id	sid	tid	token	lemma	pos
dem-11743	1	1	2016	2016	NUM
dem-11743	1	2	nicolaus	nicolaus	PROPN
dem-11743	1	3	copernicus	copernicus	PROPN
dem-11743	1	4	university	university	PROPN
dem-11743	1	5	.	.	PUNCT
dem-11743	2	1	all	all	DET
dem-11743	2	2	rights	right	NOUN
dem-11743	2	3	reserved	reserve	VERB
dem-11743	2	4	.	.	PUNCT
dem-11743	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-11743	4	1	d	d	PUNCT
dem-11743	4	2	y	y	PROPN
dem-11743	4	3	n	n	PROPN
dem-11743	4	4	a	a	PRON
dem-11743	4	5	m	m	VERB
dem-11743	5	1	i	i	NOUN
dem-11743	5	2	c	c	NOUN
dem-11743	5	3	e	e	NOUN
dem-11743	5	4	c	c	NOUN
dem-11743	5	5	o	o	X
dem-11743	6	1	n	n	INTJ
dem-11743	6	2	o	o	NOUN
dem-11743	6	3	m	m	VERB
dem-11743	7	1	e	e	NOUN
dem-11743	7	2	t	t	NOUN
dem-11743	7	3	r	r	NOUN
dem-11743	7	4	i	i	NOUN
dem-11743	7	5	c	c	NOUN
dem-11743	7	6	m	m	VERB
dem-11743	7	7	o	o	NOUN
dem-11743	7	8	d	d	X
dem-11743	7	9	e	e	X
dem-11743	7	10	l	l	NOUN
dem-11743	7	11	s	s	X
dem-11743	7	12	doi	doi	NOUN
dem-11743	7	13	:	:	PUNCT
dem-11743	7	14	http://dx.doi.org/10.12775/dem.2016.007	http://dx.doi.org/10.12775/dem.2016.007	ADJ
dem-11743	7	15	vol	vol	NOUN
dem-11743	7	16	.	.	PUNCT
dem-11743	8	1	16	16	NUM
dem-11743	8	2	(	(	PUNCT
dem-11743	8	3	2016	2016	NUM
dem-11743	8	4	)	)	PUNCT
dem-11743	9	1	117−131	117−131	NUM
dem-11743	9	2	submitted	submit	VERB
dem-11743	9	3	november	november	PROPN
dem-11743	9	4	30	30	NUM
dem-11743	9	5	,	,	PUNCT
dem-11743	9	6	2016	2016	NUM
dem-11743	9	7	issn	issn	X
dem-11743	9	8	(	(	PUNCT
dem-11743	9	9	online	online	ADJ
dem-11743	9	10	)	)	PUNCT
dem-11743	9	11	2450	2450	NUM
dem-11743	9	12	-	-	SYM
dem-11743	9	13	7067	7067	NUM
dem-11743	9	14	accepted	accept	VERB
dem-11743	9	15	december	december	PROPN
dem-11743	9	16	20	20	NUM
dem-11743	9	17	,	,	PUNCT
dem-11743	9	18	2016	2016	NUM
dem-11743	9	19	issn	issn	PROPN
dem-11743	9	20	(	(	PUNCT
dem-11743	9	21	print	print	NOUN
dem-11743	9	22	)	)	PUNCT
dem-11743	9	23	1234	1234	NUM
dem-11743	9	24	-	-	SYM
dem-11743	9	25	3862	3862	NUM
dem-11743	9	26	krzysztof	krzysztof	PROPN
dem-11743	9	27	kompa	kompa	PROPN
dem-11743	9	28	,	,	PUNCT
dem-11743	9	29	dorota	dorota	PROPN
dem-11743	9	30	witkowska	witkowska	PROPN
dem-11743	9	31	*	*	PUNCT
dem-11743	9	32	performance	performance	NOUN
dem-11743	9	33	of	of	ADP
dem-11743	9	34	pension	pension	NOUN
dem-11743	9	35	funds	fund	NOUN
dem-11743	9	36	and	and	CCONJ
dem-11743	9	37	stable	stable	ADJ
dem-11743	9	38	growth	growth	NOUN
dem-11743	9	39	open	open	ADJ
dem-11743	9	40	investment	investment	NOUN
dem-11743	9	41	funds	fund	NOUN
dem-11743	9	42	during	during	ADP
dem-11743	9	43	the	the	DET
dem-11743	9	44	changes	change	NOUN
dem-11743	9	45	in	in	ADP
dem-11743	9	46	the	the	DET
dem-11743	9	47	polish	polish	ADJ
dem-11743	9	48	retirement	retirement	NOUN
dem-11743	9	49	system	system	NOUN
dem-11743	9	50	a	a	DET
dem-11743	9	51	b	b	NOUN
dem-11743	9	52	s	s	ADP
dem-11743	9	53	t	t	PROPN
dem-11743	9	54	r	r	NOUN
dem-11743	9	55	a	a	DET
dem-11743	9	56	c	c	NOUN
dem-11743	9	57	t.	t.	NOUN
dem-11743	9	58	the	the	DET
dem-11743	9	59	conditions	condition	NOUN
dem-11743	9	60	of	of	ADP
dem-11743	9	61	the	the	DET
dem-11743	9	62	pension	pension	NOUN
dem-11743	9	63	funds	fund	NOUN
dem-11743	9	64	(	(	PUNCT
dem-11743	9	65	ofe	ofe	NOUN
dem-11743	9	66	)	)	PUNCT
dem-11743	9	67	functioning	functioning	NOUN
dem-11743	9	68	were	be	AUX
dem-11743	9	69	essentially	essentially	ADV
dem-11743	9	70	changed	change	VERB
dem-11743	9	71	in	in	ADP
dem-11743	9	72	the	the	DET
dem-11743	9	73	years	year	NOUN
dem-11743	9	74	2011–2014	2011–2014	NUM
dem-11743	9	75	.	.	PUNCT
dem-11743	10	1	the	the	DET
dem-11743	10	2	aim	aim	NOUN
dem-11743	10	3	of	of	ADP
dem-11743	10	4	the	the	DET
dem-11743	10	5	paper	paper	NOUN
dem-11743	10	6	is	be	AUX
dem-11743	10	7	to	to	PART
dem-11743	10	8	find	find	VERB
dem-11743	10	9	out	out	ADP
dem-11743	10	10	if	if	SCONJ
dem-11743	10	11	these	these	DET
dem-11743	10	12	modifications	modification	NOUN
dem-11743	10	13	influence	influence	VERB
dem-11743	10	14	the	the	DET
dem-11743	10	15	efficiency	efficiency	NOUN
dem-11743	10	16	of	of	ADP
dem-11743	10	17	the	the	DET
dem-11743	10	18	pension	pension	NOUN
dem-11743	10	19	funds	fund	NOUN
dem-11743	10	20	and	and	CCONJ
dem-11743	10	21	to	to	PART
dem-11743	10	22	compare	compare	VERB
dem-11743	10	23	the	the	DET
dem-11743	10	24	performance	performance	NOUN
dem-11743	10	25	of	of	ADP
dem-11743	10	26	these	these	DET
dem-11743	10	27	funds	fund	NOUN
dem-11743	10	28	to	to	ADP
dem-11743	10	29	stable	stable	ADJ
dem-11743	10	30	growth	growth	NOUN
dem-11743	10	31	open	open	ADJ
dem-11743	10	32	investment	investment	NOUN
dem-11743	10	33	funds	fund	NOUN
dem-11743	10	34	(	(	PUNCT
dem-11743	10	35	fio	fio	NOUN
dem-11743	10	36	)	)	PUNCT
dem-11743	10	37	.	.	PUNCT
dem-11743	11	1	the	the	DET
dem-11743	11	2	analysis	analysis	NOUN
dem-11743	11	3	is	be	AUX
dem-11743	11	4	provided	provide	VERB
dem-11743	11	5	for	for	ADP
dem-11743	11	6	selected	select	VERB
dem-11743	11	7	funds	fund	NOUN
dem-11743	11	8	in	in	ADP
dem-11743	11	9	the	the	DET
dem-11743	11	10	years	year	NOUN
dem-11743	11	11	2009–2015	2009–2015	NUM
dem-11743	11	12	.	.	PUNCT
dem-11743	12	1	we	we	PRON
dem-11743	12	2	conclude	conclude	VERB
dem-11743	12	3	that	that	SCONJ
dem-11743	12	4	in	in	ADP
dem-11743	12	5	the	the	DET
dem-11743	12	6	examined	examine	VERB
dem-11743	12	7	period	period	NOUN
dem-11743	12	8	,	,	PUNCT
dem-11743	12	9	ofe	ofe	INTJ
dem-11743	12	10	performed	perform	VERB
dem-11743	12	11	better	well	ADV
dem-11743	12	12	than	than	ADP
dem-11743	12	13	fio	fio	NOUN
dem-11743	12	14	,	,	PUNCT
dem-11743	12	15	and	and	CCONJ
dem-11743	12	16	the	the	DET
dem-11743	12	17	modifications	modification	NOUN
dem-11743	12	18	of	of	ADP
dem-11743	12	19	the	the	DET
dem-11743	12	20	rules	rule	NOUN
dem-11743	12	21	for	for	ADP
dem-11743	12	22	the	the	DET
dem-11743	12	23	pension	pension	NOUN
dem-11743	12	24	funds	fund	NOUN
dem-11743	12	25	caused	cause	VERB
dem-11743	12	26	the	the	DET
dem-11743	12	27	increase	increase	NOUN
dem-11743	12	28	of	of	ADP
dem-11743	12	29	risk	risk	NOUN
dem-11743	12	30	and	and	CCONJ
dem-11743	12	31	decrease	decrease	NOUN
dem-11743	12	32	of	of	ADP
dem-11743	12	33	investment	investment	NOUN
dem-11743	12	34	efficiency	efficiency	NOUN
dem-11743	12	35	of	of	ADP
dem-11743	12	36	these	these	DET
dem-11743	12	37	funds	fund	NOUN
dem-11743	12	38	’	'	PUNCT
dem-11743	12	39	portfolios	portfolio	NOUN
dem-11743	12	40	.	.	PUNCT
dem-11743	13	1	k	k	PROPN
dem-11743	13	2	e	e	PROPN
dem-11743	13	3	y	y	PROPN
dem-11743	13	4	w	w	NOUN
dem-11743	13	5	o	o	NOUN
dem-11743	13	6	r	r	NOUN
dem-11743	13	7	d	d	NOUN
dem-11743	13	8	s	s	X
dem-11743	13	9	:	:	PUNCT
dem-11743	13	10	pension	pension	NOUN
dem-11743	13	11	funds	fund	NOUN
dem-11743	13	12	,	,	PUNCT
dem-11743	13	13	stable	stable	ADJ
dem-11743	13	14	growth	growth	NOUN
dem-11743	13	15	open	open	ADJ
dem-11743	13	16	investment	investment	NOUN
dem-11743	13	17	funds	fund	NOUN
dem-11743	13	18	,	,	PUNCT
dem-11743	13	19	investment	investment	NOUN
dem-11743	13	20	efficiency	efficiency	NOUN
dem-11743	13	21	,	,	PUNCT
dem-11743	13	22	sharpe	sharpe	PROPN
dem-11743	13	23	model	model	PROPN
dem-11743	13	24	,	,	PUNCT
dem-11743	13	25	capm	capm	PROPN
dem-11743	13	26	,	,	PUNCT
dem-11743	13	27	sharpe	sharpe	PROPN
dem-11743	13	28	,	,	PUNCT
dem-11743	13	29	treynor	treynor	NOUN
dem-11743	13	30	and	and	CCONJ
dem-11743	13	31	jensen	jensen	PROPN
dem-11743	13	32	ratios	ratio	NOUN
dem-11743	13	33	.	.	PUNCT
dem-11743	14	1	j	j	PROPN
dem-11743	14	2	e	e	PROPN
dem-11743	14	3	l	l	PROPN
dem-11743	14	4	classification	classification	NOUN
dem-11743	14	5	:	:	PUNCT
dem-11743	14	6	g11	g11	PROPN
dem-11743	14	7	;	;	PUNCT
dem-11743	14	8	c12	c12	PROPN
dem-11743	14	9	.	.	PUNCT
dem-11743	15	1	introduction	introduction	NOUN
dem-11743	15	2	the	the	DET
dem-11743	15	3	pension	pension	NOUN
dem-11743	15	4	system	system	NOUN
dem-11743	15	5	in	in	ADP
dem-11743	15	6	communist	communist	PROPN
dem-11743	15	7	poland	poland	PROPN
dem-11743	15	8	was	be	AUX
dem-11743	15	9	the	the	DET
dem-11743	15	10	defined	define	VERB
dem-11743	15	11	benefit	benefit	NOUN
dem-11743	15	12	and	and	CCONJ
dem-11743	15	13	pay	pay	NOUN
dem-11743	15	14	-	-	PUNCT
dem-11743	15	15	as	as	ADP
dem-11743	15	16	-	-	PUNCT
dem-11743	15	17	you	you	PRON
dem-11743	15	18	-	-	PUNCT
dem-11743	15	19	go	go	VERB
dem-11743	15	20	(	(	PUNCT
dem-11743	15	21	payg	payg	NOUN
dem-11743	15	22	)	)	PUNCT
dem-11743	15	23	scheme	scheme	NOUN
dem-11743	15	24	.	.	PUNCT
dem-11743	16	1	however	however	ADV
dem-11743	16	2	,	,	PUNCT
dem-11743	16	3	the	the	DET
dem-11743	16	4	demographic	demographic	ADJ
dem-11743	16	5	changes	change	NOUN
dem-11743	16	6	,	,	PUNCT
dem-11743	16	7	pension	pension	NOUN
dem-11743	16	8	privileges	privilege	NOUN
dem-11743	16	9	concerning	concern	VERB
dem-11743	16	10	more	more	ADJ
dem-11743	16	11	and	and	CCONJ
dem-11743	16	12	more	more	ADV
dem-11743	16	13	occupational	occupational	ADJ
dem-11743	16	14	groups	group	NOUN
dem-11743	16	15	and	and	CCONJ
dem-11743	16	16	economic	economic	ADJ
dem-11743	16	17	sectors	sector	NOUN
dem-11743	16	18	,	,	PUNCT
dem-11743	16	19	together	together	ADV
dem-11743	16	20	with	with	ADP
dem-11743	16	21	the	the	DET
dem-11743	16	22	so	so	ADV
dem-11743	16	23	-	-	PUNCT
dem-11743	16	24	called	call	VERB
dem-11743	16	25	early	early	ADJ
dem-11743	16	26	retirement	retirement	NOUN
dem-11743	16	27	regulations	regulation	NOUN
dem-11743	16	28	,	,	PUNCT
dem-11743	16	29	which	which	PRON
dem-11743	16	30	*	*	PUNCT
dem-11743	16	31	correspondence	correspondence	NOUN
dem-11743	16	32	to	to	ADP
dem-11743	16	33	:	:	PUNCT
dem-11743	16	34	krzysztof	krzysztof	PROPN
dem-11743	16	35	kompa	kompa	PROPN
dem-11743	16	36	,	,	PUNCT
dem-11743	16	37	warsaw	warsaw	PROPN
dem-11743	16	38	university	university	PROPN
dem-11743	16	39	of	of	ADP
dem-11743	16	40	life	life	NOUN
dem-11743	16	41	sciences	sciences	PROPN
dem-11743	16	42	–	–	PUNCT
dem-11743	16	43	sggw	sggw	NOUN
dem-11743	16	44	,	,	PUNCT
dem-11743	16	45	department	department	NOUN
dem-11743	16	46	of	of	ADP
dem-11743	16	47	econometrics	econometric	NOUN
dem-11743	16	48	and	and	CCONJ
dem-11743	16	49	statistics	statistic	NOUN
dem-11743	16	50	,	,	PUNCT
dem-11743	16	51	166	166	NUM
dem-11743	16	52	nowoursynowska	nowoursynowska	PROPN
dem-11743	16	53	street	street	PROPN
dem-11743	16	54	,	,	PUNCT
dem-11743	16	55	02	02	NUM
dem-11743	16	56	-	-	SYM
dem-11743	16	57	787	787	NUM
dem-11743	16	58	warsaw	warsaw	PROPN
dem-11743	16	59	,	,	PUNCT
dem-11743	16	60	poland	poland	PROPN
dem-11743	16	61	,	,	PUNCT
dem-11743	16	62	e	e	NOUN
dem-11743	16	63	-	-	NOUN
dem-11743	16	64	mail	mail	NOUN
dem-11743	16	65	:	:	PUNCT
dem-11743	16	66	krzysztof_kompa@sggw.pl	krzysztof_kompa@sggw.pl	ADV
dem-11743	16	67	;	;	PUNCT
dem-11743	16	68	dorota	dorota	PROPN
dem-11743	16	69	witkowska	witkowska	PROPN
dem-11743	16	70	,	,	PUNCT
dem-11743	16	71	university	university	PROPN
dem-11743	16	72	of	of	ADP
dem-11743	16	73	lodz	lodz	PROPN
dem-11743	16	74	,	,	PUNCT
dem-11743	16	75	department	department	NOUN
dem-11743	16	76	of	of	ADP
dem-11743	16	77	finance	finance	NOUN
dem-11743	16	78	and	and	CCONJ
dem-11743	16	79	strategic	strategic	ADJ
dem-11743	16	80	management	management	NOUN
dem-11743	16	81	,	,	PUNCT
dem-11743	16	82	22/26	22/26	NUM
dem-11743	16	83	matejki	matejki	PROPN
dem-11743	16	84	street	street	NOUN
dem-11743	16	85	,	,	PUNCT
dem-11743	16	86	90	90	NUM
dem-11743	16	87	-	-	SYM
dem-11743	16	88	237	237	NUM
dem-11743	16	89	lodz	lodz	NOUN
dem-11743	16	90	,	,	PUNCT
dem-11743	16	91	poland	poland	PROPN
dem-11743	16	92	,	,	PUNCT
dem-11743	16	93	dorota.witkowska@uni.lodz.pl	dorota.witkowska@uni.lodz.pl	PROPN
dem-11743	16	94	krzysztof	krzysztof	PROPN
dem-11743	16	95	kompa	kompa	PROPN
dem-11743	16	96	,	,	PUNCT
dem-11743	16	97	dorota	dorota	PROPN
dem-11743	16	98	witkowska	witkowska	PROPN
dem-11743	16	99	dynamic	dynamic	ADJ
dem-11743	16	100	econometric	econometric	ADJ
dem-11743	16	101	models	model	NOUN
dem-11743	16	102	16	16	NUM
dem-11743	16	103	(	(	PUNCT
dem-11743	16	104	2016	2016	NUM
dem-11743	16	105	)	)	PUNCT
dem-11743	16	106	117–131	117–131	NUM
dem-11743	16	107	118	118	NUM
dem-11743	16	108	went	go	VERB
dem-11743	16	109	into	into	ADP
dem-11743	16	110	force	force	NOUN
dem-11743	16	111	in	in	ADP
dem-11743	16	112	late	late	ADJ
dem-11743	16	113	70	70	NUM
dem-11743	16	114	-	-	PUNCT
dem-11743	16	115	ties	tie	NOUN
dem-11743	16	116	1	1	NUM
dem-11743	16	117	,	,	PUNCT
dem-11743	16	118	caused	cause	VERB
dem-11743	16	119	the	the	DET
dem-11743	16	120	increase	increase	NOUN
dem-11743	16	121	of	of	ADP
dem-11743	16	122	the	the	DET
dem-11743	16	123	pension	pension	NOUN
dem-11743	16	124	system	system	NOUN
dem-11743	16	125	costs	cost	NOUN
dem-11743	16	126	.	.	PUNCT
dem-11743	17	1	in	in	ADP
dem-11743	17	2	1981	1981	NUM
dem-11743	17	3	the	the	DET
dem-11743	17	4	pension	pension	NOUN
dem-11743	17	5	contribution	contribution	NOUN
dem-11743	17	6	was	be	AUX
dem-11743	17	7	25	25	NUM
dem-11743	17	8	%	%	NOUN
dem-11743	17	9	of	of	ADP
dem-11743	17	10	wages	wage	NOUN
dem-11743	17	11	,	,	PUNCT
dem-11743	17	12	in	in	ADP
dem-11743	17	13	the	the	DET
dem-11743	17	14	years	year	NOUN
dem-11743	17	15	1987–1989	1987–1989	NUM
dem-11743	17	16	it	it	PRON
dem-11743	17	17	rose	rise	VERB
dem-11743	17	18	to	to	ADP
dem-11743	17	19	38	38	NUM
dem-11743	17	20	%	%	NOUN
dem-11743	17	21	,	,	PUNCT
dem-11743	17	22	and	and	CCONJ
dem-11743	17	23	obtained	obtain	VERB
dem-11743	17	24	the	the	DET
dem-11743	17	25	level	level	NOUN
dem-11743	17	26	of	of	ADP
dem-11743	17	27	45	45	NUM
dem-11743	17	28	%	%	NOUN
dem-11743	17	29	in	in	ADP
dem-11743	17	30	1990	1990	NUM
dem-11743	17	31	(	(	PUNCT
dem-11743	17	32	see	see	VERB
dem-11743	17	33	(	(	PUNCT
dem-11743	17	34	wojciechowski	wojciechowski	ADJ
dem-11743	17	35	2011	2011	NUM
dem-11743	17	36	,	,	PUNCT
dem-11743	17	37	podstawka	podstawka	NOUN
dem-11743	17	38	2005	2005	NUM
dem-11743	17	39	,	,	PUNCT
dem-11743	17	40	p.	p.	NOUN
dem-11743	17	41	259	259	NUM
dem-11743	17	42	)	)	PUNCT
dem-11743	17	43	)	)	PUNCT
dem-11743	17	44	.	.	PUNCT
dem-11743	18	1	the	the	DET
dem-11743	18	2	increasing	increase	VERB
dem-11743	18	3	deficit	deficit	NOUN
dem-11743	18	4	in	in	ADP
dem-11743	18	5	the	the	DET
dem-11743	18	6	polish	polish	ADJ
dem-11743	18	7	pension	pension	NOUN
dem-11743	18	8	system	system	NOUN
dem-11743	18	9	enforced	enforce	VERB
dem-11743	18	10	its	its	PRON
dem-11743	18	11	transformation	transformation	NOUN
dem-11743	18	12	,	,	PUNCT
dem-11743	18	13	which	which	PRON
dem-11743	18	14	took	take	VERB
dem-11743	18	15	place	place	NOUN
dem-11743	18	16	in	in	ADP
dem-11743	18	17	1999	1999	NUM
dem-11743	18	18	.	.	PUNCT
dem-11743	19	1	the	the	DET
dem-11743	19	2	new	new	ADJ
dem-11743	19	3	pension	pension	NOUN
dem-11743	19	4	system	system	NOUN
dem-11743	19	5	replaced	replace	VERB
dem-11743	19	6	defined	define	VERB
dem-11743	19	7	benefit	benefit	NOUN
dem-11743	19	8	scheme	scheme	NOUN
dem-11743	19	9	by	by	ADP
dem-11743	19	10	defined	define	VERB
dem-11743	19	11	contribution	contribution	NOUN
dem-11743	19	12	one	one	NUM
dem-11743	19	13	,	,	PUNCT
dem-11743	19	14	it	it	PRON
dem-11743	19	15	enriched	enrich	VERB
dem-11743	19	16	the	the	DET
dem-11743	19	17	payg	payg	NOUN
dem-11743	19	18	system	system	NOUN
dem-11743	19	19	by	by	ADP
dem-11743	19	20	the	the	DET
dem-11743	19	21	mandatory	mandatory	ADJ
dem-11743	19	22	capital	capital	NOUN
dem-11743	19	23	-	-	PUNCT
dem-11743	19	24	funded	fund	VERB
dem-11743	19	25	pillar	pillar	NOUN
dem-11743	19	26	,	,	PUNCT
dem-11743	19	27	and	and	CCONJ
dem-11743	19	28	introduced	introduce	VERB
dem-11743	19	29	voluntary	voluntary	ADJ
dem-11743	19	30	plans	plan	NOUN
dem-11743	19	31	.	.	PUNCT
dem-11743	20	1	new	new	ADJ
dem-11743	20	2	regulations	regulation	NOUN
dem-11743	20	3	were	be	AUX
dem-11743	20	4	also	also	ADV
dem-11743	20	5	to	to	PART
dem-11743	20	6	abolish	abolish	VERB
dem-11743	20	7	sectoral	sectoral	ADJ
dem-11743	20	8	and	and	CCONJ
dem-11743	20	9	occupational	occupational	ADJ
dem-11743	20	10	privileges	privilege	NOUN
dem-11743	20	11	and	and	CCONJ
dem-11743	20	12	early	early	ADJ
dem-11743	20	13	retirement	retirement	NOUN
dem-11743	20	14	programs	program	NOUN
dem-11743	20	15	.	.	PUNCT
dem-11743	21	1	the	the	DET
dem-11743	21	2	reformed	reformed	PROPN
dem-11743	21	3	retirement	retirement	NOUN
dem-11743	21	4	system	system	NOUN
dem-11743	21	5	has	have	AUX
dem-11743	21	6	been	be	AUX
dem-11743	21	7	consisted	consist	VERB
dem-11743	21	8	in	in	ADP
dem-11743	21	9	three	three	NUM
dem-11743	21	10	pillars	pillar	NOUN
dem-11743	21	11	–	–	PUNCT
dem-11743	21	12	social	social	ADJ
dem-11743	21	13	insurance	insurance	NOUN
dem-11743	21	14	institution	institution	NOUN
dem-11743	21	15	(	(	PUNCT
dem-11743	21	16	zus	zus	NOUN
dem-11743	21	17	)	)	PUNCT
dem-11743	21	18	,	,	PUNCT
dem-11743	21	19	open	open	ADJ
dem-11743	21	20	pension	pension	NOUN
dem-11743	21	21	funds	fund	NOUN
dem-11743	21	22	(	(	PUNCT
dem-11743	21	23	ofe	ofe	NOUN
dem-11743	21	24	)	)	PUNCT
dem-11743	21	25	and	and	CCONJ
dem-11743	21	26	voluntary	voluntary	ADJ
dem-11743	21	27	capital	capital	NOUN
dem-11743	21	28	-	-	PUNCT
dem-11743	21	29	funded	fund	VERB
dem-11743	21	30	system	system	NOUN
dem-11743	21	31	.	.	PUNCT
dem-11743	22	1	the	the	DET
dem-11743	22	2	pension	pension	NOUN
dem-11743	22	3	contribution	contribution	NOUN
dem-11743	22	4	(	(	PUNCT
dem-11743	22	5	i.e.	i.e.	X
dem-11743	22	6	19.52	19.52	NUM
dem-11743	22	7	%	%	NOUN
dem-11743	22	8	of	of	ADP
dem-11743	22	9	earnings	earning	NOUN
dem-11743	22	10	)	)	PUNCT
dem-11743	22	11	was	be	AUX
dem-11743	22	12	divided	divide	VERB
dem-11743	22	13	between	between	ADP
dem-11743	22	14	both	both	PRON
dem-11743	22	15	mandatory	mandatory	ADJ
dem-11743	22	16	pillars	pillar	NOUN
dem-11743	22	17	–	–	PUNCT
dem-11743	22	18	zus	zus	NOUN
dem-11743	22	19	12.22	12.22	NUM
dem-11743	22	20	%	%	NOUN
dem-11743	22	21	and	and	CCONJ
dem-11743	22	22	ofe	ofe	INTJ
dem-11743	22	23	7.3	7.3	NUM
dem-11743	22	24	%	%	NOUN
dem-11743	22	25	.	.	PUNCT
dem-11743	23	1	the	the	DET
dem-11743	23	2	first	first	ADJ
dem-11743	23	3	essential	essential	ADJ
dem-11743	23	4	manipulation	manipulation	NOUN
dem-11743	23	5	in	in	ADP
dem-11743	23	6	the	the	DET
dem-11743	23	7	original	original	ADJ
dem-11743	23	8	pension	pension	NOUN
dem-11743	23	9	reform	reform	NOUN
dem-11743	23	10	was	be	AUX
dem-11743	23	11	made	make	VERB
dem-11743	23	12	in	in	ADP
dem-11743	23	13	2011	2011	NUM
dem-11743	23	14	when	when	SCONJ
dem-11743	23	15	the	the	DET
dem-11743	23	16	contribution	contribution	NOUN
dem-11743	23	17	to	to	ADP
dem-11743	23	18	pension	pension	NOUN
dem-11743	23	19	funds	fund	NOUN
dem-11743	23	20	was	be	AUX
dem-11743	23	21	diminished	diminish	VERB
dem-11743	23	22	from	from	ADP
dem-11743	23	23	7.3	7.3	NUM
dem-11743	23	24	%	%	NOUN
dem-11743	23	25	to	to	ADP
dem-11743	23	26	2.3	2.3	NUM
dem-11743	23	27	%	%	NOUN
dem-11743	23	28	.	.	PUNCT
dem-11743	24	1	the	the	DET
dem-11743	24	2	second	second	ADJ
dem-11743	24	3	and	and	CCONJ
dem-11743	24	4	the	the	DET
dem-11743	24	5	most	most	ADV
dem-11743	24	6	drastic	drastic	ADJ
dem-11743	24	7	regulation	regulation	NOUN
dem-11743	24	8	,	,	PUNCT
dem-11743	24	9	consisted	consist	VERB
dem-11743	24	10	in	in	ADP
dem-11743	24	11	shifting	shift	VERB
dem-11743	24	12	51.5	51.5	NUM
dem-11743	24	13	%	%	NOUN
dem-11743	24	14	of	of	ADP
dem-11743	24	15	the	the	DET
dem-11743	24	16	assets	asset	NOUN
dem-11743	24	17	,	,	PUNCT
dem-11743	24	18	held	hold	VERB
dem-11743	24	19	by	by	ADP
dem-11743	24	20	the	the	DET
dem-11743	24	21	pension	pension	NOUN
dem-11743	24	22	funds	fund	NOUN
dem-11743	24	23	,	,	PUNCT
dem-11743	24	24	to	to	ADP
dem-11743	24	25	the	the	DET
dem-11743	24	26	social	social	ADJ
dem-11743	24	27	insurance	insurance	NOUN
dem-11743	24	28	institution	institution	NOUN
dem-11743	24	29	(	(	PUNCT
dem-11743	24	30	including	include	VERB
dem-11743	24	31	all	all	DET
dem-11743	24	32	debt	debt	NOUN
dem-11743	24	33	securities	security	NOUN
dem-11743	24	34	issued	issue	VERB
dem-11743	24	35	and	and	CCONJ
dem-11743	24	36	guaranteed	guarantee	VERB
dem-11743	24	37	by	by	ADP
dem-11743	24	38	the	the	DET
dem-11743	24	39	state	state	NOUN
dem-11743	24	40	treasury	treasury	PROPN
dem-11743	24	41	)	)	PUNCT
dem-11743	24	42	.	.	PUNCT
dem-11743	25	1	overhaul	overhaul	NOUN
dem-11743	25	2	of	of	ADP
dem-11743	25	3	the	the	DET
dem-11743	25	4	pension	pension	NOUN
dem-11743	25	5	system	system	NOUN
dem-11743	25	6	also	also	ADV
dem-11743	25	7	concerned	concern	VERB
dem-11743	25	8	changes	change	NOUN
dem-11743	25	9	in	in	ADP
dem-11743	25	10	the	the	DET
dem-11743	25	11	ofes	ofes	NOUN
dem-11743	25	12	’	'	PUNCT
dem-11743	25	13	investment	investment	NOUN
dem-11743	25	14	portfolio	portfolio	NOUN
dem-11743	25	15	since	since	SCONJ
dem-11743	25	16	private	private	ADJ
dem-11743	25	17	pension	pension	NOUN
dem-11743	25	18	funds	fund	NOUN
dem-11743	25	19	have	have	AUX
dem-11743	25	20	no	no	ADV
dem-11743	25	21	longer	long	ADV
dem-11743	25	22	been	be	AUX
dem-11743	25	23	allowed	allow	VERB
dem-11743	25	24	to	to	PART
dem-11743	25	25	invest	invest	VERB
dem-11743	25	26	in	in	ADP
dem-11743	25	27	government	government	NOUN
dem-11743	25	28	bonds	bond	NOUN
dem-11743	25	29	.	.	PUNCT
dem-11743	26	1	these	these	DET
dem-11743	26	2	new	new	ADJ
dem-11743	26	3	law	law	NOUN
dem-11743	26	4	(	(	PUNCT
dem-11743	26	5	from	from	ADP
dem-11743	26	6	2013	2013	NUM
dem-11743	26	7	)	)	PUNCT
dem-11743	26	8	went	go	VERB
dem-11743	26	9	into	into	ADP
dem-11743	26	10	effect	effect	NOUN
dem-11743	26	11	in	in	ADP
dem-11743	26	12	february	february	PROPN
dem-11743	26	13	2014	2014	NUM
dem-11743	26	14	.	.	PUNCT
dem-11743	27	1	the	the	DET
dem-11743	27	2	third	third	ADJ
dem-11743	27	3	significant	significant	ADJ
dem-11743	27	4	modification	modification	NOUN
dem-11743	27	5	took	take	VERB
dem-11743	27	6	place	place	NOUN
dem-11743	27	7	in	in	ADP
dem-11743	27	8	2014	2014	NUM
dem-11743	27	9	and	and	CCONJ
dem-11743	27	10	changed	change	VERB
dem-11743	27	11	the	the	DET
dem-11743	27	12	character	character	NOUN
dem-11743	27	13	of	of	ADP
dem-11743	27	14	pension	pension	NOUN
dem-11743	27	15	funds	fund	NOUN
dem-11743	27	16	which	which	PRON
dem-11743	27	17	have	have	AUX
dem-11743	27	18	been	be	AUX
dem-11743	27	19	no	no	ADV
dem-11743	27	20	longer	long	ADV
dem-11743	27	21	obligatory	obligatory	ADJ
dem-11743	27	22	.	.	PUNCT
dem-11743	28	1	according	accord	VERB
dem-11743	28	2	to	to	ADP
dem-11743	28	3	the	the	DET
dem-11743	28	4	new	new	ADJ
dem-11743	28	5	regulations	regulation	NOUN
dem-11743	28	6	,	,	PUNCT
dem-11743	28	7	each	each	DET
dem-11743	28	8	employee	employee	NOUN
dem-11743	28	9	has	have	AUX
dem-11743	28	10	had	have	VERB
dem-11743	28	11	four	four	NUM
dem-11743	28	12	months	month	NOUN
dem-11743	28	13	every	every	DET
dem-11743	28	14	four	four	NUM
dem-11743	28	15	years	year	NOUN
dem-11743	28	16	to	to	PART
dem-11743	28	17	decide	decide	VERB
dem-11743	28	18	whether	whether	SCONJ
dem-11743	28	19	2.92	2.92	NUM
dem-11743	28	20	percent	percent	NOUN
dem-11743	28	21	of	of	ADP
dem-11743	28	22	their	their	PRON
dem-11743	28	23	income	income	NOUN
dem-11743	28	24	goes	go	VERB
dem-11743	28	25	to	to	ADP
dem-11743	28	26	a	a	DET
dem-11743	28	27	chosen	choose	VERB
dem-11743	28	28	private	private	ADJ
dem-11743	28	29	fund	fund	NOUN
dem-11743	28	30	or	or	CCONJ
dem-11743	28	31	to	to	PART
dem-11743	28	32	zus	zus	VERB
dem-11743	28	33	.	.	PUNCT
dem-11743	29	1	it	it	PRON
dem-11743	29	2	means	mean	VERB
dem-11743	29	3	that	that	SCONJ
dem-11743	29	4	after	after	SCONJ
dem-11743	29	5	all	all	PRON
dem-11743	29	6	mentioned	mention	VERB
dem-11743	29	7	above	above	ADP
dem-11743	29	8	regulations	regulation	NOUN
dem-11743	29	9	the	the	DET
dem-11743	29	10	part	part	NOUN
dem-11743	29	11	of	of	ADP
dem-11743	29	12	the	the	DET
dem-11743	29	13	pension	pension	NOUN
dem-11743	29	14	contribution	contribution	NOUN
dem-11743	29	15	transferred	transfer	VERB
dem-11743	29	16	to	to	ADP
dem-11743	29	17	the	the	DET
dem-11743	29	18	pension	pension	NOUN
dem-11743	29	19	funds	fund	NOUN
dem-11743	29	20	decreased	decrease	VERB
dem-11743	29	21	from	from	ADP
dem-11743	29	22	37.4	37.4	NUM
dem-11743	29	23	%	%	NOUN
dem-11743	29	24	to	to	PART
dem-11743	29	25	15	15	NUM
dem-11743	29	26	%	%	NOUN
dem-11743	29	27	or	or	CCONJ
dem-11743	29	28	even	even	ADV
dem-11743	29	29	zero	zero	NUM
dem-11743	29	30	.	.	PUNCT
dem-11743	30	1	there	there	PRON
dem-11743	30	2	have	have	AUX
dem-11743	30	3	been	be	AUX
dem-11743	30	4	numerous	numerous	ADJ
dem-11743	30	5	studies	study	NOUN
dem-11743	30	6	concerning	concern	VERB
dem-11743	30	7	the	the	DET
dem-11743	30	8	efficiency	efficiency	NOUN
dem-11743	30	9	of	of	ADP
dem-11743	30	10	mutual	mutual	ADJ
dem-11743	30	11	and	and	CCONJ
dem-11743	30	12	pension	pension	NOUN
dem-11743	30	13	funds	fund	NOUN
dem-11743	30	14	operating	operate	VERB
dem-11743	30	15	in	in	ADP
dem-11743	30	16	poland	poland	PROPN
dem-11743	30	17	.	.	PUNCT
dem-11743	31	1	mutual	mutual	ADJ
dem-11743	31	2	funds	fund	NOUN
dem-11743	31	3	’	'	PUNCT
dem-11743	31	4	performance	performance	NOUN
dem-11743	31	5	is	be	AUX
dem-11743	31	6	analyzed	analyze	VERB
dem-11743	31	7	by	by	ADP
dem-11743	31	8	karpio	karpio	NOUN
dem-11743	31	9	and	and	CCONJ
dem-11743	31	10	żebrowska	żebrowska	ADJ
dem-11743	31	11	-	-	PUNCT
dem-11743	31	12	suchodolska	suchodolska	NOUN
dem-11743	31	13	(	(	PUNCT
dem-11743	31	14	2010	2010	NUM
dem-11743	31	15	,	,	PUNCT
dem-11743	31	16	2011	2011	NUM
dem-11743	31	17	,	,	PUNCT
dem-11743	31	18	2012	2012	NUM
dem-11743	31	19	)	)	PUNCT
dem-11743	31	20	,	,	PUNCT
dem-11743	31	21	ostrowska	ostrowska	X
dem-11743	31	22	(	(	PUNCT
dem-11743	31	23	2003	2003	NUM
dem-11743	31	24	)	)	PUNCT
dem-11743	31	25	,	,	PUNCT
dem-11743	31	26	perez	perez	PROPN
dem-11743	31	27	(	(	PUNCT
dem-11743	31	28	2012	2012	NUM
dem-11743	31	29	)	)	PUNCT
dem-11743	31	30	,	,	PUNCT
dem-11743	31	31	witkowska	witkowska	X
dem-11743	31	32	(	(	PUNCT
dem-11743	31	33	2009	2009	NUM
dem-11743	31	34	)	)	PUNCT
dem-11743	31	35	,	,	PUNCT
dem-11743	31	36	witkowska	witkowska	X
dem-11743	31	37	et	et	PROPN
dem-11743	31	38	al	al	PROPN
dem-11743	31	39	.	.	PROPN
dem-11743	32	1	(	(	PUNCT
dem-11743	32	2	2009	2009	NUM
dem-11743	32	3	)	)	PUNCT
dem-11743	32	4	and	and	CCONJ
dem-11743	32	5	zamojska	zamojska	PROPN
dem-11743	32	6	(	(	PUNCT
dem-11743	32	7	2012	2012	NUM
dem-11743	32	8	)	)	PUNCT
dem-11743	32	9	.	.	PUNCT
dem-11743	33	1	whereas	whereas	SCONJ
dem-11743	33	2	evaluation	evaluation	NOUN
dem-11743	33	3	of	of	ADP
dem-11743	33	4	pension	pension	NOUN
dem-11743	33	5	funds	fund	NOUN
dem-11743	33	6	investment	investment	NOUN
dem-11743	33	7	activity	activity	NOUN
dem-11743	33	8	is	be	AUX
dem-11743	33	9	made	make	VERB
dem-11743	33	10	by	by	ADP
dem-11743	33	11	białek	białek	PROPN
dem-11743	33	12	(	(	PUNCT
dem-11743	33	13	2009	2009	NUM
dem-11743	33	14	)	)	PUNCT
dem-11743	33	15	,	,	PUNCT
dem-11743	33	16	chybalski	chybalski	PROPN
dem-11743	33	17	(	(	PUNCT
dem-11743	33	18	2006	2006	NUM
dem-11743	33	19	,	,	PUNCT
dem-11743	33	20	2009	2009	NUM
dem-11743	33	21	)	)	PUNCT
dem-11743	33	22	,	,	PUNCT
dem-11743	33	23	dybał	dybał	NOUN
dem-11743	33	24	(	(	PUNCT
dem-11743	33	25	2008	2008	NUM
dem-11743	33	26	)	)	PUNCT
dem-11743	33	27	,	,	PUNCT
dem-11743	33	28	karpio	karpio	NOUN
dem-11743	33	29	and	and	CCONJ
dem-11743	33	30	żebrowska	żebrowska	ADJ
dem-11743	33	31	-	-	PUNCT
dem-11743	33	32	suchodolska	suchodolska	NOUN
dem-11743	33	33	(	(	PUNCT
dem-11743	33	34	2014	2014	NUM
dem-11743	33	35	,	,	PUNCT
dem-11743	33	36	2016	2016	NUM
dem-11743	33	37	)	)	PUNCT
dem-11743	33	38	,	,	PUNCT
dem-11743	33	39	kompa	kompa	NOUN
dem-11743	33	40	and	and	CCONJ
dem-11743	33	41	1	1	NUM
dem-11743	33	42	early	early	ADJ
dem-11743	33	43	retirement	retirement	NOUN
dem-11743	33	44	regulations	regulation	NOUN
dem-11743	33	45	decreased	decrease	VERB
dem-11743	33	46	the	the	DET
dem-11743	33	47	real	real	ADJ
dem-11743	33	48	pension	pension	NOUN
dem-11743	33	49	age	age	NOUN
dem-11743	33	50	by	by	ADP
dem-11743	33	51	several	several	ADJ
dem-11743	33	52	years	year	NOUN
dem-11743	33	53	since	since	SCONJ
dem-11743	33	54	employees	employee	NOUN
dem-11743	33	55	who	who	PRON
dem-11743	33	56	fulfil	fulfil	VERB
dem-11743	33	57	certain	certain	ADJ
dem-11743	33	58	conditions	condition	NOUN
dem-11743	33	59	were	be	AUX
dem-11743	33	60	allowed	allow	VERB
dem-11743	33	61	to	to	PART
dem-11743	33	62	obtain	obtain	VERB
dem-11743	33	63	pension	pension	NOUN
dem-11743	33	64	benefits	benefit	NOUN
dem-11743	33	65	earlier	early	ADV
dem-11743	33	66	i.e.	i.e.	X
dem-11743	33	67	before	before	ADP
dem-11743	33	68	statutory	statutory	ADJ
dem-11743	33	69	retirement	retirement	NOUN
dem-11743	33	70	age	age	NOUN
dem-11743	33	71	.	.	PUNCT
dem-11743	34	1	performance	performance	NOUN
dem-11743	34	2	of	of	ADP
dem-11743	34	3	pension	pension	NOUN
dem-11743	34	4	funds	fund	NOUN
dem-11743	34	5	and	and	CCONJ
