id	sid	tid	token	lemma	pos
dem-1064	1	1	microsoft	microsoft	PROPN
dem-1064	1	2	word	word	NOUN
dem-1064	1	3	07_będowska-sojka_b.docx	07_będowska-sojka_b.docx	X
dem-1064	1	4	dynamic	dynamic	ADJ
dem-1064	1	5	econometric	econometric	ADJ
dem-1064	1	6	models	model	NOUN
dem-1064	1	7	vol	vol	NOUN
dem-1064	1	8	.	.	PROPN
dem-1064	1	9	11	11	NUM
dem-1064	1	10	–	–	PUNCT
dem-1064	1	11	nicolaus	nicolaus	PROPN
dem-1064	1	12	copernicus	copernicus	PROPN
dem-1064	1	13	university	university	PROPN
dem-1064	1	14	–	–	PUNCT
dem-1064	1	15	toruń	toruń	NOUN
dem-1064	1	16	–	–	PUNCT
dem-1064	1	17	2011	2011	NUM
dem-1064	1	18	barbara	barbara	PROPN
dem-1064	1	19	będowska	będowska	PROPN
dem-1064	1	20	-	-	PUNCT
dem-1064	1	21	sójka	sójka	PROPN
dem-1064	1	22	poznan	poznan	PROPN
dem-1064	1	23	university	university	PROPN
dem-1064	1	24	of	of	ADP
dem-1064	1	25	economics	economic	NOUN
dem-1064	1	26	the	the	DET
dem-1064	1	27	impact	impact	NOUN
dem-1064	1	28	of	of	ADP
dem-1064	1	29	macro	macro	ADJ
dem-1064	1	30	news	news	NOUN
dem-1064	1	31	on	on	ADP
dem-1064	1	32	volatility	volatility	NOUN
dem-1064	1	33	of	of	ADP
dem-1064	1	34	stock	stock	NOUN
dem-1064	1	35	exchanges†	exchanges†	PROPN
dem-1064	1	36	a	a	PRON
dem-1064	1	37	b	b	PROPN
dem-1064	1	38	s	s	ADP
dem-1064	1	39	t	t	PROPN
dem-1064	1	40	r	r	NOUN
dem-1064	1	41	a	a	DET
dem-1064	1	42	c	c	NOUN
dem-1064	1	43	t.	t.	NOUN
dem-1064	1	44	the	the	DET
dem-1064	1	45	vast	vast	NOUN
dem-1064	1	46	of	of	ADP
dem-1064	1	47	literature	literature	NOUN
dem-1064	1	48	concerning	concern	VERB
dem-1064	1	49	the	the	DET
dem-1064	1	50	reaction	reaction	NOUN
dem-1064	1	51	to	to	ADP
dem-1064	1	52	macroeconomic	macroeconomic	ADJ
dem-1064	1	53	announcements	announcement	NOUN
dem-1064	1	54	focus	focus	VERB
dem-1064	1	55	on	on	ADP
dem-1064	1	56	american	american	ADJ
dem-1064	1	57	releases	release	NOUN
dem-1064	1	58	and	and	CCONJ
dem-1064	1	59	their	their	PRON
dem-1064	1	60	impact	impact	NOUN
dem-1064	1	61	on	on	ADP
dem-1064	1	62	returns	return	NOUN
dem-1064	1	63	and	and	CCONJ
dem-1064	1	64	volatility	volatility	NOUN
dem-1064	1	65	.	.	PUNCT
dem-1064	2	1	we	we	PRON
dem-1064	2	2	are	be	AUX
dem-1064	2	3	interested	interested	ADJ
dem-1064	2	4	if	if	SCONJ
dem-1064	2	5	the	the	DET
dem-1064	2	6	news	news	NOUN
dem-1064	2	7	from	from	ADP
dem-1064	2	8	the	the	DET
dem-1064	2	9	german	german	NOUN
dem-1064	2	10	and	and	CCONJ
dem-1064	2	11	the	the	DET
dem-1064	2	12	polish	polish	ADJ
dem-1064	2	13	economy	economy	NOUN
dem-1064	2	14	are	be	AUX
dem-1064	2	15	significant	significant	ADJ
dem-1064	2	16	for	for	ADP
dem-1064	2	17	the	the	DET
dem-1064	2	18	stock	stock	NOUN
dem-1064	2	19	exchanges	exchange	NOUN
dem-1064	2	20	in	in	ADP
dem-1064	2	21	these	these	DET
dem-1064	2	22	two	two	NUM
dem-1064	2	23	countries	country	NOUN
dem-1064	2	24	.	.	PUNCT
dem-1064	3	1	using	use	VERB
dem-1064	3	2	high	high	ADJ
dem-1064	3	3	-	-	PUNCT
dem-1064	3	4	frequency	frequency	NOUN
dem-1064	3	5	5	5	NUM
dem-1064	3	6	-	-	PUNCT
dem-1064	3	7	minute	minute	NOUN
dem-1064	3	8	returns	return	NOUN
dem-1064	3	9	from	from	ADP
dem-1064	3	10	2009	2009	NUM
dem-1064	3	11	-	-	SYM
dem-1064	3	12	2010	2010	NUM
dem-1064	3	13	we	we	PRON
dem-1064	3	14	show	show	VERB
dem-1064	3	15	that	that	SCONJ
dem-1064	3	16	the	the	DET
dem-1064	3	17	periodical	periodical	ADJ
dem-1064	3	18	patterns	pattern	NOUN
dem-1064	3	19	of	of	ADP
dem-1064	3	20	the	the	DET
dem-1064	3	21	german	german	NOUN
dem-1064	3	22	and	and	CCONJ
dem-1064	3	23	the	the	DET
dem-1064	3	24	polish	polish	ADJ
dem-1064	3	25	main	main	ADJ
dem-1064	3	26	indices	index	NOUN
dem-1064	3	27	is	be	AUX
dem-1064	3	28	very	very	ADV
dem-1064	3	29	similar	similar	ADJ
dem-1064	3	30	and	and	CCONJ
dem-1064	3	31	their	their	PRON
dem-1064	3	32	reaction	reaction	NOUN
dem-1064	3	33	to	to	ADP
dem-1064	3	34	the	the	DET
dem-1064	3	35	macroeconomic	macroeconomic	ADJ
dem-1064	3	36	announcements	announcement	NOUN
dem-1064	3	37	too	too	ADV
dem-1064	3	38	.	.	PUNCT
dem-1064	4	1	in	in	ADP
dem-1064	4	2	both	both	DET
dem-1064	4	3	cases	case	NOUN
dem-1064	4	4	the	the	DET
dem-1064	4	5	domestic	domestic	ADJ
dem-1064	4	6	and	and	CCONJ
dem-1064	4	7	neighbor	neighbor	NOUN
dem-1064	4	8	-	-	PUNCT
dem-1064	4	9	country	country	NOUN
dem-1064	4	10	announcements	announcement	NOUN
dem-1064	4	11	are	be	AUX
dem-1064	4	12	much	much	ADV
dem-1064	4	13	less	less	ADV
dem-1064	4	14	important	important	ADJ
dem-1064	4	15	comparing	comparing	NOUN
dem-1064	4	16	to	to	ADP
dem-1064	4	17	american	american	ADJ
dem-1064	4	18	releases	release	NOUN
dem-1064	4	19	.	.	PUNCT
dem-1064	5	1	k	k	PROPN
dem-1064	5	2	e	e	PROPN
dem-1064	5	3	y	y	PROPN
dem-1064	5	4	w	w	NOUN
dem-1064	5	5	o	o	NOUN
dem-1064	5	6	r	r	NOUN
dem-1064	5	7	d	d	PROPN
dem-1064	5	8	s	s	NOUN
dem-1064	5	9	:	:	PUNCT
dem-1064	5	10	high	high	ADJ
dem-1064	5	11	frequency	frequency	NOUN
dem-1064	5	12	data	datum	NOUN
dem-1064	5	13	,	,	PUNCT
dem-1064	5	14	macroeconomic	macroeconomic	ADJ
dem-1064	5	15	announcement	announcement	NOUN
dem-1064	5	16	,	,	PUNCT
dem-1064	5	17	flexible	flexible	ADJ
dem-1064	5	18	fourier	fourier	NOUN
dem-1064	5	19	form	form	NOUN
dem-1064	5	20	,	,	PUNCT
dem-1064	5	21	intraday	intraday	NOUN
dem-1064	5	22	periodicity	periodicity	NOUN
dem-1064	5	23	,	,	PUNCT
dem-1064	5	24	volatility	volatility	NOUN
dem-1064	5	25	modeling	modeling	NOUN
dem-1064	5	26	.	.	PUNCT
dem-1064	6	1	introduction	introduction	NOUN
dem-1064	6	2	a	a	DET
dem-1064	6	3	growing	grow	VERB
dem-1064	6	4	literature	literature	NOUN
dem-1064	6	5	has	have	AUX
dem-1064	6	6	documented	document	VERB
dem-1064	6	7	the	the	DET
dem-1064	6	8	significance	significance	NOUN
dem-1064	6	9	of	of	ADP
dem-1064	6	10	macroeconomic	macroeconomic	ADJ
dem-1064	6	11	news	news	NOUN
dem-1064	6	12	announcements	announcement	NOUN
dem-1064	6	13	in	in	ADP
dem-1064	6	14	price	price	NOUN
dem-1064	6	15	formation	formation	NOUN
dem-1064	6	16	process	process	NOUN
dem-1064	6	17	.	.	PUNCT
dem-1064	7	1	the	the	DET
dem-1064	7	2	literature	literature	NOUN
dem-1064	7	3	on	on	ADP
dem-1064	7	4	the	the	DET
dem-1064	7	5	effect	effect	NOUN
dem-1064	7	6	of	of	ADP
dem-1064	7	7	macro	macro	ADJ
dem-1064	7	8	news	news	NOUN
dem-1064	7	9	on	on	ADP
dem-1064	7	10	returns	return	NOUN
dem-1064	7	11	and	and	CCONJ
dem-1064	7	12	volatility	volatility	NOUN
dem-1064	7	13	is	be	AUX
dem-1064	7	14	huge	huge	ADJ
dem-1064	7	15	and	and	CCONJ
dem-1064	7	16	includes	include	VERB
dem-1064	7	17	surveys	survey	NOUN
dem-1064	7	18	concerning	concern	VERB
dem-1064	7	19	foreign	foreign	ADJ
dem-1064	7	20	exchange	exchange	NOUN
dem-1064	7	21	market	market	NOUN
dem-1064	7	22	(	(	PUNCT
dem-1064	7	23	bauwens	bauwen	NOUN
dem-1064	7	24	,	,	PUNCT
dem-1064	7	25	omrane	omrane	NOUN
dem-1064	7	26	,	,	PUNCT
dem-1064	7	27	giot	giot	NOUN
dem-1064	7	28	,	,	PUNCT
dem-1064	7	29	2003	2003	NUM
dem-1064	7	30	)	)	PUNCT
dem-1064	7	31	,	,	PUNCT
dem-1064	7	32	bond	bond	NOUN
dem-1064	7	33	market	market	NOUN
dem-1064	7	34	(	(	PUNCT
dem-1064	7	35	dominguez	dominguez	PROPN
dem-1064	7	36	,	,	PUNCT
dem-1064	7	37	2003	2003	NUM
dem-1064	7	38	)	)	PUNCT
dem-1064	7	39	and	and	CCONJ
dem-1064	7	40	equity	equity	NOUN
dem-1064	7	41	market	market	NOUN
dem-1064	7	42	(	(	PUNCT
dem-1064	7	43	hanousek	hanousek	NOUN
dem-1064	7	44	,	,	PUNCT
dem-1064	7	45	kocenda	kocenda	NOUN
dem-1064	7	46	,	,	PUNCT
dem-1064	7	47	kutan	kutan	PROPN
dem-1064	7	48	,	,	PUNCT
dem-1064	7	49	2008	2008	NUM
dem-1064	7	50	)	)	PUNCT
dem-1064	7	51	.	.	PUNCT
dem-1064	8	1	it	it	PRON
dem-1064	8	2	is	be	AUX
dem-1064	8	3	worth	worth	ADJ
dem-1064	8	4	to	to	PART
dem-1064	8	5	stress	stress	VERB
dem-1064	8	6	that	that	SCONJ
dem-1064	8	7	surveys	survey	NOUN
dem-1064	8	8	focused	focus	VERB
dem-1064	8	9	on	on	ADP
dem-1064	8	10	forex	forex	NOUN
dem-1064	8	11	are	be	AUX
dem-1064	8	12	most	most	ADV
dem-1064	8	13	popular	popular	ADJ
dem-1064	8	14	and	and	CCONJ
dem-1064	8	15	exhaustive	exhaustive	ADJ
dem-1064	8	16	(	(	PUNCT
dem-1064	8	17	see	see	VERB
dem-1064	8	18	for	for	ADP
dem-1064	8	19	instance	instance	NOUN
dem-1064	8	20	works	work	NOUN
dem-1064	8	21	of	of	ADP
dem-1064	8	22	andersen	andersen	PROPN
dem-1064	8	23	and	and	CCONJ
dem-1064	8	24	bollerslev	bollerslev	NOUN
dem-1064	8	25	,	,	PUNCT
dem-1064	8	26	1998	1998	NUM
dem-1064	8	27	,	,	PUNCT
dem-1064	9	1	faust	faust	PROPN
dem-1064	9	2	et	et	PROPN
dem-1064	9	3	al	al	PROPN
dem-1064	9	4	.	.	PROPN
dem-1064	9	5	,	,	PUNCT
dem-1064	9	6	2007	2007	NUM
dem-1064	9	7	)	)	PUNCT
dem-1064	9	8	.	.	PUNCT
dem-1064	10	1	the	the	DET
dem-1064	10	2	literature	literature	NOUN
dem-1064	10	3	considering	consider	VERB
dem-1064	10	4	high	high	ADJ
dem-1064	10	5	frequency	frequency	NOUN
dem-1064	10	6	returns	return	NOUN
dem-1064	10	7	of	of	ADP
dem-1064	10	8	the	the	DET
dem-1064	10	9	european	european	ADJ
dem-1064	10	10	stock	stock	NOUN
dem-1064	10	11	markets	market	NOUN
dem-1064	10	12	in	in	ADP
dem-1064	10	13	the	the	DET
dem-1064	10	14	presence	presence	NOUN
dem-1064	10	15	of	of	ADP
dem-1064	10	16	us	us	PROPN
dem-1064	10	17	macroeconomic	macroeconomic	ADJ
dem-1064	10	18	announcements	announcement	NOUN
dem-1064	10	19	is	be	AUX
dem-1064	10	20	very	very	ADV
dem-1064	10	21	much	much	ADV
dem-1064	10	22	limited	limited	ADJ
dem-1064	10	23	.	.	PUNCT
dem-1064	11	1	harju	harju	PROPN
dem-1064	11	2	and	and	CCONJ
dem-1064	11	3	hussein	hussein	PROPN
dem-1064	11	4	(	(	PUNCT
dem-1064	11	5	2011	2011	NUM
dem-1064	11	6	)	)	PUNCT
dem-1064	11	7	examine	examine	VERB
dem-1064	11	8	four	four	NUM
dem-1064	11	9	major	major	ADJ
dem-1064	11	10	european	european	ADJ
dem-1064	11	11	equity	equity	NOUN
dem-1064	11	12	markets	market	NOUN
dem-1064	11	13	in	in	ADP
dem-1064	11	14	the	the	DET
dem-1064	11	15	aspect	aspect	NOUN
dem-1064	11	16	of	of	ADP
dem-1064	11	17	us	us	PROPN
dem-1064	11	18	announcements	announcement	NOUN
dem-1064	11	19	.	.	PUNCT
dem-1064	12	1	they	they	PRON
dem-1064	12	2	find	find	VERB
dem-1064	12	3	that	that	SCONJ
dem-1064	12	4	us	us	PROPN
dem-1064	12	5	fundamentals	fundamental	NOUN
dem-1064	12	6	have	have	VERB
dem-1064	12	7	an	an	DET
dem-1064	12	8	impact	impact	NOUN
dem-1064	12	9	on	on	ADP
dem-1064	12	10	europeans	europeans	PROPN
dem-1064	12	11	investor	investor	NOUN
dem-1064	12	12	’s	’s	PART
dem-1064	12	13	behavior	behavior	NOUN
dem-1064	12	14	.	.	PUNCT
dem-1064	13	1	both	both	DET
dem-1064	13	2	equity	equity	NOUN
dem-1064	13	3	returns	return	NOUN
dem-1064	13	4	and	and	CCONJ
dem-1064	13	5	volatility	volatility	NOUN
dem-1064	13	6	are	be	AUX
dem-1064	13	7	sensitive	sensitive	ADJ
dem-1064	13	8	to	to	ADP
dem-1064	13	9	american	american	PROPN
dem-1064	13	10	macro	macro	PROPN
dem-1064	13	11	releases	release	NOUN
dem-1064	13	12	.	.	PUNCT
dem-1064	14	1	moreover	moreover	ADV
dem-1064	14	2	,	,	PUNCT
dem-1064	14	3	the	the	DET
dem-1064	14	4	indices	index	NOUN
dem-1064	14	5	(	(	PUNCT
dem-1064	14	6	cac40	cac40	PROPN
dem-1064	14	7	,	,	PUNCT
dem-1064	14	8	dax	dax	PROPN
dem-1064	14	9	,	,	PUNCT
dem-1064	14	10	dmi	dmi	PROPN
dem-1064	14	11	and	and	CCONJ
dem-1064	14	12	ftse100	ftse100	PROPN
dem-1064	14	13	)	)	PUNCT
dem-1064	14	14	show	show	VERB
dem-1064	14	15	similar	similar	ADJ
dem-1064	14	16	strong	strong	ADJ
dem-1064	14	17	intraday	intraday	NOUN
dem-1064	14	18	seasonality	seasonality	NOUN
dem-1064	14	19	pattern	pattern	NOUN
dem-1064	14	20	and	and	CCONJ
dem-1064	14	21	react	react	VERB
dem-1064	14	22	in	in	ADP
dem-1064	14	23	the	the	DET
dem-1064	14	24	similar	similar	ADJ
dem-1064	14	25	direction	direction	NOUN
dem-1064	14	26	to	to	ADP
dem-1064	14	27	the	the	DET
dem-1064	14	28	macroeconomic	macroeconomic	ADJ
dem-1064	14	29	information	information	NOUN
dem-1064	14	30	.	.	PUNCT
dem-1064	15	1	†	†	NOUN
dem-1064	16	1	this	this	DET
dem-1064	16	2	work	work	NOUN
dem-1064	16	3	was	be	AUX
dem-1064	16	4	financed	finance	VERB
dem-1064	16	5	from	from	ADP
dem-1064	16	6	the	the	DET
dem-1064	16	7	polish	polish	ADJ
dem-1064	16	8	science	science	NOUN
dem-1064	16	9	budget	budget	NOUN
dem-1064	16	10	resources	resource	NOUN
dem-1064	16	11	in	in	ADP
dem-1064	16	12	the	the	DET
dem-1064	16	13	years	year	NOUN
dem-1064	16	14	2010	2010	NUM
dem-1064	16	15	-	-	SYM
dem-1064	16	16	2012	2012	NUM
dem-1064	16	17	as	as	ADP
dem-1064	16	18	the	the	DET
dem-1064	16	19	research	research	NOUN
dem-1064	16	20	project	project	NOUN
dem-1064	16	21	n	n	PRON
dem-1064	16	22	n111	n111	PROPN
dem-1064	16	23	346039	346039	NUM
dem-1064	16	24	.	.	PUNCT
dem-1064	17	1	barbara	barbara	PROPN
dem-1064	17	2	będowska	będowska	PROPN
dem-1064	17	3	-	-	PUNCT
dem-1064	17	4	sójka	sójka	PROPN
dem-1064	17	5	100	100	NUM
dem-1064	17	6	routinely	routinely	ADV
dem-1064	17	7	the	the	DET
dem-1064	17	8	announcements	announcement	NOUN
dem-1064	17	9	considered	consider	VERB
dem-1064	17	10	in	in	ADP
dem-1064	17	11	the	the	DET
dem-1064	17	12	literature	literature	NOUN
dem-1064	17	13	are	be	AUX
dem-1064	17	14	from	from	ADP
dem-1064	17	15	us	we	PRON
dem-1064	17	16	,	,	PUNCT
dem-1064	17	17	mainly	mainly	ADV
dem-1064	17	18	due	due	ADP
dem-1064	17	19	to	to	ADP
dem-1064	17	20	the	the	DET
dem-1064	17	21	importance	importance	NOUN
dem-1064	17	22	of	of	ADP
dem-1064	17	23	american	american	ADJ
dem-1064	17	24	economy	economy	NOUN
dem-1064	17	25	and	and	CCONJ
dem-1064	17	26	the	the	DET
dem-1064	17	27	timing	timing	NOUN
dem-1064	17	28	of	of	ADP
dem-1064	17	29	us	we	PRON
dem-1064	17	30	macroeconomic	macroeconomic	ADJ
dem-1064	17	31	releases	release	NOUN
dem-1064	17	32	.	.	PUNCT
dem-1064	18	1	these	these	DET
dem-1064	18	2	releases	release	NOUN
dem-1064	18	3	are	be	AUX
dem-1064	18	4	characterized	characterize	VERB
dem-1064	18	5	by	by	ADP
dem-1064	18	6	specific	specific	ADJ
dem-1064	18	7	features	feature	NOUN
dem-1064	18	8	that	that	PRON
dem-1064	18	9	make	make	VERB
dem-1064	18	10	them	they	PRON
dem-1064	18	11	useful	useful	ADJ
dem-1064	18	12	:	:	PUNCT
dem-1064	18	13	they	they	PRON
dem-1064	18	14	are	be	AUX
dem-1064	18	15	periodically	periodically	ADV
dem-1064	18	16	publicized	publicize	VERB
dem-1064	18	17	with	with	ADP
dem-1064	18	18	timing	timing	NOUN
dem-1064	18	19	of	of	ADP
dem-1064	18	20	announcements	announcement	NOUN
dem-1064	18	21	being	be	AUX
dem-1064	18	22	strictly	strictly	ADV
dem-1064	18	23	predetermined	predetermine	VERB
dem-1064	18	24	to	to	ADP
dem-1064	18	25	the	the	DET
dem-1064	18	26	date	date	NOUN
dem-1064	18	27	and	and	CCONJ
dem-1064	18	28	the	the	DET
dem-1064	18	29	hour	hour	NOUN
dem-1064	18	30	.	.	PUNCT
dem-1064	19	1	additionally	additionally	ADV
dem-1064	19	2	the	the	DET
dem-1064	19	3	releases	release	NOUN
dem-1064	19	4	are	be	AUX
dem-1064	19	5	preceded	precede	VERB
dem-1064	19	6	by	by	ADP
dem-1064	19	7	the	the	DET
dem-1064	19	8	expectations	expectation	NOUN
dem-1064	19	9	which	which	PRON
dem-1064	19	10	are	be	AUX
dem-1064	19	11	obtained	obtain	VERB
dem-1064	19	12	as	as	ADP
dem-1064	19	13	a	a	DET
dem-1064	19	14	consensus	consensus	NOUN
dem-1064	19	15	between	between	ADP
dem-1064	19	16	different	different	ADJ
dem-1064	19	17	financial	financial	ADJ
dem-1064	19	18	analytics	analytic	NOUN
dem-1064	19	19	(	(	PUNCT
dem-1064	19	20	li	li	PROPN
dem-1064	19	21	,	,	PUNCT
dem-1064	19	22	engle	engle	PROPN
dem-1064	19	23	,	,	PUNCT
dem-1064	19	24	1998	1998	NUM
dem-1064	19	25	)	)	PUNCT
dem-1064	19	26	.	.	PUNCT
dem-1064	20	1	the	the	DET
dem-1064	20	2	crucial	crucial	ADJ
dem-1064	20	3	is	be	AUX
dem-1064	20	4	the	the	DET
dem-1064	20	5	fact	fact	NOUN
dem-1064	20	6	that	that	SCONJ
dem-1064	20	7	the	the	DET
dem-1064	20	8	announcements	announcement	NOUN
dem-1064	20	9	are	be	AUX
dem-1064	20	10	released	release	VERB
dem-1064	20	11	at	at	ADP
dem-1064	20	12	the	the	DET
dem-1064	20	13	time	time	NOUN
dem-1064	20	14	when	when	SCONJ
dem-1064	20	15	european	european	ADJ
dem-1064	20	16	stock	stock	NOUN
dem-1064	20	17	exchanges	exchange	NOUN
dem-1064	20	18	are	be	AUX
dem-1064	20	19	open	open	ADJ
dem-1064	20	20	providing	provide	VERB
dem-1064	20	21	the	the	DET
dem-1064	20	22	area	area	NOUN
dem-1064	20	23	for	for	ADP
dem-1064	20	24	the	the	DET
dem-1064	20	25	research	research	NOUN
dem-1064	20	26	of	of	ADP
dem-1064	20	27	market	market	NOUN
dem-1064	20	28	reaction	reaction	NOUN
dem-1064	20	29	to	to	ADP
dem-1064	20	30	the	the	DET
dem-1064	20	31	news	news	NOUN
dem-1064	20	32	.	.	PUNCT
dem-1064	21	1	contrary	contrary	ADJ
dem-1064	21	2	to	to	ADP
dem-1064	21	3	this	this	PRON
dem-1064	21	4	,	,	PUNCT
dem-1064	21	5	majority	majority	NOUN
dem-1064	21	6	of	of	ADP
dem-1064	21	7	european	european	ADJ
dem-1064	21	8	macroeconomic	macroeconomic	ADJ
dem-1064	21	9	announcements	announcement	NOUN
dem-1064	21	10	is	be	AUX
dem-1064	21	11	released	release	VERB
dem-1064	21	12	before	before	ADP
dem-1064	21	13	the	the	DET
dem-1064	21	14	opening	opening	NOUN
dem-1064	21	15	or	or	CCONJ
dem-1064	21	16	after	after	ADP
dem-1064	21	17	the	the	DET
dem-1064	21	18	closing	closing	NOUN
dem-1064	21	19	of	of	ADP
dem-1064	21	20	the	the	DET
dem-1064	21	21	session	session	NOUN
dem-1064	21	22	,	,	PUNCT
dem-1064	21	23	only	only	ADV
dem-1064	21	24	some	some	PRON
dem-1064	21	25	of	of	ADP
dem-1064	21	26	them	they	PRON
dem-1064	21	27	being	be	AUX
dem-1064	21	28	announced	announce	VERB
dem-1064	21	29	within	within	ADP
dem-1064	21	30	the	the	DET
dem-1064	21	31	session	session	NOUN
dem-1064	21	32	time	time	NOUN
dem-1064	21	33	.	.	PUNCT
dem-1064	22	1	the	the	DET
dem-1064	22	2	impact	impact	NOUN
dem-1064	22	3	of	of	ADP
dem-1064	22	4	news	news	NOUN
dem-1064	22	5	releases	release	NOUN
dem-1064	22	6	may	may	AUX
dem-1064	22	7	be	be	AUX
dem-1064	22	8	observed	observe	VERB
dem-1064	22	9	on	on	ADP
dem-1064	22	10	returns	return	NOUN
dem-1064	22	11	and	and	CCONJ
dem-1064	22	12	in	in	ADP
dem-1064	22	13	volatility	volatility	NOUN
dem-1064	22	14	with	with	ADP
dem-1064	22	15	the	the	DET
dem-1064	22	16	latter	latter	ADJ
dem-1064	22	17	more	more	ADV
dem-1064	22	18	popular	popular	ADJ
dem-1064	22	19	.	.	PUNCT
dem-1064	23	1	what	what	PRON
dem-1064	23	2	in	in	ADP
dem-1064	23	3	fact	fact	NOUN
dem-1064	23	4	is	be	AUX
dem-1064	23	5	influencing	influence	VERB
dem-1064	23	6	the	the	DET
dem-1064	23	7	prices	price	NOUN
dem-1064	23	8	is	be	AUX
dem-1064	23	9	not	not	PART
dem-1064	23	10	a	a	DET
dem-1064	23	11	news	news	NOUN
dem-1064	23	12	itself	itself	PRON
dem-1064	23	13	,	,	PUNCT
dem-1064	23	14	but	but	CCONJ
dem-1064	23	15	the	the	DET
dem-1064	23	16	surprise	surprise	NOUN
dem-1064	23	17	content	content	NOUN
dem-1064	23	18	of	of	ADP
dem-1064	23	19	the	the	DET
dem-1064	23	20	news	news	NOUN
dem-1064	23	21	–	–	PUNCT
dem-1064	23	22	the	the	PRON
dem-1064	23	23	more	more	ADV
dem-1064	23	24	surprising	surprising	ADJ
dem-1064	23	25	it	it	PRON
dem-1064	23	26	is	be	AUX
dem-1064	23	27	,	,	PUNCT
dem-1064	23	28	the	the	DET
dem-1064	23	29	more	more	ADJ
dem-1064	23	30	volatility	volatility	NOUN
dem-1064	23	31	increases	increase	NOUN
dem-1064	23	32	.	.	PUNCT
dem-1064	24	1	in	in	ADP
dem-1064	24	2	the	the	DET
dem-1064	24	3	world	world	NOUN
dem-1064	24	4	of	of	ADP
dem-1064	24	5	continuously	continuously	ADV
dem-1064	24	6	flowing	flow	VERB
dem-1064	24	7	information	information	NOUN
dem-1064	24	8	the	the	DET
dem-1064	24	9	only	only	ADJ
dem-1064	24	10	way	way	NOUN
dem-1064	24	11	to	to	PART
dem-1064	24	12	measure	measure	VERB
dem-1064	24	13	the	the	DET
dem-1064	24	14	reaction	reaction	NOUN
dem-1064	24	15	to	to	ADP
dem-1064	24	16	announcements	announcement	NOUN
dem-1064	24	17	is	be	AUX
dem-1064	24	18	to	to	PART
dem-1064	24	19	focus	focus	VERB
dem-1064	24	20	on	on	ADP
dem-1064	24	21	intraday	intraday	PROPN
dem-1064	24	22	data	datum	NOUN
dem-1064	24	23	.	.	PUNCT
dem-1064	25	1	hanousek	hanousek	NOUN
dem-1064	25	2	,	,	PUNCT
dem-1064	25	3	kocenda	kocenda	NOUN
dem-1064	25	4	and	and	CCONJ
dem-1064	25	5	kutan	kutan	PROPN
dem-1064	25	6	(	(	PUNCT
dem-1064	25	7	2008	2008	NUM
dem-1064	25	8	)	)	PUNCT
dem-1064	25	9	estimate	estimate	VERB
dem-1064	25	10	the	the	DET
dem-1064	25	11	impact	impact	NOUN
dem-1064	25	12	of	of	ADP
dem-1064	25	13	eu	eu	ADJ
dem-1064	25	14	-	-	ADJ
dem-1064	25	15	wide	wide	ADJ
dem-1064	25	16	macroeconomic	macroeconomic	ADJ
dem-1064	25	17	news	news	NOUN
dem-1064	25	18	from	from	ADP
dem-1064	25	19	different	different	ADJ
dem-1064	25	20	countries	country	NOUN
dem-1064	25	21	on	on	ADP
dem-1064	25	22	composite	composite	ADJ
dem-1064	25	23	stock	stock	NOUN
dem-1064	25	24	returns	return	NOUN
dem-1064	25	25	of	of	ADP
dem-1064	25	26	three	three	NUM
dem-1064	25	27	markets	market	NOUN
dem-1064	25	28	,	,	PUNCT
dem-1064	25	29	the	the	DET
dem-1064	25	30	czech	czech	PROPN
dem-1064	25	31	,	,	PUNCT
