
dem-1051	141	16	1	1	X
dem-1051	141	17	)	)	PUNCT
dem-1051	141	18	tvol	tvol	NOUN
dem-1051	141	19	is	be	AUX
dem-1051	141	20	the	the	DET
dem-1051	141	21	trading	trading	NOUN
dem-1051	141	22	volume	volume	NOUN
dem-1051	141	23	(	(	PUNCT
dem-1051	141	24	turnover	turnover	NOUN
dem-1051	141	25	)	)	PUNCT
dem-1051	141	26	between	between	ADP
dem-1051	141	27	the	the	DET
dem-1051	141	28	moments	moment	NOUN
dem-1051	141	29	t	t	PROPN
dem-1051	141	30	and	and	CCONJ
dem-1051	141	31	1−t	1−t	NUM
dem-1051	141	32	,	,	PUNCT
dem-1051	141	33	expressed	express	VERB
dem-1051	141	34	in	in	ADP
dem-1051	141	35	m.	m.	PROPN
dem-1051	141	36	eur	eur	PROPN
dem-1051	141	37	,	,	PUNCT
dem-1051	141	38	and	and	CCONJ
dem-1051	141	39	(	(	PUNCT
dem-1051	141	40	2	2	X
dem-1051	141	41	)	)	PUNCT
dem-1051	141	42	tr	tr	VERB
dem-1051	141	43	is	be	AUX
dem-1051	141	44	the	the	DET
dem-1051	141	45	logarithmic	logarithmic	ADJ
dem-1051	141	46	rate	rate	NOUN
dem-1051	141	47	of	of	ADP
dem-1051	141	48	return	return	NOUN
dem-1051	141	49	on	on	ADP
dem-1051	141	50	the	the	DET
dem-1051	141	51	eur	eur	PROPN
dem-1051	141	52	/	/	SYM
dem-1051	141	53	pln	pln	PROPN
dem-1051	141	54	exchange	exchange	NOUN
dem-1051	141	55	rate	rate	NOUN
dem-1051	141	56	defined	define	VERB
dem-1051	141	57	as	as	ADP
dem-1051	141	58	4	4	NUM
dem-1051	141	59	1	1	NUM
dem-1051	141	60	10))()((=	10))()((=	NUM
dem-1051	141	61	⋅−	⋅−	NOUN
dem-1051	141	62	−	−	NOUN
dem-1051	141	63	m	m	PROPN
dem-1051	141	64	t	t	PROPN
dem-1051	141	65	m	m	VERB
dem-1051	141	66	tt	tt	NOUN
dem-1051	141	67	plnplnr	plnplnr	NOUN
dem-1051	141	68	where	where	SCONJ
dem-1051	141	69	m	m	VERB
dem-1051	141	70	tp	tp	VERB
dem-1051	141	71	denotes	denote	VERB
dem-1051	141	72	the	the	DET
dem-1051	141	73	mid	mid	ADJ
dem-1051	141	74	price	price	NOUN
dem-1051	141	75	.	.	PUNCT
dem-1051	142	1	the	the	DET
dem-1051	142	2	data	datum	NOUN
dem-1051	142	3	frequency	frequency	NOUN
dem-1051	142	4	is	be	AUX
dem-1051	142	5	chosen	choose	VERB
dem-1051	142	6	as	as	ADP
dem-1051	142	7	a	a	DET
dem-1051	142	8	compromise	compromise	NOUN
dem-1051	142	9	between	between	ADP
dem-1051	142	10	the	the	DET
dem-1051	142	11	need	need	NOUN
dem-1051	142	12	for	for	ADP
dem-1051	142	13	observing	observe	VERB
dem-1051	142	14	the	the	DET
dem-1051	142	15	intraday	intraday	NOUN
dem-1051	142	16	instantaneous	instantaneous	ADJ
dem-1051	142	17	fluctuation	fluctuation	NOUN
dem-1051	142	18	of	of	ADP
dem-1051	142	19	selected	select	VERB
dem-1051	142	20	market	market	NOUN
dem-1051	142	21	characteristics	characteristic	NOUN
dem-1051	142	22	and	and	CCONJ
dem-1051	142	23	the	the	DET
dem-1051	142	24	necessity	necessity	NOUN
dem-1051	142	25	of	of	ADP
dem-1051	142	26	avoiding	avoid	VERB
dem-1051	142	27	distorted	distorted	ADJ
dem-1051	142	28	results	result	NOUN
dem-1051	142	29	due	due	ADP
dem-1051	142	30	to	to	ADP
dem-1051	142	31	the	the	DET
dem-1051	142	32	effects	effect	NOUN
dem-1051	142	33	of	of	ADP
dem-1051	142	34	slow	slow	ADJ
dem-1051	142	35	trading	trading	NOUN
dem-1051	142	36	periods	period	NOUN
dem-1051	142	37	.	.	PUNCT
dem-1051	143	1	because	because	SCONJ
dem-1051	143	2	trading	trading	NOUN
dem-1051	143	3	volume	volume	NOUN
dem-1051	143	4	demonstrates	demonstrate	VERB
dem-1051	143	5	strong	strong	ADJ
dem-1051	143	6	intraday	intraday	NOUN
dem-1051	143	7	seasonality	seasonality	NOUN
dem-1051	143	8	we	we	PRON
dem-1051	143	9	have	have	AUX
dem-1051	143	10	divided	divide	VERB
dem-1051	143	11	the	the	DET
dem-1051	143	12	volume	volume	NOUN
dem-1051	143	13	variable	variable	NOUN
dem-1051	143	14	by	by	ADP
dem-1051	143	15	the	the	DET
dem-1051	143	16	corresponding	corresponding	ADJ
dem-1051	143	17	seasonality	seasonality	NOUN
dem-1051	143	18	component	component	NOUN
dem-1051	143	19	:	:	PUNCT
dem-1051	143	20	tt	tt	PROPN
dem-1051	143	21	svolvol	svolvol	NOUN
dem-1051	143	22	=	=	PUNCT
dem-1051	143	23	.	.	PUNCT
dem-1051	144	1	as	as	SCONJ
dem-1051	144	2	suggested	suggest	VERB
dem-1051	144	3	by	by	ADP
dem-1051	144	4	bauwens	bauwen	NOUN
dem-1051	144	5	and	and	CCONJ
dem-1051	144	6	veredas	veredas	PROPN
dem-1051	144	7	(	(	PUNCT
dem-1051	144	8	2004	2004	NUM
dem-1051	144	9	)	)	PUNCT
dem-1051	144	10	,	,	PUNCT
dem-1051	144	11	the	the	DET
dem-1051	144	12	intraday	intraday	NOUN
dem-1051	144	13	seasonality	seasonality	NOUN
dem-1051	144	14	factor	factor	NOUN
dem-1051	144	15	ts	ts	ADV
dem-1051	144	16	has	have	AUX
dem-1051	144	17	been	be	AUX
dem-1051	144	18	estimated	estimate	VERB
dem-1051	144	19	using	use	VERB
dem-1051	144	20	the	the	DET
dem-1051	144	21	kernel	kernel	PROPN
dem-1051	144	22	regression	regression	NOUN
dem-1051	144	23	of	of	ADP
dem-1051	144	24	tvol	tvol	NOUN
dem-1051	144	25	on	on	ADP
dem-1051	144	26	a	a	DET
dem-1051	144	27	time	time	NOUN
dem-1051	144	28	-	-	PUNCT
dem-1051	144	29	of	of	ADP
dem-1051	144	30	-	-	PUNCT
dem-1051	144	31	day	day	NOUN
dem-1051	144	32	variable5	variable5	PROPN
dem-1051	144	33	.	.	PUNCT
dem-1051	145	1	estimation	estimation	NOUN
dem-1051	145	2	of	of	ADP
dem-1051	145	3	the	the	DET
dem-1051	145	4	burr	burr	NOUN
dem-1051	145	5	-	-	PUNCT
dem-1051	145	6	acd	acd	NOUN
dem-1051	145	7	models6	models6	NOUN
dem-1051	145	8	has	have	AUX
dem-1051	145	9	been	be	AUX
dem-1051	145	10	performed	perform	VERB
dem-1051	145	11	on	on	ADP
dem-1051	145	12	a	a	DET
dem-1051	145	13	diurnally	diurnally	ADV
dem-1051	145	14	adjusted	adjust	VERB
dem-1051	145	15	series7	series7	PROPN
dem-1051	145	16	.	.	PUNCT
dem-1051	146	1	with	with	ADP
dem-1051	146	2	the	the	DET
dem-1051	146	3	obtained	obtain	VERB
dem-1051	146	4	parameter	parameter	NOUN
dem-1051	146	5	estimates	estimate	NOUN
dem-1051	146	6	we	we	PRON
dem-1051	146	7	defined	define	VERB
dem-1051	146	8	the	the	DET
dem-1051	146	9	expected	expect	VERB
dem-1051	146	10	and	and	CCONJ
dem-1051	146	11	the	the	DET
dem-1051	146	12	unexpected	unexpected	ADJ
dem-1051	146	13	volume	volume	NOUN
dem-1051	146	14	variables	variable	NOUN
dem-1051	146	15	.	.	PUNCT
dem-1051	147	1	as	as	SCONJ
dem-1051	147	2	can	can	AUX
dem-1051	147	3	be	be	AUX
dem-1051	147	4	observed	observe	VERB
dem-1051	147	5	in	in	ADP
dem-1051	147	6	figure	figure	NOUN
dem-1051	147	7	1	1	NUM
dem-1051	147	8	,	,	PUNCT
dem-1051	147	9	the	the	DET
dem-1051	147	10	expected	expect	VERB
dem-1051	147	11	trading	trading	NOUN
dem-1051	147	12	volume	volume	NOUN
dem-1051	147	13	reflects	reflect	VERB
dem-1051	147	14	forcastable	forcastable	ADJ
dem-1051	147	15	fluctuations	fluctuation	NOUN
dem-1051	147	16	in	in	ADP
dem-1051	147	17	the	the	DET
dem-1051	147	18	trading	trading	NOUN
dem-1051	147	19	turnover	turnover	NOUN
dem-1051	147	20	whereas	whereas	SCONJ
dem-1051	147	21	the	the	DET
dem-1051	147	22	unexpected	unexpected	ADJ
dem-1051	147	23	volume	volume	NOUN
dem-1051	147	24	reflects	reflect	VERB
dem-1051	147	25	unanticipated	unanticipated	ADJ
dem-1051	147	26	volume	volume	NOUN
dem-1051	147	27	shocks	shock	NOUN
dem-1051	147	28	.	.	PUNCT
dem-1051	148	1	2.2	2.2	NUM
dem-1051	148	2	.	.	PUNCT
dem-1051	149	1	modeling	model	VERB
dem-1051	149	2	the	the	DET
dem-1051	149	3	volume	volume	NOUN
dem-1051	149	4	-	-	PUNCT
dem-1051	149	5	return	return	NOUN
dem-1051	149	6	relationship	relationship	NOUN
dem-1051	149	7	with	with	ADP
dem-1051	149	8	the	the	DET
dem-1051	149	9	qr	qr	NOUN
dem-1051	149	10	in	in	ADP
dem-1051	149	11	order	order	NOUN
dem-1051	149	12	to	to	PART
dem-1051	149	13	obtain	obtain	VERB
dem-1051	149	14	an	an	DET
dem-1051	149	15	intuitive	intuitive	ADJ
dem-1051	149	16	picture	picture	NOUN
dem-1051	149	17	of	of	ADP
dem-1051	149	18	the	the	DET
dem-1051	149	19	relationship	relationship	NOUN
dem-1051	149	20	between	between	ADP
dem-1051	149	21	distinct	distinct	ADJ
dem-1051	149	22	explanatory	explanatory	ADJ
dem-1051	149	23	variables	variable	NOUN
dem-1051	149	24	and	and	CCONJ
dem-1051	149	25	eur	eur	PROPN
dem-1051	149	26	/	/	SYM
dem-1051	149	27	pln	pln	PROPN
dem-1051	149	28	return	return	NOUN
dem-1051	149	29	distribution	distribution	NOUN
dem-1051	149	30	,	,	PUNCT
dem-1051	149	31	in	in	ADP
dem-1051	149	32	figure	figure	NOUN
dem-1051	149	33	2	2	NUM
dem-1051	149	34	we	we	PRON
dem-1051	149	35	depict	depict	VERB
dem-1051	149	36	preliminary	preliminary	ADJ
dem-1051	149	37	univariate	univariate	ADJ
dem-1051	149	38	quantile	quantile	ADJ
dem-1051	149	39	regressions	regression	NOUN
dem-1051	149	40	.	.	PUNCT
dem-1051	150	1	in	in	ADP
dem-1051	150	2	the	the	DET
dem-1051	150	3	left	left	ADJ
dem-1051	150	4	upper	upper	ADJ
dem-1051	150	5	corner	corner	NOUN
dem-1051	150	6	of	of	ADP
dem-1051	150	7	figure	figure	NOUN
dem-1051	150	8	2	2	NUM
dem-1051	150	9	we	we	PRON
dem-1051	150	10	present	present	VERB
dem-1051	150	11	a	a	DET
dem-1051	150	12	scatter	scatter	NOUN
dem-1051	150	13	plot	plot	NOUN
dem-1051	150	14	of	of	ADP
dem-1051	150	15	(	(	PUNCT
dem-1051	150	16	ttun	ttun	ADJ
dem-1051	150	17	rvol	rvol	NOUN
dem-1051	150	18	,	,	PUNCT
dem-1051	150	19	exp	exp	NOUN
dem-1051	150	20	,	,	PUNCT
dem-1051	150	21	)	)	PUNCT
dem-1051	150	22	,	,	PUNCT
dem-1051	150	23	as	as	ADV
dem-1051	150	24	well	well	ADV
dem-1051	150	25	as	as	ADP
dem-1051	150	26	the	the	DET
dem-1051	150	27	conditional	conditional	ADJ
dem-1051	150	28	quantile	quantile	NOUN
dem-1051	150	29	estimates	estimate	NOUN
dem-1051	150	30	,	,	PUNCT
dem-1051	150	31	tuntunr	tuntunr	NOUN
dem-1051	150	32	volvolq	volvolq	ADJ
dem-1051	150	33	t	t	PROPN
dem-1051	150	34	exp,,1,0exp	exp,,1,0exp	PROPN
dem-1051	150	35	,	,	PUNCT
dem-1051	150	36	ˆˆ=)|(ˆ	ˆˆ=)|(ˆ	PROPN
dem-1051	150	37	ττ	ττ	PROPN
dem-1051	150	38	λλτ	λλτ	PROPN
dem-1051	151	1	+	+	CCONJ
dem-1051	151	2	,	,	PUNCT
dem-1051	151	3	for	for	ADP
dem-1051	151	4	some	some	DET
dem-1051	151	5	selected	select	VERB
dem-1051	151	6	probability	probability	NOUN
dem-1051	151	7	levels	level	NOUN
dem-1051	151	8	:	:	PUNCT
dem-1051	151	9	{	{	PUNCT
dem-1051	151	10	}	}	PUNCT
dem-1051	151	11	99.0;95.0;9.0;75.0;5.0;25.0;1.0;05.0;01.0∈τ	99.0;95.0;9.0;75.0;5.0;25.0;1.0;05.0;01.0∈τ	NUM
dem-1051	151	12	.	.	PUNCT
dem-1051	152	1	the	the	DET
dem-1051	152	2	most	most	ADV
dem-1051	152	3	striking	striking	ADJ
dem-1051	152	4	observation	observation	NOUN
dem-1051	152	5	is	be	AUX
dem-1051	152	6	a	a	DET
dem-1051	152	7	strong	strong	ADJ
dem-1051	152	8	positive	positive	ADJ
dem-1051	152	9	relationship	relationship	NOUN
dem-1051	152	10	between	between	ADP
dem-1051	152	11	the	the	DET
dem-1051	152	12	unexpected	unexpected	ADJ
dem-1051	152	13	trading	trading	NOUN
dem-1051	152	14	volume	volume	NOUN
dem-1051	152	15	5	5	NUM
dem-1051	152	16	we	we	PRON
dem-1051	152	17	use	use	VERB
dem-1051	152	18	a	a	DET
dem-1051	152	19	quartic	quartic	ADJ
dem-1051	152	20	kernel	kernel	NOUN
dem-1051	152	21	with	with	ADP
dem-1051	152	22	bandwidth	bandwidth	NOUN
dem-1051	152	23	computed	compute	VERB
dem-1051	152	24	as	as	ADP
dem-1051	152	25	2.78sn	2.78sn	NUM
dem-1051	152	26	-1/5	-1/5	NOUN
dem-1051	152	27	,	,	PUNCT
dem-1051	152	28	where	where	SCONJ
dem-1051	152	29	s	s	NOUN
dem-1051	152	30	is	be	AUX
dem-1051	152	31	the	the	DET
dem-1051	152	32	standard	standard	ADJ
dem-1051	152	33	deviation	deviation	NOUN
dem-1051	152	34	of	of	ADP
dem-1051	152	35	the	the	DET
dem-1051	152	36	data	datum	NOUN
dem-1051	152	37	.	.	PUNCT
dem-1051	153	1	6	6	NUM
dem-1051	153	2	estimation	estimation	NOUN
dem-1051	153	3	has	have	AUX
dem-1051	153	4	been	be	AUX
dem-1051	153	5	performed	perform	VERB
dem-1051	153	6	in	in	ADP
dem-1051	153	7	gauss	gauss	PROPN
dem-1051	153	8	8.0	8.0	NUM
dem-1051	153	9	with	with	ADP
dem-1051	153	10	the	the	DET
dem-1051	153	11	application	application	NOUN
dem-1051	153	12	of	of	ADP
dem-1051	153	13	library	library	NOUN
dem-1051	153	14	maxlik	maxlik	NOUN
dem-1051	153	15	.	.	PUNCT
dem-1051	154	1	7	7	NUM
dem-1051	154	2	the	the	DET
dem-1051	154	3	trading	trading	NOUN
dem-1051	154	4	volume	volume	NOUN
dem-1051	154	5	is	be	AUX
dem-1051	154	6	stationary	stationary	ADJ
dem-1051	154	7	.	.	PUNCT
dem-1051	155	1	we	we	PRON
dem-1051	155	2	checked	check	VERB
dem-1051	155	3	for	for	ADP
dem-1051	155	4	the	the	DET
dem-1051	155	5	presence	presence	NOUN
dem-1051	155	6	of	of	ADP
dem-1051	155	7	deterministic	deterministic	NOUN
dem-1051	155	8	as	as	ADV
dem-1051	155	9	well	well	ADV
dem-1051	155	10	as	as	ADP
dem-1051	155	11	stochastic	stochastic	ADJ
dem-1051	155	12	trends	trend	NOUN
dem-1051	155	13	and	and	CCONJ
dem-1051	155	14	rejected	reject	VERB
dem-1051	155	15	the	the	DET
dem-1051	155	16	null	null	NOUN
dem-1051	155	17	of	of	ADP
dem-1051	155	18	unit	unit	NOUN
dem-1051	155	19	root	root	NOUN
dem-1051	155	20	with	with	ADP
dem-1051	155	21	the	the	DET
dem-1051	155	22	augmented	augment	VERB
dem-1051	155	23	dickey	dickey	PROPN
dem-1051	155	24	-	-	PUNCT
dem-1051	155	25	fuller	full	ADJ
dem-1051	155	26	test	test	NOUN
dem-1051	155	27	(	(	PUNCT
dem-1051	155	28	pvalue=0.0000	pvalue=0.0000	NUM
dem-1051	155	29	)	)	PUNCT
dem-1051	155	30	.	.	PUNCT
dem-1051	156	1	katarzyna	katarzyna	PROPN
dem-1051	156	2	bień	bień	PROPN
dem-1051	156	3	-	-	PROPN
dem-1051	156	4	barkowska	barkowska	ADJ
dem-1051	156	5	dynamic	dynamic	ADJ
dem-1051	156	6	econometric	econometric	ADJ
dem-1051	156	7	models	model	NOUN
dem-1051	156	8	12	12	NUM
dem-1051	156	9	(	(	PUNCT
dem-1051	156	10	2012	2012	NUM
dem-1051	156	11	)	)	PUNCT
dem-1051	156	12	35–52	35–52	NUM
dem-1051	156	13	44	44	NUM
dem-1051	156	14	0	0	NUM
dem-1051	156	15	1000	1000	NUM
dem-1051	156	16	2000	2000	NUM
dem-1051	156	17	3000	3000	NUM
dem-1051	156	18	4000	4000	NUM
dem-1051	156	19	5000	5000	NUM
dem-1051	156	20	0	0	NUM
dem-1051	156	21	5	5	NUM
dem-1051	156	22	10	10	NUM
dem-1051	156	23	15	15	NUM
dem-1051	156	24	observation	observation	NOUN
dem-1051	156	25	number	number	NOUN
dem-1051	156	26	ex	ex	X
dem-1051	157	1	pe	pe	INTJ
dem-1051	157	2	ct	ct	NOUN
dem-1051	157	3	ed	ed	NOUN
dem-1051	157	4	v	v	ADP
dem-1051	157	5	ol	ol	PROPN
dem-1051	157	6	um	um	INTJ
dem-1051	157	7	e	e	NOUN
dem-1051	157	8	0	0	NUM
dem-1051	157	9	1000	1000	NUM
dem-1051	157	10	2000	2000	NUM
dem-1051	157	11	3000	3000	NUM
dem-1051	157	12	4000	4000	NUM
dem-1051	157	13	5000	5000	NUM
dem-1051	157	14	0	0	NUM
dem-1051	157	15	5	5	NUM
dem-1051	157	16	10	10	NUM
dem-1051	157	17	15	15	NUM
dem-1051	157	18	observation	observation	NOUN
dem-1051	157	19	number	number	NOUN
dem-1051	157	20	u	u	PROPN
dem-1051	157	21	ne	ne	PROPN
dem-1051	157	22	xp	xp	PROPN
dem-1051	157	23	ec	ec	PROPN
dem-1051	158	1	te	te	PROPN
dem-1051	159	1	d	d	X
dem-1051	159	2	vo	vo	INTJ
dem-1051	159	3	lu	lu	PROPN
dem-1051	159	4	m	m	PROPN
dem-1051	159	5	e	e	NOUN
dem-1051	159	6	figure	figure	NOUN
dem-1051	159	7	1	1	NUM
dem-1051	159	8	.	.	PUNCT
dem-1051	159	9	expected	expect	VERB
dem-1051	159	10	(	(	PUNCT
dem-1051	159	11	left	leave	VERB
dem-1051	159	12	panel	panel	NOUN
dem-1051	159	13	)	)	PUNCT
dem-1051	159	14	and	and	CCONJ
dem-1051	159	15	unexpected	unexpected	ADJ
dem-1051	159	16	(	(	PUNCT
dem-1051	159	17	right	right	ADJ
dem-1051	159	18	panel	panel	NOUN
dem-1051	159	19	)	)	PUNCT
dem-1051	159	20	volume	volume	NOUN
dem-1051	159	21	and	and	CCONJ
dem-1051	159	22	the	the	DET
dem-1051	159	23	dispersion	dispersion	NOUN
dem-1051	159	24	of	of	ADP
dem-1051	159	25	the	the	DET
dem-1051	159	26	return	return	NOUN
dem-1051	159	27	distribution	distribution	NOUN
dem-1051	159	28	.	.	PUNCT
dem-1051	160	1	moreover	moreover	ADV
dem-1051	160	2	,	,	PUNCT
dem-1051	160	3	we	we	PRON
dem-1051	160	4	can	can	AUX
dem-1051	160	5	also	also	ADV
dem-1051	160	6	observe	observe	VERB
dem-1051	160	7	that	that	SCONJ
dem-1051	160	8	the	the	DET
dem-1051	160	9	obtained	obtain	VERB
dem-1051	160	10	slope	slope	NOUN
dem-1051	160	11	parameter	parameter	NOUN
dem-1051	160	12	estimates	estimate	NOUN
dem-1051	160	13	vary	vary	VERB
dem-1051	160	14	across	across	ADP
dem-1051	160	15	quantiles	quantile	NOUN
dem-1051	160	16	;	;	PUNCT
dem-1051	160	17	such	such	DET
dem-1051	160	18	an	an	DET
dem-1051	160	19	observation	observation	NOUN
dem-1051	160	20	also	also	ADV
dem-1051	160	21	been	be	AUX
dem-1051	160	22	found	find	VERB
dem-1051	160	23	by	by	ADP
dem-1051	160	24	chuang	chuang	PROPN
dem-1051	160	25	et	et	PROPN
dem-1051	160	26	al	al	PROPN
dem-1051	160	27	.	.	PROPN
dem-1051	161	1	(	(	PUNCT
dem-1051	161	2	2009	2009	NUM
dem-1051	161	3	)	)	PUNCT
dem-1051	161	4	.	.	PUNCT
dem-1051	162	1	accordingly	accordingly	ADV
dem-1051	162	2	,	,	PUNCT
dem-1051	162	3	the	the	DET
dem-1051	162	4	largest	large	ADJ
dem-1051	162	5	impact	impact	NOUN
dem-1051	162	6	on	on	ADP
dem-1051	162	7	the	the	DET
dem-1051	162	8	unexpected	unexpected	ADJ
dem-1051	162	9	volume	volume	NOUN
dem-1051	162	10	can	can	AUX
dem-1051	162	11	be	be	AUX
dem-1051	162	12	observed	observe	VERB
dem-1051	162	13	with	with	ADP
dem-1051	162	14	the	the	DET
dem-1051	162	15	most	most	ADV
dem-1051	162	16	extreme	extreme	ADJ
dem-1051	162	17	quantiles	quantile	NOUN
dem-1051	162	18	corresponding	correspond	VERB
dem-1051	162	19	to	to	ADP
dem-1051	162	20	the	the	DET
dem-1051	162	21	tails	tail	NOUN
dem-1051	162	22	of	of	ADP
dem-1051	162	23	the	the	DET
dem-1051	162	24	return	return	NOUN
dem-1051	162	25	distribution	distribution	NOUN
dem-1051	162	26	.	.	PUNCT
dem-1051	163	1	if	if	SCONJ
dem-1051	163	2	we	we	PRON
dem-1051	163	3	turn	turn	VERB
dem-1051	163	4	our	our	PRON
dem-1051	163	5	attention	attention	NOUN
dem-1051	163	6	to	to	ADP
dem-1051	163	7	the	the	DET
dem-1051	163	8	expected	expect	VERB
dem-1051	163	9	volume	volume	NOUN
dem-1051	163	10	variable	variable	NOUN
dem-1051	163	11	,	,	PUNCT
dem-1051	163	12	however	however	ADV
dem-1051	163	13	,	,	PUNCT
dem-1051	163	14	the	the	DET
dem-1051	163	15	results	result	NOUN
dem-1051	163	16	seem	seem	VERB
dem-1051	163	17	to	to	PART
dem-1051	163	18	be	be	AUX
dem-1051	163	19	different	different	ADJ
dem-1051	163	20	.	.	PUNCT
