id	sid	tid	token	lemma	pos
dem-11737	1	1	2016	2016	NUM
dem-11737	1	2	nicolaus	nicolaus	PROPN
dem-11737	1	3	copernicus	copernicus	PROPN
dem-11737	1	4	university	university	PROPN
dem-11737	1	5	.	.	PUNCT
dem-11737	2	1	all	all	DET
dem-11737	2	2	rights	right	NOUN
dem-11737	2	3	reserved	reserve	VERB
dem-11737	2	4	.	.	PUNCT
dem-11737	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-11737	4	1	d	d	PUNCT
dem-11737	4	2	y	y	PROPN
dem-11737	4	3	n	n	PROPN
dem-11737	4	4	a	a	PRON
dem-11737	4	5	m	m	VERB
dem-11737	5	1	i	i	NOUN
dem-11737	5	2	c	c	NOUN
dem-11737	5	3	e	e	NOUN
dem-11737	5	4	c	c	NOUN
dem-11737	5	5	o	o	X
dem-11737	6	1	n	n	INTJ
dem-11737	6	2	o	o	NOUN
dem-11737	6	3	m	m	VERB
dem-11737	7	1	e	e	NOUN
dem-11737	7	2	t	t	NOUN
dem-11737	7	3	r	r	NOUN
dem-11737	7	4	i	i	NOUN
dem-11737	7	5	c	c	NOUN
dem-11737	7	6	m	m	VERB
dem-11737	7	7	o	o	NOUN
dem-11737	7	8	d	d	X
dem-11737	7	9	e	e	X
dem-11737	7	10	l	l	NOUN
dem-11737	7	11	s	s	X
dem-11737	7	12	doi	doi	NOUN
dem-11737	7	13	:	:	PUNCT
dem-11737	7	14	http://dx.doi.org/10.12775/dem.2016.003	http://dx.doi.org/10.12775/dem.2016.003	NOUN
dem-11737	7	15	vol	vol	NOUN
dem-11737	7	16	.	.	PUNCT
dem-11737	8	1	16	16	NUM
dem-11737	8	2	(	(	PUNCT
dem-11737	8	3	2016	2016	NUM
dem-11737	8	4	)	)	PUNCT
dem-11737	8	5	37−47	37−47	NOUN
dem-11737	8	6	submitted	submit	VERB
dem-11737	8	7	november	november	PROPN
dem-11737	8	8	30	30	NUM
dem-11737	8	9	,	,	PUNCT
dem-11737	8	10	2016	2016	NUM
dem-11737	8	11	issn	issn	X
dem-11737	8	12	(	(	PUNCT
dem-11737	8	13	online	online	ADJ
dem-11737	8	14	)	)	PUNCT
dem-11737	8	15	2450	2450	NUM
dem-11737	8	16	-	-	SYM
dem-11737	8	17	7067	7067	NUM
dem-11737	8	18	accepted	accept	VERB
dem-11737	8	19	december	december	PROPN
dem-11737	8	20	17	17	NUM
dem-11737	8	21	,	,	PUNCT
dem-11737	8	22	2016	2016	NUM
dem-11737	8	23	issn	issn	PROPN
dem-11737	8	24	(	(	PUNCT
dem-11737	8	25	print	print	NOUN
dem-11737	8	26	)	)	PUNCT
dem-11737	8	27	1234	1234	NUM
dem-11737	8	28	-	-	SYM
dem-11737	8	29	3862	3862	NUM
dem-11737	8	30	józef	józef	NOUN
dem-11737	8	31	stawicki	stawicki	NOUN
dem-11737	8	32	*	*	PUNCT
dem-11737	8	33	using	use	VERB
dem-11737	8	34	the	the	DET
dem-11737	8	35	first	first	ADJ
dem-11737	8	36	passage	passage	NOUN
dem-11737	8	37	times	time	NOUN
dem-11737	8	38	in	in	ADP
dem-11737	8	39	markov	markov	NOUN
dem-11737	8	40	chain	chain	NOUN
dem-11737	8	41	model	model	NOUN
dem-11737	8	42	to	to	PART
dem-11737	8	43	support	support	VERB
dem-11737	8	44	financial	financial	ADJ
dem-11737	8	45	decisions	decision	NOUN
dem-11737	8	46	on	on	ADP
dem-11737	8	47	the	the	DET
dem-11737	8	48	stock	stock	NOUN
dem-11737	8	49	exchange	exchange	NOUN
dem-11737	8	50	a	a	DET
dem-11737	8	51	b	b	PROPN
dem-11737	8	52	s	s	ADP
dem-11737	8	53	t	t	PROPN
dem-11737	8	54	r	r	NOUN
dem-11737	8	55	a	a	DET
dem-11737	8	56	c	c	NOUN
dem-11737	8	57	t.	t.	NOUN
dem-11737	8	58	the	the	DET
dem-11737	8	59	purpose	purpose	NOUN
dem-11737	8	60	of	of	ADP
dem-11737	8	61	this	this	DET
dem-11737	8	62	article	article	NOUN
dem-11737	8	63	is	be	AUX
dem-11737	8	64	to	to	PART
dem-11737	8	65	present	present	VERB
dem-11737	8	66	the	the	DET
dem-11737	8	67	possibilities	possibility	NOUN
dem-11737	8	68	of	of	ADP
dem-11737	8	69	using	use	VERB
dem-11737	8	70	such	such	DET
dem-11737	8	71	a	a	DET
dem-11737	8	72	tool	tool	NOUN
dem-11737	8	73	as	as	ADP
dem-11737	8	74	markov	markov	NOUN
dem-11737	8	75	chain	chain	NOUN
dem-11737	8	76	to	to	PART
dem-11737	8	77	analyse	analyse	VERB
dem-11737	8	78	the	the	DET
dem-11737	8	79	dynamics	dynamic	NOUN
dem-11737	8	80	of	of	ADP
dem-11737	8	81	returns	return	NOUN
dem-11737	8	82	observed	observe	VERB
dem-11737	8	83	at	at	ADP
dem-11737	8	84	the	the	DET
dem-11737	8	85	warsaw	warsaw	PROPN
dem-11737	8	86	stock	stock	PROPN
dem-11737	8	87	exchange	exchange	PROPN
dem-11737	8	88	.	.	PUNCT
dem-11737	9	1	process	process	NOUN
dem-11737	9	2	analysis	analysis	NOUN
dem-11737	9	3	is	be	AUX
dem-11737	9	4	the	the	DET
dem-11737	9	5	basis	basis	NOUN
dem-11737	9	6	for	for	ADP
dem-11737	9	7	decision	decision	NOUN
dem-11737	9	8	-	-	PUNCT
dem-11737	9	9	making	making	NOUN
dem-11737	9	10	with	with	ADP
dem-11737	9	11	regard	regard	NOUN
dem-11737	9	12	to	to	ADP
dem-11737	9	13	the	the	DET
dem-11737	9	14	accepted	accepted	ADJ
dem-11737	9	15	horizon	horizon	NOUN
dem-11737	9	16	.	.	PUNCT
dem-11737	10	1	expected	expect	VERB
dem-11737	10	2	times	time	NOUN
dem-11737	10	3	for	for	ADP
dem-11737	10	4	achieving	achieve	VERB
dem-11737	10	5	specified	specify	VERB
dem-11737	10	6	states	state	NOUN
dem-11737	10	7	,	,	PUNCT
dem-11737	10	8	understood	understand	VERB
dem-11737	10	9	as	as	ADP
dem-11737	10	10	intervals	interval	NOUN
dem-11737	10	11	of	of	ADP
dem-11737	10	12	rates	rate	NOUN
dem-11737	10	13	of	of	ADP
dem-11737	10	14	return	return	NOUN
dem-11737	10	15	,	,	PUNCT
dem-11737	10	16	in	in	ADP
dem-11737	10	17	particular	particular	ADJ
dem-11737	10	18	those	those	PRON
dem-11737	10	19	describing	describe	VERB
dem-11737	10	20	negative	negative	ADJ
dem-11737	10	21	rates	rate	NOUN
dem-11737	10	22	of	of	ADP
dem-11737	10	23	return	return	NOUN
dem-11737	10	24	,	,	PUNCT
dem-11737	10	25	are	be	AUX
dem-11737	10	26	extremely	extremely	ADV
dem-11737	10	27	important	important	ADJ
dem-11737	10	28	.	.	PUNCT
dem-11737	11	1	in	in	ADP
dem-11737	11	2	this	this	DET
dem-11737	11	3	context	context	NOUN
dem-11737	11	4	,	,	PUNCT
dem-11737	11	5	there	there	PRON
dem-11737	11	6	is	be	VERB
dem-11737	11	7	a	a	DET
dem-11737	11	8	possibility	possibility	NOUN
dem-11737	11	9	of	of	ADP
dem-11737	11	10	determining	determine	VERB
dem-11737	11	11	easily	easily	ADV
dem-11737	11	12	the	the	DET
dem-11737	11	13	value	value	NOUN
dem-11737	11	14	at	at	ADP
dem-11737	11	15	risk	risk	NOUN
dem-11737	11	16	with	with	ADP
dem-11737	11	17	the	the	DET
dem-11737	11	18	accepted	accept	VERB
dem-11737	11	19	probability	probability	NOUN
dem-11737	11	20	.	.	PUNCT
dem-11737	12	1	k	k	PROPN
dem-11737	12	2	e	e	PROPN
dem-11737	12	3	y	y	PROPN
dem-11737	12	4	w	w	NOUN
dem-11737	12	5	o	o	NOUN
dem-11737	12	6	r	r	NOUN
dem-11737	12	7	d	d	NOUN
dem-11737	12	8	s	s	X
dem-11737	12	9	:	:	PUNCT
dem-11737	12	10	markov	markov	NOUN
dem-11737	12	11	chain	chain	NOUN
dem-11737	12	12	,	,	PUNCT
dem-11737	12	13	first	first	ADJ
dem-11737	12	14	passage	passage	NOUN
dem-11737	12	15	times	time	NOUN
dem-11737	12	16	,	,	PUNCT
dem-11737	12	17	normal	normal	ADJ
dem-11737	12	18	white	white	ADJ
dem-11737	12	19	noise	noise	NOUN
dem-11737	12	20	,	,	PUNCT
dem-11737	12	21	var	var	NOUN
dem-11737	12	22	.	.	PUNCT
dem-11737	13	1	j	j	PROPN
dem-11737	13	2	e	e	PROPN
dem-11737	13	3	l	l	NOUN
dem-11737	13	4	classification	classification	NOUN
dem-11737	13	5	:	:	PUNCT
dem-11737	14	1	c58	c58	NOUN
dem-11737	14	2	;	;	PUNCT
dem-11737	14	3	f47	f47	NOUN
dem-11737	14	4	.	.	PUNCT
dem-11737	15	1	introduction	introduction	NOUN
dem-11737	15	2	markov	markov	NOUN
dem-11737	15	3	chain	chain	NOUN
dem-11737	15	4	can	can	AUX
dem-11737	15	5	be	be	AUX
dem-11737	15	6	found	find	VERB
dem-11737	15	7	a	a	DET
dem-11737	15	8	useful	useful	ADJ
dem-11737	15	9	tool	tool	NOUN
dem-11737	15	10	when	when	SCONJ
dem-11737	15	11	describing	describe	VERB
dem-11737	15	12	the	the	DET
dem-11737	15	13	phenomenon	phenomenon	NOUN
dem-11737	15	14	of	of	ADP
dem-11737	15	15	changes	change	NOUN
dem-11737	15	16	in	in	ADP
dem-11737	15	17	the	the	DET
dem-11737	15	18	financial	financial	ADJ
dem-11737	15	19	market	market	NOUN
dem-11737	15	20	(	(	PUNCT
dem-11737	15	21	stock	stock	NOUN
dem-11737	15	22	listings	listing	NOUN
dem-11737	15	23	,	,	PUNCT
dem-11737	15	24	currency	currency	NOUN
dem-11737	15	25	exchange	exchange	NOUN
dem-11737	15	26	rates	rate	NOUN
dem-11737	15	27	,	,	PUNCT
dem-11737	15	28	trading	trading	NOUN
dem-11737	15	29	volume	volume	NOUN
dem-11737	15	30	,	,	PUNCT
dem-11737	15	31	etc	etc	X
dem-11737	15	32	.	.	X
dem-11737	15	33	)	)	PUNCT
dem-11737	15	34	.	.	PUNCT
dem-11737	16	1	this	this	DET
dem-11737	16	2	description	description	NOUN
dem-11737	16	3	may	may	AUX
dem-11737	16	4	serve	serve	VERB
dem-11737	16	5	to	to	PART
dem-11737	16	6	identify	identify	VERB
dem-11737	16	7	the	the	DET
dem-11737	16	8	mere	mere	ADJ
dem-11737	16	9	phenomenon	phenomenon	NOUN
dem-11737	16	10	,	,	PUNCT
dem-11737	16	11	its	its	PRON
dem-11737	16	12	character	character	NOUN
dem-11737	16	13	,	,	PUNCT
dem-11737	16	14	or	or	CCONJ
dem-11737	16	15	to	to	PART
dem-11737	16	16	perform	perform	VERB
dem-11737	16	17	comparative	comparative	ADJ
dem-11737	16	18	analysis	analysis	NOUN
dem-11737	16	19	of	of	ADP
dem-11737	16	20	markets	market	NOUN
dem-11737	16	21	.	.	PUNCT
dem-11737	17	1	constructing	construct	VERB
dem-11737	17	2	markov	markov	NOUN
dem-11737	17	3	chain	chain	NOUN
dem-11737	17	4	model	model	NOUN
dem-11737	17	5	begins	begin	VERB
dem-11737	17	6	with	with	ADP
dem-11737	17	7	a	a	DET
dem-11737	17	8	precise	precise	ADJ
dem-11737	17	9	determination	determination	NOUN
dem-11737	17	10	of	of	ADP
dem-11737	17	11	states	state	NOUN
dem-11737	17	12	.	.	PUNCT
dem-11737	18	1	in	in	ADP
dem-11737	18	2	the	the	DET
dem-11737	18	3	case	case	NOUN
dem-11737	18	4	of	of	ADP
dem-11737	18	5	analysis	analysis	NOUN
dem-11737	18	6	of	of	ADP
dem-11737	18	7	the	the	DET
dem-11737	18	8	return	return	NOUN
dem-11737	18	9	rates	rate	NOUN
dem-11737	18	10	process	process	NOUN
dem-11737	18	11	,	,	PUNCT
dem-11737	18	12	the	the	DET
dem-11737	18	13	classes	class	NOUN
dem-11737	18	14	may	may	AUX
dem-11737	18	15	be	be	AUX
dem-11737	18	16	intervals	interval	NOUN
dem-11737	18	17	in	in	ADP
dem-11737	18	18	which	which	PRON
dem-11737	18	19	the	the	DET
dem-11737	18	20	rate	rate	NOUN
dem-11737	18	21	of	of	ADP
dem-11737	18	22	return	return	NOUN
dem-11737	18	23	can	can	AUX
dem-11737	18	24	be	be	AUX
dem-11737	18	25	contained	contain	VERB
dem-11737	18	26	.	.	PUNCT
dem-11737	19	1	determination	determination	NOUN
dem-11737	19	2	of	of	ADP
dem-11737	19	3	these	these	DET
dem-11737	19	4	intervals	interval	NOUN
dem-11737	19	5	is	be	AUX
dem-11737	19	6	defined	define	VERB
dem-11737	19	7	by	by	ADP
dem-11737	19	8	the	the	DET
dem-11737	19	9	need	need	NOUN
dem-11737	19	10	of	of	ADP
dem-11737	19	11	research	research	NOUN
dem-11737	19	12	or	or	CCONJ
dem-11737	19	13	the	the	DET
dem-11737	19	14	consequences	consequence	NOUN
dem-11737	19	15	of	of	ADP
dem-11737	19	16	decisions	decision	NOUN
dem-11737	19	17	made	make	VERB
dem-11737	19	18	based	base	VERB
dem-11737	19	19	on	on	ADP
dem-11737	19	20	the	the	DET
dem-11737	19	21	process	process	NOUN
dem-11737	19	22	that	that	PRON
dem-11737	19	23	has	have	AUX
dem-11737	19	24	been	be	AUX
dem-11737	19	25	identified	identify	VERB
dem-11737	19	26	and	and	CCONJ
dem-11737	19	27	described	describe	VERB
dem-11737	19	28	with	with	ADP
dem-11737	19	29	*	*	PUNCT
dem-11737	19	30	correspondence	correspondence	NOUN
dem-11737	19	31	to	to	ADP
dem-11737	19	32	:	:	PUNCT
dem-11737	19	33	józef	józef	PROPN
dem-11737	19	34	stawicki	stawicki	PROPN
dem-11737	19	35	,	,	PUNCT
dem-11737	19	36	nicolaus	nicolaus	PROPN
dem-11737	19	37	copernicus	copernicus	PROPN
dem-11737	19	38	university	university	PROPN
dem-11737	19	39	,	,	PUNCT
dem-11737	19	40	faculty	faculty	NOUN
dem-11737	19	41	of	of	ADP
dem-11737	19	42	economic	economic	ADJ
dem-11737	19	43	sciences	science	NOUN
dem-11737	19	44	and	and	CCONJ
dem-11737	19	45	management	management	NOUN
dem-11737	19	46	,	,	PUNCT
dem-11737	19	47	13a	13a	PROPN
dem-11737	19	48	gagarina	gagarina	PROPN
dem-11737	19	49	street	street	PROPN
dem-11737	19	50	,	,	PUNCT
dem-11737	19	51	87	87	NUM
dem-11737	19	52	-	-	SYM
dem-11737	19	53	100	100	NUM
dem-11737	19	54	toruń	toruń	NOUN
dem-11737	19	55	,	,	PUNCT
dem-11737	19	56	poland	poland	PROPN
dem-11737	19	57	,	,	PUNCT
dem-11737	19	58	e	e	NOUN
dem-11737	19	59	-	-	NOUN
dem-11737	19	60	mail	mail	NOUN
dem-11737	19	61	:	:	PUNCT
dem-11737	19	62	stawicki@umk.pl	stawicki@umk.pl	X
dem-11737	19	63	.	.	PUNCT
dem-11737	20	1	józef	józef	PROPN
dem-11737	20	2	stawicki	stawicki	PROPN
dem-11737	20	3	dynamic	dynamic	ADJ
dem-11737	20	4	econometric	econometric	ADJ
dem-11737	20	5	models	model	NOUN
dem-11737	20	6	16	16	NUM
dem-11737	20	7	(	(	PUNCT
dem-11737	20	8	2016	2016	NUM
dem-11737	20	9	)	)	PUNCT
dem-11737	20	10	37–47	37–47	NUM
dem-11737	20	11	38	38	NUM
dem-11737	20	12	a	a	DET
dem-11737	20	13	relevant	relevant	ADJ
dem-11737	20	14	model	model	NOUN
dem-11737	20	15	.	.	PUNCT
dem-11737	21	1	another	another	DET
dem-11737	21	2	very	very	ADV
dem-11737	21	3	important	important	ADJ
dem-11737	21	4	stage	stage	NOUN
dem-11737	21	5	in	in	ADP
dem-11737	21	6	the	the	DET
dem-11737	21	7	construction	construction	NOUN
dem-11737	21	8	of	of	ADP
dem-11737	21	9	markov	markov	NOUN
dem-11737	21	10	chain	chain	NOUN
dem-11737	21	11	model	model	NOUN
dem-11737	21	12	is	be	AUX
dem-11737	21	13	the	the	DET
dem-11737	21	14	choice	choice	NOUN
dem-11737	21	15	of	of	ADP
dem-11737	21	16	an	an	DET
dem-11737	21	17	estimation	estimation	NOUN
dem-11737	21	18	method	method	NOUN
dem-11737	21	19	.	.	PUNCT
dem-11737	22	1	observation	observation	NOUN
dem-11737	22	2	of	of	ADP
dem-11737	22	3	long	long	ADJ
dem-11737	22	4	time	time	NOUN
dem-11737	22	5	series	series	PROPN
dem-11737	22	6	allows	allow	VERB
dem-11737	22	7	applying	apply	VERB
dem-11737	22	8	a	a	DET
dem-11737	22	9	method	method	NOUN
dem-11737	22	10	based	base	VERB
dem-11737	22	11	on	on	ADP