dem-1064	25	32	the	the	DET
dem-1064	25	33	polish	polish	NOUN
dem-1064	25	34	and	and	CCONJ
dem-1064	25	35	the	the	DET
dem-1064	25	36	hungarian	hungarian	PROPN
dem-1064	25	37	.	.	PUNCT
dem-1064	26	1	they	they	PRON
dem-1064	26	2	conclude	conclude	VERB
dem-1064	26	3	that	that	SCONJ
dem-1064	26	4	the	the	DET
dem-1064	26	5	emerging	emerge	VERB
dem-1064	26	6	markets	market	NOUN
dem-1064	26	7	react	react	VERB
dem-1064	26	8	similarly	similarly	ADV
dem-1064	26	9	to	to	ADP
dem-1064	26	10	foreign	foreign	ADJ
dem-1064	26	11	news	news	NOUN
dem-1064	26	12	and	and	CCONJ
dem-1064	26	13	this	this	DET
dem-1064	26	14	reaction	reaction	NOUN
dem-1064	26	15	is	be	AUX
dem-1064	26	16	in	in	ADP
dem-1064	26	17	line	line	NOUN
dem-1064	26	18	with	with	ADP
dem-1064	26	19	the	the	DET
dem-1064	26	20	reaction	reaction	NOUN
dem-1064	26	21	of	of	ADP
dem-1064	26	22	more	more	ADV
dem-1064	26	23	advanced	advanced	ADJ
dem-1064	26	24	western	western	ADJ
dem-1064	26	25	european	european	ADJ
dem-1064	26	26	markets	market	NOUN
dem-1064	26	27	.	.	PUNCT
dem-1064	27	1	however	however	ADV
dem-1064	27	2	,	,	PUNCT
dem-1064	27	3	in	in	ADP
dem-1064	27	4	their	their	PRON
dem-1064	27	5	paper	paper	NOUN
dem-1064	27	6	all	all	DET
dem-1064	27	7	observations	observation	NOUN
dem-1064	27	8	from	from	ADP
dem-1064	27	9	the	the	DET
dem-1064	27	10	opening	opening	NOUN
dem-1064	27	11	and	and	CCONJ
dem-1064	27	12	the	the	DET
dem-1064	27	13	closing	closing	NOUN
dem-1064	27	14	of	of	ADP
dem-1064	27	15	the	the	DET
dem-1064	27	16	sessions	session	NOUN
dem-1064	27	17	are	be	AUX
dem-1064	27	18	removed	remove	VERB
dem-1064	27	19	from	from	ADP
dem-1064	27	20	the	the	DET
dem-1064	27	21	sample	sample	NOUN
dem-1064	27	22	.	.	PUNCT
dem-1064	28	1	our	our	PRON
dem-1064	28	2	analysis	analysis	NOUN
dem-1064	28	3	contributes	contribute	VERB
dem-1064	28	4	to	to	ADP
dem-1064	28	5	the	the	DET
dem-1064	28	6	existing	exist	VERB
dem-1064	28	7	works	work	NOUN
dem-1064	28	8	in	in	ADP
dem-1064	28	9	several	several	ADJ
dem-1064	28	10	ways	way	NOUN
dem-1064	28	11	.	.	PUNCT
dem-1064	29	1	we	we	PRON
dem-1064	29	2	study	study	VERB
dem-1064	29	3	the	the	DET
dem-1064	29	4	reaction	reaction	NOUN
dem-1064	29	5	to	to	ADP
dem-1064	29	6	several	several	ADJ
dem-1064	29	7	macroeconomic	macroeconomic	ADJ
dem-1064	29	8	announcements	announcement	NOUN
dem-1064	29	9	,	,	PUNCT
dem-1064	29	10	domestic	domestic	ADJ
dem-1064	29	11	and	and	CCONJ
dem-1064	29	12	neighbor	neighbor	NOUN
dem-1064	29	13	-	-	PUNCT
dem-1064	29	14	country	country	NOUN
dem-1064	29	15	as	as	ADV
dem-1064	29	16	well	well	ADV
dem-1064	29	17	as	as	ADP
dem-1064	29	18	the	the	DET
dem-1064	29	19	american	american	ADJ
dem-1064	29	20	and	and	CCONJ
dem-1064	29	21	compare	compare	VERB
dem-1064	29	22	which	which	PRON
dem-1064	29	23	of	of	ADP
dem-1064	29	24	them	they	PRON
dem-1064	29	25	have	have	VERB
dem-1064	29	26	a	a	DET
dem-1064	29	27	stronger	strong	ADJ
dem-1064	29	28	influence	influence	NOUN
dem-1064	29	29	on	on	ADP
dem-1064	29	30	intraday	intraday	NOUN
dem-1064	29	31	volatility	volatility	NOUN
dem-1064	29	32	.	.	PUNCT
dem-1064	30	1	we	we	PRON
dem-1064	30	2	focus	focus	VERB
dem-1064	30	3	on	on	ADP
dem-1064	30	4	the	the	DET
dem-1064	30	5	polish	polish	NOUN
dem-1064	30	6	and	and	CCONJ
dem-1064	30	7	the	the	DET
dem-1064	30	8	german	german	ADJ
dem-1064	30	9	stock	stock	NOUN
dem-1064	30	10	markets	market	NOUN
dem-1064	30	11	and	and	CCONJ
dem-1064	30	12	macroeconomic	macroeconomic	ADJ
dem-1064	30	13	releases	release	NOUN
dem-1064	30	14	from	from	ADP
dem-1064	30	15	these	these	DET
dem-1064	30	16	two	two	NUM
dem-1064	30	17	markets	market	NOUN
dem-1064	30	18	.	.	PUNCT
dem-1064	31	1	from	from	ADP
dem-1064	31	2	the	the	DET
dem-1064	31	3	previous	previous	ADJ
dem-1064	31	4	works	work	NOUN
dem-1064	31	5	we	we	PRON
dem-1064	31	6	know	know	VERB
dem-1064	31	7	that	that	SCONJ
dem-1064	31	8	on	on	ADP
dem-1064	31	9	both	both	DET
dem-1064	31	10	markets	market	NOUN
dem-1064	31	11	the	the	DET
dem-1064	31	12	reaction	reaction	NOUN
dem-1064	31	13	to	to	ADP
dem-1064	31	14	american	american	PROPN
dem-1064	31	15	macro	macro	PROPN
dem-1064	31	16	releases	release	NOUN
dem-1064	31	17	is	be	AUX
dem-1064	31	18	quite	quite	ADV
dem-1064	31	19	strong	strong	ADJ
dem-1064	31	20	(	(	PUNCT
dem-1064	31	21	będowska	będowska	NOUN
dem-1064	31	22	-	-	PUNCT
dem-1064	31	23	sójka	sójka	PROPN
dem-1064	31	24	,	,	PUNCT
dem-1064	31	25	2010	2010	NUM
dem-1064	31	26	)	)	PUNCT
dem-1064	31	27	,	,	PUNCT
dem-1064	31	28	but	but	CCONJ
dem-1064	31	29	the	the	DET
dem-1064	31	30	size	size	NOUN
dem-1064	31	31	or	or	CCONJ
dem-1064	31	32	the	the	DET
dem-1064	31	33	strength	strength	NOUN
dem-1064	31	34	of	of	ADP
dem-1064	31	35	the	the	DET
dem-1064	31	36	reaction	reaction	NOUN
dem-1064	31	37	to	to	PART
dem-1064	31	38	polish	polish	VERB
dem-1064	31	39	or	or	CCONJ
dem-1064	31	40	german	german	ADJ
dem-1064	31	41	releases	release	NOUN
dem-1064	31	42	is	be	AUX
dem-1064	31	43	unknown	unknown	ADJ
dem-1064	31	44	.	.	PUNCT
dem-1064	32	1	from	from	ADP
dem-1064	32	2	the	the	DET
dem-1064	32	3	seminal	seminal	ADJ
dem-1064	32	4	paper	paper	NOUN
dem-1064	32	5	of	of	ADP
dem-1064	32	6	wood	wood	NOUN
dem-1064	32	7	et	et	PROPN
dem-1064	32	8	al	al	PROPN
dem-1064	32	9	.	.	PROPN
dem-1064	33	1	(	(	PUNCT
dem-1064	33	2	1985	1985	NUM
dem-1064	33	3	)	)	PUNCT
dem-1064	33	4	it	it	PRON
dem-1064	33	5	is	be	AUX
dem-1064	33	6	known	know	VERB
dem-1064	33	7	that	that	SCONJ
dem-1064	33	8	high	high	ADJ
dem-1064	33	9	-	-	PUNCT
dem-1064	33	10	frequency	frequency	NOUN
dem-1064	33	11	series	series	NOUN
dem-1064	33	12	are	be	AUX
dem-1064	33	13	characterized	characterize	VERB
dem-1064	33	14	by	by	ADP
dem-1064	33	15	the	the	DET
dem-1064	33	16	strong	strong	ADJ
dem-1064	33	17	periodical	periodical	ADJ
dem-1064	33	18	pattern	pattern	NOUN
dem-1064	33	19	in	in	ADP
dem-1064	33	20	volatility	volatility	NOUN
dem-1064	33	21	and	and	CCONJ
dem-1064	33	22	that	that	SCONJ
dem-1064	33	23	the	the	DET
dem-1064	33	24	reasonable	reasonable	ADJ
dem-1064	33	25	intraday	intraday	NOUN
dem-1064	33	26	dynamic	dynamic	ADJ
dem-1064	33	27	analysis	analysis	NOUN
dem-1064	33	28	requires	require	VERB
dem-1064	33	29	the	the	DET
dem-1064	33	30	estimation	estimation	NOUN
dem-1064	33	31	of	of	ADP
dem-1064	33	32	intraday	intraday	NOUN
dem-1064	33	33	periodic	periodic	ADJ
dem-1064	33	34	component	component	NOUN
dem-1064	33	35	.	.	PUNCT
dem-1064	34	1	following	follow	VERB
dem-1064	34	2	works	work	NOUN
dem-1064	34	3	of	of	ADP
dem-1064	34	4	andersen	andersen	PROPN
dem-1064	34	5	and	and	CCONJ
dem-1064	34	6	bollerslev	bollerslev	ADJ
dem-1064	34	7	(	(	PUNCT
dem-1064	34	8	1998	1998	NUM
dem-1064	34	9	)	)	PUNCT
dem-1064	34	10	we	we	PRON
dem-1064	34	11	use	use	VERB
dem-1064	34	12	flexible	flexible	ADJ
dem-1064	34	13	fourier	fourier	NOUN
dem-1064	34	14	form	form	NOUN
dem-1064	34	15	framework	framework	NOUN
dem-1064	34	16	to	to	PART
dem-1064	34	17	model	model	VERB
dem-1064	34	18	intraday	intraday	PROPN
dem-1064	34	19	series	series	NOUN
dem-1064	34	20	and	and	CCONJ
dem-1064	34	21	find	find	VERB
dem-1064	34	22	out	out	ADP
dem-1064	34	23	what	what	PRON
dem-1064	34	24	is	be	AUX
dem-1064	34	25	the	the	DET
dem-1064	34	26	reaction	reaction	NOUN
dem-1064	34	27	to	to	ADP
dem-1064	34	28	the	the	DET
dem-1064	34	29	announcements	announcement	NOUN
dem-1064	34	30	on	on	ADP
dem-1064	34	31	both	both	DET
dem-1064	34	32	european	european	ADJ
dem-1064	34	33	markets	market	NOUN
dem-1064	34	34	.	.	PUNCT
dem-1064	35	1	two	two	NUM
dem-1064	35	2	approaches	approach	NOUN
dem-1064	35	3	are	be	AUX
dem-1064	35	4	adopted	adopt	VERB
dem-1064	35	5	:	:	PUNCT
dem-1064	35	6	in	in	ADP
dem-1064	35	7	the	the	DET
dem-1064	35	8	first	first	ADJ
dem-1064	35	9	the	the	DET
dem-1064	35	10	announcement	announcement	NOUN
dem-1064	35	11	effects	effect	NOUN
dem-1064	35	12	are	be	AUX
dem-1064	35	13	estimated	estimate	VERB
dem-1064	35	14	within	within	ADP
dem-1064	35	15	the	the	DET
dem-1064	35	16	flexible	flexible	ADJ
dem-1064	35	17	fourier	fourier	NOUN
dem-1064	35	18	form	form	NOUN
dem-1064	35	19	regression	regression	NOUN
dem-1064	35	20	,	,	PUNCT
dem-1064	35	21	whereas	whereas	SCONJ
dem-1064	35	22	in	in	ADP
dem-1064	35	23	the	the	DET
dem-1064	35	24	second	second	NOUN
dem-1064	35	25	the	the	DET
dem-1064	35	26	regression	regression	NOUN
dem-1064	35	27	is	be	AUX
dem-1064	35	28	used	use	VERB
dem-1064	35	29	only	only	ADV
dem-1064	35	30	for	for	ADP
dem-1064	35	31	the	the	DET
dem-1064	35	32	purpose	purpose	NOUN
dem-1064	35	33	of	of	ADP
dem-1064	35	34	filtering	filter	VERB
dem-1064	35	35	from	from	ADP
dem-1064	35	36	periodicity	periodicity	NOUN
dem-1064	35	37	and	and	CCONJ
dem-1064	35	38	the	the	DET
dem-1064	35	39	filtered	filter	VERB
dem-1064	35	40	series	series	NOUN
dem-1064	35	41	are	be	AUX
dem-1064	35	42	introduced	introduce	VERB
dem-1064	35	43	to	to	ADP
dem-1064	35	44	figarch	figarch	NOUN
dem-1064	35	45	models	model	NOUN
dem-1064	35	46	.	.	PUNCT
dem-1064	36	1	considering	consider	VERB
dem-1064	36	2	the	the	DET
dem-1064	36	3	reaction	reaction	NOUN
dem-1064	36	4	to	to	PART
dem-1064	36	5	macro	macro	ADJ
dem-1064	36	6	releases	release	NOUN
dem-1064	36	7	from	from	ADP
dem-1064	36	8	different	different	ADJ
dem-1064	36	9	countries	country	NOUN
dem-1064	36	10	in	in	ADP
dem-1064	36	11	the	the	DET
dem-1064	36	12	short	short	ADJ
dem-1064	36	13	5	5	NUM
dem-1064	36	14	-	-	PUNCT
dem-1064	36	15	minute	minute	NOUN
dem-1064	36	16	interval	interval	NOUN
dem-1064	36	17	our	our	PRON
dem-1064	36	18	main	main	ADJ
dem-1064	36	19	finding	finding	NOUN
dem-1064	36	20	is	be	AUX
dem-1064	36	21	that	that	SCONJ
dem-1064	36	22	volatility	volatility	NOUN
dem-1064	36	23	of	of	ADP
dem-1064	36	24	indices	index	NOUN
dem-1064	36	25	react	react	VERB
dem-1064	36	26	stronger	strong	ADJ
dem-1064	36	27	to	to	ADP
dem-1064	36	28	american	american	ADJ
dem-1064	36	29	announcements	announcement	NOUN
dem-1064	36	30	than	than	ADP
dem-1064	36	31	to	to	ADP
dem-1064	36	32	similar	similar	ADJ
dem-1064	36	33	in	in	ADP
dem-1064	36	34	category	category	NOUN
dem-1064	36	35	macro	macro	NOUN
dem-1064	36	36	news	news	NOUN
dem-1064	36	37	from	from	ADP
dem-1064	36	38	germany	germany	PROPN
dem-1064	36	39	or	or	CCONJ
dem-1064	36	40	from	from	ADP
dem-1064	36	41	poland	poland	PROPN
dem-1064	36	42	.	.	PUNCT
dem-1064	37	1	for	for	ADP
dem-1064	37	2	the	the	DET
dem-1064	37	3	domestic	domestic	ADJ
dem-1064	37	4	releases	release	NOUN
dem-1064	37	5	the	the	DET
dem-1064	37	6	reaction	reaction	NOUN
dem-1064	37	7	is	be	AUX
dem-1064	37	8	weak	weak	ADJ
dem-1064	37	9	in	in	ADP
dem-1064	37	10	germany	germany	PROPN
dem-1064	37	11	and	and	CCONJ
dem-1064	37	12	not	not	PART
dem-1064	37	13	significant	significant	ADJ
dem-1064	37	14	in	in	ADP
dem-1064	37	15	poland	poland	PROPN
dem-1064	37	16	.	.	PUNCT
dem-1064	38	1	the	the	DET
dem-1064	38	2	intraday	intraday	NOUN
dem-1064	38	3	periodical	periodical	ADJ
dem-1064	38	4	pattern	pattern	NOUN
dem-1064	38	5	is	be	AUX
dem-1064	38	6	quite	quite	ADV
dem-1064	38	7	similar	similar	ADJ
dem-1064	38	8	on	on	ADP
dem-1064	38	9	both	both	DET
dem-1064	38	10	markets	market	NOUN
dem-1064	38	11	and	and	CCONJ
dem-1064	38	12	the	the	DET
dem-1064	38	13	reaction	reaction	NOUN
dem-1064	38	14	to	to	ADP
dem-1064	38	15	american	american	ADJ
dem-1064	38	16	news	news	PROPN
dem-1064	38	17	is	be	AUX
dem-1064	38	18	similar	similar	ADJ
dem-1064	38	19	in	in	ADP
dem-1064	38	20	size	size	NOUN
dem-1064	38	21	and	and	CCONJ
dem-1064	38	22	direction	direction	NOUN
dem-1064	38	23	.	.	PUNCT
dem-1064	39	1	the	the	DET
dem-1064	39	2	rest	rest	NOUN
dem-1064	39	3	of	of	ADP
dem-1064	39	4	the	the	DET
dem-1064	39	5	paper	paper	NOUN
dem-1064	39	6	is	be	AUX
dem-1064	39	7	as	as	SCONJ
dem-1064	39	8	follows	follow	VERB
dem-1064	39	9	:	:	PUNCT
dem-1064	39	10	in	in	ADP
dem-1064	39	11	section	section	NOUN
dem-1064	39	12	1	1	NUM
dem-1064	39	13	we	we	PRON
dem-1064	39	14	describe	describe	VERB
dem-1064	39	15	the	the	DET
dem-1064	39	16	data	datum	NOUN
dem-1064	39	17	,	,	PUNCT
dem-1064	39	18	in	in	SCONJ
dem-1064	39	19	section	section	NOUN
dem-1064	39	20	2	2	NUM
dem-1064	39	21	periodical	periodical	ADJ
dem-1064	39	22	pattern	pattern	NOUN
dem-1064	39	23	is	be	AUX
dem-1064	39	24	considered	consider	VERB
dem-1064	39	25	.	.	PUNCT
dem-1064	40	1	section	section	NOUN
dem-1064	40	2	3	3	NUM
dem-1064	40	3	is	be	AUX
dem-1064	40	4	devoted	devote	VERB
dem-1064	40	5	to	to	ADP
dem-1064	40	6	the	the	DET
dem-1064	40	7	intraday	intraday	ADJ
dem-1064	40	8	effect	effect	NOUN
dem-1064	40	9	of	of	ADP
dem-1064	40	10	macroeconomic	macroeconomic	ADJ
dem-1064	40	11	announcements	announcement	NOUN
dem-1064	40	12	.	.	PUNCT
dem-1064	41	1	in	in	ADP
dem-1064	41	2	section	section	NOUN
dem-1064	41	3	4	4	NUM
dem-1064	41	4	we	we	PRON
dem-1064	41	5	present	present	VERB
dem-1064	41	6	the	the	DET
dem-1064	41	7	methodology	methodology	NOUN
dem-1064	41	8	of	of	ADP
dem-1064	41	9	volatility	volatility	NOUN
dem-1064	41	10	modeling	model	VERB
dem-1064	41	11	the	the	DET
dem-1064	41	12	impact	impact	NOUN
dem-1064	41	13	of	of	ADP
dem-1064	41	14	macro	macro	ADJ
dem-1064	41	15	news	news	NOUN
dem-1064	41	16	on	on	ADP
dem-1064	41	17	volatility	volatility	NOUN
dem-1064	41	18	of	of	ADP
dem-1064	41	19	stock	stock	NOUN
dem-1064	41	20	exchanges	exchange	NOUN
dem-1064	41	21	101	101	NUM
dem-1064	41	22	and	and	CCONJ
dem-1064	41	23	in	in	ADP
dem-1064	41	24	section	section	NOUN
dem-1064	41	25	5	5	NUM
dem-1064	41	26	the	the	DET
dem-1064	41	27	results	result	NOUN
dem-1064	41	28	of	of	ADP
dem-1064	41	29	ar	ar	NOUN
dem-1064	41	30	-	-	PUNCT
dem-1064	41	31	figarch	figarch	NOUN
dem-1064	41	32	models	model	NOUN
dem-1064	41	33	are	be	AUX
dem-1064	41	34	presented	present	VERB
dem-1064	41	35	.	.	PUNCT
dem-1064	42	1	section	section	NOUN
dem-1064	42	2	6	6	NUM
dem-1064	42	3	concludes	conclude	VERB
dem-1064	42	4	.	.	PUNCT
dem-1064	43	1	1	1	X
dem-1064	43	2	.	.	X
dem-1064	43	3	the	the	DET
dem-1064	43	4	data	datum	NOUN
dem-1064	43	5	we	we	PRON
dem-1064	43	6	use	use	VERB
dem-1064	43	7	the	the	DET
dem-1064	43	8	data	datum	NOUN
dem-1064	43	9	of	of	ADP
dem-1064	43	10	the	the	DET
dem-1064	43	11	german	german	NOUN
dem-1064	43	12	and	and	CCONJ
dem-1064	43	13	the	the	DET
dem-1064	43	14	polish	polish	ADJ
dem-1064	43	15	indices	index	NOUN
dem-1064	43	16	in	in	ADP
dem-1064	43	17	conjunction	conjunction	NOUN
dem-1064	43	18	with	with	ADP
dem-1064	43	19	the	the	DET
dem-1064	43	20	data	datum	NOUN
dem-1064	43	21	on	on	ADP
dem-1064	43	22	expectations	expectation	NOUN
dem-1064	43	23	and	and	CCONJ
dem-1064	43	24	realizations	realization	NOUN
dem-1064	43	25	of	of	ADP
dem-1064	43	26	scheduled	schedule	VERB
dem-1064	43	27	macroeconomic	macroeconomic	ADJ
dem-1064	43	28	announcements	announcement	NOUN
dem-1064	43	29	from	from	ADP
dem-1064	43	30	the	the	DET
dem-1064	43	31	american	american	PROPN
dem-1064	43	32	,	,	PUNCT
dem-1064	43	33	the	the	DET
dem-1064	43	34	german	german	NOUN
dem-1064	43	35	and	and	CCONJ
dem-1064	43	36	the	the	DET
dem-1064	43	37	polish	polish	ADJ
dem-1064	43	38	markets	market	NOUN
dem-1064	43	39	.	.	PUNCT
dem-1064	44	1	1.1	1.1	NUM
dem-1064	44	2	.	.	PUNCT
dem-1064	45	1	the	the	DET
dem-1064	45	2	return	return	NOUN
dem-1064	45	3	series	series	NOUN
dem-1064	45	4	the	the	DET
dem-1064	45	5	sample	sample	NOUN
dem-1064	45	6	consists	consist	VERB
dem-1064	45	7	of	of	ADP
dem-1064	45	8	5	5	NUM
dem-1064	45	9	-	-	PUNCT
dem-1064	45	10	minute	minute	NOUN
dem-1064	45	11	intraday	intraday	NOUN
dem-1064	45	12	percentage	percentage	NOUN
dem-1064	45	13	logarithmic	logarithmic	ADJ
dem-1064	45	14	returns	return	NOUN
dem-1064	45	15	of	of	ADP
dem-1064	45	16	the	the	DET
dem-1064	45	17	german	german	ADJ
dem-1064	45	18	dax	dax	PROPN
dem-1064	45	19	and	and	CCONJ
dem-1064	45	20	the	the	DET
dem-1064	45	21	polish	polish	NOUN
dem-1064	45	22	wig20	wig20	VERB
dem-1064	45	23	main	main	ADJ
dem-1064	45	24	stock	stock	NOUN
dem-1064	45	25	exchange	exchange	NOUN
dem-1064	45	26	indices	index	NOUN
dem-1064	45	27	within	within	ADP
dem-1064	45	28	the	the	DET
dem-1064	45	29	period	period	NOUN
dem-1064	45	30	5.01.2009	5.01.2009	NUM
dem-1064	45	31	-	-	SYM
dem-1064	45	32	30.12.2010	30.12.2010	NUM
dem-1064	45	33	.	.	PUNCT
dem-1064	46	1	we	we	PRON
dem-1064	46	2	consider	consider	VERB
dem-1064	46	3	the	the	DET
dem-1064	46	4	percentage	percentage	NOUN
dem-1064	46	5	logarithmic	logarithmic	ADJ
dem-1064	46	6	returns	return	NOUN
dem-1064	46	7	,	,	PUNCT
dem-1064	46	8	observed	observe	VERB
dem-1064	46	9	with	with	ADP
dem-1064	46	10	frequency	frequency	NOUN
dem-1064	46	11	1	1	NUM
dem-1064	46	12	/	/	SYM
dem-1064	46	13	δ	δ	PROPN
dem-1064	46	14	(	(	PUNCT
dem-1064	46	15	with	with	ADP
dem-1064	46	16	1	1	NUM
dem-1064	46	17	/	/	SYM
dem-1064	46	18	δ	δ	PROPN
dem-1064	46	19	being	be	AUX
dem-1064	46	20	an	an	DET
dem-1064	46	21	integer	integer	NOUN
dem-1064	46	22	bigger	big	ADJ
dem-1064	46	23	than	than	ADP
dem-1064	46	24	0	0	NUM
dem-1064	46	25	)	)	PUNCT
dem-1064	46	26	.	.	PUNCT
dem-1064	47	1	as	as	ADP
dem-1064	47	2	quite	quite	ADV
dem-1064	47	3	common	common	ADJ
dem-1064	47	4	when	when	SCONJ
dem-1064	47	5	dealing	deal	VERB
dem-1064	47	6	with	with	ADP
dem-1064	47	7	intraday	intraday	NOUN
dem-1064	47	8	data	datum	NOUN
dem-1064	47	9	the	the	DET
dem-1064	47	10	overnight	overnight	ADJ
dem-1064	47	11	return	return	NOUN
dem-1064	47	12	is	be	AUX
dem-1064	47	13	excluded	exclude	VERB
dem-1064	47	14	from	from	ADP
dem-1064	47	15	the	the	DET
dem-1064	47	16	analysis	analysis	NOUN
dem-1064	47	17	.	.	PUNCT
dem-1064	48	1	the	the	DET
dem-1064	48	2	length	length	NOUN
dem-1064	48	3	of	of	ADP
dem-1064	48	4	the	the	DET
dem-1064	48	5	trading	trading	NOUN
dem-1064	48	6	day	day	NOUN
dem-1064	48	7	is	be	AUX
dem-1064	48	8	normalized	normalize	VERB
dem-1064	48	9	to	to	ADP
dem-1064	48	10	unity	unity	NOUN
dem-1064	48	11	and	and	CCONJ
dem-1064	48	12	therefore	therefore	ADV
dem-1064	48	13	the	the	DET
dem-1064	48	14	time	time	NOUN
dem-1064	48	15	that	that	PRON
dem-1064	48	16	elapses	elapse	VERB
dem-1064	48	17	between	between	ADP
dem-1064	48	18	two	two	NUM
dem-1064	48	19	consecutive	consecutive	ADJ
dem-1064	48	20	returns	return	NOUN
dem-1064	48	21	is	be	AUX
dem-1064	48	22	equal	equal	ADJ
dem-1064	48	23	(	(	PUNCT
dem-1064	48	24	boudt	boudt	NOUN
dem-1064	48	25	et	et	NOUN
dem-1064	48	26	al	al	PROPN
dem-1064	48	27	.	.	PROPN
dem-1064	48	28	,	,	PUNCT
dem-1064	48	29	2010	2010	NUM
dem-1064	48	30	)	)	PUNCT
dem-1064	48	31	.	.	PUNCT
dem-1064	49	1	the	the	DET
dem-1064	49	2	dax	dax	PROPN
dem-1064	49	3	index	index	NOUN
dem-1064	49	4	is	be	AUX
dem-1064	49	5	quoted	quote	VERB
dem-1064	49	6	from	from	ADP
dem-1064	49	7	9	9	NUM
dem-1064	49	8	am	am	NOUN
dem-1064	49	9	to	to	ADP
dem-1064	49	10	5.30pm	5.30pm	NUM
dem-1064	49	11	,	,	PUNCT
dem-1064	49	12	and	and	CCONJ
dem-1064	49	13	wig20	wig20	VERB
dem-1064	49	14	from	from	ADP
dem-1064	49	15	9	9	NUM
dem-1064	49	16	am	am	NOUN
dem-1064	49	17	to	to	ADP
dem-1064	49	18	4.10pm	4.10pm	NOUN
dem-1064	49	19	.	.	PUNCT
dem-1064	50	1	after	after	ADP
dem-1064	50	2	excluding	exclude	VERB
dem-1064	50	3	overnight	overnight	ADJ
dem-1064	50	4	return	return	NOUN
dem-1064	50	5	we	we	PRON
dem-1064	50	6	obtain	obtain	VERB
dem-1064	50	7	101	101	NUM
dem-1064	50	8	observations	observation	NOUN
dem-1064	50	9	per	per	ADP
dem-1064	50	10	day	day	NOUN
dem-1064	50	11	on	on	ADP
dem-1064	50	12	the	the	DET
dem-1064	50	13	german	german	ADJ
dem-1064	50	14	market	market	NOUN
dem-1064	50	15	and	and	CCONJ
dem-1064	50	16	85	85	NUM
dem-1064	50	17	on	on	ADP
dem-1064	50	18	the	the	DET
dem-1064	50	19	polish	polish	NOUN
dem-1064	50	20	.	.	PUNCT
dem-1064	51	1	we	we	PRON
dem-1064	51	2	use	use	VERB
dem-1064	51	3	the	the	DET
dem-1064	51	4	data	datum	NOUN
dem-1064	51	5	available	available	ADJ
dem-1064	51	6	at	at	ADP
dem-1064	51	7	database	database	NOUN
dem-1064	51	8	www.stooq.pl	www.stooq.pl	PROPN
dem-1064	51	9	.	.	PUNCT
dem-1064	52	1	the	the	DET
dem-1064	52	2	estimation	estimation	NOUN
dem-1064	52	3	and	and	CCONJ
dem-1064	52	4	charts	chart	NOUN
dem-1064	52	5	are	be	AUX
dem-1064	52	6	made	make	VERB
dem-1064	52	7	in	in	ADP
dem-1064	52	8	oxmetrics	oxmetric	NOUN
dem-1064	52	9	6.0	6.0	NUM
dem-1064	52	10	,	,	PUNCT
dem-1064	52	11	in	in	ADP
dem-1064	52	12	particular	particular	ADJ
dem-1064	52	13	g@rch	g@rch	NOUN
dem-1064	52	14	6	6	NUM
dem-1064	52	15	software	software	NOUN
dem-1064	52	16	and	and	CCONJ
dem-1064	52	17	ox	ox	NOUN
dem-1064	52	18	codes	code	NOUN
dem-1064	52	19	(	(	PUNCT