dem-1051	164	1	although	although	SCONJ
dem-1051	164	2	this	this	DET
dem-1051	164	3	variable	variable	NOUN
dem-1051	164	4	is	be	AUX
dem-1051	164	5	also	also	ADV
dem-1051	164	6	positively	positively	ADV
dem-1051	164	7	linked	link	VERB
dem-1051	164	8	to	to	ADP
dem-1051	164	9	the	the	DET
dem-1051	164	10	dispersion	dispersion	NOUN
dem-1051	164	11	of	of	ADP
dem-1051	164	12	the	the	DET
dem-1051	164	13	eur	eur	PROPN
dem-1051	164	14	/	/	SYM
dem-1051	164	15	pln	pln	PROPN
dem-1051	164	16	return	return	NOUN
dem-1051	164	17	distribution	distribution	NOUN
dem-1051	164	18	,	,	PUNCT
dem-1051	164	19	the	the	DET
dem-1051	164	20	scale	scale	NOUN
dem-1051	164	21	of	of	ADP
dem-1051	164	22	the	the	DET
dem-1051	164	23	effect	effect	NOUN
dem-1051	164	24	is	be	AUX
dem-1051	164	25	much	much	ADV
dem-1051	164	26	smaller	small	ADJ
dem-1051	164	27	.	.	PUNCT
dem-1051	165	1	thus	thus	ADV
dem-1051	165	2	,	,	PUNCT
dem-1051	165	3	the	the	DET
dem-1051	165	4	anticipated	anticipated	ADJ
dem-1051	165	5	volume	volume	NOUN
dem-1051	165	6	seems	seem	VERB
dem-1051	165	7	to	to	PART
dem-1051	165	8	have	have	VERB
dem-1051	165	9	less	less	ADJ
dem-1051	165	10	of	of	ADP
dem-1051	165	11	an	an	DET
dem-1051	165	12	impact	impact	NOUN
dem-1051	165	13	on	on	ADP
dem-1051	165	14	the	the	DET
dem-1051	165	15	probability	probability	NOUN
dem-1051	165	16	of	of	ADP
dem-1051	165	17	large	large	ADJ
dem-1051	165	18	price	price	NOUN
dem-1051	165	19	movements	movement	NOUN
dem-1051	165	20	.	.	PUNCT
dem-1051	166	1	in	in	ADP
dem-1051	166	2	terms	term	NOUN
dem-1051	166	3	of	of	ADP
dem-1051	166	4	the	the	DET
dem-1051	166	5	impact	impact	NOUN
dem-1051	166	6	of	of	ADP
dem-1051	166	7	the	the	DET
dem-1051	166	8	lagged	lag	VERB
dem-1051	166	9	return	return	NOUN
dem-1051	166	10	variable	variable	NOUN
dem-1051	166	11	,	,	PUNCT
dem-1051	166	12	the	the	DET
dem-1051	166	13	following	follow	VERB
dem-1051	166	14	tendency	tendency	NOUN
dem-1051	166	15	is	be	AUX
dem-1051	166	16	found	find	VERB
dem-1051	166	17	:	:	PUNCT
dem-1051	166	18	after	after	ADP
dem-1051	166	19	large	large	ADJ
dem-1051	166	20	(	(	PUNCT
dem-1051	166	21	positive	positive	ADJ
dem-1051	166	22	or	or	CCONJ
dem-1051	166	23	negative	negative	ADJ
dem-1051	166	24	)	)	PUNCT
dem-1051	166	25	returns	return	NOUN
dem-1051	166	26	,	,	PUNCT
dem-1051	166	27	the	the	DET
dem-1051	166	28	tail	tail	NOUN
dem-1051	166	29	probability	probability	NOUN
dem-1051	166	30	of	of	ADP
dem-1051	166	31	observing	observe	VERB
dem-1051	166	32	further	far	ADV
dem-1051	166	33	large	large	ADJ
dem-1051	166	34	(	(	PUNCT
dem-1051	166	35	either	either	CCONJ
dem-1051	166	36	positive	positive	ADJ
dem-1051	166	37	or	or	CCONJ
dem-1051	166	38	negative	negative	ADJ
dem-1051	166	39	)	)	PUNCT
dem-1051	166	40	movements	movement	NOUN
dem-1051	166	41	increases	increase	NOUN
dem-1051	166	42	.	.	PUNCT
dem-1051	167	1	in	in	ADP
dem-1051	167	2	order	order	NOUN
dem-1051	167	3	to	to	PART
dem-1051	167	4	confirm	confirm	VERB
dem-1051	167	5	this	this	DET
dem-1051	167	6	effect	effect	NOUN
dem-1051	167	7	we	we	PRON
dem-1051	167	8	applied	apply	VERB
dem-1051	167	9	a	a	DET
dem-1051	167	10	nonparametric	nonparametric	NOUN
dem-1051	167	11	quantile	quantile	NOUN
dem-1051	167	12	estimation	estimation	NOUN
dem-1051	167	13	technique8	technique8	NOUN
dem-1051	167	14	.	.	PUNCT
dem-1051	168	1	we	we	PRON
dem-1051	168	2	can	can	AUX
dem-1051	168	3	see	see	VERB
dem-1051	168	4	that	that	SCONJ
dem-1051	168	5	the	the	DET
dem-1051	168	6	dispersion	dispersion	NOUN
dem-1051	168	7	of	of	ADP
dem-1051	168	8	the	the	DET
dem-1051	168	9	return	return	NOUN
dem-1051	168	10	distribution	distribution	NOUN
dem-1051	168	11	rises	rise	VERB
dem-1051	168	12	in	in	ADP
dem-1051	168	13	of	of	ADP
dem-1051	168	14	the	the	DET
dem-1051	168	15	wake	wake	NOUN
dem-1051	168	16	of	of	ADP
dem-1051	168	17	large	large	ADJ
dem-1051	168	18	price	price	NOUN
dem-1051	168	19	movements	movement	NOUN
dem-1051	168	20	(	(	PUNCT
dem-1051	168	21	upswings	upswing	NOUN
dem-1051	168	22	or	or	CCONJ
dem-1051	168	23	drops	drop	NOUN
dem-1051	168	24	)	)	PUNCT
dem-1051	168	25	.	.	PUNCT
dem-1051	169	1	to	to	PART
dem-1051	169	2	account	account	VERB
dem-1051	169	3	for	for	ADP
dem-1051	169	4	this	this	DET
dem-1051	169	5	effect	effect	NOUN
dem-1051	169	6	it	it	PRON
dem-1051	169	7	is	be	AUX
dem-1051	169	8	reasonable	reasonable	ADJ
dem-1051	169	9	to	to	PART
dem-1051	169	10	allow	allow	VERB
dem-1051	169	11	for	for	ADP
dem-1051	169	12	a	a	DET
dem-1051	169	13	forecasted	forecast	VERB
dem-1051	169	14	volatility	volatility	NOUN
dem-1051	169	15	estimate	estimate	NOUN
dem-1051	169	16	as	as	ADP
dem-1051	169	17	a	a	DET
dem-1051	169	18	factor	factor	NOUN
dem-1051	169	19	that	that	PRON
dem-1051	169	20	is	be	AUX
dem-1051	169	21	positively	positively	ADV
dem-1051	169	22	related	relate	VERB
dem-1051	169	23	to	to	ADP
dem-1051	169	24	the	the	DET
dem-1051	169	25	dispersion	dispersion	NOUN
dem-1051	169	26	of	of	ADP
dem-1051	169	27	the	the	DET
dem-1051	169	28	distribution	distribution	NOUN
dem-1051	169	29	.	.	PUNCT
dem-1051	170	1	we	we	PRON
dem-1051	170	2	estimated	estimate	VERB
dem-1051	170	3	the	the	DET
dem-1051	170	4	qr	qr	PROPN
dem-1051	170	5	models	model	NOUN
dem-1051	170	6	given	give	VERB
dem-1051	170	7	by	by	ADP
dem-1051	170	8	equations	equation	NOUN
dem-1051	170	9	(	(	PUNCT
dem-1051	170	10	4	4	NUM
dem-1051	170	11	)	)	PUNCT
dem-1051	170	12	(	(	PUNCT
dem-1051	170	13	model	model	NOUN
dem-1051	170	14	i	i	PROPN
dem-1051	170	15	)	)	PUNCT
dem-1051	170	16	and	and	CCONJ
dem-1051	170	17	(	(	PUNCT
dem-1051	170	18	6	6	NUM
dem-1051	170	19	)	)	PUNCT
dem-1051	170	20	(	(	PUNCT
dem-1051	170	21	model	model	NOUN
dem-1051	170	22	ii	ii	PROPN
dem-1051	170	23	)	)	PUNCT
dem-1051	170	24	using	use	VERB
dem-1051	170	25	the	the	DET
dem-1051	170	26	“	"	PUNCT
dem-1051	170	27	quantreg	quantreg	NOUN
dem-1051	170	28	”	"	PUNCT
dem-1051	170	29	library	library	NOUN
dem-1051	170	30	(	(	PUNCT
dem-1051	170	31	version	version	NOUN
dem-1051	170	32	4.79	4.79	NUM
dem-1051	170	33	)	)	PUNCT
dem-1051	170	34	written	write	VERB
dem-1051	170	35	by	by	ADP
dem-1051	170	36	roger	roger	PROPN
dem-1051	170	37	koenker	koenker	PROPN
dem-1051	170	38	under	under	ADP
dem-1051	170	39	the	the	DET
dem-1051	170	40	r9	r9	NOUN
dem-1051	170	41	.	.	PUNCT
dem-1051	171	1	the	the	DET
dem-1051	171	2	further	further	ADJ
dem-1051	171	3	inference	inference	NOUN
dem-1051	171	4	has	have	AUX
dem-1051	171	5	also	also	ADV
dem-1051	171	6	been	be	AUX
dem-1051	171	7	carried	carry	VERB
dem-1051	171	8	out	out	ADP
dem-1051	171	9	with	with	ADP
dem-1051	171	10	the	the	DET
dem-1051	171	11	help	help	NOUN
dem-1051	171	12	of	of	ADP
dem-1051	171	13	these	these	DET
dem-1051	171	14	programming	programming	NOUN
dem-1051	171	15	codes	code	NOUN
dem-1051	171	16	.	.	PUNCT
dem-1051	172	1	qr	qr	PROPN
dem-1051	172	2	regressions	regression	NOUN
dem-1051	172	3	have	have	AUX
dem-1051	172	4	been	be	AUX
dem-1051	172	5	estimated	estimate	VERB
dem-1051	172	6	for	for	ADP
dem-1051	172	7	a	a	DET
dem-1051	172	8	dense	dense	ADJ
dem-1051	172	9	grid	grid	NOUN
dem-1051	172	10	of	of	ADP
dem-1051	172	11	probability	probability	NOUN
dem-1051	172	12	levels	level	NOUN
dem-1051	172	13	(	(	PUNCT
dem-1051	172	14	99.0,	99.0,	NUM
dem-1051	172	15	...	...	PUNCT
dem-1051	172	16	,02.0,01.0	,02.0,01.0	PUNCT
dem-1051	172	17	=	=	SYM
dem-1051	172	18	τ	τ	X
dem-1051	172	19	)	)	PUNCT
dem-1051	172	20	;	;	PUNCT
dem-1051	172	21	thus	thus	ADV
dem-1051	172	22	,	,	PUNCT
dem-1051	172	23	for	for	ADP
dem-1051	172	24	each	each	DET
dem-1051	172	25	model	model	NOUN
dem-1051	172	26	we	we	PRON
dem-1051	172	27	have	have	VERB
dem-1051	172	28	8	8	NUM
dem-1051	172	29	we	we	PRON
dem-1051	172	30	applied	apply	VERB
dem-1051	172	31	a	a	DET
dem-1051	172	32	piecewise	piecewise	NOUN
dem-1051	172	33	cubic	cubic	ADJ
dem-1051	172	34	polynomial	polynomial	NOUN
dem-1051	172	35	with	with	ADP
dem-1051	172	36	three	three	NUM
dem-1051	172	37	knots	knot	NOUN
dem-1051	172	38	(	(	PUNCT
dem-1051	172	39	koenker	koenker	NOUN
dem-1051	172	40	,	,	PUNCT
dem-1051	172	41	2005	2005	NUM
dem-1051	172	42	)	)	PUNCT
dem-1051	172	43	.	.	PUNCT
dem-1051	173	1	9	9	NUM
dem-1051	173	2	the	the	DET
dem-1051	173	3	library	library	NOUN
dem-1051	173	4	can	can	AUX
dem-1051	173	5	be	be	AUX
dem-1051	173	6	downloaded	download	VERB
dem-1051	173	7	from	from	ADP
dem-1051	173	8	the	the	DET
dem-1051	173	9	cran	cran	PROPN
dem-1051	173	10	website	website	NOUN
dem-1051	173	11	:	:	PUNCT
dem-1051	173	12	http://cran.r-project.org	http://cran.r-project.org	VERB
dem-1051	173	13	.	.	PUNCT
dem-1051	174	1	“	"	PUNCT
dem-1051	174	2	does	do	AUX
dem-1051	174	3	it	it	PRON
dem-1051	174	4	take	take	VERB
dem-1051	174	5	volume	volume	NOUN
dem-1051	174	6	to	to	PART
dem-1051	174	7	move	move	VERB
dem-1051	174	8	the	the	DET
dem-1051	174	9	eur	eur	PROPN
dem-1051	174	10	/	/	SYM
dem-1051	174	11	pln	pln	PROPN
dem-1051	174	12	fx	fx	PROPN
dem-1051	174	13	rates	rate	NOUN
dem-1051	174	14	?	?	PUNCT
dem-1051	174	15	”	"	PUNCT
dem-1051	174	16	…	…	PUNCT
dem-1051	174	17	dynamic	dynamic	ADJ
dem-1051	174	18	econometric	econometric	ADJ
dem-1051	174	19	models	model	NOUN
dem-1051	174	20	12	12	NUM
dem-1051	174	21	(	(	PUNCT
dem-1051	174	22	2012	2012	NUM
dem-1051	174	23	)	)	PUNCT
dem-1051	174	24	35–52	35–52	NUM
dem-1051	174	25	45	45	NUM
dem-1051	174	26	0	0	NUM
dem-1051	174	27	5	5	NUM
dem-1051	174	28	10	10	NUM
dem-1051	174	29	15	15	NUM
dem-1051	174	30	-3	-3	SYM
dem-1051	174	31	0	0	NUM
dem-1051	175	1	-2	-2	NOUN
dem-1051	175	2	0	0	NUM
dem-1051	176	1	-1	-1	SYM
dem-1051	176	2	0	0	NUM
dem-1051	176	3	0	0	NUM
dem-1051	176	4	10	10	NUM
dem-1051	176	5	20	20	NUM
dem-1051	176	6	30	30	NUM
dem-1051	176	7	unexpected	unexpected	ADJ
dem-1051	176	8	volume	volume	NOUN
dem-1051	176	9	eu	eu	PROPN
dem-1051	176	10	r	r	NOUN
dem-1051	176	11	/p	/p	PUNCT
dem-1051	176	12	ln	ln	PROPN
dem-1051	176	13	re	re	VERB
dem-1051	176	14	tu	tu	PROPN
dem-1051	176	15	rn	rn	PROPN
dem-1051	176	16	(	(	PUNCT
dem-1051	176	17	b	b	PROPN
dem-1051	176	18	as	as	SCONJ
dem-1051	176	19	is	be	AUX
dem-1051	176	20	p	p	X
dem-1051	176	21	oi	oi	INTJ
dem-1051	176	22	nt	not	PART
dem-1051	176	23	s	s	PART
dem-1051	176	24	1	1	NUM
dem-1051	176	25	2	2	NUM
dem-1051	176	26	3	3	NUM
dem-1051	176	27	4	4	NUM
dem-1051	176	28	5	5	NUM
dem-1051	176	29	6	6	NUM
dem-1051	176	30	-3	-3	SYM
dem-1051	176	31	0	0	NUM
dem-1051	177	1	-2	-2	NOUN
dem-1051	177	2	0	0	NUM
dem-1051	178	1	-1	-1	SYM
dem-1051	178	2	0	0	NUM
dem-1051	178	3	0	0	NUM
dem-1051	178	4	10	10	NUM
dem-1051	178	5	20	20	NUM
dem-1051	178	6	30	30	NUM
dem-1051	178	7	expected	expect	VERB
dem-1051	178	8	volume	volume	NOUN
dem-1051	178	9	eu	eu	PROPN
dem-1051	178	10	r	r	NOUN
dem-1051	178	11	/p	/p	PUNCT
dem-1051	178	12	ln	ln	PROPN
dem-1051	178	13	re	re	VERB
dem-1051	178	14	tu	tu	PROPN
dem-1051	178	15	rn	rn	PROPN
dem-1051	178	16	(	(	PUNCT
dem-1051	178	17	b	b	PROPN
dem-1051	178	18	as	as	SCONJ
dem-1051	178	19	is	be	AUX
dem-1051	178	20	p	p	X
dem-1051	178	21	oi	oi	INTJ
dem-1051	178	22	nt	not	PART
dem-1051	178	23	s	s	PART
dem-1051	178	24	-30	-30	PROPN
dem-1051	178	25	-20	-20	NUM
dem-1051	178	26	-10	-10	SYM
dem-1051	178	27	0	0	NUM
dem-1051	178	28	10	10	NUM
dem-1051	178	29	20	20	NUM
dem-1051	178	30	30	30	NUM
dem-1051	178	31	-3	-3	SYM
dem-1051	178	32	0	0	NUM
dem-1051	179	1	-2	-2	NOUN
dem-1051	179	2	0	0	NUM
dem-1051	180	1	-1	-1	SYM
dem-1051	180	2	0	0	NUM
dem-1051	180	3	0	0	NUM
dem-1051	180	4	10	10	NUM
dem-1051	180	5	20	20	NUM
dem-1051	180	6	30	30	NUM
dem-1051	180	7	return	return	NOUN
dem-1051	180	8	,	,	PUNCT
dem-1051	180	9	lag1	lag1	NOUN
dem-1051	180	10	eu	eu	PROPN
dem-1051	180	11	r	r	NOUN
dem-1051	180	12	/p	/p	PUNCT
dem-1051	180	13	ln	ln	PROPN
dem-1051	180	14	re	re	VERB
dem-1051	180	15	tu	tu	PROPN
dem-1051	180	16	rn	rn	PROPN
dem-1051	180	17	(	(	PUNCT
dem-1051	180	18	b	b	PROPN
dem-1051	180	19	as	as	SCONJ
dem-1051	180	20	is	be	AUX
dem-1051	180	21	p	p	X
dem-1051	181	1	oi	oi	INTJ
dem-1051	181	2	nt	not	PART
dem-1051	181	3	s	s	PART
dem-1051	181	4	4	4	NUM
dem-1051	181	5	6	6	NUM
dem-1051	181	6	8	8	NUM
dem-1051	181	7	10	10	NUM
dem-1051	181	8	-3	-3	SYM
dem-1051	181	9	0	0	NUM
dem-1051	182	1	-2	-2	NOUN
dem-1051	182	2	0	0	NUM
dem-1051	183	1	-1	-1	SYM
dem-1051	183	2	0	0	NUM
dem-1051	183	3	0	0	NUM
dem-1051	183	4	10	10	NUM
dem-1051	183	5	20	20	NUM
dem-1051	183	6	30	30	NUM
dem-1051	183	7	volatility	volatility	NOUN
dem-1051	183	8	eu	eu	PROPN
dem-1051	183	9	r	r	NOUN
dem-1051	183	10	/p	/p	PUNCT
dem-1051	183	11	ln	ln	PROPN
dem-1051	183	12	re	re	VERB
dem-1051	183	13	tu	tu	PROPN
dem-1051	183	14	rn	rn	PROPN
dem-1051	183	15	(	(	PUNCT
dem-1051	183	16	b	b	PROPN
dem-1051	183	17	as	as	SCONJ
dem-1051	183	18	is	be	AUX
dem-1051	183	19	p	p	X
dem-1051	183	20	oi	oi	INTJ
dem-1051	183	21	nt	not	PART
dem-1051	183	22	s	s	PART
dem-1051	183	23	figure	figure	NOUN
dem-1051	183	24	2	2	NUM
dem-1051	183	25	.	.	PUNCT
dem-1051	183	26	volume	volume	NOUN
dem-1051	183	27	return	return	PROPN
dem-1051	183	28	relationship	relationship	NOUN
dem-1051	183	29	.	.	PUNCT
dem-1051	184	1	estimates	estimate	NOUN
dem-1051	184	2	of	of	ADP
dem-1051	184	3	quantile	quantile	ADJ
dem-1051	184	4	regressions	regression	NOUN
dem-1051	184	5	for	for	ADP
dem-1051	184	6	probabilities	probability	NOUN
dem-1051	184	7	:	:	PUNCT
dem-1051	184	8	{	{	PUNCT
dem-1051	184	9	}	}	PUNCT
dem-1051	184	10	99.0;95.0;9.0;75.0;5.0;25.0;1.0;05.0;01.0∈τ	99.0;95.0;9.0;75.0;5.0;25.0;1.0;05.0;01.0∈τ	NOUN
dem-1051	184	11	allowed	allow	VERB
dem-1051	184	12	for	for	ADP
dem-1051	184	13	99	99	NUM
dem-1051	184	14	different	different	ADJ
dem-1051	184	15	vectors	vector	NOUN
dem-1051	184	16	of	of	ADP
dem-1051	184	17	parameter	parameter	NOUN
dem-1051	184	18	estimates	estimate	NOUN
dem-1051	184	19	that	that	PRON
dem-1051	184	20	have	have	AUX
dem-1051	184	21	been	be	AUX
dem-1051	184	22	plotted	plot	VERB
dem-1051	184	23	in	in	ADP
dem-1051	184	24	figure	figure	NOUN
dem-1051	184	25	3	3	NUM
dem-1051	184	26	(	(	PUNCT
dem-1051	184	27	model	model	NOUN
dem-1051	184	28	1	1	NUM
dem-1051	184	29	)	)	PUNCT
dem-1051	184	30	and	and	CCONJ
dem-1051	184	31	figure	figure	VERB
dem-1051	184	32	4	4	NUM
dem-1051	184	33	(	(	PUNCT
dem-1051	184	34	model	model	NOUN
dem-1051	184	35	2	2	NUM
dem-1051	184	36	)	)	PUNCT
dem-1051	184	37	.	.	PUNCT
dem-1051	185	1	the	the	DET
dem-1051	185	2	asymptotic	asymptotic	ADJ
dem-1051	185	3	standard	standard	ADJ
dem-1051	185	4	errors	error	NOUN
dem-1051	185	5	for	for	ADP
dem-1051	185	6	each	each	PRON
dem-1051	185	7	of	of	ADP
dem-1051	185	8	these	these	DET
dem-1051	185	9	specifications	specification	NOUN
dem-1051	185	10	have	have	AUX
dem-1051	185	11	been	be	AUX
dem-1051	185	12	derived	derive	VERB
dem-1051	185	13	with	with	ADP
dem-1051	185	14	the	the	DET
dem-1051	185	15	help	help	NOUN
dem-1051	185	16	of	of	ADP
dem-1051	185	17	sparsity	sparsity	NOUN
dem-1051	185	18	estimation	estimation	NOUN
dem-1051	185	19	methods	method	NOUN
dem-1051	185	20	(	(	PUNCT
dem-1051	185	21	see	see	VERB
dem-1051	185	22	equation	equation	NOUN
dem-1051	185	23	(	(	PUNCT
dem-1051	185	24	4	4	NUM
dem-1051	185	25	)	)	PUNCT
dem-1051	185	26	and	and	CCONJ
dem-1051	185	27	(	(	PUNCT
dem-1051	185	28	5))10	5))10	NUM
dem-1051	185	29	.	.	PUNCT
dem-1051	186	1	these	these	DET
dem-1051	186	2	equations	equation	NOUN
dem-1051	186	3	have	have	AUX
dem-1051	186	4	been	be	AUX
dem-1051	186	5	used	use	VERB
dem-1051	186	6	for	for	ADP
dem-1051	186	7	the	the	DET
dem-1051	186	8	evaluation	evaluation	NOUN
dem-1051	186	9	of	of	ADP
dem-1051	186	10	the	the	DET
dem-1051	186	11	90	90	NUM
dem-1051	186	12	%	%	NOUN
dem-1051	186	13	confidence	confidence	NOUN
dem-1051	186	14	interval	interval	NOUN
dem-1051	186	15	for	for	ADP
dem-1051	186	16	each	each	PRON
dem-1051	186	17	of	of	ADP
dem-1051	186	18	the	the	DET
dem-1051	186	19	obtained	obtain	VERB
dem-1051	186	20	parameter	parameter	NOUN
dem-1051	186	21	estimates	estimate	NOUN
dem-1051	186	22	.	.	PUNCT
dem-1051	187	1	as	as	SCONJ
dem-1051	187	2	can	can	AUX
dem-1051	187	3	be	be	AUX
dem-1051	187	4	anticipated	anticipate	VERB
dem-1051	187	5	from	from	ADP
dem-1051	187	6	figure	figure	NOUN
dem-1051	187	7	3	3	NUM
dem-1051	187	8	,	,	PUNCT
dem-1051	187	9	the	the	DET
dem-1051	187	10	seasonality	seasonality	NOUN
dem-1051	187	11	factor	factor	NOUN
dem-1051	187	12	of	of	ADP
dem-1051	187	13	the	the	DET
dem-1051	187	14	return	return	NOUN
dem-1051	187	15	distribution	distribution	NOUN
dem-1051	187	16	is	be	AUX
dem-1051	187	17	different	different	ADJ
dem-1051	187	18	across	across	ADP
dem-1051	187	19	the	the	DET
dem-1051	187	20	quantiles	quantile	NOUN
dem-1051	187	21	(	(	PUNCT
dem-1051	187	22	in	in	ADP
dem-1051	187	23	the	the	DET
dem-1051	187	24	figures	figure	NOUN
dem-1051	187	25	3	3	NUM
dem-1051	187	26	and	and	CCONJ
dem-1051	187	27	4	4	NUM
dem-1051	187	28	the	the	DET
dem-1051	187	29	symbols	symbol	NOUN
dem-1051	187	30	s1	s1	PROPN
dem-1051	187	31	,	,	PUNCT
dem-1051	187	32	s2	s2	PROPN
dem-1051	187	33	,	,	PUNCT
dem-1051	187	34	s3	s3	PROPN
dem-1051	187	35	,	,	PUNCT
dem-1051	187	36	s4	s4	PROPN
dem-1051	187	37	,	,	PUNCT
dem-1051	187	38	s5	s5	NOUN
dem-1051	187	39	are	be	AUX
dem-1051	187	40	defined	define	VERB
dem-1051	187	41	as	as	ADP
dem-1051	187	42	τs	τs	X
dem-1051	187	43	=	=	NOUN
dem-1051	187	44	1	1	NUM
dem-1051	187	45	,	,	PUNCT
dem-1051	187	46	)	)	PUNCT
dem-1051	187	47	2sin(2	2sin(2	NUM
dem-1051	187	48	πτ	πτ	NOUN
dem-1051	187	49	=	=	NOUN
dem-1051	187	50	s	s	PART
dem-1051	187	51	,	,	PUNCT
dem-1051	187	52	)	)	PUNCT
dem-1051	187	53	2cos(3	2cos(3	NUM
dem-1051	187	54	πτ	πτ	NOUN
dem-1051	187	55	=	=	NOUN
dem-1051	187	56	s	s	PART
dem-1051	187	57	,	,	PUNCT
dem-1051	187	58	10	10	NUM
dem-1051	187	59	we	we	PRON