dem-11737	22	12	microdata	microdata	NOUN
dem-11737	22	13	,	,	PUNCT
dem-11737	22	14	i.e.	i.e.	X
dem-11737	22	15	,	,	PUNCT
dem-11737	22	16	direct	direct	ADJ
dem-11737	22	17	observation	observation	NOUN
dem-11737	22	18	of	of	ADP
dem-11737	22	19	a	a	DET
dem-11737	22	20	change	change	NOUN
dem-11737	22	21	of	of	ADP
dem-11737	22	22	a	a	DET
dem-11737	22	23	class	class	NOUN
dem-11737	22	24	.	.	PUNCT
dem-11737	23	1	predictions	prediction	NOUN
dem-11737	23	2	derived	derive	VERB
dem-11737	23	3	based	base	VERB
dem-11737	23	4	on	on	ADP
dem-11737	23	5	the	the	DET
dem-11737	23	6	estimated	estimate	VERB
dem-11737	23	7	markov	markov	NOUN
dem-11737	23	8	chain	chain	NOUN
dem-11737	23	9	model	model	NOUN
dem-11737	23	10	are	be	AUX
dem-11737	23	11	of	of	ADP
dem-11737	23	12	particular	particular	ADJ
dem-11737	23	13	significance	significance	NOUN
dem-11737	23	14	.	.	PUNCT
dem-11737	24	1	predictions	prediction	NOUN
dem-11737	24	2	can	can	AUX
dem-11737	24	3	serve	serve	VERB
dem-11737	24	4	individual	individual	ADJ
dem-11737	24	5	or	or	CCONJ
dem-11737	24	6	institutional	institutional	ADJ
dem-11737	24	7	investors	investor	NOUN
dem-11737	24	8	,	,	PUNCT
dem-11737	24	9	as	as	ADV
dem-11737	24	10	well	well	ADV
dem-11737	24	11	as	as	ADP
dem-11737	24	12	institutions	institution	NOUN
dem-11737	24	13	evaluating	evaluate	VERB
dem-11737	24	14	and	and	CCONJ
dem-11737	24	15	supervising	supervise	VERB
dem-11737	24	16	a	a	DET
dem-11737	24	17	given	give	VERB
dem-11737	24	18	market	market	NOUN
dem-11737	24	19	.	.	PUNCT
dem-11737	25	1	comparing	compare	VERB
dem-11737	25	2	the	the	DET
dem-11737	25	3	behaviours	behaviour	NOUN
dem-11737	25	4	of	of	ADP
dem-11737	25	5	real	real	ADJ
dem-11737	25	6	stock	stock	NOUN
dem-11737	25	7	market	market	NOUN
dem-11737	25	8	processes	process	NOUN
dem-11737	25	9	with	with	ADP
dem-11737	25	10	classical	classical	ADJ
dem-11737	25	11	ones	one	NOUN
dem-11737	25	12	(	(	PUNCT
dem-11737	25	13	for	for	ADP
dem-11737	25	14	instance	instance	NOUN
dem-11737	25	15	,	,	PUNCT
dem-11737	25	16	with	with	ADP
dem-11737	25	17	gaussian	gaussian	ADJ
dem-11737	25	18	white	white	ADJ
dem-11737	25	19	noise	noise	PROPN
dem-11737	25	20	)	)	PUNCT
dem-11737	25	21	and	and	CCONJ
dem-11737	25	22	comparing	compare	VERB
dem-11737	25	23	ergodic	ergodic	ADJ
dem-11737	25	24	distributions	distribution	NOUN
dem-11737	25	25	is	be	AUX
dem-11737	25	26	interesting	interesting	ADJ
dem-11737	25	27	both	both	CCONJ
dem-11737	25	28	from	from	ADP
dem-11737	25	29	a	a	DET
dem-11737	25	30	theoretical	theoretical	ADJ
dem-11737	25	31	point	point	NOUN
dem-11737	25	32	of	of	ADP
dem-11737	25	33	view	view	NOUN
dem-11737	25	34	and	and	CCONJ
dem-11737	25	35	practice	practice	NOUN
dem-11737	25	36	of	of	ADP
dem-11737	25	37	decision	decision	NOUN
dem-11737	25	38	making	make	VERB
dem-11737	25	39	processes	process	NOUN
dem-11737	25	40	.	.	PUNCT
dem-11737	26	1	this	this	DET
dem-11737	26	2	article	article	NOUN
dem-11737	26	3	aims	aim	VERB
dem-11737	26	4	to	to	PART
dem-11737	26	5	show	show	VERB
dem-11737	26	6	how	how	SCONJ
dem-11737	26	7	the	the	DET
dem-11737	26	8	markov	markov	NOUN
dem-11737	26	9	chain	chain	NOUN
dem-11737	26	10	model	model	NOUN
dem-11737	26	11	through	through	ADP
dem-11737	26	12	the	the	DET
dem-11737	26	13	construction	construction	NOUN
dem-11737	26	14	of	of	ADP
dem-11737	26	15	process	process	NOUN
dem-11737	26	16	states	state	NOUN
dem-11737	26	17	,	,	PUNCT
dem-11737	26	18	understood	understand	VERB
dem-11737	26	19	as	as	ADP
dem-11737	26	20	a	a	DET
dem-11737	26	21	range	range	NOUN
dem-11737	26	22	which	which	PRON
dem-11737	26	23	may	may	AUX
dem-11737	26	24	contain	contain	VERB
dem-11737	26	25	a	a	DET
dem-11737	26	26	particular	particular	ADJ
dem-11737	26	27	indicator	indicator	NOUN
dem-11737	26	28	,	,	PUNCT
dem-11737	26	29	can	can	AUX
dem-11737	26	30	be	be	AUX
dem-11737	26	31	helpful	helpful	ADJ
dem-11737	26	32	when	when	SCONJ
dem-11737	26	33	describing	describe	VERB
dem-11737	26	34	the	the	DET
dem-11737	26	35	phenomenon	phenomenon	NOUN
dem-11737	26	36	treated	treat	VERB
dem-11737	26	37	as	as	ADP
dem-11737	26	38	random	random	ADJ
dem-11737	26	39	and	and	CCONJ
dem-11737	26	40	identifying	identify	VERB
dem-11737	26	41	the	the	DET
dem-11737	26	42	risk	risk	NOUN
dem-11737	26	43	of	of	ADP
dem-11737	26	44	an	an	DET
dem-11737	26	45	investment	investment	NOUN
dem-11737	26	46	decision	decision	NOUN
dem-11737	26	47	.	.	PUNCT
dem-11737	27	1	the	the	DET
dem-11737	27	2	simplicity	simplicity	NOUN
dem-11737	27	3	of	of	ADP
dem-11737	27	4	the	the	DET
dem-11737	27	5	process	process	NOUN
dem-11737	27	6	of	of	ADP
dem-11737	27	7	finite	finite	ADJ
dem-11737	27	8	markov	markov	NOUN
dem-11737	27	9	chain	chain	NOUN
dem-11737	27	10	and	and	CCONJ
dem-11737	27	11	its	its	PRON
dem-11737	27	12	natural	natural	ADJ
dem-11737	27	13	interpretation	interpretation	NOUN
dem-11737	27	14	creates	create	VERB
dem-11737	27	15	opportunities	opportunity	NOUN
dem-11737	27	16	for	for	ADP
dem-11737	27	17	popularising	popularise	VERB
dem-11737	27	18	the	the	DET
dem-11737	27	19	proposed	propose	VERB
dem-11737	27	20	analyses	analysis	NOUN
dem-11737	27	21	.	.	PUNCT
dem-11737	28	1	1	1	X
dem-11737	28	2	.	.	X
dem-11737	28	3	markov	markov	NOUN
dem-11737	28	4	chain	chain	NOUN
dem-11737	28	5	and	and	CCONJ
dem-11737	28	6	average	average	ADJ
dem-11737	28	7	passage	passage	NOUN
dem-11737	28	8	times	time	NOUN
dem-11737	28	9	between	between	ADP
dem-11737	28	10	states	state	NOUN
dem-11737	28	11	1.1	1.1	NUM
dem-11737	28	12	.	.	PUNCT
dem-11737	29	1	homogenous	homogenous	ADJ
dem-11737	29	2	markov	markov	NOUN
dem-11737	29	3	chain	chain	VERB
dem-11737	29	4	the	the	DET
dem-11737	29	5	markov	markov	NOUN
dem-11737	29	6	process	process	NOUN
dem-11737	29	7	with	with	ADP
dem-11737	29	8	a	a	DET
dem-11737	29	9	discrete	discrete	ADJ
dem-11737	29	10	time	time	NOUN
dem-11737	29	11	parameter	parameter	NOUN
dem-11737	29	12	and	and	CCONJ
dem-11737	29	13	discrete	discrete	ADJ
dem-11737	29	14	phase	phase	NOUN
dem-11737	29	15	space	space	NOUN
dem-11737	29	16	is	be	AUX
dem-11737	29	17	called	call	VERB
dem-11737	29	18	markov	markov	NOUN
dem-11737	29	19	chain	chain	NOUN
dem-11737	29	20	(	(	PUNCT
dem-11737	29	21	ching	ching	PROPN
dem-11737	29	22	,	,	PUNCT
dem-11737	29	23	ng	ng	PROPN
dem-11737	29	24	,	,	PUNCT
dem-11737	29	25	2006	2006	NUM
dem-11737	29	26	;	;	PUNCT
dem-11737	29	27	stawicki	stawicki	NOUN
dem-11737	29	28	,	,	PUNCT
dem-11737	29	29	2004	2004	NUM
dem-11737	29	30	)	)	PUNCT
dem-11737	29	31	.	.	PUNCT
dem-11737	30	1	it	it	PRON
dem-11737	30	2	is	be	AUX
dem-11737	30	3	determined	determine	VERB
dem-11737	30	4	by	by	ADP
dem-11737	30	5	a	a	DET
dem-11737	30	6	sequence	sequence	NOUN
dem-11737	30	7	of	of	ADP
dem-11737	30	8	stochastic	stochastic	ADJ
dem-11737	30	9	matrices	matrix	NOUN
dem-11737	30	10	of	of	ADP
dem-11737	30	11	the	the	DET
dem-11737	30	12	following	follow	VERB
dem-11737	30	13	form	form	NOUN
dem-11737	30	14	:	:	PUNCT
dem-11737	30	15			ADJ
dem-11737	30	16			NOUN
dem-11737	30	17	rrij	rrij	ADJ
dem-11737	30	18	tp	tp	PART
dem-11737	30	19			NOUN
dem-11737	30	20			PROPN
dem-11737	30	21	)	)	PUNCT
dem-11737	30	22	(	(	PUNCT
dem-11737	30	23	(	(	PUNCT
dem-11737	30	24	t)p	t)p	X
dem-11737	30	25	,	,	PUNCT
dem-11737	30	26	(	(	PUNCT
dem-11737	30	27	1	1	NUM
dem-11737	30	28	)	)	PUNCT
dem-11737	30	29	i.e.	i.e.	X
dem-11737	30	30	,	,	PUNCT
dem-11737	30	31	matrices	matrix	NOUN
dem-11737	30	32	with	with	ADP
dem-11737	30	33	positive	positive	ADJ
dem-11737	30	34	elements	element	NOUN
dem-11737	30	35	and	and	CCONJ
dem-11737	30	36	satisfying	satisfy	VERB
dem-11737	30	37	additional	additional	ADJ
dem-11737	30	38	requirements	requirement	NOUN
dem-11737	30	39	in	in	ADP
dem-11737	30	40	the	the	DET
dem-11737	30	41	following	follow	VERB
dem-11737	30	42	form	form	NOUN
dem-11737	30	43	:	:	PUNCT
dem-11737	30	44			X
dem-11737	30	45			VERB
dem-11737	30	46	j	j	PROPN
dem-11737	30	47	ijit	ijit	VERB
dem-11737	30	48	tp	tp	ADP
dem-11737	30	49	1	1	NUM
dem-11737	30	50	)	)	PUNCT
dem-11737	30	51	(	(	PUNCT
dem-11737	30	52	.	.	PUNCT
dem-11737	31	1	(	(	PUNCT
dem-11737	31	2	2	2	X
dem-11737	31	3	)	)	PUNCT
dem-11737	31	4	when	when	SCONJ
dem-11737	31	5	designating	designate	VERB
dem-11737	31	6	with	with	ADP
dem-11737	31	7	td	td	NOUN
dem-11737	31	8	the	the	DET
dem-11737	31	9	unconditional	unconditional	ADJ
dem-11737	31	10	decomposition	decomposition	NOUN
dem-11737	31	11	vector	vector	NOUN
dem-11737	31	12	of	of	ADP
dem-11737	31	13	random	random	ADJ
dem-11737	31	14	variable	variable	NOUN
dem-11737	31	15	ty	ty	INTJ
dem-11737	31	16	,	,	PUNCT
dem-11737	31	17	that	that	PRON
dem-11737	31	18	is	be	AUX
dem-11737	31	19	:	:	PUNCT
dem-11737	31	20			ADJ
dem-11737	31	21	rtttt	rtttt	ADP
dem-11737	31	22	ddd	ddd	NOUN
dem-11737	31	23	,	,	PUNCT
dem-11737	31	24	,	,	PUNCT
dem-11737	31	25	,	,	PUNCT
dem-11737	31	26	21	21	NUM
dem-11737	31	27	d	d	NOUN
dem-11737	31	28	,	,	PUNCT
dem-11737	31	29	where	where	SCONJ
dem-11737	31	30	}	}	PUNCT
dem-11737	31	31	pr	pr	NOUN
dem-11737	31	32	{	{	PUNCT
dem-11737	31	33	iyd	iyd	NOUN
dem-11737	31	34	tit	tit	NOUN
dem-11737	31	35			NUM
dem-11737	31	36	,	,	PUNCT
dem-11737	31	37	(	(	PUNCT
dem-11737	31	38	3	3	X
dem-11737	31	39	)	)	PUNCT
dem-11737	31	40	we	we	PRON
dem-11737	31	41	determine	determine	VERB
dem-11737	31	42	the	the	DET
dem-11737	31	43	probability	probability	NOUN
dem-11737	31	44	with	with	ADP
dem-11737	31	45	which	which	PRON
dem-11737	31	46	the	the	DET
dem-11737	31	47	process	process	NOUN
dem-11737	31	48	at	at	ADP
dem-11737	31	49	time	time	NOUN
dem-11737	31	50	t	t	PROPN
dem-11737	31	51	reaches	reach	VERB
dem-11737	31	52	the	the	DET
dem-11737	31	53	phase	phase	NOUN
dem-11737	31	54	state	state	NOUN
dem-11737	31	55	i.	i.	NOUN
dem-11737	31	56	the	the	DET
dem-11737	31	57	elements	element	NOUN
dem-11737	31	58	of	of	ADP
dem-11737	31	59	the	the	DET
dem-11737	31	60	vector	vector	NOUN
dem-11737	31	61	td	td	NOUN
dem-11737	31	62	satisfy	satisfy	VERB
dem-11737	31	63	the	the	DET
dem-11737	31	64	conditions	condition	NOUN
dem-11737	31	65	below	below	ADV
dem-11737	31	66	:	:	PUNCT
dem-11737	31	67	using	use	VERB
dem-11737	31	68	the	the	DET
dem-11737	31	69	first	first	ADJ
dem-11737	31	70	passage	passage	NOUN
dem-11737	31	71	times	time	NOUN
dem-11737	31	72	in	in	ADP
dem-11737	31	73	markov	markov	PROPN
dem-11737	31	74	chain	chain	NOUN
dem-11737	31	75	model	model	NOUN
dem-11737	31	76	...	...	PUNCT
dem-11737	31	77	dynamic	dynamic	ADJ
dem-11737	31	78	econometric	econometric	ADJ
dem-11737	31	79	models	model	NOUN
dem-11737	31	80	16	16	NUM
dem-11737	31	81	(	(	PUNCT
dem-11737	31	82	2016	2016	NUM
dem-11737	31	83	)	)	PUNCT
dem-11737	31	84	37–47	37–47	NUM
dem-11737	31	85	39	39	NUM
dem-11737	31	86	0	0	NOUN
dem-11737	31	87	itit	itit	PROPN
dem-11737	31	88	d	d	X
dem-11737	31	89	(	(	PUNCT
dem-11737	31	90	4	4	NUM
dem-11737	31	91	)	)	PUNCT
dem-11737	31	92	and	and	CCONJ
dem-11737	31	93	1	1	NUM
dem-11737	31	94			X
dem-11737	32	1	i	i	PRON
dem-11737	32	2	itt	itt	INTJ
dem-11737	33	1	d	d	X
dem-11737	33	2	.	.	PUNCT
dem-11737	34	1	(	(	PUNCT
dem-11737	34	2	5	5	X
dem-11737	34	3	)	)	PUNCT
dem-11737	34	4	the	the	DET
dem-11737	34	5	dependence	dependence	NOUN
dem-11737	34	6	between	between	ADP
dem-11737	34	7	unconditional	unconditional	ADJ
dem-11737	34	8	decompositions	decomposition	NOUN
dem-11737	34	9	of	of	ADP
dem-11737	34	10	random	random	ADJ
dem-11737	34	11	variables	variable	NOUN
dem-11737	34	12	ty	ty	INTJ
dem-11737	34	13	and	and	CCONJ
dem-11737	34	14	1ty	1ty	NUM
dem-11737	34	15	is	be	AUX
dem-11737	34	16	shown	show	VERB
dem-11737	34	17	by	by	ADP
dem-11737	34	18	the	the	DET
dem-11737	34	19	equation	equation	NOUN
dem-11737	34	20	resulting	result	VERB
dem-11737	34	21	from	from	ADP
dem-11737	34	22	the	the	DET
dem-11737	34	23	theorem	theorem	NOUN
dem-11737	34	24	of	of	ADP
dem-11737	34	25	total	total	ADJ
dem-11737	34	26	probability	probability	NOUN
dem-11737	34	27	:	:	PUNCT
dem-11737	34	28	)	)	PUNCT
dem-11737	34	29	(	(	PUNCT
dem-11737	34	30	1	1	NUM
dem-11737	34	31	ttt	ttt	PROPN
dem-11737	34	32	pdd	pdd	PROPN
dem-11737	34	33			PROPN
dem-11737	34	34			PROPN
dem-11737	34	35	,	,	PUNCT
dem-11737	34	36	(	(	PUNCT
dem-11737	34	37	6	6	NUM
dem-11737	34	38	)	)	PUNCT
dem-11737	35	1	thus	thus	ADV
dem-11737	35	2			NUM
dem-11737	35	3			NUM
dem-11737	36	1			NUM
dem-11737	36	2	t	t	NOUN
dem-11737	37	1	k	k	PROPN
dem-11737	37	2	t	t	PROPN
dem-11737	37	3	k	k	PROPN
dem-11737	37	4	1	1	NUM
dem-11737	37	5	0	0	NUM
dem-11737	37	6	)	)	PUNCT
dem-11737	37	7	(	(	PUNCT
dem-11737	37	8	pdd	pdd	NOUN
dem-11737	37	9	.	.	PUNCT
dem-11737	38	1	(	(	PUNCT
dem-11737	38	2	7	7	X
dem-11737	38	3	)	)	PUNCT
dem-11737	38	4	matrices	matrix	NOUN
dem-11737	38	5			ADJ
dem-11737	38	6			NOUN
dem-11737	38	7	rrij	rrij	ADJ
dem-11737	38	8	tp	tp	PART
dem-11737	38	9			NOUN
dem-11737	38	10			PROPN
dem-11737	38	11	)	)	PUNCT
dem-11737	38	12	(	(	PUNCT
dem-11737	38	13	(	(	PUNCT
dem-11737	38	14	t)p	t)p	NOUN
dem-11737	38	15	reflect	reflect	VERB
dem-11737	38	16	the	the	DET
dem-11737	38	17	mechanism	mechanism	NOUN
dem-11737	38	18	of	of	ADP
dem-11737	38	19	changes	change	NOUN
dem-11737	38	20	in	in	ADP
dem-11737	38	21	the	the	DET
dem-11737	38	22	distribution	distribution	NOUN
dem-11737	38	23	of	of	ADP
dem-11737	38	24	the	the	DET
dem-11737	38	25	analysed	analyse	VERB