dem-1064	52	20	laurent	laurent	NOUN
dem-1064	52	21	,	,	PUNCT
dem-1064	52	22	peters	peters	PROPN
dem-1064	52	23	,	,	PUNCT
dem-1064	52	24	2010	2010	NUM
dem-1064	52	25	)	)	PUNCT
dem-1064	52	26	.	.	PUNCT
dem-1064	53	1	the	the	DET
dem-1064	53	2	sample	sample	NOUN
dem-1064	53	3	mean	mean	NOUN
dem-1064	53	4	of	of	ADP
dem-1064	53	5	the	the	DET
dem-1064	53	6	five	five	NUM
dem-1064	53	7	minute	minute	NOUN
dem-1064	53	8	returns	return	NOUN
dem-1064	53	9	in	in	ADP
dem-1064	53	10	both	both	DET
dem-1064	53	11	series	series	NOUN
dem-1064	53	12	is	be	AUX
dem-1064	53	13	not	not	PART
dem-1064	53	14	distinguishable	distinguishable	ADJ
dem-1064	53	15	different	different	ADJ
dem-1064	53	16	from	from	ADP
dem-1064	53	17	zero	zero	NUM
dem-1064	53	18	with	with	ADP
dem-1064	53	19	standard	standard	ADJ
dem-1064	53	20	deviation	deviation	NOUN
dem-1064	53	21	higher	high	ADJ
dem-1064	53	22	for	for	ADP
dem-1064	53	23	wig20	wig20	PROPN
dem-1064	53	24	series	series	NOUN
dem-1064	53	25	.	.	PUNCT
dem-1064	54	1	the	the	DET
dem-1064	54	2	distribution	distribution	NOUN
dem-1064	54	3	of	of	ADP
dem-1064	54	4	both	both	DET
dem-1064	54	5	series	series	NOUN
dem-1064	54	6	is	be	AUX
dem-1064	54	7	asymmetric	asymmetric	ADJ
dem-1064	54	8	and	and	CCONJ
dem-1064	54	9	the	the	DET
dem-1064	54	10	kurtosis	kurtosis	NOUN
dem-1064	54	11	is	be	AUX
dem-1064	54	12	very	very	ADV
dem-1064	54	13	high	high	ADJ
dem-1064	54	14	.	.	PUNCT
dem-1064	55	1	hence	hence	ADV
dem-1064	55	2	,	,	PUNCT
dem-1064	55	3	the	the	DET
dem-1064	55	4	distribution	distribution	NOUN
dem-1064	55	5	is	be	AUX
dem-1064	55	6	not	not	PART
dem-1064	55	7	gaussian	gaussian	ADJ
dem-1064	55	8	.	.	PUNCT
dem-1064	56	1	the	the	DET
dem-1064	56	2	significant	significant	ADJ
dem-1064	56	3	autocorrelation	autocorrelation	NOUN
dem-1064	56	4	in	in	ADP
dem-1064	56	5	the	the	DET
dem-1064	56	6	series	series	NOUN
dem-1064	56	7	is	be	AUX
dem-1064	56	8	observable	observable	ADJ
dem-1064	56	9	only	only	ADV
dem-1064	56	10	for	for	ADP
dem-1064	56	11	low	low	ADJ
dem-1064	56	12	lags	lag	NOUN
dem-1064	56	13	.	.	PUNCT
dem-1064	57	1	this	this	PRON
dem-1064	57	2	changes	change	VERB
dem-1064	57	3	diametrically	diametrically	ADV
dem-1064	57	4	when	when	SCONJ
dem-1064	57	5	we	we	PRON
dem-1064	57	6	move	move	VERB
dem-1064	57	7	to	to	ADP
dem-1064	57	8	absolute	absolute	ADJ
dem-1064	57	9	returns	return	NOUN
dem-1064	57	10	which	which	PRON
dem-1064	57	11	are	be	AUX
dem-1064	57	12	characterized	characterize	VERB
dem-1064	57	13	by	by	ADP
dem-1064	57	14	very	very	ADV
dem-1064	57	15	strong	strong	ADJ
dem-1064	57	16	autocorrelation	autocorrelation	NOUN
dem-1064	57	17	function	function	NOUN
dem-1064	57	18	–	–	PUNCT
dem-1064	57	19	we	we	PRON
dem-1064	57	20	will	will	AUX
dem-1064	57	21	focus	focus	VERB
dem-1064	57	22	on	on	ADP
dem-1064	57	23	this	this	DET
dem-1064	57	24	issue	issue	NOUN
dem-1064	57	25	when	when	SCONJ
dem-1064	57	26	describing	describe	VERB
dem-1064	57	27	periodical	periodical	ADJ
dem-1064	57	28	pattern	pattern	NOUN
dem-1064	57	29	in	in	ADP
dem-1064	57	30	the	the	DET
dem-1064	57	31	intraday	intraday	NOUN
dem-1064	57	32	series	series	NOUN
dem-1064	57	33	.	.	PUNCT
dem-1064	58	1	table	table	NOUN
dem-1064	58	2	1	1	NUM
dem-1064	58	3	.	.	PUNCT
dem-1064	58	4	descriptive	descriptive	ADJ
dem-1064	58	5	statistics	statistic	NOUN
dem-1064	58	6	of	of	ADP
dem-1064	58	7	dax	dax	PROPN
dem-1064	58	8	and	and	CCONJ
dem-1064	58	9	wig20	wig20	VERB
dem-1064	58	10	returns	return	NOUN
dem-1064	58	11	dax	dax	INTJ
dem-1064	58	12	wig20	wig20	AUX
dem-1064	58	13	mean	mean	VERB
dem-1064	58	14	-0.0002	-0.0002	NOUN
dem-1064	58	15	-0.0005	-0.0005	NOUN
dem-1064	59	1	standard	standard	ADJ
dem-1064	59	2	deviation	deviation	NOUN
dem-1064	59	3	0.1235	0.1235	NUM
dem-1064	59	4	0.1569	0.1569	NUM
dem-1064	59	5	minimum	minimum	NOUN
dem-1064	59	6	-1.8979	-1.8979	NOUN
dem-1064	59	7	-1.9750	-1.9750	NOUN
dem-1064	60	1	maximum	maximum	ADJ
dem-1064	60	2	1.1926	1.1926	NUM
dem-1064	60	3	1.9750	1.9750	NUM
dem-1064	60	4	skewness	skewness	NOUN
dem-1064	60	5	-0.2765	-0.2765	PROPN
dem-1064	60	6	-0.2319	-0.2319	PROPN
dem-1064	61	1	excess	excess	ADJ
dem-1064	61	2	kurtosis	kurtosis	NOUN
dem-1064	61	3	7.0612	7.0612	NUM
dem-1064	61	4	11.1270	11.1270	NUM
dem-1064	61	5	observations	observation	NOUN
dem-1064	61	6	51510	51510	NUM
dem-1064	61	7	42755	42755	NUM
dem-1064	61	8	1.2	1.2	NUM
dem-1064	61	9	.	.	PUNCT
dem-1064	62	1	the	the	DET
dem-1064	62	2	macroeconomic	macroeconomic	ADJ
dem-1064	62	3	announcements	announcement	NOUN
dem-1064	62	4	from	from	ADP
dem-1064	62	5	the	the	DET
dem-1064	62	6	broad	broad	ADJ
dem-1064	62	7	spectrum	spectrum	NOUN
dem-1064	62	8	of	of	ADP
dem-1064	62	9	macroeconomic	macroeconomic	ADJ
dem-1064	62	10	announcements	announcement	NOUN
dem-1064	62	11	we	we	PRON
dem-1064	62	12	choose	choose	VERB
dem-1064	62	13	only	only	ADV
dem-1064	62	14	few	few	ADJ
dem-1064	62	15	that	that	PRON
dem-1064	62	16	are	be	AUX
dem-1064	62	17	very	very	ADV
dem-1064	62	18	often	often	ADV
dem-1064	62	19	used	use	VERB
dem-1064	62	20	in	in	ADP
dem-1064	62	21	the	the	DET
dem-1064	62	22	papers	paper	NOUN
dem-1064	62	23	and	and	CCONJ
dem-1064	62	24	are	be	AUX
dem-1064	62	25	regularly	regularly	ADV
dem-1064	62	26	released	release	VERB
dem-1064	62	27	together	together	ADV
dem-1064	62	28	with	with	ADP
dem-1064	62	29	forecasts	forecast	NOUN
dem-1064	62	30	on	on	ADP
dem-1064	62	31	the	the	DET
dem-1064	62	32	three	three	NUM
dem-1064	62	33	markets	market	NOUN
dem-1064	62	34	:	:	PUNCT
dem-1064	62	35	the	the	DET
dem-1064	62	36	american	american	PROPN
dem-1064	62	37	,	,	PUNCT
dem-1064	62	38	the	the	DET
dem-1064	62	39	german	german	NOUN
dem-1064	62	40	and	and	CCONJ
dem-1064	62	41	the	the	DET
dem-1064	62	42	polish	polish	NOUN
dem-1064	62	43	.	.	PUNCT
dem-1064	63	1	we	we	PRON
dem-1064	63	2	consider	consider	VERB
dem-1064	63	3	only	only	ADJ
dem-1064	63	4	announcement	announcement	NOUN
dem-1064	63	5	surprises	surprise	NOUN
dem-1064	63	6	,	,	PUNCT
dem-1064	63	7	that	that	PRON
dem-1064	63	8	means	mean	VERB
dem-1064	63	9	that	that	SCONJ
dem-1064	63	10	the	the	DET
dem-1064	63	11	release	release	NOUN
dem-1064	63	12	is	be	AUX
dem-1064	63	13	treated	treat	VERB
dem-1064	63	14	as	as	ADP
dem-1064	63	15	a	a	DET
dem-1064	63	16	news	news	NOUN
dem-1064	63	17	only	only	ADV
dem-1064	63	18	when	when	SCONJ
dem-1064	63	19	it	it	PRON
dem-1064	63	20	is	be	AUX
dem-1064	63	21	different	different	ADJ
dem-1064	63	22	from	from	ADP
dem-1064	63	23	the	the	DET
dem-1064	63	24	value	value	NOUN
dem-1064	63	25	of	of	ADP
dem-1064	63	26	previously	previously	ADV
dem-1064	63	27	announced	announce	VERB
dem-1064	63	28	expectation	expectation	NOUN
dem-1064	63	29	.	.	PUNCT
dem-1064	64	1	the	the	DET
dem-1064	64	2	macroeconomic	macroeconomic	ADJ
dem-1064	64	3	data	datum	NOUN
dem-1064	64	4	are	be	AUX
dem-1064	64	5	from	from	ADP
dem-1064	64	6	websites	website	NOUN
dem-1064	64	7	:	:	PUNCT
dem-1064	64	8	ww.macronext.pl	ww.macronext.pl	PROPN
dem-1064	64	9	and	and	CCONJ
dem-1064	64	10	www.deltastock.com	www.deltastock.com	PROPN
dem-1064	64	11	.	.	PROPN
dem-1064	65	1	barbara	barbara	PROPN
dem-1064	65	2	będowska	będowska	PROPN
dem-1064	65	3	-	-	PUNCT
dem-1064	65	4	sójka	sójka	PROPN
dem-1064	65	5	102	102	NUM
dem-1064	65	6	some	some	DET
dem-1064	65	7	announcements	announcement	NOUN
dem-1064	65	8	are	be	AUX
dem-1064	65	9	released	release	VERB
dem-1064	65	10	regularly	regularly	ADV
dem-1064	65	11	before	before	ADP
dem-1064	65	12	the	the	DET
dem-1064	65	13	opening	opening	NOUN
dem-1064	65	14	of	of	ADP
dem-1064	65	15	the	the	DET
dem-1064	65	16	markets	market	NOUN
dem-1064	65	17	.	.	PUNCT
dem-1064	66	1	these	these	PRON
dem-1064	66	2	could	could	AUX
dem-1064	66	3	not	not	PART
dem-1064	66	4	be	be	AUX
dem-1064	66	5	included	include	VERB
dem-1064	66	6	in	in	ADP
dem-1064	66	7	the	the	DET
dem-1064	66	8	study	study	NOUN
dem-1064	66	9	(	(	PUNCT
dem-1064	66	10	and	and	CCONJ
dem-1064	66	11	are	be	AUX
dem-1064	66	12	marked	mark	VERB
dem-1064	66	13	in	in	ADP
dem-1064	66	14	the	the	DET
dem-1064	66	15	table	table	NOUN
dem-1064	66	16	2	2	NUM
dem-1064	66	17	with	with	ADP
dem-1064	66	18	grey	grey	ADJ
dem-1064	66	19	color	color	NOUN
dem-1064	66	20	)	)	PUNCT
dem-1064	66	21	.	.	PUNCT
dem-1064	67	1	therefore	therefore	ADV
dem-1064	67	2	we	we	PRON
dem-1064	67	3	get	get	VERB
dem-1064	67	4	only	only	ADV
dem-1064	67	5	5	5	NUM
dem-1064	67	6	types	type	NOUN
dem-1064	67	7	of	of	ADP
dem-1064	67	8	announcements	announcement	NOUN
dem-1064	67	9	from	from	ADP
dem-1064	67	10	germany	germany	PROPN
dem-1064	67	11	,	,	PUNCT
dem-1064	67	12	8	8	NUM
dem-1064	67	13	from	from	ADP
dem-1064	67	14	poland	poland	PROPN
dem-1064	67	15	and	and	CCONJ
dem-1064	67	16	10	10	NUM
dem-1064	67	17	from	from	ADP
dem-1064	67	18	united	united	PROPN
dem-1064	67	19	states	states	PROPN
dem-1064	67	20	.	.	PUNCT
dem-1064	68	1	table	table	NOUN
dem-1064	68	2	2	2	NUM
dem-1064	68	3	.	.	PUNCT
dem-1064	69	1	the	the	DET
dem-1064	69	2	macroeconomic	macroeconomic	ADJ
dem-1064	69	3	announcement	announcement	NOUN
dem-1064	69	4	and	and	CCONJ
dem-1064	69	5	the	the	DET
dem-1064	69	6	timing	timing	NOUN
dem-1064	69	7	on	on	ADP
dem-1064	69	8	the	the	DET
dem-1064	69	9	three	three	NUM
dem-1064	69	10	markets	market	NOUN
dem-1064	69	11	germany	germany	PROPN
dem-1064	69	12	poland	poland	PROPN
dem-1064	69	13	united	united	PROPN
dem-1064	69	14	states	states	PROPN
dem-1064	69	15	gross	gross	ADJ
dem-1064	69	16	domestic	domestic	ADJ
dem-1064	69	17	product	product	NOUN
dem-1064	69	18	gdp	gdp	NOUN
dem-1064	69	19	08:00	08:00	NUM
dem-1064	69	20	10:00	10:00	NUM
dem-1064	69	21	14:30	14:30	NUM
dem-1064	69	22	consumer	consumer	NOUN
dem-1064	69	23	price	price	NOUN
dem-1064	69	24	index	index	NOUN
dem-1064	69	25	cpi	cpi	NOUN
dem-1064	69	26	08:00	08:00	NUM
dem-1064	69	27	14:00	14:00	NUM
dem-1064	69	28	14:30	14:30	NUM
dem-1064	69	29	producer	producer	NOUN
dem-1064	69	30	price	price	NOUN
dem-1064	69	31	index	index	NOUN
dem-1064	69	32	ppi	ppi	NOUN
dem-1064	69	33	08:00	08:00	NUM
dem-1064	69	34	14:00	14:00	NUM
dem-1064	69	35	14:30	14:30	NUM
dem-1064	69	36	unemployment	unemployment	NOUN
dem-1064	69	37	rate	rate	NOUN
dem-1064	69	38	un	un	PROPN
dem-1064	69	39	09:55	09:55	NUM
dem-1064	69	40	10:00	10:00	NUM
dem-1064	69	41	14:30	14:30	NUM
dem-1064	69	42	industrial	industrial	ADJ
dem-1064	69	43	production	production	NOUN
dem-1064	69	44	ip	ip	VERB
dem-1064	69	45	12:00	12:00	NUM
dem-1064	69	46	14:00	14:00	NUM
dem-1064	69	47	15:15	15:15	NUM
dem-1064	69	48	retail	retail	ADJ
dem-1064	69	49	sales	sale	NOUN
dem-1064	69	50	rs	rs	NOUN
dem-1064	69	51	08:00	08:00	NUM
dem-1064	69	52	10:00	10:00	NUM
dem-1064	69	53	14:30	14:30	NUM
dem-1064	69	54	economic	economic	ADJ
dem-1064	69	55	sentiment	sentiment	NOUN
dem-1064	69	56	indicator	indicator	NOUN
dem-1064	69	57	esi	esi	PROPN
dem-1064	69	58	*	*	PROPN
dem-1064	69	59	11:00	11:00	NUM
dem-1064	69	60	10:00	10:00	NUM
dem-1064	69	61	16:00	16:00	NUM
dem-1064	69	62	durable	durable	ADJ
dem-1064	69	63	goods	good	NOUN
dem-1064	69	64	order	order	NOUN
dem-1064	69	65	dgo	dgo	NOUN
dem-1064	69	66	*	*	PROPN
dem-1064	69	67	*	*	PROPN
dem-1064	69	68	12:00	12:00	NUM
dem-1064	69	69	na	na	PART
dem-1064	69	70	14:30	14:30	NUM
dem-1064	69	71	trade	trade	NOUN
dem-1064	69	72	balance	balance	NOUN
dem-1064	69	73	tb	tb	ADP
dem-1064	69	74	08:00	08:00	NUM
dem-1064	69	75	14:00	14:00	NUM
dem-1064	69	76	14:30	14:30	NUM
dem-1064	69	77	purchasing	purchasing	NOUN
dem-1064	69	78	manager	manager	NOUN
dem-1064	69	79	index	index	NOUN
dem-1064	69	80	pmi	pmi	PROPN
dem-1064	69	81	09:30	09:30	NUM
dem-1064	69	82	09:00	09:00	NUM
dem-1064	69	83	15:45	15:45	NUM
dem-1064	69	84	note	note	NOUN
dem-1064	69	85	:	:	PUNCT
dem-1064	69	86	*	*	PUNCT
dem-1064	69	87	for	for	ADP
dem-1064	69	88	germany	germany	PROPN
dem-1064	69	89	we	we	PRON
dem-1064	69	90	take	take	VERB
dem-1064	69	91	zew	zew	NOUN
dem-1064	69	92	(	(	PUNCT
dem-1064	69	93	zentrum	zentrum	X
dem-1064	69	94	fűr	fűr	NOUN
dem-1064	69	95	europaische	europaische	NOUN
dem-1064	69	96	wirtschaftsforschung	wirtschaftsforschung	VERB
dem-1064	69	97	economic	economic	ADJ
dem-1064	69	98	sentiment	sentiment	NOUN
dem-1064	69	99	)	)	PUNCT
dem-1064	69	100	that	that	PRON
dem-1064	69	101	measures	measure	VERB
dem-1064	69	102	institutional	institutional	ADJ
dem-1064	69	103	investor	investor	NOUN
dem-1064	69	104	sentiment	sentiment	NOUN
dem-1064	69	105	.	.	PUNCT
dem-1064	70	1	in	in	ADP
dem-1064	70	2	poland	poland	PROPN
dem-1064	70	3	it	it	PRON
dem-1064	70	4	is	be	AUX
dem-1064	70	5	consumers	consumer	NOUN
dem-1064	70	6	’	'	PUNCT
dem-1064	70	7	confidence	confidence	NOUN
dem-1064	70	8	indicator	indicator	NOUN
dem-1064	70	9	published	publish	VERB
dem-1064	70	10	by	by	ADP
dem-1064	70	11	gus	gus	NOUN
dem-1064	70	12	on	on	ADP
dem-1064	70	13	10:00	10:00	NUM
dem-1064	70	14	or	or	CCONJ
dem-1064	70	15	14:00	14:00	NUM
dem-1064	70	16	.	.	PUNCT
dem-1064	71	1	in	in	ADP
dem-1064	71	2	case	case	NOUN
dem-1064	71	3	of	of	ADP
dem-1064	71	4	us	we	PRON
dem-1064	71	5	it	it	PRON
dem-1064	71	6	is	be	AUX
dem-1064	71	7	conference	conference	NOUN
dem-1064	71	8	board	board	NOUN
dem-1064	71	9	consumer	consumer	NOUN
dem-1064	71	10	confidence	confidence	NOUN
dem-1064	71	11	;	;	PUNCT
dem-1064	71	12	*	*	PUNCT
dem-1064	71	13	*	*	PUNCT
dem-1064	71	14	in	in	ADP
dem-1064	71	15	germany	germany	PROPN
dem-1064	71	16	the	the	DET
dem-1064	71	17	factory	factory	NOUN
dem-1064	71	18	orders	order	NOUN
dem-1064	71	19	are	be	AUX
dem-1064	71	20	taken	take	VERB
dem-1064	71	21	into	into	ADP
dem-1064	71	22	account	account	NOUN
dem-1064	71	23	.	.	PUNCT
dem-1064	72	1	there	there	PRON
dem-1064	72	2	is	be	VERB
dem-1064	72	3	no	no	DET
dem-1064	72	4	such	such	ADJ
dem-1064	72	5	announcement	announcement	NOUN
dem-1064	72	6	that	that	PRON
dem-1064	72	7	could	could	AUX
dem-1064	72	8	stand	stand	VERB
dem-1064	72	9	for	for	ADP
dem-1064	72	10	proxy	proxy	NOUN
dem-1064	72	11	in	in	ADP
dem-1064	72	12	poland	poland	PROPN
dem-1064	72	13	.	.	PUNCT
dem-1064	73	1	for	for	ADP
dem-1064	73	2	the	the	DET
dem-1064	73	3	united	united	PROPN
dem-1064	73	4	states	states	PROPN
dem-1064	73	5	it	it	PRON
dem-1064	73	6	is	be	AUX
dem-1064	73	7	durable	durable	ADJ
dem-1064	73	8	goods	good	NOUN
dem-1064	73	9	order	order	NOUN
dem-1064	73	10	ex	ex	PRON
dem-1064	73	11	transportation	transportation	NOUN
dem-1064	73	12	.	.	PUNCT
dem-1064	74	1	as	as	SCONJ
dem-1064	74	2	the	the	DET
dem-1064	74	3	daylight	daylight	NOUN
dem-1064	74	4	saving	saving	NOUN
dem-1064	74	5	time	time	NOUN
dem-1064	74	6	is	be	AUX
dem-1064	74	7	changing	change	VERB
dem-1064	74	8	in	in	ADP
dem-1064	74	9	different	different	ADJ
dem-1064	74	10	time	time	NOUN
dem-1064	74	11	in	in	ADP
dem-1064	74	12	europe	europe	PROPN
dem-1064	74	13	and	and	CCONJ
dem-1064	74	14	america	america	PROPN
dem-1064	74	15	,	,	PUNCT
dem-1064	74	16	we	we	PRON
dem-1064	74	17	control	control	VERB
dem-1064	74	18	for	for	ADP
dem-1064	74	19	that	that	PRON
dem-1064	74	20	when	when	SCONJ
dem-1064	74	21	modeling	model	VERB
dem-1064	74	22	the	the	DET
dem-1064	74	23	reaction	reaction	NOUN
dem-1064	74	24	to	to	ADP
dem-1064	74	25	american	american	ADJ
dem-1064	74	26	announcements	announcement	NOUN
dem-1064	74	27	.	.	PUNCT
dem-1064	75	1	2	2	X
dem-1064	75	2	.	.	X
dem-1064	75	3	the	the	DET
dem-1064	75	4	intraday	intraday	NOUN
dem-1064	75	5	pattern	pattern	NOUN
dem-1064	75	6	in	in	ADP
dem-1064	75	7	volatility	volatility	NOUN
dem-1064	75	8	the	the	DET
dem-1064	75	9	intraday	intraday	NOUN
dem-1064	75	10	periodical	periodical	ADJ
dem-1064	75	11	pattern	pattern	NOUN
dem-1064	75	12	is	be	AUX
dem-1064	75	13	very	very	ADV
dem-1064	75	14	well	well	ADV
dem-1064	75	15	described	describe	VERB
dem-1064	75	16	in	in	ADP
dem-1064	75	17	number	number	NOUN
dem-1064	75	18	of	of	ADP
dem-1064	75	19	papers	paper	NOUN
dem-1064	75	20	(	(	PUNCT
dem-1064	75	21	see	see	VERB
dem-1064	75	22	e.g.	e.g.	ADV
dem-1064	75	23	dacorogna	dacorogna	VERB
dem-1064	75	24	et	et	PROPN
dem-1064	75	25	al	al	PROPN
dem-1064	75	26	.	.	PROPN
dem-1064	75	27	,	,	PUNCT
dem-1064	75	28	2001	2001	NUM
dem-1064	75	29	,	,	PUNCT
dem-1064	75	30	rossi	rossi	ADJ
dem-1064	75	31	,	,	PUNCT
dem-1064	75	32	fantanzzini	fantanzzini	VERB
dem-1064	75	33	,	,	PUNCT
dem-1064	75	34	2008	2008	NUM
dem-1064	75	35	)	)	PUNCT
dem-1064	75	36	and	and	CCONJ
dem-1064	75	37	usually	usually	ADV
dem-1064	75	38	described	describe	VERB
dem-1064	75	39	as	as	ADP
dem-1064	75	40	u	u	NOUN
dem-1064	75	41	-	-	VERB
dem-1064	75	42	shaped	shaped	ADJ
dem-1064	75	43	or	or	CCONJ
dem-1064	75	44	inverted	invert	VERB
dem-1064	75	45	j	j	PROPN
dem-1064	75	46	curve	curve	NOUN
dem-1064	75	47	of	of	ADP
dem-1064	75	48	averages	average	NOUN
dem-1064	75	49	of	of	ADP
dem-1064	75	50	absolute	absolute	ADJ
dem-1064	75	51	returns	return	NOUN
dem-1064	75	52	.	.	PUNCT
dem-1064	76	1	what	what	PRON
dem-1064	76	2	is	be	AUX
dem-1064	76	3	characteristic	characteristic	ADJ
dem-1064	76	4	for	for	ADP
dem-1064	76	5	the	the	DET
dem-1064	76	6	shapes	shape	NOUN
dem-1064	76	7	of	of	ADP
dem-1064	76	8	averages	average	NOUN
dem-1064	76	9	of	of	ADP
dem-1064	76	10	absolute	absolute	ADJ
dem-1064	76	11	returns	return	NOUN
dem-1064	76	12	for	for	ADP
dem-1064	76	13	european	european	ADJ
dem-1064	76	14	stock	stock	NOUN
dem-1064	76	15	markets	market	NOUN
dem-1064	76	16	is	be	AUX
dem-1064	76	17	a	a	DET
dem-1064	76	18	sharp	sharp	ADJ
dem-1064	76	19	increase	increase	NOUN
dem-1064	76	20	in	in	ADP
dem-1064	76	21	volatility	volatility	NOUN
dem-1064	76	22	at	at	ADP
dem-1064	76	23	the	the	DET
dem-1064	76	24	time	time	NOUN
dem-1064	76	25	of	of	ADP
dem-1064	76	26	american	american	ADJ
dem-1064	76	27	macroeconomic	macroeconomic	ADJ
dem-1064	76	28	announcements	announcement	NOUN
dem-1064	76	29	at	at	ADP
dem-1064	76	30	14:30	14:30	NUM
dem-1064	76	31	and	and	CCONJ
dem-1064	76	32	16:00	16:00	NUM
dem-1064	76	33	(	(	PUNCT
dem-1064	76	34	będowskasójka	będowskasójka	PROPN
dem-1064	76	35	,	,	PUNCT
dem-1064	76	36	2010	2010	NUM
dem-1064	76	37	,	,	PUNCT
dem-1064	76	38	harju	harju	NOUN
dem-1064	76	39	,	,	PUNCT
dem-1064	76	40	hussein	hussein	PROPN
dem-1064	76	41	,	,	PUNCT
dem-1064	76	42	2011	2011	NUM
dem-1064	76	43	)	)	PUNCT
dem-1064	76	44	.	.	PUNCT
dem-1064	77	1	figure	figure	NOUN
dem-1064	77	2	1	1	NUM
dem-1064	77	3	.	.	PUNCT
dem-1064	78	1	average	average	ADJ
dem-1064	78	2	absolute	absolute	ADJ
dem-1064	78	3	returns	return	NOUN
dem-1064	78	4	for	for	ADP
dem-1064	78	5	dax	dax	PROPN
dem-1064	78	6	and	and	CCONJ
dem-1064	78	7	wig20	wig20	VERB
dem-1064	78	8	the	the	DET
dem-1064	78	9	impact	impact	NOUN
dem-1064	78	10	of	of	ADP
dem-1064	78	11	macro	macro	ADJ
dem-1064	78	12	news	news	NOUN
dem-1064	78	13	on	on	ADP
dem-1064	78	14	volatility	volatility	NOUN
dem-1064	78	15	of	of	ADP
dem-1064	78	16	stock	stock	NOUN
dem-1064	78	17	exchanges	exchange	NOUN
dem-1064	78	18	103	103	NUM
dem-1064	78	19	both	both	CCONJ
dem-1064	78	20	the	the	DET
dem-1064	78	21	u	u	NOUN
dem-1064	78	22	-	-	NOUN
dem-1064	78	23	shape	shape	NOUN
dem-1064	78	24	of	of	ADP
dem-1064	78	25	autocorrelation	autocorrelation	NOUN
dem-1064	78	26	of	of	ADP
dem-1064	78	27	absolute	absolute	ADJ
dem-1064	78	28	returns	return	NOUN
dem-1064	78	29	(	(	PUNCT
dem-1064	78	30	figure	figure	NOUN
dem-1064	78	31	1	1	NUM
dem-1064	78	32	)	)	PUNCT
dem-1064	78	33	and	and	CCONJ
dem-1064	78	34	the	the	DET
dem-1064	78	35	inverted	inverted	ADJ
dem-1064	78	36	j	j	PROPN
dem-1064	78	37	shape	shape	NOUN
dem-1064	78	38	in	in	ADP
dem-1064	78	39	averages	average	NOUN
dem-1064	78	40	of	of	ADP
dem-1064	78	41	absolute	absolute	ADJ
dem-1064	78	42	returns	return	NOUN
dem-1064	78	43	(	(	PUNCT
dem-1064	78	44	figure	figure	NOUN
dem-1064	78	45	2	2	NUM
dem-1064	78	46	)	)	PUNCT
dem-1064	78	47	are	be	AUX
dem-1064	78	48	visible	visible	ADJ
dem-1064	78	49	for	for	ADP
dem-1064	78	50	dax	dax	PROPN
dem-1064	78	51	and	and	CCONJ
dem-1064	78	52	wig20	wig20	PROPN
dem-1064	78	53	.	.	PUNCT
dem-1064	79	1	in	in	ADP
dem-1064	79	2	case	case	NOUN
dem-1064	79	3	of	of	ADP
dem-1064	79	4	averages	average	NOUN
dem-1064	79	5	of	of	ADP
dem-1064	79	6	absolute	absolute	ADJ
dem-1064	79	7	returns	return	NOUN
dem-1064	79	8	they	they	PRON
dem-1064	79	9	reach	reach	VERB
dem-1064	79	10	higher	high	ADJ
dem-1064	79	11	values	value	NOUN
dem-1064	79	12	at	at	ADP
dem-1064	79	13	the	the	DET
dem-1064	79	14	opening	opening	NOUN
dem-1064	79	15	of	of	ADP
dem-1064	79	16	the	the	DET
dem-1064	79	17	markets	market	NOUN
dem-1064	79	18	and	and	CCONJ
dem-1064	79	19	then	then	ADV