dem-1051	187	60	have	have	AUX
dem-1051	187	61	also	also	ADV
dem-1051	187	62	experimented	experiment	VERB
dem-1051	187	63	with	with	ADP
dem-1051	187	64	the	the	DET
dem-1051	187	65	powel	powel	NOUN
dem-1051	187	66	kernel	kernel	NOUN
dem-1051	187	67	and	and	CCONJ
dem-1051	187	68	the	the	DET
dem-1051	187	69	bootstrap	bootstrap	NOUN
dem-1051	187	70	,	,	PUNCT
dem-1051	187	71	but	but	CCONJ
dem-1051	187	72	it	it	PRON
dem-1051	187	73	did	do	AUX
dem-1051	187	74	not	not	PART
dem-1051	187	75	influence	influence	VERB
dem-1051	187	76	the	the	DET
dem-1051	187	77	further	further	ADJ
dem-1051	187	78	inference	inference	NOUN
dem-1051	187	79	.	.	PUNCT
dem-1051	188	1	katarzyna	katarzyna	PROPN
dem-1051	188	2	bień	bień	PROPN
dem-1051	188	3	-	-	PROPN
dem-1051	188	4	barkowska	barkowska	ADJ
dem-1051	188	5	dynamic	dynamic	ADJ
dem-1051	188	6	econometric	econometric	ADJ
dem-1051	188	7	models	model	NOUN
dem-1051	188	8	12	12	NUM
dem-1051	188	9	(	(	PUNCT
dem-1051	188	10	2012	2012	NUM
dem-1051	188	11	)	)	PUNCT
dem-1051	188	12	35–52	35–52	NUM
dem-1051	188	13	46	46	NUM
dem-1051	188	14	)	)	PUNCT
dem-1051	188	15	4sin(4	4sin(4	PROPN
dem-1051	188	16	πτ	πτ	NOUN
dem-1051	188	17	=	=	NOUN
dem-1051	188	18	s	s	NOUN
dem-1051	188	19	and	and	CCONJ
dem-1051	188	20	)	)	PUNCT
dem-1051	188	21	4cos(5	4cos(5	PROPN
dem-1051	188	22	πτ	πτ	NOUN
dem-1051	188	23	=	=	NOUN
dem-1051	188	24	s	s	PART
dem-1051	188	25	)	)	PUNCT
dem-1051	188	26	.	.	PUNCT
dem-1051	189	1	as	as	ADP
dem-1051	189	2	the	the	DET
dem-1051	189	3	diurnality	diurnality	NOUN
dem-1051	189	4	component	component	NOUN
dem-1051	189	5	)	)	PUNCT
dem-1051	189	6	,	,	PUNCT
dem-1051	189	7	(	(	PUNCT
dem-1051	189	8	υτνs	υτνs	PROPN
dem-1051	189	9	seems	seem	VERB
dem-1051	189	10	illegible	illegible	ADJ
dem-1051	189	11	in	in	ADP
dem-1051	189	12	figure	figure	NOUN
dem-1051	189	13	3	3	NUM
dem-1051	189	14	,	,	PUNCT
dem-1051	189	15	we	we	PRON
dem-1051	189	16	decided	decide	VERB
dem-1051	189	17	to	to	PART
dem-1051	189	18	plot	plot	VERB
dem-1051	189	19	the	the	DET
dem-1051	189	20	joint	joint	ADJ
dem-1051	189	21	diurnality	diurnality	NOUN
dem-1051	189	22	pattern	pattern	NOUN
dem-1051	189	23	for	for	ADP
dem-1051	189	24	all	all	PRON
dem-1051	189	25	of	of	ADP
dem-1051	189	26	the	the	DET
dem-1051	189	27	selected	select	VERB
dem-1051	189	28	probability	probability	NOUN
dem-1051	189	29	levels	level	NOUN
dem-1051	189	30	in	in	ADP
dem-1051	189	31	figure	figure	NOUN
dem-1051	189	32	5	5	NUM
dem-1051	189	33	.	.	PUNCT
dem-1051	190	1	as	as	SCONJ
dem-1051	190	2	can	can	AUX
dem-1051	190	3	be	be	AUX
dem-1051	190	4	seen	see	VERB
dem-1051	190	5	from	from	ADP
dem-1051	190	6	the	the	DET
dem-1051	190	7	obtained	obtain	VERB
dem-1051	190	8	surface	surface	NOUN
dem-1051	190	9	,	,	PUNCT
dem-1051	190	10	the	the	DET
dem-1051	190	11	intraday	intraday	NOUN
dem-1051	190	12	seasonality	seasonality	NOUN
dem-1051	190	13	pattern	pattern	NOUN
dem-1051	190	14	is	be	AUX
dem-1051	190	15	most	most	ADV
dem-1051	190	16	pronounced	pronounce	VERB
dem-1051	190	17	for	for	ADP
dem-1051	190	18	the	the	DET
dem-1051	190	19	most	most	ADV
dem-1051	190	20	extreme	extreme	ADJ
dem-1051	190	21	quantiles	quantile	NOUN
dem-1051	190	22	of	of	ADP
dem-1051	190	23	the	the	DET
dem-1051	190	24	return	return	NOUN
dem-1051	190	25	distribution	distribution	NOUN
dem-1051	190	26	.	.	PUNCT
dem-1051	191	1	for	for	ADP
dem-1051	191	2	the	the	DET
dem-1051	191	3	middle	middle	ADJ
dem-1051	191	4	quantiles	quantile	NOUN
dem-1051	191	5	(	(	PUNCT
dem-1051	191	6	i.e.	i.e.	X
dem-1051	191	7	,	,	PUNCT
dem-1051	191	8	quantiles	quantile	NOUN
dem-1051	191	9	surrounding	surround	VERB
dem-1051	191	10	the	the	DET
dem-1051	191	11	median	median	NOUN
dem-1051	191	12	,	,	PUNCT
dem-1051	191	13	τ=0.5	τ=0.5	NUM
dem-1051	191	14	)	)	PUNCT
dem-1051	191	15	,	,	PUNCT
dem-1051	191	16	humps	hump	NOUN
dem-1051	191	17	in	in	ADP
dem-1051	191	18	the	the	DET
dem-1051	191	19	surface	surface	NOUN
dem-1051	191	20	are	be	AUX
dem-1051	191	21	rather	rather	ADV
dem-1051	191	22	negligible	negligible	ADJ
dem-1051	191	23	and	and	CCONJ
dem-1051	191	24	the	the	DET
dem-1051	191	25	surface	surface	NOUN
dem-1051	191	26	is	be	AUX
dem-1051	191	27	rather	rather	ADV
dem-1051	191	28	flat	flat	ADJ
dem-1051	191	29	.	.	PUNCT
dem-1051	192	1	the	the	DET
dem-1051	192	2	diurnality	diurnality	NOUN
dem-1051	192	3	pattern	pattern	NOUN
dem-1051	192	4	for	for	ADP
dem-1051	192	5	the	the	DET
dem-1051	192	6	quantiles	quantile	NOUN
dem-1051	192	7	corresponding	correspond	VERB
dem-1051	192	8	to	to	ADP
dem-1051	192	9	the	the	DET
dem-1051	192	10	lower	low	ADJ
dem-1051	192	11	tail	tail	NOUN
dem-1051	192	12	of	of	ADP
dem-1051	192	13	the	the	DET
dem-1051	192	14	distribution	distribution	NOUN
dem-1051	192	15	demonstrate	demonstrate	VERB
dem-1051	192	16	that	that	SCONJ
dem-1051	192	17	the	the	DET
dem-1051	192	18	probability	probability	NOUN
dem-1051	192	19	of	of	ADP
dem-1051	192	20	observing	observe	VERB
dem-1051	192	21	large	large	ADJ
dem-1051	192	22	drops	drop	NOUN
dem-1051	192	23	in	in	ADP
dem-1051	192	24	the	the	DET
dem-1051	192	25	eur	eur	PROPN
dem-1051	192	26	/	/	SYM
dem-1051	192	27	pln	pln	PROPN
dem-1051	192	28	rate	rate	PROPN
dem-1051	192	29	systematically	systematically	ADV
dem-1051	192	30	rises	rise	VERB
dem-1051	192	31	early	early	ADV
dem-1051	192	32	in	in	ADP
dem-1051	192	33	the	the	DET
dem-1051	192	34	morning	morning	NOUN
dem-1051	192	35	(	(	PUNCT
dem-1051	192	36	the	the	DET
dem-1051	192	37	quantile	quantile	NOUN
dem-1051	192	38	is	be	AUX
dem-1051	192	39	“	"	PUNCT
dem-1051	192	40	shifted	shift	VERB
dem-1051	192	41	to	to	ADP
dem-1051	192	42	the	the	DET
dem-1051	192	43	left	left	NOUN
dem-1051	192	44	”	"	PUNCT
dem-1051	192	45	)	)	PUNCT
dem-1051	192	46	.	.	PUNCT
dem-1051	193	1	this	this	DET
dem-1051	193	2	effect	effect	NOUN
dem-1051	193	3	is	be	AUX
dem-1051	193	4	rather	rather	ADV
dem-1051	193	5	symmetric	symmetric	ADJ
dem-1051	193	6	because	because	SCONJ
dem-1051	193	7	in	in	ADP
dem-1051	193	8	the	the	DET
dem-1051	193	9	upper	upper	ADJ
dem-1051	193	10	quantiles	quantile	NOUN
dem-1051	193	11	the	the	DET
dem-1051	193	12	value	value	NOUN
dem-1051	193	13	of	of	ADP
dem-1051	193	14	the	the	DET
dem-1051	193	15	seasonality	seasonality	NOUN
dem-1051	193	16	function	function	NOUN
dem-1051	193	17	is	be	AUX
dem-1051	193	18	relatively	relatively	ADV
dem-1051	193	19	higher	high	ADJ
dem-1051	193	20	throughout	throughout	ADP
dem-1051	193	21	the	the	DET
dem-1051	193	22	early	early	ADJ
dem-1051	193	23	morning	morning	NOUN
dem-1051	193	24	period	period	NOUN
dem-1051	193	25	(	(	PUNCT
dem-1051	193	26	the	the	DET
dem-1051	193	27	quantile	quantile	NOUN
dem-1051	193	28	is	be	AUX
dem-1051	193	29	“	"	PUNCT
dem-1051	193	30	shifted	shift	VERB
dem-1051	193	31	to	to	ADP
dem-1051	193	32	the	the	DET
dem-1051	193	33	right	right	NOUN
dem-1051	193	34	”	"	PUNCT
dem-1051	193	35	)	)	PUNCT
dem-1051	193	36	.	.	PUNCT
dem-1051	194	1	what	what	PRON
dem-1051	194	2	is	be	AUX
dem-1051	194	3	also	also	ADV
dem-1051	194	4	striking	strike	VERB
dem-1051	194	5	is	be	AUX
dem-1051	194	6	the	the	DET
dem-1051	194	7	probability	probability	NOUN
dem-1051	194	8	of	of	ADP
dem-1051	194	9	large	large	ADJ
dem-1051	194	10	upswings	upswing	NOUN
dem-1051	194	11	in	in	ADP
dem-1051	194	12	the	the	DET
dem-1051	194	13	eur	eur	PROPN
dem-1051	194	14	/	/	SYM
dem-1051	194	15	pln	pln	PROPN
dem-1051	194	16	exchange	exchange	PROPN
dem-1051	194	17	rate	rate	NOUN
dem-1051	194	18	(	(	PUNCT
dem-1051	194	19	polish	polish	NOUN
dem-1051	194	20	zloty	zloty	NOUN
dem-1051	194	21	depreciation	depreciation	NOUN
dem-1051	194	22	)	)	PUNCT
dem-1051	194	23	in	in	ADP
dem-1051	194	24	the	the	DET
dem-1051	194	25	late	late	ADJ
dem-1051	194	26	afternoon	afternoon	NOUN
dem-1051	194	27	as	as	SCONJ
dem-1051	194	28	the	the	DET
dem-1051	194	29	upper	upper	ADJ
dem-1051	194	30	tail	tail	NOUN
dem-1051	194	31	probability	probability	NOUN
dem-1051	194	32	is	be	AUX
dem-1051	194	33	systematically	systematically	ADV
dem-1051	194	34	higher	high	ADJ
dem-1051	194	35	late	late	ADV
dem-1051	194	36	in	in	ADP
dem-1051	194	37	the	the	DET
dem-1051	194	38	afternoon	afternoon	NOUN
dem-1051	194	39	(	(	PUNCT
dem-1051	194	40	just	just	ADV
dem-1051	194	41	before	before	ADP
dem-1051	194	42	18.00	18.00	NUM
dem-1051	194	43	cet	cet	NOUN
dem-1051	194	44	)	)	PUNCT
dem-1051	194	45	.	.	PUNCT
dem-1051	195	1	concerning	concern	VERB
dem-1051	195	2	the	the	DET
dem-1051	195	3	impact	impact	NOUN
dem-1051	195	4	of	of	ADP
dem-1051	195	5	the	the	DET
dem-1051	195	6	volume	volume	NOUN
dem-1051	195	7	variables	variable	NOUN
dem-1051	195	8	,	,	PUNCT
dem-1051	195	9	figure	figure	NOUN
dem-1051	195	10	3	3	NUM
dem-1051	195	11	demonstrates	demonstrate	VERB
dem-1051	195	12	that	that	SCONJ
dem-1051	195	13	it	it	PRON
dem-1051	195	14	is	be	AUX
dem-1051	195	15	the	the	DET
dem-1051	195	16	unexpected	unexpected	ADJ
dem-1051	195	17	component	component	NOUN
dem-1051	195	18	of	of	ADP
dem-1051	195	19	the	the	DET
dem-1051	195	20	trading	trading	NOUN
dem-1051	195	21	volume	volume	NOUN
dem-1051	195	22	that	that	PRON
dem-1051	195	23	is	be	AUX
dem-1051	195	24	the	the	DET
dem-1051	195	25	most	most	ADV
dem-1051	195	26	responsible	responsible	ADJ
dem-1051	195	27	for	for	ADP
dem-1051	195	28	dispersion	dispersion	NOUN
dem-1051	195	29	of	of	ADP
dem-1051	195	30	the	the	DET
dem-1051	195	31	return	return	NOUN
dem-1051	195	32	distribution	distribution	NOUN
dem-1051	195	33	.	.	PUNCT
dem-1051	196	1	the	the	DET
dem-1051	196	2	impact	impact	NOUN
dem-1051	196	3	of	of	ADP
dem-1051	196	4	the	the	DET
dem-1051	196	5	unexpected	unexpected	ADJ
dem-1051	196	6	volume	volume	NOUN
dem-1051	196	7	is	be	AUX
dem-1051	196	8	about	about	ADV
dem-1051	196	9	four	four	NUM
dem-1051	196	10	times	time	NOUN
dem-1051	196	11	larger	large	ADJ
dem-1051	196	12	than	than	ADP
dem-1051	196	13	that	that	PRON
dem-1051	196	14	of	of	ADP
dem-1051	196	15	the	the	DET
dem-1051	196	16	expected	expect	VERB
dem-1051	196	17	volume	volume	NOUN
dem-1051	196	18	for	for	ADP
dem-1051	196	19	the	the	DET
dem-1051	196	20	0.99	0.99	NUM
dem-1051	196	21	quantile	quantile	NOUN
dem-1051	196	22	and	and	CCONJ
dem-1051	196	23	about	about	ADV
dem-1051	196	24	three	three	NUM
dem-1051	196	25	times	time	NOUN
dem-1051	196	26	larger	large	ADJ
dem-1051	196	27	for	for	ADP
dem-1051	196	28	the	the	DET
dem-1051	196	29	0.01	0.01	NUM
dem-1051	196	30	quantile	quantile	NOUN
dem-1051	196	31	.	.	PUNCT
dem-1051	197	1	therefore	therefore	ADV
dem-1051	197	2	,	,	PUNCT
dem-1051	197	3	the	the	DET
dem-1051	197	4	unanticipated	unanticipated	ADJ
dem-1051	197	5	volume	volume	NOUN
dem-1051	197	6	brings	bring	VERB
dem-1051	197	7	more	more	ADJ
dem-1051	197	8	information	information	NOUN
dem-1051	197	9	with	with	ADP
dem-1051	197	10	regards	regard	NOUN
dem-1051	197	11	to	to	ADP
dem-1051	197	12	large	large	ADJ
dem-1051	197	13	upswings	upswing	NOUN
dem-1051	197	14	of	of	ADP
dem-1051	197	15	the	the	DET
dem-1051	197	16	eur	eur	PROPN
dem-1051	197	17	/	/	SYM
dem-1051	197	18	pln	pln	PROPN
dem-1051	197	19	exchange	exchange	PROPN
dem-1051	197	20	rate	rate	NOUN
dem-1051	197	21	(	(	PUNCT
dem-1051	197	22	i.e.	i.e.	X
dem-1051	197	23	,	,	PUNCT
dem-1051	197	24	the	the	DET
dem-1051	197	25	polish	polish	ADJ
dem-1051	197	26	zloty	zloty	NOUN
dem-1051	197	27	depreciation	depreciation	NOUN
dem-1051	197	28	)	)	PUNCT
dem-1051	197	29	.	.	PUNCT
dem-1051	198	1	generally	generally	ADV
dem-1051	198	2	,	,	PUNCT
dem-1051	198	3	the	the	DET
dem-1051	198	4	impact	impact	NOUN
dem-1051	198	5	of	of	ADP
dem-1051	198	6	the	the	DET
dem-1051	198	7	unexpected	unexpected	ADJ
dem-1051	198	8	volume	volume	NOUN
dem-1051	198	9	is	be	AUX
dem-1051	198	10	indisputable	indisputable	ADJ
dem-1051	198	11	as	as	SCONJ
dem-1051	198	12	the	the	DET
dem-1051	198	13	variable	variable	NOUN
dem-1051	198	14	is	be	AUX
dem-1051	198	15	statistically	statistically	ADV
dem-1051	198	16	significant	significant	ADJ
dem-1051	198	17	for	for	ADP
dem-1051	198	18	the	the	DET
dem-1051	198	19	probability	probability	NOUN
dem-1051	198	20	levels	level	NOUN
dem-1051	198	21	{	{	PUNCT
dem-1051	198	22	}	}	PUNCT
dem-1051	198	23	51.0,	51.0,	NUM
dem-1051	198	24	...	...	PUNCT
dem-1051	198	25	,02.0,01.0∈τ	,02.0,01.0∈τ	PUNCT
dem-1051	198	26	and	and	CCONJ
dem-1051	198	27	{	{	PUNCT
dem-1051	198	28	}	}	ADP
dem-1051	198	29	99.0	99.0	NUM
dem-1051	198	30	...	...	PUNCT
dem-1051	198	31	,,6.0,59.0∈τ	,,6.0,59.0∈τ	X
dem-1051	198	32	(	(	PUNCT
dem-1051	198	33	at	at	ADP
dem-1051	198	34	a	a	DET
dem-1051	198	35	5	5	NUM
dem-1051	198	36	%	%	NOUN
dem-1051	198	37	significance	significance	NOUN
dem-1051	198	38	level	level	NOUN
dem-1051	198	39	)	)	PUNCT
dem-1051	198	40	.	.	PUNCT
dem-1051	199	1	the	the	DET
dem-1051	199	2	effect	effect	NOUN
dem-1051	199	3	is	be	AUX
dem-1051	199	4	also	also	ADV
dem-1051	199	5	different	different	ADJ
dem-1051	199	6	for	for	ADP
dem-1051	199	7	different	different	ADJ
dem-1051	199	8	quantiles	quantile	NOUN
dem-1051	199	9	with	with	ADP
dem-1051	199	10	the	the	DET
dem-1051	199	11	most	most	ADV
dem-1051	199	12	striking	striking	ADJ
dem-1051	199	13	impact	impact	NOUN
dem-1051	199	14	placed	place	VERB
dem-1051	199	15	on	on	ADP
dem-1051	199	16	the	the	DET
dem-1051	199	17	probabilities	probability	NOUN
dem-1051	199	18	of	of	ADP
dem-1051	199	19	the	the	DET
dem-1051	199	20	most	most	ADV
dem-1051	199	21	extreme	extreme	ADJ
dem-1051	199	22	price	price	NOUN
dem-1051	199	23	movements	movement	NOUN
dem-1051	199	24	.	.	PUNCT
dem-1051	200	1	the	the	DET
dem-1051	200	2	expected	expect	VERB
dem-1051	200	3	volume	volume	NOUN
dem-1051	200	4	was	be	AUX
dem-1051	200	5	derived	derive	VERB
dem-1051	200	6	as	as	ADP
dem-1051	200	7	a	a	DET
dem-1051	200	8	predictable	predictable	ADJ
dem-1051	200	9	tendency	tendency	NOUN
dem-1051	200	10	in	in	ADP
dem-1051	200	11	the	the	DET
dem-1051	200	12	level	level	NOUN
dem-1051	200	13	of	of	ADP
dem-1051	200	14	a	a	DET
dem-1051	200	15	trading	trading	NOUN
dem-1051	200	16	volume	volume	NOUN
dem-1051	200	17	.	.	PUNCT
dem-1051	201	1	at	at	ADP
dem-1051	201	2	time	time	NOUN
dem-1051	201	3	t	t	NOUN
dem-1051	201	4	this	this	DET
dem-1051	201	5	variable	variable	NOUN
dem-1051	201	6	uses	use	VERB
dem-1051	201	7	information	information	NOUN
dem-1051	201	8	about	about	ADP
dem-1051	201	9	the	the	DET
dem-1051	201	10	turnover	turnover	NOUN
dem-1051	201	11	at	at	ADP
dem-1051	201	12	time	time	NOUN
dem-1051	201	13	t-1	t-1	PROPN
dem-1051	201	14	.	.	PUNCT
dem-1051	202	1	although	although	SCONJ
dem-1051	202	2	it	it	PRON
dem-1051	202	3	is	be	AUX
dem-1051	202	4	defined	define	VERB
dem-1051	202	5	for	for	ADP
dem-1051	202	6	the	the	DET
dem-1051	202	7	moment	moment	NOUN
dem-1051	202	8	t	t	PROPN
dem-1051	202	9	,	,	PUNCT
dem-1051	202	10	it	it	PRON
dem-1051	202	11	is	be	AUX
dem-1051	202	12	simply	simply	ADV
dem-1051	202	13	an	an	DET
dem-1051	202	14	anticipation	anticipation	NOUN
dem-1051	202	15	of	of	ADP
dem-1051	202	16	the	the	DET
dem-1051	202	17	trading	trading	NOUN
dem-1051	202	18	volume	volume	NOUN
dem-1051	202	19	given	give	VERB
dem-1051	202	20	the	the	DET
dem-1051	202	21	history	history	NOUN
dem-1051	202	22	of	of	ADP
dem-1051	202	23	its	its	PRON
dem-1051	202	24	observations	observation	NOUN
dem-1051	202	25	.	.	PUNCT
dem-1051	203	1	thus	thus	ADV
dem-1051	203	2	,	,	PUNCT
dem-1051	203	3	it	it	PRON
dem-1051	203	4	can	can	AUX
dem-1051	203	5	partially	partially	ADV
dem-1051	203	6	capture	capture	VERB
dem-1051	203	7	a	a	DET
dem-1051	203	8	potential	potential	ADJ
dem-1051	203	9	lead	lead	ADJ
dem-1051	203	10	-	-	PUNCT
dem-1051	203	11	lag	lag	NOUN
dem-1051	203	12	relationships	relationship	NOUN
dem-1051	203	13	between	between	ADP
dem-1051	203	14	returns	return	NOUN
dem-1051	203	15	and	and	CCONJ
dem-1051	203	16	volumes	volume	NOUN
dem-1051	203	17	.	.	PUNCT
dem-1051	204	1	if	if	SCONJ
dem-1051	204	2	the	the	DET
dem-1051	204	3	expected	expect	VERB
dem-1051	204	4	volume	volume	NOUN
dem-1051	204	5	is	be	AUX
dem-1051	204	6	high	high	ADJ
dem-1051	204	7	,	,	PUNCT
dem-1051	204	8	the	the	DET
dem-1051	204	9	dispersion	dispersion	NOUN
dem-1051	204	10	of	of	ADP
dem-1051	204	11	the	the	DET
dem-1051	204	12	return	return	NOUN
dem-1051	204	13	distribution	distribution	NOUN
dem-1051	204	14	rises	rise	NOUN
dem-1051	204	15	.	.	PUNCT
dem-1051	205	1	the	the	DET
dem-1051	205	2	impact	impact	NOUN
dem-1051	205	3	that	that	PRON
dem-1051	205	4	this	this	DET
dem-1051	205	5	variable	variable	NOUN
dem-1051	205	6	exerts	exert	VERB
dem-1051	205	7	on	on	ADP
dem-1051	205	8	the	the	DET
dem-1051	205	9	quantiles	quantile	NOUN
dem-1051	205	10	of	of	ADP
dem-1051	205	11	the	the	DET
dem-1051	205	12	distribution	distribution	NOUN
dem-1051	205	13	is	be	AUX
dem-1051	205	14	significantly	significantly	ADV
dem-1051	205	15	different	different	ADJ
dem-1051	205	16	from	from	ADP
dem-1051	205	17	zero	zero	NUM
dem-1051	205	18	for	for	ADP
dem-1051	205	19	the	the	DET
dem-1051	205	20	probabilities	probability	NOUN
dem-1051	205	21	{	{	PUNCT
dem-1051	205	22	}	}	PUNCT
dem-1051	205	23	19.0	19.0	NUM
dem-1051	205	24	...	...	PUNCT
dem-1051	205	25	,,02.0,01.0∈τ	,,02.0,01.0∈τ	PUNCT
dem-1051	205	26	and	and	CCONJ
dem-1051	205	27	{	{	PUNCT
dem-1051	205	28	}	}	ADP
dem-1051	205	29	99.0	99.0	NUM
dem-1051	205	30	...	...	PUNCT
dem-1051	205	31	,,65.0,64.0∈τ	,,65.0,64.0∈τ	PUNCT
dem-1051	205	32	.	.	PUNCT
dem-1051	206	1	however	however	ADV
dem-1051	206	2	,	,	PUNCT
dem-1051	206	3	the	the	DET
dem-1051	206	4	scale	scale	NOUN
dem-1051	206	5	of	of	ADP
dem-1051	206	6	this	this	DET
dem-1051	206	7	effect	effect	NOUN
dem-1051	206	8	is	be	AUX
dem-1051	206	9	not	not	PART
dem-1051	206	10	as	as	ADV