dem-11737	38	26	random	random	ADJ
dem-11737	38	27	variable	variable	NOUN
dem-11737	38	28	ty	ty	INTJ
dem-11737	38	29	over	over	ADP
dem-11737	38	30	time	time	NOUN
dem-11737	38	31	.	.	PUNCT
dem-11737	39	1	the	the	DET
dem-11737	39	2	markov	markov	NOUN
dem-11737	39	3	chain	chain	NOUN
dem-11737	39	4	}	}	PUNCT
dem-11737	39	5	,	,	PUNCT
dem-11737	39	6	{	{	PUNCT
dem-11737	39	7	ntyt	ntyt	ADJ
dem-11737	39	8			NOUN
dem-11737	39	9	with	with	ADP
dem-11737	39	10	the	the	DET
dem-11737	39	11	phase	phase	NOUN
dem-11737	39	12	space	space	NOUN
dem-11737	39	13	}	}	PUNCT
dem-11737	39	14	...	...	PUNCT
dem-11737	39	15	,	,	PUNCT
dem-11737	39	16	,	,	PUNCT
dem-11737	39	17	2,1	2,1	NUM
dem-11737	39	18	{	{	PUNCT
dem-11737	39	19	rs	rs	NOUN
dem-11737	39	20			NOUN
dem-11737	39	21	is	be	AUX
dem-11737	39	22	referred	refer	VERB
dem-11737	39	23	to	to	ADP
dem-11737	39	24	as	as	ADP
dem-11737	39	25	a	a	DET
dem-11737	39	26	homogeneous	homogeneous	ADJ
dem-11737	39	27	markov	markov	NOUN
dem-11737	39	28	chain	chain	NOUN
dem-11737	39	29	,	,	PUNCT
dem-11737	39	30	if	if	SCONJ
dem-11737	39	31	conditional	conditional	ADJ
dem-11737	39	32	probabilities	probability	NOUN
dem-11737	39	33	)	)	PUNCT
dem-11737	39	34	(	(	PUNCT
dem-11737	39	35	tpij	tpij	VERB
dem-11737	39	36	of	of	ADP
dem-11737	39	37	transition	transition	NOUN
dem-11737	39	38	from	from	ADP
dem-11737	39	39	phase	phase	NOUN
dem-11737	39	40	state	state	NOUN
dem-11737	39	41	i	i	PRON
dem-11737	39	42	to	to	AUX
dem-11737	39	43	state	state	VERB
dem-11737	39	44	j	j	PROPN
dem-11737	39	45	in	in	ADP
dem-11737	39	46	a	a	DET
dem-11737	39	47	time	time	NOUN
dem-11737	39	48	unit	unit	NOUN
dem-11737	39	49	,	,	PUNCT
dem-11737	39	50	which	which	PRON
dem-11737	39	51	means	mean	VERB
dem-11737	39	52	in	in	ADP
dem-11737	39	53	the	the	DET
dem-11737	39	54	period	period	NOUN
dem-11737	39	55	from	from	ADP
dem-11737	39	56	)	)	PUNCT
dem-11737	39	57	1	1	NUM
dem-11737	39	58	(	(	PUNCT
dem-11737	39	59	t	t	VERB
dem-11737	39	60	to	to	ADP
dem-11737	39	61	t	t	PROPN
dem-11737	39	62	,	,	PUNCT
dem-11737	39	63	are	be	AUX
dem-11737	39	64	not	not	PART
dem-11737	39	65	dependent	dependent	ADJ
dem-11737	39	66	on	on	ADP
dem-11737	39	67	the	the	DET
dem-11737	39	68	choice	choice	NOUN
dem-11737	39	69	of	of	ADP
dem-11737	39	70	time	time	NOUN
dem-11737	39	71	t	t	PROPN
dem-11737	39	72	,	,	PUNCT
dem-11737	39	73	i.e.	i.e.	X
dem-11737	39	74	,	,	PUNCT
dem-11737	39	75	ijijt	ijijt	NOUN
dem-11737	39	76	ptp	ptp	PROPN
dem-11737	39	77			PROPN
dem-11737	39	78	)	)	PUNCT
dem-11737	39	79	(	(	PUNCT
dem-11737	39	80	.	.	PUNCT
dem-11737	40	1	(	(	PUNCT
dem-11737	40	2	8)	8)	NUM
dem-11737	40	3	in	in	ADP
dem-11737	40	4	the	the	DET
dem-11737	40	5	case	case	NOUN
dem-11737	40	6	of	of	ADP
dem-11737	40	7	a	a	DET
dem-11737	40	8	homogeneous	homogeneous	ADJ
dem-11737	40	9	markov	markov	NOUN
dem-11737	40	10	chain	chain	NOUN
dem-11737	40	11	dependence	dependence	NOUN
dem-11737	40	12	(	(	PUNCT
dem-11737	40	13	5	5	NUM
dem-11737	40	14	)	)	PUNCT
dem-11737	40	15	and	and	CCONJ
dem-11737	40	16	(	(	PUNCT
dem-11737	40	17	6	6	X
dem-11737	40	18	)	)	PUNCT
dem-11737	40	19	take	take	VERB
dem-11737	40	20	the	the	DET
dem-11737	40	21	following	follow	VERB
dem-11737	40	22	form	form	NOUN
dem-11737	40	23	:	:	PUNCT
dem-11737	40	24	pdd	pdd	NOUN
dem-11737	40	25			PROPN
dem-11737	40	26	1tt	1tt	PROPN
dem-11737	40	27	,	,	PUNCT
dem-11737	40	28	(	(	PUNCT
dem-11737	40	29	9	9	X
dem-11737	40	30	)	)	PUNCT
dem-11737	40	31	thus	thus	ADV
dem-11737	40	32	t	t	X
dem-11737	40	33	t	t	PROPN
dem-11737	40	34	pdd	pdd	PROPN
dem-11737	40	35			PROPN
dem-11737	40	36	0	0	NUM
dem-11737	40	37	.	.	PUNCT
dem-11737	41	1	(	(	PUNCT
dem-11737	41	2	10	10	NUM
dem-11737	41	3	)	)	PUNCT
dem-11737	41	4	for	for	ADP
dem-11737	41	5	homogeneous	homogeneous	ADJ
dem-11737	41	6	markov	markov	NOUN
dem-11737	41	7	chains	chain	NOUN
dem-11737	41	8	described	describe	VERB
dem-11737	41	9	by	by	ADP
dem-11737	41	10	means	mean	NOUN
dem-11737	41	11	of	of	ADP
dem-11737	41	12	transition	transition	NOUN
dem-11737	41	13	matrix	matrix	NOUN
dem-11737	41	14			PROPN
dem-11737	41	15	ijpp	ijpp	PROPN
dem-11737	41	16	,	,	PUNCT
dem-11737	41	17	the	the	DET
dem-11737	41	18	expected	expect	VERB
dem-11737	41	19	first	first	ADJ
dem-11737	41	20	passage	passage	NOUN
dem-11737	41	21	and	and	CCONJ
dem-11737	41	22	return	return	NOUN
dem-11737	41	23	times	time	NOUN
dem-11737	41	24	can	can	AUX
dem-11737	41	25	be	be	AUX
dem-11737	41	26	designated	designate	VERB
dem-11737	41	27	.	.	PUNCT
dem-11737	42	1	the	the	DET
dem-11737	42	2	matrix	matrix	NOUN
dem-11737	42	3	of	of	ADP
dem-11737	42	4	these	these	DET
dem-11737	42	5	times	time	NOUN
dem-11737	42	6	is	be	AUX
dem-11737	42	7	determined	determine	VERB
dem-11737	42	8	by	by	ADP
dem-11737	42	9	the	the	DET
dem-11737	42	10	formula	formula	NOUN
dem-11737	42	11	(	(	PUNCT
dem-11737	42	12	decewicz	decewicz	NOUN
dem-11737	42	13	,	,	PUNCT
dem-11737	42	14	2011	2011	NUM
dem-11737	42	15	):	):	PUNCT
dem-11737	42	16	,	,	PUNCT
dem-11737	42	17	(	(	PUNCT
dem-11737	42	18	11	11	NUM
dem-11737	42	19	)	)	PUNCT
dem-11737	42	20	where	where	SCONJ
dem-11737	42	21	is	be	AUX
dem-11737	42	22	a	a	DET
dem-11737	42	23	fundamental	fundamental	ADJ
dem-11737	42	24	matrix	matrix	NOUN
dem-11737	42	25	and	and	CCONJ
dem-11737	42	26	is	be	AUX
dem-11737	42	27	an	an	DET
dem-11737	42	28	ergodic	ergodic	ADJ
dem-11737	42	29	matrix	matrix	NOUN
dem-11737	42	30	.	.	PUNCT
dem-11737	43	1	the	the	DET
dem-11737	43	2	elements	element	NOUN
dem-11737	43	3	of	of	ADP
dem-11737	43	4	matrix	matrix	NOUN
dem-11737	43	5	can	can	AUX
dem-11737	43	6	be	be	AUX
dem-11737	43	7	interpreted	interpret	VERB
dem-11737	43	8	simply	simply	ADV
dem-11737	43	9	as	as	SCONJ
dem-11737	43	10	the	the	DET
dem-11737	43	11	expected	expect	VERB
dem-11737	43	12	number	number	NOUN
dem-11737	43	13	of	of	ADP
dem-11737	43	14	steps	step	NOUN
dem-11737	43	15	józef	józef	ADJ
dem-11737	43	16	stawicki	stawicki	PROPN
dem-11737	43	17	dynamic	dynamic	ADJ
dem-11737	43	18	econometric	econometric	ADJ
dem-11737	43	19	models	model	NOUN
dem-11737	43	20	16	16	NUM
dem-11737	43	21	(	(	PUNCT
dem-11737	43	22	2016	2016	NUM
dem-11737	43	23	)	)	PUNCT
dem-11737	43	24	37–47	37–47	NUM
dem-11737	43	25	40	40	NUM
dem-11737	43	26	needed	need	VERB
dem-11737	43	27	to	to	PART
dem-11737	43	28	achieve	achieve	VERB
dem-11737	43	29	state	state	NOUN
dem-11737	43	30	after	after	ADP
dem-11737	43	31	abandoning	abandon	VERB
dem-11737	43	32	state	state	NOUN
dem-11737	43	33	.	.	PUNCT
dem-11737	44	1	if	if	SCONJ
dem-11737	44	2	then	then	ADV
dem-11737	44	3	we	we	PRON
dem-11737	44	4	obtain	obtain	VERB
dem-11737	44	5	the	the	DET
dem-11737	44	6	expected	expect	VERB
dem-11737	44	7	time	time	NOUN
dem-11737	44	8	of	of	ADP
dem-11737	44	9	the	the	DET
dem-11737	44	10	first	first	ADJ
dem-11737	44	11	return	return	NOUN
dem-11737	44	12	.	.	PUNCT
dem-11737	45	1	1.2	1.2	NUM
dem-11737	45	2	.	.	PUNCT
dem-11737	45	3	parameter	parameter	NOUN
dem-11737	45	4	estimation	estimation	NOUN
dem-11737	45	5	of	of	ADP
dem-11737	45	6	the	the	DET
dem-11737	45	7	transition	transition	NOUN
dem-11737	45	8	matrix	matrix	NOUN
dem-11737	45	9	mased	mase	VERB
dem-11737	45	10	on	on	ADP
dem-11737	45	11	microdata	microdata	NOUN
dem-11737	45	12	due	due	ADP
dem-11737	45	13	to	to	ADP
dem-11737	45	14	the	the	DET
dem-11737	45	15	nature	nature	NOUN
dem-11737	45	16	of	of	ADP
dem-11737	45	17	the	the	DET
dem-11737	45	18	studied	studied	ADJ
dem-11737	45	19	phenomenon	phenomenon	NOUN
dem-11737	45	20	,	,	PUNCT
dem-11737	45	21	microdata	microdata	NOUN
dem-11737	45	22	is	be	AUX
dem-11737	45	23	understood	understand	VERB
dem-11737	45	24	as	as	ADP
dem-11737	45	25	the	the	DET
dem-11737	45	26	observations	observation	NOUN
dem-11737	45	27	of	of	ADP
dem-11737	45	28	the	the	DET
dem-11737	45	29	object	object	NOUN
dem-11737	45	30	in	in	ADP
dem-11737	45	31	subsequent	subsequent	ADJ
dem-11737	45	32	units	unit	NOUN
dem-11737	45	33	and	and	CCONJ
dem-11737	45	34	registration	registration	NOUN
dem-11737	45	35	of	of	ADP
dem-11737	45	36	the	the	DET
dem-11737	45	37	state	state	NOUN
dem-11737	45	38	of	of	ADP
dem-11737	45	39	the	the	DET
dem-11737	45	40	object	object	NOUN
dem-11737	45	41	in	in	ADP
dem-11737	45	42	a	a	DET
dem-11737	45	43	specific	specific	ADJ
dem-11737	45	44	unit	unit	NOUN
dem-11737	45	45	.	.	PUNCT
dem-11737	46	1	observation	observation	NOUN
dem-11737	46	2	of	of	ADP
dem-11737	46	3	the	the	DET
dem-11737	46	4	state	state	NOUN
dem-11737	46	5	change	change	NOUN
dem-11737	46	6	in	in	ADP
dem-11737	46	7	the	the	DET
dem-11737	46	8	period	period	NOUN
dem-11737	46	9	from	from	ADP
dem-11737	46	10	1t	1t	NUM
dem-11737	46	11	to	to	ADP
dem-11737	46	12	t	t	PROPN
dem-11737	46	13	allows	allow	VERB
dem-11737	46	14	applying	apply	VERB
dem-11737	46	15	a	a	DET
dem-11737	46	16	maximum	maximum	ADJ
dem-11737	46	17	likelihood	likelihood	NOUN
dem-11737	46	18	estimator	estimator	NOUN
dem-11737	46	19	in	in	ADP
dem-11737	46	20	the	the	DET
dem-11737	46	21	following	follow	VERB
dem-11737	46	22	form	form	NOUN
dem-11737	46	23	:	:	PUNCT
dem-11737	46	24			X
dem-11737	46	25			X
dem-11737	46	26			NUM
dem-11737	46	27			PROPN
dem-11737	46	28			PROPN
dem-11737	46	29			NUM
dem-11737	47	1	t	t	NOUN
dem-11737	47	2	t	t	NOUN
dem-11737	48	1	i	i	PRON
dem-11737	48	2	t	t	PROPN
dem-11737	48	3	t	t	X
dem-11737	48	4	ij	ij	INTJ
dem-11737	48	5	ij	ij	INTJ
dem-11737	48	6	tn	tn	PROPN
dem-11737	48	7	tn	tn	PROPN
dem-11737	48	8	p	p	NOUN
dem-11737	48	9	2	2	NUM
dem-11737	48	10	2	2	NUM
dem-11737	48	11	)	)	PUNCT
dem-11737	48	12	1	1	NUM
dem-11737	48	13	(	(	PUNCT
dem-11737	48	14	)	)	PUNCT
dem-11737	48	15	(	(	PUNCT
dem-11737	48	16	ˆ	ˆ	NOUN
dem-11737	48	17	,	,	PUNCT
dem-11737	48	18	where	where	SCONJ
dem-11737	48	19	:	:	PUNCT
dem-11737	48	20			PROPN
dem-11737	48	21			NOUN
dem-11737	48	22			ADV
dem-11737	48	23			VERB
dem-11737	48	24			NUM
dem-11737	48	25	sitation	sitation	NOUN
dem-11737	48	26	adverse	adverse	ADJ
dem-11737	48	27	in	in	ADP
dem-11737	48	28	the0	the0	PROPN
dem-11737	48	29	statein	statein	PROPN
dem-11737	48	30	wasat	wasat	VERB
dem-11737	48	31	time	time	NOUN
dem-11737	48	32	andstatein	andstatein	ADJ
dem-11737	48	33	was1at	was1at	ADJ
dem-11737	48	34	timeobject	timeobject	NOUN
dem-11737	48	35	thewhen1	thewhen1	ADJ
dem-11737	48	36	)	)	PUNCT
dem-11737	48	37	(	(	PUNCT
dem-11737	48	38	jtit	jtit	NOUN
dem-11737	48	39	tnij	tnij	NOUN
dem-11737	48	40			VERB
dem-11737	48	41			NUM
dem-11737	48	42			ADP
dem-11737	49	1			NUM
dem-11737	49	2	situation	situation	NOUN
dem-11737	49	3	adverse	adverse	ADJ
dem-11737	49	4	in	in	ADP
dem-11737	49	5	the0	the0	PROPN
dem-11737	49	6	statein	statein	PROPN
dem-11737	49	7	wasat	wasat	VERB
dem-11737	49	8	time	time	NOUN
dem-11737	49	9	object	object	NOUN
dem-11737	49	10	was	be	AUX
dem-11737	49	11	when	when	SCONJ
dem-11737	49	12	the1	the1	ADJ
dem-11737	49	13	)	)	PUNCT
dem-11737	50	1	(	(	PUNCT
dem-11737	50	2	it	it	PRON
dem-11737	50	3	tni	tni	VERB
dem-11737	50	4	this	this	DET
dem-11737	50	5	estimator	estimator	NOUN
dem-11737	50	6	has	have	VERB
dem-11737	50	7	the	the	DET
dem-11737	50	8	desirable	desirable	ADJ
dem-11737	50	9	properties	property	NOUN
dem-11737	50	10	of	of	ADP
dem-11737	50	11	fitting	fitting	ADJ
dem-11737	50	12	,	,	PUNCT
dem-11737	50	13	asymptotic	asymptotic	ADJ
dem-11737	50	14	unbiasedness	unbiasedness	NOUN
dem-11737	50	15	and	and	CCONJ
dem-11737	50	16	has	have	VERB
dem-11737	50	17	an	an	DET
dem-11737	50	18	asymptotic	asymptotic	ADJ
dem-11737	50	19	normal	normal	ADJ
dem-11737	50	20	distribution	distribution	NOUN
dem-11737	50	21	with	with	ADP
dem-11737	50	22	the	the	DET
dem-11737	50	23	expected	expect	VERB
dem-11737	50	24	value	value	NOUN
dem-11737	50	25	:	:	PUNCT
dem-11737	50	26	ijij	ijij	ADJ
dem-11737	50	27	ppe	ppe	PROPN
dem-11737	50	28	)ˆ	)ˆ	PROPN
dem-11737	50	29	(	(	PUNCT
dem-11737	50	30	,	,	PUNCT
dem-11737	50	31	and	and	CCONJ
dem-11737	50	32	the	the	DET
dem-11737	50	33	variance	variance	NOUN
dem-11737	50	34	:	:	PUNCT
dem-11737	50	35			X
dem-11737	50	36			NUM
dem-11737	50	37			PROPN
dem-11737	50	38			PROPN
dem-11737	50	39			PROPN
dem-11737	50	40	t	t	NOUN
dem-11737	50	41	t	t	NOUN
dem-11737	51	1	i	i	PRON
dem-11737	51	2	ijij	ijij	ADJ
dem-11737	51	3	ij	ij	INTJ
dem-11737	51	4	tn	tn	NOUN
dem-11737	52	1	pp	pp	ADP
dem-11737	52	2	p	p	ADJ
dem-11737	52	3	2	2	NUM
dem-11737	52	4	)	)	PUNCT
dem-11737	52	5	1	1	NUM
dem-11737	52	6	(	(	PUNCT
dem-11737	52	7	)	)	PUNCT
dem-11737	52	8	1	1	NUM
dem-11737	52	9	(	(	PUNCT
dem-11737	52	10	)	)	PUNCT
dem-11737	52	11	ˆvar	ˆvar	NOUN
dem-11737	52	12	(	(	PUNCT
dem-11737	52	13	.	.	PUNCT
dem-11737	53	1	2	2	X
dem-11737	53	2	.	.	X
dem-11737	53	3	the	the	DET
dem-11737	53	4	return	return	NOUN
dem-11737	53	5	rate	rate	NOUN
dem-11737	53	6	process	process	NOUN
dem-11737	53	7	–	–	PUNCT
dem-11737	53	8	comparison	comparison	NOUN
dem-11737	53	9	with	with	ADP
dem-11737	53	10	gaussian	gaussian	ADJ
dem-11737	53	11	white	white	PROPN
dem-11737	53	12	noise	noise	PROPN
dem-11737	53	13	research	research	NOUN
dem-11737	53	14	on	on	ADP
dem-11737	53	15	the	the	DET
dem-11737	53	16	rate	rate	NOUN
dem-11737	53	17	of	of	ADP
dem-11737	53	18	return	return	NOUN
dem-11737	53	19	as	as	ADP
dem-11737	53	20	a	a	DET
dem-11737	53	21	stochastic	stochastic	ADJ
dem-11737	53	22	process	process	NOUN
dem-11737	53	23	has	have	AUX