dem-1064	79	20	decrease	decrease	VERB
dem-1064	79	21	in	in	ADP
dem-1064	79	22	the	the	DET
dem-1064	79	23	lunch	lunch	NOUN
dem-1064	79	24	time	time	NOUN
dem-1064	79	25	.	.	PUNCT
dem-1064	80	1	finally	finally	ADV
dem-1064	80	2	they	they	PRON
dem-1064	80	3	go	go	VERB
dem-1064	80	4	up	up	ADP
dem-1064	80	5	at	at	ADP
dem-1064	80	6	the	the	DET
dem-1064	80	7	closing	closing	NOUN
dem-1064	80	8	.	.	PUNCT
dem-1064	81	1	this	this	DET
dem-1064	81	2	pattern	pattern	NOUN
dem-1064	81	3	is	be	AUX
dem-1064	81	4	very	very	ADV
dem-1064	81	5	similar	similar	ADJ
dem-1064	81	6	in	in	ADP
dem-1064	81	7	both	both	DET
dem-1064	81	8	series	series	NOUN
dem-1064	81	9	–	–	PUNCT
dem-1064	81	10	the	the	DET
dem-1064	81	11	only	only	ADJ
dem-1064	81	12	difference	difference	NOUN
dem-1064	81	13	is	be	AUX
dem-1064	81	14	that	that	SCONJ
dem-1064	81	15	in	in	ADP
dem-1064	81	16	case	case	NOUN
dem-1064	81	17	of	of	ADP
dem-1064	81	18	wig20	wig20	PROPN
dem-1064	81	19	at	at	ADP
dem-1064	81	20	the	the	DET
dem-1064	81	21	end	end	NOUN
dem-1064	81	22	of	of	ADP
dem-1064	81	23	the	the	DET
dem-1064	81	24	session	session	NOUN
dem-1064	81	25	volatility	volatility	NOUN
dem-1064	81	26	goes	go	VERB
dem-1064	81	27	up	up	ADV
dem-1064	81	28	higher	higher	ADV
dem-1064	81	29	.	.	PUNCT
dem-1064	82	1	the	the	DET
dem-1064	82	2	repeating	repeat	VERB
dem-1064	82	3	pattern	pattern	NOUN
dem-1064	82	4	of	of	ADP
dem-1064	82	5	autocorrelation	autocorrelation	NOUN
dem-1064	82	6	function	function	NOUN
dem-1064	82	7	is	be	AUX
dem-1064	82	8	observed	observe	VERB
dem-1064	82	9	every	every	DET
dem-1064	82	10	101	101	NUM
dem-1064	82	11	lags	lag	NOUN
dem-1064	82	12	for	for	ADP
dem-1064	82	13	dax	dax	PROPN
dem-1064	82	14	and	and	CCONJ
dem-1064	82	15	85	85	NUM
dem-1064	82	16	lags	lag	NOUN
dem-1064	82	17	for	for	ADP
dem-1064	82	18	wig20	wig20	PROPN
dem-1064	82	19	(	(	PUNCT
dem-1064	82	20	figure	figure	NOUN
dem-1064	82	21	2	2	NUM
dem-1064	82	22	)	)	PUNCT
dem-1064	82	23	.	.	PUNCT
dem-1064	83	1	this	this	DET
dem-1064	83	2	structure	structure	NOUN
dem-1064	83	3	of	of	ADP
dem-1064	83	4	the	the	DET
dem-1064	83	5	acf	acf	NOUN
dem-1064	83	6	and	and	CCONJ
dem-1064	83	7	shape	shape	NOUN
dem-1064	83	8	of	of	ADP
dem-1064	83	9	intraday	intraday	NOUN
dem-1064	83	10	volatility	volatility	NOUN
dem-1064	83	11	demand	demand	VERB
dem-1064	83	12	the	the	DET
dem-1064	83	13	proper	proper	ADJ
dem-1064	83	14	treatment	treatment	NOUN
dem-1064	83	15	of	of	ADP
dem-1064	83	16	periodicity	periodicity	NOUN
dem-1064	83	17	.	.	PUNCT
dem-1064	84	1	additionally	additionally	ADV
dem-1064	84	2	numerous	numerous	ADJ
dem-1064	84	3	studies	study	NOUN
dem-1064	84	4	have	have	AUX
dem-1064	84	5	found	find	VERB
dem-1064	84	6	the	the	DET
dem-1064	84	7	day	day	NOUN
dem-1064	84	8	-	-	PUNCT
dem-1064	84	9	of	of	ADP
dem-1064	84	10	-	-	PUNCT
dem-1064	84	11	the	the	DET
dem-1064	84	12	-	-	PUNCT
dem-1064	84	13	week	week	NOUN
dem-1064	84	14	effects	effect	NOUN
dem-1064	84	15	,	,	PUNCT
dem-1064	84	16	that	that	PRON
dem-1064	84	17	should	should	AUX
dem-1064	84	18	be	be	AUX
dem-1064	84	19	accounted	account	VERB
dem-1064	84	20	for	for	ADP
dem-1064	84	21	(	(	PUNCT
dem-1064	84	22	bauwens	bauwen	NOUN
dem-1064	84	23	et	et	PROPN
dem-1064	84	24	al	al	PROPN
dem-1064	84	25	.	.	PROPN
dem-1064	84	26	,	,	PUNCT
dem-1064	84	27	2000	2000	NUM
dem-1064	84	28	)	)	PUNCT
dem-1064	84	29	.	.	PUNCT
dem-1064	85	1	figure	figure	NOUN
dem-1064	85	2	2	2	NUM
dem-1064	85	3	.	.	PUNCT
dem-1064	85	4	sample	sample	NOUN
dem-1064	85	5	autocorrelation	autocorrelation	NOUN
dem-1064	85	6	function	function	NOUN
dem-1064	85	7	(	(	PUNCT
dem-1064	85	8	acf	acf	PROPN
dem-1064	85	9	)	)	PUNCT
dem-1064	85	10	of	of	ADP
dem-1064	85	11	the	the	DET
dem-1064	85	12	dax	dax	PROPN
dem-1064	85	13	and	and	CCONJ
dem-1064	85	14	wig20	wig20	PROPN
dem-1064	85	15	series	series	NOUN
dem-1064	85	16	of	of	ADP
dem-1064	85	17	absolute	absolute	ADJ
dem-1064	85	18	returns	return	NOUN
dem-1064	85	19	in	in	ADP
dem-1064	85	20	the	the	DET
dem-1064	85	21	paper	paper	NOUN
dem-1064	85	22	the	the	DET
dem-1064	85	23	periodicity	periodicity	NOUN
dem-1064	85	24	removal	removal	NOUN
dem-1064	85	25	is	be	AUX
dem-1064	85	26	achieved	achieve	VERB
dem-1064	85	27	with	with	ADP
dem-1064	85	28	gallants	gallant	NOUN
dem-1064	85	29	’	'	PUNCT
dem-1064	85	30	(	(	PUNCT
dem-1064	85	31	1981	1981	NUM
dem-1064	85	32	)	)	PUNCT
dem-1064	85	33	flexible	flexible	ADJ
dem-1064	85	34	fourier	fourier	NOUN
dem-1064	85	35	form	form	NOUN
dem-1064	85	36	regression	regression	NOUN
dem-1064	85	37	adopted	adopt	VERB
dem-1064	85	38	by	by	ADP
dem-1064	85	39	andersen	andersen	PROPN
dem-1064	85	40	and	and	CCONJ
dem-1064	85	41	bollerslev	bollerslev	ADJ
dem-1064	85	42	(	(	PUNCT
dem-1064	85	43	1998	1998	NUM
dem-1064	85	44	)	)	PUNCT
dem-1064	85	45	.	.	PUNCT
dem-1064	86	1	we	we	PRON
dem-1064	86	2	consider	consider	VERB
dem-1064	86	3	the	the	DET
dem-1064	86	4	5	5	NUM
dem-1064	86	5	-	-	PUNCT
dem-1064	86	6	minute	minute	NOUN
dem-1064	86	7	returns	return	NOUN
dem-1064	86	8	,	,	PUNCT
dem-1064	86	9	where	where	SCONJ
dem-1064	86	10	n	n	PRON
dem-1064	86	11	refers	refer	VERB
dem-1064	86	12	to	to	ADP
dem-1064	86	13	the	the	DET
dem-1064	86	14	number	number	NOUN
dem-1064	86	15	of	of	ADP
dem-1064	86	16	intraday	intraday	NOUN
dem-1064	86	17	returns	return	NOUN
dem-1064	86	18	per	per	ADP
dem-1064	86	19	day	day	NOUN
dem-1064	86	20	(	(	PUNCT
dem-1064	86	21	n	n	NOUN
dem-1064	86	22	=	=	SYM
dem-1064	86	23	1,	1,	NUM
dem-1064	86	24	…	…	SYM
dem-1064	86	25	.n	.n	ADJ
dem-1064	86	26	)	)	PUNCT
dem-1064	86	27	,	,	PUNCT
dem-1064	86	28	and	and	CCONJ
dem-1064	86	29	t	t	PROPN
dem-1064	86	30	is	be	AUX
dem-1064	86	31	the	the	DET
dem-1064	86	32	number	number	NOUN
dem-1064	86	33	of	of	ADP
dem-1064	86	34	trading	trading	NOUN
dem-1064	86	35	days	day	NOUN
dem-1064	86	36	in	in	ADP
dem-1064	86	37	the	the	DET
dem-1064	86	38	sample	sample	NOUN
dem-1064	86	39	(	(	PUNCT
dem-1064	86	40	t	t	NOUN
dem-1064	86	41	=	=	SYM
dem-1064	86	42	1	1	NUM
dem-1064	86	43	,	,	PUNCT
dem-1064	86	44	…	…	NUM
dem-1064	86	45	,	,	PUNCT
dem-1064	86	46	t	t	PROPN
dem-1064	86	47	):	):	PUNCT
dem-1064	86	48	,	,	PUNCT
dem-1064	86	49	,	,	PUNCT
dem-1064	86	50	,	,	PUNCT
dem-1064	86	51	.	.	PUNCT
dem-1064	87	1	(	(	PUNCT
dem-1064	87	2	)	)	PUNCT
dem-1064	87	3	,	,	PUNCT
dem-1064	87	4	t	t	PROPN
dem-1064	87	5	t	t	PROPN
dem-1064	87	6	n	n	PROPN
dem-1064	87	7	t	t	PROPN
dem-1064	87	8	n	n	ADP
dem-1064	87	9	t	t	PROPN
dem-1064	87	10	n	n	ADP
dem-1064	87	11	t	t	PROPN
dem-1064	87	12	n	n	PROPN
dem-1064	87	13	s	s	NOUN
dem-1064	87	14	z	z	NOUN
dem-1064	87	15	r	r	NOUN
dem-1064	87	16	e	e	NOUN
dem-1064	87	17	r	r	NOUN
dem-1064	87	18	n	n	PRON
dem-1064	87	19			PROPN
dem-1064	87	20			NOUN
dem-1064	87	21			NUM
dem-1064	87	22	(	(	PUNCT
dem-1064	87	23	1	1	NUM
dem-1064	87	24	)	)	PUNCT
dem-1064	87	25	where	where	SCONJ
dem-1064	87	26	σt	σt	NOUN
dem-1064	87	27	,	,	PUNCT
dem-1064	87	28	n	n	PRON
dem-1064	87	29	is	be	AUX
dem-1064	87	30	daily	daily	ADJ
dem-1064	87	31	volatility	volatility	NOUN
dem-1064	87	32	factor	factor	NOUN
dem-1064	87	33	,	,	PUNCT
dem-1064	87	34	st	st	PROPN
dem-1064	87	35	,	,	PUNCT
dem-1064	87	36	n	n	PROPN
dem-1064	87	37	is	be	AUX
dem-1064	87	38	periodicity	periodicity	NOUN
dem-1064	87	39	factor	factor	NOUN
dem-1064	87	40	and	and	CCONJ
dem-1064	87	41	zt	zt	PROPN
dem-1064	87	42	,	,	PUNCT
dem-1064	87	43	n	n	PROPN
dem-1064	87	44	is	be	AUX
dem-1064	87	45	i.i.d	i.i.d	ADJ
dem-1064	87	46	.	.	PUNCT
dem-1064	88	1	mean	mean	NOUN
dem-1064	88	2	zero	zero	NUM
dem-1064	88	3	unit	unit	NOUN
dem-1064	88	4	variance	variance	NOUN
dem-1064	88	5	innovation	innovation	NOUN
dem-1064	88	6	term	term	NOUN
dem-1064	88	7	.	.	PUNCT
dem-1064	89	1	the	the	DET
dem-1064	89	2	daily	daily	ADJ
dem-1064	89	3	volatility	volatility	NOUN
dem-1064	89	4	component	component	NOUN
dem-1064	89	5	is	be	AUX
dem-1064	89	6	measured	measure	VERB
dem-1064	89	7	as	as	ADP
dem-1064	89	8	realized	realize	VERB
dem-1064	89	9	volatility	volatility	NOUN
dem-1064	89	10	,	,	PUNCT
dem-1064	89	11	rv	rv	PROPN
dem-1064	89	12	,	,	PUNCT
dem-1064	89	13	which	which	PRON
dem-1064	89	14	means	mean	VERB
dem-1064	89	15	it	it	PRON
dem-1064	89	16	is	be	AUX
dem-1064	89	17	a	a	DET
dem-1064	89	18	sum	sum	NOUN
dem-1064	89	19	of	of	ADP
dem-1064	89	20	squares	square	NOUN
dem-1064	89	21	of	of	ADP
dem-1064	89	22	intraday	intraday	NOUN
dem-1064	89	23	returns	return	NOUN
dem-1064	89	24	,	,	PUNCT
dem-1064	89	25	whereas	whereas	SCONJ
dem-1064	89	26	periodicity	periodicity	NOUN
dem-1064	89	27	component	component	NOUN
dem-1064	89	28	is	be	AUX
dem-1064	89	29	estimated	estimate	VERB
dem-1064	89	30	with	with	ADP
dem-1064	89	31	flexible	flexible	ADJ
dem-1064	89	32	fourier	fourier	NOUN
dem-1064	89	33	form	form	NOUN
dem-1064	89	34	regression	regression	NOUN
dem-1064	89	35	:	:	PUNCT
dem-1064	89	36			NOUN
dem-1064	89	37			SYM
dem-1064	89	38	2	2	NUM
dem-1064	89	39	2	2	NUM
dem-1064	89	40	2	2	NUM
dem-1064	89	41	,	,	PUNCT
dem-1064	89	42	,	,	PUNCT
dem-1064	89	43	,	,	PUNCT
dem-1064	89	44	,	,	PUNCT
dem-1064	89	45	,	,	PUNCT
dem-1064	89	46	2	2	NUM
dem-1064	89	47	log	log	NOUN
dem-1064	89	48	(	(	PUNCT
dem-1064	89	49	)	)	PUNCT
dem-1064	89	50	log	log	VERB
dem-1064	89	51	log	log	NOUN
dem-1064	89	52	log	log	NOUN
dem-1064	89	53	log	log	NOUN
dem-1064	89	54	,	,	PUNCT
dem-1064	89	55	t	t	PROPN
dem-1064	89	56	n	n	PROPN
dem-1064	89	57	t	t	PROPN
dem-1064	89	58	n	n	ADP
dem-1064	89	59	t	t	PROPN
dem-1064	89	60	n	n	ADP
dem-1064	89	61	t	t	PROPN
dem-1064	89	62	t	t	PROPN
dem-1064	89	63	n	n	ADP
dem-1064	89	64	t	t	X
dem-1064	89	65	nx	nx	NOUN
dem-1064	89	66	r	r	NOUN
dem-1064	89	67	e	e	PROPN
dem-1064	89	68	r	r	NOUN
dem-1064	89	69	n	n	NOUN
dem-1064	89	70	s	s	PART
dem-1064	89	71	z	z	PROPN
dem-1064	89	72			PROPN
dem-1064	89	73			PROPN
dem-1064	89	74			PROPN
dem-1064	89	75			NUM
dem-1064	89	76			X
dem-1064	89	77	(	(	PUNCT
dem-1064	89	78	2	2	X
dem-1064	89	79	)	)	PUNCT
dem-1064	89	80	barbara	barbara	PROPN
dem-1064	89	81	będowska	będowska	PROPN
dem-1064	89	82	-	-	PUNCT
dem-1064	89	83	sójka	sójka	PROPN
dem-1064	89	84	104	104	NUM
dem-1064	89	85	2	2	NUM
dem-1064	89	86	2	2	NUM
dem-1064	89	87	,	,	PUNCT
dem-1064	89	88	,	,	PUNCT
dem-1064	89	89	,	,	PUNCT
dem-1064	89	90	,	,	PUNCT
dem-1064	89	91	,	,	PUNCT
dem-1064	89	92	,	,	PUNCT
dem-1064	89	93	log	log	NOUN
dem-1064	89	94	(	(	PUNCT
dem-1064	89	95	log	log	PROPN
dem-1064	89	96	)	)	PUNCT
dem-1064	89	97	,	,	PUNCT
dem-1064	89	98	t	t	PROPN
dem-1064	89	99	n	n	PROPN
dem-1064	89	100	t	t	PROPN
dem-1064	89	101	n	n	ADP
dem-1064	89	102	t	t	PROPN
dem-1064	89	103	n	n	ADP
dem-1064	89	104	t	t	PROPN
dem-1064	89	105	n	n	ADP
dem-1064	89	106	t	t	PROPN
dem-1064	89	107	n	n	ADP
dem-1064	89	108	t	t	X
dem-1064	89	109	nx	nx	PROPN
dem-1064	89	110	f	f	PROPN
dem-1064	89	111	z	z	PROPN
dem-1064	89	112	e	e	PROPN
dem-1064	89	113	z	z	NOUN
dem-1064	89	114	f	f	PROPN
dem-1064	89	115	u	u	X
dem-1064	89	116			ADV
dem-1064	89	117			PROPN
dem-1064	89	118			PROPN
dem-1064	89	119			PUNCT
dem-1064	89	120	(	(	PUNCT
dem-1064	89	121	3	3	NUM
dem-1064	89	122	)	)	PUNCT
dem-1064	89	123	2	2	NUM
dem-1064	89	124	,	,	PUNCT
dem-1064	89	125	0	0	NUM
dem-1064	89	126	1	1	NUM
dem-1064	89	127	2	2	NUM
dem-1064	89	128	11	11	NUM
dem-1064	89	129	2	2	NUM
dem-1064	89	130	2	2	NUM
dem-1064	89	131	2	2	NUM
dem-1064	89	132	cos	cos	PROPN
dem-1064	89	133	sin	sin	NOUN
dem-1064	89	134	,	,	PUNCT
dem-1064	89	135	p	p	PROPN
dem-1064	89	136	t	t	PROPN
dem-1064	89	137	n	n	CCONJ
dem-1064	89	138	p	p	PROPN
dem-1064	89	139	p	p	PROPN
dem-1064	89	140	p	p	PROPN
dem-1064	89	141	n	n	CCONJ
dem-1064	89	142	n	n	NOUN
dem-1064	89	143	p	p	NOUN
dem-1064	89	144	p	p	X
dem-1064	89	145	f	f	PROPN
dem-1064	89	146	n	n	CCONJ
dem-1064	89	147	n	n	CCONJ
dem-1064	89	148	n	n	CCONJ
dem-1064	89	149	n	n	CCONJ
dem-1064	89	150	n	n	CCONJ
dem-1064	89	151			ADJ
dem-1064	89	152			NOUN
dem-1064	89	153			NOUN
dem-1064	89	154			NOUN
dem-1064	89	155			ADP
dem-1064	89	156			NUM
dem-1064	89	157			PROPN
dem-1064	89	158			PROPN
dem-1064	89	159			PROPN
dem-1064	89	160			PROPN
dem-1064	89	161			VERB
dem-1064	89	162			PUNCT
dem-1064	89	163			PROPN
dem-1064	89	164			PROPN
dem-1064	89	165			PROPN
dem-1064	89	166			NOUN
dem-1064	89	167			X
dem-1064	89	168	(	(	PUNCT
dem-1064	89	169	4	4	NUM
dem-1064	89	170	)	)	PUNCT
dem-1064	89	171	where	where	SCONJ
dem-1064	89	172	pp	pp	ADV
dem-1064	89	173			NUM
dem-1064	89	174	,	,	PUNCT
dem-1064	89	175	,	,	PUNCT
dem-1064	89	176	,	,	PUNCT
dem-1064	89	177	,	,	PUNCT
dem-1064	89	178	210	210	NUM
dem-1064	89	179	are	be	AUX
dem-1064	89	180	estimated	estimate	VERB
dem-1064	89	181	parameters	parameter	NOUN
dem-1064	89	182	and	and	CCONJ
dem-1064	89	183	1	1	NUM
dem-1064	89	184	(	(	PUNCT
dem-1064	89	185	1	1	NUM
dem-1064	89	186	)	)	PUNCT
dem-1064	89	187	/	/	SYM
dem-1064	89	188	2,n	2,n	NUM
dem-1064	89	189	n	n	NOUN
dem-1064	89	190			ADJ
dem-1064	89	191	2	2	NUM
dem-1064	89	192	(	(	PUNCT
dem-1064	89	193	1	1	NUM
dem-1064	89	194	)	)	PUNCT
dem-1064	89	195	(	(	PUNCT
dem-1064	89	196	2	2	NUM
dem-1064	89	197	)	)	PUNCT
dem-1064	89	198	/	/	SYM
dem-1064	89	199	6n	6n	PROPN
dem-1064	89	200	n	n	DET
dem-1064	89	201	n	n	PROPN
dem-1064	89	202			ADV
dem-1064	89	203			VERB
dem-1064	89	204	are	be	AUX
dem-1064	89	205	normalized	normalize	VERB
dem-1064	89	206	constants	constant	NOUN
dem-1064	89	207	(	(	PUNCT
dem-1064	89	208	andersen	andersen	PROPN
dem-1064	89	209	,	,	PUNCT
dem-1064	89	210	bollerslev	bollerslev	NOUN
dem-1064	89	211	,	,	PUNCT
dem-1064	89	212	1998	1998	NUM
dem-1064	89	213	)	)	PUNCT
dem-1064	89	214	.	.	PUNCT
dem-1064	90	1	after	after	ADP
dem-1064	90	2	some	some	DET
dem-1064	90	3	experimentation	experimentation	NOUN
dem-1064	90	4	,	,	PUNCT
dem-1064	90	5	we	we	PRON
dem-1064	90	6	found	find	VERB
dem-1064	90	7	that	that	SCONJ
dem-1064	90	8	the	the	DET
dem-1064	90	9	order	order	NOUN
dem-1064	90	10	of	of	ADP
dem-1064	90	11	expansion	expansion	NOUN
dem-1064	90	12	p=8	p=8	PUNCT
dem-1064	90	13	is	be	AUX
dem-1064	90	14	sufficient	sufficient	ADJ
dem-1064	90	15	to	to	PART
dem-1064	90	16	capture	capture	VERB
dem-1064	90	17	the	the	DET
dem-1064	90	18	basic	basic	ADJ
dem-1064	90	19	shape	shape	NOUN
dem-1064	90	20	of	of	ADP
dem-1064	90	21	the	the	DET
dem-1064	90	22	series	series	NOUN
dem-1064	90	23	.	.	PUNCT
dem-1064	91	1	the	the	DET
dem-1064	91	2	estimator	estimator	NOUN
dem-1064	91	3	of	of	ADP
dem-1064	91	4	periodic	periodic	ADJ
dem-1064	91	5	component	component	NOUN
dem-1064	91	6	on	on	ADP
dem-1064	91	7	day	day	NOUN
dem-1064	91	8	t	t	NOUN
dem-1064	91	9	and	and	CCONJ
dem-1064	91	10	interval	interval	NOUN
dem-1064	91	11	n	n	CCONJ
dem-1064	91	12	:	:	PUNCT
dem-1064	91	13	.	.	PUNCT
dem-1064	91	14	)	)	PUNCT
dem-1064	92	1	2/ˆexp	2/ˆexp	NUM
dem-1064	92	2	(	(	PUNCT
dem-1064	92	3	)	)	PUNCT
dem-1064	92	4	2/ˆexp	2/ˆexp	NUM
dem-1064	92	5	(	(	PUNCT
dem-1064	92	6	ˆ	ˆ	NOUN
dem-1064	92	7	1	1	NUM
dem-1064	92	8	1	1	NUM
dem-1064	92	9	,	,	PUNCT
dem-1064	92	10	,	,	PUNCT
dem-1064	92	11	,	,	PUNCT
dem-1064	92	12			X
dem-1064	92	13			X
dem-1064	93	1			NUM
dem-1064	94	1			NUM
dem-1064	95	1			NUM
dem-1064	95	2	t	t	PROPN
dem-1064	95	3	t	t	PROPN
dem-1064	95	4	n	n	PROPN
dem-1064	95	5	n	n	ADV
dem-1064	95	6	nt	not	PART
dem-1064	95	7	nt	not	PART
dem-1064	95	8	nt	not	PART
dem-1064	95	9	f	f	PROPN
dem-1064	95	10	ft	ft	X
dem-1064	95	11	s	s	PROPN
dem-1064	95	12	(	(	PUNCT
dem-1064	95	13	5	5	NUM
dem-1064	95	14	)	)	PUNCT
dem-1064	95	15	finally	finally	ADV
dem-1064	95	16	we	we	PRON
dem-1064	95	17	obtain	obtain	VERB
dem-1064	95	18	periodically	periodically	ADV
dem-1064	95	19	filtered	filter	VERB
dem-1064	95	20	series	series	NOUN
dem-1064	95	21	by	by	ADP
dem-1064	95	22	dividing	divide	VERB
dem-1064	95	23	original	original	ADJ
dem-1064	95	24	series	series	NOUN
dem-1064	95	25	by	by	ADP
dem-1064	95	26	the	the	DET
dem-1064	95	27	estimated	estimate	VERB
dem-1064	95	28	seasonal	seasonal	ADJ
dem-1064	95	29	pattern	pattern	NOUN
dem-1064	95	30	:	:	PUNCT
dem-1064	95	31	.~	.~	NOUN
dem-1064	95	32	,	,	PUNCT
dem-1064	95	33	,	,	PUNCT
dem-1064	95	34	,	,	PUNCT
dem-1064	95	35	nt	not	PART
dem-1064	95	36	nt	not	PART
dem-1064	95	37	nt	not	PART
dem-1064	95	38	s	s	VERB
dem-1064	95	39	r	r	NOUN
dem-1064	95	40	r	r	NOUN
dem-1064	95	41			NOUN
dem-1064	95	42	(	(	PUNCT
dem-1064	95	43	6	6	NUM
dem-1064	95	44	)	)	PUNCT
dem-1064	95	45	we	we	PRON
dem-1064	95	46	show	show	VERB
dem-1064	95	47	both	both	CCONJ
dem-1064	95	48	the	the	DET
dem-1064	95	49	average	average	ADJ
dem-1064	95	50	absolute	absolute	ADJ
dem-1064	95	51	returns	return	NOUN
dem-1064	95	52	with	with	ADP
dem-1064	95	53	periodical	periodical	ADJ
dem-1064	95	54	pattern	pattern	NOUN
dem-1064	95	55	of	of	ADP
dem-1064	95	56	volatility	volatility	NOUN
dem-1064	95	57	in	in	ADP
dem-1064	95	58	figure	figure	NOUN
dem-1064	95	59	3	3	NUM
dem-1064	95	60	.	.	PUNCT
dem-1064	96	1	after	after	ADP
dem-1064	96	2	periodicity	periodicity	NOUN
dem-1064	96	3	filtering	filter	VERB
dem-1064	96	4	the	the	DET
dem-1064	96	5	intraday	intraday	NOUN
dem-1064	96	6	pattern	pattern	NOUN
dem-1064	96	7	for	for	ADP
dem-1064	96	8	both	both	DET
dem-1064	96	9	series	series	NOUN
dem-1064	96	10	is	be	AUX
dem-1064	96	11	removed	remove	VERB
dem-1064	96	12	,	,	PUNCT
dem-1064	96	13	while	while	SCONJ
dem-1064	96	14	the	the	DET
dem-1064	96	15	effects	effect	NOUN
dem-1064	96	16	of	of	ADP
dem-1064	96	17	macroeconomic	macroeconomic	ADJ
dem-1064	96	18	announcements	announcement	NOUN
dem-1064	96	19	remain	remain	VERB
dem-1064	96	20	in	in	ADP
dem-1064	96	21	the	the	DET
dem-1064	96	22	series	series	NOUN
dem-1064	96	23	.	.	PUNCT
dem-1064	97	1	figure	figure	VERB
dem-1064	97	2	3	3	NUM
dem-1064	97	3	.	.	PUNCT
dem-1064	98	1	average	average	ADJ
dem-1064	98	2	absolute	absolute	ADJ
dem-1064	98	3	returns	return	NOUN
dem-1064	98	4	and	and	CCONJ
dem-1064	98	5	absolute	absolute	ADJ
dem-1064	98	6	filtered	filter	VERB
dem-1064	98	7	returns	return	NOUN
dem-1064	98	8	for	for	ADP
dem-1064	98	9	dax	dax	PROPN
dem-1064	98	10	series	series	PROPN
dem-1064	98	11	the	the	DET
dem-1064	98	12	impact	impact	NOUN
dem-1064	98	13	of	of	ADP
dem-1064	98	14	macro	macro	ADJ
dem-1064	98	15	news	news	NOUN
dem-1064	98	16	on	on	ADP
dem-1064	98	17	volatility	volatility	NOUN
dem-1064	98	18	of	of	ADP
dem-1064	98	19	stock	stock	NOUN
dem-1064	98	20	exchanges	exchange	NOUN
dem-1064	98	21	105	105	NUM
dem-1064	98	22	figure	figure	NOUN
dem-1064	98	23	4	4	NUM
dem-1064	98	24	.	.	PUNCT
dem-1064	99	1	average	average	ADJ
dem-1064	99	2	absolute	absolute	ADJ
dem-1064	99	3	returns	return	NOUN
dem-1064	99	4	and	and	CCONJ
dem-1064	99	5	absolute	absolute	ADJ
dem-1064	99	6	filtered	filter	VERB
dem-1064	99	7	returns	return	NOUN
dem-1064	99	8	for	for	ADP
dem-1064	99	9	wig20	wig20	PROPN
dem-1064	99	10	series	series	PROPN
dem-1064	99	11	the	the	DET
dem-1064	99	12	descriptive	descriptive	ADJ
dem-1064	99	13	statistics	statistic	NOUN
dem-1064	99	14	of	of	ADP
dem-1064	99	15	series	series	NOUN
dem-1064	99	16	before	before	ADP
dem-1064	99	17	and	and	CCONJ
dem-1064	99	18	after	after	ADP
dem-1064	99	19	filtering	filtering	NOUN
dem-1064	99	20	are	be	AUX
dem-1064	99	21	presented	present	VERB
dem-1064	99	22	in	in	ADP
dem-1064	99	23	table	table	NOUN
dem-1064	99	24	3	3	NUM
dem-1064	99	25	.	.	PUNCT
dem-1064	100	1	the	the	DET
dem-1064	100	2	filtering	filtering	NOUN
dem-1064	100	3	of	of	ADP
dem-1064	100	4	the	the	DET
dem-1064	100	5	data	datum	NOUN
dem-1064	100	6	with	with	ADP
dem-1064	100	7	fff	fff	PROPN
dem-1064	100	8	regression	regression	NOUN
dem-1064	100	9	does	do	AUX
dem-1064	100	10	not	not	PART
dem-1064	100	11	substantially	substantially	ADV
dem-1064	100	12	change	change	VERB
dem-1064	100	13	the	the	DET
dem-1064	100	14	descriptive	descriptive	ADJ
dem-1064	100	15	statistics	statistic	NOUN
dem-1064	100	16	of	of	ADP
dem-1064	100	17	the	the	DET
dem-1064	100	18	series	series	NOUN
dem-1064	100	19	.	.	PUNCT
dem-1064	101	1	table	table	NOUN
dem-1064	101	2	3	3	NUM
dem-1064	101	3	.	.	PUNCT
dem-1064	101	4	descriptive	descriptive	ADJ
dem-1064	101	5	statistics	statistic	NOUN
dem-1064	101	6	of	of	ADP
dem-1064	101	7	dax	dax	PROPN
dem-1064	101	8	and	and	CCONJ
dem-1064	101	9	wig20	wig20	VERB
dem-1064	101	10	returns	return	NOUN
dem-1064	101	11	before	before	ADV
dem-1064	101	12	and	and	CCONJ
dem-1064	101	13	after	after	ADP
dem-1064	101	14	periodicity	periodicity	NOUN
dem-1064	101	15	removal	removal	NOUN
dem-1064	101	16	dax	dax	X
dem-1064	101	17	dax	dax	PROPN
dem-1064	101	18	after	after	SCONJ
dem-1064	101	19	fff	fff	PROPN
dem-1064	101	20	wig20	wig20	AUX
dem-1064	101	21	wig20	wig20	PROPN
