id	sid	tid	token	lemma	pos
dem-1063	1	1	microsoft	microsoft	PROPN
dem-1063	1	2	word	word	NOUN
dem-1063	1	3	06_fiszeder_p.docx	06_fiszeder_p.docx	NUM
dem-1063	1	4	dynamic	dynamic	ADJ
dem-1063	1	5	econometric	econometric	ADJ
dem-1063	1	6	models	model	NOUN
dem-1063	1	7	vol	vol	NOUN
dem-1063	1	8	.	.	PROPN
dem-1063	1	9	11	11	NUM
dem-1063	1	10	–	–	PUNCT
dem-1063	1	11	nicolaus	nicolaus	PROPN
dem-1063	1	12	copernicus	copernicus	PROPN
dem-1063	1	13	university	university	PROPN
dem-1063	1	14	–	–	PUNCT
dem-1063	1	15	toruń	toruń	NOUN
dem-1063	1	16	–	–	PUNCT
dem-1063	1	17	2011	2011	NUM
dem-1063	1	18	piotr	piotr	PROPN
dem-1063	1	19	fiszeder	fiszeder	PROPN
dem-1063	1	20	nicolaus	nicolaus	PROPN
dem-1063	1	21	copernicus	copernicus	PROPN
dem-1063	1	22	university	university	PROPN
dem-1063	1	23	in	in	ADP
dem-1063	1	24	toruń	toruń	PROPN
dem-1063	1	25	minimum	minimum	ADJ
dem-1063	1	26	variance	variance	NOUN
dem-1063	1	27	portfolio	portfolio	NOUN
dem-1063	1	28	selection	selection	NOUN
dem-1063	1	29	for	for	ADP
dem-1063	1	30	large	large	ADJ
dem-1063	1	31	number	number	NOUN
dem-1063	1	32	of	of	ADP
dem-1063	1	33	stocks	stock	NOUN
dem-1063	1	34	–	–	PUNCT
dem-1063	1	35	application	application	NOUN
dem-1063	1	36	of	of	ADP
dem-1063	1	37	time	time	NOUN
dem-1063	1	38	-	-	PUNCT
dem-1063	1	39	varying	vary	VERB
dem-1063	1	40	covariance	covariance	NOUN
dem-1063	1	41	matrices	matrice	VERB
dem-1063	1	42	a	a	DET
dem-1063	1	43	b	b	NOUN
dem-1063	1	44	s	s	ADP
dem-1063	1	45	t	t	PROPN
dem-1063	1	46	r	r	NOUN
dem-1063	1	47	a	a	DET
dem-1063	1	48	c	c	NOUN
dem-1063	1	49	t.	t.	NOUN
dem-1063	1	50	an	an	DET
dem-1063	1	51	evaluation	evaluation	NOUN
dem-1063	1	52	of	of	ADP
dem-1063	1	53	the	the	DET
dem-1063	1	54	efficiency	efficiency	NOUN
dem-1063	1	55	of	of	ADP
dem-1063	1	56	different	different	ADJ
dem-1063	1	57	methods	method	NOUN
dem-1063	1	58	of	of	ADP
dem-1063	1	59	the	the	DET
dem-1063	1	60	minimum	minimum	ADJ
dem-1063	1	61	variance	variance	NOUN
dem-1063	1	62	portfolio	portfolio	NOUN
dem-1063	1	63	selection	selection	NOUN
dem-1063	1	64	was	be	AUX
dem-1063	1	65	performed	perform	VERB
dem-1063	1	66	for	for	ADP
dem-1063	1	67	seventy	seventy	NUM
dem-1063	1	68	stocks	stock	NOUN
dem-1063	1	69	from	from	ADP
dem-1063	1	70	the	the	DET
dem-1063	1	71	warsaw	warsaw	PROPN
dem-1063	1	72	stock	stock	PROPN
dem-1063	1	73	exchange	exchange	PROPN
dem-1063	1	74	.	.	PUNCT
dem-1063	2	1	eight	eight	NUM
dem-1063	2	2	specifications	specification	NOUN
dem-1063	2	3	of	of	ADP
dem-1063	2	4	multivariate	multivariate	NOUN
dem-1063	2	5	garch	garch	NOUN
dem-1063	2	6	models	model	NOUN
dem-1063	2	7	and	and	CCONJ
dem-1063	2	8	six	six	NUM
dem-1063	2	9	other	other	ADJ
dem-1063	2	10	methods	method	NOUN
dem-1063	2	11	were	be	AUX
dem-1063	2	12	used	use	VERB
dem-1063	2	13	.	.	PUNCT
dem-1063	3	1	the	the	DET
dem-1063	3	2	application	application	NOUN
dem-1063	3	3	of	of	ADP
dem-1063	3	4	all	all	DET
dem-1063	3	5	considered	consider	VERB
dem-1063	3	6	garch	garch	NOUN
dem-1063	3	7	-	-	PUNCT
dem-1063	3	8	class	class	NOUN
dem-1063	3	9	models	model	NOUN
dem-1063	3	10	was	be	AUX
dem-1063	3	11	more	more	ADV
dem-1063	3	12	efficient	efficient	ADJ
dem-1063	3	13	in	in	ADP
dem-1063	3	14	stocks	stock	NOUN
dem-1063	3	15	allocation	allocation	NOUN
dem-1063	3	16	than	than	ADP
dem-1063	3	17	the	the	DET
dem-1063	3	18	implementation	implementation	NOUN
dem-1063	3	19	of	of	ADP
dem-1063	3	20	the	the	DET
dem-1063	3	21	other	other	ADJ
dem-1063	3	22	analyzed	analyze	VERB
dem-1063	3	23	methods	method	NOUN
dem-1063	3	24	.	.	PUNCT
dem-1063	4	1	the	the	DET
dem-1063	4	2	simple	simple	ADJ
dem-1063	4	3	specifications	specification	NOUN
dem-1063	4	4	of	of	ADP
dem-1063	4	5	multivariate	multivariate	NOUN
dem-1063	4	6	garch	garch	NOUN
dem-1063	4	7	models	model	NOUN
dem-1063	4	8	,	,	PUNCT
dem-1063	4	9	whose	whose	DET
dem-1063	4	10	parameters	parameter	NOUN
dem-1063	4	11	were	be	AUX
dem-1063	4	12	estimated	estimate	VERB
dem-1063	4	13	in	in	ADP
dem-1063	4	14	two	two	NUM
dem-1063	4	15	stages	stage	NOUN
dem-1063	4	16	,	,	PUNCT
dem-1063	4	17	like	like	ADP
dem-1063	4	18	the	the	DET
dem-1063	4	19	dcc	dcc	PROPN
dem-1063	4	20	and	and	CCONJ
dem-1063	4	21	ccc	ccc	PROPN
dem-1063	4	22	models	model	NOUN
dem-1063	4	23	were	be	AUX
dem-1063	4	24	the	the	DET
dem-1063	4	25	best	good	ADJ
dem-1063	4	26	performing	perform	VERB
dem-1063	4	27	models	model	NOUN
dem-1063	4	28	.	.	PUNCT
dem-1063	5	1	k	k	PROPN
dem-1063	5	2	e	e	PROPN
dem-1063	5	3	y	y	PROPN
dem-1063	5	4	w	w	NOUN
dem-1063	5	5	o	o	NOUN
dem-1063	5	6	r	r	NOUN
dem-1063	5	7	d	d	NOUN
dem-1063	5	8	s	s	X
dem-1063	5	9	:	:	PUNCT
dem-1063	5	10	multivariate	multivariate	NOUN
dem-1063	5	11	garch	garch	NOUN
dem-1063	5	12	models	model	NOUN
dem-1063	5	13	,	,	PUNCT
dem-1063	5	14	time	time	NOUN
dem-1063	5	15	-	-	PUNCT
dem-1063	5	16	varying	vary	VERB
dem-1063	5	17	covariance	covariance	NOUN
dem-1063	5	18	matrix	matrix	NOUN
dem-1063	5	19	,	,	PUNCT
dem-1063	5	20	portfolio	portfolio	NOUN
dem-1063	5	21	selection	selection	NOUN
dem-1063	5	22	.	.	PUNCT
dem-1063	6	1	introduction	introduction	NOUN
dem-1063	6	2	the	the	DET
dem-1063	6	3	selection	selection	NOUN
dem-1063	6	4	of	of	ADP
dem-1063	6	5	estimators	estimator	NOUN
dem-1063	6	6	of	of	ADP
dem-1063	6	7	the	the	DET
dem-1063	6	8	population	population	NOUN
dem-1063	6	9	mean	mean	VERB
dem-1063	6	10	,	,	PUNCT
dem-1063	6	11	variance	variance	NOUN
dem-1063	6	12	and	and	CCONJ
dem-1063	6	13	covariance	covariance	NOUN
dem-1063	6	14	of	of	ADP
dem-1063	6	15	financial	financial	ADJ
dem-1063	6	16	returns	return	NOUN
dem-1063	6	17	and	and	CCONJ
dem-1063	6	18	closely	closely	ADV
dem-1063	6	19	connected	connected	ADJ
dem-1063	6	20	with	with	ADP
dem-1063	6	21	it	it	PRON
dem-1063	6	22	the	the	DET
dem-1063	6	23	selection	selection	NOUN
dem-1063	6	24	of	of	ADP
dem-1063	6	25	forecasting	forecasting	NOUN
dem-1063	6	26	methods	method	NOUN
dem-1063	6	27	of	of	ADP
dem-1063	6	28	the	the	DET
dem-1063	6	29	population	population	NOUN
dem-1063	6	30	mean	mean	VERB
dem-1063	6	31	,	,	PUNCT
dem-1063	6	32	variance	variance	NOUN
dem-1063	6	33	and	and	CCONJ
dem-1063	6	34	covariance	covariance	NOUN
dem-1063	6	35	of	of	ADP
dem-1063	6	36	returns	return	NOUN
dem-1063	6	37	plays	play	VERB
dem-1063	6	38	a	a	DET
dem-1063	6	39	vital	vital	ADJ
dem-1063	6	40	role	role	NOUN
dem-1063	6	41	in	in	ADP
dem-1063	6	42	the	the	DET
dem-1063	6	43	construction	construction	NOUN
dem-1063	6	44	of	of	ADP
dem-1063	6	45	efficient	efficient	ADJ
dem-1063	6	46	portfolios	portfolio	NOUN
dem-1063	6	47	.	.	PUNCT
dem-1063	7	1	there	there	PRON
dem-1063	7	2	is	be	VERB
dem-1063	7	3	a	a	DET
dem-1063	7	4	consensus	consensus	NOUN
dem-1063	7	5	among	among	ADP
dem-1063	7	6	both	both	DET
dem-1063	7	7	financial	financial	ADJ
dem-1063	7	8	market	market	NOUN
dem-1063	7	9	practitioners	practitioner	NOUN
dem-1063	7	10	and	and	CCONJ
dem-1063	7	11	scientists	scientist	NOUN
dem-1063	7	12	,	,	PUNCT
dem-1063	7	13	that	that	SCONJ
dem-1063	7	14	financial	financial	ADJ
dem-1063	7	15	returns	return	NOUN
dem-1063	7	16	are	be	AUX
dem-1063	7	17	difficult	difficult	ADJ
dem-1063	7	18	to	to	PART
dem-1063	7	19	forecast	forecast	VERB
dem-1063	7	20	and	and	CCONJ
dem-1063	7	21	the	the	DET
dem-1063	7	22	portfolio	portfolio	NOUN
dem-1063	7	23	construction	construction	NOUN
dem-1063	7	24	process	process	NOUN
dem-1063	7	25	according	accord	VERB
dem-1063	7	26	to	to	ADP
dem-1063	7	27	the	the	DET
dem-1063	7	28	criteria	criterion	NOUN
dem-1063	7	29	proposed	propose	VERB
dem-1063	7	30	by	by	ADP
dem-1063	7	31	markowitz	markowitz	PROPN
dem-1063	7	32	(	(	PUNCT
dem-1063	7	33	1952	1952	NUM
dem-1063	7	34	,	,	PUNCT
dem-1063	7	35	1959	1959	NUM
dem-1063	7	36	)	)	PUNCT
dem-1063	7	37	is	be	AUX
dem-1063	7	38	very	very	ADV
dem-1063	7	39	sensitive	sensitive	ADJ
dem-1063	7	40	to	to	ADP
dem-1063	7	41	the	the	DET
dem-1063	7	42	selection	selection	NOUN
dem-1063	7	43	of	of	ADP
dem-1063	7	44	an	an	DET
dem-1063	7	45	estimator	estimator	NOUN
dem-1063	7	46	of	of	ADP
dem-1063	7	47	the	the	DET
dem-1063	7	48	expected	expect	VERB
dem-1063	7	49	value	value	NOUN
dem-1063	7	50	of	of	ADP
dem-1063	7	51	returns	return	NOUN
dem-1063	7	52	(	(	PUNCT
dem-1063	7	53	see	see	VERB
dem-1063	7	54	michaud	michaud	PROPN
dem-1063	7	55	,	,	PUNCT
dem-1063	7	56	1989	1989	NUM
dem-1063	7	57	;	;	PUNCT
dem-1063	7	58	best	good	ADJ
dem-1063	7	59	,	,	PUNCT
dem-1063	7	60	grauer	grauer	NOUN
dem-1063	7	61	,	,	PUNCT
dem-1063	7	62	1991	1991	NUM
dem-1063	7	63	;	;	PUNCT
dem-1063	7	64	chopra	chopra	PROPN
dem-1063	7	65	,	,	PUNCT
dem-1063	7	66	ziemba	ziemba	PROPN
dem-1063	7	67	,	,	PUNCT
dem-1063	7	68	1993	1993	NUM
dem-1063	7	69	)	)	PUNCT
dem-1063	7	70	.	.	PUNCT
dem-1063	8	1	small	small	ADJ
dem-1063	8	2	differences	difference	NOUN
dem-1063	8	3	in	in	ADP
dem-1063	8	4	estimates	estimate	NOUN
dem-1063	8	5	of	of	ADP
dem-1063	8	6	the	the	DET
dem-1063	8	7	expected	expect	VERB
dem-1063	8	8	returns	return	NOUN
dem-1063	8	9	often	often	ADV
dem-1063	8	10	lead	lead	VERB
dem-1063	8	11	to	to	ADP
dem-1063	8	12	a	a	DET
dem-1063	8	13	meaningful	meaningful	ADJ
dem-1063	8	14	portfolio	portfolio	NOUN
dem-1063	8	15	reconstruction	reconstruction	NOUN
dem-1063	8	16	(	(	PUNCT
dem-1063	8	17	see	see	VERB
dem-1063	8	18	e.g.	e.g.	ADV
dem-1063	8	19	jobson	jobson	PROPN
dem-1063	8	20	,	,	PUNCT
dem-1063	8	21	korkie	korkie	NOUN
dem-1063	8	22	,	,	PUNCT
dem-1063	8	23	1980	1980	NUM
dem-1063	8	24	)	)	PUNCT
dem-1063	8	25	.	.	PUNCT
dem-1063	9	1	it	it	PRON
dem-1063	9	2	is	be	AUX
dem-1063	9	3	believed	believe	VERB
dem-1063	9	4	that	that	SCONJ
dem-1063	9	5	the	the	DET
dem-1063	9	6	estimation	estimation	NOUN
dem-1063	9	7	of	of	ADP
dem-1063	9	8	population	population	NOUN
dem-1063	9	9	variances	variance	NOUN
dem-1063	9	10	and	and	CCONJ
dem-1063	9	11	covariances	covariance	NOUN
dem-1063	9	12	of	of	ADP
dem-1063	9	13	returns	return	NOUN
dem-1063	9	14	is	be	AUX
dem-1063	9	15	easier	easy	ADJ
dem-1063	9	16	than	than	ADP
dem-1063	9	17	the	the	DET
dem-1063	9	18	estimation	estimation	NOUN
dem-1063	9	19	of	of	ADP
dem-1063	9	20	population	population	NOUN
dem-1063	9	21	means	mean	VERB
dem-1063	9	22	(	(	PUNCT
dem-1063	9	23	merton	merton	ADJ
dem-1063	9	24	1980	1980	NUM
dem-1063	9	25	;	;	PUNCT
dem-1063	9	26	nelson	nelson	PROPN
dem-1063	9	27	,	,	PUNCT
dem-1063	9	28	1992	1992	NUM
dem-1063	9	29	)	)	PUNCT
dem-1063	9	30	,	,	PUNCT
dem-1063	9	31	however	however	ADV
dem-1063	9	32	the	the	DET
dem-1063	9	33	selection	selection	NOUN
dem-1063	9	34	of	of	ADP
dem-1063	9	35	estimators	estimator	NOUN
dem-1063	9	36	of	of	ADP
dem-1063	9	37	population	population	NOUN
dem-1063	9	38	variances	variance	NOUN
dem-1063	9	39	and	and	CCONJ
dem-1063	9	40	covariances	covariance	NOUN
dem-1063	9	41	of	of	ADP
dem-1063	9	42	returns	return	NOUN
dem-1063	9	43	has	have	VERB
dem-1063	9	44	also	also	ADV
dem-1063	9	45	a	a	DET
dem-1063	9	46	significant	significant	ADJ
dem-1063	9	47	impact	impact	NOUN
dem-1063	9	48	on	on	ADP
dem-1063	9	49	an	an	DET
dem-1063	9	50	asset	asset	NOUN
dem-1063	9	51	allocation	allocation	NOUN
dem-1063	9	52	(	(	PUNCT
dem-1063	9	53	see	see	VERB
dem-1063	9	54	e.g.	e.g.	ADV
dem-1063	9	55	litterman	litterman	NOUN
dem-1063	9	56	,	,	PUNCT
dem-1063	9	57	winkelmann	winkelmann	PROPN
dem-1063	9	58	,	,	PUNCT
dem-1063	9	59	1998	1998	NUM
dem-1063	9	60	;	;	PUNCT
dem-1063	9	61	chan	chan	PROPN
dem-1063	9	62	,	,	PUNCT
dem-1063	9	63	karceski	karceski	PROPN
dem-1063	9	64	,	,	PUNCT
dem-1063	9	65	lakonishok	lakonishok	NOUN
dem-1063	9	66	,	,	PUNCT
dem-1063	9	67	1999	1999	NUM
dem-1063	9	68	)	)	PUNCT
dem-1063	9	69	.	.	PUNCT
dem-1063	10	1	traditionally	traditionally	ADV
dem-1063	10	2	used	use	VERB
dem-1063	10	3	estimators	estimator	NOUN
dem-1063	10	4	of	of	ADP
dem-1063	10	5	the	the	DET
dem-1063	10	6	population	population	NOUN
dem-1063	10	7	mean	mean	VERB
dem-1063	10	8	,	,	PUNCT
dem-1063	10	9	variance	variance	NOUN
dem-1063	10	10	and	and	CCONJ
dem-1063	10	11	copiotr	copiotr	NOUN
dem-1063	10	12	fiszeder	fiszed	ADJ
dem-1063	10	13	88	88	NUM
dem-1063	10	14	variance	variance	NOUN
dem-1063	10	15	,	,	PUNCT
dem-1063	10	16	namely	namely	ADV
dem-1063	10	17	the	the	DET
dem-1063	10	18	arithmetic	arithmetic	ADJ
dem-1063	10	19	mean	mean	NOUN
dem-1063	10	20	and	and	CCONJ
dem-1063	10	21	empirical	empirical	ADJ
dem-1063	10	22	variance	variance	NOUN
dem-1063	10	23	and	and	CCONJ
dem-1063	10	24	covariance	covariance	NOUN
dem-1063	10	25	calculated	calculate	VERB
dem-1063	10	26	on	on	ADP
dem-1063	10	27	the	the	DET
dem-1063	10	28	basis	basis	NOUN
dem-1063	10	29	of	of	ADP
dem-1063	10	30	available	available	ADJ
dem-1063	10	31	historical	historical	ADJ
dem-1063	10	32	data	datum	NOUN
dem-1063	10	33	do	do	AUX
dem-1063	10	34	not	not	PART
dem-1063	10	35	give	give	VERB
dem-1063	10	36	the	the	DET
dem-1063	10	37	best	good	ADJ
dem-1063	10	38	results	result	NOUN
dem-1063	10	39	in	in	ADP
dem-1063	10	40	efficient	efficient	ADJ
dem-1063	10	41	portfolios	portfolio	NOUN
dem-1063	10	42	construction	construction	NOUN
dem-1063	10	43	(	(	PUNCT
dem-1063	10	44	see	see	VERB
dem-1063	10	45	e.g.	e.g.	ADV
dem-1063	10	46	jorion	jorion	NOUN
dem-1063	10	47	,	,	PUNCT
dem-1063	10	48	1991	1991	NUM
dem-1063	10	49	;	;	PUNCT
dem-1063	10	50	sheedy	sheedy	PROPN
dem-1063	10	51	,	,	PUNCT
dem-1063	10	52	trevor	trevor	NOUN
dem-1063	10	53	,	,	PUNCT
dem-1063	10	54	wood	wood	NOUN
dem-1063	10	55	,	,	PUNCT
dem-1063	10	56	1999	1999	NUM
dem-1063	10	57	;	;	PUNCT
dem-1063	10	58	johannes	johanne	NOUN
dem-1063	10	59	,	,	PUNCT
dem-1063	10	60	polson	polson	PROPN
dem-1063	10	61	,	,	PUNCT
dem-1063	10	62	stroud	stroud	PROPN
dem-1063	10	63	,	,	PUNCT
dem-1063	10	64	2002	2002	NUM
dem-1063	10	65	;	;	PUNCT
dem-1063	10	66	flavin	flavin	NOUN
dem-1063	10	67	,	,	PUNCT
dem-1063	10	68	wickens	wicken	NOUN
dem-1063	10	69	,	,	PUNCT
dem-1063	10	70	2006	2006	NUM
dem-1063	10	71	)	)	PUNCT
dem-1063	10	72	.	.	PUNCT
dem-1063	11	1	the	the	DET
dem-1063	11	2	classical	classical	ADJ
dem-1063	11	3	approach	approach	NOUN
dem-1063	11	4	to	to	ADP
dem-1063	11	5	the	the	DET
dem-1063	11	6	selection	selection	NOUN
dem-1063	11	7	of	of	ADP
dem-1063	11	8	efficient	efficient	ADJ
dem-1063	11	9	portfolios	portfolio	NOUN
dem-1063	11	10	is	be	AUX
dem-1063	11	11	static	static	ADJ
dem-1063	11	12	,	,	PUNCT
dem-1063	11	13	i.e.	i.e.	X
dem-1063	11	14	a	a	DET
dem-1063	11	15	chosen	choose	VERB
dem-1063	11	16	period	period	NOUN
dem-1063	11	17	or	or	CCONJ
dem-1063	11	18	moment	moment	NOUN
dem-1063	11	19	is	be	AUX
dem-1063	11	20	considered	consider	VERB
dem-1063	11	21	,	,	PUNCT
dem-1063	11	22	but	but	CCONJ
dem-1063	11	23	not	not	PART
dem-1063	11	24	their	their	PRON
dem-1063	11	25	sequence	sequence	NOUN
dem-1063	11	26	.	.	PUNCT
dem-1063	12	1	such	such	DET
dem-1063	12	2	an	an	DET
dem-1063	12	3	approach	approach	NOUN
dem-1063	12	4	ignores	ignore	VERB
dem-1063	12	5	therefore	therefore	ADV
dem-1063	12	6	the	the	DET
dem-1063	12	7	variability	variability	NOUN
dem-1063	12	8	of	of	ADP
dem-1063	12	9	conditional	conditional	ADJ
dem-1063	12	10	variances	variance	NOUN
dem-1063	12	11	and	and	CCONJ
dem-1063	12	12	covariances	covariance	NOUN
dem-1063	12	13	of	of	ADP
dem-1063	12	14	returns	return	NOUN
dem-1063	12	15	.	.	PUNCT
dem-1063	13	1	a	a	DET
dem-1063	13	2	dynamic	dynamic	ADJ
dem-1063	13	3	approach	approach	NOUN
dem-1063	13	4	to	to	ADP
dem-1063	13	5	the	the	DET
dem-1063	13	6	selection	selection	NOUN
dem-1063	13	7	of	of	ADP
dem-1063	13	8	efficient	efficient	ADJ
dem-1063	13	9	portfolios	portfolio	NOUN
dem-1063	13	10	for	for	ADP
dem-1063	13	11	homogeneous	homogeneous	ADJ
dem-1063	13	12	assets	asset	NOUN
dem-1063	13	13	,	,	PUNCT
dem-1063	13	14	i.e.	i.e.	X
dem-1063	13	15	stocks	stock	NOUN
dem-1063	13	16	,	,	PUNCT
dem-1063	13	17	based	base	VERB
dem-1063	13	18	on	on	ADP
dem-1063	13	19	the	the	DET
dem-1063	13	20	forecasts	forecast	NOUN
dem-1063	13	21	of	of	ADP
dem-1063	13	22	variances	variance	NOUN
dem-1063	13	23	and	and	CCONJ
dem-1063	13	24	covariances	covariance	NOUN
dem-1063	13	25	of	of	ADP
dem-1063	13	26	returns	return	NOUN
dem-1063	13	27	constructed	construct	VERB
dem-1063	13	28	from	from	ADP
dem-1063	13	29	multivariate	multivariate	NOUN
dem-1063	13	30	garch	garch	NOUN
dem-1063	13	31	models	model	NOUN
dem-1063	13	32	is	be	AUX
dem-1063	13	33	presented	present	VERB
dem-1063	13	34	in	in	ADP
dem-1063	13	35	this	this	DET
dem-1063	13	36	paper	paper	NOUN
dem-1063	13	37	.	.	PUNCT
dem-1063	14	1	there	there	PRON
dem-1063	14	2	is	be	VERB
dem-1063	14	3	an	an	DET
dem-1063	14	4	extensive	extensive	ADJ
dem-1063	14	5	literature	literature	NOUN
dem-1063	14	6	on	on	ADP
dem-1063	14	7	time	time	NOUN
dem-1063	14	8	-	-	PUNCT
dem-1063	14	9	varying	vary	VERB
dem-1063	14	10	conditional	conditional	ADJ
dem-1063	14	11	variances	variance	NOUN
dem-1063	14	12	of	of	ADP
dem-1063	14	13	returns	return	NOUN
dem-1063	14	14	but	but	CCONJ
dem-1063	14	15	also	also	ADV
dem-1063	14	16	on	on	ADP
dem-1063	14	17	time	time	NOUN
dem-1063	14	18	-	-	PUNCT
dem-1063	14	19	varying	vary	VERB
dem-1063	14	20	conditional	conditional	ADJ
dem-1063	14	21	covariances	covariance	NOUN
dem-1063	14	22	and	and	CCONJ
dem-1063	14	23	correlation	correlation	NOUN
dem-1063	14	24	coefficients	coefficient	NOUN
dem-1063	14	25	between	between	ADP
dem-1063	14	26	financial	financial	ADJ
dem-1063	14	27	series	series	NOUN
dem-1063	14	28	.	.	PUNCT
dem-1063	15	1	the	the	DET
dem-1063	15	2	multivariate	multivariate	NOUN
dem-1063	15	3	garch	garch	NOUN
dem-1063	15	4	process	process	NOUN
dem-1063	15	5	allows	allow	VERB
dem-1063	15	6	to	to	PART
dem-1063	15	7	describe	describe	VERB
dem-1063	15	8	both	both	DET
dem-1063	15	9	time	time	NOUN
dem-1063	15	10	-	-	PUNCT
dem-1063	15	11	varying	vary	VERB
dem-1063	15	12	conditional	conditional	ADJ
dem-1063	15	13	variances	variance	NOUN
dem-1063	15	14	and	and	CCONJ
dem-1063	15	15	covariances	covariance	NOUN
dem-1063	15	16	of	of	ADP
dem-1063	15	17	returns	return	NOUN
dem-1063	15	18	.	.	PUNCT
dem-1063	16	1	if	if	SCONJ
dem-1063	16	2	variances	variance	NOUN
dem-1063	16	3	and	and	CCONJ
dem-1063	16	4	covariances	covariance	NOUN
dem-1063	16	5	of	of	ADP
dem-1063	16	6	returns	return	NOUN
dem-1063	16	7	are	be	AUX
dem-1063	16	8	not	not	PART
dem-1063	16	9	constant	constant	ADJ
dem-1063	16	10	,	,	PUNCT
dem-1063	16	11	then	then	ADV
dem-1063	16	12	the	the	DET
dem-1063	16	13	forecasts	forecast	NOUN
dem-1063	16	14	based	base	VERB
dem-1063	16	15	on	on	ADP
dem-1063	16	16	multivariate	multivariate	NOUN
dem-1063	16	17	garch	garch	NOUN
dem-1063	16	18	models	model	NOUN
dem-1063	16	19	should	should	AUX
dem-1063	16	20	give	give	VERB
dem-1063	16	21	additional	additional	ADJ
dem-1063	16	22	benefits	benefit	NOUN
dem-1063	16	23	in	in	ADP
dem-1063	16	24	the	the	DET
dem-1063	16	25	selection	selection	NOUN
dem-1063	16	26	of	of	ADP
dem-1063	16	27	efficient	efficient	ADJ
dem-1063	16	28	portfolios	portfolio	NOUN
dem-1063	16	29	.	.	PUNCT
dem-1063	17	1	the	the	DET
dem-1063	17	2	literature	literature	NOUN
dem-1063	17	3	on	on	ADP
dem-1063	17	4	the	the	DET
dem-1063	17	5	application	application	NOUN
dem-1063	17	6	of	of	ADP
dem-1063	17	7	garch	garch	NOUN
dem-1063	17	8	models	model	NOUN
dem-1063	17	9	in	in	ADP
dem-1063	17	10	construction	construction	NOUN
dem-1063	17	11	of	of	ADP
dem-1063	17	12	portfolios	portfolio	NOUN
dem-1063	17	13	is	be	AUX
dem-1063	17	14	poor	poor	ADJ
dem-1063	17	15	,	,	PUNCT
dem-1063	17	16	and	and	CCONJ
dem-1063	17	17	the	the	DET
dem-1063	17	18	results	result	NOUN
dem-1063	17	19	of	of	ADP
dem-1063	17	20	such	such	ADJ
dem-1063	17	21	analyses	analysis	NOUN
dem-1063	17	22	,	,	PUNCT
dem-1063	17	23	due	due	ADP
dem-1063	17	24	to	to	ADP
dem-1063	17	25	the	the	DET
dem-1063	17	26	complexity	complexity	NOUN
dem-1063	17	27	of	of	ADP
dem-1063	17	28	the	the	DET
dem-1063	17	29	problem	problem	NOUN
dem-1063	17	30	,	,	PUNCT
dem-1063	17	31	are	be	AUX
dem-1063	17	32	still	still	ADV
dem-1063	17	33	fragmentary	fragmentary	ADJ
dem-1063	17	34	.	.	PUNCT
dem-1063	18	1	in	in	ADP
dem-1063	18	2	most	most	ADJ
dem-1063	18	3	of	of	ADP
dem-1063	18	4	the	the	DET
dem-1063	18	5	studies	study	NOUN
dem-1063	18	6	the	the	DET
dem-1063	18	7	univariate	univariate	ADJ
dem-1063	18	8	garch	garch	NOUN
dem-1063	18	9	model	model	NOUN
dem-1063	18	10	is	be	AUX
dem-1063	18	11	applied	apply	VERB
dem-1063	18	12	or	or	CCONJ
dem-1063	18	13	a	a	DET
dem-1063	18	14	very	very	ADV
dem-1063	18	15	limited	limited	ADJ
dem-1063	18	16	number	number	NOUN
dem-1063	18	17	of	of	ADP