dem-1051	206	11	strong	strong	ADJ
dem-1051	206	12	as	as	ADP
dem-1051	206	13	the	the	DET
dem-1051	206	14	effect	effect	NOUN
dem-1051	206	15	evidenced	evidence	VERB
dem-1051	206	16	in	in	ADP
dem-1051	206	17	the	the	DET
dem-1051	206	18	case	case	NOUN
dem-1051	206	19	of	of	ADP
dem-1051	206	20	unpredictable	unpredictable	ADJ
dem-1051	206	21	volume	volume	NOUN
dem-1051	206	22	shocks	shock	NOUN
dem-1051	206	23	.	.	PUNCT
dem-1051	207	1	on	on	ADP
dem-1051	207	2	top	top	NOUN
dem-1051	207	3	of	of	ADP
dem-1051	207	4	the	the	DET
dem-1051	207	5	expected	expect	VERB
dem-1051	207	6	volume	volume	NOUN
dem-1051	207	7	,	,	PUNCT
dem-1051	207	8	significant	significant	ADJ
dem-1051	207	9	impact	impact	NOUN
dem-1051	207	10	on	on	ADP
dem-1051	207	11	selected	select	VERB
dem-1051	207	12	quantiles	quantile	NOUN
dem-1051	207	13	have	have	AUX
dem-1051	207	14	also	also	ADV
dem-1051	207	15	lagged	lag	VERB
dem-1051	207	16	unexpected	unexpected	ADJ
dem-1051	207	17	volume	volume	NOUN
dem-1051	207	18	shocks	shock	NOUN
dem-1051	207	19	(	(	PUNCT
dem-1051	207	20	recorded	record	VERB
dem-1051	207	21	at	at	ADP
dem-1051	207	22	t-1	t-1	PROPN
dem-1051	207	23	)	)	PUNCT
dem-1051	207	24	.	.	PUNCT
dem-1051	208	1	however	however	ADV
dem-1051	208	2	,	,	PUNCT
dem-1051	208	3	the	the	DET
dem-1051	208	4	impact	impact	NOUN
dem-1051	208	5	of	of	ADP
dem-1051	208	6	this	this	DET
dem-1051	208	7	variable	variable	NOUN
dem-1051	208	8	is	be	AUX
dem-1051	208	9	significant	significant	ADJ
dem-1051	208	10	only	only	ADV
dem-1051	208	11	for	for	ADP
dem-1051	208	12	{	{	PUNCT
dem-1051	208	13	}	}	ADP
dem-1051	208	14	07.0	07.0	NUM
dem-1051	208	15	...	...	PUNCT
dem-1051	208	16	,,04.0,03.0∈τ	,,04.0,03.0∈τ	PUNCT
dem-1051	208	17	.	.	PUNCT
dem-1051	209	1	“	"	PUNCT
dem-1051	209	2	does	do	AUX
dem-1051	209	3	it	it	PRON
dem-1051	209	4	take	take	VERB
dem-1051	209	5	volume	volume	NOUN
dem-1051	209	6	to	to	PART
dem-1051	209	7	move	move	VERB
dem-1051	209	8	the	the	DET
dem-1051	209	9	eur	eur	PROPN
dem-1051	209	10	/	/	SYM
dem-1051	209	11	pln	pln	PROPN
dem-1051	209	12	fx	fx	PROPN
dem-1051	209	13	rates	rate	NOUN
dem-1051	209	14	?	?	PUNCT
dem-1051	209	15	”	"	PUNCT
dem-1051	210	1	…	…	PUNCT
dem-1051	210	2	dynamic	dynamic	ADJ
dem-1051	210	3	econometric	econometric	ADJ
dem-1051	210	4	models	model	NOUN
dem-1051	210	5	12	12	NUM
dem-1051	210	6	(	(	PUNCT
dem-1051	210	7	2012	2012	NUM
dem-1051	210	8	)	)	PUNCT
dem-1051	210	9	35–52	35–52	NUM
dem-1051	210	10	47	47	NUM
dem-1051	210	11	0.0	0.0	NUM
dem-1051	210	12	0.4	0.4	NUM
dem-1051	210	13	0.8	0.8	NUM
dem-1051	210	14	-6	-6	CCONJ
dem-1051	210	15	-2	-2	INTJ
dem-1051	210	16	2	2	NUM
dem-1051	210	17	(	(	PUNCT
dem-1051	210	18	intercept	intercept	PROPN
dem-1051	210	19	)	)	PUNCT
dem-1051	210	20	0.0	0.0	NUM
dem-1051	210	21	0.4	0.4	NUM
dem-1051	210	22	0.8	0.8	NUM
dem-1051	210	23	-2	-2	NOUN
dem-1051	210	24	2	2	NUM
dem-1051	210	25	6	6	NUM
dem-1051	210	26	s1	s1	NOUN
dem-1051	210	27	0.0	0.0	NUM
dem-1051	210	28	0.4	0.4	NUM
dem-1051	210	29	0.8	0.8	NUM
dem-1051	210	30	-1	-1	SYM
dem-1051	210	31	0	0	NUM
dem-1051	210	32	1	1	NUM
dem-1051	210	33	2	2	NUM
dem-1051	210	34	3	3	NUM
dem-1051	210	35	s2	s2	NOUN
dem-1051	210	36	0.0	0.0	NUM
dem-1051	210	37	0.4	0.4	NUM
dem-1051	210	38	0.8	0.8	NUM
dem-1051	210	39	-1	-1	CCONJ
dem-1051	210	40	.0	.0	NUM
dem-1051	210	41	0	0	NUM
dem-1051	210	42	.	.	NOUN
dem-1051	210	43	0	0	NUM
dem-1051	211	1	1	1	NUM
dem-1051	211	2	.	.	NOUN
dem-1051	211	3	0	0	NUM
dem-1051	212	1	s3	s3	PROPN
dem-1051	212	2	0.0	0.0	NUM
dem-1051	212	3	0.4	0.4	NUM
dem-1051	212	4	0.8	0.8	NUM
dem-1051	212	5	-2	-2	NOUN
dem-1051	212	6	0	0	NUM
dem-1051	212	7	1	1	NUM
dem-1051	212	8	2	2	NUM
dem-1051	212	9	s4	s4	NOUN
dem-1051	212	10	0.0	0.0	NUM
dem-1051	212	11	0.4	0.4	NUM
dem-1051	212	12	0.8	0.8	NUM
dem-1051	212	13	-1	-1	CCONJ
dem-1051	212	14	.0	.0	NUM
dem-1051	212	15	0	0	NUM
dem-1051	212	16	.	.	NOUN
dem-1051	212	17	0	0	NUM
dem-1051	212	18	1	1	NUM
dem-1051	212	19	.	.	NOUN
dem-1051	212	20	0	0	NUM
dem-1051	213	1	s5	s5	PROPN
dem-1051	213	2	0.0	0.0	NUM
dem-1051	213	3	0.4	0.4	NUM
dem-1051	213	4	0.8	0.8	NUM
dem-1051	213	5	-3	-3	PUNCT
dem-1051	213	6	-1	-1	SYM
dem-1051	213	7	0	0	NUM
dem-1051	213	8	1	1	NUM
dem-1051	213	9	expected_vol	expected_vol	NUM
dem-1051	213	10	0.0	0.0	NUM
dem-1051	213	11	0.4	0.4	NUM
dem-1051	213	12	0.8	0.8	NUM
dem-1051	213	13	-4	-4	SYM
dem-1051	213	14	0	0	NUM
dem-1051	213	15	2	2	NUM
dem-1051	213	16	4	4	NUM
dem-1051	213	17	6	6	NUM
dem-1051	213	18	unexpected	unexpected	ADJ
dem-1051	213	19	_	_	PUNCT
dem-1051	213	20	0.0	0.0	NUM
dem-1051	213	21	0.4	0.4	NUM
dem-1051	213	22	0.8	0.8	NUM
dem-1051	213	23	-0	-0	SYM
dem-1051	213	24	.5	.5	NUM
dem-1051	213	25	0	0	NUM
dem-1051	213	26	.	.	NOUN
dem-1051	213	27	5	5	NUM
dem-1051	213	28	1	1	NUM
dem-1051	213	29	.	.	NOUN
dem-1051	213	30	0	0	NUM
dem-1051	213	31	unexpected	unexpected	ADJ
dem-1051	213	32	_	_	PUNCT
dem-1051	213	33	0.0	0.0	NUM
dem-1051	213	34	0.4	0.4	NUM
dem-1051	213	35	0.8	0.8	NUM
dem-1051	213	36	-0	-0	SYM
dem-1051	213	37	.1	.1	NUM
dem-1051	213	38	5	5	NUM
dem-1051	213	39	-0	-0	SYM
dem-1051	213	40	.0	.0	NUM
dem-1051	213	41	5	5	NUM
dem-1051	213	42	return_lag1	return_lag1	NOUN
dem-1051	213	43	figure	figure	VERB
dem-1051	213	44	3	3	NUM
dem-1051	213	45	.	.	PUNCT
dem-1051	214	1	parameter	parameter	NOUN
dem-1051	214	2	estimates	estimate	NOUN
dem-1051	214	3	for	for	ADP
dem-1051	214	4	quantile	quantile	ADJ
dem-1051	214	5	regressions	regression	NOUN
dem-1051	214	6	(	(	PUNCT
dem-1051	214	7	model	model	NOUN
dem-1051	214	8	i	i	PROPN
dem-1051	214	9	)	)	PUNCT
dem-1051	214	10	.	.	PUNCT
dem-1051	215	1	shaded	shade	VERB
dem-1051	215	2	areas	area	NOUN
dem-1051	215	3	depict	depict	VERB
dem-1051	215	4	the	the	DET
dem-1051	215	5	90	90	NUM
dem-1051	215	6	%	%	NOUN
dem-1051	215	7	confidence	confidence	NOUN
dem-1051	215	8	interval	interval	NOUN
dem-1051	215	9	figure	figure	NOUN
dem-1051	215	10	4	4	NUM
dem-1051	215	11	shows	show	VERB
dem-1051	215	12	that	that	SCONJ
dem-1051	215	13	if	if	SCONJ
dem-1051	215	14	we	we	PRON
dem-1051	215	15	account	account	VERB
dem-1051	215	16	for	for	ADP
dem-1051	215	17	garch	garch	NOUN
dem-1051	215	18	-	-	PUNCT
dem-1051	215	19	type	type	NOUN
dem-1051	215	20	volatility	volatility	NOUN
dem-1051	215	21	forecast	forecast	NOUN
dem-1051	215	22	,	,	PUNCT
dem-1051	215	23	1ˆ	1ˆ	NOUN
dem-1051	215	24	−tσ	−tσ	NOUN
dem-1051	215	25	,	,	PUNCT
dem-1051	215	26	as	as	ADP
dem-1051	215	27	an	an	DET
dem-1051	215	28	additional	additional	ADJ
dem-1051	215	29	driving	driving	NOUN
dem-1051	215	30	force	force	NOUN
dem-1051	215	31	of	of	ADP
dem-1051	215	32	quantile	quantile	ADJ
dem-1051	215	33	dynamics	dynamic	NOUN
dem-1051	215	34	,	,	PUNCT
dem-1051	215	35	the	the	DET
dem-1051	215	36	obtained	obtain	VERB
dem-1051	215	37	parameter	parameter	NOUN
dem-1051	215	38	estimates	estimate	NOUN
dem-1051	215	39	change	change	VERB
dem-1051	215	40	.	.	PUNCT
dem-1051	216	1	the	the	DET
dem-1051	216	2	impact	impact	NOUN
dem-1051	216	3	of	of	ADP
dem-1051	216	4	the	the	DET
dem-1051	216	5	unexpected	unexpected	ADJ
dem-1051	216	6	volume	volume	NOUN
dem-1051	216	7	remains	remain	VERB
dem-1051	216	8	the	the	DET
dem-1051	216	9	same	same	ADJ
dem-1051	216	10	as	as	ADP
dem-1051	216	11	without	without	ADP
dem-1051	216	12	the	the	DET
dem-1051	216	13	volatile	volatile	ADJ
dem-1051	216	14	ty	ty	NOUN
dem-1051	216	15	variable	variable	NOUN
dem-1051	216	16	;	;	PUNCT
dem-1051	216	17	however	however	ADV
dem-1051	216	18	,	,	PUNCT
dem-1051	216	19	the	the	DET
dem-1051	216	20	role	role	NOUN
dem-1051	216	21	of	of	ADP
dem-1051	216	22	the	the	DET
dem-1051	216	23	expected	expect	VERB
dem-1051	216	24	volume	volume	NOUN
dem-1051	216	25	declines	decline	VERB
dem-1051	216	26	in	in	ADP
dem-1051	216	27	a	a	DET
dem-1051	216	28	noteworthy	noteworthy	ADJ
dem-1051	216	29	fashion	fashion	NOUN
dem-1051	216	30	(	(	PUNCT
dem-1051	216	31	i.e.	i.e.	X
dem-1051	216	32	,	,	PUNCT
dem-1051	216	33	it	it	PRON
dem-1051	216	34	is	be	AUX
dem-1051	216	35	about	about	ADV
dem-1051	216	36	two	two	NUM
dem-1051	216	37	times	time	NOUN
dem-1051	216	38	smaller	small	ADJ
dem-1051	216	39	than	than	ADP
dem-1051	216	40	in	in	ADP
dem-1051	216	41	the	the	DET
dem-1051	216	42	model	model	NOUN
dem-1051	216	43	i	i	PROPN
dem-1051	216	44	)	)	PUNCT
dem-1051	216	45	and	and	CCONJ
dem-1051	216	46	it	it	PRON
dem-1051	216	47	remains	remain	VERB
dem-1051	216	48	significantly	significantly	ADV
dem-1051	216	49	different	different	ADJ
dem-1051	216	50	from	from	ADP
dem-1051	216	51	zero	zero	NUM
dem-1051	216	52	for	for	ADP
dem-1051	216	53	quantile	quantile	ADJ
dem-1051	216	54	levels	level	NOUN
dem-1051	216	55	{	{	PUNCT
dem-1051	216	56	}	}	PUNCT
dem-1051	216	57	02.0,01.0∈τ	02.0,01.0∈τ	NUM
dem-1051	216	58	,	,	PUNCT
dem-1051	216	59	{	{	PUNCT
dem-1051	216	60	}	}	PUNCT
dem-1051	216	61	87.0	87.0	NUM
dem-1051	216	62	...	...	PUNCT
dem-1051	216	63	,,84.0,83.0∈τ	,,84.0,83.0∈τ	PUNCT
dem-1051	216	64	and	and	CCONJ
dem-1051	216	65	{	{	PUNCT
dem-1051	216	66	}	}	ADP
dem-1051	216	67	98.0	98.0	NUM
dem-1051	216	68	...	...	PUNCT
dem-1051	216	69	,,94.0,93.0∈τ	,,94.0,93.0∈τ	PUNCT
dem-1051	216	70	.	.	PUNCT
dem-1051	217	1	findings	finding	NOUN
dem-1051	217	2	like	like	ADP
dem-1051	217	3	this	this	PRON
dem-1051	217	4	are	be	AUX
dem-1051	217	5	rather	rather	ADV
dem-1051	217	6	easy	easy	ADJ
dem-1051	217	7	to	to	PART
dem-1051	217	8	justify	justify	VERB
dem-1051	217	9	.	.	PUNCT
dem-1051	218	1	the	the	DET
dem-1051	218	2	information	information	NOUN
dem-1051	218	3	contained	contain	VERB
dem-1051	218	4	in	in	ADP
dem-1051	218	5	the	the	DET
dem-1051	218	6	past	past	ADJ
dem-1051	218	7	realizations	realization	NOUN
dem-1051	218	8	of	of	ADP
dem-1051	218	9	the	the	DET
dem-1051	218	10	trading	trading	NOUN
dem-1051	218	11	volume	volume	NOUN
dem-1051	218	12	is	be	AUX
dem-1051	218	13	,	,	PUNCT
dem-1051	218	14	to	to	ADP
dem-1051	218	15	a	a	DET
dem-1051	218	16	large	large	ADJ
dem-1051	218	17	extent	extent	NOUN
dem-1051	218	18	,	,	PUNCT
dem-1051	218	19	impounded	impound	VERB
dem-1051	218	20	in	in	ADP
dem-1051	218	21	the	the	DET
dem-1051	218	22	fx	fx	NOUN
dem-1051	218	23	prices	price	NOUN
dem-1051	218	24	that	that	PRON
dem-1051	218	25	are	be	AUX
dem-1051	218	26	set	set	VERB
dem-1051	218	27	in	in	ADP
dem-1051	218	28	the	the	DET
dem-1051	218	29	market	market	NOUN
dem-1051	218	30	until	until	ADP
dem-1051	218	31	time	time	NOUN
dem-1051	218	32	t-1	t-1	PROPN
dem-1051	218	33	.	.	PUNCT
dem-1051	219	1	therefore	therefore	ADV
dem-1051	219	2	,	,	PUNCT
dem-1051	219	3	if	if	SCONJ
dem-1051	219	4	these	these	DET
dem-1051	219	5	trading	trading	NOUN
dem-1051	219	6	volumes	volume	NOUN
dem-1051	219	7	are	be	AUX
dem-1051	219	8	to	to	ADP
dem-1051	219	9	a	a	DET
dem-1051	219	10	large	large	ADJ
dem-1051	219	11	extent	extent	NOUN
dem-1051	219	12	reflected	reflect	VERB
dem-1051	219	13	by	by	ADP
dem-1051	219	14	the	the	DET
dem-1051	219	15	volatility	volatility	NOUN
dem-1051	219	16	forecasts	forecast	VERB
dem-1051	219	17	1ˆ	1ˆ	PROPN
dem-1051	219	18	−tσ	−tσ	NOUN
dem-1051	219	19	(	(	PUNCT
dem-1051	219	20	which	which	DET
dem-1051	219	21	condition	condition	NOUN
dem-1051	219	22	on	on	ADP
dem-1051	219	23	the	the	DET
dem-1051	219	24	inforkatarzyna	inforkatarzyna	NOUN
dem-1051	219	25	bień	bień	ADJ
dem-1051	219	26	-	-	PUNCT
dem-1051	219	27	barkowska	barkowska	ADJ
dem-1051	219	28	dynamic	dynamic	ADJ
dem-1051	219	29	econometric	econometric	ADJ
dem-1051	219	30	models	model	NOUN
dem-1051	219	31	12	12	NUM
dem-1051	219	32	(	(	PUNCT
dem-1051	219	33	2012	2012	NUM
dem-1051	219	34	)	)	PUNCT
dem-1051	219	35	35–52	35–52	NUM
dem-1051	219	36	48	48	NUM
dem-1051	219	37	mation	mation	NOUN
dem-1051	219	38	at	at	ADP
dem-1051	219	39	t-1	t-1	PROPN
dem-1051	219	40	)	)	PUNCT
dem-1051	219	41	,	,	PUNCT
dem-1051	219	42	the	the	DET
dem-1051	219	43	amount	amount	NOUN
dem-1051	219	44	of	of	ADP
dem-1051	219	45	information	information	NOUN
dem-1051	219	46	that	that	PRON
dem-1051	219	47	can	can	AUX
dem-1051	219	48	be	be	AUX
dem-1051	219	49	attributed	attribute	VERB
dem-1051	219	50	only	only	ADV
dem-1051	219	51	to	to	ADP
dem-1051	219	52	the	the	DET
dem-1051	219	53	historical	historical	ADJ
dem-1051	219	54	volume	volume	NOUN
dem-1051	219	55	will	will	AUX
dem-1051	219	56	significantly	significantly	ADV
dem-1051	219	57	decline	decline	VERB
dem-1051	219	58	.	.	PUNCT
dem-1051	220	1	0.0	0.0	NUM
dem-1051	220	2	0.4	0.4	NUM
dem-1051	220	3	0.8	0.8	NUM
dem-1051	220	4	-4	-4	SYM
dem-1051	220	5	0	0	NUM
dem-1051	220	6	2	2	NUM
dem-1051	220	7	4	4	NUM
dem-1051	220	8	(	(	PUNCT
dem-1051	220	9	intercept	intercept	NOUN
dem-1051	220	10	)	)	PUNCT
dem-1051	220	11	0.0	0.0	NUM
dem-1051	220	12	0.4	0.4	NUM
dem-1051	220	13	0.8	0.8	NUM
dem-1051	220	14	-2	-2	NOUN
dem-1051	220	15	0	0	NUM
dem-1051	220	16	2	2	NUM
dem-1051	220	17	4	4	NUM
dem-1051	220	18	s1	s1	NOUN
dem-1051	220	19	0.0	0.0	NUM
dem-1051	220	20	0.4	0.4	NUM
dem-1051	220	21	0.8	0.8	NUM
dem-1051	220	22	-1	-1	SYM
dem-1051	220	23	0	0	NUM
dem-1051	220	24	1	1	NUM
dem-1051	220	25	2	2	NUM
dem-1051	220	26	3	3	NUM
dem-1051	220	27	s2	s2	NOUN
dem-1051	220	28	0.0	0.0	NUM
dem-1051	220	29	0.4	0.4	NUM
dem-1051	220	30	0.8	0.8	NUM
dem-1051	220	31	-0	-0	SYM
dem-1051	220	32	.5	.5	NUM
dem-1051	220	33	0	0	NUM
dem-1051	220	34	.	.	NOUN
dem-1051	220	35	5	5	NUM
dem-1051	220	36	1	1	NUM
dem-1051	220	37	.	.	NOUN
dem-1051	220	38	0	0	NUM
dem-1051	221	1	s3	s3	PROPN
dem-1051	221	2	0.0	0.0	NUM
dem-1051	221	3	0.4	0.4	NUM
dem-1051	221	4	0.8	0.8	NUM
dem-1051	221	5	-1	-1	SYM
dem-1051	221	6	0	0	NUM
dem-1051	221	7	1	1	NUM
dem-1051	221	8	2	2	NUM
dem-1051	221	9	s4	s4	NOUN
dem-1051	221	10	0.0	0.0	NUM
dem-1051	221	11	0.4	0.4	NUM
dem-1051	221	12	0.8	0.8	NUM
dem-1051	221	13	-1	-1	CCONJ
dem-1051	221	14	.0	.0	NUM
dem-1051	221	15	0	0	NUM
dem-1051	221	16	.	.	NOUN
dem-1051	221	17	0	0	NUM
dem-1051	222	1	1	1	NUM
dem-1051	222	2	.	.	NOUN
dem-1051	222	3	0	0	NUM
dem-1051	223	1	s5	s5	PROPN
dem-1051	223	2	0.0	0.0	NUM
dem-1051	223	3	0.4	0.4	NUM
dem-1051	223	4	0.8	0.8	NUM
dem-1051	223	5	-1	-1	SYM
dem-1051	223	6	.5	.5	NUM
dem-1051	223	7	-0	-0	PUNCT
dem-1051	223	8	.5	.5	NUM
dem-1051	223	9	0	0	NUM
dem-1051	223	10	.	.	X
dem-1051	223	11	5	5	NUM
dem-1051	223	12	expected_vol	expected_vol	NUM
dem-1051	223	13	0.0	0.0	NUM
dem-1051	223	14	0.4	0.4	NUM
dem-1051	223	15	0.8	0.8	NUM
dem-1051	223	16	-4	-4	SYM
dem-1051	223	17	0	0	NUM
dem-1051	223	18	2	2	NUM
dem-1051	223	19	4	4	NUM
dem-1051	223	20	6	6	NUM
dem-1051	223	21	unexpected	unexpected	ADJ
dem-1051	223	22	_	_	PUNCT
dem-1051	223	23	0.0	0.0	NUM
dem-1051	223	24	0.4	0.4	NUM
dem-1051	223	25	0.8	0.8	NUM
dem-1051	223	26	-1	-1	CCONJ
dem-1051	223	27	.0	.0	NUM
dem-1051	223	28	0	0	NUM
dem-1051	223	29	.	.	NOUN
dem-1051	223	30	0	0	NUM
dem-1051	224	1	1	1	NUM
dem-1051	224	2	.	.	SYM
dem-1051	224	3	0	0	NUM
dem-1051	224	4	unexpected	unexpected	ADJ
dem-1051	224	5	_	_	PUNCT
dem-1051	224	6	0.0	0.0	NUM
dem-1051	224	7	0.4	0.4	NUM
dem-1051	224	8	0.8	0.8	NUM
dem-1051	224	9	-0	-0	SYM
dem-1051	224	10	.1	.1	NUM
dem-1051	224	11	5	5	NUM
dem-1051	224	12	-0	-0	SYM
dem-1051	224	13	.0	.0	NUM
dem-1051	224	14	5	5	NUM
dem-1051	224	15	return_lag1	return_lag1	NOUN
dem-1051	224	16	0.0	0.0	NUM
dem-1051	224	17	0.4	0.4	NUM
dem-1051	224	18	0.8	0.8	NUM
dem-1051	224	19	-8	-8	NUM
dem-1051	224	20	-4	-4	NOUN
dem-1051	224	21	0	0	NUM
dem-1051	224	22	4	4	NUM
dem-1051	224	23	volatility	volatility	NOUN
dem-1051	224	24	figure	figure	NOUN
dem-1051	224	25	4	4	NUM
dem-1051	224	26	.	.	PUNCT
dem-1051	225	1	parameter	parameter	NOUN
dem-1051	225	2	estimates	estimate	NOUN
dem-1051	225	3	for	for	ADP
dem-1051	225	4	quantile	quantile	ADJ
dem-1051	225	5	regressions	regression	NOUN
dem-1051	225	6	(	(	PUNCT
dem-1051	225	7	model	model	NOUN
dem-1051	225	8	ii	ii	PROPN
dem-1051	225	9	)	)	PUNCT
dem-1051	225	10	.	.	PUNCT
dem-1051	226	1	the	the	DET
dem-1051	226	2	shaded	shade	VERB
dem-1051	226	3	areas	area	NOUN
dem-1051	226	4	depict	depict	VERB
dem-1051	226	5	the	the	DET
dem-1051	226	6	90	90	NUM
dem-1051	226	7	%	%	NOUN
dem-1051	226	8	confidence	confidence	NOUN
dem-1051	226	9	interval	interval	NOUN
dem-1051	226	10	the	the	DET
dem-1051	226	11	obtained	obtain	VERB
dem-1051	226	12	parameter	parameter	NOUN
dem-1051	226	13	estimates	estimate	NOUN
dem-1051	226	14	may	may	AUX
dem-1051	226	15	also	also	ADV
dem-1051	226	16	suggest	suggest	VERB
dem-1051	226	17	that	that	SCONJ
dem-1051	226	18	the	the	DET
dem-1051	226	19	return	return	NOUN
dem-1051	226	20	distribution	distribution	NOUN
dem-1051	226	21	is	be	AUX
dem-1051	226	22	skewed	skewed	ADJ
dem-1051	226	23	.	.	PUNCT
dem-1051	227	1	this	this	PRON
dem-1051	227	2	can	can	AUX
dem-1051	227	3	be	be	AUX
dem-1051	227	4	observed	observe	VERB
dem-1051	227	5	from	from	ADP
dem-1051	227	6	the	the	DET
dem-1051	227	7	different	different	ADJ
dem-1051	227	8	parameter	parameter	NOUN
dem-1051	227	9	estimates	estimate	NOUN
dem-1051	227	10	corresponding	correspond	VERB
dem-1051	227	11	to	to	ADP
dem-1051	227	12	the	the	DET
dem-1051	227	13	volatility	volatility	NOUN
dem-1051	227	14	forecasts	forecast	NOUN
dem-1051	227	15	that	that	PRON
dem-1051	227	16	were	be	AUX
dem-1051	227	17	obtained	obtain	VERB
dem-1051	227	18	for	for	ADP
dem-1051	227	19	lower	low	ADJ
dem-1051	227	20	and	and	CCONJ
dem-1051	227	21	upper	upper	ADJ
dem-1051	227	22	quantiles	quantile	NOUN
dem-1051	227	23	(	(	PUNCT
dem-1051	227	24	in	in	ADP
dem-1051	227	25	a	a	DET
dem-1051	227	26	symmetric	symmetric	ADJ
dem-1051	227	27	case	case	NOUN
dem-1051	227	28	they	they	PRON
dem-1051	227	29	should	should	AUX
dem-1051	227	30	be	be	AUX
dem-1051	227	31	equal	equal	ADJ
dem-1051	227	32	)	)	PUNCT
dem-1051	227	33	.	.	PUNCT
dem-1051	228	1	conclusions	conclusion	NOUN