dem-11743	34	6	stable	stable	ADJ
dem-11743	34	7	growth	growth	NOUN
dem-11743	34	8	open	open	ADJ
dem-11743	34	9	investment	investment	NOUN
dem-11743	34	10	funds	fund	NOUN
dem-11743	34	11	…	…	PUNCT
dem-11743	34	12	dynamic	dynamic	ADJ
dem-11743	34	13	econometric	econometric	ADJ
dem-11743	34	14	models	model	NOUN
dem-11743	34	15	16	16	NUM
dem-11743	34	16	(	(	PUNCT
dem-11743	34	17	2016	2016	NUM
dem-11743	34	18	)	)	PUNCT
dem-11743	35	1	117–131	117–131	NUM
dem-11743	35	2	119	119	NUM
dem-11743	35	3	wiśniewski	wiśniewski	ADJ
dem-11743	35	4	(	(	PUNCT
dem-11743	35	5	2015	2015	NUM
dem-11743	35	6	)	)	PUNCT
dem-11743	35	7	,	,	PUNCT
dem-11743	35	8	kompa	kompa	NOUN
dem-11743	35	9	and	and	CCONJ
dem-11743	35	10	witkowska	witkowska	NOUN
dem-11743	35	11	(	(	PUNCT
dem-11743	35	12	2015	2015	NUM
dem-11743	35	13	,	,	PUNCT
dem-11743	35	14	2016	2016	NUM
dem-11743	35	15	)	)	PUNCT
dem-11743	35	16	,	,	PUNCT
dem-11743	35	17	marcinkiewicz	marcinkiewicz	NOUN
dem-11743	35	18	(	(	PUNCT
dem-11743	35	19	2009	2009	NUM
dem-11743	35	20	)	)	PUNCT
dem-11743	35	21	and	and	CCONJ
dem-11743	35	22	witkowska	witkowska	PROPN
dem-11743	35	23	,	,	PUNCT
dem-11743	35	24	kompa	kompa	NOUN
dem-11743	35	25	(	(	PUNCT
dem-11743	35	26	2012	2012	NUM
dem-11743	35	27	)	)	PUNCT
dem-11743	35	28	.	.	PUNCT
dem-11743	36	1	the	the	DET
dem-11743	36	2	mentioned	mention	VERB
dem-11743	36	3	research	research	NOUN
dem-11743	36	4	was	be	AUX
dem-11743	36	5	provided	provide	VERB
dem-11743	36	6	for	for	ADP
dem-11743	36	7	differently	differently	ADV
dem-11743	36	8	defined	define	VERB
dem-11743	36	9	time	time	NOUN
dem-11743	36	10	spans	span	NOUN
dem-11743	36	11	,	,	PUNCT
dem-11743	36	12	length	length	NOUN
dem-11743	36	13	of	of	ADP
dem-11743	36	14	the	the	DET
dem-11743	36	15	samples	sample	NOUN
dem-11743	36	16	,	,	PUNCT
dem-11743	36	17	various	various	ADJ
dem-11743	36	18	frequency	frequency	NOUN
dem-11743	36	19	of	of	ADP
dem-11743	36	20	measurement	measurement	NOUN
dem-11743	36	21	,	,	PUNCT
dem-11743	36	22	taking	take	VERB
dem-11743	36	23	into	into	ADP
dem-11743	36	24	account	account	NOUN
dem-11743	36	25	bear	bear	NOUN
dem-11743	36	26	and	and	CCONJ
dem-11743	36	27	bull	bull	NOUN
dem-11743	36	28	markets	market	NOUN
dem-11743	36	29	,	,	PUNCT
dem-11743	36	30	and	and	CCONJ
dem-11743	36	31	variety	variety	NOUN
dem-11743	36	32	of	of	ADP
dem-11743	36	33	efficiency	efficiency	NOUN
dem-11743	36	34	measures	measure	NOUN
dem-11743	36	35	.	.	PUNCT
dem-11743	37	1	however	however	ADV
dem-11743	37	2	,	,	PUNCT
dem-11743	37	3	the	the	DET
dem-11743	37	4	investigation	investigation	NOUN
dem-11743	37	5	concerning	concern	VERB
dem-11743	37	6	the	the	DET
dem-11743	37	7	influence	influence	NOUN
dem-11743	37	8	of	of	ADP
dem-11743	37	9	political	political	ADJ
dem-11743	37	10	decisions	decision	NOUN
dem-11743	37	11	to	to	ADP
dem-11743	37	12	the	the	DET
dem-11743	37	13	performance	performance	NOUN
dem-11743	37	14	of	of	ADP
dem-11743	37	15	pension	pension	NOUN
dem-11743	37	16	and	and	CCONJ
dem-11743	37	17	investment	investment	NOUN
dem-11743	37	18	funds	fund	NOUN
dem-11743	37	19	market	market	NOUN
dem-11743	37	20	is	be	AUX
dem-11743	37	21	rare	rare	ADJ
dem-11743	37	22	.	.	PUNCT
dem-11743	38	1	there	there	PRON
dem-11743	38	2	is	be	VERB
dem-11743	38	3	also	also	ADV
dem-11743	38	4	lack	lack	NOUN
dem-11743	38	5	of	of	ADP
dem-11743	38	6	profound	profound	ADJ
dem-11743	38	7	comparable	comparable	ADJ
dem-11743	38	8	research	research	NOUN
dem-11743	38	9	of	of	ADP
dem-11743	38	10	the	the	DET
dem-11743	38	11	efficiency	efficiency	NOUN
dem-11743	38	12	of	of	ADP
dem-11743	38	13	pension	pension	NOUN
dem-11743	38	14	and	and	CCONJ
dem-11743	38	15	mutual	mutual	ADJ
dem-11743	38	16	funds	fund	NOUN
dem-11743	38	17	.	.	PUNCT
dem-11743	39	1	this	this	DET
dem-11743	39	2	paper	paper	NOUN
dem-11743	39	3	is	be	AUX
dem-11743	39	4	to	to	PART
dem-11743	39	5	fulfill	fulfill	VERB
dem-11743	39	6	that	that	DET
dem-11743	39	7	gap	gap	NOUN
dem-11743	39	8	in	in	ADP
dem-11743	39	9	literature	literature	NOUN
dem-11743	39	10	.	.	PUNCT
dem-11743	40	1	the	the	DET
dem-11743	40	2	aim	aim	NOUN
dem-11743	40	3	of	of	ADP
dem-11743	40	4	our	our	PRON
dem-11743	40	5	research	research	NOUN
dem-11743	40	6	is	be	AUX
dem-11743	40	7	to	to	PART
dem-11743	40	8	find	find	VERB
dem-11743	40	9	out	out	ADP
dem-11743	40	10	if	if	SCONJ
dem-11743	40	11	mentioned	mention	VERB
dem-11743	40	12	above	above	ADP
dem-11743	40	13	changes	change	NOUN
dem-11743	40	14	of	of	ADP
dem-11743	40	15	the	the	DET
dem-11743	40	16	ofes	ofes	NOUN
dem-11743	40	17	’	'	PUNCT
dem-11743	40	18	functioning	function	VERB
dem-11743	40	19	influence	influence	NOUN
dem-11743	40	20	the	the	DET
dem-11743	40	21	efficiency	efficiency	NOUN
dem-11743	40	22	of	of	ADP
dem-11743	40	23	the	the	DET
dem-11743	40	24	pension	pension	NOUN
dem-11743	40	25	funds	fund	NOUN
dem-11743	40	26	and	and	CCONJ
dem-11743	40	27	to	to	PART
dem-11743	40	28	compare	compare	VERB
dem-11743	40	29	the	the	DET
dem-11743	40	30	performance	performance	NOUN
dem-11743	40	31	of	of	ADP
dem-11743	40	32	these	these	DET
dem-11743	40	33	funds	fund	NOUN
dem-11743	40	34	to	to	ADP
dem-11743	40	35	stable	stable	ADJ
dem-11743	40	36	growth	growth	NOUN
dem-11743	40	37	investment	investment	NOUN
dem-11743	40	38	funds	fund	NOUN
dem-11743	40	39	(	(	PUNCT
dem-11743	40	40	fio	fio	NOUN
dem-11743	40	41	)	)	PUNCT
dem-11743	40	42	.	.	PUNCT
dem-11743	41	1	the	the	DET
dem-11743	41	2	analysis	analysis	NOUN
dem-11743	41	3	is	be	AUX
dem-11743	41	4	provided	provide	VERB
dem-11743	41	5	for	for	ADP
dem-11743	41	6	selected	select	VERB
dem-11743	41	7	funds	fund	NOUN
dem-11743	41	8	applying	apply	VERB
dem-11743	41	9	statistical	statistical	ADJ
dem-11743	41	10	inference	inference	NOUN
dem-11743	41	11	,	,	PUNCT
dem-11743	41	12	sharpe	sharpe	NOUN
dem-11743	41	13	and	and	CCONJ
dem-11743	41	14	capital	capital	NOUN
dem-11743	41	15	assets	asset	NOUN
dem-11743	41	16	pricing	pricing	NOUN
dem-11743	41	17	(	(	PUNCT
dem-11743	41	18	capm	capm	NOUN
dem-11743	41	19	)	)	PUNCT
dem-11743	41	20	models	model	NOUN
dem-11743	41	21	and	and	CCONJ
dem-11743	41	22	classical	classical	ADJ
dem-11743	41	23	investment	investment	NOUN
dem-11743	41	24	efficiency	efficiency	NOUN
dem-11743	41	25	ratios	ratio	NOUN
dem-11743	41	26	.	.	PUNCT
dem-11743	42	1	1	1	X
dem-11743	42	2	.	.	X
dem-11743	42	3	data	datum	NOUN
dem-11743	42	4	and	and	CCONJ
dem-11743	42	5	methods	method	NOUN
dem-11743	42	6	to	to	PART
dem-11743	42	7	answer	answer	VERB
dem-11743	42	8	the	the	DET
dem-11743	42	9	question	question	NOUN
dem-11743	42	10	about	about	ADP
dem-11743	42	11	the	the	DET
dem-11743	42	12	consequences	consequence	NOUN
dem-11743	42	13	of	of	ADP
dem-11743	42	14	manipulations	manipulation	NOUN
dem-11743	42	15	in	in	ADP
dem-11743	42	16	the	the	DET
dem-11743	42	17	pension	pension	NOUN
dem-11743	42	18	system	system	NOUN
dem-11743	42	19	,	,	PUNCT
dem-11743	42	20	the	the	DET
dem-11743	42	21	whole	whole	ADJ
dem-11743	42	22	period	period	NOUN
dem-11743	42	23	of	of	ADP
dem-11743	42	24	analysis	analysis	NOUN
dem-11743	42	25	,	,	PUNCT
dem-11743	42	26	denoted	denote	VERB
dem-11743	42	27	by	by	ADP
dem-11743	42	28	a	a	PRON
dem-11743	42	29	,	,	PUNCT
dem-11743	42	30	is	be	AUX
dem-11743	42	31	divided	divide	VERB
dem-11743	42	32	into	into	ADP
dem-11743	42	33	three	three	NUM
dem-11743	42	34	pairs	pair	NOUN
dem-11743	42	35	of	of	ADP
dem-11743	42	36	sub	sub	NOUN
dem-11743	42	37	-	-	ADJ
dem-11743	42	38	periods	period	NOUN
dem-11743	42	39	according	accord	VERB
dem-11743	42	40	to	to	ADP
dem-11743	42	41	the	the	DET
dem-11743	42	42	moments	moment	NOUN
dem-11743	42	43	when	when	SCONJ
dem-11743	42	44	new	new	ADJ
dem-11743	42	45	regulations	regulation	NOUN
dem-11743	42	46	went	go	VERB
dem-11743	42	47	into	into	ADP
dem-11743	42	48	effect	effect	NOUN
dem-11743	42	49	:	:	PUNCT
dem-11743	42	50			PROPN
dem-11743	42	51	b	b	NOUN
dem-11743	42	52	,	,	PUNCT
dem-11743	42	53	decreasing	decrease	VERB
dem-11743	42	54	of	of	ADP
dem-11743	42	55	the	the	DET
dem-11743	42	56	contribution	contribution	NOUN
dem-11743	42	57	transferred	transfer	VERB
dem-11743	42	58	to	to	ADP
dem-11743	42	59	ofe	ofe	ADJ
dem-11743	42	60	,	,	PUNCT
dem-11743	42	61			PROPN
dem-11743	42	62	c	c	NOUN
dem-11743	42	63	,	,	PUNCT
dem-11743	42	64	shifting	shift	VERB
dem-11743	42	65	of	of	ADP
dem-11743	42	66	assets	asset	NOUN
dem-11743	42	67	from	from	ADP
dem-11743	42	68	ofe	ofe	ADJ
dem-11743	42	69	to	to	PART
dem-11743	42	70	zus	zus	VERB
dem-11743	42	71	and	and	CCONJ
dem-11743	42	72	changes	change	NOUN
dem-11743	42	73	in	in	ADP
dem-11743	42	74	the	the	DET
dem-11743	42	75	ofes	ofes	NOUN
dem-11743	42	76	’	'	PUNCT
dem-11743	42	77	portfolio	portfolio	NOUN
dem-11743	42	78	composition	composition	NOUN
dem-11743	42	79	,	,	PUNCT
dem-11743	42	80			PROPN
dem-11743	42	81	d	d	PROPN
dem-11743	42	82	,	,	PUNCT
dem-11743	42	83	waving	wave	VERB
dem-11743	42	84	the	the	DET
dem-11743	42	85	obligation	obligation	NOUN
dem-11743	42	86	of	of	ADP
dem-11743	42	87	pension	pension	NOUN
dem-11743	42	88	funds	fund	NOUN
dem-11743	42	89	membership	membership	NOUN
dem-11743	42	90	.	.	PUNCT
dem-11743	43	1	empirical	empirical	ADJ
dem-11743	43	2	analysis	analysis	NOUN
dem-11743	43	3	of	of	ADP
dem-11743	43	4	the	the	DET
dem-11743	43	5	investment	investment	NOUN
dem-11743	43	6	efficiency	efficiency	NOUN
dem-11743	43	7	is	be	AUX
dem-11743	43	8	provided	provide	VERB
dem-11743	43	9	on	on	ADP
dem-11743	43	10	the	the	DET
dem-11743	43	11	basis	basis	NOUN
dem-11743	43	12	of	of	ADP
dem-11743	43	13	daily	daily	ADJ
dem-11743	43	14	observations	observation	NOUN
dem-11743	43	15	from	from	ADP
dem-11743	43	16	the	the	DET
dem-11743	43	17	years	year	NOUN
dem-11743	43	18	2009–2015	2009–2015	NUM
dem-11743	43	19	.	.	PUNCT
dem-11743	44	1	the	the	DET
dem-11743	44	2	considered	consider	VERB
dem-11743	44	3	time	time	NOUN
dem-11743	44	4	span	span	NOUN
dem-11743	44	5	covers	cover	VERB
dem-11743	44	6	seven	seven	NUM
dem-11743	44	7	samples	sample	NOUN
dem-11743	44	8	:	:	PUNCT
dem-11743	44	9			VERB
dem-11743	44	10	a	a	PRON
dem-11743	44	11	from	from	ADP
dem-11743	44	12	1.01.2009	1.01.2009	NUM
dem-11743	44	13	to	to	ADP
dem-11743	44	14	31.12.2015	31.12.2015	NUM
dem-11743	44	15	(	(	PUNCT
dem-11743	44	16	84	84	NUM
dem-11743	44	17	months	month	NOUN
dem-11743	44	18	)	)	PUNCT
dem-11743	44	19	,	,	PUNCT
dem-11743	44	20			NOUN
dem-11743	44	21	b1	b1	NOUN
dem-11743	44	22	from	from	ADP
dem-11743	44	23	1.01.2009	1.01.2009	NUM
dem-11743	44	24	to	to	ADP
dem-11743	44	25	30.04.2011	30.04.2011	NUM
dem-11743	44	26	,	,	PUNCT
dem-11743	44	27	and	and	CCONJ
dem-11743	44	28	b2	b2	VERB
dem-11743	44	29	from	from	ADP
dem-11743	44	30	1.05.2011	1.05.2011	NUM
dem-11743	44	31	to	to	ADP
dem-11743	44	32	31.08.2013	31.08.2013	PROPN
dem-11743	44	33	(	(	PUNCT
dem-11743	44	34	28	28	NUM
dem-11743	44	35	months	month	NOUN
dem-11743	44	36	each	each	DET
dem-11743	44	37	sub	sub	NOUN
dem-11743	44	38	-	-	NOUN
dem-11743	44	39	period	period	NOUN
dem-11743	44	40	)	)	PUNCT
dem-11743	44	41	,	,	PUNCT
dem-11743	44	42			PROPN
dem-11743	44	43	c1	c1	PROPN
dem-11743	44	44	from	from	ADP
dem-11743	44	45	1.04.2012	1.04.2012	NUM
dem-11743	44	46	to	to	ADP
dem-11743	44	47	31.01.2014	31.01.2014	NUM
dem-11743	44	48	,	,	PUNCT
dem-11743	44	49	and	and	CCONJ
dem-11743	44	50	c2	c2	PROPN
dem-11743	44	51	from	from	ADP
dem-11743	44	52	1.02.2014	1.02.2014	NUM
dem-11743	44	53	to	to	ADP
dem-11743	44	54	31.12.2015	31.12.2015	NUM
dem-11743	44	55	(	(	PUNCT
dem-11743	44	56	22	22	NUM
dem-11743	44	57	and	and	CCONJ
dem-11743	44	58	23	23	NUM
dem-11743	44	59	months	month	NOUN
dem-11743	44	60	respectively	respectively	ADV
dem-11743	44	61	)	)	PUNCT
dem-11743	44	62	,	,	PUNCT
dem-11743	44	63			NOUN
dem-11743	44	64	d1	d1	ADV
dem-11743	44	65	from	from	ADP
dem-11743	44	66	1.01.2013	1.01.2013	NUM
dem-11743	44	67	to	to	ADP
dem-11743	44	68	30.06.2014	30.06.2014	NUM
dem-11743	44	69	,	,	PUNCT
dem-11743	44	70	and	and	CCONJ
dem-11743	44	71	d2	d2	VERB
dem-11743	44	72	from	from	ADP
dem-11743	44	73	1.07.2014	1.07.2014	NUM
dem-11743	44	74	to	to	ADP
dem-11743	44	75	31.12.2015	31.12.2015	NUM
dem-11743	44	76	(	(	PUNCT
dem-11743	44	77	18	18	NUM
dem-11743	44	78	months	month	NOUN
dem-11743	44	79	each	each	PRON
dem-11743	44	80	)	)	PUNCT
dem-11743	44	81	.	.	PUNCT
dem-11743	45	1	in	in	ADP
dem-11743	45	2	our	our	PRON
dem-11743	45	3	research	research	NOUN
dem-11743	45	4	we	we	PRON
dem-11743	45	5	use	use	VERB
dem-11743	45	6	daily	daily	ADJ
dem-11743	45	7	logarithmic	logarithmic	ADJ
dem-11743	45	8	rate	rate	NOUN
dem-11743	45	9	of	of	ADP
dem-11743	45	10	returns	return	NOUN
dem-11743	45	11	evaluated	evaluate	VERB
dem-11743	45	12	from	from	ADP
dem-11743	45	13	:	:	PUNCT
dem-11743	45	14			NOUN
dem-11743	45	15	participation	participation	NOUN
dem-11743	45	16	units	unit	NOUN
dem-11743	45	17	of	of	ADP
dem-11743	45	18	stable	stable	ADJ
dem-11743	45	19	growth	growth	NOUN
dem-11743	45	20	open	open	ADJ
dem-11743	45	21	investment	investment	NOUN
dem-11743	45	22	funds	fund	NOUN
dem-11743	45	23	and	and	CCONJ
dem-11743	45	24	accounting	accounting	NOUN
dem-11743	45	25	units	unit	NOUN
dem-11743	45	26	of	of	ADP
dem-11743	45	27	pension	pension	NOUN
dem-11743	45	28	funds	fund	NOUN
dem-11743	45	29	,	,	PUNCT
dem-11743	45	30	which	which	PRON
dem-11743	45	31	are	be	AUX
dem-11743	45	32	managed	manage	VERB
dem-11743	45	33	by	by	ADP
dem-11743	45	34	the	the	DET
dem-11743	45	35	same	same	ADJ
dem-11743	45	36	six	six	NUM
dem-11743	45	37	investment	investment	NOUN
dem-11743	45	38	and	and	CCONJ
dem-11743	45	39	pension	pension	NOUN
dem-11743	45	40	funds	fund	NOUN
dem-11743	45	41	companies	company	NOUN
dem-11743	45	42	,	,	PUNCT
dem-11743	45	43	namely	namely	ADV
dem-11743	45	44	:	:	PUNCT
dem-11743	45	45	allianz	allianz	PROPN
dem-11743	45	46	,	,	PUNCT
dem-11743	45	47	aviva	aviva	PROPN
dem-11743	45	48	,	,	PUNCT
dem-11743	45	49	nationale	nationale	PROPN
dem-11743	45	50	krzysztof	krzysztof	PROPN
dem-11743	45	51	kompa	kompa	PROPN
dem-11743	45	52	,	,	PUNCT
dem-11743	45	53	dorota	dorota	PROPN
dem-11743	45	54	witkowska	witkowska	PROPN
dem-11743	45	55	dynamic	dynamic	ADJ
dem-11743	45	56	econometric	econometric	ADJ
dem-11743	45	57	models	model	NOUN
dem-11743	45	58	16	16	NUM
dem-11743	45	59	(	(	PUNCT
dem-11743	45	60	2016	2016	NUM
dem-11743	45	61	)	)	PUNCT
dem-11743	45	62	117–131	117–131	NUM
dem-11743	45	63	120	120	NUM
dem-11743	45	64	nederlanden	nederlanden	ADJ
dem-11743	45	65	,	,	PUNCT
dem-11743	45	66	pekao	pekao	NOUN
dem-11743	45	67	,	,	PUNCT
dem-11743	45	68	pko	pko	PROPN
dem-11743	45	69	and	and	CCONJ
dem-11743	45	70	pzu	pzu	VERB
dem-11743	45	71	investment	investment	NOUN
dem-11743	45	72	and	and	CCONJ
dem-11743	45	73	pension	pension	NOUN
dem-11743	45	74	funds	fund	NOUN
dem-11743	45	75	companies	company	NOUN
dem-11743	45	76	2	2	NUM
dem-11743	45	77	,	,	PUNCT
dem-11743	45	78			PROPN
dem-11743	45	79	warsaw	warsaw	PROPN
dem-11743	45	80	stock	stock	PROPN
dem-11743	45	81	exchange	exchange	PROPN
dem-11743	45	82	index	index	NOUN
dem-11743	45	83	–	–	PUNCT
dem-11743	45	84	wig	wig	NOUN
dem-11743	45	85	,	,	PUNCT
dem-11743	45	86			PROPN
dem-11743	45	87	poland	poland	PROPN
dem-11743	45	88	’s	’s	PART
dem-11743	45	89	official	official	ADJ
dem-11743	45	90	treasury	treasury	PROPN
dem-11743	45	91	bonds	bond	NOUN
dem-11743	45	92	index	index	NOUN
dem-11743	45	93	–	–	PUNCT
dem-11743	45	94	tbsp.index	tbsp.index	NOUN
dem-11743	45	95	,	,	PUNCT
dem-11743	45	96	and	and	CCONJ
dem-11743	45	97			PROPN
dem-11743	45	98	warsaw	warsaw	PROPN
dem-11743	45	99	interbank	interbank	ADV
dem-11743	45	100	offered	offer	VERB
dem-11743	45	101	rate	rate	NOUN
dem-11743	45	102	–	–	PUNCT
dem-11743	45	103	wibor	wibor	NOUN
dem-11743	45	104	.	.	PUNCT
dem-11743	46	1	wig	wig	NOUN
dem-11743	46	2	,	,	PUNCT
dem-11743	46	3	tbsp	tbsp	NOUN
dem-11743	46	4	and	and	CCONJ
dem-11743	46	5	wibor	wibor	NOUN
dem-11743	46	6	(	(	PUNCT
dem-11743	46	7	being	be	AUX
dem-11743	46	8	the	the	DET
dem-11743	46	9	interest	interest	NOUN
dem-11743	46	10	rate	rate	NOUN
dem-11743	46	11	of	of	ADP
dem-11743	46	12	3	3	NUM
dem-11743	46	13	months	month	NOUN
dem-11743	46	14	loans	loan	NOUN
dem-11743	46	15	)	)	PUNCT
dem-11743	46	16	are	be	AUX
dem-11743	46	17	used	use	VERB
dem-11743	46	18	as	as	ADP
dem-11743	46	19	benchmarks	benchmark	NOUN
dem-11743	46	20	3	3	NUM
dem-11743	46	21	in	in	ADP
dem-11743	46	22	our	our	PRON
dem-11743	46	23	analysis	analysis	NOUN
dem-11743	46	24	since	since	SCONJ
dem-11743	46	25	they	they	PRON
dem-11743	46	26	represent	represent	VERB
dem-11743	46	27	capital	capital	NOUN
dem-11743	46	28	,	,	PUNCT
dem-11743	46	29	treasury	treasury	NOUN
dem-11743	46	30	bond	bond	NOUN
dem-11743	46	31	and	and	CCONJ
dem-11743	46	32	money	money	NOUN
dem-11743	46	33	markets	market	NOUN
dem-11743	46	34	,	,	PUNCT
dem-11743	46	35	respectively	respectively	ADV
dem-11743	46	36	.	.	PUNCT
dem-11743	47	1	wig	wig	NOUN
dem-11743	47	2	is	be	AUX
dem-11743	47	3	treated	treat	VERB
dem-11743	47	4	as	as	ADP
dem-11743	47	5	the	the	DET
dem-11743	47	6	market	market	NOUN
dem-11743	47	7	index	index	NOUN
dem-11743	47	8	whereas	whereas	SCONJ
dem-11743	47	9	tbsp	tbsp	NOUN
dem-11743	47	10	and	and	CCONJ
dem-11743	47	11	wibor	wibor	NOUN
dem-11743	47	12	–	–	PUNCT
dem-11743	47	13	as	as	ADP
dem-11743	47	14	risk	risk	NOUN
dem-11743	47	15	free	free	ADJ
dem-11743	47	16	instruments	instrument	NOUN
dem-11743	47	17	.	.	PUNCT
dem-11743	48	1	analysis	analysis	NOUN
dem-11743	48	2	of	of	ADP
dem-11743	48	3	returns	return	NOUN
dem-11743	48	4	and	and	CCONJ
dem-11743	48	5	risk	risk	NOUN
dem-11743	48	6	generated	generate	VERB
dem-11743	48	7	by	by	ADP
dem-11743	48	8	the	the	DET
dem-11743	48	9	investment	investment	NOUN
dem-11743	48	10	portfolios	portfolio	NOUN
dem-11743	48	11	constructed	construct	VERB
dem-11743	48	12	by	by	ADP
dem-11743	48	13	selected	select	VERB
dem-11743	48	14	funds	fund	NOUN
dem-11743	48	15	is	be	AUX
dem-11743	48	16	conducted	conduct	VERB
dem-11743	48	17	using	use	VERB
dem-11743	48	18	statistical	statistical	ADJ
dem-11743	48	19	interference	interference	NOUN
dem-11743	48	20	(	(	PUNCT
dem-11743	48	21	assuming	assume	VERB
dem-11743	48	22	the	the	DET
dem-11743	48	23	significance	significance	NOUN
dem-11743	48	24	level	level	NOUN
dem-11743	48	25	0.05	0.05	NUM
dem-11743	48	26	)	)	PUNCT
dem-11743	48	27	.	.	PUNCT
dem-11743	49	1	we	we	PRON
dem-11743	49	2	will	will	AUX
dem-11743	49	3	verify	verify	VERB
dem-11743	49	4	4	4	NUM
dem-11743	49	5	the	the	DET
dem-11743	49	6	following	follow	VERB
dem-11743	49	7	null	null	ADJ
dem-11743	49	8	hypotheses	hypothesis	NOUN
dem-11743	49	9	concerning	concern	VERB
dem-11743	49	10	:	:	PUNCT
dem-11743	49	11	rates	rate	NOUN
dem-11743	49	12	of	of	ADP
dem-11743	49	13	return	return	NOUN
dem-11743	49	14	risk	risk	NOUN
dem-11743	49	15	sharpe	sharpe	PROPN
dem-11743	49	16	model	model	PROPN
dem-11743	49	17	/	/	PROPN
dem-11743	49	18	capm	capm	PROPN
dem-11743	49	19	e(rofe	e(rofe	PROPN
dem-11743	49	20	)	)	PUNCT
dem-11743	50	1	=	=	SYM
dem-11743	50	2	0	0	NUM
dem-11743	50	3	;	;	PUNCT
dem-11743	50	4	e(rfio	e(rfio	X
dem-11743	50	5	)	)	PUNCT
dem-11743	51	1	=	=	SYM
dem-11743	51	2	0	0	NUM
dem-11743	51	3	;	;	PUNCT
dem-11743	51	4	e(rbenchmark	e(rbenchmark	X
dem-11743	51	5	)	)	PUNCT
dem-11743	52	1	=	=	SYM
dem-11743	52	2	0	0	NUM
dem-11743	53	1			NOUN
dem-11743	53	2	=	=	NOUN
dem-11743	53	3	0	0	NUM
dem-11743	53	4	;	;	PUNCT
dem-11743	53	5			X
dem-11743	53	6	=	=	SYM
dem-11743	53	7	0	0	NUM
dem-11743	53	8	e(rofe	e(rofe	NOUN
dem-11743	53	9	)	)	PUNCT
dem-11743	53	10	=	=	SYM
dem-11743	53	11	e(rfio	e(rfio	NOUN
dem-11743	53	12	)	)	PUNCT
dem-11743	53	13	d2(rofe	d2(rofe	NOUN
dem-11743	53	14	)	)	PUNCT
dem-11743	53	15	=	=	SYM
dem-11743	53	16	d2(rfio	d2(rfio	NOUN
dem-11743	53	17	)	)	PUNCT
dem-11743	53	18	ofe	ofe	NOUN
dem-11743	53	19	=	=	SYM
dem-11743	53	20	fio	fio	NOUN
dem-11743	53	21	e(rbefore	e(rbefore	NOUN
dem-11743	53	22	)	)	PUNCT
dem-11743	53	23	=	=	SYM
dem-11743	53	24	e(rafter	e(rafter	X
dem-11743	53	25	)	)	PUNCT
dem-11743	53	26	d2(rbefore	d2(rbefore	NOUN
dem-11743	53	27	)	)	PUNCT
dem-11743	53	28	=	=	SYM
dem-11743	53	29	d2(rafter	d2(rafter	NOUN
dem-11743	53	30	)	)	PUNCT
dem-11743	53	31	before	before	X
dem-11743	54	1	=	=	SYM
dem-11743	54	2	after	after	VERB
dem-11743	54	3	where	where	SCONJ
dem-11743	54	4	,	,	PUNCT
dem-11743	54	5	e(r	e(r	NUM
dem-11743	54	6	)	)	PUNCT
dem-11743	54	7	–	–	PUNCT
dem-11743	54	8	expected	expect	VERB
dem-11743	54	9	returns	return	NOUN
dem-11743	54	10	,	,	PUNCT
dem-11743	54	11	d2(r	d2(r	PROPN
dem-11743	54	12	)	)	PUNCT
dem-11743	54	13	–	–	PUNCT
dem-11743	54	14	variance	variance	NOUN
dem-11743	54	15	of	of	ADP
dem-11743	54	16	returns	return	NOUN
dem-11743	54	17	,	,	PUNCT
dem-11743	54	18	rofe	rofe	PROPN
dem-11743	54	19	,	,	PUNCT
dem-11743	54	20	rfio	rfio	NOUN
dem-11743	54	21	–	–	PUNCT
dem-11743	54	22	returns	return	NOUN
dem-11743	54	23	from	from	ADP
dem-11743	54	24	ofe	ofe	NOUN
dem-11743	54	25	and	and	CCONJ
dem-11743	54	26	fio	fio	NOUN
dem-11743	54	27	respectively	respectively	ADV
dem-11743	54	28	,	,	PUNCT
dem-11743	54	29			PROPN
dem-11743	54	30	,	,	PUNCT
dem-11743	54	31			X
dem-11743	54	32	–	–	PUNCT
dem-11743	54	33	parameters	parameter	NOUN
dem-11743	54	34	of	of	ADP
dem-11743	54	35	sharpe	sharpe	PROPN
dem-11743	54	36	model	model	NOUN
dem-11743	54	37	or	or	CCONJ
dem-11743	54	38	capm	capm	PROPN
dem-11743	54	39	,	,	PUNCT
dem-11743	54	40	rbefore	rbefore	NOUN
dem-11743	54	41	,	,	PUNCT
dem-11743	54	42	rafter	rafter	NOUN
dem-11743	54	43	,	,	PUNCT
dem-11743	54	44	before	before	ADJ
dem-11743	54	45	,	,	PUNCT
dem-11743	54	46	after	after	VERB
dem-11743	54	47	–	–	PUNCT
dem-11743	54	48	returns	return	NOUN
dem-11743	54	49	from	from	ADP
dem-11743	54	50	the	the	DET
dem-11743	54	51	portfolio	portfolio	NOUN
dem-11743	54	52	and	and	CCONJ
dem-11743	54	53	beta	beta	ADJ
dem-11743	54	54	coefficients	coefficient	NOUN
dem-11743	54	55	before	before	ADV
dem-11743	54	56	and	and	CCONJ
dem-11743	54	57	after	after	SCONJ
dem-11743	54	58	the	the	DET
dem-11743	54	59	change	change	NOUN
dem-11743	54	60	went	go	VERB
dem-11743	54	61	into	into	ADP
dem-11743	54	62	effect	effect	NOUN
dem-11743	54	63	,	,	PUNCT
dem-11743	54	64	respectively	respectively	ADV
dem-11743	54	65	.	.	PUNCT
dem-11743	55	1	the	the	DET
dem-11743	55	2	comparison	comparison	NOUN
dem-11743	55	3	of	of	ADP
dem-11743	55	4	the	the	DET
dem-11743	55	5	funds	fund	NOUN
dem-11743	55	6	’	'	PUNCT
dem-11743	55	7	efficiency	efficiency	NOUN
dem-11743	55	8	is	be	AUX
dem-11743	55	9	provided	provide	VERB
dem-11743	55	10	applying	apply	VERB
dem-11743	55	11	sharpe	sharpe	NOUN
dem-11743	55	12	,	,	PUNCT
dem-11743	55	13	treynor	treynor	NOUN
dem-11743	55	14	and	and	CCONJ
dem-11743	55	15	jensen	jensen	PROPN
dem-11743	55	16	ratios	ratio	NOUN
dem-11743	55	17	which	which	PRON
dem-11743	55	18	are	be	AUX
dem-11743	55	19	evaluated	evaluate	VERB
dem-11743	55	20	for	for	ADP
dem-11743	55	21	all	all	DET
dem-11743	55	22	considered	consider	VERB
dem-11743	55	23	pension	pension	NOUN
dem-11743	55	24	and	and	CCONJ
dem-11743	55	25	mutual	mutual	ADJ
dem-11743	55	26	funds	fund	NOUN
dem-11743	55	27	in	in	ADP
dem-11743	55	28	all	all	DET
dem-11743	55	29	analyzed	analyze	VERB
dem-11743	55	30	time	time	NOUN
dem-11743	55	31	spans	span	NOUN
dem-11743	55	32	,	,	PUNCT
dem-11743	55	33	and	and	CCONJ
dem-11743	55	34	for	for	ADP
dem-11743	55	35	differently	differently	ADV
dem-11743	55	36	defined	define	VERB
dem-11743	55	37	risk	risk	NOUN
dem-11743	55	38	free	free	ADJ
dem-11743	55	39	instruments	instrument	NOUN
dem-11743	55	40	.	.	PUNCT
dem-11743	56	1	2	2	X
dem-11743	56	2	.	.	X
dem-11743	56	3	rates	rate	NOUN
dem-11743	56	4	of	of	ADP
dem-11743	56	5	return	return	NOUN
dem-11743	56	6	in	in	ADP
dem-11743	56	7	the	the	DET
dem-11743	56	8	first	first	ADJ
dem-11743	56	9	step	step	NOUN
dem-11743	56	10	of	of	ADP
dem-11743	56	11	our	our	PRON
dem-11743	56	12	analysis	analysis	NOUN
dem-11743	56	13	we	we	PRON
dem-11743	56	14	check	check	VERB
dem-11743	56	15	out	out	ADP
dem-11743	56	16	if	if	SCONJ
dem-11743	56	17	daily	daily	ADJ
dem-11743	56	18	rates	rate	NOUN
dem-11743	56	19	of	of	ADP
dem-11743	56	20	return	return	NOUN
dem-11743	56	21	are	be	AUX
dem-11743	56	22	significantly	significantly	ADV
dem-11743	56	23	positive	positive	ADJ
dem-11743	56	24	or	or	CCONJ
dem-11743	56	25	negative	negative	ADJ
dem-11743	56	26	.	.	PUNCT
dem-11743	57	1	it	it	PRON
dem-11743	57	2	is	be	AUX
dem-11743	57	3	visible	visible	ADJ
dem-11743	57	4	(	(	PUNCT
dem-11743	57	5	table	table	NOUN
dem-11743	57	6	1	1	NUM
dem-11743	57	7	)	)	PUNCT
dem-11743	57	8	that	that	PRON
dem-11743	57	9	expected	expect	VERB
dem-11743	57	10	returns	return	NOUN
dem-11743	57	11	from	from	ADP
dem-11743	57	12	all	all	DET
dem-11743	57	13	considered	consider	VERB
dem-11743	57	14	pension	pension	NOUN
dem-11743	57	15	funds	fund	NOUN
dem-11743	57	16	’	'	PUNCT
dem-11743	57	17	investment	investment	NOUN
dem-11743	57	18	are	be	AUX
dem-11743	57	19	significantly	significantly	ADV
dem-11743	57	20	positive	positive	ADJ
dem-11743	57	21	in	in	ADP
dem-11743	57	22	2	2	NUM
dem-11743	57	23	the	the	DET
dem-11743	57	24	selection	selection	NOUN
dem-11743	57	25	of	of	ADP
dem-11743	57	26	mentioned	mention	VERB
dem-11743	57	27	above	above	ADP
dem-11743	57	28	investment	investment	NOUN
dem-11743	57	29	and	and	CCONJ
dem-11743	57	30	pension	pension	NOUN
dem-11743	57	31	funds	fund	NOUN
dem-11743	57	32	companies	company	NOUN
dem-11743	57	33	is	be	AUX
dem-11743	57	34	connected	connect	VERB
dem-11743	57	35	with	with	ADP
dem-11743	57	36	the	the	DET
dem-11743	57	37	investigations	investigation	NOUN
dem-11743	57	38	previously	previously	ADV
dem-11743	57	39	provided	provide	VERB
dem-11743	57	40	by	by	ADP
dem-11743	57	41	the	the	DET
dem-11743	57	42	authors	author	NOUN
dem-11743	57	43	separately	separately	ADV
dem-11743	57	44	for	for	ADP
dem-11743	57	45	pension	pension	NOUN
dem-11743	57	46	funds	fund	NOUN
dem-11743	57	47	and	and	CCONJ
dem-11743	57	48	investment	investment	NOUN
dem-11743	57	49	funds	fund	NOUN
dem-11743	57	50	.	.	PUNCT
dem-11743	58	1	3	3	NUM
dem-11743	58	2	it	it	PRON
dem-11743	58	3	is	be	AUX
dem-11743	58	4	worth	worth	ADJ
dem-11743	58	5	mentioning	mention	VERB
dem-11743	58	6	that	that	DET
dem-11743	58	7	wig	wig	NOUN
dem-11743	58	8	and	and	CCONJ
dem-11743	58	9	wibor	wibor	NOUN
dem-11743	58	10	are	be	AUX
dem-11743	58	11	used	use	VERB
dem-11743	58	12	to	to	PART
dem-11743	58	13	calculate	calculate	VERB
dem-11743	58	14	benchmarks	benchmark	NOUN
dem-11743	58	15	,	,	PUNCT
dem-11743	58	16	which	which	PRON
dem-11743	58	17	are	be	AUX
dem-11743	58	18	used	use	VERB
dem-11743	58	19	to	to	PART
dem-11743	58	20	evaluate	evaluate	VERB
dem-11743	58	21	pension	pension	NOUN
dem-11743	58	22	funds	fund	NOUN
dem-11743	58	23	efficiency	efficiency	NOUN
dem-11743	58	24	(	(	PUNCT
dem-11743	58	25	dziennik	dziennik	X
dem-11743	58	26	ustaw	ustaw	PROPN
dem-11743	58	27	rzeczypospolitej	rzeczypospolitej	PROPN
dem-11743	58	28	polskiej	polskiej	PROPN
dem-11743	58	29	2014	2014	NUM
dem-11743	58	30	,	,	PUNCT
dem-11743	58	31	poz	poz	PROPN
dem-11743	58	32	.	.	PUNCT
dem-11743	58	33	753	753	NUM
dem-11743	58	34	)	)	PUNCT
dem-11743	58	35	.	.	PUNCT
dem-11743	59	1	4	4	NUM
dem-11743	59	2	description	description	NOUN
dem-11743	59	3	of	of	ADP
dem-11743	59	4	all	all	DET
dem-11743	59	5	applied	apply	VERB
dem-11743	59	6	tests	test	NOUN
dem-11743	59	7	is	be	AUX
dem-11743	59	8	presented	present	VERB
dem-11743	59	9	in	in	ADP
dem-11743	59	10	(	(	PUNCT
dem-11743	59	11	tarczyński	tarczyński	ADJ
dem-11743	59	12	,	,	PUNCT
dem-11743	59	13	witkowska	witkowska	NOUN
dem-11743	59	14	and	and	CCONJ
dem-11743	59	15	kompa	kompa	NOUN
dem-11743	59	16	,	,	PUNCT
dem-11743	59	17	2013	2013	NUM
dem-11743	59	18	,	,	PUNCT
dem-11743	59	19	p.	p.	NOUN
dem-11743	59	20	18–19	18–19	NUM
dem-11743	59	21	,	,	PUNCT
dem-11743	59	22	25	25	NUM
dem-11743	59	23	,	,	PUNCT
dem-11743	59	24	72	72	NUM
dem-11743	59	25	)	)	PUNCT
dem-11743	59	26	performance	performance	NOUN
dem-11743	59	27	of	of	ADP
dem-11743	59	28	pension	pension	NOUN
dem-11743	59	29	funds	fund	NOUN
dem-11743	59	30	and	and	CCONJ
dem-11743	59	31	stable	stable	ADJ
dem-11743	59	32	growth	growth	NOUN
dem-11743	59	33	open	open	ADJ
dem-11743	59	34	investment	investment	NOUN
dem-11743	59	35	funds	fund	NOUN
dem-11743	59	36	…	…	PUNCT
dem-11743	59	37	dynamic	dynamic	ADJ
dem-11743	59	38	econometric	econometric	ADJ
dem-11743	59	39	models	model	NOUN
dem-11743	59	40	16	16	NUM
dem-11743	59	41	(	(	PUNCT
dem-11743	59	42	2016	2016	NUM
dem-11743	59	43	)	)	PUNCT
dem-11743	60	1	117–131	117–131	NUM
dem-11743	60	2	121	121	NUM
dem-11743	60	3	the	the	DET
dem-11743	60	4	whole	whole	ADJ
dem-11743	60	5	period	period	NOUN
dem-11743	60	6	of	of	ADP
dem-11743	60	7	consideration	consideration	NOUN
dem-11743	60	8	(	(	PUNCT
dem-11743	60	9	denoted	denote	VERB