dem-1064	101	22	after	after	ADP
dem-1064	101	23	fff	fff	PROPN
dem-1064	101	24	mean	mean	PROPN
dem-1064	102	1	-0.0002	-0.0002	NOUN
dem-1064	102	2	-0.0001	-0.0001	NOUN
dem-1064	102	3	-0.0005	-0.0005	PROPN
dem-1064	102	4	-0.0005	-0.0005	VERB
dem-1064	103	1	standard	standard	ADJ
dem-1064	103	2	deviation	deviation	NOUN
dem-1064	103	3	0.1235	0.1235	NUM
dem-1064	103	4	0.1224	0.1224	NUM
dem-1064	103	5	0.1569	0.1569	NUM
dem-1064	103	6	0.1506	0.1506	NUM
dem-1064	103	7	minimum	minimum	ADJ
dem-1064	103	8	-1.8979	-1.8979	NOUN
dem-1064	103	9	-1.9688	-1.9688	PROPN
dem-1064	104	1	-1.9750	-1.9750	PROPN
dem-1064	104	2	-1.4531	-1.4531	PROPN
dem-1064	105	1	maximum	maximum	PROPN
dem-1064	105	2	1.1926	1.1926	NUM
dem-1064	105	3	1.6331	1.6331	NUM
dem-1064	105	4	1.9750	1.9750	NUM
dem-1064	105	5	1.5642	1.5642	NUM
dem-1064	105	6	skewness	skewness	NOUN
dem-1064	105	7	-0.2765	-0.2765	PROPN
dem-1064	106	1	-0.2176	-0.2176	PROPN
dem-1064	106	2	-0.2319	-0.2319	PROPN
dem-1064	106	3	-0.2319	-0.2319	PROPN
dem-1064	107	1	excess	excess	ADJ
dem-1064	107	2	kurtosis	kurtosis	NOUN
dem-1064	107	3	7.0612	7.0612	NUM
dem-1064	107	4	7.7792	7.7792	NUM
dem-1064	107	5	11.1270	11.1270	NUM
dem-1064	107	6	11.1270	11.1270	NUM
dem-1064	107	7	observations	observation	NOUN
dem-1064	107	8	51510	51510	NUM
dem-1064	107	9	42755	42755	NUM
dem-1064	107	10	after	after	ADP
dem-1064	107	11	filtering	filter	VERB
dem-1064	107	12	from	from	ADP
dem-1064	107	13	periodicity	periodicity	NOUN
dem-1064	107	14	we	we	PRON
dem-1064	107	15	expect	expect	VERB
dem-1064	107	16	that	that	SCONJ
dem-1064	107	17	the	the	DET
dem-1064	107	18	strong	strong	ADJ
dem-1064	107	19	u	u	ADJ
dem-1064	107	20	-	-	ADJ
dem-1064	107	21	shaped	shape	VERB
dem-1064	107	22	autocorrelation	autocorrelation	NOUN
dem-1064	107	23	observed	observe	VERB
dem-1064	107	24	previously	previously	ADV
dem-1064	107	25	in	in	ADP
dem-1064	107	26	absolute	absolute	ADJ
dem-1064	107	27	returns	return	NOUN
dem-1064	107	28	is	be	AUX
dem-1064	107	29	removed	remove	VERB
dem-1064	107	30	from	from	ADP
dem-1064	107	31	the	the	DET
dem-1064	107	32	data	datum	NOUN
dem-1064	107	33	.	.	PUNCT
dem-1064	108	1	in	in	ADP
dem-1064	108	2	fact	fact	NOUN
dem-1064	108	3	,	,	PUNCT
dem-1064	108	4	after	after	ADP
dem-1064	108	5	filtering	filter	VERB
dem-1064	108	6	the	the	DET
dem-1064	108	7	periodical	periodical	ADJ
dem-1064	108	8	pattern	pattern	NOUN
dem-1064	108	9	is	be	AUX
dem-1064	108	10	not	not	PART
dem-1064	108	11	observed	observe	VERB
dem-1064	108	12	in	in	ADP
dem-1064	108	13	the	the	DET
dem-1064	108	14	series	series	NOUN
dem-1064	108	15	of	of	ADP
dem-1064	108	16	absolute	absolute	ADJ
dem-1064	108	17	returns	return	NOUN
dem-1064	108	18	,	,	PUNCT
dem-1064	108	19	but	but	CCONJ
dem-1064	108	20	in	in	ADP
dem-1064	108	21	both	both	DET
dem-1064	108	22	cases	case	NOUN
dem-1064	108	23	they	they	PRON
dem-1064	108	24	are	be	AUX
dem-1064	108	25	still	still	ADV
dem-1064	108	26	characterized	characterize	VERB
dem-1064	108	27	by	by	ADP
dem-1064	108	28	long	long	ADJ
dem-1064	108	29	memory	memory	NOUN
dem-1064	108	30	(	(	PUNCT
dem-1064	108	31	figure	figure	NOUN
dem-1064	108	32	5	5	NUM
dem-1064	108	33	)	)	PUNCT
dem-1064	108	34	.	.	PUNCT
dem-1064	109	1	this	this	DET
dem-1064	109	2	slow	slow	ADJ
dem-1064	109	3	decay	decay	NOUN
dem-1064	109	4	in	in	ADP
dem-1064	109	5	autocorrelation	autocorrelation	NOUN
dem-1064	109	6	function	function	NOUN
dem-1064	109	7	is	be	AUX
dem-1064	109	8	typical	typical	ADJ
dem-1064	109	9	for	for	ADP
dem-1064	109	10	long	long	ADJ
dem-1064	109	11	memory	memory	NOUN
dem-1064	109	12	process	process	NOUN
dem-1064	109	13	.	.	PUNCT
dem-1064	110	1	therefore	therefore	ADV
dem-1064	110	2	we	we	PRON
dem-1064	110	3	will	will	AUX
dem-1064	110	4	model	model	VERB
dem-1064	110	5	volatility	volatility	NOUN
dem-1064	110	6	in	in	ADP
dem-1064	110	7	section	section	NOUN
dem-1064	110	8	5	5	NUM
dem-1064	110	9	with	with	ADP
dem-1064	110	10	an	an	DET
dem-1064	110	11	appropriate	appropriate	ADJ
dem-1064	110	12	garch	garch	NOUN
dem-1064	110	13	model	model	NOUN
dem-1064	110	14	that	that	PRON
dem-1064	110	15	allows	allow	VERB
dem-1064	110	16	for	for	ADP
dem-1064	110	17	such	such	DET
dem-1064	110	18	a	a	DET
dem-1064	110	19	long	long	ADJ
dem-1064	110	20	memory	memory	NOUN
dem-1064	110	21	.	.	PUNCT
dem-1064	111	1	3	3	X
dem-1064	111	2	.	.	X
dem-1064	111	3	the	the	DET
dem-1064	111	4	intraday	intraday	NOUN
dem-1064	111	5	effects	effect	NOUN
dem-1064	111	6	of	of	ADP
dem-1064	111	7	macroeconomic	macroeconomic	ADJ
dem-1064	111	8	announcements	announcement	NOUN
dem-1064	111	9	on	on	ADP
dem-1064	111	10	volatility	volatility	NOUN
dem-1064	111	11	–	–	PUNCT
dem-1064	111	12	fff	fff	PROPN
dem-1064	111	13	regression	regression	VERB
dem-1064	111	14	our	our	PRON
dem-1064	111	15	approach	approach	NOUN
dem-1064	111	16	is	be	AUX
dem-1064	111	17	aimed	aim	VERB
dem-1064	111	18	to	to	PART
dem-1064	111	19	study	study	VERB
dem-1064	111	20	the	the	DET
dem-1064	111	21	influence	influence	NOUN
dem-1064	111	22	of	of	ADP
dem-1064	111	23	macroeconomic	macroeconomic	ADJ
dem-1064	111	24	announcements	announcement	NOUN
dem-1064	111	25	of	of	ADP
dem-1064	111	26	the	the	DET
dem-1064	111	27	same	same	ADJ
dem-1064	111	28	type	type	NOUN
dem-1064	111	29	from	from	ADP
dem-1064	111	30	three	three	NUM
dem-1064	111	31	markets	market	NOUN
dem-1064	111	32	on	on	ADP
dem-1064	111	33	the	the	DET
dem-1064	111	34	volatility	volatility	NOUN
dem-1064	111	35	of	of	ADP
dem-1064	111	36	two	two	NUM
dem-1064	111	37	indices	index	NOUN
dem-1064	111	38	,	,	PUNCT
dem-1064	111	39	the	the	DET
dem-1064	111	40	german	german	NOUN
dem-1064	111	41	and	and	CCONJ
dem-1064	111	42	the	the	DET
dem-1064	111	43	polish	polish	NOUN
dem-1064	111	44	.	.	PUNCT
dem-1064	112	1	the	the	DET
dem-1064	112	2	regression	regression	NOUN
dem-1064	112	3	specification	specification	NOUN
dem-1064	112	4	is	be	AUX
dem-1064	112	5	than	than	ADP
dem-1064	112	6	:	:	PUNCT
dem-1064	112	7	barbara	barbara	PROPN
dem-1064	112	8	będowska	będowska	PROPN
dem-1064	112	9	-	-	PUNCT
dem-1064	112	10	sójka	sójka	PROPN
dem-1064	112	11	106	106	NUM
dem-1064	112	12	,	,	PUNCT
dem-1064	112	13	2	2	NUM
dem-1064	112	14	sin	sin	NOUN
dem-1064	112	15	2	2	NUM
dem-1064	112	16	cos	cos	NOUN
dem-1064	112	17	12	12	NUM
dem-1064	112	18	2	2	NUM
dem-1064	112	19	2	2	NUM
dem-1064	112	20	1	1	NUM
dem-1064	112	21	10	10	NUM
dem-1064	112	22	,	,	PUNCT
dem-1064	112	23	ii	ii	PROPN
dem-1064	112	24	p	p	NOUN
dem-1064	112	25	p	p	X
dem-1064	112	26	ppnt	ppnt	NOUN
dem-1064	112	27	x	x	PUNCT
dem-1064	112	28	n	n	CCONJ
dem-1064	112	29	p	p	NOUN
dem-1064	112	30	n	n	CCONJ
dem-1064	112	31	n	n	PROPN
dem-1064	112	32	p	p	NOUN
dem-1064	112	33	n	n	CCONJ
dem-1064	112	34	n	n	CCONJ
dem-1064	112	35	n	n	CCONJ
dem-1064	112	36	n	n	NOUN
dem-1064	112	37	f	f	NOUN
dem-1064	112	38			PROPN
dem-1064	112	39			ADP
dem-1064	112	40			NOUN
dem-1064	112	41			PRON
dem-1064	112	42			PROPN
dem-1064	112	43			PROPN
dem-1064	112	44			NOUN
dem-1064	112	45			NOUN
dem-1064	112	46			X
dem-1064	112	47			NUM
dem-1064	112	48	(	(	PUNCT
dem-1064	112	49	7	7	NUM
dem-1064	112	50	)	)	PUNCT
dem-1064	112	51	where	where	SCONJ
dem-1064	112	52	λi	λi	ADP
dem-1064	112	53	is	be	AUX
dem-1064	112	54	the	the	DET
dem-1064	112	55	estimated	estimate	VERB
dem-1064	112	56	coefficient	coefficient	NOUN
dem-1064	112	57	and	and	CCONJ
dem-1064	112	58	xi	xi	X
dem-1064	112	59	is	be	AUX
dem-1064	112	60	the	the	DET
dem-1064	112	61	time	time	NOUN
dem-1064	112	62	-	-	PUNCT
dem-1064	112	63	stamped	stamp	VERB
dem-1064	112	64	to	to	ADP
dem-1064	112	65	the	the	DET
dem-1064	112	66	nearest	near	ADJ
dem-1064	112	67	5	5	NUM
dem-1064	112	68	-	-	PUNCT
dem-1064	112	69	minute	minute	NOUN
dem-1064	112	70	return	return	NOUN
dem-1064	112	71	announcements	announcement	VERB
dem-1064	112	72	dummy	dummy	ADJ
dem-1064	112	73	variable	variable	NOUN
dem-1064	112	74	.	.	PUNCT
dem-1064	113	1	in	in	ADP
dem-1064	113	2	some	some	DET
dem-1064	113	3	works	work	NOUN
dem-1064	113	4	it	it	PRON
dem-1064	113	5	is	be	AUX
dem-1064	113	6	suggested	suggest	VERB
dem-1064	113	7	to	to	PART
dem-1064	113	8	filter	filter	NOUN
dem-1064	113	9	series	series	NOUN
dem-1064	113	10	using	use	VERB
dem-1064	113	11	only	only	ADV
dem-1064	113	12	the	the	DET
dem-1064	113	13	control	control	NOUN
dem-1064	113	14	days	day	NOUN
dem-1064	113	15	–	–	PUNCT
dem-1064	113	16	which	which	PRON
dem-1064	113	17	means	mean	VERB
dem-1064	113	18	days	day	NOUN
dem-1064	113	19	without	without	ADP
dem-1064	113	20	events	event	NOUN
dem-1064	113	21	under	under	ADP
dem-1064	113	22	study	study	NOUN
dem-1064	113	23	(	(	PUNCT
dem-1064	113	24	conrad	conrad	NOUN
dem-1064	113	25	and	and	CCONJ
dem-1064	113	26	lamla	lamla	NOUN
dem-1064	113	27	2007	2007	NUM
dem-1064	113	28	,	,	PUNCT
dem-1064	113	29	dominguez	dominguez	PROPN
dem-1064	113	30	2003	2003	NUM
dem-1064	113	31	)	)	PUNCT
dem-1064	113	32	.	.	PUNCT
dem-1064	114	1	we	we	PRON
dem-1064	114	2	rather	rather	ADV
dem-1064	114	3	agree	agree	VERB
dem-1064	114	4	with	with	ADP
dem-1064	114	5	boudt	boudt	NOUN
dem-1064	114	6	et	et	NOUN
dem-1064	114	7	al	al	PROPN
dem-1064	114	8	.	.	PUNCT
dem-1064	115	1	(	(	PUNCT
dem-1064	115	2	2010	2010	NUM
dem-1064	115	3	)	)	PUNCT
dem-1064	116	1	that	that	SCONJ
dem-1064	116	2	“	"	PUNCT
dem-1064	116	3	conditioning	condition	VERB
dem-1064	116	4	on	on	ADP
dem-1064	116	5	the	the	DET
dem-1064	116	6	days	day	NOUN
dem-1064	116	7	without	without	ADP
dem-1064	116	8	any	any	DET
dem-1064	116	9	news	news	NOUN
dem-1064	116	10	,	,	PUNCT
dem-1064	116	11	would	would	AUX
dem-1064	116	12	lead	lead	VERB
dem-1064	116	13	to	to	ADP
dem-1064	116	14	a	a	DET
dem-1064	116	15	too	too	ADV
dem-1064	116	16	small	small	ADJ
dem-1064	116	17	sample	sample	NOUN
dem-1064	116	18	”	"	PUNCT
dem-1064	116	19	.	.	PUNCT
dem-1064	117	1	what	what	PRON
dem-1064	117	2	is	be	AUX
dem-1064	117	3	actually	actually	ADV
dem-1064	117	4	important	important	ADJ
dem-1064	117	5	is	be	AUX
dem-1064	117	6	the	the	DET
dem-1064	117	7	difference	difference	NOUN
dem-1064	117	8	between	between	ADP
dem-1064	117	9	releases	release	NOUN
dem-1064	117	10	and	and	CCONJ
dem-1064	117	11	the	the	DET
dem-1064	117	12	expected	expect	VERB
dem-1064	117	13	values	value	NOUN
dem-1064	117	14	–	–	PUNCT
dem-1064	117	15	it	it	PRON
dem-1064	117	16	is	be	AUX
dem-1064	117	17	not	not	PART
dem-1064	117	18	the	the	DET
dem-1064	117	19	event	event	NOUN
dem-1064	117	20	itself	itself	PRON
dem-1064	117	21	,	,	PUNCT
dem-1064	117	22	but	but	CCONJ
dem-1064	117	23	the	the	DET
dem-1064	117	24	surprise	surprise	NOUN
dem-1064	117	25	that	that	PRON
dem-1064	117	26	is	be	AUX
dem-1064	117	27	causing	cause	VERB
dem-1064	117	28	the	the	DET
dem-1064	117	29	price	price	NOUN
dem-1064	117	30	change	change	NOUN
dem-1064	117	31	.	.	PUNCT
dem-1064	118	1	figure	figure	NOUN
dem-1064	118	2	5	5	NUM
dem-1064	118	3	.	.	PUNCT
dem-1064	118	4	sample	sample	NOUN
dem-1064	118	5	autocorrelation	autocorrelation	NOUN
dem-1064	118	6	function	function	NOUN
dem-1064	118	7	of	of	ADP
dem-1064	118	8	the	the	DET
dem-1064	118	9	series	series	NOUN
dem-1064	118	10	of	of	ADP
dem-1064	118	11	absolute	absolute	ADJ
dem-1064	118	12	filtered	filter	VERB
dem-1064	118	13	returns	return	NOUN
dem-1064	118	14	in	in	ADP
dem-1064	118	15	our	our	PRON
dem-1064	118	16	approach	approach	NOUN
dem-1064	118	17	the	the	DET
dem-1064	118	18	macroeconomic	macroeconomic	ADJ
dem-1064	118	19	announcements	announcement	NOUN
dem-1064	118	20	take	take	VERB
dem-1064	118	21	the	the	DET
dem-1064	118	22	value	value	NOUN
dem-1064	118	23	1	1	NUM
dem-1064	118	24	if	if	SCONJ
dem-1064	118	25	they	they	PRON
dem-1064	118	26	were	be	AUX
dem-1064	118	27	different	different	ADJ
dem-1064	118	28	from	from	ADP
dem-1064	118	29	previously	previously	ADV
dem-1064	118	30	released	release	VERB
dem-1064	118	31	forecasts	forecast	NOUN
dem-1064	118	32	and	and	CCONJ
dem-1064	118	33	0	0	NUM
dem-1064	118	34	otherwise	otherwise	ADV
dem-1064	118	35	.	.	PUNCT
dem-1064	119	1	additionally	additionally	ADV
dem-1064	119	2	the	the	DET
dem-1064	119	3	dummies	dummy	NOUN
dem-1064	119	4	representing	represent	VERB
dem-1064	119	5	day	day	NOUN
dem-1064	119	6	-	-	PUNCT
dem-1064	119	7	of	of	ADP
dem-1064	119	8	-	-	PUNCT
dem-1064	119	9	the	the	DET
dem-1064	119	10	-	-	PUNCT
dem-1064	119	11	week	week	NOUN
dem-1064	119	12	effect	effect	NOUN
dem-1064	119	13	are	be	AUX
dem-1064	119	14	also	also	ADV
dem-1064	119	15	included	include	VERB
dem-1064	119	16	in	in	ADP
dem-1064	119	17	the	the	DET
dem-1064	119	18	regression	regression	NOUN
dem-1064	119	19	.	.	PUNCT
dem-1064	120	1	the	the	DET
dem-1064	120	2	estimates	estimate	NOUN
dem-1064	120	3	of	of	ADP
dem-1064	120	4	fff	fff	PROPN
dem-1064	120	5	regression	regression	NOUN
dem-1064	120	6	are	be	AUX
dem-1064	120	7	shown	show	VERB
dem-1064	120	8	in	in	ADP
dem-1064	120	9	table	table	NOUN
dem-1064	120	10	4	4	NUM
dem-1064	120	11	(	(	PUNCT
dem-1064	120	12	dax	dax	PROPN
dem-1064	120	13	)	)	PUNCT
dem-1064	120	14	and	and	CCONJ
dem-1064	120	15	5	5	NUM
dem-1064	120	16	(	(	PUNCT
dem-1064	120	17	wig20	wig20	PROPN
dem-1064	120	18	)	)	PUNCT
dem-1064	120	19	.	.	PUNCT
dem-1064	121	1	we	we	PRON
dem-1064	121	2	consider	consider	VERB
dem-1064	121	3	the	the	DET
dem-1064	121	4	reaction	reaction	NOUN
dem-1064	121	5	in	in	ADP
dem-1064	121	6	first	first	ADJ
dem-1064	121	7	5	5	NUM
dem-1064	121	8	minutes	minute	NOUN
dem-1064	121	9	after	after	ADP
dem-1064	121	10	macro	macro	ADJ
dem-1064	121	11	news	news	NOUN
dem-1064	121	12	releasing	releasing	NOUN
dem-1064	121	13	.	.	PUNCT
dem-1064	122	1	for	for	ADP
dem-1064	122	2	both	both	DET
dem-1064	122	3	series	series	NOUN
dem-1064	122	4	,	,	PUNCT
dem-1064	122	5	dax	dax	PROPN
dem-1064	122	6	and	and	CCONJ
dem-1064	122	7	wig20	wig20	PROPN
dem-1064	122	8	,	,	PUNCT
dem-1064	122	9	american	american	ADJ
dem-1064	122	10	announcements	announcement	NOUN
dem-1064	122	11	do	do	AUX
dem-1064	122	12	increase	increase	VERB
dem-1064	122	13	volatility	volatility	NOUN
dem-1064	122	14	of	of	ADP
dem-1064	122	15	returns	return	NOUN
dem-1064	122	16	in	in	ADP
dem-1064	122	17	such	such	DET
dem-1064	122	18	a	a	DET
dem-1064	122	19	short	short	ADJ
dem-1064	122	20	period	period	NOUN
dem-1064	122	21	.	.	PUNCT
dem-1064	123	1	in	in	ADP
dem-1064	123	2	case	case	NOUN
dem-1064	123	3	of	of	ADP
dem-1064	123	4	dax	dax	VERB
dem-1064	123	5	the	the	DET
dem-1064	123	6	domestic	domestic	ADJ
dem-1064	123	7	announcements	announcement	NOUN
dem-1064	123	8	increase	increase	VERB
dem-1064	123	9	volatility	volatility	NOUN
dem-1064	123	10	(	(	PUNCT
dem-1064	123	11	ip	ip	NOUN
dem-1064	123	12	,	,	PUNCT
dem-1064	123	13	es	es	NOUN
dem-1064	123	14	,	,	PUNCT
dem-1064	123	15	dgo	dgo	NOUN
dem-1064	123	16	)	)	PUNCT
dem-1064	123	17	,	,	PUNCT
dem-1064	123	18	whereas	whereas	SCONJ
dem-1064	123	19	in	in	ADP
dem-1064	123	20	poland	poland	PROPN
dem-1064	123	21	domestic	domestic	ADJ
dem-1064	123	22	releases	release	NOUN
dem-1064	123	23	play	play	VERB
dem-1064	123	24	no	no	DET
dem-1064	123	25	role	role	NOUN
dem-1064	123	26	in	in	ADP
dem-1064	123	27	very	very	ADV
dem-1064	123	28	short	short	ADJ
dem-1064	123	29	time	time	NOUN
dem-1064	123	30	interval	interval	NOUN
dem-1064	123	31	.	.	PUNCT
dem-1064	124	1	the	the	DET
dem-1064	124	2	neighbor	neighbor	NOUN
dem-1064	124	3	-	-	PUNCT
dem-1064	124	4	country	country	NOUN
dem-1064	124	5	announcements	announcement	NOUN
dem-1064	124	6	have	have	VERB
dem-1064	124	7	no	no	DET
dem-1064	124	8	impact	impact	NOUN
dem-1064	124	9	on	on	ADP
dem-1064	124	10	volatility	volatility	NOUN
dem-1064	124	11	within	within	ADP
dem-1064	124	12	first	first	ADJ
dem-1064	124	13	5	5	NUM
dem-1064	124	14	-	-	PUNCT
dem-1064	124	15	minutes	minute	NOUN
dem-1064	124	16	.	.	PUNCT
dem-1064	125	1	the	the	DET
dem-1064	125	2	reaction	reaction	NOUN
dem-1064	125	3	to	to	ADP
dem-1064	125	4	announcements	announcement	NOUN
dem-1064	125	5	on	on	ADP
dem-1064	125	6	14:35	14:35	NUM
dem-1064	125	7	which	which	PRON
dem-1064	125	8	are	be	AUX
dem-1064	125	9	clearly	clearly	ADV
dem-1064	125	10	visible	visible	ADJ
dem-1064	125	11	in	in	ADP
dem-1064	125	12	average	average	ADJ
dem-1064	125	13	absolute	absolute	ADJ
dem-1064	125	14	returns	return	NOUN
dem-1064	125	15	(	(	PUNCT
dem-1064	125	16	figure	figure	NOUN
dem-1064	125	17	3	3	NUM
dem-1064	125	18	)	)	PUNCT
dem-1064	125	19	are	be	AUX
dem-1064	125	20	now	now	ADV
dem-1064	125	21	confirmed	confirm	VERB
dem-1064	125	22	by	by	ADP
dem-1064	125	23	the	the	DET
dem-1064	125	24	estimated	estimate	VERB
dem-1064	125	25	parameters	parameter	NOUN
dem-1064	125	26	.	.	PUNCT
dem-1064	126	1	the	the	DET
dem-1064	126	2	most	most	ADV
dem-1064	126	3	powerful	powerful	ADJ
dem-1064	126	4	announcement	announcement	NOUN
dem-1064	126	5	in	in	ADP
dem-1064	126	6	a	a	DET
dem-1064	126	7	short	short	ADJ
dem-1064	126	8	run	run	NOUN
dem-1064	126	9	is	be	AUX
dem-1064	126	10	the	the	DET
dem-1064	126	11	american	american	ADJ
dem-1064	126	12	unemployment	unemployment	NOUN
dem-1064	126	13	rate	rate	NOUN
dem-1064	126	14	.	.	PUNCT
dem-1064	127	1	the	the	DET
dem-1064	127	2	estimated	estimate	VERB
dem-1064	127	3	coefficients	coefficient	NOUN
dem-1064	127	4	for	for	ADP
dem-1064	127	5	day	day	NOUN
dem-1064	127	6	-	-	PUNCT
dem-1064	127	7	of	of	ADP
dem-1064	127	8	-	-	PUNCT
dem-1064	127	9	the	the	DET
dem-1064	127	10	-	-	PUNCT
dem-1064	127	11	week	week	NOUN
dem-1064	127	12	effect	effect	NOUN
dem-1064	127	13	are	be	AUX
dem-1064	127	14	omitted	omit	VERB
dem-1064	127	15	,	,	PUNCT
dem-1064	127	16	however	however	ADV
dem-1064	127	17	all	all	PRON
dem-1064	127	18	of	of	ADP
dem-1064	127	19	them	they	PRON
dem-1064	127	20	are	be	AUX
dem-1064	127	21	statistically	statistically	ADV
dem-1064	127	22	significant	significant	ADJ
dem-1064	127	23	.	.	PUNCT
dem-1064	128	1	the	the	DET
dem-1064	128	2	considered	consider	VERB
dem-1064	128	3	announcements	announcement	NOUN
dem-1064	128	4	together	together	ADV
dem-1064	128	5	with	with	ADP
dem-1064	128	6	day	day	NOUN
dem-1064	128	7	-	-	PUNCT
dem-1064	128	8	ofthe	ofthe	NOUN
dem-1064	128	9	impact	impact	NOUN
dem-1064	128	10	of	of	ADP
dem-1064	128	11	macro	macro	ADJ
dem-1064	128	12	news	news	NOUN
dem-1064	128	13	on	on	ADP
dem-1064	128	14	volatility	volatility	NOUN
dem-1064	128	15	of	of	ADP
dem-1064	128	16	stock	stock	NOUN
dem-1064	128	17	exchanges	exchange	NOUN
dem-1064	128	18	107	107	NUM
dem-1064	128	19	the	the	DET
dem-1064	128	20	-	-	PUNCT
dem-1064	128	21	week	week	NOUN
dem-1064	128	22	dummies	dummy	NOUN
dem-1064	128	23	explain	explain	VERB
dem-1064	128	24	only	only	ADV
dem-1064	128	25	4	4	NUM
dem-1064	128	26	%	%	NOUN
dem-1064	128	27	and	and	CCONJ
dem-1064	128	28	5	5	NUM
dem-1064	128	29	%	%	NOUN
dem-1064	128	30	of	of	ADP
dem-1064	128	31	intraday	intraday	NOUN
dem-1064	128	32	volatility	volatility	NOUN
dem-1064	128	33	in	in	ADP
dem-1064	128	34	case	case	NOUN
dem-1064	128	35	of	of	ADP
dem-1064	128	36	dax	dax	PROPN
dem-1064	128	37	and	and	CCONJ
dem-1064	128	38	wig20	wig20	VERB
dem-1064	128	39	respectively	respectively	ADV
dem-1064	128	40	.	.	PUNCT
dem-1064	129	1	table	table	NOUN
dem-1064	129	2	4	4	NUM
dem-1064	129	3	.	.	PUNCT
dem-1064	130	1	parameters	parameter	NOUN
dem-1064	130	2	estimated	estimate	VERB
dem-1064	130	3	in	in	ADP
dem-1064	130	4	fff	fff	PROPN
dem-1064	130	5	regressions	regression	NOUN
dem-1064	130	6	for	for	ADP
dem-1064	130	7	dax	dax	PROPN
dem-1064	130	8	united	united	PROPN
dem-1064	130	9	states	states	PROPN
dem-1064	130	10	germany	germany	PROPN
dem-1064	130	11	poland	poland	PROPN
dem-1064	130	12	gdp	gdp	PROPN
dem-1064	130	13	3.1392	3.1392	NUM
dem-1064	130	14	(	(	PUNCT
dem-1064	130	15	0.5588	0.5588	NUM
dem-1064	130	16	)	)	PUNCT
dem-1064	130	17	1.2857	1.2857	NUM
dem-1064	130	18	(	(	PUNCT
dem-1064	130	19	0.8425	0.8425	NUM
dem-1064	130	20	)	)	PUNCT
dem-1064	130	21	cpi	cpi	NOUN
dem-1064	130	22	1.7249	1.7249	NUM
dem-1064	130	23	(	(	PUNCT
dem-1064	130	24	0.5462	0.5462	NUM
dem-1064	130	25	)	)	PUNCT
dem-1064	130	26	0.7035	0.7035	NUM
dem-1064	130	27	(	(	PUNCT
dem-1064	130	28	0.5504	0.5504	NUM
dem-1064	130	29	)	)	PUNCT
dem-1064	130	30	ppi	ppi	NOUN
dem-1064	130	31	1.4704	1.4704	NUM
dem-1064	130	32	(	(	PUNCT
dem-1064	130	33	0.5020	0.5020	NUM
dem-1064	130	34	)	)	PUNCT
dem-1064	130	35	0.1714	0.1714	NUM
dem-1064	130	36	(	(	PUNCT
dem-1064	130	37	1.6936	1.6936	NUM
dem-1064	130	38	)	)	PUNCT
dem-1064	130	39	un	un	PROPN
dem-1064	130	40	4.104	4.104	PROPN
dem-1064	130	41	(	(	PUNCT
dem-1064	130	42	0.5446	0.5446	NUM
dem-1064	130	43	)	)	PUNCT