dem-1051	228	2	the	the	DET
dem-1051	228	3	results	result	NOUN
dem-1051	228	4	suggest	suggest	VERB
dem-1051	228	5	that	that	SCONJ
dem-1051	228	6	trading	trading	NOUN
dem-1051	228	7	volume	volume	NOUN
dem-1051	228	8	has	have	VERB
dem-1051	228	9	a	a	DET
dem-1051	228	10	significant	significant	ADJ
dem-1051	228	11	impact	impact	NOUN
dem-1051	228	12	on	on	ADP
dem-1051	228	13	the	the	DET
dem-1051	228	14	variability	variability	NOUN
dem-1051	228	15	of	of	ADP
dem-1051	228	16	the	the	DET
dem-1051	228	17	eur	eur	PROPN
dem-1051	228	18	/	/	SYM
dem-1051	228	19	pln	pln	PROPN
dem-1051	228	20	rate	rate	NOUN
dem-1051	228	21	fluctuations	fluctuation	NOUN
dem-1051	228	22	.	.	PUNCT
dem-1051	229	1	we	we	PRON
dem-1051	229	2	also	also	ADV
dem-1051	229	3	show	show	VERB
dem-1051	229	4	that	that	SCONJ
dem-1051	229	5	the	the	DET
dem-1051	229	6	unexpected	unexpected	ADJ
dem-1051	229	7	(	(	PUNCT
dem-1051	229	8	unanticipated	unanticipated	ADJ
dem-1051	229	9	)	)	PUNCT
dem-1051	229	10	component	component	NOUN
dem-1051	229	11	of	of	ADP
dem-1051	229	12	this	this	DET
dem-1051	229	13	variable	variable	NOUN
dem-1051	229	14	has	have	VERB
dem-1051	229	15	a	a	DET
dem-1051	229	16	significantly	significantly	ADV
dem-1051	229	17	stronger	strong	ADJ
dem-1051	229	18	impact	impact	NOUN
dem-1051	229	19	than	than	ADP
dem-1051	229	20	the	the	DET
dem-1051	229	21	expected	expect	VERB
dem-1051	229	22	(	(	PUNCT
dem-1051	229	23	predictable	predictable	ADJ
dem-1051	229	24	)	)	PUNCT
dem-1051	229	25	component	component	NOUN
dem-1051	229	26	.	.	PUNCT
dem-1051	230	1	the	the	DET
dem-1051	230	2	scale	scale	NOUN
dem-1051	230	3	of	of	ADP
dem-1051	230	4	this	this	DET
dem-1051	230	5	impact	impact	NOUN
dem-1051	230	6	varies	vary	VERB
dem-1051	230	7	“	"	PUNCT
dem-1051	230	8	does	do	AUX
dem-1051	230	9	it	it	PRON
dem-1051	230	10	take	take	VERB
dem-1051	230	11	volume	volume	NOUN
dem-1051	230	12	to	to	PART
dem-1051	230	13	move	move	VERB
dem-1051	230	14	the	the	DET
dem-1051	230	15	eur	eur	PROPN
dem-1051	230	16	/	/	SYM
dem-1051	230	17	pln	pln	PROPN
dem-1051	230	18	fx	fx	PROPN
dem-1051	230	19	rates	rate	NOUN
dem-1051	230	20	?	?	PUNCT
dem-1051	230	21	”	"	PUNCT
dem-1051	231	1	…	…	PUNCT
dem-1051	231	2	dynamic	dynamic	ADJ
dem-1051	231	3	econometric	econometric	ADJ
dem-1051	231	4	models	model	NOUN
dem-1051	231	5	12	12	NUM
dem-1051	231	6	(	(	PUNCT
dem-1051	231	7	2012	2012	NUM
dem-1051	231	8	)	)	PUNCT
dem-1051	231	9	35–52	35–52	NUM
dem-1051	231	10	49	49	NUM
dem-1051	231	11	across	across	ADP
dem-1051	231	12	quantiles	quantile	NOUN
dem-1051	231	13	and	and	CCONJ
dem-1051	231	14	is	be	AUX
dem-1051	231	15	most	most	ADV
dem-1051	231	16	pronounced	pronounce	VERB
dem-1051	231	17	in	in	ADP
dem-1051	231	18	the	the	DET
dem-1051	231	19	tails	tail	NOUN
dem-1051	231	20	of	of	ADP
dem-1051	231	21	the	the	DET
dem-1051	231	22	return	return	NOUN
dem-1051	231	23	distribution	distribution	NOUN
dem-1051	231	24	(	(	PUNCT
dem-1051	231	25	i.e.	i.e.	X
dem-1051	231	26	,	,	PUNCT
dem-1051	231	27	for	for	ADP
dem-1051	231	28	the	the	DET
dem-1051	231	29	most	most	ADV
dem-1051	231	30	extreme	extreme	ADJ
dem-1051	231	31	price	price	NOUN
dem-1051	231	32	movements	movement	NOUN
dem-1051	231	33	)	)	PUNCT
dem-1051	231	34	.	.	PUNCT
dem-1051	232	1	our	our	PRON
dem-1051	232	2	study	study	NOUN
dem-1051	232	3	contributes	contribute	VERB
dem-1051	232	4	to	to	ADP
dem-1051	232	5	the	the	DET
dem-1051	232	6	scarce	scarce	ADJ
dem-1051	232	7	literature	literature	NOUN
dem-1051	232	8	on	on	ADP
dem-1051	232	9	the	the	DET
dem-1051	232	10	volume	volume	NOUN
dem-1051	232	11	-	-	PUNCT
dem-1051	232	12	return	return	NOUN
dem-1051	232	13	relationship	relationship	NOUN
dem-1051	232	14	in	in	ADP
dem-1051	232	15	fx	fx	NOUN
dem-1051	232	16	markets	market	NOUN
dem-1051	232	17	.	.	PUNCT
dem-1051	233	1	figure	figure	VERB
dem-1051	233	2	5	5	NUM
dem-1051	233	3	.	.	PUNCT
dem-1051	234	1	the	the	DET
dem-1051	234	2	diurnality	diurnality	NOUN
dem-1051	234	3	pattern	pattern	NOUN
dem-1051	234	4	for	for	ADP
dem-1051	234	5	quantiles	quantile	NOUN
dem-1051	234	6	of	of	ADP
dem-1051	234	7	the	the	DET
dem-1051	234	8	return	return	NOUN
dem-1051	234	9	distribution	distribution	NOUN
dem-1051	234	10	studies	study	NOUN
dem-1051	234	11	on	on	ADP
dem-1051	234	12	this	this	DET
dem-1051	234	13	topic	topic	NOUN
dem-1051	234	14	have	have	VERB
dem-1051	234	15	for	for	SCONJ
dem-1051	234	16	the	the	DET
dem-1051	234	17	most	most	ADJ
dem-1051	234	18	part	part	NOUN
dem-1051	234	19	been	be	AUX
dem-1051	234	20	conducted	conduct	VERB
dem-1051	234	21	for	for	ADP
dem-1051	234	22	the	the	DET
dem-1051	234	23	lower	low	ADJ
dem-1051	234	24	frequencies	frequency	NOUN
dem-1051	234	25	including	include	VERB
dem-1051	234	26	only	only	ADV
dem-1051	234	27	daily	daily	ADJ
dem-1051	234	28	or	or	CCONJ
dem-1051	234	29	monthly	monthly	ADJ
dem-1051	234	30	data	datum	NOUN
dem-1051	234	31	.	.	PUNCT
dem-1051	235	1	as	as	SCONJ
dem-1051	235	2	the	the	DET
dem-1051	235	3	fx	fx	PROPN
dem-1051	235	4	market	market	NOUN
dem-1051	235	5	is	be	AUX
dem-1051	235	6	extremely	extremely	ADV
dem-1051	235	7	liquid	liquid	ADJ
dem-1051	235	8	and	and	CCONJ
dem-1051	235	9	transparent	transparent	ADJ
dem-1051	235	10	in	in	ADP
dem-1051	235	11	comparison	comparison	NOUN
dem-1051	235	12	to	to	ADP
dem-1051	235	13	capital	capital	NOUN
dem-1051	235	14	markets	market	NOUN
dem-1051	235	15	,	,	PUNCT
dem-1051	235	16	the	the	DET
dem-1051	235	17	reaction	reaction	NOUN
dem-1051	235	18	to	to	ADP
dem-1051	235	19	new	new	ADJ
dem-1051	235	20	information	information	NOUN
dem-1051	235	21	arrival	arrival	NOUN
dem-1051	235	22	should	should	AUX
dem-1051	235	23	also	also	ADV
dem-1051	235	24	be	be	AUX
dem-1051	235	25	extremely	extremely	ADV
dem-1051	235	26	prompt	prompt	ADJ
dem-1051	235	27	,	,	PUNCT
dem-1051	235	28	which	which	PRON
dem-1051	235	29	justifies	justify	VERB
dem-1051	235	30	the	the	DET
dem-1051	235	31	application	application	NOUN
dem-1051	235	32	of	of	ADP
dem-1051	235	33	high	high	ADJ
dem-1051	235	34	frequency	frequency	NOUN
dem-1051	235	35	data	datum	NOUN
dem-1051	235	36	.	.	PUNCT
dem-1051	236	1	moreover	moreover	ADV
dem-1051	236	2	,	,	PUNCT
dem-1051	236	3	as	as	SCONJ
dem-1051	236	4	outlined	outline	VERB
dem-1051	236	5	by	by	ADP
dem-1051	236	6	cheung	cheung	PROPN
dem-1051	236	7	et	et	PROPN
dem-1051	236	8	al	al	PROPN
dem-1051	236	9	.	.	PROPN
dem-1051	237	1	(	(	PUNCT
dem-1051	237	2	2009	2009	NUM
dem-1051	237	3	)	)	PUNCT
dem-1051	237	4	,	,	PUNCT
dem-1051	237	5	applying	apply	VERB
dem-1051	237	6	the	the	DET
dem-1051	237	7	qr	qr	NOUN
dem-1051	237	8	approach	approach	NOUN
dem-1051	237	9	enables	enable	VERB
dem-1051	237	10	one	one	NUM
dem-1051	237	11	to	to	PART
dem-1051	237	12	study	study	VERB
dem-1051	237	13	the	the	DET
dem-1051	237	14	impact	impact	NOUN
dem-1051	237	15	of	of	ADP
dem-1051	237	16	trading	trading	NOUN
dem-1051	237	17	on	on	ADP
dem-1051	237	18	the	the	DET
dem-1051	237	19	general	general	ADJ
dem-1051	237	20	shape	shape	NOUN
dem-1051	237	21	of	of	ADP
dem-1051	237	22	the	the	DET
dem-1051	237	23	return	return	NOUN
dem-1051	237	24	distribution	distribution	NOUN
dem-1051	237	25	.	.	PUNCT
dem-1051	238	1	thus	thus	ADV
dem-1051	238	2	,	,	PUNCT
dem-1051	238	3	this	this	DET
dem-1051	238	4	approach	approach	NOUN
dem-1051	238	5	is	be	AUX
dem-1051	238	6	complementary	complementary	ADJ
dem-1051	238	7	to	to	ADP
dem-1051	238	8	the	the	DET
dem-1051	238	9	methods	method	NOUN
dem-1051	238	10	based	base	VERB
dem-1051	238	11	solely	solely	ADV
dem-1051	238	12	on	on	ADP
dem-1051	238	13	the	the	DET
dem-1051	238	14	conditional	conditional	ADJ
dem-1051	238	15	variance	variance	NOUN
dem-1051	238	16	.	.	PUNCT
dem-1051	239	1	references	reference	NOUN
dem-1051	239	2	admati	admati	PROPN
dem-1051	239	3	,	,	PUNCT
dem-1051	239	4	a.	a.	NOUN
dem-1051	239	5	,	,	PUNCT
dem-1051	239	6	pfleiderer	pfleiderer	NOUN
dem-1051	239	7	,	,	PUNCT
dem-1051	239	8	p.	p.	NOUN
dem-1051	239	9	(	(	PUNCT
dem-1051	239	10	1988	1988	NUM
dem-1051	239	11	)	)	PUNCT
dem-1051	239	12	,	,	PUNCT
dem-1051	239	13	a	a	DET
dem-1051	239	14	theory	theory	NOUN
dem-1051	239	15	of	of	ADP
dem-1051	239	16	intraday	intraday	PROPN
dem-1051	239	17	patterns	pattern	NOUN
dem-1051	239	18	:	:	PUNCT
dem-1051	239	19	volume	volume	NOUN
dem-1051	239	20	and	and	CCONJ
dem-1051	239	21	price	price	NOUN
dem-1051	239	22	variability	variability	NOUN
dem-1051	239	23	,	,	PUNCT
dem-1051	239	24	review	review	NOUN
dem-1051	239	25	of	of	ADP
dem-1051	239	26	financial	financial	ADJ
dem-1051	239	27	studies	study	NOUN
dem-1051	239	28	,	,	PUNCT
dem-1051	239	29	1	1	NUM
dem-1051	239	30	,	,	PUNCT
dem-1051	239	31	3–40	3–40	PROPN
dem-1051	239	32	.	.	PUNCT
dem-1051	239	33	andersen	andersen	PROPN
dem-1051	239	34	,	,	PUNCT
dem-1051	239	35	t.	t.	PROPN
dem-1051	239	36	(	(	PUNCT
dem-1051	239	37	1996	1996	NUM
dem-1051	239	38	)	)	PUNCT
dem-1051	239	39	,	,	PUNCT
dem-1051	239	40	return	return	VERB
dem-1051	239	41	volatility	volatility	NOUN
dem-1051	239	42	and	and	CCONJ
dem-1051	239	43	trading	trading	NOUN
dem-1051	239	44	volume	volume	NOUN
dem-1051	239	45	:	:	PUNCT
dem-1051	239	46	an	an	DET
dem-1051	239	47	information	information	NOUN
dem-1051	239	48	flow	flow	NOUN
dem-1051	239	49	interpretation	interpretation	NOUN
dem-1051	239	50	of	of	ADP
dem-1051	239	51	stochastic	stochastic	ADJ
dem-1051	239	52	volatility	volatility	NOUN
dem-1051	239	53	,	,	PUNCT
dem-1051	239	54	journal	journal	NOUN
dem-1051	239	55	of	of	ADP
dem-1051	239	56	finance	finance	NOUN
dem-1051	239	57	,	,	PUNCT
dem-1051	239	58	51	51	NUM
dem-1051	239	59	,	,	PUNCT
dem-1051	239	60	169–204	169–204	NUM
dem-1051	239	61	.	.	PUNCT
dem-1051	240	1	andersen	andersen	PROPN
dem-1051	240	2	,	,	PUNCT
dem-1051	240	3	t.	t.	PROPN
dem-1051	240	4	,	,	PUNCT
dem-1051	240	5	bollerslev	bollerslev	NOUN
dem-1051	240	6	,	,	PUNCT
dem-1051	240	7	t.	t.	PROPN
dem-1051	240	8	(	(	PUNCT
dem-1051	240	9	1996	1996	NUM
dem-1051	240	10	)	)	PUNCT
dem-1051	240	11	,	,	PUNCT
dem-1051	240	12	intraday	intraday	NOUN
dem-1051	240	13	periodicity	periodicity	NOUN
dem-1051	240	14	and	and	CCONJ
dem-1051	240	15	volatility	volatility	NOUN
dem-1051	240	16	persistence	persistence	NOUN
dem-1051	240	17	in	in	ADP
dem-1051	240	18	financial	financial	ADJ
dem-1051	240	19	markets	market	NOUN
dem-1051	240	20	,	,	PUNCT
dem-1051	240	21	journal	journal	NOUN
dem-1051	240	22	of	of	ADP
dem-1051	240	23	empirical	empirical	ADJ
dem-1051	240	24	finance	finance	NOUN
dem-1051	240	25	,	,	PUNCT
dem-1051	240	26	4	4	NUM
dem-1051	240	27	,	,	PUNCT
dem-1051	240	28	115–158	115–158	NUM
dem-1051	240	29	.	.	PUNCT
dem-1051	241	1	baur	baur	PROPN
dem-1051	241	2	,	,	PUNCT
dem-1051	241	3	d.g	d.g	PROPN
dem-1051	241	4	.	.	PROPN
dem-1051	241	5	,	,	PUNCT
dem-1051	241	6	dimpfl	dimpfl	PROPN
dem-1051	241	7	t.	t.	PROPN
dem-1051	241	8	,	,	PUNCT
dem-1051	241	9	jung	jung	PROPN
dem-1051	241	10	,	,	PUNCT
dem-1051	241	11	r.c	r.c	PROPN
dem-1051	241	12	.	.	PROPN
dem-1051	242	1	(	(	PUNCT
dem-1051	242	2	2011	2011	NUM
dem-1051	242	3	)	)	PUNCT
dem-1051	242	4	,	,	PUNCT
dem-1051	242	5	stock	stock	NOUN
dem-1051	242	6	return	return	NOUN
dem-1051	242	7	autocorrelations	autocorrelation	NOUN
dem-1051	242	8	revisited	revisit	VERB
dem-1051	242	9	:	:	PUNCT
dem-1051	242	10	a	a	DET
dem-1051	242	11	quantile	quantile	ADJ
dem-1051	242	12	regression	regression	NOUN
dem-1051	242	13	approach	approach	NOUN
dem-1051	242	14	,	,	PUNCT
dem-1051	242	15	journal	journal	NOUN
dem-1051	242	16	of	of	ADP
dem-1051	242	17	empirical	empirical	ADJ
dem-1051	242	18	finance	finance	NOUN
dem-1051	242	19	,	,	PUNCT
dem-1051	242	20	19	19	NUM
dem-1051	242	21	,	,	PUNCT
dem-1051	242	22	251–265	251–265	NUM
dem-1051	242	23	.	.	PUNCT
dem-1051	243	1	katarzyna	katarzyna	PROPN
dem-1051	243	2	bień	bień	PROPN
dem-1051	243	3	-	-	PROPN
dem-1051	243	4	barkowska	barkowska	ADJ
dem-1051	243	5	dynamic	dynamic	ADJ
dem-1051	243	6	econometric	econometric	ADJ
dem-1051	243	7	models	model	NOUN
dem-1051	243	8	12	12	NUM
dem-1051	243	9	(	(	PUNCT
dem-1051	243	10	2012	2012	NUM
dem-1051	243	11	)	)	PUNCT
dem-1051	243	12	35–52	35–52	NUM
dem-1051	243	13	50	50	NUM
dem-1051	243	14	bauwens	bauwen	NOUN
dem-1051	243	15	,	,	PUNCT
dem-1051	243	16	l.	l.	PROPN
dem-1051	243	17	,	,	PUNCT
dem-1051	243	18	veredas	veredas	PROPN
dem-1051	243	19	,	,	PUNCT
dem-1051	243	20	d.	d.	PROPN
dem-1051	243	21	(	(	PUNCT
dem-1051	243	22	2004	2004	NUM
dem-1051	243	23	)	)	PUNCT
dem-1051	243	24	,	,	PUNCT
dem-1051	243	25	the	the	DET
dem-1051	243	26	stochastic	stochastic	ADJ
dem-1051	243	27	conditional	conditional	ADJ
dem-1051	243	28	duration	duration	NOUN
dem-1051	243	29	model	model	NOUN
dem-1051	243	30	:	:	PUNCT
dem-1051	243	31	a	a	DET
dem-1051	243	32	latent	latent	ADJ
dem-1051	243	33	variable	variable	ADJ
dem-1051	243	34	model	model	NOUN
dem-1051	243	35	for	for	ADP
dem-1051	243	36	the	the	DET
dem-1051	243	37	analysis	analysis	NOUN
dem-1051	243	38	of	of	ADP
dem-1051	243	39	financial	financial	ADJ
dem-1051	243	40	durations	duration	NOUN
dem-1051	243	41	,	,	PUNCT
dem-1051	243	42	journal	journal	NOUN
dem-1051	243	43	of	of	ADP
dem-1051	243	44	econometrics	econometric	NOUN
dem-1051	243	45	,	,	PUNCT
dem-1051	243	46	119	119	NUM
dem-1051	243	47	,	,	PUNCT
dem-1051	243	48	381–412	381–412	NUM
dem-1051	243	49	.	.	PUNCT
dem-1051	244	1	bessembinder	bessembinder	PROPN
dem-1051	244	2	,	,	PUNCT
dem-1051	244	3	h.	h.	PROPN
dem-1051	244	4	,	,	PUNCT
dem-1051	244	5	seguin	seguin	PROPN
dem-1051	244	6	,	,	PUNCT
dem-1051	244	7	p.j	p.j	PROPN
dem-1051	244	8	.	.	PROPN
dem-1051	244	9	(	(	PUNCT
dem-1051	244	10	1994	1994	NUM
dem-1051	244	11	)	)	PUNCT
dem-1051	244	12	,	,	PUNCT
dem-1051	244	13	price	price	NOUN
dem-1051	244	14	volatility	volatility	NOUN
dem-1051	244	15	,	,	PUNCT
dem-1051	244	16	trading	trading	NOUN
dem-1051	244	17	volume	volume	NOUN
dem-1051	244	18	and	and	CCONJ
dem-1051	244	19	market	market	NOUN
dem-1051	244	20	depth	depth	NOUN
dem-1051	244	21	:	:	PUNCT
dem-1051	244	22	evidence	evidence	NOUN
dem-1051	244	23	from	from	ADP
dem-1051	244	24	futures	future	NOUN
dem-1051	244	25	markets	market	NOUN
dem-1051	244	26	,	,	PUNCT
dem-1051	244	27	journal	journal	NOUN
dem-1051	244	28	of	of	ADP
dem-1051	244	29	financial	financial	ADJ
dem-1051	244	30	and	and	CCONJ
dem-1051	244	31	quantitative	quantitative	ADJ
dem-1051	244	32	analysis	analysis	NOUN
dem-1051	244	33	,	,	PUNCT
dem-1051	244	34	28	28	NUM
dem-1051	244	35	,	,	PUNCT
dem-1051	244	36	21–39	21–39	NUM
dem-1051	244	37	.	.	PUNCT
dem-1051	245	1	bień	bień	PROPN
dem-1051	245	2	,	,	PUNCT
dem-1051	245	3	k.	k.	PROPN
dem-1051	245	4	(	(	PUNCT
dem-1051	245	5	2006	2006	NUM
dem-1051	245	6	)	)	PUNCT
dem-1051	245	7	,	,	PUNCT
dem-1051	245	8	advanced	advanced	ADJ
dem-1051	245	9	acd	acd	NOUN
dem-1051	245	10	models	model	NOUN
dem-1051	245	11	–	–	PUNCT
dem-1051	245	12	presentation	presentation	NOUN
dem-1051	245	13	and	and	CCONJ
dem-1051	245	14	the	the	DET
dem-1051	245	15	example	example	NOUN
dem-1051	245	16	of	of	ADP
dem-1051	245	17	application	application	NOUN
dem-1051	245	18	,	,	PUNCT
dem-1051	245	19	statistical	statistical	ADJ
dem-1051	245	20	review	review	NOUN
dem-1051	245	21	,	,	PUNCT
dem-1051	245	22	53	53	NUM
dem-1051	245	23	(	(	PUNCT
dem-1051	245	24	1	1	NUM
dem-1051	245	25	)	)	PUNCT
dem-1051	245	26	,	,	PUNCT
dem-1051	245	27	90–108	90–108	NUM
dem-1051	245	28	.	.	PUNCT
dem-1051	246	1	blume	blume	PROPN
dem-1051	246	2	,	,	PUNCT
dem-1051	246	3	l.	l.	PROPN
dem-1051	246	4	,	,	PUNCT
dem-1051	246	5	easley	easley	PROPN
dem-1051	246	6	,	,	PUNCT
dem-1051	246	7	d.	d.	PROPN
dem-1051	246	8	,	,	PUNCT
dem-1051	246	9	o’hara	o’hara	PROPN
dem-1051	246	10	(	(	PUNCT
dem-1051	246	11	1994	1994	NUM
dem-1051	246	12	)	)	PUNCT
dem-1051	246	13	,	,	PUNCT
dem-1051	246	14	market	market	NOUN
dem-1051	246	15	statistics	statistic	NOUN
dem-1051	246	16	and	and	CCONJ
dem-1051	246	17	technical	technical	ADJ
dem-1051	246	18	analysis	analysis	NOUN
dem-1051	246	19	:	:	PUNCT
dem-1051	246	20	the	the	DET
dem-1051	246	21	role	role	NOUN
dem-1051	246	22	of	of	ADP
dem-1051	246	23	volume	volume	NOUN
dem-1051	246	24	,	,	PUNCT
dem-1051	246	25	journal	journal	NOUN
dem-1051	246	26	of	of	ADP
dem-1051	246	27	finance	finance	NOUN
dem-1051	246	28	,	,	PUNCT
dem-1051	246	29	49	49	NUM
dem-1051	246	30	,	,	PUNCT
dem-1051	246	31	153–181	153–181	NUM
dem-1051	246	32	.	.	PUNCT
dem-1051	246	33	bjonnes	bjonne	NOUN
dem-1051	246	34	,	,	PUNCT
dem-1051	246	35	g.h	g.h	PROPN
dem-1051	246	36	.	.	PROPN
dem-1051	246	37	,	,	PUNCT
dem-1051	246	38	rime	rime	NOUN
dem-1051	246	39	,	,	PUNCT
dem-1051	246	40	d.	d.	PROPN
dem-1051	246	41	,	,	PUNCT
dem-1051	246	42	solheim	solheim	PROPN
dem-1051	246	43	,	,	PUNCT
dem-1051	246	44	h.o	h.o	PROPN
dem-1051	246	45	.	.	PROPN
dem-1051	246	46	(	(	PUNCT
dem-1051	246	47	2003	2003	NUM
dem-1051	246	48	)	)	PUNCT
dem-1051	246	49	,	,	PUNCT
dem-1051	246	50	volume	volume	NOUN
dem-1051	246	51	and	and	CCONJ
dem-1051	246	52	volatility	volatility	NOUN
dem-1051	246	53	in	in	ADP
dem-1051	246	54	the	the	DET
dem-1051	246	55	fx	fx	NOUN
dem-1051	246	56	market	market	NOUN
dem-1051	246	57	:	:	PUNCT
dem-1051	246	58	does	do	AUX
dem-1051	246	59	it	it	PRON
dem-1051	246	60	matter	matter	VERB
dem-1051	246	61	who	who	PRON
dem-1051	246	62	you	you	PRON
dem-1051	246	63	are	be	AUX
dem-1051	246	64	?	?	PUNCT
dem-1051	246	65	,	,	PUNCT
dem-1051	246	66	cesifo	cesifo	PROPN
dem-1051	246	67	working	work	VERB
dem-1051	246	68	paper	paper	NOUN
dem-1051	246	69	no	no	INTJ
dem-1051	246	70	.	.	PUNCT
dem-1051	247	1	783	783	X
dem-1051	247	2	.	.	PUNCT
dem-1051	248	1	bohl	bohl	NOUN
dem-1051	248	2	,	,	PUNCT
dem-1051	248	3	m.	m.	NOUN
dem-1051	248	4	,	,	PUNCT
dem-1051	248	5	t.	t.	PROPN