dem-11743	60	10	by	by	ADP
dem-11743	60	11	a	a	PRON
dem-11743	60	12	)	)	PUNCT
dem-11743	60	13	,	,	PUNCT
dem-11743	60	14	and	and	CCONJ
dem-11743	60	15	for	for	ADP
dem-11743	60	16	the	the	DET
dem-11743	60	17	periods	period	NOUN
dem-11743	60	18	b1	b1	NOUN
dem-11743	60	19	and	and	CCONJ
dem-11743	60	20	c1	c1	PROPN
dem-11743	60	21	,	,	PUNCT
dem-11743	60	22	describing	describe	VERB
dem-11743	60	23	performance	performance	NOUN
dem-11743	60	24	of	of	ADP
dem-11743	60	25	pension	pension	NOUN
dem-11743	60	26	funds	fund	NOUN
dem-11743	60	27	before	before	ADP
dem-11743	60	28	the	the	DET
dem-11743	60	29	essential	essential	ADJ
dem-11743	60	30	changes	change	NOUN
dem-11743	60	31	of	of	ADP
dem-11743	60	32	their	their	PRON
dem-11743	60	33	functioning	functioning	NOUN
dem-11743	60	34	.	.	PUNCT
dem-11743	61	1	it	it	PRON
dem-11743	61	2	is	be	AUX
dem-11743	61	3	also	also	ADV
dem-11743	61	4	noticeable	noticeable	ADJ
dem-11743	61	5	that	that	SCONJ
dem-11743	61	6	in	in	ADP
dem-11743	61	7	the	the	DET
dem-11743	61	8	periods	period	NOUN
dem-11743	61	9	c2	c2	PROPN
dem-11743	61	10	and	and	CCONJ
dem-11743	61	11	d2	d2	PROPN
dem-11743	61	12	,	,	PUNCT
dem-11743	61	13	i.e.	i.e.	X
dem-11743	61	14	after	after	SCONJ
dem-11743	61	15	the	the	DET
dem-11743	61	16	modifications	modification	NOUN
dem-11743	61	17	went	go	VERB
dem-11743	61	18	into	into	ADP
dem-11743	61	19	effect	effect	NOUN
dem-11743	61	20	,	,	PUNCT
dem-11743	61	21	the	the	DET
dem-11743	61	22	average	average	ADJ
dem-11743	61	23	rates	rate	NOUN
dem-11743	61	24	of	of	ADP
dem-11743	61	25	return	return	NOUN
dem-11743	61	26	are	be	AUX
dem-11743	61	27	negative	negative	ADJ
dem-11743	61	28	,	,	PUNCT
dem-11743	61	29	although	although	SCONJ
dem-11743	61	30	the	the	DET
dem-11743	61	31	null	null	ADJ
dem-11743	61	32	hypothesis	hypothesis	NOUN
dem-11743	61	33	can	can	AUX
dem-11743	61	34	not	not	PART
dem-11743	61	35	be	be	AUX
dem-11743	61	36	rejected	reject	VERB
dem-11743	61	37	for	for	ADP
dem-11743	61	38	the	the	DET
dem-11743	61	39	significance	significance	NOUN
dem-11743	61	40	level	level	NOUN
dem-11743	61	41	0.05	0.05	NUM
dem-11743	61	42	.	.	PUNCT
dem-11743	61	43	table	table	NOUN
dem-11743	61	44	1	1	NUM
dem-11743	61	45	.	.	PUNCT
dem-11743	61	46	test	test	NOUN
dem-11743	61	47	statistics	statistic	NOUN
dem-11743	61	48	verifying	verify	VERB
dem-11743	61	49	the	the	DET
dem-11743	61	50	hypothesis	hypothesis	NOUN
dem-11743	61	51	about	about	ADP
dem-11743	61	52	expected	expect	VERB
dem-11743	61	53	returns	return	NOUN
dem-11743	61	54	from	from	ADP
dem-11743	61	55	pension	pension	NOUN
dem-11743	61	56	funds	fund	NOUN
dem-11743	61	57	in	in	ADP
dem-11743	61	58	considered	consider	VERB
dem-11743	61	59	periods	periods	PROPN
dem-11743	61	60	h0	h0	PROPN
dem-11743	61	61	:	:	PUNCT
dem-11743	61	62	e(rofe	e(rofe	VERB
dem-11743	61	63	)	)	PUNCT
dem-11743	62	1	=	=	SYM
dem-11743	62	2	0	0	NUM
dem-11743	62	3	period	period	NOUN
dem-11743	62	4	a	a	DET
dem-11743	62	5	b1	b1	NOUN
dem-11743	62	6	b2	b2	NOUN
dem-11743	62	7	c1	c1	PROPN
dem-11743	62	8	c2	c2	PROPN
dem-11743	62	9	d1	d1	PROPN
dem-11743	62	10	d2	d2	PROPN
dem-11743	62	11	number	number	NOUN
dem-11743	62	12	of	of	ADP
dem-11743	62	13	observations	observation	NOUN
dem-11743	62	14	1823	1823	NUM
dem-11743	62	15	604	604	NUM
dem-11743	62	16	610	610	NUM
dem-11743	62	17	480	480	NUM
dem-11743	62	18	499	499	NUM
dem-11743	62	19	390	390	NUM
dem-11743	62	20	393	393	NUM
dem-11743	62	21	allianz	allianz	NOUN
dem-11743	62	22	1.9306	1.9306	NUM
dem-11743	62	23	2.7360	2.7360	NUM
dem-11743	62	24	1.3129	1.3129	NUM
dem-11743	62	25	2.4911	2.4911	NUM
dem-11743	62	26	–	–	PUNCT
dem-11743	62	27	0.1800	0.1800	NUM
dem-11743	62	28	0.7590	0.7590	NUM
dem-11743	62	29	–	–	PUNCT
dem-11743	62	30	0.3116	0.3116	NUM
dem-11743	62	31	aviva	aviva	NOUN
dem-11743	62	32	1.7404	1.7404	NUM
dem-11743	62	33	2.6509	2.6509	NUM
dem-11743	62	34	1.2352	1.2352	NUM
dem-11743	62	35	2.2974	2.2974	NUM
dem-11743	62	36	–	–	PUNCT
dem-11743	62	37	0.2728	0.2728	NUM
dem-11743	62	38	0.7827	0.7827	NUM
dem-11743	62	39	–	–	PUNCT
dem-11743	62	40	0.4601	0.4601	NUM
dem-11743	62	41	nationale	nationale	ADJ
dem-11743	62	42	nederlanden	nederlanden	ADJ
dem-11743	62	43	1.7662	1.7662	NUM
dem-11743	62	44	2.6364	2.6364	NUM
dem-11743	62	45	1.3028	1.3028	NUM
dem-11743	62	46	2.4438	2.4438	NUM
dem-11743	62	47	–	–	PUNCT
dem-11743	62	48	0.3501	0.3501	NUM
dem-11743	62	49	0.8735	0.8735	NUM
dem-11743	62	50	–	–	PUNCT
dem-11743	62	51	0.5018	0.5018	NUM
dem-11743	62	52	pekao	pekao	NOUN
dem-11743	62	53	1.5230	1.5230	NUM
dem-11743	62	54	2.7997	2.7997	NUM
dem-11743	62	55	1.0987	1.0987	NUM
dem-11743	62	56	2.2557	2.2557	NUM
dem-11743	62	57	–	–	PUNCT
dem-11743	62	58	0.4316	0.4316	NUM
dem-11743	62	59	0.7572	0.7572	NUM
dem-11743	62	60	–	–	PUNCT
dem-11743	62	61	0.6005	0.6005	NUM
dem-11743	62	62	pko	pko	PROPN
dem-11743	62	63	2.0540	2.0540	NUM
dem-11743	62	64	2.9102	2.9102	NUM
dem-11743	62	65	1.4263	1.4263	NUM
dem-11743	62	66	2.6620	2.6620	NUM
dem-11743	62	67	–	–	PUNCT
dem-11743	62	68	0.1030	0.1030	NUM
dem-11743	62	69	0.9630	0.9630	NUM
dem-11743	62	70	–	–	PUNCT
dem-11743	62	71	0.2776	0.2776	NUM
dem-11743	62	72	pzu	pzu	VERB
dem-11743	62	73	1.7043	1.7043	NUM
dem-11743	62	74	2.5413	2.5413	NUM
dem-11743	62	75	1.0815	1.0815	NUM
dem-11743	62	76	2.2353	2.2353	NUM
dem-11743	62	77	–	–	PUNCT
dem-11743	62	78	0.1397	0.1397	NUM
dem-11743	62	79	0.8623	0.8623	NUM
dem-11743	62	80	–	–	PUNCT
dem-11743	62	81	0.3361	0.3361	NUM
dem-11743	62	82	note	note	NOUN
dem-11743	62	83	:	:	PUNCT
dem-11743	62	84	bold	bold	ADJ
dem-11743	62	85	letters	letter	NOUN
dem-11743	62	86	denote	denote	VERB
dem-11743	62	87	rejection	rejection	NOUN
dem-11743	62	88	of	of	ADP
dem-11743	62	89	null	null	ADJ
dem-11743	62	90	hypothesis	hypothesis	NOUN
dem-11743	62	91	.	.	PUNCT
dem-11743	63	1	table	table	NOUN
dem-11743	63	2	2	2	NUM
dem-11743	63	3	.	.	PUNCT
dem-11743	63	4	test	test	NOUN
dem-11743	63	5	statistics	statistic	NOUN
dem-11743	63	6	verifying	verify	VERB
dem-11743	63	7	the	the	DET
dem-11743	63	8	hypothesis	hypothesis	NOUN
dem-11743	63	9	about	about	ADP
dem-11743	63	10	expected	expect	VERB
dem-11743	63	11	returns	return	NOUN
dem-11743	63	12	from	from	ADP
dem-11743	63	13	stable	stable	ADJ
dem-11743	63	14	growth	growth	NOUN
dem-11743	63	15	investment	investment	NOUN
dem-11743	63	16	funds	fund	NOUN
dem-11743	63	17	in	in	ADP
dem-11743	63	18	considered	consider	VERB
dem-11743	63	19	periods	periods	PROPN
dem-11743	63	20	h0	h0	PROPN
dem-11743	63	21	:	:	PUNCT
dem-11743	63	22	e(rfio	e(rfio	NOUN
dem-11743	63	23	)	)	PUNCT
dem-11743	64	1	=	=	SYM
dem-11743	64	2	0	0	NUM
dem-11743	64	3	period	period	NOUN
dem-11743	64	4	a	a	DET
dem-11743	64	5	b1	b1	NOUN
dem-11743	64	6	b2	b2	NOUN
dem-11743	64	7	c1	c1	PROPN
dem-11743	64	8	c2	c2	PROPN
dem-11743	64	9	d1	d1	PROPN
dem-11743	64	10	d2	d2	PROPN
dem-11743	64	11	number	number	NOUN
dem-11743	64	12	of	of	ADP
dem-11743	64	13	observations	observation	NOUN
dem-11743	64	14	1823	1823	NUM
dem-11743	64	15	604	604	NUM
dem-11743	64	16	610	610	NUM
dem-11743	64	17	480	480	NUM
dem-11743	64	18	499	499	NUM
dem-11743	64	19	390	390	NUM
dem-11743	64	20	393	393	NUM
dem-11743	64	21	allianz	allianz	NOUN
dem-11743	64	22	0.0849	0.0849	NUM
dem-11743	64	23	0.5640	0.5640	NUM
dem-11743	64	24	–	–	PUNCT
dem-11743	64	25	0.1806	0.1806	NUM
dem-11743	64	26	0.1617	0.1617	NUM
dem-11743	64	27	–	–	PUNCT
dem-11743	64	28	0.5957	0.5957	NUM
dem-11743	64	29	–	–	PUNCT
dem-11743	64	30	0.2008	0.2008	NUM
dem-11743	64	31	–	–	PUNCT
dem-11743	64	32	0.8648	0.8648	NUM
dem-11743	64	33	aviva	aviva	NOUN
dem-11743	64	34	2.0625	2.0625	NUM
dem-11743	64	35	1.9847	1.9847	NUM
dem-11743	64	36	0.7763	0.7763	NUM
dem-11743	64	37	1.8784	1.8784	NUM
dem-11743	64	38	0.0660	0.0660	NUM
dem-11743	64	39	1.0115	1.0115	NUM
dem-11743	64	40	–	–	PUNCT
dem-11743	64	41	0.0550	0.0550	NUM
dem-11743	64	42	nationale	nationale	ADJ
dem-11743	64	43	nederlanden	nederlanden	ADJ
dem-11743	64	44	1.7755	1.7755	NUM
dem-11743	64	45	1.8450	1.8450	NUM
dem-11743	64	46	0.6528	0.6528	NUM
dem-11743	64	47	1.6648	1.6648	NUM
dem-11743	64	48	0.2879	0.2879	NUM
dem-11743	64	49	0.6511	0.6511	NUM
dem-11743	64	50	–	–	PUNCT
dem-11743	64	51	0.2487	0.2487	NUM
dem-11743	64	52	pekao	pekao	NOUN
dem-11743	64	53	0.3032	0.3032	NUM
dem-11743	64	54	1.6871	1.6871	NUM
dem-11743	64	55	–	–	PUNCT
dem-11743	64	56	1.0786	1.0786	NUM
dem-11743	64	57	0.6526	0.6526	NUM
dem-11743	64	58	–	–	PUNCT
dem-11743	64	59	0.3112	0.3112	NUM
dem-11743	64	60	0.1099	0.1099	NUM
dem-11743	64	61	–	–	PUNCT
dem-11743	64	62	0.5922	0.5922	NUM
dem-11743	64	63	pko	pko	PROPN
dem-11743	64	64	2.1753	2.1753	NUM
dem-11743	64	65	1.8920	1.8920	NUM
dem-11743	64	66	0.8929	0.8929	NUM
dem-11743	64	67	1.8669	1.8669	NUM
dem-11743	64	68	0.5899	0.5899	NUM
dem-11743	64	69	0.9977	0.9977	NUM
dem-11743	64	70	0.1458	0.1458	NUM
dem-11743	64	71	pzu	pzu	VERB
dem-11743	64	72	1.1236	1.1236	NUM
dem-11743	64	73	1.5555	1.5555	NUM
dem-11743	64	74	0.3250	0.3250	NUM
dem-11743	64	75	1.3278	1.3278	NUM
dem-11743	64	76	–	–	SYM
dem-11743	64	77	0.6382	0.6382	NUM
dem-11743	64	78	0.5266	0.5266	NUM
dem-11743	64	79	–	–	PUNCT
dem-11743	64	80	0.6100	0.6100	NUM
dem-11743	64	81	note	note	NOUN
dem-11743	64	82	:	:	PUNCT
dem-11743	64	83	bold	bold	ADJ
dem-11743	64	84	letters	letter	NOUN
dem-11743	64	85	denote	denote	VERB
dem-11743	64	86	rejection	rejection	NOUN
dem-11743	64	87	of	of	ADP
dem-11743	64	88	null	null	ADJ
dem-11743	64	89	hypothesis	hypothesis	NOUN
dem-11743	64	90	.	.	PUNCT
dem-11743	65	1	stable	stable	ADJ
dem-11743	65	2	growth	growth	NOUN
dem-11743	65	3	investment	investment	NOUN
dem-11743	65	4	funds	fund	NOUN
dem-11743	65	5	’	'	PUNCT
dem-11743	65	6	performance	performance	NOUN
dem-11743	65	7	(	(	PUNCT
dem-11743	65	8	table	table	NOUN
dem-11743	65	9	2	2	NUM
dem-11743	65	10	)	)	PUNCT
dem-11743	65	11	seems	seem	VERB
dem-11743	65	12	to	to	PART
dem-11743	65	13	be	be	AUX
dem-11743	65	14	worse	bad	ADJ
dem-11743	65	15	than	than	ADP
dem-11743	65	16	the	the	DET
dem-11743	65	17	pension	pension	NOUN
dem-11743	65	18	funds	fund	NOUN
dem-11743	65	19	since	since	SCONJ
dem-11743	65	20	only	only	ADV
dem-11743	65	21	aviva	aviva	NOUN
dem-11743	65	22	,	,	PUNCT
dem-11743	65	23	nationale	nationale	PROPN
dem-11743	65	24	nederlanden	nederlanden	PROPN
dem-11743	65	25	and	and	CCONJ
dem-11743	65	26	pko	pko	PROPN
dem-11743	65	27	generated	generate	VERB
dem-11743	65	28	significantly	significantly	ADV
dem-11743	65	29	positive	positive	ADJ
dem-11743	65	30	returns	return	NOUN
dem-11743	65	31	in	in	ADP
dem-11743	65	32	the	the	DET
dem-11743	65	33	periods	period	NOUN
dem-11743	65	34	a	a	PRON
dem-11743	65	35	,	,	PUNCT
dem-11743	65	36	b1	b1	NOUN
dem-11743	65	37	and	and	CCONJ
dem-11743	65	38	c1	c1	PROPN
dem-11743	65	39	.	.	PUNCT
dem-11743	66	1	however	however	ADV
dem-11743	66	2	,	,	PUNCT
dem-11743	66	3	the	the	DET
dem-11743	66	4	comparison	comparison	NOUN
dem-11743	66	5	of	of	ADP
dem-11743	66	6	returns	return	NOUN
dem-11743	66	7	,	,	PUNCT
dem-11743	66	8	using	use	VERB
dem-11743	66	9	cochran	cochran	NOUN
dem-11743	66	10	-	-	PUNCT
dem-11743	66	11	cox	cox	PROPN
dem-11743	66	12	test	test	NOUN
dem-11743	66	13	(	(	PUNCT
dem-11743	66	14	table	table	NOUN
dem-11743	66	15	3	3	NUM
dem-11743	66	16	)	)	PUNCT
dem-11743	66	17	,	,	PUNCT
dem-11743	66	18	shows	show	VERB
dem-11743	66	19	that	that	SCONJ
dem-11743	66	20	differences	difference	NOUN
dem-11743	66	21	between	between	ADP
dem-11743	66	22	returns	return	NOUN
dem-11743	66	23	obtained	obtain	VERB
dem-11743	66	24	by	by	ADP
dem-11743	66	25	both	both	DET
dem-11743	66	26	types	type	NOUN
dem-11743	66	27	of	of	ADP
dem-11743	66	28	funds	fund	NOUN
dem-11743	66	29	are	be	AUX
dem-11743	66	30	not	not	PART
dem-11743	66	31	significant	significant	ADJ
dem-11743	66	32	,	,	PUNCT
dem-11743	66	33	except	except	SCONJ
dem-11743	66	34	pekao	pekao	NOUN
dem-11743	66	35	in	in	ADP
dem-11743	66	36	b2	b2	NOUN
dem-11743	66	37	when	when	SCONJ
dem-11743	66	38	ofe	ofe	PUNCT
dem-11743	66	39	performed	perform	VERB
dem-11743	66	40	better	well	ADV
dem-11743	66	41	than	than	ADP
dem-11743	66	42	mutual	mutual	ADJ
dem-11743	66	43	fund	fund	NOUN
dem-11743	66	44	.	.	PUNCT
dem-11743	67	1	analyzing	analyze	VERB
dem-11743	67	2	returns	return	NOUN
dem-11743	67	3	from	from	ADP
dem-11743	67	4	the	the	DET
dem-11743	67	5	benchmarks	benchmark	NOUN
dem-11743	67	6	(	(	PUNCT
dem-11743	67	7	table	table	NOUN
dem-11743	67	8	4	4	NUM
dem-11743	67	9	)	)	PUNCT
dem-11743	67	10	one	one	NOUN
dem-11743	67	11	may	may	AUX
dem-11743	67	12	notice	notice	VERB
dem-11743	67	13	that	that	SCONJ
dem-11743	67	14	interest	interest	NOUN
dem-11743	67	15	rate	rate	NOUN
dem-11743	67	16	wibor	wibor	NOUN
dem-11743	67	17	generated	generate	VERB
dem-11743	67	18	positive	positive	ADJ
dem-11743	67	19	returns	return	NOUN
dem-11743	67	20	in	in	ADP
dem-11743	67	21	all	all	DET
dem-11743	67	22	periods	period	NOUN
dem-11743	67	23	,	,	PUNCT
dem-11743	67	24	bond	bond	NOUN
dem-11743	67	25	market	market	NOUN
dem-11743	67	26	performed	perform	VERB
dem-11743	67	27	well	well	ADV
dem-11743	67	28	with	with	ADP
dem-11743	67	29	significantly	significantly	ADV
dem-11743	67	30	positive	positive	ADJ
dem-11743	67	31	returns	return	NOUN
dem-11743	67	32	in	in	ADP
dem-11743	67	33	all	all	DET
dem-11743	67	34	periods	period	NOUN
dem-11743	67	35	but	but	CCONJ
dem-11743	67	36	d1	d1	PROPN
dem-11743	67	37	and	and	CCONJ
dem-11743	67	38	d2	d2	PROPN
dem-11743	67	39	,	,	PUNCT
dem-11743	67	40	whereas	whereas	SCONJ
dem-11743	67	41	expected	expect	VERB
dem-11743	67	42	returns	return	NOUN
dem-11743	67	43	from	from	ADP
dem-11743	67	44	wig	wig	NOUN
dem-11743	67	45	do	do	AUX
dem-11743	67	46	not	not	PART
dem-11743	67	47	significantly	significantly	ADV
dem-11743	67	48	differ	differ	VERB
dem-11743	67	49	from	from	ADP
dem-11743	67	50	zero	zero	NUM
dem-11743	67	51	,	,	PUNCT
dem-11743	67	52	except	except	SCONJ
dem-11743	67	53	the	the	DET
dem-11743	67	54	period	period	NOUN
dem-11743	67	55	b1	b1	NOUN
dem-11743	67	56	.	.	PUNCT
dem-11743	68	1	krzysztof	krzysztof	PROPN
dem-11743	68	2	kompa	kompa	PROPN
dem-11743	68	3	,	,	PUNCT
dem-11743	68	4	dorota	dorota	PROPN
dem-11743	68	5	witkowska	witkowska	PROPN
dem-11743	68	6	dynamic	dynamic	ADJ
dem-11743	68	7	econometric	econometric	ADJ
dem-11743	68	8	models	model	NOUN
dem-11743	68	9	16	16	NUM
dem-11743	68	10	(	(	PUNCT
dem-11743	68	11	2016	2016	NUM
dem-11743	68	12	)	)	PUNCT
dem-11743	68	13	117–131	117–131	NUM
dem-11743	68	14	122	122	NUM
dem-11743	68	15	table	table	NOUN
dem-11743	68	16	3	3	NUM
dem-11743	68	17	.	.	PUNCT
dem-11743	68	18	test	test	NOUN
dem-11743	68	19	statistics	statistic	NOUN
dem-11743	68	20	for	for	ADP
dem-11743	68	21	comparison	comparison	NOUN
dem-11743	68	22	of	of	ADP
dem-11743	68	23	expected	expect	VERB
dem-11743	68	24	returns	return	NOUN
dem-11743	68	25	h0	h0	PROPN
dem-11743	68	26	:	:	PUNCT
dem-11743	68	27	e(rofe	e(rofe	NOUN
dem-11743	68	28	)	)	PUNCT
dem-11743	69	1	=	=	SYM
dem-11743	69	2	e(rfio	e(rfio	PROPN
dem-11743	69	3	)	)	PUNCT
dem-11743	69	4	and	and	CCONJ
dem-11743	69	5	risk	risk	NOUN
dem-11743	69	6	h0	h0	NOUN
dem-11743	69	7	:	:	PUNCT
dem-11743	69	8	d	d	ADP
dem-11743	69	9	2	2	NUM
dem-11743	69	10	(	(	PUNCT
dem-11743	69	11	rofe	rofe	PROPN
dem-11743	69	12	)	)	PUNCT
dem-11743	69	13	=	=	PUNCT
dem-11743	70	1	d	d	ADP
dem-11743	70	2	2	2	NUM
dem-11743	70	3	(	(	PUNCT
dem-11743	70	4	rfio	rfio	NOUN
dem-11743	70	5	)	)	PUNCT
dem-11743	70	6	for	for	ADP
dem-11743	70	7	pension	pension	NOUN
dem-11743	70	8	and	and	CCONJ
dem-11743	70	9	investment	investment	NOUN
dem-11743	70	10	funds	fund	NOUN
dem-11743	70	11	period	period	NOUN
dem-11743	70	12	hypotheses	hypothese	VERB
dem-11743	70	13	allianz	allianz	PROPN
dem-11743	70	14	aviva	aviva	PROPN
dem-11743	70	15	nn	nn	PROPN
dem-11743	70	16	pekao	pekao	PROPN
dem-11743	70	17	pko	pko	PROPN
dem-11743	70	18	pzu	pzu	VERB
dem-11743	70	19	a	a	DET
dem-11743	70	20	return	return	NOUN
dem-11743	70	21	1.1902	1.1902	NUM
dem-11743	70	22	–	–	PUNCT
dem-11743	70	23	0.0116	0.0116	NUM
dem-11743	70	24	0.1989	0.1989	NUM
dem-11743	70	25	1.0688	1.0688	NUM
dem-11743	70	26	0.2125	0.2125	NUM
dem-11743	70	27	0.0000	0.0000	NUM
dem-11743	70	28	variance	variance	NOUN
dem-11743	70	29	1.0935	1.0935	NUM
dem-11743	70	30	1.1017	1.1017	NUM
dem-11743	70	31	1.1702	1.1702	NUM
dem-11743	70	32	1.0740	1.0740	NUM
dem-11743	70	33	1.3329	1.3329	NUM
dem-11743	70	34	1.5200	1.5200	NUM
dem-11743	70	35	b1	b1	NOUN
dem-11743	70	36	return	return	VERB
dem-11743	70	37	0.8956	0.8956	NUM
dem-11743	70	38	–	–	PUNCT
dem-11743	70	39	0.0783	0.0783	NUM
dem-11743	70	40	0.1499	0.1499	NUM
dem-11743	70	41	0.1975	0.1975	NUM
dem-11743	70	42	0.5473	0.5473	NUM
dem-11743	70	43	–	–	PUNCT
dem-11743	70	44	0.2761	0.2761	NUM
dem-11743	70	45	variance	variance	NOUN
dem-11743	70	46	1.6486	1.6486	NUM
dem-11743	70	47	1.4068	1.4068	NUM
dem-11743	70	48	1.2048	1.2048	NUM
dem-11743	70	49	1.4157	1.4157	NUM
dem-11743	70	50	1.0283	1.0283	NUM
dem-11743	70	51	1.9268	1.9268	NUM
dem-11743	70	52	b2	b2	NOUN
dem-11743	70	53	return	return	NOUN
dem-11743	70	54	0.8969	0.8969	NUM
dem-11743	70	55	0.3501	0.3501	NUM
dem-11743	70	56	0.3934	0.3934	NUM
dem-11743	70	57	1.6668	1.6668	NUM
dem-11743	70	58	0.3259	0.3259	NUM
dem-11743	70	59	0.2907	0.2907	NUM
dem-11743	70	60	variance	variance	NOUN
dem-11743	70	61	1.4784	1.4784	NUM
dem-11743	70	62	1.0615	1.0615	NUM
dem-11743	70	63	1.0968	1.0968	NUM
dem-11743	70	64	1.3140	1.3140	NUM
dem-11743	70	65	1.0511	1.0511	NUM
dem-11743	70	66	2.0000	2.0000	NUM
dem-11743	70	67	c1	c1	NOUN
dem-11743	70	68	return	return	VERB
dem-11743	70	69	1.9833	1.9833	NUM
dem-11743	70	70	0.2024	0.2024	NUM
dem-11743	70	71	0.6182	0.6182	NUM
dem-11743	70	72	0.8171	0.8171	NUM
dem-11743	70	73	0.7680	0.7680	NUM
dem-11743	70	74	–	–	PUNCT
dem-11743	70	75	0.2969	0.2969	NUM
dem-11743	70	76	variance	variance	NOUN
dem-11743	70	77	1.1808	1.1808	NUM
dem-11743	70	78	1.0581	1.0581	NUM
dem-11743	70	79	1.2008	1.2008	NUM
dem-11743	70	80	1.1005	1.1005	NUM
dem-11743	70	81	1.2324	1.2324	NUM
dem-11743	70	82	2.0000	2.0000	NUM
dem-11743	70	83	c2	c2	PROPN
dem-11743	70	84	return	return	VERB
dem-11743	70	85	0.2589	0.2589	NUM
dem-11743	70	86	–	–	PUNCT
dem-11743	70	87	0.3431	0.3431	NUM
dem-11743	70	88	–	–	PUNCT
dem-11743	70	89	0.4286	0.4286	NUM
dem-11743	70	90	–	–	PUNCT
dem-11743	70	91	0.1533	0.1533	NUM
dem-11743	70	92	–	–	PUNCT
dem-11743	70	93	0.2260	0.2260	NUM
dem-11743	70	94	0.4545	0.4545	NUM
dem-11743	70	95	variance	variance	NOUN
dem-11743	70	96	2.0667	2.0667	NUM
dem-11743	70	97	2.1169	2.1169	NUM
dem-11743	70	98	2.1375	2.1375	NUM
dem-11743	71	1	2.0351	2.0351	NUM
dem-11743	71	2	2.4110	2.4110	NUM
dem-11743	71	3	0.9857	0.9857	NUM
dem-11743	71	4	d1	d1	NOUN
dem-11743	71	5	return	return	VERB
dem-11743	71	6	0.8041	0.8041	NUM
dem-11743	71	7	0.0796	0.0796	NUM
dem-11743	71	8	0.2887	0.2887	NUM
dem-11743	71	9	0.5390	0.5390	NUM
dem-11743	71	10	0.2098	0.2098	NUM
dem-11743	71	11	0.0000	0.0000	NUM
dem-11743	71	12	variance	variance	NOUN
dem-11743	71	13	1.6271	1.6271	NUM
dem-11743	71	14	1.3958	1.3958	NUM
dem-11743	71	15	1.4758	1.4758	NUM
dem-11743	71	16	1.3195	1.3195	NUM
dem-11743	71	17	1.7198	1.7198	NUM
dem-11743	71	18	1.5306	1.5306	NUM
dem-11743	71	19	d2	d2	PROPN
dem-11743	71	20	return	return	NOUN
dem-11743	71	21	0.0885	0.0885	NUM
dem-11743	71	22	–	–	PUNCT
dem-11743	71	23	0.2676	0.2676	NUM
dem-11743	71	24	–	–	PUNCT
dem-11743	71	25	0.4538	0.4538	NUM
dem-11743	71	26	–	–	PUNCT
dem-11743	71	27	0.2788	0.2788	NUM
dem-11743	71	28	–	–	PUNCT
dem-11743	71	29	0.3561	0.3561	NUM
dem-11743	71	30	0.2107	0.2107	NUM
dem-11743	71	31	variance	variance	NOUN
dem-11743	71	32	2.0134	2.0134	NUM
dem-11743	71	33	2.1991	2.1991	NUM
dem-11743	71	34	2.1157	2.1157	NUM
dem-11743	71	35	2.0944	2.0944	NUM
dem-11743	71	36	2.3616	2.3616	NUM
dem-11743	71	37	1.0462	1.0462	NUM
dem-11743	71	38	note	note	NOUN
dem-11743	71	39	:	:	PUNCT
dem-11743	71	40	nn	nn	X
dem-11743	71	41	is	be	AUX
dem-11743	71	42	an	an	DET
dem-11743	71	43	abbreviation	abbreviation	NOUN
dem-11743	71	44	of	of	ADP
dem-11743	71	45	nationale	nationale	PROPN
dem-11743	71	46	nederlanden	nederlanden	PROPN
dem-11743	71	47	.	.	PUNCT
dem-11743	72	1	bold	bold	ADJ
dem-11743	72	2	letters	letter	NOUN
dem-11743	72	3	denote	denote	VERB
dem-11743	72	4	rejection	rejection	NOUN
dem-11743	72	5	of	of	ADP
dem-11743	72	6	null	null	ADJ
dem-11743	72	7	hypothesis	hypothesis	NOUN
dem-11743	72	8	.	.	PUNCT
dem-11743	73	1	shadowed	shadow	VERB
dem-11743	73	2	cells	cell	NOUN
dem-11743	73	3	denote	denote	VERB
dem-11743	73	4	situation	situation	NOUN
dem-11743	73	5	when	when	SCONJ
dem-11743	73	6	d2(rofe	d2(rofe	NOUN
dem-11743	73	7	)	)	PUNCT
dem-11743	73	8	<	<	X
dem-11743	73	9	d2(rfio	d2(rfio	NOUN
dem-11743	73	10	)	)	PUNCT
dem-11743	73	11	.	.	PUNCT
dem-11743	74	1	table	table	NOUN
dem-11743	74	2	4	4	NUM
dem-11743	74	3	.	.	PUNCT
dem-11743	74	4	test	test	NOUN
dem-11743	74	5	statistics	statistic	NOUN
dem-11743	74	6	verifying	verify	VERB
dem-11743	74	7	the	the	DET
dem-11743	74	8	hypothesis	hypothesis	NOUN
dem-11743	74	9	about	about	ADP
dem-11743	74	10	expected	expect	VERB
dem-11743	74	11	returns	return	NOUN
dem-11743	74	12	from	from	ADP
dem-11743	74	13	the	the	DET
dem-11743	74	14	benchmarks	benchmark	NOUN
dem-11743	74	15	in	in	ADP
dem-11743	74	16	considered	consider	VERB
dem-11743	74	17	periods	periods	PROPN
dem-11743	74	18	h0	h0	NOUN
dem-11743	74	19	:	:	PUNCT
dem-11743	74	20	e(rbenchmark	e(rbenchmark	PROPN
dem-11743	74	21	)	)	PUNCT
dem-11743	75	1	=	=	SYM
dem-11743	75	2	0	0	NUM
dem-11743	75	3	periods	period	VERB
dem-11743	75	4	a	a	DET
dem-11743	75	5	b1	b1	NOUN
dem-11743	75	6	b2	b2	NOUN
dem-11743	75	7	c1	c1	PROPN
dem-11743	75	8	c2	c2	PROPN
dem-11743	75	9	d1	d1	PROPN
dem-11743	75	10	d2	d2	PROPN
dem-11743	75	11	tbsp	tbsp	NOUN
dem-11743	75	12	5.4494	5.4494	NUM
dem-11743	75	13	2.8694	2.8694	NUM
dem-11743	75	14	3.7794	3.7794	NUM
dem-11743	75	15	2.3963	2.3963	NUM
dem-11743	75	16	2.8731	2.8731	NUM
dem-11743	75	17	1.4714	1.4714	NUM
dem-11743	75	18	1.6248	1.6248	NUM
dem-11743	75	19	wig	wig	NOUN
dem-11743	75	20	1.0095	1.0095	NUM
dem-11743	75	21	1.7045	1.7045	NUM
dem-11743	75	22	–	–	PUNCT
dem-11743	75	23	0.0816	0.0816	NUM
dem-11743	75	24	1.0326	1.0326	NUM
dem-11743	75	25	–	–	PUNCT
dem-11743	75	26	0.4643	0.4643	NUM
dem-11743	75	27	0.4855	0.4855	NUM
dem-11743	75	28	–	–	PUNCT
dem-11743	75	29	0.6640	0.6640	NUM
dem-11743	75	30	wibor3	wibor3	PROPN
dem-11743	75	31	m	m	PROPN
dem-11743	75	32	135.2505	135.2505	NUM
dem-11743	75	33	299.2855	299.2855	NUM
dem-11743	75	34	132.8255	132.8255	NUM
dem-11743	75	35	81.5094	81.5094	NUM
dem-11743	75	36	109.2820	109.2820	NUM
dem-11743	75	37	137.2229	137.2229	NUM
dem-11743	75	38	116.3402	116.3402	NUM
dem-11743	75	39	note	note	NOUN
dem-11743	75	40	:	:	PUNCT
dem-11743	75	41	bold	bold	ADJ
dem-11743	75	42	letters	letter	NOUN
dem-11743	75	43	denote	denote	VERB
dem-11743	75	44	rejection	rejection	NOUN
dem-11743	75	45	of	of	ADP
dem-11743	75	46	null	null	ADJ
dem-11743	75	47	hypothesis	hypothesis	NOUN
dem-11743	75	48	.	.	PUNCT
dem-11743	76	1	table	table	NOUN
dem-11743	76	2	5	5	NUM
dem-11743	76	3	.	.	PUNCT
dem-11743	77	1	cochran	cochran	NOUN
dem-11743	77	2	-	-	PUNCT
dem-11743	77	3	cox	cox	PROPN
dem-11743	77	4	test	test	NOUN
dem-11743	77	5	statistics	statistic	NOUN
dem-11743	77	6	comparing	compare	VERB
dem-11743	77	7	returns	return	NOUN
dem-11743	77	8	in	in	ADP
dem-11743	77	9	the	the	DET
dem-11743	77	10	pairs	pair	NOUN
dem-11743	77	11	of	of	ADP
dem-11743	77	12	periods	period	NOUN
dem-11743	77	13	h0	h0	NOUN
dem-11743	77	14	:	:	PUNCT
dem-11743	77	15	e(rbefore	e(rbefore	ADJ
dem-11743	77	16	)	)	PUNCT
dem-11743	77	17	=	=	SYM
dem-11743	77	18	e(rafter	e(rafter	X
dem-11743	77	19	)	)	PUNCT
dem-11743	77	20	funds	fund	NOUN
dem-11743	77	21	type	type	NOUN
dem-11743	77	22	:	:	PUNCT
dem-11743	77	23	ofe	ofe	INTJ
dem-11743	77	24	fio	fio	NOUN
dem-11743	77	25	periods	period	NOUN
dem-11743	77	26	:	:	PUNCT
dem-11743	77	27	b1	b1	NOUN
dem-11743	77	28	:	:	PUNCT
dem-11743	77	29	b2	b2	NOUN
dem-11743	77	30	c1	c1	NOUN
dem-11743	77	31	:	:	PUNCT
dem-11743	77	32	c2	c2	PROPN
dem-11743	77	33	d1	d1	PROPN
dem-11743	77	34	:	:	PUNCT
dem-11743	77	35	d2	d2	NOUN
dem-11743	77	36	b1	b1	PROPN
dem-11743	77	37	:	:	PUNCT
dem-11743	77	38	b2	b2	NOUN
dem-11743	77	39	c1	c1	NOUN
dem-11743	77	40	:	:	PUNCT
dem-11743	77	41	c2	c2	PROPN
dem-11743	77	42	d1	d1	PROPN
dem-11743	77	43	:	:	PUNCT
dem-11743	77	44	d2	d2	PROPN
dem-11743	77	45	allianz	allianz	PROPN
dem-11743	77	46	1.0242	1.0242	NUM
dem-11743	77	47	1.3305	1.3305	NUM
dem-11743	77	48	0.7179	0.7179	NUM
dem-11743	77	49	0.5409	0.5409	NUM
dem-11743	77	50	0.5468	0.5468	NUM
dem-11743	77	51	0.4707	0.4707	NUM
dem-11743	77	52	aviva	aviva	NOUN
dem-11743	77	53	1.0356	1.0356	NUM
dem-11743	77	54	1.2945	1.2945	NUM
dem-11743	77	55	0.8442	0.8442	NUM
dem-11743	77	56	1.1207	1.1207	NUM
dem-11743	77	57	1.2931	1.2931	NUM
dem-11743	77	58	0.8161	0.8161	NUM
dem-11743	77	59	nn	nn	PROPN
dem-11743	77	60	1.0311	1.0311	NUM
dem-11743	77	61	1.5763	1.5763	NUM
dem-11743	77	62	0.9342	0.9342	NUM
dem-11743	77	63	0.9727	0.9727	NUM
dem-11743	77	64	1.0382	1.0382	NUM
dem-11743	77	65	0.6518	0.6518	NUM
dem-11743	77	66	pekao	pekao	NOUN
dem-11743	77	67	1.1848	1.1848	NUM
dem-11743	77	68	1.3902	1.3902	NUM
dem-11743	77	69	0.9399	0.9399	NUM
dem-11743	77	70	1.9662	1.9662	NUM
dem-11743	77	71	0.6945	0.6945	NUM
dem-11743	77	72	0.4579	0.4579	NUM
dem-11743	77	73	pko	pko	PROPN
dem-11743	77	74	1.0890	1.0890	NUM
dem-11743	77	75	1.4153	1.4153	NUM
dem-11743	77	76	0.8172	0.8172	NUM
dem-11743	77	77	0.7175	0.7175	NUM
dem-11743	77	78	1.3803	1.3803	NUM
dem-11743	77	79	0.6347	0.6347	NUM
dem-11743	77	80	pzu	pzu	VERB
dem-11743	77	81	1.1246	1.1246	NUM
dem-11743	77	82	1.1066	1.1066	NUM
dem-11743	77	83	0.7806	0.7806	NUM
dem-11743	77	84	0.8989	0.8989	NUM
dem-11743	77	85	0.9908	0.9908	NUM
dem-11743	78	1	0.7972	0.7972	NUM
dem-11743	78	2	note	note	NOUN
dem-11743	78	3	:	:	PUNCT
dem-11743	78	4	nn	nn	X
dem-11743	78	5	is	be	AUX
dem-11743	78	6	an	an	DET
dem-11743	78	7	abbreviation	abbreviation	NOUN
dem-11743	78	8	of	of	ADP
dem-11743	78	9	nationale	nationale	PROPN
dem-11743	78	10	nederlanden	nederlanden	PROPN
dem-11743	78	11	.	.	PUNCT
dem-11743	79	1	table	table	NOUN
dem-11743	79	2	5	5	NUM
dem-11743	79	3	contains	contain	VERB
dem-11743	79	4	test	test	NOUN
dem-11743	79	5	statistics	statistic	NOUN
dem-11743	79	6	comparing	compare	VERB
dem-11743	79	7	expected	expect	VERB
dem-11743	79	8	returns	return	NOUN
dem-11743	79	9	generated	generate	VERB
dem-11743	79	10	by	by	ADP
dem-11743	79	11	both	both	DET
dem-11743	79	12	types	type	NOUN
dem-11743	79	13	of	of	ADP
dem-11743	79	14	funds	fund	NOUN
dem-11743	79	15	in	in	ADP
dem-11743	79	16	two	two	NUM
dem-11743	79	17	sub	sub	NOUN
dem-11743	79	18	-	-	ADJ
dem-11743	79	19	periods	period	NOUN
dem-11743	79	20	:	:	PUNCT
dem-11743	79	21	before	before	ADP
dem-11743	79	22	and	and	CCONJ
dem-11743	79	23	after	after	ADP
dem-11743	79	24	modification	modification	NOUN
dem-11743	79	25	of	of	ADP
dem-11743	79	26	the	the	DET
dem-11743	79	27	ofe	ofe	ADJ
dem-11743	79	28	environment	environment	NOUN
dem-11743	79	29	i.e.	i.e.	X
dem-11743	79	30	conditions	condition	NOUN
dem-11743	79	31	for	for	ADP
dem-11743	79	32	their	their	PRON
dem-11743	79	33	functioning	functioning	NOUN
dem-11743	79	34	.	.	PUNCT
dem-11743	80	1	null	null	ADJ
dem-11743	80	2	hypothesis	hypothesis	NOUN
dem-11743	80	3	can	can	AUX
dem-11743	80	4	not	not	PART
dem-11743	80	5	be	be	AUX
dem-11743	80	6	rejected	reject	VERB
dem-11743	80	7	in	in	ADP
dem-11743	80	8	any	any	DET
dem-11743	80	9	case	case	NOUN
dem-11743	80	10	however	however	ADV
dem-11743	80	11	returns	return	NOUN
dem-11743	80	12	for	for	ADP
dem-11743	80	13	both	both	PRON
dem-11743	80	14	pension	pension	NOUN
dem-11743	80	15	and	and	CCONJ
dem-11743	80	16	stable	stable	ADJ
dem-11743	80	17	growth	growth	NOUN
dem-11743	80	18	investment	investment	NOUN
dem-11743	80	19	funds	fund	NOUN
dem-11743	80	20	were	be	AUX
dem-11743	80	21	always	always	ADV
dem-11743	80	22	bigger	big	ADJ
dem-11743	80	23	before	before	ADP
dem-11743	80	24	the	the	DET
dem-11743	80	25	change	change	NOUN
dem-11743	80	26	than	than	ADP
dem-11743	80	27	after	after	ADV
dem-11743	80	28	,	,	PUNCT
dem-11743	80	29	performance	performance	NOUN
dem-11743	80	30	of	of	ADP
dem-11743	80	31	pension	pension	NOUN
dem-11743	80	32	funds	fund	NOUN
dem-11743	80	33	and	and	CCONJ
dem-11743	80	34	stable	stable	ADJ
dem-11743	80	35	growth	growth	NOUN
dem-11743	80	36	open	open	ADJ
dem-11743	80	37	investment	investment	NOUN
dem-11743	80	38	funds	fund	NOUN
dem-11743	80	39	…	…	PUNCT
dem-11743	80	40	dynamic	dynamic	ADJ
dem-11743	80	41	econometric	econometric	ADJ
dem-11743	80	42	models	model	NOUN
dem-11743	80	43	16	16	NUM
dem-11743	80	44	(	(	PUNCT
dem-11743	80	45	2016	2016	NUM
dem-11743	80	46	)	)	PUNCT