dem-1064	130	44	-0.3629	-0.3629	NOUN
dem-1064	130	45	(	(	PUNCT
dem-1064	130	46	0.5938	0.5938	NUM
dem-1064	130	47	)	)	PUNCT
dem-1064	130	48	0.3127	0.3127	NUM
dem-1064	130	49	(	(	PUNCT
dem-1064	130	50	1.6935	1.6935	NUM
dem-1064	130	51	)	)	PUNCT
dem-1064	130	52	ip	ip	NOUN
dem-1064	130	53	1.3241	1.3241	NUM
dem-1064	130	54	(	(	PUNCT
dem-1064	130	55	0.4947	0.4947	NUM
dem-1064	130	56	)	)	PUNCT
dem-1064	130	57	1.4878	1.4878	NUM
dem-1064	130	58	(	(	PUNCT
dem-1064	130	59	0.4957	0.4957	NUM
dem-1064	130	60	)	)	PUNCT
dem-1064	130	61	-0.2941	-0.2941	NOUN
dem-1064	130	62	(	(	PUNCT
dem-1064	130	63	0.9892	0.9892	NUM
dem-1064	130	64	)	)	PUNCT
dem-1064	131	1	rs	rs	PROPN
dem-1064	131	2	2.5896	2.5896	NUM
dem-1064	131	3	(	(	PUNCT
dem-1064	131	4	0.4932	0.4932	NUM
dem-1064	131	5	)	)	PUNCT
dem-1064	131	6	0.1797	0.1797	NUM
dem-1064	131	7	(	(	PUNCT
dem-1064	131	8	0.6346	0.6346	NUM
dem-1064	131	9	)	)	PUNCT
dem-1064	131	10	es	es	ADP
dem-1064	131	11	2.3163	2.3163	NUM
dem-1064	131	12	(	(	PUNCT
dem-1064	131	13	0.4952	0.4952	NUM
dem-1064	131	14	)	)	PUNCT
dem-1064	131	15	1.7297	1.7297	NUM
dem-1064	131	16	(	(	PUNCT
dem-1064	131	17	0.4858	0.4858	NUM
dem-1064	131	18	)	)	PUNCT
dem-1064	131	19	0.8400	0.8400	NUM
dem-1064	131	20	(	(	PUNCT
dem-1064	131	21	0.6461	0.6461	NUM
dem-1064	131	22	)	)	PUNCT
dem-1064	131	23	dgo	dgo	PROPN
dem-1064	131	24	2.1283	2.1283	NUM
dem-1064	131	25	(	(	PUNCT
dem-1064	131	26	0.4946	0.4946	NUM
dem-1064	131	27	)	)	PUNCT
dem-1064	131	28	0.9873	0.9873	NUM
dem-1064	131	29	(	(	PUNCT
dem-1064	131	30	0.4853	0.4853	NUM
dem-1064	131	31	)	)	PUNCT
dem-1064	131	32	tb	tb	ADP
dem-1064	131	33	1.0291	1.0291	NUM
dem-1064	131	34	(	(	PUNCT
dem-1064	131	35	0.4952	0.4952	NUM
dem-1064	131	36	)	)	PUNCT
dem-1064	131	37	0.3455	0.3455	NUM
dem-1064	131	38	(	(	PUNCT
dem-1064	131	39	0.5006	0.5006	NUM
dem-1064	131	40	)	)	PUNCT
dem-1064	131	41	pmi	pmi	NOUN
dem-1064	131	42	-0.1474	-0.1474	NOUN
dem-1064	131	43	(	(	PUNCT
dem-1064	131	44	0.4949	0.4949	NUM
dem-1064	131	45	)	)	PUNCT
dem-1064	131	46	0.4309	0.4309	NUM
dem-1064	131	47	(	(	PUNCT
dem-1064	131	48	0.4857	0.4857	NUM
dem-1064	131	49	)	)	PUNCT
dem-1064	131	50	observations	observation	NOUN
dem-1064	131	51	51510	51510	NUM
dem-1064	131	52	r2	r2	NOUN
dem-1064	131	53	0.044905	0.044905	NUM
dem-1064	131	54	0.0418	0.0418	NUM
dem-1064	131	55	0.0415	0.0415	NUM
dem-1064	131	56	adj	adj	PROPN
dem-1064	131	57	.	.	PROPN
dem-1064	132	1	r2	r2	PROPN
dem-1064	132	2	0.044312	0.044312	NUM
dem-1064	132	3	0.0413	0.0413	NUM
dem-1064	132	4	0.0409	0.0409	NUM
dem-1064	132	5	note	note	NOUN
dem-1064	132	6	:	:	PUNCT
dem-1064	132	7	the	the	DET
dem-1064	132	8	estimated	estimate	VERB
dem-1064	132	9	parameters	parameter	NOUN
dem-1064	132	10	together	together	ADV
dem-1064	132	11	with	with	ADP
dem-1064	132	12	standard	standard	ADJ
dem-1064	132	13	errors	error	NOUN
dem-1064	132	14	(	(	PUNCT
dem-1064	132	15	in	in	ADP
dem-1064	132	16	italics	italic	NOUN
dem-1064	132	17	)	)	PUNCT
dem-1064	132	18	are	be	AUX
dem-1064	132	19	in	in	ADP
dem-1064	132	20	the	the	DET
dem-1064	132	21	upper	upper	ADJ
dem-1064	132	22	part	part	NOUN
dem-1064	132	23	.	.	PUNCT
dem-1064	133	1	the	the	DET
dem-1064	133	2	bolded	bolde	VERB
dem-1064	133	3	parameters	parameter	NOUN
dem-1064	133	4	are	be	AUX
dem-1064	133	5	statistically	statistically	ADV
dem-1064	133	6	significant	significant	ADJ
dem-1064	133	7	at	at	ADP
dem-1064	133	8	α=0.05	α=0.05	NOUN
dem-1064	133	9	.	.	PUNCT
dem-1064	134	1	5	5	NUM
dem-1064	134	2	.	.	X
dem-1064	134	3	modeling	modeling	NOUN
dem-1064	134	4	with	with	ADP
dem-1064	134	5	figarch	figarch	NOUN
dem-1064	134	6	models	model	NOUN
dem-1064	134	7	for	for	ADP
dem-1064	134	8	the	the	DET
dem-1064	134	9	purpose	purpose	NOUN
dem-1064	134	10	of	of	ADP
dem-1064	134	11	modeling	modeling	NOUN
dem-1064	134	12	with	with	ADP
dem-1064	134	13	figarch	figarch	NOUN
dem-1064	134	14	models	model	NOUN
dem-1064	134	15	we	we	PRON
dem-1064	134	16	filter	filter	VERB
dem-1064	134	17	the	the	DET
dem-1064	134	18	series	series	NOUN
dem-1064	134	19	again	again	ADV
dem-1064	134	20	with	with	ADP
dem-1064	134	21	fff	fff	PROPN
dem-1064	134	22	regression	regression	NOUN
dem-1064	134	23	but	but	CCONJ
dem-1064	134	24	this	this	DET
dem-1064	134	25	time	time	NOUN
dem-1064	134	26	including	include	VERB
dem-1064	134	27	only	only	ADV
dem-1064	134	28	the	the	DET
dem-1064	134	29	day	day	NOUN
dem-1064	134	30	-	-	PUNCT
dem-1064	134	31	of	of	ADP
dem-1064	134	32	-	-	PUNCT
dem-1064	134	33	the	the	DET
dem-1064	134	34	-	-	PUNCT
dem-1064	134	35	week	week	NOUN
dem-1064	134	36	dummies	dummy	NOUN
dem-1064	134	37	.	.	PUNCT
dem-1064	135	1	the	the	DET
dem-1064	135	2	series	series	NOUN
dem-1064	135	3	filtered	filter	VERB
dem-1064	135	4	from	from	ADP
dem-1064	135	5	periodicity	periodicity	NOUN
dem-1064	135	6	with	with	ADP
dem-1064	135	7	only	only	ADJ
dem-1064	135	8	day	day	NOUN
dem-1064	135	9	-	-	PUNCT
dem-1064	135	10	of	of	ADP
dem-1064	135	11	-	-	PUNCT
dem-1064	135	12	the	the	DET
dem-1064	135	13	week	week	NOUN
dem-1064	135	14	dummies	dummy	NOUN
dem-1064	135	15	are	be	AUX
dem-1064	135	16	introduced	introduce	VERB
dem-1064	135	17	into	into	ADP
dem-1064	135	18	figarch	figarch	NOUN
dem-1064	135	19	models	model	NOUN
dem-1064	135	20	with	with	ADP
dem-1064	135	21	dummy	dummy	ADJ
dem-1064	135	22	variables	variable	NOUN
dem-1064	135	23	in	in	ADP
dem-1064	135	24	the	the	DET
dem-1064	135	25	conditional	conditional	ADJ
dem-1064	135	26	variance	variance	NOUN
dem-1064	135	27	equations	equation	NOUN
dem-1064	135	28	.	.	PUNCT
dem-1064	136	1	for	for	ADP
dem-1064	136	2	these	these	DET
dem-1064	136	3	models	model	NOUN
dem-1064	136	4	the	the	DET
dem-1064	136	5	sample	sample	NOUN
dem-1064	136	6	is	be	AUX
dem-1064	136	7	restricted	restrict	VERB
dem-1064	136	8	to	to	ADP
dem-1064	136	9	2009	2009	NUM
dem-1064	136	10	only	only	ADV
dem-1064	136	11	.	.	PUNCT
dem-1064	137	1	the	the	DET
dem-1064	137	2	conditional	conditional	ADJ
dem-1064	137	3	mean	mean	NOUN
dem-1064	137	4	equations	equation	NOUN
dem-1064	137	5	are	be	AUX
dem-1064	137	6	modeled	model	VERB
dem-1064	137	7	with	with	ADP
dem-1064	137	8	the	the	DET
dem-1064	137	9	ar(2	ar(2	PROPN
dem-1064	137	10	)	)	PUNCT
dem-1064	137	11	process	process	NOUN
dem-1064	137	12	:	:	PUNCT
dem-1064	137	13	1	1	NUM
dem-1064	137	14	1	1	NUM
dem-1064	137	15	2	2	NUM
dem-1064	137	16	2	2	NUM
dem-1064	137	17	.t	.t	NOUN
dem-1064	137	18	t	t	PROPN
dem-1064	137	19	t	t	PROPN
dem-1064	137	20	tr	tr	NOUN
dem-1064	137	21	c	c	NOUN
dem-1064	137	22	r	r	NOUN
dem-1064	137	23	c	c	NOUN
dem-1064	137	24	r	r	NOUN
dem-1064	137	25	a	a	VERB
dem-1064	137	26			PROPN
dem-1064	137	27			PUNCT
dem-1064	137	28			X
dem-1064	137	29	(	(	PUNCT
dem-1064	137	30	8)	8)	NUM
dem-1064	137	31	due	due	ADP
dem-1064	137	32	to	to	ADP
dem-1064	137	33	the	the	DET
dem-1064	137	34	long	long	ADJ
dem-1064	137	35	memory	memory	NOUN
dem-1064	137	36	in	in	ADP
dem-1064	137	37	series	series	NOUN
dem-1064	137	38	of	of	ADP
dem-1064	137	39	absolute	absolute	ADJ
dem-1064	137	40	filtered	filter	VERB
dem-1064	137	41	returns	return	NOUN
dem-1064	137	42	,	,	PUNCT
dem-1064	137	43	the	the	DET
dem-1064	137	44	innovations	innovation	NOUN
dem-1064	137	45	are	be	AUX
dem-1064	137	46	modeled	model	VERB
dem-1064	137	47	with	with	ADP
dem-1064	137	48	figarch	figarch	NOUN
dem-1064	137	49	(	(	PUNCT
dem-1064	137	50	p	p	X
dem-1064	137	51	,	,	PUNCT
dem-1064	137	52	d	d	NOUN
dem-1064	137	53	,	,	PUNCT
dem-1064	137	54	q	q	NOUN
dem-1064	137	55	)	)	PUNCT
dem-1064	137	56	process	process	NOUN
dem-1064	137	57	with	with	ADP
dem-1064	137	58	specification	specification	NOUN
dem-1064	137	59	given	give	VERB
dem-1064	137	60	by	by	ADP
dem-1064	137	61	bbm	bbm	PROPN
dem-1064	137	62	’s	’s	PART
dem-1064	137	63	method	method	NOUN
dem-1064	137	64	(	(	PUNCT
dem-1064	137	65	1999	1999	NUM
dem-1064	137	66	):	):	PUNCT
dem-1064	137	67	2	2	NUM
dem-1064	137	68	2	2	NUM
dem-1064	137	69	2(1	2(1	NUM
dem-1064	137	70	)	)	PUNCT
dem-1064	137	71	(	(	PUNCT
dem-1064	137	72	)	)	PUNCT
dem-1064	137	73	(	(	PUNCT
dem-1064	137	74	)	)	PUNCT
dem-1064	137	75	(	(	PUNCT
dem-1064	137	76	)	)	PUNCT
dem-1064	137	77	,	,	PUNCT
dem-1064	137	78	d	d	PROPN
dem-1064	137	79	t	t	PROPN
dem-1064	137	80	t	t	X
dem-1064	137	81	tl	tl	PROPN
dem-1064	137	82	l	l	PROPN
dem-1064	137	83	a	a	DET
dem-1064	137	84	l	l	NOUN
dem-1064	137	85	a	a	PROPN
dem-1064	137	86			PROPN
dem-1064	137	87			PROPN
dem-1064	137	88			PROPN
dem-1064	137	89			PROPN
dem-1064	137	90			NOUN
dem-1064	137	91			PROPN
dem-1064	137	92	(	(	PUNCT
dem-1064	137	93	9	9	NUM
dem-1064	137	94	)	)	PUNCT
dem-1064	137	95	where	where	SCONJ
dem-1064	137	96	lag	lag	NOUN
dem-1064	137	97	polonymials	polonymial	NOUN
dem-1064	137	98	,	,	PUNCT
dem-1064	137	99	1	1	X
dem-1064	137	100	)	)	PUNCT
dem-1064	137	101	(	(	PUNCT
dem-1064	137	102	1	1	NUM
dem-1064	137	103			NUM
dem-1064	137	104			NUM
dem-1064	137	105			NOUN
dem-1064	138	1	q	q	PROPN
dem-1064	139	1	i	i	PRON
dem-1064	139	2	i	i	PRON
dem-1064	140	1	i	i	PRON
dem-1064	140	2	ll	ll	AUX
dem-1064	140	3			NOUN
dem-1064	140	4	,	,	PUNCT
dem-1064	140	5	1	1	NUM
dem-1064	140	6	)	)	PUNCT
dem-1064	140	7	(	(	PUNCT
dem-1064	140	8	1	1	NUM
dem-1064	140	9			NUM
dem-1064	140	10			NUM
dem-1064	140	11			NOUN
dem-1064	141	1	p	p	X
dem-1064	141	2	i	i	PRON
dem-1064	141	3	i	i	PRON
dem-1064	141	4	i	i	PRON
dem-1064	141	5	llb	llb	PROPN
dem-1064	141	6			PROPN
dem-1064	141	7	and	and	CCONJ
dem-1064	141	8	10	10	NUM
dem-1064	141	9			NOUN
dem-1064	142	1	d	d	ADP
dem-1064	142	2	being	be	AUX
dem-1064	142	3	the	the	DET
dem-1064	142	4	fractional	fractional	ADJ
dem-1064	142	5	differencing	differencing	NOUN
dem-1064	142	6	parameter	parameter	NOUN
dem-1064	142	7	.	.	PUNCT
dem-1064	142	8	bollerslev	bollerslev	PROPN
dem-1064	142	9	and	and	CCONJ
dem-1064	142	10	mikkelsen	mikkelsen	PROPN
dem-1064	142	11	(	(	PUNCT
dem-1064	142	12	1996	1996	NUM
dem-1064	142	13	)	)	PUNCT
dem-1064	142	14	define	define	VERB
dem-1064	142	15	the	the	DET
dem-1064	142	16	sufficient	sufficient	ADJ
dem-1064	142	17	condition	condition	NOUN
dem-1064	142	18	of	of	ADP
dem-1064	142	19	non	non	ADJ
dem-1064	142	20	-	-	ADJ
dem-1064	142	21	negative	negative	ADJ
dem-1064	142	22	conditional	conditional	ADJ
dem-1064	142	23	variance	variance	NOUN
dem-1064	142	24	in	in	ADP
dem-1064	142	25	(	(	PUNCT
dem-1064	142	26	9	9	NUM
dem-1064	142	27	)	)	PUNCT
dem-1064	142	28	as	as	SCONJ
dem-1064	142	29	31	31	NUM
dem-1064	142	30	f	f	VERB
dem-1064	142	31	with	with	ADP
dem-1064	142	32	jdjf	jdjf	PROPN
dem-1064	142	33	j	j	PROPN
dem-1064	142	34	/)1	/)1	PROPN
dem-1064	142	35	(	(	PUNCT
dem-1064	142	36			X
dem-1064	142	37	.	.	PUNCT
dem-1064	143	1	an	an	DET
dem-1064	143	2	extensive	extensive	ADJ
dem-1064	143	3	discussion	discussion	NOUN
dem-1064	143	4	of	of	ADP
dem-1064	143	5	the	the	DET
dem-1064	143	6	properties	property	NOUN
dem-1064	143	7	of	of	ADP
dem-1064	143	8	figarch	figarch	NOUN
dem-1064	143	9	model	model	NOUN
dem-1064	143	10	can	can	AUX
dem-1064	143	11	be	be	AUX
dem-1064	143	12	found	find	VERB
dem-1064	143	13	in	in	ADP
dem-1064	143	14	conrad	conrad	PROPN
dem-1064	143	15	and	and	CCONJ
dem-1064	143	16	haag	haag	PROPN
dem-1064	143	17	(	(	PUNCT
dem-1064	143	18	2006	2006	NUM
dem-1064	143	19	)	)	PUNCT
dem-1064	143	20	where	where	SCONJ
dem-1064	143	21	the	the	DET
dem-1064	143	22	necessary	necessary	ADJ
dem-1064	143	23	and	and	CCONJ
dem-1064	143	24	sufficient	sufficient	ADJ
dem-1064	143	25	conditions	condition	NOUN
dem-1064	143	26	have	have	AUX
dem-1064	143	27	been	be	AUX
dem-1064	143	28	described	describe	VERB
dem-1064	143	29	in	in	ADP
dem-1064	143	30	details	detail	NOUN
dem-1064	143	31	.	.	PUNCT
dem-1064	144	1	barbara	barbara	PROPN
dem-1064	144	2	będowska	będowska	PROPN
dem-1064	144	3	-	-	PUNCT
dem-1064	144	4	sójka	sójka	PROPN
dem-1064	144	5	108	108	NUM
dem-1064	144	6	table	table	NOUN
dem-1064	144	7	5	5	NUM
dem-1064	144	8	.	.	PUNCT
dem-1064	145	1	the	the	DET
dem-1064	145	2	parameters	parameter	NOUN
dem-1064	145	3	estimated	estimate	VERB
dem-1064	145	4	in	in	ADP
dem-1064	145	5	fff	fff	PROPN
dem-1064	145	6	regressions	regression	NOUN
dem-1064	145	7	for	for	ADP
dem-1064	145	8	wig20	wig20	PROPN
dem-1064	145	9	united	united	PROPN
dem-1064	145	10	states	states	PROPN
dem-1064	145	11	germany	germany	PROPN
dem-1064	145	12	poland	poland	PROPN
dem-1064	145	13	gdp	gdp	PROPN
dem-1064	145	14	2.7633	2.7633	NUM
dem-1064	145	15	(	(	PUNCT
dem-1064	145	16	0.5358	0.5358	PROPN
dem-1064	145	17	)	)	PUNCT
dem-1064	145	18	0.4863	0.4863	NUM
dem-1064	145	19	(	(	PUNCT
dem-1064	145	20	0.8511	0.8511	NUM
dem-1064	145	21	)	)	PUNCT
dem-1064	145	22	cpi	cpi	PROPN
dem-1064	145	23	0.5254	0.5254	NUM
dem-1064	145	24	(	(	PUNCT
dem-1064	145	25	0.5520	0.5520	NUM
dem-1064	145	26	)	)	PUNCT
dem-1064	145	27	0.3784	0.3784	NUM
dem-1064	145	28	(	(	PUNCT
dem-1064	145	29	0.5558	0.5558	NUM
dem-1064	145	30	)	)	PUNCT
dem-1064	145	31	ppi	ppi	NOUN
dem-1064	145	32	1.4518	1.4518	NUM
dem-1064	145	33	(	(	PUNCT
dem-1064	145	34	0.5076	0.5076	NUM
dem-1064	145	35	)	)	PUNCT
dem-1064	145	36	-0.2171	-0.2171	NOUN
dem-1064	145	37	(	(	PUNCT
dem-1064	145	38	1.7103	1.7103	NUM
dem-1064	145	39	)	)	PUNCT
dem-1064	145	40	un	un	PROPN
dem-1064	145	41	4.0206	4.0206	NUM
dem-1064	145	42	(	(	PUNCT
dem-1064	145	43	0.5504	0.5504	NUM
dem-1064	145	44	)	)	PUNCT
dem-1064	145	45	0.8649	0.8649	NUM
dem-1064	145	46	(	(	PUNCT
dem-1064	145	47	0.6000	0.6000	NUM
dem-1064	145	48	)	)	PUNCT
dem-1064	145	49	1.2194	1.2194	NUM
dem-1064	145	50	(	(	PUNCT
dem-1064	145	51	1.7103	1.7103	NUM
dem-1064	145	52	)	)	PUNCT
dem-1064	145	53	ip	ip	NOUN
dem-1064	145	54	1.792	1.792	NUM
dem-1064	145	55	(	(	PUNCT
dem-1064	145	56	0.4999	0.4999	NUM
dem-1064	145	57	)	)	PUNCT
dem-1064	145	58	0.2251	0.2251	NUM
dem-1064	145	59	(	(	PUNCT
dem-1064	145	60	0.5011	0.5011	NUM
dem-1064	145	61	)	)	PUNCT
dem-1064	145	62	-0.6301	-0.6301	NOUN
dem-1064	145	63	(	(	PUNCT
dem-1064	145	64	0.9989	0.9989	NUM
dem-1064	145	65	)	)	PUNCT
dem-1064	145	66	rs	rs	NOUN
dem-1064	145	67	2.2259	2.2259	NUM
dem-1064	145	68	(	(	PUNCT
dem-1064	145	69	0.5093	0.5093	NUM
dem-1064	145	70	)	)	PUNCT
dem-1064	145	71	0.7275	0.7275	NUM
dem-1064	145	72	(	(	PUNCT
dem-1064	145	73	0.6411	0.6411	NUM
dem-1064	145	74	)	)	PUNCT
dem-1064	145	75	es	es	ADP
dem-1064	145	76	1.6942	1.6942	NUM
dem-1064	145	77	(	(	PUNCT
dem-1064	145	78	0.5014	0.5014	NUM
dem-1064	145	79	)	)	PUNCT
dem-1064	145	80	0.2867	0.2867	NUM
dem-1064	145	81	(	(	PUNCT
dem-1064	145	82	0.4912	0.4912	NUM
dem-1064	145	83	)	)	PUNCT
dem-1064	145	84	-0.1671	-0.1671	NOUN
dem-1064	145	85	(	(	PUNCT
dem-1064	145	86	0.6526	0.6526	NUM
dem-1064	145	87	)	)	PUNCT
dem-1064	145	88	dgo	dgo	NOUN
dem-1064	145	89	2.2502	2.2502	NUM
dem-1064	145	90	(	(	PUNCT
dem-1064	145	91	0.4999	0.4999	NUM
dem-1064	145	92	)	)	PUNCT
dem-1064	145	93	tb	tb	ADP
dem-1064	145	94	1.4016	1.4016	NUM
dem-1064	145	95	(	(	PUNCT
dem-1064	145	96	0.5004	0.5004	NUM
dem-1064	145	97	)	)	PUNCT
dem-1064	145	98	-0.4574	-0.4574	NOUN
dem-1064	145	99	(	(	PUNCT
dem-1064	145	100	0.4951	0.4951	NUM
dem-1064	145	101	)	)	PUNCT
dem-1064	145	102	pmi	pmi	NOUN
dem-1064	145	103	1.239	1.239	NUM
dem-1064	145	104	(	(	PUNCT
dem-1064	145	105	0.5005	0.5005	NUM
dem-1064	145	106	)	)	PUNCT
dem-1064	145	107	-0.1594	-0.1594	NOUN
dem-1064	145	108	(	(	PUNCT
dem-1064	145	109	0.5013	0.5013	NUM
dem-1064	145	110	)	)	PUNCT
dem-1064	145	111	observations	observation	NOUN
dem-1064	145	112	42925	42925	NUM
dem-1064	145	113	42925	42925	NUM
dem-1064	145	114	42925	42925	NUM
dem-1064	145	115	r2	r2	PROPN
dem-1064	145	116	0.0572	0.0572	NUM
dem-1064	145	117	0.0535	0.0535	NUM
dem-1064	145	118	0.0535	0.0535	NUM
dem-1064	145	119	adj	adj	X
dem-1064	145	120	.	.	PUNCT
dem-1064	146	1	r2	r2	PROPN
dem-1064	146	2	0.0564	0.0564	NUM
dem-1064	146	3	0.0529	0.0529	NUM
dem-1064	146	4	0.0529	0.0529	NUM
dem-1064	146	5	note	note	NOUN
dem-1064	146	6	:	:	PUNCT
dem-1064	146	7	the	the	DET
dem-1064	146	8	estimated	estimate	VERB
dem-1064	146	9	parameters	parameter	NOUN
dem-1064	146	10	together	together	ADV
dem-1064	146	11	with	with	ADP
dem-1064	146	12	standard	standard	ADJ
dem-1064	146	13	errors	error	NOUN
dem-1064	146	14	(	(	PUNCT
dem-1064	146	15	in	in	ADP
dem-1064	146	16	italics	italic	NOUN
dem-1064	146	17	)	)	PUNCT
dem-1064	146	18	are	be	AUX
dem-1064	146	19	in	in	ADP
dem-1064	146	20	the	the	DET
dem-1064	146	21	upper	upper	ADJ
dem-1064	146	22	part	part	NOUN
dem-1064	146	23	.	.	PUNCT
dem-1064	147	1	the	the	DET
dem-1064	147	2	bolded	bolde	VERB
dem-1064	147	3	parameters	parameter	NOUN
dem-1064	147	4	are	be	AUX
dem-1064	147	5	statistically	statistically	ADV
dem-1064	147	6	significant	significant	ADJ
dem-1064	147	7	at	at	ADP
dem-1064	147	8	α=0.05	α=0.05	NOUN
dem-1064	147	9	.	.	PUNCT
dem-1064	148	1	we	we	PRON
dem-1064	148	2	introduce	introduce	VERB
dem-1064	148	3	dummy	dummy	ADJ
dem-1064	148	4	variables	variable	NOUN
dem-1064	148	5	into	into	ADP
dem-1064	148	6	conditional	conditional	ADJ
dem-1064	148	7	variance	variance	NOUN
dem-1064	148	8	equation	equation	NOUN
dem-1064	148	9	:	:	PUNCT
dem-1064	148	10	.))()1	.))()1	PROPN
dem-1064	148	11	(	(	PUNCT
dem-1064	148	12	)	)	PUNCT
dem-1064	148	13	(	(	PUNCT
dem-1064	148	14	(	(	PUNCT
dem-1064	148	15	)	)	PUNCT
dem-1064	148	16	(	(	PUNCT
dem-1064	148	17	2	2	NUM
dem-1064	148	18	3	3	NUM
dem-1064	148	19	1	1	NUM
dem-1064	148	20	,	,	PUNCT
dem-1064	148	21	t	t	PROPN
dem-1064	149	1	d	d	NOUN
dem-1064	149	2	i	i	PRON
dem-1064	149	3	iti	iti	PROPN
dem-1064	149	4	alllxl	alllxl	INTJ
dem-1064	149	5			PROPN
dem-1064	149	6			X
dem-1064	150	1			NUM
dem-1064	150	2			PROPN
dem-1064	150	3	(	(	PUNCT
dem-1064	150	4	10	10	NUM
dem-1064	150	5	)	)	PUNCT
dem-1064	150	6	these	these	DET
dem-1064	150	7	dummy	dummy	ADJ
dem-1064	150	8	variables	variable	NOUN
dem-1064	150	9	are	be	AUX
dem-1064	150	10	defined	define	VERB
dem-1064	150	11	in	in	ADP
dem-1064	150	12	the	the	DET
dem-1064	150	13	way	way	NOUN
dem-1064	150	14	that	that	PRON
dem-1064	150	15	they	they	PRON
dem-1064	150	16	take	take	VERB
dem-1064	150	17	the	the	DET
dem-1064	150	18	value	value	NOUN
dem-1064	150	19	of	of	ADP
dem-1064	150	20	1	1	NUM
dem-1064	150	21	at	at	ADP
dem-1064	150	22	the	the	DET
dem-1064	150	23	time	time	NOUN
dem-1064	150	24	of	of	ADP
dem-1064	150	25	macroeconomic	macroeconomic	ADJ
dem-1064	150	26	surprise	surprise	NOUN
dem-1064	150	27	release	release	NOUN
dem-1064	150	28	on	on	ADP
dem-1064	150	29	the	the	DET
dem-1064	150	30	particular	particular	ADJ
dem-1064	150	31	market	market	NOUN
dem-1064	150	32	(	(	PUNCT
dem-1064	150	33	american	american	ADJ
dem-1064	150	34	,	,	PUNCT
dem-1064	150	35	german	german	ADJ
dem-1064	150	36	or	or	CCONJ
dem-1064	150	37	polish	polish	ADJ
dem-1064	150	38	)	)	PUNCT
dem-1064	150	39	and	and	CCONJ
dem-1064	150	40	0	0	NUM
dem-1064	150	41	otherwise	otherwise	ADV
dem-1064	150	42	.	.	PUNCT
dem-1064	151	1	table	table	NOUN
dem-1064	151	2	6	6	NUM
dem-1064	151	3	.	.	PUNCT
dem-1064	152	1	the	the	DET
dem-1064	152	2	estimates	estimate	NOUN
dem-1064	152	3	of	of	ADP
dem-1064	152	4	ar(2)-figarch(1	ar(2)-figarch(1	PROPN
dem-1064	152	5	,	,	PUNCT
dem-1064	152	6	d	d	NOUN
dem-1064	152	7	,	,	PUNCT
dem-1064	152	8	1	1	NUM
dem-1064	152	9	)	)	PUNCT
dem-1064	152	10	.	.	PUNCT
dem-1064	153	1	dax	dax	PROPN
dem-1064	153	2	wig20	wig20	PROPN
dem-1064	153	3	c1	c1	PROPN
dem-1064	153	4	0.0052	0.0052	NUM
dem-1064	153	5	(	(	PUNCT
dem-1064	153	6	0.0064	0.0064	NUM
dem-1064	153	7	)	)	PUNCT
dem-1064	153	8	0.0011	0.0011	NUM
dem-1064	153	9	(	(	PUNCT
dem-1064	153	10	0.0112	0.0112	NUM
dem-1064	153	11	)	)	PUNCT
dem-1064	153	12	c2	c2	PROPN
dem-1064	153	13	-0.0201	-0.0201	PROPN
dem-1064	153	14	(	(	PUNCT
dem-1064	153	15	0.0082	0.0082	NUM
dem-1064	153	16	)	)	PUNCT
dem-1064	153	17	-0.0312	-0.0312	PROPN
dem-1064	153	18	(	(	PUNCT
dem-1064	153	19	0.0121	0.0121	NUM
dem-1064	153	20	)	)	PUNCT
dem-1064	153	21	ω	ω	PROPN
dem-1064	153	22	0.0014	0.0014	NUM
dem-1064	153	23	(	(	PUNCT
dem-1064	153	24	0.0005	0.0005	NUM
dem-1064	153	25	)	)	PUNCT
dem-1064	153	26	0.0034	0.0034	NUM
dem-1064	153	27	(	(	PUNCT
dem-1064	153	28	0.0010	0.0010	NUM
dem-1064	153	29	)	)	PUNCT
dem-1064	153	30	φ	φ	NOUN
dem-1064	153	31	0.0997	0.0997	NUM
dem-1064	153	32	(	(	PUNCT
dem-1064	153	33	0.1178	0.1178	NUM
dem-1064	153	34	)	)	PUNCT
dem-1064	153	35	0.0791	0.0791	NUM
dem-1064	153	36	(	(	PUNCT
dem-1064	153	37	0.0999	0.0999	NUM
dem-1064	153	38	)	)	PUNCT
dem-1064	153	39	β	β	NOUN
dem-1064	153	40	0.2936	0.2936	NUM
dem-1064	153	41	(	(	PUNCT
dem-1064	153	42	0.1375	0.1375	NUM
dem-1064	153	43	)	)	PUNCT
dem-1064	153	44	0.2599	0.2599	NUM