dem-11737	53	24	been	be	AUX
dem-11737	53	25	the	the	DET
dem-11737	53	26	subject	subject	NOUN
dem-11737	53	27	of	of	ADP
dem-11737	53	28	a	a	DET
dem-11737	53	29	vast	vast	ADJ
dem-11737	53	30	number	number	NOUN
dem-11737	53	31	of	of	ADP
dem-11737	53	32	publications	publication	NOUN
dem-11737	53	33	.	.	PUNCT
dem-11737	54	1	the	the	DET
dem-11737	54	2	fundamental	fundamental	ADJ
dem-11737	54	3	question	question	NOUN
dem-11737	54	4	about	about	ADP
dem-11737	54	5	the	the	DET
dem-11737	54	6	nature	nature	NOUN
dem-11737	54	7	of	of	ADP
dem-11737	54	8	this	this	DET
dem-11737	54	9	process	process	NOUN
dem-11737	54	10	mostly	mostly	ADV
dem-11737	54	11	concerned	concern	VERB
dem-11737	54	12	the	the	DET
dem-11737	54	13	issue	issue	NOUN
dem-11737	54	14	of	of	ADP
dem-11737	54	15	the	the	DET
dem-11737	54	16	properties	property	NOUN
dem-11737	54	17	of	of	ADP
dem-11737	54	18	gaussian	gaussian	ADJ
dem-11737	54	19	white	white	ADJ
dem-11737	54	20	noise	noise	NOUN
dem-11737	54	21	.	.	PUNCT
dem-11737	55	1	in	in	ADP
dem-11737	55	2	the	the	DET
dem-11737	55	3	case	case	NOUN
dem-11737	55	4	of	of	ADP
dem-11737	55	5	the	the	DET
dem-11737	55	6	generated	generate	VERB
dem-11737	55	7	process	process	NOUN
dem-11737	55	8	of	of	ADP
dem-11737	55	9	the	the	DET
dem-11737	55	10	rate	rate	NOUN
dem-11737	55	11	of	of	ADP
dem-11737	55	12	return	return	NOUN
dem-11737	55	13	,	,	PUNCT
dem-11737	55	14	it	it	PRON
dem-11737	55	15	is	be	AUX
dem-11737	55	16	using	use	VERB
dem-11737	55	17	the	the	DET
dem-11737	55	18	first	first	ADJ
dem-11737	55	19	passage	passage	NOUN
dem-11737	55	20	times	time	NOUN
dem-11737	55	21	in	in	ADP
dem-11737	55	22	markov	markov	PROPN
dem-11737	55	23	chain	chain	NOUN
dem-11737	55	24	model	model	NOUN
dem-11737	55	25	...	...	PUNCT
dem-11737	55	26	dynamic	dynamic	ADJ
dem-11737	55	27	econometric	econometric	ADJ
dem-11737	55	28	models	model	NOUN
dem-11737	55	29	16	16	NUM
dem-11737	55	30	(	(	PUNCT
dem-11737	55	31	2016	2016	NUM
dem-11737	55	32	)	)	PUNCT
dem-11737	55	33	37–47	37–47	NUM
dem-11737	55	34	41	41	NUM
dem-11737	55	35	easy	easy	ADJ
dem-11737	55	36	to	to	PART
dem-11737	55	37	obtain	obtain	VERB
dem-11737	55	38	the	the	DET
dem-11737	55	39	property	property	NOUN
dem-11737	55	40	of	of	ADP
dem-11737	55	41	normality	normality	NOUN
dem-11737	55	42	for	for	ADP
dem-11737	55	43	both	both	CCONJ
dem-11737	55	44	the	the	DET
dem-11737	55	45	unconditional	unconditional	ADJ
dem-11737	55	46	distribution	distribution	NOUN
dem-11737	55	47	and	and	CCONJ
dem-11737	55	48	conditional	conditional	ADJ
dem-11737	55	49	distributions	distribution	NOUN
dem-11737	55	50	.	.	PUNCT
dem-11737	56	1	the	the	DET
dem-11737	56	2	transition	transition	NOUN
dem-11737	56	3	matrix	matrix	NOUN
dem-11737	56	4	for	for	ADP
dem-11737	56	5	a	a	DET
dem-11737	56	6	markov	markov	NOUN
dem-11737	56	7	chain	chain	NOUN
dem-11737	56	8	being	be	AUX
dem-11737	56	9	the	the	DET
dem-11737	56	10	model	model	NOUN
dem-11737	56	11	in	in	ADP
dem-11737	56	12	this	this	DET
dem-11737	56	13	process	process	NOUN
dem-11737	56	14	takes	take	VERB
dem-11737	56	15	the	the	DET
dem-11737	56	16	form	form	NOUN
dem-11737	56	17	:	:	PUNCT
dem-11737	57	1			ADJ
dem-11737	57	2			PROPN
dem-11737	58	1			PUNCT
dem-11737	58	2			PUNCT
dem-11737	59	1			NOUN
dem-11737	59	2			PUNCT
dem-11737	60	1			NOUN
dem-11737	60	2			PROPN
dem-11737	60	3			PROPN
dem-11737	60	4			X
dem-11737	60	5			NOUN
dem-11737	60	6			NOUN
dem-11737	60	7			NOUN
dem-11737	60	8			NOUN
dem-11737	60	9			NOUN
dem-11737	60	10			NOUN
dem-11737	60	11			NOUN
dem-11737	60	12			NOUN
dem-11737	60	13			NOUN
dem-11737	60	14			NOUN
dem-11737	61	1			NUM
dem-11737	61	2	0228.01359.03413.03413.01359.00228.0	0228.01359.03413.03413.01359.00228.0	NOUN
dem-11737	61	3	0228.01359.03413.03413.01359.00228.0	0228.01359.03413.03413.01359.00228.0	NOUN
dem-11737	62	1	0228.01359.03413.03413.01359.00228.0	0228.01359.03413.03413.01359.00228.0	PUNCT
dem-11737	63	1	0228.01359.03413.03413.01359.00228.0	0228.01359.03413.03413.01359.00228.0	PUNCT
dem-11737	64	1	0228.01359.03413.03413.01359.00228.0	0228.01359.03413.03413.01359.00228.0	PUNCT
dem-11737	65	1	0228.01359.03413.03413.01359.00228.0	0228.01359.03413.03413.01359.00228.0	PUNCT
dem-11737	66	1	p	p	NOUN
dem-11737	66	2	,	,	PUNCT
dem-11737	66	3	where	where	SCONJ
dem-11737	66	4	the	the	DET
dem-11737	66	5	states	state	NOUN
dem-11737	66	6	of	of	ADP
dem-11737	66	7	this	this	DET
dem-11737	66	8	chain	chain	NOUN
dem-11737	66	9	are	be	AUX
dem-11737	66	10	defined	define	VERB
dem-11737	66	11	by	by	ADP
dem-11737	66	12	intervals	interval	NOUN
dem-11737	66	13	σ	σ	PROPN
dem-11737	66	14	.	.	PUNCT
dem-11737	67	1	the	the	DET
dem-11737	67	2	rate	rate	NOUN
dem-11737	67	3	of	of	ADP
dem-11737	67	4	return	return	NOUN
dem-11737	67	5	may	may	AUX
dem-11737	67	6	belong	belong	VERB
dem-11737	67	7	to	to	ADP
dem-11737	67	8	one	one	NUM
dem-11737	67	9	of	of	ADP
dem-11737	67	10	the	the	DET
dem-11737	67	11	following	follow	VERB
dem-11737	67	12	states	state	NOUN
dem-11737	67	13	:	:	PUNCT
dem-11737	67	14	)	)	PUNCT
dem-11737	67	15	.,2	.,2	PROPN
dem-11737	68	1	[	[	PUNCT
dem-11737	68	2	)	)	PUNCT
dem-11737	68	3	,	,	PUNCT
dem-11737	68	4	2	2	NUM
dem-11737	68	5	,	,	PUNCT
dem-11737	68	6	[	[	PUNCT
dem-11737	68	7	)	)	PUNCT
dem-11737	68	8	,	,	PUNCT
dem-11737	68	9	,	,	PUNCT
dem-11737	68	10	0	0	NUM
dem-11737	68	11	[	[	PUNCT
dem-11737	68	12	)	)	PUNCT
dem-11737	68	13	,	,	PUNCT
dem-11737	68	14	0	0	NUM
dem-11737	68	15	,	,	PUNCT
dem-11737	68	16	[	[	PUNCT
dem-11737	68	17	)	)	PUNCT
dem-11737	68	18	,	,	PUNCT
dem-11737	68	19	,	,	PUNCT
dem-11737	68	20	2	2	NUM
dem-11737	68	21	[	[	PUNCT
dem-11737	68	22	)	)	PUNCT
dem-11737	68	23	,	,	PUNCT
dem-11737	68	24	2	2	NUM
dem-11737	68	25	,	,	PUNCT
dem-11737	68	26	(	(	PUNCT
dem-11737	68	27	6	6	NUM
dem-11737	68	28	5	5	NUM
dem-11737	68	29	4	4	NUM
dem-11737	68	30	3	3	NUM
dem-11737	68	31	2	2	NUM
dem-11737	68	32	1	1	NUM
dem-11737	68	33			NUM
dem-11737	68	34			PRON
dem-11737	68	35			PROPN
dem-11737	68	36			ADJ
dem-11737	68	37			PUNCT
dem-11737	68	38			NOUN
dem-11737	68	39			NUM
dem-11737	68	40			X
dem-11737	68	41			X
dem-11737	68	42			NUM
dem-11737	68	43			NOUN
dem-11737	68	44			PUNCT
dem-11737	68	45	s	s	X
dem-11737	68	46	s	s	X
dem-11737	68	47	s	s	X
dem-11737	68	48	s	s	X
dem-11737	68	49	s	s	X
dem-11737	68	50	s	s	PRON
dem-11737	68	51	this	this	DET
dem-11737	68	52	matrix	matrix	NOUN
dem-11737	68	53	is	be	AUX
dem-11737	68	54	composed	compose	VERB
dem-11737	68	55	of	of	ADP
dem-11737	68	56	ergodic	ergodic	ADJ
dem-11737	68	57	vectors	vector	NOUN
dem-11737	68	58	which	which	PRON
dem-11737	68	59	are	be	AUX
dem-11737	68	60	characterized	characterize	VERB
dem-11737	68	61	by	by	ADP
dem-11737	68	62	gaussian	gaussian	ADJ
dem-11737	68	63	distribution	distribution	NOUN
dem-11737	68	64	.	.	PUNCT
dem-11737	69	1	adoption	adoption	NOUN
dem-11737	69	2	of	of	ADP
dem-11737	69	3	the	the	DET
dem-11737	69	4	intervals	interval	NOUN
dem-11737	69	5	in	in	ADP
dem-11737	69	6	accordance	accordance	NOUN
dem-11737	69	7	with	with	ADP
dem-11737	69	8	the	the	DET
dem-11737	69	9	threesigma	threesigma	NOUN
dem-11737	69	10	rule	rule	NOUN
dem-11737	69	11	facilitates	facilitate	VERB
dem-11737	69	12	the	the	DET
dem-11737	69	13	comparison	comparison	NOUN
dem-11737	69	14	of	of	ADP
dem-11737	69	15	the	the	DET
dem-11737	69	16	selected	select	VERB
dem-11737	69	17	processes	process	NOUN
dem-11737	69	18	.	.	PUNCT
dem-11737	70	1	this	this	DET
dem-11737	70	2	method	method	NOUN
dem-11737	70	3	of	of	ADP
dem-11737	70	4	determining	determine	VERB
dem-11737	70	5	the	the	DET
dem-11737	70	6	states	state	NOUN
dem-11737	70	7	of	of	ADP
dem-11737	70	8	the	the	DET
dem-11737	70	9	observed	observe	VERB
dem-11737	70	10	stock	stock	NOUN
dem-11737	70	11	market	market	NOUN
dem-11737	70	12	processes	process	NOUN
dem-11737	70	13	will	will	AUX
dem-11737	70	14	be	be	AUX
dem-11737	70	15	maintained	maintain	VERB
dem-11737	70	16	in	in	ADP
dem-11737	70	17	further	further	ADJ
dem-11737	70	18	parts	part	NOUN
dem-11737	70	19	of	of	ADP
dem-11737	70	20	the	the	DET
dem-11737	70	21	work	work	NOUN
dem-11737	70	22	.	.	PUNCT
dem-11737	71	1	to	to	PART
dem-11737	71	2	provide	provide	VERB
dem-11737	71	3	an	an	DET
dem-11737	71	4	empirical	empirical	ADJ
dem-11737	71	5	example	example	NOUN
dem-11737	71	6	,	,	PUNCT
dem-11737	71	7	analysis	analysis	NOUN
dem-11737	71	8	was	be	AUX
dem-11737	71	9	performed	perform	VERB
dem-11737	71	10	of	of	ADP
dem-11737	71	11	returns	return	NOUN
dem-11737	71	12	of	of	ADP
dem-11737	71	13	the	the	DET
dem-11737	71	14	wig	wig	NOUN
dem-11737	71	15	index	index	NOUN
dem-11737	71	16	as	as	ADV
dem-11737	71	17	well	well	ADV
dem-11737	71	18	as	as	ADP
dem-11737	71	19	of	of	ADP
dem-11737	71	20	the	the	DET
dem-11737	71	21	rate	rate	NOUN
dem-11737	71	22	of	of	ADP
dem-11737	71	23	return	return	NOUN
dem-11737	71	24	for	for	ADP
dem-11737	71	25	the	the	DET
dem-11737	71	26	budimex	budimex	NOUN
dem-11737	71	27	company	company	NOUN
dem-11737	71	28	listed	list	VERB
dem-11737	71	29	on	on	ADP
dem-11737	71	30	the	the	DET
dem-11737	71	31	warsaw	warsaw	PROPN
dem-11737	71	32	stock	stock	PROPN
dem-11737	71	33	exchange	exchange	PROPN
dem-11737	71	34	for	for	ADP
dem-11737	71	35	the	the	DET
dem-11737	71	36	period	period	NOUN
dem-11737	71	37	from	from	ADP
dem-11737	71	38	02	02	NUM
dem-11737	71	39	february	february	NOUN
dem-11737	71	40	2003	2003	NUM
dem-11737	71	41	to	to	ADP
dem-11737	71	42	11	11	NUM
dem-11737	71	43	august	august	PROPN
dem-11737	71	44	2016	2016	NUM
dem-11737	71	45	.	.	PUNCT
dem-11737	72	1	it	it	PRON
dem-11737	72	2	provided	provide	VERB
dem-11737	72	3	a	a	DET
dem-11737	72	4	series	series	NOUN
dem-11737	72	5	of	of	ADP
dem-11737	72	6	daily	daily	ADJ
dem-11737	72	7	observations	observation	NOUN
dem-11737	72	8	amounting	amount	VERB
dem-11737	72	9	to	to	ADP
dem-11737	72	10	3475	3475	NUM
dem-11737	72	11	.	.	PUNCT
dem-11737	73	1	despite	despite	SCONJ
dem-11737	73	2	the	the	DET
dem-11737	73	3	many	many	ADJ
dem-11737	73	4	advantages	advantage	NOUN
dem-11737	73	5	of	of	ADP
dem-11737	73	6	logarithmic	logarithmic	ADJ
dem-11737	73	7	returns	return	NOUN
dem-11737	73	8	,	,	PUNCT
dem-11737	73	9	simple	simple	ADJ
dem-11737	73	10	returns	return	NOUN
dem-11737	73	11	were	be	AUX
dem-11737	73	12	analysed	analyse	VERB
dem-11737	73	13	due	due	ADP
dem-11737	73	14	to	to	ADP
dem-11737	73	15	their	their	PRON
dem-11737	73	16	clear	clear	ADJ
dem-11737	73	17	interpretation	interpretation	NOUN
dem-11737	73	18	.	.	PUNCT
dem-11737	74	1	for	for	ADP
dem-11737	74	2	the	the	DET
dem-11737	74	3	wig	wig	NOUN
dem-11737	74	4	index	index	NOUN
dem-11737	74	5	,	,	PUNCT
dem-11737	74	6	the	the	DET
dem-11737	74	7	expected	expect	VERB
dem-11737	74	8	value	value	NOUN
dem-11737	74	9	and	and	CCONJ
dem-11737	74	10	standard	standard	ADJ
dem-11737	74	11	deviation	deviation	NOUN
dem-11737	74	12	in	in	ADP
dem-11737	74	13	the	the	DET
dem-11737	74	14	examined	examine	VERB
dem-11737	74	15	period	period	NOUN
dem-11737	74	16	were	be	AUX
dem-11737	74	17	as	as	SCONJ
dem-11737	74	18	follows	follow	VERB
dem-11737	74	19	:	:	PUNCT
dem-11737	74	20	e(x	e(x	NUM
dem-11737	74	21	)	)	PUNCT
dem-11737	75	1	=	=	PUNCT
dem-11737	75	2	0.000424	0.000424	NUM
dem-11737	75	3	,	,	PUNCT
dem-11737	75	4	std(x	std(x	X
dem-11737	75	5	)	)	PUNCT
dem-11737	75	6	=	=	SYM
dem-11737	75	7	0.0123	0.0123	NUM
dem-11737	75	8	.	.	PUNCT
dem-11737	76	1	the	the	DET
dem-11737	76	2	matrix	matrix	NOUN
dem-11737	76	3	of	of	ADP
dem-11737	76	4	transition	transition	NOUN
dem-11737	76	5	probabilities	probability	NOUN
dem-11737	76	6	takes	take	VERB
dem-11737	76	7	the	the	DET
dem-11737	76	8	form	form	NOUN
dem-11737	76	9	:	:	PUNCT
dem-11737	76	10	józef	józef	ADJ
dem-11737	76	11	stawicki	stawicki	PROPN
dem-11737	76	12	dynamic	dynamic	ADJ
dem-11737	76	13	econometric	econometric	ADJ
dem-11737	76	14	models	model	NOUN
dem-11737	76	15	16	16	NUM
dem-11737	76	16	(	(	PUNCT
dem-11737	76	17	2016	2016	NUM
dem-11737	76	18	)	)	PUNCT
dem-11737	76	19	37–47	37–47	NUM
dem-11737	76	20	42	42	NUM
dem-11737	76	21			NOUN
dem-11737	76	22			PROPN
dem-11737	77	1			PUNCT
dem-11737	78	1			PUNCT
dem-11737	79	1			NOUN
dem-11737	80	1			PUNCT
dem-11737	81	1			NOUN
dem-11737	81	2			PROPN
dem-11737	81	3			PROPN
dem-11737	81	4			X
dem-11737	81	5			NOUN
dem-11737	81	6			NOUN
dem-11737	81	7			NOUN
dem-11737	81	8			NOUN
dem-11737	81	9			NOUN
dem-11737	81	10			NOUN
dem-11737	81	11			NOUN
dem-11737	81	12			NOUN
dem-11737	81	13			VERB
dem-11737	81	14			PROPN
dem-11737	81	15			NOUN
dem-11737	81	16	.	.	PUNCT
dem-11737	82	1	0526.02105.03553.03289.00395.00132.0	0526.02105.03553.03289.00395.00132.0	PROPN
dem-11737	82	2	0266.00976.04053.03876.00533.00296.0	0266.00976.04053.03876.00533.00296.0	NOUN
dem-11737	82	3	0214.00885.03842.04034.00833.00192.0	0214.00885.03842.04034.00833.00192.0	X
dem-11737	83	1	0133.00951.04162.03515.01013.00226.0	0133.00951.04162.03515.01013.00226.0	PROPN
dem-11737	83	2	0350.01051.03408.03248.01306.00637.0	0350.01051.03408.03248.01306.00637.0	NUM
dem-11737	84	1	0565.01321.02736.02642.00849.01887.0	0565.01321.02736.02642.00849.01887.0	NUM
dem-11737	85	1	p	p	X
dem-11737	85	2	.	.	PUNCT
dem-11737	86	1	when	when	SCONJ
dem-11737	86	2	comparing	compare	VERB
dem-11737	86	3	this	this	DET
dem-11737	86	4	matrix	matrix	NOUN