dem-1063	18	18	assets	asset	NOUN
dem-1063	18	19	are	be	AUX
dem-1063	18	20	used	use	VERB
dem-1063	18	21	.	.	PUNCT
dem-1063	19	1	among	among	ADP
dem-1063	19	2	the	the	DET
dem-1063	19	3	few	few	ADJ
dem-1063	19	4	investigations	investigation	NOUN
dem-1063	19	5	in	in	ADP
dem-1063	19	6	which	which	PRON
dem-1063	19	7	multivariate	multivariate	NOUN
dem-1063	19	8	garch	garch	NOUN
dem-1063	19	9	models	model	NOUN
dem-1063	19	10	were	be	AUX
dem-1063	19	11	applied	apply	VERB
dem-1063	19	12	for	for	ADP
dem-1063	19	13	large	large	ADJ
dem-1063	19	14	portfolios	portfolio	NOUN
dem-1063	19	15	the	the	DET
dem-1063	19	16	following	follow	VERB
dem-1063	19	17	papers	paper	NOUN
dem-1063	19	18	can	can	AUX
dem-1063	19	19	be	be	AUX
dem-1063	19	20	mentioned	mention	VERB
dem-1063	19	21	:	:	PUNCT
dem-1063	19	22	engle	engle	PROPN
dem-1063	19	23	,	,	PUNCT
dem-1063	19	24	sheppard	sheppard	NOUN
dem-1063	19	25	(	(	PUNCT
dem-1063	19	26	2001	2001	NUM
dem-1063	19	27	)	)	PUNCT
dem-1063	19	28	,	,	PUNCT
dem-1063	19	29	engle	engle	PROPN
dem-1063	19	30	,	,	PUNCT
dem-1063	19	31	colacito	colacito	PROPN
dem-1063	19	32	(	(	PUNCT
dem-1063	19	33	2006	2006	NUM
dem-1063	19	34	)	)	PUNCT
dem-1063	19	35	,	,	PUNCT
dem-1063	19	36	osiewalski	osiewalski	PROPN
dem-1063	19	37	,	,	PUNCT
dem-1063	19	38	pajor	pajor	NOUN
dem-1063	19	39	(	(	PUNCT
dem-1063	19	40	2010	2010	NUM
dem-1063	19	41	)	)	PUNCT
dem-1063	19	42	.	.	PUNCT
dem-1063	20	1	the	the	DET
dem-1063	20	2	primary	primary	ADJ
dem-1063	20	3	purpose	purpose	NOUN
dem-1063	20	4	of	of	ADP
dem-1063	20	5	this	this	DET
dem-1063	20	6	study	study	NOUN
dem-1063	20	7	is	be	AUX
dem-1063	20	8	to	to	PART
dem-1063	20	9	evaluate	evaluate	VERB
dem-1063	20	10	the	the	DET
dem-1063	20	11	effectiveness	effectiveness	NOUN
dem-1063	20	12	of	of	ADP
dem-1063	20	13	different	different	ADJ
dem-1063	20	14	methods	method	NOUN
dem-1063	20	15	of	of	ADP
dem-1063	20	16	the	the	DET
dem-1063	20	17	minimum	minimum	ADJ
dem-1063	20	18	variance	variance	NOUN
dem-1063	20	19	portfolio	portfolio	NOUN
dem-1063	20	20	selection	selection	NOUN
dem-1063	20	21	,	,	PUNCT
dem-1063	20	22	mainly	mainly	ADV
dem-1063	20	23	with	with	ADP
dem-1063	20	24	the	the	DET
dem-1063	20	25	application	application	NOUN
dem-1063	20	26	of	of	ADP
dem-1063	20	27	various	various	ADJ
dem-1063	20	28	multivariate	multivariate	NOUN
dem-1063	20	29	specifications	specification	NOUN
dem-1063	20	30	of	of	ADP
dem-1063	20	31	garch	garch	NOUN
dem-1063	20	32	models	model	NOUN
dem-1063	20	33	.	.	PUNCT
dem-1063	21	1	the	the	DET
dem-1063	21	2	adopted	adopt	VERB
dem-1063	21	3	approaches	approach	NOUN
dem-1063	21	4	to	to	ADP
dem-1063	21	5	the	the	DET
dem-1063	21	6	portfolio	portfolio	NOUN
dem-1063	21	7	construction	construction	NOUN
dem-1063	21	8	differ	differ	VERB
dem-1063	21	9	only	only	ADV
dem-1063	21	10	by	by	ADP
dem-1063	21	11	forecasting	forecasting	NOUN
dem-1063	21	12	methods	method	NOUN
dem-1063	21	13	of	of	ADP
dem-1063	21	14	the	the	DET
dem-1063	21	15	covariance	covariance	NOUN
dem-1063	21	16	matrix	matrix	NOUN
dem-1063	21	17	of	of	ADP
dem-1063	21	18	returns	return	NOUN
dem-1063	21	19	.	.	PUNCT
dem-1063	22	1	the	the	DET
dem-1063	22	2	paper	paper	NOUN
dem-1063	22	3	is	be	AUX
dem-1063	22	4	an	an	DET
dem-1063	22	5	extension	extension	NOUN
dem-1063	22	6	of	of	ADP
dem-1063	22	7	the	the	DET
dem-1063	22	8	author	author	NOUN
dem-1063	22	9	's	's	PART
dem-1063	22	10	earlier	early	ADJ
dem-1063	22	11	work	work	NOUN
dem-1063	22	12	presented	present	VERB
dem-1063	22	13	in	in	ADP
dem-1063	22	14	fiszeder	fiszeder	NOUN
dem-1063	22	15	(	(	PUNCT
dem-1063	22	16	2004	2004	NUM
dem-1063	22	17	,	,	PUNCT
dem-1063	22	18	2007	2007	NUM
dem-1063	22	19	)	)	PUNCT
dem-1063	22	20	.	.	PUNCT
dem-1063	23	1	the	the	DET
dem-1063	23	2	plan	plan	NOUN
dem-1063	23	3	for	for	ADP
dem-1063	23	4	the	the	DET
dem-1063	23	5	rest	rest	NOUN
dem-1063	23	6	of	of	ADP
dem-1063	23	7	the	the	DET
dem-1063	23	8	paper	paper	NOUN
dem-1063	23	9	is	be	AUX
dem-1063	23	10	as	as	SCONJ
dem-1063	23	11	follows	follow	VERB
dem-1063	23	12	.	.	PUNCT
dem-1063	24	1	section	section	NOUN
dem-1063	24	2	1	1	NUM
dem-1063	24	3	outlines	outline	VERB
dem-1063	24	4	the	the	DET
dem-1063	24	5	way	way	NOUN
dem-1063	24	6	in	in	ADP
dem-1063	24	7	which	which	PRON
dem-1063	24	8	efficient	efficient	ADJ
dem-1063	24	9	portfolios	portfolio	NOUN
dem-1063	24	10	are	be	AUX
dem-1063	24	11	selected	select	VERB
dem-1063	24	12	.	.	PUNCT
dem-1063	25	1	in	in	ADP
dem-1063	25	2	section	section	NOUN
dem-1063	25	3	2	2	NUM
dem-1063	25	4	competing	compete	VERB
dem-1063	25	5	methods	method	NOUN
dem-1063	25	6	of	of	ADP
dem-1063	25	7	the	the	DET
dem-1063	25	8	covariance	covariance	NOUN
dem-1063	25	9	matrix	matrix	NOUN
dem-1063	25	10	estimation	estimation	NOUN
dem-1063	25	11	are	be	AUX
dem-1063	25	12	presented	present	VERB
dem-1063	25	13	.	.	PUNCT
dem-1063	26	1	section	section	NOUN
dem-1063	26	2	3	3	NUM
dem-1063	26	3	contains	contain	VERB
dem-1063	26	4	the	the	DET
dem-1063	26	5	effectiveness	effectiveness	NOUN
dem-1063	26	6	analysis	analysis	NOUN
dem-1063	26	7	of	of	ADP
dem-1063	26	8	the	the	DET
dem-1063	26	9	minimum	minimum	ADJ
dem-1063	26	10	variance	variance	NOUN
dem-1063	26	11	portfolio	portfolio	NOUN
dem-1063	26	12	selection	selection	NOUN
dem-1063	26	13	for	for	ADP
dem-1063	26	14	seventy	seventy	NUM
dem-1063	26	15	stocks	stock	NOUN
dem-1063	26	16	quoted	quote	VERB
dem-1063	26	17	on	on	ADP
dem-1063	26	18	the	the	DET
dem-1063	26	19	warsaw	warsaw	PROPN
dem-1063	26	20	stock	stock	PROPN
dem-1063	26	21	exchange	exchange	PROPN
dem-1063	26	22	(	(	PUNCT
dem-1063	26	23	wse	wse	PROPN
dem-1063	26	24	)	)	PUNCT
dem-1063	26	25	and	and	CCONJ
dem-1063	26	26	section	section	NOUN
dem-1063	26	27	4	4	NUM
dem-1063	26	28	presents	present	VERB
dem-1063	26	29	the	the	DET
dem-1063	26	30	conclusions	conclusion	NOUN
dem-1063	26	31	.	.	PUNCT
dem-1063	27	1	1	1	X
dem-1063	27	2	.	.	X
dem-1063	27	3	dynamic	dynamic	ADJ
dem-1063	27	4	process	process	NOUN
dem-1063	27	5	of	of	ADP
dem-1063	27	6	portfolio	portfolio	NOUN
dem-1063	27	7	selection	selection	NOUN
dem-1063	27	8	with	with	ADP
dem-1063	27	9	application	application	NOUN
dem-1063	27	10	of	of	ADP
dem-1063	27	11	garch	garch	NOUN
dem-1063	27	12	models	model	NOUN
dem-1063	27	13	it	it	PRON
dem-1063	27	14	is	be	AUX
dem-1063	27	15	difficult	difficult	ADJ
dem-1063	27	16	to	to	PART
dem-1063	27	17	evaluate	evaluate	VERB
dem-1063	27	18	the	the	DET
dem-1063	27	19	influence	influence	NOUN
dem-1063	27	20	of	of	ADP
dem-1063	27	21	the	the	DET
dem-1063	27	22	choice	choice	NOUN
dem-1063	27	23	of	of	ADP
dem-1063	27	24	the	the	DET
dem-1063	27	25	covariance	covariance	NOUN
dem-1063	27	26	matrix	matrix	NOUN
dem-1063	27	27	estimator	estimator	NOUN
dem-1063	27	28	against	against	ADP
dem-1063	27	29	the	the	DET
dem-1063	27	30	selection	selection	NOUN
dem-1063	27	31	of	of	ADP
dem-1063	27	32	the	the	DET
dem-1063	27	33	population	population	NOUN
dem-1063	27	34	mean	mean	VERB
dem-1063	27	35	estimator	estimator	NOUN
dem-1063	27	36	in	in	ADP
dem-1063	27	37	construction	construction	NOUN
dem-1063	27	38	of	of	ADP
dem-1063	27	39	efficient	efficient	ADJ
dem-1063	27	40	portfolios	portfolio	NOUN
dem-1063	27	41	.	.	PUNCT
dem-1063	28	1	one	one	NUM
dem-1063	28	2	of	of	ADP
dem-1063	28	3	the	the	DET
dem-1063	28	4	ways	way	NOUN
dem-1063	28	5	to	to	PART
dem-1063	28	6	eliminate	eliminate	VERB
dem-1063	28	7	the	the	DET
dem-1063	28	8	influence	influence	NOUN
dem-1063	28	9	of	of	ADP
dem-1063	28	10	the	the	DET
dem-1063	28	11	choice	choice	NOUN
dem-1063	28	12	of	of	ADP
dem-1063	28	13	the	the	DET
dem-1063	28	14	mean	mean	ADJ
dem-1063	28	15	estimator	estimator	NOUN
dem-1063	28	16	is	be	AUX
dem-1063	28	17	the	the	DET
dem-1063	28	18	minimum	minimum	ADJ
dem-1063	28	19	variance	variance	NOUN
dem-1063	28	20	portfolio	portfolio	NOUN
dem-1063	28	21	selection	selection	NOUN
dem-1063	28	22	.	.	PUNCT
dem-1063	29	1	shares	share	NOUN
dem-1063	29	2	of	of	ADP
dem-1063	29	3	minimum	minimum	ADJ
dem-1063	29	4	variance	variance	NOUN
dem-1063	29	5	portfolio	portfolio	NOUN
dem-1063	29	6	selections	selection	NOUN
dem-1063	29	7	for	for	ADP
dem-1063	29	8	large	large	ADJ
dem-1063	29	9	number	number	NOUN
dem-1063	29	10	of	of	ADP
dem-1063	29	11	stocks	stock	NOUN
dem-1063	29	12	–	–	PUNCT
dem-1063	29	13	application	application	NOUN
dem-1063	29	14	…	…	SYM
dem-1063	29	15	89	89	NUM
dem-1063	29	16	individual	individual	ADJ
dem-1063	29	17	assets	asset	NOUN
dem-1063	29	18	in	in	ADP
dem-1063	29	19	the	the	DET
dem-1063	29	20	minimum	minimum	ADJ
dem-1063	29	21	variance	variance	NOUN
dem-1063	29	22	portfolio	portfolio	NOUN
dem-1063	29	23	depend	depend	VERB
dem-1063	29	24	solely	solely	ADV
dem-1063	29	25	on	on	ADP
dem-1063	29	26	the	the	DET
dem-1063	29	27	covariance	covariance	NOUN
dem-1063	29	28	matrix	matrix	NOUN
dem-1063	29	29	,	,	PUNCT
dem-1063	29	30	that	that	PRON
dem-1063	29	31	is	be	AUX
dem-1063	29	32	why	why	SCONJ
dem-1063	29	33	such	such	ADJ
dem-1063	29	34	procedure	procedure	NOUN
dem-1063	29	35	is	be	AUX
dem-1063	29	36	used	use	VERB
dem-1063	29	37	in	in	ADP
dem-1063	29	38	the	the	DET
dem-1063	29	39	paper	paper	NOUN
dem-1063	29	40	.	.	PUNCT
dem-1063	30	1	for	for	ADP
dem-1063	30	2	a	a	DET
dem-1063	30	3	given	give	VERB
dem-1063	30	4	t	t	PROPN
dem-1063	30	5	,	,	PUNCT
dem-1063	30	6	based	base	VERB
dem-1063	30	7	on	on	ADP
dem-1063	30	8	all	all	DET
dem-1063	30	9	the	the	DET
dem-1063	30	10	available	available	ADJ
dem-1063	30	11	data	datum	NOUN
dem-1063	30	12	from	from	ADP
dem-1063	30	13	the	the	DET
dem-1063	30	14	period	period	NOUN
dem-1063	30	15	]	]	PUNCT
dem-1063	30	16	,	,	PUNCT
dem-1063	30	17	1	1	NUM
dem-1063	30	18	[	[	PUNCT
dem-1063	30	19	t	t	NOUN
dem-1063	30	20	parameters	parameter	NOUN
dem-1063	30	21	of	of	ADP
dem-1063	30	22	a	a	DET
dem-1063	30	23	garch	garch	NOUN
dem-1063	30	24	model	model	NOUN
dem-1063	30	25	are	be	AUX
dem-1063	30	26	estimated1	estimated1	NOUN
dem-1063	30	27	.	.	PUNCT
dem-1063	31	1	the	the	DET
dem-1063	31	2	forecast	forecast	NOUN
dem-1063	31	3	of	of	ADP
dem-1063	31	4	the	the	DET
dem-1063	31	5	covariance	covariance	NOUN
dem-1063	31	6	matrix	matrix	NOUN
dem-1063	31	7	based	base	VERB
dem-1063	31	8	on	on	ADP
dem-1063	31	9	the	the	DET
dem-1063	31	10	estimated	estimate	VERB
dem-1063	31	11	model	model	NOUN
dem-1063	31	12	is	be	AUX
dem-1063	31	13	formulated	formulate	VERB
dem-1063	31	14	at	at	ADP
dem-1063	31	15	time	time	NOUN
dem-1063	31	16	t	t	X
dem-1063	31	17	,	,	PUNCT
dem-1063	31	18	where	where	SCONJ
dem-1063	31	19	the	the	DET
dem-1063	31	20			NOUN
dem-1063	31	21	is	be	AUX
dem-1063	31	22	the	the	DET
dem-1063	31	23	forecast	forecast	NOUN
dem-1063	31	24	horizon	horizon	NOUN
dem-1063	31	25	.	.	PUNCT
dem-1063	32	1	the	the	DET
dem-1063	32	2	constructed	construct	VERB
dem-1063	32	3	forecast	forecast	NOUN
dem-1063	32	4	is	be	AUX
dem-1063	32	5	used	use	VERB
dem-1063	32	6	for	for	ADP
dem-1063	32	7	the	the	DET
dem-1063	32	8	selection	selection	NOUN
dem-1063	32	9	of	of	ADP
dem-1063	32	10	efficient	efficient	ADJ
dem-1063	32	11	portfolio	portfolio	NOUN
dem-1063	32	12	.	.	PUNCT
dem-1063	33	1	let	let	VERB
dem-1063	33	2	)	)	PUNCT
dem-1063	33	3	...	...	PUNCT
dem-1063	33	4	,	,	PUNCT
dem-1063	33	5	,	,	PUNCT
dem-1063	33	6	,	,	PUNCT
dem-1063	33	7	(	(	PUNCT
dem-1063	33	8	'	'	NUM
dem-1063	33	9	21	21	NUM
dem-1063	33	10	pttnpttpttptt	pttnpttpttptt	ADJ
dem-1063	33	11	www	www	NOUN
dem-1063	34	1			ADV
dem-1063	34	2			ADJ
dem-1063	34	3	w	w	SCONJ
dem-1063	34	4	,	,	PUNCT
dem-1063	34	5	where	where	SCONJ
dem-1063	34	6	pttiw	pttiw	PROPN
dem-1063	34	7			PROPN
dem-1063	34	8	is	be	AUX
dem-1063	34	9	the	the	DET
dem-1063	34	10	share	share	NOUN
dem-1063	34	11	of	of	ADP
dem-1063	34	12	asset	asset	NOUN
dem-1063	34	13	i	i	PRON
dem-1063	34	14	in	in	ADP
dem-1063	34	15	the	the	DET
dem-1063	34	16	portfolio	portfolio	NOUN
dem-1063	34	17	at	at	ADP
dem-1063	34	18	time	time	NOUN
dem-1063	34	19	t	t	X
dem-1063	34	20	,	,	PUNCT
dem-1063	34	21	ptt	ptt	PROPN
dem-1063	34	22	h	h	PROPN
dem-1063	34	23	is	be	AUX
dem-1063	34	24	the	the	DET
dem-1063	34	25	forecast	forecast	NOUN
dem-1063	34	26	of	of	ADP
dem-1063	34	27	the	the	DET
dem-1063	34	28	conditional	conditional	ADJ
dem-1063	34	29	covariance	covariance	NOUN
dem-1063	34	30	matrix	matrix	NOUN
dem-1063	34	31	of	of	ADP
dem-1063	34	32	returns	return	NOUN
dem-1063	34	33	at	at	ADP
dem-1063	34	34	time	time	NOUN
dem-1063	34	35	t	t	ADJ
dem-1063	34	36	.	.	PUNCT
dem-1063	35	1	the	the	DET
dem-1063	35	2	variance	variance	NOUN
dem-1063	35	3	of	of	ADP
dem-1063	35	4	portfolio	portfolio	NOUN
dem-1063	35	5	returns	return	NOUN
dem-1063	35	6	is	be	AUX
dem-1063	35	7	then	then	ADV
dem-1063	35	8	equal	equal	ADJ
dem-1063	35	9	to	to	ADP
dem-1063	35	10	pttpttptt	pttpttptt	VERB
dem-1063	35	11			PUNCT
dem-1063	35	12			ADJ
dem-1063	35	13	whw	whw	NOUN
dem-1063	35	14	'	'	PUNCT
dem-1063	35	15	.	.	PUNCT
dem-1063	36	1	in	in	ADP
dem-1063	36	2	order	order	NOUN
dem-1063	36	3	to	to	PART
dem-1063	36	4	select	select	VERB
dem-1063	36	5	the	the	DET
dem-1063	36	6	minimum	minimum	ADJ
dem-1063	36	7	variance	variance	NOUN
dem-1063	36	8	portfolio	portfolio	NOUN
dem-1063	36	9	(	(	PUNCT
dem-1063	36	10	the	the	DET
dem-1063	36	11	global	global	ADJ
dem-1063	36	12	minimum	minimum	NOUN
dem-1063	36	13	)	)	PUNCT
dem-1063	36	14	the	the	DET
dem-1063	36	15	following	follow	VERB
dem-1063	36	16	quadratic	quadratic	ADJ
dem-1063	36	17	programming	programming	NOUN
dem-1063	36	18	problem	problem	NOUN
dem-1063	36	19	has	have	VERB
dem-1063	36	20	to	to	PART
dem-1063	36	21	be	be	AUX
dem-1063	36	22	solved	solve	VERB
dem-1063	36	23	:	:	PUNCT
dem-1063	36	24	min	min	NOUN
dem-1063	36	25	,	,	PUNCT
dem-1063	36	26	'	'	PUNCT
dem-1063	36	27			CCONJ
dem-1063	37	1	pttpttptt	pttpttptt	PROPN
dem-1063	37	2			PROPN
dem-1063	37	3	whw	whw	PROPN
dem-1063	37	4	(	(	PUNCT
dem-1063	37	5	1	1	NUM
dem-1063	37	6	)	)	PUNCT
dem-1063	37	7	subject	subject	NOUN
dem-1063	37	8	to	to	ADP
dem-1063	37	9	the	the	DET
dem-1063	37	10	constraint	constraint	NOUN
dem-1063	37	11	:	:	PUNCT
dem-1063	37	12	,	,	PUNCT
dem-1063	37	13	1	1	X
dem-1063	37	14	'	'	PART
dem-1063	37	15			NOUN
dem-1063	37	16	lw	lw	PROPN
dem-1063	37	17	ptt	ptt	PROPN
dem-1063	37	18			NOUN
dem-1063	37	19	(	(	PUNCT
dem-1063	37	20	2	2	NUM
dem-1063	37	21	)	)	PUNCT
dem-1063	37	22	where	where	SCONJ
dem-1063	37	23	l	l	NOUN
dem-1063	37	24	is	be	AUX
dem-1063	37	25	the	the	DET
dem-1063	37	26	1n	1n	NUM
dem-1063	37	27	vector	vector	NOUN
dem-1063	37	28	of	of	ADP
dem-1063	37	29	ones	one	NOUN
dem-1063	37	30	.	.	PUNCT
dem-1063	38	1	when	when	SCONJ
dem-1063	38	2	short	short	ADJ
dem-1063	38	3	selling	selling	NOUN
dem-1063	38	4	is	be	AUX
dem-1063	38	5	not	not	PART
dem-1063	38	6	allowed	allow	VERB
dem-1063	38	7	the	the	DET
dem-1063	38	8	boundary	boundary	ADJ
dem-1063	38	9	conditions	condition	NOUN
dem-1063	38	10	have	have	VERB
dem-1063	38	11	to	to	PART
dem-1063	38	12	be	be	AUX
dem-1063	38	13	additionally	additionally	ADV
dem-1063	38	14	imposed	impose	VERB
dem-1063	38	15	:	:	PUNCT
dem-1063	38	16	0	0	NUM
dem-1063	38	17	pttiw	pttiw	NOUN
dem-1063	38	18			NOUN
dem-1063	38	19	for	for	ADP
dem-1063	38	20	....	....	PUNCT
dem-1063	38	21	,	,	PUNCT
dem-1063	38	22	,	,	PUNCT
dem-1063	38	23	2,1	2,1	NUM
dem-1063	38	24	ni	ni	NOUN
dem-1063	38	25			PROPN
dem-1063	38	26	(	(	PUNCT
dem-1063	38	27	3	3	NUM
dem-1063	38	28	)	)	PUNCT
dem-1063	38	29	the	the	DET
dem-1063	38	30	whole	whole	ADJ
dem-1063	38	31	procedure	procedure	NOUN
dem-1063	38	32	is	be	AUX
dem-1063	38	33	repeated	repeat	VERB
dem-1063	38	34	for	for	ADP
dem-1063	38	35	successive	successive	ADJ
dem-1063	38	36	periods	period	NOUN
dem-1063	38	37	(	(	PUNCT
dem-1063	38	38	with	with	ADP
dem-1063	38	39	the	the	DET
dem-1063	38	40	arrival	arrival	NOUN
dem-1063	38	41	of	of	ADP
dem-1063	38	42	subsequent	subsequent	ADJ
dem-1063	38	43	data	datum	NOUN
dem-1063	38	44	)	)	PUNCT
dem-1063	38	45	.	.	PUNCT
dem-1063	39	1	if	if	SCONJ
dem-1063	39	2	short	short	ADJ
dem-1063	39	3	selling	selling	NOUN
dem-1063	39	4	is	be	AUX
dem-1063	39	5	allowed	allow	VERB
dem-1063	39	6	,	,	PUNCT
dem-1063	39	7	then	then	ADV
dem-1063	39	8	shares	share	NOUN
dem-1063	39	9	of	of	ADP
dem-1063	39	10	assets	asset	NOUN
dem-1063	39	11	in	in	ADP
dem-1063	39	12	the	the	DET
dem-1063	39	13	minimum	minimum	ADJ
dem-1063	39	14	variance	variance	NOUN
dem-1063	39	15	portfolio	portfolio	NOUN
dem-1063	39	16	are	be	AUX
dem-1063	39	17	defined	define	VERB
dem-1063	39	18	by	by	ADP
dem-1063	39	19	the	the	DET
dem-1063	39	20	following	follow	VERB
dem-1063	39	21	formula	formula	NOUN
dem-1063	39	22	:	:	PUNCT
dem-1063	39	23	,	,	PUNCT
dem-1063	39	24	1	1	NUM
dem-1063	39	25	1	1	NUM
dem-1063	39	26	lhw	lhw	PROPN
dem-1063	39	27			PROPN
dem-1063	39	28			PUNCT
dem-1063	39	29			CCONJ
dem-1063	39	30			PUNCT
dem-1063	39	31			PROPN
dem-1063	39	32	ptt	ptt	PROPN
dem-1063	39	33	ptt	ptt	PROPN
dem-1063	39	34	ptt	ptt	PROPN
dem-1063	39	35	c	c	PROPN
dem-1063	39	36			NOUN
dem-1063	39	37			NOUN
dem-1063	39	38			NOUN
dem-1063	39	39	(	(	PUNCT
dem-1063	39	40	4	4	NUM
dem-1063	39	41	)	)	PUNCT
dem-1063	39	42	where	where	SCONJ
dem-1063	39	43	lhl	lhl	VERB
dem-1063	39	44	1	1	NUM
dem-1063	39	45	'	'	PART
dem-1063	39	46			NOUN
dem-1063	39	47			PROPN
dem-1063	39	48			PROPN
dem-1063	39	49	pttpttc	pttpttc	NOUN
dem-1063	39	50			NOUN
dem-1063	39	51	.	.	PUNCT
dem-1063	40	1	the	the	DET
dem-1063	40	2	variance	variance	NOUN
dem-1063	40	3	of	of	ADP
dem-1063	40	4	the	the	DET
dem-1063	40	5	minimum	minimum	ADJ
dem-1063	40	6	variance	variance	NOUN
dem-1063	40	7	portfolio	portfolio	NOUN
dem-1063	40	8	is	be	AUX
dem-1063	40	9	then	then	ADV
dem-1063	40	10	equal	equal	ADJ
dem-1063	40	11	to	to	ADP
dem-1063	40	12	pttptt	pttptt	PROPN
dem-1063	40	13	cv	cv	PROPN
dem-1063	40	14			PROPN
dem-1063	40	15			PROPN
dem-1063	40	16			PROPN
dem-1063	41	1	/1	/1	NOUN
dem-1063	42	1	.	.	PUNCT
dem-1063	43	1	other	other	ADJ
dem-1063	43	2	efficient	efficient	ADJ
dem-1063	43	3	portfolios	portfolio	NOUN
dem-1063	43	4	can	can	AUX
dem-1063	43	5	be	be	AUX
dem-1063	43	6	selected	select	VERB
dem-1063	43	7	by	by	ADP
dem-1063	43	8	finding	find	VERB
dem-1063	43	9	the	the	DET
dem-1063	43	10	minimum	minimum	ADJ
dem-1063	43	11	variance	variance	NOUN
dem-1063	43	12	portfolio	portfolio	NOUN
dem-1063	43	13	subject	subject	NOUN
dem-1063	43	14	to	to	ADP
dem-1063	43	15	a	a	DET
dem-1063	43	16	minimum	minimum	ADJ
dem-1063	43	17	expected	expect	VERB
dem-1063	43	18	return	return	NOUN
dem-1063	43	19	.	.	PUNCT
dem-1063	44	1	1	1	NUM
dem-1063	45	1	if	if	SCONJ
dem-1063	45	2	conditional	conditional	ADJ
dem-1063	45	3	expected	expect	VERB
dem-1063	45	4	values	value	NOUN
dem-1063	45	5	of	of	ADP
dem-1063	45	6	returns	return	NOUN
dem-1063	45	7	are	be	AUX
dem-1063	45	8	different	different	ADJ
dem-1063	45	9	from	from	ADP
dem-1063	45	10	zero	zero	NUM
dem-1063	45	11	,	,	PUNCT
dem-1063	45	12	then	then	ADV
dem-1063	45	13	parameters	parameter	NOUN
dem-1063	45	14	of	of	ADP
dem-1063	45	15	conditional	conditional	ADJ
dem-1063	45	16	mean	mean	NOUN
dem-1063	45	17	equations	equation	NOUN
dem-1063	45	18	should	should	AUX
dem-1063	45	19	also	also	ADV
dem-1063	45	20	be	be	AUX
dem-1063	45	21	estimated	estimate	VERB
dem-1063	45	22	.	.	PUNCT
dem-1063	46	1	piotr	piotr	NOUN
dem-1063	46	2	fiszeder	fiszeder	NOUN
dem-1063	46	3	90	90	NUM
dem-1063	46	4	2	2	NUM
dem-1063	46	5	.	.	PUNCT
dem-1063	47	1	specifications	specification	NOUN
dem-1063	47	2	of	of	ADP
dem-1063	47	3	multivariate	multivariate	NOUN
dem-1063	47	4	garch	garch	NOUN
dem-1063	47	5	models	model	NOUN
dem-1063	47	6	eight	eight	NUM
dem-1063	47	7	parameterizations	parameterization	NOUN
dem-1063	47	8	of	of	ADP
dem-1063	47	9	multivariate	multivariate	NOUN
dem-1063	47	10	garch	garch	NOUN
dem-1063	47	11	models	model	NOUN
dem-1063	47	12	were	be	AUX
dem-1063	47	13	applied	apply	VERB
dem-1063	47	14	in	in	ADP
dem-1063	47	15	the	the	DET
dem-1063	47	16	analysis	analysis	NOUN
dem-1063	47	17	:	:	PUNCT
dem-1063	47	18	scalar	scalar	ADJ
dem-1063	47	19	bekk	bekk	NOUN
dem-1063	47	20	,	,	PUNCT
dem-1063	47	21	integrated	integrate	VERB
dem-1063	47	22	,	,	PUNCT
dem-1063	47	23	ccc	ccc	NOUN
dem-1063	47	24	,	,	PUNCT
dem-1063	47	25	orthogonal	orthogonal	NOUN
dem-1063	47	26	,	,	PUNCT
dem-1063	47	27	dcc	dcc	PROPN
dem-1063	47	28	,	,	PUNCT
dem-1063	47	29	integrated	integrate	VERB
dem-1063	47	30	dcc	dcc	PROPN
dem-1063	47	31	,	,	PUNCT
dem-1063	47	32	deco	deco	NOUN
dem-1063	47	33	-	-	PUNCT
dem-1063	47	34	dcc	dcc	PROPN
dem-1063	47	35	and	and	CCONJ