dem-11743	81	1	117–131	117–131	NUM
dem-11743	81	2	123	123	NUM
dem-11743	81	3	and	and	CCONJ
dem-11743	81	4	this	this	DET
dem-11743	81	5	difference	difference	NOUN
dem-11743	81	6	was	be	AUX
dem-11743	81	7	always	always	ADV
dem-11743	81	8	bigger	big	ADJ
dem-11743	81	9	for	for	ADP
dem-11743	81	10	the	the	DET
dem-11743	81	11	pension	pension	NOUN
dem-11743	81	12	than	than	ADP
dem-11743	81	13	for	for	ADP
dem-11743	81	14	mutual	mutual	ADJ
dem-11743	81	15	funds	fund	NOUN
dem-11743	81	16	.	.	PUNCT
dem-11743	82	1	in	in	ADP
dem-11743	82	2	table	table	NOUN
dem-11743	82	3	6	6	NUM
dem-11743	82	4	comparison	comparison	NOUN
dem-11743	82	5	of	of	ADP
dem-11743	82	6	risk	risk	NOUN
dem-11743	82	7	is	be	AUX
dem-11743	82	8	provided	provide	VERB
dem-11743	82	9	and	and	CCONJ
dem-11743	82	10	one	one	NUM
dem-11743	82	11	may	may	AUX
dem-11743	82	12	notice	notice	VERB
dem-11743	82	13	that	that	SCONJ
dem-11743	82	14	for	for	SCONJ
dem-11743	82	15	all	all	DET
dem-11743	82	16	pension	pension	NOUN
dem-11743	82	17	funds	fund	NOUN
dem-11743	82	18	risk	risk	NOUN
dem-11743	82	19	significantly	significantly	ADV
dem-11743	82	20	increased	increase	VERB
dem-11743	82	21	in	in	ADP
dem-11743	82	22	the	the	DET
dem-11743	82	23	periods	period	NOUN
dem-11743	82	24	c2	c2	PROPN
dem-11743	82	25	and	and	CCONJ
dem-11743	82	26	d2	d2	PROPN
dem-11743	82	27	i.e.	i.e.	X
dem-11743	82	28	after	after	ADP
dem-11743	82	29	the	the	DET
dem-11743	82	30	introduced	introduce	VERB
dem-11743	82	31	by	by	ADP
dem-11743	82	32	the	the	DET
dem-11743	82	33	government	government	NOUN
dem-11743	82	34	changes	change	NOUN
dem-11743	82	35	.	.	PUNCT
dem-11743	83	1	for	for	ADP
dem-11743	83	2	mutual	mutual	ADJ
dem-11743	83	3	funds	fund	NOUN
dem-11743	83	4	we	we	PRON
dem-11743	83	5	do	do	AUX
dem-11743	83	6	not	not	PART
dem-11743	83	7	observe	observe	VERB
dem-11743	83	8	similar	similar	ADJ
dem-11743	83	9	situation	situation	NOUN
dem-11743	83	10	since	since	SCONJ
dem-11743	83	11	the	the	DET
dem-11743	83	12	significant	significant	ADJ
dem-11743	83	13	difference	difference	NOUN
dem-11743	83	14	of	of	ADP
dem-11743	83	15	risk	risk	NOUN
dem-11743	83	16	between	between	ADP
dem-11743	83	17	both	both	PRON
dem-11743	83	18	comparing	compare	VERB
dem-11743	83	19	periods	period	NOUN
dem-11743	83	20	is	be	AUX
dem-11743	83	21	visible	visible	ADJ
dem-11743	83	22	only	only	ADV
dem-11743	83	23	for	for	ADP
dem-11743	83	24	aviva	aviva	NOUN
dem-11743	83	25	and	and	CCONJ
dem-11743	83	26	nationale	nationale	PROPN
dem-11743	83	27	nederlanden	nederlanden	ADJ
dem-11743	83	28	in	in	ADP
dem-11743	83	29	the	the	DET
dem-11743	83	30	sub	sub	ADJ
dem-11743	83	31	-	-	ADJ
dem-11743	83	32	periods	periods	ADJ
dem-11743	83	33	b	b	NOUN
dem-11743	83	34	together	together	ADV
dem-11743	83	35	with	with	ADP
dem-11743	83	36	aviva	aviva	NOUN
dem-11743	83	37	and	and	CCONJ
dem-11743	83	38	pekao	pekao	ADJ
dem-11743	83	39	–	–	PUNCT
dem-11743	83	40	in	in	ADP
dem-11743	83	41	d	d	PROPN
dem-11743	83	42	but	but	CCONJ
dem-11743	83	43	in	in	ADP
dem-11743	83	44	both	both	DET
dem-11743	83	45	subperiods	subperiod	NOUN
dem-11743	83	46	the	the	DET
dem-11743	83	47	risk	risk	NOUN
dem-11743	83	48	before	before	ADP
dem-11743	83	49	modification	modification	NOUN
dem-11743	83	50	of	of	ADP
dem-11743	83	51	ofe	ofe	ADJ
dem-11743	83	52	environment	environment	NOUN
dem-11743	83	53	is	be	AUX
dem-11743	83	54	bigger	big	ADJ
dem-11743	83	55	than	than	ADP
dem-11743	83	56	after	after	ADP
dem-11743	83	57	.	.	PUNCT
dem-11743	83	58	table	table	NOUN
dem-11743	83	59	6	6	NUM
dem-11743	83	60	.	.	PUNCT
dem-11743	83	61	fisher	fisher	PROPN
dem-11743	83	62	-	-	PUNCT
dem-11743	83	63	snedecor	snedecor	NOUN
dem-11743	83	64	test	test	NOUN
dem-11743	83	65	statistics	statistic	NOUN
dem-11743	83	66	comparing	compare	VERB
dem-11743	83	67	variances	variance	NOUN
dem-11743	83	68	in	in	ADP
dem-11743	83	69	the	the	DET
dem-11743	83	70	pairs	pair	NOUN
dem-11743	83	71	of	of	ADP
dem-11743	83	72	periods	period	NOUN
dem-11743	83	73	h0	h0	NOUN
dem-11743	83	74	:	:	PUNCT
dem-11743	83	75	d	d	ADP
dem-11743	83	76	2	2	NUM
dem-11743	83	77	(	(	PUNCT
dem-11743	83	78	rbefore	rbefore	NOUN
dem-11743	83	79	)	)	PUNCT
dem-11743	83	80	=	=	PUNCT
dem-11743	84	1	d	d	ADP
dem-11743	84	2	2	2	NUM
dem-11743	84	3	(	(	PUNCT
dem-11743	84	4	rafter	rafter	NOUN
dem-11743	84	5	)	)	PUNCT
dem-11743	84	6	returns	return	NOUN
dem-11743	84	7	ofe	ofe	INTJ
dem-11743	84	8	fio	fio	PROPN
dem-11743	84	9	periods	periods	PROPN
dem-11743	84	10	b1	b1	NOUN
dem-11743	84	11	:	:	PUNCT
dem-11743	84	12	b2	b2	NOUN
dem-11743	84	13	c1	c1	NOUN
dem-11743	84	14	:	:	PUNCT
dem-11743	84	15	c2	c2	PROPN
dem-11743	84	16	d1	d1	PROPN
dem-11743	84	17	:	:	PUNCT
dem-11743	84	18	d2	d2	NOUN
dem-11743	84	19	b1	b1	PROPN
dem-11743	84	20	:	:	PUNCT
dem-11743	84	21	b2	b2	NOUN
dem-11743	84	22	c1	c1	NOUN
dem-11743	84	23	:	:	PUNCT
dem-11743	84	24	c2	c2	PROPN
dem-11743	84	25	d1	d1	PROPN
dem-11743	84	26	:	:	PUNCT
dem-11743	84	27	d2	d2	PROPN
dem-11743	84	28	allianz	allianz	PROPN
dem-11743	84	29	1.0153	1.0153	NUM
dem-11743	84	30	3.6597	3.6597	NUM
dem-11743	84	31	1.5669	1.5669	NUM
dem-11743	84	32	1.1152	1.1152	NUM
dem-11743	84	33	1.1070	1.1070	NUM
dem-11743	84	34	1.0102	1.0102	NUM
dem-11743	84	35	aviva	aviva	NOUN
dem-11743	84	36	1.0448	1.0448	NUM
dem-11743	84	37	3.9187	3.9187	NUM
dem-11743	84	38	1.6562	1.6562	NUM
dem-11743	84	39	1.3252	1.3252	NUM
dem-11743	84	40	1.0003	1.0003	NUM
dem-11743	84	41	1.2197	1.2197	NUM
dem-11743	84	42	nn	nn	PROPN
dem-11743	84	43	1.1246	1.1246	NUM
dem-11743	84	44	2.7625	2.7625	NUM
dem-11743	84	45	1.6332	1.6332	NUM
dem-11743	84	46	1.1563	1.1563	NUM
dem-11743	84	47	1.0788	1.0788	NUM
dem-11743	84	48	1.1200	1.1200	NUM
dem-11743	84	49	pekao	pekao	NOUN
dem-11743	84	50	1.0366	1.0366	NUM
dem-11743	84	51	4.2110	4.2110	NUM
dem-11743	84	52	1.6346	1.6346	NUM
dem-11743	84	53	1.0483	1.0483	NUM
dem-11743	84	54	1.1036	1.1036	NUM
dem-11743	84	55	1.2319	1.2319	NUM
dem-11743	84	56	pko	pko	PROPN
dem-11743	84	57	1.0429	1.0429	NUM
dem-11743	84	58	3.1506	3.1506	NUM
dem-11743	84	59	1.5867	1.5867	NUM
dem-11743	84	60	0.7175	0.7175	NUM
dem-11743	84	61	1.0869	1.0869	NUM
dem-11743	84	62	1.0805	1.0805	NUM
dem-11743	84	63	pzu	pzu	VERB
dem-11743	84	64	1.1452	1.1452	NUM
dem-11743	84	65	4.3580	4.3580	NUM
dem-11743	84	66	1.8796	1.8796	NUM
dem-11743	84	67	1.0395	1.0395	NUM
dem-11743	84	68	1.0606	1.0606	NUM
dem-11743	84	69	1.1538	1.1538	NUM
dem-11743	84	70	note	note	NOUN
dem-11743	84	71	:	:	PUNCT
dem-11743	84	72	nn	nn	X
dem-11743	84	73	is	be	AUX
dem-11743	84	74	an	an	DET
dem-11743	84	75	abbreviation	abbreviation	NOUN
dem-11743	84	76	of	of	ADP
dem-11743	84	77	nationale	nationale	PROPN
dem-11743	84	78	nederlanden	nederlanden	PROPN
dem-11743	84	79	.	.	PUNCT
dem-11743	85	1	bold	bold	ADJ
dem-11743	85	2	letters	letter	NOUN
dem-11743	85	3	denote	denote	VERB
dem-11743	85	4	rejection	rejection	NOUN
dem-11743	85	5	of	of	ADP
dem-11743	85	6	null	null	ADJ
dem-11743	85	7	hypothesis	hypothesis	NOUN
dem-11743	85	8	.	.	PUNCT
dem-11743	86	1	shadowed	shadow	VERB
dem-11743	86	2	cells	cell	NOUN
dem-11743	86	3	denote	denote	VERB
dem-11743	86	4	situation	situation	NOUN
dem-11743	86	5	when	when	SCONJ
dem-11743	86	6	d2(rbefore	d2(rbefore	NOUN
dem-11743	86	7	)	)	PUNCT
dem-11743	86	8	<	<	X
dem-11743	86	9	d2(rafter	d2(rafter	PROPN
dem-11743	86	10	)	)	PUNCT
dem-11743	86	11	.	.	PUNCT
dem-11743	87	1	pension	pension	NOUN
dem-11743	87	2	funds	fund	NOUN
dem-11743	87	3	’	'	PUNCT
dem-11743	87	4	portfolios	portfolio	NOUN
dem-11743	87	5	are	be	AUX
dem-11743	87	6	characterized	characterize	VERB
dem-11743	87	7	by	by	ADP
dem-11743	87	8	smaller	small	ADJ
dem-11743	87	9	risk	risk	NOUN
dem-11743	87	10	than	than	ADP
dem-11743	87	11	stable	stable	ADJ
dem-11743	87	12	growth	growth	NOUN
dem-11743	87	13	investment	investment	NOUN
dem-11743	87	14	funds	fund	NOUN
dem-11743	87	15	only	only	ADV
dem-11743	87	16	in	in	ADP
dem-11743	87	17	the	the	DET
dem-11743	87	18	sub	sub	ADJ
dem-11743	87	19	-	-	ADJ
dem-11743	87	20	periods	periods	ADJ
dem-11743	87	21	b	b	NOUN
dem-11743	87	22	,	,	PUNCT
dem-11743	87	23	the	the	DET
dem-11743	87	24	period	period	NOUN
dem-11743	87	25	c1	c1	NOUN
dem-11743	87	26	for	for	ADP
dem-11743	87	27	pekao	pekao	NOUN
dem-11743	87	28	and	and	CCONJ
dem-11743	87	29	pzu	pzu	PROPN
dem-11743	87	30	,	,	PUNCT
dem-11743	87	31	the	the	DET
dem-11743	87	32	period	period	NOUN
dem-11743	87	33	d1	d1	PROPN
dem-11743	87	34	for	for	ADP
dem-11743	87	35	pzu	pzu	NOUN
dem-11743	87	36	and	and	CCONJ
dem-11743	87	37	in	in	ADP
dem-11743	87	38	the	the	DET
dem-11743	87	39	whole	whole	ADJ
dem-11743	87	40	period	period	NOUN
dem-11743	87	41	a	a	PRON
dem-11743	87	42	for	for	ADP
dem-11743	87	43	allianz	allianz	PROPN
dem-11743	87	44	and	and	CCONJ
dem-11743	87	45	pzu	pzu	PROPN
dem-11743	87	46	.	.	PUNCT
dem-11743	88	1	although	although	SCONJ
dem-11743	88	2	the	the	DET
dem-11743	88	3	null	null	ADJ
dem-11743	88	4	hypothesis	hypothesis	NOUN
dem-11743	88	5	is	be	AUX
dem-11743	88	6	rejected	reject	VERB
dem-11743	88	7	only	only	ADV
dem-11743	88	8	for	for	ADP
dem-11743	88	9	pzu	pzu	NOUN
dem-11743	88	10	and	and	CCONJ
dem-11743	88	11	allianz	allianz	PROPN
dem-11743	88	12	in	in	ADP
dem-11743	88	13	all	all	DET
dem-11743	88	14	mentioned	mention	VERB
dem-11743	88	15	periods	period	NOUN
dem-11743	88	16	together	together	ADV
dem-11743	88	17	with	with	ADP
dem-11743	88	18	aviva	aviva	NOUN
dem-11743	88	19	,	,	PUNCT
dem-11743	88	20	nationale	nationale	PROPN
dem-11743	88	21	nederlanden	nederlanden	PROPN
dem-11743	88	22	and	and	CCONJ
dem-11743	88	23	pko	pko	VERB
dem-11743	88	24	in	in	ADP
dem-11743	88	25	the	the	DET
dem-11743	88	26	period	period	NOUN
dem-11743	88	27	b1	b1	NOUN
dem-11743	88	28	.	.	PUNCT
dem-11743	89	1	in	in	ADP
dem-11743	89	2	all	all	DET
dem-11743	89	3	sub	sub	NOUN
dem-11743	89	4	-	-	ADJ
dem-11743	89	5	periods	period	NOUN
dem-11743	89	6	denoted	denote	VERB
dem-11743	89	7	as	as	ADP
dem-11743	89	8	c	c	PROPN
dem-11743	89	9	and	and	CCONJ
dem-11743	89	10	d	d	ADP
dem-11743	89	11	risk	risk	NOUN
dem-11743	89	12	of	of	ADP
dem-11743	89	13	investments	investment	NOUN
dem-11743	89	14	made	make	VERB
dem-11743	89	15	by	by	ADP
dem-11743	89	16	ofe	ofe	NOUN
dem-11743	89	17	is	be	AUX
dem-11743	89	18	significantly	significantly	ADV
dem-11743	89	19	bigger	big	ADJ
dem-11743	89	20	than	than	ADP
dem-11743	89	21	by	by	ADP
dem-11743	89	22	fio	fio	PROPN
dem-11743	89	23	allianz	allianz	PROPN
dem-11743	89	24	,	,	PUNCT
dem-11743	89	25	nationale	nationale	PROPN
dem-11743	89	26	nederlanden	nederlanden	PROPN
dem-11743	89	27	and	and	CCONJ
dem-11743	89	28	pko	pko	PROPN
dem-11743	89	29	,	,	PUNCT
dem-11743	89	30	whereas	whereas	SCONJ
dem-11743	89	31	for	for	ADP
dem-11743	89	32	aviva	aviva	NOUN
dem-11743	89	33	and	and	CCONJ
dem-11743	89	34	pekao	pekao	NOUN
dem-11743	89	35	this	this	DET
dem-11743	89	36	statement	statement	NOUN
dem-11743	89	37	is	be	AUX
dem-11743	89	38	true	true	ADJ
dem-11743	89	39	for	for	ADP
dem-11743	89	40	c2	c2	PROPN
dem-11743	89	41	,	,	PUNCT
dem-11743	89	42	d1	d1	PROPN
dem-11743	89	43	and	and	CCONJ
dem-11743	89	44	d2	d2	PROPN
dem-11743	89	45	(	(	PUNCT
dem-11743	89	46	see	see	VERB
dem-11743	89	47	table	table	NOUN
dem-11743	89	48	3	3	NUM
dem-11743	89	49	)	)	PUNCT
dem-11743	89	50	.	.	PUNCT
dem-11743	90	1	comparison	comparison	NOUN
dem-11743	90	2	of	of	ADP
dem-11743	90	3	variances	variance	NOUN
dem-11743	90	4	in	in	ADP
dem-11743	90	5	pairs	pair	NOUN
dem-11743	90	6	of	of	ADP
dem-11743	90	7	selected	select	VERB
dem-11743	90	8	sub	sub	NOUN
dem-11743	90	9	-	-	ADJ
dem-11743	90	10	periods	periods	ADJ
dem-11743	90	11	(	(	PUNCT
dem-11743	90	12	table	table	NOUN
dem-11743	90	13	6	6	NUM
dem-11743	90	14	)	)	PUNCT
dem-11743	90	15	shows	show	VERB
dem-11743	90	16	the	the	DET
dem-11743	90	17	significant	significant	ADJ
dem-11743	90	18	increase	increase	NOUN
dem-11743	90	19	of	of	ADP
dem-11743	90	20	risk	risk	NOUN
dem-11743	90	21	in	in	ADP
dem-11743	90	22	all	all	DET
dem-11743	90	23	pension	pension	NOUN
dem-11743	90	24	funds	fund	NOUN
dem-11743	90	25	after	after	SCONJ
dem-11743	90	26	the	the	DET
dem-11743	90	27	new	new	ADJ
dem-11743	90	28	regulations	regulation	NOUN
dem-11743	90	29	went	go	VERB
dem-11743	90	30	into	into	ADP
dem-11743	90	31	effect	effect	NOUN
dem-11743	90	32	in	in	ADP
dem-11743	90	33	2014	2014	NUM
dem-11743	90	34	,	,	PUNCT
dem-11743	90	35	and	and	CCONJ
dem-11743	90	36	pekao	pekao	NOUN
dem-11743	90	37	also	also	ADV
dem-11743	90	38	in	in	ADP
dem-11743	90	39	2011	2011	NUM
dem-11743	90	40	whereas	whereas	SCONJ
dem-11743	90	41	for	for	ADP
dem-11743	90	42	tbsp	tbsp	NOUN
dem-11743	90	43	and	and	CCONJ
dem-11743	90	44	wibor	wibor	NOUN
dem-11743	90	45	only	only	ADV
dem-11743	90	46	in	in	ADP
dem-11743	90	47	2011	2011	NUM
dem-11743	90	48	(	(	PUNCT
dem-11743	90	49	table	table	NOUN
dem-11743	90	50	7	7	NUM
dem-11743	90	51	)	)	PUNCT
dem-11743	90	52	.	.	PUNCT
dem-11743	91	1	this	this	DET
dem-11743	91	2	conclusion	conclusion	NOUN
dem-11743	91	3	is	be	AUX
dem-11743	91	4	not	not	PART
dem-11743	91	5	true	true	ADJ
dem-11743	91	6	for	for	ADP
dem-11743	91	7	stable	stable	ADJ
dem-11743	91	8	growth	growth	NOUN
dem-11743	91	9	investment	investment	NOUN
dem-11743	91	10	funds	fund	NOUN
dem-11743	91	11	and	and	CCONJ
dem-11743	91	12	the	the	DET
dem-11743	91	13	rest	rest	NOUN
dem-11743	91	14	of	of	ADP
dem-11743	91	15	the	the	DET
dem-11743	91	16	benchmarks	benchmark	NOUN
dem-11743	91	17	and	and	CCONJ
dem-11743	91	18	sub	sub	NOUN
dem-11743	91	19	-	-	NOUN
dem-11743	91	20	periods	period	NOUN
dem-11743	91	21	.	.	PUNCT
dem-11743	92	1	it	it	PRON
dem-11743	92	2	is	be	AUX
dem-11743	92	3	also	also	ADV
dem-11743	92	4	visible	visible	ADJ
dem-11743	92	5	that	that	SCONJ
dem-11743	92	6	significant	significant	ADJ
dem-11743	92	7	changes	change	NOUN
dem-11743	92	8	in	in	ADP
dem-11743	92	9	returns	return	NOUN
dem-11743	92	10	took	take	VERB
dem-11743	92	11	place	place	NOUN
dem-11743	92	12	only	only	ADV
dem-11743	92	13	in	in	ADP
dem-11743	92	14	the	the	DET
dem-11743	92	15	money	money	NOUN
dem-11743	92	16	market	market	NOUN
dem-11743	92	17	(	(	PUNCT
dem-11743	92	18	table	table	NOUN
dem-11743	92	19	7	7	NUM
dem-11743	92	20	)	)	PUNCT
dem-11743	92	21	.	.	PUNCT
dem-11743	93	1	krzysztof	krzysztof	PROPN
dem-11743	93	2	kompa	kompa	PROPN
dem-11743	93	3	,	,	PUNCT
dem-11743	93	4	dorota	dorota	PROPN
dem-11743	93	5	witkowska	witkowska	PROPN
dem-11743	93	6	dynamic	dynamic	ADJ
dem-11743	93	7	econometric	econometric	ADJ
dem-11743	93	8	models	model	NOUN
dem-11743	93	9	16	16	NUM
dem-11743	93	10	(	(	PUNCT
dem-11743	93	11	2016	2016	NUM
dem-11743	93	12	)	)	PUNCT
dem-11743	93	13	117–131	117–131	NUM
dem-11743	93	14	124	124	NUM
dem-11743	93	15	table	table	NOUN
dem-11743	93	16	7	7	NUM
dem-11743	93	17	.	.	PUNCT
dem-11743	93	18	cochran	cochran	NOUN
dem-11743	93	19	-	-	PUNCT
dem-11743	93	20	cox	cox	PROPN
dem-11743	93	21	and	and	CCONJ
dem-11743	93	22	fisher	fisher	PROPN
dem-11743	93	23	-	-	PUNCT
dem-11743	93	24	snedecor	snedecor	NOUN
dem-11743	93	25	test	test	NOUN
dem-11743	93	26	statistics	statistic	NOUN
dem-11743	93	27	comparing	compare	VERB
dem-11743	93	28	returns	return	NOUN
dem-11743	93	29	h0	h0	NOUN
dem-11743	93	30	:	:	PUNCT
dem-11743	93	31	e(rbefore	e(rbefore	ADJ
dem-11743	93	32	)	)	PUNCT
dem-11743	93	33	=	=	SYM
dem-11743	93	34	e(rafter	e(rafter	X
dem-11743	93	35	)	)	PUNCT
dem-11743	93	36	and	and	CCONJ
dem-11743	93	37	variances	variance	NOUN
dem-11743	93	38	h0	h0	PROPN
dem-11743	93	39	:	:	PUNCT
dem-11743	93	40	d	d	ADP
dem-11743	93	41	2	2	NUM
dem-11743	93	42	(	(	PUNCT
dem-11743	93	43	rbefore	rbefore	NOUN
dem-11743	93	44	)	)	PUNCT
dem-11743	93	45	=	=	PUNCT
dem-11743	94	1	d	d	ADP
dem-11743	94	2	2	2	NUM
dem-11743	94	3	(	(	PUNCT
dem-11743	94	4	rafter	rafter	NOUN
dem-11743	94	5	)	)	PUNCT
dem-11743	94	6	expected	expect	VERB
dem-11743	94	7	returns	return	NOUN
dem-11743	94	8	variance	variance	NOUN
dem-11743	94	9	periods	period	VERB
dem-11743	94	10	b1	b1	NOUN
dem-11743	94	11	:	:	PUNCT
dem-11743	94	12	b2	b2	NOUN
dem-11743	94	13	c1	c1	NOUN
dem-11743	94	14	:	:	PUNCT
dem-11743	94	15	c2	c2	PROPN
dem-11743	94	16	d1	d1	PROPN
dem-11743	94	17	:	:	PUNCT
dem-11743	94	18	d2	d2	NOUN
dem-11743	94	19	b1	b1	PROPN
dem-11743	94	20	:	:	PUNCT
dem-11743	94	21	b2	b2	NOUN
dem-11743	94	22	c1	c1	NOUN
dem-11743	94	23	:	:	PUNCT
dem-11743	94	24	c2	c2	PROPN
dem-11743	94	25	d1	d1	PROPN
dem-11743	94	26	:	:	PUNCT
dem-11743	94	27	d2	d2	NOUN
dem-11743	94	28	tbsp	tbsp	NOUN
dem-11743	94	29	–	–	PUNCT
dem-11743	94	30	0.9878	0.9878	NUM
dem-11743	94	31	–	–	PUNCT
dem-11743	94	32	0.0836	0.0836	NUM
dem-11743	94	33	0.0543	0.0543	NUM
dem-11743	94	34	1.3576	1.3576	NUM
dem-11743	94	35	1.2631	1.2631	NUM
dem-11743	94	36	1.3371	1.3371	NUM
dem-11743	94	37	wig	wig	NOUN
dem-11743	94	38	1.3593	1.3593	NUM
dem-11743	94	39	1.0740	1.0740	NUM
dem-11743	94	40	0.8047	0.8047	NUM
dem-11743	94	41	1.4129	1.4129	NUM
dem-11743	94	42	1.1331	1.1331	NUM
dem-11743	94	43	1.2363	1.2363	NUM
dem-11743	94	44	wibor3	wibor3	NOUN
dem-11743	94	45	m	m	VERB
dem-11743	94	46	–	–	PUNCT
dem-11743	94	47	5.7610	5.7610	NUM
dem-11743	94	48	33.2388	33.2388	NUM
dem-11743	94	49	36.1675	36.1675	NUM
dem-11743	95	1	5.6374	5.6374	NUM
dem-11743	95	2	5.5480	5.5480	NUM
dem-11743	95	3	1.6129	1.6129	NUM
dem-11743	95	4	note	note	NOUN
dem-11743	95	5	:	:	PUNCT
dem-11743	95	6	shadowed	shadow	VERB
dem-11743	95	7	cells	cell	NOUN
dem-11743	95	8	denote	denote	VERB
dem-11743	95	9	situation	situation	NOUN
dem-11743	95	10	when	when	SCONJ
dem-11743	95	11	d2(rbefore	d2(rbefore	NOUN
dem-11743	95	12	)	)	PUNCT
dem-11743	95	13	<	<	X
dem-11743	95	14	d2(rafter	d2(rafter	PROPN
dem-11743	95	15	)	)	PUNCT
dem-11743	95	16	.	.	PUNCT
dem-11743	96	1	bold	bold	ADJ
dem-11743	96	2	letters	letter	NOUN
dem-11743	96	3	denote	denote	VERB
dem-11743	96	4	rejection	rejection	NOUN
dem-11743	96	5	of	of	ADP
dem-11743	96	6	h0	h0	PROPN
dem-11743	96	7	.	.	PROPN
dem-11743	97	1	3	3	X
dem-11743	97	2	.	.	X
dem-11743	97	3	single	single	ADJ
dem-11743	97	4	index	index	NOUN
dem-11743	97	5	and	and	CCONJ
dem-11743	97	6	capital	capital	NOUN
dem-11743	97	7	assets	asset	NOUN
dem-11743	97	8	pricing	pricing	NOUN
dem-11743	97	9	models	model	NOUN
dem-11743	97	10	the	the	DET
dem-11743	97	11	models	model	NOUN
dem-11743	97	12	are	be	AUX
dem-11743	97	13	estimated	estimate	VERB
dem-11743	97	14	for	for	ADP
dem-11743	97	15	each	each	DET
dem-11743	97	16	period	period	NOUN
dem-11743	97	17	of	of	ADP
dem-11743	97	18	analysis	analysis	NOUN
dem-11743	97	19	using	use	VERB
dem-11743	97	20	wig	wig	NOUN
dem-11743	97	21	as	as	ADP
dem-11743	97	22	the	the	DET
dem-11743	97	23	market	market	NOUN
dem-11743	97	24	index	index	NOUN
dem-11743	97	25	and	and	CCONJ
dem-11743	97	26	two	two	NUM
dem-11743	97	27	variants	variant	NOUN
dem-11743	97	28	of	of	ADP
dem-11743	97	29	risk	risk	NOUN
dem-11743	97	30	free	free	ADJ
dem-11743	97	31	instruments	instrument	NOUN
dem-11743	97	32	i.e.	i.e.	X
dem-11743	97	33	tbsp	tbsp	NOUN
dem-11743	97	34	and	and	CCONJ
dem-11743	97	35	wibor	wibor	NOUN
dem-11743	97	36	in	in	ADP
dem-11743	97	37	the	the	DET
dem-11743	97	38	capital	capital	NOUN
dem-11743	97	39	assets	asset	NOUN
dem-11743	97	40	pricing	pricing	NOUN
dem-11743	97	41	models	model	NOUN
dem-11743	97	42	(	(	PUNCT
dem-11743	97	43	capm	capm	PROPN
dem-11743	97	44	)	)	PUNCT
dem-11743	97	45	.	.	PUNCT
dem-11743	98	1	therefore	therefore	ADV
dem-11743	98	2	,	,	PUNCT
dem-11743	98	3	there	there	PRON
dem-11743	98	4	are	be	VERB
dem-11743	98	5	21	21	NUM
dem-11743	98	6	models	model	NOUN
dem-11743	98	7	for	for	ADP
dem-11743	98	8	each	each	DET
dem-11743	98	9	fund	fund	NOUN
dem-11743	98	10	,	,	PUNCT
dem-11743	98	11	which	which	PRON
dem-11743	98	12	parameters	parameter	NOUN
dem-11743	98	13	will	will	AUX
dem-11743	98	14	be	be	AUX
dem-11743	98	15	compared	compare	VERB
dem-11743	98	16	.	.	PUNCT
dem-11743	99	1	beta	beta	ADJ
dem-11743	99	2	coefficients	coefficient	NOUN
dem-11743	99	3	in	in	ADP
dem-11743	99	4	all	all	DET
dem-11743	99	5	models	model	NOUN
dem-11743	99	6	estimated	estimate	VERB
dem-11743	99	7	for	for	ADP
dem-11743	99	8	the	the	DET
dem-11743	99	9	pension	pension	NOUN
dem-11743	99	10	funds	fund	NOUN
dem-11743	99	11	are	be	AUX
dem-11743	99	12	significantly	significantly	ADV
dem-11743	99	13	positive	positive	ADJ
dem-11743	99	14	(	(	PUNCT
dem-11743	99	15	except	except	SCONJ
dem-11743	99	16	the	the	DET
dem-11743	99	17	models	model	NOUN
dem-11743	99	18	estimated	estimate	VERB
dem-11743	99	19	for	for	ADP
dem-11743	99	20	ofe	ofe	ADJ
dem-11743	99	21	pzu	pzu	NOUN
dem-11743	99	22	in	in	ADP
dem-11743	99	23	the	the	DET
dem-11743	99	24	periods	period	NOUN
dem-11743	99	25	:	:	PUNCT
dem-11743	99	26	a	a	DET
dem-11743	99	27	,	,	PUNCT
dem-11743	99	28	b1	b1	PROPN
dem-11743	99	29	,	,	PUNCT
dem-11743	99	30	c2	c2	PROPN
dem-11743	99	31	,	,	PUNCT
dem-11743	99	32	d1	d1	PROPN
dem-11743	99	33	,	,	PUNCT
dem-11743	99	34	and	and	CCONJ
dem-11743	99	35	d2	d2	PROPN
dem-11743	99	36	)	)	PUNCT
dem-11743	99	37	.	.	PUNCT
dem-11743	100	1	value	value	NOUN
dem-11743	100	2	of	of	ADP
dem-11743	100	3	parameter	parameter	NOUN
dem-11743	100	4	estimates	estimate	NOUN
dem-11743	100	5	increase	increase	VERB
dem-11743	100	6	from	from	ADP
dem-11743	100	7	0.2	0.2	NUM
dem-11743	100	8	in	in	ADP
dem-11743	100	9	b1	b1	NOUN
dem-11743	100	10	,	,	PUNCT
dem-11743	100	11	by	by	ADP
dem-11743	100	12	0.3	0.3	NUM
dem-11743	100	13	in	in	ADP
dem-11743	100	14	b2	b2	NOUN
dem-11743	100	15	and	and	CCONJ
dem-11743	100	16	c1	c1	PROPN
dem-11743	100	17	,	,	PUNCT
dem-11743	100	18	0.4	0.4	NUM
dem-11743	100	19	in	in	ADP
dem-11743	100	20	d2	d2	PROPN
dem-11743	100	21	to	to	ADP
dem-11743	100	22	0.6	0.6	NUM
dem-11743	100	23	in	in	ADP
dem-11743	100	24	c2	c2	PROPN
dem-11743	100	25	and	and	CCONJ
dem-11743	100	26	d2	d2	PROPN
dem-11743	100	27	.	.	PROPN
dem-11743	101	1	parameter	parameter	PROPN
dem-11743	101	2	estimates	estimate	NOUN
dem-11743	101	3	of	of	ADP
dem-11743	101	4	beta	beta	NOUN
dem-11743	101	5	and	and	CCONJ
dem-11743	101	6	determination	determination	NOUN
dem-11743	101	7	coefficients	coefficient	NOUN
dem-11743	101	8	in	in	ADP
dem-11743	101	9	the	the	DET
dem-11743	101	10	single	single	ADJ
dem-11743	101	11	index	index	NOUN
dem-11743	101	12	models	model	NOUN
dem-11743	101	13	and	and	CCONJ
dem-11743	101	14	the	the	DET
dem-11743	101	15	capital	capital	NOUN
dem-11743	101	16	assets	asset	NOUN
dem-11743	101	17	pricing	pricing	NOUN
dem-11743	101	18	models	model	NOUN
dem-11743	101	19	with	with	ADP
dem-11743	101	20	wibor	wibor	NOUN
dem-11743	101	21	as	as	ADP
dem-11743	101	22	the	the	DET
dem-11743	101	23	risk	risk	NOUN
dem-11743	101	24	free	free	ADJ
dem-11743	101	25	instrument	instrument	NOUN
dem-11743	101	26	are	be	AUX
dem-11743	101	27	almost	almost	ADV
dem-11743	101	28	of	of	ADP
dem-11743	101	29	the	the	DET
dem-11743	101	30	same	same	ADJ
dem-11743	101	31	values	value	NOUN
dem-11743	101	32	whereas	whereas	SCONJ
dem-11743	101	33	using	use	VERB
dem-11743	101	34	tbsp	tbsp	NOUN
dem-11743	101	35	as	as	SCONJ
dem-11743	101	36	the	the	DET
dem-11743	101	37	risk	risk	NOUN
dem-11743	101	38	free	free	ADJ
dem-11743	101	39	instrument	instrument	NOUN
dem-11743	101	40	gives	give	VERB
dem-11743	101	41	slightly	slightly	ADV
dem-11743	101	42	different	different	ADJ
dem-11743	101	43	values	value	NOUN
dem-11743	101	44	of	of	ADP
dem-11743	101	45	beta	beta	NOUN
dem-11743	101	46	for	for	ADP
dem-11743	101	47	all	all	DET
dem-11743	101	48	models	model	NOUN
dem-11743	101	49	estimated	estimate	VERB
dem-11743	101	50	for	for	ADP
dem-11743	101	51	the	the	DET
dem-11743	101	52	pension	pension	NOUN
dem-11743	101	53	funds	fund	NOUN
dem-11743	101	54	(	(	PUNCT
dem-11743	101	55	the	the	DET
dem-11743	101	56	example	example	NOUN
dem-11743	101	57	in	in	ADP
dem-11743	101	58	table	table	NOUN
dem-11743	101	59	8)	8)	NUM
dem-11743	101	60	.	.	PUNCT
dem-11743	102	1	similar	similar	ADJ
dem-11743	102	2	conclusions	conclusion	NOUN
dem-11743	102	3	may	may	AUX
dem-11743	102	4	be	be	AUX
dem-11743	102	5	drawn	draw	VERB
dem-11743	102	6	for	for	ADP
dem-11743	102	7	the	the	DET
dem-11743	102	8	stable	stable	ADJ
dem-11743	102	9	growth	growth	NOUN
dem-11743	102	10	investment	investment	NOUN
dem-11743	102	11	funds	fund	NOUN
dem-11743	102	12	(	(	PUNCT
dem-11743	102	13	see	see	VERB
dem-11743	102	14	table	table	NOUN
dem-11743	102	15	9	9	NUM
dem-11743	102	16	)	)	PUNCT
dem-11743	102	17	however	however	ADV
dem-11743	102	18	values	value	NOUN
dem-11743	102	19	of	of	ADP
dem-11743	102	20	the	the	DET
dem-11743	102	21	determination	determination	NOUN
dem-11743	102	22	coefficients	coefficient	NOUN
dem-11743	102	23	are	be	AUX
dem-11743	102	24	different	different	ADJ
dem-11743	102	25	in	in	ADP
dem-11743	102	26	models	model	NOUN
dem-11743	102	27	describing	describe	VERB
dem-11743	102	28	both	both	DET
dem-11743	102	29	types	type	NOUN
dem-11743	102	30	of	of	ADP
dem-11743	102	31	funds	fund	NOUN
dem-11743	102	32	.	.	PUNCT
dem-11743	103	1	table	table	NOUN
dem-11743	103	2	8	8	NUM
dem-11743	103	3	.	.	PUNCT
dem-11743	104	1	estimates	estimate	NOUN
dem-11743	104	2	and	and	CCONJ
dem-11743	104	3	determination	determination	NOUN
dem-11743	104	4	coefficients	coefficient	NOUN
dem-11743	104	5	of	of	ADP
dem-11743	104	6	different	different	ADJ
dem-11743	104	7	pension	pension	NOUN
dem-11743	104	8	funds	fund	NOUN
dem-11743	104	9	models	model	NOUN
dem-11743	104	10	estimated	estimate	VERB
dem-11743	104	11	for	for	ADP
dem-11743	104	12	in	in	ADP
dem-11743	104	13	the	the	DET
dem-11743	104	14	whole	whole	ADJ
dem-11743	104	15	period	period	NOUN
dem-11743	104	16	allianz	allianz	PROPN
dem-11743	104	17	aviva	aviva	PROPN
dem-11743	104	18	nn	nn	PROPN
dem-11743	104	19	pekao	pekao	PROPN
dem-11743	104	20	pko	pko	PROPN
dem-11743	104	21	pzu	pzu	VERB
dem-11743	104	22	beta	beta	PROPN
dem-11743	104	23	coefficient	coefficient	PROPN
dem-11743	104	24	sharpe	sharpe	PROPN
dem-11743	104	25	0.2976	0.2976	NUM
dem-11743	105	1	0.3003	0.3003	NUM
dem-11743	105	2	0.3119	0.3119	NUM
dem-11743	105	3	0.3044	0.3044	NUM
dem-11743	105	4	0.2897	0.2897	NUM
dem-11743	105	5	0.0132	0.0132	NUM
dem-11743	105	6	capm	capm	PROPN
dem-11743	105	7	wibor	wibor	NOUN
dem-11743	105	8	0.2976	0.2976	VERB
dem-11743	105	9	0.3003	0.3003	NUM
dem-11743	105	10	0.3119	0.3119	NUM
dem-11743	105	11	0.3044	0.3044	NUM
dem-11743	105	12	0.2897	0.2897	NUM
dem-11743	105	13	0.0132	0.0132	NUM
dem-11743	105	14	capm	capm	NOUN
dem-11743	105	15	tbsp	tbsp	NOUN
dem-11743	105	16	0.2762	0.2762	NUM
dem-11743	105	17	0.2785	0.2785	NUM
dem-11743	105	18	0.2892	0.2892	NUM
dem-11743	105	19	0.2827	0.2827	NUM
dem-11743	105	20	0.2682	0.2682	NUM
dem-11743	105	21	–	–	PUNCT
dem-11743	105	22	0.0027	0.0027	NUM
dem-11743	105	23	determination	determination	NOUN
dem-11743	105	24	coefficient	coefficient	NOUN
dem-11743	105	25	sharpe	sharpe	PROPN
dem-11743	105	26	0.5567	0.5567	NUM
dem-11743	105	27	0.5538	0.5538	NUM
dem-11743	105	28	0.5531	0.5531	NUM
dem-11743	105	29	0.5189	0.5189	NUM
dem-11743	105	30	0.5434	0.5434	NUM
dem-11743	105	31	0.0009	0.0009	NUM
dem-11743	105	32	capm	capm	PROPN
dem-11743	105	33	wibor	wibor	NOUN
dem-11743	105	34	0.5567	0.5567	NUM
dem-11743	105	35	0.5539	0.5539	NUM
dem-11743	105	36	0.5531	0.5531	NUM
dem-11743	105	37	0.5190	0.5190	NUM
dem-11743	105	38	0.5435	0.5435	NUM
dem-11743	105	39	0.0009	0.0009	NUM
dem-11743	105	40	capm	capm	PROPN
dem-11743	105	41	tbsp	tbsp	NOUN
dem-11743	105	42	0.5182	0.5182	NOUN
dem-11743	105	43	0.5168	0.5168	NUM
dem-11743	105	44	0.5201	0.5201	NUM
dem-11743	105	45	0.4802	0.4802	NUM
dem-11743	105	46	0.5029	0.5029	NUM
dem-11743	105	47	0.0000	0.0000	NUM
dem-11743	105	48	note	note	NOUN
dem-11743	105	49	:	:	PUNCT
dem-11743	105	50	bold	bold	ADJ
dem-11743	105	51	letters	letter	NOUN
dem-11743	105	52	denote	denote	VERB
dem-11743	105	53	statistically	statistically	ADV
dem-11743	105	54	significant	significant	ADJ
dem-11743	105	55	parameters	parameter	NOUN
dem-11743	105	56	i.e.	i.e.	X
dem-11743	105	57	h0	h0	PROPN
dem-11743	105	58	:	:	PUNCT
dem-11743	105	59			PROPN
dem-11743	105	60	=	=	SYM
dem-11743	105	61	0	0	NUM
dem-11743	105	62	;	;	PUNCT
dem-11743	105	63	nn	nn	X
dem-11743	105	64	as	as	ADP
dem-11743	105	65	in	in	ADP
dem-11743	105	66	table	table	NOUN
dem-11743	105	67	3	3	NUM
dem-11743	105	68	.	.	PUNCT
dem-11743	105	69	performance	performance	NOUN
dem-11743	105	70	of	of	ADP
dem-11743	105	71	pension	pension	NOUN
dem-11743	105	72	funds	fund	NOUN
dem-11743	105	73	and	and	CCONJ
dem-11743	105	74	stable	stable	ADJ
dem-11743	105	75	growth	growth	NOUN
dem-11743	105	76	open	open	ADJ
dem-11743	105	77	investment	investment	NOUN
dem-11743	105	78	funds	fund	NOUN
dem-11743	105	79	…	…	PUNCT
dem-11743	105	80	dynamic	dynamic	ADJ
dem-11743	105	81	econometric	econometric	ADJ
dem-11743	105	82	models	model	NOUN
dem-11743	105	83	16	16	NUM
dem-11743	105	84	(	(	PUNCT
dem-11743	105	85	2016	2016	NUM