dem-11737	86	5	with	with	ADP
dem-11737	86	6	the	the	DET
dem-11737	86	7	transition	transition	NOUN
dem-11737	86	8	matrix	matrix	NOUN
dem-11737	86	9	for	for	ADP
dem-11737	86	10	gaussian	gaussian	ADJ
dem-11737	86	11	white	white	ADJ
dem-11737	86	12	noise	noise	NOUN
dem-11737	86	13	,	,	PUNCT
dem-11737	86	14	hypothesis	hypothesis	NOUN
dem-11737	86	15	assuming	assume	VERB
dem-11737	86	16	the	the	DET
dem-11737	86	17	equality	equality	NOUN
dem-11737	86	18	of	of	ADP
dem-11737	86	19	matrices	matrix	NOUN
dem-11737	86	20	must	must	AUX
dem-11737	86	21	be	be	AUX
dem-11737	86	22	rejected	reject	VERB
dem-11737	86	23	(	(	PUNCT
dem-11737	86	24	decewicz	decewicz	NOUN
dem-11737	86	25	,	,	PUNCT
dem-11737	86	26	2011	2011	NUM
dem-11737	86	27	,	,	PUNCT
dem-11737	86	28	p.	p.	NOUN
dem-11737	86	29	51	51	NUM
dem-11737	86	30	)	)	PUNCT
dem-11737	86	31	.	.	PUNCT
dem-11737	87	1	test	test	NOUN
dem-11737	87	2	67.2872	67.2872	NUM
dem-11737	87	3	p	p	X
dem-11737	87	4	relative	relative	ADJ
dem-11737	87	5	to	to	ADP
dem-11737	87	6	67.5305,0,30	67.5305,0,30	NUM
dem-11737	87	7	2	2	NUM
dem-11737	87	8			NOUN
dem-11737	87	9	.	.	PUNCT
dem-11737	88	1	the	the	DET
dem-11737	88	2	comparison	comparison	NOUN
dem-11737	88	3	of	of	ADP
dem-11737	88	4	the	the	DET
dem-11737	88	5	ergodic	ergodic	ADJ
dem-11737	88	6	distribution	distribution	NOUN
dem-11737	88	7	for	for	ADP
dem-11737	88	8	such	such	DET
dem-11737	88	9	a	a	DET
dem-11737	88	10	design	design	NOUN
dem-11737	88	11	of	of	ADP
dem-11737	88	12	the	the	DET
dem-11737	88	13	chain	chain	NOUN
dem-11737	88	14	with	with	ADP
dem-11737	88	15	the	the	DET
dem-11737	88	16	process	process	NOUN
dem-11737	88	17	of	of	ADP
dem-11737	88	18	gaussian	gaussian	ADJ
dem-11737	88	19	white	white	ADJ
dem-11737	88	20	noise	noise	NOUN
dem-11737	88	21	is	be	AUX
dem-11737	88	22	presented	present	VERB
dem-11737	88	23	in	in	ADP
dem-11737	88	24	figure	figure	NOUN
dem-11737	88	25	1	1	NUM
dem-11737	88	26	.	.	PUNCT
dem-11737	89	1	figure	figure	NOUN
dem-11737	89	2	1	1	NUM
dem-11737	89	3	.	.	PUNCT
dem-11737	90	1	the	the	DET
dem-11737	90	2	comparison	comparison	NOUN
dem-11737	90	3	of	of	ADP
dem-11737	90	4	white	white	ADJ
dem-11737	90	5	noise	noise	NOUN
dem-11737	90	6	with	with	ADP
dem-11737	90	7	the	the	DET
dem-11737	90	8	ergodic	ergodic	ADJ
dem-11737	90	9	distribution	distribution	NOUN
dem-11737	90	10	of	of	ADP
dem-11737	90	11	the	the	DET
dem-11737	90	12	rate	rate	NOUN
dem-11737	90	13	of	of	ADP
dem-11737	90	14	return	return	NOUN
dem-11737	90	15	obtained	obtain	VERB
dem-11737	90	16	from	from	ADP
dem-11737	90	17	the	the	DET
dem-11737	90	18	wig	wig	NOUN
dem-11737	90	19	index	index	NOUN
dem-11737	90	20	for	for	ADP
dem-11737	90	21	the	the	DET
dem-11737	90	22	rate	rate	NOUN
dem-11737	90	23	of	of	ADP
dem-11737	90	24	return	return	NOUN
dem-11737	90	25	obtained	obtain	VERB
dem-11737	90	26	from	from	ADP
dem-11737	90	27	budimex	budimex	NOUN
dem-11737	90	28	,	,	PUNCT
dem-11737	90	29	the	the	DET
dem-11737	90	30	expected	expect	VERB
dem-11737	90	31	value	value	NOUN
dem-11737	90	32	and	and	CCONJ
dem-11737	90	33	standard	standard	ADJ
dem-11737	90	34	deviation	deviation	NOUN
dem-11737	90	35	in	in	ADP
dem-11737	90	36	the	the	DET
dem-11737	90	37	examined	examine	VERB
dem-11737	90	38	period	period	NOUN
dem-11737	90	39	were	be	AUX
dem-11737	90	40	as	as	SCONJ
dem-11737	90	41	follows	follow	VERB
dem-11737	90	42	:	:	PUNCT
dem-11737	90	43	e(x	e(x	NUM
dem-11737	90	44	)	)	PUNCT
dem-11737	91	1	=	=	SYM
dem-11737	91	2	0.000787	0.000787	NUM
dem-11737	91	3	,	,	PUNCT
dem-11737	91	4	std(x	std(x	X
dem-11737	91	5	)	)	PUNCT
dem-11737	91	6	=	=	SYM
dem-11737	91	7	0.0224	0.0224	NUM
dem-11737	91	8	.	.	PUNCT
dem-11737	92	1	the	the	DET
dem-11737	92	2	matrix	matrix	NOUN
dem-11737	92	3	of	of	ADP
dem-11737	92	4	transition	transition	NOUN
dem-11737	92	5	probabilities	probability	NOUN
dem-11737	92	6	takes	take	VERB
dem-11737	92	7	the	the	DET
dem-11737	92	8	following	follow	VERB
dem-11737	92	9	form	form	NOUN
dem-11737	92	10	:	:	PUNCT
dem-11737	92	11	0	0	NUM
dem-11737	92	12	0,05	0,05	NUM
dem-11737	92	13	0,1	0,1	NUM
dem-11737	92	14	0,15	0,15	NUM
dem-11737	92	15	0,2	0,2	NUM
dem-11737	92	16	0,25	0,25	NUM
dem-11737	92	17	0,3	0,3	NUM
dem-11737	92	18	0,35	0,35	NOUN
dem-11737	92	19	0,4	0,4	NUM
dem-11737	92	20	0,45	0,45	NUM
dem-11737	92	21	-3σ	-3σ	NUM
dem-11737	92	22	-2σ	-2σ	X
dem-11737	93	1	-σ	-σ	PUNCT
dem-11737	93	2	σ	σ	NUM
dem-11737	93	3	2σ	2σ	NUM
dem-11737	93	4	3σ	3σ	NUM
dem-11737	93	5	gaussian	gaussian	ADJ
dem-11737	93	6	wn	wn	PROPN
dem-11737	93	7	wig	wig	NOUN
dem-11737	93	8	using	use	VERB
dem-11737	93	9	the	the	DET
dem-11737	93	10	first	first	ADJ
dem-11737	93	11	passage	passage	NOUN
dem-11737	93	12	times	time	NOUN
dem-11737	93	13	in	in	ADP
dem-11737	93	14	markov	markov	PROPN
dem-11737	93	15	chain	chain	NOUN
dem-11737	93	16	model	model	NOUN
dem-11737	93	17	...	...	PUNCT
dem-11737	93	18	dynamic	dynamic	ADJ
dem-11737	93	19	econometric	econometric	ADJ
dem-11737	93	20	models	model	NOUN
dem-11737	93	21	16	16	NUM
dem-11737	93	22	(	(	PUNCT
dem-11737	93	23	2016	2016	NUM
dem-11737	93	24	)	)	PUNCT
dem-11737	93	25	37–47	37–47	NUM
dem-11737	93	26	43	43	NUM
dem-11737	93	27			NOUN
dem-11737	93	28			PROPN
dem-11737	93	29			PUNCT
dem-11737	94	1			PUNCT
dem-11737	94	2			NOUN
dem-11737	95	1			PUNCT
dem-11737	95	2			NOUN
dem-11737	95	3			PROPN
dem-11737	95	4			PROPN
dem-11737	95	5			X
dem-11737	95	6			NOUN
dem-11737	95	7			NOUN
dem-11737	95	8			NOUN
dem-11737	95	9			NOUN
dem-11737	95	10			NOUN
dem-11737	95	11			NOUN
dem-11737	95	12			NOUN
dem-11737	95	13			NOUN
dem-11737	95	14			VERB
dem-11737	95	15			NOUN
dem-11737	96	1			NUM
dem-11737	96	2	0841.01495.01869.03832.01589.00374.0	0841.01495.01869.03832.01589.00374.0	NUM
dem-11737	96	3	0459.01311.02787.04295.00918.00230.0	0459.01311.02787.04295.00918.00230.0	NUM
dem-11737	96	4	0459.00897.03672.04389.00640.00128.0	0459.00897.03672.04389.00640.00128.0	NOUN
dem-11737	96	5	0174.00622.03507.04485.01011.00201.0	0174.00622.03507.04485.01011.00201.0	NUM
dem-11737	97	1	0505.01325.02808.03817,01199.00347.0	0505.01325.02808.03817,01199.00347.0	NUM
dem-11737	97	2	1266.01139.02911.02152.01013.01519.0	1266.01139.02911.02152.01013.01519.0	NUM
dem-11737	97	3	p	p	NOUN
dem-11737	97	4	.	.	PUNCT
dem-11737	98	1	when	when	SCONJ
dem-11737	98	2	comparing	compare	VERB
dem-11737	98	3	this	this	DET
dem-11737	98	4	matrix	matrix	NOUN
dem-11737	98	5	with	with	ADP
dem-11737	98	6	the	the	DET
dem-11737	98	7	transition	transition	NOUN
dem-11737	98	8	matrix	matrix	NOUN
dem-11737	98	9	for	for	ADP
dem-11737	98	10	gaussian	gaussian	ADJ
dem-11737	98	11	white	white	ADJ
dem-11737	98	12	noise	noise	NOUN
dem-11737	98	13	,	,	PUNCT
dem-11737	98	14	hypothesis	hypothesis	NOUN
dem-11737	98	15	assuming	assume	VERB
dem-11737	98	16	the	the	DET
dem-11737	98	17	equality	equality	NOUN
dem-11737	98	18	of	of	ADP
dem-11737	98	19	matrices	matrix	NOUN
dem-11737	98	20	must	must	AUX
dem-11737	98	21	be	be	AUX
dem-11737	98	22	rejected	reject	VERB
dem-11737	98	23	(	(	PUNCT
dem-11737	98	24	decewicz	decewicz	NOUN
dem-11737	98	25	,	,	PUNCT
dem-11737	98	26	2011	2011	NUM
dem-11737	98	27	,	,	PUNCT
dem-11737	98	28	p.	p.	NOUN
dem-11737	98	29	51	51	NUM
dem-11737	98	30	)	)	PUNCT
dem-11737	98	31	.	.	PUNCT
dem-11737	99	1	test	test	NOUN
dem-11737	99	2	87.3752	87.3752	NUM
dem-11737	99	3	p	p	X
dem-11737	99	4	relative	relative	ADJ
dem-11737	99	5	to	to	ADP
dem-11737	99	6	67.5305,0,30	67.5305,0,30	NUM
dem-11737	99	7	2	2	NUM
dem-11737	99	8			NOUN
dem-11737	99	9	.	.	PUNCT
dem-11737	100	1	comparing	compare	VERB
dem-11737	100	2	the	the	DET
dem-11737	100	3	different	different	ADJ
dem-11737	100	4	rows	row	NOUN
dem-11737	100	5	of	of	ADP
dem-11737	100	6	the	the	DET
dem-11737	100	7	matrix	matrix	NOUN
dem-11737	100	8	,	,	PUNCT
dem-11737	100	9	i.e.	i.e.	X
dem-11737	100	10	,	,	PUNCT
dem-11737	100	11	comparing	compare	VERB
dem-11737	100	12	the	the	DET
dem-11737	100	13	conditional	conditional	ADJ
dem-11737	100	14	distributions	distribution	NOUN
dem-11737	100	15	,	,	PUNCT
dem-11737	100	16	it	it	PRON
dem-11737	100	17	must	must	AUX
dem-11737	100	18	be	be	AUX
dem-11737	100	19	noted	note	VERB
dem-11737	100	20	that	that	SCONJ
dem-11737	100	21	in	in	ADP
dem-11737	100	22	the	the	DET
dem-11737	100	23	case	case	NOUN
dem-11737	100	24	each	each	PRON
dem-11737	100	25	of	of	ADP
dem-11737	100	26	the	the	DET
dem-11737	100	27	conditional	conditional	ADJ
dem-11737	100	28	distribution	distribution	NOUN
dem-11737	100	29	must	must	AUX
dem-11737	100	30	be	be	AUX
dem-11737	100	31	rejected	reject	VERB
dem-11737	100	32	.	.	PUNCT
dem-11737	101	1	for	for	ADP
dem-11737	101	2	05.0	05.0	PROPN
dem-11737	101	3	and	and	CCONJ
dem-11737	101	4	the	the	DET
dem-11737	101	5	fifth	fifth	ADJ
dem-11737	101	6	order	order	NOUN
dem-11737	101	7	the	the	DET
dem-11737	101	8	table	table	NOUN
dem-11737	101	9	value	value	NOUN
dem-11737	101	10	07.1105,0,5	07.1105,0,5	NUM
dem-11737	101	11	2	2	NUM
dem-11737	101	12			NOUN
dem-11737	101	13	.	.	PUNCT
dem-11737	102	1	the	the	DET
dem-11737	102	2	comparison	comparison	NOUN
dem-11737	102	3	of	of	ADP
dem-11737	102	4	the	the	DET
dem-11737	102	5	ergodic	ergodic	ADJ
dem-11737	102	6	distribution	distribution	NOUN
dem-11737	102	7	for	for	ADP
dem-11737	102	8	such	such	DET
dem-11737	102	9	a	a	DET
dem-11737	102	10	design	design	NOUN
dem-11737	102	11	of	of	ADP
dem-11737	102	12	the	the	DET
dem-11737	102	13	chain	chain	NOUN
dem-11737	102	14	with	with	ADP
dem-11737	102	15	the	the	DET
dem-11737	102	16	process	process	NOUN
dem-11737	102	17	of	of	ADP
dem-11737	102	18	gaussian	gaussian	ADJ
dem-11737	102	19	white	white	ADJ
dem-11737	102	20	noise	noise	NOUN
dem-11737	102	21	is	be	AUX
dem-11737	102	22	presented	present	VERB
dem-11737	102	23	in	in	ADP
dem-11737	102	24	figure	figure	NOUN
dem-11737	102	25	2	2	NUM
dem-11737	102	26	.	.	PUNCT
dem-11737	102	27	figure	figure	NOUN
dem-11737	102	28	2	2	NUM
dem-11737	102	29	.	.	PUNCT
dem-11737	103	1	the	the	DET
dem-11737	103	2	comparison	comparison	NOUN
dem-11737	103	3	of	of	ADP
dem-11737	103	4	gaussian	gaussian	ADJ
dem-11737	103	5	white	white	ADJ
dem-11737	103	6	noise	noise	NOUN
dem-11737	103	7	with	with	ADP
dem-11737	103	8	the	the	DET
dem-11737	103	9	ergodic	ergodic	ADJ
dem-11737	103	10	distribution	distribution	NOUN
dem-11737	103	11	of	of	ADP
dem-11737	103	12	the	the	DET
dem-11737	103	13	rate	rate	NOUN
dem-11737	103	14	of	of	ADP
dem-11737	103	15	return	return	NOUN
dem-11737	103	16	obtained	obtain	VERB
dem-11737	103	17	from	from	ADP
dem-11737	103	18	the	the	DET
dem-11737	103	19	budimex	budimex	NOUN
dem-11737	103	20	company	company	NOUN
dem-11737	103	21	index	index	NOUN
dem-11737	103	22	0	0	NUM
dem-11737	103	23	0,05	0,05	NUM
dem-11737	103	24	0,1	0,1	NUM
dem-11737	103	25	0,15	0,15	NUM
dem-11737	103	26	0,2	0,2	NUM
dem-11737	103	27	0,25	0,25	NUM
dem-11737	103	28	0,3	0,3	NUM
dem-11737	103	29	0,35	0,35	NUM
dem-11737	103	30	0,4	0,4	NUM
dem-11737	103	31	0,45	0,45	NUM
dem-11737	103	32	0,5	0,5	NUM
dem-11737	103	33	-3σ	-3σ	X
dem-11737	103	34	-2σ	-2σ	PUNCT
dem-11737	103	35	-σ	-σ	PUNCT
dem-11737	103	36	σ	σ	NUM
dem-11737	103	37	2σ	2σ	NUM
dem-11737	103	38	3σ	3σ	NUM
dem-11737	103	39	gaussian	gaussian	ADJ
dem-11737	103	40	wn	wn	PROPN
dem-11737	103	41	budimex	budimex	PROPN
dem-11737	103	42	józef	józef	ADJ
dem-11737	103	43	stawicki	stawicki	PROPN
dem-11737	103	44	dynamic	dynamic	ADJ
dem-11737	103	45	econometric	econometric	ADJ
dem-11737	103	46	models	model	NOUN
dem-11737	103	47	16	16	NUM
dem-11737	103	48	(	(	PUNCT
dem-11737	103	49	2016	2016	NUM
dem-11737	103	50	)	)	PUNCT
dem-11737	103	51	37–47	37–47	NUM
dem-11737	103	52	44	44	NUM
dem-11737	103	53	3	3	NUM
dem-11737	103	54	.	.	PUNCT
dem-11737	104	1	first	first	ADJ
dem-11737	104	2	passage	passage	NOUN
dem-11737	104	3	times	times	ADP
dem-11737	104	4	analysis	analysis	NOUN
dem-11737	104	5	of	of	ADP
dem-11737	104	6	the	the	DET
dem-11737	104	7	expected	expect	VERB
dem-11737	104	8	times	time	NOUN
dem-11737	104	9	of	of	ADP
dem-11737	104	10	transition	transition	NOUN
dem-11737	104	11	from	from	ADP
dem-11737	104	12	state	state	NOUN
dem-11737	104	13	i	i	PRON
dem-11737	104	14	to	to	ADP
dem-11737	104	15	state	state	NOUN
dem-11737	104	16	and	and	CCONJ
dem-11737	104	17	j	j	PROPN
dem-11737	104	18	is	be	AUX
dem-11737	104	19	extremely	extremely	ADV
dem-11737	104	20	important	important	ADJ
dem-11737	104	21	from	from	ADP
dem-11737	104	22	the	the	DET
dem-11737	104	23	point	point	NOUN
dem-11737	104	24	of	of	ADP
dem-11737	104	25	view	view	NOUN
dem-11737	104	26	of	of	ADP
dem-11737	104	27	an	an	DET
dem-11737	104	28	individual	individual	ADJ
dem-11737	104	29	or	or	CCONJ
dem-11737	104	30	institutional	institutional	ADJ
dem-11737	104	31	investor	investor	NOUN
dem-11737	104	32	.	.	PUNCT
dem-11737	105	1	the	the	DET
dem-11737	105	2	investor	investor	NOUN
dem-11737	105	3	is	be	AUX
dem-11737	105	4	able	able	ADJ
dem-11737	105	5	to	to	PART
dem-11737	105	6	determine	determine	VERB
dem-11737	105	7	the	the	DET
dem-11737	105	8	horizon	horizon	NOUN
dem-11737	105	9	for	for	SCONJ
dem-11737	105	10	the	the	DET
dem-11737	105	11	portfolio	portfolio	NOUN
dem-11737	105	12	being	be	AUX
dem-11737	105	13	constructed	construct	VERB
dem-11737	105	14	or	or	CCONJ
dem-11737	105	15	decide	decide	VERB
dem-11737	105	16	about	about	ADP