dem-1051	248	6	,	,	PUNCT
dem-1051	248	7	henke	henke	PROPN
dem-1051	248	8	,	,	PUNCT
dem-1051	248	9	h.	h.	PROPN
dem-1051	248	10	(	(	PUNCT
dem-1051	248	11	2003	2003	NUM
dem-1051	248	12	)	)	PUNCT
dem-1051	248	13	,	,	PUNCT
dem-1051	248	14	trading	trading	NOUN
dem-1051	248	15	volume	volume	NOUN
dem-1051	248	16	and	and	CCONJ
dem-1051	248	17	stock	stock	NOUN
dem-1051	248	18	market	market	NOUN
dem-1051	248	19	activity	activity	NOUN
dem-1051	248	20	:	:	PUNCT
dem-1051	248	21	the	the	DET
dem-1051	248	22	polish	polish	ADJ
dem-1051	248	23	case	case	NOUN
dem-1051	248	24	,	,	PUNCT
dem-1051	248	25	international	international	ADJ
dem-1051	248	26	review	review	NOUN
dem-1051	248	27	of	of	ADP
dem-1051	248	28	financial	financial	ADJ
dem-1051	248	29	analysis	analysis	NOUN
dem-1051	248	30	,	,	PUNCT
dem-1051	248	31	12	12	NUM
dem-1051	248	32	,	,	PUNCT
dem-1051	248	33	513–525	513–525	NUM
dem-1051	248	34	.	.	PUNCT
dem-1051	248	35	brown	brown	ADJ
dem-1051	248	36	-	-	PUNCT
dem-1051	248	37	hruska	hruska	NOUN
dem-1051	248	38	,	,	PUNCT
dem-1051	248	39	s.	s.	PROPN
dem-1051	248	40	,	,	PUNCT
dem-1051	248	41	kuserk	kuserk	PROPN
dem-1051	248	42	,	,	PUNCT
dem-1051	248	43	g.	g.	PROPN
dem-1051	248	44	(	(	PUNCT
dem-1051	248	45	1995	1995	NUM
dem-1051	248	46	)	)	PUNCT
dem-1051	248	47	,	,	PUNCT
dem-1051	248	48	volatility	volatility	NOUN
dem-1051	248	49	,	,	PUNCT
dem-1051	248	50	volume	volume	NOUN
dem-1051	248	51	and	and	CCONJ
dem-1051	248	52	the	the	DET
dem-1051	248	53	notion	notion	NOUN
dem-1051	248	54	of	of	ADP
dem-1051	248	55	balance	balance	NOUN
dem-1051	248	56	in	in	ADP
dem-1051	248	57	the	the	DET
dem-1051	248	58	s&p500	s&p500	NOUN
dem-1051	248	59	cash	cash	NOUN
dem-1051	248	60	and	and	CCONJ
dem-1051	248	61	futures	future	NOUN
dem-1051	248	62	markets	market	NOUN
dem-1051	248	63	,	,	PUNCT
dem-1051	248	64	journal	journal	NOUN
dem-1051	248	65	of	of	ADP
dem-1051	248	66	futures	future	NOUN
dem-1051	248	67	markets	market	NOUN
dem-1051	248	68	,	,	PUNCT
dem-1051	248	69	15(6	15(6	NUM
dem-1051	248	70	)	)	PUNCT
dem-1051	248	71	,	,	PUNCT
dem-1051	248	72	677–689	677–689	NUM
dem-1051	248	73	.	.	PUNCT
dem-1051	249	1	chuang	chuang	PROPN
dem-1051	249	2	,	,	PUNCT
dem-1051	249	3	c	c	PROPN
dem-1051	249	4	-	-	PUNCT
dem-1051	249	5	c.	c.	PROPN
dem-1051	249	6	,	,	PUNCT
dem-1051	249	7	kuan	kuan	PROPN
dem-1051	249	8	c	c	PROPN
dem-1051	249	9	-	-	PUNCT
dem-1051	249	10	m.	m.	NOUN
dem-1051	249	11	,	,	PUNCT
dem-1051	249	12	lin	lin	PROPN
dem-1051	249	13	,	,	PUNCT
dem-1051	249	14	h	h	PROPN
dem-1051	249	15	-	-	PUNCT
dem-1051	249	16	y.	y.	NOUN
dem-1051	249	17	(	(	PUNCT
dem-1051	249	18	2009	2009	NUM
dem-1051	249	19	)	)	PUNCT
dem-1051	249	20	,	,	PUNCT
dem-1051	249	21	causality	causality	NOUN
dem-1051	249	22	in	in	ADP
dem-1051	249	23	quantiles	quantile	NOUN
dem-1051	249	24	and	and	CCONJ
dem-1051	249	25	dynamic	dynamic	ADJ
dem-1051	249	26	stock	stock	NOUN
dem-1051	249	27	returnvolume	returnvolume	NOUN
dem-1051	249	28	relationships	relationship	NOUN
dem-1051	249	29	,	,	PUNCT
dem-1051	249	30	journal	journal	NOUN
dem-1051	249	31	of	of	ADP
dem-1051	249	32	banking	banking	NOUN
dem-1051	249	33	and	and	CCONJ
dem-1051	249	34	finance	finance	NOUN
dem-1051	249	35	,	,	PUNCT
dem-1051	249	36	33	33	NUM
dem-1051	249	37	,	,	PUNCT
dem-1051	249	38	1351–1360	1351–1360	NUM
dem-1051	249	39	.	.	PUNCT
dem-1051	250	1	copeland	copeland	PROPN
dem-1051	250	2	,	,	PUNCT
dem-1051	250	3	t.e	t.e	PROPN
dem-1051	250	4	.	.	PUNCT
dem-1051	250	5	(	(	PUNCT
dem-1051	250	6	1976	1976	NUM
dem-1051	250	7	)	)	PUNCT
dem-1051	250	8	,	,	PUNCT
dem-1051	250	9	a	a	DET
dem-1051	250	10	model	model	NOUN
dem-1051	250	11	of	of	ADP
dem-1051	250	12	asset	asset	NOUN
dem-1051	250	13	trading	trading	NOUN
dem-1051	250	14	under	under	ADP
dem-1051	250	15	assumption	assumption	NOUN
dem-1051	250	16	of	of	ADP
dem-1051	250	17	sequential	sequential	ADJ
dem-1051	250	18	information	information	NOUN
dem-1051	250	19	arrival	arrival	NOUN
dem-1051	250	20	”	"	PUNCT
dem-1051	250	21	,	,	PUNCT
dem-1051	250	22	journal	journal	NOUN
dem-1051	250	23	of	of	ADP
dem-1051	250	24	finance	finance	NOUN
dem-1051	250	25	,	,	PUNCT
dem-1051	250	26	31	31	NUM
dem-1051	250	27	,	,	PUNCT
dem-1051	250	28	1149–1168	1149–1168	NUM
dem-1051	250	29	.	.	PUNCT
dem-1051	251	1	crouch	crouch	PROPN
dem-1051	251	2	,	,	PUNCT
dem-1051	251	3	r.l	r.l	PROPN
dem-1051	251	4	.	.	PROPN
dem-1051	251	5	(	(	PUNCT
dem-1051	251	6	1970	1970	NUM
dem-1051	251	7	)	)	PUNCT
dem-1051	251	8	,	,	PUNCT
dem-1051	251	9	the	the	DET
dem-1051	251	10	volume	volume	NOUN
dem-1051	251	11	of	of	ADP
dem-1051	251	12	transactions	transaction	NOUN
dem-1051	251	13	and	and	CCONJ
dem-1051	251	14	price	price	NOUN
dem-1051	251	15	changes	change	NOUN
dem-1051	251	16	on	on	ADP
dem-1051	251	17	the	the	DET
dem-1051	251	18	new	new	PROPN
dem-1051	251	19	york	york	PROPN
dem-1051	251	20	stock	stock	PROPN
dem-1051	251	21	exchange	exchange	PROPN
dem-1051	251	22	,	,	PUNCT
dem-1051	251	23	financial	financial	ADJ
dem-1051	251	24	analysts	analyst	NOUN
dem-1051	251	25	journal	journal	NOUN
dem-1051	251	26	,	,	PUNCT
dem-1051	251	27	26	26	NUM
dem-1051	251	28	,	,	PUNCT
dem-1051	251	29	104–109	104–109	NUM
dem-1051	251	30	.	.	PUNCT
dem-1051	251	31	clark	clark	PROPN
dem-1051	251	32	,	,	PUNCT
dem-1051	251	33	p.	p.	NOUN
dem-1051	251	34	(	(	PUNCT
dem-1051	251	35	1973	1973	NUM
dem-1051	251	36	)	)	PUNCT
dem-1051	251	37	,	,	PUNCT
dem-1051	251	38	a	a	DET
dem-1051	251	39	subordinated	subordinated	ADJ
dem-1051	251	40	stochastic	stochastic	ADJ
dem-1051	251	41	process	process	NOUN
dem-1051	251	42	model	model	NOUN
dem-1051	251	43	with	with	ADP
dem-1051	251	44	finite	finite	ADJ
dem-1051	251	45	variance	variance	NOUN
dem-1051	251	46	for	for	ADP
dem-1051	251	47	speculative	speculative	ADJ
dem-1051	251	48	prices	price	NOUN
dem-1051	251	49	,	,	PUNCT
dem-1051	251	50	econometrica	econometrica	PROPN
dem-1051	251	51	,	,	PUNCT
dem-1051	251	52	41	41	NUM
dem-1051	251	53	,	,	PUNCT
dem-1051	251	54	135–155	135–155	NUM
dem-1051	251	55	.	.	PUNCT
dem-1051	252	1	darrat	darrat	PROPN
dem-1051	252	2	,	,	PUNCT
dem-1051	252	3	a.f	a.f	PROPN
dem-1051	252	4	.	.	PROPN
dem-1051	252	5	,	,	PUNCT
dem-1051	252	6	rahman	rahman	PROPN
dem-1051	252	7	s.	s.	PROPN
dem-1051	252	8	,	,	PUNCT
dem-1051	252	9	zhong	zhong	PROPN
dem-1051	252	10	m.	m.	PROPN
dem-1051	252	11	(	(	PUNCT
dem-1051	252	12	2007	2007	NUM
dem-1051	252	13	)	)	PUNCT
dem-1051	252	14	,	,	PUNCT
dem-1051	252	15	intraday	intraday	NOUN
dem-1051	252	16	trading	trading	NOUN
dem-1051	252	17	volume	volume	NOUN
dem-1051	252	18	and	and	CCONJ
dem-1051	252	19	return	return	VERB
dem-1051	252	20	volatility	volatility	NOUN
dem-1051	252	21	of	of	ADP
dem-1051	252	22	the	the	DET
dem-1051	252	23	djia	djia	PROPN
dem-1051	252	24	stocks	stock	NOUN
dem-1051	252	25	:	:	PUNCT
dem-1051	252	26	a	a	DET
dem-1051	252	27	note	note	NOUN
dem-1051	252	28	,	,	PUNCT
dem-1051	252	29	journal	journal	NOUN
dem-1051	252	30	of	of	ADP
dem-1051	252	31	banking	banking	NOUN
dem-1051	252	32	and	and	CCONJ
dem-1051	252	33	finance	finance	NOUN
dem-1051	252	34	,	,	PUNCT
dem-1051	252	35	31(9	31(9	NUM
dem-1051	252	36	)	)	PUNCT
dem-1051	252	37	,	,	PUNCT
dem-1051	252	38	2711–2729	2711–2729	NUM
dem-1051	252	39	.	.	PUNCT
dem-1051	253	1	deo	deo	NOUN
dem-1051	253	2	,	,	PUNCT
dem-1051	253	3	m.	m.	NOUN
dem-1051	253	4	,	,	PUNCT
dem-1051	253	5	srinivasan	srinivasan	PROPN
dem-1051	253	6	k.	k.	PROPN
dem-1051	253	7	,	,	PUNCT
dem-1051	253	8	devanadhen	devanadhen	PROPN
dem-1051	253	9	,	,	PUNCT
dem-1051	253	10	k.	k.	PROPN
dem-1051	253	11	(	(	PUNCT
dem-1051	253	12	2008	2008	NUM
dem-1051	253	13	)	)	PUNCT
dem-1051	253	14	,	,	PUNCT
dem-1051	253	15	the	the	DET
dem-1051	253	16	empirical	empirical	ADJ
dem-1051	253	17	relationship	relationship	NOUN
dem-1051	253	18	between	between	ADP
dem-1051	253	19	stock	stock	NOUN
dem-1051	253	20	returns	return	NOUN
dem-1051	253	21	,	,	PUNCT
dem-1051	253	22	trading	trading	NOUN
dem-1051	253	23	volume	volume	NOUN
dem-1051	253	24	and	and	CCONJ
dem-1051	253	25	volatility	volatility	NOUN
dem-1051	253	26	:	:	PUNCT
dem-1051	253	27	evidence	evidence	NOUN
dem-1051	253	28	from	from	ADP
dem-1051	253	29	select	select	ADJ
dem-1051	253	30	asia	asia	PROPN
dem-1051	253	31	-	-	PUNCT
dem-1051	253	32	pacific	pacific	PROPN
dem-1051	253	33	stock	stock	NOUN
dem-1051	253	34	market	market	NOUN
dem-1051	253	35	,	,	PUNCT
dem-1051	253	36	european	european	PROPN
dem-1051	253	37	journal	journal	PROPN
dem-1051	253	38	of	of	ADP
dem-1051	253	39	economics	economic	NOUN
dem-1051	253	40	,	,	PUNCT
dem-1051	253	41	finance	finance	NOUN
dem-1051	253	42	and	and	CCONJ
dem-1051	253	43	administrative	administrative	ADJ
dem-1051	253	44	sciences	science	NOUN
dem-1051	253	45	,	,	PUNCT
dem-1051	253	46	12	12	NUM
dem-1051	253	47	,	,	PUNCT
dem-1051	253	48	58–68	58–68	NUM
dem-1051	253	49	.	.	PUNCT
dem-1051	254	1	diebold	diebold	PROPN
dem-1051	254	2	,	,	PUNCT
dem-1051	254	3	f.x	f.x	PROPN
dem-1051	254	4	.	.	PROPN
dem-1051	254	5	,	,	PUNCT
dem-1051	254	6	gunther	gunther	PROPN
dem-1051	254	7	,	,	PUNCT
dem-1051	254	8	t.a	t.a	PROPN
dem-1051	254	9	.	.	PROPN
dem-1051	254	10	,	,	PUNCT
dem-1051	254	11	tay	tay	PROPN
dem-1051	254	12	,	,	PUNCT
dem-1051	254	13	a.s	a.s	PROPN
dem-1051	254	14	.	.	PROPN
dem-1051	254	15	(	(	PUNCT
dem-1051	254	16	1998	1998	NUM
dem-1051	254	17	)	)	PUNCT
dem-1051	254	18	,	,	PUNCT
dem-1051	254	19	evaluating	evaluate	VERB
dem-1051	254	20	density	density	NOUN
dem-1051	254	21	forecasts	forecast	NOUN
dem-1051	254	22	with	with	ADP
dem-1051	254	23	applications	application	NOUN
dem-1051	254	24	to	to	ADP
dem-1051	254	25	financial	financial	ADJ
dem-1051	254	26	risk	risk	NOUN
dem-1051	254	27	management	management	NOUN
dem-1051	254	28	,	,	PUNCT
dem-1051	254	29	international	international	ADJ
dem-1051	254	30	economic	economic	ADJ
dem-1051	254	31	review	review	NOUN
dem-1051	254	32	,	,	PUNCT
dem-1051	254	33	39	39	NUM
dem-1051	254	34	,	,	PUNCT
dem-1051	254	35	863–883	863–883	NUM
dem-1051	254	36	.	.	PUNCT
dem-1051	255	1	doman	doman	PROPN
dem-1051	255	2	,	,	PUNCT
dem-1051	255	3	m.	m.	NOUN
dem-1051	255	4	(	(	PUNCT
dem-1051	255	5	2008	2008	NUM
dem-1051	255	6	)	)	PUNCT
dem-1051	255	7	,	,	PUNCT
dem-1051	255	8	information	information	NOUN
dem-1051	255	9	impact	impact	NOUN
dem-1051	255	10	on	on	ADP
dem-1051	255	11	stock	stock	NOUN
dem-1051	255	12	price	price	NOUN
dem-1051	255	13	dynamics	dynamic	NOUN
dem-1051	255	14	,	,	PUNCT
dem-1051	255	15	dynamic	dynamic	ADJ
dem-1051	255	16	econometric	econometric	ADJ
dem-1051	255	17	models	model	NOUN
dem-1051	255	18	,	,	PUNCT
dem-1051	255	19	8	8	NUM
dem-1051	255	20	,	,	PUNCT
dem-1051	255	21	13–20	13–20	NUM
dem-1051	255	22	.	.	PUNCT
dem-1051	255	23	doman	doman	PROPN
dem-1051	255	24	,	,	PUNCT
dem-1051	255	25	m.	m.	NOUN
dem-1051	255	26	(	(	PUNCT
dem-1051	255	27	2011	2011	NUM
dem-1051	255	28	)	)	PUNCT
dem-1051	255	29	,	,	PUNCT
dem-1051	255	30	mikrostruktura	mikrostruktura	NOUN
dem-1051	255	31	giełd	giełd	PROPN
dem-1051	255	32	papierów	papierów	PROPN
dem-1051	255	33	wartościowych	wartościowych	PROPN
dem-1051	255	34	,	,	PUNCT
dem-1051	255	35	wydawnictwo	wydawnictwo	PROPN
dem-1051	255	36	uniwersytetu	uniwersytetu	VERB
dem-1051	255	37	ekonomicznego	ekonomicznego	PROPN
dem-1051	255	38	w	w	PROPN
dem-1051	255	39	poznaniu	poznaniu	PROPN
dem-1051	255	40	,	,	PUNCT
dem-1051	255	41	poznań	poznań	NOUN
dem-1051	255	42	.	.	PUNCT
dem-1051	256	1	engle	engle	PROPN
dem-1051	256	2	,	,	PUNCT
dem-1051	256	3	r.f	r.f	PROPN
dem-1051	256	4	.	.	PROPN
dem-1051	256	5	,	,	PUNCT
dem-1051	256	6	manganelli	manganelli	PROPN
dem-1051	256	7	,	,	PUNCT
dem-1051	256	8	s.	s.	PROPN
dem-1051	256	9	(	(	PUNCT
dem-1051	256	10	2004	2004	NUM
dem-1051	256	11	)	)	PUNCT
dem-1051	256	12	,	,	PUNCT
dem-1051	256	13	caviar	caviar	PROPN
dem-1051	256	14	:	:	PUNCT
dem-1051	256	15	conditional	conditional	ADJ
dem-1051	256	16	autoregressive	autoregressive	ADJ
dem-1051	256	17	value	value	NOUN
dem-1051	256	18	at	at	ADP
dem-1051	256	19	risk	risk	NOUN
dem-1051	256	20	by	by	ADP
dem-1051	256	21	regression	regression	NOUN
dem-1051	256	22	quantiles	quantile	NOUN
dem-1051	256	23	,	,	PUNCT
dem-1051	256	24	journal	journal	NOUN
dem-1051	256	25	of	of	ADP
dem-1051	256	26	business	business	PROPN
dem-1051	256	27	&	&	CCONJ
dem-1051	256	28	economic	economic	ADJ
dem-1051	256	29	statistics	statistic	NOUN
dem-1051	256	30	,	,	PUNCT
dem-1051	256	31	22(4	22(4	NUM
dem-1051	256	32	)	)	PUNCT
dem-1051	256	33	,	,	PUNCT
dem-1051	256	34	367–381	367–381	NUM
dem-1051	256	35	.	.	PUNCT
dem-1051	256	36	engle	engle	PROPN
dem-1051	256	37	,	,	PUNCT
dem-1051	256	38	r.f	r.f	PROPN
dem-1051	256	39	.	.	PROPN
dem-1051	256	40	,	,	PUNCT
dem-1051	256	41	russell	russell	PROPN
dem-1051	256	42	,	,	PUNCT
dem-1051	256	43	j.r	j.r	PROPN
dem-1051	256	44	.	.	PROPN
dem-1051	256	45	(	(	PUNCT
dem-1051	256	46	1998	1998	NUM
dem-1051	256	47	)	)	PUNCT
dem-1051	256	48	,	,	PUNCT
dem-1051	256	49	autoregressive	autoregressive	ADJ
dem-1051	256	50	conditional	conditional	ADJ
dem-1051	256	51	duration	duration	NOUN
dem-1051	256	52	;	;	PUNCT
dem-1051	256	53	a	a	DET
dem-1051	256	54	new	new	ADJ
dem-1051	256	55	approach	approach	NOUN
dem-1051	256	56	for	for	ADP
dem-1051	256	57	irregularly	irregularly	ADV
dem-1051	256	58	spaced	space	VERB
dem-1051	256	59	transaction	transaction	NOUN
dem-1051	256	60	data	datum	NOUN
dem-1051	256	61	,	,	PUNCT
dem-1051	256	62	econometrica	econometrica	PROPN
dem-1051	256	63	,	,	PUNCT
dem-1051	256	64	66	66	NUM
dem-1051	256	65	,	,	PUNCT
dem-1051	256	66	1127–1162	1127–1162	NUM
dem-1051	256	67	.	.	PUNCT
dem-1051	257	1	easley	easley	PROPN
dem-1051	257	2	,	,	PUNCT
dem-1051	257	3	d.	d.	PROPN
dem-1051	257	4	,	,	PUNCT
dem-1051	257	5	kiefer	kiefer	PROPN
dem-1051	257	6	,	,	PUNCT
dem-1051	257	7	n.	n.	NOUN
dem-1051	257	8	,	,	PUNCT
dem-1051	257	9	o’hara	o’hara	NOUN
dem-1051	257	10	m.	m.	NOUN
dem-1051	257	11	(	(	PUNCT
dem-1051	257	12	1997	1997	NUM
dem-1051	257	13	)	)	PUNCT
dem-1051	257	14	,	,	PUNCT
dem-1051	257	15	one	one	NUM
dem-1051	257	16	day	day	NOUN
dem-1051	257	17	in	in	ADP
dem-1051	257	18	the	the	DET
dem-1051	257	19	life	life	NOUN
dem-1051	257	20	of	of	ADP
dem-1051	257	21	a	a	DET
dem-1051	257	22	very	very	ADV
dem-1051	257	23	common	common	ADJ
dem-1051	257	24	stock	stock	NOUN
dem-1051	257	25	,	,	PUNCT
dem-1051	257	26	review	review	NOUN
dem-1051	257	27	of	of	ADP
dem-1051	257	28	financial	financial	ADJ
dem-1051	257	29	studies	study	NOUN
dem-1051	257	30	,	,	PUNCT
dem-1051	257	31	10	10	NUM
dem-1051	257	32	,	,	PUNCT
dem-1051	257	33	805–835	805–835	NUM
dem-1051	257	34	.	.	PUNCT
dem-1051	258	1	easley	easley	PROPN
dem-1051	258	2	,	,	PUNCT
dem-1051	258	3	d.	d.	PROPN
dem-1051	258	4	,	,	PUNCT
dem-1051	258	5	o’hara	o’hara	NOUN
dem-1051	258	6	m.	m.	NOUN
dem-1051	258	7	(	(	PUNCT
dem-1051	258	8	1987	1987	NUM
dem-1051	258	9	)	)	PUNCT
dem-1051	258	10	,	,	PUNCT
dem-1051	258	11	price	price	NOUN
dem-1051	258	12	,	,	PUNCT
dem-1051	258	13	trade	trade	NOUN
dem-1051	258	14	size	size	NOUN
dem-1051	258	15	and	and	CCONJ
dem-1051	258	16	information	information	NOUN
dem-1051	258	17	in	in	ADP
dem-1051	258	18	securities	security	NOUN
dem-1051	258	19	markets	market	NOUN
dem-1051	258	20	,	,	PUNCT
dem-1051	258	21	journal	journal	NOUN
dem-1051	258	22	of	of	ADP
dem-1051	258	23	financial	financial	ADJ
dem-1051	258	24	economics	economic	NOUN
dem-1051	258	25	,	,	PUNCT
dem-1051	258	26	19	19	NUM
dem-1051	258	27	,	,	PUNCT
dem-1051	258	28	69–90	69–90	NUM
dem-1051	258	29	.	.	PUNCT
dem-1051	259	1	easley	easley	PROPN
dem-1051	259	2	,	,	PUNCT
dem-1051	259	3	d.	d.	PROPN
dem-1051	259	4	,	,	PUNCT
dem-1051	259	5	o’hara	o’hara	NOUN
dem-1051	259	6	m.	m.	NOUN
dem-1051	259	7	(	(	PUNCT
dem-1051	259	8	1992	1992	NUM
dem-1051	259	9	)	)	PUNCT
dem-1051	259	10	,	,	PUNCT
dem-1051	259	11	time	time	NOUN
dem-1051	259	12	and	and	CCONJ
dem-1051	259	13	the	the	DET
dem-1051	259	14	process	process	NOUN
dem-1051	259	15	of	of	ADP
dem-1051	259	16	security	security	NOUN
dem-1051	259	17	price	price	NOUN
dem-1051	259	18	adjustment	adjustment	NOUN
dem-1051	259	19	,	,	PUNCT
dem-1051	259	20	journal	journal	NOUN
dem-1051	259	21	of	of	ADP
dem-1051	259	22	finance	finance	NOUN
dem-1051	259	23	,	,	PUNCT
dem-1051	259	24	47	47	NUM
dem-1051	259	25	,	,	PUNCT
dem-1051	259	26	576–605	576–605	NUM
dem-1051	259	27	.	.	PUNCT
dem-1051	259	28	epps	epps	PROPN
dem-1051	259	29	,	,	PUNCT
dem-1051	259	30	t.w	t.w	PROPN
dem-1051	259	31	.	.	PROPN
dem-1051	259	32	,	,	PUNCT
dem-1051	259	33	epps	epps	PROPN
dem-1051	259	34	,	,	PUNCT
dem-1051	259	35	m.l	m.l	PROPN
dem-1051	259	36	.	.	PROPN
dem-1051	259	37	,	,	PUNCT
dem-1051	259	38	(	(	PUNCT
dem-1051	259	39	1976	1976	NUM
dem-1051	259	40	)	)	PUNCT
dem-1051	259	41	,	,	PUNCT
dem-1051	259	42	the	the	DET
dem-1051	259	43	stochastic	stochastic	ADJ
dem-1051	259	44	dependence	dependence	NOUN
dem-1051	259	45	of	of	ADP
dem-1051	259	46	security	security	NOUN
dem-1051	259	47	price	price	NOUN
dem-1051	259	48	changes	change	NOUN
dem-1051	259	49	an	an	DET
dem-1051	259	50	transaction	transaction	NOUN
dem-1051	259	51	volumes	volume	NOUN
dem-1051	259	52	:	:	PUNCT
dem-1051	259	53	implications	implication	NOUN
dem-1051	259	54	for	for	ADP
dem-1051	259	55	the	the	DET
dem-1051	259	56	mixture	mixture	NOUN
dem-1051	259	57	of	of	ADP
dem-1051	259	58	distribution	distribution	NOUN
dem-1051	259	59	hypothesis	hypothesis	NOUN
dem-1051	259	60	,	,	PUNCT
dem-1051	259	61	econometrica	econometrica	PROPN
dem-1051	259	62	,	,	PUNCT
dem-1051	259	63	44	44	NUM
dem-1051	259	64	,	,	PUNCT
dem-1051	259	65	305–321	305–321	NUM
dem-1051	259	66	.	.	PUNCT
dem-1051	260	1	“	"	PUNCT
dem-1051	260	2	does	do	AUX
dem-1051	260	3	it	it	PRON