dem-1063	47	36	additionally	additionally	ADV
dem-1063	47	37	scalar	scalar	ADJ
dem-1063	47	38	bekk	bekk	NOUN
dem-1063	47	39	with	with	ADP
dem-1063	47	40	student	student	NOUN
dem-1063	47	41	-	-	PUNCT
dem-1063	47	42	t	t	NOUN
dem-1063	47	43	innovations	innovation	NOUN
dem-1063	47	44	.	.	PUNCT
dem-1063	48	1	the	the	DET
dem-1063	48	2	results	result	NOUN
dem-1063	48	3	obtained	obtain	VERB
dem-1063	48	4	for	for	ADP
dem-1063	48	5	the	the	DET
dem-1063	48	6	garch	garch	NOUN
dem-1063	48	7	models	model	NOUN
dem-1063	48	8	were	be	AUX
dem-1063	48	9	compared	compare	VERB
dem-1063	48	10	with	with	ADP
dem-1063	48	11	the	the	DET
dem-1063	48	12	outcomes	outcome	NOUN
dem-1063	48	13	for	for	ADP
dem-1063	48	14	six	six	NUM
dem-1063	48	15	other	other	ADJ
dem-1063	48	16	methods	method	NOUN
dem-1063	48	17	:	:	PUNCT
dem-1063	48	18	equal	equal	ADJ
dem-1063	48	19	shares	share	NOUN
dem-1063	48	20	in	in	ADP
dem-1063	48	21	all	all	DET
dem-1063	48	22	stocks	stock	NOUN
dem-1063	48	23	,	,	PUNCT
dem-1063	48	24	the	the	DET
dem-1063	48	25	unconditional	unconditional	ADJ
dem-1063	48	26	covariance	covariance	NOUN
dem-1063	48	27	matrix	matrix	NOUN
dem-1063	48	28	of	of	ADP
dem-1063	48	29	returns	return	NOUN
dem-1063	48	30	,	,	PUNCT
dem-1063	48	31	the	the	DET
dem-1063	48	32	rolling	roll	VERB
dem-1063	48	33	covariance	covariance	NOUN
dem-1063	48	34	matrix2	matrix2	PROPN
dem-1063	48	35	,	,	PUNCT
dem-1063	48	36	the	the	DET
dem-1063	48	37	25	25	NUM
dem-1063	48	38	-	-	PUNCT
dem-1063	48	39	day	day	NOUN
dem-1063	48	40	rolling	rolling	ADJ
dem-1063	48	41	covariance	covariance	NOUN
dem-1063	48	42	matrix	matrix	NOUN
dem-1063	48	43	,	,	PUNCT
dem-1063	48	44	the	the	DET
dem-1063	48	45	exponentially	exponentially	ADV
dem-1063	48	46	weighted	weight	VERB
dem-1063	48	47	moving	move	VERB
dem-1063	48	48	average	average	ADJ
dem-1063	48	49	estimate	estimate	NOUN
dem-1063	48	50	of	of	ADP
dem-1063	48	51	the	the	DET
dem-1063	48	52	covariance	covariance	NOUN
dem-1063	48	53	matrix	matrix	NOUN
dem-1063	48	54	(	(	PUNCT
dem-1063	48	55	hereafter	hereafter	ADV
dem-1063	48	56	the	the	DET
dem-1063	48	57	ewma	ewma	NOUN
dem-1063	48	58	covariance	covariance	PROPN
dem-1063	48	59	matrix)3	matrix)3	PROPN
dem-1063	48	60	,	,	PUNCT
dem-1063	48	61	the	the	DET
dem-1063	48	62	ewma	ewma	NOUN
dem-1063	48	63	covariance	covariance	NOUN
dem-1063	48	64	matrix	matrix	NOUN
dem-1063	48	65	with	with	ADP
dem-1063	48	66	a	a	DET
dem-1063	48	67	smoothing	smooth	VERB
dem-1063	48	68	parameter	parameter	NOUN
dem-1063	48	69	set	set	VERB
dem-1063	48	70	to	to	ADP
dem-1063	48	71	0.94	0.94	NUM
dem-1063	48	72	(	(	PUNCT
dem-1063	48	73	hereafter	hereafter	ADV
dem-1063	48	74	the	the	DET
dem-1063	48	75	riskmetrics4	riskmetrics4	NOUN
dem-1063	48	76	)	)	PUNCT
dem-1063	48	77	.	.	PUNCT
dem-1063	49	1	only	only	ADV
dem-1063	49	2	some	some	DET
dem-1063	49	3	basic	basic	ADJ
dem-1063	49	4	information	information	NOUN
dem-1063	49	5	about	about	ADP
dem-1063	49	6	the	the	DET
dem-1063	49	7	considered	consider	VERB
dem-1063	49	8	multivariate	multivariate	NOUN
dem-1063	49	9	models	model	NOUN
dem-1063	49	10	is	be	AUX
dem-1063	49	11	given	give	VERB
dem-1063	49	12	below	below	ADV
dem-1063	49	13	.	.	PUNCT
dem-1063	50	1	more	more	ADJ
dem-1063	50	2	details	detail	NOUN
dem-1063	50	3	can	can	AUX
dem-1063	50	4	be	be	AUX
dem-1063	50	5	found	find	VERB
dem-1063	50	6	for	for	ADP
dem-1063	50	7	example	example	NOUN
dem-1063	50	8	in	in	ADP
dem-1063	50	9	bauwens	bauwen	NOUN
dem-1063	50	10	,	,	PUNCT
dem-1063	50	11	laurent	laurent	NOUN
dem-1063	50	12	,	,	PUNCT
dem-1063	50	13	rombouts	rombout	NOUN
dem-1063	50	14	(	(	PUNCT
dem-1063	50	15	2006	2006	NUM
dem-1063	50	16	)	)	PUNCT
dem-1063	50	17	or	or	CCONJ
dem-1063	50	18	silvennoinen	silvennoinen	NOUN
dem-1063	50	19	,	,	PUNCT
dem-1063	50	20	teräsvirta	teräsvirta	PROPN
dem-1063	50	21	(	(	PUNCT
dem-1063	50	22	2009	2009	NUM
dem-1063	50	23	)	)	PUNCT
dem-1063	50	24	.	.	PUNCT
dem-1063	51	1	let	let	AUX
dem-1063	51	2	assume	assume	VERB
dem-1063	51	3	that	that	SCONJ
dem-1063	51	4	tε	tε	PROPN
dem-1063	51	5	can	can	AUX
dem-1063	51	6	be	be	AUX
dem-1063	51	7	either	either	CCONJ
dem-1063	51	8	returns	return	NOUN
dem-1063	51	9	with	with	ADP
dem-1063	51	10	the	the	DET
dem-1063	51	11	mean	mean	ADJ
dem-1063	51	12	zero	zero	NUM
dem-1063	51	13	or	or	CCONJ
dem-1063	51	14	residuals	residual	NOUN
dem-1063	51	15	from	from	ADP
dem-1063	51	16	filtered	filter	VERB
dem-1063	51	17	time	time	NOUN
dem-1063	51	18	series	series	NOUN
dem-1063	51	19	:	:	PUNCT
dem-1063	51	20	,	,	PUNCT
dem-1063	51	21	)	)	PUNCT
dem-1063	51	22	,	,	PUNCT
dem-1063	51	23	(	(	PUNCT
dem-1063	51	24	~	~	SYM
dem-1063	51	25	1	1	NUM
dem-1063	51	26	ttt	ttt	PROPN
dem-1063	51	27	n	n	CCONJ
dem-1063	51	28	h0ε	h0ε	PROPN
dem-1063	51	29			X
dem-1063	51	30	(	(	PUNCT
dem-1063	51	31	5	5	NUM
dem-1063	51	32	)	)	PUNCT
dem-1063	51	33	where	where	SCONJ
dem-1063	51	34	1t	1t	PROPN
dem-1063	51	35	is	be	AUX
dem-1063	51	36	the	the	DET
dem-1063	51	37	set	set	NOUN
dem-1063	51	38	of	of	ADP
dem-1063	51	39	all	all	DET
dem-1063	51	40	information	information	NOUN
dem-1063	51	41	available	available	ADJ
dem-1063	51	42	at	at	ADP
dem-1063	51	43	time	time	NOUN
dem-1063	51	44	t-1	t-1	PROPN
dem-1063	51	45	and	and	CCONJ
dem-1063	51	46	th	th	PROPN
dem-1063	51	47	is	be	AUX
dem-1063	51	48	the	the	DET
dem-1063	51	49	nn	nn	PROPN
dem-1063	51	50			PROPN
dem-1063	51	51	symmetric	symmetric	ADJ
dem-1063	51	52	conditional	conditional	ADJ
dem-1063	51	53	covariance	covariance	NOUN
dem-1063	51	54	matrix	matrix	NOUN
dem-1063	51	55	.	.	PUNCT
dem-1063	52	1	the	the	DET
dem-1063	52	2	estimation	estimation	NOUN
dem-1063	52	3	of	of	ADP
dem-1063	52	4	parameters	parameter	NOUN
dem-1063	52	5	of	of	ADP
dem-1063	52	6	the	the	DET
dem-1063	52	7	general	general	ADJ
dem-1063	52	8	form	form	NOUN
dem-1063	52	9	of	of	ADP
dem-1063	52	10	a	a	DET
dem-1063	52	11	multivariate	multivariate	NOUN
dem-1063	52	12	garch	garch	NOUN
dem-1063	52	13	model	model	NOUN
dem-1063	52	14	,	,	PUNCT
dem-1063	52	15	vech	vech	PROPN
dem-1063	52	16	model5	model5	PROPN
dem-1063	52	17	(	(	PUNCT
dem-1063	52	18	kraft	kraft	PROPN
dem-1063	52	19	,	,	PUNCT
dem-1063	52	20	engle	engle	PROPN
dem-1063	52	21	,	,	PUNCT
dem-1063	52	22	1983	1983	NUM
dem-1063	52	23	)	)	PUNCT
dem-1063	52	24	,	,	PUNCT
dem-1063	52	25	is	be	AUX
dem-1063	52	26	very	very	ADV
dem-1063	52	27	difficult	difficult	ADJ
dem-1063	52	28	even	even	ADV
dem-1063	52	29	for	for	ADP
dem-1063	52	30	a	a	DET
dem-1063	52	31	small	small	ADJ
dem-1063	52	32	number	number	NOUN
dem-1063	52	33	of	of	ADP
dem-1063	52	34	assets	asset	NOUN
dem-1063	52	35	.	.	PUNCT
dem-1063	53	1	for	for	ADP
dem-1063	53	2	this	this	DET
dem-1063	53	3	reason	reason	NOUN
dem-1063	53	4	simpler	simple	ADJ
dem-1063	53	5	parameterizations	parameterization	NOUN
dem-1063	53	6	of	of	ADP
dem-1063	53	7	multivariate	multivariate	NOUN
dem-1063	53	8	garch	garch	NOUN
dem-1063	53	9	models	model	NOUN
dem-1063	53	10	were	be	AUX
dem-1063	53	11	used	use	VERB
dem-1063	53	12	in	in	ADP
dem-1063	53	13	the	the	DET
dem-1063	53	14	study	study	NOUN
dem-1063	53	15	.	.	PUNCT
dem-1063	54	1	considered	consider	VERB
dem-1063	54	2	were	be	AUX
dem-1063	54	3	only	only	ADV
dem-1063	54	4	those	those	DET
dem-1063	54	5	specifications	specification	NOUN
dem-1063	54	6	which	which	PRON
dem-1063	54	7	ensure	ensure	VERB
dem-1063	54	8	the	the	DET
dem-1063	54	9	positive	positive	ADJ
dem-1063	54	10	definiteness	definiteness	NOUN
dem-1063	54	11	of	of	ADP
dem-1063	54	12	the	the	DET
dem-1063	54	13	covariance	covariance	NOUN
dem-1063	54	14	matrix	matrix	NOUN
dem-1063	54	15	.	.	PUNCT
dem-1063	55	1	baba	baba	PROPN
dem-1063	55	2	,	,	PUNCT
dem-1063	55	3	engle	engle	PROPN
dem-1063	55	4	,	,	PUNCT
dem-1063	55	5	kraft	kraft	NOUN
dem-1063	55	6	,	,	PUNCT
dem-1063	55	7	kroner	kroner	NOUN
dem-1063	55	8	(	(	PUNCT
dem-1063	55	9	1990	1990	NUM
dem-1063	55	10	)	)	PUNCT
dem-1063	55	11	introduced	introduce	VERB
dem-1063	55	12	the	the	DET
dem-1063	55	13	following	follow	VERB
dem-1063	55	14	form	form	NOUN
dem-1063	55	15	the	the	DET
dem-1063	55	16	so	so	ADV
dem-1063	55	17	-	-	PUNCT
dem-1063	55	18	called	call	VERB
dem-1063	55	19	bekk(p	bekk(p	NOUN
dem-1063	55	20	,	,	PUNCT
dem-1063	55	21	q	q	NOUN
dem-1063	55	22	)	)	PUNCT
dem-1063	55	23	model6	model6	NOUN
dem-1063	55	24	(	(	PUNCT
dem-1063	55	25	see	see	VERB
dem-1063	55	26	engle	engle	PROPN
dem-1063	55	27	,	,	PUNCT
dem-1063	55	28	kroner	kroner	NOUN
dem-1063	55	29	,	,	PUNCT
dem-1063	55	30	1995	1995	NUM
dem-1063	55	31	):	):	PUNCT
dem-1063	55	32	,	,	PUNCT
dem-1063	55	33	''	''	PUNCT
dem-1063	55	34	1	1	NUM
dem-1063	55	35	1	1	NUM
dem-1063	55	36	''	''	PUNCT
dem-1063	55	37			PRON
dem-1063	55	38			NOUN
dem-1063	55	39			NOUN
dem-1063	55	40			ADV
dem-1063	55	41			VERB
dem-1063	56	1	p	p	PROPN
dem-1063	56	2	j	j	PROPN
dem-1063	56	3	jjtjiitit	jjtjiitit	NOUN
dem-1063	56	4	q	q	PROPN
dem-1063	57	1	i	i	PRON
dem-1063	57	2	it	it	PRON
dem-1063	57	3	ehedεεdcch	ehedεεdcch	VERB
dem-1063	57	4	(	(	PUNCT
dem-1063	57	5	6	6	NUM
dem-1063	57	6	)	)	PUNCT
dem-1063	57	7	where	where	SCONJ
dem-1063	57	8	c	c	X
dem-1063	57	9	,	,	PUNCT
dem-1063	57	10	i	i	PROPN
dem-1063	57	11	d	d	PROPN
dem-1063	57	12	and	and	CCONJ
dem-1063	57	13	je	je	PROPN
dem-1063	57	14	are	be	AUX
dem-1063	57	15	nn	nn	PROPN
dem-1063	57	16			PROPN
dem-1063	57	17	parameter	parameter	NOUN
dem-1063	57	18	matrices	matrix	NOUN
dem-1063	57	19	and	and	CCONJ
dem-1063	57	20	c	c	NOUN
dem-1063	57	21	is	be	AUX
dem-1063	57	22	an	an	DET
dem-1063	57	23	upper	upper	ADJ
dem-1063	57	24	triangular	triangular	NOUN
dem-1063	57	25	matrix	matrix	NOUN
dem-1063	57	26	.	.	PUNCT
dem-1063	58	1	2	2	NUM
dem-1063	58	2	the	the	DET
dem-1063	58	3	value	value	NOUN
dem-1063	58	4	of	of	ADP
dem-1063	58	5	a	a	DET
dem-1063	58	6	rolling	rolling	ADJ
dem-1063	58	7	window	window	NOUN
dem-1063	58	8	was	be	AUX
dem-1063	58	9	chosen	choose	VERB
dem-1063	58	10	to	to	PART
dem-1063	58	11	minimize	minimize	VERB
dem-1063	58	12	the	the	DET
dem-1063	58	13	variance	variance	NOUN
dem-1063	58	14	of	of	ADP
dem-1063	58	15	a	a	DET
dem-1063	58	16	portfolio	portfolio	NOUN
dem-1063	58	17	in	in	ADP
dem-1063	58	18	a	a	DET
dem-1063	58	19	presample	presample	NOUN
dem-1063	58	20	.	.	PUNCT
dem-1063	58	21	3	3	NUM
dem-1063	59	1	the	the	DET
dem-1063	59	2	value	value	NOUN
dem-1063	59	3	of	of	ADP
dem-1063	59	4	a	a	DET
dem-1063	59	5	smoothing	smooth	VERB
dem-1063	59	6	parameter	parameter	NOUN
dem-1063	59	7	was	be	AUX
dem-1063	59	8	chosen	choose	VERB
dem-1063	59	9	to	to	PART
dem-1063	59	10	minimize	minimize	VERB
dem-1063	59	11	the	the	DET
dem-1063	59	12	variance	variance	NOUN
dem-1063	59	13	of	of	ADP
dem-1063	59	14	a	a	DET
dem-1063	59	15	portfolio	portfolio	NOUN
dem-1063	59	16	in	in	ADP
dem-1063	59	17	a	a	DET
dem-1063	59	18	pre	pre	NOUN
dem-1063	59	19	-	-	NOUN
dem-1063	59	20	sample	sample	NOUN
dem-1063	59	21	.	.	PUNCT
dem-1063	60	1	4	4	NUM
dem-1063	61	1	the	the	DET
dem-1063	61	2	riskmetrics	riskmetric	NOUN
dem-1063	61	3	methodology	methodology	NOUN
dem-1063	61	4	was	be	AUX
dem-1063	61	5	developed	develop	VERB
dem-1063	61	6	in	in	ADP
dem-1063	61	7	the	the	DET
dem-1063	61	8	investment	investment	NOUN
dem-1063	61	9	bank	bank	NOUN
dem-1063	61	10	j.	j.	PROPN
dem-1063	61	11	p.	p.	PROPN
dem-1063	61	12	morgan	morgan	PROPN
dem-1063	61	13	for	for	ADP
dem-1063	61	14	measuring	measure	VERB
dem-1063	61	15	market	market	NOUN
dem-1063	61	16	risk	risk	NOUN
dem-1063	61	17	with	with	ADP
dem-1063	61	18	var	var	NOUN
dem-1063	61	19	.	.	PUNCT
dem-1063	62	1	the	the	DET
dem-1063	62	2	value	value	NOUN
dem-1063	62	3	of	of	ADP
dem-1063	62	4	a	a	DET
dem-1063	62	5	smoothing	smooth	VERB
dem-1063	62	6	parameter	parameter	NOUN
dem-1063	62	7	in	in	ADP
dem-1063	62	8	the	the	DET
dem-1063	62	9	ewma	ewma	NOUN
dem-1063	62	10	model	model	NOUN
dem-1063	62	11	was	be	AUX
dem-1063	62	12	often	often	ADV
dem-1063	62	13	set	set	VERB
dem-1063	62	14	by	by	ADP
dem-1063	62	15	financial	financial	ADJ
dem-1063	62	16	market	market	NOUN
dem-1063	62	17	practitioners	practitioner	NOUN
dem-1063	62	18	to	to	ADP
dem-1063	62	19	0.94	0.94	NUM
dem-1063	62	20	for	for	ADP
dem-1063	62	21	daily	daily	ADJ
dem-1063	62	22	data	datum	NOUN
dem-1063	62	23	.	.	PUNCT
dem-1063	63	1	5	5	NUM
dem-1063	63	2	the	the	DET
dem-1063	63	3	name	name	NOUN
dem-1063	63	4	of	of	ADP
dem-1063	63	5	the	the	DET
dem-1063	63	6	model	model	NOUN
dem-1063	63	7	comes	come	VERB
dem-1063	63	8	from	from	ADP
dem-1063	63	9	the	the	DET
dem-1063	63	10	application	application	NOUN
dem-1063	63	11	of	of	ADP
dem-1063	63	12	the	the	DET
dem-1063	63	13	vech	vech	NOUN
dem-1063	63	14	operator	operator	NOUN
dem-1063	63	15	for	for	ADP
dem-1063	63	16	the	the	DET
dem-1063	63	17	conditional	conditional	ADJ
dem-1063	63	18	covariance	covariance	NOUN
dem-1063	63	19	matrix	matrix	NOUN
dem-1063	63	20	.	.	PUNCT
dem-1063	64	1	6	6	NUM
dem-1063	64	2	the	the	DET
dem-1063	64	3	name	name	NOUN
dem-1063	64	4	of	of	ADP
dem-1063	64	5	the	the	DET
dem-1063	64	6	model	model	NOUN
dem-1063	64	7	is	be	AUX
dem-1063	64	8	formed	form	VERB
dem-1063	64	9	by	by	ADP
dem-1063	64	10	the	the	DET
dem-1063	64	11	first	first	ADJ
dem-1063	64	12	letters	letter	NOUN
dem-1063	64	13	of	of	ADP
dem-1063	64	14	the	the	DET
dem-1063	64	15	authors	author	NOUN
dem-1063	64	16	surnames	surname	VERB
dem-1063	64	17	.	.	PUNCT
dem-1063	65	1	minimum	minimum	ADJ
dem-1063	65	2	variance	variance	NOUN
dem-1063	65	3	portfolio	portfolio	NOUN
dem-1063	65	4	selections	selection	NOUN
dem-1063	65	5	for	for	ADP
dem-1063	65	6	large	large	ADJ
dem-1063	65	7	number	number	NOUN
dem-1063	65	8	of	of	ADP
dem-1063	65	9	stocks	stock	NOUN
dem-1063	65	10	–	–	PUNCT
dem-1063	65	11	application	application	NOUN
dem-1063	65	12	…	…	PUNCT
dem-1063	65	13	91	91	NUM
dem-1063	65	14	the	the	DET
dem-1063	65	15	bekk	bekk	NOUN
dem-1063	65	16	model	model	NOUN
dem-1063	65	17	is	be	AUX
dem-1063	65	18	also	also	ADV
dem-1063	65	19	too	too	ADV
dem-1063	65	20	complex	complex	ADJ
dem-1063	65	21	for	for	ADP
dem-1063	65	22	large	large	ADJ
dem-1063	65	23	portfolios	portfolio	NOUN
dem-1063	65	24	and	and	CCONJ
dem-1063	65	25	the	the	DET
dem-1063	65	26	imposition	imposition	NOUN
dem-1063	65	27	of	of	ADP
dem-1063	65	28	restrictions	restriction	NOUN
dem-1063	65	29	on	on	ADP
dem-1063	65	30	parameters	parameter	NOUN
dem-1063	65	31	in	in	ADP
dem-1063	65	32	estimation	estimation	NOUN
dem-1063	65	33	is	be	AUX
dem-1063	65	34	necessary	necessary	ADJ
dem-1063	65	35	.	.	PUNCT
dem-1063	66	1	the	the	DET
dem-1063	66	2	so	so	ADV
dem-1063	66	3	-	-	PUNCT
dem-1063	66	4	called	call	VERB
dem-1063	66	5	scalar	scalar	ADJ
dem-1063	66	6	bekk	bekk	NOUN
dem-1063	66	7	model	model	NOUN
dem-1063	66	8	can	can	AUX
dem-1063	66	9	be	be	AUX
dem-1063	66	10	obtained	obtain	VERB
dem-1063	66	11	by	by	ADP
dem-1063	66	12	replacing	replace	VERB
dem-1063	66	13	the	the	DET
dem-1063	66	14	matrices	matrix	NOUN
dem-1063	66	15	i	i	PROPN
dem-1063	66	16	d	d	PROPN
dem-1063	66	17	and	and	CCONJ
dem-1063	66	18	je	je	X
dem-1063	66	19	by	by	ADP
dem-1063	66	20	the	the	DET
dem-1063	66	21	scalars	scalar	NOUN
dem-1063	66	22	2/1	2/1	NUM
dem-1063	66	23	i	i	PROPN
dem-1063	66	24	d	d	PROPN
dem-1063	66	25	and	and	CCONJ
dem-1063	66	26	2/1	2/1	NUM
dem-1063	66	27	je	je	X
dem-1063	66	28	.	.	PUNCT
dem-1063	67	1	additionally	additionally	ADV
dem-1063	67	2	the	the	DET
dem-1063	67	3	variance	variance	NOUN
dem-1063	67	4	targeting	target	VERB
dem-1063	67	5	approach	approach	NOUN
dem-1063	67	6	(	(	PUNCT
dem-1063	67	7	see	see	VERB
dem-1063	67	8	engle	engle	NOUN
dem-1063	67	9	,	,	PUNCT
dem-1063	67	10	mezrich	mezrich	NOUN
dem-1063	67	11	,	,	PUNCT
dem-1063	67	12	1996	1996	NUM
dem-1063	67	13	)	)	PUNCT
dem-1063	67	14	was	be	AUX
dem-1063	67	15	used	use	VERB
dem-1063	67	16	.	.	PUNCT
dem-1063	68	1	for	for	ADP
dem-1063	68	2	example	example	NOUN
dem-1063	68	3	for	for	ADP
dem-1063	68	4	1	1	NUM
dem-1063	68	5	pq	pq	NOUN
dem-1063	68	6	instead	instead	ADV
dem-1063	68	7	of	of	ADP
dem-1063	68	8	the	the	DET
dem-1063	68	9	product	product	NOUN
dem-1063	68	10	'	'	PUNCT
dem-1063	68	11	cc	cc	ADP
dem-1063	68	12	the	the	DET
dem-1063	68	13	following	follow	VERB
dem-1063	68	14	formula	formula	NOUN
dem-1063	68	15	can	can	AUX
dem-1063	68	16	be	be	AUX
dem-1063	68	17	substituted	substitute	VERB
dem-1063	68	18	:	:	PUNCT
dem-1063	68	19	,	,	PUNCT
dem-1063	68	20	)	)	PUNCT
dem-1063	68	21	1	1	NUM
dem-1063	68	22	(	(	PUNCT
dem-1063	68	23	'	'	NUM
dem-1063	68	24	11	11	NUM
dem-1063	68	25	scc	scc	PROPN
dem-1063	68	26	ed	ed	NOUN
dem-1063	68	27			NUM
dem-1063	68	28	(	(	PUNCT
dem-1063	68	29	7	7	X
dem-1063	68	30	)	)	PUNCT
dem-1063	68	31	where	where	SCONJ
dem-1063	68	32	s	s	NOUN
dem-1063	68	33	is	be	AUX
dem-1063	68	34	the	the	DET
dem-1063	68	35	sample	sample	NOUN
dem-1063	68	36	covariance	covariance	NOUN
dem-1063	68	37	matrix	matrix	NOUN
dem-1063	68	38	given	give	VERB
dem-1063	68	39	as	as	ADP
dem-1063	68	40			X
dem-1063	68	41			NUM
dem-1063	68	42			NUM
dem-1063	68	43	t	t	NOUN
dem-1063	68	44	t	t	X
dem-1063	68	45	ttt	ttt	PROPN
dem-1063	68	46	1	1	NUM
dem-1063	68	47	'	'	NUM
dem-1063	68	48	1	1	NUM
dem-1063	68	49	εεs	εεs	NOUN
dem-1063	68	50	.	.	PUNCT
dem-1063	69	1	two	two	NUM
dem-1063	69	2	specifications	specification	NOUN
dem-1063	69	3	of	of	ADP
dem-1063	69	4	the	the	DET
dem-1063	69	5	conditional	conditional	ADJ
dem-1063	69	6	distribution	distribution	NOUN
dem-1063	69	7	of	of	ADP
dem-1063	69	8	tε	tε	NOUN
dem-1063	69	9	in	in	ADP
dem-1063	69	10	(	(	PUNCT
dem-1063	69	11	5	5	NUM
dem-1063	69	12	)	)	PUNCT
dem-1063	69	13	were	be	AUX
dem-1063	69	14	considered	consider	VERB
dem-1063	69	15	for	for	ADP
dem-1063	69	16	the	the	DET
dem-1063	69	17	scalar	scalar	ADJ
dem-1063	69	18	bekk	bekk	NOUN
dem-1063	69	19	model	model	NOUN
dem-1063	69	20	,	,	PUNCT
dem-1063	69	21	namely	namely	ADV
dem-1063	69	22	multivariate	multivariate	VERB
dem-1063	69	23	normal	normal	ADJ
dem-1063	69	24	and	and	CCONJ
dem-1063	69	25	student	student	NOUN
dem-1063	69	26	-	-	PUNCT
dem-1063	69	27	t.	t.	NOUN
dem-1063	69	28	a	a	DET
dem-1063	69	29	further	further	ADJ
dem-1063	69	30	simplification	simplification	NOUN
dem-1063	69	31	of	of	ADP
dem-1063	69	32	the	the	DET
dem-1063	69	33	model	model	NOUN
dem-1063	69	34	can	can	AUX
dem-1063	69	35	be	be	AUX
dem-1063	69	36	obtained	obtain	VERB
dem-1063	69	37	by	by	ADP
dem-1063	69	38	the	the	DET
dem-1063	69	39	assumptions	assumption	NOUN
dem-1063	69	40	0'cc	0'cc	PROPN
dem-1063	69	41	and	and	CCONJ
dem-1063	69	42			X
dem-1063	69	43			VERB
dem-1063	70	1			NUM
dem-1063	70	2			NOUN
dem-1063	70	3			NOUN
dem-1063	70	4	q	q	X
dem-1063	71	1	i	i	PRON
dem-1063	71	2	p	p	X
dem-1063	71	3	j	j	PROPN
dem-1063	72	1	ji	ji	PROPN
dem-1063	72	2	ed	ed	NOUN
dem-1063	72	3	1	1	NUM
dem-1063	72	4	1	1	NUM
dem-1063	72	5	1	1	NUM
dem-1063	72	6	.	.	PUNCT
dem-1063	73	1	this	this	DET
dem-1063	73	2	formulation	formulation	NOUN
dem-1063	73	3	is	be	AUX
dem-1063	73	4	often	often	ADV
dem-1063	73	5	called	call	VERB
dem-1063	73	6	the	the	DET
dem-1063	73	7	integrated	integrate	VERB
dem-1063	73	8	multivariate	multivariate	NOUN
dem-1063	73	9	model7	model7	PROPN
dem-1063	73	10	.	.	PUNCT
dem-1063	74	1	for	for	ADP
dem-1063	74	2	1	1	NUM
dem-1063	74	3	pq	pq	NOUN
dem-1063	74	4	the	the	DET
dem-1063	74	5	model	model	NOUN
dem-1063	74	6	has	have	VERB
dem-1063	74	7	only	only	ADV
dem-1063	74	8	one	one	NUM
dem-1063	74	9	parameter	parameter	NOUN
dem-1063	74	10	.	.	PUNCT
dem-1063	75	1	in	in	ADP
dem-1063	75	2	the	the	DET
dem-1063	75	3	constant	constant	ADJ
dem-1063	75	4	conditional	conditional	ADJ
dem-1063	75	5	correlations	correlation	NOUN
dem-1063	75	6	(	(	PUNCT
dem-1063	75	7	ccc	ccc	NOUN
dem-1063	75	8	)	)	PUNCT
dem-1063	75	9	model	model	NOUN
dem-1063	75	10	of	of	ADP
dem-1063	75	11	bollerslev	bollerslev	ADJ
dem-1063	75	12	(	(	PUNCT
dem-1063	75	13	1990	1990	NUM
dem-1063	75	14	)	)	PUNCT
dem-1063	75	15	,	,	PUNCT
dem-1063	75	16	which	which	PRON
dem-1063	75	17	is	be	AUX
dem-1063	75	18	outside	outside	ADP
dem-1063	75	19	the	the	DET
dem-1063	75	20	bekk	bekk	NOUN
dem-1063	75	21	class	class	NOUN
dem-1063	75	22	,	,	PUNCT
dem-1063	75	23	the	the	DET
dem-1063	75	24	time	time	NOUN
dem-1063	75	25	-	-	PUNCT
dem-1063	75	26	varying	vary	VERB
dem-1063	75	27	conditional	conditional	ADJ
dem-1063	75	28	covariances	covariance	NOUN
dem-1063	75	29	are	be	AUX
dem-1063	75	30	parameterized	parameterized	ADJ
dem-1063	75	31	to	to	PART
dem-1063	75	32	be	be	AUX
dem-1063	75	33	proportional	proportional	ADJ
dem-1063	75	34	to	to	ADP
dem-1063	75	35	the	the	DET