dem-11743	105	86	)	)	PUNCT
dem-11743	106	1	117–131	117–131	NUM
dem-11743	106	2	125	125	NUM
dem-11743	106	3	table	table	NOUN
dem-11743	106	4	9	9	NUM
dem-11743	106	5	.	.	PUNCT
dem-11743	107	1	parameter	parameter	NOUN
dem-11743	107	2	estimates	estimate	NOUN
dem-11743	107	3	and	and	CCONJ
dem-11743	107	4	determination	determination	NOUN
dem-11743	107	5	coefficients	coefficient	NOUN
dem-11743	107	6	of	of	ADP
dem-11743	107	7	different	different	ADJ
dem-11743	107	8	models	model	NOUN
dem-11743	107	9	estimated	estimate	VERB
dem-11743	107	10	for	for	ADP
dem-11743	107	11	mutual	mutual	ADJ
dem-11743	107	12	funds	fund	NOUN
dem-11743	107	13	in	in	ADP
dem-11743	107	14	the	the	DET
dem-11743	107	15	whole	whole	ADJ
dem-11743	107	16	period	period	NOUN
dem-11743	107	17	allianz	allianz	PROPN
dem-11743	107	18	aviva	aviva	PROPN
dem-11743	107	19	nn	nn	PROPN
dem-11743	107	20	pekao	pekao	PROPN
dem-11743	107	21	pko	pko	PROPN
dem-11743	107	22	pzu	pzu	VERB
dem-11743	107	23	beta	beta	PROPN
dem-11743	107	24	coefficient	coefficient	NOUN
dem-11743	107	25	sharpe	sharpe	NOUN
dem-11743	107	26	0.3221	0.3221	NUM
dem-11743	107	27	0.3379	0.3379	NUM
dem-11743	107	28	0.3396	0.3396	NUM
dem-11743	107	29	0.3396	0.3396	NUM
dem-11743	107	30	0.2638	0.2638	NUM
dem-11743	107	31	0.6389	0.6389	NUM
dem-11743	107	32	capm	capm	PROPN
dem-11743	107	33	wibor	wibor	NOUN
dem-11743	107	34	0.3221	0.3221	NUM
dem-11743	107	35	0.3379	0.3379	NUM
dem-11743	107	36	0.3396	0.3396	NUM
dem-11743	107	37	0.3396	0.3396	NUM
dem-11743	107	38	0.2638	0.2638	NUM
dem-11743	107	39	0.6389	0.6389	NUM
dem-11743	107	40	capm	capm	NOUN
dem-11743	107	41	tbsp	tbsp	NOUN
dem-11743	107	42	0.2977	0.2977	NUM
dem-11743	107	43	0.3155	0.3155	NUM
dem-11743	107	44	0.3165	0.3165	NUM
dem-11743	107	45	0.3165	0.3165	NUM
dem-11743	107	46	0.2409	0.2409	NUM
dem-11743	107	47	0.6262	0.6262	NUM
dem-11743	107	48	determination	determination	NOUN
dem-11743	107	49	coefficient	coefficient	NOUN
dem-11743	107	50	sharpe	sharpe	PROPN
dem-11743	107	51	0.5406	0.5406	NUM
dem-11743	107	52	0.8632	0.8632	NUM
dem-11743	107	53	0.9029	0.9029	NUM
dem-11743	107	54	0.9029	0.9029	NUM
dem-11743	107	55	0.8041	0.8041	NUM
dem-11743	107	56	0.9406	0.9406	NUM
dem-11743	107	57	capm	capm	PROPN
dem-11743	107	58	wibor	wibor	NOUN
dem-11743	107	59	0.5406	0.5406	NUM
dem-11743	107	60	0.8632	0.8632	NUM
dem-11743	107	61	0.9029	0.9029	NUM
dem-11743	107	62	0.9029	0.9029	NUM
dem-11743	107	63	0.8041	0.8041	NUM
dem-11743	107	64	0.9406	0.9406	NUM
dem-11743	107	65	capm	capm	NOUN
dem-11743	107	66	tbsp	tbsp	NOUN
dem-11743	107	67	0.5115	0.5115	NUM
dem-11743	107	68	0.8644	0.8644	NUM
dem-11743	107	69	0.9435	0.9435	NUM
dem-11743	107	70	0.9435	0.9435	NUM
dem-11743	107	71	0.8103	0.8103	NUM
dem-11743	107	72	0.9400	0.9400	NUM
dem-11743	107	73	note	note	NOUN
dem-11743	107	74	:	:	PUNCT
dem-11743	107	75	bold	bold	ADJ
dem-11743	107	76	letters	letter	NOUN
dem-11743	107	77	denote	denote	VERB
dem-11743	107	78	statistically	statistically	ADV
dem-11743	107	79	significant	significant	ADJ
dem-11743	107	80	parameters	parameter	NOUN
dem-11743	107	81	i.e.	i.e.	X
dem-11743	107	82	h0	h0	PROPN
dem-11743	107	83	:	:	PUNCT
dem-11743	107	84			PROPN
dem-11743	107	85	=	=	SYM
dem-11743	107	86	0	0	NUM
dem-11743	107	87	;	;	PUNCT
dem-11743	107	88	nn	nn	X
dem-11743	107	89	is	be	AUX
dem-11743	107	90	an	an	DET
dem-11743	107	91	abbreviation	abbreviation	NOUN
dem-11743	107	92	of	of	ADP
dem-11743	107	93	nationale	nationale	PROPN
dem-11743	107	94	nederlanden	nederlanden	PROPN
dem-11743	107	95	.	.	PUNCT
dem-11743	108	1	in	in	ADP
dem-11743	108	2	the	the	DET
dem-11743	108	3	next	next	ADJ
dem-11743	108	4	step	step	NOUN
dem-11743	108	5	we	we	PRON
dem-11743	108	6	compare	compare	VERB
dem-11743	108	7	betas	beta	NOUN
dem-11743	108	8	from	from	ADP
dem-11743	108	9	the	the	DET
dem-11743	108	10	models	model	NOUN
dem-11743	108	11	estimated	estimate	VERB
dem-11743	108	12	before	before	ADV
dem-11743	108	13	and	and	CCONJ
dem-11743	108	14	after	after	ADP
dem-11743	108	15	the	the	DET
dem-11743	108	16	changes	change	NOUN
dem-11743	108	17	of	of	ADP
dem-11743	108	18	the	the	DET
dem-11743	108	19	pension	pension	NOUN
dem-11743	108	20	funds	fund	NOUN
dem-11743	108	21	’	'	PUNCT
dem-11743	108	22	situation	situation	NOUN
dem-11743	108	23	,	,	PUNCT
dem-11743	108	24	introduced	introduce	VERB
dem-11743	108	25	by	by	ADP
dem-11743	108	26	the	the	DET
dem-11743	108	27	government	government	NOUN
dem-11743	108	28	5	5	NUM
dem-11743	108	29	.	.	PUNCT
dem-11743	109	1	it	it	PRON
dem-11743	109	2	is	be	AUX
dem-11743	109	3	visible	visible	ADJ
dem-11743	109	4	that	that	SCONJ
dem-11743	109	5	for	for	ADP
dem-11743	109	6	all	all	DET
dem-11743	109	7	models	model	NOUN
dem-11743	109	8	estimated	estimate	VERB
dem-11743	109	9	for	for	ADP
dem-11743	109	10	the	the	DET
dem-11743	109	11	pension	pension	NOUN
dem-11743	109	12	funds	fund	NOUN
dem-11743	109	13	the	the	DET
dem-11743	109	14	risk	risk	NOUN
dem-11743	109	15	significantly	significantly	ADV
dem-11743	109	16	increased	increase	VERB
dem-11743	109	17	in	in	ADP
dem-11743	109	18	the	the	DET
dem-11743	109	19	second	second	ADJ
dem-11743	109	20	considered	consider	VERB
dem-11743	109	21	periods	period	NOUN
dem-11743	109	22	(	(	PUNCT
dem-11743	109	23	table	table	NOUN
dem-11743	109	24	10	10	NUM
dem-11743	109	25	)	)	PUNCT
dem-11743	109	26	.	.	PUNCT
dem-11743	110	1	comparing	compare	VERB
dem-11743	110	2	beta	beta	ADJ
dem-11743	110	3	coefficients	coefficient	NOUN
dem-11743	110	4	estimated	estimate	VERB
dem-11743	110	5	for	for	ADP
dem-11743	110	6	the	the	DET
dem-11743	110	7	mutual	mutual	ADJ
dem-11743	110	8	funds	fund	NOUN
dem-11743	110	9	the	the	DET
dem-11743	110	10	same	same	ADJ
dem-11743	110	11	results	result	NOUN
dem-11743	110	12	are	be	AUX
dem-11743	110	13	obtained	obtain	VERB
dem-11743	110	14	only	only	ADV
dem-11743	110	15	for	for	ADP
dem-11743	110	16	fio	fio	PROPN
dem-11743	110	17	allianz	allianz	PROPN
dem-11743	110	18	whereas	whereas	SCONJ
dem-11743	110	19	for	for	SCONJ
dem-11743	110	20	other	other	ADJ
dem-11743	110	21	stable	stable	ADJ
dem-11743	110	22	growth	growth	NOUN
dem-11743	110	23	investment	investment	NOUN
dem-11743	110	24	funds	fund	VERB
dem-11743	110	25	the	the	DET
dem-11743	110	26	results	result	NOUN
dem-11743	110	27	of	of	ADP
dem-11743	110	28	the	the	DET
dem-11743	110	29	hypothesis	hypothesis	NOUN
dem-11743	110	30	verification	verification	NOUN
dem-11743	110	31	are	be	AUX
dem-11743	110	32	different	different	ADJ
dem-11743	110	33	(	(	PUNCT
dem-11743	110	34	table	table	NOUN
dem-11743	110	35	11	11	NUM
dem-11743	110	36	)	)	PUNCT
dem-11743	110	37	.	.	PUNCT
dem-11743	111	1	for	for	ADP
dem-11743	111	2	aviva	aviva	NOUN
dem-11743	111	3	,	,	PUNCT
dem-11743	111	4	pekao	pekao	NOUN
dem-11743	111	5	and	and	CCONJ
dem-11743	111	6	pzu	pzu	VERB
dem-11743	111	7	the	the	DET
dem-11743	111	8	risk	risk	NOUN
dem-11743	111	9	significantly	significantly	ADV
dem-11743	111	10	decreased	decrease	VERB
dem-11743	111	11	in	in	ADP
dem-11743	111	12	the	the	DET
dem-11743	111	13	period	period	NOUN
dem-11743	111	14	d2	d2	NOUN
dem-11743	111	15	in	in	ADP
dem-11743	111	16	comparison	comparison	NOUN
dem-11743	111	17	to	to	ADP
dem-11743	111	18	the	the	DET
dem-11743	111	19	period	period	NOUN
dem-11743	111	20	d1	d1	PROPN
dem-11743	111	21	,	,	PUNCT
dem-11743	111	22	also	also	ADV
dem-11743	111	23	for	for	SCONJ
dem-11743	111	24	the	the	DET
dem-11743	111	25	first	first	ADJ
dem-11743	111	26	considered	consider	VERB
dem-11743	111	27	pair	pair	NOUN
dem-11743	111	28	of	of	ADP
dem-11743	111	29	sub	sub	ADJ
dem-11743	111	30	-	-	ADJ
dem-11743	111	31	periods	periods	ADJ
dem-11743	111	32	fio	fio	NOUN
dem-11743	111	33	aviva	aviva	NOUN
dem-11743	111	34	are	be	AUX
dem-11743	111	35	characterized	characterize	VERB
dem-11743	111	36	by	by	ADP
dem-11743	111	37	the	the	DET
dem-11743	111	38	smaller	small	ADJ
dem-11743	111	39	risk	risk	NOUN
dem-11743	111	40	after	after	ADP
dem-11743	111	41	the	the	DET
dem-11743	111	42	modification	modification	NOUN
dem-11743	111	43	of	of	ADP
dem-11743	111	44	the	the	DET
dem-11743	111	45	system	system	NOUN
dem-11743	111	46	than	than	ADP
dem-11743	111	47	before	before	ADV
dem-11743	111	48	.	.	PUNCT
dem-11743	112	1	compering	compere	VERB
dem-11743	112	2	a	a	DET
dem-11743	112	3	pair	pair	NOUN
dem-11743	112	4	of	of	ADP
dem-11743	112	5	sub	sub	ADJ
dem-11743	112	6	-	-	ADJ
dem-11743	112	7	periods	periods	ADJ
dem-11743	112	8	c1	c1	NOUN
dem-11743	112	9	and	and	CCONJ
dem-11743	112	10	c2	c2	PROPN
dem-11743	112	11	,	,	PUNCT
dem-11743	112	12	we	we	PRON
dem-11743	112	13	notice	notice	VERB
dem-11743	112	14	that	that	SCONJ
dem-11743	112	15	there	there	PRON
dem-11743	112	16	is	be	VERB
dem-11743	112	17	only	only	ADV
dem-11743	112	18	one	one	NUM
dem-11743	112	19	case	case	NOUN
dem-11743	112	20	(	(	PUNCT
dem-11743	112	21	pekao	pekao	NOUN
dem-11743	112	22	for	for	ADP
dem-11743	112	23	the	the	DET
dem-11743	112	24	capm	capm	PROPN
dem-11743	112	25	model	model	NOUN
dem-11743	112	26	with	with	ADP
dem-11743	112	27	tbsp	tbsp	NOUN
dem-11743	112	28	)	)	PUNCT
dem-11743	112	29	when	when	SCONJ
dem-11743	112	30	risk	risk	NOUN
dem-11743	112	31	significantly	significantly	ADV
dem-11743	112	32	decreased	decrease	VERB
dem-11743	112	33	in	in	ADP
dem-11743	112	34	the	the	DET
dem-11743	112	35	second	second	ADJ
dem-11743	112	36	compared	compare	VERB
dem-11743	112	37	period	period	NOUN
dem-11743	112	38	.	.	PUNCT
dem-11743	113	1	table	table	NOUN
dem-11743	113	2	10	10	NUM
dem-11743	113	3	.	.	PUNCT
dem-11743	114	1	student	student	NOUN
dem-11743	114	2	test	test	NOUN
dem-11743	114	3	statistics	statistic	NOUN
dem-11743	114	4	comparing	compare	VERB
dem-11743	114	5	betas	beta	NOUN
dem-11743	114	6	estimated	estimate	VERB
dem-11743	114	7	for	for	ADP
dem-11743	114	8	the	the	DET
dem-11743	114	9	pension	pension	NOUN
dem-11743	114	10	funds	fund	NOUN
dem-11743	114	11	in	in	ADP
dem-11743	114	12	the	the	DET
dem-11743	114	13	pairs	pair	NOUN
dem-11743	114	14	of	of	ADP
dem-11743	114	15	periods	period	NOUN
dem-11743	114	16	h0	h0	NOUN
dem-11743	114	17	:	:	PUNCT
dem-11743	114	18	before	before	ADJ
dem-11743	114	19	=	=	SYM
dem-11743	114	20	after	after	PROPN
dem-11743	114	21	b1	b1	NOUN
dem-11743	114	22	:	:	PUNCT
dem-11743	114	23	b2	b2	NOUN
dem-11743	114	24	c1	c1	NOUN
dem-11743	114	25	:	:	PUNCT
dem-11743	114	26	c2	c2	PROPN
dem-11743	114	27	d1	d1	PROPN
dem-11743	114	28	:	:	PUNCT
dem-11743	114	29	d2	d2	NOUN
dem-11743	114	30	models	model	NOUN
dem-11743	114	31	sharpe	sharpe	PROPN
dem-11743	114	32	capm	capm	PROPN
dem-11743	114	33	tbsp	tbsp	PROPN
dem-11743	114	34	sharpe	sharpe	PROPN
dem-11743	114	35	capm	capm	PROPN
dem-11743	114	36	tbsp	tbsp	PROPN
dem-11743	114	37	sharpe	sharpe	PROPN
dem-11743	114	38	capm	capm	PROPN
dem-11743	114	39	tbsp	tbsp	PROPN
dem-11743	114	40	allianz	allianz	PROPN
dem-11743	114	41	–	–	PUNCT
dem-11743	114	42	4.70	4.70	NUM
dem-11743	114	43	–	–	SYM
dem-11743	114	44	7.51	7.51	NUM
dem-11743	114	45	–	–	PUNCT
dem-11743	114	46	33.46	33.46	NUM
dem-11743	114	47	–	–	PUNCT
dem-11743	114	48	31.83	31.83	NUM
dem-11743	114	49	–	–	PUNCT
dem-11743	114	50	12.89	12.89	NUM
dem-11743	114	51	–	–	SYM
dem-11743	114	52	12.54	12.54	NUM
dem-11743	114	53	aviva	aviva	NOUN
dem-11743	114	54	–	–	PUNCT
dem-11743	114	55	3.80	3.80	NUM
dem-11743	114	56	–	–	PUNCT
dem-11743	114	57	6.71	6.71	NUM
dem-11743	114	58	–	–	SYM
dem-11743	114	59	36.32	36.32	NUM
dem-11743	114	60	–	–	PUNCT
dem-11743	114	61	36.51	36.51	NUM
dem-11743	114	62	–	–	PUNCT
dem-11743	114	63	14.51	14.51	NUM
dem-11743	114	64	–	–	SYM
dem-11743	114	65	14.62	14.62	NUM
dem-11743	114	66	nn	nn	NUM
dem-11743	114	67	–	–	PUNCT
dem-11743	114	68	2.95	2.95	NUM
dem-11743	114	69	–	–	PUNCT
dem-11743	114	70	5.81	5.81	NUM
dem-11743	114	71	–	–	SYM
dem-11743	114	72	34.50	34.50	NUM
dem-11743	114	73	–	–	PUNCT
dem-11743	114	74	34.90	34.90	NUM
dem-11743	114	75	–	–	SYM
dem-11743	114	76	14.06	14.06	NUM
dem-11743	114	77	–	–	PUNCT
dem-11743	114	78	14.55	14.55	NUM
dem-11743	114	79	pekao	pekao	NOUN
dem-11743	114	80	–	–	PUNCT
dem-11743	114	81	5.35	5.35	NUM
dem-11743	114	82	–	–	PUNCT
dem-11743	114	83	8.09	8.09	NUM
dem-11743	114	84	–	–	SYM
dem-11743	114	85	37.60	37.60	NUM
dem-11743	114	86	–	–	PUNCT
dem-11743	114	87	36.23	36.23	NUM
dem-11743	114	88	–	–	PUNCT
dem-11743	114	89	14.08	14.08	NUM
dem-11743	114	90	–	–	SYM
dem-11743	114	91	13.85	13.85	NUM
dem-11743	114	92	pko	pko	NOUN
dem-11743	114	93	–	–	PUNCT
dem-11743	114	94	4.45	4.45	NUM
dem-11743	114	95	–	–	PUNCT
dem-11743	114	96	7.44	7.44	NUM
dem-11743	114	97	–	–	PUNCT
dem-11743	114	98	35.79	35.79	NUM
dem-11743	114	99	–	–	PUNCT
dem-11743	114	100	34.35	34.35	NUM
dem-11743	114	101	–	–	PUNCT
dem-11743	114	102	13.31	13.31	NUM
dem-11743	114	103	–	–	SYM
dem-11743	114	104	13.17	13.17	NUM
dem-11743	114	105	pzu	pzu	NOUN
dem-11743	114	106	–	–	PUNCT
dem-11743	114	107	0.92	0.92	NUM
dem-11743	114	108	–	–	PUNCT
dem-11743	114	109	3.16	3.16	NUM
dem-11743	114	110	2.02	2.02	NUM
dem-11743	114	111	3.22	3.22	NUM
dem-11743	114	112	–	–	PUNCT
dem-11743	114	113	1.77	1.77	NUM
dem-11743	114	114	–	–	PUNCT
dem-11743	114	115	1.00	1.00	NUM
dem-11743	114	116	note	note	NOUN
dem-11743	114	117	:	:	PUNCT
dem-11743	114	118	bold	bold	ADJ
dem-11743	114	119	letters	letter	NOUN
dem-11743	114	120	denote	denote	VERB
dem-11743	114	121	rejection	rejection	NOUN
dem-11743	114	122	of	of	ADP
dem-11743	114	123	null	null	ADJ
dem-11743	114	124	hypothesis	hypothesis	NOUN
dem-11743	114	125	.	.	PUNCT
dem-11743	115	1	5	5	NUM
dem-11743	115	2	in	in	ADP
dem-11743	115	3	comparison	comparison	NOUN
dem-11743	115	4	parameter	parameter	NOUN
dem-11743	115	5	estimates	estimate	NOUN
dem-11743	115	6	from	from	ADP
dem-11743	115	7	the	the	DET
dem-11743	115	8	capm	capm	PROPN
dem-11743	115	9	using	use	VERB
dem-11743	115	10	wibor	wibor	NOUN
dem-11743	115	11	as	as	SCONJ
dem-11743	115	12	risk	risk	NOUN
dem-11743	115	13	free	free	ADJ
dem-11743	115	14	instrument	instrument	NOUN
dem-11743	115	15	were	be	AUX
dem-11743	115	16	omitted	omit	VERB
dem-11743	115	17	because	because	SCONJ
dem-11743	115	18	they	they	PRON
dem-11743	115	19	were	be	AUX
dem-11743	115	20	of	of	ADP
dem-11743	115	21	the	the	DET
dem-11743	115	22	same	same	ADJ
dem-11743	115	23	values	value	NOUN
dem-11743	115	24	as	as	ADP
dem-11743	115	25	in	in	ADP
dem-11743	115	26	the	the	DET
dem-11743	115	27	sharp	sharp	ADJ
dem-11743	115	28	models	model	NOUN
dem-11743	115	29	.	.	PUNCT
dem-11743	116	1	krzysztof	krzysztof	NOUN
dem-11743	116	2	kompa	kompa	PROPN
dem-11743	116	3	,	,	PUNCT
dem-11743	116	4	dorota	dorota	PROPN
dem-11743	116	5	witkowska	witkowska	PROPN
dem-11743	116	6	dynamic	dynamic	ADJ
dem-11743	116	7	econometric	econometric	ADJ
dem-11743	116	8	models	model	NOUN
dem-11743	116	9	16	16	NUM
dem-11743	116	10	(	(	PUNCT
dem-11743	116	11	2016	2016	NUM
dem-11743	116	12	)	)	PUNCT
dem-11743	116	13	117–131	117–131	NUM
dem-11743	116	14	126	126	NUM
dem-11743	116	15	table	table	NOUN
dem-11743	116	16	11	11	NUM
dem-11743	116	17	.	.	PUNCT
dem-11743	117	1	student	student	NOUN
dem-11743	117	2	test	test	NOUN
dem-11743	117	3	statistics	statistic	NOUN
dem-11743	117	4	comparing	compare	VERB
dem-11743	117	5	betas	beta	NOUN
dem-11743	117	6	estimated	estimate	VERB
dem-11743	117	7	for	for	ADP
dem-11743	117	8	the	the	DET
dem-11743	117	9	mutual	mutual	ADJ
dem-11743	117	10	funds	fund	NOUN
dem-11743	117	11	in	in	ADP
dem-11743	117	12	the	the	DET
dem-11743	117	13	pairs	pair	NOUN
dem-11743	117	14	of	of	ADP
dem-11743	117	15	periods	period	NOUN
dem-11743	117	16	h0	h0	NOUN
dem-11743	117	17	:	:	PUNCT
dem-11743	117	18	before	before	ADJ
dem-11743	117	19	=	=	SYM
dem-11743	117	20	after	after	PROPN
dem-11743	117	21	b1	b1	NOUN
dem-11743	117	22	:	:	PUNCT
dem-11743	117	23	b2	b2	NOUN
dem-11743	117	24	c1	c1	NOUN
dem-11743	117	25	:	:	PUNCT
dem-11743	117	26	c2	c2	PROPN
dem-11743	117	27	d1	d1	PROPN
dem-11743	117	28	:	:	PUNCT
dem-11743	117	29	d2	d2	NOUN
dem-11743	117	30	models	model	NOUN
dem-11743	117	31	sharpe	sharpe	PROPN
dem-11743	117	32	capm	capm	PROPN
dem-11743	117	33	tbsp	tbsp	PROPN
dem-11743	117	34	sharpe	sharpe	PROPN
dem-11743	117	35	capm	capm	PROPN
dem-11743	117	36	tbsp	tbsp	PROPN
dem-11743	117	37	sharpe	sharpe	PROPN
dem-11743	117	38	capm	capm	PROPN
dem-11743	117	39	tbsp	tbsp	NOUN
dem-11743	117	40	allianz	allianz	PROPN
dem-11743	117	41	–	–	PUNCT
dem-11743	117	42	9.9973	9.9973	NUM
dem-11743	117	43	–	–	PUNCT
dem-11743	117	44	11.5962	11.5962	NUM
dem-11743	117	45	–	–	PUNCT
dem-11743	117	46	9.8910	9.8910	NUM
dem-11743	117	47	–	–	PUNCT
dem-11743	117	48	8.7862	8.7862	NUM
dem-11743	117	49	–	–	PUNCT
dem-11743	117	50	6.1679	6.1679	NUM
dem-11743	117	51	–	–	PUNCT
dem-11743	117	52	4.8829	4.8829	NUM
dem-11743	117	53	aviva	aviva	NOUN
dem-11743	117	54	13.9977	13.9977	NUM
dem-11743	117	55	13.0450	13.0450	NUM
dem-11743	117	56	–	–	PUNCT
dem-11743	117	57	4.8720	4.8720	NUM
dem-11743	117	58	–	–	PUNCT
dem-11743	117	59	6.2323	6.2323	NUM
dem-11743	117	60	2.0147	2.0147	NUM
dem-11743	117	61	3.3168	3.3168	NUM
dem-11743	117	62	nn	nn	X
dem-11743	117	63	–	–	PUNCT
dem-11743	117	64	0.3876	0.3876	NUM
dem-11743	117	65	–	–	PUNCT
dem-11743	117	66	0.3003	0.3003	NUM
dem-11743	117	67	–	–	PUNCT
dem-11743	117	68	2.8112	2.8112	NUM
dem-11743	117	69	–	–	PUNCT
dem-11743	117	70	1.7663	1.7663	NUM
dem-11743	117	71	–	–	PUNCT
dem-11743	117	72	0.8466	0.8466	NUM
dem-11743	117	73	–	–	PUNCT
dem-11743	117	74	0.8954	0.8954	NUM
dem-11743	117	75	pekao	pekao	NOUN
dem-11743	117	76	–	–	PUNCT
dem-11743	117	77	8.0196	8.0196	NUM
dem-11743	117	78	–	–	PUNCT
dem-11743	117	79	8.9997	8.9997	NUM
dem-11743	117	80	0.6125	0.6125	NUM
dem-11743	117	81	2.2591	2.2591	NUM
dem-11743	117	82	4.3964	4.3964	NUM
dem-11743	117	83	4.3668	4.3668	NUM
dem-11743	117	84	pko	pko	NOUN
dem-11743	117	85	–	–	PUNCT
dem-11743	117	86	11.0755	11.0755	NUM
dem-11743	117	87	–	–	PUNCT
dem-11743	117	88	11.7400	11.7400	NUM
dem-11743	117	89	–	–	PUNCT
dem-11743	117	90	14.4898	14.4898	NUM
dem-11743	117	91	0.6200	0.6200	NUM
dem-11743	117	92	–	–	PUNCT
dem-11743	117	93	1.4324	1.4324	NUM
dem-11743	117	94	–	–	PUNCT
dem-11743	117	95	1.3214	1.3214	NUM
dem-11743	117	96	pzu	pzu	NOUN
dem-11743	117	97	–	–	PUNCT
dem-11743	117	98	18.4045	18.4045	NUM
dem-11743	117	99	–	–	SYM
dem-11743	117	100	20.9368	20.9368	NUM
dem-11743	117	101	–	–	PUNCT
dem-11743	117	102	89.8678	89.8678	NUM
dem-11743	117	103	–	–	PUNCT
dem-11743	117	104	85.1736	85.1736	NUM
dem-11743	117	105	3.3144	3.3144	NUM
dem-11743	117	106	3.9947	3.9947	NUM
dem-11743	117	107	note	note	NOUN
dem-11743	117	108	:	:	PUNCT
dem-11743	117	109	bold	bold	ADJ
dem-11743	117	110	letters	letter	NOUN
dem-11743	117	111	denote	denote	VERB
dem-11743	117	112	rejection	rejection	NOUN
dem-11743	117	113	of	of	ADP
dem-11743	117	114	null	null	ADJ
dem-11743	117	115	hypothesis	hypothesis	NOUN
dem-11743	117	116	.	.	PUNCT
dem-11743	118	1	we	we	PRON
dem-11743	118	2	also	also	ADV
dem-11743	118	3	compare	compare	VERB
dem-11743	118	4	betas	beta	NOUN
dem-11743	118	5	from	from	ADP
dem-11743	118	6	the	the	DET
dem-11743	118	7	models	model	NOUN
dem-11743	118	8	estimated	estimate	VERB
dem-11743	118	9	for	for	ADP
dem-11743	118	10	the	the	DET
dem-11743	118	11	pension	pension	NOUN
dem-11743	118	12	and	and	CCONJ
dem-11743	118	13	mutual	mutual	ADJ
dem-11743	118	14	funds	fund	NOUN
dem-11743	118	15	(	(	PUNCT
dem-11743	118	16	table	table	NOUN
dem-11743	118	17	12	12	NUM
dem-11743	118	18	)	)	PUNCT
dem-11743	118	19	,	,	PUNCT
dem-11743	118	20	and	and	CCONJ
dem-11743	118	21	it	it	PRON
dem-11743	118	22	is	be	AUX
dem-11743	118	23	visible	visible	ADJ
dem-11743	118	24	that	that	SCONJ
dem-11743	118	25	in	in	ADP
dem-11743	118	26	the	the	DET
dem-11743	118	27	periods	period	NOUN
dem-11743	118	28	denoted	denote	VERB
dem-11743	118	29	as	as	ADP
dem-11743	118	30	a	a	DET
dem-11743	118	31	,	,	PUNCT
dem-11743	118	32	b1	b1	NOUN
dem-11743	118	33	,	,	PUNCT
dem-11743	118	34	b2	b2	NOUN
dem-11743	118	35	and	and	CCONJ
dem-11743	118	36	c1	c1	NOUN
dem-11743	118	37	,	,	PUNCT
dem-11743	118	38	all	all	DET
dem-11743	118	39	pension	pension	NOUN
dem-11743	118	40	funds	fund	NOUN
dem-11743	118	41	except	except	SCONJ
dem-11743	118	42	pko	pko	PROPN
dem-11743	118	43	in	in	ADP
dem-11743	118	44	a	a	PRON
dem-11743	118	45	and	and	CCONJ
dem-11743	118	46	allianz	allianz	PROPN
dem-11743	118	47	in	in	ADP
dem-11743	118	48	c1	c1	PROPN
dem-11743	118	49	are	be	AUX
dem-11743	118	50	characterized	characterize	VERB
dem-11743	118	51	by	by	ADP
dem-11743	118	52	bigger	big	ADJ
dem-11743	118	53	risk	risk	NOUN
dem-11743	118	54	than	than	ADP
dem-11743	118	55	mutual	mutual	ADJ
dem-11743	118	56	funds	fund	NOUN
dem-11743	118	57	since	since	SCONJ
dem-11743	118	58	betas	beta	NOUN
dem-11743	118	59	are	be	AUX
dem-11743	118	60	significantly	significantly	ADV
dem-11743	118	61	bigger	big	ADJ
dem-11743	118	62	for	for	ADP
dem-11743	118	63	ofe	ofe	ADJ
dem-11743	118	64	than	than	ADP
dem-11743	118	65	for	for	ADP
dem-11743	118	66	fio	fio	NOUN
dem-11743	118	67	in	in	ADP
dem-11743	118	68	the	the	DET
dem-11743	118	69	majority	majority	NOUN
dem-11743	118	70	of	of	ADP
dem-11743	118	71	cases	case	NOUN
dem-11743	118	72	.	.	PUNCT
dem-11743	119	1	whereas	whereas	SCONJ
dem-11743	119	2	in	in	ADP
dem-11743	119	3	the	the	DET
dem-11743	119	4	sub	sub	ADJ
dem-11743	119	5	-	-	ADJ
dem-11743	119	6	periods	periods	ADJ
dem-11743	119	7	c2	c2	PROPN
dem-11743	119	8	,	,	PUNCT
dem-11743	119	9	d1	d1	PROPN
dem-11743	119	10	and	and	CCONJ
dem-11743	119	11	d2	d2	VERB
dem-11743	119	12	the	the	DET
dem-11743	119	13	situation	situation	NOUN
dem-11743	119	14	is	be	AUX
dem-11743	119	15	the	the	DET
dem-11743	119	16	opposite	opposite	NOUN
dem-11743	119	17	except	except	SCONJ
dem-11743	119	18	pzu	pzu	PROPN
dem-11743	119	19	.	.	PUNCT
dem-11743	120	1	table	table	NOUN
dem-11743	120	2	12	12	NUM
dem-11743	120	3	.	.	PUNCT
dem-11743	121	1	student	student	NOUN
dem-11743	121	2	test	test	NOUN
dem-11743	121	3	statistics	statistic	NOUN
dem-11743	121	4	comparing	compare	VERB
dem-11743	121	5	betas	beta	NOUN
dem-11743	121	6	estimated	estimate	VERB
dem-11743	121	7	for	for	ADP
dem-11743	121	8	the	the	DET
dem-11743	121	9	pension	pension	NOUN
dem-11743	121	10	and	and	CCONJ
dem-11743	121	11	mutual	mutual	ADJ
dem-11743	121	12	funds	fund	NOUN
dem-11743	121	13	in	in	ADP
dem-11743	121	14	all	all	DET
dem-11743	121	15	periods	periods	PROPN
dem-11743	121	16	h0	h0	NOUN
dem-11743	121	17	:	:	PUNCT
dem-11743	121	18	ofe	ofe	NOUN
dem-11743	121	19	=	=	PUNCT
dem-11743	121	20	fio	fio	NOUN
dem-11743	121	21	a	a	DET
dem-11743	121	22	b1	b1	NOUN
dem-11743	121	23	b2	b2	NOUN
dem-11743	121	24	c1	c1	PROPN
dem-11743	121	25	c2	c2	PROPN
dem-11743	121	26	d1	d1	PROPN
dem-11743	121	27	d2	d2	PROPN
dem-11743	121	28	sharpe	sharpe	PROPN
dem-11743	121	29	model	model	PROPN
dem-11743	121	30	allianz	allianz	PROPN
dem-11743	121	31	–	–	PUNCT
dem-11743	121	32	3.5144	3.5144	NUM
dem-11743	121	33	–	–	PUNCT
dem-11743	121	34	3.0930	3.0930	NUM
dem-11743	121	35	–	–	PUNCT
dem-11743	121	36	16.4158	16.4158	NUM
dem-11743	121	37	1.9904	1.9904	NUM
dem-11743	121	38	51.7384	51.7384	NUM
dem-11743	121	39	16.6141	16.6141	NUM
dem-11743	121	40	41.4479	41.4479	NUM
dem-11743	121	41	aviva	aviva	NOUN
dem-11743	121	42	–	–	PUNCT
dem-11743	121	43	11.9270	11.9270	NUM
dem-11743	121	44	–	–	PUNCT
dem-11743	121	45	34.7256	34.7256	NUM
dem-11743	121	46	–	–	SYM
dem-11743	121	47	10.2976	10.2976	NUM
dem-11743	121	48	–	–	PUNCT
dem-11743	121	49	0.3780	0.3780	NUM
dem-11743	121	50	47.4091	47.4091	NUM
dem-11743	121	51	9.2631	9.2631	NUM
dem-11743	121	52	43.6863	43.6863	NUM
dem-11743	121	53	pko	pko	PROPN
dem-11743	121	54	8.3548	8.3548	NUM
dem-11743	121	55	–	–	PUNCT
dem-11743	121	56	5.9057	5.9057	NUM
dem-11743	121	57	–	–	PUNCT
dem-11743	121	58	12.4800	12.4800	NUM
dem-11743	121	59	–	–	PUNCT
dem-11743	121	60	0.5507	0.5507	NUM
dem-11743	121	61	57.8852	57.8852	NUM
dem-11743	121	62	18.6757	18.6757	NUM
dem-11743	121	63	47.5616	47.5616	NUM
dem-11743	121	64	nn	nn	NOUN
dem-11743	121	65	–	–	PUNCT
dem-11743	121	66	10.6034	10.6034	NUM
dem-11743	121	67	–	–	PUNCT
dem-11743	121	68	28.0973	28.0973	NUM
dem-11743	121	69	–	–	SYM
dem-11743	121	70	17.7427	17.7427	NUM
dem-11743	121	71	–	–	PUNCT
dem-11743	121	72	5.2973	5.2973	NUM
dem-11743	121	73	57.7356	57.7356	NUM
dem-11743	121	74	11.6558	11.6558	NUM
dem-11743	121	75	47.2607	47.2607	NUM
dem-11743	121	76	pekao	pekao	NOUN
dem-11743	121	77	–	–	PUNCT
dem-11743	121	78	21.4350	21.4350	NUM
dem-11743	121	79	–	–	PUNCT
dem-11743	121	80	31.5047	31.5047	NUM
dem-11743	121	81	–	–	PUNCT
dem-11743	121	82	23.6178	23.6178	NUM
dem-11743	121	83	–	–	PUNCT
dem-11743	121	84	13.0494	13.0494	NUM
dem-11743	121	85	53.8435	53.8435	NUM
dem-11743	121	86	5.1663	5.1663	NUM
dem-11743	121	87	47.3234	47.3234	NUM
dem-11743	121	88	pzu	pzu	NOUN
dem-11743	121	89	–	–	PUNCT
dem-11743	121	90	166.4176	166.4176	NUM
dem-11743	121	91	–	–	PUNCT
dem-11743	121	92	127.2500	127.2500	NUM
dem-11743	121	93	–	–	SYM
dem-11743	121	94	112.5233	112.5233	NUM
dem-11743	121	95	–	–	PUNCT
dem-11743	121	96	88.3038	88.3038	NUM
dem-11743	121	97	–	–	SYM
dem-11743	121	98	80.0261	80.0261	NUM
dem-11743	121	99	–	–	PUNCT
dem-11743	121	100	79.1466	79.1466	NUM
dem-11743	121	101	–	–	PUNCT
dem-11743	121	102	63.7252	63.7252	NUM
dem-11743	121	103	capm	capm	NOUN
dem-11743	121	104	tbsp	tbsp	NOUN
dem-11743	121	105	allianz	allianz	PROPN
dem-11743	121	106	–	–	PUNCT
dem-11743	121	107	3.1584	3.1584	NUM
dem-11743	121	108	–	–	PUNCT
dem-11743	121	109	2.8330	2.8330	NUM
dem-11743	121	110	–	–	PUNCT
dem-11743	121	111	16.8911	16.8911	NUM
dem-11743	121	112	3.0855	3.0855	NUM
dem-11743	121	113	75.3923	75.3923	NUM
dem-11743	121	114	20.0192	20.0192	NUM
dem-11743	121	115	64.5078	64.5078	NUM
dem-11743	121	116	aviva	aviva	NOUN
dem-11743	121	117	–	–	PUNCT
dem-11743	121	118	13.8325	13.8325	NUM
dem-11743	121	119	–	–	PUNCT
dem-11743	121	120	37.1812	37.1812	NUM
dem-11743	121	121	–	–	PUNCT
dem-11743	121	122	12.5294	12.5294	NUM
dem-11743	121	123	1.1703	1.1703	NUM
dem-11743	121	124	61.7681	61.7681	NUM
dem-11743	121	125	15.9266	15.9266	NUM
dem-11743	121	126	57.5696	57.5696	NUM
dem-11743	121	127	pko	pko	PROPN
dem-11743	121	128	10.1111	10.1111	NUM
dem-11743	121	129	–	–	PUNCT
dem-11743	121	130	6.7755	6.7755	NUM
dem-11743	121	131	–	–	PUNCT
dem-11743	121	132	17.3235	17.3235	NUM
dem-11743	121	133	0.8600	0.8600	NUM
dem-11743	121	134	57.1452	57.1452	NUM
dem-11743	121	135	25.1786	25.1786	NUM
dem-11743	121	136	45.0649	45.0649	NUM
dem-11743	121	137	nn	nn	X
dem-11743	121	138	–	–	PUNCT
dem-11743	121	139	15.0291	15.0291	NUM
dem-11743	121	140	–	–	PUNCT
dem-11743	121	141	36.9608	36.9608	NUM
dem-11743	121	142	–	–	PUNCT
dem-11743	121	143	30.1785	30.1785	NUM
dem-11743	121	144	–	–	PUNCT
dem-11743	121	145	7.3074	7.3074	NUM
dem-11743	121	146	78.8268	78.8268	NUM
dem-11743	121	147	23.2502	23.2502	NUM
dem-11743	121	148	66.6716	66.6716	NUM
dem-11743	121	149	pekao	pekao	NOUN
dem-11743	121	150	–	–	PUNCT
dem-11743	121	151	25.9866	25.9866	NUM
dem-11743	121	152	–	–	SYM
dem-11743	121	153	33.3984	33.3984	NUM
dem-11743	121	154	–	–	PUNCT
dem-11743	121	155	24.1046	24.1046	NUM
dem-11743	121	156	–	–	PUNCT
dem-11743	121	157	13.7403	13.7403	NUM
dem-11743	121	158	33.1803	33.1803	NUM
dem-11743	121	159	0.5113	0.5113	NUM
dem-11743	121	160	28.3302	28.3302	NUM
dem-11743	121	161	pzu	pzu	NOUN
dem-11743	121	162	–	–	PUNCT
dem-11743	121	163	169.5121	169.5121	NUM
dem-11743	121	164	–	–	PUNCT
dem-11743	121	165	134.2389	134.2389	NUM
dem-11743	121	166	–	–	PUNCT
dem-11743	121	167	115.0464	115.0464	NUM
dem-11743	121	168	–	–	PUNCT
dem-11743	121	169	90.6541	90.6541	NUM
dem-11743	121	170	–	–	PUNCT
dem-11743	121	171	81.3673	81.3673	NUM
dem-11743	121	172	–	–	SYM
dem-11743	121	173	80.3593	80.3593	NUM
dem-11743	121	174	–	–	PUNCT
dem-11743	121	175	64.7672	64.7672	NUM
dem-11743	121	176	note	note	NOUN
dem-11743	121	177	:	:	PUNCT
dem-11743	121	178	bold	bold	ADJ
dem-11743	121	179	letters	letter	NOUN
dem-11743	121	180	denote	denote	VERB
dem-11743	121	181	rejection	rejection	NOUN
dem-11743	121	182	of	of	ADP
dem-11743	121	183	null	null	ADJ
dem-11743	121	184	hypothesis	hypothesis	NOUN
dem-11743	121	185	.	.	PUNCT
dem-11743	122	1	nn	nn	PROPN
dem-11743	122	2	is	be	AUX
dem-11743	122	3	an	an	DET
dem-11743	122	4	abbreviation	abbreviation	NOUN
dem-11743	122	5	of	of	ADP
dem-11743	122	6	nationale	nationale	PROPN
dem-11743	122	7	nederlanden	nederlanden	PROPN
dem-11743	122	8	.	.	PUNCT
dem-11743	123	1	4	4	X
dem-11743	123	2	.	.	X
dem-11743	123	3	investment	investment	NOUN
dem-11743	123	4	efficiency	efficiency	NOUN
dem-11743	123	5	evaluation	evaluation	NOUN
dem-11743	123	6	the	the	DET
dem-11743	123	7	last	last	ADJ
dem-11743	123	8	stage	stage	NOUN
dem-11743	123	9	of	of	ADP
dem-11743	123	10	our	our	PRON
dem-11743	123	11	investigation	investigation	NOUN
dem-11743	123	12	consists	consist	VERB
dem-11743	123	13	in	in	ADP