dem-1051	260	4	take	take	VERB
dem-1051	260	5	volume	volume	NOUN
dem-1051	260	6	to	to	PART
dem-1051	260	7	move	move	VERB
dem-1051	260	8	the	the	DET
dem-1051	260	9	eur	eur	PROPN
dem-1051	260	10	/	/	SYM
dem-1051	260	11	pln	pln	PROPN
dem-1051	260	12	fx	fx	PROPN
dem-1051	260	13	rates	rate	NOUN
dem-1051	260	14	?	?	PUNCT
dem-1051	260	15	”	"	PUNCT
dem-1051	260	16	…	…	PUNCT
dem-1051	260	17	dynamic	dynamic	ADJ
dem-1051	260	18	econometric	econometric	ADJ
dem-1051	260	19	models	model	NOUN
dem-1051	260	20	12	12	NUM
dem-1051	260	21	(	(	PUNCT
dem-1051	260	22	2012	2012	NUM
dem-1051	260	23	)	)	PUNCT
dem-1051	260	24	35–52	35–52	NUM
dem-1051	260	25	51	51	NUM
dem-1051	260	26	fleming	fleming	NOUN
dem-1051	260	27	,	,	PUNCT
dem-1051	260	28	j.	j.	PROPN
dem-1051	260	29	,	,	PUNCT
dem-1051	260	30	kirby	kirby	PROPN
dem-1051	260	31	,	,	PUNCT
dem-1051	260	32	c.	c.	PROPN
dem-1051	260	33	,	,	PUNCT
dem-1051	260	34	ostdiek	ostdiek	NOUN
dem-1051	260	35	,	,	PUNCT
dem-1051	260	36	b.	b.	PROPN
dem-1051	260	37	(	(	PUNCT
dem-1051	260	38	2006	2006	NUM
dem-1051	260	39	)	)	PUNCT
dem-1051	260	40	,	,	PUNCT
dem-1051	260	41	stochastic	stochastic	ADJ
dem-1051	260	42	volatility	volatility	NOUN
dem-1051	260	43	,	,	PUNCT
dem-1051	260	44	trading	trading	NOUN
dem-1051	260	45	,	,	PUNCT
dem-1051	260	46	volume	volume	NOUN
dem-1051	260	47	,	,	PUNCT
dem-1051	260	48	and	and	CCONJ
dem-1051	260	49	the	the	DET
dem-1051	260	50	flow	flow	NOUN
dem-1051	260	51	of	of	ADP
dem-1051	260	52	information	information	NOUN
dem-1051	260	53	,	,	PUNCT
dem-1051	260	54	journal	journal	NOUN
dem-1051	260	55	of	of	ADP
dem-1051	260	56	business	business	NOUN
dem-1051	260	57	,	,	PUNCT
dem-1051	260	58	79(3	79(3	NUM
dem-1051	260	59	)	)	PUNCT
dem-1051	260	60	,	,	PUNCT
dem-1051	260	61	p.	p.	NOUN
dem-1051	260	62	1551–1590	1551–1590	NUM
dem-1051	260	63	.	.	PUNCT
dem-1051	261	1	gallant	gallant	NOUN
dem-1051	261	2	,	,	PUNCT
dem-1051	261	3	a.r	a.r	PROPN
dem-1051	261	4	.	.	PROPN
dem-1051	261	5	,	,	PUNCT
dem-1051	261	6	rossi	rossi	PROPN
dem-1051	261	7	,	,	PUNCT
dem-1051	261	8	p.e	p.e	PROPN
dem-1051	261	9	.	.	PROPN
dem-1051	261	10	,	,	PUNCT
dem-1051	261	11	tauchen	tauchen	NOUN
dem-1051	261	12	,	,	PUNCT
dem-1051	261	13	g.	g.	PROPN
dem-1051	261	14	(	(	PUNCT
dem-1051	261	15	1992	1992	NUM
dem-1051	261	16	)	)	PUNCT
dem-1051	261	17	,	,	PUNCT
dem-1051	261	18	stock	stock	NOUN
dem-1051	261	19	prices	price	NOUN
dem-1051	261	20	and	and	CCONJ
dem-1051	261	21	volume	volume	NOUN
dem-1051	261	22	,	,	PUNCT
dem-1051	261	23	the	the	DET
dem-1051	261	24	review	review	NOUN
dem-1051	261	25	of	of	ADP
dem-1051	261	26	financial	financial	ADJ
dem-1051	261	27	studies	study	NOUN
dem-1051	261	28	,	,	PUNCT
dem-1051	261	29	5	5	NUM
dem-1051	261	30	,	,	PUNCT
dem-1051	261	31	199–242	199–242	NUM
dem-1051	261	32	.	.	PUNCT
dem-1051	261	33	giot	giot	NOUN
dem-1051	261	34	,	,	PUNCT
dem-1051	261	35	p.	p.	NOUN
dem-1051	261	36	(	(	PUNCT
dem-1051	261	37	2000	2000	NUM
dem-1051	261	38	)	)	PUNCT
dem-1051	261	39	,	,	PUNCT
dem-1051	261	40	time	time	NOUN
dem-1051	261	41	transformations	transformation	NOUN
dem-1051	261	42	,	,	PUNCT
dem-1051	261	43	intraday	intraday	NOUN
dem-1051	261	44	data	datum	NOUN
dem-1051	261	45	and	and	CCONJ
dem-1051	261	46	volatility	volatility	NOUN
dem-1051	261	47	models	model	NOUN
dem-1051	261	48	,	,	PUNCT
dem-1051	261	49	journal	journal	NOUN
dem-1051	261	50	of	of	ADP
dem-1051	261	51	computational	computational	ADJ
dem-1051	261	52	finance	finance	NOUN
dem-1051	261	53	,	,	PUNCT
dem-1051	261	54	4(2	4(2	NUM
dem-1051	261	55	)	)	PUNCT
dem-1051	261	56	,	,	PUNCT
dem-1051	261	57	31–62	31–62	NUM
dem-1051	261	58	.	.	PUNCT
dem-1051	261	59	giot	giot	NOUN
dem-1051	261	60	,	,	PUNCT
dem-1051	261	61	p.	p.	NOUN
dem-1051	261	62	(	(	PUNCT
dem-1051	261	63	2005	2005	NUM
dem-1051	261	64	)	)	PUNCT
dem-1051	261	65	,	,	PUNCT
dem-1051	261	66	market	market	NOUN
dem-1051	261	67	risk	risk	NOUN
dem-1051	261	68	models	model	NOUN
dem-1051	261	69	for	for	ADP
dem-1051	261	70	intraday	intraday	NOUN
dem-1051	261	71	data	datum	NOUN
dem-1051	261	72	,	,	PUNCT
dem-1051	261	73	european	european	PROPN
dem-1051	261	74	journal	journal	PROPN
dem-1051	261	75	of	of	ADP
dem-1051	261	76	finance	finance	NOUN
dem-1051	261	77	,	,	PUNCT
dem-1051	261	78	11	11	NUM
dem-1051	261	79	,	,	PUNCT
dem-1051	261	80	309	309	NUM
dem-1051	261	81	–	–	PUNCT
dem-1051	261	82	324	324	NUM
dem-1051	261	83	.	.	PUNCT
dem-1051	262	1	grammig	grammig	PROPN
dem-1051	262	2	,	,	PUNCT
dem-1051	262	3	j.	j.	PROPN
dem-1051	262	4	,	,	PUNCT
dem-1051	262	5	maurer	maurer	PROPN
dem-1051	262	6	,	,	PUNCT
dem-1051	262	7	k.	k.	PROPN
dem-1051	262	8	(	(	PUNCT
dem-1051	262	9	2000	2000	NUM
dem-1051	262	10	)	)	PUNCT
dem-1051	262	11	,	,	PUNCT
dem-1051	262	12	non	non	ADJ
dem-1051	262	13	-	-	ADJ
dem-1051	262	14	monotonic	monotonic	ADJ
dem-1051	262	15	hazard	hazard	NOUN
dem-1051	262	16	functions	function	NOUN
dem-1051	262	17	and	and	CCONJ
dem-1051	262	18	the	the	DET
dem-1051	262	19	autoregressive	autoregressive	ADJ
dem-1051	262	20	conditional	conditional	ADJ
dem-1051	262	21	duration	duration	NOUN
dem-1051	262	22	model	model	NOUN
dem-1051	262	23	,	,	PUNCT
dem-1051	262	24	econometrics	econometrics	NOUN
dem-1051	262	25	journal	journal	NOUN
dem-1051	262	26	,	,	PUNCT
dem-1051	262	27	3	3	NUM
dem-1051	262	28	,	,	PUNCT
dem-1051	262	29	16–38	16–38	NUM
dem-1051	262	30	.	.	PUNCT
dem-1051	263	1	gurgul	gurgul	PROPN
dem-1051	263	2	,	,	PUNCT
dem-1051	263	3	h.	h.	PROPN
dem-1051	263	4	,	,	PUNCT
dem-1051	263	5	majdosz	majdosz	NOUN
dem-1051	263	6	,	,	PUNCT
dem-1051	263	7	p.	p.	NOUN
dem-1051	263	8	,	,	PUNCT
dem-1051	263	9	mestel	mestel	NOUN
dem-1051	263	10	,	,	PUNCT
dem-1051	263	11	r.	r.	PROPN
dem-1051	263	12	(	(	PUNCT
dem-1051	263	13	2005	2005	NUM
dem-1051	263	14	)	)	PUNCT
dem-1051	263	15	,	,	PUNCT
dem-1051	263	16	joint	joint	ADJ
dem-1051	263	17	dynamics	dynamic	NOUN
dem-1051	263	18	of	of	ADP
dem-1051	263	19	prices	price	NOUN
dem-1051	263	20	and	and	CCONJ
dem-1051	263	21	trading	trading	NOUN
dem-1051	263	22	volume	volume	NOUN
dem-1051	263	23	on	on	ADP
dem-1051	263	24	the	the	DET
dem-1051	263	25	polish	polish	ADJ
dem-1051	263	26	stock	stock	NOUN
dem-1051	263	27	market	market	NOUN
dem-1051	263	28	,	,	PUNCT
dem-1051	263	29	managing	manage	VERB
dem-1051	263	30	global	global	ADJ
dem-1051	263	31	transitions	transition	NOUN
dem-1051	263	32	,	,	PUNCT
dem-1051	263	33	3(2	3(2	NUM
dem-1051	263	34	)	)	PUNCT
dem-1051	263	35	,	,	PUNCT
dem-1051	263	36	139–156	139–156	NUM
dem-1051	263	37	.	.	PUNCT
dem-1051	264	1	hartmann	hartmann	PROPN
dem-1051	264	2	,	,	PUNCT
dem-1051	264	3	p.	p.	PROPN
dem-1051	264	4	(	(	PUNCT
dem-1051	264	5	1999	1999	NUM
dem-1051	264	6	)	)	PUNCT
dem-1051	264	7	,	,	PUNCT
dem-1051	264	8	trading	trading	NOUN
dem-1051	264	9	volumes	volume	NOUN
dem-1051	264	10	and	and	CCONJ
dem-1051	264	11	transaction	transaction	NOUN
dem-1051	264	12	costs	cost	NOUN
dem-1051	264	13	in	in	ADP
dem-1051	264	14	the	the	DET
dem-1051	264	15	foreign	foreign	ADJ
dem-1051	264	16	exchange	exchange	NOUN
dem-1051	264	17	market	market	NOUN
dem-1051	264	18	.	.	PUNCT
dem-1051	265	1	evidence	evidence	NOUN
dem-1051	265	2	from	from	ADP
dem-1051	265	3	daily	daily	ADJ
dem-1051	265	4	dollar	dollar	NOUN
dem-1051	265	5	-	-	PUNCT
dem-1051	265	6	yen	yen	NOUN
dem-1051	265	7	spot	spot	NOUN
dem-1051	265	8	data	datum	NOUN
dem-1051	265	9	,	,	PUNCT
dem-1051	265	10	journal	journal	NOUN
dem-1051	265	11	of	of	ADP
dem-1051	265	12	banking	banking	NOUN
dem-1051	265	13	and	and	CCONJ
dem-1051	265	14	finance	finance	NOUN
dem-1051	265	15	,	,	PUNCT
dem-1051	265	16	23	23	NUM
dem-1051	265	17	,	,	PUNCT
dem-1051	265	18	801	801	NUM
dem-1051	265	19	–	–	PUNCT
dem-1051	265	20	824	824	NUM
dem-1051	265	21	.	.	PUNCT
dem-1051	266	1	hendricks	hendrick	NOUN
dem-1051	266	2	,	,	PUNCT
dem-1051	266	3	w.	w.	PROPN
dem-1051	266	4	,	,	PUNCT
dem-1051	266	5	koenker	koenker	PROPN
dem-1051	266	6	,	,	PUNCT
dem-1051	266	7	r.	r.	PROPN
dem-1051	266	8	(	(	PUNCT
dem-1051	266	9	1991	1991	NUM
dem-1051	266	10	)	)	PUNCT
dem-1051	266	11	,	,	PUNCT
dem-1051	266	12	hierarchical	hierarchical	ADJ
dem-1051	266	13	spline	spline	NOUN
dem-1051	266	14	models	model	NOUN
dem-1051	266	15	for	for	ADP
dem-1051	266	16	conditional	conditional	ADJ
dem-1051	266	17	quantiles	quantile	NOUN
dem-1051	266	18	and	and	CCONJ
dem-1051	266	19	the	the	DET
dem-1051	266	20	demand	demand	NOUN
dem-1051	266	21	for	for	ADP
dem-1051	266	22	electricity	electricity	NOUN
dem-1051	266	23	,	,	PUNCT
dem-1051	266	24	journal	journal	NOUN
dem-1051	266	25	of	of	ADP
dem-1051	266	26	the	the	DET
dem-1051	266	27	american	american	PROPN
dem-1051	266	28	statistical	statistical	PROPN
dem-1051	266	29	association	association	NOUN
dem-1051	266	30	,	,	PUNCT
dem-1051	266	31	87	87	NUM
dem-1051	266	32	,	,	PUNCT
dem-1051	266	33	58–68	58–68	NUM
dem-1051	266	34	.	.	PUNCT
dem-1051	267	1	huber	huber	PROPN
dem-1051	267	2	,	,	PUNCT
dem-1051	267	3	p.	p.	NOUN
dem-1051	267	4	(	(	PUNCT
dem-1051	267	5	1967	1967	NUM
dem-1051	267	6	)	)	PUNCT
dem-1051	267	7	,	,	PUNCT
dem-1051	267	8	behavior	behavior	NOUN
dem-1051	267	9	of	of	ADP
dem-1051	267	10	maximum	maximum	ADJ
dem-1051	267	11	likelihood	likelihood	NOUN
dem-1051	267	12	estimates	estimate	NOUN
dem-1051	267	13	under	under	ADP
dem-1051	267	14	nonstandard	nonstandard	ADJ
dem-1051	267	15	conditions	condition	NOUN
dem-1051	267	16	,	,	PUNCT
dem-1051	267	17	in	in	ADP
dem-1051	267	18	proceedings	proceeding	NOUN
dem-1051	267	19	of	of	ADP
dem-1051	267	20	the	the	DET
dem-1051	267	21	5th	5th	ADJ
dem-1051	267	22	berkeley	berkeley	PROPN
dem-1051	267	23	symposium	symposium	NOUN
dem-1051	267	24	on	on	ADP
dem-1051	267	25	mathematical	mathematical	ADJ
dem-1051	267	26	statistics	statistic	NOUN
dem-1051	267	27	and	and	CCONJ
dem-1051	267	28	probability	probability	NOUN
dem-1051	267	29	,	,	PUNCT
dem-1051	267	30	berkeley	berkeley	PROPN
dem-1051	267	31	:	:	PUNCT
dem-1051	267	32	university	university	PROPN
dem-1051	267	33	of	of	ADP
dem-1051	267	34	california	california	PROPN
dem-1051	267	35	press	press	PROPN
dem-1051	267	36	.	.	PUNCT
dem-1051	268	1	huang	huang	PROPN
dem-1051	268	2	,	,	PUNCT
dem-1051	268	3	c	c	NOUN
dem-1051	268	4	-	-	PUNCT
dem-1051	268	5	m.	m.	NOUN
dem-1051	268	6	,	,	PUNCT
dem-1051	268	7	lin	lin	PROPN
dem-1051	268	8	,	,	PUNCT
dem-1051	268	9	t	t	PROPN
dem-1051	268	10	-	-	PUNCT
dem-1051	268	11	y.	y.	PROPN
dem-1051	268	12	,	,	PUNCT
dem-1051	268	13	yu	yu	PROPN
dem-1051	268	14	,	,	PUNCT
dem-1051	268	15	c	c	PROPN
dem-1051	268	16	-	-	PUNCT
dem-1051	268	17	h.	h.	NOUN
dem-1051	268	18	,	,	PUNCT
dem-1051	268	19	hoe	hoe	ADJ
dem-1051	268	20	,	,	PUNCT
dem-1051	268	21	s	s	NOUN
dem-1051	268	22	-	-	PUNCT
dem-1051	268	23	y.	y.	NOUN
dem-1051	268	24	(	(	PUNCT
dem-1051	268	25	2006	2006	NUM
dem-1051	268	26	)	)	PUNCT
dem-1051	268	27	,	,	PUNCT
dem-1051	268	28	volatility	volatility	NOUN
dem-1051	268	29	-	-	PUNCT
dem-1051	268	30	volume	volume	NOUN
dem-1051	268	31	relationships	relationship	NOUN
dem-1051	268	32	among	among	ADP
dem-1051	268	33	types	type	NOUN
dem-1051	268	34	of	of	ADP
dem-1051	268	35	traders	trader	NOUN
dem-1051	268	36	considering	consider	VERB
dem-1051	268	37	investment	investment	NOUN
dem-1051	268	38	limitation	limitation	NOUN
dem-1051	268	39	to	to	ADP
dem-1051	268	40	foreign	foreign	ADJ
dem-1051	268	41	investors	investor	NOUN
dem-1051	268	42	,	,	PUNCT
dem-1051	268	43	review	review	NOUN
dem-1051	268	44	of	of	ADP
dem-1051	268	45	pacific	pacific	PROPN
dem-1051	268	46	basin	basin	PROPN
dem-1051	268	47	financial	financial	ADJ
dem-1051	268	48	markets	market	NOUN
dem-1051	268	49	and	and	CCONJ
dem-1051	268	50	policies	policy	NOUN
dem-1051	268	51	,	,	PUNCT
dem-1051	268	52	9(4	9(4	NUM
dem-1051	268	53	)	)	PUNCT
dem-1051	268	54	,	,	PUNCT
dem-1051	268	55	p.	p.	NOUN
dem-1051	268	56	575–596	575–596	NUM
dem-1051	268	57	.	.	PUNCT
dem-1051	269	1	jennings	jennings	PROPN
dem-1051	269	2	,	,	PUNCT
dem-1051	269	3	r.h	r.h	PROPN
dem-1051	269	4	.	.	PROPN
dem-1051	269	5	,	,	PUNCT
dem-1051	269	6	starks	stark	NOUN
dem-1051	269	7	,	,	PUNCT
dem-1051	269	8	l.t	l.t	PROPN
dem-1051	269	9	.	.	PROPN
dem-1051	269	10	,	,	PUNCT
dem-1051	269	11	fellingham	fellingham	PROPN
dem-1051	269	12	,	,	PUNCT
dem-1051	269	13	j.c	j.c	PROPN
dem-1051	269	14	.	.	PROPN
dem-1051	269	15	(	(	PUNCT
dem-1051	269	16	1981	1981	NUM
dem-1051	269	17	)	)	PUNCT
dem-1051	269	18	,	,	PUNCT
dem-1051	269	19	an	an	DET
dem-1051	269	20	equilibrium	equilibrium	NOUN
dem-1051	269	21	model	model	NOUN
dem-1051	269	22	of	of	ADP
dem-1051	269	23	asset	asset	NOUN
dem-1051	269	24	trading	trading	NOUN
dem-1051	269	25	with	with	ADP
dem-1051	269	26	sequential	sequential	ADJ
dem-1051	269	27	information	information	NOUN
dem-1051	269	28	arrival	arrival	NOUN
dem-1051	269	29	,	,	PUNCT
dem-1051	269	30	journal	journal	NOUN
dem-1051	269	31	of	of	ADP
dem-1051	269	32	finance	finance	NOUN
dem-1051	269	33	,	,	PUNCT
dem-1051	269	34	36	36	NUM
dem-1051	269	35	,	,	PUNCT
dem-1051	269	36	143–161	143–161	NUM
dem-1051	269	37	.	.	PUNCT
dem-1051	270	1	jones	jones	PROPN
dem-1051	270	2	,	,	PUNCT
dem-1051	270	3	c.m	c.m	PROPN
dem-1051	270	4	.	.	PROPN
dem-1051	270	5	,	,	PUNCT
dem-1051	270	6	kaul	kaul	PROPN
dem-1051	270	7	,	,	PUNCT
dem-1051	270	8	g.	g.	PROPN
dem-1051	270	9	,	,	PUNCT
dem-1051	270	10	lipson	lipson	PROPN
dem-1051	270	11	,	,	PUNCT
dem-1051	270	12	m.l	m.l	PROPN
dem-1051	270	13	.	.	PUNCT
dem-1051	270	14	(	(	PUNCT
dem-1051	270	15	1994	1994	NUM
dem-1051	270	16	)	)	PUNCT
dem-1051	270	17	,	,	PUNCT
dem-1051	270	18	transactions	transaction	NOUN
dem-1051	270	19	,	,	PUNCT
dem-1051	270	20	volume	volume	NOUN
dem-1051	270	21	,	,	PUNCT
dem-1051	270	22	and	and	CCONJ
dem-1051	270	23	volatility	volatility	NOUN
dem-1051	270	24	,	,	PUNCT
dem-1051	270	25	the	the	DET
dem-1051	270	26	review	review	NOUN
dem-1051	270	27	of	of	ADP
dem-1051	270	28	financial	financial	ADJ
dem-1051	270	29	studies	study	NOUN
dem-1051	270	30	,	,	PUNCT
dem-1051	270	31	7(4	7(4	NUM
dem-1051	270	32	)	)	PUNCT
dem-1051	270	33	,	,	PUNCT
dem-1051	270	34	631–651	631–651	NUM
dem-1051	270	35	.	.	PUNCT
dem-1051	271	1	karpoff	karpoff	PROPN
dem-1051	271	2	,	,	PUNCT
dem-1051	271	3	j.m	j.m	PROPN
dem-1051	271	4	.	.	PROPN
dem-1051	271	5	(	(	PUNCT
dem-1051	271	6	1987	1987	NUM
dem-1051	271	7	)	)	PUNCT
dem-1051	271	8	,	,	PUNCT
dem-1051	271	9	what	what	PRON
dem-1051	271	10	drives	drive	VERB
dem-1051	271	11	the	the	DET
dem-1051	271	12	volume	volume	NOUN
dem-1051	271	13	-	-	PUNCT
dem-1051	271	14	volatility	volatility	NOUN
dem-1051	271	15	relationship	relationship	NOUN
dem-1051	271	16	on	on	ADP
dem-1051	271	17	euronext	euronext	PROPN
dem-1051	271	18	paris	paris	PROPN
dem-1051	271	19	?	?	PUNCT
dem-1051	271	20	,	,	PUNCT
dem-1051	271	21	the	the	DET
dem-1051	271	22	journal	journal	NOUN
dem-1051	271	23	of	of	ADP
dem-1051	271	24	financial	financial	ADJ
dem-1051	271	25	and	and	CCONJ
dem-1051	271	26	quantitative	quantitative	ADJ
dem-1051	271	27	analysis	analysis	NOUN
dem-1051	271	28	,	,	PUNCT
dem-1051	271	29	22(1	22(1	NUM
dem-1051	271	30	)	)	PUNCT
dem-1051	271	31	,	,	PUNCT
dem-1051	271	32	109–126	109–126	NUM
dem-1051	271	33	.	.	PUNCT
dem-1051	271	34	koenker	koenker	PROPN
dem-1051	271	35	,	,	PUNCT
dem-1051	271	36	r.	r.	PROPN
dem-1051	271	37	(	(	PUNCT
dem-1051	271	38	2005	2005	NUM
dem-1051	271	39	)	)	PUNCT
dem-1051	271	40	,	,	PUNCT
dem-1051	271	41	quantile	quantile	NOUN
dem-1051	271	42	regressions	regression	NOUN
dem-1051	271	43	,	,	PUNCT
dem-1051	271	44	cambridge	cambridge	PROPN
dem-1051	271	45	university	university	PROPN
dem-1051	271	46	press	press	NOUN
dem-1051	271	47	,	,	PUNCT
dem-1051	271	48	new	new	PROPN
dem-1051	271	49	york	york	PROPN
dem-1051	271	50	.	.	PUNCT
dem-1051	272	1	luckley	luckley	PROPN
dem-1051	272	2	,	,	PUNCT
dem-1051	272	3	b.m	b.m	PROPN
dem-1051	272	4	.	.	PROPN
dem-1051	272	5	(	(	PUNCT
dem-1051	272	6	2005	2005	NUM
dem-1051	272	7	)	)	PUNCT
dem-1051	272	8	,	,	PUNCT
dem-1051	272	9	does	do	AUX
dem-1051	272	10	volume	volume	NOUN
dem-1051	272	11	provide	provide	VERB
dem-1051	272	12	information	information	NOUN
dem-1051	272	13	?	?	PUNCT
dem-1051	273	1	evidence	evidence	NOUN
dem-1051	273	2	from	from	ADP
dem-1051	273	3	the	the	DET
dem-1051	273	4	irish	irish	ADJ
dem-1051	273	5	stock	stock	NOUN
dem-1051	273	6	market	market	NOUN
dem-1051	273	7	,	,	PUNCT
dem-1051	273	8	applied	apply	VERB
dem-1051	273	9	financial	financial	ADJ
dem-1051	273	10	economic	economic	ADJ
dem-1051	273	11	letters	letter	NOUN
dem-1051	273	12	,	,	PUNCT
dem-1051	273	13	1	1	NUM
dem-1051	273	14	,	,	PUNCT
dem-1051	273	15	105–109	105–109	NUM
dem-1051	273	16	.	.	PUNCT
dem-1051	274	1	lamoureux	lamoureux	PROPN
dem-1051	274	2	,	,	PUNCT
dem-1051	274	3	c.	c.	PROPN
dem-1051	274	4	,	,	PUNCT
dem-1051	274	5	lastrapes	lastrape	NOUN
dem-1051	274	6	,	,	PUNCT
dem-1051	274	7	w.	w.	NOUN
dem-1051	274	8	(	(	PUNCT
dem-1051	274	9	1990	1990	NUM
dem-1051	274	10	)	)	PUNCT
dem-1051	274	11	,	,	PUNCT
dem-1051	274	12	heteroskedasticity	heteroskedasticity	NOUN
dem-1051	274	13	in	in	ADP
dem-1051	274	14	stock	stock	NOUN
dem-1051	274	15	return	return	NOUN
dem-1051	274	16	data	datum	NOUN
dem-1051	274	17	:	:	PUNCT
dem-1051	274	18	volume	volume	NOUN
dem-1051	274	19	versus	versus	ADP
dem-1051	274	20	garch	garch	NOUN
dem-1051	274	21	effects	effect	NOUN
dem-1051	274	22	,	,	PUNCT
dem-1051	274	23	journal	journal	NOUN
dem-1051	274	24	of	of	ADP
dem-1051	274	25	finance	finance	NOUN
dem-1051	274	26	,	,	PUNCT
dem-1051	274	27	45	45	NUM
dem-1051	274	28	,	,	PUNCT
dem-1051	274	29	220–229	220–229	NUM
dem-1051	274	30	.	.	PUNCT
dem-1051	275	1	louhichi	louhichi	PROPN
dem-1051	275	2	,	,	PUNCT
dem-1051	275	3	w.	w.	PROPN