dem-11737	105	17	the	the	DET
dem-11737	105	18	position	position	NOUN
dem-11737	105	19	that	that	PRON
dem-11737	105	20	should	should	AUX
dem-11737	105	21	be	be	AUX
dem-11737	105	22	taken	take	VERB
dem-11737	105	23	.	.	PUNCT
dem-11737	106	1	calculations	calculation	NOUN
dem-11737	106	2	were	be	AUX
dem-11737	106	3	made	make	VERB
dem-11737	106	4	using	use	VERB
dem-11737	106	5	the	the	DET
dem-11737	106	6	winqsb	winqsb	ADJ
dem-11737	106	7	package	package	NOUN
dem-11737	106	8	.	.	PUNCT
dem-11737	107	1	the	the	DET
dem-11737	107	2	matrix	matrix	NOUN
dem-11737	107	3	for	for	ADP
dem-11737	107	4	the	the	DET
dem-11737	107	5	wig	wig	NOUN
dem-11737	107	6	index	index	NOUN
dem-11737	107	7	takes	take	VERB
dem-11737	107	8	the	the	DET
dem-11737	107	9	following	follow	VERB
dem-11737	107	10	form	form	NOUN
dem-11737	107	11	:	:	PUNCT
dem-11737	107	12			NOUN
dem-11737	107	13			PROPN
dem-11737	108	1			PUNCT
dem-11737	108	2			PUNCT
dem-11737	109	1			NOUN
dem-11737	109	2			PUNCT
dem-11737	110	1			NOUN
dem-11737	110	2			PROPN
dem-11737	110	3			PROPN
dem-11737	110	4			X
dem-11737	110	5			NOUN
dem-11737	110	6			NOUN
dem-11737	110	7			NOUN
dem-11737	110	8			NOUN
dem-11737	110	9			NOUN
dem-11737	110	10			NOUN
dem-11737	110	11			NOUN
dem-11737	110	12			NOUN
dem-11737	110	13			NOUN
dem-11737	110	14			PROPN
dem-11737	110	15			NUM
dem-11737	110	16	7.451.96.27.22.127.39	7.451.96.27.22.127.39	NUM
dem-11737	110	17	9.463.105.26.29.111.39	9.463.105.26.29.111.39	NUM
dem-11737	110	18	1.474.106.26.26.114.39	1.474.106.26.26.114.39	NUM
dem-11737	110	19	5.473.105.27.24.112.39	5.473.105.27.24.112.39	NUM
dem-11737	110	20	3.461.107.28.20.116.37	3.461.107.28.20.116.37	NUM
dem-11737	110	21	1.458.99.20.36.116.32	1.458.99.20.36.116.32	NUM
dem-11737	110	22	m	m	NOUN
dem-11737	110	23	.	.	PUNCT
dem-11737	111	1	it	it	PRON
dem-11737	111	2	is	be	AUX
dem-11737	111	3	worth	worth	ADJ
dem-11737	111	4	noting	note	VERB
dem-11737	111	5	that	that	SCONJ
dem-11737	111	6	the	the	DET
dem-11737	111	7	expected	expect	VERB
dem-11737	111	8	passage	passage	NOUN
dem-11737	111	9	times	time	NOUN
dem-11737	111	10	from	from	ADP
dem-11737	111	11	any	any	DET
dem-11737	111	12	state	state	NOUN
dem-11737	111	13	to	to	ADP
dem-11737	111	14	the	the	DET
dem-11737	111	15	state	state	NOUN
dem-11737	111	16	which	which	PRON
dem-11737	111	17	is	be	AUX
dem-11737	111	18	characterized	characterize	VERB
dem-11737	111	19	by	by	ADP
dem-11737	111	20	a	a	DET
dem-11737	111	21	value	value	NOUN
dem-11737	111	22	greater	great	ADJ
dem-11737	111	23	than	than	ADP
dem-11737	111	24	twice	twice	DET
dem-11737	111	25	the	the	DET
dem-11737	111	26	standard	standard	ADJ
dem-11737	111	27	deviation	deviation	NOUN
dem-11737	111	28	are	be	AUX
dem-11737	111	29	very	very	ADV
dem-11737	111	30	large	large	ADJ
dem-11737	111	31	and	and	CCONJ
dem-11737	111	32	in	in	ADP
dem-11737	111	33	excess	excess	NOUN
dem-11737	111	34	of	of	ADP
dem-11737	111	35	one	one	NUM
dem-11737	111	36	month	month	NOUN
dem-11737	111	37	.	.	PUNCT
dem-11737	112	1	it	it	PRON
dem-11737	112	2	should	should	AUX
dem-11737	112	3	be	be	AUX
dem-11737	112	4	noted	note	VERB
dem-11737	112	5	,	,	PUNCT
dem-11737	112	6	however	however	ADV
dem-11737	112	7	,	,	PUNCT
dem-11737	112	8	that	that	SCONJ
dem-11737	112	9	negative	negative	ADJ
dem-11737	112	10	returns	return	NOUN
dem-11737	112	11	are	be	AUX
dem-11737	112	12	faster	fast	ADV
dem-11737	112	13	achieved	achieve	VERB
dem-11737	112	14	than	than	ADP
dem-11737	112	15	non	non	ADJ
dem-11737	112	16	-	-	ADJ
dem-11737	112	17	negative	negative	ADJ
dem-11737	112	18	ones	one	NOUN
dem-11737	112	19	.	.	PUNCT
dem-11737	113	1	somewhat	somewhat	ADV
dem-11737	113	2	different	different	ADJ
dem-11737	113	3	is	be	AUX
dem-11737	113	4	the	the	DET
dem-11737	113	5	situation	situation	NOUN
dem-11737	113	6	of	of	ADP
dem-11737	113	7	the	the	DET
dem-11737	113	8	single	single	ADJ
dem-11737	113	9	company	company	NOUN
dem-11737	113	10	tested	test	VERB
dem-11737	113	11	.	.	PUNCT
dem-11737	114	1	the	the	DET
dem-11737	114	2	analysed	analyse	VERB
dem-11737	114	3	rate	rate	NOUN
dem-11737	114	4	of	of	ADP
dem-11737	114	5	return	return	NOUN
dem-11737	114	6	for	for	ADP
dem-11737	114	7	budimex	budimex	NOUN
dem-11737	114	8	was	be	AUX
dem-11737	114	9	characterized	characterize	VERB
dem-11737	114	10	by	by	ADP
dem-11737	114	11	the	the	DET
dem-11737	114	12	following	follow	VERB
dem-11737	114	13	first	first	ADJ
dem-11737	114	14	passage	passage	NOUN
dem-11737	114	15	times	time	NOUN
dem-11737	114	16	matrix	matrix	NOUN
dem-11737	114	17	:	:	PUNCT
dem-11737	114	18			PROPN
dem-11737	115	1			PROPN
dem-11737	115	2			PUNCT
dem-11737	116	1			PUNCT
dem-11737	116	2			NOUN
dem-11737	117	1			PUNCT
dem-11737	117	2			NOUN
dem-11737	117	3			PROPN
dem-11737	117	4			PROPN
dem-11737	117	5			X
dem-11737	117	6			NOUN
dem-11737	117	7			NOUN
dem-11737	117	8			NOUN
dem-11737	117	9			NOUN
dem-11737	117	10			NOUN
dem-11737	117	11			NOUN
dem-11737	117	12			NOUN
dem-11737	117	13			NOUN
dem-11737	117	14			NOUN
dem-11737	117	15			PROPN
dem-11737	118	1			NUM
dem-11737	118	2	4.320.116.35.24.107.49	4.320.116.35.24.107.49	NUM
dem-11737	118	3	9.334.112.34.23.115.50	9.334.112.34.23.115.50	NUM
dem-11737	119	1	7.349.119.23.26.111.51	7.349.119.23.26.111.51	NUM
dem-11737	119	2	9.342.120.33.22.117.50	9.342.120.33.22.117.50	NUM
dem-11737	119	3	7.333.112.35.29.109.49	7.333.112.35.29.109.49	NUM
dem-11737	119	4	5.304.113.39.21.119.43	5.304.113.39.21.119.43	NUM
dem-11737	119	5	m	m	NOUN
dem-11737	119	6	.	.	PUNCT
dem-11737	120	1	here	here	ADV
dem-11737	120	2	,	,	PUNCT
dem-11737	120	3	the	the	DET
dem-11737	120	4	expected	expect	VERB
dem-11737	120	5	passage	passage	NOUN
dem-11737	120	6	times	time	NOUN
dem-11737	120	7	to	to	ADP
dem-11737	120	8	the	the	DET
dem-11737	120	9	class	class	NOUN
dem-11737	120	10	of	of	ADP
dem-11737	120	11	rates	rate	NOUN
dem-11737	120	12	lower	low	ADJ
dem-11737	120	13	than	than	ADP
dem-11737	120	14	twice	twice	DET
dem-11737	120	15	the	the	DET
dem-11737	120	16	standard	standard	ADJ
dem-11737	120	17	deviation	deviation	NOUN
dem-11737	120	18	are	be	AUX
dem-11737	120	19	larger	large	ADJ
dem-11737	120	20	than	than	ADP
dem-11737	120	21	the	the	DET
dem-11737	120	22	expected	expect	VERB
dem-11737	120	23	times	time	NOUN
dem-11737	120	24	of	of	ADP
dem-11737	120	25	the	the	DET
dem-11737	120	26	first	first	ADJ
dem-11737	120	27	passage	passage	NOUN
dem-11737	120	28	times	time	NOUN
dem-11737	120	29	to	to	ADP
dem-11737	120	30	the	the	DET
dem-11737	120	31	state	state	NOUN
dem-11737	120	32	with	with	ADP
dem-11737	120	33	a	a	DET
dem-11737	120	34	rate	rate	NOUN
dem-11737	120	35	of	of	ADP
dem-11737	120	36	return	return	NOUN
dem-11737	120	37	higher	high	ADJ
dem-11737	120	38	than	than	ADP
dem-11737	120	39	twice	twice	DET
dem-11737	120	40	the	the	DET
dem-11737	120	41	standard	standard	ADJ
dem-11737	120	42	deviation	deviation	NOUN
dem-11737	120	43	.	.	PUNCT
dem-11737	121	1	using	use	VERB
dem-11737	121	2	the	the	DET
dem-11737	121	3	first	first	ADJ
dem-11737	121	4	passage	passage	NOUN
dem-11737	121	5	times	time	NOUN
dem-11737	121	6	in	in	ADP
dem-11737	121	7	markov	markov	PROPN
dem-11737	121	8	chain	chain	NOUN
dem-11737	121	9	model	model	NOUN
dem-11737	121	10	...	...	PUNCT
dem-11737	121	11	dynamic	dynamic	ADJ
dem-11737	121	12	econometric	econometric	ADJ
dem-11737	121	13	models	model	NOUN
dem-11737	121	14	16	16	NUM
dem-11737	121	15	(	(	PUNCT
dem-11737	121	16	2016	2016	NUM
dem-11737	121	17	)	)	PUNCT
dem-11737	121	18	37–47	37–47	NUM
dem-11737	121	19	45	45	NUM
dem-11737	121	20	4	4	NUM
dem-11737	121	21	.	.	PUNCT
dem-11737	121	22	determination	determination	NOUN
dem-11737	121	23	of	of	ADP
dem-11737	121	24	var	var	NOUN
dem-11737	121	25	using	use	VERB
dem-11737	121	26	markov	markov	NOUN
dem-11737	121	27	chain	chain	NOUN
dem-11737	121	28	quantification	quantification	NOUN
dem-11737	121	29	of	of	ADP
dem-11737	121	30	risk	risk	NOUN
dem-11737	121	31	usually	usually	ADV
dem-11737	121	32	occurs	occur	VERB
dem-11737	121	33	by	by	ADP
dem-11737	121	34	determining	determine	VERB
dem-11737	121	35	the	the	DET
dem-11737	121	36	measure	measure	NOUN
dem-11737	121	37	known	know	VERB
dem-11737	121	38	as	as	ADP
dem-11737	121	39	var	var	NOUN
dem-11737	121	40	.	.	PUNCT
dem-11737	122	1	there	there	PRON
dem-11737	122	2	are	be	VERB
dem-11737	122	3	many	many	ADJ
dem-11737	122	4	ways	way	NOUN
dem-11737	122	5	of	of	ADP
dem-11737	122	6	determining	determine	VERB
dem-11737	122	7	the	the	DET
dem-11737	122	8	value	value	NOUN
dem-11737	122	9	at	at	ADP
dem-11737	122	10	risk	risk	NOUN
dem-11737	122	11	depending	depend	VERB
dem-11737	122	12	on	on	ADP
dem-11737	122	13	the	the	DET
dem-11737	122	14	model	model	NOUN
dem-11737	122	15	which	which	PRON
dem-11737	122	16	is	be	AUX
dem-11737	122	17	used	use	VERB
dem-11737	122	18	by	by	ADP
dem-11737	122	19	analysts	analyst	NOUN
dem-11737	122	20	or	or	CCONJ
dem-11737	122	21	investors	investor	NOUN
dem-11737	122	22	.	.	PUNCT
dem-11737	123	1	literature	literature	NOUN
dem-11737	123	2	on	on	ADP
dem-11737	123	3	this	this	DET
dem-11737	123	4	subject	subject	NOUN
dem-11737	123	5	is	be	AUX
dem-11737	123	6	really	really	ADV
dem-11737	123	7	abundant	abundant	ADJ
dem-11737	123	8	.	.	PUNCT
dem-11737	124	1	this	this	DET
dem-11737	124	2	article	article	NOUN
dem-11737	124	3	proposes	propose	VERB
dem-11737	124	4	to	to	PART
dem-11737	124	5	use	use	VERB
dem-11737	124	6	the	the	DET
dem-11737	124	7	markov	markov	NOUN
dem-11737	124	8	chain	chain	NOUN
dem-11737	124	9	methodology	methodology	NOUN
dem-11737	124	10	to	to	PART
dem-11737	124	11	determine	determine	VERB
dem-11737	124	12	var	var	NOUN
dem-11737	124	13	.	.	PUNCT
dem-11737	125	1	when	when	SCONJ
dem-11737	125	2	referring	refer	VERB
dem-11737	125	3	to	to	ADP
dem-11737	125	4	the	the	DET
dem-11737	125	5	classic	classic	ADJ
dem-11737	125	6	definition	definition	NOUN
dem-11737	125	7	of	of	ADP
dem-11737	125	8	value	value	NOUN
dem-11737	125	9	at	at	ADP
dem-11737	125	10	risk	risk	NOUN
dem-11737	125	11	(	(	PUNCT
dem-11737	125	12	osińska	osińska	NOUN
dem-11737	125	13	,	,	PUNCT
dem-11737	125	14	2006	2006	NUM
dem-11737	125	15	;	;	PUNCT
dem-11737	125	16	doman	doman	PROPN
dem-11737	125	17	,	,	PUNCT
dem-11737	125	18	doman	doman	NOUN
dem-11737	125	19	,	,	PUNCT
dem-11737	125	20	2009	2009	NUM
dem-11737	125	21	)	)	PUNCT
dem-11737	125	22	,	,	PUNCT
dem-11737	125	23	one	one	PRON
dem-11737	125	24	should	should	AUX
dem-11737	125	25	pay	pay	VERB
dem-11737	125	26	attention	attention	NOUN
dem-11737	125	27	to	to	ADP
dem-11737	125	28	the	the	DET
dem-11737	125	29	fact	fact	NOUN
dem-11737	125	30	that	that	SCONJ
dem-11737	125	31	the	the	DET
dem-11737	125	32	market	market	NOUN
dem-11737	125	33	value	value	NOUN
dem-11737	125	34	is	be	AUX
dem-11737	125	35	linked	link	VERB
dem-11737	125	36	to	to	ADP
dem-11737	125	37	the	the	DET
dem-11737	125	38	present	present	ADJ
dem-11737	125	39	rate	rate	NOUN
dem-11737	125	40	of	of	ADP
dem-11737	125	41	return	return	NOUN
dem-11737	125	42	and	and	CCONJ
dem-11737	125	43	the	the	DET
dem-11737	125	44	horizon	horizon	NOUN
dem-11737	125	45	,	,	PUNCT
dem-11737	125	46	i.e.	i.e.	X
dem-11737	125	47	,	,	PUNCT
dem-11737	125	48	the	the	DET
dem-11737	125	49	accepted	accepted	ADJ
dem-11737	125	50	time	time	NOUN
dem-11737	125	51	interval	interval	NOUN
dem-11737	125	52	.	.	PUNCT
dem-11737	126	1	these	these	DET
dem-11737	126	2	two	two	NUM
dem-11737	126	3	elements	element	NOUN
dem-11737	126	4	are	be	AUX
dem-11737	126	5	exposed	expose	VERB
dem-11737	126	6	in	in	ADP
dem-11737	126	7	a	a	DET
dem-11737	126	8	markov	markov	NOUN
dem-11737	126	9	chain	chain	NOUN
dem-11737	126	10	.	.	PUNCT
dem-11737	127	1	one	one	NUM
dem-11737	127	2	takes	take	VERB
dem-11737	127	3	the	the	DET
dem-11737	127	4	form	form	NOUN
dem-11737	127	5	of	of	ADP
dem-11737	127	6	state	state	NOUN
dem-11737	127	7	as	as	ADP
dem-11737	127	8	a	a	DET
dem-11737	127	9	range	range	NOUN
dem-11737	127	10	of	of	ADP
dem-11737	127	11	the	the	DET
dem-11737	127	12	rate	rate	NOUN
dem-11737	127	13	of	of	ADP
dem-11737	127	14	return	return	NOUN
dem-11737	127	15	,	,	PUNCT
dem-11737	127	16	the	the	DET
dem-11737	127	17	other	other	ADJ
dem-11737	127	18	is	be	AUX
dem-11737	127	19	linked	link	VERB
dem-11737	127	20	to	to	ADP
dem-11737	127	21	the	the	DET
dem-11737	127	22	time	time	NOUN
dem-11737	127	23	aggregation	aggregation	NOUN
dem-11737	127	24	(	(	PUNCT
dem-11737	127	25	chains	chain	NOUN
dem-11737	127	26	based	base	VERB
dem-11737	127	27	on	on	ADP
dem-11737	127	28	daily	daily	ADJ
dem-11737	127	29	,	,	PUNCT
dem-11737	127	30	weekly	weekly	ADJ
dem-11737	127	31	,	,	PUNCT
dem-11737	127	32	and	and	CCONJ
dem-11737	127	33	monthly	monthly	ADJ
dem-11737	127	34	data	datum	NOUN
dem-11737	127	35	)	)	PUNCT
dem-11737	127	36	and	and	CCONJ
dem-11737	127	37	the	the	DET
dem-11737	127	38	expected	expect	VERB
dem-11737	127	39	time	time	NOUN
dem-11737	127	40	of	of	ADP
dem-11737	127	41	reaching	reach	VERB
dem-11737	127	42	a	a	DET
dem-11737	127	43	specified	specified	ADJ
dem-11737	127	44	state	state	NOUN
dem-11737	127	45	for	for	ADP
dem-11737	127	46	the	the	DET
dem-11737	127	47	first	first	ADJ
dem-11737	127	48	time	time	NOUN
dem-11737	127	49	.	.	PUNCT
dem-11737	128	1	the	the	DET
dem-11737	128	2	idea	idea	NOUN
dem-11737	128	3	is	be	AUX