dem-1064	153	45	(	(	PUNCT
dem-1064	153	46	0.1144	0.1144	NUM
dem-1064	153	47	)	)	PUNCT
dem-1064	154	1	d	d	NOUN
dem-1064	154	2	0.2681	0.2681	NUM
dem-1064	154	3	(	(	PUNCT
dem-1064	154	4	0.0211	0.0211	NUM
dem-1064	154	5	)	)	PUNCT
dem-1064	154	6	0.2425	0.2425	NUM
dem-1064	154	7	(	(	PUNCT
dem-1064	154	8	0.0172	0.0172	NUM
dem-1064	154	9	)	)	PUNCT
dem-1064	154	10	ω1	ω1	PROPN
dem-1064	154	11	(	(	PUNCT
dem-1064	154	12	germany	germany	PROPN
dem-1064	154	13	)	)	PUNCT
dem-1064	154	14	0.0142	0.0142	NUM
dem-1064	154	15	(	(	PUNCT
dem-1064	154	16	0.0051	0.0051	NUM
dem-1064	154	17	)	)	PUNCT
dem-1064	154	18	0.0108	0.0108	NUM
dem-1064	154	19	(	(	PUNCT
dem-1064	154	20	0.0074	0.0074	NUM
dem-1064	154	21	)	)	PUNCT
dem-1064	154	22	ω2	ω2	ADJ
dem-1064	154	23	(	(	PUNCT
dem-1064	154	24	poland	poland	PROPN
dem-1064	154	25	)	)	PUNCT
dem-1064	154	26	0.0032	0.0032	NUM
dem-1064	154	27	(	(	PUNCT
dem-1064	154	28	0.0039	0.0039	NUM
dem-1064	154	29	)	)	PUNCT
dem-1064	154	30	0.0084	0.0084	NUM
dem-1064	154	31	(	(	PUNCT
dem-1064	154	32	0.0080	0.0080	NUM
dem-1064	154	33	)	)	PUNCT
dem-1064	154	34	ω3	ω3	NOUN
dem-1064	154	35	(	(	PUNCT
dem-1064	154	36	united	united	PROPN
dem-1064	154	37	states	states	PROPN
dem-1064	154	38	)	)	PUNCT
dem-1064	154	39	0.0936	0.0936	NUM
dem-1064	154	40	(	(	PUNCT
dem-1064	154	41	0.0293	0.0293	NUM
dem-1064	154	42	)	)	PUNCT
dem-1064	154	43	0.1540	0.1540	NUM
dem-1064	154	44	(	(	PUNCT
dem-1064	155	1	0.0424	0.0424	NUM
dem-1064	155	2	)	)	PUNCT
dem-1064	155	3	note	note	NOUN
dem-1064	155	4	:	:	PUNCT
dem-1064	155	5	the	the	DET
dem-1064	155	6	estimated	estimate	VERB
dem-1064	155	7	parameters	parameter	NOUN
dem-1064	155	8	together	together	ADV
dem-1064	155	9	with	with	ADP
dem-1064	155	10	standard	standard	ADJ
dem-1064	155	11	errors	error	NOUN
dem-1064	155	12	(	(	PUNCT
dem-1064	155	13	in	in	ADP
dem-1064	155	14	italics	italic	NOUN
dem-1064	155	15	)	)	PUNCT
dem-1064	155	16	.	.	PUNCT
dem-1064	156	1	the	the	DET
dem-1064	156	2	bolded	bolde	VERB
dem-1064	156	3	parameters	parameter	NOUN
dem-1064	156	4	are	be	AUX
dem-1064	156	5	statistically	statistically	ADV
dem-1064	156	6	significant	significant	ADJ
dem-1064	156	7	at	at	ADP
dem-1064	156	8	α=0.05	α=0.05	NOUN
dem-1064	156	9	.	.	PUNCT
dem-1064	157	1	6	6	NUM
dem-1064	157	2	.	.	X
dem-1064	157	3	results	result	NOUN
dem-1064	157	4	of	of	ADP
dem-1064	157	5	ar	ar	NOUN
dem-1064	157	6	-	-	PUNCT
dem-1064	157	7	figarch	figarch	NOUN
dem-1064	157	8	estimations	estimation	NOUN
dem-1064	157	9	we	we	PRON
dem-1064	157	10	estimate	estimate	VERB
dem-1064	157	11	ar(2)-figarch(1,d,1	ar(2)-figarch(1,d,1	NOUN
dem-1064	157	12	)	)	PUNCT
dem-1064	157	13	model	model	NOUN
dem-1064	157	14	including	include	VERB
dem-1064	157	15	aggregated	aggregate	VERB
dem-1064	157	16	dummy	dummy	ADJ
dem-1064	157	17	variables	variable	NOUN
dem-1064	157	18	standing	stand	VERB
dem-1064	157	19	for	for	ADP
dem-1064	157	20	announcements	announcement	NOUN
dem-1064	157	21	.	.	PUNCT
dem-1064	158	1	as	as	SCONJ
dem-1064	158	2	can	can	AUX
dem-1064	158	3	be	be	AUX
dem-1064	158	4	seen	see	VERB
dem-1064	158	5	in	in	ADP
dem-1064	158	6	table	table	NOUN
dem-1064	158	7	6	6	NUM
dem-1064	158	8	the	the	DET
dem-1064	158	9	autoregressive	autoregressive	ADJ
dem-1064	158	10	parameters	parameter	NOUN
dem-1064	158	11	c2	c2	PROPN
dem-1064	158	12	in	in	ADP
dem-1064	158	13	conditional	conditional	ADJ
dem-1064	158	14	mean	mean	NOUN
dem-1064	158	15	equation	equation	NOUN
dem-1064	158	16	are	be	AUX
dem-1064	158	17	statistically	statistically	ADV
dem-1064	158	18	significant	significant	ADJ
dem-1064	158	19	.	.	PUNCT
dem-1064	159	1	in	in	ADP
dem-1064	159	2	conditional	conditional	ADJ
dem-1064	159	3	variance	variance	NOUN
dem-1064	159	4	equation	equation	NOUN
dem-1064	159	5	ω	ω	PROPN
dem-1064	159	6	,	,	PUNCT
dem-1064	159	7	β	β	PROPN
dem-1064	159	8	and	and	CCONJ
dem-1064	159	9	d	d	PROPN
dem-1064	159	10	are	be	AUX
dem-1064	159	11	statistically	statistically	ADV
dem-1064	159	12	significant	significant	ADJ
dem-1064	159	13	and	and	CCONJ
dem-1064	159	14	the	the	DET
dem-1064	159	15	values	value	NOUN
dem-1064	159	16	are	be	AUX
dem-1064	159	17	reasonable	reasonable	ADJ
dem-1064	159	18	according	accord	VERB
dem-1064	159	19	to	to	ADP
dem-1064	159	20	suggestions	suggestion	NOUN
dem-1064	159	21	in	in	ADP
dem-1064	159	22	the	the	DET
dem-1064	159	23	literature	literature	NOUN
dem-1064	159	24	(	(	PUNCT
dem-1064	159	25	bollerslev	bollerslev	NOUN
dem-1064	159	26	and	and	CCONJ
dem-1064	159	27	mikkelsen	mikkelsen	NOUN
dem-1064	159	28	,	,	PUNCT
dem-1064	159	29	1996	1996	NUM
dem-1064	159	30	)	)	PUNCT
dem-1064	159	31	,	,	PUNCT
dem-1064	159	32	but	but	CCONJ
dem-1064	159	33	φ	φ	PROPN
dem-1064	159	34	estimates	estimate	NOUN
dem-1064	159	35	are	be	AUX
dem-1064	159	36	not	not	PART
dem-1064	159	37	the	the	DET
dem-1064	159	38	impact	impact	NOUN
dem-1064	159	39	of	of	ADP
dem-1064	159	40	macro	macro	ADJ
dem-1064	159	41	news	news	NOUN
dem-1064	159	42	on	on	ADP
dem-1064	159	43	volatility	volatility	NOUN
dem-1064	159	44	of	of	ADP
dem-1064	159	45	stock	stock	NOUN
dem-1064	159	46	exchanges	exchange	NOUN
dem-1064	159	47	109	109	NUM
dem-1064	159	48	statistically	statistically	ADV
dem-1064	159	49	significant	significant	ADJ
dem-1064	159	50	.	.	PUNCT
dem-1064	160	1	it	it	PRON
dem-1064	160	2	suggest	suggest	VERB
dem-1064	160	3	that	that	SCONJ
dem-1064	160	4	squares	square	NOUN
dem-1064	160	5	of	of	ADP
dem-1064	160	6	previous	previous	ADJ
dem-1064	160	7	shocks	shock	NOUN
dem-1064	160	8	do	do	AUX
dem-1064	160	9	not	not	PART
dem-1064	160	10	impact	impact	VERB
dem-1064	160	11	volatility	volatility	NOUN
dem-1064	160	12	.	.	PUNCT
dem-1064	161	1	the	the	DET
dem-1064	161	2	estimated	estimate	VERB
dem-1064	161	3	persistence	persistence	NOUN
dem-1064	161	4	parameters	parameter	NOUN
dem-1064	161	5	β	β	X
dem-1064	161	6	are	be	AUX
dem-1064	161	7	highly	highly	ADV
dem-1064	161	8	significant	significant	ADJ
dem-1064	161	9	and	and	CCONJ
dem-1064	161	10	around	around	ADP
dem-1064	161	11	the	the	DET
dem-1064	161	12	value	value	NOUN
dem-1064	161	13	of	of	ADP
dem-1064	161	14	0.25	0.25	NUM
dem-1064	161	15	.	.	PUNCT
dem-1064	162	1	when	when	SCONJ
dem-1064	162	2	we	we	PRON
dem-1064	162	3	consider	consider	VERB
dem-1064	162	4	the	the	DET
dem-1064	162	5	aggregate	aggregate	ADJ
dem-1064	162	6	dummy	dummy	ADJ
dem-1064	162	7	variables	variable	NOUN
dem-1064	162	8	standing	stand	VERB
dem-1064	162	9	for	for	ADP
dem-1064	162	10	announcements	announcement	NOUN
dem-1064	162	11	,	,	PUNCT
dem-1064	162	12	it	it	PRON
dem-1064	162	13	is	be	AUX
dem-1064	162	14	visible	visible	ADJ
dem-1064	162	15	that	that	SCONJ
dem-1064	162	16	in	in	ADP
dem-1064	162	17	germany	germany	PROPN
dem-1064	162	18	domestic	domestic	ADJ
dem-1064	162	19	announcements	announcement	NOUN
dem-1064	162	20	do	do	AUX
dem-1064	162	21	increase	increase	VERB
dem-1064	162	22	volatility	volatility	NOUN
dem-1064	162	23	,	,	PUNCT
dem-1064	162	24	but	but	CCONJ
dem-1064	162	25	the	the	DET
dem-1064	162	26	parameter	parameter	NOUN
dem-1064	162	27	standing	stand	VERB
dem-1064	162	28	at	at	ADP
dem-1064	162	29	the	the	DET
dem-1064	162	30	variable	variable	NOUN
dem-1064	162	31	for	for	ADP
dem-1064	162	32	american	american	ADJ
dem-1064	162	33	news	news	PROPN
dem-1064	162	34	is	be	AUX
dem-1064	162	35	higher	high	ADJ
dem-1064	162	36	and	and	CCONJ
dem-1064	162	37	that	that	PRON
dem-1064	162	38	confirms	confirm	VERB
dem-1064	162	39	our	our	PRON
dem-1064	162	40	earlier	early	ADJ
dem-1064	162	41	findings	finding	NOUN
dem-1064	162	42	.	.	PUNCT
dem-1064	163	1	in	in	ADP
dem-1064	163	2	case	case	NOUN
dem-1064	163	3	of	of	ADP
dem-1064	163	4	polish	polish	ADJ
dem-1064	163	5	market	market	NOUN
dem-1064	163	6	only	only	ADV
dem-1064	163	7	american	american	ADJ
dem-1064	163	8	announcements	announcement	NOUN
dem-1064	163	9	increase	increase	VERB
dem-1064	163	10	volatility	volatility	NOUN
dem-1064	163	11	and	and	CCONJ
dem-1064	163	12	this	this	DET
dem-1064	163	13	impact	impact	NOUN
dem-1064	163	14	is	be	AUX
dem-1064	163	15	stronger	strong	ADJ
dem-1064	163	16	than	than	ADP
dem-1064	163	17	in	in	ADP
dem-1064	163	18	germany	germany	PROPN
dem-1064	163	19	.	.	PUNCT
dem-1064	164	1	conclusions	conclusion	NOUN
dem-1064	164	2	the	the	DET
dem-1064	164	3	periodical	periodical	ADJ
dem-1064	164	4	pattern	pattern	NOUN
dem-1064	164	5	in	in	ADP
dem-1064	164	6	high	high	ADJ
dem-1064	164	7	frequency	frequency	NOUN
dem-1064	164	8	index	index	NOUN
dem-1064	164	9	returns	return	NOUN
dem-1064	164	10	on	on	ADP
dem-1064	164	11	two	two	NUM
dem-1064	164	12	european	european	ADJ
dem-1064	164	13	stock	stock	PROPN
dem-1064	164	14	exchange	exchange	NOUN
dem-1064	164	15	markets	market	NOUN
dem-1064	164	16	,	,	PUNCT
dem-1064	164	17	the	the	DET
dem-1064	164	18	german	german	NOUN
dem-1064	164	19	and	and	CCONJ
dem-1064	164	20	the	the	DET
dem-1064	164	21	polish	polish	NOUN
dem-1064	164	22	,	,	PUNCT
dem-1064	164	23	is	be	AUX
dem-1064	164	24	very	very	ADV
dem-1064	164	25	strong	strong	ADJ
dem-1064	164	26	and	and	CCONJ
dem-1064	164	27	might	might	AUX
dem-1064	164	28	be	be	AUX
dem-1064	164	29	successfully	successfully	ADV
dem-1064	164	30	removed	remove	VERB
dem-1064	164	31	with	with	ADP
dem-1064	164	32	flexible	flexible	ADJ
dem-1064	164	33	fourier	fourier	NOUN
dem-1064	164	34	form	form	NOUN
dem-1064	164	35	(	(	PUNCT
dem-1064	164	36	fff	fff	PROPN
dem-1064	164	37	)	)	PUNCT
dem-1064	164	38	.	.	PUNCT
dem-1064	165	1	our	our	PRON
dem-1064	165	2	results	result	NOUN
dem-1064	165	3	of	of	ADP
dem-1064	165	4	fff	fff	PROPN
dem-1064	165	5	regression	regression	NOUN
dem-1064	165	6	indicate	indicate	VERB
dem-1064	165	7	that	that	SCONJ
dem-1064	165	8	us	us	PROPN
dem-1064	165	9	announcements	announcement	NOUN
dem-1064	165	10	have	have	VERB
dem-1064	165	11	definitely	definitely	ADV
dem-1064	165	12	stronger	strong	ADJ
dem-1064	165	13	impact	impact	NOUN
dem-1064	165	14	on	on	ADP
dem-1064	165	15	volatility	volatility	NOUN
dem-1064	165	16	of	of	ADP
dem-1064	165	17	both	both	CCONJ
dem-1064	165	18	european	european	ADJ
dem-1064	165	19	indices	index	NOUN
dem-1064	165	20	,	,	PUNCT
dem-1064	165	21	dax	dax	PROPN
dem-1064	165	22	and	and	CCONJ
dem-1064	165	23	wig20	wig20	PROPN
dem-1064	165	24	than	than	ADP
dem-1064	165	25	domestic	domestic	ADJ
dem-1064	165	26	and	and	CCONJ
dem-1064	165	27	neighbor	neighbor	NOUN
dem-1064	165	28	country	country	NOUN
dem-1064	165	29	macroeconomic	macroeconomic	ADJ
dem-1064	165	30	news	news	NOUN
dem-1064	165	31	.	.	PUNCT
dem-1064	166	1	it	it	PRON
dem-1064	166	2	might	might	AUX
dem-1064	166	3	be	be	AUX
dem-1064	166	4	partly	partly	ADV
dem-1064	166	5	due	due	ADJ
dem-1064	166	6	to	to	ADP
dem-1064	166	7	the	the	DET
dem-1064	166	8	fact	fact	NOUN
dem-1064	166	9	that	that	SCONJ
dem-1064	166	10	the	the	DET
dem-1064	166	11	number	number	NOUN
dem-1064	166	12	of	of	ADP
dem-1064	166	13	german	german	ADJ
dem-1064	166	14	news	news	NOUN
dem-1064	166	15	released	release	VERB
dem-1064	166	16	within	within	ADP
dem-1064	166	17	the	the	DET
dem-1064	166	18	session	session	NOUN
dem-1064	166	19	is	be	AUX
dem-1064	166	20	very	very	ADV
dem-1064	166	21	limited	limited	ADJ
dem-1064	166	22	.	.	PUNCT
dem-1064	167	1	in	in	ADP
dem-1064	167	2	poland	poland	PROPN
dem-1064	167	3	the	the	DET
dem-1064	167	4	only	only	ADJ
dem-1064	167	5	significant	significant	ADJ
dem-1064	167	6	macro	macro	ADJ
dem-1064	167	7	releases	release	NOUN
dem-1064	167	8	are	be	AUX
dem-1064	167	9	those	those	PRON
dem-1064	167	10	from	from	ADP
dem-1064	167	11	america	america	PROPN
dem-1064	167	12	.	.	PUNCT
dem-1064	168	1	in	in	ADP
dem-1064	168	2	both	both	DET
dem-1064	168	3	countries	country	NOUN
dem-1064	168	4	,	,	PUNCT
dem-1064	168	5	germany	germany	PROPN
dem-1064	168	6	and	and	CCONJ
dem-1064	168	7	poland	poland	PROPN
dem-1064	168	8	,	,	PUNCT
dem-1064	168	9	neighbor	neighbor	NOUN
dem-1064	168	10	country	country	NOUN
dem-1064	168	11	news	news	NOUN
dem-1064	168	12	releases	release	NOUN
dem-1064	168	13	generally	generally	ADV
dem-1064	168	14	have	have	VERB
dem-1064	168	15	no	no	DET
dem-1064	168	16	effect	effect	NOUN
dem-1064	168	17	on	on	ADP
dem-1064	168	18	volatility	volatility	NOUN
dem-1064	168	19	.	.	PUNCT
dem-1064	169	1	the	the	DET
dem-1064	169	2	reaction	reaction	NOUN
dem-1064	169	3	to	to	ADP
dem-1064	169	4	american	american	ADJ
dem-1064	169	5	announcements	announcement	NOUN
dem-1064	169	6	is	be	AUX
dem-1064	169	7	immediate	immediate	ADJ
dem-1064	169	8	and	and	CCONJ
dem-1064	169	9	recognized	recognize	VERB
dem-1064	169	10	in	in	ADP
dem-1064	169	11	first	first	ADJ
dem-1064	169	12	five	five	NUM
dem-1064	169	13	minutes	minute	NOUN
dem-1064	169	14	after	after	ADP
dem-1064	169	15	announcements	announcement	NOUN
dem-1064	169	16	.	.	PUNCT
dem-1064	170	1	if	if	SCONJ
dem-1064	170	2	there	there	PRON
dem-1064	170	3	is	be	VERB
dem-1064	170	4	any	any	DET
dem-1064	170	5	crossreaction	crossreaction	NOUN
dem-1064	170	6	to	to	ADP
dem-1064	170	7	the	the	DET
dem-1064	170	8	announcements	announcement	NOUN
dem-1064	170	9	from	from	ADP
dem-1064	170	10	the	the	DET
dem-1064	170	11	neighbor	neighbor	NOUN
dem-1064	170	12	countries	country	NOUN
dem-1064	170	13	,	,	PUNCT
dem-1064	170	14	it	it	PRON
dem-1064	170	15	is	be	AUX
dem-1064	170	16	not	not	PART
dem-1064	170	17	observable	observable	ADJ
dem-1064	170	18	in	in	ADP
dem-1064	170	19	such	such	DET
dem-1064	170	20	a	a	DET
dem-1064	170	21	short	short	ADJ
dem-1064	170	22	time	time	NOUN
dem-1064	170	23	.	.	PUNCT
dem-1064	171	1	references	reference	NOUN
dem-1064	171	2	andersen	andersen	PROPN
dem-1064	171	3	,	,	PUNCT
dem-1064	171	4	t.	t.	PROPN
dem-1064	171	5	,	,	PUNCT
dem-1064	171	6	bollerslev	bollerslev	NOUN
dem-1064	171	7	,	,	PUNCT
dem-1064	171	8	t.	t.	PROPN
dem-1064	171	9	(	(	PUNCT
dem-1064	171	10	1998	1998	NUM
dem-1064	171	11	)	)	PUNCT
dem-1064	171	12	,	,	PUNCT
dem-1064	171	13	dm	dm	NOUN
dem-1064	171	14	-	-	PUNCT
dem-1064	171	15	dollar	dollar	NOUN
dem-1064	171	16	volatility	volatility	NOUN
dem-1064	171	17	:	:	PUNCT
dem-1064	171	18	intraday	intraday	NOUN
dem-1064	171	19	activity	activity	NOUN
dem-1064	171	20	patterns	pattern	NOUN
dem-1064	171	21	,	,	PUNCT
dem-1064	171	22	macroeconomic	macroeconomic	ADJ
dem-1064	171	23	announcements	announcement	NOUN
dem-1064	171	24	and	and	CCONJ
dem-1064	171	25	longer	long	ADV
dem-1064	171	26	run	run	VERB
dem-1064	171	27	dependencies	dependency	NOUN
dem-1064	171	28	,	,	PUNCT
dem-1064	171	29	the	the	DET
dem-1064	171	30	journal	journal	NOUN
dem-1064	171	31	of	of	ADP
dem-1064	171	32	finance	finance	NOUN
dem-1064	171	33	,	,	PUNCT
dem-1064	171	34	53	53	NUM
dem-1064	171	35	,	,	PUNCT
dem-1064	171	36	219–265	219–265	NUM
dem-1064	171	37	.	.	PUNCT
dem-1064	172	1	andersen	andersen	PROPN
dem-1064	172	2	,	,	PUNCT
dem-1064	172	3	t.	t.	PROPN
dem-1064	172	4	g.	g.	PROPN
dem-1064	172	5	,	,	PUNCT
dem-1064	172	6	bollerslev	bollerslev	NOUN
dem-1064	172	7	,	,	PUNCT
dem-1064	172	8	t.	t.	PROPN
dem-1064	172	9	,	,	PUNCT
dem-1064	172	10	diebold	diebold	NOUN
dem-1064	172	11	,	,	PUNCT
dem-1064	172	12	f.	f.	PROPN
dem-1064	172	13	x.	x.	PROPN
dem-1064	172	14	,	,	PUNCT
dem-1064	172	15	vega	vega	PROPN
dem-1064	172	16	,	,	PUNCT
dem-1064	172	17	c.	c.	PROPN
dem-1064	172	18	(	(	PUNCT
dem-1064	172	19	2003	2003	NUM
dem-1064	172	20	)	)	PUNCT
dem-1064	172	21	,	,	PUNCT
dem-1064	172	22	micro	micro	ADJ
dem-1064	172	23	effects	effect	NOUN
dem-1064	172	24	of	of	ADP
dem-1064	172	25	macro	macro	ADJ
dem-1064	172	26	announcements	announcement	NOUN
dem-1064	172	27	:	:	PUNCT
dem-1064	172	28	real	real	ADJ
dem-1064	172	29	-	-	PUNCT
dem-1064	172	30	time	time	NOUN
dem-1064	172	31	price	price	NOUN
dem-1064	172	32	discovery	discovery	NOUN
dem-1064	172	33	in	in	ADP
dem-1064	172	34	foreign	foreign	ADJ
dem-1064	172	35	exchange	exchange	NOUN
dem-1064	172	36	,	,	PUNCT
dem-1064	172	37	american	american	PROPN
dem-1064	172	38	economic	economic	PROPN
dem-1064	172	39	review	review	PROPN
dem-1064	172	40	,	,	PUNCT
dem-1064	172	41	93	93	NUM
dem-1064	172	42	,	,	PUNCT
dem-1064	172	43	38–62	38–62	NUM
dem-1064	172	44	.	.	PUNCT
dem-1064	173	1	bauwens	bauwens	PROPN
dem-1064	173	2	,	,	PUNCT
dem-1064	173	3	l.	l.	PROPN
dem-1064	173	4	,	,	PUNCT
dem-1064	173	5	ben	ben	PROPN
dem-1064	173	6	omrane	omrane	PROPN
dem-1064	173	7	,	,	PUNCT
dem-1064	173	8	w.	w.	PROPN
dem-1064	173	9	,	,	PUNCT
dem-1064	173	10	giot	giot	NOUN
dem-1064	173	11	,	,	PUNCT
dem-1064	173	12	p.	p.	NOUN
dem-1064	173	13	(	(	PUNCT
dem-1064	173	14	2005	2005	NUM
dem-1064	173	15	)	)	PUNCT
dem-1064	173	16	,	,	PUNCT
dem-1064	173	17	news	news	NOUN
dem-1064	173	18	announcements	announcement	NOUN
dem-1064	173	19	,	,	PUNCT
dem-1064	173	20	market	market	NOUN
dem-1064	173	21	activity	activity	NOUN
dem-1064	173	22	and	and	CCONJ
dem-1064	173	23	volatility	volatility	NOUN
dem-1064	173	24	in	in	ADP
dem-1064	173	25	the	the	DET
dem-1064	173	26	euro	euro	PROPN
dem-1064	173	27	/	/	SYM
dem-1064	173	28	dollar	dollar	NOUN
dem-1064	173	29	foreign	foreign	ADJ
dem-1064	173	30	exchange	exchange	NOUN
dem-1064	173	31	market	market	NOUN
dem-1064	173	32	,	,	PUNCT
dem-1064	173	33	journal	journal	NOUN
dem-1064	173	34	of	of	ADP
dem-1064	173	35	international	international	ADJ
dem-1064	173	36	money	money	NOUN
dem-1064	173	37	and	and	CCONJ
dem-1064	173	38	finance	finance	NOUN
dem-1064	173	39	,	,	PUNCT
dem-1064	173	40	24	24	NUM
dem-1064	173	41	,	,	PUNCT
dem-1064	173	42	1108–1125	1108–1125	NUM
dem-1064	173	43	.	.	PUNCT
dem-1064	174	1	będowska	będowska	PROPN
dem-1064	174	2	,	,	PUNCT
dem-1064	174	3	b.	b.	PROPN
dem-1064	174	4	(	(	PUNCT
dem-1064	174	5	2010	2010	NUM
dem-1064	174	6	)	)	PUNCT
dem-1064	174	7	,	,	PUNCT
dem-1064	174	8	intraday	intraday	NOUN
dem-1064	174	9	cac40	cac40	PROPN
dem-1064	174	10	,	,	PUNCT
dem-1064	174	11	dax	dax	PROPN
dem-1064	174	12	and	and	CCONJ
dem-1064	174	13	wig20	wig20	VERB
dem-1064	174	14	returns	return	NOUN
dem-1064	174	15	when	when	SCONJ
dem-1064	174	16	the	the	DET
dem-1064	174	17	american	american	PROPN
dem-1064	174	18	macro	macro	PROPN
dem-1064	174	19	news	news	PROPN
dem-1064	174	20	is	be	AUX
dem-1064	174	21	announced	announce	VERB
dem-1064	174	22	,	,	PUNCT
dem-1064	174	23	bank	bank	NOUN
dem-1064	174	24	i	i	PRON
dem-1064	174	25	kredyt	kredyt	VERB
dem-1064	174	26	41	41	NUM
dem-1064	174	27	,	,	PUNCT
dem-1064	174	28	2	2	NUM
dem-1064	174	29	,	,	PUNCT
dem-1064	174	30	7–20	7–20	NOUN
dem-1064	174	31	.	.	PUNCT
dem-1064	174	32	bollerslev	bollerslev	PROPN
dem-1064	174	33	,	,	PUNCT
dem-1064	174	34	t.	t.	PROPN
dem-1064	174	35	,	,	PUNCT
dem-1064	174	36	mikkelsen	mikkelsen	PROPN
dem-1064	174	37	,	,	PUNCT
dem-1064	174	38	h.	h.	PROPN
dem-1064	174	39	(	(	PUNCT
dem-1064	174	40	1996	1996	NUM
dem-1064	174	41	)	)	PUNCT
dem-1064	174	42	,	,	PUNCT
dem-1064	174	43	modeling	modeling	NOUN
dem-1064	174	44	and	and	CCONJ
dem-1064	174	45	pricing	pricing	NOUN
dem-1064	174	46	long	long	ADJ
dem-1064	174	47	memory	memory	NOUN
dem-1064	174	48	in	in	ADP
dem-1064	174	49	stock	stock	NOUN
dem-1064	174	50	market	market	NOUN
dem-1064	174	51	volatility	volatility	NOUN
dem-1064	174	52	,	,	PUNCT
dem-1064	174	53	journal	journal	NOUN
dem-1064	174	54	of	of	ADP
dem-1064	174	55	econometrics	econometric	NOUN
dem-1064	174	56	,	,	PUNCT
dem-1064	174	57	73	73	NUM
dem-1064	174	58	,	,	PUNCT
dem-1064	174	59	151–184	151–184	NUM
dem-1064	174	60	.	.	PUNCT
dem-1064	175	1	boudt	boudt	NOUN
dem-1064	175	2	,	,	PUNCT
dem-1064	175	3	k.	k.	PROPN
dem-1064	175	4	,	,	PUNCT
dem-1064	175	5	croux	croux	PROPN
dem-1064	175	6	,	,	PUNCT
dem-1064	175	7	ch	ch	NOUN
dem-1064	175	8	.	.	PROPN
dem-1064	175	9	,	,	PUNCT
dem-1064	175	10	laurent	laurent	PROPN
dem-1064	175	11	,	,	PUNCT
dem-1064	175	12	s.	s.	PROPN
dem-1064	175	13	(	(	PUNCT
dem-1064	175	14	2011	2011	NUM
dem-1064	175	15	)	)	PUNCT
dem-1064	175	16	,	,	PUNCT
dem-1064	175	17	robust	robust	ADJ
dem-1064	175	18	estimation	estimation	NOUN
dem-1064	175	19	of	of	ADP
dem-1064	175	20	intraweek	intraweek	ADJ
dem-1064	175	21	periodicity	periodicity	NOUN
dem-1064	175	22	in	in	ADP
dem-1064	175	23	volatility	volatility	NOUN
dem-1064	175	24	and	and	CCONJ
dem-1064	175	25	jump	jump	NOUN
dem-1064	175	26	detection	detection	NOUN
dem-1064	175	27	,	,	PUNCT
dem-1064	175	28	journal	journal	NOUN
dem-1064	175	29	of	of	ADP
dem-1064	175	30	empirical	empirical	ADJ
dem-1064	175	31	finance	finance	NOUN
dem-1064	175	32	18	18	NUM
dem-1064	175	33	,	,	PUNCT
dem-1064	175	34	353–367	353–367	NUM
dem-1064	175	35	.	.	PUNCT
dem-1064	176	1	baillie	baillie	PROPN
dem-1064	176	2	,	,	PUNCT