dem-11743	123	14	comparison	comparison	NOUN
dem-11743	123	15	of	of	ADP
dem-11743	123	16	classical	classical	ADJ
dem-11743	123	17	efficiency	efficiency	NOUN
dem-11743	123	18	measures	measure	NOUN
dem-11743	123	19	,	,	PUNCT
dem-11743	123	20	which	which	PRON
dem-11743	123	21	are	be	AUX
dem-11743	123	22	evaluated	evaluate	VERB
dem-11743	123	23	for	for	ADP
dem-11743	123	24	different	different	ADJ
dem-11743	123	25	portfolios	portfolio	NOUN
dem-11743	123	26	and	and	CCONJ
dem-11743	123	27	samples	sample	NOUN
dem-11743	123	28	.	.	PUNCT
dem-11743	124	1	it	it	PRON
dem-11743	124	2	is	be	AUX
dem-11743	124	3	worth	worth	ADJ
dem-11743	124	4	reminding	remind	VERB
dem-11743	124	5	that	that	SCONJ
dem-11743	124	6	applying	apply	VERB
dem-11743	124	7	so	so	ADV
dem-11743	124	8	called	call	VERB
dem-11743	124	9	reward	reward	NOUN
dem-11743	124	10	-	-	PUNCT
dem-11743	124	11	to	to	ADP
dem-11743	124	12	-	-	PUNCT
dem-11743	124	13	variability	variability	NOUN
dem-11743	124	14	(	(	PUNCT
dem-11743	124	15	sharpe	sharpe	NOUN
dem-11743	124	16	)	)	PUNCT
dem-11743	124	17	and	and	CCONJ
dem-11743	124	18	reward	reward	NOUN
dem-11743	124	19	-	-	PUNCT
dem-11743	124	20	to	to	ADP
dem-11743	124	21	-	-	PUNCT
dem-11743	124	22	volatility	volatility	NOUN
dem-11743	124	23	(	(	PUNCT
dem-11743	124	24	treynor	treynor	NOUN
dem-11743	124	25	)	)	PUNCT
dem-11743	124	26	ratios	ratio	NOUN
dem-11743	124	27	,	,	PUNCT
dem-11743	124	28	it	it	PRON
dem-11743	124	29	is	be	AUX
dem-11743	124	30	necessary	necessary	ADJ
dem-11743	124	31	to	to	PART
dem-11743	124	32	define	define	VERB
dem-11743	124	33	performance	performance	NOUN
dem-11743	124	34	of	of	ADP
dem-11743	124	35	pension	pension	NOUN
dem-11743	124	36	funds	fund	NOUN
dem-11743	124	37	and	and	CCONJ
dem-11743	124	38	stable	stable	ADJ
dem-11743	124	39	growth	growth	NOUN
dem-11743	124	40	open	open	ADJ
dem-11743	124	41	investment	investment	NOUN
dem-11743	124	42	funds	fund	NOUN
dem-11743	124	43	…	…	PUNCT
dem-11743	124	44	dynamic	dynamic	ADJ
dem-11743	124	45	econometric	econometric	ADJ
dem-11743	124	46	models	model	NOUN
dem-11743	124	47	16	16	NUM
dem-11743	124	48	(	(	PUNCT
dem-11743	124	49	2016	2016	NUM
dem-11743	124	50	)	)	PUNCT
dem-11743	125	1	117–131	117–131	NUM
dem-11743	125	2	127	127	NUM
dem-11743	125	3	the	the	DET
dem-11743	125	4	risk	risk	NOUN
dem-11743	125	5	free	free	ADJ
dem-11743	125	6	instrument	instrument	NOUN
dem-11743	125	7	and	and	CCONJ
dem-11743	125	8	the	the	DET
dem-11743	125	9	market	market	NOUN
dem-11743	125	10	index	index	NOUN
dem-11743	125	11	.	.	PUNCT
dem-11743	126	1	since	since	SCONJ
dem-11743	126	2	in	in	ADP
dem-11743	126	3	our	our	PRON
dem-11743	126	4	previous	previous	ADJ
dem-11743	126	5	analysis	analysis	NOUN
dem-11743	126	6	we	we	PRON
dem-11743	126	7	use	use	VERB
dem-11743	126	8	two	two	NUM
dem-11743	126	9	risk	risk	NOUN
dem-11743	126	10	free	free	ADJ
dem-11743	126	11	instruments	instrument	NOUN
dem-11743	126	12	wibor	wibor	NOUN
dem-11743	126	13	and	and	CCONJ
dem-11743	126	14	tbsp	tbsp	NOUN
dem-11743	126	15	together	together	ADV
dem-11743	126	16	with	with	ADP
dem-11743	126	17	wig	wig	NOUN
dem-11743	126	18	,	,	PUNCT
dem-11743	126	19	which	which	PRON
dem-11743	126	20	represents	represent	VERB
dem-11743	126	21	the	the	DET
dem-11743	126	22	capital	capital	NOUN
dem-11743	126	23	market	market	NOUN
dem-11743	126	24	,	,	PUNCT
dem-11743	126	25	the	the	DET
dem-11743	126	26	same	same	ADJ
dem-11743	126	27	instruments	instrument	NOUN
dem-11743	126	28	are	be	AUX
dem-11743	126	29	used	use	VERB
dem-11743	126	30	to	to	PART
dem-11743	126	31	evaluate	evaluate	VERB
dem-11743	126	32	the	the	DET
dem-11743	126	33	performance	performance	NOUN
dem-11743	126	34	of	of	ADP
dem-11743	126	35	considered	consider	VERB
dem-11743	126	36	pension	pension	NOUN
dem-11743	126	37	and	and	CCONJ
dem-11743	126	38	mutual	mutual	ADJ
dem-11743	126	39	funds	fund	NOUN
dem-11743	126	40	.	.	PUNCT
dem-11743	127	1	however	however	ADV
dem-11743	127	2	,	,	PUNCT
dem-11743	127	3	to	to	PART
dem-11743	127	4	evaluate	evaluate	VERB
dem-11743	127	5	treynor	treynor	NOUN
dem-11743	127	6	ratio	ratio	NOUN
dem-11743	127	7	we	we	PRON
dem-11743	127	8	use	use	VERB
dem-11743	127	9	betas	beta	NOUN
dem-11743	127	10	from	from	ADP
dem-11743	127	11	both	both	DET
dem-11743	127	12	i.e.	i.e.	X
dem-11743	127	13	single	single	ADJ
dem-11743	127	14	index	index	NOUN
dem-11743	127	15	and	and	CCONJ
dem-11743	127	16	capital	capital	NOUN
dem-11743	127	17	assets	asset	NOUN
dem-11743	127	18	pricing	pricing	NOUN
dem-11743	127	19	models	model	NOUN
dem-11743	127	20	.	.	PUNCT
dem-11743	128	1	in	in	ADP
dem-11743	128	2	other	other	ADJ
dem-11743	128	3	words	word	NOUN
dem-11743	128	4	,	,	PUNCT
dem-11743	128	5	for	for	ADP
dem-11743	128	6	each	each	DET
dem-11743	128	7	pension	pension	NOUN
dem-11743	128	8	or	or	CCONJ
dem-11743	128	9	mutual	mutual	ADJ
dem-11743	128	10	fund	fund	NOUN
dem-11743	128	11	we	we	PRON
dem-11743	128	12	calculate	calculate	VERB
dem-11743	128	13	two	two	NUM
dem-11743	128	14	sharpe	sharpe	PROPN
dem-11743	128	15	’s	’s	PART
dem-11743	128	16	and	and	CCONJ
dem-11743	128	17	jensen	jensen	PROPN
dem-11743	128	18	ratios	ratio	NOUN
dem-11743	128	19	,	,	PUNCT
dem-11743	128	20	together	together	ADV
dem-11743	128	21	with	with	ADP
dem-11743	128	22	four	four	NUM
dem-11743	128	23	treynor	treynor	NOUN
dem-11743	128	24	’s	’s	PART
dem-11743	128	25	measures	measure	NOUN
dem-11743	128	26	.	.	PUNCT
dem-11743	129	1	tables	table	NOUN
dem-11743	129	2	13	13	NUM
dem-11743	129	3	and	and	CCONJ
dem-11743	129	4	14	14	NUM
dem-11743	129	5	contain	contain	VERB
dem-11743	129	6	the	the	DET
dem-11743	129	7	average	average	ADJ
dem-11743	129	8	values	value	NOUN
dem-11743	129	9	of	of	ADP
dem-11743	129	10	these	these	DET
dem-11743	129	11	efficiency	efficiency	NOUN
dem-11743	129	12	measures	measure	NOUN
dem-11743	129	13	.	.	PUNCT
dem-11743	130	1	table	table	NOUN
dem-11743	130	2	13	13	NUM
dem-11743	130	3	.	.	PUNCT
dem-11743	131	1	average	average	ADJ
dem-11743	131	2	values	value	NOUN
dem-11743	131	3	of	of	ADP
dem-11743	131	4	the	the	DET
dem-11743	131	5	efficiency	efficiency	NOUN
dem-11743	131	6	measures	measure	NOUN
dem-11743	131	7	evaluated	evaluate	VERB
dem-11743	131	8	for	for	ADP
dem-11743	131	9	pension	pension	NOUN
dem-11743	131	10	funds	fund	NOUN
dem-11743	131	11	period	period	NOUN
dem-11743	131	12	measure	measure	NOUN
dem-11743	131	13	allianz	allianz	PROPN
dem-11743	131	14	aviva	aviva	PROPN
dem-11743	131	15	pko	pko	PROPN
dem-11743	131	16	nn	nn	PROPN
dem-11743	131	17	pekao	pekao	PROPN
dem-11743	131	18	pzu	pzu	PROPN
dem-11743	131	19	wig	wig	VERB
dem-11743	131	20	a	a	DET
dem-11743	131	21	sharpe	sharpe	NOUN
dem-11743	131	22	0.0100	0.0100	NUM
dem-11743	131	23	0.0060	0.0060	NUM
dem-11743	131	24	0.0125	0.0125	NUM
dem-11743	131	25	0.0079	0.0079	NUM
dem-11743	131	26	0.0025	0.0025	NUM
dem-11743	131	27	0.0075	0.0075	NUM
dem-11743	131	28	0.0096	0.0096	NUM
dem-11743	131	29	treynor	treynor	NOUN
dem-11743	131	30	0.0002	0.0002	NUM
dem-11743	131	31	0.0001	0.0001	NUM
dem-11743	131	32	0.0002	0.0002	NUM
dem-11743	131	33	0.0001	0.0001	NUM
dem-11743	131	34	0.0000	0.0000	NUM
dem-11743	131	35	0.0057	0.0057	NUM
dem-11743	131	36	0.0001	0.0001	NUM
dem-11743	131	37	jensen	jensen	PROPN
dem-11743	131	38	0.0000	0.0000	NUM
dem-11743	131	39	0.0000	0.0000	NUM
dem-11743	132	1	0.0000	0.0000	NUM
dem-11743	132	2	0.0000	0.0000	NUM
dem-11743	132	3	0.0000	0.0000	NUM
dem-11743	132	4	0.0000	0.0000	NUM
dem-11743	132	5	b1	b1	NOUN
dem-11743	132	6	sharpe	sharpe	PROPN
dem-11743	132	7	0.0716	0.0716	NUM
dem-11743	132	8	0.0681	0.0681	NUM
dem-11743	132	9	0.0768	0.0768	NUM
dem-11743	132	10	0.0700	0.0700	NUM
dem-11743	132	11	0.0731	0.0731	NUM
dem-11743	132	12	0.0670	0.0670	NUM
dem-11743	132	13	0.0584	0.0584	NUM
dem-11743	132	14	treynor	treynor	NOUN
dem-11743	132	15	0.0013	0.0013	NUM
dem-11743	132	16	0.0012	0.0012	NUM
dem-11743	132	17	0.0014	0.0014	NUM
dem-11743	132	18	0.0010	0.0010	NUM
dem-11743	132	19	0.0013	0.0013	NUM
dem-11743	132	20	0.0114	0.0114	NUM
dem-11743	132	21	0.0008	0.0008	NUM
dem-11743	132	22	jensen	jensen	PROPN
dem-11743	132	23	0.0001	0.0001	NUM
dem-11743	132	24	0.0001	0.0001	NUM
dem-11743	132	25	0.0001	0.0001	NUM
dem-11743	132	26	0.0001	0.0001	NUM
dem-11743	132	27	0.0001	0.0001	NUM
dem-11743	132	28	0.0003	0.0003	NUM
dem-11743	132	29	b2	b2	NOUN
dem-11743	132	30	sharpe	sharpe	NOUN
dem-11743	132	31	–	–	PUNCT
dem-11743	132	32	0.0006	0.0006	NUM
dem-11743	132	33	–	–	PUNCT
dem-11743	132	34	0.0042	0.0042	NUM
dem-11743	132	35	0.0007	0.0007	NUM
dem-11743	132	36	–	–	PUNCT
dem-11743	132	37	0.0004	0.0004	NUM
dem-11743	132	38	–	–	PUNCT
dem-11743	132	39	0.0095	0.0095	NUM
dem-11743	132	40	–	–	PUNCT
dem-11743	132	41	0.0087	0.0087	NUM
dem-11743	132	42	–	–	PUNCT
dem-11743	132	43	0.0212	0.0212	NUM
dem-11743	132	44	treynor	treynor	NOUN
dem-11743	132	45	0.0000	0.0000	NUM
dem-11743	132	46	–	–	PUNCT
dem-11743	132	47	0.0001	0.0001	NUM
dem-11743	132	48	0.0000	0.0000	NUM
dem-11743	132	49	0.0000	0.0000	NUM
dem-11743	132	50	–	–	PUNCT
dem-11743	132	51	0.0002	0.0002	NUM
dem-11743	132	52	–	–	PUNCT
dem-11743	132	53	0.0013	0.0013	NUM
dem-11743	132	54	–	–	PUNCT
dem-11743	132	55	0.0002	0.0002	NUM
dem-11743	132	56	jensen	jensen	NOUN
dem-11743	132	57	0.0001	0.0001	NUM
dem-11743	132	58	0.0000	0.0000	NUM
dem-11743	132	59	0.0001	0.0001	NUM
dem-11743	132	60	0.0001	0.0001	NUM
dem-11743	132	61	0.0000	0.0000	NUM
dem-11743	132	62	0.0000	0.0000	NUM
dem-11743	132	63	c1	c1	PROPN
dem-11743	132	64	sharpe	sharpe	PROPN
dem-11743	132	65	0.0625	0.0625	NUM
dem-11743	132	66	0.0535	0.0535	NUM
dem-11743	132	67	0.0816	0.0816	NUM
dem-11743	132	68	0.0758	0.0758	NUM
dem-11743	132	69	0.0540	0.0540	NUM
dem-11743	132	70	0.0519	0.0519	NUM
dem-11743	132	71	0.0281	0.0281	NUM
dem-11743	132	72	treynor	treynor	NOUN
dem-11743	132	73	0.0007	0.0007	NUM
dem-11743	132	74	0.0006	0.0006	NUM
dem-11743	132	75	0.0011	0.0011	NUM
dem-11743	132	76	0.0010	0.0010	NUM
dem-11743	132	77	0.0007	0.0007	NUM
dem-11743	132	78	0.0089	0.0089	NUM
dem-11743	132	79	0.0003	0.0003	NUM
dem-11743	132	80	jensen	jensen	PROPN
dem-11743	132	81	0.0001	0.0001	NUM
dem-11743	132	82	0.0001	0.0001	NUM
dem-11743	132	83	0.0001	0.0001	NUM
dem-11743	132	84	0.0001	0.0001	NUM
dem-11743	132	85	0.0001	0.0001	NUM
dem-11743	132	86	0.0002	0.0002	NUM
dem-11743	132	87	c2	c2	PROPN
dem-11743	132	88	sharpe	sharpe	PROPN
dem-11743	132	89	–	–	PUNCT
dem-11743	132	90	0.0319	0.0319	NUM
dem-11743	132	91	–	–	PUNCT
dem-11743	132	92	0.0354	0.0354	NUM
dem-11743	132	93	–	–	PUNCT
dem-11743	132	94	0.0280	0.0280	NUM
dem-11743	132	95	–	–	PUNCT
dem-11743	132	96	0.0382	0.0382	NUM
dem-11743	132	97	–	–	PUNCT
dem-11743	132	98	0.0405	0.0405	NUM
dem-11743	132	99	–	–	PUNCT
dem-11743	132	100	0.0278	0.0278	NUM
dem-11743	132	101	–	–	PUNCT
dem-11743	132	102	0.0391	0.0391	NUM
dem-11743	132	103	treynor	treynor	NOUN
dem-11743	132	104	–	–	PUNCT
dem-11743	132	105	0.0003	0.0003	NUM
dem-11743	132	106	–	–	PUNCT
dem-11743	132	107	0.0004	0.0004	NUM
dem-11743	132	108	–	–	PUNCT
dem-11743	132	109	0.0003	0.0003	NUM
dem-11743	132	110	–	–	PUNCT
dem-11743	132	111	0.0004	0.0004	NUM
dem-11743	132	112	–	–	PUNCT
dem-11743	132	113	0.0004	0.0004	NUM
dem-11743	132	114	0.0109	0.0109	NUM
dem-11743	132	115	–	–	PUNCT
dem-11743	132	116	0.0003	0.0003	NUM
dem-11743	132	117	jensen	jensen	PROPN
dem-11743	132	118	0.0000	0.0000	NUM
dem-11743	132	119	0.0000	0.0000	NUM
dem-11743	132	120	0.0000	0.0000	NUM
dem-11743	132	121	0.0000	0.0000	NUM
dem-11743	132	122	–	–	PUNCT
dem-11743	132	123	0.0001	0.0001	NUM
dem-11743	132	124	–	–	PUNCT
dem-11743	132	125	0.0002	0.0002	NUM
dem-11743	132	126	d1	d1	PROPN
dem-11743	132	127	sharpe	sharpe	NOUN
dem-11743	132	128	0.0127	0.0127	NUM
dem-11743	132	129	0.0142	0.0142	NUM
dem-11743	132	130	0.0232	0.0232	NUM
dem-11743	132	131	–	–	PUNCT
dem-11743	132	132	0.0024	0.0024	NUM
dem-11743	132	133	0.0149	0.0149	NUM
dem-11743	132	134	0.0187	0.0187	NUM
dem-11743	132	135	0.0075	0.0075	NUM
dem-11743	132	136	treynor	treynor	NOUN
dem-11743	132	137	0.0002	0.0002	NUM
dem-11743	132	138	0.0003	0.0003	NUM
dem-11743	132	139	0.0003	0.0003	NUM
dem-11743	132	140	0.0000	0.0000	NUM
dem-11743	132	141	0.0002	0.0002	NUM
dem-11743	132	142	0.0052	0.0052	NUM
dem-11743	132	143	0.0001	0.0001	NUM
dem-11743	132	144	jensen	jensen	PROPN
dem-11743	132	145	0.0000	0.0000	NUM
dem-11743	132	146	0.0000	0.0000	NUM
dem-11743	132	147	0.0001	0.0001	NUM
dem-11743	132	148	0.0001	0.0001	NUM
dem-11743	132	149	0.0000	0.0000	NUM
dem-11743	132	150	0.0001	0.0001	NUM
dem-11743	132	151	d2	d2	PROPN
dem-11743	132	152	sharpe	sharpe	PROPN
dem-11743	132	153	–	–	PUNCT
dem-11743	132	154	0.0334	0.0334	NUM
dem-11743	132	155	–	–	PUNCT
dem-11743	132	156	0.0291	0.0291	NUM
dem-11743	132	157	–	–	PUNCT
dem-11743	132	158	0.0313	0.0313	NUM
dem-11743	132	159	–	–	PUNCT
dem-11743	132	160	0.0418	0.0418	NUM
dem-11743	132	161	–	–	PUNCT
dem-11743	132	162	0.0461	0.0461	NUM
dem-11743	132	163	–	–	PUNCT
dem-11743	132	164	0.0326	0.0326	NUM
dem-11743	132	165	–	–	PUNCT
dem-11743	132	166	0.0449	0.0449	NUM
dem-11743	132	167	treynor	treynor	NOUN
dem-11743	132	168	–	–	PUNCT
dem-11743	132	169	0.0003	0.0003	NUM
dem-11743	132	170	–	–	PUNCT
dem-11743	132	171	0.0004	0.0004	NUM
dem-11743	132	172	–	–	PUNCT
dem-11743	132	173	0.0003	0.0003	NUM
dem-11743	132	174	–	–	PUNCT
dem-11743	132	175	0.0004	0.0004	NUM
dem-11743	132	176	–	–	PUNCT
dem-11743	132	177	0.0005	0.0005	NUM
dem-11743	132	178	–	–	PUNCT
dem-11743	132	179	0.0072	0.0072	NUM
dem-11743	132	180	–	–	PUNCT
dem-11743	132	181	0.0004	0.0004	NUM
dem-11743	132	182	jensen	jensen	NOUN
dem-11743	132	183	0.0000	0.0000	NUM
dem-11743	132	184	0.0000	0.0000	NUM
dem-11743	133	1	0.0000	0.0000	NUM
dem-11743	133	2	0.0000	0.0000	NUM
dem-11743	133	3	0.0000	0.0000	NUM
dem-11743	133	4	–	–	PUNCT
dem-11743	133	5	0.0002	0.0002	NUM
dem-11743	133	6	note	note	NOUN
dem-11743	133	7	:	:	PUNCT
dem-11743	133	8	bold	bold	ADJ
dem-11743	133	9	letters	letter	NOUN
dem-11743	133	10	denote	denote	VERB
dem-11743	133	11	ratios	ratio	NOUN
dem-11743	133	12	evaluated	evaluate	VERB
dem-11743	133	13	for	for	ADP
dem-11743	133	14	pension	pension	NOUN
dem-11743	133	15	funds	fund	NOUN
dem-11743	133	16	which	which	PRON
dem-11743	133	17	are	be	AUX
dem-11743	133	18	bigger	big	ADJ
dem-11743	133	19	than	than	ADP
dem-11743	133	20	the	the	DET
dem-11743	133	21	ones	one	NOUN
dem-11743	133	22	calculated	calculate	VERB
dem-11743	133	23	for	for	ADP
dem-11743	133	24	wig	wig	NOUN
dem-11743	133	25	.	.	PUNCT
dem-11743	134	1	nn	nn	PROPN
dem-11743	134	2	is	be	AUX
dem-11743	134	3	an	an	DET
dem-11743	134	4	abbreviation	abbreviation	NOUN
dem-11743	134	5	of	of	ADP
dem-11743	134	6	nationale	nationale	PROPN
dem-11743	134	7	nederlanden	nederlanden	PROPN
dem-11743	134	8	.	.	PUNCT
dem-11743	135	1	it	it	PRON
dem-11743	135	2	is	be	AUX
dem-11743	135	3	visible	visible	ADJ
dem-11743	135	4	that	that	SCONJ
dem-11743	135	5	in	in	ADP
dem-11743	135	6	the	the	DET
dem-11743	135	7	majority	majority	NOUN
dem-11743	135	8	of	of	ADP
dem-11743	135	9	cases	case	NOUN
dem-11743	135	10	(	(	PUNCT
dem-11743	135	11	76	76	NUM
dem-11743	135	12	%	%	NOUN
dem-11743	135	13	)	)	PUNCT
dem-11743	135	14	pension	pension	NOUN
dem-11743	135	15	funds	fund	NOUN
dem-11743	135	16	performed	perform	VERB
dem-11743	135	17	better	well	ADV
dem-11743	135	18	than	than	ADP
dem-11743	135	19	capital	capital	NOUN
dem-11743	135	20	market	market	NOUN
dem-11743	135	21	if	if	SCONJ
dem-11743	135	22	the	the	DET
dem-11743	135	23	efficiency	efficiency	NOUN
dem-11743	135	24	is	be	AUX
dem-11743	135	25	measured	measure	VERB
dem-11743	135	26	by	by	ADP
dem-11743	135	27	the	the	DET
dem-11743	135	28	averages	average	NOUN
dem-11743	135	29	of	of	ADP
dem-11743	135	30	treynor	treynor	NOUN
dem-11743	135	31	and	and	CCONJ
dem-11743	135	32	sharpe	sharpe	PROPN
dem-11743	135	33	ratios	ratio	NOUN
dem-11743	135	34	.	.	PUNCT
dem-11743	136	1	only	only	ADV
dem-11743	136	2	nationale	nationale	PROPN
dem-11743	136	3	nederlanden	nederlanden	ADJ
dem-11743	136	4	ofe	ofe	INTJ
dem-11743	136	5	did	do	AUX
dem-11743	136	6	not	not	PART
dem-11743	136	7	perform	perform	VERB
dem-11743	136	8	better	well	ADV
dem-11743	136	9	in	in	ADP
dem-11743	136	10	the	the	DET
dem-11743	136	11	periods	period	NOUN
dem-11743	136	12	a	a	PRON
dem-11743	136	13	,	,	PUNCT
dem-11743	136	14	c2	c2	PROPN
dem-11743	136	15	(	(	PUNCT
dem-11743	136	16	only	only	ADV
dem-11743	136	17	treynor	treynor	NOUN
dem-11743	136	18	measure	measure	NOUN
dem-11743	136	19	)	)	PUNCT
dem-11743	136	20	,	,	PUNCT
dem-11743	136	21	and	and	CCONJ
dem-11743	136	22	d2	d2	PROPN
dem-11743	136	23	.	.	PUNCT
dem-11743	137	1	in	in	ADP
dem-11743	137	2	fact	fact	NOUN
dem-11743	137	3	,	,	PUNCT
dem-11743	137	4	in	in	ADP
dem-11743	137	5	c2	c2	PROPN
dem-11743	137	6	and	and	CCONJ
dem-11743	137	7	d2	d2	PROPN
dem-11743	137	8	sub	sub	NOUN
dem-11743	137	9	-	-	ADJ
dem-11743	137	10	periods	period	NOUN
dem-11743	137	11	also	also	ADV
dem-11743	137	12	other	other	ADJ
dem-11743	137	13	pension	pension	NOUN
dem-11743	137	14	funds	fund	NOUN
dem-11743	137	15	show	show	VERB
dem-11743	137	16	lower	low	ADJ
dem-11743	137	17	efficiency	efficiency	NOUN
dem-11743	137	18	.	.	PUNCT
dem-11743	138	1	applying	apply	VERB
dem-11743	138	2	jensen	jensen	PROPN
dem-11743	138	3	alpha	alpha	PROPN
dem-11743	138	4	,	,	PUNCT
dem-11743	138	5	it	it	PRON
dem-11743	138	6	is	be	AUX
dem-11743	138	7	visible	visible	ADJ
dem-11743	138	8	that	that	SCONJ
dem-11743	138	9	in	in	ADP
dem-11743	138	10	majority	majority	NOUN
dem-11743	138	11	of	of	ADP
dem-11743	138	12	cases	case	NOUN
dem-11743	138	13	values	value	NOUN
dem-11743	138	14	are	be	AUX
dem-11743	138	15	nonnegative	nonnegative	ADJ
dem-11743	138	16	.	.	PUNCT
dem-11743	139	1	although	although	SCONJ
dem-11743	139	2	positive	positive	ADJ
dem-11743	139	3	and	and	CCONJ
dem-11743	139	4	statistically	statistically	ADV
dem-11743	139	5	significant	significant	ADJ
dem-11743	139	6	values	value	NOUN
dem-11743	139	7	of	of	ADP
dem-11743	139	8	the	the	DET
dem-11743	139	9	parameter	parameter	NOUN
dem-11743	139	10	alpha	alpha	NOUN
dem-11743	139	11	in	in	ADP
dem-11743	139	12	the	the	DET
dem-11743	139	13	capm	capm	NOUN
dem-11743	139	14	(	(	PUNCT
dem-11743	139	15	when	when	SCONJ
dem-11743	139	16	wibor	wibor	NOUN
dem-11743	139	17	is	be	AUX
dem-11743	139	18	the	the	DET
dem-11743	139	19	risk	risk	NOUN
dem-11743	139	20	free	free	ADJ
dem-11743	139	21	instrument	instrument	NOUN
dem-11743	139	22	)	)	PUNCT
dem-11743	139	23	are	be	AUX
dem-11743	139	24	observed	observe	VERB
dem-11743	139	25	krzysztof	krzysztof	PROPN
dem-11743	139	26	kompa	kompa	PROPN
dem-11743	139	27	,	,	PUNCT
dem-11743	139	28	dorota	dorota	PROPN
dem-11743	139	29	witkowska	witkowska	PROPN
dem-11743	139	30	dynamic	dynamic	ADJ
dem-11743	139	31	econometric	econometric	ADJ
dem-11743	139	32	models	model	NOUN
dem-11743	139	33	16	16	NUM
dem-11743	139	34	(	(	PUNCT
dem-11743	139	35	2016	2016	NUM
dem-11743	139	36	)	)	PUNCT
dem-11743	140	1	117–131	117–131	NUM
dem-11743	140	2	128	128	NUM
dem-11743	140	3	only	only	ADV
dem-11743	140	4	for	for	ADP
dem-11743	140	5	ofe	ofe	ADJ
dem-11743	140	6	allianz	allianz	PROPN
dem-11743	140	7	,	,	PUNCT
dem-11743	140	8	nationale	nationale	PROPN
dem-11743	140	9	nederlanden	nederlanden	PROPN
dem-11743	140	10	and	and	CCONJ
dem-11743	140	11	pko	pko	VERB
dem-11743	140	12	in	in	ADP
dem-11743	140	13	the	the	DET
dem-11743	140	14	period	period	NOUN
dem-11743	140	15	c1	c1	NOUN
dem-11743	140	16	,	,	PUNCT
dem-11743	140	17	together	together	ADV
dem-11743	140	18	with	with	ADP
dem-11743	140	19	ofe	ofe	ADJ
dem-11743	140	20	pzu	pzu	NOUN
dem-11743	140	21	in	in	ADP
dem-11743	140	22	the	the	DET
dem-11743	140	23	period	period	NOUN
dem-11743	140	24	b1	b1	NOUN
dem-11743	140	25	(	(	PUNCT
dem-11743	140	26	see	see	VERB
dem-11743	140	27	table	table	NOUN
dem-11743	140	28	15	15	NUM
dem-11743	140	29	)	)	PUNCT
dem-11743	140	30	.	.	PUNCT
dem-11743	141	1	it	it	PRON
dem-11743	141	2	is	be	AUX
dem-11743	141	3	visible	visible	ADJ
dem-11743	141	4	that	that	SCONJ
dem-11743	141	5	in	in	ADP
dem-11743	141	6	the	the	DET
dem-11743	141	7	majority	majority	NOUN
dem-11743	141	8	of	of	ADP
dem-11743	141	9	cases	case	NOUN
dem-11743	141	10	mutual	mutual	ADJ
dem-11743	141	11	funds	fund	NOUN
dem-11743	141	12	performed	perform	VERB
dem-11743	141	13	worse	bad	ADJ
dem-11743	141	14	than	than	ADP
dem-11743	141	15	capital	capital	NOUN
dem-11743	141	16	market	market	NOUN
dem-11743	141	17	.	.	PUNCT
dem-11743	142	1	there	there	PRON
dem-11743	142	2	are	be	VERB
dem-11743	142	3	only	only	ADV
dem-11743	142	4	12	12	NUM
dem-11743	142	5	cases	case	NOUN
dem-11743	142	6	among	among	ADP
dem-11743	142	7	84	84	NUM
dem-11743	142	8	average	average	NOUN
dem-11743	142	9	of	of	ADP
dem-11743	142	10	treynor	treynor	NOUN
dem-11743	142	11	or	or	CCONJ
dem-11743	142	12	sharpe	sharpe	NOUN
dem-11743	142	13	measure	measure	NOUN
dem-11743	142	14	values	value	NOUN
dem-11743	142	15	(	(	PUNCT
dem-11743	142	16	14	14	NUM
dem-11743	142	17	%	%	NOUN
dem-11743	142	18	)	)	PUNCT
dem-11743	142	19	when	when	SCONJ
dem-11743	142	20	stable	stable	ADJ
dem-11743	142	21	growth	growth	NOUN
dem-11743	142	22	investment	investment	NOUN
dem-11743	142	23	fund	fund	NOUN
dem-11743	142	24	is	be	AUX
dem-11743	142	25	more	more	ADV
dem-11743	142	26	efficient	efficient	ADJ
dem-11743	142	27	than	than	ADP
dem-11743	142	28	capital	capital	NOUN
dem-11743	142	29	market	market	NOUN
dem-11743	142	30	represented	represent	VERB
dem-11743	142	31	by	by	ADP
dem-11743	142	32	wig	wig	NOUN
dem-11743	142	33	.	.	PUNCT
dem-11743	143	1	the	the	DET
dem-11743	143	2	mutual	mutual	ADJ
dem-11743	143	3	funds	fund	NOUN
dem-11743	143	4	which	which	PRON
dem-11743	143	5	were	be	AUX
dem-11743	143	6	better	well	ADV
dem-11743	143	7	managed	manage	VERB
dem-11743	143	8	are	be	AUX
dem-11743	143	9	fio	fio	NOUN
dem-11743	143	10	aviva	aviva	NOUN
dem-11743	143	11	,	,	PUNCT
dem-11743	143	12	pko	pko	PROPN
dem-11743	143	13	and	and	CCONJ
dem-11743	143	14	pzu	pzu	PROPN
dem-11743	143	15	.	.	PUNCT
dem-11743	144	1	also	also	ADV
dem-11743	144	2	jensen	jensen	PROPN
dem-11743	144	3	ratio	ratio	NOUN
dem-11743	144	4	is	be	AUX
dem-11743	144	5	rarely	rarely	ADV
dem-11743	144	6	positive	positive	ADJ
dem-11743	144	7	for	for	ADP
dem-11743	144	8	mutual	mutual	ADJ
dem-11743	144	9	funds	fund	NOUN
dem-11743	144	10	and	and	CCONJ
dem-11743	144	11	if	if	SCONJ
dem-11743	144	12	the	the	DET
dem-11743	144	13	constant	constant	ADJ
dem-11743	144	14	in	in	ADP
dem-11743	144	15	the	the	DET
dem-11743	144	16	capital	capital	NOUN
dem-11743	144	17	assets	asset	NOUN
dem-11743	144	18	pricing	pricing	NOUN
dem-11743	144	19	models	model	NOUN
dem-11743	144	20	,	,	PUNCT
dem-11743	144	21	estimated	estimate	VERB
dem-11743	144	22	for	for	ADP
dem-11743	144	23	investment	investment	NOUN
dem-11743	144	24	funds	fund	NOUN
dem-11743	144	25	,	,	PUNCT
dem-11743	144	26	is	be	AUX
dem-11743	144	27	statistically	statistically	ADV
dem-11743	144	28	significant	significant	ADJ
dem-11743	144	29	it	it	PRON
dem-11743	144	30	is	be	AUX
dem-11743	144	31	always	always	ADV
dem-11743	144	32	negative	negative	ADJ
dem-11743	144	33	for	for	ADP
dem-11743	144	34	fio	fio	PROPN
dem-11743	144	35	allianz	allianz	PROPN
dem-11743	144	36	and	and	CCONJ
dem-11743	144	37	both	both	DET
dem-11743	144	38	risk	risk	VERB
dem-11743	144	39	free	free	ADJ
dem-11743	144	40	instruments	instrument	NOUN
dem-11743	144	41	in	in	ADP
dem-11743	144	42	the	the	DET
dem-11743	144	43	whole	whole	ADJ
dem-11743	144	44	period	period	NOUN
dem-11743	144	45	of	of	ADP
dem-11743	144	46	analysis	analysis	NOUN
dem-11743	144	47	,	,	PUNCT
dem-11743	144	48	fio	fio	PROPN
dem-11743	144	49	nationale	nationale	PROPN
dem-11743	144	50	nederlanden	nederlanden	PROPN
dem-11743	144	51	,	,	PUNCT
dem-11743	144	52	pekao	pekao	NOUN
dem-11743	144	53	,	,	PUNCT
dem-11743	144	54	pko	pko	PROPN
dem-11743	144	55	and	and	CCONJ
dem-11743	144	56	pzu	pzu	VERB
dem-11743	144	57	for	for	ADP
dem-11743	144	58	tbsp	tbsp	NOUN
dem-11743	144	59	in	in	ADP
dem-11743	144	60	the	the	DET
dem-11743	144	61	whole	whole	ADJ
dem-11743	144	62	period	period	NOUN
dem-11743	144	63	of	of	ADP
dem-11743	144	64	analysis	analysis	NOUN
dem-11743	144	65	and	and	CCONJ
dem-11743	144	66	in	in	ADP
dem-11743	144	67	the	the	DET
dem-11743	144	68	sub	sub	ADJ
dem-11743	144	69	-	-	ADJ
dem-11743	144	70	period	period	NOUN
dem-11743	144	71	b1	b1	NOUN
dem-11743	144	72	for	for	ADP
dem-11743	144	73	nationale	nationale	PROPN
dem-11743	144	74	nedrelanden	nedrelanden	PROPN
dem-11743	144	75	and	and	CCONJ
dem-11743	144	76	tbsp	tbsp	NOUN
dem-11743	144	77	,	,	PUNCT
dem-11743	144	78	together	together	ADV
dem-11743	144	79	with	with	ADP
dem-11743	144	80	pekao	pekao	NOUN
dem-11743	144	81	regardless	regardless	ADV
dem-11743	144	82	the	the	DET
dem-11743	144	83	risk	risk	NOUN
dem-11743	144	84	free	free	ADJ
dem-11743	144	85	instrument	instrument	NOUN
dem-11743	144	86	(	(	PUNCT
dem-11743	144	87	see	see	VERB
dem-11743	144	88	table	table	NOUN
dem-11743	144	89	15	15	NUM
dem-11743	144	90	)	)	PUNCT
dem-11743	144	91	.	.	PUNCT
dem-11743	145	1	table	table	NOUN
dem-11743	145	2	14	14	NUM
dem-11743	145	3	.	.	PUNCT
dem-11743	146	1	average	average	ADJ
dem-11743	146	2	values	value	NOUN
dem-11743	146	3	of	of	ADP
dem-11743	146	4	the	the	DET
dem-11743	146	5	efficiency	efficiency	NOUN
dem-11743	146	6	measures	measure	NOUN
dem-11743	146	7	evaluated	evaluate	VERB
dem-11743	146	8	for	for	ADP
dem-11743	146	9	mutual	mutual	ADJ
dem-11743	146	10	funds	fund	NOUN
dem-11743	146	11	period	period	NOUN
dem-11743	146	12	measure	measure	NOUN
dem-11743	146	13	allianz	allianz	PROPN
dem-11743	146	14	aviva	aviva	PROPN
dem-11743	146	15	pko	pko	PROPN
dem-11743	146	16	nn	nn	PROPN
dem-11743	146	17	pekao	pekao	PROPN
dem-11743	146	18	pzu	pzu	PROPN
dem-11743	146	19	wig	wig	VERB
dem-11743	146	20	a	a	DET
dem-11743	146	21	sharpe	sharpe	NOUN
dem-11743	146	22	–	–	PUNCT
dem-11743	146	23	0.0298	0.0298	NUM
dem-11743	146	24	0.0097	0.0097	NUM
dem-11743	146	25	0.0034	0.0034	NUM
dem-11743	146	26	0.0023	0.0023	NUM
dem-11743	146	27	–	–	PUNCT
dem-11743	146	28	0.0282	0.0282	NUM
dem-11743	146	29	–	–	PUNCT
dem-11743	146	30	0.0014	0.0014	NUM
dem-11743	146	31	0.0096	0.0096	NUM
dem-11743	146	32	treynor	treynor	NOUN
dem-11743	146	33	–	–	PUNCT
dem-11743	146	34	0.0005	0.0005	NUM
dem-11743	146	35	0.0001	0.0001	NUM
dem-11743	146	36	0.0000	0.0000	NUM
dem-11743	146	37	0.0000	0.0000	NUM
dem-11743	146	38	–	–	PUNCT
dem-11743	146	39	0.0003	0.0003	NUM
dem-11743	146	40	0.0000	0.0000	NUM
dem-11743	146	41	0.0001	0.0001	NUM
dem-11743	146	42	jensen	jensen	PROPN
dem-11743	146	43	–	–	PUNCT
dem-11743	146	44	0.0002	0.0002	NUM
dem-11743	146	45	0.0000	0.0000	NUM
dem-11743	146	46	0.0000	0.0000	NUM
dem-11743	146	47	0.0000	0.0000	NUM
dem-11743	146	48	–	–	PUNCT
dem-11743	146	49	0.0002	0.0002	NUM
dem-11743	146	50	–	–	PUNCT
dem-11743	146	51	0.0001	0.0001	NUM
dem-11743	146	52	b1	b1	NOUN
dem-11743	146	53	sharpe	sharpe	NOUN
dem-11743	146	54	–	–	PUNCT
dem-11743	146	55	0.0021	0.0021	NUM
dem-11743	147	1	0.0522	0.0522	NUM
dem-11743	147	2	0.0368	0.0368	NUM
dem-11743	147	3	0.0442	0.0442	NUM
dem-11743	147	4	–	–	PUNCT
dem-11743	147	5	0.0743	0.0743	NUM
dem-11743	147	6	0.0427	0.0427	NUM
dem-11743	147	7	0.0584	0.0584	NUM
dem-11743	147	8	treynor	treynor	NOUN
dem-11743	147	9	–	–	PUNCT
dem-11743	147	10	0.0001	0.0001	NUM
dem-11743	147	11	0.0008	0.0008	NUM
dem-11743	147	12	0.0005	0.0005	NUM
dem-11743	147	13	0.0005	0.0005	NUM
dem-11743	147	14	–	–	PUNCT
dem-11743	147	15	0.0010	0.0010	NUM
dem-11743	147	16	0.0006	0.0006	NUM
dem-11743	147	17	0.0008	0.0008	NUM
dem-11743	147	18	jensen	jensen	PROPN
dem-11743	147	19	–	–	PUNCT
dem-11743	147	20	0.0002	0.0002	NUM
dem-11743	147	21	0.0000	0.0000	NUM
dem-11743	147	22	0.0000	0.0000	NUM
dem-11743	147	23	0.0000	0.0000	NUM
dem-11743	147	24	–	–	PUNCT
dem-11743	147	25	0.0001	0.0001	NUM
dem-11743	147	26	–	–	SYM
dem-11743	147	27	0.0001	0.0001	NUM
dem-11743	147	28	b2	b2	NOUN
dem-11743	147	29	sharpe	sharpe	NOUN
dem-11743	147	30	–	–	PUNCT
dem-11743	147	31	0.0448	0.0448	NUM
dem-11743	147	32	–	–	PUNCT
dem-11743	147	33	0.0195	0.0195	NUM
dem-11743	147	34	–	–	PUNCT
dem-11743	147	35	0.0183	0.0183	NUM
dem-11743	147	36	–	–	PUNCT
dem-11743	147	37	0.0216	0.0216	NUM
dem-11743	147	38	–	–	PUNCT
dem-11743	147	39	0.0848	0.0848	NUM
dem-11743	147	40	–	–	PUNCT
dem-11743	147	41	0.0196	0.0196	NUM
dem-11743	147	42	–	–	PUNCT
dem-11743	147	43	0.0212	0.0212	NUM
dem-11743	147	44	treynor	treynor	NOUN
dem-11743	147	45	–	–	PUNCT
dem-11743	147	46	0.0006	0.0006	NUM
dem-11743	147	47	–	–	PUNCT
dem-11743	147	48	0.0003	0.0003	NUM
dem-11743	147	49	–	–	PUNCT
dem-11743	147	50	0.0002	0.0002	NUM
dem-11743	147	51	–	–	PUNCT
dem-11743	147	52	0.0003	0.0003	NUM
dem-11743	147	53	–	–	PUNCT
dem-11743	147	54	0.0010	0.0010	NUM
dem-11743	147	55	–	–	PUNCT
dem-11743	147	56	0.0099	0.0099	NUM