dem-11737	128	4	to	to	PART
dem-11737	128	5	construct	construct	VERB
dem-11737	128	6	states	state	NOUN
dem-11737	128	7	appropriately	appropriately	ADV
dem-11737	128	8	including	include	VERB
dem-11737	128	9	the	the	DET
dem-11737	128	10	state	state	NOUN
dem-11737	128	11	of	of	ADP
dem-11737	128	12	risk	risk	NOUN
dem-11737	128	13	)	)	PUNCT
dem-11737	128	14	,	,	PUNCT
dem-11737	128	15	,	,	PUNCT
dem-11737	128	16	(	(	PUNCT
dem-11737	128	17	1	1	NUM
dem-11737	128	18	vars	var	NOUN
dem-11737	128	19			NOUN
dem-11737	128	20	as	as	ADV
dem-11737	128	21	well	well	ADV
dem-11737	128	22	as	as	ADP
dem-11737	128	23	the	the	DET
dem-11737	128	24	state	state	NOUN
dem-11737	128	25	which	which	PRON
dem-11737	128	26	contains	contain	VERB
dem-11737	128	27	the	the	DET
dem-11737	128	28	rate	rate	NOUN
dem-11737	128	29	of	of	ADP
dem-11737	128	30	return	return	NOUN
dem-11737	128	31	at	at	ADP
dem-11737	128	32	the	the	DET
dem-11737	128	33	present	present	ADJ
dem-11737	128	34	time	time	NOUN
dem-11737	128	35	t	t	PROPN
dem-11737	128	36	)	)	PUNCT
dem-11737	128	37	,	,	PUNCT
dem-11737	128	38	[	[	PUNCT
dem-11737	128	39	yxsb	yxsb	NOUN
dem-11737	128	40			PROPN
dem-11737	128	41	.	.	PUNCT
dem-11737	129	1	state	state	NOUN
dem-11737	129	2	2s	2s	PROPN
dem-11737	129	3	can	can	AUX
dem-11737	129	4	be	be	AUX
dem-11737	129	5	determined	determine	VERB
dem-11737	129	6	in	in	ADP
dem-11737	129	7	the	the	DET
dem-11737	129	8	form	form	NOUN
dem-11737	129	9	)	)	PUNCT
dem-11737	130	1	0,[2	0,[2	NUM
dem-11737	130	2	vars	var	NOUN
dem-11737	130	3			ADV
dem-11737	130	4	as	as	ADV
dem-11737	130	5	long	long	ADV
dem-11737	130	6	as	as	SCONJ
dem-11737	130	7	the	the	DET
dem-11737	130	8	current	current	ADJ
dem-11737	130	9	value	value	NOUN
dem-11737	130	10	of	of	ADP
dem-11737	130	11	the	the	DET
dem-11737	130	12	rate	rate	NOUN
dem-11737	130	13	satisfies	satisfy	VERB
dem-11737	130	14	the	the	DET
dem-11737	130	15	condition	condition	NOUN
dem-11737	130	16	0x	0x	NUM
dem-11737	130	17	.	.	PUNCT
dem-11737	131	1	this	this	DET
dem-11737	131	2	structure	structure	NOUN
dem-11737	131	3	state	state	NOUN
dem-11737	131	4	of	of	ADP
dem-11737	131	5	state	state	NOUN
dem-11737	131	6	2s	2s	PROPN
dem-11737	131	7	is	be	AUX
dem-11737	131	8	not	not	PART
dem-11737	131	9	necessary	necessary	ADJ
dem-11737	131	10	and	and	CCONJ
dem-11737	131	11	may	may	AUX
dem-11737	131	12	be	be	AUX
dem-11737	131	13	determined	determine	VERB
dem-11737	131	14	as	as	ADP
dem-11737	131	15	)	)	PUNCT
dem-11737	131	16	,	,	PUNCT
dem-11737	131	17	[	[	X
dem-11737	131	18	2	2	NUM
dem-11737	131	19	zvars	zvar	NOUN
dem-11737	131	20			NOUN
dem-11737	131	21	providing	provide	VERB
dem-11737	131	22	zx	zx	PROPN
dem-11737	131	23			NUM
dem-11737	131	24	.	.	PUNCT
dem-11737	132	1	value	value	NOUN
dem-11737	132	2	at	at	ADP
dem-11737	132	3	risk	risk	NOUN
dem-11737	132	4	is	be	AUX
dem-11737	132	5	determined	determine	VERB
dem-11737	132	6	empirically	empirically	ADV
dem-11737	132	7	by	by	ADP
dem-11737	132	8	changing	change	VERB
dem-11737	132	9	the	the	DET
dem-11737	132	10	range	range	NOUN
dem-11737	132	11	of	of	ADP
dem-11737	132	12	state	state	NOUN
dem-11737	132	13	1s	1	NOUN
dem-11737	132	14	and	and	CCONJ
dem-11737	132	15	thus	thus	ADV
dem-11737	132	16	at	at	ADP
dem-11737	132	17	the	the	DET
dem-11737	132	18	same	same	ADJ
dem-11737	132	19	time	time	NOUN
dem-11737	132	20	the	the	DET
dem-11737	132	21	interval	interval	NOUN
dem-11737	132	22	of	of	ADP
dem-11737	132	23	state	state	NOUN
dem-11737	132	24	2s	2s	NUM
dem-11737	132	25	until	until	ADP
dem-11737	132	26	the	the	DET
dem-11737	132	27	time	time	NOUN
dem-11737	132	28	when	when	SCONJ
dem-11737	132	29	the	the	DET
dem-11737	132	30	transition	transition	NOUN
dem-11737	132	31	probability	probability	NOUN
dem-11737	132	32	1bp	1bp	ADJ
dem-11737	132	33	in	in	ADP
dem-11737	132	34	matrix	matrix	NOUN
dem-11737	132	35	p	p	NOUN
dem-11737	132	36	reaches	reach	VERB
dem-11737	132	37	the	the	DET
dem-11737	132	38	assumed	assumed	ADJ
dem-11737	132	39	level	level	NOUN
dem-11737	132	40	of	of	ADP
dem-11737	132	41	risk	risk	NOUN
dem-11737	132	42	.	.	PUNCT
dem-11737	133	1	analysis	analysis	NOUN
dem-11737	133	2	of	of	ADP
dem-11737	133	3	the	the	DET
dem-11737	133	4	transition	transition	NOUN
dem-11737	133	5	matrix	matrix	NOUN
dem-11737	133	6	of	of	ADP
dem-11737	133	7	the	the	DET
dem-11737	133	8	budimex	budimex	NOUN
dem-11737	133	9	company	company	NOUN
dem-11737	133	10	allows	allow	VERB
dem-11737	133	11	to	to	PART
dem-11737	133	12	determine	determine	VERB
dem-11737	133	13	var	var	NOUN
dem-11737	133	14	in	in	ADP
dem-11737	133	15	accordance	accordance	NOUN
dem-11737	133	16	with	with	ADP
dem-11737	133	17	the	the	DET
dem-11737	133	18	above	above	ADJ
dem-11737	133	19	manner	manner	NOUN
dem-11737	133	20	.	.	PUNCT
dem-11737	134	1	it	it	PRON
dem-11737	134	2	was	be	AUX
dem-11737	134	3	assumed	assume	VERB
dem-11737	134	4	that	that	SCONJ
dem-11737	134	5	the	the	DET
dem-11737	134	6	last	last	ADJ
dem-11737	134	7	observed	observe	VERB
dem-11737	134	8	rate	rate	NOUN
dem-11737	134	9	of	of	ADP
dem-11737	134	10	return	return	NOUN
dem-11737	134	11	was	be	AUX
dem-11737	134	12	contained	contain	VERB
dem-11737	134	13	in	in	ADP
dem-11737	134	14	the	the	DET
dem-11737	134	15	interval	interval	NOUN
dem-11737	134	16	)	)	PUNCT
dem-11737	134	17	01.0;0.0[4	01.0;0.0[4	ADJ
dem-11737	134	18			NUM
dem-11737	134	19	ssb	ssb	PROPN
dem-11737	134	20	.	.	PUNCT
dem-11737	135	1	the	the	DET
dem-11737	135	2	rate	rate	NOUN
dem-11737	135	3	of	of	ADP
dem-11737	135	4	return	return	NOUN
dem-11737	135	5	as	as	ADP
dem-11737	135	6	of	of	ADP
dem-11737	135	7	8	8	NUM
dem-11737	135	8	th	th	NOUN
dem-11737	135	9	of	of	ADP
dem-11737	135	10	november	november	PROPN
dem-11737	135	11	,	,	PUNCT
dem-11737	135	12	2016	2016	NUM
dem-11737	135	13	was	be	AUX
dem-11737	135	14	r	r	NOUN
dem-11737	135	15	=	=	PUNCT
dem-11737	135	16	0.004149	0.004149	NUM
dem-11737	135	17	.	.	PUNCT
dem-11737	136	1	other	other	ADJ
dem-11737	136	2	classes	class	NOUN
dem-11737	136	3	were	be	AUX
dem-11737	136	4	determined	determine	VERB
dem-11737	136	5	in	in	ADP
dem-11737	136	6	as	as	SCONJ
dem-11737	136	7	follows	follow	VERB
dem-11737	136	8	:	:	PUNCT
dem-11737	136	9	józef	józef	ADJ
dem-11737	136	10	stawicki	stawicki	PROPN
dem-11737	136	11	dynamic	dynamic	ADJ
dem-11737	136	12	econometric	econometric	ADJ
dem-11737	136	13	models	model	NOUN
dem-11737	136	14	16	16	NUM
dem-11737	136	15	(	(	PUNCT
dem-11737	136	16	2016	2016	NUM
dem-11737	136	17	)	)	PUNCT
dem-11737	136	18	37–47	37–47	NUM
dem-11737	136	19	46	46	NUM
dem-11737	136	20	)	)	PUNCT
dem-11737	136	21	.;03.0	.;03.0	NOUN
dem-11737	136	22	[	[	PUNCT
dem-11737	136	23	)	)	PUNCT
dem-11737	136	24	,	,	PUNCT
dem-11737	136	25	03.0;01.0	03.0;01.0	PROPN
dem-11737	136	26	[	[	PUNCT
dem-11737	136	27	)	)	PUNCT
dem-11737	136	28	,	,	PUNCT
dem-11737	136	29	01.0;0	01.0;0	NOUN
dem-11737	136	30	[	[	PUNCT
dem-11737	136	31	)	)	PUNCT
dem-11737	136	32	,	,	PUNCT
dem-11737	136	33	0;01.0	0;01.0	PROPN
dem-11737	136	34	[	[	X
dem-11737	136	35	)	)	PUNCT
dem-11737	136	36	,	,	PUNCT
dem-11737	136	37	01.0	01.0	NUM
dem-11737	136	38	;	;	PUNCT
dem-11737	136	39	[	[	PUNCT
dem-11737	136	40	)	)	PUNCT
dem-11737	136	41	,	,	PUNCT
dem-11737	136	42	;	;	PUNCT
dem-11737	136	43	(	(	PUNCT
dem-11737	136	44	6	6	NUM
dem-11737	136	45	5	5	NUM
dem-11737	136	46	4	4	NUM
dem-11737	136	47	3	3	NUM
dem-11737	136	48	2	2	NUM
dem-11737	136	49	1	1	NUM
dem-11737	136	50			NUM
dem-11737	137	1			PRON
dem-11737	137	2			PROPN
dem-11737	137	3			ADJ
dem-11737	137	4			PUNCT
dem-11737	137	5			NOUN
dem-11737	137	6	s	s	VERB
dem-11737	137	7	s	s	X
dem-11737	137	8	s	s	NOUN
dem-11737	137	9	s	s	NOUN
dem-11737	137	10	vars	var	NOUN
dem-11737	137	11	vars	var	NOUN
dem-11737	137	12	the	the	DET
dem-11737	137	13	current	current	ADJ
dem-11737	137	14	state	state	NOUN
dem-11737	137	15	,	,	PUNCT
dem-11737	137	16	i.e.	i.e.	X
dem-11737	137	17	,	,	PUNCT
dem-11737	137	18	state	state	NOUN
dem-11737	137	19	bs	bs	NOUN
dem-11737	137	20	,	,	PUNCT
dem-11737	137	21	is	be	AUX
dem-11737	137	22	state	state	NOUN
dem-11737	137	23	4s	4s	NUM
dem-11737	137	24	.	.	PUNCT
dem-11737	138	1	the	the	DET
dem-11737	138	2	transition	transition	NOUN
dem-11737	138	3	matrix	matrix	NOUN
dem-11737	138	4	allowing	allow	VERB
dem-11737	138	5	05.01	05.01	NUM
dem-11737	138	6	bp	bp	NOUN
dem-11737	138	7	is	be	AUX
dem-11737	138	8	the	the	DET
dem-11737	138	9	following	follow	VERB
dem-11737	138	10	matrix	matrix	NOUN
dem-11737	138	11	:	:	PUNCT
dem-11737	138	12	,	,	PUNCT
dem-11737	138	13	1564.01673.01964.01418.02545.00836.0	1564.01673.01964.01418.02545.00836.0	NUM
dem-11737	138	14	0835.01967.03010.01699.02072.00.0417	0835.01967.03010.01699.02072.00.0417	NOUN
dem-11737	138	15	0639.01957.03069.02091.01751.0	0639.01957.03069.02091.01751.0	NUM
dem-11737	139	1	0456.01626.03191.02219.01900,00608.0	0456.01626.03191.02219.01900,00608.0	NUM
dem-11737	139	2	0687.02311.02456.01944.01915.00687.0	0687.02311.02456.01944.01915.00687.0	NUM
dem-11737	140	1	1729.01729.01822.01122.02290.01308.0	1729.01729.01822.01122.02290.01308.0	NUM
dem-11737	140	2			NOUN
dem-11737	141	1			PROPN
dem-11737	142	1			PUNCT
dem-11737	143	1			PUNCT
dem-11737	143	2			NOUN
dem-11737	144	1			PUNCT
dem-11737	144	2			NOUN
dem-11737	144	3			PROPN
dem-11737	144	4			PROPN
dem-11737	144	5			X
dem-11737	144	6			NOUN
dem-11737	144	7			NOUN
dem-11737	144	8			NOUN
dem-11737	144	9			NOUN
dem-11737	144	10			NOUN
dem-11737	144	11			NOUN
dem-11737	144	12			NOUN
dem-11737	144	13			NOUN
dem-11737	144	14			VERB
dem-11737	144	15			PROPN
dem-11737	144	16			NOUN
dem-11737	144	17	0.0494	0.0494	NUM
dem-11737	144	18	p	p	NOUN
dem-11737	144	19	for	for	ADP
dem-11737	144	20	which	which	PRON
dem-11737	144	21	state	state	NOUN
dem-11737	144	22	)	)	PUNCT
dem-11737	144	23	03.0;(1	03.0;(1	NOUN
dem-11737	144	24	s	s	NOUN
dem-11737	144	25	.	.	PUNCT
dem-11737	145	1	that	that	PRON
dem-11737	145	2	means	mean	VERB
dem-11737	145	3	that	that	DET
dem-11737	145	4	var	var	NOUN
dem-11737	145	5	=	=	PUNCT
dem-11737	145	6	–	–	PUNCT
dem-11737	145	7	0.03	0.03	NUM
dem-11737	145	8	.	.	PUNCT
dem-11737	146	1	the	the	DET
dem-11737	146	2	matrix	matrix	NOUN
dem-11737	146	3	determined	determine	VERB
dem-11737	146	4	in	in	ADP
dem-11737	146	5	that	that	DET
dem-11737	146	6	way	way	NOUN
dem-11737	146	7	has	have	AUX
dem-11737	146	8	also	also	ADV
dem-11737	146	9	interesting	interesting	ADJ
dem-11737	146	10	expected	expect	VERB
dem-11737	146	11	times	time	NOUN
dem-11737	146	12	of	of	ADP
dem-11737	146	13	achieving	achieve	VERB
dem-11737	146	14	individual	individual	ADJ
dem-11737	146	15	states	state	NOUN
dem-11737	146	16	.	.	PUNCT
dem-11737	147	1	this	this	DET
dem-11737	147	2	matrix	matrix	NOUN
dem-11737	147	3	takes	take	VERB
dem-11737	147	4	the	the	DET
dem-11737	147	5	following	follow	VERB
dem-11737	147	6	form	form	NOUN
dem-11737	147	7	:	:	PUNCT
dem-11737	147	8			NOUN
dem-11737	147	9			PROPN
dem-11737	148	1			PUNCT
dem-11737	148	2			PUNCT
dem-11737	149	1			NOUN
dem-11737	149	2			PUNCT
dem-11737	150	1			NOUN
dem-11737	150	2			PROPN
dem-11737	150	3			PROPN
dem-11737	150	4			X
dem-11737	150	5			NOUN
dem-11737	150	6			NOUN
dem-11737	150	7			NOUN
dem-11737	150	8			NOUN
dem-11737	150	9			NOUN
dem-11737	150	10			NOUN
dem-11737	150	11			NOUN
dem-11737	150	12			NOUN
dem-11737	150	13			VERB
dem-11737	150	14			PROPN
dem-11737	150	15			NUM
dem-11737	150	16	6.123.51.48.57.41.17	6.123.51.48.57.41.17	ADJ
dem-11737	151	1	7.132.56.36.50.5	7.132.56.36.50.5	NUM
dem-11737	151	2	0.142.56.33.52.5	0.142.56.33.52.5	NOUN
dem-11737	151	3	2.144.55.33.51.55.17	2.144.55.33.51.55.17	NUM
dem-11737	151	4	9.130.58.34.51.54.17	9.130.58.34.51.54.17	NUM
dem-11737	151	5	3,123.51.49.58.42.16	3,123.51.49.58.42.16	NUM
dem-11737	151	6	17.9	17.9	NUM
dem-11737	151	7	17.8	17.8	NUM
dem-11737	151	8	m	m	NOUN
dem-11737	151	9	.	.	PUNCT
dem-11737	152	1	the	the	DET
dem-11737	152	2	expected	expect	VERB
dem-11737	152	3	time	time	NOUN
dem-11737	152	4	of	of	ADP
dem-11737	152	5	the	the	DET
dem-11737	152	6	first	first	ADJ
dem-11737	152	7	attainment	attainment	NOUN
dem-11737	152	8	of	of	ADP
dem-11737	152	9	the	the	DET
dem-11737	152	10	state	state	NOUN
dem-11737	152	11	of	of	ADP
dem-11737	152	12	risk	risk	NOUN
dem-11737	152	13	from	from	ADP
dem-11737	152	14	the	the	DET
dem-11737	152	15	present	present	ADJ
dem-11737	152	16	state	state	NOUN
dem-11737	152	17	is	be	AUX
dem-11737	152	18	relatively	relatively	ADV
dem-11737	152	19	high	high	ADJ
dem-11737	152	20	and	and	CCONJ
dem-11737	152	21	amounts	amount	VERB
dem-11737	152	22	to	to	ADP
dem-11737	152	23	17.8	17.8	NUM
dem-11737	152	24	days	day	NOUN
dem-11737	152	25	.	.	PUNCT
dem-11737	153	1	conclusions	conclusion	NOUN
dem-11737	153	2	the	the	DET
dem-11737	153	3	proposals	proposal	NOUN
dem-11737	153	4	do	do	AUX
dem-11737	153	5	not	not	PART
dem-11737	153	6	exhaust	exhaust	VERB
dem-11737	153	7	all	all	DET
dem-11737	153	8	the	the	DET
dem-11737	153	9	possibilities	possibility	NOUN
dem-11737	153	10	offered	offer	VERB
dem-11737	153	11	by	by	ADP
dem-11737	153	12	the	the	DET
dem-11737	153	13	tool	tool	NOUN
dem-11737	153	14	in	in	ADP
dem-11737	153	15	the	the	DET
dem-11737	153	16	form	form	NOUN
dem-11737	153	17	of	of	ADP
dem-11737	153	18	markov	markov	NOUN
dem-11737	153	19	chain	chain	NOUN