dem-1063	75	36	product	product	NOUN
dem-1063	75	37	of	of	ADP
dem-1063	75	38	the	the	DET
dem-1063	75	39	corresponding	corresponding	ADJ
dem-1063	75	40	conditional	conditional	ADJ
dem-1063	75	41	standard	standard	ADJ
dem-1063	75	42	deviations	deviation	NOUN
dem-1063	75	43	:	:	PUNCT
dem-1063	75	44	,	,	PUNCT
dem-1063	75	45	ttt	ttt	PROPN
dem-1063	75	46	dγdh	dγdh	VERB
dem-1063	75	47			PROPN
dem-1063	76	1	(	(	PUNCT
dem-1063	76	2	8)	8)	NUM
dem-1063	76	3	where	where	SCONJ
dem-1063	76	4	td	td	NOUN
dem-1063	76	5	is	be	AUX
dem-1063	76	6	a	a	DET
dem-1063	76	7	nn	nn	X
dem-1063	76	8			NOUN
dem-1063	76	9	diagonal	diagonal	ADJ
dem-1063	76	10	matrix	matrix	NOUN
dem-1063	76	11	)	)	PUNCT
dem-1063	76	12	,	,	PUNCT
dem-1063	76	13	...	...	PUNCT
dem-1063	76	14	,	,	PUNCT
dem-1063	76	15	,	,	PUNCT
dem-1063	76	16	(	(	PUNCT
dem-1063	76	17	diag	diag	NOUN
dem-1063	76	18	2/12/1	2/12/1	NUM
dem-1063	76	19	2	2	NUM
dem-1063	76	20	2/1	2/1	NUM
dem-1063	76	21	1	1	NUM
dem-1063	76	22	ntttt	ntttt	NOUN
dem-1063	76	23	hhhd	hhhd	PROPN
dem-1063	76	24	with	with	ADP
dem-1063	76	25	ith	ith	PROPN
dem-1063	76	26	defined	define	VERB
dem-1063	76	27	as	as	ADP
dem-1063	76	28	any	any	DET
dem-1063	76	29	univariate	univariate	ADJ
dem-1063	76	30	garch	garch	NOUN
dem-1063	76	31	model	model	NOUN
dem-1063	76	32	,	,	PUNCT
dem-1063	76	33	and	and	CCONJ
dem-1063	76	34	γ	γ	NOUN
dem-1063	76	35	is	be	AUX
dem-1063	76	36	a	a	DET
dem-1063	76	37	nn	nn	X
dem-1063	76	38			NOUN
dem-1063	76	39	matrix	matrix	NOUN
dem-1063	76	40	of	of	ADP
dem-1063	76	41	the	the	DET
dem-1063	76	42	time	time	NOUN
dem-1063	76	43	–	–	PUNCT
dem-1063	76	44	invariant	invariant	ADJ
dem-1063	76	45	conditional	conditional	ADJ
dem-1063	76	46	correlations	correlation	NOUN
dem-1063	76	47	.	.	PUNCT
dem-1063	77	1	alexander	alexander	NOUN
dem-1063	77	2	and	and	CCONJ
dem-1063	77	3	chibumba	chibumba	PROPN
dem-1063	77	4	(	(	PUNCT
dem-1063	77	5	1996	1996	NUM
dem-1063	77	6	)	)	PUNCT
dem-1063	77	7	introduced	introduce	VERB
dem-1063	77	8	the	the	DET
dem-1063	77	9	orthogonal	orthogonal	ADJ
dem-1063	77	10	garch	garch	NOUN
dem-1063	77	11	model	model	NOUN
dem-1063	77	12	defined	define	VERB
dem-1063	77	13	as	as	ADP
dem-1063	77	14	:	:	PUNCT
dem-1063	77	15	,	,	PUNCT
dem-1063	77	16	2/1	2/1	NUM
dem-1063	77	17	tmtt	tmtt	VERB
dem-1063	77	18	fλuεv	fλuεv	NOUN
dem-1063	77	19			PUNCT
dem-1063	77	20	(	(	PUNCT
dem-1063	77	21	9	9	NUM
dem-1063	77	22	)	)	PUNCT
dem-1063	77	23	,	,	PUNCT
dem-1063	77	24	2/12/1	2/12/1	NUM
dem-1063	77	25	vvvh	vvvh	NOUN
dem-1063	77	26	tt	tt	PROPN
dem-1063	77	27			NUM
dem-1063	77	28	(	(	PUNCT
dem-1063	77	29	10	10	NUM
dem-1063	77	30	)	)	PUNCT
dem-1063	77	31	where	where	SCONJ
dem-1063	77	32	)	)	PUNCT
dem-1063	77	33	,	,	PUNCT
dem-1063	77	34	...	...	PUNCT
dem-1063	77	35	,	,	PUNCT
dem-1063	77	36	,	,	PUNCT
dem-1063	77	37	(	(	PUNCT
dem-1063	77	38	diag	diag	PROPN
dem-1063	77	39	21	21	NUM
dem-1063	77	40	nvvvv	nvvvv	ADV
dem-1063	77	41	,	,	PUNCT
dem-1063	77	42	with	with	ADP
dem-1063	77	43	iv	iv	NOUN
dem-1063	77	44	the	the	DET
dem-1063	77	45	population	population	NOUN
dem-1063	77	46	variance	variance	NOUN
dem-1063	77	47	of	of	ADP
dem-1063	77	48	it	it	NUM
dem-1063	77	49	,	,	PUNCT
dem-1063	77	50	mλ	mλ	NOUN
dem-1063	77	51	is	be	AUX
dem-1063	77	52	a	a	DET
dem-1063	77	53	matrix	matrix	NOUN
dem-1063	77	54	of	of	ADP
dem-1063	77	55	dimension	dimension	NOUN
dem-1063	77	56	mn	mn	PROPN
dem-1063	77	57			AUX
dem-1063	77	58	given	give	VERB
dem-1063	77	59	by	by	ADP
dem-1063	77	60	)	)	PUNCT
dem-1063	77	61	,	,	PUNCT
dem-1063	77	62	...	...	PUNCT
dem-1063	77	63	,	,	PUNCT
dem-1063	77	64	,	,	PUNCT
dem-1063	77	65	diag	diag	NOUN
dem-1063	77	66	(	(	PUNCT
dem-1063	77	67	2/12/1	2/12/1	NOUN
dem-1063	77	68	2	2	NUM
dem-1063	77	69	1/2	1/2	NUM
dem-1063	77	70	1	1	NUM
dem-1063	77	71	mmm	mmm	NOUN
dem-1063	77	72	lllpλ	lllpλ	VERB
dem-1063	77	73			PROPN
dem-1063	77	74	,	,	PUNCT
dem-1063	77	75	0	0	NUM
dem-1063	77	76	...	...	SYM
dem-1063	77	77	21	21	NUM
dem-1063	77	78			PROPN
dem-1063	77	79	mlll	mlll	NOUN
dem-1063	77	80	being	be	AUX
dem-1063	77	81	the	the	DET
dem-1063	77	82	m	m	ADV
dem-1063	77	83	largest	large	ADJ
dem-1063	77	84	eigenvalues	eigenvalue	NOUN
dem-1063	77	85	of	of	ADP
dem-1063	77	86	the	the	DET
dem-1063	77	87	population	population	NOUN
dem-1063	77	88	correlation	correlation	NOUN
dem-1063	77	89	matrix	matrix	NOUN
dem-1063	77	90	of	of	ADP
dem-1063	77	91	tu	tu	PROPN
dem-1063	77	92	,	,	PUNCT
dem-1063	77	93	and	and	CCONJ
dem-1063	77	94	mp	mp	VERB
dem-1063	77	95	the	the	DET
dem-1063	77	96	mn	mn	PROPN
dem-1063	77	97			PROPN
dem-1063	77	98	matrix	matrix	NOUN
dem-1063	77	99	of	of	ADP
dem-1063	77	100	associated	associated	ADJ
dem-1063	77	101	(	(	PUNCT
dem-1063	77	102	mutually	mutually	ADV
dem-1063	77	103	orthogonal	orthogonal	ADJ
dem-1063	77	104	)	)	PUNCT
dem-1063	77	105	eigenvectors	eigenvector	NOUN
dem-1063	77	106	,	,	PUNCT
dem-1063	77	107	)	)	PUNCT
dem-1063	77	108	'	'	PUNCT
dem-1063	77	109	...	...	PUNCT
dem-1063	78	1	(	(	PUNCT
dem-1063	78	2	21	21	NUM
dem-1063	78	3	mtttt	mtttt	NOUN
dem-1063	78	4	ffff	ffff	PROPN
dem-1063	78	5	is	be	AUX
dem-1063	78	6	a	a	DET
dem-1063	78	7	random	random	ADJ
dem-1063	78	8	process	process	NOUN
dem-1063	78	9	such	such	ADJ
dem-1063	78	10	that	that	PRON
dem-1063	78	11	0)(1	0)(1	NUM
dem-1063	78	12			NOUN
dem-1063	78	13	tte	tte	PROPN
dem-1063	78	14	f	f	PROPN
dem-1063	78	15	,	,	PUNCT
dem-1063	78	16	the	the	DET
dem-1063	78	17	7	7	NUM
dem-1063	78	18	the	the	DET
dem-1063	78	19	name	name	NOUN
dem-1063	78	20	of	of	ADP
dem-1063	78	21	the	the	DET
dem-1063	78	22	model	model	NOUN
dem-1063	78	23	comes	come	VERB
dem-1063	78	24	from	from	ADP
dem-1063	78	25	an	an	DET
dem-1063	78	26	analogous	analogous	ADJ
dem-1063	78	27	parameterization	parameterization	NOUN
dem-1063	78	28	of	of	ADP
dem-1063	78	29	the	the	DET
dem-1063	78	30	univariate	univariate	ADJ
dem-1063	78	31	igarch	igarch	NOUN
dem-1063	78	32	model	model	NOUN
dem-1063	78	33	.	.	PUNCT
dem-1063	79	1	piotr	piotr	NOUN
dem-1063	79	2	fiszeder	fiszeder	NOUN
dem-1063	79	3	92	92	NUM
dem-1063	79	4	conditional	conditional	ADJ
dem-1063	79	5	covariance	covariance	NOUN
dem-1063	79	6	matrix	matrix	NOUN
dem-1063	79	7	of	of	ADP
dem-1063	79	8	tf	tf	PROPN
dem-1063	79	9	is	be	AUX
dem-1063	79	10	equal	equal	ADJ
dem-1063	79	11	to	to	ADP
dem-1063	79	12	)	)	PUNCT
dem-1063	79	13	,	,	PUNCT
dem-1063	79	14	...	...	PUNCT
dem-1063	79	15	,	,	PUNCT
dem-1063	79	16	,	,	PUNCT
dem-1063	79	17	(	(	PUNCT
dem-1063	79	18	diag	diag	PROPN
dem-1063	79	19	222	222	NUM
dem-1063	79	20	t	t	NOUN
dem-1063	79	21	21	21	NUM
dem-1063	79	22	mttt	mttt	PROPN
dem-1063	79	23	fff	fff	PROPN
dem-1063	79	24	q	q	PROPN
dem-1063	79	25	,	,	PUNCT
dem-1063	79	26	2	2	NUM
dem-1063	79	27	itf	itf	ADV
dem-1063	79	28	is	be	AUX
dem-1063	79	29	defined	define	VERB
dem-1063	79	30	as	as	ADP
dem-1063	79	31	a	a	DET
dem-1063	79	32	univariate	univariate	ADJ
dem-1063	79	33	garch	garch	NOUN
dem-1063	79	34	model	model	NOUN
dem-1063	79	35	(	(	PUNCT
dem-1063	79	36	for	for	ADP
dem-1063	79	37	mi	mi	PROPN
dem-1063	79	38	,	,	PUNCT
dem-1063	79	39	...	...	PUNCT
dem-1063	79	40	,	,	PUNCT
dem-1063	79	41	2,1	2,1	NUM
dem-1063	79	42	)	)	PUNCT
dem-1063	79	43	and	and	CCONJ
dem-1063	79	44	the	the	DET
dem-1063	79	45	conditional	conditional	ADJ
dem-1063	79	46	covariance	covariance	NOUN
dem-1063	79	47	matrix	matrix	NOUN
dem-1063	79	48	of	of	ADP
dem-1063	79	49	tu	tu	PROPN
dem-1063	79	50	is	be	AUX
dem-1063	79	51	equal	equal	ADJ
dem-1063	79	52	to	to	ADP
dem-1063	79	53	mtmt	mtmt	NOUN
dem-1063	79	54	'	'	PUNCT
dem-1063	79	55	λqλv	λqλv	VERB
dem-1063	79	56			PRON
dem-1063	79	57	.	.	PUNCT
dem-1063	80	1	the	the	DET
dem-1063	80	2	dynamic	dynamic	ADJ
dem-1063	80	3	conditional	conditional	ADJ
dem-1063	80	4	correlation	correlation	NOUN
dem-1063	80	5	(	(	PUNCT
dem-1063	80	6	dcc	dcc	PROPN
dem-1063	80	7	)	)	PUNCT
dem-1063	80	8	model	model	NOUN
dem-1063	80	9	of	of	ADP
dem-1063	80	10	engle	engle	PROPN
dem-1063	80	11	(	(	PUNCT
dem-1063	80	12	2002	2002	NUM
dem-1063	80	13	)	)	PUNCT
dem-1063	80	14	can	can	AUX
dem-1063	80	15	be	be	AUX
dem-1063	80	16	defined	define	VERB
dem-1063	80	17	as	as	ADP
dem-1063	80	18	:	:	PUNCT
dem-1063	80	19	,	,	PUNCT
dem-1063	80	20	tttt	tttt	INTJ
dem-1063	80	21	drdh	drdh	VERB
dem-1063	80	22			PROPN
dem-1063	80	23	(	(	PUNCT
dem-1063	80	24	11	11	NUM
dem-1063	80	25	)	)	PUNCT
dem-1063	80	26	,	,	PUNCT
dem-1063	80	27	1	1	NUM
dem-1063	80	28	*	*	SYM
dem-1063	80	29	1	1	NUM
dem-1063	80	30	*	*	NOUN
dem-1063	80	31			PUNCT
dem-1063	80	32	tttt	tttt	NOUN
dem-1063	80	33	qqqr	qqqr	PROPN
dem-1063	80	34	(	(	PUNCT
dem-1063	80	35	12	12	NUM
dem-1063	80	36	)	)	PUNCT
dem-1063	80	37	,	,	PUNCT
dem-1063	80	38	)	)	PUNCT
dem-1063	80	39	'	'	PUNCT
dem-1063	80	40	(	(	PUNCT
dem-1063	80	41	)	)	PUNCT
dem-1063	80	42	1	1	NUM
dem-1063	80	43	(	(	PUNCT
dem-1063	80	44	111	111	NUM
dem-1063	80	45	1	1	NUM
dem-1063	80	46			PROPN
dem-1063	80	47			X
dem-1063	80	48			NUM
dem-1063	80	49			NOUN
dem-1063	80	50			NUM
dem-1063	80	51			NUM
dem-1063	81	1			NUM
dem-1063	81	2			PROPN
dem-1063	81	3			PROPN
dem-1063	82	1	p	p	X
dem-1063	82	2	j	j	PROPN
dem-1063	82	3	jtj	jtj	VERB
dem-1063	82	4	q	q	PROPN
dem-1063	83	1	i	i	PRON
dem-1063	83	2	ititi	ititi	VERB
dem-1063	83	3	q	q	X
dem-1063	84	1	i	i	PRON
dem-1063	84	2	p	p	PROPN
dem-1063	84	3	j	j	PROPN
dem-1063	84	4	jit	jit	PROPN
dem-1063	84	5	qzzsq	qzzsq	PROPN
dem-1063	84	6			PROPN
dem-1063	84	7	(	(	PUNCT
dem-1063	84	8	13	13	NUM
dem-1063	84	9	)	)	PUNCT
dem-1063	84	10	where	where	SCONJ
dem-1063	84	11	)	)	PUNCT
dem-1063	84	12	,	,	PUNCT
dem-1063	84	13	...	...	PUNCT
dem-1063	84	14	,	,	PUNCT
dem-1063	84	15	,	,	PUNCT
dem-1063	84	16	(	(	PUNCT
dem-1063	84	17	diag	diag	NOUN
dem-1063	84	18	2/12/1	2/12/1	NUM
dem-1063	84	19	2	2	NUM
dem-1063	84	20	2/1	2/1	NUM
dem-1063	84	21	1	1	NUM
dem-1063	84	22	ntttt	ntttt	NOUN
dem-1063	84	23	hhhd	hhhd	PROPN
dem-1063	84	24	,	,	PUNCT
dem-1063	84	25	kth	kth	PROPN
dem-1063	84	26	can	can	AUX
dem-1063	84	27	be	be	AUX
dem-1063	84	28	defined	define	VERB
dem-1063	84	29	as	as	ADP
dem-1063	84	30	a	a	DET
dem-1063	84	31	univariate	univariate	ADJ
dem-1063	84	32	garch	garch	NOUN
dem-1063	84	33	model	model	NOUN
dem-1063	84	34	(	(	PUNCT
dem-1063	84	35	for	for	ADP
dem-1063	84	36	nk	nk	PROPN
dem-1063	84	37	,	,	PUNCT
dem-1063	84	38	...	...	PUNCT
dem-1063	84	39	,	,	PUNCT
dem-1063	84	40	2,1	2,1	NUM
dem-1063	84	41	)	)	PUNCT
dem-1063	84	42	,	,	PUNCT
dem-1063	84	43	tz	tz	PROPN
dem-1063	84	44	is	be	AUX
dem-1063	84	45	a	a	DET
dem-1063	84	46	vector	vector	NOUN
dem-1063	84	47	of	of	ADP
dem-1063	84	48	standardized	standardized	ADJ
dem-1063	84	49	values	value	NOUN
dem-1063	84	50	of	of	ADP
dem-1063	84	51	kt	kt	X
dem-1063	84	52	,	,	PUNCT
dem-1063	84	53	i.e.	i.e.	X
dem-1063	84	54	ktktkt	ktktkt	X
dem-1063	84	55	hz	hz	VERB
dem-1063	84	56	/	/	PRON
dem-1063	84	57	,	,	PUNCT
dem-1063	84	58	tr	tr	VERB
dem-1063	84	59	is	be	AUX
dem-1063	84	60	the	the	DET
dem-1063	84	61	time	time	NOUN
dem-1063	84	62	-	-	PUNCT
dem-1063	84	63	varying	vary	VERB
dem-1063	84	64	conditional	conditional	ADJ
dem-1063	84	65	correlation	correlation	NOUN
dem-1063	84	66	matrix	matrix	NOUN
dem-1063	84	67	of	of	ADP
dem-1063	84	68	tz	tz	PROPN
dem-1063	84	69	,	,	PUNCT
dem-1063	84	70	s	s	VERB
dem-1063	84	71	is	be	AUX
dem-1063	84	72	the	the	DET
dem-1063	84	73	sample	sample	NOUN
dem-1063	84	74	covariance	covariance	NOUN
dem-1063	84	75	matrix	matrix	NOUN
dem-1063	84	76	of	of	ADP
dem-1063	84	77	tz	tz	PROPN
dem-1063	84	78	,	,	PUNCT
dem-1063	84	79	*	*	PUNCT
dem-1063	84	80	tq	tq	ADV
dem-1063	84	81	is	be	AUX
dem-1063	84	82	a	a	DET
dem-1063	84	83	diagonal	diagonal	ADJ
dem-1063	84	84	matrix	matrix	NOUN
dem-1063	84	85	composed	compose	VERB
dem-1063	84	86	of	of	ADP
dem-1063	84	87	the	the	DET
dem-1063	84	88	square	square	ADJ
dem-1063	84	89	root	root	NOUN
dem-1063	84	90	of	of	ADP
dem-1063	84	91	the	the	DET
dem-1063	84	92	diagonal	diagonal	ADJ
dem-1063	84	93	elements	element	NOUN
dem-1063	84	94	of	of	ADP
dem-1063	84	95	tq	tq	ADV
dem-1063	84	96	and	and	CCONJ
dem-1063	84	97	the	the	DET
dem-1063	84	98	parameters	parameter	NOUN
dem-1063	84	99	have	have	VERB
dem-1063	84	100	to	to	PART
dem-1063	84	101	satisfy	satisfy	VERB
dem-1063	84	102	the	the	DET
dem-1063	84	103	condition	condition	NOUN
dem-1063	84	104	10	10	NUM
dem-1063	84	105	1	1	NUM
dem-1063	84	106	1	1	NUM
dem-1063	84	107			X
dem-1063	85	1			X
dem-1063	85	2			NUM
dem-1063	86	1			PROPN
dem-1063	87	1			PROPN
dem-1063	88	1	q	q	X
dem-1063	89	1	i	i	PRON
dem-1063	89	2	p	p	PROPN
dem-1063	89	3	j	j	PROPN
dem-1063	89	4	ji	ji	PROPN
dem-1063	89	5			X
dem-1063	89	6	.	.	PUNCT
dem-1063	90	1	besides	besides	SCONJ
dem-1063	90	2	the	the	DET
dem-1063	90	3	standard	standard	ADJ
dem-1063	90	4	dcc	dcc	PROPN
dem-1063	90	5	model	model	NOUN
dem-1063	90	6	two	two	NUM
dem-1063	90	7	other	other	ADJ
dem-1063	90	8	modifications	modification	NOUN
dem-1063	90	9	were	be	AUX
dem-1063	90	10	also	also	ADV
dem-1063	90	11	considered	consider	VERB
dem-1063	90	12	.	.	PUNCT
dem-1063	91	1	when	when	SCONJ
dem-1063	91	2	the	the	DET
dem-1063	91	3	sum	sum	NOUN
dem-1063	91	4	of	of	ADP
dem-1063	91	5	the	the	DET
dem-1063	91	6	parameters	parameter	NOUN
dem-1063	91	7	is	be	AUX
dem-1063	91	8	equal	equal	ADJ
dem-1063	91	9	to	to	ADP
dem-1063	91	10	one	one	NUM
dem-1063	91	11	1	1	NUM
dem-1063	91	12	1	1	NUM
dem-1063	91	13	1	1	NUM
dem-1063	91	14			X
dem-1063	91	15			X
dem-1063	91	16			NUM
dem-1063	91	17			NOUN
dem-1063	91	18			NOUN
dem-1063	92	1	q	q	X
dem-1063	93	1	i	i	PRON
dem-1063	93	2	p	p	PROPN
dem-1063	93	3	j	j	PROPN
dem-1063	94	1	ji	ji	PROPN
dem-1063	94	2			NOUN
dem-1063	94	3	the	the	DET
dem-1063	94	4	dcc	dcc	PROPN
dem-1063	94	5	model	model	NOUN
dem-1063	94	6	is	be	AUX
dem-1063	94	7	called	call	VERB
dem-1063	94	8	the	the	DET
dem-1063	94	9	integrated	integrate	VERB
dem-1063	94	10	dcc	dcc	PROPN
dem-1063	94	11	model	model	NOUN
dem-1063	94	12	.	.	PUNCT
dem-1063	95	1	engle	engle	PROPN
dem-1063	95	2	and	and	CCONJ
dem-1063	95	3	kelly	kelly	PROPN
dem-1063	95	4	(	(	PUNCT
dem-1063	95	5	2008	2008	NUM
dem-1063	95	6	)	)	PUNCT
dem-1063	95	7	introduced	introduce	VERB
dem-1063	95	8	the	the	DET
dem-1063	95	9	deco	deco	NOUN
dem-1063	95	10	-	-	PUNCT
dem-1063	95	11	dcc	dcc	PROPN
dem-1063	95	12	(	(	PUNCT
dem-1063	95	13	dynamic	dynamic	ADJ
dem-1063	95	14	equicorrelation	equicorrelation	NOUN
dem-1063	95	15	)	)	PUNCT
dem-1063	95	16	model	model	NOUN
dem-1063	95	17	.	.	PUNCT
dem-1063	96	1	in	in	ADP
dem-1063	96	2	this	this	DET
dem-1063	96	3	parameterization	parameterization	NOUN
dem-1063	96	4	of	of	ADP
dem-1063	96	5	the	the	DET
dem-1063	96	6	dcc	dcc	PROPN
dem-1063	96	7	model	model	NOUN
dem-1063	96	8	the	the	DET
dem-1063	96	9	equality	equality	NOUN
dem-1063	96	10	of	of	ADP
dem-1063	96	11	all	all	DET
dem-1063	96	12	pairwise	pairwise	NOUN
dem-1063	96	13	conditional	conditional	ADJ
dem-1063	96	14	correlations	correlation	NOUN
dem-1063	96	15	at	at	ADP
dem-1063	96	16	each	each	DET
dem-1063	96	17	time	time	NOUN
dem-1063	96	18	is	be	AUX
dem-1063	96	19	assumed	assume	VERB
dem-1063	96	20	.	.	PUNCT
dem-1063	97	1	3	3	X
dem-1063	97	2	.	.	X
dem-1063	97	3	evaluation	evaluation	NOUN
dem-1063	97	4	of	of	ADP
dem-1063	97	5	portfolio	portfolio	NOUN
dem-1063	97	6	performance	performance	NOUN
dem-1063	97	7	for	for	ADP
dem-1063	97	8	seventy	seventy	NUM
dem-1063	97	9	stocks	stock	NOUN
dem-1063	97	10	quoted	quote	VERB
dem-1063	97	11	on	on	ADP
dem-1063	97	12	the	the	DET
dem-1063	97	13	wse	wse	NOUN
dem-1063	97	14	the	the	DET
dem-1063	97	15	presented	present	VERB
dem-1063	97	16	approach	approach	NOUN
dem-1063	97	17	for	for	ADP
dem-1063	97	18	the	the	DET
dem-1063	97	19	minimum	minimum	ADJ
dem-1063	97	20	variance	variance	NOUN
dem-1063	97	21	portfolio	portfolio	NOUN
dem-1063	97	22	selection	selection	NOUN
dem-1063	97	23	was	be	AUX
dem-1063	97	24	evaluated	evaluate	VERB
dem-1063	97	25	for	for	ADP
dem-1063	97	26	polish	polish	ADJ
dem-1063	97	27	stocks	stock	NOUN
dem-1063	97	28	.	.	PUNCT
dem-1063	98	1	the	the	DET
dem-1063	98	2	investigated	investigate	VERB
dem-1063	98	3	period	period	NOUN
dem-1063	98	4	was	be	AUX
dem-1063	98	5	november	november	PROPN
dem-1063	98	6	17	17	NUM
dem-1063	98	7	,	,	PUNCT
dem-1063	98	8	20008	20008	NUM
dem-1063	98	9	to	to	ADP
dem-1063	98	10	june	june	PROPN
dem-1063	98	11	30	30	NUM
dem-1063	98	12	,	,	PUNCT
dem-1063	98	13	2009	2009	NUM
dem-1063	98	14	(	(	PUNCT
dem-1063	98	15	2158	2158	NUM
dem-1063	98	16	daily	daily	ADJ
dem-1063	98	17	returns	return	NOUN
dem-1063	98	18	)	)	PUNCT
dem-1063	98	19	.	.	PUNCT
dem-1063	99	1	all	all	DET
dem-1063	99	2	stocks	stock	NOUN
dem-1063	99	3	quoted	quote	VERB
dem-1063	99	4	in	in	ADP
dem-1063	99	5	the	the	DET
dem-1063	99	6	specified	specified	ADJ
dem-1063	99	7	period	period	NOUN
dem-1063	99	8	on	on	ADP
dem-1063	99	9	the	the	DET
dem-1063	99	10	warsaw	warsaw	PROPN
dem-1063	99	11	stock	stock	PROPN
dem-1063	99	12	exchange	exchange	PROPN
dem-1063	99	13	were	be	AUX
dem-1063	99	14	considered	consider	VERB
dem-1063	99	15	in	in	ADP
dem-1063	99	16	the	the	DET
dem-1063	99	17	analysis	analysis	NOUN
dem-1063	99	18	.	.	PUNCT
dem-1063	100	1	the	the	DET
dem-1063	100	2	companies	company	NOUN
dem-1063	100	3	for	for	ADP
dem-1063	100	4	which	which	PRON
dem-1063	100	5	the	the	DET
dem-1063	100	6	percent	percent	NOUN
dem-1063	100	7	of	of	ADP
dem-1063	100	8	non	non	ADJ
dem-1063	100	9	-	-	ADJ
dem-1063	100	10	trading	trading	ADJ
dem-1063	100	11	days	day	NOUN
dem-1063	100	12	was	be	AUX
dem-1063	100	13	higher	high	ADJ
dem-1063	100	14	than	than	SCONJ
dem-1063	100	15	5	5	NUM
dem-1063	100	16	%	%	NOUN
dem-1063	100	17	were	be	AUX
dem-1063	100	18	omitted	omit	VERB
dem-1063	100	19	in	in	ADP
dem-1063	100	20	order	order	NOUN
dem-1063	100	21	to	to	PART
dem-1063	100	22	avoid	avoid	VERB
dem-1063	100	23	the	the	DET
dem-1063	100	24	problem	problem	NOUN
dem-1063	100	25	of	of	ADP
dem-1063	100	26	non	non	ADJ
dem-1063	100	27	-	-	ADJ
dem-1063	100	28	synchronous	synchronous	ADJ
dem-1063	100	29	trading	trading	NOUN
dem-1063	100	30	.	.	PUNCT
dem-1063	101	1	in	in	ADP
dem-1063	101	2	total	total	ADJ
dem-1063	101	3	seventy	seventy	NUM
dem-1063	101	4	stocks	stock	NOUN
dem-1063	101	5	were	be	AUX
dem-1063	101	6	analyzed	analyze	VERB
dem-1063	101	7	,	,	PUNCT
dem-1063	101	8	however	however	ADV
dem-1063	101	9	all	all	DET
dem-1063	101	10	the	the	DET
dem-1063	101	11	models	model	NOUN
dem-1063	101	12	used	use	VERB
dem-1063	101	13	in	in	ADP
dem-1063	101	14	the	the	DET
dem-1063	101	15	paper	paper	NOUN
dem-1063	101	16	can	can	AUX
dem-1063	101	17	be	be	AUX
dem-1063	101	18	applied	apply	VERB
dem-1063	101	19	for	for	ADP
dem-1063	101	20	8	8	NUM
dem-1063	101	21	since	since	SCONJ
dem-1063	101	22	the	the	DET
dem-1063	101	23	introduction	introduction	NOUN
dem-1063	101	24	of	of	ADP
dem-1063	101	25	the	the	DET
dem-1063	101	26	new	new	ADJ
dem-1063	101	27	trading	trading	NOUN
dem-1063	101	28	system	system	NOUN
dem-1063	101	29	warset	warset	NOUN
dem-1063	101	30	.	.	PUNCT
dem-1063	102	1	minimum	minimum	ADJ
dem-1063	102	2	variance	variance	NOUN
dem-1063	102	3	portfolio	portfolio	NOUN
dem-1063	102	4	selections	selection	NOUN
dem-1063	102	5	for	for	ADP
dem-1063	102	6	large	large	ADJ
dem-1063	102	7	number	number	NOUN
dem-1063	102	8	of	of	ADP
dem-1063	102	9	stocks	stock	NOUN
dem-1063	102	10	–	–	PUNCT
dem-1063	102	11	application	application	NOUN
dem-1063	102	12	…	…	PUNCT
dem-1063	102	13	93	93	NUM
dem-1063	102	14	a	a	DET
dem-1063	102	15	much	much	ADV
dem-1063	102	16	larger	large	ADJ
dem-1063	102	17	number	number	NOUN
dem-1063	102	18	of	of	ADP
dem-1063	102	19	companies	company	NOUN
dem-1063	102	20	.	.	PUNCT
dem-1063	103	1	an	an	DET
dem-1063	103	2	evaluation	evaluation	NOUN
dem-1063	103	3	of	of	ADP
dem-1063	103	4	portfolio	portfolio	NOUN
dem-1063	103	5	performance	performance	NOUN
dem-1063	103	6	was	be	AUX
dem-1063	103	7	based	base	VERB
dem-1063	103	8	on	on	ADP
dem-1063	103	9	data	datum	NOUN
dem-1063	103	10	from	from	ADP
dem-1063	103	11	january	january	PROPN
dem-1063	103	12	2004	2004	NUM
dem-1063	103	13	to	to	ADP
dem-1063	103	14	june	june	PROPN
dem-1063	103	15	2009	2009	NUM
dem-1063	103	16	(	(	PUNCT
dem-1063	103	17	1380	1380	NUM
dem-1063	103	18	observations	observation	NOUN
dem-1063	103	19	)	)	PUNCT
dem-1063	103	20	.	.	PUNCT
dem-1063	104	1	the	the	DET
dem-1063	104	2	following	follow	VERB
dem-1063	104	3	five	five	NUM
dem-1063	104	4	steps	step	NOUN
dem-1063	104	5	were	be	AUX
dem-1063	104	6	performed	perform	VERB
dem-1063	104	7	:	:	PUNCT
dem-1063	104	8	(	(	PUNCT