dem-11743	147	57	–	–	PUNCT
dem-11743	147	58	0.0002	0.0002	NUM
dem-11743	147	59	jensen	jensen	PROPN
dem-11743	147	60	–	–	PUNCT
dem-11743	147	61	0.0001	0.0001	NUM
dem-11743	147	62	0.0000	0.0000	NUM
dem-11743	147	63	0.0000	0.0000	NUM
dem-11743	147	64	0.0000	0.0000	NUM
dem-11743	147	65	–	–	PUNCT
dem-11743	147	66	0.0003	0.0003	NUM
dem-11743	147	67	0.0000	0.0000	NUM
dem-11743	147	68	c1	c1	PROPN
dem-11743	147	69	sharpe	sharpe	PROPN
dem-11743	147	70	–	–	PUNCT
dem-11743	147	71	0.0534	0.0534	NUM
dem-11743	147	72	0.0311	0.0311	NUM
dem-11743	147	73	0.0271	0.0271	NUM
dem-11743	147	74	0.0264	0.0264	NUM
dem-11743	147	75	–	–	PUNCT
dem-11743	147	76	0.0144	0.0144	NUM
dem-11743	147	77	0.0420	0.0420	NUM
dem-11743	147	78	0.0281	0.0281	NUM
dem-11743	147	79	treynor	treynor	NOUN
dem-11743	147	80	–	–	PUNCT
dem-11743	147	81	0.0006	0.0006	NUM
dem-11743	147	82	0.0003	0.0003	NUM
dem-11743	147	83	0.0003	0.0003	NUM
dem-11743	147	84	0.0003	0.0003	NUM
dem-11743	147	85	–	–	PUNCT
dem-11743	147	86	0.0001	0.0001	NUM
dem-11743	147	87	0.0004	0.0004	NUM
dem-11743	147	88	0.0003	0.0003	NUM
dem-11743	147	89	jensen	jensen	PROPN
dem-11743	147	90	–	–	PUNCT
dem-11743	147	91	0.0002	0.0002	NUM
dem-11743	147	92	0.0000	0.0000	NUM
dem-11743	147	93	0.0001	0.0001	NUM
dem-11743	147	94	0.0000	0.0000	NUM
dem-11743	147	95	–	–	PUNCT
dem-11743	147	96	0.0002	0.0002	NUM
dem-11743	147	97	0.0001	0.0001	NUM
dem-11743	147	98	c2	c2	PROPN
dem-11743	147	99	sharpe	sharpe	PROPN
dem-11743	147	100	–	–	PUNCT
dem-11743	147	101	0.0772	0.0772	NUM
dem-11743	147	102	–	–	PUNCT
dem-11743	147	103	0.0456	0.0456	NUM
dem-11743	147	104	–	–	PUNCT
dem-11743	147	105	0.0296	0.0296	NUM
dem-11743	147	106	–	–	PUNCT
dem-11743	147	107	0.0349	0.0349	NUM
dem-11743	147	108	–	–	PUNCT
dem-11743	147	109	0.0573	0.0573	NUM
dem-11743	147	110	–	–	PUNCT
dem-11743	147	111	0.0487	0.0487	NUM
dem-11743	147	112	–	–	PUNCT
dem-11743	147	113	0.0391	0.0391	NUM
dem-11743	147	114	treynor	treynor	NOUN
dem-11743	147	115	–	–	PUNCT
dem-11743	147	116	0.0007	0.0007	NUM
dem-11743	147	117	–	–	PUNCT
dem-11743	147	118	0.0005	0.0005	NUM
dem-11743	147	119	–	–	PUNCT
dem-11743	147	120	0.0003	0.0003	NUM
dem-11743	147	121	–	–	PUNCT
dem-11743	147	122	0.0003	0.0003	NUM
dem-11743	147	123	–	–	PUNCT
dem-11743	147	124	0.0005	0.0005	NUM
dem-11743	147	125	–	–	PUNCT
dem-11743	147	126	0.0004	0.0004	NUM
dem-11743	147	127	–	–	PUNCT
dem-11743	147	128	0.0003	0.0003	NUM
dem-11743	147	129	jensen	jensen	PROPN
dem-11743	147	130	–	–	PUNCT
dem-11743	147	131	0.0001	0.0001	NUM
dem-11743	147	132	0.0000	0.0000	NUM
dem-11743	147	133	0.0000	0.0000	NUM
dem-11743	147	134	0.0000	0.0000	NUM
dem-11743	147	135	–	–	PUNCT
dem-11743	147	136	0.0001	0.0001	NUM
dem-11743	147	137	–	–	PUNCT
dem-11743	147	138	0.0001	0.0001	NUM
dem-11743	147	139	d1	d1	PROPN
dem-11743	147	140	sharpe	sharpe	NOUN
dem-11743	147	141	–	–	PUNCT
dem-11743	147	142	0.0532	0.0532	NUM
dem-11743	147	143	0.0143	0.0143	NUM
dem-11743	147	144	–	–	PUNCT
dem-11743	147	145	0.0187	0.0187	NUM
dem-11743	147	146	–	–	PUNCT
dem-11743	147	147	0.0033	0.0033	NUM
dem-11743	147	148	–	–	PUNCT
dem-11743	147	149	0.0256	0.0256	NUM
dem-11743	147	150	0.0072	0.0072	NUM
dem-11743	147	151	0.0075	0.0075	NUM
dem-11743	147	152	treynor	treynor	NOUN
dem-11743	147	153	–	–	PUNCT
dem-11743	147	154	0.0006	0.0006	NUM
dem-11743	147	155	0.0002	0.0002	NUM
dem-11743	147	156	–	–	PUNCT
dem-11743	147	157	0.0002	0.0002	NUM
dem-11743	147	158	0.0000	0.0000	NUM
dem-11743	147	159	–	–	PUNCT
dem-11743	147	160	0.0003	0.0003	NUM
dem-11743	147	161	0.0001	0.0001	NUM
dem-11743	147	162	0.0001	0.0001	NUM
dem-11743	147	163	jensen	jensen	PROPN
dem-11743	147	164	–	–	PUNCT
dem-11743	147	165	0.0002	0.0002	NUM
dem-11743	147	166	0.0000	0.0000	NUM
dem-11743	147	167	0.0000	0.0000	NUM
dem-11743	147	168	0.0000	0.0000	NUM
dem-11743	147	169	–	–	PUNCT
dem-11743	147	170	0.0001	0.0001	NUM
dem-11743	147	171	0.0000	0.0000	NUM
dem-11743	147	172	d2	d2	PROPN
dem-11743	147	173	sharpe	sharpe	PROPN
dem-11743	147	174	–	–	PUNCT
dem-11743	147	175	0.0802	0.0802	NUM
dem-11743	147	176	–	–	PUNCT
dem-11743	147	177	0.0401	0.0401	NUM
dem-11743	147	178	–	–	PUNCT
dem-11743	147	179	0.0330	0.0330	NUM
dem-11743	147	180	–	–	PUNCT
dem-11743	147	181	0.0474	0.0474	NUM
dem-11743	147	182	–	–	PUNCT
dem-11743	147	183	0.0626	0.0626	NUM
dem-11743	147	184	–	–	PUNCT
dem-11743	147	185	0.0498	0.0498	NUM
dem-11743	147	186	–	–	PUNCT
dem-11743	147	187	0.0449	0.0449	NUM
dem-11743	147	188	treynor	treynor	NOUN
dem-11743	147	189	–	–	PUNCT
dem-11743	147	190	0.0008	0.0008	NUM
dem-11743	147	191	–	–	PUNCT
dem-11743	147	192	0.0004	0.0004	NUM
dem-11743	147	193	–	–	PUNCT
dem-11743	147	194	0.0003	0.0003	NUM
dem-11743	147	195	–	–	PUNCT
dem-11743	147	196	0.0004	0.0004	NUM
dem-11743	147	197	–	–	PUNCT
dem-11743	147	198	0.0006	0.0006	NUM
dem-11743	147	199	–	–	PUNCT
dem-11743	147	200	0.0004	0.0004	NUM
dem-11743	147	201	–	–	PUNCT
dem-11743	147	202	0.0004	0.0004	NUM
dem-11743	147	203	jensen	jensen	PROPN
dem-11743	147	204	–	–	PUNCT
dem-11743	147	205	0.0001	0.0001	NUM
dem-11743	147	206	0.0000	0.0000	NUM
dem-11743	147	207	0.0000	0.0000	NUM
dem-11743	147	208	0.0000	0.0000	NUM
dem-11743	147	209	–	–	PUNCT
dem-11743	147	210	0.0001	0.0001	NUM
dem-11743	147	211	0.0000	0.0000	NUM
dem-11743	147	212	note	note	NOUN
dem-11743	147	213	:	:	PUNCT
dem-11743	147	214	bold	bold	ADJ
dem-11743	147	215	letters	letter	NOUN
dem-11743	147	216	denote	denote	VERB
dem-11743	147	217	ratios	ratio	NOUN
dem-11743	147	218	evaluated	evaluate	VERB
dem-11743	147	219	for	for	ADP
dem-11743	147	220	mutual	mutual	ADJ
dem-11743	147	221	funds	fund	NOUN
dem-11743	147	222	which	which	PRON
dem-11743	147	223	are	be	AUX
dem-11743	147	224	bigger	big	ADJ
dem-11743	147	225	than	than	ADP
dem-11743	147	226	the	the	DET
dem-11743	147	227	ones	one	NOUN
dem-11743	147	228	calculated	calculate	VERB
dem-11743	147	229	for	for	ADP
dem-11743	147	230	wig	wig	NOUN
dem-11743	147	231	.	.	PUNCT
dem-11743	148	1	nn	nn	PROPN
dem-11743	148	2	is	be	AUX
dem-11743	148	3	an	an	DET
dem-11743	148	4	abbreviation	abbreviation	NOUN
dem-11743	148	5	of	of	ADP
dem-11743	148	6	nationale	nationale	PROPN
dem-11743	148	7	nederlanden	nederlanden	PROPN
dem-11743	148	8	.	.	PUNCT
dem-11743	149	1	performance	performance	NOUN
dem-11743	149	2	of	of	ADP
dem-11743	149	3	pension	pension	NOUN
dem-11743	149	4	funds	fund	NOUN
dem-11743	149	5	and	and	CCONJ
dem-11743	149	6	stable	stable	ADJ
dem-11743	149	7	growth	growth	NOUN
dem-11743	149	8	open	open	ADJ
dem-11743	149	9	investment	investment	NOUN
dem-11743	149	10	funds	fund	NOUN
dem-11743	149	11	…	…	PUNCT
dem-11743	149	12	dynamic	dynamic	ADJ
dem-11743	149	13	econometric	econometric	ADJ
dem-11743	149	14	models	model	NOUN
dem-11743	149	15	16	16	NUM
dem-11743	149	16	(	(	PUNCT
dem-11743	149	17	2016	2016	NUM
dem-11743	149	18	)	)	PUNCT
dem-11743	149	19	117–131	117–131	NUM
dem-11743	149	20	129	129	NUM
dem-11743	149	21	conclusion	conclusion	NOUN
dem-11743	149	22	investigation	investigation	NOUN
dem-11743	149	23	is	be	AUX
dem-11743	149	24	provided	provide	VERB
dem-11743	149	25	for	for	ADP
dem-11743	149	26	the	the	DET
dem-11743	149	27	selected	select	VERB
dem-11743	149	28	pension	pension	NOUN
dem-11743	149	29	funds	fund	NOUN
dem-11743	149	30	and	and	CCONJ
dem-11743	149	31	stable	stable	ADJ
dem-11743	149	32	growth	growth	NOUN
dem-11743	149	33	open	open	ADJ
dem-11743	149	34	investment	investment	NOUN
dem-11743	149	35	funds	fund	NOUN
dem-11743	149	36	which	which	PRON
dem-11743	149	37	have	have	AUX
dem-11743	149	38	been	be	AUX
dem-11743	149	39	operating	operate	VERB
dem-11743	149	40	in	in	ADP
dem-11743	149	41	frame	frame	NOUN
dem-11743	149	42	of	of	ADP
dem-11743	149	43	the	the	DET
dem-11743	149	44	six	six	NUM
dem-11743	149	45	investment	investment	NOUN
dem-11743	149	46	and	and	CCONJ
dem-11743	149	47	pension	pension	NOUN
dem-11743	149	48	funds	fund	NOUN
dem-11743	149	49	companies	company	NOUN
dem-11743	149	50	.	.	PUNCT
dem-11743	150	1	during	during	ADP
dem-11743	150	2	the	the	DET
dem-11743	150	3	period	period	NOUN
dem-11743	150	4	of	of	ADP
dem-11743	150	5	analysis	analysis	NOUN
dem-11743	150	6	,	,	PUNCT
dem-11743	150	7	i.e.	i.e.	X
dem-11743	150	8	the	the	DET
dem-11743	150	9	years	year	NOUN
dem-11743	150	10	2009–2015	2009–2015	NUM
dem-11743	150	11	,	,	PUNCT
dem-11743	150	12	the	the	DET
dem-11743	150	13	essential	essential	ADJ
dem-11743	150	14	changes	change	NOUN
dem-11743	150	15	of	of	ADP
dem-11743	150	16	the	the	DET
dem-11743	150	17	pension	pension	NOUN
dem-11743	150	18	funds	fund	NOUN
dem-11743	150	19	functioning	function	VERB
dem-11743	150	20	were	be	AUX
dem-11743	150	21	introduced	introduce	VERB
dem-11743	150	22	therefore	therefore	ADV
dem-11743	150	23	,	,	PUNCT
dem-11743	150	24	research	research	NOUN
dem-11743	150	25	is	be	AUX
dem-11743	150	26	conducted	conduct	VERB
dem-11743	150	27	for	for	ADP
dem-11743	150	28	three	three	NUM
dem-11743	150	29	distinguished	distinguished	ADJ
dem-11743	150	30	pairs	pair	NOUN
dem-11743	150	31	of	of	ADP
dem-11743	150	32	sub	sub	NOUN
dem-11743	150	33	-	-	NOUN
dem-11743	150	34	periods	period	NOUN
dem-11743	150	35	.	.	PUNCT
dem-11743	151	1	these	these	DET
dem-11743	151	2	pairs	pair	NOUN
dem-11743	151	3	:	:	PUNCT
dem-11743	151	4	b	b	X
dem-11743	151	5	(	(	PUNCT
dem-11743	151	6	b1	b1	NOUN
dem-11743	151	7	and	and	CCONJ
dem-11743	151	8	b2	b2	NOUN
dem-11743	151	9	)	)	PUNCT
dem-11743	151	10	,	,	PUNCT
dem-11743	151	11	c	c	PROPN
dem-11743	151	12	(	(	PUNCT
dem-11743	151	13	c1	c1	PROPN
dem-11743	151	14	and	and	CCONJ
dem-11743	151	15	c2	c2	PROPN
dem-11743	151	16	)	)	PUNCT
dem-11743	151	17	,	,	PUNCT
dem-11743	151	18	and	and	CCONJ
dem-11743	151	19	d	d	X
dem-11743	151	20	(	(	PUNCT
dem-11743	151	21	d1	d1	PROPN
dem-11743	151	22	and	and	CCONJ
dem-11743	151	23	d2	d2	PROPN
dem-11743	151	24	)	)	PUNCT
dem-11743	151	25	are	be	AUX
dem-11743	151	26	characterized	characterize	VERB
dem-11743	151	27	by	by	ADP
dem-11743	151	28	similar	similar	ADJ
dem-11743	151	29	numbers	number	NOUN
dem-11743	151	30	of	of	ADP
dem-11743	151	31	observations	observation	NOUN
dem-11743	151	32	to	to	PART
dem-11743	151	33	make	make	VERB
dem-11743	151	34	the	the	DET
dem-11743	151	35	comparison	comparison	NOUN
dem-11743	151	36	of	of	ADP
dem-11743	151	37	the	the	DET
dem-11743	151	38	considered	consider	VERB
dem-11743	151	39	pension	pension	NOUN
dem-11743	151	40	and	and	CCONJ
dem-11743	151	41	mutual	mutual	ADJ
dem-11743	151	42	funds	fund	NOUN
dem-11743	151	43	’	'	PUNCT
dem-11743	151	44	performance	performance	NOUN
dem-11743	151	45	possible	possible	ADJ
dem-11743	151	46	.	.	PUNCT
dem-11743	152	1	provided	provide	VERB
dem-11743	152	2	analysis	analysis	NOUN
dem-11743	152	3	let	let	VERB
dem-11743	152	4	us	we	PRON
dem-11743	152	5	conclude	conclude	VERB
dem-11743	152	6	that	that	SCONJ
dem-11743	152	7	changes	change	NOUN
dem-11743	152	8	in	in	ADP
dem-11743	152	9	the	the	DET
dem-11743	152	10	operation	operation	NOUN
dem-11743	152	11	of	of	ADP
dem-11743	152	12	pension	pension	NOUN
dem-11743	152	13	funds	fund	NOUN
dem-11743	152	14	influence	influence	VERB
dem-11743	152	15	not	not	PART
dem-11743	152	16	only	only	ADV
dem-11743	152	17	the	the	DET
dem-11743	152	18	pension	pension	NOUN
dem-11743	152	19	funds	fund	NOUN
dem-11743	152	20	market	market	NOUN
dem-11743	152	21	but	but	CCONJ
dem-11743	152	22	the	the	DET
dem-11743	152	23	whole	whole	ADJ
dem-11743	152	24	capital	capital	NOUN
dem-11743	152	25	market	market	NOUN
dem-11743	152	26	in	in	ADP
dem-11743	152	27	poland	poland	PROPN
dem-11743	152	28	.	.	PUNCT
dem-11743	153	1	the	the	DET
dem-11743	153	2	latter	latter	ADJ
dem-11743	153	3	seems	seem	VERB
dem-11743	153	4	not	not	PART
dem-11743	153	5	to	to	PART
dem-11743	153	6	recover	recover	VERB
dem-11743	153	7	after	after	ADP
dem-11743	153	8	the	the	DET
dem-11743	153	9	financial	financial	ADJ
dem-11743	153	10	crisis	crisis	NOUN
dem-11743	153	11	2007–2009	2007–2009	NUM
dem-11743	153	12	(	(	PUNCT
dem-11743	153	13	see	see	VERB
dem-11743	153	14	table	table	NOUN
dem-11743	153	15	4	4	NUM
dem-11743	153	16	)	)	PUNCT
dem-11743	153	17	and	and	CCONJ
dem-11743	153	18	its	its	PRON
dem-11743	153	19	performance	performance	NOUN
dem-11743	153	20	is	be	AUX
dem-11743	153	21	worse	bad	ADJ
dem-11743	153	22	in	in	ADP
dem-11743	153	23	all	all	DET
dem-11743	153	24	periods	period	NOUN
dem-11743	153	25	after	after	SCONJ
dem-11743	153	26	the	the	DET
dem-11743	153	27	modifications	modification	NOUN
dem-11743	153	28	were	be	AUX
dem-11743	153	29	introduced	introduce	VERB
dem-11743	153	30	than	than	SCONJ
dem-11743	153	31	before	before	SCONJ
dem-11743	153	32	i.e.	i.e.	X
dem-11743	153	33	sharpe	sharpe	PROPN
dem-11743	153	34	and	and	CCONJ
dem-11743	153	35	treynor	treynor	NOUN
dem-11743	153	36	ratios	ratio	NOUN
dem-11743	153	37	are	be	AUX
dem-11743	153	38	positive	positive	ADJ
dem-11743	153	39	in	in	ADP
dem-11743	153	40	the	the	DET
dem-11743	153	41	sub	sub	ADJ
dem-11743	153	42	-	-	ADJ
dem-11743	153	43	periods	periods	ADJ
dem-11743	153	44	b1	b1	NOUN
dem-11743	153	45	,	,	PUNCT
dem-11743	153	46	c1	c1	NOUN
dem-11743	153	47	and	and	CCONJ
dem-11743	153	48	d1	d1	PROPN
dem-11743	153	49	and	and	CCONJ
dem-11743	153	50	negative	negative	ADJ
dem-11743	153	51	for	for	ADP
dem-11743	153	52	b2	b2	NOUN
dem-11743	153	53	,	,	PUNCT
dem-11743	153	54	c2	c2	PROPN
dem-11743	153	55	and	and	CCONJ
dem-11743	153	56	d2	d2	PROPN
dem-11743	153	57	(	(	PUNCT
dem-11743	153	58	tables	table	NOUN
dem-11743	153	59	13–14	13–14	NUM
dem-11743	153	60	)	)	PUNCT
dem-11743	153	61	.	.	PUNCT
dem-11743	154	1	also	also	ADV
dem-11743	154	2	pension	pension	NOUN
dem-11743	154	3	funds	fund	NOUN
dem-11743	154	4	investment	investment	NOUN
dem-11743	154	5	efficiency	efficiency	NOUN
dem-11743	154	6	is	be	AUX
dem-11743	154	7	worse	bad	ADJ
dem-11743	154	8	after	after	SCONJ
dem-11743	154	9	the	the	DET
dem-11743	154	10	changes	change	NOUN
dem-11743	154	11	went	go	VERB
dem-11743	154	12	into	into	ADP
dem-11743	154	13	effect	effect	NOUN
dem-11743	154	14	,	,	PUNCT
dem-11743	154	15	especially	especially	ADV
dem-11743	154	16	they	they	PRON
dem-11743	154	17	cause	cause	VERB
dem-11743	154	18	the	the	DET
dem-11743	154	19	significant	significant	ADJ
dem-11743	154	20	increase	increase	NOUN
dem-11743	154	21	of	of	ADP
dem-11743	154	22	the	the	DET
dem-11743	154	23	pension	pension	NOUN
dem-11743	154	24	funds	fund	NOUN
dem-11743	154	25	’	'	PUNCT
dem-11743	154	26	investment	investment	NOUN
dem-11743	154	27	portfolios	portfolio	NOUN
dem-11743	154	28	risk	risk	NOUN
dem-11743	154	29	(	(	PUNCT
dem-11743	154	30	see	see	VERB
dem-11743	154	31	tables	table	NOUN
dem-11743	154	32	6	6	NUM
dem-11743	154	33	and	and	CCONJ
dem-11743	154	34	10	10	NUM
dem-11743	154	35	)	)	PUNCT
dem-11743	154	36	.	.	PUNCT
dem-11743	155	1	table	table	NOUN
dem-11743	155	2	15	15	NUM
dem-11743	155	3	.	.	PUNCT
dem-11743	156	1	parameter	parameter	NOUN
dem-11743	156	2	estimates	estimate	NOUN
dem-11743	156	3	of	of	ADP
dem-11743	156	4	constant	constant	ADJ
dem-11743	156	5	in	in	ADP
dem-11743	156	6	capm	capm	PROPN
dem-11743	156	7	for	for	ADP
dem-11743	156	8	which	which	PRON
dem-11743	156	9	h0	h0	NOUN
dem-11743	156	10	:	:	PUNCT
dem-11743	156	11			X
dem-11743	156	12	=	=	SYM
dem-11743	156	13	0	0	NUM
dem-11743	156	14	is	be	AUX
dem-11743	156	15	rejected	reject	VERB
dem-11743	156	16	fund	fund	NOUN
dem-11743	156	17	ofe	ofe	INTJ
dem-11743	156	18	fio	fio	NOUN
dem-11743	156	19	parameter	parameter	NOUN
dem-11743	156	20	period	period	NOUN
dem-11743	156	21	instrument	instrument	NOUN
dem-11743	156	22	parameter	parameter	PROPN
dem-11743	156	23	period	period	NOUN
dem-11743	156	24	instrument	instrument	NOUN
dem-11743	156	25	allianz	allianz	PROPN
dem-11743	156	26	0.0002	0.0002	NUM
dem-11743	156	27	c1	c1	PROPN
dem-11743	156	28	wibor	wibor	NOUN
dem-11743	156	29	–	–	PUNCT
dem-11743	156	30	0.0001	0.0001	NUM
dem-11743	156	31	a	a	DET
dem-11743	156	32	wibor	wibor	NOUN
dem-11743	156	33	–	–	PUNCT
dem-11743	156	34	0.0002	0.0002	NUM
dem-11743	156	35	a	a	DET
dem-11743	156	36	tbsp	tbsp	NOUN
dem-11743	156	37	nationale	nationale	PROPN
dem-11743	156	38	nederlanden	nederlanden	ADJ
dem-11743	156	39	0.0002	0.0002	NUM
dem-11743	156	40	c1	c1	NOUN
dem-11743	156	41	wibor	wibor	NOUN
dem-11743	156	42	–	–	PUNCT
dem-11743	156	43	0.0001	0.0001	NUM
dem-11743	156	44	a	a	DET
dem-11743	156	45	tbsp	tbsp	NOUN
dem-11743	156	46	–	–	PUNCT
dem-11743	156	47	0.0001	0.0001	NUM
dem-11743	156	48	b1	b1	NOUN
dem-11743	156	49	tbsp	tbsp	NOUN
dem-11743	156	50	pekao	pekao	NOUN
dem-11743	156	51	–	–	PUNCT
dem-11743	156	52	0.0001	0.0001	NUM
dem-11743	156	53	a	a	DET
dem-11743	156	54	tbsp	tbsp	NOUN
dem-11743	156	55	–	–	PUNCT
dem-11743	156	56	0.0003	0.0003	NUM
dem-11743	156	57	b1	b1	NOUN
dem-11743	156	58	wibor	wibor	NOUN
dem-11743	156	59	–	–	PUNCT
dem-11743	156	60	0.0004	0.0004	NUM
dem-11743	156	61	b1	b1	NOUN
dem-11743	156	62	tbsp	tbsp	NOUN
dem-11743	156	63	pko	pko	PROPN
dem-11743	156	64	0.0002	0.0002	NUM
dem-11743	156	65	c1	c1	PROPN
dem-11743	156	66	wibor	wibor	NOUN
dem-11743	156	67	–	–	PUNCT
dem-11743	156	68	0.0001	0.0001	NUM
dem-11743	156	69	a	a	DET
dem-11743	156	70	tbsp	tbsp	NOUN
dem-11743	156	71	pzu	pzu	VERB
dem-11743	156	72	0.0003	0.0003	NUM
dem-11743	156	73	b1	b1	NOUN
dem-11743	156	74	wibor	wibor	NOUN
dem-11743	156	75	–	–	PUNCT
dem-11743	156	76	0.0001	0.0001	NUM
dem-11743	156	77	a	a	DET
dem-11743	156	78	tbsp	tbsp	NOUN
dem-11743	156	79	comparison	comparison	NOUN
dem-11743	156	80	of	of	ADP
dem-11743	156	81	the	the	DET
dem-11743	156	82	pension	pension	NOUN
dem-11743	156	83	and	and	CCONJ
dem-11743	156	84	stable	stable	ADJ
dem-11743	156	85	growth	growth	NOUN
dem-11743	156	86	investment	investment	NOUN
dem-11743	156	87	funds	fund	NOUN
dem-11743	156	88	’	'	PUNCT
dem-11743	156	89	performance	performance	NOUN
dem-11743	156	90	shows	show	VERB
dem-11743	156	91	that	that	SCONJ
dem-11743	156	92	the	the	DET
dem-11743	156	93	former	former	ADJ
dem-11743	156	94	were	be	AUX
dem-11743	156	95	in	in	ADP
dem-11743	156	96	analyzed	analyze	VERB
dem-11743	156	97	periods	period	NOUN
dem-11743	156	98	more	more	ADV
dem-11743	156	99	effective	effective	ADJ
dem-11743	156	100	than	than	ADP
dem-11743	156	101	the	the	DET
dem-11743	156	102	latter	latter	ADJ
dem-11743	156	103	(	(	PUNCT
dem-11743	156	104	compare	compare	VERB
dem-11743	156	105	tables	table	NOUN
dem-11743	156	106	13	13	NUM
dem-11743	156	107	and	and	CCONJ
dem-11743	156	108	14	14	NUM
dem-11743	156	109	)	)	PUNCT
dem-11743	156	110	.	.	PUNCT
dem-11743	157	1	considered	consider	VERB
dem-11743	157	2	changes	change	NOUN
dem-11743	157	3	of	of	ADP
dem-11743	157	4	the	the	DET
dem-11743	157	5	pension	pension	NOUN
dem-11743	157	6	system	system	NOUN
dem-11743	157	7	have	have	AUX
dem-11743	157	8	not	not	PART
dem-11743	157	9	effected	effect	VERB
dem-11743	157	10	mutual	mutual	ADJ
dem-11743	157	11	funds	fund	NOUN
dem-11743	157	12	’	'	PUNCT
dem-11743	157	13	investment	investment	NOUN
dem-11743	157	14	policy	policy	NOUN
dem-11743	157	15	directly	directly	ADV
dem-11743	157	16	however	however	ADV
dem-11743	157	17	the	the	DET
dem-11743	157	18	general	general	ADJ
dem-11743	157	19	situation	situation	NOUN
dem-11743	157	20	of	of	ADP
dem-11743	157	21	the	the	DET
dem-11743	157	22	polish	polish	ADJ
dem-11743	157	23	capital	capital	NOUN
dem-11743	157	24	market	market	NOUN
dem-11743	157	25	influences	influence	VERB
dem-11743	157	26	situation	situation	NOUN
dem-11743	157	27	of	of	ADP
dem-11743	157	28	fios	fio	NOUN
dem-11743	157	29	.	.	PUNCT
dem-11743	158	1	krzysztof	krzysztof	PROPN
dem-11743	158	2	kompa	kompa	PROPN
dem-11743	158	3	,	,	PUNCT
dem-11743	158	4	dorota	dorota	PROPN
dem-11743	158	5	witkowska	witkowska	PROPN
dem-11743	158	6	dynamic	dynamic	ADJ
dem-11743	158	7	econometric	econometric	ADJ
dem-11743	158	8	models	model	NOUN
dem-11743	158	9	16	16	NUM
dem-11743	158	10	(	(	PUNCT
dem-11743	158	11	2016	2016	NUM
dem-11743	158	12	)	)	PUNCT
dem-11743	158	13	117–131	117–131	NUM
dem-11743	158	14	130	130	NUM
dem-11743	158	15	references	reference	NOUN
dem-11743	158	16	analizy	analizy	NOUN
dem-11743	158	17	(	(	PUNCT
dem-11743	158	18	2013	2013	NUM
dem-11743	158	19	)	)	PUNCT
dem-11743	158	20	,	,	PUNCT
dem-11743	158	21	wspólny	wspólny	NOUN
dem-11743	158	22	raport	raport	PROPN
dem-11743	158	23	analiz	analiz	PROPN
dem-11743	158	24	online	online	PROPN
dem-11743	158	25	oraz	oraz	PROPN
dem-11743	158	26	izby	izby	PROPN
dem-11743	158	27	zarządzających	zarządzających	PROPN
dem-11743	158	28	funduszami	funduszami	PROPN
dem-11743	158	29	i	i	PRON
dem-11743	158	30	aktywami	aktywami	VERB
dem-11743	158	31	z	z	PROPN
dem-11743	158	32	dnia	dnia	PROPN
dem-11743	158	33	8	8	NUM
dem-11743	158	34	marca	marca	NOUN
dem-11743	158	35	2013	2013	NUM
dem-11743	158	36	,	,	PUNCT
dem-11743	158	37	analizy	analizy	NOUN
dem-11743	158	38	online	online	NOUN
dem-11743	158	39	.	.	PUNCT
dem-11743	159	1	białek	białek	PROPN
dem-11743	159	2	j.	j.	PROPN
dem-11743	159	3	,	,	PUNCT
dem-11743	159	4	konstrukcja	konstrukcja	PROPN
dem-11743	159	5	miar	miar	PROPN
dem-11743	159	6	efektywności	efektywności	PROPN
dem-11743	159	7	otwartych	otwartych	VERB
dem-11743	159	8	funduszy	funduszy	ADJ
dem-11743	159	9	emerytalnych	emerytalnych	ADJ
dem-11743	159	10	,	,	PUNCT
dem-11743	159	11	wydawnictwo	wydawnictwo	PROPN
dem-11743	159	12	uniwersytetu	uniwersytetu	NOUN
dem-11743	159	13	łódzkiego	łódzkiego	PROPN
dem-11743	159	14	,	,	PUNCT
dem-11743	159	15	łódź	łódź	PROPN
dem-11743	159	16	,	,	PUNCT
dem-11743	159	17	2009	2009	NUM
dem-11743	159	18	.	.	PUNCT
dem-11743	160	1	chybalski	chybalski	PROPN
dem-11743	160	2	,	,	PUNCT
dem-11743	160	3	f.	f.	PROPN
dem-11743	160	4	(	(	PUNCT
dem-11743	160	5	2006	2006	NUM
dem-11743	160	6	)	)	PUNCT
dem-11743	160	7	,	,	PUNCT
dem-11743	160	8	miary	miary	ADJ
dem-11743	160	9	oceny	oceny	PROPN
dem-11743	160	10	działalności	działalności	PROPN
dem-11743	160	11	inwestycyjnej	inwestycyjnej	VERB
dem-11743	160	12	ofe	ofe	ADJ
dem-11743	160	13	,	,	PUNCT
dem-11743	160	14	wiadomości	wiadomości	NOUN
dem-11743	160	15	statystyczne	statystyczne	PROPN
dem-11743	160	16	,	,	PUNCT
dem-11743	160	17	10	10	NUM
dem-11743	160	18	,	,	PUNCT
dem-11743	160	19	22–35	22–35	NUM
dem-11743	160	20	.	.	PUNCT
dem-11743	160	21	chybalski	chybalski	PROPN
dem-11743	160	22	,	,	PUNCT
dem-11743	160	23	f.	f.	PROPN
dem-11743	160	24	(	(	PUNCT
dem-11743	160	25	2009	2009	NUM
dem-11743	160	26	)	)	PUNCT
dem-11743	160	27	(	(	PUNCT
dem-11743	160	28	red	red	PROPN
dem-11743	160	29	.	.	PUNCT
dem-11743	160	30	)	)	PUNCT
dem-11743	160	31	,	,	PUNCT
dem-11743	160	32	otwarte	otwarte	NOUN
dem-11743	160	33	fundusze	fundusze	PROPN
dem-11743	160	34	emerytalne	emerytalne	PROPN
dem-11743	160	35	w	w	PROPN
dem-11743	160	36	polsce	polsce	PROPN
dem-11743	160	37	.	.	PUNCT
dem-11743	161	1	analiza	analiza	PROPN
dem-11743	161	2	działalności	działalności	PROPN
dem-11743	161	3	inwestycyjnej	inwestycyjnej	PROPN
dem-11743	161	4	,	,	PUNCT
dem-11743	161	5	finansów	finansów	PROPN
dem-11743	161	6	oraz	oraz	PROPN
dem-11743	161	7	decyzji	decyzji	PROPN
dem-11743	161	8	członków	członków	PROPN
dem-11743	161	9	,	,	PUNCT
dem-11743	161	10	c.h	c.h	PROPN
dem-11743	161	11	.	.	PROPN
dem-11743	161	12	beck	beck	PROPN
dem-11743	161	13	,	,	PUNCT
dem-11743	161	14	warszawa	warszawa	PROPN
dem-11743	161	15	.	.	PUNCT
dem-11743	162	1	dybał	dybał	PROPN
dem-11743	162	2	,	,	PUNCT
dem-11743	162	3	m.	m.	NOUN
dem-11743	162	4	(	(	PUNCT
dem-11743	162	5	2008	2008	NUM
dem-11743	162	6	)	)	PUNCT
dem-11743	162	7	,	,	PUNCT
dem-11743	162	8	efektywność	efektywność	NOUN
dem-11743	162	9	inwestycyjna	inwestycyjna	VERB
dem-11743	162	10	funduszy	funduszy	PROPN
dem-11743	162	11	emerytalnych	emerytalnych	PROPN
dem-11743	162	12	,	,	PUNCT
dem-11743	162	13	cedewu.pl	cedewu.pl	X
dem-11743	162	14	,	,	PUNCT
dem-11743	162	15	warszawa	warszawa	PROPN
dem-11743	162	16	.	.	PUNCT
dem-11743	163	1	karpio	karpio	PROPN
dem-11743	163	2	,	,	PUNCT
dem-11743	163	3	a.	a.	NOUN
dem-11743	163	4	,	,	PUNCT
dem-11743	163	5	żebrowska	żebrowska	ADJ
dem-11743	163	6	-	-	PUNCT
dem-11743	163	7	suchodolska	suchodolska	ADJ
dem-11743	163	8	d.	d.	NOUN
dem-11743	163	9	(	(	PUNCT
dem-11743	163	10	2010	2010	NUM
dem-11743	163	11	)	)	PUNCT
dem-11743	163	12	,	,	PUNCT
dem-11743	163	13	stabilność	stabilność	NOUN
dem-11743	163	14	strategii	strategii	PROPN
dem-11743	163	15	inwestycyjnych	inwestycyjnych	PROPN
dem-11743	163	16	fio	fio	NOUN
dem-11743	163	17	akcji	akcji	ADV
dem-11743	163	18	w	w	PROPN
dem-11743	163	19	latach	latach	NOUN
dem-11743	163	20	2003–2009	2003–2009	NUM
dem-11743	163	21	,	,	PUNCT
dem-11743	163	22	uniwersytet	uniwersytet	NOUN
dem-11743	163	23	szczeciński	szczeciński	NOUN
dem-11743	163	24	,	,	PUNCT
dem-11743	163	25	zeszyty	zeszyty	VERB
dem-11743	163	26	naukowe	naukowe	NOUN
dem-11743	163	27	nr	nr	PROPN
dem-11743	163	28	612	612	NUM
dem-11743	163	29	„	„	PUNCT
dem-11743	163	30	finanse	finanse	NOUN
dem-11743	163	31	,	,	PUNCT
dem-11743	163	32	rynki	rynki	NOUN
dem-11743	163	33	finansowe	finansowe	PROPN
dem-11743	163	34	,	,	PUNCT
dem-11743	163	35	ubezpieczenia	ubezpieczenia	PROPN
dem-11743	163	36	”	"	PUNCT
dem-11743	163	37	,	,	PUNCT
dem-11743	163	38	28	28	NUM
dem-11743	163	39	,	,	PUNCT
dem-11743	163	40	409–418	409–418	NUM
dem-11743	163	41	.	.	PUNCT
dem-11743	164	1	karpio	karpio	PROPN
dem-11743	164	2	,	,	PUNCT
dem-11743	164	3	a.	a.	NOUN
dem-11743	164	4	,	,	PUNCT
dem-11743	164	5	żebrowska	żebrowska	ADJ
dem-11743	164	6	-	-	PUNCT
dem-11743	164	7	suchodolska	suchodolska	NOUN
dem-11743	164	8	,	,	PUNCT
dem-11743	164	9	d.	d.	PROPN
dem-11743	164	10	(	(	PUNCT
dem-11743	164	11	2011	2011	NUM
dem-11743	164	12	)	)	PUNCT
dem-11743	164	13	,	,	PUNCT
dem-11743	164	14	stability	stability	NOUN
dem-11743	164	15	of	of	ADP
dem-11743	164	16	strategies	strategy	NOUN
dem-11743	164	17	of	of	ADP
dem-11743	164	18	polish	polish	ADJ
dem-11743	164	19	open	open	ADJ
dem-11743	164	20	-	-	PUNCT
dem-11743	164	21	end	end	NOUN
dem-11743	164	22	investment	investment	NOUN
dem-11743	164	23	funds	fund	NOUN
dem-11743	164	24	investing	invest	VERB
dem-11743	164	25	in	in	ADP
dem-11743	164	26	global	global	ADJ
dem-11743	164	27	markets	market	NOUN
dem-11743	164	28	during	during	ADP
dem-11743	164	29	the	the	DET
dem-11743	164	30	financial	financial	ADJ
dem-11743	164	31	crisis	crisis	NOUN
dem-11743	164	32	,	,	PUNCT
dem-11743	164	33	acta	acta	PROPN
dem-11743	164	34	scientiarum	scientiarum	PROPN
dem-11743	164	35	polonorum	polonorum	PROPN
dem-11743	164	36	,	,	PUNCT
dem-11743	164	37	oeconomia	oeconomia	NOUN
dem-11743	164	38	,	,	PUNCT
dem-11743	164	39	wydawnictwo	wydawnictwo	PROPN
dem-11743	164	40	sggw	sggw	PROPN
dem-11743	164	41	w	w	PROPN
dem-11743	164	42	warszawie	warszawie	NOUN
dem-11743	164	43	,	,	PUNCT
dem-11743	164	44	10(3	10(3	NUM
dem-11743	164	45	)	)	PUNCT
dem-11743	164	46	,	,	PUNCT
dem-11743	164	47	51–59	51–59	NUM
dem-11743	164	48	.	.	PUNCT
dem-11743	165	1	karpio	karpio	PROPN
dem-11743	165	2	,	,	PUNCT
dem-11743	165	3	a.	a.	NOUN
dem-11743	165	4	,	,	PUNCT
dem-11743	165	5	żebrowska	żebrowska	ADJ
dem-11743	165	6	-	-	PUNCT
dem-11743	165	7	suchodolska	suchodolska	NOUN
dem-11743	165	8	,	,	PUNCT
dem-11743	165	9	d.	d.	PROPN
dem-11743	165	10	(	(	PUNCT
dem-11743	165	11	2014	2014	NUM
dem-11743	165	12	)	)	PUNCT
dem-11743	165	13	,	,	PUNCT
dem-11743	165	14	ocena	ocena	PROPN
dem-11743	165	15	zarządzania	zarządzania	PROPN
dem-11743	165	16	portfelami	portfelami	PROPN
dem-11743	165	17	otwartych	otwartych	PROPN
dem-11743	165	18	funduszy	funduszy	PROPN
dem-11743	165	19	inwestycyjnych	inwestycyjnych	PROPN
dem-11743	165	20	z	z	PROPN
dem-11743	165	21	wykorzystaniem	wykorzystaniem	PROPN
dem-11743	165	22	różnych	różnych	PROPN
dem-11743	165	23	miar	miar	PROPN
dem-11743	166	1	efektywności	efektywności	ADV
dem-11743	166	2	inwestycyjnej	inwestycyjnej	ADJ
dem-11743	166	3	,	,	PUNCT
dem-11743	166	4	metody	metody	ADJ
dem-11743	166	5	matematyczne	matematyczne	NOUN
dem-11743	167	1	i	i	PRON
dem-11743	167	2	informatyczne	informatyczne	VERB
dem-11743	167	3	w	w	INTJ
dem-11743	167	4	finansach	finansach	ADV
dem-11743	168	1	i	i	PRON
dem-11743	168	2	ubezpieczeniach	ubezpieczeniach	VERB
dem-11743	168	3	,	,	PUNCT
dem-11743	168	4	metody	metody	ADJ
dem-11743	168	5	2012	2012	NUM
dem-11743	168	6	,	,	PUNCT
dem-11743	168	7	207	207	NUM
dem-11743	168	8	,	,	PUNCT
dem-11743	168	9	136–147	136–147	NUM
dem-11743	168	10	.	.	PUNCT
dem-11743	169	1	karpio	karpio	PROPN
dem-11743	169	2	a.	a.	PROPN
dem-11743	169	3	,	,	PUNCT
dem-11743	169	4	żebrowska	żebrowska	ADJ
dem-11743	169	5	-	-	PUNCT
dem-11743	169	6	suchodolska	suchodolska	ADJ
dem-11743	169	7	d.	d.	NOUN
dem-11743	169	8	(	(	PUNCT
dem-11743	169	9	2014a	2014a	NUM
dem-11743	169	10	)	)	PUNCT
dem-11743	169	11	,	,	PUNCT
dem-11743	169	12	the	the	DET
dem-11743	169	13	influence	influence	NOUN
dem-11743	169	14	of	of	ADP
dem-11743	169	15	pension	pension	NOUN