dem-11737	153	20	.	.	PUNCT
dem-11737	154	1	a	a	DET
dem-11737	154	2	comparison	comparison	NOUN
dem-11737	154	3	of	of	ADP
dem-11737	154	4	the	the	DET
dem-11737	154	5	processes	process	NOUN
dem-11737	154	6	with	with	ADP
dem-11737	154	7	gaussian	gaussian	ADJ
dem-11737	154	8	white	white	ADJ
dem-11737	154	9	noise	noise	NOUN
dem-11737	154	10	showed	show	VERB
dem-11737	154	11	a	a	DET
dem-11737	154	12	considerable	considerable	ADJ
dem-11737	154	13	discrepancy	discrepancy	NOUN
dem-11737	154	14	.	.	PUNCT
dem-11737	155	1	this	this	PRON
dem-11737	155	2	only	only	ADV
dem-11737	155	3	confirms	confirm	VERB
dem-11737	155	4	the	the	DET
dem-11737	155	5	results	result	NOUN
dem-11737	155	6	already	already	ADV
dem-11737	155	7	described	describe	VERB
dem-11737	155	8	by	by	ADP
dem-11737	155	9	the	the	DET
dem-11737	155	10	subject	subject	NOUN
dem-11737	155	11	literature	literature	NOUN
dem-11737	155	12	.	.	PUNCT
dem-11737	156	1	using	use	VERB
dem-11737	156	2	the	the	DET
dem-11737	156	3	first	first	ADJ
dem-11737	156	4	passage	passage	NOUN
dem-11737	156	5	times	time	NOUN
dem-11737	156	6	in	in	ADP
dem-11737	156	7	markov	markov	PROPN
dem-11737	156	8	chain	chain	NOUN
dem-11737	156	9	model	model	NOUN
dem-11737	156	10	...	...	PUNCT
dem-11737	156	11	dynamic	dynamic	ADJ
dem-11737	156	12	econometric	econometric	ADJ
dem-11737	156	13	models	model	NOUN
dem-11737	156	14	16	16	NUM
dem-11737	156	15	(	(	PUNCT
dem-11737	156	16	2016	2016	NUM
dem-11737	156	17	)	)	PUNCT
dem-11737	156	18	37–47	37–47	NUM
dem-11737	156	19	47	47	NUM
dem-11737	156	20	especially	especially	ADV
dem-11737	156	21	important	important	ADJ
dem-11737	156	22	is	be	AUX
dem-11737	156	23	the	the	DET
dem-11737	156	24	proposal	proposal	NOUN
dem-11737	156	25	of	of	ADP
dem-11737	156	26	determining	determine	VERB
dem-11737	156	27	var	var	NOUN
dem-11737	156	28	with	with	ADP
dem-11737	156	29	a	a	DET
dem-11737	156	30	very	very	ADV
dem-11737	156	31	simple	simple	ADJ
dem-11737	156	32	interpretation	interpretation	NOUN
dem-11737	156	33	in	in	ADP
dem-11737	156	34	the	the	DET
dem-11737	156	35	markov	markov	NOUN
dem-11737	156	36	chain	chain	NOUN
dem-11737	156	37	model	model	NOUN
dem-11737	156	38	.	.	PUNCT
dem-11737	157	1	the	the	DET
dem-11737	157	2	result	result	NOUN
dem-11737	157	3	in	in	ADP
dem-11737	157	4	the	the	DET
dem-11737	157	5	form	form	NOUN
dem-11737	157	6	of	of	ADP
dem-11737	157	7	expected	expect	VERB
dem-11737	157	8	time	time	NOUN
dem-11737	157	9	of	of	ADP
dem-11737	157	10	achieving	achieve	VERB
dem-11737	157	11	the	the	DET
dem-11737	157	12	appropriate	appropriate	ADJ
dem-11737	157	13	states	state	NOUN
dem-11737	157	14	is	be	AUX
dem-11737	157	15	significant	significant	ADJ
dem-11737	157	16	.	.	PUNCT
dem-11737	158	1	this	this	PRON
dem-11737	158	2	applies	apply	VERB
dem-11737	158	3	to	to	ADP
dem-11737	158	4	both	both	DET
dem-11737	158	5	processes	process	NOUN
dem-11737	158	6	where	where	SCONJ
dem-11737	158	7	states	state	NOUN
dem-11737	158	8	were	be	AUX
dem-11737	158	9	constructed	construct	VERB
dem-11737	158	10	by	by	ADP
dem-11737	158	11	standard	standard	ADJ
dem-11737	158	12	deviation	deviation	NOUN
dem-11737	158	13	and	and	CCONJ
dem-11737	158	14	to	to	ADP
dem-11737	158	15	the	the	DET
dem-11737	158	16	construction	construction	NOUN
dem-11737	158	17	of	of	ADP
dem-11737	158	18	states	state	NOUN
dem-11737	158	19	in	in	ADP
dem-11737	158	20	search	search	NOUN
dem-11737	158	21	of	of	ADP
dem-11737	158	22	value	value	NOUN
dem-11737	158	23	at	at	ADP
dem-11737	158	24	risk	risk	NOUN
dem-11737	158	25	.	.	PUNCT
dem-11737	159	1	the	the	DET
dem-11737	159	2	above	above	ADJ
dem-11737	159	3	results	result	NOUN
dem-11737	159	4	are	be	AUX
dem-11737	159	5	an	an	DET
dem-11737	159	6	incentive	incentive	NOUN
dem-11737	159	7	for	for	ADP
dem-11737	159	8	undertaking	undertake	VERB
dem-11737	159	9	further	further	ADJ
dem-11737	159	10	research	research	NOUN
dem-11737	159	11	.	.	PUNCT
dem-11737	160	1	in	in	ADP
dem-11737	160	2	particular	particular	ADJ
dem-11737	160	3	,	,	PUNCT
dem-11737	160	4	this	this	PRON
dem-11737	160	5	concerns	concern	VERB
dem-11737	160	6	the	the	DET
dem-11737	160	7	influence	influence	NOUN
dem-11737	160	8	of	of	ADP
dem-11737	160	9	aggregation	aggregation	NOUN
dem-11737	160	10	of	of	ADP
dem-11737	160	11	states	state	NOUN
dem-11737	160	12	in	in	ADP
dem-11737	160	13	markov	markov	NOUN
dem-11737	160	14	chain	chain	NOUN
dem-11737	160	15	on	on	ADP
dem-11737	160	16	the	the	DET
dem-11737	160	17	results	result	NOUN
dem-11737	160	18	presented	present	VERB
dem-11737	160	19	in	in	ADP
dem-11737	160	20	the	the	DET
dem-11737	160	21	work	work	NOUN
dem-11737	160	22	.	.	PUNCT
dem-11737	161	1	references	reference	NOUN
dem-11737	161	2	osińska	osińska	NOUN
dem-11737	161	3	,	,	PUNCT
dem-11737	161	4	m.	m.	NOUN
dem-11737	161	5	(	(	PUNCT
dem-11737	161	6	2006	2006	NUM
dem-11737	161	7	)	)	PUNCT
dem-11737	161	8	,	,	PUNCT
dem-11737	161	9	ekonometria	ekonometria	PROPN
dem-11737	161	10	finansowa	finansowa	PROPN
dem-11737	161	11	,	,	PUNCT
dem-11737	161	12	polskie	polskie	NOUN
dem-11737	161	13	wydawnictwo	wydawnictwo	PROPN
dem-11737	161	14	ekonomiczne	ekonomiczne	PROPN
dem-11737	161	15	,	,	PUNCT
dem-11737	161	16	warszawa	warszawa	PROPN
dem-11737	161	17	.	.	PUNCT
dem-11737	162	1	doman	doman	PROPN
dem-11737	162	2	,	,	PUNCT
dem-11737	162	3	m.	m.	NOUN
dem-11737	162	4	,	,	PUNCT
dem-11737	162	5	doman	doman	PROPN
dem-11737	162	6	,	,	PUNCT
dem-11737	162	7	r.	r.	PROPN
dem-11737	162	8	(	(	PUNCT
dem-11737	162	9	2009	2009	NUM
dem-11737	162	10	)	)	PUNCT
dem-11737	162	11	,	,	PUNCT
dem-11737	162	12	modelowanie	modelowanie	NOUN
dem-11737	162	13	zmienności	zmienności	PROPN
dem-11737	162	14	i	i	PRON
dem-11737	162	15	ryzyka	ryzyka	VERB
dem-11737	162	16	,	,	PUNCT
dem-11737	162	17	wolter	wolter	PROPN
dem-11737	162	18	kluwer	kluwer	PROPN
dem-11737	162	19	polska	polska	PROPN
dem-11737	162	20	,	,	PUNCT
dem-11737	162	21	kraków	kraków	PROPN
dem-11737	162	22	.	.	PUNCT
dem-11737	163	1	decewicz	decewicz	PROPN
dem-11737	163	2	,	,	PUNCT
dem-11737	163	3	a.	a.	NOUN
dem-11737	163	4	(	(	PUNCT
dem-11737	163	5	2011	2011	NUM
dem-11737	163	6	)	)	PUNCT
dem-11737	163	7	,	,	PUNCT
dem-11737	163	8	probabilistyczne	probabilistyczne	PROPN
dem-11737	163	9	modele	modele	PROPN
dem-11737	163	10	badań	badań	PROPN
dem-11737	163	11	operacyjnych	operacyjnych	PROPN
dem-11737	163	12	,	,	PUNCT
dem-11737	163	13	oficyna	oficyna	PROPN
dem-11737	163	14	wydawnicza	wydawnicza	PROPN
dem-11737	163	15	sgh	sgh	PROPN
dem-11737	163	16	,	,	PUNCT
dem-11737	163	17	warszawa	warszawa	PROPN
dem-11737	163	18	.	.	PUNCT
dem-11737	164	1	podgórska	podgórska	PROPN
dem-11737	164	2	,	,	PUNCT
dem-11737	164	3	m.	m.	NOUN
dem-11737	164	4	,	,	PUNCT
dem-11737	164	5	śliwka	śliwka	ADJ
dem-11737	164	6	,	,	PUNCT
dem-11737	164	7	p.	p.	NOUN
dem-11737	164	8	,	,	PUNCT
dem-11737	164	9	topolewski	topolewski	NOUN
dem-11737	164	10	,	,	PUNCT
dem-11737	164	11	m.	m.	NOUN
dem-11737	164	12	,	,	PUNCT
dem-11737	164	13	wrzosek	wrzosek	NOUN
dem-11737	164	14	,	,	PUNCT
dem-11737	164	15	m.	m.	NOUN
dem-11737	164	16	(	(	PUNCT
dem-11737	164	17	2002	2002	NUM
dem-11737	164	18	)	)	PUNCT
dem-11737	164	19	,	,	PUNCT
dem-11737	164	20	łańcuchy	łańcuchy	NOUN
dem-11737	164	21	markowa	markowa	PROPN
dem-11737	165	1	w	w	PROPN
dem-11737	165	2	teorii	teorii	PROPN
dem-11737	166	1	i	i	INTJ
dem-11737	166	2	w	w	PROPN
dem-11737	166	3	zastosowaniach	zastosowaniach	PROPN
dem-11737	166	4	,	,	PUNCT
dem-11737	166	5	oficyna	oficyna	PROPN
dem-11737	166	6	wydawnicza	wydawnicza	PROPN
dem-11737	166	7	sgh	sgh	PROPN
dem-11737	166	8	,	,	PUNCT
dem-11737	166	9	warszawa	warszawa	PROPN
dem-11737	166	10	.	.	PUNCT
dem-11737	167	1	ching	ching	PROPN
dem-11737	167	2	,	,	PUNCT
dem-11737	167	3	w.	w.	PROPN
dem-11737	167	4	,	,	PUNCT
dem-11737	167	5	ng	ng	PROPN
dem-11737	167	6	,	,	PUNCT
dem-11737	167	7	m.	m.	NOUN
dem-11737	167	8	,k	,k	PROPN
dem-11737	167	9	.	.	PUNCT
dem-11737	168	1	(	(	PUNCT
dem-11737	168	2	2006	2006	NUM
dem-11737	168	3	)	)	PUNCT
dem-11737	168	4	markov	markov	NOUN
dem-11737	168	5	chains	chain	NOUN
dem-11737	168	6	models	model	NOUN
dem-11737	168	7	,	,	PUNCT
dem-11737	168	8	algorithms	algorithm	NOUN
dem-11737	168	9	and	and	CCONJ
dem-11737	168	10	applications	application	NOUN
dem-11737	168	11	,	,	PUNCT
dem-11737	168	12	springer	springer	NOUN
dem-11737	168	13	science+business	science+business	NOUN
dem-11737	168	14	media	medium	NOUN
dem-11737	168	15	.	.	PUNCT
dem-11737	169	1	stawicki	stawicki	PROPN
dem-11737	169	2	,	,	PUNCT
dem-11737	169	3	j.	j.	PROPN
dem-11737	169	4	(	(	PUNCT
dem-11737	169	5	2004	2004	NUM
dem-11737	169	6	)	)	PUNCT
dem-11737	169	7	,	,	PUNCT
dem-11737	169	8	wykorzystanie	wykorzystanie	PROPN
dem-11737	169	9	łańcuchów	łańcuchów	PROPN
dem-11737	169	10	markowa	markowa	PROPN
dem-11737	169	11	w	w	PROPN
dem-11737	169	12	analizie	analizie	PROPN
dem-11737	169	13	rynku	rynku	PROPN
dem-11737	169	14	kapitałowego	kapitałowego	PROPN
dem-11737	169	15	,	,	PUNCT
dem-11737	169	16	wydawnictwo	wydawnictwo	PROPN
dem-11737	169	17	umk	umk	NOUN
dem-11737	169	18	,	,	PUNCT
dem-11737	169	19	toruń	toruń	NOUN
dem-11737	169	20	.	.	PUNCT
dem-11737	170	1	wykorzystanie	wykorzystanie	PROPN
dem-11737	170	2	oczekiwanych	oczekiwanych	PROPN
dem-11737	170	3	czasów	czasów	NOUN
dem-11737	170	4	pierwszego	pierwszego	NOUN
dem-11737	170	5	przejścia	przejścia	NOUN
dem-11737	170	6	i	i	PRON
dem-11737	170	7	powrotu	powrotu	VERB
dem-11737	170	8	w	w	PROPN
dem-11737	170	9	modelu	modelu	PROPN
dem-11737	170	10	łańcuchów	łańcuchów	PROPN
dem-11737	170	11	markowa	markowa	PROPN
dem-11737	170	12	do	do	AUX
dem-11737	170	13	wspomagania	wspomagania	PROPN
dem-11737	170	14	decyzji	decyzji	PROPN
dem-11737	170	15	finansowych	finansowych	PROPN
dem-11737	170	16	na	na	PART
dem-11737	170	17	giełdzie	giełdzie	VERB
dem-11737	170	18	z	z	PROPN
dem-11737	170	19	a	a	DET
dem-11737	170	20	r	r	NOUN
dem-11737	170	21	y	y	PROPN
dem-11737	170	22	s	s	PROPN
dem-11737	170	23	t	t	NOUN
dem-11737	170	24	r	r	NOUN
dem-11737	170	25	e	e	PROPN
dem-11737	170	26	ś	ś	PROPN
dem-11737	170	27	c	c	PROPN
dem-11737	170	28	i.	i.	PROPN
dem-11737	170	29	artykuł	artykuł	PROPN
dem-11737	170	30	prezentuje	prezentuje	PROPN
dem-11737	170	31	możliwość	możliwość	PROPN
dem-11737	170	32	wykorzystania	wykorzystania	PROPN
dem-11737	170	33	narzędzia	narzędzia	PROPN
dem-11737	170	34	jakim	jakim	PROPN
dem-11737	170	35	są	są	PROPN
dem-11737	170	36	łańcuchy	łańcuchy	PROPN
dem-11737	171	1	markowa	markowa	PROPN
dem-11737	171	2	do	do	VERB
dem-11737	171	3	analizy	analizy	PROPN
dem-11737	171	4	dynamiki	dynamiki	PROPN
dem-11737	171	5	stóp	stóp	NOUN
dem-11737	171	6	zwrotu	zwrotu	PROPN
dem-11737	171	7	obserwowanych	obserwowanych	PROPN
dem-11737	171	8	na	na	PROPN
dem-11737	171	9	gpw	gpw	PROPN
dem-11737	171	10	.	.	PROPN
dem-11737	171	11	analiza	analiza	PROPN
dem-11737	171	12	procesu	procesu	PROPN
dem-11737	171	13	jest	jest	PROPN
dem-11737	171	14	podstawą	podstawą	PROPN
dem-11737	171	15	podejmowania	podejmowania	PROPN
dem-11737	171	16	decyzji	decyzji	PROPN
dem-11737	172	1	w	w	PROPN
dem-11737	172	2	zadanym	zadanym	PROPN
dem-11737	172	3	horyzoncie	horyzoncie	PROPN
dem-11737	172	4	.	.	PUNCT
dem-11737	173	1	oczekiwane	oczekiwane	PROPN
dem-11737	173	2	czasy	czasy	PROPN
dem-11737	173	3	osiągnięcia	osiągnięcia	PROPN
dem-11737	173	4	zadanych	zadanych	PROPN
dem-11737	173	5	stanów	stanów	ADV
dem-11737	173	6	,	,	PUNCT
dem-11737	173	7	w	w	PROPN
dem-11737	173	8	szczególności	szczególności	NOUN
dem-11737	173	9	opisujących	opisujących	VERB
dem-11737	173	10	ujemne	ujemne	ADV
dem-11737	173	11	stopy	stopy	PROPN
dem-11737	173	12	zwrotu	zwrotu	PROPN
dem-11737	173	13	,	,	PUNCT
dem-11737	173	14	jest	jest	PROPN
dem-11737	173	15	niezwykle	niezwykle	PROPN
dem-11737	173	16	ważne	ważne	VERB
dem-11737	173	17	.	.	PUNCT
dem-11737	174	1	w	w	AUX
dem-11737	174	2	tym	tym	ADV
dem-11737	174	3	kontekście	kontekście	INTJ
dem-11737	174	4	pojawia	pojawia	VERB
dem-11737	174	5	się	się	NOUN
dem-11737	174	6	możliwość	możliwość	NOUN
dem-11737	174	7	łatwego	łatwego	ADJ
dem-11737	174	8	wyznaczania	wyznaczania	PROPN
dem-11737	174	9	wartości	wartości	VERB
dem-11737	174	10	narażonej	narażonej	NOUN
dem-11737	174	11	na	na	PART
dem-11737	174	12	ryzyko	ryzyko	VERB
dem-11737	174	13	z	z	PROPN
dem-11737	174	14	zadanym	zadanym	PROPN
dem-11737	174	15	prawdopodobieństwem	prawdopodobieństwem	VERB
dem-11737	174	16	.	.	PUNCT
dem-11737	175	1	s	s	PART
dem-11737	175	2	ł	ł	PROPN
dem-11737	175	3	o	o	X
dem-11737	175	4	w	w	NOUN
dem-11737	175	5	a	a	DET
dem-11737	175	6	k	k	X
dem-11737	175	7	l	l	NOUN
dem-11737	175	8	u	u	NOUN
dem-11737	176	1	c	c	NOUN
dem-11737	176	2	z	z	NOUN
dem-11737	176	3	o	o	X
dem-11737	176	4	w	w	PROPN
dem-11737	176	5	e	e	NOUN
dem-11737	176	6	:	:	PUNCT
dem-11737	176	7	łańcuchy	łańcuchy	ADJ
dem-11737	176	8	markowa	markowa	PROPN
dem-11737	176	9	,	,	PUNCT
dem-11737	176	10	oczekiwane	oczekiwane	ADJ
dem-11737	176	11	czasy	czasy	PROPN
dem-11737	176	12	pierwszego	pierwszego	NOUN
dem-11737	176	13	przejścia	przejścia	NOUN
dem-11737	176	14	i	i	PRON
dem-11737	176	15	powrotu	powrotu	VERB
dem-11737	176	16	,	,	PUNCT
dem-11737	176	17	gaussowski	gaussowski	NOUN
dem-11737	176	18	biały	biały	NOUN
dem-11737	176	19	szum	szum	NOUN
dem-11737	176	20	,	,	PUNCT
dem-11737	176	21	var	var	NOUN
dem-11737	176	22	.	.	PUNCT