dem-1063	104	9	1	1	X
dem-1063	104	10	)	)	PUNCT
dem-1063	104	11	the	the	DET
dem-1063	104	12	estimation	estimation	NOUN
dem-1063	104	13	of	of	ADP
dem-1063	104	14	parameters	parameter	NOUN
dem-1063	104	15	of	of	ADP
dem-1063	104	16	all	all	DET
dem-1063	104	17	considered	consider	VERB
dem-1063	104	18	models9	models9	NOUN
dem-1063	104	19	(	(	PUNCT
dem-1063	104	20	at	at	ADP
dem-1063	104	21	the	the	DET
dem-1063	104	22	beginning	beginning	NOUN
dem-1063	104	23	for	for	ADP
dem-1063	104	24	data	datum	NOUN
dem-1063	104	25	from	from	ADP
dem-1063	104	26	november	november	PROPN
dem-1063	104	27	17	17	NUM
dem-1063	104	28	,	,	PUNCT
dem-1063	104	29	2000	2000	NUM
dem-1063	104	30	to	to	ADP
dem-1063	104	31	december	december	PROPN
dem-1063	104	32	30	30	NUM
dem-1063	104	33	,	,	PUNCT
dem-1063	104	34	2003)10	2003)10	NUM
dem-1063	104	35	,	,	PUNCT
dem-1063	104	36	(	(	PUNCT
dem-1063	104	37	2	2	X
dem-1063	104	38	)	)	PUNCT
dem-1063	104	39	the	the	DET
dem-1063	104	40	construction	construction	NOUN
dem-1063	104	41	of	of	ADP
dem-1063	104	42	one	one	NUM
dem-1063	104	43	-	-	PUNCT
dem-1063	104	44	day	day	NOUN
dem-1063	104	45	ahead	ahead	ADV
dem-1063	104	46	forecasts	forecast	NOUN
dem-1063	104	47	of	of	ADP
dem-1063	104	48	the	the	DET
dem-1063	104	49	conditional	conditional	ADJ
dem-1063	104	50	covariance	covariance	NOUN
dem-1063	104	51	matrix	matrix	NOUN
dem-1063	104	52	,	,	PUNCT
dem-1063	104	53	(	(	PUNCT
dem-1063	104	54	3	3	X
dem-1063	104	55	)	)	PUNCT
dem-1063	104	56	the	the	DET
dem-1063	104	57	minimum	minimum	ADJ
dem-1063	104	58	variance	variance	NOUN
dem-1063	104	59	portfolio	portfolio	NOUN
dem-1063	104	60	selection	selection	NOUN
dem-1063	104	61	(	(	PUNCT
dem-1063	104	62	4	4	NUM
dem-1063	104	63	)	)	PUNCT
dem-1063	104	64	the	the	DET
dem-1063	104	65	ex	ex	X
dem-1063	104	66	post	post	NOUN
dem-1063	104	67	calculation	calculation	NOUN
dem-1063	104	68	of	of	ADP
dem-1063	104	69	the	the	DET
dem-1063	104	70	portfolio	portfolio	NOUN
dem-1063	104	71	variance	variance	NOUN
dem-1063	104	72	as	as	ADP
dem-1063	104	73	a	a	DET
dem-1063	104	74	square	square	NOUN
dem-1063	104	75	of	of	ADP
dem-1063	104	76	the	the	DET
dem-1063	104	77	realized	realize	VERB
dem-1063	104	78	portfolio	portfolio	NOUN
dem-1063	104	79	return	return	NOUN
dem-1063	104	80	,	,	PUNCT
dem-1063	104	81	(	(	PUNCT
dem-1063	104	82	5	5	X
dem-1063	104	83	)	)	PUNCT
dem-1063	104	84	the	the	DET
dem-1063	104	85	extension	extension	NOUN
dem-1063	104	86	of	of	ADP
dem-1063	104	87	the	the	DET
dem-1063	104	88	sample	sample	NOUN
dem-1063	104	89	with	with	ADP
dem-1063	104	90	one	one	NUM
dem-1063	104	91	observation	observation	NOUN
dem-1063	104	92	.	.	PUNCT
dem-1063	105	1	all	all	DET
dem-1063	105	2	the	the	DET
dem-1063	105	3	steps	step	NOUN
dem-1063	105	4	were	be	AUX
dem-1063	105	5	repeated	repeat	VERB
dem-1063	105	6	1380	1380	NUM
dem-1063	105	7	times	time	NOUN
dem-1063	105	8	.	.	PUNCT
dem-1063	106	1	every	every	DET
dem-1063	106	2	time	time	NOUN
dem-1063	106	3	the	the	DET
dem-1063	106	4	estimation	estimation	NOUN
dem-1063	106	5	of	of	ADP
dem-1063	106	6	parameters	parameter	NOUN
dem-1063	106	7	was	be	AUX
dem-1063	106	8	performed	perform	VERB
dem-1063	106	9	for	for	ADP
dem-1063	106	10	increasing	increase	VERB
dem-1063	106	11	sample	sample	NOUN
dem-1063	106	12	size	size	NOUN
dem-1063	106	13	.	.	PUNCT
dem-1063	107	1	for	for	ADP
dem-1063	107	2	each	each	DET
dem-1063	107	3	model	model	NOUN
dem-1063	107	4	and	and	CCONJ
dem-1063	107	5	method	method	VERB
dem-1063	107	6	the	the	DET
dem-1063	107	7	mean	mean	NOUN
dem-1063	107	8	of	of	ADP
dem-1063	107	9	the	the	DET
dem-1063	107	10	portfolio	portfolio	NOUN
dem-1063	107	11	variances	variance	NOUN
dem-1063	107	12	was	be	AUX
dem-1063	107	13	calculated	calculate	VERB
dem-1063	107	14	.	.	PUNCT
dem-1063	108	1	the	the	DET
dem-1063	108	2	results	result	NOUN
dem-1063	108	3	are	be	AUX
dem-1063	108	4	presented	present	VERB
dem-1063	108	5	in	in	ADP
dem-1063	108	6	table	table	NOUN
dem-1063	108	7	1	1	NUM
dem-1063	108	8	(	(	PUNCT
dem-1063	108	9	a	a	DET
dem-1063	108	10	square	square	ADJ
dem-1063	108	11	root	root	NOUN
dem-1063	108	12	of	of	ADP
dem-1063	108	13	the	the	DET
dem-1063	108	14	mean	mean	NOUN
dem-1063	108	15	is	be	AUX
dem-1063	108	16	given	give	VERB
dem-1063	108	17	)	)	PUNCT
dem-1063	108	18	.	.	PUNCT
dem-1063	109	1	table	table	NOUN
dem-1063	109	2	1	1	NUM
dem-1063	109	3	.	.	PUNCT
dem-1063	110	1	estimates	estimate	NOUN
dem-1063	110	2	of	of	ADP
dem-1063	110	3	the	the	DET
dem-1063	110	4	standard	standard	ADJ
dem-1063	110	5	deviations	deviation	NOUN
dem-1063	110	6	of	of	ADP
dem-1063	110	7	returns	return	NOUN
dem-1063	110	8	for	for	ADP
dem-1063	110	9	the	the	DET
dem-1063	110	10	minimum	minimum	ADJ
dem-1063	110	11	variance	variance	NOUN
dem-1063	110	12	portfolios	portfolio	NOUN
dem-1063	110	13	portfolio	portfolio	NOUN
dem-1063	110	14	designation	designation	NOUN
dem-1063	110	15	standard	standard	ADJ
dem-1063	110	16	deviation	deviation	NOUN
dem-1063	110	17	(	(	PUNCT
dem-1063	110	18	×	×	NOUN
dem-1063	110	19	10	10	NUM
dem-1063	110	20	-	-	SYM
dem-1063	110	21	2	2	NUM
dem-1063	110	22	)	)	PUNCT
dem-1063	110	23	rank	rank	NOUN
dem-1063	110	24	integrated	integrate	VERB
dem-1063	110	25	dcc	dcc	PROPN
dem-1063	110	26	0.9257	0.9257	NUM
dem-1063	110	27	1	1	NUM
dem-1063	110	28	dcc	dcc	PROPN
dem-1063	110	29	0.9316	0.9316	NUM
dem-1063	110	30	2	2	NUM
dem-1063	110	31	ccc	ccc	NOUN
dem-1063	110	32	0.9326	0.9326	NUM
dem-1063	110	33	3	3	NUM
dem-1063	110	34	deco	deco	NOUN
dem-1063	110	35	-	-	PUNCT
dem-1063	110	36	dcc	dcc	NOUN
dem-1063	110	37	0.9843	0.9843	NUM
dem-1063	110	38	4	4	NUM
dem-1063	110	39	scalar	scalar	ADJ
dem-1063	110	40	bekk	bekk	NOUN
dem-1063	110	41	student	student	NOUN
dem-1063	110	42	-	-	PUNCT
dem-1063	110	43	t	t	PROPN
dem-1063	110	44	1.0030	1.0030	NUM
dem-1063	110	45	5	5	NUM
dem-1063	110	46	scalar	scalar	ADJ
dem-1063	110	47	bekk	bekk	NOUN
dem-1063	110	48	1.0065	1.0065	NUM
dem-1063	110	49	6	6	NUM
dem-1063	110	50	orthogonal	orthogonal	ADJ
dem-1063	110	51	70	70	NUM
dem-1063	110	52	factors	factor	NOUN
dem-1063	110	53	1.0854	1.0854	NUM
dem-1063	110	54	7	7	NUM
dem-1063	110	55	integrated	integrate	VERB
dem-1063	110	56	1.1155	1.1155	NUM
dem-1063	110	57	8	8	NUM
dem-1063	110	58	unconditional	unconditional	ADJ
dem-1063	110	59	covariance	covariance	NOUN
dem-1063	110	60	matrix	matrix	NOUN
dem-1063	110	61	1.1155	1.1155	NUM
dem-1063	110	62	8	8	NUM
dem-1063	110	63	rolling	rolling	ADJ
dem-1063	110	64	covariance	covariance	NOUN
dem-1063	110	65	matrix	matrix	NOUN
dem-1063	110	66	1.2634	1.2634	NUM
dem-1063	110	67	10	10	NUM
dem-1063	110	68	equal	equal	ADJ
dem-1063	110	69	shares	share	NOUN
dem-1063	110	70	in	in	ADP
dem-1063	110	71	all	all	DET
dem-1063	110	72	stocks	stock	NOUN
dem-1063	110	73	1.3538	1.3538	NUM
dem-1063	110	74	11	11	NUM
dem-1063	110	75	riskmetrics	riskmetric	NOUN
dem-1063	110	76	1.6549	1.6549	NUM
dem-1063	110	77	12	12	NUM
dem-1063	110	78	ewma	ewma	NOUN
dem-1063	110	79	covariance	covariance	NOUN
dem-1063	110	80	matrix	matrix	NOUN
dem-1063	110	81	2.9846	2.9846	NUM
dem-1063	110	82	13	13	NUM
dem-1063	110	83	25	25	NUM
dem-1063	110	84	-	-	PUNCT
dem-1063	110	85	day	day	NOUN
dem-1063	110	86	rolling	rolling	ADJ
dem-1063	110	87	covariance	covariance	NOUN
dem-1063	110	88	matrix	matrix	NOUN
dem-1063	110	89	29.7629	29.7629	NUM
dem-1063	110	90	14	14	NUM
dem-1063	110	91	the	the	DET
dem-1063	110	92	best	good	ADJ
dem-1063	110	93	performing	perform	VERB
dem-1063	110	94	model	model	NOUN
dem-1063	110	95	in	in	ADP
dem-1063	110	96	the	the	DET
dem-1063	110	97	selection	selection	NOUN
dem-1063	110	98	of	of	ADP
dem-1063	110	99	the	the	DET
dem-1063	110	100	minimum	minimum	ADJ
dem-1063	110	101	variance	variance	NOUN
dem-1063	110	102	portfolio	portfolio	NOUN
dem-1063	110	103	was	be	AUX
dem-1063	110	104	the	the	DET
dem-1063	110	105	integrated	integrated	ADJ
dem-1063	110	106	dcc	dcc	PROPN
dem-1063	110	107	model	model	NOUN
dem-1063	110	108	.	.	PUNCT
dem-1063	111	1	on	on	ADP
dem-1063	111	2	the	the	DET
dem-1063	111	3	other	other	ADJ
dem-1063	111	4	hand	hand	NOUN
dem-1063	111	5	the	the	DET
dem-1063	111	6	worst	bad	ADJ
dem-1063	111	7	performing	performing	NOUN
dem-1063	111	8	method	method	NOUN
dem-1063	111	9	was	be	AUX
dem-1063	111	10	the	the	DET
dem-1063	111	11	25	25	NUM
dem-1063	111	12	-	-	PUNCT
dem-1063	111	13	day	day	NOUN
dem-1063	111	14	rolling	rolling	ADJ
dem-1063	111	15	covariance	covariance	NOUN
dem-1063	111	16	matrix	matrix	NOUN
dem-1063	111	17	.	.	PUNCT
dem-1063	112	1	an	an	DET
dem-1063	112	2	application	application	NOUN
dem-1063	112	3	of	of	ADP
dem-1063	112	4	all	all	DET
dem-1063	112	5	the	the	DET
dem-1063	112	6	garch	garch	NOUN
dem-1063	112	7	-	-	PUNCT
dem-1063	112	8	class	class	NOUN
dem-1063	112	9	models	model	NOUN
dem-1063	112	10	was	be	AUX
dem-1063	112	11	more	more	ADV
dem-1063	112	12	effective	effective	ADJ
dem-1063	112	13	in	in	ADP
dem-1063	112	14	allocation	allocation	NOUN
dem-1063	112	15	of	of	ADP
dem-1063	112	16	stocks	stock	NOUN
dem-1063	112	17	than	than	ADP
dem-1063	112	18	the	the	DET
dem-1063	112	19	implementation	implementation	NOUN
dem-1063	112	20	of	of	ADP
dem-1063	112	21	the	the	DET
dem-1063	112	22	other	other	ADJ
dem-1063	112	23	analyzed	analyze	VERB
dem-1063	112	24	methods	method	NOUN
dem-1063	112	25	.	.	PUNCT
dem-1063	113	1	the	the	DET
dem-1063	113	2	first	first	ADJ
dem-1063	113	3	four	four	NUM
dem-1063	113	4	positions	position	NOUN
dem-1063	113	5	in	in	ADP
dem-1063	113	6	the	the	DET
dem-1063	113	7	ranking	ranking	NOUN
dem-1063	113	8	(	(	PUNCT
dem-1063	113	9	see	see	VERB
dem-1063	113	10	table	table	NOUN
dem-1063	113	11	1	1	NUM
dem-1063	113	12	)	)	PUNCT
dem-1063	113	13	were	be	AUX
dem-1063	113	14	occupied	occupy	VERB
dem-1063	113	15	by	by	ADP
dem-1063	113	16	the	the	DET
dem-1063	113	17	models	model	NOUN
dem-1063	113	18	,	,	PUNCT
dem-1063	113	19	whose	whose	DET
dem-1063	113	20	parameters	parameter	NOUN
dem-1063	113	21	were	be	AUX
dem-1063	113	22	estimated	estimate	VERB
dem-1063	113	23	in	in	ADP
dem-1063	113	24	two	two	NUM
dem-1063	113	25	steps	step	NOUN
dem-1063	113	26	and	and	CCONJ
dem-1063	113	27	in	in	ADP
dem-1063	113	28	the	the	DET
dem-1063	113	29	first	first	ADJ
dem-1063	113	30	stage	stage	NOUN
dem-1063	113	31	parameters	parameter	NOUN
dem-1063	113	32	of	of	ADP
dem-1063	113	33	a	a	DET
dem-1063	113	34	univariate	univariate	ADJ
dem-1063	113	35	garch	garch	NOUN
dem-1063	113	36	model	model	NOUN
dem-1063	113	37	were	be	AUX
dem-1063	113	38	estimated	estimate	VERB
dem-1063	113	39	.	.	PUNCT
dem-1063	114	1	the	the	DET
dem-1063	114	2	integrated	integrate	VERB
dem-1063	114	3	model	model	NOUN
dem-1063	114	4	had	have	VERB
dem-1063	114	5	the	the	DET
dem-1063	114	6	worst	bad	ADJ
dem-1063	114	7	rank	rank	NOUN
dem-1063	114	8	among	among	ADP
dem-1063	114	9	all	all	DET
dem-1063	114	10	the	the	DET
dem-1063	114	11	applied	applied	ADJ
dem-1063	114	12	garch	garch	NOUN
dem-1063	114	13	models	model	NOUN
dem-1063	114	14	,	,	PUNCT
dem-1063	114	15	however	however	ADV
dem-1063	114	16	in	in	ADP
dem-1063	114	17	this	this	DET
dem-1063	114	18	case	case	NOUN
dem-1063	114	19	the	the	DET
dem-1063	114	20	model	model	NOUN
dem-1063	114	21	was	be	AUX
dem-1063	114	22	reduced	reduce	VERB
dem-1063	114	23	to	to	ADP
dem-1063	114	24	the	the	DET
dem-1063	114	25	unconditional	unconditional	ADJ
dem-1063	114	26	covar	covar	NOUN
dem-1063	114	27	9	9	NUM
dem-1063	114	28	codes	code	NOUN
dem-1063	114	29	written	write	VERB
dem-1063	114	30	by	by	ADP
dem-1063	114	31	the	the	DET
dem-1063	114	32	author	author	NOUN
dem-1063	114	33	in	in	ADP
dem-1063	114	34	the	the	DET
dem-1063	114	35	gauss	gauss	ADJ
dem-1063	114	36	programming	programming	NOUN
dem-1063	114	37	language	language	NOUN
dem-1063	114	38	were	be	AUX
dem-1063	114	39	applied	apply	VERB
dem-1063	114	40	.	.	PUNCT
dem-1063	115	1	10	10	NUM
dem-1063	115	2	logarithmic	logarithmic	ADJ
dem-1063	115	3	returns	return	NOUN
dem-1063	115	4	were	be	AUX
dem-1063	115	5	used	use	VERB
dem-1063	115	6	in	in	ADP
dem-1063	115	7	the	the	DET
dem-1063	115	8	study	study	NOUN
dem-1063	115	9	.	.	PUNCT
dem-1063	116	1	because	because	SCONJ
dem-1063	116	2	daily	daily	ADJ
dem-1063	116	3	data	datum	NOUN
dem-1063	116	4	were	be	AUX
dem-1063	116	5	used	use	VERB
dem-1063	116	6	,	,	PUNCT
dem-1063	116	7	the	the	DET
dem-1063	116	8	logarithmic	logarithmic	ADJ
dem-1063	116	9	return	return	NOUN
dem-1063	116	10	on	on	ADP
dem-1063	116	11	a	a	DET
dem-1063	116	12	portfolio	portfolio	NOUN
dem-1063	116	13	is	be	AUX
dem-1063	116	14	very	very	ADV
dem-1063	116	15	close	close	ADJ
dem-1063	116	16	to	to	ADP
dem-1063	116	17	the	the	DET
dem-1063	116	18	weighted	weighted	ADJ
dem-1063	116	19	average	average	NOUN
dem-1063	116	20	of	of	ADP
dem-1063	116	21	the	the	DET
dem-1063	116	22	logarithmic	logarithmic	ADJ
dem-1063	116	23	returns	return	NOUN
dem-1063	116	24	on	on	ADP
dem-1063	116	25	the	the	DET
dem-1063	116	26	individual	individual	ADJ
dem-1063	116	27	assets	asset	NOUN
dem-1063	116	28	.	.	PUNCT
dem-1063	117	1	piotr	piotr	NOUN
dem-1063	117	2	fiszeder	fiszeder	NOUN
dem-1063	117	3	94	94	NUM
dem-1063	117	4	iance	iance	NOUN
dem-1063	117	5	matrix	matrix	NOUN
dem-1063	117	6	of	of	ADP
dem-1063	117	7	returns11	returns11	NOUN
dem-1063	117	8	.	.	PUNCT
dem-1063	118	1	the	the	DET
dem-1063	118	2	orthogonal	orthogonal	ADJ
dem-1063	118	3	garch	garch	NOUN
dem-1063	118	4	model	model	NOUN
dem-1063	118	5	,	,	PUNCT
dem-1063	118	6	which	which	PRON
dem-1063	118	7	assumes	assume	VERB
dem-1063	118	8	that	that	SCONJ
dem-1063	118	9	returns	return	NOUN
dem-1063	118	10	depend	depend	VERB
dem-1063	118	11	on	on	ADP
dem-1063	118	12	common	common	ADJ
dem-1063	118	13	independent	independent	ADJ
dem-1063	118	14	factors	factor	NOUN
dem-1063	118	15	extracted	extract	VERB
dem-1063	118	16	by	by	ADP
dem-1063	118	17	principal	principal	ADJ
dem-1063	118	18	component	component	NOUN
dem-1063	118	19	analysis	analysis	NOUN
dem-1063	118	20	ranked	rank	VERB
dem-1063	118	21	the	the	DET
dem-1063	118	22	one	one	NOUN
dem-1063	118	23	before	before	ADP
dem-1063	118	24	last	last	ADJ
dem-1063	118	25	among	among	ADP
dem-1063	118	26	the	the	DET
dem-1063	118	27	garch	garch	NOUN
dem-1063	118	28	models	model	NOUN
dem-1063	118	29	.	.	PUNCT
dem-1063	119	1	this	this	DET
dem-1063	119	2	result	result	NOUN
dem-1063	119	3	follows	follow	VERB
dem-1063	119	4	,	,	PUNCT
dem-1063	119	5	first	first	ADV
dem-1063	119	6	of	of	ADP
dem-1063	119	7	all	all	PRON
dem-1063	119	8	,	,	PUNCT
dem-1063	119	9	from	from	ADP
dem-1063	119	10	the	the	DET
dem-1063	119	11	loss	loss	NOUN
dem-1063	119	12	of	of	ADP
dem-1063	119	13	important	important	ADJ
dem-1063	119	14	information	information	NOUN
dem-1063	119	15	.	.	PUNCT
dem-1063	120	1	the	the	DET
dem-1063	120	2	methods	method	NOUN
dem-1063	120	3	used	use	VERB
dem-1063	120	4	by	by	ADP
dem-1063	120	5	financial	financial	ADJ
dem-1063	120	6	market	market	NOUN
dem-1063	120	7	practitioners	practitioner	NOUN
dem-1063	120	8	,	,	PUNCT
dem-1063	120	9	i.e.	i.e.	X
dem-1063	120	10	the	the	DET
dem-1063	120	11	rolling	roll	VERB
dem-1063	120	12	covariance	covariance	NOUN
dem-1063	120	13	matrix	matrix	NOUN
dem-1063	120	14	and	and	CCONJ
dem-1063	120	15	the	the	DET
dem-1063	120	16	exponentially	exponentially	ADV
dem-1063	120	17	weighted	weight	VERB
dem-1063	120	18	moving	move	VERB
dem-1063	120	19	average	average	ADJ
dem-1063	120	20	estimate	estimate	NOUN
dem-1063	120	21	of	of	ADP
dem-1063	120	22	the	the	DET
dem-1063	120	23	covariance	covariance	NOUN
dem-1063	120	24	matrix	matrix	NOUN
dem-1063	120	25	took	take	VERB
dem-1063	120	26	a	a	DET
dem-1063	120	27	distant	distant	ADJ
dem-1063	120	28	positions	position	NOUN
dem-1063	120	29	in	in	ADP
dem-1063	120	30	the	the	DET
dem-1063	120	31	ranking	ranking	NOUN
dem-1063	120	32	,	,	PUNCT
dem-1063	120	33	even	even	ADV
dem-1063	120	34	behind	behind	ADP
dem-1063	120	35	the	the	DET
dem-1063	120	36	unconditional	unconditional	ADJ
dem-1063	120	37	covariance	covariance	NOUN
dem-1063	120	38	matrix	matrix	NOUN
dem-1063	120	39	of	of	ADP
dem-1063	120	40	returns	return	NOUN
dem-1063	120	41	.	.	PUNCT
dem-1063	121	1	the	the	DET
dem-1063	121	2	very	very	ADV
dem-1063	121	3	poor	poor	ADJ
dem-1063	121	4	result	result	NOUN
dem-1063	121	5	of	of	ADP
dem-1063	121	6	the	the	DET
dem-1063	121	7	rolling	roll	VERB
dem-1063	121	8	covariance	covariance	NOUN
dem-1063	121	9	matrix	matrix	NOUN
dem-1063	121	10	with	with	ADP
dem-1063	121	11	a	a	DET
dem-1063	121	12	low	low	ADJ
dem-1063	121	13	value	value	NOUN
dem-1063	121	14	of	of	ADP
dem-1063	121	15	the	the	DET
dem-1063	121	16	rolling	rolling	ADJ
dem-1063	121	17	window	window	NOUN
dem-1063	121	18	equal	equal	ADJ
dem-1063	121	19	to	to	ADP
dem-1063	121	20	25	25	NUM
dem-1063	121	21	deserves	deserve	NOUN
dem-1063	121	22	to	to	PART
dem-1063	121	23	be	be	AUX
dem-1063	121	24	highlighted	highlight	VERB
dem-1063	121	25	.	.	PUNCT
dem-1063	122	1	the	the	DET
dem-1063	122	2	value	value	NOUN
dem-1063	122	3	of	of	ADP
dem-1063	122	4	the	the	DET
dem-1063	122	5	smoothing	smoothing	NOUN
dem-1063	122	6	parameter	parameter	NOUN
dem-1063	122	7	,	,	PUNCT
dem-1063	122	8	set	set	VERB
dem-1063	122	9	often	often	ADV
dem-1063	122	10	for	for	ADP
dem-1063	122	11	daily	daily	ADJ
dem-1063	122	12	data	datum	NOUN
dem-1063	122	13	in	in	ADP
dem-1063	122	14	the	the	DET
dem-1063	122	15	riskmetrics	riskmetric	NOUN
dem-1063	122	16	methodology	methodology	NOUN
dem-1063	122	17	to	to	ADP
dem-1063	122	18	0.94	0.94	NUM
dem-1063	122	19	is	be	AUX
dem-1063	122	20	not	not	PART
dem-1063	122	21	the	the	DET
dem-1063	122	22	optimal	optimal	ADJ
dem-1063	122	23	value	value	NOUN
dem-1063	122	24	for	for	ADP
dem-1063	122	25	the	the	DET
dem-1063	122	26	polish	polish	ADJ
dem-1063	122	27	stock	stock	NOUN
dem-1063	122	28	market	market	NOUN
dem-1063	122	29	(	(	PUNCT
dem-1063	122	30	it	it	PRON
dem-1063	122	31	is	be	AUX
dem-1063	122	32	definitely	definitely	ADV
dem-1063	122	33	too	too	ADV
dem-1063	122	34	low	low	ADJ
dem-1063	122	35	)	)	PUNCT
dem-1063	122	36	.	.	PUNCT
dem-1063	123	1	for	for	ADP
dem-1063	123	2	a	a	DET
dem-1063	123	3	large	large	ADJ
dem-1063	123	4	number	number	NOUN
dem-1063	123	5	of	of	ADP
dem-1063	123	6	assets	asset	NOUN
dem-1063	123	7	like	like	ADP
dem-1063	123	8	in	in	ADP
dem-1063	123	9	this	this	DET
dem-1063	123	10	study	study	NOUN
dem-1063	123	11	,	,	PUNCT
dem-1063	123	12	probably	probably	ADV
dem-1063	123	13	none	none	NOUN
dem-1063	123	14	of	of	ADP
dem-1063	123	15	the	the	DET
dem-1063	123	16	restrictions	restriction	NOUN
dem-1063	123	17	,	,	PUNCT
dem-1063	123	18	assumed	assume	VERB
dem-1063	123	19	by	by	ADP
dem-1063	123	20	the	the	DET
dem-1063	123	21	considered	consider	VERB
dem-1063	123	22	garch	garch	NOUN
dem-1063	123	23	models	model	NOUN
dem-1063	123	24	,	,	PUNCT
dem-1063	123	25	is	be	AUX
dem-1063	123	26	met	meet	VERB
dem-1063	123	27	.	.	PUNCT
dem-1063	124	1	however	however	ADV
dem-1063	124	2	,	,	PUNCT
dem-1063	124	3	one	one	PRON
dem-1063	124	4	can	can	AUX
dem-1063	124	5	attempt	attempt	VERB
dem-1063	124	6	to	to	PART
dem-1063	124	7	indicate	indicate	VERB
dem-1063	124	8	the	the	DET
dem-1063	124	9	restrictions	restriction	NOUN
dem-1063	124	10	,	,	PUNCT
dem-1063	124	11	which	which	PRON
dem-1063	124	12	have	have	VERB
dem-1063	124	13	a	a	DET
dem-1063	124	14	stronger	strong	ADJ
dem-1063	124	15	negative	negative	ADJ
dem-1063	124	16	influence	influence	NOUN
dem-1063	124	17	on	on	ADP
dem-1063	124	18	the	the	DET
dem-1063	124	19	performance	performance	NOUN
dem-1063	124	20	of	of	ADP
dem-1063	124	21	portfolio	portfolio	NOUN
dem-1063	124	22	,	,	PUNCT
dem-1063	124	23	in	in	ADP
dem-1063	124	24	the	the	DET
dem-1063	124	25	case	case	NOUN
dem-1063	124	26	when	when	SCONJ
dem-1063	124	27	they	they	PRON
dem-1063	124	28	are	be	AUX
dem-1063	124	29	not	not	PART
dem-1063	124	30	met	meet	VERB
dem-1063	124	31	.	.	PUNCT
dem-1063	125	1	for	for	ADP
dem-1063	125	2	example	example	NOUN
dem-1063	125	3	,	,	PUNCT
dem-1063	125	4	the	the	DET
dem-1063	125	5	assumption	assumption	NOUN
dem-1063	125	6	that	that	SCONJ
dem-1063	125	7	models	model	NOUN
dem-1063	125	8	describing	describe	VERB
dem-1063	125	9	conditional	conditional	ADJ
dem-1063	125	10	variances	variance	NOUN
dem-1063	125	11	and	and	CCONJ
dem-1063	125	12	covariances	covariance	NOUN
dem-1063	125	13	have	have	VERB
dem-1063	125	14	the	the	DET
dem-1063	125	15	same	same	ADJ
dem-1063	125	16	parameters	parameter	NOUN
dem-1063	125	17	for	for	ADP
dem-1063	125	18	all	all	DET