dem-11743	169	16	funds	fund	NOUN
dem-11743	169	17	on	on	ADP
dem-11743	169	18	the	the	DET
dem-11743	169	19	polish	polish	ADJ
dem-11743	169	20	capital	capital	NOUN
dem-11743	169	21	market	market	NOUN
dem-11743	169	22	,	,	PUNCT
dem-11743	169	23	metody	metody	ADJ
dem-11743	169	24	ilościowe	ilościowe	PROPN
dem-11743	169	25	w	w	PROPN
dem-11743	169	26	badaniach	badaniach	ADJ
dem-11743	169	27	ekonomicznych	ekonomicznych	PROPN
dem-11743	169	28	,	,	PUNCT
dem-11743	169	29	wydawnictwo	wydawnictwo	PROPN
dem-11743	169	30	sggw	sggw	NOUN
dem-11743	169	31	,	,	PUNCT
dem-11743	169	32	15(1	15(1	NUM
dem-11743	169	33	)	)	PUNCT
dem-11743	169	34	,	,	PUNCT
dem-11743	169	35	50–57	50–57	NUM
dem-11743	169	36	.	.	PUNCT
dem-11743	170	1	karpio	karpio	NOUN
dem-11743	170	2	,	,	PUNCT
dem-11743	170	3	a.	a.	NOUN
dem-11743	170	4	,	,	PUNCT
dem-11743	170	5	żebrowska	żebrowska	ADJ
dem-11743	170	6	-	-	PUNCT
dem-11743	170	7	suchodolska	suchodolska	NOUN
dem-11743	170	8	,	,	PUNCT
dem-11743	170	9	d.	d.	PROPN
dem-11743	170	10	(	(	PUNCT
dem-11743	170	11	2016	2016	NUM
dem-11743	170	12	)	)	PUNCT
dem-11743	170	13	,	,	PUNCT
dem-11743	170	14	polish	polish	ADJ
dem-11743	170	15	open	open	ADJ
dem-11743	170	16	-	-	PUNCT
dem-11743	170	17	end	end	NOUN
dem-11743	170	18	pension	pension	NOUN
dem-11743	170	19	funds	fund	NOUN
dem-11743	170	20	performance	performance	NOUN
dem-11743	170	21	and	and	CCONJ
dem-11743	170	22	its	its	PRON
dem-11743	170	23	persistency	persistency	NOUN
dem-11743	170	24	,	,	PUNCT
dem-11743	170	25	acta	acta	PROPN
dem-11743	170	26	scientiarum	scientiarum	PROPN
dem-11743	170	27	polonorum	polonorum	PROPN
dem-11743	170	28	,	,	PUNCT
dem-11743	170	29	oeconomia	oeconomia	NOUN
dem-11743	170	30	,	,	PUNCT
dem-11743	170	31	wydawnictwo	wydawnictwo	PROPN
dem-11743	170	32	sggw	sggw	NOUN
dem-11743	170	33	,	,	PUNCT
dem-11743	170	34	15(1	15(1	NUM
dem-11743	170	35	)	)	PUNCT
dem-11743	170	36	,	,	PUNCT
dem-11743	170	37	15–25	15–25	NUM
dem-11743	170	38	.	.	PUNCT
dem-11743	171	1	kompa	kompa	NOUN
dem-11743	171	2	,	,	PUNCT
dem-11743	171	3	k.	k.	PROPN
dem-11743	171	4	,	,	PUNCT
dem-11743	171	5	wiśniewski	wiśniewski	ADJ
dem-11743	171	6	t.	t.	NOUN
dem-11743	171	7	(	(	PUNCT
dem-11743	171	8	2015	2015	NUM
dem-11743	171	9	)	)	PUNCT
dem-11743	171	10	,	,	PUNCT
dem-11743	171	11	dywersyfikacja	dywersyfikacja	PROPN
dem-11743	171	12	portfeli	portfeli	PROPN
dem-11743	171	13	otwartych	otwartych	VERB
dem-11743	171	14	funduszy	funduszy	ADJ
dem-11743	171	15	emerytalnych	emerytalnych	ADJ
dem-11743	171	16	–	–	PUNCT
dem-11743	171	17	kaprys	kaprys	PROPN
dem-11743	171	18	czy	czy	PROPN
dem-11743	171	19	konieczność	konieczność	PROPN
dem-11743	171	20	?	?	PUNCT
dem-11743	172	1	finanse	finanse	NOUN
dem-11743	172	2	,	,	PUNCT
dem-11743	172	3	rynki	rynki	NOUN
dem-11743	172	4	finansowe	finansowe	PROPN
dem-11743	172	5	,	,	PUNCT
dem-11743	172	6	ubezpieczenia	ubezpieczenia	PROPN
dem-11743	172	7	.	.	PUNCT
dem-11743	173	1	zeszyty	zeszyty	VERB
dem-11743	173	2	naukowe	naukowe	NOUN
dem-11743	173	3	uniwersytetu	uniwersytetu	NOUN
dem-11743	173	4	szczecińskiego	szczecińskiego	NOUN
dem-11743	173	5	,	,	PUNCT
dem-11743	173	6	75	75	NUM
dem-11743	173	7	,	,	PUNCT
dem-11743	173	8	245–255	245–255	NUM
dem-11743	173	9	,	,	PUNCT
dem-11743	173	10	doi	doi	NOUN
dem-11743	173	11	:	:	PUNCT
dem-11743	173	12	http://dx.doi.org/10.18276/frfu.2015.75-20	http://dx.doi.org/10.18276/frfu.2015.75-20	PROPN
dem-11743	173	13	.	.	PUNCT
dem-11743	174	1	kompa	kompa	PROPN
dem-11743	174	2	,	,	PUNCT
dem-11743	174	3	k.	k.	PROPN
dem-11743	174	4	,	,	PUNCT
dem-11743	174	5	witkowska	witkowska	PROPN
dem-11743	174	6	,	,	PUNCT
dem-11743	174	7	d.	d.	PROPN
dem-11743	174	8	(	(	PUNCT
dem-11743	174	9	2014	2014	NUM
dem-11743	174	10	)	)	PUNCT
dem-11743	174	11	,	,	PUNCT
dem-11743	174	12	pension	pension	NOUN
dem-11743	174	13	funds	fund	NOUN
dem-11743	174	14	in	in	ADP
dem-11743	174	15	poland	poland	PROPN
dem-11743	174	16	:	:	PUNCT
dem-11743	174	17	efficiency	efficiency	NOUN
dem-11743	174	18	analysis	analysis	NOUN
dem-11743	174	19	for	for	ADP
dem-11743	174	20	years	year	NOUN
dem-11743	174	21	1999–2013	1999–2013	NUM
dem-11743	174	22	,	,	PUNCT
dem-11743	174	23	dynamic	dynamic	ADJ
dem-11743	174	24	econometric	econometric	ADJ
dem-11743	174	25	models	model	NOUN
dem-11743	174	26	,	,	PUNCT
dem-11743	174	27	14	14	NUM
dem-11743	174	28	,	,	PUNCT
dem-11743	174	29	105–124	105–124	NUM
dem-11743	174	30	,	,	PUNCT
dem-11743	174	31	doi	doi	NOUN
dem-11743	174	32	:	:	PUNCT
dem-11743	174	33	http://dx.doi.org/10.12775/dem.2014.006	http://dx.doi.org/10.12775/dem.2014.006	NOUN
dem-11743	174	34	.	.	PUNCT
dem-11743	175	1	kompa	kompa	PROPN
dem-11743	175	2	,	,	PUNCT
dem-11743	175	3	k.	k.	PROPN
dem-11743	175	4	,	,	PUNCT
dem-11743	175	5	witkowska	witkowska	PROPN
dem-11743	175	6	,	,	PUNCT
dem-11743	175	7	d.	d.	PROPN
dem-11743	175	8	(	(	PUNCT
dem-11743	175	9	2015	2015	NUM
dem-11743	175	10	)	)	PUNCT
dem-11743	175	11	,	,	PUNCT
dem-11743	175	12	pension	pension	NOUN
dem-11743	175	13	system	system	NOUN
dem-11743	175	14	in	in	ADP
dem-11743	175	15	poland	poland	PROPN
dem-11743	175	16	:	:	PUNCT
dem-11743	175	17	performance	performance	NOUN
dem-11743	175	18	of	of	ADP
dem-11743	175	19	pension	pension	NOUN
dem-11743	175	20	funds	fund	NOUN
dem-11743	175	21	,	,	PUNCT
dem-11743	175	22	estudios	estudio	NOUN
dem-11743	175	23	de	de	X
dem-11743	175	24	economia	economia	X
dem-11743	175	25	aplicada	aplicada	PROPN
dem-11743	175	26	,	,	PUNCT
dem-11743	175	27	33(3	33(3	NOUN
dem-11743	175	28	)	)	PUNCT
dem-11743	175	29	,	,	PUNCT
dem-11743	175	30	965–984	965–984	NUM
dem-11743	175	31	.	.	PUNCT
dem-11743	176	1	kompa	kompa	PROPN
dem-11743	176	2	,	,	PUNCT
dem-11743	176	3	k.	k.	PROPN
dem-11743	176	4	,	,	PUNCT
dem-11743	176	5	witkowska	witkowska	PROPN
dem-11743	176	6	,	,	PUNCT
dem-11743	176	7	d.	d.	PROPN
dem-11743	176	8	(	(	PUNCT
dem-11743	176	9	2015	2015	NUM
dem-11743	176	10	)	)	PUNCT
dem-11743	176	11	,	,	PUNCT
dem-11743	176	12	transformation	transformation	NOUN
dem-11743	176	13	of	of	ADP
dem-11743	176	14	polish	polish	ADJ
dem-11743	176	15	pension	pension	NOUN
dem-11743	176	16	system	system	NOUN
dem-11743	176	17	:	:	PUNCT
dem-11743	176	18	government	government	NOUN
dem-11743	176	19	manipulations	manipulation	NOUN
dem-11743	176	20	instead	instead	ADV
dem-11743	176	21	of	of	ADP
dem-11743	176	22	improvement	improvement	NOUN
dem-11743	176	23	,	,	PUNCT
dem-11743	176	24	in	in	ADP
dem-11743	176	25	:	:	PUNCT
dem-11743	176	26	montero	montero	PROPN
dem-11743	176	27	lorenzo	lorenzo	PROPN
dem-11743	176	28	,	,	PUNCT
dem-11743	176	29	j.m	j.m	PROPN
dem-11743	176	30	.	.	PROPN
dem-11743	176	31	,	,	PUNCT
dem-11743	176	32	jiménez	jiménez	PROPN
dem-11743	176	33	,	,	PUNCT
dem-11743	176	34	j.m	j.m	PROPN
dem-11743	176	35	.	.	PROPN
dem-11743	176	36	,	,	PUNCT
dem-11743	176	37	salido	salido	PROPN
dem-11743	176	38	,	,	PUNCT
dem-11743	176	39	r.m	r.m	PROPN
dem-11743	176	40	.	.	PROPN
dem-11743	176	41	(	(	PUNCT
dem-11743	176	42	eds	ed	NOUN
dem-11743	176	43	.	.	PUNCT
dem-11743	176	44	)	)	PUNCT
dem-11743	177	1	sostenibilidad	sostenibilidad	PROPN
dem-11743	177	2	y	y	PROPN
dem-11743	177	3	suficiencia	suficiencia	PROPN
dem-11743	177	4	de	de	X
dem-11743	177	5	los	los	PROPN
dem-11743	177	6	sistemas	sistemas	PROPN
dem-11743	177	7	de	de	X
dem-11743	177	8	pensiones	pensiones	PROPN
dem-11743	177	9	(	(	PUNCT
dem-11743	177	10	sustainability	sustainability	NOUN
dem-11743	177	11	and	and	CCONJ
dem-11743	177	12	sufficiency	sufficiency	NOUN
dem-11743	177	13	of	of	ADP
dem-11743	177	14	pensions	pension	NOUN
dem-11743	177	15	systems	system	NOUN
dem-11743	177	16	)	)	PUNCT
dem-11743	177	17	,	,	PUNCT
dem-11743	177	18	anales	anales	PROPN
dem-11743	177	19	de	de	ADP
dem-11743	177	20	economía	economía	PROPN
dem-11743	177	21	aplicada	aplicada	PROPN
dem-11743	177	22	
 	
 	SPACE
dem-11743	177	23	(	(	PUNCT
dem-11743	177	24	xxix	xxix	PROPN
dem-11743	177	25	)	)	PUNCT
dem-11743	177	26	,	,	PUNCT
dem-11743	177	27	836–846	836–846	NUM
dem-11743	177	28	,	,	PUNCT
dem-11743	177	29	cuenca	cuenca	NOUN
dem-11743	177	30	,	,	PUNCT
dem-11743	177	31	asepelt	asepelt	VERB
dem-11743	177	32	,	,	PUNCT
dem-11743	177	33	http://www.asepelt.org/modules.php?name=content&pa	http://www.asepelt.org/modules.php?name=content&pa	X
dem-11743	177	34	=	=	NOUN
dem-11743	177	35	showpage&pid=67	showpage&pid=67	NOUN
dem-11743	177	36	.	.	PUNCT
dem-11743	178	1	kompa	kompa	PROPN
dem-11743	178	2	,	,	PUNCT
dem-11743	178	3	k.	k.	PROPN
dem-11743	178	4	,	,	PUNCT
dem-11743	178	5	witkowska	witkowska	PROPN
dem-11743	178	6	,	,	PUNCT
dem-11743	178	7	d.	d.	PROPN
dem-11743	178	8	(	(	PUNCT
dem-11743	178	9	2016	2016	NUM
dem-11743	178	10	)	)	PUNCT
dem-11743	178	11	,	,	PUNCT
dem-11743	178	12	efficiency	efficiency	NOUN
dem-11743	178	13	of	of	ADP
dem-11743	178	14	private	private	ADJ
dem-11743	178	15	pension	pension	NOUN
dem-11743	178	16	funds	fund	NOUN
dem-11743	178	17	in	in	ADP
dem-11743	178	18	poland	poland	PROPN
dem-11743	178	19	,	,	PUNCT
dem-11743	178	20	aestimatio	aestimatio	PROPN
dem-11743	178	21	,	,	PUNCT
dem-11743	178	22	the	the	DET
dem-11743	178	23	ieb	ieb	PROPN
dem-11743	178	24	international	international	PROPN
dem-11743	178	25	journal	journal	PROPN
dem-11743	178	26	of	of	ADP
dem-11743	178	27	finance	finance	NOUN
dem-11743	178	28	,	,	PUNCT
dem-11743	178	29	12	12	NUM
dem-11743	178	30	,	,	PUNCT
dem-11743	178	31	48	48	NUM
dem-11743	178	32	-	-	SYM
dem-11743	178	33	65	65	NUM
dem-11743	178	34	,	,	PUNCT
dem-11743	178	35	doi	doi	NOUN
dem-11743	178	36	:	:	PUNCT
dem-11743	178	37	http://dx.doi.org/10.5605/ieb.12.3	http://dx.doi.org/10.5605/ieb.12.3	PROPN
dem-11743	178	38	.	.	PUNCT
dem-11743	178	39	marcinkiewicz	marcinkiewicz	PROPN
dem-11743	178	40	,	,	PUNCT
dem-11743	178	41	e.	e.	PROPN
dem-11743	178	42	(	(	PUNCT
dem-11743	178	43	2009	2009	NUM
dem-11743	178	44	)	)	PUNCT
dem-11743	178	45	,	,	PUNCT
dem-11743	178	46	analiza	analiza	NOUN
dem-11743	178	47	stóp	stóp	NOUN
dem-11743	178	48	zwrotu	zwrotu	PROPN
dem-11743	178	49	ofe	ofe	INTJ
dem-11743	178	50	w	w	PROPN
dem-11743	178	51	:	:	PUNCT
dem-11743	179	1	chybalski	chybalski	PROPN
dem-11743	179	2	f.	f.	PROPN
dem-11743	179	3	(	(	PUNCT
dem-11743	179	4	red	red	PROPN
dem-11743	179	5	.	.	PUNCT
dem-11743	179	6	)	)	PUNCT
dem-11743	179	7	,	,	PUNCT
dem-11743	179	8	otwarte	otwarte	NOUN
dem-11743	179	9	fundusze	fundusze	PROPN
dem-11743	179	10	emerytalne	emerytalne	PROPN
dem-11743	179	11	w	w	PROPN
dem-11743	179	12	polsce	polsce	PROPN
dem-11743	179	13	.	.	PUNCT
dem-11743	180	1	analiza	analiza	PROPN
dem-11743	180	2	działalności	działalności	PROPN
dem-11743	180	3	inwestycyjnej	inwestycyjnej	PROPN
dem-11743	180	4	,	,	PUNCT
dem-11743	180	5	finansów	finansów	PROPN
dem-11743	180	6	oraz	oraz	PROPN
dem-11743	180	7	decyzji	decyzji	PROPN
dem-11743	180	8	członków	członków	PROPN
dem-11743	180	9	,	,	PUNCT
dem-11743	180	10	c.	c.	PROPN
dem-11743	180	11	h.	h.	PROPN
dem-11743	180	12	beck	beck	PROPN
dem-11743	180	13	,	,	PUNCT
dem-11743	180	14	warszawa	warszawa	PROPN
dem-11743	180	15	,	,	PUNCT
dem-11743	180	16	135–148	135–148	NUM
dem-11743	180	17	.	.	PUNCT
dem-11743	181	1	javascript:__dopostback('mytab$dgpublikacje$_ctl3$slinktyt_czasopisma	javascript:__dopostback('mytab$dgpublikacje$_ctl3$slinktyt_czasopisma	PROPN
dem-11743	181	2	'	'	PUNCT
dem-11743	181	3	,	,	PUNCT
dem-11743	181	4	''	''	PUNCT
dem-11743	181	5	)	)	PUNCT
dem-11743	182	1	javascript:__dopostback('mytab$dgpublikacje$_ctl3$slinktyt_czasopisma	javascript:__dopostback('mytab$dgpublikacje$_ctl3$slinktyt_czasopisma	PROPN
dem-11743	182	2	'	'	PUNCT
dem-11743	182	3	,	,	PUNCT
dem-11743	182	4	''	''	PUNCT
dem-11743	182	5	)	)	PUNCT
dem-11743	182	6	performance	performance	NOUN
dem-11743	182	7	of	of	ADP
dem-11743	182	8	pension	pension	NOUN
dem-11743	182	9	funds	fund	NOUN
dem-11743	182	10	and	and	CCONJ
dem-11743	182	11	stable	stable	ADJ
dem-11743	182	12	growth	growth	NOUN
dem-11743	182	13	open	open	ADJ
dem-11743	182	14	investment	investment	NOUN
dem-11743	182	15	funds	fund	NOUN
dem-11743	182	16	…	…	PUNCT
dem-11743	182	17	dynamic	dynamic	ADJ
dem-11743	182	18	econometric	econometric	ADJ
dem-11743	182	19	models	model	NOUN
dem-11743	182	20	16	16	NUM
dem-11743	182	21	(	(	PUNCT
dem-11743	182	22	2016	2016	NUM
dem-11743	182	23	)	)	PUNCT
dem-11743	182	24	117–131	117–131	NUM
dem-11743	182	25	131	131	NUM
dem-11743	182	26	mikulec	mikulec	NOUN
dem-11743	182	27	,	,	PUNCT
dem-11743	182	28	a.	a.	NOUN
dem-11743	182	29	(	(	PUNCT
dem-11743	182	30	2004	2004	NUM
dem-11743	182	31	)	)	PUNCT
dem-11743	182	32	,	,	PUNCT
dem-11743	182	33	ocena	ocena	PROPN
dem-11743	182	34	efektywności	efektywności	PROPN
dem-11743	182	35	inwestowania	inwestowania	PROPN
dem-11743	182	36	otwartych	otwartych	PROPN
dem-11743	182	37	funduszy	funduszy	PROPN
dem-11743	182	38	emerytalnych	emerytalnych	PROPN
dem-11743	182	39	,	,	PUNCT
dem-11743	182	40	wiadomości	wiadomości	NOUN
dem-11743	182	41	statystyczne	statystyczne	PROPN
dem-11743	182	42	,	,	PUNCT
dem-11743	182	43	9	9	NUM
dem-11743	182	44	,	,	PUNCT
dem-11743	182	45	26–39	26–39	NUM
dem-11743	182	46	.	.	PUNCT
dem-11743	183	1	ostrowska	ostrowska	PROPN
dem-11743	183	2	,	,	PUNCT
dem-11743	183	3	e.	e.	PROPN
dem-11743	183	4	(	(	PUNCT
dem-11743	183	5	2003	2003	NUM
dem-11743	183	6	)	)	PUNCT
dem-11743	183	7	,	,	PUNCT
dem-11743	183	8	efektywność	efektywność	PROPN
dem-11743	183	9	funduszy	funduszy	PROPN
dem-11743	183	10	inwestycyjnych	inwestycyjnych	PROPN
dem-11743	183	11	na	na	ADP
dem-11743	183	12	polskim	polskim	NOUN
dem-11743	183	13	rynku	rynku	ADJ
dem-11743	183	14	finansowym	finansowym	PROPN
dem-11743	183	15	–	–	PUNCT
dem-11743	183	16	wskaźniki	wskaźniki	NOUN
dem-11743	183	17	sharpe’a	sharpe’a	VERB
dem-11743	183	18	,	,	PUNCT
dem-11743	183	19	treynora	treynora	VERB
dem-11743	183	20	i	i	PRON
dem-11743	183	21	jensena	jensena	VERB
dem-11743	183	22	,	,	PUNCT
dem-11743	183	23	[	[	X
dem-11743	183	24	w	w	X
dem-11743	183	25	]	]	X
dem-11743	183	26	prace	prace	PROPN
dem-11743	183	27	naukowe	naukowe	PROPN
dem-11743	183	28	akademii	akademii	PROPN
dem-11743	183	29	ekonomicznej	ekonomicznej	NOUN
dem-11743	183	30	we	we	PRON
dem-11743	183	31	wrocławiu	wrocławiu	VERB
dem-11743	183	32	,	,	PUNCT
dem-11743	183	33	inwestycje	inwestycje	PROPN
dem-11743	183	34	finansowe	finansowe	PROPN
dem-11743	184	1	i	i	PRON
dem-11743	184	2	ubezpieczenia	ubezpieczenia	PROPN
dem-11743	184	3	–	–	PUNCT
dem-11743	184	4	tendencje	tendencje	VERB
dem-11743	184	5	światowe	światowe	PROPN
dem-11743	184	6	a	a	DET
dem-11743	184	7	polski	polski	ADJ
dem-11743	184	8	rynek	rynek	NOUN
dem-11743	184	9	,	,	PUNCT
dem-11743	184	10	red	red	ADJ
dem-11743	184	11	.	.	PUNCT
dem-11743	185	1	nauk	nauk	PROPN
dem-11743	185	2	.	.	PROPN
dem-11743	186	1	jajuga	jajuga	PROPN
dem-11743	186	2	,	,	PUNCT
dem-11743	186	3	k.	k.	PROPN
dem-11743	186	4	,	,	PUNCT
dem-11743	186	5	ronka	ronka	NOUN
dem-11743	186	6	-	-	PUNCT
dem-11743	186	7	chmielowiec	chmielowiec	ADV
dem-11743	186	8	,	,	PUNCT
dem-11743	186	9	w.	w.	PROPN
dem-11743	186	10	,	,	PUNCT
dem-11743	186	11	wydawnictwo	wydawnictwo	PROPN
dem-11743	186	12	akademii	akademii	PROPN
dem-11743	186	13	ekonomicznej	ekonomicznej	NOUN
dem-11743	186	14	we	we	PRON
dem-11743	186	15	wrocławiu	wrocławiu	VERB
dem-11743	186	16	,	,	PUNCT
dem-11743	186	17	wrocław	wrocław	ADJ
dem-11743	186	18	.	.	PUNCT
dem-11743	187	1	ostrowska	ostrowska	PROPN
dem-11743	187	2	,	,	PUNCT
dem-11743	187	3	k.	k.	PROPN
dem-11743	187	4	(	(	PUNCT
dem-11743	187	5	2013	2013	NUM
dem-11743	187	6	)	)	PUNCT
dem-11743	187	7	,	,	PUNCT
dem-11743	187	8	jakie	jakie	NOUN
dem-11743	187	9	opłaty	opłaty	PROPN
dem-11743	187	10	w	w	PROPN
dem-11743	187	11	ofe	ofe	PROPN
dem-11743	187	12	,	,	PUNCT
dem-11743	187	13	moja	moja	PROPN
dem-11743	187	14	emerytura	emerytura	ADV
dem-11743	187	15	,	,	PUNCT
dem-11743	187	16	serwis	serwis	PROPN
dem-11743	187	17	dziennika	dziennika	PROPN
dem-11743	187	18	rzeczpospolita	rzeczpospolita	PROPN
dem-11743	187	19	,	,	PUNCT
dem-11743	187	20	www.rp.pl/artykul/975301-jakie-oplaty-w-ofe-.html#ap-1	www.rp.pl/artykul/975301-jakie-oplaty-w-ofe-.html#ap-1	NOUN
dem-11743	187	21	.	.	PUNCT
dem-11743	188	1	perez	perez	PROPN
dem-11743	188	2	,	,	PUNCT
dem-11743	188	3	k.	k.	PROPN
dem-11743	188	4	(	(	PUNCT
dem-11743	188	5	2012a	2012a	NUM
dem-11743	188	6	)	)	PUNCT
dem-11743	188	7	,	,	PUNCT
dem-11743	188	8	efektywność	efektywność	PROPN
dem-11743	188	9	funduszy	funduszy	PROPN
dem-11743	188	10	inwestycyjnych	inwestycyjnych	NOUN
dem-11743	188	11	.	.	PUNCT
dem-11743	189	1	difin	difin	NOUN
dem-11743	189	2	,	,	PUNCT
dem-11743	189	3	warszawa	warszawa	PROPN
dem-11743	189	4	.	.	PUNCT
dem-11743	190	1	perez	perez	PROPN
dem-11743	190	2	,	,	PUNCT
dem-11743	190	3	k.	k.	PROPN
dem-11743	190	4	(	(	PUNCT
dem-11743	190	5	2012b	2012b	NUM
dem-11743	190	6	)	)	PUNCT
dem-11743	190	7	,	,	PUNCT
dem-11743	190	8	persystencja	persystencja	PROPN
dem-11743	190	9	stóp	stóp	NOUN
dem-11743	190	10	zwrotu	zwrotu	PROPN
dem-11743	190	11	polskich	polskich	PROPN
dem-11743	190	12	funduszy	funduszy	PROPN
dem-11743	190	13	inwestycyjnych	inwestycyjnych	NOUN
dem-11743	190	14	,	,	PUNCT
dem-11743	190	15	finanse	finanse	NOUN
dem-11743	190	16	,	,	PUNCT
dem-11743	190	17	komitet	komitet	NOUN
dem-11743	190	18	nauk	nauk	NOUN
dem-11743	190	19	o	o	PROPN
dem-11743	190	20	finansach	finansach	PROPN
dem-11743	190	21	pan	pan	NOUN
dem-11743	190	22	,	,	PUNCT
dem-11743	190	23	1(5	1(5	NUM
dem-11743	190	24	)	)	PUNCT
dem-11743	190	25	,	,	PUNCT
dem-11743	191	1	81–113	81–113	PROPN
dem-11743	191	2	.	.	PUNCT
dem-11743	191	3	podstawka	podstawka	NOUN
dem-11743	191	4	,	,	PUNCT
dem-11743	191	5	m.	m.	NOUN
dem-11743	191	6	(	(	PUNCT
dem-11743	191	7	2005	2005	NUM
dem-11743	191	8	)	)	PUNCT
dem-11743	191	9	,	,	PUNCT
dem-11743	191	10	podstawy	podstawy	NOUN
dem-11743	191	11	finansów	finansów	PROPN
dem-11743	191	12	teoria	teoria	PROPN
dem-11743	191	13	i	i	PRON
dem-11743	191	14	praktyka	praktyka	VERB
dem-11743	191	15	,	,	PUNCT
dem-11743	191	16	wyd	wyd	PROPN
dem-11743	191	17	.	.	PROPN
dem-11743	191	18	sggw	sggw	PROPN
dem-11743	191	19	,	,	PUNCT
dem-11743	191	20	warszawa	warszawa	PROPN
dem-11743	191	21	.	.	PUNCT
dem-11743	192	1	tarczyński	tarczyński	PROPN
dem-11743	192	2	,	,	PUNCT
dem-11743	192	3	w.	w.	NOUN
dem-11743	192	4	,	,	PUNCT
dem-11743	192	5	witkowska	witkowska	PROPN
dem-11743	192	6	,	,	PUNCT
dem-11743	192	7	d.	d.	PROPN
dem-11743	192	8	and	and	CCONJ
dem-11743	192	9	kompa	kompa	PROPN
dem-11743	192	10	,	,	PUNCT
dem-11743	192	11	k.	k.	PROPN
dem-11743	192	12	(	(	PUNCT
dem-11743	192	13	2013	2013	NUM
dem-11743	192	14	)	)	PUNCT
dem-11743	192	15	,	,	PUNCT
dem-11743	192	16	współczynnik	współczynnik	VERB
dem-11743	192	17	beta	beta	NOUN
dem-11743	192	18	.	.	PUNCT
dem-11743	193	1	teoria	teoria	NOUN
dem-11743	193	2	i	i	PRON
dem-11743	193	3	praktyka	praktyka	VERB
dem-11743	193	4	,	,	PUNCT
dem-11743	193	5	pielaszek	pielaszek	PROPN
dem-11743	193	6	research	research	NOUN
dem-11743	193	7	,	,	PUNCT
dem-11743	193	8	warszawa	warszawa	PROPN
dem-11743	193	9	,	,	PUNCT
dem-11743	193	10	https://books.google.pl/books/about/wsp%c3%93%c5%81czynnik_beta_teoria_i_pr	https://books.google.pl/books/about/wsp%c3%93%c5%81czynnik_beta_teoria_i_pr	NOUN
dem-11743	193	11	aktyka.html?id=znwzagaaqbaj&redir_esc=y	aktyka.html?id=znwzagaaqbaj&redir_esc=y	ADV
dem-11743	193	12	.	.	PUNCT
dem-11743	194	1	witkowska	witkowska	PROPN
dem-11743	194	2	,	,	PUNCT
dem-11743	194	3	d.	d.	PROPN
dem-11743	194	4	(	(	PUNCT
dem-11743	194	5	2009	2009	NUM
dem-11743	194	6	)	)	PUNCT
dem-11743	194	7	,	,	PUNCT
dem-11743	194	8	efektywność	efektywność	NOUN
dem-11743	194	9	wybranych	wybranych	VERB
dem-11743	194	10	funduszy	funduszy	PROPN
dem-11743	194	11	akcyjnych	akcyjnych	PROPN
dem-11743	194	12	w	w	PROPN
dem-11743	194	13	latach	latach	PROPN
dem-11743	194	14	2005–2007	2005–2007	NUM
dem-11743	194	15	,	,	PUNCT
dem-11743	194	16	ekonomika	ekonomika	X
dem-11743	194	17	i	i	PROPN
dem-11743	194	18	organizacja	organizacja	ADJ
dem-11743	194	19	gospodarki	gospodarki	NOUN
dem-11743	194	20	żywnościowej	żywnościowej	NOUN
dem-11743	194	21	,	,	PUNCT
dem-11743	194	22	zeszyty	zeszyty	VERB
dem-11743	194	23	naukowe	naukowe	NOUN
dem-11743	194	24	szkoły	szkoły	NOUN
dem-11743	194	25	głównej	głównej	NOUN
dem-11743	194	26	gospodarstwa	gospodarstwa	PROPN
dem-11743	194	27	wiejskiego	wiejskiego	PROPN
dem-11743	194	28	w	w	PROPN
dem-11743	194	29	warszawie	warszawie	PROPN
dem-11743	194	30	,	,	PUNCT
dem-11743	194	31	74	74	NUM
dem-11743	194	32	,	,	PUNCT
dem-11743	194	33	39–61	39–61	NUM
dem-11743	194	34	.	.	PUNCT
dem-11743	195	1	witkowska	witkowska	PROPN
dem-11743	195	2	d.	d.	PROPN
dem-11743	195	3	,	,	PUNCT
dem-11743	195	4	kompa	kompa	PROPN
dem-11743	195	5	k.	k.	PROPN
dem-11743	195	6	,	,	PUNCT
dem-11743	195	7	grabska	grabska	ADJ
dem-11743	195	8	m.	m.	NOUN
dem-11743	195	9	(	(	PUNCT
dem-11743	195	10	2009	2009	NUM
dem-11743	195	11	)	)	PUNCT
dem-11743	195	12	,	,	PUNCT
dem-11743	195	13	badanie	badanie	PROPN
dem-11743	195	14	informacyjnej	informacyjnej	PROPN
dem-11743	195	15	efektywności	efektywności	PROPN
dem-11743	195	16	rynku	rynku	PROPN
dem-11743	195	17	w	w	PROPN
dem-11743	195	18	formie	formie	PROPN
dem-11743	195	19	silnej	silnej	ADJ
dem-11743	195	20	na	na	PRON
dem-11743	195	21	przykładzie	przykładzie	ADJ
dem-11743	195	22	wybranych	wybranych	NOUN
dem-11743	195	23	funduszy	funduszy	PROPN
dem-11743	195	24	inwestycyjnych	inwestycyjnych	NOUN
dem-11743	195	25	,	,	PUNCT
dem-11743	195	26	metody	metody	ADJ
dem-11743	195	27	ilościowe	ilościowe	PROPN
dem-11743	195	28	w	w	PROPN
dem-11743	195	29	badaniach	badaniach	ADJ
dem-11743	195	30	ekonomicznych	ekonomicznych	PROPN
dem-11743	195	31	,	,	PUNCT
dem-11743	195	32	warszawa	warszawa	PROPN
dem-11743	195	33	,	,	PUNCT
dem-11743	195	34	10	10	NUM
dem-11743	195	35	,	,	PUNCT
dem-11743	195	36	265–286	265–286	NUM
dem-11743	195	37	.	.	PUNCT
dem-11743	196	1	wojciechowski	wojciechowski	PROPN
dem-11743	196	2	,	,	PUNCT
dem-11743	196	3	w.	w.	NOUN
dem-11743	196	4	(	(	PUNCT
dem-11743	196	5	2011	2011	NUM
dem-11743	196	6	)	)	PUNCT
dem-11743	196	7	,	,	PUNCT
dem-11743	196	8	reforma	reforma	PROPN
dem-11743	196	9	emerytalna	emerytalna	PROPN
dem-11743	196	10	:	:	PUNCT
dem-11743	197	1	fakty	fakty	INTJ
dem-11743	197	2	i	i	PRON
dem-11743	197	3	liczby	liczby	NOUN
dem-11743	197	4	zamiast	zamiast	PROPN
dem-11743	197	5	błędów	błędów	PROPN
dem-11743	197	6	i	i	PRON
dem-11743	197	7	mitów	mitów	PROPN
dem-11743	197	8	,	,	PUNCT
dem-11743	197	9	liberte	liberte	NOUN
dem-11743	197	10	nr	nr	PROPN
dem-11743	197	11	22	22	NUM
dem-11743	197	12	,	,	PUNCT
dem-11743	197	13	14.01.2011	14.01.2011	NUM
dem-11743	197	14	,	,	PUNCT
dem-11743	197	15	http://liberte.pl/reforma-emerytalna-fakty-i-liczby-zamiastbledow-i-mitow	http://liberte.pl/reforma-emerytalna-fakty-i-liczby-zamiastbledow-i-mitow	ADV
dem-11743	197	16	.	.	PUNCT
dem-11743	198	1	zamojska	zamojska	PROPN
dem-11743	198	2	,	,	PUNCT
dem-11743	198	3	a.	a.	NOUN
dem-11743	198	4	(	(	PUNCT
dem-11743	198	5	2012	2012	NUM
dem-11743	198	6	)	)	PUNCT
dem-11743	198	7	,	,	PUNCT
dem-11743	198	8	efektywność	efektywność	PROPN
dem-11743	198	9	funduszy	funduszy	PROPN
dem-11743	198	10	inwestycyjnych	inwestycyjnych	PROPN
dem-11743	198	11	w	w	PROPN
dem-11743	198	12	polsce	polsce	PROPN
dem-11743	198	13	.	.	PUNCT
dem-11743	199	1	studium	studium	PROPN
dem-11743	199	2	teoretycznoempiryczne	teoretycznoempiryczne	PROPN
dem-11743	199	3	,	,	PUNCT
dem-11743	199	4	c.	c.	PROPN
dem-11743	199	5	h.	h.	PROPN
dem-11743	199	6	beck	beck	PROPN
dem-11743	199	7	,	,	PUNCT
dem-11743	199	8	warszawa	warszawa	PROPN
dem-11743	199	9	.	.	PUNCT
dem-11743	200	1	efektywność	efektywność	PROPN
dem-11743	200	2	funduszy	funduszy	PROPN
dem-11743	200	3	emerytalnych	emerytalnych	PROPN
dem-11743	200	4	i	i	PRON
dem-11743	200	5	otwartych	otwartych	VERB
dem-11743	200	6	funduszy	funduszy	ADJ
dem-11743	200	7	inwestycyjnych	inwestycyjnych	NOUN
dem-11743	201	1	stabilnego	stabilnego	ADV
dem-11743	201	2	wzrostu	wzrostu	PROPN
dem-11743	201	3	w	w	PROPN
dem-11743	201	4	czasie	czasie	PROPN
dem-11743	201	5	zmian	zmian	PROPN
dem-11743	201	6	w	w	PROPN
dem-11743	201	7	polskim	polskim	PROPN
dem-11743	201	8	systemie	systemie	PROPN
dem-11743	201	9	emerytalnym	emerytalnym	PROPN
dem-11743	201	10	z	z	PROPN
dem-11743	201	11	a	a	DET
dem-11743	201	12	r	r	NOUN
dem-11743	201	13	y	y	PROPN
dem-11743	201	14	s	s	PROPN
dem-11743	201	15	t	t	NOUN
dem-11743	201	16	r	r	NOUN
dem-11743	201	17	e	e	PROPN
dem-11743	201	18	ś	ś	PROPN
dem-11743	201	19	c	c	PROPN
dem-11743	201	20	i.	i.	PROPN
dem-11743	201	21	warunki	warunki	PROPN
dem-11743	202	1	funkcjonowania	funkcjonowania	PROPN
dem-11743	202	2	funduszy	funduszy	ADJ
dem-11743	202	3	emerytalnych	emerytalnych	ADJ
dem-11743	202	4	(	(	PUNCT
dem-11743	202	5	ofe	ofe	NOUN
dem-11743	202	6	)	)	PUNCT
dem-11743	202	7	zostały	zostały	NOUN
dem-11743	202	8	zasadniczo	zasadniczo	NOUN
dem-11743	202	9	zmienione	zmienione	NOUN
dem-11743	202	10	w	w	NOUN
dem-11743	202	11	latach	latach	NOUN
dem-11743	202	12	2011	2011	NUM
dem-11743	202	13	-	-	SYM
dem-11743	202	14	2014	2014	NUM
dem-11743	202	15	.	.	PUNCT
dem-11743	203	1	celem	celem	PROPN
dem-11743	203	2	artykułu	artykułu	PROPN
dem-11743	203	3	jest	jest	PROPN
dem-11743	203	4	badanie	badanie	PROPN
dem-11743	203	5	,	,	PUNCT
dem-11743	203	6	czy	czy	PROPN
dem-11743	203	7	zmiany	zmiany	PROPN
dem-11743	203	8	te	te	PROPN
dem-11743	203	9	wpływają	wpływają	VERB
dem-11743	203	10	na	na	PROPN
dem-11743	203	11	efektywność	efektywność	PROPN
dem-11743	203	12	funduszy	funduszy	PROPN
dem-11743	203	13	emerytalnych	emerytalnych	PROPN
dem-11743	203	14	oraz	oraz	PROPN
dem-11743	203	15	porównanie	porównanie	PROPN
dem-11743	203	16	efektywności	efektywności	PROPN
dem-11743	203	17	tych	tych	PROPN
dem-11743	203	18	funduszy	funduszy	PROPN
dem-11743	203	19	ze	ze	PROPN
dem-11743	203	20	efektywnością	efektywnością	PROPN
dem-11743	203	21	otwartych	otwartych	PROPN
dem-11743	203	22	funduszy	funduszy	PROPN
dem-11743	203	23	inwestycyjnych	inwestycyjnych	PROPN
dem-11743	203	24	stabilnego	stabilnego	ADV
dem-11743	203	25	wzrostu	wzrostu	X
dem-11743	203	26	(	(	PUNCT
dem-11743	203	27	fio	fio	NOUN
dem-11743	203	28	)	)	PUNCT
dem-11743	203	29	.	.	PUNCT
dem-11743	204	1	analizie	analizie	PROPN
dem-11743	204	2	poddano	poddano	PROPN
dem-11743	204	3	wybrane	wybrane	PROPN
dem-11743	204	4	fundusze	fundusze	PROPN
dem-11743	204	5	w	w	PROPN
dem-11743	204	6	latach	latach	NOUN
dem-11743	204	7	2009	2009	NUM
dem-11743	204	8	-	-	SYM
dem-11743	204	9	2015	2015	NUM
dem-11743	204	10	.	.	PUNCT
dem-11743	205	1	stwierdzono	stwierdzono	PROPN
dem-11743	205	2	,	,	PUNCT
dem-11743	205	3	że	że	PROPN
dem-11743	205	4	w	w	PROPN
dem-11743	205	5	badanym	badanym	PROPN
dem-11743	205	6	okresie	okresie	ADJ
dem-11743	205	7	ofe	ofe	INTJ
dem-11743	205	8	osiągały	osiągały	NOUN
dem-11743	205	9	lepsze	lepsze	PROPN
dem-11743	205	10	wyniki	wyniki	PROPN
dem-11743	205	11	niż	niż	PROPN
dem-11743	205	12	porównywane	porównywane	PROPN
dem-11743	205	13	fio	fio	PROPN
dem-11743	205	14	.	.	PUNCT
dem-11743	206	1	zarazem	zarazem	PROPN
dem-11743	206	2	modyfikacje	modyfikacje	PROPN
dem-11743	206	3	zasad	zasad	PROPN
dem-11743	206	4	działania	działania	PROPN
dem-11743	206	5	ofe	ofe	INTJ
dem-11743	206	6	spowodowały	spowodowały	NOUN
dem-11743	206	7	wzrost	wzrost	AUX
dem-11743	206	8	ryzyka	ryzyka	ADV
dem-11743	207	1	i	i	PRON
dem-11743	207	2	zmniejszenie	zmniejszenie	PROPN
dem-11743	207	3	efektywności	efektywności	PROPN
dem-11743	207	4	inwestycyjnej	inwestycyjnej	ADJ
dem-11743	207	5	portfeli	portfeli	PROPN
dem-11743	207	6	tych	tych	PROPN
dem-11743	207	7	funduszy	funduszy	ADJ
dem-11743	207	8	.	.	PUNCT
dem-11743	208	1	s	s	PART
dem-11743	208	2	ł	ł	PROPN
dem-11743	208	3	o	o	X
dem-11743	208	4	w	w	NOUN
dem-11743	208	5	a	a	DET
dem-11743	208	6	k	k	X
dem-11743	208	7	l	l	NOUN
dem-11743	208	8	u	u	NOUN
dem-11743	209	1	c	c	NOUN
dem-11743	209	2	z	z	NOUN
dem-11743	209	3	o	o	X
dem-11743	209	4	w	w	PROPN
dem-11743	210	1	e	e	NOUN
dem-11743	210	2	:	:	PUNCT
dem-11743	210	3	fundusze	fundusze	PROPN
dem-11743	210	4	emerytalne	emerytalne	PROPN
dem-11743	210	5	,	,	PUNCT
dem-11743	210	6	otwarte	otwarte	NOUN
dem-11743	210	7	fundusze	fundusze	PROPN
dem-11743	210	8	inwestycyjne	inwestycyjne	PROPN
dem-11743	210	9	stabilnego	stabilnego	ADV
dem-11743	210	10	wzrostu	wzrostu	PROPN
dem-11743	210	11	,	,	PUNCT
dem-11743	210	12	efektywność	efektywność	NOUN
dem-11743	210	13	inwestycyjna	inwestycyjna	ADJ
dem-11743	210	14	,	,	PUNCT
dem-11743	210	15	model	model	NOUN
dem-11743	210	16	sharpe'a	sharpe'a	PROPN
dem-11743	210	17	,	,	PUNCT
dem-11743	210	18	capm	capm	PROPN
dem-11743	210	19	,	,	PUNCT
dem-11743	210	20	wskaźniki	wskaźniki	PROPN
dem-11743	210	21	sharpe’a	sharpe’a	NUM
dem-11743	210	22	,	,	PUNCT
dem-11743	210	23	treynora	treynora	VERB
dem-11743	210	24	i	i	PRON
dem-11743	210	25	jensena	jensena	VERB
dem-11743	210	26	.	.	PUNCT