dem-1051	275	4	(	(	PUNCT
dem-1051	275	5	2011	2011	NUM
dem-1051	275	6	)	)	PUNCT
dem-1051	275	7	,	,	PUNCT
dem-1051	275	8	the	the	DET
dem-1051	275	9	relation	relation	NOUN
dem-1051	275	10	between	between	ADP
dem-1051	275	11	price	price	NOUN
dem-1051	275	12	changes	change	NOUN
dem-1051	275	13	and	and	CCONJ
dem-1051	275	14	trading	trading	NOUN
dem-1051	275	15	volume	volume	NOUN
dem-1051	275	16	:	:	PUNCT
dem-1051	275	17	a	a	DET
dem-1051	275	18	survey	survey	NOUN
dem-1051	275	19	,	,	PUNCT
dem-1051	275	20	international	international	ADJ
dem-1051	275	21	review	review	NOUN
dem-1051	275	22	of	of	ADP
dem-1051	275	23	financial	financial	ADJ
dem-1051	275	24	analysis	analysis	NOUN
dem-1051	275	25	,	,	PUNCT
dem-1051	275	26	200–206	200–206	NUM
dem-1051	275	27	.	.	PUNCT
dem-1051	276	1	malinova	malinova	PROPN
dem-1051	276	2	,	,	PUNCT
dem-1051	276	3	k.	k.	PROPN
dem-1051	276	4	,	,	PUNCT
dem-1051	276	5	park	park	NOUN
dem-1051	276	6	,	,	PUNCT
dem-1051	276	7	a.	a.	NOUN
dem-1051	276	8	(	(	PUNCT
dem-1051	276	9	2011	2011	NUM
dem-1051	276	10	)	)	PUNCT
dem-1051	276	11	,	,	PUNCT
dem-1051	276	12	trading	trading	NOUN
dem-1051	276	13	volume	volume	NOUN
dem-1051	276	14	in	in	ADP
dem-1051	276	15	dealer	dealer	NOUN
dem-1051	276	16	markets	market	NOUN
dem-1051	276	17	,	,	PUNCT
dem-1051	276	18	journal	journal	NOUN
dem-1051	276	19	of	of	ADP
dem-1051	276	20	financial	financial	ADJ
dem-1051	276	21	and	and	CCONJ
dem-1051	276	22	quantitative	quantitative	ADJ
dem-1051	276	23	analysis	analysis	NOUN
dem-1051	276	24	,	,	PUNCT
dem-1051	276	25	45	45	NUM
dem-1051	276	26	,	,	PUNCT
dem-1051	276	27	1447–1489	1447–1489	NUM
dem-1051	276	28	.	.	PUNCT
dem-1051	277	1	majand	majand	ADJ
dem-1051	277	2	,	,	PUNCT
dem-1051	277	3	m.	m.	NOUN
dem-1051	277	4	,	,	PUNCT
dem-1051	277	5	young	young	ADJ
dem-1051	277	6	,	,	PUNCT
dem-1051	277	7	k.	k.	PROPN
dem-1051	277	8	(	(	PUNCT
dem-1051	277	9	2006	2006	NUM
dem-1051	277	10	)	)	PUNCT
dem-1051	277	11	,	,	PUNCT
dem-1051	277	12	a	a	DET
dem-1051	277	13	garch	garch	NOUN
dem-1051	277	14	examination	examination	NOUN
dem-1051	277	15	of	of	ADP
dem-1051	277	16	the	the	DET
dem-1051	277	17	relationship	relationship	NOUN
dem-1051	277	18	between	between	ADP
dem-1051	277	19	volume	volume	NOUN
dem-1051	277	20	and	and	CCONJ
dem-1051	277	21	price	price	NOUN
dem-1051	277	22	variability	variability	NOUN
dem-1051	277	23	,	,	PUNCT
dem-1051	277	24	journal	journal	NOUN
dem-1051	277	25	of	of	ADP
dem-1051	277	26	futures	future	NOUN
dem-1051	277	27	markets	market	NOUN
dem-1051	277	28	,	,	PUNCT
dem-1051	277	29	11(5	11(5	NUM
dem-1051	277	30	)	)	PUNCT
dem-1051	277	31	,	,	PUNCT
dem-1051	277	32	613–621	613–621	NUM
dem-1051	277	33	.	.	PUNCT
dem-1051	277	34	manganelli	manganelli	PROPN
dem-1051	277	35	,	,	PUNCT
dem-1051	277	36	s.	s.	PROPN
dem-1051	277	37	(	(	PUNCT
dem-1051	277	38	2005	2005	NUM
dem-1051	277	39	)	)	PUNCT
dem-1051	277	40	,	,	PUNCT
dem-1051	277	41	duration	duration	NOUN
dem-1051	277	42	,	,	PUNCT
dem-1051	277	43	volume	volume	NOUN
dem-1051	277	44	and	and	CCONJ
dem-1051	277	45	volatility	volatility	NOUN
dem-1051	277	46	impact	impact	NOUN
dem-1051	277	47	of	of	ADP
dem-1051	277	48	trades	trade	NOUN
dem-1051	277	49	,	,	PUNCT
dem-1051	277	50	journal	journal	NOUN
dem-1051	277	51	of	of	ADP
dem-1051	277	52	financial	financial	ADJ
dem-1051	277	53	markets	market	NOUN
dem-1051	277	54	,	,	PUNCT
dem-1051	277	55	8	8	NUM
dem-1051	277	56	,	,	PUNCT
dem-1051	277	57	377–399	377–399	NUM
dem-1051	277	58	.	.	PUNCT
dem-1051	278	1	morgan	morgan	PROPN
dem-1051	278	2	,	,	PUNCT
dem-1051	278	3	i.	i.	PROPN
dem-1051	278	4	g.	g.	PROPN
dem-1051	278	5	(	(	PUNCT
dem-1051	278	6	1976	1976	NUM
dem-1051	278	7	)	)	PUNCT
dem-1051	278	8	,	,	PUNCT
dem-1051	278	9	stock	stock	NOUN
dem-1051	278	10	prices	price	NOUN
dem-1051	278	11	and	and	CCONJ
dem-1051	278	12	heteroskedasticity	heteroskedasticity	NOUN
dem-1051	278	13	,	,	PUNCT
dem-1051	278	14	journal	journal	NOUN
dem-1051	278	15	of	of	ADP
dem-1051	278	16	business	business	NOUN
dem-1051	278	17	,	,	PUNCT
dem-1051	278	18	49	49	NUM
dem-1051	278	19	,	,	PUNCT
dem-1051	278	20	496–508	496–508	NUM
dem-1051	278	21	.	.	PUNCT
dem-1051	279	1	nolte	nolte	PROPN
dem-1051	279	2	,	,	PUNCT
dem-1051	279	3	i.	i.	PROPN
dem-1051	279	4	(	(	PUNCT
dem-1051	279	5	2008	2008	NUM
dem-1051	279	6	)	)	PUNCT
dem-1051	279	7	,	,	PUNCT
dem-1051	279	8	modeling	model	VERB
dem-1051	279	9	a	a	DET
dem-1051	279	10	multivariate	multivariate	NOUN
dem-1051	279	11	trading	trading	NOUN
dem-1051	279	12	process	process	NOUN
dem-1051	279	13	,	,	PUNCT
dem-1051	279	14	journal	journal	NOUN
dem-1051	279	15	of	of	ADP
dem-1051	279	16	financial	financial	ADJ
dem-1051	279	17	econometrics	econometric	NOUN
dem-1051	279	18	,	,	PUNCT
dem-1051	279	19	6	6	NUM
dem-1051	279	20	,	,	PUNCT
dem-1051	279	21	143–170	143–170	NUM
dem-1051	279	22	.	.	PUNCT
dem-1051	280	1	tauchen	tauchen	NOUN
dem-1051	280	2	,	,	PUNCT
dem-1051	280	3	g.	g.	PROPN
dem-1051	280	4	,	,	PUNCT
dem-1051	280	5	pitts	pitt	NOUN
dem-1051	280	6	,	,	PUNCT
dem-1051	280	7	m.	m.	NOUN
dem-1051	280	8	(	(	PUNCT
dem-1051	280	9	1983	1983	NUM
dem-1051	280	10	)	)	PUNCT
dem-1051	280	11	,	,	PUNCT
dem-1051	280	12	the	the	DET
dem-1051	280	13	price	price	NOUN
dem-1051	280	14	variability	variability	NOUN
dem-1051	280	15	-	-	PUNCT
dem-1051	280	16	volume	volume	NOUN
dem-1051	280	17	relationship	relationship	NOUN
dem-1051	280	18	on	on	ADP
dem-1051	280	19	speculative	speculative	ADJ
dem-1051	280	20	markets	market	NOUN
dem-1051	280	21	,	,	PUNCT
dem-1051	280	22	econometrica	econometrica	PROPN
dem-1051	280	23	,	,	PUNCT
dem-1051	280	24	51	51	NUM
dem-1051	280	25	,	,	PUNCT
dem-1051	280	26	485–505	485–505	NUM
dem-1051	280	27	.	.	PUNCT
dem-1051	281	1	katarzyna	katarzyna	PROPN
dem-1051	281	2	bień	bień	PROPN
dem-1051	281	3	-	-	PROPN
dem-1051	281	4	barkowska	barkowska	ADJ
dem-1051	281	5	dynamic	dynamic	ADJ
dem-1051	281	6	econometric	econometric	ADJ
dem-1051	281	7	models	model	NOUN
dem-1051	281	8	12	12	NUM
dem-1051	281	9	(	(	PUNCT
dem-1051	281	10	2012	2012	NUM
dem-1051	281	11	)	)	PUNCT
dem-1051	281	12	35–52	35–52	NUM
dem-1051	281	13	52	52	NUM
dem-1051	281	14	taylor	taylor	PROPN
dem-1051	281	15	,	,	PUNCT
dem-1051	281	16	j.w	j.w	PROPN
dem-1051	281	17	.	.	PROPN
dem-1051	282	1	(	(	PUNCT
dem-1051	282	2	1999	1999	NUM
dem-1051	282	3	)	)	PUNCT
dem-1051	282	4	,	,	PUNCT
dem-1051	282	5	a	a	DET
dem-1051	282	6	quantile	quantile	ADJ
dem-1051	282	7	regression	regression	NOUN
dem-1051	282	8	approach	approach	NOUN
dem-1051	282	9	to	to	ADP
dem-1051	282	10	estimating	estimate	VERB
dem-1051	282	11	the	the	DET
dem-1051	282	12	distribution	distribution	NOUN
dem-1051	282	13	of	of	ADP
dem-1051	282	14	multiperiod	multiperiod	NOUN
dem-1051	282	15	returns	return	NOUN
dem-1051	282	16	,	,	PUNCT
dem-1051	282	17	journal	journal	NOUN
dem-1051	282	18	of	of	ADP
dem-1051	282	19	derivatives	derivative	NOUN
dem-1051	282	20	,	,	PUNCT
dem-1051	282	21	7	7	NUM
dem-1051	282	22	,	,	PUNCT
dem-1051	282	23	64–78	64–78	NUM
dem-1051	282	24	.	.	PUNCT
dem-1051	283	1	westerfield	westerfield	PROPN
dem-1051	283	2	,	,	PUNCT
dem-1051	283	3	r.	r.	PROPN
dem-1051	283	4	(	(	PUNCT
dem-1051	283	5	1977	1977	NUM
dem-1051	283	6	)	)	PUNCT
dem-1051	283	7	,	,	PUNCT
dem-1051	283	8	the	the	DET
dem-1051	283	9	distribution	distribution	NOUN
dem-1051	283	10	of	of	ADP
dem-1051	283	11	common	common	ADJ
dem-1051	283	12	stock	stock	NOUN
dem-1051	283	13	price	price	NOUN
dem-1051	283	14	changes	change	NOUN
dem-1051	283	15	:	:	PUNCT
dem-1051	283	16	an	an	DET
dem-1051	283	17	application	application	NOUN
dem-1051	283	18	of	of	ADP
dem-1051	283	19	trans	tran	NOUN
dem-1051	283	20	?	?	PUNCT
dem-1051	284	1	actions	action	NOUN
dem-1051	284	2	time	time	NOUN
dem-1051	284	3	and	and	CCONJ
dem-1051	284	4	subordinated	subordinated	ADJ
dem-1051	284	5	stochastic	stochastic	ADJ
dem-1051	284	6	models	model	NOUN
dem-1051	284	7	,	,	PUNCT
dem-1051	284	8	journal	journal	NOUN
dem-1051	284	9	of	of	ADP
dem-1051	284	10	financial	financial	ADJ
dem-1051	284	11	and	and	CCONJ
dem-1051	284	12	quantitative	quantitative	ADJ
dem-1051	284	13	analysis	analysis	NOUN
dem-1051	284	14	,	,	PUNCT
dem-1051	284	15	12	12	NUM
dem-1051	284	16	,	,	PUNCT
dem-1051	284	17	743–765	743–765	PROPN
dem-1051	284	18	.	.	PUNCT
dem-1051	285	1	„	„	PUNCT
dem-1051	285	2	czy	czy	PROPN
dem-1051	285	3	wolumen	wolumen	PROPN
dem-1051	285	4	transakcji	transakcji	ADV
dem-1051	285	5	wpływa	wpływa	PROPN
dem-1051	285	6	na	na	AUX
dem-1051	285	7	zmiany	zmiany	NOUN
dem-1051	285	8	kursu	kursu	VERB
dem-1051	285	9	eur	eur	PROPN
dem-1051	285	10	/	/	SYM
dem-1051	285	11	pln	pln	PROPN
dem-1051	285	12	?	?	PUNCT
dem-1051	285	13	”	"	PUNCT
dem-1051	285	14	wnioski	wnioski	ADJ
dem-1051	285	15	płynące	płynące	NOUN
dem-1051	285	16	z	z	PROPN
dem-1051	285	17	zastosowania	zastosowania	PROPN
dem-1051	285	18	regresji	regresji	NOUN
dem-1051	285	19	kwantylowych	kwantylowych	PROPN
dem-1051	285	20	z	z	PROPN
dem-1051	285	21	a	a	DET
dem-1051	285	22	r	r	NOUN
dem-1051	285	23	y	y	PROPN
dem-1051	285	24	s	s	PROPN
dem-1051	285	25	t	t	NOUN
dem-1051	285	26	r	r	NOUN
dem-1051	285	27	e	e	PROPN
dem-1051	285	28	ś	ś	PROPN
dem-1051	286	1	c	c	VERB
dem-1051	286	2	i	i	PRON
dem-1051	286	3	w	w	PROPN
dem-1051	286	4	artykule	artykule	PROPN
dem-1051	286	5	dokonano	dokonano	PROPN
dem-1051	286	6	badania	badania	PROPN
dem-1051	286	7	wpływu	wpływu	PROPN
dem-1051	286	8	wolumenu	wolumenu	PROPN
dem-1051	286	9	transakcyjnego	transakcyjnego	ADV
dem-1051	286	10	na	na	ADP
dem-1051	286	11	wartość	wartość	PROPN
dem-1051	286	12	wybranych	wybranych	NOUN
dem-1051	286	13	kwantyli	kwantyli	PROPN
dem-1051	286	14	rozkładu	rozkładu	PROPN
dem-1051	286	15	stóp	stóp	NOUN
dem-1051	286	16	zwrotu	zwrotu	PROPN
dem-1051	286	17	z	z	PROPN
dem-1051	286	18	kursu	kursu	PROPN
dem-1051	286	19	eur	eur	PROPN
dem-1051	286	20	/	/	SYM
dem-1051	286	21	pln	pln	PROPN
dem-1051	286	22	.	.	PROPN
dem-1051	287	1	wyniki	wyniki	PROPN
dem-1051	287	2	empiryczne	empiryczne	PROPN
dem-1051	287	3	otrzymane	otrzymane	PROPN
dem-1051	287	4	na	na	ADP
dem-1051	287	5	podstawie	podstawie	ADV
dem-1051	287	6	regresji	regresji	NOUN
dem-1051	287	7	kwantylowych	kwantylowych	PROPN
dem-1051	287	8	potwierdziły	potwierdziły	PROPN
dem-1051	287	9	,	,	PUNCT
dem-1051	287	10	że	że	X
dem-1051	287	11	wzrost	wzrost	PROPN
dem-1051	287	12	obrotów	obrotów	PROPN
dem-1051	287	13	ma	ma	PROPN
dem-1051	287	14	statystycznie	statystycznie	PROPN
dem-1051	287	15	istotny	istotny	PROPN
dem-1051	287	16	wpływ	wpływ	PROPN
dem-1051	287	17	na	na	PART
dem-1051	287	18	dyspersję	dyspersję	VERB
dem-1051	287	19	rozkładu	rozkładu	ADJ
dem-1051	287	20	stóp	stóp	NOUN
dem-1051	287	21	zwrotu	zwrotu	PROPN
dem-1051	287	22	.	.	PUNCT
dem-1051	288	1	w	w	PROPN
dem-1051	288	2	badaniu	badaniu	PROPN
dem-1051	288	3	dokonano	dokonano	PROPN
dem-1051	288	4	podziału	podziału	PROPN
dem-1051	288	5	wolumenu	wolumenu	PROPN
dem-1051	288	6	transakcyjnego	transakcyjnego	PROPN
dem-1051	288	7	na	na	PROPN
dem-1051	288	8	dwie	dwie	NOUN
dem-1051	288	9	części	części	PROPN
dem-1051	288	10	:	:	PUNCT
dem-1051	288	11	tzw	tzw	PROPN
dem-1051	288	12	.	.	PUNCT
dem-1051	289	1	wolumen	wolumen	PROPN
dem-1051	289	2	oczekiwany	oczekiwany	VERB
dem-1051	289	3	przez	przez	NOUN
dem-1051	289	4	uczestników	uczestników	NOUN
dem-1051	289	5	rynku	rynku	X
dem-1051	289	6	i	i	PRON
dem-1051	289	7	tzw	tzw	PROPN
dem-1051	289	8	.	.	PUNCT
dem-1051	290	1	wolumen	wolumen	PROPN
dem-1051	290	2	nieoczekiwany	nieoczekiwany	PROPN
dem-1051	290	3	przez	przez	PROPN
dem-1051	290	4	uczestników	uczestników	PROPN
dem-1051	290	5	rynku	rynku	PROPN
dem-1051	290	6	oraz	oraz	PROPN
dem-1051	290	7	wykazano	wykazano	PROPN
dem-1051	290	8	,	,	PUNCT
dem-1051	290	9	że	że	PROPN
dem-1051	290	10	to	to	ADP
dem-1051	290	11	wolumen	wolumen	PROPN
dem-1051	290	12	nieoczekiwany	nieoczekiwany	PROPN
dem-1051	290	13	ma	ma	PROPN
dem-1051	290	14	dużo	dużo	PROPN
dem-1051	290	15	większy	większy	PROPN
dem-1051	290	16	wpływ	wpływ	PROPN
dem-1051	290	17	na	na	AUX
dem-1051	290	18	dyspersję	dyspersję	PROPN
dem-1051	290	19	badanego	badanego	PROPN
dem-1051	290	20	rozkładu	rozkładu	NOUN
dem-1051	290	21	.	.	PUNCT
dem-1051	291	1	zaobserwowano	zaobserwowano	PROPN
dem-1051	291	2	również	również	PROPN
dem-1051	291	3	,	,	PUNCT
dem-1051	291	4	że	że	X
dem-1051	291	5	relacja	relacja	PROPN
dem-1051	291	6	pomiędzy	pomiędzy	PROPN
dem-1051	291	7	wolumenem	wolumenem	PROPN
dem-1051	291	8	a	a	DET
dem-1051	291	9	stopą	stopą	PROPN
dem-1051	291	10	zwrotu	zwrotu	PROPN
dem-1051	291	11	ma	ma	PROPN
dem-1051	291	12	charakter	charakter	PROPN
dem-1051	291	13	nieliniowy	nieliniowy	PROPN
dem-1051	291	14	,	,	PUNCT
dem-1051	291	15	tzn	tzn	PROPN
dem-1051	291	16	.	.	PUNCT
dem-1051	292	1	jest	jest	PROPN
dem-1051	292	2	najsilniejsza	najsilniejsza	PROPN
dem-1051	292	3	dla	dla	PROPN
dem-1051	292	4	najbardziej	najbardziej	PROPN
dem-1051	292	5	ekstremalnych	ekstremalnych	PROPN
dem-1051	292	6	kwantyli	kwantyli	PROPN
dem-1051	292	7	.	.	PUNCT
dem-1051	293	1	wykazano	wykazano	PROPN
dem-1051	293	2	,	,	PUNCT
dem-1051	293	3	że	że	PROPN
dem-1051	293	4	w	w	PROPN
dem-1051	293	5	konsekwencji	konsekwencji	PROPN
dem-1051	293	6	uwzględnienia	uwzględnienia	PROPN
dem-1051	293	7	miary	miary	PROPN
dem-1051	293	8	warunkowej	warunkowej	PROPN
dem-1051	293	9	zmienności	zmienności	PROPN
dem-1051	293	10	(	(	PUNCT
dem-1051	293	11	jako	jako	PROPN
dem-1051	293	12	dodatkowego	dodatkowego	PROPN
dem-1051	293	13	czynnika	czynnika	PROPN
dem-1051	293	14	wyjaśniającego	wyjaśniającego	PROPN
dem-1051	293	15	dynamikę	dynamikę	PROPN
dem-1051	293	16	kwantyli	kwantyli	PROPN
dem-1051	293	17	stóp	stóp	PROPN
dem-1051	293	18	zwrotu	zwrotu	PROPN
dem-1051	293	19	)	)	PUNCT
dem-1051	293	20	wpływ	wpływ	PROPN
dem-1051	293	21	oczekiwanej	oczekiwanej	VERB
dem-1051	293	22	wartości	wartości	PROPN
dem-1051	293	23	wolumenu	wolumenu	PROPN
dem-1051	293	24	transakcyjnego	transakcyjnego	PROPN
dem-1051	293	25	ulega	ulega	ADP
dem-1051	293	26	zmniejszeniu	zmniejszeniu	NOUN
dem-1051	293	27	,	,	PUNCT
dem-1051	293	28	ale	ale	NOUN
dem-1051	293	29	wciąż	wciąż	NOUN
dem-1051	293	30	pozostaje	pozostaje	NOUN
dem-1051	293	31	istotny	istotny	PROPN
dem-1051	293	32	statystycznie	statystycznie	PROPN
dem-1051	293	33	,	,	PUNCT
dem-1051	293	34	szczególnie	szczególnie	PROPN
dem-1051	293	35	dla	dla	PROPN
dem-1051	293	36	najbardziej	najbardziej	PROPN
dem-1051	293	37	ekstremalnych	ekstremalnych	PROPN
dem-1051	293	38	kwantyli	kwantyli	PROPN
dem-1051	293	39	.	.	PUNCT
dem-1051	294	1	s	s	PART
dem-1051	295	1	ł	ł	PROPN
dem-1051	295	2	o	o	X
dem-1051	295	3	w	w	NOUN
dem-1051	295	4	a	a	DET
dem-1051	295	5	k	k	X
dem-1051	295	6	l	l	NOUN
dem-1051	295	7	u	u	NOUN
dem-1051	296	1	c	c	NOUN
dem-1051	296	2	z	z	NOUN
dem-1051	296	3	o	o	X
dem-1051	296	4	w	w	PROPN
dem-1051	297	1	e	e	NOUN
dem-1051	297	2	:	:	PUNCT
dem-1051	297	3	relacja	relacja	NOUN
dem-1051	297	4	wolumen	wolumen	PROPN
dem-1051	297	5	-	-	PUNCT
dem-1051	297	6	stopa	stopa	PROPN
dem-1051	297	7	zwrotu	zwrotu	PROPN
dem-1051	297	8	,	,	PUNCT
dem-1051	297	9	mikrostruktura	mikrostruktura	NOUN
dem-1051	297	10	rynku	rynku	ADJ
dem-1051	297	11	,	,	PUNCT
dem-1051	297	12	obrót	obrót	X
dem-1051	297	13	na	na	ADP
dem-1051	297	14	rynku	rynku	PROPN
dem-1051	297	15	walutowym	walutowym	PROPN
dem-1051	297	16	,	,	PUNCT
dem-1051	297	17	regresja	regresja	NOUN
dem-1051	297	18	kwantylowa	kwantylowa	VERB
dem-1051	297	19	acknowledgements	acknowledgement	NOUN
dem-1051	297	20	the	the	DET
dem-1051	297	21	author	author	NOUN
dem-1051	297	22	wants	want	VERB
dem-1051	297	23	to	to	PART
dem-1051	297	24	thank	thank	VERB
dem-1051	297	25	the	the	DET
dem-1051	297	26	thomson	thomson	NOUN
dem-1051	297	27	reuters	reuter	NOUN
dem-1051	297	28	for	for	ADP
dem-1051	297	29	providing	provide	VERB
dem-1051	297	30	the	the	DET
dem-1051	297	31	data	datum	NOUN
dem-1051	297	32	from	from	ADP
dem-1051	297	33	the	the	DET
dem-1051	297	34	reuters	reuter	NOUN
dem-1051	297	35	dealing	deal	VERB
dem-1051	297	36	3000	3000	NUM
dem-1051	297	37	spot	spot	NOUN
dem-1051	297	38	matching	matching	NOUN
dem-1051	297	39	system	system	NOUN
dem-1051	297	40	and	and	CCONJ
dem-1051	297	41	the	the	DET
dem-1051	297	42	two	two	NUM
dem-1051	297	43	anonymous	anonymous	ADJ
dem-1051	297	44	referees	referee	NOUN
dem-1051	297	45	for	for	ADP
dem-1051	297	46	their	their	PRON
dem-1051	297	47	valuable	valuable	ADJ
dem-1051	297	48	comments	comment	NOUN
dem-1051	297	49	.	.	PUNCT
dem-1051	298	1	the	the	DET
dem-1051	298	2	views	view	NOUN
dem-1051	298	3	and	and	CCONJ
dem-1051	298	4	opinions	opinion	NOUN
dem-1051	298	5	presented	present	VERB
dem-1051	298	6	in	in	ADP
dem-1051	298	7	the	the	DET
dem-1051	298	8	paper	paper	NOUN
dem-1051	298	9	are	be	AUX
dem-1051	298	10	those	those	PRON
dem-1051	298	11	of	of	ADP
dem-1051	298	12	the	the	DET
dem-1051	298	13	author	author	NOUN
dem-1051	298	14	and	and	CCONJ
dem-1051	298	15	do	do	AUX
dem-1051	298	16	not	not	PART
dem-1051	298	17	necessary	necessary	ADJ
dem-1051	298	18	reflect	reflect	VERB
dem-1051	298	19	those	those	PRON
dem-1051	298	20	of	of	ADP
dem-1051	298	21	the	the	DET
dem-1051	298	22	national	national	PROPN
dem-1051	298	23	bank	bank	PROPN
dem-1051	298	24	of	of	ADP
dem-1051	298	25	poland	poland	PROPN
dem-1051	298	26	.	.	PUNCT
dem-1051	299	1	introduction	introduction	NOUN
dem-1051	299	2	1	1	NUM
dem-1051	299	3	.	.	PUNCT
dem-1051	300	1	the	the	DET
dem-1051	300	2	econometric	econometric	ADJ
dem-1051	300	3	approach	approach	NOUN
dem-1051	300	4	2	2	NUM
dem-1051	300	5	.	.	PUNCT
dem-1051	300	6	empirical	empirical	ADJ
dem-1051	300	7	results	result	NOUN
dem-1051	300	8	conclusions	conclusion	NOUN
dem-1051	300	9	references	reference	NOUN