dem-1063	125	19	series12	series12	NOUN
dem-1063	125	20	(	(	PUNCT
dem-1063	125	21	like	like	INTJ
dem-1063	125	22	in	in	ADP
dem-1063	125	23	the	the	DET
dem-1063	125	24	scalar	scalar	ADJ
dem-1063	125	25	bekk	bekk	NOUN
dem-1063	125	26	and	and	CCONJ
dem-1063	125	27	integrated	integrated	ADJ
dem-1063	125	28	models	model	NOUN
dem-1063	125	29	)	)	PUNCT
dem-1063	125	30	is	be	AUX
dem-1063	125	31	probably	probably	ADV
dem-1063	125	32	too	too	ADV
dem-1063	125	33	strong	strong	ADJ
dem-1063	125	34	.	.	PUNCT
dem-1063	126	1	it	it	PRON
dem-1063	126	2	also	also	ADV
dem-1063	126	3	seems	seem	VERB
dem-1063	126	4	that	that	SCONJ
dem-1063	126	5	the	the	DET
dem-1063	126	6	presupposition	presupposition	NOUN
dem-1063	126	7	of	of	ADP
dem-1063	126	8	the	the	DET
dem-1063	126	9	constancy	constancy	NOUN
dem-1063	126	10	of	of	ADP
dem-1063	126	11	conditional	conditional	ADJ
dem-1063	126	12	correlation	correlation	NOUN
dem-1063	126	13	coefficients	coefficient	NOUN
dem-1063	126	14	is	be	AUX
dem-1063	126	15	less	less	ADV
dem-1063	126	16	restrictive	restrictive	ADJ
dem-1063	126	17	.	.	PUNCT
dem-1063	127	1	the	the	DET
dem-1063	127	2	statistical	statistical	ADJ
dem-1063	127	3	significance	significance	NOUN
dem-1063	127	4	of	of	ADP
dem-1063	127	5	the	the	DET
dem-1063	127	6	observed	observe	VERB
dem-1063	127	7	differences	difference	NOUN
dem-1063	127	8	between	between	ADP
dem-1063	127	9	the	the	DET
dem-1063	127	10	performance	performance	NOUN
dem-1063	127	11	of	of	ADP
dem-1063	127	12	the	the	DET
dem-1063	127	13	different	different	ADJ
dem-1063	127	14	models	model	NOUN
dem-1063	127	15	was	be	AUX
dem-1063	127	16	not	not	PART
dem-1063	127	17	verified	verify	VERB
dem-1063	127	18	,	,	PUNCT
dem-1063	127	19	however	however	ADV
dem-1063	127	20	some	some	PRON
dem-1063	127	21	of	of	ADP
dem-1063	127	22	them	they	PRON
dem-1063	127	23	are	be	AUX
dem-1063	127	24	relevant	relevant	ADJ
dem-1063	127	25	from	from	ADP
dem-1063	127	26	the	the	DET
dem-1063	127	27	economic	economic	ADJ
dem-1063	127	28	point	point	NOUN
dem-1063	127	29	of	of	ADP
dem-1063	127	30	view	view	NOUN
dem-1063	127	31	.	.	PUNCT
dem-1063	128	1	for	for	ADP
dem-1063	128	2	example	example	NOUN
dem-1063	128	3	,	,	PUNCT
dem-1063	128	4	the	the	DET
dem-1063	128	5	difference	difference	NOUN
dem-1063	128	6	between	between	ADP
dem-1063	128	7	the	the	DET
dem-1063	128	8	first	first	ADJ
dem-1063	128	9	in	in	ADP
dem-1063	128	10	the	the	DET
dem-1063	128	11	ranking	ranking	NOUN
dem-1063	128	12	,	,	PUNCT
dem-1063	128	13	namely	namely	ADV
dem-1063	128	14	the	the	DET
dem-1063	128	15	integrated	integrated	ADJ
dem-1063	128	16	dcc	dcc	PROPN
dem-1063	128	17	model	model	NOUN
dem-1063	128	18	and	and	CCONJ
dem-1063	128	19	the	the	DET
dem-1063	128	20	unconditional	unconditional	ADJ
dem-1063	128	21	covariance	covariance	NOUN
dem-1063	128	22	matrix	matrix	NOUN
dem-1063	128	23	of	of	ADP
dem-1063	128	24	returns	return	NOUN
dem-1063	128	25	means	mean	VERB
dem-1063	128	26	a	a	DET
dem-1063	128	27	decrease	decrease	NOUN
dem-1063	128	28	of	of	ADP
dem-1063	128	29	about	about	ADV
dem-1063	128	30	3	3	NUM
dem-1063	128	31	percentage	percentage	NOUN
dem-1063	128	32	points	point	NOUN
dem-1063	128	33	of	of	ADP
dem-1063	128	34	the	the	DET
dem-1063	128	35	standard	standard	ADJ
dem-1063	128	36	deviation	deviation	NOUN
dem-1063	128	37	per	per	ADP
dem-1063	128	38	year	year	NOUN
dem-1063	128	39	.	.	PUNCT
dem-1063	129	1	additionally	additionally	ADV
dem-1063	129	2	,	,	PUNCT
dem-1063	129	3	values	value	NOUN
dem-1063	129	4	of	of	ADP
dem-1063	129	5	the	the	DET
dem-1063	129	6	schwarz	schwarz	PROPN
dem-1063	129	7	information	information	NOUN
dem-1063	129	8	criterion	criterion	NOUN
dem-1063	129	9	(	(	PUNCT
dem-1063	129	10	sic	sic	ADJ
dem-1063	129	11	)	)	PUNCT
dem-1063	129	12	were	be	AUX
dem-1063	129	13	calculated	calculate	VERB
dem-1063	129	14	,	,	PUNCT
dem-1063	129	15	when	when	SCONJ
dem-1063	129	16	it	it	PRON
dem-1063	129	17	was	be	AUX
dem-1063	129	18	possible	possible	ADJ
dem-1063	129	19	to	to	PART
dem-1063	129	20	evaluate	evaluate	VERB
dem-1063	129	21	a	a	DET
dem-1063	129	22	joint	joint	ADJ
dem-1063	129	23	likelihood	likelihood	NOUN
dem-1063	129	24	function	function	NOUN
dem-1063	129	25	(	(	PUNCT
dem-1063	129	26	see	see	VERB
dem-1063	129	27	table	table	NOUN
dem-1063	129	28	2	2	NUM
dem-1063	129	29	)	)	PUNCT
dem-1063	129	30	.	.	PUNCT
dem-1063	130	1	the	the	DET
dem-1063	130	2	ranking	ranking	NOUN
dem-1063	130	3	of	of	ADP
dem-1063	130	4	the	the	DET
dem-1063	130	5	models	model	NOUN
dem-1063	130	6	according	accord	VERB
dem-1063	130	7	to	to	ADP
dem-1063	130	8	the	the	DET
dem-1063	130	9	sic	sic	NOUN
dem-1063	130	10	is	be	AUX
dem-1063	130	11	similar	similar	ADJ
dem-1063	130	12	to	to	ADP
dem-1063	130	13	the	the	DET
dem-1063	130	14	one	one	NOUN
dem-1063	130	15	for	for	ADP
dem-1063	130	16	the	the	DET
dem-1063	130	17	portfolio	portfolio	NOUN
dem-1063	130	18	performance	performance	NOUN
dem-1063	130	19	evaluation	evaluation	NOUN
dem-1063	130	20	(	(	PUNCT
dem-1063	130	21	table	table	NOUN
dem-1063	130	22	1	1	NUM
dem-1063	130	23	)	)	PUNCT
dem-1063	130	24	.	.	PUNCT
dem-1063	131	1	the	the	DET
dem-1063	131	2	exceptions	exception	NOUN
dem-1063	131	3	are	be	AUX
dem-1063	131	4	the	the	DET
dem-1063	131	5	scalar	scalar	ADJ
dem-1063	131	6	bekk	bekk	NOUN
dem-1063	131	7	model	model	NOUN
dem-1063	131	8	with	with	ADP
dem-1063	131	9	student	student	NOUN
dem-1063	131	10	-	-	PUNCT
dem-1063	131	11	t	t	NOUN
dem-1063	131	12	innovations	innovation	NOUN
dem-1063	131	13	and	and	CCONJ
dem-1063	131	14	the	the	DET
dem-1063	131	15	integrated	integrate	VERB
dem-1063	131	16	model	model	NOUN
dem-1063	131	17	which	which	PRON
dem-1063	131	18	take	take	VERB
dem-1063	131	19	better	well	ADJ
dem-1063	131	20	position	position	NOUN
dem-1063	131	21	in	in	ADP
dem-1063	131	22	the	the	DET
dem-1063	131	23	sic	sic	ADJ
dem-1063	131	24	ranking	ranking	NOUN
dem-1063	131	25	.	.	PUNCT
dem-1063	132	1	the	the	DET
dem-1063	132	2	better	well	ADJ
dem-1063	132	3	performance	performance	NOUN
dem-1063	132	4	of	of	ADP
dem-1063	132	5	garch	garch	NOUN
dem-1063	132	6	models	model	NOUN
dem-1063	132	7	with	with	ADP
dem-1063	132	8	student	student	NOUN
dem-1063	132	9	-	-	PUNCT
dem-1063	132	10	t	t	NOUN
dem-1063	132	11	innovations	innovation	NOUN
dem-1063	132	12	in	in	ADP
dem-1063	132	13	the	the	DET
dem-1063	132	14	rankings	ranking	NOUN
dem-1063	132	15	based	base	VERB
dem-1063	132	16	on	on	ADP
dem-1063	132	17	the	the	DET
dem-1063	132	18	information	information	NOUN
dem-1063	132	19	criteria	criterion	NOUN
dem-1063	132	20	is	be	AUX
dem-1063	132	21	common	common	ADJ
dem-1063	132	22	in	in	ADP
dem-1063	132	23	other	other	ADJ
dem-1063	132	24	studies	study	NOUN
dem-1063	132	25	(	(	PUNCT
dem-1063	132	26	see	see	VERB
dem-1063	132	27	fiszeder	fiszeder	NOUN
dem-1063	132	28	,	,	PUNCT
dem-1063	132	29	2009	2009	NUM
dem-1063	132	30	)	)	PUNCT
dem-1063	132	31	.	.	PUNCT
dem-1063	133	1	the	the	DET
dem-1063	133	2	rankings	ranking	NOUN
dem-1063	133	3	of	of	ADP
dem-1063	133	4	models	model	NOUN
dem-1063	133	5	constructed	construct	VERB
dem-1063	133	6	on	on	ADP
dem-1063	133	7	the	the	DET
dem-1063	133	8	basis	basis	NOUN
dem-1063	133	9	of	of	ADP
dem-1063	133	10	the	the	DET
dem-1063	133	11	information	information	NOUN
dem-1063	133	12	criteria	criterion	NOUN
dem-1063	133	13	provide	provide	VERB
dem-1063	133	14	useful	useful	ADJ
dem-1063	133	15	clues	clue	NOUN
dem-1063	133	16	for	for	ADP
dem-1063	133	17	the	the	DET
dem-1063	133	18	selection	selection	NOUN
dem-1063	133	19	of	of	ADP
dem-1063	133	20	models	model	NOUN
dem-1063	133	21	for	for	ADP
dem-1063	133	22	the	the	DET
dem-1063	133	23	minimum	minimum	ADJ
dem-1063	133	24	variance	variance	NOUN
dem-1063	133	25	portfolio	portfolio	NOUN
dem-1063	133	26	construction	construction	NOUN
dem-1063	133	27	.	.	PUNCT
dem-1063	134	1	it	it	PRON
dem-1063	134	2	has	have	VERB
dem-1063	134	3	to	to	PART
dem-1063	134	4	be	be	AUX
dem-1063	134	5	remembered	remember	VERB
dem-1063	134	6	,	,	PUNCT
dem-1063	134	7	however	however	ADV
dem-1063	134	8	,	,	PUNCT
dem-1063	134	9	that	that	SCONJ
dem-1063	134	10	some	some	DET
dem-1063	134	11	characteristics	characteristic	NOUN
dem-1063	134	12	are	be	AUX
dem-1063	134	13	crucial	crucial	ADJ
dem-1063	134	14	in	in	ADP
dem-1063	134	15	the	the	DET
dem-1063	134	16	evaluation	evaluation	NOUN
dem-1063	134	17	of	of	ADP
dem-1063	134	18	the	the	DET
dem-1063	134	19	general	general	ADJ
dem-1063	134	20	fit	fit	NOUN
dem-1063	134	21	of	of	ADP
dem-1063	134	22	the	the	DET
dem-1063	134	23	model	model	NOUN
dem-1063	134	24	in	in	ADP
dem-1063	134	25	a	a	DET
dem-1063	134	26	sample	sample	NOUN
dem-1063	134	27	(	(	PUNCT
dem-1063	134	28	like	like	ADP
dem-1063	134	29	for	for	ADP
dem-1063	134	30	instance	instance	NOUN
dem-1063	134	31	a	a	DET
dem-1063	134	32	type	type	NOUN
dem-1063	134	33	of	of	ADP
dem-1063	134	34	conditional	conditional	ADJ
dem-1063	134	35	density	density	NOUN
dem-1063	134	36	)	)	PUNCT
dem-1063	134	37	,	,	PUNCT
dem-1063	134	38	but	but	CCONJ
dem-1063	134	39	their	their	PRON
dem-1063	134	40	influence	influence	NOUN
dem-1063	134	41	on	on	ADP
dem-1063	134	42	the	the	DET
dem-1063	134	43	performance	performance	NOUN
dem-1063	134	44	of	of	ADP
dem-1063	134	45	portfolio	portfolio	NOUN
dem-1063	134	46	is	be	AUX
dem-1063	134	47	not	not	PART
dem-1063	134	48	so	so	ADV
dem-1063	134	49	important	important	ADJ
dem-1063	134	50	.	.	PUNCT
dem-1063	135	1	11	11	NUM
dem-1063	135	2	estimates	estimate	NOUN
dem-1063	135	3	of	of	ADP
dem-1063	135	4	the	the	DET
dem-1063	135	5	parameter	parameter	NOUN
dem-1063	135	6	on	on	ADP
dem-1063	135	7	the	the	DET
dem-1063	135	8	lagged	lag	VERB
dem-1063	135	9	conditional	conditional	ADJ
dem-1063	135	10	covariance	covariance	NOUN
dem-1063	135	11	matrix	matrix	NOUN
dem-1063	135	12	were	be	AUX
dem-1063	135	13	equal	equal	ADJ
dem-1063	135	14	to	to	ADP
dem-1063	135	15	one	one	NUM
dem-1063	135	16	.	.	PUNCT
dem-1063	136	1	12	12	NUM
dem-1063	136	2	it	it	PRON
dem-1063	136	3	means	mean	VERB
dem-1063	136	4	,	,	PUNCT
dem-1063	136	5	that	that	SCONJ
dem-1063	136	6	the	the	DET
dem-1063	136	7	volatility	volatility	NOUN
dem-1063	136	8	dynamics	dynamic	NOUN
dem-1063	136	9	of	of	ADP
dem-1063	136	10	all	all	DET
dem-1063	136	11	series	series	NOUN
dem-1063	136	12	is	be	AUX
dem-1063	136	13	very	very	ADV
dem-1063	136	14	similar	similar	ADJ
dem-1063	136	15	.	.	PUNCT
dem-1063	137	1	minimum	minimum	ADJ
dem-1063	137	2	variance	variance	NOUN
dem-1063	137	3	portfolio	portfolio	NOUN
dem-1063	137	4	selections	selection	NOUN
dem-1063	137	5	for	for	ADP
dem-1063	137	6	large	large	ADJ
dem-1063	137	7	number	number	NOUN
dem-1063	137	8	of	of	ADP
dem-1063	137	9	stocks	stock	NOUN
dem-1063	137	10	–	–	PUNCT
dem-1063	137	11	application	application	NOUN
dem-1063	137	12	…	…	SYM
dem-1063	137	13	95	95	NUM
dem-1063	137	14	table	table	NOUN
dem-1063	137	15	2	2	NUM
dem-1063	137	16	.	.	PUNCT
dem-1063	137	17	ranking	rank	VERB
dem-1063	137	18	of	of	ADP
dem-1063	137	19	the	the	DET
dem-1063	137	20	models	model	NOUN
dem-1063	137	21	based	base	VERB
dem-1063	137	22	on	on	ADP
dem-1063	137	23	the	the	DET
dem-1063	137	24	schwarz	schwarz	PROPN
dem-1063	137	25	information	information	NOUN
dem-1063	137	26	criterion	criterion	NOUN
dem-1063	137	27	portfolio	portfolio	NOUN
dem-1063	137	28	designation	designation	NOUN
dem-1063	137	29	sic	sic	ADJ
dem-1063	137	30	rank	rank	NOUN
dem-1063	137	31	integrated	integrate	VERB
dem-1063	137	32	dcc	dcc	PROPN
dem-1063	137	33	-679060.02	-679060.02	PROPN
dem-1063	137	34	1	1	NUM
dem-1063	137	35	dcc	dcc	PROPN
dem-1063	137	36	-666933.43	-666933.43	NUM
dem-1063	137	37	2	2	NUM
dem-1063	137	38	scalar	scalar	ADJ
dem-1063	137	39	bekk	bekk	NOUN
dem-1063	137	40	student	student	NOUN
dem-1063	137	41	-	-	PUNCT
dem-1063	137	42	t	t	NOUN
dem-1063	137	43	-661928.17	-661928.17	NOUN
dem-1063	137	44	3	3	NUM
dem-1063	137	45	deco	deco	NOUN
dem-1063	137	46	-	-	PUNCT
dem-1063	137	47	dcc	dcc	NOUN
dem-1063	137	48	-658854.85	-658854.85	PROPN
dem-1063	137	49	4	4	NUM
dem-1063	137	50	integrated	integrate	VERB
dem-1063	137	51	-656773.56	-656773.56	NUM
dem-1063	137	52	5	5	NUM
dem-1063	137	53	scalar	scalar	ADJ
dem-1063	137	54	bekk	bekk	NOUN
dem-1063	137	55	-645459.24	-645459.24	PROPN
dem-1063	137	56	6	6	NUM
dem-1063	137	57	riskmetrics	riskmetric	NOUN
dem-1063	137	58	2052174.1	2052174.1	NUM
dem-1063	137	59	7	7	NUM
dem-1063	137	60	it	it	PRON
dem-1063	137	61	is	be	AUX
dem-1063	137	62	interesting	interesting	ADJ
dem-1063	137	63	to	to	PART
dem-1063	137	64	compare	compare	VERB
dem-1063	137	65	the	the	DET
dem-1063	137	66	results	result	NOUN
dem-1063	137	67	of	of	ADP
dem-1063	137	68	this	this	DET
dem-1063	137	69	analysis	analysis	NOUN
dem-1063	137	70	with	with	ADP
dem-1063	137	71	the	the	DET
dem-1063	137	72	similar	similar	ADJ
dem-1063	137	73	study	study	NOUN
dem-1063	137	74	for	for	ADP
dem-1063	137	75	twenty	twenty	NUM
dem-1063	137	76	stocks	stock	NOUN
dem-1063	137	77	(	(	PUNCT
dem-1063	137	78	fiszeder	fiszeder	NOUN
dem-1063	137	79	,	,	PUNCT
dem-1063	137	80	2007	2007	NUM
dem-1063	137	81	)	)	PUNCT
dem-1063	137	82	.	.	PUNCT
dem-1063	138	1	the	the	DET
dem-1063	138	2	garch	garch	NOUN
dem-1063	138	3	models	model	NOUN
dem-1063	138	4	,	,	PUNCT
dem-1063	138	5	whose	whose	DET
dem-1063	138	6	parameters	parameter	NOUN
dem-1063	138	7	were	be	AUX
dem-1063	138	8	estimated	estimate	VERB
dem-1063	138	9	in	in	ADP
dem-1063	138	10	one	one	NUM
dem-1063	138	11	stage	stage	NOUN
dem-1063	138	12	(	(	PUNCT
dem-1063	138	13	like	like	ADP
dem-1063	138	14	the	the	DET
dem-1063	138	15	scalar	scalar	ADJ
dem-1063	138	16	bekk	bekk	NOUN
dem-1063	138	17	and	and	CCONJ
dem-1063	138	18	integrated	integrated	ADJ
dem-1063	138	19	models	model	NOUN
dem-1063	138	20	)	)	PUNCT
dem-1063	138	21	took	take	VERB
dem-1063	138	22	further	further	ADJ
dem-1063	138	23	positions	position	NOUN
dem-1063	138	24	in	in	ADP
dem-1063	138	25	the	the	DET
dem-1063	138	26	ranking	ranking	NOUN
dem-1063	138	27	.	.	PUNCT
dem-1063	139	1	it	it	PRON
dem-1063	139	2	seems	seem	VERB
dem-1063	139	3	that	that	SCONJ
dem-1063	139	4	the	the	DET
dem-1063	139	5	assumption	assumption	NOUN
dem-1063	139	6	that	that	SCONJ
dem-1063	139	7	models	model	NOUN
dem-1063	139	8	describing	describe	VERB
dem-1063	139	9	conditional	conditional	ADJ
dem-1063	139	10	variances	variance	NOUN
dem-1063	139	11	have	have	AUX
dem-1063	139	12	the	the	DET
dem-1063	139	13	same	same	ADJ
dem-1063	139	14	parameters	parameter	NOUN
dem-1063	139	15	for	for	ADP
dem-1063	139	16	all	all	DET
dem-1063	139	17	series	series	NOUN
dem-1063	139	18	becomes	become	VERB
dem-1063	139	19	more	more	ADV
dem-1063	139	20	and	and	CCONJ
dem-1063	139	21	more	more	ADV
dem-1063	139	22	restrictive	restrictive	ADJ
dem-1063	139	23	for	for	ADP
dem-1063	139	24	a	a	DET
dem-1063	139	25	larger	large	ADJ
dem-1063	139	26	number	number	NOUN
dem-1063	139	27	of	of	ADP
dem-1063	139	28	assets	asset	NOUN
dem-1063	139	29	.	.	PUNCT
dem-1063	140	1	furthermore	furthermore	ADV
dem-1063	140	2	,	,	PUNCT
dem-1063	140	3	the	the	DET
dem-1063	140	4	differences	difference	NOUN
dem-1063	140	5	between	between	ADP
dem-1063	140	6	evaluations	evaluation	NOUN
dem-1063	140	7	of	of	ADP
dem-1063	140	8	portfolios	portfolio	NOUN
dem-1063	140	9	,	,	PUNCT
dem-1063	140	10	obtained	obtain	VERB
dem-1063	140	11	with	with	ADP
dem-1063	140	12	the	the	DET
dem-1063	140	13	use	use	NOUN
dem-1063	140	14	of	of	ADP
dem-1063	140	15	the	the	DET
dem-1063	140	16	applied	apply	VERB
dem-1063	140	17	methods	method	NOUN
dem-1063	140	18	,	,	PUNCT
dem-1063	140	19	were	be	AUX
dem-1063	140	20	greater	great	ADJ
dem-1063	140	21	for	for	ADP
dem-1063	140	22	the	the	DET
dem-1063	140	23	seventy	seventy	NUM
dem-1063	140	24	stocks	stock	NOUN
dem-1063	140	25	.	.	PUNCT
dem-1063	141	1	the	the	DET
dem-1063	141	2	reason	reason	NOUN
dem-1063	141	3	for	for	ADP
dem-1063	141	4	such	such	ADJ
dem-1063	141	5	results	result	NOUN
dem-1063	141	6	is	be	AUX
dem-1063	141	7	probably	probably	ADV
dem-1063	141	8	the	the	DET
dem-1063	141	9	higher	high	ADJ
dem-1063	141	10	differentiation	differentiation	NOUN
dem-1063	141	11	of	of	ADP
dem-1063	141	12	the	the	DET
dem-1063	141	13	seventy	seventy	NUM
dem-1063	141	14	stocks	stock	NOUN
dem-1063	141	15	,	,	PUNCT
dem-1063	141	16	among	among	ADP
dem-1063	141	17	which	which	PRON
dem-1063	141	18	are	be	AUX
dem-1063	141	19	both	both	ADV
dem-1063	141	20	huge	huge	ADJ
dem-1063	141	21	but	but	CCONJ
dem-1063	141	22	also	also	ADV
dem-1063	141	23	very	very	ADV
dem-1063	141	24	small	small	ADJ
dem-1063	141	25	companies	company	NOUN
dem-1063	141	26	.	.	PUNCT
dem-1063	142	1	in	in	ADP
dem-1063	142	2	the	the	DET
dem-1063	142	3	study	study	NOUN
dem-1063	142	4	for	for	ADP
dem-1063	142	5	the	the	DET
dem-1063	142	6	twenty	twenty	NUM
dem-1063	142	7	stocks	stock	NOUN
dem-1063	142	8	only	only	ADV
dem-1063	142	9	the	the	DET
dem-1063	142	10	biggest	big	ADJ
dem-1063	142	11	companies	company	NOUN
dem-1063	142	12	were	be	AUX
dem-1063	142	13	considered	consider	VERB
dem-1063	142	14	.	.	PUNCT
dem-1063	143	1	this	this	DET
dem-1063	143	2	comparison	comparison	NOUN
dem-1063	143	3	for	for	ADP
dem-1063	143	4	different	different	ADJ
dem-1063	143	5	numbers	number	NOUN
dem-1063	143	6	of	of	ADP
dem-1063	143	7	stocks	stock	NOUN
dem-1063	143	8	clearly	clearly	ADV
dem-1063	143	9	shows	show	VERB
dem-1063	143	10	that	that	SCONJ
dem-1063	143	11	the	the	DET
dem-1063	143	12	received	receive	VERB
dem-1063	143	13	results	result	NOUN
dem-1063	143	14	depend	depend	VERB
dem-1063	143	15	on	on	ADP
dem-1063	143	16	the	the	DET
dem-1063	143	17	properties	property	NOUN
dem-1063	143	18	of	of	ADP
dem-1063	143	19	financial	financial	ADJ
dem-1063	143	20	time	time	NOUN
dem-1063	143	21	series	series	PROPN
dem-1063	143	22	.	.	PUNCT
dem-1063	144	1	conclusions	conclusion	NOUN
dem-1063	144	2	the	the	DET
dem-1063	144	3	dynamic	dynamic	ADJ
dem-1063	144	4	approach	approach	NOUN
dem-1063	144	5	to	to	ADP
dem-1063	144	6	the	the	DET
dem-1063	144	7	selection	selection	NOUN
dem-1063	144	8	of	of	ADP
dem-1063	144	9	efficient	efficient	ADJ
dem-1063	144	10	portfolios	portfolio	NOUN
dem-1063	144	11	for	for	ADP
dem-1063	144	12	a	a	DET
dem-1063	144	13	large	large	ADJ
dem-1063	144	14	number	number	NOUN
dem-1063	144	15	of	of	ADP
dem-1063	144	16	homogeneous	homogeneous	ADJ
dem-1063	144	17	assets	asset	NOUN
dem-1063	144	18	,	,	PUNCT
dem-1063	144	19	i.e.	i.e.	X
dem-1063	144	20	stocks	stock	NOUN
dem-1063	144	21	,	,	PUNCT
dem-1063	144	22	based	base	VERB
dem-1063	144	23	on	on	ADP
dem-1063	144	24	the	the	DET
dem-1063	144	25	forecasts	forecast	NOUN
dem-1063	144	26	of	of	ADP
dem-1063	144	27	variances	variance	NOUN
dem-1063	144	28	and	and	CCONJ
dem-1063	144	29	covariances	covariance	NOUN
dem-1063	144	30	of	of	ADP
dem-1063	144	31	returns	return	NOUN
dem-1063	144	32	constructed	construct	VERB
dem-1063	144	33	from	from	ADP
dem-1063	144	34	multivariate	multivariate	NOUN
dem-1063	144	35	garch	garch	NOUN
dem-1063	144	36	models	model	NOUN
dem-1063	144	37	has	have	AUX
dem-1063	144	38	been	be	AUX
dem-1063	144	39	presented	present	VERB
dem-1063	144	40	in	in	ADP
dem-1063	144	41	this	this	DET
dem-1063	144	42	paper	paper	NOUN
dem-1063	144	43	.	.	PUNCT
dem-1063	145	1	an	an	DET
dem-1063	145	2	evaluation	evaluation	NOUN
dem-1063	145	3	of	of	ADP
dem-1063	145	4	the	the	DET
dem-1063	145	5	efficiency	efficiency	NOUN
dem-1063	145	6	for	for	ADP
dem-1063	145	7	different	different	ADJ
dem-1063	145	8	methods	method	NOUN
dem-1063	145	9	of	of	ADP
dem-1063	145	10	the	the	DET
dem-1063	145	11	minimum	minimum	ADJ
dem-1063	145	12	variance	variance	NOUN
dem-1063	145	13	portfolio	portfolio	NOUN
dem-1063	145	14	selection	selection	NOUN
dem-1063	145	15	was	be	AUX
dem-1063	145	16	performed	perform	VERB
dem-1063	145	17	for	for	ADP
dem-1063	145	18	the	the	DET
dem-1063	145	19	seventy	seventy	NUM
dem-1063	145	20	stocks	stock	NOUN
dem-1063	145	21	from	from	ADP
dem-1063	145	22	the	the	DET
dem-1063	145	23	warsaw	warsaw	PROPN
dem-1063	145	24	stock	stock	PROPN
dem-1063	145	25	exchange	exchange	PROPN
dem-1063	145	26	.	.	PUNCT
dem-1063	146	1	the	the	DET
dem-1063	146	2	eight	eight	NUM
dem-1063	146	3	specifications	specification	NOUN
dem-1063	146	4	of	of	ADP
dem-1063	146	5	multivariate	multivariate	NOUN
dem-1063	146	6	garch	garch	NOUN
dem-1063	146	7	models	model	NOUN
dem-1063	146	8	and	and	CCONJ
dem-1063	146	9	the	the	DET
dem-1063	146	10	six	six	NUM
dem-1063	146	11	other	other	ADJ