dem-1064	176	3	r.	r.	PROPN
dem-1064	176	4	,	,	PUNCT
dem-1064	176	5	bollerslev	bollerslev	ADJ
dem-1064	176	6	,	,	PUNCT
dem-1064	176	7	t.	t.	PROPN
dem-1064	176	8	,	,	PUNCT
dem-1064	176	9	mikkelsen	mikkelsen	PROPN
dem-1064	176	10	,	,	PUNCT
dem-1064	176	11	h.	h.	PROPN
dem-1064	176	12	o.	o.	PROPN
dem-1064	176	13	(	(	PUNCT
dem-1064	176	14	1996	1996	NUM
dem-1064	176	15	)	)	PUNCT
dem-1064	176	16	,	,	PUNCT
dem-1064	176	17	fractionally	fractionally	ADV
dem-1064	176	18	integrated	integrate	VERB
dem-1064	176	19	generalized	generalized	ADJ
dem-1064	176	20	autoregressive	autoregressive	ADJ
dem-1064	176	21	conditional	conditional	ADJ
dem-1064	176	22	heteroskedasticity	heteroskedasticity	NOUN
dem-1064	176	23	,	,	PUNCT
dem-1064	176	24	journal	journal	NOUN
dem-1064	176	25	of	of	ADP
dem-1064	176	26	econometrics	econometric	NOUN
dem-1064	176	27	,	,	PUNCT
dem-1064	176	28	74	74	NUM
dem-1064	176	29	,	,	PUNCT
dem-1064	176	30	3–30	3–30	PROPN
dem-1064	176	31	.	.	PUNCT
dem-1064	177	1	conrad	conrad	PROPN
dem-1064	177	2	c.	c.	PROPN
dem-1064	177	3	,	,	PUNCT
dem-1064	177	4	haag	haag	PROPN
dem-1064	177	5	b.	b.	PROPN
dem-1064	177	6	r.	r.	PROPN
dem-1064	177	7	,	,	PUNCT
dem-1064	177	8	(	(	PUNCT
dem-1064	177	9	2006	2006	NUM
dem-1064	177	10	)	)	PUNCT
dem-1064	177	11	,	,	PUNCT
dem-1064	177	12	inequality	inequality	NOUN
dem-1064	177	13	constraints	constraint	NOUN
dem-1064	177	14	in	in	ADP
dem-1064	177	15	the	the	DET
dem-1064	177	16	fractionally	fractionally	ADV
dem-1064	177	17	integrated	integrate	VERB
dem-1064	177	18	garch	garch	NOUN
dem-1064	177	19	model	model	NOUN
dem-1064	177	20	,	,	PUNCT
dem-1064	177	21	journal	journal	NOUN
dem-1064	177	22	of	of	ADP
dem-1064	177	23	financial	financial	ADJ
dem-1064	177	24	econometrics	econometric	NOUN
dem-1064	177	25	,	,	PUNCT
dem-1064	177	26	4	4	NUM
dem-1064	177	27	,	,	PUNCT
dem-1064	177	28	413–449	413–449	NUM
dem-1064	177	29	.	.	PUNCT
dem-1064	178	1	conrad	conrad	PROPN
dem-1064	178	2	,	,	PUNCT
dem-1064	178	3	c.	c.	PROPN
dem-1064	178	4	,	,	PUNCT
dem-1064	178	5	lamla	lamla	NOUN
dem-1064	178	6	,	,	PUNCT
dem-1064	178	7	m.	m.	NOUN
dem-1064	178	8	(	(	PUNCT
dem-1064	178	9	2008	2008	NUM
dem-1064	178	10	)	)	PUNCT
dem-1064	178	11	,	,	PUNCT
dem-1064	178	12	the	the	DET
dem-1064	178	13	high	high	ADJ
dem-1064	178	14	-	-	PUNCT
dem-1064	178	15	frequency	frequency	NOUN
dem-1064	178	16	response	response	NOUN
dem-1064	178	17	of	of	ADP
dem-1064	178	18	the	the	DET
dem-1064	178	19	eur	eur	PROPN
dem-1064	178	20	-	-	PUNCT
dem-1064	178	21	us	us	PROPN
dem-1064	178	22	dollar	dollar	NOUN
dem-1064	178	23	exchange	exchange	NOUN
dem-1064	178	24	rate	rate	NOUN
dem-1064	178	25	to	to	ADP
dem-1064	178	26	ecb	ecb	NOUN
dem-1064	178	27	communication	communication	NOUN
dem-1064	178	28	,	,	PUNCT
dem-1064	178	29	http://www.fmpm.ch/docs/11th/papers_2008_web/e2c.pdf	http://www.fmpm.ch/docs/11th/papers_2008_web/e2c.pdf	PROPN
dem-1064	178	30	.	.	PUNCT
dem-1064	179	1	(	(	PUNCT
dem-1064	179	2	september	september	PROPN
dem-1064	179	3	2011	2011	NUM
dem-1064	179	4	)	)	PUNCT
dem-1064	179	5	dacorogna	dacorogna	PROPN
dem-1064	179	6	,	,	PUNCT
dem-1064	179	7	m.	m.	NOUN
dem-1064	179	8	,	,	PUNCT
dem-1064	179	9	gençay	gençay	PROPN
dem-1064	179	10	,	,	PUNCT
dem-1064	179	11	r.	r.	PROPN
dem-1064	179	12	,	,	PUNCT
dem-1064	179	13	müller	müller	PROPN
dem-1064	179	14	,	,	PUNCT
dem-1064	179	15	u.	u.	PROPN
dem-1064	179	16	,	,	PUNCT
dem-1064	179	17	olsen	olsen	PROPN
dem-1064	179	18	,	,	PUNCT
dem-1064	179	19	r.	r.	PROPN
dem-1064	179	20	,	,	PUNCT
dem-1064	179	21	pictet	pictet	NOUN
dem-1064	179	22	,	,	PUNCT
dem-1064	179	23	o.	o.	PROPN
dem-1064	179	24	(	(	PUNCT
dem-1064	179	25	2001	2001	NUM
dem-1064	179	26	)	)	PUNCT
dem-1064	179	27	,	,	PUNCT
dem-1064	179	28	an	an	DET
dem-1064	179	29	introduction	introduction	NOUN
dem-1064	179	30	to	to	ADP
dem-1064	179	31	highfrequency	highfrequency	NOUN
dem-1064	179	32	finance	finance	NOUN
dem-1064	179	33	,	,	PUNCT
dem-1064	179	34	academic	academic	ADJ
dem-1064	179	35	press	press	NOUN
dem-1064	179	36	,	,	PUNCT
dem-1064	179	37	london	london	PROPN
dem-1064	179	38	.	.	PUNCT
dem-1064	180	1	dominguez	dominguez	PROPN
dem-1064	180	2	,	,	PUNCT
dem-1064	180	3	c.	c.	PROPN
dem-1064	180	4	(	(	PUNCT
dem-1064	180	5	2003	2003	NUM
dem-1064	180	6	)	)	PUNCT
dem-1064	180	7	,	,	PUNCT
dem-1064	180	8	when	when	SCONJ
dem-1064	180	9	do	do	AUX
dem-1064	180	10	central	central	ADJ
dem-1064	180	11	banks	bank	NOUN
dem-1064	180	12	interventions	intervention	NOUN
dem-1064	180	13	influence	influence	VERB
dem-1064	180	14	intra	intra	ADJ
dem-1064	180	15	-	-	ADJ
dem-1064	180	16	daily	daily	ADJ
dem-1064	180	17	and	and	CCONJ
dem-1064	180	18	longerterm	longerterm	NOUN
dem-1064	180	19	exchange	exchange	NOUN
dem-1064	180	20	rate	rate	NOUN
dem-1064	180	21	movements	movement	NOUN
dem-1064	180	22	,	,	PUNCT
dem-1064	180	23	university	university	NOUN
dem-1064	180	24	of	of	ADP
dem-1064	180	25	michigan	michigan	PROPN
dem-1064	180	26	and	and	CCONJ
dem-1064	180	27	nber	nber	PROPN
dem-1064	180	28	working	working	PROPN
dem-1064	180	29	paper	paper	NOUN
dem-1064	180	30	.	.	PUNCT
dem-1064	181	1	barbara	barbara	PROPN
dem-1064	181	2	będowska	będowska	PROPN
dem-1064	181	3	-	-	PUNCT
dem-1064	181	4	sójka	sójka	PROPN
dem-1064	181	5	110	110	NUM
dem-1064	181	6	faust	faust	PROPN
dem-1064	181	7	,	,	PUNCT
dem-1064	181	8	j.	j.	PROPN
dem-1064	181	9	,	,	PUNCT
dem-1064	181	10	rogers	rogers	PROPN
dem-1064	181	11	,	,	PUNCT
dem-1064	181	12	j.	j.	PROPN
dem-1064	181	13	h.	h.	PROPN
dem-1064	181	14	,	,	PUNCT
dem-1064	181	15	wang	wang	PROPN
dem-1064	181	16	,	,	PUNCT
dem-1064	181	17	s.	s.	PROPN
dem-1064	181	18	b.	b.	PROPN
dem-1064	181	19	,	,	PUNCT
dem-1064	181	20	wright	wright	PROPN
dem-1064	181	21	,	,	PUNCT
dem-1064	181	22	j.	j.	PROPN
dem-1064	181	23	h.	h.	PROPN
dem-1064	181	24	(	(	PUNCT
dem-1064	181	25	2007	2007	NUM
dem-1064	181	26	)	)	PUNCT
dem-1064	181	27	,	,	PUNCT
dem-1064	181	28	the	the	DET
dem-1064	181	29	high	high	ADJ
dem-1064	181	30	-	-	PUNCT
dem-1064	181	31	frequency	frequency	NOUN
dem-1064	181	32	response	response	NOUN
dem-1064	181	33	of	of	ADP
dem-1064	181	34	exchange	exchange	NOUN
dem-1064	181	35	rates	rate	NOUN
dem-1064	181	36	and	and	CCONJ
dem-1064	181	37	interest	interest	NOUN
dem-1064	181	38	rates	rate	NOUN
dem-1064	181	39	to	to	ADP
dem-1064	181	40	macroeconomic	macroeconomic	ADJ
dem-1064	181	41	announcements	announcement	NOUN
dem-1064	181	42	,	,	PUNCT
dem-1064	181	43	journal	journal	NOUN
dem-1064	181	44	of	of	ADP
dem-1064	181	45	monetary	monetary	ADJ
dem-1064	181	46	economics	economic	NOUN
dem-1064	181	47	,	,	PUNCT
dem-1064	181	48	54	54	NUM
dem-1064	181	49	,	,	PUNCT
dem-1064	181	50	1051–1068	1051–1068	NUM
dem-1064	181	51	.	.	PUNCT
dem-1064	181	52	gallant	gallant	PROPN
dem-1064	181	53	,	,	PUNCT
dem-1064	181	54	r.	r.	PROPN
dem-1064	181	55	(	(	PUNCT
dem-1064	181	56	1981	1981	NUM
dem-1064	181	57	)	)	PUNCT
dem-1064	181	58	,	,	PUNCT
dem-1064	181	59	on	on	ADP
dem-1064	181	60	the	the	DET
dem-1064	181	61	bias	bias	NOUN
dem-1064	181	62	in	in	ADP
dem-1064	181	63	flexible	flexible	ADJ
dem-1064	181	64	functional	functional	ADJ
dem-1064	181	65	forms	form	NOUN
dem-1064	181	66	and	and	CCONJ
dem-1064	181	67	an	an	DET
dem-1064	181	68	essentially	essentially	ADV
dem-1064	181	69	unbiased	unbiased	ADJ
dem-1064	181	70	form	form	NOUN
dem-1064	181	71	:	:	PUNCT
dem-1064	181	72	the	the	DET
dem-1064	181	73	flexible	flexible	ADJ
dem-1064	181	74	fourier	fourier	NOUN
dem-1064	181	75	form	form	NOUN
dem-1064	181	76	,	,	PUNCT
dem-1064	181	77	journal	journal	NOUN
dem-1064	181	78	of	of	ADP
dem-1064	181	79	econometrics	econometric	NOUN
dem-1064	181	80	,	,	PUNCT
dem-1064	181	81	211–245	211–245	NUM
dem-1064	181	82	.	.	PUNCT
dem-1064	181	83	hanousek	hanousek	PROPN
dem-1064	181	84	,	,	PUNCT
dem-1064	181	85	j.	j.	PROPN
dem-1064	181	86	,	,	PUNCT
dem-1064	181	87	kocenda	kocenda	PROPN
dem-1064	181	88	,	,	PUNCT
dem-1064	181	89	e.	e.	PROPN
dem-1064	181	90	and	and	CCONJ
dem-1064	181	91	kutan	kutan	PROPN
dem-1064	181	92	,	,	PUNCT
dem-1064	181	93	a.	a.	NOUN
dem-1064	181	94	(	(	PUNCT
dem-1064	181	95	2008	2008	NUM
dem-1064	181	96	)	)	PUNCT
dem-1064	181	97	,	,	PUNCT
dem-1064	181	98	the	the	DET
dem-1064	181	99	reaction	reaction	NOUN
dem-1064	181	100	of	of	ADP
dem-1064	181	101	asset	asset	NOUN
dem-1064	181	102	prices	price	NOUN
dem-1064	181	103	to	to	ADP
dem-1064	181	104	macroeconomic	macroeconomic	ADJ
dem-1064	181	105	announcements	announcement	NOUN
dem-1064	181	106	in	in	ADP
dem-1064	181	107	new	new	ADJ
dem-1064	181	108	eu	eu	PROPN
dem-1064	181	109	markets	market	NOUN
dem-1064	181	110	:	:	PUNCT
dem-1064	181	111	evidence	evidence	NOUN
dem-1064	181	112	from	from	ADP
dem-1064	181	113	intraday	intraday	PROPN
dem-1064	181	114	data	datum	NOUN
dem-1064	181	115	,	,	PUNCT
dem-1064	181	116	working	working	NOUN
dem-1064	181	117	paper	paper	NOUN
dem-1064	181	118	series	series	NOUN
dem-1064	181	119	issn	issn	PROPN
dem-1064	181	120	1211	1211	NUM
dem-1064	181	121	-	-	SYM
dem-1064	181	122	3298	3298	NUM
dem-1064	181	123	,	,	PUNCT
dem-1064	181	124	349	349	NUM
dem-1064	181	125	,	,	PUNCT
dem-1064	181	126	charles	charles	PROPN
dem-1064	181	127	university	university	PROPN
dem-1064	181	128	,	,	PUNCT
dem-1064	181	129	centre	centre	NOUN
dem-1064	181	130	for	for	ADP
dem-1064	181	131	economic	economic	ADJ
dem-1064	181	132	research	research	NOUN
dem-1064	181	133	and	and	CCONJ
dem-1064	181	134	graduate	graduate	ADJ
dem-1064	181	135	education	education	NOUN
dem-1064	181	136	.	.	PUNCT
dem-1064	182	1	harju	harju	PROPN
dem-1064	182	2	,	,	PUNCT
dem-1064	182	3	k.	k.	PROPN
dem-1064	182	4	,	,	PUNCT
dem-1064	182	5	hussain	hussain	PROPN
dem-1064	182	6	,	,	PUNCT
dem-1064	182	7	s.	s.	PROPN
dem-1064	182	8	(	(	PUNCT
dem-1064	182	9	2011	2011	NUM
dem-1064	182	10	)	)	PUNCT
dem-1064	182	11	,	,	PUNCT
dem-1064	182	12	intraday	intraday	NOUN
dem-1064	182	13	seasonalities	seasonalitie	NOUN
dem-1064	182	14	and	and	CCONJ
dem-1064	182	15	macroeconomic	macroeconomic	ADJ
dem-1064	182	16	news	news	NOUN
dem-1064	182	17	announcements	announcement	NOUN
dem-1064	182	18	,	,	PUNCT
dem-1064	182	19	european	european	ADJ
dem-1064	182	20	financial	financial	ADJ
dem-1064	182	21	management	management	NOUN
dem-1064	182	22	,	,	PUNCT
dem-1064	182	23	volume	volume	NOUN
dem-1064	182	24	17	17	NUM
dem-1064	182	25	,	,	PUNCT
dem-1064	182	26	issue	issue	NOUN
dem-1064	182	27	2	2	NUM
dem-1064	182	28	,	,	PUNCT
dem-1064	182	29	367–390	367–390	NUM
dem-1064	182	30	.	.	PUNCT
dem-1064	183	1	lahaye	lahaye	PROPN
dem-1064	183	2	,	,	PUNCT
dem-1064	183	3	j.	j.	PROPN
dem-1064	183	4	,	,	PUNCT
dem-1064	183	5	laurent	laurent	PROPN
dem-1064	183	6	,	,	PUNCT
dem-1064	183	7	s.	s.	PROPN
dem-1064	183	8	,	,	PUNCT
dem-1064	183	9	neely	neely	PROPN
dem-1064	183	10	,	,	PUNCT
dem-1064	183	11	ch	ch	NOUN
dem-1064	183	12	.	.	PUNCT
dem-1064	183	13	(	(	PUNCT
dem-1064	183	14	2007	2007	NUM
dem-1064	183	15	)	)	PUNCT
dem-1064	183	16	,	,	PUNCT
dem-1064	183	17	jumps	jump	VERB
dem-1064	183	18	,	,	PUNCT
dem-1064	183	19	cojumps	cojump	NOUN
dem-1064	183	20	and	and	CCONJ
dem-1064	183	21	macroannouncements	macroannouncement	NOUN
dem-1064	183	22	,	,	PUNCT
dem-1064	183	23	federal	federal	PROPN
dem-1064	183	24	reserve	reserve	PROPN
dem-1064	183	25	bank	bank	PROPN
dem-1064	183	26	of	of	ADP
dem-1064	183	27	saint	saint	PROPN
dem-1064	183	28	louis	louis	PROPN
dem-1064	183	29	,	,	PUNCT
dem-1064	183	30	working	work	VERB
dem-1064	183	31	paper	paper	NOUN
dem-1064	183	32	2007–032a	2007–032a	PROPN
dem-1064	183	33	.	.	PUNCT
dem-1064	184	1	laurent	laurent	PROPN
dem-1064	184	2	,	,	PUNCT
dem-1064	184	3	s.	s.	PROPN
dem-1064	184	4	,	,	PUNCT
dem-1064	184	5	peters	peters	PROPN
dem-1064	184	6	,	,	PUNCT
dem-1064	184	7	j.-p	j.-p	PROPN
dem-1064	184	8	.	.	PUNCT
dem-1064	185	1	(	(	PUNCT
dem-1064	185	2	2004	2004	NUM
dem-1064	185	3	)	)	PUNCT
dem-1064	185	4	,	,	PUNCT
dem-1064	185	5	estimating	estimate	VERB
dem-1064	185	6	and	and	CCONJ
dem-1064	185	7	forecasting	forecast	VERB
dem-1064	185	8	arch	arch	NOUN
dem-1064	185	9	models	model	NOUN
dem-1064	185	10	using	use	VERB
dem-1064	185	11	g@rch	g@rch	NOUN
dem-1064	185	12	4.2	4.2	NUM
dem-1064	185	13	,	,	PUNCT
dem-1064	185	14	timberlake	timberlake	PROPN
dem-1064	185	15	consultants	consultants	PROPN
dem-1064	185	16	ltd	ltd	PROPN
dem-1064	185	17	,	,	PUNCT
dem-1064	185	18	www.timberlake.co.uk	www.timberlake.co.uk	PROPN
dem-1064	185	19	,	,	PUNCT
dem-1064	185	20	.	.	PUNCT
dem-1064	186	1	li	li	PROPN
dem-1064	186	2	,	,	PUNCT
dem-1064	186	3	l.	l.	PROPN
dem-1064	186	4	,	,	PUNCT
dem-1064	186	5	engle	engle	PROPN
dem-1064	186	6	,	,	PUNCT
dem-1064	186	7	r.	r.	PROPN
dem-1064	186	8	(	(	PUNCT
dem-1064	186	9	1998	1998	NUM
dem-1064	186	10	)	)	PUNCT
dem-1064	186	11	,	,	PUNCT
dem-1064	186	12	macroeconomic	macroeconomic	ADJ
dem-1064	186	13	announcements	announcement	NOUN
dem-1064	186	14	and	and	CCONJ
dem-1064	186	15	volatility	volatility	NOUN
dem-1064	186	16	of	of	ADP
dem-1064	186	17	treasury	treasury	PROPN
dem-1064	186	18	futures	futures	PROPN
dem-1064	186	19	,	,	PUNCT
dem-1064	186	20	university	university	PROPN
dem-1064	186	21	of	of	ADP
dem-1064	186	22	california	california	PROPN
dem-1064	186	23	at	at	ADP
dem-1064	186	24	san	san	PROPN
dem-1064	186	25	diego	diego	PROPN
dem-1064	186	26	,	,	PUNCT
dem-1064	186	27	economics	economic	NOUN
dem-1064	186	28	working	working	PROPN
dem-1064	186	29	paper	paper	NOUN
dem-1064	186	30	series	series	NOUN
dem-1064	186	31	98–27	98–27	PROPN
dem-1064	186	32	.	.	PUNCT
dem-1064	187	1	rossi	rossi	PROPN
dem-1064	187	2	,	,	PUNCT
dem-1064	187	3	e.	e.	PROPN
dem-1064	187	4	,	,	PUNCT
dem-1064	187	5	fantanzzini	fantanzzini	VERB
dem-1064	187	6	,	,	PUNCT
dem-1064	187	7	d.	d.	PROPN
dem-1064	187	8	(	(	PUNCT
dem-1064	187	9	2008	2008	NUM
dem-1064	187	10	)	)	PUNCT
dem-1064	187	11	,	,	PUNCT
dem-1064	187	12	long	long	ADJ
dem-1064	187	13	memory	memory	NOUN
dem-1064	187	14	and	and	CCONJ
dem-1064	187	15	periodicity	periodicity	NOUN
dem-1064	187	16	in	in	ADP
dem-1064	187	17	intraday	intraday	PROPN
dem-1064	187	18	volatilities	volatility	NOUN
dem-1064	187	19	of	of	ADP
dem-1064	187	20	stock	stock	NOUN
dem-1064	187	21	index	index	NOUN
dem-1064	187	22	futures	future	NOUN
dem-1064	187	23	,	,	PUNCT
dem-1064	187	24	working	working	NOUN
dem-1064	187	25	paper	paper	NOUN
dem-1064	187	26	,	,	PUNCT
dem-1064	187	27	http://economia.unipv.it/docs/dipeco/quad/ps/q210.pdf	http://economia.unipv.it/docs/dipeco/quad/ps/q210.pdf	X
dem-1064	187	28	(	(	PUNCT
dem-1064	187	29	24.10.2011	24.10.2011	NUM
dem-1064	187	30	)	)	PUNCT
dem-1064	187	31	.	.	PUNCT
dem-1064	188	1	wood	wood	PROPN
dem-1064	188	2	,	,	PUNCT
dem-1064	188	3	r.	r.	PROPN
dem-1064	188	4	,	,	PUNCT
dem-1064	188	5	mcinish	mcinish	ADJ
dem-1064	188	6	,	,	PUNCT
dem-1064	188	7	t.	t.	PROPN
dem-1064	188	8	,	,	PUNCT
dem-1064	188	9	ord	ord	PROPN
dem-1064	188	10	,	,	PUNCT
dem-1064	188	11	j.k	j.k	PROPN
dem-1064	188	12	.	.	PROPN
dem-1064	188	13	(	(	PUNCT
dem-1064	188	14	1985	1985	NUM
dem-1064	188	15	)	)	PUNCT
dem-1064	188	16	,	,	PUNCT
dem-1064	188	17	an	an	DET
dem-1064	188	18	investigation	investigation	NOUN
dem-1064	188	19	of	of	ADP
dem-1064	188	20	transactions	transaction	NOUN
dem-1064	188	21	data	datum	NOUN
dem-1064	188	22	for	for	ADP
dem-1064	188	23	nyse	nyse	PROPN
dem-1064	188	24	stocks	stock	NOUN
dem-1064	188	25	,	,	PUNCT
dem-1064	188	26	the	the	DET
dem-1064	188	27	journal	journal	NOUN
dem-1064	188	28	of	of	ADP
dem-1064	188	29	finance	finance	NOUN
dem-1064	188	30	40	40	NUM
dem-1064	188	31	,	,	PUNCT
dem-1064	188	32	723–739	723–739	NUM
dem-1064	188	33	.	.	PUNCT
dem-1064	188	34	wpływ	wpływ	PROPN
dem-1064	188	35	ogłoszeń	ogłoszeń	PROPN
dem-1064	188	36	makroekonomicznych	makroekonomicznych	NOUN
dem-1064	188	37	na	na	ADP
dem-1064	188	38	zmienność	zmienność	NOUN
dem-1064	188	39	rynków	rynków	VERB
dem-1064	188	40	akcji	akcji	ADJ
dem-1064	188	41	z	z	NOUN
dem-1064	189	1	a	a	DET
dem-1064	189	2	r	r	NOUN
dem-1064	189	3	y	y	PROPN
dem-1064	189	4	s	s	PROPN
dem-1064	189	5	t	t	NOUN
dem-1064	189	6	r	r	NOUN
dem-1064	189	7	e	e	PROPN
dem-1064	189	8	ś	ś	PROPN
dem-1064	189	9	c	c	PROPN
dem-1064	189	10	i.	i.	PROPN
dem-1064	189	11	celem	celem	PROPN
dem-1064	189	12	artykułu	artykułu	PROPN
dem-1064	189	13	jest	jest	PROPN
dem-1064	189	14	zbadanie	zbadanie	PROPN
dem-1064	189	15	wpływu	wpływu	PROPN
dem-1064	189	16	ogłoszeń	ogłoszeń	PROPN
dem-1064	189	17	makroekonomicznych	makroekonomicznych	PROPN
dem-1064	189	18	z	z	PROPN
dem-1064	189	19	trzech	trzech	PROPN
dem-1064	189	20	krajów	krajów	PROPN
dem-1064	189	21	,	,	PUNCT
dem-1064	189	22	stanów	stanów	NOUN
dem-1064	189	23	zjednoczonych	zjednoczonych	X
dem-1064	189	24	,	,	PUNCT
dem-1064	189	25	niemiec	niemiec	NOUN
dem-1064	189	26	i	i	PRON
dem-1064	189	27	polski	polski	VERB
dem-1064	189	28	na	na	PUNCT
dem-1064	189	29	zmienność	zmienność	NOUN
dem-1064	189	30	śróddziennych	śróddziennych	PROPN
dem-1064	189	31	indeksów	indeksów	PROPN
dem-1064	189	32	dax	dax	PROPN
dem-1064	190	1	i	i	PRON
dem-1064	190	2	wig20	wig20	VERB
dem-1064	190	3	.	.	PUNCT
dem-1064	191	1	dla	dla	PROPN
dem-1064	191	2	obu	obu	PROPN
dem-1064	191	3	indeksów	indeksów	PROPN
dem-1064	191	4	opisano	opisano	PROPN
dem-1064	191	5	wzorzec	wzorzec	PROPN
dem-1064	191	6	zmienności	zmienności	PROPN
dem-1064	192	1	i	i	PRON
dem-1064	192	2	zastosowano	zastosowano	PROPN
dem-1064	192	3	elastyczną	elastyczną	PROPN
dem-1064	192	4	postać	postać	PROPN
dem-1064	192	5	fouriera	fouriera	PROPN
dem-1064	192	6	w	w	PROPN
dem-1064	192	7	modelowaniu	modelowaniu	VERB
dem-1064	192	8	szeregów	szeregów	NOUN
dem-1064	192	9	.	.	PUNCT
dem-1064	193	1	w	w	PROPN
dem-1064	193	2	stosunkowo	stosunkowo	PROPN
dem-1064	193	3	krótkim	krótkim	PROPN
dem-1064	193	4	przedziale	przedziale	PROPN
dem-1064	193	5	czasowym	czasowym	PROPN
dem-1064	193	6	pięciu	pięciu	VERB
dem-1064	193	7	minut	minut	PROPN
dem-1064	193	8	w	w	PROPN
dem-1064	193	9	obu	obu	PROPN
dem-1064	193	10	indeksach	indeksach	VERB
dem-1064	193	11	zaobserwowano	zaobserwowano	PROPN
dem-1064	193	12	silną	silną	PROPN
dem-1064	193	13	reakcję	reakcję	PROPN
dem-1064	193	14	na	na	AUX
dem-1064	193	15	ogłoszenia	ogłoszenia	PROPN
dem-1064	193	16	ze	ze	PROPN
dem-1064	193	17	stanów	stanów	ADV
dem-1064	193	18	,	,	PUNCT
dem-1064	193	19	a	a	DET
dem-1064	193	20	w	w	PROPN
dem-1064	193	21	niemieckim	niemieckim	PROPN
dem-1064	193	22	indeksie	indeksie	PROPN
dem-1064	193	23	dax	dax	PROPN
dem-1064	193	24	słabszą	słabszą	PROPN
dem-1064	193	25	reakcję	reakcję	PROPN
dem-1064	193	26	na	na	ADP
dem-1064	193	27	ogłoszenia	ogłoszenia	PROPN
dem-1064	193	28	niemieckie	niemieckie	NOUN
dem-1064	193	29	.	.	PUNCT
dem-1064	194	1	dla	dla	NOUN
dem-1064	194	2	polskiego	polskiego	PROPN
dem-1064	194	3	wig20	wig20	PROPN
dem-1064	194	4	nie	nie	PROPN
dem-1064	194	5	wychwycono	wychwycono	PROPN
dem-1064	194	6	w	w	PROPN
dem-1064	194	7	tak	tak	PROPN
dem-1064	194	8	krótkim	krótkim	PROPN
dem-1064	194	9	interwale	interwale	NOUN
dem-1064	194	10	czasowym	czasowym	ADV
dem-1064	194	11	reakcji	reakcji	VERB
dem-1064	194	12	na	na	PROPN
dem-1064	194	13	polskie	polskie	NOUN
dem-1064	194	14	ogłoszenia	ogłoszenia	PROPN
dem-1064	194	15	.	.	PUNCT
dem-1064	195	1	dodatkowo	dodatkowo	PROPN
dem-1064	195	2	oba	oba	PROPN
dem-1064	195	3	indeksy	indeksy	PROPN
dem-1064	195	4	nie	nie	PROPN
dem-1064	195	5	reagują	reagują	PROPN
dem-1064	195	6	na	na	PROPN
dem-1064	195	7	ogłoszenia	ogłoszenia	PROPN
dem-1064	195	8	z	z	PROPN
dem-1064	195	9	rynku	rynku	PROPN
dem-1064	195	10	kraju	kraju	PROPN
dem-1064	195	11	sąsiadującego	sąsiadującego	PROPN
dem-1064	195	12	.	.	PUNCT
dem-1064	196	1	s	s	PROPN
dem-1064	197	1	ł	ł	PROPN
dem-1064	197	2	o	o	X
dem-1064	197	3	w	w	NOUN
dem-1064	197	4	a	a	DET
dem-1064	197	5	k	k	X
dem-1064	197	6	l	l	NOUN
dem-1064	197	7	u	u	NOUN
dem-1064	198	1	c	c	NOUN
dem-1064	198	2	z	z	NOUN
dem-1064	198	3	o	o	X
dem-1064	198	4	w	w	PROPN
dem-1064	199	1	e	e	NOUN
dem-1064	199	2	:	:	PUNCT
dem-1064	199	3	dane	dane	PROPN
dem-1064	199	4	śróddzienne	śróddzienne	PROPN
dem-1064	199	5	,	,	PUNCT
dem-1064	199	6	ogłoszenia	ogłoszenia	PROPN
dem-1064	199	7	makroekonomiczne	makroekonomiczne	NOUN
dem-1064	199	8	,	,	PUNCT
dem-1064	199	9	elastyczna	elastyczna	PROPN
dem-1064	199	10	forma	forma	PROPN
dem-1064	199	11	fouriera	fouriera	PROPN
dem-1064	199	12	,	,	PUNCT
dem-1064	199	13	cykliczność	cykliczność	NOUN
dem-1064	199	14	śróddzienna	śróddzienna	NOUN
dem-1064	199	15	,	,	PUNCT
dem-1064	199	16	modelowanie	modelowanie	NOUN
dem-1064	199	17	zmienności	zmienności	PROPN
dem-1064	199	18	.	.	PUNCT