dem-1063	146	12	methods	method	NOUN
dem-1063	146	13	were	be	AUX
dem-1063	146	14	used	use	VERB
dem-1063	146	15	.	.	PUNCT
dem-1063	147	1	capturing	capture	VERB
dem-1063	147	2	time	time	NOUN
dem-1063	147	3	-	-	PUNCT
dem-1063	147	4	varying	vary	VERB
dem-1063	147	5	variances	variance	NOUN
dem-1063	147	6	and	and	CCONJ
dem-1063	147	7	covariances	covariance	NOUN
dem-1063	147	8	of	of	ADP
dem-1063	147	9	stock	stock	NOUN
dem-1063	147	10	returns	return	NOUN
dem-1063	147	11	does	do	AUX
dem-1063	147	12	not	not	PART
dem-1063	147	13	always	always	ADV
dem-1063	147	14	increase	increase	VERB
dem-1063	147	15	the	the	DET
dem-1063	147	16	efficiency	efficiency	NOUN
dem-1063	147	17	of	of	ADP
dem-1063	147	18	the	the	DET
dem-1063	147	19	asset	asset	NOUN
dem-1063	147	20	allocation	allocation	NOUN
dem-1063	147	21	process	process	NOUN
dem-1063	147	22	.	.	PUNCT
dem-1063	148	1	the	the	DET
dem-1063	148	2	application	application	NOUN
dem-1063	148	3	of	of	ADP
dem-1063	148	4	all	all	DET
dem-1063	148	5	the	the	DET
dem-1063	148	6	considered	consider	VERB
dem-1063	148	7	garch	garch	NOUN
dem-1063	148	8	-	-	PUNCT
dem-1063	148	9	class	class	NOUN
dem-1063	148	10	models	model	NOUN
dem-1063	148	11	was	be	AUX
dem-1063	148	12	more	more	ADV
dem-1063	148	13	efficacious	efficacious	ADJ
dem-1063	148	14	in	in	ADP
dem-1063	148	15	the	the	DET
dem-1063	148	16	allocation	allocation	NOUN
dem-1063	148	17	of	of	ADP
dem-1063	148	18	stocks	stock	NOUN
dem-1063	148	19	than	than	ADP
dem-1063	148	20	the	the	DET
dem-1063	148	21	implementation	implementation	NOUN
dem-1063	148	22	of	of	ADP
dem-1063	148	23	the	the	DET
dem-1063	148	24	other	other	ADJ
dem-1063	148	25	analyzed	analyze	VERB
dem-1063	148	26	methods	method	NOUN
dem-1063	148	27	,	,	PUNCT
dem-1063	148	28	including	include	VERB
dem-1063	148	29	the	the	DET
dem-1063	148	30	methods	method	NOUN
dem-1063	148	31	employed	employ	VERB
dem-1063	148	32	often	often	ADV
dem-1063	148	33	by	by	ADP
dem-1063	148	34	financial	financial	ADJ
dem-1063	148	35	market	market	NOUN
dem-1063	148	36	practitioners	practitioner	NOUN
dem-1063	148	37	.	.	PUNCT
dem-1063	149	1	the	the	DET
dem-1063	149	2	simple	simple	ADJ
dem-1063	149	3	specifications	specification	NOUN
dem-1063	149	4	of	of	ADP
dem-1063	149	5	multivariate	multivariate	NOUN
dem-1063	149	6	garch	garch	NOUN
dem-1063	149	7	models	model	NOUN
dem-1063	149	8	,	,	PUNCT
dem-1063	149	9	whose	whose	DET
dem-1063	149	10	parameters	parameter	NOUN
dem-1063	149	11	were	be	AUX
dem-1063	149	12	estimated	estimate	VERB
dem-1063	149	13	in	in	ADP
dem-1063	149	14	two	two	NUM
dem-1063	149	15	stages	stage	NOUN
dem-1063	149	16	,	,	PUNCT
dem-1063	149	17	like	like	ADP
dem-1063	149	18	the	the	DET
dem-1063	149	19	dcc	dcc	PROPN
dem-1063	149	20	and	and	CCONJ
dem-1063	149	21	ccc	ccc	PROPN
dem-1063	149	22	models	model	NOUN
dem-1063	149	23	,	,	PUNCT
dem-1063	149	24	were	be	AUX
dem-1063	149	25	the	the	DET
dem-1063	149	26	best	good	ADJ
dem-1063	149	27	performing	perform	VERB
dem-1063	149	28	models	model	NOUN
dem-1063	149	29	.	.	PUNCT
dem-1063	150	1	piotr	piotr	NOUN
dem-1063	150	2	fiszeder	fiszeder	NOUN
dem-1063	150	3	96	96	NUM
dem-1063	150	4	references	reference	NOUN
dem-1063	150	5	alexander	alexander	PROPN
dem-1063	150	6	,	,	PUNCT
dem-1063	150	7	c.	c.	PROPN
dem-1063	150	8	,	,	PUNCT
dem-1063	150	9	chibumba	chibumba	PROPN
dem-1063	150	10	,	,	PUNCT
dem-1063	150	11	a.	a.	NOUN
dem-1063	150	12	(	(	PUNCT
dem-1063	150	13	1996	1996	NUM
dem-1063	150	14	)	)	PUNCT
dem-1063	150	15	,	,	PUNCT
dem-1063	150	16	multivariate	multivariate	NOUN
dem-1063	150	17	orthogonal	orthogonal	ADJ
dem-1063	150	18	factor	factor	NOUN
dem-1063	150	19	garch	garch	NOUN
dem-1063	150	20	,	,	PUNCT
dem-1063	150	21	university	university	PROPN
dem-1063	150	22	of	of	ADP
dem-1063	150	23	sussex	sussex	NOUN
dem-1063	150	24	discussion	discussion	NOUN
dem-1063	150	25	papers	paper	NOUN
dem-1063	150	26	in	in	ADP
dem-1063	150	27	mathematics	mathematic	NOUN
dem-1063	150	28	.	.	PUNCT
dem-1063	151	1	baba	baba	PROPN
dem-1063	151	2	,	,	PUNCT
dem-1063	151	3	y.	y.	PROPN
dem-1063	151	4	,	,	PUNCT
dem-1063	151	5	engle	engle	PROPN
dem-1063	151	6	,	,	PUNCT
dem-1063	151	7	r.	r.	PROPN
dem-1063	151	8	f.	f.	PROPN
dem-1063	151	9	,	,	PUNCT
dem-1063	151	10	kraft	kraft	PROPN
dem-1063	151	11	,	,	PUNCT
dem-1063	151	12	d.	d.	PROPN
dem-1063	151	13	f.	f.	PROPN
dem-1063	151	14	,	,	PUNCT
dem-1063	151	15	kroner	kroner	PROPN
dem-1063	151	16	,	,	PUNCT
dem-1063	151	17	k.	k.	PROPN
dem-1063	151	18	f.	f.	PROPN
dem-1063	151	19	(	(	PUNCT
dem-1063	151	20	1990	1990	NUM
dem-1063	151	21	)	)	PUNCT
dem-1063	151	22	,	,	PUNCT
dem-1063	151	23	multivariate	multivariate	VERB
dem-1063	151	24	simultaneous	simultaneous	ADJ
dem-1063	151	25	generalized	generalize	VERB
dem-1063	151	26	arch	arch	NOUN
dem-1063	151	27	,	,	PUNCT
dem-1063	151	28	department	department	NOUN
dem-1063	151	29	of	of	ADP
dem-1063	151	30	economics	economic	NOUN
dem-1063	151	31	,	,	PUNCT
dem-1063	151	32	university	university	NOUN
dem-1063	151	33	of	of	ADP
dem-1063	151	34	california	california	PROPN
dem-1063	151	35	at	at	ADP
dem-1063	151	36	san	san	PROPN
dem-1063	151	37	diego	diego	PROPN
dem-1063	151	38	,	,	PUNCT
dem-1063	151	39	working	working	NOUN
dem-1063	151	40	paper	paper	NOUN
dem-1063	151	41	.	.	PUNCT
dem-1063	152	1	bauwens	bauwens	PROPN
dem-1063	152	2	,	,	PUNCT
dem-1063	152	3	l.	l.	PROPN
dem-1063	152	4	,	,	PUNCT
dem-1063	152	5	laurent	laurent	PROPN
dem-1063	152	6	,	,	PUNCT
dem-1063	152	7	s.	s.	PROPN
dem-1063	152	8	,	,	PUNCT
dem-1063	152	9	rombouts	rombouts	PROPN
dem-1063	152	10	,	,	PUNCT
dem-1063	152	11	j.	j.	PROPN
dem-1063	152	12	,	,	PUNCT
dem-1063	152	13	v.	v.	PROPN
dem-1063	152	14	,	,	PUNCT
dem-1063	152	15	k.	k.	PROPN
dem-1063	152	16	(	(	PUNCT
dem-1063	152	17	2006	2006	NUM
dem-1063	152	18	)	)	PUNCT
dem-1063	152	19	,	,	PUNCT
dem-1063	152	20	multivariate	multivariate	NOUN
dem-1063	152	21	garch	garch	NOUN
dem-1063	152	22	models	model	NOUN
dem-1063	152	23	:	:	PUNCT
dem-1063	152	24	a	a	DET
dem-1063	152	25	survey	survey	NOUN
dem-1063	152	26	,	,	PUNCT
dem-1063	152	27	journal	journal	NOUN
dem-1063	152	28	of	of	ADP
dem-1063	152	29	applied	apply	VERB
dem-1063	152	30	econometrics	econometric	NOUN
dem-1063	152	31	,	,	PUNCT
dem-1063	152	32	21	21	NUM
dem-1063	152	33	,	,	PUNCT
dem-1063	152	34	1	1	NUM
dem-1063	152	35	,	,	PUNCT
dem-1063	152	36	79–110	79–110	PROPN
dem-1063	152	37	.	.	PUNCT
dem-1063	152	38	best	good	ADJ
dem-1063	152	39	,	,	PUNCT
dem-1063	152	40	m.	m.	PROPN
dem-1063	152	41	j.	j.	PROPN
dem-1063	152	42	,	,	PUNCT
dem-1063	152	43	grauer	grauer	PROPN
dem-1063	152	44	,	,	PUNCT
dem-1063	152	45	r.	r.	PROPN
dem-1063	152	46	r.	r.	PROPN
dem-1063	152	47	(	(	PUNCT
dem-1063	152	48	1991	1991	NUM
dem-1063	152	49	)	)	PUNCT
dem-1063	152	50	,	,	PUNCT
dem-1063	152	51	on	on	ADP
dem-1063	152	52	the	the	DET
dem-1063	152	53	sensitivity	sensitivity	NOUN
dem-1063	152	54	of	of	ADP
dem-1063	152	55	mean	mean	ADJ
dem-1063	152	56	-	-	PUNCT
dem-1063	152	57	variance	variance	NOUN
dem-1063	152	58	-	-	PUNCT
dem-1063	152	59	efficient	efficient	ADJ
dem-1063	152	60	portfolios	portfolio	NOUN
dem-1063	152	61	to	to	PART
dem-1063	152	62	changes	change	NOUN
dem-1063	152	63	in	in	ADP
dem-1063	152	64	asset	asset	NOUN
dem-1063	152	65	means	mean	VERB
dem-1063	152	66	:	:	PUNCT
dem-1063	152	67	some	some	DET
dem-1063	152	68	analytical	analytical	ADJ
dem-1063	152	69	and	and	CCONJ
dem-1063	152	70	computational	computational	ADJ
dem-1063	152	71	results	result	NOUN
dem-1063	152	72	,	,	PUNCT
dem-1063	152	73	review	review	NOUN
dem-1063	152	74	of	of	ADP
dem-1063	152	75	financial	financial	ADJ
dem-1063	152	76	studies	study	NOUN
dem-1063	152	77	,	,	PUNCT
dem-1063	152	78	4	4	NUM
dem-1063	152	79	,	,	PUNCT
dem-1063	152	80	315–342	315–342	NUM
dem-1063	152	81	.	.	PUNCT
dem-1063	152	82	bollerslev	bollerslev	PROPN
dem-1063	152	83	,	,	PUNCT
dem-1063	152	84	t.	t.	PROPN
dem-1063	152	85	(	(	PUNCT
dem-1063	152	86	1990	1990	NUM
dem-1063	152	87	)	)	PUNCT
dem-1063	152	88	,	,	PUNCT
dem-1063	152	89	modelling	model	VERB
dem-1063	152	90	the	the	DET
dem-1063	152	91	coherence	coherence	NOUN
dem-1063	152	92	in	in	ADP
dem-1063	152	93	short	short	ADJ
dem-1063	152	94	-	-	PUNCT
dem-1063	152	95	run	run	VERB
dem-1063	152	96	nominal	nominal	ADJ
dem-1063	152	97	exchange	exchange	NOUN
dem-1063	152	98	rates	rate	NOUN
dem-1063	152	99	:	:	PUNCT
dem-1063	152	100	a	a	DET
dem-1063	152	101	multivariate	multivariate	NOUN
dem-1063	152	102	generalized	generalize	VERB
dem-1063	152	103	arch	arch	ADJ
dem-1063	152	104	approach	approach	NOUN
dem-1063	152	105	,	,	PUNCT
dem-1063	152	106	review	review	NOUN
dem-1063	152	107	of	of	ADP
dem-1063	152	108	economics	economic	NOUN
dem-1063	152	109	and	and	CCONJ
dem-1063	152	110	statistics	statistic	NOUN
dem-1063	152	111	,	,	PUNCT
dem-1063	152	112	72	72	NUM
dem-1063	152	113	,	,	PUNCT
dem-1063	152	114	498–505	498–505	NUM
dem-1063	152	115	.	.	PUNCT
dem-1063	153	1	chan	chan	PROPN
dem-1063	153	2	,	,	PUNCT
dem-1063	153	3	l.	l.	PROPN
dem-1063	153	4	k.	k.	PROPN
dem-1063	153	5	c.	c.	PROPN
dem-1063	153	6	,	,	PUNCT
dem-1063	153	7	karceski	karceski	PROPN
dem-1063	153	8	,	,	PUNCT
dem-1063	153	9	j.	j.	PROPN
dem-1063	153	10	,	,	PUNCT
dem-1063	153	11	lakonishok	lakonishok	PROPN
dem-1063	153	12	,	,	PUNCT
dem-1063	153	13	j.	j.	PROPN
dem-1063	153	14	(	(	PUNCT
dem-1063	153	15	1999	1999	NUM
dem-1063	153	16	)	)	PUNCT
dem-1063	153	17	,	,	PUNCT
dem-1063	153	18	on	on	ADP
dem-1063	153	19	portfolio	portfolio	NOUN
dem-1063	153	20	optimization	optimization	NOUN
dem-1063	153	21	:	:	PUNCT
dem-1063	153	22	forecasting	forecasting	NOUN
dem-1063	153	23	covariances	covariance	NOUN
dem-1063	153	24	and	and	CCONJ
dem-1063	153	25	choosing	choose	VERB
dem-1063	153	26	the	the	DET
dem-1063	153	27	risk	risk	NOUN
dem-1063	153	28	model	model	NOUN
dem-1063	153	29	,	,	PUNCT
dem-1063	153	30	review	review	NOUN
dem-1063	153	31	of	of	ADP
dem-1063	153	32	financial	financial	ADJ
dem-1063	153	33	studies	study	NOUN
dem-1063	153	34	,	,	PUNCT
dem-1063	153	35	12	12	NUM
dem-1063	153	36	,	,	PUNCT
dem-1063	153	37	937–974	937–974	NUM
dem-1063	153	38	.	.	PUNCT
dem-1063	154	1	chopra	chopra	PROPN
dem-1063	154	2	,	,	PUNCT
dem-1063	154	3	v.	v.	PROPN
dem-1063	154	4	k.	k.	PROPN
dem-1063	154	5	,	,	PUNCT
dem-1063	154	6	ziemba	ziemba	PROPN
dem-1063	154	7	,	,	PUNCT
dem-1063	154	8	w.	w.	PROPN
dem-1063	154	9	t.	t.	PROPN
dem-1063	154	10	(	(	PUNCT
dem-1063	154	11	1993	1993	NUM
dem-1063	154	12	)	)	PUNCT
dem-1063	154	13	,	,	PUNCT
dem-1063	154	14	the	the	DET
dem-1063	154	15	effect	effect	NOUN
dem-1063	154	16	of	of	ADP
dem-1063	154	17	errors	error	NOUN
dem-1063	154	18	in	in	ADP
dem-1063	154	19	means	mean	NOUN
dem-1063	154	20	,	,	PUNCT
dem-1063	154	21	variances	variance	NOUN
dem-1063	154	22	and	and	CCONJ
dem-1063	154	23	covariances	covariance	NOUN
dem-1063	154	24	on	on	ADP
dem-1063	154	25	optimal	optimal	ADJ
dem-1063	154	26	portfolio	portfolio	NOUN
dem-1063	154	27	choice	choice	NOUN
dem-1063	154	28	,	,	PUNCT
dem-1063	154	29	journal	journal	NOUN
dem-1063	154	30	of	of	ADP
dem-1063	154	31	portfolio	portfolio	NOUN
dem-1063	154	32	management	management	NOUN
dem-1063	154	33	,	,	PUNCT
dem-1063	154	34	19	19	NUM
dem-1063	154	35	,	,	PUNCT
dem-1063	154	36	6–11	6–11	NOUN
dem-1063	154	37	.	.	PUNCT
dem-1063	155	1	engle	engle	PROPN
dem-1063	155	2	,	,	PUNCT
dem-1063	155	3	r.	r.	PROPN
dem-1063	155	4	f.	f.	PROPN
dem-1063	155	5	(	(	PUNCT
dem-1063	155	6	2002	2002	NUM
dem-1063	155	7	)	)	PUNCT
dem-1063	155	8	,	,	PUNCT
dem-1063	155	9	dynamic	dynamic	ADJ
dem-1063	155	10	conditional	conditional	ADJ
dem-1063	155	11	correlation	correlation	NOUN
dem-1063	155	12	–	–	PUNCT
dem-1063	155	13	a	a	DET
dem-1063	155	14	simple	simple	ADJ
dem-1063	155	15	class	class	NOUN
dem-1063	155	16	of	of	ADP
dem-1063	155	17	multivariate	multivariate	NOUN
dem-1063	155	18	garch	garch	NOUN
dem-1063	155	19	models	model	NOUN
dem-1063	155	20	,	,	PUNCT
dem-1063	155	21	journal	journal	NOUN
dem-1063	155	22	of	of	ADP
dem-1063	155	23	business	business	NOUN
dem-1063	155	24	and	and	CCONJ
dem-1063	155	25	economic	economic	ADJ
dem-1063	155	26	statistics	statistic	NOUN
dem-1063	155	27	,	,	PUNCT
dem-1063	155	28	20	20	NUM
dem-1063	155	29	,	,	PUNCT
dem-1063	155	30	339–350	339–350	NUM
dem-1063	155	31	.	.	PUNCT
dem-1063	156	1	engle	engle	PROPN
dem-1063	156	2	,	,	PUNCT
dem-1063	156	3	r.	r.	PROPN
dem-1063	156	4	f.	f.	PROPN
dem-1063	156	5	,	,	PUNCT
dem-1063	156	6	colacito	colacito	PROPN
dem-1063	156	7	,	,	PUNCT
dem-1063	156	8	r.	r.	PROPN
dem-1063	156	9	(	(	PUNCT
dem-1063	156	10	2006	2006	NUM
dem-1063	156	11	)	)	PUNCT
dem-1063	156	12	,	,	PUNCT
dem-1063	156	13	testing	testing	NOUN
dem-1063	156	14	and	and	CCONJ
dem-1063	156	15	valuing	value	VERB
dem-1063	156	16	dynamic	dynamic	ADJ
dem-1063	156	17	correlations	correlation	NOUN
dem-1063	156	18	for	for	ADP
dem-1063	156	19	asset	asset	NOUN
dem-1063	156	20	allocation	allocation	NOUN
dem-1063	156	21	,	,	PUNCT
dem-1063	156	22	journal	journal	NOUN
dem-1063	156	23	of	of	ADP
dem-1063	156	24	business	business	NOUN
dem-1063	156	25	and	and	CCONJ
dem-1063	156	26	economic	economic	ADJ
dem-1063	156	27	statistics	statistic	NOUN
dem-1063	156	28	,	,	PUNCT
dem-1063	156	29	24	24	NUM
dem-1063	156	30	,	,	PUNCT
dem-1063	156	31	2	2	NUM
dem-1063	156	32	,	,	PUNCT
dem-1063	156	33	238–253	238–253	NUM
dem-1063	156	34	.	.	PUNCT
dem-1063	157	1	engle	engle	PROPN
dem-1063	157	2	,	,	PUNCT
dem-1063	157	3	r.	r.	PROPN
dem-1063	157	4	f.	f.	PROPN
dem-1063	157	5	,	,	PUNCT
dem-1063	157	6	kelly	kelly	PROPN
dem-1063	157	7	,	,	PUNCT
dem-1063	157	8	b.	b.	PROPN
dem-1063	157	9	(	(	PUNCT
dem-1063	157	10	2008	2008	NUM
dem-1063	157	11	)	)	PUNCT
dem-1063	157	12	,	,	PUNCT
dem-1063	157	13	dynamic	dynamic	ADJ
dem-1063	157	14	equicorrelation	equicorrelation	NOUN
dem-1063	157	15	,	,	PUNCT
dem-1063	157	16	working	working	NOUN
dem-1063	157	17	paper	paper	NOUN
dem-1063	157	18	,	,	PUNCT
dem-1063	157	19	stern	stern	ADJ
dem-1063	157	20	school	school	NOUN
dem-1063	157	21	of	of	ADP
dem-1063	157	22	business	business	NOUN
dem-1063	157	23	,	,	PUNCT
dem-1063	157	24	new	new	PROPN
dem-1063	157	25	york	york	PROPN
dem-1063	157	26	.	.	PUNCT
dem-1063	158	1	engle	engle	PROPN
dem-1063	158	2	,	,	PUNCT
dem-1063	158	3	r.	r.	PROPN
dem-1063	158	4	f.	f.	PROPN
dem-1063	158	5	,	,	PUNCT
dem-1063	158	6	kroner	kroner	PROPN
dem-1063	158	7	,	,	PUNCT
dem-1063	158	8	k.	k.	PROPN
dem-1063	158	9	f.	f.	PROPN
dem-1063	158	10	(	(	PUNCT
dem-1063	158	11	1995	1995	NUM
dem-1063	158	12	)	)	PUNCT
dem-1063	158	13	,	,	PUNCT
dem-1063	158	14	multivariate	multivariate	VERB
dem-1063	158	15	simultaneous	simultaneous	ADJ
dem-1063	158	16	generalized	generalize	VERB
dem-1063	158	17	arch	arch	NOUN
dem-1063	158	18	,	,	PUNCT
dem-1063	158	19	econometric	econometric	ADJ
dem-1063	158	20	theory	theory	NOUN
dem-1063	158	21	,	,	PUNCT
dem-1063	158	22	11	11	NUM
dem-1063	158	23	,	,	PUNCT
dem-1063	158	24	122–150	122–150	NUM
dem-1063	158	25	.	.	PUNCT
dem-1063	159	1	engle	engle	PROPN
dem-1063	159	2	,	,	PUNCT
dem-1063	159	3	r.	r.	PROPN
dem-1063	159	4	f.	f.	PROPN
dem-1063	159	5	,	,	PUNCT
dem-1063	159	6	mezrich	mezrich	PROPN
dem-1063	159	7	,	,	PUNCT
dem-1063	159	8	j.	j.	PROPN
dem-1063	159	9	(	(	PUNCT
dem-1063	159	10	1996	1996	NUM
dem-1063	159	11	)	)	PUNCT
dem-1063	159	12	,	,	PUNCT
dem-1063	159	13	garch	garch	NOUN
dem-1063	159	14	for	for	ADP
dem-1063	159	15	groups	group	NOUN
dem-1063	159	16	,	,	PUNCT
dem-1063	159	17	risk	risk	NOUN
dem-1063	159	18	,	,	PUNCT
dem-1063	159	19	9	9	NUM
dem-1063	159	20	,	,	PUNCT
dem-1063	159	21	no	no	INTJ
dem-1063	159	22	.	.	NOUN
dem-1063	159	23	8	8	NUM
dem-1063	159	24	,	,	PUNCT
dem-1063	159	25	36–40	36–40	NUM
dem-1063	159	26	.	.	PUNCT
dem-1063	160	1	engle	engle	PROPN
dem-1063	160	2	,	,	PUNCT
dem-1063	160	3	r.	r.	PROPN
dem-1063	160	4	f.	f.	PROPN
dem-1063	160	5	,	,	PUNCT
dem-1063	160	6	sheppard	sheppard	PROPN
dem-1063	160	7	,	,	PUNCT
dem-1063	160	8	k.	k.	PROPN
dem-1063	160	9	(	(	PUNCT
dem-1063	160	10	2001	2001	NUM
dem-1063	160	11	)	)	PUNCT
dem-1063	160	12	,	,	PUNCT
dem-1063	160	13	theoretical	theoretical	ADJ
dem-1063	160	14	and	and	CCONJ
dem-1063	160	15	empirical	empirical	ADJ
dem-1063	160	16	properties	property	NOUN
dem-1063	160	17	of	of	ADP
dem-1063	160	18	dynamic	dynamic	ADJ
dem-1063	160	19	conditional	conditional	ADJ
dem-1063	160	20	correlation	correlation	NOUN
dem-1063	160	21	multivariate	multivariate	NOUN
dem-1063	160	22	garch	garch	NOUN
dem-1063	160	23	,	,	PUNCT
dem-1063	160	24	nber	nber	PROPN
dem-1063	160	25	working	working	PROPN
dem-1063	160	26	paper	paper	PROPN
dem-1063	160	27	no	no	INTJ
dem-1063	160	28	.	.	PROPN
dem-1063	160	29	8554	8554	NUM
dem-1063	160	30	.	.	PUNCT
dem-1063	161	1	fiszeder	fiszed	ADJ
dem-1063	161	2	,	,	PUNCT
dem-1063	161	3	p.	p.	NOUN
dem-1063	161	4	(	(	PUNCT
dem-1063	161	5	2004	2004	NUM
dem-1063	161	6	)	)	PUNCT
dem-1063	161	7	,	,	PUNCT
dem-1063	161	8	dynamiczna	dynamiczna	NOUN
dem-1063	161	9	alokacja	alokacja	ADJ
dem-1063	161	10	aktywów	aktywów	NOUN
dem-1063	161	11	–	–	PUNCT
dem-1063	161	12	model	model	NOUN
dem-1063	161	13	markowitza	markowitza	NOUN
dem-1063	161	14	(	(	PUNCT
dem-1063	161	15	dynamic	dynamic	ADJ
dem-1063	161	16	assets	asset	NOUN
dem-1063	161	17	allocation	allocation	NOUN
dem-1063	161	18	–	–	PUNCT
dem-1063	161	19	markowitz	markowitz	PROPN
dem-1063	161	20	model	model	PROPN
dem-1063	161	21	)	)	PUNCT
dem-1063	161	22	,	,	PUNCT
dem-1063	161	23	rynki	rynki	PROPN
dem-1063	161	24	finansowe	finansowe	PROPN
dem-1063	161	25	–	–	PUNCT
dem-1063	161	26	prognozy	prognozy	VERB
dem-1063	161	27	a	a	DET
dem-1063	161	28	decyzje	decyzje	NOUN
dem-1063	161	29	(	(	PUNCT
dem-1063	161	30	financial	financial	ADJ
dem-1063	161	31	markets	market	NOUN
dem-1063	161	32	–	–	PUNCT
dem-1063	161	33	forecasts	forecast	NOUN
dem-1063	161	34	and	and	CCONJ
dem-1063	161	35	decisions	decision	NOUN
dem-1063	161	36	)	)	PUNCT
dem-1063	161	37	,	,	PUNCT
dem-1063	161	38	acta	acta	PROPN
dem-1063	161	39	universitatis	universitatis	NOUN
dem-1063	161	40	lodziensis	lodziensis	NOUN
dem-1063	161	41	,	,	PUNCT
dem-1063	161	42	folia	folia	PROPN
dem-1063	161	43	oeconomica	oeconomica	PROPN
dem-1063	161	44	,	,	PUNCT
dem-1063	161	45	177	177	NUM
dem-1063	161	46	,	,	PUNCT
dem-1063	161	47	uniwersytet	uniwersytet	PROPN
dem-1063	161	48	łódzki	łódzki	PROPN
dem-1063	161	49	,	,	PUNCT
dem-1063	161	50	łódź	łódź	PROPN
dem-1063	161	51	.	.	PUNCT
dem-1063	162	1	fiszeder	fiszeder	PROPN
dem-1063	162	2	,	,	PUNCT
dem-1063	162	3	p.	p.	NOUN
dem-1063	162	4	(	(	PUNCT
dem-1063	162	5	2007	2007	NUM
dem-1063	162	6	)	)	PUNCT
dem-1063	162	7	,	,	PUNCT
dem-1063	162	8	konstrukcja	konstrukcja	PROPN
dem-1063	162	9	portfeli	portfeli	PROPN
dem-1063	162	10	efektywnych	efektywnych	NOUN
dem-1063	162	11	z	z	NOUN
dem-1063	162	12	zastosowaniem	zastosowaniem	NOUN
dem-1063	162	13	wielorównaniowych	wielorównaniowych	VERB
dem-1063	162	14	modeli	modeli	PROPN
dem-1063	162	15	garch	garch	NOUN
dem-1063	162	16	(	(	PUNCT
dem-1063	162	17	efficient	efficient	ADJ
dem-1063	162	18	portfolios	portfolio	NOUN
dem-1063	162	19	construction	construction	NOUN
dem-1063	162	20	with	with	ADP
dem-1063	162	21	application	application	NOUN
dem-1063	162	22	of	of	ADP
dem-1063	162	23	multivariate	multivariate	NOUN
dem-1063	162	24	garch	garch	NOUN
dem-1063	162	25	models	model	NOUN
dem-1063	162	26	)	)	PUNCT
dem-1063	162	27	,	,	PUNCT
dem-1063	162	28	folia	folia	PROPN
dem-1063	162	29	oeconomica	oeconomica	PROPN
dem-1063	162	30	cracoviensia	cracoviensia	PROPN
dem-1063	162	31	,	,	PUNCT
dem-1063	162	32	48	48	NUM
dem-1063	162	33	,	,	PUNCT
dem-1063	162	34	47–68	47–68	NUM
dem-1063	162	35	.	.	PUNCT
dem-1063	163	1	fiszeder	fiszed	ADJ
dem-1063	163	2	,	,	PUNCT
dem-1063	163	3	p.	p.	NOUN
dem-1063	163	4	(	(	PUNCT
dem-1063	163	5	2009	2009	NUM
dem-1063	163	6	)	)	PUNCT
dem-1063	163	7	,	,	PUNCT
dem-1063	163	8	modele	modele	PROPN
dem-1063	163	9	klasy	klasy	PROPN
dem-1063	163	10	garch	garch	PROPN
dem-1063	163	11	w	w	PROPN
dem-1063	163	12	empirycznych	empirycznych	PROPN
dem-1063	163	13	badaniach	badaniach	PROPN
dem-1063	163	14	finansowych	finansowych	PROPN
dem-1063	163	15	,	,	PUNCT
dem-1063	163	16	(	(	PUNCT
dem-1063	163	17	the	the	DET
dem-1063	163	18	class	class	NOUN
dem-1063	163	19	of	of	ADP
dem-1063	163	20	garch	garch	NOUN
dem-1063	163	21	models	model	NOUN
dem-1063	163	22	in	in	ADP
dem-1063	163	23	empirical	empirical	ADJ
dem-1063	163	24	finance	finance	NOUN
dem-1063	163	25	)	)	PUNCT
dem-1063	163	26	,	,	PUNCT
dem-1063	163	27	wydawnictwo	wydawnictwo	PROPN
dem-1063	163	28	umk	umk	NOUN
dem-1063	163	29	,	,	PUNCT
dem-1063	163	30	toruń	toruń	NOUN
dem-1063	163	31	.	.	PUNCT
dem-1063	164	1	flavin	flavin	PROPN
dem-1063	164	2	,	,	PUNCT
dem-1063	164	3	t.	t.	PROPN
dem-1063	164	4	j.	j.	PROPN
dem-1063	164	5	,	,	PUNCT
dem-1063	164	6	wickens	wicken	NOUN
dem-1063	164	7	,	,	PUNCT
dem-1063	164	8	m.	m.	PROPN
dem-1063	164	9	r.	r.	PROPN
dem-1063	164	10	(	(	PUNCT
dem-1063	164	11	2006	2006	NUM
dem-1063	164	12	)	)	PUNCT
dem-1063	164	13	,	,	PUNCT
dem-1063	164	14	optimal	optimal	ADJ
dem-1063	164	15	international	international	ADJ
dem-1063	164	16	asset	asset	NOUN
dem-1063	164	17	allocation	allocation	NOUN
dem-1063	164	18	with	with	ADP
dem-1063	164	19	time	time	NOUN
dem-1063	164	20	-	-	PUNCT
dem-1063	164	21	varying	vary	VERB
dem-1063	164	22	risk	risk	NOUN
dem-1063	164	23	,	,	PUNCT
dem-1063	164	24	scottish	scottish	ADJ
dem-1063	164	25	journal	journal	NOUN
dem-1063	164	26	of	of	ADP
dem-1063	164	27	political	political	ADJ
dem-1063	164	28	economy	economy	NOUN
dem-1063	164	29	,	,	PUNCT
dem-1063	164	30	53	53	NUM
dem-1063	164	31	,	,	PUNCT
dem-1063	164	32	5	5	NUM
dem-1063	164	33	,	,	PUNCT
dem-1063	164	34	543–564	543–564	NUM
dem-1063	164	35	.	.	PUNCT
dem-1063	165	1	jobson	jobson	PROPN
dem-1063	165	2	,	,	PUNCT
dem-1063	165	3	j.	j.	PROPN
dem-1063	165	4	d.	d.	PROPN
dem-1063	165	5	,	,	PUNCT
dem-1063	165	6	korkie	korkie	PROPN
dem-1063	165	7	,	,	PUNCT
dem-1063	165	8	b.	b.	PROPN
dem-1063	165	9	(	(	PUNCT
dem-1063	165	10	1980	1980	NUM
dem-1063	165	11	)	)	PUNCT
dem-1063	165	12	,	,	PUNCT
dem-1063	165	13	estimation	estimation	NOUN
dem-1063	165	14	for	for	ADP
dem-1063	165	15	markowitz	markowitz	PROPN
dem-1063	165	16	efficient	efficient	ADJ
dem-1063	165	17	portfolios	portfolio	NOUN
dem-1063	165	18	,	,	PUNCT
dem-1063	165	19	journal	journal	NOUN
dem-1063	165	20	of	of	ADP
dem-1063	165	21	american	american	PROPN
dem-1063	165	22	statistical	statistical	ADJ
dem-1063	165	23	association	association	NOUN
dem-1063	165	24	,	,	PUNCT
dem-1063	165	25	75	75	NUM
dem-1063	165	26	,	,	PUNCT
dem-1063	165	27	544–554	544–554	NUM
dem-1063	165	28	.	.	PUNCT
dem-1063	166	1	johannes	johanne	NOUN
dem-1063	166	2	,	,	PUNCT
dem-1063	166	3	m.	m.	NOUN
dem-1063	166	4	,	,	PUNCT
dem-1063	166	5	polson	polson	PROPN
dem-1063	166	6	,	,	PUNCT
dem-1063	166	7	n.	n.	PROPN
dem-1063	166	8	,	,	PUNCT
dem-1063	166	9	stroud	stroud	PROPN
dem-1063	166	10	,	,	PUNCT
dem-1063	166	11	j.	j.	PROPN
dem-1063	166	12	(	(	PUNCT
dem-1063	166	13	2002	2002	NUM
dem-1063	166	14	)	)	PUNCT
dem-1063	166	15	,	,	PUNCT
dem-1063	166	16	sequential	sequential	ADJ
dem-1063	166	17	optimal	optimal	ADJ
dem-1063	166	18	portfolio	portfolio	NOUN
dem-1063	166	19	performance	performance	NOUN
dem-1063	166	20	:	:	PUNCT
dem-1063	166	21	market	market	NOUN
dem-1063	166	22	and	and	CCONJ
dem-1063	166	23	volatility	volatility	NOUN
dem-1063	166	24	timing	timing	NOUN
dem-1063	166	25	,	,	PUNCT
dem-1063	166	26	columbia	columbia	PROPN
dem-1063	166	27	university	university	PROPN
dem-1063	166	28	,	,	PUNCT
dem-1063	166	29	working	working	NOUN
dem-1063	166	30	paper	paper	NOUN
dem-1063	166	31	.	.	PUNCT
dem-1063	167	1	jorion	jorion	NOUN
dem-1063	167	2	,	,	PUNCT
dem-1063	167	3	p.	p.	NOUN
dem-1063	167	4	(	(	PUNCT
dem-1063	167	5	1991	1991	NUM
dem-1063	167	6	)	)	PUNCT
dem-1063	167	7	,	,	PUNCT
dem-1063	167	8	bayesian	bayesian	NOUN
dem-1063	167	9	and	and	CCONJ
dem-1063	167	10	capm	capm	NOUN
dem-1063	167	11	estimators	estimator	NOUN
dem-1063	167	12	of	of	ADP
dem-1063	167	13	the	the	DET
dem-1063	167	14	means	mean	NOUN
dem-1063	167	15	:	:	PUNCT
dem-1063	167	16	implications	implication	NOUN
dem-1063	167	17	for	for	ADP
dem-1063	167	18	portfolio	portfolio	NOUN
dem-1063	167	19	selection	selection	NOUN
dem-1063	167	20	,	,	PUNCT
dem-1063	167	21	journal	journal	NOUN
dem-1063	167	22	of	of	ADP
dem-1063	167	23	banking	banking	NOUN
dem-1063	167	24	and	and	CCONJ
dem-1063	167	25	finance	finance	NOUN
dem-1063	167	26	,	,	PUNCT
dem-1063	167	27	15	15	NUM
dem-1063	167	28	,	,	PUNCT
dem-1063	167	29	717–727	717–727	NUM
dem-1063	167	30	.	.	PUNCT
dem-1063	168	1	kraft	kraft	PROPN
dem-1063	168	2	,	,	PUNCT
dem-1063	168	3	d.	d.	PROPN
dem-1063	168	4	f.	f.	PROPN
dem-1063	168	5	,	,	PUNCT
dem-1063	168	6	engle	engle	PROPN
dem-1063	168	7	,	,	PUNCT
dem-1063	168	8	r.	r.	PROPN
dem-1063	168	9	f.	f.	PROPN
dem-1063	168	10	(	(	PUNCT
dem-1063	168	11	1983	1983	NUM
dem-1063	168	12	)	)	PUNCT
dem-1063	168	13	,	,	PUNCT
dem-1063	168	14	autoregressive	autoregressive	ADJ
dem-1063	168	15	conditional	conditional	ADJ
dem-1063	168	16	heteroskedasticity	heteroskedasticity	NOUN
dem-1063	168	17	in	in	ADP
dem-1063	168	18	multiple	multiple	ADJ
dem-1063	168	19	time	time	NOUN
dem-1063	168	20	series	series	NOUN
dem-1063	168	21	,	,	PUNCT
dem-1063	168	22	department	department	NOUN
dem-1063	168	23	of	of	ADP
dem-1063	168	24	economics	economics	PROPN
dem-1063	168	25	,	,	PUNCT
dem-1063	168	26	ucsd	ucsd	PROPN
dem-1063	168	27	,	,	PUNCT
dem-1063	168	28	working	working	NOUN
dem-1063	168	29	paper	paper	NOUN
dem-1063	168	30	.	.	PUNCT
dem-1063	169	1	litterman	litterman	PROPN
dem-1063	169	2	,	,	PUNCT
dem-1063	169	3	r.	r.	PROPN
dem-1063	169	4	,	,	PUNCT
dem-1063	169	5	winkelmann	winkelmann	PROPN
dem-1063	169	6	,	,	PUNCT
dem-1063	169	7	k.	k.	PROPN
dem-1063	169	8	(	(	PUNCT
dem-1063	169	9	1998	1998	NUM
dem-1063	169	10	)	)	PUNCT
dem-1063	169	11	,	,	PUNCT
dem-1063	169	12	estimating	estimate	VERB
dem-1063	169	13	covariance	covariance	NOUN
dem-1063	169	14	matrices	matrix	NOUN
dem-1063	169	15	,	,	PUNCT
dem-1063	169	16	risk	risk	NOUN
dem-1063	169	17	management	management	NOUN
dem-1063	169	18	series	series	NOUN
dem-1063	169	19	,	,	PUNCT
dem-1063	169	20	goldman	goldman	PROPN
dem-1063	169	21	sachs	sachs	PROPN
dem-1063	169	22	.	.	PUNCT
dem-1063	170	1	markowitz	markowitz	PROPN
dem-1063	170	2	,	,	PUNCT
dem-1063	170	3	h.	h.	PROPN
dem-1063	170	4	m.	m.	PROPN
dem-1063	170	5	(	(	PUNCT
dem-1063	170	6	1952	1952	NUM
dem-1063	170	7	)	)	PUNCT
dem-1063	170	8	,	,	PUNCT
dem-1063	170	9	portfolio	portfolio	NOUN
dem-1063	170	10	selection	selection	NOUN
dem-1063	170	11	,	,	PUNCT
dem-1063	170	12	journal	journal	NOUN
dem-1063	170	13	of	of	ADP
dem-1063	170	14	finance	finance	NOUN
dem-1063	170	15	,	,	PUNCT
dem-1063	170	16	7	7	NUM
dem-1063	170	17	,	,	PUNCT
dem-1063	170	18	77–91	77–91	NUM
dem-1063	170	19	.	.	PUNCT
dem-1063	171	1	markowitz	markowitz	PROPN
dem-1063	171	2	,	,	PUNCT
dem-1063	171	3	h.	h.	PROPN
dem-1063	171	4	m.	m.	PROPN
dem-1063	171	5	(	(	PUNCT
dem-1063	171	6	1959	1959	NUM
dem-1063	171	7	)	)	PUNCT
dem-1063	171	8	,	,	PUNCT
dem-1063	171	9	portfolio	portfolio	NOUN
dem-1063	171	10	selection	selection	NOUN
dem-1063	171	11	:	:	PUNCT
dem-1063	171	12	efficient	efficient	ADJ
dem-1063	171	13	diversification	diversification	NOUN
dem-1063	171	14	of	of	ADP
dem-1063	171	15	investments	investment	NOUN
dem-1063	171	16	,	,	PUNCT
dem-1063	171	17	yale	yale	PROPN
dem-1063	171	18	university	university	PROPN
dem-1063	171	19	press	press	NOUN
dem-1063	171	20	,	,	PUNCT
dem-1063	171	21	new	new	ADJ
dem-1063	171	22	haven	haven	NOUN
dem-1063	171	23	,	,	PUNCT
dem-1063	171	24	ct	ct	PROPN
dem-1063	171	25	.	.	PUNCT
dem-1063	171	26	merton	merton	PROPN
dem-1063	171	27	,	,	PUNCT
dem-1063	171	28	r.	r.	PROPN
dem-1063	171	29	c.	c.	PROPN
dem-1063	171	30	(	(	PUNCT
dem-1063	171	31	1980	1980	NUM
dem-1063	171	32	)	)	PUNCT
dem-1063	171	33	,	,	PUNCT
dem-1063	171	34	on	on	ADP
dem-1063	171	35	estimating	estimate	VERB
dem-1063	171	36	the	the	DET
dem-1063	171	37	expected	expect	VERB
dem-1063	171	38	return	return	NOUN
dem-1063	171	39	on	on	ADP
dem-1063	171	40	the	the	DET
dem-1063	171	41	market	market	NOUN
dem-1063	171	42	:	:	PUNCT
dem-1063	171	43	an	an	DET
dem-1063	171	44	exploratory	exploratory	ADJ
dem-1063	171	45	investigation	investigation	NOUN
dem-1063	171	46	,	,	PUNCT
dem-1063	171	47	journal	journal	NOUN
dem-1063	171	48	of	of	ADP
dem-1063	171	49	financial	financial	ADJ
dem-1063	171	50	economics	economic	NOUN
dem-1063	171	51	,	,	PUNCT
dem-1063	171	52	8	8	NUM
dem-1063	171	53	,	,	PUNCT
dem-1063	171	54	323–361	323–361	NUM
dem-1063	171	55	.	.	PUNCT
dem-1063	172	1	minimum	minimum	ADJ
dem-1063	172	2	variance	variance	NOUN
dem-1063	172	3	portfolio	portfolio	NOUN
dem-1063	172	4	selections	selection	NOUN
dem-1063	172	5	for	for	ADP
dem-1063	172	6	large	large	ADJ
dem-1063	172	7	number	number	NOUN
dem-1063	172	8	of	of	ADP
dem-1063	172	9	stocks	stock	NOUN
dem-1063	172	10	–	–	PUNCT
dem-1063	172	11	application	application	NOUN
dem-1063	172	12	…	…	PUNCT
dem-1063	172	13	97	97	NUM
dem-1063	172	14	michaud	michaud	PROPN
dem-1063	172	15	,	,	PUNCT
dem-1063	172	16	r.	r.	PROPN
dem-1063	172	17	o.	o.	PROPN
dem-1063	172	18	(	(	PUNCT
dem-1063	172	19	1989	1989	NUM
dem-1063	172	20	)	)	PUNCT
dem-1063	172	21	,	,	PUNCT
dem-1063	172	22	the	the	DET
dem-1063	172	23	markowitz	markowitz	PROPN
dem-1063	172	24	optimization	optimization	NOUN
dem-1063	172	25	enigma	enigma	VERB
dem-1063	172	26	:	:	PUNCT
dem-1063	172	27	is	be	AUX
dem-1063	172	28	‘	'	PUNCT
dem-1063	172	29	optimized	optimize	VERB
dem-1063	172	30	’	'	PUNCT
dem-1063	172	31	optimal	optimal	ADJ
dem-1063	172	32	?	?	PUNCT
dem-1063	172	33	,	,	PUNCT
dem-1063	172	34	financial	financial	ADJ
dem-1063	172	35	analysts	analyst	NOUN
dem-1063	172	36	journal	journal	NOUN
dem-1063	172	37	,	,	PUNCT
dem-1063	172	38	45	45	NUM
dem-1063	172	39	,	,	PUNCT
dem-1063	172	40	31–42	31–42	NUM
dem-1063	172	41	.	.	PUNCT
dem-1063	173	1	nelson	nelson	PROPN
dem-1063	173	2	,	,	PUNCT
dem-1063	173	3	d.	d.	PROPN
dem-1063	173	4	b.	b.	PROPN
dem-1063	173	5	(	(	PUNCT
dem-1063	173	6	1992	1992	NUM
dem-1063	173	7	)	)	PUNCT
dem-1063	173	8	,	,	PUNCT
dem-1063	173	9	filtering	filtering	NOUN
dem-1063	173	10	and	and	CCONJ
dem-1063	173	11	forecasting	forecasting	NOUN
dem-1063	173	12	with	with	ADP
dem-1063	173	13	misspecified	misspecifie	VERB
dem-1063	173	14	arch	arch	NOUN
dem-1063	173	15	models	model	NOUN
dem-1063	173	16	i.	i.	NOUN
dem-1063	173	17	getting	get	VERB
dem-1063	173	18	the	the	DET
dem-1063	173	19	right	right	ADJ
dem-1063	173	20	variance	variance	NOUN
dem-1063	173	21	with	with	ADP
dem-1063	173	22	the	the	DET
dem-1063	173	23	wrong	wrong	ADJ
dem-1063	173	24	model	model	NOUN
dem-1063	173	25	,	,	PUNCT
dem-1063	173	26	journal	journal	NOUN
dem-1063	173	27	of	of	ADP
dem-1063	173	28	econometrics	econometric	NOUN
dem-1063	173	29	,	,	PUNCT
dem-1063	173	30	52	52	NUM
dem-1063	173	31	,	,	PUNCT
dem-1063	173	32	61–90	61–90	NUM
dem-1063	173	33	.	.	PUNCT
dem-1063	174	1	osiewalski	osiewalski	PROPN
dem-1063	174	2	,	,	PUNCT
dem-1063	174	3	j.	j.	PROPN
dem-1063	174	4	,	,	PUNCT
dem-1063	174	5	pajor	pajor	PROPN
dem-1063	174	6	,	,	PUNCT
dem-1063	174	7	a.	a.	NOUN
dem-1063	174	8	(	(	PUNCT
dem-1063	174	9	2010	2010	NUM
dem-1063	174	10	)	)	PUNCT
dem-1063	174	11	,	,	PUNCT
dem-1063	174	12	bayesian	bayesian	NOUN
dem-1063	174	13	value	value	NOUN
dem-1063	174	14	-	-	PUNCT
dem-1063	174	15	at	at	ADP
dem-1063	174	16	-	-	PUNCT
dem-1063	174	17	risk	risk	NOUN
dem-1063	174	18	and	and	CCONJ
dem-1063	174	19	expected	expect	VERB
dem-1063	174	20	shortfall	shortfall	NOUN
dem-1063	174	21	for	for	ADP
dem-1063	174	22	a	a	DET
dem-1063	174	23	portfolio	portfolio	NOUN
dem-1063	174	24	(	(	PUNCT
dem-1063	174	25	multiand	multiand	PROPN
dem-1063	174	26	univariate	univariate	ADJ
dem-1063	174	27	approaches	approach	NOUN
dem-1063	174	28	)	)	PUNCT
dem-1063	174	29	,	,	PUNCT
dem-1063	174	30	paper	paper	NOUN
dem-1063	174	31	presented	present	VERB
dem-1063	174	32	at	at	ADP
dem-1063	174	33	the	the	DET
dem-1063	174	34	v	v	NOUN
dem-1063	174	35	symposium	symposium	NOUN
dem-1063	174	36	fens	fen	NOUN
dem-1063	174	37	2010	2010	NUM
dem-1063	174	38	,	,	PUNCT
dem-1063	174	39	warsaw	warsaw	PROPN
dem-1063	174	40	.	.	PUNCT
dem-1063	175	1	sheedy	sheedy	PROPN
dem-1063	175	2	,	,	PUNCT
dem-1063	175	3	e.	e.	PROPN
dem-1063	175	4	,	,	PUNCT
dem-1063	175	5	trevor	trevor	PROPN
dem-1063	175	6	,	,	PUNCT
dem-1063	175	7	r.	r.	PROPN
dem-1063	175	8	,	,	PUNCT
dem-1063	175	9	wood	wood	PROPN
dem-1063	175	10	,	,	PUNCT
dem-1063	175	11	j.	j.	PROPN
dem-1063	175	12	(	(	PUNCT
dem-1063	175	13	1999	1999	NUM
dem-1063	175	14	)	)	PUNCT
dem-1063	175	15	,	,	PUNCT
dem-1063	175	16	asset	asset	NOUN
dem-1063	175	17	-	-	PUNCT
dem-1063	175	18	allocation	allocation	NOUN
dem-1063	175	19	decisions	decision	NOUN
dem-1063	175	20	when	when	SCONJ
dem-1063	175	21	risk	risk	NOUN
dem-1063	175	22	is	be	AUX
dem-1063	175	23	changing	change	VERB
dem-1063	175	24	,	,	PUNCT
dem-1063	175	25	journal	journal	NOUN
dem-1063	175	26	of	of	ADP
dem-1063	175	27	financial	financial	ADJ
dem-1063	175	28	research	research	NOUN
dem-1063	175	29	,	,	PUNCT
dem-1063	175	30	22	22	NUM
dem-1063	175	31	,	,	PUNCT
dem-1063	175	32	3	3	NUM
dem-1063	175	33	,	,	PUNCT
dem-1063	175	34	301–315	301–315	NUM
dem-1063	175	35	.	.	PUNCT
dem-1063	176	1	silvennoinen	silvennoinen	PROPN
dem-1063	176	2	,	,	PUNCT
dem-1063	176	3	a.	a.	NOUN
dem-1063	176	4	,	,	PUNCT
dem-1063	176	5	teräsvirta	teräsvirta	PROPN
dem-1063	176	6	,	,	PUNCT
dem-1063	176	7	t.	t.	PROPN
dem-1063	176	8	(	(	PUNCT
dem-1063	176	9	2009	2009	NUM
dem-1063	176	10	)	)	PUNCT
dem-1063	176	11	,	,	PUNCT
dem-1063	176	12	multivariate	multivariate	NOUN
dem-1063	176	13	garch	garch	NOUN
dem-1063	176	14	models	model	NOUN
dem-1063	176	15	,	,	PUNCT
dem-1063	176	16	in	in	ADP
dem-1063	176	17	andersen	andersen	PROPN
dem-1063	176	18	t.	t.	PROPN
dem-1063	176	19	g.	g.	PROPN
dem-1063	176	20	,	,	PUNCT
dem-1063	176	21	davis	davis	PROPN
dem-1063	176	22	r.	r.	PROPN
dem-1063	176	23	a.	a.	PROPN
dem-1063	176	24	,	,	PUNCT
dem-1063	176	25	kreiss	kreiss	PROPN
dem-1063	176	26	j.	j.	PROPN
dem-1063	176	27	p.	p.	PROPN
dem-1063	176	28	,	,	PUNCT
dem-1063	176	29	mikosch	mikosch	PROPN
dem-1063	176	30	t.	t.	PROPN
dem-1063	176	31	(	(	PUNCT
dem-1063	176	32	ed	ed	NOUN
dem-1063	176	33	.	.	PUNCT
dem-1063	176	34	)	)	PUNCT
dem-1063	176	35	,	,	PUNCT
dem-1063	176	36	handbook	handbook	NOUN
dem-1063	176	37	of	of	ADP
dem-1063	176	38	financial	financial	ADJ
dem-1063	176	39	time	time	NOUN
dem-1063	176	40	series	series	NOUN
dem-1063	176	41	,	,	PUNCT
dem-1063	176	42	201–229	201–229	NUM
dem-1063	176	43	,	,	PUNCT
dem-1063	176	44	springer	springer	NOUN
dem-1063	176	45	,	,	PUNCT
dem-1063	176	46	new	new	PROPN
dem-1063	176	47	york	york	PROPN
dem-1063	176	48	.	.	PUNCT
dem-1063	177	1	konstrukcja	konstrukcja	PROPN
dem-1063	177	2	portfeli	portfeli	PROPN
dem-1063	177	3	o	o	PROPN
dem-1063	177	4	minimalnej	minimalnej	PROPN
dem-1063	177	5	wariancji	wariancji	PROPN
dem-1063	177	6	dla	dla	PROPN
dem-1063	177	7	dużej	dużej	PROPN
dem-1063	177	8	liczby	liczby	PROPN
dem-1063	177	9	spółek	spółek	PROPN
dem-1063	177	10	–	–	PUNCT
dem-1063	177	11	zastosowanie	zastosowanie	PROPN
dem-1063	177	12	zmiennych	zmiennych	PROPN
dem-1063	177	13	w	w	PROPN
dem-1063	177	14	czasie	czasie	PROPN
dem-1063	177	15	macierzy	macierzy	PROPN
dem-1063	177	16	kowariancji	kowariancji	PROPN
dem-1063	177	17	z	z	PROPN
dem-1063	178	1	a	a	DET
dem-1063	178	2	r	r	NOUN
dem-1063	178	3	y	y	PROPN
dem-1063	178	4	s	s	PROPN
dem-1063	178	5	t	t	NOUN
dem-1063	178	6	r	r	NOUN
dem-1063	178	7	e	e	PROPN
dem-1063	178	8	ś	ś	PROPN
dem-1063	178	9	c	c	PROPN
dem-1063	178	10	i.	i.	PROPN
dem-1063	178	11	w	w	PROPN
dem-1063	178	12	pracy	pracy	PROPN
dem-1063	178	13	dokonano	dokonano	PROPN
dem-1063	178	14	oceny	oceny	VERB
dem-1063	178	15	efektywności	efektywności	PROPN
dem-1063	178	16	różnych	różnych	PROPN
dem-1063	178	17	metod	metod	VERB
dem-1063	178	18	tworzenia	tworzenia	NOUN
dem-1063	178	19	portfeli	portfeli	NOUN
dem-1063	178	20	o	o	PROPN
dem-1063	178	21	minimalnej	minimalnej	PROPN
dem-1063	178	22	wariancji	wariancji	NOUN
dem-1063	178	23	,	,	PUNCT
dem-1063	178	24	w	w	PROPN
dem-1063	178	25	tym	tym	PROPN
dem-1063	178	26	przede	przede	PROPN
dem-1063	178	27	wszystkim	wszystkim	PROPN
dem-1063	178	28	z	z	PROPN
dem-1063	178	29	wykorzystaniem	wykorzystaniem	PROPN
dem-1063	178	30	różnych	różnych	PROPN
dem-1063	178	31	specyfikacji	specyfikacji	VERB
dem-1063	178	32	wielorównaniowych	wielorównaniowych	VERB
dem-1063	178	33	modeli	modeli	PROPN
dem-1063	178	34	garch	garch	NOUN
dem-1063	178	35	.	.	PUNCT
dem-1063	179	1	badanie	badanie	PROPN
dem-1063	179	2	zostało	zostało	PROPN
dem-1063	179	3	przeprowadzone	przeprowadzone	NOUN
dem-1063	179	4	dla	dla	NOUN
dem-1063	179	5	70	70	NUM
dem-1063	179	6	spółek	spółek	NOUN
dem-1063	179	7	notowanych	notowanych	PROPN
dem-1063	179	8	na	na	PROPN
dem-1063	179	9	gpw	gpw	PROPN
dem-1063	179	10	w	w	PROPN
dem-1063	179	11	warszawie	warszawie	PROPN
dem-1063	179	12	.	.	PUNCT
dem-1063	180	1	zastosowano	zastosowano	PROPN
dem-1063	180	2	osiem	osiem	ADJ
dem-1063	180	3	parametryzacji	parametryzacji	PROPN
dem-1063	180	4	modelu	modelu	PROPN
dem-1063	180	5	garch	garch	NOUN
dem-1063	180	6	:	:	PUNCT
dem-1063	180	7	skalarny	skalarny	VERB
dem-1063	180	8	bekk	bekk	NOUN
dem-1063	180	9	,	,	PUNCT
dem-1063	180	10	zintegrowany	zintegrowany	PROPN
dem-1063	180	11	,	,	PUNCT
dem-1063	180	12	ccc	ccc	PROPN
dem-1063	180	13	,	,	PUNCT
dem-1063	180	14	ortogonalny	ortogonalny	ADJ
dem-1063	180	15	dla	dla	NOUN
dem-1063	180	16	70	70	NUM
dem-1063	180	17	czynników	czynników	NOUN
dem-1063	180	18	,	,	PUNCT
dem-1063	180	19	dcc	dcc	PROPN
dem-1063	180	20	,	,	PUNCT
dem-1063	180	21	zintegrowany	zintegrowany	PROPN
dem-1063	180	22	dcc	dcc	PROPN
dem-1063	180	23	,	,	PUNCT
dem-1063	180	24	deco	deco	NOUN
dem-1063	180	25	-	-	PUNCT
dem-1063	180	26	dcc	dcc	PROPN
dem-1063	180	27	,	,	PUNCT
dem-1063	180	28	skalarny	skalarny	VERB
dem-1063	180	29	bekk	bekk	PROPN
dem-1063	180	30	z	z	PROPN
dem-1063	180	31	warunkowym	warunkowym	PROPN
dem-1063	180	32	rozkładem	rozkładem	PROPN
dem-1063	180	33	t	t	PROPN
dem-1063	180	34	studenta	studenta	PROPN
dem-1063	180	35	oraz	oraz	PROPN
dem-1063	180	36	sześć	sześć	PROPN
dem-1063	180	37	innych	innych	PROPN
dem-1063	180	38	metod	metod	NOUN
dem-1063	180	39	:	:	PUNCT
dem-1063	180	40	równe	równe	NOUN
dem-1063	180	41	udziały	udziały	PROPN
dem-1063	180	42	dla	dla	PROPN
dem-1063	180	43	wszystkich	wszystkich	PROPN
dem-1063	180	44	aktywów	aktywów	VERB
dem-1063	180	45	,	,	PUNCT
dem-1063	180	46	bezwarunkowa	bezwarunkowa	NOUN
dem-1063	180	47	macierz	macierz	PROPN
dem-1063	180	48	kowariancji	kowariancji	PROPN
dem-1063	180	49	stóp	stóp	PROPN
dem-1063	180	50	zwrotu	zwrotu	PROPN
dem-1063	180	51	,	,	PUNCT
dem-1063	180	52	ruchoma	ruchoma	PROPN
dem-1063	180	53	macierz	macierz	NOUN
dem-1063	180	54	kowariancji	kowariancji	NOUN
dem-1063	180	55	,	,	PUNCT
dem-1063	180	56	ruchoma	ruchoma	PROPN
dem-1063	180	57	macierz	macierz	NOUN
dem-1063	180	58	kowariancji	kowariancji	PROPN
dem-1063	180	59	ze	ze	PROPN
dem-1063	180	60	stałą	stałą	PROPN
dem-1063	180	61	wygładzania	wygładzania	PROPN
dem-1063	180	62	równą	równą	PROPN
dem-1063	180	63	25	25	NUM
dem-1063	180	64	,	,	PUNCT
dem-1063	180	65	metoda	metoda	PROPN
dem-1063	180	66	wyrównywania	wyrównywania	PROPN
dem-1063	180	67	wykładniczego	wykładniczego	PROPN
dem-1063	180	68	dla	dla	PROPN
dem-1063	180	69	macierzy	macierzy	PROPN
dem-1063	180	70	kowariancji	kowariancji	PROPN
dem-1063	180	71	oraz	oraz	PROPN
dem-1063	180	72	metoda	metoda	PROPN
dem-1063	180	73	wyrównywania	wyrównywania	PROPN
dem-1063	180	74	wykładniczego	wykładniczego	PROPN
dem-1063	180	75	dla	dla	PROPN
dem-1063	180	76	macierzy	macierzy	PROPN
dem-1063	180	77	kowariancji	kowariancji	PROPN
dem-1063	180	78	z	z	PROPN
dem-1063	180	79	parametrem	parametrem	VERB
dem-1063	180	80	wygasania	wygasania	PROPN
dem-1063	180	81	równym	równym	PROPN
dem-1063	180	82	0,94	0,94	PROPN
dem-1063	180	83	.	.	PUNCT
dem-1063	181	1	s	s	PART
dem-1063	182	1	ł	ł	PROPN
dem-1063	182	2	o	o	X
dem-1063	182	3	w	w	NOUN
dem-1063	182	4	a	a	DET
dem-1063	182	5	k	k	X
dem-1063	182	6	l	l	NOUN
dem-1063	182	7	u	u	NOUN
dem-1063	183	1	c	c	NOUN
dem-1063	183	2	z	z	NOUN
dem-1063	183	3	o	o	X
dem-1063	183	4	w	w	PROPN
dem-1063	183	5	e	e	NOUN
dem-1063	183	6	:	:	PUNCT
dem-1063	183	7	wielorównaniowe	wielorównaniowe	PROPN
dem-1063	183	8	modele	modele	PROPN
dem-1063	183	9	garch	garch	PROPN
dem-1063	183	10	,	,	PUNCT
dem-1063	183	11	zmieniająca	zmieniająca	PROPN
dem-1063	183	12	się	się	PROPN
dem-1063	183	13	w	w	PROPN
dem-1063	183	14	czasie	czasie	PROPN
dem-1063	183	15	macierz	macierz	NOUN
dem-1063	183	16	kowariancji	kowariancji	NOUN
dem-1063	183	17	,	,	PUNCT
dem-1063	183	18	konstrukcja	konstrukcja	PROPN
dem-1063	183	19	portfela	portfela	NOUN
dem-1063	183	20	.	.	PUNCT